Potsdam Mind Research Repository – PMR2
This is a preprint version of:
Hohenstein, S., & Kliegl, R. (2013). Semantic preview benefit during reading. Journal
of Experimental Psychology: Learning, Memory, and Cognition.
doi: 10.1037/a0033670
Check the PMR2 website at !"#$%&'()*%+,-.
&/0'$#1%$" for more peer-reviewed publications
along with data and scripts for analyses and
figures.!
!
"#$%&'()!*+#,(#-!.#&#/('!01+(&2!+#%0(&2!
"345!678459:4;5!<5=!+4;587>=!?>;4@>!
!!
*AB>;C<:;75D!
678459:4;5E!"FE!G!?>;4@>E!+F!HIJKLMF!"4N<5:;C!OP43;4Q!B454R;:!=AP;5@!P4<=;5@F!!"#$%&'(")(
*+,-$./-%0&'(12345"'"637(8-&$%.%69(:-/"$39(&%;(<"6%.0."%F!
=7;D!KJFKJLST<JJLLUSJ!
678459:4;5!G!?>;4@>!
%."'+%)'!
-7P=! R4<:AP49! ;5! O<P<R734<>! 3;9;75! ;5R>A45C4! 4V4! N734N45:9! =AP;5@! P4<=;5@F! '84!
WA49:;75! Q84:84P! P4<=4P9! 4X:P<C:! 94N<5:;C! ;5R7PN<:;75! RP7N! O<P<R734<>! Q7P=9! Q<9!
9:A=;4=!;5!L!4XO4P;N45:9!BV!A9;5@!<!@<Y4ZC75:;5@45:!=;9O><VZC8<5@4!:4C85;WA4F!"AB[4C:9!
P4<=!24PN<5!945:45C49!C75:<;5;5@!K!7R!9434P<>!OP43;4Q!Q7P=9!:8<:!Q4P4!P4O><C4=!BV!<!
:<P@4:! Q7P=! =AP;5@! :84! 9<CC<=4! :7! :84! OP43;4Q! HB7A5=<PV! O<P<=;@NMF! (5! :84! K9:!
4XO4P;N45:! :84! OP43;4Q! Q7P=! Q<9! 94N<5:;C<>>V! P4><:4=! 7P! A5P4><:4=! :7! :84! :<P@4:F!
/;X<:;75! =AP<:;759! 75! :84! :<P@4:! Q4P4! 987P:4P! R7P! 94N<5:;C<>>V! P4><:4=! :8<5! A5P4><:4=!
OP43;4Q9E! C759;9:45:! Q;:8! <! 94N<5:;C! OP43;4Q! B454R;:F! (5! :84! I5=! 4XO4P;N45:E! 8<>R! :84!
945:45C49! Q4P4! OP4945:4=! R7>>7Q;5@! :84! PA>49! 7R! 24PN<5! 9O4>>;5@! H;F4FE! OP43;4Q9! <5=!
:<P@4:9! Q4P4! OP;5:4=! Q;:8! <5! ;5;:;<>! C<O;:<>! >4::4PME! <5=! :84! 7:84P! 8<>R! Q<9! OP4945:4=!
C7NO>4:4>V! ;5! >7Q4PC<94F! %! 94N<5:;C! OP43;4Q! B454R;:! Q<9! 7B:<;54=! A5=4P! B7:8!
C75=;:;759F! (5! :84! LP=! 4XO4P;N45:E! Q4! ;5:P7=AC4=! I! RAP:84P! OP43;4Q! C75=;:;759E! <5!
;=45:;C<>!Q7P=!<5=!<!OP757A5C4<B>4!575Q7P=E!Q8;>4!<>97!N<5;OA><:;5@!:84!:4X:!C75:P<9:F!
-84P4<9! :84! C75:P<9:! 8<=! 54@>;@;B>4! 4RR4C:9E! R;X<:;75! =AP<:;759! 75! :84! :<P@4:! Q4P4!
P4>;<B>V!=;RR4P45:!R7P!<>>!\!:VO49!7R!OP43;4QF!"4N<5:;C!OP43;4Q!B454R;:9!Q4P4!@P4<:4P!R7P!
OP4:<P@4:! R;X<:;759! C>794P! :7! :84! B7A5=<PV! H><P@4! OP43;4Q! 9O<C4M! <5=E! <>:87A@8! 57:! <9!
C759;9:45:>VE! R7P! >75@! OP4:<P@4:! R;X<:;75! =AP<:;759! H>75@! OP43;4Q! :;N4MF! '84! P49A>:9!
C759:P<;5!:847P4:;C<>!OP7O79<>9!<B7A:!4V4ZN734N45:!C75:P7>!;5!P4<=;5@F!
(
=-3>"$;27! 4V4! N734N45:9E! P4<=;5@E! 94N<5:;C! OP43;4Q! B454R;:E! O<P<R734<>! OP7C499;5@E!
=;9O><VZC8<5@4!<Q<P45499!
!
!
"4N<5:;C!*P43;4Q!.454R;:!
0AP;5@! P4<=;5@E! 4V4! N734N45:9! H9<CC<=49M! <>:4P5<:4! Q;:8! O8<949! 7R! P4><:;34! 9:<B;>;:V!
HR;X<:;759MF! *P7O4P:;49! 7R! :84! R;X<:4=! H7P! R734<>M! Q7P=E! :84! OP4C4=;5@! Q7P=E! <5=! :84!
AOC7N;5@!H7P!O<P<R734<>M!Q7P=!<>>!8<34!<!9;@5;R;C<5:!;NO<C:!75!Q845!<5=!Q84P4!:7!N734!
:84!4V49E!BA:!:84V!3<PV!;5!:84;P!=4@P44!7R!;5R>A45C4!H944!64;9:4PE!-]PY54PE!G!?>;4@>E!IJKIE!
R7P!<!P43;4QMF!-84P4<9!:84!O<P<R734<>!4X:P<C:;75!7R!7P:87@P<O8;C!<5=!O8757>7@;C<>!C7=49!
;9! Q4>>! =7CAN45:4=! R7P! 3<P;7A9! ><5@A<@49E! :84! 4RR4C:! 7R! 94N<5:;C! OP4OP7C499;5@! ;5!
P4<=;5@! 8<9! B445! 4>A9;34! <:! >4<9:! R7P! ><5@A<@49! Q;:8! <>O8<B4:;C! 9CP;O:! H944! "C87::4PE!
%5@4>4E!G!+<V54PE!IJKIE!R7P!<!P43;4QMF!
"4N<5:;C!O<P<R734<>!OP7C499;5@!8<9!B445!P4O7P:4=!R7P!P4<=;5@!7R!/;55;98!H-8;:4E!
.4P:P<NE!G!6V^5_E!IJJ`ME!)8;5494!H)A;!4:!<>FE!IJKLa!'9<;E!?>;4@>E!G!b<5E!IJKIa!b<5E!+;C8:4PE!
"8AE!G!?>;4@>E!IJJca!b<5E!d87AE!"8AE!G!?>;4@>E!IJKIa!b<5@E!-<5@E!'75@E!G!+<V54PE!IJKIME!
?7P4<5! H?;NE! +<=<C8E! G! ,7P9:;A9E! IJKIME! <5=! 24PN<5! H678459:4;5E! e<ABP7CfE! G! ?>;4@>E!
IJKJMF!&754!7R!:8494!=4N759:P<:;759E!87Q434PE!8<34!B445!<CC4O:4=!<9!B4;5@!C75C>A9;34!
B4C<A94! :84V! =4O45=4=! 75! 575P4OP4945:<:;34! :<P@4:9! H;F4FE! OP43;4Q9! 7R! :84! 94C75=!
C759:;:A45:! 7R! /;55;98! C7NO7A5=! Q7P=9ME! 575Z+7N<5! 9CP;O:! H;F4FE! )8;5494! 7P! ?7P4<5!
C8<P<C:4P9ME! 7P! <! 5759:<5=<P=! 4XO4P;N45:<>! O<P<=;@N! H4F@FE! O<P<R734<>! R<9:! OP;N;5@! ;5!
24PN<5E!P43;4Q4=!B4>7QMF!
64P4! Q4! :49:! :84! 8VO7:849;9! 7R! O<P<R734<>! OP4OP7C499;5@! 7R! 94N<5:;C! C7=4! ;5!
24PN<5! 945:45C49! Q;:8! :84! 9:<5=<P=! B7A5=<PV! O<P<=;@N! H+<V54PE! KcSgM! ;5! :8P44!
4XO4P;N45:9F! +4C45:! P494<PC8! <>97! 9A@@49:9! :8<:! OP43;4Q! B454R;:! =4O45=9! 75! :84!
=AP<:;75! <5=! >7C<:;75! 7R! OP4:<P@4:! R;X<:;759! H944! ?>;4@>E! 678459:4;5E! b<5E! G! $C075<>=E!
IJKLE!R7P!<!P43;4QMF!%5=!:84P4!8<9!<>97!B445!C75C4P5!<B7A:!=;9O><V!C8<5@4!<Q<P45499!;5!
:8;9! O<P<=;@N! H4F@FE! "><::4PVE! %5@4>4E! G! +<V54PE! IJKKa! -8;:4E! +<V54PE! G! e;34P94=@4E!
IJJgMF!'84P4R7P4E!Q4!<>97!4X<N;54!:84!P4>43<5C4!7R!:8494!3<P;<B>49!R7P!94N<5:;C!OP43;4Q!
B454R;:! ;5! 7AP! 4XO4P;N45:9F! "AC8! 43;=45C4! 7R! <! 94N<5:;C! OP43;4Q! B454R;:! ;9! 7R! @P4<:!
;5:4P49:!:7!:84!RAP:84P!=434>7ON45:!7R!C7NOA:<:;75<>!N7=4>9!7R!4V4ZN734N45:!C75:P7>!
=AP;5@!P4<=;5@F!-4!Q;>>!<==P499!:8;9!:7O;C!;5!:84!=;9CA99;75F!
*%+%/h,#%e!*+#,(#-!.#&#/('"!
*<P<R734<>!OP4OP7C499;5@!=AP;5@!P4<=;5@!8<9!B445!4X:459;34>V!:49:4=!Q;:8!:84!B7A5=<PV!
O<P<=;@N!H+<V54PE!KcSgME!;5!Q8;C8!:84!O79;:;75!7R!<!CP;:;C<>!:<P@4:!;9!<:!R;P9:!7CCAO;4=!BV!<!
678459:4;5!G!?>;4@>!
N7P4!7P!>499!3<>;=!OP43;4Q!Q7P=F!-845!:84!P4<=4Pi9!@<Y4!CP79949!<5!;53;9;B>4!B7A5=<PV!
>7C<:4=!=;P4C:>V!B4R7P4!:84!9O<C4!OP4C4=;5@!:84!OP43;4QE!:84!:<P@4:!P4O><C49!:84!OP43;4QF!
'VO;C<>>VE! R;X<:;75! =AP<:;759! 75! :84! :<P@4:! <P4! P4=AC4=! ;R! :84! OP43;4Q! ;9! ;=45:;C<>! 7P!
P4><:4=!;5!97N4!<9O4C:!:7!:84!:<P@4:E!C7NO<P4=!:7!R;X<:;75!=AP<:;759!Q;:8!A5P4><:4=!7P!
575Q7P=9!<9!OP43;4Q9F!%!9;@5;R;C<5:!=;RR4P45C4!B4:Q445!A5;5R7PN<:;34!<5=!;5R7PN<:;34!
OP43;4Q! C75=;:;759E! ,$-?.->( @-%-).0E! ;9! ;5:4POP4:4=! <9! 43;=45C4! 7R! O<P<R734<>!
OP4OP7C499;5@!=AP;5@!:84!R;X<:;75!75!:84!Q7P=!OP4C4=;5@!:84!:<P@4:F!
'84P4! ;9! C759;=4P<B>4! 43;=45C4! 7R! 9AC8! <! B454R;:! <P;9;5@! RP7N! 7P:87@P<O8;C!
OP43;4Q9!H.<>7:<E!*7>><:94fE!G!+<V54PE!Kc`ga!(587RRE!Kc`c<MF!$7P4734PE!O8757>7@;C<>!<5=!
OP797=;C!;5R7PN<:;75!C<5!B4!OP7C4994=!;5!:84!O<P<R734<!<5=!R<C;>;:<:4!:84!OP7C499;5@!7R!
:84!:<P@4:!H%98BV!G!+<V54PE!IJJ\a!$;4>>4:!G!"O<PP7QE!IJJ\a!*7>><:94fE!e49C8E!$7PP;9E!G!
+<V54PE! KccIMF! 67Q434PE! Q;:8! :84! O799;B>4! 4XC4O:;75! 7R! <! 94>4C:! 94:! 7R! N7PO87>7@;C<>!
64BP4Q! C7=49! H04A:9C8E! /P79:E! *4>>4@E! *7>><:94fE! G! +<V54PE! IJJLa! 04A:9C8E! /P79:E!
*7>><:94fE! G! +<V54PE! IJJgME! :84P4! 8<34! B445! 57! P4>;<B>4! R;5=;5@9! ;5=;C<:;5@! :84!
4RR4C:;345499! 7R! N7PO87>7@;C<>! OP43;4Q9! ;5! <>O8<B4:;C! 9CP;O:9! H.4P:P<N! G! 6V^5_E! IJJSa!
(587RRE!Kc`cBa!?<NB4E!IJJ\a!e;N<E!Kc`SMF!
*%"'!%''#$*'"!'h!#"'%.e("6!%!"#$%&'()!*+#,(#-!.#&#/('!
(&('(%e!"'10(#"E!-6()6!/%(e#0!'h!0#$h&"'+%'#!"#$%&'()!*+#,(#-!.#&#/('!
'84P4! 8<9! B445! NAC8! =4B<:4! Q84:84P! 2-/&%0.4! C7=49! R<C;>;:<:4! O<P<R734<>!
OP4OP7C499;5@F!(5!:84!R;P9:!4XO4P;N45:!75!:8;9!:7O;CE!9AB[4C:9!8<=!:7!R;X<:4!<!O<P<R734<>!
Q7P=!<5=!5<N4!;:!H+<V54PE!$C)75f;4E!G!d7><E!Kc`JMF!+4<C:;75!:;N49!Q4P4!:84!9<N4!R7P!
P4><:4=! H45&.$M! 7P! A5P4><:4=! H45"$-M! OP43;4Q9! :7! :84! :<P@4:! H0&@'-MF! '8;9! 4XO4P;N45:! =;=!
57:! ;537>34! P4<=;5@! 945:45C49E! <5=! :84! OP43;4Q! B454R;:! Q<9! 57:! N4<9AP4=! ;5! :4PN9! 7R!
:84!=;RR4P45C4!B4:Q445!R;X<:;75!=AP<:;759!R7>>7Q;5@!A5P4><:4=!<5=!94N<5:;C<>>V!P4><:4=!
OP43;4Q9F!67Q434PE!R7P!:84!9:<5=<P=!34P9;75!7R!:84!B7A5=<PV!O<P<=;@NE!+<V54PE!.<>7:<E!
G!*7>><:94f!HKc`UM!9AB94WA45:>V!=;=!57:!R;5=!43;=45C4!R7P!<!94N<5:;C!OP43;4Q!B454R;:!;5!
945:45C4! P4<=;5@F( '84! 944N;5@! <B945C4! 7R! 43;=45C4! 7R! 94N<5:;C! OP43;4Q! B454R;:! 8<9!
B445! 9AOO7P:4=! BV! :8P44! RAP:84P! B7A5=<PVZO<P<=;@N! 4XO4P;N45:9! H%>:<PP;B<E! ?<NB4E!
*7>><:94fE!G!+<V54PE!IJJKa!0;N;@45E!?>;4@>E!G!"7NN4PE!IJKIa!6V^5_!G!6_;f;^E!IJJgMF!(5!
"4N<5:;C!*P43;4Q!.454R;:!
:8494!C<949E!87Q434PE!:84P4!<P4!7:84P!R<C:7P9!:8<:!N<V!8<34!Q7Pf4=!<@<;59:!R;5=;5@!:84!
4RR4C:F!%>:<PP;B<!4:!<>F!HIJJKM!A94=!OP43;4Q!Q7P=9!;5!<!94C75=!><5@A<@4E!O799;B>V!45:<;>;5@!
=;9<=3<5:<@49! <P;9;5@! RP7N! :84! 9Q;:C8! B4:Q445! :Q7! ><5@A<@49! H4F@FE! $4A:4P! G! %>>O7P:E!
Kccca!"7<P49!G!2P79[4<5E!Kc`\MF!6V^5_!<5=!6_;f;^!HIJJgM!A94=!A5P4><:4=!4N7:;75<>!<5=!
A5P4><:4=! 54A:P<>! OP43;4Q9! P<:84P! :8<5! P4><:4=! 7549F! '84P4R7P4E! ;5! :8;9! C<94E! ;:! ;9! 57:!
C>4<P! Q84:84P! :8;9! WA<>;R;49! <9! <! 94N<5:;C! OP43;4QF! /;5<>>VE! 0;N;@45! 4:! <>F! HIJKIM! A94=!
94N<5:;C<>>V! P4><:4=! <5=! A5P4><:4=! OP43;4Q9E! BA:! P4>;4=! 75! <! Q7P=! >;9:! P4<=;5@! :<9f! ;5!
Q8;C8!9AB[4C:9!Q4P4!<9f4=!:7!P4O7P:!Q84:84P!<5!<5;N<>!Q<9!;5C>A=4=F!645C4E!754!987A>=!
57:4! :8<:! 9:P;C:>V! 9O4<f;5@E! :8;9! >;9:! 7R! 4XO4P;N45:9! ;5C>A=49! 75>V! 754! :8<:! A94=! :84!
9:<5=<P=! B7A5=<PV! O<P<=;@N! R7P! P4<=;5@! 945:45C49! <5=! <5! 4XO>;C;:! N<5;OA><:;75! 7R!
94N<5:;C!P4><:4=5499!H+<V54P!4:!<>FE!Kc`UMF!
/(&&("6!)h$*h1&0"!
-8;:4! 4:! <>F! HIJJ`M! A94=! :84! B7A5=<PV! O<P<=;@N! >.05.%! Q7P=9! <5=! R7A5=! O<P<R734<>!
94N<5:;C! ;5R7PN<:;75! 4X:P<C:;75F! '84! OP43;4Q! R7P! :84! 94C75=! C759:;:A45:! 7R! <! /;55;98!
C7NO7A5=! 57A5! H?&%.'A&B&20.B-a! :P<59><:;75D! 3<5;>><! 9<AC4M! Q<9! 4;:84P! 94N<5:;C<>>V!
P4><:4=! H2.%&,,.a! NA9:<P=M! 7P! A5P4><:4=! H$"?&20.a! OP;49:M! :7! :84! 94C75=! C759:;:A45:!
HB&20.B-a! 9<AC4MF! -845! :84! P4<=4Pi9! @<Y4! CP7994=! :84! B7A5=<PV! B4:Q445! :84! :Q7!
C759:;:A45:9E!:84!:<P@4:!P4O><C4=!:84!OP43;4QF!/;X<:;75!:;N49!75!:84!:<P@4:!;5=;C<:4=!:8<:!
P4><:4=!OP43;4Q9!R<C;>;:<:4=!:84!4X:P<C:;75!7R!94N<5:;C!;5R7PN<:;75!RP7N!:84!O<P<R734<>!
O<P:!7R!:84!R;X<:4=!Q7P=F!
)6(&#"#!
'Q7! =;RR4P45C49! B4:Q445! )8;5494! <5=! <>O8<B4:;C! 9CP;O:! R<C;>;:<:4! :84! =4:4C:;75! 7R! <!
94N<5:;C! OP43;4Q! B454R;:! ;5! )8;5494F! /;P9:>VE! )8;5494! C8<P<C:4P9! <P4! N7P4! =;P4C:>V!
C7554C:4=!:7!N4<5;5@!H6779<;5E!KccKM!:8<5!<>O8<B4:;C!C8<P<C:4P9F!"4C75=>VE!<5=!N7P4!
;NO7P:<5:>VE!N79:!)8;5494!Q7P=9!<P4!75>V!754!7P!:Q7!C8<P<C:4P9!>75@!HbA!4:!<>FE!Kc`gMF!
'84P4R7P4E!:84!N4<5!=;9:<5C4!B4:Q445!:84!CAPP45:!R;X<:;75!O79;:;75!<5=!:84!54X:!Q7P=!;9!
9N<>>4P! :8<5! ;5! <>O8<B4:;C! 9CP;O:E! <5=! :84! 54X:! Q7P=! 7CCAO;49! >499! 9O<C4! Q;:8;5! :84!
O<P<R734<>! R;4>=F! +4>V;5@! 75! :84! B7A5=<PV! O<P<=;@N! Q;:8! 575C7NO7A5=! H;F4FE! 34PV!
9;NO>4M! C8<P<C:4P9E! b<5! 4:! <>F! HIJJcM! 49:<B>;984=! 9;@5;R;C<5:! 94N<5:;C! OP43;4Q! B454R;:!
678459:4;5!G!?>;4@>!
Q;:8! 9;NO>;R;4=! )8;5494E! :84! 7P:87@P<O8V! A94=! ;5! N<;5><5=! )8;5<F! +4C45:>VE! '9<;! 4:! <>F!
HIJKIM! P4O>;C<:4=! :8494! P49A>:9! Q;:8! :P<=;:;75<>! )8;5494! C8<P<C:4P9! A94=! ;5! '<;Q<5F!
/AP:84PN7P4E! 94N<5:;C! OP43;4Q! B454R;:! ;5! )8;5494! <>97! 4X;9:9! Q845! A9;5@! C7NO7A5=!
C8<P<C:4P9!H)A;!4:!<>FE!IJKLa!b<5E!d87AE!4:!<>FE!IJKIa!b<5@E!-<5@E!4:!<>FE!IJKIMF!
?h+#%&!
?7P4<5! C7NB;549! R4<:AP49! 7R! B7:8! <>O8<B4:;C! <5=! 9V>><B;C! QP;:;5@F! '84! 7P:87@P<O8V! ;9!
B<94=! 75! O8757>7@V! <5=! P4OP4945:4=! ;5! 9V>><B>4! B>7Cf9F! )<94! N<Pf4P9! <P4! A94=! :7!
;5=;C<:4! 9V5:<C:;C! RA5C:;759! 7R! Q7P=9! <5=! :84P4BV! OP73;=4! 94N<5:;C! ;5R7PN<:;75! <B7A:!
:84N<:;C! P7>49F! ?;N! 4:! <>F! HIJKIM! A94=! C7PP4C:! <5=! ;5C7PP4C:! 9V5:<C:;C! C<94! N<Pf4P9! <9!
O<P<R734<>! OP43;4Q9F! (5C7PP4C:! OP43;4Q9! >4=! :7! <! 9V5:<C:;C! <5=! 94N<5:;C! N;9N<:C8!
B4:Q445! :84! ;5;:;<>>V! 3;9;B>4! C<94! N<Pf4P! <5=! :84! 754! R7>>7Q;5@! :84! =;9O><V! C8<5@4F!
'<P@4:!R;X<:;75!=AP<:;759!Q4P4!>75@4P!;5!:84!;5C7PP4C:!OP43;4Q!C75=;:;75E!;5=;C<:;5@!:8<:!
OP7C499;5@!7R!O<P<R734<>!9V5:<C:;C!<5=!94N<5:;C!;5R7PN<:;75!=749!7CCAP!Q8;>4!<!O4P975!;9!
P4<=;5@!?7P4<5F!
*%+%/h,#%e!/%"'!*+($(&2!
/7P! <>O8<B4:;C! 9CP;O:9E! :84P4! ;9! 43;=45C4! 7R! <! 94N<5:;C! OP43;4Q! B454R;:! RP7N! <!
5759:<5=<P=!B7A5=<PV!O<P<=;@NF!678459:4;5!4:!<>F!HIJKJM!A94=!24PN<5!945:45C49!<5=!<!
,&$&)"?-&'()&20C,$./.%6!:4C85;WA4E!;5!Q8;C8!:84!:4NO7P<>!<3<;><B;>;:V!7R!:84!OP43;4Q!Q<9!
=4:4PN;54=!BV!<!:;N4P!HR7P!R734<>!R<9:ZOP;N;5@E!944!"4P457!G!+<V54PE!KccIMF!/7P!<!CP;:;C<>!
:<P@4:! %! j! K! H=%"45-%a! B7549ME! <! 575Q7P=! 9:P;5@! HDE>$)60M! ;5;:;<>>V! 7CCAO;4=! :84! :<P@4:!
>7C<:;75F!(:!Q<9!:845!P4O><C4=!BV!<!94N<5:;C<>>V!P4><:4=!HF45G;-'a!9fA>>9M!7P!<5!A5P4><:4=!
OP43;4Q!HF0.-)-'a!B77:9M!<9!9775!<9!:84!P4<=4P!R;X<:4=!:84!OP4:<P@4:!%F!'8;9!OP43;4Q!Q<9!
<3<;><B>4!R7P!<!3<P;<B>4!OP;N4!=AP<:;75!H;F4FE!LgE!`JE!7P!KIg!N9M!B4R7P4!B4;5@!P4O><C4=!BV!
:84! :<P@4:F! '8A9E! ;5R7PN<:;75! 4X:P<C:;75! RP7N! :84! OP43;4Q! Q<9! >;N;:4=! :7! <5!
4XO4P;N45:<>>V!=4:4PN;54=!=AP<:;75E!<5=!:84!:<P@4:!B4C<N4!<3<;><B>4!Q8;>4!:84!P4<=4P!
Q<9! 9:;>>! R;X<:;5@! :84! OP4C4=;5@! Q7P=F! "4N<5:;C! OP43;4Q! B454R;:! Q<9! OP4945:! R7P! OP;N4!
=AP<:;759!7R!KIg!N9F!-845!:84!9<>;45CV!7R!:84!OP43;4Q!Q<9!;5CP4<94=!Q;:8!B7>=!R75:!;5!
<57:84P!4XO4P;N45:E!:84!4RR4C:!Q<9!R7A5=!R7P!OP;N4!=AP<:;759!7R!`J!N9!HBA:!57!>75@4P!
R7P!KIg!N9MF!"7E!;5!<==;:;75!:7!OP73;=;5@!R;P9:!43;=45C4!7R!94N<5:;C!OP43;4Q!B454R;:!RP7N!
"4N<5:;C!*P43;4Q!.454R;:!
:84! AOC7N;5@! Q7P=! ;5! <5! <>O8<B4:;C! 9CP;O:E! :84! P49A>:9! <>97! 9A@@49:4=! <! P4><:;7598;O!
B4:Q445!94N<5:;C!OP43;4Q!B454R;:!<5=!OP43;4Q!:;N4F!
(5! 9ANN<PVE! :84! WA49:;75! Q84:84P! 94N<5:;C! P4><:4=5499! 7R! OP43;4Q! <5=! :<P@4:!
<RR4C:9!OP7C499;5@!7R!:84!:<P@4:!<OO4<P9!:7!=4O45=!75!9434P<>!R<C:7P9!O4P:<;5;5@!:7!9CP;O:!
H<>O8<B4:;C! 39F! C8<P<C:4P! 9CP;O:ME! :<9f! H5<:AP<>! P4<=;5@! 39F! P4<=;5@! 7R! Q7P=! >;9:9ME! <5=!
N4:87=7>7@V! HB7A5=<PV! O<P<=;@N! 39F! O<P<R734<>! R<9:! OP;N;5@MF! (5! <==;:;75E! <9! Q4! Q;>>!
P43;4Q! ;5! :84! R7>>7Q;5@! :Q7! 94C:;759E! 94N<5:;C! OP43;4Q! B454R;:! N<V! <>97! =4O45=! 75!
R<C:7P9!:8<:!<P4!;5:P;59;C!:7!:84!B7A5=<PV!O<P<=;@NF!
*+#,(#-!"*%)#!%&0!*+#,(#-!'($#!
*+#,(#-!"*%)#!
(R! :84! R;X<:;75! 75! :84! OP4:<P@4:! ;9! C>794! :7! :84! B7A5=<PVE! :84P4! ;9! NAC8! OP43;4Q! 9O<C4E!
B4C<A94!N7P4!7R!:84!OP43;4Q!R<>>9!;5:7!:84!O4PC4O:A<>!9O<5!H$C)75f;4!G!+<V54PE!KcSga!
+<V54P!G!.4P:4P<E!KcScM!:8<5!R7P!<!R<PZ<Q<V!R;X<:;75!O79;:;75F!(5=44=E!$C075<>=!HIJJUM!
P4O7P:4=!43;=45C4!7R!<!@P4<:4P!;=45:;:V!OP43;4Q!B454R;:!;R!:84!><A5C8!9;:4!=;9:<5C4!H:84!
=;9:<5C4!B4:Q445!:84!O79;:;75!7R!:84!OP4:<P@4:!R;X<:;75!<5=!:84!B4@;55;5@!7R!:84!:<P@4:M!
;9!9N<>>F!*P43;4Q!B454R;:!Q<9!8;@8>V!9;@5;R;C<5:!R7P!><A5C8!9;:49!7R!R7AP!C8<P<C:4P9!7P!>499E!
BA:! =49O;:4! ;5CP4<9;5@! C759:P<;5:9! 75! 3;9A<>! <CA;:VE! ;:! Q<9! 9:;>>! 9;@5;R;C<5:! R7P! 9<CC<=49!
><A5C84=!c!7P!KJ!>4::4P9!B4R7P4!:84!:<P@4:F!(5!:84;P!P4<5<>V9;9!7R!$C075<>=i9!=<:<E!?>;4@>!
4:! <>F! HIJKLM! <5<>V94=! 9<CC<=4! <NO>;:A=4! 57:! <9! <! C<:4@7P;C<>! BA:! C75:;5A7A9! 3<P;<B>4F!
'84;P! P49A>:9! <>97! C7PP7B7P<:4! <! O79;:;34! P4><:;7598;O! B4:Q445! OP43;4Q! 9O<C4! <5=!
OP43;4Q! B454R;:E! :84P4BV! P4O>;C<:;5@! P49A>:9! RP7N! 9:A=;49! ;5! Q8;C8! :84! =;9:<5C4! :7! :84!
OP43;4Q!Q7P=!Q<9!A94=!<9!C<:4@7P;C<>!C73<P;<:4!H4F@FE!*7>><:94fE!+<V54PE!G!.<>7:<E!Kc`Ua!
+<V54PE!KcSgMF!
*+#,(#-!'($#!
(5!:84!9:<5=<P=!B7A5=<PV!O<P<=;@NE!OP43;4Q!:;N4!;9!;=45:;C<>!Q;:8!:84!OP4:<P@4:!R;X<:;75!
=AP<:;75F! *P43;4Q! :;N4! ;9! 57:! R;X4=! BA:! :4PN;5<:4=! BV! :84! P4<=4Pi9! 4V4! N734N45:F!
'84P4R7P4E! 94N<5:;C! OP43;4Q! B454R;:! N<V! =4O45=! 75! :84! OP4:<P@4:! R;X<:;75! =AP<:;75F!
(5=44=E! R7P! <! P4<5<>V9;9! 7R! b<5! 4:! <>Fi9! HIJJcM! =<:<! 75! 94N<5:;C! OP43;4Q! B454R;:! =AP;5@!
678459:4;5!G!?>;4@>!
P4<=;5@!)8;5494E!b<5E!+;994E!d87AE!<5=!?>;4@>!HIJKIM!P4O7P:4=!:;N4Z=4O45=45:!O<P<R734<>!
R<C;>;:<:;75! 4RR4C:9D! "4N<5:;C! OP43;4Q! B454R;:! Q<9! 9N<>>4P! R7P! >75@! OP4:<P@4:! R;X<:;75!
=AP<:;759!:8<5!R7P!987P:!7549F!(5!<57:84P!9:A=V!Hb<5E!d87AE!4:!<>FE!IJKIME!:84!4RR4C:!Q<9!
=;RR4P45:D!'84!OP43;4Q!B454R;:!Q<9!9;@5;R;C<5:>V!@P4<:4P!Q845!:84!9AB[4C:9!Q4P4!@;345!<!
>75@4P!OP43;4Q!=AP<:;75F!'8494!7OO79;:4!4RR4C:9!544=!:7!B4!R7>>7Q4=!AOE!BA:!:84V!N<V!
B4! P4><:4=! :7! =;RR4P45C49! ;5! OP7C499;5@! =4N<5=! 7R! :84! :<P@4:9! ;5! :Q7! 9:A=;49! H;F4FE!
575C7NO7A5=!39F!C7NO7A5=!C8<P<C:4P9M!!
'6#!*+#"#&'!"'10b!
64P4!Q4!P4O7P:!:8P44!4XO4P;N45:9!:8<:!49:<B>;98!O<P<R734<>!94N<5:;C!OP4OP7C499;5@!R7P!
9AB[4C:9! P4<=;5@! 24PN<5! 945:45C49! Q;:8! :84! C><99;C! B7A5=<PV! O<P<=;@NF! (5! :84! R;P9:!
4XO4P;N45:E!Q4!A94=!57A59!<9!OP43;4Q9!<5=!:<P@4:9F!(5!P4@A><P!24PN<5!9O4>>;5@E!57A59!
<P4!C<O;:<>;Y4=F!'84!C<O;:<>;Y<:;75!7R!57A59!;5!24PN<5E!C7NB;54=!Q;:8!:84!A94!7R!8;@8>V!
RP4WA45:! OP4:<P@4:9E! N<V! R<C;>;:<:4! O<P<R734<>! OP7C499;5@F! '7! :49:! :8;9! 8VO7:849;9E! Q4!
OP4945:4=! 945:45C49! Q;:8! 4;:84P! C<O;:<>;Y4=! 7P! >7Q4PC<94! :<P@4:! 57A59! ;5! :84! 94C75=!
4XO4P;N45:F! (5! :84! :8;P=! 4XO4P;N45:E! Q4! A94=! R7AP! OP43;4Q! C75=;:;759E! :8<:! ;9E! <5!
;=45:;C<>!<5=!<!575Q7P=!OP43;4Q!;5!<==;:;75!:7!:84!94N<5:;C<>>V!P4><:4=!<5=!A5P4><:4=!
C75=;:;759F!'8;9!4X:459;75!7R!:84!=49;@5!<>>7Q4=!A9!:7!C7NOA:4!94N<5:;C!OP43;4Q!B454R;:!
P4><:;34!:7!<>:4P5<:;34!B<94>;549F!(5!:8;9!4XO4P;N45:E!Q4!<>97!OP4945:4=!945:45C49!<:!:Q7!
>434>9! 7R! :4X:! C75:P<9:F! /7P! 4<C8! 7R! :84! :8P44! 4XO4P;N45:9E! Q4! <>97! :49:4=! Q84:84P!
94N<5:;C!OP43;4Q!B454R;:!=4O45=9!75!OP43;4Q!9O<C4!<5=!OP43;4Q!:;N4!<5=!C<PP;4=!7A:!
=4:<;>4=!<5<>V949!7R!C7PP4><:;759!B4:Q445!94>RZP4O7P:4=!<Q<P45499!7R!:84!R<C:!:8<:!Q7P=9!
Q4P4!4XC8<5@4=!=AP;5@!P4<=;5@!<5=!94N<5:;C!OP43;4Q!B454R;:F!
#k*#+($#&'!K!
$#'6h0!
"1.l#)'"!
'8;P:V! 9:A=45:9! HKc! Q7N45E! KK! N45M! RP7N! *7:9=<NE! 24PN<5VE! O<P:;C;O<:4=! ;5! :84!
4XO4P;N45:F!'84V!Q4P4!B4:Q445!Kc!<5=!LJ!V4<P9!7R!<@4!H:!m!IIE!FH!m!LFKMF!'84V!Q4P4!
"4N<5:;C!*P43;4Q!.454R;:!
O<;=! nS! 7P! P4C4;34=! C7AP94! CP4=;:F! %>>! Q4P4! 5<:;34! 9O4<f4P9! 7R! 24PN<5! Q;:8! 57PN<>! 7P!
C7PP4C:4=Z:7Z57PN<>!3;9;75F!!
%**%+%'1"!
"AB[4C:9!Q4P4!94<:4=!UJ!CN!oI\!;5Fp!;5!RP75:!7R!<5!(;V<N<!,;9;75!$<9:4P!*P7!gK\!N75;:7P!
H(;V<N<!"4;f;!)7FE!&<@<57E!l<O<5a!KJI\!q!SU`!O;X4>9a!gL!CN!oIK!;5Fpa!34P:;C<>!P4RP498!P<:4!
KgJ! 6Ya! IJZO:! )7AP;4P! &4Q! B7>=! R75:MF! h54! C8<P<C:4P! C734P4=! KI! O;X4>9! 87P;Y75:<>>V!
HJF\gr!7R!3;9A<>!<5@>4MF!%>>!945:45C49!Q4P4!OP4945:4=!;5!B><Cf!75!<!Q8;:4!B<Cf@P7A5=F!-4!
N4<9AP4=!:84!>AN;5<5C4!Q;:8!<!*+ZUgJ!"O4C:P<"C<5!)7>7P;N4:4P!H*87:7!+494<PC8E!(5CFE!
)8<:9Q7P:8E!)%M!<:!:84!C45:4P!7R!:84!9CP445D!'84!>AN;5<5C4!7R!:84!B<Cf@P7A5=!Q<9!cIFL!
C=TNIa!:84!>AN;5<5C4!7R!:84!:4X:!Q<9!B4>7Q!LF\!C=TNIF!'84!:4X:!>AN;5<5C4!Q<9!:77!=<Pf!
:7!B4!N4<9AP4=E!<5=!:84!P4O7P:4=!3<>A4!;9!<5!AOO4P!>;N;:!B<94=!75!N<5AR<C:AP4Pi9!=<:<!
75!:84!9459;:;3;:V!7R!:84!;59:PAN45:F!
'84! 4XO4P;N45:! Q<9! PA5! ;5! $%'e%.! H'84! $<:8-7Pf9E! &<:;CfE! $%M! Q;:8! :84!
*9VC87O8V9;C9! '77>B7X! H.P<;5<P=E! KccSa! *4>>;E! KccSM! <5=! :84! #V4>;5f! '77>B7X!
H)7P54>;9945E! *4:4P9E! G! *<>N4PE! IJJIMF! '84! 4V49! Q4P4! N75;:7P4=! Q;:8! <5! #V4e;5f! ((!
9V9:4N! H"+! +494<PC8! e:=FE! h9@77=4E! h&E! )<5<=<M! Q;:8! <! 9<NO>;5@! P<:4! 7R! gJJ! 6YE! <5!
;59:PAN45:<>!9O<:;<>!P497>A:;75!7R!JFJKrE!<5=!<5!<34P<@4!<CCAP<CV!B4::4P!:8<5!JFgrF!'84!
P4C7P=;5@! Q<9! B;57CA><PE! <5=! :84! 84AP;9:;C! R;>:4P! Q<9! 94:! :7! >434>! KF! 64<=9! Q4P4!
O79;:;754=!75!<!C8;5!P49:!:7!N;5;N;Y4!84<=!N734N45:9F!
$%'#+(%e!
-4! A94=! 678459:4;5! 4:! <>Fi9! HIJKJM! 945:45C49E! ;5C>A=;5@! 94N<5:;C<>>V! P4><:4=! <5=!
A5P4><:4=! OP43;4Q9! R7P! :<P@4:9F! '84! KJI! 4XO4P;N45:<>! 945:45C49! Q4P4! C759:PAC:4=!
<P7A5=!:84!:<P@4:!P4@;75!7R!:84!R734<>!OP4:<P@4:!%!<5=!:84!O<P<R734<>!:<P@4:!%!j!K!<5=!
P<5@4=! RP7N! 9;X! :7! KL! Q7P=9F! %>>! RP4WA45CV! 3<P;<B>49! Q4P4! 4X:P<C:4=! RP7N! :84! >4X;C<>!
=<:<B<94!=>4X0.!H34P9;75!JFIFga!64;9:4P!4:!<>FE!IJKKM!B<94=!75!:84!0-0"!C7POA9!H24Vf45E!
IJJSMF!
678459:4;5!G!?>;4@>!
'84! OP4:<P@4:9! Q4P4! A5;WA4E! B4:Q445! R7AP! <5=! 4;@8:! C8<P<C:4P9! >75@! H:! m! gF\ME!
<5=!7R!8;@8!RP4WA45CV!HP<5@4D!`sUSK`!O4P!N;>>;75MFK!-7P=9!Q4P4!94>4C:4=!:7!;5CP4<94!:84!
O799;B;>;:V!R7P!<!BP7<=!O4PC4O:A<>!9O<5!<5=!R<C;>;:<:4!:84!O;CfAO!7R!;5R7PN<:;75!RP7N!:84!
O<P<R734<>! :<P@4:! 7P! :7! ;5=AC4! R<9:4P! <::45:;75! 98;R:9E! P49O4C:;34>V! H4F@FE! 645=4P975! G!
/4PP4;P<E! KccJMF! '84! N4<5! 7R! :84! B<94ZKJ! >7@<P;:8N;C! RP4WA45CV! Q<9! IFgF! *P4:<P@4:9!
C734P4=!=;RR4P45:!Q7P=!C><9949!H4F@FE!34PB9E!<=[4C:;349ME!BA:!57!57A59!HQ8;C8!Q4P4!A94=!
<9!:<P@4:9ME!<5=!Q4P4!<:!O79;:;759!LsS!;5!:84!945:45C49F!
'84!:<P@4:9!Q4P4!A5;WA4E!B4:Q445!R7AP!<5=!4;@8:!C8<P<C:4P9!>75@!H:!m!gFLME!<5=!
:84;P!RP4WA45CV!P<5@4=!RP7N!JFKL!:7!IKI!O4P!N;>>;75a!:84!P4><:4=!OP43;4Q9!Q4P4!7R!:84!
9<N4!>45@:8E!<5=!:84;P!RP4WA45CV!P<5@4=!RP7N!JFI`!:7!I\`!O4P!N;>>;75F!'<B>4!K!OP73;=49!
=4:<;>9!75!:84!>4NN<!RP4WA45C;49!7R!:<P@4:9!<9!Q4>>!<9!P4><:4=!<5=!A5P4><:4=!OP43;4Q9F!
%>>! :84! :<P@4:9! <5=! OP43;4Q9! Q4P4! 57A59! <5=! :8A9t<CC7P=;5@! :7! 24PN<5! 9O4>>;5@t
C<O;:<>;Y4=F!h54!N<[7P!C759:P<;5:!;5!@454P<:;5@!:84!9:;NA>;E!@;345!:84!=;9O><V!C8<5@49!;5!
:84!9:A=VE!Q<9!:8<:!:84!OP43;4Q9!8<=!:7!B4!7R!:84!9<N4!>45@:8!<9!:84!:<P@4:9F!
'84!A5P4><:4=!OP43;4Q9!Q4P4!C759:PAC:4=!:7!8<34!:84!9<N4!>45@:8!<9!:84!:<P@4:E!
<5! 734P><O! 7R! C8<P<C:4P9! Q;:8! :84! :<P@4:! ;=45:;C<>! :7! :84! P4><:4=! OP43;4Q! H<:! :84! 9<N4!
9O<:;<>! O79;:;75ME! <5=! N;5;N<>! RP4WA45CV! =;RR4P45C49! B4:Q445! :84! P4><:4=! <5=! :84!
A5P4><:4=! OP43;4QF! '84! A5P4><:4=! OP43;4Q9! P<5@4=! ;5! RP4WA45CV! RP7N! JFJU! :7! KSS! O4P!
N;>>;75F!'84!:Q7!>;9:9!7R!OP43;4Q!:VO49!Q4P4!N<:C84=!;5!:4PN9!7R!:84;P!>4NN<!RP4WA45CVF!
'84!A5P4><:4=!OP43;4Q9!8<=!B445!C759:PAC:4=!Q;:8!P4@<P=!:7!7P:87@P<O8V!H;F4FE!C8<P<C:4P!
734P><O! Q;:8! :84! :<P@4:ME! RP4WA45CVE! <5=! >45@:8E! BA:! \Su! 7R! :84N! =;=! 57:! R;:! ;5:7! :84!
945:45C4! 9V5:<C:;C<>>VF! /;5<>>VE! :84! :<P@4:9E! P4><:4=! OP43;4Q9E! <5=! A5P4><:4=! OP43;4Q9!
Q4P4!A94=!75>V!75C4E!Q;:8!:84!4XC4O:;75!7R!754!A5P4><:4=!OP43;4Q!:8<:!Q<9!A94=!:Q;C4E!
>4<=;5@!:7!<!:7:<>!7R!LJg!Q7P=9F!"44!'<B>4!I!R7P!9<NO>4!945:45C49!Q;:8!:P<59><:;759F!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
K
!&7:4!:8<:!97N4!N4<9AP49!=;RR4P!RP7N!:84!7549!P4O7P:4=!;5!678459:4;5!4:!<>F!HIJKJME!Q8;C8!Q4P4!B<94=!75!
:84!&734NB4P!IJJS!HOP4P4>4<94M!34P9;75!7R!:84!>4X;C<>!=<:<B<94F!
"4N<5:;C!*P43;4Q!.454R;:!
!"#$%&'!
:-&%2( &%;( F0&%;&$;( H-?.&0."%2( ")( 05-( I%0$&%2)"$/-;( &%;( 05-( 8"6JK( 8-//&( L$-M#-%4.-2( ")(
N&$6-029( O-'&0-;( 1$-?.->29( &%;( I%$-'&0-;( 1$-?.->2( N"6-05-$( P.05( 05-( Q@2"'#0-( H.))-$-%4-2(
R-0>--%(R"05(1$-?.->(N3,-2!
'<P@4:!
!
/P4WA45CV!
15:P<59R7PN4=!
e7@KJ!
D"0-S!
<
:(
!
FH( (
+4><:4=!
OP43;4Q!
:(
<
! 15P4><:4=! ! 0;RR4P45C4 !
OP43;4Q!
FH( (
:(
FH( (
:(
FH(
\\FI! SSFU! ! L`FL! U\FS! ! L`F\& UIFI! ! gFc& KgFK!
KFI!
JFU! ! KFI! JFU! !
KFI!
JFU! ! JFKK! JFII!
/P4WA45CV!3<>A49!<P4!9C<>4=!:7!C7A5:9!O4P!N;>>;75F!
!%B97>A:4!=;RR4P45C4!B4:Q445!P4><:4=!<5=!A5P4><:4=!OP43;4Q!75!945:45C4!>434>F!
-4!N4<9AP4=!:84!C>7Y4!:<9f!OP4=;C:<B;>;:V!R7P!:84!:<P@4:!O79;:;75!;5!<!9:A=V!Q;:8!
IL!5<:;34!9O4<f4P9!7R!24PN<5!HK\!Q7N45E!5;54!N45E!N4<5!<@4!m!IK!V4<P9ME!Q87!=;=!57:!
O<P:;C;O<:4! ;5! #XO4P;N45:9! KsLF! *<P:;C;O<5:9! Q4P4! @;345! <! 945:45C4! AO! :7E! BA:! 57:!
;5C>A=;5@E!:84!:<P@4:!<5=!Q4P4!<9f4=!:7!@454P<:4!:84!54X:!Q7P=F!'84!N4<5!OP4=;C:<B;>;:V!
7R!:<P@4:9E!P4><:4=!OP43;4Q9E!<5=!A5P4><:4=!OP43;4Q9!Q<9!FJLE!FJIE!<5=!JE!P49O4C:;34>VF!1O!
:7! :84! `:8! =4C;>4E! :84! OP4=;C:<B;>;:V! 3<>A49! <P4! J! R7P! <>>! :8P44! Q7P=! @P7AO9F! 645C4E! :84!
:<P@4:!Q<9!57:!C759:P<;54=!BV!945:45C4!C75:4X:F!
(5! <==;:;75! :7! :84! 4XO4P;N45:<>! 945:45C49E! :84P4! Q4P4! KI! :P<;5;5@! <5=! I\! R;>>4P!
945:45C49!Q;:8!:<P@4:9!<9!Q4>>!<9!P4><:4=!<5=!A5P4><:4=!OP43;4Q9F!(5!:84!R;>>4P!945:45C49E!
:<P@4:9! Q4P4! 94>4C:4=! RP7N! =;RR4P45:! Q7P=! C><9949! H<=[4C:;349E! <=34PB9E! 34PB9E! BA:! 57:!
57A59MF! 'P<;5;5@! 945:45C49! <>97! C75:<;54=! :<P@4:9! 7R! =;RR4P45:! Q7P=! C><9949F! "44!
678459:4;5!4:!<>F!HIJKJM!R7P!RAP:84P!=4:<;>9F!
!
!
!
!
678459:4;5!G!?>;4@>!
!"#$%&(!
*+&/,'-(F-%0-%4-2(P.05(O-'&0-;(&%;(I%$-'&0-;(1$-?.->2!
*P43;4Q!
!
"45:45C4!
+4><:4=!
15P4><:4=!
"C8_=4>!
H9fA>>9M!
":;4R4>!
HB77:9M!
/]P!N<5C84!dQ4Cf4!Q<P!=;4!f>4;54!N$&6-!3;4>!OP<f:;9C84PF!
H/7P!97N4!OAPO7949!:84!9N<>>!20$-045-$!Q<9!NAC8!N7P4!A94RA>FM!
.<8P4!
HB;4PM!
+79:4!
H@P<:;5@9M!
%N!9O_:45!%B45=!f755:4!f4;5!O.-2-!;N!e<5=!@494845!Q4P=45F!
He<:4!;5!:84!4345;5@!57!6.&%0!C7A>=!B4!9445!;5!:84!C7A5:PVFM!
dQ4P@!
H=Q<PRM!
'P45=!
H:P45=M!
"4;=4!
H9;>fM!
"4;R4!
H97<OM!
.4;N!%A9@P<B45!Q<P45!=%"45-%!YAN!,7P9C84;5!@4f7NN45F!
H-;:8!:84!4XC<3<:;75!@"%-2!C<N4!:7!>;@8:FM!
0;494!/P<A45!BP<AC845!57C8!P"''-!YAN!/4P:;@9:4>>45!=4P!?>4;=A5@F!
H'8494!Q7N45!544=!N7P4!>""'!:7!R;5;98!:84!C>7:849FM!
D"0-F!
'84!:<P@4:!;9!;5!;:<>;C9a!:P<59><:;759!<P4!;5!O<P45:84949F!
0#"(2&!
'84! 4XO4P;N45:<>! =49;@5! ;NO>4N45:4=! :Q7! C75=;:;759! HP4><:4=! 39F! A5P4><:4=! OP43;4QM!
Q;:8! KJI! :P;<>9! O4P! 9AB[4C:F! '84P4! Q4P4! gK! 4XO4P;N45:<>! 945:45C49! O4P! C75=;:;75! <5=!
9AB[4C:F! #<C8! 945:45C4! 7CCAPP4=! :84! 9<N4! 5ANB4P! 7R! :;N49! ;5! 4<C8! 7R! :84! :Q7!
C75=;:;759F! %9! LJ! 9AB[4C:9! Q4P4! :49:4=E! 4<C8! 945:45C4! Q<9! P4<=! Kg! :;N49! ;5! 4<C8!
C75=;:;75F! '84! N<OO;5@! 7R! :84! 4XO4P;N45:<>! C75=;:;75! :7! 945:45C49! Q<9!
C7A5:4PB<><5C4=a! :84! 7P=4P! 7R! OP4945:<:;75! 7R! 945:45C49E! <5=! 845C4! 7R! 4XO4P;N45:<>!
C75=;:;759E!Q<9!P<5=7N;Y4=F!
*+h)#01+#!
"AB[4C:9!Q4P4!5<;34!C75C4P5;5@!:84!OAPO794!7R!:84!4XO4P;N45:F!'84V!Q4P4!;59:PAC:4=!:7!
P4<=! 9;5@>4! 945:45C49! R7P! C7NOP48459;75F! '84;P! R;4>=! 7R! 3;9;75! Q<9! C<>;BP<:4=! Q;:8! <!
9:<5=<P=! cZO7;5:! @P;=F! (R! :84! 4V4! :P<Cf4P! ;=45:;R;4=! <! R;X<:;75E! :84! R;X<:;75! O7;5:!
=;9<OO4<P4=! <5=! <! 945:45C4! Q<9! OP4945:4=! 9AC8! :8<:! :84! C45:P4! 7R! :84! R;P9:! Q7P=!
P4O><C4=! :84! ;5;:;<>! R;X<:;75! O7;5:F! *<P:;C;O<5:9! 45=4=! OP4945:<:;75! 7R! <! 945:45C4! BV!
>77f;5@! ;5:7! :84! >7Q4P! P;@8:! C7P54P! 7R! :84! 9CP445F! %! :8P44Z<>:4P5<:;34! NA>:;O>4ZC87;C4!
WA49:;75!R7>>7Q4=!<!P<5=7N!9<NO>4!7R!754!:8;P=!7R!:84!945:45C49F!(:!Q<9!<59Q4P4=!BV!
"4N<5:;C!*P43;4Q!.454R;:!
C>;Cf;5@! 75! 754! 7R! :84! P49O7594! <>:4P5<:;349F! &;54:VZ9;X! O4PC45:! 7R! <>>! WA49:;759! Q4P4!
<59Q4P4=!C7PP4C:>VE!;5=;C<:;5@!57!94P;7A9!OP7B>4N9!7R!C7NOP48459;75F!
"AB[4C:9! P4<=! 9;X! OP<C:;C4! 945:45C49! H<! P<5=7N! 9AB94:! 7R! <>>! KI! :P<;5;5@!
945:45C49ME! R7>>7Q4=! BV! :84! 4XO4P;N45:<>! <5=! R;>>4P! 945:45C49F! -845! <! 945:45C4! Q<9!
OP4945:4=! ;5;:;<>>VE! :84! OP43;4Q! HP4><:4=! 7P! A5P4><:4=M! 7CCAO;4=! :84! :<P@4:! >7C<:;75F! %5!
;53;9;B>4!B7A5=<PV!>7C<:4=!=;P4C:>V!<R:4P!:84!><9:!>4::4P!7R!OP4:<P@4:!%!Q<9!OP4945:!;5!4<C8!
945:45C4F! -845! 4;:84P! 4V4! CP7994=! :84! B7A5=<PVE! :84! OP43;4Q! Q7P=! 75! O79;:;75! %! j! K!
Q<9!P4O><C4=!BV!:84!:<P@4:F!'84!945:45C4!P4N<;54=!;5!:8;9!R;5<>!R7PN!A5:;>!:84!45=!7R!:84!
:P;<>F!(5!:7:<>E!4<C8!O4P975!P4<=!KLI!945:45C49!;5C>A=;5@!KJI!4XO4P;N45:<>!7549F!
-4! N4<9AP4=! :84! =4><V! B4:Q445! 4V4! N734N45:! <5=! =;9O><V! C8<5@4! Q;:8! :84!
.><Cf! .7X! '77>?;:! H*><5:E! 6<NN75=E! G! 'AP54PE! IJJ\MF! %R:4P! 4;:84P! 4V4! CP7994=! :84!
B7A5=<PVE! =;9O><V! C8<5@49! Q4P4! <CC7NO>;984=! Q;:8;5! <OOP7X;N<:4>V! KJ! N9F! '8;9! =4><V!
=749!57:!75>V!;5C>A=4!:84!:;N4!P4WA;P4=!:7!:4C85;C<>>V!N<f4!:84!=;9O><V!C8<5@4!<R:4P!:84!
;5R7PN<:;75! 7R! B7A5=<PV! CP799;5@! 8<9! B445! :P<59R4PP4=! :7! :84! 9V9:4NE! BA:! P<:84P!
C7NOP;949! :84! 45:;P4! =4><V! N4<9AP4=! RP7N! <5! <C:A<>! 4V4! N734N45:! HO8V9;C<>>VE! 57:! ;5!
:84! 4V4! :P<Cf4P! 97R:Q<P4M! :7! :84! N7N45:! :84! C8<5@4=! =;9O><V! <OO4<P9! 75! :84! 9CP445F!
";5C4! 9<CC<=49! ;5! P4<=;5@! :VO;C<>>V! ><9:! <B7A:! LJ! N9! H+<V54PE! Kcc`E! IJJcME! :84! =;9O><V!
C8<5@4!987A>=!7CCAP!=AP;5@!:84!9<CC<=4!:7!:84!:<P@4:F!
/7>>7Q;5@!:84!><9:!945:45C4!7R!:84!4XO4P;N45:E!9AB[4C:9!Q4P4!<9f4=!:7!<59Q4P!<!
O<O4PZ<5=ZO45C;>! WA49:;755<;P4! C759;9:;5@! 7R! :8P44! WA49:;759D! 0;=! V7A! 57:;C4! <5V:8;5@!
A5A9A<>!C75C4P5;5@!:84!OP4945:<:;75v!HV49T57Ma!Q4P4!Q7P=9!4XC8<5@4=!=AP;5@!P4<=;5@v!
HV49T57Ma! ;5! 87Q! N<5V! 945:45C49! Q4P4! Q7P=9! 4XC8<5@4=! =AP;5@! P4<=;5@! HuMv! 'Q45:VZ
5;54!7A:!7R!:8;P:V!9AB[4C:9!C7NO>4:4=!:84!WA49:;755<;P4F!
#b#Z$h,#$#&'!$#%"1+#"!%&0!"#e#)'(h&!)+('#+(%!!
0<:<!RP7N!945:45C49!Q;:8!<!B>;5f!7P!>799!7R!N4<9AP4N45:!Q4P4!75>V!A94=!A5:;>!:84!O7;5:!
;5! :;N4! OP4C4=;5@! :84! R;P9:! >799! <5=! 75>V! ;R! :84! >799! 7CCAPP4=! <R:4P! :84! :<P@4:! P4@;75F!
"<CC<=49! Q4P4! =4:4C:4=! Q;:8! <! B;57CA><P! 34>7C;:VZB<94=! <>@7P;:8N! H#5@B4P:! G! ?>;4@>E!
IJJLa!#5@B4P:!G!$4P@45:8<>4PE!IJJUMF!"N<>>!9<CC<=49!Q4P4!C759;=4P4=!O<P:!7R!<!R;X<:;75!
;R!:84V!C734P4=!<!=;9:<5C4!>499!:8<5!:84!Q;=:8!7R!:Q7!C8<P<C:4P9F!%5<>V949!<P4!B<94=!75!
P;@8:Z4V4!R;X<:;759F!
678459:4;5!G!?>;4@>!
-4! <OO>;4=! :84! R7>>7Q;5@! CP;:4P;<! :7! R;>:4P! :P;<>9D! 'P;<>9! Q4P4! ;5C>A=4=! 75>V! ;R!
OP4:<P@4:!<5=!:<P@4:9!Q4P4!R;X<:4=!;5!94WA45C4!75!R;P9:!O<99F!'8;9!R;>:4P!>4R:!A9!Q;:8!Scu!
7R!<>>!:P;<>9F!(5!<==;:;75E!:84!C8<5@4!RP7N!:84!OP43;4Q!:7!:84!:<P@4:!8<=!:7!7CCAP!=AP;5@!
:84! 9<CC<=4! RP7N! :84! OP4:<P@4:! :7! :84! :<P@4:! H:P;<>9! P4N<;5;5@D! SJu! RP7N! P4><:4=! <5=!
SIu!RP7N!A5P4><:4=!OP43;4Q9MF!/;5<>>VE!Q4!4XC>A=4=!<>>!:P;<>9!;5!Q8;C8!=<:<!>799!7CCAPP4=!
=AP;5@!:<P@4:!@<Y4F!
/7P!:8494!SKu!7R!<>>!:P;<>9E!@<Y4!=AP<:;759!H:84!9AN!7R!<>>!R;P9:ZO<99!R;X<:;759ME!R;P9:Z
R;X<:;75! =AP<:;759! <5=! 9;5@>4ZR;X<:;75! =AP<:;759! Q4P4! C7NOA:4=! R7P! Q7P=9! %! <5=! %! j! K!
HR7P! <! =4R;5;:;75! 7R! :8494! N4<9AP49E! 944! (587RR! G! +<=<C8E! Kcc`a! +<V54PE! Kcc`MF! (5!
<==;:;75E!Q4!C7NOA:4=!:84!P4><:;34!><5=;5@!O79;:;759!;5!:84!:<P@4:!H;F4FE!:84!O79;:;75!7R!
:84! R;P9:! R;X<:;75M! <5=! :84! :<P@4:! P4R;X<:;75! OP7B<B;>;:VF! '7! =4:4PN;54! :84! 9f;OO;5@!
OP7B<B;>;:V! 7R! :84! :<P@4:E! Q4! A94=! :P;<>9! ;5! Q8;C8! Q7P=! %! Q<9! R;X<:4=! B4R7P4! B7A5=<PV!
CP799;5@! <5=! Q<9! >4R:! Q;:8! <! P;@8:Z=;P4C:4=! 9<CC<=4! :P;@@4P;5@! :84! =;9O><V! C8<5@4F!
"4345:VZ94345!O4PC45:!7R!<>>!:P;<>9!P4N<;54=!R7P!:8;9!N4<9AP4F!
"'%'("'()%e!%&%eb"("!
(5R4P45:;<>! 9:<:;9:;C9! R7P! R;X<:;75! =AP<:;759! <P4! B<94=! 75! >;54<P! N;X4=! N7=4>9! He$$9ME!
9O4C;RV;5@! 9AB[4C:9! <5=! 945:45C49! <9! CP7994=! P<5=7N! R<C:7P9! HR7P! <! =;9CA99;75! 7R!
<=3<5:<@49! 7R! e$$9! 734P! LKTLI! <5<>V949! 7R! 3<P;<5C4E! 944! .<<V45E! 0<3;=975E! G! .<:49E!
IJJ`a! ?>;4@>E! $<9975E! G! +;C8:4PE! IJKJa! ?>;4@>E! -4;E! 0<NB<C84PE! b<5E! G! d87AE! IJKKMF!
#RR4C:9! ;5! N7=4>9! Q;:8! C75:;5A7A9! =4O45=45:! 3<P;<B>49! Q4P4! 49:;N<:4=! Q;:8! :84! >N4\!
O<Cf<@4!H.<:49E!$<4C8>4PE!G!.7>f4PE!IJKKM!;5!:84!+!453;P75N45:!R7P!9:<:;9:;C<>!C7NOA:;5@!
H34P9;75!IFK\FIE!U\ZB;:!BA;>=a!+!0434>7ON45:!)7P4!'4<NE!IJKIMF!e$$9!Q4P4!R;::4=!Q;:8!
:84!P49:P;C:4=!N<X;NAN!>;f4>;877=!9:<:;9:;CF!
.;5<PV! =4O45=45:! 3<P;<B>49! Q4P4! <5<>V94=! Q;:8! :84! %A:7N<:;C! 0;RR4P45:;<:;75!
$7=4>! .A;>=4P! H%0$.a! /7AP5;4P! 4:! <>FE! IJKIME! Q;:8! :84! +! ;5:4PR<C4! OP73;=4=! BV! :84!
@>NN%0$.! O<Cf<@4! H"f<A@E! /7AP5;4PE! &;4>945E! $<@5A9975E! G! .7>f4PE! IJKIMF! (5! <!
9;NA><:;75! 9:A=V! 7R! @454P<>;Y4=! e$$9E! %0$.ZB<94=! C75R;=45C4! ;5:4P3<>9! Q4P4! N7P4!
<CCAP<:4! ;5! :4PN9! 7R! C734P<@4! OP7B<B;>;:V! :8<5! >N4\ZB<94=! 7549! H.7>f4PE! ?>;4@>E! G!
/7AP5;4PE!IJKKa!d8<5@!4:!<>FE!IJKKMF!
"4N<5:;C!*P43;4Q!.454R;:!
'7!94>4C:!:84!P<5=7NZ4RR4C:9!9:PAC:AP4!A94=!R7P!:84!<5<>V949E!Q4!A94=!<!=P7OZ754!
OP7C4=AP4!9:<P:;5@!Q;:8!:84!RA>>!N7=4>!;5C>A=;5@!<>>!3<PV;5@!;5:4PC4O:9!<5=!3<PV;5@!9>7O49!
7R! :84! N<;5! 4RR4C:9! 7R! :84! 4XO4P;N45:<>! =49;@5F! ,<PV;5@! 9>7O49! 57:! C75:P;BA:;5@!
9;@5;R;C<5:>V! :7! :84! @77=5499! 7R! R;:! H<9! <994994=! :8P7A@8! >;f4>;877=! P<:;7! :49:9M! Q4P4!
P4N734=! RP7N! :84! N7=4>F! '8;9! OP7C4=AP4! Q<9! 94O<P<:4>V! <OO>;4=! :7! 4<C8! =4O45=45:!
3<P;<B>4F!
'847P4:;C<>>VE! :84! RA>>! N7=4>! ;5C>A=;5@! 3<P;<5C4! C7NO7545:9! R7P! <>>! :4PN9! 7R! :84!
4XO4P;N45:<>! =49;@5! ;9! :84! OP4R4PP4=! N7=4>! R7P! 9:<:;9:;C<>! <5<>V949! H"C8;4>Y4:8! G!
/7P9:N4;4PE! IJJca! 944! <>97! 3<5! =4! *7>! G! -P;@8:E! IJJcMF! (5! 7AP! =<:<E! :84! 3<P;<5C49!
B4:Q445! 9AB[4C:9! <5=! B4:Q445! 945:45C49! P4><:4=! :7! R;X4=! 4RR4C:9! Hw3<PV;5@! 9>7O49xM! ;9!
7R:45!34PV!9N<>>F!'84P4R7P4E!C7PP49O75=;5@!3<P;<5C4!C7NO7545:9!<P4!49:;N<:4=!<9!C>794!
:7! J! <5=! :84! N7=4>! ;9! >;f4>V! :7! B4! 734PO<P<N4:4P;Y4=a! :84P4! 9;NO>V! ;9! 57:! 457A@8!
;5R7PN<:;75! ;5! :84! =<:<! :7! 9AOO7P:! <! N7=4>! 7R! 9AC8! C7NO>4X;:VF! h5! :84! 7:84P! 8<5=E!
C734P<@4! OP7B<B;>;:V! 7R! C75R;=45C4! ;5:4P3<>9! <997C;<:4=! Q;:8! R;X4=! 4RR4C:9! ;9! B4::4P! R7P!
e$$9!;5C>A=;5@!P<5=7N!9>7O49!:8<5!R7P!N7=4>9!;5C>A=;5@!;5:4PC4O:9!75>V!H"C8;4>Y4:8!G!
/7P9:N4;4PE!IJJcMF!(:!;9!7AP!<OOP7<C8!:7!;5C>A=4!3<P;<5C4!C7NO7545:9!;R!:84V!C75:P;BA:4!
9;@5;R;C<5:>V!:7!:84!N7=4>F!(:!94P349!<9!<!C7NOP7N;94!B4:Q445!<!RA>>!N7=4>!<5=!<!N7=4>!
Q;:87A:!<5V!P<5=7N!9>7O49F!
)75:;5A7A9! OP4=;C:7P9! Q4P4! C45:4P4=! <:! :84;P! N4<5a! R<C:7P9! H9AC8! <9! OP43;4Q!
:VO4M! 45:4P4=! :84! <5<>V949! <9! 9AN! C75:P<9:9! HsJFg! 39F! JFgMF! '84P4R7P4E! :84! ;5:4PC4O:!
49:;N<:49! :84! @P<5=! N4<5! 7R! :84! =4O45=45:! 3<P;<B>4a! P4@P499;75! C74RR;C;45:9! 49:;N<:4!
:84! =;RR4P45C4! B4:Q445! R<C:7P! >434>9F! '84! B<94! N7=4>! R7P! <>>! =4O45=45:! 3<P;<B>49!
;5C>A=49! :84! R;X4=! 4RR4C:! R7P! OP43;4Q! :VO4F! /7P! <==;:;75<>! <5<>V949E! WA<9;Z4XO4P;N45:<>!
<5=! N<:4P;<>ZP4><:4=! C73<P;<:49! <9! Q4>>! <9! :84;P! ;5:4P<C:;759! Q;:8! OP43;4Q! :VO4! Q4P4!
94O<P<:4>V!<==4=!:7!:84!B<94!N7=4>i9!R;X4=Z4RR4C:9!9:PAC:AP4F!
-4!P4O7P:!P4@P499;75!C74RR;C;45:9!Q;:8!0(<5=!E!9:<:;9:;C9F!04@P449!7R!RP44=7N!<P4!
57:! f57Q5! R7P! 0( 9:<:;9:;C9! 7R! e$$9E! BA:! R7P! ><P@4! 5ANB4P9! 7R! 9AB[4C:9E! 945:45C49E! <5=!
7B94P3<P:;759E! <9! ;5! :8;9! 4XO4P;N45:E! :84! 0( 9:<:;9:;C! C7534P@49! :7! :84! E( 9:<:;9:;C! 7R! :84!
57PN<>! =;9:P;BA:;75F! /7P! <>>! :49:9! Q4! <OO>V! :84! :Q7Z:<;>4=! CP;:4P;75! Hy0y( z! KFcUT( yEy( z!
KFcUME!C7PP49O75=;5@!:7!<!gu!4PP7P!CP;:4P;75!R7P!9;@5;R;C<5C4F!h5!:84!B<9;9!7R!:84!<5<>V949!
678459:4;5!G!?>;4@>!
7R! N7=4>! P49;=A<>9E! Q4! =4C;=4=! :7! A94! :84! H5<:AP<>M! >7@<P;:8N! 7R! <>>! R;X<:;75Z=AP<:;75!
N4<9AP49F!%>>!@P<O8;C9!Q4P4!CP4<:4=!Q;:8!@@O>7:I!H-;Cf8<NE!IJJcMF!
+#"1e'"!
'%+2#'D!"#$%&'()!*+#,(#-!.#&#/('!
'<B>4! L! 9ANN<P;Y49! N4<59! <5=! 9:<5=<P=! =43;<:;759! R7P! R;X<:;75! =AP<:;759E! P4R;X<:;75!
OP7B<B;>;:;49E!9f;OO;5@!OP7B<B;>;:;49E!<5=!><5=;5@!O79;:;759!BV!4XO4P;N45:<>!C75=;:;75!R7P!
:<P@4:! %! j! KF! '84! <5<>V949! <P4! B<94=! 75! IEKSJ! 7B94P3<:;759! R7P! @<Y4! <5=! R;P9:ZR;X<:;75!
=AP<:;759!<5=!KE``S!7B94P3<:;759!R7P!9;5@>4ZR;X<:;75!=AP<:;759F!
!"#$%&)!
:-&%2(&%;(F0&%;&$;(H-?.&0."%2(")(N&$6-0(O-&;.%6(U*+,-$./-%0(JV!
2<Y4!
=AP<:;75!
oN9p!
!
*P43;4Q!
/;P9:!R;X<:;75!
=AP<:;75!
oN9p!
";5@>4!
R;X<:;75!
=AP<:;75!
oN9p!
+4R;X<:;75!
OP7B<B;>;:V!
"f;OO;5@!
OP7B<B;>;:V!
e<5=;5@!
O79;:;75!
:(
FH(
:(
FH(
:(
FH(
:(
FH(
:(
FH(
:(
FH(
+4><:4=!
LJU!
K`I!
I`J!
KUL!
I`L!
KUU!
FKL!
FL\!
FJ`!
FIS!
F\c!
FIg!
15P4><:4=!
LLS!
K`g!
LJc!
KSL!
LKc!
KSS!
FKL!
FL\!
FJU!
FI\!
F\`!
FI\!
D"0-F!
+4R;X<:;75!OP7B<B;>;:VE!9f;OO;5@!OP7B<B;>;:VE!<5=!><5=;5@!O79;:;75!P<5@4=!RP7N!J!:7!KF!
/;X<:;75! :;N49! 75! :84! :<P@4:! Q4P4! 9;@5;R;C<5:>V! >75@4P! R7P! A5P4><:4=! :8<5! R7P!
94N<5:;C<>>V!P4><:4=!OP43;4Q9!H@!m!JFKKE!0!m!gFgE!R7P!@<Y4!=AP<:;759a!@!m!JFKJE!0!m!\F`E!R7P!
R;P9:ZR;X<:;75! =AP<:;759a! @! m! JFKLE! 0! m! gF`E! R7P! 9;5@>4ZR;X<:;75! =AP<:;759MF! '84! P4@P499;75!
C74RR;C;45:! @! 49:;N<:49! :84! >7@! R;X<:;75! =AP<:;75! =;RR4P45C4! R7P! A5P4><:4=! C7NO<P4=! :7!
P4><:4=! OP43;4Q9F! -;:8! P49O4C:! :7! N4<9AP49! ;5! N;>>;94C75=9E! :84! P4@P499;75! C74RR;C;45:9!
7R!:84!OP43;4Q!B454R;:!C7PP49O75=!:7!=;RR4P45C49!7R!<B7A:!LK!N9E!IS!N9E!<5=!Lg!N9!R7P!
@<Y4!=AP<:;75E!R;P9:ZR;X<:;75!=AP<:;75E!<5=!9;5@>4ZR;X<:;75!=AP<:;75E!P49O4C:;34>VF!"f;OO;5@!
P<:4E!><5=;5@!O79;:;75E!<5=!P4R;X<:;75!OP7B<B;>;:V!Q4P4!57:!9;@5;R;C<5:>V!;5R>A45C4=!BV!:84!
:VO4!7R!OP43;4Q!H0!m!KFUJE!B7:8!yEy9!m!KFUSMF!
"4N<5:;C!*P43;4Q!.454R;:!
*+#'%+2#'!
'<B>4!\!9ANN<P;Y49!P49A>:9!R7P!:84!OP4:<P@4:F!'84P4!Q4P4!57!9;@5;R;C<5:!4RR4C:9!7R!:VO4!7R!
OP43;4Q! OP4945:! R7P! :84! 9ACC44=;5@! Q7P=! 75! R;X<:;75! =AP<:;759! H<>>! y0y9! {! KFI\MF! '8A9E!
:84P4!Q4P4!57!9;@5;R;C<5:!O<P<R734<>Z75ZR734<>!4RR4C:9F!
!"#$%&*!
:-&%2(&%;(F0&%;&$;(H-?.&0."%2(")(1$-0&$6-0(O-&;.%6(U*+,-$./-%0(JV!
!
*P43;4Q!
2<Y4!=AP<:;75! /;P9:!R;X<:;75! ";5@>4!R;X<:;75!
oN9p!
=AP<:;75!oN9p! =AP<:;75!oN9p!
:(
FH(
:(
FH(
:(
FH(
+4><:4=!
IS\!
KK\!
I\S!
cc!
Igg!
KJK!
15P4><:4=!
ISS!
KKS!
IgK!
c`!
IgS!
cc!
!
$h01e%'(h&!.b!*+#'%+2#'!/(k%'(h&!01+%'(h&!
2<Y4! =AP<:;75E! R;P9:ZR;X<:;75! =AP<:;75E! <5=! 9;5@>4ZR;X<:;75! =AP<:;75! C<5! B4! ;5C>A=4=! ;5!
5;54! C7NB;5<:;759! ;5! e$$9! <9! =4O45=45:! 3<P;<B>4! w>7@! :<P@4:! 3;4Q;5@! :;N4x! <5=!
C73<P;<:4! w>7@! OP4:<P@4:! 3;4Q;5@! :;N4xE! <>75@! Q;:8! OP43;4Q! :VO4! <5=! :84! ;5:4P<C:;75!
B4:Q445!OP43;4Q!:VO4!<5=!:84!C73<P;<:4F!&754!7R!:84!:8P44!OP4:<P@4:!3;4Q;5@!:;N49!8<=!
<!P4>;<B>4!N<;5!4RR4C:!75!:84!:8P44!:<P@4:!3;4Q;5@!:;N49F!'84!N<@5;:A=4!7R!:84!OP43;4Q!
B454R;:E!87Q434PE!Q<9!9;@5;R;C<5:>V!N7=A><:4=!BV!OP4:<P@4:!@<Y4!=AP<:;75!R7P!:<P@4:!@<Y4!
=AP<:;75! H0! m! IFJM! <5=! :<P@4:! 9;5@>4ZR;X<:;75! =AP<:;75! H0! m! KFcUMF! (5! :84! P4N<;5;5@!
C7NB;5<:;759E! :84! ;5:4P<C:;75! =;=! 57:! P4<C8! 9;@5;R;C<5C4! H<>>! y0y9! {! KFIJMF! '84! O79;:;34!
P4@P499;75!C74RR;C;45:9!R7P!:84!;5:4P<C:;759!;5=;C<:4=!<5!;5CP4<94!7R!OP43;4Q!B454R;:!Q;:8!
>75@4P!OP4:<P@4:!R;X<:;75!=AP<:;75F!
678459:4;5!G!?>;4@>!
Preview
related
unrelated
observed data
400
350
300
Target gaze duration [ms]
250
200
adjusted data
400
350
300
250
200
150
200
250
300
350 400 450
Pretarget gaze duration [ms]
!
+,-./%& '0! '7O! O<54>D! "4C75=Z7P=4P! O7>V57N;<>! :P45=! 7R! :84! P4@P499;75! 7R! :<P@4:! @<Y4! =AP<:;75! H75! <! >7@!
9C<>4M! 75! OP4:<P@4:! @<Y4! =AP<:;75! H75! <! >7@! 9C<>4M! R7P! P4><:4=! <5=! A5P4><:4=! OP43;4Q9! H#XO4P;N45:! KMF!
.7::7N! O<54>D! '84! 9<N4! O>7:! <R:4P! P4N73<>! 7R! B4:Q445Z9AB[4C:! <5=! B4:Q445Z945:45C4! 3<P;<5C4! 7R! :84!
=4O45=45:! 3<P;<B>4F! "8<=4=! 4PP7P! B<5=9! P4OP4945:! cgu! C75R;=45C4! ;5:4P3<>F! '84! 87P;Y75:<>! <X;9! C734P9!
P7A@8>V!cJu!7R!:84!=<:<a!N;57P!=;RR4P45C49!<P4!=A4!:7!C8779;5@!:84!9<N4!+Z<X49!>;N;:9!R7P!B7:8!O<54>9a!:84!
N4<5!;9!=457:4=!BV!:84!34P:;C<>!>;54F&
'7! <5<>V94! :84! 97APC4! 7R! :8;9! N7=A><:;75E! Q4! 94O<P<:4>V! O>7::4=! OP4:<P@4:! <5=!
:<P@4:! R;X<:;75! =AP<:;759! R7P! 7B94P3<:;759! H/;@AP4! KE! :7O! O<54>M! <5=! R7P! e$$! 49:;N<:49!
H;F4FE!<R:4P!P4N73;5@!B4:Q445Z9AB[4C:!<5=!B4:Q445Z945:45C4!3<P;<5C4!;5!:84!=4O45=45:!
"4N<5:;C!*P43;4Q!.454R;:!
3<P;<B>4aI!/;@AP4!KE!B7::7N!O<54>MF!)>4<P>VE!:84!734P<>>!;5CP4<94!;5!:<P@4:!R;X<:;75!=AP<:;75!
Q;:8!OP4:<P@4:!@<Y4!=AP<:;75!;5!:84!:7O!O<54>!7R!/;@AP4!K!Q<9!N<;5>V!=A4!:7!=;RR4P45C49!
;5!:84!P4<=;5@!9O44=!7R!9AB[4C:9F!-;:8!9:<:;9:;C<>!C75:P7>!7R!;5=;3;=A<>!=;RR4P45C49!;5!@<Y4!
=AP<:;759E!:84!94N<5:;C!OP43;4Q!B454R;:!H:84!=;RR4P45C4!B4:Q445!:84!:Q7!>;549M!4N4P@4=!
<9! <! =4CP4<94! ;5! :<P@4:! @<Y4! =AP<:;75! R7P! P4><:4=! OP43;4Q9! P4><:;34! :7! R<;P>V! C759:<5:!
R;X<:;75!=AP<:;759!R7P!A5P4><:4=!OP43;4Q9!HB7::7N!O<54>MF!
$7=A><:;75! 7R! OP43;4Q! B454R;:! BV! OP4:<P@4:! @<Y4! =AP<:;75! Q<9! ;5=4O45=45:! 7R!
:84!RP4WA45CV!7R!:84!OP4:<P@4:D!-84P4<9!:84!RP4WA45CV!7R!:84!OP4:<P@4:!8<=!<5!;NO<C:!
75!OP4:<P@4:!@<Y4!H@!m!sJFJgE!0!m!sIFIa!BA:!57:!75!R;P9:Z!<5=!9;5@>4ZR;X<:;75!=AP<:;75E!B7:8!
y0y9!{!KFI\M!<5=t<9!<!9O;>>734Pt75!:<P@4:!3;4Q;5@!:;N49!H<>>!09!{!sIFgME!<!N7=4>!;5C>A=;5@!
OP4:<P@4:! RP4WA45CV! <5=! OP43;4Q! =;=! 57:! P434<>! <5! ;5:4P<C:;75! B4:Q445! B7:8! 3<P;<B>49!
R7P!:84!OP4=;C:;75!7R!:<P@4:!3;4Q;5@!:;N49!H<>>!y0y9!{!JFKUMF!'8A9E!:84P4!Q<9!57!43;=45C4!
7R! <! >;5f! B4:Q445! :84! OP43;4Q! B454R;:! N7=A><:;75! BV! OP4:<P@4:! @<Y4! <5=! >4X;C<>!
=;RR;CA>:;49!;5!OP4:<P@4:!OP7C499;5@E!BA:!OP43;4Q!B454R;:!;5CP4<94=!Q;:8!OP43;4Q!:;N4F!
$h01e%'(h&!.b!e%1&)6!"('#!0("'%&)#!%&0!e%&0(&2!*h"('(h&!
/;@AP4!I!=;9O><V9!:<P@4:!@<Y4!=AP<:;75!<9!<!RA5C:;75!7R!OP43;4Q!<5=!><A5C8!9;:4!=;9:<5C4F!
(5CP4<9;5@! =;9:<5C4! RP7N! :84! ><9:! OP4:<P@4:! R;X<:;75! :7! :84! :<P@4:! 9;@5;R;C<5:>V! P4=AC4=!
OP43;4Q! B454R;:! ;5! @<Y4! =AP<:;75! H@! m! sJFJLKE! 0! m! sIF\M! <5=! N<P@;5<>>V! 9;@5;R;C<5:>V! ;5!
9;5@>4ZR;X<:;75!=AP<:;75!H0!m!sKFUUM!<5=!R;P9:ZR;X<:;75!=AP<:;75!H0!m!sKFU\MF!
*P43;4Q!B454R;:!<>97!;5CP4<94=!Q;:8!:84!P4><:;34!><5=;5@!O79;:;75!75!:84!:<P@4:!H@!
m!JFKcE!0!m!IFSE!R7P!@<Y4!=AP<:;759a!@!m!JFIKE!0!m!LFJE!R7P!R;P9:!R;X<:;75!=AP<:;759Ma!:84!4RR4C:!
Q<9!N<P@;5<>>V!9;@5;R;C<5:!R7P!9;5@>4!R;X<:;759!H0!m!KFU`MF!e<A5C8!9;:4!=;9:<5C4!<5=!:<P@4:!
><5=;5@!O79;:;75!C7PP4><:4=!54@<:;34>V!H$!m!sF\cE!,!{!FJJKME!BA:!:84V!<CC7A5:4=!R7P!A5;WA4!
<N7A5:9!7R!3<P;<5C4!;5!R;X<:;75!=AP<:;759F!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
I
!'84! <=[A9:N45:! 7R! :84! =4O45=45:! 3<P;<B>4! H:<P@4:! @<Y4! =AP<:;75M! Q<9! <C8;434=! BV! 9AB:P<C:;5@! P<5=7N!
4RR4C:9! 49:;N<:4=! ;5! <5! e$$! R7P! 9AB[4C:9! <5=! 945:45C49! RP7N! :84! >7@! P<Q! =<:<F! /7P! :8;9! <5<>V9;9! :84!
OP4=;C:7P!OP4:<P@4:!@<Y4!=AP<:;75!Q<9!C45:4P4=!H;5=;C<:4=!BV!:84!34P:;C<>!>;54!;5!/;@AP4!KMF!
678459:4;5!G!?>;4@>!
Preview
related
unrelated
Target gaze duration [ms]
340
320
300
280
260
240
220
7
6
5
4
3
2
Launchïsite distance [characters]
1
!
+,-./%& (0! "4C75=Z7P=4P! O7>V57N;<>! :P45=! 7R! :84! P4@P499;75! 7R! :<P@4:! @<Y4! =AP<:;75! H75! <! >7@! 9C<>4M! 75!
><A5C8! 9;:4! =;9:<5C4! R7P! P4><:4=! <5=! A5P4><:4=! OP43;4Q9! H#XO4P;N45:! KMF! .4:Q445Z9AB[4C:! <5=! B4:Q445Z
945:45C4!3<P;<5C4!8<34!B445!P4N734=!RP7N!:84!=4O45=45:!3<P;<B>4F!#PP7P!B<P9!P4OP4945:!9:<5=<P=!4PP7P9F!
'84!34PV!;5RP4WA45:!:P;<>9!Q;:8!<!><A5C8!9;:4!=;9:<5C4!7R!4;@8:!C8<P<C:4P9!Q4P4!7N;::4=!HJFLuMF&
(5!<==;:;75E!Q4!<5<>V94=!Q84:84P!94N<5:;C!OP43;4Q!B454R;:!Q<9!P4><:4=!:7!>45@:8!
<5=! RP4WA45CV! 7R! OP4:<P@4:9! <5=! :<P@4:9E! <5=! :7! :84! OP4=;C:<B;>;:V! 7R! :<P@4:9F! '84! 75>V!
57:<B>4! P49A>:! Q<9! <! N<P@;5<>>V! @P4<:4P! OP43;4Q! B454R;:! R7P! OP4=;C:<B>4! :<P@4:9E! ;5!
<@P44N45:!Q;:8!.<>7:<!4:!<>F!HKc`gMF!'8A9E!:84P4!Q<9!57!43;=45C4!;5=;C<:;5@!:8<:!OP43;4Q!
B454R;:!=4O45=4=!75!Q7P=!C8<P<C:4P;9:;C9E!BA:!;:!=;=!=4O45=!75!><A5C8!9;:4!<5=!><5=;5@!
O79;:;75F! /;5<>>VE! Q4! :49:4=! Q84:84P! 8;@8Z>434>! ;5R>A45C49! C7A>=! 4XO><;5! :84! 94N<5:;C!
OP43;4Q! B454R;:D! *P43;4Q! B454R;:! P4N<;54=! 9;@5;R;C<5:! R7P! :P;<>9! ;5! Q8;C8! OP43;4Q9!
9V5:<C:;C<>>V! R;:! ;5:7! :84! 945:45C4! <5=! Q845! Q4! 9:<:;9:;C<>>V! C75:P7>>4=! R7P! OP43;4Q!
OP4=;C:<B;>;:VF!
%-%+#&#""!h/!0("*e%b!)6%&2#!
'Q45:VZ9;X!7R!Ic!9AB[4C:9!HcJuM!Q87!C7NO>4:4=!:84!WA49:;755<;P4!<R:4P!:84!4XO4P;N45:!
57:;C4=! :8<:! =;9O><V! C8<5@49! 8<=! :<f45! O><C4F! %59Q4P9! :7! :84! WA49:;75! C75C4P5;5@! :84!
<N7A5:!7R!=;9O><V!C8<5@4!8<=!<!BP7<=!P<5@4!HJuscguMF!0;9O><V!C8<5@49!Q4P4!A94=!;5!<>>!
:P;<>9!7R!:84!4XO4P;N45:F!$4<5!7R!:84!94>RZP4O7P:4=!=4:4C:;75!P<:4!Q<9!\Ju!HFH!m!\KuMa!
"4N<5:;C!*P43;4Q!.454R;:!
:84!N4=;<5!Q<9!LLuF!'87A@8!<>N79:!<>>!9AB[4C:9!P4O7P:4=!:8<:!:84V!8<=!57:;C4=!=;9O><V!
C8<5@49E!:84V!C>4<P>V!Q4P4!57:!<Q<P4!:8<:!:8;9!8<=!7CCAPP4=!;5!434PV!:P;<>F!
'84!C45:P<>!WA49:;75E!7R!C7AP94E!=749!57:!C75C4P5!:84!P4><:;75!7R!734P<>>!R;X<:;75!
=AP<:;75! :7! <Q<P45499! 7R! =;9O><V! C8<5@4E! BA:! Q84:84P! 94N<5:;C! OP43;4Q! B454R;:!
C7PP4><:49! Q;:8! :84! <Q<P45499! 7R! =;9O><V! C8<5@49F! %! N7=4>! ;5C>A=;5@! OP43;4Q! :VO4! <5=!
:84!C75:;5A7A9!OP4=;C:7P!=;9O><VZC8<5@4!P4C7@5;:;75!P<:4!HuM!P434<>4=!<!9;@5;R;C<5:!N<;5!
4RR4C:! 7R! P4C7@5;:;75! P<:4! H@! m! JFJJgE! 0! m! \FJE! R7P! @<Y4! =AP<:;759a! @! m! JFJJgE! 0! m! \FIE! R7P!
R;P9:ZR;X<:;75! =AP<:;759a! @! m! JFJJgE! 0! m! \FJE! R7P! 9;5@>4ZR;X<:;75! =AP<:;759ME! BA:tN79:!
;NO7P:<5:>Vt57! ;5:4P<C:;75! B4:Q445! OP43;4Q! B454R;:! <5=! =;9O><V! C8<5@4! P4C7@5;:;75!
P<:4! H0! m! sJFK`E! R7P! @<Y4! =AP<:;759a! 0! m! JFKJE! R7P! R;P9:ZR;X<:;75! =AP<:;759a! 0! m! JFJUE! R7P!
9;5@>4ZR;X<:;75! =AP<:;759MF! '8A9E! 9AB[4C:9! Q;:8! >75@4P! R;X<:;75! =AP<:;759! 75! :<P@4:9!
P4O7P:4=!<!8;@84P!O4PC45:<@4!7R!=;9O><V!C8<5@49E!BA:!:84P4!Q<9!57!9:<:;9:;C<>>V!P4>;<B>4!
43;=45C4!:8<:!:8;9!N4<9AP4!P4><:49!=;RR4P45:;<>>V!:7!P4><:4=!<5=!A5P4><:4=!OP43;4Q9F!
(9! :84! O79;:;34! C7PP4><:;75! B4:Q445! :84! 94>RZP4O7P:4=! =4:4C:;75! P<:4! 7R! =;9O><V!
C8<5@4! <5=! :<P@4:! R;X<:;75! =AP<:;75! =A4! :7! ;5=;3;=A<>! =;RR4P45C49! ;5! 734P<>>! P4<=;5@!
9O44=v!-;:8!R;P9:ZR;X<:;75!=AP<:;75!<9!=4O45=45:!3<P;<B>4!<5=!=;9O><VZC8<5@4!=4:4C:;75!
P<:4!<9!OP4=;C:7PE!P4@P499;75!C74RR;C;45:9!Q4P4!O79;:;34!R7P!4<C8!Q7P=!O79;:;75!P4><:;34!:7!
:84!:<P@4:!O79;:;75!H4XC>A=;5@!R;P9:!<5=!><9:!Q7P=9Ma!:84V!Q4P4!9;@5;R;C<5:!Q;:8;5!<!BP7<=!
P<5@4!7R!R7AP!Q7P=9!B4R7P4!:84!:<P@4:!:7!:Q7!Q7P=9!B48;5=!;:!H<>>!09!|!IFIME!;5=;C<:;5@!:8<:!
9AB[4C:9! Q87! Q4P4! 9A9C4O:;B>4! :7! =;9O><V! C8<5@49! P4<=! 9>7Q4P! ;5! @454P<>F! (5! <5!
<>:4P5<:;34! <5<>V9;9E! Q4! 9O4C;R;4=! :84! O79;:;75! 7R! :84! R;X<:4=! Q7P=! <9! KJ! :P4<:N45:!
C75:P<9:9! HP4><:;34! :7! :84! :<P@4:a! AO! :7! R;34! O79;:;759! B4R7P4! <5=! R;34! <R:4P! :84! :<P@4:ME!
:7@4:84P! Q;:8! :84! 94>RZP4O7P:4=! =;9O><VZC8<5@4! =4:4C:;75! P<:4F! %>>! ;5:4P<C:;759! Q4P4!
9;@5;R;C<5:>V! 54@<:;34! H<>>! 09! {! sIFUMF! 645C4E! :84! P4><:;7598;O! B4:Q445! R;X<:;75! =AP<:;75!
<5=!=;9O><VZC8<5@4!<Q<P45499!Q<9!9:P75@49:!<:!:84!:<P@4:F!
0(")1""(h&!
(5! :84! OP4945:! 9:A=VE! Q4! 7B:<;54=! 987P:4P! :<P@4:! R;X<:;75! =AP<:;759! ;R! :84! O<P<R734<>!
OP43;4Q! Q<9! 94N<5:;C<>>V! P4><:4=! :7! :84! :<P@4:E! C7NO<P4=! :7! A5P4><:4=! OP43;4Q9F!
$7P4734PE! Q4! 987Q! :8<:! O<P<R734<>! 94N<5:;C! R<C;>;:<:;75! ;9! H<M! 9;@5;R;C<5:>V! N7=4P<:4=!
678459:4;5!G!?>;4@>!
BV!><A5C8!9;:4!=;9:<5C4E!HBM!9;@5;R;C<5:>V!N7=4P<:4=!BV!OP4:<P@4:!@<Y4!=AP<:;75E!<5=!HCM!
57:!9;@5;R;C<5:>V!P4><:4=!:7!:84!9AB[4C:9i!94>RZP4O7P:4=!<B;>;:V!:7!=4:4C:!=;9O><V!C8<5@49F!
"#$%&'()!*+#,(#-!.#&#/('!
'84!;5:4POP4:<:;75!7R!:84!@454P<>!4RR4C:!7R!OP43;4Q!;9!<!9:P<;@8:R7PQ<P=!N<::4PD!+4<=4P9!
Q4P4!<B>4!:7!O;Cf!AO!94N<5:;C!;5R7PN<:;75F!'8;9!P49A>:!OP73;=49!43;=45C4!:8<:!<!94N<5:;C!
OP43;4Q! B454R;:! C<5! B4! 7B:<;54=! Q;:8! :84! 9:<5=<P=! B7A5=<PV! O<P<=;@N! R7P! <! ><5@A<@4!
A9;5@!<>O8<B4:;C!9CP;O:E!<==;5@!:7!43;=45C4!<>P4<=V!<3<;><B>4!R7P!)8;5494!<5=!?7P4<5F!'84!
N<@5;:A=4!7R!:84!94N<5:;C!OP43;4Q!B454R;:E!87Q434PE!=4O45=9!75!9434P<>!7:84P!R<C:7P9F!
*+#,(#-!"*%)#!
"4N<5:;C!OP43;4Q!B454R;:!Q<9!9:P75@4P!Q845!:84!4V49!Q4P4!C>794!:7!:84!:<P@4:F!"434P<>!
N7=4>9! R7P! 4V4! N734N45:9! =AP;5@! P4<=;5@! OP4=;C:! :8;9! =4O45=45C4! H944! 2454P<>!
0;9CA99;75MF!/AP:84PN7P4E!7AP!P49A>:9!<P4!;5!<@P44N45:!Q;:8!<!9:A=V!75!;=45:;:V!OP43;4Q!
B454R;:!BV!?>;4@>!4:!<>F!HIJKLa!944!<>97!$C075<>=E!IJJUME!Q87!P4O7P:4=!<!=4CP4<94!7R!:84!
OP43;4Q!B454R;:!Q;:8!<5!;5CP4<94!;5!><A5C8!=;9:<5C4F!
*+#,(#-!'($#!
'84! 4RR4C:9! 7R! OP43;4Q! :;N4! <5=! =;9O><VZC8<5@4! <Q<P45499! <P4! 54QE! 7P! 57:! C>4<P>V!
OP4=;C:<B>4!RP7N!:84!<3<;><B>4!>;:4P<:AP4F!'84!N<@5;:A=4!7R!:84!94N<5:;C!OP43;4Q!B454R;:!
C73<P;4=! Q;:8! @<Y4! =AP<:;75! 75! :84! OP4:<P@4:F! -845! :84! OP4:<P@4:! Q<9! R;X<:4=! >75@4PE!
45:<;>;5@!>75@4P!<3<;><B;>;:V!7R!OP43;4QE!:84!94N<5:;C!OP43;4Q!B454R;:!75!:84!:<P@4:!Q<9!
@P4<:4PF! '8;9! R;5=;5@! P494NB>49! P49A>:9! ;5! ?>;4@>! 4:! <>F! HIJKLME! Q87! P4O7P:4=! <! O79;:;34!
P4><:;7598;O!B4:Q445!OP4:<P@4:!R;X<:;75!=AP<:;75!<5=!;=45:;:V!OP43;4Q!B454R;:F!67Q434PE!
;5!:8<:!9:A=VE!:84!OP43;4Q!B454R;:!=4O45=4=!75!@<Y4!=AP<:;75a!;:!=;=!57:!3<PV!Q;:8!R;P9:Z!
<5=!9;5@>4ZR;X<:;75!=AP<:;75!75!:84!OP4:<P@4:F!$79:!>;f4>VE!:84!4RR4C:!;9!WA;:4!RP<@;>4!<5=!
N<V! =4O45=! 75! 9O4C;R;C! 4XO4P;N45:<>! C75=;:;759E! 7P! 9;NO>V! 57:! B4! 34PV! P4>;<B>4! H4F@FE!
-8;:4! 4:! <>FE! IJJgMF! %:! :8;9! O7;5:E! 43;=45C4! ;9! 9;NO>V! 57:! 9ARR;C;45:! :7! =P<Q! =4R;5;:4!
C75C>A9;759! 75! :84! ;5R>A45C4! 7R! OP43;4Q! :;N4! 75! O<P<R734<>! OP4OP7C499;5@E! BA:! :8494!
;99A49!987A>=!B4!P497>34=!4345:A<>>V!B4C<A94!C75=;:;75Z9O4C;R;C!:;N4>;549!<P4!;NO7P:<5:!
"4N<5:;C!*P43;4Q!.454R;:!
C759:P<;5:9! R7P! :847P4:;C<>! OP7O79<>9! <B7A:! :84! :;N4! C7AP94! 7R! ;5R7PN<:;75! ;5:4@P<:;75!
=AP;5@!Q7P=!P4C7@5;:;75F!
'84! O79;:;34! P4><:;7598;O! B4:Q445! OP4:<P@4:! @<Y4! =AP<:;75! H<5=! :8A9! :84!
:4NO7P<>! <3<;><B;>;:V! 7R! :84! O<P<R734<>! OP43;4QM! <5=! :84! N<@5;:A=4! 7R! :84! 94N<5:;C!
OP43;4Q!B454R;:!=;RR4P9!RP7N!P49A>:9!7R!<5!4<P>;4P!9:A=V!75!94N<5:;C!OP4OP7C499;5@!A9;5@!
:84!O<P<R734<>!R<9:ZOP;N;5@!O<P<=;@N!H678459:4;5!4:!<>FE!IJKJMF!"4N<5:;C!OP4OP7C499;5@!
Q<9!=4N759:P<:4=!Q;:8!<!OP43;4Q!=AP<:;75!7R!KIg!N9!H#XO4P;N45:9!K!<5=!IMF!67Q434PE!
;5!#XO4P;N45:!LE!Q;:8!;5CP4<94=!OP43;4Q!9<>;45CVE!:84!4RR4C:!=;9<OO4<P4=!<:!KIg!N9!BA:!
Q<9!OP4945:!<:!`J!N9!7R!OP43;4Q!=AP<:;75F!'8;9!P49A>:!Q<9!;5:4POP4:4=!<9!<!R7PQ<P=!98;R:!
;5! 3;9A<>! OP7C499;5@! 7R! :84! 8;@8>V! 9<>;45:! O<P<R734<>! 9:;NA>A9! <997C;<:4=! Q;:8! ><P@4P!
;5:4PR4P45C4! B4:Q445! :84! 94N<5:;C! P4OP4945:<:;759! 7R! OP43;4Q! <5=! :<P@4:F! (5! :84!
OP4945:! 9:A=VE! <! 94N<5:;C! OP43;4Q! B454R;:! Q<9! OP4945:! R7P! NAC8! >75@4P! OP43;4Q!
=AP<:;759! H;F4FE! OP4:<P@4:! R;X<:;75! =AP<:;75a! 944! /;@AP4! KMF! hB3;7A9>VE! :845E! =;RR4P45:!
N4C8<5;9N9! <P4! <:! Q7Pf! =AP;5@! O<P<R734<>! R<9:! OP;N;5@! <5=! :84! C><99;C<>! B7A5=<PV!
O<P<=;@ND!*P43;4Q!<5=!:<P@4:!<P4!OP4945:4=!C7594CA:;34>V!;5!R<9:!OP;N;5@E!Q84P4<9!:84!
9<CC<=4!RP7N!:84!OP4:<P@4:!:7!:84!:<P@4:!;9!;5!B4:Q445!:84!OP4945:<:;759!7R!OP43;4Q!<5=!
:<P@4:F! '8A9E! ;5:4PR4P45C4! 987A>=! B4! >499! >;f4>V! ;5! :84! B7A5=<PV! O<P<=;@NF! -4! 9ABN;:!
:8<:! :84! :Q7! O<P<=;@N9! <P4! >;f4>V! :7! B4! A94RA>! R7P! =;RR4P45:! WA49:;759! <5=! :8<:! N7P4!
4XO4P;N45:<>!Q7Pf!Q;:8!O<P<R734<>!R<9:!OP;N;5@!;9!544=4=!:7!A5=4P9:<5=!:84!A5=4P>V;5@!
N4C8<5;9N9F!
KFKFKFK 0("*e%b!)6%&2#!%-%+#&#""!
$79:! 9AB[4C:9! P4O7P:4=! <Q<P45499! 7R! =;9O><V! C8<5@49F! (NO7P:<5:>VE! 75! <34P<@4! :84V!
:87A@8:!:8<:!<!C8<5@4!7CCAPP4=!;5!\Ju!7R!:84!:P;<>9E!Q845!;5!P4<>;:V!<!C8<5@4!7CCAPP4=!75!
434PV!:P;<>F!'8A9E!:84V!=;=!57:!57:;C4!=;9O><V!C8<5@49!;5!UJu!7R!:84!:P;<>9F!(5!-8;:4!4:!<>Fi9!
HIJJgM! 9:A=VE! 754! :8;P=! 7R! <>>! 9AB[4C:9! P4O7P:4=! 8<3;5@! 57:;C4=! =;9O><V! C8<5@49! H:84!
OP7O7P:;75! Q<9! 4345! >7Q4P! ;5! +<V54P! 4:! <>FE! Kc`UMF! -8<:! <P4! :84! P4<9759! R7P! :8;9!
=;9CP4O<5CVv!'84P4!<P4!:8P44!=;RR4P45C49D!/;P9:E!Q4!A94=!<5!#V4e;5f!((!9V9:4NE!Q84P4<9!
-8;:4! 4:! <>F! <5=! +<V54P! 4:! <>F! A94=! <! 0A<>! *APf;5[4! 4V4! :P<Cf4PE! Q8;C8! 8<9! <! 34PV! 8;@8!
9O<:;<>! <CCAP<CV! >4<=;5@! :7! R4Q4P! ;5C7PP4C:! =;9O><V! C8<5@49! C<A94=! BV! <! N;9N<:C8!
B4:Q445! <C:A<>! <5=! N4<9AP4=! @<Y4! O79;:;75F! "4C75=E! 9;5C4! ;5! :84! OP4945:! 9:A=V!
678459:4;5!G!?>;4@>!
OP4:<P@4:9! Q4P4! 8;@8>V! RP4WA45:E! 9AB[4C:9i! <::45:;75! N<V! 8<34! 9OP4<=! R<9:4P! :7! :84!
>7C<:;75! 7R! :84! OP43;4Q! Q7P=F! %R:4P! :84! B7A5=<PV! Q<9! CP7994=E! =;RR4P45C49! B4:Q445!
:<P@4:! <5=! OP43;4Q! N<V! 8<34! B445! N7P4! 57:;C4<B>4F! '8;P=E! 9;5C4! -8;:4! 4:! <>F! P<5! <5!
;=45:;:V! OP43;4Q! B454R;:! C75=;:;75E! ;584P45:>VE! ;5! 8<>R! 7R! :84! :P;<>9! 57! =;9O><V! C8<5@4!
7CCAPP4=F! '8;9! ;9! :7! 9<V! :84P4! Q4P4! C<949! ;5! Q8;C8! :84! OP43;4Q! Q<9! ;=45:;C<>! Q;:8! :84!
:<P@4:F!'8A9E!:84!OP7B<B;>;:V!7R!57:;C;5@!<!=;9O><V!C8<5@4!Q<9!O7:45:;<>>V!8<>R!<9!8;@8!:8<5!
;5! :84! OP4945:! 9:A=V! ;5! Q8;C8! Q7P=9! Q4P4! 4XC8<5@4=! ;5! 434PV! :P;<>F! -4! <>97! R7A5=! <!
O79;:;34!C7PP4><:;75!B4:Q445!P4<=;5@!:;N4!<5=!=;9O><VZC8<5@4!<Q<P45499F!">7Q!P4<=;5@!
;5CP4<94=! :84! C8<5C4! 7R! O4PC4;3;5@! :84! =;RR4P45C4! B4:Q445! OP43;4Q! <5=! :<P@4:E!
OP49AN<B>V! B4C<A94! 7R! :84! >75@4P! OP43;4Q! :;N4F! -8;:4! 4:! <>F! HIJJgM! =;=! 57:! P4O7P:! <5!
4RR4C:!7R!=;9O><VZC8<5@4!<Q<P45499!75!P4<=;5@!9O44=E!BA:!R;X<:;75!=AP<:;759!75!OP4:<P@4:!
<5=!:<P@4:!Q4P4!5AN4P;C<>>V!>75@4P!R7P!<Q<P4!9AB[4C:9F!!
(5! 9ANN<PVE! :84! N<;5! P49A>:! 7R! #XO4P;N45:! K! ;9! <! 9;@5;R;C<5:! B454R;:! 7R!
94N<5:;C<>>V! P4><:4=E! <9! 7OO794=! :7! A5P4><:4=E! O<P<R734<>! OP43;4Q9F! '8;9! ;9! :84! R;P9:!
=4N759:P<:;75! 7R! 9AC8! <5! 4RR4C:! ;5! :84! B7A5=<PV! O<P<=;@N! R7P! <! ><5@A<@4! A9;5@!
<>O8<B4:;C! 9CP;O:F! $79:! 57:<B>VE! 9AC8! <5! 4RR4C:! 8<9! 57:! B445! R7A5=! ;5! <! B7A5=<PV!
4XO4P;N45:!R7P!P4<=;5@!#5@>;98!945:45C49!H+<V54P!4:!<>FE!Kc`UMF!.49;=49!N4:87=7>7@;C<>!
=;RR4P45C49! B4:Q445! 9:A=;49E! =;RR4P45C49! B4:Q445! #5@>;98! <5=! 24PN<5! 9CP;O:! N<V! B4!
P49O759;B>4!R7P!:84!=;34P@45C4!7R!P49A>:9F!-4!R7>>7Q4=!AO!:8;9!O799;B;>;:V!;5!#XO4P;N45:!
IF!
#k*#+($#&'!I!
(5! #XO4P;N45:! K! Q4! 7B:<;54=! <! 94N<5:;C! OP43;4Q! B454R;:! R7P! 9AB[4C:9! P4<=;5@! 24PN<5!
945:45C49F!24PN<5!9CP;O:!8<9!:84!A5A9A<>!C8<P<C:4P;9:;C!:8<:!<>>!57A59E!57:!75>V!OP7O4P!
5<N49! <5=! R;P9:! Q7P=9! 7R! 945:45C49E! <P4! 9O4>>4=! Q;:8! <5! ;5;:;<>! C<O;:<>! >4::4P!
HC<O;:<>;Y<:;75MF! ";5C4! <>>! :<P@4:9! ;5! 4XO4P;N45:<>! 945:45C49! Q4P4! 57A59E! ;:! ;9! O><A9;B>4!
:8<:!C<O;:<>;Y<:;75!8<=!<5!;NO<C:!75!O<P<R734<>!OP4OP7C499;5@F!%!C<O;:<>;Y4=!C8<P<C:4P!7R!
<!OP43;4Q!;5!O<P<R734<>!3;9;75!N<V!B4!9<>;45:!<5=!<::P<C:!<::45:;75!:7!:84!OP43;4Q!Q7P=F!
/AP:84PN7P4E!24PN<5!C<O;:<>;Y<:;75!O799;B>V!P4=AC49!:84!C79:!7R!>4X;C<>!OP7C499;5@F!/P7N!
:84! R;P9:! >4::4P! <>754E! P4<=4P9! 7R! 24PN<5! 9CP;O:! 7B:<;5! :84! Q7P=! C><99! ;5R7PN<:;75!
"4N<5:;C!*P43;4Q!.454R;:!
HQ84:84P!:84!54X:!Q7P=!;9!<!57A5!7P!<!57557A5MF!044O4P!>4X;C<>!H94N<5:;CM!OP7C499;5@!7R!
:84! Q7P=! N<V! 9:<P:! R<9:4P! :8<5! ;5! 7:84P! ><5@A<@49! B4C<A94! 7R! :84! 4<P>V! <3<;><B;>;:V! 7R!
Q7P=! C><99! ;5R7PN<:;75F! '84P4R7P4E! Q4! 8VO7:849;Y4=! :8<:! N7P4! P4N<;5;5@! P497APC49! 7P!
R<9:4P! OP7C499;5@! :P;@@4P9! <! =44O4P! OP7C499;5@! 7R! 94N<5:;C! C7=4! ;5! :84! O<P<R734<! <5=!
845C4!458<5C49!94N<5:;C!OP43;4Q!B454R;:F!
'84P4! ;9! P494<PC8! =4N759:P<:;5@! :84! O79;:;34! ;5R>A45C4! 7R! C<O;:<>;Y<:;75! 75!
P4<=;5@! P<:4! ;5! 24PN<5! H.7CfE! Kc`cE! KccJa! .7CfE! %A@9:E! G! -4@54PE! Kc`ga! .7CfE!
6<@459C854;=4PE!G!"C8Q44PE!Kc`ca!2RP74P4PE!2]5:84PE!G!.7CfE!Kc`cMF!+4<=;5@!P<:4!Q<9!
>7Q4P! ;R! AOO4PC<94! <5=! >7Q4PC<94! >4::4P9! Q4P4! A94=! ;NOP7O4P>VE! C7NO<P4=! :7! :4X:9!
Q84P4! :84! 24PN<5! C<O;:<>;Y<:;75! PA>49! Q4P4! 7B94P34=F! h5! :84! B<9;9! 7R! 9434P<>!
4XO4P;N45:9E! .7Cf! HKc`cM! <P@A4=! :8<:! :84! RA5C:;75! 7R! 24PN<5! C<O;:<>;Y<:;75! PA>49! R7P!
P4<=;5@! ;9! ;5=4O45=45:! 7R! Q7P=! 98<O4! <5=! <>>7Q9! <! P4<=4P! :7! =;RR4P45:;<:4! B4:Q445!
57A59! <5=! 57557A59! Q;:87A:! <5<>V9;5@! <! Q7P=i9! N4<5;5@F! /AP:84PN7P4E! :84P4! ;9! N7P4!
P4C45:! 43;=45C4! 7R! <5! ;5R>A45C4! 7R! 24PN<5! C<O;:<>;Y<:;75! PA>49! 75! :84! N;99;5@Z>4::4P!
4RR4C:!H$]994>4PE!&;99>4;5E!G!?7P;<:E!IJJgM!<5=!75!:84!;=45:;R;C<:;75!7R!BP;4R>V!OP4945:4=!
57A59!Hl<C7B9E!&A4PfE!2P<RE!.P<A5E!G!&<Y;PE!IJJ`MF!
(5! C75>CA9;75E! :8494! 9:A=;49! C>4<P>V! =4N759:P<:4! <! B454R;C;<>! 4RR4C:! 7R! 24PN<5!
57A5!C<O;:<>;Y<:;75!75!:84!P4C7@5;:;75!OP7C49949F!$79:!>;f4>VE!:84!A94!7R!24PN<5!57A59!
<9! :<P@4:9! ;5! #XO4P;N45:! K! 458<5C4=! >4X;C<>! OP7C499;5@! 7R! :84! O<P<R734<>! OP43;4Q! <5=!
:84P4R7P4!C75:P;BA:4=!:7!:84!94N<5:;C!OP43;4Q!B454R;:F!'7!=<:4E!:84P4!8<9!B445!57!9:A=V!
75!:84!4RR4C:!7R!C<O;:<>;Y<:;75!R7P!O<P<R734<>!OP7C499;5@F!(5!:84!9:A=;49!P43;4Q4=!<B734E!
:<P@4:9!Q4P4!<>Q<V9!R;X<:4=!=;P4C:>VF!(5!#XO4P;N45:!IE!Q7P=9!Q4P4!OP4945:4=!<CC7P=;5@!
:7! 9O4>>;5@! PA>49! 7R! 24PN<5a! :8<:! ;9E! 57A59! Q4P4! C<O;:<>;Y4=! 7P! QP;::45! C7NO>4:4>V! ;5!
>7Q4PC<94F! (R! 24PN<5! 57A5! C<O;:<>;Y<:;75! Q<9! <! N<[7P! P4<975! R7P! :84! 7A:C7N4! ;5!
#XO4P;N45:! KE! Q4! 4XO4C:! <! P4=AC4=! 94N<5:;C! OP43;4Q! B454R;:! R7P! 575C<O;:<>;Y4=!
945:45C49!<5=!OP43;4Q9F!!
678459:4;5!G!?>;4@>!
$#'6h0!
"1.l#)'"!
'8;P:VZ:Q7! 9:A=45:9! HIJ! Q7N45E! KI! N45M! O<P:;C;O<:4=! ;5! :84! 4XO4P;N45:F! '84V! Q4P4!
B4:Q445!KU!<5=!Lc!V4<P9!7R!<@4!H:!m!ILE!FH!m!\F`MF!!
$%'#+(%e!
-4! A94=! KJJ! 7R! :84! KJI! 4XO4P;N45:<>! 945:45C49! 7R! #XO4P;N45:! KE! 9;5C4! R7AP! Q;:8;5Z
9AB[4C:!C75=;:;759!Q4P4!OP4945:!H944!B4>7QMF!(5!:84!C<O;:<>;Y4=!C75=;:;75E!C<O;:<>;Y<:;75!
R7>>7Q4=! :84! 9O4>>;5@! PA>49! 7R! 24PN<5F! (5! :84! 575C<O;:<>;Y4=! C75=;:;75E! <>>! C8<P<C:4P9!
Q4P4!OP4945:4=!;5!>7Q4P!C<94F!
0#"(2&!
'84! 4XO4P;N45:<>! =49;@5! ;NO>4N45:4=! :84! :Q7! Q;:8;5Z9AB[4C:! R<C:7P9! OP43;4Q! HP4><:4=!
39F! A5P4><:4=M! <5=! C<O;:<>;Y<:;75! HC<O;:<>;Y4=! 39F! 575C<O;:<>;Y4=MF! )<O;:<>;Y<:;75! Q<9!
N<5;OA><:4=! ;5! <! B>7Cf! =49;@5! <9! <! B4:Q445Z9AB[4C:! R<C:7P! HC<O;:<>;Y4=! R;P9:! 39F!
575C<O;:<>;Y4=!R;P9:Ma!;:!Q<9!<OO>;4=!57:!75>V!:7!OP43;4Q9!<5=!:<P@4:9E!BA:!:7!<>>!57A59!7R!
:84! 945:45C49! ;5! :84! B>7CfF! #<C8! 4XO4P;N45:<>! C75=;:;75! Q<9! OP4945:4=! :84! 9<N4!
5ANB4P!7R!:;N49E!P45=4P;5@!Ig!4XO4P;N45:<>!945:45C49!O4P!C75=;:;75!<5=!9AB[4C:F!";5C4!
LI!9AB[4C:9!Q4P4!:49:4=E!4<C8!945:45C4!Q<9!P4<=!R7AP!:;N49!;5!4<C8!C75=;:;75F!
*+h)#01+#!
%:!:84!B4@;55;5@!7R!:84!4XO4P;N45:E!9AB[4C:9!Q4P4!:7>=!:8<:!:84!4XO4P;N45:!C759;9:4=!7R!
:Q7! O<P:9F! h54! O<P:! 7R! :84! 945:45C49! Q<9! OP4945:4=! R7>>7Q;5@! 24PN<5! PA>49! 7R!
C<O;:<>;Y<:;75E!<5=!:84!7:84P!Q<9!OP4945:4=!C7NO>4:4>V!;5!>7Q4PC<94F!#<C8!O<P:!9:<P:4=!
Q;:8! 9;X! :P<;5;5@! 945:45C49E! R7>>7Q4=! BV! UI! 4XO4P;N45:<>! <5=! R;>>4P! 945:45C49F! "AB[4C:9!
Q4P4!;5R7PN4=!Q845!:84!94C75=!O<P:!9:<P:4=F!#<C8!O4P975!P4<=!KLU!945:45C49E!;5C>A=;5@!
KJJ! 4XO4P;N45:<>! 7549F! %CCAP<CV! 7R! C7NOP48459;75! Q<9! cguF! '8;P:VZ754! 7A:! 7R! LI!
9AB[4C:9!C7NO>4:4=!:84!WA49:;755<;P4!C75C4P5;5@!:84!=4:4C:;75!7R!=;9O><V!C8<5@49F!
"4N<5:;C!*P43;4Q!.454R;:!
$#%"1+#"E!"#e#)'(h&!)+('#+(%E!%&0!)h&'+%"'!"*#)(/()%'(h&!!
0<:<! 94>4C:;75! R7>>7Q4=! :84! OP7C4=AP4! =49CP;B4=! R7P! #XO4P;N45:! KF! %R:4P! <OO>V;5@! <>>!
R;>:4P;5@! CP;:4P;<! R7P! :84! :<P@4:! P4@;75E! <OOP7X;N<:4>V! SIu! 3<>;=! :P;<>9! P4N<;54=F! /7P!
9f;OO;5@!OP7B<B;>;:;49!R7P!:84!:<P@4:E!SUu!7R!<>>!:P;<>9!P4N<;54=F!'84!4XO4P;N45:<>!R<C:7P9!
OP43;4Q! <5=! C<O;:<>;Y<:;75! Q4P4! 9O4C;R;4=! <9! :Q7! 9AN! C75:P<9:9! <5=! Q4P4! 7R! OP;N<PV!
;5:4P49:!;5!<>N79:!<>>!<5<>V949F!
+#"1e'"!
'%+2#'D!"#$%&'()!*+#,(#-!.#&#/('!
'<B>4!g!9ANN<P;Y49!P49A>:9!R7P!:84!:<P@4:!%!j!KF!'84!<5<>V949!<P4!B<94=!75!IEIcU!@<Y4!
=AP<:;759E! IEIcU! R;P9:ZR;X<:;75! =AP<:;759E! <5=! IEJUI! 9;5@>4ZR;X<:;75! =AP<:;759F! %@<;5E!
R;X<:;75!:;N49!75!:84!:<P@4:!Q4P4!9;@5;R;C<5:>V!>75@4P!R7P!A5P4><:4=!:8<5!R7P!94N<5:;C<>>V!
P4><:4=!OP43;4Q9!H@!m!JFJ`E!0!m!gF\E!R7P!@<Y4!=AP<:;759a!@!m!JFJSE!0!m!\F`E!R7P!R;P9:ZR;X<:;75!
=AP<:;759a! @! m! JFJ`E! 0! m! gFLE! R7P! 9;5@>4ZR;X<:;75! =AP<:;759MF! -845! 945:45C49! Q4P4!
OP4945:4=! ;5! >7Q4PC<94E! :<P@4:9! Q4P4! R;X<:4=! >75@4P! C7NO<P4=! :7! 945:45C49! R7>>7Q;5@!
:84!24PN<5!PA>49!7R!C<O;:<>;Y<:;75F!'8;9!N<;5!4RR4C:!7R!C<O;:<>;Y<:;75!Q<9!P4>;<B>4!R7P!@<Y4!
=AP<:;759!H@!m!JFJUE!0!m!IFcME!R;P9:ZR;X<:;75!=AP<:;759!H@!m!JFJSE!0!m!LFcME!<5=!9;5@>4ZR;X<:;75!
=AP<:;759!H@!m!JFJSE!0!m!LFcMF!'84!;5:4P<C:;75!7R!OP43;4Q!<5=!C<O;:<>;Y<:;75t<!:45=45CV!7R!
>4994P!OP43;4Q!B454R;:!RP7N!575C<O;:<>;Y4=!OP43;4Q9t=;=!57:!P4<C8!9;@5;R;C<5C4!H<>>!y0y9!
{!KF\MFL!
/AP:84PN7P4E! :84! P4><:;34! ><5=;5@! O79;:;75! 75! :84! :<P@4:! Q<9! 57:! 9;@5;R;C<5:>V!
;5R>A45C4=! BV! OP43;4Q! :VO4! H0! m! sJFUME! C<O;:<>;Y<:;75! H0! m! sKFJME! 7P! :84! ;5:4P<C:;75! H0! m!
sKF\MF!'84!OP7B<B;>;:V!7R!<!:<P@4:!P4R;X<:;75!<>97!Q<9!57:!P4>;<B>V!N7=A><:4=!BV!OP43;4Q!
:VO4!HE!m!KFJgME!C<O;:<>;Y<:;75!HE(m!sJFUUME!7P!:84!;5:4P<C:;75!HE!m!JFLgMF!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
L
!*79:!87C!C7NO<P;9759!P434<>4=!P4>;<B>4!OP43;4Q!B454R;:!R7P!B7:8!C<O;:<>;Y4=!H0!m!\FUE!R7P!@<Y4!=AP<:;759a!0!
m!\FIE!R7P!R;P9:ZR;X<:;75!=AP<:;759a!0!m!\FUE!R7P!9;5@>4ZR;X<:;75!=AP<:;759M!<5=!575C<O;:<>;Y4=!OP4945:<:;75!H0!m!
IFcE!R7P!@<Y4!=AP<:;759a!0!m!IF\E!R7P!R;P9:ZR;X<:;75!=AP<:;759a!0!m!IFSE!R7P!9;5@>4ZR;X<:;75!=AP<:;759MF!
678459:4;5!G!?>;4@>!
!"#$%&1!
:-&%2(&%;(F0&%;&$;(H-?.&0."%2(")(N&$6-0(O-&;.%6(U*+,-$./-%0(WV!
!
!
)<O;:<>;Y<:;75!
*P43;4Q!
2<Y4!
=AP<:;75!
oN9p!
/;P9:!
R;X<:;75!
=AP<:;75!
oN9p!
";5@>4!
R;X<:;75!
=AP<:;75!
oN9p!
+4R;X<:;75! "f;OO;5@!
OP7B<B;>;:V! OP7B<B;>;:V!
e<5=;5@!
O79;:;75!
:( FH(
:( FH(
:( FH(
:( FH(
:( FH(
:( FH(
+4@A><P!
+4><:4=!
Ig`! KLJ!
I\K! KKI!
I\L! KKI!
FKJ! FLJ!
FKK! FLK!
F\U! FIg!
!
15P4><:4=!
I`J! KIK!
IgS! KJI!
IUI! KJJ!
FKK! FLK!
FJU! FIL!
F\S! FIg!
e7Q4PC<94!
+4><:4=!
ISc! KK`!
IUL! KJ`!
IUS! KJc!
FJc! FIc!
FJL! FKU!
F\U! FI\!
!
15P4><:4=!
IcI! KKU!
IS\! KKK!
ISc! KKK!
FKK! FLK!
FJL! FKU!
F\g! FIL!
D"0-F!
+4R;X<:;75!OP7B<B;>;:VE!9f;OO;5@!OP7B<B;>;:VE!<5=!><5=;5@!O79;:;75!P<5@4=!RP7N!J!:7!KF!
'<P@4:! 9f;OO;5@! P<:4! Q<9! 9;@5;R;C<5:>V! P4=AC4=! ;5! :84! 575C<O;:<>;Y4=! C75=;:;75E!
C7NO<P4=! :7! :84! C<O;:<>;Y4=! C75=;:;75! H@! m! sKFLIE! E( m! sgFS\MF! '84! :VO4! 7R! O<P<R734<>!
OP43;4Q!8<=!57!P4>;<B>4!;5R>A45C4!H@!m!sJFLUE!E(m!sKFUJM!75!9f;OO;5@!OP7B<B;>;:VE!BA:!:84!
;5:4P<C:;75!Q<9!N<P@;5<>>V!9;@5;R;C<5:!H@!m!sJF`gE!E(m!sKFcJMF!
*+#'%+2#'!
'<B>4!U!9ANN<P;Y49!P49A>:9!R7P!:84!OP4:<P@4:F!/;X<:;75!=AP<:;759!Q4P4!57:!;5R>A45C4=!BV!
:84!:VO4!7R!OP43;4Q!OP4945:!R7P!:84!9ACC44=;5@!Q7P=!H<>>!y0y9!{!JFcMa!:8<:!;9E!:84P4!Q4P4!
57! 9;@5;R;C<5:! O<P<R734<>Z75ZR734<>! 4RR4C:9F! "APOP;9;5@>VE! OP4:<P@4:9! Q4P4! R;X<:4=! R7P!
987P:4P!=AP<:;759!Q845!:84!945:45C4!Q<9!OP4945:4=!C7NO>4:4>V!;5!>7Q4PC<94!H@!m!sJFKJE!
0!m!sgFUE!R7P!@<Y4!=AP<:;759a!@!m!sJFJUE!0!m!s\FLE!R7P!R;P9:ZR;X<:;75!=AP<:;759a!@!m!sJFJcE!0!m!
sgF\E! R7P! 9;5@>4ZR;X<:;75! =AP<:;759MF! '84! ;5:4P<C:;75! :4PN9! Q4P4! 57:! P4>;<B>4! H<>>! y0y9! {!
KF\MF!
'84! <5<>V949! 7R! :84! 4RR4C:! 7R! C<O;:<>;Y<:;75! 75! R;X<:;75! =AP<:;759! N4<9AP4=! 75!
OP4:<P@4:! <5=! :<P@4:9! P434<>4=! P<:84P! O4CA>;<P! P49A>:9D! ,;7><:;75! 7R! 24PN<5! PA>49! 7R!
C<O;:<>;Y<:;75!>4=!:7!>75@4P!:<P@4:!R;X<:;759E!BA:!OP4:<P@4:9!Q4P4!R;X<:4=!R7P!987P:4P!:;N4!
9O<59! ;5! :8;9! C75=;:;75F! -4! <5<>V94=! :8;9! :P<=4Z7RR! R7P! <>>! =<:<! <5=! R7A5=! <5! ;5:4PO><V!
B4:Q445! C<O;:<>;Y<:;75! <5=! Q7P=! C><99E! ;5=;C<:;5@! =;RR4P45:! P4<=;5@! 9:P<:4@;49! ;5!
C<O;:<>;Y4=!<5=!575C<O;:<>;Y4=!:4X:9!H678459:4;5!G!?>;4@>E!IJKLMF!
"4N<5:;C!*P43;4Q!.454R;:!
!"#$%&2!
:-&%2(&%;(F0&%;&$;(H-?.&0."%2(")(1$-0&$6-0(O-&;.%6(U*+,-$./-%0(WV!
!
!
2<Y4!=AP<:;75! /;P9:!R;X<:;75! ";5@>4!R;X<:;75!
oN9p!
=AP<:;75!oN9p! =AP<:;75!oN9p!
)75:P<9:!
*P43;4Q!
:(
FH(
:(
FH(
:(
FH(
+4@A><P!
+4><:4=!
IUJ!
KJK!
IL`!
cJ!
I\\!
cI!
!
15P4><:4=!
ISJ!
KKc!
I\K!
cJ!
I\U!
cK!
e7Q4PC<94! +4><:4=!
I\K!
KK\!
IIL!
cJ!
IIL!
`\!
!
ILS!
cS!
II\!
`g!
IIg!
`I!
15P4><:4=!
!
KFKFKFI $h01e%'(h&!.b!*+#'%+2#'!/(k%'(h&!01+%'(h&!
/;@AP4! L! =;9O><V9! :<P@4:! @<Y4! =AP<:;75! <9! <! RA5C:;75! 7R! OP43;4Q! :VO4E! OP4:<P@4:! @<Y4!
=AP<:;75E!<5=!C<O;:<>;Y<:;75a!:84!C7PP49O75=;5@!:8P44ZR<C:7P!;5:4P<C:;75!Q<9!9;@5;R;C<5:!H@!
m!sJFIE!0!m!sIFUMF!'84!R;@AP4!987Q9!:8<:!:84!94N<5:;C!OP43;4Q!B454R;:!H;F4FE!:84!=;RR4P45C4!
B4:Q445! A5P4><:4=! <5=! P4><:4=! OP43;4Q9M! Q<9! 7B94P34=! ;5! C<O;:<>;Y4=! H>4R:! O<54>M! <5=!
575C<O;:<>;Y4=! HP;@8:! O<54>M! C75=;:;759E! BA:! Q<9! 9:P75@4P! ;5! :84! C<O;:<>;Y4=! :8<5! ;5! :84!
575C<O;:<>;Y4=!C75=;:;75F!$7P4734PE!:84!4RR4C:!7R!OP4:<P@4:!@<Y4!=AP<:;75!Q<9!=;RR4P45:!
R7P! :84! :Q7! C75=;:;759F! %! 9:P75@! 94N<5:;C! OP43;4Q! B454R;:! Q<9! 7B94P34=! ;5! :84!
C<O;:<>;Y4=! C75=;:;75! R7P! >75@! OP4:<P@4:! @<Y4! =AP<:;759F! *79:! 87C! <5<>V949! V;4>=4=! <!
9;@5;R;C<5:! ;5:4P<C:;75! B4:Q445! OP43;4Q! :VO4! <5=! OP4:<P@4:! @<Y4! =AP<:;75! R7P! :84!
C<O;:<>;Y4=! C75=;:;75! H@! m! JFK\E! 0! m! IF\ME! BA:! 57:! R7P! :84! 575C<O;:<>;Y4=! C75=;:;75! H0! m!
sKFKcMF! '84! 9<N4! 9;@5;R;C<5:! O<::4P5! 7R! P49A>:9! H;F4FE! <! P4>;<B>4! :8P44ZR<C:7P! ;5:4P<C:;75M!
Q<9! <>97! 7B:<;54=! R7P! :84! C7NB;5<:;759! ;5C>A=;5@! OP4:<P@4:! @<Y4! 7P! 9;5@>4ZR;X<:;75!
=AP<:;75!<9!OP4=;C:7PF!/;5<>>VE!:84!5AN4P;C<>!:P45=9!Q4P4!9;N;><P!R7P!:84!:8P44!P4N<;5;5@!
C7NB;5<:;759!Q;:8!OP4:<P@4:!R;P9:ZR;X<:;75!=AP<:;75!<9!OP4=;C:7PF!
678459:4;5!G!?>;4@>!
Preview
unrelated
capitalized
350
Target gaze duration [ms]
related
non−capitalized
300
250
200
150
200
250
300
350
400 450150
200
Pretarget gaze duration [ms]
250
300
350
400 450
!
+,-./%& )0! "4C75=Z7P=4P! O7>V57N;<>! :P45=! 7R! :84! P4@P499;75! 7R! :<P@4:! @<Y4! =AP<:;75! H75! <! >7@! 9C<>4M! 75!
OP4:<P@4:!@<Y4!=AP<:;75!H75!<!>7@!9C<>4M!R7P!P4><:4=!<5=!A5P4><:4=!OP43;4Q9!<9!<!RA5C:;75!7R!C<O;:<>;Y<:;75!
H#XO4P;N45:!IMF!.4:Q445Z9AB[4C:!<5=!B4:Q445Z945:45C4!3<P;<5C4!8<34!B445!P4N734=!RP7N!:84!=4O45=45:!
3<P;<B>4F!"8<=4=!4PP7P!B<5=9!P4OP4945:!cgu!C75R;=45C4!;5:4P3<>F!'84!87P;Y75:<>!<X;9!C734P9!P7A@8>V!cJu!7R!
:84! =<:<a! N;57P! =;RR4P45C49! <P4! =A4! :7! C8779;5@! :84! 9<N4! +Z<X;9! >;N;:9! R7P! B7:8! O<54>9a! :84! N4<5! ;9!
=457:4=!BV!:84!34P:;C<>!>;54F&
$h01e%'(h&!.b!e%1&)6!"('#!0("'%&)#!
/;@AP4!\!=;9O><V9!:<P@4:!@<Y4!=AP<:;75!<9!<!RA5C:;75!7R!OP43;4Q!:VO4E!><A5C8!9;:4!=;9:<5C4E!
<5=!C<O;:<>;Y<:;75a!:84!C7PP49O75=;5@!:8P44ZR<C:7P!;5:4P<C:;75!Q<9!9;@5;R;C<5:!H@!m!JFJSE!0!
m! LFIMF! '84! R;@AP4! 987Q9! :8<:! :84! 4RR4C:! 7R! ><A5C8! 9;:4! =;9:<5C4! 75! 94N<5:;C! OP43;4Q!
B454R;:! =;RR4P4=! R7P! :84! :Q7! C<O;:<>;Y<:;75! C75=;:;759D! '84! 94N<5:;C! OP43;4Q! B454R;:!
;5CP4<94=! Q;:8! =4CP4<9;5@! ><A5C8! 9;:4! =;9:<5C4! R7P! C<O;:<>;Y4=! 57A59E! BA:! 57:! Q845!
57A59!Q4P4!OP4945:4=!C7NO>4:4>V!;5!>7Q4PC<94F!*79:!87C!<5<>V949!P434<>4=!<!9;@5;R;C<5:!
;5:4P<C:;75!B4:Q445!OP43;4Q!:VO4!<5=!><A5C8!9;:4!=;9:<5C4!R7P!:84!C<O;:<>;Y4=!C75=;:;75!
H@!m!sJFJgE!0!m!sLFgME!BA:!57:!R7P!:84!575C<O;:<>;Y4=!C75=;:;75!H@!m!JFJJSE!0!m!JF\`MF!'84!
9<N4!9;@5;R;C<5:!O<::4P5!7R!P49A>:9!H<!P4>;<B>4!:8P44ZR<C:7P!;5:4P<C:;75M!Q<9!<>97!7B:<;54=!
"4N<5:;C!*P43;4Q!.454R;:!
R7P! 9;5@>4ZR;X<:;75! =AP<:;75! H@! m! JFJgE! 0! m! IFIMa! :84! 4RR4C:! Q<9! 9;N;><P! R7P! R;P9:ZR;X<:;75!
=AP<:;75!H@!m!JFJLE!0!m!KFggMF!\!
Preview
related
unrelated
Target gaze duration [ms]
capitalized
nonïcapitalized
290
270
250
230
210
190
7
6
5
4
3
2
1
7
6
5
4
3
Launchïsite distance [characters]
2
1
!
+,-./%& *0! "4C75=Z7P=4P! O7>V57N;<>! :P45=! 7R! :84! P4@P499;75! 7R! :<P@4:! @<Y4! =AP<:;75! H75! <! >7@! 9C<>4M! 75!
><A5C8! 9;:4! =;9:<5C4! R7P! P4><:4=! <5=! A5P4><:4=! OP43;4Q9! <9! <! RA5C:;75! 7R! C<O;:<>;Y<:;75! H#XO4P;N45:! IMF!
.4:Q445Z9AB[4C:!<5=!B4:Q445Z945:45C4!3<P;<5C4!8<34!B445!P4N734=!RP7N!:84!=4O45=45:!3<P;<B>4F!#PP7P!
B<P9! P4OP4945:! 9:<5=<P=! 4PP7P9F! '84! 34PV! ;5RP4WA45:! :P;<>9! Q;:8! <! ><A5C8! 9;:4! =;9:<5C4! 7R! 4;@8:! 7P! 5;54!
C8<P<C:4P9!Q4P4!7N;::4=!HJFSuMF&
%-%+#&#""!h/!0("*e%b!)6%&2#!
'Q45:VZR;34!7A:!7R!LK!9AB[4C:9!H`KuM!57:;C4=!:8<:!=;9O><V!C8<5@49!:77f!O><C4F!'84!94>RZ
P4O7P:4=! RP4WA45CV! 7R! =;9O><V! C8<5@49! P<5@4=! RP7N! Ju! :7! c`uF! $4<5! 7R! :84! 94>RZ
P4O7P:4=!=4:4C:;75!P<:4!Q<9!IUu!HFH(m!LKuMa!:84!N4=;<5!Q<9!KJuF!
'84! N<;5! WA49:;75! ;9! Q84:84P! 94N<5:;C! OP43;4Q! B454R;:9! C7PP4><:4! Q;:8! :84!
O4PC4O:;75! 7R! =;9O><V! C8<5@49F! %! N7=4>! ;5C>A=;5@! OP43;4Q! :VO4E! C<O;:<>;Y<:;75E! =;9O><VZ
C8<5@4! P4C7@5;:;75! P<:4E! <5=! <>>! ;5:4P<C:;759! B4:Q445! :8494! 3<P;<B>49! P434<>4=! <!
9;@5;R;C<5:! N<;5! 4RR4C:! 7R! P4C7@5;:;75! P<:4! H@! m! JFJJIE! 0! m! IF\E! R7P! @<Y4! =AP<:;759a! @! m!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
\
!%>:87A@8!:84!:8P44ZR<C:7P!;5:4P<C:;75!Q<9!57:!P4>;<B>4!R7P!R;P9:ZR;X<:;75!=AP<:;759E!:84!5AN4P;C<>!O<::4P5!
7R!4RR4C:9!;5!:84!O79:!87C!<5<>V949!N<:C849!:84!P49A>:9!7R!@<Y4!<5=!9;5@>4ZR;X<:;75!=AP<:;759F!
678459:4;5!G!?>;4@>!
JFJJIE!0!m!IFSE!R7P!R;P9:ZR;X<:;75!=AP<:;759a!@!m!JFJJIE!0!m!IFUE!R7P!9;5@>4ZR;X<:;75!=AP<:;759ME!
BA:! 57! P4>;<B>4! :Q7Z! 7P! :8P44ZR<C:7P! ;5:4P<C:;759! ;5C>A=;5@! =;9O><VZC8<5@4! P4C7@5;:;75!
P<:4!H<>>!y0y9!{!KFULMF!'8A9E!<9!;5!#XO4P;N45:!KE!9AB[4C:9!Q;:8!>75@4P!R;X<:;75!=AP<:;759!75!
:<P@4:9! P4O7P:4=! <! 8;@84P! O4PC45:<@4! 7R! =;9O><V! C8<5@49E! BA:! <@<;5! :84P4! Q<9! 57!
43;=45C4!7R!:8;9!N4<9AP4!P4><:;5@!=;RR4P45:;<>>V!:7!P4><:4=!<5=!A5P4><:4=!OP43;4Q9F!
0(")1""(h&!
(5! #XO4P;N45:! IE! 9AB[4C:9! P4<=! 945:45C49! ;5! Q8;C8! <! O<P<R734<>! OP43;4Q! R7P! <! CP;:;C<>!
:<P@4:!Q<9!4;:84P!94N<5:;C<>>V!P4><:4=!7P!A5P4><:4=!:7!:84!:<P@4:F!(5!<==;:;75E!945:45C49!
Q4P4! OP4945:4=! <9! C<O;:<>;Y4=! 57A59E! <9! P4WA;P4=! BV! 9O4>>;5@! PA>49! 7R! 24PN<5E! 7P!
C7NO>4:4>V! ;5! >7Q4PC<94F! $<5;OA><:;75! 7R! C<O;:<>;Y<:;75! Q<9! A94=! :7! :49:! Q84:84P!
9;@5;R;C<5:! 94N<5:;C! OP43;4Q! B454R;:9! ;5! #XO4P;N45:! K! Q4P4! 4XC>A9;34>V! =A4! :7! :84!
C<O;:<>;Y<:;75!7R!<>>!57A59!;5!24PN<5F!
'84! P49A>:9! Q4P4! C>4<PF! /;X<:;75! =AP<:;759! Q4P4! 987P:4P! R7P! P4><:4=! :8<5! R7P!
A5P4><:4=!OP43;4Q9E!;PP49O4C:;34!7R!C<O;:<>;Y<:;75F!24PN<5!9AB[4C:9!Q4P4!<B>4!:7!OP7C499!
OP43;4Q9! OP4945:4=! O<P<R734<>>VE! 4345! Q845! :84! Q87>4! 945:45C4! Q<9! OP4945:4=! ;5!
>7Q4PC<94! >4::4P9F! '84P4R7P4E! Q4! C75C>A=4! :8<:! 94N<5:;C! OP43;4Q! B454R;:9! =;=! 57:!
=4O45=!4XC>A9;34>V!75!:8;9!24PN<5!PA>4!7R!C<O;:<>;Y<:;75F!
%>75@! Q;:8! 94N<5:;C! OP43;4Q! B454R;:E! Q4! <>97! P4O>;C<:4=! 9;@5;R;C<5:! ;5:4P<C:;759!
B4:Q445! OP43;4Q! :VO4! <5=! ><A5C8! 9;:4! =;9:<5C4E! <9! Q4>>! <9! OP43;4Q! :VO4! <5=! OP4:<P@4:!
R;X<:;75! =AP<:;759E! BA:! 75>V! ;R! :84! OP4945:<:;75! R7>>7Q4=! :84! 24PN<5! PA>49! 7R!
C<O;:<>;Y<:;75F!-;:8!;5CP4<9;5@!=;9:<5C4!B4:Q445!:84!OP4:<P@4:!R;X<:;75!O79;:;75!<5=!:84!
OP43;4Q!Q7P=E!:84!OP43;4Q!B454R;:!=4CP4<94=F!/AP:84PN7P4E!;R!:84!OP4:<P@4:!Q<9!R;X<:4=!
>75@4PE! :84! =;RR4P45C4! B4:Q445! P4><:4=! <5=! A5P4><:4=! OP43;4Q9! R7P! :<P@4:! R;X<:;75!
=AP<:;75! Q<9! N7P4! OP757A5C4=F! '84! ;5:4P<C:;75! B4:Q445! OP43;4Q! :VO4! <5=! OP4:<P@4:!
R;X<:;75!=AP<:;75!Q<9!OP4945:!75>V!;5!<!9AB94:!7R!C7NB;5<:;759!7R!:84!3<P;7A9!=AP<:;759E!
9;N;><P!:7!P49A>:9!7R!#XO4P;N45:!K!<5=!:7!?>;4@>!4:!<>F!HIJKLMF!
$79:! 9AB[4C:9! Q4P4! <Q<P4! 7R! =;9O><V! C8<5@49a! :84! <34P<@4! 94>RZP4O7P:4=!
=4:4C:;75! P<:4! Q<9! IUuF! %9! ;5! #XO4P;N45:! KE! :84P4! Q<9! 57! 43;=45C4! :8<:! 94N<5:;C!
OP43;4Q!B454R;:!Q<9!9;@5;R;C<5:>V!;5R>AC45C4=!BV!:84!9AB[4C:9i!<Q<P45499!H7P!3;C4!34P9<MF!
'8A9E!<@<;5E!Q4!8<34!57!43;=45C4!:8<:!7AP!R;5=;5@!7R!<!B454R;:!RP7N!94N<5:;C<>>V!P4><:4=!
"4N<5:;C!*P43;4Q!.454R;:!
OP43;4Q9! ;5! O<P<R734<>! 3;9;75! Q<9! <5! <P:;R<C:! 7R! :84! 57:;C4<B>4! =;9O><V! C8<5@49F! '8;9!
R;5=;5@! C75:P<9:9! Q;:8! :8794! 7R! -8;:4! 4:! <>F! HIJJgM! <5=! "><::4PV! 4:! <>F! HIJKKME! Q87!
P4O7P:4=! <! ><P@4P! =;RR4P45C4! B4:Q445! 575Q7P=! <5=! ;=45:;C<>! OP43;4Q9! R7P! <Q<P4!
9AB[4C:9E!C7NO<P4=!:7!A5<Q<P4!9AB[4C:9F!
)7NO<P;975! B4:Q445! 7AP! R;P9:! :Q7! 4XO4P;N45:9! <5=! 4<P>;4P! 9:A=;49! ;9! >;N;:4=!
B4C<A94! Q4! A94=! :Q7! 575;=45:;C<>! OP43;4Q9E! Q84P4<9! ;5! 4<P>;4P! P494<PC8! 754! 7R! :84!
OP43;4Q9!H5<N4>V!:84!;=45:;C<>!C75=;:;75M!Q<9!57:!<CC7NO<5;4=!BV!<!=4:4C:<B>4!=;9O><V!
C8<5@4F! *799;B>VE! :8494! N4:87=7>7@;C<>! =;RR4P45C49! Q4P4! P49O759;B>4! R7P! 97N4! 7R! :84!
=;RR4P45C49!;5!:84!P49A>:9F!'84P4R7P4E!Q4!C75=AC:4=!<!:8;P=!4XO4P;N45:!;5!Q8;C8!Q4!A94=!
57:! 75>V! P4><:4=! <5=! A5P4><:4=! OP43;4Q9E! BA:! <>97! ;=45:;C<>! <5=! 54A:P<>! 575Q7P=!
OP43;4Q9F!
#k*#+($#&'!L!
'84!N<;5!@7<>9!7R!#XO4P;N45:!L!Q4P4!:7!43<>A<:4!B454R;:9!<5=E!O799;B>VE!C79:9!7R!P4><:4=!
<5=! A5P4><:4=! O<P<R734<>! OP43;4Q9! <5=! C7NO<P4! :84N! :7! C75=;:;759! Q;:8! ;=45:;C<>! H57!
=;9O><V!C8<5@4M!<5=!54A:P<>!H575Q7P=M!OP43;4Q9F!!
(0#&'()%e!*+#,(#-!)h&0('(h&!
(5! :84! ;=45:;C<>! OP43;4Q! C75=;:;75E! :84! :<P@4:! Q<9! C759:<5:>V! <3<;><B>4! R7P! O<P<R734<>!
OP7C499;5@! Q;:87A:! <5V! =4:4C:<B>4! C8<5@4! ;5! :84! =;9O><V! H:84! OP43;4Q! Q<9! P4O><C4=! BV!
;:94>RMF! '8;9! C75=;:;75! <>>7Q9! A9! :7! <99499! :84! OP43;4Q! C79:! <997C;<:4=! Q;:8! :84!
94N<5:;C<>>V!P4><:4=!OP43;4QF!(:!<>97!P4=AC49!:84!OP7B<B;>;:V!7R!<!:P;<>!C75:<;5;5@!<!=;9O><V!
C8<5@4!RP7N!KJJu!:7!Sgu!R7P!4XO4P;N45:<>!945:45C49!HQ8;C8!Q4!P4=AC4=!RAP:84P!:7!Ucu!
Q;:8! <==;:;75<>! R;>>4P9MF! '8A9E! =;9O><VZC8<5@4! <Q<P45499! Q<9! 57Q! 43<>A<:4=! A5=4P!
C75=;:;759!:8<:!P494NB>4=!4<P>;4P!P494<PC8!N7P4!:8<5!7AP!R;P9:!:Q7!4XO4P;N45:9!H-8;:4!
4:!<>FE!IJJgMF!!
'8;9! C75=;:;75! <>97! <>>7Q9! A9! :7! R7>>7Q! AO! 75! 9434P<>! P4O7P:9! 7R! N7=A><:;75! 7R!
;=45:;C<>! OP43;4Q! B454R;:! HP4><:;34! :7! A5P4><:4=! Q7P=9M! BV! OP4:<P@4:! R;X<:;75! =AP<:;75F(
'84!;5R>A45C4!7R!OP4:<P@4:!R;X<:;75!=AP<:;75!8<9!<>97!B445!4X<N;54=!;5!9434P<>!B7A5=<PV!
4XO4P;N45:9! Q;:8! <>O8<B4:;C! 9CP;O:9! R7P! .;-%0.4&'! OP43;4Q! B454R;:! H;F4FE! ;=45:;C<>! 39F!
A5P4><:4=! OP43;4Q9MF! "C8P7V459E! ,;:AE! .PV9B<4P:E! <5=! 0ib=4Q<>>4! HKcccM! A94=! <! Q7P=!
678459:4;5!G!?>;4@>!
:P;<=! :<9f! ;5! Q8;C8! <! 94WA45C4! 7R! :8P44! Q7P=9E! P<:84P! :8<5! <! C7NO>4:4! 945:45C4E! Q<9!
OP4945:4=F!+49A>:9!987Q4=!<!HN<P@;5<>>V!9;@5;R;C<5:M!:P45=!R7P!9N<>>4P!OP43;4Q!B454R;:!;R!
:84!9;5@>4!R;X<:;75!75!:84!OP4:<P@4:!Q<9!987P:F!-;:8!:84!C><99;C<>!B7A5=<PV!O<P<=;@N!<5=!
A9;5@! ;=45:;C<>! 39F! A5P4><:4=! OP43;4Q9! ;5! 5<:AP<>! P4<=;5@E! -8;:4! 4:! <>F! HIJJgM! =;=! 57:!
7B:<;5! <! 9;@5;R;C<5:! N7=A><:;75! 7R! OP43;4Q! B454R;:! BV! OP4:<P@4:! R;X<:;75! =AP<:;75F!
67Q434PE! ?>;4@>! 4:! <>F! HIJKLa! P4<5<>V9;9! 7R! $C075<>=E! IJJUM! P4O7P:4=! 43;=45C4! 7R! <!
O79;:;34!P4><:;7598;O!B4:Q445!:84!OP4B7A5=<PV!R;X<:;75!=AP<:;75!<5=!OP43;4Q!B454R;:!R7P!
#5@>;98! 945:45C49F! (5! 7:84P! Q7P=9E! :84! =;RR4P45C4! B4:Q445! ;=45:;C<>! <5=! A5P4><:4=!
OP43;4Q9!;5CP4<94=!Q;:8!OP43;4Q!:;N4F!
#3;=45C4!;9!<>97!N;X4=!;5!:84!C<94!7R!)8;5494!9CP;O:F!b<5E!+;994E!4:!<>F!HIJKIM!R7A5=!
<! 9;@5;R;C<5:! ;5:4P<C:;75! B4:Q445! A5P4><:4=! 39F! ;=45:;C<>! OP43;4Q! <5=! OP4:<P@4:! 9;5@>4Z
R;X<:;75!=AP<:;75!R7P!:<P@4:!@<Y4!=AP<:;75E!BA:!57:!R7P!R;P9:Z!<5=!9;5@>4ZR;X<:;75!=AP<:;75F!
(5!b<5E!d87AE!4:!<>Fi9!HIJKIM!9:A=VE!:84!;5:4P<C:;75!Q<9!75>V!N<P@;5<>!9;@5;R;C<5:!R7P!R;P9:Z
R;X<:;75! =AP<:;75F! '9<;! 4:! <>F! HIJKIM! A94=! OP4:<P@4:! @<Y4! =AP<:;75! <9! OP4=;C:7P! <5=!
P4O7P:4=! <5! ;5CP4<94! ;5! ;=45:;:V! OP43;4Q! B454R;:! N4<9AP4=! ;5! 9;5@>4ZR;X<:;75! =AP<:;75F!
'8A9E! <:! :8;9! O7;5:E! :84P4! <P4! 3<P;7A9! P4O7P:9! <CC7P=;5@! :7! Q8;C8! OP4:<P@4:! R;X<:;75!
=AP<:;75! C75:P;BA:49! :7! H;=45:;:VM! OP43;4Q! B454R;:! =AP;5@! P4<=;5@! 7R! <>O8<B4:;C! <5=!
)8;5494!9CP;O:9E!BA:!:84!C75=;:;759!P4WA;P4=!R7P!:8494!4RR4C:9!:7!7CCAP!<P4!57:!C>4<PF!
&#1'+%e!*+#,(#-!)h&0('(h&!
%!54A:P<>!C75=;:;75!Q<9!;5C>A=4=!:7!:49:!;5:4PR4P45C4!:P;@@4P4=!BV!94N<5:;C<>>V!A5P4><:4=!
OP43;4Q9F! %! =;RR4P45C4! B4:Q445! A5P4><:4=! <5=! P4><:4=! OP43;4Q! N<V! N<:4P;<>;Y4! =A4! :7!
>4X;C<>! =;RR;CA>:;49! ;5=AC4=! BV! A5P4><:4=! OP43;4Q9E! P<:84P! :8<5! 94N<5:;C! R<C;>;:<:;75! BV!
P4><:4=!OP43;4Q9F!(5!:8;9!9C45<P;7E!R;X<:;75!=AP<:;759!987A>=!57:!B4!987P:4P!<R:4P!<!P4><:4=!
OP43;4Q! :8<5! <R:4P! <! 54A:P<>! OP43;4QE! BA:! A5P4><:4=! OP43;4Q9! 987A>=! >4<=! :7! >75@4P!
:<P@4:! R;X<:;759! :8<5! 54A:P<>! OP43;4Q9F! (5! 987P:E! ;5! :8;9! 8VO7:84:;C<>! C<94E! P49A>:9! <P4!
N7P4!C7NO<:;B>4!Q;:8!<!57:;75!7R!OP43;4Q!C79:!:8<5!OP43;4Q!B454R;:F!
-8;C8! C75=;:;75! WA<>;R;49! <9! <! %-#0$&'( ,$-?.->v! (5! :84;P! C><99;C! P43;4Q! 7R! :84!
;NO>;C<:;759! 7R! C79:ZB454R;:! <5<>V949! ;5! :84! R;4>=! 7R! P4<C:;75! :;N4! 9:A=;49E! l75;=49! <5=!
$<Cf! HKc`\M! =4N759:P<:4=! :8<:E! ;5! @454P<>E! <! 54A:P<>! C75=;:;75! ;9! 57:! 54A:P<>! Q;:8!
P49O4C:! :7! O4PR7PN<5C4F! /AP:84PN7P4E! C8<5@49! ;5! P4<C:;75! :;N49! ;5=AC4=! BV!
"4N<5:;C!*P43;4Q!.454R;:!
4XO4P;N45:<>! C73<P;<:49! <P4! 57:! >;N;:4=! :7! 3<>;=! <5=! ;53<>;=! ;:4N9E! BA:! <>97! 7CCAP! R7P!
54A:P<>! 7549F! l75;=49! <5=! $<Cf! P4C7NN45=4=! R7P4@7;5@! A9<@4! 7R! <! 54A:P<>! C75=;:;75!
<5=! R7CA9;5@! 75! 4X<N;5;5@! O4PR7PN<5C4! A5=4P! 3<>;=! <5=! ;53<>;=! CA49! P4><:;34! :7! 7:84P!
3<P;<B>49F!hAP!<OOP7<C8!7R!<5<>V9;5@!OP43;4Q!B454R;:!N7=A><:;75!BV!C73<P;<:49!9AC8!<9!
OP43;4Q! :;N4! <5=! OP43;4Q! 9O<C4! ;NO>4N45:9! :8;9! O4P9O4C:;34! H?>;4@>! 4:! <>FE! IJKLa! b<5E!
+;994E! 4:! <>FE! IJKIMF! (R! 54A:P<>! C75=;:;759! <P4! 54C499<PV! Q845! ;:! C7N49! :7! <==P499;5@!
:847P4:;C<>! WA49:;759E! l75;=49! <5=! $<Cf! 9A@@49:4=! :8<:! C759:PAC:;5@! 54A:P<>! 9:;NA>;!
P4WA;P4=!@P4<:!4RR7P:!<5=!:8<:!54A:P<>!<5=!575V54A:P<>!;:4N9!544=4=!:7!N<:C8!<9!C>794>V!
<9!O799;B>4F!
$C&<N<P<! HIJJgM! P43;4Q4=! :84! WA49:;75! <9! :7! Q8<:! :7! C87794! <9! <! 54A:P<>!
C75=;:;75! ;5! :84! C75:4X:! 7R! 94N<5:;C! OP;N;5@E! <5! ;99A4! C>794>V! P4><:4=! :7! 94N<5:;C!
OP43;4Q!B454R;:F!64!C75C>A=4=!:8<:!w7P:87@P<O8;C<>>V!P4@A><PE!OP757A5C4<B>4!575Q7P=9!
N<V!B4!:84!B49:!C87;C4!R7P!54A:P<>!OP;N49x!HOF!gIMF!/AP:84PN7P4E!575Q7P=!OP;N49!987A>=!
57:! B4! P4O4<:4=! :7! <37;=! P4O4:;:;75! OP;N;5@F! %>97E! RP7N! :84! O4P9O4C:;34! 7R! 4V4Z
N734N45:! C75:P7>! =AP;5@! P4<=;5@E! R;P9:! >4::4P9! 987A>=! B4! <! OP;N<PV! C75C4P5! Q845!
@454P<:;5@!575Q7P=9F!"<CC<=4!<NO>;:A=49!:7!<!O<P<R734<>!Q7P=!7P!575Q7P=!<OO4<P!:7!
;5CP4<94!Q;:8!:84!RP4WA45CV!7R!R;P9:!>4::4P9!<5=!:84P4BV!;5R>A45C4!><5=;5@!O79;:;759!;5!:84!
:<P@4:9! H6V^5_E! Kccga! *>ANN4P! G! +<V54PE! IJKIa! +<=<C8E! (587RRE! G! 64>>4PE! IJJ\a! ,75fE!
+<=<C8E!G!3<5!+;[5E!IJJJa!-8;:4!G!e;34P94=@4E!IJJ\E!IJJU<E!IJJUBMF!/AP:84PN7P4E!4345!
:84!=AP<:;75!7R!:84!OP4:<P@4:!R;X<:;75!944N9!:7!B4!<RR4C:4=!BV!<!R<N;>;<P!B4@;55;5@Z>4::4P!
94WA45C4!7R!:84!O<P<R734<>!9:;NA>A9!H(587RRE!":<PPE!G!"8;5=>4PE!IJJJa!*>ANN4P!G!+<V54PE!
IJKIa!*V5:4E!?4554=VE!G!0ACP7:E!IJJ\a!+<V54PE!KcSga!":<PP!G!(587RRE!IJJ\a!15=4PQ77=E!
.;559E!G!-<>f4PE!IJJJa!-8;:4E!IJJ`MF!'7!<37;=!OP43;4QZP4><:4=!=;RR4P45C49!;5!:8494!4<P>V!
N4<9AP49E! B4@;55;5@9! 7R! 54A:P<>! 575Q7P=9! 987A>=! N<:C8! P4<>! Q7P=9! <9! C>794>V! <9!
O799;B>4F!
'#k'!)h&'+%"'!
/AP:84PN7P4E!Q4!N<5;OA><:4=!:4X:!C75:P<9:!;5!:8;9!4XO4P;N45:!:7!43<>A<:4!:84!;5R>A45C4!
7R! >7QZ>434>! 3;9A<>! OP7O4P:;49! 75! OP43;4Q! B454R;:! <5=! =;9O><VZC8<5@4! P4C7@5;:;75F!
)75:P<9:!8<9!<5!;NO<C:!75!<!9AB[4C:i9!<B;>;:V!:7!P4C7@5;Y4!C8<P<C:4P9!<5=!7:84P!O<::4P59!
;5! O4P;O84P<>! 3;9;75! H944! ":P<9BAP@4PE! +45:9C8>4PE! G! l]::54PE! IJKKE! R7P! <! P43;4QMF! '84!
678459:4;5!G!?>;4@>!
>434>9! 7R! C75:P<9:! ;5! 4XO4P;N45:<>! P4<=;5@! 9:A=;49! C75=AC:4=! ;5! =;RR4P45:! ><B7P<:7P;49!
N<V!=;RR4P!9>;@8:>VE!<5=!:84P4!;9!57:!NAC8!P494<PC8!:7!=<:4!75!Q84:84P!9AC8!=;RR4P45C49!
N<::4P! R7P! OP43;4Q! B454R;:9F! hAP! 9AB[4C:9i! 94>RZP4O7P:4=! =;9O><VZC8<5@4! <Q<P45499! Q<9!
C7NO<P<B>4!:7!:84!8;:!P<:49!;5!:84!57Z=4><V!C75=;:;75!P4O7P:4=!BV!"><::4PV!4:!<>F!HIJKKMF!
h5!:84!7:84P!8<5=E!:84!N<[7P;:V!7R!-8;:4!4:!<>Fi9!HIJJgM!9AB[4C:9!Q4P4!A5<Q<P4!7R!Q7P=9!
B4;5@!4XC8<5@4=F!-4!9A9O4C:!:8<:!:84!N<;5!P4<975!R7P!:84!=;RR4P45C4!;5!=;9O><VZC8<5@4!
<Q<P45499!;9!:84!=;RR4P45C4!;5!:84!734P<>>!OP7B<B;>;:V!7R!=;9O><V!C8<5@49E!BA:!<!=;RR4P45C4!
;5!=;9O><V!C75:P<9:!N<V!B4!<57:84P!97APC4F!
!
!!!!
-4! A94=! :84! :.45-'2"%( 4"%0$&20! =4R;5;:;75! H$;C84>975E! KcISME!! ! ! !!"# !!!!!"# E!
!"#
!"#
Q84P4! !!"# !<5=! !!"# !=457:4! :84! N<X;NAN! <5=! N;5;NAN! >AN;5<5C4E! P49O4C:;34>VE!
V;4>=;5@! <! C75:P<9:! 3<>A4! B4:Q445! J! <5=! KF! /7P! :4X:E!!!"# !P4R4P9! :7! :84! =<Pf! >4::4P9! <5=!
!!"# !:7! :84! B<Cf@P7A5=F! '84! N;5;NAN! :4X:! C75:P<9:! R7P! P4<=;5@! <:! N<X;NAN! 9O44=! ;9!
<B7A:! KJu! He4@@4E! *<P;98E! eA4Bf4PE! G! -APNE! KccJa! e4@@4E! +AB;5E! G! eA4Bf4PE! Kc`SMF!
+4<=;5@!P<:4!9ARR4P9!RP7N!P4=AC:;759!7R!C75:P<9:!B4>7Q!:8;9!3<>A4F!e4@@4E!%85E!?>;:YE!<5=!
eA4Bf4P!HKccSM!=4N759:P<:4=!:8<:!Q845!P4<=;5@!9O44=!9>7Q9!=7Q5!=A4!:7!>7Q!C75:P<9:E!
:8;9! ;9! >;5f4=! :7! <! P4=AC4=! 3;9A<>! 9O<5E! :8<:! ;9E! :84! 5ANB4P! 7R! >4::4P9! :8<:! N<V! B4!
P4C7@5;Y4=! P4>;<B>V! Q;:87A:! N73;5@! :84! 4V49F! 15=4P! :8494! C75=;:;759E! :4X:! ;9! P4<=! Q;:8!
N7P4! <5=! >75@4P! R;X<:;759! H944! <>97! -8;:4! <5=! ":<ABE! IJKIMF! &7:4! :8<:! :4X:! C75:P<9:!
944N9!:7!8<34!<!N<[7P!;5R>A45C4!75!P4<=;5@E!BA:!3;9A<>!WA<>;:V!=749!57:!@454P<>>V!8<34!
9:P75@!4RR4C:9!75!R;X<:;75!=AP<:;759!Hl7P=<5E!$C27Q<5E!G!*<:4P975E!IJKLMF!
"434P<>! P4C45:! 4V4ZN734N45:! 9:A=;49! A94=! C75:P<9:! N<5;OA><:;75! R7P! <! 9;5@>4!
:<P@4:F!+4;5@7>=!<5=!+<V54P!HIJJUM!OP4945:4=!945:45C49!Q;:8!<!C75:P<9:!7R!`gu!Q;:8!:84!
CP;:;C<>! :<P@4:! OP4945:4=! <:! :84! 9<N4! 7P! P4=AC4=! C75:P<9:! HKJuMF! /;X<:;75! =AP<:;759! 75!
:84! :<P@4:! Q4P4! ;5CP4<94=! ;5! :84! >7QZC75:P<9:! C75=;:;75F! '8;9! R;5=;5@! Q<9! P4O>;C<:4=! ;5!
9;N;><P! 9:A=;49! Q;:8! =;RR4P45:! :4X:! C75:P<9:! >434>9! Hccu! 39F! UuE! 0P;4@84E! IJJ`a! cgu! 39F!
IKuE!-<5@!G!(587RRE!IJKJa!`\u!39F!KJuE!-8;:4!G!":<ABE!IJKIMF!-<5@!<5=!(587RR!HIJKJM!
<>97! N<5;OA><:4=! O<P<R734<>! OP43;4Q! 7R! :84! O79::<P@4:! Q7P=! H;=45:;C<>! 39F! 575Q7P=MF!
%>:87A@8! :84V! R7A5=! <! P4>;<B>4! OP43;4Q! B454R;:E! ;:9! N<@5;:A=4! Q<9! 57:! ;5R>A45C4=! BV!
9:;NA>A9!WA<>;:VF!
"4N<5:;C!*P43;4Q!.454R;:!
(5!:84!OP4945:!4XO4P;N45:E!;5!<==;:;75!:7!:84!R7AP!OP43;4Q!:VO49E!Q4!N<5;OA><:4=!
:84! C75:P<9:! 7R! :84! Q87>4! 945:45C49E! R7>>7Q;5@! :84! Q7Pf! 7R! e4@@4! 4:! <>F! HKccSE! KccJE!
Kc`SME! <5=! -8;:4! <5=! ":<AB! HIJKIMF! -4! =;=! 57:! Q<5:! :7! =;9PAO:! 57PN<>! P4<=;5@! BV!
94::;5@! C75:P<9:! B4>7Q! :84! CP;:;C<>! >434>! <5=E! :84P4R7P4E! C8794! >434>9! 7R! cLu! <5=! IKuE!
C>794>V!N<:C8;5@!:8794!A94=!BV!-<5@!<5=!(587RR!HIJKJMF!-4!9O4C;R;4=!:4X:!C75:P<9:!<9!<!
B4:Q445Z9AB[4C:!R<C:7P!B4C<A94!Q4!<>97!Q<5:4=!:7!43<>A<:4!;:9!4RR4C:!75!=;9O><VZC8<5@4!
<Q<P45499!Q;:8!<!WA49:;755<;P4!R7>>7Q;5@!:84!4XO4P;N45:F!
$#'6h0!
"1.l#)'"!
/7P:VZ4;@8:! 9:A=45:9! HL`! Q7N45E! KJ! N45M! O<P:;C;O<:4=! ;5! :84! 4XO4P;N45:F! '84V! Q4P4!
B4:Q445!Kc!<5=!L\!V4<P9!7R!<@4!H:!m!IIE!FH!m!LFcMF!
%**%+%'1"!
"45:45C49!;5!:84!8;@8ZC75:P<9:!C75=;:;75!Q4P4!OP4945:4=!;5!B><Cf!75!<!Q8;:4!B<Cf@P7A5=!
H[A9:! <9! ;5! #XO4P;N45:9! K! <5=! IMF! eAN;5<5C4! 7R! :84! B<Cf@P7A5=! Q<9! cIFL! C=TNIa!
>AN;5<5C4! 7R! :84! :4X:! Q<9! B4>7Q! LF\! C=TNIF! (5! :84! >7QZC75:P<9:! C75=;:;75E! 945:45C49!
Q4P4! OP4945:4=! ;5! =<Pf! @P<V! HK\Fg! C=TNIM! 75! <! >;@8:! @P<V! B<Cf@P7A5=! HIIFI! C=TNIMF!
$;C84>975! C75:P<9:! R7P! :84! >7QZC75:P<9:! C75=;:;759! Q<9! FIKF! (5! :84! 8;@8ZC75:P<9:!
C75=;:;75E!:84!$;C84>975!C75:P<9:!Q<9!8;@84P!:8<5!FcLF!
$%'#+(%e!
-4!A94=!:84!N<:4P;<>!7R!#XO4P;N45:!IE!;5C>A=;5@!KJJ!4XO4P;N45:<>!945:45C49F!(5!<==;:;75!
:7! :84! 94N<5:;C<>>V! P4><:4=! <5=! A5P4><:4=! OP43;4Q9E! Q4! ;5:P7=AC4=! :Q7! RAP:84P!
C75=;:;759D!;=45:;C<>!OP43;4Q!<5=!54A:P<>!OP43;4QF!(5!:84!;=45:;C<>!C75=;:;75E!:84!:<P@4:!
Q<9!OP4945:!<9!<!O<P<R734<>!OP43;4Q!<5=!P4O><C4=!BV!;:94>RF!'84!54A:P<>!OP43;4Q9!Q4P4!
OP757A5C4<B>4!575Q7P=9!C759:PAC:4=!BV!C8<5@;5@!754!:7!R;34!>4::4P9!;5!4X;9:;5@!24PN<5!
57A59E!Q8;C8!Q4P4!57:!A94=!<9!OP43;4Q!7P!:<P@4:F!%>>!54A:P<>!OP43;4Q9!Q4P4!A5;WA4F!%>>!
OP43;4Q9t:8;9! ;5C>A=49! :84! OP757A5C4<B>4! 575Q7P=! <9! Q4>>tQ4P4! N<:C84=! 75! <!
5ANB4P!7R!P4>43<5:!>4X;C<>!3<P;<B>49!H944!'<B>4!SMF!-4!:77f!@P4<:!C<P4!:7!;59AP4!:8<:!:84!
;5R7PN<:;75!OP73;=4=!BV!:84!;5;:;<>!>4::4P9!<5=!:84;P!RP4WA45CV!=;=!57:!=;RR4P!B4:Q445!:84!
678459:4;5!G!?>;4@>!
O<P<R734<>! OP43;4Q9F! /AP:84PN7P4E! Q4! C75:P7>>4=! 7P:87@P<O8;C! 734P><O! B4:Q445!
OP43;4Q9!<5=!:<P@4:F!
!"#$%&3!
:-&%2( &%;( F0&%;&$;( H-?.&0."%2( ")( 8-+.4&'( 1$",-$0.-2( )"$( 05-( L"#$( 1$-?.->( <"%;.0."%2( .%(
*+,-$./-%0(X!
(=45:;C<>!
OP43;4Q!
!
":;NA>A9!C8<P<C:4P;9:;C!
+4><:4=!
OP43;4Q!
15P4><:4=!
OP43;4Q!
&75Q7P=!
OP43;4Q!
:(
FH(
:(
FH(
:(
FH(
:(
FH(
gFL!
KFJ!
gFL!
KFJ!
gFL&
KFJ!
gFL&
KFJ!
\FK!
JFI!
\FK!
JFL!
\FK!
JFI!
\FK!
JFL!
(5;:;<>!B;@P<N!RP4WA45CV !
LFK!
JF\!
LFI!
JFg!
LFI!
JFg!
LFI!
JFg!
(5;:;<>!:P;@P<N!RP4WA45CV<!
IFI!
JFU!
IFI!
JFS!
IFI!
JFU!
IFI!
JF`!
KFJ!
JFg!
KFJ!
JFg!
KFJ!
JFU!
KFJ!
JFg!
K!
J!
e45@:8!oC8<P<C:4P9p!
<
(5;:;<>!A5;@P<N!RP4WA45CV !
<
+4@A><P;:VB!
C
+4><:;34!C8<P<C:4P!734P><O!Q;:8!:<P@4: !
D"0-F!
FKJ!
FKL!
FKJ!
FKL!
FKJ!
FKK!
/P4WA45CV! 3<>A49! <P4! C<94Z9459;:;34! <5=! 9C<>4=! :7! >7@KJ! C7A5:9! O4P! N;>>;75F! +4><:;34! C8<P<C:4P! 734P><O! Q;:8!
:<P@4:!P<5@4=!RP7N!J!:7!KF!
<
B
!'84!CANA><:4=!RP4WA45CV!7R!<>>!Q7P=9!H:VO49M!98<P;5@!:84!9<N4!;5;:;<>!%Z@P<NF!!!! !+4@A><P;:V!;9!=4R;54=!<9!:84!5ANB4P!
C
7R! =;RR4P45:! Q7P=9! H:VO49M! 7R! :84! 9<N4! >45@:8! 98<P;5@! :84! 9<N4! ;5;:;<>! :P;@P<NF! ! ! ! ! '84! 5ANB4P! 7R! C8<P<C:4P9! :84!
OP43;4Q!98<P49!Q;:8!:84!:<P@4:!H<:!:84!9<N4!O79;:;75ME!P4><:;34!:7!Q7P=!>45@:8F!
/7P!:84!:P<;5;5@!<5=!R;>>4P!945:45C49E!Q4!<>97!8<=!<5!;=45:;C<>!C75=;:;75E!BA:!57:!<!
54A:P<>! 754F! (59:4<=E! ;5! gJu! 7R! :84! 5754XO4P;N45:<>! :P;<>9E! Q4! OP4945:4=! <5! ;=45:;C<>!
OP43;4QF!'84!;=4<!B48;5=!:8;9!<OOP7<C8!Q<9!:7!>7Q4P!:84!734P<>>!P<:4!7R!=;9O><V!C8<5@49F!
'8P7A@87A:!:84!Q87>4!4XO4P;N45:!Q7P=9!Q4P4!4XC8<5@4=!;5!Ucu!7R!<>>!:P;<>9F!
KFKFKFL 0#"(2&!
'84! 4XO4P;N45:<>! =49;@5! ;NO>4N45:4=! :84! Q;:8;5Z9AB[4C:! R<C:7P! OP43;4Q! H;=45:;C<>! 39F!
P4><:4=!39F!A5P4><:4=!39F!54A:P<>M!<5=!:84!B4:Q445Z9AB[4C:!R<C:7P!C75:P<9:!H8;@8!39F!>7QMF!
#<C8! 4XO4P;N45:<>! C75=;:;75! Q<9! OP4945:4=! 4WA<>>V! 7R:45E! P45=4P;5@! Ig! 4XO4P;N45:<>!
945:45C49!O4P!OP43;4Q!C75=;:;75!<5=!9AB[4C:!<5=!I\!9AB[4C:9!O4P!C75:P<9:!C75=;:;75!<5=!
4XO4P;N45:<>!945:45C4F!%9!\`!9AB[4C:9!Q4P4!:49:4=E!4<C8!945:45C4!Q<9!P4<=!U!:;N49!;5!
4<C8!C75=;:;75F!
"4N<5:;C!*P43;4Q!.454R;:!
KFKFKF\ *+h)#01+#!
"AB[4C:9! P4<=! 4;@8:! :P<;5;5@! 945:45C49E! R7>>7Q4=! BV! :84! 4XO4P;N45:<>! <5=! R;>>4P!
945:45C49F!'84!C75:P<9:!7R!:84!945:45C49!Q<9!C759:<5:!:8P7A@87A:!:84!4XO4P;N45:F!'84!
B<Cf@P7A5=! 7R! :84! 945:45C49! Q<9! <>97! A94=! R7P! ;59:PAC:;75! 9CP4459! <5=! C<>;BP<:;759F! (5!
:84! ;=45:;C<>! OP43;4Q! C75=;:;75E! :84! :<P@4:! Q<9! OP4945:! <9! O<P<R734<>! OP43;4Q! <5=!
P4O><C4=!;:94>R!<9!9775!<9!:84!9AB[4C:9i!@<Y4!CP7994=!:84!;53;9;B>4!B7A5=<PVF!
(5! :7:<>E! 4<C8! O4P975! P4<=! KLI! 945:45C49! ;5C>A=;5@! KJJ! 4XO4P;N45:<>! 7549F!
%CCAP<CV! 7R! C7NOP48459;75! Q<9! cSuF! /7P:VZ94345! 7A:! 7R! \`! 9AB[4C:9! C7NO>4:4=! :84!
WA49:;755<;P4!C75C4P5;5@!:84!=4:4C:;75!7R!=;9O><V!C8<5@49F!
KFKFKFg $#%"1+#"!%&0!"#e#)'(h&!)+('#+(%!!
0<:<! 94>4C:;75! R7>>7Q4=! :84! OP7C4=AP4! =49CP;B4=! R7P! #XO4P;N45:! KF! %R:4P! <OO>V;5@! <>>!
R;>:4P;5@!CP;:4P;<!R7P!:84!:<P@4:!P4@;75E!<OOP7X;N<:4>V!Sgu!7R!<>>!:P;<>9!P4N<;54=!3<>;=F!/7P!
9f;OO;5@!OP7B<B;>;:;49!R7P!:84!:<P@4:E!`Ju!7R!<>>!:P;<>9!P4N<;54=F!
KFKFKFU "'%'("'()%e!%&%eb"("!!
-4! N<5;OA><:4=! :Q7! 4XO4P;N45:<>! R<C:7P9D! :4X:! C75:P<9:! <5=! OP43;4QF! (5! :84! <5<>V949E!
:84!B;5<PV!OP4=;C:7P!:4X:!C75:P<9:!Q<9!C7=4=!Q;:8!:84!H9:<:;9:;C<>M!9AN!C75:P<9:F!%9!:7!:84!
4RR4C:9! 7R! :84! =;RR4P45:! :VO49! 7R! O<P<R734<>! OP43;4QE! Q4! 9O4C;R;4=! :8P44! O><554=!
5757P:87@75<>! C75:P<9:9D! H<M! A5P4><:4=! 39F! P4><:4=! OP43;4QE! HBM! P4><:4=! 39F! ;=45:;C<>!
OP43;4QE! <5=! HCM! 575Q7P=! 39F! A5P4><:4=! OP43;4QF! '84! R;P9:! C75:P<9:! P4O>;C<:49! :84!
94N<5:;C!OP43;4Q!B454R;:9!7R!#XO4P;N45:9!K!<5=!IF!'84!94C75=!C75:P<9:!P4OP4945:9!:84!
B454R;:!P4><:4=!:7!:84!<3<;><B;>;:V!7R!:84!:<P@4:!R7P!O<P<R734<>!OP4OP7C499;5@!<9!7OO794=!
:7! <! 94N<5:;C<>>V! P4><:4=! OP43;4QF! '8;9! C75:P<9:! ;9! 7R! N<[7P! ;5:4P49:! B4C<A94! ;:! <>97!
P4OP4945:9! :84! 4RR4C:9! 7R! =;9O><V! C8<5@4! 39F! C759:<5:! =;9O><VF! '84! :8;P=! C75:P<9:! Q<9!
9O4C;R;4=!:7!43<>A<:4!O7:45:;<>!OP43;4Q!C79:!<997C;<:4=!Q;:8!A5P4><:4=!Q7P=9!P4><:;34!:7!
<! 575Q7P=! B<94>;54! H$C&<N<P<E! IJJgME! Q;:8! C75:P7>! R7P! P4>43<5:! OP7O4P:;49! 7R! ;5;:;<>!
>4::4P9F!
678459:4;5!G!?>;4@>!
KFKFI +#"1e'"!
'<B>4! `! 9ANN<P;Y49! P49A>:9! R7P! :84! :<P@4:! %! j! KF! '84! <5<>V949! <P4! B<94=! 75! LEUJJ!
7B94P3<:;759! R7P! @<Y4! <5=! R;P9:ZR;X<:;75! =AP<:;75! <5=! LEIgJ! R7P! 9;5@>4ZR;X<:;75! =AP<:;75E!
P49O4C:;34>VF!
!"#$%&4&
:-&%2(&%;(F0&%;&$;(H-?.&0."%2(")(N&$6-0(O-&;.%6(U*+,-$./-%0(XV!
!
!
)75:P<9:!
*P43;4Q!
2<Y4!
=AP<:;75!
oN9p!
/;P9:!
R;X<:;75!
=AP<:;75!
oN9p!
";5@>4!
R;X<:;75!
=AP<:;75!
oN9p!
+4R;X<:;75!
"f;OO;5@!
OP7B<B;>;:V! OP7B<B;>;:V!
e<5=;5@!
O79;:;75!
:(
FH(
:(
FH(
:(
FH(
:(
FH(
:(
FH(
:(
FH(
`\!
IIK!
SJ!
III!
SK!
FJ`!
FIS!
FJU!
FIL!
F\S!
FI\!
6;@8!
(=45:;C<>!
ILg!
!
+4><:4=!
Igg! KKJ!
ILc! KJJ!
I\I! KJI!
FJc!
FIc!
FJU!
FIL!
F\`!
FI\!
!
15P4><:4=!
I`K! KJ\!
IUJ!
cc!
IU`! KJJ!
FKI!
FLI!
FJg!
FIK!
F\`!
FIg!
!
&75Q7P=!
IcI! KJL!
ISK!
cc!
IS`!
cc!
FKL!
FL\!
FJL!
FKS!
F\S!
FI\!
e7Q!
(=45:;C<>!
ILS!
cL!
IIK!
SL!
II\!
SL!
FJS!
FIU!
FKJ!
FLJ!
FgK!
FIS!
!
+4><:4=!
I\U!
``!
ILg!
`I!
IL`!
`L!
FJU!
FI\!
FJc!
FIc!
FgK!
FIS!
!
15P4><:4=!
ISL! KJS!
IgK!
c\!
IgU!
cL!
FKI!
FLI!
FJg!
FIL!
F\c!
FIS!
!
&75Q7P=!
I`\!
IUL!
`c!
ISI!
`S!
FKJ!
FLJ!
FJg!
FIK!
FgJ!
FIU!
D"0-F!
c\!
+4R;X<:;75!OP7B<B;>;:VE!9f;OO;5@!OP7B<B;>;:VE!<5=!><5=;5@!O79;:;75!P<5@4=!RP7N!J!:7!KF!
(5! :84! R7>>7Q;5@E! Q4! P4O7P:! P49A>:9! 97P:4=! <CC7P=;5@! :7! :84! :8P44! O><554=!
C7NO<P;9759E!H<M!94N<5:;C!OP43;4Q!B454R;:E!HBM!=;9O><VZC8<5@4!4RR4C:E!<5=!HCM!=;RR4P45C49!
B4:Q445! 54A:P<>! <5=! A5P4><:4=! OP43;4Q9E! <5=! :84;P! <997C;<:4=! ;5:4P<C:;759! R7P! R;X<:;75!
=AP<:;759E!P4R;X<:;759E!<5=!9f;OO;5@9tQ4!7B:<;54=!57!9;@5;R;C<5:!4RR4C:9!75!:84!P4><:;34!
:<P@4:! ><5=;5@! O79;:;75! H<>>! y0y9! {! KF\MF! '84! 94C:;759! <B7A:! H<M! N<;5! 4RR4C:9! 7R! :4X:!
C75:P<9:! <5=! C73<P;<:49E! HBM! :84! OP4:<P@4:E! <5=! HCM! :84! ;5R>A45C4! 7R! =;9O><VZC8<5@4!
<Q<P45499! Q;>>! R7>>7QF! hN;99;75! 7R! =4O45=45:! 3<P;<B>49! 7P! 4RR4C:9! Q;:8;5! 754! 7R! :84!
94C:;759!;NO>;49!:8<:!:84P4!Q<9!57!9;@5;R;C<5:!P49A>:F!
"4N<5:;C!*P43;4Q!.454R;:!
)h&'+%"'!KD!"#$%&'()!*+#,(#-!.#&#/('!H1&+#e%'#0!,"F!+#e%'#0!*+#,(#- M!
L.+&0."%(;#$&0."%2(
'84!94N<5:;C!OP43;4Q!B454R;:!7R!:84!R;P9:!:Q7!4XO4P;N45:9!Q<9!P4O>;C<:4=!R7P!<>>!:VO49!7R!
R;X<:;75!=AP<:;759!<5=!<:!B7:8!>434>9!7R!C75:P<9:F!/;X<:;75!:;N49!75!:84!:<P@4:!<@<;5!Q4P4!
9;@5;R;C<5:>V!>75@4P!R7P!A5P4><:4=!:8<5!R7P!94N<5:;C<>>V!P4><:4=!OP43;4Q9!H@!m!JFKKE!0!m!UFJE!
R7P! @<Y4! =AP<:;759a! @! m! JFKJE! 0! m! gF\E! R7P! R;P9:ZR;X<:;75! =AP<:;759a! @! m! JFJ`E! 0! m! \FLE! R7P!
9;5@>4ZR;X<:;75! =AP<:;759MF! '84! 54Q! :4X:! C75:P<9:! =;=! 57:! ;5:4P<C:! Q;:8! P4><:4=! 39F!
A5P4><:4=!OP43;4Q!H<>>!y0y9!{!KFUUMF!
/;@AP4!g!987Q9!:<P@4:!@<Y4!=AP<:;75!<9!<!RA5C:;75!7R!OP43;4Q!:VO4!<5=!><A5C8!9;:4!
=;9:<5C4F!'84!=;RR4P45C4!B4:Q445!A5P4><:4=!<5=!P4><:4=!OP43;4Q9!9;@5;R;C<5:>V!=4CP4<94=!
Q;:8!><A5C8!9;:4!=;9:<5C4!H@!m!sJFJLE!0!m!sLFLE!R7P!@<Y4!=AP<:;759a!@!m!sJFJLE!0!m!sLFJE!R7P!
R;P9:ZR;X<:;75! =AP<:;759a! @! m! sJFJLE! 0! m! sIF`E! R7P! 9;5@>4ZR;X<:;75! =AP<:;759MF! '8494! P49A>:9!
P4O>;C<:4! #XO4P;N45:9! K! <5=! IE! BA:! Q4! R<;>4=! :7! P4O>;C<:4! :84! ;5R>A45C4! 7R! OP4:<P@4:!
R;X<:;75!=AP<:;759!75!OP43;4Q!B454R;:!P4O7P:4=!R7P!:84!R;P9:!:Q7!4XO4P;N45:9!H<>>!y0y9!{!
KFJ`Ma!:84!:P45=!Q<9!;5!:84!4XO4C:4=!=;P4C:;75!R7P!9;X!7A:!7R!5;54!C7NB;5<:;759F!
O-).+&0."%(,$"@&@.'.03(
'84! OP7B<B;>;:V! 7R! <! :<P@4:! P4R;X<:;75! Q<9! P4>;<B>V! 8;@84P! R7P! A5P4><:4=! :8<5! P4><:4=!
OP43;4Q9!H@!m!JFgUE!E!m!LFIME!;5=;C<:;5@!N7P4!4RR;C;45:!OP7C499;5@!7R!:<P@4:9!R7P!Q8;C8!<!
94N<5:;C<>>V!P4><:4=!OP43;4Q!Q<9!OP4945:4=F!
FB.,,.%6(,$"@&@.'.03(
'84!OP7B<B;>;:V!7R!:<P@4:!9f;OO;5@!Q<9!>7Q4P!;5!:84!A5P4><:4=!OP43;4QE!Q845!C7NO<P4=!
:7!:84!P4><:4=!OP43;4Q!C75=;:;75!Hgu!39F!Sua!@!m!sJFg\E!E(m!sIF\MF!'84P4!Q<9!57!43;=45C4!
;5=;C<:;5@! :8<:! OP43;4Q! C75=;:;75! ;5R>A45C49! 9f;OO;5@! ;5! #XO4P;N45:9! K! <5=! IE! BA:! :8;9!
P49A>:! ;9! ;5! <@P44N45:! Q;:8! R;5=;5@9! RP7N! :84! R;P9:! 9:A=V! 75! 94N<5:;C! OP43;4Q! B454R;:D!
+<V54P! 4:! <>F! HKc`UM! P4O7P:4=! <! 9;@5;R;C<5:>V! 8;@84P! OP7B<B;>;:V! 7R! :<P@4:! 9f;OO;5@! ;R! :84!
OP43;4Q! Q<9! ;=45:;C<>E! 7P! <! 94N<5:;C<>>V! P4><:4=! Q7P=! HSuME! C7NO<P4=! :7! <5! A5P4><:4=!
Q7P=!HKuMF!
678459:4;5!G!?>;4@>!
Preview
identical
related
unrelated
nonword
Target gaze duration [ms]
280
260
240
220
200
7
6
5
4
3
2
Launchïsite distance [characters]
1
!
+,-./%& 10! "4C75=Z7P=4P! O7>V57N;<>! :P45=! 7R! :84! P4@P499;75! 7R! :<P@4:! @<Y4! =AP<:;75! H75! <! >7@! 9C<>4M! 75!
><A5C8! 9;:4! =;9:<5C4! R7P! ;=45:;C<>E! P4><:4=E! A5P4><:4=E! <5=! 575Q7P=! OP43;4Q9! H#XO4P;N45:! LMF! 0<:<! RP7N!
B7:8! C75:P<9:! C75=;:;759! Q4P4! C7NB;54=F! .4:Q445Z9AB[4C:! <5=! B4:Q445Z945:45C4! 3<P;<5C4! <5=! R;X4=!
4RR4C:9! <997C;<:4=! Q;:8! :4X:! C75:P<9:! 8<34! B445! P4N734=! RP7N! :84! =4O45=45:! 3<P;<B>4F! #PP7P! B<P9!
P4OP4945:!9:<5=<P=!4PP7P9F!'84!34PV!;5RP4WA45:!:P;<>9!Q;:8!<!><A5C8!9;:4!=;9:<5C4!7R!4;@8:!C8<P<C:4P9!Q4P4!
7N;::4=!HJF`uMF!
KFKFIFK )h&'+%"'!ID!0("*e%bZ)6%&2#!#//#)'!H+#e%'#0!,"F!(0#&'()%e!*+#,(#-M!
-4! N<V! ;5:4POP4:! :84! 94C75=! C75:P<9:! <9! :84! ;5R>A45C4! <997C;<:4=! Q;:8! :84! =;9O><V!
C8<5@4F! (5! :84! ;=45:;C<>! C75=;:;75E! :84! :<P@4:! Q<9! C759:<5:>V! 3;9;B>4! =AP;5@! :84! P4<=;5@!
OP7C499F!
L.+&0."%(;#$&0."%2(
/;P9:ZR;X<:;75!=AP<:;759!H@!m!JFJgE!0!m!IFIM!<5=!9;5@>4ZR;X<:;75!=AP<:;759!H@!m!JFJgE!0!m!IFLM!
Q4P4! 9;@5;R;C<5:>V! 987P:4P! R7P! ;=45:;C<>! P<:84P! :8<5! P4><:4=! OP43;4Q9a! :84! C75:P<9:! ;9!
N<P@;5<>>V! 9;@5;R;C<5:! R7P! @<Y4! =AP<:;759! H0! m! KF`cMF! '8;9! =;RR4P45C4! B4:Q445! OP43;4Q!
"4N<5:;C!*P43;4Q!.454R;:!
C75=;:;759!Q<9!57:!9;@5;R;C<5:>V!N7=A><:4=!BV!:4X:!C75:P<9:!H<>>!y0y9!{!JFUgME!><A5C8!9;:4!
=;9:<5C4!H<>>!y0y9!{!JFUa!944!/;@AP4!gME!7P!OP4:<P@4:!R;X<:;75!=AP<:;75!H<>>!y0y9!{!KFUUMF!
KFKFIFI )h&'+%"'! LD! *+#,(#-!
*+#,(#- M!
)h"'! 01#! 'h! 1&+#e%'#0! -h+0! H&h&-h+0! ," F! 1&+#e%'#0!
L.+&0."%(;#$&0."%2(
/AP:84PN7P4E!C7NO<P4=!:7!54A:P<>!575Q7P=!OP43;4Q9E!:<P@4:!R;X<:;759!Q4P4!987P:4P!R7P!
A5P4><:4=!7549!H@!m!JFJgE!0!m!LFUE!R7P!@<Y4!=AP<:;759a!@!m!JFJUE!0!m!\FIE!R7P!R;P9:ZR;X<:;75!
=AP<:;759a!@!m!JFJgE!0!m!LF`E!R7P!9;5@>4ZR;X<:;75!=AP<:;759MF!'8A9E!Q4!8<34!57!43;=45C4!;5!
R;X<:;75! =AP<:;759! 7R! OP43;4Q! C79:! RP7N! wQP75@x! Q7P=9! ;5:4PR4P;5@F! +<:84PE! :84!
O<P<R734<>! OP4945C4! 7R! <5! A5P4><:4=! Q7P=! P49A>:4=! ;5! 987P:4P! :<P@4:! R;X<:;759E! ;R!
C7NO<P4=! :7! <! OP757A5C4<B>4! 575Q7P=! OP43;4QF! '8;9! =;RR4P45C4! B4:Q445! OP43;4Q!
C75=;:;759!Q<9!57:!9;@5;R;C<5:>V!N7=A><:4=!BV!:4X:!C75:P<9:!H<>>!y0y9!{!KFI\M!7P!><A5C8!9;:4!
=;9:<5C4!H<>>!y0y9!{!KFJSa!944!/;@AP4!gMF!
'8;9! C75:P<9:! =4O45=9! 75! OP4:<P@4:! R;X<:;75! =AP<:;75D! '84! ;5:4P<C:;75! B4:Q445!
54A:P<>!39F!A5P4><:4=!OP43;4Q!<5=!OP4:<P@4:!R;P9:ZR;X<:;75!=AP<:;75!Q<9!P4>;<B>4!R7P!:<P@4:!
R;P9:ZR;X<:;75!=AP<:;75!H@!m!JFJcE!0!m!IFKM!<5=!9;5@>4ZR;X<:;75!=AP<:;75!H@!m!JFKKE!0!m!IF\Ma!R7P!
:<P@4:! @<Y4! =AP<:;75! :84! 4RR4C:! Q<9! N<P@;5<>>V! 9;@5;R;C<5:! H0! m! KF`JMF! e75@4P! OP4:<P@4:!
R;X<:;759! Q4P4! C7554C:4=! :7! ><P@4P! =;RR4P45C49! 7R! :<P@4:! R;X<:;75! =AP<:;759! B4:Q445!
54A:P<>!<5=!A5P4><:4=!OP43;4Q9F!
/;5<>>VE! <5<>V949! P434<>4=! <! :8P44ZR<C:7P! ;5:4P<C:;75! B4:Q445! 54A:P<>! 39F!
A5P4><:4=! OP43;4QE! OP4:<P@4:! R;X<:;75! =AP<:;75E! <5=! :4X:! C75:P<9:E! ;5=;C<:;5@! :8<:! :84!
;5R>A45C4! 7R! OP43;4Q! :;N4! 75! :84! OP7C499;5@! 7R! 54A:P<>! <5=! A5P4><:4=! OP43;4Q9!
=4O45=4=! 75! C75:P<9:F! '8;9! 4RR4C:! Q<9! 75>V! 9;@5;R;C<5:! Q;:8! 9;5@>4ZR;X<:;75! =AP<:;75! <9!
OP4=;C:7P!<5=!@<Y4!=AP<:;75!<9!=4O45=45:!3<P;<B>4!H@!m!JFIKE!0!m!IFKMF!*79:!87C!<5<>V949!
7R! @<Y4! =AP<:;759! P434<>4=! :8<:! <>97! <! P4>;<B>4! ;5:4P<C:;75! B4:Q445! 575Q7P=! 39F!
A5P4><:4=! OP43;4Q! <5=! OP4:<P@4:! 9;5@>4ZR;X<:;75! =AP<:;75! Q<9! OP4945:! R7P! :84! >7QZ
C75:P<9:! C75=;:;75! H@! m! JFKSE! 0! m! IFLME! :8;9! ;5:4P<C:;75! Q<9! 57:! 9;@5;R;C<5:! R7P! :84! 8;@8Z
C75:P<9:!C75=;:;75!H@!m!sJFJ\E!0!m!sJFUJMF!
678459:4;5!G!?>;4@>!
KFKFIFL $%(&! #//#)'"! h/! '#k'! )h&'+%"'E! *+#'%+2#'! /(k%'(h&! 01+%'(h&E! %&0! e%1&)6! "('#!
0("'%&)#! !
'84!=49;@5!;5C>A=49!N<;5!4RR4C:9!7R!:4X:!C75:P<9:E!OP4:<P@4:!R;X<:;75!=AP<:;75E!<5=!><A5C8!
9;:4F! %9! N<;5! 4RR4C:9E! BV! ;NO>;C<:;75E! :84V! <P4! 7R! O7:45:;<>! ;5:4P49:! ;R! :84V! <P4!
<CC45:A<:4=!;5!;5:4P<C:;759!Q;:8!OP43;4Q!C75:P<9:9F!
N-+0(4"%0$&20(
'84!N<;5!4RR4C:!7R!:4X:!C75:P<9:!Q<9!57:!9;@5;R;C<5:!R7P!R;X<:;75!=AP<:;759!H<>>!y0y9!{!JFSMF!
67Q434PE! :<P@4:! 9f;OO;5@! P<:4! Q<9! 9;@5;R;C<5:>V! P4=AC4=! ;5! :84! 8;@8ZC75:P<9:! C75=;:;75E!
C7NO<P4=!:7!:84!>7QZC75:P<9:!C75=;:;75!Hgu!39F!Sua!@!m!KFJKE!E(m!IFJMF!%:!R;P9:!@><5C4E!:8;9!
P49A>:! <OO4<P9! C7A5:4P;5:A;:;34E! BA:! N79:! >;f4>V! ;:! ;9! =A4! :7! :84! OP4:<P@4:! R;X<:;75!
=AP<:;75! B4;5@! 9;@5;R;C<5:>V! >75@4P! <:! >7Q! :4X:! C75:P<9:! H944! B4>7QME! 45:<;>;5@! <! >75@4P!
<3<;><B;>;:V!7R!:84!O<P<R734<>!OP43;4QF!!
1$-0&$6-0().+&0."%(;#$&0."%(
'84!C7NB;5<:;75!7R!@<Y4!=AP<:;75E!R;P9:ZR;X<:;75!=AP<:;75E!<5=!9;5@>4ZR;X<:;75!=AP<:;75!<9!
OP4:<P@4:! HOP4=;C:7PM! <5=! :<P@4:! H=4O45=45:! 3<P;<B>4M! P49A>:4=! ;5! 5;54! <5<>V949F! /;P9:Z
R;X<:;75! <5=! 9;5@>4ZR;X<:;75! =AP<:;759! 75! :<P@4:9! ;5CP4<94=! 9;@5;R;C<5:>V! Q;:8! ;5CP4<9;5@!
OP4:<P@4:!@<Y4!HB7:8!09!|!IFLM!<5=!9;5@>4ZR;X<:;75!HB7:8!09!|!IFKM!=AP<:;759a!:84!4RR4C:!Q<9!
57:!9;@5;R;C<5:!;5!:84!P4N<;5;5@!<5<>V949!H<>>!y0y9!{!KFgMF!
8&#%45(2.0-(;.20&%4-(
'84! N<;5! 4RR4C:! 7R! ><A5C8! 9;:4! =;9:<5C4! Q<9! 9;@5;R;C<5:! R7P! @<Y4! =AP<:;75! H@! m! JFJKE! 0! m!
LFgME!BA:!57:!R7P!R;P9:Z!<5=!9;5@>4ZR;X<:;75!=AP<:;75!HB7:8!y0y9!{!KF\LMF!
KFKFIF\ *+#'%+2#'!
'<B>4! c! 9ANN<P;Y49! P49A>:9! R7P! 4RR4C:9! 75! OP4:<P@4:! R;X<:;75! =AP<:;759F! '84V! Q4P4!
9;@5;R;C<5:>V!987P:4P!Q845!:84!:4X:!Q<9!OP4945:4=!Q;:8!8;@8!P<:84P!:8<5!>7Q!C75:P<9:!H@!m!
JFJ`E!0!m!KFcSE!R7P!@<Y4!=AP<:;759a!@!m!JFJ`E!:!m!KFcUE!R7P!R;P9:ZR;X<:;75!=AP<:;759a!@!m!JFJ`E!0!
m! IFJE! R7P! 9;5@>4ZR;X<:;75! =AP<:;759MF! -4! 7B:<;54=! 57! P4>;<B>4! 4RR4C:9! 7R! OP43;4Q! <5=!
:84P4R7P4!57!O<P<R734<>Z75ZR734<>!4RR4C:9F!
"4N<5:;C!*P43;4Q!.454R;:!
!"#$%&5!
:-&%2(&%;(F0&%;&$;(H-?.&0."%2(")(1$-0&$6-0(O-&;.%6(U*+,-$./-%0(XV!
!
!
2<Y4!=AP<:;75! /;P9:!R;X<:;75! ";5@>4!R;X<:;75!
oN9p!
=AP<:;75!oN9p! =AP<:;75!oN9p!
)75:P<9:!
*P43;4Q!
:(
FH(
:(
FH(
:(
FH(
6;@8!
(=45:;C<>!
I\I!
`U!
IIg!
SI!
II`!
SK!
!
+4><:4=!
ILU!
``!
IKS!
U`!
IKc!
Uc!
!
15P4><:4=!
I\J!
cK!
IIL!
`L!
II`!
`\!
!
&75Q7P=!
I\S!
KJL!
IIK!
SS!
II\!
Sc!
e7Q!
(=45:;C<>!
ISJ!
KKg!
ILc!
Sg!
I\\!
SL!
!
+4><:4=!
IUL!
cg!
ILc!
`I!
I\U!
`L!
!
15P4><:4=!
IUJ!
cL!
I\K!
`I!
I\g!
`K!
!
&75Q7P=!
IgU!
``!
ILg!
Sg!
I\K!
S\!
!
KFKFIFg %-%+#&#""!h/!0("*e%b!)6%&2#!
0;9O><V! C8<5@49! 7CCAPP4=! 75! Ucu! 7R! :84! :P;<>9! ;5! :8;9! 4XO4P;N45:a! ;5! :84! R;P9:! :Q7!
4XO4P;N45:9E!:84V!7CCAPP4=!75!434PV!:P;<>F!'8;P:VZR7AP!7A:!7R!\S!9AB[4C:9!HSIuM!57:;C4=!
:8<:! =;9O><V! C8<5@49! :77f! O><C4F! '84! 94>RZP4O7P:4=! RP4WA45CV! 7R! =;9O><V! C8<5@4! P<5@4=!
RP7N!Ju!:7!`Jua!:Q7!<59Q4P9!;5=;C<:4=!49:;N<:49!HSJu!<5=!`JuM!8;@84P!:8<5!:84!<C:A<>!
RP4WA45CVF!$4<5!Q<9!KSu!HFH!m!IKuMa!N4=;<5!Q<9!KJuF!+4><:;34!:7!:84!<C:A<>!5ANB4P!
7R!=;9O><V!C8<5@49E!N4<5!=4:4C:;75!P<:4!Q<9!Igu!H;5!<CC7P=!Q;:8!:84!8;:!P<:4!P4O7P:4=!BV!
"><::4PV!4:!<>FE!IJKKMF!'84!3<>A49!P4O7P:4=!BV!9AB[4C:9!=;=!57:!P4>;<B>V!=;RR4P!B4:Q445!:84!
:4X:!C75:P<9:!C75=;:;759E!Q845!A9;5@!<!-;>C7X75!P<5f!9AN!:49:!:7!C7PP4C:!R7P!9f4Q5499!
HP! m! IccE! ,! m! FUIMa! 5AN4P;C<>>VE! 87Q434PE! :84! N4<5! ;5! :84! >7QZC75:P<9:! C75=;:;75! Q<9!
>7Q4P! :8<5! ;5! :84! 8;@8ZC75:P<9:! C75=;:;75! HKgu! 39F! KcuMF! /;@AP4! U! =;9O><V9! :<P@4:! @<Y4!
=AP<:;75! <9! <! RA5C:;75! 7R! OP43;4Q! :VO4! <5=! :84! OP7O7P:;75! 7R! :P;<>9! ;5! Q8;C8! <! =;9O><V!
C8<5@4!Q<9!=4:4C:4=!H94>RZP4O7P:MF!h54!N<;5!WA49:;75!;9!Q84:84P!:84!94N<5:;C!OP43;4Q!
B454R;:!C7PP4><:49!Q;:8!:84!O4PC4O:;75!7R!=;9O><V!C8<5@49F!(5!<5!e$$!R7P!@<Y4!=AP<:;759!
Q;:8! 4RR4C:9! 7R! OP43;4Q! :VO49E! :4X:! C75:P<9:E! =;9O><VZC8<5@4! P4C7@5;:;75! P<:4E! <5=! <>>!
;5:4P<C:;759! 75>V! P4C7@5;:;75! P<:4! Q<9! 9;@5;R;C<5:! H@! m! JFJJIE! 0! m! IFKMa! :8;9! 4RR4C:! Q<9!
678459:4;5!G!?>;4@>!
N<P@;5<>>V! 9;@5;R;C<5:! R7P! 9;5@>4ZR;X<:;75! =AP<:;759! H0! m! KFSgME! BA:! 57:! R7P! R;P9:ZR;X<:;75!
=AP<:;759!H0!m!KFgUMF!'4X:!C75:P<9:!Q<9!5434P!9;@5;R;C<5:!H<>>!y0y9!{!JF`UMF!
Preview
identical
related
unrelated
20 %
40 %
60 %
nonword
340
Target gaze duration [ms]
320
300
280
260
240
220
0%
80 %
Proportion of trials in which display changes were detected
!
+,-./%&6020!e;54<P!:P45=!7R!:84!P4@P499;75!7R!:<P@4:!@<Y4!=AP<:;75!H75!<!>7@!9C<>4M!75!:84!OP7O7P:;75!7R!:P;<>9!
;5! Q8;C8! =;9O><V! C8<5@49! Q4P4! =4:4C:4=! H94>RZP4O7P:M! R7P! ;=45:;C<>E! P4><:4=E! A5P4><:4=E! <5=! 575Q7P=!
OP43;4Q9! H#XO4P;N45:! LMF! 0<:<! RP7N! B7:8! C75:P<9:! C75=;:;759! Q4P4! C7NB;54=F! .4:Q445Z9AB[4C:! <5=!
B4:Q445Z;:4N! 3<P;<5C4! <5=! R;X4=! 4RR4C:9! <997C;<:4=! Q;:8! :4X:! C75:P<9:! 8<34! B445! P4N734=! RP7N! :84!
=4O45=45:! 3<P;<B>4F! ';Cf! N<Pf9! 75! :84! 87P;Y75:<>! <X;9! ;5=;C<:4! 7B94P34=! 3<>A49F! "8<=4=! 4PP7P! B<5=9!
P4OP4945:!cgu!C75R;=45C4!;5:4P3<>F&
(5:4P49:;5@>VE! Q4! 7B:<;54=! <! P4>;<B>4! ;5:4P<C:;75! B4:Q445! :84! 94>RZP4O7P:4=!
=;9O><VZC8<5@4! <Q<P45499! <5=! :84! =;9O><VZC8<5@4! C75:P<9:! H@! m! JFJJIE! 0! m! IFUE! R7P! @<Y4!
=AP<:;759a! @! m! JFJJIE! 0! m! IFIE! R7P! R;P9:ZR;X<:;75! =AP<:;759a! @! m! JFJJIE! 0! m! IFLE! R7P! 9;5@>4Z
R;X<:;75! =AP<:;759MF! '84! =;RR4P45C4! B4:Q445! P4><:4=! <5=! ;=45:;C<>! OP43;4Q9! ;5CP4<94=!
Q;:8!;5CP4<9;5@!=;9O><VZC8<5@4!<Q<P45499F!lA9:!<9!;5!#XO4P;N45:9!K!<5=!IE!:84P4!Q<9!57!
P4>;<B>4! ;5:4P<C:;75! B4:Q445! =;9O><VZC8<5@4! <Q<P45499! <5=! :84! 94N<5:;C! OP43;4Q!
B454R;:! H<>>! y0y9! {! JFUIMF! 645C4E! :84P4! ;9! 57! 43;=45C4! :8<:! <! 9AB[4C:i9! <B;>;:V! :7! =4:4C:!
"4N<5:;C!*P43;4Q!.454R;:!
=;9O><V! C8<5@49! <RR4C:9! :84! N<@5;:A=4! 7R! :84! 94N<5:;C! OP43;4Q! B454R;:F! ";N;><P>VE!
=;9O><VZC8<5@4! <Q<P45499! =749! 57:! P4><:4! =;RR4P45:;<>>V! :7! 54A:P<>! <5=! A5P4><:4=!
OP43;4Q9! H<>>! y0y9! {! KFgLMF! (5! /;@AP4! LFUE! :84! 9>7O4! 7R! :84! P4@P499;75! >;54! R7P! ;=45:;C<>!
OP43;4Q9!;9!57:!9;@5;R;C<5:>V!=;RR4P45:!RP7N!Y4P7!H@!m!JFJJJ\E!0!m!JFLcE!R7P!@<Y4!=AP<:;759a!
@! m! JFJJJJ\E! 0! m! JFJ\E! R7P! R;P9:ZR;X<:;75! =AP<:;759a! @! m! sJFJJJJKE! 0! m! sJFJKE! R7P! 9;5@>4Z
R;X<:;75!=AP<:;759MF!
0(")1""(h&!
"AB[4C:9!P4<=!945:45C49!;5!Q8;C8!<!CP;:;C<>!:<P@4:!Q<9!;5;:;<>>V!7CCAO;4=!BV!<5!;=45:;C<>E!<!
94N<5:;C<>>V!P4><:4=E!<5!A5P4><:4=E!7P!<!54A:P<>!OP757A5C4<B>4!575Q7P=!OP43;4QE!Q8;C8!
9AB94WA45:>V!Q<9!P4O><C4=!BV!:84!:<P@4:F!"45:45C49!Q4P4!OP4945:4=!Q;:8!<!8;@8!7P!<!>7Q!
C75:P<9:F! %9! 7OO794=! :7! A5P4><:4=! OP43;4Q9E! :<P@4:! R;X<:;759! Q4P4! 987P:4P! ;R! <!
94N<5:;C<>>V!P4><:4=!OP43;4Q!Q<9!OP4945:4=!O<P<R734<>>VE!P4O>;C<:;5@!:84!CP;:;C<>!P49A>:9!
7R!#XO4P;N45:9!K!<5=!IF!
%9!4XO4C:4=E!R;X<:;75!:;N49!Q4P4!RAP:84P!P4=AC4=!Q845!:84!OP43;4Q!Q<9!;=45:;C<>!
:7! :84! :<P@4:! <5=! :84P4R7P4! <>>7Q4=! R7P! O<P<R734<>! OP7C499;5@! 7R! :84! :<P@4:F! -845!
C7NO<P4=!:7!575;=45:;C<>!OP43;4Q9E!:84!N<[7P!<=3<5:<@4!7R!;=45:;C<>!OP43;4Q9!8<9!B445!
=4N759:P<:4=! ;5! N<5V! 9:A=;49! H944! "C87::4P! 4:! <>FE! IJKIE! R7P! <! P43;4QMF! (NO7P:<5:>VE!
<>:87A@8! Q4! :77f! @P4<:! C<P4! ;5! C759:PAC:;5@! 54A:P<>! 575Q7P=9E! :<P@4:! R;X<:;75! :;N49!
Q4P4! 987P:4P! ;5! :84! A5P4><:4=E! C7NO<P4=! :7! :84! 575Q7P=! OP43;4Q! C75=;:;75F! %>>!
575Q7P=! 9:;NA>;! Q4P4! A5;WA4! <5=! OP757A5C4<B>4F! (5! <==;:;75E! ;=45:;C<>E! P4><:4=E!
A5P4><:4=E! <5=! 575Q7P=! OP43;4Q9! Q4P4! N<:C84=! 75! 9434P<>! 7P:87@P<O8;C! <5=! >4X;C<>!
3<P;<B>49F!-4!<@P44!Q;:8!7:84P!P494<PC84P9!Q87!9:<:4!:8<:!<!w54A:P<>x!OP43;4Q!;9!=;RR;CA>:!
:7! =4R;54! R7P! P4<=;5@E! BA:! :84! A94! 7R! 575Q7P=9! <9! P4R4P45C4! C75=;:;75! R7P! :84!
C7NOA:<:;75! 7R! OP43;4Q! B454R;:! >4<349! 7O45! <5! ;5:4POP4:<:;75! 7R! OP43;4Q! B454R;:! ;5!
:4PN9! 7R! OP43;4Q! C79:! ;R! 575Q7P=9! ;5=AC4! ;58;B;:7PV! OP7C49949! =AP;5@! >4X;C<>! <CC499F!
&75Q7P=9!N<V!:<f4!>75@4P!:7!45C7=4!:8<5!P4<>!Q7P=9F!%9!<!C7594WA45C4E!:84!OP7C499;5@!
7R! <! O<P<R734<>! 575Q7P=! N<V! 9O;>>! 734P! ;5:7! OP7C499;5@! 7R! :84! :<P@4:! H944! $C&<N<P<E!
IJJgE!R7P!<!=;9CA99;75MF!";5C4!A5P4><:4=!OP43;4Q9!=;=!57:!P49A>:!;5!>75@4P!R;X<:;759!:8<5!
575Q7P=9E!Q4!8<34!57!43;=45C4!:8<:!:84!94N<5:;C!OP43;4Q!B454R;:!7B:<;54=!Q<9!=A4!:7!
;58;B;:;75! RP7N! A5P4><:4=! OP43;4Q9F! 67Q434PE! ;:! ;9! <>97! O799;B>4! :8<:! <>>! :VO49! 7R!
678459:4;5!G!?>;4@>!
575;=45:;C<>! OP43;4Q! C<A94! ;5:4PR4P45C4E! BA:! P4><:4=! Q7P=9! =7! 97! >499! :8<5! A5P4><:4=!
7549F! (5! -8;:4! 4:! <>Fi9! HIJJ`M! 9:A=V! 75! 94N<5:;C! OP43;4Q! B454R;:! Q;:8;5! /;55;98!
C7NO7A5=9E! :84! 7P=4P! 7R! @<Y4! =AP<:;759! <CP799! OP43;4Q! :VO49! Q<9! ;=45:;C<>! {!
94N<5:;C<>>V! P4><:4=! {! A5P4><:4=! {! OP757A5C4<B>4! 575Q7P=F! $79:! ;NO7P:<5:>VE! @<Y4!
=AP<:;75! 75! :84! C7NO7A5=! HN4<9AP4=! RP7N! Q845! :84! :<P@4:! C759:;:A45:! Q<9! R;X<:4=!
R;P9:M!Q<9!9;@5;R;C<5:>V!>75@4P!R7P!575Q7P=!:8<5!A5P4><:4=!OP43;4Q9F!
#XO4P;N45:9! K! <5=! I! OP7=AC4=! P4>;<B>4! 43;=45C4! ;5=;C<:;5@! :8<:! ><A5C8! 9;:4!
=;9:<5C4! 8<9! <5! ;NO<C:! 75! 94N<5:;C! OP43;4Q! B454R;:F! #XO4P;N45:! L! OP7=AC4=! :8;9!
43;=45C4! <9! Q4>>F! '84! ;5:4P<C:;75! Q<9! 9:<:;9:;C<>>V! :84! 9<N4! R7P! B7:8! >434>9! 7R! C75:P<9:F!
(5:4P49:;5@>VE! 54;:84P! P4><:4=! 39F! ;=45:;C<>! 57P! 575Q7P=! 39F! A5P4><:4=! OP43;4Q! B454R;:9!
Q4P4!9;@5;R;C<5:>V!;5R>A45C4=!BV!:84!=;9:<5C4!B4:Q445!OP4:<P@4:!R;X<:;75!>7C<:;75!<5=!:84!
OP43;4Q! Q7P=F! %9! ;9! 987Q5! ;5! /;@AP4! gE! :84! P4@P499;75! >;549! 7R! 575Q7P=! <5=! A5P4><:4=!
OP43;4Q9! <P4! WA;:4! 9;N;><PF! %>97E! :84! P4@P499;75! >;549! 7R! P4><:4=! <5=! ;=45:;C<>! OP43;4Q9!
<P4!<>N79:!O<P<>>4>F!!
%9!7OO794=!:7!:84!P7BA9:!4RR4C:!7R!<5!;NO<C:!7R!><A5C8!9;:4!=;9:<5C4!75!OP43;4Q!
B454R;:E!:84!43;=45C4!7R!<5!;5R>A45C4!7R!OP4:<P@4:!R;X<:;75!=AP<:;75!;9!34PV!4>A9;34F!'84!
=;RR4P45C4! B4:Q445! A5P4><:4=! <5=! P4><:4=! OP43;4Q9! Q<9! 5434P! 9;@5;R;C<5:>V! N7=A><:4=!
BV!OP4:<P@4:!R;X<:;75!=AP<:;75!7P!:84!;5:4PO><V!B4:Q445!OP4:<P@4:!R;X<:;75!=AP<:;75!<5=!
:4X:!C75:P<9:F!(5!#XO4P;N45:9!K!<5=!IE!:8;9!4RR4C:!Q<9!:45A7A9!<:!B49:!<5=!OP4945:!75>V!;5!
<! R4Q! <5<>V949F! 67Q434PE! :84P4! Q<9! 97N4! 43;=45C4! ;5=;C<:;5@! <! N7=A><:;75! 7R! :84!
=;RR4P45C4!B4:Q445!575Q7P=!<5=!A5P4><:4=!OP43;4Q9!BV!OP4:<P@4:!R;X<:;75!=AP<:;75!<5=!
C75:P<9:F! "APOP;9;5@>VE! :8;9! OP43;4Q! B454R;:! N7=A><:;75! BV! OP4:<P@4:! R;X<:;75! :;N4! Q<9!
>;N;:4=! :7! :84! >7QZC75:P<9:! C75=;:;75F! *799;B>VE! ;58;B;:;75! OP7C49949! <P;9;5@! RP7N!
OP7>75@4=! OP4945C4! 7R! :84! O<P<R734<>! 575Q7P=! Q4P4! P49O759;B>4! R7P! :8;9! 7A:C7N4F!
+4=AC4=!C75:P<9:!N<V!=4><V!O<P<R734<>!;5R7PN<:;75!4X:P<C:;75!<5=!:84P4R7P4!;58;B;:;75F!
(5!@454P<>E!N7=A><:;75!7R!OP43;4Q!B454R;:!4RR4C:9!BV!OP4:<P@4:!3;4Q;5@!:;N4!Q<9!Q4<fE!
BA:!R7>>7QZAO9!75!:8494!P49A>:9!N<V!@P4<:>V!C75:P;BA:4!:7!<5!A5=4P9:<5=;5@!7R!O<P<R734<>!
;5R7PN<:;75!4X:P<C:;75!=AP;5@!P4<=;5@F!
'84!;NO<C:!7R!:84!:4X:!C75:P<9:!N<5;OA><:;75!75!P4<=;5@!Q<9t<9;=4!RP7N!N<;5!
4RR4C:9!75!:<P@4:!9f;OO;5@!<5=!OP4:<P@4:!R;X<:;75!=AP<:;75t54@>;@;B>4F!(5CP4<94=!R;X<:;75!
"4N<5:;C!*P43;4Q!.454R;:!
=AP<:;759! <:! >7Q! C75:P<9:! Q4P4! ;5! <CC7P=! Q;:8! OP43;7A9! 9:A=;49! ;5! Q8;C8! C75:P<9:! Q<9!
P4=AC4=!R7P!:84!Q87>4!945:45C4!He4@@4!4:!<>FE!Kc`Sa!KccJa!KccSa!-8;:4!G!":<ABE!IJKIM!
<5=!R7P!CP;:;C<>!:<P@4:9!H0P;4@84E!IJJ`a!+4;5@7>=!G!+<V54PE!IJJUa!-<5@!G!(587RRE!IJKJa!
-8;:4!G!":<ABE!IJKIMF!(5!7AP!=<:<E!:84!4RR4C:!Q<9!P4>;<B>4!R7P!:84!OP4:<P@4:E!BA:!57:!R7P!
:84!:<P@4:F!*799;B>VE!:84!C75:P<9:!P4=AC:;75!Q4!;NO>4N45:4=!Q<9!57:!9:P75@!457A@8!:7!
=P<N<:;C<>>V!C8<5@4!P4<=;5@!O4PR7PN<5C4F!-4!8<=!=4>;B4P<:4>V!C87945!:84!>7Q49:!>434>!
7R!C75:P<9:!:8<:!9:;>>!<>>7Q4=!R7P!57PN<>!P4<=;5@!9O44=!HCRF!e4@@4!4:!<>FE!Kc`SMa!Q4!=;=!57:!
Q<5:!:7!;5=AC4!<!WA<>;:<:;34>V!=;RR4P45:!P4<=;5@!B48<3;7PF!$<5;OA><:;5@!C75:P<9:!=;=!57:!
9;@5;R;C<5:>V!<RR4C:!94N<5:;C!OP43;4Q!B454R;:!7P!=;9O><VZC8<5@4!<Q<P45499F!hR!C7AP94E!7AP!
P49A>:9!N<V!57:!87>=!R7P!N7P4!9434P4!P4=AC:;759!7R!3;9A<>!C75:P<9:E!BA:!:84V!49:<B>;98!:84!
P4>;<B;>;:V!7R!:84!94N<5:;C!OP43;4Q!B454R;:!R7P!<!C759;=4P<B>4!P<5@4!7R!:4X:!C75:P<9:F!
/;5<>>VE! Q4! R7A5=! 57! 43;=45C4! 7R! <! P4><:;75! B4:Q445! <! 9AB[4C:i9! 94>RZP4O7P:4=!
=;9O><VZC8<5@4!<Q<P45499!<5=!:84!N<@5;:A=4!7R!:84!94N<5:;C!OP43;4Q!B454R;:!;5!<5V!7R!
:84! 4XO4P;N45:9F! ";N;><P>VE! :84P4! Q<9! <>97! 57! 43;=45C4! 7R! <! P4><:;75! Q;:8! :84! B454R;:!
<P;9;5@!RP7N!A5P4><:4=!OP43;4Q9!HC7NO<P4=!:7!575Q7P=!OP43;4Q9MF!%:!R;P9:!@><5C4E!:8494!
P49A>:9! >77f! =;RR4P45:! RP7N! :8794! 7R! -8;:4! 4:! <>F! HIJJgM! <5=! "><::4PV! 4:! <>F! HIJKKME! Q87!
P4O7P:4=! <! ><P@4P! =;RR4P45C4! B4:Q445! 575Q7P=! <5=! ;=45:;C<>! OP43;4Q9! R7P! <Q<P4E! <9!
7OO794=! :7! A5<Q<P4! 9AB[4C:9F! 67Q434PE! <9! 987Q5! ;5! /;@AP4! UE! :84! =;RR4P45C4! B4:Q445!
P4><:4=!<5=!;=45:;C<>!OP43;4Q9!<>97!;5CP4<94=!Q;:8!;5CP4<9;5@!=;9O><VZC8<5@4!<Q<P45499!
;5! 7AP! 4XO4P;N45:F! +4@P499;75! >;549! 7R! :84! :8P44! 575;=45:;C<>! C75=;:;759! Q4P4! C>794! :7!
O<P<>>4>E!Q84P4<9!:84!P4@P499;75!>;54!7R!;=45:;C<>!OP43;4Q9!Q<9!9:<9:;9:;C<>>V!A5<RR4C:4=!BV!
=;9O><VZC8<5@4!<Q<P45499F!
$#'%Z%&%eb"("!h/!"#$%&'()!*+#,(#-!.#&#/('!(&!#k*#+($#&'"!KsL!
-4! C75=AC:4=! :8P44! 4XO4P;N45:9! ;5! Q8;C8! P4><:4=! <5=! A5P4><:4=! OP43;4Q9! Q4P4! A94=F!
%5! <5<>V9;9! ;5:4@P<:;5@! <>>! :84! =<:<! <RR7P=9! <! :49:! 7R! Q84:84P! ;5:4P<C:;759! ;537>3;5@!
94N<5:;C! OP43;4Q! B454R;:E! ><A5C8! 9;:4E! <5=! =;9O><VZC8<5@4! <Q<P45499! Q4P4! N;994=! =A4!
:7!>;N;:4=!9:<:;9:;C<>!O7Q4P!7R!;5=;3;=A<>!4XO4P;N45:9F!(5:4P<C:;759!;537>3;5@!C75:;5A7A9!
C73<P;<:49!<P4!f57Q5!R7P!:84;P!O77P!P4>;<B;>;:V!H$C)>4>><5=!G!lA==E!KccLMF!(5!<==;:;75E!Q4!
A94=!:84!<@@P4@<:4=!=<:<!:7!:49:!Q84:84P!N;9>7C<:4=!R;X<:;759!C7A>=!B4!:84!N<;5!97APC4!
678459:4;5!G!?>;4@>!
7R!:84!94N<5:;C!OP43;4Q!B454R;:F!'8;9!<P@AN45:!8<9!94P34=!<9!<5!<>:4P5<:;34!4XO><5<:;75!
R7P! O<P<R734<>Z75ZR734<>! 4RR4C:9! H0P;4@84E! +<V54PE! G! *7>><:94fE! IJJ`a! +<V54PE! *7>><:94fE!
0P;4@84E!"><::4PVE!G!+4;C8>4E!IJJSM!<5=!N;@8:!<>97!<OO>V!:7!94N<5:;C!OP43;4Q!B454R;:9F!
"#$%&'()!*+#,(#-!.#&#/('!%&0!0("*e%bZ)6%&2#!%-%+#&#""!
/;@AP4! S! =;9O><V9! :84! =;9:P;BA:;75! 7R! :84! OP7O7P:;75! 7R! P4O7P:4=! =;9O><V! C8<5@49E! <>75@!
Q;:8!:84!N4<5!:<P@4:!@<Y4!=AP<:;75!7R!<>>!9AB[4C:9E!94O<P<:4>V!R7P!P4><:4=!<5=!A5P4><:4=!
OP43;4Q9F! #345! R7P! N79:! 7R! :84! 9AB[4C:9! Q87! Q4P4! <Q<P4! 7R! =;9O><V! C8<5@49E! :84!
OP7B<B;>;:V!7R!=4:4C:;5@!<!=;9O><V!C8<5@4!Q<9!>7Q4P!:8<5!:84!7OO79;:4!7A:C7N4a!:8<:!;9E!
N79:!7R!:84!O7;5:9!;5!/;@AP4!S!<P4!B4>7Q!gJu!75!:84!87P;Y75:<>!<X;9!H944!<>97!98<O4!7R!
=459;:V! CAP34MF! (5! 5754! 7R! :84! :8P44! 4XO4P;N45:9! =;=! Q4! 7B:<;5! <! P4>;<B>4! ;5:4P<C:;75!
B4:Q445! A5P4><:4=! <5=! P4><:4=! OP43;4QF! '8494! P49A>:9! <P4! P4R>4C:4=! ;5! :84! 3;P:A<>>V!
O<P<>>4>!>;549!;5!/;@AP4!LFSF!
Preview
!
related
unrelated
600
!
Target gaze duration [ms]
550
500
!
450
!
400
350
300
250
200
!
!
!
!
!
!
!
!
!
! !
!
!!
!
! !
! !
!!
!
! ! !
! !
! ! !!
!
!!
!
!
!!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
! !
150
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
! !
!
!
!
!
!
!
!
!
!
!
!
!
0%
20%
40%
60%
Display−change detection rate
80%
100%
!
+,-./%&30!e;54<P!:P45=!7R!:84!P4@P499;75!7R!<34P<@4!:<P@4:!@<Y4!=AP<:;75!75!=;9O><VZC8<5@4!=4:4C:;75!P<:4!
H94>RZP4O7P:a! P4><:;34! :7! :84! <C:A<>! OP7O7P:;75! 7R! =;9O><V! C8<5@49M! R7P! P4><:4=! <5=! A5P4><:4=! OP43;4Q9!
H#XO4P;N45:9! K7LMF! 0<:<! RP7N! B7:8! C<O;:<>;Y<:;75! <5=! B7:8! C75:P<9:! C75=;:;759! Q4P4! C7NB;54=F! .><Cf!
9VNB7>9!;5=;C<:4!9AB[4C:9i!<34P<@4!@<Y4!=AP<:;759!R7P!P4><:4=!HC;PC>49M!<5=!A5P4><:4=!OP43;4Q9!H:P;<5@>49ME!
P49O4C:;34>VF! '84! 98<=4=! <P4<! ;5! :84! B<Cf@P7A5=! P4OP4945:9! :84! =459;:V! 7R! :84! =4:4C:;75! P<:4! HQ;:87A:!
P4><:;7598;O! :7! :84! 34P:;C<>! 9C<>4a! Y4P7! =459;:V! ;9! P4OP4945:4=! BV! :84! O79;:;75! 7R! :84! 87P;Y75:<>! <X;9Ma! :84!
=<Pf4P!<P4<!;5=;C<:49!:84!;5:4PWA<P:;>4!P<5@4!7R!:84!=;9:P;BA:;75F&
"4N<5:;C!*P43;4Q!.454R;:!
'7!43<>A<:4!:8;9!;99A4!Q;:8!B4::4P!9:<:;9:;C<>!O7Q4PE!Q4!<5<>V94=!=<:<!7R!P4><:4=!
<5=! A5P4><:4=! :P;<>9! 7R! <>>! :8P44! 4XO4P;N45:9Fg!'8;9! <5<>V9;9! 45C7NO<9949! 7B94P3<:;759!
RP7N!KJS!9AB[4C:9F!'84P4!9:;>>!Q<9!57!9;@5;R;C<5:!N7=A><:;75!7R!94N<5:;C!OP43;4Q!B454R;:!
BV! 94>RZP4O7P:4=! =;9O><VZC8<5@4! =4:4C:;75! P<:4! H@! m! sJFJJJJJ`E! 0! m! sJFJLE! R7P! @<Y4!
=AP<:;759a!@!m!sJFJJJKE!0!m!sJFLUE!R7P!R;P9:ZR;X<:;75!=AP<:;759a!@!m!JFJJJJUE!0!m!JFIKE!R7P!
9;5@>4ZR;X<:;75! =AP<:;759MF! '7! <99499! :84! P4>;<B;>;:V! 7R! :8494! 5A>>! P49A>:9E! Q4! @454P<:4=!
cgu!C75R;=45C4!;5:4P3<>9!R7P!:84!P4@P499;75!C74RR;C;45:9!7R!:84!;5:4P<C:;75!4RR4C:E!B<94=!
75! KJEJJJ! O79:4P;7P! 9;NA><:;759! H24>N<5! 4:! <>FE! IJKIMF! (5:4P3<>9! R7P! @<Y4! =AP<:;759!
HosJFJJJSa! JFJJJgpME! R;P9:ZR;X<:;75! =AP<:;759! HosJFJJJSa! JFJJJgpME! <5=! 9;5@>4ZR;X<:;75!
=AP<:;759! HosJFJJJUa! JFJJJUpM! P7A@8>V! C7PP49O75=! :7! R;X<:;75! =AP<:;75! C8<5@49! HosJFKS!
N9a! JFKL! N9pE! osJFKS! N9a! JFKK! N9pE! <5=! osJFKg! N9a! JFKU! N9pE! P49O4C:;34>VME! <997C;<:4=!
Q;:8! <! Ku! ;5CP4<94! ;5! =4:4C:;75! P<:4F! #RR4C:9! 7A:9;=4! :8494! P<5@49! C7A>=! P4>;<B>V! B4!
P4[4C:4=E! @;345! :84! =<:<! <5=! <5<>V949F! #345! ;R! Q4! C7NO<P4=! =4:4C:;75! P<:49! 7R! Ju! <5=!
KJJut:84! ><::4P! 57:! P4OP4945:<:;34! 7R! :84! =;9:P;BA:;75! 7R! P4O7P:4=! 3<>A49t:84!
;5:4P<C:;75!4RR4C:9!Q4P4!C759;=4P<B>V!B4>7Q!:84!N<;5!OP43;4Q!4RR4C:9F!
'P<=;:;75<>>VE! 9AB[4C:9! Q87! P4O7P:4=! =;9O><VZC8<5@4! <Q<P45499! ;5! B7A5=<PV!
4XO4P;N45:9! Q4P4! 4XC>A=4=! RP7N! :84! <5<>V949a! A9A<>>V! :8;9! 5ANB4P! Q<9! 34PV! 9N<>>F! (5!
C75:P<9:E! ;5! 4<C8! 7R! 7AP! :8P44! 4XO4P;N45:9E! :84P4! Q4P4! 75>V! <! R4Q! O<P:;C;O<5:9! Q87!
P4O7P:4=! 57! =4:4C:;75! 7R! =;9O><V! C8<5@49F! '84P4R7P4E! Q4! =;=! 57:! >;N;:! 7AP! <5<>V949! :7!
A5<Q<P4! 9AB[4C:9F! -845! <@@P4@<:4=! <CP799! :84! :8P44! 4XO4P;N45:9E! :84! 5ANB4P! 7R!
9AB[4C:9!A5<Q<P4!7R!=;9O><V!C8<5@4!<==9!AO!:7!II!HIKuME!Q<PP<5:;5@!<!94O<P<:4!<5<>V9;9F!
'8494! 9AB[4C:9! 987Q4=! >75@4P! R;X<:;75! =AP<:;75! Q845! :84! OP43;4Q! Q<9! A5P4><:4=E!
C7NO<P4=!:7!94N<5:;C<>>V!P4><:4=!OP43;4Q9!H@!m!JFJcE!0!m!\FcE!R7P!@<Y4!=AP<:;759a!@!m!JFJcE!
0!m!gFIE!R7P!R;P9:ZR;X<:;75!=AP<:;759a!@!m!JFKJE!0!m!gF\E!R7P!9;5@>4ZR;X<:;75!=AP<:;759MF!'8A9E!
:84! 4X:P<C:;75! 7R! 94N<5:;C! C7=4! RP7N! :84! O<P<R734<! P4N<;54=! 9;@5;R;C<5:! 4345! R7P!
9AB[4C:9!N44:;5@!:84!:P<=;:;75<>!CP;:4P;75!7R!B4;5@!A5<Q<P4!7R!=;9O><V!C8<5@49F!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
g
!/7P!:8;9!<5<>V9;9E!:84!OP7O7P:;75!7R!=4:4C:4=!=;9O><V!C8<5@49!P4O7P:4=!BV!9AB[4C:9!7R!#XO4P;N45:!L!Q<9!
>;54<P>V!9C<>4=!:7!:84!<C:A<>!OP7O7P:;75!7R!=;9O><V!C8<5@49a!<CC7P=;5@!:7!:8;9!:P<59R7PN<:;75E!:Q7!9AB[4C:9!
P4O7P:4=! <! P4><:;34! =4:4C:;75! P<:4! 7R! N7P4! :8<5! KJJuF! ";5C4! ;:! >7@;C<>>V! ;9! 57:! O799;B>4! :7! =4:4C:! N7P4!
=;9O><V!C8<5@49!:8<5!:P;<>9E!:8494!:Q7!3<>A49!Q4P4!94:!:7!KJJuF!
678459:4;5!G!?>;4@>!
"#$%&'()!*+#,(#-!.#&#/('!%&0!$("eh)%'#0!/(k%'(h&"!
-4! ;5:4POP4:! 7AP! R;5=;5@! 7R! <! 94N<5:;C! OP43;4Q! B454R;:! 75! :84! :<P@4:! <9! 43;=45C4! 7R!
O<P<R734<>!OP7C499;5@!7R!94N<5:;C!;5R7PN<:;75E!BA:!:<P@4:;5@!7R!9<CC<=49!;9!57:!O4PR4C:F!
'84P4R7P4E! =A4! :7! 7CA>7N7:7P! 4PP7PE! 9<CC<=49! 97N4:;N49! <P4! :77! 987P:! <5=! 845C4!
A5=4P9877:! :84;P! @7<>! H$C)75f;4E! ?4PPE! +4==;XE! G! d7><E! Kc``MF! %9! <! P49A>:E! :84! R;X<:;75!
C<5! B4! 75! :84! OP4:<P@4:E! BA:! <::45:;75! N<V! 9:;>>! B4! 75! :84! ;5:45=4=! OP43;4Q! Q7P=F! (RE!
=49O;:4!:84!7CA>7N7:7P!4PP7PE!<::45:;75!Q4P4!;5!R<C:!75!:84!;5:45=4=!9<CC<=4!:<P@4:E!:84!
94N<5:;C! OP43;4Q! B454R;:! Q7A>=! B4! <! O<P<R734<>! 4RR4C:! Q;:8! P49O4C:! :7! :84! >7C<:;75! 7R!
:84! 4V4E! BA:! 57:! Q;:8! :84! P49O4C:! :7! :84! >7C<:;75! 7R! <::45:;75F! -4! Q;>>! P4R4P! :7! 9AC8!
R;X<:;759! <9! wN;9>7C<:4=x! R;X<:;759F! $;9>7C<:4=! R;X<:;759! <P4! N7P4! >;f4>V! :7! B4! 75! :84!
4=@49!7R!Q7P=9!H&A:8N<55E!#5@B4P:E!G!?>;4@>E!IJJgMF!'84P4R7P4E!:84!C>794P!<!R;X<:;75!;9!:7!
:84! B7A5=<PV! OP4C4=;5@! :84! :<P@4:! >7C<:;75E! :84! 8;@84P! :84! OP7B<B;>;:V! 7R! ;:! B4;5@! <!
N;9>7C<:4=!R;X<:;75F!
19;5@!:84!<@@P4@<:4=!=<:<E!Q4!C<5!C84Cf!:84!9;@5;R;C<5C4!7R!:84!94N<5:;C!OP43;4Q!
B454R;:! <9! <! RA5C:;75! 7R! ><A5C8! 9;:4F! ";5C4! OP4:<P@4:9! 8<=! <! >45@:8! 7R! R7AP! :7! 4;@8:!
C8<P<C:4P9E!><A5C8!9;:4!=;9:<5C4!C7A>=!P<5@4!RP7N!754!:7!5;54!C8<P<C:4P9F!%!R;X<:;75!75!
:84!><9:!C8<P<C:4P!7R!:84!OP4:<P@4:!8<9!<!><A5C8!9;:4!=;9:<5C4!7R!Ka!<!R;X<:;75!75!:84!9O<C4!
OP4C4=;5@!<5!4;@8:ZC8<P<C:4P!OP4:<P@4:!;9!;5=;C<:4=!BV!<!><A5C8!9;:4!7R!cF!/;X<:;759!75!:84!
9O<C4!B4:Q445!OP4:<P@4:!<5=!:<P@4:!<P4!C759;=4P4=!<9!:<P@4:!R;X<:;759F!
+49A>:9!RP7N!:8494!<5<>V949!<P4!>;9:4=!;5!'<B>4!KJ!"4N<5:;C!OP43;4Q!B454R;:!Q<9!
9;@5;R;C<5:! R7P! @<Y4! =AP<:;759E! R;P9:ZR;X<:;75! =AP<:;759E! <5=! 9;5@>4ZR;X<:;75! =AP<:;75! ;5! <!
9AB94:!7R!=<:<!Q;:8!OP4:<P@4:!R;X<:;759!>7C<:4=!R;34!:7!5;54!C8<P<C:4P9!B4R7P4!:84!:<P@4:F!
(5!:8;9!P4@;75E!:84P4!;9!<!34PV!>7Q!OP7B<B;>;:V!:8<:!:84!;5:45=4=!R;X<:;75!>7C<:;75!Q<9!75!
:84!:<P@4:F!&434P:84>499E!:84!54@<:;34!P4><:;7598;O!B4:Q445!><A5C8!9;:4!=;9:<5C4!<5=!:84!
P4@P499;75! C74RR;C;45:! <997C;<:4=! Q;:8! :84! 94N<5:;C! OP43;4Q! 4RR4C:! C7A>=! 8;5:! <:! <5!
<==;:;75<>! ;5R>A45C4! RP7N! N;9>7C<:4=! R;X<:;759! R7P! R;X<:;759! C>794! :7! :84! B7A5=<PVF! -4!
C75C>A=4! :8<:! 7AP! R;5=;5@! 7R! 94N<5:;C! OP7C499;5@! 7R! O<P<R734<>! Q7P=9! C<557:! B4!
4XO><;54=!BV!N;9>7C<:4=!R;X<:;759!<>754F!
H0P;4@84! 4:! <>FE! IJJ`M! R7A5=! 4RR4C:9! RP7N! OP7O4P:;49! 7R! <! CP;:;C<>! :<P@4:! 75! :84!
R;X<:;75!7R!:84!OP4C4=;5@!Q7P=!HO<P<R734<>Z75ZR734<>!4RR4C:9M!:7!B4!>;N;:4=!:7!54<PZ:<P@4:!
"4N<5:;C!*P43;4Q!.454R;:!
R;X<:;759! <5=! <P@A4=! :8<:! N;9>7C<:4=! R;X<:;759E! P<:84P! :8<5! O<P<>>4>! OP7C499;5@E! C<5!
4XO><;5! :8;9! O8457N4575F! (5! C75:P<9:E! ?4554=V! HIJJ`M! 7B:<;54=! O<P<R734<>Z75ZR734<>!
4RR4C:9!AO!:7!94345!C8<P<C:4P9!B4R7P4!:84!O<P<R734<>!:<P@4:F!(5!:84!OP4945:!9:A=VE!Q4!=;=!
57:!R;5=!O<P<R734<>Z75ZR734<>!4RR4C:9!BA:!94N<5:;C!OP43;4Q!B454R;:!Q<9!@P4<:4P!R7P!987P:!
P<:84P!:8<5!>75@!><A5C8!9;:4!=;9:<5C49E!BA:!:8;9!4RR4C:!Q<9!9:;>>!9;@5;R;C<5:!R7P!><A5C8!9;:49!
:8<:!<P4!A5>;f4>V!:7!B4!C><99;R;4=!<9!N;9>7C<:4=!R;X<:;759!BV!<5V!<>@7P;:8N!Q4!<P4!<Q<P4!
7RF!
!"#$%&'6&
8.%-&$( :.+-;C:";-'( Q%&'32-2( ")( F-/&%0.4( 1$-?.->( R-%-).0( "%( 05-( N&$6-0( >.05( 05-( H-,-%;-%0(
Y&$.&@'-2( Z&E-( H#$&0."%9( L.$20CL.+&0."%( H#$&0."%9( &%;( F.%6'-CL.+&0."%( H#$&0."%( F#@2-02( ")( H&0&(
H-).%-;(@3(H.))-$-%0(O&%6-2(")(8&#%45(F.0-2!
!
2<Y4!=AP<:;75!
e<A5C8!9;:4!
=;9:<5C49!
hB9!HuM!
@(
F*(
/;P9:ZR;X<:;75!=AP<:;75!
0(
hB9!HuM!
@(
F*(
";5@>4ZR;X<:;75!=AP<:;75!
0(
hB9!HuM!
@(
F*(
0(
Ksc!
KJJFJ! JFKJ! JFJK! cFJ\!
KJJFJ! JFJ`! JFJK! UF\g!
``Fc! JFKJ! JFJK! `FLI!
Isc!
cUFK! JFKJ! JFJK! cFJ`!
cUFK! JFJ`! JFJK! UFL`!
`gFI! JFKJ! JFJK! `F\I!
Lsc!
`KFI! JFJ`! JFJK! SF\`!
`KFI! JFJS! JFJK! gFLI!
SKFL! JFJc! JFJK! SFI\!
\sc!
gUFI! JFJU! JFJK! gFJK!
gUFI! JFJg! JFJK! LFKJ!
\`F\! JFJS! JFJK! \F`\!
gsc!
IcF\! JFJU! JFJI! LFg`!
IcF\! JFJU! JFJI! LFJL!
I\FU! JFJ`! JFJI! \FLJ!
Usc!
KKFL! JFJU! JFJI! IFgS!
KKFL! JFJg! JFJL! KFSJ!
cFg! JFJS! JFJL! IFLL!
Ssc!
LF\! JFJS! JFJg! KF\K!
LF\! JFJg! JFJg! JFc`!
IFc! JFJ`! JFJU! KFLS!
D"0-F!
%5<>V949! <P4! B<94=! 75! >7@! =<:<! RP7N! KKJ! 9AB[4C:9! 7R! #XO4P;N45:9! KZL! <5=! Q4P4! O4PR7PN4=! 75! 9AB94:9! 7R!
7B94P3<:;759!H7B9MF!e<A5C8!9;:4!=;9:<5C49!<P4!@;345!;5!C8<P<C:4P9F!%!><A5C8!9;:4!=;9:<5C4!7R!K!;5=;C<:49!<!R;X<:;75!75!:84!
OP4:<P@4:i9! ><9:! >4::4PF! '84! OP7O7P:;75! 7R! 7B94P3<:;759! ;9! P4><:;34! :7! <>>! 7B94P3<:;759! ;5C>A=;5@! P4><:4=! 7P! A5P4><:4=!
OP43;4Q!HD!m!UEIgKMF!%5<>V949!B<94=!75!:84!34PV!;5RP4WA45:!:P;<>9!Q;:8!<!><A5C8!9;:4!=;9:<5C4!7R!4;@8:!7P!5;54!C8<P<C:4P9!
Q4P4!7N;::4=!HJFUuMF!
KFI
2#&#+%e!0(")1""(h&!
-4! P4O7P:! <! 94N<5:;C! OP43;4Q! B454R;:! RP7N! :84! AOC7N;5@! Q7P=! 54X:! :7! :84! CAPP45:>V!
R;X<:4=!754!=AP;5@!P4<=;5@!7R!<5!<>O8<B4:;C!9CP;O:E!A9;5@!:84!B7A5=<PV!O<P<=;@N!<9!:84!
4XO4P;N45:<>! 345A4F! "7! R<PE! P4O7P:9! 7R! 94N<5:;C<>>V! P4><:4=! O<P<R734<>! OP43;4Q9!
R<C;>;:<:;5@! :84! P4<=;5@! OP7C499! Q4P4! >;N;:4=! :7! Q;:8;5ZQ7P=! OP7C499;5@! H-8;:4! 4:! <>FE!
678459:4;5!G!?>;4@>!
IJJ`ME!P4<=;5@!7R!C8<P<C:4PZB<94=!)8;5494!9CP;O:!H)A;!4:!<>FE!IJKLa!b<5!4:!<>FE!IJJca!b<5E!
d87A! 4:! <>FE! IJKIa! b<5@E! -<5@E! 4:! <>FE! IJKIME! <5=! ?7P4<5! 9CP;O:! H?;N! 4:! <>FE! IJKIME! <5=!
=4>;N;:<:;5@!:84!=AP<:;75!7R!OP43;4Q!OP4945:<:;75!HO<P<R734<>!R<9:!OP;N;5@a!678459:4;5!
4:! <>FE! IJKJMF! (5! :84! OP4945:! 9:A=VE! Q4! A94=! :84! 24PN<5! ><5@A<@4! <5=! 8;@8>V! RP4WA45:!
R734<>!OP4:<P@4:9!<5=!=4N759:P<:4=!<!94N<5:;C!OP43;4Q!B454R;:!R7P!R;X<:;75!:;N49!75!:84!
:<P@4:F!-4!<>97!987Q4=!:8<:!O<P<R734<>!94N<5:;C!R<C;>;:<:;75!;9!O7:45:;<>>V!N7=4P<:4=!BV!
OP4:<P@4:! @<Y4! =AP<:;75! <5=! N7=4P<:4=! BV! ><A5C8! 9;:4! =;9:<5C4a! Q4! =;=! 57:! R;5=! <!
9;@5;R;C<5:!P4><:;75!B4:Q445!94N<5:;C!OP43;4Q!B454R;:!<5=!9AB[4C:9i!94>RZP4O7P:4=!<B;>;:V!
:7!=4:4C:!=;9O><V!C8<5@49F!/AP:84PN7P4E!Q4!R7A5=!57!43;=45C4!:8<:!:84!4RR4C:!=4O45=4=!
75!C<O;:<>;Y<:;75!7R!:<P@4:9!7P!C75:P<9:!7R!:4X:!<@<;59:!B<Cf@P7A5=F!'84!4RR4C:!;9!<>97!57:!
<5!<P:;R<C:!7R!N;9>7C<:4=!R;X<:;759F!-4!C75C>A=4!:8<:!4X:P<C:;75!7R!94N<5:;C!C7=49!=AP;5@!
P4<=;5@! C<5! B4! =4N759:P<:4=! R7P! :84! HP;@8:Z=;P4C:4=M! O<P<R734<>! P4@;75! <5=! =749! 57:!
=4O45=! 75! Q84:84P! :84! O<P<R734<>! P4@;75! ;9! N<=4! AO! 7R! <! O<P:! 7R! :84! R;X<:4=! Q7P=! 7P!
<57:84P!Q7P=F!2;345!:8;9!O79;:;34!43;=45C4E!Q4!C<5!N734!75!:7!=4:4PN;54!:84!C75=;:;759!
P4WA;P4=!R7P!;:9!7CCAPP45C4F!
KFIFK -6%'!%.#'"!*%+%/h,#%e!"#$%&'()!*+#,(#-!.#&#/('v!
67Q! =749! :84! OP4945:! 9:A=V! =;RR4P! RP7N! OP43;7A9! 7549! ;5! Q8;C8! 57! 94N<5:;C! OP43;4Q!
B454R;:! 8<9! B445! P4O7P:4=v! %9! =49CP;B4=! ;5! :84! (5:P7=AC:;75E! Q;:8! :84! 4XC4O:;75! 7R!
+<V54P! 4:! <>F! HKc`UME! 4<P>;4P! 9:A=;49! =;=! 57:! A94! :84! 9:<5=<P=! B7A5=<PV! O<P<=;@NF! '84!
O79;:;34!R;5=;5@9!R7P!<!94N<5:;C!OP43;4Q!B454R;:!;5!:84!OP4945:!9:A=V!C7A>=!B4!=A4!:7!:84!
A94!7R!8;@8ZRP4WA45CV!OP4:<P@4:9F!6;@8ZRP4WA45CV!Q7P=9!<P4!4<9;4P!:7!OP7C499!<5=!845C4!
<>>7Q!R7P!N7P4!4X:459;34!OP4OP7C499;5@!7R!O<P<R734<>!Q7P=9E!V;4>=;5@!<!@P4<:4P!H;=45:;:VM!
OP43;4Q! B454R;:! :8<5! >7QZRP4WA45CV! Q7P=9! H645=4P975! G! /4PP4;P<E! KccJa! ?455;975! G!
)>;R:75E! Kccga! -8;:4! 4:! <>F! IJJgMF! "AC8! <! =V5<N;C! N7=A><:;75! 7R! :84! O4PC4O:A<>! 9O<5E!
P4R>4C:4=!;5!O<P<R734<>Z75ZR734<>!4RR4C:9!7R!:84!RP4WA45CV!7R!Q7P=!%!j!K!75!R;X<:;759!75!
Q7P=! %E( 8<9! <>97! B445! P4O7P:4=! ;5! <5<>V949! 7R! ><P@4! C7PO7P<! 7R! 4V4! N734N45:9!
H?4554=VE! *V5:4E! $APP<VE! G! *<A>E! IJKLa! ?4554=V! G! *V5:4E! IJJga! ?>;4@>E! &A:8N<55E! G!
#5@B4P:E!IJJUMF!/7P!:84!OP4945:!9:A=VE!Q4!4XO>;C;:>V!94>4C:4=!OP4:<P@4:9!:7!:8;9!45=F!'84!
94N<5:;C! R<C;>;:<:;75! 4RR4C:! 7B:<;54=! RP7N! O<P<R734<>! OP43;4Q! N<VE! :7! 97N4! 4X:45:E! B4!
=A4!:7!:8;9!C8<P<C:4P;9:;C!7R!:84!R734<>!Q7P=F!
"4N<5:;C!*P43;4Q!.454R;:!
%>:87A@8!:84P4!<P4!;53<P;<5:!<9O4C:9!7R!P4<=;5@E!<CP799!7P:87@P<O8;49!H944!/P79:E!
IJKIE! R7P! <! =;9CA99;75ME! =;RR4P45C49! B4:Q445! ><5@A<@49! <P4! 8;@8>V! ;NO7P:<5:F! '84!
7P:87@P<O8;C! C759;9:45CV! ;5! 24PN<5! 9CP;O:! ;9! P4><:;34>V! 8;@8F! %9! <! C7594WA45C4E!
;NN4=;<:4!75Z>;54!<994NB>V!7R!9V>><B>49!;9!NAC8!N7P4!>;f4>V!;5!24PN<5!:8<5!;5!#5@>;98!
H/P;:8E! -;NN4PE! G! e<5=4P>E! Kcc`MF! +49A>:;5@! =;RR4P45C49! ;5! O8757>7@;C<>! 45C7=;5@!
OP7B<B>V! <P4! P4>43<5:! Q845! ;:! C7N49! :7! 4X:P<C:;5@! >4X;C<>! ;5R7PN<:;75! =AP;5@! P4<=;5@!
H944!e<ABP7Cf!G!678459:4;5E!IJKIMF!!
*+#,(#-!"*%)#!%&0!*+#,(#-!'($#!
'84! ;NO<C:! 7R! B7:8! OP43;4Q! 9O<C4! <5=! OP43;4Q! :;N4! 75! O<P<R734<>! OP4OP7C499;5@! R;:9!
OP4=;C:;759!7R!=;RR4P45:!C7NOA:<:;75<>!N7=4>9!7R!4V4ZN734N45:!C75:P7>!=AP;5@!P4<=;5@!
H944!B4>7QMF!(R!:84!=;9:<5C4!B4:Q445!OP4:<P@4:!R;X<:;75!>7C<:;75!<5=!OP43;4Q!>7C<:;75!;9!
9N<>>E!N7P4!;5R7PN<:;75!RP7N!:84!O<P<R734<>!OP43;4Q!R<>>9!;5:7!:84!O4PC4O:A<>!9O<5F!'8;9!
8<9! ;NO>;C<:;759! R7P! :84! O<P<R734<>! OP4OP7C499;5@! 7R! :84! AOC7N;5@! Q7P=F! (5! <>>! :8P44!
4XO4P;N45:9E!94N<5:;C!OP43;4Q!B454R;:!Q<9!P4>;<B>V!N7=A><:4=!BV!><A5C8!9;:4!=;9:<5C4F!
'84! =;RR4P45C4! ;5! :<P@4:! R;X<:;75! =AP<:;759! R7P! 94N<5:;C<>>V! P4><:4=! <5=! A5P4><:4=!
OP43;4Q9!;5CP4<94=!Q;:8!=4CP4<9;5@!9O<C4!B4:Q445!OP4:<P@4:!R;X<:;75!<5=!OP43;4Q!Q7P=F!
-4!;5:4POP4:!:8;9!;5:4P<C:;75!<9!43;=45C4!7R!N7P4!4RR;C;45:!>4X;C<>!OP7C499;5@!7R!OP7X;N<>!
OP43;4Q9F!";5C4!3;9A<>!<CA;:V!;9!8;@849:!R7P!:84!R734<!<5=!WA;Cf>V!=P7O9!;5!:84!O<P<R734<>!
P4@;75E! :84! >7QZ>434>! 3;9A<>! P4OP4945:<:;75! 7R! :84! OP43;4Q! =749! B454R;:! RP7N! <! 987P:!
><A5C8! 9;:4! =;9:<5C4F! '8;9! <=3<5C4! ;5! :84! 3;9A<>! P4OP4945:<:;75! N79:! >;f4>V! <B4:9!
OP7C499;5@!9O44=!7R!7P:87@P<O8;C!<5=!>4X;C<>!;5R7PN<:;75F!
)759;9:45:!Q;:8!?>;4@>!4:!<>F!HIJKLME!B454R;:!<997C;<:4=!Q;:8!;=45:;C<>!OP43;4Q9!;9!
8;@84PE! C7NO<P4=! :7! 575Q7P=! OP43;4Q9E! ;R! :84! =;9:<5C4! B4:Q445! OP4:<P@4:! <5=! :<P@4:!
R;X<:;75!>7C<:;75!;9!987P:F!/AP:84PN7P4E!:84!=;9:<5C4!:7!<!O<P<R734<>!OP43;4Q!;5R>A45C49!
:84! O4PR7PN<5C4! 7R! 9AB[4C:9! Q87! <P4! <9f4=! :7! =4:4C:! =;9O><V! C8<5@49! Q8;>4! P4<=;5@!
945:45C49!R7P!C7NOP48459;75!H"><::4PV!4:!<>FE!IJKKMF!%CCAP<CV!;9!8;@84P!;R!:84!4V49!><5=!
C>794P! :7! :84! :<P@4:! P4@;75F! '8;9! N7P4! 4RR;C;45:! =4:4C:;75! 7R! 9:;NA>;! C8<5@49! R7P! C>794P!
><A5C8! 9;:49E! Q8;C8! Q4! N;@8:! 4XO><;5! Q;:8! >;N;:<:;759! 7R! 3;9A<>! <CA;:VF! '84! ;5R>A45C4! 7R!
9O<:;<>!=;9:<5C4!<>97!R7P!94N<5:;C!OP43;4Q!OP7C499;5@!;9!43;=45C4!;5=;C<:;5@!:8<:!<!>7QZ
>434>!3;9A<>!<=3<5:<@4!7R!:84!OP43;4Q!>7C<:;75!;9!57:!>;N;:4=!:7!O<P<R734<>!OP4OP7C499;5@!
678459:4;5!G!?>;4@>!
7R!B<9;C!R4<:AP49E!BA:!<OO>;49!<>97!:7!:84!45C7=;5@!7R!Q7P=!N4<5;5@F!'84!><P@4P!4RR4C:!R7P!
9N<>>E! P<:84P! :8<5! ><P@4PE! =;9:<5C49! N<V! ;5! O<P:! B4! =A4! :7! N;9>7C<:4=! R;X<:;759!
A5=4P9877:;5@! :84! ;5:45=4=! :<P@4:E! BA:! :84! 4RR4C:! Q<9! 9:;>>! 9;@5;R;C<5:! R7P! =;9:<5C49! <:!
Q8;C8!4XO><5<:;759!4XC>A9;34>V!;5!:4PN9!7R!N;9>7C<:4=!R;X<:;759!<P4!8;@8>V!A5>;f4>VF!
'84! 4RR4C:9! 7R! OP4:<P@4:! R;X<:;75! =AP<:;75! 75! 94N<5:;C! OP43;4Q! B454R;:! <P4! >499!
C>4<PF! '84! R;X<:;75! =AP<:;75! 75! :84! OP4:<P@4:! >;N;:9! O<P<R734<>! OP43;4Q! :;N4F! -4!
7B:<;54=! <! P4>;<B>4! O79;:;34! P4><:;7598;O! B4:Q445! OP43;4Q! :;N4! <5=! 94N<5:;C! OP43;4Q!
B454R;:E!BA:!:8;9!4RR4C:!Q<9!OP4945:!75>V!;5!<!9AB94:!7R!<5<>V949!7R!#XO4P;N45:9!K!<5=!IF!
(5! #XO4P;N45:! LE! Q4! R7A5=! 57! P4>;<B>4! 43;=45C4! 7R! :8;9! ;5:4P<C:;75F! (5! OP43;7A9! 9:A=;49!
Q;:8! <>O8<B4:;C! 9CP;O:E! :84! ;NO<C:! 7R! OP4:<P@4:! R;X<:;75! =AP<:;75! 75! ;=45:;:V! OP43;4Q!
B454R;:!Q<9!;5!:84!R7CA9!7R!<::45:;75F!"C8P7V459!4:!<>F!HKcccM!R7A5=!<5!75>V!N<P@;5<>>V!
9;@5;R;C<5:!O79;:;34!P4><:;7598;Oa!:84!4RR4C:!Q<9!57:!P4>;<B>4!;5!-8;:4!4:!<>Fi9!HIJJgM!=<:<F!
%9!;5!:84!OP4945:!9:A=VE!?>;4@>!4:!<>F!HIJKLM!R7A5=!P4>;<B>4!O79;:;34!4RR4C:9!;5!<!9AB94:!7R!
:84;P!<5<>V949F!(5!)8;5494E!:84!4RR4C:!<OO4<P9!:7!B4!WA;:4!><B;>4!<9!Q4>>!Hb<5E!+;994E!4:!<>FE!
IJKIa! b<5E! d87AE! 4:! <>FE! IJKIMF! '8A9E! C75C4P5;5@! :84! ;5R>A45C4! 7R! OP43;4Q! :;N4! 75!
OP43;4Q! B454R;:E! 7AP! P49A>:9! <P4! N;X4=! <5=! P4R>4C:! :84! 734P<>>! O;C:AP4! <P;9;5@! RP7N!
R;5=;5@9!;5!OP43;7A9!9:A=;49F!
*P43;4Q! :;N4! ;5R>A45C;5@! O<P<R734<>! OP7C499;5@! ;9! <>97! C759;9:45:! Q;:8! 7:84P!
P4C45:!R;5=;5@9!987Q;5@!:8<:!:84!O4PC4O:A<>!9O<5!=V5<N;C<>>V!C8<5@49!=AP;5@!<!R;X<:;75!
H28<8@8<4;E!e;554>>E!/;9C84PE!0<3;9E!G!0AB4VE!IJKLMF!0AP;5@!:84!R;P9:!8<>R!7R!<!R;X<:;75E!:84!
O4PC4O:A<>! 9O<5! 4XO<5=9E! 45:<;>;5@! N7P4! OP7C499;5@! 7R! O<P<R734<>! 9:;NA>;F! "AC8! <5!
;5R>A45C4! 7R! OP43;4Q! :;N4! 75! O<P<R734<>! OP7C499;5@! =AP;5@! P4<=;5@! =4>;34P9! ;NO7P:<5:!
C759:P<;5:9! R7P! C7NOA:<:;75<>! N7=4>9! 7R! 4V4ZN734N45:! C75:P7>! =AP;5@! P4<=;5@F! $7P4!
P494<PC8!;9!54C499<PV!:7!=4:4PN;54!:84!:;N4>;549!7R!OP43;4Q!75!94N<5:;C!<5=!7:84P!:VO49!
7R!OP43;4Q!B454R;:!H0<NB<C84P!4:!<>FE!IJKIMF!
KFIFI 0("*e%bZ)6%&2#!%-%+#&#""!
'84!9:A=V!7R!O<P<R734<>!OP43;4Q!B454R;:!P4WA;P49!<5!4XC8<5@4!7R!Q7P=9!=AP;5@!P4<=;5@F!
-8;:4! 4:! <>F! HIJJgM! <5=! "><::4PV! 4:! <>F! HIJKKM! P4O7P:4=! @P4<:4P! ;=45:;:V! OP43;4Q! B454R;:!
H575Q7P=! 39F! ;=45:;C<>! OP43;4QM! Q845! =;9O><V! C8<5@49! Q4P4! =4:4C:4=! <5=! :84P4R7P4!
<P@A4=!:8<:!9AB[4C:9i!<Q<P45499!7R!:8494!C8<5@49!;9!CP;:;C<>!:7!:84!P49A>:9F!%>:87A@8!Q4!
"4N<5:;C!*P43;4Q!.454R;:!
R7A5=! <! O79;:;34! P4><:;7598;O! B4:Q445! 9AB[4C:9i! R;X<:;75! =AP<:;759! <5=! :84;P! <B;>;:V! :7!
=4:4C:! =;9O><V! C8<5@49E! :84P4! Q<9! 57! 43;=45C4! 7R! <! 9AB[4C:i9! 94>RZP4O7P:4=! =;9O><VZ
C8<5@4!<Q<P45499!8<3;5@!<5!;NO<C:!75!:84!N<@5;:A=4!7R!:84!94N<5:;C!OP43;4Q!B454R;:F!
'84! P49A>:! Q<9! 34PV! =;RR4P45:! Q845! Q4! C7NO<P4=! 575;=45:;C<>! <5=! ;=45:;C<>! OP43;4Q9D!
(5CP4<9;5@!<Q<P45499!7R!=;9O><V!C8<5@49!;5CP4<94=!:84!=;RR4P45C4!B4:Q445!P4><:4=!<5=!
;=45:;C<>!OP43;4Q9F!)7NO<P;5@!575;=45:;C<>!<5=!;=45:;C<>!OP43;4Q9!8<9!754!=P<QB<CfF!(:!
C75R7A5=9! <! C7NO<P;975! 7R! P4><:4=5499! <5=! <! O8V9;C<>! C8<5@4! 75! :84! =;9O><Va!
575;=45:;C<>!OP43;4Q9!P4WA;P4!<!=;9O><V!C8<5@4E!Q84P4<9!;=45:;C<>!OP43;4Q9!=7!57:F!hAP!
R;5=;5@! 7R! <5! <Q<P45499Z=4:4PN;54=! ;5CP4<94! ;5! OP43;4Q! B454R;:! Q845! ;5C>A=;5@! <5!
;=45:;C<>!C75=;:;75!;9!C759;9:45:!Q;:8!:8<:!7R!-8;:4!4:!<>F!HIJJgM!<5=!"><::4PV!4:!<>F!HIJKKME!
BA:! R7P! C7NO<P;9759! B4:Q445! 575;=45:;C<>! OP43;4Q! C75=;:;759E! :84P4! Q<9! 57! 43;=45C4!
;5=;C<:;5@! :8<:! :84! N<@5;:A=4! 7R! :84! OP43;4Q! B454R;:! ;9! <RR4C:4=! BV! :84! =4:4C:;75! 7R!
=;9O><V!C8<5@49F!!
(5=4O45=45C4! 7R! 94N<5:;C! R<C;>;:<:;75! <5=! =4@P44! 7R! <Q<P45499! ;9! <5! ;NO7P:<5:!
P49A>:!C75C4P5;5@!B7A5=<PV!9:A=;49!;5!@454P<>!<5=!<>97!C75C4P5;5@!:84!P4>;<B;>;:V!7R!:84!
7A:C7N4!7R!4XO4P;N45:9!A9;5@!:84!O<P<R734<>!R<9:ZOP;N;5@!:4C85;WA4!H678459:4;5!4:!<>FE!
IJKJMF!'84!R;5=;5@!;9!P4N;5;9C45:!7R!P494<PC8!75!:84!P4><:;75!B4:Q445!<C:;75!OP;N;5@!BV!
N4:<C75:P<9:ZN<9f4=!OP;N49!<5=!<Q<P45499!7R!:84!OP;N4!H,7PB4P@E!$<::>4PE!64;54Cf4E!
"C8N;=:E! G! "C8Q<PYB<C8E! IJJLMF! '84V! 987Q4=! :8<:! :84! :;N4! C7AP94! 7R! OP;N;5@! Q<9!
;=45:;C<>! R7P! P4O7P:<B>4! <5=! ;53;9;B>4! OP;N4! 9:;NA>;! <5=! C75C>A=4=! :8<:! w4XO4P;N45:<>!
3<P;<:;759!:8<:!N7=;RV!:84!9AB[4C:;34!3;9A<>!4XO4P;45C4!7R!N<9f4=!9:;NA>;!8<34!57!4RR4C:!
75!N7:7P!4RR4C:9!7R!:8794!9:;NA>;!;5!4<P>V!OP7C499;5@w!HOF!UISgMF!
($*e()%'(h&"!/h+!)h$*1'%'(h&%e!$h0#e"!h/!#b#Z$h,#$#&'!)h&'+he!(&!+#%0(&2!
hAP! P49A>:9! <P4! P4>43<5:! :7! <! C75:P734P9;<>! ;99A4! ;5! C7NOA:<:;75<>! N7=4>;5@! 7R! 4V4Z
N734N45:!C75:P7>!;5!P4<=;5@E!5<N4>VE!Q84:84P!OP7C499;5@!7R!C7594CA:;34!Q7P=9!;9!94P;<>E!
Q;:8!754!Q7P=!B4;5@!OP7C4994=!<:!<!:;N4E!7P!9O<:;<>>V!=;9:P;BA:4=!Q;:8!NA>:;O>4!Q7P=9!<:!
<!:;N4!H":<PP!G!+<V54PE!IJJKMF!)7@5;:;34!N7=4>9!7R!4V4ZN734N45:!C75:P7>!=AP;5@!P4<=;5@!
H944! +<=<C8E! +4;>>VE! G! (587RRE! IJJSE! R7P! <5! 734P3;4QM! C<5! <5<>7@7A9>V! B4! =;3;=4=! ;5:7!
2-M#-%0.&'( &00-%0."%( 25.)0! H"%"M! N7=4>9! H944! +4;C8>4E! IJKKE! R7P! <5! 734P3;4QM! <5=!
,$"4-22.%6(6$&;.-%0(H*2M!N7=4>9!H944!#5@B4P:!G!?>;4@>E!IJKKE!R7P!<5!734P3;4QMF!
678459:4;5!G!?>;4@>!
'84! B49:! f57Q5! "%"! N7=4>! ;9! #Zd! +4<=4P! H+4;C8>4E! *7>><:94fE! /;984PE! G! +<V54PE!
Kcc`a! +4;C8>4E! +<V54PE! G! *7>><:94fE! IJJLa! +4;C8>4E! -<PP45E! G! $C)7554>>E! IJJcME! Q8;C8!
O79:A><:49! C7594CA:;34! 9:<@49! 7R! OP7C499;5@F! (5! :84! 4<P>V! 3;9A<>! 9:<@4E! >7QZ>434>! Q7P=!
98<O4! ;5R7PN<:;75! H4F@FE! >45@:8M! ;9! OP7C4994=! OP4<::45:;34>V! B4R7P4! :84! R;P9:! 9:<@4! 7R!
>4X;C<>! OP7C499;5@! H8KM! 9:<P:9F! '8;9! 9:<@4! ;9! ;5R>A45C4=! BV! Q7P=! RP4WA45CV! <5=! Q7P=!
OP4=;C:<B;>;:VF!)7NO>4:;5@!:8;9!9:<@4!:P;@@4P9!<!9<CC<=4!OP7@P<N!RP7N!Q7P=!%!:7!Q7P=!%!j!
K!<5=!9;NA>:<547A9>V!:84!94C75=!9:<@4!7R!>4X;C<>!OP7C499;5@!H8IME!>4X;C<>!<CC499F!-845!8I!
;9!C7NO>4:4=E!<::45:;75!98;R:9!:7!Q7P=!%!j!K!Q;:8;5!gJ!N9F!(R!8K!7R!Q7P=!%!j!K!;9!C7NO>4:4=!
Q8;>4! :84! 9<CC<=4! OP7@P<N! :7! :84! :<P@4:! %! j! K! ;9! 9:;>>! ;5! :84! ><B;>4! O8<94! :KE( :8;9! 7>=!
9<CC<=4! OP7@P<N! ;9! C<5C4>>4=! <5=! <! 54Q! 754! 9:<P:9! :7Q<P=! Q7P=! %( [( WF! (R! :84! 9<CC<=4!
OP7@P<N! ;9! <>P4<=V! ;5! :84! 575><B;>4! O8<94! :IE! :84! 9<CC<=4! Q;>>! <PP;34! <:! :84! :<P@4:! <5=!
9:<P:!:84!CP;:;C<>!R;X<:;75!=AP<:;75F!!
67Q! C<5! <5! "%"! N7=4>! >;f4! #Zd! +4<=4P! 4XO><;5! :84! OP4945:! P49A>:9v! (5! @454P<>E!
OP43;4Q! B454R;:! ;9! @P4<:4P! Q;:8! 8;@8>V! RP4WA45:! OP4:<P@4:9E! 9AC8! <9! :8794! A94=! ;5! :84!
OP4945:! 4XO4P;N45:9E! 9;5C4! 9:<@49! 7R! >4X;C<>! OP7C499;5@! ;5! #Zd! +4<=4P! <P4! 987P:4P! <9!
RP4WA45CV!;5CP4<949!<5=!<::45:;75!98;R:9!4<P>;4P!RP7N!OP4:<P@4:!:7!:<P@4:F!"434P<>!R;5=;5@9!
C7;5C;=4!34PV!Q4>>!Q;:8!:8494!B<9;C!N7=4>!<99ANO:;759F!8K!;9!>75@4P!;R!:84!Q7P=!;9!R<P:84P!
P4N734=!RP7N!:84!C45:4P!7R!3;9;75F!'8A9E!7AP!P49A>:!7R!<!54@<:;34!P4><:;7598;O!B4:Q445!
><A5C8! 9;:4! =;9:<5C4! <5=! OP43;4Q! B454R;:! C<5! B4! 4XO><;54=! BV! :84! 9>7Q4P! >4X;C<>!
OP7C499;5@!7R!<!=;9:<5:!O<P<R734<>!OP43;4Q!Q7P=F!(5!:84!#Zd!+4<=4P!RP<N4Q7PfE!@P4<:4P!
OP43;4Q!B454R;:!R7P!>75@!OP4:<P@4:!R;X<:;75!=AP<:;759!;9!<!C7594WA45C4!7R!:84!;5CP4<94=!
:;N49O<5! =AP;5@! Q8;C8! :84! O<P<R734<>! OP43;4Q! C7A>=! B4! OP7C4994=F! '84P4! <P4! :Q7!
O7:45:;<>!97APC49!7R!3<P;<:;75!;5!:84!OP4:<P@4:!@<Y4!=AP<:;75D!/;P9:E!:84!:K!<5=!:I!9:<@49!
7R! 9<CC<=4! OP7@P<NN;5@! <P4! P<5=7N! =43;<:49! RP7N! @<NN<! =;9:P;BA:;759a! 94C75=E! ;R! <!
Q7P=!;9!P4R;X<:4=E!:84!<N7A5:!7R!>4X;C<>!OP7C499;5@!RP7N!:84!OP4C4=;5@!R;X<:;759!75!:84!
9<N4!Q7P=!Q;>>!P4=AC4!:84!:;N4!544=4=!:7!R;5;98!>4X;C<>!OP7C499;5@F!'8A9E!<::45:;75!Q;>>!
98;R:! :7! :84! 54X:! Q7P=! 4<P>;4PE! @454P<:;5@! <! >75@4P! O4P;7=! R7P! O<P<R734<>! OP7C499;5@!
B4R7P4!:84!9<CC<=4!:7!:84!54X:!Q7P=!;9!4X4CA:4=F!
!'84P4! <P4! :Q7! C75=;:;759! A5=4P! Q8;C8! :84! N7=4>! C<5! <CC7A5:! R7P! 94N<5:;C!
OP43;4Q! B454R;:E! BA:! :84! C759:P<;5:9! R7P! :8;9! :7! 8<OO45! <P4! WA;:4! R7PN;=<B>4F! /;P9:E! :84!
"4N<5:;C!*P43;4Q!.454R;:!
OP4:<P@4:!R;X<:;75!C7A>=!B4!<!N;9>7C<:4=!R;X<:;75!P49A>:;5@!RP7N!<5!4PP7547A9!A5=4P9877:!
7R!:84!:<P@4:F!hAP!<5<>V949!9A@@49:!:8<:!:8;9!4XO><5<:;75!;9!A5>;f4>V!:7!<CC7A5:!R7P!<>>!7R!
:84!94N<5:;C!OP43;4Q!B454R;:!Q4!7B94P34=F!"4C75=E!:84!R;P9:!9:<@4!7R!>4X;C<>!OP7C499;5@!
7R!:84!O<P<R734<>!OP43;4Q!8K!7R!Q7P=!%!j!K!NA9:!B4!C7NO>4:4=!=AP;5@!:84!P4N<;5=4P!7R!
:84!575Z><B;>4!O8<94!:I!7R!:84!9<CC<=4!OP7@P<N!RP7N!Q7P=!%!:7!Q7P=!%!j!Ka!7:84PQ;94E!
:84! P4<=4P! Q;>>! 9f;O! :84! :<P@4:E! Q8;C8! Q;>>! :845! 57:! C75:P;BA:4! :7! <5<>V949! 7R! OP43;4Q!
B454R;:F!'8A9E!:84!:;N4!:84!OP43;4Q!;9!;5!9:<@4!8I!NA9:!B4!987P:4P!:8<5!:84!=AP<:;75!7R!
:IF!
*2! N7=4>9! OP73;=4! <5! <>:4P5<:;34! O4P9O4C:;34F! %CC7P=;5@! :7! :8494! N7=4>9E!
<::45:;75! ;9! =;9:P;BA:4=! C75:;5A7A9>V! <9! <! @P<=;45:! ;5! :84! 3;9A<>! R;4>=F! (5! :84! *2! N7=4>!
"-(/'( H#5@B4P:E! e75@:;5E! G! ?>;4@>E! IJJIa! #5@B4P:E! &A:8N<55E! +;C8:4PE! G! ?>;4@>E! IJJga!
"C8<=! G! #5@B4P:E! IJKIME! :84! @P<=;45:! ;9! =4:4PN;54=! BV! Q7P=! O79;:;75! <5=! R734<>!
OP7C499;5@F! %! =V5<N;C! R;4>=! 7R! >4X;C<>! <C:;3<:;759! 437>349! <9! <! RA5C:;75! 7R! :84! >4X;C<>!
OP7C499;5@! =;RR;CA>:V! 7R! :84! Q7P=9E! <9! 9434P<>! Q7P=9! <P4! OP7C4994=! ;5! O<P<>>4>F! 645C4E!
<::45:;75!;9!57:!>;N;:4=!:7!<!9;5@>4!Q7P=F!e;f4!#Zd!+4<=4PE!Q7P=!OP7C499;5@!C7NOP;949!:Q7!
O8<949F! '84! R;P9:! O8<94! P4OP4945:9! >7QZ>434>! OP4OP7C499;5@F! %C:;3<:;75! 7R! <! Q7P=!
;5CP4<949!A5:;>!;:!P4<C849!<!=;RR;CA>:VZ=4:4PN;54=!N<X;NANF!(5!:84!94C75=!O8<94E!>4X;C<>!
<CC499! :<f49! O><C4! <5=! <C:;3<:;75! =4CP4<949! A5:;>! :84! Q7P=! ;9! C7NO>4:4>V! OP7C4994=F! (5!
:84! N79:! P4C45:! 34P9;75! 7R! :84! N7=4>! H"C8<=! G! #5@B4P:E! IJKIME! :84! OP7C499;5@! 9O<5! ;9!
<>97!;5R>A45C4=!BV!R734<>!Q7P=!OP7C499;5@F!0AP;5@!:84!;5CP4<9;5@!O8<94E!:84!OP7C499;5@!
9O<5! ;9! <:! <! R;X4=! N;5;NANF! %R:4P! OP4OP7C499;5@! ;9! C7NO>4:4=E! :84! OP7C499;5@! 9O<5!
=V5<N;C<>>V! ;5CP4<949! Q;:8! =4CP4<9;5@! <C:;3<:;75! 7R! :84! R734<>! Q7P=F! '8;9! Y77N! >459!
B48<3;7P!<>>7Q9!R7P!N7P4!O<P<R734<>!OP7C499;5@!;R!:84!R;X<:4=!Q7P=!;9!4<9;4P!:7!OP7C499F!
'84!<99ANO:;75!7R!O<P<>>4>!>4X;C<>!OP7C499;5@!7R!Q7P=9!45<B>49!*2!N7=4>9!:7!4XO><;5!:84!
OP4945:!P49A>:9F!
%OO>V;5@!:84!:847P4:;C<>!RP<N4Q7Pf!7R!"-(/'!:7!:84!CAPP45:!4XO4P;N45:!;5C>A=49!
:84! R7>>7Q;5@D! e4X;C<>! OP7C499;5@! 7R! :84! OP43;4Q! ;5! O<P<R734<>! O79;:;75! 7CCAP9! =AP;5@!
R;X<:;75!7R!:84!OP4:<P@4:!%F!-845!OP7C499;5@!7R!:<P@4:!%!j!K!;9!;5!:84!=4CP4<9;5@!H>4X;C<>M!
O8<94E! 94N<5:;C! ;5R7PN<:;75! ;9! 4X:P<C:4=F! %5! ;5CP4<94=! OP43;4Q! B454R;:! Q;:8! 987P:!
><A5C8! 9;:4! =;9:<5C49! ;9! =A4! :7! <! 8;@84P! OP7C499;5@! @P<=;45:! 54<P! :84! R;X<:;75! >7C<:;75F!
678459:4;5!G!?>;4@>!
'84P4!<P4!:Q7!97APC49!R7P!<!O79;:;34!P4><:;7598;O!B4:Q445!OP43;4Q!B454R;:!<5=!OP4:<P@4:!
R;X<:;75!=AP<:;75!;5!:84!"-(/'!RP<N4Q7PfD!'84!>75@4P!:84!OP43;4Q!=AP<:;75E!:84!>75@4P!
>4X;C<>! OP7C499;5@! 7R! :84! OP43;4Q! Q;>>! B4E! <5=! :84! ><P@4P! :84! OP7C499;5@! 9O<5E! Q;:8! <5!
;5CP4<94!7R!OP7C499;5@!P<:4!R7P!:84!OP43;4Q!Q7P=F!
"<CC<=4!:<P@4:!94>4C:;75!;9!57:!<!=4:4PN;5;9:;C!OP7C499E!BA:!<!9:7C8<9:;C!OP7C499E!
<99AN;5@! <! Q7P=i9! :<P@4:! 94>4C:;75! OP7B<B;>;:V! ;9! OP7O7P:;75<>! :7! ;:9! P4><:;34! <C:;3<:;75F!
'84! 9:<P:! 7R! 9<CC<=4! OP7@P<N9! ;9! <! 9:7C8<9:;C! OP7C499! N7=A><:4=! BV! R734<>! <C:;3;:VF!
'84P4R7P4E! <>:87A@8! :84! <N7A5:! 7R! 94N<5:;C! O<P<R734<>! OP7C499;5@! ;9! O79;:;34>V!
C7PP4><:4=! C75C4O:A<>>V! Q;:8! :84! OP7B<B;>;:V! 7R! 9f;OO;5@! :84! 54X:! Q7P=E! 9f;OO;5@!
OP7B<B;>;:V!=4O45=9!75!:4NO7P<>E!9O<:;<>E!<5=!>4X;C<>!OP7O4P:;49F!/;X<:;5@!<!Q7P=!;NO>;49!
>4X;C<>!OP4OP7C499;5@E!<5=!:84P4BV!OP43;4Q!B454R;:!;9!4XO4C:4=!;5!"-(/'F!'84!P49A>:9!7R!
:84! OP4945:! 9:A=V! <P4! C>4<P>V! ;5! :84! :847P4:;C<>! 9O;P;:! 7R! *2! N7=4>9F! &434P:84>499E! Q4!
NA9:!P4C7@5;Y4!:8<:!;:!;9!A5>;f4>V!:8<:!<5V!7R!:84!;NO>4N45:4=!N7=4>!3<P;<5:9!C7PP4C:>V!
P4OP7=AC4!:84!O<::4P5!7R!P49A>:9F!
KFIFL )h&)e1"(h&!
'84!P49A>:9!7R!:8P44!4XO4P;N45:9!<P4!;5!9AOO7P:!7R!94N<5:;C!O<P<R734<>!OP4OP7C499;5@!R7P!
P4<=4P9!7R!<5!<>O8<B4:;C!9CP;O:D!'<P@4:9!<P4!P4<=!R<9:4P!Q;:8!<!P4><:4=ZQ7P=!OP43;4Q!:8<5!
Q;:8! <5! A5P4><:4=ZQ7P=! OP43;4QF! '84! 94N<5:;C! OP43;4Q! B454R;:! Q<9! @P4<:4P! Q845!
R;X<:;75! O79;:;75! Q<9! C>794! :7! :84! AOC7N;5@! Q7P=F! -4! <>97! 7B94P34=! 9434P<>! O79;:;34!
4RR4C:9!7R!OP4:<P@4:!R;X<:;75!=AP<:;759!HOP43;4Q!:;N4M!75!94N<5:;C!OP43;4Q!B454R;:F!'84!
=4@P44!7R!<Q<P45499!7R!=;9O><V!C8<5@4!Q<9!O79;:;34>V!P4><:4=!:7!<34P<@4!N4<5!R;X<:;75!
=AP<:;75! <5=! :84! N<@5;:A=4! 7R! ;=45:;:V! OP43;4Q! B454R;:E! BA:! 9AB[4C:9i! =4@P44! 7R!
<Q<P45499!7R!=;9O><V!C8<5@49!Q<9!57:!9;@5;R;C<5:>V!P4><:4=!:7!94N<5:;C!OP43;4Q!B454R;:F!
'84! P49A>:9! <P4! ;5! 9AOO7P:! 7R! :847P4:;C<>! <5=! C7NOA:<:;75<>! OP7O79<>9! <>>7Q;5@! R7P!
C7NO>4:4!O<P<R734<>!OP7C499;5@!7R!Q7P=9!=AP;5@!P4<=;5@F!
!
"4N<5:;C!*P43;4Q!.454R;:!
%1'6h+!&h'#!
"345! 678459:4;5! <5=! +4;587>=! ?>;4@>E! 04O<P:N45:! 7R! *9VC87>7@VE! 15;34P9;:V! 7R!
*7:9=<NE! *7:9=<NE! 24PN<5VF! -4! :8<5f! l7C845! e<ABP7Cf! R7P! =;9CA99;75E! +<VN75=!
.4P:P<NE!%>BP4C8:!(587RRE!-<V54!$APP<VE!?4;:8!+<V54PE!<5=!"<P<8!-8;:4!R7P!:84;P!84>ORA>!
C7NN45:9!75!4<P>;4P!34P9;759!7R!:8;9!N<5A9CP;O:!<5=!*4:P<!"C8;45N<55!R7P!:49:;5@!:84!
9AB[4C:9F! 0<:<! <5=! +! 9CP;O:9! <P4! <3<;><B>4! <:! :84! *7:9=<N! $;5=! +494<PC8! +4O79;:7PV!
H*$+Ia!8::ODTTP4<=FO9VC8FA5;ZO7:9=<NF=4TONPITMF!
'8;9!P494<PC8!Q<9!9AOO7P:4=!BV!04A:9C84!/7P9C8A5@9@4N4;59C8<R:!H@P<5:9!57F!?e!
cggTUM!<9!O<P:!7R!+494<PC8!2P7AO!`U`!w)7NOA:<:;75<>!$7=4>;5@!7R!.48<3;7P<>E!)7@5;:;34E!
<5=! &4AP<>! 0V5<N;C9xF! )7PP49O75=45C4! C75C4P5;5@! :8;9! <P:;C>4! 987A>=! B4! <==P4994=! :7!
"345!678459:4;5E!04O<P:N45:!7R!*9VC87>7@VE!15;34P9;:V!7R!*7:9=<NE!?<P>Ze;4Bf54C8:Z":PF!
I\ZIgE!K\\SU!*7:9=<NE!24PN<5VF!#ZN<;>D!9345F878459:4;5}A5;ZO7:9=<NF=4!
!
678459:4;5!G!?>;4@>!
+#/#+#&)#"!
%>:<PP;B<E!lFE!?<NB4E!2FE!*7>><:94fE!%FE!G!+<V54PE!?F!HIJJKMF!"4N<5:;C!C7=49!<P4!57:!A94=!
;5!;5:4@P<:;5@!;5R7PN<:;75!<CP799!4V4!R;X<:;759!;5!P4<=;5@D!#3;=45C4!RP7N!R>A45:!
"O<5;98Z#5@>;98!B;>;5@A<>9F!Q00-%0."%9(1-$4-,0."%9(\(12345",532.42E!]XHgME!`Sg~`cJF!
=7;DKJFLSg`T./JLKc\\\\!
%98BVE!lFE!G!+<V54PE!?F!HIJJ\MF!+4OP4945:;5@!9V>><B>4!;5R7PN<:;75!=AP;5@!9;>45:!P4<=;5@D!
#3;=45C4!RP7N!4V4!N734N45:9F!8&%6#&6-(&%;(<"6%.0.?-(1$"4-22-2E!J^HLME!LcK~\IUF!
=7;DKJFKJ`JTSUc`KLcL\!
.<<V45E!+F!6FE!0<3;=975E!0F!lFE!G!.<:49E!0F!$F!HIJJ`MF!$;X4=Z4RR4C:9!N7=4>;5@!Q;:8!
CP7994=!P<5=7N!4RR4C:9!R7P!9AB[4C:9!<5=!;:4N9F!!"#$%&'(")(:-/"$3(&%;(8&%6#&6-E!
_^H\ME!LcJ~\KIF!=7;DKJFKJKUT[F[N>FIJJSFKIFJJg!
.<>7:<E!0F!%FE!*7>><:94fE!%FE!G!+<V54PE!?F!HKc`gMF!'84!;5:4P<C:;75!7R!C75:4X:A<>!C759:P<;5:9!
<5=!O<P<R734<>!3;9A<>!;5R7PN<:;75!;5!P4<=;5@F!<"6%.0.?-(12345"'"63E!J`HLME!LU\~LcJF!
=7;DKJFKJKUTJJKJZJI`gH`gMcJJKLZK!
.<:49E!0F!$FE!$<4C8>4PE!$FE!G!.7>f4PE!.F!HIJKKMF!>N4\D!e;54<P!N;X4=Z4RR4C:9!N7=4>9!A9;5@!
"\!C><9949!H+!O<Cf<@4!34P9;75!JFcccLSg~\IM!o)7NOA:4P!97R:Q<P4pF!+4:P;434=!RP7N!
8::ODTTCP<5FPZOP7[4C:F7P@TQ4BTO<Cf<@49T>N4\T!
.4P:P<NE!+FE!G!6V^5_E!lF!HIJJSMF!'84!;5:4PO><V!B4:Q445!O<P<R734<>!OP43;4Q!<5=!
N7PO87>7@;C<>!OP7C499;5@!;5!P4<=;5@F!(5!+F!*F!2F!3<5!27NO4>E!$F!6F!/;9C84PE!-F!"F!
$APP<VE!G!+F!eF!6;>>!H#=9FME!*3-(/"?-/-%027(Q(>.%;">("%(/.%;(&%;(@$&.%!HOOF!LcK~
\JSMF!%N9:4P=<NE!:84!&4:84P><5=9D!#>943;4PF!=7;DKJFKJKUT.cS`ZJJ`J\\c`JZ
STgJJKcZS!
.7CfE!$F!HKc`cMF!e4945!;5!%B8_5@;@f4;:!375!=4P!2P7Z!A5=!?>4;59C8P4;BA5@!o+4<=;5@!
=4O45=;5@!75!C<O;:<>!<5=!9N<>>!>4::4P9pF!F,$&45-(\(="6%.0."%E!aE!KLL~KgKF!
.7CfE!$F!HKccJMF!dAP!/A5f:;75!=4P!=4A:9C845!2P7ZA5=!?>4;59C8P4;BA5@F!#;5R>]994!375!
-7P:R7PNE!$A::4P9OP<C84E!e494<>:4PE!e4@<9:845;4!A5=!><A:4N!34P9A9!>4;94N!e4945!
"4N<5:;C!*P43;4Q!.454R;:!
o'84!RA5C:;75!7R!C<O;:<>!<5=!9N<>>!>4::4P9F!(5R>A45C49!7R!Q7P=!R7PNE!N7:84P!:75@A4E!
P4<=;5@!<@4E!=V9>4X;<E!<5F!(5!)F!":4::4P!H#=FME!b#(-.%-$(N5-"$.-(;-$(c$05"6$&,5.-S(
d%0-$;.2E.,'.%G$-(Q2,-B0-(6-6-%>G$0.6-$(F45$.)0C(#%;(c$05"6$&,5.-)"$245#%6(eQ(
05-"$3(")("$05"6$&,53S(d%0-$;.24.,'.%&$3(&2,-402(")(,$-2-%0C;&3(>$.0.%6(&%;(
"$05"6$&,53($-2-&$45f!HOOF!K~LLMF!']B;5@45E!24PN<5VD!&;4N4V4PF!
=7;DKJFKgKgTcS`LKKKLSII`JFK!
.7CfE!$FE!%A@9:E!2FE!G!-4@54PE!(F!HKc`gMF!2P7!7=4P!f>4;5v!dAP!/A5f:;75!=49!-7P:<5R<5@9!
R]P!=45!@4@45Q_P:;@45!e494P!o)<O;:<>!7P!9N<>>v!'84!RA5C:;75!7R!:84!B4@;55;5@!7R!<!
Q7P=!R7P!:84!OP4945:Z=<V!P4<=4PpF!b-.0245$.)0()g$(*%0>.4B'#%62,2345"'"6.-(#%;(
1G;&6"6.245-(12345"'"6.-E!J`HLME!KcK~IJcF!
.7CfE!$FE!6<@459C854;=4PE!?FE!G!"C8Q44PE!%F!HKc`cMF!dAP!/A5f:;75!=4P!2P7ZA5=!
?>4;59C8P4;BA5@!B4;N!e4945!=4A:9C84PE!45@>;9C84P!A5=!5;4=4P>_5=;9C84P!'4X:4!o'84!
RA5C:;75!7R!C<O;:<>!<5=!9N<>>!>4::4P9!=AP;5@!P4<=;5@!7R!24PN<5E!#5@>;98E!<5=!0A:C8!
:4X:9pF!(5!*F!#;945B4P@!G!6F!2]5:84P!H#=9FME!F45$.)02320-/(#%;(c$05"6$&,5.-(eP$.0.%6(
2320-/(&%;("$05"6$&,53f!HOOF!IL~ggMF!']B;5@45E!24PN<5VD!&;4N4V4PF!
=7;DKJFKgKgTcS`LKKKLSIIUUFIL!
.7>f4PE!.FE!?>;4@>E!+FE!G!/7AP5;4PE!0F!%F!HIJKKMF!+4;NO>4N45:<:;75!7R!d8<5@!4:!<>F!IJKKF!
+4:P;434=!RP7N!8::ODTT@>NNFQ=R;>49FC7NT>7C<>ZZ
R;>49T4X<NO>49Td8<5@ÄP4<5<>V9;9FO=R!
.P<;5<P=E!0F!6F!HKccSMF!'84!*9VC87O8V9;C9!:77>B7XF!F,&0.&'(Y.2."%E!JKH\ME!\LL~\LUF!
=7;DKJFKKULTKgU`gU`cSkJJLgS!
)7P54>;9945E!/F!-FE!*4:4P9E!#F!$FE!G!*<>N4PE!lF!HIJJIMF!'84!#V4>;5f!'77>B7XD!#V4!:P<Cf;5@!
Q;:8!$%'e%.!<5=!:84!*9VC87O8V9;C9!'77>B7XF!R-5&?."$(O-2-&$45(:-05";29(
d%20$#/-%029(\(<"/,#0-$2E!XhH\ME!UKL~UKSF!=7;DKJFLSg`T./JLKcg\`c!
)A;E!eFE!b<5E!2FE!.<;E!kFE!6V^5_E!lFE!-<5@E!"FE!G!e;34P9F!HIJKLMF!*P7C499;5@!7R!C7NO7A5=Z
Q7P=!C8<P<C:4P9!;5!P4<=;5@!)8;5494D!%5!4V4ZN734N45:ZC75:;5@45:!=;9O><V!C8<5@4!
9:A=VF!N5-(i#&$0-$'3(!"#$%&'(")(*+,-$./-%0&'(12345"'"63E!]]HLME!gIS~g\SF!
=7;DKJFKJ`JTKS\SJIK`FIJKIFUUS\IL!
678459:4;5!G!?>;4@>!
0<NB<C84PE!$FE!0;N;@45E!hFE!.P<A5E!$FE!-;>>4E!?FE!l<C7B9E!%F!$FE!G!?>;4@>E!+F!HIJKIMF!
":;NA>A9!7594:!<9V5C8P75V!<5=!:84!:;N4>;54!7R!Q7P=!P4C7@5;:;75D!#345:ZP4><:4=!
O7:45:;<>9!=AP;5@!945:45C4!P4<=;5@F!D-#$",2345"'"6.&E!_KH`ME!K`gI~K`SJF!
=7;DKJFKJKUT[F54AP7O9VC87>7@;<FIJKIFJ\FJKK!
04A:9C8E!%FE!/P79:E!+FE!*4>>4@E!"FE!*7>><:94fE!%FE!G!+<V54PE!?F!HIJJLMF!#<P>V!N7PO87>7@;C<>!
4RR4C:9!;5!P4<=;5@D!#3;=45C4!RP7N!O<P<R734<>!OP43;4Q!B454R;:!;5!64BP4QF!
12345"%"/.4(R#''-0.%(\(O-?.->E!JKHIME!\Kg~\IIF!=7;DKJFLSg`T./JLKcUgJJ!
04A:9C8E!%FE!/P79:E!+FE!*7>><:94fE!%FE!G!+<V54PE!?F!HIJJgMF!$7PO87>7@;C<>!O<P<R734<>!
OP43;4Q!B454R;:!4RR4C:9!;5!P4<=;5@D!#3;=45C4!RP7N!64BP4QF!8&%6#&6-(&%;(<"6%.0.?-(
1$"4-22-2E!WKHKTIME!L\K~LSKF!=7;DKJFKJ`JTJKUcJcUJ\\\JJJKKg!
0;N;@45E!hFE!?>;4@>E!+FE!G!"7NN4PE!-F!HIJKIMF!'P<59Z9<CC<=;C!O<P<R734<>!OP43;4Q!B454R;:9!
;5!R>A45:!P4<=;5@D!%!9:A=V!Q;:8!R;X<:;75ZP4><:4=!BP<;5!O7:45:;<>9F!D-#$"d/&6-E!]WE!
L`K~LcLF!=7;DKJFKJKUT[F54AP7;N<@4FIJKIFJ\FJJU!
0P;4@84E!0F!HIJJ`MF!/734<>!OP7C499;5@!<5=!Q7P=!9f;OO;5@!=AP;5@!P4<=;5@F!12345"%"/.4(
R#''-0.%(\(O-?.->E!J_H\ME!`gU~`UJF!=7;DKJFLSg`T*.+FKgF\F`gU!
0P;4@84E!0FE!+<V54PE!?FE!G!*7>><:94fE!%F!HIJJ`MF!$;9>7C<:4=!R;X<:;759!C<5!<CC7A5:!R7P!
O<P<R734<>Z75ZR734<>!4RR4C:9!;5!4V4!N734N45:9!=AP;5@!P4<=;5@F!N5-(i#&$0-$'3(
!"#$%&'(")(*+,-$./-%0&'(12345"'"63E!]JH`ME!KILc~KI\cF!
=7;DKJFKJ`JTKS\SJIKJSJK\UScgL!
#5@B4P:E!+FE!G!?>;4@>E!+F!HIJJLMF!$;CP79<CC<=49!A5C734P!:84!7P;45:<:;75!7R!C734P:!
<::45:;75F!Y.2."%(O-2-&$45E!hXHcME!KJLg~KJ\gF!=7;DKJFKJKUT"JJ\IZUc`cHJLMJJJ`\ZK!
#5@B4P:E!+FE!G!?>;4@>E!+F!HIJKKMF!*<P<>>4>!@P<=4=!<::45:;75!N7=4>9!7R!P4<=;5@F!(5!"F!*F!
e;34P94=@4E!(F!0F!2;>C8P;9:E!G!"F!#34P>;5@!H#=9FME!N5-(c+)"$;(5&%;@""B(")(-3-(
/"?-/-%02!HOOF!S`S~`JJMF!hXR7P=E!#5@><5=D!hXR7P=!15;34P9;:V!*P499F!
=7;DKJFKJcLT7XR7P=8BTcS`JKccgLcS`cFJKLFJJ\L!
#5@B4P:E!+FE!e75@:;5E!%FE!G!?>;4@>E!+F!HIJJIMF!%!=V5<N;C<>!N7=4>!7R!9<CC<=4!@454P<:;75!;5!
P4<=;5@!B<94=!75!9O<:;<>>V!=;9:P;BA:4=!>4X;C<>!OP7C499;5@F!Y.2."%(O-2-&$45E!hWHgME!
UIK~ULUF!=7;DKJFKJKUT"JJ\IZUc`cHJKMJJLJKZS!
"4N<5:;C!*P43;4Q!.454R;:!
#5@B4P:E!+FE!G!$4P@45:8<>4PE!?F!HIJJUMF!$;CP79<CC<=49!<P4!:P;@@4P4=!BV!>7Q!P4:;5<>!;N<@4!
9>;OF!1$"4--;.%62(")(05-(D&0."%&'(Q4&;-/3(")(F4.-%4-2(")(05-(I%.0-;(F0&0-2(")(
Q/-$.4&E!JKXHK`ME!SKcI~SKcSF!=7;DKJFKJSLTO5<9FJgJcggSKJL!
#5@B4P:E!+FE!&A:8N<55E!%FE!+;C8:4PE!#F!$FE!G!?>;4@>E!+F!HIJJgMF!"-(/'D!%!=V5<N;C<>!N7=4>!
7R!9<CC<=4!@454P<:;75!=AP;5@!P4<=;5@F!12345"'"6.4&'(O-?.->E!JJWH\ME!SSS~`KLF!
=7;DKJFKJLSTJJLLZIcgkFKKIF\FSSS!
/7AP5;4PE!0F!%FE!"f<A@E!6F!lFE!%5C84:<E!lFE!(<54>>;E!lFE!$<@5A9975E!%FE!$<A5=4PE!$F!&FE!Å!
";B4P:E!lF!HIJKIMF!%0!$7=4>!.A;>=4PD!19;5@!<A:7N<:;C!=;RR4P45:;<:;75!R7P!9:<:;9:;C<>!
;5R4P45C4!7R!8;@8>V!O<P<N4:4P;Y4=!C7NO>4X!575>;54<P!N7=4>9F!c,0./.E&0."%(
:-05";2(\(F")0>&$-E!W`HIME!ILL~I\cF!=7;DKJFKJ`JTKJggUS``FIJKKFgcS`g\!
/P;:8E!1FE!-;NN4PE!6FE!G!e<5=4P>E!?F!HKcc`MF!0;RR4P45C49!;5!O8757>7@;C<>!P4C7=;5@!;5!
24PN<5Z!<5=!#5@>;98Z9O4<f;5@!C8;>=P45F!F4.-%0.).4(F0#;.-2(.%(O-&;.%6E!WHKME!LK~g\F!
=7;DKJFKIJST9KgLISccX99PJIJKÄI!
/P79:E!+F!HIJKIMF!'7Q<P=9!<!A5;34P9<>!N7=4>!7R!P4<=;5@F!R-5&?."$&'(&%;(R$&.%(F4.-%4-2E!
X_HgME!IUL~IScF!=7;DKJFKJKST"JK\JgIgkKKJJK`\K!
24>N<5E!%FE!"AE!bFZ"FE!b<[;N<E!$FE!6;>>E!lFE!*;::<AE!$F!2FE!?4PN<5E!lFE!G!d845@E!'F!HIJKIMF!
<PND!0<:<!<5<>V9;9!A9;5@!P4@P499;75!<5=!NA>:;>434>T8;4P<PC8;C<>!N7=4>9!H+!O<Cf<@4!
34P9;75!KFgZJ\M!o)7NOA:4P!97R:Q<P4pF!+4:P;434=!RP7N!8::ODTTCP<5FPZ
OP7[4C:F7P@TQ4BTO<Cf<@49T<PNT!
24Vf45E!%F!HIJJSMF!'84!0-0"!C7POA9D!%!P4R4P45C4!C7POA9!R7P!:84!24PN<5!><5@A<@4!7R!
:84!:Q45:;4:8!C45:APVF!(5!)F!/4>>B<AN!H#=FME!d;."/2(&%;(4"''"4&0."%27(<"$,#2C@&2-;(
'.%6#.20.4(&%;('-+.4"6$&,5.4(20#;.-2!HOOF!IL~\JMF!e75=75E!#5@><5=D!)75:;5AANF!
2RP74P4PE!"FE!2]5:84PE!6FE!G!.7CfE!$F!HKc`cMF!%A@45B4Q4@A5@45!A5=!
"AB9:<5:;3@P79C8P4;BA5@D!#;54!*;>7:9:A=;4!o#V4!N734N45:9!<5=!57A5!
C<O;:<>;Y<:;75D!%!O;>7:!9:A=VpF!(5!*4:4P!#;945B4P@!G!6F!2]5:84P!H#=9FME!F45$.)02320-/(
#%;(c$05"6$&,5.-(eP$.0.%6(2320-/(&%;("$05"6$&,53f!HOOF!KKK~KLgMF!']B;5@45E!
24PN<5VD!&;4N4V4PF!=7;DKJFKgKgTcS`LKKKLSIIUUFKKK!
678459:4;5!G!?>;4@>!
28<8@8<4;E!"FE!e;554>>E!?F!lFE!/;9C84PE!$F!6FE!0<3;9E!+FE!G!0AB4VE!%F!HIJKLMF!#RR4C:9!7R!>7<=!
75!:84!:;N4!C7AP94!7R!<::45:;75<>!45@<@4N45:E!=;945@<@4N45:E!<5=!7P;45:;5@!;5!
P4<=;5@F!N5-(i#&$0-$'3(!"#$%&'(")(*+,-$./-%0&'(12345"'"63E!]]HLME!\g\~\SJF!
=7;DKJFKJ`JTKS\SJIK`FIJKKFULgScg!
64;9:4PE!lFE!-]PY54PE!?FZ$FE!.AB45Y4PE!lFE!*78>E!#FE!6<554R7P:8E!'FE!24Vf45E!%FE!G!?>;4@>E!+F!
HIJKKMF!=>4X0.!~!4;54!>4X;f<>;9C84!0<:45B<5f!R]P!=;4!O9VC87>7@;9C84!A5=!
>;5@A;9:;9C84!/7P9C8A5@!o=>4X0.D!%!>4X;C<>!=<:<B<94!R7P!:84!O9VC87>7@;C<>!<5=!
>;5@A;9:;C!P494<PC8pF!12345"'"6.245-(O#%;245&#E!]WHKME!KJ~IJF!=7;DKJFKJIUTJJLLZ
LJ\IT<JJJJIc!
64;9:4PE!lFE!-]PY54PE!?FZ$FE!G!?>;4@>E!+F!HIJKIMF!%5<>V9;5@!><P@4!=<:<94:9!7R!4V4!
N734N45:9!=AP;5@!P4<=;5@F!(5!lF!"F!%=4>N<5!H#=FME!Y.2#&'(>"$;($-4"6%.0."%S(Y"'#/-(
W7(:-&%.%6(&%;(4"%0-+09(.%;.?.;#&'2(&%;(;-?-'",/-%0!HOOF!KJJ~KI`MF!6734E!1?D!
*9VC87>7@V!*P499F!
645=4P975E!lF!$FE!G!/4PP4;P<E!/F!HKccJMF!#RR4C:9!7R!R734<>!OP7C499;5@!=;RR;CA>:V!75!:84!
O4PC4O:A<>!9O<5!;5!P4<=;5@D!(NO>;C<:;759!R7P!<::45:;75!<5=!4V4!N734N45:!C75:P7>F!
!"#$%&'(")(*+,-$./-%0&'(12345"'"637(j#/&%(1-$4-,0."%(&%;(1-$)"$/&%4-E!J]HLME!
\KS~\IcF!=7;DKJFKJLSTJIS`ZSLcLFKUFLF\KS!
678459:4;5E!"FE!G!?>;4@>E!+F!HIJKLMF!#V4!N734N45:9!P434<>!;5:4PO><V!B4:Q445!57A5!
C<O;:<>;Y<:;75!<5=!Q7P=!C><99!=AP;5@!P4<=;5@F!(5!$F!?5<ARRE!$F!*<A45E!&F!"4B<5YE!G!(F!
-<C89NA:8!H#=9FME!1$"4--;.%62(")(05-(X_05(Q%%#&'(<"%)-$-%4-(")(05-(<"6%.0.?-(
F4.-%4-(F"4.-03!HOOF!Igg\~IggcMF!%A9:;5E!'kD!)7@5;:;34!"C;45C4!"7C;4:VF!
678459:4;5E!"FE!e<ABP7CfE!lFE!G!?>;4@>E!+F!HIJKJMF!"4N<5:;C!OP43;4Q!B454R;:!;5!4V4!
N734N45:9!=AP;5@!P4<=;5@D!%!O<P<R734<>!R<9:ZOP;N;5@!9:A=VF!!"#$%&'(")(
*+,-$./-%0&'(12345"'"63S(8-&$%.%69(:-/"$39(&%;(<"6%.0."%E!X]HgME!KKgJ~KKSJF!
=7;DKJFKJLST<JJIJILL!
6779<;5E!+F!HKccKMF!12345"'.%6#.20.4(./,'.4&0."%2()"$('.%6#.20.4($-'&0.?.037(Q(4&2-(20#;3(")(
<5.%-2-F!6;>>9=<>4E!&lD!e<QP45C4!#P>B<AN!%997C;<:49F!
"4N<5:;C!*P43;4Q!.454R;:!
6V^5_E!lF!HKccgMF!07!;PP4@A><P!>4::4P!C7NB;5<:;759!<::P<C:!P4<=4P9i!<::45:;75v!#3;=45C4!
RP7N!R;X<:;75!>7C<:;759!;5!Q7P=9F!!"#$%&'(")(*+,-$./-%0&'(12345"'"637(j#/&%(
1-$4-,0."%(&%;(1-$)"$/&%4-E!WJHKME!U`~`KF!=7;DJFKJLSTJJcUZKgILFIKFKFU`!
6V^5_E!lFE!G!6_;f;^E!'F!HIJJgMF!(9!4N7:;75<>!C75:45:!7B:<;54=!RP7N!O<P<R734<>!Q7P=9!
=AP;5@!P4<=;5@v!%5!4V4!N734N45:!<5<>V9;9F!F4&%;.%&?.&%(!"#$%&'(")(12345"'"63E!
h]HUME!\Sg~`LF!=7;DKJFKKKKT[FK\USZc\gJFIJJgFJJ\ScFX!
(587RRE!%F!-F!HKc`c<MF!*<P<R734<>!OP7C499;5@!7R!Q7P=9!<5=!9<CC<=4!C7NOA:<:;75!=AP;5@!
4V4!R;X<:;759!;5!P4<=;5@F!!"#$%&'(")(*+,-$./-%0&'(12345"'"637(j#/&%(1-$4-,0."%(&%;(
1-$)"$/&%4-E!J_HLME!g\\~gggF!=7;DKJFKJLSTJJcUZKgILFKgFLFg\\!
(587RRE!%F!-F!HKc`cBMF!e4X;C<>!<CC499!=AP;5@!4V4!R;X<:;759!;5!P4<=;5@D!%P4!Q7P=!<CC499!
C7=49!A94=!:7!;5:4@P<:4!>4X;C<>!;5R7PN<:;75!<CP799!;5:4PQ7P=!R;X<:;759v!!"#$%&'(")(
:-/"$3(&%;(8&%6#&6-E!WaE!\\\~\UKF!=7;DKJFKJKUTJS\cZgcUkH`cMcJJIKZK!
(587RRE!%F!-FE!G!+<=<C8E!+F!HKcc`MF!04R;5;:;75!<5=!C7NOA:<:;75!7R!7CA>7N7:7P!N4<9AP49!
;5!:84!9:A=V!7R!C7@5;:;34!OP7C49949F!(5!2F!15=4PQ77=!H#=FME!*3-(6#.;&%4-(.%($-&;.%6(
&%;(24-%-(,-$4-,0."%!HOOF!Ic~gLMF!hXR7P=E!#5@><5=D!#>943;4PF!=7;DKJFKJKUT.cS`Z
JJ`J\LLUKZgTgJJJLZK!
(587RRE!%F!-FE!":<PPE!$FE!G!"8;5=>4PE!?F!eF!HIJJJMF!(9!:84!OP7C499;5@!7R!Q7P=9!=AP;5@!4V4!
R;X<:;759!;5!P4<=;5@!9:P;C:>V!94P;<>v!1-$4-,0."%(\(12345",532.42E!]WHSME!K\S\~K\`\F!
=7;DKJFLSg`T./JLIKIK\S!
l<C7B9E!%F!$FE!&A4PfE!6FZ)FE!2P<RE!+FE!.P<A5E!$FE!G!&<Y;PE!'F!%F!HIJJ`MF!'84!;5;:;<>!
C<O;:<>;Y<:;75!9AO4P;7P;:V!4RR4C:!;5!24PN<5D!#3;=45C4!R7P!<!O4PC4O:A<>!RP4WA45CV!
3<P;<5:!7R!:84!7P:87@P<O8;C!CA4!8VO7:849;9!7R!3;9A<>!Q7P=!P4C7@5;:;75F!12345"'"6.4&'(
O-2-&$45E!`WHUME!UgS~UUgF!=7;DKJFKJJST9JJ\IUZJJ`ZJKU`ZJ!
l75;=49E!lFE!G!$<CfE!+F!HKc`\MF!h5!:84!C79:!<5=!B454R;:!7R!C79:!<5=!B454R;:F!12345"'"6.4&'(
R#''-0.%E!^]HKME!Ic~\\F!=7;DKJFKJLSTTJJLLZIcJcFcUFKFIc!
l7P=<5E!'F!+FE!$C27Q<5E!,F!%FE!G!*<:4P975E!?F!.F!HIJKLMF!-8<:i9!>4R:v!%5!4V4!N734N45:!
9:A=V!7R!:84!;5R>A45C4!7R!;5:4PQ7P=!9O<C49!:7!:84!>4R:!7R!R;X<:;75!=AP;5@!P4<=;5@F!
12345"%"/.4(R#''-0.%(\(O-?.->E!WKHLME!ggK~ggSF!=7;DKJFLSg`T9KL\ILZJKIZJLSIZK!
678459:4;5!G!?>;4@>!
?<NB4E!2F!HIJJ\MF!*<P<R734<>!OP7C499;5@!7R!OP4R;X4=!Q7P=9!=AP;5@!4V4!R;X<:;759!;5!
P4<=;5@D!#3;=45C4!<@<;59:!N7PO87>7@;C<>!;5R>A45C49!75!O<P<R734<>!OP4OP7C499;5@F!
1-$4-,0."%(\(12345",532.42E!]]HIME!ISc~IcIF!=7;DKJFLSg`T./JLKc\`Sc!
?4554=VE!%F!HIJJ`MF!*<P<R734<>Z75ZR734<>!4RR4C:9!<P4!57:!<5!<P:;R<C:!7R!N;9Z>7C<:4=!
9<CC<=49F!!"#$%&'(")(*3-(:"?-/-%0(O-2-&$45E!WHKME!K~KJF!
?4554=VE!%FE!G!*V5:4E!lF!HIJJgMF!*<P<R734<>Z75ZR734<>!4RR4C:9!;5!57PN<>!P4<=;5@F!Y.2."%(
O-2-&$45E!h_HIME!KgL~KU`F!=7;DKJFKJKUT[F3;9P49FIJJ\FJSFJLS!
?4554=VE!%FE!*V5:4E!lFE!$APP<VE!-F!"FE!G!*<A>E!"FZ%F!HIJKLMF!/P4WA45CV!<5=!OP4=;C:<B;>;:V!
4RR4C:9!;5!:84!0A5=44!)7POA9D!%5!4V4!N734N45:!<5<>V9;9F!N5-(i#&$0-$'3(!"#$%&'(")(
*+,-$./-%0&'(12345"'"63E!]]HLME!UJK~UK`F!=7;DKJFKJ`JTKS\SJIK`FIJKIFUSUJg\!
?;NE!bFZ"FE!+<=<C8E!+FE!G!,7P9:;A9E!)F!HIJKIMF!#V4!N734N45:9!<5=!O<P<R734<>!OP7C499;5@!
=AP;5@!P4<=;5@!;5!?7P4<5F!O-&;.%6(&%;(P$.0.%6E!W_HgME!KJgL~KJS`F!
=7;DKJFKJJST9KKK\gZJKKZcL\cZJ!
?>;4@>E!+FE!678459:4;5E!"FE!b<5E!$FE!G!$C075<>=E!"F!%F!HIJKLMF!67Q!OP43;4Q!9O<C4T:;N4!
:P<59><:49!;5:7!OP43;4Q!C79:TB454R;:!R7P!R;X<:;75!=AP<:;759!=AP;5@!P4<=;5@F!N5-(
i#&$0-$'3(!"#$%&'(")(*+,-$./-%0&'(12345"'"63E!]]HLME!g`K~UJJF!
=7;DKJFKJ`JTKS\SJIK`FIJKIFUg`JSL!
?>;4@>E!+FE!$<9975E!$F!#F!lFE!G!+;C8:4PE!#F!$F!HIJKJMF!%!>;54<P!N;X4=!N7=4>!<5<>V9;9!7R!
N<9f4=!P4O4:;:;75!OP;N;5@F!Y.2#&'(<"6%.0."%E!JaHgME!Ugg~U`KF!
=7;DKJFKJ`JTKLgJUI`JcJIc`UJg`!
?>;4@>E!+FE!&A:8N<55E!%FE!G!#5@B4P:E!+F!HIJJUMF!'P<Cf;5@!:84!N;5=!=AP;5@!P4<=;5@D!'84!
;5R>A45C4!7R!O<9:E!OP4945:E!<5=!RA:AP4!Q7P=9!75!R;X<:;75!=AP<:;759F!!"#$%&'(")(
*+,-$./-%0&'(12345"'"637(Z-%-$&'E!JX_HKME!KI~LgF!=7;DKJFKJLSTJJcUZL\\gFKLgFKFKI!
?>;4@>E!+FE!-4;E!*FE!0<NB<C84PE!$FE!b<5E!$FE!G!d87AE!kF!HIJKKMF!#XO4P;N45:<>!4RR4C:9!<5=!
;5=;3;=A<>!=;RR4P45C49!;5!>;54<P!N;X4=!N7=4>9D!#9:;N<:;5@!:84!P4><:;7598;O!B4:Q445!
9O<:;<>E!7B[4C:E!<5=!<::P<C:;75!4RR4C:9!;5!3;9A<>!<::45:;75F!L$"%0.-$2(.%(12345"'"63E!JE!
IL`F!=7;DKJFLL`cTRO9V@FIJKJFJJIL`!
"4N<5:;C!*P43;4Q!.454R;:!
e<ABP7CfE!lFE!G!678459:4;5E!"F!HIJKIMF!hP:87@P<O8;C!C759;9:45CV!<5=!O<P<R734<>!OP43;4Q!
B454R;:D!<!P497APC4Z98<P;5@!<CC7A5:!7R!><5@A<@4!=;RR4P45C49!;5!OP7C499;5@!7R!
O8757>7@;C<>!<5=!94N<5:;C!C7=49F!R-5&?."$&'(&%;(R$&.%(F4.-%4-2E!X_HgME!IcI~IcLF!
=7;DKJFKJKST"JK\JgIgkKIJJJIJc!
e4@@4E!2F!#FE!%85E!"F!lFE!?>;:YE!'F!"FE!G!eA4Bf4PE!%F!HKccSMF!*9VC87O8V9;C9!7R!P4<=;5@tk,(F!
'84!3;9A<>!9O<5!;5!57PN<>!<5=!>7Q!3;9;75F!Y.2."%(O-2-&$45E!X`HK\ME!Kccc~IJKJF!
=7;DKJFKJKUT"JJ\IZUc`cHcSMJJJKSZg!
e4@@4E!2F!#FE!*<P;98E!0F!6FE!eA4Bf4PE!%FE!G!-APNE!eF!6F!HKccJMF!*9VC87O8V9;C9!7R!P4<=;5@F!
k(F!)7NO<P;5@!C7>7P!C75:P<9:!<5=!>AN;5<5C4!C75:P<9:F!!"#$%&'(")(05-(c,0.4&'(F"4.-03(
")(Q/-$.4&(QE!`HKJME!IJJI~IJKJF!=7;DKJFKLU\Tlh"%%FSFJJIJJI!
e4@@4E!2F!#FE!+AB;5E!2F!"FE!G!eA4Bf4PE!%F!HKc`SMF!*9VC87O8V9;C9!7R!P4<=;5@t,F!'84!P7>4!7R!
C75:P<9:!;5!57PN<>!3;9;75F!Y.2."%(O-2-&$45E!W`HSME!KKUg~KKSSF!=7;DKJFKJKUTJJ\IZ
Uc`cH`SMcJJI`Zc!
e;N<E!"F!0F!HKc`SMF!$7PO87>7@;C<>!<5<>V9;9!;5!945:45C4!P4<=;5@F!!"#$%&'(")(:-/"$3(&%;(
8&%6#&6-E!W]HKME!`\~ccF!=7;DKJFKJKUTJS\cZgcUkH`SMcJJU\ZS!
$C)>4>><5=E!2F!6FE!G!lA==E!)F!$F!HKccLMF!":<:;9:;C<>!=;RR;CA>:;49!7R!=4:4C:;5@!;5:4P<C:;759!
<5=!N7=4P<:7P!4RR4C:9F!12345"'"6.4&'(R#''-0.%E!JJhHIME!LSU~cJF!=7;DKJFKJLSTJJLLZ
IcJcFKK\FIFLSU!
$C)75f;4E!2F!-FE!?4PPE!*F!-FE!+4==;XE!$F!0FE!G!d7><E!0F!HKc``MF!#V4!N734N45:!C75:P7>!
=AP;5@!P4<=;5@D!(F!'84!>7C<:;75!7R!;5;:;<>!4V4!R;X<:;759!75!Q7P=9F!Y.2."%(O-2-&$45E!
WaHKJME!KKJS~KKK`F!=7;DKJFKJKUTJJ\IZUc`cH``McJKLSZk!
$C)75f;4E!2F!-FE!G!+<V54PE!?F!HKcSgMF!'84!9O<5!7R!:84!4RR4C:;34!9:;NA>A9!=AP;5@!<!
R;X<:;75!;5!P4<=;5@F!1-$4-,0."%(\(12345",532.42E!J`HUME!gS`~g`UF!
=7;DKJFLSg`T./JLIJLcSI!
$C075<>=E!"F!%F!HIJJUMF!*<P<R734<>!OP43;4Q!B454R;:!;5!P4<=;5@!;9!75>V!7B:<;54=!RP7N!:84!
9<CC<=4!@7<>F!Y.2."%(O-2-&$45E!h]HIUME!\\KU~\\I\F!=7;DKJFKJKUT[F3;9P49FIJJUFJ`FJIS!
$C&<N<P<E!'F!*F!HIJJgMF!F-/&%0.4(,$./.%67(1-$2,-40.?-2()$"/(/-/"$3(&%;(>"$;(
$-4"6%.0."%F!&4Q!b7PfD!*9VC87>7@V!*P499F!=7;DKJF\LI\TcS`JIJLLL`JJK!
678459:4;5!G!?>;4@>!
$4A:4PE!+F!/F!(FE!G!%>>O7P:E!%F!HKcccMF!.;>;5@A<>!><5@A<@4!9Q;:C8;5@!;5!5<N;5@D!
%9VNN4:P;C<>!C79:9!7R!><5@A<@4!94>4C:;75F!!"#$%&'(")(:-/"$3(&%;(8&%6#&6-E!hKHKME!
Ig~\JF!=7;DKJFKJJUT[N><FKcc`FIUJI!
$;C84>975E!%F!%F!HKcISMF!F0#;.-2(.%(",0.42F!)8;C<@7D!15;34P9;:V!7R!)8;C<@7!*P499F!
$;4>>4:E!"FE!G!"O<PP7QE!eF!HIJJ\MF!*8757>7@;C<>!C7=49!<P4!<994NB>4=!B4R7P4!Q7P=!R;X<:;75D!
#3;=45C4!RP7N!B7A5=<PV!O<P<=;@N!;5!945:45C4!P4<=;5@F!R$&.%(&%;(8&%6#&6-E!^KE!
Icc~LKJF!=7;DKJFKJKUT"JJcLZcL\kHJLMJJ\\IZg!
$]994>4PE!lFE!&;99>4;5E!$FE!G!?7P;<:E!%F!HIJJgMF!24PN<5!C<O;:<>;Y<:;75!7R!57A59!<5=!:84!
=4:4C:;75!7R!>4::4P9!;5!C75:;5A7A9!:4X:F!<&%&;.&%(!"#$%&'(")(*+,-$./-%0&'(
12345"'"63E!_^HLME!K\L~Kg`F!=7;DKJFKJLST8JJ`S\SJ!
&A:8N<55E!%FE!#5@B4P:E!+FE!G!?>;4@>E!+F!HIJJgMF!$;9>7C<:4=!R;X<:;759!=AP;5@!P4<=;5@!<5=!
:84!;534P:4=!7O:;N<>!3;4Q;5@!O79;:;75!4RR4C:F!Y.2."%(O-2-&$45E!h_HKSME!IIJK~IIKSF!
=7;DKJFKJKUT[F3;9P49FIJJgFJIFJK\!
*4>>;E!0F!2F!HKccSMF!'84!,;=47'77>B7X!97R:Q<P4!R7P!3;9A<>!O9VC87O8V9;C9D!'P<59R7PN;5@!
5ANB4P9!;5:7!N73;49F!F,&0.&'(Y.2."%E!JKH\ME!\LS~\\IF!
=7;DKJFKKULTKgU`gU`cSkJJLUU!
*><5:E!+F!+FE!6<NN75=E!&FE!G!'AP54PE!2F!HIJJ\MF!"4>RZ3<>;=<:;5@!OP4945:<:;75!<5=!
P49O7594!:;N;5@!;5!C7@5;:;34!O<P<=;@N9D!67Q!<5=!Q8Vv!R-5&?."$(O-2-&$45(
:-05";29(d%20$#/-%029(\(<"/,#0-$2E!X]HIME!IcK~LJLF!=7;DKJFLSg`T./JLKcggSg!
*>ANN4PE!*FE!G!+<V54PE!?F!HIJKIMF!#RR4C:9!7R!O<P<R734<>!Q7P=!>45@:8!<5=!7P:87@P<O8;C!
R4<:AP49!75!;5;:;<>!R;X<:;75!><5=;5@!O79;:;759!;5!P4<=;5@F!Q00-%0."%9(1-$4-,0."%9(\(
12345",532.42E!`hHgME!cgJ~cULF!=7;DKJFLSg`T9KL\K\ZJKIZJI`UZY!
*7>><:94fE!%FE!e49C8E!$FE!$7PP;9E!+F!?FE!G!+<V54PE!?F!HKccIMF!*8757>7@;C<>!C7=49!<P4!A94=!;5!
;5:4@P<:;5@!;5R7PN<:;75!<CP799!9<CC<=49!;5!Q7P=!;=45:;R;C<:;75!<5=!P4<=;5@F!!"#$%&'(
")(*+,-$./-%0&'(12345"'"637(j#/&%(1-$4-,0."%(&%;(1-$)"$/&%4-E!JaHKME!K\`~KUIF!
=7;DKJFKJLSTJJcUZKgILFK`FKFK\`!
"4N<5:;C!*P43;4Q!.454R;:!
*7>><:94fE!%FE!+<V54PE!?FE!G!.<>7:<E!0F!%F!HKc`UMF!(5R4P45C49!<B7A:!4V4!N734N45:!C75:P7>!
RP7N!:84!O4PC4O:A<>!9O<5!;5!P4<=;5@F!1-$4-,0."%(\(12345",532.42E!hKHIME!KIL~LJF!
=7;DKJFLSg`T./JLIJ`KcI!
*V5:4E!lFE!?4554=VE!%FE!G!0ACP7:E!"F!HIJJ\MF!'84!;5R>A45C4!7R!O<P<R734<>!:VO7@P<O8;C<>!
4PP7P9!75!4V4!N734N45:9!;5!P4<=;5@F!*#$",-&%(!"#$%&'(")(<"6%.0.?-(12345"'"63E!
J]HKZIME!KS`~IJIF!=7;DKJFKJ`JTJcg\K\\JL\JJJJKUc!
+!0434>7ON45:!)7P4!'4<NF!HIJKIMF!O7(Q('&%6#&6-(&%;(-%?.$"%/-%0()"$(20&0.20.4&'(
4"/,#0.%69($-)-$-%4-(.%;-+(?-$2."%(WSJhSW(e<"/,#0-$(2")0>&$-fF!,;455<E!%A9:P;<D!+!
/7A5=<:;75!R7P!":<:;9:;C<>!)7NOA:;5@F!
+<=<C8E!+FE!(587RRE!%FE!G!64>>4PE!0F!HIJJ\MF!hP:87@P<O8;C!P4@A><P;:V!@P<=A<>>V!N7=A><:49!
9<CC<=4!<NO>;:A=49!;5!P4<=;5@F!*#$",-&%(!"#$%&'(")(<"6%.0.?-(12345"'"63E!J]HKZIME!
IS~gKF!=7;DKJFKJ`JTJcg\K\\JL\JJJJIII!
+<=<C8E!+FE!+4;>>VE!+FE!G!(587RRE!%F!-F!HIJJSMF!$7=4>9!7R!7CA>7N7:7P!C75:P7>!;5!P4<=;5@D!
'7Q<P=9!<!:847P4:;C<>!R7A5=<:;75!7R!CAPP45:!=4B<:49F!(5!+F!*F!2F!3<5!27NO4>E!$F!6F!
/;9C84PE!-F!"F!$APP<VE!G!+F!eF!6;>>!H#=9FME!*3-(/"?-/-%027(Q(>.%;">("%(/.%;(&%;(
@$&.%!HOOF!ILS~IUcMF!%N9:4P=<NE!:84!&4:84P><5=9D!#>943;4PF!=7;DKJFKJKUT.cS`Z
JJ`J\\c`JZSTgJJKLZU!
+<V54PE!?F!HKcSgMF!'84!O4PC4O:A<>!9O<5!<5=!O4P;O84P<>!CA49!;5!P4<=;5@F!<"6%.0.?-(
12345"'"63E!`HKME!Ug~`KF!=7;DKJFKJKUTJJKJZJI`gHSgMcJJJgZg!
+<V54PE!?F!HKcc`MF!#V4!N734N45:9!;5!P4<=;5@!<5=!;5R7PN<:;75!OP7C499;5@D!IJ!V4<P9!7R!
P494<PC8F!12345"'"6.4&'(R#''-0.%E!JWhHLME!LSI~\IIF!=7;DKJFKJLSTJJLLZ
IcJcFKI\FLFLSI!
+<V54PE!?F!HIJJcMF!#V4!N734N45:9!<5=!<::45:;75!;5!P4<=;5@E!9C454!O4PC4O:;75E!<5=!3;9A<>!
94<PC8F!N5-(i#&$0-$'3(!"#$%&'(")(*+,-$./-%0&'(12345"'"63E!]WH`ME!K\gS~KgJUF!
=7;DKJFKJ`JTKS\SJIKJcJI`KU\UK!
+<V54PE!?FE!.<>7:<E!0F!%FE!G!*7>><:94fE!%F!HKc`UMF!%@<;59:!O<P<R734<>!94N<5:;C!
OP4OP7C499;5@!=AP;5@!4V4!R;X<:;759!;5!P4<=;5@F!<&%&;.&%(!"#$%&'(")(12345"'"63E!
hKH\ME!\SL~\`LF!=7;DKJFKJLST8JJ`JKKK!
678459:4;5!G!?>;4@>!
+<V54PE!?FE!G!.4P:4P<E!lF!6F!HKcScMF!+4<=;5@!Q;:87A:!<!R734<F!F4.-%4-E!WK]H\\KSME!\U`~
\UcF!=7;DKJFKKIUT9C;45C4FgJ\c`S!
+<V54PE!?FE!$C)75f;4E!2F!-FE!G!d7><E!0F!HKc`JMF!(5:4@P<:;5@!;5R7PN<:;75!<CP799!4V4!
N734N45:9F!<"6%.0.?-(12345"'"63E!JWE!IJU~IIUF!=7;DKJFKJKUTJJKJZJI`gH`JMcJJJcZ
I!
+<V54PE!?FE!*7>><:94fE!%FE!0P;4@84E!0FE!"><::4PVE!'F!lFE!G!+4;C8>4E!#F!0F!HIJJSMF!'P<Cf;5@!:84!
N;5=!=AP;5@!P4<=;5@!3;<!4V4!N734N45:9D!)7NN45:9!75!?>;4@>E!&A:8N<55E!<5=!
#5@B4P:!HIJJUMF!!"#$%&'(")(*+,-$./-%0&'(12345"'"637(Z-%-$&'E!JX]HLME!gIJ~gIcF!
=7;DKJFKJLSTJJcUZL\\gFKLUFLFgIJ!
+4;C8>4E!#F!0F!HIJKKMF!"4P;<>Z<::45:;75!N7=4>9!7R!P4<=;5@F!(5!"F!*F!e;34P94=@4E!(F!0F!2;>C8P;9:E!
G!"F!#34P>;5@!H#=9FME!N5-(c+)"$;(5&%;@""B(")(-3-(/"?-/-%02!HOOF!SUS~S`UMF!hXR7P=E!
#5@><5=D!hXR7P=!15;34P9;:V!*P499F!=7;DKJFKJcLT7XR7P=8BTcS`JKccgLcS`cFJKLFJJ\I!
+4;C8>4E!#F!0FE!*7>><:94fE!%FE!/;984PE!0F!eFE!G!+<V54PE!?F!HKcc`MF!'7Q<P=!<!N7=4>!7R!4V4!
N734N45:!C75:P7>!;5!P4<=;5@F!12345"'"6.4&'(O-?.->E!JK_HKME!KIg~KgSF!
=7;DKJFKJLSTJJLLZIcgkFKJgFKFKIg!
+4;C8>4E!#F!0FE!+<V54PE!?FE!G!*7>><:94fE!%F!HIJJLMF!'84!#Zd!P4<=4P!N7=4>!7R!4V4ZN734N45:!
C75:P7>!;5!P4<=;5@D!)7NO<P;9759!:7!7:84P!N7=4>9F!R-5&?."$&'(&%;(R$&.%(F4.-%4-2E!
W]H\ME!\\g~\ccF!=7;DKJFKJKST"JK\JgIgkJL\\JKJS!
+4;C8>4E!#F!0FE!-<PP45E!'FE!G!$C)7554>>E!?F!HIJJcMF!19;5@!#Zd!+4<=4P!:7!N7=4>!:84!4RR4C:9!
7R!8;@84P!>434>!><5@A<@4!OP7C499;5@!75!4V4!N734N45:9!=AP;5@!P4<=;5@F!12345"%"/.4(
R#''-0.%(\(O-?.->E!J]HKME!K~IKF!=7;DKJFLSg`T*.+FKUFKFK!
+4;5@7>=E!#F!$FE!G!+<V54PE!?F!HIJJUMF!#X<N;5;5@!:84!Q7P=!;=45:;R;C<:;75!9:<@49!
8VO7:849;Y4=!BV!:84!#Zd!+4<=4P!N7=4>F!12345"'"6.4&'(F4.-%4-E!J`HcME!S\I~S\UF!
=7;DKJFKKKKT[FK\USZcI`JFIJJUFJKSSgFX!
"C8<=E!0F!lFE!G!#5@B4P:E!+F!HIJKIMF!'84!Y77N!>459!7R!<::45:;75D!";NA><:;5@!98ARR>4=!34P9A9!
57PN<>!:4X:!P4<=;5@!A9;5@!:84!"-(/'!N7=4>F!Y.2#&'(<"6%.0."%E!WKH\ZgME!LcK~\IKF!
=7;DKJFKJ`JTKLgJUI`gFIJKIFUSJK\L!
"4N<5:;C!*P43;4Q!.454R;:!
"C8;4>Y4:8E!6FE!G!/7P9:N4;4PE!-F!HIJJcMF!)75C>A9;759!B4V75=!9AOO7P:D!h34PC75R;=45:!
49:;N<:49!;5!N;X4=!N7=4>9F!R-5&?."$&'(*4"'"63E!WKHIME!\KU~\IJF!
=7;DKJFKJcLTB484C7T<P5K\g!
"C87::4PE!#F!+FE!%5@4>4E!.FE!G!+<V54PE!?F!HIJKIMF!*<P<R734<>!OP7C499;5@!;5!P4<=;5@F!
Q00-%0."%9(1-$4-,0."%9(\(12345",532.42E!`hHKME!g~LgF!=7;DKJFLSg`T9KL\K\ZJKKZJIKcZ
I!
"C8P7V459E!-FE!,;:AE!/FE!.PV9B<4P:E!$FE!G!0ib=4Q<>>4E!2F!HKcccMF!#V4!N734N45:!C75:P7>!
=AP;5@!P4<=;5@D!/734<>!>7<=!<5=!O<P<R734<>!OP7C499;5@F!N5-(i#&$0-$'3(!"#$%&'(")(
*+,-$./-%0&'(12345"'"63(F-40."%(QE!_WH\ME!KJIK~KJ\UF!=7;DKJFKJ`JTSKLSgg`gc!
"4P457E!"F!)FE!G!+<V54PE!?F!HKccIMF!/<9:!OP;N;5@!=AP;5@!4V4!R;X<:;759!;5!P4<=;5@F!!"#$%&'(")(
*+,-$./-%0&'(12345"'"637(j#/&%(1-$4-,0."%(&%;(1-$)"$/&%4-E!JaHKME!KSL~K`\F!
=7;DKJFKJLSTJJcUZKgILFK`FKFKSL!
"f<A@E!6F!lFE!/7AP5;4PE!0F!%FE!&;4>945E!%FE!$<@5A9975E!%FE!G!.7>f4PE!.F!HIJKIMF!@>NN%0$.D!
2454P<>;Y4=!>;54<P!N;X4=!N7=4>9!A9;5@!%0!$7=4>!.A;>=4P!H+!O<Cf<@4!34P9;75!
JFSFIFKIM!o)7NOA:4P!97R:Q<P4pF!+4:P;434=!RP7N!8::ODTTPZR7P@4FPZ
OP7[4C:F7P@TOP7[4C:9T@>NN<=NBT!
"><::4PVE!'F!lFE!%5@4>4E!.FE!G!+<V54PE!?F!HIJKKMF!#V4!N734N45:9!<5=!=;9O><V!C8<5@4!
=4:4C:;75!=AP;5@!P4<=;5@F!!"#$%&'(")(*+,-$./-%0&'(12345"'"637(j#/&%(1-$4-,0."%(
&%;(1-$)"$/&%4-E!X`HUME!KcI\~KcL`F!=7;DKJFKJLST<JJI\LII!
"7<P49E!)FE!G!2P79[4<5E!/F!HKc`\MF!.;>;5@A<>9!;5!<!N757>;5@A<>!<5=!<!B;>;5@A<>!9O44C8!
N7=4D!'84!4RR4C:!75!>4X;C<>!<CC499F!:-/"$3(\(<"6%.0."%E!JWH\ME!L`J~L`UF!
=7;DKJFLSg`T./JLKc`Ic`!
":<PPE!$FE!G!(587RRE!%F!HIJJ\MF!%::45:;75!<>>7C<:;75!:7!:84!P;@8:!<5=!>4R:!7R!<!R;X<:4=!Q7P=D!
194!7R!7P:87@P<O8;C!;5R7PN<:;75!RP7N!NA>:;O>4!Q7P=9!=AP;5@!P4<=;5@F!*#$",-&%(
!"#$%&'(")(<"6%.0.?-(12345"'"63E!J]HKTIME!IJL~IIgF!
=7;DKJFKJ`JTJcg\K\\JL\JJJJKgJ!
678459:4;5!G!?>;4@>!
":<PPE!$FE!G!+<V54PE!?F!HIJJKMF!#V4!N734N45:9!=AP;5@!P4<=;5@D!"7N4!CAPP45:!
C75:P734P9;49F!N$-%;2(.%(<"6%.0.?-(F4.-%4-2E!_H\ME!KgU~KULF!=7;DKJFKJKUT"KLU\Z
UUKLHJJMJKUKcZL!
":P<9BAP@4PE!6FE!+45:9C8>4PE!(FE!G!l]::54PE!$F!HIJKKMF!*4P;O84P<>!3;9;75!<5=!O<::4P5!
P4C7@5;:;75D!%!P43;4QF!!"#$%&'(")(Y.2."%E!JJHgME!K~`IF!=7;DKJFKKUSTKKFgFKLF)75:45:9!
'9<;E!lFZeFE!?>;4@>E!+FE!G!b<5E!$F!HIJKIMF!*<P<R734<>!94N<5:;C!;5R7PN<:;75!4X:P<C:;75!;5!
:P<=;:;75<>!)8;5494!P4<=;5@F!Q40&(12345"'"6.4&E!JhJHKME!KS~ILF!
=7;DKJFKJKUT[F<C:O9VFIJKIFJUFJJ\!
15=4PQ77=E!2FE!.;559E!%FE!G!-<>f4PE!"F!HIJJJMF!%::45:;75<>!=4N<5=9!75!:84!OP7C499;5@!7R!
54;@8B7AP;5@!Q7P=9F!(5!%F!?4554=VE!+F!+<=<C8E!0F!64>>4PE!G!lF!*V5:4!H#=9FME!O-&;.%6(
&2(&(,-$4-,0#&'(,$"4-22!HOOF!I\S~IU`MF!hXR7P=E!#5@><5=D!#>943;4PF!=7;DKJFKJKUT.cS`Z
JJ`J\LU\IZgTgJJKLZc!
,<5!=4!*7>E!$FE!G!-P;@8:E!lF!HIJJcMF!%!9;NO>4!N4:87=!R7P!=;9:;5@A;98;5@!Q;:8;5Z!34P9A9!
B4:Q445Z9AB[4C:!4RR4C:9!A9;5@!N;X4=!N7=4>9F!Q%./&'(R-5&?."#$E!``HLME!SgL~Sg`F!
=7;DKJFKJKUT[F<5B48<3FIJJ`FKKFJJU!
,75fE!-FE!+<=<C8E!+FE!G!3<5!+;[5E!6F!HIJJJMF!#V4!@A;=<5C4!<5=!:84!9<>;45CV!7R!Q7P=!
B4@;55;5@9!;5!P4<=;5@!:4X:F!(5!%F!?4554=VE!+F!+<=<C8E!0F!64>>4PE!G!lF!*V5:4!H#=9FME!
O-&;.%6(&2(&(,-$4-,0#&'(,$"4-22!HOOF!IUc~IccMF!hXR7P=E!#5@><5=D!#>943;4PF!
=7;DKJFKJKUT.cS`ZJJ`J\LU\IZgTgJJK\ZJ!
,7PB4P@E!0FE!$<::>4PE!1FE!64;54Cf4E!%FE!"C8N;=:E!'FE!G!"C8Q<PYB<C8E!lF!HIJJLMF!0;RR4P45:!
:;N4!C7AP949!R7P!3;9A<>!O4PC4O:;75!<5=!<C:;75!OP;N;5@F!1$"4--;.%62(")(05-(D&0."%&'(
Q4&;-/3(")(F4.-%4-2(")(05-(I%.0-;(F0&0-2(")(Q/-$.4&E!JKKHKJME!UISg~UI`JF!
=7;DKJFKJSLTO5<9FJcLK\`cKJJ!
-<5@E!)FZ%FE!G!(587RRE!%F!-F!HIJKJMF!'84!;5R>A45C4!7R!3;9A<>!C75:P<9:!<5=!C<94!C8<5@49!75!
O<P<R734<>!OP43;4Q!B454R;:9!=AP;5@!P4<=;5@F!N5-(i#&$0-$'3(!"#$%&'(")(*+,-$./-%0&'(
12345"'"63E!]XH\ME!`Jg~KSF!=7;DKJFKJ`JTKS\SJIKJcJLK\S\c\!
"4N<5:;C!*P43;4Q!.454R;:!
-8;:4E!"F!lF!HIJJ`MF!#V4!N734N45:!C75:P7>!=AP;5@!P4<=;5@D!#RR4C:9!7R!Q7P=!RP4WA45CV!<5=!
7P:87@P<O8;C!R<N;>;<P;:VF!!"#$%&'(")(*+,-$./-%0&'(12345"'"637(j#/&%(1-$4-,0."%(
&%;(1-$)"$/&%4-E!XhHKME!IJg~IILF!=7;DKJFKJLSTJJcUZKgILFL\FKFIJg!
-8;:4E!"F!lFE!.4P:P<NE!+FE!G!6V^5_E!lF!HIJJ`MF!"4N<5:;C!OP7C499;5@!7R!OP43;4Q9!Q;:8;5!
C7NO7A5=!Q7P=9F!!"#$%&'(")(*+,-$./-%0&'(12345"'"637(8-&$%.%69(:-/"$39(&%;(
<"6%.0."%E!XhH\ME!c``~cLF!=7;DKJFKJLSTJIS`ZSLcLFL\F\Fc``!
-8;:4E!"F!lFE!G!e;34P94=@4E!"F!*F!HIJJ\MF!hP:87@P<O8;C!R<N;>;<P;:V!;5R>A45C49!;5;:;<>!4V4!
R;X<:;75!O79;:;759!;5!P4<=;5@F!*#$",-&%(!"#$%&'(")(<"6%.0.?-(12345"'"63E!J]HKTIME!gI~
S`F!=7;DKJFKJ`JTJcg\K\\JL\JJJJIJ\!
-8;:4E!"F!lFE!G!e;34P94=@4E!"F!*F!HIJJU<MF!e;5@A;9:;C!<5=!575>;5@A;9:;C!;5R>A45C49!75!:84!
4V49i!><5=;5@!O79;:;759!=AP;5@!P4<=;5@F!N5-(i#&$0-$'3(!"#$%&'(")(*+,-$./-%0&'(
12345"'"63E!_^H\ME!SUJ~S`IF!=7;DKJFKJ`JTJISI\c`Jg\LJJJJI\!
-8;:4E!"F!lFE!G!e;34P94=@4E!"F!*F!HIJJUBMF!/734<>!OP7C499;5@!=;RR;CA>:V!=749!57:!N7=A><:4!
575ZR734<>!7P:87@P<O8;C!;5R>A45C49!75!R;X<:;75!O79;:;759F!Y.2."%(O-2-&$45E!h]HLME!
\IU~\LSF!=7;DKJFKJKUT[F3;9P49FIJJgFJSFJJU!
-8;:4E!"F!lFE!+<V54PE!?FE!G!e;34P94=@4E!"F!*F!HIJJgMF!#V4!N734N45:9!<5=!:84!N7=A><:;75!7R!
O<P<R734<>!OP7C499;5@!BV!R734<>!OP7C499;5@!=;RR;CA>:VD!%!P44X<N;5<:;75F!12345"%"/.4(
R#''-0.%(\(O-?.->E!JWHgME!`cK~`cUF!=7;DKJFLSg`T./JLKcUS`I!
-8;:4E!"F!lFE!G!":<ABE!%F!HIJKIMF!'84!=;9:P;BA:;75!7R!R;X<:;75!=AP<:;759!=AP;5@!P4<=;5@D!
#RR4C:9!7R!9:;NA>A9!WA<>;:VF!!"#$%&'(")(*+,-$./-%0&'(12345"'"637(j#/&%(1-$4-,0."%(
&%;(1-$)"$/&%4-E!XaHLME!UJL~UKSF!=7;DKJFKJLST<JJIgLL`!
-;Cf8<NE!6F!HIJJcMF!66,'"0W7(*'-6&%0(6$&,5.42()"$(;&0&(&%&'32.2F!&4Q!b7PfE!&bD!"OP;5@4P!
&4Q!b7PfF!=7;DKJFKJJSTcS`ZJZL`SZc`K\KZL!
b<5E!$FE!+;C8:4PE!#F!$FE!"8AE!6FE!G!?>;4@>E!+F!HIJJcMF!+4<=4P9!7R!)8;5494!4X:P<C:!94N<5:;C!
;5R7PN<:;75!RP7N!O<P<R734<>!Q7P=9F!12345"%"/.4(R#''-0.%(\(O-?.->E!J]HLME!gUK~
gUUF!=7;DKJFLSg`T*.+FKUFLFgUK!
678459:4;5!G!?>;4@>!
b<5E!$FE!+;994E!"FE!d87AE!kFE!G!?>;4@>E!+F!HIJKIMF!*P43;4Q!R;X<:;75!=AP<:;75!N7=A><:49!
;=45:;C<>!<5=!94N<5:;C!OP43;4Q!B454R;:!;5!)8;5494!P4<=;5@F!O-&;.%6(&%;(P$.0.%6E!
W_HgME!KJcL~KKKKF!=7;DKJFKJJST9KKK\gZJKJZcIS\ZS!
b<5E!$FE!d87AE!-FE!"8AE!6FE!G!?>;4@>E!+F!HIJKIMF!e4X;C<>!<5=!9AB>4X;C<>!94N<5:;C!OP43;4Q!
B454R;:9!;5!)8;5494!P4<=;5@F!!"#$%&'(")(*+,-$./-%0&'(12345"'"637(8-&$%.%69(:-/"$39(
&%;(<"6%.0."%E!XaH\ME!KJUc~KJSgF!=7;DKJFKJLST<JJIUcLg!
b<5@E!lFE!-<5@E!"FE!'75@E!kFE!G!+<V54PE!?F!HIJKIMF!"4N<5:;C!<5=!O><A9;B;>;:V!4RR4C:9!75!
OP43;4Q!B454R;:!=AP;5@!4V4!R;X<:;759!;5!)8;5494!P4<=;5@F!O-&;.%6(&%;(P$.0.%6E!W_HgME!
KJLK~KJgIF!=7;DKJFKJJST9KKK\gZJKJZcI`KZ`!
bAE!.FE!d8<5@E!-FE!l;5@E!ÇFE!*45@E!+FE!d8<5@E!2FE!G!";N75E!6F!%F!HKc`gMF!"'$!C<O<C;:V!R7P!
)8;5494!<5=!#5@>;98!><5@A<@4!N<:4P;<>9F!:-/"$3(\(<"6%.0."%E!JXHLME!IJI~IJSF!
=7;DKJFLSg`T./JLKcSU`I!
d8<5@E!6FE!eAE!&FE!/45@E!)FE!'8AP9:75E!"F!-FE!k;<E!bFE!d8AE!eFE!G!'AE!kF!$F!HIJKKMF!h5!R;::;5@!
@454P<>;Y4=!>;54<P!N;X4=Z4RR4C:9!N7=4>9!R7P!B;5<PV!P49O75949!A9;5@!=;RR4P45:!
9:<:;9:;C<>!O<Cf<@49F!F0&0.20.42(.%(:-;.4.%-E!XKE!IgUI~IgSIF!=7;DKJFKJJIT9;NF\IUg!
!!