Reasoning as a Social Competence

Abstract

Groups do better at reasoning tasks than individuals, and, in some cases, do even better than any of their individual members. Here is an illustration. In the standard version of Wason selection task (Wason, 1966), the most commonly studied problem in the psychology of reasoning, only about 10% of participants give the correct solution, even though it can be arrived at by elementary deductive reasoning. Such poor performance begs for an explanation, and a great many have been offered. What makes the selection task relevant here is that the difference between individual and group performance is striking. Moshman & Geil for instance (1998) had participants try and resolve the task either individually or in groups of five or six participants. While, unsurprisingly, only 9% of the participants working on their own found the correct solution, an astonishing 70% of the groups did. Moreover, when groups were formed with participants who had first tried to solve the task individually, 80% of the groups succeeded, including 30% of the groups in which none of the members had succeeded on his or her own. How are such differences between individual and group performance to be explained?

Full text

Electronic copy available at: http://ssrn.com/abstract=1862669
!
!
Reasoning)as)a)Social)Competence)
!
!
"#$!%&'()'(!!
*$+,-,.,!/'#$!0-123!4506%7898%%780%:!
9.;2!<'(1-'(!
=>-?2+2&>@A!=2?-,-1+!#$3!812$2B-1+!=(2;(#B!4C$-D'(+-,@!2E!='$$+@?D#$-#:!
!
!
F2!)'!&.)?-+>'3!-$G!
52??'1,-D'!H-+32B!!
I#$3'B2('A!9J!#$3!8?+,'(A!/J!483+J:!!
!
)
$2$!12&@K'3-,'3!D'(+-2$!

Electronic copy available at: http://ssrn.com/abstract=1862669
)
L(2.&+!32!)',,'(!#,!('#+2$-$;!,#+M+!,>#$!-$3-D-3.#?+A!#$3A!-$!+2B'!1#+'+A!32!'D'$!)',,'(!
,>#$!!"#!2E!,>'-(!-$3-D-3.#?!B'B)'(+J!9'('!-+!#$!-??.+,(#,-2$J!*$!,>'!+,#$3#(3!D'(+-2$!2E!
H#+2$!+'?'1,-2$!,#+M!4H#+2$A!NOPP:A!,>'!B2+,!12BB2$?@!+,.3-'3!&(2)?'B!-$!,>'!&+@1>2?2;@!
2E!('#+2$-$;A!2$?@!#)2.,!NQR!2E!&#(,-1-&#$,+!;-D'!,>'!12(('1,!+2?.,-2$A!'D'$!,>2.;>!-,!1#$!)'!
#((-D'3!#,!)@!'?'B'$,#(@!3'3.1,-D'!('#+2$-$;JN!%.1>!&22(!&'(E2(B#$1'!)';+!E2(!#$!
'S&?#$#,-2$A!#$3!#!;('#,!B#$@!>#D'!)''$!2EE'('3J!H>#,!B#M'+!,>'!+'?'1,-2$!,#+M!('?'D#$,!
>'('!-+!,>#,!,>'!3-EE'('$1'!)',T''$!-$3-D-3.#?!#$3!;(2.&!&'(E2(B#$1'!-+!+,(-M-$;J!<2+>B#$!
U!L'-?!E2(!-$+,#$1'!4NOOV:!>#3!&#(,-1-&#$,+!,(@!#$3!('+2?D'!,>'!,#+M!'-,>'(!-$3-D-3.#??@!2(!-$!
;(2.&+!2E!E-D'!2(!+-S!&#(,-1-&#$,+J!H>-?'A!.$+.(&(-+-$;?@A!2$?@!OR!2E!,>'!&#(,-1-&#$,+!T2(M-$;!
2$!,>'-(!2T$!E2.$3!,>'!12(('1,!+2?.,-2$A!#$!#+,2$-+>-$;!WQR!2E!,>'!;(2.&+!3-3J!<2('2D'(A!
T>'$!;(2.&+!T'('!E2(B'3!T-,>!&#(,-1-&#$,+!T>2!>#3!E-(+,!,(-'3!,2!+2?D'!,>'!,#+M!-$3-D-3.#??@A!
VQR!2E!,>'!;(2.&+!+.11''3'3A!-$1?.3-$;!XQR!2E!,>'!;(2.&+!-$!T>-1>!$2$'!2E!,>'!B'B)'(+!
>#3!+.11''3'3!2$!>-+!2(!>'(!2T$J!92T!#('!+.1>!3-EE'('$1'+!)',T''$!-$3-D-3.#?!#$3!;(2.&!
&'(E2(B#$1'!,2!)'!'S&?#-$'3Y!
6'#+2$-$;!-+!Z.-,'!;'$'(#??@!D-'T'3!#+!#$!#)-?-,@!#-B'3!#,!+'(D-$;!,>'!('#+2$'([+!2T$!
12;$-,-D'!;2#?+J!*E!+2A!,>'!12$,(-).,-2$!2E!('#+2$-$;!,2!\12??'1,-D'!T-+32B[]E2(!-$+,#$1'A!,2!
,>'!12??'1,-D'!3-+12D'(@!2E!,>'!12(('1,!+2?.,-2$!,2!,>'!H#+2$!+'?'1,-2$!,#+M!-$!,>'!+,.3@!2E!
<2+>B#$!U!L'-?]+>2.?3!)'!+''$!#+!#!+-3'K'EE'1,A!#!)@K&(23.1,!2E!-,+!&(2&'(!E.$1,-2$J!H'!
T#$,!,2!#(;.'A!2$!,>'!12$,(#(@A!,>#,!,>'!E.$1,-2$!2E!('#+2$-$;!-+!&(-B#(-?@!+21-#?!#$3!,>#,!-,!-+!
,>'!-$3-D-3.#?!)'$'E-,+!,>#,!#('!+-3'K'EE'1,+J!F>'!E.$1,-2$!2E!('#+2$-$;!-+!,2!&(23.1'!
#(;.B'$,+!-$!2(3'(!,2!12$D-$1'!2,>'(+!#$3!,2!'D#?.#,'!#(;.B'$,+!2,>'(+!.+'!-$!2(3'(!,2!
12$D-$1'!.+J!H'!T-??!+>2T!>2T!,>-+!D-'T!2E!('#+2$-$;!#+!#!E2(B!2E!+21-#?!12B&','$1'!
12(('1,?@!&('3-1,+!)2,>!;223!#$3!)#3!&'(E2(B#$1'!-$!,>'!-$3-D-3.#?!#$3!-$!,>'!12??'1,-D'!
1#+'A!#$3!>'?&+!'S&?#-$!#!D#(-',@!2E!&+@1>2?2;-1#?!#$3!+21-2?2;-1#?!&>'$2B'$#J!!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
N!*$!,>'!+,#$3#(3!H#+2$!+'?'1,-2$!,#+M!42E!T>-1>!,>'('!#('!#!;('#,!B#$@!D#(-#$,+:A!&#(,-1-&#$,+!#('!&('+'$,'3!
T-,>!E2.(!1#(3+!,>#,!>#D'!#!$.B)'(!2$!2$'!+-3'!#$3!#!?',,'(!2$!,>'!2,>'(J!FT2!2E!,>'!1#(3+!#('!+>2T$!T-,>!,>'!
$.B)'(!+-3'!.&!3-+&?#@-$;A!+#@A!#!^!#$3!#!WA!#$3!,T2!T-,>!,>'!?',,'(!+-3'!.&!3-+&?#@-$;A!+#@A!#$!_!#$3!#!`J!
=#(,-1-&#$,+!#('!#+M'3G!aH>-1>!2E!,>'+'!E2.(!1#(3+!-+!-,!$'1'++#(@!,2!,.($!2D'(!-$!2(3'(!,2!#+1'(,#-$!T>',>'(!,>'!
E2??2T-$;!1?#-B!-+!,(.'!2(!E#?+'G!*E!#!1#(3!>#+!#!D2T'?!2$!2$'!+-3'A!-,!>#+!#$!'D'$!$.B)'(!2$!,>'!2,>'(!+-3'Yb!
H>'('#+!,>'!12(('1,!#$+T'(!-+!\_!#$3!W[A!B2+,!2E!,>'!&#(,-1-&#$,+!#$+T'(!\_[!2(!\_!#$3!^[J!4E2(!#$!#$#?@+-+!#$3!
'S&?#$#,-2$!2E!,>'!,#+M!12$+-+,'$,!T-,>!,>'!#&&(2#1>!,2!('#+2$-$;!&('+'$,'3!>'('A!+''!%&'()'(A!5#(#A!U!L-(2,,2A!
NOOc:J!

*,!-+!'#+@!'$2.;>!,2!#33.1'!'S#B&?'+!2E!-B&('++-D'A!B'3-21('A!2(!#)@+B#?!12??'1,-D'!
&'(E2(B#$1'G!,>-$M!2E!,'#BT2(M!-$!+1-'$1'A!,'?'D-+-2$!;#B'+!+.1>!#+!\d#B-?@!d'.3[A!#$3!
?@$1>-$;J!e$'!B-;>,!'S&?#-$!,>-+!D#(-',@!2E!1#+'+!-$!3-EE'('$,!T#@+J!F>'!+-B&?'+,!'S&?#$#,-2$!
]).,!1?'#(?@!#$!-$#3'Z.#,'!2$']T2.?3!)'!,>#,A!-$!'#1>!1#+'A!&'(E2(B#$1'!('+.?,+!E(2B!,>'!
#;;(';#,-2$!2E!,>'!12$,(-).,-2$+!2E!-$3-D-3.#?+!'$32T'3!,2!D#(-2.+!3';(''+!T-,>!#$!#??K
&.(&2+'!;'$'(#?!-$,'??-;'$1'!2(A!-E!@2.!&('E'(A!\(#,-2$#?-,@[A!#$3!,>#,!,>'!3-EE'('$1'+!-$!,>'!
Z.#?-,@!2E!,>'!2.,12B'+!-+!T>#,!@2.!+>2.?3!'S&'1,!#++.B-$;!#!$2(B#?!3-+,(-).,-2$!4,>'!)'+,!
#$3!T2(+,!'S#B&?'+!)'-$;!&-1M'3!#,!)2,>!'$3!2E!,>'!)'??K+>#&'3!1.(D':J!_!+2B'T>#,!B2('!
&?#.+-)?'!'S&?#$#,-2$!T2.?3!,#M'!-$,2!#112.$,!,>'!-$+,-,.,-2$#?!#(,-1.?#,-2$!2E!-$3-D-3.#?!
12$,(-).,-2$+!#$3!>'?&!'S&?#-$!,>'!E#1,!,>#,!12??'1,-D'!&'(E2(B#$1'+!2E!#!;-D'$!,@&'!4'J;J!
+1-'$,-E-1!T2(M!D+J!B2)!\f.+,-1'[:!,'$3!,2!1?.+,'(!#,!2$'!2(!#$2,>'(!'$3!2E!,>'!3-+,(-).,-2$J!*$!
#!,@&-1#?!+21-#?!+1-'$1'!E#+>-2$A!+.1>!'S&?#$#,-2$+!-$D2?D'!-3'#?-g'3!#++.B&,-2$!#)2.,!
(#,-2$#?-,@!).,!$2!+'(-2.+!12$+-3'(#,-2$!2E!#1,.#?!B'$,#?!B'1>#$-+B+J!
*,!T2.?3!)'!&('E'(#)?'A!E2(!,>'!+#M'!2E!+-B&?-1-,@A!-E!#!+2&>-+,-1#,'3!.$3'(+,#$3-$;!2E!+21-#?!
&>'$2B'$#!12.?3!)'!#1>-'D'3!T-,>!?-,,?'!2(!$2!&+@1>2?2;@A!).,A!T'!T2.?3!#(;.'!4+''!
%&'()'(A!hQQP:A!,>-+!-+!#+!-B&?#.+-)?'!#+!#1>-'D-$;!#!3''&!.$3'(+,#$3-$;!2E!'&-3'B-2?2;-1#?!
&>'$2B'$#!T-,>2.,!#!+'(-2.+!-$,'('+,!-$!&#,>2?2;@]#$3!E2(!+-B-?#(!('#+2$+J!H'!'S&?2('!
(#,>'(!,>'!&2++-)-?-,@!,>#,!'S&?#-$-$;!3-EE'('$,!M-$3+!2E!12??'1,-D'!12;$-,-D'!&'(E2(B#$1'+!
('Z.-('+!&#@-$;!#,,'$,-2$!,2!,>'!-$3-D-3.#?!&+@1>2?2;-1#?!B'1>#$-+B+!#$3!3-+&2+-,-2$+!
-$D2?D'3J!
F>'!12BB2$!D-'T!2E!>.B#$!,>-$M-$;!#+!#!('?#,-D'?@!>2B2;'$2.+!&(21'++!;2D'($'3!)@!
-$,'??-;'$1'!2(!('#+2$!#$3!-$,'(E'('3!T-,>!)@!&#++-2$+!-+!)#+'3!2$!12$+1-2.+!#11'++!,2!2.(!
,>2.;>,+!#$3!2$!2.(!#)-?-,@!,2!-$,';(#,'!2.(!12$+1-2.+!,>2.;>,+!-$!3-+1.(+-D'!E2(BJ!52$+1-2.+!
#11'++!,2!2.(!,>2.;>,+A!>2T'D'(A!,'??+!.+!?-,,?'!#)2.,!,>-$M-$;!&(2&'(A!,>#,!-+A!#)2.,!,>'!
&(21'++'+!,>(2.;>!T>-1>!T'!&(23.1'!,>'+'!,>2.;>,+J!F>'!3-+1.(+-D'!-$,';(#,-2$!2E!2.(!
,>2.;>,+!,'??+!.+!?-,,?'!#)2.,!,>'-(!#(,-1.?#,-2$!-$!,>'!B-$3J!8B&-(-1#?!('+'#(1>!-$!12;$-,-D'!
&+@1>2?2;@!+,(2$;?@!+.;;'+,+!,>#,A!#1,.#??@A!12$+1-2.+!#11'++!,2!,>2.;>,!$%&'())()!-+!
'S,('B'?@!&22(i!,>#,!,>'('!-+!$2!.$-E-'3A!32B#-$K;'$'(#?!B'1>#$-+B!,2!T>-1>!\('#+2$[!2(!
\-$,'??-;'$1'[!T2.?3!('E'(i!,>#,!,>2.;>,!&(21'++'+!#('!1#((-'3!2.,!)@!#!D#(-',@!2E!#.,2$2B2.+!
B'$,#?!B'1>#$-+B+!42E,'$!3'+1(-)'3!#+!\B23.?'+[:i!#$3!,>#,!B#$@!2E!,>'+'!B'1>#$-+B+!.+'!

#+!-$&.,!2(!&(23.1'!#+!2.,&.,!#!D#(-',@!2E!-$,'(B'3-#,'K?'D'?!B'$,#?!('&('+'$,#,-2$+!,>#,!#('!
$2,!#11'++-)?'!,2!12$+1-2.+$'++!4+''!'J;J!"'$$',,A!NOONi!<#((A!NOVhi!%&'()'(A!hQQN:J!
*+!('#+2$-$;A!,>'$A!,>'!2.,&.,!2E!#!+-$;?'!B'$,#?!B'1>#$-+B!2(!2E!+'D'(#?A!#$3!-E!+2!2E!T>-1>Y!
*$!&+@1>2?2;@!2E!('#+2$-$;A!,>'!+'#(1>!>#3!-$-,-#??@!)''$!E2(!*+(!.$3'(?@-$;!B'1>#$-+BA!-$!
,>'!+-$;.?#(J!F>'!B2+,!3')#,'3!Z.'+,-2$!T#+A!3-3!,>-+!B'1>#$-+B!.+'!?2;-1#?!(.?'+!46-&+A!
NOO^:A!B'$,#?!B23'?+!4/2>$+2$KI#-(3A!NOVX:A!2(!&(#;B#,-1!+1>'B#+!45>'$;!U!92?@2#MA!
NOVc:Y!!
<2('!('1'$,?@A!B#$@!('+'#(1>'(+!>#D'!#(;.'3!,>#,!('#+2$-$;!1#$!)'!1#((-'3!2.,!,>(2.;>!,T2!
3-+,-$1,!12;$-,-D'!+@+,'B+J!%@+,'B!N!&(21'++'+!#('!,@&-1#??@!3'+1(-)'3!#+!.$12$+1-2.+A!
-B&?-1-,A!#.,2B#,-1A!#++21-#,-D'!2(!>'.(-+,-1J!F>'@!#('!+''$!#+!E#+,A!1>'#&A!#$3!;'$'(#??@!
'EE-1-'$,!-$!2(3-$#(@!1-(1.B+,#$1'+A!).,!&(2$'!,2!B-+,#M'+!T>'$!,>'!12$3-,-2$+!2(!,>'!
&(2)?'B+!#('!$2$K+,#$3#(3J!%@+,'B!h!&(21'++'+!#('!3'+1(-)'3!2$!,>'!12$,(#(@!#+!12$+1-2.+A!
'S&?-1-,A!(.?'K)#+'3A!2(!#$#?@,-1J!F>'@!#('!+''$!#+!+?2T!#$3!'EE2(,E.?A!).,!#+!B2('!
+@+,'B#,-1#??@!('?-#)?'!#$3!#+!)',,'(!#,!>#$3?-$;!$2$K,(-D-#?!1#+'+J!_1,.#??@A!+.1>!\3.#?!+@+,'B!
,>'2(-'+[!#112(3-$;!,2!T>-1>!B'$,#?!&(21'++'+!1#$!)'!3-D-3'3!-$,2!,T2!)(2#3!,@&'+!#('!
12BB2$!2(!'D'$!32B-$#$,!-$!B#$@!E-'?3+!2E!&+@1>2?2;@J!H-,>-$!12;$-,-D'!&+@1>2?2;@A!,>'@!
+,#(,'3!-$!,>'!E-'?3+!2E!#,,'$,-2$!4=2+$'(!U!%$@3'(A!NOWc:!#$3!B'B2(@!4%1>#1,'(A!NOVW:A!+22$!
E2??2T'3!)@!?'#($-$;!4j'((@!U!"-'$'+A!NOOXi!6')'(A!NOOX:A!)'E2('!'S&#$3-$;!,2T#(3+!
('#+2$-$;!48D#$+!U!eD'(A!NOOPi!%?2B#$A!NOOPi!%,#$2D-1>A!hQQ^:!#$3!3'1-+-2$!B#M-$;!
4`#>$'B#$A!hQQXi!`#>$'B#$!U!d('3'(-1MA!hQQh:J!F>'@!#('!&('+'$,!-$!$'#(?@!'D'(@!32B#-$!2E!
+21-#?!&+@1>2?2;@G!B2+,!$2,#)?@!-$!&'(+.#+-2$!#$3!#,,-,.3'!1>#$;'!45>#-M'$A!I-)'(B#$A!U!
8#;?@A!NOVOi!=',,@!U!5#1-2&&2A!NOVP:A!).,!#?+2!-$!#,,-,.3'+!4H-?+2$A!I-$3+'@A!U!%1>22?'(A!
hQQQ:A!+,'('2,@&'+!4j23'$>#.+'$A!<#1(#'A!U!%>'(B#$A!NOOO:!2(!&'(+2$!&'(1'&,-2$!
4C?'B#$A!NOOO:J!F>'@!#('!#?+2!E2.$3!-$!B2(#?!49#-3,A!hQQN:!#$3!3'D'?2&B'$,#?!4`?#1g@$+M-!U!
I#D#??''A!hQQc:!&+@1>2?2;@J!
_!;223!-??.+,(#,-2$!2E!,>'!+&''3!#$3!#&&#('$,!'EE'1,-D'$'++!2E!+@+,'B!N!&(21'++'+!-+!
&(2D-3'3!)@!#!+,.3@!2E!F232(2D!',!#?J!4hQQc:!2$!f.3;B'$,+!2E!12B&','$1'J!=#(,-1-&#$,+!T'('!
+>2T$!E2(!f.+,!2$'!+'12$3!,>'!&-1,.('+!2E!,T2!E#1'+!.$M$2T$!,2!,>'B!#$3!T'('!#+M'3A!
T>-1>!2E!,>'!,T2!-$3-D-3.#?+!?22M'3!B2('!12B&','$,J!e$'!B-;>,!,>-$M!,>#,A!-$!2(3'(!,2!f.3;'!
#$!-$3-D-3.#?[+!12B&','$1'A!#!D#(-',@!2E!'D-3'$1'!T2.?3!)'!$''3'3!#$3!,>#,!E#1-#?!

#&&'#(#$1'!T2.?3!)'!2E!?-B-,'3!('?'D#$1'J!%,-??A!&#(,-1-&#$,+!+>2T'3!$2!Z.#?B+!#$+T'(-$;!
,>'!Z.'+,-2$J!F>-+!('?-#$1'!2$!#!Z.#+-!-BB'3-#,'!E-(+,!-B&('++-2$!-+!#!&'(E'1,!'S#B&?'!2E!
+@+,'B!N!-$E'('$1'J!_1,.#??@A!,>'!E#1'+!T'('!,>2+'!2E!1#$3-3#,'+!T>2!>#3!12B&','3!E2(!
'?'1,-2$!,2!,>'!_B'(-1#$!%'$#,'J!=#(,-1-&#$,+[!#$+T'(!&('3-1,'3!,>'!('+.?,!2E!,>'!'?'1,-2$+!
T-,>!PWJPR!#11.(#1@J!_+!,>'!#.,>2(+!$2,'G!!
a_1,.#?!D2,-$;!3'1-+-2$+!#('!1'(,#-$?@!)#+'3!2$!B.?,-&?'!+2.(1'+!2E!-$E2(B#,-2$!2,>'(!
,>#$!-$E'('$1'+!E(2B!E#1-#?!#&&'#(#$1'J!k2,'(+!1#$!.+'!,>-+!#33-,-2$#?!-$E2(B#,-2$!,2!
B23-E@!-$-,-#?!-B&('++-2$+!2E!&2?-,-1#?!1#$3-3#,'+J!92T'D'(A!E(2B!#!3.#?K+@+,'B!
&'(+&'1,-D'A!12(('1,-2$!2E!-$,.-,-D'!+@+,'B!N!f.3;B'$,+!-+!#!&('(2;#,-D'!2E!+@+,'B!h!
&(21'++'+!,>#,!#('!#,,'$,-2$K3'&'$3'$,!#$3!#('!2E,'$!#$1>2('3!2$!-$,.-,-D'!+@+,'B!N!
f.3;B'$,+J!F>.+A!12(('1,-2$!2E!-$-,-#?!-B&('++-2$+!B#@!)'!-$+.EE-1-'$,J!*$!,>'!1#+'!2E!
D2,-$;!3'1-+-2$+A!,>'+'!3'1-+-2$+!1#$!)'!#$1>2('3!2$!-$-,-#?!-$E'('$1'+!2E!12B&','$1'!
E(2B!E#1-#?!#&&'#(#$1'J!d(2B!,>-+!&'(+&'1,-D'A!-$!,>'!#)+'$1'!2E!#$@!2,>'(!
-$E2(B#,-2$A!D2,-$;!&('E'('$1'+!+>2.?3!)'!1?2+'?@!('?#,'3!,2!+.1>!-$E'('$1'+J!*$!('#?K
?-E'!D2,-$;!3'1-+-2$+A!#33-,-2$#?!-$E2(B#,-2$!B#@!T'#M'$!,>'!('?#,-2$!)',T''$!
-$E'('$1'+!E(2B!E#1'+!#$3!3'1-+-2$+!).,!B#@!$2,!1>#$;'!,>'!$#,.('!2E!,>'!('?#,-2$b!
4F232(2D!',!#?JA!hQQcA!NPhc:!
!
F>'!H#+2$!+'?'1,-2$!,#+M!4+''!#)2D':!&(2D-3'+!,>'!B2+,!12BB2$?@!.+'3!'S#B&?'!2E!E#+,!#$3!
.$12$+1-2.+!+@+,'B!N!B'$,#?!&(21'++'+!@-'?3-$;!#$!#$+T'(!,>#,!>#&&'$+!,2!)'!E#?+'J!!
_$2,>'(!1?'#(!#$3!+-B&?'(!'S#B&?'!-+!&(2D-3'3!)@!,>'!)#,!#$3!)#??!&(2)?'B!4d('3'(-1MA!hQQc:G!
a_!)#,!#$3!#!)#??!,2;',>'(!12+,!lNJNQJ!F>'!)#,!12+,+!lNJQQ!B2('!,>#$!,>'!)#??J!92T!B.1>!
32'+!,>'!)#??!12+,Yb!d2(!B2+,!2E!.+A!T>'$!T'!#('!E-(+,!&('+'$,'3!T-,>!,>'!&(2)?'BA!#$!
#$+T'(!+&(-$;+!,2!B-$3G!F>'!)#??!12+,+!NQ!1'$,+J!=('+.B#)?@A!,>-+!#$+T'(!12B'+!+2B'>2T!
E(2B!#$!-$+,#$,#$'2.+!('#?-g#,-2$!,>#,!,>'!E-(+,!#B2.$,!B'$,-2$'3!4lNJNQ:!'Z.#?+!,>'!
+'12$3!#B2.$,!B'$,-2$'3!4lNJQQ:!&?.+!NQ!1'$,+!#$3!E(2B!,>'!-B&?-1-,!#$3!.$'S#B-$'3!
&('+.&&2+-,-2$!,>#,!,>-+!3-('1,?@!&(2D-3'+!#$!#$+T'(!,2!,>'!&(2)?'BJ!H'!#('!#)?'!>2T'D'(A!
).,!T-,>!B2('!'EE2(,A!,2!.$3'(+,#$3!,>#,A!-E!,>'!)#??!12+,!NQ!1'$,+!#$3!,>'('E2('!,>'!)#,!2$'!
32??#(A!,>'!3-EE'('$1'!)',T''$!,>'!,T2!-,'B+!T2.?3!$2,!)'!2$'!32??#(!#+!+,-&.?#,'3A!).,!OQ!
1'$,+J!e.(!-$-,-#?!#$+T'(!1#$$2,!)'!(-;>,m!<2('!1#('E.?!\+@+,'B!h[!('#+2$-$;!('D'#?+!,>'!
12(('1,!#$+T'(G!,>'!)#??!12+,+!c!1'$,+!4#$3!,>'!)#,!lNJQcA!T-,>!#!,2,#?!2E!lNJNQ!#$3!#!

3-EE'('$1'!2E!2$'!32??#(:J!F>'+'!,T2!+.11'++-D'!#$+T'(+!-??.+,(#,'!,>'!3.#?-,@!2E!&(21'++'+!
-$D2?D'3J!
H>-?'!B.1>!'D-3'$1'!>#+!#11.B.?#,'3!-$!E#D2.(!2E!#!3.#?!+@+,'B!D-'T!2E!('#+2$-$;!48D#$+A!
hQQXA!hQQV:A!,>'!12$,(#+,!)',T''$!,>'!,T2!&2+,.?#,'3!+@+,'B+!-+!?'E,!D#;.'A!#$3!
'S&?#$#,-2$+!2E!T>@!,>'!B-$3!+>2.?3!>#D'!+.1>!#!3.#?!2(;#$-+#,-2$!#('!#,!)'+,!D'(@!+M',1>@J!
H'!>#D'!+.;;'+,'3!#!B2('!'S&?-1-,!#$3!&(-$1-&?'3!3-+,-$1,-2$!)',T''$!\-$,.-,-D'[!#$3!
\('E?'1,-D'[!-$E'('$1'+!4<'(1-'(!U!%&'()'(A!hQQO:!,>#,!1#$!)'!+''$!#+!#!&#(,-1.?#(!D'(+-2$!2E!
3.#?!+@+,'B+!,>'2(-'+!&(2D-3'3!,>'@!#('!)(2#3?@!1>#(#1,'(-g'3A!2(!'?+'!#+!#$!#?,'($#,-D'!,2!
,>'+'!,>'2(-'+A!3(#T-$;!2$!B.1>!2E!,>'!+#B'!'D-3'$1'!#$3!+>#(-$;!+'D'(#?!E.$3#B'$,#?!
>.$1>'+J!H'!#(;.'!,>#,!\+@+,'B!N[!2(!-$,.-,-D'!-$E'('$1'+!#('!1#((-'3!2.,!)@!#!D#(-',@!2E!
32B#-$K+&'1-E-1!B'1>#$-+B+J!6'E?'1,-D'!-$E'('$1'A!T>-1>!12(('+&2$3+!,2!('#+2$-$;!-$!,>'!
2(3-$#(@!+'$+'!2E!,>'!,'(BA!-+A!T'!1?#-BA!,>'!-$3-('1,!2.,&.,!2E!#!+-$;?'!B23.?'J!!_!3-+,-$1,-D'!
E'#,.('!2E!2.(!#&&(2#1>A!('?'D#$,!,2!,>'!3-+1.++-2$!2E!\12??'1,-D'!T-+32B[A!-+!,>'!1?#-B!,>#,!
,>'!B#-$!E.$1,-2$!2E!('E?'1,-D'!-$E'('$1'!-+!,2!&(23.1'!#$3!'D#?.#,'!#(;.B'$,+!211.((-$;!-$!
-$,'(&'(+2$#?!12BB.$-1#,-2$!4(#,>'(!,>#$!,2!>'?&!-$3-D-3.#?!(#,-21-$#,-2$:J!!
Intuitive(inference(
*$!3.#?!+@+,'B!,>'2(-'+!2E!('#+2$-$;A!\('#+2$-$;[!#$3!\-$E'('$1'[!#('!.+'3!B2('!2(!?'++!#+!
+@$2$@B+J!H'!&('E'(!,2!.+'!\-$E'('$1'[!-$!#!T-3'(!+'$+'!12BB2$!-$!&+@1>2?2;@A!#$3!
\('#+2$-$;[!-$!#!$#((2T'(!+'$+'!12BB2$!-$!2(3-$#(@!?#$;.#;'!#$3!-$!&>-?2+2&>@J!_$!
-$E'('$1'A!#+!,>'!,'(B!-+!.+'3!-$!&+@1>2?2;@A!-+!#!&(21'++!,>#,A!;-D'$!+2B'!-$&.,!-$E2(B#,-2$!
('?-#)?@!@-'?3+!#+!2.,&.,!E.(,>'(!-$E2(B#,-2$!,>#,!-+!?-M'?@!,2!)'!,(.'!-E!,>'!-$&.,!-$E2(B#,-2$!
-+J!*$E'('$1'!-+!-$D2?D'3!$2,!2$?@!-$!,>-$M-$;!).,!#?+2!-$!&'(1'&,-2$!#$3!-$!B2,2(!12$,(2?J!
H>'$!@2.!+''!#!,>(''K3-B'$+-2$#?!2)f'1,A!#!>2.+'!2(!#!>2(+'A!E2(!-$+,#$1'A!@2.!>#D'!+'$+2(@!
-$E2(B#,-2$!2$?@!#)2.,!,>'!&#(,!2E!-,+!+.(E#1'!,>#,!('E?'1,+!?-;>,!,2!@2.(!(',-$#A!#$3!&'(1'-D-$;!
-,!#+!#!>2.+'!2(!#+!#!>2(+'!-$D2?D'+!,"-(%%,".!E(2B!,>-+!+'$+2(@!-$E2(B#,-2$!#)2.,!#!+.(E#1'!
,>'!M-$3!2E!,>(''K3-B'$+-2$#?!2)f'1,!-,!-+J!H>'$!@2.!3'1-3'!,2!;(#+&A!+#@A!#!B.;A!@2.!.+'!
@2.(!&'(1'&,-2$!2E!,>'!B.;!#$3!2E!@2.(!2T$!)23-?@!&2+-,-2$!-$!+&#1'!,2!-$E'(!#,!'#1>!
B2B'$,!,>(2.;>2.,!,>'!B2D'B'$,!,>'!)'+,!T#@!,2!1#((@!2.,!@2.!-$,'$,-2$J!*$E'('$1'+!+2!
.$3'(+,223!#('!&'(E2(B'3!$2,!2$?@!)@!>.B#$+!).,!)@!#??!+&'1-'+!'$32T'3!T-,>!12;$-,-D'!
1#&#1-,-'+J!F>'@!#('!#$!'++'$,-#?!-$;('3-'$,!2E!#$@!12;$-,-D'!+@+,'BJ!

8D'$!-E!T'!('+,(-1,!\-$E'('$1'[]#+!T'!T-??!32!E(2B!$2T!2$],2!('E'(!,2!&(21'++'+!,>#,!>#D'!
12$1'&,.#?!('&('+'$,#,-2$+!)2,>!#+!-$&.,!#$3!2.,&.,!4-$!12$,(#+,!,2!&'(1'&,.#?!-$E'('$1'+!
,>#,!>#D'!+'$+2(@!-$&.,!#$3!,2!B2,2(!12$,(2?!-$E'('$1'+!,>#,!>#D'!B2,2(!12BB#$3!2.,&.,:A!
T'!>#D'!;(2.$3+!,2!#++.B'!,>#,!#!D#+,!#B2.$,!2E!12$1'&,.#?!-$E'('$1'+!#('!.$12$+1-2.+?@!
&'(E2(B'3!#??!,>'!,-B'!-$!>.B#$!B'$,#?!?-E'J!9'('!#('!+2B'!-$+,#$1'+G!
NJ n2.!>'#(!,>'!+2.$3!2E!+,'&+!;(2T-$;!?2.3'(!#$3!@2.!#++.B'!,>#,!+2B'2$'!-+!
12B-$;!1?2+'(!
hJ /2#$!+.33'$?@!,.($+!#$3!?22M+!-$!#!;-D'$!3-('1,-2$!#$3!@2.!#++.B'!,>#,!+>'!-+!
?22M-$;!#,!+2B',>-$;!2E!&2++-)?'!('?'D#$1'!,2!>'(!
XJ n2.!E''?!#!E'T!3(2&+!2E!(#-$!E#??-$;!#$3!@2.!#++.B'!,>#,!-,!-+!)';-$$-$;!,2!(#-$!
^J n2.!E''?!$#.+'2.+!#$3!@2.!#++.B'!,>#,!@2.!>#D'!'#,'$!+2B',>-$;!)#3!
cJ n2.!>'#(!,>'!322()'??!(-$;+!#$3!@2.!#++.B'!,>#,!,>'('!-+!+2B'2$'!#,!,>'!322(!
PJ 9#D-$;!!>'#(3!,>'!322()'??!(-$;!#$3!#++.B'3!,>#,!+2B'2$'!-+!#,!,>'!322(A!@2.!
,#M'!E2(!;(#$,'3!,>#,!-,!&(2)#)?@!-+!,>'!&'(+2$!T>2B!@2.!T'('!'S&'1,-$;!#,!,>#,!
B2B'$,!
WJ n2.!#('!,2?3!,>#,!j-??!-+!'-;>,!@'#(+!2?3!#$3!,>#,!j2)!-+!+-SA!#$3!@2.!-BB'3-#,'?@!
('#?-g'!,>#,!j-??!-+!2?3'(!,>#$!j2)J!
*$!#??!,>'+'!1#+'+A!,>'('!B#@!)'!#!('?.1,#$1'!,2!12$1'3'!,>#,!+2B'!-$E'('$1'!>#+!,#M'$!
&?#1'J!d(2B!#!12;$-,-D'!&2-$,!2E!D-'T!>2T'D'(A!,>'!E#1,!-+!,>#,!+2B'!$'T!#++.B&,-2$!>#+!
)''$!#((-D'3!#,!2$!,>'!)#+-+!2E!&('D-2.+!-$E2(B#,-2$!,>#,!T#((#$,+!-,J!!%2B'!&(21'++!B.+,!
>#D'!211.(('3A!'D'$!-E!(#&-3A!#.,2B#,-1A!#$3!.$12$+1-2.+J!H>#,'D'(!,>'!&#(,-1.?#(!E2(B!2E!
+.1>!#!12;$-,-D'!&(21'++A!-,+!E.$1,-2$!-+!,2!&(23.1'!$'T!#++.B&,-2$+!T#((#$,'3!)@!&('D-2.+!
2$'+!#$3!,>-+!-+!'$2.;>!,2!B#M'!-,!#$!-$E'('$,-#?!&(21'++J!*$!2.(!'S#B&?'+A!,>'!12$1'&,.#?!
2.,&.,!2E!#!&'(1'&,-2$!&(21'++!4N!,2!c:!2(!2E!#!T>2??@!12$1'&,.#?!&(21'++!4P!#$3!W:!&(2D-3'+!
&('B-+'+!E2(!#!E.(,>'(!-$E'('$1'!,>#,!B#@!)'!T#((#$,'3!-$3.1,-D'?@!4N!,2!P:A!2(!3'3.1,-D'?@!
4W:J!eE!12.(+'A!-,!-+!&2++-)?'!,2!3(#T!+.1>!-$E'('$1'+!-$!#!12$+1-2.+!#$3!('E?'1,-D'!B#$$'(A!
).,!,@&-1#??@A!,>'!2.,&.,!2E!-$E'('$,-#?!&(21'++'+!2E!,>-+!M-$3!-+!#((-D'3!#,!T-,>2.,!#$@!
#T#('$'++!2E!,>'!&(21'++!-,+'?E!#$3!12B'+!,2!B-$3!#+!+'?EK'D-3'$,J!*$!2,>'(!T2(3+A!B.1>!
-$E'('$1'!-+!f.+,!+2B',>-$;!,>#,!211.(+!-$!.+A!#,!#!+.)K&'(+2$#?!?'D'?A!#$3!$2,!+2B',>-$;!T'A!
#+!&'(+2$+A!32J!

92T!#('!+.1>!+&2$,#$'2.+A!B2+,?@!.$12$+1-2.+!-$E'('$1'+!#1>-'D'3Y!e$'!&2++-)?'!D-'T!-+!
,>'@!#('!#??!3(#T$!)@!#!;'$'(#?!-$E'('$,-#?!B'1>#$-+B!,>#,!>#+!#11'++!,2!#!T-3'!)#+'!2E!
'$1@1?2&#'3-1!3#,#!T-,>!B.1>!;'$'(#?!-$E2(B#,-2$!,>#,!1#$!)'!('&('+'$,'3!-$!12$3-,-2$#?!
+.1>!#+!a-E!B2D'B'$,!+2.$3+!#('!;(2T-$;!?2.3'(A!,>'$!,>'!+2.(1'!2E!,>'+'!+2.$3+!-+!;',,-$;!
$'#('(bA!2(!a-E!,>'!322()'??!(-$;+A!+2B'2$'!-+!#,!,>'!322(Jb!F>'+'!+'(D'!#+!,>'!B#f2(!&('B-+'!
-$!-$E'('$1'+!E(2B!#!;'$'(#?!&(2&2+-,-2$!,2!#!&#(,-1.?#(!1#+'!T>'('!#!+&'1-E-1!#++.B&,-2$!
4'J;J!aB2D'B'$,!+2.$3+!#('!$2T!;(2T-$;!?2.3'(Ab!a,>'!322()'??!-+!(-$;-$;b:!+'(D'+!#+!,>'!
B-$2(!&('B-+'J!*$!2,>'(!T2(3+A!.$12$+1-2.+!-$E'('$1'!T2.?3!('+'B)?'!12$+1-2.+!('#+2$-$;!
T-,>!12$1?.+-2$+!E2??2T-$;!E(2B!&('B-+'+!-$!D-(,.'!2E!Z.-,'!;'$'(#?!3'3.1,-D'!2(!-$3.1,-D'!
T#((#$,!('?#,-2$+>-&+J!
_++.B-$;!,>#,!.$12$+1-2.+!-$E'('$1'!T2(M+!?-M'!12$+1-2.+!('#+2$-$;!'S1'&,!E2(!,>'!E#1,!,>#,!
-,!-+!.$12$+1-2.+!(#-+'+!,>'!E2??2T-$;!&.gg?'G!H>@!T2.?3!T'!'D'(!)2,>'(!,2!&'(E2(B!-$!#!
12$+1-2.+!#$3!&#-$+,#M-$;!B#$$'(!T>#,!T'!T2.?3!)'!Z.-,'!;223!#,!32-$;!.$12$+1-2.+?@!#$3!
#?B2+,!'EE2(,?'++?@Y!8D'$!#++.B-$;!+2B'!+#,-+E#1,2(@!+2?.,-2$!,2!,>-+!&.gg?'A!T'!T2.?3!+,-??!
)'!?'E,!T-,>!,T2!B2('!+.)+,#$,-#?!&(2)?'B+A!2$'!>#D-$;!,2!32!T-,>!('?'D#$1'A!#$3!,>'!2,>'(!
T-,>!'EE-1-'$1@J!!
9'('!-+!,>'!('?'D#$1'!&(2)?'BG!d2(!#$@!B-$2(!&('B-+'!+.1>!#+!a,>'!322()'??!-+!(-$;-$;Ab!,>'('!
-+!#!D#+,!#((#@!2E!'$1@1?2&#'3-1!-$E2(B#,-2$!,>#,!12.?3!&(2D-3'!#!B#f2(!&('B-+'!4E2(!-$+,#$1'!
a-E!,>'!322()'??!-+!(-$;-$;A!'?'1,(-1-,@!-+!T2(M-$;!&(2&'(?@Ab!!a-E!,>'!322()'??!-+!(-$;-$;A!&('++.('!
-+!)'-$;!'S'(,'3!2$!,>'!)'??!).,,2$Ab!a-E!,>'!322()'??!-+!(-$;-$;A!#-(!-+!D-)(#,-$;Ab!#$3!+2!2$:J!*$!
#!;-D'$!+-,.#,-2$!D'(@!E'T!-E!#$@!2E!,>'+'!&2++-)?'!B#f2(!&('B-+'+!#('!.+'3!,2!3'(-D'!#!
12$1?.+-2$A!'D'$!,>2.;>!,>'+'!12$1?.+-2$+!T2.?3!#??!)'!+-B-?#(?@!T#((#$,'3J!!H>#,!>#&&'$+!
-+!,>#,!2$?@!12$,'S,.#??@!%(/(0!"*!-$E'('$1'+!,'$3!,2!)'!3(#T$!4k#$!3'(!9'$+,A!hQQPi!k#$!3'(!
9'$+,A!%&'()'(A!U!=2?-,g'(A!hQQh:J!_!;'$'(#?!-$E'('$,-#?!#)-?-,@!-+!$2,A!)@!-,+'?EA!;'#('3!,2!
>2B-$;!-$!2$!+.1>!('?'D#$,!-$E'('$1'+J!
!9'('!-+!,>'!'EE-1-'$1@!&(2)?'BG!*$E'('$1'+!-$!B#$@!+&'1-E-1!32B#-$+!12.?3!)'!B2('!'EE-1-'$,!
-E!,#-?2('3!,2!,#M'!#3D#$,#;'!2E!,>'!+&'1-E-1-,@!2E!,>'!32B#-$!#$3!,2!'B&?2@!3'3-1#,'3!
&(21'3.('+!(#,>'(!,>#$!>#D'!,>#,!+&'1-E-1-,@!)'!('&('+'$,'3!-$!&(2&2+-,-2$#?!E2(B!#$3!.+'3!
)@!;'$'(#?!&(21'3.('+!+.1>!#+!12$3-,-2$#?!-$E'('$1'+J!!d2(!-$+,#$1'A!T'!'S&'1,!$2,!2$?@!
>.B#$+!).,!#?+2!2,>'(!#$-B#?+!,2!)'!#)?'!,2!3(#T!-$E'('$1'+!#)2.,!,>'!B2D'B'$,!2E!

?22B-$;!2)f'1,+!E(2B!,>'-(!-$1('#+-$;!?2.3$'++J!=('+.B#)?@A!#$-B#?+!32!$2,!3(#T!,>'+'!
-$E'('$1'+!)@!.+-$;!&(2&2+-,-2$#?!;'$'(#?-+#,-2$+!#+!&('B-+'+!-$!12$3-,-2$#?!-$E'('$1'J!<2('!
&?#.+-)?@A!,>'@!,#M'!#3D#$,#;'!2E!,>'!(';.?#(!12(('?#,-2$!)',T''$!$2-+'!#$3!B2D'B'$,J!!F>-+!
(';.?#(!12(('?#,-2$!>#+!#??2T'3!,>'!'D2?.,-2$!2E!#$!#3!>21!&(21'3.('!,>#,!3-('1,?@!@-'?3+!#$!
#++.B&,-2$!#)2.,!('?#,-D'!$'#($'++!2E!#!B2D-$;!2)f'1,!E(2B!#!&'(1'&,-2$!2E!-$1('#+-$;!2(!
3'1('#+-$;!B2D'B'$,!$2-+'+A!T-,>2.,!#!;'$'(#?!#++.B&,-2$!#)2.,!,>'!('?#,-2$+>-&!)',T''$!
,>'!,T2!)'-$;!('&('+'$,'3!#+!#!&-'1'!2E!'$1@1?2&#'3-1!M$2T?'3;'!#$3!.+'3!#+!#!B#f2(!
&('B-+'!-$!+2B'!E2(B!2E!;'$'(#?!12$3-,-2$#?!('#+2$-$;J!d2(!>.B#$+!,22A!-,!T2.?3!)'!
#3D#$,#;'2.+!,2!>#D'!,>'!+#B'!M-$3!2E!#3!>21A!#.,2B#,-1!&(21'3.('J!%-B-?#(?@A!
.$3'(+,#$3-$;!,>#,!+2B'2$'!-+!#,!,>'!322(!T>'$!,>'!322()'??!(-$;+!-+!)',,'(!?'E,!,2!#$!#3!>21!
M-$3!2E!12;$-,-D'!('E?'S!,>#$!,2!;'$'(#?!M$2T?'3;'!#$3!-$E'('$,-#?!1#&#1-,-'+J!*$!,>'!1#+'!2E!
,>'!322()'??A!,>'!\12;$-,-D'!('E?'S[!-+!2)D-2.+?@!#1Z.-('3!#$3!-+!&('1'3'3!)@!,>'!#1Z.-+-,-2$!2E!
,>'!('?'D#$,!'$1@1?2&#'3-1!M$2T?'3;'!T>'('#+!-$!,>'!1#+'!2E!?22B-$;!+2.(1'+!2E!+2.$3A!-,!
B-;>,!T'??!)'!-$$#,'!4#$3!,>'!('?'D#$,!'$1@1?2&#'3-1!M$2T?'3;'!-+!#1Z.-('3!?#,'(A!-E!#,!#??:J!
H>#,!)2,>!'S#B&?'+!+.;;'+,A!-$!+&-,'!2E!,>-+!3-EE'('$1'A!-+!,>#,!B#$@!-$E'('$1'+!B#@!)'!
B2('!'EE'1,-D'?@!1#((-'3!)@!+&'1-#?-+'3!32B#-$K+&'1-E-1!B'$,#?!3'D-1'+!2(!\B23.?'+[!,>#$!)@!
#!;'$'(#?!#)-?-,@!3(#T-$;!2$!#!+-$;?'!>.;'!3#,#!)#+'J!
_++.B-$;!,>#,!,>'!'EE-1-'$1@!&(2)?'B!-+A!#,!?'#+,!-$!&#(,A!+2?D'3!)@!,>'!'S-+,'$1'!2E!B#$@!
+&'1-#?-+'3!-$E'('$,-#?!B23.?'+!12$,(-).,'+!,2!+2?D-$;!,>'!('?'D#$1'!&(2)?'BJ!=('+.B#)?@A!
,>2+'!-$E'('$1'+!,>#,!)'12B'!B23.?#(-+'3!'-,>'(!-$!'D2?.,-2$!2(!-$!12;$-,-D'!3'D'?2&B'$,!
#('!,>2+'!,>#,!#('!,>'!B2+,!?-M'?@!,2!)'!('?'D#$,!#$3!,2!)'!&'(E2(B'3!+&2$,#$'2.+?@!4E2(!
2,>'(!#$3!+.),?'(!T#@+!-$!T>-1>!B23.?#(-,@!12$,(-).,'+!,2!('?'D#$1'A!+''!%&'()'(A!hQQc:J!
F>'!-B#;'!2E!+&2$,#$'2.+!-$E'('$1'!,>#,!'B'(;'+!,>(2.;>!,>'+'!('B#(M+!4#$3!,>#,!T'!>#D'!
3'D'?2&'3!'?+'T>'('G!<'(1-'(!U!%&'()'(A!hQQO:!!-+!$2,!2$'!2E!#!+-$;?'!+@+,'B!).,!2E!#!;('#,!
D#(-',@!2E!$#((2T?@!+&'1-#?-+'3!B23.?'+J!%'D'(#?!3.#?!+@+,'B+!,>'2(-+,+!>#D'!+-B-?#(?@!#(;.'3!
,>#,!+2K1#??'3!\+@+,'B!N[!-+!-$!E#1,!#!B'3?'@!2E!3-D'(+'!&(21'3.('+!4+''!2E!-$+,#$1'!%,#$2D-1>A!
hQQ^:J!!j.,!T>#,!#)2.,!+@+,'B!hY!

Metarepresentational(inferences:(intuitive(and(reflective(
9.B#$+!>#D'!,>'!\B',#('&('+'$,#,-2$#?[!#)-?-,@!,2!('&('+'$,!('&('+'$,#,-2$+A!B'$,#?!
('&('+'$,#,-2$+!+.1>!#+!,>'!,>2.;>,+!2E!2,>'(+!#$3!,>'-(!2T$!,>2.;>,+A!#$3!&.)?-1!
('&('+'$,#,-2$+!+.1>!#+!.,,'(#$1'+J!F>'@!3(#T!-$,.-,-D'!-$E'('$1'+!#)2.,!('&('+'$,#,-2$+!
f.+,!#+!,>'@!32!#)2.,!2,>'(!,>-$;+!-$!,>'!T2(?3A!E2(!-$+,#$1'G!
VJ %''-$;!/2#$!2&'$!,>'!E(-3;'!T-,>!#$!'B&,@!)''(!B.;!-$!>'(!>#$3A!@2.!-$E'(!,>#,!
+>'!T#$,+!*&12%,"314((%J!
OJ d(2B!,>'!+#B'!)'>#D-2.(#?!'D-3'$1'A!@2.!#?+2!-$E'(!,>#,!/2#$!)'?-'D'+!,>#,!*+(%(1
,)14((%1,"1*+(1-%,2.(J!
NQJ `$2T-$;!,>#,!/2#$!T#$,+!*&12%,"314((%!#$3!)'?-'D'+!*+(%(1,)14((%1,"1*+(1-%,2.(A!@2.!
-$E'(!,>#,!+>'!T-??!?22M!E2(!)''(!-$!,>'!E(-3;'J!
NNJ n2.!#('!#+M'3!T>',>'(!/2#$!-+!'S&'1,-$;!5,//1*&1'&6(1*&1*+(1$!%*#!#$3!M$2T-$;!
,>#,!+>'!)'?-'D'+!,>#,!7,//1,)1'&6,".1*&1*+(1$!%*#!#$3!,>#,17,//1!/8!#)14%,".)15,//1*&1
$!%*,()A!@2.!-BB'3-#,'?@!#$+T'(A!\n'+mb!e$!T>#,!)#+-+Y!n2.!-$E'(!/2#$[+!
'S&'1,#,-2$!E(2B!>'(!)'?-'E+J!
NhJ _+M'3!T>',>'(!+>'!T2.?3!?-M'!,2!;2!E2(!#!T#?MA!/2#$!#$+T'(+A!+>#M-$;!>'(!>'#3A!a*!
#B!,-('3b!#$3!@2.!-$E'(!>'(!,2!B'#$!,>#,A!$2A!)+(12&()1"&*18!"*1*&1.&1-&%1!18!/31
4('!9)(1)+(1,)1*,%(2J!
*$!V!,2!NhA!,>'!-,#?-1-g'3!T2(3+!('&('+'$,!$2,!42(!#,!?'#+,!$2,!3-('1,?@:!#!+,#,'!2E!#EE#-(!).,!,>'!
12$,'$,!2E!#!B'$,#?!('&('+'$,#,-2$J!_+!-$!1#+'+!N!,2!WA!#$!-$E'('$1'!,#M'+!&?#1'!T-,>2.,A!
.+.#??@A!)'-$;!$2,-1'3!#+!+.1>J!*$!V!#$3!OA!#!B'$,#?!+,#,'!-+!-$E'(('3!E(2B!2)+'(D#,-2$!2E!
)'>#D-2.(J!*$!NQA!#$!'S&'1,#,-2$!2E!)'>#D-2.(!-+!#((-D'3!#,!2$!,>'!)#+-+!2E!M$2T?'3;'!2E!
B'$,#?!+,#,'+J!*$!NNA!#!B'$,#?!+,#,'!-+!-$E'(('3!E(2B!M$2T?'3;'!2E!2,>'(!B'$,#?!+,#,'+J!*$!NhA!
,>'!12$,'$,!2E!#!D'(@!+&'1-E-1!,@&'!2E!B'$,#?!+,#,'A!#!12BB.$-1#,-D'!-$,'$,-2$A!-+!-$E'(('3!
E(2B!D'()#?!)'>#D-2.(J!
H'!$2T!?22M!#,!#$!'S#B&?'!+-B-?#(!,2!NhA!).,!T-,>!#$!-$,'('+,-$;!,T-+,G!
NXJ n2.!#+M!%,'D'!T>',>'(!>'!)'?-'D'+!,>#,!/2#$!T2.?3!?-M'!,2!;2!E2(!#!T#?MA!#$3!>'!
#$+T'(+A!+>#M-$;!>-+!>'#3A!a%>'!-+!,-('3Jb!

_+!/2#$!-+!-$!NhA!%,'D'A!-$!NXA!-+!3'+1(-)-$;!#!+,#,'!2E!#EE#-(+!E(2B!T>-1>!@2.!1#$!-$E'(]#$3!>'!
-$,'$3+!@2.!,2!-$E'(],>#,!/2#$!T2.?3!$2,!T#$,!,2!;2!E2(!#!T#?MJ!H>'$!/2#$!-+!>'(+'?E!
+&'#M-$;!#+!-$!NhA!;-D'$!,>#,!&'2&?'!#('A!-$!+.1>!B#,,'(+!('?-#)?'!#.,>2(-,@!2$!,>'-(!2T$!
T#$,+A!@2.!#('!?-M'?@!,2!,(.+,!>'(!#$3!,2!)'?-'D'!,>#,!-$3''3!+>'!32'+$[,!T#$,!,2!;2!E2(!#!T#?M!
4@2.!B#@!)'!B2('!+1'&,-1#?!2E!>'(!'S1.+'A!).,!,>-+!-+!)'+-3'!,>'!&('+'$,!&2-$,:J!*$!NXA!%,'D'!-+!
?'++!2E!#$!#.,>2(-,@!2$!/2#$[+!T#$,+!#$3!>'$1'!@2.!#('!?'++!?-M'?@!,2!#11'&,!>-+!2&-$-2$!2$!
,(.+,J!e$!,>'!2,>'(!>#$3A!?',!.+!#++.B'A!@2.!,(.+,!#$3!)'?-'D'!>-B!T>'$!>'!+#@+!,>#,!+>'!-+!
,-('3A!+2B',>-$;!'#+-'(!E2(!>-B!,2!#+1'(,#-$J!*$!+#@-$;!,>#,!/2#$!-+!,-('3A!%,'D'!&(2D-3'+!@2.!
T-,>!#$!#(;.B'$,!E2(!,>'!12$1?.+-2$!>'!T#$,+!@2.!,2!3(#TG!@2.!B#@!@2.(+'?E!12$1?.3'!,>#,!
/2#$A!)'-$;!,-('3A!-+!.$?-M'?@!,2!T#$,!,2!;2!E2(!#!T#?MJ!!
n2.!B-;>,!>#D'!)''$!T>2??@!,(.+,E.?!#$3!>#D'!#11'&,'3!)2,>!%,'D'[+!'S&?-1-,!B'#$-$;],>#,!
/2#$!-+!,-('3]!#$3!>-+!-B&?-1-,!B'#$-$;],>#,!+>'!32'+!$2,!T#$,!,2!;2!E2(!#!T#?M]T-,>2.,!
'D'$!&#@-$;!#,,'$,-2$!,2!,>'!E#1,!,>#,!,>'!E2(B'(!-+!#$!#(;.B'$,!E2(!)'?-'D-$;!,>'!?#,,'(J!H'!
#('A!>2T'D'(A!12$+-3'(-$;!,>'!1#+'!T>'('A!$2,!)'-$;!T>2??@!3-+&2+'3!,2!,#M'!%,'D'[+!T2(3!
E2(!-,A!@2.!&#@!#,,'$,-2$!,2!,>'!#(;.B'$,J!e$?@!-E!@2.!E-$3!,>'!#(;.B'$,!;223!'$2.;>!-$!,>'!
1-(1.B+,#$1'+!T-??!@2.!,>'$!#11'&,!-,+!-B&?-1-,!12$1?.+-2$J!
*E!@2.!&2$3'(!%,'D'[+!#(;.B'$,A!-E!@2.!12$+-3'(!T>',>'(!#11'&,-$;!,>#,!/2#$!-+!,-('3!-+!#!
;223!('#+2$!,2!)'?-'D'!,>#,!+>'!T2.?3!$2,!T#$,!,2!;2!E2(!#!T#?MA!,>'$!T>#,!@2.!#('!'$;#;'3!
-$!-+!('E?'1,-D'!-$E'('$1'A!@2.!#('!('#+2$-$;A!-$!#!Z.-,'!2(3-$#(@!+'$+'!2E!,>'!,'(BJ!n2.!#('!
&#@-$;!12$+1-2.+!#,,'$,-2$!,2!,>'!('?#,-2$+>-&!)',T''$!#(;.B'$,!#$3!1?#-BA!2(!&('B-+'+!
#$3!-$,'$3'3!12$1?.+-2$+J!C$?-M'!T>#,!>#&&'$+!-$!-$,.-,-D'!-$E'('$1'A!@2.!B#@!'$3!.&!
#11'&,-$;!#!12$1?.+-2$!-&%1!1%(!)&"!%($%()("*(21!)1)9'+J!
6'#+2$-$;!+2!.$3'(+,223!-$D2?D'+!&#@-$;!#,,'$,-2$!,2!,>'!('?#,-2$+>-&!)',T''$!1?#-B+!#$3!
('#+2$+!,2!#11'&,!,>'BJ!H>-?'!#11'&,-$;!2(!('f'1,-$;!,>'!1?#-B!-+!32$'!('E?'1,-D'?@A!,>'!
('?#,-2$+>-&!)',T''$!1?#-B!#$3!('#+2$+!-+!-$,.-,-D'?@!#++'++'3G!@2.!-$,.-,-D'?@!.$3'(+,#$3A!
+#@A!,>#,!,>'!E#1,!,>#,!/2#$!-+!,-('3!12$+,-,.,'+!#!;223!('#+2$!,2!)'?-'D'!,>#,!+>'!T2.?3$[,!
T#$,!,2!;2!E2(!#!T#?MJ!n2.!,>'$A!2(!+2!-,!+''B+!,2!@2.A!3'1-3'!,2!#11'&,!%,'D'[+!12$1?.+-2$J!
*,!12.?3!)'!#(;.'3!,>#,A!T>'$!2$'!12$+1-2.+?@!('#+2$+!#$3!+''+!2$'+'?E!#+!-$D2?D'3!-$!#!
+'(-'+!2E!&'(+2$#?!'&-+,'B-1!3'1-+-2$+A!2$'!-+!B-+,#M-$;!,>'!D-+-)?'!,-&!2E!#!B'$,#?!-1')'(;!E2(!
-,+!?#(;'?@!-$D-+-)?'!+,(.1,.('J!_1,.#??@A!T>#,!>#&&'$+!-+!,>#,!#!+'(-'+!2E!-$E'('$1'+!-+!,#M-$;!

&?#1'!.$12$+1-2.+?@J!F>'+'!-$E'('$1'+!3'?-D'(!#+!,>'-(!2.,&.,!12$+1-2.+!('&('+'$,#,-2$+!
#)2.,!('?#,-2$+>-&+!)',T''$!('#+2$+!#$3!1?#-B+J!F>'!12$+1-2.+!+'?E[+!;(#+&!2E!,>'+'!
('?#,-2$+>-&!-+!f.+,!,>'!-$,.-,-D'!#T#('$'++!2E!,>'!2.,&.,!2E!B'$,#?!T2(M!&'(E2(B'3!#,!#!+.)K
&'(+2$#?!?'D'?J!F>'!12$+1-2.+!+'?E!).-?3+!#!$#((#,-D'!2.,!2E!E2(B#?!('?#,-2$+>-&+J!*,!+''+!-,+'?E!
#+!B#M-$;!'&-+,'B-1!3'1-+-2$+!,2!#11'&,!2(!('f'1,!12$1?.+-2$+A!T>'$!-$!E#1,!,>'+'!3'1-+-2$+!
>#D'!)''$!#??!).,!B#3'!#,!,>-+!+.)K&'(+2$#?!?'D'?J!F(.'A!2$'!1#$!'$;#;'!-$,2!>-;>'(!2(3'(!
('#+2$-$;A!,>#,!-+A!('#+2$!#)2.,!('#+2$+!(#,>'(!,>#$!f.+,!#11'&,!,>'B!2(!('f'1,!,>'B!#+!
-$,.-,-D'?@!+,(2$;!2(!T'#MJ!n2.!B#@A!E2(!-$+,#$1'A!&2$3'(!,>'!'S,'$,!,2!T>-1>!/2#$[+!
,-('3$'++!&(2D-3'+!#!;223!('#+2$!,2!)'?-'D'!+>'!T2.?3!$2,!T#$,!,2!;2!E2(!#!T#?M!G!#E,'(!#??A!
)'-$;!,-('3!B#@!+2B',-B'+!B2,-D#,'!2$'!;2!E2(!#!T#?M!(#,>'(!,>#$A!+#@A!M''&!T2(M-$;J!%.1>!
>-;>'(!2(3'(!('#+2$-$;!-+!('?#,-D'?@!(#('A!#$3A!.?,-B#,'?@A!1#$$2,!).,!)'!;(2.$3'3!-$!
-$,.-,-2$+!#)2.,!'D'$!>-;>'(!2(3'(!('?#,-2$+>-&+!)',T''$!('#+2$+!#$3!1?#-B+J!6'#+2$-$;!#+!
T'!12$+1-2.+?@!'S&'(-'$1'!-,A!,>#,!-+A!#+!#!+'(-'+!2E!12$+1-2.+!'&-+,'B-1!#++'++B'$,+!#$3!
3'1-+-2$+A!B#@!T'??!)'A!,2!#!?#(;'!'S,'$,A!#!12;$-,-D'!-??.+-2$!4f.+,!#+!B#@!)'!&(#1,-1#?!
3'1-+-2$A!+''A!'J;JA!%22$A!j(#++A!9'-$g'A!U!9#@$'+A!hQQV:J!*$!1>#??'$;-$;!,>'!5#(,'+-#$!+'$+'!
2E!('#+2$-$;!#+!#$!'S'(1-+'!2E!E(''!T-??!;.-3'3!)@!('#+2$+!(#,>'(!,>#$!12B&'??'3!)@!1#.+'+A!
T'!1>#??'$;'!#?+2!,>'!+'$+'!2E!('#+2$-$;!#+!#$!>-;>'(!E2(B!2E!,"2,0,29!/!12;$-,-2$J!
9'('!-+!#!('#?K?-E'!'S#B&?'!2E!('#+2$-$;!-$!,>'!+'$+'!-$,'$3'3J!".(-$;!,>'!hQQV!&(-B#(-'+!2E!
,>'!_B'(-1#$!&('+-3'$,-#?!'?'1,-2$A!,>'!2(;#$-+#,-2$!<2D'!e$!(#$!#!12B&',-,-2$!E2(!,>'!)'+,!
XQ+!D-3'2!#3!E2(!j#(#1M!e)#B#J!e$'!2E!,>'!T-$$'(+!T#+!'$,-,?'3!oF>'@!%#-3!9'!H#+!
C$&('&#('3JJJoh!F>-+!-+!T>#,!@2.!+#T!#$3!>'#(3G!
4:1)9''()),&"1&-1)*,//1$,'*9%()1&-1;4!6!1'!6$!,.",".:!!!
_!B#$!E(2B!*??-$2-+!T#+!(.$$-$;!E2(!&('+-3'$,J!
9-+!2&&2$'$,+!(-3-1.?'3!>-B!#+!-$'S&'(-'$1'3!#$3!T2'E.??@!.$&('&#('3J!
9-+!2$?@!;2D'($B'$,!'S&'(-'$1'!>#3!)''$!+'(D-1-$;!,>'!*??-$2-+!%,#,'!?';-+?#,.('!&?.+!
,T2!@'#(+!#+!#$!2)+1.('!B'B)'(!2E!52$;('++J!!
9'!>#3!$'D'(!>'?3!#$!'S'1.,-D'!2(!B#$#;'B'$,!&2+-,-2$!2E!#$@!M-$3J!
n',!F9*%!B#$!4"&81!1$,'*9%(1:4%!+!61<,"'&/":!T#+!'?'1,'3!=('+-3'$,J!FT-1'J!!_$3!
4"&81$,'*9%()1&-1<,"'&/"1!"21;4!6!1),2(14#1),2(:!,>'@!+#-3!>'!T#+!.$&('&#('3m!!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
h!j@!/2+>!L#((',,A!D-+-)?'!#,!>,,&G77TTTJ@2.,.)'J12B7T#,1>YDpI.k0q=2k=n;J!

!
C$,-?!@2.!+#T!,>'!&-1,.('!2E!I-$12?$A!@2.!#++.B'3!,>#,!,>'!aB#$!E(2B!*??-$2-+b!+#-3!,2!)'!
.$&('&#('3!T#+!e)#B#A!#$3!,>2.;>,!@2.!('12;$-+'3!#(;.B'$,+!,>#,!T'('!-$3''3!)'-$;!
.+'3!#;#-$+,!>-B!#,!,>'!,-B'!)@!>-+!(-D#?+!E2(!,>'!"'B21(#,-1!$2B-$#,-2$J!H>'$!,>'!&-1,.('!
2E!I-$12?$!#&&'#('3!#$3!@2.!>'#(3!,>#,!aF>-+!B#$!T#+!'?'1,'3!=('+-3'$,J!FT-1'Ab!@2.!
.$3'(+,223!,>#,!#??!,>'+'!D'(@!#(;.B'$,+!>#3!)''$!.+'3!,2!1?#-B!,>#,!I-$12?$!T2.?3!$2,!)'!
#!;223!&('+-3'$,J!H'??A!>'!T#+!#!;('#,!&('+-3'$,J!%2!,>'+'!#(;.B'$,+!#;#-$+,!I-$12?$!T'('!
$2,!;223!2$'+J!j@!&#(-,@!2E!('#+2$-$;A!@2.!T'('!;-D'$!,2!.$3'(+,#$3A!,>'!+#B'!#(;.B'$,+!
T'('!$2,!;223!2$'+!#;#-$+,!e)#B#J!!
02,'!,>'!12;$-,-D'!12B&?'S-,@!-$D2?D'3!-$!12B&('>'$3-$;!+.1>!#$!#3J!k-'T'(+!>#3!,2!12(('1,!
,>'-(!E-(+,!-B&('++-2$!,>#,!,>'!,#(;',!2E!,>'!#(;.B'$,+!Z.2,'3!T#+!e)#B#!#$3!.$3'(+,#$3!
,>#,!-,!>#3!)''$!I-$12?$J!F>'@!>#3!,2!('#?-g'!,>#,!T>#,!,>'+'!#(;.B'$,+!T'('!-$,'$3'3!,2!
+>2T!>#3!)''$!('E.,'3!)@!I-$12?$[+!1#(''(J!F>'@!>#3!,2!E21.+!2$!,>'!E#1,!,>#,!#?B2+,!
-3'$,-1#?!#(;.B'$,+!T'('!$2T!.+'3!#;#-$+,!e)#B#!4#!+,'&!B#3'!'#+@!)@!,>'-(!-$-,-#?!
B-+-3'$,-E-1#,-2$!2E!,>'!,#(;',:J!d-$#??@!,>'@!>#3!,2!12$1?.3'!,>#,A!)@!&#(-,@!2E!('#+2$-$;A!
,>'+'!#(;.B'$,+!T'('!E?#T'3!T>'$!?'D'??'3!#,!e)#B#J!H#,1>-$;!,>-+!#3A!D-'T'(+!32$[,!f.+,!
'$3!.&!T-,>!,>'!12$1?.+-2$!+&(-$;-$;!.$#$$2.$1'3!,2!,>'!B-$3!#+!-$!-$,.-,-D'!-$E'('$1'!,>#,!
e)#B#[+!('?#,-D'!.$&('&#('3$'++!$''3!$2,!+,#$3!-$!,>'!T#@!2E!>-+!)'12B-$;!#!;223!
&('+-3'$,J!F2!12B'!,2!,>-+!12$1?.+-2$A!,>'@!>#D'!,2!)'!#T#('!2E!,>'!-$,'(B'3-#(@!+,'&+J!!_+!
B2+,!('#?!?-E'!12B&?'S!#(;.B'$,+A!,>-+!2$'!T#+!'$,>@B'B#,-1A!+2!B2+,!2E!,>'+'!+,'&+!>#3!,2!
)'!('12$+,(.1,'3J!%,-??A!D-'T'(+!>#3!?-,,?'!3-EE-1.?,@!32-$;!#??!,>-+!-$!XQ!+'12$3+!4#+!'D-3'$1'3!
)@!,>'!E#1,!,>#,!,>'@!D2,'3!,>-+!#3!,>'!)'+,!-$!,>'!12B&',-,-2$:J!F>'!#?B2+,!'S>-?#(#,-$;!
+'$+'!2E!12;$-,-D'!12$,(2?!&(2D-3'3!)@!.$3'(+,#$3-$;!#$3!#11'&,-$;!42(!('f'1,-$;:!+.1>!#!
12B&?'S!#(;.B'$,!-+!)#+'3A!T'!+.;;'+,A!2$!,>'!'EE-1#1@!2E!,>'!.$12$+1-2.+!&(21'++'+!
-$D2?D'3!#$3!2$!,>'!E#1,!,>#,!,>'!12$+1-2.+!+'?E!-+!;-D'$!,>'!;(#$3!(2?'!2E!.$3'(+-;$-$;!,>'-(!
2.,&.,J!!
*,!-+!12$,'$,-2.+!T>',>'(!2,>'(!#$-B#?+!>#D'!#$@!B',#('&('+'$,#,-2$#?!#)-?-,@A!-$!&#(,-1.?#(!
,>'!#)-?-,@!,2!-$E'(!T>#,!#$2,>'(!#$-B#?!T#$,+!2(!)'?-'D'+!E(2B!2)+'(D#,-2$+!2E!-,+!
)'>#D-2.(J!*$!#$@!1#+'A!$2!2$'!>#+!'D'(!+.;;'+,'3!,>#,!,>'!B',#('&('+'$,#,-2$#?!#)-?-,-'+!2E!
2,>'(!#$-B#?+A!-E!,>'@!>#D'!#$@A!B-;>,!'S,'$3!,2!B',#('&('+'$,-$;!$2,!f.+,!B'$,#?!
('&('+'$,#,-2$+!).,!#?+2!&.)?-1!('&('+'$,#,-2$+!+.1>!#+!.,,'(#$1'+!2(A!'D'$!B2('!

-B&?#.+-)?@A!?2;-1#?!#$3!'D-3'$,-#?!('?#,-2$+>-&+!#B2$;!('&('+'$,#,-2$+!#+!-$!('#+2$-$;J!
6'#+2$-$;!-+!+&'1-E-1#??@!>.B#$J!*,!-+!1?'#(?@!?-$M'3!,2!?#$;.#;'!45#((.,>'(+A!hQQO:J!6'#+2$-$;!
,#M'+!#+!-$&.,!#$3!&(23.1'+!#+!2.,&.,!12$1'&,.#?!('&('+'$,#,-2$+!,>#,!,@&-1#??@!1#$!)'!
12$+1-2.+?@!('&('+'$,'3!#$3!D'()#?-g'3J!
Why(Do(Humans(Reason?(
<2+,!&>-?2+2&>-1#?!#$3!&+@1>2?2;-1#?!#&&(2#1>'+!,2!('#+2$-$;!+''B!,2!,#M'!E2(!;(#$,'3!,>#,!
,>'!(2?'!2(!,>'!E.$1,-2$!2E!('#+2$-$;!-+!,2!'$>#$1'!-$3-D-3.#?!12;$-,-2$J!!F>'('!-+!$2!32.),!
,>#,!-,!2E,'$!32'+!+2J!!F>'('!#?+2!-+!&?'$,@!2E!'D-3'$1'!,>#,!('#+2$-$;!-+!E#??-)?'!4+''!8D#$+A!
hQQhA!-$!,>'!1#+'!2E!3'3.1,-D'!('#+2$-$;:A!#$3!,>#,!('#+2$-$;!+2B',-B'+!?2T'(+!2D'(#??!
12;$-,-D'!&'(E2(B#$1'!4"-fM+,'(>.-+A!hQQ^i!"-fM+,'(>.-+A!j2+A!02(3;('$A!U!D#$!j##('$A!hQQPi!
H-?+2$A!".$$A!`(#E,A!U!I-+?'A!NOVO:J!!<2('2D'(A!('#+2$-$;!-+!#!12+,?@!B'$,#?!#1,-D-,@J!F2!#++'++!
-,+!'EE-1-'$1@A!$2,!2$?@!)'$'E-,+!).,!#?+2!12+,+!>#D'!,2!)'!,#M'$!-$,2!#112.$,J!H>'$!,>-+!-+!
32$'A!-,!1'#+'+!,2!)'!+'?EK'D-3'$,!,>#,!('#+2$-$;!-+!f.+,!#!\L223!F>-$;[!E2(!T>-1>!,>'('!T2.?3!
$'1'++#(-?@!>#D'!)''$!+'?'1,-D'!&('++.('!-$!,>'!'D2?.,-2$!2E!,>'!+&'1-'+J!
<2('!+&'1-E-1#??@A!12;$-,-D'!B'1>#$-+B+!#('!?-M'?@!,2!>#D'!'D2?D'3!+2!#+!,2!)'!T'??!#3#&,'3!
,2!#!+&'1-'+[!'$D-(2$B'$,!#$3!,2!,>'!M-$3+!2E!-$E2(B#,-2$!,>#,!'$D-(2$B'$,!&(2D-3'+!
4%,'('?$@A!hQQXA!*$!&('++:J!*$!,>-+!('+&'1,A!,>'!>.B#$!'$D-(2$B'$,!-+!.$-Z.'G!!B.1>!2E!,>'!
-$E2(B#,-2$!#D#-?#)?'!,2!>.B#$+!-+!&(2D-3'3!)@!2,>'(!>.B#$+J!
e(3-$#(-?@A!-$!#!$#,.(#?!'$D-(2$B'$,A!B2+,!-$E2(B#,-2$!-+!&(2D-3'3!)@!,>'!D'(@!-,'B+!,>'!
-$E2(B#,-2$!-+!#)2.,J!<#,'(-#?!2)f'1,+!E2(!-$+,#$1'!('E?'1,!2(!'B-,!#!D#(-',@!2E!T#D'+!4'J;J!
+2.$3!2(!?-;>,:!,>#,!>'?&!,>'-(!-3'$,-E-1#,-2$J!F>'!-$E2(B#,-2$!&(2D-3'3!)@!B#$@!-,'B+]
+,2$'+A!+,#(+A!T#,'(A!E-('A!E2(!-$+,#$1']A!T>',>'(!-,!-+!(-1>!2(!&22(A!-+!.$)-#+'3G!-,!-+!$2,!
;'#('3!,2!B-+?'#3-$;!2(;#$-+B+!'$32T'3!T-,>!,>'!12;$-,-D'!1#&#1-,-'+!,2!'S&?2-,!,>-+!
-$E2(B#,-2$J!_!+&'1-'+[!12;$-,-D'!B'1>#$-+B+!#('!?-M'?@!,2!>#D'!'D2?D'3!+2!#+!)',,'(!,2!
'S&?2-,!-$E2(B#,-2$!&(2D-3'3!)@!-,'B+!2E!-B&2(,#$1'!,2!B'B)'(+!2E!,>#,!+&'1-'+J!F>-+!-+!
?-M'?@!,2!>#D'!('+.?,'3A!#+!T'!+.;;'+,'3A!-$!,>'!'D2?.,-2$!2E!B#$@!+&'1-#?-+'3!12;$-,-D'!
B'1>#$-+B+!2(!B23.?'+!,>#,!#('!'#1>!#3f.+,'3!,2!#!+&'1-E-1!&#(,!2(!#+&'1,!2E!,>'!
'$D-(2$B'$,J!

F>'('!#('!>2T'D'(!-,'B+!-$!,>'!'$D-(2$B'$,!,>#,!>#D'!'D2?D'3!+2!#+!,2!B-+?'#3!+2B'!2E!,>'!
2(;#$-+B+!,>#,!B-;>,!-$,'(#1,!T-,>!,>'BJ!F>-+!-+!-$!&#(,-1.?#(!,>'!1#+'A!#1(2++!+&'1-'+A!2E!
&('3#,2(+!#$3!&('@+A!T>-1>A!E2(!12B&?'B'$,#(@!('#+2$+A!B#@!;#-$!E(2B!$2,!)'-$;!&(2&'(?@!
-3'$,-E-'3!#$3!B#@!.+'A!E2(!,>-+A!D#(-2.+!E2(B+!2E!1#B2.E?#;'!2(!B-B-1(@J!*,!-+!#?+2!,>'!1#+'A!
T-,>-$!+&'1-'+A!2E!&2,'$,-#?!B#,'+!,>#,!B#@!;#-$!E(2B!;-D-$;!#$!'S#;;'(#,'3!-B#;'!2E!,>'-(!
Z.#?-,-'+A!#$3!2E!12B&',-,2(+!,>#,!B#@!;#-$!E(2B!;-D-$;!#$!'S#;;'(#,'3!-B#;'!2E!,>'-(!
+,('$;,>J!*$!B#$@!1#+'+A!+.1>!B-+-$E2(B#,-2$!B#@!+.11''3G!'3-)?'!D-1'(2@!).,,'(E?-'+!#('!
;'$'(#??@!B-+,#M'$!E2(!&2-+2$2.+!B2$#(1>+!)@!)-(3+!T>2!T2.?3!2,>'(T-+'!'#,!,>'BA!#$3!
,>#,[+!,>#,J!!F>'!12$E?-1,!2E!-$,'('+,+!)',T''$!+2.(1'!#$3!,#(;',!2E!-$E2(B#,-2$!B#@A!-$!2,>'(!
1#+'+A!>#D'!?'3!,2!#$!'D2?.,-2$#(@!#(B!(#1'A!T-,>!,>'!,#(;',!)'12B-$;!)',,'(!#$3!)',,'(!#,!
+''-$;!,>(2.;>!B-+?'#3-$;!-$E2(B#,-2$A!#$3!,>'!+2.(1'!&(23.1-$;!-$!('+&2$+'!-$E2(B#,-2$!
,>#,!-+!B2('!#$3!B2('!B-+?'#3-$;J!*$!+.1>!1#+'+A!T>#,!T'!+>2.?3!'S&'1,!,2!E-$3A!2$!,>'!
,#(;',[+!+-3'A!#('!Z.-,'!+&'1-#?-+'3!12;$-,-D'!B'1>#$-+B+!#-B'3!#,!Z.-,'!+&'1-E-1!#$3!
('&',-,-D'!E2(B+!2E!B-+-$E2(B#,-2$J!!
e,>'(!+2.(1'+!2E!-$E2(B#,-2$!-$!,>'!'$D-(2$B'$,!B#@!)'!$'-,>'(!$'.,(#?!$2(!B-+?'#3-$;!).,!
2$!,>'!12$,(#(@!>'?&E.?A!#+!-$!,>'!('?#,-2$+>-&+!)',T''$!$.(,.(-$;!B2,>'(+!#$3!2EE+&(-$;A!2(!
#B2$;!+21-#?!-$+'1,+J!*$!+.1>!1#+'+A!2$'!B#@!E-$3!12BB.$-1#,-2$!#)-?-,-'+!'D2?D-$;A!T-,>!
2(;#$-+B+!&(2D-3-$;!>2$'+,!-$E2(B#,-2$!$2,!2$?@!#)2.,!,>'B+'?D'+!).,!#?+2!#)2.,!,>'-(!
'$D-(2$B'$,J!F@&-1#??@A!,>'!-$E2(B#,-2$!12BB.$-1#,'3!-+!D'(@!+&'1-E-1]#)2.,!,>'!?21#,-2$!
2E!$'1,#(!#B2$;!>2$'@)''+A!E2(!-$+,#$1']#$3!,>'!12;$-,-D'!B'1>#$-+B+!.+'3!,2!'S&?2-,!-,!
#('!Z.-,'!+&'1-#?-+'3!123-$;!#$3!3'123-$;!B'1>#$-+B+J!H>'('#+!B-+-$E2(B#,-2$A!B-B-1(@!2(!
1#B2.E?#;'!E2(!-$+,#$1'A!T2(M+!2$?@!-E!,>'!,#(;',+!32!$2,!>#D'!B'1>#$-+B+!3'3-1#,'3!,2!
('12;$-+-$;!-,A!122&'(#,-D'!-$E2(B#,-2$A!#+!#B2$;!+21-#?!-$+'1,+A!T2(M+!2$?@!-E!,>'!('1-&-'$,+!
>#D'!3'3-1#,'3!B'1>#$-+B+!,2!('12;$-+'!#$3!3'123'!-,J!
9.B#$!12BB.$-1#,-2$!+,#$3+!#&#(,!$2,!2$?@!)'1#.+'!2E!-,+!-$12B&#(#)?'!(-1>$'++!#$3!
-B&2(,#$1'!,2!-$3-D-3.#?!12;$-,-2$!#$3!,2!+21-#?!-$,'(#1,-2$A!$2,!2$?@!)'1#.+'!-,!-+!$2,!#!B'('!
B#,,'(!2E!123-$;!#$3!3'123-$;!4%&'()'(!U!H-?+2$A!NOOc:A!).,!#?+2!)'1#.+'!-,!-+!(2.,-$'?@!
.+'3!)2,>!>2$'+,?@!,2!-$E2(B!#$3!3-+>2$'+,?@!,2!B-+?'#3J!*$!2,>'(!,'(B+A!>.B#$+A!T>2!+,#$3!
,2!;#-$!-BB'$+'?@!E(2B!,>'!12BB.$-1#,-2$!2E!2,>'(+A!-$1.(!#!12BB'$+.(#,'!(-+M!2E!)'-$;!
3'1'-D'3!#$3!B#$-&.?#,'3J!92T!12.?3A!$2,T-,>+,#$3-$;!,>-+!(-+MA!12BB.$-1#,-2$!'D2?D'!-$,2!

+.1>!#$!'++'$,-#?!#+&'1,!2E!>.B#$!?-E'Y!F2!#&&('1-#,'!,>'!'D2?.,-2$#(@!+-;$-E-1#$1'!2E!,>'!
&(2)?'BA!T'!12B&#('!-,!,2!,>'!T'??KM$2T$!3-?'BB#!2E!122&'(#,-2$J!
522&'(#,-2$!-+!#$2,>'(!aL223!F>-$;b!,>#,A!#,!E-(+,!)?.+>A!+>2.?3!)'!T-3'+&('#3!-$!$#,.('J!*$!
E#1,!-,!-+!Z.-,'!(#('A!#$3!,>'('!-+!#!+-B&?'!'D2?.,-2$#(@!'S&?#$#,-2$!E2(!,>-+J!H>-?'!12K
2&'(#,2(+!+,#$3!,2!;#-$!E(2B!&#(,-1-&#,-$;!>2$'+,?@A!,>#,!-+!E(2B!&#@-$;!,>'!12+,!#$3!+>#(-$;!
-$!,>'!)'$'E-,+!2E!122&'(#,-2$A!,>'@!+,#$3!,2!;#-$!'D'$!B2('!E(2B!1>'#,-$;A!,>#,!-+!+>#(-$;!-$!
,>'!)'$'E-,+!T-,>2.,!&#@-$;!,>'!12+,J!5>'#,-$;!.$3'(B-$'+!122&'(#,-2$!#$3!B#M'+!-,!
'D2?.,-2$#(-?@!.$+,#)?'!.$?'++!-,!-+!-$!+2B'!T#@!&('D'$,'3!2(!1-(1.B+1(-)'3J!!5>'#,-$;!B#@!
)'!12$,(2??'3!-E!12K2&'(#,2(+!('12;$-+'!1>'#,'(+!#$3!3'$@!,>'B!,>'!)'$'E-,+!2E!122&'(#,-2$J!
d2(!-$+,#$1'A!-E!12K2&'(#,2(+!#32&,!#!,-,KE2(K,#,!+,(#,';@A!E2(B#?!B23'?+!>#D'!+>2T$A!,>'$!,>'!
'D2?.,-2$#(@!-$+,#)-?-,@!2E!122&'(#,-2$!B#@!-$!&(-$1-&?'!)'!2D'(12B'!4_S'?(23A!NOV^:J!!!
52BB.$-1#,-2$!#B2$;!,>'!B'B)'(+!2E!#!;(2.&!1#$!)'!+''$!#+!#!E2(B!2E!122&'(#,-2$A!#$3!
3'1'&,-2$!#+!#!E2(B!2E!1>'#,-$;J!%2A!,>'$A!T>@!$2,!f.+,!#&&?@!B23'?+!2E!,>'!'D2?.,-2$!2E!
122&'(#,-2$!,2!,>'!+&'1-#?!1#+'!2E!12BB.$-1#,-2$A!#$3!>#D'!E2(!-$+,#$1'!#$!#3!>21!D'(+-2$!
2E!,>'!E2(!,-,KE2(K,#,!+,(#,';@G!@2.!?-'!,2!B'A!*!?-'!,2!@2.A!2(!G!@2.!?-'!,2!B'A!*!+,2&!)'?-'D-$;!@2.!
4+''!j?#-+A!NOVWA!E2(!#!B2('!+2&>-+,-1#,'3!\'&-+,'B-1!,-,KE2(K,#,[:Y!!H'??A!T>'('#+!-$!+,#$3#(3!
122&'(#,-2$A!.$+#$1,-2$'3!1>'#,-$;!-+!#?T#@+!#3D#$,#;'2.+A!,>'!;2#?+!2E!12BB.$-1#,2(+!#('!
D'(@!2E,'$!)',,'(!#1>-'D'3!)@!>2$'+,!12BB.$-1#,-2$J!H'!12BB.$-1#,'!-$!&#(,-1.?#(!,2!
122(3-$#,'!T-,>!2,>'(+A!,2!B#M'!('Z.'+,!E(2B!,>'BA!#$3A!E2(!,>-+A!>2$'+,!-$E2(B#,-2$!)'+,!
+'(D'+!2.(!;2#?J!%2A!-E!*!T'('!,2!?-'!,2!@2.!2(!,2!('E.+'!,2!)'?-'D'!@2.!-$!(',#?-#,-2$!E2(!@2.(!
>#D-$;!?-'3!,2!B'A!*!B-;>,!$2,!2$?@!&.$-+>!@2.!).,!#?+2!>#(B!B@+'?EJ!<2('!;'$'(#??@A!,2!;',!
#+!B.1>!)'$'E-,!#+!&2++-)?'!E(2B!12BB.$-1#,-2$!T>-?'!B-$-B-g-$;!,>'!(-+M!2E!)'-$;!3'1'-D'3!
('Z.-('+!#!M-$3!2E!\'&-+,'B-1!D-;-?#$1'[!4%&'()'(!',!#?JA!*$!&('++:!,>#,!E-?,'(+!12BB.$-1#,'3!
-$E2(B#,-2$!-$!+2&>-+,-1#,'3!T#@+J!%@+,'B#,-1#??@!3-+)'?-'D-$;!12BB.$-1#,2(+!T>2!>#D'!
)''$!3'1'-,E.?!#)2.,!2$'!,2&-1!T2.?3!E2(A!-$+,#$1'A!-;$2('!,>'!E#1,!,>#,!,>'@!B#@!
$'D'(,>'?'++!)'!.$-Z.'?@!T'??K-$E2(B'3!#$3!2E,'$!('?-#)?'!#)2.,!2,>'(!,2&-1+!4E2(!-$+,#$1'!
#)2.,!,>'B+'?D'+:J!H'??K#3f.+,'3!,(.+,!-$!12BB.$-1#,'3!-$E2(B#,-2$!B.+,!,>'$!,#M'!-$,2!
#112.$,!,>'!1>#(#1,'(!#$3!1-(1.B+,#$1'+!2E!,>'!12BB.$-1#,2(!#$3!,>'!12$,'$,+!2E!
12BB.$-1#,-2$J!

52BB.$-1#,-2$!-+!+2!#3D#$,#;'2.+!,2!>.B#$!)'-$;+!2$!,>'!2$'!>#$3A!#$3!B#M'+!,>'B!+2!
D.?$'(#)?'!,2!B-+-$E2(B#,-2$!2$!,>'!2,>'(!>#$3!,>#,!,>'('!B.+,!>#D'!)''$A!T'!+.;;'+,A!
+,(2$;!#$3!2$;2-$;!&('++.('!E2(!3'D'?2&-$;!B'1>#$-+B+!2E!'&-+,'B-1!D-;-?#$1'!;'#('3!#,!
12$+,#$,?@!#3f.+,'3!T'??K1#?-)(#,'3!,(.+,J!<.1>!2E!'&-+,'B-1!D-;-?#$1'!E21.+'+!2$!,>'!
12BB.$-1#,2(G!T>2B!,2!)'?-'D'A!T>'$A!#$3!2$!T>#,!,2&-1!#$3!-++.'J!6'1'$,!'S&'(-B'$,#?!
T2(M!+>2T+!,>#,!1>-?3('$!3'D'?2&A!E(2B!,>'!#;'!2E!,>(''A!,>'!#)-?-,@!,2!,#M'!-$,2!#112.$,!
'D-3'$1'!2E!,>'!12B&','$1'!2(!)'$'D2?'$1'!2E!12BB.$-1#,2(!-$!3'1-3-$;!T>2B!,2!,(.+,!
49#((-+A!hQQWi!<#+1#(2!U!%&'()'(A!hQQO:J!F>2.;>!-,!T2.?3!+,-??!3'+'(D'!B2('!'S,'$+-D'!
'B&-(-1#?!+,.3@A!,>-+!#)-?-,@!-+!T'??!-$!'D-3'$1'!-$!#3.?,+!4=',,@!U!H';'$'(A!NOOV:J!!
/.3;-$;!,>'!,(.+,T2(,>-$'++!2E!,>'!+2.(1'!2E!-$E2(B#,-2$!-+!$2,!,>'!2$?@!T#@!,2!E-?,'(!
12BB.$-1#,'3!-$E2(B#,-2$J!F>'!12$,'$,!2E!,>#,!-$E2(B#,-2$!B#@!-,+'?E!)'!B2('!2(!?'++!
)'?-'D#)?'A!-$3'&'$3'$,?@!2E!-,+!+2.(1'J!H>#,!B-;>,!B#M'!-,!B2('!2(!?'++!)'?-'D#)?'!-+!,>'!
'EE'1,!,>#,!#11'&,-$;!-,!T2.?3!>#D'!2$!,>'!2D'(#??!12$+-+,'$1@!2E!2.(!)'?-'E+J!F2!,#M'!1#+'+!#,!
,>'!,T2!'S,('B'+A!)'?-'D-$;!#!12$,(#3-1,-2$!T2.?3!-$,(23.1'!#$!-$12$+-+,'$1@!-$!2.(!)'?-'E+A!
#$3!+2!T2.?3!3-+)'?-'D-$;!#!,#.,2?2;@A!T>#,'D'(!,>'-(!+2.(1'+J!8D'$!-$!?'++!'S,('B'!1#+'+A!
,>'!D'(@!12$,'$,!2E!#!1?#-B!B#@!T'-;>!-$!E#D2.(!2E!)'?-'D-$;!2(!3-+)'?-'D-$;!-,J!*E!#!1?#-B!-+!
'$,#-?'3!)@!T>#,!T'!#?('#3@!)'?-'D'A!,>-+!-+!#!('#+2$!,2!)'?-'D'!-,!4#$3!+-$1'!T'!B#@!$2,!>#D'!
12$+-3'('3!,>-+!'$,#-?B'$,!2E!2.(!)'?-'E+!)'E2('A!-,!B#@!T'??!)'!$2D'?!#$3!('?'D#$,:J!F>-+!
>2T'D'(!B#@!$2,!)'!#!+.EE-1-'$,!('#+2$G!6'#?-g-$;!,>#,!2.(!&('D-2.+!)'?-'E+!'$,#-?!+2B'!
-B&?#.+-)?'!12$+'Z.'$1'!T'!>#3!$2,!,>2.;>,!2E!)'E2('!B#@!;-D'!.+!#!('#+2$!,2!('D-+'!2.(!
)'?-'E+!(#,>'(!,>#$!#11'&,!,>-+!12$+'Z.'$1'J!*E!#!1?#-B!12$,(#3-1,+!T>#,!T'!#?('#3@!)'?-'D'A!
,>-+!-+!#!('#+2$!,2!('f'1,!-,J!!*,!B#@!$2,!)'!#!+.EE-1-'$,!('#+2$!'-,>'(J!6'f'1,-$;!+.1>!#!1?#-B!
B#@!)'!B-++-$;!#$!2&&2(,.$-,@!,2!#&&(2&(-#,'?@!('D-+'!)'?-'E+!,>#,!B#@!>#D'!)''$!T(2$;!
E(2B!,>'!+,#(,!2(!,>#,!$''3!.&3#,-$;J!
j'?-'D#)-?-,@!2E!#!12$,'$,!#$3!('?-#)-?-,@!2E!-,+!+2.(1'!B#@!-$,'(#1,J!*E!T'!3''B!,(.+,T2(,>@!#!
&'(+2$!T>2!B#M'+!#!1?#-B!,>#,!12$,(#3-1,+!2.(!)'?-'E+A!,>'$!+2B'!)'?-'E!('D-+-2$!-+!#$@>2T!
.$#D2-3#)?'G!*E!T'!#11'&,!,>'!1?#-BA!T'!B.+,!('D-+'!,>'!)'?-'E+!-,!12$,(#3-1,+J!*E!T'!('f'1,!,>'!
1?#-BA!T'!B.+,!('D-+'!2.(!)'?-'E!,>#,!,>'!+2.(1'!-+!,(.+,T2(,>@J!!
*$!#!$.,+>'??A!#?,>2.;>!#,,'$3-$;!,2!-,+!12$+-+,'$1@!T-,>!&('D-2.+?@!>'?3!)'?-'E+!-+!>-;>?@!
('?'D#$,!,2!E-?,'(-$;!$'T?@!12BB.$-1#,'3!-$E2(B#,-2$A!,>-+!1#$$2,!(#,-2$#??@!3','(B-$'!#$!

#.,2B#,-1!#11'&,#$1'!2(!('f'1,-2$!>'.(-+,-1J!*$12$+-+,'$1@!2E!#!1?#-B!T-,>!2.(!)'?-'E+!2$!-,+!
+.)f'1,KB#,,'(!2(!T-,>!2.(!,(.+,!-$!-,+!+2.(1'!1#??+!E2(!('E?'1,-2$!4+''!F>#;#(3A!hQQc:J!F>-+!-+!
,(.'!$2,!f.+,!2E!?2;-1#?!-$12$+-+,'$1@!).,!#?+2!2E!#!&(2)#)-?-+,-1!E2(B!2E!-$12$+-+,'$1@A!T>'('A!
-$!,>'!?-;>,!2E!T>#,!T'!#?('#3@!)'?-'D'A!#!$2D'?!1?#-B!-+!f.+,!>-;>?@!-B&(2)#)?'J!
5>'1M-$;!-$12$+-+,'$1@!B#@!)'!#!&2T'(E.?!T#@!,2!>'?&!3'1-3'!T>#,!$'T!)'?-'E+!,2!#11'&,!2(!
('f'1,!#$3!T>#,!2?3!)'?-'E+!,2!('D-+'A!).,!-,!-+!$2,!#!+-B&?'!#$3!1>'#&!&(21'3.('J!_,!?'#+,!
E(2B!#$!'D2?.,-2$#(@!&2-$,!2E!D-'TA!-,!T2.?3!$2,!B#M'!B.1>!+'$+'!E2(!#$!2(;#$-+B!,2!B#M'!
,>'!'EE2(,!2E!1>'1M-$;!,>'!B.,.#?!12$+-+,'$1@!2E!)'?-'E+!,>#,!T>2??@!#$3!&.('?@!('+.?,!E(2B!-,+!
2T$!&'(1'&,-2$+!#$3!-$E'('$1'+JX!='(1'&,.#?!#$3!-$E'('$,-#?!B'1>#$-+B+!>#D'!'D2?D'3!,2!
+'(D'!,>'!12;$-,-D'!$''3!2E!,>'!2(;#$-+BJ!eE!12.(+'A!,>'+'!B'1>#$-+B+!B#@!211#+-2$#??@!'((A!
#$3!,>'-(!'((2(+!B-;>,!)'!('D'#?'3!)@!+2B'!E2(B!2E!12$+-+,'$1@!1>'1M-$;J!92T'D'(A!$2,!2$?@!
T2.?3!,>-+!&(21'3.('!)'!12+,?@A!-,!T2.?3!-,+'?E!$2,!)'!'((2(K&(22EJ!5>'1M-$;A!2$!,>'!2,>'(!
>#$3A!,>'!12$+-+,'$1@!2E!12BB.$-1#,'3!-$E2(B#,-2$!B#M'+!B.1>!B2('!+'$+'!)'1#.+'!
12BB.$-1#,2(+!+'(D'!,>'-(!2T$!'$3+A!T>-1>!B#@!3-EE'(!E(2B!,>2+'!2E!,>'-(!#.3-'$1'!#$3!#('!
2E,'$!)'+,!+'(D'3!)@!B-+-$E2(B-$;!,>'!#.3-'$1'J!H'!+.;;'+,!,>#,!,>'!12+,!2E!12$+-+,'$1@!
1>'1M-$;!-+!T2(,>!-$1.((-$;!2$?@!-$!2(3'(!,2!E-?,'(!12BB.$-1#,'3!-$E2(B#,-2$J!!
*B#;-$'A!,>'$A!-$!,>'!'D2?.,-2$!2E!>.B#$!12BB.$-1#,-2$A!#!+,#;'!T>'('!&'2&?'!32!$2,!
#(;.'!).,!B#M'!E#1,.#?!1?#-B+!,>#,!#('!2E,'$!>-;>?@!-$E2(B#,-D'!#$3!('?'D#$,A!).,!,>#,!B#@!
#?+2!)'!3-+>2$'+,J!H>'$!,(.+,!-$!,>'!12BB.$-1#,2(!-+!$2,!+.EE-1-'$,!,2!#11'&,!T>#,!-+!)'-$;!
12BB.$-1#,'3A!#33('++''+!12$+-3'(!,>'!12$,'$,+!#$3!1>'1M!)2,>!-,+!-$,'($#?!12$+-+,'$1@!
#$3!-,+!12$+-+,'$1@!T-,>!T>#,!,>'@!#?('#3@!)'?-'D'J!H>'$!,>'@!>-,!#$!-$12$+-+,'$1@A!,>'@!
>#D'!,2!,#M'!#$!'&-+,'B-1!3'1-+-2$]2(!+2!-,!+''B+!+.)f'1,-D'?@]#$3!'-,>'(!('f'1,!,>'!$'T!
-$E2(B#,-2$!2(!'?+'!a)',!2$!-,+!,(.,>b!4"'!%2.+#A!NOWN:!#$3!('D-+'!,>'-(!)'?-'E+J!
F>'!+#B'!&'2&?'!T>2A!#+!#33('++''+A!.+'!12$+-+,'$1@!1>'1M-$;!,2!+-E,!T>#,!,>'@!#('!,2?3!
2E,'$!E-$3!,>'B+'?D'+!-$!,>'!&2+-,-2$!2E!12BB.$-1#,2(A!$2T!#33('++-$;!2,>'(!12$+-+,'$1@!
1>'1M'(+J!e$'!T#@!,2!&'(+.#3'!2$'[+!#33('++''+!-+!,2!>'?&!,>'B!1>'1M!,>'!12$+-+,'$1@!2E!
T>#,!2$'!-+!1?#-B-$;!T-,>!T>#,!,>'@!)'?-'D'A!2(!'D'$!)',,'(!-E!&2++-)?'A!,2!>'?&!,>'B!('#?-+'!
,>#,!-,!T2.?3!)'!-$12$+-+,'$,!T-,>!T>#,!,>'@!#?('#3@!)'?-'D'!$2,!,2!#11'&,!2$'[+!1?#-BJ!F>'!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
X!02,'!,>#,!+21-#?-+'3!>.B#$!)'-$;+A!'D'$!T>'$!#?2$'A!$'D'(!>#D'!&'(1'&,-2$+!#$3!-$E'('$1'+!,>#,!#('!T>2??@!
#$3!&.('?@!,>'-(!2T$!+-$1'!,>'-(!>.B#$!&'(1'&,-2$!#$3!-$E'('$1'!B#M'!.+'!2E!12$1'&,.#?!,22?+!#1Z.-('3!
,>(2.;>!1.?,.(#?!,(#$+B-++-2$J!

12BB.$-1#,2(!-+!)',,'(!2EE!B#M-$;!#$!>2$'+,!3-+&?#@!2E!,>'!D'(@!12$+-+,'$1@!#33('++''+!#('!
#$@>2T!1>'1M-$;J!F>-+!#B2.$,+!,2A!-$+,'#3!2E!f.+,!B#M-$;!#!1?#-BA!.,0,".1%(!)&")!T>@!-,!
+>2.?3!)'!#11'&,'3A!!%.9,".!E2(!-,J!e$1'!12BB.$-1#,2(!('+2(,!,2!;-D-$;!('#+2$+A!,>'@!>#D'!#!
.+'!E2(!#$!#3!>21!?2;-1#?!#$3!#(;.B'$,#,-D'!D21#).?#(@!4a-EJJJ,>'$bA!a,>'('E2('bA!#$3!+2!2$:!
,>#,!-+!2E!$2!.+'A!2$!,>'!2,>'(!>#$3A!E2(!B#M-$;!&?#-$!E#1,.#?!1?#-B+J!F>-+!D21#).?#(@!>'?&+!
3-+&?#@A!E2(!,>'!'S#B-$#,-2$!2E!,>'!#33('++''+A!,>'!('#+2$+!T>@!,>'@!+>2.?3!#11'&,!1?#-B+!
,>'@!#('!.$&('&#('3!#11'&,!f.+,!2$!,(.+,J!
6'#+2$-$;!1#$!)'!3'E-$'3!#+!,>'!#)-?-,@!,2!&(23.1'!#$3!'D#?.#,'!('#+2$+J!*,!-+!#!12+,?@!#)-?-,@G!
-,!-$D2?D'+!+&'1-#?!B',#('&('+'$,#,-2$#?!1#&#1-,-'+!E2.$3!2$?@!#B2$;!>.B#$+A!-,!$''3+!
&(#1,-1'!,2!('#1>!&(2E-1-'$1@A!#$3!'S'(,-$;!-,!-+!('?#,-D'?@!+?2T!#$3!'EE2(,E.?J!6'#+2$-$;A!T'!
#(;.'A!'D2?D'3!)'1#.+'!2E!-,+!12$,(-).,-2$!,2!,>'!'EE'1,-D'$'++!2E!>.B#$!12BB.$-1#,-2$A!
'$>#$1-$;!12$,'$,K)#+'3!'&-+,'B-1!D-;-?#$1'!#$3!2$'[+!#)-?-,@!,2!&'(+.#3'!#!D-;-?#$,!
#.3-'$1'J!F>'!('#+2$+!('#+2$-$;!-+!&(-B#(-?@!#)2.,!#('!$2,!+2?-&+-+,-1A!,>'@!#('!$2,!E2(!
&(-D#,'!#&&('1-#,-2$A!,>'@!#('!#(;.B'$,+!.+'3A!2(!#,!?'#+,!('>'#(+'3A!E2(!&'(+.#3-$;!2,>'(+J!!
H>#,!T'!#('!&(2&2+-$;!,>'$!-+!#$!#(;.B'$,#,-D'!,>'2(@!2E!('#+2$-$;J!H'!#('!$2,!,>'!E-(+,!,2!
32!+2J!e,>'(+!4j-??-;A!NOOPi!='('?B#$A!NO^Oi!='('?B#$!U!e?)('1>,+KF@,'1#A!NOPOi!F2.?B-$A!
NOcV:!>#D'!B#-$,#-$'3!,>#,!('#+2$-$;!-+!&(-B#(-?@!#)2.,!&(23.1-$;!#$3!'D#?.#,-$;!
#(;.B'$,+J!F>'@!>#D'!32$'!+2!B2+,?@!2$!-$,(2+&'1,-D'!;(2.$3+!#$3!-$!#!&>-?2+2&>-1#?!
&'(+&'1,-D'J!H'!B#@!)'!B2('!2(-;-$#?!-$!32-$;!+2!2$!'B&-(-1#?!;(2.$3+!#$3!-$!#!$#,.(#?-+,-1!
#$3!'D2?.,-2$#(@!&'(+&'1,-D'!4+''!#?+2!"'++#??'+A!hQQW:J!!
Empirical(evidence(for(the(argumentative(theory(of(reasoning(
F>'!#(;.B'$,#,-D'!,>'2(@!2E!('#+2$-$;!T'!>#D'!)(-'E?@!+M',1>'3A!,>2.;>!+,-??!,22!D#;.'!-$!
B#$@!('+&'1,+A!>#+!'S&'(-B'$,#??@!,'+,#)?'!12$+'Z.'$1'+J!<2('!+&'1-E-1#??@A!1?#-B-$;!,>#,!
('#+2$-$;!-+!#!+21-#?!12B&','$1'!#-B'3!#,!&(23.1-$;!#(;.B'$,!,2!12$D-$1'!2,>'(+!#$3!
'D#?.#,-$;!+.1>!#(;.B'$,+!B#M'+!-,!&2++-)?'!,2!'$;#;'!-$!\#3#&,-D'!,>-$M-$;[G!-$E'((-$;!
+,(.1,.('!#$3!&'(E2(B#$1'!E(2B!E.$1,-2$J!F>'!,>'2(@!&('3-1,+!T>'$!('#+2$-$;!+>2.?3!)'!
'EE-1-'$,A!#$3!T>'$!-,!+>2.?3!?'#3!.+!#+,(#@A!#$3!>2TJ!F>'+'!&('3-1,-2$+!1#$!)'!&-,,'3!#;#-$+,!
('?'D#$,!('+.?,+!E(2B!3-EE'('$,!#('#+!2E!&+@1>2?2;@!r!+21-#?!&+@1>2?2;@A!&+@1>2?2;@!2E!
('#+2$-$;!#$3!3'1-+-2$!B#M-$;A!#$3!3'D'?2&B'$,#?!&+@1>2?2;@J!H'!)(-'E?@!32!+2!>'('!4E2(!#!
(-1>'(!('D-'TA!+''!!<'(1-'(!U!%&'()'(A!hQQOA!*$!&('++:J!!

F>'!E-(+,!#$3!B2+,!+,(#-;>,E2(T#(3!&('3-1,-2$!2E!,>'!#(;.B'$,#,-D'!,>'2(@!-+!,>#,!&'2&?'!
+>2.?3!)'!;223!#,!#(;.-$;J!_$@!'D2?D'3!B'1>#$-+B!+>2.?3!)'!;223!#,!&'(E2(B-$;!,>'!,#+M!-,!
'D2?D'3!E2(!r!2,>'(T-+'!-,!T2.?3!$2,!>#D'!'D2?D'3!-$!,>'!E-(+,!&?#1'J!_$3!-$3''3A!('+'#(1>'(+!
+,.3@-$;!&'(+.#+-2$!#$3!#,,-,.3'!1>#$;'!>#D'!('&'#,'3?@!+>2T$!,>#,!T>'$!&'2&?'!#('!
-$,'('+,'3!-$!,>'!12$1?.+-2$!2E!#$!#(;.B'$,A!,>'@!#('!B.1>!B2('!-$E?.'$1'3!)@!#!+,(2$;!
#(;.B'$,!,>#$!)@!#!T'#M!2$'!4+''!=',,@!U!H';'$'(A!NOOVA!E2(!#!('D-'T:J!!=#(,-1-&#$,+!#('!
#?+2!#)?'!,2!+&2,!#(;.B'$,#,-D'!E#??#1-'+!#$3!,2!('#1,!#&&(2&(-#,'?@!,2!,>'B!49#>$!U!
e#M+E2(3A!hQQWi!0'.B#$A!H'-$+,21MA!U!L?#+$'(A!hQQPi!6-&+A!hQQh:J!F>'@!1#$!('12;$-g'!,>'!
?#(;'(A!B#1(2K+,(.1,.('!2E!#(;.B'$,+A!M''&!,(#1M!2E!,>'!12BB-,B'$,+!2E!3-EE'('$,!+&'#M'(+!
#$3!12(('1,?@!#,,(-).,'!,>'!).(3'$!2E!&(22E!r!#??!,>'+'!)'-$;!+M-??+!$''3'3!,2!E2??2T!2(!,#M'!
&#(,!-$!#$!#(;.B'$,!4j#-?'$+2$!U!6-&+A!NOOPi!6-112A!hQQXi!6-&+A!NOOV:J!H>'$!-,!12B'+!,2!
&(23.1,-2$A!&'2&?'!>#D'!$2!&(2)?'B+!;'$'(#,-$;!#(;.B'$,+!+.&&2(,-$;!,>'-(!D-'T+!2(!
12.$,'(K#(;.B'$,+!#,,#1M-$;!#$!#?,'($#,-D'!4`.>$A!H'-$+,21MA!U!d?#,2$A!NOO^i!%>#TA!NOOP:J!
".$)#(!#$3!j?#$1>',,'!4hQQQA!hQQN:!>#D'!3'B2$+,(#,'3!,>#,!&'2&?'!.+'!3''&'(!#$#?2;-'+!
T>'$!,>'@!#-B!#,!12$D-$1-$;!+2B'2$'J!<2('!;'$'(#??@A!('+'#(1>'(+!T>2!>#D'!?22M'3!#,!
#1,.#?!#(;.B'$,+!#$3!3')#,'+A!'D'$!#B2$;!.$,(#-$'3!&#(,-1-&#$,+A!#('!2E,'$!a-B&('++'3!)@!
,>'!12>'('$1'!2E!,>'!('#+2$-$;!3-+&?#@'3b!46'+$-1MA!%#?B2$A!q'-,gA!H#,>'$A!U!92?2T1>#MA!
NOOXA!XPh:J!
F>'!3'D'?2&B'$,#?!'D-3'$1'!-+!'D'$!B2('!+,(-M-$;J!0#$1@!%,'-$!#$3!>'(!12??'#;.'+!>#D'!
+>2T$!,>#,!1>-?3('$!#+!@2.$;!#+!,>(''!#('!&'(E'1,?@!#)?'!,2!'$;#;'!-$!#(;.B'$,#,-2$!4%,'-$!
U!_?)(2A!hQQNi!%,'-$!U!j'($#+A!NOOOi!%,'-$!U!<-??'(A!NOOX:J!=('+1>22?'(+!1#$!'D'$!+&2,!
#(;.B'$,#,-D'!E#??#1-'+!+.1>!#+!1-(1.?#(!('#+2$-$;!4j#.BA!"#$2D-,1>A!U!`'-?A!hQQW:J!j@!
12$,(#+,A!+,#$3#(3!('#+2$-$;!&(2)?'B+!>#D'!)''$!E2.$3!$2,!,2!)'!'D'$!T2(,>!,'+,-$;!.$,-?!
('?#,-D'?@!?#,'!-$!#32?'+1'$1']#$3!'D'$!,>'$A!&'(E2(B#$1'!,'$3+!,2!)'!#)@+B#?!4+''A!'J;JA!
j#((2.-??',A!L(2++',A!U!I'1#+A!hQQQ:J!
_+!T'!B'$,-2$'3!'#(?-'(A!,>'!;'$'(#?!12$1?.+-2$!B2+,!12BB2$?@!3(#T$!E(2B!,>'!&+@1>2?2;@!
2E!('#+2$-$;!-+!,>#,!&'2&?'!#('!$2,!D'(@!;223!#,!-,J!F>'!+'12$3!#$3!B2('!+&'1-E-1!&('3-1,-2$!
2E!,>'!#(;.B'$,#,-D'!,>'2(@!-+!,>#,!&'2&?'!+>2.?3!('#+2$!B.1>!)',,'(!-$!#(;.B'$,#,-D'!
12$,'S,+J!6'#+2$-$;!+>2.?3!)'!B2('!$#,.(#??@!,(-;;'('3!T>'$!&'2&?'!>#D'!,2!12$D-$1'!2,>'(!
&'2&?'!2(!,2!'D#?.#,'!#(;.B'$,+!#-B'3!#,!12$D-$1-$;!,>'BJ!<2('2D'(!('#+2$-$;!+>2.?3!)'!
+&'1-E-1#??@!#3f.+,'3!E2(!,>'+'!;2#?+!#$3!;223!#,!#1>-'D-$;!,>'BA!f.+,!#+A!+#@A!#!12(M+1('TA!

)'-$;!+&'1-#??@!3'+-;$'3!,2!&.??!2.,!12(M+A!-+!?-M'?@!,2!)'!)',,'(!#,!32-$;!+2!,>#$!#,!&'(E2(B-$;!
2,>'(!233!,#+M+!-,!B#@!211#+-2$#??@!)'!.+'3!E2(J!F>'('!-+!B.1>!'D-3'$1'!,2!12$E-(B!,>-+!
&('3-1,-2$J!d2(!-$+,#$1'A!T>'$!&'2&?'!T#$,!,2!#,,#1M!#?,'($#,-D'!D-'T+A!,>'@!#('!D'(@!;223!#,!
B#M-$;!.+'!2E!6&29)1*&//(")!#(;.B'$,+!4='$$-$;,2$!U!9#+,-'A!NOOX:J!e$!,>'!2,>'(!>#$3A!
>#?E!2E!,>'!&'2&?'!,'+,'3!-$!+,#$3#(3!('#+2$-$;!,#+M+!?#1M-$;!#$!#(;.B'$,#,-D'!12$,'S,!E#-?+!
2$!6&29)1*&//(")!,#+M+!48D#$+A!0'T+,'#3A!U!j@($'A!NOOX:J!
8D'$!B2('!&'(+.#+-D'!#('!'S&'(-B'$,+!-$!T>-1>!'S#1,?@!,>'!+#B'!,#+M+!#('!.+'3!-$!-$3-D-3.#?!
#$3!-$!;(2.&!+',,-$;+J!_+!T'!B'$,-2$'3A!T>'$!#!,#+M!>#+!#!3'B2$+,(#)?@!12(('1,!#$+T'(!
,>#,!B2+,!-$3-D-3.#?!&#(,-1-&#$,+!E#-?!,2!;-D'A!;(2.&+!;'$'(#??@!32!B.1>!)',,'(]+2B',-B'+!
3(#B#,-1#??@!+2!4j2$$'(A!j#.B#$$A!U!"#?#?A!hQQhi!I#.;>?-$!U!8??-+A!NOVPi!<2+>B#$!U!L'-?A!
NOOV:J!F>-+!-+!$2,!#$!'EE'1,!2E!'$>#$1'3!B2,-D#,-2$!,2!&'(E2(B!T'??!-$!;(2.&!+-,.#,-2$+!+-$1'!
B2$',#(@!-$1'$,-D'+A!,>#,!>#D'A!-E!#$@,>-$;A!+,(2$;'(!B2,-D#,-$;!E2(1'A!>#D'!$2!12B&#(#)?'!
'EE'1,!4+''!5#B'('(!U!92;#(,>A!NOOOA!-$!,>'!;'$'(#?!1#+'A!#$3!/2$'+!U!%.;3'$A!hQQNA!E2(!,>'!
H#+2$!+'?'1,-2$!,#+M:J!"-+1.++-2$A!2$!,>'!2,>'(!>#$3A!-+!1(.1-#?!E2(!;(2.&!&'(E2(B#$1'!4+''!
%1>.?gK9#(3,A!j(23)'1MA!<2fg-+1>A!`'(+1>('-,'(A!U!d('@A!hQQP:!*$!#!3-+1.++-2$A!&#(,-1-&#$,+!
#('!#)?'!)2,>!,2!&(23.1'!;223!#(;.B'$,+!#$3!,2!+'?'1,!,>'!)'+,!#B2$;!,>2+'!&(23.1'3!)@!
,>'!;(2.&J!*,!-+!.$+.(&(-+-$;!,>'('E2('!,>#,!?'#($-$;!B',>23+!,>#,!('?@!2$!&''(!3-+1.++-2$+!
>#D'!)''$!E2.$3!,2!)'!'S,('B'?@!'EE'1,-D'!4+''!%?#D-$A!NOOcA!E2(!('D-'T:A!#$3!#('!$2T!)'-$;!
#32&,'3!#,!#??!?'D'?+!2E!'3.1#,-2$A!E(2B!'?'B'$,#(@!+1>22?!.&!,2!,>'!<*F!46-B'(A!hQQO:J!!
F>'!$'S,!&('3-1,-2$!2E!,>'!#(;.B'$,#,-D'!,>'2(@!B#@!+''B!&#(#32S-1#?!-$!,>#,!-,!&('3-1,!,>#,!
>.B#$!('#+2$-$;!B#@!2T'!&#(,!2E!-,+!'EE'1,-D'$'++!,2!T>#,A!E(2B!#!+,(-1,?@!'&-+,'B-1!&2-$,!
2E!D-'TA!+>2.?3!)'!+''$!#+!#!E?#TJ!H>'$!&'2&?'!#('!'$;#;'3!-$!#!3')#,'A!T>#,!,>'@!?22M!E2(A!
T>#,!-+!.+'E.?!,2!,>'BA!#('!#(;.B'$,+!,>#,!+.&&2(,!,>'-(!D-'T+!2(!.$3'(B-$'!,>2+'!2E!,>'-(!
-$,'(?21.,2(J!d-$3-$;!#(;.B'$,+!E2(!,>'!2&&2+-,'!D-'T!4.$?'++!-,!-+!-$!2(3'(!,2!#$,-1-&#,'!#$3!
('E.,'!,>'B:!-+!12.$,'(&(23.1,-D'J!6'#+2$-$;A!#+!#!B'1>#$-+B!,>#,!#??2T+!.+!,2!E-$3!
#(;.B'$,+!-$!+.1>!12$,'S,+A!)+&9/2!,>'('E2('!)'!)-#+'3J!<2('!+&'1-E-1#??@A!-,!+>2.?3]#$3!
32'+!-$3''3]3-+&?#@!#!12$E-(B#,-2$!)-#+J!_1(2++!#!D#+,!(#$;'!2E!'S&'(-B'$,+A!&'2&?'!>#D'!
('&'#,'3?@!+>2T$!#!,'$3'$1@!,2!2$?@!?22M!E2(!#(;.B'$,+!,>#,!+.&&2(,!,>'-(!D-'T+A!,>'-(!
>@&2,>'+'+!4+''!0-1M'(+2$A!NOOVA!E2(!('D-'T:J!*,!>#+!#?+2!)''$!+>2T$!,>#,!&'2&?'!B2+,?@!
+'#(1>!E2(!$'T!-$E2(B#,-2$!,>#,!+.&&2(,+!,>'-(!2&-$-2$+!4%J!<J!%B-,>A!d#)(-;#(A!U!02((-+A!
hQQV:J!*$!&+@1>2?2;@!2E!('#+2$-$;A!,>'!12$E-(B#,-2$!)-#+!>#+!)''$!)?#B'3!E2(!&#(,-1-&#$,+[!

E#-?.('+!-$!B2+,!,#+M+A!-$1?.3-$;!12$3-,-2$#?!('#+2$-$;!,#+M+!48D#$+A!NOOP:A!>@&2,>'+-+!,'+,-$;!
4=2?',-'MA!NOOPi!FT'$'@!',!#?JA!NOVQ:!#$3!+@??2;-+,-1!('#+2$-$;!48D#$+A!9#$3?'@A!9#(&'(A!U!
/2>$+2$KI#-(3A!NOOOi!0'T+,'#3A!9#$3?'@A!U!j.1MA!NOOO:J!F>'!12$E-(B#,-2$!)-#+!-+!$2,!
+2B',>-$;!,>#,!&'2&?'!1#$!'#+-?@!+.&&('++G!-,!-+!#!.)-Z.-,2.+!E'#,.('!2E!('#+2$-$;J!
*$+,(.1,-2$+!&.,,-$;!#!+&'1-#?!'B&>#+-+!2$!2)f'1,-D-,@!E#-?!,2!3-B-$-+>!,>'!)-#+J!e$!,>'!
12$,(#(@A!-$!#$!'S&'(-B'$,!)@!I2(3A!+.1>!-$+,(.1,-2$+!1#.+'3!&#(,-1-&#$,+!,2!('#+2$!B2('A!
).,!32-$;!+2!T-,>!#$!-$,#1,!)-#+A!,>'@!&(2D-3'3!('+&2$+'+!,>#,!T'('!(0("!6&%(14,!)(2!4I2(3A!
I'&&'(A!U!=('+,2$A!NOV^:m!
*+!,>'!12$E-(B#,-2$!)-#+!,>'('E2('!#$!#+&'1,!2E!('#+2$-$;!,>#,!B#@!)'!'EE'1,-D'!E(2B!#!
&(#1,-1#?!&2-$,!2E!D-'T!).,!,>#,!B#M'+!('#+2$-$;!'&-+,'B-1#??@!3'E'1,-D'Y!02,!('#??@J!='2&?'!
#('!Z.-,'!#)?'!,2!E#?+-E@!-3'#+!2(!>@&2,>'+'+s!T+("1*+(#12,)!.%((18,*+1*+(6J!H>'$!#!
>@&2,>'+-+!-+!&('+'$,'3!)@!+2B'2$'!'?+'A!&#(,-1-&#$,+!#('!B.1>!B2('!?-M'?@!,2!?22M!E2(!
E#?+-E@-$;!'D-3'$1'!452T?'@!U!j@($'A!hQQc:J!H>'$A!E2(!-$+,#$1'A!!&'2&?'!3-+#;(''!T-,>!,>'!
12$3-,-2$#?!+,#,'B'$,!,2!)'!,'+,'3!-$!,>'!H#+2$!+'?'1,-2$!,#+MA!#!B#f2(-,@!-+!#)?'!,2!&-1M!,>'!
1#(3+!,>#,!1#$!'EE'1,-D'?@!E#?+-E@!,>'!+,#,'B'$,A!,>'(')@!+.11'++E.??@!+2?D-$;!,>'!,#+M!
4"#T+2$A!L-?2D-1>A!U!6';#$A!hQQh:J!%-B-?#(?@A!T>'$!&'2&?'!)'?-'D'!,>#,!,>'!12$1?.+-2$!2E!#!
+@??2;-+B!-+!E#?+'!r!-E!-,!12$E?-1,+!T-,>!,>'-(!)'?-'E+!E2(!-$+,#$1'!r!,>'@!#('!?22M!E2(!
12.$,'('S#B&?'+A!+2B',>-$;!,>'@!E#-?!,2!32!2,>'(T-+'!4`?#.'(A!<.+1>A!U!0#.B'(A!hQQQ:J!
8D'$!.+'E.?!)-#+'+!1#$!>#D'!'S1'++-D'!12$+'Z.'$1'+A!'+&'1-#??@!T>'$!#,!T2(M!-$!$2$K
+,#$3#(3!12$,'S,+J!F>'!#)-?-,@!,2!aE-$3!2(!B#M'!#!('#+2$!E2(!'D'(@,>-$;!2$'!>#+!#!B-$3!,2!32b!
,2!.+'!j'$f#B-$!d(#$M?-$[+!#&,!1>#(#1,'(-g#,-2$!4d(#$M?-$A!NWOO:A!1#$!?'#3!,2!#!)-#+'3!
#++'++B'$,!2E!#(;.B'$,+!T>'$!,>'@!#('!'$12.$,'('3!2.,+-3'!2E!#$!#1,.#?!3-+1.++-2$!
45#1-2&&2!U!=',,@A!NOWOi!83T#(3+!U!%B-,>A!NOOPi!`?#1g@$+M-!U!I#D#??''A!hQQc:J!%2B',-B'+!
,>'!)-#+!-+!+2!+,(2$;!#+!,2!B#M'!&'2&?'!1>#$;'!,>'-(!B-$3!-$!#!3-('1,-2$!2&&2+-,'!,2!,>#,!2E!
,>'!#(;.B'$,!,>'@!#('!&('+'$,'3!T-,>!#$3!,>#,!>#+!#!12$1?.+-2$!2&&2+-,'!,2!,>'-(!2T$!D-'T+!
4I2(3A!62++A!U!I'&&'(A!NOWOi!=2B'(#$,gA!5>#-M'$A!U!F2(3'+-??#+A!NOOci!F#)'(!U!I23;'A!hQQP:J!
_!+-B-?#(!&2?#(-g#,-2$!1#$!#?+2!211.(!T>'$!&'2&?'!#('!('#+2$-$;!2$!,>'-(!2T$!2$!+2B'!,2&-1G!
E-$3-$;!2$?@!#(;.B'$,+!,>#,!+.&&2(,!,>'-(!-$-,-#?!-$,.-,-2$A!&'2&?'!'$3!.&!T-,>A!-E!#$@,>-$;A!#!
+,(2$;'(!D-'T!45>#-M'$!U!n#,'+A!NOVci!%#3?'(!U!F'++'(A!NOWX:J!F>'!+#B'!B'1>#$-+B!?'#3+!,2!
2D'(12$E-3'$1'!-$!,>'!12(('1,$'++!2E!2$'[+!#$+T'(+G!\%.('?@!-,!B.+,!)'!(-;>,A!;-D'$!#??!,>'!
+.&&2(,-$;!'D-3'$1'!*!1#$!,>-$M!2E[!4`2(-#,A!I-1>,'$+,'-$A!U!d-+1>>2EEA!NOVQ:J!=#(,-1-&#$,+!#?+2!

.+'!('#+2$-$;!,2!+#?D#;'!#!)'?-'E!,>'@!>2?3!3'#(!'D'$!-E!-,!-+!+>2T$!,2!)'!'((2$'2.+!
4L.'$,>'(!U!_?-1M'A!hQQV:J!d-$#??@A!)@!E-$3-$;!>#$3@!'S1.+'+!#$3!f.+,-E-1#,-2$+A!('#+2$-$;!1#$!
#??2T!.+!)@K&#++!2.(!2T$!B2(#?!-$,.-,-2$+!4'J;JA!j#$3.(#A!NOOQi!k#?3'+2?2!U!"'%,'$2A!hQQV:J!
H-,>!#?#(B-$;!E('Z.'$1@!('#+2$-$;!2$!2.(!2T$!?'#3+!,2!#!3-+,2(,-2$!2E!2.(!)'?-'E+A!
+2B',>-$;!2$'!T2.?3!$2,!&('3-1,!-E!,>'!E.$1,-2$!2E!('#+2$-$;!T'('!,2!;.-3'!.+!,2T#(3+!,>'!
,(.,>J!!
92T!+>2.?3!('#+2$-$;!#EE'1,!3'1-+-2$Y!_112(3-$;!,2!,>'!+,#$3#(3!D-'TA!('#+2$-$;!+>2.?3!
>'?&!.+!,#M'!)',,'(!3'1-+-2$+J!d2(!,>'!#(;.B'$,#,-D'!,>'2(@!>2T'D'(A!('#+2$-$;!-+!B2('!
?-M'?@!,2!)(-$;!.+!,2T#(3+!3'1-+-2$+!,>#,!T'!1#$!f.+,-E@!,2!2,>'(+A!,>#,!-+A!3'1-+-2$+!E2(!T>-1>!
T'!'#+-?@!E-$3!#(;.B'$,+J!F>'!12(('?#,-2$!)',T''$!,>'!'#+'!T-,>!T>-1>!#!3'1-+-2$!1#$!)'!
f.+,-E-'3!,2!#$!#.3-'$1'!#$3!-,+!(#,-2$#?-,@!-+!#,!)'+,!#!T'#M!2$'J!eE,'$A!'#+@!f.+,-E-#)-?-,@!B#@!
E#D2.(!#!T2(+'!3'1-+-2$J!6'+'#(1>'(+!T2(M-$;!T-,>-$!,>'!%(!)&"=4!)(21'+&,'(!E(#B'T2(M!
>#D'!3'B2$+,(#,'3!,>#,!&#(,-1-&#$,+!2E,'$!1>22+'!#!&#(,-1.?#(!#?,'($#,-D'!)'1#.+'!-,!-+!'#+@!
,2!E-$3!('#+2$+!E2(!-,!4%>#E-(A!%-B2$+2$A!U!FD'(+M@A!NOOX:J!<2('!2E,'$!,>#$!$2,A!,>-+!?'#3+!
&#(,-1-&#$,+!,2T#(3+!#!1>2-1'!,>#,!32'+!$2,!,(.?@!+#,-+E@!,>'BJ!H'!T2.?3!#(;.'!,>#,!,>'!
2D'(.+'!2E!('#+2$-$;!-$!+'#(1>!2E!f.+,-E-1#,-2$+!>'?&+!'S&?#-$!B#$@!'((2(+!#$3!)-#+'+!+.1>!#+!
,>'!+.$M!12+,!E#??#1@!4_(M'+!U!_@,2$A!NOOO:A!,>'!#,,(#1,-2$!#$3!12B&(2B-+'!'EE'1,+!
4%-B2$+2$A!NOVO:A!,>'!3-+f.$1,-2$!'EE'1,!4FD'(+M@!U!%>#E-(A!NOOh:A!2(!&('E'('$1'!-$D'(+-2$!
49+''A!I2'T'$+,'-$A!j?2.$,A!U!j#g'(B#$A!NOOO:!4E2(!#!B2('!'S>#.+,-D'!?-+,A!+''!<'(1-'(!U!
%&'()'(A!*$!&('++:J!=#(,-1-&#$,+!,'$3A!E2(!-$+,#$1'A!,2!1>22+'!#!)-;;'(!1>212?#,'!-$!,>'!+>#&'!
2E!#!121M(2#1>!2D'(!#!+B#??'(!>'#(,!+>#&'3!2$'!)'1#.+'!-,!-+!'#+@!,2!f.+,-E@!&-1M-$;!#!)-;;'(!
1>212?#,'!#$3!>#(3!,2!f.+,-E@!,>'!\-((#,-2$#?[!E''?-$;!2E!3-+;.+,!-,+!+>#&'!B#@!'?-1-,]#$3!,>'@!
'$3!.&!$2,!'$f2@-$;!#,!#??!,>'!(2#1>K+>#&'3!1>212?#,'!49+''A!NOOO:m!
Some(social(consequences(of(a(social(competence(
6'#+2$-$;A!T'!>#D'!#(;.'3A!-+!#!+&'1-#?-+'3!B',#('&('+'$,#,-2$#?!12B&','$1'!T-,>!#!
&(-B#(-?@!+21-#?!12;$-,-D'!E.$1,-2$J!*,!-+!)2,>!+,(.1,.(#??@!#$3!E.$1,-2$#??@!Z.-,'!3-EE'('$,!E(2B!
-$,.-,-D'!-$E'('$,-#?!B'1>#$-+B+!,>#,!>#D'!#!&(-B#(-?@!-$3-D-3.#?!12;$-,-D'!E.$1,-2$J!
52??'1,-D'!12;$-,-D'!&'(E2(B#$1'!B#@!)'!)#+'3!2$!,>'!#;;(';#,-2$!2E!-$3-D-3.#?!-$,.-,-2$+!2(!
2$!#(;.B'$,#,-D'!-$,'(#1,-2$A!T-,>!Z.-,'!3-EE'('$,!2.,12B'+J!*$3-D-3.#?!-$,.-,-2$+!#('!$2,!
#-B'3!#,!12??'1,-D'!#;;(';#,-2$A!#$3!T>'$!+2B'!#;;(';#,-2$!32'+!,#M'!&?#1'A!-,!-+!,@&-1#??@!

,>(2.;>!+2B'!Z.-,'!#(,-E-1-#?!B'1>#$-+BJ!*$3-D-3.#?!2&-$-2$!2$!+2B'!$.B'(-1#?!D#?.'!B#@A!
E2(!-$+,#$1'A!)'!12??'1,'3A!#$3!,>'!B'#$!12B&.,'3J!=(2D-3'3!-$3-D-3.#?!2&-$-2$+!3'&#(,!
(#$32B?@!E(2B!,>'!,(.'!D#?.'A!,>'!#;;(';#,-2$!&(21'++!,.($+!2.,!,2!)'!('B#(M#)?@!'EE-1-'$,!
4+''!92;#(,>A!NOWV!#$3!I#((-1M!U!%2??A!hQQPA!E2(!#!('1'$,!('D-'T:J!!
H>'$!&'2&?'!-$!#!;(2.&!B.+,!12B'!,2!+2B'!12??'1,-D'!f.3;'B'$,!2(!3'1-+-2$!#$3!1#$$2,!
#(;.'!,2!32!+2A!,>'!;(2.&!,@&-1#??@!12$D'(;'+!2$!,>'!#D'(#;'!2E!,>'!2&-$-2$+!2E!-,+!B'B)'(+!
4_??&2(,A!NOh^i!d#($+T2(,>!U!j'>$'(A!NOXN:J!H>'$!&'2&?'!#(;.'A!>2T'D'(A!,>'!3-('1,-2$!,>'!
;(2.&!,#M'+!3'&'$3+!2$!,>'!+,('$;,>A!,>'!$.B)'(!#$3!,>'!3-('1,-2$!2E!,>'!#(;.B'$,+!,>#,!
#('!.+'3!4*+'$)'(;A!NOVPi!k-$2M.(A!NOWNi!k-$2M.(!U!j.($+,'-$A!NOWV:J!H>'$!,>'!Z.'+,-2$+!
3')#,'3!#('!('?#,-D'?@!+-B&?']#+!-$!B#$@!'S&'(-B'$,#?!+',,-$;+]2$'!#(;.B'$,!2E,'$!T-$+!
#$3!3','(B-$'+!,>'!3'1-+-2$!2E!,>'!;(2.&!4+''!E2(!-$+,#$1'!<1L.-('A!`-'+?'(A!U!%-';'?A!NOVW:J!
F>'!'EE-1-'$1@!2E!('#+2$-$;!-+!'D-3'$1'3!)@!,>'!E#1,!,>#,!T>'$!#!3'B2$+,(#)?@!12(('1,!
#$+T'(!-+!3'E'$3'3!T-,>-$!,>'!;(2.&A!,>'!#(;.B'$,+!,>#,!+.&&2(,!,>-+!#$+T'(!,'$3!,2!)'!
#11'&,'3!4j2$$'(!',!#?JA!hQQhi!I#.;>?-$!U!8??-+A!NOVPi!<2+>B#$!U!L'-?A!NOOV:J!
H>'$!#(;.B'$,#,-2$!#$3!>'$1'!('#+2$-$;!#('!#,!T2(MA!,>'@!+>#&'!,>'!2.,12B'+!2E!;(2.&!
&(21'++'+J!*$!B#$@!1#+'+A!,>-+!-+!E2(!,>'!)'+,]B2('!-$E2(B#,-2$!-+!+>#('3A!+.&'(-2(!
#(;.B'$,+!#('!;(#$,'3!B2('!T'-;>,J!%2B',-B'+A!>2T'D'(A!('#+2$-$;!1('#,'+!#!$&/!%,>!*,&"!
2E!,>'!;(2.&!4%.$+,'-$A!hQQh:J!F>-+!B2+,?@!>#&&'$+!T>'$!&'2&?'!#('!E2(1'3!,2!3')#,'!#$!
-++.'!2$!T>-1>!,>'@!#?('#3@!#;(''J!*$!,>-+!1#+'A!;(2.&!B'B)'(+!+.)B-,!3-EE'('$,!#(;.B'$,+!
#??!+.&&2(,-$;!,>'!+#B'!&2+-,-2$J!e,>'(!;(2.&!B'B)'(+A!#;(''-$;!T-,>!,>'!12$1?.+-2$+!2E!
,>'+'!#(;.B'$,+A!32!$2,!'S#B-$'!,>'B!,>2(2.;>?@J!='2&?'!,>.+!'$3!.&!T-,>!'D'$!B2('!
('#+2$+!,2!>2?3!,>'-(!-$-,-#?!D-'T!2(!T-,>!('#+2$+!,2!>2?3!'D'$!+,(2$;'(!D-'T!2E!,>'!+#B'!
,'$2(J!k#(-2.+!3-+#+,'(+]B2+,!E#B2.+?@A!,>'!j#@!2E!=-;+!4/#$-+A!NOVh:]>#D'!)''$!)?#B'3!
2$!,>-+!M-$3!2E!&(21'++J!*,!-+!-B&2(,#$,!,2!$2,'!,>#,!-$!,>'+'!1#+'+A!('#+2$-$;!-+!"&*!.+'3!-$!-,+!
$2(B#?!12$,'S,J!F>'('!B#@!)'!#!3-+1.++-2$A!).,!-,!-+!#!E2(1'3!2$'G!&'2&?'!32!$2,!
+&2$,#$'2.+?@!#(;.'!T>'$!,>'@!#;(''J!F>'+'!('+.?,+!#('!$2$',>'?'++!('?'D#$,!)'1#.+'!+.1>!
+-,.#,-2$+!#('!Z.-,'!12BB2$!-$!#!B23'($!'$D-(2$B'$,J!eE,'$A!;(2.&+]12BB-,,''+!2(!
12.(,+!E2(!-$+,#$1']1>#(;'3!T-,>!B#M-$;!#!3'1-+-2$!>#D'!,2!f.+,-E@!-,A!#$3!,>'('E2('!,2!
&(23.1'!#(;.B'$,+J!H>'$!,>'@!#;(''!2$!,>'!3'1-+-2$!-$!,>'!E-(+,!&?#1'A!,>-+!B#@!('+.?,!-$!
2D'(K)-#+'3!#(;.B'$,+J!!

F>'!&>'$2B'$2$!2E!;(2.&!&2?#(-g#,-2$!>'?&+!'S&?#-$!#$2,>'(!12;$-,-D'?@!#$3!+21-#??@!
('?'D#$,!E'#,.('!2E!('#+2$-$;G!-,+!&2,'$,-#?!1('#,-D-,@J!*$,.-,-D'!B'1>#$-+B+!E2(!#;;(';#,-$;!
-$E2(B#,-2$!$'D'(!?'#3!,2!#$!#$+T'(!,>#,!-+!2.,+-3'!,>'!(#$;'!2E!,>'!-$-,-#?!#$+T'(+J!
6'#+2$-$;!2E,'$!32'+J!*$!B#$@!1#+'+A!,>-+!T-??!?'#3!#!;(2.&!,2!#$!#$+T'(!,>#,!-+!)',,'(!,>#$!
#$@!2E!,>2+'!,>#,!T'('!-$-,-#??@!'$,'(,#-$'3!4j?-$3'(!U!<2(;#$A!hQQQi!L?#1>#$!U!I-;>,A!NOVhi!
I#.;>?-$A!9#,1>A!%-?D'(A!U!j2>A!hQQPi!<-1>#'?+'$A!H#,+2$A!U!j?#1MA!NOVOi!<J!`J!%B-,>!',!#?JA!
hQQOi!%$-'g'M!U!9'$(@A!NOVO:J!*$!2,>'(!1#+'+A!>2T'D'(A!,>-+!B#@!?'#3!,2!#$!#$+T'(!T2(+'!
,>#$!#$@!2E!,>'!-$-,-#?!2$'+J!*$!,>'!(-;>,!-$+,-,.,-2$#?!'$D-(2$B'$,A!>2T'D'(A!+.1>!'S1'++'+!
1#$!,>'B+'?D'+!)'!,.($'3!,2!;223J!52$+-3'(A!E2(!-$+,#$1'A!3-EE'('$,!+1-'$,-E-1!;(2.&+!4?#)+!2(!
+1>22?+!2E!,>2.;>,:!'#1>!E2??2T-$;!T-,>!.,,'(!12$D-1,-2$!#!3-EE'('$,!-3'#J!8#1>!;(2.&!-+!?-M'?@!
,2!+.EE'(!E(2B!#!E2(B!2E!&2?#(-g#,-2$J!H>'$A!>2T'D'(A!,>'('!-+!#!&(21'++!2E!+'?'1,-2$!;2-$;!
2$!#,!#!>-;>'(!?'D'?]T>'$!E2(!-$+,#$1'!,>'!-3'#+!12B-$;!E(2B!,>'+'!3-EE'('$,!;(2.&+!#('!
'D#?.#,'3!#$3!,'+,'3!)@!#!?#(;'(!12BB.$-,@],>'$!,>'!&2?#(-g#,-2$!B#@!>#D'!#??2T'3!E2(!#!
B.1>!)(2#3'(!'S&?2(#,-2$!2E!,>'!+&#1'!2E!-3'#+J!<#$@!T-??!>#D'!)''$!T(2$;A!).,!>2&'E.??@!
+2B'!B#@!>#D'!)''$!'D'$!\B2('!(-;>,!,>#$!,>'@!,>2.;>,[A!#$3!&2?#(-g#,-2$!T-??!>#D'!#??2T'3!
,>'B!,2!3-;!-$,2!$'T!#$3!2,>'(T-+'!.$('#1>#)?'!,'((-,2(@J!
*,!-+!12BB2$!,2!,>-$M!2E!+1-'$1'!#+!'&-,2B-g-$;!,>'!&2T'(!#$3!1('#,-D-,@!2E!>.B#$!
('#+2$-$;J!eE!12.(+'A!-,!-+!T'??!.$3'(+,223!,>#,!+1-'$1'!-+!#!12??'1,-D'!'$,'(&(-+'A!).,!+,-??A!
-$3-D-3.#?!+1-'$,-+,+!#('!+''$!#+!12$,(-).,-$;!,2!-,!,>(2.;>!,>'!'S'(1-+'!2E!#!E#1.?,@!#-B'3!#,!
-$3-D-3.#??@!+''M-$;!,>'!,(.,>J!%''-$;!('#+2$-$;!#+!&(-B#(-?@!#!+21-#?!12B&','$1'!#-B'3!#,!
&'(+.#3-$;!#$3!#,!)'-$;!&'(+.#3'3!2$?@!)@!;223!('#+2$+!+.;;'+,+!#$2,>'(!T#@!2E!
#(,-1.?#,-$;!('#+2$!#$3!+1-'$1'!#$3A!B2('!;'$'(#??@!,>'!12;$-,-D'!#$3!,>'!+21-#?J!!
_!&(2&'(!.$3'(+,#$3-$;!2E!;(2.&!&'(E2(B#$1']2E!\12??'1,-D'!T-+32B[!E2(!-$+,#$1']
('Z.-('+!#,,'$3-$;!'Z.#??@!,2!12;$-,-D'!#$3!,2!+21-#?!B'1>#$-+B+J!
!
!

!
References(
!
_??&2(,A!dJ!4NOh^:J!?&',!/1@)#'+&/&.#J!j2+,2$G!92.;>,2$!<-EE?-$J!
_(M'+A!9J!6JA!U!_@,2$A!=J!4NOOO:J!F>'!+.$M!12+,!#$3!52$12(3'!'EE'1,+G!_('!>.B#$+!?'++!
(#,-2$#?!,>#$!?2T'(!#$-B#?+J!@)#'+&/&.,'!/159//(*,"A1BCD4c:A!cONrPQQJ!
_S'?(23A!6J!4NOV^:J!E+(1F0&/9*,&"1&-1G&=&$(%!*,&"J!0'T!n2(MG!j#+-1!j22M+J!
j#-?'$+2$A!/J!0JA!U!6-&+A!IJ!/J!4NOOP:J!*$E2(B#?!('#+2$-$;!#$3!).(3'$!2E!&(22EJ!:$$/,(21
G&.",*,0(1@)#'+&/&.#A1BH4W:A!XKNPJ!
j#$3.(#A!_J!4NOOQ:J!%'?'1,-D'!#1,-D#,-2$!#$3!3-+'$;#;'B'$,!2E!B2(#?!12$,(2?J!7&9%"!/1&-1
?&',!/1I))9()A1JK4N:A!hWr^PJ!
j#((2.-??',A!=JA!L(2++',A!0JA!U!I'1#+A!/J!dJ!4hQQQ:J!52$3-,-2$#?!('#+2$-$;!)@!B'$,#?!B23'?+G!
1>(2$2B',(-1!#$3!3'D'?2&B'$,#?!'D-3'$1'J!G&.",*,&"A1LD4X:A!hXWKhPPJ!
j#.BA!IJ!_JA!"#$2D-,1>A!/J!9JA!U!`'-?A!dJ!5J!4hQQW:J!5>-?3('$t+!+'$+-,-D-,@!,2!1-(1.?#(!
'S&?#$#,-2$+J!7&9%"!/1&-1FM$(%,6("*!/1G+,/21@)#'+&/&.#A1BHH4h:A!N^PKNccJ!
j'((@A!"J!5JA!U!"-'$'+A!qJ!4NOOX:J!I6$/,',*1/(!%",".J!92D'G!8(?)#.BJ!
j-??-;A!<J!4NOOP:J!:%.9,".1!"21E+,"3,".N1:1O+(*&%,'!/1:$$%&!'+1*&1?&',!/1@)#'+&/&.#J!
5#B)(-3;'G!5#B)(-3;'!C$-D'(+-,@!=('++J!
j?#-+A!<J!/J!4NOVW:J!8&-+,'B-1!F-,!E2(!F#,J!E+(17&9%"!/1&-1@+,/&)&$+#A1PJ4W:A!XPXKXWcJ!
j?#$1>',,'A!*JA!U!".$)#(A!`J!4hQQQ:J!92T!#$#?2;-'+!#('!;'$'(#,'3G!F>'!(2?'+!2E!+,(.1,.(#?!#$3!
+.&'(E-1-#?!+-B-?#(-,@J!Q(6&%#1R1G&.",*,&"A1CP4N:A!NQVKNh^J!
j?#$1>',,'A!*JA!U!".$)#(A!`J!4hQQN:J!_$#?2;@!.+'!-$!$#,.(#?-+,-1!+',,-$;+G!F>'!-$E?.'$1'!2E!
#.3-'$1'A!'B2,-2$A!#$3!;2#?+J!Q(6&%#1R1G&.",*,&"A1CS4c:A!WXQKWXcJ!
j?-$3'(A!_J!%JA!U!<2(;#$A!/J!4hQQQ:J!_('!,T2!>'#3+!)',,'(!,>#$!2$'YG!_$!'S&'(-B'$,#?!#$#?@+-+!
2E!;(2.&!D+J!-$3-D-3.#?!3'1-+-2$!B#M-$;J!T5FO1U&%3,".1@!$(%J!
j23'$>#.+'$A!LJ!kJA!<#1(#'A!5J!0JA!U!%>'(B#$A!/J!HJ!4NOOO:J!e$!,>'!3-#?'1,-1+!2E!
3-+1(-B-$#,-2$G!".#?!&(21'++'+!-$!+21-#?!+,'('2,@&-$;J!*$!%J!5>#-M'$!U!nJ!F(2&'!483+J:A!
V9!/=@%&'())1E+(&%,()1,"1?&',!/1@)#'+&/&.#J!0'T!n2(MG!F>'!L.-?E2(3!=('++J!
j2$$'(A!jJ!IJA!j#.B#$$A!<J!6JA!U!"#?#?A!6J!%J!4hQQh:J!F>'!'EE'1,+!2E!B'B)'(!'S&'(,-+'!2$!
;(2.&!3'1-+-2$!B#M-$;!#$3!&'(E2(B#$1'J!;%.!",>!*,&"!/15(+!0,&%1!"21W96!"1
V(',),&"1@%&'())()A1PPA!WNOrWXPJ!

5#1-2&&2A!/J!FJA!U!=',,@A!6J!8J!4NOWO:J!8EE'1,+!2E!B'++#;'!('&',-,-2$!#$3!&2+-,-2$!2$!12;$-,-D'!
('+&2$+'A!('1#??A!#$3!&'(+.#+-2$J!7&9%"!/1&-1@(%)&"!/,*#1!"21?&',!/1@)#'+&/&.#A1XL4N:A!
OWKNQOJ!
5#B'('(A!5JA!U!92;#(,>A!6J!<J!4NOOO:J!F>'!'EE'1,!2E!E-$#$1-#?!-$1'$,-D'+!2$!&'(E2(B#$1'!-$!
'S&'(-B'$,+G!#!('D-'T!#$3!1#&-,#?K?#)2(!,>'2(@J!7&9%"!/1&-1O,)31!"21Y"'(%*!,"*#A1BSA!
WK^hJ!
5#((.,>'(+A!=J!4hQQO:J!_$!#(1>-,'1,.('!E2(!3.#?!('#+2$-$;J!*$!/J!%J!jJ!FJ!8D#$+!U!`J!d(#$M-+>!
483+J:A!I"1E8&1Q,"2)J!0'T!n2(MG!eSE2(3!C$-D'(+-,@!=('++J!
5>#-M'$A!%JA!I-)'(B#$A!_JA!U!8#;?@A!_J!9J!4NOVO:J!9'.(-+,-1!#$3!+@+,'B#,-1!&(21'++-$;!T-,>-$!
#$3!)'@2$3!,>'!&'(+.#+-2$!12$,'S,J!*$!/J!%J!C?'B#$!U!/J!_J!j#(;>!483+J:A!Y","*("2(21
*+&9.+*!4&&J!hNhKhch:J!0'T!n2(MG!L.-?E2(3!=('++J!
5>#-M'$A!%JA!U!n#,'+A!%J!4NOVc:J!_EE'1,-D'K12;$-,-D'!12$+-+,'$1@!#$3!,>2.;>,K-$3.1'3!#,,-,.3'!
&2?#(-g#,-2$J!7&9%"!/1&-1@(%)&"!/,*#1!"21?&',!/1@)#'+&/&.#A1JS4P:A!N^WQKN^VNJ!
5>'$;A!=J!HJA!U!92?@2#MA!`J!/J!4NOVc:J!=(#;B#,-1!('#+2$-$;!+1>'B#+J!G&.",*,0(1@)#'+&/&.#A1
BLA!XONK^NPJ!
52T?'@A!<JA!U!j@($'A!6J!<J!/J!4hQQc:J1U+("1-!/),-,'!*,&"1,)1*+(1&"/#1$!*+1*&1*%9*+Z!=#&'(!
&('+'$,'3!#,!,>'!FT'$,@K%'D'$,>!_$$.#?!52$E'('$1'!2E!,>'!52;$-,-D'!%1-'$1'!
%21-',@A!%,('+#A!*,#?@J!
"#T+2$A!8JA!L-?2D-1>A!FJA!U!6';#$A!"J!FJ!4hQQh:J!<2,-D#,'3!('#+2$-$;!#$3!&'(E2(B#$1'!2$!,>'!
H#+2$!+'?'1,-2$!,#+MJ!@(%)&"!/,*#1!"21?&',!/1@)#'+&/&.#159//(*,"A1CP4NQ:A!NXWOJ!
"'!%2.+#A!6J!jJ!4NOWN:J!92T!,2!;-D'!#!&-'1'!2E!@2.(!B-$3G!2(A!,>'!?2;-1!2E!#++'$,!#$3!)'?-'EJ!
O(0,(81&-1Q(*!$+#),')A1[[\A!chKWOJ!
"'$$',,A!"J!5J!4NOON:J!G&")',&9)"())1FM$/!,"(2J!j2+,2$G!I-,,?'A!j(2T$J!
"'++#??'+A!/JKIJ!4hQQW:J!U+#1U(1E!/3N1E+(1F0&/9*,&"!%#1;%,.,")1&-1<!".9!.(15#B)(-3;'G!
eSE2(3!C$-D'(+-,@!=('++J!
"-fM+,'(>.-+A!_J!4hQQ^:J!F>-$M!3-EE'('$,G!,>'!B'(-,+!2E!.$12$+1-2.+!,>2.;>,!-$!&('E'('$1'!
3'D'?2&B'$,!#$3!3'1-+-2$!B#M-$;J!7&9%"!/1&-1@(%)&"!/,*#1!"21?&',!/1@)#'+&/&.#A1
PL4c:A!cVPKcOVJ!
"-fM+,'(>.-+A!_JA!j2+A!<J!HJA!02(3;('$A!IJ!dJA!U!D#$!j##('$A!6J!jJ!4hQQP:J!e$!B#M-$;!,>'!(-;>,!
1>2-1'G!F>'!3'?-)'(#,-2$KT-,>2.,K#,,'$,-2$!'EE'1,J!?',("'(A1XBB4cWPX:A!NQQcKNQQWJ!
83T#(3+A!`JA!U!%B-,>A!8J!8J!4NOOP:J!_!3-+12$E-(B#,-2$!)-#+!-$!,>'!'D#?.#,-2$!2E!#(;.B'$,+J!
7&9%"!/1&-1@(%)&"!/,*#1!"21?&',!/1@)#'+&/&.#A1LBA!cKh^J!

8D#$+A!/J!%J!jJ!FJ!4NOOP:J!"'1-3-$;!)'E2('!@2.!,>-$MG!6'?'D#$1'!#$3!('#+2$-$;!-$!,>'!+'?'1,-2$!
,#+MJ!5%,*,)+17&9%"!/1&-1@)#'+&/&.#A1PLA!hhXKh^QJ!
8D#$+A!/J!%J!jJ!FJ!4hQQh:J!I2;-1!#$3!>.B#$!('#+2$-$;G!#$!#++'++B'$,!2E!,>'!3'3.1,-2$!
&#(#3-;BJ!@)#'+&/&.,'!/149//(*,"A1BCP4P:A!OWVKOOPJ!
8D#$+A!/J!%J!jJ!FJ!4hQQX:J!*$!,T2!B-$3+G!3.#?K&(21'++!#112.$,+!2E!('#+2$-$;J!E%("2)1,"1
G&.",*,0(1?',("'()A1L4NQ:A!^c^K^cOJ!
8D#$+A!/J!%J!jJ!FJ!4hQQV:J!".#?K&(21'++-$;!#112.$,+!2E!('#+2$-$;A!f.3;B'$,!#$3!+21-#?!
12;$-,-2$J!:""9!/1O(0,(81&-1@)#'+&/&.#A1DSA!hccKhWVJ!
8D#$+A!/J!%J!jJ!FJA!9#$3?'@A!%J!/JA!9#(&'(A!5J!0J!/JA!U!/2>$+2$KI#-(3A!=J!0J!4NOOO:J!6'#+2$-$;!
#)2.,!$'1'++-,@!#$3!&2++-)-?-,@G!_!,'+,!2E!,>'!B'$,#?!B23'?!,>'2(@!2E!3'3.1,-2$J!
7&9%"!/1&-1FM$(%,6("*!/1@)#'+&/&.#N1<(!%",".A1Q(6&%#A1!"21G&.",*,&"A1CD4P:A!N^OcK
NcNXJ!
8D#$+A!/J!%J!jJ!FJA!0'T+,'#3A!%J!8JA!U!j@($'A!6J!<J!/J!4NOOX:J!W96!"1O(!)&",".N1E+(1@)#'+&/&.#1
&-1V(29'*,&"J!92D'A!C`G!I#T('$1'!8(?)#.B!_++21-#,'+!I,3J!
8D#$+A!/J!%J!jJ!FJA!U!eD'(A!"J!8J!4NOOP:J!O!*,&"!/,*#1!"21O(!)&",".J!92D'G!=+@1>2?2;@!=('++J!
d#($+T2(,>A!=J!6JA!U!j'>$'(A!_J!4NOXN:J!_!$2,'!2$!,>'!#,,-,.3'!2E!+21-#?!12$E2(B-,@J!7&9%"!/1&-1
?&',!/1@)#'+&/&.#A1CA!NhPKNhVJ!
d(#$M?-$A!jJ!4NWOO:J!E+(1:9*&4,&.%!$+#1&-15("]!6,"1^%!"3/,"J!
d('3'(-1MA!%J!4hQQc:J!52;$-,-D'!('E?'1,-2$!#$3!3'1-+-2$!B#M-$;J!7&9%"!/1&-1F'&"&6,'1
@(%)$('*,0()A1BS4^:A!hcK^hJ!
L?#1>#$A!<JA!U!I-;>,A!=J!4NOVh:J!=''(!-$,'(#1,-2$!#$3!?'#($-$;G!5#$!,T2!T(2$;+!B#M'!#!(-;>,Y!
*$!LJ!j.,,'(T2(,>!U!=J!I-;>,!483+J:A!?&',!/1'&.",*,&"N1?*92,()1,"1*+(12(0(/&$6("*1&-1
9"2(%)*!"2,".!4&&J!hXVrhPh:J!5>-1#;2G!C$-D'(+-,@!2E!5>-1#;2!=('++J!
L.'$,>'(A!5J!IJA!U!_?-1M'A!<J!"J!4hQQV:J!%'?EK'$>#$1'B'$,!#$3!)'?-'E!&'(+'D'(#$1'J!7&9%"!/1&-1
FM$(%,6("*!/1?&',!/1@)#'+&/&.#A1JJ4X:A!WQPKWNhJ!
9#>$A!CJA!U!e#M+E2(3A!<J!4hQQW:J!F>'!(#,-2$#?-,@!2E!-$E2(B#?!#(;.B'$,#,-2$G!_!)#@'+-#$!
#&&(2#1>!,2!('#+2$-$;!E#??#1-'+J!@)#'+&/&.,'!/1O(0,(8A1BBJ4X:A!WQ^KWXhJ!
9#-3,A!/J!4hQQN:J!F>'!'B2,-2$#?!32;!#$3!-,+!(#,-2$#?!,#-?G!_!+21-#?!-$,.-,-2$-+,!#&&(2#1>!,2!
B2(#?!f.3;B'$,J!@)#'+&/&.,'!/1O(0,(8A1BHP4^:A!VN^KVX^J!
9#((-+A!=J!IJ!4hQQW:J!F(.+,J!V(0(/&$6("*!/1?',("'(A1BHA!NXcKNXVJ!
92;#(,>A!6J!<J!4NOWV:J!_!$2,'!2$!#;;(';#,-$;!2&-$-2$+J!;%.!",>!*,&"!/15(+!0,&%1!"21W96!"1
@(%-&%6!"'(A1CBA!^QK^PJ!

9+''A!5J!`J!4NOOO:J!k#?.'!+''M-$;!#$3!&('3-1,-2$K3'1-+-2$!-$12$+-+,'$1@G!T>@!32$t,!&'2&?'!
,#M'!T>#,!,>'@!&('3-1,!,>'@t??!?-M'!,>'!B2+,Y!@)#'+&"&6,'159//(*,"1!"21O(0,(8A1K4^:A!
cccKcPNJ!
9+''A!5J!`JA!I2'T'$+,'-$A!LJ!dJA!j?2.$,A!%JA!U!j#g'(B#$A!<J!9J!4NOOO:J!=('E'('$1'!('D'(+#?+!
)',T''$!f2-$,!#$3!+'&#(#,'!'D#?.#,-2$+!2E!2&,-2$+G!_!('D-'T!#$3!,>'2(',-1#?!#$#?@+-+J!
@)#'+&/&.,'!/159//(*,"A1BCD4c:A!cWPKcOQJ!
*+'$)'(;A!"J!/J!4NOVP:J!L(2.&!&2?#(-g#,-2$G!_!1(-,-1#?!('D-'T!#$3!B',#K#$#?@+-+J!7&9%"!/1&-1
@(%)&"!/,*#1!"21?&',!/1@)#'+&/&.#A1DH4P:A!NN^NKNNcNJ!
/#$-+A!*J!IJ!4NOVh:J!_%&9$*+,"314h$3!6'DJ!'3J:J!j2+,2$G!92.;>,2$!<-EE?-$J!
/2>$+2$KI#-(3A!=J!0J!4NOVX:J!Q("*!/1Q&2(/)J!5#B)(-3;'A!C`G!5#B)(-3;'!C$-D'(+-,@!=('++J!
/2$'+A!<JA!U!%.;3'$A!6J!4hQQN:J!=2+-,-D'!12$E-(B#,-2$!)-#+!-$!,>'!#1Z.-+-,-2$!2E!-$E2(B#,-2$J!
E+(&%#1!"21V(',),&"A1DH4N:A!cOKOOJ!
`#>$'B#$A!"J!4hQQX:J!_!&'(+&'1,-D'!2$!f.3;B'$,!#$3!1>2-1'G!<#&&-$;!)2.$3'3!(#,-2$#?-,@J!
:6(%,'!"1@)#'+&/&.,)*A1DP4O:A!POWKWhQJ!
`#>$'B#$A!"JA!U!d('3'(-1MA!%J!4hQQh:J!6'&('+'$,#,-D'$'++!('D-+-,'3G!_,,(-).,'!+.)+,-,.,-2$!-$!
-$,.-,-D'!f.3;'B'$,J!*$!FJ!L-?2D-1>A!"J!L(-EE-$!U!"J!`#>$'B#$!483+J:A!W(9%,)*,')1!"21
5,!)()N1E+(1@)#'+&/&.#1&-1I"*9,*,0(1792.6("*!4&&J!^OKVN:J!5#B)(-3;'A!C`G!5#B)(-3;'!
C$-D'(+-,@!=('++J!
`?#1g@$+M-A!=J!_JA!U!I#D#??''A!`J!IJ!4hQQc:J!"2B#-$K+&'1-E-1!-3'$,-,@A!'&-+,'B-1!(';.?#,-2$A!#$3!
-$,'??'1,.#?!#)-?-,@!#+!&('3-1,2(+!2E!)'?-'EK)#+'3!('#+2$-$;G!_!3.#?K&(21'++!
&'(+&'1,-D'J!7&9%"!/1&-1FM$(%,6("*!/1G+,/21@)#'+&/&.#A1SCA!NKh^J!
`?#.'(A!`J!5JA!<.+1>A!/JA!U!0#.B'(A!jJ!4hQQQ:J!e$!)'?-'E!)-#+!-$!+@??2;-+,-1!('#+2$-$;J!@)#'+&/1
O(0A1BHL4^:A!VchKVV^J!
`2(-#,A!_JA!I-1>,'$+,'-$A!%JA!U!d-+1>>2EEA!jJ!4NOVQ:J!6'#+2$+!E2(!12$E-3'$1'J!7&9%"!/1&-1
FM$(%,6("*!/1@)#'+&/&.#N1W96!"1<(!%",".1!"21Q(6&%#1!"21G&.",*,&"A1KA!NQWKNNVJ!
`.>$A!"JA!H'-$+,21MA!<JA!U!d?#,2$A!6J!4NOO^:J!92T!T'??!32!f.(2(+!('#+2$Y!52B&','$1'!
3-B'$+-2$+!2E!-$3-D-3.#?!D#(-#,-2$!-$!#!f.(2(!('#+2$-$;!,#+MJ!@)#'+&/&.,'!/1?',("'(A1DA!
hVOrhOPJ!
I#((-1MA!6J!=JA!U!%2??A!/J!jJ!4hQQP:J!*$,.-,-2$+!#)2.,!12B)-$-$;!2&-$-2$+!G!<-+#&&('1-#,-2$!2E!
,>'!#D'(#;-$;!&(-$1-&?'J!Q!"!.(6("*1)',("'(A1DCA!NNNKNhWJ!

I#.;>?-$A!=J!6JA!U!8??-+A!_J!IJ!4NOVP:J!"'B2$+,(#)-?-,@!#$3!+21-#?!12B)-$#,-2$!&(21'++'+!2$!
B#,>'B#,-1#?!-$,'??'1,-D'!,#+M+J!7&9%"!/1&-1FM$(%,6("*!/1?&',!/1@)#'+&/&.#A1CCA!NWWr
NVOJ!
I#.;>?-$A!=J!6JA!9#,1>A!8J!5JA!%-?D'(A!/J!%JA!U!j2>A!IJ!4hQQP:J!L(2.&+!&'(E2(B!)',,'(!,>#$!,>'!
)'+,!-$3-D-3.#?+!2$!?',,'(+K,2K$.B)'(+!&(2)?'B+G!8EE'1,+!2E!;(2.&!+-g'J!7&9%"!/1&-1
@(%)&"!/,*#1!"21?&',!/1@)#'+&/&.#A1SHA!P^^rPcNJ!
I2(3A!5J!LJA!I'&&'(A!<J!6JA!U!=('+,2$A!8J!4NOV^:J!52$+-3'(-$;!,>'!2&&2+-,'G!_!12(('1,-D'!
+,(#,';@!E2(!+21-#?!f.3;B'$,J!7&9%"!/1&-1@(%)&"!/,*#1!"21?&',!/1@)#'+&/&.#A1JLA!NhXNK
Nh^XJ!
I2(3A!5J!LJA!62++A!IJA!U!I'&&'(A!<J!6J!4NOWO:J!j-#+'3!#++-B-?#,-2$!#$3!#,,-,.3'!&2?#(-g#,-2$G!
F>'!'EE'1,+!2E!&(-2(!,>'2(-'+!2$!+.)+'Z.'$,?@!12$+-3'('3!'D-3'$1'J!7&9%"!/1&-1
@(%)&"!/,*#1!"21?&',!/1@)#'+&/&.#A1XL4NN:A!hQOVKhNQOJ!
<#((A!"J!4NOVh:J!\,),&"N1:1G&6$9*!*,&"!/1I"0()*,.!*,&"1,"*&1*+(1W96!"1O($%()("*!*,&"1!"21
@%&'()),".1&-1\,)9!/1I"-&%6!*,&"J!%#$!d(#$1-+12G!d(''B#$J!
<#+1#(2A!eJA!U!%&'()'(A!"J!4hQQO:J!F>'!B2(#?A!'&-+,'B-1A!#$3!B-$3('#3-$;!12B&2$'$,+!2E!
1>-?3('$[+!D-;-?#$1'!,2T#(3+!3'1'&,-2$J!G&.",*,&"A1BBCA!XPWrXVQJ!
<1L.-('A!FJ!HJA!`-'+?'(A!%JA!U!%-';'?A!/J!4NOVW:J!L(2.&!#$3!12B&.,'(KB'3-#,'3!3-+1.++-2$!
'EE'1,+!-$!(-+M!3'1-+-2$!B#M-$;J!7&9%"!/1&-1@(%)&"!/,*#1!"21?&',!/1@)#'+&/&.#A1DC4c:A!
ONWKOXQJ!
<'(1-'(A!9JA!U!%&'()'(A!"J!4*$!&('++:J!aH>@!32!>.B#$+!('#+2$Y!_(;.B'$,+!E2(!#$!
#(;.B'$,#,-D'!,>'2(@bJ!5(+!0,&%!/1!"215%!,"1?',("'()J!
<'(1-'(A!9JA!U!%&'()'(A!"J!4hQQO:J!*$,.-,-D'!#$3!('E?'1,-D'!-$E'('$1'+J!*$!/J!%J!jJ!FJ!8D#$+!U!`J!
d(#$M-+>!483+J:A!I"1E8&1Q,"2)J!0'T!n2(MG!eSE2(3!C$-D'(+-,@!=('++J!
<-1>#'?+'$A!IJ!`JA!H#,+2$A!HJ!8JA!U!j?#1MA!6J!9J!4NOVO:J!_!('#?-+,-1!,'+,!2E!-$3-D-3.#?!D'(+.+!
;(2.&!12$+'$+.+!3'1-+-2$!B#M-$;J!7&9%"!/1&-1:$$/,(21@)#'+&/&.#A1LJ4c:A!VX^KVXOJ!
<2+>B#$A!"JA!U!L'-?A!<J!4NOOV:J!52??#)2(#,-D'!('#+2$-$;G!8D-3'$1'!E2(!12??'1,-D'!(#,-2$#?-,@J!
E+,"3,".1!"21O(!)&",".A1J4X:A!hXNKh^VJ!
0'.B#$A!nJA!H'-$+,21MA!<J!=JA!U!L?#+$'(A!_J!4hQQP:J!F>'!'EE'1,!2E!12$,'S,.#?!E#1,2(+!2$!,>'!
f.3;'B'$,!2E!-$E2(B#?!('#+2$-$;!E#??#1-'+J!E+(1`9!%*(%/#17&9%"!/1&-1FM$(%,6("*!/1
@)#'+&/&.#A1DS4h:A!^NNK^hcJ!

0'T+,'#3A!%J!8JA!9#$3?'@A!%J!/JA!U!j.1MA!8J!4NOOO:J!d#?+-E@-$;!B'$,#?!B23'?+G!,'+,-$;!,>'!
&('3-1,-2$+!2E!,>'2(-'+!2E!+@??2;-+,-1!('#+2$-$;J!Q(6&%#1!"21G&.",*,&"A1CL4h:A!X^^K
Xc^J!
0-1M'(+2$A!6J!%J!4NOOV:J!52$E-(B#,-2$!)-#+G!_!.)-Z.-,2.+!&>'$2B'$#!-$!B#$@!;.-+'+J!O(0,(81
&-1_("(%!/1@)#'+&/&.#A1CA!NWcKhhQJ!
='$$-$;,2$A!0JA!U!9#+,-'A!6J!4NOOX:J!6'#+2$-$;!-$!'S&?#$#,-2$K)#+'3!3'1-+-2$KB#M-$;J!
G&.",*,&"A1JSA!NhXKNPXJ!
='('?B#$A!5J!4NO^O:J!=>-?2+2&>-'+!&('B-'('+!',!&>-?2+2&>-'!(';('++-D'J!V,!/('*,'!1BB1NWcr
NONJ!
='('?B#$A!5JA!U!e?)('1>,+KF@,'1#A!IJ!4NOPO:J!E+(1T(81O+(*&%,'N1:1E%(!*,)(1&"1:%.96("*!*,&"J!
02,('!"#B'A!*0G!C$-D'(+-,@!2E!02,('!"#B'!=('++J!
=',,@A!6J!8JA!U!5#1-2&&2A!/J!FJ!4NOVP:J!F>'!'?#)2(#,-2$!?-M'?->223!B23'?!2E!&'(+.#+-2$J!*$!IJ!
j'(M2T-,g!483J:A!:20!"'()1,"1FM$(%,6("*!/1?&',!/1@)#'+&/&.#!4k2?J!NOA!&&J!NhXKhQc:J!
e(?#$32A!dIG!_1#3'B-1!=('++J!
=',,@A!6J!8JA!U!H';'$'(A!"J!FJ!4NOOV:J!_,,-,.3'!1>#$;'G!<.?,-&?'!(2?'+!E2(!&'(+.#+-2$!
D#(-#)?'+J!*$!"J!L-?)'(,A!%J!d-+M'!U!LJ!I-$3g'@!483+J:A!E+(1W!"24&&31&-1?&',!/1
@)#'+&/&.#!4k2?J!NA!&&J!XhXrXOQ:J!j2+,2$G!<1L(#TK9-??J!
=2?',-'MA!dJ!9J!4NOOP:J!=#(#32S'+!2E!E#?+-E-1#,-2$J!`9!%*(%/#17&9%"!/1&-1FM$(%,6("*!/1
@)#'+&/&.#A1JS:A!^^WK^PhJ!
=2B'(#$,gA!8J!<JA!5>#-M'$A!%JA!U!F2(3'+-??#+A!6J!%J!4NOOc:J!_,,-,.3'!+,('$;,>!#$3!('+-+,#$1'!
&(21'++'+J!7&9%"!/1&-1@(%)&"!/,*#1!"21?&',!/1@)#'+&/&.#A1KS4X:A!^QVK^NOJ!
=2+$'(A!<J!*JA!U!%$@3'(A!5J!6J!6J!4NOWc:J!_,,'$,-2$!#$3!12;$-,-D'!12$,(2?J!*$!6J!IJ!%2?+2!483J:A!
I"-&%6!*,&"1@%&'()),".1!"21G&.",*,&"N1E+(1<&#&/!1?#6$&),96J!9-??+3#?'A!0/G!8(?)#.BJ!
6')'(A!_J!%J!4NOOX:J!I6$/,',*1<(!%",".1!"21E!',*1a"&8/(2.(J!0'T!n2(MG!eSE2(3!C$-D'(+-,@!
=('++J!
6'+$-1MA!IJ!jJA!%#?B2$A!<JA!q'-,gA!5J!<JA!H#,>'$A!%J!9JA!U!92?2T1>#MA!<J!4NOOX:J!6'#+2$-$;!-$!
12$D'(+#,-2$J!G&.",*,&"1!"21I")*%9'*,&"A1BB4X7^:A!X^WKXP^J!
6-112A!6J!jJ!4hQQX:J!F>'!B#1(2+,(.1,.('!2E!-$E2(B#?!#(;.B'$,+G!_!&(2&2+'3!B23'?!#$3!
#$#?@+-+J!E+(1`9!%*(%/#17&9%"!/1&-1FM$(%,6("*!/1@)#'+&/&.#1:A1DK4P:A!NQhNKNQcNJ!
6-B'(A!%J!4hQQOA!/#$.#(@!NX:J!_!$'T!E2(B.?#!E2(!,'#1>-$;!-$,(23.1,2(@!&>@+-1+Z1I"*(%"!*,&"!/1
W(%!/21E%,49"(J!

6-&+A!IJ!/J!4NOO^:J!E+(1@)#'+&/&.#1&-1@%&&-N1V(29'*,0(1O(!)&",".1,"1W96!"1E+,"3,".J!
5#B)(-3;'A!<_G!<*F!=('++J!
6-&+A!IJ!/J!4NOOV:J!6'#+2$-$;!#$3!12$D'(+#,-2$J!@)#'+&/&.,'!/1O(0,(8A1BHDA!^NNr^^NJ!
6-&+A!IJ!/J!4hQQh:J!5-(1.?#(!('#+2$-$;J!G&.",*,0(1?',("'(A1CKA!WPWrWOcJ!
%#3?'(A!eJA!U!F'++'(A!_J!4NOWX:J!%2B'!'EE'1,+!2E!+#?-'$1'!#$3!,-B'!.&2$!-$,'(&'(+2$#?!>2+,-?-,@!
#$3!#,,(#1,-2$!3.(-$;!+21-#?!-+2?#,-2$J!?&',&6(*%#A1XK4N:A!OOKNNhJ!
%1>#1,'(A!"J!IJ!4NOVW:J!*B&?-1-,!<'B2(@G!9-+,2(@!#$3!5.(('$,!%,#,.+J!7&9%"!/1&-1(M$(%,6("*!/1
$)#'+&/&.#Z1<(!%",".A16(6&%#A1!"21'&.",*,&"A1BX4X:A!cQNKcNVJ!
%1>.?gK9#(3,A!%JA!j(23)'1MA!dJ!5JA!<2fg-+1>A!_JA!`'(+1>('-,'(A!6JA!U!d('@A!"J!4hQQP:J!L(2.&!
3'1-+-2$!B#M-$;!-$!>-33'$!&(2E-?'!+-,.#,-2$+G!3-++'$,!#+!#!E#1-?-,#,2(!E2(!3'1-+-2$!
Z.#?-,@J!7&9%"!/1&-1@(%)&"!/,*#1!"21?&',!/1@)#'+&/&.#A1SB4P:A!NQVQKNQOXJ!
%>#E-(A!8JA!%-B2$+2$A!*JA!U!FD'(+M@A!_J!4NOOX:J!6'#+2$K)#+'3!1>2-1'J!G&.",*,&"A1JS4NKh:A!NNKXPJ!
%>#TA!kJ!dJ!4NOOP:J!F>'!12;$-,-D'!&(21'++'+!-$!-$E2(B#?!('#+2$-$;J!E+,"3,".1R1O(!)&",".A1
C4N:A!cNKVQJ!
%-B2$+2$A!*J!4NOVO:J!5>2-1'!)#+'3!2$!('#+2$+G!F>'!1#+'!2E!#,,(#1,-2$!#$3!12B&(2B-+'!
'EE'1,+J!E+(17&9%"!/1&-1G&")96(%1O()(!%'+A1BK4h:A!NcVKNW^J!
%?#D-$A!6J!8J!4NOOc:J!G&&$(%!*,0(1<(!%",".N1E+(&%#A1O()(!%'+A1!"21@%!'*,'(J!I2$32$G!_??@$!#$3!
j#12$J!
%?2B#$A!%J!_J!4NOOP:J!F>'!'B&-(-1#?!1#+'!E2(!,T2!+@+,'B+!2E!('#+2$-$;J!@)#'+&/&.,'!/159//(*,"A1
BBS4N:A!XKhhJ!
%B-,>A!<J!`JA!H223A!HJ!jJA!_3#B+A!HJ!`JA!H-'B#$A!5JA!`$-;>,A!/J!`JA!L.-?3A!0JA!',!#?J!4hQQO:J!
H>@!&''(!3-+1.++-2$!-B&(2D'+!+,.3'$,!&'(E2(B#$1'!2$!-$K1?#++!12$1'&,!Z.'+,-2$+J!
?',("'(A1XCX4cONQ:A!NhhJ!
%B-,>A!%J!<JA!d#)(-;#(A!IJ!6JA!U!02((-+A!<J!8J!4hQQV:J!6'E?'1,-$;!2$!+-S!3'1#3'+!2E!+'?'1,-D'!
'S&2+.('!('+'#(1>G!=(2;('++A!1>#??'$;'+A!#$3!2&&2(,.$-,-'+J!?&',!/1!"21@(%)&"!/,*#1
@)#'+&/&.#1G&6$!))A1C4N:A!^P^K^OXJ!
%$-'g'MA!/J!_JA!U!9'$(@A!6J!_J!4NOVO:J!_11.(#1@!#$3!12$E-3'$1'!-$!;(2.&!f.3;B'$,J!
;%.!",>!*,&"!/14(+!0,&%1!"21+96!"12(',),&"1$%&'())()b@%,"*cA1JX4N:A!NKhVJ!
%22$A!5J!%JA!j(#++A!<JA!9'-$g'A!9J!/JA!U!9#@$'+A!/J!"J!4hQQV:J!C$12$+1-2.+!3','(B-$#$,+!2E!E(''!
3'1-+-2$+!-$!,>'!>.B#$!)(#-$J!T!*9%(1T(9%&)',("'(A1BBA!c^Xrc^cJ!

%&'()'(A!"J!4hQQN:J!*$!3'E'$+'!2E!B#++-D'!B23.?#(-,@J!*$!8J!".&2.S!483J:A!<!".9!.(A15%!,"1
!"21G&.",*,0(1V(0(/&$6("*N1F))!#)1,"1W&"&%1&-17!'d9()1Q(+/(%!4&&J!^WKcW:J!
5#B)(-3;'A!<#++#1>.+',,+G!<*F!=('++J!
%&'()'(A!"J!4hQQc:J!<23.?#(-,@!#$3!('?'D#$1'G!92T!1#$!#!B#++-D'?@!B23.?#(!B-$3!)'!E?'S-)?'!
#$3!12$,'S,K+'$+-,-D'Y!*$!=J!5#((.,>'(+A!%J!I#.('$1'!U!%J!%,-1>!483+J:A!E+(1I""!*(1Q,"2N1
?*%9'*9%(1!"21G&"*("*)J!
%&'()'(A!"J!4hQQP:J!H>@!#!3''&!.$3'(+,#$3-$;!2E!1.?,.(#?!'D2?.,-2$!-+!-$12B&#,-)?'!T-,>!
+>#??2T!&+@1>2?2;@J!*$!0J!/J!8$E-'?3!U!%J!I'D-$+2$!483+J:A!O&&*)1&-1W96!"1?&',!/,*#!4&&J!
^^NK^^O:J!eSE2(3G!j'(;J!
%&'()'(A!"JA!5#(#A!dJA!U!L-(2,,2A!kJ!4NOOc:J!6'?'D#$1'!,>'2(@!'S&?#-$+!,>'!+'?'1,-2$!,#+MJ!
G&.",*,&"A1DLA!XNKOcJ!
%&'()'(A!"JA!5?uB'$,A!dJA!9'-$,gA!5JA!<#+1#(2A!eJA!<'(1-'(A!9JA!e(-;;-A!LJ!U!H-?+2$A!"J!4*$!
&('++:!a8&-+,'B-1!D-;-?#$1'bJ!Q,"21R1<!".9!.(J!
%&'()'(A!"JA!U!H-?+2$A!"J!4NOOc:J!O(/(0!"'(N1G&669",'!*,&"1!"21G&.",*,&"J!eSE2(3G!
j?#1MT'??J!
%,#$2D-1>A!`J!8J!4hQQ^:J!E+(1O&4&*e)1O(4(//,&"J!5>-1#;2G!5>-1#;2!C$-D'(+-,@!=('++J!
%,'-$A!0J!IJA!U!_?)(2A!8J!6J!4hQQN:J!F>'!2(-;-$+!#$3!$#,.('!2E!#(;.B'$,+G!%,.3-'+!-$!12$E?-1,!
.$3'(+,#$3-$;A!'B2,-2$A!#$3!$';2,-#,-2$J!V,)'&9%)(1@%&'())()A1XC4hUX:A!NNXKNXXJ!
%,'-$A!0J!IJA!U!j'($#+A!6J!4NOOO:J!F>'!'#(?@!'B'(;'$1'!2E!#(;.B'$,#,-D'!M$2T?'3;'!#$3!+M-??J!
*$!/J!_$3(-'++'$!U!=J!52-(-'(!483+J:A!^&9"2!*,&")1&-1:%.96("*!*,0(1E(M*1@%&'()),".!4&&J!
OWKNNP:J!_B+,'(3#BG!_B+,'(3#B!C$-D'(+-,@!=('++J!
%,'-$A!0J!IJA!U!<-??'(A!5J!_J!4NOOX:J!F>'!3'D'?2&B'$,!2E!B'#$-$;!#$3!('#+2$-$;!+M-??!-$!
#(;.B'$,#,-D'!12$,'S,+G!8D#?.#,-$;A!'S&?#-$-$;A!#$3!;'$'(#,-$;!'D-3'$1'J!*$!6J!L?#+'(!
483J:A!:20!"'()1,"1I")*%9'*,&"!/1@)#'+&/&.#!4k2?J!^A!&&J!hVcKXXc:J!9-??+3#?'G!I#T('$1'!
8(?)#.B!_++21-#,'+J!
%,'('?$@A!`J!4hQQX:J!E+&9.+*1,"1!"1W&)*,/(1U&%/2J!eSE2(3A!C`G!j?#1MT'??J!
%,'('?$@A!`J!4*$!&('++:J!E+(1^!*(1&-1*+(1E+,%21G+,6$!">((J!5#B)(-3;'A!<_G!<*F!=('++J!
%.$+,'-$A!5J!6J!4hQQh:J!F>'!?#T!2E!;(2.&!&2?#(-g#,-2$J!7&9%"!/1&-1@&/,*,'!/1@+,/&)&$+#A1BH4h:A!
NWcKNOcJ!
F#)'(A!5J!%JA!U!I23;'A!<J!4hQQP:J!<2,-D#,'3!+M'&,-1-+B!-$!,>'!'D#?.#,-2$!2E!&2?-,-1#?!)'?-'E+J!
:6(%,'!"17&9%"!/1&-1@&/,*,'!/1?',("'(A1DH4X:A!WccKWPOJ!

F>#;#(3A!=J!4hQQc:J!F'+,-B2$@A!1('3-)-?-,@A!#$3!'S&?#$#,2(@!12>'('$1'J!F%3(""*",)A1KXA!hOcK
XNPJ!
F232(2DA!_JA!<#$3-+23g#A!_J!0JA!L2('$A!_JA!U!9#??A!5J!5J!4hQQc:J!*$E'('$1'+!2E!12B&','$1'!
E(2B!E#1'+!&('3-1,!'?'1,-2$!2.,12B'+J!?',("'(A1XHPA!NPhXKNPhPJ!
F2.?B-$A!%J!4NOcV:J!E+(1Y)()1&-1:%.96("*J!5#B)(-3;'G!5#B)(-3;'!C$-D'(+-,@!=('++J!
FD'(+M@A!_JA!U!%>#E-(A!8J!4NOOh:J!F>'!3-+f.$1,-2$!'EE'1,!-$!1>2-1'!.$3'(!.$1'(,#-$,@J!
@)#'+&/&.,'!/1?',("'(A1X4c:A!XQcKXQOJ!
FT'$'@A!6J!"JA!"2>'(,@A!<J!8JA!H2($'(A!HJ!/JA!=?-+M'A!"J!jJA!<@$#,,A!5J!6JA!L(2++A!`J!_JA!',!#?J!
4NOVQ:J!%,(#,';-'+!2E!(.?'!3-+12D'(@!-$!#$!-$E'('$1'!,#+MJ!`9!%*(%/#17&9%"!/1&-1
FM$(%,6("*!/1@)#'+&/&.#A1XC4N:A!NQOKNhXJ!
C?'B#$A!/J!4NOOO:J!%&2$,#$'2.+!D'(+.+!-$,'$,-2$#?!-$E'('$1'+!-$!-B&('++-2$!E2(B#,-2$J!*$!%J!
5>#-M'$!U!nJ!F(2&'!483+J:A!V9!/=@%&'())1E+(&%,()1,"1?&',!/1@)#'+&/&.#J!0'T!n2(MG!F>'!
L.-?E2(3!=('++J!
k#?3'+2?2A!=JA!U!"'%,'$2A!"J!4hQQV:J!F>'!3.#?-,@!2E!D-(,.'G!"'12$+,(.1,-$;!,>'!B2(#?!
>@&21(-,'J!7&9%"!/1&-1FM$(%,6("*!/1?&',!/1@)#'+&/&.#J!
k#$!3'(!9'$+,A!/JKjJ!4hQQP:J!6'?'D#$1'!'EE'1,+!-$!('#+2$-$;J!Q,"21R1?&',(*#A1D4h:A!hhOKh^cJ!
k#$!3'(!9'$+,A!/JKjJA!%&'()'(A!"JA!U!=2?-,g'(A!LJ!4hQQh:J!H>'$!-+!#!12$1?.+-2$!T2(,>!3'(-D-$;Y!
_!('?'D#$1'K)#+'3!#$#?@+-+!2E!-$3','(B-$#,'!('?#,-2$#?!&(2)?'B+J!E+,"3,".1!"21
O(!)&",".A1PA!NKhQJ!
k-$2M.(A!_J!4NOWN:J!6'D-'T!#$3!,>'2(',-1#?!#$#?@+-+!2E!,>'!'EE'1,+!2E!;(2.&!&(21'++'+!.&2$!
-$3-D-3.#?!#$3!;(2.&!3'1-+-2$+!-$D2?D-$;!(-+MJ!@)#'+&/&.,'!/159//(*,"A1LK4^:A!hXNKhcQJ!
k-$2M.(A!_JA!U!j.($+,'-$A!8J!4NOWV:J!"'&2?#(-g#,-2$!2E!#,,-,.3'+!-$!;(2.&+J!7&9%"!/1&-1
@(%)&"!/,*#1!"21?&',!/1@)#'+&/&.#A1XK4V:A!VWhKVVcJ!
H#+2$A!=J!5J!4NOPP:J!6'#+2$-$;J!*$!jJ!<J!d2++!483J:A!T(81W&%,>&")1,"1@)#'+&/&.#N1I!4&&J!NQPr
NXW:J!9#(B#$3+T2(,>A!8$;?#$3G!='$;.-$J!
H-?+2$A!FJ!"JA!".$$A!"J!%JA!`(#E,A!"JA!U!I-+?'A!"J!/J!4NOVO:J!*$,(2+&'1,-2$A!#,,-,.3'!1>#$;'A!#$3!
#,,-,.3'K)'>#D-2(!12$+-+,'$1@G!F>'!3-+(.&,-D'!'EE'1,+!2E!'S&?#-$-$;!T>@!T'!E''?!,>'!
T#@!T'!32J!*$!IJ!j'(M2T-,g!483J:A!:20!"'()1,"1FM$(%,6("*!/1?&',!/1@)#'+&/&.#!4k2?J!NOA!
&&J!NhXKhQc:J!e(?#$32A!dIG!_1#3'B-1!=('++J!
H-?+2$A!FJ!"JA!I-$3+'@A!%JA!U!%1>22?'(A!FJ!nJ!4hQQQ:J!_!B23'?!2E!3.#?!#,,-,.3'+J!@)#'+&/&.,'!/1
O(0,(8A1BHL4N:A!NQNKNhPJ!
!