Teaching Generation NeXt: A Pedagogy for Today`s Learners

7HDFKLQJ*HQHUDWLRQ1H;W$3HGDJRJ\IRU7RGD\¶V/HDUQHUV
7HDFKLQJ*HQHUDWLRQ1H;W
$3HGDJRJ\IRU7RGD\·V/HDUQHUV
0DUN7D\ORU
www.taylorprograms.com
)DFXOW\VWUXJJOHWRHIIHFWLYHO\WHDFKRXUWUDGLWLRQDOO\DJHGVWXGHQWVIURP*HQHUDWLRQ1H;W7KH\DUHGLI
IHUHQWDQGGLIIHUHQWNLQGVRIOHDUQHUVWKDQDQ\RQHKLJKHUHGXFDWLRQKDVH[SHULHQFHGLQWKHSDVWDQG
WKHUHLVDPSOHHYLGHQFHRIDJURZLQJGLYLGHDQGPLVPDWFKEHWZHHQIDFXOW\DQGVWXGHQWVLQWHDFKLQJDQG
OHDUQLQJ&RDWHV6FKURHGHU2XUVWXGHQWV¶DFDGHPLFSUHSDUDWLRQDQGH[SHFWDWLRQVFRQVXPHU
RULHQWDWLRQHVWHHPDQGLPSRUWDQFHLVVXHVDQGXVHRIWHFKQRORJ\DUHFKDOOHQJLQJWUDGLWLRQDOHGXFDWLRQDO
SUDFWLFHV7D\ORU7ZHQJH³2OGVFKRRO´PHWKRGVHVSHFLDOO\WKHDOOWRRFRPPRQOHFWXUH
RQFRQWHQWWRSDVVLYHOHDUQHUVDUHSURYLQJOHVVDQGOHVVVXFFHVVIXOLQEULQJLQJVWXGHQWVWRDSSURSULDWH
OHDUQLQJDQGGHYHORSPHQWDORXWFRPHV%RN6KXOPDQDE7DJJ86'HSDUWPHQWRI
(GXFDWLRQ:RUNSODFHUHDGLQHVVRXWFRPHVDUHRIWHQSRRUDQGDUHFRPLQJXQGHULQFUHDVHGVFUXWLQ\
*URVVPDQ+HUVFKDQG0HUURZ/HYLQH7D\ORU
7KLV JHQHUDWLRQ RI GLJLWDO QDWLYHV KDV FDXJKW HGXFDWRUV ÀDWIRRWHG 3UHQVN\ D E 7DSVFRWW
3HGDJRJLHVRIDFWLYLW\DQGHQJDJHPHQWHVSHFLDOO\WKRVHWKDWXVHUHFHQWO\DYDLODEOH:HEDQG
WHFKQRORJ\EDVHGWRROVDQGUHVRXUFHVFDQEHPRUHHIIHFWLYHEXWDUHRIWHQQRWJDLQLQJVLJQL¿FDQWOHYHOV
RIXVHLQPRVWVFKRROV)HZVFKRROVEH\RQGPDNLQJRQOLQHFRXUVHPDQDJHPHQWV\VWHPVDYDLODEOHKDYH
WUXO\OHYHUDJHGVWXGHQWV¶GLJLWDOSUHIHUHQFHVDQGDYDLODEOHRQOLQHDQ\WLPHUHVRXUFHVWRZDUGOHDUQLQJJRDOV
0RVWFODVVURRPVVWLOOUHVHPEOHWKRVHGHVFULEHGE\/LRQ*DUGLQHUZKRVWDWHVWKDWWKHFROOHJHH[SHULHQFH
IRUPRVWVWXGHQWVFRPSULVHVDORRVHO\RUJDQL]HGXQIRFXVHGFXUULFXOXPZLWKXQGH¿QHGRXWFRPHVFODVVHV
WKDWHPSKDVL]HSDVVLYHOLVWHQLQJOHFWXUHVWKDWWUDQVPLWORZOHYHOLQIRUPDWLRQDQGDVVHVVPHQWVRIOHDUQ
LQJWKDWGHPDQGRQO\WKHUHFDOORIPHPRUL]HGPDWHULDORUORZOHYHOFRPSUHKHQVLRQRIFRQFHSWV
8QIRUWXQDWHO\ OHFWXUHEDVHG FODVVHV WUDQVPLWWLQJ ORZOHYHO LQIRUPDWLRQ PLJKW DFWXDOO\ UHGXFH VWXGHQWV¶
DELOLW\WRWKLQNFULWLFDOO\DQGDUHVWLOOWKHQRUPDWPRVWFROOHJHV
,IWKHWUDGLWLRQDOPHWKRGVDUHQRWEULQJLQJDERXWWKHWUDGLWLRQDOUHVXOWVZLWKWKHVHOHDUQHUVEHWWHUDSSURDFKHV
PXVWEHFRQVLGHUHG7KLVSDSHUDGGUHVVHVWKHGLVFRQQHFWEHWZHHQWRGD\¶VOHDUQHUVDQGFXUUHQWFRPPRQ
WHDFKLQJ SUDFWLFHV DQG GHVFULEHV D FRPSUHKHQVLYH HIIHFWLYH SUDFWLFDO DQG DFFHVVLEOH WHDFKLQJ DQG
OHDUQLQJPRGHOJURXQGHGLQLQFUHDVLQJVWXGHQWDFWLYLW\HQJDJHPHQWDQGXVHRIWHFKQRORJ\WRLPSURYH
UHOHYDQWOHDUQLQJRXWFRPHV
,PSURYH6WXGHQWV·)XWXUH2ULHQWDWLRQ
&ODVVFRQWHQWWKHXVHVVWXGHQWVKDYHIRUWKDWFRQWHQWDQGWKHVNLOOVVWXGHQWVDUHH[SHFWHGWRGHYHORS
VKRXOGUHODWHWRVWXGHQWV¶JRDOV7RGD\¶VFRQVXPHURULHQWHGRXWFRPHRULHQWHGVWXGHQWVDUHHQJDJHGDW
WKHDIIHFWLYHOHYHORQO\LIWKH\FDQVHHDIXWXUHXWLOLW\EHQH¿WRUUHOHYDQFHIURPWKHLUOHDUQLQJ+HOSLQJ
VWXGHQWVVHHWKHPVHOYHVLQDQGEHWWHULGHQWLI\ZLWKIXWXUHYRFDWLRQDODQGSURIHVVLRQDOUROHVFDQWKXV
FRQQHFWOHDUQLQJWRPHDQLQJ$IXWXUHRULHQWDWLRQDOVRFDQLPSURYHVWXGHQWSHUVLVWHQFHDVVWXGHQWVEHWWHU
VHHHGXFDWLRQDOVXFFHVVDVQHFHVVDU\IRUWKHPWRUHDFKIXWXUHJRDOV
$&ROOHFWLRQRI3DSHUVRQ6HOI6WXG\DQG,QVWLWXWLRQDO,PSURYHPHQW
WK(GLWLRQ‹7KH+LJKHU/HDUQLQJ&RPPLVVLRQ$OOULJKWVUHVHUYHG
7HDFKLQJ*HQHUDWLRQ1H;W$3HGDJRJ\IRU7RGD\¶V/HDUQHUV
,GHQWLI\&ODVV*RDOV
0DQ\ IDFXOW\ PHPEHUV ZKR VSHQG VLJQL¿FDQW DPRXQWV RI WLPH GHOLYHULQJ DQG DVVHVVLQJ FRQWHQWOHYHO
RUNQRZOHGJHOHYHOOHDUQLQJFDQEHQH¿WIURPLGHQWLI\LQJDQGDUWLFXODWLQJFODVVJRDOVDURXQGWKHXWLOLW\RI
FRQWHQWDQGWKHYDOXHVRIWKHVHXVHVDQGVNLOOV6WXGHQWVDUHPRUHOLNHO\WROHDUQFRQWHQWDQGDSSOLFDWLRQV
LIWKH\VHHZKDWWKH\FDQGRZLWKWKHLQIRUPDWLRQDQGVNLOOVZK\WKHVHXVHVPDWWHUWRWKHPDQGRWKHUV
DQGKRZWKHVHDSSOLFDWLRQVFDQEHQH¿WWKHP)DFXOW\FDQWKHQXVHDFWLYHWHFKQLTXHVWRDOORZVWXGHQWV
WKHRSSRUWXQLW\WROLQNWKHFODVVJRDOVWRWKHLUSHUVRQDOJRDOV/LQNLQJFODVVDQGVWXGHQWJRDOVFDQLPSURYH
FRPSOLDQFHDVZHOODVOHDUQLQJRXWFRPHVIRUWKHVHPRUHGLVFHUQLQJVWXGHQWV³1RLQIRUPDWLRQZLWKRXW
DSSOLFDWLRQ´VKRXOGEHWKHFUHGRLQDOOFODVVHV
,PSURYH6WXGHQW8QGHUVWDQGLQJRI&ODVV([SHFWDWLRQV
3HRSOHH[SHFWZKDWKDVZRUNHGIRUWKHPLQWKHSDVWWRZRUNIRUWKHPLQWKHIXWXUH6WXGHQWVH[SHFWWKH
OHYHORIDFDGHPLFHIIRUWWKH\VKRZHGLQKLJKVFKRROWROHDGWRVXFFHVVLQFROOHJHZKLFKLVUDUHO\WKHFDVH
H[FHSWIRUWKHPRVWDGYDQFHGKLJKVFKRROJUDGXDWHVRULQWKHOHDVWGHPDQGLQJFROOHJHFODVVHV0DQ\
FODVVURRPFRPSOLDQFHDQGOHDUQLQJLVVXHVFDQEHXQGHUVWRRGDVDIDLOXUHWRPDNHDFDGHPLFH[SHFWDWLRQV
FOHDU)DFXOW\DUHZHOODGYLVHGWRQRWDVVXPHWKDWVWXGHQWVXQGHUVWDQGFROOHJHDFDGHPLFH[SHFWDWLRQVLQ
JHQHUDORUIRUWKHLUFODVVLQSDUWLFXODUDQGWRWDNHWLPHHDUO\LQWKHVHPHVWHUWRPDNHFODVVH[SHFWDWLRQV
FOHDU5HZDUGVLQWKHIRUPRISRLQWVDQGFRQVHTXHQFHVLQWKHIRUPRISHQDOWLHVORVWSRLQWVRUOHDUQLQJ
RSSRUWXQLWLHVVKRXOGEHVSHOOHGRXWIRUERWKWKHPHFKDQLFDOH[SHFWDWLRQVVXFKDVSUHSDUDWLRQDWWHQGDQFH
DQGSDUWLFLSDWLRQDQGIRUWKHOHDUQLQJRXWFRPHV
0RYH&RQWHQW/HDUQLQJ2XWRI&ODVV
7RRPXFKWLPHLQPRVWFODVVHVLVVSHQWGHOLYHULQJFRQWHQWWLPHWKDWFDQEHEHWWHUVSHQWKHOSLQJVWXGHQWV
DFWLYHO\LGHQWLI\WKHXVHVRIWKHFRQWHQWOHDUQVNLOOVRULGHQWLI\ZK\WKHOHDUQLQJPDWWHUVWRWKHP7KLV
PRGHOPRYHVIDFXOW\IURPWKHWUDGLWLRQDOSHGDJRJ\RIGHOLYHULQJFRQWHQWLQFODVVDQGH[SHFWLQJVWXGHQWVWR
DSSO\LWRXWRIFODVVWRPRYLQJWKHFRQWHQWRXWRIFODVVDQGIDFLOLWDWLQJWKHDSSOLFDWLRQRIFRQWHQWXQGHUWKH
JXLGDQFHRIWKHSURIHVVRUGXULQJFODVV,QWKLVGLJLWDODJHPRVWLQIRUPDWLRQDWWKHFRQWHQWOHYHOLVDYDLODEOH
DQGFDQEHUHDGLO\DFFHVVHGE\VWXGHQWVRXWRIFODVVDVDFRPSRQHQWRIFODVVSUHSDUDWLRQ,QDGGLWLRQWR
WKHWUDGLWLRQDOWH[WERRNZKLFKLVQRZRIWHQVHOIDXJPHQWHGZLWK&''9'DQGRQOLQHOHDUQLQJUHVRXUFHV
VLWHVOLNH<RX7XEHFRPPHUORWRUJDQGWKHRQOLQHXQLYHUVLW\SRUWDOVDWL7XQHVRIIHUDZHDOWKRIUHVRXUFHV
*RYHUQPHQWSURIHVVLRQDODQGQRWIRUSUR¿WRUJDQL]DWLRQVDVZHOODVVXEMHFWVSHFL¿FVLWHVFDQRIIHURQOLQH
FRQWHQWWRUHSODFHWKHWUDGLWLRQDOOHFWXUHGHOLYHU\DQGDUHRIWHQPRUHFXUUHQWDQGKLJKO\FRQQHFWHGZLWK
UHDOZRUOGDSSOLFDWLRQV6WXGHQWVPD\EHPRUHOLNHO\WRDFFHVVWHFKVRSKLVWLFDWHGVLWHVDVRSSRVHGWR
VWXG\LQJWKHWH[WERRNZKLFKWKH\DUHWUDGLWLRQDOO\DQGDQHFGRWDOO\ORDWKWRGRDVDQ\WLPHOHDUQLQJRQWKH
:HEYLDRQOLQHUHVRXUFHVEHWWHUPDWFKHVWKHLUGLJLWDOOHDUQLQJVW\OHVDQGWKHDELOLW\WRYLHZRUOLVWHQWRWKH
H[SODQDWLRQPXOWLSOHWLPHVFDQKHOSOHDUQHUVZKRQHHGUHSHWLWLRQ&RDWHV3UHQVN\DE
,QVWUXFWRUVPD\EHOLHYHWKDWLWLVWKHLUUHVSRQVLELOLW\WRH[SODLQFRXUVHPDWHULDOQRWMXVWLGHQWLI\ZKHUHLWLV
DYDLODEOH&UHDWLQJFXVWRPL]HGRXWRIFODVVFRQWHQWKDVQHYHUEHHQHDVLHUIRUIDFXOW\RUPRUHDSSURSUL
DWHIRUVWXGHQWVHYHQIRUKLJKO\FRPSOH[DQGWHFKQLFDOWRSLFVDQGVXEMHFWV&UHDWLQJDQ03UHFRUGLQJ
SODFLQJDYRLFHRYHUQDUUDWLYHRQSUHVHQWDWLRQVRIWZDUHRUPDNLQJDYRLFHUHFRUGLQJWKDWVWXGHQWVFDQ
OLVWHQWRXVLQJWKHLUL3RGVFDQRIIHUVWXGHQWVWKHEHQH¿WRIWKHLQVWUXFWRU¶VEHVWH[SODQDWLRQZLWKRXWXVLQJ
YDOXDEOHFODVVWLPH,QVXPFODVVWLPHLVWRRYDOXDEOHWRVSHQGGHOLYHULQJFRQWHQWZKLFKLVRUFDQEH
DYDLODEOHHOVHZKHUH
$&ROOHFWLRQRI3DSHUVRQ6HOI6WXG\DQG,QVWLWXWLRQDO,PSURYHPHQW
WK(GLWLRQ‹7KH+LJKHU/HDUQLQJ&RPPLVVLRQ$OOULJKWVUHVHUYHG
7HDFKLQJ*HQHUDWLRQ1H;W$3HGDJRJ\IRU7RGD\¶V/HDUQHUV
&UHDWHWKH1HFHVVLW\RI3UHSDULQJIRUDQG$WWHQGLQJ&ODVV
6FKHGXOHGFODVVPHHWLQJVDUHWKHFHQWUDOSDUWRIWKHHGXFDWLRQDOSURFHVVDQGWKHPRVWVLJQL¿FDQWOHDUQ
LQJRSSRUWXQLWLHVIRUVWXGHQWV\HWWKH\DUHRIWHQGUHDGHGE\VWXGHQWVZKRPD\GHVFULEHWKHPDVERULQJ
)DFXOW\DUHQRWHQFRXUDJHGWRRIIHUSRLQWVIRUDWWHQGDQFHEXWLQVWHDGWRDZDUGSRLQWVIRUFODVVSUHSDUDWLRQ
ZKLFKFDQRQO\EHREWDLQHGE\DWWHQGDQFH(QWLFLQJVWXGHQWVWRSUHSDUHIRUFODVVPD\EHHDVLHULIWKDW
SUHSDUDWLRQLVPRUHDWWUDFWLYHDQGPHDQLQJIXOWRWKHOHDUQHUVWXGHQWVPD\PRUHOLNHO\ZDWFKDSRGFDVW
WKDQUHDGWKHWH[W,QVWUXFWRUVPXVWPDNHDVVLJQPHQWH[SHFWDWLRQVYHU\FOHDUQRW³ZDWFKWKLVYLGHR´EXW
LQVWHDG³DQVZHUWKHVHWHQTXHVWLRQV´DQGFODULI\WKHEHQH¿WVRISUHSDUDWLRQSRLQWVPRUHHIIHFWLYHOHDUQ
LQJDQGFRVWVRIWKHODFNRISUHSDUDWLRQORVVRISRLQWVLQDELOLW\WRPRYHLQWRDFWLYLW\SRUWLRQRIWKHFODVV
RUSDUWLFLSDWHLQJURXSZRUNDQGWKH\PXVWEHZLOOLQJWRFODULI\EXWQRWWRGHOLYHUWKHFRQWHQWWRJUHDWO\
LQFUHDVHWKHOLNHOLKRRGWKDWPHDQLQJIXOFODVVSUHSDUDWLRQEHFRPHVQRUPDWLYHVWXGHQWEHKDYLRU
&KHFNLQJWKDWHDFKVWXGHQWKDVSUHSDUHGIRUDFODVVPHHWLQJE\FRPSOHWLQJWKHVSHFL¿FDVVLJQPHQWEH
FRPHVDFHQWUDOFODVVG\QDPLFDQGLWPXVWEHWKH¿UVWQHFHVVDU\GRPLQRLQVWXGHQWVXFFHVVHYHU\GD\
LQHYHU\FODVVE\HVWDEOLVKLQJHDFKVWXGHQW¶VUHDGLQHVVWRSDUWLFLSDWHLQRWKHUFODVVDFWLYLWLHV7KLVFDQEH
DFFRPSOLVKHGEHIRUHFODVVWLPHE\UHTXLULQJVWXGHQWVWRHPDLOWKHDVVLJQPHQWWRWKHLQVWUXFWRUFRPPHQW
RQDEORJRUZLNLRUUHVSRQGWRTXHVWLRQVRQFODVVPDQDJHPHQWV\VWHPVRIWZDUHRULWFDQEHDFFRPSOLVKHG
DWWKHVWDUWRIHDFKFODVVVHVVLRQE\KDYLQJVWXGHQWVVKRZWKHLQVWUXFWRUWKHFRPSOHWHGDVVLJQPHQWZKHQ
WKH\HQWHUWKHFODVVRUKDYLQJVWXGHQWVWDNHDTXL]7KLVLVDQH[FHOOHQWXVHRIDFODVVURRPUHVSRQVH
V\VWHPZKLFKFDQHYHQUHFRUGWKHTXL]UHVXOWVIRUDXWRPDWLFJUDGLQJ7KHXVHRIWKHVH³FOLFNHUV´LQWKH
FODVVURRPLVSURYLQJDSRZHUIXOWRROLQLQFUHDVLQJVWXGHQWHQJDJHPHQWHYHQLQYHU\ODUJHFODVVHV%UXII
&DOGZHOO'XQFDQ
,QFUHDVH&ODVVURRP/HDUQLQJ$FWLYLW\DQG(QJDJHPHQW
,IWKHUHLVDWUXLVPLQKLJKHUHGXFDWLRQLWLVWKDWVWXGHQWDFWLYLW\LQFUHDVHVOHDUQLQJ3DVFDUHOODDQG7HUHQ]LQL
7KHFDVHIRUPRYLQJIURPWKHWHDFKLQJPRGHORIGHOLYHU\WRDQDFWLYHPRGHORIIDFLOLWDWLQJ
OHDUQLQJKDVEHHQPDGHIUHTXHQWO\DQGFRQYLQFLQJO\WKRXJKDSSDUHQWO\QRWSHUVXDVLYHO\%DUUDQG7DJJ
*DUGLQHU2¶%DQLRQ3HRSOHKDYHNQRZQIRUDORQJWLPHWKDWFROOHJHVWXGHQWVOHDUQPRUH
ZKHQWKH\¶UHDFWLYHO\HQJDJHGLQOHDUQLQJYLDKDQGVRQSUDFWLFHDQGRWKHUPHDQVEXWPDQ\SURIHVVRUV
GRQ¶WZDQWWRDQGGRQ¶WKDYHWRDGRSWWKHVHPHWKRGV3DVFDUHOODDQG7HUHQ]LQL+LJKHURUGHU
DQGODVWLQJOHDUQLQJZLOOQHYHUEHHIIHFWLYHO\UHDFKHGE\SDVVLYHVWXGHQWVZKRVSHQGFODVVWLPHOLVWHQLQJ
WRIDFXOW\GHOLYHUFRQWHQW
,QWKHPRGHOGHVFULEHGKHUHFODVVFRQWHQWDWWKHNQRZOHGJHOHYHOLVPRYHGRXWRIFODVVWRIUHHFODVVWLPH
IRUDFWLYHOHDUQLQJWRKHOSVWXGHQWVPRYHWRWKHKLJKHUOHDUQLQJDQGSURFHVVOHYHOVRIVNLOOVDQGYDOXHV
EHKDYLRUDODSSOLFDWLRQVDQGWKHDIIHFWLYHOHYHORIFDULQJRU%ORRP¶VDSSOLFDWLRQDQDO\VLVV\QWKHVLVDQG
HYDOXDWLRQOHYHOV%ORRPHWDO±7KHUHLVDZHDOWKRIOLWHUDWXUHDYDLODEOHRQDFWLYHOHDUQ
LQJWHFKQLTXHVLQDQGDSSURSULDWHWRHYHU\VXEMHFWDUHD:KLOHWKHWHFKQLTXHVZLOOORRNGLIIHUHQWDFURVV
VXEMHFWVWKHSURFHVVHVDUHYHU\VLPLODU0DQ]XU7RKHOSVWXGHQWVXQGHUVWDQGFRQWHQWOHWWKHP
DFWLYHO\WHDFKLWWRDQRWKHUSHUVRQ7RKHOSVWXGHQWVOHDUQDVNLOOOHWWKHPDFWLYHO\SUDFWLFHLWZLWKVRPHRQH
REVHUYLQJIRUDFFXUDF\7RKHOSVWXGHQWVFRPHWRFDUHYDOXHRUVHHZRUWKLQDVXEMHFWRUVNLOOOHWWKHP
DFWLYHO\LGHQWLI\KRZLWZLOOEHQH¿WWKHPLQWKHIXWXUHDQGDFWLYHO\DUWLFXODWHWKLVEHOLHILQEHQH¿WWRDQRWKHU
SHUVRQ³1RSDVVLYHVWXGHQWV´VKRXOGEHWKHH[SHFWDWLRQGXULQJFODVVWLPH
$&ROOHFWLRQRI3DSHUVRQ6HOI6WXG\DQG,QVWLWXWLRQDO,PSURYHPHQW
WK(GLWLRQ‹7KH+LJKHU/HDUQLQJ&RPPLVVLRQ$OOULJKWVUHVHUYHG
7HDFKLQJ*HQHUDWLRQ1H;W$3HGDJRJ\IRU7RGD\¶V/HDUQHUV
,PSURYH$VVHVVPHQWVDQG$FFRXQWDELOLW\
$VLQVWUXFWLRQPRYHVIURPWKHWUDGLWLRQDOIDFXOW\GHOLYHU\RIFRQWHQWSURFHVVWRDVWXGHQWFRQVWUXFWLRQ
RIOHDUQLQJPRGHOLQVWUXFWRUVDOVRQHHGWRPRYHIURPDUHOLDQFHRQVXPPDWLYHDVVHVVPHQWVRIOHDUQLQJ
RXWFRPHVWRDVVLJQJUDGHVWRRQJRLQJIRUPDWLYHHIIRUWVWRPRQLWRUDQGPHDVXUHWKHHI¿FDF\RILQVWUXFWLRQ
DQGVWXGHQWV¶PRYHPHQWWRZDUGOHDUQLQJRXWFRPHV7KLVPRYHPHQWIURPDVVHVVPHQWRIOHDUQLQJWRDV
VHVVPHQWIRUOHDUQLQJLVUHSODFLQJWUDGLWLRQDORXWFRPHVWHVWLQJDQGOHDGLQJWRDGHHSHUPRUHODVWLQJDQG
KLJKHUOHYHOOHDUQLQJDQGWRVWXGHQWV¶DELOLW\WRPDNHPHDQLQJIXODSSOLFDWLRQRIWKHLUOHDUQLQJ&ODVVURRP
UHVSRQVHV\VWHPVDUHSURYLQJYHU\XVHIXOLQKHOSLQJPRQLWRURQJRLQJDQGHPHUJLQJVWXGHQWXQGHUVWDQGLQJ
DQGOHDUQLQJWKHLUHIIHFWLYHQHVVOLPLWHGRQO\E\IDFXOW\FUHDWLYLW\DQGWKHLUXVHJHQHUDOO\OLNHGE\GLJLWDOO\
RULHQWHGVWXGHQWV%UXII&DOGZHOO'XQFDQ/RZWHFKWHFKQLTXHVOLNHXQJUDGHGTXL]
]HVDQGSULYDWHUHVSRQVHRSSRUWXQLWLHVFDQEHHIIHFWLYHDVZHOO$Q\XQJUDGHGDQRQ\PRXVRSSRUWXQLW\
WRDOORZDOOVWXGHQWVWROHWLQVWUXFWRUVNQRZWKHLURQJRLQJXQGHUVWDQGLQJVRUVNLOOVRUODFNWKHUHRIZLOOEH
DSSUHFLDWHGE\VWXGHQWVDQGKHOSIXOWRWKHZLOOLQJLQVWUXFWRU
)RUPDOJUDGHGDVVHVVPHQWVRIVWXGHQWOHDUQLQJDUHPRYLQJIURPWHVWLQJWKHWUDGLWLRQDOUHJXUJLWDWLRQRI
FRQWHQWWRPRUHPHDQLQJIXOVXPPDWLYHDVVHVVPHQWVRIGHHSHUPRUHODVWLQJDQGKLJKHUOHYHOOHDUQLQJ
DQGRIWKHDELOLW\RIVWXGHQWVWRPDNHPHDQLQJIXODSSOLFDWLRQRIWKHLUOHDUQLQJ7KRXJKPXFKPRUHGLI¿FXOW
WKDQGHYHORSLQJDQGJUDGLQJWUDGLWLRQDOREMHFWLYHWHVWVWKHVHPRUHPHDQLQJIXOPHDVXUHVRIIHUIDFXOW\
SRZHUIXOIHHGEDFNRQWKHLUPHWKRGVDQGGHHSHUOHDUQLQJRSSRUWXQLWLHVIRUVWXGHQWV
,PSURYLQJWKHRXWFRPHVRIKLJKHUHGXFDWLRQLVEHFRPLQJUHTXLUHGE\DOORIKLJKHUHGXFDWLRQ¶VFRQVWLWXHQ
FLHVDFFUHGLWRUVHPSOR\HUVJRYHUQPHQWVIXQGHUVSDUHQWVDQGWKHSXEOLFDWODUJH,WLVKRSHGWKDWWKH
PRGHOGHVFULEHGKHUHZLOOFRQWULEXWHWRPHHWLQJWKLVLQFUHDVHGDFFRXQWDELOLW\WKURXJKUHFRJQL]LQJDQG
DSSUHFLDWLQJWUDLWVRIRXUOHDUQHUVOHYHUDJLQJWHFKQRORJ\DQGLQFUHDVLQJVWXGHQWDFWLYLW\DOOWRWKHHQGV
RIKHOSLQJVWXGHQWVLGHQWLI\SHUVRQDOO\UHOHYDQWXVHVIRUDFDGHPLFFRQWHQWGHYHORSPHDQLQJIXOVNLOOVDQG
FRPHWRYDOXHWKHLUOHDUQLQJ$VIDFXOW\WHDFKLQJWKHOHDUQHUVIURP*HQHUDWLRQ1H;WDVZHOODVWKHRWKHU
VWXGHQWVZHVHUYHZHPXVWXVHWKHEHVWDYDLODEOHUHVRXUFHVDQGPHWKRGVWRKHOSGHYHORSVXFFHVVIXO
JUDGXDWHVDQGOLIHORQJOHDUQHUVHTXLSSHGWRFRQWULEXWHWRDQGEHQH¿WIURPWKHGRPHVWLFDQGLQWHUQDWLRQDO
ZRUOGRIWKHWKLUGPLOOHQQLXP
5HIHUHQFHV
%DUU5%DQG-7DJJ)URPWHDFKLQJWROHDUQLQJ$QHZSDUDGLJPIRUXQGHUJUDGXDWHHGXFDWLRQ
&KDQJH1RYHPEHU'HFHPEHU±
%ORRP%HWDO7D[RQRP\RIHGXFDWLRQDOREMHFWLYHV7KHFODVVL¿FDWLRQRIHGXFDWLRQDOJRDOV+DQG
ERRN,,$IIHFWLYHGRPDLQ1HZ<RUN/RQJPDQV*UHHQ
%RN'2XUXQGHUDFKLHYLQJFROOHJHV3ULQFHWRQ1-3ULQFHWRQ8QLYHUVLW\3UHVV
%UXII'7HDFKLQJZLWKFODVVURRPUHVSRQVHV\VWHPV6DQ)UDQFLVFR-RVVH\%DVV
&DOGZHOO-&OLFNHUVLQWKHODUJHFODVVURRP&XUUHQWUHVHDUFKDQGEHVWSUDFWLFHWLSV&%(²/LIH
6FLHQFHV(GXFDWLRQ6SULQJ±
&RDWHV-*HQHUDWLRQDOOHDUQLQJVW\OHV5LYHU)DOOV:,/(51%RRNV
'XQFDQ'&OLFNHUVLQWKHFODVVURRP6DQ)UDQFLVFR3HDUVRQ
$&ROOHFWLRQRI3DSHUVRQ6HOI6WXG\DQG,QVWLWXWLRQDO,PSURYHPHQW
WK(GLWLRQ‹7KH+LJKHU/HDUQLQJ&RPPLVVLRQ$OOULJKWVUHVHUYHG
7HDFKLQJ*HQHUDWLRQ1H;W$3HGDJRJ\IRU7RGD\¶V/HDUQHUV
*DUGLQHU / :K\ ZH PXVW FKDQJH 7KH UHVHDUFK HYLGHQFH 1($ +LJKHU (GXFDWLRQ -RXUQDO
6SULQJ±
*URVVPDQ/*URZXS"1RWVRIDVW³7ZL[WHUV´7LPH-DQXDU\±
+HUVFK5+DQG-0HUURZ'HFOLQLQJE\GHJUHHV+LJKHUHGXFDWLRQDWULVN1HZ<RUN3DOJUDYH
0DFPLOODQ
/HYLQH05HDG\RUQRWKHUHOLIHFRPHV1HZ<RUN6LPRQDQG6FKXVWHU
0DQ]XU(3HHULQVWUXFWLRQ$XVHUVPDQXDO8SSHU6DGGOH5LYHU1-3HDUVRQ3UHQWLFH+DOO
2¶%DQLRQ7/DXQFKLQJDOHDUQLQJFHQWHUHGFROOHJH0LVVLRQ9LHMR&$/HDJXHIRU,QQRYDWLRQLQ
WKH&RPPXQLW\&ROOHJH
3DVFDUHOOD(7DQG377HUHQ]LQL+RZFROOHJHDIIHFWVVWXGHQWV)LQGLQJVDQGLQVLJKWVIURPWZHQW\
\HDUVRIUHVHDUFK6DQ)UDQFLVFR-RVVH\%DVV
²²²+RZFROOHJHDIIHFWVVWXGHQWVYRO$WKLUGGHFDGHRIUHVHDUFK6DQ)UDQFLVFR-RVVH\%DVV
3UHQVN\0D'LJLWDOQDWLYHVGLJLWDOLPPLJUDQWV2QWKH+RUL]RQ±
²²²E'LJLWDOQDWLYHVGLJLWDOLPPLJUDQWV'RWKH\UHDOO\WKLQNGLIIHUHQWO\"2QWKH+RUL]RQ±
6FKURHGHU & 1HZ VWXGHQWV²QHZ OHDUQLQJ VW\OHV KWWSZZZYLUWXDOVFKRROHGXPRQ$FDGHPLD
.LHUVH\/HDUQLQJ6W\OHVKWPO
6KXOPDQ/6D6LJQDWXUHSHGDJRJLHVLQWKHSURIHVVLRQV'DHGDOXV±
²²²E3HGDJRJLHVRIXQFHUWDLQW\/LEHUDOHGXFDWLRQ6SULQJ±
7DJJ-:K\OHDUQ":KDWZHPD\UHDOO\EHWHDFKLQJVWXGHQWV$ERXW&DPSXV0DUFK$SULO±
7DSVFRWW'*URZQXSGLJLWDO1HZ<RUN0F*UDZ+LOO
7D\ORU0*HQHUDWLRQ1H;W7RGD\¶VSRVWPRGHUQVWXGHQW²PHHWLQJWHDFKLQJDQGVHUYLQJ,Q$
FROOHFWLRQRISDSHUVRQVHOIVWXG\DQGLQVWLWXWLRQDOLPSURYHPHQW±&KLFDJR7KH+LJKHU
/HDUQLQJ&RPPLVVLRQ$YDLODEOHDVGRZQORDGDWZZZWD\ORUSURJUDPVFRP
²²²*HQHUDWLRQ1H;WFRPHVWRFROOHJHXSGDWHVDQGHPHUJLQJLVVXHV,Q$FROOHFWLRQRI
SDSHUVRQVHOIVWXG\DQGLQVWLWXWLRQDOLPSURYHPHQW±&KLFDJR7KH+LJKHU/HDUQLQJ&RP
PLVVLRQ$YDLODEOHDVGRZQORDGDWZZZWD\ORUSURJUDPVFRP
²²²*HQHUDWLRQ1H;WJRHVWRZRUN,VVXHVLQZRUNSODFHUHDGLQHVVDQGSHUIRUPDQFH,Q$FROOHF
WLRQRISDSHUVRQVHOIVWXG\DQGLQVWLWXWLRQDOLPSURYHPHQW±&KLFDJR7KH+LJKHU/HDUQLQJ
&RPPLVVLRQ$YDLODEOHDVGRZQORDGDWZZZWD\ORUSURJUDPVFRP
7ZHQJH-0*HQHUDWLRQPH:K\WRGD\¶V\RXQJ$PHULFDQVDUHPRUHFRQ¿GHQWDVVHUWLYHHQ
WLWOHG²DQGPRUHPLVHUDEOHWKDQHYHUEHIRUH1HZ<RUN)UHH3UHVV
86'HSDUWPHQWRI(GXFDWLRQ$WHVWRIOHDGHUVKLS&KDUWLQJWKHIXWXUHRI86KLJKHUHGXFDWLRQ
5HSRUWRIWKH&RPPLVVLRQDSSRLQWHGE\6HFUHWDU\RI(GXFDWLRQ0DUJDUHW6SHOOLQJ:DVKLQJWRQ'&$XWKRU
0DUN7D\ORULVDQ$GMXQFW3URIHVVRUDW$UNDQVDV6WDWH8QLYHUVLW\%HHEHLQ/LWWOH5RFN
Contact Dr. Taylor at [email protected] or visit www.taylorprograms.com
$&ROOHFWLRQRI3DSHUVRQ6HOI6WXG\DQG,QVWLWXWLRQDO,PSURYHPHQW
WK(GLWLRQ‹7KH+LJKHU/HDUQLQJ&RPPLVVLRQ$OOULJKWVUHVHUYHG
!"#$%&'()*"'"+#,&-')."/,0)1",%-23)#'2)!"$%'&45"3)6-+)!-2#783)9"#+'"+3
!"#$%&'()*"'"+#,&-')."/,0)
1",%-23)#'2)!"$%'&45"3)6-+)
!-2#783)9"#+'"+3
1#+E)!#7C-+
www.taylorprograms.com
F#$5C,7)3,+5((C"),-)"66"$,&D"C7),"#$%),+#2&,&-'#CC7)#("2)3,52"',3)6+-@)*"'"+#,&-')."/,A)!%"&+)#$#2"@&$)
G+"G#+#,&-')#'2)"HG"$,#,&-'3I)$-'35@"+)-+&"',#,&-'I)"3,""@)#'2)&@G-+,#'$")&335"3I)#'2)53")-6),"$%'-CJ
-(7)#+")$%#CC"'(&'(),+#2&,&-'#C)"25$#,&-'#C)G+#$,&$"3)K?-#,"3);<<LM)>"+3$%)#'2)1"++-N);<<OM)P$%+-"2"+)
;<<QM)!#7C-+);<<OI);<<RI);<=<M)!N"'(");<<RM)S+"'3E7);<<=#I);<<=TM)!#G3$-,,);<<UVA)W%&C")-C2J3$%--C)
@",%-23I) "3G"$&#CC7) ,%") #CC) ,--) $-@@-') C"$,5+") -') $-',"',) ,-) G#33&D") C"#+'"+3I) #+") G+-D&'() C"33) #'2)
C"33)35$$"3365C)&')T+&'(&'()3,52"',3),-)35$$"3365C)C"#+'&'()#'2)2"D"C-G@"',#C)-5,$-@"3I)G"2#(-(&"3)-6)
#$,&D&,7)#'2)"'(#("@"',I)"3G"$&#CC7),%-3"),%#,)53")+"$"',C7)#D#&C#TC")W"TJ)#'2),"$%'-C-(7JT#3"2),--C3)
DQGUHVRXUFHVFDQEHPRUHHIIHFWLYHEXWDUHQRWDWWDLQLQJVLJQL¿FDQWOHYHOVRIXVHLQPRVWVFKRROV0DQ\
6#$5C,7)N%-)#+")&',"+"3,"2)&')@"#'&'(65C)3,52"',)C"#+'&'()5'2"+3,#'2)N%7),%"7)'""2),-)@-D")6+-@),%")
,+#2&,&-'#C)#$#2"@&$)2"C&D"+7)@-2"C),-)#)T"3,)G+#$,&$"3)@-2"C)T#3"2)-')&'$+"#3&'()3,52"',)+"3G-'3&T&CJ
&,7I)"'(#("@"',I)#'2)#$,&D&,7),%#,)C"D"+#("3)'"NC7)#D#&C#TC")-'C&'")#'2),"$%'-C-(7JT#3"2)+"3-5+$"3I)T5,)
,%"7)@#7)'-,)E'-N)N%#,),-)2-)KX#++)#'2)!#(()=UUOM)X-E);<<RM)*#+2&'"+)=UUYM)!#(();<<QM)!#7C-+);<=<M)
86'HSDUWPHQWRI(GXFDWLRQ7KLVSDSHUSURYLGHVDQRYHUYLHZRIVSHFL¿FWHFKQLTXHVIRULPSURYJ
&'()&'3,+5$,&-')#'2)3,52"',)C"#+'&'()N%"')-G"+#,&-'#C&Z&'(),%")@-2"C)&',+-25$"2)&')[!"#$%&'()*"'"+#,&-')
."/,0)B)S"2#(-(7)6-+)!-2#783)9"#+'"+3\)K!#7C-+);<=<VA
:;<+-=")>,52"',)?5,5+")@+&"',#,&-'
>"CG&'()3,52"',3)3""),%"@3"CD"3)&'),%")65,5+"),-)T",,"+)5'2"+3,#'2)#'2)&2"',&67)N&,%)65,5+")D-$#,&-'#CI)
G+-6"33&-'#CI)#'2)G"+3-'#C)+-C"3)$#')&@G+-D")T-,%)C"#+'&'()#'2)G"+3&3,"'$")#3),%"7)$-''"$,)$C#33)(-#C3)
DQGFXUUHQWOHDUQLQJWRIXWXUHQHHGVDQGEHWWHUVHHHGXFDWLRQDOVXFFHVVVSHFL¿FDOO\LQWKLVFODVVDVQHFHVJ
3#+7)6-+),%"@),-)+"#$%)65,5+")(-#C3A
#$%&'()*$+,-.,/012.3$,4-*5$'-,6*-*2$,72($'-8-(.'
]66"+)3,52"',3)-GG-+,5'&,&"3),-)&2"',&67)65,5+")+-C"3)KD-$#,&-'#CI)G+-6"33&-'#CI)#'2)G"+3-'#CV)#'2),%")E'-NCJ
"2("I)3E&CC3I)#'2)D#C5"3)'"$"33#+7),-)T")35$$"3365C)&'),%-3")+-C"3)T7)&'D-CD&'(),%"@)&')$C#33)#33&('@"',3)
#'2)&'J$C#33)#$,&D&,&"3),-)%"CG),%"@)C--E)@-+")$C-3"C7)#,),%")#6,"+J$-CC"(")N-+C2A)P,52"',3)$#')+"3"#+$%)
,%"&+)G+-3G"$,&D")$#+""+3)&')+"3-5+$"3)C&E"),%")=''3.-()$*-%"=3(%$$>"?-*4@$$>"K%,,G0^^NNNATC3A(-D^-$-^VI)
&2"',&67),%")+"45&3&,")3E&CC3)6-+),%#,)N-+EI)#'2)$-''"$,),%")3E&CC3),-)$-5+3")-5,$-@"3A)_GG"+JC"D"C)G+#$,&$5@)
-+)&',"+'3%&G)3,52"',3)K-+)+"$"',)(+#25#,"3)N%-)%#D")35$$"3365CC7),+#'3&,&-'"2)6+-@)3$%--C),-)N-+EVI)N&,%)
N%-@)$5++"',)3,52"',3)$#')+"#2&C7)&2"',&67I)$#')D&3&,)$C#33"3),-)2"3$+&T")#'2)%"CG)3,52"',3)T",,"+)5'2"+J
3,#'2)N-+EGC#$")#'2)#6,"+J3$%--C)"HG"$,#,&-'3A)P,52"',3)$#')&',"+D&"N)G"-GC")&'),%"&+)$%-3"')G+-6"33&-'3)
-+)&2"#C)`-T3)#'2)&2"',&67)%-N),%-3")G+-6"33&-'#C3)53")$-5+3")3E&CC3)-+)&'6-+@#,&-'A
!"#$%%&'()$*"$+",-.&/0"$*"1&%+21(345"-*4"6*0()(3()$*-%"67./$8&7&*(9":;<<
:);<==)>&(%"+)9"#+'&'()?-@@&33&-'A)BCC)+&(%,3)+"3"+D"2A)
!!"
?%#G,"+);A)S+-(+#@3)#'2)P,+5$,5+"3),%#,)P5GG-+,)P,52"',)P5$$"33
:2"',&67)AB#33)*-#B3)#'2)9&'C),-)>,52"',)*-#B3
P,52"',3)#+")@-+")C&E"C7),-)C"#+')$-',"',)#'2)#GGC&$#,&-'3)N%"'),%"7)3"")N%#,),%"7)$#')2-)N&,%),%")&'6-+J
PDWLRQDQGVNLOOVDQGKRZWKHVHDSSOLFDWLRQVFDQEHRIEHQH¿WWRWKHP:KLOHIDFXOW\RIWHQDVNVWXGHQWV
IRUWKHLUJRDOVIRUWKHFODVVRQWKH¿UVWGD\RIFODVVVWXGHQWVUDUHO\KDYHDFOHDUXQGHUVWDQGLQJRIZKDW
WKHSRVVLEOHEHQH¿WVRIVXFFHVVIXOFRXUVHFRPSOHWLRQEH\RQGFRXUVHFUHGLWFDQRIIHUWKHP
#$%&'()*$+,-.,:(';,<=8++,8'5,4-*5$'-,>.8=+
)DFXOW\VKRXOGGHYHORSD³PHQXRIEHQH¿WV´IRUHDFKFODVV%UDLQVWRUPKRZWKHOHDUQLQJIURPWKHFODVVFDQ
%"CG),%")3,52"',)&'),%")65,5+")#+-5'2)1#3C-N83)K=UL<V)%&"+#+$%7)-6)'""23I)6+-@)T#3&$)G%73&$#C)K,%")'""2),-)
"#,V),-)3"C6J#$,5#C&Z#,&-')K%#D&'()#)G"+3-'#CI)G-3&,&D")&@G#$,)-'),%")N-+C2AV)F#$5C,7)$#')-66"+)3,52"',3),%")
PHQXRIEHQH¿WVHLWKHUEHIRUHRURQWKH¿UVWGD\RIFODVVZLWKDQDVVLJQPHQWWRVHOHFWWKHWKUHHEHQH¿WV
@-3,)&@G-+,#',),-),%"@)#'2)#+,&$5C#,"I)"&,%"+)&')#')&'J$C#33)#$,&D&,7)-+)&')#')#33&('@"',I)N%7),%")$C#33)&3)
'"$"33#+7),-),%"&+)65,5+")35$$"33A
:;<+-=")>,52"',)D'2"+3,#'2&'()-6)AB#33)EF<"$,#,&-'3
1#'7)$-@GC&#'$")#'2)C"#+'&'()&335"3)$#')T")5'2"+3,--2)#3)6#&C5+"),-)@#E")#$#2"@&$)"HG"$,#,&-'3)$C"#+A)
%HVLGHVKHOSLQJVWXGHQWVXQGHUVWDQGWKHEHQH¿WVRIWKHFODVVPRUHLQVWUXPHQWDOPRWLYDWRUVOLNHUHZDUGV
K&'),%")6-+@)-6)G-&',3)#'2^-+),%")G+&D&C"(")-6)G#+,&$&G#,&-'V)#'2)$-'3"45"'$"3)K&'),%")6-+@)-6)G"'#C,&"3I)
G-&',3I)-+)C"#+'&'()-GG-+,5'&,&"3)C-3,V)3%-5C2)T")3G"CC"2)-5,)6-+)#CC)#$#2"@&$)"HG"$,#,&-'30
‡) ?2$1828-(.'@&RPSOHWLQJVSHFL¿FRXWRIFODVVDVVLJQPHQWVLVSUHUHTXLVLWHWRDWWHQGLQJFODVVDQG
G#+,&$&G#,&'()&')&'J$C#33)#$,&D&,&"3A
‡, A--$'58'%$@)?C#33)#,,"'2#'$")3%-5C2)T")+"45&+"2M)-5,J-6J$C#33)G+"G#+#,&-')2-"3)'-,)G+"$C52"),%")
'"$"33&,7)-6)#,,"'2&'()$C#33I)T5,)+#,%"+)G+-D&2"3)+#N)@#,"+&#C)6-+)$C#33)#$,&D&,&"3A
‡, A--$'-(.'B$'C8C$0$'-@,!%")"HG"$,#,&-'),%#,)3,52"',3)N&CC)T")65CC7)G+"3"',)&')$C#33)#'2),%")+"#J
3-')6-+)&,)3%-5C2)T")"HGC&$#,"2)#'2)"'6-+$"2A)a&3,+#$,&'()-,%"+)3,52"',3I)53&'()@-T&C")2"D&$"3)6-+)
'-'$C#33)#$,&D&,&"3I)-+)2-&'()-,%"+)N-+E)25+&'()$C#33)&3)$-5',"+G+-25$,&D"),-)3,52"',38)-N')#'2)
-,%"+38)C"#+'&'(I)#'2)3-)&3)'-,)#CC-N"2A
‡, ?82-(%(18-(.'B8%-(3(-D@)b'#$,&D&,7)&3)'-,)#')-G,&-'I)#'2)=<<)G"+$"',)-6)3,52"',3)#+")"HG"$,"2),-)
$-@GC7)N&,%)&'3,+5$,-+)"HG"$,#,&-'3)6-+)G#+,&$&G#,&-')#'2)#$,&D&,7)K#3)N"CC)#3)G+"G#+#,&-'V)=<<)G"+J
$"',)-6),%"),&@"A)P&'$"),%")"D&2"'$")&3)6#&+C7)&'2&3G5,#TC"),%#,)&'$+"#3&'()3,52"',)#$,&D&,7)&'$+"#3"3)
C"#+'&'(I),%&3)3%-5C2)T")#)T#3&$)G+"$-'2&,&-')6-+)35$$"33)&')#CC)$C#33"3)KS#3$#+"CC#)#'2)!"+"'Z&'&)
=UU=I);<<OVA
‡, <..1$28-(.'@,B$,&D")C"#+'&'()&'D-CD"3)&',"+#$,&-'A)F-+),%")&',"+#$,&-'),-)T")"66"$,&D"I)#CC)G#+,&$&G#',3)
@53,)$--G"+#,"),-N#+2)C"#+'&'()(-#C3I)&'$C52&'()G+"G#+&'()6-+)$C#33A)!%&3)&3)"3G"$&#CC7)$+&,&$#C)&')
(+#2"2)(+-5G)N-+EA
‡, A%%.*'-8E(=(-D@,F-+)#CC)3,52"',3),-)%#D"),%")T"3,)-GG-+,5'&,7),-)C"#+'I)3,52"',3)@53,)T")#$$-5',J
#TC"),-),%"@3"CD"3)#'2),-),%")(+-5G)6-+)@"",&'()#CC),%"3")"HG"$,#,&-'3A)P,52"',3)#+")#$$-5',#TC")
,-)G+"G#+")6-+)#'2)#,,"'2)$C#33)#'2),-)G#+,&$&G#,")&'),%")#$,&D&,&"3)@-3,)C&E"C7),-)6#$&C&,#,")2""G)#'2)
C#3,&'()C"#+'&'(A
"
!!9,
!"#$%%&'()$*"$+",-.&/0"$*"1&%+21(345"-*4"6*0()(3()$*-%"67./$8&7&*(9":;<<
:);<==)>&(%"+)9"#+'&'()?-@@&33&-'A)BCC)+&(%,3)+"3"+D"2A
!"#$%&'()*"'"+#,&-')."/,0)1",%-23)#'2)!"$%'&45"3)6-+)!-2#783)9"#+'"+3
1-=")A-',"',)9"#+'&'()@5,)-6)AB#33
?C#33),&@")&3),--)D#C5#TC"),-)3G"'2)2"C&D"+&'()$-',"',I)@-3,)-6)N%&$%)&3)+"#2&C7)#D#&C#TC")#'2)#$$"33&TC")
T7)3,52"',3)-5,)-6)$C#33A)X"3&2"3),%"),+#2&,&-'#C),"H,T--E)K#'2)'"N"+I)C"33J,+#2&,&-'#C),"H,T--EVI)$-',"',)
&3)-6,"')#D#&C#TC")&')@"2&#)6-+@3)C&E")N"T$#3,3)#'2)D-&$"2J-D"+)3C&2")3%-N3A)!%"3")'"N)@"2&#)$#')T")
@5$%)@-+")#,,+#$,&D"),-)3,52"',3),%#')#),+#2&,&-'#C)C"$,5+")#'2)-66"+)#)C"D"C)-6)$+"2&T&C&,7),-)[2&(&,#C)C"#+'J
"+3\)K?-#,"3);<<LM)S+"'3E7);<<=#I);<<=TM)!#G3$-,,);<<UVA)X"7-'2)$-',"',I)-5,J-6J$C#33)+"3-5+$"3)$#')
#C3-)T")53"2),-)&',+-25$")#'2)2"@-'3,+#,")3E&CC3A
F-+),%-3")6#$5C,7)N%-)T"C&"D"),%#,),%"&+)-N')"HGC#'#,&-'3)-6)$-',"',I)2"@-'3,+#,&-')-6)3E&CC3I)#'2)+#,&-'#C")
6-+),%")&@G-+,#'$")-6),%")$-5+3")#+")35G"+&-+)-+)@-+")#GG+-G+&#,")6-+),%"&+)3,52"',3),%#'),%")#D#&C#TC")
-'C&'")+"3-5+$"3I)@#'7)-GG-+,5'&,&"3),-)G#$E#(")$-',"',)#+")#D#&C#TC"A)b,)3%-5C2)T")3,+"33"2),%#,)[C"$,5+")
$#G,5+"\c@#E&'(),%"),+#2&,&-'#C)&'J$C#33)2"C&D"+7)-6)$-',"',),-)G#33&D")3,52"',3)#D#&C#TC")-5,)-6)$C#33c&3)
'-,)#2D-$#,"2A)F#$5C,7)3%-5C2)&2"',&67)#'2)2"D"C-G)$-',"',)2"C&D"+7)#D#&C#TC"),-)3,52"',3)&')G+"G#+#,&-',
6-+)$C#33A
#$%&'()*$+,8'5,G$+.*2%$+,-.,H.3$,<.'-$'-,7*-,.I,<=8++
]'C&'")+"3-5+$"3)#+")#D#&C#TC")6+-@
‡) 4%&..=+dC&E")1b!)K%,,G0^^-$NA@&,A"25^#T-5,^-$NJ$-'3-+,&5@^VI)e#C")K%,,G0^^-7$A7#C"A"25^VI)#'2),%")
?-@@5'&,7)?-CC"(")?-'3-+,&5@)K%,,G0^^-"+$-'3-+,&5@A-+(^V
‡) ?.1*=82,+(-$+ dC&E")&!5'"3)_'&D"+3&,7)K%,,G0^^NNNA#GGC"A$-@^"25$#,&-'^&,5'"3J5^V)#'2)e-5)!5T")
f25)K%,,G0^^NNNA7-5,5T"A$-@^"25$#,&-'gThQ<<V
‡) 72C8'(J8-(.', +(-$+d C&E") ,%") ]G"') 9"#+'&'() b'&,&#,&D") K%,,G0^^-C&AN"TA$@5A"25^-G"'C"#+'&'(^VI))
,%")b',"+'",)B+$%&D")K%,,G0^^NNNA#+$%&D"A-+(^VI)#'2)]G"')?-',"',)K%,,G0^^NNNA-G"'$-',"',A-+(V
!+#2&,&-'#C)+"3-5+$"3)#C3-)"H&3,A)1-3,)&'3,+5$,-+3)3,&CC)+"45&+")3,52"',3),-)G5+$%#3")"HG"'3&D")K,%-5(%)-6,"')
5'53"2V),"H,T--E3),-)53")6-+)-5,J-6J$C#33)G+"G#+#,&-'A)P$%--C)C&T+#+&"3)+"@#&')D&,#C)3-5+$"3)-6)D#C5#TC")
C"#+'&'()+"3-5+$"3A
F#$5C,7J$+"#,"2)+"3-5+$"3)&'$C52"
‡) K(5$.,%81-*2$,-..=+dC&E")?#@,#3&#)K%,,G0^^NNNA,"$%3@&,%A$-@^$#@,#3&#^VI)1"2&#3&,")K%,,G0^^NNNA
3-'&$6-5'2+7A$-@^2"6#5C,A#3GHVI)#'2)!"(+&,7)K%,,G0^^NNNA,"(+&,7A$-@^V
‡) ,QH[SHQVLYHHDV\WRXVHÀDVKYLGHRUHFRUGHUV d C&E"),%")FC&G)KKWWSZZZWKHÀLSFRPHQXVV
‡) K.(%$L.3$2,.1-(.'+,(',1.1*=82,12$+$'-8-(.',+.I-M82$ dC&E")1&$+-3-6,)S-N"+S-&',)6-+)S?)GC#,6-+@3)
#'2)&W-+E)i"7'-,")6-+)1#$3
A+"#,"),%")."$"33&,7)-6)G+"<#+&'()6-+)#'2)H,,"'2&'()AB#33
1#'7)3,52"',3)%#D")T""')35$$"3365C)&')%&(%)3$%--C)K#'2)"D"')-,%"+)$-CC"("JC"D"C)$C#33"3V)N&,%-5,)2-&'()
-5,J-6J$C#33)G+"G#+#,&-'I)+"C7&'()&'3,"#2)-')6#$5C,7),-),"CC),%"@)"D"+7,%&'(),%"7)'""2),-)E'-N)25+&'()$C#33A)
W%&C"),%&3)&'J$C#33)C"$,5+")2"C&D"+7)&3)#+(5#TC7)"66"$,&D")&')2"C&D"+&'()$-',"',I)&,)&3)&'"66"$,&D")&')T+&'(&'()
#T-5,)@"#'&'(65CI)C#3,&'()C"#+'&'()6-+)$-',"',)+","',&-'I)3E&CC3)2"D"C-G@"',I)-+)%"CG&'()3,52"',3)$-@"),-)
YDOXHWKHFRXUVH/HFWXUHDOVR¿OOVFODVVWLPHWKDWFRXOGEHXVHGIRUPRUHHIIHFWLYHOHDUQLQJDFWLYLWLHV
1#'7)$-CC"(")3,52"',3)#+")35$$"3365C)N&,%-5,)"D"')#,,"'2&'()$C#33)2&C&("',C7A)!%")$%#CC"'(")&3),-)@#E")
!"#$%%&'()$*"$+",-.&/0"$*"1&%+21(345"-*4"6*0()(3()$*-%"67./$8&7&*(9":;<<
:);<==)>&(%"+)9"#+'&'()?-@@&33&-'A)BCC)+&(%,3)+"3"+D"2A)
!!F
?%#G,"+);A)S+-(+#@3)#'2)P,+5$,5+"3),%#,)P5GG-+,)P,52"',)P5$$"33
G+"G#+&'()6-+)#'2)#,,"'2&'()$C#33)'"$"33#+7)G+"+"45&3&,"3)6-+)$-5+3")35$$"33A)b,)3%-5C2)T")3,+"33"2),%#,)
-5,J-6J$C#33)N-+E)'""23),-)T")G+"G#+#,&-')6-+),%")5G$-@&'()$C#33I)'-,)3&@GC7)+"D&"N)-6),%")@#,"+&#C)6+-@)
#)$-@GC","2)$C#33)3"33&-'A
#$%&'()*$+,(',/012.3('C,<=8++,?2$1828-(.',8'5,A--$'58'%$
j"+7)$C"#+)"HG"$,#,&-'3)-6)N%#,)3,52"',3)#+")"HG"$,"2),-)2-)&')G+"G#+#,&-'I)N%#,)-G,&-'3)#+")#D#&C#TC")
,-)G+"G#+")K35$%)#3)+"#2&'(I)D&"N&'()#)D&2"-I)-+)+"D&"N&'()D-&$"2J-D"+)G+"3"',#,&-')3C&2"3VI)%-N),%"&+)
G+"G#+#,&-')N&CC)T")#33"33"2I)#'2),%")+"N#+23)6-+)G+"G#+&'()#'2)$-'3"45"'$"3)-6)'-,)G+"G#+&'(A)P,52"',3)
@53,)G+"G#+"),-)#,,"'2)$C#33)T"$#53")3,52"',)%-@"N-+E)&3)53"2)&')$C#33)#$,&D&,7A
3UHSDUDWLRQIRUFODVVVKRXOGEHZRUWKDVLJQL¿FDQWSHUFHQWDJHRIWKHFRXUVHJUDGHDWOHDVWSHUFHQW
!%"3")G-&',3)$#')T")#N#+2"2)-+)$C#&@"2)&')$C#33)-'C7I)("'"+#CC7)-'C7)#,),%")T"(&''&'()-6)"#$%)$C#33A)!%&3)
G+"G#+#,&-')&3)'"$"33#+7),-)G#+,&$&G#,")&')$C#33)#$,&D&,7I)N%&$%)&3)#C3-)N-+,%)#,)C"#3,)=O)G"+$"',)-6),%")(+#2"A
B33"33@"',3)-6)$-@GC",&-')-6)-5,J-6J$C#33)N-+E)@53,)T"),&@"C7)#,)-+)T"6-+"),%")T"(&''&'()-6)$C#33A)X"6-+")
$C#33I)45"3,&-'3)#+"),-)T")#'3N"+"2)-')$-5+3")@#'#("@"',)3-6,N#+"I)$-@@"',3)@#2")-')#)TC-()K%,,G0^^
NNNATC-(3$%-C#+A$-@V)-+)N&E&)K%,,G0^^NNNAN&E&A$-@^VI)#'2)#'3N"+3)-+)-,%"+)@#,"+&#C)"J@#&C"2),-),%")&'3,+5$,-+A
B,),%")T"(&''&'()-6)$C#33I)#)C&D")45&Z)&3)(&D"')#'2)&3)3$-+"2)&')+"#C),&@")N&,%)$C&$E"+3)-+)#')#52&"'$")+"J
3G-'3") 373,"@) K%,,G0^^NNNA,5+'&'(,"$%'-C-(&"3A$-@^3,52"',+"3G-'3"373,"@3^V) KX+566) ;<<UM) ?#C2N"CC)
;<<LM)a5'$#');<<OVA)B)G#G"+)#'2)G"'$&C)45&Z)$#')T")3$-+"2)&@@"2&#,"C7)&')#)$C#33)-6)@#'#("#TC")3&Z"A)
B)45&$E)D&35#C)$%"$E)-6)%-@"N-+E)$-@GC",&-')3%-5C2)T")2-'"A
:'$+"#3")AB#33+--;)9"#+'&'()H$,&=&,7)#'2)E'(#(";"',
b6),%"+")&3)#),+5&3@)&')%&(%"+)"25$#,&-'I)&,)&3),%#,)3,52"',)#$,&D&,7)&'$+"#3"3)C"#+'&'()KS#3$#+"CC#)#'2)!"+"'J
Z&'&)=UU=I);<<OVA)!%")G+&@#+7)+"#3-')$C#33)$-',"',)&3)@-D"2)-5,)-6)$C#33)&3),-)6+"")$C#33),&@")6-+)#$,&D")
C"#+'&'(A)S""+)&'3,+5$,&-'I)N%&$%)&3)#$,&D&,7I)$#')%"CG)@-D")3,52"',3),-)$-',"',I)3E&CC3I)#'2)#66"$,&D")C"#+'J
&'()-5,$-@"3)K1#'Z5+)=UULVA)B$,&D&,7)'"$"33#+&C7)&@G+-D"3)"'(#("@"',I)3&'$"),%")#$,&D")3,52"',)&3)#')
"'(#("2)3,52"',A
#$%&'()*$+,-.,/'%2$8+$,:$82'('C,A%-(3(-D,(',-&$,<=8++2..0
!-)%"CG)3,52"',3)5'2"+3,#'2)$-',"',I),%"7)3%-5C2)#$,&D"C7),"#$%)&,),-)#'-,%"+)G"+3-'I)#3)N&,%)G""+)&'J
VWUXFWLRQ7KH³WKLQNSDLUVTXDUHVKDUH´PRGHOFDQKHOSVWXGHQWVPRYHIURPUHÀHFWLRQWRVKDULQJ%,,G0^^
,"#$%&'(,+&$E3AN""TC7A$-@^,%&'EJG#&+J345#+"J3%#+"A%,@CVA
!-)%"CG)3,52"',3)C"#+')#)3E&CCI),%"7)'""2),-)#$,&D"C7)G+#$,&$")&,)N&,%)3-@"-'")-T3"+D&'()6-+)#$$5+#$7A)!%")
3,52"',)2"@-'3,+#,"3),%")3E&CC),-)#'-,%"+)3,52"',I)N%-)"D#C5#,"3),%")2"@-'3,+#,&-')6-+)#$$5+#$7)N&,%)#)
+5T+&$A)b')k&(3#N)#'2)fHG"+,)(+-5G3)K%,,G0^^NNNA`&(3#NA-+(VI)3,52"',3),"#$%)3E&CC3),-)-,%"+)3,52"',3A
!-)%"CG)3,52"',3)$-@"),-)$#+"I)D#C5"I)-+)3"")N-+,%)&')#)35T`"$,)-+)3E&CCI),%"7)'""2),-)#$,&D"C7)&2"',&67)%-N)
WKLVFRQWHQWRUVNLOOZLOOEHQH¿WWKHPLQWKHIXWXUHDQGDFWLYHO\DUWLFXODWHWKLVEHQH¿WWRDQRWKHUSHUVRQ7KH
PHQXRIEHQH¿WVLQWKH³,GHQWLI\&ODVV*RDOV´VHFWLRQDERYHLVGHVLJQHGWRKHOSVWXGHQWVFRQQHFWFODVV
(-#C3),-),%"&+)65,5+")#'2)&'$+"#3"),%")C&E"C&%--2),%#,),%"7)N&CC)D#C5"),%")$C#33I)$C#33)(-#C3I)#'2)$C#33)#$,&D&J
,&"3A)S+-D&2")-'(-&'()-GG-+,5'&,&"3),-)&2"',&67)%-N)G"-GC")&')+-C"3),%"7)#3G&+"),-)53"),%")$-5+3")$-',"',)
#'2)3E&CC3A)_3")3,+5$,5+"2)#$,&D&,&"3)2"3&('"2),-)-66"+)3,52"',3),%")-GG-+,5'&,7),-)$-'D&'$")#'-,%"+)3,52"',)
,%#,)$-5+3")$-',"',)#'2)3E&CC3)#+")D#C5#TC"A
"
!!N,
!"#$%%&'()$*"$+",-.&/0"$*"1&%+21(345"-*4"6*0()(3()$*-%"67./$8&7&*(9":;<<
:);<==)>&(%"+)9"#+'&'()?-@@&33&-'A)BCC)+&(%,3)+"3"+D"2A
!"#$%&'()*"'"+#,&-')."/,0)1",%-23)#'2)!"$%'&45"3)6-+)!-2#783)9"#+'"+3
B$,&D&,7)'"$"33#+&C7)&@G+-D"3)"'(#("@"',I)3&'$"),%")#$,&D")3,52"',)&3)#')"'(#("2)3,52"',A)P"D"+#C),"$%J
'&45"3)&@G+-D")3,52"',)"'(#("@"',)2&+"$,C7A
#$%&'()*$+,-.,/012.3$,4-*5$'-,P'C8C$0$'f'35+&'(),%#,)3,52"',3)#+")G+"G#+"2)6-+)$C#33)$#')&@G+-D")&'J$C#33)"'(#("@"',I)#3),%"7)%#D")@#2")#')
&'D"3,@"',I)G-33"33)3-@")E'-NC"2(")#T-5,),%")35T`"$,I)#'2)%#D")3-@",%&'(),-)&',"+#$,)#T-5,A)B52&"'$")
+"3G-'3")373,"@3)-+)$C&$E"+3)#+")G-N"+65C),--C3)6-+)E""G&'()3,52"',3)"'(#("2I)"3G"$&#CC7)&')C#+(")$C#33"3)
KX+566);<<UM)?#C2N"CC);<<LM)a5'$#');<<OVA)!%"7)#C3-)"'$-5+#(")$C#33)2&3$533&-'I)N%&$%)&'$+"#3"3)"'J
(#("@"',A)W%"')3,52"',3)#+")53&'()#52&"'$")+"3G-'3")373,"@)#GG3)-'),%"&+)3@#+,G%-'"3I),%"7)#+")C"33)
C&E"C7),-)T")53&'(),%-3")@-T&C")2"D&3"3)6-+)-,%"+)#$,&D&,&"3I)C&E"),"H,&'()#'2)(#@"3I),%#,)+"25$")"'(#("@"',)
N&,%),%")$C#33A
W%"')"'$-5+#(&'()$C#33)G#+,&$&G#,&-')#'2)2&3$533&-'I)3,52"',)G#+,&$&G#,&-')3%-5C2)'-,)T")D-C5',#+7A)j-CJ
5',#+7)G#+,&$&G#,&-'),"'23),-)T")C"33)"'(#(&'()6-+),%")@#`-+&,7)-6)3,52"',3I)#3),%")6"N)@-3,)D"+T#C)#'2)
"H,+-D"+,"2)3,52"',3),"'2),-)@-'-G-C&Z")$C#33)2&3$533&-'A)W%"')#CC)3,52"',3)E'-N),%#,),%"7)@#7)T")$#CC"2)
-'I)"3G"$&#CC7)N%"'),%")3"C"$,&-')&3)+#'2-@&Z"2I),%"7)+"@#&')@-+")"'(#("2A
:;<+-=")H33"33;"',3)#'2)H$$-5',#I&B&,7
B3)&'3,+5$,&-')@-D"3)6+-@),%"),+#2&,&-'#C)6#$5C,7)2"C&D"+7)-6)$-',"',)G+-$"33),-)#)3,52"',)$-'3,+5$,&-')-6)
C"#+'&'()@-2"CI)&'3,+5$,-+3)#C3-)'""2),-)@-D")6+-@)#)+"C&#'$")-')35@@#,&D")#33"33@"',3)-6)C"#+'&'()
-5,$-@"3) ,-) #33&(') (+#2"3I) 535#CC7) "@G%#3&Z&'() $-',"',I) ,-) -'(-&'() 6-+@#,&D") "66-+,3) ,-) @-'&,-+) #'2)
PHDVXUHWKHHI¿FDF\RILQVWUXFWLRQDQGVWXGHQWV¶PRYHPHQWWRZDUGPHDQLQJIXOOHDUQLQJRXWFRPHV
#$%&'()*$+,(',6.208-(3$,A++$++0$'-+
?C#33+--@) +"3G-'3") 373,"@3) %"CG) &'3,+5$,-+3) @-'&,-+) -'(-&'() 3,52"',) C"#+'&'() KX+566) ;<<UM) ?#C2N"CC)
;<<LM)a5'$#');<<OVA)9-NJ,"$%),"$%'&45"3)C&E")5'(+#2"2)45&ZZ"3I)G+&D#,")+"3G-'3"I)#'2)#'-'7@-53)-GJ
G-+,5'&,&"3)#CC-N)#CC)3,52"',3)-GG-+,5'&,&"3),-)C",)&'3,+5$,-+3)E'-N),%"&+)-'(-&'()5'2"+3,#'2&'(3)-+)3E&CC3A)
P5@@#,&D")#33"33@"',3)#'2)(+#2"2)C"#+'&'()-5,$-@"3)3%-5C2)@-D")6+-@)#)+"C&#'$")-')$-',"',),-)T+-#2"+)
@"#35+"3)&'$C53&D")-6)3E&CC3)#'2)#,,&,52"3A
#$%&'()*$+,(',4*008-(3$,A++$++0$'-+
P&'$")3,52"',3)#+")#33"33"2)#,),%")$-',"',)C"D"C)T#3"2)-')T+&'(&'()$-',"',),-)$C#33I),%"+")@#7)T")C"33)
QHHGIRUDQGHPSKDVLVRQFRQWHQWOHYHOWHVWLQJ&RQWHQWOHYHODVVHVVPHQWVKRXOGEHUHÀHFWHGLQVNLOOV
#33"33@"',3A)!%"+")3%-5C2)T")C"33)"@G%#3&3)-')3,52"',38)#T&C&,7),-)+"(5+(&,#,")&'6-+@#,&-')#'2)@-+")-')
,%"&+)#T&C&,7),-)#GGC7),%#,)&'6-+@#,&-'A
B33"33@"',3)-6)C"#+'&'()+"C#,"2),-)D#C5"3I),%")#66"$,&D")C"D"CI)#'2)%-N)@5$%)3,52"',3)%#D")$-@"),-)$#+")
#+")+"C#,&D"C7)'"N),-)@-3,)6#$5C,7I)T5,)$#')T")"HGC-+"2)#'2)#22+"33"2),%+-5(%)-G"'J"'2"2)3%-+,J#'3N"+)
#'2)"33#7)45"3,&-'3)C&E")[W%#,)N#3),%")@-3,)&@G-+,#',),%&'()7-5)C"#+'"2)6+-@),%&3)$%#G,"+g\)#'2)[>-N)
$#')N%#,)7-5)C"#+'"2)6+-@),%&3)5'&,)%"CG)7-5)&'),%")65,5+"g\
H$$-5',#I&B&,7
B$$-5',#T&C&,7)+"C#,"3),-)-5+)"66-+,3),-)&@G+-D")&'3,+5$,&-'#C)G+#$,&$"3)#'2)"25$#,&-'#C)-5,$-@"3)&')C&(%,)-6)
-5+)G+-6"33&-'#C)-TC&(#,&-'3)#'2),%")"HG"$,#,&-'3)-6)#$$+"2&,-+3I)"@GC-7"+3I)(-D"+'@"',3I)65'2"+3I)G#+"',3I)
!"#$%%&'()$*"$+",-.&/0"$*"1&%+21(345"-*4"6*0()(3()$*-%"67./$8&7&*(9":;<<
:);<==)>&(%"+)9"#+'&'()?-@@&33&-'A)BCC)+&(%,3)+"3"+D"2A)
!!O
?%#G,"+);A)S+-(+#@3)#'2)P,+5$,5+"3),%#,)P5GG-+,)P,52"',)P5$$"33
#'2),%")G5TC&$)#,)C#+("A)b'3,+5$,-+3)@&(%,)$%#CC"'("),%"@3"CD"3)KT"6-+"),%"7)#+")$%#CC"'("2)T7)-,%"+3V)
,-)2"@-'3,+#,"),%#,),%"7)#+")&'$-+G-+#,&'(),%")+"3"#+$%)#'2)2#,#)-')T"3,)G+#$,&$"3)&',-),%"&+)&'3,+5$,&-'A
b,) &3) %-G"2) ,%#,) ,%") ,"$%'&45"3) 2"3$+&T"2) %"+") N&CC) $-',+&T5,") ,-) @"",&'() ,%&3) &'$+"#3"2) #$$-5',#T&C&,7)
,%+-5(%) +"$-('&Z&'() #'2) #GG+"$&#,&'() ,%") ,+#&,3) -6) -5+) C"#+'"+3I) C"D"+#(&'() ,"$%'-C-(7I) #'2) &'$+"#3&'()
3,52"',)#$,&D&,7I)#CC),-),%")"'2)-6)%"CG&'()3,52"',3)&2"',&67)G"+3-'#CC7)+"C"D#',)53"3)6-+)#$#2"@&$)$-',"',I)
2"D"C-G)@"#'&'(65C)3E&CC3I)#'2)$-@"),-)D#C5"),%"&+)C"#+'&'(A)B3)6#$5C,7),"#$%&'(),%")C"#+'"+3)6+-@)*"'"+#J
,&-')."/,I)#3)N"CC)#3),%")-,%"+)3,52"',3)N")3"+D"I)N")@53,)53"),%")T"3,)#D#&C#TC")+"3-5+$"3)#'2)@",%-23)
WRKHOSGHYHORSVXFFHVVIXOJUDGXDWHVDQGOLIHORQJOHDUQHUVHTXLSSHGWRFRQWULEXWHWRDQGEHQH¿WIURPWKHLU
N-+C2)-6),%"),%&+2)@&CC"''&5@A
J"6"+"'$"3
X#++I)lA)XAI)#'2)kA)!#((A)=UUOA)F+-@),"#$%&'(),-)C"#+'&'(0)B)'"N)G#+#2&(@)6-+)5'2"+(+#25#,")"25$#,&-'A)
#A-*B&);L)K.-D"@T"+^a"$"@T"+V0)=;d;OA
X-EI)aA);<<RA)=3/"3*4&/-'A)&8)*B"'$%%&B&0A)S+&'$",-'I).k0)S+&'$",-')_'&D"+3&,7)S+"33A
X+566I)aA);<<UA)C&-'A)*B"D)(A"'%-00/$$7"/&0.$*0&"050(&70E)P#')F+#'$&3$-0)k-33"7JX#33A
?#C2N"CCI)kA);<<LA)?C&$E"+3)&'),%")C#+(")$C#33+--@0)?5++"',)+"3"#+$%)#'2)T"3,JG+#$,&$"),&G3A)F)+&"1')&*'&0"
G43'-()$*)RM)Ud;<A
?-#,"3I)kA);<<LA)H&*&/-()$*-%"%&-/*)*B"0(5%&0A)l&D"+)F#CC3I)Wb0)9fl.)X--E3A
a5'$#'I)aA);<<OA)#%)'>&/0")*"(A&"'%-00/$$7A)P#')F+#'$&3$-0)S"#+3-'A
*#+2&'"+I)9A)=UUYA)W%7)N")@53,)$%#'("0)!%")+"3"#+$%)"D&2"'$"A)CA&"IG!"?)BA&/"G43'-()$*"J$3/*-%I)
PG+&'(I)L=dYYA
>"+3$%I)lA)>AI)#'2)kA)1"++-NA);<<OA)K&'%)*)*B"@5"4&B/&&0L"?)BA&/"&43'-()$*"-("/)0>A)."N)e-+E0)S#C(+#D")
1#$@&CC#')S+"33A
1#'Z5+I)fA)=UULA),&&/")*0(/3'()$*L"!"30&/0"7-*3-%A)_GG"+)P#22C")l&D"+I).k0)S"#+3-'JS+"',&$")>#CCA
1#3C-NI)BA)=UL<A)M$()8-()$*"-*4".&/0$*-%)(5A)P#')F+#'$&3$-0)>#+G"+)#'2)l-NA
S#3$#+"CC#I)fA)!AI)#'2)SA)!A)!"+"'Z&'&A)=UU=A)?$D"'$%%&B&"-++&'(0"0(34&*(0L"N)*4)*B0"-*4")*0)BA(0"+$/"(D&*(5"
5&-/0"$+"/&0&-/'AA)P#')F+#'$&3$-0)k-33"7JX#33A
cccA);<<OA)?$D"'$%%&B&"-++&'(0"0(34&*(09"O$%37&":L"!"(A)/4"4&'-4&"$+"/&0&-/'AA)P#')F+#'$&3$-0)k-33"7J
X#33A
S+"'3E7I)1A);<<=#A)a&(&,#C)'#,&D"3I)2&(&,#C)&@@&(+#',3A)=*"(A&"?$/)P$*"UKOV0)=dRA
cccA);<<=TA)a&(&,#C)'#,&D"3I)2&(&,#C)&@@&(+#',30)a-),%"7)+"#CC7),%&'E)2&66"+"',C7g)=*"(A&"?$/)P$*"UKRV0)=d=<A
P$%+-"2"+I) ?A) ;<<QA) ."N) 3,52"',3c'"N) C"#+'&'() 3,7C"3A) %,,G0^^NNNAD&+,5#C3$%--CA"25^@-'^B$#2"@&#^
i&"+3"79"#+'&'(P,7C"3A%,@CA
!#((I)kA);<<QA)W%7)C"#+'g)W%#,)N")@#7)+"#CC7)T"),"#$%&'()3,52"',3A)!@$3("#-7.30I)1#+$%JBG+&CI);d=<A
"
!!Q,
!"#$%%&'()$*"$+",-.&/0"$*"1&%+21(345"-*4"6*0()(3()$*-%"67./$8&7&*(9":;<<
:);<==)>&(%"+)9"#+'&'()?-@@&33&-'A)BCC)+&(%,3)+"3"+D"2A
!"#$%&'()*"'"+#,&-')."/,0)1",%-23)#'2)!"$%'&45"3)6-+)!-2#783)9"#+'"+3
!#G3$-,,I)aA);<<UA)H/$D*"3."4)B)(-%A)."N)e-+E0)1$*+#NJ>&CCA
!#7C-+I) 1A) ;<<OA) *"'"+#,&-') ."/,0) !-2#783) G-3,@-2"+') 3,52"',c@"",&'(I) ,"#$%&'(I) #'2) 3"+D&'(A) b')
!" '$%%&'()$*" $+" .-.&/0" $*" 0&%+20(345" -*4" )*0()(3()$*-%" )7./$8&7&*(9" :;;QI) ;I) UUd=<LA) ?%&$#(-0) >&(%"+)
9"#+'&'()?-@@&33&-'A)KBD#&C#TC")#3)2-N'C-#2)#,)NNNA,#7C-+G+-(+#@3A$-@AV
cccA);<<RA)*"'"+#,&-')."/,)$-@"3),-)$-CC"("0);<<R)5G2#,"3)#'2)"@"+(&'()&335"3A)b')!"'$%%&'()$*"$+"
.-.&/0"$*"0&%+20(345"-*4")*0()(3()$*-%")7./$8&7&*(9":;;RI);I)QYdOOA)?%&$#(-0)>&(%"+)9"#+'&'()?-@@&3J
3&-'A)KBD#&C#TC")#3)2-N'C-#2)#,)NNNA,#7C-+G+-(+#@3A$-@AV
cccA);<<LA)*"'"+#,&-')."/,)(-"3),-)N-+E0)b335"3)&')N-+EGC#$")+"#2&'"33)#'2)G"+6-+@#'$"A)b')!"'$%2
%&'()$*"$+".-.&/0"$*"0&%+20(345"-*4")*0()(3()$*-%")7./$8&7&*(I);I)QYdOOA)?%&$#(-0)>&(%"+)9"#+'&'()?-@J
@&33&-'A)KBD#&C#TC")#3)2-N'C-#2)#,)NNNA,#7C-+G+-(+#@3A$-@AV
cccA);<=<A)!"#$%&'()*"'"+#,&-')."/,0)B)G"2#(-(7)6-+),-2#783)C"#+'"+3A)b')!"'$%%&'()$*"$+".-.&/0"$*"
0&%+20(345"-*4")*0()(3()$*-%")7./$8&7&*(9":;<;I)mI)=U;d=URA)?%&$#(-0)>&(%"+)9"#+'&'()?-@@&33&-'A)KBD#&CJ
#TC")#3)2-N'C-#2)#,)NNNA,#7C-+G+-(+#@3A$-@AV
!N"'("I)kA)1A);<<RA)*HQHUDWLRQPH:K\WRGD\¶V\RXQJ$PHULFDQVDUHPRUHFRQ¿GHQWDVVHUWLYHHQ2
()(%&4S-*4"7$/&"7)0&/-@%&"(A-*"&8&/"@&+$/&E)."N)e-+E0)F+"")S+"33A
_APA)a"G#+,@"',)-6)f25$#,&-'A);<<RA)!"(&0("$+"%&-4&/0A).L"#A-/()*B"(A&"+3(3/&"$+"TE1E"A)BA&/"&43'-()$*A)
l"G-+,)-6),%")?-@@&33&-')BGG-&',"2)T7)P"$+",#+7)-6)f25$#,&-')1#+(#+",)PG"CC&'(A)W#3%&'(,-'I)a?0)B5,%-+A
!"#$%&"'()#")0"!4U3*'("-("!/>-*0-0"1(-(&"T*)8&/0)(52V&&@&")*"F)((%&"W$'>E
!"#$%%&'()$*"$+",-.&/0"$*"1&%+21(345"-*4"6*0()(3()$*-%"67./$8&7&*(9":;<<
:);<==)>&(%"+)9"#+'&'()?-@@&33&-'A)BCC)+&(%,3)+"3"+D"2A)
!!R