@+3+&* A6#8

@&+7# B7/+&*
O-#*+*>!,&&'3!/&!!")(#22/)9%.
:)8879/4%3/)9!8*6!:)..%+)"%3/)9
1;'<=>?=@>A'<B'CD>'=@=1'!?<E>:C'<B';>A'F<?GH6'
C16G'B<?:>'?>:<II>;-1C@<;6
'
!"#$%"#&'()"*!!"#$!%&'(!)#*+&'!,#-./0!1&22+33+&*#'!&4!56.78/+&*9!,':!;&<*!=+*>!;':
!"#$%"#&'+,*!!?<#!@A@B!C'&D#7/!&4!"#$!%&'(!?83(!E&'7#!
-#./0#"#&*!!?.#36809!;8*.8'0!FF9!GHFF
1+23"%43'5'6788%3/)9*'1I833'&&2!/#87<#'3!4'&2!87'&33!"#$!%&'(!)/8/#!J&I.*/##'#6
/<#+'!/+2#!/&!3-#*6!<.*6'#63!&4!<&.'3!$&'(+*>!/&>#/<#'!/&!+6#*/+40!/<#!/&.><#3/!#6.78/+&*8I!
7<8II#*>#3!8*6!/&!7'#8/#!3&I./+&*3!6#I+J#'#6!3/'8+></!4'&2!/<#+'!#K-#'+#*7#3!+*!/<#!7I833'&&2:!
52-&$#'#6!L0!7.//+*>!#6>#!/#7<*&I&>09!8*6!'#-'#3#*/+*>!8!'8*>#!&4!>'86#39!37<&&I39!
8*6!3#//+*>39!/#87<#'3!7&II8L&'8/#6!/&!7'#8/#!8!3#/!&4!+6#83!4&'!2#83.'+*>!/#87<#'!
#44#7/+J#*#33:!B!328II!>'&.-!&4!/#87<#'3!$#'#!+6#*/+4+#6!8*6!$&'(#6!/&>#/<#'!/&!
&'>8*+M#!/<#!/#87<#'3N!7&II#7/+J#!/<&.></39!+6#839!8*6!J+3+&*!+*/&!/<+3!'#-&'/:

'JJJK0/0%3#%4L#"2K)"M
 "#$#%& *+,-
@; C?<- N:C @<;

CL#'=@=1'!")O#43')(';#J'F)"P "%#(, '()#%&

?<#!@A@B!P@+3+&*!A6#8!@&+7#!B7/+&*Q!C'&D#7/!&4!"#$!%&'(!+*J+/#6!/#87<#'3!
4'&2!.'L8*9!3.L.'L8*9!8*6!'.'8I!37<&&I3!/<'&.><&./!"#$!%&'(!)/8/#!/&!
3<8'#!/<#+'!+6#839!/<#+'!J&+7#9!8*6!/<#+'!'#8IRI+4#!7I833'&&2!#K-#'+#*7#!6+'#7/I0!
$+/<!"#$!%&'(!3/8/#!-&I+70!28(#'3:!!S#/$##*!)#-/#2L#'!FT/<!8*6!O7/&L#'!
FH/<9!&J#'!UH!/#87<#'3!'#-'#3#*/+*>!8!20'+86!&4!#K-#'+#*7#3!8*6!>'86#R
I#J#I3!3+>*#6R.-!/&!$&'(!/&>#/<#'!4&'!/<#!4+'3/!/+2#!/&!7'#8/#!7I833'&&2RL83#6!3&I./+&*3!'#>8'6+*>!
/#87<#'!#J8I.8/+&*!2#83.'#3:!!

E87+I+/8/#6!&*I+*#!L0!1+*60!V+7<8'639!8!*8/+&*8II0!'#7&>*+M#6!D&.'*8I+3/!$+/<!8!L87(>'&.*6!+*!
7&J#'+*>!#6.78/+&*9!#2-&$#'#6!$+/<!/<#!/#7<*&I&>0!&4!/<#!@A@B!C'&D#7/!A6#8!W+*#F9!8*6!+*4&'2#6!
L0!/<#+'!'#8I!7I833'&&2!#K-#'+#*7#9!&'6+*8'0!/#87<#'3!7&II8L&'8/#6!/&!+6#*/+40!+6#83!/&!2#83.'#!
/#87<#'!#44#7/+J#*#33:!!CL/2'$")4#22'J%2'4)9&743#&'/9'3L"##'23%M#2*

,.'+*>!/<#!(/"23'23%M#9!$<+7<!I83/#6!4&.'!$##(39!/#87<#'3!$#'#!83(#6!/&!&44#'!/<#+'!+6#83!&*!
2.I/+-I#!2#83.'#3!&4!/#87<#'!#J8I.8/+&*:!!1&II#7/+J#I09!*#8'I0!XH!+6#83!8*6!7&22#*/3!$#'#!&44#'#6:!!

?<#!2#4)9&'23%M#!L#>8*!8/!/<#!7&*7I.3+&*!&4!/<#!4&.'R$##(!+6#8R3<8'+*>!-<83#!8*6!I83/#6!
L#/$##*!"&J#2L#'!G*6!8*6!,#7#2L#'!GF3/:!!B!4&'.2!2&6#'8/&'9!8I&*>!$+/<!@A@B!86J+3&'39!
3#I#7/#6!8*6!833#2LI#6!&*I+*#!8!328II!>'&.-!&4!/#87<#'3!/<8/!L#782#!/<#!@A@B!C'&D#7/!&4!"#$!
%&'(!?83(!E&'7#:!!?<#3#!/#87<#'39!'#-'#3#*/+*>!6+J#'3#!7I833'&&2!3#//+*>3!8*6!-'&4#33+&*8I!
/#87<+*>!#K-#'+#*7#9!$#'#!3#I#7/#6!4&'!/<#+'!I#J#I!&4!7&*/'+L./+&*3!8*6!/<#+'!+6#83!8*6!7&22#*/8'0!
6.'+*>!/<#!+*+/+8I!3/8>#:

?<#!/<+'6!8*6'(/9%.'23%M#!&4!/<#!-'&7#33!$+II!L#!7&2-I#/#6!&*!;8*.8'0!FF9!GHFF9!$<#*!2#2L#'3!
&4!/<#!"#$!%&'(!?83(!E&'7#!$+II!/'8J#I!/&!BIL8*0!/&!-'#3#*/!/<+3!'#-&'/!+*!-#'3&*!/&!,':!;&<*!=+*>!;':9!
/<#!"#$!%&'(!)#*+&'!,#-./0!1&22+33+&*#'!&4!56.78/+&*!8*6!<+3!3/844:!!

Y#!L#I+#J#!+*!/<#!-&$#'!&4!+*3-+'8/+&*!/<8/!>'&$3!4'&2!'#8I!I+4#!#K-#'+#*7#3!8*6!+*!/<#!-&$#'!
&4!+*6+J+6.8I!J&+7#3!/&!28(#!L+>!7<8*>#:!@A@B!/#87<#'3!8'#!8*!#K82-I#!&4!/<8/!-&$#'!+*!87/+&*:!
Y#!8'#!+*3-+'#6!L0!/<#+'!#K82-I#!8*6!>'8/#4.I!4&'!/<#+'!-&3+/+J#!7&*/'+L./+&*!/&!/<#!3/'#*>/<!&4!&.'!
6#2&7'8/+7!-'&7#33:

=@=1'!")O#43')(';#J'F)"P'C%2P'B)"4#
Z! !W8'(!B*6#'3&*!P"#$!%&'(9!"%Q
Z! !C#>>0!1'&.7<!PY<+/#!CI8+*39!"%Q
Z! !S8'L8'8![3&J3(+!PS'&&(I0*9!"%Q
Z! !E'8*7&!Y8II3!P?&*8$8*689!"%Q

?<+3!$&'(!+3!/<#!'#3.I/!&4!/<#!3.--&'/!8*6!#*>8>#2#*/!&4!/<#!"#$!%&'(!1<8'/#'!)7<&&I3!
B33&7+8/+&*:!Y#!8'#!>'8/#4.I!4&'!/<#+'!-833+&*!4&'!#K7#II#*7#!+*!#6.78/+&*!8*6!#*/<.3+832!
4&'!+**&J8/+&*:

1
Idea Mine is the proprietary technology and collaboration methodology of SocialSphere, Inc. !"#$%&%'$()*+#,-$*.$/#0$1*)2$!
@; ->Q '< B'1:C @<;1RS> ' @ - >16

CL#'=@=1'!")O#43')(';#J'F)"P A*6#K

?#4)88#9&%3/)9'T
Teacher Evaluations Must Take Place in the Context of a Professional Learning Community

?#4)88#9&%3/)9'U
Multiple Measures Must be Used to Evaluate a Teacher’s Performance in a Manner That is Adjusted for the
Particular Context in Which the Teachers Works

?#4)88#9&%3/)9'V'
Additional Flexibility and Data Will be Necessary When Using Multiple Measures of Teacher Performance for High
Stakes Decisions Such as Tenure or Compensation

?#4)88#9&%3/)9'W'
New Evaluation Approaches Should be Developed for Non-Tested Subjects with Significant Input from Subject
Matter Teachers

?#4)88#9&%3/)9'X
Adjustments for Teachers of Students with Disabilities or English Language Learners Should be Consistent
Across the State

?#4)88#9&%3/)9'Y
Use Existing Rubrics to Evaluate New York Teachers, but Adapt Them for Specific Local Circumstances

!"#$%&%'$()*+#,-$*.$/#0$1*)2$.
=@=1'C16G'B< ?:>' ?> :<I I > ; - 1C@< ;6

<$#9/9M'-))"2'3)'!")(#22/)9%.' OJ#'J+#$
:)8879/4%3/)9'%9&':)..%+)"%3/)9

?<#!@A@B!C'&D#7/!&4!"#$!%&'(N3!?83(!E&'7#!2#2L#'3!-8'/+7+-8/#6!+*!8*!#+></R$##(!&*I+*#!3/.60!
>'&.-!8*6!6+37.33+&*!8L&./!2.I/+-I#!2#83.'#3!&4!/#87<#'!#J8I.8/+&*:!!O.'!>&8I!+3!/&!-'&J+6#!
,':!;&<*!=+*>!;':!8*6!<+3!3/844!$+/<!+*3+></3!>8+*#6!6+'#7/I0!4'&2!$&'(+*>!7I833'&&2!/#87<#'3!83!
/<#0!3<8-#!'#>.I8/+&*3!/&!+2-I#2#*/!1<8-/#'!FHT!&4!/<#!"#$!%&'(!)/8/#!)/8/./#39!$<+7<!$83!
#*87/#6!+*!;.*#!GHFH:!!Y#!I+2+/#6!&.'!6+37.33+&*!/&!/<&3#!2#83.'#3!&4!/#87<#'!#44#7/+J#*#33!/<8/!
>&!L#0&*6!3/.6#*/!87<+#J#2#*/!/#3/39!$<+7<!$#!'#4#'!/&!83!\/<#!UH!-&+*/3]!487/&'3!+*!/<#!*#$!I8$:!!

:7""#93':)9&/3/)92
A*!28*0!37<&&I3!/<#'#!7.''#*/I0!#K+3/3!8!7.I/.'#!&4!\7I&3#6!6&&'3:]!!?#87<#'3!7I&3#!/<#!6&&'3!&4!
/<#+'!7I833'&&2!8*6!&-#'8/#!+*!+3&I8/+&*!4'&2!#87<!&/<#'9!83+6#!4'&2!+*7+6#*/8I^<8-<8M8'6!3&7+8I!
*#/$&'(+*>:!!B62+*+3/'8/&'3!28+*I0!7&22.*+78/#!$+/<!/#87<#'3!/<'&.><!2#2&39!+*4'#_.#*/!P+4!
8*0Q!4&'28I!&L3#'J8/+&*39!&'!3<8II&$!4##6L87(!&*!L.II#/+*!L&8'63!&'!6&&'!6+3-I803:!!?<+3!+3&I8/+&*!
+3!L86!4&'!/#87<#'39!L86!4&'!-'+*7+-8I39!8*6!L86!4&'!3/.6#*/3:!!A/!I#8J#3!/#87<#'3!/&!3+*(!&'!3$+29!
-'&J+6+*>!/<#2!$+/<!I+//I#!&4!/<#!2#8*+*>4.I!4##6L87(!*#7#338'0!/&!+2-'&J#!-#'4&'28*7#:!!S#78.3#!
&4!/<+3!6#4+7+/!&4!&J#'3+></!8*6!>.+68*7#!4'&2!-'+*7+-8I39!/<#0!8'#!*&/!J+#$#6!83!8./<#*/+7!I#86#'3!
&4!+*3/'.7/+&*9!*&'!6&!/<#0!8--#8'!/&!<8J#!8!7I#8'!J+3+&*!&4!/<#!<.28*!78-+/8I!833#/3!$+/<+*!/<#+'!
L.+I6+*>:!!?<+3!+*3/+/./+&*8I!6+I#228!78*!-&/#*/+8II0!<8'2!3/.6#*/39!$<&!'#_.+'#!8!-&3+/+J#!8*6!
3/'.7/.'#6!#*J+'&*2#*/`6'+J#*!L0!-'&4#33+&*8I+32!8*6!7&II8L&'8/+&*`+*!&'6#'!/&!L#3/!87<+#J#:

;#4#22/3,'()"'>((#43/0#'B##&+%4P
E##6L87(!$+/<!7&*3#_.#*7#3!4&'!L&/<!3/.6#*/3!8*6!/#87<#'3!8''+J#3!28+*I0!+*!/<#!4&'2!&4!
3.228/+J#!4##6L87(9!3.7<!83!/<'&.><!3/8/#!833#332#*/3!&'!'#-&'/!78'639!$<+7<!>#*#'8II0!
8**&.*7#!$<#/<#'!&'!*&/!&*#!+3!2##/+*>!-'&4+7+#*7+#3:!!?<+3!(+*6!&4!4##6L87(!-'&J+6#3!I+//I#!L#*#4+/!
4&'!#+/<#'!3/8(#<&I6#'!8*6!+3!&4/#*!J+#$#6!I8'>#I0!83!-.*+/+J#!+*!*8/.'#9!83!7&*3#_.#*7#3!8''+J#!
/&&!I8/#!/&!8II&$!4&'!7&''#7/+&*3:!!544#7/+J#!4##6L87(!2.3/!+*7I.6#!3.228/+J#!2#83.'#39!L./!8I3&!
+*7&'-&'8/#!4&'28/+J#!2#83.'#3!/&!#K-I+7+/I0!>.+6#!8*6!-'&J+6#!87/+J#!'#6+'#7/+&*3!/<'&.><&./!/<#!
-'&7#33!&4!6#J#I&-2#*/:!E.'/<#'2&'#9!#44#7/+J#!4##6L87(!877&.*/3!4&'!8!>&8I!8*6!-'&J+6#3!7I8'+/0!
&*!-'&>'#33!/&$8'63!/<8/!>&8I:

?<+3!*#7#33+/0!4&'!4&'28/+J#!2#83.'#3!8*6!4##6L87(!#K/#*63!4'&2!3/.6#*/3!8II!/<#!$80!.-!/&!
-&I+7028(#'3:!!C&I+7028(#'3!*##6!/&!<8J#!8!7I#8'!8*6!/'8*3-8'#*/!J+3+&*!&4!$<8/!>&#3!&*!+*3+6#!
7I833'&&23!+*!&'6#'!/&!28(#!'#I#J8*/!8*6!'#8I+3/+7!6#7+3+&*3!/<'&.><&./!/<#!-'&7#33!&4!#6.78/+&*8I!
'#4&'2:!!?<#'#!2.3/!/<#'#4&'#!L#!303/#23!+*!-I87#!$+/<+*!8*6!&./3+6#!&4!37<&&I3!/&!4&3/#'!
7&II8L&'8/+&*!8*6!7&22.*+78/+&*9!>8/<#'!J8I+6!4&'28/+J#!68/89!8*6!-'&J+6#!2#8*+*>4.I9!&*>&+*>!
4##6L87(!8/!8II!I#J#I3:!!

!"#$%&%'$()*+#,-$*.$/#0$1*)2$/
 OJ#'J+#$

6,23#82'%9&'63"7437"#2')('64L)).ZA/&#'67$$)"3 T
?#87<#'3!8I3&!'#_.+'#!303/#23!8*6!3/'.7/.'#3!$+/<+*!/<#!37<&&I!/<8/!3.--&'/!/<#+'!#44&'/3!
+*!-'&J+6+*>!#J+6#*7#RL83#69!#44#7/+J#!+*3/'.7/+&*!4&'!8II!/<#+'!3/.6#*/3:!!).7<!303/#23!8*6!
3/'.7/.'#3!+*7I.6#!877#-/#6!3/8*68'63!&4!-#'4&'28*7#!$+/<+*!/<#!L.+I6+*>9!7I#8'I0!7&22.*+78/#6!
#K-#7/8/+&*3!8*6!-'&7#6.'#39!+*3/'.7/+&*8I!7&87<#3!8*6!I#86#'39!C&3+/+J#!S#<8J+&'8I!A*/#'J#*/+&*!
8*6!).--&'/3!PCSA)Q9!V#3-&*3#!/&!A*/#'J#*/+&*!PV?AQ!2&6#I39!8*6!C'&4#33+&*8I!a#8'*+*>!
1&22.*+/+#3:!!Y+/<&./!3.7<!3.--&'/3!+*!-I87#9!/#87<#'3!8'#!I#4/!/&!*8J+>8/#!7&2-I#K!8786#2+7!
7&*/#*/!8*6!L#<8J+&'8I!7<8II#*>#3!I8'>#I0!&*!/<#+'!&$*:

C#%4L#"'>0%.7%3/)92'%2'%9'<$$)"379/3,'3)'<$#9'-))"2
?#87<#'!#J8I.8/+&*3!-'&J+6#!8*!&--&'/.*+/0!/&!&-#*!6&&'3!/&!/<#!-'&7#33!&4!&*>&+*>!
7&22.*+78/+&*!8*6!7&II8L&'8/+&*:!!?#87<#'3!78*!'#7#+J#!4##6L87(!*##6#6!/&!+2-'&J#!/<#+'!
+*3/'.7/+&*8I!6#I+J#'0!8*6!8I3&!>8+*!'#7&>*+/+&*!4&'!/<#+'!3.77#33#3:!!C'+*7+-8I3!78*!87_.+'#!+*3+></!
+*/&!/<#!/8I#*/3!&4!/<#!/#87<#'3!8*6!&/<#'!-'&4#33+&*8I!3/844!+*!/<#+'!37<&&I!8*6!28(#!&'>8*+M8/+&*8I!
8*6!-'&4#33+&*8I!6#J#I&-2#*/!6#7+3+&*3!877&'6+*>I0:!!,+3/'+7/!I#86#'3!8*6!-&I+7028(#'3!78*!
'#86D.3/!'#3&.'7#39!-'&>'8239!8*6!-&I+7+#3!877&'6+*>!/&!833#33#6!*##6:

A2-I#2#*/+*>!8*!&-#*!-'&4#33+&*8I!I#8'*+*>!7&22.*+/0!78*!L#!6+44+7.I/!L#78.3#!-&I+7028(#'39!
6+3/'+7/!I#86#'39!8*6!#J#*!-'+*7+-8I3!<8J#!I+//I#!.*6#'3/8*6+*>!&4!/<#!*#7#338'0!68/8!/&!6&7.2#*/!
8*6!#J8I.8/#!+*3/'.7/+&*8I!-'87/+7#3!/<8/!$+II!L#3/!3#'J#!8!3-#7+4+7!7&22.*+/0N3!*##63:!!A*!
487/9!/#87<#'3!/<#23#IJ#3!8'#!&4/#*!/<#!2&3/!(*&$I#6>#8LI#!8L&./!#44#7/+J#!7.''+7.I8'!8*6!
#*J+'&*2#*/8I!86D.3/2#*/3!/&!2##/!3/.6#*/!*##63:!!b&$#J#'9!6.#!/&!/#87<#'!+3&I8/+&*9!I87(!&4!
#2-&$#'2#*/!+*!6#7+3+&*R28(+*>!-'&7#33#39!8*6!I+//I#!37<#6.I#6!/+2#!/&!2##/9!7&II8L&'8/#9!8*6!
#K82+*#!3/.6#*/!68/8!/&!866'#33!/<#+'!*##639!/<#3#!#2#'>+*>!I&78I!I#86#'3!8*6!#K-#'/3!8'#!*&/!
#44#7/+J#I0!./+I+M#6:!

Y#!&44#'!3-#7+4+7!3.>>#3/+&*3!8L&./!<&$!/&!L.+I6!8!68/8!3#/!/<8/!78*!L#//#'!2#83.'#!/#87<#'!
#44#7/+J#*#33!&*!3/.6#*/!I#8'*+*>9!L83#6!&*!&.'!7&II#7/+J#!7I833'&&2!#K-#'+#*7#!8*6!-'&4#33+&*8I!
/'8+*+*>!8*6!/<8/!&4!/<#!&/<#'!/#87<#'3!$<&!-8'/+7+-8/#6!+*!8!2&*/<RI&*>!&*RI+*#!7&*J#'38/+&*!
8L&./!/#87<#'!#J8I.8/+&*:!!Y#!<8J#!I+2+/#6!&.'!6+37.33+&*!/&!487/&'3!&/<#'!/<8*!3/8*68'6+M#6!
/#3/3!37&'#3:!

S#4&'#!$#!78*!6#4+*#!8!68/8!3#/!/&!#J8I.8/#!/#87<#'3N!+2-87/!&*!3/.6#*/!I#8'*+*>9!$#!*##6!8!
7&22&*!6#4+*+/+&*!&4!/#87<#'!#44#7/+J#*#33:

!"#$%&%'$()*+#,-$*.$/#0$1*)2$0
 OJ#'J+#$

-#(/9/3/)9')('%9'>((#43/0#'C#%4L#"

>((#43/0#'C#%4L#"2*'

Z! ! #3/8LI+3<!7I#8'!>&8I3!4&'!/<#+'!3/.6#*/3!8*6!6#J#I&-!8!-I8*!/&!'#87<!/<&3#!>&8I3c
Z! ! L.+I6!3/'.7/.'#3!4&'!7&*/+*.8I!8*6!'#7+-'&78I!4##6L87(!L#/$##*!/<#23#IJ#3!8*6!/<#+'!
3/.6#*/3!/<8/!7&J#'!7&*/#*/9!-'&>'#33!8*6!'#I#J8*7#!&4!/<#!7I833'&&2!$&'(c!8*6!
Z! !! #3/8LI+3<!&*R>&+*>!-8'/*#'3<+-3!$+/<!-##'3!8*6!-8'#*/3!+*!&'6#'!
/&!28K+2+M#!/<#+'!8L+I+/0!/&!2##/!#87<!3/.6#*/N3!*##63:

Y+/<&./!8!7&22&*!6#4+*+/+&*!&4!#44#7/+J#!/#87<+*>9!8!.3#4.I!#J8I.8/+&*!&4!/#87<#'3!+3!+2-&33+LI#:!!
B!4&.*68/+&*8I!/83(!4&'!&.'!$&'(!+3!/&!8'/+7.I8/#!8!7I#8'9!-'87/+7#R6'+J#*!6#4+*+/+&*!&4!8*!#44#7/+J#!
/#87<#':!!O.'!6#4+*+/+&*!+3!8!-'87/+78I!7&2-8*+&*!/&!/<#!3#J#*!/#87<+*>!3/8*68'63!/<8/!6#4+*#!
\$<8/!#44#7/+J#!/#87<#'3!*##6!/&!(*&$!8*6!L#!8LI#!/&!6&]!/<8/!$#'#!86&-/#6!L0!?<#!"#$!%&'(!
S&8'6!&4!V#>#*/3!+*!,#7#2L#'!GHFH:!!E'&2!8!7I833'&&2!#6.78/&'N3!-#'3-#7/+J#9!#44#7/+J#!
/#87<#'3!<8J#!/<'##!28+*!8//'+L./#3d!3#/!8*6!+2-I#2#*/!>&8I39!6#J#I&-!3/'.7/.'#3!&4!4##6L87(!
8*6!7&22.*+78/+&*9!8*6!#3/8LI+3<!-'&6.7/+J#!-8'/*#'3<+-3:

>((#43/0#'3#%4L#"2'+#M/9'3L#/"',#%".,'$.%99/9M'%9&'4.%22"))8'/923"743/)9'J/3L'3L#'#9&'
M)%.'/9'8/9&`/<8/!+39!\Y<8/!6&!A!$8*/!20!3/.6#*/3!/&!I#8'*e]!!BII!#44#7/+J#!/#87<#'39!'#>8'6I#33!&4!
J8'0+*>!3/.6#*/!8L+I+/+#39!*##6!/&!6#J#I&-!0#8'I0!87<+#J#2#*/!>&8I3!/<8/!877&.*/!4&'!3/.6#*/!*##63!
8*6!8'#!7&*3+3/#*/!$+/<!7&22&*!7&'#!3/8*68'63!8*6!37<&&I!7.''+7.I.2:!?<#3#!>&8I3!2.3/!L#!
/'8*3-8'#*/9!3&!/<8/!3.L3#_.#*/!-I8**+*>!8*6!-'#-8'8/+&*!8I+>*!$+/<!8*6!#*8LI#!/<#!7&*/+*.8*7#!
&4!3/.6#*/!-'&>'#33:!!?&!#*3.'#!7&*/+*.+/0!$+/<+*!>'86#3!8*6!3.LD#7/!8'#839!#44#7/+J#!/#87<#'3!
2.3/!6#J#I&-!I#33&*!-I8*3!8*6!7&II8L&'8/+J#!7.''+7.I.2!28-3!$+/<!7&*3+3/#*70!87'&33!3.LD#7/3:!
?<#3#!I#33&*!-I8*3!2.3/!-'&J+6#!4&'!<+><#'!&'6#'!/<+*(+*>!8*6!#J+6#*7#RL83#6!3/'8/#>+#3!4&'!68+I0!
+*3/'.7/+&*8I!6#I+J#'0!&4!7&*/#*/!.3+*>!#J#'0!8J8+I8LI#!'#3&.'7#9!+*7I.6+*>!/#7<*&I&>0:!!

>((#43/0#'3#%4L#"2'%.2)'79&#"23%9&'3L#'/93#"&#$#9&#94#'+#3J##9'3L#'4.%22"))8'
#90/")98#93'%9&'#((#43/0#'/923"743/)9K!!?<#0!L.+I6!-&3+/+J#!'#I8/+&*3<+-3!82&*>!3/.6#*/3!
/<'&.><!2&6#I+*>!L#<8J+&'!8*6!-'&J+6+*>!87/+J+/+#3!/<8/!4&3/#'!2./.8I!.*6#'3/8*6+*>9!$<+I#!
3+2.I/8*#&.3I0!866'#33+*>!/<#!6#J#I&-2#*/8I!8*6!#2&/+&*8I!*##63!&4!/<#+'!3/.6#*/39!83!$#II!83!
/<#+'!7&>*+/+J#!8L+I+/+#3:!?<#!7I833'&&2!I8*>.8>#!&4!8*!#44#7/+J#!/#87<#'!+3!(#0!/&!+2-8'/+*>!<+><#'!
&'6#'!7'+/+78I!/<+*(+*>!8*6!8*8I03+3!3(+II3!/&!3/.6#*/3:!!544#7/+J#!/#87<#'39!/<'&.><!2&*+/&'+*>!
7I833'&&2!I8*>.8>#!8*6!L#<8J+&'9!#*3.'#!'#7+-'&78I!4##6L87(!L#/$##*!3/.6#*/!8*6!/#87<#'9!
8*6!6#J#I&-!8!4'82#$&'(!4&'!3.L3#_.#*/!I#8'*+*>!8*6!&*>&+*>!7I833'&&2!833#332#*/:!!)/.6#*/!
I#8'*+*>!+3!833#33#6!/<'&.><!L&/<!'#3#8'7<!L83#6!8*6!/#87<#'!6#J#I&-#6!4&'28/+J#!2#83.'#3:!!
E+*8II09!#44#7/+J#!/#87<#'3!.3#!2.I/+-I#!7I833'&&2!2#83.'#3!&4!3/.6#*/!>'&$/<9!+*7I.6+*>!-'&>'#33!
/&$8'63!A*6+J+6.8I!56.78/+&*!CI8*!8*6!S#<8J+&'!A2-'&J#2#*/!CI8*!>&8I39!8*6!-&'/4&I+&3!&4!3/.6#*/!
$&'(9!833#33#6!L0!'.L'+7!8*6!/#87<#'!L#*7<28'(#6!8*8I03+3:!BII!&4!/<#3#!2#83.'#3!8'#!'#7&'6#6!
+*!3&2#!4&'2!/&!#*3.'#!/'8*3-8'#*70:!!

!"#$%&%'$()*+#,-$*.$/#0$1*)2$1
 OJ#'J+#$

>((#43/0#'3#%4L#"2'P9)J'3L%3'()"'3L#/"'/923"743/)9'3)'+#'#((#43/0#['3L#,'9##&'3)'.))P'J/3L/9'
%9&')732/&#')('3L#/"'24L)).'()"'27$$)"3`4'&2!-##'39!-8'#*/39!862+*+3/'8/+&*9!8*6!7&22.*+/0!
I#86#'3:!!544#7/+J#!/#87<#'3!+*+/+8/#!7&II8L&'8/+&*!$+/<+*!/<#!37<&&I!82&*>!7&II#8>.#39!L&/<!4&'!
68+I0!-I8**+*>!8*6!4&'!&*R3+/#!-'&4#33+&*8I!6#J#I&-2#*/:!!Y<#*!8--'&-'+8/#9!/<#0!3##(!8*6!8//#*6!
-'&4#33+&*8I!87/+J+/+#3!&./3+6#!&4!/<#+'!37<&&I9!3&!/<8/!/<#0!78*!7&*/+*.#!/&!+2-'&J#!/<#+'!+*3/'.7/+&*!
8*6!+*4&'2!7&II#8>.#3!&4!/<#!2&3/!7.''#*/!-'87/+7#3:!!544#7/+J#!/#87<#'3!7&*3+6#'!-8'#*/3!83!8!
J8I.8LI#!8II09!83!3/.6#*/!I#8'*+*>!+3!#*<8*7#6!$<#*!-8'#*/3!.*6#'3/8*6!/<#+'!7<+I6N3!*##63!8*6!
-'&>'#33:!!A*!&'6#'!/&!#*3.'#!-8'#*/!-8'/+7+-8/+&*9!#44#7/+J#!/#87<#'3!#2-I&0!6+44#'#*/!2#/<&63!&4!
7&22.*+78/+&*9!$<#/<#'!L0!*#$3I#//#'9!#28+I!&'!-<&*#!78II:!!E+*8II09!#44#7/+J#!/#87<#'3!28+*/8+*!
877.'8/#!'#7&'63!&4!8II!7&*/87/3!/&!#*3.'#!/'8*3-8'#*70:!

!"#$%&'(&%)"*+(,-"'."/0%)+%'(12"3-%&4-$"/55-&'(0-1-66!Pa+//I#9!O9!#/!8I:9!B-'+I!!GHHfQ!3.--&'/3!&.'!
6+37.33+&*3!8L&./!/#87<#'!#44#7/+J#*#33:!?<+3!'#-&'/!$83!6#'+J#6!4'&2!I&&(+*>!8/!FGH!3/.6+#3!4'&2!
4+J#!7&.*/'+#3!8*6!866'#33+*>!/<#!*##63!&4!+*R3#'J+7#!/#87<#'39!=RFG:!?<#!8./<&'3!86&-/#6!8!B/0#'
!)/93'-#(/9/3/)9')('C#%4L#"'>((#43/0#9#22'P[&#!#/!8I:9!GHHg9!-:gQ:

FQ!\544#7/+J#!/#87<#'3!<8J#!<+><!#K-#7/8/+&*3!4&'!8II!3/.6#*/3!8*6!<#I-!3/.6#*/3!I#8'*9!83!
2#83.'#6!L0!J8I.#R866#6!&'!&/<#'!/#3/!L83#6!>'&$/<!2#83.'#9!&'!L0!8I/#'*8/+J#!2#83.'#3:]

GQ!\544#7/+J#!/#87<#'3!7&*/'+L./#!/&!-&3+/+J#!8786#2+79!8//+/.6+*8I!8*6!3&7+8I!
&./7&2#3!4&'!3/.6#*/3!3.7<!83!'#>.I8'!8//#*68*7#9!&*!/+2#!-'&2&/+&*!/&!/<#!
*#K/!>'86#9!&*R/+2#!>'86.8/+&*9!3#I4R#44+78709!8*6!7&&-#'8/+J#!L#<8J+&':]

TQ!\544#7/+J#!/#87<#'3!.3#!6+J#'3#!'#3&.'7#3!/&!-I8*!8*6!3/'.7/.'#!#*>8>+*>!I#8'*+*>!
&--&'/.*+/+#39!2&*+/&'!3/.6#*/!-'&>'#33!4&'28/+J#I0!P868-/+*>!+*3/'.7/+&*!83!
*##6#6Q9!8*6!#J8I.8/#!I#8'*+*>!.3+*>!2.I/+-I#!3&.'7#3!&4!#J+6#*7#:]

hQ!\544#7/+J#!/#87<#'3!7&*/'+L./#!/&!/<#!6#J#I&-2#*/!&4!7I833'&&23!
8*6!37<&&I3!/<8/!J8I.#!6+J#'3+/0!8*6!7+J+7R2+*6#6*#33:]

XQ!\544#7/+J#!/#87<#'3!7&II8L&'8/#!$+/<!&/<#'!/#87<#'39!862+*+3/'8/&'39!-8'#*/3!8*6!
#6.78/+&*!-'&4#33+&*8I3!/&!#*3.'#!3/.6#*/!3.77#33!-8'/+7.I8'I0!/<#!3.77#33!
&4!3/.6#*/3!$+/<!3-#7+8I!*##63!8*6!/<&3#!8/!<+><!'+3(!4&'!48+I.'#:]

!")(#22/)9%.'S#%"9/9M':)8879/3/#2
B*!#44#7/+J#!2&6#I!4&'!6#J#I&-+*>!7&II8L&'8/+&*!$+/<+*!8!37<&&I!+3!/<#!C'&4#33+&*8I!a#8'*+*>!
1&22.*+/0!PCa1Q!2&6#I:!!B!Ca1!+3!$<#'#!/#87<#'3!8*6!37<&&I!862+*+3/'8/&'3!#*>8>#!+*!8!
7&*/+*.&.3!707I#!&4!+*_.+'0!8*6!86D.3/2#*/!&4!-'87/+7#!L83#6!.-&*!4+*6+*>3:!!?<#!>&8I!&4!/<#3#!
87/+&*3!+3!/&!#*<8*7#!/<#+'!#44#7/+J#*#33!83!-'&4#33+&*8I3!3&!/<8/!3/.6#*/3!L#*#4+/!/<#!2&3/:!!
V#3#8'7<!!&*!Ca1!2&6#I3!<83!3<&$*!L#*#4+/3!4&'!3/844!/<'&.><!8*!+*7'#83#6!7&22+/2#*/!/&!/<#!
2+33+&*!8*6!>&8I3!&4!/<#!37<&&I9!+*7'#83#6!J+>&'!+*!$&'(+*>!/&!3/'#*>/<#*!/<8/!2+33+&*9!8!3<8'#6!
'#3-&*3+L+I+/0!4&'!/<#!/&/8I!6#J#I&-2#*/!&4!3/.6#*/3!8*6!7&II#7/+J#!'#3-&*3+L+I+/0!4&'!3/.6#*/3N!
3.77#339!8*6!8!<+><#'!I+(#I+<&&6!&4!.*6#'/8(+*>!4.*682#*/8I!303/#28/+7!7<8*>#!Pb&'69!Fffi9!-:!
GiRGgQ:!!S#*#4+/3!4&'!3/.6#*/3!+*7I.6#!8!I&$#'!'8/#!&4!8L3#*/##+329!6'&-&./39!8*6!4#$#'!7I833#3!
3(+--#6c!>'#8/#'!8786#2+7!>8+*3!+*!28/<9!37+#*7#9!<+3/&'09!8*6!'#86+*>!/<8*!+*!/'86+/+&*8I!37<&&I3c!
8*6!328II#'!87<+#J#2#*/!>8-3!L#/$##*!3/.6#*/3!4'&2!6+44#'#*/!L87(>'&.*63:

!"#$%&%'$()*+#,-$*.$/#0$1*)2$2
?>:<II> ; -1C@ <;'< ;> T
C#%4L#"'#0%.7%3/)92'8723'3%P#'$.%4#'/9'3L#'4)93#\3'
)('%'!")(#22/)9%.'S#%"9/9M':)8879/3,K

G#,2'3)'6744#22(7.'@8$.#8#93%3/)9')('!S:
B77&'6+*>!/&!,.4&.'9!#3/8LI+3<+*>!8*!#44#7/+J#!Ca1!'#_.+'#3!8!4.*682#*/8I!3<+4/!+*!4&7.3!4&'!/<#!
37<&&I9!4'&2!/<8/!&4!/#87<#'!+*3/'.7/+&*!/&!/<8/!&4!3/.6#*/!I#8'*+*>:!?<#!4&7.3!+3!/<#'#4&'#!&*!/<#!
#44#7/+J#*#33!&4!+*3/'.7/+&*!&*!3/.6#*/!I#8'*+*>`$<8/!+3!87/.8II0!+2-I#2#*/#6`*&/!3+2-I0!/<#!
+*/#*/:!!B3!+*!/<#!V?A!2&6#I9!/<#!4&7.3!+3!-'+28'+I0!&*!+*/#'J#*/+&*9!*&/!'#2#6+8/+&*:!!B!-'+*7+-8IN3!
-'+28'0!I#86#'3<+-!'#3-&*3+L+I+/0!3<&.I6!L#!/&!28+*/8+*!8*!#44#7/+J#!Ca1!+*!#87<!37<&&I!8*6!8II!/<#+'!
6#7+3+&*3!2.3/!'#4#'!L87(!/&!/<8/!>&8I:

B!4.*7/+&*+*>!Ca1!4&3/#'3!8./<#*/+79!2#8*+*>4.I!7&II8L&'8/+&*!82&*>3/!8II!3/8(#<&I6#'3!+*!/<#!
L.+I6+*>:!!?<+3!'#_.+'#3!7&&'6+*8/+&*!L#/$##*!8II!/#87<#'39!3#'J+7#!-'&J+6#'39!8*6!3-#7+8I+3/3:!Ca1!
/#823!7&*J#*#!/&!#K82+*#!3/.6#*/!68/8!8*6!28(#!86D.3/2#*/3!/&!+*3/'.7/+&*!8*6!7.''+7.I8!+*!
877&'68*7#!$+/<!37<&&IR$+6#!>&8I3:!?<#3#!Ca1!/#823!$&'(!/&!7I8'+40!&-/+28I!/#87<#'!-'87/+7#39!
7'#8/#!7&22&*!833#332#*/39!8*6!6#2&*3/'8/#!&*>&+*>!+2-'&J#2#*/!&4!+*3/'.7/+&*:!!?<+3!$&'(!+3!
>.+6#6!L0!3/8*68'63c!37<&&I!8*6!3/.6#*/!>&8I3!8'#!L83#6!&*!68/8!&L/8+*#6!8*6!/'+8*>.I8/#6!4'&2!
L#*7<28'(#6!4&'28I!8*6!+*4&'28I!833#332#*/3:!![&8I3!8'#!3-#7+4+7!8*6!2#83.'8LI#9!8I+>*#6!8/!
8II!I#J#I3!83!8!37<&&IR$+6#!#44&'/:!!C'&>'#33!/&$8'63!>&8I3!8'#!'#J+#$#6!8*6!2#83.'#6!$+/<!+*/#'+2!
833#332#*/3:!!

?<#!3/'.7/.'#!&4!8!Ca1!2.3/!L#!4+'2I0!#3/8LI+3<#6!4'&2!/<#!&*3#/:!!?<#!862+*+3/'8/+&*!2.3/!
#3/8LI+3<!3-#7+4+7!8*6!7&*3+3/#*/!/+2#!LI&7(3!6.'+*>!/<#!37<&&I!$##(!4&'!/#823!/&!2##/:!?#823!
8'#!&'>8*+M#6!<&'+M&*/8II0!L0!>'86#!&'!3.LD#7/9!&'!J#'/+78II0!L0!7I.3/#'!P#:>:!=RG9!TRX9!URgQ:!587<!
/#82!#3/8LI+3<#3!>&8I39!-'&7#6.'8I!>'&.-!*&'239!8*6!-'&/&7&I3!4&'!7&II8L&'8/+&*!8*6!8*8I03+3!&4!
3/.6#*/!$&'(:!?#823!2##/!$##(I0!/&!#3/8LI+3<!7&*3+3/#*/!+*3/'.7/+&*8I!78I#*68'39!833#332#*/39!
8*6!+*3/'.7/+&*8I!3/'8/#>+#3:!?<#!862+*+3/'8/+&*!/<#*!3+/3!+*!$+/<!/#823!/&!8+6!+*!487+I+/8/+&*!8*6!
/&!2&*+/&'!-'&>'#33:!!?<#3#!'#3.I/3!8'#!286#!-.LI+7!/&!8II!/#87<#'3!/&!7&22.*+78/#!8*6!3<8'#!
877&2-I+3<2#*/3!8*6!7<8II#*>#3:!!

)7<&&I!_.8I+/0!'#J+#$3!8*6!37<&&I!I#86#'!#J8I.8/+&*3!3<&.I6!+*7I.6#!+*6+78/&'3!&4!Ca13:!,+3/'+7/!
I#86#'3!8*6!3.-#'+*/#*6#*/3!3<&.I6!8I3&!L#!#K-#7/#6!/&!L#!2&6#I+*>!8*6!.3+*>!/<#!-'&7#33!&4!
+*_.+'0!+*!Ca13!8/!8!6+3/'+7/!I#J#I9!#K82+*+*>!37<&&I!68/8!8*6!7&II8L&'8/+*>!8*6!7&22.*+78/+*>!
/<#+'!I#8'*+*>!$+/<!-'+*7+-8I3:!!"#$!%&'(N3!'#>.I8/+&*3!3<&.I6!78''0!/<#!2&6#I!.-!/<#!#*/+'#!7<8+*!
3&!/<8/!7'&33R7&22.*+78/+&*!L#/$##*!6+3/'+7/3!&77.'3!83!8!'#>.I8'!7&.'3#!&4!L.3+*#33:!!B3!8*!
+2-I#2#*/8/+&*!+*7#*/+J#9!/<#!3/8/#!3<&.I6!<+><I+></!8*6!-&33+LI0!'#$8'6!/<&3#!6+3/'+7/3!/<8/!8'#!
2&3/!#44#7/+J#!+*!7'&33R6+3/'+7/!3<8'+*>:!!?<#3#!+*J#3/2#*/3!$&.I6!2&'#!#44#7/+J#I0!./+I+M#!4.*63!
*&$!3-#*/!&*!&./3+6#!7&*/'87/&'3:

!"#$%&#$'##()*+$%$,-./-&#$'0)1/2$%*3$%$4#&1#,/$',#*%&)5$65-.3$
$$7#$%$89:$60#&#$%..$/#%,0#&'$%&#$.#%&*#&'$%*3$,055'#$/5$+&56;<

!"#$%&%'$()*+#,-$*.$/#0$1*)2$3
?>:<II> ; -1C@ <;'CA <' T
U
W.I/+-I#!2#83.'#3'8723'+#'72#&'3)'#0%.7%3#
%'3#%4L#"H2'$#"()"8%94#'/9'%'8%99#"'3L%3'/2'%&O723#&'()"'
3L#'$%"3/47.%"'4)93#\3'/9'JL/4L'3L#'3#%4L#"2'J)"P2K''

?#.%3/)92L/$'R#3J##9'!S:2'%9&'C#%4L#"'>0%.7%3/)92
?#87<+*>!+3!8!<+><I0!7&2-I#K!-'&4#33+&*8I!#*6#8J&':!?#87<#'3!2.3/!*&/!&*I0!L#!7&*/#*/!3-#7+8I+3/39!
$+/<!8!4&'2+68LI#!L'#86/<!8*6!6#-/<!&4!8786#2+7!(*&$I#6>#`877&2-8*+#6!L0!/<#!8L+I+/0!/&!
-#'4&'2!3/'8/#>+7!/83(!8*8I03+3!/<8/!8II&$3!/<#2!/&!6+44#'#*/+8/#!/<#+'!+*3/'.7/+&*8I!6#I+J#'0!/&!
2##/!/<#!*##63!&4!6+J#'3#!I#8'*#'3`L./!8I3&!2.3/!L#!I#86#'3!78-8LI#!&4!2&/+J8/+*>!3/.6#*/3!
8*6!+*7'#83+*>!/<#+'!-#'4&'28*7#:!A*!866+/+&*!/&!L#+*>!'#4I#7/+J#!8*6!8*8I0/+78I!/<+*(#'39!-I8**+*>!
I#33&*3!8*6!7.''+7.I8!/<8/!866'#33!<+><#'!7&>*+/+&*!8*6!3/.6#*/!#*>8>#2#*/9!8*6!I&&(+*>!8/!
3/.6#*/!68/8!8*6!6#/#'2+*+*>!3/'8/#>+7!+*/#'J#*/+&*39!/#87<#'3!2.3/!8I3&!L#!&*R/<#R3-&/!6#7+3+&*!
28(#'39!78-8LI#!&4!-'&LI#2R3&IJ+*>!7'+3#39!'#78I+L'8/+*>!8--'&87<#3!/&!+*3/'.7/+&*8I!6#I+J#'09!8*6!
866'#33+*>!/<#!6#J#I&-2#*/8I!8*6!+22#6+8/#!#2&/+&*8I!*##63!&4!/<#+'!3/.6#*/3:!a83/I09!/#87<#'3!
2.3/!-&33#33!3/'&*>!+*/#'-#'3&*8I!78-8L+I+/+#39!+*/#'87/+*>!8*6!'#3-&*6+*>!3#*3+/+J#I0!8*6!
8./<&'+/8/+J#I0!/&!8!J8'+#/0!&4!3/8(#<&I6#'3!$+/<!8!6+J#'3+/0!&4!*##63!8*6!-#'3-#7/+J#3:

5J8I.8/+&*3!&4!/#87<#'3!2.3/!/<#'#4&'#!L#!3+2+I8'I0!7&2-I#K!+*!&'6#'!/&!6&!D.3/+7#!/&!/<#!
-'&4#33+&*8I!6#28*63!&4!#44#7/+J#!/#87<+*>:!B*!8./<#*/+7!#J8I.8/+&*!&4!8!/#87<#'!$&.I6!*&/!&*I0!
7&*3+6#'!3/.6#*/!-#'4&'28*7#!8*6!-'&>'#33!.3+*>!2.I/+-I#!2#83.'#39!L./!8I3&!/<#!7&*/#K/!+*!
$<+7<!8!/#87<#'!+3!$&'(+*>:!1&*/#K/.8I!7&*6+/+&*3!78**&/!L#!6#/#'2+*#6!3&I#I0!L0!+*6+78/&'3!
3.7<!83!3&7+&R#7&*&2+7!3/8/.3#3!&4!3/.6#*/39!&'!5aa!&'!A5C!I8L#I+*>!L0!/<#!6+3/'+7/:!1&*/#K/.8I!
7&*6+/+&*3!78*!2&'#!#44#7/+J#I0!L#!866'#33#6!/<'&.><!/<#!2.I/+-I#!-#'3-#7/+J#3!&4!/<&3#!$<&!$&'(!
$+/<+*!/<#!L.+I6+*>:!

E.'/<#'2&'#9!/#87<#'3`83!/<#!&*#3!2&3/!+*/+28/#I0!8*6!+22+*#*/I0!(*&$I#6>#8LI#!&4!/<#!
7&*/#K/.8I!7&*6+/+&*3!$+/<+*!/<#+'!L.+I6+*>!8*6!7&22.*+/09!83!$#II!83!/<#!3/8(#<&I6#'3!$+/<!/<#!
>'#8/#3/!8$8'#*#33!&4!/<#!7&2-I#K+/0!&4!/<#!6#28*63!&4!/<#+'!-'&4#33+&*`3<&.I6!L#!>'8*/#6!
3.L3/8*/+J#!J&+7#!&*!/<#!-#'4&'28*7#!&4!/<#+'!-##'39!83!$#II!/<#!&--&'/.*+/0!/&!'#4I#7/!&*!/<#+'!&$*!
-#'4&'28*7#!8*6!<&I6!8!2#8*+*>4.I!7&*J#'38/+&*!8L&./!/<#+'!-#'4&'28*7#!$+/<!/<&3#!$<&!$&.I6!
#J8I.8/#!/<#2:

)03/#23!&4!/#87<#'!#J8I.8/+&*3!78*!$&'(!/&!866'#33!/<+3!+33.#!L0!#2-&$#'+*>!/#87<#'3!/&!
L#7&2#!87/+J#I0!+*J&IJ#6!+*!/<#!#J8I.8/+&*!-'&7#33!/<'&.><!L#7&2+*>!#J8I.8/&'3!/<#23#IJ#39!L&/<!
/<'&.><!3#I4R833#332#*/!8*6!/<'&.><!7&II8L&'8/+J#!/#82!#J8I.8/+&*3!&4!#87<!&/<#'!.*6#'!/<#!Ca1!
2&6#I:!B!/#87<#'!/#829!$+/<!8!/'8+*#6!/#82!I#86#'!#I#7/#6!L0!-##'39!78*!3#'J#!83!/<#!L.+I6+*>!
-##'!#J8I.8/+&*!/#829!-#'4&'2+*>!&L3#'J8/+&*3!8*6!/#87<#'!#J8I.8/+&*3!./+I+M+*>!/<#!382#!'.L'+7!
.3#6!L0!862+*+3/'8/&'3:!?<+3!$+II!*&/!&*I0!3#'J#!/&!-'&J+6#!2.I/+-I#!-#'3-#7/+J#3!/<8/!78*!L#//#'!
'#7&>*+M#!7&*/#K/.8I!7&*6+/+&*3!$+/<+*!8!/#87<#'N3!7I833'&&29!L./!4.'/<#'2&'#!#*<8*7#!Ca13!8*6!
487+I+/8/#!/#87<#'!L.0R+*!/&!/<#!-'&7#33!&4!#J8I.8/+&*:

!=##37%,($'05-.3$,5>#$1&5>$%..$'/%(#05.3#&';<

!"#$%&%'$()*+#,-$*.$/#0$1*)2$4
 U
T
b&$#J#'9!$#!L#I+#J#!/<8/!-'+*7+-8I3!8*6!833+3/8*/!-'+*7+-8I39!83!L.+I6+*>!I#86#'3!
8*6!83!/<&3#!6+'#7/I0!877&.*/8LI#!4&'!/#87<#'!-#'4&'28*7#9!3<&.I6!7&*/+*.#!/&!&L3#'J#!8*6!
#J8I.8/#!/<#+'!/#87<#'3:!?<#+'!#J8I.8/+&*3!3<&.I6!L#!7&2L+*#6!$+/<!/#87<#'!3#I4R833#332#*/9!
-##'!#J8I.8/+&*39!8*6!/<#!&/<#'!2#/<&63!&4!2#83.'#2#*/!/&!L#!6+37.33#6!L#I&$`8II!L83#6!&*!
/<#!382#!7'+/#'+8:!W&3/!7'+/+78II09!$#!3/'#33!/<8/!8II!862+*+3/'8/&'3!8*6!37<&&I!I#86#'3!/<8/!
$+II!-#'4&'2!/<#!#J8I.8/+&*!-'&7#33!$+II!'#_.+'#!303/#28/+7!&*>&+*>!/'8+*+*>!8*6!3.--&'/!+*!&'6#'!
/&!-#'4&'2!7&2-I#K!#J8I.8/+&*3:!!?<#3#!/'8+*#6!#J8I.8/&'3!3<&.I6!L#!8LI#!/&!6#2&*3/'8/#!
7&2-#/#*70!+*!/<#!.3#!&4!#J8I.8/+J#!+*3/'.2#*/3!-'+&'!/&!#*>8>+*>!+*!8*0!
#J8I.8/+&*3:!!CL#'()..)J/9M'8#%27"#2')('#0%.7%3/)9'8723'+#'/94.7&#&*

T 1&8/9/23"%3)"'<+2#"0%3/)92'']!"/94/$%.2['122/23%93'!"/94/$%.2['
C"%/9#&'<732/&#'?%3#"2^
?<#!-'+*7+-8I!8*6!862+*+3/'8/&'3!+*!/<#!L.+I6+*>!3<&.I6!3#'J#!83!/<#!7<+#4!+*3/'.7/+&*8I!I#86#'39!
#3/8LI+3<+*>!>&8I3!4&'!/<#!37<&&I!8*6!3#//+*>!7I#8'!#K-#7/8/+&*3!4&'!-#'4&'28*7#:!B62+*+3/'8/&'3!
/<#'#4&'#!'#_.+'#!8!J+3+&*!&4!/<#+'!/#87<#'3N!78-8L+I+/+#3!/<'&.><!/<#!-'&7#33!&4!6+'#7/!&L3#'J8/+&*9!
7&2L+*#6!$+/<!2.I/+-I#!+*-./3!4'&2!&/<#'!3&.'7#3!&4!68/8:!?<#!-'+*7+-8IN3!'&I#!83!8*!+*3/'.7/+&*8I!
I#86#'!3<&.I6!8I3&!+*7I.6#!+*4&'28I9!*&*R#J8I.8/+J#!$8I(/<'&.><3!/<8/!<#I-!4&3/#'!&*>&+*>!
7&*J#'38/+&*3!8*6!4&'28/+J#!4##6L87(!8L&./!#K-#7/8/+&*3:!?<#!-'+*7+-8I!3<&.I6!87/!/&!7'#8/#!
303/#23!&4!/#87<#'!/#823!/&!+*/#'87/9!2&*+/&'9!8*6!#J8I.8/#!&*>&+*>!-'&>'#33!.3+*>!8>'##6!.-&*!
4&'28/3!8*6!37<#6.I+*>:

C'+*7+-8I39!&/<#'!862+*+3/'8/&'39!8*6!8*0!&./3+6#!'8/#'3!3<&.I6!L#!/'8+*#6!/&!#J8I.8/#!/#87<#'3!
L83#6!&*!8!3-#7+4+79!3/8*68'6+M#6!#J8I.8/+&*!+*3/'.2#*/!.*/+I!/<#0!<8J#!6#2&*3/'8/#6!
7&2-#/#*70:!?<#!-'&7#33!&4!#J8I.8/+&*!3<&.I6!+*7I.6#!L&/<!-'#R!8*6!-&3/R&L3#'J8/+&*!2##/+*>3!
/&!#*3.'#!#44#7/+J#9!487#R/&R487#!7&*J#'38/+&*3!8L&./!+*3/'.7/+&*:!?<#!-'+*7+-8I!3<&.I6!/<#*!8II&78/#!
/+2#!4&'!/#87<#'!#J8I.8/+&*!/#823!/&!2##/!$+/<!/<#!-'+*7+-8I!8*6!&/<#'!37<&&I!I#86#'39!
8*6!6#4+*#!7&*3+3/#*70!82&*>3/!/#87<#'3:

U !##"'<+2#"0%3/)92

?#87<#'3!7<&3#*!$+/<+*!/<#!37<&&I!7&22.*+/0!83!I#86#'3!$&.I6!3#'J#!83!8!Ca1!4&7.3#6!&*!
/#87<#'!#J8I.8/+&*!8*6!-'&4#33+&*8I!6#J#I&-2#*/:!!?<#3#!-##'!#J8I.8/&'3!$&.I6!&L3#'J#!/#87<#'3!
./+I+M+*>!/<#!382#!3-#7+4+79!3/8*68'6+M#6!+*3/'.2#*/!$<+7<!/<#!-'+*7+-8I!8*6!&/<#'!862+*+3/'8/&'3!
.3#!+*!/<#+'!#J8I.8/+&*3:!!?<#'#4&'#9!/<#3#!37<&&I!I#86#'3!$&.I6!8I3&!'#_.+'#!/'8+*+*>!8*6!2.3/!
6#J#I&-!7&2-#/#*70!.3+*>!/<+3!#J8I.8/+J#!+*3/'.2#*/:

?<#3#!/#823!&4!/#87<#'3!$&.I6!833#33!>'&$/<!&4!/<#+'!-##'3!/&$8'63!7&22&*!>&8I3!+*!
7&II8L&'8/+&*!$+/<!/<#!/#87<#'3!/<#0!8'#!&L3#'J+*>!8*6!$+/<!862+*+3/'8/&'3:!!B3!I#86#'39!/<#0!$&.I6!
8I3&!8+6!+*!7&&'6+*8/+*>!/#87<#'!/#82!2##/+*>39!.-68/#!3/.6#*/!>'&$/<!68/89!8*6!7&&'6+*8/#!
2##/+*>3!$+/<!&/<#'!37<&&I!/#823!$+/<+*!/<#!6+3/'+7/:

!?$/0)*($%'$/#%,0#&'$6#$>-'/$7#%&$)*$>)*3$/0%/$/0)'$#@%.-%/)5*$4&5,#''$'05-.3$*5/$5*.A$7#$
%75-/$/#%,0#&';$B0#&#$'05-.3$7#$1##37%,($%*3$3%/%$/0%/$,5>#$1&5>$/0)'$#@%.-%/)5*$4&5,#''$
/0%/$0#.4'$/5$)>4&5@#$/0#$605.#$',055.2$%*3$#@#*$/0#$5@#&%&,0)*+$#3-,%/)5*$'A'/#>;<

Bulleted numbers 1-6: Please note that this numbering system does not indicate hierarchical order.

!"#$%&%'$()*+#,-$*.$/#0$1*)2$5
 T
U
V 637&#93'!")M"#22'122#228#932
?&!8+6!+*!6#/#'2+*+*>!3/.6#*/!>'&$/<!L#0&*6!/<8/!&4!3/8*68'6+M#6!833#332#*/39!
-'&>'#33R2&*+/&'+*>!68/8!L83#6!&*!+*6+J+6.8I+M#6!L#*7<28'(3!3<&.I6!8I3&!L#!+*7I.6#6!+*!8*0!
#J8I.8/+&*!&4!8!/#87<#'N3!#44#7/+J#*#33:!!@+8LI#!2#83.'#3!&4!'#86+*>!$&.I6!+*7I.6#!,VB9!,AS5a)9!
?1VYC9!51aB)9!8*6!&/<#'!#J+6#*7#RL83#6!'#86+*>!6+8>*&3/+739!83!$#II!83!7&*4#''+*>!*&/#3!8*6!
'.**+*>!'#7&'63:!!1.''+7.I.2RL83#6!2#83.'#2#*/3!P1SW3Q!8*6!-#'4&'28*7#RL83#6!833#332#*/3!
78*!3#'J#!83!#44#7/+J#!2#83.'#3!&4!-'&>'#33!+*!I8*>.8>#!8'/39!37+#*7#9!8*6!28/<#28/+73:!!
O/<#'!4&'23!&4!-'&>'#33!2#83.'#2#*/!7&.I6!+*7I.6#!3/.6#*/!*&/#L&&(39!I8L!3<##/39!8*6!&/<#'!
'#83&*8LI#!7&*/#*/!L#*7<28'(3!/<8/!8'#!6#/#'2+*#6!J8I+6!L0!/<#!6+3/'+7/:

W 637&#93'67"0#,2
S83#6!&*!#K/#*3+J#!'#3#8'7<!7&*6.7/#6!L0!/<#!?'+-&6!C'&D#7/!8*6!/<#!W5?!C'&D#7/9!3/.6#*/!
3.'J#03!<8J#!L##*!6#2&*3/'8/#6!/&!7&''#I8/#!<+><I0!$+/<!J8I.#R866#6!2#83.'#3!&4!/#87<#'!
#44#7/+J#*#33:!!?<+3!2#83.'#!78*!/<.3!3#'J#!83!8*!#44#7/+J#!2#83.'#!*&/!&*I0!4&'!/#87<#'3!
&4!3/.6#*/3!$<&!6&!*&/!/8(#!/#3/39!8*6!8I3&!83!J8I.8LI#!68/8!/&!7&''#I8/#!$+/<!J8I.#R866#6!
2#83.'#3:!!E.'/<#'2&'#9!3/.6#*/!3.'J#03!78*!-'&J+6#!-&$#'4.I!4##6L87(!4&'!/#87<#'39!#3-#7+8II0!
$<#*!#K82+*#6!+*!7&*D.*7/+&*!$+/<!/#87<#'!3#I4R833#332#*/3!8*6!4##6L87(!4'&2!&L3#'J8/+&*3:

j3+*>!/<#!W5?!C'&D#7/N3!3.'J#0!+*3/'.2#*/9!/<+3!3.'J#0!3<&.I6!L#!>+J#*!/&!3/.6#*/3!/$+7#!8!0#8':!!
W+60#8'!3.'J#03!$+II!L#!.3#6!/&!3.--&'/!&/<#'!2#83.'#39!+*6+78/+*>!8'#83!4&'!/8'>#/#6!-'&4#33+&*8I!
6#J#I&-2#*/:!!5*6!&4!/<#!0#8'!3.'J#03!78*!866!/&!/<#!3.228/+J#!/#87<#'!#J8I.8/+&*!'8/+*>:

X C#%4L#"'6#.(Z122#228#93
?&!8+6!+*!/<#!-'&7#33!&4!3#I4R'#4I#7/+&*!83!$#II!83!/&!#3/8LI+3<!/#87<#'!J&+7#!+*!/<#!3#I#7/+&*!&4!
-'&4#33+&*8I!6#J#I&-2#*/!&--&'/.*+/+#39!8!/#87<#'!$+II!/8(#!8!3#I4R833#332#*/!P2+6R0#8'Q!84/#'!
/<#!4+'3/!4&'28I!&L3#'J8/+&*9!L83#6!&*!/<#!382#!#J8I.8/+J#!+*3/'.2#*/!78/#>&'+#3!.3#6!L0!/<#+'!
&L3#'J#'3:!!?<+3!+*+/+8I!3#I4R833#332#*/!78*!L#!.3#6!+*!7&*J#'38/+&*3!$+/<!8*!&L3#'J#'!+*!-&3/R
&L3#'J8/+&*!7&*4#'#*7+*>!/&!#3/8LI+3<!8!7&*3#*3.3!&*!7.''#*/!3/'#*>/<3!8*6!8'#83!4&'!4./.'#!
>'&$/<:!!?<+3!7&*3#*3.3!/<#*!78*!L#!.3#6!+*!/<#!3#I#7/+&*!&4!-'&4#33+&*8I!6#J#I&-2#*/9!83!
$#II!83!+*!+*4&'2+*>!4./.'#!&L3#'J8/+&*3!8*6!4+*8I!#J8I.8/+&*:!!1<8'I&//#!,8*+#I3&*N3!E'82#$&'(!
4&'!?#87<+*>!+*7I.6#3!4&.'!6+44#'#*/!4&'23!&4!/#87<#'!3#I4!833#332#*/9!+*7I.6+*>!/<#!#*6!&4!/<#!
0#8'!3.228/+J#!833#332#*/!P.3+*>!8II!6&28+*3!$+/<!3/.6#*/!#J+6#*7#Q!/<8/!+3!4+'3/!$'+//#*!L0!/<#!
/#87<#'9!/<#*!>+J#*!/&!/<#!3.-#'J+3&'!4&'!8!4+*8I!#J8I.8/+&*!7&*4#'#*7#:!!?<.39!8!/#87<#'!<83!8*!
&--&'/.*+/0!/&!'#4I#7/!&*!+*3/'.7/+&*8I!L#<8J+&'3!8*6!+6#83!/<'&.><&./!/<#!0#8'9!8*6!/&!7&*/+*.#!
7&*J#'38/+&*3!$+/<!/<#!#J8I.8/&':

Y 637&#93'!)"3()./)2''
)/.6#*/!-&'/4&I+&3!$#'#!6+37.33#6!83!8!-&/#*/+8I!8I/#'*8/+J#!2#83.'#!&4!3/.6#*/!-'&>'#33!8*6!
8!6#2&*3/'8/+&*!&4!/#87<#'!#44#7/+J#*#33:!!b&$#J#'9!6.#!/&!/<#!-&33+LI#!+*7'#83#!+*!/#87<#'!
-8-#'$&'(!8*6!$&'(I&869!83!$#II!83!/<#!487/!/<8/!833#332#*/!&4!-&'/4&I+&3!8'#!/+2#R7&*3.2+*>!
8*6!*&/!7&3/R#44#7/+J#9!$#!#I#7/#6!*&/!/&!+*7I.6#!/<+3!83!8!J+8LI#!2#83.'#!+*!&.'!'#7&22#*68/+&*3:

!C11#,/)@#$#3-,%/)5*$&#D-)&#'$,.#%&$,5>>-*),%/)5*$%*3$&#1.#,/)@#$%''#''>#*/$1&5>$
75/0$/0#$'/-3#*/$%*3$/#%,0#&;$B0-'2$#3-,%/)*+$'/-3#*/'$)'$*5/$%$5*#$6%A$)*4-/$&5%32$
7-/$%$,5>>-*),%/)@#$4%&/*#&'0)4$.554$7#/6##*$'/-3#*/$%*3$/#%,0#&;<

!"#$%&%'$()*+#,-$*.$/#0$1*)2$!6
 TU
<7"'A#/ML3/9M')('?#4)88#9&#&'I#%27"#2
BII!&4!/<#3#!2#83.'#3!/<8/!8'#!'#7&22#*6#6!8'#!'#I8/+J#I0!2#8*+*>I#33!+*!+2-'&J+*>!/#87<#'!
-'87/+7#!.*I#33!/<#3#!2#83.'#3!8'#!L'&.></!/&>#/<#'!/&!7'#8/#!8*!8./<#*/+7!7&*J#'38/+&*!L#/$##*!
/<#!/#87<#'9!#J8I.8/&'39!8*6!-##'!3.--&'/!/#823:!!?<#3#!2#83.'#39!/8(#*!/&>#/<#'9!3<&.I6!
7'#8/#!8!7I#8'!J+3+&*!4&'!8'#83!&4!3/'#*>/<!8*6!8'#83!'#_.+'+*>!/8'>#/#6!-'&4#33+&*8I!6#J#I&-2#*/9!
L./!3+2-I0!#3/8LI+3<+*>!/<#2!&*!-8-#'!$+II!*&/!L#!#*&.><!/&!7'#8/#!/<#!(+*6!&4!3#I4R'#4I#7/+&*!
8*6!2#8*+*>4.I!6+8I&>.#!8'&.*6!#44#7/+J#!+*3/'.7/+&*!8*6!-'87/+7#3!/<8/!*##63!/&!&77.'!4&'!8!
/#87<#'!/&!6#J#I&-:!!?<#'#4&'#9!+*!$#+></+*>!/<#3#!2#83.'#39!+/!+3!+2-&'/8*/!/&!*&/#!/<8/!$#!8'#!
*&/!3.>>#3/+*>!/<8/!8*0!&*#!2#83.'#!3<&.I6!-'#7I.6#!8*&/<#'!+*!8//87<+*>!7&*3#_.#*7#3!/&!
/<#3#!#J8I.8/+&*3:!!Y#!8'#!'8/<#'!*&/+*>!/<8/!7#'/8+*!2#83.'#3!3<&.I6!78''0!2&'#!$#+></!$<#*!
/<#0!8'#!L'&.></!/&!/<#!/8LI#!4&'!6+37.33+&*:!!?<#3#!2#83.'#3!2.3/!8II!L#!-8'/!&4!8!7&II8L&'8/+J#!
7&*J#'38/+&*!L#/$##*!/<#!/#87<#'3!8*6!/<#+'!#J8I.8/&'3:

'+7#&#$)8-)%89:;$,8<-)#%&!
We assign this measure a weight of U_`. We weight this measure heavily
C > 1 :D > ?'
because, as chief instructional leaders and determiners of personnel decisions,
> =1 S N1C @ < ;'
administrators should hold critical input into the evaluations of the teachers they
I > 1 6N? > 6' have under their jurisdiction.
PY#+></#6Q
=,,89:;$,8<-)#%&!
We assign this measure a weight of TX`. We weight this measure heavily
because we believe this weighting accounts for the importance of developing an
effective PLC in drawing teachers into the process of decision-making within the
U_`
school.

>)?+,&)9=8%@8,$$9'$$,$$7,&)$!
TX`
We assign this measure a weight of T_`. We include this measure at this weight
because we believe that measurement of student progress must be individualized
to address specific student needs. Some students, especially ELL or SWDs,
T_` may not perform well on standardized tests due to severe academic delays or
deficiencies, and progress must be determined by other measures such as those
X` T_` outlined above. Furthermore, teachers of students who do not take state tests
must also be able to demonstrate student growth.

40% Student Achievement
>)?+,&)9>?8<,A$
We assign this measure T_`. We value this measure at this weight because
student surveys based on a validated instrument such as that offered by the
Tripod Project have been demonstrated to correlate highly with value-added data.
Furthermore, if the project of education is one of student-centered learning, then
we must take student input seriously. This feedback is highly useful to teachers
for self-reflection on the delivery of their instruction and the management of their
classroom environments.

B,-(C,89>,DEF-$$,$$7,&)9
We assign this measure a weight of X`. Though this component of an
evaluation is not specifically a measurement of a teacher’s effectiveness, it is
a necessary piece in fostering a framework for discussion and in establishing
consensus and agreement between evaluators and teachers.

!"#$%&%'$()*+#,-$*.$/#0$1*)2$!!
?>:<II> ; -1C@ <;'CD? > >' T
V
1&&/3/)9%.'(.#\/+/./3,'%9&'&%3%'J/..'+#'9#4#22%",'JL#9'
72/9M'87.3/$.#'8#%27"#2')('3#%4L#"'$#"()"8%94#'()"'L/ML'
23%P#2'&#4/2/)92'274L'%2'3#97"#')"'4)8$#92%3/)9K

:)92/&#"%3/)92'()"'3L#'133%4L8#93')('D/ML'63%P#2':)92#a7#94#2'
?<#!,#7#2L#'!GHFH!'#-&'/9!7-%$1(12"!8.+'"3-%&4(129!/<#!-'#I+2+*8'0!'#-&'/!&4!/<#!W#83.'+*>!
544#7/+J#!?#87<+*>!-'&D#7/9!'#+*4&'7#6!/<#!7&'#!&4!&.'!/<+*(+*>!8L&./!2.I/+-I#!2#83.'#3!&4!/#87<#'!
#44#7/+J#*#33:!!?<#!+*+/+8I!'#I#83#!&4!68/8!4'&2!/<+3!I8'>#!378I#!3/.60!-'&J&(#6!2.7<!6+37.33+&*!
L./!6+6!*&/!7<8*>#!28*0!&4!&.'!&-+*+&*3:!!Y#!'#28+*#6!3/#86483/!L#78.3#9!*&/!3.'-'+3+*>I0!>+J#*!
/<#!37&-#!8*6!*8/.'#!&4!/<#!3/.609!/<#!W5?!68/8!7&*4+'2#6!&.'!7I833'&&2RL83#6!+6#83:!!B3!$#!
/<&.></!8L&./!8*0!-'&J+3&3!&'!4.'/<#'!7&*3+6#'8/+&*3!/<8/!"#$!%&'(!&44+7+8I3!3<&.I6!>+J#!$<#*!
2.I/+-I#!2#83.'#3!8'#!.3#6!4&'!<+><!3/8(#3!6#7+3+&*3!P'8/<#'!/<8*!83!6+8>*&3/+7!8*6!-'#37'+-/+J#!
/&&I3!/&!6'+J#!#K7#II#*7#!+*!/#87<+*>Q9!$#!(#-/!&*#!-&+*/!4'&2!/<#!W5?!-'&D#7/!/&-!&4!2+*6:!!A*!/<#!
7&*/#K/!&4!<+><!3/8(#3!6#7+3+&*39!2.I/+-I#!68/8!-&+*/39!L&/<!&J#'!/+2#!P+6#8II0!/<'##!0#8'3!&'!2&'#Q!
8*6!87'&33!6+44#'#*/!7I833'&&23!&4!3/.6#*/3!$+/<!/<#!382#!/#87<#'!/8(#!&*!2&'#!+2-&'/8*7#!83!
/<#!*##6!4&'!68/8!'#I+8L+I+/0!8*6!7&*3+3/#*70!+*7'#83#:!!Y#!L#I+#J#!+/!+3!#K/'#2#I0!+2-&'/8*/!4&'!"#$!
%&'(!&44+7+8I3!/&!(##-!/<+3!-&+*/!+*!2+*6!+*!&'6#'!/&!7'84/!8*!#J8I.8/+&*!8*6!+*7#*/+J#!303/#2!/<8/!+3!
/'8*3-8'#*/!8*6!48+'!/&!L&/<!3/.6#*/3!8*6!/#87<#'3:

1&8/9/23"%3)"'<+2#"0%3/)92
?<#!8//87<2#*/!&4!<+><!3/8(#3!7&*3#_.#*7#3!280!866!>'#8/#'!$#+></!/&!/<+3!2#83.'#9!83!
8II&$+*>!/#87<#'3!/&!28(#!6#7+3+&*3!'#>8'6+*>!<+><!3/8(#3!7&*3#_.#*7#3!4&'!/<#+'!-##'3!7&.I6!
<8J#!-&33+LI#!6#/'+2#*/8I!#44#7/3:!!b&$#J#'9!$#!<8J#!<86!2.7<!6+37.33+&*!8L&./!$<#/<#'!8!
-'+*7+-8I!&'!&/<#'!862+*+3/'8/&'!3<&.I6!<8J#!8*0!#J8I.8/+J#!+*4I.#*7#!8/!8II9!$+/<!/<#!-&$#'!/&!833+>*!
7&*3#_.#*7#3!6+'#7/I0!>+J#*!/&!/<#!<8*63!&4!/<#!-##'!#J8I.8/&'3:!!).7<!$#+></+*>!6#/#'2+*8/+&*3!
280!.I/+28/#I0!L#!6#-#*6#*/!&*!/<#!7&*/#K/!&4!/<#!37<&&I:!!A4!8!37<&&I!<83!8!<+><!6#>'##!&4!
/#87<#'!8./&*&20!.*6#'!8*!#44+7+#*/!303/#2!&4!Ca19!/<#*!862+*+3/'8/&'!&L3#'J8/+&*3!*##6!*&/!
78''0!83!2.7<!$#+></!+*!'#I8/+&*!/&!-##'!#J8I.8/+&*3:

!##"'<+2#"0%3/)92
B//87<+*>!/<+3!2#83.'#2#*/!/&!<+><!3/8(#39!83!+*!-'+*7+-8I!&L3#'J8/+&*3!8L&J#9!78*!L#!8!<+><I0!
7&*/'&J#'3+8I!+33.#:!!O*#!-#'3-#7/+J#!+3!/<8/!-##'!#J8I.8/+&*3!3<&.I6!7&*/+*.#!/&!<&I6!3+>*+4+78*/!
$#+></!#J#*!$+/<!/<#!8//87<2#*/!&4!<+><!3/8(#3!7&*3#_.#*7#39!83!/<#0!280!L#!'#*6#'#6!
+*7&*3#_.#*/+8I!&/<#'$+3#:!!B*&/<#'!-#'3-#7/+J#!+3!/<8/!-##'!#J8I.8/+&*3!3<&.I6!L#!.3#6!83!68/8`
+*!7&*D.*7/+&*!$+/<!/<#!&/<#'!2#83.'#3!I+3/#6!<#'#`$+/<!8!4+*8I!6#7+3+&*!>+J#*!L0!/<#!-'+*7+-8I!
78''0+*>!/<#!$#+></!&4!7&*3#_.#*7#3!8//87<#6!/&!/<#2:!!E.'/<#'2&'#9!-##'!#J8I.8/+&*3!7&.I6!#*6!
.-!L#+*>!8!*#>8/+J#!-I8/4&'2!4&'!6+3>'.*/I#6!/#87<#'3!+4!*&/!3/'.7/.'#6!#44#7/+J#I0:!

!E*$%-/0#*/),$#@%.-%/)5*$51$%$/#%,0#&$65-.3$*5/$5*.A$,5*')3#&$'/-3#*/$4#&15&>%*,#$%*3$
4&5+&#''$-')*+$>-./)4.#$>#%'-&#'2$7-/$1-&/0#&>5&#$/0#$,5*/#F/$)*$60),0$%$/#%,0#&$)'$65&()*+;<

!"#$%&%'$()*+#,-$*.$/#0$1*)2$!.
 TV
637&#93'!")M"#22'122#228#932
Y+/<!/<#!8//87<2#*/!&4!<+><!3/8(#3!7&*3#_.#*7#39!$#!L#I+#J#!/<8/!/<+3!2#83.'#!L#7&2#3!8II!/<#!
2&'#!+2-&'/8*/:!!b&$#J#'9!/<#'#!+3!/<#!68*>#'!&4!/#87<#'3!3(#$+*>!/<#!#J+6#*7#!/&!-'#3#*/!>'#8/#'!
3/.6#*/!>'&$/<!/<8*!<83!87/.8II0!&77.''#6:!!?<+3!'+3(!78*!L#!8J#'/#6!/<'&.><!&*>&+*>!2&*+/&'+*>!
&4!3/.6#*/!68/8!L0!37<&&I!I#86#'3!8*6!862+*+3/'8/+&*:!A*!866+/+&*9!/<#!7<&+7#!&4!3/.6#*/!-'&>'#33!
833#332#*/!/&&I3!+3!8*!+2-&'/8*/!487/&'!/&!7&*3+6#'!8*6!7&*/'&I!$<#*!/<+3!+*4&'28/+&*!+3!.3#6!+*!
<+><!3/8(#3!6#7+3+&*R28(+*>:!!,VB9!,AS5a)9!8I3&!51aB)!8'#!$#II!(*&$*!8*6!'#3#8'7<RL83#6!
L#*7<28'(!'#86+*>!833#332#*/39!5830!1SW!4&'!7.''+7.I.2!L83#6!2#83.'#2#*/39!8*6!)78*/'&*N3!
5,!C#'4&'28*7#!4&'!-#'4&'28*7#!L83#6!833#332#*/3:!"%1N3!B7.+/0!-'&>'82!8I3&!-'&J+6#3!/<#!
8L+I+/0!/&!.3#!-'&>'#33R2&*+/&'+*>!4#8/.'#3:!?<#!2&'#!7&2-./#'RL83#6!8!-'&>'82!+39!3.7<!83!5,!
C#'4&'28*7#9!B7.+/09!&'!3&2#!&4!58301SW9!/<#!<8'6#'!$#!/<+*(!+/!+3!4&'!8!/#87<#'!/&!2&6+40!/<#!
3/.6#*/!68/89!83!,VB^,AS5a)!8*6!&/<#'!3.7<!833#332#*/3!8'#!>#*#'8II0!3+2-I0!8!28//#'!&4!+*-./!
+*/&!8!68/8!303/#2:!,+3/'+7/3!7&.I6!8I3&!7<&&3#!&/<#'!/87/+73!4&'!6&7.2#*/+*>!3/.6#*/!-'&>'#339!
3.7<!83!L83+7!'.**+*>!'#7&'63:

C'&>'#33R2&*+/&'+*>!68/8!3<&.I6!*&/!L#!.3#6!/&!#J8I.8/#!/#87<#'3!+*!/<#!382#!28**#'!83!/<8/!
&4!J8I.#R866#6!68/8`/<8/!+39!$+/<!/<#!3+2-I#!7&''#I8/+&*!&4!8!/#87<#'N3!+2-87/!/&!/<8/!&4!3/.6#*/!
-'&>'#33!>8+*3:!544#7/+J#!-'&>'#33R2&*+/&'+*>!6#2&*3/'8/#3!>&&6!-#68>&>0!8*6!68/8R(##-+*>!
-'87/+7#3!&*!/<#!-8'/!&4!/<#!/#87<#':!A4!8!3/.6#*/!6&#3!*&/!6#2&*3/'8/#!86#_.8/#!-'&>'#33!J+8!
-'&>'#33R2&*+/&'+*>!68/89!$<8/!<83!8!/#87<#'!6&*#!/&!8I/#'!/<#+'!+*3/'.7/+&*e!?<+3!+3!/<#!(+*6!&4!
_.#3/+&*!/<8/!78*!&*I0!L#!8*3$#'#6!J+8!6##-#'!8*8I03+3!L0!8*!#J8I.8/&'!.3+*>!8!J8I+6!+*3/'.2#*/:!!
Y#!/<#'#4&'#!'#7&22#*6!/<8/!-'&>'#33R2&*+/&'+*>!68/8!L#!+*7I.6#6!83!8!7&2-&*#*/!&4!8*0!
3/8*68'6+M#6!'.L'+7!+*!/#87<#'!#J8I.8/+&*9!L./!*&/!83!8!3/8*6R8I&*#!68/8!3#/!4&'!<+><!3/8(#3!
6#7+3+&*R28(+*>:

637&#93'67"0#,2
?<#'#!+3!3&2#!68*>#'!+*!3/.6#*/3!L#7&2+*>!8$8'#!&4!/<#!7&*3#_.#*7#3!&4!/<#+'!3.'J#03!&*!
/<#+'!/#87<#'39!$<+7<!7&.I6!3(#$!/<#!J8I+6+/0!&4!/<+3!2#83.'#9!#3-#7+8II0!4&'!&I6#'!3/.6#*/3!$<&!
L#7&2#!8$8'#!&4!/<#!+2-87/!&4!/<#+'!4##6L87(:!!A/!/<#'#4&'#!L#7&2#3!+2-#'8/+J#!/<8/!3.'J#03!
8'#!862+*+3/#'#6!8--'&-'+8/#I09!$+/<!7I8'+/0!>+J#*!/&!3/.6#*/3!/<8/!/<#+'!4##6L87(!+3!8*&*02&.3!
8*6!78**&/!L#!/'87#6!/&!/<#+'!3&.'7#:!!E.'/<#'2&'#9!/<#3#!3.'J#03`83!$+/<!8II!&4!/<#!2#83.'#3!
L#+*>!'#7&22#*6#6!<#'#`3<&.I6!&*I0!L#!./+I+M#6!4&'!<+><!3/8(#3!6#7+3+&*3!$<#*!68/8!<83!L##*!
>8/<#'#6!&J#'!2.I/+-I#!0#8'3!/&!6#/#'2+*#!-8//#'*3!8*6!J8I+6+/0:

C#%4L#"'6#.(Z122#228#93
Y+/<!<+><!3/8(#3!7&*3#_.#*7#3!8//87<#69!/<#!&*I0!68*>#'!+3!/<8/!/#87<#'3!280!<8J#!8!
/#*6#*70!/&!'8/#!/<#23#IJ#3!48'!<+><#':!!b&$#J#'9!$#!L#I+#J#!/<+3!/#*6#*70!$+II!L#!8J#'/#6!L0!
/<#!6+37.33+&*!/<8/!$+II!L#!<86!$+/<!-##'!8*6!862+*+3/'8/&'!&L3#'J#'3:!!A4!/<#'#!+3!8!3+>*+4+78*/!
6+37'#-8*70!L#/$##*!/<#!&L3#'J#'N3!+*3/'.2#*/!8*6!/<#!/#87<#'N3!3#I4R833#332#*/9!/<8/!$&.I6!
L#!8*!&--&'/.*+/0!4&'!2#8*+*>4.I!6+8I&>.#!8*6!#*>8>#2#*/!$+/<!/<#!/#87<#':!!Y<+I#!/<+3!2#83.'#!
+3!+*/#>'8I!/&!/<#!&L3#'J8/+&*!$#+></+*>9!$#!$#+></!+/!*&/!L#78.3#!+/!3<&.I6!L#!.3#6!3-#7+4+78II0!+*!
/<#!6#/#'2+*8/+&*!&4!<+><!3/8(#3!7&*3#_.#*7#39!L./!L#78.3#!$#!L#I+#J#!+/!2.3/!L#!'#7&>*+M#6!
83!8!7'+/+78I!-8'/!&4!8*0!3&'/!&4!8./<#*/+7!7&*J#'38/+&*!/<8/!$&.I6!/8(#!-I87#!+*!/<#!-'&7#33!&4!
#J8I.8/+&*:!!A/!+3!D.3/!8!-+#7#!.3#6!+*!/<#!6+37.33+&*!&4!/#87<#'!-#'4&'28*7#9!8*6!/<#!/#87<#'3!
'#4I#7/+&*3!3<&.I6!L#!7&''#I8/#6!$+/<!/<#!#J8I.8/+&*!68/8!+*3/#86:

!"#$%&%'$()*+#,-$*.$/#0$1*)2$!/
?>:<II> ; -1C@ <;'B< N? TW
;#J'#0%.7%3/)9'%$$")%4L#2'2L)7.&'+#'&#0#.)$#&'()"'
9)9Z3#23#&'27+O#432'J/3L'2/M9/(/4%93'/9$73'(")8'27+O#43'
8%33#"'3#%4L#"2K

"&*R/#3/#6!3.LD#7/3!-'#3#*/!8!.*+_.#!<.'6I#!+*!/<#!487#!&4!"#$!%&'(N3!*#$!/#87<#'!#J8I.8/+&*!I8$:!!
Y#!/<+*(!/<+3!<.'6I#!78*!8*6!3<&.I6!L#!/.'*#6!+*/&!8*!#K#'7+3#!/&!+2-'&J#!/<#!8--I+#6!37+#*7#!&4!
833#33+*>!L&/<!3/.6#*/!>'&$/<!8*6!/#87<#'!+2-87/:!?&!3(+-!/<+3!&--&'/.*+/0!8*6!D.2-!6+'#7/I0!/&!
866+/+&*8I!/#3/+*>!$&.I6!*&/!&*I0!L#!'#>'#//8LI#c!+/!$&.I6!6#-'+J#!"#$!%&'(!&4!/<#!8L+I+/0!/&!28(#!8!
3.L3/8*/+8I!7&*/'+L./+&*!/&!B2#'+78*!/#87<+*>:!!

B!/#3/!4&'!2.3+7!8*6!8'/!+3!L&/<!+2-'87/+78I!8*6!.*6#3+'8LI#:!!Y#!L#I+#J#!/<8/!3.LD#7/3!3.7<!83!
2.3+79!8'/9!C5!8*6!8'#83!$<#'#!3/.6#*/3!8'#!8II&$#6!/&!#K-'#33!/<#+'!&$*!-'&7#33!&4!7'#8/+J+/0!
3<&.I6!*&/!L#!/#3/#6:!Y<+I#!$#!8'#!*&/!-307<&I&>+3/39!+/!3##23!/<8/!/<#!.*6#'I0+*>!#44#7/3!&4!
/#3/+*>!P83!+/!+3Q!/#*6!/&!*#>8/#!3/.6#*/!I#8'*+*>!8*6!3#I4!#3/##2:!E87#6!$+/<!/<#!-'&3-#7/!&4!L#+*>!
/#3/#6!+*!#87<!87/+J+/0!+*!$<+7<!&*#!-8'/+7+-8/#39!/<#!*8/.'8I!-'&7#33!&4!7'#8/+J+/0!+3!+*#J+/8LI0!3/+4I#6!
L0!/<#!4#8'!&4!\6&+*>!3&2#/<+*>!$'&*>:]!B!-#'3&*N3!7'#8/+J#!8L+I+/0!78**&/!L#!/#3/#6!#44#7/+J#I0:!!
1&*3+6#'!4&'!+*3/8*7#!3/.6#*/3!$<&!\78*N/!6'8$]d!/#3/+*>!/<#+'!8'/+3/+7!8L+I+/0!78*!&*I0!866!/&!
8786#2+7!3/'.>>I#3!/<#0!2+></!<8J#:!S./!>+J#*!/<#3#!7&*3+6#'8/+&*39!/<#!_.#3/+&*!&4!<&$!$#!
3<&.I6!/#3/!/<#!/#87<#'N3!#44#7/+J#*#33!'#28+*3:!!

A*!*&*R/#3/#6!3.LD#7/39!/<#!4+'3/!3/#-!*##63!/&!L#!/&!#3/8LI+3<!7&*3+3/#*/!7.''+7.I8'!#K-#7/8/+&*3!
+*!"#$!%&'(`8'#!$#!/#87<+*>!4&'!7&*/#*/9!-#'4&'28*7#9!&'!L&/<e!!Y#!6&!*&/!L#I+#J#!/<8/!4.'/<#'!
/#3/+*>!$+II!L#*#4+/!#+/<#'!/#87<#'3!&'!3/.6#*/3!+*!/<#3#!8'#83!P.*6#'!7.''#*/!7&*6+/+&*3Q!$+/<&./!4+'3/!
87<+#J+*>!7I8'+/0!&*!/<#!7&*/#*/!8*6!-#'4&'28*7#!(*&$I#6>#!&'!3(+II3!#K-#7/#6:!Y<+I#!$#!L#I+#J#!
/<8/!2&*+/&'+*>!6&*#!+*!8!7&*/'&II#6!8*6!J8'+8LI#!$80!7&.I6!L#!.3#4.I`3.7<!83!'8*6&2+M#6!
/#3/+*>!.3+*>!328II!3/.6#*/!382-I#3!#87<!0#8'`+/!6&#3!*&/!28(#!3#*3#!/&!L#>+*!/#3/+*>!+*!/<#!
8L3#*7#!&4!8*0!3&'/!&4!7.''+7.I.2!4&'!/<#3#!3.LD#7/3!P8*6!8I'#860!/<#'#!+3!8!3.L3/8*/+8I!6#4+7+/!+*!
/<#!8'#8!&4!7.''+7.I.2!4&'!8*0!>+J#*!3.LD#7/!8'#89!83!*&/#6!+*!/<#!2&3/!'#7#*/!+33.#!&4!!9-$(&%1"
/,+&%'.$"k@&I:!Th9!"&:!hlQ:

C8'/!&4!/<#!'#83&*!$<0!$#!8'#!-.3<+*>!3&!3/'&*>I0!4&'!2.I/+-I#!2#83.'#3!&4!L&/<!3/.6#*/3!8*6!
/#87<#'!-#'4&'28*7#!+3!/<8/!/#3/+*>!&*I0!6#2&*3/'8/#3!8!3#J#'#I0!I+2+/#69!*8''&$!3I+7#!&4!/<#!
-+7/.'#:!E&'!/#87<#'3!$+/<&./!J8I.#R866#6!+*4&'28/+&*9!/<#!&/<#'!2#83.'#3!$#!3.>>#3/!$+II!/8(#!
-'#7#6#*7#:!Y#!<8J#!*&/!<86!8*0!6+37.33+&*!0#/!83!/&!<&$!/<#3#!2#83.'#3!8*6!/<#+'!$#+></3!
$&.I6!/<#*!7<8*>#:!B!2&6#I!/&!#K82+*#!$&.I6!L#!AWCB1?N3!#J8I.8/+&*!&4!/#87<#'3!$+/<&./!
J8I.#R866#6!68/8:!Y#!3.>>#3/!/<8/!862+*+3/'8/&'!8*6!-##'!&L3#'J8/+&*39!+*!866+/+&*!/&!3/.6#*/!
3.'J#039!$&.I6!/<#*!/8(#!&*!/<#!'#28+*6#'!&4!/<#!$#+></+*>!/&!28(#!.-!4&'!/<#!8L3#*7#!&4!
J8I.#!866#6:!!A#'#90/2/)9'3L#'()..)J/9M'#0%.7%3/)9'%$$")%4L*!

B62+*+3/'8/&'!&L3#'J8/+&*3d!TXm9!C##'!&L3#'J8/+&*3d!THm9!)/.6#*/!).'J#03d!FXm9!-'&>'#33!
2&*+/&'+*>!68/8d!FXm9!/#87<#'!3#I4R833#332#*/d!Xm:!

!"#$%&%'$()*+#,-$*.$/#0$1*)2$!0
 TW
18'#4.I!8//#*/+&*!8*6!6+37.33+&*!3<&.I6!L#!>+J#*!/&!3.7<!28//#'3!83!7&*/#*/!8*6!-#'4&'28*7#!
#K-#7/8/+&*39!8*6!/<#3#!8'#83!78*!L#!2#83.'#6!$+/<!-&'/4&I+&3!8*6!&L3#'J8/+&*3!L#4&'#!8*0!
6#7+3+&*3!8L&./!$#+></+*>!&'!#J8I.8/+&*!2#/'+73!8'#!286#:!!"#$!%&'(!&44+7+8I3!3<&.I6!L#!3#8'7<+*>!
4&'!3&I./+&*3!'#>8'6+*>!$803!+*!$<+7<!8*!8'/!&'!2.3+7!/#87<#'!2+></!2&*+/&'!/<#!-'&>'#33!&4!/<#+'!
3/.6#*/39!8*6!$<8/!833#332#*/3!8*6!L#*7<28'(3!3<&.I6!L#!.3#6:!?<+3!7&*J#'38/+&*!3<&.I6!
+*7I.6#!8!<#8J0!6&3#!&4!4##6L87(!4'&2!-'87/+7+*>!/#87<#'39!8*6!#44&'/!3<&.I6!L#!286#!/&!/'8*3I8/#!
7&*7I.3+&*3!8*6!/87/+73!/&!/#3/#6!3.LD#7/3!83!$#II:!!).7<!8*!#44&'/!$&.I6!*&/!&*I0!-./!"#$!%&'(!
)/8/#!8/!/<#!4&'#4'&*/!&4!/<#!4+#I6!+*!#J8I.8/+*>!3/.6#*/!-'&>'#33!+*!*&*R/#3/#6!8'#839!+/!7&.I6!8I3&!
I#*6!+2-&'/8*/!6#-/<!/&!2.I/+-I#!2#83.'#3!&4!/#87<+*>!#44#7/+J#*#33!87'&33!/<#!L&8'6:

C > 1 : D> ? ' >=1 S N1C @ <;' '+7#&#$)8-)%89:;$,8<-)#%&!

I > 1 6N? > 6'B <?' We assign this measure a weight of VX`.
; < ;Z C > 6 C > -'6NRE > :C 6'
PY#+></#6Q =,,89:;$,8<-)#%&!
We assign this measure a weight of V_`.

=8%@8,$$9G%&#)%8#&@9H-)-
We assign this measure a weight of TX`.

U_`VX`
>)?+,&)9>?8<,A$
X`
We assign this measure TX`.

TX` B,-(C,89>,DEF-$$,$$7,&)9
We assign this measure a weight of X`.

TX` V_`

!"#$%&%'$()*+#,-$*.$/#0$1*)2$!1
 TX
?>:<II> ; -1C@ <;'B@=>

1&O7238#932'()"'3#%4L#"2')('237&#932'J/3L'&/2%+/./3/#2'
)"'>9M./2L'S%9M7%M#'S#%"9#"2'2L)7.&'+#'4)92/23#93'%4")22'
3L#'23%3#K

1&O7238#932'3)'>0%.7%3/)9'@923"78#932'()"'C#%4L#"2')('>SSb6A-
A/!+3!7'+/+78I!/<8/!8*0!#J8I.8/+J#!+*3/'.2#*/!.3#6!6+44#'#*/+8/#!#3-#7+8II0!4&'!/<#!/#87<#'3!&4!3/.6#*/!
-&-.I8/+&*3!/<8/!/0-+78II0!'#_.+'#!3.L3/8*/+8II0!'#4+*#6!8*6!/#7<*+78I!+*3/'.7/+&*8I!8*6!7I833'&&2!
28*8>#2#*/!8--'&87<#3!/&!6#2&*3/'8/#!>'&$/<!8*6!#44#7/+J#*#339!3.7<!83!3/.6#*/3!6#3+>*8/#6!
$+/<!5aa!&'!)Y,!3/8/.3:!!E.'/<#'2&'#9!8*0!#J8I.8/&'!/<8/!$&.I6!&L3#'J#!8!7I833'&&2!&4!-'+28'+I0!
5aa!&'!)Y,!3/.6#*/39!3.7<!83!8!3#I4R7&*/8+*#6!7I833'&&2!&'!L+I+*>.8I!7I833'&&29!3<&.I6!<8J#!
8*!8$8'#*#33!&4!/<#!3-#7+4+7!*##63!&4!/<&3#!3/.6#*/39!3.7<!/<8/!/<#+'!#J8I.8/+&*!8*6!4&II&$R.-!
4##6L87(!877&.*/3!4&'!8*!.*6#'3/8*6+*>!&4!/<#!/0-#!&4!877&22&68/+&*39!7I833'&&2!28*8>#2#*/!
8--'&87<#39!8*6!6+44#'#*/+8/+&*!&4!+*3/'.7/+&*8I!6#I+J#'0!/<8/!/<#!/#87<#'!+3!6#2&*3/'8/+*>:

1.''#*/I09!/<#!AWCB1?!#J8I.8/+&*3!8'#!&*#!&4!/<#!4#$!/&!6+44#'#*/+8/#!3.L3/8*/+8II0!4&'!/#87<#'3!&4!
6+44#'#*/!3.LR-&-.I8/+&*39!$+/<!J8'+8*/!$#+></+*>3!&4!2#83.'#3!6#-#*6#*/!&*!/<&3#!-&-.I8/+&*3:!!
b&$#J#'9!83!AWCB1?!+3!'#I8/+J#I0!*#$9!+/3!J8I+6+/0!+*!6#/#'2+*+*>!/#87<#'!#44#7/+J#*#33!L83#6!&*!
/<#3#!2#/<&63!&4!6+44#'#*/+8/+&*!8'#!83!0#/!.*3.L3/8*/+8/#6:

A*!8*0!#J8I.8/+J#!+*3/'.2#*/!/<8/!+3!#I#7/#6!4&'!.3#9!$#!3/'&*>I0!'#7&22#*6!7&*3+6#'8/+&*!&4!/<#!
4&II&$+*>!866#*6.23!4&'!#J8I.8/+J#!'.L'+73!&4!/#87<#'3!&4!5aa^)Y,3d

Z! !!!,#2&*3/'8/+*>!(*&$I#6>#!&4!3/.6#*/3d!?#87<#'3!2.3/!!87/+J#I0!3##(!&./!(*&$I#6>#!&4!
3/.6#*/3!$+/<!8!SAC9!A5C9!XHh!-I8*9!&'!5aa^a5C!-I8*:!!B66+/+&*8II09!/<#!/#87<#'!87/+J#I0!
&L/8+*3!+*4&'28/+&*!8L&./!<&$!/<#3#!-I8*3!<8J#!L##*!+2-I#2#*/#6!+*!/<#!-83/
Z! !!!)#//+*>!+*3/'.7/+&*8I!&./7&2#3d!A*!&'6#'!/&!3#/!+*3/'.7/+&*8I!&./7&2#3!
#44#7/+J#I0!8!/#87<#'!3<&.I6!./+I+M#!-'#J+&.3!(*&$I#6>#!&4!/<#!*##639!
-I8*3!8*6!8**.8I!>&8I3!&4!8II!3/.6#*/3!+*!/<#!7I833:
Z! !!!,#3+>*+*>!3/.6#*/!833#332#*/3d!A*!6#3+>*+*>!3/.6#*/!833#332#*/9!8!/#87<#'!&.></!/&!/8(#!
+*/&!877&.*/!/<#!*##63!&4!+*6+J+6.8I3!8*6!/<#!6+44#'+*>!'#3-&*3#^4##6L87(!2#/<&63:
Z! !!!,#J#I&-+*>!8*!#*J+'&*2#*/!&4!'#3-#7/!8*6!'8--&'/d!B!/#87<#'!3<&.I6!
L#!3#*3+/+J#!/&!8II!/<#!6+44#'#*7#3!82&*>!3/.6#*/3!+*!/<#!7I833:!

!"#$%&%'$()*+#,-$*.$/#0$1*)2$!2
 TX

Z! ! 53/8LI+3<+*>!8!7.I/.'#!4&'!I#8'*+*>d!A*!#3/8LI+3<+*>!8!7.I/.'#!4&'!I#8'*+*>9!#J8I.8/+&*!2.3/!
4&7.3!&*!3/.6#*/!+2-'&J#2#*/!83!+/!8--I+#3!/&!+*6+J+6.8I!A5C39!SAC39!XHh39!&'!5aa^
a5C!-I8*3:!!5J8I.8/&'3!3<&.I6!3##!8!-'&>'#33+&*!+*!8!3/.6#*/N3!_.8I+/0!8*6!_.8*/+/0!
&4!$&'(!8*6!*&/!*#7#338'+I0!.3#!/<8/!&./7&2#!83!/<#!&*I0!28'(#'!&4!I#8'*+*>:
Z! ! W8*8>+*>!3/.6#*/!L#<8J+&'d!Y<#*!28*8>+*>!3/.6#*/!L#<8J+&'9!+/!+3!+2-&'/8*/!/&!(*&$!+4!8!
3/.6#*/!<83!<86!8!4.*7/+&*8I!L#<8J+&'8I!833#332#*/!PESBQ9!+4!+/!<83!'#3.I/#6!+*!8!L#<8J+&'8I!
+*/#'J#*/+&*!-I8*!PSACQ9!8*6!<&$!/&!-'&-#'I0!>&!8L&./!+2-I#2#*/+*>!/<8/!6&7.2#*/:
Z! !!!j3+*>!_.#3/+&*+*>!8*6!6+37.33+&*d!A*!.3+*>!_.#3/+&*+*>!8*6!6+37.33+&*!/#7<*+_.#39!8!
/#87<#'!3<&.I6!8II&$!4&'!8!J8'+#/0!&4!4##6L87(!2#7<8*+3239!$<#/<#'!J#'L8I!&'!$'+//#*:
Z! !!!B66+/+&*8I!6./+#3d!?<+3!+3!8!J#'0!#K/#*3+J#!8*6!J8'+#6!78/#>&'09!6#-#*6+*>!&*!/<#!
37<&&I!6+3/'+7/9!37<&&I9!3-#7+8I!#6.78/+&*!6#-8'/2#*/9!83!$#II!83!+*6+J+6.8I!/#87<#'!
8*6!/<#!'&I#!+*!$<+7<!/<#!37<&&I!.3#3!/<#2:!B66+/+&*8I!6./+#3!7&.I6!+*7I.6#!28*8>+*>!
783#I&8639!7'#8/+*>!A5C3!8*6!&/<#'!6&7.2#*/39!7&22.*+78/+*>!$+/<!&/<#'!3/844!
2#2L#'39!833.2+*>!7&R/#87<#'!'#3-&*3+L+I+/+#39!8//#*6+*>!8**.8I!'#J+#$!2##/+*>39!
/#3/+*>!3/.6#*/39!8*6!&/<#'!'#3-&*3+L+I+/+#3!6#-#*6+*>!&*!/<8/!/#87<#'N3!+*6+J+6.8I!'&I#:

!8&5+&#''$>5*)/5&)*+$)'$%$/A4#$51$15&>%/)@#$%''#''>#*/2$*5/$'->>%/)@#;$
?/$54#&%/#'$)*$/%*3#>$6)/0$'/%*3%&3)G#3$/#'/)*+;$=5&$>%*A$,0).3&#*$6)/0$#F,#4/)5*%.$
.#%&*)*+$*##3'2$/0#)&$4&5+&#''$)'$*5/$H-'/.A$*5&$%3#D-%/#.A$3#4),/#3$7A$/0#$3%/%$
,5*/%)*#3$7A$/0#$,-&&#*/$'/%*3%&3)G#3$>#%'-&#';<

!"#$%&%'$()*+#,-$*.$/#0$1*)2$!3
?>:<II> ; -1C@ <;'6 @Q TY
N2#'#\/23/9M'"7+"/42'3)'#0%.7%3#';#J'F)"P'3#%4L#"2['
+73'%&%$3'3L#8'()"'2$#4/(/4'.)4%.'4/"47823%94#2K

>\/23/9M'?7+"/42'CL%3':)7.&'R#'N2#&'3)':)9&743'C#%4L#"'>0%.7%3/)92
A*!&'6#'!/&!3/8*68'6+M#!/#87<#'!#J8I.8/+&*9!8*!#44#7/+J#!4'82#$&'(!+3!'#_.+'#6:!!/14%1&(12"
#$.5-66(.1%)"#$%&'(&-:"!";$%9-<.$="5.$"3-%&4(129!L0!1<8'I&//#!,8*+#I3&*9!<83!L##*!$+6#I0!.3#69!
*&'28/+M#6!4&'!=RFG9!8*6!3<&$*!/&!L#!8*!#44#7/+J#!2#83.'#!4&'!/#87<#'!#J8I.8/+&*:!!O/<#'!'.L'+73!
/&!7&*3+6#'!8'#!AWCB1?9!1aB))9!8*6!=+2!W8'3<8IIN3!?#87<#'!5J8I.8/+&*!V.L'+73:!!AWCB1?!
6+44#'#*/+8/#3!#J8I.8/+&*3!4&'!8!*.2L#'!&4!6+44#'#*/!/0-#3!&4!/#87<+*>!3+/.8/+&*39!3.7<!83!$<#/<#'!
8!/#87<#'!<83!J8I.#R866#6!68/8!8J8+I8LI#9!&'!4&'!/#87<#'3!&4!3/.6#*/3!$+/<!6+38L+I+/+#3!P)Y,3Q:!!
1aB))!/8'>#/3!>'86#3!=RG!_.+/#!#44#7/+J#I0!8*6!7&.I6!/<#'#4&'#!L#!7&*3+6#'#6!4&'!=RG9!$+/<!/<#!
,8*+#I3&*!E'82#$&'(!./+I+M#6!4&'!TRFG:!!Y<+I#!=+2!W8'3<8IIN3!'.L'+7!3##2#6!J#'0!/#87<#'!4'+#*6I09!
$#!4#I/!/<8/!,8*+#I3&*N3!$83!2&'#!6+'#7/!8*6!$#IIR7&*3/'.7/#6!8*6!7&J#'#6!/<#!382#!/#''+/&'0:!!
Y#!$&.I6!3/'&*>I0!3.>>#3/!/<8/!8*0!'.L'+7!.3#6!2.3/!877&.*/!4&'!8*6!6+44#'#*/+8/#!L83#6!&*!8!
/#87<#'N3!I#J#I!&4!#K-#'+#*7#9!3/.6#*/!-&-.I8/+&*!/8.></!P3##!/<#!-'#J+&.3!3#7/+&*!4&'!86D.3/2#*/3!
/<8/!$#!'#7&22#*6!/&!/<#!,8*+#I3&*!'.L'+7!4&'!/#87<#'3!&4!5aa!8*6!3/.6#*/3!$+/<!6+38L+I+/+#3Q9!
83!$#II!83!/<#!-'#3#*7#!&4!-'&4#33+&*8I!3.--&'/!'#86+I0!8J8+I8LI#!/&!/<8/!/#87<#':

,8*+#I3&*N3!'.L'+7!+3!L83#6!&*!8!3#/!&4!7&2-&*#*/3!&4!+*3/'.7/+&*!/<8/!<8J#!L##*!6&7.2#*/#6!
/<'&.><!#2-+'+78I!'#3#8'7<!83!-'&2&/+*>!+2-'&J#6!3/.6#*/!I#8'*+*>:!E.'/<#'2&'#9!/<#!7&2-&*#*/3!
&4!+*3/'.7/+&*!8'#!8I+>*#6!/&!/<#!A"?B)1!3/8*68'63!8*6!8'#!>'&.*6#6!+*!8!7&*3/'.7/+J+3/!8--'&87<!
/&!I#8'*+*>!8*6!/#87<+*>:!?<#!7&2-&*#*/3!&4!-'&4#33+&*8I!-'87/+7#!8'#!8!7&2-'#<#*3+J#!
4'82#$&'(!'#4I#7/+*>!/<#!7&2-I#K+/0!&4!/#87<+*>:!CL#'("%8#J)"P'/2'&/0/&#&'/93)'UU'
4)8$)9#932'4.723#"#&'/93)'()7"'&)8%/92')('3#%4L/9M'"#2$)92/+/./3,*!

Z! !! CI8**+*>!8*6!C'#-8'8/+&*!P,&28+*!FQc!
Z! !! 1I833'&&2!5*J+'&*2#*/!P,&28+*!GQc!
Z! !! A*3/'.7/+&*!P,&28+*!TQc!8*6
Z! !! C'&4#33+&*8I!V#3-&*3+L+I+/+#3!P,&28+*!hQ:!

587<!7&2-&*#*/!6#4+*#3!8!6+3/+*7/!83-#7/!&4!/<#!6&28+*c!/$&!/&!4+J#!#I#2#*/3!6#37'+L#!8!3-#7+4+7!
4#8/.'#!&4!8!7&2-&*#*/:!a#J#I3!&4!/#87<+*>!-#'4&'28*7#!P'.L'+73Q!6#37'+L#!#87<!7&2-&*#*/!8*6!
-'&J+6#!8!'&8628-!4&'!+2-'&J#2#*/!&4!/#87<+*>:

!"#$%&%'$()*+#,-$*.$/#0$1*)2$!4
 T
Y

?#87<#'!3/8*68'63!8*6!#K-#7/8/+&*3!*##6!/<#!<+><#3/!I#J#I!&4!7&*3+3/#*70!87'&33!37<&&I!6+3/'+7/39!
$<+I#!2#83.'#3!+*!#87<!6&28+*!/<8/!4&7.3!&*!3/.6#*/!-&-.I8/+&*3!8*6!7&22.*+/0!3-#7+4+7!
2#83.'#3!3<&.I6!'#7#+J#!/<#!<+><#3/!I#J#I!&4!I&78I!4I#K+L+I+/0:!!B)"'#\%8$.#d

Z! ! ,&28+*!Fd!CI8**+*>!8*6!C'#-8'8/+&*9!FL!,#2&*3/'8/+*>!(*&$I#6>#!&4!3/.6#*/3
Z! ! ,&28+*!Gd!1I833'&&2!5*J+'&*2#*/9!G8!1'#8/+*>!8*!#*J+'&*2#*/!&4!'#3-#7/!8*6!'8--&'/9!
G6!W8*8>+*>!3/.6#*/!L#<8J+&'
Z! ! ,&28+*!Td!A*3/'.7/+&*9!T8!1&22.*+78/+*>!$+/<!3/.6#*/39!T7!5*>8>+*>!3/.6#*/3!+*!I#8'*+*>
Z! ! ,&28+*!hd!!C'&4#33+&*8I!V#3-&*3+L+I+/+#39!h7!1&22.*+78/+*>!$+/<!482+I+#3!!

!:5*/#F/-%.$,5*3)/)5*'$,%*$>5&#$#11#,/)@#.A$7#$%33&#''#3$/0&5-+0$/0#$>-./)4.#$4#&'4#,/)@#'$
51$/05'#$605$65&($6)/0)*$/0#$7-).3)*+;$=-&/0#&>5&#2$/#%,0#&'I%'$/0#$5*#'$>5'/$)*/)>%/#.A$%*3$
)>>)*#*/.A$(*56.#3+#%7.#$51$/0#$,5*/#F/-%.$,5*3)/)5*'$6)/0)*$/0#)&$7-).3)*+$%*3$,5>>-*)/A2$
%'$6#..$%'$/0#$'/%(#05.3#&'$6)/0$/0#$+&#%/#'/$%6%&#*#''$51$/0#$,5>4.#F)/A$51$/0#$3#>%*3'$51$/0#)&$
4&51#'')5*I'05-.3$7#$+&%*/#3$'-7'/%*/)@#$@5),#$5*$/0#$4#&15&>%*,#$51$/0#)&$4##&'2$%'$6#..$/0#$
5445&/-*)/A$/5$&#1.#,/$5*$/0#)&$56*$4#&15&>%*,#$%*3$05.3$%$>#%*)*+1-.$,5*@#&'%/)5*$%75-/$/0#)&$
4#&15&>%*,#$6)/0$/05'#$605$65-.3$#@%.-%/#$/0#>;<

!"#$%&%'$()*+#,-$*.$/#0$1*)2$!5
 "#$#%& *+,-

: < ;:SN6@< ; "%#(, '()#%&

<$#9/9M'-))"2'3)'!")(#22/)9%.'
:)8879/4%3/)9'%9&':)..%+)"%3/)9

?<#!-'&3-#7/!&4!#J8I.8/+*>!/#87<#'3!+3!4'8.></!$+/<!7&*/'&J#'30!8*6!6+44#'#*/!3/8(#<&I6#'3!$+II!
<8J#!6+J#'>#*/!-#'3-#7/+J#3!&*!$<8/!2#83.'#3!8'#!2&3/!+2-&'/8*/!+*!6#/#'2+*+*>!8*!+*6+J+6.8I!
/#87<#'N3!#44#7/+J#*#33:!!Y<#*!J+#$#6!/<'&.><!/<#!I#*3!&4!I#J#'8>+*>!/#87<#'!#J8I.8/+&*3!83!
8!2#8*3!4&'!L.+I6+*>!2&'#!#44#7/+J#!303/#23!&4!-'&4#33+&*8I!7&II8L&'8/+&*!8*6!3/'.7/.'#3!&4!
4##6L87(!$+/<+*!8*6!&./3+6#!&4!37<&&I39!#J8I.8/+&*3!78*!L#!3##*!83!8!7'+/+78I!8*6!-&3+/+J#!
&--&'/.*+/0!4&'!#3/8LI+3<+*>!2#8*+*>4.I!6+8I&>.#!L#/$##*!3/.6#*/39!/#87<#'39!862+*+3/'8/&'39!8*6!
-&I+7028(#'3:!!B*!#44#7/+J#!/#87<#'!#J8I.8/+&*!+3!*&/!3+2-I0!8L&./!877&.*/8L+I+/0!4&'!/<#!/#87<#'c!
+/!+3!8I3&!8L&./!877&.*/8L+I+/0!4&'!/<#!/'8+*+*>!&4!/#87<#'39!/<#!3.--&'/!$+/<+*!8!37<&&I!8*6!6+3/'+7/!
4&'!+/3!/#87<#'39!/<#!I#86#'3<+-!8*6!6+'#7/+&*!&4!37<&&I!I#86#'39!8*6!/<#!-&I+7+#3!8*6!-'&>'823!
/<8/!844#7/!68+I0!/#87<#'!-'87/+7#3:

5J8I.8/+*>!8!/#87<#'!+3!*&/!8L&./!7<#7(+*>!+/#23!&44!&4!8!7<#7(I+3/:!!A/!+3!8L&./!<8J+*>!8*!
8./<#*/+7!7&*J#'38/+&*!&*!+2-'&J+*>!+*3/'.7/+&*!8*6!-'&4#33+&*8I!-'87/+7#:!!?#87<#'!#J8I.8/&'3!
2.3/!L#!+*J&IJ#6!+*!4&3/#'+*>!7&*3#*3.39!8*6!+*4&'2#6!/<'&.><!68/8!3&.'7#6!4'&2!2.I/+-I#!
-#'3-#7/+J#3!8*6!2#83.'#39!I#86+*>!/&!/8'>#/#6!-'&4#33+&*8I!6#J#I&-2#*/:!!?<+3!-'&7#33!
'#_.+'#3!-'&4#33+&*8I!7&II8L&'8/+&*!.*6#'!/<#!#44+7+#*/!4'82#$&'(!&4!8!/'.#!-'&4#33+&*8I!I#8'*+*>!
7&22.*+/0:!!"&!3/8(#<&I6#'!+*!8*0!37<&&I!7&22.*+/0!3<&.I6!&-#'8/#!+*!+3&I8/+&*:!!?#87<#'!
#J8I.8/+&*3!-'&J+6#!8!.*+_.#!&--&'/.*+/0!/&!&-#*!/<#!6&&'3!/&!>'#8/#'!/'8*3-8'#*709!>'#8/#'!
+*J&IJ#2#*/9!8*6!>'#8/#'!877&.*/8L+I+/0!4'&2!8II!-8'/+#3!+*J&IJ#6!+*!/<#!7&2-I#K!#*/#'-'+3#!&4!
#6.78/+&*:

!"#$%&%'$()*+#,-$*.$/#0$1*)2$.6
=@=1'C%2P'B)"4#')(';#J'F)"P'I#8+#"2 S+&3
I1 ? G '1 ;- > ? 6<; '' "#$!%&'(9!"%
A!/#87<!8!X/<!>'86#!FGdFdF!7I833'&&2!+*!8*!#I#2#*/8'0!37<&&I!+*!583/!
?'#2&*/!+*!/<#!S'&*K9!"%:!?<+3!+3!20!3#7&*6!0#8'!/#87<+*>:!A!2&J#6!
/&!"#$!%&'(!+*!GHHg!4'&2!)&./<!a8(#!?8<&#9!1B9!$<#'#!A!$&'(#6!83!8!
6#-8'/2#*/!28*8>#'!+*!<&.3#(##-+*>!8*6!>'&.*63!&-#'8/+&*3!8/!/<#!
)/8*4&'6!)+#''8!182-!8*6!1&*4#'#*7#!1#*/#'!4&'!3#J#'8I!0#8'3:!B4/#'!
2&J+*>!/&!"#$!%&'(9!A!$&'(#6!83!8!3/&'#!28*8>#'!8/!?'86#'!;&#N3!+*!
n.##*3!L#4&'#!A!$83!877#-/#6!83!8!"%1!?#87<+*>!E#II&$!+*!GHHf:!A!82!
7.''#*/I0!7&2-I#/+*>!8!W83/#'N3!,#>'##!-'&>'82!+*!2+66I#!7<+I6<&&6!
3-#7+8I!#6.78/+&*!8/!1+/0!1&II#>#:!

A!/#87<!L&/<!L#78.3#!A!$8*/!/&!6&!3&2#/<+*>!2#8*+*>4.I!/&!>+J#!L87(!
/&!20!3&7+#/09!8*6!L#78.3#!A!82!+*/#'#3/#6!+*!-.LI+7!8448+'3!8*6!$8*/!/&!
.*6#'3/8*6!/<#!#44#7/3!&4!-&I+70!6#7+3+&*3!&*!8!>'&.*6!I#J#I!+*!/<#!<+><I0!
-&I+/+78I!4+#I6!&4!#6.78/+&*:

' ' ' ! > c c F': ? <N :D '' Y<+/#!CI8+*39!"%

A!'#7#+J#6!8!W83/#'3!+*!56.78/+&*!4'&2!E&'6<82!j*+J#'3+/0!8*6!82!
7#'/+4+#6!4'&2!"RU:!E&.'!0#8'3!8>&9!A!'#7#+J#6!20!3#7&*6!7#'/+4+78/+&*!+*!
?5)Oa!4'&2!a&*>!A3I8*6!j*+J#'3+/09!Y#3/7<#3/#'!182-.3:!E&'!/<#!-83/!
FX!0#8'39!A!<8J#!/8.></!+*!/<#!W/:!@#'*&*9!"%!37<&&I!6+3/'+7/:!W/:!@#'*&*N3!
-&-.I8/+&*!+3!&J#'!fHm!B4'+78*!B2#'+78*!$+/<!8*!+*7'#83+*>!-&-.I8/+&*!&4!
)-8*+3<!3-#8(+*>!+22+>'8*/3:!

W0!#6.78/+&*8I!#K-#'+#*7#!L#>8*!+*!Y<+/#!CI8+*39!+*!Ffgf9!$<#'#!A!$83!
8!L.+I6+*>!3.L3/+/./#!$<+I#!A!<86!0&.*>!7<+I6'#*!8/!<&2#:!A!/8.></!8!G*6!
>'86#!+*7I.3+&*!7I833!$<+I#!/<#!/#87<#'!$83!&*!8!0#8'N3!28/#'*+/0!I#8J#:!
A*!FffX9!A!$83!<+'#6!+*!W/:!@#'*&*!83!8!37+#*7#!I8L!/#87<#':!?<8/!-&3+/+&*!
$83!#K7+3#69!8*6!A!$83!/'8*34#''#6!/&!['8<82!5I#2#*/8'0!)7<&&I9!$<#'#!
A!<8J#!'#28+*#6:!B/!['8<829!A!<8J#!/8.></!F3/9!h/<9!8*6!X/<!>'86#3:!W0!
>'#8/#3/!#K-#'+#*7#!+3!+*!X/<!>'86#!PFX!0#8'3Q9!'#>.I8'!#6.78/+&*9!L./!A!
<8J#!8I3&!/8.></!X/<!>'86#!+*7I.3+&*:!5)a!3/.6#*/3!8'#!2&3/!&4/#*!-I87#6!
$+/<+*!20!7I833'&&2!3+*7#!A!<8J#!/<8/!7#'/+4+78/+&*!8*6!/<#!(*&$I#6>#!
L83#!4&'!5)a!3/'8/#>+#3:

A!-'#4#'!/<#!7&*3/'.7/+J+3/!8--'&87<!/&!#6.78/+&*:!A!82!/'8+*#6!+*!?5V1!
+*J#3/+>8/+&*39!'#86+*>^$'+/+*>!$&'(3<&-!8*6!I&J#!/&!#K-I&'#!8*6!
+*J#3/+>8/#!83!8!2#8*3!/&!.*6#'3/8*6!37+#*7#!7&*7#-/3:!A!/#87<!L#78.3#!
A!I&J#!/&!L#!8!-8'/!&4!/<#!-'&7#33!+*!<#I-+*>!0&.*>!7<+I6'#*!I#8'*!/&!I&J#!
I#8'*+*>:!)<8'+*>!8*6!>'&$+*>!/&>#/<#'!83!I#8'*#'3!28(#3!20!<#8'/!
<8--0o!1<+I6'#*!<8J#!3.7<!8*!828M+*>!-#'3-#7/+J#9!8*6!A!82!I.7(0!/&!L#!
8!-8'/!&4!/<+3!#K-#'+#*7#:

!"#$%&%'$()*+#,-$*.$/#0$1*)2$.!
 S+&3
R1 ? R1 ?1' c6<= 6G @ '' S'&&(I0*9!"%
A*!20!4&'/0!0#8'3!+*!#6.78/+&*9!A!<8J#!#8'*#6!8*!W:B:!+*!,+8>*&3/+7R
C'#37'+-/+J#!?#87<+*>!P[YjQ9!8*!W:):!+*!58'I0!1<+I6<&&6!56.78/+&*!
PS8*(!)/:!1&II#>#Q9!8*6!8!C<:,:!+*!58'I0!1<+I6<&&6^5I#2#*/8'0!56.78/+&*!
P"%jQ:!A!L#>8*!/#87<+*>!+*!8!*&'/<#83/!Y83<+*>/&*9!,:1:!-.LI+7!37<&&I!
83!/<#!/<+'6!G*6!>'86#!/#87<#'!&4!/<8/!7I833!2+6R0#8':!A!$83!4&'/.*8/#!83!
20!W:B:!-'&>'82!<86!'#_.+'#6!2#!/&!7&*/+*.8II0!'#4I#7/!&*!20!-'87/+7#9!
8*6!/<#*!86D.3/!/&!$<8/!$&.I6!$&'(:!)&!$<#*!/<#!6#J83/8/+*>!&L3/87I#3!
/<'&$*!68+I0!8/!20!3/.6#*/3!7&II+6#6!$+/<!20!'#I8/+J#!+*#K-#'+#*7#9!A!<86!
*&!7<&+7#!L./!/&!&L3#'J#!8*6!868-/!20!-'87/+7#!7&*/+*.8II0:!A*!20!*#K/!
GH!0#8'3!83!8*!#8'I0!7<+I6<&&6!/#87<#'!+*!-'+J8/#!3#//+*>3!P"%1!8*6!
S'&&(I0*Q9!20!,:1:!#K-#'+#*7#3!7&*/+*.#6!/&!+*4I.#*7#!<&$!A!/8.></!8*6!
$<8/!A!$8*/#6!20!0&.*>!3/.6#*/3!/&!87<+#J#:!BII!&4!20!>'86.8/#!/'8+*+*>!
-'&>'823!+*4I.#*7#6!20!-'87/+7#!83!8!>'86.8/#!3/.6#*/!3.-#'J+3&'!4&'!
?#87<#'3!1&II#>#!8*6!8!I#8'*+*>!3-#7+8I+3/!+*!37<&&I3!8*6!-'+J8/#!3#//+*>3:!
A!<8J#!*&$!7&2#!4.II!7+'7I#9!$&'(+*>!+*!b8'I#2!83!8!'#2#6+8/+&*!3-#7+8I+3/!
8/!/<#!"&'/<3+6#!1#*/#'!4&'!1<+I6!,#J#I&-2#*/9!8>8+*9!386I0!7&*4'&*/+*>!
/<#!382#!&L3/87I#3!20!,:1:!3/.6#*/3!487#6!3&!28*0!0#8'3!8>&:!a&&(+*>!
8<#869!A!$8*/!/&!.3#!8II!&4!20!#6.78/+&*8I!#K-#'+#*7#3!/&!+*4I.#*7#!/<#!
-&I+70!&*!<&$!$#!8'#!#6.78/+*>!&.'!0&.*>#3/!7<+I6'#*9!8*6!3-#7+4+78II09!
<&$!$#!#6.78/#!/#87<#'3!/&!/#87<!/<#2:

B ? 1 ;:< ' A1S S6 '' ?&*8$8*689!"%!

B3!8!3-#7+8I!#6.78/+&*!/#87<#'9!A!6&*N/!8I$803!4##I!83!+4!/<#!'#3.I/3!
8//8+*#6!L0!20!3/.6#*/3!8'#!#*/+'#I0!6.#!/&!/<#!I#8'*+*>!#*J+'&*2#*/!
&'!/#87<+*>!6#6+78/+&*!A!<8J#!-./!4&'/<:!?<8/!L#+*>!38+69!+4!A!82!-8'/!&4!
8!$<&I#!/<8/!+3!L#+*>!#J8I.8/#69!8*6!A!82!8*!87/+J#!-8'/+7+-8*/!+*!/<#!
I#8'*+*>!-'&7#33!4&'!8II!3/.6#*/3`+*7I.6+*>!<+><9!I&$9!8*6!8J#'8>#!
87<+#J#'39!A!<8J#!*&!-'&LI#2!$+/<!3/.6#*/!-#'4&'28*7#!487/&'+*>!
+*/&!/#87<#'!#J8I.8/+&*:!B4/#'!8II9!8!3/.6#*/N3!8786#2+7!-'&>'#33!+3!
&.'!\-'&6.7/9]`8*6!I+(#!8*0!L.3+*#33!2&6#I9!$#!3<&.I6!L#!D.6>#6!
877&'6+*>I0:!A4!4&'!3&2#!'#83&*!8!3-#7+4+7!2#2L#'!&4!/<#!$<&I#!+3!48+I+*>!
8/!-'&6.7+*>!-&3+/+J#!-'&>'#33!$+/<!<+3^<#'!\-'&6.7/39]!/<#*!'#2#6+8/+&*!
&'!+*/#'J#*/+&*!3<&.I6!&77.':!A4!/<#!+*/#'J#*/+&*!8*6^&'!'#2#6+8/+&*!6&#3!
*&/!$&'(9!/<#!/#87<#'!3<&.I6!L#!-./!&*!-'&L8/+&*!&'!'#I#83#69!'#>8'6I#33!
&4!/#*.'#!3/8/.3!&'!#K-#'+#*7#:

!"#$%&%'$()*+#,-$*.$/#0$1*)2$..
;#J'=)/4#'63"%3#M/#2 B7/+&*
;#J'=)/4#'63"%3#M/#29!8!W83387<.3#//3!*&*-'&4+/!7&'-&'8/+&*!&-#'8/#3!/<#!@A@B!P@+3+&*!A6#8!
@&+7#!B7/+&*Q!C'&D#7/:!!?<#!@A@B!C'&D#7/!+3!/<#!7'#8/+&*!&4!8!>'&.-!&4!3#83&*#69!-833+&*8/#!
86J&7870!-'&4#33+&*8I3!$<&!L#I+#J#!+*!/<#!-&$#'!8*6!$+36&2!&4!+*6+J+6.8I!7+/+M#*3!+*!/<#!-.LI+7!
3_.8'#:!!?#7<*&I&>0!+3!&-#*+*>!*#$!&--&'/.*+/+#3!4&'!+*6+J+6.8I3!/&!L#!87/+J#9!'#I#J8*/!-8'/+7+-8*/3!
+*!L+>!-+7/.'#!7&*J#'38/+&*3!8*6!6#7+3+&*3:!!1&2L+*>!&.'!M#8I!4&'!-8'/+7+-8/&'0!>&J#'*2#*/!$+/<!
+*J#*/+J#!.3#3!&4!$+(+!/#7<*&I&>09!$#N'#!7'#8/+*>!$#L3+/#3!8*6!7&*J#'38/+&*3!/<8/!$+II!866!*#$!
J&+7#3!/&!&.'!7&.*/'0N3!+2-&'/8*/!-.LI+7!-&I+70!6#7+3+&*3:!!O.'!4+'3/!$#L3+/#3!I8.*7<#6!+*!
)#-/#2L#'!GHFH9!#*>8>+*>!7I833'&&2!/#87<#'3!6+'#7/I0!+*!&*#!&4!/<#!2&3/!+2-&'/8*/!6+37.33+&*3!
&.'!7&.*/'0!+3!<8J+*>!*&$`6#7+3+&*3!8L&./!/<#!4./.'#!&4!B2#'+78*!-.LI+7!37<&&I3:

?<+3!$&'(!+3!/<#!'#3.I/!&4!/<#!3.--&'/!8*6!#*>8>#2#*/!&4!/<#!"#$!%&'(!1<8'/#'!)7<&&I3!
B33&7+8/+&*:!Y#!8'#!>'8/#4.I!4&'!/<#+'!-833+&*!4&'!#K7#II#*7#!+*!#6.78/+&*!8*6!#*/<.3+832!
4&'!+**&J8/+&*:

R)%"&')('-/"#43)"2
JOSE CERDA III , chair, is the vice president for public policy
and strategy at IFF, a Midwest regional CDFI. Jose has over 20 years
of experience in public policy and government. He served on the
domestic policy staff in the Clinton White House, was chief of
policy for the City of Chicago, and worked on Chicago’s
Empowerment Zone.
JILL BASS taught in the Chicago and New York City public
schools for 14 years. She has a master’s in instructional leadership
from the University of Illinois at Chicago and has been a
professional developer, curriculum writer, educational consultant,
and instructional coach. She is currently director of the Mikva
Challenge’s National Center for Action Civics, overseeing curriculum
development and teacher training.
MATTHEW BREWER is an associate with the law firm of Bartlt,
Beck, Herman, Palanhar & Scott, LLC. He is a graduate of Stanford
University, where he served as student body president, earned his
JD from Yale University and MBA from Harvard University.
ELIZABETH EVANS , founding CEO, is a recognized national
leader in building unconventional alliances and bringing innovative
approaches to solving difficult policy problems. For the last decade,
her work has focused on education reform, and she has spent
her career promoting the interests of children. She was executive
director of the Illinois Network of Charter Schools (INCS), where
she was the chief architect of a successful statewide campaign that
culminated with Illinois being the first state in the nation to enact
comprehensive charter law reforms in 2009. Before joining INCS,
Elizabeth was part of the Illinois Facilities Fund leadership team,
where her responsibilities focused on Illinois government relations,
communications, and advocacy. Elizabeth also worked at the Civic
Committee of The Commercial Club of Chicago and was a political
organizer in Washington, DC and Michigan. She practiced law
from 1990 to 1998 for the US Securities and Exchange Commission
Enforcement Division and as a staff attorney in the United States
Court of Appeals for the Seventh Circuit.
KIPLUND “KIP” KOLKMEIER is of counsel to the Political
Law and Government Relations practice groups of Perkins, Coie,
LLC & Kolkmeier Consulting. His legal practice focuses on state
legislative lobbying in Illinois, corporate and governmental ethics
issues, administrative rulemaking and executive agency lobbying,
PAC management, state and federal campaign finance issues,
and association management. He previously was a partner at
the following law firms: Sidley & Austin, Altheimer & Gray, and
Wildman, Harrold, Allen & Dixon.
ASHLEY WARLICK teaches elementary school in the Cambridge,
MA Public Schools. She has a concentration in teaching students
with special needs and brings a strong interest in the arts to her
work. She serves on the Board of Directors of her school’s affiliated
nonprofit organization, which brings urgently needed resources to
the students at the school.

!"#$%&%'$()*+#,-$*.$/#0$1*)2$./
 'JJJK0/0%3#%4L#"2K)"M

© 2011