Date post: | 23-Nov-2015 |
Category: |
Documents |
Upload: | tulio-enrique-tercero |
View: | 35 times |
Download: | 1 times |
&5($7,9($,'+$1'%22.
6*'%4'#6+8'#+&*#0&$11-
&5($7,9($,'+$1'%22.
3UHIDFH
6JGETQYFCNNTGCEJKPIHQTVJGUM[9GNQQMGFWRCPFUCYCINCUUEGKNKPICDQXGWUCNN$G[QPFVJGINCUUVJGUWPUJKPGFVJGDTKIJVGUV
$G[QPFVJGDGCOUJQNFKPIVKIJVVJGCKTYCUVJGRWTKUV(TGGFQOYCUVJGDTGG\GVJCVEQWNFQPN[UNKRVJTQWIJVJGDTKEMU0QOCVVGTJQYHCTYGTGCEJGFYGEQWNFPGXGTVQWEJVJGEGKNKPI0QOCVVGTJQYJCTFYGRWUJGFVJGINCUUYQWNFPGXGTDTGCM0QOCVVGTJQYUVTQPIYGYGTGVJGDGCOUUKORN[PGXGTICXG
+PCEEGRVCPEGYGDGICPVQCFOKTGVJGINCUU(TQOYJGTGYGUVQQFPQYYGEQWNFUGGVJGLQDQHVJGDGCOU9KVJVJGKFGCQHCDKNNKQPDTKEMUKPUWRRQTVQHCDWKNFKPI#NNQHWUTGCEJKPIHQTGCEJQVJGTKPUVGCFQHVJGUM[9KVJGPEQWTCIKPIRWUJGUHTQOCWPKVGFKPVGPVKQP
9GEQWNFENKODCPFVQWEJVJGEGKNKPI9GEQWNFHKPCNN[UVGGTVJGDGCOU9GEQWNFGCUKN[DTGCMVJGINCUU#DKNNKQPDTKEMUKPWPKUQP
%QWNFDTKPIFQYPCPGPVKTGEGKNKPI
+PC7PKHKGF'HHQTV8GZZ%JTKU6QQP5WRGT0CVWTCNG
7KH%ULFNVDQGWKH0RUWDU.RRURR.RRURR
&5($7,9($,'+$1'%22.
$ERXWXV
/CMGTCPFUWRRQTVGTQHCNNVJKPIUIQQFHQTVJGEQNNGEVKXGJGCTV2TQFWEGTQHHWPOQXKPIVJQWIJVRTQXQMKPIKPKVKCVKXGU
%QNNCDQTCVQTCPFCEEQORNKEGVQVJQUGYJQYCPVVQJGNRUQQVJGVJGDWTFGPQHVJGJWOCPEQPFKVKQP
*QYGXGTYGECPYJGTGXGTVJGYKNN
+RZWR8VHWKLV*XLGH
6JKUIWKFGKUOGCPVVQUGTXGCUCOKPKTGUQWTEGHQT[QWTETGCVKXGRTQLGEVUCPFHQQFHQT[QWTETGCVKXGVJQWIJVU9GXGKPENWFGFQWTQYPXCNWCDNGTGHGTGPEGUCPFTGUQWTEGUYGMPQYCPFVTWUVCUCOGCPUVQJGNR[QWIGV[QWTRTQLGEVFQPG9GJQRGVJKUIKXGU[QWVJGETGCVKXGRWUJHTQOC
FKTGEVKQP[QWOC[PQVJCXGVJQWIJVQHDGKVKPHQTOCVKXGKPURKTCVKQPCNQTUKORN[GPVGTVCKPKPI
#UCTGOKPFGTCNNQHVJGCTVHGCVWTGFRNWUGZVTCEQPEGRVCTVHQTVJKUDQQMKUFQYPNQCFCDNGKPXGEVQTHQTOCV6JKUOGCPU[QWCTGHTGGVQFQYPNQCFMGGRTGWUGCPFCNVGTCP[CTVHQTYJCVGXGTETGCVKXGPGGFURWTRQUGUQTGPFGCXQTU[QWOC[JCXG9GGPEQWTCIG[QWVQRCUUKVQPCPFNGVWUMPQYYJCVOCIPKHKEGPVKFGCURTQLGEVUQTGXGPRTQFWEVU[QWEQOGWRYKVJ
;QWECPHKPFCPFFQYPNQCFQWTHKNGUCVQWTDNQIYYYMQQTQQDNQIEQO6JGTGCTGCJQUVQHQVJGTKEQPUCPFXGEVQTYQTMYGFKFPQVWUGHQTVJKURCTVKEWNCTRTQLGEVVJCVKUCNUQKPENWFGFQPQWTDNQI9GYKNNVT[QWTDGUVVQEQPVKPWQWUN[WRFCVGVJGDQQMCPFCTVYJKNGYQTMKPIQPHWVWTGRTQLGEVU
DCTKPIVJGUCOGHTGGVQUJCTGEQPEGRVUCPFVJGQTKGU
7$%/(2)&217(176
4+5'#0&5*+0'
6JQRRW-CTCPCO
*QYVQ/CUUCIG[QWT$TCKP
9KFGP[QWT'[GU9KFGP[QWT/KPF
#0+0641&7%6+1061('0)5*7+
6JG(KGTEG(QTEGQH(GPI5JWK
6JG$CUKEUQH(NQYQH%J
(GPI5JWK5JQTVEWVU
(GPI5JWKKP[QWT9QTMURCEG
#3WKEMCPF'CU[)WKFGVQ'NGOGPVUKP(GPI5JWK
2WVC$KTFQPKV
(''&;174%4'#6+8+6;56#48';174564'55
7$%/(2)&217(176
%1037'4+0)('#45#0&/'06#.$.1%-5
(GCT5VTGUU%TGCVKXKV[U#TEJ0GOGUGU
#)WKFGVQ1XGTEQOKPI(GCT
/GPVCN$NQEMU
6JG3WKEM)WKFGVQ(KIJV(GCTCPF/GPVCN$NQEMU
#EEGRVKPICPF#FQRVKPIVJG&WEMCU[QWT%TGCVKXG#PKOCN
6JG'ORQYGTKPI*CPFUJCMG
'.'8#6';174#46
6GNGRCVJKECNN[%QPPGEVYKVJ[QWT#TVYQTM
%QRKPIYKVJ6GNGRCVJKE2KTCVGUCPF+PVGTHGTGPEG
6TQWDNGUJQQVKPI6GNGRCVJ[
6JG5VCIGUQH#TVKUVKE)TKGH
*#22+0'55#0&564'55
$G*CRR[$G%TGCVKXG
3WQVGUVQ*GNR$WKNF*CRRKPGUU
6JG%TGUEGPV;QIC2QUGHQT*CRRKPGUU
5C[%JKKKK
1WT2TKPEKRNGUHQT*CRRKPGUU
6CNMUQP*CRRKPGUUCPF5VTGUU
/+0&(4#/'(14/75+%
9JCV/WUKEFQGUVQVJG$TCKP
%NCUUKECN5QPIUHQT%TGCVKXKV[
5QPIUVJCV+PURKTGWU
.KUVGP9JKNG[QW9QTM
(TGG/WUKE&QYPNQCF
1TICPKE/WUKE
7$%/(2)&217(176
64#8'.64#8'.64#8'.
9J[6TCXGN*GNRU
+PURKTCVKQPCN2NCEGUVQ8KUKV
5QWIJV#HVGT2NCEGU
6TCXGN4GUQWTEGU
*#0&';'$4#+0%114&+0#6+10
2CRGT&TGCOECVEJGT
#OC\KPI/C\G
5WRGT#OC\KPI/C\G
2WVC$KTFQPKV
2WVC$GCTFQPKV
$GVVGT5VKNN
6JKPM.KMGCP1EVQRWU
6*#0-;17(144'#&+0)
%JCPPGNKPI-QQTQQ-QQTQQ
%QPVKPWKPIVJG'HHQTV
5JCTKPIVJG.QXG
4GUQWTEGUCPF8GPFQTU
'&+6+105
+EGQPVJG$TCKP5EWNRVKPI+EG
$TGCMKPIVJG+EG
/GNVKPIVJG+EG
6CEVHWNN[CPF)TCEKQWU3WKEMCPF'CU[)WKFG
6TGCFKPI9CVGT
6TGCFKPIVJG9CVGTUQH5RGEKCN'XGPVU
0GY;QTM5GVVKPIVJG6QPG
4JCRUQF[KP$NCEM9JKVG
9JGTG+PURKTCVKQP6CMGU;QW
6Q0GY;QTMYKVJ.QXG
(KPF6JKPIUQPC9JKO
7$%/(2)&217(176
5JWVWRCPF.KUVGP
5GG#TV[QW0GXGT.QQMCV
5GGVJG9JQNGCU.CTIGTVJCPVJG5WOQHKVU2CTVU
5GGMVJG'FIG
/KPF$QF[5RKTKV4GNCVKQPUJKR4GEJCTIG
6CTCPVKPQGF5CVWTFC[
Gift of a Random Day
Gifts Worth Giving
Welcome Back
Findings
True-ish Altruism
A New Tradition
Things Old, Made New
Creative Gifts to Give
Down The Virtual Brick Road
Seen Through Teacup Eyes
Singapore 2014
The Great Tin City: Why Singapore
Singapore Pictures
Recollection: The Art and Artist of Singapore
Art with a Brain : Singapore Biennale
No Place Like Home
No Place Like Home: Continued
No Place is Like Home
114
118
119
120
122
123
125
127
128
130
131
132
134
136
137
140
139
&5($7,9($,'+$1'%22.
4+5'#0&5*+0'
5WRGTDTCKP[QICCPFRTCEVKEGUVQIGV[QWKPVQVJGRTQRGTOGPVCNUVCVGVQUVCTVVJGFC[
&5($7,9($,'+$1'%22.
6*1227-#4#0#/
4KUGCPF5JKPGYKVJ6JQRRW-CTCPCO
#NUQMPQYPCU5WRGT$TCKP;QIC6JQRRW-CTCPCOKUCPGZEGNNGPVYC[VQYCMGWRDQVJVJGCPCN[VKECPFETGCVKXGUKFGUQHVJGDTCKP
6JKPIU;QWNN0GGF 5WPNKIJV *CPFU 'CTNQDGU #5GPUGQH*WOQT
56'2(CEGVJGUWPYKVJ[QWTHGGVRCTCNNGNVQ[QWTUJQWNFGTUCPFRTGUU[QWTVQPIWGCICKPUVVJGTQQHQH[QWTOQWVJ
56'22KPEJ[QWTTKIJVGCTNQDGYKVJ[QWTNGHVVJWODCPFKPFGZHKPIGT6JKUCEVKXCVGUVJGNGHVUKFGQH[QWTDTCKP
56'22KPEJ[QWTNGHVGCTNQDGYKVJ[QWTTKIJVVJWODCPFKPFGZHKPIGT6JKUCEVKXCVGUVJGTKIJVUKFGQH[QWTDTCKP
&5($7,9($,'+$1'%22.
56'29JKNGRTGUUKPIQPDQVJQH[QWTGCTNQDGUUSWCVYJKNGMGGRKPI[QWTDCEMUVTCKIJV&QVJKUVKOGUKPJCNKPIVJTQWIJ[QWTPQUGCPFGZJCNKPIVJTQWIJ[QWTOQWVJ
56'2(GGNDQVJUKFGUQH[QWTDTCKPYCMGWREJCTIGFCPFTGCF[VQETGCVG
&5($7,9($,'+$1'%22.
*1961/#55#)';174$4#+0
$TCKP/CUUCIG&QPG9GNN
)KXKPI[QWTUGNHCIQQFDTCKPOCUUCIGKUCPGZEGNNGPVYC[VQTGNKGXGVGPUKQPJGCFCEJGUCNNGXKCVGUVTGUUCPFTGFWEGJCKTNQUU
&KF[QWMPQYVJCVJCKTKPGUUJCUDGGPUJQYPVQEQTTGNCVGYKVJKPVGNNKIGPEG!
56'25VCTVCVVJGNQYGTDCEMRQKPVQH[QWTJGCFWUKPI[QWTHKPIGTVKRUTQVCVGVJGOKPCEKTEWNCTOQVKQP
56'2%QPVKPWGOCMKPIEKTEWNCTOQVKQPUCPFOQXGWRCNQPIVJGUKFGUQH[QWTJGCFHQEWUKPIQP[QWTVGORNGU
56'24QVCVG[QWTJCPFUUQ[QWTVJWODUCTGQPVQRQH[QWTJGCFOCUUCIKPIDQVJVJGUKFGUCPFVQRQH[QWTJGCF
56'22WVRTGUUWTGKPVQ[QWTHKPIGTUCU[QWEQPVKPWGVQOQXGCNQPIVJGVQRCPFUKFGUQHVJGJGCF
56'24GNCZ
&5($7,9($,'+$1'%22.
9+&'0;174';'59+&'0;174/+0&
#SWKEMGZGTEKUGVJCV[QWECPFQVQDTQCFGP[QWTOKPFUXKGYKUVQDTQCFGP[QWTG[GUXKGY#UVWF[D[VJG%TGCVKXKV[4GUGCTEJ,QWTPCNHQWPFVJCVD[QRGPKPI[QWTG[GUYKFGN[[QWECPKPETGCUG[QWTRGTEGRVWCNCVVGPVKQP$[KPETGCUKPI[QWTRGTEGRVWCNCVVGPVKQP[QWCNUQKPETGCUG[QWT
EQPEGRVWCNCVVGPVKQP
&5($7,9($,'+$1'%22.
+064161('0)5*7+
+PVJKUUGEVKQP[QWNNNGCTPVQJCTOQPK\GCPFEWNVKXCVGVJGDTGCVJQHNKHGVQOCZKOK\G[QWTGPXKTQPOGPVUETGCVKXGRQVGPVKCN
&5($7,9($,'+$1'%22.
6*'(+'4%'(14%'1(('0)5*7+
%JKQPGQHQWTHCXQTKVGUWDLGEVU%JKKP%JKPGUGEWNVWTGKUVJGGPGTI[QHNKHGVJCVHNQYUNKMGYCVGT+VKUNKVGTCNN[VJGNKHGHQTEGCPFKVUGUUGPEG+VECPDGFGUETKDGFCPFWPFGTUVQQFKPCNKOKVGFUEQRGCUGPGTI[;QWOC[MPQYKVDGUVCU6JG(QTEGKP5VCT9CTU'KVJGTYC[%JKKUCPF%JKYKNNCNYC[UDG
KPKVUEQORNGZKV[CHQTEGVQDGTGEMQPGFYKVJ
.GVUNGCTPJQYVQWUGVJGHQTEGCUKVRGTVCKPUVQYKNNKPICPGPGTIK\KPIETGCVKXGGPXKTQPOGPV;QWECPEQPVTQNVJGHNQYQH[QWTEJKKPQTFGTVQGPGTIK\GKVD[WUKPI(GPI5JWKVGEJPKSWGUKPFGUKIPKPIVJGURCEGCTQWPF[QW
6*'$#5+%51((.19#0&%*+
#IQQFHKTUVUVGRVQCEJKGXKPI(GPI5JWKKP[QWTURCEGKUVQEJGEMJQYVJG%JKEWTTGPVN[HNQYU+OCIKPGCUEGPVQTYCVGTEQOKPIVJTQWIJ[QWTHTQPVFQQTRWNUKPIVJTQWIJ[QWTJQOG0QVGCNNVJGCTGCUVJCVVJGHNQYQH%JKOKIJVDGFKUTWRVGF6JGUGCTGCUCTGYJGTG%JKOKIJVIGVVTCRRGF;QWECPMGGRVJGOQXGOGPVQH%JKOQXKPID[WPDNQEMKPIETCORGFURCEGUQT
WUKPIYCVGTRNCPVUCPFNKIJV
&5($7,9($,'+$1'%22.
('0)5*7+5*146%765
(GPI5JWKKUCXGT[DTQCFCPFEQORNKECVGFUWDLGEVDWVVJGTGCTGDCUKEWPFGTN[KPIRTKPEKRNGU;QWECPWUGVJGUGGCU[TWNGUVQSWKEMN[URTWEGWR[QWTURCEGKPECUG[QWFQPVJCXGGPQWIJVKOGVQTGFGEQTCVG[QWTYJQNG
JQWUG
%NGCP#KTCPF0CVWTCN.KIJVKPI1RGPWRVJGYKPFQYUVQNGVVJGUWPNKIJVCPFHTGUJCKTKP
7UG5EGPVUVQ$TKPIKP%JK6T[WUKPIITCRGHTWKVNGOQPITCUUQTDCUKNUEGPVUVQDTKPIKP%JKVJCVCEEGNGTCVGU[QWTOGPVCNCPFETGCVKXGGPGTIKGU
&GENWVVGT6JTQYQWVYJCV[QWFQPVPGGFCPFUKORNKH[[QWTUWTTQWPFKPIU
%QNQT#EEQTFKPIVQ[QWT$KTVJ'NGOGPV6JGTGCTGGNGOGPVUKP(GPI5JWKFGHKPGFD[[QWTDKTVJ[GCTHKPFQWV[QWTUCPFVJGEQNQTUVJCVIKXG[QWGPGTI[
&5($7,9($,'+$1'%22.
('0)5*7++0;174914-52#%'
;QWTJQOGKUVJGEGPVTCNHQEWUQH(GPI5JWKDWVVJGCTGCYJGTG[QWTETGCVKXKV[OQUVEQWPVUKUVJGURCEG[QWYQTMKPVQETGCVG+H[QWTJQOGKU[QWTYQTMURCEGVT[VQUGRCTCVGVJGCTGCYJGTG[QWUNGGRCPFYQTMCUOWEJCURQUUKDNG6JGUCOGIGPGTCNRTKPEKRNGUQH(GPI5JWKCRRN[KP[QWTQHHKEGCUVJG[FQKP[QWTJQOGDWVJGTGCTGUQOGSWKEMVKRUQP
OCZKOK\KPIURGEKHKECNN[[QWTYQTMURCEG
#.9#;55KVKPVJGEQTPGTHCTVJGUVHTQOVJGGPVTCPEGVJKUKUVJGEQOOCPFRQUKVKQP
#.9#;5-GGRCENQEMQPVJGYCNNVJGEKTEWNCTOQVKQPETGCVGUPGYKFGCU
#.9#;5/QXG[QWTEQORWVGTVQVJGPQTVJQTYGUVCTGCUQHVJGTQQOVQGPJCPEGETGCVKXKV[
&10165KVKPNKPGYKVJVJGFQQT5KVHCEKPIVQYCTFUKV
&10162WVOKTTQTUKPVJGTQQOCUVJG[DQWPEGVJGPGICVKXGGPGTI[QHQVJGTU
&5($7,9($,'+$1'%22.
('0)5*7+'.'/'065%;%.'5#37+%-#0&'#5;)7+&'
%QNQTUKP(GPI5JWKCTGKORQTVCPVCUVJG[TGNCVGVQVJGGNGOGPVUYQQFHKTGGCTVJYCVGTCPFOGVCN+VKUKORQTVCPVVQMPQYJQYVJGUGGNGOGPVUKPVGTCEVYKVJGCEJQVJGTCPFYJKEJEQNQTUCTGCUUQEKCVGFYKVJGCEJDGECWUGVJG[CTGCHHGEVGFD[[QWTRGTUQPCNDKTVJGNGOGPV'CEJGNGOGPVCNUQJCUCUUQEKCVGFUJCRGUCPFEGTVCKPECTFKPCNFKTGEVKQPUVJCVGPJCPEGKVUGPGTI[
YJGPRNCEGFKPURGEKHKECTGCUQH[QWTJQOG
2NCEKPIEGTVCKPGNGOGPVCNEQNQTUKPFKHHGTGPVCTGCUQH[QWTJQOGJGNRUVQPQVQPN[QDVCKPURGEKHKEIQCNUDWVETGCVGCECNOGTETGCVKXGN[GXQECVKXG
GPXKTQPOGPVCUYGNN;QWECPETGCVGJCTOQP[D[DCNCPEKPIDGVYGGPCNNHKXGGNGOGPVUQTWUGVJGNKUVGFKPHQTOCVKQPVQGORJCUK\GQTOCUMCURGEKHKE
GPGTI[KP[QWTJQOG
564'0)6*'0+0)9CVGT9QQF(KTG'CTVJ/GVCN9CVGT
9'#-'0+0)9CVGT(KTG/GVCN9QQF'CTVJ9CVGT
&5($7,9($,'+$1'%22.
(+4'CEVKXCVGU[QWTQYPRGTUQPCNGPGTI[KPUWRRQTVQH[QWECTGGTGHHQTVUCPFTGEQIPKVKQP
5*#2'6TKCPING
%1.1454GF&GGR;GNNQY1TCPIG2WTRNG2KPM
&+4'%6+1055QWVJUQWVJYGUVCPFPQTVJGCUV
'#46*%TGCVGUUVCDKNKV[CPFJCTOQP[KPCNNTGNCVKQPUJKRU
5*#2'5SWCTG
%1.145.KIJV;GNNQY.KIJV$TQYP
&+4'%6+1055QWVJYGUVPQTVJGCUVCPFVJGEGPVGT
&5($7,9($,'+$1'%22.
/'6#.$TKPIUVJGGPGTI[QHENCTKV[RTGEKUGPGUUCPFHQEWU
5*#2'4QWPF
%1.1459JKVG)TC[/GVCNNKE
&+4'%6+1059GUVCPFPQTVJYGUV
9#6'44GHTGUJKPICPFECNOGPGTIKGUQHRWTKV[VTWUVCPFTGPGYCN
5*#2'9CX[
%1.145$NCEM$NWG
&+4'%6+1050QTVJGCUVCPFUQWVJGCUV
&5($7,9($,'+$1'%22.
911&$TKPIUKPVJGGPGTI[QHXKDTCPVJGCNVJCPFNWUJCDWPFCPEG
5*#2'4GEVCPING
%1.145)TGGP$TQYP
&+4'%6+105'CUVUQWVJGCUVCPFUQWVJCTGCU
&5($7,9($,'+$1'%22.
+(#..'.5'(#+.5
2WVC$KTFQPKV6JGKPVTKECEKGUQH(GPI5JWKCTGXCUVCPFEQORNKECVGF5QOGVKOGUVJGCXGTCIGCTVKUVFQGUPVJCXGVKOGVQEJGEMVJGHNQYQHVJGKT%JKCPFDCNCPEGVJGGNGOGPVCNGPGTIKGUQHVJGKTJQOG;QWTGDWU[[QWJCXGHTGGNCPEGCP
WREQOKPIETCHVUJQYCPFXCTKQWUETGCVKXGRTQLGEVU
5QKH[QWHKPF[QWTUGNHFK\\[CPFEQPHWUGFCHVGTURKPPKPICTQWPFVKNVKPI[QWTHWTPKVWTGVQHCEGVJGDGUVFKTGEVKQPDKTFUYQTMCUCEQPXGPKGPVUJQTVEWVVQURTWEKPIWR[QWTJQOGQTURCEG5KORN[RWVCDKTFQPKV
2WVC$KTFQPKV2QTVNCPFKC
&5($7,9($,'+$1'%22.
(''&;174%4'#6+8+6;
56#48';174564'55
+H[QWCTGUVTGUUKPIQXGTCETGCVKXGRTQDNGOYKVJGPGTI[VQQNQYVQEQRGCPF[QWTDTCKPOCNHWPEVKQPKPIFWGVQTKUKPIVGPUKQPUJGTGCTG
UQOGEWTGUHQTYJCVOC[DGCKNKPI[QW
&5($7,9($,'+$1'%22.
&5($7,9($,'+$1'%22.
0#674#..;'0'4)+
&5($7,9($,'+$1'%22.
%*1%1.#6'611!
+HHTWKVUCPFXGIIKGUFQPVRGCM[QWTKPVGTGUVCPFNGCPOGCVUHKUJCPFPWVUFQPVVKEMNG[QWTRCNCVGPQVVQYQTT[VJGTGKUCNYC[UEJQEQNCVGVQQ;QWCPF[QWTUYGGVVQQVJYKNNDGRNGCUGFVQMPQYVJCVEQEQCCPFFCTM
EJQEQNCVGJCXGOCIKECNSWCNKVKGUVJCV[QWOC[PQVYCPVVQTGXGCNVQ[QWTMKFU
%QPVCKPUFQRCOKPG 2TQOQVGUDNQQFEKTEWNCVKQP %QPVCKPUUGTQVQPKPCPFVT[RVQRJCP +PFWEGUCGWRJQTKEHGGNKPIUCPFJGKIJVGPGFUGPUKVKXKV[
&5($7,9($,'+$1'%22.
)'66*15'%4'#6+8',7+%'5(.19+0)572'45/116*.;
+PURKTCVKQPCN5OQQVJKG4GEKRG
+0)4'&+'065
%WRU#NOQPF/KNM'PGTI[ /CPIQ%JQRRGF$TCKP2QYGT %WR)TQWPF#NOQPF'PGTI[ 6CDNGURQQPUQH%QEQC2QYFGT'WRJQTKC %WR&CVGU
&5($7,9($,'+$1'%22.
.7%+&&4'#/+0)
&TGCOC%TGCVKXG&TGCOQT$TKPIOGC.WEKF&TGCO#EQQRYKVJVJG5CPFOCP
&5($7,9($,'+$1'%22.
6*'910&'451(.7%+&&4'#/+0)
.WEKFFTGCOUCTGFTGCOUKPYJKEJ[QWCTGUWFFGPN[CYCTGVJCV[QWCTGFTGCOKPI+VKUYJGP[QWTEQPUEKQWUUGNHUWFFGPN[UVCTVUVCMKPIQXGTYJCVKUV[RKECNN[[QWTUWDEQPUEKQWUUGNHULQD6JTQWIJNWEKFFTGCOKPIVQIGVJGT[QWCPF[QWTUWDEQPUEKQWUECPIQQPCOC\KPICFXGPVWTGUVQIGVJGTYKVJQWVCP[QHVJGQFFU[ODQNKUO[QWTUWDEQPUEKQWUVTKGUVQETGCVGVJCV
EQPHWUGU[QWTKFGPVKV[KPVJGOQTPKPI
(QTETGCVKXGRWTRQUGUNWEKFFTGCOUCTGCPGZEGNNGPVYC[VQGZRNQTG[QWTKFGCUKPVJGYKNFDGHQTGVJG[DGEQOGTGCNYQTMU+PCNWEKFFTGCO
CP[VJKPI[QWECPKOCIKPGKURQUUKDNG
&5($7,9($,'+$1'%22.
*1961+0&7%'.7%+&&4'#/5
#U[QWXGRTQDCDN[CNTGCF[NGCTPGFVJTQWIJXCTKQWUGZRGTKGPEGUKPNKHGUKORN[YCPVKPIUQOGVJKPIVQJCRRGPKUPQVWUWCNN[IQQFGPQWIJ6JGUCOGVJKPICRRNKGUHQTNWEKFFTGCOKPI.KUVGFDGNQYCTGCHGYVGEJPKSWGUVQNGV[QWTUWDEQPUEKQWUMPQYVJCV[QWTGIQKPIVQDGECNNKPIVJGUJQVUHQTVJKU
FTGCO
6#-'%1//#0&6CMKPIEQPVTQNFQGUPVUVCTVFWTKPIFTGCOKPIDWVDGHQTG9JKNGHCNNKPICUNGGRVGNN[QWTUGNH[QWYKNNJCXGCNWEKFFTGCO0WTVWTGCNWEKFFTGCOD[TGRGCVKPI+YKNNNWEKFFTGCOVQPKIJV1PEG[QWHCNNCUNGGRCVUQOGRQKPV[QWOWUVVT[VQTGCNK\GVJCV[QWJCXGHCNNGPCUNGGR
&1#4'#.+6;%*'%-7UWCNN[[QWFQPVVT[VQTCVKQPCNK\G[QWTFTGCOUEJQQUKPIVQCEEGRVVJGUWDEQPUEKQWUETGCVKXKV[YJKNGTGLGEVKPIVJGFGVCKNUVJCVFQPVV[RKECNN[OCMGUGPUGKPYCMKPINKHG;QWDGNKGXGGXGT[VJKPIVJCVUIQKPIQPKPCFTGCOKUTGCNWPVKN[QWYCMGWRCPFUQOGVKOGUPQVGXGPVJGP#OCLQTMG[KPNWEKFFTGCOKPIKUEQPUVCPVN[CUMKPI[QWTUGNHKHYJCVKUJCRRGPKPIKUCEVWCNN[RQUUKDNG
&5($7,9($,'+$1'%22.
#0%*14;1744'#.+6;*CXGUQOGVJKPIKPTGCNNKHG[QWTJCPFV[RKECNN[YQTMUVJCV[QWJCXGCXGT[ENGCTOGOQT[QHYJ[[QWTJCPFYQTMUYGNN6GNN[QWTUGNHDGHQTG[QWIQVQUNGGRVJCVKH[QWUGGVJKUQDLGEV[QWYKNNMPQY[QWCTGFTGCOKPI*QYGXGTVT[PQVVQEQPHWUG[QWTUGNHD[VJKPMKPI[QWTGFTGCOKPIKPYCMKPINKHGGXGT[VKOG[QWNQQMCV[QWTJCPF
9#-'72'#4.;;QWCTGOQUVNKMGN[VQJCXGCNWEKFFTGCOTKIJVDGHQTG[QWYCMGWR5QYCMGWRDGHQTG[QWPGGFVQCDQWVJQWTUCPFVGNN[QWTUGNHVJGPVJCV[QWYKNNJCXGCNWEKFFTGCOLWUVDGHQTGTGUWOKPIUNGGR
&5($7,9($,'+$1'%22.
(11&56*#6+0&7%'.7%+&&4'#/+0)
+H[QWCTGJCXKPIVTQWDNGUWUKPIOGPVCNVTKEMUVQKPFWEGNWEKFFTGCOU[QWECPGCVEGTVCKPHQQFUDGHQTGDGFVQJGNROCMGKVGCUKGT8KVCOKP$JCUDGGPUJQYPVQJGNRKPFWEGXKXKFFTGCOUOCP[RGQRNGUYGCTD[KVCPFUEKGPVKUVUJCXGGXGPHQWPFNWEKFFTGCOUVQDGCU[ORVQOQHVQQOWEJ$6T[RVQRJCPYQTMUYKVJXKVCOKP$VQJGNRETGCVGJKIJGTNGXGNUQH
UGTQVQPKPYJKEJECPECWUGGZVTGOGN[XKXKFFTGCOU%JGFFCTEJGGUGJCUVJGOQUVCOQWPVQHVT[RVQRJCPDWV[QWECPCNUQVT[GCVKPIEJKEMGPUCNOQPQT
GIIUDGHQTGDGFYJKEJEQPVCKPDQVJVT[RVQRJCPCPF$
)RRGVWKDWDOVRZRUNZHOODUH DCPCPCU QTCPIGU HKUJ DGCPU PWVU GIIU EJKEMGP ECTTQVU URKPCEJ
+H[QWTGNQQMKPIVQOCMG[QWTNWEKFFTGCOUOQTGXKXKFCUYGNNVT[VCMKPI%CNGC6GTPKHQNKCCNUQMPQYPCUVJG.GCHQH)QF;QWECPCNUQVT[XCNGTKCPTQQVCPFEJCOQOKNGYJKEJOCMG[QWTFTGCOUOQTGXKXKFDWV
CNUQJGNRKPFWEGUNGGR
&5($7,9($,'+$1'%22.
.7%+&&4'#/+0)
#37+%-#0&'#5;)7+&'
;QWECPTGHGTDCEMVQVJKUDQQMCUCOGCPUVQCSWKEMCPFGCU[NWEKFFTGCOKPQTFGTVQTGOKPF[QWTUWDEQPUEKQWUVJCV[QWYKNNKPFGGFDGVCMKPI
EQPVTQNQHVJGDGFTQQOVQPKIJV
24'2#4#6+10#0&6'%*0+37'5
)GVVQMPQYYJCV[QWTFTGCOUV[RKECNN[NQQMNKMGUQ[QWECPGCUKN[TGEQIPK\GYJGTG[QWCTGYJGP[QWCTTKXG
'UVCDNKUJQDLGEVUQTIGUVWTGUVJCVTGOKPF[QWVJCV[QWCTGFTGCOKPI
4GCNKV[EJGEMTGCNKV[EJGEMTGCNKV[EJGEM[QWTUWTTQWPFKPIU&QPVKIPQTGVJCVYGKTFFWEMHQNNQYKPI[QW
'PEQWTCIKPI[QWTNWEKFFTGCOKUCDKVNKMGUWTHKPI)QYKVJKVFQPVHQTEGKV
6;2+%#.4'#.+6;%*'%-5
4GOGODGTCTGCNKV[EJGEMECPURCTMCUKIPCNVQ[QWTEQPUEKQWUVJCV[QWCTGKPUWDEQPUEKQWUVGTTKVQT[6JKUKUVJGOQUVKORQTVCPVRCTVQHICKPKPIEQPVTQNQHCFTGCO6QNGCTPNWEKFFTGCOKPI[QWOWUVDGCDNGVQURQVYJGP[QW
CTGCEVWCNN[KPCFTGCO
&QGUVJGGPXKTQPOGPVCDTWRVN[EJCPIG! &QGUYJCVUJCRRGPKPIOCMGCP[UGPUG! %CP[QWRWUJ[QWTJCPFVJTQWIJVJGUQNKFOCVVGTQHCFQQT! &QGU[QWTTGHNGEVKQPNQQMPQTOCNKPVJGOKTTQT! &QVJKPIUNQQMPQTOCNENQUGWR!
&5($7,9($,'+$1'%22.
*1961/#56'4;174&4'#/&1/#+0
0QYVJCV[QWCTGCDNGVQJCXGNWEKFFTGCOUKVUVKOGVQNGCTPJQYVQEQPVTQNVJGO7RWPVKNPQY[QWJCXGDGGPYCVEJKPI[QWTFTGCOUHTQOCFKUVCPEGNKMGCVQWTKUVQPCUCHCTKVTKR0QY[QWJCXGNGHVVJGLGGRCPFCTGQWVKPVJGYKNFFWPGUQHVJGFGUGTVVJCVKU[QWTUWDEQPUEKQWUCPF[QWYKNNPGGFVQNGCTPUQOGPGYUWRGTRQYGTGFUWTXKXCNUMKNNUVJCVTKXCNVJQUGQH
VJG5CPFOCP
5VWFKGUUJQYUJQYVJCVXKFGQICOGUDGHQTGDGFCTGIQQFYC[VQRTCEVKEGEQPVTQNNKPI[QWTFTGCOU
*1961(.;+H[QWXGGXGTYCPVGFVQHN[PQY[QWECP(N[KPIKPNWEKFFTGCOUKUPQVCUGCU[HQTVJGDGIKPPGTCUKVYQWNFUGGOJQYGXGT6T[VQVJKPMQH[QWTUGNHCUCPCKTRNCPGETGCVGCFTGCOTWPYC[HQT[QWTUGNHCPFTWP(GGN[QWTUGNHIGVVKPINKIJVGTCPFNKIJVGTWPVKN[QWCTGWRKPVJGCKT
*1961&4'#/72#2#46+%7.#42'4510141$,'%6&TGCOKPIWRRGQRNGKURTQDCDN[YJ[[QWCTGJGTGTKIJV!6JCVXKXCEKQWUEJGEMQWVIKTNQTUVQKEEJGEMQWVIW[DGJKPFVJGEQWPVGTYJQYQWNFPGXGTIKXG[QWVJGVKOGQHFC[NGVCNQPGDCI[QWTOGCVURTQRGTN[ECPVFGP[VJGEJCTOQHCNKVVNG4'/NQXKPI
&5($7,9($,'+$1'%22.
6JGGZRTGUUNCPGVQETGCVKPIVJCVFTGCO[HKIWTGKUVQWUGFTGCOFQQTUQTNKSWKFRQTVCNU4GCEJKPUKFGCPFGZRGEVVQITCDVJGJCPFQH[QWTFTGCOHKIWTGVJGPUKORN[RWNNVJGOVJTQWIJ6T[RKEMKPIWRCRJQPGCPFECNNKPIVJGOVQCKUNGQTUJQWVKPIVJGRGTUQPUPCOGCUKHJGQTUJGYCUKPVJGPGZVCKUNGQXGT+H[QWXGFQPGVJKUEQTTGEVN[VJGTGUJQWNFDGPQOQTGUGNHUGTXKEGEJGEMQWVUHQT[QWQPN[SWCNKV[EWUVQOGTUGTXKEGJCPFNKPI[QWTRGTUQPCNIQQFU
*19616'.'21460QYVJCV[QWJCXGVJGCVVGPVKQPQHVJCVURGEKCNN[ETCHVGFUQOGQPG[QWECPEJCPIGVJGUEGPGWR8KUWCNK\GRWFFNGUVJCVCRRGCTDGNQY[QWTHGGVVJCVFTQR[QWKPVJGRNCEGQH[QWTEJQKEG9JCVGXGT[QWEJQQUGCU[QWTOQFGQHVTCPURQTVCVKQPTGOGODGTVJGKORQTVCPVRCTVQHVGNGRQTVKPIKUUKORN[VQHQEWUQPYJGTG[QWCTGIQKPI
*19616+/'64#8'.6KOGVTCXGNKUUKOKNCTVQVGNGRQTVCVKQPKPVJCVVJGKORQTVCPVRCTVKUHQEWUKPIQPVJGVKOGCPFRNCEG[QWYCPVVQCTTKXGCV6T[UNQYN[OGNVKPI[QWTDQF[KPVQCRWFFNGQHNKSWKFVJCVUGGRUVJTQWIJVJGHNQQTKPICPFTCKPUFQYPKPVQCPGYCTGC1TKH[QWPGGFCUKORNGTUQNWVKQPFTGCOWRCUEKGPVKUVYJQECPDWKNF[QWCVKOGOCEJKPG
&5($7,9($,'+$1'%22.
(#%+0);17457$%105%+175
#UYGOGPVKQPGFDGHQTG[QWCTGPQYFQKPI[QWTUWDEQPUEKQWULQDHQTKV&GRGPFKPIQPVJGV[RGQHRGTUQPUJGKUVJG[OC[PQVDGVQQJCRR[CDQWVOC[DGYTKVKPICIQQFNQPIPKIJVOCTGHQT[QWVJGPGZVVKOG[QWHCNNCUNGGR+H[QWCTGRTCEVKEGFKPVJGYC[UQHEQOOWPKECVKPIVGNGRCVJKECNN[
EQOOWPKECVKQPOC[EQOGGCU[HQT[QW
*QYGXGTKHKVJCUDGGPCYJKNGUKPEG[QWNCUVRTCEVKEGF[QWOC[YCPVVQVT[IKXKPIVJGOKTCIGQH[QWTUWDEQPUEKQWUCRJ[UKECNHQTO4GHNGEVKQPUCTGCITGCVVQQNHQTUWDEQPUEKQWUEQPPGEVKQPKPVJGQCUKUQH[QWTOKPF+OCIKPGYJCVV[RGQHRGTUQPUJGYQWNFNQQMNKMGOC[DGKVNQQMULWUVNKMG[QWQTOC[DGKVNQQMULWUVNKMG[QWDWVYKVJCDQYNGTJCVCPFCOQPQENG%TGCVKPICRJ[UKECNTGRTGUGPVCVKQPQH[QWTUWDEQPUEKQWUYKNNOCMGKVGCUKGTVQHKPFKVCPFEQOOWPKECVGYKVJKV
9JGP[QWCTGHCEKPI[QWTUWDEQPUEKQWUTGOGODGTVJCVKVKUCXGT[GOQVKQPCNCPFKTTCVKQPCNDGKPI;QWOC[CUMKVSWGUVKQPUDWVOCMGUWTGVQDGCPCUVWVGNKUVGPGT(KIWTGQWVYJGTG[QWTUWDEQPUEKQWUIGVUKPURKTGFHTQOHQTCNNKVUKFGCUQTYJ[[QWCTGCNYC[UPCMGFKP[QWTFTGCOUCPF
TKIJVPQY
&5($7,9($,'+$1'%22.
&4'#/&+%6+10#4;
9JKNGFGNXKPIKPVQ[QWTUWDEQPUEKQWUCPFOCPKRWNCVKPI[QWTFTGCOUKPQTFGTVQHKPFKPPGTKPURKTCVKQP[QWOC[PQVKEGVJCV[QWTUWDEQPUEKQWUKUWUKPIUQOGTGQEEWTTKPIRNQVU+H[QWTGJCXKPIVTQWDNGWPFGTUVCPFKPIVJGU[ODQNKUOVT[WUKPIVJGUGOQUVEQOOQPFTGCOVJGOGUCPFVJGKT
KPVGTRTGVCVKQPU
+H[QWMGGRHQTIGVVKPI[QWTENQVJGU;QWOC[DGHGGNKPIXWNPGTCDNGQTUJCOGHWN6JKUOC[CNUQDGCUKIPVJCV[QWCTGVT[KPIVQJKFGUQOGVJKPIHTQOQVJGTUCPF[QWTUWDEQPUEKQWUKUNGVVKPI[QWMPQY[QWTFKUIWKUGKUPQVYQTMKPI*QYGXGTKH[QWCTGRTQWFVQDGKPPQVJKPIDWV[QWTDKTVJFC[UWKV[QWCTGNKMGN[RTQWFQHYJQ[QWCTGCPFXGT[ECTGHTGG
+HUQOGQPGKUCNYC[UEJCUKPI[QW;QWCTGNKMGN[FGCNKPIYKVJCPZKGVKGUKPNKHGYJKEJ[QWFNKMGVQTWPCYC[HTQOCPFKH[QWCTGTWPPKPIHTQO[QWTUGNH[QWTGVT[KPIVQOGPVCNN[TWPHTQO[QWTHGGNKPIU+H[QWCTGVJGQPGFQKPIVJGEJCUKPIVJKUEQWNFKPFKECVGVYQVJKPIUGKVJGT[QWCTGCXGT[CODKVKQWURGTUQPQT[QWHGGN[QWCTGVT[KPIVQECVEJWRYKVJGXGT[QPGGNUG
&5($7,9($,'+$1'%22.
+H[QWMGGRNQUKPI[QWTVGGVJ6JKUOC[JCXGVQFQYKVJJQY[QWRGTEGKXG[QWTUGNHKPHTQPVQHQVJGTUWUWCNN[EQWRNGFYKVJHGGNKPIUQHKPEQORGVGPEGQTGODCTTCUUOGPV1VJGTEWNVWTGUCNUQDGNKGXGDCFVGGVJKPFTGCOUKUCUKIPVJCVCENQUGHTKGPFKUHCNNKPIKNN%TWODNKPIVGGVJOC[CNUQOGCPETWODNKPIRQYGTKP[QWTYCMKPINKHG
+H[QWCTGCNYC[UHN[KPICTQWPF9JGP[QWCTGJCXKPIVTQWDNGUHN[KPIKVUKPFKECVKXGQHQVJGTRTQDNGOU[QWOKIJVDGJCXKPICPFCTGWPCDNGVQMGGREQPVTQNQXGT5QCTKPIVJTQWIJFTGCOUQPVJGQVJGTJCPFOC[KPFKECVG[QWFQJCXGEQPVTQNQXGTCUKVWCVKQP
+H[QWCTGEQPUVCPVN[HCNNKPI6JKUCICKPKUCVJGOGYJKEJWUWCNN[OGCPU[QWJCXGHGGNKPIUQHKPUGEWTKVKGUQTCPZKGVKGUKPYCMKPINKHG(CNNKPIKPFKECVGU[QWHGGN[QWJCXGNQUVEQPVTQNQHCUKVWCVKQPQTHGCTVJCV[QWOKIJV+P(TGWFUQRKPKQPVJGUGFTGCOUOGCP[QWOC[DGCDQWVVQIKXGKPVQCUGZWCNWTIG
&5($7,9($,'+$1'%22.
;17#4'/156%4'#6+8'9*'0;17#4'5.''2;
+H[QWHKPF[QWTUGNHUVC[KPIWRWPVKN#/UVWHHKPI[QWTUGNHYKVJUCNOQPOGOQTK\KPICNNVJGNKPGUQH[QWTJCPFCPFPQVUWTGCP[OQTGKH[QWCTGKPCFTGCOQTTGCNKV[FQPVYQTT[5VWFKGUJCXGUJQYPVJCVUKORN[DGKPIVKTGF
ECPJGNRDTKPIQPETGCVKXGVJQWIJVU
&5($7,9($,'+$1'%22.
%1037'4+0)('#45
/'06#.$.1%-5
&GXGNQRKPICPFUVTGPIVJGPKPI[QWTEQWTCIGVQETGCVG
&5($7,9($,'+$1'%22.
('#4564'55
%TGCVKXKV[U#TEJ0GOGUGU
(GCTCPFUVTGUUCTGVJGPWODGTQPGECWUGUQHFGCVJHQTETGCVKXGKFGCU9JGPYGNGVHGCTGPVGTQWTVJQWIJVUKVECWUGUUVTGUUCPFDTGCMUFQYPVJGTGUVQH
QWTDQF[
1PTGEGKXKPIHGCTUKIPCNUHTQOVJGCO[IFCNCGVJGNK\CTFDTCKPDTGCVJKPIFKIGUVKQPDNQQFEKTEWNCVKQPDTCKPCEVKXKV[CPFDQF[HNWKFHNQYUCTGKPUVCPVN[CHHGEVGF(GCTFKNCVGURWRKNUKVTGFWEGUUCNKXCFT[KPIVJGOQWVJ(GCTECWUGU
UYGCVKPICPFCFGETGCUGKPUMKPTGUKUVCPEG
(GCTFGETGCUGURGTKRJGTCNDNQQFHNQYCPFECWUGUJCPFUVQDGEQOGEQNF6JGUKIPCNUURGGFDTGCVJKPICPFFKNCVGDTQPEJKCNVWDGUVQCNNQYOQTGCKTVQVJGNWPIU6JG[VKIJVGPUVQOCEJOWUENGUUNQYFKIGUVKQPCPFENQUGFQYPVJGGZETGVQT[U[UVGO(GCTRCTCN[\GUWUNGCXKPINKVVNGTQQOHQTETGCVKXGVJQWIJV
QTKPPQXCVKXGKFGCU5GVJ)QFKP
5GVJ)QFKP3WKGVKPIVJG.K\CTF$TCKP
&5($7,9($,'+$1'%22.
#)7+&'6118'4%1/+0)('#4
6T[VJGUGUVTCVGIKGUVQQXGTEQOGHGCTUYJKEJOC[KPJKDKV[QWTETGCVKXKV[
':'4%+5'#UVWF[CV2TKPEGVQPUJQYUVJKUITQYUPGWTQPUVJCVTGURQPFNGUUCPFNGUUVQUVTGUUQXGTVKOG
#%%'26#0%'(GCTUOC[PQVCNYC[UDGWPHQWPFGFKVUIQQFVQQEECUKQPCNN[WPFGTUVCPFCUKVWCVKQPKUHGCTHWNCUOQVKXCVKQP
6#-'#0'92'452'%6+8'5GG[QWTHGCTUHTQOCPGYCPINGVQEJCPIGYJCVKUECWUKPIKV
)+8';174#46/14'219'45GG[QWTCTVCUUQOGVJKPIVJCVOWUVDGFQPGPQOCVVGTYJCVIKXG[QWTCTVOQTGRQYGTVJCP[QWTHGCT
5''+6#5#%*#..'0)'(GCTUCTGITQYVJQRRQTVWPKVKGUQXGTEQOGVJKUEJCNNGPIGCPFPGZVVKOGVJGHGCTYQPVDGUQITGCV
'XGT[JWOCPDGKPIOWUVJCXGCRQKPVCVYJKEJJGUVCPFUCICKPUVVJGEWNVWTGYJGTGJGUC[UVJKUKUOGCPFVJGFCOPGFYQTNFECPIQVQJGNN
4QNNQ/C[#TVKUV#WVJQT2U[EJQNQIKUV
&5($7,9($,'+$1'%22.
/'06#.$.1%-5
6JG$GUV9C[
6JGDGUVYC[VQTKF[QWTUGNHQHOGPVCNDNQEMUKUVQKIPQTGVJGO%QPVTCT[VQRQRWNCTDGNKGHVJKPMKPIJCTFGTCDQWVVJGVJGRCVJDGJKPFVJGQDUVCENGFQGUPQVENGCTVJGQDUVCENG6JKPMQHCETGCVKXGDNQEMCUC%JKPGUGHKPIGTVTCRVJGOQTG[QWYQTMCICKPUVKVVJGOQTGKVYQTMUCICKPUV[QW
#UVWF[FQPGCVVJG#WUVTKCP#ECFGO[QH5EKGPEGUHQWPFVJCVYJGPRCTVKEKRCPVUYGTGIKXGPCYQTFRW\\NGVQYQTMQPVJQUGYJQUGDTCKPUYGTGKPCOQTGHQEWUGFUVCVGVQQMNQPIGTVQUQNXGVJGRW\\NG
1WTHKPFKPIUUWIIGUVVJCVKVKUCEVWCNN[DGVVGTVQVCEMNGRTQDNGOUYKVJCPQRGPOKPF,Q[FGGR$JCVVCEJCT[C2CTVKEKRCPVUKPCOQTGTGNCZGFOGPVCNUVCVGYGTGOQTGNKMGN[VQJCXGCPKPUVCPVGWTGMCOQOGPVCPFFKUEQXGT
VJGUQNWVKQP
#UOCP[RGQRNGMPQYVT[KPIVQVJKPMCDQWVPQVVJKPMKPICDQWVUQOGVJKPIECPDGXGT[FKHHKEWNVUQJGTGCTGUQOGSWKEMUVTCVGIKGUVQJGNRRWV[QWT
OKPFKPVJGRTGOKWOUVCVGHQTCPCJJCOQOGPV
&5($7,9($,'+$1'%22.
)'6#9#;2J[UKECNN[TGOQXG[QWTUGNHHTQOVJGCTGC[QWXGDGGPUKVVKPIKPYJKNGHQEWUKPIQPVJKUKFGC2TGHGTCDN[VQUQOGYJGTG[QWJCXGPVDGGPDGHQTGNKMGCPGYEQHHGGUJQRKPVQCFKHHGTGPVCTGCQHVQYPQTKH[QWJCXGVKOG
IGVQPCRNCPG5GG6TCXGN6KRU
6#.-612'12.'.KUVGPVQVJQWIJVUEQOKPIQWVQHUQOGQPGGNUGUJGCFHQTCYJKNGDWVOCMGUWTGKVUUQOGQPGYJQUGVJQWIJVUCTGKPVGTGUVKPIGPQWIJVQJQNF[QWT
CVVGPVKQP
%*#0)';174*#$+65&QUQOGVJKPI[QWFQPVPQTOCNN[FQQTJCXGPVFQPGKPCNQPIVKOGRKEM
WRCPGYJQDD[HQTCPJQWTNGCTPJQYVQFQUQOGVJKPIPGY
/'&+6#6'+H[QWECPVGORV[VJGQPGDNQEMQWVQH[QWTJGCFGORV[CNNVJQWIJVUQWVQH[QWTJGCF/GFKVCVKQPYKNNCNUQJGNR[QWTGFWEGVJGUVTGUUCPF
HTWUVTCVKQPU[QWOKIJVDGHGGNKPIHTQOVJGUKVWCVKQP
.+56'061/75+%+H[QWFQPVJCXGVKOGVQVCMGCOGPVCNDTGCMVCMGCUJQTVQPGCPFLWUVNKUVGPVQOWUKEVT[CVNGCUVHQTUQOGPGYUQPIUUQ[QWUVKNNFKUTWRV[QWT
PQTOCNVJQWIJVRCVVGTPU5GG/KPFHTCOGQH/WUKE
&5($7,9($,'+$1'%22.
(+)*6('#4#0&/'06#.$.1%-5#37+%-#0&'#5;)7+&'
(GCTECPMGGR[QWUVWEMDWVHTGVPQV*GTGKUCSWKEMTGHGTGPEGIWKFGVQSWKEMN[TGHGTVQYJGPPGGFGF
(14#/'06#.$.1%-7PDNQEMVJGDNQEMCIGJQNFKPI[QWDCEMKP[QWTETGCVKXGGPFGCXQTU)GV
OQVKXCVGFCPFEJCNNGPIG[QWTUGNHVQFQVJGHQNNQYKPI
%JCPIG[QWT'PXKTQPOGPV %JCPIG[QWT6JKPMKPI /GFKVCVG .KUVGPVQ/WUKE 4GNCZC$KV
(14('#41(('#4(GCTRCTCN[\GU[QWDWV[QWTQRRQTVWPKV[VQITQYKUPQY
'ZGTEKUG #EEGRVKV %JCPIGKV .GVKVRCUU
(GCTQH&WEMU#PCVKFCGRJQDKC6JGHGCTVJCVUQOGYJGTGUQOGJQYCFWEMKUYCVEJKPI[QWTKIJVPQY
&5($7,9($,'+$1'%22.
#%%'26+0)#0&126+0)6*'&7%-#5;174%4'#6+8'#0+/#.
0QYVJCV[QWJCXGVJGVGEJPKSWGUVQTGFWEGCPFHCEG[QWTHGCTUKVKUVKOGVQHCEGVJGFWEM$GHQTGHCEKPIKVWPFGTUVCPFVJGPCVWTGQHVJGFWEM
6JG&WEM#%GNVKECPKOCNU[ODQNQHJQPGUV[UKORNKEKV[CPFTGUQWTEGHWNPGUU2CTVKEWNCTN[KPVJGYCVGTFWEMUCTGTGURGEVGFHQTVJGKTDGCWV[CPF
CFCRVCVKQPVQPCVWTG
)QVQ[QWTNQECNRCTMQTNCMGCPFNQECVGVJGFWEM[QWMPQYYJGTGVQHKPFJKOJGYQPVDGYKVJVJGQVJGTUJGNNDGDGJKPF[QWYCVEJKPI[QWHTQOVJGUJCFQYUWPFGTVJGDTKFIG#RRTQCEJJKOUNQYN[VT[VJG$TGCFCPF2CVKGPEGOGVJQFMGGRHGGFKPIJKOUOCNNRKGEGUQHDTGCFNWTKPIJKOENQUGTVQ[QW9JGPJGKUYKVJKPQPN[CHGYKPEJGUQH[QWTTGCEJITCDJKOD[VJG
YCKUVCPFNQQMKPVQJKUG[GU
0QYUGGWPFGTUVCPFCPFTGURGEVVJGFWEMHQTYJCVKVKULWUVCFWEM
&5($7,9($,'+$1'%22.
6*''/219'4+0)*#0&5*#-'
0QYVJCV[QWTHGCTUJCXGDGGPMKEMGFCPFVJCVFWEMJCUDGGPJCPFNGF
NGCTPVJKUGORQYGTKPIJCPFUJCMG
5JCMGJCPFUYKVJVJGRGTUQP[QWCTGITGGVKPI
6WTP[QWTJCPFUQVJCVKVKUCDQXGVJGQVJGTRGTUQPUVJKUKUVJGOQTGRQYGTHWNJCPFRQUKVKQP
&5($7,9($,'+$1'%22.
'.'8#6';174#46
6JGCTVKUVT[QHCRTQRGTVGNGRCVJ[
&5($7,9($,'+$1'%22.
6'.'2#6*+%#..;%100'%69+6*;174#46914-
#U[QWTCTVYQTMKUCPGZVGPUKQPQH[QWMPQYVJCV[QWJCXGVJGCDKNKV[VQEQOOWPKECVGFKTGEVN[YKVJKVQPCJKIJGTGNGXCVGFGCUGN$GHQTGDGIKPPKPIVQEQOOWPKECVGYKVJ[QWTCTV[QWOWUVHKTUVEQPPGEVYKVJKVQPCPGOQVKQPCNNGXGN;QWTCTVYQTMPGGFUVQMPQYVJCV[QWECTGCDQWVKVCPFCTG
XWNPGTCDNGVQKVUUGPUKVKXKVKGU$WKNFCDQPFVJTQWIJOQXKGPKIJVUECUWCNUVTQNNUCPFJQOGEQQMGFOGCNU#HVGTCDQPFJCUDGGPGUVCDNKUJGF[QW
OC[DGIKPCVVGORVKPIVQVGNGRCVJKECNN[EQPPGEVYKVJKV
56'2-PQYYJCVKPHQTOCVKQP[QWCTGUGGMKPIVQICKPQTVT[KPIVQUJCTG
56'2.GV[QWTXWNPGTCDKNKVKGUJCPIQWV
56'24GNCZ[QWTOKPF5GG*QYVQ/CUUCIG[QWT$TCKP
&5($7,9($,'+$1'%22.
56'2#VVGORVVQUGPFUKORNGOGUUCIGUUWEJCU2CPVQPGEQNQTUQTVGZVWTGU
56'25NQYN[CVVGORVVQUGPFOQTGEQORNKECVGFOGUUCIGUURCEGFHWTVJGTCRCTVUWEJCUNC[GTGFFKOGPUKQPCNFGRVJ
EQNQTUJCFGUJWGUQTVJGKPVTKECEKGUQHCUV[NKUVKEVGEJPKSWG
56'2-GGRCHQEWUGFJGCTVCPFCRCVKGPVOKPF
56'2$GQRGPVQCP[MKPFQHOGUUCIG[QWOC[TGEGKXGHTQO[QWTCTVYQTMFQPQVDGCETKVKE;QWTCTVOWUVVTWUVVJCV[QWYKNNUVCPFWRHQTKVUETGCVKXGUGPUKVKXKVKGU
2GQRNGYJQJCXGFGXGNQRGFVJKUCDKNKV[JCXGDGGPMPQYPVQVQRTQEWTGNCTIGITCPVUICKPICNNGT[ETGFKDKNKV[GUVCDNKUJNCTIGCTVHQNNQYKPIUCPFKPEGTVCKPECUGUQDVCKPJKUVQTKECNTGEQIPKVKQP2TCEVKEGCPF[QWYKNNDGCDNGVQEQOOWPKECVGYKVJ[QWTCTVRKGEGUQXGTITGCVFKUVCPEGUCPFD[GZVGPUKQPMPQYYJGP[QWTCTVYQTMKUKPVTQWDNGQTDGKPIWUGFRQQTN[CUUQHCCTV
&5($7,9($,'+$1'%22.
%12+0)9+6*6'.'2#6*+%2+4#6'5#0&+06'4('4'0%'
2KTCVGUCPF+PVGTHGTGPEG
1PCPQXKEGNGXGNYJGPVGNGRCVJKECNN[VTCPUOKVVKPIKFGCUVQ[QWTCTV[QWTWPVJGTKUMQH[QWTKFGCUDGKPIVCPINGFYKVJQWVUKFGKPVGTHGTGPEGUQTDGKPI
UVQNGPD[VGNGRCVJKERKTCVGU
+PVGTHGTGPEGUCTGVJGVTCPUOKUUKQPUQHQVJGTUHTGGN[FCPEKPIOKPINKPICPFHNQCVKPIVQIGVJGTKPCPQEGCPQHETGCVKXGEQQRGTCVKQP5QOGVKOGUVJGUGECPJGNRJGKIJVGP[QWTKFGCUDWVQVJGTVKOGUVJG[ECPENQI[QWTOGUUCIG
6GNGRCVJKERKTCVGUJQYGXGTCTGOGTEKNGUU6JG[ECPKPVGTEGRV[QWTXCNWCDNGXGTDCNOGPVCNQTPCRMKPUETKDDNGFVTCPUOKUUKQPURCYPKPIVJGOQHHVQQVJGTCTVKUVUYKVJDKIIGTDWFIGVU+PQTFGTVQTGFWEGVJGTKUMQHRKTCVGUETCUJKPIVJGRCTV[[QWOWUVMPQY[QWTUGNHCPF[QWTCTVQPCPKPVKOCVGNGXGN-GGRUQOGQH[QWTOQTGRGTUQPCNVTCPUOKUUKQPURTKXCVGYJKNG
TGFWEKPIVJGGIQUVGORVCVKQPVQDTQCFECUVVJGO
&5($7,9($,'+$1'%22.
6417$.'5*116+0)6'.'2#6*;
3WQVGUHTQOVJG*GNR&GUM
+H[QWTGJCXKPICJCTFVKOGEQPPGEVKPIYKVJCPWPHKPKUJGFRKGEGQHCTVYQTMECPVUGGOVQFKUNQFIGVJGEWODGTUQOGOGPVCNDNQEMUJKPFGTKPI[QWTRTQITGUUQTUVTWIINGVQXCNKCPVN[HGPFHQT[QWTCTVKUVKEEQPEGRVUKPCHKIJVCICKPUVVTQWDNGUQOGRKTCVGUVT[[QWTDGUVPQVVQITKGXGQTNGVKVUVTGUU
[QW5GG*CRRKPGUUCPF5VTGUU+PUVGCFHKPFITQWPFKPIKPVJKU
9JCVJCUDGGPYKNNDGCICKPYJCVJCUDGGPFQPGYKNNDGFQPGCICKPVJGTGKUPQVJKPIPGYWPFGTVJGUWP'EENGUKCUVGU
0QYIQCPFFQKVCP[YC[9GDGNKGXGVJCVYJKNGVJGTGKUPQVJKPIPGYWPFGTVJGUWPVQETGCVGPQVJKPIPGYECPCNYC[UDGFQPGDGVVGT
&5($7,9($,'+$1'%22.
6*'56#)'51(#46+56+%)4+'(
+H[QWNQUG[QWTEQPHKFGPEGCPFHKPF[QWTUGNHDCEMUNKFKPICPFGPVGTKPI#TVKUVKE)TKGHTGHGTVQVJGUVCIGUNKUVGFDGNQYKPQTFGTVQJGNRIWKFG[QW
VJTQWIJVJGRTQEGUU
&'0+#.#UVCVGQHUJQEMYJGTGVJKULWUVFQGUPVOCMGUUGPUG
#0)'42TQLGEVKQPQHKTTKVCVKQPHTWUVTCVKQPCPFOGCPURKTKVGFVJQWIJVUCPFYKUJGUNGCXKPI[QWYKVJSWGUVKQPUNKMGYJ[QTJQYFKFVJKUJCRRGP
$#4)#+0+0)'PVGTVCKPKPIVJGKFGCVJCVOC[DGLWUVOC[DG[QWECPHKZVJKUQTKHQPN[+
&'24'55+10'ORV[HGGNKPIUCTKUGCPFNQCVJKPIGPVGTUVJGRKEVWTGQPCFGGRGTNGXGN
#%%'26#0%'6JKPIUYKNNDGQMC[;QWCTGCTGUKNKGPVCTVKUVYKVJOWEJVQIKXG6JKUKUQPN[VJGHKTUVQHOCP[RTQLGEVU
+0%14214#6+10(WNNVJTQVVNG+PEQTRQTCVGVJGUGHGGNKPIUCPFPQY[QWCTGTGCF[VQITCDVJGRCKPVDTWUJQTYCEQORGPCPFDGCVVJGETGCVKXGUJKVQWVQHVJGEQORGVKVKQPQPVJGPGZVNGXGN
9GNEQOGDCEMVQVJGNCPFQHVJGNKXKPI
&5($7,9($,'+$1'%22.
*#22+0'55564'55
&5($7,9($,'+$1'%22.
$'*#22;$'%4'#6+8'
;QWOC[HKPF[QWTUGNHVT[KPIVQEQORNGVGCRTQLGEVYJKEJKPETGCUKPIN[HTWUVTCVGU[QWDGECWUGQHCETCHVUJQYFGCFNKPGQTCOGPVCNDNQEMVJCVUNQYN[NGCFUVQUVTGUU/CP[UVWFKGUJCXGUJQYPVJCVUVTGUUKUFCOCIKPIVQ[QWTJGCNVJDWVKVKURCTVKEWNCTN[FCOCIKPIVQ[QWTETGCVKXGCDKNKVKGU
1PVJGQVJGTJCPFDGKPIJCRR[PQVQPN[CXQKFUVJGRGTKNUQHUVTGUUDWVKVDTQCFGPU[QWTVJKPMKPIUMKNNUYJKEJRTQOQVGUETGCVKXKV[#EEQTFKPIVQCUVWF[FQPGCVVJG7PKXGTUKV[QH/CT[NCPFDGKPIJCRR[EQTTGNCVGUYKVJKPETGCUGFCDKNKVKGUHQTETGCVKXGRTQDNGOUQNXKPICPFKPPQXCVKXGVJKPMKPI
&5($7,9($,'+$1'%22.
3716'561*'.2$7+.&*#22+0'55
#UM[QWTUGNHKHVQFC[YGTGVJGNCUVFC[QHO[NKHGYQWNF+YCPVVQFQYJCV+COCDQWVVQFQVQFC[9JGPGXGTVJGCPUYGTKUPQHQTVQQOCP[
FC[UKPCTQYKVUVKOGVQEJCPIGUQOGVJKPI
5VGXG,QDU
6JGGZRGTKGPEGVJCVVTCPUNCVGUGXGT[VJKPIKUKPVJGOKPFYJKNGCEQPVTQNQPVJGQWVGTYQTNFKUNKOKVGFVGORQTCT[CPFQHVGPKNNWUQT[9GURGPF
UWTRTKUKPIN[NKVVNGVKOGVCMKPIECTGQHYJCVOCVVGTUOQUVVJGYC[QWTOKPFHWPEVKQPUYJKEJKUVJGWNVKOCVGVJKPIVJCVFGVGTOKPGUVJGSWCNKV[QHQWT
GZRGTKGPEG
/CVVJKGW4KECTF
6TCKP[QWTOKPFVQUGGMKPPGTHTGGFQOQRRQUGFVQKPVGPUGGZVGTPCNITCURKPICPFQDUGUUKQPKPPGTRGCEGKUVJGWNVKOCVGUQWTEGQHJCRRKPGUU
&CNCK.COC
&5($7,9($,'+$1'%22.
6*'%4'5%'06;1)#215'(14*#22+0'55
+H[QWPGGFCSWKEMJCRRKPGUUDQQUVVJKU[QICOQXGJCUDGGPRTQXGPVQTGNGCUGGPFQTRJKPUKPVJGDQF[
56'25VCTVYKVJ[QWTHGGVRCTCNNGNVQ[QWTUJQWNFGTU$TKPI[QWTNGHVHQQVDCEMCUHCTCU[QWECPYJKNG[QWDGPF[QWTTKIJVMPGGCVCFGITGGCPING
56'2'ZVGPF[QWTNQYGTDCEMYJKNG[QWDTKPI[QWTCTOUUVTCKIJVWRCDQXG[QWTJGCFRCTCNNGNYKVJ[QWTUJQWNFGTU
56'24QVCVG[QWTCTOUUQVJCV[QWTRCNOUCTGHCEKPIGCEJQVJGTYJKNGDTQCFGPKPI[QWTWRRGTDCEM
56'2.KHV[QWTIC\GWRYCTFU
56'2$TKPI[QWTRCNOUVQIGVJGT
4GRGCVYKVJVJGQRRQUKVGUKFGCPFHGGNGPFQTRJKPU
TGNGCUGVJTQWIJQWV[QWTDQF[
&5($7,9($,'+$1'%22.
5#;%*+++++++
1PVJGRCVJVQCJCRRKGTGZRTGUUKQPQHNKHGLWUVTGOGODGTVQUOKNGCPFLWUVUC[EJK+PCRU[EJQNQIKUVPCOGF4QDGTV
&5($7,9($,'+$1'%22.
17424+0%+2.'5(14*#22+0'55
.KXGYKVJ2WTRQUG#EEGRV0Q5VTGUU5JCTG%QORCUUKQP5KORNKH[[QWT0GGFU#EEGRV.KHG-GGR.GCTPKPI5OKNGCPF5C[%JK
6#.-510*#22+0'55#0&564'55
(QTOQTGKPHQTOCVKQPQPJCRRKPGUUHTQORGQRNGOWEJUOCTVGTCPFRTQDCDN[CDKVOQTGJCRRKGTVJCPWUEJGEMQWVVJKURNC[NKUVQP6GFHQT
XKFGQUQPYJCVOCMGUWUJCRR[
9JCV/CMGUWU*CRR[6GF
&5($7,9($,'+$1'%22.
/+0&(4#/'1(/75+%
&5($7,9($,'+$1'%22.
9*#6/75+%&1'5616*'$4#+0
6JG'HHGEVU
#OWNVKVWFGQHUVWFKGUJCXGUJQYPVJGRQUKVKXGGHHGEVUQHNKUVGPKPIVQCPFETGCVKPIOWUKEQPVJGDTCKP+VKPETGCUGUVJGEQIPKVKXGHWPEVKQPUQHPQVLWUVVJGCTGCUQHVJGOKPFCUUQEKCVGFYKVJOWUKEDWVQVJGTUCUYGNN+VDTQCFGPUQWTUEQRGQHVJKPMKPIDWVGXGPOQTGRQYGTHWNN[KVECPGNKEKVUVTQPI
GOQVKQPCNTGURQPUGU/WUKEYJKEJEQWNFDGENCUUKHKGFCUJCRR[OWUKEYKNNGXGPKPETGCUGVJGRTQFWEVKQPQHFQRCOKPGKPVJGDTCKP
&5($7,9($,'+$1'%22.
%.#55+%#.510)5(14%4'#6+8+6;
6T[VJGUGENCUUKECNUQPIUYJKEJEQOOQPN[KPURKTGQVJGTUKPENWFKPI'KPUVGKPYJQTGIWNCTN[NKUVGPGFVQ/Q\CTV
9QNHICPI#OCFGWU/Q\CTV#P[VJKPID[/Q\CTV .WFYKIXCP$GGVJQXGP5[ORJQP[0Q5[ORJQP[0Q
(TFTKE%JQRKP0QEVWTPGU1R
510)56*#6+052+4'75
6JG&CXG$TWDGEM3WCTVGV6CMG(KXG -KPFQH$NWG/KNGU&CXKU 5KVW8QKUOC/TG5KFPG[$GEJGV 6CMGVJG#6TCKP&WMG'NNKPIVQP .C*QTUG5GTIG)CKPUDQWTI
&5($7,9($,'+$1'%22.
.+56'09*+.';17914-
#NVJQWIJ[QWOKIJVVJKPMUKNGPEGKUVJGDGUVOGFKEKPGHQTEQPEGPVTCVKQPCTGEGPVUVWF[UJQYGFVJCVCEVWCNN[JCXKPICEQPUVCPVPQKUGPQVVQQNQWF
RNC[KPIKPVJGDCEMITQWPFJGNRGFRGQRNGEQPEGPVTCVGDGVVGT
&KF[QWMPQYVJCVOWUKEUVKOWNCVGUVJGTGYCTFEGPVGTUQHVJGDTCKP
(4''/75+%&190.1#&
#EQPVTKDWVKQPD[QPGQHQWTXGT[VCNGPVGFEQQRGTCVKXGRCTVPGTUCPFHTKGPFUJCUUWRRNKGFOWUKEVQ\QPGQWVVQYJKNG[QWTDWU[ETCHVKPIVJCVOCIPKHKEGPVOCUVGTRKGEG7TCPWU5GXGPVJRNCPGVHTQOVJGUWP)TGGMIQF
QHVJGUM[UNQYGUVQTDKVYKVJCOGNNQYYQPFGTHWNUQWPF/WUKED[VJG8GZZ7TCPWU%JTKU6QQP
Update: After a successful co-op, talented music artist Chris Toon wants to share his entire album with you! Be sure to show your support and enjoy.
&5($7,9($,'+$1'%22.
14)#0+%/75+%
+H[QWFRTGHGTCOQTGPCVWTCNCRRTQCEJHQT[QWTOWUKECNCEEQORCPKOGPVYJKNG[QWYQTMVT[DKTFUQPIU6JG[XGDGGPRTQXGPVQMGGR[QWTPGTXGUTGNCZGFYJKNGMGGRKPI[QWTOKPFCNGTV6T[QWVVJG6YGGVQHVJG&C[
HTQO$$%TCFKQVQNKUVGPVQFKHHGTGPVDKTFUQPIUGCEJFC[
6YGGVQHVJG&C[$$%
&5($7,9($,'+$1'%22.
64#8'.64#8'.64#8'.
6TCXGNWPVKN[QWTJGCFGZRNQFGUHWNNQHMPQYNGFIG
&5($7,9($,'+$1'%22.
9*;64#8'.*'.25
+VUPQVVTCXGNKPIVJCVCEVWCNN[DTQCFGPUVJGOKPFDWVUGGKPICPFNKXKPIQVJGTEWNVWTCNGZRGTKGPEGUGXGPKHHQTQPN[CUKPINGFC[)CKPKPICPGYRGTURGEVKXGQPVJGYC[VJGYQTNFYQTMUIKXGU[QWCPKPETGFKDNGETGCVKXGCPFRGTUQPCNCFXCPVCIG1DUGTXKPIJQYQVJGTRGQRNGNKXGCUYGNNCUUKORN[UGGKPIPGYUKIJVUECPJGNR[QWICKPDGVVGTRGTURGEVKXGOQTGETGCVKXGMPQYNGFIGCPFKPXCNWCDNGYKUFQO$[KPEQTRQTCVKPIEWNVWTCNFKHHGTGPEGUKPYJCV[QWETGCVGCPFFQ[QWDGEQOGOQTGDCNCPEGFTCVJGTVJCPJCXKPIVJGUCOGNKOKVGF
TQWVKPGCPFUGVQHKFGCU
6TCXGNECPEJCPIGVJGYC[[QWXKGYJCPFNGCPFNKXGKP[QWTEWTTGPVUKVWCVKQPCPFUGVQHETGCVKXGRTQDNGOU+VECPJGNRVQRTQOQVGCJGCNVJKGTOQTGGZRCPUKXGCPFOWEJOQTGEQORCUUKQPCVGXKGYQHVJGYQTNF+HPQPGQHVJKUKPVTKIWGU[QWVJGPHQTPQQVJGTTGCUQP[QWUJQWNFVTCXGNVQRTQOQVGVJGRQUUKDKNKV[QHVJGCNOKIJV[RCTCFKIOUJKHVVJCVGXGT[CTVKUV
EQPVKPWCNN[UGGMU
9GEJCNNGPIG[QWVQVJGKFGCVJCVKH[QWCTGPQVVTCXGNKPITGIWNCTN[CPFUGGKPIQVJGTYQTNFN[VJKPIUDG[QPF[QWTUEQRGCPFPGKIJDQTJQQF[QWCTGFTCUVKECNN[NKOKVKPI[QWTUGNHVQVJGEQPHKPGUQHYJCVQVJGTUYQWNFJCXG[QWVQDGNKGXG6JGTGKUCYJQNGYQTNFETGCVGFYKVJVJGKPVGPVVJCV[QWGZRNQTG
CPFEQPPGEVVJGFQVUQHCWPKXGTUCNEWNVWTG
&5($7,9($,'+$1'%22.
5''-176+052+4#6+10#.2.#%'5
+PURKTCVKQPCN2NCEGUVQ8KUKV
0GY;QTMGTU[QWUJQWNFXKUKV%CNKHQTPKC%CNKHQTPKCPU[QWUJQWNFXKUKV0GY;QTM'XGT[QPGUJQWNFXKUKVDQVJCPFGZGTEKUGVJQUGUVGTGQV[RGU
CYC[
$G[QPF%CNKHQTPKCCPF0GY;QTMVJGTGCTGOCP[QVJGTKPURKTKPIRNCEGUVJCVGZKUVQWVUKFGQH[QWTEQOHQTV\QPGCPFVJGNKOKVUQH[QWTKOCIKPCVKQP/QUVQHVJGOXCUVN[FKHHGTGPVGZRGTKGPEGUOGUOGTK\KPIKPDGCWV[EWNVWTGCPFUKORNGCYGVJCVTGOKPFU[QWVJCVYGNKXGKPCNCTIGCDWPFCPVYQTNF
HWNNQHWPMPQYPKPURKTCVKQPU
/18'4KEM/GTGMK
&5($7,9($,'+$1'%22.
517)*6#(6'42.#%'5
*GTGCTGUWIIGUVKQPUYGCNUQJCRRGPVQJCXGQPQWTVQVTCXGNVQNKUVUQPGU[QWOC[PQVDGNKMGN[VQHKPFOGPVKQPGFGNUGYJGTG
5#12#1.1$4#
&5($7,9($,'+$1'%22.
&5($7,9($,'+$1'%22.
64#8'.4'5174%'5
6JGDKIIGUVJWTFNGQHVTCXGNKPIHQTOQUVRGQRNGYKVJWUKPENWFGFKUHKPFKPIVJGOQPG[VQFQUQ$GNQYYGXGKPENWFGFUQOGTGUQWTEGU[QWOKIJVHKPFJGNRHWN6TCXGNKPIVQHCTQHHRNCEGUKUHCTHTQOKORQUUKDNG$[OCMKPIVTCXGNKPI[QWTHKTUVRTKQTKV[CPFJCXKPICUOCNNCOQWPVQHFKUEKRNKPG
[QWNNDGUWTRTKUGFYJCV[QWNNUGGHKPFCPFGZRGTKGPEG
'WTQRGCP&GUVKPCVKQPU'WTQRGCPVTCXGNRCEMCIGU YYYGWTQRGCPFGUVKPCVKQPUEQO
.CUV/KPWVG&GCNUHQTNCUVOKPWVGXCECVKQPU JVVRWUNCUVOKPWVGEQOWUNOKPFGZJVON
#HHQTFCDNG#UKC6QWTU#UKCPVTCXGNRCEMCIGU JVVRYYYCHHQTFCDNGCUKCEQO
)CVG6TCXGN6TCXGNRCEMCIGUHQTCTQWPFVJGYQTNF JVVRYYYICVGVTCXGNEQO
#KT$P$*QOGTGPVCNUCETQUUVJGYQTNF JVVRUYYYCKTDPDEQO
&5($7,9($,'+$1'%22.
*#0&';'$4#+0
%114&+0#6+10
0QYVJCV[QWJCXGTGCFVJKUETGCVKXGIWKFGJGTGCTGUQOGQRRQTVWPKVKGUHQT[QWVQNGCTPVJTQWIJFQKPI
&5($7,9($,'+$1'%22.
2#2'4&4'#/%#6%*'4
%WVQWVCFTGCOECVEJGTHQT[QWVQRNCEGCDQXG[QWTDGFVQJGNRECVEJCPFTGOGODGTVJQUGNWEKFFTGCOUCPFVJGETGCVKXGKPURKTCVKQPU
&5($7,9($,'+$1'%22.
#/#
&5($7,9($,'+$1'%22.
572'4#/#
&5($7,9($,'+$1'%22.
5'4+175.;
276#$+4&10+6
+H[QWXGFGUKIPGF[QWTJQOGDCUGFUVTKEVN[QPCNNVJG(GPI5JWKTWNGUDWVUVKNNHGGNUQOGVJKPIKUOKUUKPIKVURTQDCDN[DGECWUGPQVJKPIJCUDKTFUQPKV6T[CRRN[KPIVJKUDKTFVQVJKPIU5RTWEGKVWR/CMGKVRTGVV[2WVCDKTFQPKV'ORJCUK\GCPFUVTGPIVJGPVJGGPGTI[D[RCKPVKPIKVVQOCVEJ[QWTDKTVJ
GNGOGPV
019#+6
276#$'#4&10+6
4GEGPVUVWFKGURGTHQTOGFD[&T#KMCTCMWF[#NKCUJCXGUJQYPCEQTTGNCVKQPDGVYGGPDQF[JCKTCPFKPVGNNKIGPEG%QNQTVJKUDGCTFVQOCVEJ[QWTQYPJCKTCPFCRRN[KVVQ[QWTHCEGQTQVJGTDQF[CTGCUHQTCSWKEM
KPVGNNGEVDQQUV
$'66'456+..
276#$+4&9+6*#6+0;$'#4&10+6
&5($7,9($,'+$1'%22.
&5($7,9($,'+$1'%22.
-''26*15'(+0)'45$75;
#0&;174$4#+0/18+0)
6*+0-.+-'6*'1%61275
6JGQEVQRWUKUVJGQPN[KPXGTVGDTCVGYJKEJJCUDGGPUJQYPVQWUGVQQNU+VCNUQJCUVJGCDKNKV[VQUVQTGNQPIVGTOOGOQTKGUNGCTPCPFWUGVJG
KPHQTOCVKQPVJG[ICVJGT6JKPMNKMGCPQEVQRWUCPFWUGVJKUDQQMCUCVQQNVQUVQTGCYC[VJQUGWUGHWNHCEVUVJCV[QWXGLWUVVCMGPVJGVKOGVQNGCTP
#UCTGOKPFGTVQCNYC[UVJKPMNKMGCPQEVQRWUQWTDWFFKGUQXGTCV5WRGT0CVWTCNGJCXGCVWVQTKCNQPJQYVQETQEJGVQPGQH[QWTXGT[QYPDCD[QEVQRK5WRGT0CVWTCNGKUCNUQQPGQHVJGOCP[ITGCVTGUQWTEGUHQTETCHVRTQLGEVUETCHVKPURKTCVKQPCPFJGNRHWNWUGTUWDOKVVGF&+;YCNMVJTQWIJU
5GG4GUQWTEGUCPF8GPFQTU
72
&5($7,9($,'+$1'%22.
5GG4GUQWTEGUCPF8GPFQTU
+0%1/+0)
25;%*+%/'55#)'
%#0;175'05'+6!
9KVJ[QWTPGYHQWPFRQYGTUCPFCDKNKVKGU[QWUJQWNFDGCDNGVQGCUKN[UGPUGLWUVJQYVJCPMHWNYGCTGVJCV[QWXGFQYPNQCFGFVJKUDQQM9GCTG
GZVTGOGN[CRRTGEKCVKXGQH[QWTEQPVKPWGFNQXGCPFUWRRQTV
&5($7,9($,'+$1'%22.
%*#00'.
-11411-11411
+H[QWXGTGCFVJQTQWIJN[VJTQWIJVJKUDQQMVJGP[QWUJQWNFPQYJCXGVJGUMKNNVQEJCPPGNWUFKTGEVN[GKVJGTVJTQWIJVGNGRCVJ[QTNKSWKFFTGCORQTVCNU0QYQTTKGUKH[QWECPVVJGGCUKGUVYC[D[HCTKUUVKNND[EQORWVGT
174$4#+0(4'37'0%+'5+0%.7&'
(CEGDQQMJVVRUYYYHCEGDQQMEQO-QQTQQ-QQTQQ 'OCKN%QPVCEV"-QQTQQMQQTQQEQO 2KPVGTGUVJVVRRKPVGTGUVEQOMQQTQQMQQTQQ 6YKVVGT"-QQTQQ-QQTQQ 1WTYGDUKVGJVVRU-QQTQQ-QQTQQEQO
&5($7,9($,'+$1'%22.
%106+07+0)6*''((146
+PQWT%QPVKPWGF'HHQTVHQT%TGCVKXG)TQYVJCPF%QNNCDQTCVKQP
9JKNGRWVVKPIVQIGVJGTVJKUDQQMNGVYGJCXGJQPGUVN[NGCTPGFCVTGOGPFQWUCOQWPVQHKPHQTOCVKQPYGUKORN[PGXGTMPGY1PVJGFGGRGUVNGXGNYGUKPEGTGN[JQRGVJKUDQQMNGVJGNRUKPUQOGHQTOQTCPQVJGTHQTDTKIJVGPKPI[QWTFC[KNNWOKPCVKPICETGCVKXGURQVKP[QWTOKPFEJCPIKPICNKIJVDWNDVQ
RQYGT[QWTETGCVKXGKPVGNNGEVQTGXGPLWUVCIQQFNCWIJ
9GYKNNCNYC[UEQPVKPWGVQUWRRQTVVJGETGCVKXGGHHQTVUQHVJQUGYJQJGNRVQDTGCMVJGINCUUEGKNKPIHQTWUCNNCPFCUMQPN[VJCV[QWURTGCFVJGEQPVKPWGFNQXGCPFUWRRQTVHQTPQVLWUVWUDWVVJGQXGTCNNCTVKUVKE
EQOOWPKV[QPGUOCNNKPKVKCVKXGCVCVKOG
1WTJQRGKUVQEQPVKPWQWUN[ITQYVJKUDQQMYKVJEQPVTKDWVKQPUHTQOQVJGTCTVKUVUCNQPIVJGYC[+H[QWFNKMGVQLQKPWUKPETGCVKPIVJKUNKXKPIETGCVKXGIWKFGRNGCUGEJCPPGNWU9GFNQXGVQNGCTPHTQO[QWCPFKPENWFGCP[MPQYNGFIGQTCFXKEG[QWXGICKPGFQXGTVJG[GCTUCPFYQWNFNKMGVQKPENWFGKVKPQWTIWKFGCUYGUJCTGKVYKVJQVJGTCTVKUVUQPQWTLQWTPG[
&5($7,9($,'+$1'%22.
5*#4+0)6*'.18'
;QWECPCNUQUJCTGYKVJWUQPQWT(CEGDQQMRCIGQTVJTQWIJ6YKVVGTCP[UKOKNCTGZRGTKGPEGU[QWJCXGJCFQXGTVJG[GCTU
9'9#00#-019
9JCVUVJGYGKTFGUVOQUVETGCVKXGN[XKXKFFTGCO[QWXGJCF! 9JGP[QWCTGCDNGVQEQPVTQN[QWTFTGCOUYJCVYKNN[QWFQ! 9JCVOWUKEKUKPURKTCVKQPCNVQ[QW! 9JGTGCTQWPFVJGYQTNFJCXG[QWDGGPVJCVICXG[QWVJCVETGCVKXGDQQUV!
9JCVRCTVQHVJGDQQMFKF[QWNKMGVJGDGUV!9JKEJRCTVYCUOQUVKPHQTOCVKXG!
(QTVJG$TKEMUCPFVJG/QTVCT-QQTQQ-QQTQQ
&5($7,9($,'+$1'%22.
*'.2(7.4'5174%'58'0&145
2#%-#)+0)
$WTIQRCMJVVRDWTIQRCMEQO
%NGCT$CIUJVVRYYY%NGCT$CIUEQO
$CIUCPF$QYUYYYDCIUCPFDQYUQPNKPGEQO
7NKPGJVVRYYYWNKPGEQO
9'$&'5+)0%1&+0)146'/2.#6'5
)[NQ,CUQP.GHVQPJVVRRQTVHQNKQJGNNQI[NQEQO
4QEMDGCVURCRGT&CXKF2GGNGJVVRTQEMDGCVURCRGTEQO
&5($7,9($,'+$1'%22.
24+0655%4''024+065
-KPIUETGGPJVVRYYYMKPIUETGGPEQO
56#0&&'.7:'JVVRYYYUVCPFCTFFGNWZGEQO
8IMKFUJVVRUYYYXIMKFUEQO
2TKPVKPIHQT.GUUYYYRTKPVKPIHQTNGUUEQO
7RTKPVKPIYYYWRTKPVKPIEQO
10.+0'5614'(41065
$KI%CTVGNJVVRDKIECTVGNEQO
5JQRKH[YYYUJQRKH[EQO
&5($7,9($,'+$1'%22.
5VQTG'PX[YYYUVQTGPX[EQO
2*161)4#2*'45
,GUUKG4CGJVVRLGUUKGTCGRJQVQITCRJ[EQO
/GEJCN4QGJVVRYYYOGEJCNTQGRJQVQITCRJ[EQO
%JTKUVQRJGT-WGJNJVVREJTKUVQRJGTMWGJNXKGYDQQMEQORQTVTCKVU
%4#(6+052+4#6+10
5WRGT0CVWTCNGJVVRUWRGTPCVWTCNGEQO
$.1)5
0QV%QVQTIJVVRYYYPQVEQVQTI
.QXGN[2CEMCIKPIJVVRNQXGN[RCEMCIGEQO
&5($7,9($,'+$1'%22.
2CEMCIKPIQHVJGYQTNFYYYRCEMCIKPIQHVJGYQTNFEQO
6JG%QPVGORQTKUVJVVRYYYEQPVGORQTKUVEQO
6TGPF5RQVVKPIJVVRLQUJURGCTEQO
6JG&KGNKPGJVVRYYYVJGFKGNKPGEQO
61;914-+0)
+TCTOCFKNNQ$Q[JVVRECTIQEQNNGEVKXGEQOKTCTOCFKNNQDQ[
&5($7,9($,'+$1'%22.
6*#0-;17(144'#&+0)
61#..9+6*.18'.11--11.18'5;17
&5($7,9($,'+$1'%22.(',7,21$/
'&+6+105
#FFKVKQPCNVJQWIJVUGFKVUVJGQTKGUCPFPGYN[FKUEQXGTGFKPUKIJVUPQVRTGXKQWUN[YTKVVGPKPVJKUDQQM6JKUKUVJGUGEVKQPYJGTG[QWYKNNHKPF
WRFCVGFKPHQTOCVKQPCPFPGYN[CFFGFOCVGTKCN
&5($7,9($,'+$1'%22.(',7,21$/
+%'106*'$4#+0
5%7.26+0)+%'
#TGUQWTEGHQTDTGCMKPICPFOGNVKPIVJGKEGYKVJRCTVPGTUVQUEWNRVHTKGPFUJKRUCPFVTGCFVJGYCVGTUQHETCHVUJQYUCPF
GXGPVUCNKMG
&5($7,9($,'+$1'%22.(',7,21$/
$4'#-+0)6*'+%'
6JGITGCVGUVTGHGTGPEGUGXGTOGPVKQPGFHQTDTGCMKPIVJGKEGCVCETCHVUJQYYKVJ[QWTKFGCU
(QWPFGFKP,CPWCT[6JG+PFKG%TCHV'ZRGTKGPEGKUCPKEGYC[VQIGV[QWTHKPGN[ETCHVGFRTQLGEVUQWVVJGTG+%'KUCITCUUTQQVUGHHQTVQTICPK\GFD[VYQ#VNCPVCETCHVGTU%JTKUV[2GVVGTUQPQHCDCTFKUCPF5JCPPQP/WNMG[QH2CVKPC+PDGVYGGPVJGVYQDKIUWOOGTCPFYKPVGTGXGPVU[QWECPIGV[QWTHKPKUJGFETGCVKXGRTQLGEVQWVVJGTGVJTQWIJVJGQVJGTGXGPVUVJG[JQUVNKMG5CNXCIGCEWTCVGFXKPVCIGUJQY9GFFKPI&C[*QQTC[CPFXCTKQWURQRWRUJQYUCNNPGUVNGFDGVYGGPVJGVYQOCLQT
5WOOGTCPF9KPVGTETCHVUJQYGXGPVU
6JGRQKPVKUVQCNYC[UDGQWVCPFCEVKXGGXGT[YJGTG.CTIGTGPVKVKGUYKVJCHCTITGCVGTDWFIGVVJCPQWTUJCXGVJGOGCPUVQDGGXGT[YJGTGCPFVJG[WUGKVVQDGUQ(QTVJGKPFGRGPFGPVCTVKUVKVKUPGEGUUCT[VQDGJGCTFCICKPUVCNNVJKUNQWFPQKUGD[EQPSWGTKPIETCHVUJQYUCPFUOCNNXGPWGUCNKMG
&5($7,9($,'+$1'%22.(',7,21$/
9KVJVJCVDGKPIUCKFYGCTGRTQXKFKPI[QWYKVJQPGQH6JG)TGCVGUV4GHGTGPEGU'XGT/GPVKQPGF,CTTKPIN[ENGXGTVJKUKUCHKNOVJCVHQTOWNVKRNGTGCUQPULWUVOC[JGNR[QWVQWPFGTUVCPFJQYKORQTVCPVVJGYQTMVJCV[QWCTGFQKPICUCPKPFGRGPFGPVCTVKUVKUKPVJGQXGTCNNUEJGOGQHVJKPIU
6JG)TGCVGUV/QXKG'XGT5QNF/QTICP5RWTNQEM
&5($7,9($,'+$1'%22.(',7,21$/
/'.6+0)6*'+%'
#TGUQWTEGHQTDTGCMKPIVJGKEGYKVJRCTVPGTU
9GJCFPGXGTJCFCOCECTQPKPQWTNKXGUDWVYGYKNNUC[VJGXGPFQT$QQMKG/CECTQPUQPGQHVJGOCP[+%'XGPFQTUYGIQVCEJCPEGVQURGPFVKOGCPFJCPIQWVYKVJYGTG#/#
&5($7,9($,'+$1'%22.(',7,21$/
6#%6(7..;#0&)4#%+17537+%-#0&'#5;)7+&'
61$4'#-+0)#0&/'.6+0)6*'+%'
6CNMVQGXGT[QPG )KXGRQUKVKXGGPGTI[ #UMHQTJGNR )KXGJGNR &QPVQXGTUVC[[QWTYGNEQOG .KUVGP -GGRKPVQWEJ 6JCPM[QWTHTKGPFU
&5($7,9($,'+$1'%22.(',7,21$/
64'#&+0)9#6'4
9JCVYGNGCTPGFHTQOQWTPGYHQWPFHTKGPFU.GUUQPUCHVGT$TGCMKPIVJG+EG/GNVKPIVJG+EGCPFPQY6TGCFKPI9CVGT
6JGQVJGTVYQXGPFQTUYGJCFVJGRNGCUWTGQHUKVVKPIYKVJ,KPP[5WJ.KR)NQUUGTKGCPF%QWTVPG[CPF%JTKUVCKP%TCHVUCPF.QXGYGTGGSWCNN[CUPKEG9KVJ+%'DGKPIQWTHKTUVETCHVUJQYYGJCFPQKFGCYJCVVQGZRGEV6JG[ICXGWUCHGYVKRUCPFCFXKEGHQTHWVWTGGPFGCXQTUVJCVYG
YKNNUJCTGYKVJ[QW
611/7%*#&8+%'%#0$'#$#&6*+0)
(QNNQY[QWTQYPCIGPFCDWVDGQRGPVQKFGCUVJCVEQWNFRQVGPVKCNN[KORTQXG[QWTEQPEGRV
':2'%66*'70':2'%6'&
6JGDWKNFKPINKIJVUYGPVQWVQXGTQWTDQQVJCPFKVUVCTVGFTCKPKPIFKOOKPIQWTUGEVKQPU(QTVWPCVGN[QWTDQQVJYCUUGVWRVQJCXGCINQYKPIFKURNC[7PHQTVWPCVGN[YGFKFPVJCXGGNGEVTKEKV[
6*+0-10;174(''6&'5+)0106*')1
9JKNGKVUVCTVGFVQTCKPVJGYKPFQYNGCMGFQPQWTKVGOU#UCPKEGIGUVWTG.KR)NQUUGTKGXQNWPVGGTGFCYJKVGDCIVQVCRGQPVJGDCEMQHQWTFKURNC[DWVYKVJQWTKPVGPVVQMGGRVJGKPVGITKV[QHQWTDQQVJYGURGPVJQWTUFGUKIPKPIYGJCFVQVJKPMQPQWTHGGV9GVQQMUQOGQHQWTRCEMCIKPICPFJCEMGFKVKPVQCOCMGUJKHVEQXGTVJCVVJGCVVGPFCPVUPGXGTUCYDWVUVKNNMGRVQWTRTQFWEVFT[
Tapp, Richard 88
Tapp, Richard
Tapp, Richard88
Tapp, Richard
&5($7,9($,'+$1'%22.(',7,21$/
$'(.':+$.'
9GNGCTPGFXGT[SWKEMN[VQCNVGTQWTUVTCVGI[KHUQOGVJKPIYCUPVYQTMKPI+VRTQXGFVQDGDGPGHKEKCNYJGPYGFGEKFGFVQUYKVEJHTQOJCXKPICDCEMITQWPFFKURNC[QHRTQFWEVYKVJCENGCPEQWPVGTVQQRGPGFRTQFWEVUECVVGTGFCETQUUVJGEQWPVGT#NUQUVCPFKPIXGTUWUUKVVKPIKPNCTIGTETQYFUJCXKPIVYQRGQRNGOCPCDQQVJCUQRRQUGFVQQPGJQYOWEJ[QWRKVEJCRTQFWEVXGTUWUNGVVKPIVJGRTQFWEVUVCPFD[KVUGNHVJGUGYGTGCNNQVJGTNGUUQPUNGCTPGFVJTQWIJHNGZKDKNKV[CPFVJKPMKPIQP[QWTHGGV
4'52'%6$16*6*;$116*0'+)*$14#0&%7561/'4
#UUQEKCNCU[QWUJQWNFDGYKVJ[QWTDQQVJPGKIJDQTUTGURGEVYJGPVJG[JCXGCEWUVQOGT9GNGCTPGFPQVVQVCMGQHHGPUGKPVJGOKFUVQHCFGGREQPXGTUCVKQPYJGPQPGQHWUSWKEMN[UVQRRGFVQJGNRCEWUVQOGTQTRQKPVQWVVQVJGXGPFQTVJCVVJG[JCFCRQVGPVKCNEWUVQOGTYCKVKPI
;QWOWUVTGOGODGTVQ VJKPMCDQWV[QWTPGKIJDQTUCUGPGTI[KUXGT[E[ENKECN9GPQVKEGFVJCVQWTPGKIJDQTEQWNFPVIGVNWPEJDGECWUGUJGYCUVJGQPN[QPGTWPPKPIJGTDQQVJ9GQHHGTGFVQITCDJGTCDKVGUQVJCVUJGJCFVJGGPGTI[VQMGGRIQKPI.CVGTUJGTGVWTPGFVJGHCXQTD[CEVWCNN[UGPFKPICHGYQHJGTEWUVQOGTUQWTYC[9JKEJTGOKPFUWU
&10656'#.%7561/'455*#4'
6JGTGYGTGCHGYQEECUKQPUYJGTGCEWUVQOGTYCUVQIINKPIDGVYGGPQWTDQQVJCPFVJGGFIGQHQWTPGKIJDQTU&QPQVUVGCNEWUVQOGTUCUGZEKVGFCU[QWOC[DGYJKNGVJG[OC[JCXGOCP[EWUVQOGTUCUVJGPGZVDQQVJQXGTOC[JCXG
&5($7,9($,'+$1'%22.(',7,21$/
'0,1;6*'':2'4+'0%'
$GGZVTGOGN[JCRR[CDQWV[QWTQRRQTVWPKV[VQDGCVCPGXGPVYKVJUQOCP[NKMGOKPFGFCPFVCNGPVGFRGQRNG6JCPMVJG EWTCVQTUKPYJCVGXGTYC[VJCV[QWECPDGKVRTQOQVKPIVJGGXGPVDGHQTGJCPFUJCTKPIVJGKTCFXGTVUCPFNKPMUQTGXGPOGPVKQPKPIVJGQRRQTVWPKV[VQQVJGTCTVKUVHQTHWVWTGGXGPVU
$''0'4)'6+%*#22;#0&21.+6'
;QWTGPGTI[CDUQNWVGN[EQOGUCETQUUVQVJGEWUVQOGTPQOCVVGTYJCV[QWVJKPM6KTGFDQTGFUNGGR[KVUJQYUCPFGKVJGTETGCVGUCDQWPFCT[QTDWKNFUCDTKFIG9GVT[VQMGGRRQUKVKXGGPGTI[CTQWPFQWTDQQVJCVCNNVKOGUVQETGCVGCYGNEQOKPIGPXKTQPOGPVHQTEWUVQOGTUVQCRRTQCEJ
&5($7,9($,'+$1'%22.(',7,21$/
64'#&+0)6*'9#6'45
1(52'%+#.'8'065
#37+%-#0&'#5;)7+&'
6TWUV[QWTCTVKUVKEKPUVKPEVVQQOWEJCFXKEGECPDGCDCFVJKPI $GRTGRCTGF6JKPMCDQWVVJGWPGZRGEVGF&GUKIPQPVJGIQ 4GURGEVDQVJ[QWTDQQVJPGKIJDQTUCPF[QWTEWUVQOGTU $GHCKT%QORGVKVKQPKUIQQFDWVFQPQVUJQYQHH $GUQEKCNCPFIGVVQMPQYGXGT[QPG 'ZRGEVFKHHGTGPEGU -PQY[QWTUVQT[UJCTGKVENGCTN[YKVJYJCV[QWCTGUGNNKPI *CXGCVCEVKNGXGTUKQPQHYJCV[QWCTGUGNNKPI
4GCNK\GVJCVKVUPQVCDQWVVJGOQPG[DWVCDQWVVJGEQPVCEVUCPFHTKGPFU
!"#"$"%"&"'"("$""""%"'")""""*"%"+")","-"-".""""/"""""$")"'"&"'"-"+"%"0"
96!!
N E W Y O R K 2 0 1 3 :
S E T T I N G T H E T O N E
The sound o f the Great Ci ty .
!"#"$"%"&"'"("$""""%"'")""""*"%"+")","-"-".""""/"""""$")"'"&"'"-"+"%"0"
97!!
If youve set the tone before reading on, then this is how I feel...
!"#"$"%"&"'"("$""""%"'")""""*"%"+")","-"-".""""/"""""$")"'"&"'"-"+"%"0"
98!!
N E W Y O R K 2 0 1 3:
R H A P S O D Y I N B L A C K & W H I T E
C I T Y O F I N S P I R A T I O N
!"#"$"%"&"'"("$""""%"'")""""*"%"+")","-"-".""""/"""""$")"'"&"'"-"+"%"0"
99!!
S U N D A Y 4 : 0 0 A M
!"#"$"%"&"'"("$""""%"'")""""*"%"+")","-"-".""""/"""""$")"'"&"'"-"+"%"0"
!
George Gershwin - Rhapsody in Blue
100!!
W H E R E
I N S P I R A T I O N T A K E S Y O U...
Here is the one place in the world where everything stands upside down, yet right side up. Buildings bolt down from
the clouds and smash into the concrete of the wet sidewalks. They shatter the pavement with aging strength. Stars fastened in the sky have fallen onto the roads. Some are broken, others only dimmed. They travel to and from,
shimmering red and white in a hazy morning mist.
The oceans ebb and flow above us all, stirred by the wind. Its chilly breath drags carrying away the citys smog, dust and the smell of sulfur on its tongue. In a few minutes that ocean, with its dark, dusty grey-blue color, will ignite into a deep orange fire. The rays of warm red sunlight will pour out of its mouth and over the city washing it for the next
day.
Im standing on the rooftop of our Neapolitan hotel. Its 4:00 AM in New York on Sunday. This is our last day here.
I realize, I adore this place or, that I adore the scene that exists in black and white. With sunrise approaching, this is the quietest time youll find here. The easiest time to think.
Black-white, dusty-blue transitions into color.
I put on my headphones. I listen.
!"#"$"%"&"'"("$""""%"'")""""*"%"+")","-"-".""""/"""""$")"'"&"'"-"+"%"0"
101!!
T O N E W Y O R K W I T H L O V E
S U N D A Y 1 : 1 5 P M
This is One Hell of an Inspiring Place to be!
Im never surprised by the sheer amount of talent and imagination exhibited by the artists of the city. It's amazing to visit a place where experimentation, various arts, values
and ideas are not only widely accepted, but very much encouraged to merge. This is why we make an annual visit. While demanding in spirit and at times overly stimulating,
draining, and ego-saturated, New York is a mental overload of culture, knowledge and for the artist of any
sort, a true connecting point of the views and freedoms of the many like-minded talent.
Where we live, it's common to have your best creative ideas rejected for the lack of adhering to some existing
standard of consumerist need. Culturally enhancing, technologically mind-shattering, or philosophically eye-
opening concepts have no place here... if they don't sell. A changing, but still very much prevalent reality that exists in
far too many places. In New York, there were amazing artists that challenged that overly prevalent pattern of
thought and we were happy to see a few of our own ideas floating among the scene!
!"#"$"%"&"'"("$""""%"'")""""*"%"+")","-"-".""""/"""""$")"'"&"'"-"+"%"0"
102!!
This is why, to us, it is so important to travel and to see
things outside what your typical art medium would be. At times, it can be difficult and exhausting to get people to
trust, try, back, support or even just to hear your ideas. So it's invigorating to see various artists you've never heard of
share the same conceptual observations, practices and theories. It's what I imagine it feels like to make a connection with someone from across the globe.
With more cities to come and a wider array of countries to visit, New York for now, undoubtedly feels like our home,
albeit an expensive place to live and a home that we cannot afford. Truly, an annual visit quite simply isn't
enough for us, so here's our checklist to help you get the most out of your stay.
!"#"$"%"&"'"("$""""%"'")""""*"%"+")","-"-".""""/"""""$")"'"&"'"-"+"%"0"
103!!
F I N D T H I N G S O N A W H I M
S U N D A Y 2 : 0 3 P M
A Little Bird Told Me
This is the place that youre looking for: The New Museum. Despite what we'd expect, the most
inspirational part of the trip wasnt actually the New Museum itself (which was amazing), but its joining show Open Structures. Neither of which, did we specifically
look for, but stumbling upon it made it all the more exciting of a find. In the New Museum window we had an art piece literally speak out to us from giant white letters reading : "PUT A BIRD ON IT!" With an art piece by Juan Fontanive that was almost exactly like one of our
own ideas we had been trying to figure out the mechanics behind.
This piece was massively inspirational to us, not because
we saw our same exact idea in the window, but because we understood the idea beyond its atheistic. To see the physical representation of a piece by way of a shared
thought process from another human mind was astounding. This piece was what brought us into the New
Modern Museums show initially
!"#"$"%"&"'"("$""""%"'")""""*"%"+")","-"-".""""/"""""$")"'"&"'"-"+"%"0"
104!!
S H U T U P A N D L I S T E N
S U N D A Y 2 : 4 5 P M
The New Museum
Usually we would opt out of joining a tour group, but in the spirit of the day (and in the spirit of hearing someone
else speak for a change) we decided to squeeze into a group and listen to the tour guide speak on Llyn Foulkes' work in New York's New Museum. This may be a normal
routine for some people, but it can be difficult for creative's' who'd rather take in an exhibition independent
of other people's opinions.
For us, it was more inspiring in this instance to not just take in our own opinions on someone's art, but to hear
someone else's interpretation. It was an inspiring change of pace to hear details about the art we would not have
noticed and to hear not only the history of the piece, but also the history of the interpretations of the pieces over
many years.
!"#"$"%"&"'"("$""""%"'")""""*"%"+")","-"-".""""/"""""$")"'"&"'"-"+"%"0"
105!!
S E E A R T Y O U N E V E R L O O K A T
S U N D A Y 3 : 0 0 P M
Llyn Foulkes
At least for one of us, the aesthetics of Llyn Foulkes' Whos on Third? and his similar paintings, would not be the type of art I would normally be interested in. If I saw
his work outside the museum, I wouldn't go in. If I saw an article or a website dedicated to his paintings, I wouldn't
care to read about it.
It turned out that he had much more similar opinions to us then I would have guessed and the technique in which he
painted Sleeping Rock (1969) via the usage of dry rags to apply and wipe away paint was astounding. This isn't like
"don't judge a book by its cover" but more like "don't judge a portrait by the blood dripping over its face."
!"#"$"%"&"'"("$""""%"'")""""*"%"+")","-"-".""""/"""""$")"'"&"'"-"+"%"0"
!!
106!!
S E E T H E W H O L E A S L A R G E R
T HA N T H E S U M O F I T S P A R T S
S U N D A Y 5 : 0 0 P M
Open Structures
Next door to the New Museum was Open Structures, by far the most inspiring experience during our visit.
Open Structures was a contemporary show/movement featuring 3D printed objects, DIY manuals, self
empowering, educational and visionary projects in a room of collective thoughts right in line with our current vision. These artists were trying to change aspects of the world
through important observations and clever artistic project statements.
It was moving to see what a much larger impact you can have by simply gathering similar initiatives into the same room. The whole is absolutely greater than the sum of its parts, and a powerful collection of independent projects
make a much larger impact than one standing alone.
!"#"$"%"&"'"("$""""%"'")""""*"%"+")","-"-".""""/"""""$")"'"&"'"-"+"%"0"
107!!
S E E K T H E E D G E
S U N D A Y 6 : 3 5 P M
The Edge of a new movement. The edge of Culture
Seek the Edge of a new movement. In culture, if you aren't constantly seeking out the edges, then youll continue to
believe that the world is still flat. Live there. Study it.
Dont round the sharp edges, they are meant to hurt. The first initial emotion walking into Open Structures, was not awe, but Awww with a heavy wave of disappointment. Seeing already finished projects standing in front of us, with the ideas we had worked countless hours trying to
perfect, was immediately a shattering, yet jolting experience. It was only, just a month before visiting New York that with great confidence and clarity we knew the
direction our next project should take and we knew it would be impactful.
We had a grand idea, but figured it would take years to
complete, years to even start, and it would be a long while before people would even be receptive enough to care for
the ideas. But HERE it was - the same idea, in physical form, done and already having sat there, finished for
months, and WE cared! We learned 2 lessons from this experience:
!"#"$"%"&"'"("$""""%"'")""""*"%"+")","-"-".""""/"""""$")"'"&"'"-"+"%"0"
108!!
With the world speeding up exponentially whatever you're ideas are they can be done. In fact, you're already a few years behind, if you think The worlds not ready. You cannot see the details of the edge of culture through a computer screen.
We assumed in our modern society, keeping on the edge of culture and the waves of inspiration comes easily to everyone with a connection to the internet and a social media account. Ironically, the day you make this assumption, you see less of the world.
Simply put, you cannot see, feel, or comprehend the details of the world through a screen. Years to come when tactile sensory information and avatars provide you with that possibility, you must realize that still, it will never make up for physically entering a new world, for physically traveling, for physically getting up off your ass and going!
!"#"$"%"&"'"("$""""%"'")""""*"%"+")","-"-".""""/"""""$")"'"&"'"-"+"%"0"
!!
109!!
M I N D, B O D Y, S P I R I T,
R E L A T I O N S H I P R E C H A R G E
S U N D A Y 9 : 0 0 P M
A Date Night
!Date night!? Yes, its important. Ill spare you the details of the full evening, but needless to say New York has some of the liveliest places to visit for a night out on the town
with your significant other.
We would normally choose to mellow out after a wiry fast paced day of running around the city by slowing down our tempo and zoning out to smooth contemporary styling's of NYC Grooves best Jazz musicians. Our second option, as back up, to change the hue of the evening with tunes from
the legendary Blue Note composers.
But, this evening we would decided to try something a bit more spontaneous and off the grid. Two spots that did not
disappoint.
!"#"$"%"&"'"("$""""%"'")""""*"%"+")","-"-".""""/"""""$")"'"&"'"-"+"%"0"
110!!
Peels: This was a great place to pick up brunch after visiting the New Modern museum complete with hard hitting cocktails, breakfast and Frenchesque, semi-hip atmosphere the equivalent to Atlantas own Flying Biscuit. The waitress were attentive, food was healthy and great, and the location was perfect for the two of us to chat on what to do next. Veloce: For an evening out and quality time with your spouse this is a wine bar that we undoubtedly will be back to. The Appetizers were awesome and the wine specialist very knowledgeable, while the atmosphere was a bit rowdy it was still pleasantly alluring and relaxing enough to change the pace of a whirlwind day of exploration.
!"#"$"%"&"'"("$""""%"'")""""*"%"+")","-"-".""""/"""""$")"'"&"'"-"+"%"0"
111!!
T A R A N T I N O E D S A T U R D A Y
Additional Places
For us, Sunday (our last day in NYC) was the most inspiring day to find and visit places. If you wanted to know what we did the first half of the weekend, weve
compiled a list.
There are multiple galleries to check out in the Meat Packing District, Between 10th and 11th Ave,
Perpendicular to 11th Ave And following Lincoln Highway. Many shops to visit with refreshingly robust and finely crafted items in Flatiron and downright good food
on the Lower East Side.
We spent most of our Saturday running between them all and crafting a list for you to use. So here is a compilation
of places to visit, with photos on our Facebook and Pinterest pages to coincide. Check them out and let us
know what you think.
(In addition, here is a link to our Google maps for all the places we visited, listed bellow and highly recommend checking out.)
!"#"$"%"&"'"("$""""%"'")""""*"%"+")","-"-".""""/"""""$")"'"&"'"-"+"%"0"
112!!
Chambers Fine Art
David Zwirner Gallery
Jim Kempner Fine Art
ET Modern
Charles Bank Gallery
Garis & Hahn
ABC carpet factory
Eli Klein Fine Art
DTR Modern Galleries
Parsons
Drunken Horse (Bar)
Bar Veloce
!"#"$"%"&"'"("$""""%"'")""""*"%"+")","-"-".""""/"""""$")"'"&"'"-"+"%"0"
113!!
SVA
Cooper Union
Muji (Creative Home goods)
Obscura
New Modern Museum & Open Structures
Peels Food
Papabubble (Handmade Candy)
Pylones (Art Toys)
Opera Gallery
MOMA Design Store
The Evolution Store
.06"$$0$"
)+(61(#4#0&1/
+01741$5'48#6+10#.567&;
106*'$74&'01($'+0)*7/#0
#HKXGRQKPVGUUC[
4
.06"$$0$"
24'5'065+024'5'0%'
+PQWTQDUGTXCVKQPCNUVWF[QPVJGDWTFGPQHDGKPIJWOCP
6QDGCUQRRQUGFVQUKORN[GZKUVKPIKUPQFQWDVCEQOOQPCNKV[YGCNNUJCTGDWVQHVGPVKOGUHQTIGVVQCEMPQYNGFIGCPFFKUEGTP1WTDWU[UEJGFWNGUTKHGYKVJTGURQPUKDKNKV[YQWNFJCXGWUHQTIGVVJGRTKPEKRNG
FKUETGRCPEKGUDGVYGGPVJGVYQKFGCUGZKUVKPIRTGUGPVN[CPFDGKPIRTQHQWPFN[RTGUGPV9KVJVJKUKPOKPFVJGIKHVQHCTCPFQOFC[DGECOGCPKFGCYGHGNVPGEGUUCT[VQ
UJCTG
+PVJKUKFGCVJGIKHVKVUGNHKUPQVVJGOWUKE[QWEQWNFGCUKN[HKPFUWEJOWUKEQPNKPGDWVTCVJGTVJGOGFKWOVQFGNKXGTCPGXQECVKXGHGGNKPI6JGIKHVYGCTGUWIIGUVKPIKUVJGRTGUGPVKUQNCVKQPQHVKOGJGTGCPFPQYYJKNGTGCFKPI6JGVQVCNCEEGRVCPEGQHRGTUQPCNVJQWIJVHGGNKPIQTTGHNGEVKQPYKVJKPVJQUGHNGGVKPIOQOGPVUKPVJGOWUKEKUCMKPVQ6JG*QN[/QOGPVKPEKPGOCCRJTCUG
CUUQEKCVGFYKVJ#PFTG$C\KPUWIIGUVKPICTGEQTFQHVJGFKXKPGURKTKVRTGUGPVCVCNNVKOGUQPUETGGP
+PVJKUECUGVJGOWUKEKUKVUCWFKVQT[GSWKXCNGPV#UKOKNCT
5
.06"$$0$"
TGEQTFKPIECTT[KPIYKVJKVVJGCDKNKV[VQGZRTGUUVJGWPKSWGUGPVKOGPVQHDGKPIJWOCPCPFYJCVKVTGCNN[
OGCPUVQNKXGVJTQWIJVJGUGPUGUKPCNNQHVJGKTITCPFGWT
(QTWUYQTMKPIKPFGRGPFGPVN[UKVVKPICVQWTQYPTGURGEVKXGEQORWVGTUYKVJQWTQYPKPFKXKFWCNOWUKENQWFCPFDNCTKPIQPGUQPIKPDQVJQHQWTNKDTCTKGULQNVGFWUKPVQCOQOGPVQHEQOOQPCYCTGPGUU#OQOGPVQHWPURQMGPTGEQIPKVKQPQHQWTOWVWCNGOQVKQPUHQTVJKURCTVKEWNCTUQPIOCFGWUUVQRUJWVQHHQWTEQORWVGTUSWGUVKQPCPFKPVGTCEVRQPFGTKPIKPFKXKFWCNCPFWPKXGTUCNSWGUVKQPUYGJCXGCNNUQOGJQYHQTIQVVGPVQCUMCNQPI
QWTDWU[TQWVKPGU
9JCVHQNNQYGFYCUCRGTKQFQHUWDFWGFVJQWIJVUCEMPQYNGFIGFCPFUWURGPFGFKPVJGVTCPSWKNUQWPFQHVJGITGCVXQECNJWOCPCRVKVWFGCPFTGEQIPKVKQPHQTUWEJCJQN[OQOGPV9GUVWODNGFWRQPVJGPQVKQPVJCVCPWPMPQYPEQOOQPCNKV[CUWFFGPUGPUGQHIGPWKPG
EQPPGEVKQPEQWNFCEVWCNN[DGEQOGCIKHVVQRWPEVWCVGVJGRTQHQWPFRTGUGPV
(TQOEQIPKVKQPVQEGUUCVKQPEQPPGEVKQPGPLQ[OGPVOGOQT[RCKPCPFVJGCDKNKV[VQHGGNCPFDGFGGRN[OQXGFCTGTGOKPFGTUQHVJGITGCVJWOCPCRVKVWFGVQDG6JKUYCUCIKHVQPCTCPFQOFC[YJKEJDQTGPQRCTVKEWNCTUKIPKHKECPEGCEEQTFKPIVQVJGECNGPFCT;GVYGYGTGIKXGPQPGQHVJQUGTCTGCPFURGEKCNOQOGPVUVJCVYQWNFTGOKPFWUYJCVKVKUVQDGJWOCP+VYCUCOQOGPVCT[GZRGTKGPEGVJCVGPEQWTCIGFWUCNQPICEQNNGEVKXGRCVJQH
TGVJKPMKPIVJGIKHVIKXKPIGZRGTKGPEGKVUGNH
6
.06"$$0$"
5QQPCTCPFQOFC[KPVJGYGGMVQDTGCMCOQPQVQPQWUTQWVKPGQHQPN[LWUVGZKUVKPICIKHVVQJGNR[QWDGEQOGOQTGRTQHQWPFN[RTGUGPVCUKHVQRWVVJKPIUKPCUNQYOQVKQPKUQNCVGVKOGCPFUVTGVEJVJCVOQOGPVGZVGPUKXGN[KPJQPQTQH[QWTQYPRGTUQPCNCYCTGPGUU$GNQYKUVJGCHQTGOGPVKQPGFUQPIKPJQRGUVJCVVJKUTGOKPFU[QWYJCVKVOGCPUVQDGJWOCPKPYJCVGXGTYC[KVJGNRU[QW
TGCNK\G[QWTQYPCRVKVWFGVQDG
#XG/CTKC(TCP\5EJWDGTV
7
.06"$$0$"
)+(659146*)+8+0)
+PQWTRGTUQPCNNKXGU
9GXGQHVGPHQWPFQWTUGNXGUWPUCVKUHKGFYKVJVJGKFGCQHDW[KPIIKHVUVQEQOOGOQTCVGCECNGPFCTTGOKPFGTCUKHKVYGTGCFGETGG#OQPVJVQIQDGHQTG%JTKUVOCUYGKPUVGCFVQQMVKOGVQTGHNGEVQPQWTXCNWGUCPFRWTRQUG
4GHNGEVKQPJCUJGNRGFWUENGCTQWTOKPFUOWUVGTOQTGETGCVKXGUQNWVKQPUCPFITQYKPQWTQYPETGCVKXGCIGPFC1PQWTTGVWTPYGTGCNK\GFLWUVJQYKPETGFKDN[
KPVQZKECVGFVJGJQNKFC[EQWNFOCMG[QWHGGN6JTGG[GCTUYKVJQWVEGNGDTCVKPIC%JTKUVOCUYCUCJCTFUQDTKGV[VJCVOCFGUVGRRKPIQHHVJGYCIQPCYJKUM[VQQJCTFVQ
UYCNNQY+PUVGCFYGRGGTGFQXGTVJGGFIGCUYGEQWNFPVUVQRPQVKEKPIVJGDKVVGTVCUVGYGJCFKPQWTOQWVJU
6JGOQUV+PUWNVKPI68#FU[QWUGGGXGT[%JTKUVOCU
8
.06"$$0$"
9'.%1/'$#%-
9GUWRRQTVCNNVJKPIUIQQFHQTVJGEQNNGEVKXGCPFWPKVGFJGCTVKPQTFGTVQUGGMCPQXGTCNNRGTURGEVKXGQHCJGCNVJKGTKPVGNNGEVWCNN[GZRCPUKXGJWOCPEQPFKVKQP
#RWTEJCUGFIKHVECPPQVRQUUKDN[ECRVWTGVJGUGPVKOGPVQHNKHGUOQOGPVCT[CEVWCNKV[QTJQNFCVTWGUKIPKHKECPEGKPVJGQXGTCNNTGCNKV[QHEQPUEKQWUCYCTGPGUU%JTKUVOCUHQTWUGXGPYKVJIKHVUIKXGPQWVQHVJGRWTGCPFGCIGTKPVGPVVQUGGVJGQVJGTRGTUQPJCRR[YCUUVKNNOQUVN[GORV[IGUVWTGU(QTWUPQVJKPIEQWNFEQPVCKPVJGGUUGPEGQHLQ[KPEGNGDTCVKPICPCEEQORNKUJOGPVOCFGRQUUKDNGD[HTKGPFUCPFHCOKN[(QTVJCVYGCNUQVJCPM[QW
(+0&+0)5
6JGOCTMGVUEWTTGPVUGNGEVKQPKUEQORTKUGFQH
UWRRQUGFN[VCTIGVGFRTQFWEVUVJCVFQPQVEQPVCKPCEQORNGVGVJQWIJVQTCP[KPJGTGPVOGCPKPICNNOCFGHQTVJGRWTRQUGQHUGTXKPICOCPWHCEVWTGFCPFIGPGTKEPGGF9KVJVJGKPFWUVT[UVWEMKPVJGTGRGVKVKXGE[ENGQH
OCPWHCEVWTKPIRTQEGUUGFIQQFUCPFKFGCUHQTIGPGTCNEQPUWORVKQPDW[KPICP[QHKVYQWNFFGOGCPVJG
KPVGITKV[QHCIKHVYQTVJIKXKPI
9
.06"$$0$"
5VGXG.GXKVVU2TQHGUUQTQH'EQPQOKEUCVVJG7PKXGTUKV[QH%JKECIQCPFEQCWVJQTQHVJG(TGCMQPQOKEUIGPWKPGEQPEGRVQPYJCVKVTGCNN[OGCPUVQIKXGUQOGQPGCIKHV
UWIIGUVU
6JGXGT[DGUVIKHVUPQVQPN[UJQYUQOGQPGVJCV[QWMPQYCDQWVVJGOCPFECTGCDQWVVJGO$WVVJG[CEVWCNN[FGOQPUVTCVGVJCV[QWMPQY
OQTGCDQWVVJGOVJCPVJG[MPQYCDQWVVJGOUGNXGU
%JTKUVOCU#0GY/CTMGVRNCEG2QFECUV
#647'+5*#.647+5/
6JGNQPIUVCPFKPIFGDCVGCUVQVJGRQUUKDKNKV[QHVTWGCNVTWKUOKUCVCPINGFCTIWOGPVYGCXKPIVJTQWIJXCTKQWUEWNVWTCNXKGYRQKPVUFQEVTKPGCPFRJKNQUQRJKGU9JGTGUQOGOCKPVCKPVJCVCNVTWKUOKUOQVKXCVGFD[UGNHKPVGTGUVKPVJGHQTOQHRGTUQPCNQTDGPGHKEKCNUGNHITCVKHKECVKQPOCP[UGGKVCUCPKPFKXKFWCNOQTCNQDNKICVKQPVQDGPGHKV
QVJGTUUGNHNGUUN[HQTVJGYGNHCTGQHCNN
+PVJKUYC[GXGPVJGDGUVIKHVUYGTGUVKNNCUGCTEJHQTITCVKHKECVKQPKPVJGGZRTGUUKQPQH[QWTNQXGFQPGTGKPHQTEKPI[QWTQYPJCRRKPGUUVJTQWIJCRWTEJCUGFIQQF6QWUIKHVUYQTVJIKXKPIUJQWNFDGUGPVKOGPVUVJCVIQHCTDG[QPFLWUVCRTQFWEVVJCV[QWDW[YKVJCUJKP[TGFDQY+HVJKUYCUVQDGVJGHKTUV%JTKUVOCUKP[GCTUVJCVYGYQWNFCEVWCNN[IGVCEJCPEGVQFQVJKPIUTKIJVKVYQWNFCNUQDGVJGDGUVVKOGVQVT[CETGCVKXGCPF
0
.06"$$0$"
OWEJOQTGOGCPKPIHWNCNVGTPCVKXG
+PEQPENWUKQPQWTWPEQPXGPVKQPCNCRRTQCEJYGEJQUGJKPIGFQPVJGDCUKUVJCVCJQNKFC[UWEJCU%JTKUVOCUUJQWNFPQVDGFGHKPGFD[EQPUWOGTKUVFKEVCVKQPCPFKPUVGCFHQEWUQPUQOGHQTOQHCRWTGPQPEQOOGTEKCN
CNVTWKUO
1
.06"$$0$"
#0'964#&+6+10
6*'.70#44'51.76+10
2
.06"$$0$"
6*+0)51.&/#&'0'9
6JG9KNNVQ%JCPIG
9JCVRTQORVGFVJGFGUKTGVQEJCPIGYCUVJGYGKIJVQHQWTFGVGTOKPCVKQPVQFQQWTDGUV9GYGTGGZVTGOGN[UVTGUUGF9GYGTGPQVCFXCPEKPI9GYGTGPQVITQYKPICPFYGYGTGUVWEMVT[KPIVQCEJKGXGCTGUWNVYKVJVJGUCOGDCUKEKFGCU9GYGTGVCPINGFKPVJGVTCFKVKQPCNOKPFUGVQHVJKPMKPICPFFQKPIDCUGFQPCJCDKVWCNHTCOGYQTMQHTGQEEWTTKPIRGQRNGRNCEGUCEVKXKVKGUCPFKFGCU
9GPGGFGFCPGYHQWPFRGTURGEVKXGDWKNVQPKPETGCUGFRQUKVKXKV[VJCVYQWNFTGSWKTGWUVQVJKPMCPFFQ
FKHHGTGPVN[9GFGEKFGFVQIKXGIKHVUVJCVYQWNFDTGCMVTCFKVKQPCNJCDKVCPFKPVTQFWEGPGYPGUUKPVQQWTNKXGU+PUVGCFQHDW[KPIIQQFUVQOCMG[QWYJQNGYGFGEKFGFVQIKXGIKHVUVJCVYQWNFOCMGWUPGY
#UCTGUWNVYGOGTIGF%JTKUVOCUCPF0GY;GCTUCPFYQWNFPQYEGNGDTCVGCPGPVKTGN[PGYVTCFKVKQPKPTGURGEVVQDQVJJQNKFC[U6JGQDXKQWUCPFEQPUKUVGPVTGUQNWVKQPYQWNFEQOGCDQWVCIQCNVQCNYC[UPCVWTCNN[EQPVKPWGHQTYCTFYKVJPGYVJQWIJVHWNEJCNNGPIGUTCVJGTVJCPVQNGVGCEJ[GCTHCFGQWVQPQNFDTQMGPRTQOKUGUOCFGVJG
GXGDGHQTG
3
.06"$$0$"
1WTIKHVUYQWNFCFXCPEGQWTRGTUQPCNCPFEQNNGEVKXGCURKTCVKQPUKPJCRRKPGUUITQYVJCPFPGYPGUUKP
YJCVGXGTHQTOYGDGNKGXGFYQWNFJGNRUWRRQTVVJGQVJGTQTCKFWUDQVJKPVTCXGTUKPICRGTUQPCNCPFQTEQNNGEVKXGRCVJ6JKUGNKOKPCVGFVJGKFGCQH9#06+0)QT
0''&+0)HQT%JTKUVOCUCPFOCFGWUUKPEGTGN[HQEWUYJQNGJGCTVGFN[QPGCEJQVJGTUHWVWTGYGNNDGKPICUYGNNCUCEMPQYNGFIGOGPVHQTVJGQVJGTUIQCNUFTGCOUCPF
CODKVKQPU
4
.06"$$0$"
10#5+0).'1(%*4+56/#5
-11411-11411)#8'61/'
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
5
.06"$$0$"
SWGUVKQPCHGYQHVJGXKUKQPCTKGUDGJKPFVJGYQTM9JKNGYGECPVUJCTGCNNVJGCEVWCNYQTMUCUQH[GVKH[QWNQXGHKNOUNKMGYGFQJGTGKUCRFHQHVTCKNGTUCPFUJQTVUKPJQRGUQHKPURKTKPI[QWVQRCUUQPVJGIKHVQHQRRQTVWPKV[CPFQPGUJQTVVJCVYGTGCNN[GPLQ[GF
/CNCTKCHTQO'FUQP1FC
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
6
.06"$$0$"
&1906*'8+467#.$4+%-41#&
7
.06"$$0$"
5''06*417)*6'#%72';'5
6JTQWIJVJGG[GUQHQWTHWVWTGUGNXGUYGEQWNFUGGCITGCVO[VJKECNETGCVWTGCPFKVUEWDGOGTIGHTQOVJGUGCCPFTGUVQPCETGUVQHYCXGU5VCPFKPIQXGTOGVGTUVCNNKVJCFVJGJGCFQHCNKQPCPFVJGDQF[QHCHKUJCPFCUKVQRGPGFKVUOQWVJYKFGUQOGVJKPINKMGCYCVGTHCNNCEQPVKPWQWUECUECFKPIUVTGCORQWTGFHTQOKVULQYNUYKVJCOWNVKVWFGQHEQNQTHWNN[XKDTCPVHKUJHTQOVJGGCUVCPF
YGUV
$QVJGCTUQHVJKUIKCPVJCFDGGPDWTPGFHTQOVJGUM[9JKNGVJGTKIJVUVKNNCDNC\GOQTGFGCHGPGFYCUVJGNGHV+VUUECNGUOCFGQHRQTEGNCKPRNCVGUUJKOOGTGFCPFKVUJGCFOCFGQHEQPETGVGHKZGFJKIJKVUGZRTGUUKQPQH
EQPHKFGPEGHQTCNNVKOGCPFGXGT[QPGVQUGG+VUG[GUYGTGUOCNNTGFVGCEWRUHKNNGFYKVJVJGFTKPMQHTGFKUEQXGT[+VUCEQWUVKECNTQCTYCUCITGCVQPG+VUET[TGXGTDGTCVGFFGGRKPVJGDGNN[QHVJGQEGCPCPFDQTTQYGFVJTQWIJVJGJGCXKGUVYGKIJVQHVJGRCEKHKE+VUKPUKFGUYGTGPQVCNYC[UOGEJCPKECN#VGEVQPKETKDECIGGPECUGFCPQNFJGCTV6JG
8
.06"$$0$"
OCLGUV[QHVJKUETGCVWTGYCUFKXKPKV[CPFKVURWTTYCUYGNEQOKPI
#UKVUVCTGFQHHVJGJQTK\QPQHVJG#PEKGPVEKV[QHVJGUGCCPFQXGTVJG\GPKVJQHCNCPFQHRTQITGUUKQPKVUTQCTD[ITGCVFKUVCPEGFTQYPGFWPFGTVJGQEGCPCNQY
HTGSWGPE[GEJQPGCTN[UKNGPVCTWODNKPIUGKEJGYQWNFECNNQWVVQCNNYJQNQXGCTVCPFJCTOQP[GCVYKVJO[EWDFTKPMHTQOO[G[GUCPFEQOGVQDGKPURKTGFD[CNNVJCVKU
WPKSWGN[VJKUITGCVEKV[
9
.06"$$0$"
5+0)#214'
#0'90'9;'#4
+0#0'90'92.#%'
6JGHKTUVSWGUVKQPYGQHVGPIGVYJGPURGCMKPICDQWVQWTGCUVGTPVTCXGNKUYJ[!
0
.06"$$0$"
6*')4'#66+0%+6;
9J[5KPICRQTG!
6TWVJDGVQNF5KPICRQTGYCUCOQPICNKUVQHOWEJOQTGRQRWNCTFGUVKPCVKQPUUWEJCU%JKPC6QM[Q*QPI-QPICPFCHGYQVJGTU#UOGPVKQPGFDGHQTGYGYGTGKPVGTGUVGFKPVJGKFGCQHC0'90'559JCVDGVVGTYC[VQHKPFCPFGZRGTKGPEGUJKP[PGYPGUUVJGPUVCTVKPIQWVCPGY[GCTKPCEQORNGVGN[FKHHGTGPVRNCEGCVCEQORNGVGN[FKHHGTGPVVKOG
.WPCT0GY;GCTYQWNFDGCITGCVRNCEGVQUVCTVQPQWTSWGUVHQTVJGPGY9GYQWNFIGVVJGQRRQTVWPKV[VQGZRGTKGPEGCPGYEWNVWTGCPFLQKPKPEGNGDTCVKPIC
EQORNGVGN[FKHHGTGPV[GCTKPCEQORNGVGN[FKHHGTGPVOCPPGTQVJGTVJCPQWTQYPCNNQPCEQORNGVGN[FKHHGTGPV
EQPVKPGPV6JKUEQWNFDGUCKFHQTOCP[QHVJGNKUVGFRNCEGUYGEQWNFEJQQUGHTQOUQVJGSWGUVKQPUVKNNDGIUVQDG
CUMGFYJ[5KPICRQTG!
1
.06"$$0$"
*#8';175''02+%674'5!
#SWKEMKOCIGUGCTEJQH5KPICRQTGUCTEJKVGEVWTGYKNNRWV[QWKPVQCURNKVUGEQPFQHFKUDGNKGH;QWOKIJVGXGPDGIKPVQSWGUVKQPKHUWEJCRNCEGEQWNFCEVWCNN[GXGPGZKUV6JGTGKUCPQVJGTFGGRTQQVGFSWGUVKQPYGQHVGPRGTUQPCNN[UGGMCPUYGTUVQVJGKFGCQHRQUUKDKNKV[CPFRQVGPVKCNKPTGNCVKQPVQCPGZRQPGPVKCNN[GZRCPUKXGFKIKVCNEWNVWTG5GGKPIVJGUGKOCIGUDTQWIJVCDQWVPGYCPFXCTKQWUEQPEGTPUSWGUVKQPU
CPFVJGQTKGUTGICTFKPIVJGUCOGCTGCQHVJQWIJV
9GURGPVUQOGOQTGVKOGETCHVKPI[GVCPQVJGTITGCVOCRHQT[QWVQWUG5QJGTGKUCEQORKNCVKQPQHRNCEGUVQXKUKVYKVJRJQVQUQPQWT2KPVGTGUVRCIGUVQEQKPEKFG%JGEMVJGO
QWVCPFNGVWUMPQYYJCV[QWVJKPMQP(CEGDQQM
+PCFFKVKQPJGTGKUCNKPMVQQWT)QQINGOCRUHQTCNNVJGRNCEGUYGXKUKVGFCPFJKIJN[TGEQOOGPFEJGEMKPIQWV
5QYJKNGCNNVJGUGRNCEGUQHHGTGFOCP[QHVJGVJKPIUYGYGTGNQQMKPIHQT5KPICRQTGUVQQFQWVVQWUCUCWPKSWGN[KPFKXKFWCNGZRGTKGPEG*GTGYCUCRNCEGYKVJCEQORNGVGN[FKHHGTGPVXKUWCNEKV[UECRG(WVWTKUVKEKUPQVVJGTKIJVYQTFPQTCRTQRGTFGUETKRVKQP;GUVJGTGYGTGUWRGTOQFGTPUJKP[DWKNFKPIUDWVVJGUGUVQQFCNQPIUKFGTWUVKEEQNQPKCNDWKNFKPIUPGCTN[YQTPCYC[D[VKOGCXGT[HKVVKPIUGPVKOGPVVJCVYQWNFUGTXGCUCXKUWCNTGRTGUGPVCVKQPQHKVURGQRNGCPFUVCPFCUCPCNNWUKQPVQKVUJKUVQT[CPFOWNVKEWNVWTCN
UGPUKVKXKVKGU
2
.06"$$0$"
5KPICRQTGQHHGTGFCUGGOKPIN[EQPVTCFKEVQT[CPFQRRQUKVKQPCNCTEJKVGEVWTCNUGPUGVJCVDCNCPEGFKVUGNHGZVTGOGN[YGNN2CUVCPFRTGUGPVYQWNFEQOGVQIGVJGTUGCONGUUN[VQDWKNFUQOGVJKPIPGYHQTVJGHWVWTG*QY
KTQPKE
6JKUYCUVJGQHHGTKPIQHPGYPGUUYGYGTGNQQMKPIHQTYKVJVJGRTQOKUGQHUQOGVJKPIVJCVYGEQPPGEVGFYKVJQPCFGGRGTNGXGN6JGCTVKUVKEOGTKVQH/QUJG5CNHKGUCTEJKVGEVWTGCNQPGYCUGPQWIJVQIGVQWTDCIURCEMGFDWVVJGOGTGHCEVVJCVCWPKVCT[UVCVGYQWNFCNNQYUWEJYKNFN[QRGPHQTOUQHCTEJKVGEVWTGYCUEQPHWUKPI6JGUGYGTGOCUUKXGN[EQPUVTWEVGFUWRGTDWKNFKPIUCPFVJG[GPVTCRRGFQWT
EWTKQUKV[GPVKEKPIWUVQHWTVJGTHKPFQWVOQTGDGJKPFVJGCTVCPFRJKNQUQRJKGUQHUWEJCEQPVTCUVKPIRNCEG
.06"$$0$"
4'%1..'%6+10
#0&6*'411/1(.10)+0)
6JG#TV#TVKUVQH5KPICRQTG
9JGPYGTGECNNQWTVTKRVQ5KPICRQTGVJGTGCTGCHGYCTVKUVUVJCVURTKPIVQQWTOKPFU6JGUGCTGURGEKCNCTVKUVUVJCVJCXGHQWPFCRNCEGKPQWTETGCVKXGJGCTVUCUNKMGOKPFGF
VJQWIJVRTQXQMKPIOCUVGTU
,GTGO[5JCTOCCPFJKUGZRNQTCVKQPKPVQVJGGNGEVTQOCIPGVKERWNUGQHCEQNNCRUGFUVCTICXGWUCPGYNGXGNQHCYCTGPGUUYKVJKPQWTQYPRTQLGEVUCPFKFGCU6QPK-CPYCUXKGYKPVQVJG%QUOQNQI[QH.KHGUJQYGFWUVJGRQUUKDKNKV[CPFRQVGPVKCNQHJWOCPVGPCEKV[FQYPVQVJGVKPKGUVFGVCKN
5W\CPP8KEVQTU4CKPDQY%KTENGTGOKPFGFWUQHVJGQTICPKEQEEWTTGPEGUYKVJKPPCVWTGYGQHVGP
4
.06"$$0$"
VKOGUQXGTNQQM0IW[GP*W[#PCPFVJGUKORNKEKV[QH6JG)TGCV2WFFNGOCPCIGFVQEQPXG[VJGOWTM[FCTMYGKIJVQHKVUOGUUCIGTGHNGEVGFCUQPGUKORNGGUUGPVKCNHQTO8W*QPI0KPJCPFVJG.KVVNG5QCR$Q[UUECVVGTGFCTQWPFVJG5KPICRQTGOWUGWOUNGVWULQKPKPVJGYQTMCPFKPVGTCEVYKVJQWTQYP[QWVJHWNTGDGNNKQWUURKTKV#PI5QQMQQPCRRQUKVKQPCNN[ICXGWUCRQGVKEINKORUGKPVQVJGFCTMGTCPIUVCPFWPGCUGQHVGGPCIG[QWVJ#U[QWMPQYYGNQXGNKUVULWUVCUOWEJCUIKHVUUQDGNQYCTGCHGYQHVJGCTVKUVYKVJCVVCEJGFXKFGQKPVGTXKGYU
4Q[UVQP6CP-WOCTK0CJCRRCP5QQMQQP#PI #PQP2CKTQV-JXC[5COPCPI5JKGMQ4GVQ
5
.06"$$0$"
#469+6*#$4#+0
#OWNVKVWFGQHYQTMCPFCVTGOGPFQWUCTTC[QHVCNGPVGF5KPICRQTGCPCTVKUVUPQVLWUVHTQO5#/3QTVJG
0CVKQPCN/WUGWOUDWV4GF&QVCPFXCTKQWUQVJGTICNNGTKGUTGUQPCVGFYKVJWUUKORN[HCTVQQOCP[VQNKUVJGTG
*QYGXGTQPGQHO[RGTUQPCNHCXQTKVGUYCU4Q[UVQP6CPU)JQUVQH%CRKVQN6JGCVTGCOGUOGTK\KPIXKFGQ
RGTHQTOCPEGVJCVTGOKPFGFWUQHVJGDGCWV[YKVJKPVJGFGUKTGVQMGGRCOGOQT[NKMGVJCVQHQWT5KPICRQTGVTCXGN
CNKXG
'ZVTCEVGFHTQOVJG1TKIKPCN5KPICRQTG$KGPPCNG'FWECVKQPCN-KVUCPF#TV(QNKQUQHQXGTHGCVWTGFCTVKUVUYGXGEQORKNGFCRFHQHLWUVCHGYQHVJGYQTMYGJCFC
EJCPEGVQUGG5KPICRQTG$KGPPCNG%76
;QWECPHKPFOQTG%TGCVKXG#TVHQNKQUJGTG1TKIKPCN5KPICRQTG$KGPPCNGU70%76
6
.06"$$0$"
012.#%'.+-'*1/'
;GUUQOGQHYJCV[QWOC[JCXGJGCTFKUCEVWCNN[VTWG#TG[QWEJGYKPIIWOYJKNGTGCFKPIVJKU!9GNN5KPICRQTGTGVCKPUDQVJEQTRQTCNRWPKUJOGPVKPVJGHQTOQHECPKPICPFECRKVCNRWPKUJOGPVD[JCPIKPIHQTUGTKQWUQHHGPUGU5QMKEMQHH[QWTTWD[TGFUNKRRGTUCPFIGVCESWCKPVGFYKVJ
CHGYQHVJGWPNCYHWNEWUVQOUJGTGVQCXQKF
(CKNKPIVQHNWUJ 5RKVVKPI %JGCVKPI .KVVGTKPI ,C[YCNMKPI 5OQMKPIKPFQQTU .KVVGTKPIYKVJEJGYKPIIWO $TKPIKPIFWTKCPUKPDCPPGFCTGCU /CMKPICIGUVWTGKPVGPFGFVQKPUWNVVJGOQFGUV[QHCYQOCP
(QTCNNVJGRGPCNVKGUCPFDCPUQPYJCVUQOGRGQRNGYQWNFEQPUKFGTEQOOQPEQWTVGU[5KPICRQTGJCUCNQVVQQHHGTKH
[QWCTGQRGPCPFYKNNKPIVQUGGKPIPGYVJKPIU
9GCTG016CFXQECVKPICEEGRVCPEGQHVJGNCYUPQTCTGYGFGOGCPKPIQTGXGPUWIIGUVKPIVJCVVJGNCYUCTGPQVCDKVTKFKEWNQWU$WVVJKUKUOGCPVHQTVJGCTVNQXGTCPFVQGZRTGUU
7
.06"$$0$"
QWTCRRTGEKCVKQPHQTVJGETGCVKXGTGEJCTIGCPFQXGTCNNGPNKIJVGPKPIGZRGTKGPEGOCFGRQUUKDNGD[5KPICRQTG
#NVJQWIJJQPGUVN[KH[QWJCXGGXGTUOGNNGFFWTKCPKPENQUGRTQZKOKV[VJGP[QWNNWPFGTUVCPFVJGFGEKUKQPVQFGGO
KVETKOKPCNN[QHHGPUKXG
8
.06"$$0$"
012.#%'.+-'*1/'
%QPVKPWGF
+VUFKHHKEWNVVQURGCMCDQWV5KPICRQTGYKVJQWVOGPVKQPKPIVJGRQNKVKEU#TVKUVUYGXGUGGPUGGOVQUJQYCIGPWKPGCPFEQPEGPVTCVGFGHHQTVVQFKUENQUGJQYVJG[HGGNCDQWVVJGEKV[UVCVGCPFOCMGVJGKTEQPEGTPUHGNV6JKUKU(#4OQTGCRRCTGPVKPVJGKPFGRGPFGPVCTGCUVJCPKPCP[OCLQTOWUGWOQTICNNGTKGUYGXKUKVGF1PQPGGPFYGUGG
COC\KPICTVKUVUDCEMKPICPFUWRRQTVKPIVJGTKEJJKUVQT[QH5KPICRQTGCPFKVUOWNVKEWNVWTCNOWNVKTGNKIKQWU
FGUKIPFTKXGPVGEJPQNQIKECNHWVWTGVJCV\KRUCNQPIVJGYKTGHWNNUVTGCOCJGCFQHKVUGNH
1PVJGQVJGTGPFYGUGGPGUVNGFKPVQDCEMCNNG[YC[UDQNFEQWTCIGQWUCTVKUVUXQKEKPIVJGKTEQPEGTPUCNQPICPWTDCPTCKNTQCFJGNFVQIGVJGTYKVJUVTKPIUCPFVKPECPUCVCNNGPFU8KGYUVJCVTGHNGEVOCLQTKUUWGUUWEJCUECRKVCNKUOTGUVTKEVGFHTGGFQOURTKXCE[CPFIGPGTCNYGNHCTGCTGCNNJGTGDWVVWEMGFPGCVN[CYC[6JGKFGCQHUWRRTGUUKQPJGTGJCUKPFGGFURWTTGFCITCPFOGNGGQHGZRTGUUKXGCTVYQTM
TGOKPFKPIWUVJCVYGCTGUVKNNQPVJGQWVUKFGNQQMKPIKPYKVJKPVGTEQPPGEVGFINQDCNYQTNFKUUWGUYGCNNHCEG9GTGLWUVPQVUWTGJQYGHHGEVKXGQTJQYRQNKVKECNN[XKUKDNGVJKUUKFGQH
VJGUEGPGKU
9GYGTGTGNWEVCPVVQXKUKV5KPICRQTGCHVGTTGUGCTEJKPIVJGRQNKEKGUCPFRTKPEKRNGUDWVKVFQGUUVCPFVQTGCUQPVJCVYJKNG5KPICRQTGFQGUKPHCEVJCXGUQOGQHVJGUVTKEVGUVNCYUYGXGGPEQWPVGTGFVJWUHCTKVTGOCKPUQPGQHVJGUCHGUV
9
.06"$$0$"
RNCEGUYGXGGXGTXKUKVGFYKVJXGT[HGYQHVJGNCYUCEVWCNN[UVTKEVN[GPHQTEGF
012.#%'+5.+-'*1/'
#UYGXGUVCVGFOCP[VKOGUDGHQTGVTCXGNKUGUUGPVKCNVQRGTUQPCNCPFETGCVKXGITQYVJ1HVGPVKOGURNCEGUCTGPQVCUVJG[UGGOQTHQTVJCVOCVVGTJQYQVJGTUYQWNFNKMGVJGOVQDGRQTVTC[GF6TCXGNKPIJGNRUVQGFWECVGCPFDTQCFGPVJGUEQRGQH[QWTQYPRGTUQPCNRGTURGEVKXGHQTCOQTGYGNNTQWPFGFCPFGFWECVGFRGTUQPCNQRKPKQP
+PKVYCUPWODGTQPGRNCEGVQNKXGHQTYJCV%00CDUWTFN[UVCVGFYCUVJG(NKOUKGUVGZEWUGVQICVJGTVJQWUCPFUQHRGQRNGCPFRNC[YKVJNCPVGTPU
#UQH(QTDGUNKUVUWIIGUV5KPICRQTGCUQPGQHVJGVQR
RNCEGUKPVJGYQTNFVQDGDQTP
#UQH%00VKVNGU5KPICRQTGVJGOQUVGZRGPUKXGRNCEGKPVJGYQTNFVQNKXG
*GTGKUCNKPMVQQWT)QQINGOCRUHQTCNNVJGRNCEGUYGXKUKVGFNKUVGFCPFJKIJN[TGEQOOGPFEJGEMKPIQWV
40