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%JGEMYJGP %QORNGVG ❏ ❏ ❏ ❏ ❏ ❏ ❏
❏ ❏ ❏ ❏ ❏ ❏ ❏ ❏ ❏ ❏ ❏
5RQPUQTKPICPF#F*QE6GCO
5VGR
5VGR9TKVGVJGHKTUVFTCHV QHVJGIQCNUVCVGOGPV
;QWJCXGRTQDCDN[JCFKVFTWOOGFKPVQ[QWT JGCFVJCVGXGT[VGCOJCUVQJCXGCEJCTVGT *GTGYGYKNNDGCVVJCVFTWOQPGOQTGVKOG '8'4;6GCO/WUV*CXG#%JCTVGT$GHQTGIQKPICP[HWTVJGT VWTPVQ#RRGPFKZ#CPFUVWF[VJGEQORNGVGFEJCTVGTHQTCF JQEVGCOU0QVKEGVJCVKVKPENWFGUVJGHQNNQYKPI
6JGURGEKHKEIQCNQTRTQDNGOVQDGUQNXGF 6JGVKOGHTCOGKPYJKEJKVKUVQDGEQORNGVGF 6JGDQWPFCTKGU 6JGDWFIGVCPFQVJGTCXCKNCDNGTGUQWTEGU
.GVŏUVCMGCENQUGTNQQMCVVJGHKTUVKVGOCDQXGDGECWUGFTCHVKPI VJGIQCNUVCVGOGPVKU[QWTHKTUVVCUMCUCURQPUQT 6JGQVJGT VJTGGKVGOUYKNNDGFKUEWUUGFKPVJGUGEVKQPő5VGRŒ 5RGEKHKEIQCNUYKNNTGUWNVKPENGCTGZRGEVCVKQPU%QORCTGVJGUG GZCORNGU )'0'4#.
↔
52'%+(+%
5GVWROQTGNKPGU ↔ 5GVWRVJTGGPGYNKPGU 5GVWRPGYNKPGUCUUQQPCURQUUKDNG ↔ 5GVWRVJTGGPGYNKPGUVJKU[GCT &QKVEQUVGHHGEVKXGN[ ↔ .KOKVURGPFKPIVQ
+VKUGCU[VQUGGVJCVCFFKPIURGEKHKEUVQVJGIQCNRTQXKFGU ENCTKV[)KXGPCYGNNFGHKPGFIQCNōUWEJCUUGVVKPIWRVJTGG PGYNKPGUYKVJKPQPG[GCTHQTōCVGCOECPWPFGT UVCPFGZCEVN[YJCVKVYKNNVCMGVQDGUWEEGUUHWN$WVIKXGPC RQQTN[FGHKPGFIQCNVJGTGKUNQVUQHTQQOHQTKPVGTRTGVCVKQP ;QWTLQDKPYTKVKPIVJGEJCTVGTKUVQOKPKOK\G VJGPGGFHQTKPVGTRTGVCVKQP
6JG/CPCIGTŏU2QEMGV)WKFGVQ6GCO5RQPUQTUJKR
5VCVKPIVJGGZRGEVGFQWVEQOGUKUQPGYC[VQOCMGVJGIQCN OQTGURGEKHKE1WVEQOGUECPDGUVCVGFKPVJTGGDCUKEYC[U 2J[UKECN7PKVUōSWCPVKV[QHRTQFWEVKQPOCTMGVUJCTG PWODGTQHGTTQTU 6KOGōOGGVKPIFGCFNKPGUUGTXKEKPIEWUVQOGTU EQORNGVKPICRTQLGEV /QPG[ōRTQHKVUUCNGUDWFIGVU ;QWUJQWNFVGNNVJGVGCOURGEKHKECNN[YJCVQWVEQOGU[QWCTG NQQMKPIHQT;QWECPUVCVGVJGGZRGEVGFQWVEQOGUKPUGXGTCN FKHHGTGPVYC[U(QTGZCORNG Ŗ YKFIGVURTQFWEGF Ŗ &GNKXGT[QHYKFIGVUD[,WPG Ŗ YQTVJQHYKFIGVUUQNF *GTGKUCUVGRD[UVGRRTQEGUUVQJGNR[QWYTKVGCIQCN UVCVGOGPVVJCVKUENGCTURGEKHKECPFOQVKXCVKPI 9TKVGFQYPVJGQDLGEVKXGQTVCUMVJCV[QWYQWNF NKMGVJGVGCOVQCEEQORNKUJ&Q[QWYCPVVJGO VQTGFWEGEQUVU!+PETGCUGUCNGU!'PJCPEG )QCN5VCVGOGPV SWCNKV[!+ORTQXGEWUVQOGTUGTXKEG!
5VGR#
5VGR$ 'ZRGEVGF 1WVEQOGU
5RGEKH[VJGUVCPFCTFQTVCTIGVVQDGTGCEJGF (QTGZCORNGRTQFWEGUKZV[WPKVURGTJQWT CVVCKPCNQYGTTGLGEVTCVGCPUYGTCNN EWUVQOGTKPSWKTKGUYKVJKPJQWTU
+VŏUVKOGVQVT[UQOGGZGTEKUGUUQVJCV[QW YKNNIGVVJGJCPIQHVJKURTQEGUUDGHQTG [QWUVCTVYQTMKPIQPVJGTGCNVJKPI
5RQPUQTKPICPF#F*QE6GCO
2TCEVKEG'ZGTEKUGō6JTGG%CUGU %CUG ;QWCTGTGURQPUKDNGHQTCITQWRQHOGEJCPKEUEJCTIGFYKVJ KPUVCNNKPIPGYOCEJKPGT[6JKUKPUVCNNCVKQPYKNNVCMGFQYP VJGNKPGUHQTCVNGCUVQPGHWNNFC[CPFRQUUKDN[VYQ;QWJCXG VCNMGFYKVJVJGRTQFWEVKQPOCPCIGTCPFJGUC[UVJCVVJGDGUV VKOGVQFQVJGLQDKUCVVJGDGIKPPKPIQHPGZVYGGMJQYGXGT VJKPIUOWUVDGHWNN[QRGTCVKQPCND[VJGGPFQHVJGUJKHVQP 9GFPGUFC[6JGPGYGSWKROGPVOWUVDGVGUVGFHQTCVNGCUV JQWTUVQGPUWTGVJCVKVKUQRGTCVKPIRTQRGTN[
✑
9TKVGFQYPVJGQDLGEVKXGQTVCUMVJCV[QWYQWNFNKMGVJG VGCOVQCEEQORNKUJ
✑
5RGEKH[VJGGZRGEVGFQWVEQOGU
%CUG ;QWJCXGCVGCOQHCEEQWPVKPICUUKUVCPVUTGRQTVKPIVQ[QW ;QWTEQORCP[JCULWUVRWTEJCUGFCPQVJGTRNCPVCPFKVU GORNQ[GGUOWUVDGEQPXGTVGFVQ[QWTRC[TQNNU[UVGOD[VJG GPFQH,CPWCT[+VKUPQY,CPWCT[#NNPGEGUUCT[RCRGTYQTM OWUVDGEQORNGVGFKPVKOGVQTWPCVGUVQHVJGU[UVGOCEQWRNG QHFC[UDGHQTGRC[FC[(GDTWCT[;QWCTGHQTOKPICPCFJQE VGCOQHVJGHQWTCEEQWPVKPICUUKUVCPVUCNQPIYKVJVJGRNCPVŏU RGTUQPPGNQHHKEGTVQCEEQORNKUJVJKUVCUM
✑
9TKVGFQYPVJGQDLGEVKXGQTVCUMVJCV[QWYQWNFNKMGVJG VGCOVQCEEQORNKUJ
%QPVKPWGF
6JG/CPCIGTŏU2QEMGV)WKFGVQ6GCO5RQPUQTUJKR
2TCEVKEG'ZGTEKUGō6JTGG%CUGU %QPENWFGF
✑
5RGEKH[VJGGZRGEVGFQWVEQOGU
%CUG 6JGRTQFWEVKQPITQWRTGRQTVKPIVQ[QWKUYQTMKPIQPUQOG DTCPFPGYGSWKROGPV;QWJCXGPQVKEGFVJCVUKPEGVJG GSWKROGPVYCUKPUVCNNGFVJGITQWRŏUTGLGEVTCVGJCUDGGPIQKPI WR4GLGEVUFWGVQUETCVEJGFYKFIGVUJCXGKPETGCUGFVQWR HTQO#NVJQWIJUETCVEJGFYKFIGVUECPDGUQNFVJG[OWUV DGUQNFCVCTGFWEGFRTKEG;QWYCPVVJGITQWRVQIGVVJGTCVG DCEMVQCVNGCUVYJGTGKVYCUDGHQTGVJGPGYGSWKROGPVYCU KPUVCNNGF
✑
9TKVGFQYPVJGQDLGEVKXGQTVCUMVJCV[QWYQWNFNKMGVJG VGCOVQCEEQORNKUJ
✑
5RGEKH[VJGGZRGEVGFQWVEQOGU
0QYEQORCTG[QWTYQTMVQVJGUCORNGCPUYGTUIKXGPKP #RRGPFKZ$6JGUCORNGUUJQYJQYGZRGTVURQPUQTUYQWNF JCXGTGURQPFGF
5RQPUQTKPICPF#F*QE6GCO
'ZGTEKUGō&TCHVKPIVJG)QCN5VCVGOGPV 7UKPIVJGVYQUVGRRTQEGUUYTKVG[QWTHKTUVFTCHV 9TKVGFQYPVJGQDLGEVKXGQTVCUMVJCV[QWYQWNF NKMGVJGVGCOVQCEEQORNKUJ&Q[QWYCPVVJGO VQTGFWEGEQUVU!+PETGCUGUCNGU!'PJCPEG )QCN5VCVGOGPV SWCNKV[!+ORTQXGEWUVQOGTUGTXKEG!
5VGR#
5VGR$ 'ZRGEVGF 1WVEQOGU
✑
5RGEKH[VJGUVCPFCTFQTVCTIGVVQDGTGCEJGF (QTGZCORNGRTQFWEGUKZV[WPKVURGTJQWT CVVCKPCNQYGTTGLGEVTCVGCPUYGTCNN EWUVQOGTKPSWKTKGUYKVJKPJQWTU
6JGQDLGEVKXGQTVCUMVJCV+YQWNFNKMGO[VGCOVQCEEQORNKUJ KU
AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA
✑
6JGURGEKHKEQWVEQOGU+GZRGEVCTG
AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA
6JG/CPCIGTŏU2QEMGV)WKFGVQ6GCO5RQPUQTUJKR
5VGR
5VGR&GVGTOKPGVJGVKOGHTCOG DQWPFCTKGUCPFDWFIGV
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Ŗ CUMHQTDKFUQTSWQVGUHTQOXGPFQTU Ŗ OCMGCHQTOCNTGEQOOGPFCVKQP Ŗ OCMGVJGFGEKUKQPCPFKORNGOGPVKV Ŗ OQXGGZKUVKPIGSWKROGPV 6JGVGCOECPPQV Ŗ RWTEJCUGCP[PGYGSWKROGPV Ŗ EQPFWEVVTKCNUKPCOCPPGTVJCVCHHGEVU RTQFWEVKQPQPQVJGTNKPGU Ŗ OCMGEJCPIGUVJCVJCXGCPKORCEVQPKPVGTPCN EWUVQOGTUYKVJQWVIGVVKPIVJGKTőDW[KPŒ Ŗ OCMGCEQOOKVOGPVVQCXGPFQTQTUWRRNKGT
5RQPUQTKPICPF#F*QE6GCO
$WFIGVCPF1VJGT4GUQWTEGU 6JGDWFIGVCPFTGUQWTEGUCTGCCHHQTFUVJG URQPUQTCPQRRQTVWPKV[VQDGETGCVKXG9G VGPFVQVJKPMQHTGUQWTEGUCUUKORN[FQNNCTU CPFEGPVU*QYGXGTVJGTGCTGQVJGTYC[U VJCVURQPUQTUECPRTQXKFGVJGKTVGCOUYKVJ TGUQWTEGU#VVKOGUUKORN[PCOKPIUQOGQPG YJQKUVJGVGCOŏUCUUKIPGFGZRGTVKUC TGUQWTEGVQVJGVGCO*GTGCTGCHGY GZCORNGUQHTGUQWTEGUVJCVCTGPQVPGEGUUCTKN[DWFIGVKVGOU Ŗ 8KUKVUVQXGPFQTUUWRRNKGTUQTQVJGTRNCPVU Ŗ #NNQYKPIOGGVKPIUQPQXGTVKOG Ŗ 'PUWTKPIVJCVVGCOOGODGTUMPQYYJQOVJG[OC[ KPXKVGVQVJGKTOGGVKPIU OCPCIGTUUWRGTXKUQTU VGEJPKECNGZRGTVUQTGXGPVJGKTURQPUQT +HVJGVGCOFQGUJCXGCDWFIGVKVKUKORQTVCPVVQGPUWTGVJCV VJG[MPQYRTQEGFWTGUHQTURGPFKPIVJCVOQPG[+HPQPGQHVJG OGODGTUJCXGJCFGZRGTKGPEGYKVJVJGRWTEJCUKPIFGRCTVOGPV QTYKVJVJGRWTEJCUKPIRTCEVKEGUQH[QWTQTICPK\CVKQPCUUKIPC URGEKHKERGTUQPKPVJGRWTEJCUKPIFGRCTVOGPVCUVJGKTTGUQWTEG (QTJQWTN[RTQFWEVKQPVGCOUVJKUKURCTVKEWNCTN[KORQTVCPVCU VJG[IGPGTCNN[JCXGJCFNKVVNGGZRGTKGPEGYKVJQTICPK\CVKQPCN RWTEJCUKPI
5VGR
5VGR)QVQVJGVGCOUEQQTFKPCVQTCPF JCXGCHCEKNKVCVQTCUUKIPGF
6JGHCEKNKVCVQTYKNNDGCETKVKECNHCEVQT KPJGNRKPIVJGVGCOVJTQWIJVJG RTQLGEV+VLWUVOCMGUIQQFUGPUGVQ JCXGVJKURGTUQPKPXQNXGFGCTN[QP KPVJGRTQLGEVUQVJCVVJGHCEKNKVCVQT CPFVGCOOGODGTUECPFGXGNQRVJG RCTVPGTUJKRPGEGUUCT[HQTUWEEGUU
6JG/CPCIGTŏU2QEMGV)WKFGVQ6GCO5RQPUQTUJKR
5VGR
5VGR4GXKGYVJGFTCHVEJCTVGTYKVJVJG HCEKNKVCVQTCPFHKPCNK\G
'XGPVJQWIJYGŏXGIKXGP[QWUVGRD[UVGRKPUVTWEVKQPUCPF RTCEVKEGGZGTEKUGU[QWFQPŏVJCXGVQIQKVCNQPG6CMGVJGFTCHV EJCTVGTVQVJGHCEKNKVCVQTCPFIGVUWIIGUVKQPUHQTKORTQXGOGPVU QTTGXKUKQPU
5VGR
5VGR#RRQKPVVJGVGCONGCFGT
6JGTGCTGUGXGTCNHCEVQTUVQEQPUKFGTKPCRRQKPVKPIVJGVGCO NGCFGT ➤ ➤ ➤
➤
+VUJQWNFDGUQOGQPGYJQJCUCTGCN KPVGTGUVKPUQNXKPIVJGRTQDNGO +VUJQWNFDGUQOGQPGYJQKU CHHGEVGFD[VJGRTQDNGOQTKUUWG +VUJQWNFDGUQOGQPGYJQKU TGURGEVGFD[RGGTUCPFECPNGCFC VGCOYKVJQWVőVCMKPIQXGTŒ +VUJQWNFDGUQOGQPGYJQJCUVJG VKOGVQFGXQVGVQVJGRTQLGEV
1PEG[QWJCXGEJQUGPVJGVGCONGCFGT[QWUJQWNFUKVFQYP VQIGVJGTCPFFGVGTOKPGVJGTGUVQHVJGOGODGTUJKR;QWOC[ YCPVVQGPNKUVVJGHCEKNKVCVQTŏUJGNRYKVJVJKUVCUMCUYGNN $[VJGYC[VJGNCUVHCEVQTOC[DGVJGOQUVETKVKECN+VYQPŏV OCVVGTJQYKPVGTGUVGFVJGRGTUQPKUKPUQNXKPIVJGRTQDNGOKH JGQTUJGFQGUPŏVJCXGVJGVKOGVQYQTMQPVJGVGCO/CMG UWTGVJCVVJGRGTUQP[QWJCXGUGNGEVGFKUPQVUGTXKPIQPOQTG VJCPQPGQVJGTVGCOCPFYKNNJCXGVKOGPGGFGFVQNGCF[QWT VGCOVQUWEEGUU 5QOGVKOGUVJGVGCOFGEKFGUYJQVJGVGCONGCFGTYKNNDG 7UWCNN[VJKUQPN[QEEWTUYJGPVJGVGCOJCURNGPV[QHVKOGVQ
5RQPUQTKPICPF#F*QE6GCO
UQNXGVJGKTRTQDNGOCPFYJGPVJGVGCOOGODGTUJCXGJCF UQOGGZRGTKGPEGYKVJUGTXKPIQPVGCOU+H[QWYQWNFNKMGVJG VGCOVQFGVGTOKPGVJGVGCONGCFGTUKORN[UMKRVJKUUVGRCPF IQUVTCKIJVVQUVGRUKZ
5VGR
5VGR/GGVYKVJVJGVGCONGCFGTVQ FGVGTOKPGOGODGTUJKR
.KMGVJGNGCFGTVGCOOGODGTUUJQWNFDG EJQUGPDGECWUGVJG[JCXGCTGCNKPVGTGUVKP UQNXKPIVJGRTQDNGO6CMGKPVQEQPUKFGTC VKQPGCEJVGCOOGODGTŏU ➤ #RVKVWFGHQTUQNXKPIVJGRTQDNGO ➤ /QVKXCVKQPVQUQNXGVJGRTQDNGO ➤ 'ZRGTKGPEGYKVJVJGRTQDNGO ➤ 6KOGCXCKNCDNGVQYQTMQPVJGRTQDNGO 6JGVGCOOGODGTUOC[DGKPVGTPCNUWRRNKGTUQTKPVGTPCN EWUVQOGTUQHVJGRTQDNGOCTGC+VOC[OCMGVJGKTNKXGUGCUKGT QTDGVVGTVQJCXGVJKURTQDNGOUQNXGF6T[VQRWVVQIGVJGTC ITQWRQHFKXGTUGVJKPMGTU+HGXGT[QPGJCUVJGUCOGRQKPVQH XKGYCU[QWTUGNHQTVJGVGCONGCFGT[QWOKIJVCUYGNNJCXG UQNXGFVJGRTQDNGOD[[QWTUGNH
5VGR
5VGR'PUWTGVJCVVJGTGKUCOGGVKPIYKVJ GCEJVGCOOGODGTVQFKUEWUUVJGRTQLGEV CPFICKPVJGKTEQOOKVOGPVVQKV
6JKUKUCNQVQHVKOGVJCVYGŏTGCUMKPIQH[QWKUPŏVKV!#NNVJKU OGGVKPICPFGPUWTKPIKURTQDCDN[DGIKPPKPIVQYGCT[QWQWV 9GNNPQVKEGVJCVYKVJVJKUUVGR[QWQPN[JCXGVQOCMGUWTGVJCV UQOGQPGOGGVUYKVJGCEJVGCOOGODGT+H[QWFQPQVJCXGVJG VKOGVJGVGCONGCFGTOC[DGCDNGVQJQNFVJGUGOGGVKPIU#P QVJGTCRRTQCEJKUHQT[QWCPFVJGVGCONGCFGTVQURNKVVJGNKUV +PVJGUGOGGVKPIUVJGVGCOOGODGTJCUCEJCPEGVQCUMCP[ SWGUVKQPUCDQWVVJGRTQLGEVCPF[QWECPFGVGTOKPGYJGVJGT
6JG/CPCIGTŏU2QEMGV)WKFGVQ6GCO5RQPUQTUJKR
VJKURGTUQPKUVTWN[KPVGTGUVGFKPUQNXKPIVJGRTQDNGOCVJCPF+H UQOGQPGUKORN[FQGUPQVYCPVVQUGTXGQPVJGVGCOQTFQGU PQVHGGNVJCVJGQTUJGJCUVJGVKOGHQTKVFQPQVHQTEGVJGKUUWG 4GOGODGTCVGCOOGODGTŏUKPVGTGUVKPUQNXKPIVJGRTQDNGOKU VJGMG[VQJKUQTJGTOQVKXCVKQPYJKEJKUGUUGPVKCN 6JKUKUCNUQCIQQFQRRQTVWPKV[VQHKPFQWVJQYOCP[VGCOU VJGRGTUQPKUCNTGCF[UGTXKPIQP-GGRKPOKPFVJCVYGFQPQV YCPVRGQRNGUGTXKPIQPOQTGVJCPVYQVGCOUCVQPGVKOG
5VGR
5VGR/GGVKPFKXKFWCNN[YKVJVJG UWRGTXKUQTQHGCEJVGCOOGODGTVQ GPUWTGEQOOKVOGPVVQVJGRTQLGEV
6JKUUVGRKUQPN[PGEGUUCT[YJGPURQPUQTKPICETQUUHWPEVKQPCN VGCO1DXKQWUN[KHVJGVGCOOGODGTUCNNTGRQTVVQ[QW[QW MPQY[QWTNGXGNQHEQOOKVOGPVōKVŏURTGVV[JKIJQT[QW YQWNFPQVJCXGTGCFVJKUHCT*QYGXGTKH[QWCTGCUMKPI RGQRNGHTQOQVJGTCTGCUVQYQTMQPCRTQLGEV[QWPGGFVQ GPUWTGVJCVVJGKTUWRGTXKUQTUYKNNIKXGVJGOVJGVKOGCPFVJG NCVKVWFGVQFQUQ +HVJGVGCOYKNNVCMGCNQVQHVKOGQTGHHQTVCUMVJGUWRGTXKUQT KHCP[QVJGTRTQLGEVUQTVCUMUEQWNFDGRWVQPJQNF1HVGPVJG RGQRNGYJQCTGVJGDGUVVGCORNC[GTUCTGőTGYCTFGFŒD[ JCXKPIOQTGRTQLGEVUJGCRGFQPVJGO6CMGVJKUEJCPEGVQUGG YJGVJGTVJGTGKUCP[YC[VQNKIJVGPVJGNQCFYJKNGOGODGTU YQTMQP[QWTRTQLGEV
5VGR
5VGR%QORNGVGVJGEJCTVGTHQTO
(KPCNN[#NNVJKUYQTMCPFPQY[QWIGVVQRWVVJGEJCTVGTKPVQ HKPCNFTCHVHQTO0QVGVJCV+UCKFFTCHVHQTO'XGPCVVJKURQKPV [QWŏTGPQVHKPKUJGFVJGTGKUUVKNNCRQUUKDKNKV[QHTGXKUKQP0QVKEG VJGEJCTVGTHQTOQPVJGPGZVRCIG%QORNGVGVJGHQTOVJGP [QWCPFVJGVGCONGCFGTECPUEJGFWNGVJGVGCOŏUHKTUVOGGVKPI
5RQPUQTKPICPF#F*QE6GCO
6JG/CPCIGTŏU2QEMGV)WKFGVQ6GCO5RQPUQTUJKR
5VGR
5VGR)GVKPRWVHTQOVJGVGCOCPF HKPCNK\GVJGEJCTVGT
6QHKPCNK\GVJGEJCTVGT[QWPGGFVQTGXKGYVJTGGHCEVQTU 6JGIQCNUVCVGOGPV 6JGDQWPFCTKGU 6JGDWFIGV 6JGTGCTGUGXGTCNYC[UVJCV[QWECPCEEQORNKUJVJKU 6JGURQPUQTOGGVUYKVJVJGVGCOCPFTGXKGYUVJGFTCHV 6JGHCEKNKVCVQTOGGVUYKVJVJGVGCOCPFTGXKGYUVJGFTCHV 6JGURQPUQTRTGUGPVUVJGFTCHVCPFVJGPCNNQYUVJGVGCOVQ OGGVCNQPGVQFGXGNQRCNKUVQHSWGUVKQPU6JGVGCO OGODGTUNGVVJGURQPUQTMPQYKHVJG[PGGFVQOGGVCICKP 4GICTFNGUUQHYJKEJOGVJQF[QWWUGGPUWTGVJCVVJGVGCO JCUCIQQFWPFGTUVCPFKPIQHVJGIQCNVKOGHTCOGUCPF DQWPFCTKGU #NUQDGEGTVCKPVJCVVJGVGCOOGODGTUDGNKGXGVJGIQCNKU CEJKGXCDNG;QWYCPVVJGOVQHGGNEJCNNGPIGFDWVCVVJGUCOG VKOG[QWFQPŏVYCPVVQUGVVJGOWRHQTHCKNWTG4GOGODGTVJG RWTRQUGQHVJKUUVGRKUVQICKPEQOOKVOGPVVQVJGEJCTVGT[QW UJQWNFDGYKNNKPIVQEQORTQOKUGKHVJGVGCOOGODGTUHGGN UVTQPIN[CDQWVCPKUUWG
+H[QWCPFVJGVGCOCITGGVQ EJCPIGUOCMGUWTGVJCVVJG EJCPIGUCTGOCFGKPYTKVKPI
5RQPUQTKPICPF#F*QE6GCO
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5VGR&TCHVVJGVGCOŏUQXGTCNNOKUUKQP DQWPFCTKGUCPFCXCKNCDNGTGUQWTEGU
6JGEJCTVGTHQTCUVCPFKPIVGCO KPENWFGUVJGHQNNQYKPIGNGOGPVU 6JGOKUUKQPQHVJGVGCO 6JGDQWPFCTKGU 6JGDWFIGVCPFQVJGT CXCKNCDNGTGUQWTEGU %QORQUKVKQPTWNGU 4QVCVKQPCNTWNGU 6JGNCUVVYQGNGOGPVUCTGFGXGNQRGFYKVJKPRWVHTQOVJGVGCO *QYGXGT[QWTHKTUVUVGRCUURQPUQTKUVQFTCHVVJGHKTUVVJTGG *GTGŏUCPGZCORNGQHCURQPUQTŏUFTCHV
6*'5#('6;56#0&+0)6'#/ /KUUKQPō6JGRWTRQUGQHVJG5CHGV[5VCPFKPI6GCOKUVQETGCVG CPGPXKTQPOGPVKPYJKEJGORNQ[GGUCTGHTGGHTQOKPLWTKGU $QWPFCTKGU Ŗ 6JKUVGCOOC[PQVEJCPIGUCHGV[RQNKEKGUYKVJQWVCRRTQXCN HTQOVJG2NCPV5VGGTKPI6GCO Ŗ 6JKUVGCOOC[KORNGOGPVUCHGV[CYCTGPGUURTQITCOUCPF KPEGPVKXGUYKVJKPVJGKTDWFIGV Ŗ 6JKUVGCOOC[EQPFWEVUCHGV[CWFKVUKPCP[FGRCTVOGPV YKVJQWVPQVKEG Ŗ 6JKUVGCOOC[TGSWKTGCFGRCTVOGPVQTUWRGTXKUQTVQEJCPIG CUCHGV[RTCEVKEG $WFIGVQT1VJGT4GUQWTEGU Ŗ HQTUCHGV[CYCTFURTQITCO Ŗ 9QTFRTQEGUUKPIUWRRQTVHTQOJWOCPTGUQWTEGUFGRCTVOGPV Ŗ 6JTGGVGCOOGODGTUOC[CVVGPFCPPWCNUCHGV[EQPHGTGPEG
5RQPUQTKPIC5VCPFKPI6GCO
0QVG 6JGDKIIGUVFKHHGTGPEGDGVYGGPCPCFJQEVGCOCPFC UVCPFKPIVGCOŏUEJCTVGTKUVJCVHQTCPCFJQEVGCOVJGIQCNU CPFQDLGEVKXGUCTGXGT[ENGCTN[UVCVGF+VKUVJGURQPUQTŏULQD VQGPUWTGVJGTGKUNKVVNGPGGFHQTKPVGTRTGVCVKQP+PEQPVTCUV VJGUVCPFKPIVGCOŏUEJCTIGKUXGT[DTQCF+VDGEQOGUVJG VGCOŏULQDVQFGXGNQRVJGURGEKHKEIQCNUCPFQDLGEVKXGUVJCV UWRRQTVVJGDTQCFOKUUKQP6JGURQPUQTOWUVTGXKGYCPF OQPKVQTVJQUGIQCNUCPFQDLGEVKXGUGPUWTKPIVJCVVJG[FQ UWRRQTVVJGOKUUKQPCUVJGURQPUQTKPVGPFGFCPFVJCVVJG OGVTKEUUWRRQTVVJGIQCN ;QWŏXGUGGPJQYYGFQKVōPQYKVŏU[QWTVWTPVQYTKVGCUVCPF KPIVGCOŏUOKUUKQPUVCVGOGPVDQWPFCTKGUCPFDWFIGVCPF QVJGTTGUQWTEGU6JKUVKOGVJGőGZRGTVŒCPUYGTUYKNNKOOGFK CVGN[HQNNQYVJGGZGTEKUGCNQPIYKVJUQOGJGNRHWNEQOOGPVU 'ZGTEKUGō5RQPUQTŏU&TCHV &TCHVVJGOKUUKQPDQWPFCTKGUCPFTGUQWTEGUHQTVJGHQNNQYKPIVGCO ;QWCTGVJGCUUKUVCPVRNCPVOCPCIGT;QWCTGEQPEGTPGFVJCV VJGTGKUNKVVNGEQOOWPKECVKQPHTQOUJKHVVQUJKHVCPFPQHCEGVQ HCEGEQPVCEVCVUJKHVEJCPIG;QWYCPVVJGUJKHVOCPCIGTUVQ OGGVQPCTGIWNCTDCUKUVQKORTQXGEQOOWPKECVKQPUQNXG UJCTGFRTQDNGOUCPFKPETGCUGVJGEQQRGTCVKQPHTQOUJKHVVQ UJKHV
✑
9JCVKUVJGQXGTCNNOKUUKQPQHVJKUVGCO!9JCVCTGVJG TGEWTTKPIETKVKECNKUUWGUVJCV[QWYCPVVJKUVGCOVQFGCN YKVJ!
%QPVKPWGF
6JG/CPCIGTŏU2QEMGV)WKFGVQ6GCO5RQPUQTUJKR
'ZGTEKUGō5RQPUQTŏU&TCHV %QPVKPWGF
✑
9JCVCTGVJGVJKPIUVJKUVGCOECPFQ!
✑
9JCVCTGVJGVJKPIUVJKUVGCOECPPQVFQ!
✑
9JCVDWFIGVTGUQWTEGUCTG[QWYKNNKPIVQEQOOKVVQVJKU VGCO!
0QYEQORCTG[QWTCPUYGTUVQVJGőGZRGTVŒGZCORNGUDGNQY CPFQPVJGHQNNQYKPIRCIG
✑
9JCVKUVJGQXGTCNNOKUUKQPQHVJKUVGCO!9JCVCTGVJG TGEWTTKPIETKVKECNKUUWGUVJCV[QWYCPVVJKUVGCOVQFGCN YKVJ! The mission of the Shift Coordination Team is to improve the communication, coordination, and cooperation among the three production shifts.
6JKUKUCDTQCFUVCVGOGPVQHVJGVGCOŏURWTRQUG0QVKEGVJCVKV KUCőRKGKPVJGUM[ŒMKPFQHIQCN%QOOWPKECVKQPEQQTFKPC VKQPCPFEQQRGTCVKQPCTGKUUWGUVJCVOWNVKUJKHVQRGTCVKQPUYKNN CNYC[UUVTWIINGYKVJ6JGVGCOŏUIQCNKUVQEQPUVCPVN[UVTKXG VQYCTFHWTVJGTKORTQXGOGPV
5RQPUQTKPIC5VCPFKPI6GCO
'ZGTEKUGō5RQPUQTŏU&TCHV %QPVKPWGF
✑
9JCVCTGVJGVJKPIUVJKUVGCOECPFQ! The team may change their working hours if needed. The team may meet on any shift they choose. The team must meet at least once a week. The team may include production employees in their meetings. The team may make recommendations about electronic means of communication.
6JGURQPUQTKPFGEKFKPIQPVJGDQWPFCTKGUKPENWFGUQPGQH JGTőOWUVUŒQPVJKUNKUV5JGCNUQKPENWFGURTGEKUGN[YJCVVJG VGCOECPTGEQOOGPFUQVJCVVJGVGCOŏUCWVJQTKV[YKNNPQV QXGTNCRYKVJVJCVQHCPQVJGTVGCO
✑
9JCVCTGVJGVJKPIUVJKUVGCOECPPQVFQ! The team cannot change the working hours of associates. The team cannot purchase any electronic or computerized means of communication without approval of the information management team.
6JGNKUVQHőECPPQVUŒKUUJQTVGTōVJGURQPUQTCICKPURGEKHKGU VJCVVJGVGCOŏUCWVJQTKV[ECPPQVQXGTNCRYKVJVJCVQHCPQVJGT VGCO
✑
9JCVDWFIGVTGUQWTEGUCTG[QWYKNNKPIVQEQOOKVVQVJKU VGCO! 5RQPUQT#$0 (If recommendations requiring money are accepted, the team will negotiate a budget with the team sponsor)
%QPVKPWGF
6JG/CPCIGTŏU2QEMGV)WKFGVQ6GCO5RQPUQTUJKR
'ZGTEKUGō5RQPUQTŏU&TCHV %QPVKPWGF 5RQPUQT$ The team may include the plant manager or department heads at any of their meetings. The team may include production associates in meetings on overtime if needed. The team may use the production manager’s secretary for clerical support if needed.
5RQPUQT#FQGUPQVUGGCPGGFHQTCDWFIGVCNVJQWIJUJG FQGUNGVVGCOOGODGTUMPQYVJCVVJG[ECPPGIQVKCVGCDWFIGV KHPGGFGF 5RQPUQT$UGGURGQRNGCUCTGUQWTEG5JGYCPVUVQGPUWTG VJCVVGCOOGODGTUMPQYYJQOVJG[ECPKPENWFGKPVJGKT OGGVKPIUCPFWPFGTYJCVEQPFKVKQPU *QYFKF[QWTKFGCUEQORCTG!4GOGODGT[QWTKFGCUFKF PQVJCXGVQDGGZCEVN[NKMGVJGGZRGTVUŏVQDGTKIJV4GXKGYVJG GZGTEKUGYKVJ[QWTHCEKNKVCVQTCPFIGVJKUQTJGTTGCEVKQPVQ[QWT KFGCU 0QYVJCV[QWŏTGCUIQQFCUVJGőGZRGTVUŒKVŏUVKOGVQVCMGC UVCDCVFTCHVKPI[QWTVGCOŏUOKUUKQPDQWPFCTKGUCPF TGUQWTEGU 'ZGTEKUGō;QWT6WTP
✑
9JCVKUVJGQXGTCNNOKUUKQPQHVJGVGCO!9JCVTGEWTTKPI ETKVKECNKUUWGUFQ+YCPVVJGVGCOVQFGCNYKVJ!
AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA
%QPVKPWGF
5RQPUQTKPIC5VCPFKPI6GCO
'ZGTEKUGō;QWT6WTP %QPENWFGF
✑
9JCVCTGVJGVJKPIUVJKUVGCOECPFQ!
AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA
✑
9JCVCTGVJGVJKPIUVJKUVGCOECPPQVFQ!
AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA
✑
9JCVDWFIGVCO+YKNNKPIVQEQOOKVVQVJGVGCO!
AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA
✑
9JCVTGUQWTEGUCO+YKNNKPIVQEQOOKVVQVJKUVGCO!
AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA
;QWPQYJCXGCFTCHVQHVJGVGCOEJCTVGTŏUHKTUVVJTGGGNGOGPVU 6JGOKUUKQPQHVJGVGCO 6JGDQWPFCTKGU 6JGDWFIGVCPFQVJGTCXCKNCDNGTGUQWTEGU
6JG/CPCIGTŏU2QEMGV)WKFGVQ6GCO5RQPUQTUJKR
5VGR
5VGR/GGVYKVJVJGVGCOUEQQTFKPCVQT CPFJCXGCHCEKNKVCVQTCUUKIPGF
0QYVJCV[QWJCXG[QWTHKTUVFTCHVKPJCPFKVŏUVKOGVQIQ NQQMKPIHQTUQOGJGNR/GGVYKVJVJGVGCOUEQQTFKPCVQTHKTUV VQGPUWTGVJCVVJGVGCOCPFOKUUKQP[QWJCXGKPOKPFFQGU PQVQXGTNCRYKVJVJGOKUUKQPQHCPGZKUVKPIVGCO1PEG[QW CTGEGTVCKPVJCVVJGTGKUPQQXGTNCRJCXGCHCEKNKVCVQTCUUKIPGF VQ[QWTVGCO+HVJGTGKUCHCEKNKVCVQTYKVJYJQO[QWYQTMYGNN NGVVJGEQQTFKPCVQTMPQYVJCV
5VGR
5VGR4GXKGYVJGFTCHVYKVJVJG HCEKNKVCVQTOCMGCP[PGGFGFTGXKUKQPU
5JQYVJGHCEKNKVCVQTVJGFTCHVVJCV[QWFGXGNQRGFKP5VGR ;QWTHCEKNKVCVQTJCURTQDCDN[JCFOCP[QRRQTVWPKVKGUVQJQPG JKUQTJGTUMKNNUKPYTKVKPIENGCTUVCVGOGPVU6CMGCFXCPVCIGQH VJCVGZRGTVKUG*CXGVJGHCEKNKVCVQTJGNR[QWTGXKGYTGXKUGCPF GFKV[QWTHKTUVFTCHV*GQTUJGOC[JCXGUQOGKPPQXCVKXGKFGCU CDQWVDQWPFCTKGUCPFTGUQWTEGUVJCV[QWJCXGPŏVVJQWIJVQH
5VGR
5VGR#RRQKPVVJGVGCONGCFGT
6JGTGCTGUGXGTCNHCEVQTUVQEQPUKFGT KPCRRQKPVKPIVJGVGCONGCFGT ➤
➤ ➤ ➤
+VUJQWNFDGUQOGQPGYJQ KUMPQYNGFIGCDNGCDQWVQT TGURQPUKDNGHQTVJGHWPEVKQP HQTYJKEJVJGVGCOKUEJCTVGTGF +VUJQWNFDGUQOGQPGYJQKUTGURGEVGFD[RGGTUCPFECP NGCFCVGCOYKVJQWVVCMKPIQXGT +VUJQWNFDGUQOGQPGYJQKUMPQYNGFIGCDNGCDQWVVJG QTICPK\CVKQPCPFECPRTQXKFGCP[PGGFGFJGNR +VUJQWNFDGUQOGQPGYJQJCUVJGVKOGKVYKNNVCMGVQIGV VJKUVGCOQHHVJGITQWPFCPFIQKPIKPVJGTKIJVFKTGEVKQP
5RQPUQTKPIC5VCPFKPI6GCO
6JGNCUVHCEVQTKURTQDCDN[VJGOQUVETKVKECN+HVJGVGCONGCFGT FQGUPQVJCXGGPQWIJVKOGVQFGXQVGVQVJGVGCOŏUCEVKXKVKGU [QWYKNNGPFWRYKVJCTGCNRTQDNGO0GXGTCRRQKPVUQOGQPG VJGNGCFGTYKVJQWVHKTUVCUMKPIVJGRGTUQPCDQWVJKUQTJGT QVJGTEQOOKVOGPVUKPENWFKPIVJGPWODGTQHVGCOUEWTTGPVN[ UGTXGFQP;QWUJQWNFCNUQVCNMVQVJGRGTUQPŏUUWRGTXKUQT GPUWTKPIVJCVPQWREQOKPIRTQLGEVUQTCUUKIPOGPVUYKNN KPVGTHGTGYKVJVGCORTKQTKVKGU
5VGR
5VGR&GVGTOKPGVGCOOGODGTUJKR CPFEQORQUKVKQPTWNGUYKVJKPRWVHTQO VJGVGCONGCFGT
6QIGVJGT[QWCPFVJGVGCONGCFGTOWUVFGVGTOKPGYJQUJQWNF DGQPVJGVGCO6JGHQNNQYKPISWGUVKQPUOC[JGNR Ŗ 9JCVCTGCUQTHWPEVKQPUYKNNVJKUKUUWGJCXGCPKORCEVQP! Ŗ 9JCVCTGCUYQWNFJCXGVQECTT[QWVFGEKUKQPURQNKEKGUQT RTQEGFWTGUFGXGNQRGFD[VJKUVGCO! Ŗ 9JCVQVJGTCTGCUQTHWPEVKQPUOKIJVJCXGURGEKCN MPQYNGFIGQTGZRGTVKUGQPVJKUKUUWG! 7UGVJGCPUYGTUVQVJGUGSWGUVKQPUVQKFGPVKH[VJGPGEGUUCT[ OGODGTUJKR4GOGODGT9GFQPŏVYCPVVGCOUVQDGVQQDKIō VJGTWNGQHVJWODKUPQNGUUVJCPVJTGGPQOQTGVJCP #NUQOCMGUWTG[QWEJQQUGVGCOOGODGTUYJQYKNNJCXGVJG VKOGVQURGPFQPVGCOCEVKXKVKGUYJQYKNNDGOQVKXCVGFVQ YQTMQPVJGKUUWGYJQJCXGCPKPVGTGUVKPVJGKUUWGCPFYJQ CTGPQVUGTXKPIQPVQQOCP[QVJGTVGCOU;QWQTVJGVGCO NGCFGTYKNNIGVCEJCPEGVQCFFTGUUVJGUGEQPEGTPUKP5VGR
5VGR
5VGR'PUWTGVJCVVJGTGKUCOGGVKPIYKVJ GCEJVGCOOGODGTVQICKPVJGKTUWRRQTV HQTVJGVGCO
'XGPKH[QWDTKPIVQIGVJGTVJGUOCTVGUVDGUVUWKVGFITQWRQH RGQRNGKPVJGYQTNFHQT[QWTVGCOVJG[YQPŏVDGUWEEGUUHWNKH VJG[FQPŏVJCXGVJGVKOGVQURGPFQPVJGRTQLGEV$[OGGVKPI YKVJGCEJVGCOOGODGTQTD[JCXKPIVJGVGCONGCFGTFQKV
6JG/CPCIGTŏU2QEMGV)WKFGVQ6GCO5RQPUQTUJKR
[QWECPICWIGVJGOGODGTŏUNGXGNQHEQOOKV OGPVVQCPFKPVGTGUVKPVJGRTQLGEV;QWCNUQ ECPHKPFQWVYJGVJGTJGQTUJGKUUGTXKPIQP CP[QVJGTVGCOU
5VGR
5VGR/GGVYKVJGCEJVGCOOGODGTŏU UWRGTXKUQTVQGPUWTGUWRRQTVHQTVJGVGCO
9JGPCUMKPIRGQRNGVQUGTXGQPCUVCPFKPIVGCO[QWOWUVDG EGTVCKPVJCVVJGKTUWRGTXKUQTUCTGYKNNKPIVQHTGGWRGPQWIJ VKOGHQTVJGOVQURGPFQPVJGRTQLGEV6T[VQIKXGCOGODGTŏU UWRGTXKUQTUQOGKFGCQHVJGRTQLGEVŏUVKOGHTCOGUQVJCVJGQT UJGECPTGCNKUVKECNN[CUUGUUYJGVJGTVJKURGTUQPJCUVJGVKOG PGGFGFVQHQNNQYVJTQWIJQPVJGVGCOEQOOKVOGPV
5VGR
5VGR%QORNGVGVJGEJCTVGTHQTO (KPCNN[+VŏUVKOGVQVCMGCNNVJGFGEKUKQPU [QWŏXGOCFGUQHCTCPFECRVWTGVJGOQPVJG EJCTVGTHQTO6WTPVQ#RRGPFKZ#VQUGGCP GZCORNGQHCEQORNGVGFUVCPFKPIVGCO EJCTVGTVJGPEQORNGVGVJGDNCPMEJCTVGTHQTO QPVJGHQNNQYKPIRCIG
5VGR
5VGR)KXGVJGVGCOCEJCPEGVQUWIIGUV CPFENCTKH[EJCTVGTTGXKUKQPUTQVCVKQPCN TWNGUCPFVQUGVQRGTCVKPIIWKFGNKPGU
#VVJKURQKPVCOGGVKPIKUGUUGPVKCN-GGRKPOKPF VJCVVJGVGCOJCU[GVVQUGVURGEKHKEIQCNUQDLGEV KXGUQTOGCUWTGU+VUOGODGTUPGGFCEJCPEGVQ WPFGTUVCPFVJGKTQXGTCNNOKUUKQPCPFVQIGVENGCT QPVJGCOQWPVQHVKOGPGGFGFVQUGTXGQPVJG VGCO;QWECPIKXGVJGOVJKUEJCPEGKPCPWODGT QHYC[U(QTGZCORNG
5RQPUQTKPIC5VCPFKPI6GCO
6JG/CPCIGTŏU2QEMGV)WKFGVQ6GCO5RQPUQTUJKR
/GGVYKVJVJGVGCORTGUGPVVJGEJCTVGTCPFTGXKGYKV VQIGVJGT 2TGUGPVVJGEJCTVGTVQVJGVGCOCPFVJGPCNNQY OGODGTUVQOGGVCPFFGXGNQRCP[SWGUVKQPUQTKPRWV *CXGVJGHCEKNKVCVQTRTGUGPVVJGEJCTVGTCPFTGXKGYKV YKVJVJGVGCO/GODGTUECPTGSWGUVCOGGVKPIYKVJ [QWKHPGGFGF 6JGVGCOCNUQFGXGNQRUQRGTCVKPIIWKFGNKPGUKPVJKUOGGVKPI 1RGTCVKPIIWKFGNKPGUKPENWFGHTGSWGPE[QHOGGVKPIUNGPIVJQH OGGVKPIUCPFTQVCVKQPCNTWNGU6JGTQVCVKQPCNTWNGUYKNNFGVGT OKPGJQYNQPIGCEJVGCOOGODGTYKNNUGTXG KHCRRNKECDNGō PQVGXGT[VGCOTQVCVGUCPFJQYOGODGTUYKNNTQVCVGQHHKPC YC[VJCVFQGUPQVETGCVGCYJQNGPGYVGCO(QTGZCORNG Ŗ 6GCO/GODGT#ōTQVCVGUQHHCHVGTOQPVJU Ŗ 6GCO/GODGT$ōTQVCVGUQHHCHVGTOQPVJU Ŗ 6GCO/GODGT%ōTQVCVGUQHHCHVGTOQPVJU +VOC[DGFKHHKEWNVCVVJKUHKTUVOGGVKPIVQFGVGTOKPGJQYNQPI OGODGTUUJQWNFUGTXG+HUQCNNQYVJGVGCOVQOGGVHQTVYQVQ VJTGGOQPVJUCPFVJGPCUMVJGOVQFGVGTOKPGTQVCVKQPCNTWNGU 1PEGVJGUGFGEKUKQPUCTGOCFGVGCOOGODGTUJCXGCOWEJ DGVVGTKFGCQHYJCVVJG[JCXGIQVVGPVJGOUGNXGUKPVQ+H UQOGQPGFGEKFGUCVVJKURQKPVVJCVJGQTUJGUKORN[FQGUPŏV JCXGVJGVKOGPGGFGFHQTVJGRTQLGEVNGVVJCVRGTUQPDQYQWV PQY#NYC[UTGOGODGTVJGECTFKPCNTWNGQHVGCOU %QOOKVOGPVQHKPFKXKFWCNVGCOOGODGTU KUVJGMG[VQUWEEGUU
5VGR
5VGR2WDNKUJHKPCNXGTUKQPQHEJCTVGT KPENWFKPIOKUUKQPUVCVGOGPVQRGTCVKPI IWKFGNKPGUCPFTQVCVKQPCNTWNGU
6JKUOC[UGGONKMGVQQOWEJYQTMLWUVVQIGVCVGCOUVCTVGF DWVCUYGRQKPVGFQWVKP%JCRVGTFQKPIVJKUHQQVYQTMQPVJG
5RQPUQTKPIC5VCPFKPI6GCO
HTQPVGPFECPDW[[QWEQOOKVOGPVVJQTQWIJWPFGTUVCPFKPI CPFCUOQQVJGTTKFGHQTVJGVGCOŏUFWTCVKQP#PFFQPŏVHQTIGV CUVCPFKPIVGCOKUCRGTOCPGPVVGCO6JGYC[KVKUUVCTVGFECP UGVVJGVQPGHQTVJGNKHGQHVJGVGCO 6JGHKPCNXGTUKQPQHVJGEJCTVGTPGGFUVQIQKPVQCVGCONQI DQQM7UKPIVJKUNQIDQQMVJGVGCOECPQTICPK\GCPFFQEWOGPV KVUCEVKXKVKGUKPENWFKPICIGPFCUCEVKQPOKPWVGUCPFRCTMKPI NQVHQTOU CNNHKNGFUGSWGPVKCNN[6JGNQIDQQMCNUQJGNRU[QW KFGPVKH[VJGTQCFDNQEMUQTDCTTKGTUVJCVVJGVGCOJCUTWPWR CICKPUV+FGPVKH[KPIVJQUGTQCFDNQEMUKUCHKTUVUVGRVQYCTF TGOQXKPIVJGO
%QPITCVWNCVKQPU
;QWŏXGFQPG[QWTLQDKPIGVVKPIVJGVGCOUVCTVGFQPVJGTKIJV VTCEM;QWJCXGURQPUQTGFCUVCPFKPIVGCOVJCVJCUCHKTO HQQVKPICPFCUVTQPIHQWPFCVKQP $WV[QWTLQDKUPQVQXGT;QWOWUVCEVKXGN[OQPKVQTVJGVGCO CPFUVC[KPXQNXGFKPRTQXKFKPIKVYKVJCRRTQRTKCVGTGUQWTEGU ;QWCNUQOWUVTGXKGYCPFCRRTQXGVJGIQCNUCPFOGVTKEUVJCV VJGVGCOYKNNFGXGNQR6JGNCUVVJTGGVCUMUKP[QWTURQPUQTŏU EJGEMNKUVYKNNIKXG[QWVJGIWKFCPEG[QWPGGFVQUWRRQTV[QWT VGCOKPVJGUGYC[U.GVŏUTGXKGYVJQUGVCUMUPQY
6JG/CPCIGTŏU2QEMGV)WKFGVQ6GCO5RQPUQTUJKR
6CUMVQ$G%QORNGVGF #EVKXGN[OQPKVQTVJGVGCOŏURTQITGUU 'PUWTGVJCVVJGVGCOKUFGXGNQRKPIIQCNU VJCVJGNRCEEQORNKUJVJGOKUUKQPGPUWTG VJCVKVUOGVTKEUUWRRQTVKVUIQCNU )GVTGUQWTEGUCUPGGFGFHQTVJGVGCOVQ KORNGOGPVFGEKUKQPURQNKEKGUCPF RTQEGFWTGU
%JGEMYJGP %QORNGVG ❏ ❏
❏
#UVCPFKPIVGCOKUCNQPIVGTORTQRQUCNōCPF[QWJCXGVQ RNC[CNQPIVGTOTQNG5VGRUVJTQWIJCTGPGXGTGPFKPI VCUMU6JGEJGEMNKUVHQTOCVYKNNTGOKPF[QWVQMGGRCVVJGO HQTVJG[CTGPQVVJKPIU[QWECPCEVWCNN[EJGEMQHHCUEQORNGVGF ;QWYKNNJCXGVQECTT[QWVVJGUGCEVKXKVKGUTGRGCVGFN[WPVKN[QW CTGPQNQPIGTVJGURQPUQTQHVJGVGCO
5VGR
5VGR#EVKXGN[OQPKVQTVJGVGCOŏU RTQITGUU
+VKUWRVQVGCOOGODGTUVQFGVGT OKPGYJCVCEVKXKVKGUYKNNJGNRVJGO OGGVVJGKTOKUUKQP+VKUWRVQ[QW VQOCMGUWTGVJCV[QWWPFGTUVCPF JQYVJGUGCEVKXKVKGUJGNRVJGOKP YQTMKPIVQYCTFVJCVOKUUKQP6JG OKUUKQPQHCUVCPFKPIVGCOKUC XKUKQPCSWGUVCFGUKTGFUVCVGVJCVVJGVGCOKUUVTKXKPIHQTDWV YKNNPGXGTCEVWCNN[TGCEJ/GODGTUOWUVFGEKFGYJCVCEVKXKVKGU YKNNJGNRVJGOTGCEJVJKUőPGXGTPGXGTNCPFŒCPFUQOGVKOGU VJG[JCXGFKHHKEWNV[FGEKFKPIYJGTGVQHQEWUVJGKTTGUQWTEGU CPFGPGTI[6JGTGHQTGKVKUKORQTVCPVRCTVKEWNCTN[CVVJGDGIKP PKPIQHVJGVGCOŏUFGXGNQROGPVVJCV[QWCEVKXGN[OQPKVQTVJG VGCOŏUCEVKXKVKGU6QFQVJKU[QWECPWUGUGXGTCNOGVJQFU
5RQPUQTKPIC5VCPFKPI6GCO
2GTKQFKECNN[CVVGPFOGGVKPIU 4GXKGYVJGVGCONQIDQQMHTGSWGPVN[ /GGVTGIWNCTN[YKVJVJGHCEKNKVCVQTQTVGCONGCFGT #EVCUURQPUQTHQTTGUWNVKPICFJQEVGCOU
5VGR
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#U[QWECPUGGVJGURQPUQTRNC[U CJKIJN[CEVKXGTQNGKPFGXGNQRKPI CPFOCKPVCKPKPINGXGNQPGVGCOU JGQTUJGRTQXKFGUVJGVGCOYKVJ CUVTQPIUVTWEVWTG0CVWTCNVGCOU CTGSWKVGFKHHGTGPVHTQOVJGQVJGT VYQVGCOUYGJCXGFKUEWUUGF 9KVJGKVJGTCUVCPFKPIVGCOQTCP CFJQEVGCOVJGURQPUQTGPUWTGU VJCVOGODGTUCTGOQVKXCVGF EQOOKVVGFRGQRNG9KVJCPCVWTCNVGCOJQYGXGTVJGURQPUQT OWUVFGCNYKVJVJQUGCNTGCF[KPVJGLQDU/GODGTUJKRKUPQV XQNWPVCT[GXGT[QPGYJQYQTMUKPVJGCTGCOWUVDGQPVJG VGCO6JWUVJGURQPUQTŏUTGCNKUUWGKUő*QYFQ+ŎITQYŏVJKU ITQWRQHRGQRNG!Œ;QWTLQDCUURQPUQTKUVQDGEQOGCEJCPIG CIGPVCPFVQFQVJCV[QWOWUVUGVCUVTQPIFKTGEVKQPHQTVJG VGCOHTQOVJGUVCTVCPFVJGPNGCTPVQDCEMQHHCUVJGVGCOIGVU TQNNKPI $GNQYCTGVJGUVGRUHQTIGVVKPI[QWTVGCOUVCTVGFQPVJGTKIJV VTCEM*QYGXGTQPEG[QWIGVVJGVGCOUVCTVGFVJGTGCTGPQ GCU[EJGEMNKUVUVQIWKFG[QWKVDGEQOGUCOCVVGTQHVTWN[ NGCTPKPIJQYVQOCPCIGRGQRNG
5210514ŏ5%*'%-.+56(140#674#.6'#/5 6CUMVQ$G%QORNGVGF )QVQVJGVGCOUEQQTFKPCVQTCPFJCXGC HCEKNKVCVQTCUUKIPGF 9TKVGVJGEJCTVGTōKPENWFKPIQXGTCNNTGU RQPUKDKNKVKGULQDFGUETKRVKQPFGEKUKQP OCMKPICWVJQTKV[CPFGORQYGTOGPV NKOKVU 4GXKGYRGTHQTOCPEGOGCUWTGUCPFCFCRV KHPGGFGF
%JGEMYJGP %QORNGVG ❏ ❏
❏
%QPVKPWGF
5RQPUQTKPIC0CVWTCN6GCO
6CUMVQ$G%QORNGVGF
%JGEMYJGP %QORNGVG
#RRQKPVVJGVGCONGCFGT
❏
/GGVYKVJVJGVGCOVQTGXKGYVJGEJCTVGT
❏
#TTCPIGHQTVGCOVTCKPKPI
❏
*CXGVJGVGCOYTKVGKVUOKUUKQPUVCVGOGPV CPFFGXGNQRQRGTCVKPIIWKFGNKPGU
❏
/QPKVQTCPFGXCNWCVGVGCOTGUWNVU
❏
5VGR
5VGR)QVQVJGVGCOUEQQTFKPCVQTCPF JCXGCHCEKNKVCVQTCUUKIPGF
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5VGR
5VGR9TKVGVJGEJCTVGTōKPENWFKPIQXGTCNN TGURQPUKDKNKVKGULQDFGUETKRVKQPUFGEKUKQP OCMKPICWVJQTKV[CPFGORQYGTOGPVNKOKVU
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6JG/CPCIGTŏU2QEMGV)WKFGVQ6GCO5RQPUQTUJKR
1XGTCNNRWTRQUGQHVJGVGCO 6JGEJCTVGTPGGFUVQKPENWFGVJGDTQCFDWUKPGUURWTRQUGQH VJGYQTMITQWR 'ZCORNG
6QRTQFWEGYKFIGVUVJCVOGGVQTGZEGGFVJG SWCNKV[UVCPFCTFUQH#$%EQORCP[
6JGVGCOŏUTGURQPUKDKNKVKGU 6JGEJCTVGTOWUVCNUQKPENWFGVJGURGEKHKEVCUMUFWVKGUCPF TGURQPUKDKNKVKGUVJCV[QWGZRGEVVJGVGCOVQVCMGQYPGTUJKRQH 'ZCORNG
2TGXGPVKXGOCKPVGPCPEGMGGRKPIKPVGTPCN EWUVQOGTUUWRRNKGFJQWUGMGGRKPIDTGCM EQXGTCIGSWCNKV[KPURGEVKQPU
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6JG2NCPPKPI5GUUKQPVCDNGQPVJGPGZVRCIGYKNNJGNR[QW FGVGTOKPGYJKEJFGEKUKQPUVJGVGCOOGODGTUOWUVDGCDNGVQ OCMGKPQTFGTVQECTT[QWVVJGKTLQDUGHHGEVKXGN[CPFGHHKEKGPVN[
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5GTXGQPUCHGV[ EQOOKVVGGCPF CFJQEVGCOU
2 '45106 '#/ % #06 74061 (14 ' :2'46+5'
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5VGR
5VGR4GXKGYOGCUWTGUCPFCFCRVKH PGGFGF
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5RQPUQTKPIC0CVWTCN6GCO
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6JG/CPCIGTŏU2QEMGV)WKFGVQ6GCO5RQPUQTUJKR
6JGOGCUWTGUOWUVDGEWUVQOGTHQEWUGF ;QWTVGCOŏUEWUVQOGTOC[DGKPVGTPCNQTGZVGTPCN'KVJGTYC[ KHVJGVGCOŏURGTHQTOCPEGOGCUWTGUCTGPQVEQPPGEVGFVQJQY YGNNVJG[UWRRN[RTQFWEVUUGTXKEGUQTKPHQTOCVKQPVQVJGKT EWUVQOGTVJGPGGFUQHVJGHKPCNGZVGTPCNEWUVQOGTYKNNDG CHHGEVGF#UM[QWTUGNH9JQIGVUVJKUVGCOŏUQWVRWVCPFYJCV CTGVJGKTETKVKECNTGSWKTGOGPVU!;QWTOGCUWTGUOWUVVKGDCEMVQ VJGUGETKVKECNTGSWKTGOGPVU 6JGFCVCOWUVDGCEEGUUKDNGVQVJGVGCO +HVJGKPHQTOCVKQPKUPQVGCUKN[CEEGUUGFD[VJGVGCOOGODGTU CTGNGUUNKMGN[VQOCMGKVVJGHQEWUQHVJGKTCVVGPVKQP6JGFCVC UJQWNFDGEQNNGEVGFCPFEJCTVGFD[VJGVGCO +VŏUVKOGHQT[QWVQVT[TGXKGYKPIUQOGVGCORGTHQTOCPEG OGCUWTGUD[EQORNGVKPIVJGHQNNQYKPIGZGTEKUG 'ZGTEKUGō2GTHQTOCPEG/GCUWTGU 5KVWCVKQP# #DCPMKPIQRGTCVKQPŏUOGCUWTGUCTGDCUGFQPXQNWOGQHKVGOU RTQEGUUGFYKVJKPCFC[ŏUVKOG'CEJVGCOJCUCEGTVCKP COQWPVQHXQNWOGVJCVVJG[JCXGVQOGGVHQTVJGYGGM5QOG YQTMKUGCUKGTCPFHCUVGTVQRTQEGUUVJCPQVJGTYQTMCPFQHVGP VJGVGCOURTQEGUUVJGGCUKGUVYQTMHKTUV*QYGXGTVJG EWUVQOGTKURC[KPIHQTCPFGZRGEVKPIVKOGN[FGRQUKVQHKVGOU /CPCIGOGPVKUXGT[HTWUVTCVGFD[VJGHCEVVJCVVJGQNFGUVYQTM KUPQVDGKPIRTQEGUUGFHKTUV
✑
9JCVKUYTQPIYKVJVJGVGCOUŏOGCUWTG!
5RQPUQTKPIC0CVWTCN6GCO
✑
9JCVOGCUWTGUYQWNF[QWUWIIGUVHQTVJGVGCOU!9J[!
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2GTEGPVCIGQHRCTVUFGNKXGTGFVQWUGTFGRCTVOGPVUQP VKOG 0WODGTQHRTQFWEVKQPFGNC[UFWGVQWPCXCKNCDKNKV[QH PGEGUUCT[RCTVU
✑
#TGVJGUGCRRTQRTKCVGOGCUWTGU!9J[QTYJ[PQV!
✑
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0QYEQORCTG[QWTYQTMVQVJGUCORNGCPUYGTUIKXGPKP #RRGPFKZ$
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5VGR
5VGR#RRQKPVCVGCONGCFGT
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5RQPUQTKPIC0CVWTCN6GCO
6JGNGCFGTUJKRTQNGYKNNRTQDCDN[TQVCVGQPEGVJGVGCOOGO DGTUCTGEQOHQTVCDNGYKVJVJGOGGVKPIRTQEGUUGUCPFVJGKT PGYTQNGU*QYGXGTKVKUGUUGPVKCNVJCVVJGHKTUVVGCONGCFGTDG ECTGHWNN[UGNGEVGFDGECWUGJGQTUJGQHVGPUGVUVJGVQPGCPFVJG OQFGNHQTQVJGTU+VKUCNUQKORQTVCPVVJCVVJGVGCONGCFGT CUUWOGVJGTQNGNQPIGPQWIJVQNGCTPCPFDGEQOGEQOHQTVCDNG YKVJKV6JGNGPIVJQHVKOGYKNNFGRGPFQPVJGITQWRŏUOCVWTKV[ CPFGZRGTKGPEGNGXGN(QTCITQWRVJCVJCUJCFNKVVNGGZRGTKGPEG KPNGCFGTUJKRTQNGUVJGKPKVKCNTQVCVKQPUJQWNFNCUVDGVYGGPUKZ CPFPKPGOQPVJU+HVJGITQWRJCUGZRGTKGPEGKPNGCFGTUJKR [QWOC[YCPVVQTQVCVGOQTGHTGSWGPVN[DWV[QWYQWNF RTQDCDN[PQVYCPVVQTQVCVGCP[OQTGHTGSWGPVN[VJCPOQPVJN[ WPFGTCP[EKTEWOUVCPEGU
5VGR
5VGR/GGVYKVJVJGVGCOVQTGXKGYVJG EJCTVGT
1PEGVJGEJCTVGTJCUDGGPYTKVVGP[QWOWUVUKVFQYPYKVJVJG VGCOVQIQQXGTFWVKGUTGURQPUKDKNKVKGUCPFOGCUWTGUOCMKPI KVENGCTVJCVCNNOGODGTUQHVJGVGCOCTGGSWCNN[TGURQPUKDNG HQTGHHKEKGPVCPFGHHGEVKXGRGTHQTOCPEGQHVJQUGFWVKGU+VKU CNUQKORQTVCPVVQEQOOWPKECVGCP[GZRGEVCVKQPU[QWJCXG HQTVJGVGCO(QTGZCORNGKH[QWGZRGEVVJGVGCOVQOGGVCV CTGIWNCTN[UEJGFWNGFVKOGCPFRNCEGNGVOGODGTUMPQYVJCV WRHTQPV+H[QWGZRGEVVJGVGCOVQJCXGUJQTVJWFFNGV[RG OGGVKPIUQPCFCKN[DCUKUUVCVGVJCVKPENGCTVGTOU+HVJGTGCTG EGTVCKPVJKPIUVJCV[QWKPUKUVQPDGKPIKPHQTOGFQHKOOGFKCVGN[
OCEJKPGT[DTGCMFQYPUEQXGTCIGKUUWGUCPFUQQP EQOOWPKECVGVJCVGZRGEVCVKQP +VKUETKVKECNVJCV[QWTGXKGYVJGVGCOŏUFGEKUKQPOCMKPI TGURQPUKDKNKVKGUECTGHWNN[+VKU[QWTLQDVQGPUWTGVJCVVJGTGCTG PQOKUWPFGTUVCPFKPIUCDQWVYJCVVJGVGCOECPCPFECPPQVFQ KPVJGCTGCQHFGEKUKQPOCMKPI1PGQHVJGSWKEMGUVYC[UVQMKNN CVGCOŏUOQVKXCVKQPKUVQNGVOGODGTUVJKPMVJG[JCXGOQTG GORQYGTOGPVVJCPVJG[FQCPFVJGPRWNNDCEMCHVGTVJGHCEV
6JG/CPCIGTŏU2QEMGV)WKFGVQ6GCO5RQPUQTUJKR
5VGR
5VGR#TTCPIGHQTVGCOVTCKPKPI
'XGT[QPGQPVJGVGCOOWUVJCXGVTCKPKPIKPOGGVKPIRTQEGUUGU DGHQTGVJGVGCODGIKPUQRGTCVKPI(QTVJQUGYJQUGUMKNNUOC[ DGTWUV[OCMGUWTGVJCVDTWUJWRVTCKPKPIVCMGURNCEG+VKU XGT[GHHGEVKXGVQEQODKPGVJGVTCKPKPIYKVJVJGOGGVKPIVQ TGXKGYVJGVGCOŏUEJCTVGT6JGVTCKPGTTGXKGYUVJGOGGVKPI RTQEGUUGUCPFVJGP[QWEQPFWEVVJGOGGVKPI+VIKXGU[QWVJG QRRQTVWPKV[VQőYCNMVJGVCNMŒD[OQFGNKPIVJGOGGVKPI DGJCXKQTUVJCV[QWGZRGEVHTQOVJGVGCO
5VGR
5VGR*CXGVJGVGCOYTKVGKVUOKUUKQP UVCVGOGPVCPFFGXGNQRQRGTCVKPI IWKFGNKPGU
9TKVKPIVJG/KUUKQP5VCVGOGPV 6JGVGCOPQYPGGFUVQOGGVQPKVUQYP#VVJKUOGGVKPI OGODGTUUJQWNFYTKVGCOKUUKQPUVCVGOGPVHQTVJGKTITQWR FGXGNQRVJGKTITQWPFTWNGUCPFEQOGWRYKVJVJGKTQRGTCVKPI IWKFGNKPGU/GODGTUOWUVJCXGCEQR[QHVJGFGRCTVOGPV OKUUKQPUVCVGOGPVDGHQTGVJG[DGIKPYQTMKPIQPVJGVGCOŏU OKUUKQPUVCVGOGPV+VKUETKVKECNVJCVVJG[CNKIPVJGKTOKUUKQP UVCVGOGPVVQVJGFGRCTVOGPVŏU*GTGCTGHQWTSWGUVKQPUVJCV OC[JGNRVGCOOGODGTUFGXGNQRVJGKTOKUUKQPUVCVGOGPV 37'56+10
↔
9JCVFQYGFQ!9JCVCTG ↔ QWTRTQEGUUGU 9JQCTGQWTEWUVQOGTU!
↔ %QPUWOGTRCEMCIKPIFGRCTVOGPV
9JCVNGXGNQHSWCNKV[FQYG ↔ UVTKXGHQT! *QYFQYGCEVVQYCTFU GCEJQVJGT!
5#/2.' /CMGYKFIGVU
6JGOQUVGHHKEKGPVCPFNQPINCUVKPI
↔ %QOOWPKECVGQRGPN[JQPGUVN[VTGCV GCEJQVJGTYKVJTGURGEV
(QTCPGZCORNGQHCVGCOŏUOKUUKQPUVCVGOGPVUGG#RRGPFKZ%
5RQPUQTKPIC0CVWTCN6GCO
6QJGNRVJGVGCOYTKVGKVUOKUUKQPUVCVGOGPVIKXGGCEJ OGODGTCYQTMUJGGVNKMGVJGQPGDGNQYFKUVTKDWVKPIVJG EQRKGUDGHQTGVJGHKTUVVGCOOGGVKPI'CEJOGODGTYTKVGU FQYPJKUQTJGTVJQWIJVUCPFDTKPIUVJGUJGGVVQVJGOGGVKPI 7UKPICTQWPFTQDKPHQTOCVCNNKFGCUCTGECRVWTGFQPVJG HNKREJCTV/GODGTUFKUEWUUVJGKFGCUCHVGTVJG[CTGTGEQTFGF CPFOCMGCRRTQRTKCVGEQODKPCVKQPU6JGPGZVUVGRKUVQTCPM QTFGTVJGUVCVGOGPVU1PEGVJGUVCVGOGPVUCTGTCPMGFVJG JKIJGUVTCVGFUVCVGOGPVUCTGGFKVGFKPVQCPGCUKN[WPFGTUVQQF DTKGHUVCVGOGPVVJCVUGTXGUCUCTCNN[KPIECNNHQTVJGVGCO 9QTMUJGGVō9TKVKPI;QWT/KUUKQP5VCVGOGPV /KUUKQPUVCVGOGPVUCTGKORQTVCPVDGECWUGVJG[UVCVG VJGFKTGEVKQP[QWTVGCOKUUWRRQUGFVQJGCFKP6JG[ UGTXGCUCNCPVGTPIWKFKPI[QWTVCUMUCPFCEVKXKVKGUCU CVGCO 9JCVKUVJGRWTRQUGQH[QWTVGCO! #UCVGCO[QWTOKUUKQPKUOQUVNKMGN[VQRTQFWEGCRTQFWEV RGTHQTOCPQRGTCVKQPQPCPGZKUVKPIRTQFWEVQTVQQHHGTC UGTXKEGVQUQOGKPVGTPCNQTGZVGTPCNEWUVQOGT
✑
9TKVGFQYPVJTGGVQHKXGTGCUQPUYJ[[QWTVGCOGZKUVU9JCV KU[QWTVGCOUWRRQUGFVQCEEQORNKUJQTDGTGURQPUKDNGHQT! 9JQKU[QWTEWUVQOGT!
AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA
✑
9TKVGFQYPUQOGYQTFUVJCVFGUETKDGVJGYC[[QWYQWNF YCPV[QWTNGXGNQHSWCNKV[VQDGXKGYGFD[[QWTEWUVQOGT
AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA
✑
9TKVGFQYPUQOGYQTFUVJCVFGUETKDGJQY[QWYCPV[QWT VGCOOGODGTUVQDGJCXGVQYCTFUGCEJQVJGT
AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA
6JG/CPCIGTŏU2QEMGV)WKFGVQ6GCO5RQPUQTUJKR
&GXGNQRKPI)TQWPF4WNGU 6JGVGCOOWUVFGXGNQRKVUQYPITQWPFTWNGUYKVJQWV[QWT KPRWV*QYGXGT[QWECPUWIIGUVVJGHQNNQYKPIOGVJQF /GODGTUUVCTVD[DTCKPUVQTOKPICNKUVQHVJGYC[UVJG[FQPQV YCPVVQCEVKPOGGVKPIU(TQOVJCVNKUVVJG[EQOGWRYKVJC EQTTGURQPFKPIUGVQHITQWPFTWNGU6JGITQWPFTWNGUUJQWNFDG RQUVGFKPVJGVGCOŏUOGGVKPITQQOCPFUJQWNFDGKPENWFGFKP VJGNQIDQQM)TQWPFTWNGUCTGKPENWFGFKP#RRGPFKZ% &GXGNQRKPI1RGTCVKPI)WKFGNKPGU 6JGVGCOOWUVCNUQFGXGNQRCUGVQH QRGTCVKPIIWKFGNKPGU*GTGCTGUQOGKVGOU VJCVOKIJVDGKPENWFGFKPVJGIWKFGNKPGU Ŗ 9JGTGJQYQHVGPCPFYJGPVJGVGCO RNCPUVQOGGV Ŗ *QYVJG[TQVCVGTGURQPUKDKNKVKGUōDQVJ KPOGGVKPIUCPFQPVJGYQTMHNQQT Ŗ 9JQVJGVGCOEQPVCEVUHQTCUUKUVCPEG
KGOCKPVGPCPEGEQPVCEVRWTEJCUKPI EQPVCEV Ŗ *QYVJGVGCOEQOOWPKECVGUYKVJQVJGTUJKHVU Ŗ *QYVJGVGCOEQOOWPKECVGUYKVJQVJGTVGCOU Ŗ 6GCOOGODGTUŏPCOGUCPFJQYVQEQPVCEVGCEJOGODGT $CUKECNN[VJGVGCOŏUQRGTCVKPIIWKFGNKPGUNC[QWVJQYOGO DGTURNCPVQIGVVJGKTYQTMEQORNGVGF(QTCPGZCORNGQH QRGTCVKPIIWKFGNKPGUUGG#RRGPFKZ%
5VGR
5VGR/QPKVQTCPFGXCNWCVGVGCOTGUWNVU
#U[QWNGCTPGFKP%JCRVGTUCPF[QWTYQTMJCULWUVDGIWP YJGP[QWUVCTV[QWTVGCO6JGRTKPEKRNGCRRNKGUJGTGVQQ[QW OWUVMGGRCPCVWTCNVGCOQPVJGTKIJVVTCEMQPEG[QWIGVKV UVCTVGF6JKUKURCTVKEWNCTN[KORQTVCPVHQTNGXGNQPGVGCOU6T[ WUKPIVJGHQNNQYKPIOGVJQFUVQOQPKVQTCPFGXCNWCVG[QWT VGCO
5RQPUQTKPIC0CVWTCN6GCO
*CXGVJGVGCOFGEKFGJQYVJG[YKNNVTCEMCPFTGRQTV VJGKTMG[RGTHQTOCPEGOGCUWTGUVQ[QW 6JKUUJQWNFDGVJGVGCOŏUHKTUVVCUM.GVOGODGTUMPQYKH [QWJCXGCP[OKPKOWOVKOGHTCOGUVJCV[QWGZRGEVKPVGTOU QHIGVVKPITGRQTVU6TCEMKPIVJGVGCOŏURGTHQTOCPEGVJTQWIJ JCTFFCVCKU[QWTDGUVVQQNHQTGXCNWCVKPIVJGKTRTQITGUUCPF OQPKVQTKPIVJGKTTGUWNVU 4GXKGYVJGVGCONQIDQQM #NNPCVWTCNVGCOUUJQWNFJCXGCNQIDQQM+HRQUUKDNGGXGT[ OGODGTUJQWNFJCXGCEQR[QHJKUQTJGTQYP+HVJKUKUPQVCP QRVKQPVJGPVJGVGCONGCFGTUJQWNFMGGRWRYKVJVJGVGCOŏU EQR[6JKUNQIDQQMUJQWNFKPENWFGVJGHQNNQYKPI Ŗ Ŗ Ŗ Ŗ
%JCTVGT 1RGTCVKPIIWKFGNKPGU %QRKGUQHCNNCIGPFCU %QRKGUQHRCTMKPINQVHQTOU
Ŗ Ŗ Ŗ Ŗ
/KUUKQPUVCVGOGPV )TQWPFTWNGU %QRKGUQHCNNCEVKQPOKPWVGU /CUVGTEQRKGUQHCNNHQTOU
6JGNQIDQQMYKNNJGNRMGGRVJGVGCOQTICPK\GFJGNROGODGTU HQEWUQPVJGKTDWUKPGUURWTRQUGCPFIKXG[QWQPGRNCEGVQIQ VQOQPKVQTVJGVGCOŏUFGXGNQROGPV6JGCIGPFCUYKNNVGNN[QW YJGVJGTVJGVGCOKUURGPFKPIKVUVKOGQPVJGTKIJVVJKPIU CEVKQPOKPWVGUYKNNNGV[QWUGGYJGVJGTOGODGTUCTGGSWCNN[ KPXQNXGF VJGőCUUKIPGFVQŒEQNWOPUJQWNFJCXGCXCTKGV[QH PCOGUKPKVKHCNNOGODGTUCTGIGVVKPIKPXQNXGFRCTMKPINQVU YKNNUJQY[QWYJGVJGTVJGVGCOKUHQNNQYKPIWRQTNGVVKPI VJKPIUHCNNVJTQWIJVJGETCEMU#EVKQPOKPWVGUCTGCNUQCIQQF RNCEGVQUGGYJCVVJGVGCOJCUDGGPCDNGVQCEEQORNKUJ6JG UVCVWUEQNWOPYKNNUJQY[QWCEEQORNKUJOGPVUKPQPGINCPEG #UOGPVKQPGFKP%JCRVGTGZCORNGUQHVJGVJTGGV[RGUQH HQTOUCRRGCTKP#RRGPFKZ% /GGVYKVJVJGVGCOŏUHCEKNKVCVQTQPCTGIWNCTDCUKU 4GIWNCTN[UEJGFWNGFOGGVKPIUYKVJVJGHCEKNKVCVQTYKNN MGGR[QWWRVQFCVGQPVJGVGCOŏUHQEWUFWTKPIOGGVKPIU JQYOGODGTUCTGRTQITGUUKPIKPOCPCIKPIVJGKTOGGVKPIU
6JG/CPCIGTŏU2QEMGV)WKFGVQ6GCO5RQPUQTUJKR
CPFJQYGHHGEVKXGN[VJG[CTGUJCTKPINGCFGTUJKRVCUMU6JGUG HCEVQTUCTGMG[KPTGEQIPK\KPIVJGVGCOŏUTGCFKPGUUVQOQXGVQ VJGPGZVNGXGNVJGDWUKPGUUHQEWUNGXGN 1EECUKQPCNN[CVVGPFVGCOOGGVKPIU /CMGUWTGVJCV[QWCNYC[UNGVVJGVGCOMPQYKPCFXCPEGYJGP [QWYCPVVQCVVGPFCVGCOOGGVKPIUQVJCVVJG[ECPRWV[QWQP VJGCIGPFC;QWECPPQVGZRGEVVJGVGCOVQDGUGTKQWUCDQWV UVKEMKPIVQVJGCIGPFCKH[QWFQPQVUJQYTGURGEVHQTKVCUYGNN #NUQDGECTGHWNPQVVQVCMGQXGTKPOGGVKPIU9JGPGXGT[QW CVVGPFCOGGVKPIJCXGCDTKGHJWFFNGYKVJVJGHCEKNKVCVQT CHVGTYCTFVQIGVHGGFDCEMQPJQY[QWECOGCETQUUKPVJG OGGVKPI 5VGRKPYJGPPGGFGF 5QOGVKOGUVJGURQPUQTYKNNPGGFVQUVGRKPCPFKPVGTXGPG YJGPJGQTUJGUGGUVJGVGCOIQKPIKPVJGYTQPIFKTGEVKQP6JG VCDNGDGNQYNKUVUUQOGQHVJGVJKPIU[QWOKIJVUGGVJCVTGSWKTG KPVGTXGPVKQPCPFYJCV[QWUJQWNFFQCDQWVVJGO #%6+8+6+'56*#64'37+4' 4'&+4'%6+10
9*#66*' 5210514&1'5
6GCOKUURGPFKPIOGGVKPI VKOGQPKUUWGUQWVUKFGKVU HQEWUQHEQPVTQN
Ŗ 'PUWTGVJCVHCEKNKVCVQTKUCVCNN OGGVKPIU
6GCOKUYQTMKPIQPKUUWGU VJCVCTGFKHHKEWNVCPFNQPI VGTOKPPCVWTG
Ŗ 4GXKGYVGCOEJCTVGTUVTGUUKPIVJG RGTHQTOCPEGHCEVQTU
6GCOKUPQVTQVCVKPI TGURQPUKDKNKVKGUōQPGQTVYQ RGQRNGCTGCNYC[UVCMKPIQP VGCOVCUMU
Ŗ /GGVYKVJVGCONGCFGTCPFHCEKNKVCVQT VQEQOGWRYKVJCRNCPQHCEVKQP
Ŗ *CXGHCEKNKVCVQTWUGVJGHQEWUQH EQPVTQNEJCTV
Ŗ *CXGHCEKNKVCVQTVCMGVGCOVJTQWIJC RTQDNGORTKQTKVK\KPIUGUUKQP
Ŗ $WKNFVGCOCEVKXKVKGUKPVQKPFKXKFWCN RGTHQTOCPEGCRRTCKUCNU
5RQPUQTKPIC0CVWTCN6GCO
#%6+8+6+'56*#64'37+4' 4'&+4'%6+10 6GCOOGODGTUFQPQV WPFGTUVCPFVGCOŏURWTRQUG
9*#66*' 5210514&1'5 Ŗ /GGVYKVJVJGVGCOVQTGXKGY EJCTVGT Ŗ 'PUWTGVJCVVGCOJCUOKUUKQP UVCVGOGPVCPFCNNOGODGTUőDW[KPŒ
6GCOKUVT[KPIVQDGEQOGC UWRGTRTQDNGOUQNXKPIVGCO TCVJGTVJCPHQEWUKPIQP RGTHQTOCPEGHCEVQTU
Ŗ 'PUWTGHCEKNKVCVQTKUCVCNNOGGVKPIU
6GCOKUPQVOGGVKPI TGIWNCTN[
Ŗ /GGVYKVJVGCOVQENCTKH[ GZRGEVCVKQPUCPFJCXGOGODGTU RKEMCTGIWNCTVKOGVQOGGV
6GCOKUPQVWUKPIIQQF RTQEGUUGUKPKVUOGGVKPIU
Ŗ 5EJGFWNGDTWUJWRVTCKPKPIKP OGGVKPIUMKNNU
Ŗ 1HHGTVQURQPUQTCFJQEVGCOVQ CVVCEMRTQDNGOUUQVGCOECP TGHQEWUQPRGTHQTOCPEGOGCUWTGU
Ŗ #UMHCEKNKVCVQTVQRNC[UVTQPIGTTQNG Ŗ #VVGPFUQOGOGGVKPIU
5'%6+10$)419+0)#0&&'8'.12+0);1746'#/ 1MC[ō[QWŏXGIKXGP[QWTVGCOCRTQRGTUVCTV+VUPGEGUUCT[ UVTWEVWTGKUKPRNCEGCPFOGODGTUJCXGTGEGKXGFCNQVQH IWKFCPEGCPFFKTGEVKQP0QYCNN[QWJCXGVQFQKUUKVDCEMCPF YCVEJVJGOITQYTKIJV!9410);QWUVKNNJCXGCNQVQHYQTM VQFQ&GXGNQRKPICVGCOKUCNQVNKMGRNCPVKPICICTFGPGXGP CHVGT[QWJCXGVKNNGFVJGGCTVJCPFUQYPVJGUGGFU[QWUVKNN JCXGYQTMVQFQGPUWTKPIVJCVVJGICTFGPKUYCVGTGFYGGFGF CPFHGTVKNK\GF#NVJQWIJKVKUETKVKECNVJCV[QWIKXGVJGVGCOC UQNKFHQWPFCVKQPVQUVCTVYKVJJGNRKPIVJGVGCOITQYKULWUVCU KORQTVCPV.GVŏUNQQMCVJQY[QWőITQYŒ[QWTVGCO
6JG/CPCIGTŏU2QEMGV)WKFGVQ6GCO5RQPUQTUJKR
6JGVQWIJGUVRCTVQH[QWTLQDKUKFGPVKH[KPIYJGPVJGVGCOKU TGCF[VQOQXGQP/CP[VGCOURTQITGUUSWKEMN[KPUQOGCTGCU CPFUVTWIINGKPQVJGTU6JGTGCTGPQENGCTEWVNKPGUDGVYGGPVJG NGXGNUōVJGVGCOOC[DGQRGTCVKPICVNGXGNVJTGGKPQPGCTGC DWVENGCTN[TGOCKPCVNGXGNQPGKPCPQVJGT;QWCPFVJG HCEKNKVCVQTOWUVYQTMVQIGVJGTVQJGNRVJGVGCOHQEWUQPVJG CTGCUVJCVPGGFKORTQXGOGPVCPFVQGPEQWTCIGOGODGTUKP VJGKTOCUVGT[QHVJGCTGCUKPYJKEJVJG[GZEGN 6JKUUGEVKQPYKNNDGQTICPK\GFD[YJCV[QWECPGZRGEVVQUGGKP VJGVGCOCVGCEJNGXGNCPFYJCV[QWTTQNGKUKPJGNRKPI OGODGTUOCUVGTGCEJNGXGNCPFOQXGQPVQVJGPGZV 9GŏNNUVCTVD[IGVVKPICőOCETQŒXKGY4GXKGYVJGEJCTVQPVJG HQNNQYKPIRCIGUJQYKPI[QWTTQNGCVGCEJNGXGN0QVKEGJQYKV EJCPIGUQXGTVKOG;QWECPUGGVJCV[QWUVCTVQWVXGT[CEVKXGN[ CPFNGUUGP[QWTRTGUGPEGQXGTVKOG$[VJGVKOGVJGVGCO OCMGUKVVQNGXGNHQWT[QWTTQNGKUOKPKOCNō[QWRTQXKFG VGEJPKECNCFXKEGKHPGGFGFCPF[QWQPN[UVGRKPYJGPCUMGF
➥
.'8'.10'
+H[QWJCXGIKXGP[QWTVGCOCNQVQHFKTGEVKQPUVTWEVWTGCPF IWKFCPEGVJG[UJQWNFDGCDNGVQOCUVGTNGXGNQPGYKVJQWVCNQV QHFKHHKEWNVKGU 6JGTGCTGPQUGVTWNGUCDQWVJQYNQPICVGCOUVC[UCVNGXGNQPG #NQVFGRGPFUQPVJGOGODGTUŏFGITGGQHUQRJKUVKECVKQP6JG HQNNQYKPIHCEVQTUCHHGEVVJGNGPIVJQHVKOGKVVCMGUVJGVGCOVQ RTQITGUUVQNGXGNVYQ ➤ *CXGVJGVGCOOGODGTURCTVKEKRCVGFKPOGGVKPIUKP VJGRCUV! ➤ &QVJG[JCXGIQQFKPVGTCEVKXGUMKNNU! ➤ &QVJG[JCXGIQQFRTQDNGOUQNXKPICPF EQOOWPKECVKQPUMKNNU! ➤ 9CUVJGTGOWEJGORNQ[GGKPXQNXGOGPVRTKQTVQVJG VGCO! ➤ 9JCVYCUVJGVTWUVNGXGNDGVYGGPOCPCIGOGPVCPF GORNQ[GGURTKQTVQVJGVGCOU!
Sponsor provides team with enough information to direct its own activities—still holds some “veto” power.
Sponsor is the technical advisor and resource for the team. Sponsor “redirects” team’s activities when members get off track.
Sponsor is the active “management” champion for the team. Sponsor “directs” team activities according to the charter.
Sponsor is training and information resource for the team.
Sponsor reviews team logbook occasionally. Sponsor keeps up with major projects and deadlines.
Sponsor reviews team log frequently.
Sponsor rarely reviews logbook. Sponsor keeps up with accomplishments in order to ensure publication.
Team rarely needs a facilitator. Exceptions may be situations of a heated issue or emotionally charged conflict.
Team does not need facilitator at every meeting; sponsor ensures that the team has access to facilitator when needed.
.'8'.6*4''41.' Team sets goals; sponsor retains “veto” power.
Sponsor makes sure that facilitator is at every meeting.
.'8'.69141.' Team sets goals; sponsor approves and provides information to help set priorities.
Sponsor sets team’s goals.
.'8'.10'41.'
Sponsor ensures that department budget will adequately fund the team’s efforts; team administers budget. Team is “self-directing” based on both internal and external customer needs.
Sponsor does not review logbook. Team takes responsibility for ensuring that successes are publicized.
Team has little to no need for a facilitator; need is more often in the area of technical advice or expertise.
Team sets goals; keeps sponsor informed of progress.
.'8'.(17441.'
5210514ŏ541.'(146*'.+('1(6*'6'#/
5RQPUQTKPIC0CVWTCN6GCO
6JG/CPCIGTŏU2QEMGV)WKFGVQ6GCO5RQPUQTUJKR
9JKNGVJGVGCOKUUVKNNCVNGXGNQPG[QWTTQNGYKNNEQPVKPWGVQDG XGT[UVTQPI$GNQYKUCNKUVQH[QWTURGEKHKENGXGNQPGVCUMU
➥ ➥ ➥ ➥ ➥ ➥ ➥ ➥ ➥ ➥
.GXGN1PG6CUMU 5GVVJGVGCOŏUIQCNU 4GXKGYVJGVGCOŏURGTHQTOCPEGOGCUWTGU #RRTQXGVJGVGCOŏUOGVTKEU 5RQPUQTCP[TGUWNVKPICFJQEVGCOU /GGVYKVJHCEKNKVCVQTQTVGCONGCFGTQPCTGIWNCTDCUKU 2WDNKEK\GVJGVGCOŏUUWEEGUUGU 4GFKTGEVVJGVGCOYJGPVJG[IGVQHHVTCEM /QPKVQTVGCOOGGVKPIU 4GXKGYVJGVGCONQIDQQM
+H[QWFQ[QWTLQDYGNNKPUVTWEVWTKPIVJGVGCOCPFVJGPHQNNQY [QWTVCUMNKUV[QWUJQWNFUGGUKIPUVJCV[QWTVGCOKUOCUVGTKPI NGXGNQPGCPFKUTGCF[VQOQXGQPVQNGXGNVYQ 7UGVJKUJCPF[EJGEMNKUVVQFGVGTOKPGYJGVJGT[QWT VGCOKUTGCF[VQOCMGVJGVTCPUKVKQPVQNGXGNVYQ
.'8'.10'6'#/#&8#0%'/'06%*'%-.+56 14)#0+<#6+10
❏ ❏ ❏ ❏
6GCOJCUCOKUUKQPUVCVGOGPVVJCVCNNOGODGTUWPFGTUVCPF CPFőDW[KPŒVQ 6GCOJCUITQWPFTWNGU 6GCOMGGRUNQIDQQMWRVQFCVG 6GCOOGGVUQPCTGIWNCTDCUKU
/''6+0)241%'55
❏ ❏
)TQWPFTWNGUCTGQDUGTXGFCPFGPHQTEGF /GGVKPICIGPFCUCTGFKUVTKDWVGFRTKQTVQOGGVKPI
%QPVKPWGF
5RQPUQTKPIC0CVWTCN6GCO
/''6+0)241%'55 %QPENWFGF
❏ ❏ ❏ ❏ ❏ ❏ ❏
6GCOWUGUTQWPFTQDKP 6GCOWUGUFGEKUKQPOCMKPIVGEJPKSWGUVJCVKPXQNXGCNN OGODGTU 6GCOWUGUCEVKQPOKPWVGUFWTKPIOGGVKPICPFFKUVTKDWVGU VJGOCHVGTOGGVKPI 6GCOWUGURCTMKPINQVGHHGEVKXGN[ /GGVKPITQNGUCTGCUUKIPGFCPFVCMGPUGTKQWUN[ 6GCOOGODGTUCTGYKNNKPIVQNGCFCRQTVKQPQHCOGGVKPI QTXQNWPVGGTHQTVCUMUVJCVOWUVDGEQORNGVGFDGVYGGP OGGVKPIU 6GCORGTKQFKECNN[GXCNWCVGUKVUOGGVKPIU
6'#/&'8'.12/'06
❏
6GCOKUDGIKPPKPIVQOCMGQYPEQTTGEVKQPUKPVJGVGCO RTQEGUUGUTGN[KPINGUUQPVJGHCEKNKVCVQT
❏
6GCOOGODGTUCTGCDNGVQEQPHTQPVCPFFGCNYKVJUQOG EQPHNKEVDQVJKPVJGOGGVKPIUCPFKPVJGYQTMRNCEG
❏
#NNVGCOOGODGTUHGGNTGURQPUKDNGHQTRGTHQTOCPEG OGCUWTGUCPFVJGITQWRHQEWUGUGHHQTVUQPMGGRKPIVJQUG OGCUWTGUCVCPCEEGRVCDNGNGXGN
❏
6JGVGCOKUCDNGVQUQNXGOKPQTRTQDNGOUVJCVJCXGCFKTGEV KORCEVQPKVURGTHQTOCPEGOGCUWTGU
❏
6GCOOGODGTURTQCEVKXGN[UGGMKPRWVHTQOKPVGTPCN EWUVQOGTUDGHQTGOCMKPIEJCPIGUVQVJGYQTMRTQEGUUGU
❏
6GCONKUVGPUVQVJGKPRWVQTHGGFDCEMQHQVJGTU
GIURQPUQTKPVGTPCNEWUVQOGTHCEKNKVCVQTCPF TGURQPFUCRRTQRTKCVGN[
;QWFQPQVJCXGVQEJGEMQHHCOCIKEPWODGTQHCEVKXKVKGU DGHQTG[QWECPUVCTVJGNRKPIVJGVGCOOQXGVQNGXGNVYQ+H[QW ECPPQVEJGEMQHHCMG[CTGCVJGPJGNRVJGVGCOIGVVQVJGRQKPV YJGTG[QWECP9JGP[QWUGGUWEEGUUGUKPOQUVCEVKXKVKGUIKXG VJGVGCOCDQQUVVQVJGPGZVNGXGN
6JG/CPCIGTŏU2QEMGV)WKFGVQ6GCO5RQPUQTUJKR
➥
.'8'.691
#UCPCVWTCNVGCOCFXCPEGUVQNGXGNVYQKVUOGODGTUDGEQOG OQTGDWUKPGUUQTKGPVGF6JG[CTGPQVLWUVYQTMKPIQPJQYVQ IGVVJGLQDFQPGDWVCNUQHQEWUKPIQPJQYVQIGVKVFQPGDGVVGT 6JG[CTGDGEQOKPIRTQCEVKXGōHKIWTKPIQWVYC[UVQOGGV HWVWTGPGGFU9JGPVJG[UGGUQOGVJKPIKPVJGKTRTQEGUUVJCV PGGFUEJCPIKPIVJG[CEVQPKVICVJGTFCVCCPFOCMGVJGKTECUG VQOCPCIGOGPV9JGTGCUVJGNGXGNQPGVGCOFQGUPQVCEVQPC RTQDNGOYKVJQWVUQOGQPGŏURGTOKUUKQPVJGNGXGNVYQVGCO IQGUHQTKV1DXKQWUN[VJGURQPUQTŏUTQNGOWUVEJCPIGCUVJG VGCODGEQOGUOQTGCEVKXGCPFTGUWNVUQTKGPVGF 5QYJCVFQ[QWPGGFVQFQQPEG[QWTVGCOKUQRGTCVKPICVNGXGN VYQ!;QWUJQWNFEQPVKPWGVQRTQXKFGVJGVGCOYKVJFKTGEVKQP CPFIWKFCPEGDWVCVCNQYGTNGXGNQHKPVGPUKV[6JGVCUMNKUV DGNQYKUCIQQFIWKFGVQHQNNQY
➥
.GXGN6YQ6CUMU
➥
'PUWTGVJCVVJGVGCOICKPUUQOGRTQDNGOUQNXKPIVQQNUCPF VGEJPKSWGU
➥
'PUWTGVJCVVJGVGCOICKPUUQOGFCVCCPCN[UKUCPF52% VQQNUCPFVGEJPKSWGU
5RQPUQTKPIC0CVWTCN6GCO
➥
.GXGN6YQ6CUMU %QPENWFGF
➥
'PUWTGVJCVVJGVGCOTGEGKXGUCFXCPEGFKPVGTRGTUQPCNUMKNNU VTCKPKPIUQOGODGTUECPDGIKPFGCNKPIYKVJUQOGQHVJGKT QYPEQOOWPKECVKQPCPFEQPHNKEVKUUWGUTCVJGTVJCPTGN[KPI QPHCEKNKVCVQT 'PUWTGCXCKNCDKNKV[QHHCEKNKVCVQTYJKNGGPEQWTCIKPIFGETGCUGF TGNKCPEGQPHCEKNKVCVQT 2TQXKFGKPHQTOCVKQPVQVJGVGCOCDQWVVJGFGRCTVOGPV RTKQTKVKGUCPFVJGHCEKNKV[XKUKQP 2TQXKFGHKPCPEKCNKPHQTOCVKQPVQVJGVGCO FGRCTVOGPV DWFIGVUQRGTCVKPIEQUVHKIWTGUGVE +PKVKCNN[RTQXKFGGPQWIJKPHQTOCVKQPCPFIWKFCPEGHQTVJG VGCOVQUGVKVUQYPIQCNU 'ORQYGTVJGVGCOVQURQPUQTCFJQEVGCOUKP CEEQORNKUJKPIIQCNU 6GCEJVJGVGCOQTJCXGVJGHCEKNKVCVQTVGCEJVJGVGCOVJG PGEGUUCT[KPITGFKGPVUQHVJGEJCTVGTHQTCFJQEVGCOU )KXGVJGVGCOCDWFIGVVQCFOKPKUVGTHQTQPGQHKVUCFJQE RTQLGEVU 4GXKGYVJGVGCOŏUGORQYGTOGPVNKOKVUQPFGEKUKQPU TGSWKTGFVQCEEQORNKUJKVULQDUNQQMKPIHQTCTGCUVJCVECPDG GZRCPFGF 4GXKGYVGCOIQCNUCPFIKXGHGGFDCEMCUPGGFGF
➥ ➥ ➥ ➥ ➥ ➥ ➥ ➥ ➥
+H[QWMGGRVQVJGVCUMNKUVCPFOQFKH[[QWTUV[NGCUVJGVGCO OCVWTGU[QWUJQWNFUGGVJGVGCOUVCTVVQOCMGRTQITGUU VQYCTFNGXGNVJTGG6JGP[QWYKNNNQQMHQTUKIPUVJCVVJGVGCO KURTGRCTGFVQCFXCPEGVQVJGPGZVNGXGN 7UGVJGJCPF[EJGEMNKUVQPVJGHQNNQYKPIRCIGVQ FGVGTOKPGYJGVJGT[QWTVGCOKUTGCF[VQOCMGVJG VTCPUKVKQPVQNGXGNVJTGG
6JG/CPCIGTŏU2QEMGV)WKFGVQ6GCO5RQPUQTUJKR
.'8'.6916'#/#&8#0%'/'06%*'%-.+56 14)#0+<#6+10 ❏ ❏ ❏ ❏
6GCOOKUUKQPJCUCUVTQPIDWUKPGUURWTRQUGCPFHQEWU 6GCONQIDQQMUCTGOCKPVCKPGFCPFWRFCVGFD[VGCO OGODGTUYKVJQWVTGOKPFGTUHTQOHCEKNKVCVQT 6GCOURQPUQTUCFJQEVGCOUVQVCEMNGOCLQT RTQLGEVURTQDNGOUōYTKVKPICEJCTVGTCPFGPUWTKPIVJCVVJG PGEGUUCT[UWRRQTVGNGOGPVUCTGKPRNCEG 6CUMTGURQPUKDKNKVKGUCTGTQVCVGFQPCTGIWNCTDCUKU
/''6+0)241%'55 ❏ ❏ ❏ ❏ ❏ ❏ ❏ ❏
6GCOOGGVKPIUCTGOCPCIGFYKVJQWVHWNNVKOGHCEKNKVCVKQP 6GCOCUUGTVKXGN[GPHQTEGUITQWPFTWNGU 6GCOOGODGTUVCMGHGGFDCEMCPFKPRWVYKVJQWV FGHGPUKXGPGUU 6GCOWUGUFGEKUKQPOCMKPIVGEJPKSWGUVJCVKPXQNXGCNN OGODGTU 6GCOWUGUCEVKQPOKPWVGUFWTKPIOGGVKPICPFFKUVTKDWVGU VJGOCHVGTOGGVKPI 6GCOWUGURCTMKPINQVGHHGEVKXGN[ 6GCOOGODGTURCTVKEKRCVGHWNN[CPFCEVKXGN[YKVJQWV EQCEJKPI 6GCOGXCNWCVGUKVUOGGVKPIUCPFNQQMUHQTYC[UVQKORTQXG KVURTQEGUU
6'#/&'8'.12/'06 ❏ ❏ ❏ ❏ ❏ ❏ ❏ ❏
6GCOKUWUKPIHQTOCNRTQDNGOUQNXKPIVQQNUCPFUMKNNU 6GCOKUWUKPI52%VGEJPKSWGU #NNVGCOOGODGTUHQEWUQPRGTHQTOCPEGOGCUWTGU 6JGVGCOKUVCEMNKPIOQTGFKHHKEWNVRTQDNGOUVJCVCHHGEV SWCNKV[RTQFWEVKXKV[QTEWUVQOGTUGTXKEGOGCUWTGU 6GCOOGODGTURTQCEVKXGN[CFFTGUURTQDNGOU 6GCOUJQYUKPVGTGUVKPEQPVKPWKPIVGEJPKECNVTCKPKPI 6GCOFGXGNQRUCVQVCNSWCNKV[RJKNQUQRJ[ 6GCOCEVKXGN[UGGMUVJGKPRWVQTHGGFDCEMQHEWUVQOGT
KPVGTPCNQTGZVGTPCNCPFTGURQPFUCRRTQRTKCVGN[
5RQPUQTKPIC0CVWTCN6GCO
➥
.'8'.6*4''
.GXGNVJTGGCEVKXKVKGUOC[DGIKPYJKNGVJGVGCOKUUVKNNQRGTCV KPICVNGXGNVYQ;QWTLQDCVVJKUUVCIGKUVQECTGHWNN[RNCPCPF KORNGOGPVKPETGCUGFTGURQPUKDKNKVKGUHQTVJGVGCO6JGHQEWU JGTGFKHHGTUHTQOVJCVQHNGXGNQPGKPVJGUGYC[U .'8'.10'(1%75
↔
.'8'.6*4''(1%75
5RQPUQTNQQMUCVFGEKUKQPUVJCV VGCOOGODGTUOWUVDGCDNGVQ OCMGKPQTFGTVQECTT[QWVVJGKT LQDFWVKGU
↔ 5RQPUQTNQQMUCVCTGCUVJCV
5RQPUQTITCPVUFGEKUKQPOCMKPI RQYGTUVJCVRTQDCDN[UJQWNF JCXGDGGPIKXGPVQOGODGTU GCTNKGTDGHQTGVGCOYCUGXGP UVCTVGF
↔ 5RQPUQTNQQMUCVCTGCUVJCV
VGCOOGODGTUPGGFVQVCMG TGURQPUKDKNKV[HQTKHVJG[CTGVQ DGEQOGUGNHOCPCIKPI VTCFKVKQPCNN[JCXGDGGPUWRGT XKUQT[KPPCVWTGCPFFTCYUWRC RNCPHQTVGCOVQVCMGQPOQTGQH VJGUGCTGCU
6JGHQNNQYKPINKUVKPENWFGUUQOGQHVJGCTGCUKPYJKEJ[QW OKIJVDGIKPVQőTGNGCUGRQYGTŒVQVJGNGXGNVJTGGVGCO-GGRKP OKPFVJCVVJGUGCTGQPN[GZCORNGUDGECWUGGXGT[EQORCP[JCU CFKHHGTGPVXKUKQPHQTKVUVGCOUUQOGKVGOUOC[PGXGTDGEQOG VGCOTGURQPUKDKNKVKGUKP[QWTQTICPK\CVKQP *WOCP4GUQWTEG4GURQPUKDKNKVKGU Ŗ 2GTHQTOCPEGGXCNWCVKQPUCPFCRRTCKUCN Ŗ +PVGTXKGYKPICPFOCMKPITGEQOOGPFCVKQPUQPPGY RGTUQPPGN Ŗ /QPKVQTKPICPFMGGRKPICVVGPFCPEGTGEQTFU Ŗ &KUEKRNKPG Ŗ %QPFWEVKPIVTCKPKPICPFEGTVKHKECVKQPRTQITCOU 5CHGV[ Ŗ %QPFWEVKPIUCHGV[OGGVKPIUCPFCWFKVUQHQYPCPF QVJGTFGRCTVOGPVU Ŗ &GUKIPKPICPFKORNGOGPVKPIUCHGV[RTQITCOU
6JG/CPCIGTŏU2QEMGV)WKFGVQ6GCO5RQPUQTUJKR
2TQFWEVKQP1RGTCVKQPU2NCPPKPI Ŗ /CMKPIYQTMCUUKIPOGPVU Ŗ 2TQFWEVKQPRNCPPKPICPFUEJGFWNKPI Ŗ /QPKVQTKPIRTQFWEVKXKV[CPFSWCNKV[UVCPFCTFU TGEQOOGPFKPIEJCPIGU 4GRTGUGPVKPIVJG%QORCP[ Ŗ /GGVKPIYKVJEWUVQOGTU Ŗ &GCNKPIFKTGEVN[YKVJEWUVQOGTEQORNCKPVU Ŗ #WFKVKPIUWRRNKGTU Ŗ /GGVKPIYKVJXGPFQTU Ŗ %GTVKH[KPICPFCRRTQXKPIXGPFQTUCPFUWRRNKGTU 6JGTGCTGOCP[YC[UVJCV[QWECPJGNR[QWTVGCOCUUWOG KPETGCUKPITGURQPUKDKNKV[CPFVJWUCFXCPEGVQCPFOCUVGTNGXGN VJTGG6JGVCUMNKUVDGNQYKUCWUGHWNTGHGTGPEG
➥
.GXGN6JTGG6CUMU
➥
%QPVKPWGGPJCPEKPIVJGVGCOŏURTQDNGOUQNXKPIUMKNNU 2TQXKFGKPHQTOCVKQPCPFTGUQWTEGUQPCFXCPEGFVQQNUCPF VGEJPKSWGU EQUVDGPGHKVCPCN[UKUHQTEGHKGNFCPCN[UKU RTQEGUUECRCDKNKV[UVTCVKHKECVKQP )GVVJGVGCOQPVJGFKUVTKDWVKQPNKUVHQTRWDNKECVKQPUPQVKEGU CPFOGOQUVJCVRTGXKQWUN[ECOGQPN[VQ[QW +PETGCUGVJGCXCKNCDKNKV[CPFNGXGNQHHKPCPEKCNKPHQTOCVKQP
GIFGRCTVOGPVDWFIGVUQRGTCVKPIEQUVHKIWTGUCHHQTFGF VQVJGVGCO #TTCPIGHQTVGCOVTCKPKPIKPKPVGTXKGYKPICPFJKTKPI VGEJPKSWGU KPENWFKPINGICNKUUWGU''1KUUWGUCPFUQ HQTVJ 6GCEJVJGVGCOQTCTTCPIGHQTVJGJWOCPTGUQWTEGU FGRCTVOGPVVQVGCEJVJGVGCOCDQWVEQORCP[RQNKE[QP FKUEKRNKPCT[CEVKQPUEQPFWEVKPIRGTHQTOCPEGEQWPUGNKPI UGUUKQPUCPFFQEWOGPVCVKQP
➥ ➥ ➥ ➥
5RQPUQTKPIC0CVWTCN6GCO
➥
.GXGN6JTGG6CUMU %QPENWFGF
➥
+PETGCUGVJGVGCOŏUDWFIGVCT[TGURQPUKDKNKVKGU)KXG OGODGTUCTQNGKPCFOKPKUVGTKPICRCTVQHYJCVGXGT FGRCTVOGPVCNDWFIGVVJGVGCOJCUVJGITGCVGUVKORCEVQP 'PEQWTCIGVJGVGCOVQCRRQKPVCPFTQVCVGTGURQPUKDKNKV[HQT VTCFKVKQPCNUWRGTXKUQT[KUUWGUUWEJCURTQFWEVKQPUCHGV[ CPFJWOCPTGUQWTEGU 6JGVGCOOC[CNTGCF[TQVCVG TGURQPUKDKNKV[HQTTGRQTVKPIKPVJGUGCTGCUJQYGXGTGCEJ OGODGTŏUTGRQTVKPITQNGYQWNFPQYDGGZRCPFGFCPF KPENWFGCEVKPICUVJGVGCONGCFGTYJGPGXGTVJGVGCOKU FGCNKPIYKVJCPKUUWGHTQOVJGOGODGTŏUCTGC #TTCPIGHQTVGCOVTCKPKPI HQTOCNQTKPHQTOCNKPVJQUGCTGCU KPYJKEJOGODGTUCTGKPETGCUKPIVJGKTFGEKUKQPOCMKPI TQNGU 5OQQVJVJGYC[HQTVJGVGCOVQVCMGQXGTCUCEQPVCEVRQKPV HQTQVJGTHWPEVKQPCNCTGCUD[EQPVCEVKPIVJGFGRCTVOGPVJGCF KPVJGQVJGTCTGCU %CNNXGPFQTUUWRRNKGTUVQNGVVJGOMPQYCDQWVVJGEJCPIGKP EQPVCEVRGTUQPVQGPUWTGCPGCU[VTCPUKVKQP 'PUWTGVJCVVJGVGCOJCUCEQPVCEVRGTUQPHQTGXGT[ HWPEVKQPCNCTGCYKVJKPVJGHCEKNKV[
➥
➥ ➥ ➥ ➥
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ŏU YGKIJVKGTTQNGKPKVUCTGCUQHTGURQPUKDKNKV[9JGPCVNGXGNQPG QTVYQVJG[OC[JCXGDGGPKPXQNXGFKPVJQUGCTGCUQPCP
6JG/CPCIGTŏU2QEMGV)WKFGVQ6GCO5RQPUQTUJKR
KPHQTOCNQTKPRWVQPN[DCUKUDWVPQYCVNGXGNVJTGGVJGCTGCU CTGDGEQOKPIRCTVQHVJGVGCOŏUQXGTCNNEJCTIG/GODGTUCTG PQNQPIGTUKORN[CEEQWPVCDNGHQTVJGKTQYPRGTHQTOCPEG HCEVQTUCPFRTQDNGOUQNXKPIVJG[CTGIGVVKPIKPVQJKIJGTNGXGN UMKNNUōVJGMKPFPGGFGFHQTVJGVGCOVQCFXCPEGVQNGXGNHQWT
➥
.'8'.(174
0QTGOCTMCDNGICRUGRCTCVGUCNGXGNHQWTVGCOHTQOCNGXGN VJTGGVGCO$QVJVGCOUJCXGVCMGPQPVTCFKVKQPCNOCPCIGOGPV QTUWRGTXKUQT[VCUMU;GVVJGTGCTGUQOGFKHHGTGPEGU6JGNGXGN HQWTVGCOJCUNKVVNGVQPQPGGFHQTURQPUQTQXGTUKIJVCPFō OQUVKORQTVCPVōYJKNGVJGNGXGNVJTGGVGCOOC[TGOCKPCVVJG TGEQOOGPFCVKQPUVCIGQPEGTVCKPKUUWGUVJGNGXGNHQWTVGCOKU HWNN[GORQYGTGFVQCEVQPVJQUGKUUWGU 6QDGVVGTUGGVJGFKHHGTGPEGUDGVYGGPVJGVYQVGCOV[RGU NGVŏUEQORCTGUGXGTCNGZCORNGUQHVGCOTGURQPUKDKNKVKGU&QPŏV HQTIGVōVJGUGCTGGZCORNGUQPN[;QWTEQORCP[OC[PQV KPVGPFVQGORQYGTVGCOUKPVJGUGRCTVKEWNCTCTGCUCPFJCXG QVJGTCTGCUKPOKPF 6JGTGKUPQVCUMNKUVHQTNGXGNHQWT;QWUKORN[NGCTPVQKPETGCUG VJGVGCOŏUFGEKUKQPOCMKPIHTGGFQOVQUVGRDCEMCUVJGVGCO ICKPUEQPHKFGPEGCPFOCVWTKV[6JGVTCPUKVKQPKUDCUKECNN[QPG QHGORQYGTOGPVNGXGNU
5RQPUQTKPIC0CVWTCN6GCO
6'#/4'52105+$+.+6+'5 .'8'.6*4''
.'8'.(174
+PVGTXKGYKPIKPVGTPCNECPFKFCVGU CPFOCMKPITGEQOOGPFCVKQPU HQTPGYVGCOOGODGTU
+PVGTXKGYKPICPFUGNGEVKPICNN ECPFKFCVGU DQVJKPVGTPCNCPF GZVGTPCNHQTPGYVGCOOGODGT RQUKVKQPU
)KXKPIKPRWVQPGXCNWCVKQPCPF CRRTCKUCNQHQVJGTVGCOOGODGTŏU RGTHQTOCPEG
'XCNWCVKPICPFCRRTCKUKPIGCEJ QVJGTŏURGTHQTOCPEGQPVJGVGCO
5GNGEVKPIXGPFQTUDCUGFQP RTGFGVGTOKPGFETKVGTKC
#FOKPKUVGTKPIRC[HQTRGTHQTOCPEG RNCPCEEQTFKPIVQEQORCP[RQNKE[ CPFIWKFGNKPGU &GVGTOKPKPIVJGETKVGTKCHQT UGNGEVKPIXGPFQTU 5GNGEVKPIXGPFQTU
%QOOWPKECVKPIYKVJXGPFQTU YJGPVJGTGKUCRTQDNGOYKVJ SWCNKV[FGNKXGT[CPFVJGNKMG
&GVGTOKPKPIVTCKPKPIPGGFUHQTVJG FGRCTVOGPVUEJGFWNKPIKPVGTPCN VTCKPKPIHQTVGCOOGODGTU &GVGTOKPKPIRTQFWEVKQPUEJGFWNGU DCUGFQPEWUVQOGTPGGF KPVGTPCN QTGZVGTPCN
0GIQVKCVKPIYKVJXGPFQTU %QOOWPKECVKPIYKVJXGPFQTU YJGPVJGTGCTGRTQDNGOU &GVGTOKPKPIYJGPKVKUPGEGUUCT[ VQUVQRFQKPIDWUKPGUUYKVJC RCTVKEWNCTXGPFQTDGECWUGQH EQPVKPWGFRTQDNGOU #FOKPKUVGTKPICVTCKPKPIDWFIGVHQT VJGVGCO &GVGTOKPKPICPFUEJGFWNKPI KPVGTPCNCPFGZVGTPCNVTCKPKPI &GVGTOKPKPIRTQFWEVKQPUEJGFWNGU DCUGFQPEWUVQOGTPGGF KPVGTPCN QTGZVGTPCN &GVGTOKPKPIOCPRQYGTPGGFU DCUGFQPUEJGFWNGU
1TFGTKPIOCVGTKCNUCPFFGCNKPI YKVJUWRRNKGTU
/CPCIKPICDWFIGVHQTOCVGTKCNU CPFUWRRNKGU
)KXKPIKPRWVQPRTQFWEVKQP RNCPPKPI
5GVVKPIRTQFWEVKQPRNCPCEEQTFKPI VQEWUVQOGTPGGFU
#EVKXGN[OQPKVQTKPIRTQFWEVKXKV[ CPFSWCNKV[UVCPFCTFU
5GVVKPICPFOQPKVQTKPIRTQFWEVKXKV[ CPFSWCNKV[UVCPFCTFU
6JG/CPCIGTŏU2QEMGV)WKFGVQ6GCO5RQPUQTUJKR
;QWYKNNHKPFVJCVVJGVGCOPGGFUNGUUQH[QWTJGNRCUVJG[ VTCPUKVKQPKPVQNGXGNHQWT+H[QWFQ[QWTLQDYGNN[QWYKNN YQTM[QWTYC[QWVQHCURQPUQTUJKRTQNGYKVJVJKUVGCO1P QEECUKQPVGCOOGODGTUOC[UVKNNVWTPVQ[QWHQTCFXKEGHQT MPQYNGFIGHQT[QWTURGEKCNGZRGTVKUG$WVHQTVJGOQUVRCTV VJG[YKNNDGOCPCIKPIVJGOUGNXGUCPF[QWYKNNHKPCNN[IGVVQ UKVDCEMCPFTGCRVJGTGYCTFU #UCOCVVGTQHHCEVD[VJGVKOGVJKU VGCOTGCEJGUNGXGNHQWT[QWUJQWNF JCXGXGT[NKVVNGVQFQ5QDGRTGRCTGF CPFYQTMJCTFDGHQTGJCPFVQHKPF CPQVJGTTQNGHQT[QWTUGNHKPVJG QTICPK\CVKQPōOC[DGVCMKPIQPUQOG QH[QWTDQUUŏUHQTOGTTGURQPUKDKNKVKGU 1T[QWECPCNYC[UUVCTVWRCPQVJGT VGCO
✰
%QPITCVWNCVKQPU
✰
#HVGTCNN[QWTTGCFKPICPFJCTFYQTM KVŏUVKOGVQHKPFQWVJQYOWEJQHVJG KPHQTOCVKQPKPVJKUIWKFGDQQM[QWŏXGTGCNN[ CDUQTDGF 6JG6GCO5RQPUQT6GUVDGIKPUQPVJG PGZVRCIG)QQFNWEM
6*'6'#/52105146'56 &KTGEVKQPU6JKUVGUVKUCEQODKPCVKQPQHOWNVKRNGEJQKEGYTKVGKP CPFVTWGQTHCNUGKVGOU%NQUGN[TGCFGCEJKVGOVJGPTGEQTF[QWT TGURQPUGUCUCRRTQRTKCVG(QTOWNVKRNGEJQKEGSWGUVKQPUUGNGEVQPN[ QPGCPUYGT9JGP[QWJCXGEQORNGVGFVJGVGUVVWTPVQ#RRGPFKZ$ CPFEJGEM[QWTTGURQPUGUVQVJGVGUVŏUCPUYGTMG[
;QWJCXGPGYGSWKROGPVVQKPUVCNNKPVJGCTGC+PUVCNNCVKQP CPFVGUVKPIYKNNVCMGCVNGCUVVYQYGGMU6JGGSWKROGPVOWUVDG WRCPFQRGTCVKQPCNUKZYGGMUHTQOVQFC[;QWJCXGFGEKFGFVQ WUGCVGCOHQTVJKUVCUM9JKEJV[RGQHVGCOUJQWNF[QWWUG!
C
6JGETQUUUJKHVPCVWTCNVGCOHTQOVJGCTGC
D
#UVCPFKPIVGCOEJCTVGTGFHQTVJKUURGEKHKERWTRQUG
E
#ETQUUHWPEVKQPCNCFJQEVGCO
F
#OWNVKHWPEVKQPCNGPIKPGGTKPIVGCO
;QWJCXGTGEGPVN[VCMGPQXGTCUVJGURQPUQTQHVJG2NCPV9KFG 3WCNKV[+ORTQXGOGPV6GCO;QWHKPFVJCVVJGVGCOFQGUPQVJCXG CEJCTVGTQTCOKUUKQPUVCVGOGPVCPFJCUPQVJCFCOGGVKPIKPUKZ OQPVJU6JGRNCPVOCPCIGTYCUVJGURQPUQTDGHQTG[QWT CRRQKPVOGPV9JCVUJQWNF[QWFQ!
C
)QOGGVYKVJVJGRNCPVOCPCIGTCPFTGXKGYVJGVGCO FGXGNQROGPVIWKFGNKPGUYKVJJKOOCMKPIUWTGJG WPFGTUVCPFUVJCVVGCOUOWUVJCXGUVTWEVWTG
D
)QVQVJGVGCOUEQQTFKPCVQTCPFJCXGCHCEKNKVCVQTCUUKIPGF IGVJGNRYTKVKPIVJGEJCTVGTCPFOGGVYKVJVJGVGCOVQ OCMG[QWTGZRGEVCVKQPUENGCT
E
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3 Months
—The team cannot change product specs —The team cannot purchase new equipment without department head approval
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6GCO5RQPUQT Dan Jones 6GCO.GCFGT Bill Crittendon #UUKIPGF(CEKNKVCVQT Susan Lide
$WFIGV4GUQWTEGU 0 May meet on overtime (1 hr. per week.) Maintenance - Mike Mays Engineering - John Latimer
0COGQH6GCO/GODGTU Gail Williams Lois Menendez John Duncan Will Brice
Identify causes of scrap on Line #2 and )QCN5VCVGOGPV reduce it by 50%
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# 0COGQH6GCO/GODGTU Nadine Johnson (Team Leader) Kent McCall Judy Morris Andy Danson Susan Smith John Williams
6GCO5RQPUQT Chuck McClure #UUKIPGF(CEKNKVCVQT John Adams
Word Processing Support from Plant Manager’s office
$10,000 for Safety Award Program
$WFIGV4GUQWTEGU
—May not change existing safety policy without approval from Plant Mgr. —May conduct audits in any dept. —May require immediate change in safety practices if necessary
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program, and ensure communication to everyone in the facility
6GCO2WTRQUG/KUUKQP The Safety & Environmental Team is to develop, administer, and constantly enhance all aspects of the Plant Safety
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B - 50 Team — Second Shift
$QWPFCTKGU —Team must notify supervisor if repair will affect production schedule —At least 2 team members must be in work area at all times —Team may not meet more than one hour per week
&GEKUKQP/CMKPI#WVJQTKV[ —Team may write work orders for routine maintenance & breakdowns —Team will determine break schedules and vacation coverage —Team will determine weekly meeting times
Lisa Stone
6GCO5RQPUQT John Lowe 6GCO.GCFGT John Jeffers 6GCO/GODGTU Scott Sloan, Glenn Jenkins, Bernie Willimas,
housekeeping, supplying internal customers, and providing break coverage
6GCO,QD&GUETKRVKQP Team is responsible for preventative maintenance,
6GCOŏU2WTRQUG Produce widgets that meet or exceed quality standards
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4 weeks
*QYNQPIYKNNKV DGOGCUWTGF! 50% reduction
Machine operator
6GCOOGODGT TGURQPUKDNGHQT OGCUWTGOGPV
9JCVYKNNDG EQPUKFGTGFC UWEEGUUHWN UQNWVKQP!
Scrap will be counted & recorded hourly
% of Scrap
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9JCVYKNNDG OGCUWTGF!
/GCUWTGOGPV
/GCUWTGOGPV /GCUWTGOGPV
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by 50% AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA AAAAAAA
Identify causes of scrap on Line 2 and reduce it AAAAAAA )QCN AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA
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AGENDA ITEM
Background Information:
Purpose of the Meeting:
PERSON RESPONSIBLE
Please Bring:
PROCESS
TIME
Meeting Date/Time AAAAAAAAAAAAAAAAAAAA Location AAAAAAAAAAAAAAAAAAAAAAAAAAAAAA
/GGVKPI#IGPFC
#RRGPFKZ%5RQPUQT'ZVTCU
%
6JG/CPCIGTŏU2QEMGV)WKFGVQ6GCO5RQPUQTUJKR
%
AAAAAAAAAAAAAAAAAAAAAAAA
AAAAAAAAAAAAAAAAAAAAAAAA
AAAAAAAAAAAAAAAAAAAAAAAA
AAAAAAAAAAAAAAAAAAAAAAAA
Signatures of Team Members:
AAAAAAAAAAAAAAAAAAAAAAAAAA
AAAAAAAAAAAAAAAAAAAAAAAAAA
9GYKNNCEEQORNKUJVJGUGIQCNUD[XCNWKPIGCEJQVJGT¨UQRKPKQPUVTGCVKPIGCEJQVJGT YKVJTGURGEVCPFFGXGNQRKPICUWRRQTVKXGYQTMGPXKTQPOGPV
6JG$VGCOGZKUVUVQ 2TQFWEGVJGJKIJGUVSWCNKV[YKFIGVUCUGHHKEKGPVN[CURQUUKDNG Ŗ 5QNXGRTQDNGOUKPQWTRTQEGUUSWKEMN[CPFGHHGEVKXGN[YKVJKPRWVHTQOCNNVGCO OGODGTU Ŗ #NYC[UNQQMHQTDGVVGTCPFOQTGGHHKEKGPVYC[UQHRTQFWEKPIQWTRTQFWEV
Who we are and what we do:
TEAM MISSION STATEMENT
#RRGPFKZ%5RQPUQT'ZVTCU
%
%
9GYKNNUVC[HQEWUGFCPFQPVCUMKPQWTOGGVKPIUCPFKPQWTYQTMRNCEG
9GYKNNDGQRGPVQUWIIGUVKQPUHTQOQVJGTU
9GYKNNDGFGFKECVGFCPFQPVKOG VQYQTMCPFVQOGGVKPIU
9GYKNNDGJQPGUVCPFVCEVHWN
9GYKNNDGEQPUKFGTCVGQHGCEJQVJGT
9GYKNNDGHNGZKDNG
9GYKNNDGRCVKGPVCPFWPFGTUVCPFKPIYKVJGCEJQVJGT
9GYKNNDGTGURGEVHWNQHQVJGTUQPVJGVGCO
GROUND RULES B-52 TEAM - FIRST SHIFT
6JG/CPCIGTŏU2QEMGV)WKFGVQ6GCO5RQPUQTUJKR
#RRGPFKZ%5RQPUQT'ZVTCU
%
#22'0&+:&
241$.'/551.76+105+0&':
%106'065 Ŗ /QUV(TGSWGPV6GCO 5RQPUQTUJKR2TQDNGOUCPF 5QNWVKQPU
#RRGPFKZ&2TQDNGOU5QNWVKQPU+PFGZ
241$.'/551.76+105+0&': 6JGVGCO+ŏOURQPUQTKPIKUURGPFKPICNNKVUVKOGIGPGTCVKPI NKUVUQHVJKPIUVJCVQVJGTITQWRUPGGFVQFQō'PIKPGGTKPI /CKPVGPCPEG/CPCIGOGPVQVJGTUJKHVUGVE9JCVECP+FQVQ HQEWUVGCOOGODGTUQPYJCVVJG[PGGFVQFQ! ;QWTHKTUVUVGRKUVQTGGXCNWCVGVJKUVGCOŏUEJCTVGT;QWOWUV GPUWTGVJCVVJGVGCOJCUUQOGVJKPIUWDUVCPVKXGVQHQEWUGHHQTVUQP CPFVJCV[QWJCXGITCPVGFENGCTCWVJQTKV[VQCEVQPVJQUGUWDUVCPV KXGKUUWGU+HVJGTGKUCP[EJCPEGVJCVVJGEJCTVGTKUPQVENGCT UEJGFWNGCOGGVKPIVQENCTKH[[QWTGZRGEVCVKQPUCNQPIYKVJVJG GORQYGTOGPVNKOKVU +H[QWCTGEGTVCKPVJCVVJGRTQDNGOKUPQVYKVJVJGEJCTVGTCUMVJG HCEKNKVCVQTVQVCMGVJGVGCOVJTQWIJCHQEWUQHEQPVTQNGZGTEKUG+P VJKUGZGTEKUGVJGHCEKNKVCVQTRWVUVJTGGEQNWOPUQPCHNKREJCTV6JG HKTUVEQNWOPKUNCDGNGFő7PFGT6GCO%QPVTQNŒVJGUGEQPFEQNWOP KUNCDGNGFő7PFGT6GCO+PHNWGPEGŒCPFVJGHKPCNEQNWOPKUő0Q %QPVTQNŒ6JGHCEKNKVCVQTJCUVJGVGCORNQVGCEJQHVJGKFGCU UQNWVKQPUKUUWGUKPVJGCRRTQRTKCVGEQNWOP6JKUXKUWCNEJCTVCNNQYU VJGVGCOOGODGTUVQUGGVJCVVJG[CTGURGPFKPICNQVQHVKOGQP VJKPIUVJCVVJG[ECPFQNKVVNGVQPQVJKPICDQWV6JGHCEKNKVCVQTECP VJGPNGCFCFKUEWUUKQPQPJQYVJGVGCOECPDGIKPVQHQEWUQPVJG CTGCUKPVJGHKTUVEQNWOPVJQUGőWPFGTVGCOEQPVTQNŒ +ŏOJCXKPIVTQWDNGEQOKPIWRYKVJDQWPFCTKGUHQTO[VGCO 9JCVMKPFUQHVJKPIUCTGWUWCNN[KPVJGDQWPFCTKGUCPFYJ[ FQ+JCXGVQJCXGVJGO! $QWPFCTKGUQHVGPRQUGVJGITGCVGUVEJCNNGPIGKPEQPUVTWEVKPIVJG EJCTVGT+VECPDGFKHHKEWNVVQVJKPMQHCNNVJGVJKPIUVJCVVJGVGCOECP CPFECPPQVFQ*QYGXGTDQWPFCTKGUCTGETKVKECNVQVJGUWEEGUUQHVJG VGCO6JGRKVHCNNUQHCVGCOYKVJQWVDQWPFCTKGUXCT[DCUGFQPVJG EWNVWTGQH[QWTQTICPK\CVKQP+HGORNQ[GGUJCXGCNYC[UHGNVXGT[
&
6JG/CPCIGTŏU2QEMGV)WKFGVQ6GCO5RQPUQTUJKR
NKOKVGFKPGORQYGTOGPVKUUWGUVJGVGCOOC[FGXGNQRUGNHKORQUGF DQWPFCTKGUVJCVCTGOQTGTGUVTKEVKXGVJCP[QWKPVGPF/GODGTU OC[HGGNCUGPUGQHRQYGTNGUUPGUUVJCVNGCFUVQVJGőNKUVOCMKPIŒ CEVKXKVKGUYGVCNMGFCDQWVKPSWGUVKQP1PVJGQVJGTJCPFUQOG GORNQ[GGUVCMGVJGNCEMQHDQWPFCTKGUVQOGCPVJCVCP[VJKPIKU őHCKTICOGŒ1PEGVJG[IGVUVCTVGFQPKUUWGUVJCVCTGQWVUKFGVJG DQWPFCTKGUKVDGEQOGUXGT[FKHHKEWNVVQTGKPVJGODCEMKPYKVJQWV KORCEVKPIVJGKTOQVKXCVKQP5GVVKPIWRVJGDQWPFCTKGUCHVGT OGODGTUJCXGUVGRRGFQWVQHVJGONGCFUVQTGUGPVOGPVCPIGT CPFFKUVTWUVKPVJGVGCORTQEGUU &GXGNQRKPIDQWPFCTKGUKUUKORN[COCVVGTQHVCMKPIVJGVKOGVQVJKPM VJTQWIJYJCV[QWECPPQVCEEGRVCUVJGURQPUQT+HVJGTGCTGUQNW VKQPUKFGCUQTCEVKQPUVJCV[QWUKORN[ECPPQVNKXGYKVJVJQUG OWUVDGKPENWFGFKPVJGDQWPFCTKGU+HVJGTGCTGNCYURQNKEKGUQT IWKFGNKPGUVJCVNKOKVVJGVGCOVJQUGOWUVDGKPENWFGFQTTGHGTTGF VQKPVJGDQWPFCTKGU6JGTGOC[DGRGTUQPPGNRQNKEKGUYQTMTWNGUQT QVJGTKPVGTPCNIWKFGNKPGUVJCVVJGVGCOOWUVDGCYCTGQHKPVJG DQWPFCTKGU1VJGTKFGCUHQTDTCKPUVQTOKPIDQWPFCTKGUOKIJVKPENWFG UEJGFWNGURTQFWEVURGEKHKECVKQPUUGTXKEGFGNKXGT[NGXGNUXGPFQT EQPVTCEVUOCVGTKCNTGSWKTGOGPVUQTSWCNKV[NGXGNU1PGETKVKECN RQKPVVQTGOGODGTKPYTKVKPIVJGDQWPFCTKGUKUVQKPENWFGőECPŏUŒ CNQPIYKVJVJGőECPPQVŏUŒ +VUGGOUNKMGKVVCMGUCNQVQHVKOGVQURQPUQTCVGCO *QYOWEJVKOGYKNN+JCXGVQFGXQVGVQVJKURTQEGUU QHURQPUQTKPICVGCO! /QUVQHVJGVKOGKPXGUVGFKPURQPUQTKPICVGCOKUQPVJGHTQPV GPF+VFQGUVCMGUQOGVKOGVQYTKVGCEJCTVGTCPF[QWUJQWNFOGGV YKVJVJGVGCOKPKVKCNN[VQICKPCITGGOGPVVQVJGEJCTVGT;QWYKNN RTQDCDN[HKPFVJCVVJGVGCOPGGFUOQTGIWKFCPEGCPFFKTGEVKQPKP VJGDGIKPPKPICPFVJGPDGIKPUVQTGSWKTGNGUUHTQO[QWCUKVRTQEGGFU YKVJVJGRTQLGEVQTOKUUKQP +JCXGPCVWTCNVGCOUVJCV+ŏOURQPUQTKPIKPO[CTGCCNQPI YKVJUGXGTCNCFJQEVGCOU+ŏOJCXKPICJCTFVKOGRC[KPI CVVGPVKQPVQCNNQHVJGO*QYOCP[VGCOUECP+TGCNKUVKECNN[ UWRRQTV!
'
#RRGPFKZ&2TQDNGOU5QNWVKQPU+PFGZ
7PHQTVWPCVGN[VJGCPUYGTVQVJKUSWGUVKQPFGRGPFUQPCEQWRNGQH HCEVQTU6JGCXCKNCDKNKV[QHHCEKNKVCVQTUCPFVJGNGXGNQHVGCOOCVWTKV[ CTGETKVKECNHCEVQTUKPFGVGTOKPKPIJQYOCP[VGCOUQPGURQPUQTECP UWRRQTV+HVJGTGCTGUMKNNGFHCEKNKVCVQTUCXCKNCDNGHQTGXGT[VGCOCPF KHVJGGORNQ[GGUJCXGRCTVKEKRCVGFKPFGEKUKQPOCMKPICEVKXKVKGUKP VJGRCUV[QWOC[DGCDNGVQUWRRQTVUGXGTCNVGCOU RQUUKDN[WRVQ GKIJV*QYGXGTKHVJGVGCOOGODGTUCTGPGYVQVJGEQPEGRVKHVJGTG JCUDGGPOKPKOCNVGCOVTCKPKPIQTKHVJGHCEKNKVCVQTUCTGYGCM[QW UJQWNFRTQDCDN[NKOKV[QWTURQPUQTUJKRVQVYQQTVJTGGVGCOU +ŏ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ŏVUGGOVQUKVYGNNYKVJOCP[VGCOOGODGTU RQUUKDN[DGECWUGVJGEQUVRGTWPKVUGPFUCEQPHNKEVKPIOGUUCIG CDQWVVJGXCNWGQHVJGKTEQPVTKDWVKQP 5KPEGVJGURQPUQTKUPQVUWRRQUGFVQCVVGPFVJGVGCOŏU OGGVKPIUJQYECP+MPQYYJGVJGTVJGVGCOKURGTHQTOKPI GHHGEVKXGN[!
'
6JG/CPCIGTŏU2QEMGV)WKFGVQ6GCO5RQPUQTUJKR
6JGTGCTGUGXGTCNQRVKQPUHQTMGGRKPIWRYKVJ[QWTVGCOŏUCEVKXKVKGU +H[QWJCXGURGEKHKETGRQTVUVJCV[QWYCPVHTQOVJGVGCOOCMGVJCV ENGCTKPVJGEJCTVGT+H[QWTVGCOKUYQTMKPIQPCRTQLGEVVJCVJCU ETKVKECNOKNGUVQPGUCUMVJGOVQOGGVYKVJ[QWCVGCEJQHVJQUG OKNGUVQPGUVQMGGR[QWKPVJGNQQR ;QWOC[CNUQJCXGVJGVGCOMGGRCNQIDQQMQHVGCOCEVKXKVKGU6JG NQIDQQMUJQWNFJCXGVJGEJCTVGTVJGVGCOŏUQRGTCVKPIIWKFGNKPGU CIGPFCUHQTGCEJOGGVKPIHQNNQYGFD[VJGCEVKQPOKPWVGUCPF RCTMKPINQVHQTOUHTQOVJQUGOGGVKPIU+HVJGVGCOKUWUKPIQWT UWIIGUVGFHQTOHQTOKPWVGUKVYKNNQPN[VCMGQPGINCPEGVQUGGYJCV V[RGQHCEVKQPUVJGVGCOKUVCMKPIYJGVJGTCUUKIPOGPVUCTGDCNCPEGF COQPIVGCOOGODGTUCPFVJGUVCVWUQHGCEJ6JGUVCVWUEQNWOPKU ETKVKECNKPKFGPVKH[KPIVJGDCTTKGTUVJCVJCXGUV[OKGFVJGVGCOŏU GHHQTVU /GGVKPIUYKVJVJGVGCONGCFGTQTVJGHCEKNKVCVQTCTGCNUQJGNRHWNKP MGGRKPIWRYKVJ[QWTVGCOŏURTQITGUUCPFIKXG[QWCEJCPEGVQHKPF QWVJQY[QWECPUWRRQTVVJGVGCOŏUGHHQTVU +COURQPUQTKPICVGCOYJQUGVGCONGCFGTKUVJGOQUV KPGHHGEVKXGOGODGT+CNNQYGFVJGVGCOVQRKEMVJGKTQYP NGCFGTDWVPQY+YKUJ+JCFPQV9JCVECP+FQ! 6JGVGCOKUIQKPIVQJCXGCVQWIJVKOGOGGVKPIIQCNUYKVJCP KPGHHGEVKXGNGCFGT;QWTHKTUVUVGRKUVQGPUWTGVJCV[QWJCXGRTQXKFGF VJGVGCONGCFGTYKVJVJGVTCKPKPICPFTQNGENCTKHKECVKQPJGQTUJG PGGFUVQDGUWEEGUUHWN(KPFQWVYJCV[QWTQTICPK\CVKQPQHHGTUKP VGCONGCFGTVTCKPKPICPFOCMGUWTGVJCVVJKUVGCONGCFGT RCTVKEKRCVGUKPCNNCXCKNCDNGVTCKPKPI;QWQTVJGHCEKNKVCVQTOWUVCNUQ EQCEJVJGNGCFGTQPVJGUMKNNUPGGFGFHQTUWEEGUUHWNVGCONGCFGTUJKR /CMG[QWTGZRGEVCVKQPUENGCTD[FGXGNQRKPICYTKVVGPLQD FGUETKRVKQPCPFRQUUKDN[DWKNFKPIVJGUGUMKNNUKPVQVJGRGTHQTOCPEG CRRTCKUCN(KPCNN[[QWOC[JCXGVQCUMVJGHCEKNKVCVQTVQRNC[CXGT[ CEVKXGTQNGYKVJVJKUVGCO &QPQVUKORN[TGOQXGVJGVGCONGCFGTHTQOVJGTQNGYKVJQWVFQKPI GXGT[VJKPIRQUUKDNGVQRTQXKFGVJGUMKNNUPGEGUUCT[HQTUWEEGUU6GCO OGODGTUPGGFVQUGGVJCVVJGQTICPK\CVKQPKUIQKPIVQJGNRCNN GORNQ[GGUKPVJGVTCPUKVKQPVQCVGCOGPXKTQPOGPV
'
#RRGPFKZ&2TQDNGOU5QNWVKQPU+PFGZ
+JCXGURQPUQTGFCVGCOVQYQTMQPKUUWGUVJCVTGSWKTG UWRRQTVHTQOCPQVJGTCTGCCPFKVKUPQVIGVVKPIVJCVUWRRQTV +JCXGURQMGPYKVJVJGFGRCTVOGPVJGCFQHVJCVCTGCCPFJG CUUWTGFOGVJCVJGYQWNFHQNNQYWRQPVJKPIUDWVPQVJKPI JCUEJCPIGF9JCVFQ+FQPGZV! 6JKURTQDNGOUGGOUVQDGCTGUWNVQHVGCOUVTWEVWTG9JGPGXGT[QW URQPUQTCVGCOVJCVKUIQKPIVQQXGTNCRCTGCUKVUJQWNFKPENWFG EWUVQOGTUCPFUWRRNKGTU%QTTGEVKPIVJGVGCOEQORQUKVKQPKUVJG SWKEMGUVHKZHQTVJKURTQDNGO;QWUJQWNFTGEJCTVGTVJKUVGCOEQ URQPUQTKPIKVYKVJVJKUQVJGTOCPCIGT6JGVGCOUJQWNFDGOCFGWR QHGORNQ[GGUHTQODQVJCTGCUCPFOWUVDGUVTWEVWTGFKPUWEJCYC[ VJCVUQNXKPIVJGRTQDNGO UDGPGHKVUDQVJCTGCU +JCXGRGQRNGKPQPGCTGCVJCVCNNRGTHQTOVJGUCOGLQDQP VJTGGFKHHGTGPVUJKHVU*QYECP+EQPHKIWTGVGCOUVJCVHKVVJG TWNGQHőUOCNNKPUK\GŒ! 6JKUKUCEQOOQPRTQDNGO;QWOC[DGCDNGVQUVTWEVWTGUOCNN HQEWUGFVGCOUD[UWDITQWRKPIOGODGTUCTQWPFRTQFWEVEWUVQOGT RTQEGUUQTUQOGQVJGTHCEVQT+HPQV[QWOC[HKPFVJCV[QWTDGUV OGCPUQHCEEQORNKUJKPIVGCOUCPFVGCOYQTMKUVJTQWIJUVCPFKPI VGCOU5VCPFKPIVGCOUECPDGUGVWRCTQWPFXGT[URGEKHKEFTKXGTU UWEJCUEQUVSWCNKV[UCHGV[JQWUGMGGRKPI6JGOGODGTUJKRTQVCVGU YKVJTGRTGUGPVCVKQPHTQOGCEJUJKHVCPFGCEJLQDTGURQPUKDKNKV[6JG UVCPFKPIVGCOURKPUQHHCFJQEVGCOUCUPGGFGFVQUQNXGRTQDNGOU CPFCFFTGUUKUUWGU(QTOQTGKPHQTOCVKQPQPUGVVKPIWRGHHGEVKXG UVCPFKPIVGCOUUGG%JCRVGT 9JGP+IQVQVGCOOGGVKPIUCPFVT[VQIGVKPXQNXGFKPVJG VGCOŏUCEVKXKVKGUVQUJQYO[UWRRQTVVGCOOGODGTUUGGOVQ TGUGPVKV+FQPŏVYCPVVJGVGCOVQVJKPM+ŏOWPKPVGTGUVGFKPKVU CEVKXKVKGUD[UVGRRKPIDCEMVQQHCT*QYFQ+HKPFCDCNCPEG!
'
6JG/CPCIGTŏU2QEMGV)WKFGVQ6GCO5RQPUQTUJKR
;QWUJQWNFCVVGPFVGCOOGGVKPIU Ŗ #VVJGVGCOŏUKPEGRVKQP Ŗ 9JGPGXGTKPXKVGF Ŗ #VCP[ETKVKECNOKNGUVQPGKPCVGCORTQLGEV Ŗ #P[VKOGVJCVVJGVGCOJCUCETKUKUQTUWRRQTVKUUWGUTGSWKTKPI [QWTKPVGTXGPVKQP 4GOGODGTō[QWVWTPGFVJGőJQYVQŏUŒQXGTVQVJGVGCOOGODGTU+H [QWEQOGVQVGCOOGGVKPIUCP[OQTGQHVGPVJCPVJGCDQXGNKUVVJG[ YKNNHGGNVJCV[QWFQPŏVVTWUVVJGOVQEQOGWRYKVJVJGTKIJV CPUYGTU +H+JCXGHQTOGFCVGCOVQUQNXGCURGEKHKERTQDNGOYJQ OCMGUVJGHKPCNFGEKUKQPQPVJGUQNWVKQPOGQTVJGVGCO! 1PEGCICKPVJGCPUYGTVQVJKUSWGUVKQPIQGUDCEMVQVJGEJCTVGT# YGNNYTKVVGPEJCTVGTURGEKHKECNN[UVCVGUVJGVGCOŏUFGEKUKQPOCMKPI CWVJQTKV[*QYGXGTDGXGT[ECTGHWNVJCV[QWFQPŏVJCXGCEGTVCKP UQNWVKQPQTCPUYGTKPOKPFDGHQTG[QWURQPUQTVJGVGCO1HVGP OCPCIGTUDGNKGXGVJG[CNTGCF[JCXGVJGDGUVCPUYGTDWVVJG[UVCTVC VGCOKPQTFGTVQICKPőDW[KPŒ6JKUCRRTQCEJTCTGN[YQTMUōVGCO OGODGTUJCXGVJGKTQYPKFGCUCDQWVJQYVQFGCNYKVJCPKUUWGCPF KVŏUWUWCNN[FKHHGTGPVVJCPYJCV[QWJCFKPOKPF+H[QWJCXGCNTGCF[ FGEKFGFJQY[QWYCPVCRTQDNGOUQNXGFOCMGKVENGCTKPVJGEJCTVGT VJCVVJKUVGCOKUCPKORNGOGPVCVKQPQTTGEQOOGPFCVKQPVGCO *QYGXGTVT[VQCXQKFVJGUGV[RGUQHVGCOUWPNGUU[QWVTWN[DGNKGXG VJCVVJGTGKUQPN[QPGTKIJVYC[VQCFFTGUUCPKUUWG9JGPGXGT[QW ECPGORQYGTGORNQ[GGUVQOCMGFGEKUKQPU[QWUGPFUVTQPI OGUUCIGUCDQWV[QWTVTWUVKPVJGKTCDKNKVKGU#PFUQNQPICU[QW YTKVGCEJCTVGTVJCVENGCTN[UVCVGUVJGDQWPFCTKGUGORQYGTOGPVKU CEVWCNN[GCUKGT%QOKPIWRYKVJVJGTKIJVCPUYGTVQGXGT[QPGGNUGŏU RTQDNGOUKUPQNQPIGT[QWTLQD5WRRQTVKPIQVJGTUKPEQOKPIWR YKVJVJGCPUYGTUKUCOWEJOQTGKORQTVCPVTQNGHQTVQFC[ŏU OCPCIGT
'
#RRGPFKZ&2TQDNGOU5QNWVKQPU+PFGZ
1PGQHO[DGUVGORNQ[GGUKUEQPUVCPVN[DGKPICUMGFVQUGTXG QPVGCOUVJTQWIJQWVVJGQTICPK\CVKQP+FQPŏVYCPVVQNKOKV JGTQRRQTVWPKVKGUDWV+CNUQFQPŏVYCPVVQUGGJGTőDWTPQWVŒ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őQHHVTCEMŒCPFYQTMKPIQPKUUWGU QWVUKFGVJGEJCTVGTJQYFQ+UVGRKPYKVJQWVUSWGNEJKPIVGCO OGODGTUŏOQVKXCVKQP! (GGFDCEMKUETKVKECNō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
'
6JG/CPCIGTŏU2QEMGV)WKFGVQ6GCO5RQPUQTUJKR
+H[QWCTGEQPVKPWCNN[IGVVKPIVJGUCOGXQNWPVGGTUHQTVGCO CEVKXKVKGU[QWTWPVJGTKUMQHDWTPKPIQWV[QWTDGUVVGCORNC[GTU $[CNNOGCPUCRRQKPVVGCOOGODGTUHQT[QWTPGZVVGCO5KVFQYP YKVJVJGVGCONGCFGTQTHCEKNKVCVQTCPFFGEKFGQPCRRQKPVGGUDCUGFQP CRVKVWFGHQTUQNXKPIVJGRTQDNGOGZRGTKGPEGYKVJVJGRTQDNGOVKOG CXCKNCDNGVQYQTMQPVJGRTQDNGOQTFKXGTUKV[QHVJQWIJVRTQEGUUGU QTCRRTQCEJGU1PEG[QWJCXGFGEKFGFYJQ[QWYKNNCUMVQUGTXGQP VJGVGCOOGGVYKVJVJGCRRQKPVGGUKPFKXKFWCNN[CPFGZRNCKPYJ[ VJG[JCXGDGGPCUMGFVQUGTXGQPVJGVGCOCPFICKPVJGKT EQOOKVOGPVVQVJGRTQLGEV +FQPŏVVJKPMVJGPCVWTCNVGCOUKPO[CTGCCTGJQNFKPI GHHGEVKXGOGGVKPIU6JGOKPWVGUKPFKECVGVJCVVJG[CTGWUKPI OGGVKPIVKOGHQTKPHQTOCVKQPUJCTKPIQPN[*QYFQ+ KPVGTXGPG! ;QWCTGTKIJVVQDGEQPEGTPGFCDQWVVJKURTQDNGO6JGKPHQTOCVKQP FKUUGOKPCVKQPOGGVKPIKUIWCTCPVGGFVQRTQFWEGDQTGFQOYJKNG YCUVKPIXCNWCDNGYQTMVKOG9JGPVGCOUIGVECWIJVWRKPVJGUG V[RGUQHOGGVKPIUVJG[YKPFWRYKVJNKVVNGUGPUGQHCEEQORNKUJOGPV ;QWTHKTUVUVGRUJQWNFDGVQYQTMYKVJVJGHCEKNKVCVQT+HVJGVGCO FQGUPQVJCXGCHCEKNKVCVQTCVGXGT[OGGVKPIVJGPKOOGFKCVGN[JCXG QPGCUUKIPGF6JGHCEKNKVCVQTOWUVGPUWTGVJCVVJGVGCOFGXGNQRU CEVKQPQTKGPVGFCIGPFCUHQTGXGT[OGGVKPI'XGT[OGGVKPIUJQWNF JCXGCPQXGTCNNRWTRQUGUVCVGOGPVCPFCEQWRNGQHQDLGEVKXGUVJCV EQPVCKPCEVKQPXGTDUCNQPIYKVJGZRGEVGFQWVEQOGU6JGHCEKNKVCVQT UJQWNFJGNRVJGVGCONGCFGTFGXGNQRCPFFKUVTKDWVGVJGCIGPFCRTKQT VQVJGOGGVKPIUQVJCVVJGOGODGTUEQOGVQVJGOGGVKPIRTGRCTGFVQ OCMGFGEKUKQPUCPFVCMGCEVKQPU 9JGPVGCOOGODGTUJCXGEQPHNKEVUQTRTQDNGOUVJG[YQPŏV FGCNFKTGEVN[YKVJGCEJQVJGT+PUVGCFVJG[EQOGVQOGVQ KPVGTXGPG9JCVUJQWNF+FQ! $CFPGYUōKH[QWJCXGDGGPKPVGTXGPKPIGXGT[VKOGVJGVGCO OGODGTUEQOGVQ[QW[QWJCXGVCWIJVVJGOVJCVVJKUKUVJGYC[ VQJCPFNGEQPHNKEV;QWTHKTUVCPFOQUVFKHHKEWNVUVGRKUVQWPFQ
'
#RRGPFKZ&2TQDNGOU5QNWVKQPU+PFGZ
VJCVOGUUCIG6JGVGCOOWUVOGGVCPFVCNMCDQWVEQPHNKEVUCPFJQY KVYCPVUVQJCPFNGVJGO6GCOOGODGTUUJQWNFYQTMYKVJVJGKT HCEKNKVCVQTVQKFGPVKH[VJGRTQEGUUGUCPFRTQEGFWTGUVJCVVJG[ECP CNNCITGGVQWUGYJGPQPGQPQPGQTVGCOEQPHNKEVUQEEWT6JKU FKUEWUUKQPOWUVVCMGRNCEGYJGPVJGTGKUPQEQPHNKEVIQKPIQP1PEG VJGRTQEGUUJCUDGGPCITGGFQP[QWOWUVJGNRVJGOHQNNQYVJTQWIJ YKVJWUKPIKV'CEJVKOGVJCVVJGVGCOOGODGTUEQOGVQ[QWVQYKVJ CEQPHNKEV CPFVJG[YKNNEQPVKPWGVQEQOGVQ[QWCVHKTUV[QWOWUV CUMVJGOKHVJG[JCXGHQNNQYGFVJGRTQEGUUCPFFKTGEVVJGODCEMVQ KV/CMGKVENGCTVJCV[QWYKNNPQVKPVGTXGPGWPVKNVJGVGCOJCU GZJCWUVGFCNNQRVKQPUYKVJKPVJGCITGGFQPRTQEGUUVJGPUVKEMVQ [QWTYQTFPQOCVVGTJQYOWEJ[QWOKIJVNKMGVQUVGRKP 6JGVGCOUVJCV+JCXGEJCTVGTGFJCXGPQVEQOGWRYKVJ UQNWVKQPUVJCVCTGTGCUQPCDNGQTHGCUKDNG9JCVCO+FQKPI YTQPI! 6JKUKUDGIKPPKPIVQUQWPFNKMGCDTQMGPTGEQTFōDWV[QWOWUVIQ DCEMVQ[QWTEJCTVGTU+H[QWTVGCOUJCXGPQVEQOGWRYKVJHGCUKDNG UQNWVKQPU[QWJCXGPŏVFQPGCIQQFLQDYKVJVJGDQWPFCTKGUQTVJG IQCNUVCVGOGPVU+H[QWVCMGVJGVKOGQPVJGHTQPVGPFVQYTKVGCIQQF EJCTVGT[QWYKNNUCXGEQWPVNGUUJQWTUKPYCUVGFGHHQTVU%QORCTG VJGEJCTVGTU[QWŏXGFGXGNQRGFVQVJGEJCTVGTUQHQVJGTVGCOUKP[QWT QTICPK\CVKQPVJCV[QWEQPUKFGTUWEEGUUHWN;QWOC[DGCDNGVQRKEM WRKFGCUHTQOVJGUGEJCTVGTU6JGVGCOEQQTFKPCVQTOC[CNUQDGCDNG VQJGNR[QWCPCN[\GCPFKORTQXG[QWTGZKUVKPIEJCTVGTU#NUQ[QW UJQWNFOGGVYKVJCP[VGCOUVJCV[QWURQPUQTCHVGTVJG[ŏXGJCFC EJCPEGVQTGXKGYCPFTGCEVVQVJGEJCTVGT5QOGVKOGUVJGTGCTG OKUWPFGTUVCPFKPIUYKVJGXGPVJGDGUVEJCTVGTU0QVJKPIECPTGRNCEG VJGHCEGVQHCEGKPVGTCEVKQPVJCVCOGGVKPIECPRTQXKFGCNNQYKPI OGODGTUVQCUMSWGUVKQPUCPFENCTKH[WPFGTUVCPFKPI ;QWOWUVCNUQOCMGUWTGVJCV[QWCTGHQNNQYKPIVJGTGEQOOGPFC VKQPUHQTSWGUVKQP+H[QWŏTGPQVHKPFKPIQWVWPVKNVJGGPFQHVJG VGCORTQLGEVVJCVVJGVGCOKUQHHDCUG[QWJCXGPŏVHQNNQYGFVGCO CEVKXKVKGUENQUGN[GPQWIJ%JGEMKPOGGVKPIUCVOCLQTOKNGUVQPGU ECPJGCFQHHCDKIUWTRTKUGCVVJGGPFQHVJGRTQLGEV4GXKGYKPIVJG
'
6JG/CPCIGTŏU2QEMGV)WKFGVQ6GCO5RQPUQTUJKR
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ŏVNKMGVJGUQNWVKQPVJCVQPGQHO[CFJQEVGCOUJCUEQOG WRYKVJ*QYFQ+EQOOWPKECVGO[FKUUCVKUHCEVKQPCPFIGV OGODGTUVQIQDCEMVQVJGFTCYKPIDQCTF!
'
#RRGPFKZ&2TQDNGOU5QNWVKQPU+PFGZ
(KTUV[QWOWUVVCMGCJCTFNQQMCV[QWTTGCEVKQP9J[FQPŏV[QW NKMGVJGVGCOŏUUQNWVKQP!+UKVQWVUKFGVJGRCTCOGVGTUQHVJGEJCTVGT! &QGUKVPQVCFFTGUUVJGKUUWG!+H[QWTRTQDNGOYKVJVJGUQNWVKQPKU UKORN[VJCVKVKUPQVVJGUQNWVKQP[QWYQWNFJCXGEJQUGPJCF[QW DGGPUQNXKPIVJGRTQDNGO[QWCTGOCMKPICDKIOKUVCMGVQTGLGEVKV +HVJGVGCOUVC[GFYKVJKPVJGRCTCOGVGTUCPFJCUEQOGWRYKVJC UQNWVKQPQTCPUYGTVJCVVJGGPVKTGVGCOUWRRQTVU[QWCTGIQKPIVQ JCXGCJCTFVKOGLWUVKH[KPITGLGEVKQP6JCVCEVKQPYKNNUGPFVJG OGUUCIGVJCV[QWJCFCURGEKHKECPUYGTKPOKPFCPFVJCVVJGVGCO LWUVFKFPŏVEQOGWRYKVJKV6JKUKUCUWTGSWKEMYC[VQVWTPVJGUG OGODGTUQHHVQVGCOU*QYGXGTKH[QWVTWN[JCXGUQOGNGIKVKOCVG EQPEGTPUCDQWVVJGGHHGEVKXGPGUUQHVJGUQNWVKQPFQPŏVFKUDCPFVJG VGCO[GV*CXGOGODGTUKORNGOGPVCRKNQVICVJGTFCVCCPFCPCN[\G VJGTGUWNVU6JGPKHVJG[GPFWRIQKPIDCEMVQVJGFTCYKPIDQCTFKVŏU PQV[QWVJCVUGPVVJGOVJGTGKVŏUVJGFCVC +FQPŏVJCXGVKOGVQYTKVGEJCTVGTUHQTCNNVJGVGCOU+JCXG 9J[ECPŏV+LWUVIGVVJGVGCONGCFGTQTHCEKNKVCVQTVQYTKVGVJG EJCTVGT! 9TKVKPICIQQFEJCTVGTFQGUVCMGVKOG;QWOC[YCPVVQFGUETKDG [QWTXKUKQPHQTVJGVGCOVQVJGHCEKNKVCVQTQTVGCONGCFGT5JGQTJG OC[VJGPFGXGNQRCTQWIJFTCHVQHVJGEJCTVGT;QWOWUVTGXKGYVJG FTCHVECTGHWNN[GZCOKPKPIVJGDQWPFCTKGUIQCNUCPFHQEWU/CMG CP[PGEGUUCT[EJCPIGUCPFUWDOKVVJGFTCHVEJCTVGTVQVJGVGCO &QPŏVHQTIGVVJCVVGCOOGODGTUPGGFVQTGXKGYVJGEJCTVGTCPFOCMG UWIIGUVGFTGXKUKQPUCVVJGKTHKTUVOGGVKPI+VŏUCIQQFKFGCVQOGGV YKVJVJGVGCOGKVJGTFWTKPIVJKUHKTUVOGGVKPIQTCHVGTYCTFUVQICKP CITGGOGPVVQVJGEJCTVGT
'
#22'0&+:'
5210514ŏ5)7+&'61 6'#/4'%1)0+6+10
%106'065 Ŗ #YQTFCDQWVTGEQIPKVKQPCPF TGYCTFU Ŗ KFGCUHQTVGCOTGEQIPKVKQP
#RRGPFKZ'5RQPUQTŏU)WKFGVQ6GCO4GEQIPKVKQP
5210514ŏ5)7+&'61 6'#/4'%1)0+6+10 #UVGCOUCPFVGCOOGODGTUEQPVTKDWVGVQVJGUWEEGUUQH CDWUKPGUUVJQUGEQPVTKDWVKQPUUJQWNFDGTGEQIPK\GFCPF TGYCTFGF*QYGXGTTGYCTFUECPDGVTKEM[GURGEKCNN[ OQPGVCT[TGYCTFU+HCPQTICPK\CVKQPŏUIQCNKUHQTVJGKT GORNQ[GGUVQHGGNVJCVEQPVKPWQWUKORTQXGOGPVKURCTVQH VJGKTGXGT[FC[LQDTGYCTFKPIVGCOCEVKXKVKGUOC[UGPFCEQP HNKEVKPIOGUUCIG+VOC[UC[VQGORNQ[GGUVJCVYQTMKPIQPC VGCOKUPQVRCTVQHVJGLQDTCVJGTVJCVKVKUCDQXGCPFDG[QPF VJGECNNQHFWV[1PVJGQVJGTJCPFKHRTQHKVUITQYCPFVJG EQORCP[DGEQOGUOQTGEQORGVKVKXGDGECWUGQHVGCOGHHQTVU VGCOOGODGTUOC[HGGNGZRNQKVGFCPFCPIT[KHVJCVICKPKUPQV UJCTGF6JGTGHQTGEJCPIGUKPVJGEQORGPUCVKQPCPFDQPWU U[UVGOUJQWNFDGECTGHWNN[VJQWIJVVJTQWIJCPFECTTKGFQWV QPN[CHVGTKPFGRVJUVWF[CPFJGNRHTQOEQORGPUCVKQPGZRGTVU 9JGTGFQGUVJCVNGCXGVJGKPFKXKFWCNURQPUQTYJQYCPVUVQ TGEQIPK\GUWEEGUUHWNVGCOU!&GURKVGVJGEJKNNKPIYCTPKPICDQWV VJGEQORNGZKVKGUQHVGCOEQORGPUCVKQPVJGKPPQXCVKXGURQPUQT ECPUVKNNHKPFETGCVKXGYC[UVQTGEQIPK\GVJGEQPVTKDWVKQPUQH VGCOU6QDGGHHGEVKXGVJGUGőTGYCTFUŒOWUVDGCUKPEGTG GZRTGUUKQPQHCRRTGEKCVKQPQPVJGRCTVQHVJGURQPUQT6TKPMGVU CPFUOCNNFQNNCTKVGOUFQOQTGJCTOVJCPIQQFKHVJG[CTGPQV CEEQORCPKGFD[CIGPWKPGRGTUQPCNőVJCPM[QWŒ +VKUHCKTN[GCU[VQMPQYYJGPCPFJQYVQTGEQIPK\GCFJQE VGCOUUKPEGVJG[JCXGCXGT[URGEKHKEIQCNVQTGCEJCPFCVKOG HTCOGKPYJKEJVQFQKV5VCPFKPICPFPCVWTCNVGCOUCTGCNKVVNG OQTGFKHHKEWNVVQTGEQIPK\GDGECWUGVJGKTIQCNUCTGNQPIGTVGTO 6JGTGHQTGVJGVGCOŏUKPVGTOGFKCVGIQCNUCPFOGCUWTGUDGEQOG GZVTGOGN[KORQTVCPV+HCURQPUQTKUVQDGGHHGEVKXGKPTGEQIPK\ KPITGUWNVUCPFMGGRKPIVJGOQOGPVWOIQKPIHQTNQPIVGTO VGCOUKVKUETKVKECNVJCVJGQTUJGMGGRUCDTGCUVQHVJG KPVGTOGFKCVGIQCNUCPFTGUWNVU '
6JG/CPCIGTŏU2QEMGV)WKFGVQ6GCO5RQPUQTUJKR
+FGCUHQT4GEQIPKVKQP ő$TCIDQCTFUŒYJGTGCNNVGCOCEEQORNKUJOGPVUCTG RQUVGFHQTVJGTGUVQHVJGQTICPK\CVKQPVQUGG 0QVQPN[YKNNVJGDTCIDQCTFUGTXGVJGRWTRQUGQHTGEQIPK\KPI VJGVGCOKVYKNNCNUQEQOOWPKECVGVQQVJGTUJQYVGCOUCTG KORCEVKPIVJGQTICPK\CVKQP
6GCOQHVJG/QPVJTGUGTXGFRCTMKPIURCEGU 5KPEGOCP[QTICPK\CVKQPUJCXGGNKOKPCVGFTGUGTXGFURCEGU COQPVJYKVJQWVHKIJVKPIHQTCRCTMKPIURCEGOC[DGOWEJ CRRTGEKCVGF+HRCTMKPIKUPQVCDKIFGCNCV[QWTHCEKNKV[ RGTJCRUHTGGEQHHGGHQTVJGOQPVJKUCPQVJGTKFGC.QQMHQT UQOGVJKPIVJCVEQPVKPWGUVQTGOKPFVJGVGCOQH[QWT CRRTGEKCVKQPCHVGTVJGRTQLGEVKUEQORNGVG
#ECVGTGFOGCNYKVJVJGVGCOCUIWGUVUQHJQPQT #ECVGTGFOGCNQTIQKPIQWVHQTCOGCNYKVJVJGURQPUQT ECPDGCJKIJN[GHHGEVKXGOGCPUQHTGEQIPK\KPIVJGVGCO1H EQWTUGKVKUETKVKECNVJCVVJGOGCNKUEQODKPGFYKVJCUKPEGTG GZRTGUUKQPQHCRRTGEKCVKQPHTQOVJGURQPUQT
#RWDNKEVJCPM[QWVQVJGVGCOFWTKPICP QTICPK\CVKQPYKFGOGGVKPI /QUVQTICPK\CVKQPUJCXGOQPVJN[QTSWCTVGTN[EQOOWPK ECVKQPOGGVKPIU9JGVJGTKVKUFGRCTVOGPVYKFGQTCETQUU VJGGPVKTGQTICPK\CVKQPRWDNKERTCKUGKUJKIJN[GHHGEVKXGKP TGEQIPK\KPICVGCOŏUCEEQORNKUJOGPVU6JGURQPUQTOWUV GPUWTGVJCVVJGRTCKUGURGEKHKECNN[OGPVKQPUVJGVGCOŏUTGUWNVU EKVKPIPWODGTUCPFQTFQNNCTUYJGPRQUUKDNG '
#RRGPFKZ'5RQPUQTŏU)WKFGVQ6GCO4GEQIPKVKQP
2GTUQPCNőVJCPM[QWŒNGVVGTUVQGCEJOGODGTQHVJG VGCOYKVJCEQR[VQVJGRGTUQPPGNHKNG +VKUETKVKECNVJCVVJGNGVVGTDGRGTUQPCNCPFURGEKHKE6JG URQPUQTOWUVFGVCKNVJGVGCOŏUKORCEVQPVJGQTICPK\CVKQP CPFKHRQUUKDNGGCEJOGODGTŏUEQPVTKDWVKQP+VKUXGT[ KORQTVCPVVJCVKVPQVEQOGCETQUUCUCHQTONGVVGT# JCPFYTKVVGPPQVGOC[DGCUGHHGEVKXGCUCHQTOCNNGVVGT
'UVCDNKUJCENWDKP[QWTQTICPK\CVKQPUWEJCUVJG /KNNKQP&QNNCT%NWDCPFKPFWEVVGCOUYJQUCXGVJG EQORCP[UKIPKHKECPVCOQWPVUQHOQPG[ 6GCOUQHVGPOCMGUKIPKHKECPVEQPVTKDWVKQPUVQVJGDQVVQONKPG KPQTICPK\CVKQPU'UVCDNKUJKPICENWDQTJCNNQHHCOGHQTVJQUG YJQJCXGUCXGFVJGEQORCP[OQPG[KPETGCUGFRTQFWEVKQP QTKORTQXGFEWUVQOGTUGTXKEGECPDGCPGHHGEVKXGOGCPUQH TGEQIPKVKQP
+PXKVGVGCOUYJQOCMGUKIPKHKECPVUVTKFGUVQRTGUGPV VJGKTUWEEGUUCVCOCPCIGOGPVVGCOOGGVKPI 6GCOUNKMGVQMPQYVJCVVJG[CTGIGVVKPIETGFKVHQTVJGKTKFGCU TCVJGTVJCPUKORN[OCMKPIUQOGQPGGNUGNQQMIQQF+PXKVKPI VJGVGCOVQRTGUGPVVJGKTUVQTKGUCVCOCPCIGOGPVUVCHH OGGVKPICUUWTGUVJGOVJCV[QWCTGőUJCTKPIVJGINQT[Œ
*QUVCHKGNFFC[HQTVJGVGCO 6JGGXGPVEQWNFDGDQYNKPICPCOWUGOGPVRCTMVJGOQXKGU COWUGWOQTNQECNCVVTCEVKQP#P[MKPFQHCEVKXKV[VJCVCNNQYU VJGVGCOVQJCXGHWPVQIGVJGTCHVGTYQTMKPIVJTQWIJCVQWIJ RTQLGEVPQVQPN[UJQYUCRRTGEKCVKQPKVOC[CNUQDWKNFGXGP OQTGVGCOYQTMDGVYGGPVJGOGODGTU '
6JG/CPCIGTŏU2QEMGV)WKFGVQ6GCO5RQPUQTUJKR
)KHVEGTVKHKECVGUHQTGCEJOGODGTQHVJGVGCOVQ VCMGJKUQTJGTURQWUGQWVVQCPKEGOGCNCVCNQECN TGUVCWTCPV 6JKURCTVKEWNCTTGYCTFKPENWFGUVJGURQWUGQHVJGVGCO OGODGTUCPFKUXGT[CRRTQRTKCVGYJGPCRTQLGEVJCUVCMGP WRCIQQFFGCNQHGPGTI[CPFVKOGUKPEGKVUJQYUCRRTGEKCVKQP HQTVJGRCVKGPEGCPFUWRRQTVQHVJGURQWUG
5RQVNKIJVKPVJGQTICPK\CVKQPŏUKPVGTPCNPGYUNGVVGT QTEQOOWPKECVKQPURKGEGJKIJNKIJVKPIVJGVGCOŏU CEEQORNKUJOGPVU .KMGVJGDTCIDQCTFVJKURCTVKEWNCTOGEJCPKUOHQTTGEQIPKVKQP CNNQYUVJGURQPUQTVQGPUWTGVJCVQVJGTUKPVJGQTICPK\CVKQP MPQYCDQWVVJGRTQLGEVCPFJKIJNKIJVUVJGXCNWGQHVGCOUKP VJGQTICPK\CVKQPJQRGHWNN[JGNRKPIVQFTCYKPOQTG RCTVKEKRCVKQP
#FC[KPYJKEJVJGURQPUQTCITGGUVQDGVJGVGCOŏU őIQRJGTŒD[TWPPKPIGTTCPFUQTJGNRKPIVJGVGCO OGODGTUQWVYKVJVJGCPPQ[KPIFGVCKNUQHVJGKT FCKN[LQDU 'XGT[QPGNKMGUVQUGGVJCVVJGDQUUKUYKNNKPIVQIGVJKUQTJGT JCPFUFKTV[UQOGVKOGU6CMKPICFC[QWVQH[QWTUEJGFWNGVQ FQUQOGQHVJGNGUURNGCUCPVCURGEVUQH[QWTVGCOOGODGTUŏ LQDUECPIQCNQPIYC[VQYCTFUJQYKPICRRTGEKCVKQPCPFOC[ GXGPIKXG[QWCPGYCRRTGEKCVKQPHQTUQOGQHVJGVJKPIU[QW FKFPŏVMPQYCDQWVQVJGTUŏLQDU
'
#RRGPFKZ'5RQPUQTŏU)WKFGVQ6GCO4GEQIPKVKQP
2NCSWGUQTEGTVKHKECVGURTGUGPVGFVQVJGVGCOD[VJG URQPUQTCPFQTVJGURQPUQTŏUDQUU $TKPIKPIKP[QWTDQUUOC[JGNRTGKPHQTEGJQYXCNWGFVJG VGCOŏUEQPVTKDWVKQPKU*QYGXGTTGOGODGTVJCVVJGIGPWKPG XGTDCNGZRTGUUKQPQHCRRTGEKCVKQPKULWUVCUKORQTVCPVCUVJG RNCSWGQTEGTVKHKECVGKVUGNH
(QTOQTGKFGCUQPKPPQXCVKXGCRRTQCEJGUVQTGEQIPKVKQP 9C[UVQ4GYCTF'ORNQ[GGUD[$QD0GNUQP9QTMOCP 2WDNKUJKPIQHHGTUUKORNGOGVJQFUHQTTGEQIPK\KPIGORNQ[GG EQPVTKDWVKQPU4GOGODGTYJCVGXGTOGVJQF[QWUGNGEVJCU VQDGCEEQORCPKGFD[CUKPEGTGUGPUGQHCRRTGEKCVKQPHQT JQYVJGUGVGCOOGODGTUJCXGJGNRGFVJGQTICPK\CVKQP
'
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6JG/CPCIGTŏ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6JG/CPCIGTŏ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6JG/CPCIGTŏ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6JG/CPCIGTŏ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#$1766*'#76*14 5CTC2QRGKUCUGPKQTCUUQEKCVGYKVJ%QTPGNKWUCPF#UUQEKCVGU CPKPVGTPCVKQPCNEQPUWNVKPIHKTOJGCFSWCTVGTGFKP%QNWODKC 5QWVJ%CTQNKPC5JGRTQXKFGUEWUVQOVTCKPKPICPFEQPUWNVKPI JGNRVQENKGPVUKPOCZKOK\KPIVJGRGTHQTOCPEGQHGORNQ[GGU CPFYQTMVGCOU/U2QRGJCUYQTMGFKPDQVJOCPWHCEVWTKPI CPFUGTXKEGKPFWUVTKGUJGNRKPIENKGPVUVQHQEWUQPVJGTKIJV VJKPIUOCKPVCKPVJGFKUEKRNKPGVQHQNNQYGHHGEVKXGKORTQXGOGPV RTQEGUUGUFGXGNQRJKIJRGTHQTOKPIRGQRNGCPFYQTMVGCOU CPFCEJKGXGUVCTVNKPIDWUKPGUUTGUWNVU 6QTGEGKXGOQTGKPHQTOCVKQPCDQWV/U2QRGŏUQVJGT YQTMDQQMUCPFTGUQWTEGUQTVQHKPFQWVJQYVQUEJGFWNGC VTCKPKPIUGUUKQPQPVGCOURQPUQTUJKRQTTGNCVGFVQRKEURNGCUG EQPVCEV %QTPGNKWUCPF#UUQEKCVGU )*CTFGP5VTGGV %QNWODKC5% (CZ