Ebook-Easycratie

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Stel het doel centraal en niet de ‘regeltjes om de regeltjes’

De easycratie is een netwerk van professionals, dat naast de traditionele bureaucratieën een steeds machtiger en invloedrijker bolwerk wordt. En dat uiteindelijk zelfs de bestaande bureaucratie zal dwingen ook easycratisch te worden.

Martijn Aslander geeft lezingen over onderwerpen als de netwerksamenleving, web 2.0, het slim delen van kennis, collectieve intelligentie en zwermen; dé ingrediënten van de easycratie. Erwin Witteveen is een journalist/publicist die met humor en diepgang ingewikkelde zaken in heldere taal opschrijft. Hij schrijft voor vakbladen op het gebied van marketing en management.

978 90 5261 702 2 801

EASYCRATIE

Easycratie roept op tot een nieuwe manier van werken, organiseren én samenwerken die dwars door bestaande organisatiestructuren heen gaat. Het laat zien hoe je samen met andere bevlogen professionals het verschil kunt maken, ongeacht je plaats in de traditionele hiërarchie. Je hoeft niet eerst CEO of minister-president te worden om dingen te kunnen verbeteren. Je moet er alleen voor zorgen dat je de juiste spelregels kent. Want van boven naar beneden werkt anders dan van beneden naar boven.

Aslander & Witteveen

In grote, logge organisaties heerst vaak een verstikkende bureaucratie, die het onmogelijk maakt om de grote vraagstukken op te lossen. Er zijn genoeg mensen die de oplossingen hebben, maar zij worden nog al te vaak belemmerd door regels, hiërarchieën en een gebrek aan samenwerking. Dat moet en kan anders: vervang de bureaucratie door de easycratie!

Martijn Aslander Erwin Witteveen

DE TOEKOMST VAN WERKEN EN ORGANISEREN

29-07-2010

EASYCRATIE

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@>G BG => P>@ > >:LR<K:MB> IKH;>>KM GB>NP> P>@>G M> OBG=>G P::K;BC IKH

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;E>F>G :EL D:GL>G PHK=>G @>SB>G G P::K D:GL>G PHK=>G HF@>S>M BG <K>

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0


) %7 ='6%8- )

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('


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=H>E F::K => K:MK:<> BG => ABeK:K<ABL<A> LMKN<MNNK P>K= A>M FB==>E HF =:M =H>E M> ;>K>BD>G #G => ANB=B@> L:F>GE>OBG@ BL =:M FB==>E :<AM>KA::E= HHK => HIDHFLM O:G => BG?HKF:MB>M><AGHEH@B> BL => F>>LM> BG?HKF:MB> MK:GLI:K:GM >G OKBC MH>@:GD>EBCD @>PHK=>G #G => F>>LM> HK@:GBL:MB>L A>>?M => FH=:E> F>=>

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((


) %7 ='6%8- )

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DHF= > ;::L PHK=M GB>M F>>K @>SB>G :EL ;NEE>;:D =B> => O>K:G=>KBG@>G

()


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PBE M>@>GAHN=>G F::K F>>K :EL => >KO:K>G <H:<A =B> SBCG >KO:KBG@ >G A>EB

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=B@> FHG>M:BK> LRLM>>F BL >>G FHGH<NEMNNK >G LRLM>>F =:M A>M <HGM:<M F>M => P>KD>EBCDA>B= O>KEHK>G A>>?M :@>EBCDL PBLL>EM ;BCG: FBEC:K= =HEE:K O:G >B@>G::K ::KO:G @::M F::K EB>?LM IKH<>GM HF BG LI><NE:MB>L

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F>KL BL A>M >>G O>KLIBEEBG@ O:G MBC= >G O:G >G>K@B> B> IE:GM>G EB>O>K AHG

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N@< @J ;< 988J6 .>@>GPHHK=B@ BL => L<>ILBL HO>K A>M 1BDBI>=B:IKHC><M O>KL<AHO>G G::K => SBCM>KK>BG>G 1B> BL => ;::L O:G 1BDBI>=B: 1B> <HGMKHE>>KM 1B> BL ;>OH>@= HF ;BC <HGMKHO>KL>L => DGHHI =HHK M> A:DD>G %:G =:M P>E @H>= @::G :EL B>=>K>>G SHF::K BG 1BDBI>=B: F:@ L<AKBCO>G 1:M :EL B>F:G= ;>PNLM O:EL> BG?HKF:MB> O>KLIK>B=M )? I>K HG@>END G DNG C> GB>M F:GBINE>K>G M>G ;>AH>O> O:G >B@>G @>PBG ">M SBCG MRIBL<A OK:@>G NBM A>M MBC=I>KD O:G => ABeK:K<ABL<A> HK@:GBL:MB>LMKN<MNK>G )G=>KMNLL>G @EBFE:<A>G => FBECH>G>G 1BDBI>=B:G>G >G L<AKBCO>G SBC O>K=>K BG => @>S:F>GEBCD> >G<R<EHI>=B> SHG=>K SB<A :? M> OK:@>G PB> => ;::L BL O:G 1BDBI>=B: 4HG=>K SB<A M> ;>DHFF>K>G HF ?NG<MB>G:F>G H? >>G @>E=>EBCD> ;>EHGBG@ ">M >GB@> HH@

F>KD BL D>GGBL =>E>G SH=:M P> =::K :EE>F::E ;>M>K O:G PHK=>G > <HGMKHO>KL>L => AH:Q>L => @>F:GBINE>>K=> BG?HKF:MB> S> SBCG >K '::K => S>E?K>BGB@>G=> P>KDBG@ O:G A>M G>MP>KD P>>M =::K ABeK:K<AB>EHHL O>KK:LL>G= @H>= K::= F>> > NBMP:LL>G => @>F:GBINE>>K=> H? ?HNMB>O> BG?HKF:MB> PHK=>G =HHK@::GL K:S>G=LG>E P>>K @><HKKB@>>K= )O>KB@>GL SHN A>M >K@ G:i>? SBCG HF M> O>KHG=>KLM>EE>G =:M <HGMKHO>KL>L >G @>F:GBINE>>K=> BG?HKF:MB> SHN=>G SBCG OHHK;>AHN=>G ::G 1BDBI>=B: ELH? ;BC => F;Q;DGH}<A9 JAL9FFA;9 GHHBM >>GL MP>> O>KL<ABEE>G=> K>=:<M>N

K>G A>M HG>>GL SBCG HO>K >>G :KMBD>E >G >ED::K BG => A:K>G OEB>@>G ELH? >>G K>=:<M>NK GHHBM >>GL >>G :KMBD>E >>G LN;C><MB>O> =K::B SHN @>O>G P>@>GL >>G G>O>G;>E:G@ H? >>G I>KLHHGEBCD> HO>KMNB@BG@ EE>>G => ;>KH>IL<H=> BG

+*


) %7 ='6%8- )

ABeK:K<ABL<A> HK@:GBL:MB>L ENB=M =:M B>=>K>>G MK:<AM =>K@>EBCD> S:D>G ;BG

G>GLD:F>KL M> AHN=>G BC 1BDBI>=B: SBCG =>S> IKH<>LL>G MK:GLI:K:GM >G D:G B>=>K> ;>E:G@LM>EE>G=> S> OHE@>G HI => SH@>GH>F=> HO>KE>@I:@BG: L :<AM>K >ED :?SHG=>KEBCD :KMBD>E

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

:FDDLE@:8K@<IL@J 1:M OBC? MHM MB>G C::K @>E>=>G GH@ O::D P>K= ;>MPBLM BL GN G:NP>EBCDL GH@ >>G DP>LMB> > OK::@ =B> GN =HFBG:GM ;>@BGM M> PHK=>G BL GB>M F>>K >LM::M >K SHB>ML :EL OAK<GE G> ;JGO<K F::K >>K=>K 1::KHF PHK=M >K BG HK@:GBL:MB>L SH L<AKBD;:K>G= P>BGB@ @>;KNBD O:G @>F::DM >=KBCO>G IKH

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

OHHK;>>E= =9KQ;J9LA= BGMBDM OBG=M EFIC>L =B> M><AGBL<A >G BGAHN=>EBCD >>G AH@>K GBO>:N A>;;>G =:G A>M FH=:E> 3HN.N;> :F:M>NK EFIC> G=>KSBC=L EB@M A>M OHHK => A:G= =:M HHD => ABeK:K<ABL<A> LMKN<MNK>G SbE? OHHK >>G @KHHM =>>E =>;>M SBCG ::G A>M HG@>;KNBDM E:M>G O:G ::GP>SB@> D>GGBL )K@:GBL:MB>L PHK=>G O:G HN=LA>K MHI =HPG ::G@>LMNNK= P::K;BC >K G:NP>EBCDL <HGM:<M BL MNLL>G => HG=>KE::@ >G => MHI > D>GGBL O:G ;>G>

=>G ;>K>BDM => MHI F::K E:G@S::F G :EL S> =::K :E ::GDHFM BL S> @> E

M>K= O>KFBGDM =HHK <HFFNGB<:MB>KNBL BG => O>KL<ABEE>G=> ABeK:K<ABL<A> E:@>G HO>G=B>G O>KFBGD>G O>KL<ABEE>G=> MNLL>GE:@>G HHD LHFL ;>PNLM

++


>; ) 61) 2

=> BG?HKF:MB> =B> S> FH>M>G =HHK@>O>G HF ANG >B@>G IE>D BG => ABeK:K<AB> M> ;>L<A>KF>G

:FE:LII<EK@<MFFI;<<C 4HE:G@ >ED> HK@:GBL:MB> ABeK:K<ABL<A PHK=M ::G@>LMNNK= >G >>G @KHHM =>>E O:G => <HEE><MB>O> D>GGBL HG;>GNM ;EBC?M A>>?M =:M P>BGB@ @>OHE@>G OHHK => <HG<NKK>GMB>IHLBMB> '::K SH=K: bbG HK@:GBL:MB> PbE @>;KNBD @::M F:D>G O:G A>M OHEE>=B@> IHM>GMB>>E ::G D>GGBL >G BGSB<AM>G D:G =B> HK@:GBL:MB> BG DHKM> MBC= >>G A>>E @KHHM <HG<NKK>GMB>OHHK=>>E ;>A:E>G )K@:GBL:MB>L SBCG @>P>G= HF => =BK><M> <HG<NKK>GM>G G:NPE>MM>G= BG => @:M>G M> AHN=>G 4H=K: bbG <HG<NKK>GM >>G LN<<>LOHEE> BGGHO:MB> BGOH>KM G>F>G :G=>K>G =>S> LG>E HO>K >S> =>?>GLB>O> LMK:M>@B> A>>?M >>G >>NP E:G@ NBMLM>D>G= @>P>KDM F::K P>KDM LM>>=L FBG=>K @H>= 1:GM BG => BG?HKF:MB>L:F>GE>

OBG@ BG => >:LR<K:MB> DHFM => <HG<NKK>GMB> LM>>=L O:D>K O:G ;NBM>G:? >G O:G => F>>LM ;>E:G@P>DD>G=> @>OHE@>G O:G => G>MP>KD >G BG?HK

F:MB>F::ML<A:IIBC BL =:M => MH>MK>=BG@L=K>FI>EL @B@:GMBL<A SBCG O>KE::@= >G @KHHM LM:KMD:IBM::E BL GB>M E:G@>K >>G O>K>BLM> OHHK GB>NPDHF>KL %HLM

;:K> GHH=S:D>EBCD> BG?HKF:MB> BL GB>M E:G@>K :?@>L<A>KF= F::K F>>LM:E OKBC MH>@:GD>EBCD .HK>GAH@> K><E:F>;N=@>MM>G HF >>G DKBMBL<A> F:LL: M> ;>K>BD>G SBCG GB>M E:G@>K GHH=S:D>EBCD )HD SHG=>K BGL<A:D>EBG@ O:G => MK:=BMBHG>E> F:LL:F>=B: D:G >>G @H>= B=>> F:LL::E O>KLIK>B= PHK=>G *>I>K=NNK =KNDP>KD >G IHKMHDHLM>G SBCG GB>M I>K L> GH=B@ '>M >>G P>;

LBM> >G >>G =B@BM:E> GB>NPL;KB>? D:G >>G @KHM>K> =H>E@KH>I ;>K>BDM PHK=>G M>@>G DHLM>G =B> ::G GNE @K>GS>G )HD >>G ;>=KBC?LI:G= BL GB>M E:G@>K GH=B@ '>=>P>KD>KL DNGG>G I>K > F:BE <HFFNGB<>K>G OHHK >>G DHIB> BL @>>G DHIB>>KF:<ABG> GH=B@ >G >>G FBECH>G =B@BM:E> ?HE=>KL PHK=>G HG>BG

=B@ @>=NIEB<>>K= O:G:? >>G ;>LM:G=C> HI >>G /- LMB<D BG => ;BGG>GS:D 1B> >>G FBECH>G I:IB>K>G ?HE=>KL =KNDM> A:= >>G ::GSB>GEBCD> HILE:@EHH=L GH=B@ '::K A>>?M A>M >B@>GEBCD P>E SBG HF :EL HK@:GBL:MB> >:LR<K:LMBL<A M> P>KD>G :EL C> <HG<NKK>GM>G MH<A LG>E C> BGGHO:MB>L HO>KG>F>G $: F>>K =:G HHBM CNBLM #G => BG?HKF:MB>L:F>GE>OBG@ BL A>M OHHK HK@:GBL:MB>L O:G E>O>GL

;>E:G@ @>PHK=>G HF HI MBC= M> BGGHO>K>G >G A>M OHEE>=B@> D>GGBLIHM>GMB>>E M> ;>GNMM>G 1:GM <HG<NKK>GMB> O:G ;NBM>G:? BL O>>E ;>=K>B@>G=>K =:G <HG

<NKK>GMB> O:G => =BK><M> <HG<NKK>GM>G NBM => F:KDM :M A>>?M M> F:D>G F>M => P>M O:G => K>FF>G=> OHHKLIKHG@ #GGHO:MB>L O:G =BK><M> <HG<NKK>GM>G SBCG =HHK@::GL K>E:MB>? >>GOHN=B@ G: M> OHE@>G 0>KOHE@>GL A>;;>G ;>B=> <HG<NKK>GM>G >>G LHHKM@>EBCD> DHLM>GLMKN<MNNK BG<ENLB>? HO>KMHEEB@> ;>=KBC?LFB==>E>G '::K >>G GB>NPDHF>K HI => F:KDM IKH M>>KM LM>KD O:G => P>M O:G => K>FF>G=> OHHKLIKHG@ *NNK M>K BEENLMK:MB> :EL MP>> =BK><M> <HG<NKK>GM>G ;>B=>G => I:IB>K>G ?HE=>K O>KO:G@>G =HHK >>G =B@BM:E> ?HE=>K SBMM>G S> ;>B=>G GH@ F>M => ANNKDHLM>G O:G => GN E>>@LM::G=> EHH=L F>M

+,


) %7 ='6%8- )

=> I>KLHG>>ELDHLM>G O:G => EHH=LF>=>P>KD>KL >G F>M EHI>G=> <HGMK:<M>G F>M A>M ?HE=>KO>KLIK>B=;NK>:N '::K => GB>NPDHF>K HI => F:KDM A>>?M @>>G EHH=L E::M LM::G EHHGDHLM>G OHHK EHH=LI>KLHG>>E >G EHI>G=> <HGMK:<

M>G ? <BeGM P>KD>G=> HK@:GBL:MB>L BG >? <BeGM> F:KDM>G SNEE>G GB>M LG>E ;>=K>B@= PHK=>G =HHK >:LR<K:MBL<A> GB>NPDHF>KL BG => F:KDM ::K O:EM P>BGB@ >>K M> ;>A:E>G OHHK GB>NP> MH>MK>=>KL > =KBC?O>>K OHHK >>G GB>NP

DHF>K BL GN CNBLM =:M ABC =>GDM =:M A>M ;>M>K D:G LEBFF>K @H>=DHI>K >?

<BeGM>K '>>LM:E ;>@BGM A>M >KF>> =:M => GB>NPDHF>K >>KLM >>G MBC=C> AHH?=

L<AN==>G= A>>?M LM::G MH>DBCD>G AH> A>M MH<A FH@>EBCD BL =:M SHO>>E ::GP>SB@> D>GGBL HG@>;KNBDM ;EBC?M EB@@>G >G AH> D:GL>G HG;>GNM ;EBCO>G G A>>E O::D BL => GB>NPDHF>K >>G OHHKF:EB@ P>KDG>F>K =B> BG >>KLM> BGLM:GMB> M>O>K@>>?L A>>?M @>IKH;>>K= HF SBCG B=>>eG =HHK => ABeK:K<ABL<A> LMKN<MNNK O:G ;>G>=>G G::K ;HO>G M> LMNK>G )F NBM>BG=>EBCD M> O>KSN<A

M>G :G =H> BD A>M P>E S>E? 0BC?MB>G C::K @>E>=>G P:L SH G O>KSN<AMBG@ ;EN? (N BL A>M >>G K>:EBLMBL<A> FH@>EBCDA>B= > >:LR<K:MB> A>>?M => P>@ @>IE:O>B= OHHK SNED> GB>NPDHF>KL P::K=HHK => ;>LM::G=> HK@:GBL:MB>L SB<A F>>K =:G HHBM SNEE>G FH>M>G ::GI:LL>G ::G =BM GB>NP> DK:<AM>GO>E=

JK8IKB8G@K88C ¤ (%+'.#-' > ><HGHFBL<A> BG?K:LMKN<MNNK P::KHI => MK:=BMBHG>E> HK@:GBL:MB>L @>;HNP= SBCG BL BG MB>G C::K MBC= K>OHENMBHG:BK O>K:G=>K= > HIM>ELHF O:G DHLM>G OHHK HG=>K :G=>K> ANBLO>LMBG@ I>KLHG>>E K><E:F> =KNDP>KD >G =BLMKB;NMB> ?NG@>>K=> OHHKA>>G :EL ::GSB>GEBCD> ;:KKBcK> OHHK GB>NP> MH>

MK>=>KL #G => GB>NP> ><HGHFBL<A> BG?K:LMKN<MNNK D:G >>G BGO>GMB>O> HG=>KG>F>K =B> => P>@ P>>M BG => G>MP>KD >G BG?HKF:MB>L:F>GE>OBG@ =>S> DHLM>G M>KN@L<AKH>O>G MHM ;BCG: GNE >G @>G>K:MB> @>E>=>G ;>@HG >>G ;>=KBC?LHIKB<AMBG@ =HHK@::GL F>M A>M HO>KMNB@>G O:G >>G ;:GD HF >>G LM:KM>KLDK>=B>M EHL M> I>NM>K>G '>M :EL ;BCDHF>G= @>OHE@ =:M A>M ;>=KBC?L

B=>> GB>M :E M> O>KGB>NP>G= FH<AM SBCG P:GM =:G OHG= => ;:GD A>M IE:G M> KBLD:GM >G >:LR<K::M =::K>GM>@>G A>>?M F>>LM:E P>E @>GH>@ ::G NBM >B@>G S:D >>G ;KNMH FBGBFNFF::G=EHHG HF :EO:LM M> ;>@BGG>G F>M >>G ;>=KBC? =:M :E A>>E LG>E >>G L>KB>NS> ;>=K>B@BG@ D:G OHKF>G OHHK HK@:

GBL:MB>L F>M >>G ;:E:GL O:G AHG=>K=>G FBECH>G>G >NKH L >G =NBS>G=>G P>KDG>F>KL HI => EHHGEBCLM

9I8E:?<MI<<D;< KF<KI<;<IJ HHK A>M O>K=PBCG>G O:G => MH>MK>=BG@L=K>FI>EL MK>=>G LM>>=L F>>K ;K:G

<A>OK>>F=> GB>NP>EBG@>G MH> > <HG<NKK>GMB> OHHK => @>O>LMB@=> HK=> S:E =::K=HHK LM>>=L O:D>K NBM HGO>KP:<AM> AH>D DHF>G >G IE:M>GPBGD>E PHK=M EN<AMO::KMF::ML<A:IIBC >>G IHEBMB>F:G ;>@BGM >>G ;:GD >>G P>;

LBM> PHK=M >>G M>E>OBLB>HFKH>I SB> D:=>K )HD BG => IHEBMB>D DBCDM M>@>G

+-


>; ) 61) 2

PHHK=B@ GB>F:G= F>>K OK>>F= HI :EL >>G BG=BOB=N>>E %:F>KEB= O:G => >G> HI => :G=>K> =:@ >>G >B@>G IHEBMB>D> I:KMBC ;>@BGM >G ;BGG>G >>G I::K F::G=>G BG => O>KDB>SBG@LIHEEL @KHM>K BL =:G >>G O:G => @>O>LMB@=> I:K

MBC>G F>M >>G ABLMHKB> O:G F>>K =:G >>G >>NP .B>G \ OBC?MB>G C::K @>E>=>G P:L =:M HG=>GD;::K #G => MH>GF:EB@> F::ML<A:II>EBCD> BG?K:LMKN<MNNK SHN A>M GH=B@ SBCG HF >>KLM >>G ABeK:K<ABL<A I:KMBC:II:K::M HI M> ;HNP>G F>M =NBS>G=>G OKBCPBEEB@>KL =B> ?HE=>KL O>KLIK>B=>G G HF =:M BG @H>=> ;:G>G M> E>B=>G P:L >K >>G P>>K >>G D:GMHHK GH=B@ F>M I>KLHG>>E =NL >>G @KHM> G:G<BeE> BGO>LM>KBG@ B> KHNM> P:L A::LM HGO>KFBC=>EBCD P:GM => >O>G

>>GL ABe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

P>KD >G BG?HKF:MB>L:F>GE>OBG@ ;>K>BD M >G SBC ANG >E><MHK::M SHG=>K >>KLM >>G GH>F>GLP::K=B@ I:KMBC:II:K::M HI M> ;HNP>G H? ?HE=>KL M> =KNDD>G #G M>@>GLM>EEBG@ MHM MB>G C::K @>E>=>G DKBC@M SH G >>GF:GLI:KMBC =::K=HHK GN PbE LG>E F::ML<A:II>EBCD> K>E>O:GMB> '>M :EL @>OHE@ =:M => MK:=BMBHG>E> F>=B: GN P>E ::G=:<AM L<A>GD>G ::G => I:KMBC >G => ;>D>G=A>B= SH=H>G=> O>K=>K =H>G MH>G>F>G

CXXk `b dfi^\e \\e YXeb Y\^`ee\e (I GSRGYVVIRXMI OSQX WXIIHW ZEOIV YMX SRZIV[EGLXI LSIO -R HI MRJSVQE XMIWEQIRPIZMRK MW KIIR IROIPI QEGLXMKI SVKERMWEXMI RSK SREERXEWXFEEV :PMIKIR HSI NI QIX IIR PYGLXZEEVXQEEXWGLETTMN ;IPRII HEGLX TPEXIR QEEXWGLETTMN :MVKMR 6IGSVHW (EX OYRRIR [MN SSO ¦ FIXIV IR KSIHOSTIV :MVKMR PIEWXI IIR X[IIHILERHW &SIMRK IR QEEOXI HEEVRE ZSSVQEPMK QSRSTSPMWX &VMXMWL %MV[E]W LIX PIZIR ^YYV -R FSIONEEV FILEEPHI :MVKMR %XPERXMG %MV[E]W IIR [MRWX ZER QMPNSIR IYVS 1EEV LIX OER EPXMNH RSK KIOOIV &MNZSSVFIIPH IIR WXEVXIRH SRHIVRIQIV HMI IIR FERO FIKMRX (EX HIHIR 6IRI *VMNXIVW IR 4IXIV :IVLEEV MR (I IIR [EW SYH KIWGLMIHIRMWPIVEEV HI ERHIV MRXIVMQ QIHI[IVOIV FMN IIR FERO >MN FIKSRRIR %PI\ &IPIKKIVWFERO HI IIVWXI FERO [EEVFMN TEVXMGY PMIVI FIPIKKIVW ^IPJWXERHMK OYRRIR FIPIKKIR ZME MRXIVRIX XIKIR PEKI XVERWEGXMIOSWXIR (MX ZIVSSV^EEOXI IIR VIZSPYXMI MR HI FERO[IVIPH IR H[SRK HI XVEHMXMSRIPI KVSSXFEROIR SQ SSO FIPIKKIR ZME MRXIVRIX QSKI PMNO XI QEOIR IR LYR XEVMIZIR XI ZIVPEKIR 1EEV SRHIVXYWWIR [EVIR EP

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@>O>G BG => <:M>@HKB> GHG <MB> >KKBLL BL >KO:G HO>KMNB@= =:M B>=>K>>G =B>

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GB>NPL =B> :E NK>G =::KOHHK HI .PBMM>K >G !>>G-MBCE ;>D>G= P:K>G >G AH@> IHEBMB>:F;M>G::K F::DM> ;BCOHHK;>>E= H? <B>>E ;>D>G= =:M >K >>G C:KB@> O>K=:<AM> P:L @>:KK>LM>>K= M>KPBCE G::F >G MH>G::F O:G => =:=>K BG<ENLB>? ?HMH L O:G => ANBLSH>DBG@ HI A>M ANBL:=K>L O:G => =:=>K :EE:G@ HI BGM>KG>M <BK<NE>>K=>G )IO:EE>G= P:L A>M @>;KNBD O:G A>M PHHK= O>K=:<AM> M>@>GHO>K A>M PHHK= =:=>K 0>K=:<AM> BL MRIBL<A M::E@>;KNBD O:G => ABeK:K<AB> *HEBMB>

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LMKHFBG@>G > OHHKM@>;K:<AM> P>M>GL<A:II>EBCD> D>GGBL BL HG=>KA>OB@ ::G FH=> >G ::G => MBC=@>>LM =B> BG NBLM>KM P:M IHEBMB>D <HKK><M BL 1>M>G

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MN>E> ?HMH@K: L<A> MHNK =HHK :EE> O>KMK>DD>G ::K D:G S>E?L => O>KEB<AM> >M:E:@> O:G => F:D>E::K BG => PBGD>ELMK::M GB>M M>@>GHI P::K I>K ANBL =HHK@::GL PHK=M OHELM::G F>M bbG >GD>E ?HMHHMC> O:G => ;NBM>GD:GM O:G => PHGBG@ )HD => NBM@>O>KL O:G ;H>D>G P>K=>G BG @><HG?KHGM>>K= F>M >>G BGM>K>LL:GM G>O>G>??><M O:G => SP>KF .HM =B> MBC= P:K>G => F:KDM>G OHHK GB>NP> ;H>D>G >G OHHK @>;KNBDM> ;H>D>G ;>AHHKEBCD @>L<A>B=>G GMBJN:

KB:M>G >G KHFF>EF:KDM>G SBCG @>EB>?=> IE::ML>G OHHK ;H>D>GEB>?A>;;>KL F::K >B@>GEBCD :EE>>G F::K @>L<ABDM OHHK =B> <:M>@HKB> ;H>D>GDHI>KL =B> SB<A PBE E:M>G O>KK:LL>G =HHK P:M F>G MH>O:EEB@ M>@>GDHFM BG A>M ::G;H= '::K PB> ><AM HI SH>D P:L G::K bbG LI><B >D> ;H>DMBM>E DHG =:@>GE:G@ O>K@>>?L =HE>G =HHK A>M HG@>HK=>G=> >G S>>K @>?K:@F>GM>>K=> ::G;H= 1B> >>G LI><B >D> MBM>E SH<AM FH>LM ;BC => ;H>DA:G=>E >>G GB>NP >Q>FIE::K ;>LM>EE>G .HM=:M HE <HF BG F::KM >>G K>OHENMB> HGMD>M>G=> =HHK A>M @>?K:@F>GM>>K=> ::G;H= O:G O>E> DE>BG> MP>>=>A:G=L;H>D>GO>KDHI>KL ::G >ED::K M> DHII>E>G >G L:F>G M> ;K>G@>G BG bbG @>HK=>G=> >G MK:GLI:

K:GM> =:M:;:L> .P>>eGA:E? C::K E:M>K A>>?M HE <HF >>G G>MP>KD @><K>e>K= O:G F>>K =:G I:KMB<NEB>K> >G L>FBIKH?>LLBHG>E> O>KDHI>KL O:G MP>>=>A:G=L ;H>D>G BM G>MP>KD A>>?M HG;>=H>E= HHD >>G @KHM> BFI:<M HI => F:KDM OHHK GB>NP> ;H>D>G 1:GM >>G ;H>DDHI>K =B> ;BC HE <HF HI SH>D @::M G::K >>G GB>NP >Q>FIE::K O:G >>G LI><B >D> ;H>DMBM>E DKBC@M :NMHF:MBL<A HHD >>G HO>KSB<AM O:G => ;>L<ABD;:K> MP>>=>A:G=L >Q>FIE:

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@KHHM BL O>KL<ANB?M => OK::@ O:G GB>NP G::K @>;KNBDM M>F>>K =::K >>G ::G

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S>G F::K A>M BL S>>K => OK::@ H? =:M P>E => ;>E:G@KBCDLM> HHKS::D BL %HI>KL >G O>KDHI>KL P>M>G >ED::K LM>>=L ;>M>K M> OBG=>G OB: => =B@BM:E> G>MP>KD>G 4H:EL => =:@;E:=>G ANG BGDHFLM>G NBM KN;KB>DL:=O>KM>GMB>L S:@>G P>@

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PBDD>E>G =B> => MK:=BMBHG>E> =>M:BEA:G=>E LM>>=L F>>K <HG<NKK>GMB> ;>SHK@M #G >>G @KH>B>G= ::GM:E ANBLAHN=>GL SBCG ':KDMIE::ML GE >G LHHKM

@>EBCD> P>;LBM>L A>M IKBF:BK> O>KDHHID:G::E @>PHK=>G 1:L => F:KDM OHHK MP>>=>A:G=L :KMBD>E>G MHM OHHK DHKM GH@ ;>I>KDM MHM >>G ::GM:E LI><B >D> IKH=N<M>G M>@>GPHHK=B@ D:G F>G HI ':KDMIE::ML @>KB<AM SH>D>G G::K bED PBEE>D>NKB@ :KMBD>E 1B> E:FBG::M PBE E>@@>G BG >>G DBG=>KD:F>KMC> OBG=M :EMBC= P>E >>G I:KMB<NEB>K> ::G;B>=>K =B> GH@ >>G K>LMI:KMBC A>>?M EB@@>G =B> OHE=H>G=> BL OHHK =:M D:F>KMC> MANBL (B>NP =NL #G => O>KI:DDBG@ GH@ .>@>G >>G ;H=>FIKBCL H? LHFL S>E?L @K:MBL :? M> A:E>G ::K D:G @>>G E:FB

G::MO>KDHI>K M>@>G <HG<NKK>K>G :GDSBC => G>MP>KD >G BG?HKF:MB>L:F>GE>OBG@ BL A>M @>?K:@F>GM>>K=> >G HGHO>KSB<AM>EBCD> ::G;H= MK:GLI:K:GM @>PHK=>G >G HGMLM::G GB>NP> F:KDM>G 1B> ;BCOHH;>>E= LMH>E>G BGMH>MLM >G SBCG >B@>G IHLM<H=> D:G SHF::K ::G;B>=BG@>G SB>G ;BGG>G >>G LMK::E O:G DBEHF>M>K ">M ::G;H= BL G:=>K @>LI><B <>>K= 1> DNGG>G DB>S>G OHHK O>KL<ABEE>G=> IKBCL

<:M>@HKB>eG 0HHK GB>NP SH @H>= :EL GB>NP H? OHHK @>;KNBDM 1> DNGG>G L>E><M>K>G HI A>M ::GM:E LMH>E>G =:M => :=O>KM>>K=>K ::G;B>=M )? HI A>M F:M>KB::E O:G => ::G@>;H=>G LMH>E>G AHNM DNGLMLMH? E>>K F>M::E KB>M H? LMH? (>M SH:EL ;BC => MP>>A:G=L;H>D>GF:KDM O:G HE <HF HGMLM::G HHD AB>K G>O>G>??><M>G HI => IKBCLOHKFBG@ BG => GB>NPF:KDM 1:GM HO>K:E P::K <HN

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L<A:?P::K=> 0HHK >ED IKH=N<M P::KOHHK >>G <HNK:GM> MP>>=>A:G=LF:KDM HGMLM::M @::M => K>LMP::K=> HGA>KKH>I>EBCD BGOEH>= NBMH>?>G>G HI => GB>NPIKBCL )HD A>M ::GDHHIKBLB<H PHK=M DE>BG>K ;BC A>M ;>LM::G O:G >>G <HNK:GM> MP>>

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FBG=>KM => G:=KND =B> HI @>E= EB@M BM SB>G P> ;BCOHHK;>>E= O::D BG DE>BG> ;>=KBC?C>L F>M BG?HKF>E> @>S:@LO>KAHN=BG@>G BC => ;>LENBMOHKFBG@ >G ;BC => A:G=>EBG@>G =B> BG SNED> HK@:GBL:MB>L O>KKB<AM PHK=>G PHK=M K>E:MB>? FBG=>K @>D>D>G G::K G:G<BeE> P::K=>G >G K>E:MB>? F>>K G::K :G=>K> P::K

=>G (H@ LM>KD>K SB>G P> =:M HF@>D>>K=> O>K;:G= MNLL>G ABeK:K<AB> >G

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KB> O>K=B>IM >G => @>OHE@>G OHHK => ;>MK>??>G=> HO>KA>B=LBGLM:GMB> DNGG>G BG@KBCI>G= SBCG 1:GM =B> bG> ;NK@>K BL BG => BG?HKF:MB>L:F>GE>OBG@ ;BC F:<AM> HF :EE> HG=>KEB@@>G=> <BC?>KL ;HO>G M:?>E M> DKBC@>G P::KF>> ABC => DHLMIKBCL O:G MB>G DBEH ANBLONBE HIA:E>G D:G NBMK>D>G>G G LMbE GHN =:M NBM =B> ;>K>D>GBG@ ;EBCDM =:M => DHLMIKBCL O>>E AH@>K BL =:G A>M ;>=K:@ =:M >>G IHLM;>=KBC? BG K>D>GBG@ ;K>G@M OHHK I:DD>MIHLM O:G MB>G DBEH =:G BL =::K

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EL >K bbG @>PHHGM> BL =B> GHG IKH MHK@:GBL:MB>L SHN=>G FH>M>G DHIBeK>G O:G IKH MHK@:GBL:MB>L =:G BL A>M CNBLM =:M DHLMIKBCL;>PNLMSBCG > >:LR<K:

MB> S:E =BM F>>K >G F>>K :?=PBG@>G 4H:EL => <HFF>K<BeE> F:K@:KBG>?:

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D>G>G >G >:LR<K:MBL<A> DK:<AM>G HGMD>M>G>G P:GG>>K =B> DHLMIKBCL ;NBM>G

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LIBE= ">M O>KS>M AB>KM>@>G S:E @KH>B>G BG SP>KF>G P::KBG => DK:<AM>G @>;NG=>E= PHK=>G #G => L:F>GE>OBG@ O:G => > >>NP ;>P:G=>E=> =:M O>KS>M =HHK@::GL => ABeK:K<ABL<A> P>@ >G P>K= A>M HG=>KP>@ :?@>K>F= =HHK=:M >K M> O>>E F>GL>G ;BGG>G => ABeK:K<AB> ;>E:G@>G A:==>G ;BC => A:G=A:OBG@ O:G => LM:MNL JNH '::K BG => G>MP>KD >G BG?HKF:MB>L:F>GE>OBG@ O:G => > >>NP S:E A>M O>KS>M LM>>=L O:D>K EHI>G OB: HG@KBCI;:K> SP>KF>G P::K => :?K>F

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GB>>K= > MH>@>OH>@=> P::K=> AH>?M GB>M B>ML O>KA>O>GL M> SBCG '::ML<A:I

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I>EBCD MH>@>OH>@=> P::K=> D:G HHD SHB>ML LBFI>EL SBCG :EL => E>DD>KLM> IBG

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LNF>GM>G BL A>>E ;EBC F>M SBCG ->GL>H:II:K::M >G A>>?M >>G @>A>>E GB>NP> F:GB>K O:G DH?–>S>MM>G ::G@>E>>K= :M BL I>K =>–GBMB> MH>@>OH>@=> P::K=> -M:K;N<DL >G ->GL>H SBCG =NL ;>B=> HIO:EE>G=> F>KD>G =B> B>ML HG=>K

L<A>B=>G=L E>O>K>G > ><HGHFBL<A> P>KD>EBCDA>B= BL ><AM>K =:M => F>>K

=>KA>B= O:G => F>KD>G >G HK@:GBL:MB>L IKH=N<M>G E>O>KM =B> SB<A GB>M H? G:NP>EBCDL HG=>KL<A>B=>G #G => F:KD>MBG@EBM>K:MNNK PHK=>G =BM E= LGG

IKH=N<M>G @>GH>F= #G => OHKB@> >>NP P:L E= LGG F:KD>MBG@ >>G O>BEB@> LMK:M>@B> 0>>E HK@:GBL:MB>L DHS>G ;>PNLM OHHK => @K:NP> FB==>EF::M HF=:M =::K => F>>LM> DHI>KL SBMM>G )F=:M BG => >:LR<K:MB> HHD => F::M

L<A:II>EBCD> PBGLM >G O>KEB>LK>D>GBG@ ;>I:E>G= BL OHHK => <HGMBGNiM>BM O:G >>G HK@:GBL:MB> BL =B> F> MHH LMK:M>@B> E:G@ GB>M SH O>BEB@ F>>K :EL OHHK

A>>G 1:GM LBFIEBLMBL<A @>LM>E= :EL => @>E>O>K=> IKH=N<M>G >G =B>GLM>G @>>G >GD>E> F::ML<A:II>EBCD> ;BC=K:@> E>O>K>G =:G DHFM => F::ML<A:II>

EBCD> K>LNEM:M>GK>D>GBG@ ;BC => @>KBG@LM> F::ML<A:II>EBCD> DHLM>G :E F>M>>G BG => KH=> <BC?>KL #G =BM O>K;:G= BL A>M ;H>D EN> )<>:G -MK:M>@R 4B> AHH?=LMND >>G :;LHENM> FNLM OHHK B>=>K> F:G:@>K

Q@E><M@E> M8E ?<K @E;@M@;L #G EH@@> ;NK>:N<K:MBL<A> HK@:GBL:MB>L SBCG O>>E F>=>P>KD>KL A>M HO>KSB<AM DPBCM@>K::DM > HK@:GBL:MB>LMKN<MNK>G => IKH=N<MB>F>MAH=>G => ;>=KBC?L–G:G<B>KBG@ >G => # . SBCG O::D =>KF:M> <HFIE>Q =:M A>M S>E?L OHHK => =BK><MB> GB>M F>>K A>E>F::E M> ;>O:MM>G BL P:M >K IK><B>L @>;>NKM >G AH> :EE>L HG=>KEBG@ L:F>GA:G@M >G AH> =:M BGM>K?>K>>KM F>M => ;NBM>GP>

K>E= 0HHK => @>FB==>E=> F>=>P>KD>K BL =:M FBG=>K >K@ B> AH>?M GB>M :EE>L M> ;>@KBCI>G =B> A>>?M SBCG >B@>G M:D>G '::K A>M BL GB>M >K@ ;>OHK=>K

EBCD OHHK => :K;>B=LFHMBO:MB> :EL >K @>>G =NB=>EBCD> =H>E>G H? =H>ELM>EEBG@>G PHK=>G @>?HKFNE>>K= F::K OHHKG:F>EBCD K>@>EL >G IKH<>=NK>L 1:M ;>M>

D>GM => BG=BOB=N>E> ;BC=K:@> O:G >>G F>=>P>KD>K OHHK => HK@:GBL:MB> :EL @>A>>E 1:M SHN A>M OHHK @>OHE@>G A>;;>G :EL =B> BG=BOB=N>E> ;BC=K:@> GB>M NBM@>OH>K= SHN PHK=>G :M BL OHHK O>>E ?NG<MB>L E:G@ GB>M :EMBC= =NB=>EBCD &::M LM::G =:M BG SNED> @>O:EE>G =NB=>EBCD BL P:M => MH>@>OH>@=> P::K=> BL O:G =B> P>KDS::FA>=>G OHHK => P>K>E= ;NBM>G => HK@:GBL:MB> K@ FHMBO>

K>G= D:G =BM GB>M SBCG OHHK => ;>MKHDD>G F>=>P>KD>KL ">M L:E:KBL BL =:G >B@>GEBCD GH@ A>M >GB@> P:M => HK@:GBL:MB> >G => F>=>P>KD>K ;BG=M 1::K

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>- 2 +): - 2 +

L<ABCGEBCD BL => O>K;HK@>G P>KDEHHLA>B= BG (>=>KE:G= GH@ O>>E @KHM>K =:G P> :EMBC= =:<AM>G '::K CNBLM =:M L:E:KBL BL LENBI>G=>KPBCL >>G ENQ>@H>= @>PHK=>G HHD :E ;>L>??>G O>>E F>GL>G =:M GH@ GB>M >G ?>BM BL ><AM>K =:M BG => P>LM>KL> P>K>E= >>G :EF::K DKBFI>G= =>>E O:G => EHHGBGDHFLM>G ::G IKBF:BK> E>O>GL;>AH>?M>G PHK=M ;>LM>>= > F>>LM> P>KDG>F>KL DNGG>G HHD P>E HO>KE>O>G F>M FBG=>K L:E:KBL ">M OKHNP>EBCD =>>E O:G => (>=>KE:G=L> ;>KH>IL;>OHEDBG@ A>>?M :E >G F:LL> @>DHS>G OHHK >>G I:KMMBF>;::G HG@>

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OB=N E =B> P>KDG>F>KL =B> OKBCPBEEB@ DB>S>G OHHK >>G I:KMMBF>;::G OBG=>G D>GG>EBCD F>>K SBG@>OBG@ HI ANG >QMK: OKBC> =:@ >G =:G MBC=>GL => NBMH>?>GBG@ O:G ANG ;>M::E=> ;::G G HI =B> >QMK: OKBC> =:@>G @::G S> ‹ ;BCOHHK;>>E= ‹ HG;>SHE=B@= :KMBD>E>G L<AKBCO>G OHHK 1BDBI>=B: EL A>M P>KD BG >>G HK@:GBL:MB> M> P>BGB@ SBG@>OBG@ ;B>=M =:G BL =:M B>ML P:M HK@:

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G>F>KL =B> PbE M>OK>=>G SBCG >G HI => L?>>K ;BGG>G => HK@:GBL:MB>

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(*(


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LNF>GM M>K PBEE> M> SBCG ::KF>> SHN ABC SB<A HI S>>K @E:= BCL ;>@>O>G =HHK=:M ABC =:G >>G D:LLMKHHF <K>e>KM ;NBM>G => PBGD>E;H>DAHN=BG@ HF #G => >:LR<K:MBL<A> HIEHLF>MAH=> @::M => PBGD>EF:G:@>K O:G HI SH>D G::K <HEE>@: L F>M >>G LHHKM@>EBCD IKH;E>>F BGG>G => O>KL<ABE

E>G=> EB::EF:G:@>KL SBCG O:LM P>E >>G LMND H? MB>G <HEE>@: L ;BC PB> => HFS>M HHD =K:F:MBL<A BL @>=::E= 0KH>@>K P:L A>M HG=H>GEBCD HF :E =B> :G=>K> PBGD>EF:G:@>KL bbG OHHK bbG M> ;>EE>G &::M LM::G =:M ABC S> :EE> DHG ::GL<AKBCO>G > IHKMHDHLM>G >G DHIB>>KDHLM>G SHN=>G :E ;BCG: AH@>K SBCG =:G SBCG D>KLM;HGNL '::K BG => > >>NP OBG=M =>S> LMHK>F:G:@>K BG SBCG I< >>G I=? ;>LM:G=C> F>M => G::F >G :=K>L@>@>O>GL O:G :EE> LMH

K>F:G:@>KL O:G A>M ;>=KBC? '>M >GB@ =B@BM::E DGBI >G IE:DP>KD F::DM ABC BG >>G A:E?NNKMC> >>G @KH>ILF:BE >G <HFFNGB<>>KM SH=H>G=> DHLM>EHHL F>M => SP>KF > OHE@>G=> =:@ A>>?M ABC K>:<MB>L O:G MB>G HO>K A>M A>E> E:G= O>KLIK>B=> PBGD>EF:G:@>KL =B> F>M A>MS>E?=> IKH;E>>F PHKLM>E>G .B>G P>M>G F>>K =:G bbG MB>G DNGG>G F>>K =:G bbG >G O:G A>G D>GM => F:KD>MBG@F:G:

@>K O:G => @KHHMLM> D::KM>GE>O>K:G<B>K G P>>K >>G :G=>K DHFM >K:<AM>K =:M ABC EB= BL O:G =>S>E?=> @HE?<EN; :EL =>S> I>KLHHG >G P>>D E:M>K >K@>GL MNLL>G AHE> >G AHE> ;>=>GD>G =B> MP>> >>G ;KBEC:GM IE:G > D::KM>GE>

O>K:G<B>K @::M SBCG :LLHKMBF>GML<:M:EH@NL =K:LMBL<A NBM;K>B=>G HHK :<AM>K A>M ;>LM>EGNFF>K O:G >ED> D::KM NBM A>M :LLHKMBF>GM => E>MM>K M> IE:DD>G ;>LM>EM => BGDHI>K => ;GFN=FA=F;= O:KB:GM O:G >>G ?>EB<BM:MB>D::KM B> O:KB:GM AHN=M BG =:M >K HG=>K A>M <>EEH?::G >>G >GO>EHI SBM P::KHI :E >>G IHLMS>@>E O:G <>GM BL OHHK@>IE:DM > ;>LM>EIKBCL O:G => O:KB:GM BL

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D:GMHHK OHHKM::G >>G :<AM>K A>M HHKLIKHGD>EBCD> ;>LM>EGNFF>K >G A::EM SH=H>G=> => IHLMS>@>EL P>>K M>KN@ BG SBCG EB::E ">M MRI>K>G=> O:G =>S> >:LR<K:MBL<A> HIEHLLBG@ BL =:M >K @>>G >GD>E HO>KE>@ AH>?=> IE::MLM M> OBG=>G ;BGG>G => BGM>KG> ;NK>:N<K:MBL<A> ABeK:K<AB> F::K =:M =B>S>E?=> ;>LM::G=> ABeK:K<AB> HHD HI @>>G >GD>E> F:GB>K HG=>KFBCG= P>K= K SBCG :EE>>G F::K PBGG::KL @>>G O>KEB>S>KL

M@IKL<C< 9CF<D<E > :NMHO>KDHI>K BG EHHG=B>GLM A:= C:K>GE:G@ => @>PHHGM> HF :EE> DE:GM>G =B> ;BC A>F >>G :NMH DH<AM>G ;BC => : >O>KBG@ O:G => :NMH >>G @KHHM ;H>D>M ;EH>F>G M> HO>KA:G=B@>G EL =:GD OHHK A>M BG A>F @>LM>E=> O>KMKHNP>G BM @>;::K P>K= S>>K @>P::K=>>K= =HHK SBCG DE:GM>G > :NMHO>KDHI>K O>K

PB>K? >>G @KHM> L<A:K> O:LM> DE:GM>G > EHR:EBM>BM O:G SBCG DE:GM>G E:@ @>FB==>E= O>>E AH@>K =:G @>;KNBD>EBCD BG => ;K:G<A> > O>KDHI>K P:L >KO:G HO>KMNB@= =:M => BGO>LM>KBG@ BG ;EH>F>G ><HGHFBL<A SBGOHE P:L >G SB<A =N;;>E >G =P:KL M>KN@;>M::E=> '::K BG SBCG O>KDHHIHK@:GBL:MB> =:<AM F>G =::K :G=>KL HO>K K FH>LM ;>SNBGB@= PHK=>G BGG>G => ABeK:K<AB> P>K= ;>LEHM>G =:M >K @>>G >NKH F>>K NBM@>@>O>G FH<AM PHK=>G ::G K>E:MB>

@>L<A>GD>G BL<NLLB> GB>M FH@>EBCD > O>KDHI>K P:L ;:G@ =:M =HHK => DBEE> F::MK>@>E SBCG SHK@ONE=B@ HI@>

;HNP=> DE:GMEHR:EBM>BM HI =>G =NNK SHN :?;KHDD>E>G >G MK:<AMM> =:M HI >:LR<K:MBL<A> PBCS> M> O>KA>EI>G "BC SH<AM HI BGM>KG>M => > F:BE:=K>LL>G O:G :EE> ;EH>FBLM>KBC>G BG => LM:= >G LMNNK=> S> :EE>F::E >>G F:BEMC> P::KBG ABC BG A>M DHKM => LBMN:MB> NBME>@=> 1>ED> ;EH>FBLM OH>E=> SB<A @>KH>I>G HF A>F >>GL M> ;>EE>G HF M> DBCD>G H? S> >>G LEBFF> CHBGM IKHFHMBHG

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PB>KI >>G ;H>D>M OBKMN>E> ;EH>F>G HI SBCG I< >G IKBGMM> =:M BG O>>EOHN= NBM HF ::G :E SBCG DE:GM>G M> HO>KA:G=B@>G )G=>K => :?;>>E=BG@ O:G ;EH>F>G LMHG= => OHE@>G=> M>DLM !>?>EB<BM>>K= F>M NP GB>NP> :NMH >=:GDM OHHK NP O>KMKHNP>G BG HGL 1BC =H>G >K :EE>L ::G HF => ::GDHHIIKBCL O:G NP

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:NMH SH E::@ FH@>EBCD M> AHN=>G ::KHF @>O>G PBC @>>G ><AM> ;EH>F>G F>>K P>@ SH:EL N O:G HGL @>P>G= P:L '>M =BM ;H>D>M OBKMN>E> ;EH>F>G AHI>G P> GH@ P>E A>MS>E?=> @>;::K HO>K M> ;K>G@>G G =:G HG=>K => LMBII>EEBCG LMHG= Gk@ >>G M>DLM 'BLM N => @>NK O:G ><AM> ;EH>F>G .>@>G BGE>O>KBG@ O:G =>S> ;HG DNGM N >>G ;H>D>M G::K D>NS> NBMSH>D>G ;BC EH>FBLM>KBC *B>M>KL >G ;>M::EM N LE><AML IKH<>GM O:G => PBGD>EIKBCL *B>M>KL AH>?=> =::K O>K=>K GB>ML OHHK M> A>;;>G B> P:L M>OK>=>G F>M >QMK: ;>SH>D BG SBCG PBGD>E >G F>M IKH<>GM DHKMBG@ E:@ SBCG O>KDHHIIKBCL GH@ LM>>=L ;HO>G => BGDHHIIKBCL >G ;BS:KK> HIEHLLBG@ 1B> PBE >K GHN >>G ;H>D>M OBKMN>E> ;EH>F>G .H<A PbE K ;>LM::M :E C:K>GE:G@ >>G HK>K>G=> F:KDM BG OBKMN>E> ;EH>F>G HI =BO>KL> F>KBD::GL> P>;LBM>L ":G=B@> HG=>KG>F>KL A>;;>G HGM=>DM =:M C> ;EH>F>G DNG =B@BM:EBL>K>G > F>>LM> ;EH>F>GDHI>KL @::G OHHK => @>NK >G => DE>NK >G A>M ?RLB>D> @>GHM O:G >>G E>O>G=> ;EH>F '::K >>G =>>E O:G => ;EH>F>GDHI>KL BL NBMLENBM>G= @>iGM>K>LL>>K= BG A>M LRF;HEBL<A> @>;::K 4BC DHI>G ;EH>F>G HF B>F:G= A>M AH? M> F:D>G H? HF B>ML @H>=L M> F:D>G G =BM =>>E O:G => ;EH>F>GF:KDM BL A>>E @H>= M> =B@BM:EBL>K>G SH BL @>;E>D>G K SBCG O>KL<ABEE>G=> P>;LBM>L P::K OBKMN>E> ;EH>F>G PHK=>G O>KDH<AM ">M IKH=N<M BL O::D GB>M F>>K =:G >>G HGHH@EBCD> LEHK=B@> BEENLMK:MB> O:G >>G ;EH>F =B> I>K > F:BE PHK=M ;>SHK@= > IKBCS>G O:KBeK>G O:G MHM =HEE:K I>K ;EH>F ">M @>A>BF SBM >KBG =:M => HGMO:G@>K HHD => IKBCLEBCLM D:G SB>G NL => HGMO:G@>K P>>M =:M => E>EBCD> =B@BM:E> ;EH>F O:G MB>G =HEE:K >>G @>;::K O:G => L<A>GD>K BL =:M MB>G =HEE:K A>>?M @>DHLM *KH=N<MB>DHLM>G GNE ;>SHK@DHLM>G GNE PBGD>EDHLM>G GNE O>KDHHIIKBCL MB>G =HEE:K ">M D:G :EE>F::E BG => >:LR<K:MB>

NFE@E> @J QFE;<I DLI<E D<<I N88I; FLM>K=:F BL => =NNKLM> LM:= M>K P>K>E= HF >>G =:@ C> :NMH M> I:KD>K>G SH ;E>>D F>=BH NBM >>G HG=>KSH>D O:G HEEB>KL #GM>KG:MBHG:E G::K I:K

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D>>KIE::ML>G SH G ;>>MC> => =NNKLM> OHKF O:G HGKH>K>G= @H>= @>PHK=>G >G IKHC><MHGMPBDD>E::K =B> HN=> I:G=>G HIDHHIM HF M> K>GHO>K>G >G O>K

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OHE@>GL M> O>KANK>G :EL PHHGKNBFM> D:G IHM>GMB>>E F>>K BGDHFLM>G O>K@:

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PBDD>E>G '>M => ;>LM::G=> M><AGHEH@BL<A> FB==>E>G SH:EL FH;B>E BGM>K

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:GF>E=>G @::M I>K LFL :M DHLM >GB@> A:G=>EBG@>G F::K @::M GH@ :EMBC= LG>EE>K =:G G::K => HI>G;:K> I:KD>>KD::KMC>L:NMHF::M EHI>G P::KO:G A>M =BLIE:R O::D HI => F>>LM HG@>E>@>G FHF>GM>G DGBII>KM :NMHF::M MBC=>

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(+*


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FBLM>G SB<A F>E=>G HHK A>M ::GE>@@>G >G HGMPBDD>E>G O:G BG?HKF>E> <HFFNGB<:MB>G>MP>KD>G D:G >ED> ::G;B>=>K O:G >ED IKH=N<M SBCG HHK BG => F:KDM M> ENBLM>K>G E>@@>G >G L:F>G F>M SBCG :?G>F>KL O>KGB>NPBG@>G ;>=>GD>G => OK::@ LMBFNE>K>G IKH>?;:EEHGG>MC>L HIE:M>G >G BGGHO:MB>O>

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) % 7 ='6%8- ) - 2 ( ) 2 32 4 63* - 87) ' 836

IKH=N<M>G >G =B>GLM>G HGMPBDD>E>G > >LL>GMB> O:G => GB>NP> F:KDMLMKN<

MNNK BL FBLL<AB>G P>E =:M =>S> <HFFNGB<:MB> =>S> F:KDMHKBeGM:MB> FH@>

EBCD BL M>@>G O>KP::KEHHL;:K> DHLM>G *NNK M>K BEENLMK:MB> => H? <BeE> ':K<H HKL:MH "RO>L I:@BG: A>>?M OKB>G=>G ">M BL FBLL<AB>G GB>M A>M F>>LM @>eB@>G=> <HFFNGB<:

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

N@JBLE;< MFFI =@C<I@A;<IJ > >:LR<K:MB> HGMLENBM P>@>G G::K GB>NP> HIEHLLBG@>G OHHK :EE> F::ML<A:I

I>EBCD> OK::@LMNDD>G 4>E?L E>MM>KEBCD 1:GM HHD A>M E>IKH;E>>F SHN ;BGG>G MB>G C::K P>E >>GL HI@>EHLM DNGG>G SBCG HF F::K >>GL >>G OHHK

;>>E= M> GH>F>G .> HIMBFBLMBL<A .> B=>:EBLMBL<A >LM FH@>EBCD F::K @>>? A>M >>G D:GL 1:GM bbG =BG@ BL S>D>K => HN=> ABeK:K<ABL<A> F:GB>K A>>?M LHPB>LH GB>M @>P>KDM > :?@>EHI>G =><>GGB: SBCG => E>L GB>M DHKM>K @>PHK

=>G HG=:GDL FBEC:K=>GBGO>LM>KBG@>G > HN=> F:GB>K O:G A>M IKH;E>>F HIEHLL>G ;>@BGM BG => F>>LM> @>O:E

E>G F>M => :G:ERL> =:M => :NMH L GB>M F>>K HI => P>@ I:LL>G =pL SBCG >K F>>K P>@>G GH=B@ =pL BL >K @>E= GH=B@ HF P>@>G M> ;HNP>G ::K BL ABC P>>K => >>KLM BL @>E= GH=B@@>=:<AM> )I SB<A BL => @>=:<AM>@:G@ GB>M O>K

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

::GI:D F>M A>M EHLE:M>G O:G => >>KLM BL @>E= GH=B@@>=:<AM> HF O>KOHE@>GL

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) %7 ='6%8- )

M> DBCD>G G::K => D>KG O:G A>M IKH;E>>F ">M E>IKH;E>>F BL GB>M \ IKBHKB >>G P>@>G;HNPOK::@LMND BG >>KLM> BGLM:GMB> BL A>M >>G FH;BEBM>BMLOK::@

LMND :M => HO>KA>B= BG => IKH;E>>F::GI:D LM>KD => G:=KND E>@M HI NBM;K>B

=BG@ O:G A>M P>@>GG>M A>>?M O:LM GB>M M> F:D>G F>M DHKMSB<AMB@A>B= F::K BL BGA>K>GM ::G => ABeK:K<ABL<A> LMKN<MNK>G > FBGBLM>K O:G 0>KD>>K >G 1:M>KLM::M A>>?M PbE => FH@>EBCDA>=>G >G FB==>E>G HF >>G P>@>G;HNP>K M> ;>EE>G >G >>G >QMK: KBCLMKHHD HI => M> ;>LM>EE>G F::K A>>?M G:NP>EBCDL FH@>EBCDA>=>G HF P>KD@>O>KL M> =PBG@>G MHM A>M O>KDE>BG>G O:G A>M PHHG P>KDO>KD>>K ">M FH;BEBM>BML@>=K:@ O:G BG=BOB=N>G BL PbE ;>iGOEH>=

;::K F::K =:M @::M P>>K @>I::K= F>M BFIHINE:BK> F::MK>@>E>G =B> ;BC => OHE@>G=> O>KDB>SBG@>G S>M>EL DNGG>G DHLM>G HO>G=B>G A>>?M => HO>KA>B= HHD P>E =>@>EBCD @>SH<AM G::K F:GB>K>G HF A>M ::G;H= O:G :NMH L M> O>KDE>BG>G .ANBLP>KD>G P>KDMBC=>GLIK>B

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LBG@ EL BG :EE> :NMH L =B> OHHK A>M PHHG P>KDO>KD>>K PHK=>G @>;KNBDM OB>K F>GL>G S:M>G SHN=>G >K BG => LIBML S>O>GMB@ IKH<>GM FBG=>K :NMH L KBC=>G SH F>E=M => LMB<AMBG@ 'BEB>N >GMK::E HI A::K P>;LBM> ">M E>IKH;E>>F SHN =::KF>> GB>M F>>K ;>LM::G &HL =::KO:G A>>?M =>S> MA>HK>MBL<A> HIEHL

LBG@ GH@ >>G ::GM:E ;BCDHF>G=> BGM>K>LL:GM> >??><M>G >>G FBEC:K=>G;>LI:

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:8IGFFC@E> )%' #G => IK:DMBCD LMNBM <:KIHHEBG@ HI O>>E IK:DMBL<A> ;>SP:K>G > F>>LM OHHK => A:G= EB@@>G=> F:GB>K HF F>=><:KIHHE>KL M> OBG=>G BL M> SH>D>G ;BGG>G A>M >B@>G ;>=KBC? G::K <HEE>@: L F>M =>S>E?=> PHHGIE::ML :M O:EM GB>M F>> :EL => <HEE>@: L O>KLIK>B= PHG>G G =:G SBCG >K GH@ => O:KB:;>E> P>KDMBC=>G >G => .0 =:@>G =B> >>G @H>=EHI>G= <:KIHHEBG@LRLM>>F BG => P>@ SBMM>G '::K HHD :E OBG=M F>G LM:=L@>GHM>G F>M =>S>E?=> P>KDMBC=>G <:KIHHEBG@ BL @>>G EHEE>MC> :EL F>G ::G A>M ;>@BG >G ::G A>M >BG=> O:G >ED> P>KD=:@ M>ED>GL >>G A:E?NNK DPBCM BL ::G A>M =HHKDKNBL>G O:G => =B<AM@>

LEB;=> LM:= O:G => >G> LM:=LPBCD G::K => :G=>K> LM:=LPBCD G HHD HF => <:KIHHEIE::ML ::G => K:G= O:G => LM:= M> ;>K>BD>G FH>M F>G >>KLM BG => LM:=L E> KBC=>G :KIHHE>G SHN O>>E >? <BeGM>K P>KD>G >G IE>SB>KB@>K SBCG :EL => <:KIHH

E>KL BG =>S>E?=> LMK::M SHN=>G PHG>G ">M IKH;E>>F BL :EE>>G =:M P> O::D :E GB>M >>GL P>M>G P::K => G::LM> ;NNKF:G IK><B>L P>KDM &::M LM::G => ;NNK

F:G O:G OBC? ANBS>G O>K=>KHI

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> D:GL BL S>>K @KHHM =:M ;BGG>G >>G LMK::E O:G MP>>AHG=>K= F>M>K B>F:G= PHHGM F>M OKBCP>E =>S>E?=> P>KD;>LM>FFBG@ '::K A>M BL M>O>>E @>OK::@= =:M B>=>K> ?HK>GL ;BC :EE> ANBS>G BG SBCG LMK::M @::M ::G;>EE>G HF G::K A>M PHHG P>KDO>KD>>K O:G => ;>PHG>KL M> BG?HKF>K>G '::K =:M AH>?M HHD GB>M F>>K > G>MP>KD >G BG?HKF:MB>L:F>GE>OBG@ A>>?M GB>NP> BGLMKNF>GM>G OHHKM@>;K:<AM HF => FH;BEBM>BMLLMKHF>G @>F:DD>EBCD >G >? <BeGM BG D::KM M> ;K>G@>G EL P> HI ':KDMIE::ML GE IK><B>L DNGG>G SB>G P>ED> MP>>=>A:G=L LINE

E>G >ED> ;>PHG>K NBM => LMK::M M> DHHI ::G;B>=M D:G >K HHD F:DD>EBCD >>G LHHKM@>EBCD LRLM>>F DHF>G P::KHI P> IK><B>L DNGG>G SB>G P::K => ;NNKM

;>PHG>KL P>KD>G G SH:EL => ':KDMIE::ML@>;KNBD>KL D>NKB@ => PBCSB@BG

@>G BG ANG OK::@ >G ::G;H= NI MH =:M> AHN=>G SH DNGG>G => @>;KNBD>KL O:G =BM MH>DHFLMB@> FH;BEBM>BMLMK:GLI:K:GMB>LRLM>>F >O>GMN>>E HHD ANG O:KB:;>E> OK::@ >G ::G;H= BG PHHG P>KDO>KD>>K :<MN:EBL>K>G '>M ;>ANEI O:G SH G LRLM>>F D:G F>G K:S>G=LG>E >G >? <BeGM >>G F>=><:KIHHE>K OBG=>G =>LGHH=L I>K =:@ PBLL>E>G= > ILR<AHEH@BL<A> =K>FI>E BL DE>BG>K HF ;BC >>G OK>>F=> BG => :NMH M> LM:II>G :EL =>S> OK>>F=> BG =>S>E?=> LMK::M PHHGM :M L<A>IM >>G ;:G= >G ;BCDHF>G= F::ML<A:II>EBCD G>O>G>??><M O:G SH G >:LR<K:MBL<A <:KIHHEBG@LRLM>>F BL =:M A>M E>B=M MHM >>G @KHM>K> LH<B:E> <HA>LB> BG => ;NNKM G HHD => <NEMNK>E> BGM>@K:MB> PHK=M LIHGM::G ;>OHK=>K= P:GM => ;NNKF:G O:G MB>G ANBS>G O>K=>KHI A>>?M LHFL >>G :G=>K> >MGBL<A> :?DHFLM =:G PBCS>E?

N@< >88K ;@K JPJK<<D FGQ<KK<E6 1B> @::M =BM LRLM>>F HIS>MM>G =:M OK::@ >G ::G;H= O:G FH;BEBM>BM @>=>M:BE

E>>K= BG D::KM ;K>G@M >G SH=H>G=> GB>M :EE>>G => P>@ HI>GM OHHK <:KIHH

EBG@ F::K M>O>GL D:GL>G ;B>=M OHHK <HFF>K<BeE> O>KOH>KL::G;B>=>KL HF CGF:SB@> O>KOH>KLHIEHLLBG@>G ::G M> ;B>=>G ">M FBGBLM>KB> O:G 0>K

D>>K >G 1:M>KLM::M => (1 >>G P>KD@>O>KLHK@:GBL:MB> H? >>G ;NL H? M:QBHG=>KG>FBG@ SBCG OHHK => A:G= EB@@>G=> D:G=B=:M>G '::K PBC @HDD>G >KHI =:M A>M SHF::K >>G BG=BOB=N PHK=M 'BLL<AB>G PHK=M A>M P>E >>G CHG@> :F;BMB>NS> :F;M>G::K =B> BG => E:@>K> ><A>EHGL O:G 0>KD>>K >G 1:M>KLM::M P>KDM >G BG SBCG OKBC> MBC= =BM LRLM>>F ;>=>GDM >G HIS>M B> BG IE::ML O:G O>>E >G>K@B> M> LMHII>G BG A>M DEBFF>G HI => ABeK:K<ABL<A> E:==>K SBCG >G>K@B> EB>O>K ::GP>G=M HF HIEHLLBG@>G M> ;>=>GD>G >G NBM M> OH>K>G OHHK => OK::@LMNDD>G P::K ABC BG SBCG =:@>EBCDL> P>KDS::FA>=>G HI LMNBM 1:GM =:M BL FBLL<AB>G P>E A>M F>>LM ?:L<BG>K>G=> >G AHHI@>O>G=> :LI><M O:G => >:LR<K:MB> BG => G>MP>KD >G BG?HKF:MB>L:F>GE>OBG@ BL A>M FH@>EBCD @>PHK=>G =:M bbG F>=>P>KD>K NBM => E:@>K> ABeK:K<ABL<A> K>@BH

G>G BG SBCG >>GMC> F>>K OHHK >ED::K DKBC@M =:G SBCG @>A>E> HK@:GBL:MB> BG MPBGMB@ C::K A>>?M ;>K>BDM

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P>KD O:G BG=BOB=N>G BL P>EEB<AM S>E?L @KHM>K 1:GM >>G ;>LM::G=> ABeK:K

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MNNK M> @B>M>G F>M <HGMKHE>FB==>E>G >G BGINM O:G ;HO>G:? >G >:LR<K::M =::K>GM>@>G S:E :E O:G G:MNK> @>G>B@= SBCG HF ;BCOHHK;>>E= => @>;KNBD>KL O:G A>M LRLM>>F SbE? => =:M: M> E:M>G BGOH>K>G '::K @::M =:M =:G P>E @H>= SH OK::@M => ;NK>:N<K::M SB<A BGLMBG<MB>? :? 4H G LRLM>>F D:G MH<A :EE>>G F::K ?NG<MBHG>K>G :EL => ;NK@>KL HI @KHM> L<A::E ANG FH;BEBM>BML;>

AH>?M>L HI@>O>G 'H>M>G S> =::KMH> =:G GB>M O:G ;HO>G:? PHK=>G ::G@>

LIHHK= H? P>MM>EBCD PHK=>G O>KIEB<AM :M SBCG EH@BL<A> OK:@>G O:GNBM => ABeK:K<ABL<A> BG=H<MKBG:MB> '::K => >:LR<K::M LE::M =>S> OK:@>G HO>K B> =>GDM >K A>>?M MH<A HHD GB>F:G= =B> FBECH>G>G F>=>:NM>NKL O:G 1BDBI>

=B: O:G ;HO>G:? ::G@>LMNNK= G :EL >>G I::K @>PHG> ANBLFH>=>KL A>M OHHK >ED::K DKBC@>G HF ;BGG>G >GD>E> P>D>G MBC= F>GL>G G::K >>G P>;LBM> M> =BKB@>K>G HF A>M NBMS>G=MBC=LMBI O:G ->L:FLMK::M M> ;>iGOEH>

=>G P::KHF SHN A>M =:G GB>M ENDD>G HF F>GL>G F:LL::E G::K => <:KIHH

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?<K 9<JK88K 8C >G KN=BF>GM:BK> := AH<OHKF O:G <:KIHHE>G SB>G P> GN :E LIHGM::G HI .PBMM>K HGMLM::G ">M BL :E => GHKF::ELM> S::D O:G => P>K>E= :EL B>F:G= MPBMM>KM 1B> NBM FLM>K=:F @::M O:GFB==:@ HHD G::K A>M F:KD>MBG@<HG

@K>L BG BG=AHO>G #D SH>D >>G EB?M G BL A>M HHD :E => GHKF::ELM> S::D O:G => P>K>E= :EL =B> EB?M O>KOHE@>GL ;BGG>G >>G A:E?NNK @>K>@>E= BL :GDSBC A>M G>MP>KD :M =:G MP>> F>GL>G L:F>GKBC=>G =B> >ED::K =::KOHHK GH@ GHHBM @>SB>G H? @>LIKHD>G A:==>G >S> >:LR<K:MBL<A> HIEHLLBG@ @::M GH@ O>>E O>K=>K =:G => HIEHLLBG@ O:G A>M HHKLIKHGD>EBCD> BG=BOB=N>E> FH;BEBM>BMLOK::@LMNDC> 1:GM :EL ;BCDH

F>G= >??><M PHK=>G GN MP>> F>GL>G @>DHII>E= =B> G::K A>MS>E?=> <HG@K>L @::G =B> =NL =>S>E?=> BGM>K>LL> A>;;>G =B> AHH@LMP::KL<ABCGEBCD HO>KE:I

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16:41

Pagina 1

Stel het doel centraal en niet de ‘regeltjes om de regeltjes’

De easycratie is een netwerk van professionals, dat naast de traditionele bureaucratieën een steeds machtiger en invloedrijker bolwerk wordt. En dat uiteindelijk zelfs de bestaande bureaucratie zal dwingen ook easycratisch te worden.

Easycratie roept op tot een nieuwe manier van werken, organiseren én samenwerken die dwars door bestaande organisatiestructuren heen gaat. Het laat zien hoe je samen met andere bevlogen professionals het verschil kunt maken, ongeacht je plaats in de traditionele hiërarchie. Je hoeft niet eerst CEO of minister-president te worden om dingen te kunnen verbeteren. Je moet er alleen voor zorgen dat je de juiste spelregels kent. Want van boven naar beneden werkt anders dan van beneden naar boven.

“Inspirerend” “Geweldig boek” “Baanbrekend” “Opgewarmd prutje van overbekende boeken” “Vlot geschreven, zeer leesbaar” “Erger dan koffie voor het slapen” “Per direct uitdelen op alle hogescholen en universiteiten” “Je leest het zo uit en bent toch een leven rijker”

2e oplage met een voorwoord van Frans Roemen en een extra case op pagina 141!

978 90 5261 702 2 801

EASYCRATIE

Martijn Aslander geeft lezingen over onderwerpen als de netwerksamenleving, web 2.0, het slim delen van kennis, collectieve intelligentie en zwermen; dé ingrediënten van de easycratie. Erwin Witteveen is een journalist/publicist die met humor en diepgang ingewikkelde zaken in heldere taal opschrijft. Hij schrijft voor vakbladen op het gebied van marketing en management.

Aslander & Witteveen

In grote, logge organisaties heerst vaak een verstikkende bureaucratie, die het onmogelijk maakt om de grote vraagstukken op te lossen. Er zijn genoeg mensen die de oplossingen hebben, maar zij worden nog al te vaak belemmerd door regels, hiërarchieën en een gebrek aan samenwerking. Dat moet en kan anders: vervang de bureaucratie door de easycratie!

Martijn Aslander Erwin Witteveen

DE TOEKOMST VAN WERKEN EN ORGANISEREN

04-10-2010

EASYCRATIE

Omslag Easycratie 2e oplage


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