!"#$%&'#(%)&'*)'%++*+ ,-+%.$'.*#$#'*/'%++*+'0123 - - PowerPoint PPT Presentation

!"#$%&'#(%)&'*)'%++*+

,-+%.$'.*#$#'*/'%++*+'0123 !"#$%!&"#'%#"(')*'&$!!"&+)*,'-*'"!!$! 4)&-+%.$'.*#$#'*/'%++*+'0523 ."#$%!&"#'%#"(')*'/$00$1'$*'1$!2'-*('&$#+#'+$'$+3"!'4-!+)"# 6)+%.*+&%&'(+*.%##'7"#$%'0823 5!!$!#'$&&%!6'-!"')("*+)/)"('-*('&$!!"&+"('1)+3$%+'7")*,' !"&$!("( 9"$%)$'&%/%.$#'0:23' !"8-)*')*'40-&"'-/+"!'&0)"*+'-&&"4+-*&"'-*('-*9':("/"&+#' 0)-7)0)+9'4"!)$(:'3-#'4-##"(

;<%'=%$'4$'>-?<$'4)-$-"$-@%' A%BC%+#D'A%%$-)?' EF$< G.$*C%+'HIEJ

;$!2)*,'+$,"+3"!'+$'"0)8)*-+"'"!!$!6' 79'<*(%#+!96'/$!'<*(%#+!9=

!%K.*B%

=%$'4$'>-?<$'4)-$-"$-@%'A%BC%+#'L G.$*C%+'HIEJ

!"#$%"&'"()

M=NO,M

!"#$%&"'()*'+,"$-./0"'1/2"$.%234'5"6%2. 5%##'7-.'%8'9:5:';2(/)/)<'()*'=%)4-#.()$> =%&&-)/$(./%)4 ?2"4").(./%)'@>'A%B)'C%22/4%)D ;B"'E-4.2(#/()'+,6"2/")$" F5+EG ;B"'C%2<()'H/)*(##'+,6"2/")$" I-2/$B':)4-2()$"'?2"4").(./%) 1"4/<)'!%2J/)<'92%-6 ;"$B)%#%<>'!%2J/)<'92%-6'5"4"(2$B 1(."4'%8'KLKL'&""./)<4 !2(6'M6

NP$%+)"K'Q"B("-?)#

>?'@-00-,3"! AB<'C)!8)*,3-8 A$*#+!%&+)*,'5D&"00"*&"'E)(0-*(# <A5'C)!8)*,3-8

A%BC%+'!*+R#<*(#

C-0/$%!'C"-++9'.>B''>1-9'F-9 C!98$!'@<.<'G-%*&3 ;"),3+8-*#'H"8)*-! I%!)&3'C!)"/)*,

G$<%+'4)-$-"$-@%#

C%)0()*,'-'H-/"!'J%+%!"'A$*#%0+-+)$* A<KC'B%-0)+9')*'A$*#+!%&+)$*

N++*+'S+%TU%).V'>"$-*

L MNNO'#%44$!+'/$!'-'4%70)&09'!"4$!+"('P5!!$!'J!"Q%"*&9'

.-+"R'S5J.T=

L K*09'-'+3)!('$/'+3$#"'4$00"(''7"0)"U"('+3")!'

$!,-*)#-+)$*'1$%0('7"'4!"4-!"('+$'#3-!"'-*'"!!$!' 8"+!)&'4%70)&09='

L V$1'($'1"'&!-&2'+3-+'*%+W

>*KK'*U$'*/'=4>4';+"-)-)?

;$!2)*,'+$,"+3"!'+$'"0)8)*-+"'"!!$!6' 79'<*(%#+!96'/$!'<*(%#+!9=

W".R?+*U)&

L @<.<'."#"-!&3X')("*+)/)"('!$$+'&-%#"#'$/'"!!$!')*'

&$*#+!%&+)$*

L YNMZX'A<[C'G-%*&3'\]NN^'_!$(%&+)U)+9'A$88)##)$* L \`M]^'#"&%!"('79'@<.<'8"87"!#'/$!'`'#2)00#'4!$a"&+#X

L G"-("!#3)4'#2)00#'SG"('79'^)"!T L H%4"!U)#$!'-*('E-*-,"!'H2)00#'SG"('79'b<cA<T L <*+"!/-&"#'SG"('79'C"!2"0"9

L _!$a"&+#'(%"'+$'&$840"+"'79'"*('$/'YNMd

GU$.*B%#

L 5'=4>4'$+"-)-)?'.*U+#%#'("U"0$4"(' L >##$&)-+"(';+"-)'$<%';+"-)%+'B*&UK%# L _)0$+"('$U"!'EX'B*)$<# L XII'Y ("0",-+"# L 8I'Y $!,-*)#-+)$*# L 5U-0%-+)$*'#3$1)*,'&$*#)#+"*+09'<-?<' K%@%K#'*/'#"$-#/".$-*)

J""(7-&2

“This course was the best I have been on in my entire career at XXX… “ “…It is relevant not just to construction but to pretty much all other businesses and business processes…“ “…the way the course was structured and presented brought the key messages across in the most effective way. Practical exercises were relevant and appropriate and were designed so that all participated and no one individual was allowed to dominate.“ “I can only imagine the impact on [Multi £Bn mega-project] if we had implemented some or all

• f the concepts in the way the course proposed.“

“The exercises identified real world roots of errors and brought interesting discussion to the table”

O%P$'Z$%(#

L K7a"&+)U"#'/$!'H&-0"'e4X L @<.<'[!-)*)*,'+$'7"'"..%##-CK% +$'+3"')*(%#+!9 L C%)0('."(".-$V'['."("C-K-$V'+$'%4#2)00'e^'

&$*#+!%&+)$*')*(%#+!9'$*'"!!$!f!"(%&+)$*

L A"P-B-#%'-B(".$'$*'4!$(%&+)U)+9'-*('4!$/)+-7)0)+9

O%P$'#$%(#

=4>4';+"-)-)?'")&'Q*)#UK$").V'9-B-$%&'$*\

L C%)0('+3!""'A*&%K# /*+'&%K-@%+V'$/'@<.<'+!-)*)*,X f @<.<'[!-)*)*,'-*('A$*#%0+-*&9' f @<.<'>44!$U"('[!-)*)*,'_!$U)("!# f <*'3$%#"'+!-)*)*,'U)-'@<.<'>44!$U"('[!-)*"(' [!-)*"!# L H"+'Z$")&"+&# +$'"*#%!"'@<.<'+!-)*)*,')#'("0)U"!"(')*'

• &&$!(-*&"'1)+3'#&3"8"'!%0"#'

L ]U"K-$V'A")"?%B%)$'#V#$%B#'L +$'8-*-,"'+!-)*)*,'Q%-0)+9'

• *('8$*)+$!')84-&+'$*'"!!$!')*'&$*#+!%&+)$*

L _!$U)("'-'#%#+-)*-70"'K*)?^$%+B'-).*B%'#$+%"B'/*+'=4>4' +3!$%,3'0)&"*#)*,'$/'+!-)*)*,

_=*K&%)';<+%"&`

Q*U+#%#

;+")#-$-*)'Q*U+#%#

L >00$1'@<.<'8"87"!#'+$'-++"*('&$%!#"#''''''''''''''''''''''' S-+'()#&$%*+"('!-+"#T L _!"U"*+'0$##'$/'&$!4$!-+"'2*$10"(," L F"U"0$4'4!$/"##)$*-0'+!-)*"!# L J%*('+3"'("U"0$48"*+'$/'+3"'/%00'!$00f$%+'4!$,!-88" L !"#$%&'&()*(+,-.(#"*'/0111

;+")#-$-*)'Q*U+#%#')*7'"@"-K"CK%

ZU(%+@-#*+'a'A")"?%+'$+"-)-)?\

L ."(%&)*,'"!!$!#'$*'&$*#+!%&+)$*'#)+"#'g _-!+'$*"X'

H%4"!U)#)$*'H2)00#

L ."(%&)*,'"!!$!#'$*'&$*#+!%&+)$*'#)+"#'g _-!+'+1$X'_0-**)*,'

H2)00#

4)$%+/".%#\

L >U$)()*,'&$*#+!%&+)$*'"!!$!#'-+')*+"!/-&"#'g _-!+'$*"X'

A$00-7$!-+)$*'

L >U$)()*,'&$*#+!%&+)$*'"!!$!#'-+')*+"!/-&"#'g _-!+'+1$X'

F"#),*)*,'/$!'A$*#+!%&+)$*

;*'C**R

b)#)+'3++4#Xhh,"+)+!),3+=%2=&$8h e#"'0)*2'$*'=4>4';+"-)-)?'4-,"'+$'7$$2= 5*Q%)!)"#X'!-&3"0=3$,-!+3i,"+)+!),3+=%2=&$8

Z(*)#*+-)?'"'.*U+#%

L @<.<'8"87"!#'&-*'#4$*#$!'-'&$%!#"'(%!)*,'+3"'+!-*#)+)$*'

43-#"X

L _!$U)("'#%)+-70"'U"*%"h'!"/!"#38"*+# L Y'/!""'40-&"# L >*9'!"8-)*)*,'#4-&"#'+$'7"'8-("'-U-)0-70"'+$'3$#+'&$84-*9'

• *(h$!'1)("!')*(%#+!9

J$!')*/$!8-+)$*'$*'#4$*#$!)*,'-'&$%!#"X

!-&3"0=3$,-!+3i,"+)+!),3+=%2=&$8

Q*BBU)-."$-*)#

;$!2)*,'+$,"+3"!'+$'"0)8)*-+"'"!!$!6' 79'<*(%#+!96'/$!'<*(%#+!9=

=4>4'A%BC%+'Q*BBU)-."$-*)# e4(-+"('8"()-'4-&2'+$'#%44$!+' E"87"!'A$88%*)&-+)$*# F!)U"'+$'&$**"&+'1)+3'E"87"!' A$88%*)&-+)$*# +"-8#'f &$*+-&+' ("+-)0#'/$!'$*09']'E"87"!#

Q*BBU)-."$-*)#'6(&"$%

6(.*B-)?'%@%)$#

YNMd Mj'c$U ;$!0('B%-0)+9'F-9 Mj'c$U F%!2-*';BF'4!)U-+"'"U"*+ Md'c$U V"-+3!$1'H%4409'A3-)*';$!0('B%-0)+9'F-9 YN'c$U H2-*#2-'H"*)$!'E-*-,"8"*+';$!2#3$4 YM'c$U A$*#+!%&+)$*'_!$(%&+)U)+9'A$*/"!"*&" YZhYk'c$U G$*($*'C%)0('5D4$6'K0984)- MY'F"& H%!!"9'[!-)*)*,'@!$%4 YNYN +7& G"-*'<!"0-*( F!'_"+"!'G$U"';"7)*-! M'?%0 B%-0)+9'<*'A$*#+!%&+)$*'H%88)+6'G$*($* +7& <A5'.",)$*-0'H"8)*-!# +7& <A5'G%*&3'-*('G"-!*';"7)*-!

9*)&*)'WU-K&'NP(*

G((*+$U)-$-%# L'@<.<'4!"#"*+-+)$*'-*(h$!'4-*"0' ()#&%##)$* L'@<.<'+$'3$#+'-'

lA$*#+!%&+)$*'5!!$!'A%0+%!"m' <*(%#+!9'*"+1$!2)*,'#"##)$*'+$' /$&%#'$*'3$1'@<.<')#'+-&20)*,' "!!$!'U)-'[!-)*)*,

]U"K-$V'-)'Q*)#$+U.$-*)'ZUBB-$b'cUKV'HIHI

G((*+$U)-$-%# L'@<.<'4-*"0'()#&%##)$*'g &0)"*+6' &$*#%0+-*+6'&$*+!-&+$!6'&3-)!'+7&=' L'@<.<'E"87"!'+)&2"+'$//"!X' \Mjd'U#'/%00'4!)&"'\YZd'

Rework Hurts People and Projects

GIRI UK Presentation Oct 14th 2019 Frontline Coach Director John Morrison

29

AGENDA

• 1. Construction Rework and Quality Challenges in Australia
• 2. Published Research on Costs/Safety impacts of Rework
• 3. Case Studies:
• Barwon Water Authority
• Melbourne Level Crossing Removal Program
• Buildcorp

!FU9!7

X<"')00"3"++/%J'"OO$%*'$O'%"1$80K' /0'/3*8W8*J'$%'-%$3"++'803$%%"3*.J' 8P-."P"0*"1'*<"'O8%+*'*8P"

?2%8"44%2'?"."2'O%0"P'=-2./)'M)/0"24/.>P'KLLQ

22/10/19 31

Sydney Light Rail; One year late and $500,000 over budget

• 114,000 apartments built in

Sydney alone in last 5 years

• Endemic cladding issues
• Significant defects leading to
• ccupier evacuations
• Inconsistent legislation across

state governments leaving

• wners exposed

APARTMENT CONSTRUCTION

:=>'-%$2"3*+ ZQ^['P8..8$0 ['J"/%'-%$K%/P

T/%'4%/-<'$O'50381"0*+'1)%80K'A$0+*%)3*8$0'!"#$%&MG$0S!"#$%&'E3*8W8*8"+'=>>?S:;

T/*"%'%8'F!E'4.(88'.(#J/)<'(@%-.'5"U%2J'?2"0")./%)'?2%<2(&

."#%0+#'f HB5

Results - Benefits Beyond SQE

0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50% Project underrun Staff satisfaction On time delivery

Improvement in Performance

50% Improvement 45% Improvement 20% Improvem ent

39

PROJECT LEADERSHIP PROGRAM 2016 to 2019

• Mthly Workshops with project teams/contractors
• Trialled on seven key BW projects
• Optimised learning and error mitigation
• Two papers under international journal peer review

Workers have 70% greater probability of being injured while attending to rework;

(Love et al, Journal of Production Planning and Control, Jan 2018)

VFaFV'A!9NN5G4'!FD9aEV',!9CFAX'80'DFVT96!GF D !"P$W/.'$O'^['%/8.'3%$++80K+'LJ'=>=[ D F+*8P/*"1'3$+*'$O'Z:['T8..8$0 D U$%&'-/3&/K"+'+</%"1'L"*#""0'@8W"'E..8/03"+' D Q>'3%$++80K'%"P$W/.+'3$P-."*"1'LJ'N"-*'Q>*< =>:? D A$0*80)$)+'5P-%$W"P"0*',%$K%/P'*$'/11%"++'!"#$%&

E)+*%/.8/0'A$0+*%)3*8$0'501)+*%J'F]"P-./%+

! YZLL'&/##/%)';-2)'70"2 ! +&6#%>'QPLLL'6"%6#" ! 1"#/0"2"*'.U%'YWL'&/##/%)' &-#./D4.%2>'62%["$.4'*"8"$.'82""' /)'KLQW' ! Y\L'&/##/%)';-2)'70"2 ! +&6#%>'\Z'6"%6#" ! E#4%'$%)4/4.").#>'*"#/0"2'Y&/##/%)' 62%["$.4'*"8"$.'82""'

Steffan Speer

14 October 2019

Get it Right Initiative

OUR JOURNEY….

[3"'@"+'<+'.),3+'<*)+)-+)U"'E"87"!#'E""+)*,'''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''!"#$#%"#&'()*+(,&-./0$%"%"#&1(/.+0/&2 -0(33$"&-*((4&&

;3$'1"'-!"

5%#"4' 5"46%)4/@/#/./"4' F"B(0/%-24' ]5"^-/2"&").4

[3"'@"+'<+'.),3+'<*)+)-+)U"'E"87"!#'E""+)*,'''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''!"#$#%"#&'()*+(,&-./0$%"%"#&1(/.+0/&2 -0(33$"&-*((4&&

K%!'4%!4$#"

<*#4)!)*,'+-0"*+'+$'("0)U"!'"D&"00"*&"')*'+3"'7%)0+'"*U)!$*8"*+

K%!'&$!"'U-0%"#

[3"'!$$+'$/'$%!'&%0+%!"6'#+!"*,+3'-*('&$*#)#+"*&9'-&!$##'+3"'@!$%4

[3"'@"+'<+'.),3+'<*)+)-+)U"'E"87"!#'E""+)*,'''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''!"#$#%"#&'()*+(,&-./0$%"%"#&1(/.+0/&2 -0(33$"&-*((4&&

B%-0)+9')*'&$*#+!%&+)$*'g ;3-+'-!"'+3"')##%"#W

_-%0'c-#36'&3-)!8-*'$/'+3"'A<KCm#' A$*#+!%&+)$*'B%-0)+9'A$88)##)$*6'#-)(X' PB%-0)+96'$!'!-+3"!'+3"'/-)0%!"'$/'Q%-0)+96')#'

• !,%-709'+3"'8$#+')84$!+-*+')##%"'/-&)*,'

+3"'&$*#+!%&+)$*')*(%#+!9'+$(-9=

[3"'@"+'<+'.),3+'<*)+)-+)U"'E"87"!#'E""+)*,'''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''!"#$#%"#&'()*+(,&-./0$%"%"#&1(/.+0/&2 -0(33$"&-*((4&&

B%-0)+9'#+!-+",9

M= [$'&!"-+"'-'.UK$U+% 13"!"'"U"!9$*"'/$&%##"#'$*'Q%-0)+9'-*(' +3"!"79'!"(%&"#'("/"&+#6 Y= [$'3-!*"##'-*('%#"'*"1'+"&3*$0$,)"#'+$'3"04')("*+)/9'-*(' "0)8)*-+"'("/"&+#6 `= F"U"0$4'"U"!9'"840$9""m#'4$+"*+)-0'-*('2*$10"(,"'#$'+3-+'1"'-00' %*("!#+-*('3$1'+$',"+')+'!),3+'/)!#+'+)8"6 j= [$')84!$U"'+3"'E$!,-*'H)*(-00 B%-0)+9'F"0)U"!9'8-*-,"8"*+' 4!$&"##"#'-*('#9#+"8#6 ]= <("*+)/9'2"9'4"!/$!8-*&"')*()&-+$!#'+$'&-4+%!"'-*(')84!$U"'Q%-0)+9' $*'$%!'4!$a"&+#'-*('&!"-+"'-'7"#+'4!-&+)&"'(-+-7-#"=

=%$'-$'>-?<$'S-+#$';-B%'N@%+V'$-B%

[3"'@"+'<+'.),3+'<*)+)-+)U"'E"87"!#'E""+)*,'''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''!"#$#%"#&'()*+(,&-./0$%"%"#&1(/.+0/&2 -0(33$"&-*((4&&

F"U"0$4'4$+"*+)-0'-*('2*$10"(,"

[3"'@"+'<+'.),3+'<*)+)-+)U"'E"87"!#'E""+)*,'''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''!"#$#%"#&'()*+(,&-./0$%"%"#&1(/.+0/&2 -0(33$"&-*((4&&

<("*+)/9'^"9'_"!/$!8-*&"'8"+!)&#

O"(2)/)<'()*' 92%U.B'&(."2/(#]

[3"'@"+'<+'.),3+'<*)+)-+)U"'E"87"!#'E""+)*,'''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''!"#$#%"#&'()*+(,&-./0$%"%"#&1(/.+0/&2 -0(33$"&-*((4&&

<("*+)/9'^"9'_"!/$!8-*&"'8"+!)&#

[3"'@"+'<+'.),3+'<*)+)-+)U"'E"87"!#'E""+)*,'''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''!"#$#%"#&'()*+(,&-./0$%"%"#&1(/.+0/&2 -0(33$"&-*((4&&

[3"'!"#%0+#'-*('#%&&"##"#

O"(2)/)<'()*' 92%U.B'&(."2/(#]

Steffan Speer

The Process and Business Improvement Conference

Thank you for listening

!*+R-)?'$*?%$<%+'7-$<'4)#U+%+#

[$8'[3$!*7"!!9 V"-('$/'A$*#+!%&+)$*'A0-)8#' I%!)&3'<*#%!-*&"'_0&=

;<%'AV$<h

;<%'>%"K-$Vi'

4)#U+").%'+%K%@")$'$*'Q*)#$+U.$-*)

d+*/%##-*)"K'4)&%B)-$V A$*#+!%&+)$*'_!$/"##)$*-0'<*("8*)+96'-0#$'2*$1*'-#'F"#),*'-*('A$*#+!%&+' _!$/"##)$*-0'<*("8*)+96')#'("#),*"('+$'4!$+"&+'&$*+!-&+$!#'-*('#%7f&$*+!-&+"(' #4"&)-0)#+#6'#%&3'-#'"0"&+!)&-0'"*,)*""!#'$!'&0-(()*,'&$*+!-&+$!#'/$!'-00",-+)$*#' !"0-+)*,'+$'"!!$!#')*'+3")!'1$!2'$!')*&$!!"&+'("#),*= Q*)$+".$*+D#'MKK'>-#R#'0QM>3[N+%.$-*)'MKK'>-#R#'0NM>3' A>.h5>.'4$0)&)"#'4!$U)("'&$U"!'/$!'+3"'&$*#+!%&+)$*'1$!2#'$/'!"#)("*+)-06' )*(%#+!)-06'&$88"!&)-06'$//)&"'7%)0()*,#'-*(h$!'"!"&+)$*'1$!2#'S"Q%)48"*+6' )*#+-00-+)$*#'-*('+"&3*$0$,)&-0'-*('4!$(%&+)U"'"Q%)48"*+T='[3"'&$U"!-,"'%*("!' A>.h5>.'4$0)&9')#'P-00'!)#2#R'&$U"!='[3)#'&$U"!'&-*'-0#$')*&0%("'lF"0-9')*'H+-!+' e4m=' Q-@-K'N)?-)%%+-)?'Q*B(K%$%&'>-#R'0QNQ>3 A5A.')*#%!-*&"'4!$U)("#'&$U"!-,"'-,-)*#+'0$##"#'$!'(-8-,"#'+$'&)U)0' "*,)*""!)*,'#+!%&+%!"#'-/+"!'+3")!'&$840"+)$*'#%&3'-#'3),31-9#6'!$-(#6'7!)(,"#6' +%**"0#6'(-8#'"+&='

;+%)&#'/+*B'$<%'A"+R%$

! [$4'+3!""'&-%#"#'/$!'I%!)&3')*'4-#+']'9"-!#'S79'+$+-0')*&%!!"(TX MT'Z$*+B g YkO'$/')*&%!!"( YT'M..-&%)$"K',"B"?%'g YNO'$/')*&%!!"( `T',%/%.$-@%',%#-?)[A"$%+-"K#[!*+RB")#<-('g MnO'$/')*&%!!"( J!$8'$%!'+$4'+3!""'&-%#"#'g `nO'-!"'&0-)8#'+3-+'0)2"09'&$%0('3-U"'7""*'

• U$)("(='[3)#'($"#*m+')*&0%("'5#&-4"'$/';-+"!6'@!$%*('E$U"8"*+'"+&=

! J!$8'e*("!1!)+)*,'4"!#4"&+)U"6'-+'-'3),3'0"U"06'1"'($'#""'#$8"'+!"*(#'13"*' 1!)+)*,'!)#2#X " 9".R'*/'.*)#-#$%).V g ;"'#""'-'0-&2'$/'&$*#)#+"*&9')*'-44!$-&3'+$' 8-a$!')*/!-#+!%&+%!"'4!$a"&+#'-#'&$84-!"('+$'l!%*'$/'+3"'8)00m'a$7#='c""(' +$'"*#%!"'-'0"U"0'$/'!)#2'8-*-,"8"*+h-U$)(-*&"')#'8-)*+-)*"(' &$*#)#+"*+09=' " >*"&#b'j-?<'>-#%'WU-K&-)?#b';U))%K#'g ;"'3-U"'#""*'-'*%87"!'$/' )##%"#'$*'+3"#"'+94"#'$/'!)#2=

4B(".$'*/'QK"-B#

! _!"8)%8'U'A0-)8#'4-)(' ! <*'!"&"*+'9"-!#'+3"!"'3-#'7""*'-'#4)2"')*'0-!,"'&0-)8#= ! <*#%!"!#'4!)&"'7-#"('$*'4$!+/$0)$'"D4"!)"*&"'g )="=')/'1"'"D4"!)"*&"'-'0-!,"'4$!+/$0)$'$/'3),3'U-0%"'&0-)8#6' +3)#'1)00')84-&+'$%!'4!)&)*,=' ! <+')#'+3"!"/$!"')*'-00'$%!')*+"!"#+#'+$'!"(%&"'"!!$!'$*'#)+"'+3-+'8-9'&-%#"'-'&0-)8= ! J"1"!'&0-)8#'1)00')*&!"-#"'&$84"+)+)$*')*'+3"'8-!2"+'-*('!"(%&"'4!"8)%8'-*('#$/+"*'4$0)&9'+"!8#=

GU+'N$<*#

! ;"'1-*+'+$'4-!+*"!'1)+3'$%!'&%#+$8"!#'+$'4!"U"*+'&0-)8#6'3$1"U"!')/'+3"9'($' 3-44"*'1"'1)00'7"'+3"!"'+$'#%44$!+=' ! >#'-'8-a$!')*#%!"!6'1"'+!9'+$'0"-('+3"'8-!2"+'-*('3-U"')*/0%"*&"=';"'1-*+'+$' (!)U"'+3)#'"+3$#'/$!1-!(=' A0-)8#'A$88)+8"*+X ! I%!)&3'4!$8)#"#'$%!'&0-)8#'#"!U)&"'1)00'7"6'd%+#*)"Kb'N//*+$K%##b'QK%"+b'")&' Q*KK"C*+"$-@%=' ! ;3"*'9$%'8-2"'-'&0-)86'-'&%&-."$%&'.K"-B#'%P(%+$'1)00'&$*+-&+'9$%'-#' Q%)&209'-#'4$##)70"'-*('1)+3)*'Yj'3$%!#='</'-44!$4!)-+"6'1"'1)00'-44$)*+'-' ("()&-+"('$<-+&^("+$V'%P(%+$'-#'Q%)&209'-#'4$##)70"'-*('1)+3)*'Yj'3$%!#= ! </')+')#'&0"-!'13-+'&-%#"('+3"')*&)("*+6'1"'1)00'4!$U)("'$%!'-)-$-"K'@-%7'$*' 4$0)&9'0)-7)0)+9'1)+3)*'jk'3$%!#=

GU+'N$<*#

! </'I%!)&3'-*('9$%!'7%#)*"##'-,!""'+3"'&0-)8'1)00'4$+"*+)-009'&$#+'8$!"'+3-*' \Y]N6NNN6'1"'1)00X " -!!-*,"'-*('3$0('-'.*)/%+%).%'."KK'*+'B%%$-)?'1)+3)*']'(-9#'$/'+3"' &0-)8'7")*,'*$+)/)"(= " 0"+'9$%'2*$1'+3"'"&&-$-*)"K'&*.UB%)$"$-*)'-*(h"D4"!+'"U)("*&"'1"' *""('+$'-##"##'9$%!'&0-)86'*$'0-+"!'+3-*'Z'(-9#'-/+"!'9$%'/)!#+'*$+)/)"('%#= " ,)U"'9$%'-*'-)-$-"K'@-%7'-7$%+'4-9)*,'9$%!'&0-)8'1)+3)*'ZY'3$%!#'$/' !"&")U)*,'-00'+3"')*/$!8-+)$*'1"'*""(= " ("V'V*U'")'-)$%+-B'"B*U)$6')/'!"Q%)!"('$!'!"Q%"#+"(6'1)+3)*'ZY'3$%!#'$/' %#'-,!"")*,'+$'4-9'+3"'&0-)8=';"'1)00'-01-9#'+!9'+$'4%+'9$%')*'+3"'7"#+' /)*-*&)-0'4$#)+)$*'4$##)70"= " ("V'$<%'/-)"K'"B*U)$'1)+3)*'ZY'3$%!#'$/'%#'!"&")U)*,'+3"'($&%8"*+#'1"' *""(6'%*0"##'1"mU"'-,!""('-*('($&%8"*+"('$+3"!1)#"')*'!"0"-#"'$!' #"++0"8"*+'4-4"!#=

;<")R'V*Ui

[3$8-#'[3$!*7"!!9' H$0)&)+$! V"-('$/'A$*#+!%&+)$*'A0-)8# _3$*"X'ojj'SNTYNZ'njk'`Y`M E$7)0"X'ojj'SNT'ZkZ]'kknnYY 58-)0X'+3$8-#=+3$!*7"!!9i%2=p%!)&3=&$8'

,%#-?)'!*+R-)?'=+*U('^ 6(&"$%

,%#-?)'!*+R-)?'=+*U('^ 6(&"$%

F!'>*(9'_-)*+)*,' Mj+3 K&+$7"!'YNMd

,%#-?)'!*+R-)?'=+*U(

;$!2)*,'@!$%4'8""+)*,'g j+3 H"4+"87"!' F"#),*'@%)("'+$'7"'%4(-+"(X f ."&$88"*(-+)$*#'MN'q'MY f ."/"!"*&"#'+$'F"#),*'E-*-,"8"*+'+$'7"')*&0%("( f <*+"!-&+)U"'+$$0'+$'7"'&!"-+"(

=4>4'!%C#-$%'L <*/$!8-+)$*'J0$1

B8+-$+/. A$03"-* B"+8K0 ,%"3$0+*%)3*8$0 A$0+*%)3*8$0 (/01$W"% 9-"%/*8$0/.

=4>4'M((K-."CK%'L J%00'G)/"&9&0"

> : [ ; = Q _ ^

!5TE 45!5

=4>4'!%C#-$%'L _!$4$#"('<*/$!8-+)$*'J0$1

4)$%+".$-@%';**K'L H&3"8-+)&

4)$%+".$-@%';**K'L lA%0+%!"m

5U"!9'4!$a"&+'*""(#'-'&0"-!09'("/)*"(')*+"*+6'-'&$*#)#+"*+'/$&%#'$*' $%+&$8"#'-*('+3"'4!$a"&+'+"-8'+$'1$!2'#"-80"##09'+$,"+3"!'-*('

• ($4+'+3"'4!$&"##'$/'7-&2f7!)"/)*,

=%$$-)?'$<%'$%"B'.UK$U+%'+-?<$ <+')#'!"&$,*)#"('+3-+'+3"'("0)U"!9'$/'4!$a"&+#')#'"*3-*&"(6'-*('+3"'*%87"!'$/'"!!$!#'!"(%&"(6'13"*'+3"!"')#'+3"'!),3+' l&%0+%!"m='H$6'13-+')#'+3"'!),3+'&%0+%!"'-*('3$1')#')+'+$'7"'-&3)"U"(W'A$*+!-&+#'("+"!8)*"'+3"'*-+%!"'$/'4!$a"&+#'-*(' &"!+-)*'/$!8#'$/'&$*+!-&+'-!"'("#),*"('+$'P"*3-*&"R'+3"'!),3+'&%0+%!"'7%+')*'+3"'8-a$!)+9'$/'&-#"#'4!$a"&+#'-!"'4!$&%!"(' %#)*,'P*$*f&$00-7$!-+)U"R'/$!8#'$/'&$*+!-&+='[3"'<*(%#+!9'*""(#'+$'("U"0$4'-'&$00-7$!-+)U"'&%0+%!"'$/'1$!2)*,6'!",-!(0"##' $/'+3"'/$!8'$/'&$*+!-&+=

QUK$U+%'L H9*$4#)#

QUK$U+%'L <##%"'

5U"!9$*"'2*$1#'+3-+'+3"'8$#+'#%&&"##/%0 &$*#+!%&+)$*'4!$a"&+#'g )*'&$88"!&)-06'"*U)!$*8"*+-0'-*('#$&)-0'+"!8#'g -!"'+3$#"'13"!"'-00')*U$0U"(' 1$!2'-#'-'+"-8'+$'-&3)"U"'&$88$*',$-0#6')*'-*'$4"*'-*('+!-*#4-!"*+'1-9X'4!$a"&+#'13"!"'+3"!"')#'-'!"-0'&%0+%!"'$/'&$00-7$!-+)U"'1$!2)*,='[3"' +!$%70"')#'+3-+'8$#+'4!$a"&+#'($'*$+'1$!2'0)2"'+3-+= 5#+-70)#3)*,'-'&$00-7$!-+)U"'&%0+%!"')#'+3"'/)!#+'&3-00"*,"='[3"!"')#'*$'#)840"'!"&)4"'/$!'+3)#6 +3$%,3'$*"'"##"*+)-0')*,!"()"*+')#'&0"-!'0"-("!#3)4 /!$8'+3"'+$46'1)+3'-'A0)"*+'("8$*#+!-709'&$88)++"('+$'&$00-7$!-+)U"'1$!2)*,='A3$$#)*,'4"$40"'-*('$!,-*)#-+)$*# 1)+3'#)8)0-!'&$88)+8"*+'&-*'

• 0#$'3"046'-#'&-*'&3$)&"'$/'4!$&"##"#'-*('#9#+"8#'+3-+'#%44$!+'+3"'&%0+%!"=

H%#+-)*)*,'-'#%44$!+)U"'+"-8'"+3$#')#'-0#$'4-!+'$/'+3"'&3-00"*,"='."0-+)$*#3)4#'-!"'/$!8"(')*)+)-009'1)+3'4"$40"6'-*('4"$40"'1)00'1$!2'+$,"+3"!'-*(' #+-!+'+$'+!%#+'"-&3'$+3"!')/'+3"9'-!"')*'+3"'!),3+'"*U)!$*8"*+='[3"'+!$%70"')#'+3-+6'$U"!'+)8"6'4"$40"'8$U"'$*'-*('#$'4"!#$*-0'-!!-*,"8"*+#'-!"' &$*#+-*+09'&3-*,)*,='[3)#'!")*/$!&"#'+3"'4$)*+'+3-+'/$!'"U"!9'4!$a"&+6'0-!,"'$!'#8-006'+3"'A0)"*+'*""(#'+$'7"'-*'-&+)U"'4-!+'$/'+3"'+"-8'-*('+$' &$*+!)7%+"'+$'+3"'4!$&"##'f )*&0%()*,'+3"'!$0"'$/'P0"-("!R=

QK%"+KV'&%/-)%&'-)$%)$ >'&0"-!')*+"*+'13)&3'$%+0)*"#'13-+'+3"'4!$a"&+'1-*+#'+$'-&3)"U"'-*('139='[3)#'7)*(#'+3"'"*+)!"'4!$a"&+'+"-8'+$,"+3"!'-*('+3"* /$!8#'+3"' 7"*&38-!2'/$!'-00'#%7#"Q%"*+'("&)#)$*'8-2)*,='<+')#'*$!8-009'"D4!"##"(')*'+"!8#'$/'"//"&+#'-*('("#)!"('$%+&$8"#='[3"')*+"*+'#3$%0('7"' )*'-'0-*,%-,"'+3-+'-00'8"87"!#'$/'+3"'4!$a"&+'+"-8'S!),3+'($1*'+$'0-7$!"!#'$*'#)+"T'1)00'%*("!#+-*(= >%)%7%&'/*.U#'*)'*U$.*B%# >'&3-*,"')*'8)*(f#"+'#$'+3-+'+3"'P$%+&$8"R')#'-00'+3-+'8-++"!#='J$!'"D-840"'"U"*')/'+3"'&-0&%0-+)$*#'-!"'/-%0+0"##6'-*('+3"'(!-1)*,#'-!"' 7"-%+)/%06'+3"9'-!"'-'/-)0%!"'%*0"##'+3"'"0"8"*+')#'-&+%-009'7%)0+'-*('3-*("('$U"!'+$'+3"'A0)"*+'g -*('1$!2#r'[3)#'-44!$-&3'1)00 &!"-+"'+3"' 0)*2'+$'+3"'!"-0'1$!0('$/'&$*#+!%&+)$*'-*('("0)U"!96'-*('7!"-2'($1*'#$8"'$/'+3"'$!,-*)#-+)$*-0 -*('&$*+!-&+%-0'7-!!)"!#')("*+)/)"(= M&*($-*)'*/'$<%'(+*.%##'*/'C".R^C+-%/-)?' <84!$U)*,'&$88%*)&-+)$*'-*('8%+%-0'%*("!#+-*()*,'79'8-2)*,')+'*$!8-0'/$!'4!$a"&+'8"87"!#'+$'&$*(%&+'7-&2f7!)"/)*,'-+'-*'-,!""(' +)8"'$!'#+-,"='[3"'4"!#$*'$!'4"$40"'!"&")U)*,')*/$!8-+)$*',)U"'-'#9*$4#)#'$/'+3"')*/$!8-+)$*'+3"9'3-U"'a%#+'!"&")U"(='[3"'4"!#$* $!),)*-009',)U)*,'+3"')*/$!8-+)$*'&-*'+3"*'("+"!8)*"'13"+3"!'+3"'8"##-,"'1-#'!"&")U"('4!$4"!09='</'+3"'!"4"-+"('U"!#)$*')#'*$+'+3"' #-8"'-#'+3"'$!),)*-0')*+"*+6 +3"')*/$!8-+)$*'$!')*+"*+'#3$%0('7"'&0-!)/)"(=

QUK$U+%'L ."&$88"*(-+)$*#

QUK$U+%'L H%88-!9

A!"-+)*,'-'&$00-7$!-+)U"'&%0+%!"')#'&"*+!-0'+$'l,"++)*,'+3"'+"-8'&%0+%!"'!),3+m'-*('&-*'$*09'7"'"#+-70)#3"(')/'+3"!"')#'&0"-! 0"-("!#3)4'/!$8' +3"'+$4='>44$)*+)*,'$!,-*)#-+)$*# 1)+3'#)8)0-!'&$88)+8"*+#')#'-0#$'-'4)U$+-0'#+"4'#$'+3-+'"U"!97$(9')*U$0U"(')*'+3"'4!$a"&+'7"0)"U"#'+3-+' +3"9'-&+%-009'$1*'+3"'4!$a"&+='K*&"'+3)#'7-#)#')#'/$!8"(6'"-&3'4!$a"&+'#3$%0('("/)*"'+3"'/$00$1)*,X L M'.K%"+KV'&%/-)%&'-)$%)$'L 7<"$'&*%#'$<%'(+*k%.$'7")$'$*'".<-%@%'")&'7<Vh L >%)%7%&'/*.U#'*)'*U$.*B%#'L $<%'*U$.*B%'-#'"KK'$<"$'B"$$%+# L M&*($-*)'*/'$<%'(+*.%##'*/'C".R^C+-%/-)?'L "KK'(+*k%.$'$%"B'B%BC%+#'#<*UK&'."++V *U$'C".R^C+-%/-)?'"$'")'"((+*(+-"$%'$-B%

;<%'=%$'4$'>-?<$'4)-$-"$-@%'

V-!*"##)*,'["&3*$0$,9'+$'50)8)*-+"'5!!$! A0)//'H8)+3 @<.<'C$-!('F)!"&+$!

j"+)%##-)?';%.<)*K*?V'$*'NK-B-)"$%'N++*+

L >+'+3"'>**%-0'."U)"1'<'&$*/)!8"('$%!')*+"*+'+$',-+3"!'+$,"+3"!'-'&$*#$0)(-+"(' 0)#+'$/'+3"'2"9'7-!!)"!#'+$'1)("!'-($4+)$*'#%&3'+3-+'1"'&-*'+3"*'0$$2')*+$' 4$+"*+)-0'#$0%+)$*#'-*('4!$U)("'+3"')*(%#+!9'1)+3'-(U)&"'-*(',%)(-*&"'+$' $U"!&$8"'+3"#"=' L ;"'&$88)##)$*"('F!'E)00#'-+'eAG'SC-!+0"++'H&3$$0T'+$'&-!!9'$%+'-'0)+"!-+%!"' !"U)"1')*+$'!"4$!+"('"U)("*&"'$/'+3"'$&&%!!"*&"'$/'+3"#"'7-!!)"!# L [3)#'!"U)"1'1-#'&-!!)"('(%!)*,'>%,%#+'-*('H"4+"87"!'-*('+3"'J)*-0'."4$!+' 1-#')##%"('$*'MM+3 H"4+"87"!'YNMd='[3"'."4$!+')#'*$1'-U-)0-70"'$*'+3"'@<.<' 1"7#)+"= L [3"'!"4$!+'3-#'3"04"('%#'+$'7"'&0"-!'+3"!"'-!"'7-!!)"!#'-*('+3"#"'4$+"*+)-009'

• //"&+'"!!$!'!"(%&+)$*=';"'*$1'*""('+$'0)*2'+3"#"'+$'+3"'"-!0)"!'Q%-0)+-+)U"'

!"#"-!&3'&-!!)"('$%+'79'@<.<'!",-!()*,'+3"'!$$+'&-%#"#'$/'"!!$!

>%#%"+.<'6(&"$%

j"+)%##-)?';%.<)*K*?V'$*'NK-B-)"$%'N++*+

;%.<)*K*?V'=+*U('HF$< Z%($%BC%+

L [3"'["&3*$0$,9'@!$%4'3"0('-'8""+)*,'$*'Yj+3 H"4+"87"!'-+'13)&3'F!'E)00#' 4!"#"*+"('3)#'!"4$!+'-*('1-#'#%7a"&+'+$'Q%"#+)$*#'/!$8'+3"'-##"870"(' E"87"!#'$/'+3"'@!$%4='[3"'8""+)*,'1-#'U"!9'&$*#+!%&+)U"= L [3"'*"D+'#+"4')#'+$'-Q%)!"'(-+-')*'$!("!'+$'Q%-*+)/9'+3"')84-&+'$/'+"&3*$0$,9'

• *('13)&3'+"&3*$0$,)"#'7"#+'-((!"##'+3"'+$4'!$$+'&-%#"#=

L K%!'40-*')#'+$'-&3)"U"('+3)#'79'4!"4-!)*,'-*(')##%)*,'-'Q%"#+)$**-)!"'+$' E"87"!#'#""2)*,'%*-++!)7%+-70"')*/$!8-+)$*'-7$%+'#4"&)/)&'4!$a"&+#'13)&3' 3-U"',$*"'1"00'-*('0"##'1"00'1)+3'()//"!)*,'0"U"0#'$/'+"&3*$0$,)&-0' )840"8"*+-+)$*

j"+)%##-)?';%.<)*K*?V'$*'NK-B-)"$%'N++*+

L [3"'4!"4-!-+)$*'$/'+3"'Q%"#+)$**-)!"'-*(')+#'0-%*&3'+$'E"87"!#')#'+$'7"' !"U)"1"('-*('()#&%##"('-+'$%!'*"D+'["&3*$0$,9'@!$%4'E""+)*,'13)&3')#' 40-**"('/$!'MN=`N'$*'Z+3 c$U"87"!'YNMd L [3)#'8""+)*,'1)00'-0#$'0$$2'-+'+3"'-U-)0-70"'/%*()*,'/$!'+3)#'#+%(9='K%!')*)+)-0' +3)*2)*,')#'+$'&$*+)*%"')*'4-!+*"!#3)4'1)+3'eAG'SC-!+0"++'H&3$$0T'%+)0)#)*,'+3")!' !"#$%!&"'$/'!"#"-!&3'H+%("*+#'13$'3-U"'-*')*+"!"#+')*'+3)#'#%7a"&+ L [3"'&$840"+"('."#"-!&3')#')*+"*("('+$'4!$U)("'Q%-*+)/)-70"'"U)("*&"'$/'' 4$#)+)U"'0)*2#'7"+1""*'+"&3*$0$,9')840"8"*+-+)$*'-*('"!!$!'!"(%&+)$*'' 0"-()*,'+$')*&!"-#"('4!$(%&+)U)+9= L V-U)*,'"#+-70)#3"('+3"#"'0)*2#'1"'1)00'+3"*'8$U"'/$!1-!(')*'#""2)*,'/%*()*,' +$')("*+)/9'4!$4$#-0#'+$'$U"!&$8"'+3"'&%!!"*+09')("*+)/)"('7-!!)"!#'+$'+3"#"' ("8$*#+!-709'4$#)+)U"'0)*2#=

SU+$<%+'>%#%"+.<

j"+)%##-)?';%.<)*K*?V'$*'NK-B-)"$%'N++*+

L V-U)*,'"#+-70)#3"('+3"#"'0)*2#'1"'1)00'+3"*'8$U"'/$!1-!(')*'#""2)*,' /%*()*,'+$')("*+)/9'4!$4$#-0#'+$'$U"!&$8"'+3"'&%!!"*+09')("*+)/)"(' 7-!!)"!#'+$'+3"#"'("8$*#+!-709'4$#)+)U"'0)*2#= L >++"*(-*&"'-+'+3"'["&3*$0$,9'@!$%4'!"8-)*#'$4"*'+$'-00'E"87"!#'

• *('40"-#"'&$*+-&+'8"')*'+3"'/)!#+')*#+-*&"')/'9$%'1)#3'+$',"+'

)*U$0U"(= L A$0*/3*'80O$%P/*8$0 80O$cK"*8*%8K<*H)&H3$P' 3.8OOH+P8*<cO$%P%8K<*H3$H)&

SU+$<%+'>%#%"+.<

<*+"00),"*+'F-+-'[!%#+#'/$!'+3"'A$*#+!%&+)$*' [!-*#/$!8-+)$*'S<F[A[T

;<%'Q<"KK%)?% K!,-*)#-+)$*#'-!"'3-84"!"('79'+3")!'-7)0)+9'+$'&$00"&+6'#3-!"6'-*$*98)#"'-*('&$84-!"'$!,-*)#-+)$*-0'

• *('4!$a"&+'Q%-0)+96'("/"&+#'-*('/-)0%!"'(-+-

[3"!"')#'-'*""('+$'("8$&!-+)#)*, 4!$a"&+'("0)U"!9'(-+-'+3!$%,3'-(U-*&)*,'-*-09+)&#6'13)0"'-0#$' &$*+!$00)*,'+3"'#"&%!)*,'(-+-'#3-!)*, @<.<'&$%0('3"04'+$'"#+-70)#3')*+"00),"*+'(-+-'%#"'&-#"'/$!'P)84!$U"'&$*#+!%&+)$*'4!$(%&+)U)+9'-*('Q%-0)+9' 79'"0)8)*-+)*,'"!!$!'-*('4!"U"*+)*,'/-)0%!"s S$*"'$/'/)U"'#4$2"#T' ;"'1$%0('3$4"'+$'&$00-7$!-+)U"09'7!"-2'+3"'U)!+%$%#'&)!&0"='[$'+!-*#/$!8'+3"')*(%#+!9'/!$8'-'0$1'8-!,)*6' 0$1')**$U-+)$*6'3),3'"!!$!hQ%-0)+9'/-)0%!"6'3),3'&0-)8'-*('3),3'3"-0+3'-*('#-/"+9')*&)("*&"'#"&+$!'+$'$*"' +3-+')#'3),309'40-**"(6'8$!"'4!"()&+-70"'-*('(-+-'-*-09+)&#'(!)U"* [3)#'-&+)U)+9'1)00'7%)0('$//'"D)#+)*,')*+"!"#+',!$%4#'-*('"#+-70)#3'#+!$*,"!'4-!+*"!#3)4#'+$'"//"&+')*(%#+!9' 1)("'&3-*,"'-*('*"1'(-+-f(!)U"*'7%#)*"##'8$("0#

!+"('6('")&',-#.U##-*)

;$!2)*,'+$,"+3"!'+$'"0)8)*-+"'"!!$!6' 79'<*(%#+!96'/$!'<*(%#+!9=