16#-*4)*/( $"5"-0(6& +BOVBSZ
$"5"-0(6& */%&9
3&((*0 $)*-%3&/ 16#-*4)&3
$"5"-0(6&4 "/% 130+&$54
3&4&"3$)&4 "/% &44":4
'30. 5)& *45*56;*0/&
5)& 80/%&3 0' -&"3/*/( 4&3*&4
"6%*0 7*46"- ."5&3*"-4 7*4*0/"3*" 4&3*&4
05)&3 "6%*0 7*46"- ."5&3*"-4
$03*"/%0-* 4&3*&4
5)& 6/)&"3% 70*$& 0' $)*-%3&/ 4&3*&4
3&.*%" 4&3*&4
$)*-%3&/µ4 5)&03*&4 "/% %3"8*/(4
%&4*(/
.&3$)"/%*4&
05)&3 16#-*4)&34
&9)*#*5*0/4
53"/4-"5*0/4 #: 16#-*4)&34 */ 05)&3 $06/53*&4
*/5&3/"5*0/"- %*453*#65034
)08 50 03%&3
4
3&((*0 $)*-%3&/ 16#-*4)&3
&YIJCJUJPOT 1VCMJTIJOH "UFMJFST
3
FHHJP $IJMESFO JOUFSDPOOFDUT JUT PXO QVCMJTIJOH BDUJWJUZ XJUI UIF QMBOOJOH PG FYIJCJUJPOT BOE BUFMJFST BOE XJUI UIF QSPGFTTJPOBM EFWFMPQNFOU BOE SFTFBSDI QBUIT *O DPMMBCPSBUJPO XJUI UIF *TUJUV[JPOF 1SFTDIPPMT BOE *OGBOU UPEEMFS $FOUSFT PG UIF .VOJDJQBMJUZ PG 3FHHJP &NJMJB JU QSPNPUFT FYDIBOHFT BOE SF¿FDUJPOT PO DIJMESFOµT DVMUVSBM DSFBUJWJUZ BOE PO UIF EFUFSNJOJOH SPMF PG FEVDBUJPO BOE QVCMJD TDIPPM JO UIF DPOUFNQPSBSZ TPDJFUZ
*OTUJUVUJPO PG UIF .VOJDJQBMJUZ PG 3FHHJP &NJMJB JO
DIBSHF PG NBOBHJOH UIF OFUXPSL PG UIF FEVDBUJPOBM DFOUSFT GPS UIF FBSMZ DIJMEIPPE XXX TDVPMFOJEJ SF JU
1VCMJTIJOH QSFTFOUT QSPKFDUT BOE SF¿FDUJPOT PO UIF FEVDBUJPOBM BOE QFEBHPHJD BQQSPBDI JO 3FHHJP UIF DBUBMPHVFT PG UIF EJGGFSFOU FYIJCJUJPOT PSHBOJTFE JO UIF DPVSTF PG UIF ZFBST UIF SFTFBSDIFT DBSSJFE PVU TUBSUJOH GSPN DIJMEIPPE BOE KPJOJOH DIJMESFOµT EJGGFSFOU LOPXMFEHF WPJDFT BOE UIPVHIUT .BOZ CPPLT QSFTFOU QIPUPT ESBXJOHT BOE UFYUT SFBMJTFE CZ UFBDIFST BUFMJFSJTUBT BOE QFEBHPHJTUBT BOE CZ DIJMESFO BUUFOEJOH UIF JOGBOU UPEEMFS DFOUSFT BOE QSFTDIPPMT JO 3FHHJP &NJMJB
" XSJUJOH XIFSF XPSET BOE JNBHFT BSF PGUFO JOUFSMBDFE TP BT UP NBLF WJTJCMF BOE QFSDFJWBCMF BO VOVTVBM DIJMEIPPE JNBHF " OFX BOE IZCSJE MBOHVBHF UIBU EFDMBSFT BOE TVQQPSUT UIF WBMVF BOE UIF JNQPSUBODF PG UIF BFTUIFUJD EJNFOTJPO PG LOPXMFEHF
5SBWFMMJOH FYIJCJUJPOT DPODFJWFE MJLF ²EFNPDSBUJD QJB[[BT³ BDU TJNVMUBOFPVTMZ BT UPPMT GPS QSPGFTTJPOBM EFWFMPQNFOU SFTFBSDI BOE DPNNVOJDBUJPO 5IFZ BSF BMTP BDDFTTJCMF GPS B OPO TQFDJBMJTU QVCMJD BOE JOWJUF UP SF¿FDU PO DIJMEIPPE BOE PO UIF SPMF PG FEVDBUJPO
1BSU PG PVS QVCMJTIJOH BDUJWJUZ JT UIF UXJDF ZFBSMZ NBHB[JOF 3FDIJME DSFBUFE UP SFTQPOE UP OBUJPOBM BOE JOUFSOBUJPOBM EFNBOE GPS JOGPSNBUJPO JO EFQUI BOBMZTJT BOE FYDIBOHFT BCPVU FEVDBUJPO BOE DIJMEIPPE 5IF NBHB[JOF DBO CF EPXOMPBEFE GSPN PVS XFCTJUF XXX SFHHJPDIJMESFO JU
#FTJEF UIF FYIJCJUJPOT UIF BUFMJFST XIJDI BSF HFOFSBUPST UIFNTFMWFT PG FYIJCJUJPOT BSF JOUFSFTUJOH BOE KPZGVM ²XPSLTIPQT³ XIFSF UP DBSSZ PVU FYQFSJNFOUBUJPOT BOE DPOTUSVDU MFBSOJOH BOE LOPXMFEHF UISPVHI RVBMJUZ QSPDFTTFT
6
$"5"-0(6&4 "/% 130+&$54
! NEW 0OF DJUZ NBOZ DIJMESFO
$BUBMPHVF PG UIF FYIJCJUJPO QSFTFOUFE PO QBHF
3FHHJP &NJMJB B IJTUPSZ PG UIF QSFTFOU 5IF TUPSZ BCPVU UIF DSFBUJPO BOE UIF EFWFMPQNFOU PG UIF QSFTDIPPMT BOE JOGBOU UPEEMFS DFOUSFT JO 3FHHJP &NJMJB B CSPBE SFTFBSDI QSPKFDU XIJDI KPJOFE UPHFUIFS WPJDFT BOE UIPVHIUT PG NBOZ EJGGFSFOU QSPUBHPOJTUT " DPMMFDUJWF TFMG CJPHSBQIZ B QBTTJPOBUF TUPSZ JOUFSDPOOFDUFE XJUI PUIFS TUPSJFT JO B MPOH UIJO QMPU NBEF PG TJML UISFBET BT -PSJT .BMBHV[[J VTFE UP TBZ ² TVDI B TUPSZ DBO CF QSFTFOUFE MJLF B TUPSZ XIJDI DMFBSMZ DSPTTFE UIF ZFBST BOE UIF TFBTPOT© JOTUFBE FYQFSJFODFT MJLF UIJT TP BOPNBMPVT BSF BMXBZT XBMLJOH PO TJML UISFBET³ 8JUI JOUFSWJFXT BOE UFYUT CZ 3FO[P #POB[[J 4JNPOB #POJMBVSJ &UUPSF #PSHIJ +FSPNF #SVOFS "OUPOJP $BOPWJ -VDJBOP $PSSBEJOJ (VOJMMB %BIMCFSH (SB[JBOP %FMSJP 1BVM (JOTCPSH -PSJT .BMBHV[[J $BSMB 3JOBMEJ 7FB 7FDDIJ &EJUFE CZ 3PMBOEP #BMEJOJ *MBSJB $BWBMMJOJ BOE 7BOJB 7FDDIJ &OHMJTI WFSTJPO FEJUFE CZ 1FUFS .PTT &OHMJTI USBOTMBUJPO CZ +BOF .D$BMM QBHFT *4#/ &VSP &OHMJTI "WBJMBCMF BMTP JO *UBMJBO $PNJOH TPPO 4XFEJTI USBOTMBUJPO
$"5"-0(6&4 "/% 130+&$54
5IF IVOESFE MBOHVBHFT PG DIJMESFO
$BUBMPHVF PG UIF FYIJCJUJPO UIBU IBT CFFO USBWFMMJOH TVDDFTTGVMMZ GPS ZFBST BSPVOE UIF XPSME 5IF CPPL XJUI UIF DPOUSJCVUJPOT CZ EJGGFSFOU BVUIPST QSFTFOUT UISPVHI B SJDI BOE EJWFSTJ¾FE EPDVNFOUBUJPO UIF FWPMVUJPO PG UIF QFEBHPHJDBM FYQFSJFODF JO 3FHHJP &NJMJB BOE -PSJT .BMBHV[[Jµ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
7
8
$"5"-0(6&4 "/% 130+&$54 $IJMESFO BSU BSUJTUT
$BUBMPHVF PG UIF FYIJCJUJPO QSFTFOUFE PO QBHF
5IF FYQSFTTJWF MBOHVBHFT PG DIJMESFO UIF BSUJTUJD MBOHVBHF PG "MCFSUP #VSSJ *U EPDVNFOUT UIF QSPKFDUT DBSSJFE PVU JO UIF JOGBOU UPEEMFS DFOUSFT QSFTDIPPMT BOE QSJNBSZ TDIPPMT JO SFMBUJPO XJUI UIF BOUIPMPHJDBM FYIJCJUJPO PG "MCFSUP #VSSJ EJTQMBZFE JO 3FHHJP &NJMJB " MFBSOJOH BOE QSPKFDUJOH BQQSPBDI UP NBUFSJBMT BOE NBUFSJBM MBOHVBHFT B QPTTJCMF BOE QSPEVDUJWF FODPVOUFS CFUXFFO DIJMESFO BOE BSUJTUT &EJUFE CZ $MBVEJB (JVEJDJ BOE 7FB 7FDDIJ (SBQIJD EFTJHO CZ 3PMBOEP #BMEJOJ BOE 7BOJB 7FDDIJ &OHMJTI USBOTMBUJPO CZ (BCSJFMMB (SBTTFMMJ BOE -FTMJF .PSSPX QBHFT *4#/ &VSP &OHMJTI "WBJMBCMF BMTP JO *UBMJBO 0UIFS USBOTMBUJPOT /PSXFHJBO
$"5"-0(6&4 "/% 130+&$54 %JBMPHVFT XJUI QMBDFT
&WFSZ QMBDF IBT JUT PXO TPVM JEFOUJUZ USZJOH UP ¾OE JU PVU BOE CVJMEJOH VQ B SFMBUJPO XJUI JU NFBOT MFBSOJOH UP SFDPHOJTF POFµT PXO TPVM $IJMESFO BUUFOEJOH UIF JOGBOU UPEEMFS DFOUSFT BOE QSFTDIPPMT JO 3FHHJP &NJMJB FYQMPSFE UIF -PSJT .BMBHV[[J *OUFSOBUJPOBM $FOUSF XIJMF JU XBT B CVJMEJOH TJUF UIFZ DIPTF UIFO B TQBDF UIFZ EFFNFE UP CF JOUFSFTUJOH BOE QMBOOFE B XPSL B HJGU JEFBUFE JO IBSNPOZ BOE JO EJBMPHVF XJUI UIF TFMFDUFE QMBDF 'SPN UIF FYIJCJUJPO %JBMPHVFT XJUI QMBDFT DIJMESFOµT FYQFSJFODFT BOE QSPKFDUT CFDPNF B CJH XPSLJOH OPUFCPPL &EJUFE CZ 5J[JBOB 'JMJQQJOJ $MBVEJB (JVEJDJ BOE 7FB 7FDDIJ (SBQIJD EFTJHO CZ 3PCFSUB 7JHOBMJ &OHMJTI USBOTMBUJPO CZ -FTMJF .PSSPX QBHFT *4#/ &VSP &OHMJTI "WBJMBCMF BMTP JO *UBMJBO
9
10
$"5"-0(6&4 "/% 130+&$54 5IF MBOHVBHFT PG GPPE
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
$"5"-0(6&4 "/% 130+&$54 5IFBUFS DVSUBJO
5IF SJOH PG USBOTGPSNBUJPOT 5IF TUPSZ PG UIF QSPKFDU BOE PG UIF QSPDFTTFT XIJDI MFBE UIF DIJMESFO PG %JBOB NVOJDJQBM 1SFTDIPPM UP UIF SFBMJTBUJPO PG B OFX UIFBUFS DVSUBJO GPS UIF "SJPTUP 5IFBUFS JO 3FHHJP &NJMJB B IVHF GSFTDP B DPTNPHPOZ XIFSF FWFSZ TVCKFDU SFQSFTFOUFE JT JO SFMBUJPO XJUI UIF PUIFST #FZPOE UIF FYUSBPSEJOBSZ UIFNF XF USZ UP IJHIMJHIU IFSF UIF HSPVQ XPSLJOH EZOBNJDT IPX UIF JEFBT BSF HFOFSBUFE BOE EFWFMPQFE XJUIJO UIF HSPVQ BOE IPX BEVMUT JOUFSWFOF ²5IF DIJMESFO IBWF IBE B UBTUF PG UIF ´QMFBTVSFT PG UIJOLJOHµ UIF FYDJUFNFOU IBSE XPSL BOE KPZ PG UIJOLJOH UPHFUIFS 5IFZ IBWF QVSTVFE UIF CFBVUZ PG JEFBT FYQFSJFODFE UIF EJG¾DVMUJFT PG DFSUBJO NPNFOUT BOE UIF SJHPS PG EFDJTJPO NBLJOH 5IFZ IBWF CFFO JNQBTTJPOFE BNB[FE BU UIF ¾OBM SFTVMU PG UIFJS PXO XPSL BOE IBWF BQQSFDJBUFE JUT CFBVUZ ³ 7FB 7FDDIJ &EJUFE CZ 7FB 7FDDIJ (SBQIJD EFTJHO CZ 3PMBOEP #BMEJOJ BOE 7BOJB 7FDDIJ &OHMJTI USBOTMBUJPO CZ -FTMJF .PSSPX QBHFT *4#/ &VSP &OHMJTI "WBJMBCMF BMTP JO *UBMJBO 0UIFS USBOTMBUJPOT ,PSFBO
11
12
$"5"-0(6&4 "/% 130+&$54
3FHHJP 5VUUB
" HVJEF UP UIF DJUZ CZ UIF DIJMESFO 'SPN BO JOWFTUJHBUJPO DBSSJFE PVU JO UIF NVOJDJQBM JOGBOU UPEEMFS DFOUSFT BOE QSFTDIPPMT PG 3FHHJP &NJMJB B CPPL XIJDI JT BU PODF B ²QPSUSBJU³ PG UIF DJUZ BOE B ²HVJEF³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
$"5"-0(6&4 "/% 130+&$54
5IF GVUVSF JT B MPWFMZ EBZ
5IF DIJMESFO DPNF GSPN UIF GVUVSF TBJE UIF QPFU UIFZ BSF DFSUBJOMZ WFSZ QBTTJPOBUF BCPVU UIF GVUVSF BOE BDUVBMMZ UIFZ BMSFBEZ IBWF B GPPU JO UIF GVUVSF 'SPN B QSPKFDU DBSSJFE PVU JO UIF 'JBTUSJ BOE 3PEBSJ 1SFTDIPPMT PG 4 *MBSJP Eµ&O[B 3& UIF UIPVHIUT BOE UIF QSFEJDUJPOT BCPVU UIF GVUVSF PG BOE ZFBS PME DIJMESFO &EJUFE CZ -PSFMMB 5SBODPTTJ (SBQIJD EFTJHO CZ 3PMBOEP #BMEJOJ BOE 7BOJB 7FDDIJ &OHMJTI USBOTMBUJPO CZ +BOF %PMNBO QBHFT *4#/ &VSP *UBMJBO &OHMJTI 0UIFS USBOTMBUJPOT ,PSFBO
13
14
$"5"-0(6&4 "/% 130+&$54
&WFSZUIJOH IBT B TIBEPX FYDFQU BOUT
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
3&4&"3$)&4 "/% &44":4 .BLJOH MFBSOJOH WJTJCMF
$IJMESFO BT JOEJWJEVBM BOE HSPVQ MFBSOFST 'SPN UIF SFTFBSDI DBSSJFE PVU JO 3FHHJP &NJMJB XJUI )PXBSE (BSEOFS BOE )BSWBSE 1SPKFDU ;FSP BMPOH XJUI UIF UFBDIFST BOE QFEBHPHJTUBT PG UIF JOGBOU UPEEMFS DFOUSFT BOE QSFTDIPPMT PG UIF .VOJDJQBMJUZ PG 3FHHJP &NJMJB BOE XJUI 3FHHJP $IJMESFO " SJDI JOUFSMBDFNFOU XIFSF UIF UIFPSZ PG IVOESFE MBOHVBHFT BOE UIF UIFPSZ PG NVMUJQMF JOUFMMJHFODFT ¾OE BO BHSFFNFOU UP QSPNPUF BOE QSPQPTF B OFX TDIPPM 5FYUT CZ )PXBSE (BSEOFS 1BPMB $BHMJBSJ 7FB 7FDDIJ 4UFWF 4FJEFM FU BM &EJUFE CZ $MBVEJB (JVEJDJ .BSB ,SFDIFWTLZ BOE $BSMB 3JOBMEJ (SBQIJD EFTJHO CZ *TBCFMMB .FOJOOP &OHMJTI USBOTMBUJPO CZ +BDRVFMJOF $PTUB (BCSJFMMB (SBTTFMMJ BOE -FTMJF .PSSPX QBHFT *4#/ &VSP &OHMJTI "WBJMBCMF BMTP JO *UBMJBO 0UIFS USBOTMBUJPOT $IJOFTF 4XFEJTI ,PSFBO $PNJOH TPPO (FSNBO BOE "SBCJD USBOTMBUJPOT
$IJMESFO TQBDFT SFMBUJPOT
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
15
16
3&4&"3$)&4 "/% &44":4 3FO[P #BSB[[POJ
#SJDL CZ #SJDL
5IF IJTUPSZ PG UIF 997 "QSJM NVOJDJQBM 1SFTDIPPM JO 7JMMB $FMMB 3& PQFOFE BOE TFMG NBOBHFE BGUFS 8PSME 8BS ** VQPO DJUJ[FOTµ JOJUJBUJWF XJUI UIF OBNF PG ²"TJMP EFM 1PQPMP³ BOE UIFO NBOBHFE EJSFDUMZ CZ UIF .VOJDJQBMJUZ PG 3FHHJP &NJMJB TJODF 8JUI UFYUT CZ -PSJT .BMBHV[[J BOE PUIFS BVUIPST &OHMJTI USBOTMBUJPO CZ +BDRVFMJOF $PTUB QBHFT *4#/ &VSP &OHMJTI "WBJMBCMF BMTP JO *UBMJBO
"MPOH UIF -FWFF 3PBE
5IF IJTUPSZ BOE TQFDJBM JEFOUJUZ PG 3FHHJPµT .BSUJSJ EJ 7JMMB 4FTTP .VOJDJQBM (SFFO $FOUSF 1SFTDIPPM OBSSBUFE CZ UIF QFPQMF XIP QBSUJDJQBUFE EJSFDUMZ 5IF CPPL SFDPVOUT ZFBST PG BO FEVDBUJPOBM DPNNVOJUZ &OHMJTI USBOTMBUJPO CZ +BDRVFMJOF $PTUB QBHFT *4#/ &VSP &OHMJTI
'30. 5)& *45*56;*0/&
Indi Indications PRESCHOOLS AND INFANT-TODDLER CENTRES of the Municipality of Reggio Emilia
$IBSUFS PG UIF $JUZ BOE $IJMEIPPE $PVODJMT 5IF $IBSUFS PG UIF $JUZ BOE $IJMEIPPE $PVODJMT OBSSBUFT UIF BTQFDU PG UIF QBSUJDJQBUJPO BOE PG UIF TPDJBM NBOBHFNFOU ²5IF RVFTUJPO JT PODF BHBJO BCPVU UIF GBDU JG TDIPPM POMZ IBT UP USBOTNJU DVMUVSF PS JG JU DBO CF BT XF BMM BJN BU B QMBDF XIFSF UP CVJME VQ DVMUVSF BOE XIFSF UP BDU EFNPDSBDZ ³ 1BPMB $BHMJBSJ &EJUFE CZ %PDVNFOUBUJPO BOE &EVDBUJPOBM 3FTFBSDI $FOUSF 1SFTDIPPMT BOE *OGBOU UPEEMFS $FOUSFT PG .VOJDJQBMJUZ PG 3FHHJP &NJMJB (SBQIJD EFTJHO CZ 3PCFSUB 7JHOBMJ &OHMJTI USBOTMBUJPO CZ +BOF .D$BMM QBHFT *4#/ &VSP &OHMJTI "WBJMBCMF BMTP JO *UBMJBO
*OEJDBUJPOT 1SFTDIPPMT BOE *OGBOU UPEEMFS $FOUSFT PG UIF .VOJDJQBMJUZ PG 3FHHJP &NJMJB 5IF EFWFMPQNFOU PG UIF *OEJDBUJPOT DBSSJFE PVU XJUI XJEF DPNNVOJUZ JOWPMWFNFOU BOE QBSUJDJQBUPSZ DPOTVMUBUJPO SFQSFTFOUT BO JNQPSUBOU BDIJFWFNFOU JO FOTVSJOH UIBU UIF HVJEJOH DSJUFSJB GPS PQFSBUJOH UIF FBSMZ DIJMEIPPE TFSWJDFT BSF USBOTQBSFOU TIBSFE BOE QVU JOUP QSBDUJDF DSJUFSJB EFSJWJOH JO MBSHF QBSU GPSN UIF BDUVBM IJTUPSZ PG UIFTF FEVDBUJPOBM TFSWJDFT &OHMJTI USBOTMBUJPO CZ -FTMJF .PSSPX QBHFT &VSP &OHMJTI "WBJMBCMF BMTP JO 4QBOJTI 4XFEJTI BOE 1PSUVHVFTF $PNJOH TPPO 'JOOJTI BOE $IJOFTF USBOTMBUJPOT
17
18
5)& 80/%&3 0' -&"3/*/( 4&3*&4 8JUI UIF OFX FYIJCJUJPO 5IF 8POEFS PG -FBSOJOH QSFTFOUFE PO QBHF DPNFT B OFX TFSJFT PG QVCMJDBUJPOT BJNJOH BU EFFQFOJOH UIF QSPKFDUT EJTQMBZFE CZ EPDVNFOUJOH DIJMESFOµT MFBSOJOH QSPDFTTFT BOE TUSBUFHJFT " OFX BOE GVSUIFS BDLOPXMFEHFNFOU PG UIF IVOESFE MBOHVBHFT PG DIJMESFO BOE NPSF HFOFSBMMZ TQFBLJOH PG UIF IVNBO CFJOH PG UIF QSPNPUJPO PG BO JEFB PG QBSUJDJQBUFE FEVDBUJPO PSJFOUFE BU QSPEVDJOH DVMUVSBM BOE JOUFSDVMUVSBM EZOBNJDT
5IF 8POEFS PG -FBSOJOH
The Wonder of Learning The Hundred Languages of Children
$BUBMPHVF PG UIF FYIJCJUJPO QSFTFOUFE PO QBHF
5IF )VOESFE -BOHVBHFT PG $IJMESFO 5IF DBUBMPHVF PG BO JNQPSUBOU FYIJCJUJPO XJUI BO JOUFSOB UJPOBM CJSUI XIJDI JT BMSFBEZ USBWFMMJOH BSPVOE UIF XPSME JU TQFBLT BCPVU UIF EFWFMPQNFOUT BOE UIF JOOPWBUJWF ¿BJS PG UIF FEVDBUJPOBM FYQFSJFODF JO 3FHHJP &NJMJB 5IF MBTU QSPKFDUT DBSSJFE PVU JO UIF NVOJDJQBM JOGBOU UPEEMFS DFOUSFT BOE QSFTDIPPMT PG 3FHHJP &NJMJB BSF QSFTFOUFE JO ¾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
5)& 80/%&3 0' -&"3/*/( 4&3*&4 #SPXTJOH UISPVHI JEFBT
" DPMMFDUJPO PG XPOEFSGVM JEFBT NJDSP TUPSJFT DIJMESFOµ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
5IF CMBDL SVCCFS DPMVNO
%VSJOH UIF FYQMPSBUJPOT JO UIF -PSJT .BMBHV[[J *OUFSOBUJPOBM $FOUSF CFGPSF JU XBT PQFOFE UP UIF QVCMJD DIJMESFO BSF FODIBOUFE CZ UIF DPMVNOT JO UIF &YIJCJUJPO IBMM 5IFZ EFDJEF UP QSFQBSF B HJGU GPS UIFN B TFSJFT PG HBSNFOUT NBEF PG EJGGFSFOU NBUFSJBMT UIBU DPMVNOT DBO XFBS PO BOE DIBOHF 'SPN UIF QMBOOJOH UP UIF SFBMJTBUJPO PG UIF ¾OBM ESBGU PG 5IF CMBDL SVCCFS DPMVNO PG UIF %JBOB 1SFTDIPPM B TNBMM BOE QSFDJPVT OBSSBUJPO SFWFBMT DIJMESFOµT MFBSOJOH TUSBUFHJFT 5FYUT QIPUPHSBQIT BOE HSBQIJD EFTJHO CZ *TBCFMMB .FOJOOP &OHMJTI USBOTMBUJPO CZ +BOF .D$BMM QBHFT *4#/ &VSP &OHMJTI "WBJMBCMF BMTP JO *UBMJBO
19
20
"6%*07*46"- ."5&3*"-4 7*4*0/"3*" 4&3*&4
! NEW
5IF OFX BVEJPWJTVBM TFSJFT GSPN 3FHHJP $IJMESFO 7JEFP JT B MBOHVBHF UIBU IBT CFFO QSFTFOU GPS B MPOH UJNF JO UIF ²UPPMCPY³ PG UIF NVOJDJQBM JOGBOU UPEEMFS DFOUSFT BOE QSFTDIPPMT PG 3FHHJP &NJMJB JO UIF BUFMJFST JO UIF FYIJCJUJPOT UIBU IBWF USBWFMMFE BSPVOE UIF XPSME BOE JO UIF DPOGFSFODFT BOE TFNJOBST IFME BU UIF -PSJT .BMBHV[[J *OUFSOBUJPOBM $FOUSF " GVSUIFS XBHFS JO TVQQPSU PG UIF JEFB PG FEVDBUJPO BOE LOPXMFEHF TFFO BT JOUFSXFBWJOH PG EJGGFSFOU MBOHVBHFT
5IF 5JNFT PG 5JNF %7%
1IPUPHSBQIJD FYIJCJUJPO GSPN UIF JOGBOU UPEEMFS DFOUSFT UP UIF QSJNBSZ TDIPPMT " DPNNVOJUZ XJEF QSPKFDU UIBU JOWPMWFE DIJMESFO BOE BEVMUT GSPN JOGBOU UPEEMFS DFOUSFT QSFTDIPPMT BOE QSJNBSZ TDIPPMT DBSSJFE PVU XJUIJO UIF DPOUFYU PG UIF JNQPSUBOU JOUFSOBUJPOBM QIPUPHSBQIZ GFTUJWBM 'PUPHSB¾B &VSPQFB 1IPUPHSBQIT BOE UIPVHIUT PG DIJMESFO BOE BEVMUT UFMM UIF UJNFT NBOZ EJGGFSFOU QFSDFJWFE BOE NFBTVSFE BXBJUFE 5IF JNBHFT BSF BDDPNQBOJFE CZ EPDVNFOUBSZ WJEFPT PG UIF QSPKFDU BOE PG UIF QIPUPHSBQIJD BUFMJFST DPOEVDUFE CZ UFBDIFST BOE BUFMJFSJTUBT 7JEFP ¾MNJOH BOE FEJUJOH 4BSB %F 1PJ .JSFMMB 3VP[[J #PPLMFU HSBQIJD EFTJHO CZ .BMJ :FB 3FBMJ[FE CZ 3FHHJP $IJMESFO BOE 1SFTDIPPMT BOE *OGBOU UPEEMFS $FOUSFT ° *TUJUV[JPOF PG UIF .VOJDJQBMJUZ PG 3FHHJP &NJMJB &OHMJTI USBOTMBUJPO CZ -FTMJF .PSSPX %7% SVOOJOH UJNF µ µµ 1"- *4#/ /54$ *4#/ &VSP *UBMJBO &OHMJTI
"6%*07*46"- ."5&3*"-4 7*4*0/"3*" 4&3*&4 &WFSZEBZ 6UPQJBT %7%
" EBZ JO BO JOGBOU UPEEMFS DFOUSF BOE B EBZ JO B QSFTDIPPM 5XP WJEFPT UIBU BSF QBSU PG 5IF 8POEFS PG -FBSOJOH FYIJCJUJPO UIBU EFTDSJCF B EBZ JO BO JOGBOU UPEEMFS DFOUSF BOE B EBZ JO B QSFTDIPPM CFDBVTF ²UP SBJTF OPSNBM DIJMESFO JT UIF SFTVMU PG B IBSE XPO BOE FWFSZEBZ VUPQJB³ -PSJT .BMBHV[[J 7JEFP ¾MNJOH BOE FEJUJOH 4BSB %F 1PJ %BOJFMB *PUUJ .JSFMMB 3VP[[J 4JNPOB 4QBHHJBSJ #PPLMFU HSBQIJD EFTJHO CZ .BMJ :FB 3FBMJ[FE CZ 3FHHJP $IJMESFO BOE 1SFTDIPPMT BOE *OGBOU UPEEMFS $FOUSFT ° *TUJUV[JPOF PG UIF .VOJDJQBMJUZ PG 3FHHJP &NJMJB &OHMJTI USBOTMBUJPO CZ -FTMJF .PSSPX %7% SVOOJOH UJNF µ µµ 1"- *4#/ /54$ *4#/ &VSP *UBMJBO BVEJP XJUI &OHMJTI TVCUJUMFT 0UIFS USBOTMBUJPOT +BQBOFTF
4IBEPX 4UPSJFT %7%
1PFUJDT PG BO FODPVOUFS CFUXFFO TDJFODF BOE OBSSBUJPO 5IF WJEFP GSPN -B 7JMMFUUB 1SFTDIPPM EFTDSJCFT UIF FYQFSJFODF BOE UIF FODPVOUFST CFUXFFO UIF DIJMESFO BOE TIBEPXT EVSJOH B WJTJU UP UIF -PSJT .BMBHV[[J *OUFSOBUJPOBM $FOUSF "O BOJNBUFE TUPSZ BMUFSOBUJOH XJUI CSJFG WJEFP DMJQT UIBU DPODMVEFT XJUI B TIPSU BOJNBUFE DBSUPPO DSFBUFE CZ UIF DIJMESFO 'SPN 5IF 8POEFS PG -FBSOJOH FYIJCJUJPO 7JEFP ¾MNJOH BOE FEJUJOH 4BSB %F 1PJ 4JNPOB 4QBHHJBSJ #PPLMFU HSBQIJD EFTJHO CZ .BMJ :FB 3FBMJ[FE CZ 3FHHJP $IJMESFO BOE 1SFTDIPPMT BOE *OGBOU UPEEMFS $FOUSFT ° *TUJUV[JPOF PG UIF .VOJDJQBMJUZ PG 3FHHJP &NJMJB &OHMJTI USBOTMBUJPO CZ +BOF .D$BMM BOE -FTMJF .PSSPX %7% SVOOJOH UJNF µ µµ 1"- *4#/ /54$ *4#/ &VSP *UBMJBO BVEJP XJUI &OHMJTI TVCUJUMFT
21
22
05)&3 "6%*07*46"- ."5&3*"-4 -BOETDBQFT
5IF SJHIU PG DIJMESFO UP B XFMDPNJOH CFBVUJGVM GVODUJPOBM QMBOOFE SFMBYJOH MPWBCMF TPGU GVOOZ NVTJDBM JOUFMMJHFOU OFBU BOE QFSGVNFE TQBDF %PVCMF $% 3PN XJUI NPSF UIBO QJDUVSFT PG UIF FOWJSPONFOU PG UIF JOGBOU UPEEMFS DFOUSFT BOE QSFTDIPPMT PG 3FHHJP &NJMJB GSPN UIF ´ T VOUJM OPX $% 3PN *4#/ &VSP *UBMJBO &OHMJTI
/PU KVTU BOZQMBDF
%PDVNFOUBSZ ¾MN PO UIF IJTUPSZ PG 3FHHJP &NJMJBµT NVOJDJQBM DFOUSFT GPS FBSMZ DIJMEIPPE 8JUI IJTUPSJDBM QJDUVSFT BOE JOUFSWJFXT UP UIF QSPUBHPOJTUT UIF OBSSBUJPO PG NPSF UIBO B DFOUVSZ PG FEVDBUJPOBM IJTUPSZ %JSFDUFE CZ .JDIFMF 'BTBOP 1SPEVDFE CZ 3FHHJP $IJMESFO XJUI UIF *OUFSOBUJPOBM "TTPDJBUJPO 'SJFOET PG 3FHHJP $IJMESFO UIF &NJMJB 3PNBHOB 3FHJPO BOE UIF .VOJDJQBMJUZ PG 3FHHJP &NJMJB &OHMJTI USBOTMBUJPO CZ (BCSJFMMB (SBTTFMMJ BOE -FTMJF .PSSPX %7% SVOOJOH UJNF µ "WBJMBCMF BMTP JO 7)4 *4#/ 1"- &VSP *4#/ /54$ &VSP &OHMJTI "WBJMBCMF BMTP JO *UBMJBO
$03*"/%0-* 4&3*&4 " TFSJFT DSFBUFE XJUI UIF BJN PG EJTTFNJOBUJOH BOE GPTUFSJOH UIF ²NJDSP QVCMJTIJOH³ PG UIF JOGBOU UPEEMFS DFOUSFT BOE QSFTDIPPMT PG UIF .VOJDJQBMJUZ PG 3FHHJP &NJMJB 5IF QSPUBHPOJTUT BSF BMXBZT UIF DIJMESFO UIFJS WPJDFT UIFJS UIPVHIUT UIFJS UIFPSJFT Micro publishing Luigi Bellelli Infant-toddler Center
The Park
is...
Micro publishing
Pablo Picasso Infant-toddler Center
We write shapes that look like a book
REGGIO CHILDREN
5IF 1BSL JT
)PX UP USBOTGPSN GPS POF EBZ UIF DJUZ UIBOLT UP DIJMESFOµT TLJMMT BOE MFBSOJOH RVBMJUJFT " ²SPBE NBEF PG FBSUI³ QBTTFT UISPVHI UIF 1BSL UIF BVUIPST BSF NPOUI UP ZFBS PME DIJMESFO PG #FMMFMMJ *OGBOU UPEEMFS $FOUSF &OHMJTI USBOTMBUJPO CZ +BOF .D$BMM BOE -FTMJF .PSSPX QBHFT *4#/ &VSP &OHMJTI "WBJMBCMF BMTP JO *UBMJBO 0UIFS USBOTMBUJPOT %BOJTI
8F XSJUF TIBQFT UIBU MPPL MJLF B CPPL
" QSPKFDU BCPVU UIF QBSL PG 1BCMP 1JDBTTP *OGBOU UPEEMFS $FOUSF XJUI UIF BJN PG TVQQPSUJOH BOE JNQSPWJOH UIF FDPMPHJDBM TFOTJUJWJUZ XIJDI CFMPOH UP BMM DIJMESFO 5IF DJUZ JOJUJBUJWF ²$JUUh JOBUUFTB³ $JUZ JOXBJUJOH CFDPNFT UIF PQQPSUVOJUZ UP XJEFO UIF WJFX NFFU XJUI UIF TBNF BQQSPBDI UIF 1BSL PG UIF DJUZ BOE MFBWF B USBDF PG UIJT FODPVOUFS &OHMJTI USBOTMBUJPO CZ +BOF .D$BMM BOE -FTMJF .PSSPX QBHFT *4#/ &VSP &OHMJTI "WBJMBCMF BMTP JO *UBMJBO
23
24
5)& 6/)&"3% 70*$& 0' $)*-%3&/ 4&3*&4
$IJMESFO BSF SFBM SFTFBSDIFST UIFZ FMBCPSBUF BOE DIBOHF UIFPSJFT XJUI UIF PUIFST BOE JOEJWJEVBMMZ XIJMF UIFZ JOUFSQSFU UIF XPSME BOE UIF UIJOHT 5IF TDIPPM DBO CFDPNF UIF QMBDF GPS UIFTF NFBOJOHGVM SFTFBSDIFT GPS UIJT USFOE UPXBSET LOPXMFEHF UIBU DIJMESFO DBSSZ PVU FWFO BVUPOPNPVTMZ
²$IJMESFO UBML BOE UIFZ IBWF BMXBZT UBMLFE UIPVHI UIFJS XPSET BSF SBSFMZ MJTUFOFE UP BOE MFBWF OP USBDF 5IF XPSET PG DIJMESFO NBZ BU UJNFT TFFN TUSBOHFMZ TJNJMBS UP PVS PXO CVU UIFZ SFDBMM GBSBXBZ BOE VOLOPXO XPSMET BOE NFBOJOHT UP XIJDI XF BT BEVMUT UPP PGUFO SFNBJO EFBG BOE JOTFOTJUJWF (JWJOH B WPJDF UP DIJMEIPPE UIVT NFBOT SFDPHOJ[JOH DIJMESFOµT SJHIU UP CF UIF QSJNBSZ BVUIPST PG UIFJS MJWFT (JWJOH B WPJDF UP DIJMESFO JT UIF DPVSBHFPVT BEWFOUVSF PG UIJT FEJUPSJBM TFSJFT UIBU VSHFT VT UP PQFO PVS FBST BOE MJTUFO UP UIJT VOIFBSE WPJDF ³ 4FSHJP 4QBHHJBSJ
5)& 6/)&"3% 70*$& 0' $)*-%3&/ 4&3*&4 "EWJTPSJFT
²8F BSF UIF FYQMPSFST PG UIF %JBOB 4DIPPM XFµSF UIF TUSPOHFTU PG BMM FWFO UIPVHI TUSFOHUI EPFTOµU SFBMMZ DPVOU UIBU NVDI JUµT CFUUFS UP CF JOUFMMJHFOU© XFµSF UIF CFTU FYQFSUT PO EJOPTBVST JOTFDUT USJDLT BOE KPLFT© XFµSF XSJUJOH TPNF UIJOHT GPS ZPV TP ZPV DBO MFBSO UIFN ³ 5IF #JH ,JET PG %JBOB 4DIPPM 5IF ZFBS PME DIJMESFO PG %JBOB 1SFTDIPPM SFDPVOU UP UIF ZFBS PMET UIF TDIPPM UIFZ BSF DPNJOH UP *O UIF CPPL B HBNF PG TUJDLFST UP ¾OE POFµT PXO XBZ JO UIF OFX TDIPPM &EJUFE CZ 1BPMB 4USP[[J BOE 7FB 7FDDIJ (SBQIJD EFTJHO CZ 3PMBOEP #BMEJOJ BOE 7BOJB 7FDDIJ &OHMJTI USBOTMBUJPO CZ -FTMJF .PSSPX QBHFT XJUI TUJDLFST *4#/ &VSP &OHMJTI "WBJMBCMF BMTP JO *UBMJBO 0UIFS USBOTMBUJPOT 4QBOJTI BOE $BUBMBO
" KPVSOFZ JOUP UIF SJHIUT PG DIJMESFO
" ²EJDUJPOBSZ³ PG SJHIUT DIJMESFOµT QPJOU PG WJFX PG UIF %JBOB 1SFTDIPPM BCPVU UIF DPODFQU PG SJHIU "OE JO UIJT PDDBTJPO HFOEFS JT XJMMJOHMZ LFQU TFQBSBUFE 8JUI ²" $IBSUFS PG 3JHIUT³ CZ -PSJT .BMBHV[[J &EJUFE CZ .BSJOB $BTUBHOFUUJ -BVSB 3VCJ[[J BOE 7FB 7FDDIJ &OHMJTI USBOTMBUJPO CZ -FTMJF .PSSPX QBHFT *4#/ &VSP *UBMJBO &OHMJTI 0UIFS USBOTMBUJPOT (FSNBO %VUDI /PSXFHJBO $IJOFTF ,PSFBO 4QBOJTI BOE $BUBMBO
25
26
5)& 6/)&"3% 70*$& 0' $)*-%3&/ 4&3*&4
4IPF BOE NFUFS
5IF 'PVOUBJOT
&EJUFE CZ .BSJOB $BTUBHOFUUJ BOE 7FB 7FDDIJ &OHMJTI USBOTMBUJPO CZ -FTMJF .PSSPX
&EJUFE CZ 5FSFTB $BTBSJOJ "NFMJB (BNCFUUJ BOE (JPWBOOJ 1JB[[B &OHMJTI USBOTMBUJPO CZ -FTMJF .PSSPX
5IF TUBSUJOH QPJOU JT B DPODSFUF SFRVFTU UIF TDIPPM OFFET B OFX UBCMF 5FBDIFST QSPQPTF UP DIJMESFO UP UBLF DBSF PG JU XIBU UP EP 5IF ¾STU BQQSPBDIFT UP UIF EJTDPWFSZ UP UIF GVODUJPO BOE UIF VTF PG NFBTVSFT $IJMESFO IBWF BDDFTT UP UIF NBUIFNBUJDBM UIJOLJOH UISPVHI UIF PQFSBUJPOT PG PSJFOUBUJPO QMBZ DIPJDF PG SFMBUJPOBM BOE EFTDSJQUJWF MBOHVBHFT 'SPN B QSPKFDU PG UIF %JBOB 1SFTDIPPM XJUI UFYUT CZ -PSJT .BMBHV[[J
QBHFT *4#/ &VSP *UBMJBO &OHMJTI 0UIFS USBOTMBUJPOT (FSNBO 4XFEJTI %BOJTI $IJOFTF ,PSFBO 4QBOJTI BOE $BUBMBO
²-FUµT NBLF BO BNVTFNFOU QBSL GPS UIF CJSET ³ " TUBSUJOH JEFB XJUI NBOZ GPMMPXJOH QSPQPTBMT " MBCPSBUPSZ XIFSF IBOET XJMM XPSL XJUI UIPVHIUT BOE JOWFOUJPOT TP BT UP HJWF SFBM EJNFOTJPOT UP UIF BNVTFNFOU QBSL XIJDI XJMM CF DPOTUSVDUFE BOE XJMM XPSL JO UIF QBSL PG -B 7JMMFUUB 1SFTDIPPM " CPPL XJUI NBOZ WPJDFT DIJMESFO UFBDIFST BUFMJFSJTUBT CJSET BOE XJUI (FPSHF 'PSNBO BOE -PSJT .BMBHV[[J
QBHFT *4#/ &VSP *UBMJBO &OHMJTI "WBJMBCMF BMTP JO *UBMJBO 'SFODI 0UIFS USBOTMBUJPOT (FSNBO "MCBOJBO $IJOFTF ,PSFBO 4QBOJTI BOE $BUBMBO
5)& 6/)&"3% 70*$& 0' $)*-%3&/ 4&3*&4
5IF MJUUMF POFT PG TJMFOU NPWJFT
.BLF CFMJFWF XJUI DIJMESFO BOE ¾TI BU UIF JOGBOU UPEEMFS DFOUFS "O FYUSBPSEJOBSZ BEWFOUVSF CFUXFFO POF BOE UXP ZFBS PME DIJMESFO BOE MJUUMF ¾TIFT JO UIF 3PEBSJ *OGBOU UPEEMFS $FOUSF PG 3FHHJP &NJMJB ²5IF XIPMF TUPSZ JT TJMFOU MJLF JO UIF PME NPWJFT PG #VTUFS ,FBUPO $IBSMJF $IBQMJO -BVSFM BOE )BSEZ BT JG UIF DIJMESFO XFSF UIFJS SJHIUGVM IFJST© 5IF TUPSZ VOGPMET XJUIPVU TQPLFO XPSET CVU UIFZ BSF IFSF JO EJTHVJTF QFSWBEJOH UIF DIJMESFOµT FYQFSJFODFT JO B TFDSFU TUSFBN UIBU FOTVSFT UIF DPOUJOVBODF PG EJBMPHVF BOE SFDJQSPDJUZ UIF GFFMJOH PG CFJOH BMJWF MJTUFOFE UP VOEFSTUPPE ³ -PSJT .BMBHV[[J &EJUFE CZ 4POJB $JQPMMB BOE &WFMJOB 3FWFSCFSJ &OHMJTI USBOTMBUJPO CZ -FTMJF .PSSPX BOE (JPSEBOB 3BCJUUJ QBHFT *4#/ &VSP *UBMJBO &OHMJTI 0UIFS USBOTMBUJPOT (FSNBO $IJOFTF ,PSFBO 4QBOJTI BOE $BUBMBO
5FOEFSOFTT
-PWF OBSSBUFE CZ DIJMESFO " CPPL XSJUUFO CZ UIF DIJMESFO PG -B 7JMMFUUB 1SFTDIPPM 8JUI UFYUT CZ 4VTBOOB .BOUPWBOJ BOE $BSMB 3JOBMEJ &EJUFE CZ -PSFOB 'FSSFUUJ (JOB (VJEJ BOE (JPWBOOJ 1JB[[B &OHMJTI USBOTMBUJPO CZ -FTMJF .PSSPX QBHFT *4#/ &VSP *UBMJBO &OHMJTI 0UIFS USBOTMBUJPOT (FSNBO $IJOFTF 4QBOJTI BOE $BUBMBO
27
28
3&.*%" 4&3*&4
UIF $SFBUJWF 3FDZDMJOH $FOUSF
3&.*%" UIF $SFBUJWF 3FDZDMJOH $FOUSF B QSPKFDU PG UIF .VOJDJQBMJUZ PG 3FHHJP &NJMJB BOE "("$ OPX *3&/ &NJMJB XBT PQFOFE JO JO 3FHHJP &NJMJB NBOBHFE CZ UIF *OUFSOBUJPOBM "TTPDJBUJPO 'SJFOET PG 3FHHJP $IJMESFO OPX 3FHHJP $IJMESFO ° -PSJT .BMBHV[[J $FOUSF 'PVOEBUJPO "O FDPMPHJDBM FUIJDBM FEVDBUJPOBM BFTUIFUJD BOE FDPOPNJD DIBMMFOHF 5IF NBOZ EJGGFSFOU BDUJWJUJFT PG 3&.*%" CFDPNF BMTP B QVCMJTIJOH TFSJFT XIJDI EFTDSJCF QSPKFDUT JEFBT IPQFT GPS B HPPE CFBVUJGVM DMFBO BOE SJHIU GVUVSF
#JLFT MPUT
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
3&.*%" 4&3*&4 3&.*%" %BZ .VUB NFOUJ .JOE NVUBUJPOT
&WFSZ ZFBS JO .BZ UIF DJUZ PG 3FHHJP &NJMJB JT USBOTGPSNFE TRVBSFT BOE SPBET XFMDPNF DIJMESFO BOE BEVMUT FMEFSMZ BOE ZPVOH QFPQMF BOE FWFSZPOF IBT UIF PQQPSUVOJUZ UP SFUIJOL BCPVU B TVTUBJOBCMF EFWFMPQNFOU TUBSUJOH GSPN B DVSJPVT DBSFGVM QPJOU PG WJFX BOE OPU POMZ GSPN BO BMBSNFE BOE BMBSNJOH TUBOEQPJOU " CPPL EFTDSJCJOH UIF ¾STU GPVS FEJUJPOT PG ²3FNJEB %BZ³ XIJDI IBT SFBDIFE JO JUT UI FEJUJPO NBOZ JOJUJBUJWFT BOE FWFOUT UP QSPNPUF B OFX DVMUVSF PG SFDZDMJOH &EJUFE CZ "MCB 'FSSBSJ BOE &MFOB (JBDPQJOJ &OHMJTI USBOTMBUJPO CZ -FTMJF .PSSPX QBHFT *4#/ &VSP &OHMJTI "WBJMBCMF BMTP JO *UBMJBO
29
30
$)*-%3&/µ4 5)&03*&4 "/% %3"8*/(4 #FBTUJBSZ
)PSTFT DBUT CVMMT EJOPTBVST XPMWFT B NPEFSO CFBTUJBSZ DPNQMFUFMZ NBEF PG ESBXJOHT DSFBUFE CZ UIF DIJMESFO PG UIF QSFTDIPPMT PG 3FHHJP &NJMJB 4JY " TJ[FE UBCMFT UP IBOH PS CSPXTF &EJUFE CZ (JOP 'FSSJ QPSUGPMJP XJUI UBCMFT *4#/ &VSP *UBMJBO &OHMJTI
$BUOFTT
" DBU BOE IFS LJUUFOT JO UIF QBSL PG -B 7JMMFUUB 1SFTDIPPM JT UIF TUBSUJOH QPJOU PG BO JOWFTUJHBUJPO DBSSJFE PVU CZ DIJMESFO BCPVU DBUOFTT &JHIU " TJ[FE UBCMFT UP IBOH PS CSPXTF &EJUFE CZ (JOP 'FSSJ BOE (JPWBOOJ 1JB[[B QPSUGPMJP XJUI UBCMFT *4#/ &VSP *UBMJBO &OHMJTI
$)*-%3&/µ4 5)&03*&4 "/% %3"8*/(4 .PCJMJUZ PG &YQSFTTJPO
5IF JNQPSUBODF PG TFFJOH ZPVSTFMG TP BT UP ¾OE PVU ZPVS PXO JEFOUJUZ " HBMMFSZ PG QPSUSBJUT CZ DIJMESFO PG /FSVEB 1SFTDIPPM 4JY " TJ[FE UBCMFT UP IBOH PS CSPXTF &EJUFE CZ .BSB %BWPMJ BOE (JOP 'FSSJ QPSUGPMJP XJUI UBCMFT *4#/ &VSP *UBMJBO &OHMJTI
5IF TFB JT CPSO GSPN UIF NPUIFS XBWF QPTUDBSET
²5JNF JT CPSO GSPN UIF UFNQFTU 5IF XJOE JT CPSO GSPN UIF BJS BOE IBT UIF SJHIU TIBQF UP CBOH UIJOHT 5JNF JT CPSO GSPN UIF ZFBST ³ 7BMFSJB ZFBST 5IFPSJFT BOE ESBXJOHT PO CJSUI CZ DIJMESFO GSPN B QSPKFDU PG %JBOB 1SFTDIPPM 8JUI QPTUDBSET UP TFOE &EJUFE CZ -BVSB 3VCJ[[J BOE 7FB 7FDDIJ (SBQIJD EFTJHO CZ *TBCFMMB .FOJOOP &OHMJTI USBOTMBUJPO CZ -FTMJF .PSSPX CPY XJUI BO JOUSPEVDUPSZ CPPLMFU BOE QPTUDBSET *4#/ &VSP *UBMJBO &OHMJTI
31
32
$)*-%3&/µ4 5)&03*&4 "/% %3"8*/(4
3FHHJP 5VUUB QPTUDBSET
5IF DJUZ BT TFFO CZ UIF DIJMESFO %SBXJOH QPSUSBJUT PG SPBET TRVBSFT NPOVNFOUT DIVSDIFT QBMBDFT QPTUDBSET UP TFOE GSPN 3FHHJP 5VUUB UIF TQFDJBM HVJEF PG UIF DJUZ QSFTFOUFE PO QBHF DSFBUFE JO UIF JOGBOU UPEEMFS DFOUSFT BOE QSFTDIPPMT PG UIF .VOJDJQBMJUZ PG 3FHHJP &NJMJB &EJUFE CZ .BSB %BWPMJ BOE (JOP 'FSSJ (SBQIJD EFTJHO CZ 3PMBOEP #BMEJOJ BOE 7BOJB 7FDDIJ QPTUDBSET &VSP *UBMJBO &OHMJTI
" SVTUMJOH PG XJOHT
$IJMESFOµT ESBXJOHT BOE UIFPSJFT BCPVU BOHFMT 0OF UJNF * UPVDIFE BO BOHFM BOE * EJEOµU UPVDI BOZUIJOH -VDB ZFBST 'SPN B QSPKFDU PG %JBOB 1SFTDIPPM GPVS GVOOZ GPMEJOH MFB¿FUT UP CSPXTF PS IBOH &EJUFE CZ *TBCFMMB .FOJOOP (JVMJB /PUBSJ 1BPMB 4USP[[J BOE 7FB 7FDDIJ (SBQIJD EFTJHO CZ 3PMBOEP #BMEJOJ BOE 7BOJB 7FDDIJ &OHMJTI USBOTMBUJPO CZ -FTMJF .PSSPX &VSP &OHMJTI "WBJMBCMF BMTP JO *UBMJBO
%&4*(/ 5IF SFTFBSDI QBUI DPODFSOJOH UIF MJWFBCJMJUZ PG UIF TQBDFT GPS UIF DIJMESFO XIPTF SFTVMUT BSF QSFTFOUFE JO UIF WPMVNF $IJMESFO TQBDFT SFMBUJPOT PO QBHF JT GVSUIFS EFWFMPQFE BOE OFX JOWFTUJHBUJPOT BOE QSPKFDUT BNPOH BSDIJUFDUVSF EFTJHO QFEBHPHZ BSF HFOFSBUFE
"UFMJFS
'VSOJTIJOHT GPS ZPVOH DIJMESFO -JOF DSFBUFE CZ UIF FODPVOUFS PG UIF DPNQBOZ *4"'' UIF QFEBHPHJDBM FYQFSJFODF PG 3FHHJP $IJMESFO BOE UIF SFTFBSDI JO UIF ¾FME PG EFTJHO CZ .JDIFMF ;JOJ BOE $MBVEJB ;PCPMJ $BUBMPHVF DIBSBDUFSJ[FE CZ B TUSPOH UZQPMPHJDBM JOOPWBUJPO BOE EJWJEFE JO FJHIU UIFNBUJD TFDUJPOT DMBTTSPPN BUFMJFS QJB[[B FOUSBODFT BOE UISFTIPMET MVODI LJUDIFO PG¾DFT UPJMFUT BOE B TQFDJBM TFDUJPO EFEJDBUFE UP UIF *OGBOU UPEEMFS $FOUSFT *OUSPEVDUJPO UFYUT CZ $BSMB 3JOBMEJ BOE 7FB 7FDDIJ (SBQIJD EFTJHO CZ 3PMBOEP #BMEJOJ &OHMJTI USBOTMBUJPO CZ -FTMJF .PSSPX QBHFT *4#/ &OHMJTI "WBJMBCMF BMTP JO *UBMJBO 'PS JOGPSNBUJPO JOGP!JTBGG DPN
#05) #00,4 "3& 5&.103"3*-: 065 0' 450$, "5 3&((*0 $)*-%3&/
1-": 4PGU
'VSOJUVSF GPS DIJMESFO 3FQFSUPJSF PG UIF TPGU GVSOJTIJOHT GPS ZPVOH DIJMESFO QSPEVDFE CZ UIF DPNQBOZ 1-": BT B SFTVMU PG B SFTFBSDI QSPKFDU EFWFMPQFE CZ JOUFSOBUJPOBM EFTJHOFST XJUI UIF BSU EJSFDUJPO PG ;1; 1BSUOFST BOE UIF QFEBHPHJDBM DPOTVMUJOH CZ 3FHHJP $IJMESFO &BDI PG UIF QSPKFDUT JT GPMMPXFE CZ B UFYU BCPVU VTF *OUSPEVDUJPO UFYUT CZ $BSMB 3JOBMEJ BOE 7FB 7FDDIJ (SBQIJD EFTJHO CZ 3PMBOEP #BMEJOJ &OHMJTI USBOTMBUJPO CZ -FTMJF .PSSPX QBHFT *4#/ *UBMJBO &OHMJTI 'PS JOGPSNBUJPO JOGP!QMBZQJV DPN
33
34
.&3$)"/%*4& 'PS QSJDFT WJTJU PVS XFCTJUF XXX SFHHJPDIJMESFO JU PS DPOUBDU VT BU CPPLTIPQ!SFHHJPDIJMESFO JU
1FODJM
)# HSBEFE
1FO
#MBDL JOL
&YFSDJTF CPPL
EJGGFSFOU DPWFST "WBJMBCMF XJUI XIJUF SVMFE TRVBSFE QBHFT Y DN
.VH XJUI TQPPO
4IPQQFS
#MBDL BOE XIJUF XJUI MPHP JO EJGGFSFOU DPMPVST Y DN
"WBJMBCMF JO ZFMMPX PSBOHF HSFFO CMVF DPMPVST DM
.&3$)"/%*4&
4UJDLFST 4FU PG TUJDLFST DN BOE DN
1PTUFS
8JUI UIF QPFN /P XBZ 5IF IVOESFE JT UIFSF CZ -PSJT .BMBHV[[J *O *UBMJBO &OHMJTI BOE 4QBOJTI EJGGFSFOU ESBXJOHT Y DN
$BSE
EJGGFSFOU ESBXJOHT XJUI FOWFMPQF Y DN
#PPLNBSL
8JUI UIF QPFN /P XBZ 5IF IVOESFE JT UIFSF CZ -PSJT .BMBHV[[J *O *UBMJBO &OHMJTI BOE 4QBOJTI EJGGFSFOU ESBXJOHT Y DN
1PDLFU VNCSFMMB 0SBOHF DPMPVS DN
35
36
05)&3 16#-*4)&34
$BSMB 3JOBMEJ
*O EJBMPHVF XJUI 3FHHJP &NJMJB
-JTUFOJOH SFTFBSDIJOH BOE MFBSOJOH 5IF NPTU JNQPSUBOU XSJUJOHT BOE TQFFDIFT CZ $BSMB 3JOBMEJ TJODF VQ UPEBZ "NPOH UIF UPQJDT -PSJT .BMBHV[[JµT UIJOLJOH UIF QFDVMJBSJUJFT PG UIF QFEBHPHJDBM QIJMPTPQIZ PG 3FHHJP &NJMJB UIF SPMF PG DSFBUJWJUZ UIF SFMBUJPO CFUXFFO UFBDIJOH BOE MFBSOJOH UIF QBSUJDJQBUJPO UIF FWBMVBUJPO *OUSPEVDUJPO CZ (VOJMMB %BIMCFSH BOE 1FUFS .PTT QBHFT *4#/ &VSP &OHMJTI 1VCMJTIFE CZ 3PVUMFEHF *UBMJBO USBOTMBUJPO QVCMJTIFE CZ 3FHHJP $IJMESFO 0UIFS USBOTMBUJPOT /PSXFHJBO 4QBOJTI BOE 1PSUVHVFTF $PNJOH TPPO $IJOFTF USBOTMBUJPO
&EJUFE CZ $BSPMZO &EXBSET BOE $BSMB 3JOBMEJ 5IF %JBSZ PG -BVSB 1FSTQFDUJWFT PO B 3FHHJP &NJMJB %JBSZ "O BTTFNCMBHF PG BGGFDUJPOBUFMZ XSJUUFO OPUFT BOE QIPUPHSBQIT UIF PSJHJOBM EJBSZ DISPOJDMFT PG UIF KPVSOFZ PG POF DIJMEµT ¾STU NPOUI JO BO JOGBOU UPEEMFS DFOUSF JO 3FHHJP &NJMJB 'JSTU QVCMJTIFE JO *UBMJBO JO UIF EJBSZ JT BWBJMBCMF GPS UIF ¾STU UJNF JO &OHMJTI QBHFT *4#/ &VSP &OHMJTI 1VCMJTIFE CZ 3FBEMFBG 1SFTT
05)&3 16#-*4)&34
&EJUFE CZ $BSPMZO &EXBSET -FMMB (BOEJOJ BOE (FPSHF 'PSNBO
5IF )VOESFE -BOHVBHFT PG $IJMESFO
5IF 3FHHJP &NJMJB &YQFSJFODF JO 5SBOTGPSNBUJPO " DPNQSFIFOTJWF JOUSPEVDUJPO UP UIF 3FHHJP &NJMJB "QQSPBDI IJTUPSZ BOE QIJMPTPQIZ QBSFOUµT QFSTQFDUJWF UFBDIJOH NFUIPET TDIPPM BOE TZTUFN PSHBOJ[BUJPO VTF PG TQBDF BOE FOWJSPONFOUT SE FEJUJPO QBHFT *4#/ 1BQFSCBDL &VSP &OHMJTI 1VCMJTIFE CZ "#$ $-*0
7FB 7FDDIJ
"SU BOE $SFBUJWJUZ JO 3FHHJP &NJMJB
&YQMPSJOH UIF SPMF BOE QPUFOUJBM PG BUFMJFST JO FBSMZ DIJMEIPPE FEVDBUJPO 5IJT CPPL FYQMPSFT UIF DPOUSJCVUJPO PG BSU BOE DSFBUJWJUZ UP FBSMZ FEVDBUJPO BOE FYBNJOFT UIF SPMF PG UIF BUFMJFS BOE BUFMJFSJTUB JO UIF QSFTDIPPMT PG 3FHHJP &NJMJB *U EPFT TP UISPVHI UIF FYQFSJFODF PG 7FB 7FDDIJ BUFMJFSJTUB BU %JBOB NVOJDJQBM QSFTDIPPM GPS PWFS UIJSUZ ZFBST BOE UIF HSPVQ PG UFBDIFST BOE QFEBHPHJTUBT PG UIF QSFTDIPPM QBHFT *4#/ &VSP &OHMJTI 1VCMJTIFE CZ 3PVUMFEHF 0UIFS USBOTMBUJPOT /PSXFHJBO $PNJOH TPPO *UBMJBO 4QBOJTI BOE 4XFEJTI USBOTMBUJPOT
37
38
05)&3 16#-*4)&34
&EJUFE CZ (VOJMMB %BIMCFSH 1FUFS .PTT BOE "MBO 1FODF -PSJT .BMBHV[[J
7PMQJOP -BTU PG UIF $IJDLFO 5IJFWFT
" DIJMESFOµT TUPSZ BCPVU 7PMQJOP UIF GPY B WFSZ DMFWFS WFSZ IVOHSZ BOE WFSZ GSVTUSBUFE DIJDLFO UIJFG QBHFT *4#/ Y &VSP &OHMJTI "WBJMBCMF BMTP JO *UBMJBO 1VCMJTIFE CZ &EJ[JPOJ +VOJPS
#FZPOE 2VBMJUZ JO &BSMZ $IJMEIPPE &EVDBUJPO BOE $BSF
-BOHVBHFT PG &WBMVBUJPO OE FEJUJPO " CPPL XSJUUFO CZ (VOJMMB %BIMCFSH 1FUFS .PTT BOE "MBO 1FODF QSPGFTTPST PG QFEBHPHZ BU UIF 6OJWFSTJUZ PG 4UPDLIPMN -POEPO BOE 7JDUPSJB $BOBEB XIFSF UIFZ JOWFTUJHBUF UIF DPODFQUT PG RVBMJUZ BOE FWBMVBUJPO JO UIF ¾FME PG TFSWJDFT GPS FBSMZ DIJMEIPPE QBHFT *4#/ &VSP &OHMJTI 1VCMJTIFE CZ 3PVUMFEHF *UBMJBO USBOTMBUJPO QVCMJTIFE CZ 3FHHJP $IJMESFO
05)&3 16#-*4)&34
&EJUFE CZ -JMJBO ( ,BU[ BOE #FSOBSE $FTBSPOF
3F¿FDUJPOT PO UIF 3FHHJP &NJMJB "QQSPBDI
" DPMMFDUJPO PG QBQFST SFQSFTFOUJOH B WBSJFUZ PG QFSTQFDUJWFT PO UIF JNQMJDBUJPOT PG UIF 3FHHJP "QQSPBDI PO FBSMZ DIJMEIPPE FEVDBUJPO QBHFT *4#/ &VSP &OHMJTI 1VCMJTIFE CZ &3*$ &EJ[JPOJ +VOJPS
39
40
&9)*#*5*0/4 53"7&--*/(
5IF 8POEFS PG -FBSOJOH
5IF OFX USBWFMMJOH FYIJCJUJPO 5IF 8POEFS PG -FBSOJOH BJNT BU BUUSBDUJOH UIF BUUFOUJPO UP UIF JNQPSUBODF PG FEVDBUJPO BOE PG TDIPPM BT B QMBDF XIFSF UP EJTDVTT BOE FYDIBOHF JEFBT *O DPOUJOVJUZ XJUI UIF QSFWJPVT FYIJCJUJPO 5IF )VOESFE -BOHVBHFT PG $IJMESFO JU XBOUT UP SFBG¾SN UIF WBMVFT BU UIF CBTF PG UIF FEVDBUJPOBM QIJMPTPQIZ PG 3FHHJP &NJMJB BOE BCPWF BMM UP EFTDSJCF UIF DIBOHFT UIF JOOPWBUJPOT UIF EFWFMPQNFOUT 5IF FYIJCJUJPO JT BEESFTTFE UP UIF XPSME PG UIF TDIPPM BOE UP B XJEFS QVCMJD JOUFSFTUFE JO UIF WBMVF PG UIF SFTFBSDI BCPVU UIF FEVDBUJPOBM BOE MFBSOJOH QSPDFTTFT "WBJMBCMF JO &OHMJTI BOE +BQBOFTF
XXX UIFXPOEFSP¿FBSOJOH DPN
5IF 8POEFS PG -FBSOJOH 4FSJFT QSFTFOUFE PO QBHF
&9)*#*5*0/4 53"7&--*/(
"UFMJFS 3BZ PG -JHIU JOUFSBDUJWF FYIJCJUJPO
" USBWFMMJOH TUSVDUVSF CPSO GSPN UIF FYQFSJFODFT PG UIF "UFMJFS 3BZ PG -JHIU PQFOFE JO UIF -PSJT .BMBHV[[J *OUFSOBUJPOBM $FOUSF … JU EPDVNFOUT TPNF SFTFBSDIFT DBSSJFE PVU XJUI DIJMESFO BOE UFFOBHFST JO UIF "UFMJFS … JU PGGFST UP WJTJUPST UIF QPTTJCJMJUZ PG FYQMPSJOH NBUFSJBMT BOE JOUFSBDUJWF UPPMT … JU JT B QMBDF GPS TUVEZ QSPGFTTJPOBM EFWFMPQNFOU BOE EJTTFNJOBUJPO XIFSF JU JT QPTTJCMF UP NFFU EJTDVTT BOE XPOEFS BU CZ QBSUJDJQBUJOH JO DIJMESFOµT BOE UFFOBHFSTµ UIPVHIUT BOE UIFPSJFT BCPVU MJHIU 5IF FOWJSPONFOU JT DPODFJWFE GPS B QVCMJD PG DIJMESFO ZPVOH QFPQMF BOE BEVMUT FEVDBUPST UFBDIFST BOE BSUJTUT JOUFSFTUFE JO BOE DVSJPVT BCPVU UIF NBOZ EJGGFSFOU BTQFDUT PG MJHIU "WBJMBCMF JO *UBMJBO BOE &OHMJTI
XXX SBHHJPEJMVDF FV
41
42
&9)*#*5*0/4 53"7&--*/(
&ODIBOUFE 8PSMET
" QIPUPHSBQIJD FYIJCJUJPO PSHBOJ[FE XJUIJO UIF TQIFSF PG UIF 'PUPHSB¾B &VSPQFB *OUFSOBUJPOBM 1IPUPHSBQIZ 'FTUJWBM UIBU CFBST XJUOFTT UP DIJMESFOµT TUSBUFHJFT JO FYQMPSJOH UIF MBOHVBHF PG QIPUPHSBQIZ *O UIJT FEJUJPO GPS UIF ¾STU UJNF DIJMESFO GSPN TDIPPMT JO EJGGFSFOU DPVOUSJFT JOUFSQSFUFE UIF UIFNF PG ²FODIBOUNFOU³ &RVJQQFE XJUI VMUSB TFOTJUJWF BOUFOOBT UP UIF XPSME BOE UP UIJOHT DIJMESFO SFBEJMZ RVFTUJPO JOWFTUJHBUF SF FMBCPSBUF BOE DSFBUF OFX SFBMJUJFT 5IFZ ¾OE FODIBOUNFOU BMTP JO UIF NFEJVN UIF DBNFSB XIJDI UIFZ VTF CZ OPX XJUI HSFBU GBNJMJBSJUZ CVU XIJDI DPOUJOVFT UP NBJOUBJO UIF NZTUFSZ BOE GBTDJOBUJPO PG UIF ¾STU NBHJD MBOUFSO *O UIJT XBZ BOPUIFS MBOHVBHF ° UIF QIPUPHSBQIJD MBOHVBHF ° SJHIUGVMMZ KPJOT BNPOH UIF NBOZ FYQSFTTJWF MBOHVBHFT XJUI XIJDI DIJMESFO DPOTUSVDU TQBDFT PG UIPVHIU BOE FNPUJPOT "WBJMBCMF JO *UBMJBO &OHMJTI
&9)*#*5*0/4 53"7&--*/(
5IF &YQSFTTJWF -BOHVBHFT PG $IJMESFO UIF "SUJTUJD -BOHVBHF PG "MCFSUP #VSSJ 5IF CFBVUJGVM BOUIPMPHJDBM FYIJCJUJPO PG "MCFSUP #VSSJ XBT EJTQMBZFE JO 3FHHJP &NJMJB JO 5IF FYIJCJUJPO CFDPNFT UIF PQQPSUVOJUZ UP FYQMPSF BOE TIPX CPUI PO B UIFPSFUJDBM BOE PO B DPODSFUF MFWFM TPNF QPTTJCJMJUJFT PG FODPVOUFS BOE OFX FMBCPSBUJPO CFUXFFO DIJMESFO BOE UFFOBHFST GSPN UIF *OGBOU UPEEMFS $FOUSF UP UIF .JEEMF TDIPPM BOE UIF BSUXPSLT
5IF FYIJCJUJPO 5IF &YQSFTTJWF -BOHVBHFT PG $IJMESFO UIF "SUJTUJD -BOHVBHF PG "MCFSUP #VSSJ BOE UIF DPSSFTQPOEJOH DBUBMPHVF BWBJMBCMF CPUI JO *UBMJBO BOE JO &OHMJTI BOE USBOTMBUFE BMTP JO /PSXFHJBO BSF PGGFSFE BT BO FYQFSJFODF PG QSPGFTTJPOBM EFWFMPQNFOU UP UIF QFPQMF JOUFSFTUFE JO GBDJOH UIFTF UPQJDT "WBJMBCMF JO *UBMJBO $BUBMPHVF QSFTFOUFE PO QBHF
43
44
&9)*#*5*0/4 53"7&--*/(
0OF DJUZ NBOZ DIJMESFO
5IF FYIJCJUJPO QSFTFOUT UIF TUPSZ PG UIF FYQFSJFODF JO UIF NVOJDJQBM JOGBOU UPEEMFS DFOUSFT BOE QSFTDIPPMT JO 3FHHJP &NJMJB " TUPSZ QSFTFOUFE JO UIF XJEFS DPOUFYU PG UIF IJTUPSZ PG *UBMZ BOE PG UIF *UBMJBO DVMUVSF XJUI B SFE UISFBE UIBU GPMMPXT UIF USBDFT PG UIF XPSME IJTUPSZ 5IF OBSSBUJPO JT EFWFMPQFE UISPVHI TPNF SFMFWBOU DSPTTJOH UIFNFT DJUZ BOE GBNJMZ QBSUJDJQBUJPO UJFT CFUXFFO QFEBHPHZ BOE QPMJUJDT UIF DFOUSBM SPMF PG XPNFO BOE XPNFOµT NPWFNFOUT UIF QFEBHPHJDBM UIJOLJOH XIJDI UIBOLT UP -PSJT .BMBHV[[J EFWFMPQFE JO UIF JOGBOU UPEEMFS DFOUSFT BOE JO UIF QSFTDIPPMT PSJHJOBM GFBUVSFT SFDPHOJTFE PO JOUFSOBUJPOBM MFWFM *UBMJBO &OHMJTI
$BUBMPHVF QSFTFOUFE PO QBHF
&9)*#*5*0/4 5&.103"3: 5IF .BSDP (FSSB FYIJCJUJPO IBMM BU UIF *OUFSOBUJPOBM $FOUSF -PSJT .BMBHV[[J IPTUT BMTP UFNQPSBSZ FYIJCJUJPOT 4JODF UIF GPMMPXJOH FYIJCJUJPOT DVSBUFE CZ 3FHHJP $IJMESFO XJUI *TUJUV[JPOF 1SFTDIPPMT BOE *OGBOU UPEEMFS $FOUSFT BOE 'SJFOET PG 3FHHJP $IJMESFO *OUFSOBUJPOBM "TTPDJBUJPO XFSF IPTUFE … %JBMPHVFT XJUI 1MBDFT … $IJMESFOµT .ZTUFSJPVT 8BZT PG 4FFJOH UIF $JUZ … "SJBEOFµT 5ISFBE 1SPHFUUB[JPOF %PDVNFOUBUJPO $PNNVOJDBUJPO … 5IF 5JNFT PG 5JNF … &ODIBOUFE 8PSMET … " $PMPVS 5SJMPHZ … (SBQIJD 5SBDFT PG UIF $IJMESFO JO UIF $JUZ … 1BSUJDJQBUJPO JT BO *OWJUBUJPO &YICJUJPOT DVSBUFE CZ PUIFS TVCKFDUT IBWF CFFO IPTUFE BT XFMM … &VSPQFBO GBNJMZ BOE GPPE FJHIU QIPUPHSBQIJD DPNNJTTJPOT 4&54& … 3FHFOFSBUJOH UIF FOWJSPONFOU PG QSPEVDUJPO … 8IBUµT UIF DPMPVS PG UIF XJOE %JTDPWFSJOH UBDUJMF JMMVTUSBUFE CPPLT … *MMVNJ/BUJPO NBZPST GPS UIF GVUVSF PG FOFSHZ BOE VOJ¾FE *UBMZ … 'BEFE #FBVUJFT CZ ,BSJO 'VSOFTT
'PS GVSUIFS JOGPSNBUJPO BCPVU UIF USBWFMMJOH FYIJCJUJPOT QSFTFOUFE JO UIJT DBUBMPHVF UP LOPX IPX UP EJTQMBZ UIFN JO *UBMZ BOE BCSPBE BOE GPS JOGPSNBUJPO BCPVU UIF .BSDP (FSSB &YIJCJUJPO )BMM QMFBTF DPOUBDU VT BU 3FHHJP $IJMESFO 7JB #MJHOZ B $ 1 4VDDVSTBMF 3FHHJP &NJMJB *UBMZ UFM GBY NPTUSF!SFHHJPDIJMESFO JU
XXX SFHHJPDIJMESFO JU XXX UIFXPOEFSP¿FBSOJOH DPN XXX SBHHJPEJMVDF FV
45
46
53"/4-"5*0/4 #: 16#-*4)&34 */ 05)&3 $06/53*&4 5IF GPMMPXJOH SFTPVSDFT IBWF CFFO QVCMJTIFE JO 4QBOJTI
5IF GPMMPXJOH SFTPVSDFT IBWF CFFO QVCMJTIFE JO 4QBOJTI BOE $BUBMBO
Â… $IJMESFO 4QBDFT 3FMBUJPOT 'PS GVSUIFS JOGPSNBUJPO QMFBTF DPOUBDU 3FE 4PMBSF "SHFOUJOB #VFOPT "JSFT "SHFOUJOB XXX SFETPMBSFBSHFOUJOB DPN
… 5IF -JUUMF 0OFT PG UIF 4JMFOU .PWJFT … "EWJTPSJFT … " +PVSOFZ JOUP UIF 3JHIUT PG $IJMESFO … 4IPF BOE .FUFS … $BUBMPHVF PG UIF FYIJCJUJPO ²5IF )VOESFE -BOHVBHFT PG $IJMESFO³ … 5FOEFSOFTT … 5IF 'PVOUBJOT 'PS GVSUIFS JOGPSNBUJPO QMFBTF DPOUBDU "TTPDJBDJx 3PTB 4FOTBU &EJUPSJBM 0DUBFESP #BSDFMPOB 4QBJO BTTPDJBDJP!SPTBTFOTBU PSH XXX SPTBTFOTBU PSH XXX PDUBFESP DPN
Â… *O %JBMPHVF XJUI 3FHHJP &NJMJB 'PS GVSUIFS JOGPSNBUJPO QMFBTF DPOUBDU (SVQP &EJUPSJBM /PSNB -JNB 1FSV XXX SFETPMBSF DPN Â… 5IF -BOHVBHFT PG 'PPE 'PS GVSUIFS JOGPSNBUJPO QMFBTF DPOUBDU 4PMBSF 4FSWJDJPT &EVDBUJWPT .FSJEB .FYJDP XXX SFETPMBSFNFYJDP DPN 4PPO BMTP BWBJMBCMF JO 4QBOJTI Â… "SU BOE $SFBUJWJUZ JO 3FHHJP &NJMJB 'PS GVSUIFS JOGPSNBUJPO QMFBTF DPOUBDU &EJDJPOFT .PSBUB .BESJE 4QBJO NPSBUB!FENPSBUB FT XXX FENPSBUB FT
5IF GPMMPXJOH SFTPVSDF IBT CFFO QVCMJTIFE JO 1PSUVHVFTF Â… *O %JBMPHVF XJUI 3FHHJP &NJMJB 'PS GVSUIFS JOGPSNBUJPO QMFBTF DPOUBDU 1B[ F 5FSSB 4kP 1BVMP #SB[JM WFOEBT!QB[FUFSSB DPN CS XXX QB[FUFSSB DPN CS
4PPO BMTP BWBJMBCMF JO 1PSUVHVFTF Â… $IJMESFO 4QBDFT 3FMBUJPOT 'PS GVSUIFS JOGPSNBUJPO QMFBTF DPOUBDU (SVQP " 1PSUP "MFHSF #SB[JM XXX HSVQPB DPN CS 5IF GPMMPXJOH SFTPVSDF IBT CFFO QVCMJTIFE JO 4XFEJTI Â… .BLJOH -FBSOJOH 7JTJCMF 'PS GVSUIFS JOGPSNBUJPO QMFBTF DPOUBDU 4UPDLIPMNT 6OJWFSTJUFUT 'zSMBH 4UPDLIPMN 4XFEFO TVGPSMBH!SVD TV TF XXX TVGPSMBH TF 4PPO BMTP BWBJMBCMF JO 4XFEJTI Â… "SU BOE $SFBUJWJUZ JO 3FHHJP &NJMJB Â… 0OF $JUZ .BOZ $IJMESFO 'PS GVSUIFS JOGPSNBUJPO QMFBTF DPOUBDU 4UVEFOUMJUUFSBUVS "# -VOE 4XFEFO JOGP!TUVEFOUMJUUFSBUVS TF XXX TUVEFOUMJUUFSBUVS TF
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
'PS GVSUIFS JOGPSNBUJPO DPOUBDU 'BHCPLGPSMBHFU #FSHFO /PSXBZ GBHCPLGPSMBHFU!GBHCPLGPSMBHFU OP XXX GBHCPLGPSMBHFU OP 5IF GPMMPXJOH SFTPVSDFT IBWF CFFO QVCMJTIFE JO (FSNBO 5FOEFSOFTT 5IF 'PVOUBJOT " +PVSOFZ JOUP UIF 3JHIUT PG $IJMESFO 5IF -JUUMF 0OFT PG UIF 4JMFOU .PWJFT 4IPF BOE .FUFS $BUBMPHVF PG UIF FYIJCJUJPO ²5IF )VOESFE -BOHVBHFT PG $IJMESFO³ &WFSZUIJOH )BT B 4IBEPX &YDFQU "OUT 'PS GVSUIFS JOGPSNBUJPO QMFBTF DPOUBDU $PSOFMTFO 7FSMBH #FSMJO (FSNBOZ TFSWJDF!DPSOFMTFO TDIVMWFSMBHF EF XXX DPSOFMTFO EF 3FHHJP 5VUUB 4PPO BMTP BWBJMBCMF .BLJOH MFBSOJOH WJTJCMF #SPXTJOH UISPVHI *EFBT
'PS GVSUIFS JOGPSNBUJPO QMFBTF DPOUBDU 7FSMBH %BT /FU[ #FSMJO (FSNBOZ TFSWJDF!WFSMBHEBTOFU[ EF XXX WFSMBHEBTOFU[ EF
5IF GPMMPXJOH SFTPVSDFT IBWF CFFO QVCMJTIFE JO %VUDI " +PVSOFZ JOUP UIF 3JHIUT PG $IJMESFO 5IF )VOESFE -BOHVBHFT PG $IJMESFO FET &EXBSET (BOEJOJ 'PSNBO
'PS GVSUIFS JOGPSNBUJPO DPOUBDU 6JUHFWFSKJ 481 "NTUFSEBN /FUIFSMBOET XXX TXQCPPL DPN
5IF GPMMPXJOH SFTPVSDFT IBWF CFFO QVCMJTIFE JO ,PSFBO 5IF 'PVOUBJOT " +PVSOFZ JOUP UIF 3JHIUT PG $IJMESFO 5IF -JUUMF 0OFT PG UIF 4JMFOU .PWJFT 4IPF BOE .FUFS
47
48
53"/4-"5*0/4 #: 16#-*4)&34 */ 05)&3 $06/53*&4 … $BUBMPHVF PG UIF FYIJCJUJPO ²5IF )VOESFE -BOHVBHFT PG $IJMESFO³ … &WFSZUIJOH )BT B 4IBEPX &YDFQU "OUT … $IJMESFO 4QBDFT 3FMBUJPOT 'PS GVSUIFS JOGPSNBUJPO QMFBTF DPOUBDU #PZVLTB %BINTFEBF 4FPVM ,PSFB XXX CPZVLTB DP LS … .BLJOH -FBSOJOH 7JTJCMF … 5IFBUFS $VSUBJO 'PS GVSUIFS JOGPSNBUJPO DPOUBDU :BOH4FP8PO 1BKPP ,ZPOHHJ 1SPWJODF ,PSFB ZTXQVC!DIPM DPN XXX ZTXQVC DP LS
Â… 5IF 'PVOUBJOT Â… " +PVSOFZ JOUP UIF 3JHIUT PG $IJMESFO Â… 5IF -JUUMF 0OFT PG UIF 4JMFOU .PWJFT Â… 4IPF BOE .FUFS Â… $IJMESFO 4QBDFT 3FMBUJPOT 'PS GVSUIFS JOGPSNBUJPO QMFBTF DPOUBDU ,VBOH :V $VMUVSBM &OUFSQSJTF $P -UE 5BJQFJ 5BJXBO TFSWJDF!LJETBOEZPV DPN UX XXX LJETBOEZPV DPN UX
5IF GPMMPXJOH SFTPVSDF IBT CFFO QVCMJTIFE JO 4JNQMJ¾FE $IJOFTF
lla gior na ta
… $BUBMPHVF PG UIF FYIJCJUJPO ²5IF )VOESFE -BOHVBHFT PG $IJMESFO³ … 5FOEFSOFTT
a be
4PPO BMTP BWBJMBCMF JO 4JNQMJ¾FE $IJOFTF … *OEJDBUJPOT PG 1SFTDIPPMT BOE *OGBOU UPEEMFS $FOUSFT PG UIF .VOJDJQBMJUZ PG 3FHHJP &NJMJB … *O EJBMPHVF XJUI 3FHHJP &NJMJB
e un
5IF GPMMPXJOH SFTPVSDFT IBWF CFFO QVCMJTIFE JO 5SBEJUJPOBM $IJOFTF
Â… $IJMESFO 4QBDFT 3FMBUJPOT 'PS GVSUIFS JOGPSNBUJPO QMFBTF DPOUBDU (BLLFO $P *OGBOU -FBSOJOH %FQU 5PLZP +BQBO XXX HBLLFO DP KQ
turo
Â… .BLJOH -FBSOJOH 7JTJCMF 'PS GVSUIFS JOGPSNBUJPO QMFBTF DPOUBDU &$/61 &BTU $IJOB /PSNBM 6OJWFSTJUZ 1SFTT 4IBOHIBJ $IJOB XXX FDOVQSFTT DPN DO
5IF GPMMPXJOH SFTPVSDFT IBWF CFFO QVCMJTIFE JO +BQBOFTF
il fu
Â… 5IF 'VUVSF JT B -PWFMZ %BZ 'PS GVSUIFS JOGPSNBUJPO QMFBTF DPOUBDU %BSSN *OD 4FPVM ,PSFB XXX EBSSNCPPLT DPN
Â… 5IF )VOESFE -BOHVBHFT PG $IJMESFO FET &EXBSET (BOEJOJ 'PSNBO
Â… &WFSZUIJOH )BT B 4IBEPX &YDFQU "OUT 'PS GVSUIFS JOGPSNBUJPO QMFBTF DPOUBDU /BOKJOH /PSNBM 6OJWFSTJUZ 1SFTT /BOKJOH $IJOB XXX OKOVQ DPN
il f un uturo gioa be e rna lla ta do
ma
ni
e po
RE
GG
sso
so
lo
im
IO
CH
IL
ma
gin
arl
o.
..
pe
ns
o ch
e sia
..
DR
.
EN
53"/4-"5*0/4 #: 16#-*4)&34 */ 05)&3 $06/53*&4 … $BUBMPHVF PG UIF FYIJCJUJPO ²5IF )VOESFE -BOHVBHFT PG $IJMESFO³ 'PS GVSUIFS JOGPSNBUJPO QMFBTF DPOUBDU /JUUP 4IPJO )POTIB $P -UE 5PLZP +BQBO XXX 5( /&5 DP KQ … $BUBMPHVF PG UIF FYIJCJUJPO ²5IF 8POEFS PG -FBSOJOH³ 'PS GVSUIFS JOGPSNBUJPO QMFBTF DPOUBDU "DDFTT $P -UE 5PLZP +BQBO XXX BDDFTT DPNQBOZ DPN … &WFSZEBZ 6UPQJBT %7% 'PS GVSUIFS JOGPSNBUJPO QMFBTF DPOUBDU 8BUBSJ VN &EVDBUJPO -JCSBSZ 5PLZP +BQBO POTVOEBZT!XBUBSJVN DP KQ XXX XBUBSJVN DP KQ POTVOEBZT
4PPO BWBJMBCMF JO "SBCJD Â… .BLJOH -FBSOJOH 7JTJCMF 'PS GVSUIFS JOGPSNBUJPO DPOUBDU ,VXBJU 4PDJFUZ GPS UIF "EWBODFNFOU PG "SBC $IJMESFO ,VXBJU $JUZ ,VXBJU BMJBMKBGBS !IPUNBJM DPN XXX LTBBD PSH LX
49
50
*/5&3/"5*0/"- %*453*#65034 64"
'*/-"/%
#VSMJOHUPO 75 JOGP!MFBSOJOHNBUFSJBMTXPSL DPN XXX MFBSOJOHNBUFSJBMTXPSL DPN
JOGP!SFHHJPFNJMJB XT XXX SFHHJPFNJMJB XT
-FBSOJOH .BUFSJBMT 8PSLTIPQ
6/*5&% ,*/(%0. 4JHIU-JOFT *OJUJBUJWF
/FXDBTUMF VQPO 5ZOF JOGP!TJHIUMJOFT JOJUJBUJWF DPN XXX TJHIUMJOFT JOJUJBUJWF DPN
5)& /&5)&3-"/%4
4UJDIUJOH 1FEBHPHJFLPOUXJLLFMJOH WPPS IFU KPOHF LJOE "NTUFSEBN JOGP!QFEBHPHJFLPOUXJLLFMJOH OM XXX QFEBHPHJFLPOUXJLLFMJOH OM
%&/."3,
%FU %BOTLF 3FHHJP &NJMJB /FUX SL 0EFOTF JOGP!SFHHJPFNJMJB EL XXX SFHHJPFNJMJB EL
48&%&/
3FHHJP &NJMJB *OTUJUVUFU 4UPDLIPMN JOGP!SFHHJPFNJMJB TF XXX SFHHJPFNJMJB TF
4VPNFO 3FHHJP &NJMJB :IEJTUZT 3Z
"6453"-*"
3FHHJP &NJMJB "VTUSBMJB *OGPSNBUJPO &YDIBOHF )BXUIPSO 7JDUPSJB BENJO!SFHHJPBVTUSBMJB PSH BV XXX SFBJF PSH BV
5IF #PPL (BSEFO $BTUMF )JMM XXX UIFCPPLHBSEFO DPN BV
-BEZ (PXSJF $IJME $FOUSF /PSUI $BSMUPO 7JDUPSJB XXX HPXSJFWJDUPSJB PSH BV
5"*8"/
,VBOH :V $VMUVSBM &OUFSQSJTF $P -UE 5BJQFJ TFSWJDF!LJETBOEZPV DPN UX XXX LJETBOEZPV DPN UX
4*/("103&
$IJME &EVDBUJPOBM $P 1UF -UE 4JOHBQPSF KBDRQOH!DIJMEFE DPN TH
/&8 ;&"-"/% 3& 1SPWPDBUJPOT
"VDLMBOE T TUFWFMZ DPMF!DMFBS OFU O[ XXX SFHHJPFNJMJB PSH O[
)08 50 03%&3 5IF QVCMJDBUJPOT QSFTFOUFE JO UIJT DBUBMPHVF BSF BWBJMBCMF JO UIF #PPL'PPE4IPQ BU UIF -PSJT .BMBHV[[J *OUFSOBUJPOBM $FOUSF 3FHHJP &NJMJB BOE BU 3FHHJP $IJMESFOµT PG¾DFT GPS NBJM PSEFST 4PPO BWBJMBCMF PO PVS OFX XFCTJUF 1SJDFT SFGFSSFE UP UIF &OHMJTI FEJUJPO BSF VQEBUFE +BOVBSZ BOE BOE DBO CF TVCKFDU UP DIBOHF 'PS QSJDFT DPODFSOJOH UIF PUIFS WFSTJPOT BOE TBMF DPOEJUJPOT WJTJU PVS XFCTJUF XXX SFHHJPDIJMESFO JU BDUJWJUJFT QVCMJTIJOH IPX UP PSEFS 5P QMBDF BO PSEFS TFOE BO FNBJM UP CPPLTIPQ!SFHHJPDIJMESFO JU PS DPOUBDU 3FHHJP $IJMESFO 7JB #MJHOZ B $ 1 4VDDVSTBMF 3FHHJP &NJMJB ° *UBMZ 1I 'BY *O *UBMZ UIF CPPLT QVCMJTIFE CZ 3FHHJP $IJMESFO DBO CF QVSDIBTFE BMTP JO -B 'FMUSJOFMMJ CPPLTUPSFT
‰ 3FHHJP $IJMESFO HSBQIJD EFTJHO .BMJ :FB XJUI 3PMBOEP #BMEJOJ
51
7JB #MJHOZ B 3FHHJP &NJMJB *UBMZ XXX SFHHJPDIJMESFO JU