how we train final

8/9/2019 How We Train Final

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HOW WE TRAIN

A GUIDE FOR INSTRUCTORS

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2O \K [Z[NK OQ RJK SVQQKNKY]K VY ]MXRMNK VP PRVXX V^LONR[YRG [YS VR VP [XPO V^LONR[YR RJ[R

RJK ÔSKNY JM^[Y_P LOVYR OQ `VKZ VP YOR [XXOZKS RO [QQK]R OMN `VKZP OY RJK LN[]RVRVOYKNP

OQ K[NXVKN RV^KP3 (R VP [XPO V^LONR[YR RJ[R LN[]RVRVOYKNP ZJO [NK NK[ST RO RKPR RJKVN XV^VRPG

KWLOPK RJK^PKX`KP RO UNK[RKN NVPbP [YS RN[VY J[NSKN [YS ̂ ONK NK[XVPRV][XXT [NK YOR JKXS

\[]b \T ̂ VPLX[]KS \KYKÒXKY]K [YS KW[UUKN[RKS P[QKRT ̂ VYSKSYKPP3 2JK R[Pb OQ RJK ]XM\

VP OQ ]OMNPK RO LNO`VSK [ P[QK RN[VYVYU KY`VNOY^KYRG \MR [P XOYU [P ZK [NK YOR NVPbVYU

XV`KPG RJKNK J[P RO \K OLLONRMYVRT RO LMPJ OMN XV^VRP3

6ON KW[^LXKG K`KY RJK LN[]RVRVOYKNP ZJO [NK YOR NK[ST RO RN[VY ZVRJ PJ[NL ZK[LOYPG ON

PL[N ZVRJ [ ^VYV^M^ OQ LNORK]RV`K UK[NG ON K`KY L[NRV]VL[RK VY [ QVUJR ZVRJ JVPRONV][X

KaMVL^KYR \T JVPRONV][X NMXKPG ][Y PRVXX \KYKQVR QNO^ RKPRVYU RJKVN XV^VRP3 /OVYU LNK]VPKXTRJ[R VP ZJT ^[YT LKOLXK RNT ^[NRV[X [NRP VY RJK QVNPR LX[]K3 )P [Y VYPRNM]RONG TOM PJOMXS


12/44

"#

PMLLONR PM]J PRMSKYR SK`KXOL^KYR \T SK[XVYU ZVRJ QK[NPG LMRRVYU RJVYUP VY LKNPLK]RV`K

[YS ]J[XXKYUVYU ]O^QONR jOYKP3

,OR XKRRVYU TOMNPKXQ \K PROLLKS \T \NMVPKPG [ QKZ P^[XX ]MRP VY RJK P][XL ON K`KY [ \NObKY

NV\ VP [ L[NR OQ ZJ[R VR ^K[YP RO \K [ QVUJRKN3 -Q ]OMNPK RJK LKOLXK ZJO SO YOR [LLNK]V[RK

J[NSKN RN[VYVYU PJOMXS J[`K RJK OLLONRMYVRT RO RN[VY ZVRJOMR [YT NVPb OQ VYcMNT ON L[VYG\MR RJK NVUJR QON K`KNTOYK RO RN[VY VY RJK ]XM\ [XPO ^K[YP RJ[R RJOPK ZJO Z[YR RO RN[VY VY

[ ROMUJKN KY`VNOY^KYR [YS [V^ QON [ ^ONK JVPRONV][X RN[VYVYU PJOMXS J[`K RJK

OLLONRMYVRT RO SO PO3


13/44

"4

#3 2&)'=(,0 =&1) )$ ), )2=*&2(' /($'(%*(,&

-./ &. ".J 0(,+% -IO$U

2JK JVPRONV][X POMN]KP [NK OQRKY X[]bVYU VY [S`V]K OY JOZ RO RN[VY VY ONSKN RO \K]O^KPbVXXKS3 -QRKY ZK OYXT bYOZ ZJ[R RK]JYVaMK ZK PJOMXS MPK VY [ ]KNR[VY PVRM[RVOYG \MR RJK

OXS ^[PRKNP [NK aMVKR NKU[NSVYU JOZ RJKT R[MUJR RJKVN PRMSKYRP RO \K]O^K PbVXXKS [R

RJOPK RK]JYVaMKP3 &`KY ̂ ONK N[NKXT SO RJKT SKP]NV\K RJKVN RJOMUJRP OY JOZ RO ]NK[RK [

QMY]RVOY[X PbVXX PKR VY RJKVN PRMSKYRPe RJ[R VPG JOZ RO LVK]K ROUKRJKN RJK RN[VYVYU VYRO [

MPKQMX [YS QMY]RVOY[X RN[VYVYU LNOUN[^3 2JVP VP ZJKNK ̂ OSKNY RK]JYVaMK [YS RK[]JVYU

^KRJOSP ]O^K VY3 .K XK[NY "#$% RO RN[VY QNO^ RJK POMN]KPG \MR JOZ RO RN[VY VR QNO^

ÔSKNY RN[VYVYU P]VKY]K3

1'KD%+RJ' 0(,+%+%>=&1) SK^[YSP [ XOR OQ RJK PRMSKYRG \MR [XPO OQ RJK VYPRNM]RON3 -YK OQ RJK ÔPR V^LONR[YR

L[NRP OQ \KVYU [Y VYPRNM]RON VP RO JKXL RJK PRMSKYR V^LNO`K JVP RK]JYVaMK3 (R VP LOPPV\XK RO

`VKZ RK]JYVaMK XK[NYVYU QNO^ PK`KN[X SVQQKNKYR LKNPLK]RV`KPG QON KW[^LXK [

\VO^K]J[YV][X ON LPT]JOÔRON LKNPLK]RV`K3 ) \VO^K]J[YV][X LKNPLK]RV`K SK[XP ZVRJ JOZ

[ Ô`K^KYR ][Y \K V^LNO`KSG XVbK V^LNO`VYU LOZKN MPVYU XKPP QON]K3 ) LPT]JOÔRON

LKNPLK]RV`K SK[XP ZVRJ RJK MYSKNXTVYU ̂ ORV`[RVOY [YS LPT]JOXOUT \KJVYS RJK LKNQON^KS

[]RVOY3 (YPRK[S OQ XOObVYU [R RJK LN[]RVRVOYKN [P [ ^[]JVYK PMLLOPKS RO LKNQON^ [Y KW[]R

[]RVOYG RJK LPT]JOÔRON LKNPLK]RV`K VP ÔNK ]OY]KNYKS ZVRJ UV`VYU RJK LN[]RVRVOYKN [

LMNLOPK [YS RJK ZVXX RO []JVK`K [ UO[X ZVRJ RJK []RVOY [P RJK QOMYS[RVOY3

(Y 0=6$ ZK QO]MP OY RJK PK]OYS OQ RJKPK RZO LKNPLK]RV`KP VY RJK \KUVYYVYU3 2JK PRMST OQ

\VO^K]J[YV]P VP V^LONR[YRG \MR QVNPR TOM J[`K RO MYSKNPR[YS RJK LMNLOPK \KJVYS RJK

Ô`K^KYRP3

2N[SVRVOY[XXT ̂ [YT ̂ [NRV[X [NRP J[`K [RRK^LRKS RO ]NK[RK RJK LKNQK]R RK]JYVaMKG ZJKNK

RJK PRMSKYRP [NK ̂ [NVOYKRRKP QOXXOZVYU RJK VYPRNM]RVOYP OQ RJKVN RK[]JKN ZVRJOMR RJVYbVYU

QON RJK^PKX`KP3 )Y KW[^LXK OQ RJVP VP ]X[PPKP ZJKNK NOZP OQ PRMSKYRP PR[YS QON JOMNP

LKNQON^VYU RK]JYVaMKP VY RJK [VN3 (Y RJK KYSG RJVP RTLK OQ LN[]RV]K RK[]JKP RJK PRMSKYR

Ô`K^KYRP RJ[R [NK YOR KWLK]RKS RO POX`K [ LNO\XK^ ON []JVK`K [Y O\cK]RV`Ke RJKT [NK

K^LRT Ô`K^KYRP3 2JVP VP YOR [ ^KRJOS ZK MPK VY 0=6$G RJOMUJ ZK SO MPK PVYUXK SNVXXPRO RN[VY QON KW[^LXK ÔRON PbVXXP3

2O MPK [Y KW[^LXKG RK]JYVaMK RN[VYVYU ][Y \K ]O^L[NKS RO XK[NYVYU RO ][R]J [ \[XX3 ,O

OYK ZOMXS PMUUKPR RJ[R OYK PJOMXS XK[NY RO ][R]J [ \[XX ZVRJOMR [ \[XX3 ,KVRJKN SOKP

[YTOYK \KXVK`K RJ[R RJKNK VP OYXT OYK Z[T RO ][R]J [ \[XX F RJ[R VPG [ LKNQK]R Ô`K^KYR

RJ[R [XZ[TP ZONbP ZVRJOMR ̀ [NV[RVOYP3 )YS K`KNTOYK MYSKNPR[YSP RJ[R OYK ][Y OYXT UKR

\KRRKN [R ][R]JVYU [ \[XX \T LN[]RV]VYU ZVRJ PO^KOYK ZJO RJNOZP [ \[XX [R TOM3

2O ]OYRVYMK ZVRJ RJK \[XX KW[^LXKG ZK ][Y SKRKN^VYK RJ[R OY]K TOM J[`K \K]O^K UOOS [R

][R]JVYU RJK \[XXG TOM YO XOYUKN RJVYb [\OMR RJK []RVOYG VR ]O^KP Y[RMN[XXT3 @OM J[`K

VYRKNY[XVPKS RJK bYOZXKSUK [YS RJK []RVOY VP ]O^LXKRKXT LPT]JOÔRON hRJ[R VPG RJK ZVXX ROLKNQON^ [Y []RVOY VY [ ]KNR[VY ]OYRKWRi3 .JKY RJK \[XX ]O^KP QXTVYUG RJK ][R]JKN SOKP YOR


14/44

"E

RJVYb [\OMR PRNKR]JVYU OMR RJK [N^ QNO^ [ ]KNR[VY [YUXKG OLKYVYU RJK J[YS [YS ]XOPVYU VR

VY RJK NVUJR Ô^KYR3 (YPRK[S VR VP RJK ZVXX RO ][R]J RJK \[XX RJ[R VP VY QO]MPG YOR RJK []RVOY

RJ[R VP YK]KPP[NT RO LKNQON^3

(R VP RJK P[^K VY ^[NRV[X [NRP F ZJKY TOM ^[bK [Y [RR[]b VR PJOMXS QKKX XVbK RJK Ô`K^KYR

VP ^[SK [MRO^[RV][XXTe [P VQ ZK[LOYG [N^PG QKKR [YS \OST [NK Ô`VYU OY RJKVN OZY []]ONS[YS TOM [NK O\PKN`VYU RJK \OST QNO^ RJK OMRPVSK3 .J[R LMR RJK \OST VY ÔRVOY Z[P OYXT

RJK ZVXX RO JVR RJK OLLOYKYR3

(Y ORJKN ZONSP ZK Z[YR RJK PRMSKYRP RN[VYVYU RO \K QO]MPKS OY []JVK`VYU [Y O\cK]RV`KG

[YS RJ[R RJK RK]JYVaMK VP PKKY [P [ ^K[Y RO SO RJVP3 2JK \VO^K]J[YV][X SKR[VXP [NK [ X[RKN

aMKPRVOYG [YS RJKT ][Y [XPO `[NT \KRZKKY LKOLXK3 ,O OYK JOXSP RJK VSK[ RJ[R RZO [RJXKRV]

PR[NP J[`K RJK KW[]R P[^K RK]JYVaMK VY RJK JVUJ cM^L hQON KW[^LXKi [YS RJ[R OYK VP

PXVUJRXT \KRRKN [R LKNQON^VYU [ LKNQK]R ̂ ORVOY3 2JKVN ̂ O`K^KYRP [NK VYSV`VSM[X [YS

[S[LRKS RO RJKVN OZY ]OYSVRVOYP3

)YORJKN V^LONR[YR NK[POY ZJT ZK SOY_R PLKYS JOMNP SNVXXVYU Ô`K^KYRP VY RJK [VNGKPLK]V[XXT VY RJK \KUVYYVYUG VP \K][MPK VR VP \ONVYU3 (R J[P \KKY LNO`KY RJ[R LXK[PMN[\XK

XK[NYVYU VP ÔNK KQQK]RV`K3 2J[R P[VSG \VO^K]J[YV]P [NK YOR MYV^LONR[YR [YS ZK SO

LN[]RV]K PK`KN[X ]MRRVYU [YS Ô`K^KYR SNVXXP RO V^LNO`K RJK^G \MR VR VP LOVYRXKPP RO QVYK

RMYK P^[XX SKR[VXP VY [Y []RVOY RJ[R J[P YOR TKR \KKY UV`KY VRP ]OYRKWR3 6ON KW[^LXKG VR VP

\KRRKN RO ^[bK P^[XX [ScMPR^KYRP VY [ PRMSKYR_P ]MR [QRKN JK J[P KWK]MRKS VR VY [

NKX[RV`KXT PRNKPPQMX SNVXX [U[VYPR [ RN[VYVYU L[NRYKN hPO RJ[R JK MYSKNPR[YSP ZJT RJK

]ONNK]RVOYP [NK ^[SKiG N[RJKN RJ[Y SOVYU VR ZJVXK JK J[P OYXT \KKY ]MRRVYU VY RJK [VN [YS

J[P YO MYSKNPR[YSVYU OQ ZJT RJK ]ONNK]RVOYP [NK ^[SK ON ZJ[R RJKT [NK PMLLOPKS RO SO

QON JV^3

9$; .$ '()#+ .(/=+,D%(-

-Y [ RJKONKRV][X XK`KX RK]JYVaMK XK[NYVYU VP SV`VSKS VYRO QV`K PR[UKP3 2JK RN[VYVYU VY 0=6$

VP [V^KS [R UV`VYU RJK PRMSKYRP ROOXP RO [P POOY [P LOPPV\XK \K [\XK RO NK[]J RJK '

(')'*$+,-$%,.) -%$('/ .K J[`K [XNK[ST ̂ KYRVOYKS RJK LPT]JOÔRON ]OY]KLRP [YS

RJKONVKP RO UKR RJKNKG \MR VR VP ZONRJ LOVYRVYU OMR [U[VY RJ[R RJK UO[X VP RO ]NK[RK ^[NRV[X

[NRVPRP ZJO MYSKNPR[YS LNVY]VLXKP N[RJKN RJ[Y cMPR NKLK[RVYU K^LRT ̂ O`K^KYRP3

)YORJKN V^LONR[YR LOVYR VP RJ[R ZK [XZ[TP RNT RO Ô`K \KTOYS RJK LX[RK[M ZJKNK ZK [NK

[R [YT UV`KY Ô^KYRG ^K[YVYU ZK RNT [YS ]NK[RK LNOUNKPPV`K RN[VYVYU3 2JVP ^K[YP RJ[RZK OQRKY RN[VY VY [ Z[T ZK [NK YOR ]O^LXKRKXT ]O^QONR[\XK ZVRJ [YS RJ[R ZK ][Y_R NK[XXT

J[YSXKG \K][MPK VR VP [R RJK XV^VR OQ ZJ[R ZK ]MNNKYRXT [NK ][L[\XK OQ3 2JVP VP [ \[X[Y]K []R

ZJKNK ZK PJOMXS YKVRJKN LNKPP ROO J[NS YON ROO POQRG \MR PRNV`K QON [ XK`KX ZJKNK ZK

NK]KV`K [Y [LLNOLNV[RK ]J[XXKYUK3

AB


15/44

"I

RJK Y[^KP OQ RJK UM[NSPG OYK LKNPOY P[TP RJK Y[^K OQ RJK UM[NS [YS K`KNTOYK LOPVRVOYP

RJK^PKX`KP VY RJ[R UM[NS3 1[bK VR QMY [YS PO]V[Xk

EB /$"%% 4""$*,)(.,") %.(6&

2JVP VP ZJKNK RJK PRMSKYRP SVP]O`KN RJK \[PV] LNVY]VLXKP3 (R VP [Y m$#$01 PR[UK3 &WKN]VPKP

[NK YOR PMLLOPKS RO \K ]O^LXV][RKSG \MR UO[X ONVKYRKS3 -YK RJVYU RJ[R VP V^LONR[YR RO

NK^K^\KN VP RJ[R VR VP `KNT MYP[RVPQTVYU RO OYXT RN[VY [ P^[XX L[NR OQ [ ZJOXK hQON KW[^LXK

OYXT QOORZONbi3 2JKNKQONK VR VP UOOS VQ TOM ][Y ^[bK ]O^LXKRK ̂ O`K^KYR L[RRKNYP

VYPRK[S OQ OYXT PKL[N[RK L[NRPG [YS RJ[R TOM RN[VY PLK]VQV]P OYXT VQ YK]KPP[NT3 %[T

[RRKYRVOY RO RJVP [YS [ScMPR RJK RN[VYVYU \[PKS OY RJK YKKS3

FB 1,)& 4""$*,)(.,") %.(6&

2JVP VP RJK PR[UK ZJKNK RJK Ô`K^KYRP [NK [ScMPRKS VY SKR[VX [YS [S[LRKS RO RJKVYSV`VSM[X3 =KNK VR ZONbP ZKXX RO PKL[N[RK L[NRP OQ RK]JYVaMKP [YS NKLK[R RJK^ PK`KN[X

RV^KP3 1[YT LKOLXK KWLKNVKY]K RJ[R QVYK ]OONSVY[RVOY VP QNMPRN[RVYU RO []JVK`KG [YS RJ[R

][Y \K \K][MPK =&1) VP UKYKN[XXT YOR [\OMR [Y KW[]R Ô`K^KYR \MR [\OMR [S[LR[\VXVRT3

.JKY TOM [ScMPR RJK Ô`K^KYR \[PKS OY TOMN OZY ]OYSVRVOYPG VR R[bKP [ ZJVXK RO UKR VR

NVUJR3 (R [XPO R[bKP [ ZJVXK RO \K [\XK RO [LLXT RJK Ô`K^KYR SVQQKNKYR PVRM[RVOYP3

GB 9#."-(.,") %.(6&

2JK [MRO^[RVOY PR[UK VP \[PKS OY NKLKRVRVOY3 5MR NKLKRVRVOY VP YOR ZVRJOMR `[NV[RVOY3)MRO^[RVOY ^K[YP [ Ô`K^KYR RJ[R VP ZKXX ]OONSVY[RKS [YS MPKP RJK NVUJR ^MP]XK

LOZKNG ZVRJ RJK PRMSKYR YOR J[`VYU RO RJVYb [\OMR RJK SKR[VXP3 -Y RJVP XK`KX VR VP RJK

O\cK]RV`K RJ[R VP VY QO]MPG YOR JOZ VR VP KWK]MRKS3 (R VP [U[VY V^LONR[YR RO RN[VY RJK ZJOXK

Ô`K^KYR VY ]OYRKWR [YS [XPO RO UV`K RJK PRMSKYR QKKS\[]b3 )MRO^[RVOY RN[VYVYU

\K]O^KP LOVYRXKPP VQ VR VP ^[SK ZVRJOMR [ ]OY]KYRN[RKS KQQONR QNO^ RJK VYPRNM]RON [YS VR VP

RJK VYPRNM]RON_P cO\ RO ÔRV`[RK [YS RMYK RJK PRMSKYR_P [RRKYRVOY RO RJK Ô`K^KYR3 2JVP VP

SOYK \KPR \T ZONSP [YS ]J[XXKYUKP RJ[R SK^[YS QMNRJKN [RRKYRVOY3 $M]J ]J[XXKYUKP ̂ MPR

\K NKXK`[YR QON RJK RN[VYVYU NKPMXR [YS YOR ]J[YUK RJK ]OYSVRVOYP PO ^M]J RJ[R RJK

Ô`K^KYR VP [MRO^[RKS OY RJK ZNOYU UNOMYSP3

HB /&)&$(:,%(.,") %.(6&

2JK UKYKN[XVP[RVOY PR[UK ^K[YP RJ[R TOM ][Y [LLXT TOMN RK]JYVaMKP VY `[NVKS [YS K`KY

MYRKPRKS PVRM[RVOYP3 .JKY RN[VYVYU OY RJVP XK`KX RJK QO]MP VP OY [ScMPRVYU RJK RN[VYVYU

\[PKS OY LKNPOY[X VYYKN ]OYSVRVOYP hQON KW[^LXK ^KYR[X [PLK]RPG PM]J [P RJK PRMSKYR_P

PKXQlV^[UKiG [YS OMRKN ]OYSVRVOYP hQON KW[^LXK KaMVL^KYRi3 (R VP O\`VOMP RJ[R RJK

VYSV`VSM[X ]O[]JVYU VP V^LONR[YR SMNVYU RJVP PR[UK [YS RJK NOXK OQ RJK VYPRNM]RON VP

RJKNKQONK RO KY]OMN[UK ̀ [NVKS RN[VYVYU \[PKS OY YKZ ]VN]M^PR[Y]KP3


16/44

"9

@$ .()/= .(/=+,D%(

2K[]JVYU RK]JYVaMK VP \ORJ ]J[XXKYUVYU [YS NKZ[NSVYUG [YS LNO`VSKP [Y OLLONRMYVRT QON

RJK VYPRNM]RON RO XK[NY QNO^ JVP PRMSKYRP [P ^M]J [P RJK PRMSKYRP XK[NY QNO^ RJKVN

VYPRNM]RON3

2K]JYVaMK KWKN]VPK J[P RZO ]ONYKNPROYKP3 2JK QVNPR VP RO RK[]J RJK PRMSKYRP RJK LMNLOPK

OQ RJK RK]JYVaMK hQON RJK NK[POYP ZK J[`K ]O`KNKS LNK`VOMPXTi3 (Q TOM SOY_R bYOZ ZJT

TOM [NK LKNQON^VYU [ RK]JYVaMK RJKY VR VP J[NS RO SO VR NVUJR3 2JK PK]OYS VP [\OMR

\OST


17/44

":

AB 2:"J .&-;"

2JK QVNPR XK[NYVYU KXK^KYR ]OY]KNYP UOVYU RJNOMUJ RJK RK]JYVaMKP VY [ PXOZ RK^LOG RO UKR

[Y OLLONRMYVRT RO UKR Q[^VXV[N ZVRJ RJK Ô`K^KYR L[RRKNYP3 (Y RJVP LJ[PK VR VP V^LONR[YR

YOR RO ^[bK ROO ^[YT `[NV[RVOYP OQ RJK ONVUVY[X Ô`K^KYRP3 .J[R TOM ][YYOR SO PXOZXTTOM ][YYOR SO [R PLKKS3

EB 2;&&* ,)4$&(%&

2JK YKWR KXK^KYR VP PV^LXT [Y KP][X[RVOY OQ PLKKS3 .K NKLK[R RJK Ô`K^KYRPG \MR [R [

JVUJKN PLKKSG [P POOY [P P[QKRT [YS ]OYRNOX [XXOZP3 &`KNT PRMSKYR ^MPR SK]VSK JV^PKXQ OY

JOZ aMV]b RJVP KP][X[RVOY PJOMXS \K \KQONK VR VP RV^K RO LN[]RV]K [R QMXX PLKKS3 (R VP

PMVR[\XK RO `KNT PXVUJRXT KW]KKS RJK XV^VR OQ ZJ[R OYK VP ]O^QONR[\XK ZVRJ hZJVXK PRVXX

bKKLVYU P[QKRT VY ^VYSi VY ONSKN RO PLKKS ML SK`KXOL^KYR3

FB K($,&* %;&&*

(Y ONSKN RO [ÒVS XK[NYVYU RO \K]O^K PR[RV] [YS RO \MVXS OY Q[XPK LNK^VPKPG VR VP V^LONR[YR

RO `[NT RJK PLKKS OQ RN[VYVYU3 (Q RZO PRMSKYRP LKNQON^ RJK P[^K RK]JYVaMK [R [ UV`KY

Ô^KYRG VR VP LOPPV\XK RJ[R RJKT X[RKN ][YYOR NKLK[R RJK P[^K RK]JYVaMK VY PL[NNVYU ON

ZJVXK ]O^LKRVYUG \K][MPK RJKT RJKY SOY_R bYOZ ZJKY RJK OLLOYKYR ZVXX [RR[]b [YS [R

ZJ[R PLKKSG ON RJK KW[]R LX[]K^KYR OQ RJK [RR[]b3 (R VP YK]KPP[NT RJ[R RJ[R RJK RK]JYVaMK

SOKP YOR QOXXOZ [ ]O^LXKRKXT PKR L[RRKNYG \MR RJ[R RJK ]OMYRKN RK]JYVaMK ̂ MPR [S[LR [YS

\K KWK]MRKS V^^KSV[RKXT [QRKN RJK [RR[]b VP SVP]O`KNKS3

2JKNKQONKG `[NT PLKKS [YS RV^VYU VY RK]JYVaMK RN[VYVYU3

GB 1#:: %;&&*

.VRJ LNORK]RV`K UK[N [YS ]O^ÔY PKYPK VR VP LOPPV\XK RO LN[]RV]K RK]JYVaMKP [R QMXX

PLKKSG [YS VR VP RJKY RJ[R TOM ][Y PKK VQ RJK RK]JYVaMKP [NK NK[XXT LKNQON^KS VY [ Z[T RJ[R

ZONbP3 -QRKY ZK LMR ROUKRJKN PK`KN[X SVQQKNKYR SKQKY]KP [U[VYPR [ PLK]VQV] [RR[]bG VY

ONSKN RO PKK JOZ RO PM]]KKS ZVRJ RJK RK]JYVaMK3

HB !5()6,)6 ;$(4.,4& ;($.)&$%

/VQQKNKYR JKVUJRG KWLKNVKY]K [YS ̂ O`K^KYR L[RRKNYP [ÔYUPR RJK QKXXOZ PRMSKYRP ̂ K[YP

Q[]VYU SVQQKNKYR OLLOYKYRP VP YK`KN KW[]RXT RJK P[^K3 -QRKY TOM SVP]O`KN RJ[R [ RK]JYVaMK

VP YOR ZONbVYU VY RJK KW[]R P[^K Z[T ZJKY TOM ]J[YUK LN[]RV]K L[NRYKNP3 ?[NTVYU

LN[]RV]K L[NRYKNP VP [ Z[T RO ]JK]b RJK aM[XVRT OQ RK]JYVaMK LKNQON^[Y]Ke RJKNKQONK ZK

^[bK OMN PRMSKYRP RN[VY ZVRJ [XX [`[VX[\XK RN[VYVYU L[NRYKNP3


18/44

">

LB K($=,)6 .5& .5&-&

(Y PL[NNVYU TOM aMV]bXT NK[XVPK RJ[R RK]JYVaMKP N[NKXT ]O^K OMR KW[]RXT [P RJKT J[LLKY VY

RK]JYVaMK RN[VYVYU3 5T `[NTVYU [RR[]bP [YS ]OMYRKNP TOM XK[NY RO [S[LR TOMN Ô`K^KYRP

RO RJK PVRM[RVOY [R J[YS3 .JKY SNVXXVYU TOM ][YG QON KW[^LXKG VYVRV[RK ZVRJ PK`KN[XSVQQKNKYR [RR[]bP [YS [QRKN RJ[R LKNQON^ RJK RK]JYVaMK RJ[R TOM [NK RN[VYVYU3 )YORJKN

^KRJOS VP RO J[`K RJK PRMSKYRP RN[VY PK`KN[X RK]JYVaMKP QNO^ RJK P[^K PVRM[RVOYG QON

KW[^LXK [ \VYS3 /KLKYSVYU OY JOZ RJK \VYS O]]MNPG RJK PRMSKYRP RNT RO LKNQON^ RJK

RK]JYVaMK RJ[R \KPR POX`KP RJK LNO\XK^3 (Y RJVP Z[T RJK KWKN]VPK VP `[NVKS VY [ PL[NNVYUl

XVbK Z[T3

MB 2;($$,)6

$L[NNVYU ^MPR \K [S[LRKS RO RJK ^[NRV[X [NR RJ[R TOM RN[VY3 (R VP [ UOOS RJVYU RO JOXS \[]bOY QNKK QMXXl]OYR[]R PL[NNVYU MYRVX RJK PRMSKYR J[P RJK PbVXX RO MYSKNPR[YS ZJ[R VP

J[LLKYVYU [YS ][Y ]OYRNOX QON]K [YS PLKKS VY JVP Ô`K^KYRP3 =OZK`KNG VR VP LOPPV\XK

[YS LOPVRV`K RO VYRNOSM]K XVUJRKN ON PXOZKN PL[NNVYU K[NXVKNG ON PL[NNVYU RJ[R NKPRNV]RP RJK

[`[VX[\XK Ô`K^KYRP F QON KW[^LXKG PL[NNVYU ZVRJ OYXT ]MRP QNO^ [\O`KG ON OYXT RJNMPRPG

RJOMUJ VR VP SKLKYSKYR OY RJK ^[NRV[X [NR RJ[R RJK ]OMNPK RK[]JKP3

NB O,%4#%%,") ()* %5($,)6 &P;&$,&)4&%

5T PJ[NVYU KWLKNVKY]KP ZK [XX XK[NY ÔNKG [YS Q[PRKN3 %NO\XK^P KWLKNVKY]KS \T PO^K ][Y

\K UV`KY [ PV^LXK POXMRVOY \T [PbVYU PO^KOYK KXPK3 -QRKY [Y OMRPVSKN ][Y PKK QNO^ [

SVQQKNKYR LKNPLK]RV`KG PO VR VP [ UOOS VSK[ RO RN[VY VY UNOMLP OQ RJNKKG ZJKNK OYK O\PKN`KP

[YS UV`KP QKKS\[]b ZJVXK RJK ORJKN RZO RN[VY RJK RK]JYVaMK ON PL[N3

QB R)*,?,*#(: .$(,),)6

.K [XX J[`K SVQQKNKYR RJVYUP [R ZJV]J ZK [NK \KRRKN ON ZONPK3 /MNVYU RN[VYVYU VR ][Y \K

[LLNOLNV[RK QON [Y VYPRNM]RON RO ]JOOPK [ PRMSKYR [YS ZONb OY JVP PLK]VQV] YKKSP3 5KTOYS

RJ[RG RJK VYPRNM]RON PJOMXS [XPO UV`K [S`V]K RO [ PRMSKYR [\OMR ZJ[R RO ZONb OY OMRPVSK OQ

]X[PP3 (R ][Y \K [YTRJVYU QNO^ [UVXVRTG PRNKYURJG Ô`K^KYRPG PR[^VY[G KR]3 2JK VYSV`VSM[X]O[]JVYU PJOMXS YOR \K R[bKY XVUJRXTG VR VP OQRKY K[PT QON [Y OMRPVSKN RO PKK PO^KOYK_P

QX[ZPG [YS \T QO]MPVYU OY RJKPK RJK P]OLK OQ RN[VYVYU VP Y[NNOZKSG [YS NKPMXRP ][Y \K

[]JVK`KS ÔNK aMV]bXT3 (Y RJK P[^K Z[T VR ][Y \K [ UOOS VSK[ RO QO]MP OY PRNKYURJP RO UKR

K`KY QMNRJKN [JK[S VY TOMN SK`KXOL^KYR3

ASB 7?(:#(.,")

(R VP OMN OLVYVOY RJ[R K`[XM[RVOY OQ PRMSKYRP VQ `KNT V^LONR[YR3 2JK K`[XM[RVOYP [NK YOR

\KXRP ON UN[SKP XVbK VY ^[YT ORJKN ^[NRV[X [NRP3 (YPRK[S VR VP PV^LXT [ PM^^[NT OQ RJK

PRMSKYRP_ bYOZXKSUK [YS PbVXXG PO RJ[R JK ][Y PKK JVP OZY LNOUNKPP3 &`[XM[RVOY ][Y \K

SOYK VY PK`KN[X Z[TPG \MR QO]MP PJOMXS \K OY RJK SK`KXOL^KYR OQ RJK L[NRV]MX[N PRMSKYR3


19/44

"B

@$ /$##(/. ) .(/=+,D%(

(R ^[T POMYS PRN[YUK RO R[Xb [\OMR ]ONNK]RVYU RK]JYVaMK ZJKY ZK J[`K cMPR P[VS RJ[R TOM

PJOMXS QO]MP OY RJK LMNLOPK OQ RJK RK]JYVaMKG YOR OY KW[]RXT JOZ VR PJOMXS \K

LKNQON^KSG [YS RJ[R RJK LNVY]VLXKP \KJVYS [ RK]JYVaMK [NK RJK ̂ OPR V^LONR[YR RJVYU3 2JKLNO\XK^ VP RJ[R VR VP YOR [XZ[TP RJK ][PK RJ[R [ PRMSKYRG SMK RO X[]b OQ KWLKNVKY]KG

MYSKNPR[YSP RJK ]OYRKWR OQ [ RK]JYVaMK3 .K [NK YOR R[XbVYU [\OMR ^[bVYU RJK PRMSKYR SO

KW[]RXT [P RJK VYPRNM]RON SOKPG \MR JKXLVYU JV^ MYSKNPR[YS RJK ZJOXK OQ RJK RK]JYVaMK

[YS RJK ]OYRKWR OQ ZJV]J VR VP L[NR3

6ON KW[^LXKG VR VP K[PT RO JVR [Y OLLOYKYR ZVRJ [ ]MR VQ RJK OLLOYKYR VP [ \KUVYYKNG \MR RJK

P[^K ]MR ZOMXS YOR ZONb [U[VYPR [Y KWLKNVKY]KS QKY]KN3 2JK PRMSKYR RJKNKQONK ̂ VUJR

RJVYb JK VP POX`VYU RJK LNO\XK^ hJVRRVYU RJK OLLOYKYRiG \MR J[P VY NK[XVRT YOR MYSKNPROOS

RJK LNO\XK^G PVY]K RJK LNO\XK^ VP LNKPKYRKS VY]ONNK]RXT VY RJK QON^ OQ [Y VYKWLKNVKY]KS

OLLOYKYR3

)YORJKN [PLK]R VP LNOLNVO]KLRVOY hRJK [\VXVRT RO SK]VSK RJK LOPVRVOY OQ OYK_P OZY \OSTi3

(R ZONbP XVbK RJK ORJKN PKYPKP hP^KXXG PVUJRG JK[NVYU KR]3i [YS ][Y \K ÔNK ON XKPP

SK`KXOLKS VY SVQQKNKYR VYSV`VSM[XP3 (Q OYK J[P [Y MYSK`KXOLKS PKYPK OQ JVP \OSTG VR VP

OQRKY RJK ][PK RJ[R JK ][YYOR SK]VSK OY JVP OZY ZJ[R VP [Y KQQK]RV`K Ô`K^KYRG ON K`KY

MYSKNPR[YS ZJ[R VR VP JK VP SOVYU3

.JKY ]ONNK]RVYU RK]JYVaMKP ZVRJ PRMSKYRP ZJO [NK SOVYU PO^KRJVYU QON RJK QVNPR RV^KG VR

VP V^LONR[YR RO NK^K^\KN RJ[R RJK LKNPOY ZJO LOPVRVOYP JV^PKXQ VY]ONNK]RXT OQRKY SOKP

YOR J[`K [ Y[RMN[X [LLNO[]J RO hON MYSKNPR[YSVYU OQi ZJ[R VP ]ONNK]R3 2JK PRMSKYR ^VUJR

YOR K`KY PKK RJK SVQQKNKY]K \KRZKKY ZJ[R RJK VYPRNM]RON SOKP [YS ZJ[R JK SOKP JV^PKXQG[YS X[]bP RJK bYOZXKSUK RO SK]VSK ZJ[R VP KQQK]RV`K3

$RKL OYK VP [XZ[TP RO KWLX[VY RJK LMNLOPK OQ RJK RK]JYVaMK [YS ^[bK RJK PRMSKYR

VYRKNY[XVPK ZJT RJK RK]JYVaMK VP LKNQON^KS3 $RKL RZO VP RO JKXL RJK PRMSKYR RO SK`KXOL

JVP ÔRON PbVXXP3 2JVP ][Y \K SOYK \T LJTPV][XXT ^[YVLMX[RVYU RJK PRMSKYR_P [N^PG XKUPG

JVLP KR]3

2JKNK [NK [ YM^\KN OQ RNV]bP RO MPK VY ONSKN RO ]NK[RK [Y MYSKNPR[YSVYU VY RJK PRMSKYR

QON RJK RK]JYVaMKPG [YS RO MYSKNPR[YS TOMNPKXQ ZJT [ RK]JYVaMK VP YOR ZONbVYU QON [

PRMSKYR3

/&$'7(5& 2=& 2&'=,(D8&d 5KUVY ZVRJ SKP]NV\VYU RJK RK]JYVaMK [U[VY3 6ON^MX[RK [YS PJOZ

ZJ[R RJK RK]JYVaMK VP PMLLOPKS RO SOG VRP ]OYRKWR [YS ZJ[R VR XOObP XVbK3

1&'=),(')* ),)*@$($d /KP]NV\K ZJT RJK RK]JYVaMK J[P RO \K SOYK VY [ ]KNR[VY Z[TG ZJT RJK

\OST VP Ô`VYU VY [ L[NRV]MX[N Z[T [YS ZJ[R KQQK]RP RJVP NKPMXRP VY3

-70),(' ),)*@$($d /&$'7(5& NKXK`[YR ̂ MP]MX[N [YS LPT]JOXOUV][X [PLK]RP3 6ON KW[^LXKd

mMYXKPP TOM \KYS TOMN XKUP RJOPK ^MP]XKP ][YYOR UV`K TOM [SSVRVOY[X LOZKNnG ON m( RJVYb

TOM SO RJVP \K][MPK TOM [NK [QN[VS RO VYcMNK TOMN L[NRYKNnG KR]3 5T SKP]NV\VYU

LPT]JOXOUV][X [PLK]RP TOM ̂ [bK RJK PRMSKYR [Z[NK OQ RJK^G [YS RJKT \K]O^K LOPPV\XK RO

LNO]KPP3


20/44

#C

I$&(T *"J) .5& ;$"@:&-%

(Y 0=6$ ZK RN[VY [ UV`KY RK]JYVaMK PK`KN[X RV^KP VY ONSKN RO VYRKNY[XVPK RJK^ LNOLKNXTG

\MR VR VP [XPO V^LONR[YR YOR RO QO]MP OY K^LRT NKLKRVRVOYG \MR [XZ[TP RO PJOZ JOZ RJK

RK]JYVaMK VP MPKS VY ]OYRKWRG JOZ RO Ô`K OY QNO^ RJK RK]JYVaMK [YS JOZ RO V^LNO`VPK\[PKS OY RJK ]VN]M^PR[Y]KP F [YS ^[T\K [\O`K [XXG JOZ RO []RV`[RK TOMN PRMSKYRP_ OZY

RJOMUJRP NKU[NSVYU [XX OQ RJVP3 (R VP ÔNK V^LONR[YR RO \K [\XK RO V^LNO`VPK [YS J[`K [

SVNK]R MYSKNPR[YSVYU OQ ZJ[R VP LOPPV\XKG N[RJKN RJ[Y \KVYU [\XK RO LKNQON^ K`KNT

RK]JYVaMK LKNQK]RXT3 7K^K^\KNG RJK RK]JYVaMKP [NK ̂ [YVQKPR[RVOYP OQ LNVY]VLXKP RJ[R ][Y

ZONb VY ^[YT SVQQKNKYR PVRM[RVOYPG YOR VPOX[RKS ÔRVOYP RJ[R OYXT KWVPR VY [ L[NRV]MX[N

PVRM[RVOY3

$VY]K ZK SO YOR QOXXOZ Ô`K^KYR L[RRKNYP PX[`VPJXTG PO^KRV^KP VR ][Y \K SVQQV]MXR RO PKK

ON KWLX[VY ZJT [ PRMSKYR SOKP YOR PM]]KKS ZVRJ JVP O\cK]RV`K3 2JK RK]JYVaMK VP PV^LXT

YOR ZONbVYU3 (Y ONSKN RO POX`K RJVP ZK J[`K RO \NK[b SOZY RJK LNO\XK^ VYRO P^[XXKN

L[NRP3 =KNK VP [ ]JK]bXVPR RJ[R ][Y QMY]RVOY [P [ UMVSKXVYK QON RJVP3

U5&) ="# &)4"#).&$ ;$"@:&-%

g 5NK[b VR SOZY VYRO P^[XXKN L[NRP3

g )]RV`[RK RJK PRMSKYR_P OZY RJOMUJRP [\OMR ZJT RJVYUP UO ZNOYU3

g 'ONNK]R OYK RJVYU [R RJK RV^KG YOR K`KNTRJVYU [R OY]K3

!5&4T:,%. >"$ ;$"@:&-%

g *OZKN RJK PLKKS3

g )NK RJK ZK[LOYP VY XVYKA

g )NK RJK PRMSKYRP NK[XXT RNTVYU RO JVR K[]J ORJKN h[YS ZVRJ RJK NVUJR [RR[]biA

g =OZ VP RJK JVL LX[]KSA

g =OZ [NK RJK QKKR LX[]KSA

g (P RJK SVPR[Y]K ]ONNK]R QON RJK PVRM[RVOYA

g =OZ [NK J[YSP [YS [N^P LX[]KSA

g )NK RJK ]OYSVRVOYP NVUJR QON RJK RK]JYVaMK RO ZONbA

g )NK RJK PRMSKYRP JKXLVYU K[]J ORJKNG ON OLLOPVYU K[]J ORJKNA

g )NK RJKNK ̂ [cON SVQQKNKY]KP VY RJK PRMSKYRP_ LJTPVOXOUTA

.JKY TOM RJKY ]ONNK]R [ RK]JYVaMK ON [ LOPVRVOY \[PKS OY RJK [Y[XTPVP TOM J[`K ^[SKGSOY_R cMPR \KUVY QNO^ RJK VY]ONNK]R LOPVRVOYG \MR XKR RJK PRMSKYR \KUVY QNO^ RJK PR[NRVYU


21/44

#"

LOPVRVOY3 2JVP Z[T RJK PRMSKYR XK[NYP YOR OYXT RJK QN[]RVOY OQ [ ÔRON PbVXXG \MR RO R[bK

NKPLOYPV\VXVRT QON RJK ZJOXK []RVOY3

&;)1%*&d 2JK PRMSKYR J[P [Y VY]ONNK]R JVL LOPVRVOYG VY]ONNK]R KX\OZ \KYSG VY]ONNK]R [YUXK

OQ RJK PZONSG QKKR VY XVYK [YS ROKP LOVYRKS VYZ[NSP3

"3 'ONNK]R OYK RJVYU [R RJK RV^K3 1O`K RJK JVLPG [N^PG PZONSG XKUP KR]3 \T R[bVYU JOXS OQ

RJK PRMSKYR [YS ^[bK JV^ Ô`K RO RJK NVUJR LOPVRVOY3

#3 )Pb RJK PRMSKYR RO XOOb [R TOM [YS ]O^L[NK3

43 *KR RJK PRMSKYR PR[NR QNO^ P]N[R]J [YS LKNQON^ RJK RK]JYVaMK3

E3 'ONNK]R VY RJK P[^K Z[T [P \KQONK3

I3 0O \[]b RO PR[NRVYU LOPVRVOY [YS RNT [U[VY3 )Pb RJK PRMSKYR RO ]O^^KYR OY JVP ^VPR[bKP

JV^PKXQ3

93 7KLK[R MYRVX RJK PRMSKYR VP LKNQON^VYU RJK Ô`K^KYR ZVRJOMR J[`VYU RO RJVYb [\OMR

RJK SVQQKNKYR L[NRP OQ VR3

-\PKN`K RJ[R SVQQKNKYR LKOLXK YKKS SVQQKNKYR [ÔMYR OQ RV^K RO XK[NY3 ,K`KN NK`K[X RJ[R

TOM [NK QNMPRN[RKSG \MR ̂ [bK PMNK RJ[R RJK PVRM[RVOY VP ]O^QONR[\XK QON RJK PRMSKYR3 2[Xb

KY]OMN[UVYUXT [YS VYPRNM]R [P ]XK[NXT [YS PV^LXT [P LOPPV\XK3 *KR VR R[bK RJK RV^K VR YKKSPG

ZVRJOMR ]O^LNO^VPVYU ZVRJ RJK RN[VYVYU RV^K QON RJK NKPR OQ RJK ]X[PP3 )XPO RNT [YS ^[bK

RJK PRMSKYR [Y[XTPK JVP RK]JYVaMK JV^PKXQ \T QON^MX[RVYU TOMN QKKS\[]b VY aMKPRVOYP

XVbKd m)NK TOMN QKKR VY XVYKAn [YS m=OZ VP TOMN \[X[Y]K [QQK]RKS VQ TOM RMNY TOMN JVLAn

V';+%+0+.%) .; K..(&+%,0+.% ,%& F.0.( )?+22)'OONSVY[RVOY VP OQ ]OMNPK V^LONR[YR ZJKY RN[VYVYU =&1)3 )Y VYPRNM]RON ZJO ][Y [Y[XTPK

]OONSVY[RVOY PbVXXP J[P [ ^M]J \KRRKN ]J[Y]K RO JKXL JVP PRMSKYR3 (R ][Y [XPO \K UOOS RO

bYOZ JOZ ÔRON PbVXXP [NK ]X[PPVQVKSG PO TOM [P [Y VYPRNM]RON ][Y MYSKNPR[YS [YS

]O^^MYV][RK ZJT SVQQKNKYR PRMSKYRP XK[NY VY SVQQKNKYR Z[TP3

2JK PRMSKYR_P ]OONSVY[RVOY PbVXXP ][Y \K KWLNKPPKS VY QOMN SVQQKNKYR PbVXXPG RJ[R [XX [NK

LOPPV\XK RO KYJ[Y]Kd

"3 2=& 1-2-7 *&)7,(,0 )5(*(2@G RJK PRMSKYR_P [\VXVRT RO XK[NY YKZ Ô`K^KYRP [YS ]OYRNOX

RJK^3

#3 2=& 1-2-7 1),-&8?7& )5(*(2@G RJK PRMSKYR_P [\VXVRT RO ^[YOKM`NK [YS ]OYRNOX RJK

Ô`K^KYRP3

43 2=& 1-2-7 )/)%2)2(-, )5(*(2@G RJK PRMSKYR_P [\VXVRT RO [S[LR XK[NY Ô`K^KYRP RO YKZ

PVRM[RVOYP

E3 2=& 1-2-7 )/o8$21&,2 )5(*(2@G RJK PRMSKYR_P [\VXVRT RO RN[YPQKN QNO^ OYK Ô`K^KYR RO

[YORJKN3


22/44

##

LH,((+%> ,) , 0',KD+%> 0..2(R VP KPLK]V[XXT V^LONR[YR RO LOVYR OMR RJ[R PL[NNVYU VP [Y V^LONR[YR L[NR OQ OMN RN[VYVYU3

$VY]K VR VP OMN ÔPR ]O^LKRVRV`K QON^ OQ LN[]RV]KG RJKNK KWVPRP [ UNK[R NVPb RJ[R PRMSKYRP

QVYS RJK^PKX`KP VY [ PVRM[RVOY ZJKNK KUOG ]O^LKRVRV`K VYPRVY]R [YS PRNV`VYU QON PR[RMP

[PPKNR RJK^PKX`KP [R RJK KWLKYPK OQ JM^VXVRTG RK]JYV][X QO]MP [YS ]O^N[SKPJVL3 5MR RJKLMNLOPK OQ PL[NNVYU VP YOR RO UNOZ KUOP ON ]O^LKRKG \MR ROd

"3 2KPR YKZ RK]JYVaMKP MYSKN LNKPPMNK3

#3 *K[NY YKZ RJVYUP3

43 *K[NY RO V^LNO`VPK3

E3 %MR RK]JYVaMKP VYRO ]OYRKWR3

)R RJK P[^K RV^K PL[NNVYU ][Y ][MPK PO^K LNO\XK^PG ON ÔNK ]O^ÔYXTG RJ[R RJK

PRMSKYR \KJ[`KP VY [ Z[T RJ[R SKPRNOTP RJK XK[NYVYU O\cK]RV`K OQ PL[NNVYU3 5KPVSKP RJK

NVPb OQ VYcMNVKPG [ ]O^ÔY LNO\XK^ ZVRJ PL[NNVYU VP \K]O^VYU PO ]O^QONR[\XK RJ[R OYK

SOKP YOR R[bK VR PKNVOMPXTe VY ORJKN ZONSP PL[NNVYU KYSP ML YOR LNKL[NVYU RJK PRMSKYR VY

[YT Z[TG \MR VYPRK[S JK Q[XXP \[]b OY [XNK[ST ]O^QONR[\XK L[RRKNYP3 )P J[P [XNK[ST \KKY

^KYRVOYKSG [YORJKN LNO\XK^ VP RJ[R PO^K PRMSKYRP Z[YR RO ZVY N[RJKN RJ[Y SK`KXOL3

)YORJKN \KJ[`VOMN RJ[R ][Y \K NKVYQON]KS RJNOMUJ PL[NNVYU VP RJ[R RJK PRMSKYRP SO YOR

RNT RO ][NNT O`KN RJK ]OYRKWR OQ RJK RK]JYVaMKP QNO^ RJK ^[YM[XP VYRO PL[NNVYUG \MR Q[XX

VYRO ZJ[R ][Y \K PKKY [P [ ]O^LKRVRV`K \KJ[`VOMN3

E,CC(#(+. C$#1- $C -&)##,+7

(Y ONSKN RO POX`K RJKPK LNO\XK^P ZK MPK SVQQKNKYR RTLKP OQ PL[NNVYU3

1($$(-, $%)77(,0 ][Y POX`K ^[YT OQ RJK LNO\XK^P RJ[R ][Y O]]MN SMNVYU PL[NNVYU [YS LMR

QO]MP OY RJK NVUJR RJVYUP3 (Y LN[]RV]K VR ^K[YP RJ[R RJK PRMSKYRP [NK UV`KY LNO\XK^P RO

POX`K ON NKPRNV]RVOYP OY ZJ[R RJKT [NK [XXOZKS RO SO3 (R ][Y \K RO bKKL [ ]KNR[VY SVPR[Y]KG

RO PM]]KKS VY LKNQON^VYU [ PLK]VQV] RK]JYVaMK ON PV^LXT RO [ÒVS \KVYU JVR3

*-. (,2&,$(2@ $%)77(,03 *K[NYVYU YKZ RJVYUP ][Y \K SVQQV]MXR SMNVYU QMXX ]OYR[]R PL[NNVYU3

2O XOZKN RJK PLKKS [YS QON]K SMNVYU PL[NNVYU VP [ Z[T RO KY[\XK [LLXV][RVOY OQ YKZ

RK]JYVaMKP3 $L[NNVYU [R [NOMYS :Cp PLKKS [YS QON]K VP NK[POY[\XK SMNVYU [ NKX[RV`KXTX[NUK L[NR OQ RJK [XXO][RKS PL[NNVYU RV^K VY RJK ]XM\3 &`KY SMNVYU JVUJ VYRKYPVRT PL[NNVYU

TOM ][Y PRVXX OQ ]OMNPK JOXS \[]b [YS ]OYRNOX JOZ J[NS TOMN PRNVbK X[YSPG K`KY VQ VR VP YOR

YK]KPP[NVXT SOYK K`KNT RV^K3

=(0= (,2&,$(2@ $%)77(,03 (R VP V^LOPPV\XK RO LNKL[NK TOMNPKXQ QON QMXX ]OYR[]R QVUJRVYU

ZVRJOMR RN[VYVYU QMXX ]OYR[]R3 (R PJOMXS \K O\`VOMP RJ[R TOM QNO^ RV^K RO RV^K J[`K RO UO

"CCp VY TOMN PL[NNVYU VY ONSKN RO SK`KXOL VYPVUJR OQ ZJ[R RJ[R ^K[YP [YS RO ]NK[RK [

YKZ MYSKNPR[YSVYU QON RJ[R RTLK OQ PVRM[RVOY3 )R RJK P[^K RV^K TOM J[`K RO \K[N VY ^VYS

RJ[R VR VP OYXT RN[VYVYU [YS TOM YKKS RO ^[VYR[VY NKPLK]R QON TOMN RN[VYVYU L[NRYKNP3 )P [Y

VYPRNM]RON TOM ZVXX OQRKY J[`K RO XOZKN TOMN OZY VYRKYPVRT ZJVXK TOMN PRMSKYR ]O^KP [RTOM PZVYUVYU QON bVYU [YS ]OMYRNT3


23/44

#4

'-)'=&/ $%)77(,03 2O J[`K [ RJVNS LKNPOY RO UV`K VYPRNM]RVOYP VP VSK[XG KPLK]V[XXT VQ VR VP [Y

VYPRNM]RONG \MR [XPO NKUMX[N PRMSKYRP U[VY QNO^ O\PKN`VYU PL[NNVYU [YS [Y[XTPVYU QKY]VYU3

2[bVYU RMNYP RO PL[N [YS UV`K QKKS\[]b VP [ UOOS Z[T RO NK]KV`K O\cK]RV`K ]NVRV]VP^ [YS

XK[NY RO [Y[XTPK QVUJRVYU

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VY PJ[NL PVRM[RVOYP JVPRONV][XXT3

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24/44

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25/44

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[LLNOLNV[RK3

(R VP YOR [XZ[TP V^LONR[YR KW[]RXT ZJ[R RJK PRMSKYR VP PMLLOPKS RO SO3 2JK VSK[ VP RO

KY]OMN[UK JV^ RO SO PO^KRJVYU YKZ VY [ PLK]VQV] PVRM[RVOY3 (R VP V^LONR[YR RJ[R RJK

PRMSKYR J[P ]OYQVSKY]K VY TOM [YS VP ZVXXVYU RO [\[YSOY RJK NKPLOYPV\VXVRT RO SK]VSK

ZJKY VR VP \KPR RO SO ZJ[R3 2JK \KYKQVR OQ RJK SNVXX VP UNK[RG PVY]K PO ^[YT OLLONRMYVRVKP

[NK XOPR ZJKY [ PRMSKYR JKPVR[RKP3 ,OZ JK NK]KV`KP ]OYQVN^[RVOY RJ[R VR VP RV^K RO []R [YS

[P [ NKPMXR VR \K]O^KP K[PVKN RO PRKL O`KN RJK ^KYR[X JMNSXK3


26/44

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[MRJONVRTi ON PRV]b RO [Y OMRlS[RKS `KNPVOY OQ RJK [NR3 5ORJ OQ RJKPK P]KY[NVOP [NK

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VR VP ^[Y[UK[\XKG QON KW[^LXK [ ÔYRJ3


27/44

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28/44


29/44

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"3 2=& )82=-7(2)7(),G ZJO SK]VSKP K`KNTRJVYUG ZJO YKKSP RO KYQON]K JVP ZVXX [YS ][YYOR

PR[YS ]NVRV]VP^3

#3 2=& /&1-'7)2G ZJO [XXOZP RJK ^[cONVRT VY RJK UNOML RO ^[bK RJK SK]VPVOY3

43 2=& *&,(&,2 (,$278'2-7G ZJO [XXOZP K`KNT PRMSKYR RO SO JVP OZY RJVYU3

E3 2=& m$(28)2(-,)**@ ).)7&n (,$278'2-7G ZJO XKRP RJK PVRM[RVOY SKRKN^VYK ZJKRJKN RJK

LN[]RVRVOYKNG VYPRNM]RON ON ]XM\ ZVXX ^[bK RJK SK]VPVOY3

(Y 0=6$ ZK Z[YR OMN VYPRNM]RONP RO \K PVRM[RVOY[XXT [Z[NK3 2JVP ^K[YP RJK VYPRNM]RON

MYSKNPR[YSP [YT PVRM[RVOY [YS ][Y SK^[YS RJVYUP OQ JVP PRMSKYRP ZJKY YKKSKSG \MR ][Y

[XPO [S[LR3 2JKNK VP XVRRXK PL[]K QON ZOMYSKS LNVSK VY RJK VYPRNM]RONP OQ 0=6$3 .JO TOM

[NK [P [ LKNPOY Y[RMN[XXT SK]VSKP ZJ[R bVYS OQ VYPRNM]RON TOM [NKG \MR TOM ][Y [XPO PRNV`K

RO \K]O^K [ \KRRKN VYPRNM]RON3 2JKYG [P [XZ[TPG VR VP V^LONR[YR RJ[R TOM [NK JM^\XK [YS[]]KLR TOMN QX[ZPG [YS ][Y \K OLKY [\OMR RJK^ ZJKY YKKSKS3 7K^K^\KN RJ[R RJKNK [NK

ORJKN VYPRNM]RONP [YS ]O[]JKP RO UKR PMLLONR QNO^ [YS ZJO ][Y UV`K TOM [S`V]K [YS

^[T\K [XPO YKZ LKNPLK]RV`KP3

:D" !'K.F' ,% +%)0(JK0.(U)Pb TOMNPKXQ RJVP aMKPRVOYG ZJT TOM [NK [Y VYPRNM]RON3 7KU[NSXKPP OQ NK[POY VR VP

V^LONR[YR RJ[R TOM bYOZ TOMN ^ORV`[RVOY3 (P VR \K][MPK TOM Z[YR PR[RMPG RO \OPP LKOLXK[NOMYSG RO RN[VY PO^KRJVYU TOM ZOMXS YOR RN[VY ORJKNZVPKG ON VP VR \K][MPK TOM RJVYb RJ[R


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E#

TOM ZOMXS \K [ UOOS VYPRNM]RON QON PO^K PLK]VQV] NK[POYA -N VP VR [ ]O^\VY[RVOY OQ

SVQQKNKYR NK[POYPA 7KU[NSXKPP OQ TOMN [YPZKN VR VP \KRRKN RO \K [Z[NK OQ TOMN ÔRV`[RVOYP

RJ[Y RO RNT RO JVSK RJK^ QNO^ TOMNPKXQ3 )YS ^[T\K TOM ZVXX QVYS YKZ ÔRV`[RVOYP [P TOM

UO3

/#,*,)6 J"$*% >"$ ,)%.$#4."$% ,) /012Y

• )]]KLR `[NTVYU PbVXX XK`KXP VY K[]J VYSV`VSM[XG K`KNTOYK RN[VYP []]ONSVYU RO RJKVN

[\VXVRVKP3

• 'J[XXKYUK RJK PRMSKYRP RO SK`KXOL3

• 0V`K ]XK[N [YPZKNP [YS SVNK]RVOYP3

• 5K Q[VN3

•

/O YOR LV]b Q[ÒMNVRKP3

• 5K [ PMLLONRVYU LVXX[NG YOR [Y [S`KNP[NT3

• 0V`K ]OYPRNM]RV`K ]NVRV]VP^ [YS UMVS[Y]K3 /O YOR V^LOPK TOMNPKXQ [R RJK KWLKYPK

OQ ORJKNP3

• *KR TOMN bYOZXKSUK PLK[b QON TOMG YOR TOMN KUO3

• 5K LOPVRV`K VY TOMN KY]OMN[UK^KYR3

•

$RV]b RO OMN NMXKP [YS \K ]OYPVPRKYR3

1D' (.2') .; 0D' +%)0(JK0.() ('2,0+G' 0. ',KD .0D'(-Q ]OMNPKG RJK NKX[RVOYP \KRZKKY RJK VYPRNM]RONP [NK [XPO ̀ KNT V^LONR[YR3 (Q ZK ]OOLKN[RK

[YS PMLLONR K[]J ORJKNG RJK RK[]JVYU ZVXX \K PRNKYURJKYKSG [P ZKXX [P RJK ]XM\e \MR VQ ZK

OLLOPK K[]J ORJKNG ZK UKR RJK OLLOPVRK KQQK]R3

)P VYPRNM]RONP VR VP V^LONR[YR RJ[R ZK KYcOT RJK NKPLK]R OQ RJK PRMSKYRP3 ,OR [Y KNNOYKOMP

ON [UUN[YSVPKS NKPLK]RG \MR [ NKPLK]R RJ[R [XXOZP TOM RO XK[S RJK RN[VYVYU3 2J[R bVYS OQNKPLK]R VP OQRKY U[VYKS \T \MVXSVYU ML ^MRM[X RNMPR ZVRJ RJK PRMSKYRP PO RJ[R RJKT ][Y \K

PMNK RJ[R RJKT [NK P[QK VY TOMN J[YSP3

2JKNKQONK VR VP V^LONR[YR RJ[R ORJKN VYPRNM]RONP SO YOR MYSKN^VYK RJ[R LOPVRVOY3 (Q [Y

VYPRNM]RON JOXSP [ ]X[PPG YO ORJKN VYPRNM]RON J[P RJK NVUJR RO VYRKNNMLR ON VYRKNQKNKG MYXKPP

VR VP QON P[QKRT NK[POYP3 &`KY VQ TOM [NK VYPRNM]RONP QON RJK P[^K UNOML TOM PJOMXS YOR

]ONNK]R ON ]OYRN[SV]R TOMN QKXXOZ VYPRNM]RONP VY QNOYR OQ RJK UNOML ON VYRKNQKNK ZVRJ

RN[VYVYU3

(Q TOM PLOR QX[ZP VY [YORJKN VYPRNM]RON_P RK[]JVYUG R[bK VR ML ZVRJ JV^ VY LNV`[RKG ON ZVRJ

RJK =K[S (YPRNM]RON3


43/44

E4

1. +%0'(H('0 0D' ).J(K')

.K [NK [XX L[VYQMXXT [Z[NK RJ[R ZK VYRKNLNKR QNO^ POMN]KP [YS RJ[R VY ^OPR ][PKP ZK SOYOR J[`K [Y MY\NObKY XVYK[UK RO XK[Y OY QON PMLLONR3 2JVP VP ZJ[R ^[bKP PRMSTVYU [YS

VYRKNLNKRVYU RJK ONVUVY[X POMN]KP [ ]ONK L[NR OQ K`KNT =&1)lLN[]RVRVOYKN_P RN[VYVYU3 )P [Y

VYPRNM]RONG TOM [NK OQRKY Q[]KS ZVRJ RJK LNO\XK^ RJ[R ̂ [YMP]NVLR PRMSVKP J[`K RO R[bK

LX[]K OMRPVSK OQ NKUMX[N RN[VYVYU RV^K3 @OM [NK QON]KS RO PV^LXT KY]OMN[UK PKXQlPRMSVKP3

5MR VQ TOM VYRKUN[RK NKQKNKY]KP [YS L[PP[UKP QNO^ RJK POMN]KP VY K`KNTS[T LN[]RV]KG TOM

[XPO UV`K RJK PRMSKYRP PV^LXK KYRNTZ[TP RO RJK ^[YMP]NVLRP3 .JKY RJKT UO OY RO NK[S RJK

POMN]KPG RJKT ZVXX QVYS RJK^ K[PVKN RO MYSKNPR[YS3

@OM ]OMXS [NUMK RJ[R YOR K`KNTOYK YKKSP RO PRMST RJK POMN]KPG [YS RJ[R VP RNMKG VR VP [QRKN

[XX KYOMUJ RJ[R RJK VYPRNM]RON RK[]JKP RJK RK]JYVaMKP QNO^ RJK^3 )R RJK P[^K RV^KG RJK

[\VXVRT RO VYRKNLNKR RJK OXS RKWRP [YS LMR VR VYRO LN[]RV]K PJOZP RJ[R RJK PRMSKYR J[P

U[VYKS VYPVUJRP [\OMR JOZ QKY]VYU ZONbP3 =K ][Y mRJVYb QKY]VYUn3

)PVSK QNO^ RJ[RG PRMSKYRP ][Y \K KY]OMN[UKS RO PRMST ^[YMP]NVLRP [P [ L[NR OQ RJKVN

VSKYRVQV][RVOY [P JVPRONV][X QKY]KNP3 2JK ^[YMP]NVLRP [YS RJKVN LN[]RV][X

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