Manual del Participante

Comunicación y
Negociación Efectiva

Rosario Espinoza M.
(Autora)

Centro de Colaboración Cívica A.C.

Miembros de Partners for Democratic Change International
 Manual del Participante

Comunicación y
Negociación Efectiva

Rosario Espinoza M.
(Autora)

Centro de Colaboración Cívica A.C.

Miembros de Partners for Democratic Change International
 Manual del Participante
Comunicación y Negociación Efectiva

Centro de Colaboración Cívica A.C.

Miembros de Partners for Democratic Change International

1
!
!
!
!
!
!
!
!
!
"#$%#&!'(&!)#*+,-,.#$+(!
/01%$,-#-,2$!3!4(50-,#-,2$!67(-+,8#!
!
!
)*,1(*#!(',-,2$9!#50:+0!;<==!
!
>%+0*#9!?0:#*,0!6:.,$0:#!"#*+@$(A!!
!
BC!?C!;<==!!
!
!
!
D%$'#-,2$!D*,('*,-E!6F(*+!($!"GH,-0!
I#%+(.(-!40C!JJK!/0&C!/0$'(:#!
<L=M<!"GH,-0K!BC!DC!
NNNC7(:1(HC0*5!
!
!
/($+*0!'(!/0&#F0*#-,2$!/@8,-#!
/O',A!40*+(!40C!;JK!/0&C!6H+*(1#'%*#!P$:%*5($+(:!
<QRM<!"GH,-0K!BCDC!
NNNC-0&#F0*#-,0$-,8,-#C0*5!
!
!
PST49!URVWL<RWRVQQW;=WJ!
!
P1.*(:0!($!"GH,-0!!
!
!
X#:!0.,$,0$(:!8(*+,'#:!($!(&!'0-%1($+0!Y%(!:(!.*(:($+#K!#:@!-010!&0:!#$O&,:,:!3!&#:!
,$+(*.*(+#-,0$(:!Y%(!:(!E#-($K!:0$!'(!(H-&%:,8#!*(:.0$:#F,&,'#'!'(!:%:!#%+0*(:!3!.%('($!$0!
-0,$-,',*!-0$!&#:!0.,$,0$(:!3!.%$+0:!'(!8,:+#!'(!&#!D%$'#-,2$!D*,('*,-E!6F(*+C!S(!.(*1,+(!&#!
*(.*0'%--,2$!.#*-,#&!'(!(:+(!'0-%1($+0!#!-0$',-,2$!'(!Y%(!:(#!1($-,0$#'#!&#!7%($+(!3!:%:!
#%+0*(:C!

2
!
<$',-(!!

/01%$,-#-,2$!(7(-+,8#!!
=C 6&!-0$7&,-+0!CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC M!

;C 4,8(&(:!($!&#!+01#!'(!'(-,:,0$(:!3 0!($!&#!:0&%-,2$!'(!.*0F&(1#:!CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC L!

QC /01%$,-#-,2$!(7(-+,8#!! CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC R!

# X#!(:-%-E#!#-+,8#! CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC V!

F X#!(H.*(:,2$!#:(*+,8#! CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC ==!!

MC X#:!(10-,0$(:!3!(&!*(-0$0-,1,($+0!'(!&#:!$(-(:,'#'(:!7%$'#1($+#&(: CCCCCCCCCCCCCCCCCCCCCCC =Q!

4(50-,#-,2$!-0&#=0*#+,8#!!
=C 4(50-,#*!0!*(5#+(#* CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC =J!

;C 6&!$(50-,#'0*!(7,-#A CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC =L!

QC 6&!.*0-(:0!'(!$(50-,#-,2$CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC =R!

!
!

!
!

3
! !
!"#$%&'('&)%*+,+'-&.(**
/0**12*'"%,2&'-"*

-+,8,'#'! (* 0$#& !!!!!! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

!"#$%&'(%)*+*,-*.%*.#/0*.%*%+*%)*+*,-*%/#$1+0/2#3%!4'(%56#/0#$5.%75$5-*%5$%203%

!
!

!
!
!

!"#$%&'()*'+,$-+.)/)0)1/+,$-+$'1$23+$+,$3/$01/.')0(14$5"$.16%"$23+$-+.)/)%1,$+'$01/.')0(1$01/-)0)1/"$
+/$ 76"/$ %+-)-"$ '"$ .16%"$ +/$ 23+$ '1$ "816-"6+%1,4$ 9)$ "'$ 01/.')0(1$ ,+$ '1$ 01/0)8+$ 01%1$ 3/"$
01%*+(+/0)"$ -1/-+$ ,1'1$ *3+-+$ *6+:"'+0+6$ 3/1;$ '",$ +,(6"(+7)",$ -+$ '",$ *"6(+,$ $ (+/-+6</$ "$
.16("'+0+6,+$ -+8)')("/-1$ "'$ 1(614$ ="6"$ $ *1-+6$ (6"/,.16%"6$ +'$ 01/.')0(1$ +,$ /+0+,"6)1$ 0"%8)"6$ '"$
%)6"-"$23+$(+/+%1,$,186+$>'4$
8+%/#$1+0/2#%5.%'$*%9/#$:0/0;$%<'6*$*=>%5$%5.25%.5$20:#%.5%:0/5%&'5%5.%90$5?02*,+5=@$?,(<$*6+,+/(+$
+/$ /3+,(6"$ :)-"$ *+6,1/"';$ ."%)')"6$ #$ ,10)"'$ #$ +/$ '",$ 6+'"0)1/+,$ +/(6+$ 01%3/)-"-+,;$ *3+8'1,$ #$
+,("-1,4$ @A16"$ 8)+/;$ +'$ 01/.')0(1$ +/$ ,B$ %),%1;$ /1$ +,$ "'71$ *1,)():1$ /)$ /+7"():1;$ +,$ 3/$ .+/C%+/1$
/"(36"'4$ D<,$ 8)+/;$ +,$ "'71$ *1(+/0)"'%+/(+$ *1,)():1;$ -),*"6"-16$ -+$ 0"%8)1,$ #$ -+$ *1,)8)')-"-+,$ -+$
06+0)%)+/(1$#$"*6+/-)E"F+4$?'$01/.')0(1$+,$01%1$+'$"73"G$-+%",)"-"$"73"$0"3,"$-"H1$"$'"$:)-"$#$'",$
01,",;$-+%",)"-"$*10"$-"$'37"6$"$3/$*"),"F+$,+01;$-+,>6()01$#$,)/$:)-"$/)$01'164$I+0+,)("%1,$"73"$
*"6"$,186+:):)6;$("%8)>/$/+0+,)("%1,$'1,$01/.')0(1,$*"6"$(6"/,.16%"6$"23+''",$,)(3"0)1/+,$23+$/1$
+,(</$ .3/0)1/"/-1$ #"G$ '+#+,;$ /16%",;$ %1-1$ ,$ -+$ )/(+6"00)C/;$ +/(6+$ 1(6",4$ 5"$ %"/+6"$ +/$ 23+$
%"/+F"%1,$ /3+,(61,$ 6+036,1,$ AB-6)01,$ "$ (6":>,$ -+$ 0"/"'+,;$ *+6%)(+$ 23+$ '176+%1,$ +'$ +23)')86)1$
/+0+,"6)14$51$%),%1$10366+$01/$'1,$%+0"/),%1,$*"6"$+'$$%"/+F1$-+$01/.')0(1,G$A"#$23+$83,0"6$+'$
+23)')86)1$+/(6+$.3+6E",$1*3+,(",$+$)/(+6+,+,$+/01/(6"-1,4$
5",$,)(3"0)1/+,$23+$,367+/$"'6+-+-16$-+$3/$01/.')0(1;$/1$,1/%+'$01/.')0(1$+/$,B;$,)/1$'",$6+,*3+,(",$#$
"0()(3-+,$23+$(+/+%1,$"/(+$>'4$?,$*16$+,1$23+$/#6)-5$:5-%+*%$*2'-*+5A*%:5+%/#$1+0/2#$+,$+'$*6)%+6$
*",1$ A"0)"$ 3/"$ 6+,1'30)C/$ *1,)():"4$ ="6"$ 01%*6+/-+6'1;$ +,$ /+0+,"6)1$ ,"8+6$ 23+$ +'$ 01/.')0(1$ +,$ 3/$
*610+,1$,10)"';$01J01/,(63)-1$*16$'",$*"6(+,$23+$+,(</$)/:1'306"-",$$+/$>'$#$23+$'",$"0()(3-+,$.6+/(+$
"'$ 01/.')0(1$ ,367+/$ -+$ /3+,(6",$ 06++/0)",;$ ,3*3+,(1,$ #$ +K*+6)+/0)",$ -+$ :)-"4$ ?'$ 01/.')0(1$ /1$ ,+$
01/,(63#+$*16$L'1$23+$,30+-+M$,)/1$*16$+'$,)7/).)0"-1$23+$'1,$,+6+,$A3%"/1,$"(6)83)%1,$"$L'1$23+$
,30+-+M4$ N$ +,(1,$ ,)7/).)0"-1,$ +,(</$ 8","-1,$ +/$ /3+,(6"$ 03'(36";$ #$ +/$ '"$ 8",+$ -+$ +K*+6)+/0)"$ #$
01/10)%)+/(1$23+$(+/+%1,$"03%3'"-14$$

4
! !
 1%*6+/-+6$ 23+$ +'$ 01/.')0(1$ ()+/+$ 3/"$ *"6(+$ *1(+/0)"'$ -+$ "*6+/-)E"F+;$ (6"/,.16%"0)C/$ #$
1*16(3/)-"-$ *+6%)(+$ "86)6$ '"$ *1,)8)')-"-$ "$ '"$ 8&,23+-"$ -+$ ,1'30)1/+,$ 06+"():",;$ 01/,+/,"-",;$ #$
7+/+6"-16",$-+$"03+6-1,$+,("8'+,;$-36"-+61,$#$01/.)"8'+,4$$
?(:%1($!'(!&#:!-#*#-+(*@:+,-#:!'(&!-0$7&,-+09!! !
o 40*1#&9! (:! .#*+(! '(! &#! ',$O1,-#! '(! &#:! *(&#-,0$(:! E%1#$#:C! I! +,($(! '(! E(-E0! %$#!
7%$-,2$!:0-,#&!'(!*(5%&#'0*!:0-,#&C!!
o $(8,+#=&(9! -%#&Y%,(*! *(&#-,2$! .%('(! 5($(*#*! %$! -0$7&,-+0K! #:@! Y%(! ($-0$+*#*(10:!
1%-E0:!#!&0!&#*50!'(!&#!8,'#C!!!
o %('(!5($(*#*! *','# ! !8,0&($-,#9!(:+#!(:!&#!.#*+(!'(&!.(&,5*0 !:,$!(1F#*50K!(8,+#!(&!
(:+#$-#1,($+0!'(!-%#&Y%,(*!*(&#-,2$!:0-,#&C!!
o ?(.*(:($+#! %$#! 0 0*+%$,'#'! '(! -#1=,09! (:+#! (:! &#! -0$80-#+0*,#! #&! ,$+(*G:! 3! #! &#!
-*(#+,8,'#' !(:!&#!*#@A!'(&!-#1F,0!.(*:0$#&!3!:0-,#&C!!
o ! % -( +,=&(! '(! +*#$ 70*1#-,2$9! 6:+#! (:! &#! 1( 0*! $0+,-,# ! 6:! 5($(*#'0*! '(!
*(&#-,0$(:!E%1#$#:!1O:!'%*#'(*#:!3!(:!%$#!7%($+(!'(!#.*($',A# (!'(!$%(80:!-#1,$0:!
.#*#!*(:0&8(*!.*0F&(1#:C!

!
6&!-0$7&,-+0!(:!&%A!3!:01F*# !.(&,5*0!3!0.0*+%$,'#' !(:+#F,&,'#'!3!-#1F,0 !70*+#&(A#!3!'(F,&,'#'K!(&!
,1.%&:0!.#*#!#8#$A#*!3!(&!0F:+O-%&0!Y%(!:(!0.0$(C! 0'0:!&0:!-0$7&,-+0:!-0$+,($($!&#!:(1,&&#!'(!&#!
!
-*(#-,2$!3!'(!&#!'(:+*%--,2$ !
!
S%$! A%C!6&!#*+(!'(!&#!5%(**#C!MV<W;==!>C/!
!

B(7,$,-,2$!.*0.%(:+#!'(!-0$7&,-+09!

L9+$-)0+$23+$A"#$3/$01/.')0(1$03"/-1$-1,$1$%<,$*"6(+,$
)/(+6-+*+/-)+/(+,$*+60)8+/$23+$,3,$18F+():1,$,1/$)/01%*"()8'+,M$
@/<'),),$-+$'"$-+.)/)0)C/G$$
$
� #.%#%6 .%)*-25.;$+,(1$+,$)/(+6*+6,1/"'+,;$)/(6"$763*"'$+$)/(+6$763*"'4$
� $25-:5)5$:05$25.G$ -+8+$ A"8+6$ 3/$ /):+'$ %B/)%1$ )/(+6-+*+/-+/0)"$ +/$ '",$ *"6(+,$ +/$
01/.')0(1;$-+$1(6"$.16%"$/1$A"86B"$01/.')0(14$$
� =+60)8+/$,3,$#, 520?#.%0$/#6)*20,+5.G$*3+-+$23+$,+"$:+6-"-$23+$,3,$18F+():1,$/1$,1/$'1,$
%),%1,;$*+61$*3+-+$,+6$23+$/1$,+"$/+0+,"6)"%+/(+$",B4$?/$3/$01/.')0(1$*16$6+036,1,;$*3+-+$
,+6$ 23+$ >,(1,$ ,+"/$ +/$ :+6-"-$ +,0",1,$ #$ +'$ -),.63(+$ -+$ +''1,$ *16$ '",$ *"6(+,$ ,+"/$
)/01%*"()8'+, $$,)/$+%8"671$*3+-+$23+$/1$'1$,+"/$*+61$%)+/(6",$'",$*"6(+,$",B$'1$*+60)8"/$
+/(1/0+,$A"86<$3/$01/.')0(14$

5
! !
 0** &.+2+ *+%*2(*-"#(* +* +'& &"%+ * *"*+%*2(* "2$'&)%* +* " 2+#( *
?/$ 03"'23)+6$ (1%"$ -+$ -+0),)1/+,$ 1$ -+$ ,1'30)C/$ -+$ *618'+%",$ +K),(+/$ -1,$ /):+'+,$ 23+$ +,$ *6+0),1$
-),()/73)6$,)$-+,+"%1,$"(+/-+6$'",$/+0+,)-"-+,$+$)/(+6+,+,$-+$'",$*"6(+,$)/:1'306"-",4$?,(1,$/):+'+,$
,1/$+*%)5-.#$*% %5+%)-#,+56*$#$+,$/+0+,"6)1$,"8+6$-),()/73)6'1,$*"6"$"(+/-+6'1,$"-+03"-"%+/(+4$$
3</(",$:+0+,$/1$06++%1,$23+$'"$*+6,1/"$+,$+'$*618'+%"$#$+/(1/0+,$L-+%1/)E"%1,M$"$+,"$*+6,1/"$#$
#"$/1$23+6+%1,$(6"("6$01/$+''"$*1623+$-+0)%1,$23+$L+'$*618'+%"$+,$ 3'"/)(1$1$ 3("/)("M$#$01/$+''1,$
/1$,+$*3+-+$(6"("6$/)$,1'30)1/"6$/"-"4$=+61$ I1,$A+%1,$-"-1$'"$1*16(3/)-"-$-+$)/-"7"6$23>$+,$'1$
23+$ +,",$ *+6,1/",$ 6+"'%+/(+$ /+0+,)("/ $ !+%1,$ )/(+/("-1$ -+,0386)6$ 23>$ +,$ '1$ 23+$ '",$ ()+/+$ ("/$
%1'+,(",$#$.36)1,", $$
9)$/1,$23+-"%1,$,C'1$+/$+'$/):+'$-+$'"$*+6,1/"$,+7361$23+$/1$"(+/-+6+%1,$-+$%"/+6"$,3.)0)+/(+$+'$
*618'+%"$ #$ ,+73)6+%1,$ -"/-1$ :3+'(",$ ,186+$ '1$ %),%1$ ,)/$ *1-+6$ )/-"7"6$ #$ "(+/-+6$ '",$ 0"3,",$ #$
83,0"6$"'(+6/"():",$-+$,1'30)C/4$ 1%1$3/$*6)/0)*)1$8<,)01$-+$'"$(1%"$-+$-+0),)C/$1$-+$,1'30)C/$-+$
*618'+%",$(+/+%1,$+'$$,)73)+/(+G$$
!
S(.#*(!&#:!.(*:0$#:!'(&!.*0F&(1#!!
!

93%"/-1$ "$ +,1$ '"$ "0()(3-$ .6+/(+$ "$ +,(1,$ -1,$ ",*+0(1,$ ,+$ *61*1/+$ 01%*'+("6$ +'$ *6)/0)*)1$ -+$ '"$
,)73)+/(+$.16%"G$$
!
S(#!:%#8(!-0$!&#:!.(*:0$#:!3!'%*0!-0$!(&!.*0F&(1#!
!

3>$,)7/).)0"$+,1 $9+6$,3":+;$+,$(6"("6$-+$+/(+/-+6$23+$+'$",3/(1$/1$+,$/"-"$*+6,1/"';$,)/1$23+$
%<,$ "''<$ -+$ '1,$ ,+/()%)+/(1,$ -+$ )/01/.16%)-"-$ 1$ -+$ +/1F1$ A"#$ 6+23+6)%)+/(1,$ *+6,1/"'+,$ /1$
,"(),.+0A1,4$ 9+6$ -361$ 01/$ +'$ *618'+%"$ +,$ "816-"6$ 01/$ *6+0),)C/$ '"$ )-+/().)0"0)C/$ -+$ /+0+,)-"-+,$ +$
)/(+6+,+,$#$83,0"6$'"$E1/"$-+$*1,)8'+$"03+6-1$#$-+$7+/+6"0)C/$-+$1*0)1/+,4$$

'*?5%/#$%+*.%)5-.#$*. %
,"$'"$016(+,B";$/1$'"$A)*106+,B"J$
+,*+("$,3$*61*)1$*3/(1$-+$:),(";$(1-1,$(+/+%1,$+'$*61*)14$
+03+6-"$23+$"$(1-1,$/1,$73,("$+'$83+/$(6"(14$
+03+6-"$+'$6+.6</G$L'1$016(>,$/1$23)("$'1$:"')+/(+M$#$"76+7"%1,$/1,1(61,G$L#$(+$A"0+$
+.)0)+/(+M$
'-#%/#$%5+%)-#,+56* %
/-"7"$'1$%<,$*1,)8'+$+/$+'$16)7+/$-+'$*618'+%"4$
3,0"$'",$/+0+,)-"-+,$)/,"(),.+0A",$+/$+,+$*618'+%"4$
3,0"$1*0)1/+,$06+"():",$*"6"$6+,1':+6'14$
=6+*<6"(+$*"6"$".61/("6'1$01/$()+%*14$

I1,1(61,$ :+%1,$ '1$ 23+$ +,("%1,$ *6+*"6"-1,$ *"6"$ :+6$ -+$ '"$ 6+"')-"-4$ =16$ /3+,(6",$ *61*)",$
0"6"0(+6B,()0",$/+361.),)1'C7)0",$/1$*1-+%1,$*+60)8)6$(1-"$'"$6+"')-"-$/)$'"$:+%1,$("'$03"'$+''"$+,4$

6
! !
9)/$+%8"671$A+%1,$06+0)-1$06+#+/-1$+,1;$23+$:+%1,$'"$6+"')-"-$("'$03"'$+,$#$23+$,C'1$23)+/+,$:+/$
'"$ 6+"')-"-$ 01%1$ /1,1(61,$ ,1/$ -)7/1,$ -+$ /3+,(6"$ 01/.)"/E"$ #$ 06>-)(1 $ 23)+/+,$ /1$ '"$ :+/$ 01%1$
/1,1(61,$'1,$01/,)-+6"%1,$(1/(1,;$$%"'$)/.16%"-1,$1;$'1$*+16;$%"'$)/(+/0)1/"-1,4$$
� +6$+'$:)-+1$0')*$-+$'"$*+60+*0)C/4$$ $

5*+0.6#%0$75$'# %%

� N1$*+60)81$'"$6+"')-"-$+/$.16%"$18F+():"4$$

� 5",$*+6,1/",$6"E1/"8'+,$:+/$+'$%3/-1$01%1$'1$:+1$#14$$

� 5",$*+6,1/",$23+$/1$:+/$+'$%3/-1$01%1$'1$:+1$#1$,1/$(1/(",;$
%"'$)/.16%"-",$1$%"'$)/(+/0)1/"-",$
$ $

?,(1$+,$)%*16("/(+$*1623+$%30A1,$01/.')0(1,$()+/+/$,3$16)7+/$+/$'"$-).+6+/0)"$-+$*+60+*0)C/$-+$3/"$
6+"')-"-;$01%1$,30+-)C$01/$'"$%3F+6$01/$*"6"73",$+/$+'$:)-+14$ 1%1$/1$"'0"/E"%1,$"$*+60)8)6$(1-"$
'"$6+"')-"-;$1(61,$*+60)8)6</$",*+0(1,$23+$,+7361$/1,1(61,$/1$A+%1,$:),(1;$01%1$".)6%"$+'$6+.6</G$
-1,$0"8+E",$*)+/,"/$%<,$23+$3/" *+60)8+/$#$*)+/,"/4$ +$("'$%1-1$23+$*+6%"/+0+6$+/$+'$6+"'),%1$
)/7+/31$ /1,$ *6):"$ -+$ 1(6",$ *+6,*+0():",$ 23+$ +/6)23+0+/$ '"$ /3+,(6"4$ =16$ +,1$ -+0)%1,$ 23+;$ 01/$
.6+03+/0)"$/3+,(61$*1-+6$6+,)-+$+/$'"$0"*"0)-"-$-+$)/(+76"6$-),()/(",$*+6,*+0():",4$$
5",$*+60+*0)1/+,$01/,()(3#+/$3/"$.3+/(+$)%*16("/(+$-+$0C%1$01/,(63)%1,$/3+,(6",$/+0+,)-"-+,$+$
)/(+6+,+,;$ *16$ +,1$ +,$ )%*16("/(+$ )6$ )-+/().)0"/-1$ '1,$ )/(+6+,+,$ #$ /+0+,)-"-+,$ -+$ '"$ *+6,1/",$ 01/$
23)+/+,$ +,("%1,$ (1%"/-1$ -+0),)1/+,$ 1$ /+710)"/-14$ /"$ A+66"%)+/("$ .3/-"%+/("'$ *"6"$ 01/10+6$
+,(",$/+0+,)-"-+,$+$)/(+6+,+,$-+$'",$*+6,1/",$+,$'"$01%3/)0"0)C/$+.+0():"4$?''"$01%*6+/-+$("/(1$'"$
+,030A"$"0():"$01%1$'"$+K*6+,)C/$",+6():"4$

0 !"#$%&'('&)%*+,+'-&.(*

(7&( ,2$! (* 0$#& !!!!! !

?(7&(H,0$#!%$!101($+0!:0F*(!&#:!:,5%,($+(:!.*(5%$+#:!#$+(:!'(!,$,-,#*!(&!+(1#!'(!-01%$,-#-,2$!
(7(-+,8#C!
# ! %!',:.0:,-,2$!-0*.0*#&!:(!',*,5(!#!(:#!.(*:0$#!0!+(! '(:.#**#1#: !($!+%!:,&&2$ !
F ! X(! '#:! %$#! 0 (#'# ! #! +%! +(&G70$0! 128,&! 1,($+*#:! +%! ,$+(*&0-%+0*! E#F&#! 0! (:+O:!
(H-&%:,8#1($+(!.#*#!(&&# !!
- ! ",*#:!-0$!7*(-%($-,#!+%!*(&0 !0!+(!*(&# #:!3!+(*1,$#:!'(!(:-%-E#*!&0!Y%(!(&!0+*0!+,($(!
Y%(!'(-,* !!
' ! P$+(**%1.(:!-0$!7*(-%($-,#!0!(:-%-E#:!-0$!.#-,($-,#!.#*#!($+($'(*!&#!.(*:.(-+,8#!'(!
(:#!.(*:0$# !!
( ! ",($+*#:! +%! ,$+(*&0-%+0*! E#F&#K! .,($:#:9! 6:+0! (:! &0! 1,:10! '(! :,(1.*( ! 0! E#-(:! (&!
(:7%(*A0!.0*!($+($'(*!&#:!10+,8#-,0$(:!.*07%$'#:!'(!:%!',O&050 !!
7 ! ",($+*#:! (&! 0+*0! E#F&#! #*1#:! ($! +%! 1($+(! &0:! 1( 0*(:! :,&05,:10:! .#*#! '(F#+,*&0! 0!
.*(5%$+#:!-0$!-%*,0:,'#'!#-(*-#!'(!:%!(H.0:,-,2$ !

7
! !
 (7&( ,2$!-0&(-+,8# !

5"$ /+710)"0)C/$ +,$ 8<,)0"%+/(+$ 3/$ )-#/5.#% :5% /#6'$0/*/0;$$ +/$ +'$ 03"'$ '",$ *"6(+,$ )/:1'306"-",$
)/(+/("/$ *1/+6,+$ -+$ "03+6-1$ +/$ ",3/(1,$ 23+$ 01/,)-+6"/$ -+$ :)("'$ 6+'+:"/0)"$ *"6"$ 0"-"$ 3/14$ 51$
*6)%+61$23+$(+/+%1,$23+$-+0)6$+,$23+$,)+%*6+$/1,$+,("%1,$01%3/)0"/-1;$/1$*1-+%1,$/1$A"0+6'14$
5"$01%3/)0"0)C/$,+$-"$-+$%"/+6"$,)%3'(</+"$*16$-1,$0"/"'+,G$:+68"'$#$/1$:+68"'4$?'$/1$:+68"'$)/0'3#+$
+'$ (1/1$ -+$ :1E;$ '"$ 7+,()03'"0)C/;$ '1,$ "-+%"/+,$ #$ '"$ *1,(36"$ -+'$ 03+6*1 $ #$ +'$ 01/(+K(1$ +/$ +'$ 23+$ ,1/$
-)0A",$'",$*"'"86",4$?,(+$0"/"'$+,$%3#$)%*16("/(+$*1623+$%"60"$+'$(1/1$+/$+'$23+$-+8+$+/(+/-+6,+$+'$
0"/"'$ :+68"'4$ N$ +/$ ,)(3"0)1/+,$ -+$ 01/.')0(1$ +'$ )/(+6'103(16$ -"$ %<,$ 06>-)(1$ "'$ 0"/"'$ /1$ :+68"'$ 23+$ "'$
0"/"'$:+68"'4$?,(1$+,;$A"71$%<,$0",1$"'$(1/1$-+$:1E$#$"$'1,$7+,(1,$-+$3/"$*+6,1/"$23+$"$,3,$*"'"86",4$$
=16$1(6"$*"6(+;$+,$)%*16("/(+$,386"#"6$23+$(1-"$01%3/)0"0)C/$()+/+$3/$",*+0(1$-+$01/(+/)-1$#$3/1$
6+'"0)1/"'4$?'$-+$01/(+/)-1$,+$6+.)+6+$"$'1$23+$+,("%1,$A"8'"/-1$#$+'$",*+0(1$6+'"0)1/"'$,+$6+.)+6+$"$
'"$*+6,1/"4$ +8+%1,$(+/+6$03)-"-1$"'$%"/+F"6$+,(1,$-1,$",*+0(1,;$*3+,$+,$*1,)8'+$,+*"6"6'1,$*"6"$
/1$1.+/-+6$"$'",$*+6,1/",4$=3+-+$,+6$23+$#1$/1$+,(>$-+$"03+6-1$01/$"'71$23+$(3$-)0+,;$,)/$+%8"671;$
,B$+,(1#$01/(+/(1$01/$*'"()0"6'1$01/()71;$*16$+F+%*'14$$
/$&'()%1$",*+0(1$-+$'"$01%3/)0"0)C/$23+$/1$-+8+%1,$1':)-"6$+,$23+$+'$,)7/).)0"-1$-+$03"'23)+6$
.6",+$ '1$ *1/+$ +'$ 6+0+*(16;$ /1$ +'$ +%),164$ 3>$ ,)7/).)0"$ +,(1 $ 9)7/).)0"$ 23+$ 03"/-1$ #1$ A"8'+$ -+81$
(6"("6$-+$,+6$%3#$*6+0),1$+/$'1$23+$-)71$*"6"$23+$+'$1(61$*3+-"$6+01/,(63)6$+/$,3$%+/(+$'1$23+$#1$
+,(1#$ (6"("/-1$ -+$ 01%3/)0"6'+4$ ?/(1/0+,;$ *"6"$ 01%3/)0"6/1,$ %+F16;$ +,$ *6+0),1$ +F+60)("6$ -1,$
A"8)')-"-+,;$ '"$ +,030A"$ "0():"$ *"6"$ 03"/-1$ /1,$ (10"$ ,+6$ 6+0+*(16+,$ #$ '"$ +K*6+,)C/$ ",+6():"$ *"6"$
03"/-1$/1,$(10"$,+6$+%),16+,4$ +"%1,$0"-"$3/"$-+$+''",4$$

( (*+ '$' (*('-&.(*

5"$+,030A"$"0():"$+,$3/"$"0()(3-$23+$,+$+/.10"$+/$%"/(+/+6$"8)+6(1,$'1,$0"/"'+,$-+$01%3/)0"0)C/$
-36"/(+$'1,$%1%+/(1,$%<,$-).B0)'+,$-+$3/"$)/(+6"00)C/$01/.')0():"4$I1$,)7/).)0"$/+0+,"6)"%+/(+$23+$
,+$ +,(<$ -+$ "03+6-1$ 01/$ '1$ 23+$ +'$ 1(61$ +,(<$ -)0)+/-1;$ ,C'1$ 23+$ ,+$ +,(<$ A"0)+/-1$ 3/$ +,.3+6E1$ *16$
01%*6+/-+6$,3,$6"E1/+,4$$
?/$+'$.1/-1;$'"$+,030A"$"0():"$6+017+$"'73/1,$*6)/0)*)1,$.3/-"%+/("'+,$-+$'"$6+'"0)C/$A3%"/"G$$
! ?'$ 1(61$ 01/$ +'$ 23+$ +,(1#$ A"8'"/-1$ ()+/+$ 3/$ *3/(1$ -+$ :),("$ :<')-1$ -+$ '"$ 6+"')-"-;$
"3/23+$-).+6+/(+$-+'$%B14$?,1$/1$'1$A"0+$/)$%+F16$/)$*+16;$,C'1$-),()/(14$?,030A"6'1$
%+$*+6%)()6<$L*1/+6%+$+/$,3,$E"*"(1,M;$+,(1$+,;$(6"("6$-+$:+6$+'$%3/-1$-+,-+$,3$
*61*)1$'37"64$$
! 9)$ %)$ )/(+6'103(16$ +,(<$ +/1F"-1$ (+/-6<$ 6"E1/+,$ ,3.)0)+/(+,$ *"6"$ ,+/()6$ 23+$ ,3,$
/+0+,)-"-+,$ .3/-"%+/("'+,$ /1$ +,(</$ ,)+/-1$ ,"(),.+0A",4$ N$ ("'+,$ 6"E1/+,$ ,1/$
:<')-",$ *"6"$ >';$ "3/23+$ /1$ '1$ ,+"/$ ("/(1$ *"6"$ %B4$ ?,030A"6'1$ %+$ *+6%)()6<$
)-+/().)0"6$+,(",$/+0+,)-"-+,4$$
! @$(1-1,$/1,$73,("$'"$6+0)*610)-"-G$",B$01%1$23)+61$23+$%+$+,030A+/$"$%B;$("%8)>/$
-+,+1$+,030A"6'14$$
@,B$ *3+,;$ $ +,030A"$ "0():"$ +,$ 8<,)0"%+/(+$ 3/"$ "0()(3-$ -+$ +%*"(B"$ 01/$ +'$ 1(61$ 23+$ +,$ /3+,(61$
)/(+6'103(16G$/1$,C'1$,1/$(>0/)0",;$"3/23+$+,(",$/1,$"#3-"/$-+$%"/+6"$01/,)-+6"8'+4$$5"$+,030A"$
"0():"$ 01/(6)83#+$ "$ "6%1/)E"6$ '",$ -),()/(",$ *+60+*0)1/+,$ -+$ 3/"$ 6+"')-"- $ "$ 6+01/10+6$ +'$ -+6+0A1$

8
! !
23+$ (1-1,$ (+/+%1,$ "$ ,+/()6/1,$ +/1F"-1,$ +/$ "'7&/$ %1%+/(1$ #$ "$ ".)"/E"6$ /3+,(6",$ 6+'"0)1/+,$
8","-",$+/$'"$6+0)*610)-"-$-+'$83+/$(6"(14$$

#!( -%- #!#-+,8#!*( %,(*(! %(!(&!*(-( +0* !!

! *( +(!+0'#! %!#+($-,2$!#&!,$+(*&0-%+0* !!
! /0$+*0&(! %!*(#--,2$!#$+(! ,+%#-,0$( ! %(! %('($!( +#*!-#*5#'# !'(!(10-,0$( !!
! %( +*(!-0 (*($-,#!($!+0'0 !&0 !-#$#&( !'(!-01%$,-#-,2$ !!
! ($5#!5($%,$#!-%*,0 ,'#'! 0*!-01 *($'(*!#&!0+*0 !!
! (1%( +*(!#&!0+*0! %(!&0!( + !( -%- #$'0 !

5",$ "0()(3-+,$ -+'$ 6+03"-61$ "/(+6)16$ ,1/$ .<0)'%+/(+$ )-+/().)0"8'+,$ +/$ 01/:+6,"0)1/+,$ -1/-+$ /1,$
,+/()%1,$0C%1-1,$#$6+01/10)-1,;$01%1$03"/-1$*'"()0"%1,$01/$/3+,(61$%+F16$"%)714$9)/$+%8"671;$
03"/-1$ +,("%1,$ 01/$ "'73)+/$ 23+$ A"$ %1,(6"-1$ "'73/"$ "0()(3-$ "76+,):"$ 1$ 23+$ %+/0)1/"$ ",3/(1,$
23+$ ,1/$ %1'+,(1,$ *"6"$ /1,1(61,$ 1$ 23+$ ,+/()%1,$ 23+$ /1,$ ".+0("/$ *61.3/-"%+/(+;$ "AB;$ '"$ +,030A"$
"0():"$,+$:3+':+$%3#$-).B0)';$*16$+,1$+,$)%*16("/(+$*1/+6'"$+/$*6<0()0"$01/,("/(+%+/(+4$
5"$ +,030A"$ "0():"$ 01%1$ ,3$ "-F+():1$ '1$ )/-)0"$ +,$ +,("6$ )/:1'306"-1$ +/$ '1$ 23+$ +'$ )/(+6'103(16$ +,(<$
-)0)+/-1$ 01/$ (1-1,$ ,3,$ 0"/"'+,$ -+$ 01%3/)0"0)C/4$ I1$ +,$ ,)%*'+%+/(+$ -+F"6$ A"8'"6$ "'$ 1(61$ ,)/$
)/(+663%*)6;$ )%*')0"$ *6+73/("6$ #$ 01/.)6%"6$ 01/$ +'$ 1(61$ ,)$ +,("%1,$ +/$ '"$ %),%"$ ,)/(1/B"$ -+$
01%*6+/,)C/4$5",$(>0/)0",$%<,$3()')E"-",$*"6"$'"$+,030A"$"0():"$,1/$'",$*6+73/(",;$+'$*"6".6",+1;$'"$
6+.16%3'"0)C/$#$'"$'+7)()%"0)C/4$$
-$,-# !'(!( -%- #!#-+,8#!
# ! *(5%$+# !
3"/-1$(6"("%1,$-+$01%*6+/-+6$"'$)/(+6'103(16$+/$,3,$6"E1/+,;$'",$*6+73/(",$,1/$3/"$A+66"%)+/("$
.3/-"%+/("'4$ ?/$ 7+/+6"';$ ,+$ 0'",).)0"/$ +/$ "8)+6(",$ #$ 0+66"-",4$ 5",$ *6+73/(",$ "8)+6(",$ ,+$ 3()')E"/$
*"6"$83,0"6$)/.16%"0)C/;$'",$*6+73/(",$0+66"-",$,+$3()')E"/$*"6"$01/.)6%"6'"$1$/14$$$

*(5%$+# !#=,(*+# ! (1 &0 !!

/210 !! /210!:%-(',2!(:#!,$+(*8($-,2$ !!!
! %G !! %G!(:.(*#!#&!7,$#&!'(!(:+(!.*0-(:0 !
%,G$ !! %,($!'(F(*@#!+($(*!(:#!,$70*1#-,2$ !
/%O& !! /%O&!(:!:%!.*,$-,.#&!.*(0-%.#-,2$ !
)0*!Y%G ! )0*!Y%G!$0!&(!.#*(-(!#'(-%#'#!&#!*(%$,2$!'(!1# #$# !!
)0*!Y%G!$0 ! !
)#*#!Y%G !! )#*#!Y%G!$0:!:(*8,*@#!+($(*!0+*0!5(*($+( !!
!
*(5%$+# !-(**#'# ! (1 &0 !!

6:+#10:!'(!#-%(*'0 !! 6:+#10:!'(!#-%(*'0!($!*(%$,*$0:!1# #$#!#!&#:!',(A!($!&#!

07,-,$# !!
)%('( !! )%('(!#:%1,*!(:(!-01.*01,:0 !!
40!.%('( !! 40!.%('(!E#-(*:(!-#*50!'(!&#!1,$%+# !!

X(!.#*(-( !! X(!.#*(-(!#--(:,F&(!1,!07(*+# !!
!

9
! !
 -$,-#!'(&! #*#7*# (0!

?'$ *"6".6",+1$ +,$ -+0)6$ 01/$ '",$ *61*)",$ *"'"86",$ '1$ 23+$ +'$ )/(+6'103(16$ "0"8"$ -+$ +K*6+,"64$ I1$
01/()+/+$ 3/"$ )/(+6*6+("0)C/$ 1$ ,1'30)C/$ -+'$ *618'+%";$ +,$ 3/$ %1-1$ -).+6+/(+$ -+$ +K*6+,"6$ '1$ -)0A1$
*"6"$:+6).)0"6$,3$01%*6+/,)C/4$ 1/$+,(1$,+$-+%3+,(6"$23+$3,(+-$+,(<$+,030A"/-1$#$+/(+/-)+/-1$'1$
23+$,+$+,(<$-)0)+/-14%@'73/",$+/(6"-",$-+'$*"6".6",+1$*3+-+/$,+6$'",$,)73)+/(+,G$%
! N1$+/(+/-B$+/(1/0+,$23+ 4M$
! L ,(+-$23)+6+$-+0)6$23+4444;$ +/(+/-B$8)+/ M$
! L +$"03+6-1$01/$'1$23+$+,(<$-)0)+/-1;444M$
! L?/()+/-1$23+$'1$23+$%+$*6+73/("$+,444M$

-$,-#!'(!&#!*(70*1%&#-,2$!

+.16%3'"6$ +,$ 3/$ %1-1$ -+$ *"6".6",+1$ $ 23+$ "#3-"$ (6"/,.16%"6$ +'$ ,)7/).)0"-1$ 0"67"-1$ -+$
01//1("0)C/$/+7"():"$-+$3/"$".)6%"0)C/$-+$("'$%"/+6"$23+$"-23)+6"$3/$,)7/).)0"-1$*1,)():14$N"$/1$
+,$-+0)6$'1$23+$+'$1(61$+,(<$".)6%"/-1;$01%1$+/$+'$*"6".6",+1;$+,$(6"("6$-+$8"F"6'+$+'$(1/1$/+7"():1$
1$*+#16"():1$"$3/"$".)6%"0)C/4$I1$+,$-+0)6$"'71$(1("'%+/(+$-),()/(1$"$'1$23+$+K*6+,C$+'$)/(+6'103(16;$
,)/1$,C'1$23)("6'+$+'$+.+0(1$-+$71'*+$:+68"'4$$

?F+%*'1G$
W 6&!S(-*(+#*,0!(:!%$!-0**%.+0 !>:@!$0!:(!.%('(!#8#$A#*!($!&#!-0$:(*8#-,2$!'(!$%(:+*0:!F0:Y%(: !
+.16%3'"0)C/G$

W /0$:,'(*#!%:+('!Y%(!7#&+#!+*#$:.#*($-,#!($!(&!1#$( 0!'(!&0:!*(-%*:0:!'(:+,$#'0:!#!&#!
-0$:(*8#-,2$!'(!&0:!F0:Y%(: !!

-$,-#!'(!&#!&(5,+,1#-,2$!

?,$3/"$%3+,(6"$,)/0+6"$-+$"*618"0)C/$"$'1$23+$+'$)/(+6'103(16$+,(<$+K*6+,"/-14$ 1/$+''"$+,("%1,$
6+01/10)+/-1$'"$)%*16("/0)"$-+'$*3/(1$-+$:),("$-+'$1(61;$-+'$:"'16$-+$,3,$)-+",$#$-+$'"$'+7)()%)-"-$
-+$ ,3,$ *61*3+,(",4$ 9+$ 3()')E"$ *"6"$ %1,(6"6$ "'$ 1(61$ 23+$ ,+$ '1$ +,(<$ (1%"/-1$ +/$ ,+6)1$ #$ "*6+0)"$ '1,$
"*16(+,$"$'"$01/:+6,"0)C/$"$*+,"6$-+$23+$*3+-"$/1$+,("6$-+$"03+6-1$01/$'1$23+$+,(<$+K*6+,"/-14$$

?,("$+,$3/"$A+66"%)+/("$%3#$:"')1,";$*3+,$"')+/("$+'$6+01/10)%)+/(1$-+'$)/(+6'103(16$#$'1$"/)%"$"$
+,("6$+/$%+F16$,)/(1/B"$01/$+'$+,030A"4$9)/$+%8"671;$-+8+6$,+6$3()')E"-"$01/$03)-"-1$*3+,$/1$,)6:+$
,)$ ,+$ 3()')E"$ -+$ %"/+6"$ ."',"$ 1$ ,C'1$ *16$ -"6$ 018"$ "'$ )/(+6'103(164$ 9)$ ,+$ 3,"$ -+$ +,("$ .16%"$ *3+-+$
6+,3'("6$01/(6"*61-30+/(+4$$
>&5%$#:!($+*#'#:!.#*#!&#!&(5,+,1#-,2$!:0$9!!
! L +1$23+$+,$%3#$)%*16("/(+$*"6"$3,(+- M$
! LI3/0"$A"8B"$:),(1$+'$*618'+%"$-+,-+$+,+$'"-1M$
! L 3>$83+/"$*6+73/(" M$
! L?,1$23+$"0"8"$-+$-+0)6$+,$%3#$)%*16("/(+$*1623+ M$

10
! !
 (*+ + &)%*( + -&.(*
1/$%30A"$.6+03+/0)"$,+/()%1,$23+$'1,$-+%<,$/1$+,(</$+/(+/-)+/-1$'1$23+$'+,$-+0)%1,4$!+%1,$-+$
6+016-"6$23+;$$3/1$-+$'1,$*6)/0)*)1,$-+$'"$01%3/)0"0)C/$".)6%"$23+$+'$,+/()-1$-+$+K*6+,"-1$'1$*1/+$
+'$6+0+*(16;$/1$+'$+%),164$?,(1$+,;$'1$23+$+'$+%),16$-)0+$*3+-+$,+6$)/(+6*6+("-1$-+$-),()/(",$.16%",$
*16$+'$6+0+*(16;$*16$+,1;$'1$23+$+'$+%),16$-)0+$-+8+$,+6$,3.)0)+/(+%+/(+$0'"61$*"6"$23+$+'$6+0+*(16$
(+/7"$%<,$+'+%+/(1,$-+$)/(+6*6+("0)C/4$$
X#! (H.*(:,2$! #:(*+,8#! +,($(! -010! .*0.2:,+0! +*#$:1,+,*! -0$! -&#*,'#'! 3K! #&! 1,:10! +,(1.0K! -0$!
-0*+(:@#!&0!Y%(!Y%(*(10:!'(-,*!#!&0:!'(1O:C!!)#*+(!'(!&#!(H.*(:,2$!#:(*+,8#!:0$!'0:!E(**#1,($+#:!
Y%(!8(*(10:!#!-0$+,$%#-,2$C!!
-$,-# !'(!( *( ,2$!# (*+,8#!
!
3"/-1$ +,("%1,$ %1'+,(1,$ 01/$ "'71$ 23+$ ,30+-)C;$ 0",)$ ,)+%*6+$ 3()')E"%1,$ %+/,"F+,$ 23+$ 03'*"/$ "'$
1(61$ #;$ A",("$ '1$ A3%)''"/4$ =10",$ :+0+,$ )/-)0"%1,$ 23>$ +,$ +K"0("%+/(+$ 01/$ '1$ 23+$ +,("%1,$ +/$
-+,"03+6-1$ #;$ 0",)$ /3/0"$ *61*1/+%1,$ /"-"$ *"6"$ 23+$ '"$ 01/-30("$ -+'$ 1(61$ 0"%8)+$ -+$ %"/+6"$
.":16"8'+4$$
?,("$(>0/)0"$/1,$"#3-"$"$+K*6+,"6$/3+,(6"$%1'+,()"$-+$3/"$%"/+6"$",+6():";$+,(1$+,;$0'"6";$.)6%+$#$
016(>,4$ ?,$ ",+6():"$ *1623+$ +,$ 3/"$ "00)C/$ 23+$ ".)6%";$ *16$ 3/$ '"-1;$ 23+$ '"$ +%10)C/$ ,+/()-"$ +,$
6+,*1/,"8)')-"-$ *61*)"$ #;$ *16$ 1(61;$ *61*1/+$ 3/$ 0"%8)1$ +/$ '"$ 01/-30("$ 1$ +/$ '",$ "0()(3-+,$ -+'$
)/(+6'103(164$$

($ # ( !# (*+,80 !0!1($ # ( ! !
?/$7+/+6"'$'"$+K*6+,)C/$",+6():"$,+$01/06+("$+/$%+/,"F+,$-+/1%)/"-1,$",+6():1,$01/$3/"$
+,(630(36"$,+%+F"/(+$"$+,("G$$
# !6H.*(:,2$!($!.*,1(*#!.(*:0$#!'(!&0:!,$+(*(:(:!3!$(-(:,'#'(:!.*0.,#:C!!
F !P$',-#*!-0$-*(+#1($+(!($!&0!Y%(!$0!:(!(:+O!'(!#-%(*'0C!!
- !P$',-#*!(&!-#1F,0!'(!#-+,+%'!'(:(#'0!0!&#!0.-,2$!.*0.%(:+#C!

(1 &0 !!
# !"(!.*(0-%.#!1%-E0!(&!%:0!(7,-,($+(!'(&!+,(1.0!($!&#!0*5#$,A#-,2$!
F !)0*!(:0!$0!1(!#5*#'#!Y%(!+(!.*(:($+(:!+#*'(!#!&#:!*(%$,0$(:!
- ! (!:0&,-,+0!Y%(!#-%'#:!.%$+%#&1($+(!#!&#!:,5%,($+(!*(%$,2$C!!

?'$16-+/$*3+-+$:"6)"6$*+61$'"$)-+"$0+/(6"'$+,$'"$-+$,+6$",+6():1$1;$01%1$,+$-)F1$"'$*6)/0)*)1$-+'$("''+6;$
,3":+,$01/$'"$*+6,1/"$#$-361,$01/$+'$*618'+%"4$?/$+'$+F+%*'1$"/(+6)16$,+$*3+-+$)-+/().)0"6$23+$/1$
,+$)/,3'("$1$(6"("$%"'$"$'"$*+6,1/"$23+$''+7"$("6-+4$9)/$+%8"671;$,B$,+$-)0+$01/$0'"6)-"-$#$.)6%+E"$
23+$ +,+$ 01%*16("%)+/(1$ /1$ 01/(6)83#+$ "'$ 3,1$ +.)0)+/(+$ -+'$ ()+%*1$ +/$ ,3$ 167"/)E"0)C/4$ 1%1$ ,+$
*3+-+$ )-+/().)0"6$ +/$ '"$ +,(630(36"$ -+'$ %+/,"F+;$ +/$ >'$ /1$ ,+$ +0A"$ 03'*"$ "'$ 23+$ ''+7"$ ("6-+$ /)$ ,+$ '+$
)%*3("$+'$%"'A3%16$-+'$01/:10"/(+$-+$'"$6+3/)C/4$9B$,+$,386"#"$+'$A+0A1$-+$23+$,3$01/-30("$+,(<$
7+/+6"/-1$3/$*618'+%"$)/,()(30)1/"'$#$23+$+,(<$''"%"-1$"$0166+7)6'"4$ /$%+/,"F+$-1/-+$,+$"76+-+$
"$'"$*+6,1/"$1$,+$'+$A"0+/$0"671,$*16$+'$+/1F1$1$+'$%"'+,("6$-+'$1(61;$,)/$+,*+0).)0"6$23>$+,$'1$23+$
/+0+,)("$ 1$ *6+103*"$ +,$ 3/$ 65$.* 5% ,#6,*$ 23+$ 7+/+6"6<$ 3/"$ +,*)6"'$ -+$ -)%+,$ #$ -)6+(+,$ 23+$ /1$

11
! !
01/(6)83#+/$+/$/"-"$"'$+/(+/-)%)+/(1$*"6"$'"$(1%"$-+$-+0),)1/+,$1$,1'30)C/$"'$*618'+%"4$N$'1$*+16;$
)6<$"03%3'"/-1$6+/016+,$23+$,"'-6</$+/$1(61$%1%+/(1;$23)E<$+/$+'$%+/1,$1*16(3/14$$

6 (1.&0!'(!1($:# (:!#:(*+,80:!8(*:%:!1($:# (:!F01F#9!

! ! ($ # (!=01=#! ! ! ! ($ # (!# (*+,80!

! !
( ! % !'( -0$ ,'(*#'0!(*( ! 0*!+%!-%& #!$0! 0'(10 ! "(!.*(0-%.#!1%-E0!(&!%:0!(7,-,($+(!'(&!+,(1.0!($!&#!
(1 ( #*!( +#!*(%$,2$! 40 !($0 #! %(! ,(1 *(!&&(5# ! 0*5#$,A#-,2$C!
+#*'( ! )0*!(:0!$0!1(!#5*#'#!Y%(!+(!.*(:($+(:!+#*'(!#!&#:!
*(%$,0$(:C!
(!:0&,-,+0!Y%(!#-%'#:!.%$+%#&1($+(!#!&#!:,5%,($+(!
*(%$,2$C!
(!10&( +#! %(!$0!1(!-0$ %&+($!1,!0 ,$,2$! #*#!&0 ! !
+(1# !'(!&#!*(%$,2$ ! #-($! %(! (!&( !0&8,'#! $0 !
0*! % !$0!($-%($+*0!1,!( -*,+0*,0!-010! 0!&0!'( !!! !
,! #=($! %(!1(!($0 #! %(!1%(8#$!1, !'0-%1($+0 !
,!+#$! 2&0!7%(*# !%$! 0-0!1 !# &,-#'0!($!*(#&, #*!&0 ! !
*( 0*+( ! # +#!1(! 0$50!'(!1#&# !#&!&((*!( +(!=0'*,0 !
!

-+,8,'#'! (* 0$#& !!!!! !

%G!1($:# (:!F01F#!:(!%+,&,A#$!($!+%!($+0*$0!&#F0*#&K!7#1,&,#*K!#-#'G1,-0 !!

!
!
/210!&0:!.%('(:!+*#$:70*1#*!($!1($:# (:!#:(*+,80: !

!
4 ! 0 ,+,80!

+*#!E(**#1,($+#!1%3! +,&!.#*#!&#!(H.*(:,2$!#:(*+,8#!(:!(&!'(&!40!.0:,+,80C!/0$:,:+(!FO:,-#1($+(!
($!#.*($'(*!#!'(-,*!4 K!'( #$'0!#F,(*+#!&#!.0:,F,&,'#'!#!($-0$+*#*!0+*#:!:0&%-,0$(:!#!&0!Y%(!.0*!(&!
101($+0!$0!.0'(10:!#:%1,*C!!

6&!(:Y%(1#!'(!&0:!1($:# (:!40!.0:,+,80!(:!(&!S W4 WS, !(H.&,Y%(10:!-#'#!%$09!

" $ +01/10)%)+/(1$-+$'",$/+0+,)-"-+,$+$)/(+6+,+,$-+$'"$1(6"$*+6,1/"$ $$
8 $ +01/10)%)+/(1$-+$%),$*61*)",$/+0+,)-"-+,$+$)/(+6+,+,$23+$%+$)%*)-+/$"0+*("6$
"'71$ # $
0 $ 6+"0)C/$-+$1*0)1/+,$*"6"$1.6+0+6$1(6",$,1'30)1/+,$"'$0",1$ 0 $

12
! !
 +"%1,$3/$+F+%*'1G$$

%! (7(!+(!.,'(!Y%(!($+*(5%(:!%$!*(.0*+(!'(!#-+,8,'#'(:!.#*#!E03!1,:10C! !3#!+($@#:!-01.*01,:0!
'(!:#&,*!($!&#!$0-E(!-0$!+%!7#1,&,#!3!:#F(:!Y%(!(:(!*(.0*+(!+(!&&(8#*O!+0'#!&#!+#*'(!3!E#:+#!.#*+(!'(!
&#!$0-E(C!)*(7,(*(:!:#&,*!-0$!+%!7#1,&,#K!#%$Y%(!:#F(:!Y%(!(&!*(.0*+(!(:!$(-(:#*,0C!6&!1($:# (!$0!
.0:,+,80!.#*#!-01%$,-#*&0!#!+%! (7(!:(*@#9!

# ! (7(K!:G!Y%(!(&!*(.0*+(!(:!1%3!,1.0*+#$+(!.#*#!%:+('!3!.#*#!&#!(1.*(:#! S@ !!
F !I0!+($50!.&#$(:!.#*#!(:+#!$0-E(!-0$!1,!7#1,&,#!3!(&!*(.0*+(!1(!,1.(',*@#!-%1.&,*!-0$!(&&#! 40 !
- !)*0.0$50!8($,*!1# #$#!1O:!+(1.*#$0!3!($+*(5#*&(!(&!*(.0*+(!#!1O:!+#*'#*!#!1(',0'@#! S, !!

-+,8,'#'! (* 0$#& !!!! !

?(-%(*'#!%$!-#:0!'0$'(!$0!.%',:+(!'(-,*!$0!'(!1#$(*#!.0:,+,8# !(:-*@F(&0C!

!
!

?(70*1%&#!(&!1($:# (!-0$!&#!#3%'#!'(&!$0!.0:,+,80C!!

!
!
!!
$!$0!.*0$%$-,#'0!-0$!&#!1O:!.*07%$'#!-0$8,--,2$!(:!1( 0*!3!1O:!5*#$'(!Y%(!%$!:@!
!
.*0$%$-,#'0!-0$!(&!.*0.2:,+0!'(!-01.&#-(*K!0!&0!Y%(!(:!.(0*K!'(!(8,+#*!%$!.*0F&(1#C!
!
"#E#+1#! #$'E,!
!

!
0* ( *+#"'&"%+ * *+2* +'"%"'&#&+%-"* +*2( *%+'+ & ( + *,$% (#+%-(2+ *
*
$0!'(!&0:!#:.(-+0:!1O:!',7@-,&(:!.#*#!( (*-,+#*!-0$!&,F(*+#'!&#!(:-%-E#!#-+,8#!(:!&#!(10-,2$ ! 0=*(!
+0'0! (&! ($0 0! %(! $0 ! -#% #! %(! (&! 0+*0! $0 ! -*,+, %(C! /0$! 7*(-%($-,#! -*((10:! Y%(! $0:0+*0:!
+($(10:!&#!*#A2$!($!+0'0!3!Y%(!$%(:+*0!10'0!'(!8(*!&#!*(#&,'#'!(:!(&! $,-0!8O&,'0K!.(*0!(:0!$0!(:!
+#$! -,(*+0C! /#'#! %$0! 8(! %$#! .#*+(! '(! &#! *(#&,'#'K! ($! 5($(*#&! &#! Y%(! Y%,(*(! 8(*! 0K! &#! Y%(! (:+O!
-0$',-,0$#'0!#!8(*!.0*!:%!70*1#-,2$K!:%!(H.(*,($-,#!3!:%:!.*0.,0:!0F (+,80:C!S,$!(1F#*50!+($(10:!
&#! -*(($-,#! '(! Y%(! (:#! .#*+(! '(! &#! *(#&,'#'! Y%(! 8(10:! (:! &#! 8(*'#'(*#K! &#! 1O:! 0F (+,8#! 3! &#! 1O:!
*#A0$#F&(C!>!(:+#!-*(($-,#!:(!&(!&&#1#!*(#&,:10!,$5($%0K!#!-*((*!Y%(!$0:0+*0:!:@!8(10:!&#!*(#&,'#'!
+#&!-%#&!(: !-*((*!Y%(!Y%,($(:!-01.#*+($!$%(:+*0:!.%$+0:!'(!8,:+#!:0$!.(*:0$#:!*#A0$#F&(:K!.(*0!

13
! !
Y%,($(:! $0! &#! 8($! #:@! :0$! ,5$0*#$+(:! 0! 1#&,$+($-,0$#'0:C! B(! (:+0! (:+#10:! -0$8($-,'0:! '(:'(!
Y%,($(:!0:K!
.(Y%( $0!.0*!
&#! 8($!
(:0!#:@!:,!:0$! ,5$0*#$+(:!
#&5%,($! $0:! ',-(!0! 1#&,$+($-,0$#'0:C!
&0! -0$+*#*,0! $0:!B(! ($0(:+0! (:+#10:!
#! 3! -0$8($-,'0:!
(:+#&&#10:! '(:'(!
($! 07($:#:! 3!
.(Y%( 0:K! .0*! (:0! :,! #&5%,($! $0:! ',-(! &0!%(50!&#!(10-,2$K!(&!($0
'(:-#&,7,-#+,80:!E#-,#!(&!0+*0C!!>Y%@!($+*#!($! -0$+*#*,0! $0:! ($0 #! 3! (:+#&&#10:! ($!
0!:0F*(!+0'0C! &!($007($:#:! 3!
0!( !%$!
'(:-#&,7,-#+,80:!E#-,#!(&!0+*0C!!>Y%@!($+*#!($!
0= + -%&0!,1 0*+#$+(! #*#!&#!-01%$,-#-,2$!%(50!&#!(10-,2$K!(&!($0
0* %(!$0!$0 !'( #!( -%- 0!:0F*(!+0'0C! &!($0 0!( !%$!
#*!#&!0+*0C!/010!'(-,10:!
0= + -%&0!,1 0*+#$+(!
-0&0Y%,#&1($+(! #*#!&#!-01%$,-#-,2$! 0* !3!:2&0!(:+#10:!F%:-#$'0!(&!10'0!'(!*(F#+,*!&0:!
(&!#5%#!:(!$0:!:%F(!#!&#!-#F(A# %(!$0!$0 !'( #!( -%- #*!#&!0+*0C!/010!'(-,10:!
-0&0Y%,#&1($+(! #'8(*:#*,0
#*5%1($+0:!'(&! (&!#5%#!:(!$0:!:%F(!#!&#!-#F(A# !3!:2&0!(:+#10:!F%:-#$'0!(&!10'0!'(!*(F#+,*!&0:!
! .#*#!(:+(!101($+0!3#!.(*',2!:%!-#*O-+(*!'(!,$+(*&0-%+0* C!!
#*5%1($+0:!'(&! #'8(*:#*,0 ! .#*#!(:+(!101($+0!3#!.(*',2!:%!-#*O-+(*!'(!,$+(*&0-%+0* C!!
$! 10'0! :($-,&&0! '(! ,'($+,7,-#*! .0*! Y%G! (:+#10:! +#$! ($0 #'0:! (:! (&! :,5%,($+(C! P'($+,7,-#! ($! &#!
$! 10'0! :($-,&&0! '(! ,'($+,7,-#*! .0*! Y%G! (:+#10:! +#$! ($0 #'0:! (:! (&! :,5%,($+(C! P'($+,7,-#! ($! &#!
:,5%,($+(!+#F&#!-%O&(:!'(!&#:!$(-(:,'#'(:!7%$'#1($+#&(:!($&,:+#'#:!#E@!$0!+(!E#$!:,'0!*(-0$0-,'#:!
:,5%,($+(!+#F&#!-%O&(:!'(!&#:!$(-(:,'#'(:!7%$'#1($+#&(:!($&,:+#'#:!#E@!$0!+(!E#$!:,'0!*(-0$0-,'#:!
'(! 1#$(*#! :%7,-,($+(! 3! #'(-%#'#C! %G! (:! &0! Y%(! 1O:! +(! E#-(! ($0 #* ! Y%(! $0! +(! *(-0$0A-#$!
'(! 1#$(*#!
-010! .#*+(!:%7,-,($+(!
'(! %$! 5*%.0!3! #'(-%#'#C!
#&! Y%(! ',-(:!%G! (:! &0! Y%(!
.(*+($(-(* 1O:!,5$0*($!
! Y%(! +(! E#-(!+%:!
($0 #* ! Y%(! $0!
#.0*+#-,0$(:! 3 +(! *(-0$0A-#$!
0! (:7%(*A0! ($!
-010!
#&50 .#*+(! '(! %$! 5*%.0! #&! Y%(! ',-(:! .(*+($(-(* ! Y%(! ,5$0*($! +%:! #.0*+#-,0$(:! 3 0! (:7%(*A0! ($!
!Y%(!+(!'(:#-*(',+($!0!:(!',:1,$%3#!+%!:+#+%:!($!%$#!-,*-%$:+#$-,#!'(+(*1,$#'#!0!Y%(!$0!:(!
#&50 !Y%(!+(!'(:#-*(',+($!0!:(!',:1,$%3#!+%!:+#+%:!($!%$#!-,*-%$:+#$-,#!'(+(*1,$#'#!0!Y%(!$0!:(!
8#&0*(!$%(:+*0!*0&!-010!.#'*(:K! (7(:K!-0&(5#:K!',*(-+,80: !!P'($+,7,-#*!Y%G!(:!&0!Y%(!$0:!($0 #K!$0:!
8#&0*(!$%(:+*0!*0&!-010!.#'*(:K! (7(:K!-0&(5#:K!',*(-+,80: !!P'($+,7,-#*!Y%G!(:!&0!Y%(!$0:!($0 #K!$0:!
#3%'#*O!#!-0$+*0&#*!&#!(10-,2$!.#*#!.0'(*!(:-%-E#*!'(!1#$(*#!#-+,8#C!!
#3%'#*O!#!-0$+*0&#*!&#!(10-,2$!.#*#!.0'(*!(:-%-E#*!'(!1#$(*#!#-+,8#C!!
!
! 4(-( ,'#'( !7%$'#1($+#&( !!
! 4(-( ,'#'( � !7%$'#1($+#&( !!
(-0$0-,1,($+09!6:!&#!$(-(:,'#'!'(!Y%(!:(!8#&0*(!(&!1G*,+0!'(!$%(:+*0:!
! � .($:#1,($+0:K!:($+,1,($+0:!3!#--,0$(:!!
(-0$0-,1,($+09!6:!&#!$(-(:,'#'!'(!Y%(!:(!8#&0*(!(&!1G*,+0!'(!$%(:+*0:!
!
! � .($:#1,($+0:K!:($+,1,($+0:!3!#--,0$(:!!
%+0$01 #9!?(:.(+0!#!&#!&,F(*+#'!.#*#!+01#*!'(-,:,0$(:!!
! � %+0$01 #9!?(:.(+0!#!&#!&,F(*+#'!.#*#!+01#*!'(-,:,0$(:!!
� (*+($($-,#9!S(*!*(-0$0-,'0!-010!,5%#&!3!$0!-010!#&5%,($!(H+*# 0!-%3#!.*(:($-,#!
!
! � (:!#1($#A#!!
(*+($($-,#9!S(*!*(-0$0-,'0!-010!,5%#&!3!$0!-010!#&5%,($!(H+*# 0!-%3#!.*(:($-,#!
! � (:!#1($#A#!!
+#+% 9!40!:(*!+*#+#'0:!-010!,$7(*,0*(:C!!
!
�
� +#+% 9!40!:(*!+*#+#'0:!-010!,$7(*,0*(:C!!
0&9! #&0*#-,2$!'(!&#!,1.0*+#$-,#!'(!&0:!',:+,$+0:!*0&(:!Y%(!*(.*(:($+#10:!($!&#!
!
! � 8,'#C!!
0&9! #&0*#-,2$!'(!&#!,1.0*+#$-,#!'(!&0:!',:+,$+0:!*0&(:!Y%(!*(.*(:($+#10:!($!&#!
! 8,'#C!!
! !
!
!S,$! (1F#*50K! (:+0! (:! :2&0! %$! &#'0! '(! &#! 10$('#C! 6&! 0+*0! &#'0! ! (:! ,'($+,7,-#*! -%O&(:! '(! (:+#:!
!
S,$! (1F#*50K!$0!
$(-(:,'#'(:! (:+0! (:!*(-0$0-,($'0!
(:+O:! :2&0! %$! &#'0!+ '(! ! #&!&#! 10$('#C! 6&!
,$+(*&0-%+0*! 0+*0!
.#*#! &#'0!
Y%(! (:! ,'($+,7,-#*!
:(! :,($+#! -%O&(:!
7*%:+*#'0! 3! ($0'(! (:+#:!!
#'0C!
$(-(:,'#'(:!
.%('(:! $0! (:+O:!
#.*($'(*! *(-0$0-,($'0!
#! ,'($+,7,-#*! &0! +Y%(!
! #&! ,$+(*&0-%+0*!
&(! 10&(:+#! .#*#!
#! +%!Y%(! :(! :,($+#! 7*%:+*#'0!
,$+(*&0-%+0*! 3! +01#*!3!&#:!
($0#--,0$(:!
#'0C! !
.%('(:! #.*($'(*!.#*#!
-0**(:.0$',($+(:! #! ,'($+,7,-#*!
Y%(! 1( 0*(! &0! (&!
Y%(! &(! 10&(:+#!
#1F,($+(! '(! &#! #! +%! ,$+(*&0-%+0*!
$(50-,#-,2$! 3! +01#*!
3! &#! *(&#-,2$C! ! 6$!&#:! #--,0$(:!
(&! :,5%,($+(!
=
-0**(:.0$',($+(:! .#*#! Y%(! 1( 0*(! (&!
-%#'*0!E#3!:%5(*($-,#:!.#*#!&05*#*&0 9! #1F,($+(! '(! &#! $(50-,#-,2$! 3! &#! *(&#-,2$C! ! 6$! (&! :,5%,($+(!
=
-%#'*0!E#3!:%5(*($-,#:!.#*#!&05*#*&0 9!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
=
!>1F0:!-%#'*0:!:0$!#'#.+#-,0$(:!'(&!&,F*0!DPS 6?K!?05(*! !S >)P? !B#$,(&C!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !T(30$'!?(#:0$C! :,$5!
610+,0$:!#:!I0%!4(50+,#+(C!)($5%,$!T00
= :C!4(N!I0*
!>1F0:!-%#'*0:!:0$!#'#.+#-,0$(:!'(&!&,F*0!DPS C!!
6?K!?05(*! !S >)P? !B#$,(&C! !T(30$'!?(#:0$C! :,$5!
610+,0$:!#:!I0%!4(50+,#+(C!)($5%,$!T00 :C!4(N!I0* C!!
! 14 !
! !
 --,0$( !#7,*1#+,8# !'(!&# !$(-( ,'#'( !7%$'#1($+#&( !!
� (-0$0-,1,($+09! 6$+,($'(! (&! .%$+0! '(! 8,:+#! '(&! 0+*0C! 6$-%($+*#! %$! 1G*,+0! ($! &0!
Y%(! (&! 0+*0! .,($:#K! :,($+(! 0! E#-(! 3! 1%G:+*#:(&0! -0$! .#&#F*#:! 0! #-+,+%'(:! '(!
1#$(*#!E0$(:+#C!
� %+0$01 #9! 6H.#$'(! &#! +%3#! .*0.,#! 3! $0! 8%&$(*(:! &#! '(&! 0+*0C! +,&,A#! (&! "G+0'0!
P/49! P$70*1#K! /0$:%&+#K! 4(50-,# C! ! ?(-%(*'#! Y%(K! :,! E#3! #&50! Y%(! *(-E#A#10:! (:!
Y%(!$0:!',5#$!&0!Y%(!+($(10:!Y%(!E#-(*C!
� (*+($($-,#9! /0$8,(*+(! #! +%! #'8(*:#*,0! ($! %$! -0&(5#C! T%:-#! &#:! -0$(H,0$(:!
(:+*%-+%*#&(:! Y%(! +,($(:! ($! -01 $! -0$! (&! 0+*0! 0! -*(#! $%(8#:C! IK! ($-%($+*#! 3!
701($+#!&#:!-0$(H,0$(:!.(*:0$#&(:!!-*(#$'0!%$!#1F,($+(!:(5%*0!3!#5*#'#F&(C!!
� +#+% 9!?(-0$0-(!&#!.0:,-,2$!'(&!0+*0!($!'0$'(Y%,(*#!Y%(!:(#!$(-(:#*,0C!"%(:+*#!
*(:.(+0!.0*!:%!(:+#+%:C!!
� 0&9! ?(-0$0-(! &0:! *0&(:! -0$8($-,0$#&(:! Y%(! &0:! 0+*0:! '(:(#$! %5#*C! ! B(:(1.( #!!
&0:! .*0.,0:! :,$! 0:+($+#-,2$C! ?(-%(*'#! Y%(9! 40! (*(:! 1O:! 0! 1($0:! Y%(! (&! 0+*0K!
+,($(:!%$!*0&!',:+,$+0!3!(:!,1.0*+#$+(K!.0*!#&50!(:+O$!#E@ !
! !

+ "'&('&)%*'"2( " (-&.(*

/0* + "'&( *"* + (-+( **
+03+6-",$ "'73/"$ /+710)"0)C/$ -1/-+$ /)/73/1$ -+$ '",$ -1,$ *"6(+,$ 23)+6+$ 0+-+6$ *1623+$ 06++$ (+/+6$
(1-"$'"$6"EC/ $ /$+F+%*'1$01%1$+'$,)73)+/(+;$LI1,$1*1/+%1,$61(3/-"%+/(+$"$23+$,+$01/,(63#"$'"$
*6+,"$+/$/3+,(6"$01%3/)-"-M$:,$L?'$*61#+0(1$-+$01/,(6300)C/$-+$'"$*6+,"$+/$'"$01%3/)-"-$/"-)+$'1$
-+()+/+M;$/1,$"#3-"$"$+/(+/-+6$23+$,)$'",$-1,$*"6(+,$(6"("/$-+$''+7"6$"$3/$"03+6-1$,C'1$8","-1,$+/$
,3,$*1,)0)1/+,$1$-+%"/-"$)/)0)"'$L,B$"$'"$*6+,"M$$L/1$"$'"$*6+,"M;$'1$23+$"'0"/E"6</$,+6<$3/$6+7"(+1;$
/1$3/"$/+710)"0)C/4$$
1-"$$/+710)"0)C/$8","-"$+/$*1,)0)1/+,$-+,7",("$"$'",$*"6(+,$*16$'"$)/:+6,)C/$-+$+/+67B"$+/$(6"("6$
-+$-18'+7"6$"'$1(61;$"$%+/3-1$01/$6+,3'("-1,$*101$"(6"0():1,$*"6"$"%8",$*"6(+,4$$?'$)/(+60"%8)1$
-+$*6+,)1/+,$#$'"$'30A"$-+$:1'3/("-+,$23+$+,(+$()*1$-+$/+710)"0)C/$7+/+6";$,3+'+$%)/"6$'"$6+'"0)C/$
+/(6+$'",$*"6(+,$"'$01/.3/-)6$"$'",$*+6,1/",$01/$+'$$*618'+%"$,186+$+'$03"'$,+$/+710)"4$N$.)/"'%+/(+;$
'"$/+710)"0)C/$*1,)0)1/"'$''+:"$"$'1,$/+710)"-16+,$"$+/0+66"6,+$+/$,3$*61*)"$*1,(36"4$?,(1$7+/+6"$
3/"$6+-300)C/$+/$+'$)/(+60"%8)1$-+$)/.16%"0)C/$23+$)/-30+$"$"0"8"6$'"$/+710)"0)C/$L*"6()+/-1$'"$
-).+6+/0)"M$ #$ 7+/+6"/-1$ "03+6-1,$ 23+$ ,+$ 23+-"/$ 016(1,$ +/$ '"$ 06+"0)C/$ -+$ :"'16$ #$ -+$ 7"/"/0)",$
%3(3",4$$

15
! !
8+%5 56)+#%:5%+*%$*-*$ * %%

?,(+$03+/(1$+,$0'<,)01$+/$+'$<%8)(1$-+$'"$/+710)"0)C/G$$

1,$/)H",$,+$*+'+"/$*16$'"$&/)0"$/"6"/F"$23+$23+-"$+/$+'$.63(+61$-+$'"$0","4$$5"$%"-6+$,+$-"$03+/("$
-+$+,"$-),03,)C/$*16$"*61*)"6,+$-+$'"$/"6"/F"$#$*"6"$01/(61'"6$'"$,)(3"0)C/$*"6(+$'"$/"6"/F"$+/$-1,$#$
-"$"$0"-"$3/"$'"$%)("-$-+$'"$/"6"/F"4$5",$/)H",$(1%"/$,3$%)("-$01/$.63,(6"0)C/4$$

3"/-1$,+$,+*"6"/;$3/"$/)H"$+K*6)%+$+'$F371$-+$'"$/"6"/F"$#$'"$1(6"$6"''"$'"$0<,0"6"$*"6"$A"0+6$3/$
*",(+'4$5"$%"-6+$23+$18,+6:"$'"$+,0+/"$,+$-"$03+/("$23+$,)$A38)+6"$*6+73/("-1$"/(+,$ *"6"$23>$
23)+6+/$'"$/"6"/F" $9+7361$0"-"$3/"$A38)+6"$23+-"-1$,"(),.+0A"$01/$'"$*"6(+$23+$23+6B"$-+$'"$
/"6"/F";$+'$F371$1$'"$0<,0"6"4$$

0*12*%+ "'&( " *+,&'( *

9)$'"$/+710)"0)C/$8","-"$+/$*1,)0)1/+,$+,$("/$-+,7",("/(+$+$)/+.)0)+/(+;$ 23>$-+8+%1,$A"0+6$*"6"$
'176"6$ 3/"$ /+710)"0)C/$ +.)0"E;$ 7+/+6"-16"$ -+$ :"'16$ #$ 23+$ .16("'+E0"$ '",$ 6+'"0)1/+,$ A3%"/", %
-065-#%-5/#-:*-%5+%)-0$/0)0#%5$'$/0*:#%*$25. %.5)*-5%*%+*.%)5-.#$*.%:5+%)-#,+56*4$?'$*618'+%"$
+,$ +'$ ",3/(1$ 01/06+(1$ +/$ -),*3("G$ ,"'"6)1;$ -+,*)-1,;$ ."'("$ -+$ "73"$ *1("8'+;$ 01/("%)/"0)C/;$
)/,+736)-"-;$+(04$5"$*+6,1/"$#$'"$6+'"0)C/$23+$()+/+/$23)+/+,$+,(</$/+710)"/-1$+,$"'71$-).+6+/(+4$
1/.3/-)6$+,(1,$-1,$/):+'+,$''+:"$01/$.6+03+/0)"$"$"-F3-)0"6$"$'"$*+6,1/"$'"$03'*"$-+'$*618'+%"$,)/$
6+,1':+6'1$1;$-+,"(+/-+6$'"$,1'30)C/$-+'$*618'+%"$*16$/1$0"3,"6$-),73,(1$"$'"$*+6,1/"4$$
9)$ /3+,(6"$ %+("$ +,$ ,+6$ 3/$ /+710)"-16$ +.+0():1;$ '"$ ("6+"$ +,$ (+/+6$ ,)+%*6+$ *6+,+/(+$ +'$ *6)/0)*)1G$
,+*"6"6$"$'"$*+6,1/"$-+'$*618'+%"4$N"$+/$'"$,+,)C/$"/(+6)16$:)%1,$"'73/",$A+66"%)+/(",$23+$/1,$
*+6%)(+/$,+6$,3":+,$ 01/$ '"$ *+6,1/";$ '"$ +,030A"$"0():"$#$'"$+K*6+,)C/$",+6():"4$@A16"$:+6+%1,$'",$
A+66"%)+/(",$*"6"$,+6$-361$01/$+'$*618'+%"4$$

1 * 1 *

* *

* **** *

$(.+*'"%*2( * + "%( * %*0 !-0$!(&! *0=&(1#!

1 '$' (*('-&.(* !

1 + &)%*( + -&.(* ( " * +*2(* + "'&('&)%*'"2( " (-&.(*

!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
;
!!>'#.+#-,2$!'(&!-%($+0!'(!6'N#*'! #%771#$K! #&&(*(:!,$$08#'0*(:!.#*#!&#!+*#$:70*1#-,2$!'(!-0$7&,-+0:C!
!B0-%1($+0!(&(-+*2$,-0K!;<<VC!!
16
! !
?'$%>(1-1$-+$'"$$57#/0*/0;$%/#+*,#-*20?*$/1,$*+6%)(+$-+,"661''"6$$/+710)"0)1/+,$*61-30():",$23+$
*3+-"/$,"(),."0+6$/3+,(61,$)/(+6+,+,$#$/+0+,)-"-+,$#$*6+,+6:"6$+$)/0'3,1$%+F16"6$'",$6+'"0)1/+,$01/$
/3+,(6",$ 01/(6"*"6(+,4$ I1$ ,C'1$ 01/,+73)6+%1,$ '1$ 23+$ 23+6+%1,;$ ,)/1$ 23+$ ("%8)>/$ '"$ 1(6"$ *"6(+$
23+-"6<$ ,"(),.+0A"$ 01/$ +'$ 6+,3'("-1$ "'$ "%*')"6,+$ '",$ 1*0)1/+,$ -+$ ,1'30)C/$ %3(3"$ -+'$ *618'+%"$ +/$
-),*3("4$

0*12* "'+ "* +*%+ "'&('&)% *

1/,0)+/(+,$ -+$ 23+$ '"$ *+6,1/"$ /1$ +,$ +'$ *618'+%";$ "A16"$ ,+$ 6+23)+6+$ 3/$ "-+03"-1$ "/<'),),$ -+'$
%),%1$ *"6"$ (6"/,.16%"6'1$ 01/,(630():"%+/(+4$ =16$ +,1$ +,$ *6+0),1$ *6+*"6"6,+$ *"6"$ '"$ /+710)"0)C/$
*","/-1$ *16$ 3/"$ ,+6)+$ -+$ *",1,$ 23+$ (1%"/$ +/$ 03+/("$ +'+%+/(1,$ 0'":+,$ 23+$ /1,$ *+6%)()6</$$
.10"')E"6$+/$'1,$-):+6,1,$",*+0(1,$+/$+'$*618'+%"$"$6+,1':+6G$

# P'($+,7,-#*!&0:! $+(*( ( ! !$(-( ,'#'( !.0*!'(+*O:!'(!&#:! 0 ,-,0$( !3!70-#&,A#*:(!($!&0:!

.*,1(*0:!
F ($(*#*! -,0$( !'(!F($(7,-,0!1%+%0C!
- P'($+,7,-#*!/*,+(*,0 ! = (+,80 !.#*#!(8#&%#*!&#:!0.-,0$(:C!
' P'($+,7,-#*!:%! 4! "( 0*!>&+(*$#+,8#!#&!>-%(*'0!4(50-,#'0 !

$
*
# 0! ! $+(*( ( ! , +,$5%(! 0 ,-,0$( !'(!,$+(*( ( ! +0 !'(7,$($!(&! *0=&(1# !!!!!!!!
! !

B,:+,$5%(!&#:!.0:,-,0$(:!'(!&0:!,$+(*(:(:C!S0$!G:+0:!&0:!Y%(!'(7,$($!(&!.*0F&(1#C!X#:!.0:,-,0$(:!:0$!
&#:! ! '(1#$'# ! ,$,-,#&( ! ($! -%#& %,(*! -0$7&,-+0 ! X0:! ,$+(*(:(:! :0$! '( (0 ! +(10*( !
*(0-% #-,0$( !( (*#$ # ! !$(-( ,'#'( ! %(! %= #-($!#!&# ! 0 ,-,0$( !6:+0!7%$-,0$#!-010!%$!
,-(F(*5K!'(!($+*#'#!:2&0!8(10:!&#:!.%$+#:!'(&!1,:10K!.(*0!:,!(H.&0*#10:!'(F# 0!'(!&#!:%.(*7,-,(!
($-0$+*#*(10:!%$#!#1.&,#!-#.#!'(!,$+(*(:(:!3!$(-(:,'#'(:C!!
!X#:!:,5%,($+(:!.*(5%$+#:!+(!#3%'#*O$!#!-0$0-(*!&0:!,$+(*(:(:!3!$(-(:,'#'(:!'(!+%!,$+(*&0-%+0* !!!
>3 '(1(!#!($+($'(*!:%:!$(-(:,'#'(: !
%G!&05*#!%:+('!-0$!(:0 !
)0*!Y%G!(:!+#$!,1.0*+#$+(!(:0!.#*#!%:+(' !
%G!F($(7,-,0:!0F+,($(!%:+('! 0!:%!-01%$,'#' !-0$!(:0 !!
S(5 $!($+,($'0!:%:!.*(0-%.#-,0$(:!-($+*#&(:!!:0$ ! 6:+03!'( #$'0!7%(*#!#&50!,1.0*+#$+( !
!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
Q
!T#:#'0!!($!(&!10'(&0!'(:#**0&&#'0!.0*!(&!)*03(-+0!'(!4(50-,#-,2$!'(!&#! $,8(*:,'#'!'(! #*8#*'K!*(:%1,'0!
($!(&!7#10:0!&,F*0!'(! *3!3!D,:E(*! S@K!! '(!>-%(*'0 !!/210!$(50-,#*!:,$!-('(* C!!

17
! !
 $+(*( ( !-01%$( !
! S0$!#Y%(&&0:!Y%(!#1F#:!.#*+(:!-01.#*+($!3!-0,$-,'($!($!Y%(!:0$!0F (+,80:!#!#&-#$A#*!
7*($+(!#&!-0$7&,-+0C!
$+(*( ( !0 %( +0 ! !
! S0$!#Y%(&&0:!($!&0:!Y%(!+0'0!&0!Y%(!:(!&&(8#!%$0K!(&!0+*0!&0!.,(*'(!3!&#! $,-#!1#$(*#!'(!
-0$5($,#*!&#:!#:.,*#-,0$(:!'(!#1F0:K!(:!.#*+,($'0!&#!',7(*($-,#C!
$+(*( ( !',7(*($+( !
! S0$!#Y%(&&0:!Y%(!:0$!'(!#&+0!*($',1,($+0!.#*#!%$0!3!'(!F# 0!-0:+0!.#*#!(&!0+*0C!
?(7&( #$!&#:!',:+,$+#:!.*,0*,'#'(:!'(!&0:!#-+0*(:C!S0$!&#!7%($+(!'(!-*(#-,2$!'(!8#&0*C!!!

# 0! ! -,0$( !! $+( !'(!'(-,',* !#1 & #!+%!#=#$,-0!'(!0 -,0$( !!!!!!!!!

X#:!0 -,0$( !#!&#:!Y%(!$0:!*(7(*,10:!($!(:+(!-0$+(H+0K!:0$!.*0.%(:+#:!'(!:0&%-,2$!#&!.*0F&(1#C!6$!

(&! &($5%# (! '(! &#! $(50-,#-,2$! :(! ',:+,$5%(! ($+*(! 0.-,2$! 3! #&+(*$#+,8#C! X#! #&+(*$#+,8#! (:! #Y%(&&#!
:,+%#-,2$!#!&#!Y%(!.0'(10:!*(-%**,*!:,!-0$:,'(*#10:!Y%(!$%(:+*0:!,$+(*(:(:!3!$(-(:,'#'(:!$0!:0$!
#'(-%#'#1($+(!:#+,:7(-E0:!($!&#!1(:#!'(!$(50-,#-,2$C!6$!&($5%# (!-0&0Y%,#&!(:!$%(:+*0! )&#$!T !0!
:#&,'#!'(!(1(*5($-,#C!!
)*(5%$+#:!.#*#!,'($+,7,-#*!&#:!0.-,0$(:9!!
• I0!1(!,1#5,$0!#&5%$#:K!.(*0!1(!($-#$+#*@#!(:-%-E#*&0C!
• T# 0!Y%G!-,*-%$:+#$-,#:!(:+#*@#!%:+('!'(!#-%(*'0!-0$ !
• S0&,-,+#!-0$:( 09! /210!-*((!%:+('!Y%(!(:!&#!1( 0*!1#$(*#!'(!*(:0&8(*!(:+(!.*0F&(1# !!
• %G!.#:#!:,!.0$(10:!($!1#*-E# !!

# 0! ! '($+,7,-#-,2$!-*,+(*,0 !0= (+,80 ! /('(!#$+(!&0 ! *,$-, ,0 !$0!#$+(!&# ! *( ,0$( !!!

X0:!-*,+(*,0:!0F (+,80:!:(!.*(:($+#$!-010!%$#!8#*#!'(!1(',-,2$!,$'(.($',($+(!'(!&#!80&%$+#'!'(!
&#:! .#*+(:K! 3! Y%(! :,*8($! .#*#! (8#&%#*! &#:! 0.-,0$(:! #&! -0$7&,-+0C! 6:+#! 8#*#! '(! 1(',-,2$! '(F(*@#!
(8#&%#*:(!($!7%$-,2$!'(!-*,+(*,0:!'(! %:+,-,#!-01%$(:!#!#1F0:C!
)*(5%$+#:!.#*#!:#F(*!:,!(H,:+($!-*,+(*,0:!0F (+,80:!-010!:%:+($+09!!

• /210!&&(52! :+('!#!(:#!-0$-&%:,2$ !!
• )0*!Y%G!-0$:,'(*#!Y%(!(:0!(:! %:+0 !!
• %G!#*5%1($+0!:%:+($+#!(:#!-0$-&%:,2$ !!
• /210!1#$( #$!0+*0:!(&!1,:10!.*0F&(1# !!
4$$

18
! !
 # 0! ! '($+,7,-#*!(&! 4!0! &#$! !

4 ! ( 0*! &+(*$#+,8#!#!%$! -%(*'0!4(50-,#'0 !!!!!!!

),($:#9!S,!$0!0F+($50!&#!1( 0*!:#+,:7#--,2$!'(!1,:!,$+(*(:(:!($!&#!1(:#K! %G!.%('0!E#-(*!7%(*#!

'(!&#!!1(:#!'(!$(50-,#-,2$!.#*#!:#+,:7#-(*&0: !!
X#:!#&+(*$#+,8#:!$0:!.(*1,+($!*('%-,*!&#!#$:,('#'!.0*!&&(5#*!#!%$!#-%(*'0!#%$Y%(!:(#!'(:8($+# 0:0!
0! .0F*(! ($! #-%(*'0:C! X#! #&+(*$#+,8#! (:! &#! 7%($+(! '(! .0'(*! '(! -#'#! ! .#*+(! ($! %$#! $(50-,#-,2$! 3!
.(*1,+(!&05*#*!#-%(*'0:!'(!-#&,'#'C!?(-%(*'#!Y%(!(&!">>4!(:!:2&0!%$!.%$+0!'(!*(7(*($-,#K!$0!%$!
*(:%&+#'0! 7,$#&C! >'(1O:! Y%(! :(#! %$! .%$+0! '(! (1.0'(*#1,($+0! .#*#! +,K! $0! :,5$,7,-#! Y%(! :(#! %$!
-#:+,50!.#*#!+%!-0$+*#.#*+(C!!

)*(5%$+#:! .#*#! ,'($+,7,-#*! +%! ">>4! 3! (&! '(! +%! :0-,0! 3! +01#*! +%:! .*(-#%-,0$(:! 3K! :0F*(! +0'0! +%:!
'(-,:,0$(:9!

/%O&!(:!(&!">>4!'(!G&!0!'(!(&&0: !!
%G!(:+O$!',:.%(:+0:!#!E#-(*!:,!$0!0F+,($($!#&50!:%7,-,($+(!($!&#!$(50-,#-,2$ !!
%G!(:!&0!.(0*!Y%(!+(!.%('($!E#-(* !!
S,!%:#$!:%!">>4! -210!+(!#7(-+#*O$ !
/210!.%('(:!,$-,',*!:0F*(!(:+(!">>4 !
,($(:!%$!10'0!'(!-#1F,#*!:%!#&+(*$#+,8#!'(!#&5 $!10'0 !!

# 0! ! *0 %( +# ! #+, 7#-+0*,# !,$-&% ($+( ! !&(5,+,1#'# !!!!!!!!!!!!!!!!!!! !!!!!!!!!!!!!!

)#*#! -0$:+*%,*! .*0.%(:+#:! Y%(! '( ($! :#+,:7(-E#:! #! &#:! .#*+(:! .0*Y%(! :(! :,($+($! ,$-&%,'#:! 3!
&(5,+,1#'#:! ($! :%:! ,$+(*(:(:K! :(! '(F($! *(+01#*! -0$! -%,'#'0! &#:!0.-,0$(:! +*#F# #'#:! ($! (&! .%$+0!
+*(:! '(! (:+#! :(--,2$C! 6:+0! (:K! #Y%(&&#:! 0.-,0$(:! :%F (+,8#1($+(! :#+,:7#-+0*,#:! 3! &(5,+,1#'#:! -0$!
-*,+(*,0:!0F (+,80:!.0*!&0:!.#*+,-,.#$+(:!($!%$#!1(:#!'(!$(50-,#-,2$C!!
� /"$:+E$.16%3'"-"$'"$*61*3+,("$,+$6+:),"6</$'",$1*0)1/+,$"$'"$'3E$-+$'",$,)73)+/(+,$*6+73/(",G$$
! 6$!8(*'#'! +,($(:! %$! F%($! #-%(*'0 ! 6:+03!-%1.&,($'0!-0$!1,:!$(-(:,'#'(:!(!,$+(*(:(:!
.*,0*,+#*,0:!1O:!#&&O!'(!1,!.0:,-,2$!,$,-,#&!3!-0$!&0:!,$+(*(:(:!'(! B S!&0:!.#*+,-,.#$+(: !
! S%.(*#!&#!.*0.%(:+#!$(50-,#'#!1,!">>4!0!.&#$!T !
! ,($(!*(#&(:!.0:,F,&,'#'(:!'(!:(*!,1.&(1($+#'0 !!
! 6&!#-%(*'0!-%($+#!-0$!%$!.*0-(',1,($+0!.#*#!*(:0&8(*!-0$+*08(*:,#: !
!

19
?'$,)73)+/(+$03"-61$6+,3%+$'",$-).+6+/0)",$+/(6+$'",$"0()(3-+,$01/.')0():",$#$'",$01'"816"():",$+/$+'$
%"601$-+$'1,$*610+,1,$-+$/+710)"0)C/4$ $
,$ 1,-#!'(&!/0$7&,-+0! ,$ 1,-#!'(!&#!/0&#=0*#-,2$!

S(!,'($+,7,-#!(&!.*0F&(1#!-0$!&#:!.(*:0$#:! S(.#*#*!&#:!.(*:0$#:!'(&!.*0F&(1#!

)0:,-,0$(:!*@5,'#:!3!+(*1,$#$+(:! T%:-#*!.0*!'(+*O:!'(!&#:!.0:,-,0$(:!

P$+(*(:(:!-0$7%:0:!3!5($G*,-0:! P'($+,7,-#*!-&#*#1($+(!&0:!,$+(*(:(:!

#3!%$!:0&0!&#'0!'(!&#!E,:+0*,#! (&!.*0.,0 ! ?(.&#$+(#*!&0:!+G*1,$0:!'(&!-0$7&,-+0!

S0&0!E#3!%$#!0.-,2$! &#!.*0.,# ! ($(*#*!0.-,0$(:!-*(#+,8#:!

S0&0!.%('(!%:#*:(!%$!-*,+(*,0! (&!.*0.,0 ! +,&,A#*!-*,+(*,0:!0F (+,80:!&(5@+,10:!

S0&0!E#3!%$#!#&+(*$#+,8#9!(:-#&#*! 6H.&0*#*!&#:!#&+(*$#+,8#:!#&!#-%(*'0! ">>4 !

S0&0!E#3!%$#!.*0.%(:+#!'(7,$,+,8#! &#!.*0.,# ! D0*1%&#*!.*0.%(:+#:!,$-&%3($+(:!!

! ,=&,05*#7 #!= ,-# !!

!
! 05(*! ! ! #$,(& ! T(30$'! ?(#:0$C! :,$5! 610+,0$:! #:! I0%! 4(50+,#+(C!
)($5%,$!T00 :C!4(N!I0* C!!
/ ! 05(* ! ! ,&&,#1 ! #++0$ ! *%-(! K!9B$ $ -+$"03+6-1 $ C%1$/+710)"6$,)/$0+-+64$
;'#C!6',-,2$ C! *%.0!6',+0*,#&!40*1#K!T050+OC!
! ,10$ ! 4 ! # ('! ! 0+*0 ! ! 6"8"F"/-1$ 01/$ +'$ 1/.')0(14$ !"8)')-"-+,$ #$
+,(6"(+7)",$ *"6"$ '"$ "00)C/ ! /($+*0! '(! 6:+%',0:! .#*#! (&! B(:#**0&&0! 3! &#! B(10-*#-,#! /6)>B6 K!
%#+(1#&#K!($!#:0-,#-,2$!-0$!?(:.0',$5!+0!/0$7&,-+C!!
/ ! 0 $! #%&! K! ?/6+-1,$ ='+)(1,$ #$ =618'+%",4$ /"$ 73B"$ *6<0()0"$ *"6"$ "#3-"6$ "$
6+,1':+6$01/.')0(1,C!6',-,0$(:!S(1,&&#K! %#+(1#&#C!!
! ,&&,#1! K! 93*+6+$ +'$ I $ C%1$ /+710)"6$ 01/$ *+6,1/",$ 23+$ "-1*("/$ *1,)0)1/+,$
18,()/"-",C! *%.0!6',+0*,#&!40*1#K!T050+OC!!
!

&!/($+*0!'(!/0&#=0*#-,2$!/ 8,-#! /// !(:!%$#!0*5#$,A#-,2$!-,8,&!$0!.#*+,',:+#!3!:,$!7,$(:!'(!&%-*0K!

-%3#!1,:,2$!(:!70*+#&(-(*!&#!'(10-*#-,#!($!"GH,-0!#!+*#8G:!'(!&#!.*010-,2$!'(!(:.#-,0:!(7(-+,80:!
'(!',O&050K!-0&#F0*#-,2$!3!1#$( 0:!'(!-0$7&,-+0:!Y%(!-0$+*,F%3#$!#!&#!-0$:+*%--,2$!'(!#-%(*'0:!($!
#:%$+0:!'(!,$+(*G:!. F&,-0K!#:@!-010!#!&#!70*1#-,2$!'(!-,%'#'#$0:!-#.#-(:!'(!,1.%&:#*!.*0-(:0:!
'(!-#1F,0!(7(-+,80:!($!(&!1#*-0!'(!%$#!-0$8,8($-,#!'(10-*O+,-#!3!.&%*#&C!B(:'(!:%!-*(#-,2$K!($!
;<<JK! (&! ///! 70*1#! .#*+(! '(! %$#! *('! ,$+(*$#-,0$#&! '(! 0*5#$,A#-,0$(:! '(',-#'#:! #! &#! *(:0&%-,2$!
.#-@7,-#!'(!-0$7&,-+0:!&&#1#'#!="6(/+6,$.16$ +%106"()0$ A"/7+C!!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
M
! D%($+(9! 1#+(*,#&(:! 5*O7,-0:! '(! #.,#! 3! B,(A! /0$:%&+0*(: ! 3! '(! ,&&,#1! *3! .*(:($+#'0:! ($! ',8(*:0:!
:(1,$#*,0:!!:0F*(!$(50-,#-,2$C!

20
! !
 Manual del Participante

Comunicación y
Negociación Efectiva

Rosario Espinoza M.
(Autora)

Centro de Colaboración Cívica A.C.

Miembros de Partners for Democratic Change International