multiple streams of in come
TRANSCRIPT
1
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0,1($,(2'.'*+$'(+(#%-'$%!'(
,-(".#%!%$'3(1'+#$04(!"#$%&'()*(+,-$($./+++
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01234526+'37689:+;<+$=>;96+"14>?!'3873+@14A6+ 2
%;5B74CD3+EFFG+*;H673+@I+)226=I+)22+74CD3:+76:67J6AI++
/;+5873+;<+3D4:+51H24>834;=+98B+H6+7657;A1>6AK+:3;76A+4=+8+763746J82+
:B:369K+;7+378=:94336A+4=+8=B+<;79+;7+HB+8=B+968=:K+626>37;=4>K+
96>D8=4>82K+5D;3;>;5B4=CK+76>;7A4=CK+:>8==4=CK+;7+;3D67L4:6K+6M>653+8:+
56794336A+1=A67+'6>34;=+NFO+;7+NFP+;<+3D6+NGOQ+#=436A+'3836:+%;5B74CD3+
)>3K+L43D;13+643D67+3D6+574;7+L74336=+56794::4;=+;<+3D6+)13D;7I+
+
R4943+;<+R48H4243BS-4:>284967+;<+T8778=3BU+TD426+3D6+51H24:D67+8=A+813D;7+
D8J6+1:6A+3D647+H6:3+6<<;73:+4=+5765874=C+3D4:+H;;?K+3D6B+98?6+=;+
76576:6=3834;=:+;7+L8778=346:+L43D+76:56>3+3;+3D6+8>>178>B+;7+
>;952636=6::+;<+3D6+>;=36=3:+;<+3D4:+H;;?+8=A+:56>4<4>822B+A4:>2849+8=B+
495246A+L8778=346:+;<+967>D8=38H4243B+;7+<43=6::+<;7+8+58734>1287+5175;:6I+
/;+L8778=3B+98B+H6+>76836A+;7+6M36=A6A+HB+:826:+76576:6=3834J6:+;7+
L74336=+:826:+98367482:I+(D6+8AJ4>6+8=A+:37836C46:+>;=384=6A+D6764=+98B+
=;3+H6+:1438H26+<;7+B;17+:431834;=I+(D6+51H24:D67:+8=A+813D;7+876+=;3+
6=C8C6A+4=+76=A674=C+57;<6::4;=82+:67J4>6:K+8=A+B;1+:D;12A+>;=:123+8+
57;<6::4;=82+LD676+8557;574836I+/643D67+3D6+51H24:D67+=;7+813D;7+:D822+
H6+248H26+<;7+8=B+2;::+;<+57;<43+;7+8=B+;3D67+>;9967>482+A898C6:K+
4=>21A4=C+H13+=;3+249436A+3;+:56>482K+4=>4A6=382K+>;=:6V16=3482K+;7+;3D67+
A898C6:I+
+
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3
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+ (D6+(D766+@7683+0;=6B+0;1=384=:+ + 43+ +
"'$/&,(!7++ ++++Y;17+X47:3+'37689U+'1>>6::+$=+(D6+'3;>?+087?63+Z+
++++$=J6:34=C+X;7+(;382+$A4;3:+ + + + + + 66!
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+ X;17+T8B:+3;+08C=4<B+Y;17+*6317=:+ + + + 68!
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+ 8=A+X245567:++ + + + + + + 03+
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+ EF+W67>6=3+;7+0;76+;=+Y;17+0;=6B!!! ! ! ! 97+
"'$/&,(!;! Y;17+'4M3D+'37689U+.W(!+[1C6+W7;<43:+HB+W8B4=C+
+ .3D67+W6;526^:+(8M6:+ + + + + + 34!
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+ Y;17+/6M3+X;731=6+$:+.=2B+8+%24>?+)L8B+ + + + :;+
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+ W7;5673B+83+T875+'566A+ + + + + + 88+
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01234526+'37689:+;<+$=>;96+"14>?!'3873+@14A6+ 4
/(,)$",+
+
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:694=87:K+$^J6+381CD3+3D;1:8=A:+;<+56;526+D;L+3;+8>D46J6+<4=8=>482+
<766A;9I+/;L+43^:+B;17+317=I+
+
$^9+C;4=C+3;+368>D+B;1+D;L+3;+687=+91234526+:37689:+;<+24<63496+4=>;96I+
0;76+:56>4<4>822BK+B;1^22+2687=+:6J6782+A4<<676=3+L8B:+3;+687=+3D6:6+6M378+
4=>;96+:37689:I+(D6:6+876+=;3+_1:3+;7A4=87B+:37689:+;<+4=>;96I+Y;1^22+
2687=+D;L+3;+>76836+3D6+?4=A+;<+76:4A182+4=>;96+:37689:+3D83+<2;L+4=3;+
B;17+24<6+E`+D;17:+8+A8B+6J6=+LD426+B;1+:2665I+Y;1^22+2687=+D;L+3;+>76836+
3D6:6+:56>482+:37689:+;<+4=>;96a+
+
• .=+8+5873!3496+H8:4:I+
• T;7?4=C+74CD3+<7;9+B;17+;L=+D;96I+
• #:4=C+243326+;7+=;=6+;<+B;17+;L=+9;=6BI+
• T43D+<6L+;7+=;+6952;B66:+
• #:4=C+:49526K+57;J6=+:B:369:+3D83+76822B+L;7?I+
+
$=+8AA434;=K+$+L422+:D;L+B;1+D;L+3;a+
+
• @84=+>;=37;2+;<+B;17+<4=8=>6:+
• ,87=+D4CD+7836:+;<+76317=+Z+NP+567>6=3K+bQ+567>6=3K+8=A+8:+D4CD+8:+]F+
567>6=3+Z1:4=C+243326+?=;L=+<4=8=>482+:37836C46:K+:;96+6J6=+
C1878=366A+HB+3D6+C;J67=96=3c+
5
• ,87=+8:+91>D+8:+dNKFFF+8+A8B+74CD3+<7;9+B;17+;L=+D;96I+
• 08?6+8=+6M378+d]FKFFF+3;+dNFFKFFF+8+B687+<;7+24<6I+
• W67D85:+6J6=+H6>;96+8+24<63496+9123494224;=8476I+
+
TD83+L422+822+;<+3D4:+C63+<;7+B;1e+)+24<6:3B26+3D83+C4J6:+B;1+3D6+<766A;9+3;+
A;+LD83+B;1+L8=3K+LD6=+B;1+L8=3K+8=A+L43D+LD;96J67+B;1+L8=3I++
+
08::4J6+'1>>6::K+
+
*;H673+@I+)226=+
01234526+'37689:+;<+$=>;96+
+
01234526+'37689:+;<+$=>;96+"14>?!'3873+@14A6+ 6
1-&(#2%"&1#-!
+
$^J6+C;3+C;;A+=6L:+8=A+H8A+=6L:I+X47:3+3D6+C;;A+=6L:U+$<+B;1^76+
24?6+3D6+8J678C6+/;73D+)9674>8=K+687=4=C+83+268:3+dE]KFFF+8+B687K+3D6=+4=+
B;17+24<63496+9;76+3D8=+dN+94224;=+L422+<2;L+3D7;1CD+B;17+<4=C67:I+(D83^:+8+
2;3+;<+9;=6BI+$=+;3D67+L;7A:K+B;1^76+82768AB+;=+378>?+3;+H6>;94=C+8+
24<63496+94224;=8476I+
+
/;L+<;7+3D6+H8A+=6L:U+$<+B;1^76+24?6+9;:3+56;526K+B;1^22+:56=A+43+822+
8=AK+8<367+8+24<63496+;<+687=4=CK+L422+6=A+15+L43D+829;:3+=;3D4=CI+[;L+4:+
3D83+5;::4H26e+
+
X78=?2BK+H6>81:6+=;H;AB+368>D6:+1:+8H;13+9;=6BI+T6+76>64J6+=;+
<;7982+6A1>834;=+4=+3D6+9;:3+>7434>82+;<+822+24<6+:?422:U+D;L+3;+H6>;96+
<4=8=>4822B+:1>>6::<12I+-4A+B;1+6J67K+4=+822+B;17+B687:+;<+51H24>+6A1>834;=K+
8336=A+8+>28::+>8226A+f0;=6B+NFNeg+TDB+4:=^3+:1>D+8+>28::+98=A83;7B+4=+
6J67B+62696=387B+:>D;;2e+
+
[;L+A4A+B;1+2687=+LD83+B;1+?=;L+8H;13+9;=6Be+0;:3+24?62BK+B;1+
54>?6A+43+15K+8+546>6+D676K+8+345+3D676I+Y;1+8H:;7H6A+833431A6:+<7;9+B;17+
5876=3:+8=A+<7;9+3D6+96A48I+Y;1+8H:;7H6A+3D6+6M89526:+;<+<746=A:I+Y;1+
57;>66A6A+3D7;1CD+37482+8=A+677;7h3D6+:>D;;2+;<+D87A+?=;>?:I+TD83+B;1+
2687=6A+L8:+D85D8i87AK+9;:32B+L7;=CK+8=A+>67384=2B+;13+;<+>;=36M3I+$<+
B;1+768A+H;;?:+;=+3D6+:1H_6>3K+57;H8H2B+3D6B+;J67LD6296A+B;1+L43D+
A63842:+;7+H;76A+B;1+L43D+1:626::+<8>3:I+(D6+76:123+4:+3D83K+4<+B;1^76+24?6+
7
9;:3K+B;1^76+>;=<1:6A+8=A+<71:37836A+8=A+L;=A674=C+LD83+3;+A;K+LD676+
3;+317=+=6M3I+T622K+$+D8J6+9;76+C;;A+=6L:U+(D6+8=:L67:+876+4=+3D4:+H;;?I+
+
0;=6B+4:+;=6+;<+3D6+9;:3+495;738=3+:1H_6>3:+3;+:31AB+4=+B;17+
6=3476+24<6I+';96+;<+24<6^:+C76836:3+6=_;B96=3:+8=A+9;:3+;<+24<6^:+C76836:3+
A4:855;4=396=3:+:369+<7;9+3D6+A6>4:4;=:+B;1+98?6+8H;13+9;=6BI+
TD63D67+B;1+6M56746=>6+C7683+568>6+;<+94=A+;7+>;=:38=3+8=M463B+L422+
A656=A+;=+LD63D67+B;1+C63+B;17+<4=8=>6:+1=A67+>;=37;2I+Y;17+
762834;=:D45:K+L422+H6+C76832B+8<<6>36AK+3;;I+$=+<8>3K+9;:3+A4J;7>6:+4=+;17+
:;>463B+76:123+<7;9+A4:8C76696=3:+8H;13+9;=6BI+(D1:K+1=A67:38=A4=C+
9;=6B+Z+D;L+3;+98?6+43+8=A+?665+43+Z4:+8H:;21362B+6::6=3482+3;+B;17+24<6K+
3;+B;17+762834;=:D45:K+3;+B;17+D8554=6::K+3;+B;17+<13176I+
+
';96+56;526+:669+3;+H6+=8317822B+C;;A+83+98=8C4=C+9;=6BI+(D6+
dN+94224;=+<2;L+3D7;1CD+3D647+<4=C67:K+8=A+3D6B+:669+3;+?=;L+D;L+3;+?665+
:;96+;<+43+6J6=+98?6+43+C7;L+Z4=+:;96+>8:6:K+8+D1=A76A<;2A+9;76+3D8=+
3D6+8J678C6+567:;=I+-;+3D6:6+56;526+L;7?+NFF+3496:+D87A67e+)76+3D6B+
NFF+3496:+:987367e+.<+>;17:6+=;3I+(D6B+_1:3+?=;L+D;L+3;+528B+3D6+C896I+
Y;1+:66K+9;=6B+4:+8+C896K+82H643+8+J67B+495;738=3+;=6I+$<+B;1+?=;L+3D6+
7126:K+B;1+L4=U+4<+B;1+A;=^3+?=;L+3D6+7126:K+B;1+2;:6I+):+5DB:4>48=+@6;7C6+
-8J4A+:84AU+
+
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+
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(D4:+H;;?+6M5284=:+3D6+7126:+<;7+528B4=C+3D6+9;=6B+C896+:;+3D83+
B;1K+3;;K+>8=+H6>;96+8+L4==67I+\B+<;22;L4=C+3D6+:49526+:37836C46:+284A+
;13+4=+3D4:+H;;?K+B;1+>8=+H6C4=+3;+6=_;B+8+H8=V163+;<+57;:56743BK+;=6+3D83+
28:3:+3D7;1CD;13+B;17+L;7?4=C+24<6+8=A+6M36=A:+4=3;+8+<4=8=>4822B+:6>176+
76347696=3I+
+
(D6+>;=>653+;<+01234526+'37689:+;<+$=>;96+4:+3D6+76:123+;<+D8J4=C+
L;7?6A+L43D+3D;1:8=A:+;<+:1>>6::<12+56;526+<;7+9;76+3D8=+3L;+A6>8A6:I+
$+D8J6+:66=+56;526+C;+<7;9+24J4=C+;=+3D6+:37663:+3;+24J4=C+4=+98=:4;=:K+
<7;9+A74J4=C+8+38M4+3;+H64=C+>D81<<6176A+4=+8+249;1:4=6I+$=+01234526+
'37689:+;<+$=>;96+B;1+L422+A4:>;J67+D;L+3;+>76836+L6823D+4=+98=B+
A4<<676=3+L8B:+8=A+<7;9+91234526+:;17>6:K+LD4>D+$+>822+9;=6B+9;1=384=:I+
(D6:6+3D766+L6823D!>76834;=+9;1=384=:K+A4:34=>3+<7;9+68>D+;3D67+B63+L43D+
:494287+>D878>3674:34>:K+876+3D6+4=J6:396=3+9;1=384=K+3D6+7682+6:3836+
9;1=384=K+8=A+3D6+987?634=C+9;1=384=I+
+
X7;9+3D4:+78=C6+;<+9;=6B+9;1=384=:K+83+268:3+NF+:6587836+8=A+
A4:34=>3+:37689:+;<+4=>;96+<2;L+4=3;+B;17+C7;L4=C+76:67J;47+;<+L6823DI+
(D6+C;82+4:+<;7+B;1+3;+8AA+83+268:3+;=6+=6L+:37689+;<+4=>;96+3;+B;17+24<6+
68>D+B687K+:;+3D83K+6J6=31822BK+3D6:6+:37689:+L422+;J67<2;L+B;17+24<6+L43D+
57;:56743B+8=A+<766A;9I+
+
(D6+<47:3+V16:34;=+56;526+1:1822B+8:?+83+3D4:+5;4=3+4:K+fTDB+91234526+
:37689:eg+(;+8=:L67+3D83+V16:34;=K+$^22+8:?+8=;3D67U+[;L+98=B+:37689:+
;<+4=>;96+A4A+43+38?6+4=+3D6+NG]F^:+<;7+9;:3+<894246:+3;+:17J4J6+Z+6J6=+
9
57;:567e+.=6I+%;95876+3D83+3;+3;A8BK+LD6=+J67B+<6L+<894246:+>8=+:17J4J6+
;=+<6L67+3D8=+3L;+:37689:+;<+4=>;96I+)=A+6J6=+3D;:6+L;=^3+H6+6=;1CD+
4=+3D6+<13176I+$3^:+8+J;283426+<13176K+8=A+B;1^A+H6+L4:6+3;+D8J6+91234526+
:37689:+;<+4=>;96+<2;L4=C+4=3;+B;17+24<6I++
+
W7;:567;1:+56;526+D8J6+82L8B:+?=;L=+3D4:I+$<+;=6+:37689+A746:+15K+
3D6B+D8J6+98=B+9;76+3;+385+4=3;+<;7+:155;73I+';!>8226A+;7A4=87B+56;526+
876+91>D+9;76+J12=678H26I+$<+3D6B+2;:6+;=6+;<+3D647+:37689:K+43+L456:+
3D69+;13I+)=A+43+38?6:+3D69+B687:+3;+76>;J67I+$=+3D6+<13176+B;1+L422+=66A+
8+5;73<;24;+;<+4=>;96+:37689:+Z+=;3+;=6+;7+3L;K+H13+98=B+:37689:+<7;9+
>;9526362B+A4<<676=3+8=A+A4J67:4<46A+:;17>6:+Z+:;+3D83+4<+;=6+:37689+
695346:K+B;1^22+H8762B+=;34>6I+Y;1^22+H6+:38H26I+Y;1+L422+D8J6+3496+3;+
8A_1:3I+Y;1+L422+H6+:8<6I+
+
$<+B;1+A;=^3+D8J6+91234526+:37689:+;<+4=>;96+<2;L4=C+4=3;+B;17+24<6+
83+3D4:+3496K+98BH6+43^:+3496+3;+8AA+3D69I+(D83^:+LD83+01234526+'37689:+
;<+$=>;96+4:+<;7K+3;+4=37;A1>6+3D6+=433B!C7433B+:37836C46:+8=A+36>D=4V16:+
<;7+A6J62;54=C+91234526+:37689:+;<+4=>;96I++
+
++
01234526+'37689:+;<+$=>;96+"14>?!'3873+@14A6+ 10
,$.A!=#-,AB!)1-$-"1$+!)(,,2#=!#-!$!2#++$(!$!2$A!
!
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4=3;+B;17+L82263+;7+517:6+8=A+A4C+;13+:;96+;<+B;17+;L=+58567+>1776=>B+
8=A+6M894=6+43I++*1H+43+H63L66=+B;17+<4=C67:I++X662+3D6+36M3176I++\74=C+43+
3;+B;17+=;:6I++-;6:+9;=6B+:9622e+,M894=6+3D6+498C6:I++(17=+43+;J67I++
/;34>6+3D6+:378=C6+:B9H;2:I+(D4:+:49526+546>6+;<+58567+A;6:=^3+855687+3;+
H6+L;73D+91>DI++$=<2834;=+67;A6:+43^:+J8216+A842BI++TD;+>876:+4<+B;1+L8:36+
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8=A+96=382+833431A6I+'1:8=+W;L367K+4=+D67+D1C62B+:1>>6::<12+A463+
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+
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!
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A;;96A+3;+8+D4CD!36>D+C78J6B87Ae+
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94=;7+H245+;=+3D6+78A87+:>766=+;<+3D6+H1:4=6::+>B>26I+(D6+$=367=63+4:+8+
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T6^76+C;4=C+<;7+8+A74J6+;=+3D6+4=<;79834;=+:1567D4CDL8BI+X47:3K+263^:+
A4:>1::+8+<6L+3D4=C:+3D83+98?6+3D6+4=367=63+:;+8556824=CI+
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5;36=3482+>1:3;967:+8=A+3D6=+813;9834>822B+;<<67:+>1:3;94i6A+57;A1>3:+
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3D6+$=367=63I+
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<;7+B;1+3;+768>D+=6L+>1:3;967:+<;7+56==46:+567+3D;1:8=A+J67:1:+
D1=A76A+;<+A;2287:+567+3D;1:8=AI+0;76+495;738=3K+3D6+$=367=63+263:+B;1+
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3;+D8J6+B;1+;L=+T6H+58C6I+\13+4<+B;1+L8=3+3;+98?6+9;=6B+;=+3D6+/63K+
81
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8:+L622+=;3+6J6=+6M4:3I+$3^:+L;73D26::I+
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J8218H26+B;17+:58>6I+
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H142A+8=+$=367=63+987?634=C+98>D4=6+Z+8+98>D4=6+3D83+=;3+;=2B+A74J6:+
378<<4>+3;+B;17+:436+H13+C63:+56;526+3;+268J6+9;=6B+8:+3D6B^76+58::4=C+
3D7;1CDI+$=3676:36Ae+
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+ NI++'37836C4i4=C+B;17+281=>D+
01234526+'37689:+;<+$=>;96+"14>?!'3873+@14A6+ 82
+ EI++)13;9834=C+6J67B3D4=C+
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.HOEHDQLfLKQ!AIJO!+EJKRC!
!
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3;+>876<122B+:37836C4i6+LD83+57;A1>3:+;7+:67J4>6:+B;1+4=36=A+3;+987?63I+
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57;A1>3+;7+:67J4>6+3;+57;9;36+;=+3D6+$=367=63I+0;:3+56;526+6=A+15+
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6M4:34=CK+378A434;=82K+;<<24=6+>;958=B+;7+57;A1>3+8=A+H74=C+43+;=24=6I+0;:3+
;<+3D6:6+56;526+:4952B+>76836+8=+;=24=6+>8382;C+;<+3D647+57;A1>3:+;7+
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8=+6M56734:6+4=3;+8+78C4=C+;=24=6+H1:4=6::+:1>>6::+L43D;13+A;4=C+8=B+
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D87A+3;+<;7>6+8+:V1876+56C+4=3;+8+7;1=A+D;26I+(D676<;76K+43^:+495;738=3+3;+
8:?+B;17:62<+3D6:6+E+V16:34;=:I+
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83
NI++-;6:+9B+57;A1>3+;7+:67J4>6+H6=6<43+98=B+56;526I+
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8=B3D4=C+B;1+L8=3+4=+3D4:+24<6+4<+B;1^22+D625+6=;1CD+;3D67+56;526+C63+LD83+
3D6B+L8=3Ig+-;+B;1+L8=3+3;+D625+8+<6L+56;526K+98=B+56;526K+;7+94224;=:+
;<+56;526e+$3+98B+H6+<1=+8=A+6M>434=C+3;+L;7?+L43D+57;A1>3:+3D83+876+
4=3676:34=C+3;+B;1K+H13+3D676+_1:3+4:=^3+8=B+57;<43+4=+987?634=C+57;A1>3:+
3D83+A;+=;3+82:;+855682+3;+287C6+:6C96=3:+;<+3D6+5;512834;=I++
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$<+B;17+5;36=3482+>1:3;967:+4=>21A6+829;:3+6J67B;=6+;=+3D6+6=3476+
528=63K+B;1+D8J6+8+A4:34=>3+8AJ8=38C6+;J67+>;958=46:+3D83+855682+;=2B+3;+
8+:626>3+C7;15+;<+>1:3;967:I+
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$<+B;1+A;=^3+24?6+3D6+98::!987?634=C+9;A62K+3D83^:+;?8BI+08=B+
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9;76+=877;LK+B;1+L422+D8J6+<6L67+5;36=3482+>1:3;967:I+Y;1+91:3+8552B+
B;17+9;:3+6<<6>34J6K+28:67!<;>1:6AK+387C636A+987?634=C+36>D=4V16:+3;+L4=+
3D4:+C896K+8=A+B;17+=4>D6+91:3+D8J6+:1<<4>46=3+A653DI+$=+;3D67+L;7A:K+
B;1+>8=+643D67+C;+L4A6+;7+B;1+>8=+C;+A665I+\13+43^:+6M376962B+A4<<4>123+3;+
98?6+9;=6B+L43D+8+=877;LK+:D822;L+57;A1>3+24=6I+
+ +
01234526+'37689:+;<+$=>;96+"14>?!'3873+@14A6+ 84
(D6+H6:3+36:3K+D;L6J67K+4:+3;+A636794=6+LD63D67+3D6+57;A1>3+;7+
:67J4>6+B;1+L4:D+3;+;<<67+4:+A;4=C+L622+;=24=6+74CD3+=;L+8=A+LD63D67+
376=A:K+:1CC6:3+3D83+43+L422+>;=34=16:+3;+A;+L622+<;7+3D6+=6M3+EF+B687:I+
TDB+58B+3L4>6+<;7+6M56=:4J6+987?63!36:34=C+4=<;79834;=+3D83+>8=+H6+
B;17:+<;7+<766e+)+<;;2+2687=:+<7;9+D4:+;7+D67+;L=+94:38?6:K+LD426+3D6+L4:6+
567:;=+2687=:+HB+;H:67J4=C+3D6+94:38?6:+;<+;3D67:I+(D4:+L4:A;9+855246:+
;=+3D6+/63I+X4=A+:6J6782+:1>>6::<12+H1:4=6::+9;A62:+762836A+3;+LD83+B;1+
L8=3+3;+A;K+8=A+37B+3;+A1524>836+3D647+:1>>6::I+08?6+:176+B;1+C63+:;96+
6M5673+8AJ4>6+H6<;76+:63324=C+;=+8+3D696K+8<367+822K+B;1+L422+H6+24J4=C+L43D+
3D4:+A6>4:4;=+<;7+3D6+76:3+;<+B;17+24<6I+
+
.J67+3D6+58:3+B687K+$+D8J6+6M894=6A+3D;1:8=A:+;<+:1>>6::<12+;=24=6+
H1:4=6::+9;A62:I+[;L6J67K+$+D8J6+A4:>;J676A+8+<6L+H1:4=6::+9;A62:+3D83+
876+58734>12872B+68:B+3;+281=>D+8=A+>8=+B462A+<8=38:34>+76:123:I++.=6+;<+
3D;:6+:1>>6::<12+H1:4=6::+9;A62:+4:+8<<424836+57;C789:I+
+
TD83+4<+B;1+>;12A+D8J6+B;17+;L=+567:;=82+;=24=6+:15679822+3D83+
822;L6A+B;1+3;+:622+8=B+8=A+822+;<+3D6+D;336:3+57;A1>3:+;=+3D6+$=367=63+<;7+
8+:4C=4<4>8=3+>;994::4;=+L43D;13+3D6+D68A8>D6:+;<+:6334=C+15+B;17+;L=+
L6H+:436e+TD83+4<+B;17+:436+L676+:63+15+<;7+B;1+>;952636+L43D+54>3176:+;<+
57;A1>3:+8=A+8=+;=24=6+;7A67+<;79e+TD83+4<+B;17+>76A43+>87A+8557;J82+
:B:369+L676+82768AB+4=+528>6e+TD83+4<+B;1+D8A+3;+57;J4A6+;=2B+249436A+
>1:3;967+:67J4>6:+8=A+3784=4=C+8=A+>;12A+:56=A+9;:3+;<+B;17+3496+
<4=A4=C+9;76+H1:4=6::e+TD83+4<+B;1+>;12A+D8J6+3D6+<766A;9+3;+_1:3+
85
987?63+57;A1>3:+8=A+76>64J6+8+>D6>?+4=+3D6+9842+8+<6L+L66?:+28367+<;7+3D6+
57;A1>3:+3D83+L676+517>D8:6Ae+
+ +
T622K+3D4:+57;C789+A;6:+6M4:3aII8=A+43:+>8226A+8=+8<<424836+57;C789I+
(D6+9;=6B+H64=C+C6=67836A+;=+3D6+$=367=63+3;A8B+3D7;1CD+8<<424836+
57;C789:+4:+8:37;=;94>82K+8=A+6M5673:+3622+1:+3D83+3D4:+376=A+L422+>;=34=16+
3;+6M52;A6+;J67+3D6+=6M3+:6J6782+B687:I+
+ +
';+LD83+4:+8=+8<<424836+57;C789K+8=A+LDB+L;12A+B;1+L8=3+3;+C63+
4=J;2J6A+L43D+;=6e+)<<424836+57;C789+4:+3D6+=896+C4J6=+3;+8+>;958=B+3D83+
822;L:+4=A656=A6=3+8<<424836:K+8::;>4836:K+;7+A4:374H13;7:+3;+76<67+H1:4=6::+
3;+8+>;958=B+4=+6M>D8=C6+<;7+8+>;994::4;=I+.=6+;<+3D6+9;:3+L622!
?=;L=+8<<424836+57;C789:+;=+3D6+/63+4:+3D6+L;72A:^+287C6:3+;=24=6+
H;;?:3;76K+)98i;=I>;9I+.=6+;<+3D6+768:;=:+)98i;=+D8:+H66=+:;+
:1>>6::<12+4:+3D83+3D6B+54;=6676A+3D6+<47:3+96C8:1>>6::<12+8<<424836+
57;C789I+';+LD6=+B;1+76<67+H1:4=6::+3;+)98i;=+8=A+3D6B+H1BK+3D6B+:6=A+
B;1+8+>;994::4;=+>D6>?+68>D+9;=3D+<;7+B;17+>1912834J6+76<67782+
H1:4=6::I+W7633B+:24>?K+6De+
+
+ (D676+876+3D;1:8=A:+;<+:494287+57;C789:+;=+3D6+=63+;<<674=C+6J6=+
9;76+AB=894>+H6=6<43:+8=A+3D6+;55;731=43B+3;+687=+D1=A76A:+4<+=;3+
3D;1:8=A:+;<+A;2287:+8+9;=3DI+
+
.=6+A4:34=>3+8AJ8=38C6+;<+8<<424836+57;C789:+4:+B;17+8H4243B+3;+
:1>>6::<122B+98=8C6+91234526+8<<424836+57;C789:+:491238=6;1:2BI+)2:;K+
01234526+'37689:+;<+$=>;96+"14>?!'3873+@14A6+ 86
H6>81:6+9;:3+8<<424836+57;C789:+58B+>;994::4;=:+;=2B+;=+57;A1>3:+:;2AK+
3D676+4:+C6=67822B+=;+>;=<24>3+L43D+;3D67+H1:4=6::+;55;731=4346:+3D83+B;1+
98B+H6+987?634=C+;=+B;17+:436I+';96+56;526+98B+H6+8H26+3;+98=8C6+
9;76K+H13+43^:+H6:3+3;+H142A+;=2B+;=6+;7+3L;+:37689:+;<+4=>;96+83+8+3496+
8=A+3D6=+8AA+8AA434;=82+57;C789:+8:+B;1+876+8H26I++
+ +
$+6=>;178C6+B;1+3;+A;+3D6+<;22;L4=CU+
++
• \6>;96+B;17+;L=+>1:3;967+<;7+8+A8B+8=A+C;+:D;554=Ca1:4=C+
:687>D+6=C4=6:I+
• $=367J46L+24?6!94=A6A+T6H98:367:+8=A+:436+;L=67:+3;+57;H6+<;7+
987?634=C+4=<;79834;=I+
• $9967:6+B;17:62<+4=+4=<;79834;=+762836A+3;+B;17+387C63+>1:3;967:+
8=A+57;A1>3:I+
+
+
T43D+3D4:+1=A67+B;17+H623K+B;1^76+768AB+3;+281=>D+B;17+:436I+(D6+
5175;:6+;<+B;17+:436+4:+3;+H6+8+J8218H26+:;17>6+;<+4=<;79834;=+3;+8=B;=6+
LD;+4:+4=3676:36A+4=+B;17+:1H_6>3S57;A1>3I+\6<;76+$+9;J6+;=K+$+L8=3+3;+
:D876+L43D+B;1+3D6+3D766+9;:3+495;738=3+62696=3:+;<+B;17+:436I+
++
NI X766+:56>482+765;73:+
EI X766+81A4;SJ4A6;+>245:+
bI X766+=6L:263367+
+
87
,J67B;=6+LD;+J4:43:+B;17+:436+:D;12A+<662+24?6+3D6B^J6+_1:3+:319H26A+
8>7;::+8+C;2A+94=6+;<+J8218H26+4=<;79834;=+<;7+<766I+,J6=+4<+B;1^76+
987?634=C+8+5DB:4>82+;H_6>3+l24?6+H8C5456:mK+B;17+:436+:D;12A+:3422+;<<67+
<766+4=<;79834;=+24?6+8+<766+765;73+;=+3D6+>876+8=A+>268=4=C+;<+B;17+
H8C5456:K+<766+H8C5456+91:4>+:D663:+8J8428H26+<;7+A;L=2;8AK+<766+
=6L:263367+<;7+H8C5456+6=3D1:48:3:K+63>I+
+
Y;17+;H_6>34J6+4:+3;+>853176+3D6+6!9842+8AA76::6:+;<+822+J4:43;7:+3;+
B;17+:436+HB+;<<674=C+:;+98=B+L;=A67<12+H6=6<43:+3D83+3D6B^22+L8=3+3;+
:1H:>74H6+3;+B;17+<766+=6L:263367I+Y;17+C;82+4:+3;+H142A+3D4:+=6L:263367+24:3+
8:+<8:3+8:+5;::4H26I+Y;17+=6L:263367+24:3+4:+B;17+C;2A+94=6I++
+
):+B;1+A6J62;5+B;17+;=24=6+576:6=>6K+B;1^22+:;;=+<4=A+;13+LDB+
9;76+8=A+9;76+56;526+876+C78J43834=C+3;L87A:+3D6+$=367=63I++T43D+
A6A4>834;=K+B;1+3;;+>8=+_;4=+3D6+24:3+;<+3D;:6+LD;+687=+83+268:3+dNKFFF+8+
A8B+;=+3D6+$=367=63I++
+
01234526+'37689:+;<+$=>;96+"14>?!'3873+@14A6+ 88
AIJO!&DKHC!.HODENB!
+LRDKGLKQ!S!1KHDFFDRHJEF!/OI]DOHU!EH!<EO]!.]DDT!
$=+%D85367+Nb+B;1+2687=6A+8H;13+$=<;576=617:h+56;526+LD;+98?6+
9;=6B+<7;9+:6224=C+4=36226>3182+57;5673BI++(D6+4=<;79834;=+$^9+8H;13+3;+
:D876+L43D+B;1+4:+3D6+9;:3+5;L67<12+8=A+B63+268:3+1=A67:3;;A+<;79+;<+
4=36226>3182+57;5673B+4=+3D6+L;72AI++$3^:+>8226A+*'A"(&'()K!
+
+ R4>6=:4=CI++j1:3+:8B4=C+3D6+L;7A+H74=C:+H28=?+:3876:+<7;9+9;:3+
56;526I++*682+6:3836K+3D6B+1=A67:38=AI++/63L;7?+987?634=CK+3D6B^J6+
D687A+;<+3D83I++\13+LD83+4:+24>6=:4=Ce++T622K+8:+:;;=+8:+$+98?6+B;1+8L876+
;<+43K+B;1^76+C;4=C+3;+=;34>6+43+6J67BLD676I++$+91:3+3D8=?+9B+C;;A+<746=A+
&6=+&677+<;7+368>D4=C+96+3D6+7682+:6>763:+;<+24>6=:4=CI++&6=+L8:+-476>3;7+
;<+-6:4C=+<;7+3D6+T823+-4:=6B+3D696+587?:+L;72AL4A6K+LD676+D6+L8:+;=6+
;<+3D6+98_;7+<;7>6:+H6D4=A+:1>>6::<12+281=>D+;<+-4:=6B^:+,5>;3+>6=367+
8=A+(;?B;+-4:=6BI++$=+8AA434;=K+D6+L8:+4=:37196=382+4=+3D6+>76834;=+8=A+
:1>>6::<12+987?634=C+;<+:1>D+D;1:6D;2A+=896:+8:+'917<:K+@1994+\687:K+
3D6+%824<;7=48+-8=>4=C+*84:4=:K+8=A+*8CC6AB+)==+8=A+)=ABK+_1:3+3;+=896+
8+<6LI++(D6:6+57;A1>3:+D8J6+C6=67836A+D1=A76A:+;<+94224;=:+;<+A;2287:+4=+
24>6=:4=C+76J6=16:I++
+
+ R4>6=:4=C+4:+3D6+12349836+<;79+;<+26J678C6I++$3^:+3D6+<8:36:3K+
:49526:3K+8=A+:D;736:3+A4:38=>6+H63L66=+8=+4A68+4=+B;17+D68A+8=A+8+
24<63496+:37689+;<+4=>;96+4=+B;17+9842H;Ma+';+_1:3+LD83+4:+43e+
++
89
'LGHIOU!IX!+LRDKGLKQ!
!
$3+:38736A+8:+829;:3+8=+8<3673D;1CD3+9;76+3D8=+QF+B687:+8C;I++
(;A8BK+43+8>>;1=3:+<;7+36=:+;<+9'**'2(&+;<+A;2287:+;<+:826:+6J67B+B687I++)3+
3D4:+J67B+4=:38=3K+B;17+D;96+57;H8H2B+>;=384=:+A;i6=:+;<+24>6=:6A+4369:+
3D83+D8J6+6=74>D6A+A;i6=:+;<+>;958=46:+8=A+4=A4J4A182:I++X;7+3D6+9;:3+
5873K+24>6=:4=C+4:+3D6+H8424L4>?+;<+6M376962B+287C6K+L6823DB+
;7C8=4i834;=:h=;3+<;7+;7A4=87B+<;2?+24?6+B;1+8=A+96I++\13+9;:3+;<+3D6:6+
;7C8=4i834;=:+D8A+J67B+:9822+H6C4==4=C:I++TD;^:+3;+:8B+3D83+643D67+B;1+;7+
$+>;12A=^3+A;+3D6+:896e++W67D85:+43^:+3496+B;1+C;3+;=+3D6+76>64J4=C+6=A+;<+
3D6+>8:D+<2;L+4=:368A+;<+3D6+:6=A4=C+6=AI+
+
+ +R63^:+C;+H8>?+3;+3D6+H6C4==4=CI++$3^:+NGEPI++)+3784=+<7;9+/6L+Y;7?+
3;+R;:+)=C626:+>87746:+T823+-4:=6B+8=A+D4:+L4<6+D;96+8+96634=C+4=+LD4>D+
3D6B+D8J6+2687=6A+3D83+3D6B+D8J6+2;:3+3D6+74CD3:+3;+T823^:+>873;;=+
>76834;=K+.:L82A+3D6+*8HH43I++(D6+=6L:+4:+A6J8:3834=CI++$=+6<<6>3K+3D6B+876+
;13+;<+H1:4=6::I++\13+8+:378B+9;1:6+;=+3D6+3784=+4=:5476:+T823+3;+>;96+15+
L43D+8+=6L+4A68I++T823+L8=3:+3;+>822+D4:+>873;;=+>76834;=+0;734967+
9;1:6K+H13+D4:+L4<6+576J842:I++04>?6B+0;1:6+43+4:I++
+
+ T43D+3D4:+4A68K+T823+8=A+D4:+H7;3D67+*;B+:38736A+4=+8+;=6!>87+C878C6+
;=+3D6+L7;=C+:4A6+;<+3D6+378>?:+4=+68:3+RI)+8=A+C76L+3D6+287C6:3+
6=367384=96=3+;7C8=4i834;=+4=+3D6+L;72AI++T823+8=A+D4:+H7;3D67+*;B+
L8=36A+3;+H6+9;J4698?67:K+H13+9;J4698?4=C+4:+=;3+3D6+H4CC6:3+
9;=6B98?67+<;7+-4:=6B+3D6:6+A8B:I+
+
01234526+'37689:+;<+$=>;96+"14>?!'3873+@14A6+ 90
R4>6=:4=C+H6C8=+8:+8=+8>>4A6=3K+76822BI++)=+8<3673D;1CD3I++)=+
6=367574:4=C+H1:4=6::98=K+37B4=C+3;+74A6+3D6+>;833842:+;<+3D6+04>?6B+
0;1:6+5D6=;96=;=K+8557;8>D6A+3D6+-4:=6B+H7;3D67:+8=A+8:?6A+
56794::4;=+3;+:42?!:>766=+3D6+498C6+;<+04>?6B+;=+NFKFFF+L;;A6=+56=>42:+
H;M6:I++W6794::4;=+L8:+C78=36AK+8=A+3D1:+L8:+281=>D6A+3D6+9;A67=+
>;=>653+;<+24>6=:4=CI++-4:=6B+R4>6=:4=C+8=A+067>D8=A4:4=C+-4J4:4;=+
6J6=31822B+H6>896+3D6+9;:3+57;<438H26+A4J4:4;=+;<+-4:=6BI++)3+<47:3K+3D6+
>D6>?:+L676+:9822K+H13+24>6=:4=C+:;;=+C76L+4=3;+98_;7+:37689:+8:+04>?6B+
H6C8=+8556874=C+;=+R4;=62+3784=:+8=A+[822987?+>87A:+8=A+4=+R43326+@;2A6=+
\;;?:I++$3+L8:=^3+2;=C+H6<;76+3D6+H7;3D67:+-4:=6B+76>;C=4i6A+3D647+C;2A+
94=6I++T43D+243326+6<<;73+;7+74:?+;=+3D647+5873K+3D6B+>;12A+C6=67836+D1C6+
:37689:+;<+4=>;96I++(82?+8H;13+26J678C6c+
+
$=+6<<6>3K+3D6+-4:=6B+D8A+:;2A+3D83+;74C4=82+H1:4=6::98=+;=2B+3D6+
74CD3K+;7+24>6=:6K+3;+8338>D+8=+498C6+3;+;=6+;<+D4:+57;A1>3:+3;+6=D8=>6+43+
:826:+5;36=3482I++(D6+H1:4=6::98=+A4A+822+;<+3D6+98=1<8>3174=CK+
987?634=CK+8=A+3D6+9;J696=3+;<+57;A1>3+<7;9+:62267+3;+H1B67I++[6+3;;?+
822+;<+3D6+74:?K+98=8C6A+822+3D6+9;=6BK+8=A+:4952B+:6=3+T823+-4:=6B+8+<66+
<;7+68>D+57;A1>3+:;2A+3D83+>87746A+3D6+498C6+;<+04>?6BI++(D4=?+;<+43U+=;+
98=1<8>3174=CK+=;+:6315+>;:3:K+=;+4=J6=3;7BK+=;+:826:+>;:3:K+=;+:826:+
<;7>6K+=;+A4:374H134;=+>;:3:K+=;+6952;B66:K+=;+74:?K+=;+9;=6BK+8=A+243326+
;7+=;+4=J6:396=3:+;<+3496+;7+6=67CBI++)=A+B63+82L8B:+984=384=4=C+>;=37;2+
;<+57;A1>3+V18243BI++(;A8BK+H4224;=:+;<+A;2287:^+L;73D+;<+-4:=6B+
967>D8=A4:6+4:+987?636A+3D7;1CD;13+3D6+L;72Ah822+<7;9+C6=6:4:+;<+3D83+
4A68I++$3^:+3D6+12349836+<;79+;<+26J678C6I++
91
+
#:4=C+3D4:+:896+>;=>653K+4=+3D6+NGQF:+8+2;>82+'8=+-46C;+:17<67+
>896+15+L43D+3D6+4A68+3;+98=1<8>3176+:L4994=C+371=?:+<;7+:17<67:h
371=?:+98A6+;<+:317A467+98367482+3D8=+3D6+<249:B+:L49:143+98367482+
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01234526+'37689:+;<+$=>;96+"14>?!'3873+@14A6+ 108
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109
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(t+38?6:+8L8B+<7;9+3496+B;1+>;12A+D8J6+:56=3+4=+<7;=3+;<+8+>;951367+
L7434=C+B;17+H;;?+;7+4=+<7;=3+;<+B;17+:;=+;7+A81CD367+H142A4=C+8+H63367+
762834;=:D45I+
+
+ (D676+4:+;=6+8768+4=+LD4>D+3496+58::6:K+43+4:+C;=6+<;76J67I+Y;17+;=2B+
>D;4>6+4:+3;+4=J6:3+B;17+3496+9;76+L4:62B+4=+3D6+<13176I+(496+L4:62B+
4=J6:36A+4:+24?6+>;95;1=A+4=3676:3U+'9822+A842B+A65;:43:+>8=+9123452B+4=3;+
8+98C=4<4>6=3+24<6I+
+
+ \6=_894=+X78=?24=+H6246J6A+4=+578>34>4=C+Nb+A842B+J47316:I+[4:+<47:3+
3L;+J47316:+L676+4=A1:37B+8=A+<71C8243BI+[6+:84AK++
R/"!5.%!+2!5".*+/7!':!%21!8"&'$"!'+7!'&!.&!D*.'(!.&!+/"!5.%!+2!,.$>"+K!
L+!8"D"(8&!A/'":*%!2(!F!52$8&K!L(81&+$%!.(8!U$1).*'+%K!R/.+!'&7!
113
5.&+"!("'+/"$!+',"!(2$!,2("%7!91+!,.>"!+/"!9"&+!1&"!2:!92+/K+
+
@;;A+8AJ4>6I+
.HOEHDQU!6B!)IRJG!IK!HCD!"OLHLREF!)DW!
+ $=+%D85367+b+$+H746<2B+4=37;A1>6A+B;1+3;+3D6+PFSEF+574=>4526I+/;LK+
263^:+C;+4=3;+9;76+A653DI+(;+C63+74CD3+3;+3D6+D6873+;<+B;17+24<6K+PF+567>6=3+
;<+3D6+3D4=C:+B;1+A;+8>>;1=3+<;7+;=2B+EF+567>6=3+;<+B;17+76:123:I+
%;=J67:62BK+EF+567>6=3+;<+3D6+3D4=C:+B;1+A;+8>>;1=3+<;7+PF+567>6=3+;<+
B;17+76:123:I+(D4:+4:+>8226A+3D6+W8763;+574=>4526+8<367+3D6+$38248=+:;>4;2;C4:3+
LD;+5;:312836A+43+;J67+NFF+B687:+8C;I+$3+:669:+:;+:49526+H13+D8:+
57;<;1=A+49524>834;=:I+.=6+L74367+76<6776A+3;+3D4:+8:+f3D6+>7434>82+<6L+
J67:1:+3D6+374J482+98=Bg+H6>81:6+PF+567>6=3+;<+3D6+3D4=C:+L6+A;+68>D+A8B+
876+374J482+l829;:3+8+L8:36+;<+3496+H6>81:6+3D6B+57;A1>6+:;+<6L+76:123:m+
8=A+EF+567>6=3+876+>7434>82+l4I6IK+J4382+3;+;17+57;C76::mI+
+
+ R63^:+>;95876+3496+3;+9;=6BI+'155;:6+B;1+;=2B+D8J6+dNFF+3;+
4=J6:3!+=;+9;76K+=;+26::I+Y;1+H1B+3L;+4=J6:396=3:K+51334=C+dEF+4=3;+
4=J6:396=3+)+8=A+dPF+4=3;+4=J6:396=3+\I+)+B687+28367K+B;1+<4=A+3D83+B;17+
dEF+4=+4=J6:396=3+)+D8:+687=6A+8+57;<43+;<+dPFK+LD426+B;17+dPF+
4=J6:396=3+4=+\+D8:+687=6A+;=2B+dEFI+(D6+76:123:+876+8:+<;22;L:U+
+
+ $=J6:396=3+)U+dPF+57;<43+÷+dEF+4=J6:396=3+s+`FFk+76317=+
+ $=J6:396=3+\U+dEF+57;<43+÷+dPF+4=J6:396=3+s+E]k+76317=+
+ $=+;3D67+L;7A:K+68>D+A;2287+4=J6:36A+4=+)+687=6A+NQ+3496:+9;76+
9;=6B+3D8=+8+:494287+A;2287+4=J6:36A+4=+\+l`FF++÷++E]+s+NQmI+.=6+L8:+8+D4CD!
01234526+'37689:+;<+$=>;96+"14>?!'3873+@14A6+ 114
26J678C6+4=J6:396=3o+3D6+;3D67K+HB+>;95874:;=K+L8:+8+2;L!26J678C6+
4=J6:396=3I+$:+3D676+8=B+V16:34;=+8H;13+LD676+B;17+A;2287:+:D;12A+H6+
>;=>6=37836Ae+
+
+ (D6+:896+4:+3716+<;7+3496I+\748=+(78>B+L7436:+;<+8+:31AB+4=+LD4>D+8=+
4=:178=>6+>;958=B+A4:>;J676A+3D83K+4=+<8>3K+EF+567>6=3+;<+43:+:826:56;526+
8>31822B+A4A+8>>;1=3+<;7+PF+567>6=3+;<+3D6+>;958=B+:826:I+0;76;J67K+3D6+
8J678C6+:826:567:;=+4=+3D6+3;5+EF+567>6=3+Z+3D;:6+>7434>82+<6L+Z+687=6A+NQ+
3496:+9;76+9;=6B+3D8=+3D6+8J678C6+:826:567:;=+4=+3D6+H;33;9+PF+
567>6=3I+
+
+ TD83+L676+3D6B+A;4=C+A4<<676=32Be+(D6+6952;B66:+4=+H;3D+C7;15:+
:38736A+68>D+A8B+L43D+6M8>32B+3D6+:896+89;1=3+;<+3496+3;+:56=A+l;7+
4=J6:3mU+E`+D;17:K+;7+NK``F+94=136:K+;7+PQK`FF+:6>;=A:I+(4>?3;>?I+
(4>?3;>?I+[;L+3D6B+4=J6:36A+3D4:+3496+D8A+6=;79;1:+49524>834;=:+4=+3D6+
76:123:+3D6B+57;A1>6AI+.=6+C7;15+>;=>6=37836A+;=+D4CD!26J678C6+
8>34J4346:+l3D;:6+>7434>82+<6L+38:?:+3D83+B462A+74>D+A4J4A6=A:mK+LD426+3D6+
;3D67+C7;15+C;3+H;CC6A+A;L=+4=+3D6+374J482+l3D;:6+3496!:8554=C+8>34J4346:+
3D83+57;A1>6+<6L+;7+=;+76:123:mI+
+
+ &=;L4=C+3D4:K+3D6+?6B+3;+B;17+:1>>6::+4:+3;+578>34>6+3D6+=6M3+
:37836CBa+
+
.HOEHDQU!7B!AIJ!=JGH!+DEOK!'IW!HI!/OIROEGHLKEHDj!
+
115
+ $^9+=;3+_;?4=Cc+W7;>78:34=834;=+4:+8H:;21362B+6::6=3482+3;+B;17+
:1>>6::I+Y;1+98B+D8J6+8::196A+3D83+;=2B+3D6+2;:67:+4=+3D4:+24<6+
57;>78:34=836I+.=+3D6+>;=3787BK+3D6+9;:3+:1>>6::<12+56;526+;=+3D4:+528=63+
876+82:;+98:367+57;>78:34=83;7:I+R;:67:+L;7?+;=+3D6+PF+567>6=3+8=A+
57;>78:34=836+;=+3D6+EF+567>6=3I+T4==67:+A;+_1:3+3D6+;55;:436U+(D6B+
4996A48362B+38>?26+3D6+D4CD!26J678C6+EF+567>6=3+8=A+57;>78:34=836+;=+
3D6+374J482+PF+567>6=3I+
+
$3^:+:84A+3D83+/85;26;=+;56=6A+D4:+9842+;=2B+;=>6+8+9;=3DI+TDBe+
\6>81:6+4<+43+L8:+:3422+495;738=3+8<367+8+9;=3DK+D6+8336=A6A+3;+43o+4<+=;3K+43+
L8:+_1=?+9842I+[6+<;>1:6A+D4:+3496+8=A+6=67CB+;=+;=2B+3D;:6+3D4=C:+3D83+
L;12A+38?6+D49+9;76+V14>?2B+8=A+9;76+:1762B+3;L87A+D4:+;H_6>34J6:K+D4:+
5175;:6I+)=A+D6+57;>78:34=836A+A;4=C+6J67B3D4=C+62:6I+(D4:+4:+495;738=3+
6=;1CD+3;+4221:37836U+
+
+ + + + 65_!"OLHLREF!)DW! ! ! 85_!&OLMLEF!=EKU+
T4==67:+ + + -;+43+=;LI+ + + + -;+43+28367I+
R;:67:+ + + -;+43+28367I+ + + + -;+43+=;LI+
+
-4A+B;1+C63+3D83e+X;>1:4=C+;=+3D6+>7434>82+<6L+4:+8+D4CD!26J678C6+8>34J43BI+$3+
C4J6:+B;1+NQ+3496:+<8:367+76:123:c+
+
.HOEHDQU!0B!&COIW!$WEU!AIJO!&I\2I!+LGH+
+ $<+B;1^76+24?6+9;:3+56;526+B;1+:3873+B;17+A8B+L43D+8++3;!A;!24:3K+
LD4>D+B;1+>76836+3D6+:896+L8B+6J67B+A8BI+Y;1+37B+3;+98?6+8+
01234526+'37689:+;<+$=>;96+"14>?!'3873+@14A6+ 116
>;9576D6=:4J6+24:34=C+;<+6J67B3D4=C+B;1+D8J6+3;+A;I+(D6=+B;1+:3873+
>7;::4=C+3D4=C:+;<<+8:+V14>?2B+8:+B;1+>8=+8>>;9524:D+3D69I+(D676^:+:1>D+
8=+6=A;75D4=+71:D+LD6=6J67+B;1+>7;::+:;963D4=C+;<<I+$3^:+829;:3+
;7C8:94>I+
+
+ \13+C6334=C+3D4=C:+A;=6+4:+=;3+3D6+:896+8:+C6334=C+3D6+74CD3+3D4=C:+
A;=6I+t67B+<6L+56;526+:43+A;L=+3;+6M894=6+3D6+=83176+;<+3D6+38:?:+;=+
3D647+3F!A;!24:3:I+\B+A6<4=434;=K+PF+567>6=3+;<+3D6+4369:+;=+B;17+3;!A;+24:3+
876+374J482I++
+
+ (74J482+8>34J4346:+876+C6=67822B+<1=K+<8:3K+8=A+<74J;2;1:I+
+
• Call Bill to set up tennis match.
• Get tickets to the play.
• Buy book at the bookstore.
• Have lunch with old high school chum.
%7434>82+8>34J4346:+876+C6=67822B+9;76+A4<<4>123K+38?6+2;=C67K+876+9;76+
495;738=3K+8=A+4=J;2J6+9;76+74:?+;<+<842176I+
+
• Talk to boss about the new project+
• Write my book.
• Take spouse to lunch to discuss how to make our average
marriage great.
.=6+A8BK+4=+5765874=C+9B+;L=+3;!A;+24:3K+$+8>31822B+L7;36+3D6+
<;22;L4=C+4369:+4=+3D4:+;7A67U+
+
117
• Call publisher about the new manuscript.
• Write newsletter article.
• Check on tenant in unit #3D.
• Make my wife feel like the most important person in the
world.
(D83^:+D;L+;13!;<!H828=>6+9B+24<6+D8A+C;336=c+
+
(D6+3713D+H6+3;2AK+3D6+9;:3+495;738=3+8:56>3+;<+;17+24J6:+78762B+
98?6+8=+8556878=>6+;=+;17+3;!A;+24:3:c+
+
• -4:>;J67+9B+5175;:6+4=+24<6I+
• -6J62;5+8+A66567+762834;=:D45+L43D+@;AI+
• R;J6+9B+>D42A76=+
• R687=+D;L+3;+2;J6+6J67B;=6+1=>;=A434;=822B+
+
-;=^3+:1>>19H+3;+3D6+3B78==B+;<+3D6+378A434;=82+3;!A;+24:3I+(17=+43+
4=3;+8+5;L67+24:3I+-78L+8+24=6+3D7;1CD+3D6+3;5+5;734;=+;<+B;17+58C6+
A4J4A4=C+43+4=3;+3L;+5;734;=:I+(D6+3;5+5;734;=+;<+3D6+24:3+4:+76:67J6A+<;7+3D6+
>7434>82+EFk+8=A+3D6+H;33;9+5;734;=+4:+76:67J6A+<;7+3D6+PFk+374J482I+
+
\6<;76+B;1+L7436+:;963D4=C+;=+B;17+24:3K+8:?+B;17:62<U+$:+3D4:+8+EFe+
.7+4:+3D4:+8=+PFe+T7436+B;17+>7434>82+8>34J4346:+83+3D6+3;5+8=A+B;17+374J482+
8>34J4346:+83+3D6+H;33;9I+(D4:+<;7>6:+B;1+3;+>;=:38=32B+<;>1:+;=+B;17+
>7434>82+<6L+8>34J4346:I+T;7?+;=+3D6+3;5+;<+3D6+24:3+9;:3+;<+3D6+3496I+-7;5+
A;L=+3;+3D6+H;33;9+;=2B+LD6=+B;1+L8=3+3;+38?6+8+H768?I+-;=^3+6M56>3+
01234526+'37689:+;<+$=>;96+"14>?!'3873+@14A6+ 118
3;+C63+6J67B3D4=C+A;=6+6J67B+A8BI+)+243326+4957;J696=3+6J67B+A8B+Z+3D83^:+
B;17+C;82I+\63367+3;+L;7?+;=+;=2B+3D766+>7434>82+4369:K+6J6=+4<+B;1+A;=^3+
>;952636+3D69K+3D8=+3;+>7;::+;<<+EF+374J482+3D4=C:I+
+
Strategy 5: Reward Yourself for Doing the Right Things
(622+3D6+3713DU+$3+<662:+C;;A+3;+>7;::+3D4=C:+;<<+B;17+3;!A;+24:3K+A;6:=^3+43e+
[8J6+B;1+6J67+C;336=+3;+3D6+6=A+;<+B;17+A8B+8=A+76969H676A+3D83+B;1+
8>>;9524:D6A+:;963D4=C+3D83+L8:=^3+;=+B;17+3;!A;!24:3+Z+:;+B;1+:3;556AK+
8AA6A+43+3;+B;17+24:3K+3D6=+>7;::6A+43+;<<e+TD83+8+71:Dc+)+D43+;<+5176+
5268:176I+.=2B+;=6+57;H269+Z+B;1^J6+H66=+76L87A4=C+B;17:62<+<;7+A;4=C+
3D6+L7;=C+3D4=C:I+R4?6+8+28H;783;7B+783K+B;1^J6+H66=+3784=4=C+B;17:62<+3;+
A;+3D6+268:3+495;738=3+3D4=C:+<47:3I+.;5:I+
+
(D676^:+8+C7683+H;;?+HB+04>D862+R6\;61<K+WDI-IK+>8226A+]=_3!R/"!
]$".+"&+!=.(.)","(+!_$'(A'D*"!'(!+/"!\2$*8I+[676^:+3D6+H;;?+4=+8+=13:D622U+
+
R/"!+/'()&!+/.+!)"+!$"5.$8"8!)"+!82("K+
+
$<+B;1+76L87A+B;17:62<+<;7+A;4=C+3D4=C:+3D83+A;=^3+>;1=3K+B;17+3;!A;+24:3+
L422+H6>;96+8+98C=63+<;7+1=495;738=3+8>34J4346:I+(D676<;76K+;=2B+76L87A+
B;17:62<+<;7+A;4=C+3D6+>7434>82+8>34J4346:I+$<+B;1+A;K+3D6+L;72A+L422+82:;+
76L87A+B;1+D8=A:;962BI+
+
119
(D6+57;>6::+;<+76L87A4=C+B;17:62<+4:+>8226A+5;:434J6+764=<;7>696=3I+)=A+
43^:+6M376962B+5;L67<12I+[8J6+B;1+6J67+L;=A676A+D;L+3D6+3784=67:+83+'68+
T;72A+C;3+'D891K+3D6+&42267+TD826K+3;+2685+D4CD+;13+;<+3D6+L8367+;=+
>;998=Ae+(D6+3784=67+<47:3+D8A+'D891+:L49+;J67+8+5;26+528>6A+;=+3D6+
H;33;9+;<+3D6+38=?I+TD6=+'D891+:L89+;J67+3D6+5;26+D6+C;3+8+<4:DI+$<+
'D891+A4A=^3+:L49+;J67+3D6+5;26+D6+C;3+=;3D4=CI+l*6L87A+5;:434J6+
H6D8J4;7I+$C=;76+=6C834J6+H6D8J4;7Im+(D6=+3D6+5;26+L8:+784:6A+:6J6782+
<663I+$<+'D891+L8=36A+3;+683K+D6+:;;=+2687=6A+LD83+3;+A;I+/6M3+3D6+5;26+
L8:+784:6A+3;+L8367+26J62I+'D891+C;3+8+2;3+;<+<4:D+4<+D6+7;226A+;J67+3D6+
5;26I+Y;1+C63+3D6+4A68I+T43D4=+8+:D;73+5674;A+;<+3496K+3D6+3784=67+D8A+
784:6A+3D6+5;26+NF+<663+8H;J6+3D6+L8367I+'D891+C;3+8+D1C6+76L87A+<;7+
_1954=C+;J67+3D6+5;26I+'D891+L8:+=;+A199BI+[6+24?6A+<4:DI+)=A+3D83^:+
D;L+8+3784=67+C63:+8+&42267+TD826+3;+_195+;13+;<+L8367+;=+>;998=AI+
+
Y;17+H784=+;567836:+6M8>32B+3D6+:896+L8BI+$<+B;1+76L87A+B;17:62<+<;7+
B;17+9;:3+5;:434J6+8>34;=:K+B;1+L422+C63+9;76+;<+3D69+Z+829;:3+
6<<;7326::2BI+)=A+4<+B;1+76822B+L8=3+3;+:1567>D87C6+B;17+A8BK+<;22;L+3D6+
=6M3+:37836CBI+
+
.HOEHDQU!3B!2I!UIJ!)&)B!)DEODT!&CLKQG!)LOGH+
+
TD4>D+8>34J43B+;=+B;17+24:3+A;+B;1+<687+3D6+9;:3e+(D83^:+B;17+X(XI+TD6=+
B;1+:3873+B;17+A8BK+8:?+B;17:62<K+fTD83^:+9B+X(X+3;A8Beg+'3873+B;17+A8B+
L43D+3D83+8>34J43BI+
+
01234526+'37689:+;<+$=>;96+"14>?!'3873+@14A6+ 120
0;:3+56;526+A;+_1:3+3D6+;55;:436I+(D6B+:>8=+3D647+3;!A;+24:3+3;+<4=A+
:;963D4=C+3D83+3D6B+>8=+>7;::+;<<+V14>?2BI+(D6B+A;+3D647+<8:3+3D4=C:+<47:3I+
.7+3D6+<1=+3D4=C:+<47:3I+';963496:K+3D6B+6J6=+A;+<47:3+3D4=C:+<47:3I+\13+$+
H6246J6+B;1+:D;12A+38>?26+3D6+<6876A+3D4=C:+<47:3I+$<+B;1+C63+3D83+;13+;<+3D6+
L8BK+3D6+H17A6=+L422+H6+24<36A+8=A+B;1+L422+<662+8+:17C6+;<+6=67CB+3D83+L422+
57;562+B;1+3D7;1CD+3D6+76:3+;<+3D6+A8BI+TDB+4:+3D4:e+
+
@6=67822BK+LD6=6J67+B;1+D6:43836+;7+76:4:3+A;4=C+:;963D4=CK+3D676+4:+8+
768:;=I+.<36=K+43+4:+<687I+W6;526+876+:4952B+8<784A+3;+<842I+X687+H2;>?:+1:+
<7;9+A;4=C+;17+D4CD2B+26J678C6A+8>34J4346:aIX687+H2;>?:+;17+:1>>6::I+
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