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DIGITAL

PHOTOGRAPHY
THE ULTIMATE GUIDE TO

PAC
WITH KED
EXPE
RT
TIPS
TECH AND
NIQU
ES

FULLY UPDATED 4TH EDITION

MASTER THE BASICS

Cameras and lenses explained

LEARN TO SHOOT

Easy tips for great photos

EDIT AND ENHANCE

Using software to make shots shine

Apply effects

Add mood to your portraits


in a few simple steps

Master exposure

How to get perfect light


in your landscapes

Capture the action

Techniques to make sure


you dont miss the moment

Shooting great pictures has never been so easy.

E-P1

European Camera of the Year.


The original iconic PEN.

E-P2

The enthusiast's PEN includes a high


performance Electronic Viewnder.

NEW E-PL1

The new PEN with Live Guides.


Professional results with minimal effort.

Available from: Amazon, Argos, Currys, Jacobs, Jessops,


John Lewis, Park Cameras and all good Olympus photographic retailers.
Go to www.olympus.co.uk/pen for details and examples of the still images and HD Movie quality possible with a PEN.

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.00.9 ?. ?% /<;H?% .8 9. ?%?  .+0*?*F B?.+?'
B?.  9??',$ D'** B93 ?79 *') ?8'?'.,* 08?B8
08'.8'?F , 9%B??8 08'.8'?F +.9 19 0;A2 B? .8  3

( 1/I -3( </'


*'*B-  = < =*-I B( !=B=B)'<1G*/' .< .<,B7
(B;= - 1/I G(*( E/B*- </B-I ( /1  = */
*B= </' B1 +E.3 1/ B( /G'1/7 ( 1.3/I (=
-1B= 1! H3<*/ G*B( *'*B- 1.3B= */ B( !1<. 1! *B=
I<)=(1B </' EB ( /F< 3<1E  *'*B-  
.< E/B*- DKK?7
1 1.B B( =B-*=( 3-I<= 1/I 8E*<
B(/1-1'I F-13 I
1/* */1-B / = *B= #<=B
.< (F*-I 1/ B(
1/*;= H*=B*/' HHE. =*'/7
1/I . */ G*B( <B*--<I -J*/' / */  *
B1 1EB'E/ B( =B-*=( 3-I<= *B 1"<  !BE<
*/B<1E I
1/* EB .E()*.3<1F I 1/I;=
/'*/<= */B'<B *.' =B*-*=B*1/7 E
BI(1B *B 3<!1<.= B( =. !E/B*1/ = *.')
=B*-*= -/== EB I */' */B'<B */B1 B( 1I
*B "B*F-I .,= F<I -/= *.')=B*-*= G*B(1EB
B( HB< H3/=7 B G1<,= I 3(I=*--I .1F*/' B(
.<;= =/=1< B1 1..1B !1< B( -==)B(/)3<!B-I
=BI (E./ (/ "B*F-I --1G*/' I1E B1 B, (/)
(- =(1B= <1E/ BG1 B1 B(< =B13= =-1G< B(/ G1E-
1B(<G*=  31==*- G*B(1EB */B<1E*/' F*=*- .<
=(, 4= 3D? !1< .1<57

( 2KK -=1 <1E'(B *.' =/=1<)-/*/' B1 B(


!<I G(*( F*<B= B( =/=1< B1 =(, 1" E=B 3<B*-=7
B B( B*. B( 1.3B*B*1/ !<1. /1/ / *,1/ */;B
1"< B(*= B / 8E*F-/B 3<* 31*/B7 B;= /1G =B/< */
=B1, ,*B -/== 1! 1B( .,<= EB /*B(< IB 1"<= B(
*/).< *.' =B*-*=B*1/ 1! 1/I7 /BH / -I.3E=
1 (F .1-= G*B( */)1I =B*-*=B*1/ B(1E'(7
( -/= .1E/B 1! B( -3( </' G= -=1 <1E'(B
1F< !<1.
1/* '*F*/' -3( E=<= == B1 B( </' 1!
3<)H*=B*/' -/== / 1/I -=1 */B<1E *B= 1G/ </'7
1GF< B( F*-*-*BI 1! B(*<)3<BI -/== E=*/' B(
-3( .1E/B *= =B*-- <-B*F-I -*.*B / 1G/)</ 1/I
-/== B/ B1  H3/=*F7
B< -3( .1-= =E( = B( CCK 4-1G5 (F
<== B( -E/,I EB*-*B<*/ -11,= 1! B( <-*<
1/*
1*=7 (<;= -=1 / HB/=*1/ */B1 B( (*'(<)/
.<,B 4-B(1E'( *B;= =B*--  F<I -1/' GI !<1. /1/ 1<
*,1/;= 3<1!==*1/- .<=5 G*B( B( %K 1"<*/' /
F/ D&).'3*H- !E--)!<.   =/=1< 0)31*/B
EB1!1E= / =/=*B*F*BI E3 B1  ?&KK7 B= 3<* 1EB
A2>KK 3EB= *B */ 1.3B*B*1/ G*B( B( -*,= 1! *,1/;=
>KK / /1/;=  % , 7

-I.3E= / /BH


-B(1E'( B(I;<  *B -== F*=*- */ B(   .<,B B(/
*/ B( I= 1! #-.  = BG1 1! B( '</ 1- .<8E=
1!   3(1B1'<3(I -I.3E= / /BH < =B*-F<I .E( -*F / ,*,*/'7 *B( -1I- E=<= / =1.
*/B<=B*/' .1-= B(I;< G1<B( 1/=*<*/'7
-I.3E= (= <F  /*( !1< *B=-! I 1"<*/'
H3B*1/--I 1.3B  =7 ( )&KK </' G(*(
=B<B G*B( B( )&2K / 3<1'<== B1 B( )&DK /
)&%K < B( -*'(B=B / .1=B 1.3B  = 1/ B(
.<,B7 (*< =/=1< !1<.B ,/1G/ = B( 1E< (*<=
=I=B. (-3= B(*=7 1E< (*<= .<= (F  =.--<
=/=1< B(/ B( ) 1! B( .+1<*BI 1!  = 41< B(
!E--)!<. =/=1<= 1! B( -*,= 1! /1/;= 2= , /
*,1/;= >KK57 */ B( =/=1< *= B(B .E( =.--< B(
/B*< 3(I=*- =*'/ 1! B( -/= .1E/B / B( 13B*= B(B
'1 G*B( *B /  .1< 1.3B B117 1 3<B/< *B= )&KK
</' = G-- =  =B/< 2&)&D.. ,*B -/= B(<;= -=1 
1.3B #H)!1-)-/'B( D%..93/,:-/= B(B;= 1/-I
D&.. 3 .,*/' !1<  =E3<)1.3B B<F- =BE37
( =.--< =/=1< 1! 1E< (*<= .<= ./= B(B
B( =1-EB *.' 8E-*BI 1! B( <=E-B= B(1<B*--I *=/;B =
(*'( =  = G*B(  1< !E--)!<. =/=1<=7 1GF< 

1E< (*<= =/=1< =B*-- (=  =E<! < -.1=B B/


B*.= -<'< B(/ B(B 1!  =B/< *'*B- 1.3B7  1E<
(*<= =/=1< .=E<= <1E/ 2> H 2C.. 1.3< B1
B( ? H &.. 1< =1 1!  BI3*- 1.3B).< =/=1<7
<I =.--  = </;B -I.3E=;= 1/-I </'7 (
(*'(<)/ )?KK =<*= B<= !1< .1< B<*B*1/- .BE<
3(1B1'<3(<= G(*- B( 1E-)*'*B  =<*= B<= !1< B(
.*)</'7 ( )CK !1< */=B/ *=  3- .*)</'
.1- B(B B<E.3= =1. 1! *B= 1.3B*B1<= G*B( !BE<=
=E( =  &!3= E<=B .17 3 B B( (*'( / B(<;= -==
B*F*BI */ -I.3E=;= </' EB (, 1F< B( 3' !1< /
*/B<=B*/' /G *<B*1/ */ *B= .1-=7
( /. /BH G*--  !.*-*< B1 ./I / B(
1.3/I *= =B*-- 3<1E*/' '11   .<= G*B(
/ */*F*E- BG*=B7 (
DKK !1< */=B/ B,= 
BB<*= G(*( 33-= B1 B<F--<= */ <.1B <'*1/=7
/BH *= -=1 =B*-- B*F B B( -1G B1 .*)</' / 1!
B( .<,B </B-I <-=*/' *B= EB 1/=E.<)!1E=

)H .1- G(*( 1.= */  (1* 1! 1-1E<= / 1=B=


 F*1 <1<*/' = G-- = =B*--= 3*-*BI7 -=G(< *B=

). *=  -1G)1=B <*F- B1 B( -*,= 1! B( *,1/ CKKK G*B(


 3<* 1! G-- E/< A&KK7

C2

B(<  )-*, =I=B.=


/ DKK0  /G -== 1! .< '/ B1 33< / *B;=
'*/*/' '<1E/ */ DK2K7 B;= / HB/=*1/ 1! B( 1E< (*<=
=I=B. 3*1/< I -I.3E= / /=1/*7
(*= /G =B/< -- *<1 1E< (*<= *= 'BB*/'
 '11 - 1! BB/B*1/ G*B( =F<- .1-= /1G <-=
I 1B( 1.3/*=7 ( #/*/' (<B<*=B* 1! -- 1!
B(. *= B(B B(I;< F<I 1.3B *.*/' B1  = =.--
-*'(B / 31<B- = 31==*- EB <B*/*/'   8E-*BI7
/*B*--I F<I H3/=*F 3<*= < =B<B*/' B1 1.
.1< <-*=B* G*B( .1-= =E( = B( -I.3E= )2 
=I=B. 4*/=3*< I B( 1<*'*/- -I.3E= / .1- (*-*/'
!<1. B( -B 20%K=5 /1G F*-- !1< <1E/ A%KK7 1.
.1-= = 1/ B( =I=B. =E( = /=1/*;= E.*H
2 43*BE< 1331=*B5 <.*/ / H3/=*F 13B*1/ =*/
B(I;< =*'/ =  <3-./B !1< 1B(  =B*--= .<
/ /  3<1!==*1/-)-F- .1<<7 ( 2 1.=
G*B(  2&)2&K.. J11. -/= B(B;= !< =E3<*1< B1 .1=B ,*B
-/== / (/ *B;= !< .1< H3/=*F7
*<1 1E< (*<= .<= (F  =/=1<
B( =. =*J = B(B 1! 1E< (*<= .<= =E( = B(
-I.3E= )&%K 1/ B( 3<F*1E= 3'7 (B ./= B(

=* -F- 1! 8E-*BI *= -1=< B1    B(/  1.3B


.< G*B( -1G< /1*= -F-= B (*'(  4= 3?& !1<
.1< 1/ 5 / .E( BB< I/.* </' G(*(
F1*= B( -*33 (*'(-*'(B= 1! 1.3B= / '*F= =(1B=
 .1< /BE<- -11,7 1E -=1 'B '<B< 31B/B*- !1< B(
3(1B1'<3(* <B*F*BI B(B  )=BI- */B<(/'-
-/== <*/'=7 / !B I1E / #B 1E< (*<=)=B/<
-/== B1 B( /G =I=B. G*B( / 3B< -B(1E'( =1.
1! B( -/= !E/B*1/= .I /1B G1<, *B;= BB< B1 E= 
*B *<1 1E< (*<= -/=7 /= (1* *= !< .1<
-*.*B B(/ !1< =B-*=( =B/<= =E( = /1/;= 
-/== 1< *,1/;= ).1E/B EB B(< *= B( 13B*1/ 1!  !G
#H)!1-)-/'B( .1-= = G-- = J11.=7
( *"</ BG/ =B/< / *<1 1E<
(*<= -*= */ B( .(/*- =3*#B*1/= <-B*/' B1 B(
-/= .1E/B / *./=*1/= <B(< B(/ B( =/=1<7 *<1
1E< (*<=; *./=*1/= < -*<B-I F<I 1.3B =1
1.3B B(B B(<;= /1 <11. !1< B( B<*B*1/- <$H
.*<<1< B(B #/=  B<E  7 ( 1.3B =3= ./
*B;= 31==*- B1 3<1E .<= B(B */ B(1<I '*F B( =B
1! 1B( G1<-=   8E-*BI G*B( 1.3B).< G*'(B
/ *./=*1/=7

/ B1 =1. HB/B *B =E=7 ( 8E-*BI !<1. B(


/G .1-= =*-I 1EB=B<*3= /I 1.3B .< '*F*/'
B( H3B  )-F- *.'= -*B /1B 8E*B B B(
3*//- 1! *'*B- 8E-*BI =*/ *<1 1E< (*<= 4/
=B/< 1E< (*<=5 .<= E= =-*'(B-I =.--< =/=1<=
B(/ B( .+1<*BI 1!  =7 EB !1< ./I =(1B= I1E; 
(<)3E=( B1 B-- B( *"</ 3<B*E-< B -1G 
=BB*/'= -1G  &KK7
/ B(*/' I1E 1/;B 'B G*B(  *<1 1E<
(*<= .< *= B( =E3<)!=B <=31/= / -, 1! =(EBB<
-' B( -I BG/ 3<==*/' B( =(EBB< / B( .<
BE--I B,*/' B( =(1B7 (B;= E= B<E  = E=
 !1E=*/' =I=B. -- 3(=)BB*1/7 (*= *= F<I !=B
!<B*1/= 1!  =1/ !1<  '11   EB *B /= 
.*<<1< B1 *F<B =1. 1! B( -*'(B /B<*/' B( -/= 1/ B1
 *B EB1!1E= =/=1<7 /=B *<1 1E< (*<=
.<= E= B( .*/ *.' =/=1< *B=-! / !1E= E=*/' 
.B(1 -- 1/B<=B BB*1/7 (*= *= B( =. = *'*B1.3B .<= / *B;= .E( =-1G< G-- 1F<  =1/
*/ .1=B == G(*( *= .1< B(/ /1E'( B1 .*==  =(1B7 1
'B /IB(*/' -*,   3<!1<./ I1E (F B1 <=1<B B1
./E--I 3<)!1E=*/' =1 B( EB1!1E= =B3 *= -*.*/B7
B;= / */B<=B*/' *=*3-*/ EB !< !<1. *- */ .1=B ==7
 =1/ <G, <-B= B1 -/= (/'=7 E=
B(<;= /1 .*<<1< */ B(= .<= G(/ I1E 1. B1 B,
1/ -/= 1" / #B /1B(< 1/ I1E .E=B  HB<.-I

<!E- B( =/=1< ==.-I *= 1.3-B-I H31= / -*=


1/-I <1E/ 27%. GI !<1. I1E< <E*/1E=-I 1*-I #/'<=7 !
I1E 1 B1E( B( =/=1< 41< .1< E<B-I B( -1G)3==
#-B< *<B-I */ !<1/B 1! *B5  B<*3 B1 B( <3*< =(13 .I G- */ 1<<7 (E= I1E =(1E- B<I B1 -*.*B B( /E.< 1! -/=
(/'= /  F<I G<I G(/ I1E (/' B(.7
E= B( /G .1-= /;B 
--  = EB (F .1< */ 1..1/ G*B(  = B(/
=B/< 1.3B= ./I */ B( */E=B<I < /1G <!<<*/'
B1 9*/B<(/'-)-/=: .<= = / E.<-- B<. !1<
 = / *<1 1E< (*<=  )-*,=7
=3*B B( =-*'(B <G,= B( /G !1<.B (= !1E/ 
-1B 1! !F1E< G*B( .BE<= G(1 G/B  $H*- (*'()8E-*BI
*'*B- .< B(B;= /1B = E-,I = B<*B*1/- =I=B.=7
/ -B DKK0 *<1 1E< (*<= 1E/B !1< 2K6 1! -*/B<(/'-)-/= =I=B.= =1- */ B( 
 G(*( *=
*.3<==*F !1< =E(  I1E/' =I=B.7
*1( (= </B-I 1. !<1. -!B)#- G*B(
*B= 1G/ 1.3-B-I 1<*'*/- */B<(/'-)-/= !1<.B7
B=  =I=B. /1B 1/-I (= */B<(/'- -/== EB
1.3-B */B<(/'- .1E-= 1/B*/*/' 1B( -/=
/ =/=1<7 B;= / */B<=B*/' 33<1( EB /1B 1/ G;
<1../  '*//< 1< */ /I1/ B1 1/=*<
E/B*- B(*= /G F<I H3/=*F =I=B. (= / =(1G/ B1
=B/ B( B=B 1! B*.7

.D<0G).&   ,.==
<0,K D' &<D=D H.D& 0 .   -< )= D'
.0<-0G= <.& 0 ) <.D ,.== K0G . G=5 D D' =)
,H, )D =)-2,K ,,0I= ) <.D 0, ,.&D'= <.&).& <0=G2<(I)(.&, D0 JD<- D,2'0D0 3= 2F? 0< -0<
0. 0, ,.&D'45 GD D'<;= -0< D0 0.=)< D'. *G=D D'
,.&D' 0 D' -< 0G=5
J)-G- 2<DG< )=  H<K
)-20<D.D 2<D 0  ,.=;= =2)"D)0. . D' I)< D'
-J)-G- D' -0< J2.=)H  . 'H)<  D' ,.= I),,
 3= 2FF 0< -0< 0. D'  D= 0 2<DG<45
I22).&    ,.= ).  0-2D), -< )= D'
I0<+ 0  0G2, 0 =0.=  *G=D 2<== D' <,= GDD0.
0. D' -< 0K DI)=D D0 < D' 0, ,.= . =,0D D'
.I 0. + ). )D= 2,5

.K .I ,.== 0<  = .0I


).& <,= < =<) = ).& )&)D,(=2)"5 '<
< DI0 =2D= D0 D')=5
.K < =)&. =2)",,K 0<
-<= I)D'  ( =)L =.=0<= <D'< D'. G,,(<-
E$--5 ')= )= . )-20<D.D ,)-)DD)0. =). D'K;<
=)&. D0 2<0*D . )-& )<, D'D 0H<= 0.,K D'
=-,,< =)L 0 .   =.=0<5  K0G DD'  =)&.(0<(
)&)D,  ( ,.= D0  E$-- ",- -< 0<  G,,(<-
2<0==)0.,(,H, -< =G' = D' )+0. ?MM D'
<=G,D I),,  =H< :H)&.DD).&; I)D' <+. 0<.<= D0
,, K0G< )-&=5 '<;=  ."D D0 ,.== =)&. 0<
D'= =.=0<= D'0G&'  D'K .  -0< 0-2D .
2<0G -0< '2,K D'. G,,(<- H<=)0.=5 GD K0G
. D0 < ). -). K0G< ,.= '0) ) K0G;< 2,..).&

H< D0 G2&< D0  G,,(<- )&)D, -< I')' -K


0- -0< 2<H,.D ). D' GDG<5
' =0. <=0.  ,.= -)&'D
 ,== = ).& =)&. 0< )&)D, G= )= 0I. D0 D'
0D).&= G= 0. D' &,==5 ')= )=.;D -<,K  -<+D).&
2,0K D0 &D K0G D0 GK -0< J2.=)H ,.== H. D'0G&'
K0G< 0, ",-(-< ,.== -)&'D "D 2<D,K I,, 0. K0G<
.I )&)D, 0K5  K0G 0 G= K0G< 0, ",-(=2)" ,.==
K0G -K I,, ". D'D ). =0- ,)&'D).& 0.)D)0.= K0G<
2)DG<= DG<. 0GD ,-0=D G.G=, I)D' H<K ,0I 0.D<=D
2,G= ,00-).& . ',0  D= <0G. <)&'D 2<D= 0 D'
)-&5 )&)D, -<= < < -0< 2<0. D0 D'   D=
0 ,)&'D 0G.).& <0G. ).=) D' ,.= . D' -<
0K5 ')= )= G= 0 D' 0.=D<GD)0. 0 )&)D, =.=0<=5
0 -J)-)= D' G= 0 ,, H),, ,)&'D H<K 2)J,
,-.D 0  =.=0< )= 0H< K  D).K -)<0,.=5 '=
D. D0 2)+ G2 ).)<D =D<K ,)&'D H<K <),K ,).& D0
,)&'D 0.D-).D)0. . G.I.D  D= 0. K0G< )-&=5
)&)D,(=2)" 0D).&= < =)&. D0 =0< D'D =D<K
,)&'D -==)H,K <G).& )D=  D5
 K0G 0 G= K0G< 0, .0.()&)D,(=2)" ,.== I)D'
K0G<   K0G . <G D'= =)( D= K 2K).&
<G, DD.D)0. D0 D' 20=)D)0. 0 ,)&'D =0G<= ). K0G<

='0D=5  D' =G. 0< <)&'D ,)&'D= < .KI'< ). <0.D


0 D' ,.= D<K D0 ='), )D )D'< K =)-2,K '0,).& .
0GD=D<D' '. 0< K G=).&  ,.= '005
.== 0<  = .  =2,)D ).D0 DI0 =)
D&0<)= 2<)-= ,.== . L00-=5 ' ) <. )=
=)-2, 2<)- ,.== 'H  "J 0, ,.&D'> L00-= .
H<K D')< -&.)"D)0.5
' )--)D <D)0. 0 -0=D .0H)= D0
D' ) 0  ,.= D'D 0=.;D 'H  L00- )= =)-2,K D0 =+
8'K79  L00- )= -0< H<=D), I'K I0G, K0G I.D .
).#J), "J ,.=7 ' .=I< 0-= 0I. D0 6G,)DK
. 0=D5 D;= JD<-,K )!G,D D0 =)&.  L00- ,.=
I)D' ,0I )=D0<D)0. . 2).(='<2.== D'<0G&'0GD )D= L00<.&5 . D' I)< D' L00- <.& D' -0< )!G,D
D' 2<0,- 0-= 3= =G2<L00-= ,0I45 )D' 
2<)- ,.= '0IH< D' =)&.< '= 0.,K 0. 0, ,.&D'
D0 I0<<K 0GD5 'D -.= 2<)- ,.== < 0D. H<K
='<2 ).5 'D;= -0< I)D' I< &,== ,-.D= ). 
2<)- ,.= D'<;= ,== '. 0 ).D<., <#D)0.= I)D'
D' ,-.D= I')' <G= #< . )-2<0H= 0.D<=D5
).,,K 0<  &)H. ,H, 0 6G,)DK D' =)-2,< =)&. .
0.=D<GD)0. 0  2<)- ,.= -.= D'K;< G=G,,K '2<
. ,)&'D< = .  0.G=5

D '= D0  =) '0IH< D'D H<K


I 2<0==)0., 2'0D0&<2'<= .0I G= 2<)- ,.==
J2D ). =DG)0 0.)D)0.=5 . <.D K<= D'
D'.0,0&K '). L00-= '= -.D D'D D' =D <
JD<-,K ,0= ). D<-= 0 6G,)DK D0 2<)- ,.==
. D' 0.H.). D0< -.= .I 2<)- ,.==
< 2<0G 0.,K H<K <<,K5 'D =) -0=D =<)0G=
-DG<= . 2<0==)0.,= =D),, 'H D'< 0< 0G< ,.==
). D')< +)D &5 0G;,, G=G,,K ".  L00- 0H<).&
D' I)(.&, . 0 D' =2D<G- 2<'2= <0G.
1M(FF-->  :-),).&; L00- D'D I),, 0H< -0=D
H<KK =)DGD)0.= DK2),,K <0G. 1(?M--> . 

D,2'0D0 0< D').&= =G' = I),,) 2'0D0&<2'K D' -0=D


0--0. <.& 0< D'= ).& ?M(FMM-- 0< ?M(EMM--5
 <,D)H,K .I ,== 0 ,.= )= +.0I.
= D' =G2<L00-5 ' )- 0 D'= )= D0 <2,  &
G,, 0 ,.== I)D' 0. D'D 0H<= D' I'0, <.& 0
0, ,.&D'= <0- D<G I)(.&, D0 D,2'0D05 ' "<=D
&.<D)0. 0 =G2<L00-= '  <.& 0 1FMM-3F--EFM-- 6G)H,.D45
0,= I)D' D')= <.& <
H),, <0- .0. )+0. )&- -<0. . =H<,
0D'<-.GDG<<=5=D'D'.0,0&K'=2<0&<==H.
G<D'< D' <.& '= 0- H. -0< JD<-  0<
J-2, -<0. .0I '= . 1(F?M-- -0, I')' )=
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 D= =G2<L00-= < .0I 22<).& D'D DG< )-&
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 D= =G' = #< . &'0=D).&5
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2<"J= . =G!J= ).)D).& D')< <,D)H 6G,)DK .
DG<= K0G;,, ,<. = K0G &0 ,0.&5
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2<)= . =0- < =0 =)-),< )D;= =K D0 &D 0.G=5 0<
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> D' 0D'< D' ?M(EMM-- A%5$($5@   
5 '
 H<=)0. I= <0G&',K DI) D' =)L . DI) D' 2<)5
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 H<K ,<& <.& 0 D')< 0I. 02D)=5 ,)H )D 0< .0D
.0. '= 0H< ?M ) <.D -0,= ). )D= G<<.D  ,.=

<.&5 =2)D D')= D'<;= =D),,  ',D'K -<+D <0D')<(2<DK ,.= -.GDG<<= I)D' D' DI0 )&&=D ).&
-<0. . )&-5 ' ,DD< -.GDG<< 0= ). D
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0D' -+ =0- J,,.D -0,=5 0 D+ 0. J-2,
-<0.;= F(?$-- AF5  ) ,.= 3= D' <)&'D('.
)-& 0. 2FE4 '= G=<= I'0 =I< )D;= = ='<2 = .K
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2<DK -.GDG<<= ,=0 D. D0  -0< H.DG<0G= I)D'
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=G2<L00- <H0,GD)0. 0< ).=D.5
 "., 20).D D0 <--< )= D'D I'. GK).& 
D')<(2<DK ,.= )D;= )-20<D.D D0 =2)K D' 0<<D -0G.D5
' ,.= )= G=G,,K 2<0G ). =H<, ) <.D H<=)0.=
D0 0--0D ) <.D -+= .  .0.(-0G.D ,.=
)=.;D -G' G= 0. . ,K-2G= -<5
0< =2),)=D 2'0D0&<2'K D'< <
H<)0G= .)' D&0<)= 0 ,.=5 ' -0=D 202G,< 0
D'= < -<0 ,.==5 '), D' D<- :-<0; D.= D0
 22,) D0 .K ,.= I)D' D' ),)DK D0 0G= D  ='0<D
)=D. <0- D' =G*D D<G -<0 ,.== < ) <.D5
 &.G). -<0 ,.= )= , D0 <2<0G D' 0*D ).
<0.D 0 )D D 6G, D0 0< &<D< D'. ,)=)L 0. D' )-&
=.=0<5 ')= ,,0I= 0< D<G ,0=(G2 I0<+5 .G). -<0

,.== D. D0  2<)-= . D' -0=D 202G,< 0, ,.&D'


)= /M(1MM--5 'K;< .0D '2 D'0G&' J2D D0 2K
<0G. CEMM 0<  D<G -<0 2<)- ,.=5

0< =0D<)  . -0< J2.=)H  < D),D(.(


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). <')DDG<, 2'0D0&<2'K D0 8=D<)&'D.9 D' =)= 0
G),).&= ). ='0D= D+. <0- =D<D ,H,5
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,, )-20<D.D 6G,)D)=5 0- ,.== 'H &). ,-0=D
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)-& 6G,)DK -D' K 'DK 0.=D<GD)0. =)&. D0
D+ D' <0G&' . DG-, 0 'HK G= -<+ 0GD K
&0, #='= . =0 0.5 .D<.D 0<G-= <  &<D IK 0
&DD).& D0 &<)2= I)D' D' -.K 0),= . '<D<)=D)= 0
H<)0G= ')&'(. ,.= <.&= . DK2=5
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D0  2<D)G,< ,.=5 .D<.D 'D 0<G-= 0GD ,.== ).
2<D)G,< =0-D)-= =- D0  =,)&'D,K 0=== I)D' D'
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&00 0+' I),, ='0I =0D ,G<<).& I'<= 0. D'D;= .0D
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G= K D' ='2 0 D' 2<DG< ,=5
 DG< D'D;= 6G)+,K &).).&
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D0 0-2.=D5
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='+  =D),)= ,.= I),, ,D K0G &D IK I)D' .
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! 
            
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"

-*/-9&+# B->8 9$-<9


$ 8+$ 9<8< + ->*+<8B /$-<-#8/$8
+8& 8<&8%899-+ &9 -<+ $&) 9 <$ #8<9<
/$-<-#8/$8 @$- ?8 )&?2 >< <$ >)( - $&9 *-9<
*->9 @-8( @9 <(+ -+ <$ 9<8<9 - 8&9 @&<$  9&*/)
)(%+%@$&< 8+# +8 *8 0 8+# +8 $9 
9/8< ?&@ +8 )&( <$ -/<&) ?&@ +8 -+  &#&<)
-*/< 9 -//-9 <- <$ <$8->#$%<$%)+9 ?&@ - +
 12 8<&8%899-+ >9 +- <8&/- +- !9$ + $
+- A<8 3>&/*+<2 $< $ & $? @9 + >+8<$)B
(+( - 9&+#  9$-< -8 &< $//+ + 9+//&+#
<$ 9$><<8 < @$< $ )) <$ &9&? *-*+<2 $&9 &9
<$ *-*+< @$+ /899&+# <$ 9$><<8 ><<-+ /<>89 
9$-< <$< *-&9 <$ 9+ 8->+ B-> ?+ <$->#$ <$
/$-<- &<9) &9  9<<& /&<>8 ?-& - <$ 9->+9 9*))9
+ *-<&-+ <$< -)->8  )-< - ->8 ?8BB A/8&+2
 +7< ))  8<&8%899-+9 >+-8<>+<)B >< @
+ )8+  )-< 8-* $&9 //8-$2 +< /$-<-#8/$B
 /8<&>)8)B +& /-/) /$-<-#8/$B  &9 )) -><
<&*&+# + -*/-9&<&-+2 $ $/9< *8 &+ <$
@-8) @&)) 9<&)) #&? B->  #8< 9$-< & B-> /&( B->8
*-*+< + <$&+( ->< $-@ B->7? 8* <$ /&<>82
$< 9& -8 9-* <B/9 - /$-<-  )+9/
/$-<-#8/$B &9 + -?&->9 -+   9$8/ $&#$%3>)&<B
)+9 +  #-- *8 8 /8<<B *>$ 99+<&)2

+< (&< +?8 $>8<9 >< -+7< #< -999 @&<$ <$
)<9< + #8<9<2 &<$ <$ -9< - $&#$%+ &#&<)
-*/<9 + &#&<)  9 #<<&+# )-@8 )*-9< B <$
B B-> -+7< + <- 9/+ *-8 <$+  @ $>+8
/->+9 <- #< B->89) 3>&/*+< 9 #-- 9  /8-99&-+)
@->) $? >9  + /&  @ <$->9+ -8  <$8 -8
->8 B89 #-2
->7)) 9 <$&9 9&*/) ?& &+
-<$8 $/<89 <-- + @ *( +- /-)-#&9 -8
8/<&+# &<2 **8 <$< &< -9<9 B-> +-<$&+# <<(  &#&<) /$-<-2 - <( )-<9 -8 ?8B 9$-< <$< 
/8-99&-+) /$-<-#8/$8 8)99 <- <$ @-8) < )8#
<$B @&)) $? <(+ -C+9 <$< &+7< *( <$ #82
+ & <$ /8-9 -+7< )  ->< <(&+# )-<9 - /&<>89
+ /&(&+# <$ 9< +&<$8 9$->) B->2 &+# -><
/$-<-#8/$B &9  #-- 9<8< >< <$ 9< <$&+# <- - &9
9&*/)B #< ->< <$8 + 9<8< 9$--<&+#2
 -+7< *+ B-> 9$->) '>9< (/ 9+//&+# <$
9$><<8 &+&98&*&+<)B <$->#$  <8B <- (/ <$&+(&+#
->< $-@ B->8 9$-<9 @&)) <>8+ -><2 -> + 9&)B )) 
@$-) --( -+ <$+&3>9 &+ /$-<-#8/$& -*/-9&<&-+
>< 8 -+ -8 9-* -+&9 /-&+<89 -+ @B9 B-> +
<$&+( ->< &*/8-?&+# B->8 /$-<-#8/$& -8<92

$8 8+7< *+B @B9


- +9>8&+# B-> #<  >)) /&<>8 <$< 8 3>&< 9 8<&+
9 8@&+# <<+<&-+ <- <$ < <$< B->78 <(&+# -+2 9
9--+ 9 B-> <)) /-/) <- 59*&)6 <$B7)) <>8+ <-  <$
*8 &8<)B <+9 >/ + )--( 9 @(@8 9 <$B78
?8 #-&+# <-2  <- <$< - ->89 &9 <$ < <$<
*+B /-/) @&)) 8-&) &+ $-88-8 + B->7)) #< <$ )99&
$+%&+%8-+<%-%<$% 9$-<2
 +& /&<>8 &9 )*-9< )@B9 <<8 <$+  /-9
9$-< 9- <8B /8<&9&+# B->8 9<)<$ <$+&3>9 08<&8%
899-+ &9 9& <- $? @8// $&9 *8 &+ )( </ <*( &< )99 -+9/&>->912  -**-+ <$+&3> -8 9<8<
/$-<-#8/$89 &9 <- -* 8-99  9&<><&-+ @$8 <$B +
596  /-<+<&))B &+<89<&+# 9$-< &+ <$&8 $2 $B <$+
/8%->9 + /89< <$ A/-9>8 9<<&+#9 + @&< -8
/-/) <- +<8 <$ 8* -8 +<>8))B *-? &+<- <$ 8&#$<
/-9&<&-+2 $+ <$B7)) 3>&()B 8&9 <$ *8 + 8 -
<$ 9$-<2 **8 <$< -+ B->7? <(+  ->/) -
/&<>89 *-9< /-/) @&)) (+-@ B->78 <$82 < <$< /-&+<
& B-> 8))B *>9< B-> + - <$ 8<& &) #8->/ 9$-< -8
<$ *&)B )>*2
< #-9 @&<$->< 9B&+# - ->89 <$< /-/)79 /8&?B
9$->)  89/<2 )<$->#$ <$879 +- )@ &+ <$ 

#&+9< <(&+# /-/)79 /$-<-9 &+  />)& /) <( &<

8-* >9 <$< /-/) B-> -+7< (+-@ @&)) 9-*<&*9 8<
)B @$+ <$B 8)&9 B->78 <(&+# <$&8 /&<>82
8-)B <$
9&+#) *-9< -**-+ *&9<( <$< /$-<-#8/$& +-?&9
*( &9 -+)B <- )--( < <$&8 9>'< @$+ <(&+#  /$-<-2
>< @$+ /-/)  &+)>&+# B->  -* <- )--( < <$
89>)<9 <8@89 &<79 +-< '>9< <$ *&+ 9>'< <$B7)) ->9
-+ &<79 <$ @$-) /&<>8 + >+@+< (#8->+
)><<8 + &9<8< 8-* <$ 9>'< +->#$ <- 9/-&) <$
9$-< -*/)<)B2  B->7? <8& <- <(  +& 9><) /&<>8
-  8-&+ -+  + /-9< -8 &+9<+  8&#$< B))-@
 &##8 &+ <$ (#8->+ &9+7< #-&+# <- $)/ @&<$ <$
*--2 + & B->7? '>9< /<>8  /-&#++< 9$-< - B->8
$&) -*&+# ->< - $&9 -8 $8 89< B < 9$--) B-> -+7<
@+< <- #< &< >/ -+ B->8 79 98+ <8@89 -+)B <9 +-<$8 9*)) $&) &+ <$ (#8->+ @&<$ $&9 +#8
>/ $&9 +-9
(  )--( < +B /8-99&-+) 9$-< + B->7)) 9 <$<
<$ /$-<-#8/$8 $9 88+# <$*9)?9 9- <$< <$
(#8->+ &9 &<$8 */<B &+ (/&+# @&<$ <$ <-+ - <$
*&+ 9>'< -8 & <$< @9+7< /-99&) <$8-@+ ->< - ->9
B >9&+# 9 @& + /8<>8 9 /-99&) 09 /==12 $+
B->78 -*/-9&+# B->8 9$-<9 B-> 9$->) <8B <- )<8 <$

"

*8 +#) + 8*&+# <- (/ >+@+< -'<9 -><


- <$ 8*2 8&#$<)B -)->8 -'<9  /8<&>)8)B 8 
<+ <- $?  98&->9)B <8&*+<) <2
-9< /-/) $? $8 - <$ 8>) -
<$&89 + &< &9+7<   #>&)&+2 < 9&*/)B 9B9 <$< @$+
B->78 -*/-9&+#  /&<>8 <$ *-9< -+?+<&-+))B
<<8<&? + /)9&+# -*/-9&<&-+ &9 -<+ @$+ B->
$? <$ *&+ 9>'< /) < -+%<$&8 -8 <@-%<$&89 -
<$ @B )-+# <$ 8* &))B < <$ &+<89<&-+ - 
$-8&C-+<) + ?8<&) )&+ - <$&892 $&9 &9 9 -//-9 </)-+(&+# <$ *&+ 9>'< 9)/%+# &+ <$ +<8 - <$
8* @$&$ &9 <$ *-9< <*/<&+# <$&+# <- - >< -<+
*(9 -8  >)) 9$-<2
$ 8@( &9 <$< 9)?&9$)B -))-@&+# <$ 8>) -
<$&89 @&)) ) <- )) B->8 /&<>89 &+# #-- >< +-< #8<2
$B7)) )) -))-@ <$ 9* 9 *<$- + @-+7< <+ < ?8B &+9/&8&+#2 $<79 @$B <$ 8>) - <$&89 &9 <$ 89<
8>) B-> 9$->) 8( -+ B-> $? 9-* -+ + &+
B->8 -*/-9&<&-+ &)&<&92 + #&+ &<79 + 8 @$8
<$ < <$< <(&+#  &#&<) /$-<- -9<9 +-<$&+# &9  --+2
(  +& 9 8>)%-%<$&89 /&<>8 <$+ - 9-*<$&+#
>+-+?+<&-+) @&<$ <$ 9* 9>'<2 <79 8
<79 + -?&->9 <$&+# <9B >< +-< )) @B9 - -*/-9&+#  /&<>8 @-8( -8 ))
9&<><&-+92  #-- 9$-< @&)) -<+  -*/-9 &+ 9B*/<$B
@&<$ <$ 9>'<2 8$/9 <$ *-9< -?&->9 A*/) - <$<
&9 @$+ B->78 <(&+#  /&<>8 -  *-?&+# 9>'<  9B

 8>++82 -> + >9 <$ 8>) - <$&89 $8 >< @$&$
<$&84 )8)B & <$ 8>++8 &9 *-?&+# 8-* )< <- 8&#$<
8-99 <$ 9$-< &<79 9< <- 8* <$ /&<>8 9- <$< <$B78
< <$ )<%$+ <$&82 $< @B <$B7)) 9* <-  8>++&+#
&+<- <$ )8 9/ &+ <$ +<8 - <$ 9$-< 09 /""12
 B-> /-9&<&-+ <$* -+ <$ 8&#$< &< @&)) )--( 9 & <$B78
->< <- 8>+ &+<- <$ 8&( @)) - <$ # - <$ 8*2
$&9 &9  $-< <-/&2 -*
/$-<-#8/$89<$&+(<$<8-//&+#B->8/&<>8<8B->7?
<(+ &< &9  &)>8 + B-> 9$->) $? -*/-9 &<
-88<)B -8$+2 >< 9- @$<4  /&<>8 &9  /&<>82
< +  >+ <- &9&/)&+ B->89) +?8 <- 8-/ B->8 9$-<9
+ )@B9 <- <8B <- #< <$ -*/-9&<&-+ 8&#$< -8 B->
9$--< >< 8-//&+# + -<+ *( <$ &8+ <@+
 8>&+ 9$-< @&<$ 9-*-+79 +#8 &+ <$ 8* + 
#8< **-8B2 < &+ <$8 @&<$ B->8 /$-<- 9-<@879
8-//&+# <--) +  -+ @&<$ &<2 $ <$&+# <- 8 &+
*&+ &9 <$< & B-> #- &+ -8 ?8B A<8* 8-//&+# +
(/ -+)B  9*)) 9<&-+ - <$ -8&#&+) 8* B->8
+@)B 8-// /&<>8 @&)) $?  *>$ )-@8 89-)><&-+2
+ -<$8 @-89 B-> *B $? $-// + %*#/&A)
/&<>8 -@+ <- 9B " *#/&A)92 $&9 @&)) )&*&< <$
9&C < @$&$ B-> + /8&+< <$ 89>)<&+# /&<>8 @&<$-><
&< #<<&+# )-(B + /&A))< 09 /." -8 *-8 -+
)>)<&+# $-@ )8# B-> + /8&+< + &*#12
$ *'-8&<B - /-/)
>9 <$ C--* )+9 - <$&8 *8 9&*/)B <- '>9< <$

+>*8 - <$&+#9 <$< 8 ?&9&) &+ <$ 9$-<2 $&9 &9 <$
@8-+# @B <- >9 C--* $ -) )+#<$ - <$ *8
$9  $># &*/< -+ <$ @B  9$-< @&)) <>8+ ->< 9&9
'>9< <8*&+&+# $-@ *>$ B-> + 9 - @$<79 <$82
**8<$<<?8B@&%+#)9<<&+#<$/89/<&?
-  9$-< @&)) 9* <-  A##8< + &9<-8<2 '<9
)-9 <- <$ *8 @&)) 9* <-  >8? @$&$ + #&?
 9)&#$<)B +&#$<*8&9$ $))%-%*&88-89 )--( <- /-/)2 $&9
*&#$<  @$< B-> @+< -8 <$ 9$-< B-> $? &+ *&+
>< &< 8<&+)B &9+7< !<<8&+#2 -8 <$ 9< /-8<8&<9 <$
*-9< /-/>)8 -) )+#<$ &9  *&>*%<)/$-<- 9<<&+# -
8->+ .DD** 3>&?)+< 09 /=: -8 *-8 -+ 3>&?)+<
-) )+#<$91 + <- 8* <$ 9>'<79  -8 <$< B->7))
+ <- *-? ( 9?8) <2
-+?89)B <$8 8 <&*9 @$+ B-> -+7< @+< <- 
C--* &+2 <<&+# <$ *8 <- &<9 *A&*>* C--* @&))
!<<+ /89/<&? 9- <$< ?+ -'<9 9/8< B 3>&<
9-* &9<+ @&)) 9* )-9 <-#<$82 $&9 &9 <$ )9<
<$&+# B-> @+< & B->78 <8B&+# <- #<  9+9 - <$ 9) -
 )8# 9>'< 9>$ 9  <$8)2 <$8 <$+ 9$--<&+#
<$ -><9& 8-* $)  *&) @B 9 9--+ 9 B-> 9 &< <8B
@)(&+# 8&#$< >/ <- &< 9<<&+# <$ @&9< C--* + <$+
<(&+# <$ 9$-<2 < @&)) 9* <- )--* *>$ *-8 <&?)B
<$< @B2
- <$ 8&#$< @B <- >9 C--* &9 <- @-8( ->< <$ -)
)+#<$ <$< @&))  9< -8 <$ /&<>8 B->78 <8B&+# <-

#< + <$+ *-? B->89)  +-< <$ C--*  <- -*/-9
<$ /&<>8 &+ <8*9 - @$< &9 + @$< &9+7< /<>8
&+ <$ 8*2 ->8 -B 9$->) - <$ C--*&+# +-< <$
)+92 9&-+))B - ->89 B->7))  89<8&< &+ $-@
)-9 -8 $-@ 8 @B B-> + /$B9&))B *-? B->89) &+
8)<&-+ <- <$ 9>'<2 + <$< 9 B-> *B $? <- 89-8<
<- C--*&+# &+ -8 ->< <- 8* <$ /&<>8 -88<)B >< &<
9$->)  <$ )9< 89-8<2
>< <$ *8 -+ <$ #8->+
-8  @-8*79 /89/<&? -+ <$ @-8)2 899 &< #&+9< 
)-@ &)&+# + $&< <$ 9$><<8 ><<-+ -8  )&#$<% <<&+#79
B ?&@2 (  )-+#&9$ A/-9>8 + C--* &+ @$&) <$
9$><<879 -/+ -8  @$(B /9B$)& <2 >< B->8
8&+79 /&+( 9>+#)999 -?8 <$ )+9 '>9< <- 9 @$< <$
9$-< @&)) )--( )&(2 >< <$ *8 -+ 9)%<&*8 />< &< &+
<$ 8&# + )-9 <$ --82 **8 <- <( &< -><
#&+ <8@892 )&8<)B -?8A/-92 )&8<)B
>+8A/-92 - @$<?8 <$ $)) B-> ) )&(2 <79 ))
/$-<-#8/$B2 <79 )) #--2 -9< - <$ @$(B 9$-<9 B->
<( @&))  9-)>< &99<89 >< &< @-+7< $? -9< B->
+B<$&+#2 -> + )9- $? >+ @&<$ <$9 9$-<9 B -&+#
A<8* *->+<9 - 8<->$&+# &+ 9-<@8 <- 9 & B->
+ *( <$* *-8 &+<89<&+# 09 $/<8 ,12 + <-/
- <$< ?8B +-@ + <$+ -+ - <$ -%<$%@)) 9$-<9
*&#$< @-8(2 ->7)) +?8 (+-@ & B-> -+7< <( &<2

!))8#( &(2+2
(2+ +!)8) 1+!? #2 )( ) 8! !128 +!)8) 1+!#
#2#+&#(2 8) 8 1# !8. 2 1 2 8! 8!(#&#8#2 ) '1
288#( 2 1 )(1( 8!); ! 8!1 #2(08 8)) ';! 8) 8!
2# 8!(#/;. )  2;1 ) 88#(  2!1+ 2!)8 =#8!
8! =!)& 2( #( );2  2 =#8! 8! 2!)8 &)=  ?);
( 1)+ 8! '1 #(8) +18;1 +1#)1#8? ') ( 2&8
 2'&& +18;1. ''1 8!8  2'&& +18;1 '(2 
&1  "(;'1. (  # #8& )'+8 8! '>#';' <#&&
=#&&  2)'8!#( 1);( 5.43 #(  # #8&   5** )1 5*4
1 )) 82. !  (8 )  2'&& +18;1 #2 8!8
')28 &(22 =#&& +1); 2!1+1 12;&82 =#8! &22 #28)18#)(
8 2'&&1 +18;12. ''1 8!8 2'&& +18;12 )8(
'(  2&)= 2!;881 2+ 2) 8! +1#'1? =+)( #( ')28
&(2+ +!)8) 1+!120 1');1? #2  81#+).
! 2)( 2+8 8) 1''1 #2 8!8 ?); =(8 8) 8
2 ';! 1#2+ 8#& 2 +)22#& 2) '% 2;1 ?);1 '1
#2 28 8) #82 &)=28  288#( ,2 +4-.  #( 8!#2 =#&& 8(
8) '( 2&)= 2!;881 2+2 ;8 &)=  =#&& +1); &22
()#2 #( ?);1 +#8;1 ( '>#';' 8#&. ( 8 &(2+
2!)82 1 )( ) 8! 12 =!1 #802  1& !&+ 8) !< 
 (  (8 &(2 2#(  2 +8;1 8#& 881.
( ) 8! &;>;1#2 ) +!)8) 1+!#( 
&(2+ #2 8!8 #8 #2(08 )#( (?=!1 #(  !;11?3 ?);
2!);& !< +&(8? ) 8#' 8) 8!#(% );8 !)= ?); =(8

8) 1' 8! 2!)8.  ?); =(8 8) 8 #8 1# !8 ( ?);01


()8 !++? =#8! 8! 12;&8 =!( ?);0< )8 8! +#8;1 )(
?);1  ?); ( +)8(8#&&? 1<#2#8 8! 2+)8 ( 8% 8!
+#8;1  #(. !8 2# +&(8? ) +1)22#)(& &(2+
+!)8) 1+!12 '#(8#( 8!8 +1#2 8#'#( #2 $;28 2 1;#&
)1 8!' 2 #8 #2 )1 8! 2818 +!)8) 1+!1 81?#( 8) 8!
8#( 2!)82 8!8 1 8!1 )( 2)( ( )( 8! (>8.
! 8#'"2(2#8#< 2+8 ) &(2+ 2!)82 #2 8! &# !8.
! )(<(8#)(& =#2)' #(
&(2+ +!)8) 1+!? #2 8!8 ?); 2!);& 2;1 )1 ?);1
18 8! = '#(;82 )1 ;1#( ( 81 =( 1 )8(
!#& 2 8! 8#'2 ) ? =!( 8! &# !8 #2 8 #82 2)828 (
')28 881#( .  8! 2%? #2 1#&&#(8&? 2;((? ( &1 ?);
( 8 8!8 +18#;&1 28?& ) 2;+1"<#1(8 2!)8 #( 8!
'#& ) 8! 81())( ;8 (1&&? 8! &# !8 #2 !12!.
 ?);01 )1 8) 2!))8 #( 8! '#& ) 8! ? ?);
( (!( 8! <#1(? )  &1 2;((? 2%? ? ;2#( 
+)&1#2#( &81 ,2 &)=-. )&1#212 !< 8! 8 )
+(#( 8! )&);1 )  &1 2%? ( #(12#( )(8128
)1  ')1 <#1(8 +#8;1.
1 8! ( ) 8! ? 8!
&# !8 2)8(2  #( 2 8! 2;( 82 &)=1 #<#( 881
)(#8#)(2  #( ( 8! &#%&#!)) ) 1'8# 2%#2 (
# ?); 8 2)' '#28 #(8) 8! /;8#)( 2 8! <(#( ))&2
8!802 && 8! 881 )1 #( 2)' 8')2+!1.

!))8#( #( '1)
&8!); ! 8! 81; (#8#)( ) '1) #2 8) 8% &#"2#@ )1
181 8!( &#"2#@ +!)8)2 ')28 '1 '(;8;112
;2 8! 81' #1&? &))2&? ( #8 ;2;&&? 2#'+&? '(2
&)2";++!)8) 1+!?.)=<1&')28<1?)'+8(
2;+1@))' !2  '1) ') 8!8 &82 #8 );2 <1? &)2
8) )$82 &88#( ?); 1#( );8 8#& 8!8 ')28 +)+&
=#&& (<1 )8!1=#2 2. )' '12 !< 8=) )1 ')1
'1) ')2 2) '% 2;1 ?); 81? )8! 8) ( );8 !)=
&)2 ! =#&& &8 ?); 2!))8.
 2 ;2;&&? (  2+#& '1) &(2 )1 81;
** ,&#"2#@- +!)8) 1+!? ;8 '(? 28(1 &(22 (
28#&& );2 <1? &)2 8) 2;$82. !2 ?2 <( 8! %#8
&(2 8!8 )'2 =#8!  # #8&  =#&& ;2;&&? &8 ?); );2
)=( 2 &)2 2 *'. )1 2+#&#28 '1) =)1% 8!1 1
 <1#8? ) 2+#&#28 &(22 )( 8! '1%8 ;8  81; ** &(2
=#&& ;2;&&? )28 ;+=12 ) 79A ( ?); 2!);&(08 2+&2!
);8 )( 2)'8!#( &#% 8!8 ;(8#& ?);0< >+1#'(8 =#8!
=!8 ?);1 '102 +& ) );8 ) 8! )>.
); ( 8% '1) +!)8)2 ) $;28 );8 (?8!#( 
;8 )=12 ( #(282 ( +1); 2)' ) 8! ')28
#(8128#( 2!)82. )22#&? 8! ')28 1;#& 2+8 ) '1)
+!)8) 1+!? #2 %+#( 8! '1  ( 2;$8  28#&&.
<( 8! 2&# !828 ')<'(8 =#&&  ' (# 2) 
81#+) #2 8! 28 =? 8) <)# '1 2!%. &2) ;2 8!

2&"8#'1 2) 8!8 ?);1 !( )2(08 ')< 8! '1 =!(


8! 2!;881 12.  ?);1 '1 !2  2!;881 +1#)1#8? ')
;2 #8 ( 2&8 8! 2828 2!;881 2+ ?); ( ,2 +4:-.
% 2)' +18# 2!)82 8) 8 8) %()= =!1 ?);1
'102 &#'#82 1. )' ;8));2 2?28'2 =#&& 8&& ?);
8! +#8;1 #2 #( );2 ;8 =!( ?); ' (#? #8 )( ?);1
 21( #802 &;11. #'+&? &))%#( 8 8! 2( )( 8!
'102 &)="12)&;8#)( 21( ( )8( !# &;11#( .
&2)  =1 8!8 8! +8! ) & #( '1) ') #2
>81'&? (11)= 2) (2;1 ?); %()= =!#! +)#(8 8!
'1 #2 );2#( )(  )8!1=#2 +182 ) ?);1 2!)8 );&
 &;11 =!( ?); #(8( 8!' 8)  2!1+.
% 2;1 ?);1 2;$8 #2 28#&&.  ?);01
2!))8#( )=12 =#8 ;(8#& 8!102 () 1@ )1 +#% )(
( 8% #8 #())12. #8! #(282 =8! =!1 8!? 8( 8)
&( )1 288#( ;+ ?);1 81#+)  ?); '? !< 8) =#8 
=!#& )1 2)'8!#( (812 8! 1'.
)(08  1# 8) ;2 8! 2! #8!1. !( ?);01
;+ &)2 8) ( )$8 8!102 )8(  &% ) &# !8 ;8 
2! ( > 8!#2 +1)&'.  8! 2! #2 8)) +)=1;&
+& 2)' )+/; +&28# )<1 #8 8) #;2 8! &# !8. );
( &2) >+1#'(8 =#8! #1(8 ( &2 ( !# !82.
)1 >'+& +& 8! '1 )( 8! 1);( &))%#(
;+=12 8) 8 ( #(2802 +12+8#< )( 8! =)1&.

&..=(-% +(%&=-(-%
A7 B.-7 &.B 0.0+ 0=@7 =&.8 ,E(-% 8&.=8
. .+=8 . +(-(-% B&(= +(%&= 8=7*(-% 7.88 =& 8*D5
++ (= (8-6= 8D -= 8&.=8 . +(%&=-(-% 7 .- . =&
=7(*(8= 80(+  =8 =. &(A (- 0&.=.%70&D3 &=
8( (= .8-6= =* ,@& (- =& BD . 0707=(.- - (
D.@ *-.B &.B =. . (= .7&- =& -C= =(,  8=.7,
.,8 D.@7 BD D.@6++  + =. %(A (=  B&(7+3
& ,(- 07.+, . .@78 (8 =&= D.@ -A7 *-.B
C=+D B&7 +(%&=-(-% (8 %.(-% =. 8=7(*3 8(8 +@*
- 0=(- D.@6++ - =. *-.B =& =&-(4@ =..3
=68 ,E(-% &.B ,-D 0.0+ =&(-* =&= =. 0&.=.%70&
+(%&=-(-% D.@ 8&.@+ 8=- B(=& ,7 (- &- -
4@(*+D 0788 =& 8&@==7 B&- D.@ 8  .+=3 &(8 ,(%&=
B.7* B(=& "7B.7*8 @= (=68 &.0+88 B(=& +(%&=-(-%  D.@7
7=(.-8 B(++ -A7  4@(* -.@%&3
& *D =. 8&..=(-% +(%&=-(-% (8 D.@7
,768 @+ 8==(-%3 &(8 (8 +,.8= C+@8(A+D =& 0787A
. ,.7 A- ,78 ,(-+D  8 @= 8., ,.7
A- (%(=+ .,0=8 &A (= =..3 (=& D.@7 ,7
8= =. @+ ,. 1,7* B(=&   .- =& =.0',.@-=
7.=7D (+2 =& 8&@==7 8=D8 .0- .7 8 +.-% 8 D.@ *0
=& 8&@==7'7+8 0788 .B-3 .@ 8&.@+ &.0@++D 
7+(8(-% B&= =& 87= (8 D.@ .0- =& 8&@==7 .7
=& +(%&=-(-% 8=7(*83
= @0 =& ,7 .-  =7(0.3 .@6++ +8. -  8&@==7
7+8 077+D  B(7 + 7+8 .7 - (-77
7,.= =&= ++.B8 0@8&'.0- 0@8&'=.'7+8 B&- (- @+
,. =. 07A-= =& ==7D 7@--(-% .B- D *0(-% =&

@==.- 07883 .B D.@ - =. @8 D.@7 )@%,-= +..*


= B&7 =& 8=.7, (8 .,(-% 7., - =& 007.C(,=
+D =B- .+=8 . +(%&=-(-%3 = =& 07=@7 8==(-% =.
 8,++ A+@  ;/: .7 ;??3 (= @-=(+ D.@ =&(-*  +(%&=-(-%
.+= (8 .@= @ =&- .0- =& 8&@==73 .B 8(,0+D B(=
- B&-  .+= . +(%&=-(-% &(=8 7+8 =& 8&@==7 @==.=. "-(8& =& 8&.=3 & =7(* (8 =. %= =& C0.8@7 7(%&=  (
=& 8&@==7 (8 .0- =.. +.-% =& ,(-= +(%&= (- =& 8*D
7., 8=7=+(%&=8 - 8. .- B(++ ,- =& *%7.@-
.,8 =.. +(%&= - D.@6++ +.8 =& 7, @= .-A78+D
(=68 %.. .7 =& C0.8@7 =.  +.-% -.@%& =. %= = +8=
8., =(+ . =& +.@8 (- =& *%7.@- ( D.@ -3
&..=(-% +(%&=-(-% (8 .- . =&.8 8(=@=(.-8
(- B&(&  (%(=+ ,7 (8  &@% A-=% .A7
=7(=(.-+ "+, 0&.=.%70&D3 D 7A(B(-% & 8&.= 8 D.@
=* (= D.@ - 8 ( D.@67 %==(-% .A7C0.8 +.B-'.@=
8*(8 (- B&(& 8 D.@ 8&.@+ =7D =. 78 =& =(, =&
8&@==7 (8 .0-3 - . .@78 ( D.@ &A  -='8(E
,,.7D 7 D.@ - . B&= =& 07.8 . =* +.8 -
+.8 . 8&.=83
+=&.@%& D.@ - @8  ,.7
8( =&-(4@ .7 "7B.7*8  8(,0+D 0.(-= - 8&..= B(=&
D.@7 ,7 (- (=8 "7B.7*8 8- ,. ( (= &8 .-  D.@
- %= ==7 78@+=8 B(=& =&(8 =&-(4@3  =& *%7.@-
8*D (8-6= 0.++@= D =.. ,-D 80@7(.@8 +(%&= 8.@78 8@& 8
8=7=+(%&=8 D.@ - *0 =& 8&@==7 .0- .7 =& @7=(.. 8A7+ -%8 - %=  8@07 0D7.=&-( ,.-=%3

==(-% =& 7,'+(* +..*


- . =& ,.8= 8(-=(-%  =8 D.@ - &(A (8 
8&.= .  B=7++ .7 8=7, B&7 =& B=7 +..*8 +(* (=68
,+= (-=. .- 8,..=& .==.-'+(* ,88 B&(+ =& 7.*8
- 8-7D 7.@- =& B=7 +..* 07=+D -.7,+3 &
BD =&(8  = (8 &(A (8 8(,0+ (=68  +.-% C0.8@73
& 8( =&-(4@ (8 8(,0+ @= (++D
D.@ -    -  =7(0. @-+88 D 8., ,(7+
=&768  7.* D.@ - 0@= =& ,7 .B- .- - 8=(++
%= =& -%+ D.@ B-=3 = =&  8-8(=(A(=D =. (=8
,(-(,@, 1@8@++D  /FF .7 #F  8 0:$2 - 8=
=& 8&..=(-% ,. =. 8&@==7'07(.7(=D ,. 1,7* 
.7 A .- =& ,. (+  8 0:?23 .B 8= =& 8&@==7
80 =. 7.@- "A 8.-8 - 0+ =& ,7 (8+'=(,7 ,.3 .,0.8 =& 8&.= =& BD D.@ B-= (=
=&- 0788 =& 8&@==73 A(-% =& ,7 (- 8+'=(,7
,. -8@78 =&= .- =& 8&@==7 7+8 &8 0788 =& ,7 &8 =(, =. 8==+ 7., (-% ).%%
D D.@7 &-3 +=7-=(A+D D.@ - @8  + 7+8
.7 (-77 7,.=3
&768  (!@+=D =&= .8-6= ., B(=&
8&..=(-% +.-%'C0.8@7 -(%&='=(, 8-8 18 .00.8(=23
& 07.+, (8 =.. ,@& +(%&=3 . %=  07=+D 8,..=&
7,'+(*  = =& 8&@==7 -8 =. 8=D .0- .7 +.-%
-.@%& =&= =& B=7 (8 .,0+=+D +@779 =&= @8@++D
,-8 #'/F 8.-8 .7 A- +.-%73 & =7.@+ (8 AB(=& =& 07=@7 . D.@7 ,7 8= =. ,(-(,@, D.@
- - @0 B(=& - .A7C0.8 (,%  =.. ,@& +(%&=

B(++ -=7 =& ,7 .A7 =& 74@(7 =- 8.-8 .7


8. - D.@6++ (=&7 - @0 B(=&  .,0+=+D +-*
B&(= (,% .7 =& ,7 B(++ 7@8 =. =* =& 8&.=
8(- (= *-.B8 =& (,% B(++  .A7C0.83 &(8 (8
07(,7(+D B&D    (8 88-=(+ .7 7+(+ B=7++
8&.=8 =& 07=@7 .    - %. .B- 8 8,++ 8
;?? .7 A- ;>? ++.B(-% - 8.+@= ,(-(,@, ,.@-=
. +(%&= =. -=7 =& ,73 &(8 (8 8 .00.8 =. =&
,(-(,@, 07=@7 . ; .7 ;// .7 ,.8= (%(=+ .,0=8
- 8@07E..,83
.BA7 (=68 8=(++ 0.88(+ =&= (- -.7,+ D+(%&= D.@
8(,0+D B.-6=  + =. &(A  8,++ -.@%& 07=@7
=. ++.B .7  +.-% -.@%& C0.8@73 - =&(8 8 D.@ (=&7 .,07.,(8 - %. .7 =& +.-%8= C0.8@7 D.@ &(A   B 8.-8 B(++ 8=(++ %(A 0+8-= +@77(-%  .7
D.@ - @8 "+=78 -.=&7 A-=% .  (%(=+  3
- =&(8 8 D.@ - B&=68 ++  -@=7+ -8(=D .7
 "+=73 &(8 (8 8(,0+D  &(%&'4@+(=D 0( . %+88 =&=68
8+(%&=+D =(-= 7@(-% =& ,.@-= . +(%&= %.(-% (-=. =&
+-8 - =&@8 ++.B(-% .7  +.-%7 C0.8@73
 "+=78 7 80(" (- =7,8 . 8=.083  /'8=.0 
"+=7 ,-8 .- 8=.0 . +(%&= 7@=(.-3 - .=&7 B.78 (=
B(++ &+A =& ,.@-= . +(%&= %.(-% (-=. =& +-8 8. ( D.@
.@+ &(A .-+D  =-'8.- C0.8@7 B(=&.@= .- D.@
- &(A ?F 8.-8 B(=& .-3 (*B(8  ?'8=.0 
"+=7 B(++ 8+.B =& ,7 D =B. 8=.08 ,-(-% D.@7 =8.-8 - -.B  $F 8.-8 1=& 80 (8 &+A =B(23
&D67 -.= &0 @=  =B.' .7 =&7'8=.0  "+=7 (D.@7 *(= % -  (-A+@+3

&..?(-% (- :-.D
+,.:? ++ .,0?: &C (9-? :- ,.: .?:+? C( ?& ?.0',.B-? 9.?9F .-?9.+4 &: - 
B:B+ B? F.B - .?- %? ?& :, ? ,-B++F (
F.B *-.D D&? F.B89 .(-%4 & :-.D :- ,. (: .-
. ?&:4  F.B8C C9 ?*- 0&.?.: .-  :*((-% &.+(F
F.B8++ 09.+F *-.D D&F (?8: ?&94 - :?-9 B?. :-
,. :&.?: ., .B? D(?& ?& D&(? :-.D +..*(-% %9F4
&F .: ?&(: &00-7 ?8: B: ?& ,9 &: -.
DF . ?++(-% ?&? (?8: (- ?& B-B:B+ +(%&?(-% .-(?(.-:
?&? :-.D - :B-:&(- 09.B4 & 9:.- ?&? ,9:
%? (? D9.-% (: ?& :, 9:.- 0.0+ %? :-.D'+(--::
?& 9(%&?-:: . D(-?9 :B-:&(- 9"?(-% . :-.D +:
?. +.?: . +(%&? .B-(-% 9.B-4
 :?-9 B?.'E0.:B9 ,. ,-: ?&? ?&
,9 E0?: - C9% +C+ . +(%&? 9"?(C(?F 9.,
.)?: (-  :-4 - -.9,+ .-(?(.-: ?&(: (: 9.B-
/@3 B? (- :-.D (? -  ,B& ,B& &(%&94 & C9F
&(%& +C+ . 9"? +(%&? 9., :-.D ,-: ?& ,9
%?: .-B:4 ? ?9(: ?. .,0-:? .9 D&? (? ?&(-*:
(: E?9, 9(%&?-:: F B?.,?(++F B-9E0.:(-%
19:(-% :&B??9 :024 - D&- 9(%&? D&(? :-.D
(: B-9E0.: (? -: B0 +..*(-% +(* %9F :+B:&4 &(? B-9E0.:: ?& :-.D (? B-9E0.:: C9F?&(-% +:;
0.0+8: : +..* ?.. 9*4  F.B8C +9F %.?  :&.? +(*

?&(: F.B - .,0-:? F B:(-% ?& +C+: .-?9.+ (- F.B9


0&.?.'(?(-% :.?D9 1: 0//#24 B? (?8: 9 ??9 ?. C.(
?& :(?B?(.- (- ?& !9:? 0+4
&9 9 ::-?(++F ?D. DF: ?. C.(
%??(-% B++ :-.D :&.?:4 - .0?(.- ( F.B9 ,9 &: (?
(: :(,0+F ?. 0.0 (? (-?. (?: :-.D :- ,.4 9 (? D(++
*-.D ?. E0?  ,B& &(%&9 +(%&? +C+ ?&- -.9,+4
. D&? ?& :-.D :- ,. .: (: B0 ?& E0.:B9
.,0-:?(.- F.B - &(C E?+F ?& :, ?
F B:(-% ,-B+ E0.:B9 .,0-:?(.- - (++(-%
(- 5/ . .C9E0.:B94 & DF ?. . ?&(: C9(: F
,9 B? ++ (%(?+ ,9: D(++ %(C F.B ?& .0?(.- (
F.B89 (- -F ,. .?&9 ?&- B++F B?.,?(4
 +(??+ E0.:B9 .,0-:?(.- D(++ B:B++F . ?&
?9(*4  F.B D-? ?. -:B9 ?&(: (:-8? ?.. ,B& &* ?&
&(:?.%9, (:0+F 1: 0<G2 B? 9("F ++ F.B &C ?.
. (: ,* :B9 F.B9 (,% &(:?.%9, .:-8? 9B0?+F
B? . ? ?& 9(%&?'&- :( . ?& %90&; ( (? .:
F.B89 .C9E0.:(-% - F.B - ?. 9B ?& E0.:B9
.,0-:?(.-  ?9F  &+':?.0 (-:?4 9 (- ,(-
?&.B%& ?&? ( ?& :-.D (: C9F 9(%&? ?. E0.: .9 ?&
.?&9 .)?: (- ?& :- .99?+F D(++ ,- ?&? ?&
:-.D ,F -::9(+F &C ?.  .C9E0.: - +.D.B? ?. D&(?4

&..?(-% :B-:?:
 :B-:? (: :B&  %9? :(%&? ?&? (?8: ?,0?(-% )B:? ?. D(?
B-?(+ 0::9:'F 9 .B? . ?& 9, 0+.-* ?& :B- (- ?&
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) FIG +()B> 2# B) 24 0*>2E= >2#BG= /2F / 0B7
4 0*>2E= >2#BG= +> #= #2= 0I20 B2 2G0.2
0 E>  0 B) +/4 +> 02 H 4B+207 0 /0I
= >4 B> +B<> B) /B) 2# B) 2// =+. 4-( >
I2E<.. %0 20 43KD 20G=> 0 +B )> /0I 2# B)
>/ # BE= >7
2/ 4 24. >2.EB .I >G = I B) +/4 0
G2E.0<B E> 0IB)+0( .> 7 B<>  0 +0  F .24/ 0B
#2= /2= B)0     0 /0I 2# +B> # BE= > " #2=
+0>B0  +B> E02 #+.+BI " G = GI )  2# B) += B+/
G) 0 2=+(+0..I +02=42=B  +0B2 =.+ = F =>+20>7
) =G- )2G F = +> B)B +B> +0B =# +>  .+BB.
++2>I0=B+ 0 02B B ==+.I >I B2 ( B B2 (=+4> G+B)7
EB >+0 +B<> #=  I2E /I > G .. (+F +B  G)+=.  #2=
I2E 20>+ = >4.>)+0( 2EB 20  4+*#2= 4-( 7
) %=>B )E=. +> +0>B..B+20 G)+) +>0<B
8E+B  20 *.+- $+=7 .B)2E()  2= +0EH E> => 0
2G0.2 B) +/4 #=2/ GGG7(+/472=( +02G> E> =>
0  B2 2G0.2  +$ = 0B +0>B..B+20 4-( 7  
B2 )BB4@@(+/4*G+07>2E= #2=( 70 B@>B. 7)B/. +0>B 
0 2G0.2 #=2/ B) = 7 ) (22 0 G> +> B)B B)
+0>B..B+20 =2EB+0 )>  0 />>+F .I = %0  +0 =  0B

I => 0 G) = +0>B..+0( B) +/4 G> 20 #+=.I


2/4.+B  +B<> 02G 4= BBI >B=+()B#2=G=7
0 +0>B..  G) 0 I2E %=>B >B=B E4 B) +/4
+B G+.. # . 2 +B 2 >0<B 4=B+E.=.I .22- 2=  )F
.+-  02=/. +02G> 44.+B+207 2E<= 4= > 0B 
G+B)  #= *&2B+0( B22.= 4. BB 0  &2B+0( G+02G
" -02G0 >  :+.2(E ; +0 +/4 B =/> 5G)+) +> B
2> G+B) B) E>E.  %0+B+20 +0 B) G2=. 2# +02G>67
) = +>0<B B) +( .0- +/( G+02G I2E< H4 B
0 G)+) I2E ( B #=2/ 2B) = +/( +B2=>7 EB
4 => F =  20 I2E ( B E>  B2 B) +/4<> E0E>E.
4= > 0BB+20 0 2>+20..I 8E+=-I / 0E  )F+2E=
I2E<.. 8E+-.I 2/ B2 .+- B) )E( /2E0B 2# 42G =
+B )> 20 B47
# I2E .+-  B)=2E() 0  4B 
B)  #E.B> E=+0( +0>B..B+20 I2E G20<B  . B2 ,E>B
2E. *.+- 20 0 +/( B2 24 0 +B >+0 B) +/4 +>
>2 G ..  )F  +B 2 >0<B = >>+(0 %. *BI4 >>2+B+20>7
2 B2 24 0 0 +/( I2E >)2E. .+- 20 +. 0 > . B
4 07 2E<.. %0 B)B F 0 B)+> > />  .+BB. .+ 0 0
2 >0<B .22- B .. .+-  >B0= +02G> +.2(7 )+>
>B=0( 4= > 0BB+20 0 020*>B0= .22- 0 # .
 B=I B) #B B)B B) +/4<> 2=+(+0> G = 0<B +0 B)
+02G> G2=. " +B G> 2=+(+0..I G=+BB 0 #2= +0EH 0 )>

 0 42=B  =2>>7 2 >2/ HB 0B B)B<> B) 4=+ I2E


)F B2 4I #2=  42G =#E. +/( +B2= B)B<> #= 7
 => F = #2=  G)+.  B)2E() 0 I2E<.. ( B E>  B2 +B7
B )> +B>  0 %B> B22? I2E<.. 02B+ +0 B) 4 0
/( +.2( B)B B) >B0= +02G>  .2B+20>
>E) > I 2E/ 0B> 0 I +BE= > B)B I2E<
02=/..I %0 +0 B) B= 20 B) . #B = 0<B B) =  EB 
E> #E. # BE= +> B)  EBB20  0 B) B) . #B*)0
 F+ .+>B7 )+> . B> I2E 22-/=- 0I #2. = +0.E+0(
I +BE= > >2 +B G+.. .GI> 44 = +0 B) . #B*)0
40 #=2/ B) 0 207 2B+  .>2 B)B B) = = . #B*
0 =+()B*)0 >=2..+0( ==2G EBB20>? #2. => I2E<=
0F+(B+0( B2 44 = B B) B24 0 I2E 0 (2 += B.I
B2 B) / E>+0( B) > EBB20>7
2G B=I 24 0+0(  4)2B2 I E>+0(
B) +.  4 0 /( +.2(7 I  #E.B B) +/4
>. > B) 4+BE= B2 %B 0 B.I +0B2 B) G+02G7 )
8E+- >B GI B2 J22/ +0 0 2EB +> I )2.+0( 2G0 B)
B=. - I 0 E>+0( I2E= /2E> <> >=2.. G) .7 2E 0
.>2 =+()B*.+- 20 B) +/( 0 > . B + G  22/ 2=
> . B B) 22/ B22. 5B) /(0+#I+0(*(.>> +206 #=2/ B)
/+0 B22.= 4. BB 7 2E 0 B) 0 +B) = =(  J22/ 2H
. #B*.+- B2 J22/ +0  >B 4 2= )2. 2G0 B) B=. - I
0 . #B*.+- B2 J22/ 2EB  >B 47
2G B)B I2E BE..I )F 0 +/( 24 0 I2E<..
>  =0( 2# / 0E 24B+20> +0 B) B24 / 0E = 2# B)
+/( G+02G? B)+> +> G) = B)+0(>  2/ /2= #/+.+=
B2 E> => 2# >B0= +02G> 44.+B+20>7 0 2# B)
F0B( > 2# ( BB+0( B2 (=+4> G+B) B) +/4  #2=
I2E /2F 20 B2 /2= H4 0>+F 4)2B2* +B+0( >2#BG=
+> B)B +# I2E 2 E4(= B2 B) .+- > 2# )2B2>)24
I2E<.. %0 B)B B) +/4<> / 0E 24B+20> B22.=> 0
# BE= > = F =I >+/+.=7

) +/4 +>  #E..I .I =*G= 447 # I2E )F 0<B


02E0B =  B) 20 4B 2# .I =>  #2=  B) I<=  F =I
42G =#E. GI 2# 2+0( F0  +/( /0+4E.B+207
2= +0>B0  +# I2E .2 BG2 4)2B2> B2( B) = 0 >>+(0
B) / B2 +$ = 0B .I => +0 B) >/ 2F =.. +/(  I2E
0 B) 0 >+.I ,E>B B) 24+BI 2# B) B24*/2>B +/(
>2 B) 2BB2/ +/( >)2G> B)=2E()7 )+> /+/+> B) 2.
B )0+8E #=2/ %./ 4)2B2(=4)I 2# 2E. * H42>E= 
G) = BG2 4+BE= > G = B- 0 20 B) >/ 4+  2# %./
. +0( B2  ()2>B.I / =(+0( 2# B) BG27 > G .. > .B =+0(
24+BI I2E 0 .>2 . 0 .I => B2( B) = E>+0( 0I 2# DK
+$ = 0B 4+H .* F.EB+20 >) / >? B) F0B( 2# B)B
/I 02B  +// +B .I 2F+2E> EB BE=0 B2 43C' 0
I2E<.. > )2G . 0 /2 > 0  E>  #2= +0>B0  B2
) .4 4=2E +0B = >B+0( =2>>*4=2 >>  4)2B2>7
) = = 2J 0> 2# 2B) = E> > #2= .I => B22 G)+)
I2E<.. +>2F = > I2E= H4 =+ 0 +0 4)2B2 +B+0(
4=2(= >> >7 I =  +/( > 0 20>+>B 2# > /0I .I => >
I2E )F B) / /2=I 0 )= +>- >4 #2= .B)2E()
= / / = B)B F =I .I = I2E  B2 0 +/( 2E. > B)
/ /2=I +B = 8E+= > " +# I2E = ..I >B=B (2+0( B2 B2G0 G+B)
I2E= .I => I2E /I G .. 0  0 HB= ) .4+0( 2#  +0
I2E= >I>B / 5> 41C67 ) +/4<> .I = # BE= > =
& H+. " I  #E.B B) I => B +> 24 0 +0 B) >B0=
.I2EB 5> >= 0>)2B 2F 67 2E 0 .+- 0 =( .I =>
B2 )0( B) += >B-+0( 2= = 2= =(  .I = =2>> B2
02B) = 24 0 +/( B2 24I +B +0B2 B)B +/( <> .I = >B-7
2 B) =+()B 2# B) I => B I2E<.. >  B G+B)
 I ..2G ==2G7 .+- B)+> 0 I2E<.. > 02 +>B2=I7
F =I B+/ I2E /-  )0( B2 0 +/(  B) )+>B2=I +>
E4B  G+B)  >/.. B)E/0+. +/( 2# B) = >E.B 2# B)
)0( 7 2 (2 - B2  4= F+2E> 42+0B +0 B+/ 0 E02
 )0( I2E 20<B G0B .. I2E )F B2 2 +> .+- 20

20 2# B) B)E/0+.> 0 B) +/( +// +B .I = F =B> B2


)2G +B .22-  #B = B)B >B 47 2+0( #2=G= (+0 B2 G) =
I2E ,E>B G = +>  >+/4. /BB = 2# .+-+0( - 20 B)
B)E/0+. B B) 2BB2/ 2# B) .+>B7
0 2# B) - I # BE= > 2# B) +/4 +> +B> 4.E(*+0>
" >2#BG= /2E. > B)B HB 0 +B> # BE= > 0 #E0B+20>7
0 #B ./2>B .. B) # BE= > +0 B) >+ +0>B..B+20 =
4=2F+  I 4.E(*+0> G=+BB 0 I F=+2E> B)+= 4=B+ > +0 B)
>4+=+B 2# 24 0*>2E= >2#BG= 7 2E<= 02B = >B=+B  B2 B)
4.E(*+0> B)B 2/ G+B) B) +/4 I  #E.B B)2E() " B) =
= 2J 0> /2= F+.. #2= #= #=2/ )BB4@@= (+>B=I7(+/47
2=(7 # I2E )F  4)2B2 24 0 I2E 0 ( B  (.+/4> 2# B)
42G = 0 =0( 2# 24 =B+20> 20 2$ = I > . B+0( +.B =>
#=2/ B) +/( <> / 0E7 ) I =0( #=2/ >+/4. EB >> 0B+.
0)0 / 0B> >E) > )=4 0 B2 2>E= >4 +.+>B
24 =B+20> >E) > H 7 )+> +> G) = B) +/4  (+0>
B2 .22- .+-  F+. #= .B =0B+F B2 )2B2>)24 " 4=B+..I
F =I 24B+20 F+.. B2  )2B2>)24 E> = +> .>2 F+.. +0
B) +/47 EB %.B = /2E. > 0  #= /2= B)0 >+/4.
$ B>7 =I #2= +0>B0  (2+0( B2 B) +.B => / 0E 0
> . B+0(  0 =  %(7 )+> 2>E= /2E. +> +0 #B ./2>B
 2/4. B 44.+B+20 I +B> .# ..2G+0( I2E B2 2 F B2=
=G+0( 5=G+0( ( 2/ B=+ >)4 > 0 .+0 >67  . B+0( %(
4=2E > B) %( +0B =#  ..2G+0( I2E B2 =G  =0( 2#
F B2= 2, B> 20 B2 I2E= +/( 7)+> +> 02B) = H/4. 2# B)
42G = 2# .I => >+0 B) 2, B> = +02=42=B  +0B2  0 G
.I = 2# B) += 2G0 0 20<B $ B B) 4+H .> 2# .I =>  0 B)
..2G+0( I2E B2 8E+-.I = BE=0 B2 I2E= 2=+(+0. +/( 7
0 / 0E 24B+20 B) +/4 2$ => B)B I2E
G20<B > +0 0I 2B) = 4)2B2 44.+B+20 +> B) =+4B*E
0B=I7 )+> =0( 2# B22.> =  > B) 0/ >E(( >B>
EB2/B  >=+4B> (+0 G=+BB 0 I B)+= 4=B+ > 0

EB2/B+..I . B2 2 0I 0E/ = 2# . F = B)+0(> B2 I2E=


4)2B2> B)B G2E. 02=/..I B- >2/ B+/ B2 2 /0E..I7
2= +0>B0  G+B)  4)2B2 24 0 B=I 24 0+0( B) +.B =>
/ 0E .+>B 0 > . B+0(  2=  . )2B27 )+> 4=2E >
 >/.. 24B+20> G+02G B)B . B> I2E > . B  F=+ BI 2#
24 =B+20> 0 %.B => .. 2# G)+) $ B B) +/( +0
 =B+0 GI> B2 (+F  4)2B2 0 (  # .7 E0 B) >=+4B 20
20 2# I2E= 4)2B2> 5.+- 2=- 20  24I %=>B6 0 I2E<..
> +B G2=-+0( > 8E 0B+..I B)=2E()  0E/ = 2# 24 =B+20>
G)+) +B +0F2- > 20 I 20 B2 ( B B) 0 $ B7 .. I2E
)F B2 2 +> >+B - 0 GB)7 ) 0E/ = 2# 24 =B+20>
F+.. +> HB 0>+F " #0I  2$ >B+0 20 I2E= 4)2B2
B2 /- +B .22- > +# +B<>  0 .I+0( =2E0 #2=  G)+. 9 >I
,E>B > . B 2$ B+0 0 2$ +B G+.. (27
B (2 > G+B)2EB >I+0( B)B G) 0 I2E<=
.2E=+0( 2F =  4)2B2 B2 0)0 +B I2E >)2E. = (E.=.I
>F I2E= G2=- 5EB .GI> = / / = B2 /-  -E4 2#
B) 2=+(+0. >2 B)B 02 /BB = G)B )44 0> I2E .GI> )F
B) E0= B2E)  :+(+B. 0 (B+F ;67 2E 0<B >+/4.I >F
0 +/( B)B<> ) .I =>   >  >B0=
 4)2B2
> B)
 #2=/B 2 >0<B >E442=B +B7 0>B  B) +/4
)> +B> 2G0 %. #2=/B #2= >F+0( G2=- +0 4=2(= >>7 ) >
%. > )F   %. HB 0>+20 0 >F F =IB)+0( 2EB
I2E= E== 0B +B+0( > >>+20 =+()B 2G0 B2 B) 42>+B+20>
2# I2E= G+02G>7 ) 20.I B)+0( B)B +>0<B >F  +> B)
E02 G+02G> >2 I2E 0<B >F 0 +/(  2/ - B2 +B
.B = 0 = BE=0 B2  4= F+2E> 42+0B7 0 I2E<F %0+>) 
= B2E)+0( I2E= 4+BE=  I2E 0 B) 0 >F +B >  %0.

I :&BB 0+0(; B) .I => +0B2 20 0 )22>+0( B)

#2=/B G) 0 I2E >F 7 > G+B) B) 4 0 +.2( B) +/4<>
F +.2( +> +0+B+..I =I4B+ B2 0I20 E>  B2 +02G>
<>:F >;2H7 2E 0  B2 .+- 20 B)  . B +. I4
. . B2 /- +B +>4.I B) %. *BI4 24B+20>7

) 4=+ 2#  42G =#E. 4+  2# #= 4)2B2* +B+0( >2#BG= +> B)B B) +/4<>


4= > 0BB+20 0 24 =B+20 +>  .+BB. 8E+=-I7 EB 20<B (+F E4 " I2E<.. >220 %0
I2E= GI =2E07

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/ D( H1=- 1! *'*D- 3(1D1'=3(J D(= = D(=
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( #=>D *> D-/D H(*( F/!1=DF/D-J 1>/<D 1.
F/- H*D( /H .=>7 ( >1/ *> / >>*>D/D D1
1 .1>D 1! D( (= H1=, !1= J1F /1D / 13D*1/ !1= D(
.DF=7 FD D( D(*= H(*( /J1/ / 'D D(.>-G>
*>  /D .D(1*- HJ 1! 1='/*>*/' / *D*/'
J1F= >(1D> */ 3- D1 > D( ID= F=/> 1! *'*D3(1D1'=3(J7 / 1D(= H1=>  3=13= H1=,$1H7
*'*D- *>  .=G--1F> D(*/' FD
*D 1> (G =H,>7 / 1! D( 3=1-.> *> D(D D(
K=1 1>D 3= >(1D 1! *'*D- */ 1D(= H1=> D( !D D(D
J1F / D, > ./J 3*DF=> > J1F -*, / *D H1/<D 1>D
 3//J *>  1F-)' >H1=7 D<>  11/ D(D J1F /
=DD- 1" 1K/> 1! >(1D> H(/ J1F >  3(1D1 1331=DF/*DJ
41= G/ H(/ J1F 1/<D5 H*D(1FD H1==J*/' 1FD J1F= #-.
=F//*/' 1FD 1= D( 3=* 1! (G*/' J1F= >(1D> G-137
D<>  F=> */ D(D ./J 313- H(1<G / */D1 *'*D3(1D1'=3(J !1=  H(*- / ='- J1F H*D( D-> 1!  (=
*>, 1/D*/*/' D(1F>/> 1! 3(1D1'=3(>7 1H 1 J1F #/
D( =*'(D 3(1D19 1F / D1  *>*3-*/ 1FD H(=
/ (1H J1F >D1= J1F= >(1D> F> 1/ J1F -1> D=,
D(J / 'D 1.3-D-J -1>D7

/ D(D<> /1D --7 (=> 1/ F31/  D*. J1F


D11, D( #-. 1FD 1! J1F= .= / =-'D D(
F>*/>> 1! DF=/*/' *D */D1  >D 1! DF- 3*DF=> D1
>1.1/ -> D( *'*D- H1=- (> "D*G-J DF=/
G=J1/ */D1 D(*= 1H/ =/( 1! 11D>7 > H >H */
(3D=  *'*D- >(1D> .F>D  3=1>> */ >1!DH=
D1 ., D( >D 1! D(.  >D 1! >D3> /1D 1.3-D-J
F/-*, D( D=*D*1/- / !1= 3=1>>*/' H*D( (.*->
/ D(/ 3=3= !1= 3=*/D7 '*/ /  (1 33=1(
*> #/ !1= 1/ 1= DH1 3*DF=> FD D1 '*G J1F=>-! D(
>D (/ 1! >*/' D( 31D/D*- */ 1/ >(1D .1/'
D( &LL J1F<G +F>D 3F-- 1" J1F= .= / /1D
>3/  H, 1*/' *D *D<> >D D1 13D  1/>*>D/D
$F* / !>D .D(1 1! 3=1>>*/' J1F= *.'>7
! J1F<= >=*1F> 1FD 'DD*/'
 H1=,$1H F3 / =F//*/' H<= '1*/' D1 >>F. D(D
J1F<= F>*/'  *'*D-   / >(11D*/' */  .17
! J1F<= /1D >(11D*/' */  DF=/ D1 3@& D1 -=/ 1FD
H(J J1F >(1F- 7 1 =3 =*$J   #- *> D(
/, D !=1. D( >/>1= / D(*> --1H> J1F D1 -D=
D( H(*D -/ 1! D( >(1D !D= *D<> / D,/?  (F'
1/F>7 1/  #-> '*G J1F != .1= -HJ H(/
*D 1.> D1 *.' +F>D./D> >3*--J -G-> F=G>

/ >* -D=D*1/> >F( > =*'(D/>>7 (*= >1!DH= !1=


3=1>>*/'  #-> 1/   /  .1= >13(*>D*D
*/ 3=1>>*/' D( *.' D(/ D( D*. / 31H=)-*.*D
-D=1/*> */ D( .=7
( *' >1!DH=
1.3/*> (G/<D !*- D1 3*, F3 1/ D( */=>*/'
/ !1= / --)*/)1/ D11- D1 - H*D( D( *'*D3(1D1'=3(J H1=,$1H7  F>=> >D1-  .=( 1/
D(  H*D( 33-<> */D=1FD*1/ 1! 3=DF=  G=J
H--)!DF= D11-7 1 (>/<D / F'(D /33*/'
*D(= H*D( (1D1>(13 *'(D=11. 4> 32LA57 -D(1F'(
*D => D( (1D1>(13 /. D(*> *>/<D >*.3-J  G=>*1/
1! (1D1>(13 *D<>  1.3-D-J >3=D 33-*D*1/
D(D<> !1F> 1/ 3=1G**/'  /D H1=,$1H !1=
*'*D- 3(1D1'=3(J7 *'(D=11.<> */D=! *> >3-*D */D1
!1F= .1F-> *==J G-13 -*>(1H / =*/D
H*D( ( 3=1G**/' D11-> !1= D(> *>D*/D >3D>
1! D( H1=,$1H7
/ 1! D( .+1= (--/'> !1= H1=,$1H >1!DH=
*> *D*/' *.'> */  /1/)>D=FD*G .//=7 D(=
D(/ (G*/' >G=- 13*> 1! ( *.' D( 1=*'*/:*'*D- /'D*G;  13J 1! D( 1=*'*/- */  -1>>->>
!1=.D !1= *D*/' /  #/- (*'()8F-*DJ
 4,3
=*/' !1= .1= 1/ D(> 1/3D>5 *'(D=11. ,3>
-- *.' (/'> */ *D> 1H/ D>7 (/ J1F
.,  (/' D1 / *.' D(D (/' 1>/<D -D=
D( 1=*'*/- #- D -- *D<> >D1= */ D( D> /
33-* 1/)D()$J7 D<> /-1'1F> D1 H1=,*/' H*D( -J=>
*/ (1D1>(13 1= D( *.3 FD 33-* D1 G=J 13=D*1/7
( 1H/>* *> D(D *'(D=11. 3->  *' >D=*/
1/ J1F= 7 > *D<> ,3*/' D=, 1!  -=' D>
/ 33-J*/' (/'> D1 *.'> > D(J<= G*H =D(=
D(/ >*.3-J H=*D*/' D(. D1 *>, D( 3=!1=./
1! *'(D=11. H*D(  -=' *.' -*==J /  >-1H7

(= = -D=/D*G> D(1F'( 1/ 1! D( .1>D 313F-=


13D*1/> *> 3=1F J *- > 4HHH7*-->71.5
H*D( *- =1 / *- *D7 *- >D=D 1FD > 
=-D*G-J >*.3- D11- !1= G*H*/' / 1/G=D*/' 
#-> FD *D<> '=1H/ */D1  !F--J $' H1=,$1H /
*D*/' D11- > D*. (> 3=1'=>>7
1F 1/<D />>=*-J / D1 3J
/JD(*/' D(1F'( 1/<D *'/1= D( >1!DH= D(D .
H*D( J1F= *'*D- .=7 ! J1F (G  /1/ *'*D  *D H*-- (G 1. H*D(   1/D*/*/' *D> *'*D(1D1 =1!>>*1/- >1!DH=7 *, *- D(*> (>
G-13 1G= >G=- J=> D1 1.  1.3=(/>*G
/ F>!F- D11- !1= H1=,$1H7 D --1H> J1F D1 D' *.'>?
33-J F=G> +F>D./D H(*D)-/ 1==D*1/ /
>(=3/*/'? / *D 3=1G*>  /1*>)=FD*1/ D11- / D(
*-*DJ D1 =13 *.'>7 D<> H(D H<-- F> D1 *--F>D=D D(
H1=,$1H 3=1>>7
/ ./J HJ> D(1F'( H1=,$1H *>/<D 1FD >1!DH=?
*D<> 1FD >D-*>(*/'  *>*3-*/ =1FD*/ D1 ,3 D=, 1!
J1F= >(1D> / 'D D( .1>D !=1. D(. > H-- > .,*/'
>F= J1F 1/<D -G / F/*>1G= '. 1!  >(1D -J*/'
=1F/ 1/ J1F= (= *>, >*.3-J F> J1F */<D >
*D7 ..= D(D >1. 1! D( >D *.'> = D,/
*/D--J J1F / D1 ., >F= J1F -11, D G=J
>*/'- !=. G/ D( >(1D> J1F D11, 1")D()F"7
(= = D(= 3=*.=J >D3> */  '11 H1=,$1H
8F*>*D*1/ >>>>./D / 3=1>>*/'7
( #=>D >D3 */ 'DD*/'  >/>*- H1=,$1H
*> D1  *>*3-*/ / 1/>*>D/D */ 1H/-1*/' *.'>
!=1. J1F= .=7 D<> >>/D*- D1 ., >F= D(J<= ->D1= F/= 1/ 1..1/ >F!1-=7 */1H>< *DF=>
!1-= *> D( 1G*1F> (1* -D(1F'( *! J1F (G 1D(=
*.'> -=J */ D(= .,  >F!1-= -1H D(D /

2L

-- *D >1.D(*/' -*, :(1D1 =(*G;7 (/ J1F /


D1 >D J1F= .=<> *.' 1H/-1 >1!DH= D1 -HJ>
F> D(D !1-= !1= 1H/-1*/' >(1D> FD ->1 -HJ> D1
=D  >F!1-=7
=D*--J G=J .=<> 1H/-1 >1!DH= --1H>
J1F D1 =D  !1-= /. > 1/ D( D ., >F=
J1F F> D(D !*-*DJ7 (*> >*.3- *D 1! *>*3-*/ ./>
D(D 1G= D*. J1F<-- F*- F3  -*==J 1! *.'> J1F
/ >*-J >=( / =!= D1 F>*/' /1D(*/' !/*= D(/
*/1H> I3-1==7 G*/' J1F= 3(1D1> >3=J =1>>
J1F= (= *>, *>/<D / 13D*1/ / J1F<= -*,-J D1 -1>
>(1D> 1.3-D-J D(=1F'( */D- -D*1/ 1= >*.3-J
!1='DD*/' D(J<= D(=7
1H D(D J1F (G  1/>*>D/D 3-
D1 ,3 J1F= >(1D> / J1F<G 1H/-1 D( -D>D
D( D( #=>D D(*/' J1F .F>D 1 *> >*D 1H/ / 8F*,-J
'1 D(=1F'( G=J >(1D =D*/' ( 1/ 1=*/' D1
H(D(= *D<> H1=D( .1= DD/D*1/7
*'*D- (1D1 =1!>>*1/- -*, .1>D >*.*-= 3,'>
--1H> J1F D1 $' ( *.' H*D(  =D*/' !=1. 1/ D1
D(=7 1*/' D(=1F'( ( >(1D *> / *.31=D/D >D3
H*D(1FD *D J1F / / F3 H>D*/' D*. 3=1>>*/' 
>(1D H(/ 1/ D,/  1F3- 1! !=.> -D= *> DD=7
D ->1 ./> J1F / 8F*,-J #/ D( /D >(1D>
.1/' (F/=> 1! .*1= 1/> H(/ J1F 1. ,
D1 D( !1-= */ D( !FDF=7 , >F= J1F G*H D(. D
2LL6 .'/*#D*1/ !1= $''*/' D(F./*-> (*
311= !1F> D(D H(/ J1F G*H D( >(1D D *D> !F-- >*K
/ DF=/ 1FD D1 (G =F*/ D( *.'7
-D(1F'( D(= = 1K/> 1! *"=/D HJ>
1! 3=1>>*/' / =D1F(*/' / *.' > H >H */
(3D=  D(= = D(= >D3> D(D >(1F-  ==*
1FD !1= G=J >(1D J1F<G =D > /D / H/D D1
1/D*/F 3=1>>*/' J1F / D1 -11, D D( (*>D1'=.
/ -D= -G-> 41= F=G>5 D1 I3/ D( D1/- =/'
> .F( > 31>>*- 4> 322@5? (, / -D= D(
H(*D -/ *! />>=J 4> 3AA5? / D(/ 33-J
>(=3/*/' 4>32257 1F / > ID-J (1H D1 1

D(D J DF=/*/' D1 D( =-G/D 3' D( 31*/D H<=


.,*/' (= *> D(D J1F >(1F- 'D */D1 D( (*D 1!
>>>>*/' /B1= -D=*/' D(1> D(= >3D> 1! D( *.'
>*/ D(J (G J != D( *''>D "D 1/ D( -11, /
*.3D 1! D( #/- 3*DF=7
/ J1F<G 3=D*> *D J1F=>-! 1/ J1F= 1H/ *.'>
J1F<-- >11/ > D(D / *.' J1F 3>> 1G= / >F/-J
D, 1/  /H *./>*1/ 1/ *D<> / 1==D
>3*--J H(/ D( -G-> 1/D=1- (> / 33-*7
/ D(/*8F D(D /
H1=, G=J H-- *> D1 ,3 */ .*/ D( 1/3D 1!  *'*D/'D*G /  *'*D- 3=*/D7 <= /1D D-,*/' -*D=--J
(= -=-J  *'*D- 3(1D1 *> >*.3-J  1--D*1/ 1!
*D> 1/> / K=1> >D1= 1/  ..1=J = 1= (= *>,7
FD *! J1F D=D J1F=  #-> 1= 3=1>> -1>>->>
 > 4H(*(G= J1F (11> D1 >D1=5 > J1F= /'D*G>
D(D -*G */ D( F31= / D(/ !D= ( >>>*1/
(11> D( >D 1/> J1F H/D D1 DF=/ */D1 3=*/D>
4#'F=D*G-J =D(= D(/ -*D=--J5 J1F / D(/ >G
D(. > (*'()8F-*DJ #/-
>7
3 -- 1! J1F= >D :3=*/D; 13*> */ 1/ !1-= 1/
J1F= (= *>, D(J H1/<D D, F3 .F( =11. >*/ G/

 >G H*D(  0%6 8F-*DJ >DD*/' >(1F- 1/-J 
E  1= >17 / *! J1F (G/<D D*/,= H*D( D( #-/.
D1 #/ D( 1=*'*/- -1>>->> >D D(J . !=1. J1F 1/-J
(G D1 1  >=( 1/ D(D #-/. F>*/' */1H><
>D/= =( !*-*DJ7
G*/' -- J1F= >D >(1D> > 3=13=-J 3=1>> /
31-*>( (*'()8F-*DJ
> ->1 ./> J1F / 8F*,-J
, D(. F3 D1   1= >*/ D(= H1/<D  (F/=>
G/ D1  4> 32A& !1= D*-> 1! ==J*/' 1FD 1.3-D
,F3> 1! -- J1F= 3*DF=>57
 '11 HJ 1! ,*/' F3 J1F= .1>D 3=*1F> 3=*/D
>(1D> *> D1 F3-1 D(. D1 / 1/-*/ >=G* >F( >
HHH73(1D11I717F, > 32@ !1= .1= 1/ D(*>7
>* !=1. */' - D1 1== 8F-*DJ 3=*/D> J1F /
->1 >(= D(.7 FD .1>D 1! -- *! D( H1=>D (33/>
/ J1F= (1F> F=/> 1H/ J1F<-- D ->D (G 13*>
1! J1F= >D >(1D> 1/-*/7
(=<>  -1D 1! G=1> D-, 1/
*/D=/D !1=F.> 1FD D( =-D*G .=*D> 1! 1/ 
#- 1/G=D= 1G= /1D(= H(D(= J1F >(1F- >G
J1F= #/- 3=1>> >(1D> >
 1=   / >1 1/7
 -1D 1! !1=F. =/D> */-F >=/>(1D> -1H/ F3 D1
%LL6 >(1H*/' >-*'(D *"=/> DH/ */*G*F- 3*I->
*/*.'>1/G=DJ>1!DH=3,''*/>D>1!DH=
3,' 7 F= G* *> /1D D1 'D (F/' F3 1/ D( D*/J
D*->7 3/ >1. D*. 'DD*/' D( >* H1=,$1H =*'(D
/  *>*3-*/ >1 J1F 1/<D !1='D !1= */>D/
33-J >(=3/*/' H(/ J1F<= 3=1>>*/' J1F= *.'>
/ D(J<-- 33= /1D*-J DD= D1 /J1/ H(1 -11,>
D D(.7 1HG= >3/ (-!  J H1/=*/' H(D(=
D( 3D( 1! !1-*' */ D( ,'=1F/ *> DD= H*D( L7A
> 1331> D1 L7@ 3*I-)D(=>(1- />(=3 >, >DD*/'>
/ J1F<G H>D J1F= D*.? D( 1/-J 3=>1/ H(1<-31>>*-J  - D1 > D( *"=/ *> J1F7 (1D1> =
1FD I3=*/*/' /1D >=FD*/*>*/' >3/ D( ID=
(1F=> D,*/' 3*DF=> */>D7

(=<> /1 >*/'- 33=1G HJ 1! >D-*>(*/'  H1=,$1H D( ,J *> D1


 1/>*>D/D 1FD J1F= 33=1(7 (D >* (= =  !H 31*/D=> D1
HJ> */ H(*( J1F / '1 1FD D.*/' J1F= H*- 1--D*1/ 1! >(1D>7

.E

+=7-?&+#  (?/
$-=-#7/$C &8 )) -?= #==&+# C-?78) -?= =$7 +
&+# 7=&@ 8- &= *C 8* -7&+# =- =)( -?= =$
+&==C%#7&==C =8( -  (?/2 ?= '?8= &*#&+ )-8&+#
C8 *-+=$8 @+ C78 - **-7&8 A$+ 8-*=$&+#
8 *?++ 8  $7 &8( &)8 + C-?6)) //7&= A$C
&= 8-)?=)C *?8=  -+ & C-? A+= =- #?7+= =$=
C-?7 /$-=-8 A&)) )8=  )&=&*2
(?/ ++6=   $-7 =$-?#$ 8 @+ =$ *-8=
8& - ?=&)&=&8  8?$ 8 &+-A8  (?/  + 
8= ?/ =- /7-== +C ) C-? $--8 ?=-*=&))C2 ))
C-? + &8 8-* -7* - B=7+) 8=-7# -+ A$&$ =(/ C-?7 (%?/ /$-=-82 )=$-?#$ &=68 /-88&) =- 8=-7
=$* -+  8/7 8=&-+ - C-?7  -7 +-=--(68 &+=7+)
$7 &8( =$&8 =8 =$ /-&+= 8 C-?67 )--(&+# =- (/
=$* &+ =A- 0-7 *-71 &7+= /$C8&) )-=&-+8 =*&+&*&8 =$ 7&8( - )-882
 C-?67 '?8= )--(&+# =- ( ?/ C-?7
-))=&-+ - &#&=) /$-=-8 =$7 7 8@7) /-88&&)&=&8
A$+ &= -*8 =- $--8&+# C-?7 *& =- ( ?/ =-2
$ 8&*/)8= *=$- A-?)  =- ?8  )+(  -7
 + ?7+ )) C-?7 )8 7-88 )) =$ &8 +
(/ &= &+  8 /)2 $&8 A-7(8 8= A&=$ $-)&C 8+/8
A$7 C-?6)) -=+ $@  A **-7C 786 A-7=$ -
/$-=-8 =$= A&)) = -+ -+ &89 &= )8- *(8 =$* @7C
8C =- =)-#?2 -A@7 &= -8+6= -?+= -7 +C
?=?7 &=&+# - C-?7 /$-=-8 + &=68  /&+  & +-=
&*/-88&)  =-  /$-=-8 =- =$ &88 =  )=7 =2

8&+#    8=&( &8  *-7 B&) 8-)?=&-+ 8


C-? + @7C 8&)C -/C )8 ( + -7=$ 7-* =$
8=&( =- C-?7  +  &= /$-=-8 =-  -))=&-+
A&=$-?= +C &?)=C2 *-7C 8=&(8 7+6= 8C ==)-#? =$-?#$ + =$C67 B/+8&@ &+ =7*8 -
=$ /&=&8 C-? + ?C -7 C-?7 *-+C2
$ 8= 8-)?=&-+ &8 8&*/)C =- ?C  8-+ $7 &8(
A$=$7 =- /?= &+8& C-?7  -7 =- ?8 8 + B=7+)
&8( 08 /,"12 -8=8 /7 #&#C= 7 )-A7 =$+ @7
+ =$ $?# /&=&8 +-A @&)) #&@ C-? =$ -/=&-+
- (&+# ?/ +-= -+)C C-?7 /$-=-8 ?= )8- +C -=$7
&*/-7=+= )8 -+ C-?7 2
==7 8=&)) C-? -?) ?C  +=A-7(%==$ 8=-7#
0
 1 @& A$&$ &8 88+=&))C + B=7+) $7 &8(
=$= 8&=8 /7*++=)C -++= =- C-?7 $-* -7 -
+=A-7( ?= ++6=  &+ =$ 8* )-=&-+ 8 C-?7
 &=8)2 $&8 #&@8 C-? )) =$ +=8 - + B=7 $7
&8( A&=$-?= =$ &+-+@+&+ - $@&+# =- -++=
&= &7=)C @&   -7 &7&7 @7C =&* C-? A+= =?8 &=2 = )8- 8=C8 -+ = )) =&*8 8- C-? + 88 C-?7
8=-7 /$-=-8 7-* +C  -7 )/=-/ -+ =$ +=A-7(
*(&+# &=  #7= AC =- 8$7 C-?7 )8 =--2 + &+# 
+=A-7(%==$ @& C-? -+6= + =- /?= &= +7 C-?7
 & C-?67 /7/7 =- #- =-  )&==) -7= A&=$ +=A-7(
A&7&+# -7 C-? #- -7  *-) A&=$ A&7)88 /&)&=&8
C-? + /?= =$ &8( &=8) -?= - =$ AC 8-*A$72
$= *+8 +-= -+)C A&)) C-? +-=  &8=7= C =$
+-&8 - =$ $7 &8( A$&77&+# AC ?= &= )8- #&@8

C-? 8-* *8?7 - /7-==&-+ & =$ A-78= $//+8 +


C-?67 ?7#)2 $ $+8 - =$ @7# =$& )--(&+# &+
=$ &7&+# ?/-7 7 7*-=2
$ &+-A8  (?/ ?=&)&=C &8  #--
8=7=&+# /-&+= -7 (&+# ?/ C-?7 /$-=-8 8 &= ))-A8 C-?
=- 7= 8$?) ?=-*= (?/8 + &8 @&))
-7 7 A&=$ &+-A8  2 $ A)(=$7-?#$ -@7) 8$-A8
$-A =- 3?&()C 8= ?/  (?/ '- =- +-*/88 )) -
C-?7 /$-=-82  C-?7  $8 &+-A8 : -7 &8= =?7+ =/.; -7  )--( = =$ *-7 @+ &+-A8 (?/2
-?7 &+&=&) (?/ A&))   ?)) /7-==&-+ - )) =$
)8 C-? 8)= A$&) )) ?7=$7 (?/8 A&)) *-8= )&()C 
&=$7 &+7*+=) -7 &7+=&)2 + &+7*+=) (?/
8@8 =$-8 )8 =$= $@ $+# 8&+ =$ )8= (?/
- +C (&+9 =$&8 )@8 C-? A&=$ )-=8 - *&+-7 &+7*+=)
(?/ 8=8 =- 78=-7 7-* 8- &=68 #7= -7 *(&+# 8?7 C-?
(/ )) =$ @78&-+8 -  /$-=- ?= + #= *88C 8&+
C-? + =- (/ @7C &+7*+= & C-? A+= =- 78=-72
 &7+=&) (?/ 8@8 )) $+#8 8&+ =$ )8= ?))
(?/ 8- &= (/8 '?8= -+ )7#7 &7+=&) )2
 68 &+-A8 (?/ =&)&=C )8- #&@8  A -=$7
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