Heathkit IM-48 User manual



 
 





     
Audio Analyzer
IM-48

+196SS 

#F6EJ6A4NS,6HDCAH6S
   

 
&S(S!A1>NO6FS%<9;S+1HHS#<>I6FSRRRRRRRRR
&(S!A1>NO6FS 'CLS+1HHS#<>I6FSRRRRRRRRRR
-6AH<I<K<INS
   
 
    
,1A96S
   
 
  
   
&ADJIS&?D651A46S
!"S /./(SRRRRRRRRRRSS
   


*IDJIS&@D651A47S
'CLS 1A5S %<9;S#F6EJ6A4NS)JIDJISRRRRRRRRS
&AI6FA1>S$6A6F2ICFS#F6EJ6A4<6HS
   
   
!44JF14N S
!"S/./(S1A5S01II?6I6FSRRRRRRRRRRRRS
   
S 4N4>6HSICSS=4SQS53S
S4N4>6HSICS S=4SQS53S
S4DHSICSS4DHS
S4DHSICS S 4DHS
S ?<>><KC>IHS8J>>SH41>6S?2M<?J?S
S ?<>><L1IIHS8J>>SH41>6S?1M<?J?S
S KC>IHS ?<A<?J?S ;<9;S 8F6EJ6A4NS H<:A1>S F6P
EJ<G65S CFS SSKC>IHSC8S '#S1A5S%#S6A6F9NS?<M65S
S
S SS SSS SS S SKC>IHS ,(-S
8J>>SH41>6S
S S S S S S S S S 
F615HS8FC?S S ICSS53?
S ?LS S ?LS S ?LS S ?LSSLS SL
SLS8J>>SH41>6S(1M<@J?S4CAI<AJCJHSDCL6FS
L1IIHS<AI6F?<II6AISDCL6FSICS SL1IIH
SSSS SS8J>>S H41>6
S?69C;?SCFS S S SCFSSBSHL<I4;SH6>64I65S
S?69C;?SCFSS SSCFSSBSHL<I4;SH6>64I65S
SS S CFSS BS<AI6FA1>S >C15S S BS14FCHHS
6MI6FA1>S>C15S
SSL;6ASH;JAI65SL<I;SSF6H<HICFS
S4N4>6HS
!DDFCM<?1I6>NSS=4S
0<I;<ASSC8S8J>>SH42>6S
0<I;<ASSC8S8J>>SH41>6S

 '-+II
+4+9'1I
9+)/:/54I;@7+I
<1;/72/+9:ICI DIDCDDDDCCCCDCDCCDCDI
+;+9I
CDCDCDDDDDEDDDCDDDCCCCCCDI I :;9+'31/4+*I)':+I>/;.II3/)95'37+9+
35=+3+4;
+;+9I !+);/,/+9I
CDDDCDCCCCCCCDCDDCCI
#<(+I 5371+3+4;I
CDDDDDCDCDCCDDDDDI
+93'4/<3I*/5*+I(9/*-+
I  #
I  $
I  &
I  
I  &
#9'4:,593+9I ,<11I>'=+I9+);/,/+9I
5>+9I"<771@I
DCCDCCCDFDCCDDCCDCCCI
5>+9I!+8</9+3+4;:I
GHDDCDDCDCDDCDDCI I69I I =51;:I I )@)1+:II>';;:

 I >/*+I?I I./-.I?I I *++7I
I1(:I
+;I%+/-.;I
DDDDCCDDCDDDDCCDCDDDCDDI
8 8
#.+I +';.I 537'4@I 9+:+9=+:I ;.+I 90-.;I;5I */:A
)54;/4<+I /4:;9<3+4;:I '4*I ;5I).'4-+I :7+)/,/)'A
;/54:I ';I '4@I ;/3+I>/;.5<;I/4)<99/4-I'4@I5(1/-'B
;/54I ;5I/4)59759';+I4+>I,+';<9+:I/4I/4:;9<3+4;:I
79+=/5<:1@I:51*I
8 (#8 ((#8 %8
8
(8
8
 
 
 
 
 +    
 
 +  


8

8
8








 

 $$8 %.0,%'/.8 /#'8 ,( &8 
8 .(0,8 1/1%8 0,1.8 %.0- 
 (,8 ./8 '8 )((,./8 ,.)('.8
8 ( 18 ,'8 '8 28 ,'8 ,.*/!1 $68
,+0' 68 ,/,!./!.8 3!$$8 $$8 4// &/,8
/3'8 /.8 $! %/.8
      
%58&0 &8 +
$+ "&+
!+ )+
  
 + &'
%+ + !+
+
('8 $$8 (/,8 ,'.8

    "18
&5!&0&8 
+
+ +
!+
(*+
   
 
+ #'++ 
+ + 
 !+ 
1/1&8
1/1&8
  +   

,'78
,'8

 

2;GBi i 

6HBi *B;ZHMIZi "^AITi "Q;NdeBXi.TABNi+.iIYi;i
^QIW^BiIQYZX^OBQZi NTGI@;NNdi@TO>IQIQGiZHBiD^Q@f
ZITQYi TEi ZHXBBi IOVTXZ;QZi ;QAi _YBD^Ni ;_AITi ZBYZi
AB`I@BYi %;XBD^Ni ABYIGQi ;NNTaYi ;i O;bIO^Oi IQi
VBXDTXO;Q@Bi DNBbI>INIZdi;QAi^ZINIZdi;ZiZHBiNTaBYZi
VTYYI?NBi@TYZi %;XBiBbBX@IYBAiIQiZHBi@TQYZX^@ZITQi
TDiZHBiIQYZX^PBQZi aINNi>BiaBNNiXBa;XABAiaIZHiYZ;g
>NBi ZXT^>NBDXBBi YBX`I@Bi
(^Q@ZITQYi TDiZHBi;^AITia;ZZOBZBXiHIGHiYBQYIZI`IZdi
"%i 969.i ;QAi IQZBXOTA^N;ZITQi ;Q;NdeBXi ;XBi ;NNi
;`;IN;>NBi IQi TQBi IQYZX^OBQZi aHI@Hi GI`BYi ZHBi
TVBX;ZTXi ;i @H;Q@Bi ZTi O<MBi ;i `BXdi ZHTXT^GHi
;Q;NdYIYi TDi ;^AITiBW^IVOBQZiVBXDTXO;Q@BiaIZHT^Zi
ZHBi QB@BYYIZdi TDi @N^ZZBXIQGi ZHBi aTXM>BQ@Hi aIZHi
`;XIT^Yi IQYZX^OBQZYi ;QAi;iYTPBZIOBYi>BaINABXg
IQGi Q^O>BXi TDi ZBYZi NB;AYi 2TaBXiT^ZV^Zi QTIYBi
G;IQi T`BXNT;Ai ;QAiIQZBXOTA^N;ZITQi@H;X;@ZBXIYf
[I@Yi @;Si >Bi ABZBXOIQBAi W^I@MNdi ;QAi ;@@_X;ZBNdi
^YIQGi[HBiZaTi YB[Yi TEiZBYZiNB;AYiD_XQIYHBAi;QAiZHBi
DNBc>NBi YaI[@HISGi YdYZBOi IQ@TXVUX;[BAi JQi [HBi
;Q;NdeBXi /TQIQA_@[I`Bi NT;Ai KOVBA;Q@BYi TDii
i i ;SAii ;XBi>_IN[iIQi;QAi @;Qi>Bi YBNB@ZBAi
DTXi <Sdi D_S@ZITQi >di XTZ;[IQGi ZHBi NT;Ai YBNB@ZTXi
YaI[@HiZTi ZHBi ABYIXBAi XBYIYZ;Q@Bi "iHIGHi IOVBAg
;Q@Bi VTYI[ITQi IYi ;NYTiVXT`IABAiDTXiYZ;GBZTYZ;GBi
;QAi T[HBXi HIGHi IOVBA;Q@Bi @IX@_IZi =;NdYBYi
-Tai ;QAi HIGHi DXBW^BQ@IBYi ;XBi GBQBX;ZBAi aIZHi
ZHBi IQYZX^OBQZi ;QAi ZHBdi @<Si>Bi Z;MBQi T^ZiYBV;g
X;ZBNdi DTXi ZBYZIQGi V_XVTYBYi TXi OIbBAi DTXi +i .i
PB;Y^XBOBQZYi
 
" %i 90-6.'6'3 i6HXBBi YZ;GBYi ;XBiBOVNTdBA
ZTi VXT`IABiZHBi ;OT^QZiTDiG;IQi XBW^IXBAi ZTiGI`Bi;
iOINNI`TNZiD^NNiY@;NBiYBQYIZI`IZdi   Z^>B
IYi@TQQB@ZBAi IQi;i@;Y@TABi[dVBi@IX@^IZiaHI@HiVXTg
`IABYi `BXdi HIGHi G;IQi aIZHi XBN;ZI`BNdi NTaiQTIYB
NB`BNi4IGQ;NiIYi;VVNIBAiZTiZHBi@TQZXTNiGXIAiZHXT^GH
ZHBi IQV^ZiYBNB@ZTXiYaIZ@Hi;QAi 969.iAB@;ABi6HB
EIXY\i H;NDi TDiZHBiZ^>Bi;@ZYi;Yi;i@TQ`BQ[ITQ;Ni `TNZg
;GBi ;OVNIDIBXi +ZYi VN;ZBi NT;Ai IYi P;ABi ^ViTDiZHB
VN;ZBi XBYIYZ;Q@Bi TDiZHBiYB@TQAiH;NDiTDiZHBiZ^>Bi ;QA
ZHBi i ,Ri XBYIYZTXi @TQQB@ZBAi ZTi $i 9TN[;GB
;OVNKDIBAi >diZHBiDIXYZiH;NDiTDiZHBiZ^>BiIYi @TQQB@ZBA
AIXB@ZNdiZTiZHBi@;ZHTABiTDiZHBiYB@TQAiH;NDi@;^YIQG
IZiZTiYaIQGiBb;@ZNdi ZHBi Y;OBi;OT_QZi);KQiIQi ZHB
YB@TQAi H;NDiTDiZHBiZ_>Bi IYi;@@TOVNIYHBAi>di
BDDB@g
ZI`BNdi[dIQGiZHBiGXIAi[Ti GXT_QAi [HXT_GHi;ii hDA
@TQABQYBXi ;SAiIYTN;[IQGi[HBiGXIAiDXTOi[HBi@;ZHTAB
aIZHi;i i,RiXBYIYZTXi6H_YiZHBiGXIAiXBO;IQYi ;Z
;i DIbBAi VTZBQ[I;Ni aHINBi [HBi @;ZHTABi `TNZ;GBi IY
`;XIBAi @;_YIQGi[HBi[^>BiZTi;@Zi;Yi[HT_GHiZHBi GXIA
VTZBQZI;Ni aBXBi @H;QGIQGi 1BX;ZITQiIYi O^@HiZHB
Y;OBi;Yi ;iGXT_QABAiGXIAi ;OVNIDIBXi -T;AIQGiDTX
ZHBiYB@TQAiH;NDiTDiZHBi "6iIYi VXT`IACAi>di;i
,Ri XBYIYZTXi 'QBXGdi DXTOiZHBi YB@TQAi H;NDiTDiZHB
"6iIYi@T^VNBAi ZHXT^GHi;ii hDAi@TQABQYBXiZT
ZHBi GXIAi TDi ZHBi OBZBXi ;OVNIDIBXi TQBH;NDi TDi;
"8i Z^>Bi "AAIZITQ;Ni @_XXBQ[i ;OVNIDI@;ZITQ
Z<MBYi VN;@Bi IQi ZHIYi Z^>Bi ;QAi T_]V^[i BQBXGdi IY
@T_VNBAi ZTi ZHBi OBZBXi XB@[IDIBXi ZHXT_GHi;ii hDA
@;V;@IZTX
6aTi AITABYi ;XBi^YBAiIQi;iH;NDa;`Bi>XIAGBi@IX@_I[i
[Ti D_XQIYHi @_XXBQ[iETXi[HBii OI@XT;OVBXBi
OB[BXi %^XXBQ[i XB[_XQYi ZTi GXT_SAi [HXT_GHi ZHBi
i  XBYIY[TXYi ;SAi [HBi @;NI>X;ZITQi @TQ[XTNi
aHI@Hi @TOVNB[Bi[HBi>XIAGBi5IQ@Bi[HBii XBg
YIY[TXYi XB[_XSi [TiZHBi@;[HTABi TFi [HBi 969.iIQV^[i
Y[;GBi IS`BXYBi DBBA>;@Mi IYi;VVNIBAi %;NI>X;[ITQi
IYi T>[;IQBAi >di ;AL_Y[JQGi[HBi @;NI>X;[ITQi @TQ[XTNi
aHI@Hi `;XIBYi [HBi @;ZHTABi XBYIY[;Q@Bi"i @H;QGBi
TDiXBYIY[;Q@Bi IQi[HBi@;ZHTABiTDi[HBiIQV_[iY[;GBiaINNi
@H;QGBi[HBi;OT_Q[iTDiDBBA>;@Mi;SAi@TQYBW_BQ[Ndi
[HBiG;IQi
.TY[i@XdY[;Ni AITABYi H;`Bi;iQTQNIQB;Xi@H;X;@ZBXg
IY[I@i ;Zi NTai `TNZ;GBiNB`BNYi @;^YIQGi QTSNIQB;XI[di
TXi VTTXi AB@;AIQGiZTi>Ci B`IABQZi;[i[HBiNTaiBQAiTDi
[HBi OB[BXi Y@;NBi %TOVBQY;[ITQi DTXi ZHIYi @H;Xg
;@ZBXIY[I@i IYi VXT`IABAi IQi @;YBiIZi YHT^NAi >B@TOBi
B`IABQ[i &B[B@[TXi QTQNIQB;XIZdi IYi @TOVBQY;ZBAi
DTXi >diO;MJSGi [HBiOBZBXi OT`BOBQZi QTQNIQB;Xi IQi
[HBiTVVTYIZBi AIXB@[ITQi "QT[HBXi AITABi;QAi;i`;XIg
;>NBi XBYIY[TXi ;XBi YH_SZBAi ;@XTYYi ZHBi OBZBXi
;NNTaIQGi ;AL_Y[OBQ[i TDi OBZBXi NIQB;XIZdi ZH^Yi
VXT`IAIQGiBb@BNNBQ[iAB@;AIQGi;@@^X;@di
:i"66.'6'3!i.B;Y^XBOBQZiTDi VTaBXi XBW^IXBYi
[HBi _YBi TDi [HBi#%i 97.i VXB`IT_YNdi ABY@XI>BAi
;QAi VXB@IYITQi @TOVBQY;[ITQi QB[aTXMYi ZTi@TXXB@Zi
ZHBi`TN[;GBiIQi XBN;ZITQi[Ti [HBiVTaBXiAIYYIV;ZBAiIQi
ZHBi HIGHi a;[[;GBi NT;Ai XBYIY[TXYi5IQ@BiZHBiVTaBXi

 
EOaaO]=bGEo Oao _GU=bGEo b[o bNGo g[Ub=LGo [fbo [Jo bNGo
PX]fboXGbh[_So bNGoVGbG_o aD=UGo D=XoBGoD=UOB_=bGEo
EP_GDbUkoOXo h=beao [_o][hG_o &ibG_X=Uo[_oOXbG_X=Uo
U[=Eao[Joooo[_oo=_GoaGUGDbGEoBko_[b=bOXLo
bNGoU[=EoaGUGDb[_oahObDNob[obNGoEGaO_GEo ][aObO[Xo
6NGo g[Ub=LGoD[__GDbOXLo_GaOab[_ao=_Go=fb[V=bOm
D=UUko D[XXGDbGEo OXo bNGo D[__GDbo aG^fGXDGo=bobNGo
a=VGobOVGo1fb]fboJ_[VobNOaoXGbh[_SoOaoD[XXGDbGEo
b[o bNGo 868/o EGD=EGo [_o _=XLGo ahObDNo 3[hG_o
\fb]fbo D?Xo BGo _G=Eo OXo EBVo [_oh=bbao[XobNGo_GEo
VGbG_oaD=UGao
+06&4/1%7.#6+10o #0#.;<&4 o 2G_=bOXLo
]_PXDO]UGao [Jo =Xo PXbG_V[EfU=bO[Xo =X=UklG_o =_Go
VfDNobNGoa=VGo=ao=oB_[=ED=abo _=EO[o /OiGEo U[ho
=XEo NOLNo J_G^fGXDPGao =_GoJGEoOXb[obNGo =X=UklG_o
hNODNo=V]UPJOGaobNGo NOLNoJ_G^fGXDOGaoBfbo_GQGDbao
=UUo U[hoJ_G^fGXDPGaoGjDG]bo bN[aGo=Dbf=UUkoV[Efm
U=bOXLo bNGo NPLNG_o J_G^fGXDko 6NOao V[EfU=bGEo
NOLNo J_G^fGXDko aPMX=UoOao aGbo b[o=o]_GEGbG_VOXGEo
UGgGUo ?XEo Oao bNGXoEGbGDbGEo[_o EGV[EfU=bGEo 6NGo
_GV=OXOXLo aOLX=UohOUUo =]]G=_o =ao=oU[h J_G^fGXDko
D[V][XGXbo=XEoOao ]=aaGEobN_[fLNo =oU[h]=aaoJOUm
bG_ob[o_GV[gGo=Xko_GaOEf=Uo*(oD[V][XGXbo9N=bm
GgG_oaPMX=UoOaoUGJbo PaoPXbG_V[EfU=bP[Xo=XEoPaoOXEOm
D=bGEo[XobNGoVGbG_oOXo]G_DGXb=LGo
#o #:o bfBGoPao faGEo=ao =oNOLNo]=aao=V]UOJPG`o
5OLX=UoOaoJGEobN_[fLNobNGoPX]fboahObDNob[obNGo UGgGUo
D[Xb_[Uo bN_[fLNo =oaW=UUoD=]=DOb[_o1fb]fboJ_[Vo
bNGo D[Xb_[Uo L[GaobN_[fLNo=X[bNG_oaV=UUoD=]=DOm
b[_o b[o bNGoL_PEo[JobNGoJP_aboN=UJo[JobNGo #:o+/o
=V]UPJOG_o 5V=UUo g=UfGao [Jo D=]=DPbko bGXEo b[o
=bbGXf=bGo U[ho J_G^fGXDPGao hObN[fbo aG_P[faUko
@JGDbOXLo NPLNo J_G^fGXDPGao #V]UPJPD=bO[Xo[JobNGo
NPLNo J_G^fGXDko b>TGao ]U=DGo OXo bNGo JP_abo N=UJo[Jo
bNGo bfBGo =XEo [fb]fbo Oao b=TGXo J_[Vo bNGo ]U=bGo
bN_[fLNo=oD=]=DOb[_ob[o?Xo.$obk]GoNPLN]=aaoJOUbG_o
=XEob[obNGoL_PEo[JobNGoaGD[XEoN=UKo[Jo cNGobfBGo 6NGo
aPLX=Uo Pao =V]UOJOGEo Jf_bNG_oNG_Go=XEoD[f]UGEob[o
bNGo L_PEo [Jo bNGo EGbGDb[_o bN_[fLNo =o D[XEGXaG`o
6h[o _GaPab[_ao=XEo =o][bGXbP[VGbG_oV=SGof]o bNGo
L_OEo U[=Eo J[_o bNGo EGbGDb[`o =XEo bNPao XGbh[`ToPao
faGEo b[o D=UPB_=cGo bNGo ?X=UklH_o #o D=UOB_=bGEo
][_bP[Xo [JobNGo aPLX=UoPao b>TGXo[fbo[JobNGoXGbh[_So
=XEo JGEob[o bNGo 868/o=ao=o`GJG_GXDGohNGXoaGbbOXLo
bNGo []G_=bPXLo UGgGUoJ[`o ,/oVG=af`GVGXbo
1XGoN=UJo[Jo=o#o7oOaofaGEo=ao=XoPXJOXObGo PV]GEm
=XDGo [_o D=bN[EGo J[UU[hG_o EGbGDb[_o J[`obNGo NOLNo
J_G^fGXDkoaPLX=Uo=V]UPJOGEoBko bNGo  5OLX=Uo
Oao_GDbPJOGEo[_oEGbGDbGEo=bobNGoL_OEo=XEo=Xko V[Efm
U=bO[XobN=bo V=koCGo ]_GaGXbohPUUo BGoGgPEGXbo=bobNGo
D=bN[EGo[JobNGo #7o 5[VGoNOLNoJ`G^fGXDkoD[Vm
][XGXbo hOUUo abPUUoBGo ]_GaGXbo Bfbo bNPao PaoBk]=aaGEo
3=LGo o
b[oL_[fXEoOXobNGoU[h]=aaoJOUbG_ohNODNoJ[UU[haocNGo
D=bN[EGo 1XUkoU[hoJ_G^fGXDkoaPMX=Uao=_Go]=aaGEo
Bko bNGo JPUbG_o =XEo [fb]fboJ`[Vo bNOao][OXbo Pao D[Xm
XGDbGEo b[obNGo868/obN_[fLNo bNGoaGUGDb[_oahObDNo

.1#%o5&.&$614!o .[=Eo_GaPab=XDGao[Joo o o
=XEo o  =_Go aGUGDbGEo =ao EGaO_GEoBko_[b=bOXLo
bNOao ahObDNo 6NGaGo_GaOab=XDGao=_Go=g=PU=BUGo=bo
=UUo bPVGao =XEo J[_o =UUo JfXDbO[Xao #o NOLNo<o OVm
]GE=XDGo ][aObO[Xo Pao =Ua[o ]_[gOEGEo J[_o g[Ub=LGo
=XEo +/o VG=af_GVGXbao OXo NOLNo OV]GE=XDGo DO_m
DfObao 9NGXoGibG_X=UoU[=EaoafDNo=aoa]G=SG_ao=`Go
b[o BGo faGEo D[__GDbo ][hG_o VG=af_GVGXbao D=Xo
abPUUoBGoV=EGo BkoahPbDNOXLob[o bNGo ]_[]G_o PV]GEm
=XDGo fXEG_o GibG_X=Uo U[=Eo 0[o ][hG_oVG=af`Gm
VGXbao D=Xo BGo V=EGo hNGXo bNGo ahObDNo Pao PXobNGo
*,o <o][aObP[Xo
(70$6,10o 5&.&$614"o #UUo PXad_fVGXbo JfXDm
bP[Xao =_Go aGUGDbGEoCkobNGo (70$6+10oahPbDNo ,Xo
bNGo JO_abo ][aObP[Xo bNGoPX]fbobG_VPX=Uao=_GoD[Xm
XGDbGEo EO_GDbUko b[o bNGo 868/o EGD=EGo ?XEo bNGo
PXab_fWGXbo []G_=bGao =ao =o o VGL[NWo PX]fbo #$o
868/o fXUGaao bNGo U[=Eo aGUGDb[_oOao [Xo [XGo [JobNGo
PXbG_X=UoU[=Eo ][aObO[Xao
6NGo XGiboJfZDbP[XoOao ][hG_o =XEo bNGo [fb]fbo[JobNGo
h=bbVGbG_o g[Ub=LGD[_`GDbOXLo EOgPEG_o Pao D[Xm
XGDbGEo b[o bNGo 868/oEGD=EGo#bobNGoa=VGobOVGo
bNGo OX]fbo bG_VOX=Uao =_Go D[XXGDbGEo b[o bNGoOX]fbo
[JobNGoEOgOEPXLoXGbh[_So,V]GE?XDGo[JobNGoEPgPEOXLo
XGbh[_So Pao o -Yo a[oPboVfaboBGoEPaD[XXGDbGEoJ[`o
=UUo[bNG_o JfXDbP[Xao[JobNGo=X=UklG_o
/G=af_GVGXbo[JoU[hoAEoNPLNoJ_G^fGXDkobGaboUGgGUo
OaoE[XGoOXobNGo.(*(obGabo ][aObO[Xo[JobNGo ahObDNo
6NGo g[UbVGbG_o hPUUo=DDf_=bGUkoOXEPD=bGo bNIo b`fGo
=V[fZbo[JoaOLX=Uo [fb]fboJ[_oG=DNoJ`G^fGXDkoaG]>n
_=bGUko =XEo =UU[hao bNGo ]_[]G_o _=bO[ob[oBGo aGbo=bo
=Xko EGaP_GEo[fb]fboUGgGUo 5PLZ=UoJ_[VobNGo [fb]fbo
PaoD[XXGDbGEoEO_GDbUkob[obNGo868/oEGD=FGobN_[fLNo
bNGo aGUGDb[_o ahPbDNoOXobNPao][aPbO[Xo
+XPbO=Uo =ERfabVGXbo J[_o,/oVG=af_GVGXboPaoV=EGo
hObNobNGo ahPbDNo PXo bNGo 5&6o.'8&.o][aObP[Xo*PLNo
J_G^fGXDko J_[VobNGo`GJG_GXDGo a[f_DGo=bo cNGoL_PEo
[JobNGo #7oEGbGDb[_oOaoD[XXGDbGEob[obNGo868/o
EGD=EGo PXo bNPao][aObP[Xo 3_[]G_oUGgGUo Oao[Bb=PXGEo
Bko ]U=DOXLo bNGo 4#0)&oahPbDNoOXobNGoEGaPLX=bGEo
o g[Ubo ][aPbP[Xo

(2=9f f
"LfY?:f <ZFFf6FP6E]AW:f RPWAYAPLf Y?:f-+-$f 8:628:f
AWf6PLL:6Y:8fYPf Y?:f PZYRZYfP<fY?:f"$f2L2F_`:Tf 2L8f
FP]f<T:SZ:L6_fALY:TJP8ZF2YAPLf6PKRPL:LYfAWfT:28f
8AT:6YF_fPLfY?:fK:Y:Tf
   8:628AL=f BWf 266PJa
RFAW?:8f 4_f ZW:fP<fY?:f)% fW]AY6?f +?AWf6PLb
YTPFWf2FFfP<fY?:f <[L6YAPLWf P<fY?:f,"&f%#f01b
)f 2L8fY?:fRTPR:TfK:Y:TfW62F:Wf2T:fK2TE:8f PLf
Y?:f <TPLYf R2L:Ff ALfY:TKWfP<f <ZFFf W62F:fT:28AL=Wf
(T:6AWAPLf ffT:WAWYPTWf2T:fZW:8f2L8f8:628AL=fAWf
2TT2L=:8fWPf Y?2YfY?:f2YY:LZ2YAPLfAWff85fR:TfWY:Rf
+*+f *."+!f ':T2YAL=fF:\:FWfP<fY?:fFP]f2L8f
?A=?f <T:SZ:L6A:Wf62Mf4:f 6?:6E:8f AL8A\A8Z2FF_f 5_f
RF26AL=f Y@:f W]AY6?f ALf Y?:f 2RRTPRTA2Y:f RPWAYAPLf
J2TE:8f PLf Y?:f <TPLYf R2L:Ff "LfY?:f#fRPWAYAPLf
PLF_fY?:fFP]f<T:SZ:L6_f6PKRPL:LYf]AFFf5:f2\2AFb
24F:f2YfY?:fPZYRZYfY:TJAL2FWf #P]f<T:SZ:L6_f]AFFf
2FWPf=PfYPfY?:fK:Y:Tf ]?:LfY?:f,%+"&%fW]AY6?f
AWf ALf Y?:f #f !f+*+fRPWAYAPLf .?:LfRF26:8fALf
Y?:f!fRPWAYAPLf R:T<PTJ2L6:fAWfY?:fW2K:f:^6:RYf
Y?2Yf PLF_f Y?:f ?A=?f <T:SZ:L6_f ]AFFf 5:f2\2AF25F:f
+?AWfW]AY6?f K[WYf5:fALfY?:f&()+fRPWAYAPLf2Yf
2FFf YAK:Wf :^6:RYf ]?:Lf Y?:fF:\:FWf2T:f5:AL=f28a
D[WY:8fPTf ]?:LfPLF_fPL:f<T:SZ:L6_fAWf4:AL=fZW:8f
<PTfY:WYAL=fRZTRPW:WfFFfWA>L2FfYPfY?:f,%+"&%f
W]AY6?fAWfW?PTY:8fPZYfALfY?:f&()f+fRQWAYAPLfYPf
RT:\:LYf?A=?f<T:SZ:L6_f6TPWW<::8fALY:T<;T:L6:f



]?A6?f62Lf F:28f YPfJAWF:28AL=f T:WZFYWf +?:fFP]fYPf
?A=?f<T:S[:L6_fT2YAPfW:Yf5_fZW:fP<fY?:fW]AY6?f]AHIf
?PF8fYTZ:f]?:LfALfY?:f&()f+fRPWAYAPLf2L8f<PUf
RT26YA62FF_f 2FFf W:YYAL=Wf P<fY?:f &,+(,+f 6PLYVPGf
]AY?PZYf Y?:f L:6:WWAY_f P<f T:W:YYAL=f Y?:f T2YCPf
 
+?:fRP]:Tf WZRRF_f:KRFP_Wf2f/f<ZFFf]2\:fT:6YAc
<A:Tf ]AY?f]:FFf<AFY:T:8ffPZYRZYf(F2Y:f\PFY2=:f<PTf
Y?:fT:6YB<A:Tf 2L8f <AF2K:LYf \PFY2=:f<PTf2FFfYZ5:WfAWf
<[TLAW?:8f 4_fY?:f RP]:Tf YT2LW<PTK:Tf 2Wf ]:FFf 2Wf
\PFY2=:f <PTf Y?:fFP]f<T:SZ:L7_fWA=L2FfWPZT6:f*:Rd
2T2Y:f<AFY:TAL=fW_WY:KWf2T:fZW:8f<PTfY?:f?A=?f<T:d
SZ:L6_fPW6AFF2YPTf2L8fY?:f2L2F_`:TfYPfALWZT:f6PKd
RF:Y:f AWPF2YAPLf ):WAWYPTWf 2T:f ZW:8fYPf8TPRfY?:f
?A=?f f T:6YA<A:Tf RF2Y:f \PFY2=:f8P]LfYPf2fF:\:Ff
6PKR2YA5F:f ]AY?fY?:f?A=?f<T:SZ:L6_fPW6AFF2YPTf3O8f
2f6PL8:LW:TfAWf6PLL:6Y:8f5:Y]::Lf Y]PfP<fY?:fT:e
WAWYPTWf2L8f =TPZL8fYPfT:KP\:f2FFf?2TKPLA6f6PMb
Y:LYf +?AWfALWZT:Wf2fRZT:ff6_6F:f]2\:<PTKf<PTf
FP]f <T:SZ:L6_fY:WYfRZTRPW:Wf
+?:f RP];TfYT2LW<PTK:Tf?2Wf2f8Z2FfRTAK2T_f2N8f
K2_f5:f ]AT:8f<PTf:AY?:Tff-fPTff-f Wf
2fW2<:Y_f<:2YZT:fY?:f6?2WXAWfP<fY?:fALWYTZK:LYfAWf
6PLL:6Y:8fYPfY?:f =TPZL8fRALfP<fY?:fRPF2TA`:8fRF[=f
<ZTLAW?:8f PLfY?:f ]AT:fFAL:f6PT8f

   
-Ed <Rd TIPPDYDVd JXd <^<JL<?LDd @ID@Kd YIDd '&d VDb
XJXY<R@Dd ?DY_DDRd UJRd "d TEd !9d XT@KDYd (d <RCd
HVT]RCd 5IDdVDXJXY=R@Dd XIT]MCd ?Dd <YdND<XYdd
Sd <GYDVd TRDdPJR]YDd-FdLT_DVd @<VDE]LLad VD@ID@Kd
_JVJRHdETVd <Rd DVVTVd +J^DdXUD@J<L <YYDRYJTR YT YIDd
ATRRD@YJTRXd <VT]RCd  XT@KDYd (d ZIDd EJMYDVd
@TRCDRXDVd =RCdXT@KDYd%d
/<KDdX]VDd YI<Yd YIDd LJRDd X_JY@Id JXdTEEd ?ad VTY<YJRHd
YIDd -/d $0$.:;(3d -0265d @TRYVTLd ZTd JYXd E]LLd
@T]RYDV@LT@K_JXDdUTXJYJTRd&TRRD@YdYIDdLJRDd@TVCd
YTd YIDdUVTUDVd^TLY<HDd '1d 015d&100(&5d5,-4d
-04536/(05d 51d $d '&d '-3(&5d &633(05d
.-0)d 4(3-164d '$/$+(d 51d 5,(d 218(3d
53$04*13/(3d8-..d3(46.5d'Td RTYd<YYDPUYd
YTd ]XDdYIJXd JRXZV]PDRZd TRd <d  d @a@LDd XT]V@Dd ETVd
JYd _JLMd RTZd TUDV<YDd <RCd YIDd YV<RXETVQDVd _JLMd ?Dd
C<P<HDCd
5]VRdYIDdJRXYV]PDRYdTRd?adVTY<YJRHdYIDd$0$.d:;b
(3d -0265d BTRYVTLd @LT@K_JXDd ]RYJMd <d @MJ@Kd JXd
ID<VCd 5IDd EJL<PDRYXd TEd <MMd Y]?DXd >CdYIDdUJLTYd
LJHIYd XIT]LCd OJHIYd 0T_d JRXDVYdYIDd  VD@YJEJDVd
Y]?DdJRdXT@KDYd(d &ID@KdYIDdVD@YJGJDVdYTdXDDdJEdYIDd
UL<YDXd XIT_d @TLTVd TVd YIDd Y]?Dd XIT_Xd <d ?VJHIZd
^JTLDYdHLT_d-FdXTdY]VRdYIDdJRXYV]PDRYdTEEdJPPDCJ
<YDLad<RCdVD@ID@KdYIDd_JVJRHdETVd<RdDVWTVdTVdXITVYd
@JV@]JYd-Ed=RadCJEEJ@]LYadJXdD`UDVJDR@DCdYIDdUT_DVd
XIT]MCd ?Dd CJX@TRRD@YDCd <RCd YIDd XYDUXd T]YLJRDCd
]RCDVd -0d &$4(d 1*d '-**-&6.5:d ETLLT_DCd
    
&$65-10#d 'Td 015d ]XDd YIDd @TPPTRd RDH<YJ^Dd
MD<Cd TEd YIDd 757/d _IDRd PD<X]VJRHd UT_DVdLJRDd
^TLY<HDXd 5IJXd LD<Cd JXd <LVD<Cad @TRRD@YDCd YTdYIDd
@JV@]JYdHVT]RCd <RCdYTd\IDdUT_DVdLJRDdHWT]RCd-Fd YIDd
@TPPTRdMD<CdXIT]MCd@TRY<@YdYIDd ITYdXJCDdTEdYIDd
UT_DVd T]YLDYd YIDd UT_DVd LJRDd _JLMd ?Dd XITVYc
@JV@]JYDCd&TRRD@Yd10.:dYIDdPDYDVdUVT?DdXDYdTRd
$&d YTd YIDd UT_DVd LJRDd -Gd YIDVDd JXd RTd PDYDVd
JRCJ@<YJTRd @TRRD@Yd YIDdUVT?DdYTdYIDdTZIDVdXJCDdTEd
YIDdUT_DVdMJRDd
-Ed aT]d I<^Dd T@@<XJTRd YTdPD<X]VDd<d d ^TLYd 
_JVDd $&d UT_DVdLJRDd aT]d_JLMdHDYd<dPDYDVd JRCJc
@<YJTRd<ZdY_TdTEd YIDd YIVDDd@TRRD@ZJTRXd5IDd@TRc
RD@YJTRd _IJ@Id UVTC]@DXd RTd PDZDVdVD<CJRHdJXd YIDd
@TPPTRdXJCDdTEd YIDdUT_DVdLJRDd $CCdYTHDYIDVd[IDd
^TLY<HDXd <Yd YIDd TZIDVd Y_Td @TRRD@YJTRXd YTd CDYDVc
PJRDdYIDdLJRDd^TMY<HDd

+EApp 



ACVYAp 9]]ATX]IUEp =9OI;Y9]IVUp ]bYUp 202'p&p
=VU]YVNp ,p]VpI][p Ah]YATAp =NV=MgI[Ap XV[I]IVUp9U?p
&%(!-%07p =VU]YVOp -p ]Vp I][p Ah]YATAp =VaU]AYm
=NV=MgI[Ap XV[I]IVUp *O9=Ap ]FAp &) p.!&!0)-p
[fI]=Fp IUp ]GAp $%8p XV[I]IVUp ]FAp "1(0%)(p
[fI]=Gp 9]p 202'p 9U?p ]GAp -(#!p [fI]=Fp ]VpI][p
CaNOp>OV=MgI[ApVYpp eVN]p XV[I]IVUp
VUUA=]p 9p ]A[]p NA9?p ]Vp ]FAp YA?p%(p ]AYTIU9Op 9U?p
]Vp ]GAppOIUApVUUA=]IVUp=9Up ;ApT9?Ap]Vp9p XOaEp
VYp ca[A?p OIUAp =VY?p VYp ]Vp ]AYTIU9Np []YIXp 6p %Cp
iVapb[Ap ]FAp NIUAp =VY?p9?9X]AYp aUEYVaU?A?p9U?p9p
UVUXVN9YIlA?p ANA=]YI=pVa]NA]p a[Ap]gVp]A[]pOA9?[p
VUUA=]p ]FAp [A=VU?p NA9?p ;A]gAAUp ]FAp ;N9=Mp %(p
<IU?IUEp XV[]p 9U?p ]GAp V]GAYp [I?Ap VCp]FAp ANA=]YI=p
Vb]OA]p 10%)(p 0FApp [aXXNjpOIUApI[p?9UEAYm
Vb[p*YV=AA?p fI]Fp ?aAp =9YAp
?La[]p &%-0!p =VU]YVNp ,p aU^IOp ]FAp TA]AYp
UAA?NAp YA9@[p ]FAp NIUAp eVN]9EAp p[aXXNjpVUp]FAp
p eVO]p [=9OAp %Cp 9Up 9==aY9]Ap p TA]AYp I[p
9]pH:U?p ]FAp TA]AYp =9Up ;Ap =9NI;Y9]A?p9E9IU[]pI]pICp
]HAYAp I[p YA9[VUp ]Vp <ANIAeAp ]GAp OIUAp eVO]9EAp I[p
HIEGAYpVYp NVfAYp ]G9Up ]GI[p
()0!p (AeAYp =VUUA=]p ]FApIUXa]p9=YV[[p ]FApp
[aXXNipOIUAp aUNA[[p]GAp&) p.!&!0)-p[gI]=Gp
I[pIUp]FApp pVYp$%8pXV[I]IVUp0FApp p 9U?p p
p YA[I[]VY[pfIOOp;aYUpVa]pICpOIUApeVO]9EApI[p 9XXOIA?p
fI]Gp]HAp [fI]=FpXN9=A?pIUp VUAp VCp
]FA[ApXV[I]IVU[p
0Vp 9?La[]p TA]AYp NIUA9YI]ip ?I[=VUUA=]p]FApIUXa]p
CYVTp ]HApp[aXXNjpNIUAp-V]9]Ap ]FAp"1(0%)(p
[gI]=Gp]V &"$" 0!/0 9U@]HA 0!/0 [gI]=Hp]Vp&"p
0!/0p *N9=Ap ]FAp -(#!p [gI]=Fp IUp ]GAp pVYp p
eVN]pXV[I]IVUp 9U?p9?La[]p]HAp &"p
$"p#!(!-0)-p
)10*10p =VU]YVNp CVYp 9p YA9?IUEp UA9Yp VYp 9]pCaNOp
[=9OAp 5YI]Ap ]FAp YA9?IUEp ?VgUp CVYp YACAYAU=Ap
XaYXV[A[p 9U?p?VpUV]p]Va=Gp]FApVa`b]p=VU]YVNp9E9IUp
aU]IOp :?La[]TAU][p 9YAp =VTXNA]A?p 'VeAp ]FAp
-(#!p [fI]=Fp aXpVUAp XV[I]IVUp IUp9p=OV=MgI[Ap?Im
YA=]IVUp 9U?p UV]Ap ]FApYA9?IUEpVUp]FAp=VYYA=]p[=9OAp
%]p [FVaN?p ;Ap Ah9=]Njp ]FAp [9TAp eVO]9EAp9[pgYI]]AUp
?VgUp %Cp UV]p YA]bYUp ]GAp -(#!p [gI]=Fp ]Vp I][p
VYIEIU:Op [A]]IUEp 9U?pgI]Fp ]FAp TA]AYp UAA?NApUA9Yp
CaOOp[=9OAp YV]9]Ap]FAp &%(!-%07p=VU]YVNp-paU]IOp
]FAp TA]AYp TVeA[p ?VgU[=9NAp [NIEF]Njp -A9?La[]p
=VU]YVOp ,p bU]INp ]GApVYIEIU9OpYA9?IUEpI[p V;]9IUA?p
VU=Ap 9E9IUp9U?pYAXA9]p]GApXYV=A?bYAp?La[]TAU]p
I\p =VTXNA]Ap fGAUpEVV?p?A=9?IUEpI[pV;_9IUA?p:]p9NOp
[A]]JUE[p VCp]HAp-(#!p[gJ]=Gp %Up [VTAp =9[A[pI]p
T:jp ;ApUA=A[[9Yip]Vp ?I[=VUUA=]p]FAp =VU]YVOpAUm
]JYANjp CYVTp ]FAp =IY=bK]p IUp VY?AYp ]Vp V;]:KUpEVV?p
QIUA9YI]jp 0FI[p gIORp ;ApUA=A[[9YkpVUOjpIUp=9[A[p
gFAYAp 9Up Ah=AX]IVU9OOjp gAOOp ;9O9U=A?p X9IYp VCp
?IV?A[p 9YAp a[A?pIUp]FAp;YI?EAp YA=]ICIAYp
(Vp =9OI;Y9]IVUp VCp ]FAp 59]]TA]AYp I[p UA=A[[9Zjp
[IU=Ap ]FAp p 204p I[p9a]VT9]I=9NOjp =VYYA=]A?p
CVYp XVgAYp YA9?IUE[p;jp
a[ApVCpXYA=I[IVUpYA[I[]VY[p
%'p U9OjlAYp =9OI;Y9]IVUp I[p 9p TVYAp =VTXNAh
VXBY9]IVUp 9U?p T9jp ;Ap ?VUAp IUp T9Ujp ?IDAYAU]
g9j[p 9[I=9OOjp 9p [IEU9Op XYV?a=IUEp p%'pI[
9XXOIA?p]Vp]FAp9U9OjlAYp[A=]IWUp9U?p9S]AYp
]FApIUXa]
=VU]YVOpI[p 9@La[]A?p ]VpXYV?a=Ap CaROp[=9NApYA9?IUE
VUp ]FAp p%'pY9UEAp ]FAp%'p &p=VU]YVOpI[p [A]
CVYp CaONp [=9NApYA9@IUEp VUp ]FAp .!0p&!3!&pXV[In
]IVU[p VCp ]FAp "1(0%)(p 9U?p -(#!p [gI]=FA[
ACVYAp9]]ATX]IUEp]Vp=9OI;Y9]Ap]FAp%'pU9OjlAYp
]FAp FIEFp 9U?p OVgp X9[[p CIO]AYp =FVMA[p [FVaO?p ;Ap
VYIAU]A?p CVYp TIUITaTp FaTp XI=MaXp Ujp FaTp
XI=MA?p dp ;jp ]FAp =FVMA[p gIOOp ;Ap YACOA=]A?p 9[p
AYYVUAVa[p %'p YA9?IUE[p 9U?pgIOOp9O[Vp=9a[ApAho
=A[[IeANjp GIEFp YA[I?a9Op YA9?IUE[pVUpNVgAYp%'p
[=9OA[p
?La[]TAU]p I[p 9==VTXOI[FA?p9[pCVOOVg[p .A]p]FAp
&) p[gI]=Gp]Vp$%8p "1(0%)(p]Vp203'p9U?p
]FAp -(#!p [fI]=Fp ]VppeVO][p ]Vp []9Y]p-ATVeAp
]FAp 6p ]a;Ap pCYVTpI][p[V=MA]p.A]p]GAp &!3!&p
9U?p )10*10p =VU]YVO[p ]Vp ]FApAh]YATAp =VaU]AYm
=OV=MgI[Ap XV[I]IVU[p VUUA=]p 9p ]A[]pOA9?p ]Vp ]FAp
FV]p IUXa]p ]AYTIU9Np 9U?p ]FAp VXXV[I]Ap AU?p ]Vp
]AYTIU9Op []YIXp 'Pp 'VeAp ]FAp-(#!p[fI]=Hp ]Vp
]FAp YIEF]pVYp NAC]p9[p UA=A[[9Yjp]VpV<]9IUp 9p[9]I[m
C9=]VYjpTA]AYp IU?I=9]IVUp -V]9]Ap =FVMAp (paU]INp 9p
TIUITbTp YA9?IUEpI[pV;]9IUA?p0FI[p=VTXOA]A[p]FAp
9?La[]TAU]pVCp]FAp HIEHpX9[[p CIO]AYp =FVMAp
1[IUEp ]FAp [9TAp =VU]YVNp [A]paXp9[p
;ACVYAp=VUUA=]p
]FAp FV]pIUXa]pNA9?p]Vp]AYTIU9Np []YIXp$PpVUUA=]p
9UV]FAYp ]A[]pNA9?p ]Vp]FAp EYVaU?A?p IUXa]p ]AYTIU9Np
9U?p]FAp VXXV[I]Ap AU?p]Vp$p-V]9]Ap=GVMAp*pCVYp 9p
TIUITaTp YA9?IUEp 9[p ;ACVYAp 9?La[]IUEp ]HAp
-(#!p [A]]IUEp9[pUA=A[[9Yjp ]VpT9IU]9IUp[9]I[m
C9=]VYjp IU?I=:]IVUp 0GI[p =VTXOA_A[p ]GAp 9?La[]m
TAU]p VCp]FAp NVgp X:[[p CIO]AYp =HVMAp
%]pI[p bUNKMAOjp]G:]p9p =VTXNA]Ap UaORpgIONp;Ap V;]9IUm
:;NAp ;a]p ]HAYAp UAA?p UV]p ;Ap =9a[Ap CVYp=VU=AYUp
[KU=Ap ]FAp [T:NOp9TVaU]pVCpXI=MaXpYAT9IUIUEp9S]AYp
]HAp =HVMA[p9YAp]aUA?p gINNp UV]p aX[A]p]FAp9==bY9=jp
VCp]GAp %'p U9NjlAYp -AXO9=Ap ]GAp 6p ]a;App

  
  
»·»¸           )/0*»    A ! "#$% & ¹»»
 
 
 
4
./014 4
    
4 "'!4 -4 24 3 44
($(%4
4Z» ,4
"+4
#&4 4 $4 )4
($ (&4 "*44
 
B» dzndhª» kxj» n» hdzgdz» zt» d»
zz»n»kzk»kzk»d»dj{»hzd
» dj» d»dz»n»kz»n»d§{dkª»31»
PX» kdhx» nzxkj»¥zx»xk»{+» _xk»{td»xd»
¥z»hdk»31OS»dª gk»tkkdkj»gª»z¨zu»xk»
ztd»n»xk»OS»tkkd»kh{»¥{x»xk»{t®
d»n»xk»djz»hzd»z»d»£dvk»dz»n»
31@3»dj»¥{x»d»nkkhª»jznnkkhk»o<1»311»
º' hªhk,» B» dkdk»hdzgdzt»kxj»z»d»
jkhzgkj» z» hdk» » djj{{d» k{k» {»
d£dzdgk,»
Sdk» »xk» hdzgd{t» kz»k»gª»jk¯
{t» xk» kj» n» ¥» 3»U» P» dj» k» 8,»=» P»
k{» tkxk» d» x¥» {» J{tk» 3;,´µ»
Ydhk» xk» _H^_» ¥zhx» {» xk» MJ» _I^_»|°
z» » k£k» xk» <1»hªhk» {td» n» xk»
tkkd» ¡» kd£{t» ª» xk»<211»hªhk»
ztd,»
^jª» Jztk» 3;+» Tk» xd» k» hkhz»
dk» jkztdkj» gª» xk» k» n» {j» zk» dj»
k» dk» kkkkj» ¥zx» gk»zk+»^zj»
zk» hkhz» dk» k» xtx» xk»h±
kk»hdzgdzt»hkjk»¥xzhx»n¥»¥xzk»
gk» zk» hkhz» dk» k» «» n» xk»
d»n»xk» hdzgdz»hkjk»z»¦x{hx»xkª»
dk»ki{n{hdª»kpkkj»»gª»gk,»
B, Sek» xk»zj»{k»hkhz»d»n¥?
Ekh»k»n»xk»dhxkj»k{»»xk
x» » k{d»dj»xtx» yk»8,»>» P
k{»»t¡j,» Ekh»xk»yk»41»P
k{» » xk»dj{»h{d»¢»k²
{d» dj»xtx»xk»dl» 9,»=»Ps»k}
»wj,
D+ ^k» xk»J`TE_OVT»¥zhx»»a_aS» RWBF
¥zhx» » MO (c»dj»xk»BTBRbcH\»OTY`_
dj» KHTH\B_V\» V`_Y`_» h» 
zz»»k¨kk»hkhh¥zk»±
z,» ^k» xk» \BTKH» ¥zhx» »31»£
dj»hkh»xk»{»kzd»n»xk»Bdª¬±
» » xk» hz» n» xk» xkk» kz
d»zjzhdkj»gª»jkj»zk»7»z»xk»khx
Bj»xk»dj{»hzd»» ¬k»gkd»¥{x
xk» Bdª¬k» {kd»tkkd»,»_
gdz»xz»gkd» k»xk» MOKM»J][`HTEb
RHaHR»dj»KHTH\B»_V\»V`_Y`_»h
» xk» Bdª¬k» »d§z,»B»k»xk
»n»xk»djz»hzd»»d¨z,
_zt»xk»djz»hzd»xtx»xk»<111
hªhk» ztd» r» xk» Bdª¬k»¥z»hdk
xk»kk»zk»»¥zt»¥zx»xk»gkd»k,
E, Bnk» ¬k» gkd» xd» gkk»gd{kj» k»xk
djz» hzd» » d» k¥» nkkhª» dg
<1(511» hªhk» xztxk» » ¥k+» \k¤k
hkhz»7+»Sfk»xk»¥»hkhz»5
d» n¥@» ^x» xk» :+»=» Q» k~»dj
hkh» xk» z»kzd»»xk»Cdª¬k
tkkd» +» Bj» xk» NOLN» J\H³
   
Y`_» h» » tz¤k» d» zdgk» kdjzt»
k¥xkk» kd»xk»d©»gdzdgk»
»xk» 71»£»dtk.»
G, \k£k» hkhz» 4»dj» ek»hkh±
{» 6» x{o{t» xk» z» k{d» kdj
n» xk» » q» xk»Bdª¬k»tkkd
» xk» » n» xk» djz»hzd,» Pkm¶
xk» x» dh» xk» 8-»=» P» k{.

5@HEll
$DOb]_l _KEl Wb_Xb_l CWU_[WQl WUl _KEl @bDMWl
W]CMQQ@_W[l _Wl IMcEl _KEl ]@SEl SE_E[lDEGQECj
_MWUl @]lWA_@MUEDl MUl _KElX@[@I[@XKl @AWcElAb_l
WUl _KEl l cWQ_l [@UIEl :Kb]l @l cWQ_@IEl[@_NWl
WGl !lW[l N]l E]_@AQN]KEDl
( 7ESWcEl @QQl CWUUEC_MWU]l l @UDl S@PElCWUj
UEC_MWUl l :KM]l[ETWcE]l_KEl]KW[_l@C[W]]
_KEl l l /^l [E]M]_W[l@UDlCWUUEC_]l_KEl MUXb_
WGl _KEl @U@QfiE\l _Wl_KEl ObUC_MWUl WGl _KEl _K[EE
[E]M]_W\]l1@PMUIl _KE]ElCWUUEC_MWU]l@XXQME]
_KEl DE]M[EDl SMeEDl ]NHU@Ql _Wl _KEl @V@QfiE\
@UDl dMQQl[E]bQ_lMUl @lC@\[ME[l dM_Kl lSWDbk
Q@_NWUl @_l _KEl DE_EC_W[l MUl _KEl @U@QgiE[l 9E_
_KEl 8$2,(l ]dM_CKl _Wl l .1l @UDl _KE
+;2&:.32l ]dM_CKl_W l .1l$DOb]_l _KEl .1
$2$0>?(7l .25;:l CWU_[WQl GW[l GbQQl ]C@QE
SE_E[l DEGQEC_MWUl 2Ee_l ]E_l _KEl+;2&:.32
]dM_CKl _Wl 9(:l 0(<(0l @UDl _KEl 7$2,)
]dM_CKl _Wl _KEl MUDMC@_EDl 9(:l 0(<(0lXW]Mk
_MWUl l$DOb]_l_KEl.1l&$l0.%7$l:(lCWUj
_[WQl?lGW[lGbQQl]C@QElDEGQEC_MWUlWGl_KElSE_E\
.Gl @Ul@bDMWlW]CMQQ@_W[lN]lUW`l@c@MQ@AQEl X[@C_MC@Ql
C@QMA[@_NWUl WGl _KEl  @U@QfiE\l ]EC_NWUl C@Ul AEl
@CCWSXRN]KEDl Afl SWDbQ@_MUHl _KEl MU_E[U@Ql KMIKl
G\EZbEUCfl W]CMQQ@_W[l dM_Kl@l l CfCQEld@cEGW[Sl
:Wl @CCWSXQM]Kl _KM]l ]E_l bXl _KEl MU]_[bTEU_l @]l
GWQQWd]"l 9E_l _KEl :)9:l ]dM_CKl _Wl -+l :(9:l
+;2&:.32l ]dM_CKl _Wl l .1l 7$2,)l ]dN_CKl _Wl

l .1l @UDl_KEl03$'l]dM_CKl_Wl -.?l:KElMUDMj
C@_W[l QMUEl WUl _KEl -.,-l +7(6;)2&>l 0(<(0l
@UDl 0+l -+l ,(2(7$:37l 3;:5;:l CWU_\WQl
PUWA]l ]KWbQDl AEl _b[UEDl ]_[@NIK_l bXl @]]bSMUIl
_K@_l _KEfl L@cEl AEEUl X[WXE[Qfl NUDEeEDldKEUl NUj
]_@QQEDl$DOb]_SEU_l WGl_KElWb_Xb_lCWU_[WQ]lM]lUW_l
C[M_NC@Ql ]Wl@XX[WeMS@_ElXW]M_MWU]l@[El @DEZb@_El
&WUUEC_l @l _E]_l QE@Dl AE_dEEUl_KEl KW_l Wb_Xb_l_E\j
SMU@Ql@UDl_KElKW_lMUXb_l_E[SMU@Ql WGl_KEl@U@QfiE\l
&WUUEC_l @UW_KE[l _E]_l QE@Dl G[WSl EM_KE[l WGl _KEl
03=l +7(6l AMUDMUIl XW]_]l_Wl _KEl C@_KWDElWGl_KEl
KNIKl G[EZbEUCfl W]CMQQ@_W[l XMUl l WGl ]WCPE_l 'l
:KM]l @XXQME]l l CfCQEl EUE[Ifl _Wl _KElC@_KWDElWGl
`KElW]CMQQ@_W[l SWDbQ@`MUJlM_l@YY[WeMS@_EQfll
$DOb]_l _KEl $2$0>?(7l .25;:lCWU_[WQlbU_MQl
_KEl SE_E\l \E@D]l l WUl _KEl l ]C@QEl 2Ee_l
]E_l _KEl +;2&:.32l ]dN_CKl _Wl 9(:l 0(l<*l
0l@UDl
_KEl 7$2,(l ]dM_CKl _Wl _KEl 9(:l 0(<(0l W[l l
 XW]M_MWUl @UDl @DOb]_l  &$l0.%7$l:(l CWU_\WQl
?l GW[l @l GbQQl ]C@QEl \E@DMUIl @_l _KEl 9(:l0(<(0l
XWMU_l7ESESAE[l_K@_lb]MUHl _KM]lX[WCEDb[El S@fl
[E]bQ_l MUl @Ul E[[W\l WGl @XX[WeMS@_EQfl l MUl
MUDMC@_EDl [E@DMUIl :KFl GM[]_lC@QMA[@_MUIlX[WCEj
Db[El M]l [ECWSSEUDEDl dKEUl KMIKl @CCb[@Cfl M]l
[EZbN[EDl
:KM]l CWSXQE_E]l _KEl C@QMA\@_MWUl WGl hWb\l $bDMWl
$U@QfiE\l .U]_@QQl _KEl MU]_[bSEU_lMUl_KElC@BMUE_l
]ECb[MUIl dM_Kl ]EQG_@XXMUIl ]C[Ed]l _K\WbIKl aKEl
KWQE]lMUl_KElA@CPl
    
$l [EcMEdl WGl _KElCM\CbM_lDE]C[MX_MWUlMUl_KElG[WU_l
WGl _KElS@Ub@QlSMHK_lAElKEQXGbQl 4E[@_MWUlWGl@QQl
CWU_[WQ]l @UDlCM[CbM_]lM]lDE]C[MAEDl MUlDE_@MQl@UDl@l
GbQQl bUDE[]_@UDMUIl WGl MU]_\bSEU_l GbUC_MWU]ldMQQl
H[E@_QflMUC[E@]ElM_]lb]EGbQUE]]lMUl_KEl@bDNWl Q@Al
9WSEl @XXQMC@_MWU]l @[El Wb_QMUEDl KE[EldKMCKlDEj
]C[MAEl_KElA@]MClWXE[@_MWU]l@UDl]WSElW_KE\l@XXQMk
C@_MWU]l@\El]bHHE]_EDldN_Kl`KElKWXEl_K@_l_KEfl
AEl@lIbMDEl_WlW_KE[l@Dc@UCEDlb]E]lWGl_KEl@U@QfiE\l
:KW\WbHKlG@SMQM@[M_fl dN_Kl _KElGQEeMAQEl]dN_CKNUIl
]f]_ESlMUCW\XW\@_EDl dNQQl EU@AQEl_KElWXE\@_W[l_Wl
GMUDl S@Ufl W_KE[l b]E]l GW[l _KEl bUM_l S@PMUIlM_l @l
cE[flc@Qb@AQEl@UDlWG_EUlb]EDl XMECElWGlEZbMXSEU_l
&$;:.32#l :KEl CM\CbM_l H[WbUDl @VDl _KEl C@]ElWGl
_KM]lMU]_[bSEU_l@[ElAW_KlCWUUEC_EDl_Wl_KElXWdE\l
QNUEl I\WbUDl _K[WbHKl _KEl H[EEUl dM[El WGl_KElQMUEl
CW[Dl$Qd@f]l CWUUEC_l_KElH[WbUDl _E]_lQE@DlWGl`KN]l
DEcMCEl _Wl _KEl CK@]]N]l W[lI\WbUDl WGl _KElCM[CbM_l
AEMUIl _E]_EDlW[lSE@]b[EDl