Amateur Photographer - 19 December 2015

Saturday 19-26 December 2015
Our pick of the

best shooting
advice from
2016 the AP experts
GREAT
TIPS
for
16-PAGE
T
PULL OU
Passionate about photography since 1884
We look
back at
our photo
highlights
of the year
The best images
Our favourite gear
The top news stories
and more
Classics
revisited
How we recreated
a classic portrait
of Rita Hayworth
Christmas
SPECIAL
Walker Evans retrospective Books of the Year Our predictions for 2016
COVER PICTURE GARETH WILLIAMS, ANDREW SYDENHAM, JAKE HICKS
7days
A week in photography
14 Champions
champion
The best of this years
major competitions
24 Classics revisited
We recreate a Hollywood
portrait of Rita Hayworth
28 Images of
the year
AP staff, photographers
and picture editors choose
their most memorable
images of 2015
40 American
master
Why Walker Evans is still
considered one of the
greats of our time
46 Build your own
DIY gadgets to help your
wildlife photography from
Paul Hobson
51 Top tips for 2016
From macro to travel
how to improve your
picture-taking prowess
69 Best books of 2015
The books that should
be in your collection
73 Best features
of 2015
The technological
developments that made
us sit up and take note
78 Best of the
brands 2015
The cameras and lenses
that stood up to scrutiny
in the past year
JOIN US
ONLINE amateurphotographer.co.uk
7 365 days
19 Inbox
114 Final analysis
Join our Flickr group

at ickr.com/groups/
amateurphotographer
Follow us
on Twitter
@AP_Magazine
ONLINE PICTURE OF THE WEEK
Christmas
Bokeh
by Ian
Johnston
Nikon D800, 24-70mm,
6secs at f/5, ISO 100
Ians image demonstrates
something that a great
many photographers can
surely relate to. All of us
have a list of images that
we would love to take, but
never seem to nd the
time to do it. Take some
motivation from Ian,
who nally got around to
achieving this festive shot.
The concept of the open/
folded book was an image
that was on a long list of
shots to be done, he says.
The Christmas tree lights
gave a good background.
Like most of us, I have a
long list of ideas that I will
get around to doing some
time in the future.
If you would like to see
your image in print, visit our
Flickr, Facebook, Twitter
and online gallery pages.
Win!
Each week we choose our favourite picture on Facebook, Flickr or the reader gallery
using #appicoftheweek. PermaJet proudly supports the online picture of the week
winner, who will receive a top-quality print of their image on the finest PermaJet paper. It is
important to bring images to life outside the digital sphere, so we encourage everyone
to get printing today! Visit www.permajet.com to learn more.
86 Christmas
conundrums
Too dark for photography?
Try our quiz instead
Regulars
Like us on
Facebook.com/Amateur.
photographer.magazine
IMAGES MAY BE USED FOR PROMOTION PURPOSES ONLINE AND ON SOCIAL MEDIA
4 Christmas cover
Your shots that end up
on our shortlist
comparison. Both features illustrate what a

broad church photography is. It has been a
busy year too for the camera industry, as youll
see from our recap of the years biggest news
headlines and our technical teams highlights
from all the new gear that weve seen in 2015.
Finally, our features department have
collected all their favourite nuggets of advice
from our team of expert contributors to
kick-start your photographic juices for 2016.
Merry Christmas! Nigel Atherton, Editor
IAN JOHNSTON
In this issue
Christmas is a good time to

reect on the previous year and
ponder what the next one will
bring, and that is very much
the focus of the AP Christmas
Special as we reveal our photographic
highlights of 2015.
We asked AP staff and leading UK picture
editors to nominate their favourite images,
and have rounded up the winners of all the
major photographic competitions for
Send us your pictures
If youd like to see your work published in Amateur Photographer, heres how to send us your images:
Email Email a selection of low-res images (up to 5MB of attachments in total) to appicturedesk@timeinc.com.
CD/DVD Send us a disc of high-resolution JPEG, TIFF or PSD images (at least 2480 pixels along its longest length), with a contact sheet, to the address on page 20.
Via our online communities Post your pictures into our Flickr group, Facebook page, Twitter feed, or the gallery on our website. See details above.
Transparencies/prints Well-packaged prints or slides (without glass mounts) should be sent by Special Delivery, with a return SAE, to the address on page 20.
You had it
covered
Our Christmas cover competition made us realise what a talented
bunch you are, making our choice of winner that much harder
GARETH WILLIAMS
hoosing a suitable
cover image for
the AP Christmas
Special can be a
tough job, so for the past couple
of years weve decided to turn
to you, the readers, for help.
The rst time we announced
wed be using a readers image
for the cover we worried what
would happen if no one sent in
anything suitable. Last year,
when we asked again, we
worried whether our success
the rst time was a uke. Now
that its abundantly clear it
wasnt, we decided to do it
again, and you have come up
trumps once more. We received
more than 500 entries to our
cover competition, which we
advertised in the magazine, on
our website and social media
channels, and many of them
were quite outstanding.
Our regular weekly portfolio
submissions prove that we
can count some of the most
talented photographers in the
country among our readership,
but the requirements of a cover
image go way beyond just
being a good picture. It needs
to have a graphic impact
that hits you immediately,
preferably from a distance.
Simple images work best,
with uncluttered areas where
cover lines can be placed and
read easily. It should go
without saying that the image
should be portrait format, like
the magazine cover, or if its
landscape it needs to be of a
high-enough resolution that a
portrait-format image can be
The photographer
Gareth Williams, from the Vale of Glamorgan in South Wales, took
this shot with his Pentax K200D and 55mm lens in the comfort of
his living room. I had to move the baubles off the tree to get enough
distance between them and the lights to make the bokeh possible,
says Gareth. To keep the baubles still and in place, they were taped
onto a lighting stand. And what will Gareth spend the money on? As
he recently bought some new lenses hell do the honourable thing
and spend it on the family, who have always supported his hobby.
cropped from it and still

be big enough to cover the
290mm height of the
cover. (We received a lot of
landscape-format entries that
we had to reject immediately
for this reason).
Once our technical and
compositional needs had been
met, it came down to what we
were looking for in the image.
We received a lot of great
landscapes that beautifully
illustrated the theme of winter,
but not necessarily Christmas,
and after mocking-up a few of
our favourite submissions as
covers, we decided that we
wanted the magazine
specically to reect this
festive period.
Of the images that tted all
our criteria, the one we nally
settled on was by Gareth
Williams. Photographing a
Christmas decoration may
seem a little obvious, and
even perhaps clichd, but its
surprisingly difcult to do well
and Gareth showed great skill
in his work. His red baubles
provided the visual impact we
were seeking, the lighting is
lovely, the composition perfect
for our needs, and we love the
bokeh from the out-of-focus
decorations in the background.
A hearty well done to Gareth
for his achievement.
It seemed a waste not to do
something with some of the
other amazing images you sent
us, so weve decided to run a
separate feature in the next few
weeks focusing on your best
winter landscapes.
19-26 December 2015 I www.amateurphotographer.co.uk I subscribe 0330 333 4555
CHRISTMAS COVER COMPETITION
SARAH BROOKS
SHANE BUTLER
SVEN MULLER
LARA ZANARINI
MIKE PRINCE
MARK HORTON
GARY MCLEAN
EDWARD RHODES
DAVID HOPLEY
GEORGE WHEELHOUSE
RENATA ARPASOVA
ROB BATES
CHRIS NESBIT
SARAH LOUISE LEWIS
ANITA NICHOLSON
ANNETTE CHRISTINA NORDLINDER
subscribe 0330 333 4555 I www.amateurphotographer.co.uk I 19-26 December 2015
CHLOE GRUBB
CHRIS DALE
DAVE FLETCHER
DAYANA MONTESANO
Its important to make sure you leave enough room in your composition for the masthead and any cover lines
Cover tips
The job of a cover image
is to stand out from the
other covers on the shelf.
Before submitting an
image, look at your
shortlist as thumbnails in
an image browser. Note
which images draw your
attention and stand out.
These are likely to be the
ones that will make the
best cover images.
It sounds obvious but
magazines are mostly
portrait format, so shoot
in portrait orientation.
Although its possible to
crop from a landscapeformat image if the
resolution is high enough,
its best to use all the
available pixels where
possible. Remember, we
need around 3,600 pixels
on the vertical axis.
Dont crop in too tightly
leave lots of space for
cover lines. Busy images
with lots of detail are
generally unsuitable, as
they make superimposed
text difcult to read. There
should also be plenty of
space at the top for the
magazine masthead.
Try various angles and
subject placements, with
the main focal point to the
left, the right and centre, to
give the art editor lots of
options for where to put
the cover lines.
If youre submitting a
portrait, its generally best
to have good eye contact,
with the subject looking
directly into the lens.
Covers where the subject
has a strong gaze tend to
draw the viewers attention
much more than those
where the subject is
looking away. Also, the
eyes should be pin-sharp.
Remember, magazines
work well ahead of the
publication date especially
monthlies so submit
seasonally dependent
images (such as spring
owers) four to six months
before the issue comes out.
5
365 days
A year in photography
News review 2015

News editor Chris Cheesman looks back at the years ups and downs
January
February
As the festive season ended, Nikon

unwrapped the D5500 DSLR, featuring
a new vari-angle touchscreen.
Fujifilm primed its new X-A2
compact system camera for a
March debut. It would feature a
175 tilting LCD screen and ISO
extendable to 25,600.
May
September
November
Deer oh deer. Amateurs were accused of interfering

with the mating habits of the four-legged residents of
Richmond Park, London.
Sony announced the
Alpha 68, a 24.2-millionpixel A-mount model that
uses a 4D focus system
plucked from the Alpha 77 II.
Registered-blind Dave Taylor

(above) lands dream role as
photographer at football club.
Paparazzi blasted for alleged
tactics over Prince George.
Sele sticks, which kill more
people than shark attacks.
Bizarre 1932 tripod rule, which
ensnares Guardian editor on
Londons Hampstead Heath.
August
Canon showcased a 4 million

ISO video camera, the ME20F-SH,
built for uses such as astronomy
filming and wildlife at night.
Tamron claimed a world first
with its 18-200mm f/3.5-6.3 Di II
VC zoom, billed as the lightest
in its class.
October
Canons EOS M10 features an 18MP sensor and

DIGIC 6 image processor.
Amateur photographer
Don Gutoski landed
Wildlife Photographer
of the Year, beating
professional entrants
in the process.
December
Ilford Studio inkjet paper was billed as the digital

equivalent of
traditional papers.
The Red Bull Illume
Image Quest 2016
searched for
mind-blowing
action images.
DON GUTOSKI
Olympus added 5-axis image stabilisation

and chunkier dials to its OM-D E-M10 for a
Mark II incarnation more classically
styled than its predecessor.
10,000 cameras were primed
to photograph archaeological
sites in the Middle East feared to
be under threat from Islamic State.
A photo of Durdle Door, a Dorset hotspot favoured

by many photo enthusiasts, won a 10k landscape
photography prize for local
man Ollie Taylor.
The 4K video-enabled
Nikon 1 J5 joined the growing
army of compact system
cameras to adopt a retro look.
The photography world mourned the death of
documentary photographer Mary Ellen Mark (left), aged
75. She had been a headline
speaker at the Photography
Show in Birmingham in March.
Sony debuted its new flagship
full-frame camera: the Alpha 7R II,
boasting a 42.4MP imaging sensor.
GLORIA RODRIGUEZ
RG Lewis, set up by a man

recruited as a British spy before
the Second World War, closed
down its last store.
Scottish photographer
Albert Watson (right) was
awarded an OBE in the Queens
Birthday Honours.
High-pixel cameras.
Uncompressed raw shooting.
Slow-motion video, as used
by Moneypenny.
4K cameras.
Death-defying rooftop
photography.
June
US photographer John Moore struck the $25K Sony

World Photography Awards jackpot with his powerful
photos documenting the
Ebola crisis in Liberia (left).
Pentax added Pixel Shift
Resolution to its K-3 II, but
took away the built-in flash
featured on its predecessor.
July
Whats
up
April
DAVID CARLIER/RED BULL ILLUME
JOHN MOORE, US, LIRIS DOR/PHOTOGRAPHER OF

THE YEAR/SONY WORLD PHOTOGRAPHY AWARDS
This image by Simon Morris

was among five by UK amateurs
to be shortlisted at the Sony
World Photography Awards.
The D7200 became the first
Nikon DSLR to support a Near
Field Communication (NFC)
wireless system.
SIMON MORRIS/SONY WORLD PHOTOGRAPHY AWARDS
March
The Mark II version of the Olympus OM-D

E-M5, boasted a 40MP composite mode
Canon served up a double
helping of highresolution DSLRs
with the 50.6MP
EOS 5DS and
EOS 5DS R.
North Korea, which

blocked access to Instagram
within its borders.
Lens cameras, as Olympus
dithers over launch of Air
AO1 device in Europe.
Whats
down
7
365 days News review 2015
ALL PICTURES WWW.TIMEINCCONTENT.COM
Superb unearthed
stills of The Beatles
at Granada Studios
in 1965
A world exclusive under our noses

ONE OF the biggest stories
of 2015 was very close to
home within striking distance
of the AP newsdesk, in fact.
AP was the rst to report that
previously unseen Beatles photos
had been found after languishing
in boxes for 50 years, alongside
forgotten images of other famous
names from the 1960s.
The Beatles photos, captured

during a shoot at Granada
Studios in Manchester in
December1965, were among
around half a million newly
discovered images from the
worlds of music, sport and
entertainment captured by
photographers for TV Times
magazine, which is based in the
same building as AP and shares

the same publisher, Time Inc (UK).
It turned out that only a tiny
fraction had been published
before they were stuffed into A4
envelopes inside boxes at the
British Film Institute in London
and had seemingly been
forgotten about ever since.
In all, 11 rolls of black & white
lm of the Beatles were unearthed

plus a roll of colour from a
television show called
The Music of Lennon & McCartney.
The collection also revealed
never-before-seen photos of
legends such as Woody Allen
and Peter Sellers.
For each image published there
were up to ten rolls of lm.
EVERY so often
photographers are confronted
by a threat to their liberty thats
so serious, it triggers a mass
outpouring of resentment. This
was the case when a bonkers plan
emerged to change European
copyright law, requiring
photographers to obtain
permission from architects and
possibly pay them royalties
before publishing pictures of
tourist attractions.
Similar curbs on the use of
commercial images of buildings in
public spaces are already in force
in some European countries but,
thus far, not in the UK. Luckily, the
plan to abolish Freedom of

Panorama did not pass, thanks
to a vigorous campaign led by
organisations including AP and
a petition that attracted more
than 500,000 signatures. AP
contacted every UK MEP and, in
the end, an overwhelming majority
of MEPs voted against the move.
On a lighter but no less bizarre
note, The Guardians then-editor
Alan Rusbridger was stopped over
the use of a tripod on Londons
Hampstead Heath, under an
83-year-old by-law. The editor was
with photographer David Levene
and his assistant when police gave
Rusbridger a written caution.
ANDY WESTLAKE
A crazy plan and a rogue tripod
The Freedom of Panorama plan was overruled by a huge majority of MEPs
THE YEAR IN NUMBERS
30%
of lm users are under

35 years of age
[Source: Ilford Photo]
8
50
years since Elliott Erwitt

shot images of Che
Guevara and Fidel Castro
6,500
100
52%
images submitted to Food press photographers were told of photojournalists

to pay this sum to shoot the admit they sometimes
Photographer of the
Notting Hill Carnival
Year 2015
stage images
News review 2015 365 days

March of
the drones
BILLED as the
must-have gift for
Christmas last year, drones
developed a more sinister
side in 2015. There was
growing evidence that they
pose a real danger to our
skies and to people, amid
reports that the devices
were being own close to
commercial aircraft.
As drone camera maker
DJI promised greater
camera control for the
photographic enthusiast
with the Phantom 3, safety
warnings by aviation
experts went unheeded.
Nigel Wilson, 42, from
Bingham in Nottingham,
was convicted of ying
drones over buildings and
congested areas, and
banned from ying drones
for two years in the rst
prosecution of its kind
in the UK.
Wilson pleaded guilty
to nine offences in
contravention of the Air
Navigation Order 2009
after ying a drone over
Buckingham Palace, the
Houses of Parliament and
football stadiums.
But the march of the
drone was unstoppable, as
commercial drone-use
permits doubled in ten
months, and organisers of
the UK Drone Show in
Birmingham had to add an
extra date to their event in
December due to demand.
All this was happening as
Forbes business magazine
reported that DJI, the
worlds largest consumer
drone maker, had grown
to be worth $10 billion.
25,000
Fox Talbot prints and

negatives exist [source:
The Bodleian Libraries]
Waging war on
Armageddon
IN 2015 we were warned to
archive our digital photos
properly and if at all possible print
them out to avoid losing
them forever.
In what doommongers swiftly
dubbed
photographic Armageddon, the

lurking 21st century menace was
rst raised by Google vice-president
Vint Cerf. He warned of a digital
dark age, where data stored on
computers will
be lost
forever.
Stored data is vulnerable to

a potential digital dark age
Megapixel ambitions and

ambience-sensing cameras
ANYONE who thought the
megapixel race had drawn its last
breath had better think again.
Although it was a relatively quiet
year, camera-wise, for Nikon, Canon
wasted no time in kicking off 2015
with two 50.6-million-pixel full-frame
DSLRs aimed at professional
photographers in the form of the
EOS 5DS and EOS 5DS R.
Later in the year, Canon proudly
declared it was developing a
120-million-pixel DSLR. Not
content to stop there, the company

also revealed plans for a 250MP
imaging sensor capable of
distinguishing lettering on the side
of a plane around 11 miles (18km)
away. It hoped the sensor would be
used in surveillance cameras and
other industrial equipment.
No less intriguing was Nikons
prediction of a future where cameras
can sense the ambience of the
moment, read emotions and
automatically change settings such
Canon revealed plans for a 250-million-pixel sensor
20,000
people attended the

rst Photo London
photography fair in London
48
stores run by Jessops,

which collapsed under
former owners
Then, right on cue, photographer

Jacques Nadeau, from Montreal,
Canada, lost up to 50,000 images
captured during a 35-year career,
when thieves stole hard drives from
his home.
Experts lined up to say we should
back up our images in triplicate and
store them in different places.
However, there seems little use
storing pictures on hard drives and
USB sticks if the devices wear out
in years to come.
And will machines be around to
play back les stored on CDs and
DVDs in 50 years time even if the
discs last that long?
Headline-grabbing,
scaremongering? Not according to
Kodak Alaris, which cautioned that
a potential 11.8 billion
photos are lost in
the UK owing to our
nonchalant attitude to
protecting content.
Research also
revealed that 30% of
people have lost photos
due to defunct tech, yet
only 12% print them out.
as colours and tones to reect
factors like temperature and lighting.
The new sensory technology
could change how we see and
experience images over the
coming decades. A world of
contextualised cameras will treat
us to a new generation of sensor
technologies, enabling future
cameras to read the external
ambience of a moment.
Such cameras, added Nikon,
will adapt to the situation being
photographed, by enhancing
certain colours, tones, exposure
and contrast levels to reect and
enhance the emotion of the image
as the photographer intended.
The idea of contextualised cameras takes hold
$628k
460,000
Instagram followers of
worth of prints allegedly
stolen from photographer Eelco Roos who quit his IBM
job to pursue photography
Steve McCurry
9
PHOO CHAN/MEDIA DRUM WORLD
The year of
Instagram
Its surpassed Twitter in terms of
users and has taken over our lives
WHEN they come to
write the social media
history books (which
they will), 2015 will be
known as the year of
Instagram. Following its
purchase by Facebook
back in 2012, the
simple social network
in which users share ltered lo- shots mostly of
avocados and lattes has grown and grown, and
in September 2015 it announced that it had
crossed the 400-million-user threshold.
Whats most signicant about this is that
Instagram has ofcially surpassed Twitter in terms
of users. Instagram took just nine months to go
from 300 million to 400 million, while Twitter
holds steady at 316 million. Advertising revenues
are expected to boom to $1.48 billion in 2016.
Currently, 80 million photos are shared on
I
g
hi bears repeating: 80
million every day.
The #croweagle
was just one of the
top internet stories
of the year
Social media
2015
Jon Stapley and Karen Sheard round up
the top trending internet stories of the year
Instagram isnt just for

pictures of your breakfast
NASA posted an image of
Pluto to its account
Changes and landmarks

This was also the year that Instagram shook
things up a little. Historically, it has only been
possible to post square-format images to
Instagram, which meant your carefully composed
image had to be cropped. This was actually an
enormous part of the sites identity, reecting its
dedication to streamlined simplicity. However, in
August the site announced that it would be rolling
out the option to share photos and videos in
portrait and landscape orientation.
It makes sense that Instagram is expanding
its image-sharing options, as more and more
images of signicance are being beamed out to
the world via the service. NASA Instagrammed
a gorgeous image of dwarf planet Pluto from
closer than ever before. The All Blacks lifted the
Rugby World Cup 2015 trophy on Instagram to
the acclaim of more than 21,000 likes. Barack
and Michelle Obama are both on Instagram.
As we head into 2016, its place in the global
conversation is only going to increase.
10
Animals riding other animals

This was the year of the portmanteau
animal meme. It all kicked off with an
image of a weasel riding a woodpecker,
which went viral under the hashtag
#weaselpecker. This led to instances
of other animals riding the bandwagon,
so to speak, with a #racoongator
and #croweagle also making their
appearances across the internet.
Taylor Swift rights grab

Taylor Swift caused a social-media storm
after complaining that Apples streaming
service offered unfair terms for artists,
only to be accused of hypocrisy over her
own unfair contracts with photographers.
It all was resolved after both Apple and
Taylor listened to public opinion and
revised their contract terms.
Facebook image grab

Facebook accidentally claimed to own
the rights to everyones images, after an
employee wrote to the site Photo Stealers
once something is posted or uploaded
onto Facebook it becomes Facebooks
property. A spokesperson later claried

the email was incorrect, but not before it
had caused widespread criticism across
social media. Oops.
Adele Instagram
announcement
In November, Adele almost broke the
internet by opening an Instagram account
and posting a stunning image of herself to
reveal her new album release date. Within
an hour her prole had attracted almost
20,000 followers, and her following now
already numbers millions.
Sneaky fox
Paul Nuttall, one of APs website writers,
caused a surprise sensation on sharing
site Reddit.com after posting a picture
of a sneaky fox in his garden. After
remaining top of r/photography (Reddits
photography channel) for the day, the
image had over a million views a highly
impressive number for any website,
let alone for a single image. He was
approached by a number of news
agencies for his story, but guess
which publication got the scoop!
The perfect
Christmas gift
from 21.49
Four top
Twitter tips
Save up to 42%
Connecting with other photographers

can pay huge dividends in the long run
EVEN though it didnt
start as an image-focused
service, Twitter has evolved into
a great way for photographers
to connect. If youre looking to
talk pictures, kit and more with
like-minded folks, then youll
get a huge amount out of it. Its
also a terric place to get your
work seen by a wider audience
if this is something you want
to do, though, its important to
use the service correctly. Make
it your resolution to get your
photos noticed on Twitter next
year, and make sure it happens
with our top tips.
Follow the right people

The perfect cocktail of people
to follow includes a mixture
of prominent photographers,
aspiring amateurs on the same
level as you, inuential voices in
the world of photography and
art, and fabulous weekly photo
magazines. (Speaking of which,
nd us AP_Magazine).
Talk!
Resist the urge to be a
mysterious, unknowable force,
graciously breaking your
silence every so often with
the odd image or two. With
Twitter you get out what

you put in, so talk to other
photographers. Compliment
them on their work, ask for
advice, and be encouraging.
Theyre called social networks
for a reason, but its amazing
how many Twitter users
especially photographers
can forget this.
Share more than

your own posts
To the same end, if another
photographer posts a fantastic
image or an interesting link,
share it. Once again, the
community will be much more
rewarding if you treat it as
more than just a means to
promote yourself. Our tip: try
to get into the habit of sharing
something of someone elses
at least three times a week.
Try video
Twitter lets you share GIFs and
short videos as well as images,
so make use of them. Even
if youre not much of a
videographer, a brief video
from your latest shoot location
could be something your
followers really enjoy. Be
creative and have some fun.
Subscribe online at
magazinesdirect.com/CNG5
0330 333 4555 Quote code: CNG5

7 days a week from 8am to 9pm (UK time)
Offer open to new subscribers only. Final closing date for all orders is 2nd February 2016.
For full terms and conditions please visit www.magazinesdirect.com/terms.
11
Poll
position
Every week we ask your
opinions on a new topic,
and every week we enjoy
seeing the results and your
comments. Jon Stapley
reviews some of the years
most interesting polls
DAVID TITLOW
What do you think of this years

Taylor Wessing Awards winner?
A It isnt a portrait and it isnt very good
49%
B I have no strong opinion about
15%
the winning image
C Its a good picture but it isnt a proper portrait
and should not have won
11%
D I think its a worthy winner
11%
E Its a good picture but there were better entries
that should have won
9%
F It is a portrait but not a very good one,
and should not have won
5%
Ouch! The Taylor Wessing
Portrait Prize is certainly
no stranger to
controversy, but this
years winner seemed
especially contentious.
Only 11% of you
thought David Titlows
image (above) deserved to
win the other 89% werent as
charitable. It raises a lot of interesting
questions about genre and form; 49%
of you said it isnt a portrait. Why? What
are the formal requirements of a
portrait? Would this shot have counted
if Titlow had cropped (or moved) in
tightly to frame the baby? And if so,
would that really have improved it?
12
Would you be interested in

a camera with a 50-million-plus
pixel-sensor?
A No, I have no need for les that big
B Yes, but only if the price was right
C No, I am happy with what I have
D Yes
32%
26%
26%
16%
Would you ever use a sele stick?

A No, I would never take
seles/I have no need for one
B No, they look stupid
C Yes, but not for taking a sele
D Yes, but I dont currently own a sele stick
E Yes, I have one and found it useful
51%
35%
7%
5%
2%
At the beginning of
2015, you could be
forgiven for thinking
that the megapixel
war was over. Then
February came,
and with it Canons
monstrous recordbreaking 50.6-millionpixel EOS 5DS and 5DS R. Certainly
a feat of engineering, but do most
people, those who generally nd
themselves viewing images on screens
and phones, really need this kind of
resolution? Is it worth having to
manage the colossal les? You were
divided the no camp edged it, but
at 58% to 42%, it wasnt quite a
landslide. While it looks like theres still
a place in the market for megapixel
behemoths, as many of you have since
written to us since, its also about the
quality of pixels not just quantity.
I feel bad for the

much-maligned
sele stick. Its an
accessory that can
bring so many
people (read:
teenagers) joy.
And yet you lot were
very vociferous in your
disapproval. Granted, they are rather
cringeworthy, feed more than a little
into todays self-obsessed culture and
can occasionally be dangerous (I was
once inadvertently brained with one at
a bus stop), but its still impressive to
see a whopping 86% of respondents
hating the humble stick. My favourites,
though, are the 7% of people who
would use a sele stick, but not for
taking seles. What for? Golf?
A walking aid? Braining people at bus
stops? A cheap alternative to a remote
shutter release? We may never know.
Would you be prepared to

convert one of your cameras
to black & white?
On average, how much time

a week do you dedicate to
photography?
A No way, its madness

52%
B Yes, if I could pay someone else
22%
to do it properly
C Yes, Id try it myself
14%
D No, I dont need to I only shoot b&w lm 9%
E No, Im saving up for
Leica M Monochrom instead
3%
A 24+ hours
B 10+ hours
C 5-10 hours
D 3-4 hours
E 1-2 hours
F Up to 1 hour
Hes mad, they said.

Hes lost it, others
opined. Hes clearly
dangerously
unmedicated! some
conjectured. But
AP deputy editor
Richard Sibley was
undeterred, and in our
7 February issue he unleashed his
toolkit and converted a camera to shoot
black & white images only. Would you
do the same? It raises some interesting
questions: is there artistic value in a
deliberately restrictive tool? (I would
argue that there is). In the end, however,
sanity prevailed, and 52% of people
voted that Richard Sibley be red.
Most people wish they

could spend more
time on their
hobbies and
passions, but life,
work, family and
TV box sets have
a tendency to get in
the way. Therefore, it
was interesting to see such an even
spread of the different lengths of time
youre able to steal for your
photography every week, from a few
hours here and there to a big old chunk
of time one (happily retired) forum
member reckoned he managed
upwards of 60 hours per week! Until
then, most of us can but dream
15%
18%
29%
18%
15%
5%
Mads Nissen
won World Press
Photographer of
the Year with his
gentle image
of a gay couple
in Russia
DAVID YEO
MADS NISSEN
PHOTOGRAPHY COMPETITIONS
David Yeo won first prize in the British Life Photography Awards with his image Vroom with a View
ooking through the images

submitted to the various
photography competitions that
take place throughout the year is so
much more that just viewing a bunch of nice
pictures. A careful analysis will show just
how democratic the eld of photography is.
Images taken by professional photographers
can t comfortably side by side with those
taken by so-called amateurs.
This year saw some stunning entries from
the Royal Photographic Society, Landscape
14
Photographer of the Year, World Press

Photo Awards, Wildlife Photographer of the
Year, British Wildlife Photography Awards,
Sony World Photography and British Life
Photography Awards. While there were a
few other awards, the ones I have listed were
of particular note because of how unusual,
or, in one or two cases, challenging they
were. Of the images here, we want to know
your favourite. To have your say, visit www.
amateurphotographer.co.uk/champion and
let us know by 3 January 2016.
JAN KLOS
What were your favourite winners from 2015s

photography competitions? We take a look at seven
of the best and ask you to vote for your favourite
DON GUTOSKI
PHOTOGRAPHY COMPETITIONS
ARMIN APPEL
Don Gutoskis once-in-a-lifetime image A Tale of Two Foxes

went on to win the Wildlife Photographer of the Year
BARRIE WILLIAMS
This aerial shot was taken by Armin Appel and went on to take
first prize in the Sony World Photography Awards Open Category
This unusual image, taken over a cliff edge by Barrie Williams,

was the winner of British Wildlife Photographer of the Year
Jan Klos took

the gold award at
this years RPS
International Print
Exhibition with his
image of the staff
at Shoreditchs
Nelsons Head pub
ANDY FARRER
This years
Landscape
Photographer
of the Year was
Dorset-based
Andy Farrer
15
365 days
Viewpoint
AP staff
We get the views of five of the AP staff on

what they deemed to be the highlight
of the past year and what theyre
looking forward to in 2016
Nigel Atherton Richard Sibley
Nigel Atherton
Editor
Mark Jacobs, Sarah Foster and

Antony Green make the pages look
The magazine you hold in your
great, while Lesley Upton and Meike
hands is the result of a huge amount Abrahams make sure everything
of hard work by a talented group of goes to press on time with as few
individuals: the AP team. Theyre
errors as possible. Karen Sheard
the orchestra Im merely the
runs our websites, ably assisted by
conductor. However, for the past
Paula Benn, John Layton shoots
three months Ive had to put down
and edits our videos, while Sam
the baton due to illness. That AP has Blakey arranges our reader offers,
not, during this time, missed a beat
competitions, events and free gifts.
or hit a bum note is due to them.
All the images we print, whether by
Many are unsung heroes who barely readers, or legends past and
get a mention unless you scan the
present, are managed by Rosie
credits on page 20, so Id like to
Barratt on our picture desk. Andrew
shine a light on them here.
Sydenham shoots our product
Ill start with deputy editor Richard photos, as well as the lab tests for
Sibley, who so ably stepped up to
our review cameras. The glue that
the rostrum in my absence. APs
holds us all together is my PA,
reputation for quality news is down
Chrissie Lay, who elds your emails
to Chris Cheesman. In the technical and calls, pays our contributors,
department, Andy Westlake,
organises our meetings and does
Michael Topham and Callum
hundreds of other things.
McInerney-Riley strive to bring you
Without them all, youd be
authoritative tests of the latest kit
looking at a lot of blank pages
before anyone else, while on the
every week, so a big thanks to
features desk Phil Hall and Oliver
them and to you, our readers,
Atwell sniff out the most inspirational whose continued patronage enables
stories and techniques. Designers
us to keep doing what we do.
learn more about creating a story,

rather than just a nice-looking clip
of a few seconds long.
Previously, I hadnt given the
video features of most cameras
a second thought, but with the
image quality of most models
being more than good enough
for my stills photography, I now
nd myself looking at the video
features as more of a priority.
I cant wait to spend more time
shooting video next year.
For me, this year has been about

using a feature that is on virtually
every camera released, but that
previously I have barely touched.
That feature is video, and for the
rst time since art college I have
been regularly shooting video.
Most of this has been testing
cameras for The Video Mode
(www.thevideomode.com), but Im
trying to create short lms and
Phil Hall
Features and
technique editor
Having never really shot wildlife

like this, it was a steep learning
curve at rst and I was well out
of my comfort zone, but with
the help of expert guide Paul
Goldstein I quickly gained
condence and loved every
minute of it. Without a doubt it
has to be my most rewarding
photographic experience yet.
Looking ahead, if theres
anything that comes close to
rivalling this next year, then
I cant wait for 2016.
Looking back on my photographic

year, theres one thing that sticks
out in my mind and thats a week
capturing a stunning array of
wildlife on the beautiful Masai
Mara in Kenya. Never having
experienced anything like this
before, with such close proximity
to wildlife that made it feel like I
was in the middle of a BBC nature
lm, it was a trip Ill never forget.
ways of becoming a more

competent photographer.
If theres a photograph youve
always wanted to take or a
location youve always wanted to
visit, make 2016 the year you do
it. I have never photographed the
Quiraing the northernmost
summit of the Trotternish on the
Isle of Skye. Research into my
666-mile journey north to the
location Ive always wanted to visit
has already begun, and hopefully
by this time next year Ill have an
image to prove Ive been there.
I tend to be a little childlike in my

approach to the things I enjoy. Not
content with being just a fan of
something, I approach it with a
near evangelical zeal. Thats why
2016 will be full of my endless
promotion of the new work from
my favourite photographers.
Yet this year, or perhaps even
earlier, a funny thing happened.
My infantile superfandom landed
on the shoulders of a close
MAGNUS ARREVAD
Looking back over the past 12

months, Im delighted to say that I
have succeeded in what I set out
to do this time last year, which
was to rekindle my interest in
automotive photography.
Like any sportsman who nds it
challenging returning to the sport
they love after an injury or a
period out of the game, it wasnt
easy getting back on the bike, as it
were. A few of my early shoots
werent successful, but then after
some perseverance it all suddenly
clicked and came together. I cant
deny that returning to a subject
you havent photographed for
some time isnt daunting, but I
believe that taking on a
photographic challenge and
pushing yourself is one of the best
Richard Sibley
Deputy editor
Oliver Atwell
Senior features writer
MICHAEL TOPHAM
Michael Topham
Deputy
technical editor
Phil Hall Michael Topham Oliver Atwell
personal friend of mine. Danish

photographer Magnus Arrevad,
nally put together a book and
exhibition of work that was
ve years in the making. His
extraordinary black & white
images, all of which were shot
on 120 lm, traces the male
burlesque scene across New
York and Europe. The project
is called Boy Story, and its
an exquisite masterwork.
Ive watched the growth of this
project, from the time of meeting
him at a mutual friends exhibition,
through our time living together in
a North London warehouse, and
ending at the exhibition. My heart
aches with pride to see the fruition
of his labours. Quite where hell
go next is anyones guess. Hes
hinted, but has yet to reveal his
plans. I cant wait to see how
his photography evolves.
Do you have something youd like to get off your chest? Send us your thoughts in around 500 words to the address on page 20 and win a years digital subscription to AP, worth 79.99
17
&$// &(175( 12: 23(1 681'$<6

0RQ)UL DPSP 6DW DPSP 6XQ DPSP
YLVLW ZZZZH[FRXN

1IPUP 4QPSUTUPDLJ4UPDLDPN

&RPSDFW OLJKWZHLJKW DQG WUXO\ SRUWDEOH 0RXQW

WKH KHDG RQ \RXU FDPHUD ZLWK D EUDFNHW RU XVH
RIIFDPHUD RQ D VWDQG 2SWLRQDO 77/ FRQWURO IRU
1LNRQ DQG &DQRQ )UHH]H DFWLRQ ZLWK VKRUW DVK
GXUDWLRQ DQG +LJK6SHHG 6\QF 5DQJH RI OLJKW
VKDSLQJ DFFHVVRULHV DYDLODEOH
9LVLW ZZZZH[FRXNSURIRWR IRU PRUH GHWDLOV
3URIRWR % $LU77/
7R*R .LW

-BVODI 1SJDF b
3URIRWR % $LU77/

/RFDWLRQ .LW

-BVODI 1SJDF b
' %DVLF RU 6WXGLR 7ZLQ +HDG .LWV

ZLWK )5(( [FP 5), 6RIWER[
.LW ZRUWK
' 6WXGLR 7KUHH +HDG .LWV

ZLWK )5(( 6RIWOLJKW .LW ZRUWK
"WBJMBCMF JO PS XBUU DPNCJOBUJPOT
"WBJMBCMF JO PS XBUU DPNCJOBUJPOT

IURP
IURP

-PUHUJL
H]HPSHISL

-PUHUJL
H]HPSHISL
)LQDQFH DYDLODEOH RQ DOO ' %DVLF DQG 6WXGLR .LWV VHH ZZZZH[FRXNSURIRWRQDQFH IRU GHWDLOV $OO SULFHV LQFO 9$7 DW 3ULFHV FRUUHFW DW WLPH RI JRLQJ WR SUHVV )5((
'HOLYHU\ DYDLODEOH RQ RUGHUV RYHU
EDVHG RQ D GD\ GHOLYHU\ VHUYLFH )RU RUGHUV XQGHU
WKH FKDUJH LV
EDVHG RQ D GD\ GHOLYHU\ VHUYLFH )RU 1H[W :RUNLQJ
'D\ 'HOLYHU\ RXU FKDUJHV DUH
6DWXUGD\ GHOLYHULHV DUH FKDUJHG DW D UDWH RI
6XQGD\ GHOLYHULHV DUH FKDUJHG DW D UDWH
'HOLYHULHV RI YHU\ KHDY\ LWHPV 1,
UHPRWH DUHDV RI 6FRWODQG &K ,VOHV PD\ EH VXEMHFW WR H[WUD FKDUJHV ( 2( 3ULFHV VXEMHFW WR FKDQJH *RRGV VXEMHFW WR DYDLODELOLW\ :H[ 3KRWRJUDSKLF LV D WUDGLQJ QDPH RI
:DUHKRXVH ([SUHVV /LPLWHG :DUHKRXVH ([SUHVV
Inbox
B
C
E
D
Email amateurphotographer@timeinc.com and include your full postal address

Write to Inbox, Amateur Photographer, Time Inc. (UK), Blue Fin Building, 110 Southwark Street, London SE1 0SU
In AP 28 November, we asked
LETTER OF THE WEEK
If you could only ever shoot on one

focal length again, what would it be?
You answered
Got a grip
In AP 7 November, I came across a
question in your Tech Support section titled
Get a grip, so I thought I could share
something of interest with your readers.
A few months ago I discovered a small
company in the US that makes wooden grips
for digital cameras (www.jbcameradesigns.
com). Its an unusual combination, but they
looked good and I decided to order some
to try them out. Ive been very pleased with
them and, for example, the grip looks very
good on the Panasonic Lumix DMC-LX100
and the Fujilm X100T (Ive bought one for
each model).
The grips really make a difference with
handling and theyve elicited a number of
comments from people who have seen me
using them. They certainly make a change
from the run-of-the-mill manufacturers
own grips! Phil Wheeler, via email
Win!
Won with the Don
I am an AP subscriber and
read the small article on
the Faith Through a Lens
competition you ran a couple
of months ago. I knew nothing
about it, but after reading your
piece I entered and won!
I got to meet Don McCullin at
the awards presentation on
JIM GROVER
A Wider than 24mm

B 24mm
C 28mm
D 35mm
E 50mm
F 85mm or longer
6%
10%
9%
35%
28%
12%
What you said
A good handgrip is a nice addition to a

camera, particularly a small one. This
year Ive tested a few video camera
cages with wooden handles, and I think
such a product for cameras is a great
idea. We hope to test the JB grips soon
Richard Sibley, deputy editor
With ultra-fast performance, the new Samsung 16GB EVO SD card,

Class 10, Grade 1, offers up to 48MB/sec transfer speed and has a
ten-year warranty.
www.samsung.com
13 November and have sent

my winning image (below).
Thank you so much!
Jim Grover, via email
Congratulations on your
win! Im sure other readers
will be encouraged by your
success Richard Sibley,
deputy editor
Ive been shooting with a Fujilm X-Pro1 recently, with

the 27mm pancake lens (41mm equivalent). Having
been brought up on the standard 50mm focal length, I
like it a lot, and would go for 41mm were it on your list
Based on the assumption that you are working on a
full-frame basis, then 24mm would be around the 50mm
equivalent, which is a pretty versatile compromise
When I was shooting street photography with black &
white lm, I used 28mm and a 50mm lenses, and
probably 80% of my shots were taken with the 28mm.
Now Im using a 24-85mm on a full-frame camera,
most of my shots are taken around the 35mm mark
Join the debate on the AP forum
This week we ask
Are you expecting any photographyrelated gifts this Christmas?

Vote online www.amateurphotographer.co.uk
Exciting times
I started taking pictures as a
13-year-old back in the early
1980s. A Ricoh KR-5
followed by a Pentax MX and
a few lenses kept me going for
a few years. With my interest
encouraged and supported
by an active local camera club,
I started developing and
printing my own black & white
prints. Film development was
done in the pantry with a towel
at the bottom of the door to
stop light getting in, prints
were exposed in the spare
bedroom and then shoved
under my jumper for the
transfer across the landing to
the bathroom where the trays
could be kept at the constant
temperature with a little warm
water In the bath. It cant just
have been me, right?
A few years later, teenage
life got in the way of
photography and I was
gently guided away from
Guess the date
Every other week we post an old AP cover on our

Facebook page and all you have to do is guess the
issue date (day/month/year). To guess the date of this
cover (above), head over to www.facebook.com/
Amateur.photographer.magazine. Forum members
can also enter via the Forum.
The camera in AP 28 November was
a Minolta Dimage X20. The winner
is Rob Deyes, whose correct guess
was the rst drawn at random
19
INBOX
software and to keep it real.

What an exciting time to be
taking pictures again.
Richard Smith, via email
That is great to hear! New
technology always requires
a bit of learning, but the
basics of taking images will
remain the same: good
exposure and composition
Richard Sibley,
deputy editor
Street smart
I wanted to tell you how much
I enjoyed my afternoon on the
Street Photography workshop
held by Fujilm and AP on
Wednesday 18 November.
Street photography is a
genre Id like to get more
involved with, and the
workshop gave some sound
advice. I already use Fujilm
Contact
cameras (the X-E1 and

X-Pro1) but also really loved
the X-T1 maybe Santa will
be kind this Christmas!
Ive not had much time
to look at my images, but
managed to sort this one
(below), which Im quite happy
with and thought Id share
with you. Ive titled it Happy
Hour and it was taken on the
X-T1 with 18-55mm lens. It
might not be quite up to our
instructors, Matt Hart and
Kevin Mullins standards, but
considering the slightly wet
and overcast conditions I was
reasonably pleased. Once
again, thank you very much.
Steven Stocking, Essex
Amateur Photographer, Time Inc. (UK), Blue Fin Building,

110 Southwark Street, London SE1 0SU
Telephone 0203 148 4138
Email amateurphotographer@timeinc.com
Picture returns: Telephone 0203 148 4121
Email appicturedesk@timeinc.com
Subscriptions
Email magazinesdirect@quadrantsubs.com
Telephone 0330 3334555 or +44 (0)330 3330 233 (overseas)
One year (51 issues) UK 150.55; Europe e259;
USA $338.99; Rest of World 221.99
Test Reports
Contact OTC for copies of AP test reports. Tel: 01707 273 773
Advertising
Email felix.barlow@timeinc.com
Inserts
Call Innovator on 0203 148 3710
Editorial team
Look out for workshops and

seminars on all sorts of
topics next year Richard
Sibley, deputy editor
STEVEN STOCKING
my edgling ambition
to be a professional
photographer by wellmeaning parents who wanted
me to get a proper job.
Fast forward to 2007 and
I was accompanying a junior
rugby tour (including my son)
that needed someone to take
pictures. I volunteered and
used it as an excuse to buy a
Nikon D80 with a kit zoom
lens. I got by with it, but was
struck that I didnt know the
camera well enough so it just
ended up on point and shoot.
The tour ended and the
camera went away only to be
used as a gloried point and
shoot at Christmas.
Recently, I rekindled my
interest. How things have
changed. There are an awful
lot of impossible HDR images
out there that border on the
surreal no bad thing in their
own right, but how does this
reconcile to a record of the
real real? Isnt that what
photography is ultimately for?
So, a few months worth of
AP to get to grips with some
of the terminology and Im
now taking pictures with a
Sony Alpha 6000 and an
iPhone 6. Ive made two
promises to myself this time.
First, to properly learn how
the Alpha 6000 works to get
the most out of it my meagre
talents will allow and second,
to go easy on the editing
Group Editor
Nigel Atherton
Group Editors PA
Christine Lay
Deputy Editor
Richard Sibley
Technical Editor
Andy Westlake
Deputy Technical Editor
Michael Topham
Technical Writer
Callum McInerney-Riley
Features & Technique Editor Phil Hall
Senior Features Writer
Oliver Atwell
News Editor
Chris Cheesman
Production Editor
Lesley Upton
Chief Sub Editor
Meike Abrahams
Art Editor
Mark Jacobs
Deputy Art Editor
Sarah Foster
Designer
Antony Green
Studio Manager
Andrew Sydenham
Picture Researcher
Rosie Barratt
Online Manager
Karen Sheard
Digital Art Editor
Simon Warren
Digital Production Editor
Jacky Porter
Video Production
John Layton
Photo-Science Consultant Professor Robert Newman
Senior contributor
Roger Hicks
Special thanks to The moderators of the AP website Andrew
Robertson, lisadb, Nick Roberts, The Fat Controller
Advertising
One of the
images from
Steven Stockings
workshop
experience
Advertisement Manager
Account Manager
Senior Sales Executive
Production Coordinator
In next weeks issue On sale Tuesday 29 December

Fujifilm
35mm f/2
Michael Topham nds
out how the new XF
35mm f/2 R WR shapes
up against the older XF
35mm f/1.4R lens
Bitten by the bug
Callum McInerney-Riley tests a 20.2MP

compact with 24-100mm equivalent lens
20
0203 148 2508

0203 148 2510
0203 148 2637
0203 148 2674
Marketing
Marketing Manager
Canon
PowerShot G5 X
Felix Barlow
Simon Gerard
Sophia Freeman
Dave Smithers
Discover a hidden world

as Mikael Buck shows
you how to shoot
incredible close-ups
Forget the
foreground
Can a landscape image
still engage without
foreground interest? Craig
Roberts believes it can
Samantha Blakey 0203 148 4321
Publishing team
Chief Executive Ofcer
Managing Director
Publishing Director
Group Magazines Editor
Marcus Rich
Oswin Grady
Alex Robb
Garry Coward-Williams
Printed in the UK by Polestar Group

Distributed by Marketforce, 5 Churchill Place, London E14.
Telephone 0203 787 9001
All contributions to Amateur Photographer must be original, not copies or duplicated to other
publications. The editor reserves the right to shorten or modify any letter or material submitted.
Time Inc. (UK) or its associated companies reserves the right to re-use any submission sent to the
letters column of Amateur Photographer magazine, in any format or medium, WHETHER PRINTED,
ELECTRONIC OR OTHERWISE Amateur Photographer is a registered trademark of Time Inc. (UK)
Time Inc. (UK) 2015 Amateur Photographer (incorporating Photo Technique & Camera Weekly)
Email: amateurphotographer@timeinc.com Website: www.amateurphotographer.co.uk Time Inc.
switchboard tel: 0203 148 5000 Amateur Photographer is published weekly (51 issues per year) on
the Tuesday preceding the cover date by Time Inc. (UK), Blue Fin Building, 110 Southwark Street,
London SE1 0SU. Distributed by Marketforce (UK) Ltd, 5 Churchill Place, London E14.
ISSN 0002-6840. No part of this publication may be reproduced, stored in a retrieval or transmitted
in any format or medium, whether printed, electronic or otherwise, without the prior written
permission of the publisher or the editor. This is considered a breach of copyright and action will
be taken where this occurs. This magazine must not be lent, sold, hired or otherwise disposed of in
a mutilated condition or in any authorised cover by way, or by trade, or annexed to any publication
or advertising matter without rst obtaining written permission from the publisher. Time Inc. (UK)
Ltd does not accept responsibility for loss or damage to unsolicited photographs and manuscripts,
and product samples. Time Inc. (UK) reserves the right to use any submissions sent to Amateur
Photographer Magazine in any format or medium, including electronic. One-year subscription
(51 issues) 150.55 (UK), e259.99 (Europe), $338.99 (USA), 221.99 (rest of world). The 2015
US annual DEU subscription price is $338.99, airfreight and mailing in the USA by named Air
Business Ltd, c/o Worldnet Shipping Inc, 156-15, 146th Avenue, 2nd oor, Jamaica, NY 11434, USA.
Periodicals postage paid at Jamaica NY 11431. US Postmaster: Send address changes to Amateur
Photographer, Air Business Ltd, c/o Worldnet Shipping Inc, 156-15, 146th Avenue, 2nd oor,
Jamaica, NY 11434, USA. Subscriptions records are maintained at Time Inc. (UK), Blue Fin Building,
110 Southwark Street, London, SE1 0SU. Air Business Ltd is acting as our mailing agent.

$:$5' :111* 6(59&( 352'8&76
1'
+<'5 61 //
A //
A //
A //
A //
A //
//
//
//
//
//
A
A

A
A
A
//
//
//
//
//
A
%HVW 9DOXH
A
LQ 3KRWRSOXV
A
%LJ 6WRSSHU
A

*URXS 7HVW
A

1' )DGHU )LOWHUV

//
//
//
//
//
A
A
A
A
A

//
//
//
//
A
A
A
A
A

89 )LOWHUV
3KRWRSOXV
+<'5 61 //
//
A
//
A
//
A
//
A
//
A

//
//
//
//
//
A

A
A
A
A
1' *UDG )LOWHUV
A

A

$3 0DJ
A

VWDUV IRU
A
TXDOLW\ YDOXH
1' )LOWHUV
+<'5 61 //
4#&5

// A // A
// A // A

'LJLWDO &DPHUD
// A // A
// A // A VWDUV LQ '&V
1' *URXS 7HVW
// A // A

+<'5 61 //
//
A
//
A
//
A
//
A
//
A
4#&5

//
A
//
A
//
A
//
A
//
A
0RUH )LOWHUV
8+5+6 54$2*161)4#2*+%%17- (14 /14' +0(1

(41/ A
0(4#4'& +.6'45
(41/ A
-;.+)*6 +.6'45
(41/ A
.#%- *+6' +.6'45
(41/ A
1.174
4#& +.6'45
(41/ A
6#4 (('%6 +.6'45
6TXDUH )LOWHUV
3UR 6TXDUH )LOWHU +ROGHUV
3UR )LOWHU .LWV
4'#6 241&7%65 6*+5

*4+56/#5?
+<' 41 1.&'4
+<' 41 1.&'4
+<' 41 1.&'4
A
A
A
6TXDUH )LOWHU +ROGHUV
;2'5 1(6@ #4&@ 7..

+<' 41 6#46'4 +6
A

+<' 41 +.6'4 +6
A
+<' 41 6#46'4 +6
A

+<' 41 +.6'4 +6
A
6#46'4 +6 (+.6'4
&DPHUD
/HQV
&DPHUD
/HQV
#010
#010
#010
#010
#010
#010
#010
#010
#010
#010
#010
#010
#010
#010
#010
#010
7,+
7,+
7,+
7,+
7,+
7,+
7,+
7,+
+-10
+-10
+-10
+-10
+-10
+-10
+-10
+-10
+-10
+-10
+-10
+%41

+-10
+-10
'06#:
.;/275
10#5*
'+%#
'+%#
#010
#010
'+%#
+-10
#010
1706

'+%#
+-10
#010
.;/275

#010
10#5*

#010
1706

+-10
#010
'06#:
'+%#
'+%#
10#5*
#010
A
A
A

A
A
A
A
A
A
A
A
A
A
A
A
A
A
A
A
A
A
A
A
A
A
A
A

A
A
A
A
A
A

A

A

A
+%41
+%41
+%41
+%41
+%41
+%41
+%41
+%41
+%41
+%41
+%41

'06#:
'06#:
'06#:
'06#:
10; .2*#
10; .2*#
10; .2*#
10; .2*#
10; .2*#
10;
10;
10;
10;
10;
10;
10;
10;
10;
10;
+-10
+-10

.;/275
+01.6#
'+%#
'+%#
10; .2*#
'06#:
#010
10#5*

10#5*
'+%#
+-10
.;/275
'06#:

+-10
10; .2*#
#010

+01.6#
+-10
'06#:
#010
#010
+-10
10; .2*#
.;/275
'06#:
'+%#
'+%#
#010

A
A

A
A
A
A
A
A

A
A
A
A
A
A
A
A
A
A
A
A
A
A
A
A
A
A
A
A
A

A
A
A
A
A
A

A

:LWK RXU RQVLWH HQJLQHHULQJ IDFWRU\ ZH FDQ KHOS -XVW JLYH XV D FDOO RU
YLVLW VUESKRWRJUDSKLFFRXN IRU PRUH DGDSWRUV DQG LQIRUPDWLRQ
$FFHVVRULHV
+.6'4 +6
(+.6'45
6TXDUH )LOWHU .LWV
+<' 41 1.&'4

+<' 41 1.&'4
+<' 41 1.&'4
A
A
A
&#2614 +0)5
A
+%41(+$4' .16*5
..1%.+2 '05'5
'05 17%*
'.7:' '05 17%*
+4%7.#4 +.6'4 17%*
37#4' +.6'4 #..'6
37#4' +.6'4 #5'
+)*60+0) '05145
'.(+' 6+%.7'6116* '/16'5
2'%* 64#25
#/'4# 2+4+6 '8'.5
;2'5 1(6@ #4&@ 7..

+<' 6#46'4 +6
+<' +.6'4 +6
+<' 6#46'4 +6
+<' +.6'4 +6
A
A

A
A

QGLYLGXDO 6TXDUH )LOWHUV

+<'5 +<' +<'

7..
7..
7..
7..

1(6
4#&
1(6
4#&
1(6
4#&
1(6
4#&

#4&
4#&
#4&
4#&
A

A

A

A
A

A

A

A
A

A

#4&
4#&
#4&
4#&
+4%7.#4 1.#4+5'4
.7'
4#&
705'6
4#&
9+.+)*6
4#&
.#%- *+6' +.6'45
: 6#4 (('%6
: 6#4 (('%6
+<' +((75+10 +.6'4
A

A
A
A

A

A

A

A

A

A

.#55 41

.#55 41

.#55 41

.#55 41 '6
A
A
A
A
'LJLWDO 3KRWR
IRU EXLOG
LPDJH TXDOLW\
YDOXH
#%* 5'6 +0%.7&'5 (174

%.15' 72 .'05'5 9+6*
7261 E &+126'4 #0&
# 2416'%6+8' %#5'
'.7:' '05 17%*

(41/ A
&DSV +RRGV
$XWR ([WHQVLRQ 7XEHV

'6 1(
67$'5
#010 (41/ A

#010 A
+%41
A
+-10
A
+-10
'06#:
10; .2*#
10;
A
A
A
A
'LJLWDO 3KRWR
//
//
//
//
A
A
A
A
3KRWR 3OXV
//
//
//
A
A

A
0DQXDO ([WHQVLRQ 7XEHV

#010 A .;/275
A
+%41
A 10; .2*# A
+-10
A
/HH )LOWHUV PP 6\VWHP

(41/ A
&#26145 +0)5
170&#6+10 +6
A
41('55+10#. +6
A
2)4#&' +6
A

4#& '65
A
(41/A
0&+8+&7#. +.6'45
A
+) 6122'4
A
+66.' 6122'4
#0&5%#2' 1.#4+5'4 A

'' +.6'45
// 6#46'4
+6
(41/
A

(41/
'05 '0
.'#0+0) +65
756 .19'45
.'#0+0) 1.76+10
'/14; #4& #5'5
'(.'%614 +65
#+05.''8'5 #%- 1(
*+6' #.#0%' #25
+.6'4 6#%- #25
0).'& +'9 +0&'4
1/2#%6 1706
+4%7.#4 (+.6'4 4#25
A
(41/ A
(41/ A

A
A
A
A
A
(41/ A
A

A
A
1(:
'.( +6
1/2#%6 '.( +6
0).'& '.( +6
A

A
A

*4'' +.6'4 #..'6

A
7ULSRGV0RQRSRGV 0RXQWV
1(:
1(:
0+6 #4$10
+$4' 4+21&
0+6 #4$10
+$4' 10121&
A
A
/HH )LOWHUV 6HYHQ 6\VWHP
'8'0 1.&'4
A
A
A
(41/ A
(41/ A
A
A
A
A
A
A
(41/ A
(41/ A

(41/
6HOI 7DNH .LWV
'05 #25
A

1&; #25
A

'#4 '05 #25
A

(41/ A
'6#. 11&5
7$$'4 '05 11&5 A
(41/ A
'6#. 11&5
1&; '#4 '65
A
$SULO
&ORVH XS 0DFUR
&ORVH XS /HQV 6HWV
*($5 2) 7+( <($5
/HQV&DPHUD $GDSWRUV
&LUFXODU 3RODULVHUV
//
//
//
//
//
$PDWHXU 3KRWRJUDSKHU 0DJD]LQH
*22' 6(59&( $:$5'
&LUFXODU )LOWHUV
2XU DZDUG
ZLQQLQJ VWRS
ORQJ H[SRVXUH
OWHU
I \RXUH KHVLWDQW DERXW LQYHVWLQJ LQ OWHUV 65%

LV D JRRG SODFH WR VWDUW $Q ([FHOOHQW FKRLFH

:::65%3+272*5$3+&&28.
&#2614 +0)5
6#46'4 +6

4#&5
+.6'45
+) 6122'4
+66.' 6122'4
1.#4+5'45
'.7:' +6
A
A
A
A
A
A
A
A
4#8'. 4+21&
4+21& '05 1706
+01%7.#4 4#%-'65
+0&19 1706
#5* 1706
0+8'45#. 4+21&
1706
A
A
A
A
A
A
/HH )LOWHUV 6: 6\VWHP

#4- &#26145
+-10 // A
#010 //
A
+)/# // A
#/;#0) // A
1-+0# // A
#4- 1.&'4
A
+'.& 17%* A

+)*65*+'.& A
COMPETITION
Daniel uses a
variety of digital
film cameras,
including the
Blackmagic
Production
Camera 4K
pictured here
Sound advice
camera such as Blackmagics Pocket Cinema

Camera that has an audio socket to plug in an
external microphone.
There are many different types of external
microphones available, but a good starting
point is to get a decent mounted shotgun mic.
f youve spent any time browsing videos Since these are directional, theyll pick up the
on Vimeo or YouTube, chances are
majority of sound from the direction they are
that you have skipped, or completely
pointing in which is great if youre recording
stopped, a video that has poor audio. Its someone talking as their voice will be far
odd, but a video that may not be visually perfect louder than any background noise.
is often easier to watch than one with terrible
If youre recording an interview an even
audio. Poor sound can have us quickly looking
better option is a lavalier mic, which is also
for the stop button, no matter how good the
known as a lav, or lapel mic. These clip on to
footage looks. So how do you ensure that the
the subject and further isolate his or her voice
quality of your audio and digital lm match?
above any distracting background noise.
In the third of our series on shooting digital film,

we look at audio, and why its as important as the
visuals in creating a great film
External microphones
Other sounds
Although the tiny microphone thats built in

to many cameras may work as a reference,
it isnt really up to much. Instead, look for a
Of course, sound isnt just about the human

voice, and when youre recording its a good
idea to include other sounds that may help
ADVERTISEMENT FEATURE
Daniel Peters
Daniel is a
cinematographer
and director who
shoots music
videos and
corporate videos,
as well as
weddings
JASON LOCK
MOST people tend to assume the rst thing you

need for audio is a shotgun mic, but I went the
opposite route and got a set of lavelier mics.
These for me are more intimate, and get you
up close and personal with the subject.
Now, I cant stress enough the importance of
monitoring that audio. You cant just x a lav mic
on someone and assume youll get great results.
You need to listen for whether the microphone is

too close, or if it is rufing against a shirt, for
example. And you dont need an expensive pair of
headphones to do this, as earphones will do.
Another tip is to consider recording audio
externally on something like a Zoom H1. One of
the advantages of doing this is that you can hide
it discreetly. For example, at a wedding you can
hide a recorder behind a bouquet of owers,
close to the bride and groom. Youll get better
sound, and you wont see the recorder in shot.
However, a lot of people get scared about
syncing it up with their camera footage later on.
When you are syncing an external audio track to
your video track, look at the audio waveforms.
Look for any spikes in sound, and match those
with the cameras internal footage. Better still,
clap before you start recording.
To see the full interview with Daniel, visit
www.amateurphotographer.co.uk/blackmagic
JASON LOCK
you create your digital lm. For example, if

youre shooting beside a river, you may want to
record the noise of the water up close, so you
can add it as needed. There are separate
audio recorders that can help do this, but you
can always use your camera just remember
to mark the video as audio only. One way to
do this is to put the lens cap on for a quick
visual reference that your clip is audio only.
Backing tracks and music

Picking music to go with your video is an art
in itself. Use the wrong music and you might
not end up with the product you wanted.
Conversely, the most obvious music may
not be the best choice to accompany your
narrative, and thinking differently can pay off.
Just like when learning to shoot video, the
best advice when picking music is to learn
from what other lmmakers have done. If
youre making a wildlife lm, watch wildlife
Matching music is very

important, and editing
to music is even more
important Daniel Peters
to navigate for the enthusiast. However, there

are sites and services that can help.
Musicbed has many tracks that can be
downloaded and used royalty free, and there
are also reasonably priced tracks available
through sites such as iStock, or the slightly
more expensive Audio Network site.
Editing
For isolating the human voice, a lavalier
microphone is one of the best options available
documentaries and listen for how sound is

used to add drama, build tension and create
emotion. There are certain sounds and
instruments that can do this.
Its important to decide quite early on if youll

be using any music in your lm. This is because
the video will need to be cut to the beat of the
music. If you edit the footage, and then add
the music, the two wont match and the end
result will feel jarring. Tap your foot along to
the beat of the music, and place your cut on
the beat at the end of the bar. For example,
on the 1 of, 1, 2, 3, 4.
How to find audio tracks

Although you can use commercially available
music, sites such as YouTube will be able to
detect these tracks when you upload your video.
This may result in advertising appearing before
your footage, or may even prevent the video
from being shown at all. Additionally, if you want
to enter any competitions or use your lm
commercially, youll need clearance to use the
music which can be expensive and a mineeld
Brought to you in association

with London Camera Exchange
www.lcegroup.co.uk
JASON LOCK
Daniels shooting kit, including

wireless radio mics, a slider,
tripod, LED panels, a
three-axis gimbal stabiliser
and lenses
Technique
IN THE STUDIO
Our version
By using a set-up of three lights
and an 85mm medium-telephoto
lens, weve gone some way to
recreating Hurrells original shot.
Due to issues with a delayed
postal delivery, we had to
improvise the sequined top
the model wears in the shot.
Sacricing a silver reector to do
so, we managed to overcome
some of the issues. However,
it still required some postproduction work with additional
images overlayed to get the
nal result.
24
00 Month 2015 I www.amateurphotographer.co.uk I subscribe 0330 3334555
The original
Rita Hayworth
George Hurrell, 1942
GEORGE HURRELL/GETTY IMAGES
George Hurrell shot American actress Rita

Hayworth to promote her appearance in the
1942 musical comedy You Were Never
Lovelier in which she started alongside Fred
Astaire. She had a nice personality, Hurrell
recalled, but could be rather subdued.
However, despite her lack of concentration,
Hurrell felt the effort to get a good shot of
her was worth it. She was a very emotional
person, he added. It was all instinct, and that
comes across in a picture. Its alive.
Classics Revisited
Rita Hayworth
by George Hurrell
Phil Hall and Andrew Sydenham look to recreate

George Hurrells seductive shot of Rita Hayworth
eorge Hurrell was dubbed the grand

seigneur of the Hollywood portrait
thanks to his masterful orchestrated
photographs that helped to dene
Hollywood glamour in the 1930s.
Developing an interest in painting and drawing
at the age of eight, he went on to study at the Art
Institute of Chicago. Taking photographs soon took
the place of painting and he moved to Americas
West Coast, where one of his rst sittings was with
silent-screen star Ramon Novarro. These shots caught
the eye of leading lady Norma Shearer who, wanting
some publicity images to land her the lead role in
The Divorce, got Hurrell to take a set of images for
her. She won the role, and the photos so impressed
her husband Irving G Thalberg (who also happened
to be MGM production chief), that Hurrell was
hired as head of the MGM portrait gallery in 1930.
Setting up is own studio two years later, he was
inundated with work from Hollywoods A-list, but
six years later moved to Warner Bros, helping build

the careers of the likes of Humphrey Bogart and
Bette Davis. He moved on again to Columbia, where
he would shape the image of Rita Hayworth.
After serving with the First Motion Picture Unit of
the US Army Air Force in the Second World War,
Hurrell returned to Hollywood only to nd his style
of photography was now out of favour with the
studios. He moved to New York to take on
advertising work, but eventually returned to
Hollywood to set up a television production
company with his wife, Phyllis. In 1956 he found his
way back into the lm industry as a unit stills man.
Retiring in 1976, he still found himself shooting
portraits, including Sharon Stone, Brooke Shields
and John Travolta before succumbing to cancer in
1992. Hurrells work is perhaps best summed up in
this quote from Esquire magazine in 1936: A
Hurrell portrait is to the ordinary publicity still
what a Rolls-Royce is to a roller-skate.
FURTHER READING
THANKS TO CHARLOTTE AT WWW.MISSIONMODELS.CO.UK
George Hurrells Hollywood
Hurrell: The Kobal Collection
Hollywood Portraits
40, Running Press, 2013
45, Reel Art Press, 2012
24.99, Amherst Media, 2012
This monograph packs

in a wide cross-section
of Hurrells images
spanning his entire
career. The 400-plus
pages showcase his
striking portraits, most
of which havent be published since they
were originally created.
All images in this

lavish book have been
taken from The Kobal
Collection. One of the
most distinguished
archives of classic
Hollywood imagery in
the world, it has the largest collection of
Hurrell material in existence.
This book is designed to

show how readers can
recreate iconic Hollywood
images using simple
tungsten lighting. With
easy-to-follow steps and
detailed diagrams, its a
great jumping-off point to help start
developing your own images.
25
Technique
IN THE STUDIO
HOW WE RECREATED THE PICTURE
1 Backdrop
2 Lighting
3 Lens choice
While the background is quite simple in the original,

ours still needed some preparation, as we werent
simply recreating a white backdrop. This involved
creating a dappled effect with a can of spray paint and
draping a scarf over a boom arm to allow separation
between the two sides of the image.
The set-up required three lights a softbox directed

at the backdrop; a kicker with a snoot on, to light our
model from the right-hand side; and the main key light
off to the left. Positioned from a high angle, to focus
the light on our model, a piece of heat-resistant
material was fashioned round the light.
Since the original displays a minimal depth of field and

a compressed perspective, we opted for a fast 85mm
f/1.4 lens. Using low-powered lights with their settings
at minimal power and our cameras base ISO, allowed
us to shoot at around f/2.8 without exceeding the
cameras flash-sync speed.
4 Convert to mono
5 Add vignette
6 Reduce clarity
With the shoot complete, it was time to look at what

needed to be done to the image. In Adobe Camera Raw
we cropped the image to 5:4 and made some basic
adjustments reducing the Clarity and recovering the
highlights, and then converting to mono. To boost the
tone of the lips, we also decreased the Reds to -47.
The original has some noticeable vignetting at the

edges of the frame, so we looked to recreate this by
going to the Effects tab, and reducing the Amount
slider by -47 to darken the corners. To make it even
more pronounced, we decreased the Roundness to -14.
To give our shot a glow similar to Hurrells original, we

made a localised adjustment on the face and arms,
reducing the Clarity to -40 to soften the skin a touch.
We then made some more localised adjustments
around the eyes, doing the opposite and boosting the
Clarity by a small amount.
7 Burning in
8 Adding sequins
9 Add a vignette
Moving into Photoshop we used the Burn tool to work

into some of the areas of the image. We paid particular
attention to the bit at the bottom-right of the frame
that includes the arm, while the left-hand side also
needed to be dulled somewhat. We used a low opacity
for better control.
Because of the issues we had with the costume, we

had to add some defocused sequins separately and
then overlay them on the image. To do so, we reduced
Opacity and used Layer Masks to blend the layers in
smoothly, with Levels adjustments layers used to
alter the lightness of each layer.
To finish the image, we applied a subtle tone to

the shot. We did this by selecting a Hue/Saturation
adjustment layer and then hitting Colorize. We then
set the Hue to around 40 and really took the Saturation
down so it didnt overpower the image.
26

22 ! 4) @
; -

'00500
?3'11711
?:)&H,$

131
6'>30 4F8484A7
=E-/

>! +E +00! I+..! 20

/2?E +E!/? 2I!> DFMM >!E+.
5+0*?E2>! 20.+0!6
?- %2> !E+.?8
5D, 3B "@,. ,00" @!67

%2> (22 :H.+EL
/!> !:H+4/!0E
I+?+E L2H> .2.
?E2>! 02J$
E#?E G) , "#?-*1! F; I>-,

1*/# E3H+ ?>##1 9 E35,5/E#
! +L>-" ! 42
53-1E?! -- A 5>3#??3>8
DA'1811 %
&20
BB'0500
<A0

?&'&
/5
?<H
$
,
:)
131
@9!"*C3
1/-G555
62#*2 *

B000
B
?BH
$

-20
5%>2/ +
3A6
<E+. 3F838
20 .. +-20 2 +!?

-+E .!0?!?
22.+K 2/4E?
5>!:H+>!? >!(+?E>E+2068
@9!"*C3
%19
1/-G555
H
&H
*2&'H

6 2#
0
?;2050
D&M
5 08 -6
?)
07 :*- G2C9 A3HH 8 3#+''
@9!"*C3
%19
1/-G555
G2C9 1H 2!G
5%>2/ +-283803A
6
<E+. 3F
)1/"
+3 +B +3

7
)1/"
EH +2 20!
EH +2 .?) -+E?
- >24? !%.!E2>? !E8
+ ! >0(! ?E2-! 8

?! 2H> !20 )0

!>) 22. 20.+0! E
EEE5(91C3515C,
?<0 $
500
''#>7
6-0-E#"
$

*2H
*
*&&//
08 3"GMM//
9&&* +0
+E
J
0
?00050
3'H+<HH//
%B&*A8F
?;&

$

$
.
H .

2&5#*A
+
;00500
B
;'0
500
+ !2 ?)22E+0( 0 20E>2. 20
L2H> + +> 5+ 02E +0.H ! 6
)1/"

&H
?2
*

B
> 3/"
631 L3H -/ F484G84(7
H1E
500
?<0
!
3''#>7
6-0-E#"

$

B48$ ,
DAG2822
3#+AHH
BF8(,A8F
B($;H
+
;H$BHH +
BG8$
#H+(HH +
&H
?A
*
B)8(,(8A
'HH

B
> 3/"
631 L3H -/ F484G84(7
H1E
B) ,
D$4)2822
!
H
2:@H2-
02E ,0
500
?'#0?)M
+08 D& > =E!!$
9 G !
/5
?&H

%
2#'0
500
?2&;0
?)1/"
500
)1/"
;

6
*
2'*'AB0500
?' ?)-
% 3'H+<HH ='+<7A

20@"/4299G
/5
?&H
$
,
:)
84(7
/ F484G
6=E-
2A'0500
5020 2> +-20 /2H0E6
?!.!E+20 +0 ?E2- %>2/ E)! .E!?E

+(/ !0? 0(!* ?%
5.. J+E) F !>
J>>0EL6
B)8(,(8A

?2#'0
500
<
?B&,$
:)/
1C()@
D4222822
E)" , 19
E+@) & &: $
&=
?2HB0
500

5 ?2HH
$
3 ?)1/"

&
% 3H
) 03>"#> J-E+
4;?#1?3>! 4G
?E-//?!4NK

330!

305E
$
"#?-*1! F;

B-1"#> 3H5#8 -E J-E+

4G$ ?E >" >#"#>8
?2#00
500

% A

9 4$,((

$

.7
6-0
-E#" E3
?'00
500
E#?E G)8G ?#0-,5>3

3J#>'H/
/3J,/-*+E !
6
-05>3I#" +-*+
5-/-EL!
"I1#" 03I-#
5#>'3>01#
7
-.31
31E>3/ 9E-0#/5?#! 6'>30
-- ! K5##" )
>3#??3>8 3"L
?
*
2&
$

2200500
3"L94$,4N(00 330, ?0'0500
% (HH
)1/"
A000500
BG8$ ?
AHH BG8$
,
?

(:

E#?E 4A8G
>3 8
H4
D(422822
'200500

3
'
3H+AH
E#?E H/E>,305E
GN J-E+ )
3I-# 1" 3"# -/8
?B'0
/5
?&H
500
$
,
:)/ 4F8484
A7
6<E-

$8
$
;
500
?B&00
MM
+08 D3
50B +-6
)1/"
500
?&'0

3'H+<HH ='+<7A
429@:

%

B(
BG8$
1 ?+.! 1,?E3># 5>-# D$22822
%

1 ?+.!
1,?E3># 5>-# D242822
#'0500
#'0500
BG8$,) ,

$
E!?E J!E)!>4>22% :),
4A7
6=E-/ 4G848
GM8F !?+(0
'
2I+! H.
G&AMM /K "%4?
H>?E F; I>+*0(.!
5.- 2> +.I!>6
22;0
% 3HH
+ (HH

;BHH
9 4$,FNN BF8(,A8F
500
3<+#H

D222822

$
/"
8 ' %
5 DF118116

-.31
'1811
D1
?)1
3#+B;H ,
BF8&*A8F H4!>22/ ?B<0500
+ 7
6'>30
#
C3 @1
)1/"

$

#3H
B200
*2

500
DG@22822
?BHH$
E#?E FA8F >3 "#?-*1!

H5 E3 @'5?! (4GNN 0K J-E+
>#"H#" 13-?#! 4N$NBAN5
3I-#! ) 5>3#??3>
-EH># 31E>3/ IG8N8
DGA22822

&
B)
B(8A ,

3HH AH

+3
#;&
?&H
$ ?2'00500

<A0
?&'H

E#?E G)8F "#?-*1! 305E

0*,//3L >31 '-># 3"L!
F8G; E-/E ! A8('5?! )
>3#??3>! (4GNN 0K
D4@22822
+/5
$ 33+B(
BHH+'HH

;3HH
'3>
;'H
1 ?+.! 1,E3># 5>-# D(22822
500

2'
*

3#+''
&20500

?''H
BF8(,(8A

2H'0500
''HH
D+- "#E-/?7
6+31#
J+#1 5>
@9!"*C3
%19
1/-G555
G2C9 ;HHH 2!G
1 DGN ?+.! 1,E3># 5>-# DFA2822

+/* / "
19H4
"$

+/5
4A7
6=E-/ F4848
<3H
07 :*- G2C9 <H 8 3#+''
?:B)&H"!,
' + ?A311711
3#+''
@9!"*C3
%19
1/-G555
&B0
500
D44N
C3 @1
500
AAHH
B;0

?BBH
C3 @1
@
1/ :"-"":$
G2C9 3 - 2!G 5 07 20C: 9!"+,06
-"/:#,3>"#>#"

B48)
6->?E E3.? #>/L E3#>! >#,>"#> 3J&7
B(+;H

131
6'>30 4F8484A7
=E-/
'
0
50
?##N 0?+.
-18 DA
G2C9 (H 2!G 07 :*- 18 ?+.! -1,?E3># 5>-# DA22822
500
% A'
% B(+3H'
0M-1* (N8A 'H//,'>0#

"#?-*1?! A4 53-1E?!"H/
5>3#??3>?! ('5?! I#>?-31 J-E+
3J,?? 1#//E-31 '-/E#>8

A;&H
6'>30 4F8484A7
=E-/
2H<'500
500
?2;00
BG8$
B)
G2C9 ' - 2!G

3<+A'
@9!"*C3
1/-G555
;H
500
D@(
A;0500
" &

B(+;H
CG @) 22 9+3
H
& 1/ BG8$
500
6*
9+3 ?B
?2A00
?2;;& 1-:@+.@),"%91. :"-":)@"!,:$/1/

$
/
:"
1
/
/

;H+BHH
-"

500
BG8$
?2'00

3HH
500
' = '
BG8$
?<20

;H+AHH
500
B),(8A
?;#0

131
6'>30 4F8484A7
=E-/
6 =$
<2'
500
B)
D4(N
?:)&H,$
500
?
18 ?+.! -1,?E3># 5>-# D(A2822
=E-/

/5

6=E-
' -

6'>30 F48484A7
=E-/
;<H

C3 @1
?B&H
500
H
;&
&
62#2A

0500
?<0 131
1 ?+.! -1,?E3># 5>-# D()2822
6
" ;
CG @)2< 9+3
6* @)" 9+3
/
1
+.
,
.
-

:)"! /1/ 1:@ , %91

1/$
:"-"@/:":$
/
131
-" / F48484A7
6'>30 4F8484A7
2B00
/5

$ 3<+A'
#J GN8G , ?#0-,5>3

"#?-*18 A 5>3#??3>?! 4N'5?!
(4GNN 0K A( 53-1E?
3#+''
E#?E G) , "#?-*1! F; I>-,
1*/# E3H+ ! +L>-"
'3> 3I-# ?E-//?! - ! -- A 5>3#??3>8
DA"1811 %

;'H
00!
9M7 +.!$
I+.
.4) 11 2 L
"E$ .4) @@ 9 3A*&M//BG8"
.4) &"93"*&&// # ?B11711
"E$ L!>?)2E 1M # ?AH1711
AMMM93A*&M// * ?(11711
&&*FMM// * ?3(1711
&&*G3M// 22/ * ?311711
L!>?)2E 3MMB3MMFB
"E$ 3MM'
L!>?)2E 'MM *?B11711
"E$ L!>?)2E 3M- *?33;1711
L!>?)2E 'MM* ?3;1711 9 >!! ?!$
?2HH

*
*&

=

HH
?2A
?#<0500
?0005006
* *2

?#00500
<E-/ F48484

8 3B+'H
?2HH

A6
D4G22822
8383
5<E+. F3
8 3B+(H BG8$ B

$
D42)2822
+
+ 3H
?2'00500
-
94),4(N

E#?E /E>,305E

$

4A84 J-E+ (,K-? !
G8FA "3E B-1"#> -05>3I#"
+1"/-1*8
500

?;00
(H+3'H
8
?BHH
BG8$

500
$ 5>2/ 20L
<E+. F38383A68 ?2B'0
9

'F
25

00
?2'005
4N -*+ E! 3HE+05E31 4) G

.. HBA#H AA'A<A
!KE L !.+I!>L I+..! %>2/ .. >0)!?8 2?E(! 0?H>0! D'811 %2> /2?E +E!/?8
9!"9 /-+/" 1E$ @ EEE5(91C3515C,

0-/ #1:H->-#? E3 ?3HE+05E318-I-*>3H5838H.
1*#> % EE+#J 1"#>? , 631?7 +3E3*>5+L
/%1 9!"9 /7C+9+": "- HBA#H <AB<B0
"" C: 20 "22-
EEE7&"22-72/=20!20/"9F*0)"2C@*/4@20,D,
8 H,!E E2 I+.+.+EL8 2/! +/(!? >! %2> +..H?E>E+I! 4H>42?!? 20.L8 > !*4 !.? >! !K/4.!? 20.L 0 ??H/! !:H+4/!0E 4>E*!K)0(! +0 I!>L (22 20 +E+20 %H.. J2>-+0( 2> !> !E8 +0.H +0( .. ?E0 > !??2>+!?8
IMAGES OF THE YEAR 2015
Images
of the year
AP STAFF CHOICES
This year saw some wonderful images

from professionals and amateurs alike.
Over the next ten pages, some members
of the Amateur Photographer staff, as well
as nine photographers and editors,
select their favourite shots
ELLEN ROSTANT
Chris Cheesman News editor

Left Boot, East London by Ellen Rostant
28
community through art achieved

global plaudits in 2015 after an AP
article triggered a media frenzy with
coverage of the calendar by The Today
Show in New York, and as far aeld as
Australia and Thailand. The stories
helped a Kickstarter campaign to fund
the calendars printing costs go viral
raising over 10,000 from more than
500 backers within days (it eventually
raised 17,500). Ellen has since gone
on to pursue photography as part of her
college studies so we may see more
of her thought-provoking work gracing
the pages of photography magazines in
future. Search for Cafe Art at
www.mynewsdesk.com
MARKKU PAJUNEN
For me, Ellen Rostants emotive

image Left Boot, East London
neatly embraced the philosophy behind
Caf Arts annual photo competition
for people affected by homelessness.
Ellens family had been in temporary
housing for almost three years and the
troubling image of a neglected boot
symbolised what the capital meant to
the 16-year-old who went on to have
two images in the resulting Caf Art
calendar. Ellen was one of around
100 people handed Fujilm single-use
cameras for the project, which saw
three of her shots placed in the top 20.
Caf Art an organisation which aims
to connect homeless people with the
Callum McInerney-Riley
Technical writer
Image by Jake Hicks
This image, part of Jake Hicks
series of portraits using lighting
gels, graced the front cover of APs
27 July issue. Ive watched Jakes work
progress over time and seen him
produce stunning portraiture. Jake is
very forthcoming about how he achieved
each shot, and it gives photographers a
chance to use some of his techniques in
their own work. Often, he shoots through
glass or uses specic lenses to distort
and soften his images. This cover was
part of a fantastic AP feature Jake did
on using coloured lighting gels (see
www.amateurphotographer.com.)
www.jakehicksphotography.com
Karen Sheard
Online manager
Benedict Cumberbatch
at BAFTA by Sarah M Lee
JAKE HICKS
I love this image as it brings to

mind the nature of modern
photography. Earlier in 2015, actor
Benedict Cumberbatch asked fans not
to take images during his performance
of Hamlet. His point was that
performances should be enjoyed and
remembered, not wasted in trying to
capture them. When I saw Hamlet
live, I must admit I felt a moments
temptation to take a sneaky snap.
However, his criticisms reminded us
that unlike in a recording, in real life the
subject might be watching you back.
www.sarahmlee.com
Andy Westlake
Technical editor
Image by
Markku Pajunen
COURTESY OF BAFTA/SARAH M LEE
This year I had the privilege

of helping to judge the 2015
EISA Maestro awards on the theme
of Family, alongside colleagues from
14 other European magazines. While
the overall winner was Russian
photographer Tatiana Antonuk
(who shot the, often unconscious,
similarities between generations of
family members), I was also very taken
by the second-placed entry, from
Markku Pajunen of Finland. His wryly
humorous series explored the difculty
experienced by his older daughter in
accepting a new member of the family.
My favourite frame of the ve images
is of her ring her little brother off into
space, strapped to a rocket. Its a
wonderfully realised, simply conceived
and perfectly lit shot demonstrating
that a little creativity can go an awfully
long way.
www.markkupajunen.com
29
ULET IFANSASTI/GETTY IMAGES
The biggest environmental

catastrophe of the 21st century
occurred recently, as over 5,000km of
Indonesian rainforest caught re and
burned for weeks, destroying the
habitats of endangered species such as
the orangutan, clouded leopard and
Sumatran tiger.
Caused largely by forest clearance
res started by the palm-oil industry
that got out of control, more CO2 was
released into the air in three weeks than
the entire German economy produces
in a year. It closed schools, grounded
ights and caused respiratory infections
in half a million people. Strangely, most
of the UK news media didnt consider it
30
worthy of much attention the only

reason Im aware that it occurred is
because this dramatic image jumped
out at me from my social media
newsfeeds and compelled me to click
on it to nd out more as every great
news photo should do.
The image is by Ulet Ifansasti, a
freelance photojournalist and
documentary photographer with a
passionate interest in documenting
social, environmental and cultural
issues, and a talent for telling complex
stories through a single image. It
powerfully shows both the human and
environmental aspects of the disaster.
http://uletifansasti.com
DAVID REILLY
Nigel Atherton Editor

Indonesian Forest Fire by Ulet Ifansasti
DAMIAN SHIELDS
Michael Topham
Deputy technical editor
The Annunciation,
Glencoe, Scotland
by Damian Shields
Buachaille Etive Mr in the heart
of Glencoe is a place quite like no
other for landscape photography, but
to capture something truly special you
need the right elements light, location
and composition. My eye is drawn to
the glistening rock on the side of Lairig
Gartain, but its also the reection of
light in the river below and the
silhouetted glen in the distance that
adds to the drama. A few seconds later
the shot wouldnt have been the same,
stressing the importance of always
having your camera to hand. Its an
image that really inspires me.
www.damianshields.com
Oliver Atwell
Senior features writer
Meghan Remy (U.S. Girls)
by Jeff Howlett
My favourite image from this year is
the cover of one of my favourite
albums of 2015: Half Free by U.S. Girls.
Album covers are becoming a lost art,
kept alive perhaps only by the burgeoning
community of vinyl collectors. Theres
something about an album cover
featuring the artist that I nd so
endearing. Its a deant message saying,
This is mine. I did this, and this is me. Jeff
tells me that Meghan wanted something
analogue to match her style, so he
grabbed his Rolleiex 6006 lm camera
and Planar 80mm f/2.8 lens loaded with
Ilford 3,200 lm and later processed it in
Rodinal. It really is an exquisite portrait.
howlermanophotography.com
Mark Jacobs Art editor

14th Street by David Reilly
subscribe 0330 333 4555 I www.amateurphotographer.co.uk I19-26 December
JEFF HOWLETT
Since day one of Amateur Photographer (way back in

1884), our commitment has been to showcase the
quite extraordinary photographic talents of our readers.
It is often the case that amateur photographers outshine
their professional counterparts. Dont believe me? Take a
look at the Open and Professional categories at the Sony
World Photography Awards and youll soon see that
amateur photographers are the real winners. Ive selected
my image from our Reader Portfolio pages, a section of
the magazine that never fails to impress. David Reillys
shot, taken in New York, has its roots in great swathes
of photographic and art history. Its layered depths of
foreground and background (its difcult to tell which is
which) bring to mind the work of US photographer Saul
Leiter, and even further back, the challenging and
provocative photo montages of the Dadaist movement.
www.dreillyphoto.com
31
SPENCER PLATT/GETTY IMAGES
Richard Sibley
Deputy editor
Frozen Hudson River by
Spencer Platt
Rosie Barratt
Picture researcher
Cubes by
Lernert & Sander
This picture stopped me in my

tracks when I rst saw it on a news
website earlier this year. I was struck by
the sheer force of nature that it showed.
Here is, arguably, one of the most
developed and populated pieces of land
on the planet, yet there is nothing that
can be done to stop the Hudson River
freezing around Manhattan. You get the
sense that the trail left by the lone tug
boat will soon be frozen again. Despite
the conditions there isnt drama and
suffering in the image, as there is with
other extremes of weather. There is
instead majesty, and nature giving us
a little non-threatening reminder that
she isnt something to take lightly.
www.reportagebygettyimages.
com/spencer-platt
This image, by Dutch artists

Lernert & Sander, consists of 98
2.5x2.5x2.5cm cubes. It may not be
immediately apparent what youre
seeing, but those cubes are little blocks
of unprocessed food. The precision and
arrangement of each cube is perfect.
Each one is aligned and placed so that
there is a comfortable rhythm of
colours. It actually reminds me of an
image from a magic eye book and
requires analysis to appreciate the
patterns and textures. Never has a cube
of beef looked so attractive. Theres
something delicate about the whole
thing, an idea perhaps helped by the
fact we know the food is unprocessed.
What were seeing is our food laid bare.
www.lernertandsander.com
Phil Hall Features and technique editor

South Gare, Teesside by Paul Mitchell
LERNERT & SANDER
One of the nalists of Landscape Photographer of the

Year 2015, Paul Mitchells image reminds me of the
work of the New Topographers (one of my early inuences
when studying photography). They were a group of
photographers including Robert Adams and Lewis Baltz who
rose to prominence in the 1970s. Their work explored the
interaction between man and landscape, and found beauty in
the banal. Paul has certainly achieved that with his shot the
hulking mass of metal that includes the Teesside Steelworks
in the background, the rickety shermens huts and a
landscape made from blocks of solid blast-furnace slag and
material dredged from the river bed. The light is perfect, with
the low angle of the sun glinting off the huts roofs, as well as
separating the smoke from the steelworks against the clear
sky while the grassy dunes blanket the foreground.
www.paulmitchellphotography.com
32
PAUL MITCHELL
Andrew Sydenham Studio manager

Mechanical Centipede by Johnny Joo
JOHNNY JOO
I love the smorgasbord of imagery were presented

with by social media a great variety of disparate
images passes our eye on an almost hourly basis. Theres
one particular genre that has always been popular on social
media and content-generating sites like Buzzfeed and
Reddit, and thats pictures of ruin and decay. Decaying
architecture along with forgotten and sleeping mechanicals
in fact, the whole concept of urban exploration has
always fascinated me. Perhaps this is because of the risk and
excitement of capturing images in places one really shouldnt
be. This particular image is by Johnny Joo, a 25-year-old
photojournalist and artist based in Cleveland, USA. Hes a
great exponent of this rather specialist pursuit and is a man
infected by a real passion for the ruins he nds. Id highly
recommend taking a look at his work.
www.johnny-joo.redframe.com
33
ANDRE DU PLESSIS
Images
of the year
EDITORS/PHOTOGRAPHERS
Following on from the staff

choices, we take a look at the
pictures that stood out for nine
editors and photographers.
The difference here is that the
photographers also had the
option to pick one of their own
34
YOUR PICTURES IN PRINT
Michael Pritchard FRPS

Director-general at RPS
Eva and the Child by
Andre du Plessis FRPS
With more than 1,200 applications
for an RPS distinction every year
our assessors see many thousands of
images, but this year Andre du Plessis
stood out for the quality of his toned
black & white prints. Of his panel, this
shot was the one that best summed up
his work. The most interesting images
are those that tell a wider story beyond
the subject and this picture does just
that. Andre has mastered the low light,
and the expression on Evas face keeps
me coming back to her. The subjects
are, I think, posed, but the image is
one of optimism.
This photo by Ashley Gilbertson

caught my eye because, unlike so
many of the images we see of refugees Aline Smithson
and migrants that show stress and
Lenscratch editor
strife, this one shows two people
and photographer
smiling. I assumed the little boy in the
Cleo with Mirror by
photo was with his dad, but thats not
Aline Smithson
the case. The man is named Kadoni
Kinan, a former Syrian refugee who
This year I released a retrospective book of
now lives in Belgium. He travelled to
my portrait work, Self & Others: Portrait as
Greece as a volunteer with the Red
Autobiography, and I needed a cover image that
Cross to help others.
conveyed the idea that I am reecting myself
through my portrait work. I used a mirror as a
metaphor and only took about ve shots (I still
shoot lm). So I was thrilled to discover this image
with black showing up in the mirror (which wasnt
done in Photoshop) that perfectly described what
I was hoping to portray.
ALINE SMITHSON
Diane Wargnier
Sales & assignments
director at VII Agency
Migrants in Greece
by Ashley Gilbertson
Caroline Theakstone
Archive research manager
at Getty Images
Migrants by Armend Nimani
This image was taken as part of a set that
Armend covered on migrants crossing the
Macedonian-Serbian border. The reason I picked
this particular shot, which is in contrasting tone to
the rest of the set, was that in the rst instance
this little boys facial expression just grabbed me.
As a picture editor you get in the habit of reading
an image to see the value in it, but sometimes a
photo just engages you on a purely emotive level.
If it wasnt for that smile the Santa hat could easily
add an air of pathos.
ARMEND NIMANI/GETTY IMAGES
ASHLEY GILBERTSON/VII PHOTO
35
MATT BLACK/MAGNUM IMAGES
Magnum Editors choice

The Geography of Poverty by Matt Black
LLOYD FOX/BALTIMORE SUN/REX SHUTTERSTOCK
The Geography of Poverty is a digital documentary

project by photographer Matt Black that combines
geotagged photographs with census data to map and
document poor communities in the USA. Begun in
Californias Central Valley, home to some of the nations
most impoverished communities, the project includes a
three-and-a-half month, 18,000-mile journey across the
country to document Americas poorest places. This project
aims to highlight the growing gap between the rich and the
poor in the vast country that is America.
This project aims to highlight

the growing gap between the rich
and the poor in the vast country
that is America
36
Eric Lafforgue Photographer

Baraka Cosmas by Eric Lafforgue
In Tanzania, albinos bodies
are worth more than gold.
Witchdoctors use their
appendages including noses,
genitals, tongues, ngers, hands,
and ears, to supposedly bring
their clients good luck in politics,
business or even mining. At least
76 albinos have been murdered in
Tanzania since 2000. The boy in

this image is Baraka Cosmas, six,
who lost his right hand. There
were 17 suspects arrested in
connection with his mutilation,
including his father and younger
brother. Baraka now lives in a
secure house in Dar es Salaam
with other albino children.
KRIATOR
James O Jenkins Portrait Salon co-founder

Image by Kriator
ERIC LAFFORGUE
This was one of my favourite

images from this years
Portrait Salon (a Salon des Refuss
for work rejected from the annual
Taylor Wessing Photographic
Prize). We had a mammoth task as
we showed one portrait by every
photographer that entered Portrait
Salon, resulting in an exhibition of
378 portraits (on show in Tokyo,

Japan, in February 2016). This
image is part of Kriators photo
project, Vagabond. He recreated
a vagabonds life around Mumbais
Central Railway in India. However,
he didnt want it captured with
real, impoverished people. Instead,
he gave it a stylish overtone.
Levi Bettwieser
Rescued Film Project
Condition #5
by Guia Besana
The Rescued Film Project is an
online archive gallery of images
that were captured on lm between
the 1930s and late 1990s that are
recovered from all over the world.
The images we rescued of President
Eisenhower were probably my favourite
from this year. I really love these images
for two reasons. First, its not often that
we rescue lm that contains pictures
which document a subject of our
collective history. Second, these images
really sparked interest in a lot of people
to track down the photographs origins,
which is what the project is all about.
Rick Colls
Director of operations
at Rex Features
Image by Lloyd Fox
RESCUED FILM PROJECT
The image I have chosen is

a great example of how a single
news frame can encompass multiple
aspects of a story. Here the frustration
and anger at the death in police
custody of Freddie Gray in Baltimore
in April is palpable, as protester
Devante Hill makes a heart shape
with his hands after being blasted
with pepper spray by police.
37

,I \RXUH D GLHKDUG 1LNRQ OR\DOLVW

WKHQ *UD\V RI :HVWPLQVWHU LV 7+(
EHVW SODFH WR ILQG KLJKTXDOLW\
VHFRQGKDQG FDPHUDV WKDW KROG
WKH YHU\ QDPH
3KRWRJUDSK\ 0RQWKO\
PDJD]LQH
&KXUWRQ 6WUHHW /RQGRQ 6:9 /3 (QJODQG 7HO )D[
LQIR#JUD\VRIZHVWPLQVWHUFRXN 0RQ)UL DP SP 6DW DP SP
)ROORZ XV RQ
#1LNRQDW*UD\V
NR
<($56
(5
*5$
<6
67
H[

OX
)LQG XV RQ )DFHERRN ZZZIDFHERRNFRPJUD\VRIZHVWPLQVWHU
:(670
RI
VLY H O\ QL
9LVLW RXU ZHEVLWH ZZZJUD\VRIZHVWPLQVWHUFRXN
WALKER EVANS
Cinema, Havana,
Cuba, 1933
40
WALKER EVANS
American
master
Why is Walker
Evans seen as
one of the great
American
photographers? David Clark
talks to Evans friends, John T
Hill and Jerry L Thompson,
about his life and legacy
alker Evans iconic pictures of povertystricken rural communities in 1930s

America have sometimes led to him
being seen as mainly a photographer
of the Great Depression. However, these pictures only
represented a very small part of his lifetimes output,
which included landscapes, portraits and still life.
Forty years after his death, its particularly his
pictures documenting everyday aspects of American
life road signs, advertising hoardings, garages, shop
fronts, churches and people riding on the New York
subway that have been most inuential.
Major photographers, from Robert Frank, Diane
Arbus and Lee Friedlander to Bernd and Hilla Becher,
have all been directly inspired by different aspects of
his work. They, in turn, have inuenced the generation
of photographers who followed, including Andreas
Gursky and Thomas Ruff. So what was so different
about Evans and why is he seen as one of the major
photographers of the 20th century?
Life and times
WALKER EVANS ARCHIVE, THE METROPOLITAN MUSEUM OF ART
Evans was born in St Louis, Missouri, in 1903. His

father was an advertising executive and the family was
afuent. He graduated from Phillips Academy in
Andover, Massachusetts, in 1922. Well-read and highly
literate, Evans initial aim was to become a writer,
but, as he later said, I wanted so much to write that I
couldnt write a word. Instead, he took up photography.
He took his rst pictures in 1928, using one of the
new small, handheld 35mm cameras of the period. His
early style was inuenced by the modernist approach
and ranged from abstract shots of buildings to street
portraits. His own more subtle and understated
style emerged during the following years, but he
41
WALKER EVANS
Sharecroppers Family, Alabama, USA, 1936
SHARECROPPERS FAMILY
JOHN T HILL singles out Walker Evans
photograph of William Bud Fields and his
family (above) as one of his most powerful
works. It was made in Hale County, Alabama,
as part of his work for Fortune magazine,
documenting rural poverty during the Great
Depression. Evans and his colleague James
Agee spent three weeks with three sharecropper
families in August 1936, photographing them at
work in the fields and at home.
Hill says: Its a stunning family portrait and
so beautifully put together. Evans had got to
know the family well and a sense of familiarity
and trust had built up between them. He
doesnt dwell on their poverty or pitiful
conditions. Hes rendered the family in an
almost noble manner. The picture has one
layer that tells you a lot about the familys
living conditions, but on a deeper level it also
tells you a lot about our common humanity.
Ive seen viewers from many ethnic groups
that identify with the Fields family. Evans
made it, what he called, a lyric document.
Finding a few words to explain such
a complex genius is not possible and may
simply add to the Evans riddle. I plead guilty.
42
Alabama Cotton Tenant Farmer Wife, Alabama, USA, 1936
was always fond of creating

images using ordinary subjects.
By 1933, Evans was mainly using
a large-format 10x8in camera to
record house exteriors, movie
posters and street scenes in a plain,
unaffected style with a high level of
detail. These pictures were, on one
level, documentary records of the
objects, but they also said
something about the individuals
and the society that made them.
Two years later, together with
other photographers that included
Dorothea Lange, he was employed
by the Resettlement Administration
(later named the Farm Security
Administration or FSA), part of the
US Department of Agriculture.
The photographers brief was to
document rural poverty in the
southern states of America and
show how government policy was
doing its bit to help people during
the Great Depression.
Evans interpreted this brief
in his own way, later calling it a
subsidised freedom to do my stuff
WALKER EVANS
I had a whole hot year tremendously

productive. During this time, he
took a period of leave to photograph
sharecropper families for Fortune
magazine, working with writer
James Agee. Their work was later
published in the 1941 book, Let Us
Now Praise Famous Men.
Evans work in this period
included not only searching
portraits, but also pictures of
house interiors such as a replace or
kitchen wall with a few sparse items
of cutlery. In these photographs,
as elsewhere in his work, he avoids
making a direct comment on
a subject. Instead, he simply
presents it in a clear and detailed
way, allowing the viewers to draw
their own conclusions.
Yet Evans could also produce very
different kinds of work. Between
1938 and 1941, he worked on a
series of surreptitious portraits of
people travelling on the New York
subway. They were taken using a
Contax 35mm camera, which was
held on his chest with the lens
poking out between his coat
buttons. The guard is down and the
mask is off, wrote Evans. Peoples
faces are in naked repose in the
subway. A selection of these
pictures was later published in the
book Many Are Called (1966).
From 1945-65, Evans worked for

Fortune magazine as the special
photographic editor, producing
photo essays for which he also wrote
the text and laid out on the page. In
1965 he became professor of
photography at Yale University
School of Art.
In later years he was in poor
health but continued to experiment
with photography. In 1973, he
started working with a Polaroid
SX-70 camera (with unlimited
supplies of lm provided by
Polaroid), shooting portraits and
still-life studies. He said he wanted
to extend my vision and let that
open up new stylistic paths that
Post Office,
Alabama,
I havent been down yet, and that
using the Polaroid, you photograph USA, 1936
things that you wouldnt think of
photographing before.
Evans was perennially short of
money and in 1974 he sold the
entire contents of his studio,
including 6,000-8,000 prints, for
a total of $50,000. Unfortunately,
he didnt live long to enjoy it; six
months later he died suddenly at
his Connecticut home from a brain
haemorrhage, aged 71.
Legacy
To mark the 40th anniversary of
Evans death, a new book, Walker
He could charm his patrons, his peers,

your grandmother, or your daughter
it was a gift that served him well
Barber Shop,
Mississippi,
USA, 1936
Evans: Depth of Field, has been

published. It shows the full range
of work he produced throughout
his career. Its co-edited by the
photographer, teacher and writer
John T Hill, who was a friend and
colleague at Yale University, and
who ultimately became executor of
Evans estate.
Evans, he remembers, was
someone who had a sophisticated
curiosity about most everything,
especially about vernacular
artefacts and what they told us
about ourselves. He also had
a rare personal charm. He could
charm his patrons, his peers, your
grandmother, or your daughter
it was gift that served him well,
Hill continues.
He had a dry Martini wit, never
boring, and in a way he was an
innately skilled actor. He might
have been an Edwardian dandy,
always aware of his clothes and your
clothes, and what they had to say.
He could also be quite secretive,
with many friends from various
worlds. I might compare him to
a train conductor who could
move from car to car, while the
passengers stayed in their place.
For Hill, Evans had his own
distinctly anti-ne-art style
that was different from other
photographers, even those working
in the same eld. The traditional
boundaries of photography were
ignored one example was
collecting signs and ephemera
that he then claimed as his art.
The work always had multiple
layers, for those willing to look, he
says. His FSA work is an example
of that, because people often see
only the literal layer for example,
the depiction of poverty being the
rst and easiest to remember.
Jerry L Thompson, a
photographer who contributes
essays to Depth of Field and who
was Evans professional and
personal assistant in the nal
43
WALKER EVANS ARCHIVE, THE METROPOLITAN MUSEUM OF ART
WALKER EVANS
years of his life, agrees that

his work was unusually
complex and says it was unique
in its scale of ambition.
Evans was not just a picturetaker; he wasnt just concerned
with framing, composition, getting
the exposure right and making
a beautiful print, he says. He
was interested in those aspects
to a limited extent, but he had
something else going on as well.
He had a hugeness of ambition
that goes beyond excelling in
a particular kind of art world or
mastering a particular craft.
When Evans is photographing
roadside signs, or these forgettable
characters of whom he makes these
monumental portraits, hes paying
very close attention to all the
44
details. However, at the same

time theres a sense of something,
a vision, a level of understanding,
that really goes beyond all of that.
He was doing something much
deeper and richer, and more closely
related to literature than any other
photographer I can think of,
certainly in his time. And that,
I think, is what keeps bringing
people back to his work.
Evans died before the modern-art
market had begun to make ne-art
photographers famous or rich.
However, Thompson says he was
aware of how inuential Evans
work was becoming among young
photographers, including Robert
Frank, who worked as his assistant.
At the time of his death, Evans
was not broadly known and was
not famous in the way artists are

famous today, he says. Frankly, his
work is difcult. The pictures arent
supercially handsome to look at;
they dont offer the obvious
sensuous qualities. Its challenging
to get the most out of them.
However, the people he had been
friends with and who supported
him were the central gures in the
cultural life of New York at the time.
He was very respected by people
who knew what was going on and
he had a pretty solid opinion of his
own achievement.
For those looking to follow Evans
example, he said this: Stare. It is
the way to educate your eye, and
more. Stare, pry, listen, eavesdrop.
Die knowing something. You
are not here long.
Shoppers,
Randolph Street,
Chicago, USA, 1946
Walker Evans:
Depth of Field, edited
by John T Hill and
Heinz Liesbrock, is
published in hardcover
by Prestel, 55

!

"
#

" #

!

%# # & t ' $ !!$
&&&

% t

%
" !$

' $ ! $!" ! !% "$ $'$ %$!$
! $$ "$ " $ %"! $ $$ " "%!( $" $ $ '(
& !""%! !"" $
%$%! $ $ ! " & " " !$$ $!
!%! $!
$! " !( $!" ! !
$!" '$ %$ $ "" "$ " !" ! %$! ' !$

!
$ " "
%" " %" "%%
#

$ # $!!
#

Technique
WILDLIFE PROJECTS
This fox occasionally visited

my garden to feed on bits of
food I left out for it. I wanted
to create an image that had a
feeling of intimacy, so I used
my camera and a 70-200mm
lens mounted on my mini
sledge. This allowed me to
move the camera around as
I crawled on my belly into a
better position without the
problem of tripod legs
snagging on bits of vegetation
Build your own

...Wildlife photography gear. A resourceful
Paul Hobson explains how you can make some
handy pieces for your nature photography
Low-level camera support

STYLES of wildlife photography are ever
changing, particularly the point of view (POV).
Previously, the traditional viewpoint was from
an upright tripod with the camera pointing
down at the animal or plant. In many ways this
reected our own stance we view most
things lower than us by looking down on them.
Our wildlife images mirrored this, which
imparted a touch of arrogance to the image,
and a sense of human superiority.
Today many wildlife photographers want to
create more intimacy and a feeling of living in
the animals or plants world by getting the
46
POV lower. The other major advantage of

a low POV is that the background is effectively
further away, which increases the amount of
blur (at low f-numbers) and can make the
subject almost pop out of the image.
To create images like this the POV has to be
low, in many cases with the camera almost or
actually on the ground and at the same level as
the subject. The easiest way to do this is to use
a beanbag or tripod with legs that open out
fully. However, there are a number of times
when tripods and beanbags are not ideal. If the
ground is wet, beanbags will absorb water and
Paul Hobson
Paul loves travelling around

the world but definitely prefers
working in the UK. The
demands on the photographer
are harder, but the rewards
greater. See more at
www.paulhobson.co.uk
may rot later. Tripods that open at can be
really hard work when stalking on your belly,
and it is difcult to clean off sand and salt water
if you use them on a beach.
Over the years Ive designed a number of
projects to get around the problems of wet
ground and salt water. If youre using a small
lens the simplest is a Frisbee. You can either
place your beanbag on it or create a bolt to
hold your tripod head. Another piece of
homemade kit is what I call the mini sledge.
This is simple to make from a few bits of wood
and an old aluminium drinks can.
Use a skateboard
Another alternative that can be
excellent to use on hard, sandy
beaches is to adapt an old
skateboard (or cheap new models at
around 13). The simplest way to
adapt this is to drill a hole in the
middle and attach the threaded bolt
for your tripod head. When you use
the skateboard, be careful that it
doesnt tip over sideways, particularly
if you have your camera on a tall
tripod head. It is possible, if a little
ddly, to make a low-slung version
by just using the wheels on a
wooden frame.
ALL PICTURES PAUL HOBSON
Using a tripod or beanbag on wet

sandy beaches can be a nightmare.
I took this image of a redshank by crawling
on my belly along the beach, pushing my
mini sledge on which I had my camera and
500mm lens. If the beach is hard and
sandy I use my adapted skateboard. At
the end of the day I rinse the sledge or
skateboard with fresh water and let it dry
MINI SLEDGE STEP-BY-STEP
1 Getting started
2 Bring out the saw
3 Make runners
To start, you need two pieces of 4.5x2cm wood for the

runners. I find a length of 30cm is fine if youre
mounting a 300mm on top, while a heavier 500mm
requires something a bit longer about 40cm.
Cut one end of each piece at an angle to form a slope.

Now cut the top and bottom off an aluminium drinks
can with a good pair of scissors. Next cut the cylinder
from top to bottom to form a sheet of aluminium.
Cut two strips from the opened can at a width thats

2mm thinner than the thickness of your runners. This
is to avoid cutting your fingers on the edge of the
aluminium. Use small flat-headed pins to secure it.
4 Middle section
5 Tripod head
6 In the field
The middle section is a piece of 2cm-thick wood, cut

into a 24x24cm square. This is then screwed onto the
middle of the two runners to form a platform. Dont
forget to countersink the screw heads so they dont
catch your beanbag.
To make a thread for your tripod head, drill a hole

slightly thinner than 3/8in and countersink both the
top and underside. Now screw your bolt (with a 3cm
length of thread) into the hole from below. Use a nut
on the top to hold the thread secure.
I use my mini sledge when I crawl on my belly over

wet, muddy fields to work with hares, or on a beach or
mudflat when Im working with wading birds. As I
crawl, I push the sledge with camera attached (on
either a beanbag or tripod head) slowly in front of me.
47
Technique
WILDLIFE PROJECTS
Making a soundproof box

GETTING close to many birds and mammals
usually requires good stalking skills and
a sound knowledge of the animals behaviour. In
most cases photographers use a long lens
to reduce the chance of causing stress to the
creature and still be able to work at a
reasonable distance. However, images produced
with a lens like a 500mm or 300mm generally
show little of the habitat. The problem is that
shots taken with a wideangle can create
dramatic pictures, but you rarely get the chance
to get the camera that close to wary wildlife.
A solution is to make a soundproof box to
house your DSLR and re it remotely. The
main box is made of thin timber sheets or thick
plywood. The outside dimensions are 24cm
wide x 25cm long x 20cm high for a DSLR of
low height like a Canon EOS 7D. For a bigger
body, such as an EOS-1D X, youll need to
increase the height.
48
Getting started
To begin with I used plywood to construct a
basic frame for the two sides and bottom that
are then joined together with 2x2cm strips of
wood. Thats the starting point, but youll need
to make the back and lid removable to gain
access to your camera, as well as thinking
about creating a window to shoot out of.
I opted to use two pieces of picture glass
(with smoothed edges to avoid cuts) for extra
sound insulation at the front. This is done by
making a frame around the inside of the box
(about 0.5cm). This holds the outside piece of
glass and provides a cross-section for the lid to
rest on and is held in position with a wooden
frame of 1x1cm. I also glued a piece of black
card to the front piece of glass (with a hole cut
large enough where the lens will be) so that
reections of the subject were reduced in the
glass and didnt show up in the nal image.
Behind the front glass, inside the box, I built

a slot for the second piece of picture glass to
rest. However, it wasnt xed permanently in
position, to ensure easy removal and cleaning.
Insulation
My choice of insulation is very much what I can
nd to hand. Start with a double layer of cork
ooring tiles cut and glued onto the sides and
bottom, then place a layer of 1cm polystyrene
on the oor of the box. Next, put your camera
and lens into the box and work out its best
position with the lens 0.5cm behind the
double-glazing. Once you know where the
camera and lens need to be, glue layers of
foam or polystyrene to form a wall around the
bottom and sides of the camera so its held
snugly in position. This is when you need to
think about the lens youre going to be using.
The complete box may have a bit of a Heath
Robinson feel about it as I was constantly
changing bits as I worked on it, but it certainly
does the job.
This little ringed plover was nesting on

the floor of a disused quarry. I spent four
days moving a dummy box (see right)
slowly into position so that eventually it
was only 30cm from the nest. I watched
the bird at all times to make sure the box
didnt disturb it in any way. On the day
of photography I switched the dummy
box for the soundproof box, which I fired
from a hide 60m (195ft) away when
the bird had returned to its nest. This was
photographed with a Schedule 1 licence
Triggering
the shutter
You can use a number of
methods to re the camera.
My preferred choice is the
dedicated Canon LC-5 infrared
remote trigger. One piece
attaches to the cameras remote
shutter slot by a wire. I then
place the unit behind the box
and re the camera from a hide
up to 100m away. There are
a host of third-party options
available as well as other
methods such as Wi-Fi, which
are potentially just as good.
Make a dummy box

As well as the soundproof box for
the camera, I also built a dummy
box. This is the same size as the
soundproof box, but is hollow with
a glass front and black card. The
idea is to use it when you want to
move the box closer over a period of
days, allowing you to let the animal
get used to its presence before
replacing it with the real thing. If
you think the dummy box will attract
attention from your subject, either
disguise the box or nd another
situation where you can work
without causing a problem for the
animals youd like to photograph.
For this shot I spent a week slowly moving a dummy box on a floating piece
of polystyrene closer to the nest each day. On the day I was shooting, I
substituted the dummy box for the soundproof one with my camera. I made sure
I fired a test shot to adjust the exposure compensation and work out the precise
composition before I left the box in position
SOUNDPROOF BOX KEY CONSTRUCTION POINTS
1 Construction
2 Top and back
3 Making it level
While the construction may look a little rudimentary,

it does the job perfectly. Here we can see it with the
lid off and without the camera. Ive built up the
insulation to accommodate a specific camera and
lens set-up, so think about this when youre making
your own soundproof box.
The back and top are made of thick plywood with

insulating layers of cork, then either polystyrene or
foam so they fit snugly up to the camera when in
position. You can use thin elastic rope to hold them in
position when operating the box. If you have the skills,
you could fix both with hinges to hold them shut.
One key thing is to make sure that the camera is

totally level when you build up the insulation. To do
this, use a hotshoe-mounted spirit level. The idea is
that once you know the camera is level inside the box,
you can use a spirit level on the top of the box when
you work it into its final position.
49
AMATEUR PHOTOGRAPHER AWARDS 2016
Win!
500
of Digital Depot
vouchers
Vote for your favourite product of the year
for a chance to win 500 in vouchers
from Digital Depot
EVERY year we hold the Amateur
Photographer Awards, where we
highlight the photographic equipment
that excited and impressed us the most
during the past year. This year the
Amateur Photographer Awards
will take place in February 2016,
showcasing the best kit from 2015.
One of our favourite awards is
the Amateur Photographer Reader
Product of the Year Award. All AP
readers have the chance to nominate
the piece of photographic equipment

they feel has stood out over the past
year. This can be any piece of
photographic equipment, launched in
2015, that you think is particularly great
or innovative in some way. And this year
has seen a wealth of new cameras,
lenses and accessories and some real
innovation in technology.
The nal results will be announced at
our annual awards event to be held in
London, and online on 4 February 2016.
HOW TO ENTER
To be in with a chance of winning 500 in
vouchers from Digital Depot, all you have to
do is visit www.amateurphotographer.co.
uk/productoftheyear and vote for your
favourite product of 2015.
The winner of the 500 Digital Depot vouchers will be

chosen at random and will be contacted by email within
six weeks of the closing date. Full terms and conditions
can be found on the AP website at www.
amateurphotographer.co.uk/productoftheyear.
The closing date for votes is
Sunday 3 January 2016
About Digital Depot

Digital Depot was the rst digital-only photographic
shop in the UK. Based in Hertfordshire, the
company has a professional high-street showroom,
as well as an online shop at www.digitaldepot.co.uk.
The accumulated knowledge within Digital Depots
staff and management means it is at the forefront of
the latest technological innovations and changes.
Serious About Service has long
been the companys motto
and philosophy, and through
this it has been privileged
to win many customernominated awards in
national publications.
To vote visit www.amateurphotographer.co.uk/productoftheyear

subscribe 0330 3334555 I www.amateurphotographer.co.uk I 00 Month 2015
43
MACRO
CRAIG ROBERTS
Top
tips
for
2016
Whether you shoot landscapes,

portraits, architecture, wildlife,
street, travel, macro or action,
our experts pass on their best
advice for next year in our
ARCHITECTURE
pull-out guide
MARK BAUER
JERRY WEBB
LANDSCAPE STREET
GAVIN GOUGH
TRAVEL
ACTION
ANDY HOOPER
JAMIE HARRISON
PORTRAIT
JACKY PARKER
OSCAR DEWHURST
WILDLIFE
Technique
Technique
BEST ADVICE 2015

the illusion
2 Creating
of depth Mark Bauer
Landscapes
www.markbauerphotography.com
Our experts recommend focusing on depth of field

and forming your own connection with the landscape
MARK LITTLEJOHN
1 Capture the moment Mark Littlejohn
At closer ranges, the shallower depth of eld created by using

an aperture of f/5.6 can work beautifully to focus attention on
a particular element in the frame. When trying to emphasise
the mood and atmosphere of a scene I dont think every
aspect of it needs to be perfectly lit, and neither does every part need to
be sharp and in focus. Its important to allow your imagination a bit of
free rein, allow it to ll in some of the blanks. A successful horror movie
succeeds because it plays on your imagination. If an image is perfect,
then its in danger of becoming sterile and lacking in mood.
MARK BAUER
www.markljphotography.co.uk
The big challenge facing

landscape photographers
is that the world has
three dimensions, but
a photograph has only two; poorly
composed shots can, therefore, appear
at. So how do we go about creating
a sense of depth in a two-dimensional
medium? The answer is, by exploiting
the same visual cues that the brain
uses to interpret three dimensions.
The main way the eye judges distance
is by using linear perspective. This
describes the way that objects in a
scene apparently diminish in size the
further away they are, and the angles
at which lines and planes seem to
converge. Although parallel lines, such
as railway tracks, appear to converge
when we view them, we understand
that they are, in fact, parallel. Linear
perspective is enhanced by the
perception of diminishing size, so if you
have similar objects going away from
the camera, such as a line of trees, a
strong impression of depth is created.
The effects of linear perspective can
be enhanced by choice of lens and
viewpoint. By getting in close to the
nearest object with a wideangle lens,
the apparent distance between the
foreground and distant objects will
be greater than if you shoot the
same scene from further away with
a telephoto lens. This is why budding
landscape photographers are given
the advice to use foreground interest.
JUSTIN MINNS
Deconstruct other images

3 Craig
Roberts
www.craigrobertsphotography.co.uk
If you feel deated looking at the superior

work of others, dene what you like about
the images. Deconstructing an image in this
way will help you to reconstruct your own
version on location and allow you to create an image
with identical elements from the view that youre faced
with. Look through photography magazines, search
images on websites such as Flickr and 500px or, best
of all, go to a photography exhibition.
www.jeremywalker.co.uk
CRAIG ROBERTS
Intentional camera
movement can give
ethereal effects
4 Go abstract Justin Minns

www.justinminns.co.uk
Composition can
be learned by
closely studying
the work of pros
52
Reduce
5
flaring effects
Jeremy Walker
Try forsaking the small apertures and resulting

increased depth of eld usually favoured for
landscape images and shoot wide open,
preferably with a telephoto lens. You can
take this a step further by using intentional camera
movement (ICM), a technique that involves deliberately
moving the camera during the exposure. There are
endless possibilities and permutations with ICM, and
a lot of trial and error to get something youre happy
with, but its a lot of fun.
When shooting
into the light,
try to partially
hide the sun
behind your subject to
reduce the amount of
are recorded in the
scene (as I have
attempted to do by hiding
the sun behind these
trees in this image, right).
By stopping down to
f/11 and beyond, youll
create an impactful
ping or starburst effect
(you can also do this in
post-processing with
starburst software, but
a nine-bladed diaphragm
prime lens produces
better results). Always
bear in mind, though,
that stopping down
increases diffraction.
JEREMY WALKER
PAUL SANDERS
This view of Llyn

Padarn, Gwynedd,
was a case of
instinct kicking in
6 Have a connection Paul Sanders

www.paulsanders.biz
You have to be able to connect your emotions to the landscape

around you. Its no good just shooting lots of images in the hope
of getting a good one. Instead, shoot a picture that really captures
how you feel at the time, and perhaps shoot a second image.
If nothing else, use a long exposure. It will stop you shooting lots of needless
images and help you settle on one or two strong ones.
53
Portraits
Clever lighting and simple tricks make
for great images, say these professionals
JAMIE HARRISON
of the trade
8 Tricks
Jason Alden
JASON ALDEN
www.jasonalden.com
I often nd myself
photographing business
people and those who arent
experienced at being in front
of the camera, let alone going near
make-up. However, the last thing I want
to do is spend hours retouching a shiny
bald head when I get home.
A friend of mine who is a make-up
artist told me about oil-absorbing
sheets, which instantly remove excess
oil from the skin. Available from Boots,
I now make sure I always have them in
my bag. I generally offer the pack to
my subject. The sheets contain a small
amount of powder to help reduce the
shine, but the subject doesnt know this
so it wont make them feel awkward.
A touch of movie
glamour is
timeless just
add props
Lighting has its own
fads, but first master
the essentials and
work from there
lighting terms
7 Key
Jamie Harrison
www.jamieharrison.net
Fill light
The ll light is the secondary light source, which opens
up any underexposed or darker areas. This could be
local ll, such as clothing or the face, or the complete
subject. Fill lighting can be produced by a second light
or using a reector.
Kick light
The kick light, or kicker, is typically placed to the side
of the model in order to provide a strip of illumination
down the side of the body. These lights can be used
on just one side or you could double up and have
one on each side.
Rim light
A rim light is similar to a kick light, but is placed more
directly behind the model in order to provide a rim
of highlight, especially in the hair, often with a snoot
placed over the strobe. Currently, this is seen as a
little old-fashioned but trends change.
54
DAMIEN LOVEGROVE
Key light
A key light is the main light in your set-up
and provides the majority of the images
illumination. Place it in front of the model.
10 Recreate a Hollywood look Damien Lovegrove

www.lovegrovephotography.com
To emulate that glamorous old-Hollywood look, set the mood with the
camera position. Shoot from below the eyeline to make someone seem
powerful, statuesque, strong and condent. If you want a softer, more
vulnerable look, choose a high viewpoint and photograph from above.
Additionally, set your key light carefully. Ideally, youll want to use continuous
lighting, but you can achieve the look with studio ash. Always light from above
and aim the key light either straight down the nose or just off to one side so that
the nose shadow touches the cheek shadow to create a Hollywood triangle.
Use the barn doors to control any spill.
Add a backlight or kicker to make the image three-dimensional and to help
separate the foreground from the background. Use a reector in the spill from the
key light to control the contrast in the scene, then light the background as required.
BEST ADVICE 2015
Technique
Know your
9
lighting
David Lazar
JAKE HICKS
Avoid hard light.

As a general rule,
its best not to
photograph
peoples faces in strong
sunlight to avoid hard black
shadows on the skin and
eyes that arent relaxed.
By positioning your subject
in the shade and under
cover (with no direct
sunlight hitting surfaces that
would result in blown-out
distractions) you can create
perfect lighting on the face,
if the surrounding indirect
light is bright enough.
For example, shoot outside
under an awning, where
theres plenty of light coming
in via reections from
the ground or the sky, but
no direct sunlight on the
skin. This can also create
dynamic and engaging
catchlights in the subjects
eyes, which make for
sparkling eyes in a portrait.
DAVID LAZAR
www.davidlazarphoto.com
11 Use colour wisely Jake Hicks

www.jakehicksphotography.com
Using coloured gels in your portraits can be

a great way of making images stand out, but
dont underestimate the power colour has
on viewers perception. Certain colours will
affect us in certain ways.
For example, we all know red is a powerful colour, but
depending on the context it can convey very different
messages. If you use a lot of red lighting in a boudoir
shoot it will convey ideas of love and lust, but red lighting
used in conjunction with a boxer will portray power and
anger. As a rule, reds tend to evoke energy and passion
while cooler colours evoke calmer feelings. Because of
this, youll often see blues used in corporate photography.
As your condence builds using gels, its then possible
to combine multiple colours but always keep the
message youre portraying in mind.
55
Technique
BEST ADVICE 2015
Architecture
How to approach and use the light in your structural shots
CRAIG ROBERTS
ERIC FOREY
13 Bad weather Billy Currie
www.billycurriephotography.co.uk
For me, architecture is the most rewarding of

all photography genres. Unlike others, its not
as reliant on weather, attering light or time of
day. The building or structure is 100% of the
image; it needs neither foreground nor colour in the sky.
Make a good exposure with optimal settings and the
cameras job is complete; light, shadow and mood can be
taken care of later. Architecture can yield great images in
weather that would prove unsuitable for other types of
outdoor photography. I cant recall an architectural shoot
that didnt produce at least several usable pictures.
Inside tall buildings,

climb as many stairs
as you can and
youre likely to find
the optimum angle
12 Get high Eric Forey
Identify places or buildings that offer you a high point of view. Climb all the
staircases you come across and dont hesitate, access permitting, to get as
far as you can into tall buildings. High ground and bridges can serve you
well, too. When you are up high, make the most of the downward view
as it can offer very unusual and graphic effects. People never bother trying to nd
these outlooks, so its up to you as a photographer to reveal these surprising
viewpoints. Such elevated views enable you to make the most of some basic elements
of architecture, such as this staircase in a public car park (above). You can use a
telephoto or a wideangle lens. The telephoto enables you to isolate the subject and
nd minimalist or abstract effects. Meanwhile, the wideangle lens enables you to get
spectacular effects simply by amplifying the perspectives.
56
BILLY CURRIE
www.kalaphoto.fr
Tungsten lighting
can cause distorted
hues, but allowing a
little colour shift
brings rewards
balance
15 White
Craig Roberts
www.craigroberts
photography.co.uk
Tungsten bulbs
are bright enough
to illuminate the
interior for your
eyes, but less effective for
your camera. They also cause
odd colour shifts that, again,
only your camera records, as
your brain can neutralise this
to a white light. Thankfully,
digital cameras have a
built-in correcting system and
this is where the whitebalance feature comes in.
You can tailor the white
balance to suit the light
source and tungsten is one of
the preset choices available.
This usually corrects the
colour cast but sometimes it
can be nice to have a slight
glow of colour shift. This can
be tailored in-camera if
youre shooting JPEGs by
using the white-balance
control. An easier way is to
shoot in raw and adjust on
the computer. You can then
dial in your chosen white
balance to suit the picture.
Correcting it entirely can
leave the image looking cold
and sterile, so tweaking the
white balance to allow some
of the warmth of the tungsten
lighting is the best option.
sure all lines are straight

14 Make
Joel Tjintjelaar
Being a box, La Grande

Arche de la Dfense in
Paris is an architectural
photographers dream
There are a few ways to approach

architecture. You can shoot straight up
to the sky and emphasise the dramatic
converging lines with the clouds as a
backdrop. This approach is far more suitable for
modern architectural photography, especially in
combination with long exposures, where the streaks
of clouds can create a nice visual tension while also
forming a subtle background. Since theres no horizon
line in your frame you can come up with any kind of
composition from any kind of vantage point, without
having to maintain straight verticals and horizontals.
Another more difcult approach, mostly used by
commercial photographers, is to shoot straight
forward, as if shooting a landscape, making sure you
always have straight verticals and horizontals. Its
more difcult, because if you want to capture the
whole building youll usually need a wideangle lens,
but you cant stand too far from the building as then
it will look too small. If you are too close youll have to
tilt your camera to capture the whole building, which
will ruin the straight lines. And then theres the
surrounding environment thats often hard to avoid.
The solution is to use a tilt-and-shift lens so you can
shift the lens upwards to maintain the straight lines
while still keeping the entire building in your frame.
JOEL TJINTJELAAR
www.bwvision.com
Technique
Wildlife
Patience, research and respect for your
subject are top of these experts tips
16 Fox cubs Luke Massey

www.lmasseyimages.com
Capturing fox cubs on lm can be notoriously

difcult as they usually remain close to the
den and the vixen is extremely wary and
protective of them. However, with a bit
of perseverance it is possible.
Aim to be out in the early morning and evening, as
these are the prime times for fox-cub photography
and when they are most active, although, depending
on the conditions, they can be out playing all day.
If youre incredibly lucky, you might even photograph
the vixen suckling her cubs this is the Golden Snitch
of fox-cub photography.
LUKE MASSEY
DAVID TIPLING
Photographing
fox cubs can be a
waiting game, but
the results are
worth the effort
barn owls
17 Capturing
Oscar Dewhurst
First, you need to nd a location
where barn owls are hunting. Look
on your local bird-club website to
see if theres an area where theyre
reported. Once you have a location, spend a few
mornings or evenings watching from a distance
to work out what their hunting patterns and
favoured perches are. After this, photography
will be easier as you can position your hide
according to where the owl and the sun will be.
I recommend using a lens over 300mm. For
settings, I often use manual for barn owls as their
light colour can throw off the cameras metering,
especially combined with a dark background.
Keep a shutter speed of at least 1/500sec to
freeze movement, even if this means increasing
the ISO and shooting at your widest aperture,
as light levels can be low. However, experiment
with slower shutter speeds and panning to give
motion blur: 1/4sec and 1/30sec are best.
Remember, its an offence to disturb barn owls
at, on or near an active nest in other words,
any action that causes a nesting bird to behave
differently to how it would normally.
58
OSCAR DEWHURST
www.oscardewhurst.com
Check online for

barn-owl sightings
and be prepared
to study their
feeding patterns
19-26 December 2015 I www.amateurphotographer.co.uk I subscribe 0330 3334555
Success for a wildlife photographer

depends on the three Ps of perseverance,
patience and planning. Unless you get
lucky, perseverance will always win out.
The more you persevere, the luckier
youll get. I tend to work on one subject at a time
and maximise my time in the eld. Most recently,
Ive been focusing on brown hares and each trip
I make into hare habitat has the promise of
producing new images.
To persevere means youll also have to be patient.
You may need to wait long periods between bouts of
action, but you must always be ready to react. If you
take your eye off the ball you could miss the eeting
www.davidtipling.com
opportunity you were waiting for. For example, Ive

sat patiently, hour after hour, waiting for a dive from
a shing osprey in specically placed hides. At times
the action might be fast and furious, but then hours
might go by without a visit. Its imperative to be
always peering skywards through the hide, otherwise
you might miss a dive thats all over in seconds.
Perseverance and patience can be rewarded by
planning. Researching your subject, working out the
direction of light, the best time of day and locations,
will all save time and get you one step closer to
capturing those dream images. By planning where
to locate yourself for the best light and potential for
action, youll help avoid leaving anything to chance.
RICHARD PETERS
18 Observe the three Ps David Tipling
perspective
19 Add
Richard Peters
www.richardpeters.co.uk
One of the best ways

to draw a viewer into
a photograph is to
get your camera at
eye level. This may mean getting
dirty, as a lot of animals are very
small and found at ground level,
but your images will take on an
entirely new look if you do.
You can expand on this by
using close foreground and
distant background elements
to surround the subject in an
out-of-focus palette of colour,
or have the ground beneath the
subject sharp and in focus, just
leaving the background diffused.
Eye level is about getting the
right angle. Often, with birds
in ight, the easiest image is
obtained by looking straight
up into the sky, but this can
produce unattering images
that lack impact. At best, youll
see the underside of the bird
set against the blue sky.
Avoid the temptation to
photograph birds until theyre
lower in the air all the better
if you can get yourself to
a higher vantage point.
2 0 Dont get starstruck Andrew Mason
While star animals such as lions make great subjects

to photograph, less glamorous animals should not be
overlooked. Wildlife photography is the product of many
factors, principally content and light. A star animal in
the viewnder doesnt guarantee a great image a bad image of
a big cat is still a bad image. Many animals that are frequently
overlooked are easy to access for little or no cost. For
example, blackbirds are photographically an unremarkable
little bird and are frequently ignored in preference to
other, more colourful birds, such as kingshers.
A few winters ago, during a period of
prolonged cold weather, food became
scarce for many of the animals
in the area where I live. This
resulted in a larger than usual
number of animals, including
blackbirds, congregating at a
feeding station near my home.
With the access road to
the feeding station closed, the
number of visitors putting food out was limited and as soon as any
feed was put out for the birds, the blackbirds would descend on it.
Desperate for food, ghts would frequently break out between the
blackbirds (see right). This action, coupled with the wintry
conditions, elevated these unremarkable birds to A-list status.
www.amateurphotographer.co.uk I 19-26 December 2015
ANDREW MASON
www.andrewmasonphotography.co.uk
Big cats on the

plains look impressive,
but epic shots, such as these
blackbirds, can be found
closer to home
59
Technique
Street
Blend in with your surroundings
and wait for the moment
short lenses
21 Use
Antonio Olmos
www.antonioolmos.com
In my opinion, truly great street

photography is shot on 50mm,
35mm, 28mm or 24mm lenses.
The 35mm is my favourite, whether
its tted to my Leica, Sony or Canon. In fact,
I wish I had a zoom that went from 35mm to
50mm and nothing more, but those pesky
lens manufacturers just wont listen to me.
Zooms, for the most part, arent good for
street photography. You need to think and see
like the lens on your camera. If you shoot with
just one lens, youll learn how the image will
look. Short xed-focal lenses also force you
to get close to the subject, and that immediacy
is what makes great street photography.
You feel like the photographer is right in the
midst of the action.
Zooms make you lazy. You stand around
and zoom in on the world instead of getting
in the thick of it. Zooms are also bigger than
your average xed-focal-length wideangle
or normal lens. They make your camera stand
out, so youre more likely to get noticed when
youre trying to be discreet. Plus, theyre far
heavier and your neck will suffer. Fixed-focallength lenses are lighter and smaller, which is
essential in street photography.
ANTONIO OLMOS
Short fixed-focallength lenses force

you to get close to
your subject, says
Antonio Olmos
Canon EOS 5D Mark
II, 35mm, 1/60sec
at f/2, ISO 2,000
your environment
22 Choosing
Jerry Webb
www.jerrywebbphotography.com
www.rupertvandervell.co.uk
I love to shoot at night,

especially during the
winter months when
good daylight is scarce
and it starts to get dark around
5pm. Ill sometimes spend hours
on the streets at night. If Im
shooting for a specic project, Ill
have a place in mind that I hope
will provide the right kind of scene
and then work in and around it.
The one great thing about night
photography is that the light is
always the same and it doesnt
matter what the weathers doing.
In fact, if its wet youll have
much more to play with in terms
of atmosphere. Places look very
different under streetlamps and
an area you might not have
considered for street work may
suddenly become a good
hunting ground.
I treat night shoots in the same
way as I do day shoots, and to
make it work you need at least
one good light source. I try to
choose areas that have at least

one main streetlamp, which will
hopefully dene the area where
I want to work. From there, I nd
the best viewpoint to balance
the scene regarding light, shadow
and subject.
Additional lighting can come
from car lights, reections and
shop windows. Im never too
bothered about getting a
technically perfect shot at night.
What Im looking for is the right
atmosphere. Youll be shooting
with a higher ISO and a certain
amount of grain is inevitable,
which is often what helps to
make the shot more authentic.
People in the city become more
isolated at night as there are
fewer of them around and the
mood is completely different to
the day. Im fascinated by the
lm-noir look those wonderful
gures in hats and overcoats
emerging from deep shadows
at night always inspire me.
RUPERT VANDERVELL
23 Shoot at night Rupert Vandervell
JERRY WEBB
Photographing a
casual sporting
event will help build
confidence, says
Jerry Webb. This is
on Brighton seafront
Being a street photographer or even just

taking candid pictures can be stressful and
difcult to conceal. So the environment you
choose to work in plays a major part, whatever
your experience and however good your technique.
Selecting where you photograph is key. Location can
not only dictate the style of pictures and how you go
about creating them, but it also affects how you and
those youre photographing are feeling.
Choosing your local area gives advantages. You have
the benet of local knowledge, a feel for where to look
and an understanding of the people, plus maybe a little
extra condence. Investigating new locations can bring
added excitement and inspire new ideas, but returning
to the same location and using your experience and
knowledge of the location can pay dividends.
As a rule, the busier the environment the easier
photography can be and the more picture opportunities
there are available. After a while, you develop an instinct
for whether the location will give results or not. Public or
sporting events, or tourist areas, are ideal for people
photography, and particularly suited to the novice or
those lacking in condence. Youll usually nd a greater
acceptance and a relaxed attitude to photographers and
often such places are full of other people taking pictures.
This makes it easier to blend in and provide you with a
more relaxed experience.
One of my most successful (and lazy) techniques is
to nd a seat in a busy street or shopping area and just
sit there with a camera. I let the subjects come to me
and wait for groups of people, movement, unusual
dress or just interesting interaction, often buying myself
an ice cream or a drink. Looking relaxed while taking
photographs in public helps to avoid attention. Nervous
photographers are always more visible. If you nd a good
location, be patient and take plenty of shots it may be
a while before you nd something better.
Rupert Vandervells
tip is that you need
at least one reliable
light source when
shooting at night
61
Technique
Travel
Technical knowledge, observing your
location and balanced lighting are key
your craft and then be
24 Learn
creative Philip Lee Harvey
www.philipleeharvey.com
We should all know what were doing

technically as photographers, whether were
professionals or amateurs. You get so much
more from photography when youre in
control of your equipment. If you let your camera control
everything, chances are you wont get the creative look
youre after. So, the rst thing to do is to turn off any
automatic settings, and that includes semi-automatic
exposure modes such as program, aperture priority and
shutter priority. I shoot in manual mode nearly all the
time. Its ne being experimental and creative with your
photography, but as a professional you need to be able
to repeat it. So I decide whats in focus, I decide the
exposure, and I draw upon an arsenal of other technical
tricks without having to think.
With focusing, I prefer to use single-point AF, using the
focus-and-recompose technique rather than continuous
AF (although I sometimes use focus tracking for wildlife).
I often use manual focus, too. I was photographing some
hummingbirds recently and, as the birds move so fast, I
switched to manual focus because I wasnt sure where
they would come into the frame.
PHILIP LEE HARVEY
a visual balance of light

25 Strike
and shadow Larry Louie
Dont let your camera control your shots. Get to grips with
your kit and take control, says Philip Lee Harvey
62
I love the way black & white photography

removes any of the emotion and feeling
created by colour (a beautiful red sunset may
evoke warmth and romanticism, for example).
To compensate for this loss of colour however, a black &
white image creates atmosphere and emotion through
its subject matter and through lighting.
The photographer learns to see shades of grey and
contrast, previsualising an image in mono before its
taken, but you must remember to watch how highlights
and shadows are arranged within the boundaries of the
image. Thats not forgetting that positive space is as
important as negative space, so you need to pay
attention to the background as much as the foreground,
as it plays an important role in the composition of the
image. This is called visual balance.
LARRY LOUIE
www.larrylouie.com
Without the
distraction of colour,
mono images can
convey emotion and
atmosphere better
26 Tea first, photography second Gavin Gough

www.gavingough.com
The best travel photography communicates a sense of place

and shares something about the experience of being in a
specic location. To make images that communicate
effectively, you need to know what that experience feels like.
Try to resist the temptation to begin shooting immediately. Put your
camera away, walk through the markets, chat to the street vendors,
explore the location fully, observe how the light falls and search for
locations that will provide the best photographic opportunities.
I nd that pausing for tea provides me with the time to really observe a
location and inevitably leads to conversations with local people, without
the pressure of feeling the need to take photos. I know that the time I
invest in exploring without a camera when I can think about the light,
about compositions and perspectives will always pay dividends when
Im ready to start work. It also means that when I return to locations,
when people might remember my face and an earlier conversation we
enjoyed, theyre much more inclined to work on creating a memorable
portrait with me.
63
GAVIN GOUGH
Take time to
wander around your
location before you
start shooting
Technique
Close-ups
Blurred backgrounds, bokeh and a shallow
depth of field make striking macro shots
27 Composition Huub de Waard

www.huubdewaardmacros.com
JACKY PARKER
HUUB DE WAARD
Composition is more difcult for microphotography

than for any other type of nature photography, as
you want to simplify your image as much as you can.
Luckily, the point of focus appears more pronounced
in the viewnder when the subject is under high magnication.
The subjects eye(s) should be the location of sharpest focus and
should have a well-chosen position within your composition.
For maximum sharpness throughout, adjust the angle of your
camera so that the plane of sharpest focus aligns with the head
of your subject. In microphotography, the background is often
so out of focus that it appears as a solid, or smoothly varying
patch, of colour. Choose a background that complements the
colour and tone of your foreground subject.
www.johannesklapwijk.com
The quality of light and the resulting

colours can make or break a close-up
image, and I nd backlighting works very
well. Vegetation and grasses in particular
can look amazing with backlighting, as it creates
beautiful highlights and rims around anything
transparent in the frame.
When backlighting is combined with dewdrops or
other forms of water, the bokeh can be a perfect way
64
to capture a certain mood. This is especially true with

the rst light of day, as the large, soft bokeh bubbles
convey the warm feeling of a beautiful summer
morning. However, its also important to keep
experimenting with light and weather. For example, a
grey, overcast sky can give beautiful high-key shots
and the bokeh from harsh midday sunlight can give a
sparkling, colourful result that sometimes looks like
an aquarelle painting. Thats truly writing with light!
JOHANNES KLAPWIJK
29 Quality of light Johannes Klapwijk
Style Jacky
28 Parker
www.jackyparker.com
Shoot wide open to

lose detail in the
background and
draw attention to
the main subject
I aim to isolate
the subject to
create an
elegant visual
impact of shape and
colour. I rarely use a tripod
as many of the pictures I
take are from ground level,
so I end up spending a lot
of time lying in the dirt! I
also nd that this allows me
to get the angle I want.
As there is rarely the
perfect light for oral
photography, I have found
my 8in reector to be
incredibly useful. I use it
not only as a reector, but
also as a clamp to hold the
reector between the
subject and the sunshine in
order to soften the light
and reduce shading. I enjoy
the warmth of the evening
light, particularly when the
subject is backlit.
When shooting outdoors,
I like to take my pictures at
f/2.8 or wider, to minimise
the depth of eld. One of
the advantages of shooting
wide open is that the detail
in the background is lost. I
also try to shoot through
other ora to create
foreground colour, and
have found this to be useful
when photographing
autumn colours.
Create your own

30
environments
Nadav Bagim
NADAV BAGIM
www.aimishboy.com
You can build your own sets

on nothing more elaborate
than a kitchen table. A
set-up usually takes an hour
or two, depending on how complex it
is. I use simple household objects or
other items you nd lying around. The
ground in my sets is made of natural
ingredients like vegetables, owers,
leaves, tree bark and moss, which I
arrange depending on what Im trying
to achieve.
The vibrant backgrounds are achieved
using mundane but colourful items,
such as supermarket bags. I like to
take advantage of the shallow depth
of eld in macro photography to
transform them into richly hued,
dreamy backdrops, while the
particles in the air are simply
created by spraying water droplets.
65
Technique
Positioning is key
to a successful
action image
Action
Take risks and capture
sporting moments head on
31 Positioning
Andy Hooper
Never underestimate the
importance of a good position.
After 20 years I still agonise
over where to sit. Just ask any
football photographer how many times
theyve retuned to the press centre and
said the dreaded words, I was at the
wrong end for all the goals.
Positioning often comes down to personal
preference, and mine for shooting action is
to shoot low down and head-on. This
accentuates the power of the athletes and
makes the viewer feel part of the action.
When in doubt, use this as your default
position. If youd like to do something more
creative, shoot from the sidelines or above.
Once youve established where the light is
coming from and if youre happy with it,
consider the background sports arenas
and stadiums are riddled with clutter. A
simple clean background helps the action in
the foreground stand out.
Dont be afraid to get up and move.
Motor racing is ideal for changing positions.
If you keep on the move youll end up with a
larger variety of images.
ANDY HOOPER
www.andyhooper.co.uk
FRITS VAN ELDIK
Your wastage rate

will be high, but
when you get the
shot itll be worth it
3 3 Seeing a picture Marc Aspland

www.marcaspland.com
How we see an image denes us all as

photographers, and its only our individual
creativity that sets us apart.
For example, the longest mens nal in the
history of Wimbledon, an incredible 4 hours 48 minutes,
was in 2008. The clock on the scoreboard in the
background showed 9.26pm, and in the almost darkness
there was no way the ash-lit pictures of my colleagues
would capture the whole picture. So by setting my camera
at a very slow shutter speed and by trying to keep as still
as possible, I red the shutter at exactly the time I
anticipated their ashguns. I was able to capture just one
good frame from a nal in 2008: Rafael Nadal being lit by
another ash, illuminated in the darkness (below).
32 Be proficient Frits van Eldik

www.fritsvaneldik.nl
66
MARC ASPLAND
While its quite possible to create a portfolio of great but lucky shots, you
want to be able to take striking images every time you head out with your
camera. Shoot as much as you can, and so long as you understand why
something hasnt quite worked or you missed a shot because you were
taking a risk, these experiences will pay off. Your wastage rate will come down
massively until youre shooting engaging shots on a regular basis.
RO
NO UN
W DT
OP W
EN O
!
10,000
IN PRIZES
TO BE WON
Amateur Filmmaker
of the Year competition
Your chance to enter the UKs newest competition for budding amateur filmmakers
TO COINCIDE with the launch of
The Video Mode website, were
pleased to announce our new
Amateur Filmmaker of the Year
(AFOY) competition. AFOY
challenges you to get creative with
your lmmaking, and gives you the
opportunity to win some fantastic
prizes worth 10,000 in total.
The competition is split into

three rounds, each with its unique
theme: Nature, Time and Love. To
enter, submit a video no more
than ve minutes in length, of HD
quality. You can shoot on any
camera youd like, and the content
and editing are up to your
imagination so long as it ts
the rounds particular theme.

Visit www.thevideomode.com to
view the top videos, as well as the
scores and a leaderboard for the
overall competition. The winner
will be the person with the most
points after three rounds, who will
win the overall prize as well as title
of Amateur Filmmaker of the Year.
Round Two: Time

Get creative in this round by
exploring the passage of time in
different ways. Play with frame rates
to speed up or slow down your
footage, or capture a moment like a
childs birthday party in a cinematic
manner. For examples, go to
www.thevideomode.com/examples.
Rounds
and dates
Prizes
Below is a list of the competition rounds, their themes and the dates you Enter to win your share of prizes worth over 10 000!
need to know. To view the results, visit www.thevideomode.com. When
planning your entry, take into consideration the criteria of fullling the
brief, creativity and technical excellence on which youll be judged.
Theme
Opens
Closes
Round One: Nature
1 Aug
30 Sep
Round Two: Time
1 Oct
31 Dec
Round Three: Love
1 Jan
28 Feb
The overall winner will be announced in April 2016
Heres what you could receive:
Round One
Round Three
Canon EOS 7D Mark II, worth

1,499.99
Canon Legria Mini X, worth 329.99
Canon XC10 (with 128GB CFast card

and reader), worth 1,999.99
Round Two
Overall prize
Canon EOS 5D Mark III, worth 2,499.99

Canon Cinema EOS C100 Mark II,

worth 3,599.99
Visit www.thevideomode.com/afoy2
to send us a link to your short lm and to view the full terms and conditions
In association with

#6 %1%.' #14- -# -#. 1%1- 5 %

1 6%-!,. !# '%1%-'-. 61 %4- % %1%.',.
"%.1 '%'4!- 6-6### # -1 # 1 ''-.
"%%1 %11%# 2:: 14-! %1 714- -1 1 2&
!1#4" -81 2:: #

!1#4" 1# 3(
* - 1-!! 1% 6%- # 61
.4 .4..4! # 5-.
-%4' % '%1%-'-.( %#
. !' .1 1 - # 1- #-
# 1 . '!.4- 1% . 1- 6%-!. %# %4- ''-.(+

!. -1%- 1 %1%.'

(

!
# #

# %"
$ !&

# "

# "

# .-' "# 6 %!%4"41 # "7 - !!

5 61 #14-,. .11 %
1 -1 "#414-# 1#%!%.
# %1 1 ''- . # 1 #
-5# !8-(
!"" #
"
%- ."'!. %- 1% # 8%4#-.1 .1% .1 '!. %#11 4.
! :&3$ /&
"! .!.%1%.'(%"
!"
# ## $++
" 1% -8.1!!. 1 #!..!8 5- !1
%!%4-. # 1714- % #14- # "8 !#.'
'%1%-'.( 1 1 # % # % '%1%-'
'-%... 1 '-#1 . 1 4!"#1%# # 4!!"#1
% 11 %-1 # 1 ''- . -1! 1% 1 .4..
% 1 '-#1( %1%.',. "%%1 %11%# 2:: . "8
''- % %(
!'! * !&!* #&!

# )#&!
!# # $
. 1-1%#! - -%%" '-#1-. 1 . 1 # 4.
"#8 8-. 1% .%5- 1 -1 ''- %- %41! ". 11 6!! '14- # %! !! % 1
.%6 # !1 1! 6 "#( 14-!
%1 714- -1 1 . %4- '--- ''-(

( #& !*# $++
. '%1%-'- " 1% '14- 1 .'-1 %
"8 .41( ! 1#%!%8 . # %51 8-. 1 %# 1# ! -"#. 1 ." .
1 "'%-1# % 1 '-#1 "( %1%.',.
!1#4" -81 -. 1 ' 16# 1

1-1%#! - -%%" ''-. # 1%8. 1!
"( # 11 6!.1 1 . #%6# %- -'-%4#
.4'- ". 1 .%4! #5- 4#.1"1 . ''- %- %!%4- 6%- (
! # #& # %

#.' '%1%-'8 . "4 %41
.%5-8 # '%1%-'-. # %#!8 4!!8 -!.
1 -6-. % 1- %-1. 6# .# # 1 %-"
% '-#1( ''- 4. %- 11 '-#1 . 1%
. -4!!8 %#.- . 1 " "(
.%5-# %1%.',.
!1#4" 1# 3
. # -5!1%# 1% " # . '-%5 51!
1%%! # "8 %#%# )4.1 1% "1
'-5.4!.1%# 61 # -.4!1(
NASA/ESA AND J HESTER
BOOK ROUND-UP 2015
Expanding
Universe:
Photographs from
the Hubble Space
Telescope
by Charles F Bolden Jr,
Owen Edwards, John
Mace Grunsfeld and Zoltan
Levay, Taschen, 44.99,
hardcover, 260 pages,
ISBN 978-3-83654-922-6
Books
of the Year 2015
There have been some extraordinary photography
books released this year. Heres just a small selection
of the most interesting and engaging titles from 2015
THERE are
numerous images
that can make us
question our place
within society and
the world. This is perhaps the
key purpose of reportage and
documentary; those twin genres
can offer viewers a sense of
empathy that helps us to connect
with one another and assist us in
witnessing events and people
whom we may not otherwise
encounter. It takes a special
collection of images to give us
some sense of place within the
universe, and thats what we nd
with Expanding Universe. The
images collected within this
book all come from the Hubble
Space Telescope, a feat of
engineering that has not only
helped astronomers get a better
picture of the building blocks of
the cosmos, but has also offered
us a humbling account of just how
small our place within the universe
is. Expanding Universe is a
gorgeous volume. Each image
is, in the original sense of the
word, awesome. There are not
many books that can be said to
leave you breathless, but this is
certainly one of them.
by William A Ewing, Thames & Hudson, 39.95,

hardcover, 224 pages, ISBN 978-0-50051-805-2
YOU MAY be
unfamiliar with
Lois Greenelds
work. If so,
youre in luck,
not just because
of the publication of this rst
new monograph in 17 years,
but also because you
are about to
discover one
of the most
fascinating
bodies
of
work around today. Greeneld

has been shooting for 40 years
and her career has found her
being lauded as the preeminent photographer of
contemporary dance.
Greenelds images are notable
for the sheer beauty of their
execution. Each frame exudes
elegance and passion. The
forms of the dancers are
perfectly captured as they
spring mid-air against
minimalist backdrops. There are
very few photographers who
could make this process look
so effortless, yet Greeneld
pulls it all together
like a master.
LOIS GREENFIELD
There are not

many books that
can be said to leave
you breathless,
but this is certainly
one of them
Lois Greenfield: Moving Still
69
ALEX BERNASCONI
BOOK ROUND-UP 2015
HARRY GRUYAERT/MAGNUM PHOTOS
Blue Ice
Harry Gruyaert
by Alex Bernasconi, Papadakis, 30, hardcover, 204 pages,

ISBN 978-1-90650-658-2
Thames & Hudson, 40, hardcover, 144 pages,

ISBN 978-0-50054-448-8
JUST outside our

own planet were
beginning to see
that Mars, as well
as a host of other planets, carry
qualities that are rather similar
to our own home world. The
presence of water is a thrilling
development in our quest to
understand our galaxy, but thats
not to say that our own planet isnt
still capable of presenting us with
THIS thorough
volume is actually
the rst-ever
English-language
monograph of
Harry Gruyaerts work and it is a
more than generous introduction.
Harrys busy eye has travelled the
length and breadth of the world,
and the photographer has taken
great pleasure in drawing out the
striking interplays of primary
colour and gorgeous light.

There are some absolute gems
contained within this book as
Harry takes us on a colourful
tour of the world, including India,
Morocco and Egypt. The book
opens with Gruyaerts eerie
1972 series TV Shots and
ends with his recent digital
imagery. This is a body of work
that shows how some artists
never lose their touch.
ALEC SOTH
seemingly alien environments. The

Antarctic region is a vista that is at
once sublime and hostile. It takes a
special photographer to be able to
convey these qualities in one, and
Alex Bernasconi has achieved this
with a series of beautiful images.
Theres a quality that draws you
in, hypnotises you and makes you
feel the cold on your skin. Its an
extraordinary collection of pictures
and one of the best on its subject.
WALKER EVANS
Songbook
Walker Evans: Depth of Field
by Alec Soth, Mack Books, 40, hardcover, 144 pages,

ISBN 978-1-91016-402-0
Prestel, 55, hardcover, 408 pages,

ISBN 978-3-79138-223-4
AMERICAN
photographer Alec
Soth is known to
quote The Guardian
for his offbeat,
hauntingly banal images of
modern America. Its a perfect
description. In Songbook, Soth
adopts the role of community
newspaper reporter. For two
years, he travelled the US state
by state while working on his
self-published newspaper,
IN THE pantheon
of great American
photographers, its
perhaps Walker
Evans who stands
taller than most. His inuence
across the world of photography
can be seen to this day. Evans
ability to draw the extraordinary
from the quotidian has been near
unequalled in all the years since
his death. This stunning volume
from Prestel does ample justice
70
The LDM Dispatch, as well as

on assignment for The New
York Times, among others. His
journey took him to a variety
of communities gathering at
dances, meetings and festivals,
all of which are populated by
individuals who seem to be longing
for a human connection. Soths
perfectly exposed and printed
black & white images are
breathtaking. They are eerie,
beautiful and affecting.
to the legends work, and

succeeds not just because of its
reproduction of his more famous
works, but because it takes the
time to explore those images that
have perhaps been overshadowed,
such as his those taken in Floridas
Gulf Coast. This is a vital volume
for anyone serious about the
history of photography. You can
nd an extensive interview with
two of Walker Evans colleagues
on pages 40-44 of this issue.
Avoid a catastrophe,
insure your equipment.
Insurance Services
COVER INCLUDES
Low excess
Up to 25,000 worth of cover for your

camera, equipment and accessories
New for old replacement
Cover for theft of your camera, equipment

and accessories including from a vehicle
Public liability
Hire cover included as standard whilst we

replace or repair your camera
Personal Accident
UK residents only required to be in the UK

for 1 day in any period of insurance
Mechanical Breakdown
Accidental damage
Hire in the event of a claim

Full Worldwide Cover
*Mon to Fri 9am to 6pm
Insure your
camera and
accessories
today!
Theft
Standard excess only 50
New for old on your specic camera available,

including vintage or rare items
Protection for you against damage to another
person or their property
Optional cover available to protect yourself
when using your camera or equipment
Option to add Mechanical Breakdown cover on
items purchased from new less than 5 years ago.
Call now 0844 249 1902*

www.amateurphotographer.co.uk/apprintad
POLICY TERMS, CONDITIONS & EXCLUSIONS APPLY. FULL DETAILS CAN BE FOUND IN OUR POLICY DOCUMENT WHICH IS AVAILABLE ON OUR WEBSITE. AMATEUR PHOTOGRAPHER INSURANCE SERVICES IS A TRADING STYLE OF THISTLE
INSURANCE SERVICES LIMITED. AUTHORISED AND REGULATED BY THE FINANCIAL CONDUCT AUTHORITY. A JLT GROUP COMPANY. REGISTERED OFFICE: THE ST BOTOLPH BUILDING, 138 HOUNDSDITCH, LONDON EC3A 7AW
REGISTERED IN ENGLAND NO 00338645. VAT NO. 244 2321 96.
7KH 6RFLHWLHV 3KRWRJUDSKLF
387 7+( '$7(6 1 <285 '$5< 12:
&RQYHQWLRQ 7UDGH 6KRZ $ZDUGV
&RQYHQWLRQ
7UDGH 6KRZ

-DQXDU\
-DQXDU\

(XURSHV /DUJHVW $OO:HOFRPH 3KRWRJUDSKLF &RQYHQWLRQ
+LOWRQ /RQGRQ 0HWURSROH +RWHO (GJZDUH 5RDG : -8
7$.( <285 3+272*5$3+< 72 7+( 1(;7 /(9(/
)5(( 3KRWRJUDSKLF 7UDGH 6KRZ

0HHW RYHU H[KLELWRUV 6HH DOO WKH ODWHVW FDPHUDV DQG RWKHU SKRWRJUDSKLF
JHDU 7KH WKUHH GD\ 7UDGH 6KRZ VSDQQLQJ WKH )ULGD\ WR 6XQGD\ LV D JDWKHULQJ RI
WKH ZKRV ZKR LQ WKH SKRWRJUDSKLF LQGXVWU\ ZLWK PDMRU PDQXIDFWXUHUV HDJHU WR
VKRZ \RX WKH ODWHVW LQ WHFKQRORJ\ DQG GHVLJQ
5HJLVWHU
QRZ IRU
\RXU )5((
7UDGH 6KRZ
WLFNHWV
:+$76 21
0$67(5&/$66(6
)5(( WR HQWHU 7UDGH 6KRZ

GD\ RI 0DVWHUFODVVHV
6XSHUFODVVHV
%XVLQHVV 6FKRRO
/RFDWLRQ 6HPLQDUV
4XDOLFDWLRQ $VVHVVPHQWV
[ 3ULQW &RPS -XGJLQJ
$ZDUGV 'LQQHU
:HOFRPH 3DUW\
3UL]H 'UDZ $QQRXQFHPHQWV
'RQW PLVV RXW RQ WKH FKDQFH WR VWDUW R

WKH \HDU ZLWK LQVSLUDWLRQ IURP VRPH RI
WKH ZRUOGV EHVW SKRWRJUDSKHUV
KRXUV RI 0DVWHUFODVVHV KDYH EHHQ
FRQUPHG IRU WKH &RQYHQWLRQ
0DVWHUFODVV 7LFNHWV
'D\ 3DVV IURP e
'D\ )XOO 3DVV IURP e
?$EVROXWHO\ LQVSLULQJ DV DOZD\V 5HDOO\ JRRG VSHDNHUV DV DOZD\V 7KH VHOHFWLRQ

0RVW LPSRUWDQW LV
RI FODVVHV DQG YDULHW\ RI WKLQJV WR VHH DQG GR DUH UVW FODVV
WKH JHQHURVLW\ RI RWKHU SKRWRJUDSKHUV WR VKDUH WKHLU H[SHULHQFH@ 9LFNL 6KDUS
5HJLVWHU IRU \RXU WLFNHWV WRGD\ ZZZVZSSFRXNFRQYHQWLRQ

3UHUHJLVWHU EHIRUH -DQXDU\ WR DYRLG e HQWU\ IHH WR 7UDGH 6KRZ
TECHNOLOGY OF 2015
Testbench
Best features of
2015
Michael Topham and Andy Westlake take a look

back over the camera developments made this year,
and choose the advances in technology they like best
16MP standard mode
High-res composite mode
In this comparison the high-resolution mode

clearly gives a more detailed image
High-resolution multi-shot mode

Andy Westlake looks at a resolution-enhancing feature
that appeared on a couple of cameras this year
I SUSPECT most photographers have a pretty
good idea of what they understand by a
cameras resolution. Its the headline megapixel
count, and a higher number equates to more
captured detail (and is therefore better).
This year, however, weve seen a couple of
cameras that confound this idea. By taking
multiple frames in quick succession, they can
produce visibly more-detailed images. How
can this possibly work?
To understand this, we need to consider how
image sensors operate. The key point is that
they record colour by placing red, green or blue
lters over their light-sensitive pixels, so only
one colour is recorded by each pixel. The lters
are usually arranged in an RGBG Bayer pattern,
and the full-colour image is reconstructed by a
process known as demosaicing.
However, the demosaicing process isnt
perfect and can result in less-than-perfect
pixel-level image quality. But what if it were
possible to record all three primary colours at
each image pixel? With demosaicing no longer
necessary, image quality should be improved.
Two cameras launched this year do just
this the Pentax K-3 II and the Olympus

OM-D E-M5 II. Both of these can use their
in-body image-stabilisation systems to shift the
sensor by one pixel horizontally or vertically
between shots. So by taking four exposures
in succession while shifting the sensor by
precisely one pixel each time, its possible to
record full-colour data at every point in the
image. The E-M5 II goes a step further; after
the rst set of exposures it moves the sensor
by half a pixel and repeats the process. This
ner sampling of the scene allows an even
higher-resolution image to be constructed,
meaning the E-M5 II can output detailed
40MP JPEG les using its 16MP image sensor.
While this certainly works, giving cleaner,
higher-resolution images that also have lower
noise, it also has drawbacks. It requires neither
the camera nor the subject to move during the
process, which takes a second or so to
complete. This means its only suitable for static
subjects, and the camera has to be xed onto a
sturdy tripod. It is therefore not currently a
substitute for simply buying a camera with more
pixels, although it can still be a useful tool.
Olympuss OM-D
E-M5 II can shoot
40MP composite
images
Of course, this is just the rst step. Its easy

to see how a practical handheld version of this
approach could be developed, using faster
shooting rates to capture the sequence of
frames more quickly, and more advanced
image-stabilisation systems capable of
applying the required pixel-level sensor shifts
accurately on top of the usual adjustments
for camera movement. I doubt this will come
for a while yet, but I wouldnt be surprised to
see it appear in cameras four or ve years
down the line.
Theres still a real question about whether
anyone really needs this kind of resolution. The
main point is that it allows you to zoom further
into an image while viewing on-screen, or crop
further for printing. It may not be essential, but
its nice to have the option without having
to shell out for a high-resolution camera.
73
Testbench
TECHNOLOGY OF 2015
Built-in image stabilisation

Michael Topham reveals how important built-in image
stabilisation has become on Sonys latest Alpha 7-series models
A FEW years ago, Olympus broke new ground
by revealing the worlds rst 5-axis image
stabilisation system on the OM-D E-M5.
Rather than compensating for camera shake
by addressing two kinds of movement along
the vertical and horizontal axes, this new
in-camera mechanism looked to tackle ve
different kinds of movement, including
horizontal shift, vertical shift and rotary motion
as well as yaw and pitch. The idea behind this
technology allowed any lens, whether it was
optically stabilised or not, to be mounted to the
body and be stabilised, together with any optics
that might be attached via a mount adapter.
Thorough testing of this 5-axis system
revealed that it worked exceptionally well. It
allowed users to capture sharp images at
incredibly slow shutter speeds, and brought an
almost steadicam-like quality to handheld
video. This stabilisation technology did present
a question, though how long would we have
to wait until this advanced technology became
available on a full-frame camera?
The answer came at the end of last year
when Sony announced its successor to the
Alpha 7. The headline feature on the new
Alpha 7 II was its 5-axis in-body stabilisation
system something that immediately had
people asking if it were the same system as
Olympuss. Glossing over the fact that the
two companies entered into a technology
partnership in 2012, Sony claims its 5-axis

system is its own unique iteration of the
technology. Sonys system compensates for
the familiar pitch and yaw movements, and
also corrects for movements of the camera
vertically and sideways. The fth axis
corresponds to the rotational correction
around the lens axis, which is crucial for video
recording and ensuring high-resolution
handheld images remain at their sharpest. The
technology is clearly similar to Olympuss; the
biggest difference is that Sonys system brings
the stabilisation benets to a full-frame sensor.
The effectiveness of 5-axis IS

I tested the 5-axis stabilisation system on the
Alpha 7 II when it was rst announced and
have used it extensively on the Alpha 7R II and
Alpha 7S II since. The effect is so powerful you
immediately know when you have it switched
on and its clearly visible on the screen or
through the viewnder when shooting stills or
recording video. Its particularly effective with
the latter, turning what could otherwise be
shaky handheld movie footage into smooth
video that looks like it could have been
captured with the camera mounted on a tripod.
For me, though, its the ability to shoot sharp
images with extremely slow shutter speeds
that makes it so valuable. Experimentation with
Sonys 5-axis stabilisation has revealed that its
The rise of the viewfinder

Andy Westlake looks into this years trend for bigger
and better electronic viewfinders
THE CAMERA market has changed
dramatically over the past few years. As
smartphones have become the tool of choice
for casual shooters, manufacturers have shifted
their attention to enthusiast photographers,
as the only group still prepared to buy and
carry actual cameras. With this comes a
renewed focus on working out the particular
features that photographers really want.

One very welcome result of this has been
a revival of the eye-level viewnder. On the
majority of new digital camera models,
this now means an electronic,
rather than optical one. And
this year, electronic
viewnders have
Sony introduced
5-axis stabilisation into
both the Alpha 7R II
and Alpha 7S II in 2015
possible to shoot sharp images of static

subjects with a shutter speed as slow as 1/5sec
when the focal length is set around 70mm.
This is hugely benecial in low-light situations.
By being able to capture sharp shots at
implausibly slow shutter speeds, it puts less
demand on having to push the sensor to the
extremes of its ISO range, which ultimately
results in cleaner images with less noise.
The level of customisation Sony provides on
its Alpha 7-series cameras is excellent, and
extensive testing of the 5-axis stabilisation
system has taught me to set up one of the
customisable buttons on the body so you have
the option of turning stabilisation on and off in
an instant. It would be nice to see a dedicated
button on the body for it, but with space limited
we expect it to remain a customisable option.
To summarise, Sonys 5-axis image
stabilisation is a very attractive feature and
helps to set Sonys Alpha 7 series apart from
its full-frame rivals.
not only appeared on a greater variety of

cameras than ever before, but have also got
larger, sharper and generally better.
So why does this matter? Well, to me,
eye-level viewnders are important creative
tools. By focusing your attention purely on your
composition and blanking everything else from
your vision, they help you concentrate on
setting up the shot. A useful side effect is that
The Leica SLs EyeRes
viewfinder is the best
weve ever seen
Image stabilisation switched on
Image stabilisation switched off
With a steady hand its possible to shoot sharp handheld

shots as slow as 1/5sec when 5-axis stabilisation is deployed
holding the camera up to your eye also

provides greater stability, reducing image blur
from camera shake.
Electronic viewnders also give 100%
coverage of your composition, and can overlay
huge amounts of shooting information
including useful tools like electronic levels and
highlight clipping warnings. Its also possible to
preview the effects of all your exposure
settings not just in terms of image brightness,
but also depth of eld, white balance and
colour mode. This can make EVFs incredibly
powerful creative tools.
Types of finder
On xed-lens compacts, Sony has continued
to work with its innovative pop-up viewnder,
which has appeared in cameras as diverse as
the Cyber-shot DSC-HX90V pocket
superzoom, the Cyber-shot DSC-RX100 IV
enthusiast zoom compact and the Cyber-shot
DSC-RX1R II premium compact. This design
has the advantage of keeping cameras small,
although with no space for an eyecup its more
susceptible to glare in bright light.
Canon seems nally to have woken up to the
new trend, and has tted a centrally mounted
EVF to its latest enthusiast zoom compact, the
PowerShot G5 X. The resultant shrunken
DSLR design has a lot to like about it, with
Sony Alpha 7 II, 1/5sec at f/6.3, ISO 200
the centrally mounted viewnder being very

natural to shoot with.
Panasonic, meanwhile, has stuck with a
corner-mounted viewnder in its Lumix
DMC-TZ70 travel zoom, but hugely increased
the resolution compared to last years TZ60.
This alone makes for a much better shooting
experience, although the EVF is still rather
small. The Lumix DMC-FZ330 superzoom
bridge camera, in contrast, gains a viewnder
thats both much bigger and sharper
compared to its predecessor.
When it comes to CSCs, the major
manufacturers now seem to have settled on a
two-tiered approach, with large nders on their
top-end models that rival the optical nders on
full-frame DSLRs, and slightly smaller ones on
less expensive models that can still match the
best APS-C DSLRs. Olympus, Panasonic and
Sony have all put really excellent nders into
cameras like the OM-D E-M5 II, Lumix
DMC-GX8 and Alpha 7R II respectively.
The outright best viewnders weve seen,
though, have come from a slightly surprising
source: Leica. We were blown away by the
3.7-million-dot unit on the Q (Typ 116)
full-frame compact, and were pretty
condent it wouldnt be matched for quite
some time. So Leica promptly came out
with a 4.4-million-dot EyeRes EVF on
Sonys uses a pop-up finder on the RX100 IV
the SL (Typ 601) CSC that, with its 0.8x

magnication, is the best viewnder Ive seen
on any stills camera. Indeed, where once we
might have praised a really good EVF for being
almost as good as using a DSLR, weve now
reached the point where DSLR nders look
unsophisticated in comparison.
This is all great news for photographers,
as any tool that makes it easier to take the
pictures you want has got to be a good thing.
Even better, well surely see these ultra-high
resolution panels appear in more cameras
soon, especially as top-end models are due
from the likes of Fujilm, Olympus and
Panasonic during 2016.
75
Testbench
TECHNOLOGY OF 2015
Grabbing stills from 4K movies

Michael Topham explains the benefits of Panasonics 4K Photo
technology and reveals where we may see it appear next
A BUZZWORD that has been associated with
many a new camera release this year has been
4K. Panasonic is a manufacturer that has
embraced 4K video within its line-up of
cameras for a while now, and in the past year
weve seen the latest Lumix models being
rolled out with 4K Photo a mode that allows
users to extract high-resolution still images
from video footage.
Grabbing an 8MP still image from a clip of 4K
movie footage might not seem like revolutionary
technology, but Panasonic has been working
hard to rene it and make it more accessible.
Earlier this year we witnessed the introduction of
three new 4K Photo modes: 4K Burst Shooting,
4K Burst (Start/Stop) and 4K Pre-burst on the
Panasonic Lumix DMC-G7.
Having the option to pull an individual frame
from a movie clip to create a high-resolution
still image can be a very useful feature if you
like to shoot fast action, sports or other eeting
moments where its not always easy to trigger
the shutter at the perfect moment. There will
be some photographers wholl argue that
taking a few minutes of video footage only to
pick out the best frame later doesnt require
the same level of skill or technical ability.
However, its technology were starting to see
photographers embrace and its an innovation
that certainly looks like its here to stay.
The idea behind Panasonics three new
4K Photo modes is to make the process of
76
capturing a still image at the perfect time

even easier. Whereas 4K Burst Shooting allows
up to 29mins 59secs of continuous 4K
recording at 30fps, which can be used just like
a photo-burst mode by holding the shutter
down, 4K Burst (Start/Stop) mode starts
consecutive shooting with a single press of the
shutter button and stops with a second press.
This is ideal for shooting opportunities that
require a longer waiting time. The 4K
Pre-burst function is aimed at those who
would like the camera to record 30 frames a
second automatically before and a second
after the shutter is pressed a mode that can
make all the difference between capturing a
moment and missing it altogether.
How does it work in practice?

In use, an eight-second-long 4K burst takes
approximately 4-5 seconds to process before
a thumbnail of the clip youve just taken is
revealed on-screen. Using the touchscreen
you can then hold and scroll this thumbnail
to the right to go through the 4K movie clip
frame-by-frame to nd your favourite from
the burst sequence, before extracting an
8-million-pixel image and saving it to the card
as a JPEG using the cameras Menu/Set
button. This might sound like a complex
procedure, but its actually very straightforward
and doesnt take long to learn.
While theres no denying that these new 4K
Panasonic has
made 4K Photo
easily accessible
via the drive dial
Photo modes can make the difference

between capturing a shot at the precise
moment and missing it altogether, they have
their caveats. The 4K Pre-burst mode, for
example, is continuously recording to ensure
you never miss a eeting moment, but the
downside of this is that it drains the cameras
battery very quickly. Another area for
improvement is the thumbnails that are
displayed in the viewnder. These initially
appear in low resolution, and wed prefer to
see a high-resolution preview instantly in the
viewnder like those displayed on the screen.
Panasonics new 4K Photo modes are useful
to have. They wont see use all the time, but
when you nd it difcult to re the shutter at a
certain moment theyre a great help. The fact
that Panasonic has also rolled out this 4K
technology on the Lumix DMC-GX8 and
Lumix DMC-FZ330 suggests well see more of
it in the future, possibly on pocket compacts too.
PERFECT
CHRISTMAS
GIFT
Learning in
a snapshot
At Amateur Photographer, we understand that your time is

limited, and that you may only want to improve a specific
area of your photography. Thats why weve designed our
School of Photographic Imaging Bitesize courses: short
courses for those with a specific learning objective.
79
79
LANDSCAPE,
CITYSCAPE AND
SEASCAPE
MACRO
AND CLOSE-UP
PHOTOGRAPHY
79
79
TEN STEPS
TO PERFECT
PICTURES
WORRY
FREE
WORKFLOW
For more information visit

www.amateurphotographer.co.uk/school-photographic-imaging
Email us at spiadmin@timeinc.com
Testbench
TECH ROUND-UP 2015
Best of the
brands
2015
Andy Westlake takes a look
at what each of the main
camera and lens makers has
produced in the past year
ITS BEEN another busy year in photography, with all the major
manufacturers producing a range of new cameras and lenses. Indeed,
at AP weve tested no fewer than 40 cameras and 36 lenses during the
course of 2015, along with sundry printers, ash systems and a huge
range of assorted accessories. This puts us in an unrivalled position to take
a look back and pick out the trends and highlights of the year. Across the
following pages well look at what each manufacturer has been up to, and
give our predictions for products we expect (or hope!) to see in 2016.
Fujifilm
Development of Fujifilms
X system continues apace
FUJIFILM started the year with a couple of minor
updates, in the shape of the XQ2 enthusiast
compact and the X-A2 CSC. But this turned out
to be merely a warm-up for the X-T10 a really
nice little camera that puts most of the best bits of
last-years X-T1 into a more affordable package.
The Fujinon lens range has grown too. The XF
16-55mm f/2.8 R LM WR is a fast standard zoom
with absolutely stunning optics, while the XF 90mm
f/2R LM WR and XF 16mm f/1.4R WR are excellent
portrait and fast wide primes respectively. But
for most users, the latest XF 35mm f/2R WR is
the most interesting of all, being an attractive
weather-resistant lens at a very good price.
Next year?
Fujilms roadmap shows two exciting-looking
lenses coming up a 100-400mm telezoom and
a 120mm f/2.8 Macro. But hopefully well also see
a few affordable primes of the same ilk as the
35mm f/2; Id love to see a 16mm f/2.8 and
a 70mm f/2.5. Its also surely time for an update
to the X-Pro1 CSC and were looking forward to
seeing what Fujilm can add to its agship camera.
Fujifilms charismatic
X-T10 CSC is one
of our favourite
cameras of 2015
Key products
X-T10
XF 16mm f/1.4 R WR
XF 16-55mm f/2.8
R LM WR
XF 90mm f/2R LM WR
XF 35mm f/2R WR
Canon
Canon has had a busy
year, releasing a raft of
new cameras and lenses
Key products
Canons 50.6MP
EOS 5DS R is the
highest-resolution
full-frame camera
on the market
EOS 5DS R
EOS 760D
EOS M3
PowerShot G3 X
PowerShot G5 X
PowerShot G9 X
EF 35mm f/1.4L II USM
EF 50mm f/1.8 STM
EF 11-24mm f/4L USM
CANONS headline
product was undoubtedly
the 50.6MP EOS 5DS R,
which is one of the nest
DSLRs weve ever tested.
Alongside its near twin, the
EOS 5DS, it wrests back the
highest-resolution crown after
years of domination by Nikon
and Sony. Canons bread-andbutter products, though, are its
consumer DSLRs, and this year
the line has been split into two.
We much prefer the EOS 760D
to the simpler EOS 750D.
Canon has also released three
ne lenses for EOS users. The
inexpensive EF 50mm f/1.8 STM is
a nicely judged update to an ageing
lm-era design, and at the other end of
the scale the stunning EF 35mm f/1.4L
II USM is a real improvement over its
highly regarded predecessor. Meanwhile,
the impressive EF 11-24mm f/4L USM is the
widest-angle rectilinear lens in the world.
In the mirrorless market, the EOS M3 is a
clear advance over the rms previous efforts,
and a much nicer camera for serious
photographers. Canons biggest problem,
though, is that its far behind the competition
The EF
11-24mm
f/4L USM is
a premium
super-wide
zoom for
full frame
in terms of its native lens range and really

needs to address this sooner rather than later.
Canon has also upgraded its line-up of
enthusiast compacts with 1in sensors for
improved image quality. However, its efforts
have been a bit hit and miss; the G3 X
superzoom is a rare misjudgement, let down
by the lack of a built-in viewnder. Meanwhile,
the PowerShot G5 X is exactly what the G3 X
should have been in terms of design (indeed,
its one of the nicest compacts on the market
to use), while the G9 X is stylish and petite.
Next year?
With the Olympics in the summer, Canon will
surely bring out an update to its EOS-1D X pro
sports camera shortly. Chances are that well
also get an EOS 5D Mark IV, and perhaps a
replacement for the EOS 6D. Id also love to
see a true enthusiast-oriented CSC and
a revised G3 X, both with built-in electronic
viewnders, but Im not holding my breath.
Leica
Key products
Theres only one rule with Leica expect the unexpected

IF I WERE to choose one word to describe
Leicas year, it would be idiosyncratic. The
company announced an array of very
different cameras, all of which are as
individual as they are expensive.
Leicas core business lies in its
M-system rangenders, and this year it
has made two new models aimed at
different types of purist photographer.
The M Monochrom (Typ 246) is a
unique black & white-only camera thats
capable of shooting lovely images, while
the M (Typ 262) has an ultra-quiet
shutter and eschews offering either live
view or video recording.
For the professional photographer,
theres the medium-format Leica S (Typ
007) DSLR and the Leica SL (Typ 601)
full-frame CSC, which are based around
a similar minimalist control layout with
only a few buttons and dials. Theyre
impressive cameras, but distinctly
unintuitive to use.
Easily our favourite, though, is the Leica
Q (Typ 116) full-frame compact. Indeed,

with its astonishing electronic viewnder
and traditional controls, it may well be the
most desirable xed-lens camera on the
planet. Sadly, at 2,900, it is well beyond
the reach of most
photographers.
Leica Q (Typ 116)

Leica SL (Typ 601)
Leica M Monochrom
(Typ 246)
Leica M (Typ 262)

Leica S (Typ 007)
Next year?
Second-guessing Leica is
impossible, so its barely
worth trying. Like many
others, though, Id love to
see an interchangeablelens version of the Q, using
either the rangender
M-mount or
the electronic
SL mount. Or
With its retro design,
maybe a Q
the Leica Q is one of the
Monochrom;
best cameras of 2015
now that would
be interesting
indeed.
79
Panasonic
A clear focus on 4K video
is only part of Panasonics story
TWO THEMES have emerged from Panasonic in 2015. First
is a focus on including 4K video in all but the least expensive
of its cameras, along with its unique 4K Photo mode for
capturing 8MP stills. Second is a move towards including
higher-resolution electronic viewnders in many of its
cameras, such as the Lumix DMC-TZ70 pocket travel
zoom and the Lumix DMC-FZ300 bridge camera.
Micro Four Thirds, though, is at the core of the rms
ambitions. Both the Lumix DMC-GF7 and G7 are capable
within their own sectors, but its the DMC-GX8 that really
caught our attention. With both in-body image stabilisation
and 4K recording, its a great option for photographers who
are also interested in shooting high-quality video.
Panasonic has also been quietly building up a line of small,
relatively inexpensive primes. At 159 the Lumix G 25mm f/1.7
Asph is especially good value, while the Lumix G 42.5mm
f/1.7 Asph OIS includes optical stabilisation.
In 2015,
Nikon
has mainly
concentrated
on lenses
Nikon
This year Nikon has focused
on lenses, along with a
couple of DSLRs
Next year?
Panasonic is planning on
moving to 8K video, and
I wouldnt bet against it
arriving in a GH5 next year.
An updated version of the
FZ1000 superzoom also
seems likely. A more
left-eld possibility might be
a premium travel zoom
pocket compact combining
a 1in sensor with an
extended zoom range.
Key products
Lumix DMC-TZ70
Lumix DMC-GX8
Lumix DMC-G7
Lumix G 25mm f/1.7 Asph
Lumix G 42.5mm f/1.7
Asph OIS
Olympus
Key products
Attractive new models have

been added to the OM-D line
Tough TG-4
OM-D E-M5 II
OM-D E-M10 II
M. Zuiko Digital ED
OLYMPUSS attention this year has been

mostly on the Micro Four Thirds system, and in
7-14mm f/2.8 Pro
particular its OM-D range. Both the E-M5 II
M. Zuiko Digital ED 8mm

and E-M10 II are attractive updates that add
f/1.8 Pro fisheye
interesting new features and improved
controls while playing further with the retro
styling thats the hallmark of the line.
Thats not to say compact cameras havent got a look in. Weve long been
fans of the Tough series, and this year Olympus elevated it further by adding
raw-format recording to the TG-4. This makes it the best underwater
compact yet for enthusiast photographers.
Naturally, a few new lenses have shown up too, the most interesting being
the Pro line M.Zuiko Digital ED 7-14mm f/2.8. Its perhaps not quite as
stellar optically as the existing 12-40mm and 40-150mm f/2.8 zooms, but
its still very good and the three together make a really
strong line-up. For more specialist uses, theres also
an M.Zuiko Digital ED 8mm f/1.8 billed as the
worlds fastest sheye.
Next year?
It cant be long before Olympus ventures into
large-sensor compacts and I wouldnt be
surprised to see it adopt the Four Thirds format
to stand out from the 1in crowd. Id love to see
a larger sensor in the Tough line, too, but thats
probably over-optimistic. Finally, an OM-D
E-M1 II will surely show up some time in 2016.
8
ON THE face of it, Nikon has had an oddly

quiet year. It started off with the D5500
DSLR, which brings little new in terms of
specication but has a sculpted monocoque
design that makes it really nice to use. In
comparison, the D7200 is a minor update
to the D7100 that adds a few useful new
features, but mostly demonstrates how little
can realistically be added to todays already
fully featured DSLRs. Meanwhile, the 1 J5
compact system camera has the nicest
design weve seen in this series so far, but is
still frustratingly simplistic to shoot with.
Most of the companys activity has been in
lenses, with new premium zooms for both
DX and FX-format DSLRs. Both the AF-S
Nikkor DX 16-80mm f/2.8-4E ED VR and
AF-S Nikkor 24-70mm f/2.8E ED VR are
big, chunky optics that feature optical
stabilisation. In the run-up to next years
Olympics, though, much of the companys
focus has been on long telephotos, with new
500mm and 600mm f/4 primes joined by
an interesting 200-500mm f/5.6 zoom,
and the remarkably small AF-S Nikkor
300mm f/4E PF VR thats based on Phase
Fresnel lens technology.
Next year?
Nikon has already announced that its
developing a new professional DSLR,
the D5, and a
refresh of the
Key products
entry-level
D3300 is a
D7200
certainty.
D5500
However, its
relative inactivity 1 J5
in 2015
AF-S Nikkor 24-70mm
could hint at
f/2.8E ED VR
something big
AF-S Nikkor 24mm

on the horizon.
f/1.8G ED
Might we see a
AF-S Nikkor DX 16-80mm
new full-frame
f/2.8-4E ED VR
CSC, perhaps?
TECH ROUND-UP 2015
Ricoh & Pentax
Next year?
That Pentax full-frame DSLR is now promised for the
start of 2016 expect an announcement in time for
the CP+ trade show in Japan in February.
Pentaxs lens roadmap suggests that
it will be accompanied by a standard
zoom, perhaps a 24-105mm f/4,
and a rebadged version of the
Tamron 15-30mm f/2.8 fast
wideangle zoom. More full-frame
lenses will surely follow.
Ricoh is gearing up for the launch

of its full-frame Pentax DSLR
FOLLOWING its integration of Pentax, Ricoh now
makes very few cameras under its own brand. However,
it refreshed its APS-C enthusiast compact with the GR
II a nice little camera that adds built-in Wi-Fi and a
smattering of other features to keep it up to date.
The long-promised Pentax full-frame DSLR
may have been delayed again, but the
mid-range K-S2 and enthusiast K-3 II
keep the brand going in the meantime.
Both are interesting alternatives to
Canon and Nikon, with impressive
feature sets including in-body
image stabilisation at very
attractive prices.
On the lens front, activity
has focused on assembling a
workable lens range for full
frame, with 70-200mm f/2.8,
150-450mm f/4.5-5.6 and
24-70mm f/2.8 zooms all
appearing during 2015. While
the rst two are original
designs, the latter bears a very
strong resemblance to Tamrons
highly regarded 24-70mm f/2.8,
with the same optical formula.
AT THE end of last year, Samsung seemed to

be on a roll, with the hugely accomplished
NX1 premium CSC accompanied by a
couple of very impressive fast-zoom lenses.
But during the course of 2015 it released
just one new camera, the rather nice little
NX500, and no lenses at all.
At the end of November we learned that
Samsung has decided to stop marketing
and selling cameras in the UK a move
that appears to be reected across the rest
of Europe. Its sad news for anyone invested
in the NX system, which Samsung only
launched in 2009.
Key products
Ricoh GR II
Pentax K-S2
Pentax K-3 II
HD Pentax-D FA 24-70mm
f/2.8 ED SDM WR
HD Pentax-D FA*
70-200mm f/2.8 ED DC AW
With a solid feature set
at a good price, the
K-S2 is an attractive
mid-range DSLR
Samsung
Samsung has withdrawn from
selling cameras in the UK
Testbench
Sigma
Key product
NX500
Sigma has
expanded its
Art line of highquality lenses
SIGMA has continued
its transformation from a
supplier of inexpensive
alternatives to camera-makers
zoom lenses, to a company that
makes truly superb optics at a
still-competitive price. This year has
Key products
seen it add three full-frame DSLR
lenses to its Art line-up, all of which
dp0 Quattro
we rated extremely highly. These
20mm f/1.4 DG HSM Art
include the worlds rst f/2 full-frame
24-35mm f/2 DG HSM Art
zoom the 24-35mm f/2 DG HSM
24mm f/1.4 DG HSM Art
Art and the worlds fastest 20mm
prime, the 20mm f/1.4 DG HSM Art.
Along with the 24mm f/1.4 DG HSM Art, these are no longer
cut-price alternatives to Canon or Nikon, but instead are premium
options in their own right. Meanwhile, the dp0 Quattro compact
has a superb xed 21mm equivalent wideangle lens.
Next year?
The NX500 turned

out to be the last
camera launched by
Samsung in the UK
A number of Sigmas lenses are starting to look long in the tooth,

and I expect to see the company revisiting its fast zooms for full
frame, but with faster apertures or extended zoom ranges instead
of like-for-like replacements. Its also about time for Sigma to start
making native lenses for the Sony Alpha 7 series, but maybe it will
wait until more rival full-frame CSC systems start to appear.
81
Testbench
TECH ROUND-UP 2015
Sony
Sony has made a strong push
to full frame in 2015
FROM Sonys activity this year, it seems to
have decided that its future lies mainly along
two strands: the RX line of enthusiast
compacts, and the Alpha 7-series full-frame
CSCs. Its key advances come on the back of
two outstanding new image sensors the
20MP stacked CMOS
in the Cyber-shot
DSC-RX100
IV and the
RX10 II,
and the 42MP full-frame BSI CMOS in the

Alpha 7R II and Cyber-shot DSC-RX1R II.
The new 1in sensor is built for speed, and
allows both ultra-fast shooting and high
frame-rate video recording the latter allowing
slow-motion footage to be recorded. This ts
especially well with the RX10 II bridge camera,
although its perhaps less useful in the RX100
IV, with its much shorter lens. Sonys other
interesting zoom compact is the Cyber-shot
DSC-HX90V a cute, pocket-sized travel
zoom that borrows heavily from the RX100
design, including its pop-up viewnder.
Meanwhile, the Alpha 7R II is the most
exciting camera of 2015, with its new sensor
providing an impressive combination of
resolution, high ISO image quality and
Sonys Alpha 7R II is without
doubt the most exciting camera
to appear during 2015
sophisticated autofocus. The same sensor has

found its way into the Cyber-shot DSC-RX1R II
premium compact, bringing equally stunning
image quality. If there were any doubt over how
serious a threat Sony has become to Canon and
Nikon, these cameras should dispel it.
Sony has also been developing its FE lens
line-up, most notably with the lovely Distagon
T* FE 35mm f/1.4 ZA and the stunning FE
90mm f/2.8 Macro G OSS. In contrast, theres
been relatively little to cheer for Alpha-mount
users, and no new APS-C E-mount cameras
or lenses at all.
Next year?
Expect to see more FE full-frame lenses, as
Sony pushes to build up the system thats
captured the imagination of so many
photographers.
Updates to the
Key products
Alpha 5100 and
Alpha 6000 APS-C
Cyber-shot RX1R II
CSCs look due, but
Cyber-shot RX100 IV
that doesnt
necessarily mean
Cyber-shot RX10 II
theyll appear, as
Cyber-shot HX90V
both are still towards
Alpha 7R II
the top of their
Alpha 7S II
class. About the
only near certainty
T* FE 35mm f/1.4 ZA
is the annual RX100
FE 90mm f/2.8
update in May
Macro G OSS
or June.
The rest
OUTSIDE of the main manufacturers, some interesting
ideas have emerged. The DxO One is the French
companys rst foray into hardware, and is a small camera
module that plugs into an iPhone via a rotating Lightning
connector. Its a really interesting idea, and while it seemed
promising but unnished when we reviewed it in AP (26
September), since then it has been improved by a major
rmware upgrade and a series of camera app updates.
Another intriguing product is the DJI Osmo, which is
essentially the camera module and stabilising gimbal
mount from the Phantom 3 drone attached to a grip for
hand-held shooting. Its primarily a video camera, but the
set-up could have applications for shooting long-exposure
stills handheld.
DxO has made its first camera, aptly named the One
82
19-26 December 2015 I www.amateurphotographer.co.uk I subscribe 0330 3334555
THIRD-PARTY LENSES
Samyang
The Korean lens maker
has expanded its line-up

Key products
21mm f/1.4
50mm f/1.2
100mm f/2.8 Macro
135mm f/2
KOREAN lens maker Samyang has

traditionally focused on manual-focus
DSLR lenses, with 135mm f/2 and
100mm f/2.8 macro lenses arriving this
year. But such lenses usually work better on compact system
cameras, so if anything were more excited by its 21mm f/1.4 and
50mm f/1.2 fast primes for APS-C mirrorless models. Next year, Id
expect to see more along these lines, and perhaps some full-frame
lenses purpose-designed for the Alpha 7 system.
Tamron
Fast image-stabilised
primes add a new string
to Tamrons bow
Key products
SP 35mm f/1.8 Di VC USD
SP 45mm f/1.8 Di VC USD
FOR A while, Tamron struggled to keep up with

the innovation of its great rival Sigma, but
it has now found its own direction. Like
Sigma, it aimed upmarket and created
some unique lenses. After last years
excellent 15-30mm f/2.8 Di VC USD
wide zoom, the company ventured
into a new line of primes that
combine a decently fast f/1.8 aperture
with optical image stabilisation. In
doing so, it aims to give the best of
both worlds for low-light shooting, and
we like the idea (and both lenses) a lot.
Next year?
It seems a given that Tamron will expand
its range of SP f/1.8 primes with more
focal lengths. Based on the companys wish
to serve both APS-C and full-frame users,
28mm and 85mm lenses might be the
logical next additions.
Zeiss
Its been a busy year
for a resurgent Zeiss
) 5 2 0 2 1 /<
9$7
)5((6ZDWFK ,&&SUROHV
3URIHVVLRQDOLQNMHW
7HVW3DFNVDUH
DYDLODEOHDFURVV
WKHHQWLUHUDQJHRI
Key products
Batis 25mm f/2
Batis 85mm f/1.8
Loxia 21mm f/2.8
Milvus 50mm f/1.4
Milvus 85mm f/1.4
ZEISS is one of the oldest brands in

photography and this year has
signicantly expanded its line-up of
high-quality optics. Its new Batis range is
the rst third-party autofocus alternative
for Sony Alpha 7 owners, and both the Batis 25mm f/2 and 85mm
f/1.8 are absolutely superb. Zeiss also launched a modernised Milvus
line of manual-focus lenses for full-frame DSLRs, with brand-new
optical designs giving both the Milvus 50mm f/1.4 and Milvus 85mm
f/1.4 truly stunning sharpness if you can focus them accurately.
Finally, the Loxia 21mm f/2.8 is a compact wideangle prime for the
Sony Alpha 7 range thats manual-focus only.
A new 28mm f/1.4 is already promised in the companys premium
Otus line to go on sale in 2016, and more Batis and Loxia lenses for
the Alpha 7 are surely on their way.
3HUPD-HWPHGLD
&KRRVHIURP
'LJLWDO3KRWR
)LEUH%DVHG%DU\WD
6PRRWK)LQH$UW
7H[WXUHG)LQH$UW
25'(5<2856$7
ZZZSHUPDMHWFRP
The perfect
Christmas
gift from
ORDER FORM
Complete this coupon and send to:
FREEPOST RTKA-YLJG-HAAK, Time Inc. (UK) Ltd,
Rockwood House, 9-16 Perrymount Road,
HAYWARDS HEATH, RH16 3DH (NO STAMP NEEDED UK ONLY)
YES! I would like to subscribe to Amateur Photographer

Please tick your preferred payment method
Q Pay only 21.49 every 3 months by Direct Debit, saving 42% on the full price of 37.64
Q 1 year Cheque/Credit or Debit Card (51 issues), pay only 91.49, saving 39%
(full price 150.55)
Q 2 year Cheque/Cash/Credit or Debit Card (102 issues), pay only 171.49, saving 43%
(full price 301.10)
Your details
Mr/Mrs/Ms/Miss:
Forename:
Surname:
If you would like to receive emails from Amateur Photographer and Time Inc. (UK) Ltd containing news, special offers, product and service information and,
occasionally, take part in our magazine research via email, please include your email below.
Email:
Address:
21.49
Postcode:
Home Tel No: (inc.area code)
If you would you like to receive messages from Amateur Photographer and Time Inc. (UK) Ltd containing news, special offers, product and service
information and, occasionally, take part in our magazine research via your mobile, please include your mobile phone number below.
Mobile No.
Date of Birth:
D D MM Y Y Y Y
QQQQQQQQ
I would like to send a gift to:

Please also ll out Your Details above. To give more than one subscription, please supply address details on a
separate sheet.
Mr/Mrs/Ms/Miss:
Forename:
Surname:
Address:
Postcode:
Choose from 3 easy ways to pay:

1.
I enclose a cheque/postal order made payable to Time Inc. (UK) Ltd., for _______________
2.
Please debit
from my: Q Visa
Q Visa Debit
Q MasterCard
Q Amex
Q Maestro
Card No:
QQQQ QQQQ QQQQ QQQQ

M M Y Y
M M Y Y
QQQQQQQQQQQ
Start Date (Maestro only):
Issue No.(Maestro only):
Signature:
Expiry Date:
Date:
(I am over 18)
3. Pay only 21.49 every 3 months by Direct Debit (UK only)

Instruction to your Bank or Building Society to pay by Direct Debit
For ofce use only. Originators reference - 764 221
Name of Bank:
Address:
Over 50
titles
One ,
em
Postcode:
Account Name:
Sort Code:
Account No:
QQQQQQ
QQQQQQQQ
for thr you

one fo or more
Please pay Time Inc. (UK) Ltd. Direct Debits from the account detailed on this instruction subject to the safeguards assured
by the Direct Debit Guarantee. I understand that this instruction may remain with Time Inc. (UK) Ltd. and if so, details will be
passed electronically to my Bank or Building Society.
o
Buy tw and get
online
Signature:
5 off
(I am over 18)
Date:
Offer open to new subscribers only. Final closing date for all orders is 2nd February 2016. Orders purchased as a gift before 11th
December 2015 will start with the rst available issue in January. All gift orders purchased after this date will begin with the rst available
issue. If you would like your gift subscription to start with an earlier issue please contact customer services on 0330 333 0233. Orders
purchased for yourself will start with the next available issue please allow up to 6 weeks for delivery. The full subscription rate is for 1
year (51 issues) and includes postage and packaging. If the magazine ordered changes frequency per annum, we will honour the number
of issues paid for, not the term of the subscription. Direct Debit offer is available to UK subscribers only. For enquiries and overseas rates
contact magazinesdirect@quadrantsubs.com or call +44 (0) 330 333 0233. *The digital version comes free with the print edition of your
subscription and is available strictly on a trial basis. Time Inc. (UK) Ltd reserves the right to withdraw free access to the digital version at
any time. The Rewards scheme is available for all active print subscribers of magazines published by Time Inc. UK, free of charge. Digital
subscribers also get access as long as the subscription has been purchased directly through the publishers at magazinesdirect.com. Full
terms and conditions are available at mymagazinerewards.co.uk. For enquiries contact rewards@quadrantsubs.com or call 0330 333 0233
between 08.30am to 17.30pm (GMT) Monday to Friday. Time Inc. (UK) Ltd who publish Amateur Photographer, will collect your personal
information to process your order. Time Inc. (UK) Ltd would like to contact you by post or telephone to promote and ask your opinion on our
magazines and services. Please tick here if you prefer not to hear from Time Inc. (UK) Ltd . Time Inc. (UK) Ltd may occasionally pass your
details to carefully selected organisations so that they can contact you by telephone or post with regards to promoting and researching their
products and services. Please tick here if you prefer not to be contacted . Time Inc. (UK) Ltd would like to send messages to your mobile
with offers from carefully selected organisations and brands, promoting and researching their products and services. If you want to receive
messages please tick here . Time Inc. (UK) Ltd would like to email you with offers from carefully selected organisations and brands,
promoting and researching their products and services. If you want to receive these messages please tick here .
Quote code: BVX5

7 days a week from 8am to 9pm (UK time)
**A Christmas card will be sent to all gift orders received by 11th December 2015
(either by email or post) so that you can send it on to the recipient before Christmas.
If you supply an email address your order will be acknowledged by email and you will be given the option to
download a Christmas card or request one by post. If you do not supply an email address you will automatically
be sent a postal Christmas card.
CODE: BVX5
a
gift
for
you
0330 333 4555
/BVX5
Save up to 42%
Treat yourself or a loved one to a magazine

subscription this Christmas
s Go Digital! Download your magazine right away - every
subscription includes access to the digital version for iPad and
iPhone*
s FREE Christmas Card - to give to your friend or family member to

announce their gift**
s Exclusive Subscriber Rewards - every month enjoy new offers,

giveaways and prizes at amateurphotographer.co.uk/rewards
s Convenient home delivery - on all magazine subscriptions
Hurry! Order your magazine today and get

Christmas all wrapped up!
Subscribe online at
magazinesdirect.com/BVX5
Complete
the coupon
opposite
THE DIRECT DEBIT GUARANTEE: This Guarantee is offered by all banks and building societies that accept instructions to pay Direct Debits If there are any changes to the amount, date or frequency of your Direct Debit Time Inc. (UK) Ltd will notify you 10
working days in advance of your account being debited or as otherwise agreed. If you request Time Inc. (UK) Ltd to collect a payment, conrmation of the amount and date will be given to you at the time of the request. If an error is made in the payment of
your Direct Debit, by Time Inc. (UK) Ltd or your bank or building society you are entitled to a full and immediate refund of the amount paid from your bank or building society If you receive a refund you are not entitled to, you must pay it back when Time Inc.
(UK) Ltd asks you to You can cancel a Direct Debit at any time by simply contacting your bank or building society. Written conrmation may be required. Please also notify us.
Christmas
conundrums
Its cold outdoors and the appeal of staying warm and comfortable has
never been stronger. So, put your photography know-how to use here with
our selection of puzzles. First up, find the hidden terms in our wordsearch
APERTURE
SHUTTER
DEVELOPMENT
ENLARGER
VIEWFINDER
CHROMATIC
RESOLUTION
KODAK
BROWNIE
FISHEYE
RANGEFINDER
EXPOSURE
RECTILINEAR
MACRO
DIFFRACTION
TELECONVERTER
COMPACTFLASH
WIDEANGLE
ASPHERICAL
DARKROOM
SAFELIGHT
WAVELENGTH
ALIASING
BRACKETING
FRAME
VIGNETTING
POLARISER
FIRMWARE
86
F Q
V A
D A
T P
G L
B M
D R
E J
V B
E U
L H
O L
P Q
M A
E X
N Y
T H
B N
W I
I W
N G
S L
O A
V F
NW
E
B
R
A
C
K
E
T
I
N
G
L
V
X
R
F
K
O
D
A
K
T
A
G
O
Z H B N K E W
R A R D NW T
K R O O MW R
I B WG O A O
T Y NWH S O
F H I N Y P W
A G E M K H S
Z B WO C E T
WM C O A R W
S I H Z J I Q
X K R T G C K
Y C O M P A C
K S M I H L T
E R A N I B X
E C T I L I N
T R I H I Z J
E W C W P W E
L E N S OWK
E A N G L E I
C W E WA T E
A X R E R WM
Z WA D I F F
A L I A S I N
S D F A E W I
D I F F R A C
R
E
S
O
L
U
T
I
O
N
L
T
O
Y
E
E
D
I
X
P
A
R
G
J
T
O
L
P
G
U
O
R
O
B
R
A
F
H
U
A
O
C
N
P
D
C
A
X
N
I
Y M Y B Y
E C O N V
A N I E L
R N A F F
P K Q F R
F V T G B
Q A X C Y
R D I F F
A S H U T
N A C R O
G O Q U X
L A S HW
N E R R A
Q L E I C
R S T A C
L A L L I
W F I S H
G N X AW
N L I H P
A T R A N
R O E HW
I WU KW
C L L M A
U H B D O
O NWV I
A
E
B
E
A
P
E
R
T
U
R
E
D
S
A
F
E
L
I
G
H
T
U
G
G
S O T E M I T
R T E RW L E
OWK T Q O M
T S I J U S I
M E E F X E T
A Q M I Y DW
N L A R G E R
G J R M X R K
E R L WW E B
Q U E A L R V
W I N RW E Z
L F H E K J P
R E I T V X E
OWRW I M E
H A Z A E WX
Z V X VWY P
Y E L E F E O
O L K L I L S
W E J E N S U
E F I N D E R
C G S G E L E
Y T N T R A P
S H N H H S A
N E E O P P H
N E T T I N G
PUZZLE PAGE
Who said it?

Match the quotes to these famous photographers
Annie Leibovitz
Abraham Lincoln
Susan Sontag
Henri Cartier-Bresson
Helmut Newton
Richard Avedon
Diane Arbus
Ansel Adams
Your first
Photography
There are no
If each photo
The painter
I hate good
I never
1mostThe
single
2
10,000
3
is not
4
bad pictures; 5 steals a bit of 6 constructs,
7
taste. Its the 8 have taken
important photographs
something you
thats just how
the soul, isnt it the photographer worst thing that a picture Ive
component of
a camera is
the 12 inches
behind it!
are your worst
retire from
your face looks

sometimes
possible that I
discloses
give up pieces of
mine every time
I take a picture?
can happen to a
creative person
intended. Theyre
always better
or worse
Guess the camera
Test your knowledge by naming the make and model of all six cameras
Ansel Adams; 2 D Henri Cartier-Bresson; 3 A Annie Leibovitz; 4 B Abraham Lincoln;

Who said it? 51 HF Richard
Avedon; 6 C Susan Sontag; 7 E Helmut Newton; 8 G Diane Arbus, G
Spotmatic SP 2. Panasonic Lumix DMC-FZ1000 3. Canon EOS 7D
Guess the camera 4.1. Pentax
Sony Cyber-shot DSC-RX1R 5. Zorki-4 6. Fujifilm X-A1
7R DGYHUWLVH SOHDVH FDOO

(PDLO IHOL[EDUORZ#WLPHLQFFRP
&" 0.......................................... /&#/ '$ !)4) /+!# .....*<"*<(
,QGH[ WR DGYHUWLVHUV
/;0 ) 04&#'04/.............5"5(*< /))4)
4 ........................................*
&/ 7' % .................................*<1
& #' /!)70 ,!-

4 ............5 # & & #' , -
4.......................2
'4/) 6<6<
4 ...........................)8/## + /+!# #% //
4 ..........
&4! !)4) /+!#
4 ................(
/"/#47&
4 ..................................6*
')' , -
4 ........................ )8/#8 704
4 .............................................. !)4) /+!#............................
04% &/0................................*<5
................................................16
&/9)/%
4..........................(2"(1
!#09#$ &/ '4/ .................*<6 '/)

4...........................................
&/0 .....................................*<2
%#4)' &/0
4...........................*5
)7! 4! #%................................*<
/)7+
4...................................61
% !)4) /+!#
4.....................*<
' 7/ )/%
4 ....................*2
# #4% +)4 ....................................(5 + !)4) /+!#...........................***
#07 !)4) /+!#
4 ..............("(( : !)4) /+!#........................(<"(6
)/0 , !)4) /+!#-
4........*<<"*<*
)4)0+ ..........................................2 /$ &/0
4.......... )8/ ###("(
88
&ODVVLILHG
'LJLWDO 3KRWRJUDSK\

$ ///////////000 9:;$/<<

5 ////////// & 9:))/<<
5 //////////////////////////////// & 9:6$/<<
6$< +!&$$ ///////////// 9:;$/<<
+ : /////////////////////////////// & 9)))/<<
+ : /////////// & 95)$/<<
:< ////////////////////////// & 9+;)/<<
%<< ////////////////////////// & 9+%$/<<
%:< ////////////////////////////////////////////////////// & 9))/<<
%:< ///////////////////////////////////////////////////////////////////////// & 9+;$/<<
%:< //////////////////////////////// 9+;)/<<
$$< //////////////////////////////////////////////////// & 9+;)/<<
$$< ///////////////////////////////////////////////////////////////////0 9!</<<
$!< //////////////////////////////////////////////////// & 9+))/<<
$!< /////////////////////////////////////////// & 9;;$/<<
&+% /////////////////////////////////////////////// 9;))/<<
& % ////////////// 9+))/<<
&+ :<< //////////////////////////////// & 9:$/<<
&: :$<7%<< //////////////////// & 9:)/<<
&6 $ /////////////////////////////// 95$/<<
&5 5///////////////////////////////////////////// 96)/<<
&++ $ ://////////////////////////////////////// 9+!$/<<

+ //////////////////////////////////////////// & 9:)$/<<

&+ /////////////////////////////////////////////////////////// 9+)$/<<

+<< ////////////////// & 9;))/<<

+< //////////////////////////// & 9+)$/<<

;< /////////////// 9;)$/<<

+!(( ";
///////////////// 9;%$/<<

&%; + /////////////////////// 9+:)/<<
6+< 1 2//////////////////////////////////////// 9!)$/<<
6<< :<++ ///// 95))/<<
5+<< %$ //////////// 9%)$/<<
5;<< /////////////////// 96$)/<<
:;<< +!&$$(( ////////////////// 9;%$/<<
:+<< +!&$$ ////////////////////////////////////////////// 9+))/<<
$+<< +!&$$ //////////////////////////// 9;)$/<<
:<< /////////////// 9;6)/<<
;<< :!)) ////////////// & 9+))/<<
)< //////////////////// & 9+)$/<<
!< //////////////////////////// & 9+6$/<<
!< /////////////////////////////0 9+%$/<<
5< ////////////// & 9+;)/<<
5< ///////////////////////////////////////////////// 9++)/<<
5< ////////////////////////////////// & 9)$/<<
5<< ///////////////////////////////////// 9+))/<<
6<< /////////////////////////////////////////////////////////////// & 9+;$/<<
!<< /////////////////////////////////////////////////// & 9+5$/<<
)<< ///////////////////////////////// 9+))/<<
&+%< & /////////////////////// 9;;$/<<
6+< /////////////////////////// 9)$/<<
%$ % //////////////////////////////////////// & 9+5$/<<
&$:< //// 95$/<<
:6 //////////////////////////////////////////////////////// 95)/<<
&+ +; 0 +%&%; /// 9+%)/<<
&$ +%&%; //////////////////// 9+))/<<
+;(( ; %7://///////////////// 9:))/<<
%$(( +/! %7: ///////////////// 9+;$/<<
6<(( ;/! %7://////////////////////// 9;5$/<<
%$&5$(( %7$/6 %7:///////////// 9;+)/<<
+<<&:<<(( "%/<7$/6 %7:3 4 9;)$/<<
+<&;<(( %7$/6 %7:////// 0 9;%$/<<
$<(( ; %7:////// 9:6$/<<
+; & 6<(( ;/!7% %7: /// 9%%$/<<
5< & :<<(( %7$/6 %7://////////////// 9;;$/<<
&;< %7://///////////////// 9;%$/<<
& ;$ ;$ //////////////////////////// 9)$/<<
&% : ////////////////////////////////// 9))/<<
&$ 6;< ////////////////////////////// 9:)/<<
&6 & $////////////////// 9+%$/<<
&+% ///////////////////////////////////////////////00 96)/<<
& %< /////////////////////////////// 9$)/<<
& + +6 , ////////////// & 9+%$/<<
;<< //// 9;;$/<<
; ///////// 9+%$/<<
:<(( ;/! %7:////////////////////////////////// 9++$/<<
6<(( ";/! //////////////////////////////////////////00 95)/<<
&)< ////////////////////// 9;5$/<<
:<(( ;/! ////////////////////////////// 9++$/<<
+/% ///////////// 9+;$/<<
&:6 ////////////////////////////////// 9+;)/<<
&DQRQ $XWRIRFXV 'LJLWDO /HQVHV &DQRQ )'

+ /////////////////////////////////////////////////////////////////////////////0 9))/<<

+ /////////////////////////////////////////////////////////////////////////0 9+%$/<<
+ /////////////////////////////////////////////////////////////////00 9+)$/<<
: //////////////////////////////////////////////////////////////////////////00 9))/<<
+6 & :$(( ";/! 12 ; //////////////////////////////// 9!5$/<<
+5 & %<(( % 12 /////////////////////// & 9:))/<<
+5 & %<(( % 12 ////////////////////// 9%;$/<<
;% & 5<(( ;/! 12 /////////////////// 96)$/<<
;% & +<$(( "% 12 /////////////////////// 9%5$/<<
;! & !<(( ";/!7% 12/////////////////////////////////////00 9:5$/<<
;! & :<<(( ":/$7$/6 12
///////////////////////////////////////////////////////// & 9+;5$/<<
5< & ;<<(( "% 12/////////////////////////////////////////// 9:6$/<<
5< & ;<<(( "% 12 ////////////////////// & 96%$/<<
5< & ;<<(( ";/! 12 + //// 9!5$/<<
5< & ;<<(( ";/! 12//////////////////////////////////////// 95%$/<<
+<< & %<<(( "% 12 //// 95))/<<
+%(( ";/! 12///////////////////////////////////////////////// & 95)$/<<
:$(( "+/% 12 ///////////// 955$/<<
$<(( "+/; 12 //////////////////////////////////// 96))/<<
:<<(( "% 12 /////////////////// 95))/<<
%<<(( "$/6 12 ////////////// 95%$/<<
$<<(( "% 12 /////////////// & 9::5$/<<
+$(( ";/! ////////////////////////////// 9:5)/<<
;!(( ";/! 7/////////////////////////////////////////////////////////////////////// 9+)$/<<
$<(( "+/% ///////////////////////////////////////////////////////// 9+5$/<<
$<(( "+/! + - .//////////////////////////////// 9+:$/<<
$<(( "+/! ///////////////////////////////////////////////////////////////////// & 9$)/<<
6<(( ";/! ////////////////////////////// 9;6$/<<
+<<(( "; ///////////////////////////////////////////////////////////////////// & 9;6$/<<
+<<(( "; ///////////////////////////////////////////////////////////////////00 9;;$/<<
+5 & $$(( ";/! //////////////////////////// & 9:))/<<
+5 & $$(( ";/! 0 /// 9%;$/<<
+5 & !$(( "%7$/6 ////////////////////// 9+6)/<<
+! & $$(( ":/$7$/6 /////////////////////////////////////////////////////// 9$)/<<
+! & ;<<(( ":/$7$/6 & //////// 0 9;))/<<
;! & )<(( "%7$/6 /////////////////////////////////////////////////////////// 96)/<<
;! & +<$(( ":/$7%/$ //////////////////////////////////////////////////// 9+%$/<<
;! & +:$(( ":/$7$/6 //////// 9+)$/<<
:$ & !<(( "%7$/6 ///////////////////////////////////////////////////// 9:)/<<

5< & :<<(( "%/$7$/6 / & 9%)$/<<
5$ & :<<(( "%/$7$/6/////////////////////////////////////////////////////////////// 9!)/<<
5$ & :<<(( "%/$7$/6 //////////////////////////////////////////// 9+;)/<<
+<< & :<< "%7$/6 /////////////////////////////////////////////////////// & 9)$/<<
;$ //////////////////////////////////////////// 95)/<<
+;;<:6 //////////////////////// 9))/<<
+/% //////////////////////////////////////////////////////// 9+$)/<<
+/% ////////////////////////////////////////// 9+!$/<<
;/< //////////////////////////////////////////// 9+5$/<<
;/< ////////////////////////////////////////// 9+!$/<<
;/< ////////////////////////////////////////// 9+5)/<<
+;;<:6 /////////////////////////////////// & 9))/<<
:<< ;/< ///////// 9+$)/<<
5 5 ; ////////////////////////////// & 95$/<<
; 7/////////////////////////////////////////////// & 9%$/<<
; 7 /////////////////////////// & 9$)/<<
&; //////////////////////////////// 9+;$/<<
$%< 0 ////////////////////////////////////////////////// 96)/<<
$%< 0 //////////////////////////////////////////////// & 9$)/<<
%;< ////////////////////////////////////////////////////////////// 9:)/<<
///////////////////////////////////////////////////////// 95)/<<
///////////////////////////////////////////////////////// 9))/<<
: /////////////////////////////////////// 9++$/<<
%/$(( ";/! ///////////// 9%5$/<<
+<(( ";/! /////////////////////////////// 9:%$/<<
$<(( "+/% ///////////////////////////////////////////// 9+))/<<
+5 & :$(( ";/!7% //////////////////////////////////// & 9+5)/<<
5< & ;<<(( ;/! ////////////////////// & 9;%$/<<
+$< & $<<(( "$/676/: ////// & 9%5$/<<
+5< & $<<(( "$76/: /////////// & 9;))/<<
+%(( ";/! ///////////// 9:%$/<<
+<&;% ":/$7%/$ 7 ' /////////// 9;;$/<<
;! & :<<(( ":/$76/: 7 9:5$/<<
+< &+5(( ":/$7%/$ -. /////////////////// 9;))/<<
&RQWD[ * &RPSDFWV 6/5 5LFRK
12
; ////////////////////////////////////////////////////////////////00 9:6$/<<

; ///////////////////////////////////////////////////////////////////////////00 9:%$/<<
0 //////////// 9;))/<<
;+(( " ;/! ///////////// 9%))/<<
;+(( ";/! /////////////////////////// 9%))/<<
;!(( ;/! 12 0 //////////////////// 9;5$/<<
%$(( "; 12 0 ///// 9;)$/<<
)<(( ";/! 12 0 ///// 9;%$/<<
)<(( ";/! 12 0 /////// 9+)$/<<
:$ & 5<(( ":/$7$/6 12 & /////////// 9:)$/<<
+%< +7;/////////////////////////////////////// 96$/<<
;<< +7;/////////////////////////////////////// 96)/<<
;<< +7; /////////////////////////// 95)/<<
+ :///////////////////////////// & 96)/<<
;! ;/! ///////////////////// 96$/<<
%$(( ;/! 0 /////////////// 9+)$/<<
:<<(( % ////////////////////////////////////////////// & 9;)$/<<
;! & 5<(( :/$7%/$ ////////// 9;)$/<<
;!< ///////////////////////////////////////////////////////////////////// & 9)$/<<
+ /////////////////////////////////////////// & 9:%$/<<
/HLFD 0 5 6FUHZ %LQRFXODUV
1 2 12
) $;+5 ////////// & 9;;5$/<<

! //////////////////00 9!;$/<<
5 //////////////////////////////// 9+;)$/<<
6
//////////// 9:;$</<<
6 +))6 ///////// 9))$/<<
; ///////////////////// & 95)$/<<
; ////////////////////////////////////////////////00 9$)$/<<
+;6$) +)5<///////////////////////////// & 9%;$/<<
+%+++ +)5$&56//////////////////////00 9:))/<<
$< ; -1 2./////////00 9:6$/<<
-1 2.//////////////// 000 9;%$/<<
$ ; ///////////////000 9:6$/<<
////////////////// & 9;)$/<<
///////////////////////////////////////////////////////////00 9+)$/<<
///////////////////////////////////////////////////////////00 9:5$/<<
///////////////////////////////////////////////////////////////////////////////// & 9%%$/<<
; ////////////////// 9;))/<<
;+(( %/$ //////////////////////////////// 96))/<<
+6+!;+(( % & 6 9;%5$/<<
;+(( % 0 0 //// 9!)$/<<
:$(( ; 6 9+%)$/<<
:$(( "; ///////////////////////////////////////////// 9+<)$/<<
:$(( ":/$ //////////////////// & 9:;$/<<
:$(( ":/$ //////////////////////////////// & 9:)$/<<
$<(( "; ++!;6///////////////////////// 9!)$/<<
$<(( "; 6 ////////////////////// 9+<)$/<<
$<(( "; :6:<+** //// 0 9))$/<<
$<(( "; ///// 9!$</<<
$<(( "; //////////////////////////////000 9$5$/<<
$<(( "; /////////////////////////////////// 9$)$/<<
$<(( "; 0 ////////////////////////////00 9$)$/<<
$<(( ";/$ 6 ////// 95%$/<<
$( :/$ +:::)** //////////////// & 9;))/<<
$( ":/$ /////////////////////////////////////////////// && 9:%$/<<
)<(( "% ++6::////////////////// 9+;)$/<<
)<(( ";/$ 6 0 /////// 9!5$/<<
)( "% ///////////////////////////////////////////////// & 9+))/<<
+:$(( "%/$ /////////////////////////////////////////////////////////////////0 95$/<<
+<+ ///// 95)$/<<
////////////////////////////////// 9+)$/<<
;$(( "% /////////////////////////// & 9;5$/<<
;!(( "; //////////////// 9:;$/<<
:$(( ";/$ & /////////////// 9;;$/<<
$<(( "+/+ ////////// 9%)$/<<
$<(( "+/$ 0 /////////// 9:5$/<<
;+(( "% 0 ///////////////////// & 9;)$/<<
+$(( ///////////////////////////////////////////////////////////// & 95)/<<
%<(( //////////////////////////////////////////////////// 95$/<<
5$(( ////////////////////////////////////////////////// 9!)/<<
;: ///////////////////// 9%)/<<
-+::$6.///////////// 9;;$/<<
57 67 6 ////////////////////////////////////////////// & 9%)/<<
;!(( :/$ ////////////////////////////////////////////// & 9+5$/<<
:$(( ;/! :)///////////////////////////////////// & 9%))/<<
:$(( :/$ //////////////////////////////////////////// & 9;))/<<
$( +/$ //////////////////////////////////////////////// & 9:6$/<<
$(( ;/! ////////////////////////////// & 9;))/<<
$( ; ////////////////////////////////////// & 9;))/<<
$( ; 0 ///////////////00 9;5$/<<
+:$(( ;/! ////////////////////////////////// & 9;))/<<
+:$(( %/$ 0 //////////////////////////////00 9))/<<
+:$(( %/$ ///////////////////////////////////////000 9+))/<<
+:/$ %/$ //////////////////////////////000 9:5$/<<
)<(( % /////////////////////////////////////////00 9+%$/<<
+:$(( %/$ 0 //////////////////////////////////00 9))/<<
;% /////////////////////////////////////////////////////////////// 9+!)/<<

//////////////////////////////////// & 9+5$/<<
%&; % //////////////////////////////////////// & 9+%$/<<
! ///////////////////////////////////////////////////////// & 9%;$/<<
$ ///////////////////////////////////////////////////////////////////// & 9;;$/<<
////////////////////////////////////////////// & 9;%$/<<
/////////////////////////////////////////////////////////////// & 9+)$/<<
$<(( ; ++:%$///////////////// & 9%%$/<<
$<(( ; ; //////////////////////////////////////////// 9+))/<<
+!<(( % : //////////////////////////////////////////////00 9:%$/<<
6 /////////////////// 9+%$/<<
! %; ///////////////////////////////// & 96)$/<<
+< %< /////////// & 9%)$/<<
0HGLXP /DUJH )RUPDW

:<(( ":/$ # /////////////////////// & 9+)5$/<<

%<(( "% ///////////////////////// 9+;)$/<<
+$<(( "% #/////////////////////////////// 9%))/<<
+!<(( "% # /////////////////////////////// 96)$/<<
%$ ////////////////////////////////////////////////////////////// 9;6$/<<
)< ////////////////////////////////////////////////////////////// 9;;$/<<
%$(( % 6%$ /////// 9:;$/<<
%<(( % ////////////////// 9+)$/<<
%<(( % 7 //////////////////////////// & 9+$)/<<
$<(( ;/! /////////////////////////////////////////////000 9))/<<
++<(( % ///////////////////////////////////////////// & 9;)$/<<
+$<(( :/$ ///////////////////////////////// 9))/<<
+$<(( :/$ ///////////////////////////////////////////// 9!)/<<
+$<(( % //////////////////////////////////////////////////////////////////////// & 9!)/<<
+;< /////////////////////////////////////////////////////// 96)/<<
////////////////// 9$)/<<
//////////////////////////////////////////////////////////0 95$/<<
7 //////////////////////////////////////////// 95$/<<
7 /////////////////////////////////////////00 9$)/<<
////////////////// & 95$/<<
7 ////////////////////////////////////////////// & 9%$/<<
///////////////////////////////////////////////////////////000 9!)/<<
+$<(( :/$ //////////////////////////////////////////////// & 9+6$/<<
6$(( % ////////////////////////// & 9+%$/<<
++<(( % ////////// & 9:6$/<<
+$<(( % //////////////////////// & 9+%$/<<
7 ////////////////////////////////// & 9!)/<<
7 //////////////////////////////////////////////// & 9$)/<<
6 /////////////////////////////////////////////////////////////////////////////// & 955$/<<
6 5$(( ":/$ /////////////// 9!5$/<<
$<(( "% 12 6/////////////////////// 9:))/<<
+$<(( %/$ 12 ///////////////////////////////// 9:6$/<<
%:(( %/$ 575 ///////// 95))/<<
+$<(( %/$ 575 //////////////////////// 9:)$/<<
+$<(( %/$ 0 575 /////////////////////////// 9%;$/<<
+!<(( %/$ //////////////////////////////////////// 9+))/<<
;$<(( %/$ //////////////////////////////////////////////// & 9+)$/<<
+$<(( :/$ 7 6%$ 7//////////////////////////////////////////// 9;))/<<
;+<(( % 6%$///////////////////////////////// 9+)$/<<
+!<(( %/$ /////////////////////////////////////////////// 9+6)/<<
;;< 65/////////////////////////////////////////////////////////// & 9)$/<<
$$(( :/$ 65///////////////////////////////// & 9+)$/<<
$$(( ;/! 6%$////////////////////////////////// 9+))/<<
;<<(( % 65 0 ///////////// & 9+))/<<
+$< %/6 6<<!//////////////// & 9$5$/<<
;/! /////////////////////////////////////////// & 9!)$/<<
%$ 65 //// & 95$/<<
+;% //////////////////// 9$$/<<
+;% //////////////////// & 9!$/<<
+;% /////////////// 9;))/<<
1LNRQ $XWR)RFXV 'LJLWDO /HQVHV $FFHVVRULHV
&
$ ///////// & 9:5$/<<

+</$(( ;/! 12 & ////////// 9%;$/<<
;<(( ";/! 7 12 //////////////////////////////////////////////////// 9;)$/<<
$<(( +/! 7//////////////////////////////////////////////////////////////////////// & 96)/<<
$<((+/! 7 12////////////////////////////////////////////////////// & 95)/<<
$<(( +/! 12 & //////////////////////////////////////// 9+;)/<<
$<(( "+/% 7 12 //////////////////////////////////////////////////// 9+)$/<<
6<(( ;/! 7 //////////////////////////////////////////////////////// 9;;$/<<
6<(( ;/! 12 & ////////////////// 9;5$/<<
!$(( :/$ & 0/////// 9;)$/<<
+<$(( ";/! 7 //////////////////////////////////////////// 9;)$/<<
:<<(( % 12 & & /////////// 9!5$/<<
+; & ;%(( % 12 & & ///////////////////////////// 9%)$/<<
+6 & !$(( :/$7$/6 12 & /// 9;))/<<
+6 & !$(( :/$7$/6 12 & ////////////////// 9;!)/<<
+6 & !<(( ";/!&% & ///// 96))/<<
+5 & :$(( ";/! & ///////////////// & 95)$/<<
+5 & $$(( ;/! ;/! 12 & & 0 ///////// & 9%6$/<<
+5 & $$(( ;/! ;/! 12 & & 0 //////// & 9%))/<<
+! & :$(( ":/$7%/$ 7 ///////////////////////////////// 9;5$/<<
+! & 5<(( ":/$7%/$ 12 & 0 0 ///////////// 9+;$/<<
+! & +<$(( ":/$7$/6 & //////////////////////// 0 9+;)/<<
;% & 5<(( ;/! 12 & & ////////////// 9!))/<<
;% & !$(( ":/$7%/$ & /////////////////// 9;)$/<<
;% & +;<(( ":/$7%/$ 12 & /////////////////// 9+))/<<
;! & +<$(( ":/$7%/$ 7 +! ///////// & 9+6$/<<
;! & :<<(( ":/$7$/6 & ///////////// 9%))/<<
:$ & +<$(( ":/$7%/$ 7 ///////////////////////////////// 9+;)/<<

:$ & +:$(( ":/$7%/$ 7 0 ///////////////////////////////////////// & 9+;)/<<
$$ & ;<<(( "%7$/6 & & /////////////////////////////////// 9++$/<<
$$ & ;<<(( "%7$/6 & &/////////////////////////////// 9!)/<<
5< & ;<<(( % /////////////////////////////// 95;$/<<
5< & ;<<(( ";/! & & //////////////////////////////// 9)%$/<<
5$ & :<<(( %/$7$/6 7 0 //// & 9+;$/<<
5< & :<<(( "%/$7$/6 12 & & ////////////////// 9:+$/<<
!< & %<<(( % 12 ///////////////////// 96)$/<<
+5 +/5 //////////////////////////// 9;;$/<<
;< &+ ;/< /////////////////////////// & 9+;)/<<
;< & //////////////////////////////////////////// & 9+)$/<<
;< & ///////// 9:+$/<<
;! ////////////////////////////////////////////////////// & 96$/<<
+/% 7 12 ////////////// 96)/<<
:<(( +/% ///////////// 9+))/<<
$<(( ;/! 7 12 //////////////////////////////// 9+%$/<<
+<$(( ";/! ///////////////////////////////////////////// 9+5$/<<
+< & ;<(( "%7$/6 /////////////////////////////////// 9;%$/<<
+; & ;%(( %/$7$/6 // 9%%$/<<
+$ & :<(( :/$7%/$ //// 9+))/<<
+5 & :$(( ;/!7% ///////////////////////////00 9+$)/<<
$< & $<<(( %/$76/: 7 7///////// & 96))/<<
5< & ;<<(( ;/! ////////////// 9:)$/<<
+:$ & %<<(( %/$7$/6 12 /////////////////////////////////////////00 9;5$/<<
+$< & $<<(( "$/676/: /////// 9%!$/<<
+5 & $<(( ;/! //////////// 9;6$/<<
+! & ;<<(( :/$76/: //////////// 9!)/<<
;! & 5$(( ";/! ' 0 /////////////////// & 9+)$/<<
;! & :<<(( :/$76/: 7 /////// 0 9;))/<<
$$ & ;<<(( %7$/6 ///////////////////////// 9))/<<
+; & ;%(( % & ////////// 0 9;))/<<
+6 & $<(( ;/! & /////////// 9;5$/<<
1LNRQ 0DQXDO

: ////////////////////////////// & 9:)$/<<

: ///////////////////////////////////////////////////////////////////////////////00 9;5$/<<
: /////////////////////////////////////////////////////////////////////////00 9+))/<<
; //////////////////////////////////////////// & 9:6$/<<
; /////////////////////////////////////////////// & 9;5$/<<
; ////////////////////////////////////////////////////////////////////// & 9;%$/<<
; /////////////////////////////////////////////////////////////00 9+%$/<<
; /////////////////////////////////////////////////////////////////00 9+%$/<<
///////////////////////////////////////////////////////////////// & 9+;$/<<
; //////////////////////////////////////////////////// && 9+6$/<<
: ;< :///////////////////////////////////////// & 96)/<<
;%(( ;/! ////////////////////////////////////////////////////////////////////// & 9+)$/<<
;!(( ;/! ////////////////////////////////////////////////////////////////////// & 9+6$/<<
;!(( :/$ ////////////////////////////////////////////////////////////////////// & 9+;$/<<
%$(( ;/! ///////////////////////////////////////////////////////// & 9+))/<<
$<(( +/; ////////////////////////////////////////////////////////////////////// & 9:)$/<<
$$(( +/; ///////////////////////////////////////////////////////////////////////// 9:6$/<<
$<(( +/! ///////////////////////////////////////////////////////////// & 9$)/<<
$<(( "+/% ///////////////////////////////////////////////////////////////////////// & 9+$)/<<
$$(( ;/! //////////////////////////////////////////// & 9+$)/<<
!$(( +/% /////////////////////////////////////////////////////////// 9$5$/<<
!$(( "; ///////////////////////////////// 9;6$/<<
+<$(( +/! ////////////////////////////////////////////////////////////////000 9;))/<<
+<$(( +/! ///////////////////////////////////////////// 9:5$/<<
+<$(( ;/! /////////////////////////////// 9:)$/<<
+<$(( ;/! /////////////////////////////////////////// 9:;$/<<
+<$(( % ///////////////////////////////////////////// & 9;5$/<<
;<<(( % ////////////////////////////////000 9;)$/<<
;<<(( % /////////////////////////////////////////////////// & 9)$/<<
;<<(( $/6 0 /////// 9%5$/<<
:<<( ;/! +/% //////////////00 9%)$/<<
$<<(( ! ///////////// 9;))/<<
;! & !$(( ":/$7%/$ ////////////////// & 9+6$/<<
:$ & 5<(( :/:7%/$ ////////////////// & 9+6)/<<
:$ & +<$(( :/$7%/$ /////////////////// 9+)$/<<
:$ & +<$(( :/$7%/$ ////////////////////////////00 9+:)/<<
:$ & +:$ :/$7%/$ //////////////////////////////////////////////////////////// & 9+%)/<<
:$ & +:$ :/$7%/$ /////////////////////////////////////////////////////////////0 9+;$/<<
%: & !6(( :/$ //////////////////////////////////////////////////////00 96)/<<
5< & ;+<(( %/$7$/6 ///////////////////////////////////// & 96$/<<
5$ & +$<(( :/$ ////////////////////// & 95$/<<
+: ////////////////////////////////////// & 9$$/<<
+; ////////////////////////////////////////////////00 9%)/<<
++ /////////////////////////////////////////////////// 9%)/<<
;<< ////////////////////////////////////////////////////////////////// 96)/<<
+6 :7 ;7 :77;////////////////////////////////00 9))/<<
+6 ://///////////////////////////////////////////////////////////00 96$/<<
2O\PSXV 0DQXDO

% ////// & 9;)$/<<

; ///////////////////0 9))/<<
; /////////////////////////////////////////////////////////////////////////0 9))/<<
; //////////////////////////////////////////// & 9++</<<
;%(( ;/! /////////////// 0 9+)$/<<
;!(( ;/! /////////////////////////////////////////////////00 9$$/<<
;!(( :/$ ////////////////////////////////////////////////// & 9:)/<<
:$(( ;/! ////////////////////////////// 9:%$/<<
:$(( ;/! ////////////////////////////////////////////////////////////// & 96)/<<
$<(( +/! /////////////////////////////////////////////////// 9$$/<<
:H XUJHQWO\ UHTXLUH \RXU XVHG SKRWRJUDSKLF HTXLSPHQW :H KDYH

FXVWRPHUV ZDLWLQJ IRU 1LNRQ &DQRQ /HLFD &RQWD[ %URQLFD
+DVVHOEODG DQG PRVW RWKHU PDNHV RI FDPHUD OHQVHV DFFHVVRULHV
ELQRFXODUV DQG FROOHFWDEOHV :H ZLOO EX\ IRU FDVK IURP \RX RU ZH
DUH KDSS\ WR VHOO RQ \RXU EHKDOI RQ D FRPPLVVLRQ EDVLV %HVW SULFHV
SDLG :H FDQ DUUDQJH FROOHFWLRQ DQG HYHQ FDOO DQG FROOHFW DQG SD\
RQ WKH VSRW LI QHFHVVDU\ DQ\ZKHUH LQ WKH 8.
:MWMXSVW EVI [IPGSQI TPIEWI TLSRI JSV ER ETTSMRXQIRX 43 &S\ 'SXXIRLEQ 'EQFVMHKI '& ;9
2"$- ' 2 - '$ -6" 7- 7"&&- 4:(

& .2 &$"& 2"$- 4::4!4:(3*
'' -6" 7-. 7"&&- 4::!4:(*
7+( :(; 3520,6( 2YHU 3URGXFWV _ )UHH 'HOLYHU\ RQ RU RYHU _ 'D\ 5HWXUQV 3ROLF\
Z
'
14:

/

sZ //
/
&
/
&

sZ

h^dKDZ Zs/t!
)Y . > .+
& t
5HDG RXU ' UHYLHZ RQ

RXU EORJ DW ZH[FRXNEORJ

& &
& &
DK^ ^

1:

Z
DK^ ^
&

& &
DK^ ^
& &
DK^ ^
&

/JLPO XJOUFS $BTICBDL PGGFS FOET
&

h^dKDZ Zs/t!
)^ +
,
5HDG RXU ' UHYLHZ RQ

RXU EORJ DW ZH[FRXNEORJ
)RU \HDU ZDUUDQW\ RQ DQ\ FDPHUD DQG OHQV NLW VLPSO\ UHJLVWHU \RXU QHZ 1LNRQ ZLWKLQ GD\V RI SXUFKDVH 2IIHU DSSOLHV WR 8. 5HSXEOLF RI ,UHODQG VWRFN RQO\ &DOO RU YLVLW ZZZQLNRQFRXNUHJLVWHU
//
^
Z //
< s
Z //
Z //
^ //
Z
//

^
'y
',
1:

&

/
W

/

//
//

',
',
',Z
ZKDDE >E^^!
^ & & ^ d

^ & K^^ s ^ d
^ & K^^ sd d
^ & ' K^^

^ ' ^^D //
^ ' ^^D
^ ^D
^ d ^D
&

KD D
1(::

+ -")
&
KD D

KD D

KD D
KD D //
KD D //
KD D //
KD D //
ty y>h^/s
0MZNQVT $BTICBDL PGGFS FOET
&
'y
^
y ^
< //

/
'y

/
'y

/
/
'
'y

/
/
'
'y
'y

/
/
1(:

yd
^
5) 2'
/
D //
KD D

1BOBTPOJD $BTICBDL PGGFS FOET
4POZ $BTICBDL PGGFS FOET
< s
< s
// &
/
ZKDDE >E^^!
1(::

:%% $&.
D // &
KD D //
KD D //

ZKDDE >E^^!
K
/
K D
/
< //
&
< //
< //
< //
< //
<
<
<
<^
<^
1FOUBY PGGFS FOET

$&.
y
&
y
&
y
&
yW
yd
/
yd
/
& '
1:

yd
&
yd
/
yd
y&
/

&h:/EKE yDKhEd >E^^!

Z >D tZ y&
/
W y&
/
'VKJ 'SFF MFOT $BTICBDL PGGFS FOET
&$// &(175( 12: 23(1 681'$<6
8* '5 & $79. -..5-

'6
9'5,- '"& 2' 2 -2 .-6" &
-2 "2% 2 2 .2 )-"* &#.

6 3UDGKDP (VVH[

YLVLW ZZZZH[FRXN
7JTJU PVS 1RUZLFK 6KRZURRP RSHQ IURP DP 'DLO\
%SBZUPO )JHI 3PBE PQQPTJUF "4%"
/PSXJDI /3 %1
7+( :(; 3520,6( 3DUW([FKDQJH $YDLODEOH _ 8VHG LWHPV FRPH ZLWK D PRQWK ZDUUDQW\
K^
&7
-6'$52"'& "& -.'$52"'&
Et ^
Et ^ Z
^ Z

/
/^ ^dD
/
ZKHQ ERXJKW ZLWK

VHOHFWHG OHQVHV
& &
DK^
D //
1(::

XS WR

&$6+%$&.
& &
DK^
ZKHQ ERXJKW ZLWK

VHOHFWHG OHQVHV
& &
DK^
D ///
K^
h^dKDZ Zs/t! K^ /^ ^dD

) +
W
D ///
XS WR

&$6+%$&.
D ///
/

h^dKDZ Zs/t! K^ D /// ^>Z
h^dKDZ Zs/t! K^ y ^>Z

)B
D

+
z + C ' .+
Z E
$BOPO XJOUFS $BTICBDL PGGFS FOET

$BOPO MFOT CVOEMF $BTICBDLp PGGFS FOET PO
-!
'6

/
D //
/^ ^dD
/

K^

K^ D//
/
/

/^ ^dD
/

/

^

&
/
h K
^ A

1/:

d K^ 3
^ ^>Z
DK^

3
^ Z

1:

'd>
F D ,
F D ,
4XDOLW\ XVHG FDPHUDV

OHQVHV DQG DFFHVVRULHV
ZLWK PRQWKV ZDUUDQW\
ZZZZH[FRXNSUHORYHG
&YDMVEFT JUFNT NBSLFE BT JODPNQMFUF PS GPS TQBSFT
D
y d!
'd
'd
'd
'd>
Dd yWZK
= D ,
= D ,
Dd yWZK
Dd yWZK
Dd yWZK &
Dd yWZK &
Dd yWZK Z ,

d d
= D ,
= D ,
, 'W
= D >
= ,

Z
'
&
: d
K
,
^>Z
& 'W
& >
D!
^!
<!
&!
&!
&!
^!
yZd
/

DZy //

y //

&!
Ddy

D !
^

^

Z h
Z
,s>&D ,s>&D

&!
&!
&

&
&

&

D^

& ' ^d

& ' ^

> ^
&

^
Z <
/ ,
C

D //
D

W /// ^

h & <
Wy ^

^

^

,
^ & ' ^
& &' & &'

Wy

W&y
Ddd
&dd
&>Z

&!
D'

D '
D &
&
&>Z

& & ^
& &
Z!

h
d& <

&

^ >

W Z

W &

d sd W
&Z
.
&
. & E t
^
^
Z
3 E/3
^ /

K W '

> D
& ^
K

t 3
&
E
9/E:
.
t W t
d
> t
^,<^
W
^! , Z6 ^8
E EZ W D t^ 3 d
3 ^
! !

$ % % #&
! ! #&&##&
$ % % #&&#&
$"-- $&/53& /08 01&/ 46/%":4

YLVLW ZZZZH[FRXN

^>Z >
' y &^ /&

' &^
&^ y ' sZ
' &^ y sZ
' &^ y sZ //
&^ sZ
' &^
&^ ' sZ
' &^ sZ
' &^ sZ
' &^ y sZ //
' &^ y sZ
' &^ sZ //
' &^ /& sZ
' &^ sZ
Et &^ sZ
Et &^ sZ
Et ' &^
&^ /^ ^dD

/
&^ /^ ^dD
& > D // h^D
& > /^ h^D
/
& ^dD
& > /^ h^D
& > // h^D
EKE >E^^
& h^D
&^ W
/
& h^D
& > /^ h^D
/
& ^dD
/
& > /^ h^D
/
& D >
&^ /^ ^dD
/
&^ h^D D
/
& > /^ h^D
&^ h^D
/
& > h^D
&^ /^ h^D
&^ /^ h^D
/
&^ /^ ^dD >
&^ /^ ^dD
/
&^ /^
& > /^ h^D //
& /^ h^D
& > /^ h^D //
& > /^ h^D
/
& > /^ h^D //
E/<KE >E^^
' /& & y &
& >
' &^
' &^
' &^
' &^
' &^ y D
W D
' &^ D
& D
' &^
' &^
' &^ sZ /& D
&
& /&
& D
&^ W& sZ
Et &> &^ sZ
Et &> &^ sZ
' &^ y
' &^
Et ' &^ y sZ
' &^ y sZ
dDZKE >E^^ z t
^W & D
// > ^W & ^W /&
^W s h^
// s W D
// s W
s h^ ^W
s W
s h^
^W s h^
^/'D >E^^ z t
,^D
/
' ,^D
y ' ,^D
y ' D
y ' ,^D
$BOPO XJOUFS $BTICBDL PGGFS FOET
4JHNB $BTICBDL PGGFS FOET
WK y ' K^ ,^D D
y ' K^ ,^D D
,^D
& d6
y ,^D
y ' ,^D //
^ ^ 6
/
K^ ,^D

K^ ,^D //
W Z
:KLVWOHU %3
$: %DFNSDFN
3HUIHFW IRU
FDUU\LQJ D SUR
'6/5 ZLWK OHQV
DWWDFKHG DG
GLWLRQDO OHQVHV
D DVKJXQ DQG
DFFHVVRULHV
D K^ ,^D

D K^ ,^D
/& y ' ,^D
y WK K^ ,^D
y ' K^ ,^D
K^
' K^ ,^D &
' K^ ,^D
^ ' K^ ,^D
' ,^D
' K^ ,^D
/
' ,^D
3HUIHFW IRU
FDUU\LQJ D '6/5
ZLWK OHQV DWWDFKHG
DQ DGGLWLRQDO OHQV
DVK DFFHVVRULHV
D OLWUH K\GUDWLRQ
UHVHUYRLU QRW
LQFOXGHG SOXV
H[WUD JHDU VXFK
DV D ELNH KHOPHW
MDFNHW VQDFNV DQG
D FRPSDFW WULSRG
3KRWR 6SRUW %3
$: %ODFN
t!
W ^ W!
W t t
W t t
$QYLO 6OLP
3URIHVVLRQDO
%DFNSDFN
D
W > E

'HVLJQHG WR KROG
D GLJLWDO 6/5
ZLWK EDWWHU\ JULS
DQG PLGUDQJH
]RRP OHQV
DWWDFKHG
DGGLWLRQDO OHQVHV
D DVKJXQ DQG
L3DGWDEOHW
, W
K
<
W/yD W ^
W/yD W ^
W/yD W
G>C <
&EG>C <
^

!
^ ^
^ >
W W K
E
E
Et
^ W
W
D
^
/ W W
W d d
^
D
>
6

#
1(:

1(:

W^ ' y
W^ ' y
W^ ' y
/
W^ ^y ,^
W^
W^ ^
W^ ^y ,^
/
W^ ^y ,^
W^ '
W^ ^y ,^
/
W^ ' y D //
/
$BOPO $BTICBDL PGGFS FOET
^
t'
Z
&
> >y
/
^ ^W
^ d d' ^ t
^
&
> d
/
"&

^ ,y s
/
^ Zy //
/
^ Zy
/
^ Zy /s
/
^ Zy ///
/
^ Zy //
,y
/
ty
4POZ $BTICBDL PGGFS FOET
&Z
&

> D&

/

^
W^
&W yd
1BOBTPOJD $BTICBDL PGGFS FOET
&W ^
&W ^
&W ^
&W yW W
yY ^

Z 'Z //
D
'Z
^ d'
> &
/
> d
/
> d
/
> &
/
&W y
:/ Y

&
W
(P1SP BWBJMBCMF TFQBSBUFMZ
6 h<
7JTJU PVS TUBUF PG UIF BSU

TUPSFT JO #VSHFTT )JMM 8FTU
4VTTFY
BOE $FOUSBM -POEPO
7JTJU PVS XFCTJUF GPS EJSFDUJPOT BOE
PQFOJOH UJNFT GPS CPUI TUPSFT
&YQFSUT JO QIPUPHSBQIZ
6OCFBUBCMF TUPDL BWBJMBCJMJUZ
$PNQFUJUJWF MPX QSJDJOH
6, TUPDL
$BOPO &04 % .BSL ***
$BOPO &04 %T
/JLPO %
/JLPO %

(M RSNBJ @S

(M RSNBJ @S
#(& CBUUFSZ HSJQ

(M RSNBJ @S
" SFWPMVUJPO JO SFTPMVUJPO

g
:PV QBZ g DMBJN g

CBDL GSPN $BOPO 6, &OET
SFCBUF

#VZ UIF &04 %T B TFMFDUFE $BOPO

MFOT SFDFJWF VQ UP g DBTICBDL
$BOPO &04 %

g
DBTICBDL
#PEZ 0OMZ
g

***
#PEZ 0OMZ
g
1SJDFT JODMVEF g DBTICBDL

GSPN $BOPO
g
DBTICBDL
g

GSPN $BOPO
$BOPO &04 %

*4 45. 7JFXpOEFS LJU
g
'3&& 4BO%JTL (# 4%9$ DBSE

BOE -PXFQSP &EJU CBH

g

#PEZ 0OMZ
g
g
DBTICBDL
*4 45.
DBTICBDL
*4 45.
g

GSPN $BOPO
g

$BOPO 49

)4
g
DBTICBDL
*O TUPDL BU g
1SJDF JODMVEFT g DBTICBDL

GSPN $BOPO
g
#PEZ 0OMZ
"EE B HSJQ GPS

g
g
SFCBUF
1VSDIBTF XJUI UIF #(& HSJQ

BOE HFU B SFCBUF PG VQ UP g

g

#PEZ 0OMZ
g
DBTICBDL
4FF XFCTJUF
GPS MFOTFT

GSPN $BOPO

g

#PEZ 0OMZ
DBTICBDL
DBTICBDL
*4 45.
g g

GSPN $BOPO
DBTICBDL
*O TUPDL BU g

GSPN $BOPO
g

DBTICBDL
#PEZ 0OMZ
73 **
g
g

GSPN /JLPO

0VS QSJDF
g

G
g
"EE B /JLPO .#% CBUUFSZ

HSJQ GPS POMZ g
g
1VSDIBTF CFGPSF DMBJN

B '3&& .#% CBUUFSZ HSJQ

#%
73
#PEZ 0OMZ
/JLPO %T

HSJQ
g
*O TUPDL BU g

GSPN $BOPO
"'( NN G( &% %9

"'% NN G%
"'% NN G% 'JTIFZF
"'4 NN G( &%
"'% NN G
"'% NN G%
"'4 /JLLPS NN G(
"'% NN G
"'4 NN G(
"'4 NN G(
NN G "' /JLLPS %
"'4 NN G( &%
"'4 NN G( %9
"'4 NN G(
( &%
"' NN G%

"'4 NN
NN G
G
G(
"'% NN
NN G
"'4 NN
NN G(
"'4 NN
NN G(
(
"'% NN G
.J
.
.JD
.JDSP
.JDS
"'4 NN
NN
N G( .JDSP &%
g
g
g
g
g
g
g
g
g
g
g
g
g
g
g
g
g
g
g
g
g
'3&&
HSJQ
/JLPO %
'3&&

/JLPO %

#VZ UIF % CFGPSF

DMBJN B '3&& .#% HSJQ GSPN /JLPO
/JLPO %
/JLPO %

g
DBTICBDL

#%

0VS QSJDF
g
73
g
"EE B /JLPO .#% CBUUFSZ

HSJQ GPS POMZ g
/JLPO "'4 NN

G( %9
#%

0VS QSJDF
G
g
g
"EE B /JLPO &/&-B TQBSF

CBUUFSZ GPS POMZ g
*O TUPDL BU POMZ
g
1SJDFT
1SJD
SJD VQEBUFE %"*-:
4FF XXXQBSLDBNFSBTDPNBQ GPS EFUBJMT
/*,0/ -&/4&4
$BOPO 1PXFS4IPU (9 $BOPO 1PXFS4IPU (9

$BOP
g
g
g
"'4 NN G( %9
"'4 NN G(
g
"'4 NN G(
g
"'4 NN G( 73
g
"'%$ NN G /JLLPS
g
g
"'% NN G%
"'% NN G *' &%
g
"'% NN G% *' &%
g
"'4 NN G( &% 73 ** g
"'4 NN G( &% 73 ** g
"'4 NN G % *'&% g
"'4 NN G& 1' &% 73 g
"'4 NN G '- &% 73 g
g
"'4 NN G( &% 73
"'4 NN G& '- &% 73 g
"'4 NN G( &% 73
7
g
"'4 NN
N G& '- &% 73
7 g
"'4 NN
NN
N G& '- &% 73 g
"'4 NN
NN G(
g
"'4 NN
N G ( *'&%
g
"'4 NN
NN G( &% g
"'4 NN G( &% 73 g

"'4 NN G& &% 73 g
"'4
4 NN

G(
g
"'4
4
4 NN

G *' &% g
"'4
4 NN G( %9
g
"'4 NN G
G(
G
g
"'4 NN 7
73
g
"'4 NN
N &% 73 %9
g
"'4 NN &% %9 73 ** g
"'4 NN GG 73 g
"'4
'4 NN GG( &% g
"'4 N
NN 73

g
"'4
4 NN

G( &% 73 g
g
"'4 NN &% 73
"'4 NN G( 73 ** g
"'4 NN G 73 ** g
"'4 NN G &% 73 g
"'4 NN *' &% 73
g
"'% NN &% 73
g
g
"'4 NN &% 73
"'4 NN 73 **
g
4POZ 39 **
4POZ B
'PS $"4)#"$, 4"7*/(4 PO TFMFDUFE $BOPO MFOTFT

WJTJU VT JOTUPSF DBMM PS TFF XXXQBSLDBNFSBTDPNBQ
$"/0/ -&/4&4
g
g
g
g
g
g
g
g
g
g
g
g
g
g
g
g
g
g
g
g
g
g
g
g


GSPN $BOPO
NN G- ** 64.

64
NN G 64.
NN
NN GG .L ** 64.
NN G
G *4 64.
&'4
'4 NN G 45.
NN
NN G 64.
NN
NN G *4 64.
6
64
NN
N G- 6
64.
NN
N G- ** 64.
NN G
G *4 64.
NN G 45.
NN G - 64.
NN G 64.
NN G **
NN G 45.
NN G .BDSP
&'4 NN G .BDSP
.1& NN G
NN G- ** 64.
NN G 64.
NN G 64.
NN G

64. .BDSP
DSP
NN GG
- .BDSP
.BD *4
4
NN G- 64.
'3&& 4BO%JTL (# 4%)$ DBSE

BOE -PXFQSP &EJU CBH
$BOPO &04 % .BSL

. L ** $BOPO &04 %
$BOPO
OPO
PO &04 %

#PEZ 0OMZ
g
/08 */
450$,

(M RSNBJ @S

g

:PV QBZ g DMBJN g CBDL GSPN

/JLPO 6, &OET

$BOPO &04 %

g

1(:

*4 45. *4 45.
$BOPO &04 .

$BOPO &04 .

$BOP
g

g
DBTICBDL
#PEZ POMZ

$BOPO &04 %

NN 73 **
NN G- 64.

NN G- *4 64.
NN G- 64.
NN G- 64. *4 **
NN G- 64. *4
NN G- 64. *4 **
NN G %0 *4 **
NN G- 64.
NN G- *4 ., **
NN G- *4 .,, **
NN G- *4
4 64.
54& NN G54& NN G- **
54& NN G
54& NN G
NN G- 'JTIFZF 64.
&'4 NN *4 45.
&
&'4 NN G
&'
NN G- 64.
&'4 NN G *4
&
NN G- ** 64.
N
NN
NN G- *4 64.
NN G- 64.
N
&'4 NN
&'
:PVS -JGF JO )%
&'4 *4 MM /P QBDLBHJOH

g
&'4 NN *4 45.
g
&'4 NN G g
NN G- ** 64. g
NN G- *4 64.
g
NN G- *4 64. g
NN 8IJUF #PY
g
NN G *4 45. g
NN G- *4
g
&'4 NN G *4 45. g
NN G- *4 ** 64. g
NN G- 64.
g
NN G- *4 64. g
NN G- 64.
g
NN G *4
g
NN G- *4 64. g
NN %0 *4 64.
g
NN G ***
g
NN G ***
g
NN - *4 64. ** g
NN G- 64.
g
Y *** &YUFOEFS
g
Y *** &YUFOEFS
g
g
ZFBST` *OUFSFTU 'SFF $SFEJU

BWBJMBCMF XIFO ZPV CVZ BOZ
$BOPO -4FSJFT MFOT
GSPN

g
XXXQBSLDBNFSBTDPNIECPPL
g
g
g
g
g
g
g
g
g
g
g
g
g
g
g
g
g
g
g
g
g
g
g
g
0FS BWBJMBCMF CZ DBMMJOH

PS
WJTJUJOH VT JO TUPSF
"QQMJDBCMF CFUXFFO

TVCKFDU UP TUBUVT
4POZ 39
***
**

g
DBTICBDL
$%

*O TUPDL BU "EE B 4POZ -$+
g
39' DBTF GPS g
:PV QBZ g DMBJN g CBDL

GSPN 4POZ
4POZ B **

g
DBTICBDL
#PEZ 0OMZ
NN
g
1SJDFT JODMVEFT g DBTICBDL

GSPN 4POZ
#%
*O TUPDL BU
g
"EE B /1'8
CBUUFSZ GPS g
4POZ
Z B3 ***

:PV QBZ g DMBJN g CBDL

GSPN 4POZ

g
g
DBTICBDL
g
DBTICBDL
#%

#PEZ 0OMZ
NN
g
g
1SJDFT JODMVEFT g DBTICBDL

GSPN 4POZ
4POZ B4 **

/08 */ 450$, BU g

4FF POMJOF GPS GVMM EFUBJMT
/08 */ 450$, BU g

4FF POMJOF GPS GVMM EFUBJMT
"EE UIF 4POZ 7($&. HSJQ GPS

POMZ g XIFO CPVHIU XJUI
NPOUIT JOUFSFTU GSFF DSFEJU

BWBJMBCMF XIFO PSEFSJOH UIF B4 **
83 72 &$6+%$&. $9$,/$%/(
RQ VHOHFWHG 6RQ\ GLJLWDO FDPHUDV

FDPFRUGHUV FRPSDFW V\VWHP FDPHUDV
8BUDI PVS B4 ** WJEFP BU

ZPVUVCF[$+Z4L/@H
6(( ,16725( 25 21/,1(

)25 )8// '(7$,/6
'PMMPX VT PO 'BDFCPPL 5XJUUFS (PPHMF BOE :PV5VCF
GPS UIF MBUFTU OFXT QSPEVDU SFWJFXT BOE DPNQFUJUJPOT GSPN 1BSL $BNFSBT
"MM QSJDFT JODMVEF 7"5 ! 'PS PQFOJOH UJNFT BOE TUPSF BEESFTTFT WJTJU XXX1BSL$BNFSBTDPN"1 "MM QSPEVDUT BSF 6, TUPDL &0& 1SJDFT DPSSFDU BU UJNF PG HPJOH UP QSFTT 1SJDFT TVCKFDU UP DIBOHF DIFDL XFCTJUF GPS MBUFTU QSJDFT
7JTJU PVS XFCTJUF VQEBUFE EBJMZ
$BMM POF PG PVS LOPXMFEHFBCMF TBMFT BEWJTPST
XXXQBSLDBNFSBTDPNBQ
.POEBZ 4BUVSEBZ BN QN

PS 4VOEBZ BN QN
TBMFT!QBSLDBNFSBTDPN

PS FNBJM VT GPS TBMFT BEWJDF VTJOH
6,`T MBSHFTU JOEFQFOEFOU QIPUP TUPSF
"XBSE XJOOJOH DVTUPNFS TFSWJDF
'BNJMZ PXOFE 3VO
VSHFTT )JMM TUPSFT U

4JHNB
HNB N
H
NN
4JHNB
4JHN
HNB
H
NN
NN
GG &9
9 %$ )4.
4JHNB
H
NN

G
&9 %$
% 0
04 )4.
'3&&
G %( 04 )4. c $POUFNQPSBSZ
'3&&
pMUFS
g
qBTI
DBTICBDL
-FJDB %-69
-FJDB
JDB 7-69

UZQ

-FJDB 4-
UZQ
%

UIF -FJDB
-FJD
UZQ

%

*O TUPDL BU g
4FF XFCTJUF GPS EFUBJMT
*O TUPDL BU g
*O TUPDL BU g
/PX BWBJMBCMF JO 4PMJE (SBZ
g
*O TUPDL BU g
4FF XFCTJUF GPS MBUFTU

BWBJMBCJMJUZ PVS MBUFTU QSJDF
'3&& 4JHNB NN 83 67 pMUFS

XPSUI g XJUI UIJT MFOT
$MBJN B '3&& 4JHNB &' %(

45 qBTI &OET

GSPN 4JHNB &OET
4FF XFCTJUF GPS GVMM EFUBJMT

BOE UP QMBDF BO PSEFS
'3&& -FYBS (# 1SP 4% DBSE

Y
XJUI UIJT DBNFSB
3FBE PVS IBOET PO SFWJFX BU

CMPHQBSLDBNFSBTDPN
4*(." -&/4&4
NN G 'JTIFZF &9 %$
g
g
NN G 'JTIFZF &9 %(
NN G 'JTIFZF &9 %(
g
NN G 1FOUBY POMZ
g
NN G %/
GSPN g
NN G %( )4.
g
NN G %$ )4. "35
g
NN G %/
g
NN G %( )4. "35
g
NN G &9 %( )4. /JLPO g
NN G %( )4. "SU
g
NN G %/
GSPN g
NN G &9 %( )4.
g
NN G &9 %( 04 )4. g
NN G &9 %( 04 )4.
NN G &9 %( 04 )4. g
NN G "10 &9 %(
g
1SJDFT VQEBUFE %"*-:

*-:
4FF XXXQBSLDBNFSBTDPNBQ
Q
Q GPS EFUBJMT
MT
NN G "10 &9 %(
g
NN G "10 &9 %(
g
NN G %$ )4. GSPN g
NN G &9 %$ GSPN g
NN G &9 %$ )4.
g
NN G ** %( )4. g
NN G %$ 04 )4.
g
NN G .BDSP 04
g
NN

G %$ )4.
g
NN G ** %$ 04 g

NN G 04 )4. g

NN .BDSP 04 )4.

g
NN G %$ 04 )4. g

NN

G %( )4. "SU
g
NN G *' &9 %(
g
NN G %( 04 )4.
g
NN G %( 04 )4. g
NN G "10 &9 %( 04 g

NN G "10 .BDSP g
NN G %( .BDSP g
NN G 04 )4. 4 g
NN G %( 04 g
NN G $
$
g
NN
NN
N G
G
41035
g
NN
NN
N G &9 %(
g
NN
NN G &9 %( )4. g
&9 %( Y "10
10
g
Y 5FMF
FMF $POWFSUFS 5$
5$ g
&9 %( Y "10 %(
g
Y 5FMF
MF $POWFSUFS 5$
g
64# %PDL
DL
g
-FJDB 9
-FJDB .

UZQ
ZQ

#
!

*O TUPDL BU g
4FF XFCTJUF GPS GVMM EFUBJMT

BOE UP QMBDF BO PSEFS
%NQ SGD +DHB@ Q@MFD NE

KDMRDR @MC -$6 EHKSDQR
RDD HM RSNQD NQ UHRHS
NTQ VDARHSD
4FF XFC GPS MBUFTU QSJDF

'3&& -FYBS (# 1SP 4% DBSE
Y
XJUI UIJT DBNFSB
6Q UP

g
DBTICBDL

'PS FWFO NPSF 4JHNB JODMVEJOH DBNFSBT BDFTTPSJFT WJTJU XXXQBSLDBNFSBTDPNBQ
0MZNQVT 0.%&. ** 0MZNQVT 0.%&. **

NN **
#PEZ 0OMZ

(M RSNBJ @S

/&8
"EE BO 0MZNQVT #-4 TQBSF

CBUUFSZ GPS POMZ g

'3&&

$BTF
0VS 1SJDF
g
"EE B -J#
CBUU GPS g

g #0/64 XIFO CPVHIU XJUI BOZ

0MZNQVT
Z Q BDDFTTPSZ
Z PWFS g TFF XFCTJUF
0MZNQVTT &.

0MZNQVT 506() 5( 0MZNQVT &.

#PEZ 0OMZ
g
&;
g
4FF XFCTJUF GPS MBUFTU MPX QSJDF

1BOBTPOJD (9
1BOB

(M RSNBJ EQNL

$%

g
g
5&45 808 5FTU %SJWF UIJT

5&45 808
3FDFJWF B '3&& 0MZNQVT )PMEFS
DBTF XPSUI g RVPUF UIF "1 DBNFSB GPS GSFF XJUI 1BSL $BNFSBT DBNFSB GPS GSFF XJUI 1BSL $BNFSBT
83
g
"EE B 1FOUBY 4-3 DBTF GPS POMZ

g XIFO CPVHIU XJUI UIF ,
g
NN G
g
g
g
'VKJpMN 95

g
DBTICBDL
g
'VKJpMN 95
95
5

#PEZ 0OMZ
'VKJp 91SP
'VKJpMN
91SP
NN **
g

GSPN 'VKJpMN

91SP NN
NN MFBUIFS DBTF
g
"EE B TQBSF 'VKJpMN /18

CBUUFSZ GPS POMZ g
'PS VQ UP g PO TFMFDUFE 'VKJpMN

9NPVOU MFOTFT WJTJU VT JO TUPSF PS BU
QBSLDBNFSBTDPN
g
NN
g

"WBJMBCMF
#PEZ 0OMZ NN
g g

"WBJMBCMF
1FOUBY , **

g

'3&&
MFOT
4FF XFC GPS PVS MBUFTU MPX

QSJDFT EJTDPVOU DPEF
, ** #PEZ NN
g JOTUBOU EJTDPVOU JG CPVHIU

CFUXFFO
'3&& NN G MFOT JG CPVHIU

CFUXFFO
g
g
)FSP
#MBDL
g
)FSP
4FTTJPO
g
)FSP
-$%
g
DBTICBDL

NN
#PEZ 0OMZ
g
g

GSPN 'VKJpMN
'VKJpMN 9' NN G

*O TUPDL BU g

g
6(( :(%6,7( )25 *2352 $&&(6625,(6
NN G
1SJDFT JODMVEF DBTICBDL 4FF XFCTJUF GPS EFUBJMT
g
DBTICBDL
g
NN G
(9

DBTICBDL

#PEZ 0OMZ
NN G
g
1FOUBY
1FO
1F
FOUBY ,4
1FO
NN
#PEZ 0OMZ
$BTICBDL BWBJMBCMF

DBTICBDL
"WBJMBCMF GSPN g

1BOBTPOJD ()

g

"WBJMBCMF
#%
1BOBTPOJD
g
DBTICBDL
-6.*9 ()3

/LPLWHG VWRFN

QRZ DYDLODEOH

1SJDF JOD g DBTICBDL

B@R
GA@
BJ
4FF XIBU XF MPWF BOE GPMMPX VT BU

JOTUBHSBNDPNQBSLDBNFSBT
2S@QSR /,
SG #DBDLADQ

82 %-2 '% .9.2$ $-.

0)2
- '9

)"%%

.%!!** %
:$3 4
+&4( .6
@4 *-3? 3
96",

(&8 "9
7+ 23 .22
0)

) + 71&
+5# $&

0)99)
- '9
) + 71&
+5# $&
0)99
03 ''

9.@@
;.7@.7.6
9.!,,
9<!@@
0)99
0) ''
- '9

) +
71&
+5# $&

0))
- '9
) + 71&
+5# $&
03''

0)
- 3"-9%%
3++/
) + 71&
+5# $&
0)99

9."!@
0)3''

03- .999 )."9%% 3++/

) + 71& +5# $&
09
9.@@
;.7@.7.6
9.6"!
9.6,,
0)

616, -0- 66
." ))4 :3: 0'=4: - > -3 :3:1
-+-+ . ;

9!@
;.7@.7.6
9",<
95<@
3
6&1 1&6

&#$ $)*3 $-//&+# +:3
$)*4 -3 44> . .
%%+ $ "3*5 +*3+ +2 / /% +/%! $ 3""/5) *+ +2 / /% $) /2*+ * %* ""2+/*/%$ '2*'%++ %$"5) "" '*+ $"2 16() ) ))
(6 *+#, 7*+1 5#
% 5. +++ !5.2 ' 4%* /*/ %$%$
% "#* %''$ $/* "#+%*
777+%+6(+$+'+5"
)"%%
4+

0)39
0 -
")
+1#$ +#*
0-

95,,

0 9
9"@
..7@.7.6
95.,
)")2%%
3++/

09
95!
..7@.7.6
9.@,,
"

0.-'
9.",,
")9 '9 ++++++++++++++++++++++++++++++++++++++++++++++++ 0'9

1&& 0 9'
") '9+++++++++++++++++++++++++++++++++++++++++++++ 02.

1(:& 0-29
")9 )."9%% ++++++++++++++++++++++++++++++ 0-9

1&& 03'
") )"%% +++++++++++++++++++++++++++ 0 3.

1(3&& 0'-2
0)93
9"",
9!6,
)"%% 4+
9"329%% &,
9@! 9@ %
") +1#$ +#* 9.@" 9@ %

'9

0.9
02
+*!#1 #$5+
#1#(&

..7@.7.6
9.<,,
95!
..7@.7.6
9,<,
09
0. '
"

9"329%% &, 9@ %

)3"2%%
9.!@
.<7@.7.6
9.;,,
09
0)9

) " 3%%
965,
0)3 '
0 2

02'.
'9
9.@@
.<7@.7.6
9,,,
9.<,!
0)99
0''
0)3
) " 3%%
9.",,
9!,,
2 =&(-
0 -

)3" 9%%
'

09
0)
03
0)99

4:$$ 4+
)3$$ ,5 6+*
0

9.@@
.<7@.7.6
9!;!
9.5,,
"

9..,,
"3 '9 ++++++++++++++++++++++++++++++++++++++++++++++++++++++ 02.9

1& 0 '
09
0-
) " 3%%
(6*+(
5&14+ )39

0. '
5- - .2$. 2#'5 . 6 ## '%# %

52 9'5 % #.' 6 5. ## 2' 6 '% # 6-

1-0 , -2&41-&<E"<941
HHH91-&<E"<941
88 A3!.
1/G
-&<E"< +4B4*;6+- -1-B$"

D=,D3! 40B42 B;$$B! ;-I+19 $G429 ( 39

+ %0 + '50"

20 + '50"
4H0 + 4508

+ 20 + '50"
4H0 + 4508

"

3: ;5$$#,$;A :$;531;$ 5/$;$ $0,/ G3D: $9D,50$1A #$A,/; A3888 ,1&30,&;D#;8!30
4
';
';
3#G 31/G @(B2%
3#G 31/G @C<22
3#G 31/G @C2(2

=

3#G 31/G @44BC
/D; C(+4H' &B8'>'8= @4(2%

3#G 31/G @4422
!1111
"("'

@4<2%
+11 ,"

@((22
+4B :,5
@4B2
;. 3DA @CHH 5:A+$F 31D;
+4= :,5
@42%
+4( :,5
@4C'
11 ,"

@<B22
3#G 31/G @'%2

/D; 4%+4B'

3#G 31/G @C42%
/D; C(+4H' &(
+44 :,5
@%22
11

@=<22

3#G 31/G @(<2
/D; 4%+''
/D; 4%+4B'

3#G 31/G @((((
<CHH

3#G 31/G @<(2
/D; 4%+4H'
+4' :,5
,11 ,

@B=22
3#G 31/G @C4%2
+4C :,5 6%4H>%HH>7 @C<2
''HH
@%2<
@CC%

3#G 31/G @(2%
/D; 4%+''
/D; 4%+4(H
+11 ,"

@B(%2
<'H
%4H

BBHH
@'%2
@<(2

3#G 31/G @CC2
/D; 4%+''
11 ,"

@%222
@BC%

3#G 31/G @4(<<
/D; C(+4CH &(
+4= :,5
,&1 ,"

@4%(2
11

@<2%2
@CC(
@'(2
@<B%
11

@=(22
! !
(;
@C=22
<'H

/D; 4%+'' @<((

/D; 4%+4B'
@2C%
;. 3DA @CHH 5:A+$F 31D;
;. 3DA @CHH 5:A+$F 31D;
<=H
<H

3#G 31/G @=22
<
'

$*/ -% % .$ .

-$ $ #- * $ 0 -$ $
=4H

@422<
@CC%
3#G 31/G @4HC2

+4( :,5 6=4H>=HH7
@42%
,1111 "'

@44<2
'11

@2=(%
.## !"%$ #!+-!$ %$ 0+!- #%$ 0!- -!#+ % *!&+ $ -* !$ %$.+ %*+
D-, +4

3:$ 31 E$ ;,A$

3:$ 31 E$ ;,A$
B
'
2

4'H+=HH00 &'>=8B
53:A

4=+BHH00 &B8'>=8B
,

3:$ 31 E$ ;,A$

B$<B 99 <+/ 2" 6;414B-42 4'$;< 16;4G$" <$;+ &-0-BJ &$BE;$<
0$2$;! $<-$; B4 ;$" 6*$< -2 6;4"EB ;$< $<<$" &;41 B-B0$ ;
";46,"4H2 1$2E< $H 2" E<$" 6;4"EB< 2 $ 4;"$;$" "-;$B0J &;41 B+$ <-B$
0,/G D1 :3 $/$:;*,5 E,A* :,$1#/G" 13E/$#)$ /$ A&&8 5$1 < #G; 5$: E$$.8 :,!$; ,1! + !3::$!A H(>4C>CH4'8 FA:8 8

') ) !$#$ %$#1(
0B+4E*+ H$ ;$ B+$ $4C>CH4'
EB <E.$B B4 +2*$ H-B+4EB 24B-$9
$$ H$<-B$ &4; E6 B4 "B$ 6;-$<9 9
7&< (<6 &(C &*1 )*? <?667 7$' .6,),<&,*7
EEE80,&;D#;8!30
E<;-$ B4 4E; 2$H<0$BB$; , $1-0 J4E; "";$<< B4 -2&41-&<E"<9419

#!"!"!!!#!$!
;$# 131
-
,C
% ,B

;$# 131
!7
,C
% ,B

;$# 131
--%>"))
"
% ,B

;$# 131
>"))
-1"
% ,B

;$# 131
>"%8D))
>1
% ,B

;$# 131
!)) -1>

;$# 131
-DD%"DD)) "1!:!19

;$# 131
=DD)) >1

;$# 131
=DD)) "
,B

;$# 131
"DD)) >1

;$# 131
!DD)) "

;$# 31G
8 ,C
2 #6&.

;$# 31G
=('

4"J 99999999999999999999999999999A33
)L ) 999999999999999999999999999999A5)3
)(,3L )?(9> 4I999999999A))3
(L D9% 9999999999999999999999999999999A5)3
5LL ) 1;4 999999999999999AD)3
5L( C9(9999999999999999999999999999999999A33
5C( ) 99999999999999999999999999999A533
5(L C9( 999999999999999999999999999999A33
5(L C9( , 4I99999999999A5)3
DLL )9( 99999999999999999999999999A533
5)! D% 4; )D $IB BE$9999999A)3
5DL 9999999999999999999999999999999999A>3
40;4-" / 99999999999999999999999AC3
0-2 6;-<1 9999999999999999999999999999A(3
4B;J 6;-<199999999999999999999999A5D3
;-<19999999999999999999999999999999A=3
2*0$ G-$H&-2"$; 99999999999A5D3
-2"$; $;0J 9999999999999999999999999A=3
6$$" ;-6 9999999999999999999999999AC3
;-64" "6B$; 99999999999999999AC3
-2"$; $;0J 9999999999999999999999999A)3
$BK C%>99999999999999999999999A)3
=F=
4160$B$99999999999999999999AD=3
4160$B$9999999999999999AD)3
)L ) 9999999999999999999999999999999999AD33
(L C9( 9999999999999999999999999999999A5)3
5C( ) ,99999999999999999999999AD)3
5(L C9( 999999999999999999999999999999A=3
5(L ) 9999999999999999999 A5)3?533
DLL )9( , 4I 9999999999A533
DI 42G$;B$; ,99999999999A5=3
C>11 $IB BE$99999999999999999999A=3
5C( / 999999999999999999999999999A5C3
- 40;4-" /9999999999999A=3
- 5DL 99999999999999999999999A=3
5DL 999999999999999999999999A)3
0-2 ;-<1 4I$" 99999999999A>3
;-<1 ;0J 9999999999999999999999A=3
;-<1 -2"$; 999999999999999999A>3
$BK C%>99999999999999999999999A)3
;4 <+"$ 999999999999999999999999999A(3
$2< 44" >(,%L99999999999999999ADL
- 4B4;H-2"$; 99999999999A5)3
6$$" *;-6 9999999999999999999999999A>3

5 4"J 4I99999999999999999ACC33
5 4"J 4I 99999999A5=33
5 4"J99999999999999999A5C33
5 4"J 4I999999999999A>33
= 4"J , 4I 999999A3)3
= 4"J 999999999999999999999 AC33?)>3
> 4"J 4I99999999999999999999999A%33
(< 4"J -2B E2E<$" ADD33
( 4"J 4I999999999A5>33
( 4"J 4I9999A>33?333
( 4"J 4I 9999999999999999AC)3
=L 4"J 4I99999999999999999999999A(=3
>L 4"J99999999999999999999999999999999AC33
(L 4"J 4I99999999999999999999999AD=3
)L 4"J99999999999999999999999999999999A5=3
((L 4"J 4I 99999999999999999999A533
)(L 4"J 99999999999999999999999999999A5=3
5LLL 4"J999999999999999999999999999A5=3
,59999999AD3 ,D 999999999999AC3
,C999999999999999999999999999999999999999AC3
,)999999999999999999999999999999999999999999A>3
,(999999999999999999999999999999999999999999A)3
,>9999999999999999999999999999999999999999A553
,=999999999999999999999999999999999999999999A33
,%999999999999999999999999999999999999999999A=3
5 , 4I999999999999999999AC=3

5 4"J 4I 9999999A(33
5 4"J9999999999999999A)33
5 4"J99999999999999999999A5)3
C : ,D 99999999999999999999ADC3
C : ,5 99999999999999999999A533
C9999999999999999999999999999999999999A5)3
52 4"J99999999999999999999999A5D3
C 4"J 9999999999999999999999999A5D3
>LL?>(L 4"J $ 9999999AC3
5L,DD C9(?)9( 9999999999999999AC)3
55,D) ) , 4I9999999999ADD33
5D,D) C9(?(9> 99999999999999999999AC33
5=,)L ) 9999999999999999999999999999AC33
5=,%( )?(9>999999999999999999999999A533
5%,(( C9(?(9> 999999999A%3
5%,(( C9(?(9> 999999999999 A33
5%,(( C9(?(9> 999999999999999999 A(3
D) &59) , 4I9999999999999999999A3)3
D) D9% 999999999999999999999999AC>3
D),=L D9% , 4I99999999A5533
D),=L D9% 4I999999999999999999999999A>33
D),=L ) 4I999999999999999999999999A(=3
D),5L( ) 9999999999999999999999999999999A)33
D% 59% 4I999999999999999AD33
D%,=L D9% 999999999999999999999999A)33
D%,3L C9(?(9> 9999999999999999999999A=3
D%,5C( )9(?(9>999999999999999999A533
C(,5C( C9(?)9(999999999999999999A5D3
)L D9% 99999999999999999999999999A%3
(L 59) 4I 999999999999999999999A533
(L 59% 99999999999999999999999999A5)3
(L 59% 999999999999999999999999999 A)3
(L D9( 1;4 4I9999999999999A5D3

=!)) 9+D

-1"

% ,B

;$# 131
-
,C

((,D(L )?(9> , 4I99 A5D3
>L D9% 1 99999999999999999ADD3
=L,DLL D9% 4I 999A5533
=L,DLL D9% 4I 9999999A%33
=L,DLL ) 9999999999999999A>33
=L,DLL ) 999999999999999999999AC)3
=L,CLL )?(9> 999999999999AD=3
=(,CLL )?(9> 999999999999A%3
%( 59D 9999999999999999999999A%33
%( 59% ,9999999999999999999999999999A533
5LL D9% 9999999999999999999A)33
5LL,CLL )?(9> 99999999A5D3
5LL,)LL )9(?(9>
99999999999999999999999999999999 A>33?%33
5C( D , 4I99999999999999999999A>C3
DLL D9% 999999999999999999999999A))3
CLL D9% 999999999999999999AD333
CLL ) 4I999999999 A>33
)LL D9% 9999999AC=33?C333
)LL (9> 4I999999999999999999999 A>33
(LL ) 9999999999AC)33?C=33
59)I $IB$2"$; 999999999999 A533
DI $IB$2"$; 9999999999999999 A533
$0$60E< DI 42G9999999999A%3
$2/4 $IB BE$ <$B 999999999 A%3
$<<46< $IB BE$< 999999999999999A>3

,) H-;$0$<< /-B 999999999999999999A%3
,D ";-G$9999999999999999999999999999A33
,5 ";-G$9999999999999999999999999999A>3
;-64" 12B "6B 78999A(3

%,5( )9(?(9> 4I99999999999AC33
5L,DL )?(9> 4I 9A533
5(,CL C9(?)9( 9999999999 A533
5=,=L D9%?) 999ADC3
5=,=L D9%?)9( 99999999999999999999A5)3
5%,C( 59% ,9999999999999999999999A)>3
5%,(L D9%?)9( 999999999999 A5)3
5%,(L C9(?(9> 4I99999999 A)3
D),=L D9% 99999999999999999999A)>3
D),=L D9% 1 9999999999AC)3
(L 59) 999999999999999999999999AD)3
(L,5(L D9% 99999999999 AD33
=L,DLL D9% 999A)D3
5L( D9% 9999999999999999999999999AD53
5DL,CLL D9% 999999999A=33
5DL,)LL )?(9> 999999A))3
5%L C9( 1;49999999999999999AC33
>LL % 1-;;4;999999999999999999999999999AD)3
59)I 42G 99999999999999999999A5)3
DI 42G999999999999999999999999A5)3
$2/4 ;4 CLL 59)I 42G99999 A33

5L,D) C9(?)9( - 99999A533
5%,D=L - 99999999999999999A5=3
D%,CLL C9(?>9C - A533
=L,DLL D9% - A(33
=L,CLL )?(9> 999999999999999 A33
5%L C9( -9999999999999999999AC>3
DLL,(LL , 4I99999999A)=3

,C999999999999999999999999999999999999999A)3
,D ;/$B99999999999999999999999A33
,C 4I99999999999999999999999999999A533
,D B;2<1-BB$; 9999999999999999A%3
C 242 "-*-B09999999999999999999A)3
D) ;-2*0-*+B9999999999999A)33
)CL 9999999999999999999999999999999999A5)3
)CL 242 "-*-B0 999999999999999AC3
((L999999999999999999999999999999999999A5)3
(%L 4I 999999999999999999999999999A5=3
>LL 4I 999999999999999999999ACD3

)L,%L C9( 999999999999999999999A533
5C( D9% 99999999999999999999999A533

,5 4"J <-0G 4I999999999999A533
, 5 4"J 0/ 4I99999999999A5%3
5>,(L C9(?(9> ,999999999A5=3
5% D , 4I 9999999999999999999999A533
5%,(( D9%?)999999999999999999999999AD=3
D= D9% 9999999999999999999999999999AD)3
1J2* % D9%99999999999999999A533
,5 *;-6 4I999999999999999999999999AC3
5LL< <-0G 4I 99999999999999999999A))3
5LL <-0G$; 4I 999999999999999999AC33
DL 0/ 4I 99999999999999999999ADD3
5L 0/ 4I 99999999999999999999A5=3

>3L 999999999999999999999999999A>)3

2 : )( 4I99999999999999999A5(33
CL (9> , 4I99999999999999999999999A5>33
3L ) ,99999999999999999999999999999AD)3?D33
$2B;$ &-0B$; )31199999999999999999A5D3
=('
,5>?CD /999999999999999999A533
=F=
( 6;-<1 )(#99999999999999999999A5)3
6;-<1 4I9999999999999999999A5)3
)(# ;-<1 0B$ 999999999999999999999A5)3
)(# ;-<1 $;0J999999999999999999999A>3
5 6;-<1999999999999999999999999999999A>3
0B$ 9999999999999999999999999999999A55L
+;41$ 0B$99999999999999999A33
$;0J9999999999999999999999999999999A)3
5D +;41$ 0B$<B999999999999AD33

* "!)) ,B

;$# 131
!

,C ,B

;$# ,.31
"
,C
,B

5D 0B$ 0/?+;99999999999999999A5D3

(L ) 0/ 9999999999999999999999999AC)3
>L D9% +;41$999999999999999999AD)3
D(L (9> +;41$ 999999999999999A533
-G-B; DI 42G 999999999999999999999A>3
40;-<$; , >L1199999999999999999A=3

(L 59) > -B999999999999999999999A5533
3L D 0/ (( 99999999999999999A=33

>9D 4"J +; 4I 9999999999999A))3
=L,DLL ) 7C 189999999999999AD)3
D(L ) 7C 18 9999999999999999999AC33
2*0$ &-2"$; 99999999999999999999A5)3

;-24G-" 5LI)L9999999999999999999A=)3
0B;G-" %I)D 9999999999999999A%)3

-240B EB41$B$; 999999 A5)3
-240B 0<+1$B$; 999999A533
-240B 64B1$B$; 999999A533
$/42- CL%999999999999999999999999A33
$/42- ((%9999999999999999999999AD)3
=('
0-2 6;-<1 7>)( E6$;89999AC3
>)(?5LLL?
9999999999999A)3
;4 $B 999999999999999999999A=3
40;-4" / )L5 999999999AD3
40;4-" / 99999999999999999999999AD3
5DL 2<$;B9999999999999999999999999999999ADL
)L5 5DL 4I99999999999A)3
5DL /999999999999999999999999999999999AC3
-2"$;999999999999999999999999999999999999A=3
(L ) <+-&B9999999999999999999999999999AC33
((,55L )9( 4I99999999999999999AD33
5(L D9% 9999999999999999999999999999AD)3
5(L C9( 99999999999999999999999999999A=3
D5L ) , 99999999999999999999999999A=3
IB E$ 5! D! C $+ 9999999AD3
$0$60E< DI 42G$;B$;99999999A)3
-G-B; DI 42G$;B$;999999999999AC3
=F=
CCL 4"J : 9999999999A5)3
(( )9( 9999999999999999999999999999999999A533
>( C9( 4I 0B$ 99999999999999999A533
>( C9( <$;G-$"99999999999999999A5)3
%L D9% 0B$ <$;G-$"99999999A5C3
5%L )9(99999999999999999999999999999999A5)3
D(L &)9( 0B$ <$;G-$"9999999AD)3
D(L &)9( $;0J <$;G-$" 9A5=3
;-<1 999999999999999999999999999999999999999A33
;1$2"$; 99999999999999999999999999A)3
< =F<
= 4"J +16*2$ 9999999A=33
(L )9( : 999999999999999999999A>33
%L )9( , 4I9999999999999999A>33
5(L )9( , 9999999999999999999999999AC33
D5L % : 4I ,9999999999A)33
24;1- /-B99999999999999999999999A)3
=F<
;4 : 5D=
: : 99999999999999999999999A()3
;4 416 ,9999999999999999A>)3
;4 4"J999999999999999999999999999A5)3
;4 4"J <;E&&J 99999999999999A33
999999999999999999999999999999999999999999A=3
5DL >)( / 999999999999999999999A33
3L C9( 9999999999999999999999999999AD)3
5D= C9( 99999999999999999999999999AD33
IB BE$ D999999999999999999999999999999999999 A)3
=F<
;4 : 3L :
: 5DL 9999999999999999999999999999A)33
;4 4"J 999999999999999999999999A5)3
5DL ;4 99999999999999999999999A33
5DL ;4 999999999999999999999999A)3
40;4-" / 99999999999999999999999A>3
+-12$J9999999999999999999999999999999A533
999999999999999999999999999999999999999999A=3
=L5 6;-<1 99999999999999999A5=3
-2"$; 999999999999999999999999999999999A>3
(L )9( 99999999999999999999999999999A533
>( ) 4I , 9999999999999999999999AC33
3L C9( , 4I99999999999999AD33
5D= C9( 4I99999999999999999999999AD33
5%L )9( 4I999999999999999999A533
;4 <+"$9999999999999999999999999999999A)3

42J 5L , 4I999 A%33
42J = : *;-6 9999999999999999 A%)3
42J C(L 4"J99999999999999999 A5C3
42J CL 999999999999999999999A=3
42J ,== , 4I 9 A5)3
42J =L 999999999999999999 A5C3
42J (> &0<+ 99999999 A5%3
42J ()D &0<+999999 A5)3
42J (DL &0<+999999999A=3
42J CD &0<+9999999999999999A=3
42J >LLL 4"J 0/9999999 AC=3

= 4"J 99999999999999999999999999 AD33
> 4"J 99999999999999999999999999 AD)3
( : 5%,((999999999999999999 ADC3
( 4"J 99999999999999999999999999 A5=3
5L,5% ) , 4I99999999 A)33
5%,(( C9(?(9> 999999999999999999999999A33
((,D5L )9(?>9C 999999999 A5)3

*
=D)) !19
% ,B

>
3LLL 4"J 99999999999999999999999999999A=3
%LL- 4"J 9999999999999999999999999999A>3
=LL- : =LL9999999999999999999999A>3
=LL- 4; =I- 4"J $9999999999A)3
J2I ( 4"J999999999999999999999999999AC3
(L(- E6$; 9999999999999999999999999999 AD(
CLL- 4; - 4"J $9999999A53
5%,=L C9(?(9> 999999999999999999999999A>3
DL,C( C9(?)9( , 4I99999AD)3
D),(L ) 9999999999999999999999999999999A5)3
D),5L( C9(?)9( 4I 99 A5=3
D% D9% 999999999999999999999999999999999999A33
D%,%L )?(9>99999999999999999999999999AC3
D%,%( C9(?)9( 9999999999999999999999A33
D%,5LL C9(?(9> 999999999999999A)3
C(,=L ) 999999999999999999999999999999999AC3
C(,=L C9(?)9(999999999999999999999999999 AD(
C(,%L &)?(9>99999999999999999999999999999999 AD(
C(,5L( C9(?)9( 999999999999999999999999 A33
(L 59= 99999999999999999999999999999999999 A%3
(L D9% 1;49999999999999999999999999A5>3
=(,CLL )9(?(9> 999999999999999999999999 A33
5LL,CLL )9(?(9> 999999999A5>3
(LL % 1-;;4;999999999999999999999999999AC)3
3 *;-699999999999999999999999999999999999999A5)3
=LL *;-69999999999999999999999999999999999 A)3
5LLL? 4;" 99999999999999999999999 A5(
3L999999999999999999999999999999999999999999999 A)3
3L : 3L, 9999999999999999999999 A=3

5>,C( D9% 4I999999999 A%33
5>,(L D9% 99999999999999999999999AC)3
5>,=L ) , 4I 9999A(33
5%,(( C9(?(9> 9999999999999999 A(3
5%,DLL C9(?>9C 999999999999999A533
D),=L D9% 999999A=33?%33
C( 59) , 4I 9999999999A333
3L D9% , 999999999999A=)3
=L,)LL )?(9> 55999999A55)3
59)I 42G , 4I9999999999999999999AD)3
>
D%,5C( C9%?(9>9999999999999999999999A=3
D%,CLL C9(?>9C 1999999999 A5)3
(L 59)999999999999999999999999999999999999 A5)3
(L D9% 1999999999999 A5)3
((,DLL )?(9> 9999999999999999999999999A>3
=L,CLL )?(9> 999999 A5%3
>LL % 99999999999999999999999999999999999AD33
59)I 42G9999999999999999A5)3
5%,D=L C9(?>9C
- 4I999999999999999999999999A533
>L D9% 1999999999999999ADC3
=L,DLL D9% -9999999999A))3
=L,CLL )9(?(9>
- 4I99999999999999999999999999999999999999A%3
3L D9% -9999999999999999999AD)3
5= C9( ;4 99999999AD33
$0$60E< 59)I 42G99999999999999A>3
$0$60E< DI 42G 99999999999999999A=3
$2/4 59)I ;4 CLL9999A5)3
-2 C>LL99999999999999999999999AC3
-2 ()LL 99999999999999999999999999A>3
-2 (>LL ,99999999999999999A33

) 4"J 4I99999999999999999999AD%33
C< 4"J 99999999999999999999999999A5%33
C 4"J 4I99999999999999999A5%33
C 4"J 4I99999999999999999999A5D33
D< 4"J 4I999999999999999999AC33
D 4"J 4I99999999999999999999AD33
%LL 4"J 4I 999999999999A5533
%LL 4"J 4I999999999999999A5533
=LL 4"J 4I99999999 A(33?>33
>5L 4"J 4I999999999999999999A%)3
>LL 4"J , 4I 99999999999A=33
CLL 4"J 4I99999999 AD)3?D33
DLL 4"J 4I999999999999999999A533
=DLL 4"J , 4I999999999A>33
((LL 4"J 4I 999999999999999AC=3
(LLL 4"J999999999999999999999999A5>3
%L 4"J99999999999999999999999999999A5=3
,5( , 4I 99999999999999999A5)3
,5L *;-6 , 4I99999999A5)3
4406-I =%LL 416B9A533

) 4"J 99999999999999999999999999999999AC)3
) 4"J999999999999999999999999999999AD33
) 4"J99999999999999999999 A533?C33
%L5< 4"J 999999999999999999999999999AC3
%L5 4"J 9999999999999999999999 AD3?(3
>L5 4"J 99999999999999999999999999999AD3
5D,D) ) 9999999999999999999999999999A))3
5),D) D9% 9999999999999999A333
5> D9% , 4I999999999999A(D3
5>,%( C9(?(9> 999AD33
5=,C( D9% 9999999999999999999999A%)3
5=,(( D9% 9999999999999999999999A))3
5%,(( C9(?(9> 999999999999999999A33
5%,=L C9(?)9( 99999999999999A553
5%,5C( C9(?(9> 9999A5)3
5%,5)L C9(?(9> , AD33
5%,DLL C9(?(9> 999AC33
5%,DLL C9(?(9> 9999AD33
DL D9% 9999999999999999999999 AD33?CD3
D) 59) , 4I9999999999999A%33
D) D9% 9999999999999999999999999999AD33
;$# ,.31
= ,6 =7
,C $

D),(L &C9(?)9( 999999999999999999A5D3
D),=L D9% 4I999 A%33?333
D),5DL C9(?(9> 999999AD33
D%,=L D9% 4I 99999999999999A>33
D%,%L C9C?(9> -2B 4I99 A>3
D%,%( C9(?)9( 999999999999999999A553
D%,5LL C9(?(9> 9999999999999 A>3
D%,5L( C9(?)9( 4I999A5)3
C( 59) , 4I 99999999999999A333
C( 59% , 4I 99999999999999A553
)L D9% , 4I9999999A5)3
(L 59) 999999999999999999999999999999A5=3
(L 59% 999999999999999999999999999A33
(L 59% 999999999999999999999999999999A=3
((,CLL )9(?(9> 4I99A533
>L D9% 9999999999999999999999999AD)3
=L,DLL D9% 99999A5D33
=L,DLL D9% 9999999999A=)3
=L,CLL )?(9> , 99999999ACD3
=L,CLL )?(9> 99999999999A5)3
%L,DLL D9% 99999999999A(33
%L,DLL D9% $;0J 9999 AD)3?CD3
%L,)LL )9(?(9> 999999A5(33
%L,)LL )9(?(9> 99999999999A(33
%( 59) , 4I 9999999999A333
%( 59% , 4I 999999999AD>3
%( 59% 9999999999999999999999999999A5>3
5L( D9% 9999999999999999999999999A)=3
5L( D9% 9999999999999999999999AC33
5%L D9% , 4I9999999A)33
DLL,)LL ) 9999999AD333
CLL D9% 999999999999AD>33
CLL ) , 4I 99999999999A>33
CLL ) 4I999999999999999999A(33
)LL D9% A=)33
)LL D9% 242 ;$JACC33
(LL ) 99999999999999999A)=33
(LL ) /599 AD>33?D333
5) 4I 9999999999999999999999999ADC3
5= 4I 9999999999999999999999999ADC3
DL , 4I 99999999999999999AD%3
DL 4I 999999999999999999999999999A5)3
$2/4 =9999999999999999999999999999A>3

5L,DL )?(9> 99999999A533
5D,D) )9(?(9> 4I9999999AC33
5%,(L D9% 999999999A533
5%,5D( C9(?(9> 999999999999999999999999 A33
5%,D(L C9(?>9C 1 A533
D%,CLL C9(?>9C $;0J9999999999A5D3
(L 59) -2B 999999999 A533?DC3
(L D9% 9999999999999999999999999999A553
(L,5(L D9% , 4I AC33
(L,(LL )?>9C 9999999A>)3
(L,(LL )?>9C 99999999999999A)33
=L D9% ;4 99999999999999A5)3
=L,CLL )?(9> 64 999999A33
5L( D9% 999999999999999999ADD3
5DL,)LL )?(9> 9999A))3
59)I ,9999999999999999999999999A5C3
59)I 42G 999999999999999999999999999999 A33
DI 42G999999999999999999999999A5(3

5L,D) C9(?)9( - 99999999999999999ADD3
5=,C( D9%?)99999999999999999999999999999A5>3
5=,(L D9% -999999999999999999999A533
5%,D(L C9(?>9C 9999999999999999999999A5>3
5%,D=L C9(?>9C 9999999999999999999999A5%3
D),=L D9% 99999999999999999999999999A)33
=L,CLL )?(9>9999999999999999999999999999 A=3

55,5> D9% ;499AC)3
5D,D% ) 999999AC33
%L,)LL )9(?(9> 9 AD)3
D5 D9% 99999999999999A%33
>
,D)99999999999999999999999999999999999999999999999A)3
,D(99999999999999999999999999999999999999999999999A)3
,D%999999999999999999999999999999999999999999999 A>3
,%LL 4I9999999999999999999999999999999A5%3
,=LL , 4I999999999999999999999999A533
,3LL99999999999999999999999999999999999999999AD>3
,% BB 6/99999999999999999999999999 A)3
,> 2*0$ &-2"$;999999999999999999A5)3
,C 2*0$ &-2"$;99999999999999999999 A>3
,5> , 4I999999999999999999999999999 A%3
,DC 7&-B< )8999999999999999999999999999 A=3
,CL ;$14B$ 99999999999999999999999999 AC3
,DC 7"B$ / )8 999999999999 A=3

+; : +4B41- +$"999AD)3
C 4"J999999999999999999999999999A533
C 4"J 99999999999999999999999999999999A5)3
D2 4"J +; 999999999999999999A5=3
4"J 0/99999999999999999999999999A=3
4"J999999999999999999999999999999999AD3
D% C9( 9999999999999999999999999999999A33
D%,%( C9(?)9( 9999999999999A533
C( D9% 9999999999999999999999999999999A33
C(,=L C9C?)9( 9999999999999A5)3
C(,5L( C9(?)9( 999999999999A33
)( D9% <-0G ,99999999999999999AD>3
(L 59% 99999999999999999999999999999A%3
(L 59% 62/$999999999A5C3
(L 59% 999999999999999999999999999999999A(3
%( D 99999999999999999999999999999999A5)3
5%L D9% <;E&&J999A533

* +D)) "

!D)) "

;$# ,.31
= ,C
,B

;$# ,.31
DD
,C
,B

DLL ) 1;499999999999999AD=3
DLL ) 9999999999999999999999999999A5)3
DLL ) 99999999999999999999999999999999A33
(LL % 99999999999999999999999999999999999AD33
>LL (9> 99999999999999999A=33
5)999999999999999999999999999999999999A5D3
5)999999999999999999999999999999999999A5)3
DLL 99999999999999999999999999999999999999A)3
DL5 99999999999999999999999999999999999999A>3
CL5 999999999999999999999999999999999999A533
,55 4I999999999999999999999999999999A33
,5= 0$"999999999999999999999AD(
,) >I 1* &-2" &-B C999A33
,5C?,5D $IB BE$ $99AD3

C 4"J 4I999999999999999999999999AC)3
CLL 4"J 99999999999999999999999999999A>3
55,DD D9%?C9( ,99999999999999AC33
5D,>L D9%?) 9999999999999AC33
5),)D C9(?(9> 9999999999999999999999A)3
5),)( C9(?(9> 9999999999999999999999A%3
5),(L C9%?(9> 99999999999999999999A533
5),() D9%?C9( 99999999999999999999A5=3
C( C9( 999999999999999999999999999999999999A33
)L,5(L )?(9> 99999999999999999999999A)3
(L D 1;4999999999999999999999999AD33
=L,CLL )?(9> 4I 999999999999A5=3
D(11 $IB BE$99999999999999999999A=3
-*1 5L( D9% F AD)3
,C> &0<+999999999999999999999999999A33
C> &0<+ 99999999999999999999999999999A=3

, 5 4"J , 4I 9A>33
, ( 4"J 4I9999999AC)3
, 5L 4"J99999999999999ACD3
$2 , 5 : 5),)D , 9999A5)3
$2 , 5 4"J999999999999999999A33
$2 ,C 4"J 9999999999999999999A5>3
5= D9% 9999999999999999999999999999999999A5D3
,> *;-699999999999999999999999999999A33

( 416B 9999999999999999999999A5D3
( G-$H&-2"$;999999999999999999999A33
C 4"J 4I99999999999999999999999A5D3
5 4"J 999999999999999999999999999999999 A=3
5) D9( 999999999999999999999999999999999999999A5>3
5),)D C9(?(9> 9999999999999999999999A=3
5),)( C9(?(9> 99999999999999999999A5)3
DL 59= 99999999999999999999999999999999999A5=3
5LL,CLL )?(9>9999999999999999999AC)3
,C *;-6 99999999999999999999999A5)3

( 4"J 4I99999999999999999999AC33
DL 4"J 99999999999999999999999999A533
D *;-6999999999999999999999999999999A>3
B'00
5>,(L D9%999999999999999999999999999999999 A)33
5=,=L ) , 4I 999999999 AC)3
5%,(( C9(?(9> 9999999999999999999999AD3
5%,5C( C9(?(9> 9999999999AD33
DL,C( &) 4I999999999999999999999999999AD>3
D%,=L ) 99999999999999999999999999999999 A(3
D%,%L C9(?(9> 9999999999999999999999A)3
D%,3L C9(?(9> 9999999999999999A>3
)L D9% -1-B$" , 999999999999AD)3
(L,5C( D9% 999999999999999A)33
(( 59) ,99999999999999999A)33
((,CLL )?(9% 4I999999ADD3
=L D9% -1-B$"999999999999999999AC)3
=L,CLL )?(9> 99999999999999999999999A=3

5L,DL )?(9> 9999999999ADC3
5D,D) )?(9> -2B 99A)33
C( 59) ;B 4I 999999999999999999A)33
=L,CLL )?(9> 9999999999999999A=3
5L( D9% , 4I999ACD3
5=,C( D9% -999999A533
=('
>)( 4"J 99999999999999999999999999AC33
5DL -2<$;B9999999999999999999999999999999A)3
=('
>)( : =( D9%9999999999999999999999AD)3
>)( 4"J : -2<$;B 9999999999999A533
)(,%( )9(9999999999999999999999999999AD33
(( D9% 9999999999999999999999999999999999AD)3
5(L C9( ::99999999999999999999A5)3
DLL ) 9999999999999999999999999999999999A5)3
5DL 2<$;B , 4I9999999999999999A)3
=<
)( )99999999999999999999999999999999999999AD)3
5>( ) 0$& 0B$<B999999999999999AD)3
DLL ) 0B$3
DLL ) $;0J99999999999999999999999999999A33
CLL ) $;0J <;E'J9999999999999 A33
$2BI ;$; 42G 59)I99999999 AD)3
DI ;$; 42G$;B$;999999999999999A5=3
EB4 $IB BE$< 999999999999999999999A)3
-G-B; DI 42G 999999999999999999999A)3

CL : 5%,(( 0/ 99999999999999AC33
CLL : 5%,((9999999999999999999AD)3
5L : 5%,(( 999999999999999999999AD)3
CL D 62/$ , 4I99999A5(3
(L,DLL )?(9> , 4I99A5C3
>L D9% , 4I99999999999ACD3

5( )9( : , 4I999999999AD33
;$# ,.31
-"%>")) >1

;$# ,.31
>")) -1"
% ,B

;$# ,.31
8D%>DD)) >1

;$# ,.31
D%"DD)) "1!:!19

;$# ,.31
!)) -1"

% ,B

;$# ,.31
>DD%"DD)) "

;$# ,.31
=DD)) >1

;$# ,.31
=DD)) "

;$# ,.31
"DD)) >1 6C
,*

;$# ,.31
!DD)) "

6&*,@&
-DB"D

;$# ,.31
!DD)) "

(7 7?76& <, ,?6 )&( *A7(<<6 ,6 *A7 , .6,),<&,*7 7$'7 * *A 3?&.)*< 66&@(71 &).(C 7* C,?6 )&( 677 <, &* ,)& 7?71,)
&( ,66 ?7 &<)7 7,( ,* -D C ..6,@(1 <?6* &* 47 6&@5,*&<&,* ,6 6 ?* & *,< 7<&7 & /.,7<# *,< &*(? % )&( ,66 ,*(C01 1

( LQIR#IIRUGHVFRP
)
7KH .LUN :HVWHU %DOEODLU %HDXO\ ,QYHUQHVV ,9 %4

6KRS 2Q/LQH 6KRS RSHQ 0RQ)UL WLOO
3D\ E\ &DVK RU &KHTXH SOXV

3ULFHV FRUUHFW ZKHQ FRPSLOHG ( 2(
$
2&.. C6! 6666666666666666666666666666666666666666667 @&&0
2=)$J.. B6$)$6= 66666666666666666666 77 @2C0
2=)$$.. C6! 66666666666666666666666666 */A) @=&0
2!)$$.. C6!)& 66666666667 > */A) @C&0 ) @C<0
2!.. C 6666666666666 77 > /D; @2<0 ) @C20
CB.. 26& 666666666666666666666666 */A) @$B0 ) @$&0
C<.. C6! 6666666666666 77 > /D; @2=0 ) @C20
B$.. 26& 66666666666666666 7 > 77 @C&0 ) @C<0
$$)CJJ.. B6$)&6!
66666666666666666666666666 77 > */A) @B<0 ) @B00
$=.. 26C 6666666666666666666666666666666666666667 @$00
=J.. C6&
:1666666666666666666666666666 77 > */A) @C=0 ) @C!0
*;; 2C.. C6! 1D*A 6666666666666666666666 */A) @$!0
#
-H.3D; 0)2!.. &)$6= D*,1666666666667 @CC0
*'. 2J)CJ.. &)$6= 66666 77 @2<0
-H.3D; 22)CC.. C6!)B6$
D*,1 6666666666666666666666666666667 > */A) @C&0 ) @C00
-H.3D; 2C)=J.. C6!)&
6666666666666666666666666666666666666666666 7 @C00 ) @B&0
-H.3D; 2&)B$.. C 666666666666666666 77 @0!0
-H.3D; 2&)$&.. C6!)B6$ , 6666666666 77 @B&0
-H.3D; 2&)$&.. C6!)B6$ D*,1666666666667 @2&0
-H.3D; 2!)2!J.. B6$)=6B D*,1666666 77 @C&0
/;1/* C$.. 26& D..*-DG 666666 77 @C00
-H.3D; C$.. C6! D*,166666666666666666666 77 @2B0
-H.3D; B$.. B6$ :1 D*,1 77 @0! ) @2C0
-H.3D; &J)2$J.. B6$)&6$ D*,1666666666667 @B0
-H.3D; &J)2$J.. &)$6=
D*,1 66666666666666666666666666666666666 7 > 77 @&$ ) @&0
-H.3D; $J)CJJ.. C6!)B6$ 6666666 77 @&00
-H.3D; $J)CJJ.. C6!)B6$ D*,1666666 77 @B=0
-H.3D; $J.. C :1 D*,16666666 77 @C=0
-H.3D; <)2&.. & D*,1 66666666666666 77 @<&0
*'. <J)CJJ.. C6! 31
:1 6666666666666666666666666666666666666666 */A) @B00
-H.3D; <J)BJJ.. &)$6=
D*,1 666666666666666666666666666 77 > */A) @2!0 ) @200
.H/' !$.. 26& ;3( :*-666667 @2=0
-H.3D; CJ CG - 1/E :A :6666666666 */A) @C&0
#
/;1/* <)2&.. &
:*16666666666666666666666666666 77 > */A) @$<0 ) @<&0
/;1/* 2C)BC.. B6$)$6= 666666 77 @2<0
/;1/* 2C)B$.. C6! :*1
6666666666666666666666666666666666666666666677 @&00 ) @$20
-H.3D; 2C)&J.. C6! 6
D*,1 666666666666666666666666666 77 > */A) @&!0 ) @$!0
-H.3D; 2C)$J.. B6$)=6B
D*,1 66666666666666666666666666666666 7 > 77 @2C0 ) @2B0
/;1/* 2C6$.. 2C
B6666666666666666666666666666666666666 77 > */A) @!0 ) @00
1,*/1/ 2C.. C 6666666666666666666666666666 77 @C20
-H.3D; 2C.. C 6
D*,1 66666666666666666666666666666666 7 > 77 @B<0 ) @&$0
/;1/* 2&)2&J.. &)$6! 6666 77 @C&0
-H.3D; 2&)2$J.. &)$6=
6D*,1 6666666666666666666666666666666666666666666666667 @C!0
-H.3D; 2&)2$J.. &)$6= 6D*,1
66666666666666666666666666666 77 > */A) @B&0 ) @B=0
/;1/* 2&)&C.. B6$)$6= ;3( 6 */A) @<0
-H.3D; 2&)&C.. B6$)$6=
6D*,1 6666666666666666666666666666666666666666666666 */A) @2C0
/;1/* 2&)&C.. B6$)$6=
;3( 66666666666666666666666666666666666666666666 */A) @2<0
-H.3D; 2&)&C.. B6$)$6= 6
D*,1 666666666666666666666666666666666666666666666666 77 @<0
-H.3D; 2&)&C.. B6$)$6= 6D*,1 77 @=0
/;1/* 2&)&$.. B6$)$6=
:*16666666666666666666666666666666666666666666666666 77 @2C0
/;1/* 2&.. C6$ ;3( 666666666666666666 77 @2J0
-H.3D; 2<.. "26! 6D*,1
-,666666666666666666666666666666666666666666666666666 77 @C<0
-H.3D; 2<.. C6! 6D*,16666666666666666 77 @2C0
*'. 20.. C6! ) 66666666666666666666666 */A) @!0
*'. 20.. C6! 666666666666666666666666 77 @<0
/;1/* CJ.. 26< /, 6666666666 77 @2!0
1*'A-/ : C$.. J60$ 1,A1/6666666666666667 @&&0
/;1/* C$.. 26&
D..*-DG 6666666666666666666666666666666666666666666 */A) @C00
'* C=.. 26& 66666666666666666666666666666 77 @$0
/;1/* B$)2JJ.. C6!
:*166666666666666666666666666666 77 > */A) @=<0 ) @=!0
-H.3D; &J)2$J.. &)$6=
6D*,166666666666666666666666666666666666666666666 77 @00
-H.3D; &$.. 26! 6D*,1666666666666666 */A) @2C0
/;1/* &$.. C6!
;3( :1 666666666666666666 77 > */A) @C00 ) @B!0
-H.3D; <$)BJJ.. &6!)=6< 6
D*,1 6666666666666666666666666666 77 > */A) @C&0 ) @C<0
-H.3D; <$.. 26! *-E : 6
D*,1 66666666666666666666666666666666 7 > 77 @&B0 ) @$20
-H.3D; )2& 26&G - 1/E :A :66666666 */A @CB0
&
2J)2!.. & 6666666666666666666666666666666 77 @&&0
2!)CJJ.. B6$)=6B 666 7 > 77 @C00 ) @B=0
2!)$$.. B6$)$6= 4566666666666666666666666666667 @$0
C&)<J.. & 666666666666666666666666 77 @=B0
C&.. 26! 6666666666666666666666666666666666666666 */A) @&B0
B$.. C6! 666666666666666666666666666666666 */A) @B00
$$)C2J.. &6$)=6B 6666666666666666666666 77 @2C0 1/AG 2JJ.. C 66666666666666666666666666 77 @<&0
.:1/ 2!)CJJ.. B6$)=6B * 6666 77 @C$J .H/' !$.. 26&
*;; $J.. C 1G*6666666666666666666666666666 */A) @$!0 ;3( :*-66666666666666666666666666666666666666666666 77 @2=0
*'. !)2=.. &6$)$6= 66666666 */A) @B<0

*'. 2J)CJ.. &)$6= 6666666666 77 @C20
* 1.3- A 7 :*;. 7 :*366666666666666667 @B&0 *'. 2<)$J.. C6! 66 77 @200
1H /-H 666666666666666666666666666666666666666666667 @<0 *'. 2<)<J.. C6!)&6$
BJ.. B6$ *;( H 66666666666666666666666666 77 @$!0 6666666666666666666666666666666666666666666666666666 77 @20$
&J.. & 6666666666666666666666666666666666666666666 */A) @2&0 *'. C&)<J.. C6! 666666666 77 @&&0
&J.. & 666666666666666666666666666666666 7 @2=0 ) @200 *'. C&)<J.. C6! 66666 77 @B!0
&$)0J.. &)$6= 666666666666666666677 @B00 ) @&&0 *'. $J.. 26& 6666666666666 */A) @C20
$J.. C6! 6666666666666666666666666666666666666666667 @2C0 *'. $J.. C6! :1666666666666 77 @2&0
<J)2&J.. &6$ 6666666666666666666666666666666 77 @$00 *'. <J.. C6!
2$J.. B6$ 66666666666666 ; / > 77 @B0 ) @2J0 :16666666666666666666666666666666 7 > 77 @2<0 ) @200
2$J.. B6$ 666666666666666666 7 > 77 @220 ) @2&0 *'. <J)CJJ.. C6! 6666 77 @C00
CJJ.. &6$ 66666666666666667 > /D; @220 ) @200 *'. <J)CJJ.. C6!
CJJ.. $6= 666666666666666666666666666666666666666 77 @2C0 66666666666666666666666666666666 7 > 77 @C20 ) @C&0
C$J.. $6= 66666666666666 ; / > 77 @<0 ) @2$0 *'. <J)C2J.. C6! 3166666666666666666666667 @2&0
$JJ.. ! 6666666666666666666666666666666666666666666667 @B$0 *'. 2JJ)BJJ.. & 31 6666666667 @C<0
2CJ '666666666666666666666666666666 7 > 77 @B$ ) @&$ *'. 2J$.. C6!
1-:1* ' 666666666666666666666666 7 > 77 @C$ ) @$0 :166666666666666666666666666666666666666666 7 @2<0 ) @2!0
GA /;*1/ D 2& 6666666666667 > /D; @C0 ) @<0 *'. 2CJ)BJJ.. C6!
:1 ( 6666666666666666666666666666666666666666666666667 @C$ 6666666666666666666666666666666666666666666666 77 @2<&0
1A:H */ : 66666666666666666666666666666666666666666667 @<$ *'. 2CJ)&JJ.. &6$)$6=
66666666666666666666666666666666666667 @B&0

*'. 2B$)&JJ.. &6$)$6= 31 66666 77 @2<0
2 1H /-H666666666666666666666666666666 77 @B00 *'. 2$J.. C6! :1 66 77 @B20
2 1H /-H666666666666666666666666666666666666666667 @!0 *'. 2<J)$JJ.. $)=6B
B 1H /-H6666666666666666666666666666666666666667 @2J0 3166666666666666666666666666666666666 7 > 77 @2&0 ) @C<0
BJ 1H /-H666666666666666666666666677 @=0 ) @220 *'. BJJ.. C6! 3166666666666666666666/D; @C00
BJ A 1H /-H66666666666666666666666666666667 @=0 *'. BJJ.. C6! 31 666666 77 @2C00
BJ 1H /-H66666666666666666666666666666; / @B0 *'. BJJ.. C6!
$ 7 2J :*3 666666666666666666666666666 7 @&0 ) @$0 666666666666666666666666666666666677 @2$!0 ) @2=&0
$ 1H /-H666666666666666666666666666666666666666667 @$0 *'. BJJ.. & 3166666666 7 > 77 @2&0 ) @200
$J 7 $JJ.. !666666666666666666666666666666667 @C0 *'. &JJ.. $6= 66666666666666666666666666666667 @<0
$J 7 $J :*3 66666666; / > 7 @C$ ) @=0 *'. &JJ.. $6= 31 - :1666666667 @2&0
$J 7 *'. C&)=J.. C6!6666666666 77 @2&0 *'. $JJ.. &6$ 31 666666666667 @2<0$
$J 1H /-H66666666666666666 7 > 77 @C$ ) @&0 *'. =JJ.. ! % G666666666666666666666666 77 @2<0
1H /-H666666666666666666666666666666/D; @2&0 .:1/ 2&.. C6! ;3( 4 5 6666666 77 @B&0
2J)CC.. B6$)&6$ 666667 > */A) @C&0 ) @C00 .:1/ 2<)$J.. C6! * 6666666666666666666 77 @200
2&.. C6! 66666666666666666666666666666666666G @$!0 .:1/ 2<)$J.. C6! * 66 */A) @CC0
2&.. C6! 66667 > */A) @2J00 ) @2C!0 .:1/ 2!)C<J.. B6$)=6B 666 */A) @200
2<)&J.. & 6666666666 G > 77 @C$0 ) @B$0 .:1/ C!)<$.. C6! *666666666666666 */A) @CC0
2<)$$.. C6!
.:1/ C!)BJJ.. B6$)=6B *6666666 77 @2J0
66666666666666666666666666666 77 > */A) @B<0 ) @B00 .:1/ C!)BJJ.. B6$)=6B * 666 77 @C<0
2<)!$.. B6$)$6= 66666666666666666666 77 @2&0 .:1/ <J)CJJ.. C6! * 4*"5 :1667 @C00
2<)!$.. &)$6= 66666666666666666666; / @00 .:1/ 0J.. C6! * :16666666666 */A) @C20
2!)CJJ.. B6$)$6= 66666666666666666666667 @CC0 .:1/ CJJ)$JJ.. $)=6B * 6666 77 @&!0
CJ)B$.. B6$)&6$ 666666666666666666666666 77 @2$0 1,*/ 2J)2<.. B6$)&6$
CC.. C 6666666666666666666666666666666666666666 */A) @!0 *;( H 666666666666666666666666666666666666666666G .1 @&00
C&.. 26& 66666666666666666666666666666666 */A) @=00 1,*/ 2=)$J.. C6! :1 666666666 77 @C&0
C&.. 26& 666666666666666666666666 */A) @!&0 1,*/ C&)CJJ.. B6$)$6= 6666666666666 77 @2C0
C&.. C6! 6666666666666666666 G > 77 @2B0 ) @2!0 1,*/ C!)!J.. C6! :166666666666666 77 @200
C&.. B6$ 666666666666666 7 > 77 @=&0 ) @<&0 1,*/ B$.. C6! :1
C&.. B6$ , 666666666666666666666666667 @2J&0 6666666666666666666666666666666677 > F @C&0 ) @C00
C&)<J.. C6! 666666666666666666666666666 77 @=!0 1,*/ $J)2B$.. C6!
C&)<J.. & 6666667 > */A) @&!0 ) @$!0 6666666666666666666666666666G .1 > 7 @BC0 ) @B00
C&)!$.. B6$)&6$ 6666666666666666666666666667 @2C! 1,*/ BJJ.. C6! 6666666666666666666667 @<&0
C&)2J$.. & 666666666666677 @B00 ) @&C0 *;; 2!.. B6$ 66666666666666666666666666666 */A) @=00
C!.. C6! 666666666666666666666666666666666666666666667 @!0 *;; C2.. C6! 6666666 77 > */A) @<&0 ) @<00
C!)!J.. C6!)& 6666666666666666666666666667 @B&0 *;; C!.. C 6666666666666666666666666666666666667 @$20
C!)2B$.. B6$)$6= 6666666666666666666667 @2C0 26&G GA / :666666666666666666666666666666666 77 @2<0
B$.. 26& 6666666666 77 > */A) @<=0 ) @<!0 CG GA / :66666666666666666666 7 > 77 @2J0 ) @2C0
B$)B$J.. B6$)$6= 66666666666666666666667 @$&0 CG GA / :66666666666666666666666666666666666 */A) @2<0
&$.. C6! ) 66666666666666666666666677 @=&0 ) @!&0 CG , GA / :66666666666666666666666666666666667 @2&0
$J.. 26J 66666666666666666666666666666 */A) @C000 /,1 26&G 1/E :A : :1BJJ6666666666 */A) @<0
$J.. 26C 666666666666666666666677 @<00 ) @!!0 *'. CG 31 1/E :A :666666666666666 */A) @00
$J.. 26& 66666666666666677 > */A @200 ) @C20 - 3-D; CG & 1/E :A :66666666666666666666666667 @B$
$J.. 26! 666666666666666666666 7 > 77 @&0 ) @$0 - 3-D; CG < 1/E :A :6666666666666666666666 77 @&0
$J.. 26! ,2 666666666666 7 > 77 @2C0 ) @2&0 BJJ 3 -*A 666666666666666666666 7 > 77 @2$ ) @C0
$$)CJJ.. &6$)$6= 666666666666666666666666 77 @$0 B!J 3 -*A 666666666666666666666 7 > 77 @&0 ) @$0
$$)C$J.. &)$6= 666666666666666666666666 77 @00 &CJ 3 -*A 666666666666666666666 7 > 77 @=$ ) @<0
=J.. C6! :1 66666666666666666666666666 77 @200 &BJ 3 -*A 66666666666666666666666666666666666666 77 @00
<J)CJJ.. & 666666666666677 @$00 ) @=&0 &BJ 3 -*A 666666666666666666666666666666666666666667 @C0
<J)CJJ.. "& 66666666666666666677 @BB0 ) @B&0 $&J 3 -*A 666666666666666666666 7 > 77 @B0 ) @&0
<J)BJJ.. &)$6= 66 7 > 77 @200 ) @CB0 $$J 3 -*A 6666666666666666666 7 > 77 @!$ ) @2C0
$!J 3 -*A 66666666666666666666666666666666666667 @2!0
<J)BJJ.. &)$6=
666666666666666666666666666666666 7 > 77 @$00 ) @=&0 $!J , 3 -*A 66666666666666666666666666666 77 @200
$!J 3 -*A 66666666666666666 7 > 77 @220 ) @2$0
<J)BJJ.. &6$)$6=
666666666666666666666666666666666 7 > 77 @C00 ) @B00 AI 2$ )2 -;( 666666666666666666666666666666 77 @2<0
<$)BJJ.. &)$6= 666666666666666666666 77 @C20 AI &J C -;(6666666666666666666666666666666/D; @=0
!J)CJJ.. C6! 66666666666666666666 7 @B&0 ) @B00 AI && )2 *'*A-6666666666666666666666666666666 */A) @<0
!J)CJJ.. &6$)$6= 66666666666666666666666 77 @&0 AI $J2 *'*A- 66666666666666666 7 > 77 @=0 ) @00
!J)CJJ.. &6$)$6= 6666666666666666666666666667 @&0 *;;*/ *=CC 3 -*A 666666666666666666666666666666667 @$0
!$.. 26C , 77 > */A) @000 ) @2J!0 *'. $JJ -;( 66666666666666666666666 77 @B0
!$.. 26! 666666666666666G > */A) @2&0 ) @200 *'. $JJ -;( 666666666666666666666 77 @&0
2JJ.. C 66666666666666666666666666666666666666667 @CB0 *'. $JJ -;(666666666666666666666666666666667 @B0
2JJ.. C6! :1 6666666666666666 77 @&00 *'. $BJ D3 : -;(66666666666666666667 @&0
2JJ.. C6! :166666666666666666666666 77 @C00 *'. )2&J :1%;(666666666666666 77 @200
B :1-*A 666666666666666666666666666666666666666666 77 @&0
2JJ)&JJ.. &6$)$6=
66666666666666666666666666666666 7 > 77 @=&0 ) @<&0 )2& :1 */'-*A 6667 > */A) @C20 ) @C<0
2B$.. C 6666666666666666666666666666666666 77 @$&0 &J :1 -;(6666666666666666666666666666 77 @C0
2B$.. C6! 1"A 1D; 666666666666666666666667 @2C0 &J -;( 66666666666666666666666666666666666666666666 77 @&0
CJJ.. C6! 6666666666666666666666666666 77 @B00 &C -;( 66666666666666666666666666666666666666666666 77 @B$
BJJ.. C6! 666666666666666666666666 77 @C<&0 )C :/;.*AA : 666666666666666666 7 > */A @$0 ) @!0
BJJ.. & 66666666667 > */A) @=&0 ) @=00 2C , GA /;*1/ D 66666666666666666666666 */A) @B0
BJJ.. & 66666666666666666666666666666666666667 @&&0 E :; 3A :666666666666666666666666666666667 @220
&JJ.. C6! 6666666666666666666666666667 @&2!0 :1C& *:13(1/ 66666666666666666666666666666 */A) @&0
&JJ.. $6= 6666666666666666666677 @<C0 ) @<&0 D:AI A , 6666666666 77 > /D; @2$ ) @C$
$JJ.. & 6666666666666666666666666666667 @B&00 A : 1 * 1.* :166666666666666666666666666666666 */A) @!0
=JJ.. & 666666666666666666666666666 77 @&&!0 (/*- , F*A(
=JJ.. & 66666666666666666666666666666666667 @C00$ H1: 666666666666666666666666666666666 /D; @&0 ) @<$
!JJ.. $6= 66666666666666666666666 */A) @<&0$ :*31 1D/A */' 45666666666666666666666666666 77 @&0
1/AG B$)<J.. B6& 66666666666666666666 77 @C!0 :*31 1D/A */' 4 56666666666666666666666666667 @<0
1/AG B$)2B$.. B6B)&6$ 66666666666 77 @&&0 :*31 1D/A */'
666666666666666666666666666666666 77 @B0
)< *: - ;; :/;.*AA : 666666666666666 */A @&&0 1/AG *'*A- 1H /-H666666666666666666666 77 @!00
D+* C :1 1H /-H666666666; / > 7 @&0 ) @$0
D+* B :1 1H /-H66666666666666666666666666666666667 @<0
D+* $ :1 1H /-H6666666666 7 > 77 @2!0 ) @200
*,1/ B 1H /-H
; / > 776666666666666666666666666666666666 @B&0 ) @0!0
*,1/ !2J 1H /-H 666666666677 @2!!0 ) @20!0
*,1/ !JJ 1H /-H666666677 @2BC0 ) @2B&0
*,1/ !JJ 1H /-H666666666666666666666666666 77 @0!0
*,1/ <JJ 1H /-H666; / > 7 @B&0 ) @=<0
*,1/ =2J 1H /-H666666666666666666666666666 77 @!&0
*,1/ =JJ 1H /-H666666666666666666666666666 77 @=&0
*,1/ BJJ 7 )2J :*36666666666666666666 77 @B$0
*,1/ BJJ 1H /-H66666666 7 > 77 @CB0 ) @C=0
*,1/ CJJ 7 )CJJ :*366666666 7 @2B0 ) @2!0
*,1/ <2JJ 1H /-H66 77 > */A) @&C0 ) @&<0
*,1/ <JJJ 1H /-H666666 7 > 77 @C=0 ) @BC0
*,1/ $BJJ 1H /-H66 77 > */A) @C!0 ) @BC0
*,1/ BBJJ 1H /-H666666666666666666666666 */A) @2<0
*,1/ BCJJ 1H /-H666666666666666666666666 */A) @2$0
*,1/ B2JJ 1H /-H6666666666666666666666666 77 @2C0
*,1/ !J 1H 7 B$)!J..66666666666666666 77 @2B$
*,1/ !J 1H /-H66666666666 G > 77 @00 ) @220
*,1/ <J 1H 7 :*366666666666666666666666; / @&0
*,1/ <J 1H /-H6666666666666666 ; / @B0 ) @&0
*,1/ $J 1H /-H66666666666666666666666666666666667 @$0
-H.3D; 2 1H /-H666666666666666666666666; / @$0
-H.3D; BJ 1H 7 & :*3 666666666666 77 @B$0
-H.3D; BJ 1H /-H6666666666666666666666666 77 @C!0
-H.3D; &JJ 7 2&)&C.. 6666666666666666666666667 @00
-H.3D; &2J 7 2<6$)&$.. 666666666666666666 77 @00
"
D+* */ 3*G )266666666666666666666666666666666666 */A) @2<0 -H.3D; &2J 7 &J)2$J 66666666666666666 77 @220
D+* */ 3*G 2JJ *-E :66666666666666666666666666 77 @BC0 -H.3D; &CJ 7 2&)&C.. 66666666666666666666667 @2&0
D+* */ 3*G CJ 6666666666666666666666666666666666666 77 @200 -H.3D; &CJ 7 2<6$)&$.. 7
D+* */ 3*G 266666666666666666666666666666666666666 */A @2&0 &J)2$J..666666666666666666666666666666666666666666 77 @2&0
D+* )2 1H /-H6666666666666666666666666666666 77 @220 -H.3D; &$J 7 2&)&C.. 66666666666666666666667 @2C0
D+* )2 -, 1H /-H6666666666666666666666 77 @2=$ -H.3D; $CJ 7 2&)&C.. 6666666666666666666 77 @2&0
D+* )2 *-E : 1H /-H6666666666666666666666 77 @2=$ -H.3D; $CJ 1H /-H66666666666666666666666666667 @00
D+* )C *-E : 1H /-H6666666666666666666666 77 @C00 -H.3D; =JJ 7 2&)&C.. 6666666666666666666 77 @200
D+* ) 2 1H /-H 666666666666666666666666666666 77 @2&0 -H.3D; =JJ 1H 7 )$ :*366666666 */A) @B<0
D+* ):12 1H666666666666666666666666666666666666 77 @C&0 -H.3D; =CJ 7 2&)&C.. 7
D+* ):12 1H /-H66666666666666666666666666666667 @CB0 &J)2$J..666666666666666666666666666666677 @C!0 ) @BB0
D+* )2J -, 1H /-H666666666666666666666 */A @B00 -H.3D; =CJ 7 2&)&$.. 7&J)2$J.. 67 @C&0
D+* 2JJ -,66666666666666666666666666666666666 */A) @&<0 /AG $ -, 1H66666666666666666666666666666667 @CB0
D+* 2JJ *-E : 66666666666666666666666677 @&<0 ) @&00 /AG < 1H 7 )& :*366666666666666666667 @200
*,1/
2 -, 1H /-H666666666666666666666666 77 @$0 /AG 7 2!)$$..66666666666666666666666666 77 @2B0
*,1/
& -, 7 2J)BJ.. 666666666666 */A) @200 /AG *;A C 7 2!)$$..6666666666666666666667 @220
*,1/ 2 -, 1H /-H6666666666666666666666 77 @220 /AG *; 7 2!)$$..66666666666666666666666 77 @00
*,1/ B -, 7 2J)BJ.. 666666666666666666 77 @B<0 /AG *; 1H /-H66666666666666666666666666667 @<0
-H.3D; )C -, 1H /-H66666666666666666667 @<0 *'. 2& 7 2J$.. :1 66666666666667 @C<0
-H.3D; )C (:1. 1H /-H 666666666666 77 @!0 1/H CJJ 7 2!)<J..6666666666666666666666666 77 @2C0
-H.3D; )B 1H /-H ) *-E : 66666666666666667 @00 1/H CJJ 1H /-H66666666666666666666666666666666667 @!0
-H.3D; )C -, 7 2&)&C.. 66666666 77 @2C0 1/H B$J 1H /-H66666666666666666666666666666 77 @2&0
-H.3D; )C -, 1H /-H666666G .1 @2B0 1/H $$J 7 2!)$$..6666666666666666666666666 77 @C&0
-H.3D; )C 1H /-H 7 ; 66666666666 77 @<0 1/H $$J 1H /-H66666666666666666666666666666 77 @200
-H.3D; )B 1H /-H666666666666677 > */A) @!0 1/H <JJ 1H /-H6666666666 7 > 77 @2=0 ) @2!0
-H.3D; )$ *-E : 1H /-H666666666666 77 @2&0
-H.3D; ) $ -, 1H

/-H666666666666666666666666666666666 7 > 77 @C<0 ) @C00 & 1.3- A 4=J 566666666666666666666666 77 @22&00
-H.3D; ) $ (:1. 1H /-H 666666666 77 @C<0 & 7 :*;. 4$J 5666666666666666666666666666 77 @=&00
/;1/* 2 1H /-H 66666666666666666666666666 77 @$0 B 1.3- A 4B0 566666666666666666666666 77 @B0JJ
/;1/* B -, 1H /-H66666666666666666 77 @!0 B 1.3- A 4B2 566666666666666666666666 77 @B&00
/;1/* = 1H /-H 6666666666666666666666666667 @2=0 C 1.3- A 6666666666666666666666666666666666666666667 @20&0
/;1/* )2 7 2 */ :666666666666666666667 @<0 C 1H 7 :*;. 7 ' 666666666666666666666 77 @2C$J
/;1/* )C 1H /-H666666666666666666666666667 @$0 2 1.3- A 6666666666666666666666666666666666666666667 @2200
/;1/* )B 7 2&)&C.. 666666666666666666667 @2J0 2 1H /-H66666666666666666666666666666666667 > 77 @=!0
/;1/* )B -, 1H 77 > */A) @$0 ) @=0 C!.. & 6666666666 77 > */A) @C2!0 ) @C&$J
/;1/* )B 1H 7
B$.. B6$ 66666666666666666666666666666666666 77 @2B!0
:*3 666666666666666666666666666666 77 > */A) @B<0 ) @&&0 $J)22J.. B6$)&6$ 6666666666666666666666667 @2&00
/;1/* )B 1H /-H 66666666666666666666 77 @B&0 $J.. B6$ 666666666666666666666666666666666666667 @2200
/;1/* 2 1H /-H66666666666666666666666667 @2J0 2CJ.. & :1666666666666666666666666666667 @2=&0
/;1/* 2 1H /-H 66666666666666666666 */A) @2<0 C2J.. & 666666666666666666666666666666666666 77 @2$00
/;1/* < 1H /-H 666666666666666666666 */A) @B&0 26<G 1/E :A :6666666666666 77 > */A) @$00 ) @=00
1/H $2JJ 1H /-H66666666666666666666/,/1F/ @C00 )C (:' : 666666666666666666666666666666666666666 */A) @00
1/H < 1H /-H66666666666666666666666666666 */A) @0&0 2) :, A666666666666666666666666666666666666666666667 @$0
1/H < 1H /-H 6666666 77 > */A) @!!0 ) @0!0 GA /;*1/ D
1/H B 7 2!)$$..6666666666666666666666666 77 @2C0 C=.. 6666666666666666666666 77 > */A) @2C0 ) @2&0
1/H < 7 2!)$$..66666666666666666666666666667 @C00 .*2JJ 1-:1* ' 66666666666 7 > 77 @$0 ) @2&0
- ; 1: 6666666666666666666666666666666666666666 77 @B$
"
B0JC -;( 3A :66666666666666666666666666 */A) @&$
/1/ 2 , 1H /-H 6666666666666 77 @&!0
/1/ 2 1H /-H6666666666666666666667 @BC!0
/1/ 2
7 B$.. 26& ;3( =JA( *A*1/
1H /-H 6666666666666666666666666666 7 @2&&0 ) @2$&0 A66666666666666666666666666666666666666666666666666666 */A @!&00
/1/ 2 1H /-H
1/1(:1. -, 7 /':*3 6666666 */A) @&200
; /66666666666666666666666666666666666666666666666666666 @C&0 1/1(:1. -,
/1/ 2 , 1H /-H
1H /-H 6666666666666666677 > */A @B=&0 ) @B0!0
; / > 7 66666666666666666666666666666666666@200 ) @B&0 4C&J5 -,
/1/ < 1H /-H */A) @0!0 ) @2JC0 1H /-H 6666666666666666666 7 > 77 @BB&0 ) @B&00
/1/ = 1H /-H6666666666666666666666 */A) @!<0 4C&J5 (:1.
/1/ $ 1H /-H 6666666666 */A) @2$00 1H /-H 666666666666666666 7 > 77 @BB&0 ) @B$$J
/1/ $ ,
0 -, 1H /-H6666666666666666666666666 */A) @C<&0
1H /-H 666666666666666666666666 G > 77 @=&0 ) @!&0 0 A - : H
/1/ $ 7 )& :*36666666666666666666666666666666666 1H /-H 666666666666666666 7 > 77 @2000 ) @CB00
; / > 7 @C&0 ) @C00
/A(:*A
/1/ $ 1H /-H666666666666666666666666667 @C<0 1H /-H 666666666666666677 > */A @C0&0 ) @C0<0
/1/ 2JJ 1H /-H666666666666666666 */A) @2!0 ! -, 1H /-H66666666666666666666666666666666667 @<00
/1/ <J 1H /-H666666666666666666666 77 @$00 ! (:1. 1H /-H 6666666666666666666666666666667 @=00
/1/ &J 7 )C :*366666666666666666667 @2C0 = -A*/D. 7 $J.. 26&666666666666666666 */A @=&&0
/1/ BJ 1H /-H666666666666666666; / @<0 = *-- //*D. 7 B$.. C 7 $J..
/1/ CJ 7 )C :*36666666666666666666667 @!0 26&66666666666666666666666666666666666666666666666666 77 @$&!0
/1/ 2J 7 )B :*3 6666666666; / @<0 = *A/*D. 7 B$.. 26& 7 $J..
/1/ 2CJJ 1H /-H66666677 > */A) @2=0 26&6666666666666666666666666666666666666666666666666 77 @&&!0
/1/ $JJ 1H /-H6666666666666666666 77 @2$0 = *A/*D. 7 B$.. 26&666666666666666666667 @B&&0
/1/ B$J 1H /-H66666666 ; / > 7 @$0 = *;A1:* *A*1/66666666666666666666666666666 */A @B<00
"%
=&$ 1.3- A 6666666666666666666666666666666666666 77 @2<!0
=&$ 1H 7 2&J.. 7 CJ
,6666666666666666666666666666666666666666666666666 77 @2$!0
B$.. B6$
*;A'1/666666666666666666666666667 > */A) @$00 ) @0&0
&$.. C6! *;A'1/ 66666666666666666677 @&&0 ) @=00
&$)0J.. &6$
:*1666666666666666666666666666 7 > 77 @2B00 ) @2$00
2CJ.. & 31
:16666666666666666666666666666666 7 > 77 @$&0 ) @!00
2&J.. C6!
1//:666666666666666666666666667 > /D; @B&0 ) @=!0
C2J.. & 1//:66666666666667 > */A) @B!0 ) @&00
B$J.. & - 31 ;;:6666666666666666 77 @B000
26&G DA: 1/E :A :6666666666666666666666666666 */A) @&00
=&$ -D.*/*D. 1-- : ; 66666666666666666666666667 @!$
- F*A( $J6666666666666666666666666677 @C$ ) @C0
<2 11 6666666666666666666666666666666666666666666666 77 @<0
 */A) @&0 ) @$0
<& 11 4C2J..5 66666666666666666666666666666666667 @B0
:' H;A . '6666666666666666666666666666666666 77 @2<0
)C *;A E - */ :66666666666666666666666 */A) @C&0
)2 *-. ,6666666666666666666666666666666666666 77 @!0
)C 1-:1* '6666666666666G > */A) @B$ ) @00
2 -;(
:, A666666666666666666666666666666666666677 @2&0 ) @200
< J6<CG (:1. 1H /-H666666666666666 77 @2&00

= J6<CG 8/9 1H /-H6666666666666666666667 @!&0
= J6<CG -, 1H 7 */ : 66666666666667 @=00
= J6<CG -, 1H /-H666666666666 7 @=00 ) @<&0
$ -, 1H /-H66666666666666666666666666666666667 @&00
& //*E :;:H (:1. 7
$J.. C666666666666666666666666666666666666666666 77 @2<!0
& (:1. 1H /-H 66666666 7 > 77 @$00 ) @=00
C (:1. 1H /-H 6666666666G > 7 @B00 ) @=&0
C -, 1H /-H 6666666666666666666666666666 77 @C!0
(:1. 1H /-H66666666666666666666666666667 @CB0
-, 1H /-H66666666666666666666666666666666 77 @B&0
1/* G: *.*A *A*1/66666666666 */A @C&!0
1/* G: 7 $J.. C 7
-;( 666666666666666666666666666666666666666666666666666667 @<&0
2B$.. &6$ ,A1: 7 D ;666666666666; / @220
2=>2!>C2.. & :* -.: 7
*/ :666666666666666666666667 > */A) @C=$J ) @C0!0
C2.. C6! ;3(
-, 66666666666666666 77 > */A) @2&&0 ) @2&00
C2.. C6! ;3(
-, =*A 6666666666666666666666666677 @2&00 ) @2$$J
C2.. C6! -, 66666 7 > 77 @2J!0 ) @2200
C2.. C6! -, 7 */ : 6666666666666 77 @2J00
C2.. B6& D3 : -.:66666666666666666666 */A) @2<00
C2.. & (:1. 7 */ :666666666666666666667 @22&0
C&.. 26& ;3( ) -, 66666666666666666667 @BB!0
C&.. C6! ;3( -,G > 77 @0!0 ) @2B&0
C&.. C6! ;3( -, =*A666666666666 77 @2&!0
C&.. B6! ;3( -,666666666666666666 */A) @2200
C!>B$>$J & :* -.:6666666666666666666666666 77 @CB00
C!.. C ;3( -,66666666666666666666666667 @2B00
C!.. C ;3( -, =*A6666666666666666667 @2$!0
C!.. C6! -, 666666666666666666666 7 @$!0 ) @=!0
B$.. 26& ;3( -,66666666666666666666667 @2=!0
B$.. 26& ;3( -,
=*A666666666666666666666666 77 > */A) @C=!0 ) @C<&0
B$.. C ;3( -,
=*A6666666666666666666666666 77 > */A) @2B&0 ) @2B00
B$.. C ;3( (:1. 6666666666666666666667 @2C!0
B$.. C -, 66666666666666666666666666666666666666667 @<00
B$.. C6$ -, =*A 66666666666666666666666 77 @<00
$J.. J60$ ;3( ) -, 6666666666666 */A) @=B00
$J.. J60$ ;3( =*A )
-,6666666666666666666666667 > */A) @$&00 ) @$0!0
$J.. 26& (:1. 66666666666666666666666666666666667 @=!0
$J.. C 1--3;*- 66666; / > 7 @C!0 ) @B!0
$J.. C G/1/ 6666666666666666666666666666666 */A) @&C0
$J.. C -, 666666666666666666666666666666666 77 @0!0
$J.. C -, =*A 6666666666666666666666 */A) @22&0
$J.. C *'* (:1. 66666666666666666666666666667 @&&0
$J.. C6! (:1. 66666666666666666666666666666666667 @C&0
$J.. C6! (:1. 666666666666666666666666666 77 @$&0
=$.. B6$ -.:666666666666666 7 > 77 @C&0 ) @C00
<$.. C 31 -,
=*A6666666666666666666666666 77 > */A) @2<00 ) @2!&0
<$.. C6$ -, = 6666666666666666666666666 77 @!&0
<$.. C6$ -, =*A 6666666666666666666666 */A) @<&0
0J.. C 31 -,
=*A6666666666666666666666666 77 > */A) @2!<0 ) @2!00
0J.. C -, 6666666666666666666666666666666666666 77 @=B0
0J.. C -, 666666666666666666666666666666666 77 @<00
0J.. C (:1. 666666666666666666666666666666 77 @0&0
0J.. C6& -, =*A 7
11666666666666666666666666666666666666666666666666 */A) @2C&0
0J.. C6$ -, = 7 11666666666666 */A) @!!0
0J.. C6! -, 66666666666666666666666666666666666667 @B00
0J.. C6! (:1. 66666666666666666666666666666666666666666666666
; / > 7 @2<0 ) @C00
0J.. C6! (:1. 41.3A56666666666666 */A) @=00
0J.. C6! -, 666666666666666666666666666666 77 @<00
0J.. & -.:666666666666666666666666666666666666666G @2&0
0J.. & -.: B06666666666666666666666666666666667 @200
0J.. & :1 A
=*A6666666666666666666666666 77 > */A) @2<00 ) @20!0
2B$.. C6! -, 6666666666666 7 > 77 @C=0 ) @B&0
2B$.. C6! -, 6666666666666666666666666666 77 @B&0
2B$.. B6& 31 -, 6666666666666666666667 @2&00
2B$.. & -, 66666666666666666666666666 7 @C!0 ) @B&0
2B$.. &6$ ,A1:666666666666666666 ; / @$0 ) @00
2B$.. &6$ ,A1: 7 D ;666666666666; / @220
26C$G * F#/ : '/*# : 6666666666666666666 */A) @2B0
26&G * F#/ : '/*# : 6666666666666666666667 @2C0
2!.. (:1. * F#/ : 666666666677 @B<0 ) @B00
C2>C&>C!.. * F#/ : )
-,666666666666666666666666666 77 > */A) @CC0 ) @C&0
C&.. -,
* F#/ : 666666666666666666666666 7 > 77 @2<0 ) @200
C!.. -, * F#/ :66666666666666666666666666667 @2=0
/'- */ : 66666666666666666666666666666666666666 77 @2&0
1A1: 6666666666666666666666666666666666666677 @200 ) @C&0
B (:1. A :66666666666666666666666666666666666667 @$0
/*E :;- * /'- */ : 666666666666666 77 @B<0
ZZZ
FRP
6,7( 83'$7(' (9(5< +285 +2856 3(5 '$<
8VHG HTXLSPHQW

VLQFH

6KRS
3HRSOH

.QRZOHGJH
&DPHUDV
$17(
:
'
<285 (48,30(17
&200,66,21 6$/( 3$57 (;&+$1*( &$6+
00 0(',80 )250$7 /$5*( )250$7 ',*,7$/
VHUYLFH DYDLODEOH

FRPHV ZLWK GD\ DSSURYDO PRQWK ZDUUDQW\
)IRUGHV 3KRWRJUDSKLF
LQIR#IIRUGHVFRP
4*=

46=

)< )'%<
)< 477((
4*((
)< 4(
55/< /#+
#/5 /)& #$)'
)< 41(
-=&&
#/) 4(
-*"*=&& 4(7(
-*"6==&& 4***(
,

7=="==&& ,2 4**1(
7"1=&& 7, 4*(

/ / / ):,
66==-*"46=(
*"&& 4*(
*"-=&&
#/)47( - /#
#'%80 0!$
/# #'%80 0!$
%5#)' ) 05)$ %'00
7=&& *,
7&& 7,
6&& *,
6&& *,
=&& *,
=&& *,
&& *,
*=&& 7,
#/)
6==&&
6==&& 7,
*"7&& 7,
*"6&& 6,",2
7"1=&& 7,
7"&& 6,",
1="6==&&
1="6==&&
1="7==&& 7,
="==&&
* )'9/5/
7= )'9/5/
46(
4*2
4*62
47(
4*6
471
466(
42*(
4*26(
46(((
4*6*
4*(
4**((
46(
4=(
46((
4*1(
4*1((
47(
467(
/ /' ) .8%#5<
0 .8#+&'5 #' 05)$
/5 ;!' :%)&
)&&#00#)' 0%0
05 +/#0 +#
+%# !50
(*=
466(
1==
47=(
==
4*=
/# #'%80 0!$
/#0 )//5 5 5#& ) +/00 !$ :0#5 )/ +!)' )/ %505 +/#0,
&RO H6LPRQ
FWDE OH-XOLH&DPHUDV
&KHVWHUPDQ
.351H
.L
552
K-F+
527H
2.3H
5N#"::::::::::::::::::::::GJ4
1LNRQ
$)5LYD
PP
I
$)
1LNNRU
=RRP
OHQV
!
1-M
HHO
>4 66(
!
$O11
%H9$
#/4>
0#2?#?
9999999E5)3
0LQROWD
=RRP

(;I(
FRPSDFW
PLQW
ER[HG

&
.351H
.L
552
6IQ:
K1.HO
2#H1
527H
5N#"
1LNRQ
$)6SRW
'LJLWDO
PP
I
$)6
1LNNRU
('9999999999999999E5H
*::::::::::::::::GJ4
,,!
1-M
+2"
*>-6!
>-*+F
I-F

>2*#9
0LQROWD
0HWHU
03DQ+2"#"9
H[FHOOHQW
H[DPSOH
ZLWK
LQVWU
.351H
75H
#H#@
!
#N#11#3H
#N271#!
M.H,
.3AH@:
::::::::::::&
G6(4
1LNRQ
$L 65
PP
I
=RRP
1LNNRU
OHQV
1LFH
RSWLFV!
0LQROWD
$QJOH
)LQGHU
,,2.3H
PLQW
DQG5N#"
ER[HG
ZLWK
FDVH
&
.351H
3+1#
.3"#@
3"
M.H,
A#:::::::::::::::::GJ(
1-M
>#??
C I6#>
?>##2
C ?-2*0#
&01
9999E)3
1LNRQ
$L
)LW
0DFUR
)RFXVHG ! %4I?
HOHPHQW
.HQNR
7HOHSOXV
[/
!
0LQROWD
6/5
ZLWK
PP
0LQROWD
OHQV
&
.351H ;6
M.H,
(Q22
&6:C
.351H
0'
1#3A:::::::::::::::::::G*4
1-M
>#??
C
I6#>
HG
?#F
4%
'I
#LF
>-2*?!
1,
4L#"999999999EG3
1LNRQ
$LV-IQQ
PP
I
6HULHV
( OHQV
([FHOOHQW
FRQGLWLRQ
!
.053
(Q22
(&
.005@
1#3A:
#@9*&
2.3H::::::::::::::::::::::::::::::G(4
0LQR[
(&7&
RXWILW &6:$
%ODFN
RXWILW
FDVHG
&
WHOHFRQYHUWHU
9HU\
QLFH
RSWLFV
6$/(!
1LNRQ
1-M
5HO
/!
44"
I?#>
42"-F-42
9999999999EG'
.053$LV
BA
CQ-J6Q22
&*-(:DBL)9'9

.005@
P52
1#3A:

::::::::::::::::::G(4
1LNRQ
$)
'LJLWDO
PP
I
6LJPD
'&
+60
26
&
1LNRQ
$LV
7&
; WHOHFRQYHUWHU
9HU\
QLFH
RSWLFV
!
.053

'H
CQ-IQQ22
&*-(:D

.+2

@5
552
:::::::::::::G(4
1-M
5HO
BLA
*44"
I?#>'/
42"-F-42
999999999999999EG'
&
1LNRQ1LNNRUPDW
$)BA
ILW PP
I
' 6LJPD
0DFUR =RRP
1LNRQ
)7 /!
ERG\
FKURPH
!
.053 - J$-JQQ22
&I:$-(:D
2@53
. A7, ::::::::::::::::GD4
1LNRQ
$L
ILW

I
$7;
OHQV
9*& G6Q4
&
1-M
5$O11
%)9'7RNLQD
#/4>
::::::::::::::::::::::::::::::::::::::::::::
0#2?9

999999999999999999E5O3
1LNRQ
)7
1
ERG\
LQ]RRP
&KURPH
9*&!
.0531LNRPDW
.BA
(Q221LNNRUPDW
&6:* .005@
1#3A:
1LNRQ
$LV
I
0LFUR
1LNNRU
3.
WXEH
&
1LNRQ
PP
I
1LNNRU
+-
6FDOORSHG
OHQV
!
.0531RQ$L
.BA
'HPP
J$-$(
&I:(-*:(
50.3
P552
1#3A:

:::::::::::::::GI4
1-M
GBO11
%B9G
#/4>
OHQV
0#2?9

999999999999999999E5)3
1LNRQ
$,6
ILW PP
I527H
9LYLWDU
0XOWL
&RDWHG
0DFUR
&
1LNRQ
PP
0LFUR
1LNNRU3
0DFUR
OHQV
!
.0531RQ$L
.A (Q22
&6:$I
.005@
1#3A:
5L#1O::::::::::::::::::::::::G(4
1-M
BA
B'11
%)9'
#/4>

0#2?9

9999999999999999999999E33
1LNRQ
'
'6/5
ERG\
ER[HG
WLQ\
FUDFN
6$/(
&
.053
.A
(Q22
&6:$
#@.#A

1#3A:
5L#1O
#N271#:::::::::::::::::::::G*4
1LNRQ 1RQ$L PP I =RRP 1LNNRU OHQV 9*& !
1-M
BA
LF#2?-42
I#
495!
)'119

999999999999999E53
1LNRQ
)
EODFN
OHDWKHU
KDUG
FDVH
*RRG
FRQGLWLRQ
&
.0536SHHGOLJKW
'H CQ-J6Q22
&*:(
.L.H@
K1H.
5H#"
@5
:::::::::::::GJ4
1LNRQ
6%VHPL
DVK
1LFH
FRQGLWLRQ
!
.0536SHHGOLJKW
.A
-JQ6
H#1#53L#@H#@:
#@O
3.#
57H.A

::::::::::::::G(4
1LNRQ
)
3KRWRPLF
ERG\
EODFN
)DLU
WR *RRG
FRQGLWLRQ
&
1LNRQ
6%
DOO
1LNRQ
'LJLWDO
6/5
!
1-M
BA
41I>
HLVXLWV
#0#42J#>F#>9
L#00#2F
99999999999999EG3
.053 )
.A0MX
-IQQ
H#1#53L#@H#@:
#@O
3.#
57H.A::::::::::::::::::::GC4
1LNRQ
3KRWRPLF
ERG\
EODFN
*RRG
&
2O\PSXV
>-?1
$)J
FRPSDFW
PP
I FRQGLWLRQ
=XLNR
ER[HG!
1-M
BA
&2"#>!
I2,1#F#>#"9
4J#0M
46F-?
99999999E)3
.053 )
(Q

5"O:
5N#"!
@0!
::::::::::::::::::::::::::::GC4
1LNRQ
+3
ERG\
,QI
9*&
D H.3O
QLFH$XWR7
H[DPSOH
&
2O\PSXV
20
PP
(=XLNR
OHQV
ORYHO\ !
.053 I
5"O!
A.+3A 5& 35@21
KA#: 5@0.3+
M#11 ::::::::::::::: G6D4
1-M

>1#2"#>9
44"SHUIHFWO\
K4>/-2*
4>"#>99999999999999999999EHO
2O\PSXV
20
PP
I
(=XLNR
$XWR7
OHQV
9*&
!
1LNRQ
)
ERG\
9*&
ZRUNLQJ
&
.053 * ! M.H, J$-$Q &I:(-(:D .+2 - 1#3A::::::::::::::::::: G6D4
2O\PSXV
20
PP
I
=XLNR
$XWR
: SOXV
ZLGH
OHQV
!
2%>4FF4
O'B
>4
F>-64"
60I?IRU7#@&#H1O::::::::::::::::::::::::::::::::::::::::::GJ4
55'
G
+#"9DQJOH
9999999999999999E'3
1LNRQ
EDWWHU\
JULS
'
EDWWHULHV
&
.053 0%'
CQ
5"O!
!
M5@0.3+
2O\PSXV
PP
I
6
=XLNR
1LNRQ
0&
HOHFWURQLF
UHOHDVH

$XWR=RRP
) 2>'6/5
V
&
.053
20
5"O!
10:
5@0.3+
M#11
:::::::::::::::::::::::::::::::::::::::::::::::::::GC4
BLB
6>4.#F4>
?#F
2/
-,MF#
BB9
GSLQ
0#2?#?!
1-2F!
99999999999E'3
2O\PSXV
20
PP
6LJPD $XWR
OHQV VFDOORSHG
H[FHOOHQW FDVHG!
1LNRQ
$L5"O!
PP
II
1LNNRU+
6XSHU &
.053 QRQ
J
5@0.3+
-240F
-, F-
A 10:
K-F+
)'11
%59$M#11:::::::::::::::::::::::::::::::::::::::::::::GC4
4//4>
999999999999999999E)3
2O\PSXV
20
I
=XLNR
OHQV
.053 QRQ
-6QQ
HH#@O
&5@0DFUR
6QQ
71KA
J!
HH#@.#A::::::::::::::::GJ4
1LNRQ
$L PP
PP
I+@.7
1LNNRU+
$XWR
VFDOORSHG
OHQV &
-240F

%G9'&J:(
#0#.L.H@
4//4>

?0046#"
0#2?999999E)3
2O\PSXV
20HOO11
$XWR
([WHQVLRQ
WXEH
PP
0LQW
ER[HG!
.053 1RQ$L
53-.
'H
KH5
&AH
H#1#
1#3A
::::::::::::::::GI(
1LNRQ
ILW 6I(22
PP
I
9LYLWDU
$XWR
IDVW
WHOH
OHQV
&
2O\PSXV
20
EODFN
9*&
DOZD\V
SRSXODU!
1O27KA
-6Q

527H!
M.H,
I(22
&I:(
1#3A::::::::::::::::::::::::G64
-240F
-J
441
55'
FDVH
G'
416F
1-2F
4L#"9999999999999EH3
2O\PSXV
$)
$)OHDWKHU
FRPSDFW
ZLWK
PP
I
OHQV
&
1O27KA
-*QQ
!
M.H,
6C:(-*(
1#3A!
2.3H!
5N#":::::::::::::::
2O\PSXV
20
W

9LYLWDU
6HULHV

$)
OHQV
%R[HG
!
2O\PSXV(
ERG\
RQO\ !$V
QHZ
EDUHO\
XVHG
%R[HG
G6Q4
&
-240F
2*0#
-2"#>
2"
4L#"
K-F+
?#
999999999EH'
1O27KA20
-*6Q
5"O
531O:%HDWWLH
A1-2F
3#M!,QWHQVFUHHQ
@#1O
KA#":
5N#"
::::::::::::::G$4
2O\PSXV
IRFXV
VUHHQ
6SOLW
LPDJH
!
2O\PSXV
0MX H,.@"A
$) FRPSDFW
ZLWK
PP
I =XLNR
&
1O27KA
&5K@IRFXV
*Q-6(Q22
&I:(-*:(
P552
-:::::::::::::::::G(4
-240F
,5!
-F+
'O11
%59A
1#3A
0#2?9
99999999E)3
2O\PSXV
20
VUHHQ
*ULG
W\SH
([FHOOHQW
FRQGLWLRQ
!
&
2O\PSXV
0MX ,,+>41#9
]RRP
4XDUW]
ZHDWKHUSURRI
$)
1O27KA20
,.@"A
H5
1#3A'DWH
"7H5@:
2O\PSXV
0RWRU
'ULYH
'H
-*1
%DWWHU\
*ULS
2.3H::::::::::::::::::::::::::G64
+ROGHU

!
-/42
5K@
&F H),'O11
%),'9B

0#2?9
9999999999999EG3
2O\PSXV
0MX
=RRP

]RRP
OHQV
QUN441
PLQW
ER[HG
&
1O27KA
/K
6

527H!
M.H,
I(22
&I:(
K.05
::::::::::::::::::::::GJ4
2O\PSXV
VHW
RI WKUHH H[WHQVLRQ
WXEHV
PP
!
2O\PSXV
20
I =XLNR
=RRP
QUPLQW
FDVHG
&
-/42
20
&F AO,H5O11
,
-*1
,
N4419999999EH3
1O27KA
/K
PP
P552 $Q %),'9B
K@HP
H#
M#H,#@7@55&
:::::::::::::GJ4
2O\PSXV
20
7
DVK
QHDU
PLQW
H[DPSOH
!
1O27KA
552!
I(-CQ
P552
1#3A!
3@ 2.3H
5N#":::::::::::::::::::GJ4
2O\PSXV
20
%RXQFH
*ULS
IRU

IODVK
ORYHO\
H[DPSOH
&
-/42
/K
&F AO,GOO11
%)9','9B
-*1

N441999999999E'3
2O\PSXV
9DUL
0DJQL
)LQGHU
1HDU
PLQW
FDVHG
!
1O27KA20

JQQ22
&* 0DFUR
K.05
KH5
1#3A:
::::::::::::::::::::::::::::G(4
2O\PSXV
20:LQGHU
ILW 9LYLWDU
)RFXVLQJ
[
PLQW
ER[
&
2O\PSXV
20

*RRG
FRQGLWLRQ
ZRUNLQJ
ZHOO
!
-/42
,
H),5HO11
%G9','9B

0#2?9
-2F
4L#"
9999999E5H3
1O27KA
&* K.05 KH5-
1#3A:LQ#@
2.3H::::::::::::::::::GD4
2O\PSXV
20JQQ22
)RFXV
VFUHHQV
VHOHFWLRQ
VWRFN
&
2O\PSXV
FKURPH
PP
I
=XLNR
9*&!
1O27KA

J$22
&J:$
K.05
KH5
6XSHU
1#3A:
::::::::::::::::::::::G*4
-/42
-?20Q
,HO5
F#0#42J#>F#>9
#>M
2-# 5N#"
46F-?
9999999E'3
2O\PSXV
20
KROGDOO
6PDOO
YHUVLRQ
&
2O\PSXV
LQ FKURPH
:LWK
PP
IFRQGLWLRQ
=XLNR
1O27KA20Q
I(-6Q(22
&I:(-*:(
K.05
552!
3@
2.3HOHQV!
:::::::::::::::::GD4
2O\PSXV
20
3RZHU
#>M
0LQW
DQG
ER[HG
&
-/42
-?20Q
,GOO
H%RXQFH
F#0#42J#>F#>9
2-#
46F-?999999999999EA3
2O\PSXV

VKRH*ULS
H\HFXS
1O27KA

I(-6Q(22
&I:(-*:(
K.05:
3@!
2.3H!
5N#"::::::::::::::::GC(
2O\PSXV
20
7
IODVK
%R[HG
DQG
QHDU
PLQW

&
2O\PSXV
20Q
FKURPH
ZLWK
PP
=XLNR
$XWR6 !
-/42
4I?
?>##2
9
2> 1-2F!
4L#"
99999999999999999999999E53
1O27KA
I(22
&J:$FM6#

K.05
KH5I
1#3A:::::::::::::::::::::::::::::G*4
2O\PSXV
20)I(22
7
9*&[
FRPSOHWH
ZLWK
FDVH
&
1O27KA

&J:$
K.05
,.&H
2.3H::::::::::::::::::
GJ(4
2O\PSXV
3HQ
)7IODVK
W 9LYLWDU
FRQYHUWHU
9*&
!
-/42
G
+>41#9
-2*
421#3A:
42##@
#2"!
2-#
I?#>99999E533
2O\PSXV
204"M!
7
$GDSWHU
DQG
1'
ILOWHU
VHW
&
1O27KA3HQ

(Q22
&6:* K.05
3@ 2.3H
::::::::::::::::::G$4
2O\PSXV
)
)7:LGH
EHOORZV
VHWKH5-:
SOXV
IRFXV
UDLO5N#"
9*&!
-/42
,5OO
FF#>M
*>-6K.05
%4>PLQW
5OO
60I?
H9FF#>-#?999999999EH3
1O27KA

&6:$ OHDGV

1#3A
3@
2.3H
5N#"
::::::::::::::::GJ4
2O\PSXV
20 (Q22
77/
$XWR
ER[HG
PP
IURP &
3HQWD[
W 3HQWDFRQ
0DJQLI\LQJ
DQJOH
QGHU
1LFH!
1O27KA

K.05
1#3A:
3@ 2.3H:::::::::::::::::::::::::::::::G*4
2O\PSXV
20 C(-6(Q22
:LQGHU
&*
*RRG
FRQGLWLRQ
ZRUNLQJ
&
-/42
-//4>1F
F260&
4"M!
0/9
J#>*#!
K4>/-2*
K#00999999E)3
3HQWD[
. PP
I
6KLIW
/HQV
/RYHO\
RSWLFVZHOO
6$/(!
1O27KA
C(-6(Q22
&*60&
K.05
552
3@OHQV
2.3H
A#"::::::::::::::::G*4
3DWKH
0RWRFDPHUD
PP
FP
I
&DUO
=HLVV
OHQV
&
3HQWD[
.
PP
I
0
]RRP
([FHOOHQW!
-/42
42
- $(-J(Q22
5G'11 %G9'
0#2?!
999999999999999999999E)'
1O27KA
&( -//4>
K.05
KH5 552
3HQWD[
(ILQD
$36 FDPHUD
/RYHO\
GHVLJQ
PLQW::::::::::::::::G44
ER[HG
&
3HQWD[
.$
PP
I 60&
$ =RRP
OHQV 1HDU
PLQW
!
1O27KA
@.71>42
&5@ I6Q )A,
15L#1O
#N271#
:::::::::::::GJ4
-/42
42
- 5K3#
H$11 0DJQLI\LQJ
%H9$
0#2?9OHQV
!
2-#
;I0-FM99999E53
3HQWD[
.$
PP
I @5
60&
$ ]RRP
9*&
!
3HQWD[
ILW
3HQWDFRQ
DQJOH
ILQGHU

&
1O27KA

.L.H@%G9'
5KA.3+
JN!0#2?9
2.3H!0046#"
5N ::::::::::::::::::GJ4
-/42
42
- 'H
H$11
-//4>
QR
IF4
999999E)3
3HQWD[
/;
)$
(\H
/HYHO
)LQGHU
VKRH
([F
ER[ !
3HQWD[
.
PP
I
60&0
OHQV
9*&
QLFH
RSWLFV
&
1O27KA
,51"11:
211
L#@A.53:
K7#@
53".H.53:::::::::::::::::::GJ4
3HQWD[
/;
)(
:DLVW
/HYHO
1HDU
0LQW
!
3HQWD[
.
$)
IODVK
QU:0DJQL)LQGHU
PLQW
FDVHG

&
-/42
42
- 6$
G',5O'11
%G9'
-J-F>
441
0#2?9
4J#0M9999999EG'
1O27KA
.3A
"7H5@
:
&5@

I6Q
)A,:::::::::::::::::::::G6(
3HQWD[
/;
OHDWKHU
UHDG\
FDVH
9*&!
3HQWD[
.
ILWUHDO
I
6ROLJRU
7RS
&
1O27KA
5M#@
5K3#
@.7
J:
.3H
3"FRQGLWLRQ
5N#" :::::::::::::::::::GI(
-/42
42
-PP
'O11
%HHYHU
-//4>
OHQV
IF4
0#2?9
0046#"
999999999E)'
3HQWD[
/;
)LQGHU
)%
(\HSLHFH
JQ )A,
5N#"
3"$FWLRQ
3#@
1O27KA
3HQWD[
.
ILW6\VWHP
PP
I
9LYLWDU
0&2.3H::::::::::::::::::::::::::::::::::GJJ
]RRP
[)&
FRQY!
&
-/42
42
- JQ
'O11
%H
-//4>
[ZLWK
IF4
0#2?9
0046#"9999999E)3
3HQWD[
/;
ZLQGHU
9*&
FRPSOHWH
LQVWUXFWLRQV!
1O27KA
)A,!
5271#H#
M.H,
A#
:::::::::::::::::::::::::G64
3HQWD[
.
.LURQ
0&
HOHPHQW
FRQYHUWHU
6XSHU
&
1O27KA

IJ
)A,!
M.H,
P552
"7H5@
3"
'1H#@A
::::::::::::::::GI(
3HQWD[
0
PP
I
$XWR
7DNXPDU
VHPL
DXWR
9*&
!
-/42
- ''11
%G9'
->49I0046#"
:5 5 FI#
99999999999EA3
3HQWD[42
.
VOU ZLWK
PP
60& OHQVFDVHG

&
1O27KA

IJ ."#0
"7H#@
3" QGHU
'1H#@
A#H:::::::::::::::::::::::::::G4
3HQWD[
5HI
ULJKW DQJOH
0(
/;
0;
!
3HQWD[
.$
PP
I
&RVLQD
XOWUD
ZLGH
]RRP
&
-/42
C
&F&RQYHUWHU
5G9'1
J-#K&2"#>!
K-F+
>00L
4>>#F-429
9999E)3
1O27KA
.3"#@ ULJKW
J: 55"
53".H.53
M5@0.3+
M#11::::::::::::::::::GJ4
3HQWD[
5HI
&RYHUWHU
DQJOH
QGHU
WV
69
HWF
!
3HQWD[
.$)
ILW 6LJPD
PP
I
'/6D
&
-/42
2*#&2"#>
&F 0-*+F
1#F#>!
?#42"
:=RRP
44?F#>
99999EB3
1O27KA
-6!
10!
M.H,
(Q22 &6:$
K.05FM6#
1#3A:::::::::::::::::::::::::G$4
3HQWD[
6D
ZLWK
PP
I 6XSHU7DNXPDU
OHQV
!
3HQWD[
.$)
ILW
6LJPD
PP
I
8&
=RRP
&
1O27KA
-63
5"O! ,@52#
5N#"
L+
2@0 4L#"
53 A#
:::::::::::GD4
-/42
H)
6##"0-*+F9
#>
1-2FFRGH
42"-F-42!
999999999999EG'
3HQWD[
6WHUHR
$GDSWHU
6HW
PP
QR
9*&
!
3HQWD[
0
%HOORZV
ORYHO\
FRQGLWLRQ
QU PLQW
ER[HG
&
1O27KA
-63
5"O!,,,@52#:
15L#1O #N271#
5N#"
::::::::::::G$4
3HWUL
)OH[
W
PP
I
3HWUL
&&
$XWR
OHQV
6FDOORSHG
!
-/42
6##"0-*+F
,BOO!
?I-F?
00
-/42
-*-F0

9999999999E33
3HQWD[
5LJKW
$QJOH
ILQGHU; (QE6:$
0H0[63
9*& FDVHG &
1O27KA
-63!
,@52#
1#3A: HWF
11 5N#":::::::::::::::::::::::::G44
3HWUL
3HWULH[
9
6/5
ZLWK
PP
I
3HWUL
&&
$XWR
OHQV!
1O27KA
#3 85@.+.31
25"#19
J3" L#@A.53
3.#7DNXPDU
5@"#@:::::::::::::::::G*(
3HQWD[
6SRWPDWLF
63
ZLWK PP
I 60&
&
0M16I?
.I
5
416F!
K-F+
G'11
%G9'
I-/4
9999999999999EH3
3RODULV
6SRWYLHZ
,1&
3RODULV
0HWHU
VSRW
DFFHVVRU\!
1O27KA
#3 -I
&@2#)ODVK
M.H,
J$22
&I:(
K.05::::::::::::::::::::GJ4
3KRWD[
IUHQFK
EDNHOLWH
FDPHUD
IRU
[
RQ

ILOP

&
0M16I?
.I
!
-0J#>!
G'11
%H9$

0#2?9
>
1-2F99999999999999EB3
5LFRK
.5
:LWK&@2#!
PPM.H,
I 5LNHQRQ
.K.05:::::::::::::::::::GJ4
PRXQW!
1O27KA
#36XSHU
-I ,1&
J$22ER[HG
&I:(
5DQN
(OHFWUD
/LQHDU
&'6PP
PHWHUI
9*&
&
5ROOHL
/('
EODFN4:(22!
:LWK
7ULRWDU
OHQV
!
0M16I?
ILOP
HOO11
%)
I-/4
I0F4F#"
999999E)3
H,#
5H52#@
J2
&I:( IF4,
@1
#.AA
1#3A::::::::::::::::::::GJ4
5HIOHFWD
6
DQG VOLGH
VFDQQHU
WR.2.H#"
FRPSXWHU
RU0LQW!
79
&
5ROOHL
/('
LQ %ODFN
:LWK
PP
I
7ULRWDU
1U
#3HN
*I22
&6:4
1#3A
::::::::::::::::::::
GI64
0M16I?

G',AO11
%)#3HN-
+)7
I-/4
K4
4I+
9999999999999E)3
5ROOHL
3UHJR

ZLWK

0DFUR
9DULR
$SRJRQ
&
5ROOHL

PRGHO
*HUPDQ\
7HVVDU
OHQV
9*&!
#3HN
'HRULJLQDO
#3H53
+3.&O.3+
3+1#
'3"#@:
.#:::::::::::::::::::::GJ(
5ROOHLIOH[
PRXQW
RQ
PDVN
VHW
VXLWV
I
I
HWF
ER[HG

&
0M16I?
4I2#
>-6I
%4>+)7
G5O
(?+
04J#0M
#L160#
999999EH3
#3HN

*Q22
&J:$
=30#>
1#3A:
KA1#
53".H.53::::::::::::::::G*4
5ROOHL
4%0
PP
7HOH
7HVVDU
OHQV!
5ROOHLIOH[
%D\
0LG
<HOORZ
9*&
FDVHG
&
#3HN

6I(22
&I:(
-
1#3A!
! 0&
3.#
57H.A::::::::::::::::::::GJ(
5ROOHL
4%0
PRXQW
PP
I
5ROOHLQDU
0M16I?
&F ILOWHU
-J-F>
>4
4I?-2*
HL!OHQV!
1-2F!
4L 9999999999EH3
5ROOHLIOH[
%D\RQHW
)A,!
OHQV I
KRRG
VXLW
I0&
HWFOHQV!
&
#3HN

JQQPP
3@
2.3H!
A#":::::::::::::::::::::::::::::::::::::::::G64
5ROOHL
4%0
PRXQW
0M16I?
HO (?+
4L#"5ROOHLQDU
2#>
1-2F99999999999999999999999EHH
#3HN

'H
IQQ22
51.+5@
1#3A:
57 53".H.53
:::::::::::::::::::::GI4
5ROOHLIOH[
%D\RQHW
, &*:(
5ROOHLQDU
2"
VHW
&
5ROOHL
4%0
PRXQW
PP
I 9RLJWODQGHU
&RORU8OWURQ!
#3HN

'H
C(-JQ(22
&I:$
.L.H@

P552
;
JN
53L:::::::::::::::GI4
0M16I?

HO
(?+!

4160#F#
K-F+
?#9999999999999999E53
5ROOHLIOH[
YLHZLQJ
KRRGOHQV!
9*& &
5ROOHL
4%0IROGLQJ
PRXQWOHDWKHU
PP %LQRFXODU
I &DUO =HLVV
6RQQDU
#3HN .@53
C!
C #1#2#3H
JN ZLWK
53L#@H#@:
K7#@
::::::::::::::::::::G64
5ROOHLIOH[
3ODWH
DGDSWHU
EDFN
VFUHHQ
[
KROGHU
&
0M16I?

-2"#>
H9NLW
44"
42"-F-42
K4>/-2*
K#00
9999999999EH3
5ROOHLFRUG
H[SRVXUH
ZLWKVHW
FRXQWHU
PDVNV
ER[HG!
#3HN 64-I(22 &I:(-*:( 5A.3 K1H@ M."# P552::::::::::::::::::G*4
5XVLDQ
PP
LGHDO
=RUNL
)HG
.LHY
HWF

&
5ROOHLFRUG
,,(Q22
ZLWKYLHZILQGHU
FP
I
=HLVV
7ULRWDU
OHQV
LQ::::::::::::::::::::::::::::GI4
&RPSXU
!
0M16I?
+>41#!
K-F+
'OC59$
I-/4
0#2?9
*99999999999EA$
#3HN ,5!
&6:C -
#3HN
1#3A:

7DPURQ
$G,9'HZLWK
PP
I
%%$5
0&
OHQV
PLQW
FDVHG !
&
5ROOHLFRUG
PP
I
;HQDU
OHQV
LQ1U*:2
#3HN
.+2
J$-JQQ22
&I:$-(:D
552::::::::::::::::::::::G*4
0M16I?
,52!
: 'OC59$

0#2?999999999999999EB3
5ROOHLFRUG
9E#115MA
:LWK
PP
I
;HQDU
OHQV
9*&!
7DPURQ
$GDSWDOO
+>41#!

I
&)I-/4
7HOH
0DFUR
=RRP &
#3HN *J
! 15L#1O
53".H.53!
3@ 2.3H!
5N#":::::::::::::::GI(
0M16I?
,H2
4"M!
+>41#9
44"
I?#>
99999999999999999999999999EG3
5ROOHLH[
[
*UH\
%DE\
:LWK

I
;HQDU
FDVHG

!
7DPURQ
$GDSWDOO
PRXQW
I
FRPSDFW
OHQV &
#3HN .+,H
3+1#
'3"#@: #E NE
#H!
A#"::::::::::::::::::G64
5ROOHLH[
[
F
7KH
UVW
EDE\
5ROOHLH[
6$/( !
@0H.A.N$GDSWDOO
DND
!
$QEJ:$
.52#H@!
@.A2!
3.#:::::::::::::::::::::G44
7DPURQ
PP
I
OHQV
2ULJLQDO
W\SH
&
0M16I?
,H
!M.H,
0/9

K-F+
'OC59$
0#2?
9999999999999999999E33
5ROOHLH[
%D\RQHW
OWHUV
RUDQJH
<HOORZ
SULFH
!
.5, 6!
10!
J$22
&J:$
1#3A:
#11O
3.#HDFK
::::::::::::::::::
7DPURQ
)RWRYL[
)LOP
9LGHR
SURFHVVRU
ER[HG
G644
&
0M16I?
#2
7):(
:M.H,
G$C%59$
I-/4
I6#>
#L160#9999999999999E5A3
511#. 95
I(!%D\RQHW
*Q22 #AA@
B QR
2#H#@EA15M
A7##"A
KEA:::::::::::::::::G(4
5ROOHLH[
5ROOHLQDU
FORVH
XS
VHW
7DURQ
PP
&5)
FDPHUD
:LWK
PP
I&DVHG!
7DURQDU &
#2FL
&F8QLUH[
#2F42
2*0#
&2"#>9
-#::::::::::::::::::GI4
999999999999EH'
511#. @#+5
CQ *ULS
M.H,
I(-CQ
@5
@.5
75+53
5ROOHLH[
3LVWRO
FDEOH
7RSFRQ
HWF *2-%M-2*
ILW:LWK
PP
IUHOHDVH!
89 7RSFRU
OHQV
&
511#.)#N
6D 53
2A0DFFHVVRU\
A#H! AK.HA
J:$&!
I:(&
#H: 5N#":::::::::::::::::::::G6(
5ROOHLH[
3ODWH
EDFN
RXWLIW
IRFXV
VFUHHQ!
#2FL
8QLUH[

HOO
(?+!
2> 1-2F!
?#"99999999999999999999999999999E53
7RSFRQ
HWF
ILW
PP
I
89
7RSFRU
OHQV
PLQW
&
511#.)#N5ROOHLOX[
O53#H 6
6OHQV
'1H#@!KRRG
A#":::::::::::::::::::::::::::::::::::::::::::G4
5ROOHLH[
[
OLJKW
PHWHU
YJF
8QLYHUVDO
0LQXWH

VXEPLQLDWXUH
FDPHUD
%R[HG

&
#2FL
&F
A',HO'11
%G9$
-J-F>

N441
:A#"
HLFDVHG!
42J9999999EG3
511#.)#N
O53#H
6 1#3A
,55"!
AK7#@
53".H.53!
::::::::::::::G64
7DPURQ
$GDSWDOO

PRXQW
PP
I
%%$5
0&
!
9RLJWODQGHU
PP
)RFDU
VHW
$%&
DQG
' A#:::::::::::::::::::::::G4
DOO ER[HG
&
511#.)#N
O53#H
6
'1H#@!
AK7#@
53".H.53!
#2FL

5OO,GOO11
%)9',B9A
-*1
441
99999999999999E)3
7DVHL
:HOP\PP
6L[ IRU
[
RQ
PP
OHQV!
9RLJWODQGHU
2UDQJH
<HOORZ7HULRQDU
ILOWHUV HDFK
&
511#.)#N O53#H
511#.3@
JDQG
A#H:::::::::::::::::::::::::::::::::::::::::::::::::::::GJ4
7HOH
5ROOHLH[
5ROOHLQDU
P
FORVH
XS0#2?9
DWWDFKPHQW
9*&
!
#F>0#L*!
&F %HVVDPDWLF
G'11
#F>
IF4
0046#"999999999EH3
#+K11

M.H,%H9$
@30
M.3":
C(22
&I:('\QDUH[
#3A
::::::::::::::G$4
9RLJWODQGHU
PP
I
6XSHU

&
7HOH
5ROOHLH[
5ROOHLQDU
P
FORVH
9*&
!
#+K11
*6!
!
35
M.3":
C(22
&I:(
#3A!
:::::::::::::::::::GD4
#F>!
-2%HVVDPDWLF
0/
&2-?+9
)H
XS
: DWWDFKPHQW
''
%59$
0#2?
999999999EH3
9RLJWODQGHU
PP
I
=RRPDU
OHQV

&
9RLJWODQGHU
1RNWRQ
/HLFD
/
VFUHZ
PRXQW
!
2@53
"
J%HVVDPDWLF
J$22
&J:(

1#3A:
@
2.3H
A#"
::::::::::::::GJ4
9RLJWODQGHU
'HOX[H
6/5
Z&RORU
6NRSDU;

&
400#>#*4
AO
K-F+
G',AO

>4
>-4
64*429999999999EG3
9RLJWODQGHU
%HVVD
[

I
9DVNDU
&DVHG
/RYHO\
!
2@53 "7H11
J $Q-J6Q
&I:$-*
#1#6NRSDUH[
@5
552
::::::::::::::::GJ4
9RLJWODQGHU
%HVVDPDWLF
ILW
PP
I
OHQV
&
400#-(#L
-?F40
>-69
-F+
0#
>#0#?#
999999999999999999999999999999EH3
9RLJWODQGHU
%HVVD
[
UIJ$-CQ
ZLWK&I:(-*:(

+HORPDU
9 QLFH
!
2@53 "7H11
J 525K3H
527H
1#3A::::::::::::::::G64
9RLJWODQGHU
%HVVDPDWLF
6/5
ZPP
I &RORU
6NRSDU;
&
9RLJWODQGHU
7XUQLW

QGHU
ZLWK
IUDPHV
!
2@53
"7H11
J$22
&J:$
1#3A:
@.+.31
HO7#::::::::::::::::::::::::::::::G64
400#-(#L
0F#
/ILQGHU
#??4>M
4IF-%F : %4I?
?>##299999999999EH3
/HLFD2PHJD
9LVRIOH[PP
I
$GDSWRU
ULQJOHQV
IRU EHOORZV
& 9RLJWODQGHU
9RLJWODQGHU
.RQWXU
RQ 6NRSDU
[

&
.RQL
+H[DQRQ
)LQGHUXQLW
FDVHG!
9LWHVVD
7 &5)IRU
ZLWKPP
OHQV
&RORU
!
I(22
@#15"1#
AA#HH#:
,.@1#O
#11@"
5N#"K#00
:::::::::::::G6J
[
I
$QJXORQ
OHQV!
'L) PP

>400&01
+40"#>! BL3
42
5HO9

K4>/-2*
9999999E)3
[
PP
I6FKQHLGHU
5RGHQVWRFN
6LURQDU
OHQV
9*&

&
*N(
J6Q22
&(:D 5"#3AH50
.@53@6\PPDU
1#3A: ::::::::::::::::::::::::::
G644
[
RU
[
PP
I>6+-!
6FKQHLGHU
6/F>
0&
ORYHO\!
'L)(N*
>
-1#
6##"
4IF&F@
(?+!
0#2?9999999EH33
[
[
6LQDU
)
0RQRUDLO
ERG\
RXWILW
ORYHO\
FDVHG
&
*N(
.3@
J
535@.1
5"O
5KH'HB
15L#1O!
A#"
:::::::::::::::::
GID4
[
6FKQHLGHU
6\PPDU

PP
OHQV QLFH
XVHU!
[
PP
6XSHU
$QJXORQ
0XOWL
&RDWLQJ
OHQV
9*&
&
*N(
&$I
K7#@
3+K153
K1H.
5H.3+
1#3A:

::::::::::::::
GJ44
*%4Q22
1-0#FF#!
>%
K-F+ -2F9
'O11
%H9$
40-2>
0#2?999999999E)3
[
UROO
OP
DGDSWRU
*UDH[

*UDSKLF
IRU
[
RQ

!
[
''6
FXW
VKHHW
ILOP
RII
*UDIOH[

&
(N*
&D:I
@O #004K?!
M."#KROGHUV
3+1#
.37A.153!
5LWHZD\
73#1:::::::::::::::G44
06$422
#(#L
>4
*#2I-2#
-F#1
999999EA3
$JID
.DUDW

ZLWK

6ROLQDU
OHQV
LQ 06C24J4(#L
&RPSXU
5DSLG
!
(N*

@5
#,3.1
0.HM.H,
6(Q N#3@
:::::::::: GI*4
[
''6
FXW
VKHHW
ILOP
KROGHUV
RII
)LGHOLW\
'H/X[H
&
$JID
,9
PP
I 6RODJRQ
OHQV
9*&!
033
.DUDW
BHA[
5B11
4"M9
H9HU\
#2?
FI>>#F!
?#"99999999999999EG3
DC22
15A#
K7ZLWK
A#HB14J-#
35:?A +ROGHU
6!J!*
3"
6Q: QLFH

A
3#M:::::::::::::::::::::G6(
[
5ROO
)LOP
ZRUNLQJ
ZHOO
&
$JID .DUDW
,9 ZLWK
PP
I'12
6ROLQDU
OHQV5N#"
9*&!
DN42
."#1.HO
#1KN#
"5K1#
,51"#@A!
2.3H:::::::::::::G6J
>I20RYH[
L#FF#
7I2>C%89
-F+
'O11
%H9$ #2>
0#2?
9999999999E)3
[FP
)LGHOLW\
'HOX[H
GRXEOH
ILOP
KROGHUV
ER[HG
PLQW
&
GRXEOH
(Q22
PRYLH
FDPHUD
VHW
/29(/<!
$JID
5HH[
+&
2.
.1#HH#

.H,
&J:$
515@
51.3@
::::::::::::::::::G*4
$OSD
5HIOH[
0DFUR
%HOORZV
JHQXLQH
$OSDQRYRIOH[
LWHP
&
>42-
ID!
C,,,
H
#F
&F 41I>
HOO11
%G9' 0#2?9

99999E)3
$JID
5HFRUG
XQFRXSOHG
+&
@H
@&[
&5@
I(22
.H,UDQJHQGHU!
(Q22
&J #353
1#3A:::::::::::::::G(4
$OSD
5HIOH[
VHW
RI 0DFUR
H[WHQVLRQ
WXEHV
9*&
&
$JID
6XSHU
6LOHWWH
FUI ZLWK
PP
6ROLQDU
OHQV.H#2
!
17
#)#N
+#3K.3#
17E35L5)#N
:::::::::::::GC4
>42-
@5
C H#115MA!
#F
&F ?#F
4% #LFI
FI#?9
> 1-2F
4L#"
999999EH'
%HDXW\IOH[
7/5

V
-DSDQHVH
7/5
IRU [ &
$JL
$JLH[
I $JLOX[
WHOHSKRWR
!
17
#)#N W
A#HFP
5&FDPHUD
@5
#NH#3A.53
HK#A: OHQV

::::::::::::::::::::::::::::GI4
>42-

C
H
#F
&F
-J-F>

H
F#0#42J#>F#>999999999999EH3
%UDXQ
3D[HWWH
ILW
FP
I
(QQD
7HOH(QQDVWRQ
OHQV
&
@K3
6I:(2
&I:(
33PP
#1#-33AH53
$QVFR N#HH#
.DURPDW'H $JID
.DUDW
I ;HQRQ1#3A:::::::::::::::GI(
9*& !
>42-

0-2
>-?1
&2"#>!

9999999999999999999999999999999999999EG3
%URQLFD
(75E PP
I 0&
QU
PLQW 6
KRRG
&
@53.

[
E .RQ
6(Q22
&I:( =HQ]DQRQ
#3P353
5N#"
:::::::::::::::::G$4
%DOGD
%DOGD[

%DOWDU LQ
3URQWRU
!
@53.

E C PP
.
JQQ22
&*:(
#3P353
GDUN
5N#"
:::::::::::::::::G44
%URQLFD
64
ILOP
EDFN
ZLWK-99999999999999999999999999999999999E)3
LQVHUW
VOLGH
&
%DOGD
%DOGLQD
FUI
5DGLRQDU
3URQWRU
696!
>42-
[
E
C 4F4>
-2"#>
@53.

E
E . %*Q22
&* #3P353
1#3A ::::::::::::::::G44
%URQLFD
64$
$L
PP
I =HQ]DQRQ6
OHQV
9*&
&
%DOGD
FUI )
;HQRQ
LQ 6\QFKUR
&RPSXU!
242%DOGLQD
A
4"M9PP
2"
K4>/-2*
K#00!
2-#
#F 999999E5G3
@53.
"#+@##
7@.A2
'3"#@
: &2"#>?
:::::::::::::::::::::GI4
%URQLFDODUJH
64$EWULSRG
$LE . %4Q
PP
I
=HQ]DQRQ6
OHQV 9*& &
%HQER
ROGHU
PRGHO
EXW
JRRG
FRQGLWLRQ!
@53.
K-F+
6(Q22
&I:(
#3P353!
3@ 2.3H!
,55"
:::::::::::::::GC4
242 ()
,5!
'O11
%59$
>##+
14I2F
0#2?9
!999999999EB'
%RZHQV
,OOXPLWUDQ
ZLWK
DOO H[WUDV
[
FRQYHUWHU!
&DQRQ
PP
I
6LJPD
6: LQF
,, $)
OHQV
QRQ
GLJLWDO
&
@53. .! 5271#H# 2#@ @#"O H5 +5! 5N#"::::::::::::::: GJ64
%RZHQV
3UROLWH

FRPSUHKHQVLYH

KHDG
OLJKWLQJ
NLW
!
242

G',AO11
%G9',)9'
242
/
5
N441
0#2?9
999999999EH3
&DQRQ
()
PP
I
860
OHQV
9*&
&
@53. E . E 6(Q22 &I:( #3P353- 1#3A :::::::::::::G44
%30
%HOORZV
%HOORZV
ORDGV
RI
ELWV !
&DQRQ
()
PP
I
]RRP
9*&
&
@53.

E RXWW
. E ZLWK
(Q22
&I:(860
#3P353-
1#3A
::::::::::::
G6*4
242

$O,HOO11
%)9','9B
/)RFXVOLGH
0#2?9OHQV

99999999999999999999EG3
%URQLFD
(&ILW,@52#!
6$
HWFM.H,
W .RPXUD
PP
I::::::::::::::::::::::::::::::::GI4
OHQV
9*& !
&DQRQ
()

I
6LJPD
'/
QRQ
GLJLWDO

&
353
(Q22
&6:$
0DFUR
1#3A
242-6!

&F 6$
AO,GOO
%),'9B

>4
242
"-*-F0
999999EG3
%URQLFD
(&6QQ22
HWF
VHW RI-*1
H[W
WXEHV
1U 85A.39::::::::::::::::GC4
PLQW
ER[HG
!
&DQRQ
()
EODFN &I:(
ZLWKW
PP
I
66&1#3A:
&DQRQ
OHQV
&
353
.L.H@

@5
242

'O6/5
: HWF
*>-6
:0&
H$,$O11
%G9','9B
999999E)3
%URQLFD
(&J$-JQQ22
6$
W,'O
9LYLWDU
;
WHOHFRQYHUWHU
!
353
&I:(-(:D
.+2
A7,1

@5::::::::::::::::::G*4
&DQRQ
(26
:LWK
%3(
ERRVHWHU
JULS
XVHG /

&
%URQLFD
(&J$-$Q22
3ODLQ
QGHU
!
353
&I:(-(:D
9*&
%G9','9B
1#3A:
K7#@
&DQRQ
(26
9
ERG\
ODWH
XOWUD
FRPSDFW
6/5
&
242

'O 3ULVP
K-F+
H$,$O11
ILOP
:::::::::::::::::::::::::::GJ4
0#2?9
-# 9999E)3
353

'H CQ-IQQ
.+2
@5
353 ".+.H1::::::::::::::GI4
%URQLFD
(75
6 0N
6L&*-(:D
SRODURLG
OP
EDFN
9*&!
&DQRQ
,9
ERG\
)XOO
ERG\
ER[HG
QU PLQW &
242 (26'

5OO,HOO11
%'9B

441
0#2?999999999999999999999999999E53
353
6
.H,
-6
55A#H#@
+@.7:
KA#"::::::::::::::::::::::GD4
%URQLFD
(75
6 6L
3URSULPH
6KDGH
*RRG
XVDEOH
FRQGLWLRQ!
&DQRQ
)'
PP
I
OHQV
9*&
ZLWK
FDSV
&
353
IQQQ
5"O!
1H# 6LOYHU
K1H@
'12 6?
::::::::::::::::::GJ(
242

H$11
%H9$
6>-1#
0#2?9527H
!
K-F+
999999999999999EH'
%URQLFD
6$PP
UROO OP
KROGHU
[
RQ
!
&DQRQ
)'
I
=RRP
OHQV
9HU\
QLFH ER[HG
&
25K3H
1#3A::::::::::::::::::::::::::::::GD4
353

6I(22
&J:(
::
@##,
%URQLFD
64PP
VHULHV 3ULVP
6
XQ PHWHUHG
!
242

AO,H5O11
%)QGHU
441
0#2?9
9999999999999999999999999999EG3
&DQRQ
)'
I
=RRP
OHQV
9*&
&
353
JQ22
&J:$
O53#H
1#3A:
M.H,
7A
::::::::::::::::::::::::::::
G6J4
&DQRQ
$(
3URJUDP LQIEODFN
:LWK
)'
OHQV!
&DQRQ
)'
PP
)'
ED\RQHW
OHQV

&
242

$O,HOO11
%)

M42#F
0#2?9
999999999999999999999999999EH3
353
&J:$
7@.2#
1#3A:
!
M.H,
7A
:::::::::::::::::::::::::GJ(

J$22
&DQRQ () PP I 0N ,, OHQV 9*&!
353

I(-CQ22
&*
P552
1#3A:
M5
H5K,
HO7#

:::::::::::::GJ(
&DQRQ
)7EQ
4/
FKURPH
ZLWK
PP
I
&DQRQ
OHQV

&
242 ()
PP
&F AO,GOO11
%)9','9$
>0
#-??
#2N441 9999EH3
&DQRQ
I
0N
,,
OHQV
9*&!
353
I(22 &I:( ::
@##, 25K3H
1#3A:

:::::::::::::::::::::GJ4
&DQRQ
3 3RSXODLUH
5DQJHILQGHU
ERG\
9*&
ZLWK
FDS &
&DQRQ
()
PP
I
860
OHQV
9*&!
242

G3
#-
'O
%59$
#>#2>
4F-2*
1>/?
99999999E)3
353
(Q22
&6:*
@##,
25K3HHWF
1#3A:::::::::::::::::::::::::::::::GD4
&DQRQ
3RZHU
:LQGHU
$6LJPD
ILWV
$
$(

&
&DQRQ
()
W
PP
I
$32
+60
$)
1RQ
'LJLWDO!
353
CQ-6(Q22
552
#@O
3.#!
5N#"
::::::::::::::GJ(
242
6##"0-F#
GOO
73O! 1#3A:
AO
!
KC12I0
999999EH'
&DQRQ
6XUH
6KRW
$)&*:(
FRPSDFW
ZLWK#F8
PP
IFDVH
3ULPH

&
&DQRQ
(26

ERG\
ZLWK
VWUDS
DQG KDOI
!
353

&*9*&
552
1#3A:
&RQWD[
* CQ-J6Q22
7/$
IODVK
IRU *
:::::::::::::::::::::::::::::::::::::::::GI4
WLWDQLXP
&
>0 #-??
#2
416F
1#>!
K-F+ILQLVK
-4F>
0#2?
99999EG3
&DQRQ
(26

G'
JULS
PP
I
0N0LQW
,9!
353

$Q-JQQ22
&*%3
O53#H
1#3A ::::::::::::::::::::::::::::::::::::::::GJ4
'DUNURRP
I
0LQROWD
(K7#@M."#
5RNNRU
OHQV
&
&DQRQ
)1
$(
QGHU
)142"-F-42!
PP
I?-*2?
&DQRQ
OHQV
!
42FL
5BA
4"M9
-#
4%IER[HG
24>10
I?# 999E'3
353
'HPP
J*22
&J:$
.+2
! 3#@
2.3H
::::::::::::::GI4
'DUNURRP
PP
I
1LNRQ
(/ -6
1LNNRU
VFDOORSHG
9*&
&
353
.3"#@
!
'HA 6:
#H:::::::::::::::::::::::::::::::::::::::::G64
&DQRQ
)'
PP
I
6&
%UHHFK
PRXQW
OHQV&2"#>
9*&
!
42FL5M#@
H511
%H9$
-4*42
0#2?9
4L#"!
#F999999E)33
(QODUJLQJ
PP
&(
OHQV
PLQW@.2#::::::::::::::::::GJ4
ER[HG
&
353
K@#
,5H
M.H,
I$22QU
&J:$
&DQRQ
)' 0LQROWD
PP
I527H!
66&I
OHQV
%UHHFK
PRXQW
!
42FL)'
H!PP
F-F2-I1
:SULPH
G$CH9$

422>
>
1-2F
4L#"999999EH33
53HN
6I(22
&J:$I
@1
#.AA
533@
ZLWK

1#3A
:::::::::::::::::::::
(QVLJQ
(QVLJQHWWH
QR
WKH
VPDOO
RQH
$OXPLQLXP
G6(4
&
&DQRQ
OHQV
9*&
FDSV!
53HN
6I4
K@HP
.#
#N271#!
3#M!
5L#@.3+
:::::::::::::::G(4
(QVLJQ
%ULWLVK
(QVLJQ
)ODW
%DFN
UDUH
&
#L#00#2F
999999EG3
>/>441
A'11
%)5"O:

-//4>
0#2?F
?0046#"!
&DQRQ
)'
PP
I
=RRP
OHQV
9*&
53HN
6(4
5"O: !
M5@0.3+
M#11
::::::::::::::::::::::::::::::::::::::::::GD4
)HG

&5)
FDPHUD
ZLWK
PP
I
1
OHQV
6XSHU

&
&DQRQ
)'
PP
I
)'
ED\RQHW
OHQV
!
>/>441
5"O:
$L5O!
-2+M5@0.3+
1?/-2*M#11
#?#0999999999999999999999999999999E5'
53HN
6DC
M.H,

::::::::::::::::::::::::GC4
&DQRQ
)'
W
PP
I
&DUO
=HLVV
-HQD]RRP
,,
!
)HG & ZLWK PP I ,QGXVWDU OHQV 9*& FDVHG &
53HN
J(22
&J:$ @1
#.AA
.AH+53

#@23O
:::::::::: GJ*4
>/>441
'O11
%)
-/42
-//4>!
?0046#"!
999999999EH'
&DQRQ
)/
PP
I #.AA
)DVW
7HOHSKRWR
OHQV
H[FHOOHQW!
)XMLFD %D\RQHW
PRXQW
PP
I (%&
;)XMLQRQ
7 OHQV
G6I4
&
53HN
I(22
&J:$
@1
.AH+53

1#3A

::::::::::
20>*-2*
-240F
'O11
%H9$

0#2?!
1-2F 4L#"99999999999EG3
&DQRQ
7OE
ZLWK

)'6RQQDU
OHQV
9*&
RYHUDOO!
+DVVHOEODG
PP
I #.A
7
OHQV
LQ2>
VLOYHU
ILQLVK
&
53HN
(Q22
&6:C
@1
13@

1#3A!

:::::::::::::::::::G44
&DQRQ
9
HWF &DQRQ
)ODVK
8QLW
0RGHO
9 9*&
FDVHG!
+DVVHOEODG

ILOP
EDFN
PDWFKLQJ
QXPEHUV
&
20>*-2*
-/42
'O11
%H9$FKURPH

-//4>!
?0046#"

99999999EG3
53HN
'H 9,
I(22
&J:$
A,.

1#3A:
::::::::::::::::::::::::::::::::::::GJ4
&HUWR
'XUDWD
IROGLQJ
PP
I
7ULRSODQ
LQ &OXGRU
+DVVHOEODG
PP
&1#3A:

WKUHDG!
&
53HN
(Q22
&6:*OHQV
A,.
K7#@PP
#N271#::::::::::::::::GD4
2?-*2'H4112"4
BLBVKDGH
! *44"
42"-F-42
99999999999999999999999E$3
&RQWD[
<DVKLFD
W PP
I2#@
9LYLWDU
&RVLQD
0DFUR
!
@K271#@
#AA#3+#@
5ODGDSWHU
J(QQ
+!
A 3#M
::::::::::::::::::G64
+DVVHOEODG
0LFURVFRSH

5DUH
LWHP

&
L/F
5OOO
!
K-F+
'O11
%H9$
#-??
#??>
99999EA3
&RQWD[

<DVKLFD
W
PP
I

6LJPD
$32!
@0@552
(Q22
&*
.351H

5005@
1#3A!
&5N#":::::::::::::::::::::::G64
+DVVHOEODG 3RODURLG EDFN QR 0LQW %R[HG &
&RQWD[
7/$
DVK
([FHOOHQW
FRQGLWLRQ
ZLWK
!
@0@552
(Q22
&*%H9$
.053
.005@!
A1157#"!
:::::::::::::::::GJ(
#" H K-F+
'H11
,HB
0#2?9999999999999999999999999999999999999999EG3
+DVVHOEODG
9DULDEOH
([W
7XEH
PP
0LQW3RXFK
%R[HG
&
,5-1H.AA
1H.N
4Q22 &I:(
#O#@
#1#&5+@
'LD[
PP
VKRH'H%HOO
PRXQWHG
%ULJKW
/LQH
QGHU
QLFH!
+LW
W\SH
FDPHUD

-DSDQHVH
VXEPLQLDWXUH

&
44>#F
F2">"!
4I60#"
>2*#&2"#>
FF9 91#3A:::::::::::::::::::::GC4
GH 1
"-99999999EH3
,5-1H.AA
1H.N M.H,
4Q22FDPHUD
&I:( #O#@
#1#&5+@
:::::::::::::::::::::G*4
'RVNRFLO
:DWHUWLJKW
VWRUDJH
FDVH
[[
LQFK !
.LHY
&RQWD[
ILW!PP
I
-XSLWHU

OHQV
LQ EODFN
&
I.- B)'
>4
-"#(Q22
BO

%4>
BL)9'
1-2F
4L#"999999999EGG3
,5-1H.AA
1H.N
M.H,
&J:$
@1
#.AA
#AA@
::::::::::::::::::GC4
(QVLJQ

6SHFLDO
;SUHV
9*&OHQV
FDVHG
!
.LHY 6HO[
ILW .351H
PP
I
0LU
ZLGH

&
31@+.3+
(Q22
&J:$
1#3A! DQJOH
3@ 2.3H
5N#"
:::::::::::::::::::GI4
(QVLJQ
6HO[

;SUHV
9*&!
I.-
BO'
:
''11
%H9H
I.-242
0#2?9
7 )H8
2>
1-2F99999999EG3
.LHY&5)
.LHY
(Q22
6DO\XW
ILW
I
.DOHLQDUE
OHQV
&
31@+.3+
.053
&J:$
.005@!
A1157#"

::::::::::::::::GI4
)HG
IRU:PP
:LWKPP
I
1
OHQV
9*&
!
I.-AO5
''11
I.-242
0#2?9
7 )H8
99999999999EH3
.LHY
.LHY
6DO\XW
ILWI
PP
I1K2.3.K2::::::::::::::::::::GJ4
7DLU

OHQV &
3A.+3
=3A.+3#HH#>
35:6%59$
8H,#
A211 53#9
)RFD
VFUHZ
QRW/HLFD

7HOHRSODU
OHQV3A@
&DVH!
3A.+3
JJQ:
DND
6JQ
.H,
C(22
:::::::::::::::::G*4
.LHY
KH5@3+#
.LHY
6DO\XW
ILW53PP
0LU
E,QOHQV
&
I.-14F4
AO
#20>*#>9
G' 1
F4I
BLA
4160#F#

9999E5'3
*RVVHQ
/XQDVL[
PHWHU
/DWH
DOOI6:64Q(!
EODFN
PRGHO
9*&
!
3A.+3
@.H.A,
3A.+3
=1H
0>:
@@#::::::::::::::::::::::::::::::G$4
.RGDN
%URZQLH
1R

PRGHO
%
IURP

9*&
&
4??#2
I2?-L
G
1#F#>!
F#
00
0/
14"#09
2
99999999EG3
+DVVHOEODG
=HQLW
(Q22
.LHY
HWF W351@
3ODLQ 1#3A:::::::::::::::::::::GC4
GHJ SULVP !
!
M.H,
#.AA
N0H
.RGDN @#N
5HWLQD
$XWRPDWLF
,, &J
:LWK
PP
I ;HQDU
OHQV
&
+DVVHOEODG
&
ZLWK
PP
3ODQDU
9*&
!
N0H
6QQQ!
(Q22
&J#-??
#.AA422>
351@
1#3A::::::::::::::::::::::G$4
??#00"
5'O11
%) VLOYHU
>0I
0#2?9
-0J#>999999999E5)3
.RGDN
5HWLQD
&M.H,
ILW PP
6FKQHLGHU
&XUWDJRQ
OHQV
&
+DVVHOEODG
&0
ERG\
LQAK.H5@0.
%ODFN
2YHUDOO
!
#"
6 #L#@ @#"O
A#:
1A5
6!
#@1OH[FHOOHQW
#.
::::::::::::::::::::G64
??#00"
3O&
"#*>##
6>-?1
&2"#>9+HQVROGW
#2?40"F
FM6#9
99999999999999EG3
.RGDN
5HWLQD
ILW PP
I QGHU
;HQRQ
VRPH
&
+DVVHOEODG

GHJUHH
SULVP
W\SH
!
#"
6 HO7#
=>
#@"A0
8.#@.9
64*D M.H,
&#"PDUNV
1#3A
:::::::::::::::::::
G6J4
.RGDN
5HWLQD
2SWLFDO
ILQGHU

OHQVHV
&
??#00"
&F &
HLILW
42J#>F#>!
-J-F>!
#>
1-2F!
?#"
9999999999E)3
+DVVHOEODG

GHJUHH
SULVP
QGHU
5RXQGHG
W\SH
9*&!
#"
I I(22

2#@
M.H,
1#3A!IRU
A#!

:::::::::::::::::::::::::::::GJ4
.RGDN
5HWLQD
,,F VPDOO
& ZLWK
I
;HQRQ
&
#"
*
2#@!
M.H,
(I22
&J:$
-D6
1#3A: FDVHG
K7#@
::::::::::::::::::GJ4
+DVVHOEODG
$GMXVWDEOH
$FFHVVRU\
VKRH

H[FHOOHQW
!
??#00"
>4I2"
0??
/
%4I?
"6F#>9999999999999999999999E)3
K/.

H,#
&I:(
1#3A::::::::::::::::::::::
.RQLFDD4Q
$XWR
5HIOH[
$ 6QQ22
PP
IK/.353
OHQVPLQW
VHUYLFHG
9*& GJ44
&
+DVVHOEODG
W1>4
[M.H,
&RQYHUWHU
9LYLWDU
1HDU
FDVHG!
??#00"
+-12#M
&2"#>9
#00
I?#"
K/.
O53#H
25K3H
JQQ22
&*
-K/.353
#L160#999999999EH'
1#3A:::::::::::::::GJ4
.RUHOOH
&RQYHUWLEOH
PRGHO
IROGLQJ
ZLWK
;HQDU
QLFH &
+DVVHOEODG
)UDPH
QGHU
6SRUWV
)LQGHU

!
5AA#3
K3A.N

1.+,H
2#H#@:
A#

3K1
:::::::::::::::::::::::::::::::G(4
??#00"
2>>4K
0#F+#>
2#/
?F>6!
9999999999999999999999999E53
.RZD 6XSHU*URXQG
6FUHHQER[HG
JURXQG
FHQWUH
VSRW &
+DVVHOEODG
*ODVV IRFXV SODLQ
VFUHHQ
)RU 77/
YLHZLQJ!
AA#11"
6(Q22
&*

533@
1#3A!
.3
A.1L#@
'3.A,::::::::::::::::
G644
+DVVHOEODG
OHDWKHU
QHFN
VWUDS
9*&
!
/HLFD
%ODFNQDUURZ
EDNHOLWH
VFUHZ
WRS
NHHSHU
IRU
9 1LFH
&
??#00"
-?F40
*>-6!
?I-F?
14?F
2"
14"#0?9
99999EH'
AA#11"
JJQ
'12JULS
0!
,@52#: )
2H,.3+
3K2#@A:::::::::::::::G*4
+DVVHOEODG
3LVWRO
VXLWV
DQG]LSSHG
& PRGHOV
/HLFD
1HZ
<RUN
QR
OHDWKHU
OHQV 9*&!
FDVH
&
-#J C (/HLW]
42FL
&F G'11
%H9$PRVW
I6-F#>,5H
0#2?9
0/
&2-?+999999E'3
AA#11"
(Q22
1#3A A,"#
8*QJC*! DC22
H,@#"9::::::::::::::G64
+DVVHOEODG
3UR
6KDGH
OHQVHV
XVHG
EXW
XVDEOH !
/HLFD (/',$
QHJDWLYH
IRU
ILOP7 VWULS
SULQWHU
ER[HG
&
AA#11"
.@5A57#
"7H#@!
*QQ*(:
@#
.H#2:::::::::::::::::::::::G*4
4"/),621
4959+
24>19
+#
4>-*-20
53OO
14"#09

9999999E533
+RUVHPDQ

9+5
OHQV
ERDUG
&RSDO

VL]H
!
/HLFD
KRRG
IRU
FP
(OPDU
OHQV
$
FODPS
RQ

&
AA#11" 51@5." 6QQ 0! 35:IQ64$: .3H 5N#"::::::::::::::::::G*4
.LHY

&RQWD[
W
PP
I
-XSLWHU
OHQV
VLOYHU
NHHSHU!
4"/
#F-2

&F
G'11
%'9B
+2#-"#>
I>F*4299999999999999EG3
/HLFD ,8)22
OHQV KRRG
IRU 0
ILW (

&
AA#11"
@.1#
NH K#
D*-$(22:
.3H!
5N#"
::::::::::::::: GJ44
.LHY

&RQWD[
W
PP
I
-XSLWHU

OHQV
,Q
EODFN
YJF!
3&@!
&5@
AA#HH#A!
5H 52253
:::::::::::::::::::::::::::G64
/HLFD
/
PP
9RLJWODQGHU
6QDSVKRW
6NRSDU
OHQV &
4"/#HP1@:
#F-2
7."
&FI$O11
%) #0-*42
! !
?>#99999999999EB3
.LHY
&RQWD[
WI(22
PP
I -XSLWHU
.#L
E 53HN
'H
&J:$
K7.H#@
6JOHQV
1#3A!9*&!
.3
10 ::::::::::::::::::::G*4
/HLFD
/
5XVVLDQ

,QGXVWDU
/HLFD
HQJUDYLQJ
&
4"/
#F-2
&FI
$O11
%)
#242!
?41#
1>/?99999999999999999EH3
.LHY
/
W PP
OHQV
9*&
.#L
KH52H
; .DOHLQDU%
(I22
&J #1.5A-$6
1#3A:
::::::::::::::::GD4
/HLFD6Q
VFUHZ!
PRXQW
PP
I -XSLWHU
FDVHG!
VLOYHU
&
4"/
#F-2
#(#L
C &DQRQ
14I2F
5G'11
%)@#:::::::::::::::::::::G*4
#0# #2>9999999999EG3
.#L
6(

!
;(I22
&J
#1.5A-$6
1#3A:
.LHY
/
W PP
I
0LU%
OHQV
%ODFN
9*&!
/HLFD
PP
I
OHQV
(DUO\
FKURPH
W\SH &
.#L
$$5HWLQD
E .#L $Q
E W\SH
1OKH
'H 6(Q
&J:$
1#3A:::::::::::::::::G44
.RGDN
D

I1#.3@-I
FRDWHG
;HQDU
OHQV !
4"/
#F-2
64>F?
-2"#>!

?#"999999999999999999999999999999EH'
/HLFD
6FUHZ
DGDSWRU
IRUIQQ22
PP
9RLJWODQGHU
&
.#L
$$0
E .#L
$Q
1OKH
&*:( .@
II 1#3A :::::::::::::::::::GC4
.RGDN
5HWLQD
& WEDGDSWRU
PP'HIRU
I
6FKQHLGHU
&XUWDJRQ!
/HLFD
.#L
6FUHZ
9RLJWODQGHU
&
42-
14I2F
H$11'HI
%G9'
#L>

0#2?91#3A

99999999999999EH'
.#L
$$0
E
$Q
*(22
&I:(&
.@
JD
::::::::::::::::::::GD4
.RGDN
5HWLQD
& WE 1OKH
PP
+HOLJRQ
9*&
VFDUFH
!
/HLFD
6FUHZ
PP
JHQXLQH
&
.#L
0
2#@!
1KA
K7.H#@
1#3A!
A#::::::::::::::::::::::::::G*4
42-
IF4>#(#L
:DGDSWRU
'H11
%59$
#L242
/HLW]
0#2?
-# 9999E)'
.RGDN
5HWLQD
& #H#@#"!
WOHQV
PP
I ;HQRQ
VRPH
PDUNV!
/HLFD 05HWLQD
6FUHZ
DGDSWRU
IRU
JHQXLQH
/HLFD
&
5,233
5@#11#
&51".3+
DN*:(;HQRQ
53PP
6JQ!
&J:4
".53@:::::::::::::::G(4
.RGDN
,,& OHQV
%LJ
& ZLWK
OHQV
VHUYLFHG
!
2/#
#L242
0#2?
999999EG3
42-0
,5
!
: 25"#1
)O11
%59$
5"0
@5M3.#
5:
6!
:
&@52
64QQ:

:::::::::::::::::::::::::::GJ4
/HLFD

PP
I
6XPPLFURQ
OHQV
KRRG
9*&

&
.RGDN
5HWLQD >4
5HH[
6 PRXQW
PP>
I 7HOH
!
5"0
#H.3
'HI
I(22
&(:D ,3#."#@
K@H+53
1#3A :::::::::::::GI4
G3 1#>
#004K?!
I??-29
1-2F!;HQDU
4L#"99999999999E53
/HLFD
0
PP
OHQV
&
.RGDN
5HWLQD
W+HNWRU
VOLGH
FRS\LQJ
VHW2@0A:::::::::::::::::::::::::::GJ4
9*& !
5"0
#H.3
5HH[
'HHYHU
$Q22
&* #353!
A52#
/HLFD
/HDWKHU
FDVH
VXLW
0
00#2?
0?#

&
#- 0
9#-FN
#K
4>/
2495H!
0#F+#>
N-66#"
999999E53
.RGDN
5HWLQD
,,,UHDG\
ZLWK
PP
IE$Q
;HQDU!
5"0
#H.3
5HH[
'H 7H.1
'3"#@!
&5@ I(
1#3A#A:::::::::::::::::::::::GJ(
/HLFD
ERG\
FKURPH
:RUNLQJ
VXSHUEO\
QLFH99999999999999999999EH3
RUGHU &
.RGDN
5HWLQD
6SRUWV
9*&
FDVHG
#- 0

2#*F-J#
C &01
4L#"
5"0
#H.3

8A211)LQGHU
9
M.H,?F>-6
&J:$6>-2F#>9
#353!!
A#"::::::::::::::::::::::::GD4
/HLFD2PHJD
9LVRIOH[#M
I
135:6J!
$GDSWRU
ULQJOHQV
IRU FDVHG!
%HOORZVA#
XQLW
&
.RQL
+H[DQRQ
#.
1#H,#@
P.77#"
:::::::::::::G64
#-:#.HP
PP
042*5@0
?#
>2*#&2"#>!
0/ 1#3A
C -/#0 9999E5O3
:H DUH DOZD\V NHHQ WR SXUFKDVH FROOHFWLRQV

KRZHYHU ODUJH RU VPDOO ,QVWDQW GHFLVLRQV DQG IDLU
SULFHV SDLG 3OHDVH ULQJ XV QRZ
<RX DUH ZHOFRPH WR YLVLW RXU
VKRZURRP WR EURZVH RXU
KXJH FROOHFWLRQ SOHDVH ULQJ
XV EHIRUH WUDYHOOLQJ IRU DQ
DSSRLQWPHQW
.RQLFD
$5 PP
IE +H[DU
$57@.3H#@:
OHQV64?F
6XSHU
H[DPSOH!
#-

+>41#
>2*#&2"#>!
FM6#!
24
%44F
9999999999E)3
#.
3#+H.L#
'12
AH@.7
5N#"
:::::::::::::::::::::::::::::GJ4
/HLFD
9LVRIOH[
27=)2
.
IRFXVVLQJ
OHQV
PRXQW
&
.RQLFD
$&5@PP
?#9
PP
+H[DQRQ
$5 OHQV
!
#.
,55"!
(2
12@
1#3A:
ID 1"#
127
531LFH
::::::::::::::::GI(
#-
$XWRUHH[
C C
4IF&F
4J#0M
#2*0-?+
?#999999999999E)3
/HLFD
9LVRIOH[
7HO\W
II
/HQV
KHDG
RQO\
%R[HG

&
#.
1#3A PHWHU
,55"!
&5@
'HZRUNLQJ
I4
4Q E+H[DQRQ
6I(::::::::::::::::::::::::::::::::GJ4
.RQLFD
$XWRUHH[
7 FKURPH

!
/HQLQJUDG
OLJKW
9*&
ZHOO
ZLWK$5
FDVH
&
#-
!
%F4>M
42J9
F4
9
953GH9
'
"-*-F
?C249
:
01>9999EGG3
#.
I4!
6I(22 &I:(
353
@1O
,@52#+H[DQRQ!
HO7#:::::::::::::::G$4
.RQLFD
$XWRUHH[
7&9LYLWDU
%ODFN 0&
1#3A:

3DQFDNH
0

I
0DFUR
=RRP
0
ER[HG
&
#.

6J(I$QHJDWLYH
(Q22 &J K22.@53
1#3A
,55":
#-PP

#J#>?-0#
0-6VWULS
42 SULQWHU
0#2?
+44"!
%4>:::::::::::::::::::GJ4
'O 01>999999EH3
/HLFD
(/',$
OP
ER[HG!
0
I
(\HPLN
$XWR
1LFH
TXDOLW\
&
#.

6I(22
&*:(
#0H5@
1#3AOHQV
::::::::::::::::::::::::::::::::::::::::::::::::::::::::G44
/HLFD
)2.26
UDQJHQGHU
SRVW
W\SH
QR IRRW
!
#-PP
#H,#@
5G'11
%)9'@#"O
#/F4>
0#2?999999999999999999999999999999999999999999E33
0
IFKURPH
2SWRPD[
$XWR
OHQV
ORYHO\

&
#.

#L#@
A#!
AK.H
6!
J!6$/(
I::::::::::::::::::::::::GJ(
/HLFD
322%9
<HOORZ
OWHU
IRU
FP
7KDPEDU
OHQV
ER[HG
!
0
I
$XWR'3"#@:
5LNHQRQ
OHQV&5@9*&
TXDOLW\
&
#.

A75@HA
@2#A
( 3"
6I:(2:::::::::::::::::G*4
#-PP

04?#
%4I?
FF+1#2F!
%4>QLFH
01>
0#2?#?
99999EH3
/HLFD
322&,
\HOORZ
QR
OWHU
IRU FP
7KDPEDU
ER[HG
!
#.

57O
'3"#@:
@O
53"53:
O@#
A,7#":::::::::::::::::GJ4
0
ILW
PP
I
7DLU

OHQV
/DWHU
DOO
EODFN
YHUVLRQ

&
#-.A5)#N
6D(4Q

04?#
%4I?
"#J-#!

99999999999999999EG3
/HLFD
322':
*UHHQ OWHU
IRU FP
OHQV
!
#.
"7H5@
@.3+ 7KDPEDU
&5@
#115MA
K3.HER[HG
::::::::::::::::::GJ(
0
6FUHZ
PRXQW
PP
I
-XSLWHU

OHQV
LQ
EODFN

&
/HLFD
6FUHZ
OHQV
WR ED\RQHW
ERG\
DGDSWRU
*HQ
/HLW] !
#-.A5)#N

%4I?
14I2F
%4>
01>
42
-?4(#L
99999EH3
#.
6D(4$
"7H5@
@.3+31
&5@
#115MA
K3.H:::::::::::::::::::::::G64
0DPL\D

PP
I
6HNRU&
OHQV
9*&
&DSV

&
/HLFD
6+22&
PP
EULJKW
OLQH
YLHZQGHU!
#.
.A5)#N

6D*D*
&5KAA.3+
1#3A
25K3H:::::::::::::::::::GJ4
#-
#004K
&0F#>I
%4> 6HNRU
31 +1>
0#2?!
4L#"99999EH'
0DPL\D
& 7/5
PP
6XSHU
OHQV
6$/(
&
/HLFD WDEOH
WRS WULSRG
IROGLQJ
W\SH&J:$
+DPPHU
QLVK!
#."51&
5@"52H
! .H,
(Q22
#."51& WRQH
1#3A:::::::::::::::::::::G*4
0DPL\D
&$7/5
PP
I
6HNRU
6XSHU
OHQVHV
0LQW
&
#- 84022

M#004K
249H
&0F#>
%4> 31
+1>
4L#"9999999EH'
#3.3+@"
1.+,H
2#H#@!
!
M#11!
A#
:::::::::::::
GG64
/HLFD
\HOORZ
OWHU
IRUM5@0.3+
6XPPDUH[
M.H,
1RFWLOX[
ER[!
0DPL\D
& 7/5
PP
VTXDUH
W\SH
&
*J
&I:(-(:I
.L.H@

@5
552:
5N#":::::::::::::::GJ4
/HLFD
:,178
ULJKW
DQJOHG
QGHU
&KURPH
9*&!
#-J$-JQQ

0I#
&0F#> KRRG
%4>
31
+1>
0#2?!
4L#" 9999999E5'
0DPL\D
&
7/5PP
I
6HNRU
OHQVHV
HDUO\
W\SH
&
:::::::::::::::::::::::::::::::GJ4
*J
IQQ22
&(
O#2.0
KH5
1#3A:
.#
<K1.HO
/RZH
3UR
3KRWR>##2
7UHNNHU&0F#>
&ODVVLF
ODUJH
UXFNVDFN
!
#-IQQ22

%4>
31
+1>
0#2?9*&
4L#"99999EH'
0DPL\D
&
ILW
7/5
PP
I
6HNRU
OHQVHV
/DWH
EODFN

&
*J
&(
7H52N
KH5
1#3A!
15L#1O
%::::::::::::::::::::::::::GJ(
0 PP I <DVKLFD $XWR <DVKLQRQ '; OHQV!
*J
$(22
&J
K7.H#@
4
1#3A:
10
'3.A,:
L#@O
+55"
:::::::::::::::::::GD4
0DPL\D
& ILW 7/5
PP;4
I)LOWHUPDWLF
6HNRU OHQV
KRRG

&
#-W
'16LJPD
>-*+F
0-2#
J-#K&2"#>9
I6#>
0
PP
I
OHQV
P42"-F-4299999E33
ER[HG !
*J
2#@
@5
#115MA!
KAA.3:
@
2.3H!
5N#"::::::::::::::::::G64
0DPL\D
&FP
ILW 5G'11
7/5
PP
I
6HNRU
OHQVHV

&
#-
?>#K
%G9'
242
0#2?9
>0M
+>41#
FM6#
9999E$3
0
NLOWW
I
0DUNUR
.LODU
'
OHQV
([FHOOHQW
!
2.O
D*(
'H J6Q22
&* #05@
1#3A:
@SODWH
.3H! 5N#"
:::::::::::::::G$4
0DPL\D
& 7/5
ILW 6LQJOH
([SRVXUH
VHW
EDFN
&
0DFUR
)RFXV
5DLO
3HQWDFRQ
VROLG
ZHOO
PDGH!
#-
C
5HOH'
>-*+F
0-2#DQG
&2"#>
999999999999EB3
2.O
D*( @5
5273O11
$Q 9HU\
1#3A!
L+:::::::::::::
GJ$4
!
M.3"#@
0DPL\D
&
7/5
SDUDPHQGHU
*RRG
FRQGLWLRQ
&
0DPL\D

3UR

6XSHU
W

GHJUHH
SULVP
QGHU
9*&
!
2.O
D*( @5
527B>-*+F
$Q 1#3A!
@.A2! .3"#@
L+
:::::::::::::
GJ44
#-
H$11
0-2#
&2"#>9
>#
K>9999E5'3
0DPL\D
&K7#@
ZLWK
ODWHU
PP
I
6HNRU
OHQVHV
G6C4
&
0DPL\D
&
3UR
ZLWKEODFN
PP
I%40"-2*
6HNRU
OHQVHV
!
2.O
D*(
5"OB
!
@30
M.3"!
0
L+
:::::::::::::::
0DPL\D
6XSHUK7#@
EODFN
ZLWK
PP
OHQV
JULS
UIK:::::::::::::::
HWF4L

&
I11>#L
C 4F-0IL!
9999EH3
#-
M#004K
&0F#>
%4>M.H,
0DPL\D
3UHVV

6XSHU
IRFXV
VFUHHQ
VLQJOH
OP
EDFN
!
2.O
@#AA
JI!
10:
4Q 1#3A!
+@.7!
@&,
GJD4
0LQROWD
$)

;L
=RRP
OHQV
9*&
&
2.O
@#AA
M.H,
4Q22
1#3A!
3"
+@.7!ZRUNV

DN4ZHOO
@&,:::::::::::::::::
G6*4
0DPL\D
5%
.RPXUD
[
7HOHFRQYHUWHU
([FHOOHQW!
#- -?4(#L

5B)B)
%4I??-2*
0#2?
14I2F 9999999999EH3
3&@5HH5
*$J0HWHU
527H
11$3"
,#"
::::::::::::::::::::::G6C
0LQROWD

YHU\A50#H
QLFH H[DPSOH
FDVHG &
0DPL\D$XWR
5%
3ULVP,,,QGHU
XQPHWHUHG
/RYHO\
RSWLFV!
#-*(
>-*+F 9
2*0#"
&2"#>9
+>41#!
9999999999999999999E)3
#HP
-( )A,
M.H,

,51"#@!
."#1
2#"
&5@2H
:::::::::::::G*4
0LQROWD
$XWR
0HWHU
I H[FHOOHQW
TXDOLW\
GLJLWDO
PHWHU

&

$) 0.H
PP
I
6LJPD
=RRP
OHQV
!
.351H

J$-$Q
. 552
1#3A!
!
M5@0A
M#11:::::::::::::::::::::::::::GJ(
)H H$,HOO
%G9','9G
-J-F>
>4
4419
4L#"999999EH3
0LQROWD
$XWR
:LQGHU
'
QHDU
PLQW
ER[HG
&
$)
PP
I
=RRP
OHQV
QLFH ,
TXDOLW\
!
.351H
KH5
#H#@
8I9:
L#@O
#N271#!
A#"::::::::::::::::GD4
0LQROWD
'\QD[
6L
ERG\
9*&
ZRUNLQJ
ZHOO
%R[HG
&
$)
PP
I
'3.#
$)
0DFUR
=RRP
OHQV
!
)H GOO11
M#1-/
IF4
0#2?9
-#
;I0-FM
99999999999999999999EH3
.351H
O3N %'
( !
A.1L#@:
.H,
J$-$Q22
1#3A! 5N#"
::::::::::::::GJ4
0LQROWD
'\QD[
6L
ERG\
ZRUNLQJ
ZHOO
%R[HG
&
$)
PP
I
6LJPD
$)
$32
]RRP!
.351H
CQQ.
#004K?9
M5@0.3+
M#11:
5N#"
::::::::::::::::::GI4
)H ?#FO3N
4% WFK-2
>-0 5"O!
I??-2
#>M
*44"
;I0-FM9999999E53
0LQROWD
0&JQQ22
VHW
RI DXWR
WXEHV

PP
&
'\QD[
6L SOXV
$)

'PLQW
PLQW
.351H
&*:(

#1#
5005@
1#3A:
ER[HG!
::::::::::::::::GJ4
1-M
B)'
5HO
&01
-2?#>F!
LG I
-2 ?F4/9
>-#
#+
999999999999E5'
0LQROWD
0'
PP
I
TXDOLW\
OHQV
LQ%R[HG!
9*&
&
9HFWLV
$36
6/5
WOHQV
P
0DFUR2.3H
OHQV
.351H
A#H
5& KH5
HK#A!
6*!1LFH
J6!J$22
:::::::::::::::::::::::::::G6(
0LUDQGD
$XWR
6HQVRUH[
((

$XWR
0LUDQGD
( OHQV
!
0LQROWD
0'
PP
I
=RRP
OHQV
9*&
&
1-M
B)'
>4
C &I:(
I6#>
&F .#
3O
"#*>##
6>-?1
99999EG3
.351H
6I(22
1#3A:
<K1.HO
1#3A
.3&2"#>9
::::::::::::::::GJ4
.351H

C(-6(Q22
&*
552
1#3A:
!
7A
::::::::::::::::::::::::::GJ4
1LNNRUPDW
)7
ERG\
FKURPH
WDNHV
$L
OHQVHV
!
0LQROWD
0'
PP
I
=RRP
OHQV
9*&
&DSV

&
1-M &F 5G'11 %)9' #/4> 0I# "4F 0#2? 6-> 9999999EA3
9RLJWODQGHU
9LWHVVD
7 &5)

6NRSDU
QU PLQW
!
400#-(#L
400#-0IL
BLB
0#2?
+44"
0-*+F
1#F#>OHQV
J*
?#"
9999EA3
2@53 5H5L.N
-(D
.12
."#5
7@5#AA5@:
5N#"
:::::::::::::::GI4
9RLJWODQGHU
3URPLQHQW
PP
IC&RORU
'\QDURQ
VXSHU
&
9RLJWODQGHU
9LWR
%
I
&6I?+
6NRSDU
%ULJKW
OLQH
QGHU
!
@53 !400#-2>
I(22
.H,
*(22
&J:$
@53@
::::::::::::::GJ4
400#-(#L
5! 2#@:
#>0M
FM6#!
H$9'11999999999999999E53
9RLJWODQGHU
3URPLQHQW
PP
I426NRSDURQ
OHQV
GLQJ
&
5753 83.@#N
#H9
'H JQQ22
&*
&RORU
575@
1#3A :::::::::::::::::::::::::GJ4
9RLJWODQGHU
9LWR
% ZLWK
PP
I
6NRSDU
!
9RLJWODQGHU
3URPLQHQW
+RRG
DQG
2<*
ILOWHU
VHWOHQV
9 QLFH
&
I??-2
I0F#2?
I>>#F
-2"#>9
K-F+
/##6#>9999999999999999999999EG3
5753
83.@#N
#H9 'H
J$22
5DGLRQDU
575@ 1#3A
2.3H-:::::::::::::::::GJ4
:HOWD
3HUOH
FDPHUD
[
RQ&*

OHQV
!
9RLJWODQGHU
3URPLQHQW
+RRG
3OXV
<HOORZ

89
ILOWHU
VHW

&
1>42
" H 50#H
'OOC%$
->>4>
0#2?
''9
#>
1-2F 999999999E553
@.75"DW
11
.15@
1@+#
A.P#! 6E*
H,@#":::::::::::::::G64
:HUUD
WRS
EODFN ,#"
3UR[LPHWHU
I
7HVVDU
3UHVWRU
596
!
9RLJWODQGHU
3URPLQHQW
0#2?
SOXV14"#0
PP
DWWP
W
&
3.L#@A1
6D AK2.3.HK@#
2#@:
5N#" 'H9
::::::::::::::::::::::::G*4
1>42
" .3KH#
H 0DVWHU
3O11
%H9'

>4
: 5$%
:HVWRQ
(XUR
OLJKWZLWK
PHWHU
9*&
FDVH
9RLJWODQGHU
3URPLQHQW
PP
I
1RNWRQ
/RYHO\!
&
5.+H13"#@
*Q:(22 5@
A#H!
!!
3"
11LQYHUFRQH
5N#":::::::::::::::::G64
"#"-F#"
5 VKRH
50DVWHU
FI#PRXQWHG
00
2> 1-2F!
:HVWRQ
(XUR
PHWHU
VXSHUE
H[DPSOH
!
9RLJWODQGHU
UDQJHILQGHU
9*&%R[HG
FDVHG
&
5.+H13"#@
*Q:(22
@3+#
3"?#"9999999999999999999999999999999999E5)3
#115M
'1H#@A
#,
::::::::::::::::::::::G4
:HVWRQ
0DVWHU
95
PHWHU
VXSHUE
H[DPSOH
4642
#?#0#>
,H8!
K-F+
0#2?999999EB3
5.+H13"#@
#AA2H.
6I(22
&*
:O3@#N
81A29::::::::::::::G64
9RLJWODQGHU
7XUQLW
7
ILQGHU
IUDPHV
IRU'9$1
ER[HG!
%59$
PP
&
5.+H13"#@
#AA2H.
&J:$
552@
:::::::::::::::::
G6(4
<DVKLFD
%D\RQHW
&ORVH
8S
6HW I
1R
IRUOHQV
7/5
XVH
!
9RLJWODQGHU
9LWHVVD
GRRUV
XOWURQ
FDVH
&
4-*F02"#>
#??
5EDUQ
BL3ID-$J22
42
5HO
K-F+
5O'
%)9'1#3A
?/>9999999999EB3
5.+H13"#@
#AA2H.
#1KN#

ME515@
<DVKLFD
(OHFWUR

&KURPH
ZLWK
PP
I
YJF !
9RLJWODQGHU
9LWR
,, *VQ
IROGLQJ
PP
FDVHG
ZLWK057@-:::::::::::::::G*4
ER[
&
4-*F02"#>
#??
5 BL3
42
5HO K-F+
?/>
0#2?9999999999999999E'3
5.+H13"#@
@52.3#3H
@5N.2#H#@
6 71KA
6QQ22
HH2?H::::::::::::::GJ4
<DVKLFD
-3 6/5
:LWK

<DVKLQRQ
';
0
OHQV
9*&!
9RLJWODQGHU
9LWR
,,D
ZLWK
PP
I
&RORU
6NRSDU
9
QLFH

&
4-*F02"#>
#??1F-
&F
5G'C%)
I6#>
M2>#L!
?#"99999EG'
5.+H13"#@ A,5# 25K3H#" @3+#'3"#@! ! A#"::::::::::::::::::::GJ4
<DVKLFD
0/
PP,1&
I&@2#
OHQV53
H[FHOOHQW
!
93
FDPHUD
KDOI
IUDPH
RQ6JC:
.3LQ@5M3
%URZQ
%DNHOLWH &
7ZLQ
M.3
2#@!
0#1.H#::::::::::::::::GJ4
#0F
#>0#
1#>!
BL)9'
42
5HO
"-42>
0#2?
9999999999999999EH3
<DVKLFD
0/
PP
I
0&
]RRP
OHQV
H[FHOOHQW!
:HOWD
3HUOH
FDPHUD
[
RQ

5DGLRQDU
OHQV

&
#1H #@1# 2#@! DN*:( 53 6JQ ".53@ 1#3A ::::::::::::::::::::::::::GJ4
#>>
(F
F46!
0/!
'O
%H9$
#??>
C
>#?F4>

99999999999999EG3
<DVKLFD
I 7#1#
OHQV
H[FHOOHQW
!
:HUUD
IODWPP
WRS10
EODFN
SHEEOH
JUDLQ5L#@.3+::::::::::::::::::::::::::::::::GI4
FRYHULQJ
&
#@@
6!0/
)H
H57!
+@.3
<DVKLFD
0/WRS
PP
]RRP
OHQV
!
#>>
K-F+10!
H9$ #??>!
6?!
?#!
J*9999999999999999999999999EG'
#@@ F!
)H
H57!
(Q
#AA@
E @#AH5@
::::::::::::::::::::::::GI4
:HUUD
IODW
EODFN
I&J:$
I
7HVVDU
H[FHOOHQW
3UHVWRU
596
&
#AH53
AH#@
2#H#@!
15L#1O
53".H.53!
M5@0.3+
M#11:::::::::::::::GJ4
=HLVV

0HVV
,NRQWD
:LWK
PP
I
1RYDU
OHQV!
:HVWRQ
(XURPDVWHU
OLJKW
PHWHU
9*&
&DVH
&
#?F42
I>4
?F#>
0-*+F
1#F#>9
! &RQH
?#!
-2J#>42#
9999999E)3
#AH53
AH#@
,,,2#H#@:

3"
M5@0.3+
M#11::::::::::::::::::::::::::::::GI4
=HLVV
,NRH[
,, PRGHO

7/5
ZLWK
PP
7HVVDU
!
:HVWRQ
0DVWHU
PHWHU
ORYHO\
FRQGLWLRQ
ZRUNLQJ
ZHOO
&
#?F42
?F#>
1#F#>9

2"
K4>/-2*
K#009
999999999999999999EG3
A,.
-I
K7#@
JQQQ
5"O!
10:
#N271#
:::::::::::::::G*4
=HLVV
,NRQ
&RQWDH[
6XSHU
9*&ZRUNLQJ
FDVHG
:HVWRQ
0DVWHU
,9 PHWHU
LQ%9*&
DQG5L#1O
ZRUNLQJ
ZHOO!

&
A,. 0#F>4
* 7#.1
I( &I:(K-F+
#.AA
#AA@
:::::::::::::::::::G44
?+-
G' "?3
?2 M.H,
7+>41#8
)'11
%59A
J* 99999999E)3
<DVKLFD
0DW
* ZLWK
PP
I
<DVKLQRQ
FDVHOHQV
HWF
&
=HLVV
,NRQ
&RQWHVVD

2SWRQ
7HVVDU
I
!
A,.
O53#H
6+>41#!
1#3A
,55":
#@
2.3H
A#":::::::::::::::::::::G64
?+-
,
;I>FN9
K-F+
'O11
%H
0#2?999999999EG3
<DVKLFD
7/5
ED\RQHW
OHQV
1HDU
FDVHG
&
=HLVV
,NRQ
&RQWHVVD
:LWK KRRG

I
2SWRQ
7HVVDU
!
A,.
552
6Q( I$-6Q(:
.#

'12PLQW
527H:::::::::::::::::::G64
?+-
F
5H)*

$OCG9'OHQV
?+-242
4L#"999EH)3
<DVKLFD
7/5
ED\RQHW
K-F+
7HOHSKRWR
VHW )
QU -2F
PLQW

&
=HLVV
&RQWLQD
,,
)ROGLQJ
PP
7HVVDU
!
#.AA,NRQ
053
O
5N
#3+5@
2#@!
&5@ 6JC
'12:
::::::::::::::::::::::::GJ4
<DVKLFD
7/5
ED\RQHW
ZLGH
DQJOH
OHQV
QU5N#":::::::::::::::G44
PLQW

&
#.AA,NRQ
053
53HN
J622
'3"#@

=HLVV
,FDUH[
W5E 53H@#N

6XSHU
'\QDUH[
OHQV
1U
PLQW
!
?+-

M
+44"!
: +4FL
:VHW
#004K
&0F#>?
99999999EH'
#.AA,NRQ
053
53HN
&*:( )ROGLQJ
#.AA
@H,52#H@
::::::::::
<DVKLFD
=RRP

(=

1LFH
$) ILOP
FRPSDFW
G*C4
&
=HLVV
,NRQWD
I:(2

PP
;HQDU!
#-??
'H)C5B
< #??
/42F=9
-F+
A'11
%)9'I
4J>
0#2?99999EB3
#.AA,NRQ
053 ,NRQWD
53HN
'3"#@:
5"#1PP
*IJE(!
:64I$:::::::::::::::::::GC4
=HLVV
,NRQ
%DE\
%R[
7HQJRU
FDPHUD
I
ILOP

&
=HLVV
I(22
)ROGLQJ
1RYDU
!
#-??
&F $'
%H
-/42
-//4>
IRU0#2?!
?>#99999999999EH)3
#.AA 42FL
053 53HN
$:(2
&J #.AA
533@
A#"
:::::::::::::
G644
=HLVV
,NRQ
&RQWDIOH[
3ULPD

I
3DQWDU
OHQV

&
=HLVV
,NRQ
1HWWD[

IRU6/5
[
RQ

1RYDU
!
#.AA /42
053 >#L
N.2@
JQCEI
DN4
71H# 2#@
A#H! :::::::::::::::::G*4
#-??
G'
!
: 'OCH9$
>0
#-??
#??>9
999999999E$3
=HLVV
,NRQ
&RQWD[
,,D
FRORXUHG
GLDO
FRDWHG
I
6RQQDU

&
=HLVV
6XSHU
,NRQWD

SRVW
ZDU
FDVHG
H[FHSWLRQDO
!
#.AA /42
053 6I?+
5L.053
6D
@# @
5KH'H:
J 1#3A#A!
15L#1O ::::::::::::::
G6J4
#-??
42'
6>4L>
04?#
I6 9*&
?#F
H$9'119
99999999999E5'
=HLVV
,NRQ
,NRSKRW
VHOHQLXP
PHWHU
&DVHG
6$/(
&
=HLVV
,NRQWD

[
RQ L)9

/RYHO\
!
#.AA6XSHU
053 #HH@
(6CE6D!
&5@ DND3
53 6JQ:
&*:(
5L@:::::::::::::::
GGJ(
#-??
'5AC5B
7BLB8
-F+
A'11
%)9'
4J>
0#2?999999999EH3
=HLVV
,NRQ
0D[LPDU
[ZLWK
SODWH
FDPHUD
VHW:::::::::::::::G*4
9*&
&
=HQLWK
& PP
6/5
FDPHUD
FP
I
,QGXVWDU
OHQV
!
5@0. #FF>
*
I(22
!
M.H, (Q22
&J
K7.H#@
$ 1#3A:
=HQLW
PP
VFUHZ
6/5
PP
-XSLWHU

6/5 &
5@0.
( ZLWK
I(22

2#@!
M.H,
1#3A!
A#!

:::::::::::::::::::::::::GI4
#-??
I6#>
/42F
'G5 7BL)9'89
-F+I
A9'1
%G9'
4J>9999999E33
=RUNL

-XSLWHU
ILWOHQV
&5)
IRU
PP
OP!
5@0.
D
I(22

2#@:
H,
(Q22
&I:(
3"KAH@::::::::::::::::::G*4
=RUNL

PP
&5)
FDPHUD
:,WK
PP
I
,QGXVWDU

&
=RUNL
.
&5)
FDPHUD
:LWK
PP
I
-XSLWHU

OHQV
!
#-?? I6#> /42F 'G5CH 7BL3 42 5HO89 5O9'CG9' 4J>9999999E33
0DQ\ 0RUH LWHPV DW ZZZFROOHFWDEOHFDPHUDVFRP

,QVXUHG 3 3 XVXDOO\ EHWZHHQ & DQG &
0,// +286( %$50%< 21 7+( 0$56+

($67 <25.6+,5( '1 +4
7HO DPSP 0RELOH
(PDLO VDOHV#FROOHFWDEOHFDPHUDVFRP
0DLO RUGHU VSHFLDOLVWV 9LVLWRUV ZHOFRPH E\ DSSRLQWPHQW

104
19/26 December 2015 I www.amateurphotographer.co.uk I subscribe 0330 333 4555
8IP
:MWMX YW 8LI &EPGSR] 1IVVMSR 'IRXVI 0IIHW 07 2+
3TIR 1SR*VM EQ TQ 7EXYVHE] EQ TQ
)QEMP MRJS$HEPITLSXSKVETLMGGSYO
*EQMP] VYR -RHITIRHIRX WYTTPMIV WMRGI
#NN QWT ECOGTCU CTG IGPWKPG 7- UVQEM 0'8'4 )TG[ +ORQTVU
4VSJIWWMSREP
(IEPIV
1(: 0HJD3L[HO (26 (W DQG (W 6
=IEVW *MRERGI SR EPP 0 WIVMIW 0IRWIW

"- 8 `
2: $1075 QP &:
"- x >
ii
"- x { vn
'15 &U (TGG )TKR
15 &U 4 (TGG )TKR
'15 & /M ++
"-
> L>V
"-
> L>V
"- nx -/
{]

]{
"- `
"- nx -/
nx v{ ii
n v{xx ] { v{
x v{ x vn
{ v{
xx vn ] { v{ ] { vn
{x v{
n
v{
{
n
x
n
]
n
]{
{
x
x
]{
{
x
{
v{
vn
{x
vn -
]{
v{x n
v{x n{
x v

{ v{xx 0'9 ]n{
{ v{ - {
n]xn
{ vn {
{ v{
]
x v
x v{
]
x v{
x
x v
nx v{
nx v
]{
>V vn
>V vn
v{ x
vn -
{]x{
{ v{ " -
]
{ vn -
]n
x v{ -
]nn
v{ -
n]nx
n vx ]n
Z +++ 9+6* .10) 24+/'5 (4''
{ iì {
{{x
8,/ -iiì
4VSJIWWMSREP (IEPIV
'LVMWQEW 'EWL FEGOW SR XLI ( ERH SR XLI (
&5 & & & & & .'05'5 (.#5*)705 #%%'5514+'5
{- `
{]
;'#4 7- 9#44#06;
v x vn
]
n ` x * ]{
n { v{
]
n { vn
]x
n {{ vn
]
x ` x *8 ]{
x { v{
]n

]{
{ v{
]
`
x
nx 6,

`

nx 6,

xx nxx 6,
x
xx n{

nxx 6,

{ vx{x 8
x
{{ vn
]
x v{ 6,
x
nx vxx 6, 8
nx vx{x
{n
n{ vxx 6,
{
n vxx 6, 8x{
n vxx 6, 8 {
{ vn 6,
]n{
{ v{ 6,

n vxx 6,
{
vn 6,
]xn
v{ 6,
nx
]
x{ ` -i
]x - i `
]x
x{ n vn i n]x - ` - i
xx
]x * i { 5KNXGT$NCEM

xx -
]x i { 5KNXGT$NCEM
5RGEKCN 2TKEGU 'PF
xxV
]xn V
i { $NCEM x]x
xxV 7w
n]x{ V L` >V
{]x
xxV -
] / L` i
]{
x
x]n / ` nx i
]
x -
]nxn 8
]{
x x
n n]xx{ 8 6> 5KNXGT$NCEM
]{
6xV }> >V

]x
]x 8 i 5KNXGT$NCEM
]
+PUVQTGFGOQCXCKNCDNG5GG9GDUKVGHQT 8 i

HWNNNKUVQH*CUUGNDNCFNGPUGUCPFCEEGUUQTKGU i
6 i {
n{
+
>i>
*i "ì ]
5GG 9GDUKVG HQT HWNN NKUV QH
.GKEC NGPUGU CPF CEEGUUQTKGU
%CPQP0KMQP (KV
"/1- xx v{
]
"/1- nx v{
]
x vn
] n `

n vx
n /`

{
vn
]{ x /`
x
x v
]nn n 1>` ,
x
n v
x 1>` ,

xx
x v
n 1>` i>i

x
x v{
]{ x 1>` i>i
xn
x v{
n 1>` *
x
]x
x v >
1>` *

]x
nx v{
n{ /`

x
v >
]{ { /`

x v
]x n{ 1>`
]
(WLK5QP[ /QWPV
`

/ vn
{ 1>` *
{
]{
/ vn
n{ 1>` *
{{
]{nx
{ 1>` *
/ x vn >V x
]x
9GCNUQ5VQEM</OQWPVNGPUGUHQT x 1>` *
]xx
x
1>`

*
.GKEC/<GKUU+MQP8QKIVNCPFGT
]x
v{xx 6,

n{ v{xx 6,]
x vx 6, ]
vn
x
{ v{
]
n vn
{x
x vn

x v{
]x
x vn
x
x v{
x
xn v{
]x
nx vn

nx v{
]{
0'9 v{ * 6, ]
x vn V 6,

nx vx V 6, 8
{
8/ nx
]{
8/ nxx
]{
8/ `
n{
8/ >i `

8/ 5KNXGT$NCEM
n
8* n
{
8 5KNXGT$NCEM

8 xx vn , 7, {
8 { v{ "{
8 x v{

8 x{ vn "]
8 xx vx{n "{n
8 { vn
{n
8 v{ , 7,

8 v{
{
8 v{ ,
{n
8 x v
8 v , 7,
{
5GG YGDUKVG HQT HWNN NKUVKPI
%CUJ DCEM CXCNKCDNG
n8x *Vi
)TGGP$NCEM
8x *Vi
)TGGP$NCEM
n i`*
i`*
nx{ i`*
{ i`*
x i`*
x i` *
n{ ,>}i7
{ ,>}i7
/8 x-}-Vi
/8 xnx-}-Vi
/8 xx-}-Vi
/-n}i`xxVi
/-x}i`xxVi
x{
x{
]{x
]{x
]n
]n
]x
]xx
]x
]n
]n
]
]x
]
]x
0'9 -i
>i>
i{ >V
i{ -i
i
v 6,
{]
vn 6,
]
{ vn 6,
]{
x v{ 6,
n]{
v{ 6,
]{
n vx 6,/
x ]x
*
{ vx
]{
*
{x vn
]
/

ii

{ /
{
ii {
- -ii`}

- -ii`}

- ,

>ì
x{
-1n
>ì 1

7/x
{{
1 -/"
1 -/"

x
{
5GG9GDUKVGHQTHWNNNKUVQH
)Q2TQ/QWPVUCPFCEEGUUQTKGU
0KMQP%CPQP (KV
n v{x
x
v{x
{
vx
n{
{ {xx x
vn{
%

nx vn
#TV

nx vx

n vx
% x
{x v #TV

{x v{ #TV

xx v{x
{
vn

x vx % n
x vx 5 ]
x v{ #TV
x v{ #TV

{ v{ #TV

x vn >V

]n
n vn >V
8*,"
x {{,
{
8*,"{
{,
x

8*," {n,

8*,"{ {

xx8*,"
n{,
x
xx
8*," x 8*,"7
xx
8*,"{ { { i>i` x
ivii
{ 6x x
ivii
>L 6x
(TGG OQPQRQF YKVJ ECTDQP VTKRQFU
,}i 'XQ
> 'XQ
>V

{
6 'XQ
,V 'XQ
{

//{
/
/{
//{ n
/
/{ x
/
{
/
/{ x
/{
x
/{{
{
-
>V>L v
)TCPF 5GTKGU %CTDQP (KDTG6TKRQFU
/
{
/{{
xn
/{
{{
/xx
n{
)TCPF 6WTKUOQ 6TCXGN 6TKRQF -KVU
/{

/{
>L x
/{
{
/{
>L {xn
*GCFU
n x x
x { {
1- +1* / +> }>V ii >i` v > iV>}i V >i
>iL>`{x -nvnn]x
x
>iL>` `-i
]x
>iL>`xv
]x
>iL>`xv{x

>iL>` 6 *>` >V x
]{x
>iL>`v{>V
x
>iL>`6i /Li
]x
>iL>`nv{

]x
>iL>`nv{

x
>iL>`6i{x*vì
]x
iV>- `
]{x
iV>i{ >V
]{x
iV>i
nx
iV>/ v-V
]x
iV>nvLVì`
iV>xvxLVì` x
]x
iV>86> >V i
x
iV>
>i
nx
iV>1>`x "
"" {vni
> "-
> "- x L`{xv{
> "-x>L`
> "-{nxx

%CPQP'15&DQF[
%CPQP'154GDGN6K OO
%CPQP'15& OO+5++
> nvxx-1-
> vn
> {vn
> xvn
> v{-1-
> nxv
> v{xx"-1-
> nxv{ii
> /- {

-}>x
>
> -1-

"1/ "1, 7 -/ ", ",
*,"1
/- -
nx
x
xx
n{

{
x
{
x
{x
x
x
x
x
{{
x
xx
{
x
> {8 iì
> iì
-}>{vn
"
<GKUU<'OOH%CPQP(KV 78
<ivn>}<
>
<GKUUOOH2NCPCT<' %CPQP
0KMQP&
8

nxx
xnxx
L`
-vn6, 7i
-v{ 6,
-nxv{
-{vn
n{v{xx6,
-}>xx"-
-v{
x

x
]xx
x
x
]x
{x
x
x
n

x
{]x
nx
nx
xx
{{
x
,ivixvn
-nxvn
/

nxvx{x
-}> 8v{x

-8xvn
-nxxvxx86,
-xx{x8
> {vn
V>* xxvx
V>* {v{
<ivn>}<
>
->>}nvn8
%JGEMQWVVJGYGDUKVG
HQTVJGOQUVWRVQFCVG
NKUVKPIUQHUGEQPFJCPF
GSWKROGPV
x
x
x
x
{

x

{x
x
x
x
{
2TQ *GCF x 4 *GCF -KV {

2TQ *GCF x 4 *GCF -KV n
2TQ *GCF % JGCF -KV nx
5GG HWNN TCPIG QH $QYGPU UQHVDQZGU UVCPFU CPF
QVJGT CEEGUUQTKGU QP QWT YGDUKVG
//i>` ]xx{ i>` ]{

,ii // / ]x
V> ] V> ]{
(WNN NKUV QH #EEGUUQTKGU CXCKNCDNG QP QWT YGDUKVG
*4 CPF 4 5QHVDQZGU WODTGNNCU TGGEVQTU
ITKFU CPF MKVU
777 *"/",*
"1
*,
-
1 6/ J 8
1 -
" *,
- -1
/ /"
1*/ x
#= ,1"< 35"1 31!I+BE;!I 2JJ 0 $ 'CJ 50
;B+H*1)" "/30""<" "1B/ F,//" 6<E-"B B3 <BBE<7<<53;B *3B3<"1<3; /"1,1)BE!,3 ,;"";F,,1) 1! "5,;<
'! 0.,,,
DD8C
>4
>
4JJ+D'>JJ
4J#J?CJ
A<
>
4?4 3&
J
?
C
,/ 4 " 3' ;3<<
4J
4JJ+4>JJJ
4J#J?>J
A<"" G"
>
4?4 3&
J
?
C
,/ 4 " 3

/

)
B*"
4JJ+(JJ
(8'+'8>
131 5,H0 5;3+4 C9

5;,1B";
A<"" G"
A<"" G"
(+ <

"B*"; <"/"!
J82#
>
4?4 "8C

'4
E5 B3 =
>(+4D#JJ
4J#J?>J
A<"" G"
'
D?4 " ,1
4
?
4
,/ C J B;!
B
1
E AC' <%
E

)"B 31

+
D(+=J
D8#
F,;B,31 ;"!EB,31 6F;7
<,/"1B GF" 03B3; 6<G07
;E))"! 1! ;"/,/"
C9 5*3B3 5;,1B,1)

(#JJ!5, ;"<3/B,31
4D ,1. <I<B"0
<E5"; 0313*;30" 03!"
1,.31 !='J 3!I 31/I
D(8D &E// &;0"

E,/B ,1 G,+&,
'
4JJ+4D#JJ
4J#J?CJ
A<"" G"
'
D?4 " ,1
4
?
4
,/ C J B;!
B
1
E A4' <%
E

)"B 31

+
DJJ+'JJ
'8>
31B1B &?'8> 5";BE;"

*,)* <5""! & 35";B,31
F,;B,31 ;"!EB,31 6F;7
131 + ! + <"" G"<,B" &3; &E// /,<B,1)<

4
8888888888888888888888888888888888888888888888888888888888888 A((28JJ
'
88888888888888888888888888888888888888888888888888888888888888A4=228JJ
= 8888888888888888888888888888888888888888888888888888888888888888888888888AC228JJ
> 8888888888888888888888888888888888888888888888888888888888888888888888888A#(28JJ
=J 88888888888888888888888888888888888888888888888888888888888888888888888A(228JJ
'J 88888888888888888888888888888888888888888888888888888888888888888888888AD=28JJ
(J 88888888888888888888888888888888888888888888888888888888888888888888888A4D28JJ
>JJ 88888888888888888888888888888888888888888888888888888888888888888888 ADD28JJ
''J 88888888888888888888888888888888888888888888888888888888888888888888 A4(28JJ
C'J 4#+'' 888888888888888888888888888888888888888888888888888A228JJ
'JJ (
888888888888888888888888888888888888888888888888888888888AC2228JJ
4JJ+(JJ (8'+'8> 888888888888888888888888888888888888888888888888A>228JJ
CJJ ( 888888888888888888888888888888888888888888888888888888888888888888A=(28JJ
D#+CJJ C8'+'8> 88888888888888888888888888888888888888888888888888A2228JJ
DJJ D8#
8888888888888888888888888888888888888888888888888888888888AC228JJ
=J+DJJ ( 888888888888888888888888888888888888888888888888888888888888A>(28JJ
=J+DJJ ( 8888888888888888888888888888888888888888888888888888888888888888AC(28JJ
4C' D 8888888888888888888888888888888888888888888888888888888888888888888888A'(28JJ
4=+(J ( 888888888888888888888888888888888888888888888888888888888888888888AC228JJ
4>+C' ( 88888888888888888888888888888888888888888888888888888888888888A'(28JJ
'J 48#
8888888888888888888888888888888888888888888888888888888888888888888888888A>28JJ
+ D( D8# 8888888888888888888888888888888888888888888888888888888888888888888888A228JJ
+ >J D8# 88888888888888888888888888888888888888888888888888888888A4228JJ
+ 4#+'' C8'+'8>
888888888888888888888888888888888888888888888888888888A=28JJ
+ 4=+#' (+'8> 8888888888888888888888888888888888888888888888888888888A4D28JJ
+ ''+D'J (+'8> 888888888888888888888888888888888888888888888888888888888888 A4D28JJ
(8' D8# 888888888888888888888888888888888888888888AC228JJ
4J+DJ C8' 8888888888888888888888888888888888888888888A4228JJ
=J D8# 888888888888888888888888888888888888888888888ADD28JJ
4J' D8# 888888888888888888888888888888888888888888 A4=28JJ
CJJ D8# 8888888888888888888888888888888888888888A2228JJ
4'J+>JJ '+>8C 888888888888888888888888888888888A2228JJ
#JJ '8> 8888888888888888888888888888888888888888888A42228JJ
48( 88888888888888888888888888888888888888888A228JJ
D 88888888888888888888888888888888888888888888A228JJ
+D 888888888888888888888888888888888888888888888888888888888888888888888AD28JJ
+> 88888888888888888888888888888888888888888888888888888888888888888888888 A=28JJ
+= 88888888888888888888888888888888888888888888888888888888888888888888888 A'28JJ
+4C 88888888888888888888888888888888888888888888888888888888888888888888 A=28JJ
+4( 888888888888888888888888888888888888888888888888888888888888888888888A=28JJ
'#J 888888888888888888888888888888888888888888888888888888888A4228JJ
1,.31 + ! + <"" G"<,B" &3; &E// /,<B,1)<
A<"" G"
A<"" G"
#
=
DJ
DC
#
DJJ + D'>JJ
(.?CJ5 E 3
A<"" G"
>
4?4 'J
J
?
'
,/ D B3 A4
B
1
E 0 E5 .%
,

/ <*
4JJJ
DJ 0")5,H"/
4> D8#+(
4D
4D' +4D#JJ
(.?D'5 F,!"3
A<"" G"
>
4?4 .%
J
?
'
,/ D <*
B
1
E A'J
,0
/
4> 0&B <"1<3;

(2
#
4JJ+D'>JJ
4J#J?>J
A<"" G"
?4> J
4
J
D'? 3 A4J
/
,
B
E1 0 E5 B .%
,

/ <*
CCJ
4D8# 0")5,H"/
D( D8# + #
4D
4JJ +>(JJ
(.?D'5 E F,!"J
A<"" G"

C 888888888888888888888888888888888888888888888888888888888888888888888888888888888A#(28JJ

>JJ 8888888888888888888888888888888888888888888888888888888888888888888888888888 A'228JJ

=4JJ I88888888888888888888888888888888888888888888888888888888888888888888888888 A(>28JJ

CJJ 8888888888888888888888888888888888888888888888888888888888888888888888888AC(28JJ

CJJ 888888888888888888888888888888888888888888888888888888888888888888888888888A4228JJ

CJJJ 4#+'' 888888888888888888888888888888888888888888888888888888888888888 A4(28JJ

2J 888888888888888888888888888888888888888888888888888888888888888888888888888888 A4=28JJ

4 D 4J+CJ $
8888888888888888888888888888888888888888888888888888888A(228JJ

4 88888888888888888888888888888888888888888888888888888888888888888888 A4D28JJ

+ D# D8# 888888888888888888888888888888888888888888888888888888888 A4(28JJ

+ C' D 8888888888888888888888888888888888888888888888888888888888888888888888888888888A4(28JJ

+
(J D8# 88888888888888888888888888888888888888888888A4(28JJ

+ #' C8' 88888888888888888888888888888888888888888888888888888ADC28JJ

+
#' 48( 8888888888888888888888888888888888888888888888888888888888888A#228JJ

+ CJJ ( 888888888888888888888888888888888888888888888888888888888888888888A(228JJ

+ 4>+#' C8'+'8> 88888888888888888888888888888888888888888888888AD228JJ

+ 4#+DJJ C8'+'8> 88888888888888888888888888888888888888888888ADD28JJ

+ ''+DJJ (+'8> 88888888888888888888888888888888888888888888888888888888888A(28JJ

+
D(+4DJ C8'+'8> 888888888888888888888888888888888888A4(28JJ

+ =J+DJJ D8# 8888888888888888888888888888888888888888888888888888A4D228JJ

D( 48( 888888888888888888888888888888888888888888888888A(228JJ

4J+DJ (+'8> 88888888888888888888888888888888888888888A4228JJ

4#+DJJ C8'+>8C 888888888888888888888888888888888888A4D28JJ

4'J+>JJ '+>8C 8888888888888888888888888888888888888 A4J228JJ

44+4> D8# 88888888888888888888888888888888888888888888888A4228JJ

+4J 888888888888888888888888888888888888888888888888888888888888888888888A(28JJ

+4( 888888888888888888888888888888888888888888888888888888888888888888888A#28JJ

+DJJ 8888888888888888888888888888888888888888888888888888888888888888888AC28JJ
?4> .%
4
J
51<31, + ! + <"" G"<,B" &3; &E// /,<B,1)<
D'? <*
/
,

B
D 4(+(D 888888888888888888888888888888888888888888888888A4D28JJ

1
E ACJ
D 8888888888888888888888888888888888888888888888888888888888888A#28JJ
D 8888888888888888888888888888888888888888888888888888888888888888888AD(28JJ
0
,
C 8888888888888888888888888888888888888888888888888888888888888888888888888A228JJ
/
> 8888888888888888888888888888888888888888888888888888888888888888888888888A4228JJ
4(+4(J (+'8# 888888888888888888888888888888888888888888888AD(28JJ
8 3&&";< ;" <E-"B B3 *1)" 3; G,B*!;G/ G,B*3EB 13B,"
<E-"B B3 "/,),/,BI8 :< 1! :< 55/I8 <"" G"<,B" &3; 03;" ,1&38
// 5;3!EB )"1E,1"
<B3. 13 );"I ,053;B<8
,1/1!
A28JJ B3. <E-"B B3 F,/,/,BI
('+DJJ (+'8> 88888888888888888888888888888888888A4D28JJ

DJ 48=888888888888888888888888888888888888888888888888888888888888888888A4(28JJ
DJJ8888888888888888888888888888888888888888888888888888888888888888888888888 A4228JJ
C8888888888888888888888888888888888888888888888888888888888888888888888888888888 A#28JJ
/RZHULQJ WKH FRVW RI SULQWLQJ
:H DUH D VPDOO IDPLO\ RZQHG DQG UXQ FRPSDQ\ VSHFLDOLVLQJ LQ SKRWRJUDSKLF

FRQVXPDEOHV s DQG SURXG ZLQQHUV RI PXOWLSOH *RRG 6HUYLFH $ZDUGV
:H DUH ORFDWHG LQ /HDPLQJWRQ 6SD LQ WKH KHDUW RI :DUZLFNVKLUH
,I \RXoUH SDVVLQJ SOHDVH SRS LQWR RXU VKRS DQG PHHW &RRSHU s RXU RFH GRJ
ZZZSUHPLHULQNFRXN
,QN &DUWULGJHV
:H FDUU\ RQH RI WKH ODUJHVW UDQJHV RI SULQWHU LQN FDUWULGJHV
LQ WKH 8. ZLWK FDUWULGJHV LQ VWRFN IRU SUDFWLFDOO\ HYHU\ LQNMHW
SULQWHU :H DOZD\V VWRFN 2ULJLQDO FDUWULGJHV ZKLFK DUH PDGH
E\ \RXU SULQWHU PDQXIDFWXUHU DQG LQ PDQ\ FDVHV ZH DOVR RHU
&RPSDWLEOH FDUWULGJHV ZKLFK DUH XVXDOO\ PDGH E\ D 8. FRPSDQ\
FDOOHG -HW 7HF 8VLQJ -HW 7HF &RPSDWLEOHV LV D ZD\ RI VDYLQJ
PRQH\ ZLWKRXW FRPSURPLVLQJ RQ WKH TXDOLW\ RI \RXU SULQWV
+HUH DUH WKH

UHVXOWV IURP WZR
LQGHSHQGHQW LQN
WHVWV WKDW DJUHH
p-HW 7HFoV FRORXUV ZHUH VXSHUE ZLWK VLQJOH

JUH\V DQG EODFNV YHU\ FORVH WR (SVRQ VR
-HW 7HF ZLQVq
7RWDO 'LJLWDO 3KRWRJUDSK\ 0DJD]LQH
p:KDW ZHoUH ORRNLQJ DW KHUH LV QRW RQO\
WKH EHVW FKRLFH RI LQN IRU WKH 5 SULQWHU
EXW DOVR WKH EHVW FKRLFH RI LQN LQ WKLV
JURXS WHVW SHULRG 7KHUHoV MXVW QR JHWWLQJ
DZD\ IURP WKH VXSHUE FRPELQDWLRQ RI
SHUIRUPDQFH DQG SULFLQJq
&RPSXWHU 8SJUDGH 0DJD]LQH
,QN 7HVW
:LQQHU
$OEXPV )UDPHV
:H QRZ VWRFN D FRPSUHKHQVLYH UDQJH RI IUDPHV PRXQWV DOEXPV
DQG DFFHVVRULHV 7KH IXOO UDQJH FDQ EH YLHZHG RQ RXU ZHEVLWH
ZLWK GHWDLOHG FORVHXS LPDJHV RI HDFK SURGXFW WR KHOS \RX
FKRRVH WKH SHUIHFW ZD\ WR GLVSOD\ \RXU SULQWHG SKRWRJUDSKV
%HORZ LV MXVW D WLQ\ VDPSOH RI ZKDW ZH RHU
*UDFH $OEXPV
$YDLODEOH LQ
%XUJXQG\
RU %OXH
5LR )UDPHV
7UDYHO
$OEXPV
+DQGFUDIWHG VROLG ZRRG ZLWK

PP ZLGH SUROH LQ IRXU
FRORXUV
2YHU D GR]HQ
GHVLJQV LQ VWRFN
*UDIWRQ
$OEXPV
$YDLODEOH LQ
%XUJXQG\
RU %OXH
%DE\
$OEXPV
3*L
3L[PD 3UR
3*L
3L[PD 3UR
2ULJLQDOV
6HW RI
&RORXUV PO HDFK
&/L
3L[PD 3UR
2ULJLQDOV
6HW RI
&RORXUV PO HDFK
&RPSDWLEOHV
6HW RI
&RORXUV PO HDFK
2ULJLQDOV
~ 1R 6HW RI
~ 1R %ODFN PO
1R &RORXUV PO HDFK
1R;/ 6HW RI
1R;/ %ODFN PO
1R;/ &RORXUV PO HDFK
~
~ &RPSDWLEOHV
1R 6HW RI
1R %ODFN PO
1R &RORXUV PO HDFK
~
~
~
~
&/L
3L[PD 3UR
2ULJLQDOV
6HW RI
&RORXUV PO HDFK
&RPSDWLEOHV
6HW RI
&RORXUV PO HDFK
~
~
~
~
3*L
3L[PD 3UR
2ULJLQDOV
6HW RI
&RORXUV PO HDFK
&RPSDWLEOHV
6HW RI
&RORXUV PO HDFK
0RUH &DQRQ
0XOWLSOH
GLHUHQW
GHVLJQV
DYDLODEOH
1R
)RXQWDLQ 3HQ ,QNV
2ULJLQDOV
6HW RI
&RORXUV PO HDFK
0DQ\ PRUH LQ VWRFN
~
~
~
1R
'DLV\ ,QNV
2ULJLQDOV
1R 6HW RI
1R %ODFN PO
1R &RORXUV PO HDFK
1R;/ 6HW RI
1R;/ %ODFN PO
&RPSDWLEOHV
1R 6HW RI
1R %ODFN PO
1R &RORXUV PO HDFK
~
~
~
~
~
~
~
~
~
1R
(OHSKDQW ,QNV
2ULJLQDOV
1R 6HW RI
~ 1R &RORXUV PO HDFK
~ 1R;/ 6HW RI
~ &RPSDWLEOHV
~ 1R 6HW RI
1R %ODFN PO
,QNV
1R &RORXUV PO HDFK
2ULJLQDOV
3*L&/L 6HW RI ~
3*L %ODFN PO
~
&/L &RORXUV PO
~
3*L&/L 6HW RI ~
3*L %ODFN PO
~
&/L &RORXUV PO
~
3*L&/L 6HW RI ~
3*L %ODFN PO
~
&/L &RORXUV PO
~
3*L&/L;/ 6HW RI ~
3*L;/ %ODFN PO
~
&/L;/ &RORXUV PO ~
3* %ODFN PO
~
3*;/ %ODFN PO
~
&/ &RORXU PO
~
&/;/ &RORXU PO
~
3*;/ %ODFN PO
~
&/;/ &RORXU PO
~
&RPSDWLEOHV
3*L %ODFN PO
~
&/L &RORXUV PO
~
3*L&/L 6HW RI
~
3*L %ODFN PO
~
&/L &RORXUV PO
~
3*L&/L 6HW RI ~
3*L %ODFN PO
~
&/L &RORXUV PO
~
3*L&/L 6HW RI ~
3*L;/ %ODFN PO
~
&/L;/ &RORXUV PO
~
3*L&/L;/ 6HW RI ~
%&L &RORXUV PO
~
3* %ODFN PO
~
&/ &RORXU PO
~
3* %ODFN PO
~
&/ &RORXU PO
~
3* %ODFN PO
~
&/ &RORXU PO
~
3* %ODFN PO
~
&/ &RORXU PO
~
3*;/ %ODFN PO
~
&/;/ &RORXU PO
~
3*;/ %ODFN PO
~
3*;/ %ODFN PO
~
~
~
~
~
~
~
~
~
~
~
~
~
~
1R
3RODU %HDU ,QNV
2ULJLQDOV
1R 6HW RI
1R %ODFN PO
1R &RORXUV PO HDFK
1R;/ 6HW RI
1R;/ %ODFN PO
&RPSDWLEOHV
1R 6HW RI
1R %ODFN PO
1R &RORXUV PO HDFK
~
~
~
~
~
~
~
~
~
77
6HDKRUVH ,QNV
2ULJLQDOV
6HW RI
&RORXUV PO HDFK
&RPSDWLEOHV
6HW RI
&RORXUV PO HDFK
~
~
~
~
77
)URJ ,QNV
2ULJLQDOV
6HW RI
&RORXUV PO HDFK
&RPSDWLEOHV
6HW RI
&RORXUV PO HDFK
0RUH (SVRQ LQNV !!!
( (2 3ULFHV PD\ EH VXEMHFW WR FKDQJH EXW KRSHIXOO\ QRW
77
&KHHWDK ,QNV
2ULJLQDOV
6HW RI
%ODFN PO
&RORXUV PO HDFK
&RPSDWLEOHV
6HW RI
%ODFN PO
&RORXUV PO HDFK
~
~
~
~
~
~
77
2ZO ,QNV
2ULJLQDOV
6HW RI
&RORXUV PO HDFK
&RPSDWLEOHV
6HW RI
&RORXUV PO HDFK
~
~
~
~
77
+XPPLQJELUG ,QNV
2ULJLQDOV
6HW RI
&RORXUV PO HDFK
&RPSDWLEOHV
6HW RI
&RORXUV PO HDFK
~
~
~
~
77
)ODPLQJR ,QNV
2ULJLQDOV
6HW RI
&RORXUV PO HDFK
&RPSDWLEOHV
6HW RI
&RORXUV PO HDFK
~
~
~
~
2ULJLQDOV
6HW RI
&RORXUV PO HDFK
~
~
~
~
~
~
~
~
77
7XUWOH ,QNV
~
~
)ULVFR )UDPHV
6LPSOH
EDVLF GHVLJQ
DYDLODEOH LQ D
KXJH UDQJH
RI VL]HV
FRORXUV
3ODVWLF %HYHO *ODVV )URQW

)ULVFR [ VHYHQ FRORXUV
~
~
~
~
)ULVFR [ VHYHQ FRORXUV ~
)ULVFR [ VHYHQ FRORXUV ~
)ULVFR $ VHYHQ FRORXUV
~
)ULVFR $ VHYHQ FRORXUV
~
:RRG %HYHO *ODVV )URQW
(PLOLD [ WZR FRORXUV
~
~
~
~
~
5LR [ IRXU FRORXUV
~
5LR [ IRXU FRORXUV
~
5LR [ IRXU FRORXUV
~
5LR [ IRXU FRORXUV
~
5LR [ IRXU FRORXUV
~
0RUH ,QN &DUWULGJHV
77
+XVN\ ,QNV
77
/LO\ ,QNV
2ULJLQDOV
6HW RI
&RORXUV PO HDFK
&RPSDWLEOHV
6HW RI
&RORXUV PO HDFK
0HPR 6W\OH $OEXPV

*UDFH [ SKRWRV
~
*UDFH [ SKRWRV
~
*UDFH [ SKRWRV
~
*UDFH [ SKRWRV
~
*UDFH [ SKRWRV
~
*UDFH $ SKRWRV
~
*UDIWRQ [ SKRWRV
~
*UDIWRQ [ SKRWRV ~
%DE\ [ SKRWRV
~
7UDYHO [ SKRWRV
~
7UDGLWLRQDO 6W\OH $OEXPV
*UDFH [FP SDJHV ~
*UDIWRQ [FP SJV ~
%DE\ [FP SDJHV ~
$FFHVVRULHV
3KRWR &RUQHUV 3DFN RI ~
3KRWR 6WLFNHUV 3DFN RI ~
2ULJLQDOV
6HW RI
&RORXUV PO HDFK
&RPSDWLEOHV
6HW RI
&RORXUV PO HDFK
~
~
(PLOLD )UDPHV
'LVWUHVVHG ZRRG
VKDEE\ FKLF
HHFW
%OXH RU :KLWH
~
~
77
.LOOHU :KDOH
2ULJLQDOV
6HW RI
&RORXUV PO HDFK
~
~
2ULJLQDOV
1R &RORXUV PO HDFK
~
1R;/ %ODFN PO
~
1R;/ &RORXU PO
~
1R %ODFN PO
~
1R &RORXU PO
~
1R %ODFN PO
~
1R &RORXU PO
~
1R;/ %ODFN PO
~
1R;/ &RORXU PO
~
1R %ODFN PO
~
1R &RORXU PO
~
1R %ODFN PO
~
1R &0<3&30 HDFK ~
1R 6(7 2)
~
1R %ODFN PO
~
1R 3%&0< PO HDFK ~
1R 6(7 2)
~
1R;/ %ODFN PO
~
1R;/ 3%&0< PO HDFK ~
1R;/ 6(7 2)
~
1R;/ 6(7 2)
~
1R;/ 6(7 2)
~
1R;/ 6(7 2)
~
&RPSDWLEOHV
1R %ODFN PO
~
1R %ODFN PO
~
1R &RORXU PO
~
1R %ODFN PO
~
1R %ODFN PO
~
1R &RORXU PO
~
1R &RORXU PO
~
1R &RORXU PO
~
1R;/ %ODFN PO
~
1R;/ &RORXU PO
~
1R;/ %ODFN PO
~
1R;/ &RORXU PO
~
1R %ODFN PO
~
1R %ODFN PO
~
1R %ODFN PO
~
1R &RORXU PO
~
1R &RORXU PO
~
1R 3KRWR PO
~
1R;/ %ODFN PO
~
1R;/ &RORXU PO
~
1R %ODFN PO
~
1R &RORXUV PO HDFK
~
1R 6(7 2)
~
1R %ODFN PO
~
1R &RORXUV PO HDFK
~
1R 6(7 2)
~
1R;/ %ODFN PO
~
1R;/ &RORXUV PO HDFK ~
1R;/ 6(7 2)
~
1R;/ 6(7 2)
~
1R;/ 6(7 2)
~
1R;/ 6(7 2)
~
1R;/ 6(7 2)
~
0DQ\ PRUH LQ VWRFN
3KRWR 3DSHUV
:H FDUU\ D PDVVLYH UDQJH RI SDSHUV VKHHWV UROOV DW FRPSHWLWLYH
SULFHV %HORZ DUH VRPH H[DPSOHV RI WKH VHOHFWLRQ ZH VWRFN
3KRWR *ORVV\ JVP

[ VKHHWV )5((
~
$ VKHHWV
~
3KRWR 6DWLQ JVP
[ VKHHWV )5(( ~
$ VKHHWV )5(( ~
3KRWR *ORVV\ JVP
[ VKHHWV )5(( ~
$ VKHHWV
~
3UHPLXP 3HDUO JVP
[ VKHHWV )5((
~
$ VKHHWV )5((
~
3UHPLXP *ORVV JVP
$ VKHHWV 2))(5
~
$ VKHHWV 2))(5
~
$ VKHHWV 2))(5
~
6PRRWK 3HDUO JVP
[ VKHHWV
~
[ VKHHWV
~
$ VKHHWV
~
$ VKHHWV
~
$ VKHHWV
~
$ VKHHWV
~
$ VKHHWV
~
q 5ROO PHWUHV
~
q 5ROO PHWUHV
~
6PRRWK *ORVV JVP
[ VKHHWV
~
[ VKHHWV
~
$ VKHHWV
~
$ VKHHWV
~
$ VKHHWV
~
$ VKHHWV
~
3UHPLXP 0DWW 'XR JVP
$ VKHHWV
~
$ VKHHWV
~
+HDY\ 'XR 0DWW JVP
$ VKHHWV
~
$ VKHHWV
~
*ROG )LEUH 6LON JVP
$ VKHHWV
~
$ VKHHWV
~
*ROG 0RQR 6LON JVP
$ VKHHWV
~
$ VKHHWV
~
6PRRWK 3HDUO JVP

[ VKHHWV
~
[ VKHHWV
~
$ VKHHWV
~
$ VKHHWV
~
$ VKHHWV
~
3DQRUDPLF VKHHWV
~
q 5ROO PHWUHV
~
q 5ROO PHWUHV
~
3) /XVWUH JVP
[ VKHHWV
~
[ VKHHWV
~
$ VKHHWV
~
$ VKHHWV
~
$ VKHHWV
~
3DQRUDPLF VKHHWV
~
q 5ROO PHWUHV
~
q 5ROO PHWUHV
~
3) *ORVV JVP
$ VKHHWV
~
$ VKHHWV
~
$ VKHHWV
~
3DQRUDPLF VKHHWV
~
0DWW 8OWUD JVP
$ VKHHWV
~
$ VKHHWV
~
$ VKHHWV
~
)LQH $UW )LEUH %DVH 3DSHUV
%DU\WD $ VKHHWV
~
%DUW\D $ VKHHWV
~
(WFKLQJ $ VKHHWV
~
(WFKLQJ $ VKHHWV
~
6PRRWK &RWWRQ $ VK ~
6PRRWK &RWWRQ $ VK ~
33 3OXV *ORVV\ ,, JVP

[ VKHHWV
~
[ VKHHWV
~
$ VKHHWV
~
$ VKHHWV
~
$ VKHHWV
~
37 3UR 3ODWLQXP JVP
[ VKHHWV
~
$ VKHHWV
~
$ VKHHWV
~
$ VKHHWV
~
6* 6HPL*ORVV JVP
[ VKHHWV
~
$ VKHHWV
~
$ VKHHWV
~
$ VKHHWV
~
/8 3UR /XVWUH JVP
$ VKHHWV
~
$ VKHHWV
~
$ VKHHWV
~
6PRRWK 3HDUO JVP

[ VKHHWV
~
[ VKHHWV
~
$ VKHHWV
~
$ VKHHWV
~
$ VKHHWV
~
$ VKHHWV
~
q 5ROO PHWUHV
~
q 5ROO PHWUHV
~
8OWUD 3HDUO JVP
[ VKHHWV
~
[ VKHHWV
~
$ VKHHWV
~
$ VKHHWV
~
$ VKHHWV
~
q 5ROO PHWUHV
~
q 5ROO PHWUHV
~
q 5ROO PHWUHV
~
7LWDQLXP /XVWUH JVP
$ VKHHWV
~
$ VKHHWV
~
$ VKHHWV
~
2\VWHU JVP
[ VKHHWV
~
[ VKHHWV
~
$ VKHHWV
~
$ VKHHWV
~
$ VKHHWV
~
q 5ROO PHWUHV
~
q 5ROO PHWUHV
~
q 5ROO PHWUHV
~
*ORVV JVP
[ VKHHWV
~
[ VKHHWV
~
$ VKHHWV
~
$ VKHHWV
~
$ VKHHWV
~
q 5ROO PHWUHV
~
q 5ROO PHWUHV
~
q 5ROO PHWUHV
~
0DWW 3OXV JVP
[ VKHHWV
~
[ VKHHWV
~
$ VKHHWV
~
$ VKHHWV
~
$ VKHHWV
~
q 5ROO PHWUHV
~
q 5ROO PHWUHV
~
q 5ROO PHWUHV
~
0DWW 3URRQJ JVP
$ VKHHWV
~
$ VKHHWV
~
q 5ROO PHWUHV
~
q 5ROO PHWUHV
~
'RXEOH 6LGHG 0DWW JVP
$ VKHHWV
~
$ VKHHWV
~
)LQH $UW )LEUH %DVH 3DSHUV
)% *ROG 6LON $ VK
~
)% *ROG 6LON $ VK
~
)% 'LVWLQFWLRQ $ VK ~
)% 'LVWLQFWLRQ $ VK ~
)% 5R\DO $ VKHHWV
~
)% 5R\DO $ VKHHWV
~
)% *ORVV $ VKHHWV
~
)% *ORVV $ VKHHWV
~
)% 0DWW $ VKHHWV
~
)% 0DWW $ VKHHWV
~
$UWLVW $ VKHHWV
~
$UWLVW $ VKHHWV
~
0XVHXP $ VKHHWV
~
0XVHXP $ VKHHWV
~
3DUFKPHQW $ VKHHWV ~
3DUFKPHQW $ VKHHWV ~
2PHJD $ VKHHWV
~
2PHJD $ VKHHWV
~
3RUWUDLW $ VKHHWV
~
3RUWUDLW $ VKHHWV
~
3RUWUDLW :KLWH $ VK ~
3RUWUDLW :KLWH $ VK ~
3UHPLXP *ORVV JVP

[ VKHHWV )5((
~
[ VKHHWV
~
$ VKHHWV )5((
~
$ VKHHWV
~
$ VKHHWV 2))(5
~
8OWUD *ORVV JVP
[ VKHHWV
~
[ VKHHWV
~
$ VKHHWV
~
3UHPLXP 6HPL*ORVV JVP
[ VKHHWV
~
$ VKHHWV
~
$ VKHHWV
~
$ VKHHWV 2))(5
~
$UFKLYDO 0DWWH JVP
$ VKHHWV
~
$ VKHHWV
~
$ VKHHWV
~
+HDY\ZHLJKW 0DWWH JVP
$ VKHHWV
~
$ VKHHWV
~
$ VKHHWV
~
ZZZSUHPLHULQNFRXN 7HOHSKRQH RU 3UHPLHU ,QN 3KRWRJUDSKLF /RQJHOG 5RDG /HDPLQJWRQ 6SD :DUZLFNVKLUH &9 ;%
/RZHULQJ WKH FRVW RI SKRWRJUDSK\

2UGHUV DUH VKLSSHG SURPSWO\ E\ 5R\DO 0DLO VW FODVV SRVW IRU ZKLFK ZH FKDUJH MXVW ~ SHU
RUGHU $OO SULFHV LQFOXGH 9$7 DQG D IXOO 9$7 UHFHLSW LV SURYLGHG ZLWK HYHU\ RUGHU 3D\PHQW
DFFHSWHG FUHGLWGHELW FDUG FKHTXH RU SRVWDO RUGHU 2UGHUV DFFHSWHG VHFXUHO\ RQOLQH
ZZZSUHPLHULQNFRXN RYHU WKH WHOHSKRQH E\ SRVW RU E\ YLVLWLQJ RXU VKRS
3UHPLHU ,QN 3KRWRJUDSKLF /RQJHOG 5RDG 6\GHQKDP ,QG (VWDWH /HDPLQJWRQ 6SD &9 ;%
ZZZSUHPLHULQNFRXN
0HPRU\
%DWWHULHV
7KH IXOO UDQJH RI 6DQGLVN DQG

/H[DU PHPRU\ FDUGV DW YHU\
FRPSHWLWLYH SULFHV
5HSODFHPHQW UHFKDUJHDEOH
/LLRQ EDWWHULHV PDQXIDFWXUHG
E\ +DKQHO RU %OXPD[ $OO FRPH
ZLWK D WZR\HDU JXDUDQWHH
6'+& 6';&
/H[DU 3URIHVVLRQDO
; 0%V
*%
~
*%
~
*%
~
*%
~
; 0%V
*%
~
*%
~
*%
~
*%
~
; 0%V
*%
~
*%
~
6DQGLVN %OXH
; 0%V
*%
~
*%
~
*%
~
6DQGLVN 8OWUD
; 0%V
*%
~
*%
~
*%
~
*%
~
6DQGLVN ([WUHPH
; 0%V
*%
~
*%
~
*%
~
6DQGLVN ([WUHPH 3UR
; 0%V
*%
~
*%
~
*%
~
*%
~
; 0%V
*%
~
*%
~
*%
~
&RPSDFW )ODVK
/H[DU 3URIHVVLRQDO
; 0%V
*%
~
*%
~
*%
~
*%
~
; 0%V
*%
~
*%
~
*%
~
*% ~
6DQGLVN 8OWUD
; 0%V
*%
~
*%
~
*%
~
6DQGLVN ([WUHPH
; 0%V
*%
~
*%
~
*%
~
*%
~
6DQGLVN ([WUHPH 3UR

; 0%V
*%
~
*%
~
*%
~
*% ~
;4' &DUGV
/H[DU 3URIHVVLRQDO
; 0%V
*%
~
*%
~
0LFUR6'+& 6';&
/H[DU 3URIHVVLRQDO
; 0%V
*%
~
*%
~
'HONLQ 3URIHVVLRQDO
; 0%V
*%
~
*%
~
6DQGLVN 8OWUD
; 0%V
*%
~
*%
~
*%
~
5HDGHUV &DVHV
/H[DU 86% &DUG 5HDGHU ~

/H[DU +5 :RUNRZ +XE ~
'HONLQ 86% &DUG 5HDGHU ~
'HONLQ 86% &DUG 5HDGHU ~
'HONLQ 6' &DUG [ &DVH ~
'HONLQ &) &DUG [ &DVH ~
1%//+ IRU &DQRQ

~
1%/ IRU &DQRQ
~
1%/ IRU &DQRQ
~
1%/ IRU &DQRQ
~
1%/ IRU &DQRQ
~
1%/ IRU &DQRQ
~
1%/ IRU &DQRQ
~
1%/ IRU &DQRQ
~
%3 IRU &DQRQ
~
/3( IRU &DQRQ
~
/3( IRU &DQRQ
~
/3( IRU &DQRQ
~
/3( IRU &DQRQ
~
/3( IRU &DQRQ
~
13 IRU )XML
~
13 IRU )XML
~
13 IRU )XML
~
13: IRU )XML
~
13 IRU )XML
~
(1(/( IRU 1LNRQ
~
(1(/ IRU 1LNRQ
~
(1(/ IRU 1LNRQ
~
(1(/ IRU 1LNRQ
~
(1(/ IRU 1LNRQ
~
(1(/ IRU 1LNRQ
~
(1(/ IRU 1LNRQ
~
(1(/ IRU 1LNRQ
~
(1(/ IRU 1LNRQ
~
(1(/ IRU 1LNRQ
~
(1(/ IRU 1LNRQ
~
/L%% IRU 2O\PSXV ~
/L%% IRU 2O\PSXV ~
/L% IRU 2O\PSXV
~
%/0 IRU 2O\PSXV
~
%/1 IRU 2O\PSXV
~
%/6 IRU 2O\PSXV
~
%/6 IRU 2O\PSXV
~
&*56 IRU 3DQDVRQLF ~
&*$6 IRU 3DQDVRQLF ~
'0:%&* 3DQDVRQLF ~
'0:%&0 3DQDVRQLF ~
'0:%/% 3DQDVRQLF ~
'0:%/& 3DQDVRQLF ~
'0:%/' 3DQDVRQLF ~
'0:%/* 3DQDVRQLF ~
'0:%0% 3DQDVRQLF ~
'/L IRU 3HQWD[
~
'/L IRU 3HQWD[
~
6/%' IRU 6DPVXQJ ~
6/% IRU 6DPVXQJ ~
%* IRU 6RQ\
~
%; IRU 6RQ\
~
%< IRU 6RQ\
~
13)0+ IRU 6RQ\
~
13)+ IRU 6RQ\
~
13): IRU 6RQ\
~
%DWWHU\ *ULSV
3URIHVVLRQDO EDWWHU\
JULSV PDGH E\ +DKQHO
'0N,, IRU &DQRQ
'0N,,, IRU &DQRQ
' IRU &DQRQ
' IRU &DQRQ
' IRU &DQRQ
'' IRU &DQRQ
' IRU 1LNRQ
'' IRU 1LNRQ
'' IRU 1LNRQ
' IRU 1LNRQ
~
~
~
~
~
~
~
~
~
~
%DWWHU\ &KDUJHUV
8QLYHUVDO &KDUJHUV
8QLSDO 25,*,1$/
8QLSDO 3/86
8QLSDO (;75$
~
~
~
$$ $$$ &KDUJHUV
+DKQHO 7& 1RYR LQF [$$ ~
(QHUJL]HU 3UR LQF [$$ ~
(QHUJL]HU +U LQF [$$ ~
2WKHU %DWWHULHV
3UH&KDUJHG 5HFKDUJDEOHV
$$ *3 5HF\NR )5((
~
$$$ *3 5HF\NR )5(( ~
$$ (QHUJL]HU ([WUHPH ~
$$$ (QHUJL]HU ([WUHPH ~
6WDQGDUG 5HFKDUJHDEOHV
$$ *3 P$K
~
$$ /OR\WURQ P$K ~
$$ /OR\WURQ P$K ~
$$$ /OR\WURQ P$K ~
/LWKLXP %DWWHULHV
$$ (QHUJL]HU 8OWLPDWH ~
$$$ (QHUJL]HU 8OWLPDWH ~
&5$ (QHUJL]HU
~
&5 (QHUJL]HU
~
&5 (QHUJL]HU
~
&53 (QHUJL]HU
~
&59 (QHUJL]HU
~
$ (QHUJL]HU $ONDOLQH ~
$ (QHUJL]HU $ONDOLQH ~
/5 (QHUJL]HU $ONDOLQH ~
&5 &5 HWF
~
)LOWHUV
2QH RI WKH ODUJHVW UDQJHV RI VFUHZLQ WKUHDGHG
OWHUV LQ WKH 8. IURP +R\D .RRG DQG 0DUXPL
:H FDUU\ VL]HV IURP PP XS WR PP DQG RHU &OHDU
3URWHFWRUV 89V 6N\OLJKWV &LUFXODU 3RODULVHUV 1'V 1'V 1'V
1'V 1'V 1'V 1'V 9DULDEOH 1'V 6WDUEXUVWV &ORVH
8S 6HWV DQG PRUH %HORZ DUH MXVW D IHZ H[DPSOHV
.22' 6OLP )UDPH

89 )LOWHUV
PP
~
PP
~
PP
~
PP
~
PP
~
PP
~
PP
~
PP
~
PP
~
PP
~
PP
~
PP
~
PP
~
0DUXPL '+* 6OLP

)UDPH 0XOWLFRDWHG
&OHDU 3URWHFWRUV
PP
~
PP
~
PP
~
PP
~
PP
~
PP
~
PP
~
PP
~
PP
~
PP
~
PP
~
PP
~
.22' 6OLP )UDPH

&LUFXODU 3RODULVHUV
PP
~
PP
~
PP
~
PP
~
PP
~
PP
~
PP
~
PP
~
PP
~
PP
~
PP
~
PP
~
PP
~
0DUXPL '+* 6OLP

)UDPH 0XOWLFRDWHG
89 )LOWHUV
PP
~
PP
~
PP
~
PP
~
PP
~
PP
~
+2<$ 3UR' 6OLP

)UDPH 0XOWLFRDWHG
&OHDU 3URWHFWRUV
PP 63(&,$/ ~
PP
~
PP
~
PP
~
PP
~
PP 63(&,$/ ~
PP
~
0DUXPL '+* 6OLP

)UDPH 0XOWLFRDWHG
&LUFXODU 3RODULVHUV
PP
~
PP
~
PP
~
.22'
PP
~
1' 1' )LOWHUV PP
~
PP
~ PP
~
PP
~ PP
~
+2<$ 3UR' 6OLP

)UDPH 0XOWLFRDWHG
&LUFXODU 3RODULVHUV
PP
~
PP
~
PP
~
PP
~
PP
~
PP 63(&,$/ ~
PP
~
+R\D +0&
6OLP )UDPH
89 )LOWHUV
PP
PP
PP
PP
PP
PP
PP
PP
PP
PP
PP
~
~
~
~
~
~
~
~
~
~
~
6TXDUH )LOWHUV
6WUDSV $FFHVVRULHV
6OLQJ 6WUDSV
IURP ~
7KH LQJHQLRXV
3HDN 'HVLJQ
&OXWFK 6OLGH
/HDVK &X
&DSWXUH &OLS
6\VWHP (QWLUH
UDQJH LQ VWRFN
)URP
~
1HRSUHQH
6WUDSV
IURP ~
7ULSRGV 0RQRSRGV
(92
,6 +(5(
0DQIURWWR
&DUERQ )LEUH 0RQRSRG
2QO\ ~
9\Y
~
5LFN ~
%ULDQ ~
0DQIURWWR
;352
:D\
+HDG ~
7ULDG
7ULSRG ZLWK
%+
%DOO +HDG
2QO\ ~
1(: 0DQIURWWR
:H VWRFN WKUHH ZLGWKV RI VTXDUH OWHUV

$W\SH PP ZLGH 37\SH PP ZLGH
DQG =7\SH PP ZLGH 0DGH LQ WKH 8. .RRG VTXDUH OWHUV
DUH RSWLFDOO\ DW ZLWK H[FHOOHQW FRORXU GHQVLW\ QHXWUDOLW\ DQG
VWDELOLW\ 7KH\ UHFHLYHG D PD[LPXP VWDU UDWLQJ IURP 'LJLWDO
&DPHUD 0DJD]LQH
37\SH PP ZLGH OWHUV
6WDQGDUG +ROGHU
~
:LGH $QJOH +ROGHU
~
)LOWHU :DOOHW IRU OWHUV ~
$GDSWHU 5LQJV PP ~
&LUFXODU 3RODULVHU
~
1' 6ROLG
~
1' 6RIW *UDGXDWHG
~
1' +DUG *UDGXDWHG
~
1' 6ROLG
~
1' 6RIW *UDGXDWHG
~
1' +DUG *UDGXDWHG
~
1' 6ROLG
~
1' 6RIW *UDGXDWHG
~
1' +DUG *UDGXDWHG
~
/LJKW %OXH *UDGXDWHG
~
'DUN %OXH *UDGXDWHG
~
/LJKW 7REDFFR *UDGXDWHG ~
'DUN 7REDFFR *UDGXDWHG ~
/LJKW 6XQVHW *UDGXDWHG ~
'DUN 6XQVHW *UDGXDWHG ~
6WDUEXUVWV [ [ [
~
5HG*UHHQ<HOORZ HDFK ~
6L[SLHFH 1' )LOWHU .LW ~
=7\SH PP ZLGH OWHUV

3UR +ROGHU
~
$GDSWHU 5LQJV PP ~
1' 6ROLG
~
1' 6RIW *UDGXDWHG
~
1' +DUG *UDGXDWHG
~
1' 6ROLG
~
1' 6RIW *UDGXDWHG
~
1' +DUG *UDGXDWHG
~
1' 6ROLG
~
1' 6RIW *UDGXDWHG
~
1' +DUG *UDGXDWHG
~
/LJKW %OXH *UDGXDWHG
~
'DUN %OXH *UDGXDWHG
~
/LJKW 7REDFFR *UDGXDWHG ~
'DUN 7REDFFR *UDGXDWHG ~
/LJKW 6XQVHW *UDGXDWHG ~
'DUN 6XQVHW *UDGXDWHG ~
$7\SH PP ZLGH OWHUV
6WDQGDUG +ROGHU
~
$GDSWHU 5LQJV PP ~
1' 6ROLG
~
1' *UDGXDWHG
~
~
$ SRSXODU NLW FRQWDLQLQJ DQ 1' 1' 1' 6ROLG
~
6RIW *UDG 1' 1' 6RIW *UDG )LOWHU 1' *UDGXDWHG
1' 6ROLG
~
+ROGHU SOXV $GDSWHU 5LQJ RI \RXU
FKRLFH PP
1' *UDGXDWHG
~

WULSRGV
IURP MXVW ~
&DPHUD %DJV
0LQG 6KLIW EDJV
IURP ~
$ ELJ UDQJH RI %LOOLQJKDP EDJV

VWDUWLQJ DW ~
(QWLUH UDQJH RI
7KLQN7DQN EDJV
LQ VWRFN IURP
MXVW ~
/HQV $FFHVVRULHV
%D\RQHW)LW /HQV +RRGV
(6 &DQRQ
~
(6,, &DQRQ
~
(7 &DQRQ ~
(7% &DQRQ ~
(7 &DQRQ 0DFUR ~
(7% &DQRQ
~
(:& &DQRQ ,6
~
(:& &DQRQ ,6 670 ~
(:% &DQRQ ,6
~
(:%,, &DQRQ ,6 ~
(:' &DQRQ ,6
~
(:( &DQRQ ,6
~
(:( &DQRQ ~
+% 1LNRQ 95
~
+% 1LNRQ 95
~
6WHSSLQJ 5LQJV
PP WR PP
GLHUHQW VL]HV
~
5HYHUVLQJ 5LQJV
PP WR PP
&DQRQ 1LNRQ 6RQ\ 2O\PSXV

DQG 3HQWD[
~
&RXSOLQJ 5LQJV
PPPP
6FUHZ)LW /HQV +RRGV

PP 5XEEHU +RRG
PP 5XEEHU +RRG
PP 0HWDO +RRG
PP 5XEEHU +RRG
PP 0HWDO +RRG
PP 5XEEHU +RRG
PP 6KDSHG 3HWDO +RRG
PP 5XEEHU +RRG
PP 5XEEHU +RRG
PP 5XEEHU +RRG
PP 5XEEHU +RRG
PP 5XEEHU +RRG
PP 5XEEHU +RRG
PP 5XEEHU +RRG
~
~
~
~
~
~
~
~
~
~
~
~
~
~
~
~
~
~
~
~
~
/HQV &DSV
/HQV &DSV &HQWUH3LQFK
~
~~ %RG\ 5HDU /HQV &DSV ~
$FWLRQ &DPHUDV
*HQXLQH *R3UR
$ PDVVLYH UDQJH RI *R3UR

&DPHUDV %DWWHULHV 0HPRU\
&DUGV DQG $FFHVVRULHV LQ VWRFN
DW FRPSHWLWLYH SULFHV
ZZZSUHPLHULQNFRXN 7HOHSKRQH RU 3UHPLHU ,QN 3KRWRJUDSKLF /RQJHOG 5RDG /HDPLQJWRQ 6SD :DUZLFNVKLUH &9 ;%
+HUR
+HUR
+HUR %ODFN
+HUR 6LOYHU
+HUR %ODFN
+HUR 6HVVLRQ
%DWWHU\ +HUR
%DWWHU\ +HUR
'XDO &KDUJHU +HUR
'XDO &KDUJHU +HUR
%DWWHU\ %DF3DF
/&' 7RXFK %DF3DF
%ODFNRXW +RXVLQJ
7ULSRG 0RXQWV
&KHVW +DUQHVV
+HDG 6WUDS
+HOPHW 6WUDS
+DQGOHEDU 0RXQW
7KH +DQGOHU
~&$// 86
~&$// 86
~&$// 86
~&$// 86
~&$// 86
~&$// 86
~
~
~
~
~
~
~
~
~
~
~
~
~
( (2 3ULFHV PD\ EH VXEMHFW WR FKDQJH EXW KRSHIXOO\ QRW
To advertise here, call Felix Barlow: 020 3148 2508 Email felix.barlow@timeinc.com
Processing and Printing

Printing
7LPH ,QF 8. /WG
7LPH ,QF 8. /WG

7LPH ,QF 8. /WG
112
To advertise here, call Felix Barlow: 020 3148 2508 Email felix.barlow@timeinc.com
Black & White processing
Classic Dealer
6(3,$
0(025,(6
6(3,$0(025,(6
3URIHVVLRQDO %: FRORXU SULQWLQJ

+DQG 3URFHVVLQJ DOO W\SHV RI OPV IURP P[

$OO SULQWHG RQ JHQXLQH EZ FRORXU SDSHUV
3KRQH IRU SULFH OLVW RI DOO VHUYLFHV

6HQG FKHTXH "
$OO ZRUN VHQW EDFN UHFRUGHG GHOLYHU\
.DUO +RZDUG &KDOIRQW &ORVH
+HPHO +HPSVWHDG +HUWIRUGVKLUH +3 -5
7HO 2SHQ 7XH6DW DP SP
$ 4XHHQ 6WUHHW 0RUHFDPEH /$ (3 PLOHV - 0
&DQRQ
$96XSHU
PP5HGXFHG

%UDXQ
3D[HWWH ,,/
&DQRQ
)' W)7%4/
7RNLQD
&DQRQ
PP )/
&DQRQ
$()'HGLFDWHG

&DQRQ
DVK
PP
6XSHUE
&DQRQ
)'7DPURQ
$GDSWDO
&DQRQ
(267DPURQ
,P 6WDE
&DQRQ
(26 (
860 &DVVDU

(GL[D)OH[
PP
OHQV
&DQRQ
:/)
()
([D (26
D FZ
PP
(QVLJQ
)HG )XO9XH
%ODFN
PP OHQV
(QVLJQ
&DVH
.LHY6HO[
D
PP FDVH
([DNWD
ERG\PP
SULVP
.LHY9;
W

([D
D :/)
PP
.RGDN
5HWLD
,,D 'RPLSODQ
(NWDU OHQV
([D
,,E PPERG\
0HULWDU
/HLFDH[
9*&
([D
ERG\
/HLW]
5 9DULR (OPDU
(NDNWD
PP6/(
)OHNWDJRQ
/RUGRPDW
&UI
([DNWD
PP 3ULPRWDU
0LUDQGD 6HQVRUH[ ,, PP
([DNWD
&KURPH :/)
1LNNRUPDW )7 PP
/HQLQJUDG
0HWHU
1LNRQ )* ERG\
0LQROWD
$XWRFRUG 0HWHUHG 7/5
1LNRQ $, PP
0LQROWD
$XWR 0.
1LNRQ $,6 PP
2O\PSXV 7 'HGLFDWHG DVK
3HQWD[ + I PP
3HQWD[ 3Q ERG\
3HQWD[ .7DPURQ $GDSWHU
3HQWD[
60&0 PP
3HQWDFRQ )% 5('8&('
3HQWD[
. W 9LYLWDU
3UDNWLFD 1RYD ,, 07/ 7HVVDU
3UDNWLFD
07/ PP
5ROORS ,, 7OU 9HU\ FOHDQ
5LFRK
.5 I PP
5ROOLHQDU
PP
9RLJWODQGHU 9LWR4%0
PP )ROGHU
:HUUD

+RRG&DS

:HVRQ 0DVWHU 9 &DVH
:HVWRQ
,,,
<DVKLFD
& 7OU0DVWHU
&DVH
:HVWRQ
0DVWHU
9
<DVKLFD
0LQLVWHU
,, &5)
<DVKLFDH[
7OU
=HQLW
;3
=HLVV
,,

=HLVV
-HQQD&RQWDH[
[ %LQRV
FDVH
Wanted

$
#### "
Light Tents
Cameras for Sale
Specialist Repairers
=HLVV &RQWDH[ 6XSHU

=HLVV &RQLQHWWH
/RWV PRUH RQOLQH 6HH ZHEVLWH
/RWV PRUH RQOLQH 6HH ZHEVLWH

ZZZVHSLDPHPRULHVFRP
ZZZVHSLDPHPRULHVFRP
Camera Fairs

1HZ DQG XVHG SKRWRJUDSKLF VSHFLDOLVW
%8< 6(// 48$/,7<

86(' 3+272*5$3+,&
(48,30(17

ZZZWHGGLQJWRQSKRWRJUDSKLFFRP
Lenses For Sale

/HLW] :HW]ODU P I 6XPPLFURQ 0
FROODSVLEOH +RRG &DSV &DVH
/HLFD 6XPPLFURQ PP I 6L[ %LW
+RRG &DSV &DVH LQFOS S

Camera Fairs

"/, " " ' ' 1( , (, " ((" &( ', (
0'3 $$3 .5#* ," "/' /(,"'( ' (%
1" 3"/ "/' 1 0 / "

,'' , ,
"/,1" '"
23 " " # #
" ,, "' "4""( %%
%%
,% 5.5 . )-) "% 5)!) )). -*
"4""(,(%"%/ 111%, (%"%/
Studios
(( 6.36'%%!/,3&&(( 6.3%

!/ ' ,*63&&(( /6(%*( '
-%(-' ,/! (( *6( -'! '/(,)
- (( 2(-1' ,.3&&(( '
'(-'",/- (**!6
'#-' "0'
(0--'$,.- '-
-0
-." ((- (20"
' 0(0"" '-(,.)3&& 0'
'
,.3&& )6/665 ' %0(%%,/
""4 '
-6!/6)/*(-1'%
subscribe 0330 333 4555 I www.amateurphotographer.co.uk I19-26 December 2015

%&!2*&!2*00).#
. .%
0
'$"&!//(.
&!2* .11
1 3 .0#
.
.%1 .1#
0 +3 .1

. !.*
-'4 -'%
.#.1# .% %%
.% .%#
.% 1
.% %, .%#
.1#.%#
!)2!$)3&&(&(1" #4+++/+0%%0
113
Photo Critique
Final Analysis
Roger Hicks considers
Kolyadki celebrations, Belarus, 2014, by Jonas Bendiksen
JONAS BENDIKSEN/MAGNUM PHOTOS
magine that youre living in your

great-great-great grandparents
time. The harvest is in and food
is plentiful, but theres no doubt
that winter has come. Now is the time to
slaughter the beasts you will be unable
to feed in a time of no forage, preserving
what you can, eating the rest to build up
your own fat reserves. On the bright side,
the hardest of the years work has drawn
to a close and you can sleep a lot: days are
short. But the year is turning, spring and
summer will come again bringing plenty.
This is the reason for winter festivals.
If you are religious, you can drag gods
into your celebrations too. Sol Invictus,
perhaps the Unconquered Sun
who shares a birthday with a later deity,
Jesus Christ. Or the chief god of Yule,
Jlnir, a manifestation of Odin.
I couldnt nd out much about Kolyadki,

except that it is pagan and falls at the
same time as the Orthodox Christmas.
There seems to be signicant regional
variations between Belarus, Ukraine and
Russia, but Kolyadki involves going from
door to door in fancy dress and singing
(sort of) carols; only sort of because they
may or may not be Christian. The singers
are rewarded with food, alcohol or money.
When it comes to costumes, Bendiksen
refers to old men (see the pushed-back
mask of the person on the right), gypsies
(the tall young woman, centre right)
and traditionally dressed babushkas
(grandmothers). Oh, and goats, as on the
left, although Ive also seen photos by
others of horses, donkeys and bears.
Maybe even the celebrants dont know
(or care) that much. After all, what are
the exact origins of Padstows Obby Oss

festival? What matters is that a thoroughly
enjoyable time is had by all, and that
tradition is maintained for the sake of
tradition. This is a lovely picture of people
unselfconsciously enjoying a tradition
(drink seems to have been taken), shot
under a mixture of window-light and
room lighting (look at the shadows colours
on the door). There was probably also
some ash bounced off the ceiling.
Why not try to take something as good
yourself, wherever you nd yourself this
festive season even in the pub? The hard
bit is avoiding the harsh shadows and
glaring reections of on-camera ash.
Its not necessarily easy, but practising
is fun, and remember that the cousin
reaching in to swap the bottles isnt
a mistake, but part of the story.
Roger Hicks has been writing about photography since 1981 and has published more than three dozen books on the subject, many in partnership with his wife Frances Schultz (visit his website
at www.rogerandfrances.com). Every week in this column Roger deconstructs a classic or contemporary photograph. Next week he considers an image by Bieke Depoorter
114
'PMMPX VT GPS UIF MBUFTU OFXT PFST DPNQFUJUJPOT
)DQWDVWLF VDYLQJV IRU

$BOPO &04 %
$BQUVSF UIF NPNFOU BU

TFWFO GSBNFT QFS TFDPOE
$BQUVSF UIF NPNFOU JO TUVOOJOH

TUJMMT BOE 'VMM)% NPWJFT XJUI
UIF &04 % GFBUVSJOH GQT GVMM
SFTPMVUJPO TIPPUJOH BO BEWBODFE
QPJOU "' TZTUFN BOE $BOPO`T
%VBM 1JYFM $.04 "' UFDIOPMPHZ
@RGA
@BJ
B
#PEZ POMZ
g

$BTICBDL
1SJ[F %SBX
g
1SJDFT JODMVEF DBTICBDL DMBJNFE GSPN $BOPO 6,

'PS EFUBJMT PO IPX UP XJO B MVYVSZ USJQ UP 4U .PSJU[ WJTJU
XXXQBSLDBNFSBTDPNQSPNPPFST 5$T BQQMZ &OET
4POZ 39 ***
4POZ 39 *7

KDMR
B@RGA@BJ
1$!?3$
*O TUPDL BU g
*O TUPDL BU g
1SJDF JODMVEFT SFCBUF :PV QBZ g DMBJN g

SFCBUF GSPN $BOPO 5$T BQQMZ &OET
g -&/4 $"4)#"$, BWBJMBCMF XIFO QVSDIBTJOH UIF

%T XJUI TFMFDUFE $BOPO MFOTFT 0FS FOET
7JTJU VT JO TUPSF PS DBMM

GPS EFUBJMT 0FS BWBJMBCMF VOUJM
'JOBODF JT TVCKFDU UP TUBUVT
'3&&
&
3FBMJUZ SFBMJ[FE
B@RGA@BJ
*O TUPDL BU g
*O TUPDL BU g
1SJDF JODMVEFT g DBTICBDL :PV QBZ g DMBJN

g DBTICBDL GSPN 4POZ 5$T BQQMZ &OET

4POZ B **
4POZ B
#PEZ POMZ
#PEZ 0OMZ
4POZ B3 **

B@RGA@BJ
#(& HSJQ
ZFBST` *OUFSFTU 'SFF $SFEJU

BWBJMBCMF XIFO ZPV CVZ
BOZ $BOPO - 4FSJFT -FOT
*4 45. *4 45.
g
$BOPO &04 % .BSL *** $BOPO &04 %T
*OUSPEVDJOH UIF GVMMGSBNF QBMNTJ[FE 3 ** UIF l3z

UIBU BEWBODFT UIF SFWPMVUJPO JO SFTPMVUJPO XJUI IJHIFS
TFOTJUJWJUZ SFTQPOTF BOE SFpOFNFOU
ZFBS
FYUFOEFE
XBSSBOUZ
NN

#PEZZ POMZZ

B@RGA@BJ
g
B@RGA@BJ
*O TUPDL BU g

*O TUPDL BU g


4JHNB NN
.BOGSPUUP #F'SFF
"WBJMBCMF JO $BOPO
/JLPO 4POZ "MQIB
1FOUBY BOE 4JHNB pUT
"WBJMBCMF JO #MBDL #MVF

3FE (SFZ PS (SFFO EFTJHOT
G &9 %$ )4.
.,#'3"#) 5SJQPE
(FU B .FUBCPOFT $BOPO &' UP &NPVOU 5 *7 "EBQUPS GPS POMZ

g XIFO CPVHIU XJUI UIF B3 **
qZ
)% "DUJPO 7JEFP $BNFSB
5BNSBD "/7*-
.FEJVN TJ[FE CBDLQBDL JEFBM

GPS QSPTJ[FE %4-3T
-$6
*O TUPDL BU g
*O TUPDL BU g
*O TUPDL BU g
*O TUPDL BU g
1VSDIBTF UIJT MFOT SFDFJWF B '3&& 4JHNB NN 83

67 pMUFS XPSUI g "WBJMBCMF XIJMTU TUPDLT MBTU
7JTJU PVS TUPSFT JO #VSHFT )JMM 8FTU 4VTTFY

PS $FOUSBM
-POEPO TFF UIF SBOHF PG .BOGSPUUP 5SJQPET
'VMMZ XFBSBCMF NPVOUBCMF BDUJPO DBNFSB TVQQMJFE

XJUI DBTF (P1SP NPVOU BEBQUFS 5JMUNPVOU
7JTJU PVS TUPSFT JO #VSHFTT )JMM 8FTU 4VTTFY

BOE
$FOUSBM -POEPO UP TFF PVS GVMM UBOHF PG CBHT
2DD NTQ VDARHSD

ENQ NTQ EDRSHUD
NODMHMF SHLDR
4FF PVS XFCTJUF QJDL VQ B HSFBU PFS 45"354 QN UI %FDFNCFS
4/#?3$#
#?(+8
,FFQ VQ UP EBUF 'PMMPX !QBSLDBNFSBTVTFE
'PS FWFO NPSF QSPEVDUT TQFDJBM PFST DBTICBDL QSPNPUJPOT VTFE QSPEVDUT BOE NPSF WJTJU VT JO TUPSF PS POMJOF
:PSL 3PBE
#63(&44 )*-3) 55
5FM
XXXQBSLDBNFSBTDPNBQ
3BUICPOF 1MBDF

-0/%0/
85 +3
"MM QSJDFT JODMVEF 7"5 ! 4FF XFCTJUF GPS PVS PQFOJOH UJNFT GPS CPUI PVS -POEPO BOE #VSHFTT )JMM TUPSFT "MM QSPEVDUT BSF 6, TUPDL &0& 1MFBTF NFOUJPO l"."5&63 1)050(3"1)&3z XIFO PSEFSJOH JUFNT GSPN UIJT BEWFSU
1SJDFT DPSSFDU BU UJNF PG HPJOH UP QSFTT 1SJDFT TVCKFDU UP DIBOHF DIFDL XFCTJUF GPS MBUFTU QSJDFT

Amateur Photographer - 19 December 2015

Enviado por

Dados do documento

Título original

Direitos autorais

Formatos disponíveis

Compartilhar este documento

Compartilhar ou incorporar documento

Opções de compartilhamento

Você considera este documento útil?

Este conteúdo é inapropriado?

Direitos autorais:

Formatos disponíveis

Amateur Photographer - 19 December 2015

Enviado por

Direitos autorais:

Formatos disponíveis

Saturday 19-26 December 2015

Our pick of the

Passionate about photography since 1884

COVER PICTURE GARETH WILLIAMS, ANDREW SYDENHAM, JAKE HICKS

Join our Flickr group

ONLINE PICTURE OF THE WEEK

comparison. Both features illustrate what a

Christmas is a good time to

Send us your pictures

cropped from it and still

19-26 December 2015 I www.amateurphotographer.co.uk I subscribe 0330 333 4555

CHRISTMAS COVER COMPETITION

SARAH LOUISE LEWIS

ANNETTE CHRISTINA NORDLINDER

subscribe 0330 333 4555 I www.amateurphotographer.co.uk I 19-26 December 2015

News review 2015

As the festive season ended, Nikon

Deer oh deer. Amateurs were accused of interfering

Registered-blind Dave Taylor

Canon showcased a 4 million

Canons EOS M10 features an 18MP sensor and

Ilford Studio inkjet paper was billed as the digital

subscribe 0330 333 4555 I www.amateurphotographer.co.uk I 19-26 December 2015

Olympus added 5-axis image stabilisation

A photo of Durdle Door, a Dorset hotspot favoured

RG Lewis, set up by a man

US photographer John Moore struck the $25K Sony

DAVID CARLIER/RED BULL ILLUME

JOHN MOORE, US, LIRIS DOR/PHOTOGRAPHER OF

This image by Simon Morris

SIMON MORRIS/SONY WORLD PHOTOGRAPHY AWARDS

The Mark II version of the Olympus OM-D

North Korea, which

365 days News review 2015

ALL PICTURES WWW.TIMEINCCONTENT.COM

A world exclusive under our noses

The Beatles photos, captured

same building as AP and shares

lm of the Beatles were unearthed

plan to abolish Freedom of

A crazy plan and a rogue tripod

The Freedom of Panorama plan was overruled by a huge majority of MEPs

THE YEAR IN NUMBERS

of lm users are under

years since Elliott Erwitt

images submitted to Food press photographers were told of photojournalists

News review 2015 365 days

Fox Talbot prints and

photographic Armageddon, the

Stored data is vulnerable to

Megapixel ambitions and

content to stop there, the company

Canon revealed plans for a 250-million-pixel sensor

people attended the

stores run by Jessops,

subscribe 0330 333 4555 I www.amateurphotographer.co.uk I 19-26 December 2015

Then, right on cue, photographer

The idea of contextualised cameras takes hold

365 days News review 2015

PHOO CHAN/MEDIA DRUM WORLD

Instagram isnt just for

Changes and landmarks

Animals riding other animals

&RPSDFW OLJKWZHLJKW DQG WUXO\ SRUWDEOH 0RXQW

3URIRWR % $LU77/

' %DVLF RU 6WXGLR 7ZLQ +HDG .LWV

' 6WXGLR 7KUHH +HDG .LWV

"WBJMBCMF JO PS XBUU DPNCJOBUJPOT