Feb 1, 2014 - GROUND clutter contamination of weather signals is a long-standing problem in radar meteorology because it biases the estimates of spectral ...
!""" #$%&'%(#!)&' )& '!*&%+ ,$)("''!&*- .)+/ 01- &)/ 2- 3"4$5%$6 7- 1879
:;
?@A (B?CCD= EDCDFCG>@ 5HG@I CJD 'CKCGHCGFKB ,=>LD=CGDH >M 'GI@KBH $DFDGNDA OGCJ K ,>BK=GPDC=GF $KAK= 6G@I?K@I +G! "#$%#&! '(((- *?GM? QJK@I! )#*+,& "#$%#&! '(((- K@A $GFJK=A R/ E>NGKS! -+.# /#00,1! '(((
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
!/ !$)E5(#!)&
;
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d7e/ f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d1e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d2e/ f>TDND=- HCKCGF FB?CCD= PKLH A> @>C GAD@CGMW FB?CCD= B>FKCG>@H CJKC KLLDK= >@BW ?@AD= K@>PKB>?H L=>LKIKCG>@ X%,Y F>@AGCG>@H/ #J?H- K@ KAKLCGND I=>?@A FB?CCD= ADCDFCG>@ KBI>=GCJP GH @DDADA C> ADCDFC I=>?@A FB?CCD= ?@AD= V>CJ @>=PKB L=>LKIKCG>@ X&,Y K@A %, F>@AGCG>@H VW DbKPG@G@I CGPDUHD=GDH AKCK K@A GCgH 3>?=GD= #=K@HM>=P X3#Y- HLDFC=KB P>PD@CH XG/D/- =D"DFCGNGCW- E>LLBD= NDB>FGCW- K@A HLDFC=?P TGACJY- L>BK=GPDC=GF LK=KPDCD=H- K@A AGHF=GPG@K@CH AD=GNDA M=>P CJDP/ )@D H?FJ KAKLCGND KLL=>KFJ GH CJD FB?CCD= PGCGIKCG>@ ADFGHG>@ X([EY KBI>=GCJP d9ehd0e/ #JD ([E KBU I>=GCJP GH TGADBW S@>T@ K@A KFFDLCDA G@ CJD TDKCJD= =KAK= F>PP?@GCW K@A GC F>PVG@DH CJ=DD AGHF=GPG@K@CH_ FB?CCD= LJKHD KBGI@PD@C X(,%Y- CDbC?=D >M =D"DFCGNGCW X#E4QY- K@A ',!& dIGF KLL=>KFJ C> ADCD=PG@D CJD DbGHCD@FD >M FB?CCD=/ #JD (,% GH AD=GNDA M=>P CJD CGPDUHD=GDH AKCK- K@A V>CJ CJD #E4Q K@A ',!& K=D AD=GNDA M=>P =D"DFCGNGCW KB>@I =K@ID/ #JD ([E KBI>=GCJP GH F?==D@CBW ?HDA G@ CJD $E% XO'$U]]EgH $KAK= EKCK %Fi?GHGCG>@ H?VHWHCDPY V?GBA 77 TGCJ *[%, X*K?HHGK@ [>ADB %AKLCGND ,=>FDHHG@IY !BCD= d1e K@A JKH VDD@ CDHCDA VW O'$U]]EgH $KAK= )LD=KCG>@ (D@CD= C> =DLBKFD CJD HCKCGF FB?CCD= PKL d]e/ #JD (+"%&U%, X(+?CCD= "@NG=>@PD@C %&KBWHGH ?HG@I %AKLU CGND ,=>FDHHG@IY KBI>=GCJP F>PVG@DH K I=>?@A FB?CCD= ADCDFCG>@
78:2U:]@/ 'DD JCCL_aaTTT/GDDD/>=IaL?VBGFKCG>@HlHCK@AK=AHaL?VBGFKCG>@Ha=GIJCHaG@ADb/JCPB M>= P>=D G@M>=PKCG>@/
:;]
!""" #$%&'%(#!)&' )& '!*&%+ ,$)("''!&*- .)+/ 01- &)/ 2- 3"4$5%$6 7- 1879
KBI>=GCJP K@A K I=>?@A FB?CCD= !BCD= d;e\ GC ?HDH CJD LJKHD >M CJD K?C>UF>==DBKCG>@ HLDFC=KB AD@HGCW- K@A GC GH HCKCDA CJKC (+"%&U%, JKH VDCCD= I=>?@A FB?CCD= PGCGIKCG>@ XADCDFCG>@ K@A !BCD=G@IY CJK@ CJD F?==D@C ([Ea*[%, d]e/ % HLDFC=?P FB?CCD= GAD@CG!FKCG>@ X'(!Y KBI>=GCJP d78e- d77e F>PVG@DH M>?= AGHF=GPG@K@CH_ HLDFC=KB L>TD= AGHC=GV?CG>@- HLDFC=KB LJKHD "?FC?KCG>@H- HLKCGKB CDbC?=D >M DFJ> L>TD=- K@A HLKCGKB CDbC?=D >M HLDFC=?P TGACJ C> PKSD ADU FGHG>@H KH C> CJD L=DHD@FD >M FB?CCD=\ GC GH M>F?HDA >@ ADCDFCG@I I=>?@A FB?CCD= PGbDA TGCJ TDKCJD= HGI@KBH- DND@ GM CJD FB?CCD= C> HGI@KB =KCG> X('$Y GH B>T V?C FK@ HCGBB HGI@G!FK@CBW VGKH CJD TDKCJD= P>PD@C DHCGPKCDH/ % P?BCGLKCCD=@ CDFJ@Gi?D d71e ADP>@HC=KCDA CJD L>CD@CGKB >M LJKHDA K==KW =KAK= X,%$Y G@ ADCDFCG@IaPGCGIKCG@I I=>?@A FB?CCD= KH TDBB KH P>NG@I FB?CCD=/ $DFD@CBW K HFK@UC>UHFK@ F>==DBKCG>@ PDCJ>A d72e TKH G@C=>A?FDA C> GAD@CGMW I=>?@A FB?CCD=TJGFJ CKSDH KANK@CKID >M CJD MKFC CJD F>==DBKCG>@ CGPD >M DFJ>DH M=>P JWA=>PDCD>=H GH CWLGFKBBW P?FJ HJ>=CD= CJK@ CJKC M=>P I=>?@A >VcDFCH/ !@ KAAGCG>@ C> CJD FB?CCD= ADCDFCG>@ KBI>=GCJPH VKHDA >@ HG@IBD L>BK=GZKCG>@ =KAK= AKCK G@C=>A?FDA KV>ND- PK@W I=>?@A FB?CCD= ADCDFCG>@ KBI>=GCJPH VKHDA >@ L>BK=GPDC=GF =KAK= AKCK TD=D KBH> ADNDB>LDA/ )@D H?FJ KBI>=GCJP GH CJD JWA=>PDCD>= FBKHHG!FKCG>@ KBI>=GCJP Xf(%Y d79e- d7:e- TJGFJ AGHF=GPG@KCDH JWA=>PDCD>= CWLDH KH TDBB KH I=>?@A FB?CCD= K@A VG>B>IGFKB HFKCCD=D=H ?HG@I M?ZZW B>IGF C> F>PVG@D HGb AGHF=GPG@K@CH_ XJ>=GZ>@CKB =D"DFU CGNGCWYXAGMMD=D@CGKB =D"DFCGNGCWYXF>L>BK= F>==DBKU CG>@ F>DM!FGD@CYXHLDFG!F AGMMD=D@CGKB LJKHDY- K@A CJD CDbU C?=DH >M CJD K@A XAGMMD=D@CGKB =D"DFCGNGCWY !DBAH/ !@ CJD f(% KBI>=GCJP- KBB AGHF=GPG@K@CH K=D AG=DFCBW >= AD=GNDA M=>P HLDFC=KB P>PD@CH K@A L>BK=GPDC=GF LK=KPDCD=H/ % FB?CCD= =DF>IU @GCG>@ KBI>=GCJP ?HG@I L>BK=GPDC=GF HLDFC=KB K@KBWHGH d70e F>PU VG@DA L>BK=GPDC=GF NK=GKVBDH >VCKG@DA M=>P CJ=DD FD@C=KB BG@DH >M CJD E>LLBD= HLDFC=?P C> ADCD=PG@D CJD DbGHCD@FD >M I=>?@A FB?CCD=\ CJD M>F?H GH FB?CCD= =DF>I@GCG>@ G@ K HG@IBD =K@ID IKCD K@A CJD CDbC?=DH >M L>BK=GPDC=GF LK=KPDCD=H K=D @>C ?HDA/ #> CDHC M>= CJD L=DHD@FD >M I=>?@A FB?CCD=- >@D >M CJD CT> JWU L>CJDHDH- KY CJD HKPLBDA DFJ> GH CJD F>PVG@KCG>@ >M TDKCJD= HGI@KB K@A @>GHD X@?BB JWL>CJDHGH Y- >= VY CJD HKPLBDA DFJ> GH CJD F>PVG@KCG>@ >M I=>?@A FB?CCD=- TDKCJD= HGI@KB- K@A @>GHD XKBCD=@KCGND JWL>CJDHGH Y- FK@ VD KHH?PDA C> VD C=?D d7CJDHGH HJ>?BA VDCCD= KFF>?@C M>= CJD PDKH?=DPD@C CJK@ CJD >CJD= >@D/ 4DFK?HD CJD TDKCJD= HGI@KBFB?CCD=- K@A @>GHD K=D ADHF=GVDA HCKCGHCGFKBBW- CJD K@KBWHGH HCK=CH TGCJ CJD P>ADBG@I >M CJD L=>VKVGBGCW AD@HGCW M?@FCG>@ X,E3Y CJKC ADHF=GVDH CJD HKPLBDA DFJ>DH C> VD CDHCDA ?@AD= DKFJ >M CJD CT> JWL>CJDHDH/ #JD @DbC HCDL GH C> ADFGAD CJD =?BD C> VD ?HDA G@ ADCD=PG@G@I K@ >LCGPKB FJ>GFD VDCTDD@ CJD CT> JWL>CJDHDH/ !@ CJD KNGKCG>@ =KAK= F>PP?@GCW- CJD &DWPK@U,DK=H>@ F=GCD=G>@ GH F>PP>@BW ?HDA d7]- (JKL/ :/2e- TJGFJ GH ADHGI@DA C> PKbGU PGZD CJD L=>VKVGBGCW >M ADCDFCG>@ ?@AD= CJD F>@HC=KG@C CJKC CJD A>DH @>C DbFDDA K HDC F>@HCK@C/ L=>VKVGBGCW >M MKBHD KBK=P #JD BGSDBGJ>>A =KCG> CDHC X+$#Y GH CJD >LCGPKB ADCDFC>= d7;- #JDU >=DP 2/7e KFF>=AG@I C> CJD &DWPK@U,DK=H>@ CJD>=DP VDFK?HD / f>TDND=- G@ GC L=>NGADH PKbGP?P IGND@ K HLDFG!DA =DKBUT>=BA KLLBGFKCG>@H- TD A> @>C KBTKWH JKND CJD S@>TBDAID >M CJD LK=KPDCD= NKB?DH ADHF=GVG@I CJD ,E3H ?@AD= CJD CT> JWU L>CJDHDH- K@A CJ?H K ID@D=KBGZDA BGSDBGJ>>A =KCG> CDHC X*+$#Y GH ?HDA G@HCDKA >M CJD +$#/ !@ ?HG@I CJD *+$#- ?@S@>T@ LKU =KPDCD=H K=D =DLBKFDA VW CJDG= PKbGP?P BGSDBGJ>>A DHCGPKCDH X[+"HY/ !@ CJGH PK@?HF=GLC CJD CDHC HCKCGHCGF >VCKG@DA M=>P CJD
*+$# GH ?HDA C> ADCDFC I=>?@A FB?CCD= G@ CJD L=DHD@FD >M TDKCJD= K@A @>GHD/ %@>CJD= KLL=>KFJ C> ADCDFC I=>?@A FB?CCD= GH AKCK FBKHHG!U FKCG>@ X>= PKFJG@D BDK=@G@IY/ EKCK FBKHHG!FKCG>@ GH K CT>UHCDL L=>FDHH- F>@HGHCG@I >M K BDK=@G@I HCDL- TJD=D K FBKHHG!FKCG>@ P>ADB GH F>@HC=?FCDA M=>P CJD C=KG@G@I AKCK- K@A K FBKHHG!FKU CG>@ HCDL- TJD=D CJD P>ADB GH ?HDA C> L=DAGFC FBKHH BKVDBH G@ CJD CDHCG@I AKCK d18- (JKL/ ]e/ !@ CJD BDK=@G@I HCDL- CJD AGHF=GPG@K@CH >= KCC=GV?CDH @DDA C> VD AD!@DA TJGFJ HJ>?BA JKND AGHCG@FC HCKU CGHCGFKB L=>LD=CGDH X,E3HY IGND@ AGMMD=D@C FBKHHDH/ % FBKHHG!FKU CG>@ =?BD GH @DDADA C> FBKHHGMW CDHCG@I AKCK/ #JD F>PP>@BW ?HDA FBKHHG!FKCG>@ =?BD G@ CJD TDKCJD= =KAK= F>PP?@GCW GH M?ZZW B>IGF K@A 4KWDH PDCJ>AH d79e- d17e- d11e/ !@ CJGH PK@?HF=GLC- K HGPLBD 4KWDHGK@ FBKHHG!D= X'4(Y GH ?HDA C> ADCDFC I=>?@A FB?CCD= TGCJ G@L?CH AD=GNDA M=>P CJD PDK@ K@A F>NK=GK@FD >M CJD =DFDGNDA HGI@KBH/ !@ 'DFCG>@ !!- CJD CDHC HCKCGHCGF GH AD=GNDA K@A GCH LD=M>=PK@FD GH Db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b N>BCKID NDFC>= K@A CJD K==>T G@AGFKCDH K NDFC>=- HGI@G!DH FB?CCD=- TDKCJD=- K@A @>GHD/ #JD H?VHF=GLC HGI@G!DH CJD CJ HKPLBD >M K@ HKPLBD CGPD HD=GDH/ #JDHD F>PLBDb N>BCKID NDFC>=H- M>= K HGP?BU CK@D>?HBW C=K@HPGC HGP?BCK@D>?HBW =DFDGND X'#'$Y L>BK=GPDC=GF =KAK=- FK@ VD T=GCCD@ KH_ X1KY X1VY X1FY X1AY !@ X1Y CJD H?VHF=GLCH J K@A N =DL=DHD@C CJD J>=GZ>@CKBBW K@A - TJD=D ND=CGFKBBW L>BK=GZDA N>BCKIDH/ K@A K=D CJD =DFDGNDA J>=GZ>@CKBBW L>BK=GZDA N>BCU KIDH TJD@ C=K@HPGCCG@I HGP?BCK@D>?HBW J>=GZ>@CKB K@A ND=CGFKB GH L>BK=GZKCG>@H- =DHLDFCGNDBW/ #JD F=>HHUL>BK= HGI@KB KHH?PDA C> VD ID@D=KCDA VW I=>?@A K@A TDKCJD= HFKCCD=D=H G@ K =K@ID FDBB >M TGACJ d12- (JKL/ 9/9/9e- K@A @>C VW F>?LBG@I TGCJG@ CJD =KAK=/ "KFJ F>PLBDb N>BCKID NDFC>= F>@HGHCH >M CT> F>PL>@D@CH_ CJD F>PLBDb N>BCKIDH M=>P J>=GZ>@CKB K@A ND=CGFKB =DFDGNG@I FJK@@DBH/ &DbC CJD HCKCGHCGFKB P>ADBH M>=
+! #7 603_ *$)5&E (+5##"$ E"#"(#!)&
:;;
- K@A TGBB VD DHCKVBGHJDA/ 4DM>=D CJKC- CJD M>BB>TG@I KHH?PLCG>@H K=D PKAD_ 7Y #JD FB?CCD= N>BCKID NDFC>= GH F>PLBDb K@A JKH K F>PU LBDb @>=PKB AGHC=GV?CG>@ TGCJ @>@ZD=> PDK@ d19- #JD>=DP 7:/7e CJKC FK@ VD DbL=DHHDA KH - TJD=D CGBAD HGI@G!DH CJKC GH F>PLBDb K@A @>=PKBBW AGHU C=GV?CDA TGCJ PDK@ NDFC>= Di?KB C> K@A F>NK=GK@FD PKC=Gb TJD=D =DL=DHD@CH CJD D@HDPVBD KND=KID- K@A CJD H?LD=HF=GLC f CJD fD=PGCGK@ >= F>@c?IKCD C=K@HL>HD/ .DFC>=H K=D GAD@CGFKBBW AGHC=GV?CDA/ (>@U HGAD=G@I CJKC I=>?@A FB?CCD= F>@HGHCH >M V>CJ !bDA HFKCCD=D=H XI=>?@A- =>FSH- C=DD C=?@SHY K@A P>NG@I HFKCCD=D=H XBDKNDHV=K@FJDHY- CJD =DFDGNDA HGI@KB F>==DHL>@AG@IBW F>@CKG@H V>CJ K F>@HCK@C X>= AUF F>PL>@D@CY K@A K NK=WG@I F>PU L>@D@C X>= KUF F>PL>@D@CY d1:e/ #J?H- CJD FB?CCD= N>BCKID NDFC>= GH KHH?PDA C> JKND K @>@ZD=> PDK@/ 1Y #JD TDKCJD= N>BCKID JKH K F>PLBDb @>=PKB AGHC=GV?U CG>@ TGCJ ZD=> PDK@- K@A GH DbL=DHHDA KH TJD=D GH CJD F>NK=GK@FD PKC=Gb >M TDKCJD= HGI@KBH Di?KB C> / .DFC>=H K=D GAD@CGU FKBBW AGHC=GV?CDA/ 2Y #JD @>GHD N>BCKID GH KHH?PDA C> VD K F>PLBDb TJGCD =K@A>P NDFC>= TGCJ ZD=> PDK@ DbL=DHHDA KH TJD=D GH CJD @>GHD L>TD=KHH?PDA Di?KB M>= CJD f K@A . FJK@@DBH- K@A GH K 1 VW 1 GAD@CGCW PKC=Gb/ .DFC>=H K=D GAD@CGFKBBW AGHC=GV?CDA/ 9Y #JD NDFC>=H - K@A K=D G@ADLD@AD@C >M DKFJ >CJD=/ !M KHH?PLCG>@H 7 CJ=>?IJ 9 K=D C=?D- CJD HCKCGHCGFKB P>ADB ?@AD= CJD KBCD=@KCGND JWL>CJDHGH XG/D/- CJD HKPLBDA N>BCKID GH CJD H?P >M I=>?@A FB?CCD=- TDKCJD=- K@A @>GHDY GH d19- (JKL/ 7:/9e_
!@ X9Y =DL=DHD@CH CJD L=>VKVGBGCW AD@HGCW M?@FCG>@/ 3>= TDKCJD= HGI@KBH K@A FB?CCD=- NDFC>=H K=D =K=DBW G@ADLD@AD@C- K@A CJ?H CJD =GIJC HGAD >M X9Y GH KC VDHC K@ KLL=>b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bGP?P +GSDBGJ>>A "HCGPKCG>@H X[+"HY >VU CKG@DA ?HG@I K !@GCD @?PVD= >M HKPLBDH/ #JDHD ?@S@>T@ LKU =KPDCD= DHCGPKCDH K=D d10e_ X:KY X:VY !@ L=KFCGFD *+$# T>=SH i?GCD TDBB- KBCJ>?IJ GC GH @>C KHH>FGU KCDA TGCJ >LCGPKBGCW d7;- (JKL/ 0/9/1e/ #J?H- ?HG@I [+" G@ X9Y CJD *+$# CDHC HCKCGHCGF FK@ VD =DT=GCCD@ KH_
X0Y
4KHDA >@ d19- (JKL/ 7:/9e- CJD L=>VKVGBGCW AD@HGCW M?@FCG>@H K@A
FK@ VD T=GCCD@ KH_
X2KY TJD=D / !M I=>?@A FB?CCD= GH @>C L=DHD@C- CJD HCKCGHCGFKB P>ADB ?@AD= CJD @?BB JWL>CJDHGH FK@ VD T=GCCD@ KH_
XM GH >VCKG@DA- GC GH =Di?G=DA C> ADCD=PG@D TJDCJD= CJD HKPLBD NKB?DH !C VDCCD= C> CJD HCKCGHCGFKB P>ADB IGND@ VW X2KY >= X2VY/ % +GSDBGJ>>A $KCG> #DHC X+$#Y GH >MCD@ ?HDA C> F>PLK=D CJD !C >M CT> P>ADBH/ #JD +$# GH CJD >LCGPKB ADCDFC>= d7;- #JD>=DP 2/7e KFF>=AG@I C> CJD &DWPK@U,DK=H>@ CJD>=DP VDFK?HD GC L=>U NGADH PKbGP?P L=>VKVGBGCW >M ADCDFCG>@ IGND@ K HLDFG!DA L=>VKVGBGCW >M MKBHD KBK=P / #JD +$# CDHC HCKCGHCGF M>= G@ADLD@AD@C K@A GAD@CGFKBBW AGHC=GV?CDA HKPLBDH FK@ VD T=GCCD@ KH d7;- #JD>=DP 2/7e_
!@ X@ V>CJ HGADH >M X]Y TD >VCKG@ CJKC_
X9Y X;Y
088
!""" #$%&'%(#!)&' )& '!*&%+ ,$)("''!&*- .)+/ 01- &)/ 2- 3"4$5%$6 7- 1879
!M V>CJ CJD @?PD=KC>= K@A AD@>PG@KC>= K=D AGNGADA VW - TD JKND_
!@ X;Y C= =DL=DHD@CH CJD C=KFD >M K PKC=Gb- K@A d1CJ K=D Di?KB C>-
X7]Y
K@A
X;Y FK@ VD =DT=GCCD@ KH_ X78Y
%FF>=AG@I C> CJD AD!@GCG>@H >M F>L>BK= F>==DBKCG>@ F>DM!FGD@C K@A AGMMD=D@CGKB L=>LKIKCG>@ LJKHD - TD JKND d12(JKL/ ]/:/1e_
3=>P X:KY K@A X:VY- TD FK@ >VCKG@ CJKC_
X7;Y X77Y
%FF>=AG@I C> 'WBNDHCD=gH ADCD=PG@K@C CJD>=DP d1]e- TD S@>T CJKC_
4=G@I X7;Y G@C> X7]Y TD JKND_ X18Y
X71Y 4=G@I X71Y G@C> X78Y TD FK@ >VCKG@ CJKC_ X72Y 'G@FD GH P>@>C>@GFKBBW G@F=DKHG@I TGCJ G@F=DKHG@I - K@ Di?GNKBD@C CDHC HCKCGHCGF GH_ X79Y !C GH @>CGFDA CJKC CJD CDHC HCKCGHCGF AD=GNDA G@ X79Y GH K (3%$ X(>@HCK@C 3KBHD %BK=P $KCDY CDHC >@BW GM CJD =DFDGNDA HKPLBDH K=D G@ADLD@AD@C M=>P L?BHD C> L?BHD d10e/ f>TDND=- M>= TDKCJD= =KAK=H- CJD HKPLBDH K=D @>C G@ADLD@AD@C M=>P L?BHD C> L?BHDK@A CJD @?PVD= >M G@ADLD@AD@C HKPLBDH M>= K FD=CKG@ =DH>B?CG>@ N>B?PD ADLD@AH >@ CJD FJK=KFCD=GHCGFH >M CJD CK=IDCDA PDAG?PM>= DbKPLBD CJD G@CD@HGCW >M C?=V?BD@FD K@A HJDK=/ #J?H- CJD CDHC HCKCGHCGF AD=GNDA JD=DG@ GH @>C CJD (3%$ CDHC M>= I=>?@A FB?CCD= ADCDFCG>@ !@ X79YFK@ VD T=GCCD@ KH X7:Y- HJ>T@ KC CJD V>CC>P >M CJD LKID/ !@ X7:Y CJD HCK= =DL=DHD@CH F>@c?IKCD/ #JD G@ND=HD PKC=Gb FK@ VD T=GCCD@ KH_ X70Y '?VHCGC?CG@I X70Y G@C> X79Y-
FK@ VD T=GCCD@ KH_ X7M K F>PLBDb @?PVD=/ #D=PH K@A XG/D/K@A AD!@DA G@ 'DFCG>@ !!!U%Y =DL=DHD@C- M>= f K@A . FJK@@DBH- =DHLDFCGNDBWCJD =KCG> VDCTDD@ CJD L>TD= KC ZD=> HLDFC=KB BG@D K@A CJD L>TD= H?PPDA M=>P KBB >CJD= HLDFC=KB BG@DH/ #JD H?P >M CJDHD CT> CD=PH TGBB VD AD!@DA KH K@ KBCD=@KCGND CDHC HCKCGHCGF / #JD =DKH>@ CJKC GH G@C=>A?FDA GH VDFK?HD GC GH CJD H?P >M CJD CT> G@L?CH K@A >M CJD HGPLBD 4KWDHGK@ FBKHHG!D= AD!@DA G@ 'DFCG>@ !!!U%/ !@ CJD @DbC HDFCG>@ TD F>PLK=D CJD L=>VKVGBGCW >M ADCDFCG@I FB?CCD= NH/ CJD MKBHD KBK=PH ?HG@I K@A KH K HG@IBD LK=KPDCD= ADCDFC>= >M I=>?@A FB?CCD= CJKC FK@ HGI@G!FK@CBW VGKH CJD 8CJ- 7HC- K@A 1@A P>PD@CH >M TDKCJD= HGI@KBH M=>P DKFJ =DH>B?CG>@ N>B?PD XG/D/ AKCK M=>P KAcKFD@C =DH>B?CG>@ N>B?PDH K=D @>C ?HDAY/ 4676 )#7 7, (560?67# =0?77#& 4#7#;7+,* @#&.,&$6*;# #JD F>@C=>BBDA AKCK HDCH K=D >VCKG@DA VW KAAG@I FB?CCD= AKCK>VCKG@DA KC B>T DBDNKCG>@ K@IBDH ?@AD= F>BA FBDK= KG= F>@AGCG>@HC> CJD HC=KCGM>=P TDKCJD= AKCK >VCKG@DA KC JGIJ DBDNKCG>@ K@U IBDH TJD=D I=>?@A FB?CCD= FK@ VD @DIBDFCDA d78e- d70e/ % !DBA >M FB?CCD= AKCK C> K =K@ID >M 1: SP X3GI/ 7Y TKH F>BBDFCDA TGCJ )5U,$![" KC 12_7; 5#( >@ 87a72a1877 TGCJ CJD DBDNKCG>@ K@IBD !bDA KC 8 K@A TJGBD CJD VDKP TKH HFK@@DA >ND= 208 >M KZGP?CJ/ *=>?@A FB?CCD= !am AKCK TD=D DAGCDA VW ADBDCG@I CJ>HD MDT =DH>B?CG>@ N>B?PDH HJ>TG@I PDK@ E>LLBD= NDB>FGCGDH K@A / #JGH ADBDCG>@ L=>NGADH K FB?CCD= !DBA @>C F>@CKPG@KCDA M=>P P>NG@I >VcDFCH >@ CJD I=>?@A >= KG=V>=@D XD/I/- VG=AH K@A KG=F=KMCY/ #JD 2 A4 '&$ CJ=DHJ>BA KLU LDK=H C> L=>A?FD AKCK G@ TJGFJ @>GHD DMMDFCH K=D @>C >VNG>?H K@A GC GH F>PP>@BW ?HDA M>= CJD O'$U]]E TDKCJD= =KAK=H d1;e/
X7:Y
+! #7 603_ *$)5&E (+5##"$ E"#"(#!)&
087
G@ CJGH FKHD- TDKCJD= HGI@KBH K=D F>@HGAD=DA C> VD F>@CKPG@KCDA VW FB?CCD= K@A FB?CCD= @DDAH C> VD ADCDFCDA/ !@ F>@FB?HG>@- ('$ K@A =D"DFCGNGCW VGKH K=D @>C CJD >@BW F=GCD=G>@ C> c?AID TJDCJD= FB?CCD= @DDAH C> VD ADCDFCDA >= @>C/ !@ 3GI/ 7- CJD =D"DFCGNGCW !DBA >M FB?CCD= AKCK GH HJ>T@\ CJGH GH CJD I=>?@A C=?CJ/ =3 (560?67+,* ,. 78# 9#:7 )767+:7+;:
3GI/ 7/ $D"DFCGNGCW MKFC>= >M FB?CCD= AKCK F>BBDFCDA >@ 87a72a1877 M=>P )5U,$![" TGCJ DBDNKCG>@ K@IBD !bDA KC 8 /
ODKCJD= AKCK TD=D F>BBDFCDA >@ CJ=DD AKWH X89_:: 5#( >@ 89a7]a1878- 71_22 5#( >@ 8:a79a1878- K@A 17_9; 5#( >@ 8;a8]a1878Y TGCJ CJD DBDNKCG>@ K@IBD !bDA 2/: / 4DFK?HD CJD CT>UTKW 0UA4 VDKPTGACJ >M )5U,$![" GH 8/: - K@A CJD CT>UTKW HGADB>VD BDNDBH K=D VDB>T ;8 A4 XG/D/- CJD CT>UTKW HGADB>VD BDNDB KC 2 GH ;8 A4Y- CJD=D GH L=KFCGFKBBW @> FB?CCD= L=DHD@C G@ CJD TDKCJD= AKCK/ 'C=KCGM>=P TDKCJD= TKH HDBDFCDA VDFK?HD CJD=D K=D PK@W @K==>TUVK@A ZD=>UNDB>FGCW TDKCJD= HGI@KBH TJGFJ K=D CJD P>HC AGM!F?BC C> AGHCG@I?GHJ M=>P I=>?@A FB?CCD= d9e- d78e/ !@ CJGH PK@?HF=GLC- K =DH>B?CG>@ N>B?PD GH F>@HGAD=DA C> VD L>HGCGND >= JKND TDKCJD= HGI@KBH F>@CKPG@KCDA VW FB?CCD= >@BW GM_ *=>?@A FB?CCD= VGKHDH TDKCJD= L>TD= DHCGPKCDH VW P>=D CJK@ 7 A4- >= CJD TDKCJD= HGI@KBgH PDK@ =KAGKB NDB>FGCW DHU CGPKCDH VW P>=D CJK@ 7 - >= GCH HLDFC=?P TGACJ DHCGU PKCDH VW P>=D CJK@ 7 d28- 'DF/ 2/?@A FB?CCD= M=>P K =K@ID VG@ A>DH F>Db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bKPLBD- GM - @>GHD L>TD= GH @DIBGIGVBD- PDK@ =KAGKB NDB>FGCW K@A HLDFC=?P TGACJ >M CJD TDKCJD= HGI@KB GH 8 K@A 7 =DHLDFCGNDBW- K@A HLDFU C=?P TGACJ >M I=>?@A FB?CCD= GH 8/0 - CJD TDKCJD= P>PD@CH TGBB @>C VD HGI@G!FK@CBW VGKHDA VW FB?CCD= d78e\ CJD=DM>=D TDKCJD= AKCK ?@AD= CJDHD F>@AGCG>@H GH F>@HGAD=DA C> VD ?@F>@CKPG@KCDA VW FB?CCD= K@A FB?CCD= HJ>?BA @>C VD !BCD=DA/ )@ CJD >CJD= JK@AGM - PDK@ =KAGKB NDB>FGCW K@A HLDFC=?P TGACJ >M CJD TDKCJD= HGI@KB GH K@A 7 =DHLDFCGNDBW X GH CJD &Wi?GHC M>= )5U,$!["Y- K@A HLDFU C=?P TGACJ >M I=>?@A FB?CCD= GH 8/0 - TDKCJD= HGI@KB HLDFU C=?P TGACJH FK@ VD VGKHDA P>=D CJK@ 7 VW FB?CCD= d78e\
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d27e- d21e >M K@A M>= CJ=DD F>@C=>BBDA AKCK HDCH K=D HJ>T@/ 3=>P 3GI/ 2 GC FK@ VD F>@FB?ADA CJKC LD=M>=PH HBGIJCBW VDCCD= CJK@ - V?C V>CJ MKBB HJ>=C >M CJD GADKB $)( F?=ND/ %@ KBCD=@KCGND L=DHD@CKCG>@ >M FB?CCD= ADCDFCG>@ LD=M>=PK@FD GH L=DHD@CDA G@ #KVBD !- TJD=D CJD L=>VKVGBGCW >M ADCDFCG>@ K@A CJ=DHJ>BA >M V>CJ K@A M>= CJD CJ=DD F>@C=>BBDA AKCK HDCH K=D IGND@ GM / 3=>P #KVBD ! GC FK@ VD F>@FB?ADA CJKC TJD@ - CJD=D K=D PK@W PGHH ADCDFCG>@H M>= V>CJ CDHC HCKCGHCGFH/ K@A JKND HBGIJCBW VDCCD= LD=M>=PK@FD M>= CJD CJG=A F>@C=>BBDA AKCK X8;a8]a78Y VDFK?HD CJD=D K=D MDTD= ZD=>U NDB>FGCW TDKCJD= HGI@KBH/ #JD =DKH>@ GH CJKC G@ >=AD= C> =DA?FD FK?HDA VW ZD=>UNDB>FGCW TDKCJD= HGI@KBH- CJD CJ=DHJ>BA GH HDC C>> JGIJ- CJ?H K BK=ID @?PVD= >M PGHH ADCDFCG>@H >FF?=H/ OD F>@FB?AD CJKC- K@ KBCD=@KCGND KLL=>KFJ @DDAH C> VD F>@HGAD=DA C> GPL=>ND FB?CCD= ADCDFCG>@ LD=M>=PK@FD/ !@ CJD @DbC HDFCG>@TD L=DHD@C K HGPLBD 4KWDHGK@ FBKHHG!D= X'4(Y VKHDA >@ M>?= G@L?CH C> @D?C=KBGZD CJD MKBHD ADCDFCG>@H FK?HDA VW ZD=>UNDB>FGCW TDKCJD= HGI@KBH/ !!!/ % '![,+" 4%6"'!%& (+%''!3!"$ O!#f E!'($![!&%' 3$)[ #f" "'#![%#"E ["%& %&E ().%$!%&(" )3 #f" $"("!."E '!*&%+' EKCK FBKHHG!FKCG>@ CDFJ@Gi?DH G@FB?AG@I M?ZZW B>IGF K@A 4KWDH PDCJ>A K=D TGADBW ?HDA G@ CJD TDKCJD= =KAK= F>PP?U @GCW M>= JWA=>PDCD>= FBKHHG!FKCG>@ d72ehd7:e- d17e- I=>?@A FB?CCD= ADCDFCG>@ d9ehd72e- K@A C>=@KA> ADCDFCG>@ d11e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
081
!""" #$%&'%(#!)&' )& '!*&%+ ,$)("''!&*- .)+/ 01- &)/ 2- 3"4$5%$6 7- 1879
23 4#&+567+,*: ,. 78# 4+:;&+$+*6*7: !M CJD PDKH?=DPD@C GH CJD F>PVG@DA =DH?BC >M I=>?@A FB?CCD=TDKCJD=- K@A @>GHD- CJD DHCGPKCDA PDK@ K@A F>NK=GK@FD >M CJD =DFDGNDA HGI@KB K=D IGND@ G@ X:KY- K@A CJDW FK@ VD T=GCCD@ KH_ X17KY
X17VY 3=>P X17KY K@A X17VY- CJD M>BB>TG@I M>?= AGHF=GPG@K@CH FK@ VD >VCKG@DA_ X11KY X11VY X11FY X11AY K@A K=D CJD =KCG>H VDCTDD@ CJD L>TD= KC ZD=> HLDFC=KB BG@D K@A CJD H?P >M L>TD=H KC KBB >CJD= HLDFC=KB BG@DH >M CJD J>=U GZ>@CKB K@A ND=CGFKB FJK@@DB- =DHLDFCGNDBW\ GH CJD DHCGPKCDA AGMMD=D@CGKB =D"DFCGNGCW\ GH CJD DHCGPKCDA F>UL>BK= F>==DU BKCG>@ F>DM!FGD@C/ @IH C> F- T8- >= T/ c?AIDH TJDCJD= CJD VDB>@IH C> F >@BW GM K@A TJD=D CJD M?@FCG>@ GH CJD L=>VKVGBGCW AD@HGCW M?@FCG>@/ %FF>=AG@I C> 4KWDHg CJD>=DP d22(JKL/ LLBD= NDB>FGCW XK- D- GY K@A HLDFC=?P TGACJ XV- M- cY !DBAH >M CJ=DD F>@C=>BBDA AKCK HDCH G@ TJGFJ L?=D FB?CCD= AKCK K=D PGbDA TGCJ L?=D TDKCJD= AKCK/ XF- I- SY K@A XA- J- BY !DBAH K=D L=DHD@CDA >@ K B>I HFKBD/
CJ=DD CWLDH >M =KAK= DFJ>DH_ I=>?@A FB?CCD=- TDKCJD= HGI@KB !K@A TDKCJD= HGI@KB !!/
X12Y GH CJD L=>VKVGBGCW CJD >VHD=NKCG>@ >FF?=H K@A GH CJD HKPD M>= KBB FBKHHDH TJD=D GH K F>@HCK@C/ #J?HGH L=>L>=CG>@KB C> / 4DFK?HD CJD L=>VKVGBGCW K=D @>C S@>T@ 6 A&+,&+- KBB FBKHHDH
+! #7 603_ *$)5&E (+5##"$ E"#"(#!)&
3GI/ 2/ "NKB?KCG>@ >M $)( ?HG@I LK=KPDCD=H HD@CH /
082
K@A
KLLBGDA C> F>@C=>BBDA AKCK F>BBDFCDA >@ CJ=DD AKWH/ #JD VB?D F?=ND =DL=DHD@CH
K@A CJD =DA F?=ND =DL=DU
K=D KHH?PDA Di?KBBW BGSDBW- TJGFJ GH / #JD@- X12Y FK@ VD T=GCCD@ KH_ X19Y GM
3=>P X19Y TD FK@ G@MD= CJKC '4( KHHGI@H K@A / GH Di?KB C>_
C> F >@BW
X1:Y !@ CJD '4(- CJD HGPLBD KHH?PLCG>@ >M FBKHHUF>@AGCG>@KB G@ADU LD@AD@FD GH PKAD d18- (JKL/ ]/2e/ #J?H X1:Y FK@ VD =DT=GCCD@ KH_ X10Y !@ X10Y TD ?HD CJD c>G@C L=>VKVGBGCW VDFK?HD K@A K=D JGIJBW F>==DBKCDA- DHLDU FGKBBW M>= TDKCJD= HGI@KBH/ 4W A>G@I H>- GC GH DbLDFCDA CJKC CJD '4( T>?BA JKND VDCCD= FBKHHG!FKCG>@ VDCTDD@ FBKHHDH/ #JD @DbC HCDL GH C> >VCKG@ CJD F>@AGCG>@KB L=>VKVGBGCW AD@U HGCW M?@FCG>@H - K@A M>= - T8- K@A T M=>P C=KG@G@I AKCK K@A CJD@ ?HD CJDP >@ CJD CDHCG@I AKCK C> PKSD ADFGHG>@H KH C> CJD L=DHD@FD >M I=>?@A FB?CCD=/ !@ CJD C=KG@G@I- M>?= F>@C=>BBDA TDKCJD= AKCK HDCH K=D ?HDA/ #JD TDKCJD= AKCK TD=D F>BBDFCDA KC 8@ K@IBD ?@AD= HC=KCGM>=P =KG@/ !@ 3GI/ 9- CJD F>@AGCG>@KB L=>VKVGBGCW AD@HGCW M?@FCG>@H K=D HJ>T@ M>= DKFJ >M CJD IGND@ FBKHHDH/ 3=>P 3GI/ 9- GC FK@ VD HDD@ CJKC K@A K=D KBP>HC @>C >ND=BKLLDA- TJGFJ G@AGFKCDH CJKC F K@A T FK@ VD DKHGBW AGHCG@I?GHJDA\ >@ CJD >CJD= JK@AK@A K=D P>=D >ND=BKLLDATJGFJ G@AGFKCDH GC GH P>=D AGM!F?BC C> AGHCG@I?GHJ F M=>P T8 ?HG@I L>TD= =KCG>H KB>@D/ #JD F>@AGCG>@KB L=>VKVGBGCW AD@HGCW M?@FCG>@H >M K@A M>= T K@A T8 K=D KBP>HC CJD HKPD/ #JD F>@AGCG>@KB L=>VKVGBGCGDH K@A K=D KBP>HC Di?KB C> ZD=> TJD@ GH BDHH CJK@ 1 A4 >= BK=ID= CJK@ : A4\ JKH K P?FJ BK=ID= HL=DKA M>= F/ #JD F>@AGCG>@KB L=>VKVGBGCGDH K@A K=D KBP>HC Di?KB C> ZD=> TJD@ GH BDHH CJK@ 8/]: K@A CJD LDKS GH B>FKCDA KC \ JKH K P?FJ BK=ID= HL=DKA M>= F K@A CJD LDKS >M GH B>FKCDA KC /
3GI/ 9/ #JD c>G@C F>@AGCG>@KB L=>VKVGBGCW AD@HGCW M?@FCG>@H >M K@A IGND@ XKY F- XVY T- K@A XFY T8\ CJD F>@AGCG>@KB L=>VKVGBGCW AD@HGCW M?@FCG>@H >M XAY K@A XDY IGND@ F- T- K@A T8/
#J?H- KMCD= CJD F>@AGCG>@KB L=>VKVGBGCW AD@HGCW M?@FCG>@H HJ>T@ G@ 3GI/ 9 K=D >VCKG@DA- CJDW TGBB VD ?HDA >@ CDHCG@I AKCK C> PKSD ADFGHG>@H KH C> CJD L=DHD@FD >M FB?CCD=/ #JD '4( FK@ VD ADHF=GVDA G@ CJD M>BB>TG@I HCDLH_ 7Y (>PL?CD CJD '(&$a'&$/ '(&$ GH CJD 'GI@KB LB?H (B?CCD= C> &>GHD $KCG> / !M '(&$a'&$ GH BK=ID= CJK@ 2 A4- F>@CG@?D C> 1Y- >CJD=TGHD HGI@KB M=>P CJD =DH>B?U CG>@ N>B?PD GH F>@HGAD=DA @>C FB?CCD= F>@CKPG@KCDA/ OD KAPGC CJKC ?HDM?B AKCK !DBAH FK@ HCGBB VD >VCKG@DA KC d29e- V?C G@ CJGH PK@?HF=GLC TD K=D M>F?HG@I >@ L=DU FGLGCKCG>@ >M G@CD=DHC C> >LD=KCG>@KB PDCD>=>B>IGHCH/ #J?HHPKBB '&$ AKCK TGBB VD AGHFK=ADA/
089
!""" #$%&'%(#!)&' )& '!*&%+ ,$)("''!&*- .)+/ 01- &)/ 2- 3"4$5%$6 7- 1879
%&E
#%4+" ! #f$"'f)+E )3 4)#f %&E ()$)++"E E%#% '"#' !3
3)$ #f"
#f$""
#%4+" !! - %&E ('! 3)$ #f" #f$"" #f" &5[4"$ )3 #,- 3&- 3,- #&()$)++"E E%#% '"#' )4#%!&"E 46 #f" '4(
3GI/ :/ +DMC F>B?P@_ FB?CCD= PKLH >VCKG@DA ?HG@I '4( VKHDA >@ E?KB ,>BK=GU PDC=GF XE,Y AKCK\ $GIJC F>B?P@_ *=>?@A C=?CJ FB?CCD= PKLH/ , =DL=DHD@CH L>HGU CGND- & @DIKCGND- #, C=?D L>HGCGND- 3, MKBHD L>HGCGND XMKBHD KBK=PY- 3& MKBHD @DIU KCGND XPGHH ADCDFCG>@Y- K@A #& C=?D @DIKCGND/
1Y (KBF?BKCD CJD M>?= AGHF=GPG@K@CH - K@A / +>>S ?L CJD F>@AGCG>@KB L=>VKVGBGCW AD@HGCW M?@FU CG>@H - K@A M>= - T8- K@A T/ #JDHD F>@AGCG>@KB L=>VKVGBGCW AD@HGCW M?@FU CG>@H K=D >VCKG@DA M=>P CJD C=KG@G@I AKCK/ 2Y !M K@A - CJD F?==D@C IKCD GH FB?CCD= F>@U CKPG@KCDA- >CJD=TGHD- CJD F?==D@C IKCD GH TDKCJD=/ R?PL C> 7Y M>= CJD @DbC IKCD/ #JD '4( FB?CCD= PKLH M>= CJD CJ=DD F>@C=>BBDA AKCK HDCH K=D HJ>T@ G@ 3GI/ :/ !C FK@ VD HDD@ CJKC CJD GH I=DKCBW G@F=DKHDA VW ?HG@I CJD '4( TGCJ HGPGBK= XF>PLK=D #KVBD !! TGCJ #KVBD !Y/ !@ #KVBD !! TD BGHC CJD @?PVD= >M #,- 3&- 3,- #&- L=>VKVGBGCW >M ADCDFCG>@ - L=>VKVGBGCW >M MKBHD KBK=P - K@A F=GCGFKB H?FFDHH G@ADb X('!Y d2:e M>= CJD CJ=DD F>@C=>BBDA AKCK HDCH/ #D=PH G@ !@ #KVBD !!- K=D AD!@DA KH M>BB>TH d78e- d2:e_ X1?@A (B?CCD= GH )@BW [GbDA OGCJ ODKCJD= 'GI@KB !!/
3>= K@ GADKB ADCDFC>=- TD JKND - K@A / !@ 3GI/ 0 GH HJ>T@ KH K M?@FCG>@ >M ('$ M>= CJD CJ=DD F>@C=>BBDA AKCK HDCH/ (?=NDH G@ 3GI/ 0XKY K=D @>GHGD= GH VDFK?HD CJD=D K=D MDTD= @?PVD=H >M @K==>TUVK@A ZD=>UNDB>FGCW TDKCJD= HGI@KBH XTDKCJD= HGI@KB !Y F>PLK=DA TGCJ >CJD= TDKCJD= HGI@KBH XTDKCJD= HGI@KB !!Y/ #JD '4( JKH HGPGBK= LD=M>=PK@FD TJD@ I=>?@A FB?CCD= GH PGbDA TGCJ TDKCJD= HGI@KB ! K@A !!/ 3=>P 3GI/ 0 GC FK@ VD G@U MD==DA CJKC GH K=>?@A ]8q K@A ;8q TJD@ K@A 2 A4- =DHLDFCGNDBW/ (>PLK=DA TGCJ CJD =DH?BCH =DL>=CDA G@ 'LDFC=KB (B?CCD= !AD@CG!FKCG>@ X'(!Y FB?CCD= ADCDFCG>@ KBI>=GCJP VKHDA >@ HG@IBDUL>B =KAK=H d78e- CJD '4( >?CLD=M>=PH CJD '(! KBI>=GCJP KC BK=ID= ('$H XG/D/Y/ 3>= DbU KPLBD- TJD@ M>= CJD '(! GH KV>?C 08q TJGFJ GH 18q B>TD= CJK@ CJKC >VCKG@DA ?HG@I CJD '4( X3GI/ 0Y TJD@ V>CJ PDCJ>AH L=>A?FD HGPGBK= / !./ ()&(+5'!)&' K=D % L>BK=GPDC=GF CDHC HCKCGHCGF K@A GCH KBCD=@KCD M>=P AD=GNDA M=>P CJD HCKCGHCGFKB L=>LD=CGDH >M CJD =DFDGNDA HGI@KBH/ !C GH AGM!F?BC C> AGHCG@I?GHJ I=>?@A FB?CCD= M=>P @K==>TUVK@A ZD=>UNDB>FGCW TDKCJD= HGI@KBH VW ?HG@I >= / !C GH DbLDFCDA CJKC KB>@D T>?BA L=>A?FD HKCGHMKFC>=W =DH?BCH GM CJD=D K=D MDT @K==>TUVK@A ZD=>UNDB>FGCW TDKCJD= HGI@KBH VDFK?HD P>=D CJK@
+! #7 603_ *$)5&E (+5##"$ E"#"(#!)&
;8q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d78e KC BK=ID= ('$H XG/D/Y/ )@D L=>VBDP G@ DNKB?KCG@I CJD LD=M>=PK@FD >M FB?CCD= ADCDFU C>=H GH JKNG@I =DBGKVBD I=>?@A C=?CJ/ #> L=>NGAD CJGH I=>?@A C=?CJL=KFCGFKBBW L?=D HC=KCGM>=P TDKCJD= K@A FB?CCD= AKCK TD=D HW@U CJDHGZDA C> >VCKG@ K AKCK !DBA >M FB?CCD= PGbDA TGCJ TDKCJD=\ G@ CJGH FKHD ('$ GH L=DFGHDBW S@>T@/ #JGH HW@CJDHGH L=>FDA?=D L=>NGADH i?K@CGCKCGND DHCGPKCDH >M ('$H C> DNKB?KCD K@A ('! X'DFCG>@ !!!Y/ !@ CJGH PK@?HF=GLC- TD F>@HGAD= TDKCJD= HGI@KBH M=>P K =DH>B?CG>@ N>B?PD K=D F>@CKPG@KCDA VW I=>?@A FB?CCD= >@BW GM I=>?@A FB?CCD= FK@ VGKH TDKCJD= HGI@KB L>TD= VW P>=D CJK@ 7 A4 >= GCH PDK@ =KAGKB NDB>FGCW K@A HLDFC=?P TGACJ VW P>=D CJK@ 7 d28- 'DF/ 2/?@A FB?CCD= M=>P K =K@ID VG@ A>DH F>DbGHC TGCJ TDKCJD= HGI@KBCJD F>PL>HGCD HGI@KB GH F>@HGAD=DA KH D@CG=DBW KHH>FGKCDA TGCJ TDKCJD=/ #JGH GH H> VDFK?HD FB?CCD= DMMDFCH >@ HLDFC=KB P>PD@C DHCGPKCDH FK@ VD @DIBDFCDA/ 4W A>G@I H>- TD @>C >@BW F>@HGAU D=DA ('$ V?C KBH> CJD PDK@ =KAGKB NDB>FGCW K@A HLDFC=?P TGACJ >M TDKCJD= HGI@KBH K@A CJD HLDFC=?P TGACJ >M I=>?@A FB?CCD=/ 4DFK?HD HLKCGKB CDbC?=D G@F=DKHDH MKBHD KBK=PH K@A ?@@DFDHU HK=W !BCD=G@I d]e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b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mG@I (K> >M %$$( M>= PKG@CKG@G@I CJD )5U,$![" =KAK= K@A F>BBDFCG@I AKCK/ $"3"$"&("' d7e f/ +/ *=>IG@HSW K@A ^/ [/ *B>ND=- nODKCJD= =KAK= FK@FDBBD= ADHGI@-o L=DHD@CDA KC CJD 7;CJ (>@M/ $KAK= [DCD>=>B/- %PD=/ [DCD>=/ '>F/[GKPG 4DKFJ- 3+- 5'%- %L=/ 7:h7]- 7;]8- /
08:
d1e %/ E/ 'GIIGK K@A $/ "/ ,KHHK=DBBG- n*K?HHGK@ P>ADB KAKLCGND L=>FDHHG@I X*[%,Y M>= GPL=>NDA I=>?@A FB?CCD= FK@FDBBKCG>@ K@A P>PD@C FKBF?BKU CG>@-o G@ @&,;3 E&> (?&3 =,*.3 F6>6& "#7#,&,03 GB>&,03 C(F24D- .GHVW'TDAD@- 1889- LL/ 0
2>56*;#> 2AA0+;6I 7+,*:/ &DT 6>=S- &6- 5'%_ 'L=G@ID=- 1881- 22< LL/ d9e R/ (/ f?VVD=C- [/ EGb>@- '/ [/ "BBGH- K@A */ [DWPK=GH- nODKCJD= =KAK= I=>?@A FB?CCD=/ ,K=C !_ !AD@CG!FKCG>@- P>ADBG@I- K@A HGP?BKCG>@-o J3 27$,:3 K;#6*3 9#;8*,03- N>B/ 10- LL/ 770:h77]8- 188;/ d:e R/ (/ f?VVD=C- [/ EGb>@- K@A '/ [/ "BBGH- nODKCJD= =KAK= I=>?@A FB?CCD=/ ,K=C !!_ $DKBUCGPD GAD@CG!FKCG>@ K@A !BCD=G@I-o J3 27$,:3 K;#6*3 9#;8*,03- N>B/ 10- LL/ 77]7h77;C>@- R/ (/ ^=K?HD- E/ '/ 'KbG>@- )/ "/ 4>WAHC?@- %/ ^/ fDFS- R/ &/ (J=GHPK@- E/ '/ 4D=S>TGCZ- K@A O/ E/ QGCCDB- n%?C>PKCGF FB?CCD= PGCGIKCG>@ G@ CJD O'$U]]E- ADHGI@- DNKB?KCG>@- K@A GPLBDPD@U CKCG>@-o L=DHD@CDA KC CJD 29CJ (>@M/ $KAK= [DCD>=>B/- OGBBGKPHV?=I.%- 5'%- 188;- %PD=/ [DCD>=/ '>F/- ,KLD= :/2/ dM CJ=DDUAGPD@HG>@KB =D"DFCGNGCW HC=?FU C?=D M>= K?C>PKCDA ADCDFCG>@ K@A =DP>NKB >M @>@L=DFGLGCKCG@I DFJ>DH G@ =KAK= AKCK-o J3 27$,:3 K;#6*3 9#;8*,03- N>B/ 7;- @>/ :- LL/ 0B?CG>@_ ,K=C 7:#JD (+"%&U%, !BCD=-o &''+- &>=PK@- )^- 5'%- 1871 d)@BG@De/ %NKGBKVBD_ JCCL_aaFGPPH/>?/DA?a=NKPVaE>F?PD@CHa$DL>=Cl7:/LAM d;e E/ OK=AD K@A '/ #>==DH- n#JD K?C>F>==DBKCG>@ HLDFC=KB AD@HGCW M>= E>LLBD=UTDKCJD=U=KAK= HGI@KB K@KBWHGH-o '((( 9&6*:3 L#,:;+3 F#$,7# )#*:3- N>B/ :1- @>/ 7- LC/ 1- LL/ :8]h:7]- 1872/ d78e 6/ +G- */ QJK@I- $/ R/ E>NGKS- +/ +DG- K@A m/ (K>- n% @DT KLL=>KFJ C> ADCDFC I=>?@A FB?CCD= PGbDA TGCJ TDKCJD= HGI@KBH-o '((( 9&6*:3 L#,:;+3 F#$,7# )#*:3- N>B/ :7- @>/ 9- LL/ 12@ K@A L=>FDHHG@I X'#",Y M>= GPL=>NG@I TDKCJD= =KAK= AKCK i?KBGCW-o '((( 9&6*:3 L#,:;+3 F#$,7# )#*:3- N>B/ :8- @>/ 77- LL/ 90NGKS- E/ ,=GDI@GCZ- R/ (K=CD=- K@A (/ E/ (?=CGHn[?BCGLKCCD=@H >M CJD @KCG>@KB TDKCJD= =KAK= CDHCVDA PGCGIKCD FB?CCD= =DFDGNDA NGK HGADB>VDH-o J3 27$,:3 K;#6*3 9#;8*,03- N>B/ 1]- @>/ 2- LL/ 987h98;- 1877/ d72e 6/ +G- */ QJK@I- $/ R/ E>NGKS- K@A E/ '/ 'KbG>@- n'FK@UC>UHFK@ F>==DBKU CG>@ >M TDKCJD= =KAK= HGI@KBH C> GAD@CGMW I=>?@A FB?CCD=-o '((( L#,:;+3 F#$,7# )#*:3 -#773- N>B/ 78- @>/ 9- LL/ ]::h]:;- 1872/ d79e f/ ,K=S- %/ ./ $WZJS>N- E/ '/ Q=@Gü- K@A ^/ "/ ^GP- n#JD JWA=>PDU CD>= FBKHHG!FKCG>@ KBI>=GCJP M>= CJD L>BK=GPDC=GF O'$U]]E_ EDHF=GLU CG>@ K@A KLLBGFKCG>@ C> K@ [('-o H#678#& /,6:73- N>B/ 19- @>/ 2- LL/ =PK@- )^- 5'%- 188] d)@BG@De/ %NKGBKVBD_ JCCL_aaK==F/>?/DA?arI?ZJK@Ia,>BK=GPDC=WaGPIaFBKHHa'FJ??=1882/LAM d70e ./ [/ [DB@GS>N- ,/ QJK@I- E/ '/ Q=@Gü- %/ $WZJS>N- K@A %/ - n$DU F>PVG@KCG>@ >M H?LD= =DH>B?CG>@ AKCK K@A I=>?@A FB?CCD= =DF>I@GCG>@ >@ CJD L>BK=GPDC=GF O'$U]]E/o &''+- &>=PK@- )^- 5'%- 188] d)@BG@De/ %NKGBKVBD_ JCCL_aaL?VBGFKCG>@H/@HHB/@>KK/I>NaTH=]]Al=DU L>=CHa'?LD=l$DHlK@Al(+?CCD=$,#1/LAMa d76$#*760: ,. F6>6& )+M*60 @&,;#::+*M/ &DT 6>=S- &6- 5'%_ [F*=KTUfGBB- 188:- :72 LL/ d7]e [/ !/ 'S>B@GS! '*7&,>?;7+,* 7, F6>6& )B:7#$:- 2=A DA/ &DT 6>=S- &65'%_ [F*=KTUfGBB- 1881- >A (BGMMH- &R- 5'%_ ,=D@CGFDUfKBB- 7;;2/ d1:e R/ 4/ 4GBBG@IHBDW! -,1 2*M0# F6>6& =0?77#&N "#6:?$#*7 6*> ($A+&I +;60 ",>#0:/ &DT 6>=S- &6- 5'%_ OGBBGKP %@A=DT- 1881- =S- &6- 5'%_ 'L=G@ID=U.D=BKI- 7;;B/ 11- @>/ 782- LL/ :0:h:I=KP )M!FD X',)7Y- 'GBND= 'L=G@I- [E- 5'%- 7;;7 d)@BG@De/ %NKGBKVBD_ JCCL_aaTTT/=>F/@>KK/I>NaTH=]]AaL?VBGFA>FHa@C=;7/LAM d27e #/ 3KTFDCC- n$)( I=KLJH_ &>CDH K@A L=KFCGFKB F>@HGAD=KCG>@H M>= AKCK PG@G@I =DHDK=FJD=H-o f, +KVH- ,KB> %BC>- (%- 5'%- #DF/ $DL/ f,+U 1882U9- 1882 d)@BG@De/ %NKGBKVBD_ JCCL_aaTTT/JLB/JL/F>PaCDFJ=DL>=CHa 1882af,+U1882U9/LAM d21e O/ ^JK=G@ K@A 3/ O/ QTGD=H- n)@ CJD $)( HF>=D >M L=>VKVGBGCW M>=DU FKHCH-o J3 =0+$67#- N>B/ 70- @>/ 19- LL/ 979:h97:8- 1882/ d22e %/ ,KL>?BGH! @&,%6%+0+7B! F6*>,$ R6&+6%0#:! 6*> )7,;86:7+; @&,I ;#::#:/ &DT 6>=S_ [FI=KT fGBB (>BBDID- 7;;7- 000 LL/ d29e ./ [/ [DB@GS>N- E/ '/ Q=@Gü- $/ R/ E>NGKS- ,/ 4/ (JGBH>@- E/ 4/ [DFJDP- K@A 6/ +/ ^>IK@- n,=>HLDFCH >M CJD O'$U]]E =KAK= M>= FB>?A HC?AGDH-o J3 2AA03 "#7#,&3 =0+$67,03- N>B/ :8- LL/ ]:;h]PL?CD= D@IG@DD=G@I M=>P CJD ?@GND=HGCW >M )SBKJ>PK- &>=PK@- G@ 188; K@A 1872=DHLDFCGNDBW/ (?==D@CBW- JD T>=SH M>= CJD [KCJO>=SH KH K HGI@KB L=>FDHHG@I i?KBGCW D@IG@DD=/ fGH =DHDK=FJ G@CD=DHCH G@U FB?AD TDKCJD= =KAK= HGI@KB L=>FDHHG@I- LJKHDA K==KWCK=IDC ADCDFCG>@ K@A DHCGPKCG>@- AKCK i?KBGCW F>@C=>BK@A H>MCTK=D i?KBGCW F>@C=>B/
;2&52 L,$16 X'g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fD TKH K 'FGD@CGHC TGCJ CJD &KCG>@KB (D@CD= M>= %CP>HLJD=GF $DHDK=FJ/ fD c>G@DA CJD 'FJ>>B >M [DCD>=>B>IW- 5@GND=HGCW >M )SBKJ>PK G@ 188:/ fGH =DHDK=FJ G@CD=DHCH G@FB?AD P>ADBG@I >M TKND L=>LU KIKCG>@ K@A HFKCCD=G@I G@ ID>LJWHGFKB PDAGK- ADNDB>LPD@C >M =DP>CD HD@HG@I CDFJ@Gi?DH M>= P>@GC>=G@I DK=CJ D@NG=>@PD@C K@A ?@AD=HCK@AG@I LJWHGFKB L=>FDHHDH/ E=/ QJK@I GH F?==D@CBW G@CD=DHCDA G@ =KAK= L>BK=GPDC=W K@A LJKHDA K==KW CDFJ@>B>IW M>= TDKCJD= >VHD=NKCG>@- i?K@CG!FKCG>@ K@A M>=DFKHC/
@&*,$%- M7 N"0&$= X'g:0h[g:= M>= CJD J,?&*60 ,. 27$,:A8#&+; 6*> K;#6*+; 9#;8*,0,MB- K@ %HH>FGKCD "AGC>= M>= CJD J,?&*60 ,. 2AA0+#> "#7#,&,0,MB- K@A CJD "AGC>= >M CJD !""" #$%&'%(#!)&' )& *")'(!"&(" %&E $"[)#" '"&'!&*/