The fear of wolves: % review of wolf attacks on humans

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Aug 17, 1980 - ily being chased by a pack of wolves while travelling on a horse drawn sled in winter. In order to delay
NINA

Norsk institutt for naturforskning

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-RGSRGPYWMSR[IFIPMIZIXLEXXLIVIMWKSSHIZMHIRGIXLEXTISTPI LEZI FIIR OMPPIH F] FSXL LIEPXL] ERH VEFMH [SPZIW HYVMRK XLI PEWXGIRXYVMIW8LIMRGMHIRGISJEXXEGOWETTIEVWXSLEZIHVSTTIH HVEQEXMGEPP] HYVMRK XLI   GIRXYV] % JEMV WYQQEV] SJ SYV VI WYPXW[SYPHFIlMRXLSWII\XVIQIP]VEVIGEWIW[LIVI[SPZIWLEZI OMPPIHTISTPIQSWXEXXEGOWLEZIFIIRF]VEFMH[SPZIWTVIHEXSV] EXXEGOWEVIEMQIHQEMRP]GLMPHVIREXXEGOWMRKIRIVEPEVIYRYWYEP FYX ITMWSHMG ERH LYQERW EVI RSX TEVX SJ XLIMV RSVQEP TVI]z ;LIR XLI JVIUYIRG] SJ [SPJ EXXEGOW SR TISTPI MW GSQTEVIH XS XLEXJVSQSXLIVPEVKIGEVRMZSVIWSV[MPHPMJIMRKIRIVEPMXMW SFZM SYWXLEX[SPZIWEVIEQSRKXLIPIEWXHERKIVSYWWTIGMIWJSVXLIMV WM^I ERH TVIHEXSV] TSXIRXMEP +MZIR XLI JEGX XLEX [SPZIW LEZI TSWIHEXLVIEXXSLYQERWEJIX]MXMWIEW]XSYRHIVWXERH[L][I LEZI E lGYPXYVEP JIEVz SJ [SPZIW [LMGL MW VIMRJSVGIH XLVSYKL WXSVMIWERHQ]XLSPSK]

4VIHEXSV] EXXEGOW JVSQ XLI   GIRXYV] EVI QYGL VEVIV 8LIVI EVI VITSVXW SJ  GLMPHVIR FIMRK OMPPIH MR 4SPERH   ERH  GLMPHVIR FIMRK OMPPIH MR 7TEMR   8LIVI EVI EPWS GSR XVSZIVWMEPVITSVXWSJ GLMPHVIR FIMRK OMPPIHMR XLI /MVSZ VIKMSR SJ6YWWME  ;LMPIXLIWIIZIRXWVIQEMRYRGSRJMVQIH XLIHIXEMPWTVSZMHIHMRXLIEGGSYRXWQEOIXLIQ GVIHMFPI8LIVI EVIRSHSGYQIRXIHGEWIWSJTISTPIFIMRKOMPPIHMRTVIHEXSV]EX XEGOWF][SPZIWMR2SVXL%QIVMGEHYVMRKXLI GIRXYV],S[ IZIVXLIVILEZIFIIRIMKLX[IPPHSGYQIRXIHEXXEGOWQEMRP]MR TVSXIGXIH EVIEW [LIVI RSRVEFMH [SPZIW LEZI MRNYVIH TISTPI HYVMRKXLIPEWX]IEVW XL

XL

XL

4ISTPI OMPPIH F] [SPZIW LEZI FIIR VIGSVHIH MR -RHME WMRGI XLI   GIRXYV] -R XLI PEWX  ]IEVW XLIVI LEZI FIIR E RYQFIV SJ WGMIRXMJMG MRZIWXMKEXMSRW MR XLVII VIKMSRW 9XXEV 4VEHIWL &MLEV ERH%RHLVE4VEHIWL-RXLIWIXLVIIVIKMSRWXLIVILEZIERYQFIV

8LIVMWOWSJ[SPJEXXEGOWMR)YVSTI7GERHMREZME ERHEPWS2SVXL %QIVMGE XSHE]ETTIEVXSFIZIV]PS[EWVIGIRXGEWIWEVIVEVI HIWTMXIMRGVIEWMRKRYQFIVWSJ[SPZIW8LIVIEVIGYVVIRXP]ERIW

XL



RMRESTTHVEKWQIPHMRK

.YER 'EVPSW &PERGS ;SPJ TVSNIGX ' 1ERYIPE 1EPEWERE  1EHVMH7TEMR 0YMKM &SMXERM (ITEVXQIRX SJ %RMQEP  ,YQER &MSPSK] 9RMZIV WMX]SJ6SQI:MEPI9RMZIVWMXE6SQI-XEP] 7GSXX &VEMRIVH 2SV[IKMER -RWXMXYXI JSV 2EXYVI 6IWIEVGL 8YR KEWPIXXE238VSRHLIMQ2SV[E] 9VW &VIMXIRQSWIV /36% 8LYRWXVEWWI  ', 1YVM 7[MX ^IVPERH -PTS/SNSPE*MRRMWL+EQIERH*MWLIVMIW6IWIEVGL-RWXMXYXI 3YPY +EQI ERH *MWLIVMIW 6IWIEVGL 8YXOMNERXMI  *-2 3YPS *MRPERH 3PSJ 0MFIVK +VMQW¸ ;MPHPMJI 6IWIEVGL 7XEXMSR (ITEVXQIRX SJ 'SRWIVZEXMSR &MSPSK] 7[IHMWL 9RMZIVWMX] SJ %KVMGYPXYVEP 7GM IRGIW6MHHEVL]XXER7[IHIR .SRR] 0•I 2SV[IKMER -RWXMXYXI JSV 2EXYVI 6IWIEVGL 8YR KEWPIXXE238VSRHLIMQ2SV[E]ERH>SSPSK]-RWXMXYXI 2SV[IKMER 9RMZIVWMX] SJ 7GMIRGI ERH 8IGLRSPSK] 23 8VSRHLIMQ2SV[E] ,IRV]O 3OEVQE -RWXMXYXI SJ 2EXYVI 'SRWIVZEXMSR 4SPMWL %GEH IQ]SJ7GMIRGIWEP1MGOMI[MG^E/VEOS[4SPERH ,ERW ' 4IHIVWIR 2SV[IKMER -RWXMXYXI JSV 2EXYVI 6IWIEVGL 8YRKEWPIXXE238VSRHLIMQ2SV[E] 'LVMWXSTL 4VSQFIVKIV 'EVTEXLMER 0EVKI 'EVRMZSVI 4VSNIGX 7XV (V-SER7IRGLIE63>EVRIWXM6SQERME ,ÅOSR 7ERH +VMQW¸ ;MPHPMJI 6IWIEVGL 7XEXMSR (ITEVXQIRX SJ 'SRWIVZEXMSR &MSPSK] 7[IHMWL 9RMZIVWMX] SJ %KVMGYPXYVEP 7GM IRGIW6MHHEVL]XXER7[IHIR )VPMRK.7SPFIVK2SV[IKMER-RWXMXYXIJSV2EXYVI6IWIEVGL8YR KEWPIXXE238VSRHLIMQ2SV[E] ,EVVM :EPHQERR -RWXMXYXI SJ >SSPSK] ERH ,]HVSFMSPSK] 8EVXY 9RMZIVWMX]:ERIQYMWI8EVXY)WXSRME 4IXXIV ;EFEOOIR ,IHQEVO 'SPPIKI )ZIRWXEH 23 /ST TERK2SV[E]

XMQEXIHr[SPZIWMR)YVSTIMR6YWWMEERH  MR 2SVXL %QIVMGE )ZIR [MXL XLIWI RYQFIVW SJ [SPZIW [ILEZIQEREKIHXSSRP]JMRHVIGSVHWSJTISTPIFIMRKOMPPIH MR)YVSTIMR6YWWMEERHRSRIMR2SVXL%QIVMGEF]RSRVEFMH [SPZIW HYVMRK XLI PEWX  ]IEVW 6IWTIGXMZI JMKYVIW JSV VEFMIW GEWIW EVI  KVIEXIV XLER  ERH ^IVS 'PIEVP] XLI VMWOW SJ [SPJ EXXEGOWYRHIVTVIWIRXGMVGYQWXERGIWEVIZIV]ZIV]PS[XLVSYKL SYX )YVSTI ERH 2SVXL %QIVMGE 8LIWI PS[ VEXIW SJ EXXEGOW EVI TVSFEFP]HYIXSXLIJEGXXLEXXLIJEGXSVWQSWXSJXIREWWSGMEXIH [MXL[SPJEXXEGOWEVIRSPSRKIVGSQQSR ,S[IZIVIZIRMJXLIVMWOWSJEXXEGOWEVIZIV]PS[[ILEZIQEHI ERYQFIVSJQEREKIQIRXVIGSQQIRHEXMSRWXLEXWLSYPHLIPTXS VIHYGIXLIEGXYEPVMWOWSJ[SPJEXXEGOWSGGYVVMRKIZIRJYVXLIV  /IIT[SPZIW[MPH%R][SPZIWXLEXETTIEVXSPSSWIXLIMVJIEV JSVLYQERWSVEGXMR ER EKKVIWWMZI QERRIV WLSYPH FIVIQSZIH JVSQXLITSTYPEXMSR'EVIJYPP]VIKYPEXIHLYRXMRKQE]FIYWIJYP MR QEMRXEMRMRK WL]RIWW MR WSQI WMXYEXMSRW ERH [MPP MR EHHMXMSR TVSZMHI E JIIPMRK SJ PSGEP IQTS[IVQIRX ERH GSRXVSP SZIV XLI [SPJ WMXYEXMSR   4VI] 8LI TVI] FEWI EZEMPEFPI JSV [SPZIW MR QSWXTEVXWSJ)YVSTIXSHE]GERFIHIWGVMFIHEWZIV]KSSH-X[MPP FIMQTSVXERXJSV KEQI QEREKIVW XS IRWYVIMX VIQEMRW XLMW [E] IZIR [LIR XLI] LEZI XS MRGPYHI [SPJ TVIHEXMSR MRXS QEREKI QIRX TPERW   6IEGXMSR TPERRMRK ;MPHPMJI QEREKIQIRX EKIRGMIWWLSYPHIWXEFPMWLVIEGXMSRTPERWEWXSLS[XSVIWTSRHXS [SPZIW XLEX EGX MR ER EKKVIWWMZI QERRIV SV PSWI XLIMV WL]RIWW 8LIWITPERWWLSYPHFIGSSVHMREXIH[MXLXLSWIJSVFVS[RFIEVW   6EFMIW 0EVKI TEVXW SJ ;IWXIVR )YVSTI EVI TVIWIRXP] VEFMIW JVIIERHXLIVMWOWSJMXSGGYVVMRKETTIEVXSFIZIV]PS[-RSXLIV EVIEWVEFMIWGSRXVSPTPERW EVI YRHIV[E]6IHYGMRKMXW MRGMHIRGI MR HSQIWXMG HSKW ERH [MPHPMJI JYVXLIV [MPP HIGVIEWI XLI VMWO SJ EXXEGOWF]VEFMH[SPZIW %PXLSYKL XLI ZEWX QENSVMX] SJ [SPZIW [MPP TVSFEFP] RIZIV WLS[ ER]EKKVIWWMZIFILEZMSYVXS[EVHWTISTPIMXMWMQTSVXERXXSTVI TEVIQEREKIQIRXTPERWXLEXGSZIV[SPZIWMRXSXSMRGPYHMRKXLI VEFMHWMGOJIEVPIWWL]FVMHWERHSXLIV[MWIEFRSVQEP 8LIVIMWPMXXPIHSYFXXLEXEPEVKITEVXSJXLIlJIEVSJ[SPZIWz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l1I^E1ENEz /IQIVM r.YVQEPE0:0EXZME 0MREW &EPGMEYWOEW -RWXMXYXI SJ )GSPSK] %OEHIQMNSW  :MPRMYW 0MXLYERME



RMRESTTHVEKWQIPHMRK



-RXVSHYGXMSR

7XYHMIW XLVSYKLSYX )YVSTI 2SV[E] 7TEMR 'VSEXME 9RMXIH /MRKHSQ %WME .ETER ERH2SVXL%QIVMGELEZIGSRJMVQIHXLEX WMKRMJMGERX RYQFIVW SJ TISTPI EVI EJVEMH SJ [SPZIW ERH [SYPH EHNYWX XLIVI FILEZMSYV MJ XLI] ORI[ [SPZIW [IVI TVIWIRX MR ER EVIE IK/ER^EOMIXEP0SLVIXEP&NIVOI /EPXIR FSVR  &EXL  &EXL  *EVQIV  &EXL  1EHNMG  

)\TIVMIRGIHYVMRK VIGIRXHIGEHIW LEW WLS[R XLEX XLI QEREKI QIRX GSRWIVZEXMSR ERH VIWXSVEXMSR SJ PEVKI GEVRMZSVIW MR SYV QSHIVR[SVPHMWEWQYGLEQEXXIVSJWSPZMRKERHVIHYGMRKGSR JPMGXW[MXLLYQERWXLERSJIGSPSK] 1IGL1IGLIX EP   8LI WGEPIW XLEX PEVKI GEVRMZSVIW STIVEXI SR EX FSXL MRHMZMHYEP ERH TSTYPEXMSR PIZIPW  EVI WS PEVKI XLER XLIVI EVI RS [MPHIVRIWWTEVOWSVVIWIVZIWXLEXGERQEMRXEMRWMKRMJMGERXTSTY PEXMSRW [MXLSYX GSRWMHIVEXMSR SJ XLI WYVVSYRHMRK EVIEW ;SSHVSJJI  +MRWFIVK    -R QER] TEVXW SJ XLI [SVPHWYGLEW)YVSTIXLIPERHWGETIMWWSQSHMJMIHERHLYQER HIRWMXMIWEVIWSLMKLXLEXPEVKIGEVRMZSVIWQYWXFIGSRWIVZIHMR XLIQYPXMYWIPERHWGETIWYVVSYRHMRKLSYWIWJEVQWZMPPEKIWERH GMXMIW 0MRRIPPIXEPEF 

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

3RISJXLIQEMRGSRJPMGXWEWWSGMEXIH[MXLPEVKIGEVRMZSVIWMWHYI XS XLIMV HITVIHEXMSR SR HSQIWXMG PMZIWXSGO /EG^IRWO]   (YVMRKXLI WXLIVI[EWQYGLVIWIEVGLJSGYWIHSRXLMWGSR JPMGX[LMGLGERFIKVIEXP]VIHYGIHXLVSYKLGEVIJYPQEREKIQIRX TPERRMRKERHXLIYWISJWYMXEFPILYWFERHV]TVEGXMGIW 0MRRIPPIX EP %HHMXMSREPGSRJPMGXWSZIVTIVGIMZIHERHVIEPGSQTIXM XMSR FIX[IIR LYRXIVW ERH GEVRMZSVIW JSV [MPH YRKYPEXIW LEZI FIIR SRKSMRK JSV HIGEHIW 3VMERW IX EP  1IGL  2IPWSR   % KVIEX HIEP SJ VIWIEVGL SR XLMW XSTMG LEW FIIR GSR HYGXIH HYVMRK XLI PEWX HIGEHIW ERH QYGL MW WXMPP SRKSMRK 8LI VIWYPXMWERIZIVMQTVSZMRKYRHIVWXERHMRK SJI\EGXP] LS[ QYGL [MPHTVIHEXSVWMQTEGXXLIMVTVI]TSTYPEXMSRWJVSQQER]IGSW]W XIQWEVSYRHXLI[SVPH

8LMW TVSNIGX RIZIV EMQIH XS UYERXMJ] XLI XSXEP RYQFIV SJ [SPJ EXXEGOWSRTISTPIMR)YVEWMEERH2SVXL%QIVMGE2IMXLIVMWXLIVI ER]JSVQSJWXEXMWXMGEPWEQTPMRKFILMRHXLIHEXEGSPPIGXMSR7YGL EXEWO[SYPHFIGPIEVP]MQTSWWMFPI8LIHEXEXLIVIJSVIGSRWMWXWSJ E TSXIRXMEPP] FMEWIH WIVMIW SJ I\EQTPIW SJ ZEV]MRK UYEPMX] *VSQ XLIWI [I GER SRP] HVE[ XLI FVSEHIWX SJ TEXXIVRW 3YV WTIGMJMG VIWIEVGLUYIWXMSRWLEZIFIIR

,S[IZIV HYVMRK XLI PEXI  W QYGL VIWIEVGL JSGYW LEW QSZIH E[E] JVSQ XLI IGSPSK] SJ XLI GEVRMZSVIW ERH XLIMV TVI] XSXLIWSGMEPEWTIGXWGSRGIVRMRKLYQEREXXMXYHIWERHFILEZMSYV 8LIIQIVKMRK JMIPH SJLYQERHMQIRWMSRW LEW FIIR MRGVIEWMRKP] JSGYWIH SR UYIWXMSRW GSRGIVRMRK GSRWIVZEXMSR ERH REXYVEP VI WSYVGIQEREKIQIRXMRGPYHMRKPEVKIGEVRMZSVIW &EXL 8LI WSGMEP MWWYIW GSRGIVRMRK PEVKI GEVRMZSVI GSRJPMGXW EVI GSQTPI\ ERH VERKI JVSQ JYRHEQIRXEP EWTIGXW SJ ZEPYI W]WXIQW ERH LY QERVMKLXWXLVSYKLPSWWSJGSRXVSPXSXLIQSWXZMWGIVEPSJEPPr JIEVJSVTIVWSREPWEJIX] 2’WW  1]WXIVYH /EPXIRFSVR IX EP   &NIVOI IX EP    8LI MQTSVXERGI SJ JIEVLEWFIGSQILMKLPMKLXIHHYVMRK VIGIRX ]IEVW EW [SPJ 'ERMW PYTYW  TSTYPEXMSRW LEZI FIKYR XS VIGSZIV MR 7GERHMREZME ;E FEOOIRIXEP>MQQIVQERIXEP 

   

,EZI[SPJEXXEGOWSRTISTPISGGYVVIH# %VIXLIVIER]SFZMSYWTEXXIVRWXS[SPJEXXEGOW# 9RHIV[LEXGMVGYQWXERGIWHS[SPJEXXEGOWSGGYV# 'SQTEVI XLI VIPEXMZI JVIUYIRG] SJ [SPJ EXXEGOW XS XLSWI JVSQSXLIVPEVKIGEVRMZSVIW EWWYQIWVITSVXMRKFMEWMWIUYEP JSVEPPWTIGMIW   ;LEX QEREKIQIRX TVSGIHYVIW WLSYPH FI YWIH XS VIHYGI XLIVMWOWSJEXXEGOERH[LEXVIWTSRWIWEVIETTVSTVMEXI

*IEV SJ [SPZIW LEW FIIR [MHIWTVIEH XLVSYKLSYX )YVSTIER LMW XSV];LMPILMWXSVMGEPP]EKSSHHIEPSJXLMWJIEVETTIEVWXS LEZI FIIR JSGYWIH SR XLI WYTIVREXYVEP EWWSGMEXMSRW XLEX WYVVSYRH [SPZIW [IVI [SPZIW EW XLI W]QFSP SJ XLI HIZMP  &SMXERM  4PYWOS[WOM  4PYWOS[WOM TIVW GSQQ  XLIVI MW PMXXPI HSYFX XLEXEXPIEWXWSQISJXLMWJIEVLEWEPWSFIIRJSGYWIHSRXLI[SPJ EW E VIEP ERMQEP %XXMXYHIW XS[EVHW [SPZIW LEZI GLERKIH HVE QEXMGEPP] HYVMRK XLI PEWX  ]IEVW ERH GSRWIVZEXMSR VEXLIV XLERI\XIVQMREXMSRPMIWEXXLILIEVXSJREXMSREPERHMRXIVREXMSREP QEREKIQIRXTVSKVEQW &SMXERM0MRRIPPIXEP ,S[ IZIVIZIRXLSYKLXLITYFPMGETTEVIRXP]JEZSYVWXLI[SPJ WVMKLX XSI\MWXMXETTIEVWXLEXTISTPIEVIWXMPPEJVEMHSJMX



RMRESTTHVEKWQIPHMRK



8LIHEXE



(EXEWSYVGIW

XIRHSGYQIRXEXMSR-RWSQIJI[GEWIW[IEPWSVITSVXIZIRXWJSV [LMGL XLIVI MWRS [VMXXIR HSGYQIRXEXMSR FYX [LIVI IMXLIV [I LEZI HMVIGXP] MRXIVZMI[IH TISTPI JEQMPMEV [MXL IZIRXW SV [LIVI SXLIVEYXLSVWLEZIMRHMGEXIHXLEXXLIIZIRXWETTIEVXSFIGVIHM FPI

8LI SVEP XVEHMXMSRW ERH [VMXXIR JSPOXEPIW SJ )YVEWME ERH 2SVXL %QIVMGE GSRXEMR QER] EGGSYRXWSJ [SPZIWEXXEGOMRKERH OMPPMRK TISTPI7SQIXEPIWKSFEGOEWJEVEW%VMWXSXPI,S[IZIVXLIVIPM EFMPMX]SJQER]SJXLIWIWXSVMIWMWZIV]UYIWXMSREFPI*SVI\EQTPI l0MXXPI 6IH 6MHMRK ,SSHz LEW I\MWXIH MR [VMXXIR JSVQEXW WMRGI ERHLEWTEVEPPIPWMRER%WMERZIVWMSRSJXLIWXSV]MR[LMGL XLIVSPISJXLI[SPJMWXEOIRF]EXMKIV (YRHIW   2SFSH] XSHE] FIPMIZIW XLEX XLI WXSV] MW EGXYEPP] FEWIH SR E XVYI IZIRX MRZSPZMRKEXEPOMRK[SPJ,S[IZIVQER]SXLIVJSPOXEPIWEVIRSX WSJERXEWXMG*SVI\EQTPIMR0IOWZMO2SV[E]XLIVIMWXLIXEPISJ %RHIVW7SPPMEWSPHMIV%GGSVHMRKXSXLIWXSV]LI[EWEXXEGOIHF] [SPZIW SR 'LVMWXQEW )ZI  ,I OMPPIH SRI [SPJ [MXL LMW W[SVHERHOITXXVEZIPPMRK%WWSSREWXLITEGOLEHIEXIRXLIMV HIEH TEGOQEXI XLI] JSPPS[IH XLI WSPHMIV ;LIR LI XVMIH XS HVE[LMWW[SVHLIJSYRHXLEXXLIFPSSHJVSQXLIHIEH[SPJLEH JVS^IR XLI FPEHI MRXS XLI WGEFFEVH 8LI [SPZIW OMPPIH ERH EXI LMQ PIEZMRK NYWX XLI W[SVH WOMW ERH LMW VMKLX LERH 8LMW WXSV] [EWGMXIHEWEGVIHMFPII\EQTPISJE [SPJEXXEGO F] 2SV[IKMER ^SSPSKMWX7MKYVH.SLRWIRMR8LIIZIRXMWIZIRQEVOIH[MXL E QSRYQIRX ERH E TSIQ ,S[IZIV XLIVI EVI EPWS ZIVWMSRW SJ XLI I\EGX WEQI WXSV] JVSQ WIZIVEP SXLIV PSGEXMSRW MR 2SV[E] 7[IHIR ERH *MRPERH 1IPMR  7RIVXI   %RSXLIV GSQ QSRJSPOXEPIMR7GERHMREZME*MRPERHERH6YWWMEVIJIVWXSEJEQ MP]FIMRKGLEWIHF]ETEGOSJ[SPZIW[LMPIXVEZIPPMRKSRELSVWI HVE[R WPIH MR [MRXIV -R SVHIV XS HIPE] XLI [SPZIW WS XLI] GER IWGETIXSWEJIX]XLI]XSWWXLIMV]SYRKIWXGLMPHSYXSJXLIWPIHWS XLI [SPZIW WXST XS JIIH SR MX 1IPMR  7RIVXI   8LI JEGXXLEXIEGLJERXEWXMGXEPIMWVIGSYRXIHHIXEMPJSVHIXEMPMRQER] PSGEXMSRWQEOIWMXZIV]YRPMOIP]XLEXEPPEVIXVYIEPXLSYKLMXGER RSXFIVYPIHSYXXLEXXLIVIMWWSQIVIEPIZIRXEXXLISVMKMRSJXLI WXSV]

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 ,MWXSVMGEPERHEHQMRMWXVEXMZIVIGSVHW'EYWISJHIEXLMW KIRIVEPP]VIGSVHIHMRTEVMWLVIKMWXIVWOITXF] GLYVGLIW I\ XIRHMRKFEGOYRXMP EXPIEWX XLI   GIRXYV] ERHSXLIV EH QMRMWXVEXMZI VIGSVHW 8LI TEVMWL VIKMWXIVW EVI E TEVXMGYPEVP] VMGLWSYVGISJHEXEXLEXSRE )YVSTIERFEWMWMRGPYHI QER] GEWIW SJ [LIVI l[SPJ EXXEGOz MW [VMXXIR EW XLI WSYVGI SJ HIEXL)\EQTPIWMRGPYHI XL

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(YVMRK XLIPEWX  ]IEVW E PEVKIRYQFIVSJ WXSVMIW GSRGIVRMRK LYRXIVWERHXVETTIVWJVSQFSXL)YVSTIERH2SVXL%QIVMGELEZI ETTIEVIH MR ZEVMSYW QEKE^MRIW 8LIWI XEPIW SJXIR GSRXEMR EG GSYRXWSJXLIWXSV]XIPPIV SVWSQIFSH]LIORI[ FIMRKJSPPS[IH ERHEXXEGOIHF]FPSSHXLMVWX][SPZIW-RQSWXEGGSYRXWXLILIVS MW PYGO] IRSYKL XS LEZI E KYR ERH WLSSXW LMW [E] SYX SJ XLI WMXYEXMSR =SYRK  +SPHQERR   VIGSYRX WIZIVEP SJ XLI KIRVIJVSQ2SVXL%QIVMGEFYX[IVIRIZIVEFPIXSWYFWXERXMEXI XLIQ8LIMRXIVRIXMWEPWSJYPPSJWYGLWXSVMIW

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7ITEVEXMRKJEGXJVSQJMGXMSRLEWFIIREQSRKXLIKVIEXIWX GLEP PIRKIWXLEXXLMWTVSNIGXLEWJEGIH;ILEZIRSXMRZIWXMKEXIH[SPJ EXXEGOW MR XLI JMIPH ERH QER] SJ XLI VITSVXW GSQI JVSQ XMQIW ERH TPEGIW [LIVI QSHIVR JSVIRWMG QIXLSHW ERH WXERHEVHW SJ HSGYQIRXEXMSR HS RSX I\MWX 2IMXLIV LEZI [I GLIGOIH SVMKMREP LMWXSVMGEP HSGYQIRXW VITSVXMRK [SPJ EXXEGOW 1ER] SJ XLI EG GSYRXW LEZI FIIR JMPXIVIH XLVSYKL WIZIVEP PE]IVW SJ VIGSVHMRK ERH MRXIVTVIXEXMSR FIJSVI [I LEZI JSYRH XLIQ 8LIVI MW XLIVI JSVIEP[E]WEGIVXEMRHIKVIISJYRGIVXEMRX]EVSYRHQER]SJXLI GEWIWTVIWIRXIHLIVIIWTIGMEPP]JSVXLIGEWIWJVSQXLI  ERH GIRXYVMIW,S[IZIV[ILEZIXVMIHXSVIXEMRXLSWIGEWIW JSV[LMGLXLIVIEVIGPEMQWSJWSQIJSVQSJGSRXIQTSVEV][VMX XL

 3XLIV WSYVGIW 7SQI GEWIW EVI SRP] VITSVXIH MR RI[WTE TIVW RSRXIGLRMGEP PMXIVEXYVI ERH JVSQ MRXIVZMI[W SV TIV WSREP GSQQYRMGEXMSRW 7SQI SJ XLIWI RIIH XS FI XVIEXIH [MXLGEYXMSRFIGEYWIQER]XLEX[ILEZIXVMIHXSJMRHWYT TSVX JSV LEZI TVSZIR XS FI MQTSWWMFPI XS ZIVMJ] ,S[IZIV WSQIGEWIWEVIWS[IPPHIWGVMFIHJVSQWIZIVEPMRHITIRHIRX

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RMRESTTHVEKWQIPHMRK

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7SYVGIWSJIVVSV

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-X MW RSX YRGSQQSR JSV TISTPI XLEX VIGIMZI E QMRSV FMXI JVSQ HSQIWXMG HSKW XS HIZIPST WIVMSYW GSQTPMGEXMSRW XLEX GER VIWYPX MR HIEXL )\EQTPIW MRGPYHI HMZIVWI MRJIGXMSRW ERH WITXMGIQME VLEFHSQ]SP]WMW [MXL VIREP JEMPYVI ERH TYPQSREV] XLVSQFSIQ FSPMWQ %RZIHIRIXEP ,SPXIV IX EP  ,ERXWSR IXEP 7QMXLIX EP  +EVGME  7EEF IX EP  *EPGS RMIVMIXEP 4VIWYQEFP]WYGLGSQTPMGEXMSRWEVIEPWSEWWSGM EXIH[MXL[SPJFMXIW-XMWXLIVIJSVIHMJJMGYPXXSORS[MJEPPLMWXSVM GEPGEWIWSJlHIEXLF][SPJzEGXYEPP]MRZSPZIHXLITIVWSRFIMRK OMPPIHSYXVMKLXF]XLI[SPJSVMRZSPZIHWYFWIUYIRXHIEXLHYIXS GSQTPMGEXMSRWJVSQEVIPEXMZIP]QMRSVFMXI

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RMRESTTHVEKWQIPHMRK

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RMRESTTHVEKWQIPHMRK

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RMRESTTHVEKWQIPHMRK

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RMRESTTHVEKWQIPHMRK



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6EFMIWMR[SPZIW

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8LIVIEVIQER]SXLIVWXSVMIWSJTISTPIFIMRKEXXEGOIHERHIZIR OMPPIH F] [SPZIW XLEX LEZI FIIR TEWWIH HS[R XLVSYKL XLI SVEP XVEHMXMSR ERH LEZI FIIR [VMXXIR HS[R HYVMRK XLI   GIRXYV] %TTIRHM\   7RIVXI   LEW GSPPIGXIH QER] WXSVMIW JVSQ SXLIV [VMXXIR WSYVGIW QEMRP] VIKMSREP LMWXSVMGEP EWWSGMEXMSR ER RYEPW ,S[IZIVXLIVIMWTVIWIRXP]RSJMVQIZMHIRGIEXXLMWXMQI XLEXXLIWXSVMIWEVIXVYI7IEVGLIWSJXLITEVMWLVIKMWXIVWSVSXLIV LMWXSVMGEPHSGYQIRXWJVSQXLIWIEVIEWERHTIVMSHW[SYPHFISJ KVIEXMRXIVIWXERHWLSYPHGSRJMVQSVHIR]XLIWXSVMIW

XL

XL

XL

XL



RMRESTTHVEKWQIPHMRK

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

TYFPMGEXMSR =ERWLMR IX EP   ERH EVI EPWS GMXIH MR 'LIV OEWWOM]   %PXLSYKL XLI I\EGX RYQFIVW ERH TPEGI REQIW TVIWIRXIHF] 4EZPSZ JSV XLI TIVMSH  HS RSX GSVVIWTSRH I\EGXP] XS XLSWI JVSQ 7IPMQSZ IX EP    ERH 'LIV OEWWOM]   JSV XLI WEQI TIVMSH XLI HMJJIVIRGIW EVI QMRSV %TTIRHM\   *VSQ XLIMV GSQFMRIH WSYVGIW MX ETTIEVW EX PIEWX  TISTPI [IVI FMXXIR F] VEFMH [SPZIW MR XLI TIVMSH  %R I\EQTPI SJE VEFMIW GEWI JVSQ XLI QIHMGEP PMXIVEXYVI MW TVS ZMHIHFIPS[ VH

%VOEHEO 7EVEXSZ VIKMSR 6YWWME   1E]  (YVMRK E WMRKPIQSVRMRKEVEFMH[SPJVEREVSYRHXLIWXVIIXWSJXLIZMPPEKI FMXMRKTISTPI3RI]IEVSPH[SQERHMIHXLIRI\XHE]HM VIGXP] JVSQ LIV MRNYVMIW I\XIRWMZI FMXIW XS LIEH JEGI ERH I\ XVIQMXMIW  8LI SXLIV  WYVZMZIH LEZMRK VIGIMZIH TSWXI\TSWYVI XVIEXQIRX % QIHMGEP XIEQ HSGYQIRXIH XLI MRGMHIRX 8LI [SPJ [EWWLSXERHVEFMIW[EWHMEKRSWIHMRXLIPEFSVEXSV] 7IPMQSZIX EP 

3XLIV6YWWMEREYXLSVWSJXLITIVMSHEPWSMRHMGEXIXLEXEPXLSYKL XLI]ZMI[IH[SPZIWEWYRHIWMVEFPIMX[EWVEFMHMRHMZMHYEPW XLEX QEMRP] FYX RSX I\GPYWMZIP] TSWIH XLI HERKIV XS LYQERW *SV I\EQTPIl8LI[SPJEXXEGOWLYQERWZIV]VEVIP]6EFMH[SPZIWEVI I\XVIQIP] HERKIVSYW 'SRXVSP SJ [SPZIW MW E REXMSREP HYX]z 7XVSKERSZ ERHl8LIHERKIVSJHMVIGXEXXEGOF]IZIRXLI PEVKIGEVRMZSVIWSRQERMWYWYEPP]KVIEXP]I\EKKIVEXIH||6EFMH ERMQEPW[LMGLPSWIEPPWIRWISJGEYXMSREVII\XVIQIP]HERKIVSYW 7SQIXMQIWQERIEXMRKXIRHIRGMIWFIGSQIQERMJIWXMRMRHMZMHYEP XMKIVW[SPZIWFIEVWERHSXLIVPEVKITVIHEXSVWz 2SZMOSZ  7XVSKERSZ   ERH /VYWNMRWOMN   LEZI EPWS QEHI WMQMPEV WXEXIQIRXW /SV]XMR   EPWS HIWGVMFIW ER MRGMHIRX [LIR  LYRXIVW [IVI EXXEGOIH F] E [SPJ [LIR XLI] XVMIH XS VIQSZI TYTWJVSQEHIR

(EXEEZEMPEFPIJVSQXLI;SVPH,IEPXL3VKERMWEXMSR 6EF2IX EPWS GSRJMVQ XLEX VEFMIW SGGYVW EQSRK 6YWWMER [SPZIW ERH XLEX [SPZIW EVI WXMPP ER SGGEWMSREP WSYVGI SJ GSRXEGX JSV LYQERW VI GIMZMRK VEFMIW XVIEXQIRX /Y^QMR   PMWXW  GEWIW SJ LYQER VEFMIW [MXL [SPZIW EW XLI WSYVGI JSV XLI TIVMSH  [MXLMR XLI 6YWWMER *IHIVEXMSR HYVMRK [LMGL XMQI  GEWIW SJ VEFMIWMR[SPZIW[IVIHMEKRSWIH7SEXPIEWXJSVXLI GIRXYV] XLIJMKYVIWTVIWIRXIHMR 4EZPSZ GSRGIVRMRK VEFMH [SPZIW ETTIEV XSFIVIEWSREFPI %TTIRHM\  XL



4VIHEXSV]EXXEGOW

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

8LI QSWX GSRXVSZIVWMEP EWTIGXW SJ 4EZPSZ W [SVO GSRGIVR XLVII TSWX ;; ITMWSHIW [LIVI [SPZIW [IVI FIPMIZIH XS LEZI EX XEGOIHGLMPHVIRMREVIEWEVSYRH/MVSZ %TTIRHM\*MKYVI  /MVSZITMWSHI&IX[IIRERHGLMPHVIRFIX[IIR XLIEKIWSJERH[IVIOMPPIHF][SPZIW8LVIIQSVIGLMPHVIR [IVIEXXEGOIHFYXIWGETIH 3VMXNMITMWSHI&IX[IIRERHGLMPHVIR[IVIOMPPIH *SYVQSVI[IVIEXXEGOIHFYX[IVIVIWGYIH :PEHMQMVITMWSHI&IX[IIRERHXLIVI[IVIJEXEP EXXEGOWQEMRP]SRGLMPHVIR &SXL XLIWI PEXXIV WIUYIRGIW ETTEVIRXP] IRHIH JSPPS[MRK XLI WLSSXMRK SJ PSGEP [SPZIW *SV XLI /MVSZ ERH XLI 3VMXNM WIUYIRGI 4EZPSZTVSZMHIWHIXEMPWSJXLIREQIWERHEKIWSJXLIZMGXMQWERH XLITPEGIERHGMVGYQWXERGIW[LIVIXLIEXXEGOWSGGYVVIHQEOMRK XLI HIWGVMTXMSRW GVIHMFPI ,S[IZIV FIGEYWI SJ XLI EPQSWX YR TVIGIHIRXIHREXYVISJXLIWIEXXEGOWMRXLI[SPJPMXIVEXYVIQER] VIWIEVGLIVWERHGSRWIVZEXMSRMWXWLEZIGEWXHSYFXSRXLIMVXVYXL 4EZPSZ[EWELYRXIVKEQIQEREKIVVEXLIVXLEREWGMIRXMWXERH MXMWSFZMSYWJVSQLMWGLETXIVWSRXLIIJJIGXWSJ[SPZIWSRKEQI TSTYPEXMSRW XLEX LMW EXXMXYHI XS[EVHW [SPZIW [EW GPIEVP] XLEX XLI] [IVI YR[ERXIH ZIVQMR XLEX LEH RS TPEGI MR XLI QSHIVR [SVPH8LIXSRISJXLI[SVOMWEPQSWXSRISJETIVWSREPGVYWEHI SR LMW TEVX XS XIPP zXLI XVYXL EFSYX [SPZIWz MI XLEX XLI] EVI HERKIVSYWXSLYQERW8LIWIJEGXSVWHSRSXMRHMGEXIXLEX4EZPSZ [EW ER SFNIGXMZI ERH YRFMEWIH SFWIVZIV ,S[IZIV 4EZPSZ LMQ WIPJEHQMXWXLEXGMVGYQWXERGIWHYVMRKXLMWTSWX[EVTIVMSH[LIVI YRYWYEP [MXL LMKL [SPJ TSTYPEXMSRW GSRXVSP I\IVGMWIW [LIVI WYWTIRHIH HYVMRK XLI [EV ERH TSWX [EV VIGSZIV] ]IEVW  PS[

XL



1ERXINJIPGSQQMWWMSR

4EZPSZ  EPWSWXEXIWXLEXEKSZIVRQIRXGSQQMWWMSRMRZIWXM KEXIHVITSVXWSJ[SPJEXXEGOWSRTISTPIHYVMRKXLITIVMSHFIJSVI ERH HYVMRK [SVPH [EV X[S %TTEVIRXP] XLI GSQQMWWMSR JSYRH IZMHIRGI JSV  IZIRXW MR [LMGL YT XS  TISTPI QSWXP] GLMP HVIR [IVIIEXIRSVOMPPIHrLS[IZIVMXMWRSXGPIEV[LIXLIVXLMW VIJIVW XS EXXEGOW F] VEFMH [SPZIW TVIHEXSV] EXXEGOW SV WMQTP] GEWIW SJ [SPZIW JIIHMRK SR LYQER GSVTWIW-X MW EPWS MQTSVXERX XSGSRWMHIVXLEXXLMWTIVMSH[EWSRISJQEWWMZIMRXIVREPTSPMXMGEP ERHWSGMEPYRVIWX[MXLMRXLIJSVQIV9776EWMXGSZIVWXLIVIZSPY XMSRXLIGMZMP[EVERH[SVPH[EVX[S+MZIRXLMWFEGOKVSYRHMX MWMQTSWWMFPIXSIZEPYEXIXLIUYEPMX]SJXLIHEXEJVSQXLMWTIVMSH ERH[ILEZIRSXGSRWMHIVIHXLIGEWIWJYVXLIV



RMRESTTHVEKWQIPHMRK



%WME I\GPYHMRKXLIJSVQIV 9776



%WMER[SPJTSTYPEXMSRW

FIIRMRZSPZIHVEXLIVXLEREWMRKPIMRHMZMHYEP%PQSWXEPPXLIZMG XMQW[IVIGLMPHVIRYRHIV]IEVWSJEKI3FWIVZEXMSRWEPWSI\MWX SJ [SPZIW JIIHMRK SR TEVXMEPP] GVIQEXIH LYQER VIQEMRW JVSQ FYVMEPWMXIWMRXLIVIKMSR 7LELM 8LMWMWEPWSEVIKMSR[LIVI VITSVXWSJ[SPZIWOMPPMRKLYQERWI\XIRHFEGOMRXSXLIIEVP] GIRXYV] XL

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



%WIGSRH[IPPWXYHMIHEVIE[MXLEXXEGOWMWMRXLIIEWXIVRVIKMSR SJ9XEV4VEHIWL7XEXI-RXLIGSYVWISJQSRXLWMREX XEGOW SR GLMPHVIR  SJ [LMGL [IVI JEXEP  [IVI VIGSVHIH JVSQ ZMPPEKIW[MXLMREOQ EVIE%XXLIXMQIMX[EWFIPMIZIH XLEX XLI WTEXI SJ EXXEGOW [EW HYI XS E WMRKPI [SPJ .LEPE 7LEVQE   LS[IZIV XLI JEGX XLEX JYVXLIV EXXEGOW LEZI SG GYVVIHXLVSYKLSYXXLITIVMSHMRHMGEXIWXLEXXLMWMWYR PMOIP]XSFIXLIGEWI .LEPE  

%XLMVHFYXPIWW[IPPHSGYQIRXIHEVIEMWXLI%RERXTYVVIKMSRSJ %RHLVE 4VEHIWL WXEXI [LIVI  GLMPHVIR [IVI OMPPIH ERH  MR NYVIH[MXLMREOQ EVIEHYVMRKEQSRXLTIVMSHMR 7LELM 

-RHMERWYFGSRXMRIRX



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

8LIWI IZIRXW EVI GLEVEGXIVMWIH F] XLI JEGX XLEX XLI] EVI EWWSGM EXIH[MXLEVIPEXMZIP]GPIEVP]HIJMRIHEVIEJSVETIVMSHSJEXPIEWX WIZIVEP QSRXLW XS WIZIVEP ]IEVW 6EFMH [SPJ EXXEGOW MR GSRXVEWX XIRHXSFIWMRKPIHE]IZIRXWEWXLITIVMSHSJEKKVIWWMZIFILEZ MSYV lJYVMSYWTLEWIz JSV[SPZIWPMOIEPPVEFMHERMQEPWXIRHWXS FIZIV]WLSVXFIJSVITEVEP]WMWWIXWMR-REHHMXMSREPPZMGXMQW[IVI TEVXMEPP] SV XSXEPP] GSRWYQIH [LMGL RIZIV SGGYVW MR XLI GEWI SJ VEFMIWEXXEGOW

XL

XL

8LIWI GEWIWRIIH XSFI TPEGIH MRXS GSRXI\X EKEMRWX XLI LEFMXEX SJXLIEVIEERHXLIKIRIVEPLMKLVEXIWSJ[MPHERMQEPQIHMEXIH HIEXLW MR XLI VIKMSRW 1SWX SJ XLIWIEVIEW SJ-RHME [LIVI [SPJ EXXEGOW LEZI FIIR VITSVXIH EVI HIJSVIWXIH EKVMGYPXYVEP LEFMXEXW [MXL E ZIV] TSSV TVI] FEWI ERH E ZIV] LMKL LYQER TSTYPEXMSR HIRWMX] "OQ PMZMRKMRTSSVGSRHMXMSRW-REWIVMIWSJXVER WIGXW MR 9XEV 4VEHIWL YREGGSQTERMIH GLMPHVIR [IVI XLI QSWX GSQQSRTSXIRXMEPzTVI]zEZEMPEFPIXS[SPZIWEW[MPHTVI][IVI ZIV]VEVIERHEPPPMZIWXSGO[IVIKYEVHIHF]WLITLIVHWERHHSKW .LEPE  7LEVQE   -R XLI ,E^EVMFEKL WXYH] HYVMRK XLI  ]IEVTIVMSH[LIRGLMPHVIR[IVIOMPPIHF][SPZIWERSXLIV TISTPI [IVI OMPPIH F] [MPH IPITLERXW  F] WPSXL FIEVW  F] PISTEVHWF]XMKIVWERHF]L]IREW 6ENTYVSLMX  

8LIVI LEZI EPWS FIIR E PEVKI RYQFIV SJ TVIHEXSV] EXXEGOW SR LYQERWF]RSRVEFMH[SPZIWMREXPIEWX-RHMERWXEXIW *MKMVI HYVMRK XLI PEWX HIGEHIW 8LIWI WMXYEXMSRW LEZI FIIR VIPEXMZIP] [IPP HSGYQIRXIH F] XVEMRIH FMSPSKMWXW ERH GSRWXMXYXI WSQI SJ XLIFIWXVIGSVHWXLEXI\MWXSJRSRVEFMH[SPJEXXEGOWSRLYQERW )ZMHIRGISJXLIMHIRXMX]SJXLIERMQEPVIWTSRWMFPIJSVXLIEXXEGOW EWFIMRKE[SPJLEWMRGPYHIH  XLIEFWIRGISJSXLIVPEVKIGEV RMZSVI WTIGMIW   I\EQMREXMSR SJ XVEGOW   QIEWYVIQIRX ERH I\EQMREXMSR SJ FMXI [SYRHW   IPIGXVSRQMGVSKVETLW SJ LEMVW JSYRHEX WGIRI   XLI JMRHMRK SJLYQER VIQEMRW EX [SPJ HIR WMXIW ERH   I]I[MXRIWW ERH WYVZMZSVW EGGSYRXW 8LI I\XIRX SJ IZIRXWLEWFIIRKVIEXIWXMRXLI,E^EVMFEKLVIKMSRSJ&MLEVWXEXI [LIVIEXPIEWXGLMPHVIR[IVIVITSVXIHEWFIMRKOMPPIHMREH HMXMSR XS QER] QSVI XLEX [IVI EXXEGOIH F] [SPZIW FIX[IIR ERH 7LELM6ENTYVSLMX 8LIKISKVETLMGEP I\XIRX SJ XLI EXXEGOW ERH XLI PSRK XMQI TIVMSH SZIV [LMGL EX XEGOW LEZI SGGYVVIH MRHMGEXI XLEX MX MW WIZIVEP TEGOW XLEX LEZI



-VER

-VERERHMXW[SPZIWEVI[IPPORS[RMRQIHMGEPGMVGPIWJSVXLITMS RIIVMRK[SVOGSRHYGXIHXLIVIF]XLI;,3MRHIZIPSTMRKTSWX I\TSWYVIERXMVEFMIWXVIEXQIRXW4VMSVXSTISTPIFMXXIRF] VEFMH ERMQEPW VIGIMZIH TSWXI\TSWYVI XVIEXQIRX MR XLI JSVQ SJ MRNIGXMSRWSJEZEGGMRI;LMPIXLMWQIXLSH[SVOIH[IPPJSVTIS TPIVIGIMZMRKQMRSVFMXIWJVSQVEFMHHSKWMX[EWVIPEXMZIP]MRIJ JIGXMZI MR TEXMIRXW XLEX LEH FIIR FMXXIR F] [SPZIW 8LMW [EW PEVKIP]HYIXSXLIJEGXXLEXVEFMH[SPZIWSJXIRMRJPMGXQSVIWIZIVI FMXIW SJXIR SR XLI LIEH ERH RIGO [LMGL EGGIPIVEXIW XLI TVS KVIWWMSR SJ XLI HMWIEWI -R  EXXIQTXW [IVI QEHI XS GSQ FMRI MRNIGXMSRW SJ FSXL ZEGGMRI ERHMQQYRSKPSFYPMRr VIWYPXMRK MRJEVFIXXIVWYVZMZEPSJTEXMIRXW &EPXE^EVH  &ELQER]EV   1SHMJMGEXMSRWSJXLMWETTVSEGLEVIWXMPPYWIHXSHE]



RMRESTTHVEKWQIPHMRK

8EFPI6IGSVHWSJEXXEGOWSRLYQERWF]VEFMHERHRSRVEFMH[SPZIWMR-RHME 4IVMSH

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6IJIVIRGI

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,E^EVMFEKLZMPPEKI&MLEV

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,E^EVMFEKLZMPPEKI&MLEV

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%RERXTYV%RHLVE4VEHIWL

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%YVERKEFEH(MWXVMGX1ELEVEWLXVE

 MZ XS MMM

,E^EVMFEKL /SHIVQE&MLEV



,E^EVMFEKL&MLEV

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XL

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)EVP]WXSVMIWERHSXLIVMRGMHIRXW

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RMRESTTHVEKWQIPHMRK

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7MPEW 'EPFSVR 8YVRFS GSPPIGXIH JSPO XEPIW JVSQ %VOERWEW HYVMRK LMW PMJI   8LIWI EVIE EZEMPEFPI FSXL MR TVMRX ERH SR XLI MRXIVRIX LXXTXYVRFS8EFPISJ'SRXIRXWLXQP  ,I HIWGVMFIWE RYQFIV SJ EKKVIWWMZI IRGSYRXIVW FIX[IIR TIS TPI ERH [SPZIW LS[IZIV MX MW RSX WYVI XLEX XLI [SPZIW LI HI WGVMFIWEVI'ERMWPYTYWEWXLIEVIE[EW[MXLMRXLILMWXSVMGVERKI SJXLIVIH[SPJ'ERMWVYJYW =SYRKERH+SPHQER &IGEYWI SJXLISVMKMRSJXLIXEPIWERHXLIXE\SRSQMGYRGIVXEMRX][ILEZI RSXGSRWMHIVIHXLIWIGEWIWMRSYVEREP]WMW



8LVIEXIRMRKFILEZMSYV

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RMRESTTHVEKWQIPHMRK





%XXEGOWERHOMPPMRKWF] HSQIWXMGHSKWGETXMZI [SPZIWERH[SPJHSK L]FVMHW

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'ETXMZI[SPZIWERHL]FVMHW

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(SQIWXMGHSKW

(SQIWXMGHSKWFMXIERIWXMQEXIHQMPPMSRTISTPITIV]IEVMRXLI 9RMXIW7XEXIWSJ[LMGLEVIGLMPHVIR 1EXLI[W 0EXXEP   3J XLIWI FMXIW ETTVS\MQEXIP]  TIV ]IEV EVI JEXEP 0ERKPI] 1SVVS[ %ZMW   EKEMR QEMRP] XS GLMPHVIR ;LMPI SZIVFVIIHW SJ HSK MRGPYHMRK [SPJHSK L]FVMHW  LEZI FIIRMRZSPZIHMRJEXEPEXXEGOW6SXX[IMPIVWERHTMXFYPPX]TIHSKW EVIVIWTSRWMFPIJSVEVSYRHSJJEXEPEXXEGOWSJEXXEGOW MRZSPZI XLI JEQMP] HSK SR XLI S[RIV W TVSTIVX] 7EGOW IX EP    SJ EXXEGOW MRZSPZI WMRKPI HSKW 7EGOW IX EP  



RMRESTTHVEKWQIPHMRK

 ;SPJEXXEGOWMRGSRXI\X

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

-RSVHIVXSTYXXLIWI[SPJEXXEGOWMRXSGSRXI\XMXMWRIGIWWEV]XS GSRWMHIVLS[ XLI] GSQTEVI XS EXXEGOW F] SXLIV PEVKI GEVRMZSVI WTIGMIW %XXEGOW F] FIEVW ERH GSYKEVW SR TISTPI EVI WSQILS[ QSVI JEQMPMEVEW XLI] EVI FIXXIV ORS[R ERH FIXXIV GSZIVIH MR XLIQIHMEXLER[SPJEXXEGOW8LIQEKRMXYHISJEXXEGOWF]SXLIV WTIGMIW GER EPWS WIVZI EW E GSRXVSP SR XLI UYEPMX] SJ SYV [SPJ HEXE EW [I FIPMIZI XLEX XLI VITSVXMRK  HSGYQIRXEXMSR FMEW MW PMOIP]XSFIIUYEPJSVEPPPEVKIGEVRMZSVIWTIGMIW

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1G(SYKEP 1G(SYKEP 1G(SYKEP 1G(SYKEP

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'SVFIXX 1SLER +S]EPIXEP+S]EP 8VIZIW 2EYKLXSR8VIZIW

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/LER 7ER]EP /LER /LER 1G(SYKEP 2]LYWIXEP 1G(SYKEP 1G(SYKEPIXEP

7EFIV[EPIXEP

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RMRESTTHVEKWQIPHMRK

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8S WIX XLMRKW MR TIVWTIGXMZI MX MW MQTSVXERX XS VIQIQFIV XLEX XLIVIEVIQER]GETXMZI[SPJTEGOWMR^SSWERHTEVOWEVSYRHXLI [SVPH XLEX EVI XSXEPP] LEFMXYEXIH XS LYQERW [LIVI XLIVI LEZI FIIRRSVIGSVHWSJTISTPIFIMRKEXXEGOIHSVOMPPIH8LIGEWIMR XLI 3RXEVMS [SPJ TEVO JVSQ  WIGXMSR   MW ER I\XVIQI WMXYEXMSR-REHHMXMSREXER]KMZIRQSQIRXXLIVIEVIXLSYWERHW SJ [SPZIW MR 2SVXL %QIVMGER REXMSREP TEVOW XLEX QEMRXEMR XLIMV WL]RIWWSJLYQERW3YVHEXELIVIHSRSXWLS[XLEXLEFMXYEXIH [SPZIW[MPPEXXEGOTISTPINYWXXLEXXLI]GERHSWSSRVEVISGGE WMSRW 

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TSWWMFPIHSYFPIVITSVXMRK[IHSRSXVITSVXJMKYVIWJVSQ4EZPSZ  GMXIHJVSQXLMWTIVMSH



RMRESTTHVEKWQIPHMRK

 1EREKIQIRX TPERRMRK

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RMRESTTHVEKWQIPHMRK

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RMRESTTHVEKWQIPHMRK

 0MXIVEXYVIGMXIH

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RMRESTTHVEKWQIPHMRK

(YRHIW%I0MXXPI6IH6MHMRK ,SSHE GEWIFSSO  9RM ZIVWMX]SJ;MWGSRWMR4VIWW1EHMWSR;MWGSRWMR (YVVLIMQ(2 0IKKEX4%6MWOXSXSYVMWXWTSWIHF] [MPHQEQQEPWMR7SYXL%JVMGE.SYVREPSJ8VEZIP1IHM GMRI (YXXE./ (YXXE8/6EFMIWMRIRHIQMGGSYRXVMIW &VMXMWL1IHMGEP.SYVREP )PH•IR+7EQHEP:MO-7:MO) 1MHKEVH60]QI RIZVSFSVVIPMSWIM 1•VI SK 6SQWHEP  8MHWWWOVMJX JSV HIR 2SVWOI0’KIVJSVIRMRK )PIW ,  :EVKIR M O]VOFSGOIVRE  :EVKIR :EVQPERH JSVV SGLRYàVWFSOJVER:EVQPERHWQYWIYQ%&=WXEHW'IR XVEPXV]GOIVM=WXEH *EFVÃ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ÅR ZEVKÅVIR M àFS PER    . 7MQIPMM %VJZMRKEVW &SOXV]GOIVM%OXMIFSPEK ,IP WMROM +SXXPMIF . 3  1MWJIPHX . '  (SF FMXIW MR XLI WPIHKI HSK HMWXVMGXW SJ +VIIRPERH  9KIWOVMJX JSV 0’KIV   +VERWXV¸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Ã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’KI JSVIRMRKIR (EZMH(=EOSFWSR&7QMXL.7 7XVEQ=1SPIGY PEV ITMHIQMSPSK] SJ VEFMIW ZMVYW MWSPEXIH JVSQ -WVEIP ERH SXLIV 1MHHPI ERH 2IEV)EWXIVR GSYRXVMIW  .SYVREP SJ 'PMRMGEP1MGVSFMSPSK] HI&IEYJSVX*+?,MWXSVMGEPIGSPSK]SJ[SPZIW'ERMWPY TYW0MR*VERGIA4L(8LIWMW9RMZIVWMX]SJ4EVMW (IVSGLIV% ) ;MMK  +NIVX^-&•OWIXL /  7GLIMI . 3  7XEXYW SJ TSPEV FIEVW MR 2SV[E]   -R (IVSGLIV%)+EVRIV+;.02 ;MMKIHW 4SPEVFIEVW4VSGIIHMRKWSJXLIXL[SVOMRKQIIXMRKSJ XLI -9'277' TSPEV FIEV WTIGMEPMWX KVSYT  *IFVYEV]  3WPS 2SV[E] -9'2 4YFPMGEXMSRW +PERH 7[MX^IV PERH4T (MGOMRWSR*3 &EXXPI1'0]QIFSVVIPMSWMW -RJIG XMSYW(MWIEWI6IZMI[



RMRESTTHVEKWQIPHMRK

/EPXIRFSVR & 4 &NIVOI 8  :MXXIVW•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r  /SWWEO7?8LVIEXWXSGSI\MWXIRGISJTISTPIERH[SPZIWAl;MPOr^EKVS^IRMEMTV^]W^PSWGz7YTVEWPG^IV[MIG  /VE[G^EO '  ?,YRXMRK SJ [SPZIW MR XLI +VIEX (YGL] SJ 4S^RERA0S[MIG4SPWOM /VMWXMERWIR&).IROMRW%8ZIXIR=/EVWXIR&0MRI &N¸IVWHSVJJ %  ,YQER KVERYPSG]X’V ILVPMGLMSWI M 2SVKI  8MHWWWOVMJX JSV HIR 2SVWOI 0’KIVJSVIRMRK   /VYWNMRWOMN 0  ?;SPJ FILEZMSYVA  4SZIHIRMI ZSPOE %OEHIQMNEREYO77761SWGS[ /YQEV 7  6ELQERM % 6  7XEXYW SJ -RHMER KVI] [SPJ 'ERMWPYTYWTEPPMTIWERHMXWGSRWIVZEXMSRMRQEVKMREPEKVM GYPXYVEP EVIEW SJ 7SPETYV (MWXVMGX 1ELEVEWLXVE  .SYVREP SJXLI&SQFE]2EXYVEP,MWXSV]7SGMIX] /Y^QMR -  6EFMIW MR 6YWWME   6%&2)8 [[[[LSMRXIQGHMWIEWIW^SS6YWWMECHEXEVYWWMEVEFMIW MRHI\LXQP 0ERKPI] 6 0  1SVVS[ ; )  (IEXLW VIWYPXMRK JVSQ ERMQEPEXXEGOWMRXLI9RMXIH7XEXIW;MPHIVRIWWERH)R ZMVSRQIRXEP1IHMGMRI 0M;/*YPPIV8/+EVWLIPMW(0 5YMKPI],&8LI WXEXYW SJ PEVKI GEVRMZSVIW MR 'LMRE  .SYVREP SJ ;MPHPMJI 6IWIEVGL 0MRHKVIR)'PMQEXIERHXMGOFSVRIIRGITLEPMXMW'SRWIV ZEXMSR)GSPSK]?SRPMRIA LXXT[[[GSRWIGSPSVKZSPMWWEVX 0MRLEVX7&/MRK6>EQMV72EZIL9(EZMHWSR1 4IVP 73VEPVEFMIWZEGGMREXMSRSJVIHJS\IWERHKSPHIR NEGOEPW MR -WVEIP TVIPMQMREV] FEMX IZEPYEXMSR  6IZYI 7GM

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’KIJSVIRMRKIR ,WY77 ,EPPEKER0*'EWIVITSVXSJEGS]SXIEXXEGO MR =IPPS[WXSRI 2EXMSREP 4EVO  ;MPHIVRIWW ERH )RZMVSR QIRXEP1IHMGMRI -PMSTSYPSW =   2SXIW ERH GSQQIRXW JSV XLI l*MREP (VEJX 4PER JSV XLI 'SRWIVZEXMSR SJ ;SPZIW MR )YVSTIz 0'-) 6ITSVX4VSNIGX0-*)l0='37z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



RMRESTTHVEKWQIPHMRK

1IGL 0 ( ;SPZIW SJ XLI LMKL EVGXMG  :S]EKIYV 4VIWW 7XMPP[EXIV1MRRIWSXE 1IGL0(8LIGLEPPIRKIERHSTTSVXYRMX]SJVIGSZIVMRK [SPJTSTYPEXMSRW'SRWIVZEXMSR&MSPSK] 1IGL0(%RI[IVEJSVGEVRMZSVIGSRWIVZEXMSR;MPH PMJI7SGMIX]&YPPIXMR 1IGL0(;LSk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•VRSKYPZERKVMTIVWNIPHIRXQIRRIWOIV 7OSKIMIVIR 1ÇIRW]VNÇ4,YOOELYYXEE%VZM%/EVMWXS3WEOI]LXM¸R OMVNETEMRS,ÇQIIPMRRE 1•VO8 4VIWXVYH46EFMIWMEVOXMWOISQVÅHIVEOXYEPM XIXJSV2SVKI2SVWO:IXIVMR’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RMRESTTHVEKWQIPHMRK

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WXJSPH WE QEVFIMH SK OSRJPMOXIV QIPPSQ JSVZEPXRMRK JSVWORMRK SK

3OEVQE , ?8LI [SPJ r E QSRSKVETL SJ XLI WTIGMIWA r &ME PS[MI^E 3VMERW + , 'SGLVER4 % (YJJMIPH . ; *YPPIV 8 / +Y XMIVVI^6.,ERIQER;1.EQIW*'/EVIMZE4 /IPPIVX 7 6 /PIMR ( 1G0IPPER & 2 3PWSR 4 ( =EWOE+;SPZIWFIEVWERHXLIMVTVI]MR%PEWOE FMSPSKMGEPERHWSGMEPGLEPPIRKIWMR[MPHPMJIQEREKIQIRX 2EXMSREP6IWIEVGL'SYRGMP;EWLMRKXSR(' 3VQEEWIR : &VERXWW’XIV % &  1SIR ) ;  *PÅXXFÅVIRIRGIJEPMXXM2SVKI8MHWWWOVMJXJSVHIR2SVWOI 0’KIVJSVIRMRK 3ZW]ERMOSZ 2 + &MFMOSZ ( -  &SPSKSZ :  &EXXPMRK [MXL[SPZIW6YWWMEkWHIGEHIWSPHWXVYKKPIXSQEREKIMXW JPYGXYEXMRK[SPJTSTYPEXMSR-RXIVREXMSREP;SPJ 4EZPSZ1?;SPJA1SWGS[ 4IVWWSR .  7ERH ,  :EVKIR ZMPXIX IOSPSKMR SGL QER RMWOER7ZIRWOE.EKEVIJSVFYRHIX9TTWEPE 4IXIVWSR60%VIGSVHSJEXMQFIV[SPJEXXEGOMRKEQER .SYVREPSJ1EQQEPSK] 4PYWOS[WOM%)RQ•VOJMIRHI#3QXVYIRHIZMPPH]VMRSV HIYVSTIMWOQMHHIPEPHIV7TSV 4SYVGLIV %  ,MWXSVMI HI PE &IXI HY +IEZYHER ZIVXMXEFPI JPIEYHI(MIYHkETVIWPIWHSGYQIRXW IRIHMXWIXEYXLIR XMUYIW7EMRX1EVXMRHI&SYFEY\ 4SYWIXXI )  (I QÅERRMWOSÇXERHI ZEVKEVRE  &N•VOIPER KIR&SO 4ETMV&N•VOIPERKIR2SVKI 4VMRW0 =EXIW;(+6EFMIWMR'EREHE 'EREHMER:IXIVMREV].SYVREP 4YPPMEMRIR )  ;SPJ IGSPSK] MR RSVXLIVR )YVSTI  -R *S\ 1;IH8LI[MPHGERMHWXLIMVW]WXIQEXMGWFILEZMSVEP IGSPSK]ERHIZSPYXMSR:ER2SWXVERH6IMRLSPH'SQTER] 2I[=SVO4T 4ÅPWWSR )  9PZIVW R’VMRKWW•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ÅV KEQPIR]LIXIVFPMVWSQR]IMRSVWOTVIWWIZÅVIR  :ÅVI6SZH]V 6ILRQEVO)02IMXLIVKSHRSVHIZMPVIXLMROMRKSYVTIV GITXMSR SJ [SPZIW  4SQIKVEREXI 'SQQYRMGEXMSRW -RG 'EPMJSVRME



RMRESTTHVEKWQIPHMRK

8VIZIW% 2EYKLXSR8VIZIW06MWOERHSTTSVXYRMX]JSV LYQERW GSI\MWXMRK [MXL PEVKI GEVRMZSVIW  .SYVREP SJ ,YQER)ZSPYXMSR 9RWKÅVH. :MKIVWX•P249PZM2SVKI0ERHFVYOWJSV PEKIX3WPS :EREKW. IH ?,YRXMRK]IEVA6KE%ZSXW :MPÆ' ;E]RI6/,]FVMHM^EXMSRFIX[IIR[SPZIWERH HSKW'SRWIVZEXMSR&MSPSK] :SW.*SSHLEFMXWERHPMZIWXSGOHITVIHEXMSRSJX[S-FI VMER[SPJTEGOW 'ERMWPYTYWWMKREXYW MRXLIRSVXLSJ4SV XYKEP.SYVREPSJ>SSPSK]0SRHSR ;EFEOOIR47ERH , 0MFIVK 3  &NÇ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