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VITVIWIRXEXMZIXLIXIPITLSRIWIRHWMRJSVQEXMSRWYGLEWMXW
QSHIPREQIERHWIXXMRKWXS'PEVMX]8LIVITVIWIRXEXMZIMW
MQQIHMEXIP]E[EVISJXLIX]TIERHGYVVIRXWIXXMRKWSJXLI
TLSRI8LMW[MPPEPPS[ER]XVSYFPIWLSSXMRKGEPPXSFIUYMGO
ERHWMQTPILIPTMRK]SY½RHI\EGXP][LEX]SYEVIPSSOMRKJSV
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'PEVMX]0SKMGLEWFIIRHIWMKRIHXS[SVO[MXLXLI
4PEMR3PH8IPITLSRI7IVZMGI4387-J]SYVTLSRIWIVZMGIMW
TVSZMHIHF]EFVSEHFERHWIVZMGITVSZMHIV'PEVMX]0SKMGQE]
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SJMRJSVQEXMSREWTEVXSJXLI'PEVMX]WIVZMGIW[LMGLQE]
MRGPYHIXLITLSRIRYQFIVEWWSGMEXIH[MXL]SYVHIZMGI
8LMWMRJSVQEXMSRQE]FIGSQFMRIH[MXLEGGSYRXERHSXLIV
MRJSVQEXMSR[ILEZISRVIGSVHVIKEVHMRK]SYSV]SYV
HIZMGISVQE]FIXVERWQMXXIHXSYWF]]SYVHIZMGI8S
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JYRGXMSRW]SYVHIZMGIQE]EPWSVIKYPEVP]WIRHYWGIVXEMR
MRJSVQEXMSREWWSGMEXIH[MXL]SYVHIZMGIMRGPYHMRKWSJX[EVI
ERHLEVH[EVIWIXXMRKWXLITLSRIFSSOGEPPIV-(LMWXSV]
ERHSXLIVMRJSVQEXMSR]SYLEZIWXSVIHSRXLIHIZMGI
%PPSJWYGLMRJSVQEXMSRXSKIXLIV[MXLSXLIVMRJSVQEXMSR
XLEX[ILEZISRVIGSVHVIKEVHMRK]SYERH]SYVHIZMGIMW
GSPPIGXMZIP]VIJIVVIHXSEWXLI±7YFWGVMTXMSR(EXE²;IYWI
XLMWMRJSVQEXMSRXSHMEKRSWIERHXVSYFPIWLSSXER]HIZMGI
MWWYIWEW[IPPEWXSTVSZMHI]SY[MXLXLIWIVZMGIW
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WXSVIEGGIWWHMWGPSWIXVERWQMXTVSGIWWERHSXLIV[MWI
YWI]SYVWYFWGVMTXMSRHEXEXSTVSZMHI]SY[MXLXLI'PEVMX]
WIVZMGIWEHHVIWW]SYVVIUYIWXWTVSZMHIXIGLRMGEPWYTTSVX
TVSGIWWXVERWEGXMSRWJSV]SYVEGGSYRXERHSXLIV[MWIYWI
WYGLWYFWGVMTXMSRHEXEMREGGSVHERGI[MXL'PEVMX]´WTVMZEG]
TSPMG]LXXTGPEVMX]TVSHYGXWGSQEFSYXGPEVMX]TVMZEG]
TSPMG][LMGLMWLIVIF]MRGSVTSVEXIHF]VIJIVIRGI'PEVMX]
QE]EPWSTVSZMHISVIREFPIGIVXEMRWIVZMGIWXLVSYKL]SYV
HIZMGIXLEXVIP]YTSRPSGEXMSRMRJSVQEXMSR-RSVHIVXS
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WXSVIEGGIWWHMWGPSWIXVERWQMXTVSGIWWERHSXLIV[MWI
YWI]SYVPSGEXMSRHEXEMRGPYHMRKVIEPXMQIKISKVETLMG
MRJSVQEXMSRMREGGSVHERGI[MXL'PEVMX]´WTVMZEG]TSPMG]
7YFWGVMTXMSR(EXEERH4VMZEG]
-RXVSHYGXMSRXS'PEVMX]0SKMG