K #RRNG+PE
#RRNG+PE#NNGTGEJVGPXQQTDGJQWFGP
8QNIGPUFGCWVGWTUTGEJVGNKLMGDGRCNKPIGPOCIFG\G
JCPFNGKFKPIPKGV\QPFGTUEJTKHVGNKLMGVQGUVGOOKPIXCP
#RRNGIGJGGNQHIGFGGNVGNKLMYQTFGPIGMQRKGGTF
&G\GJCPFNGKFKPIKUOGVWKVGTUVG\QTIUCOGPIGUVGNF
#RRNGCCPXCCTFVIGGPCCPURTCMGNKLMJGKFXQQTFTWMQH
V[RGHQWVGP
#RRNG
+P°PKVG.QQR
%WRGTVKPQ%#
YYYCRRNGEQO
*GV#RRNGNQIQKUGGPJCPFGNUOGTMXCP#RRNG+PEFCVKU
IGFGRQPGGTFKPFG8GTGPKIFG5VCVGPGPCPFGTGNCPFGP
<QPFGTXQQTCHICCPFGUEJTKHVGNKLMGVQGUVGOOKPIXCP
#RRNGKUJGVPKGVVQGIGUVCCPJGVXKCJGVVQGVUGPDQTF
QRVGTQGRGP#RRNGNQIQ1RVKQPz5JKHV-VG
IGDTWKMGPXQQTEQOOGTEKrNGFQGNGKPFGP
#RRNGJGV#RRNGNQIQ#KT2QTV#KT2QTV'ZVTGOG
%QXGT(NQY'ZRQUo(KTG9KTG)CTCIG$CPFK%CNK%JCV
K.KHGK/CEK/QXKGK2JQPGK2JQVQK2QFK5KIJVK6WPGU
-G[PQVG/CE/CE152JQVQ$QQVJ3WKEM6KOG5CHCTK
5PQY.GQRCTF5RQVNKIJV5WRGT&TKXGGP6KOG/CEJKPG
\KLPJCPFGNUOGTMGPXCP#RRNG+PEFKG\KLPIGFGRQPGGTF
KPFG8GTGPKIFG5VCVGPGPCPFGTGNCPFGP
(KPFGTJGV(KTG9KTGNQIQK2CFK9GDGP/WNVK6QWEJ\KLP
JCPFGNUOGTMGPXCP#RRNG+PE
#RRNG%CTG#RRNG5VQTGGPK6WPGU5VQTG\KLPFKGPUV
OGTMGPXCP#RRNG+PEFKG\KLPIGFGRQPGGTFKPFG
8GTGPKIFG5VCVGPGPCPFGTGNCPFGP
'0'4);56#4KUGGPJCPFGNUOGTMFCVKUIGFGRQPGGTF
KPFG8GTGPKIFG5VCVGP
*GVYQQTFOGTM$NWGVQQVJGPFG$NWGVQQVJNQIQ¨U
\KLPIGFGRQPGGTFGJCPFGNUOGTMGPKPGKIGPFQOXCP
$NWGVQQVJ5+)+PE'NMIGDTWKMJKGTXCPFQQT#RRNGXCNV
QPFGTFGNKEGPVKGDGRCNKPIGP
#PFGTGKPFG\GJCPFNGKFKPIIGPQGOFGDGFTKLHUQH
RTQFWEVPCOGPMWPPGPJCPFGNUOGTMGPXCPFG
FGUDGVTGÒGPFGDGFTKLXGP\KLP2TQFWEVGPXCPCPFGTG
HCDTKMCPVGPYQTFGPCNNGGPIGPQGOFVGTKPHQTOCVKG&KV
DGVGMGPVPKGVFCVFG\GRTQFWEVGPFQQT#RRNGYQTFGP
CCPDGXQNGPQHFQQT#RRNG\KLPIQGFIGMGWTF#RRNG
CCPXCCTFVIGGPGPMGNGCCPURTCMGNKLMJGKFOGVDGVTGMMKPI
VQVFGDGVTQWYDCCTJGKFXCPFG\GRTQFWEVGP
)GHCDTKEGGTFQPFGTNKEGPVKGXCP&QND[.CDQTCVQTKGU
¥&QND[¦¥2TQ.QIKE¦GPJGVFWDDGNG&U[ODQQN\KLP
JCPFGNUOGTMGPXCP&QND[.CDQTCVQTKGU%QP°FGPVKCN
7PRWDNKUJGF9QTMU£&QND[.CDQTCVQTKGU
+PE#NNGTGEJVGPXQQTDGJQWFGP
)GNKLMVKLFKIIGFTWMVKPFG8GTGPKIFG5VCVGPGP%CPCFC