=PLDQD￿NRGX￿EORNDG\￿WHOHIRQX￿

3U]HMG4￿NROHMQR￿GR￿RSFML￿￿8VWDZLHQLD￿￿<(6￿￿￿%ORNDG\￿ ￿<(6￿￿￿%ORN￿￿WHOHIRQX￿￿<(6￿￿￿=PLH3￿NRG￿￿<(6￿￿￿:\NRQDM￿ F]\QQR3FL￿RSLVDQH￿Z SRGUR]G]LDOH￿Ä$E\￿]PLHQLü￿NRG￿ 3,1´￿QD￿VWURQLH ￿￿￿

$E\￿XVWDZLü￿EORNDG￿￿WHOHIRQX￿QD￿Zá￿F]RQ￿￿￿

Z\á￿F]RQ￿￿OXE￿DXWRPDW\F]Q￿￿

￿￿3U]HMG4￿NROHMQR￿GR￿RSFML￿￿8VWDZLHQLD￿￿<(6￿￿￿%ORNDG\￿ ￿<(6￿￿￿%ORN￿￿WHOHIRQX￿￿<(6￿￿￿2FKURQD￿￿<(6￿￿

￿￿:\ELHU]￿RSFM(￿:á￿F]RQH￿￿$XWRPDW\F]QH￿OXE￿

:\á￿F]RQH￿￿%LH$￿FH￿XVWDZLHQLH￿QLH￿MHVW￿ZLGRF]QH￿QD￿ OL3FLH￿

￿￿:SURZDG4￿NRG￿EORNDG\￿WHOHIRQX￿L QDFL3QLM￿NODZLV]￿<(6￿

8ZDJD￿￿-H/OL￿QRZ\￿NRG￿]RVWDá￿]DSRPQLDQ\￿￿QDOH￿\￿ RGGDü￿WHOHIRQ￿GR￿ORNDOQHJR￿VSU]HGDZF\￿SURGXNWyZ￿ ILUP\￿(ULFVVRQ￿OXE￿GR￿SXQNWX￿VHUZLVRZHJR￿Z FHOX￿ RGEORNRZDQLD￿XU]￿G]HQLD￿

=DVWU]HJDQLH￿SRá￿F]H￿

:￿FHOX￿]DEORNRZDQLD￿RNUH3ORQ\FK￿W\SyZ￿ SRá￿F]H7￿PR$QD￿VNRU]\VWDü￿] XVáXJL￿ =DVWU]HJDQLH￿

$E\￿Zá￿F]\ü￿OXE￿Z\á￿F]\ü￿]DVWU]HJDQLH￿SRá￿F]H￿￿

￿￿3U]HMG4￿NROHMQR￿GR￿RSFML￿￿8VWDZLHQLD￿￿<(6￿￿￿2SFMH￿ SRá￿F]H3￿￿<(6￿￿￿=DVWU]HJDQLH￿￿<(6￿￿

￿￿:\ELHU]￿MHGQ￿￿] RSFML￿L QDFL3QLM￿NODZLV]￿<(6￿

￿￿:\ELHU]￿RSFM(￿:á￿F]￿OXE￿:\á￿F]￿L QDFL3QLM￿NODZLV]￿

<(6￿

￿￿:SURZDG4￿KDVáR￿L QDFL3QLM￿NODZLV]￿<(6￿

:\ELHUDQLH￿VWDáH

)XQNFMD￿:\ELHUDQLH￿VWDáH￿XPR$OLZLD￿ LQLFMRZDQLH￿SRá￿F]H7￿W\ONR￿] RNUH3ORQ\PL￿ QXPHUDPL￿]DSLVDQ\PL￿QD￿NDUFLH￿6,0￿

8ZDJD￿￿1DZHW￿MH/OL￿IXQNFMD￿:\ELHUDQLH￿VWDáH￿MHVW￿ Zá￿F]RQD￿￿QDGDO￿PR￿QD￿LQLFMRZDü￿SRá￿F]HQLD￿]￿

QXPHUDPL￿DODUPRZ\PL￿

$E\￿Zá￿F]\ü￿OXE￿Z\á￿F]\ü￿Z\ELHUDQLH￿VWDáH￿

￿￿3U]HMG4￿NROHMQR￿GR￿RSFML￿￿6SLV￿WHOHIRQyZ￿￿<(6￿￿￿2SFMH￿ ￿<(6￿￿ :\ELHU￿￿VWDáH￿￿<(6￿￿

￿￿:SURZDG4￿NRG￿3,1￿￿L QDFL3QLM￿NODZLV]￿<(6￿

￿￿:\ELHU]￿RSFM(￿:á￿F]RQH￿OXE￿:\á￿F]RQH￿L QDFL3QLM￿ NODZLV]￿<(6￿

￿￿%H]SLHF]H￿VWZR