(;321(5,1*￿)g5￿5$',29c*25￿2&+￿6$5 0RELOWHOHIRQHQ￿lU￿HQ￿UDGLRVlQGDUH￿RFK￿UDGLRPRWWDJDUH￿ PHG￿OnJ￿HIIHNW￿￿1lU￿GHQ￿lU￿SnVODJHQ￿VlQGHU￿GHQ￿XW￿ UDGLRYnJRU￿PHG￿OnJ￿LQWHQVLWHW￿￿

0\QGLJKHWHU￿YHU￿KHOD￿YlUOGHQ￿KDU￿DQWDJLW￿ RPIDWWDQGH￿LQWHUQDWLRQHOOD￿ULNWOLQMHU￿QlU￿GHW￿JlOOHU￿ VlNHUKHWHQ￿￿5LNWOLQMHUQD￿KDU￿XWYHFNODWV￿DY￿LQWHU￿

QDWLRQHOOD￿YHWHQVNDSOLJD￿RUJDQLVDWLRQHU￿￿￿EODQG￿DQGUD￿ ,&1,53￿￿,QWHUQDWLRQDO￿&RPPLVVLRQ￿RQ￿1RQ￿,RQL]LQJ￿ 5DGLDWLRQ￿3URWHFWLRQ￿￿￿JHQRP￿UHJHOEXQGHQ￿RFK￿ RPIDWWDQGH￿XWYlUGHULQJ￿DY￿YHWHQVNDSOLJD￿VWXGLHU￿￿,￿ ULNWOLQMHUQD￿IDVWVWlOOV￿YLOND￿QLYnHU￿DY￿H[SRQHULQJ￿IU￿ UDGLRYnJRU￿VRP￿WLOOnWV￿IU￿DOOPlQKHWHQ￿￿$OOD￿PRELO￿ WHOHIRQPRGHOOHU￿IUnQ￿6RQ\￿(ULFVVRQ￿lU￿XWIRUPDG￿IU￿ DWW￿NODUD￿GHVVD￿VWULNWD￿JUlQVYlUGHQ￿￿*UlQVYlUGHQD￿lU￿ DQJLYQD￿PHG￿HQ￿VlNHUKHWVPDUJLQDO￿IU￿DWW￿JDUDQWHUD￿ VlNHUKHWHQ￿IU￿DOOD￿SHUVRQHU￿￿RDYVHWW￿nOGHU￿RFK￿KlOVD￿￿ RFK￿VRP￿HQ￿JDUDQWL￿PRW￿DYYLNHOVHU￿IUnQ￿XSSPlWWD￿ YlUGHQ￿

5LNWOLQMHUQD￿EHWUlIIDQGH￿H[SRQHULQJ￿IU￿UDGLRYnJRU￿ DQJHV￿L￿PnWWHQKHWHQ￿6$5￿￿6SHFLILF￿$EVRUSWLRQ￿5DWH￿￿￿

6$5￿YlUGHW￿EHVWlPV￿YLG￿KJVWD￿JRGNlQGD￿HIIHNWQLYn￿ L￿ODERUDWRULHIUKnOODQGHQ￿￿PHQ￿PRELOWHOHIRQHQV￿ YHUNOLJD￿6$5￿YlUGH￿QlU￿GHQ￿DQYlQGV￿NDQ￿OLJJD￿ EHW\GOLJW￿XQGHU￿GHW￿YlUGHW￿￿

gYULJLQIRUPDWLRQ

$QOHGQLQJHQ￿WLOO￿GHWWD￿lU￿DWW￿WHOHIRQHQ￿lU￿GHVLJQDG￿ IU￿DWW￿DQYlQGD￿PLQVWD￿PMOLJD￿HIIHNW￿IU￿DWW￿Qn￿QlWHW￿￿ -X￿QlUPDUH￿HQ￿EDVVWDWLRQ￿GX￿lU￿￿GHVWR￿PHU￿VDQQROLNW￿ EOLU￿GHW￿DWW￿GHW￿IDNWLVND￿6$5￿YlUGHW￿PLQVNDU￿

9DULDWLRQHU￿L￿6$5￿YlUGHW￿XQGHU￿ULNWOLQMHUQD￿IU￿ H[SRQHULQJ￿IU￿UDGLRYnJRU￿EHW\GHU￿LQWH￿DWW￿VlNHUKHWHQ￿ YDULHUDU￿￿6$5￿YlUGHW￿NDQ￿VNLOMD￿VLJ￿nW￿PHOODQ￿ROLND￿ WHOHIRQPRGHOOHU￿￿PHQ￿DOOD￿PRGHOOHU￿lU￿NRQVWUXHUDGH￿ Vn￿DWW￿GH￿XSSI\OOHU￿ULNWOLQMHUQD￿IU￿H[SRQHULQJ￿IU￿ UDGLRYnJRU￿

,￿GHQ￿YULJD￿GRNXPHQWDWLRQHQ￿VRP￿IOMHU￿PHG￿ PRELOWHOHIRQHQ￿ILQQV￿VlUVNLOW￿LQIRUPDWLRQ￿RP￿6$5￿￿ 'HQ￿LQIRUPDWLRQHQ￿KLWWDU￿GX￿lYHQ￿Sn￿ ZZZ￿6RQ\(ULFVVRQ￿FRP￿￿'lU￿ILQQV￿GHW￿GHVVXWRP￿ \WWHUOLJDUH￿LQIRUPDWLRQ￿RP￿UDGLRYnJRU￿RFK￿6$5￿￿

￿([HPSHO￿Sn￿IUHVNULIWHU￿RFK￿VWDQGDUGHU￿IU￿UDGLR￿ YnJVH[SRQHULQJ￿VRP￿6RQ\￿(ULFVVRQ￿WHOHIRQHUQD￿ XSSI\OOHU￿

,QWHUQDWLRQDO￿&RPPLVVLRQ￿RQ￿1RQ￿,RQL]LQJ￿ 5DGLDWLRQ￿3URWHFWLRQ￿￿,&1,53￿￿￿´*XLGHOLQHV￿IRU￿ OLPLWLQJ￿H[SRVXUH￿WR￿WLPH￿YDU\LQJ￿HOHFWULF￿￿PDJQHWLF￿￿ DQG￿HOHFWURPDJQHWLF￿ILHOGV￿￿XS￿WR￿￿￿￿￿*+]￿´￿￿+HDOWK￿ 3K\VLFV￿￿YRO￿￿￿￿￿￿VLG￿￿￿￿￿￿￿￿￿￿￿DSULO￿￿￿￿￿￿