]DSURMHNWRZDQH￿Z￿WDNL￿VSRVyE￿￿DE\￿G]LDáDá\￿Z￿ JUDQLFDFK￿W\FK￿VXURZ\FK￿Z\PDJD7￿￿/LPLW\￿]DZLHUDM￿￿ PDUJLQHV￿EH]SLHF]H7VWZD￿JZDUDQWXM￿F\￿ EH]SLHF]H7VWZR￿ZV]\VWNLP￿RVRERP￿QLH]DOH$QLH￿ RG ZLHNX￿L￿VWDQX￿]GURZLD￿RUD]￿XZ]JO(GQLDM￿F\￿ Uy$QLFH￿Z￿SRPLDUDFK￿

:H￿ZVND]yZNDFK￿GRW\F]￿F\FK￿G]LDáDQLD￿IDO￿ UDGLRZ\FK￿X$\ZD￿VL(￿MHGQRVWNL￿]QDQHM￿MDNR￿6$5￿ ￿DQJ￿￿6SHFLILF￿$EVRUSWLRQ￿5DWH￿±￿V]\ENR3ü￿ SRFKáDQLDQLD￿￿￿7HVW\￿SRPLDURZH￿6$5￿V￿￿Z\NRQ\ZDQH￿ ]￿Z\NRU]\VWDQLHP￿VWDQGDU\]RZDQ\FK￿PHWRG￿￿JG\￿ WHOHIRQ￿WUDQVPLWXMH￿]￿QDMZ\$V]￿￿GRSXV]F]DOQ￿￿PRF￿￿ ZH￿ZV]\VWNLFK￿X$\ZDQ\FK￿SDVPDFK￿F](VWRWOLZR3FL￿

3RQLHZD$￿PRJ￿￿Z\VW(SRZDü￿Uy$QLFH￿SRPL(G]\￿

SR]LRPDPL￿6$5￿Uy$Q\FK￿PRGHOL￿WHOHIRQyZ￿￿ZV]\VWNLH￿ DSDUDW\￿V￿￿SURMHNWRZDQH￿WDN￿￿DE\￿VSHáQLDü￿RGSRZLHGQLH￿ Z\PDJDQLD￿GRW\F]￿FH￿G]LDáDQLD￿IDO￿UDGLRZ\FK￿￿ :DKDQLD￿ZVSyáF]\QQLND￿6$5￿SRQL$HM￿ZDUWR3FL￿ GRSXV]F]DOQHM￿SU]H]￿Z\W\F]QH￿QLH￿R]QDF]DM￿￿Uy$QLF￿ VWRSQLD￿EH]SLHF]H7VWZD￿

'DQH￿6$5￿GOD￿PLHV]ND7FyZ￿NUDMyZ￿￿NWyUH￿SU]\M(á\￿ OLPLW￿6$5￿]DOHFDQ\￿SU]H]￿0L(G]\QDURGRZ￿￿.RPLVM(￿ 2FKURQ\￿SU]H]￿3URPLHQLRZDQLHP￿1LHMRQL]XM￿F\P￿ ￿,&1,53￿±￿,QWHUQDWLRQDO￿&RPPLVVLRQ￿RQ￿1RQ￿ ,RQL]LQJ￿5DGLDWLRQ￿3URWHFWLRQ￿￿±￿￿￿:￿NJ￿X3UHGQLDQH￿

SR￿SUyEFH￿WNDQNL￿R￿PDVLH￿G]LHVL(FLX￿￿￿￿￿ JUDPyZ￿￿QD￿ SU]\NáDG￿8QLD￿(XURSHMVND￿￿-DSRQLD￿￿%UD]\OLD￿L￿1RZD￿ =HODQGLD￿￿￿1DMZ\$V]D￿ZDUWR3ü￿6$5￿GOD￿WHJR￿PRGHOX￿ WHOHIRQX￿SRGF]DV￿WHVWyZ￿X$\WNRZ\FK￿￿WHOHIRQ￿SU]\￿ XFKX￿￿Z\NRQ\ZDQ\FK￿SU]H]￿ILUP(￿(ULFVVRQ￿Z\QRVL￿

￿￿￿￿￿:￿NJ￿￿￿￿￿J￿￿ :L(FHM￿LQIRUPDFML￿QD￿WHPDW￿GDZHN￿IDO￿UDGLRZ\FK￿

RUD]￿ZVSyáF]\QQLND￿6$5￿PR$QD￿]QDOH4ü￿SRG￿ DGUHVHP￿￿ZZZ￿6RQ\(ULFVVRQ0RELOH￿FRP￿

￿￿3U]\NáDGRZH￿Z\W\F]QH￿GRW\F]￿FH￿GDZHN￿

SURPLHQLRZDQLD￿IDO￿R￿F](VWRWOLZR3FLDFK￿UDGLRZ\FK￿

RUD]￿VWDQGDUGyZ￿VSHáQLDQ\FK￿SU]H]￿SRV]F]HJyOQH￿

PRGHOH￿WHOHIRQyZ￿NRPyUNRZ\FK￿ILUP\￿(ULFVVRQ￿

‡,QWHUQDWLRQDO￿&RPPLVVLRQ￿RQ￿1RQ￿,RQL]LQJ￿5DGLDWLRQ￿ 3URWHFWLRQ￿￿,&1,53￿￿￿Ä*XLGHOLQHV￿IRU￿OLPLWLQJ￿ H[SRVXUH￿WR￿WLPH￿YDU\LQJ￿HOHFWULF￿￿PDJQHWLF￿￿DQG￿ HOHFWURPDJQHWLF￿ILHOGV￿￿XS￿WR￿￿￿￿ *+]￿´￿￿=DVDG\￿ RJUDQLF]DQLD￿GDZHN￿]PLHQQ\FK￿Z￿F]DVLH￿SyO￿ HOHNWU\F]Q\FK￿￿PDJQHW\F]Q\FK￿L￿ HOHNWURPDJQHW\F]Q\FK￿GR￿￿￿￿￿*+]￿￿￿+HDOWK￿3K\VLFV￿￿ W￿ ￿￿￿￿VWU￿ ￿￿￿￿￿￿￿￿￿NZLHFLH7 ￿￿￿￿￿

‡￿￿￿￿￿￿￿(&￿￿Ä&RXQFLO￿5HFRPPHQGDWLRQ￿RI￿￿￿ -XO\￿

￿￿￿￿￿RQ￿WKH￿OLPLWDWLRQ￿RI￿H[SRVXUH￿RI￿WKH￿JHQHUDO￿ SXEOLF￿WR￿HOHFWURPDJQHWLF￿ILHOGV￿￿￿ +]￿WR￿￿￿￿ *+]￿´￿

:D7QH￿LQIRUPDFMH ￿￿