(GLWRU¶V 1RWH 7KH LGHDV SUHVHQWHG LQ WKHLU HVVD\ ZHUH ILUVW VKDUHG E\ WKH FR DXWKRUV GXULQJ D SDQHO SUHVHQWDWLRQ WLWOHG ³8QGHUVWDQGLQJ (QHUJ\ ,QVHFXULW\´ PRG HUDWHG E\ 9LUJLQLD 6WDWH &RUSRUDWLRQ &RPPLVVLRQ &KDLUPDQ -HKPDO 7 +XGVRQ DW WKH 1DWLRQDO $VVRFLDWLRQ RI 5HJXODWRU\ 8WLOLW\ &RPPLVVLRQHUV 1$58& $QQXDO 0HHWLQJ DQG (GXFDWLRQ &RQIHUHQFH LQ /D 4XLQWD &DOLIRUQLD RQ 1RYHPEHU :H DQG WKH DXWKRUV KDYH GHVFULEHG WKHLU SLHFH DV DQ HVVD\ DQG QRW DQ DUWLFOH EHFDXVH LW LV QRW LQWHQGHG DV D FRPSUHKHQVLYH DSSURDFK WR DGGUHVVLQJ HQHUJ\ LQVH FXULW\ EXW DV DQ LQWURGXFWLRQ WR WKH VXEMHFW LQWHQGHG WR KLJKOLJKW VHOHFW LVVXHV 7KHLU SHUVSHFWLYHV WKHLU KRSH ± DQG RXUV ±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，KLJKOLJKWV WKH GLIIHUHQW XVH FDVHV RI WKLV IUDPHZRUN IRU UHJXODWRUV DQG RWKHU 1$58& DWWHQGHHV %DVHG RQ