+PVTQFWEVKQP
#DQWV6JKU2TQFWEV

5QOGFKHHGTGPEGU

$GECWUGQHKVUTGEQTFKPIECRCEKV[VJKU&8&TGEQTFGT
QRGTCVGUOQTGNKMGCEQORWVGTCPFFKHHGTGPVN[VJCPC
UVCPFCTF&8&RNC[GT+PCFFKVKQPVQEQPVCKPKPIC
OKETQRTQEGUUQTKVEQPVCKPUCPQRGTCVKPIU[UVGO
TCPFQOCEEGUUOGOQT[4#/CPFC
&8&4#/449FTKXG6JGQRGTCVKPIU[UVGO
KPENWFGUUQHVYCTGVJCVKUVTCPUHGTTGFVQVJG4#/YJGP
VJGOCEJKPGKUVWTPGFQPCPFCVQVJGTVKOGUFWTKPI
QRGTCVKQP6JKUVTCPUHGTECPVCMGVKOG6JGTGHQTG
YJGP[QWVWTPVJG&8&TGEQTFGTQPKVOC[VCMGC
NKVVNGYJKNGDGHQTGKVKUTGCF[VQWUG.KMGYKUGQVJGT
HWPEVKQPUOC[PQVDGRGTHQTOGFCUSWKEMN[CUVJG[
YQWNFQPQVJGT#8GSWKROGPV#FFKVKQPCNN[CEEGUUKPI
VJQUGRTQITCOUQTFGNGVKPICRTQITCOHTQOC
&8&4#/QT&8&49FKUEOC[VCMGOQTGVKOG
2NGCUGVCMGVJGUGHCEVQTUKPVQEQPUKFGTCVKQPCU[QW
WUGVJG&8&TGEQTFGT

2NC[DCEM4GUVTKEVKQPU

6JKUQYPGTŏUOCPWCNGZRNCKPUVJGDCUKEKPUVTWEVKQPU
HQTVJKUTGEQTFGT5QOG&8&XKFGQFKUEUCTG
RTQFWEGFKPCOCPPGTVJCVCNNQYUURGEKHKEQTNKOKVGF
QRGTCVKQPFWTKPIRNC[DCEM#UUWEJVJGTGEQTFGT
OC[PQVTGURQPFVQCNNQRGTCVKPIEQOOCPFU6JKUKU
PQVCFGHGEVKPVJGTGEQTFGT2NGCUGTGHGTVQVJGPQVGU
QPEQORCVKDNGFKUEUNCVGTKPVJKU+PVTQFWEVKQPCPFVQ
VJGFKUEWUUKQPQH&8&RNC[DCEMCPFHGCVWTGUNCVGTKP
VJKUOCPWCN
őŒOC[CRRGCTQPVJG68UETGGPFWTKPIQRGTCVKQP
őŒOGCPUVJCVVJGQRGTCVKQPKUPQVRGTOKVVGFD[VJG
TGEQTFGTQTVJGFKUE

4GEQTFKPI4GUVTKEVKQPUCPF

%QR[TKIJV

%QR[RTQVGEVGFEQPVGPVUQH&8&8KFGQFKUEU8+&'1
%&UQTCWFKQ%&UQPVJGOCTMGVECPPQVDGEQRKGFQP
VJKUTGEQTFGT%QPVGPVUYKVJQWVEQR[RTQVGEVKQPUJQWNF
DGEQRKGFQTGFKVGFQPN[KPCEEQTFCPEGYKVJCRRNKECDNG
EQR[TKIJVNCYUYJKEJOC[TGUVTKEVEQR[KPIQTGFKVKPI
%QPVGPVUVJCVRGTOKVUKPINGEQR[KPIEQR[QPEG
EQPVGPVUECPDGTGEQTFGFQPVQ&8&4#/49FKUEU
YKVJUQOGFWDDKPICPFGFKVKPITGUVTKEVKQPU&8&4
FKUEUECPPQVTGEQTFVJGUGEQPVGPVU
6JGWPCWVJQTK\GFTGEQTFKPIWUGFKUVTKDWVKQPQT
TGXKUKQPQHEQR[TKIJVGFOCVGTKCNUKPENWFKPIYKVJQWV
NKOKVCVKQPVGNGXKUKQPRTQITCOUXKFGQVCRGUCPF&8&U
KURTQJKDKVGFWPFGTVJG%QR[TKIJV.CYUQHVJG7PKVGF
5VCVGUCPFQVJGTEQWPVTKGUCPFOC[UWDLGEV[QWVQ
EKXKNCPFETKOKPCNNKCDKNKV[

%QORCVKDKNKV[

+PKUQNCVGFECUGUCFKUEDGCTKPIVJG&8&QT%&NQIQ
OC[PQVHWNN[CPFRTQRGTN[RNC[DCEMCNNHGCVWTGUQTCU
KPVGPFGFD[VJGETGCVQTQHVJGFKUE6JKUECPDGFWG
COQPIQVJGTTGCUQPUVQRTQDNGOUCPFGTTQTUVJCVECP
QEEWTFWTKPIVJGETGCVKQPQTTGEQTFKPIQH&8&CPF
QVJGTUQHVYCTGCPFVJGOCPWHCEVWTGQHUQHVYCTGFKUEU
KPENWFKPIDNCPMFKUEU/QTGQXGTDGECWUGQH
XCTKCVKQPUKPVJGSWCNKV[QHFKUEUVJKUTGEQTFGTOC[PQV
DGCDNGVQTGEQTFQPCNNFKUEUVJCVDGCTC&8&4#/
&8&4QT&8&49NQIQDWV[QWUJQWNFPQVGPEQWPVGT
FKHHKEWNV[KH[QWWUGQPN[JKIJSWCNKV[TGEQTFCDNG&8&
FKUEU#FFKVKQPCNN[FKUEUTGEQTFGFKPVJKUFGXKEGOC[
PQVQRGTCVGRTQRGTN[KPQVJGT&8&RNC[GTUTGEQTFGTU
CPFQTRGTUQPCNEQORWVGTFTKXGU+H[QWJCRRGPVQ
GPEQWPVGTFKHHKEWNVKGURNC[KPIQTTGEQTFKPIC&8&FKUE
QTRNC[KPIC%&FKUERNGCUGHGGNHTGGVQECNNQWT
%WUVQOGT5GTXKEG*QVNKPGCV