ࡱ> %`Zbjbjٕ."4|E &'e(HDDDDDDD$TGhI> E])%|&)) EjjEm8m8m8):Dm8)Dm8m8:O;4; Öj".r; ;E0E;.IO3I;I;0(>(,m8)$;)((( E EW8(((E))))Yl$Hl Acher@wiseowl.ru !>45@60=85  TOC \o "1-3" \h \z \u  HYPERLINK \l "_Toc238638403" 2545=85  PAGEREF _Toc238638403 \h 4  HYPERLINK \l "_Toc238638404" 1. "5>@5B8G5A:85 0A?5:BK C?@02;5=8O 705<=K< :0?8B0;>< :><?0=88  PAGEREF _Toc238638404 \h 7  HYPERLINK \l "_Toc238638405" 1.1 >=OB85 8 ACI=>ABL 705<=>3> :0?8B0;0 :><?0=88  PAGEREF _Toc238638405 \h 7  HYPERLINK \l "_Toc238638406" 1.2 A=>2=K5 D>@<K 705<=>3> :0?8B0;0  PAGEREF _Toc238638406 \h 14  HYPERLINK \l "_Toc238638407" 1.3 -DD5:B82=K5 A?>A>1K ?@82;5G5=8O 705<=>3> :0?8B0;0  PAGEREF _Toc238638407 \h 18  HYPERLINK \l "_Toc238638408" 2. #?@02;5=85 705<=K< :0?8B0;>< 2 :><?0=88  0C@0  PAGEREF _Toc238638408 \h 25  HYPERLINK \l "_Toc238638409" 2.1 @0B:0O E0@0:B5@8AB8:0  0C@0  PAGEREF _Toc238638409 \h 25  HYPERLINK \l "_Toc238638410" 2.2 =0;87 AB@C:BC@K 8 48=0<8:8 705<=KE A@54AB2  0C@0  PAGEREF _Toc238638410 \h 29  HYPERLINK \l "_Toc238638412" 2.3 #?@02;5=85 705<=K< :0?8B0;><  0C@0  PAGEREF _Toc238638412 \h 44  HYPERLINK \l "_Toc238638413" 3. !>25@H5=AB2>20=85 A8AB5<K C?@02;5=8O 705<=K< :0?8B0;>< :><?0=88  PAGEREF _Toc238638413 \h 56  HYPERLINK \l "_Toc238638414" 3.1 #;CGH5=85 ?>;8B8:8 C?@02;5=8O :0?8B0;>< =0 >A=>25 ?@82;5G5=8O 705<=KE A@54AB2  PAGEREF _Toc238638414 \h 56  HYPERLINK \l "_Toc238638418" 3.2 0AG5B MDD5:B82=>AB8 8A?>;L7>20=8O 705<=>3> :0?8B0;0  PAGEREF _Toc238638418 \h 64  HYPERLINK \l "_Toc238638419" 0:;NG5=85  PAGEREF _Toc238638419 \h 71  HYPERLINK \l "_Toc238638420" !?8A>: 8A?>;L7>20==>9 ;8B5@0BC@K  PAGEREF _Toc238638420 \h 77  HYPERLINK \l "_Toc238638421" @8;>65=8O  PAGEREF _Toc238638421 \h 80  2545=85 0?8B0;  >4=0 87 DC=40<5=B0;L=KE M:>=><8G5A:8E :0B53>@89, ACI=>ABL, :>B>@>9 =0CG=0O <KA;L 2KOA=O5B =0 ?@>BO65=88 @O40 AB>;5B89. "5@<8= :0?8B0; ?@>8AE>48B >B ;0B8=A:>3> capitalis, GB> >7=0G05B >A=>2=>9, 3;02=K9. %>BO >A=>2C ;N1>3> 187=5A0 A>AB02;O5B A>1AB25==K9 :0?8B0;, =0 :><?0=88E @O40 >B@0A;59 M:>=><8:8 >1J5< 8A?>;L7C5<KE 705<=KE A@54AB2 7=0G8B5;L=> ?@52>AE>48B >1J5< A>1AB25==>3> :0?8B0;0. >2KH5=85 MDD5:B82=>AB8 187=5A0 =52>7<>6=> B>;L:> 2 @0<:0E A>1AB25==KE @5AC@A>2 ?@54?@8OB89. ;O @0AH8@5=8O 8E D8=0=A>2KE 2>7<>6=>AB59 =5>1E>48<> ?@82;5G5=85 4>?>;=8B5;L=KE 705<=KE A@54AB2 A F5;LN C25;8G5=8O 2;>65=89 2 A>1AB25==K9  HYPERLINK "http://smartcat.ru/Terms/term_28871006.shtml" 187=5A, ?>;CG5=8O 1>;LH59  HYPERLINK "http://smartcat.ru/Terms/term_2105007.shtml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http://smartcat.ru/Terms/term_1078013.shtml" -DD5:B82=>ABL 8  HYPERLINK "http://smartcat.ru/Terms/term_41930008.shtml" 381:>ABL C?@02;5=8O D>@<8@>20=85< 705<=>3> :0?8B0;0 A?>A>1AB2CNB A>740=8N >?B8<0;L=>9 D8=0=A>2>9 AB@C:BC@K :0?8B0;0 :><?0=88. AE>4O 87 MB>3>, 0:BC0;L=>ABL 8AA;54>20=8O >1CA;>2;5=0 =5>1E>48<>ABLN 40;L=59H53> 2A5AB>@>==53> =0CG=>3>  HYPERLINK "http://smartcat.ru/Terms/term_61718006.shtml" 0=0;870 C?@02;5=8O D>@<8@>20=85< 705<=>3> :0?8B0;0 :><?0=88, :>B>@>5 >:07K205B =5?>A@54AB25==>5 2;8O=85 =0 D8=0=A>2K9 @57C;LB0B 45OB5;L=>AB8 :><?0=88, GB>, 2>-?5@2KE, ?>72>;8B 2K1@0BL 8 >1>A=>20BL =081>;55 @0F8>=0;L=CN AB@0B538N ?@82;5G5=8O 705<=KE A@54AB2, 0, 2>-2B>@KE, >?@545;8BL 2>7<>6=K5 ?CB8 8 =5>1E>48<K5 <5@K ?> ?@82;5G5=8N :0?8B0;0 2 @50;L=CN AD5@C 45OB5;L=>AB8 :><?0=88. &5;L 48?;><=>9 @01>BK A>AB>8B 2 87CG5=88 B5>@5B8G5A:8E >A=>2 C?@02;5=8O 705<=K< :0?8B0;>< :><?0=88, 8 ?@8<5=5=85 ?>;CG5==KE 7=0=89 =0 ?@0:B8:5, 0 B0:65 @07@01>B:0 ?@54;>65=89 ?> A>25@H5=AB2>20=8N A8AB5<K C?@02;5=8O 705<=K< :0?8B0;>< :><?0=88. 040G0<8 8AA;54>20=8O 2KABC?0NB: 1. 7CG5=85 B5>@5B8G5A:8E >A=>2 C?@02;5=8O 705<=K< :0?8B0;><, 0 8<5==> ?>=OB85 8 53> 284K, ACI=>ABL, MDD5:B82=>ABL ?@82;5G5=8O 705<=KE A@54AB2 2. =0;87 A8AB5<K C?@02;5=8O 705<=K< :0?8B0;>< =0 ?@54?@8OB88 3. 07@01>B:0 >A=>2=KE ?@54;>65=89 ?> A>25@H5=AB2>20=8N A8AB5<K C?@02;5=8O 705<=K< :0?8B0;><, 8 @0AG5B MDD5:B82=>AB8 8A?>;L7>20=8O 705<=KE A@54AB2 ?@54?@8OB85<. 1J5:B>< 8AA;54>20=8O 48?;><=>9 @01>BK O2;O5BAO 1I5AB2> A >3@0=8G5==>9 >B25BAB25==>ABLN 0C@0, :>B>@>5 O2;O5BAO :>=A0;B8=3>2>9 D8@<>9. @54<5B 8AA;54>20=8O  MB> 705<=K9 :0?8B0;. 05<=K9 :0?8B0;  MB> G0ABL :0?8B0;0, 8A?>;L7C5<0O E>7O9AB2CNI8< AC1J5:B><, :>B>@0O =5 ?@8=04;568B 5<C, => ?@82;5:05BAO =0 >A=>25 10=:>2A:>3>, :><<5@G5A:>3> :@548B0 8;8 M<8AA8>==>3> 709<0 =0 >A=>25 2>72@0B=>AB8. 5>1E>48<>ABL ?@82;5G5=8O 705<=>3> :0?8B0;0 4>;6=0 >1>A=>2K20BLAO ?@5420@8B5;L=> A45;0==K< @0AG5B>< ?>B@51=>AB8 2 >1>@>B=KE A@54AB20E.  A>AB02 705<=KE A@54AB2 2E>4OB D8=0=A>2K9 :@548B, ?>;CG5==K9 >B 10=:>2A:8E 8 =510=:>2A:8E D8=0=A>2>-:@548B=KE CG@5645=89, :><<5@G5A:89 :@548B >B ?>AB02I8:>2, :@548B>@A:0O 704>;65==>ABL :><?0=88, 704>;65==>ABL ?> M<8AA88 4>;3>2KE F5==KE 1C<03 8 4@. ! >4=>9 AB>@>=K, ?@82;5G5=85 705<=KE A@54AB2  MB> D0:B>@ CA?5H=>3> DC=:F8>=8@>20=8O :><?0=88, :>B>@K9 A?>A>1AB2C5B 1KAB@><C ?@5>4>;5=8N 45D8F8B0 D8=0=A>2KE @5AC@A>2, A2845B5;LAB2C5B > 4>25@88 :@548B>@>2 8 >15A?5G8205B ?>2KH5=85 @5=B015;L=>AB8 A>1AB25==KE A@54AB2. ! 4@C3>9 AB>@>=K, ?@54?@8OB85 >1@5<5=O5BAO D8=0=A>2K<8 >1O70B5;LAB20<8. 4=0 87 3;02=KE >F5=>G=KE E0@0:B5@8AB8: MDD5:B82=>AB8 C?@02;5=G5A:8E D8=0=A>2KE @5H5=89  25;8G8=0 8 MDD5:B82=>ABL 8A?>;L7>20=8O 705<=KE A@54AB2. 05<=K9 :0?8B0; <>65B 8A?>;L7>20BLAO :0: 4;O D>@<8@>20=8O 4>;3>A@>G=KE D8=0=A>2KE A@54AB2 2 2845 >A=>2=KE D>=4>2 (:0?8B0;0), B0: 8 4;O D>@<8@>20=8O :@0B:>A@>G=KE (B5:CI8E) D8=0=A>2KE A@54AB2 4;O :064>3> ?@>872>4AB25==>3> F8:;0. &5;LN C?@02;5=8O D>@<8@>20=85< 705<=>3> :0?8B0;0 :><?0=88 O2;O5BAO >?@545;5=85 53> =081>;55 @0F8>=0;L=>3> 8AB>G=8:0 708<AB2>20=8O, A?>A>1AB2CNI53> ?>2KH5=8N  HYPERLINK "http://smartcat.ru/Terms/term_35861009.shtml" AB>8<>AB8 A>1AB25==>3> :0?8B0;0 :><?0=88. !CI=>ABL C?@02;5=8O MB8< ?@>F5AA>< ?@>O2;O5BAO 2 @50;870F88 A;54CNI8E DC=:F89: >?5@0B82=KE, A2O70==KE A =5?>A@54AB25==K< C?@02;5=85< 45=56=K<8 ?>B>:0<8; :>>@48=0F8>==KE, >15A?5G820NI8E  HYPERLINK "http://smartcat.ru/Terms/term_61718006.shtml" 0=0;87  HYPERLINK "http://smartcat.ru/Terms/term_61493011.shtml" ?>B@51=>AB8 2 705<=KE A@54AB20E, 8E AB@C:BC@8@>20=85 ?> D>@<5 8 CA;>28O< ?@82;5G5=8O; :>=B@>;L=KE, >15A?5G820NI8E >F5=:C MDD5:B82=>AB8 ?@82;5G5=8O ?@54?@8OB85< 705<=KE A@54AB2; @53C;8@CNI8E, 2:;NG0NI8E @07@01>B:C <5@>?@8OB89, =0?@02;5==KE =0 ?>2KH5=85 MDD5:B82=>AB8 D>@< 8 CA;>289 @50;870F88 709<>2KE >?5@0F89 :><?0=88. "5>@5B8G5A:>9 8 <5B>4>;>38G5A:>9 >A=>2>9 48?;><=>9 @01>BK ?>A;C68;8 B5>@5B8G5A:85 ?>;>65=8O, 87;>65==K5 2 @01>B0E >B5G5AB25==KE 8 70@C156=KE 02B>@>2, =>@<0B82=K5 4>:C<5=BK, :0A0NI85AO @53C;8@>20=8O ?@>F5AA0 D>@<8@>20=8O 705<=>3> :0?8B0;0 :><?0=88 2 >AA89A:>9 $545@0F88. 01>BK B0:8E 02B>@>2, :0:: 0;010=>2 ."., ;0=: .., >20;52 . ., !B>O=>20 .!. 8 4@. 0 B0:65 AB0BL8 2 6C@=0;0E, 8 A09BK A5B8 =B5@=5B. 1. "5>@5B8G5A:85 0A?5:BK C?@02;5=8O 705<=K< :0?8B0;>< :><?0=88 1.1 >=OB85 8 ACI=>ABL 705<=>3> :0?8B0;0 :><?0=88  0@A5=0;5 B5>@5B8G5A:8E >A=>2 C?@02;5=8O D>@<8@>20=85< :0?8B0;0 >4=>9 87 107>2KE 8 =081>;55 48A:CB8@C5<KE :>=F5?F89 O2;O5BAO B5>@8O 53> AB@C:BC@K. -B> A2O70=> A B5<, GB> B5>@5B8G5A:0O :>=F5?F8O AB@C:BC@K :0?8B0;0 D>@<8@C5B >A=>2C 2K1>@0 @O40 AB@0B538G5A:8E =0?@02;5=89 D8=0=A>2>3> @0728B8O :><?0=88, >15A?5G820NI8E 2>7@0AB0=85 53> @K=>G=>9 AB>8<>AB8, B. 5. 8<55B 4>AB0B>G=> H8@>:CN >1;0ABL ?@0:B8G5A:>3> 8A?>;L7>20=8O. 0 A>2@5<5==>< MB0?5 ACI5AB25==0O G0ABL M:>=><8AB>2 A:;>=O5BAO : <=5=8N, GB> ?>=OB85 AB@C:BC@0 :0?8B0;0 4>;6=> @0AA<0B@820BL 2A5 284K :0: A>1AB25==>3>, B0: 8 705<=>3> :0?8B0;0 :><?0=88. @8 MB>< 2 A>AB025 A>1AB25==>3> :0?8B0;0 4>;65= @0AA<0B@820BLAO =5 B>;L:> ?5@2>=0G0;L=> 8=25AB8@>20==K9 53> >1J5< (0:F8>=5@=K9, ?052>9 8;8 8=48284C0;L=K9 :0?8B0;, D>@<8@CNI89 CAB02=>9 D>=4 :><?0=88), => 8 =0:>?;5==0O 2 40;L=59H5< 53> G0ABL 2 D>@<5 @07;8G=KE @575@2>2 8 D>=4>2, 0 B0:65 ?@54?>;0305<0O : @58=25AB8@>20=8N 2=>2L AD>@<8@>20==0O ?@81K;L (=5@0A?@545;5==0O ?@81K;L). %>BO >A=>2C ;N1>3> 187=5A0 A>AB02;O5B A>1AB25==K9 :0?8B0;, =0 :><?0=88E @O40 >B@0A;59 M:>=><8:8 >1J5< 8A?>;L7C5<KE 705<=KE A@54AB2 7=0G8B5;L=> ?@52>AE>48B >1J5< A>1AB25==>3> :0?8B0;0.  A2O78 A MB8< C?@02;5=85 ?@82;5G5=85< 8 MDD5:B82=K< 8A?>;L7>20=85< 705<=KE A@54AB2 O2;O5BAO >4=>9 87 206=59H8E DC=:F89 D8=0=A>2>3> <5=546<5=B0, =0?@02;5==>9 =0 >15A?5G5=85 4>AB865=8O 2KA>:8E :>=5G=KE @57C;LB0B>2 E>7O9AB25==>9 45OB5;L=>AB8 :><?0=88. 05<=K9 :0?8B0; 4>;65= @0AA<0B@820BLAO 2> 2A5E D>@<0E 53> 8A?>;L7>20=8O ?@54?@8OB85<, 2:;NG0O D8=0=A>2K9 ;878=3, B>20@=K9 (:><<5@G5A:89) :@548B 2A5E 284>2, 2=CB@5==NN :@548B>@A:CN 704>;65==>ABL. 5AC@A=>5 >15A?5G5=85 :><?0=88 O2;O5BAO =5>1E>48<K< CA;>285< 53> @0728B8O. <5==> =0;8G85 D8=0=A>2KE @5AC@A>2 >?@545;ONB 2>7<>6=>AB8 D>@<8@>20=8O 705<=>3> :0?8B0;0 =0 ?@><KH;5==KE :><?0=88E.  A2O78 A MB8< A8AB5<0 C?@02;5=8O D>@<8@>20=85< 705<=>3> :0?8B0;0  >4=> 87 206=59H8E DC=:F8>=0;L=KE =0?@02;5=89 2 A8AB5<5 C?@02;5=8O :0?8B0;><. 3> DC=:F8>=0;L=K<8 ?>4A8AB5<0<8 O2;ONBAO ?@82;5G5=85 D8=0=A>2KE @5AC@A>2 8 >F5=:0 8E MDD5:B82=>AB8 [17, A.21]. -DD5:B82=0O D8=0=A>20O 45OB5;L=>ABL :><?0=88 =52>7<>6=0 157 ?>AB>O==>3> ?@82;5G5=8O 705<=KE A@54AB2. A?>;L7>20=85 705<=>3> :0?8B0;0 ?>72>;O5B ACI5AB25==> @0AH8@8BL >1J5< E>7O9AB25==>9 45OB5;L=>AB8 :><?0=88, >15A?5G8BL 1>;55 MDD5:B82=>5 8A?>;L7>20=85 A>1AB25==>3> :0?8B0;0, CA:>@8BL D>@<8@>20=85 @07;8G=KE F5;52KE D8=0=A>2KE D>=4>2, 0, 2 :>=5G=>< AG5B5  ?>2KA8BL @K=>G=CN AB>8<>ABL :><?0=88. 05<=K9 :0?8B0;, 8A?>;L7C5<K9 ?@54?@8OB85<, E0@0:B5@87C5B 2 A>2>:C?=>AB8 >1J5< 53> D8=0=A>2KE >1O70B5;LAB2 (>1ICN AC<<C 4>;30). 05<=K9 :0?8B0; ?@54AB02;O5B A>1>9 G0ABL AB>8<>AB8 8<CI5AB20 >@30=870F88, ?@8>1@5B5==>3> 2 AG5B >1O70B5;LAB20 25@=CBL ?>AB02I8:C, 10=:C, 4@C3><C 708<>402FC 45=L38 ;81> F5==>AB8, M:2820;5=B=K5 AB>8<>AB8 B0:>3> 8<CI5AB20.  A>AB025 705<=>3> :0?8B0;0 @07;8G0NB :@0B:>A@>G=K5 8 4>;3>A@>G=K5 705<=K5 A@54AB20, :@548B>@A:CN 704>;65==>ABL (?@82;5GQ==K9 :0?8B0;). 05<=K9 :0?8B0; ?@54AB02;O5B A>1>9 45=L38, ?>;CG05<K5 4;O D8=0=A8@>20=8O 45OB5;L=>AB8 >@30=870F88, :>B>@K5 >=0 ?>;CG05B 2 @57C;LB0B5 709<>2 [19, A.237]. & & & .. 1.3 -DD5:B82=K5 A?>A>1K ?@82;5G5=8O 705<=>3> :0?8B0;0 -DD5:B82=>ABL C?@02;5=8O 705<=K<8 A@54AB20<8 >?@545;O5BAO ?>;CG05<>9 ?@81K;LN D8@<K >B 8A?>;L7>20=8O 709<0 8;8 :@548B0.  @57C;LB0B5 53> 8A?>;L7>20=8O 4>;6=0 1KBL ?>;CG5=0 AC<<0, ?@52KH0NI0O AC<<C ?>;CG5==>3> :@548B0 8 =0G8A;5==KE ?@>F5=B>2 ?> =5<C. >340 705<I8: 15@5B :@548B, C =53> 2>7=8:0NB A;54CNI85 2>?@>AK: - =0 :0:>9 A@>: 1@0BL :@548B 8;8 705< (4>;3>A@>G=K9 8;8 :@0B:>A@>G=K9); - ?>@O4>: 2K?;0BK ?@>F5=B>2 ?> 709<C 2> 2@5<5=8; - D>@<0 =0G8A;5=8O ?@>F5=B>2 (?@>ABK5 8;8 A;>6=K5 ?@>F5=BK); - 8A?>;L7>20=85 4@C38E A?>A>1>2 705<=KE A@54AB2 (=0?@8<5@, 25:A5;59 8 4@.). 5;> 2 B><, GB> 708<>40B5;L <>65B ?@54;>68BL @07=K5 CA;>28O 2K40G8 709<0, =5:>B>@K5 87 :>B>@KE 1C4CB =52K3>4=K 705<I8:C. >MB><C ?>A;54=89 4>;65= ?@5420@8B5;L=> ?>4AG8B0BL 8 A@02=8BL @57C;LB0BK 2K3>4K (?@81K;8) ?> ?@54;0305<><C 709<C A 25;8G8=>9 =0G8A;O5<KE ?@>F5=B>2 ?> 709<C.  ?@>F5AA5 A2>59 45OB5;L=>AB8 ?@54?@8OB85 8A?>;L7C5B 705<=K5 A@54AB20, ?>;CG05<K5 2 2845: -4>;3>A@>G=>3> :@548B0 >B :><<5@G5A:8E 10=:>2 8 4@C38E ?@54?@8OB89, -2K?CA:0 >1;830F89, 8<5NI8E 7040==K9 A@>: ?>30H5=8O 8 =><8=0;L=CN ?@>F5=B=CN AB02:C.  ?5@2>< A;CG05 AB>8<>ABL 705<=>3> :0?8B0;0 @02=0 ?@>F5=B=>9 AB02:5 :@548B0 8 >?@545;O5BAO ?CB5< 4>3>2>@=>3> A>3;0H5=8O <564C :@548B>@0<8 8 705<I8:>< 2 :064>< :>=:@5B=>< A;CG05 >B45;L=>. > 2B>@>< A;CG05 AB>8<>ABL :0?8B0;0 >?@545;O5BAO 25;8G8=>9 2K?;0G8205<>3> ?> >1;830F88 :C?>=0 8;8 =><8=0;L=>9 ?@>F5=B=>9 AB02:>9 >1;830F88, 2K@0605<>9 2 ?@>F5=B0E : 55 =><8=0;L=>9 AB>8<>AB8. ><8=0;L=0O AB>8<>ABL - MB> F5=0, :>B>@CN 70?;0B8B :><?0=8O - M<8B5=B 45@60B5;N >1;830F88 2 45=L 55 ?>30H5=8O. 07C<55BAO, GB> A@>:, G5@57 :>B>@K9 >1;830F8O 1C45B ?>30H5=0, C:07K205BAO ?@8 8E 2K?CA:5 [28, A.41]. >;8B8:0 ?@82;5G5=8O 705<=KE A@54AB2 ?@54AB02;O5B A>1>9 G0ABL >1I59 D8=0=A>2>9 AB@0B5388, 70:;NG0NI59AO 2 >15A?5G5=88 =081>;55 MDD5:B82=KE D>@< 8 CA;>289 ?@82;5G5=8O 705<=>3> :0?8B0;0 87 @07;8G=KE 8AB>G=8:>2 2 A>>B25BAB288 A ?>B@51=>ABO<8 @0728B8O :><?0=88. AB5AB25==>, GB> >B45;L=K5 284K 705<=KE A@54AB2 (AAC4K 10=:0, 709<K, :@548B>@A:0O 704>;65==>ABL ?>AB02I8:0< 8 B.4.) 8<5NB 4;O :><?0=88 @07;8G=CN AB>8<>ABL. @>F5=BK 70 ?>;L7>20=85 705<=K<8 A@54AB20<8 ?> AAC40< 10=:0 2K?;0G820NBAO 2 >1O70B5;L=>< ?>@O4:5. @8 MB>< AB>8<>ABL 10=:>2A:>3> :@548B0 >?@545;O5BAO =5 B>;L:> A>1AB25==> C?;0G8205<K<8 ?@>F5=B0<8, => 8 @0AE>40<8 =0 ?>;CG5=85 30@0=B89 8 4@. 4=>9 87 =081>;55 206=KE ?@>1;5< :@548B>20=8O D8@< O2;O5BAO >?@545;5=85 ?@>F5=B=>9 AB02:8. !B02:0 ?> :@548BC 4>;6=0 1KBL B0:>9, GB>1K 8 D8@<0 8 10=: ?>;CG0;8 ?@81K;L, :><?5=A8@CNICN 8E @8A:8. $8@<K, :0: ?@028;>, 8<5NB 2>7<>6=>ABL 2K1>@0 10=:0-:@548B>@0 ?> 2K3>4=>AB8 ?@54;>65==KE CA;>289. '5< 2KH5 C@>25=L :>=:C@5=F88 =0 @K=:5 10=:>2A:8E :@548B>2, B5< =865 AB02:0 ?@>F5=B0.  G8A;C 4@C38E D0:B>@>2, 2;8ONI8E =0 C@>25=L ?@>F5=B=>9 AB02:8 >B=>AOBAO: ?>;8B8:0 & $; C@>25=L 8=D;OF88; A?@>A =0 :@548B=K5 @5AC@AK; E0@0:B5@ :@548B0; E0@0:B5@8AB8:0 705<I8:0 8 4@. @>F5=B=K5 AB02:8, ?@8<5=O5<K5 10=:0<8, >?8@0NBAO =0 >A=>2=CN 10=:>2A:CN ?@>F5=B=CN AB02:C 8 <>3CB >B:;>=OBLAO 2 BC 8;8 8=CN AB>@>=C 2 7028A8<>AB8 >B >B=5A5=8O :><?0=88 : B>9 8;8 8=>9 :0B53>@88.  ?@>F5=B0< 4>102;ONBAO @07;8G=K5 :><8AA8>==K5, :>B>@K5 C25;8G820NB 459AB28B5;L=CN AB>8<>ABL :@548B0. 0 AB>8<>ABL ?@82;5G5=8O 8 8A?>;L7>20=8O 705<=KE A@54AB2 =5?>A@54AB25==> >:07K205B 2;8O=85 =0;>3>2>5 70:>=>40B5;LAB2>. N1>5 87<5=5=85 =0;>3>2>3> 1@5<5=8 2 A2O78 A MB8< <>6=> @0AA<0B@820BL :0: 4>?>;=8B5;L=CN A>AB02;ONICN MB>9 AB>8<>AB8.  ?5@2CN >G5@54L MB> :0A05BAO >B=5A5=8O =0 70B@0BK :><?0=88 ?@>F5=B>2 70 :@548B [31, A.18]. "0:8< >1@07><, 2 H8@>:>< A<KA;5 AB>8<>ABL 705<=>3> :0?8B0;0 ?@54AB02;O5B A>1>9 @07<5@ D8=0=A>2>9 >B25BAB25==>AB8, 27OB>9 =0 A51O ?@54?@8OB85< 70 8A?>;L7>20=85 ?>;CG5==KE 2 :@548B A@54AB2.  B0:>9 8=B5@?@5B0F88 ?>=OB85 AB>8<>ABL 705<=KE A@54AB2 >G5=L 1;87:> ?> M:>=><8G5A:><C A>45@60=8N ?>=OB8N @5=B015;L=>ABL. 4=>9 87 E0@0:B5@8AB8: AB018;L=>3> ?>;>65=8O :><?0=88 A;C68B 53> D8=0=A>20O CAB>9G82>ABL. $8=0=A>2>5 ?>;>65=85 :><?0=88 AG8B05BAO CAB>9G82K<, 5A;8 >=> ?>:@K205B A>1AB25==K<8 A@54AB20<8 =5 <5=55 50% D8=0=A>2KE @5AC@A>2, =5>1E>48<KE 4;O >ACI5AB2;5=8O =>@<0;L=>9 E>7O9AB25==>9 45OB5;L=>AB8, MDD5:B82=> 8A?>;L7C5B D8=0=A>2K5 @5AC@AK, A>1;N405B D8=0=A>2CN, :@548B=CN 8 @0AG5B=CN 48AF8?;8=C, 8=K<8 A;>20<8, O2;O5BAO ?;0B565A?>A>1=K<. & & & 2. #?@02;5=85 705<=K< :0?8B0;>< 2 :><?0=88  0C@0 2.1 @0B:0O E0@0:B5@8AB8:0  0C@0 >=A0;B8=3>20O :><?0=8O  0C@0 >:07K205B CA;C38 =0 @K=:5 D8=0=A>2>3> 8 C?@02;5=G5A:>3> :>=A0;B8=30. ><?0=8O A>740=0 ?@>D5AA8>=0;0<8, 8<5NI8<8 7=0G8B5;L=K9 >?KB @01>BK 2 :@C?=KE :>=A0;B8=3>2KE :><?0=8OE. !?5F80;8ABK :><?0=88 0C@0 ?@>E>4OB >1CG5=85 A F5;LN ?>;CG5=8O ?@>D5AA8>=0;L=KE <564C=0@>4=KE A5@B8D8:0B>2 ACCA, CMA, CFM. =0=8O, ?>;CG5==K5 =0H8<8 A?5F80;8AB0<8, ?>72>;ONB =0< =0E>48BL @5H5=8O B0<, 345 4@C385 :><?0=88 B5@ONB.  A2>59 @01>B5 A?5F80;8ABK :><?0=88 0C@0 8A?>;L7CNB =0:>?;5==K9 >?KB A>B@C4=8G5AB20 A 254CI8<8 @>AA89A:8<8 :><?0=8O<8. #=8:0;L=K9 >?KB 8 ?@>D5AA8>=0;L=K5 7=0=8O ?><>30NB :><?0=88 >?5@0B82=> 8 MDD5:B82=> @5H0BL 7040G8, :>B>@K5 AB02OB :;85=BK.  0C@0 A>B@C4=8G05B A :>=AC;LB0=B0<8 2 LN->@:5 (!() 8 >=4>=5 (5;8:>1@8B0=8O) A F5;LN ?>;CG5=8O ?5@54>2KE B5E=>;>389, 8A?>;L7C5<KE 254CI8<8 70?04=K<8 :><?0=8O<8. 564C=0@>4=>5 A>B@C4=8G5AB2> ?>72>;O5B ?@54;030BL :;85=B0< ;CGH85 @5H5=8O, :>B>@K5 ?@>H;8 0?@>10F8N 8 ?>:070;8 2K40NI85AO @57C;LB0BK. A=>2=K5 =0?@02;5=8O 45OB5;L=>AB8 :><?0=88: - @538AB@0F8O ?@54?@8OB89 ;N1KE >@30=870F8>==>-?@02>2KE D>@< 2 3. >A:25; - @5>@30=870F8O 8 ;8:2840F8O ?@54?@8OB89; - ?@54AB028B5;LAB2> 2 0@18B@06=>< AC45, AC40E >1I59 N@8A48:F88; - ?>;CG5=85 8 ;8F5=789 ?> @07;8G=K< 2840< 45OB5;L=>AB8; - A>740=85 D8;80;>2, ?@54AB028B5;LAB2, 4>G5@=8E ?@54?@8OB89; - @07@5H5=85 :>@?>@0B82=KE :>=D;8:B>2; - @538AB@0F8O M<8AA89 F5==KE 1C<03 2 $ C $ ; & & & 2.2 =0;87 AB@C:BC@K 8 48=0<8:8 705<=KE A@54AB2  0C@0  A>AB02 705<=>3> :0?8B0;0, :0: >B<5G5=> 2KH5, 2E>4OB 425 >A=>2=K5 3@C??K: 4>;3>A@>G=K5 ?0AA82K, 8 :@0B:>A@>G=K5 >1O70B5;LAB20, 8A?>;L7C5<K5 2 >A=>2=>< 4;O ?>:@KB8O >1>@>B=KE 0:B82>2 (A@>: 8E ?>30H5=8O 4> 12 <5AOF52). @>F5AA C?@02;5=8O ?@82;5G5=85< 705<=KE A@54AB2 ?@54?@8OB85< AB@>8BAO ?> A;54CNI8< >A=>2=K< MB0?0<. 1. =0;87 ?@82;5G5=8O 8 8A?>;L7>20=8O 705<=KE A@54AB2 2 ?@54H5AB2CNI5< ?5@8>45. &5;LN B0:>3> 0=0;870 O2;O5BAO 2KO2;5=85 >1J5<0, A>AB020 8 D>@< ?@82;5G5=8O 705<=KE A@54AB2 ?@54?@8OB85<, 0 B0:65 >F5=:0 MDD5:B82=>AB8 8E 8A?>;L7>20=8O. 0 ?5@2>9 AB0488 0=0;870 87CG05BAO 48=0<8:0 >1I53> >1J5<0 ?@82;5G5=8O 705<=KE A@54AB2 2 @0AA<0B@8205<>< ?5@8>45; B5<?K MB>9 48=0<8:8 A>?>AB02;ONBAO A B5<?0<8 ?@8@>AB0 AC<<K A>1AB25==KE D8=0=A>2KE @5AC@A>2, >1J5<>2 >?5@0F8>==>9 8 8=25AB8F8>==>9 45OB5;L=>AB8, >1I59 AC<<K 0:B82>2 :><?0=88. 0 2B>@>9 AB0488 0=0;870 >?@545;ONBAO >A=>2=K5 D>@<K ?@82;5G5=8O 705<=KE A@54AB2, 0=0;878@CNBAO 2 48=0<8:5 C45;L=K9 25A AD>@<8@>20==KE D8=0=A>2>3> :@548B0, B>20@=>3> :@548B0 8 B5:CI8E >1O70B5;LAB2 ?> @0AG5B0< 2 >1I59 AC<<5 705<=KE A@54AB2, 8A?>;L7C5<KE ?@54?@8OB85<. 0 B@5BL59 AB0488 0=0;870 >?@545;O5BAO A>>B=>H5=85 >1J5<>2 8A?>;L7C5<KE ?@54?@8OB85< 705<=KE A@54AB2 ?> ?5@8>4C 8E ?@82;5G5=8O.  MB8E F5;OE ?@>2>48BAO A>>B25BAB2CNI0O 3@C??8@>2:0 8A?>;L7C5<>3> 705<=>3> :0?8B0;0 ?> MB><C ?@87=0:C, 87CG05BAO 48=0<8:0 A>>B=>H5=8O :@0B:>- 8 4>;3>A@>G=KE 705<=KE A@54AB2 :><?0=88 8 8E A>>B25BAB285 >1J5<C 8A?>;L7C5<KE >1>@>B=KE 8 2=5>1>@>B=KE 0:B82>2. 0 G5B25@B>9 AB0488 0=0;870 87CG05BAO A>AB02 :>=:@5B=KE :@548B>@>2 :><?0=88 8 CA;>28O ?@54>AB02;5=8O 8<8 @07;8G=KE D>@< D8=0=A>2>3> 8 B>20@=>3> (:><<5@G5A:>3>) :@548B>2. -B8 CA;>28O 0=0;878@CNBAO A ?>78F89 8E A>>B25BAB28O :>=JN=:BC@5 D8=0=A>2>3> 8 B>20@=>3> @K=:>2. 0 ?OB>9 AB0488 0=0;870 87CG05BAO MDD5:B82=>ABL 8A?>;L7>20=8O 705<=KE A@54AB2 2 F5;>< 8 >B45;L=KE 8E D>@< =0 ?@54?@8OB88.  MB8E F5;OE 8A?>;L7CNBAO ?>:070B5;8 >1>@0G8205<>AB8 8 @5=B015;L=>AB8 705<=>3> :0?8B0;0. 5@20O 3@C??0 MB8E ?>:070B5;59 A>?>AB02;O5BAO 2 ?@>F5AA5 0=0;870 A> A@54=8< ?5@8>4>< >1>@>B0 A>1AB25==>3> :0?8B0;0. 57C;LB0BK ?@>2545==>3> 0=0;870 A;C60B >A=>2>9 >F5=:8 F5;5A>>1@07=>AB8 8A?>;L7>20=8O 705<=KE A@54AB2 2 :><?0=882 A;>682H8EAO >1J5<0E 8 D>@<0E. @8 0=0;875 =5>1E>48<> 2KOA=8BL @>;L 4>;3>A@>G=KE 8 :@0B:>A@>G=KE :@548B>2 8 705<=KE A@54AB2 2 45OB5;L=>AB8 :><?0=88. $0:B =0;8G8O, =0?@8<5@, 4>;3>A@>G=KE >1O70B5;LAB2 A;54C5B @0AA<0B@820BL :0: ?>;>68B5;L=>5 O2;5=85, ?>A:>;L:C MB8 A@54AB20 <>3CB 8A?>;L7>20BLAO 2 >1>@>B5 ?@>4>;68B5;L=>5 2@5<O. =0;87 48=0<8:8 ?@>2545= 2 B01;8F5 2.1. "01;8F0 2.1 =0;87 48=0<8:8 705<=>3> :0?8B0;0  0C@0 08<5=>20=85 AB0B59200732008320093BKA.@C1%BKA.@C1%BKA.@C1%>;3>A@>G=K5 ?0AA82K 2 B.G.:@548BK@0B:>A@>G=K5 ?0AA82K 2 B.G.05<=K5 A@54AB20@548B>@A:0O 704>;65==>ABL" 705<=K5 A@54AB200;0=A  SHAPE \* MERGEFORMAT  8A. 2.2 8=0<8:0 705<=KE A@54AB2  0C@0 05<=K9 :0?8B0; 2 48=0<8:5 70 2007-2009 3>4K 45OB5;L=>AB8 :><?0=88 2K@>A 2 2008 3>4C =081>;55 7=0G8B5;L=K<8 B5<?0<8 =0 2281,%, B>340 :0: B5<? @>AB0 705<=KE A@54AB2 2 2009 3>4C A=878;AO 8 A>AB028; 22%. 05<=K9 :0?8B0;  0C@0 ?@54AB02;5= 4>;3>A@>G=K<8 ?0AA820<8 (:@548B0<8), :@0B:>A@>G=K<8 :@548B0<8 8 :@0B:>A@>G=>9 :@548B>@A:>9 704>;65==>ABLN. A5 ?>:070B5;8 AB@C:BC@K 705<=>3> :0?8B0;0 @0ABCB 70 8AA;54C5<K9 ?5@8>4, 8 C25;8G5=85 4>;3>A@>G=>3> :@548B0 A>AB028;> 326,1% 2 2008 3>4C, 0 2 2009 3>4C ?>:070B5;L C25;8G8;AO =57=0G8B5;L=> 8 A>AB028; 2A53> 6,6% @>AB0. @0B:>A@>G=K5 :@548BK 2K@>A;8 =0 196% 2 2008 3>4C, 8 =0 32,2% 2 2009 3>4C, B> 5ABL B0:65 ?@>87>H;> A=865=85 B5<?>2 @>AB0 :@0B:>A@>G=KE :@548B>2  0C@0. 7 =8E =081>;LH89 @>AB 2 2008 3>4C ?@8E>48;AO =0 :@0B:>A@>G=K5 :@548BK 8 A>AB02;O; ?>@O4:0 225%, 2 2009 3>4C  20,4% @>AB0. @548B>@A:0O 704>;65==>ABL C25;8G8;0AL =0 95,7% 2 2008 3>4C 8 2 2009 3>4C =0 100,4%. 5>1E>48<> >?@545;8BL =081>;LH89 C45;L=K9 25A 2 A>AB025 705<=>3> :0?8B0;0  0C@0. ;O MB>3> ?@>0=0;878@C5< AB@C:BC@C 705<=KE A@54AB2 (B01;. 2.2) "01;8F0 2.2 =0;87 A>AB020 8 AB@C:BC@K 705<=>3> :0?8B0;0  0C@0 08<5=>20=85 AB0B59200732008320093BKA.@C1%BKA.@C1%BKA.@C1%>;3>A@>G=K5 ?0AA82K 2 B.G.:@548BK@0B:>A@>G=K5 ?0AA82K 2 B.G.05<=K5 A@54AB20@548B>@A:0O 704>;65==>ABL" 705<=K5 A@54AB200;0=A 0 >A=>20=88 ?@54AB02;5==KE 40==KE 2 B01;. 2.2 8 @8A. 2.3 A45;0N 2K2>4: 081>;LH89 C45;L=K9 25A 2 A>AB025 705<=KE A@54AB2 70=8<0NB :@0B:>A@>G=K5 :@548BK 8 709<K, GB> A>AB02;O5B ?@8<5@=> 34,2% 2 2007 3>4C, 2 2008 3>4C 47,1%, 8 28,2% 2 2009 3>4C. @5>1;040=85 :@0B:>A@>G=KE 8AB>G=8:>2 2 AB@C:BC@5 705<=KE A@54AB2 O2;O5BAO =530B82=K< D0:B><, :>B>@K9 E0@0:B5@87C5B CEC4H5=85 AB@C:BC@K 10;0=A0 8 ?>2KH5=85 @8A:0 CB@0BK D8=0=A>2>9 CAB>9G82>AB8.  SHAPE \* MERGEFORMAT  8A. 2.3 !B@C:BC@0 705<=KE A@54AB2  0C@0 !0<>5 ACI5AB25==>5 ?@58<CI5AB2> :@0B:>A@>G=>3> 709<0  MB> 2KA>:0O A:>@>ABL ?>;CG5=LO 709<0. @0B:>A@>G=CN AAC4C <>6=> ?>;CG8BL 1KAB@55, G5< 4>;3>A@>G=CN. @8 ?@54>AB02;5=88 4>;3>A@>G=>3> :@548B0 :@548B>@K BI0B5;L=59 87CG0NB D8=0=A>2>5 ?>;>65=85 :><?0=88. @548B=K9 4>3>2>@ @07@010BK205BAO 45B0;L=>, ?>A:>;L:C 2 B5G5=85 <=>3>;5B=53> :@548B=>3> A@>:0 <>3CB ?@>87>9B8 @07;8G=K5 A>1KB8O, 2 B>< G8A;5 ?> =5 7028AOI8< >B :><?0=88 >1AB>OB5;LAB20<. 4=0:>, :0: ?@028;>, 4>AB0B>G=> >1KG=0 A8BC0F8O, :>340 :><?0=88 2 A@>G=>< ?>@O4:5 B@51CNBAO 45=L38, =0?@8<5@, 4;O ?@>2545=8O A?5:C;OB82=>9 >?5@0F88.  MB>< A;CG05 :><?0=8O 4>;6=0 >1@0B8BLAO =0 @K=>: :@0B:>A@>G=KE :@548B>2. !;54CNI55 ?@58<CI5AB2> :@0B:>A@>G=KE :@548B>2 ?> A@02=5=8N A 4>;3>A@>G=K<8 AAC40<8  MB> 381:>ABL ?>;CG5=8O 709<0. >B@51=>ABL 2 45=L30E =5@54:> =>A8B A57>==K9 8;8 F8:;8G=K9 E0@0:B5@ 8 :><?0=88 ?@>AB> =570G5< ?>AB>O==> 8<5BL >1O70B5;LAB20 ?> >1A;C6820=8N 4>;3>A@>G=KE 8AB>G=8:>2 D8=0=A8@>20=8O. & & .. 2.3 #?@02;5=85 705<=K< :0?8B0;><  0C@0 -DD5:B82=0O D8=0=A>20O 45OB5;L=>ABL :><?0=88 =52>7<>6=0 157 ?>AB>O==>3> ?@82;5G5=8O 705<=KE A@54AB2. A?>;L7>20=85 705<=>3> :0?8B0;0 ?>72>;O5B ACI5AB25==> @0AH8@8BL >1J5< E>7O9AB25==>9 45OB5;L=>AB8 :><?0=88, >15A?5G8BL 1>;55 MDD5:B82=>5 8A?>;L7>20=85 A>1AB25==>3> :0?8B0;0, CA:>@8BL D>@<8@>20=85 @07;8G=KE F5;52KE D8=0=A>2KE D>=4>2, 0 2 :>=5G=>< AG5B5  ?>2KA8BL @K=>G=CN AB>8<>ABL :><?0=88. #?@02;5=85 ?@82;5G5=85< 705<=KE A@54AB2 ?@54AB02;O5B A>1>9 F5;5=0?@02;5==K9 ?@>F5AA 8E D>@<8@>20=8O 87 @07;8G=KE 8AB>G=8:>2 8 2 @07=KE D>@<0E, 2 A>>B25BAB288 A ?>B@51=>ABO<8 :><?0=88 2 705<=>< :0?8B0;5 =0 @07;8G=KE MB0?0E 53> @0728B8O.  ?@54K4CI5< ?0@03@0D5 <K C65 >?@545;8;8 AB@C:BC@C 8 48=0<8:C 705<=KE A@54AB2 :><?0=88  0C@0, A;54CNI8< H03>< C?@02;5=8O 705<=K< :0?8B0;>< 1C45B >?@545;5=85 MDD5:B82=>AB8 53> 8A?>;L7>20=8O. ;O MB>3> =5>1E>48<> @0AAG8B0BL @O4 :>MDD8F85=B>2.  "6:<jlnpwXE-E.jhy h9U5CJUaJmHnHu%hy h9U5CJaJmHnHu=jhy h9U5>*B*CJUaJmHnHphu"hy h9U5CJaJmHnHu&hy h9U0J5CJaJmHnHu/jhy h9U0J5CJUaJmHnHuh@wh9U5CJaJ jh@wh9U5CJUaJh9UCJ aJ hqh9UCJ aJ hKhKCJ aJ mH sH hKCJ aJ mH sH "8:  |zZf$ $dha$gd9U % gd9U$a$gd9UBX    > @ B D λΣ|j|K|λ2λ1jwhy h9U5CJUaJmHnHu=jhy h9U5>*B*CJUaJmHnHphu"hy h9U5CJaJmHnHu&hy h9U0J5CJaJmHnHu%hy h9U5CJ\aJmHnHu/jhy h9U0J5CJUaJmHnHu%hy h9U5CJaJmHnHu.jhy h9U5CJUaJmHnHu1j}hy h9U5CJUaJmHnHu     @ B D F ( * нЩxЩeeLeнЩ1jqhy h9U5CJUaJmHnHu%hy h9U5CJaJmHnHu=jhy h9U5>*B*CJUaJmHnHphu"hy h9U5CJaJmHnHu&hy h9U0J5CJaJmHnHu%hy h9U5CJ\aJmHnHu/jhy h9U0J5CJUaJmHnHu.jhy h9U5CJUaJmHnHu* , . v x z ȴp]ȴK"hy h9U5CJaJmHnHu%hy h9U5CJ\aJmHnHu1jkhy h9U5CJUaJmHnHu.jhy h9U5CJUaJmHnHu%hy h9U5CJaJmHnHu&hy h9U0J5CJaJmHnHu/jhy h9U0J5CJUaJmHnHu=jhy h9U5>*B*CJUaJmHnHphu h j l ȴp]ȴK"hy h9U5CJaJmHnHu%hy h9U5CJ\aJmHnHu1jehy h9U5CJUaJmHnHu.jhy h9U5CJUaJmHnHu%hy h9U5CJaJmHnHu&hy h9U0J5CJaJmHnHu/jhy h9U0J5CJUaJmHnHu=jhy h9U5>*B*CJUaJmHnHphu b d f ȴp]ȴK"hy h9U5CJaJmHnHu%hy h9U5CJ\aJmHnHu1j_hy h9U5CJUaJmHnHu.jhy h9U5CJUaJmHnHu%hy h9U5CJaJmHnHu&hy h9U0J5CJaJmHnHu/jhy h9U0J5CJUaJmHnHu=jhy h9U5>*B*CJUaJmHnHphu 68:nprvxz|~ȴp]ȴK"hy h9U5CJaJmHnHu%hy h9U5CJ\aJmHnHu1jYhy h9U5CJUaJmHnHu.jhy h9U5CJUaJmHnHu%hy h9U5CJaJmHnHu&hy h9U0J5CJaJmHnHu/jhy h9U0J5CJUaJmHnHu=jhy h9U5>*B*CJUaJmHnHphu468lnptvxz|~ȴp]ȴK"hy h9U5CJaJmHnHu%hy h9U5CJ\aJmHnHu1jShy h9U5CJUaJmHnHu.jhy h9U5CJUaJmHnHu%hy h9U5CJaJmHnHu&hy h9U0J5CJaJmHnHu/jhy h9U0J5CJUaJmHnHu=jhy h9U5>*B*CJUaJmHnHphuLNPTVXZ\^ȴp]ȴK"hy h9U5CJaJmHnHu%hy h9U5CJ\aJmHnHu1jMhy h9U5CJUaJmHnHu.jhy h9U5CJUaJmHnHu%hy h9U5CJaJmHnHu&hy h9U0J5CJaJmHnHu/jhy h9U0J5CJUaJmHnHu=jhy h9U5>*B*CJUaJmHnHphu "$XZ\`bdfhjȴp]ȴK"hy h9U5CJaJmHnHu%hy h9U5CJ\aJmHnHu1jG hy h9U5CJUaJmHnHu.jhy h9U5CJUaJmHnHu%hy h9U5CJaJmHnHu&hy h9U0J5CJaJmHnHu/jhy h9U0J5CJUaJmHnHu=jhy h9U5>*B*CJUaJmHnHphuJLNȴp]ȴK"hy h9U5CJaJmHnHu%hy h9U5CJ\aJmHnHu1jA hy h9U5CJUaJmHnHu.jhy h9U5CJUaJmHnHu%hy h9U5CJaJmHnHu&hy h9U0J5CJaJmHnHu/jhy h9U0J5CJUaJmHnHu=j hy h9U5>*B*CJUaJmHnHphuBDFz|~ȴp]ȴK"hy h9U5CJaJmHnHu%hy h9U5CJ\aJmHnHu1j; hy h9U5CJUaJmHnHu.jhy h9U5CJUaJmHnHu%hy h9U5CJaJmHnHu&hy h9U0J5CJaJmHnHu/jhy h9U0J5CJUaJmHnHu=j hy h9U5>*B*CJUaJmHnHphu "$&(`bȴp]ȴK"hy h9U5CJaJmHnHu%hy h9U5CJ\aJmHnHu1j5 hy h9U5CJUaJmHnHu.jhy h9U5CJUaJmHnHu%hy h9U5CJaJmHnHu&hy h9U0J5CJaJmHnHu/jhy h9U0J5CJUaJmHnHu=j hy h9U5>*B*CJUaJmHnHphubdf(*ȴp]ȴK"hy h9U5CJaJmHnHu%hy h9U5CJ\aJmHnHu1j/ hy h9U5CJUaJmHnHu.jhy h9U5CJUaJmHnHu%hy h9U5CJaJmHnHu&hy h9U0J5CJaJmHnHu/jhy h9U0J5CJUaJmHnHu=j hy h9U5>*B*CJUaJmHnHphu*,.BDFz|~ȴp`QI>6Ih9UCJ aJ hokh9UCJ aJ h9UCJaJjh@wh9UCJUaJh9U5CJ\aJmHnHu1j)hy h9U5CJUaJmHnHu.jhy h9U5CJUaJmHnHu%hy h9U5CJaJmHnHu&hy h9U0J5CJaJmHnHu/jhy h9U0J5CJUaJmHnHu=j hy h9U5>*B*CJUaJmHnHphub#8(*`*~++<-R..R37$dh[$\$`a$gd9U $`a$gd9U$dh`a$gd9U dh`gd9U$$dh[$\$a$gd9U $dha$gd9U`b&(PR!!!!T"V"p"r"x"z"""#####$$$8%:%H%J%%%V&f&(2(6(.22P3R33 48D9漱hh9UCJaJh`h9UCJaJh9UCJaJ$hr h9U0J>*B*CJaJphjhr h9UCJUaJhr h9UCJaJ h9UCJh<h9UCJA78:?CCCCFGKOP T2W2X $`a$gd9U $`a$gd9U$Sdh[$\$`Sa$gd9U$Sdh[$\$`Sa$gd9U$dh1$^`a$gd9U$dh[$\$`a$gd9U$dh`a$gd9UD9T9::::::::::;;<<<^<`<<<<<<<\=^=t=v= >">>>????4@T@AAB8BTBXBBCCC>CLCC퉁h9UCJ aJ hokh9UCJ aJ hG;kh9UCJaJhfh9UCJaJh9UCJ\aJhfh9UCJ\aJhh9UCJ]aJ$hh9U0J>*B*CJaJphjhh9UCJUaJhh9UCJaJh9UCJaJ2CCCCDFTFHH8JHJKK0L@LOOOOfPPPRRSTTTTT T"ThTxTTUUW.W2WZZF[[\\*\,\.\0\:\<\T\j\\\䵪˟˔˔˔h#Sh9Uh Rrh9UCJaJhvgh9UCJaJh.h9UCJaJh7h9UCJaJhH h9UCJaJh9UCJaJh_h9UCJaJ h9UCJh<h9UCJhokh9UCJ aJ h9UCJ aJ 62XZ0\<\\\^&__ ``8adcddPefiko$dh`a$gd9U$dh[$\$`a$gd9U$Sdh[$\$`Sa$gd9U$dh[$\$`a$gd9U\^^$_&___` ```6a8abcdcddddiiiiikkkklmottttuxx>x@xBxRxTxZxzzBzDzzzzzz̨̿h=ah9UCJEHaJh9UCJEHaJhyh9UCJEHaJhyh9UCJEH aJh9U@CJaJhyh9U@CJaJhyh9UCJaJhnh9UCJaJhIh9UCJaJh9UCJaJhAyh9UCJaJ4onstuwZxz&~.~~~~bN$dh[$\$`a$gd9U$Sdh[$\$`Sa$gd9U$Sdh[$\$`Sa$gd9U$ & F dh`a$gd9U$dh`a$gd9U$dh`a$gd9Uz({8{P{~{{{&~.~n~~~~~~~~~~"8̀Nd |~np‰&.>LNbdތʿʠh|h9UCJPJaJhb(h9UCJaJh.9h9UCJaJh9UCJ]aJhh9UCJaJh9UCJ aJ hokh9UCJ aJ h9Uhkh9UCJ]aJh9UCJaJhkh9UCJaJ7|n&T,B>h$dh7$8$H$a$gd9U$dh7$8$H$`a$gd9U$dh`a$gd9U$Sdh[$\$`Sa$gd9U dh`gd9Uތvx(,^8:ВҒBvDF֔ؔ`bޕ<>Tؖ^`htvjl²h9UCJPJ\]aJh|h9UCJPJ\]aJh h9UCJPJ\aJh9UCJPJ\aJh|h9UCJPJ\aJh|h9UCJPJaJh9UCJPJaJA֞24\ht$$Ifa$gd}lK $7`7a$gd9U$7dh`7a$gd9U$7dh`7a$gd9U$dh`a$gd9U$dh7$8$H$`a$gd9U›֛2f`̞ОԞ024\fh~Ÿ "µµžxkhWh9UB*\phh1EAh9UB*phh9UB*phh^h9U5h9U5B*\phh^h9U5B*phh9U5B*phh!Jh9U5B*ph h!Jh9UhSh9UCJaJh9UCJaJhb(h9UCJPJaJh|h9UCJPJaJh9UCJPJaJ*G1111$$Ifa$gd}lKkd$$If\%|G0d&644 lap(yt}Ÿ "$&FfFf$$Ifa$gd}l$Ifgd}lFf$$Ifa$gd}lK"$&`lnԠڠܠޠ,8:<>lnprtv󧝐ԧԧ||n_|Th! h9UCJ aJ j%hH=h9UCJ UaJ jh9UUmHnHujh9UCJ UaJ h9UCJ aJ h!Jh9U5B*phh9U5B*ph h!Jh9UhWh9UB*phh9UB*phh!Jh9UB*phh^h9U5h9U5B*\phh^h9U5B*ph h1EAh9UhWh9UB*\ph &`bdfhjlnԠ֠ؠڠܠޠFf^Ff$$Ifa$gd}l$Ifgd}l,.02468:<v$dh[$\$a$gd9U$Sdh[$\$`Sa$gd9UFf#Ff !$$Ifa$gd}lFf4vҡd<vlB\ΪЪ$$Ifa$gd}lR$7dh`7a$gd9U$7dh`7a$gd9U$dh`a$gd9U $dha$gd9UvBRXZΪЪ02DF\^« ,8:p|~´´´´´´zz´´h!Jh9UB*ph h1EAh9Uh1EAh9UB*phh9UB*phhh9U5hh9U5B*phhh9U5B*\phhh9U5B*ph h!Jh9Uh9U5B*phh!Jh9U5B*phhSh9UCJaJh9UCJaJ0 04DG1111$$Ifa$gd}lRkdo&$$If\%|G0d&644 lap(yt}DHX\^«Ff-Ff*$$Ifa$gd}l$Ifgd}lFf'$$Ifa$gd}lR« ,.02468:prtvxz|Ff?3Ffc0$$Ifa$gd}l$Ifgd}l|~Ȭʬ̬άЬҬԬ֬جHJ $dha$gd9U$dh`a$gd9UFf;Ff8$$Ifa$gd}lFf6ȬҬԬ֬FJLz|~dfpƸøرuj__[PHh9UCJ aJ hokh9UCJ aJ h9Uh)h9UCJaJhh9UCJaJj=hH=h9UCJUaJjh9UUmHnHujh9UCJUaJhfUh9UCJaJh9UCJaJ h!Jh9Uh9U5B*\phh!Jh9U5B*phhh9U5hh9U5B*phhm7h9U5B*\phhh9U5B*phfpʸ̸޻F^$dd$If[$\$a$gd}$7dh`7a$gd9U$7dh`7a$gd9U$Sdh[$\$`Sa$gd9U$dh`a$gd9UƸȸʸ̸$BDֹعXjܺ޺npʻڻRTܼ޼:J^`DFV2BDɾի hVh9Uh9UhHh9U5 h9U5 hDQ_h9UhDQ_h9U5\hSh9UCJaJh9UCJaJh&[h9UCJaJUh9UCJPJaJh.h9UCJPJaJh.h9UCJaJh9UCJ aJ hokh9UCJ aJ 3081>;55 @0A?@>AB@0=5==K< ?>:070B5;5<, >F5=820NI8< MDD5:B82=>ABL 8A?>;L7>20=8O A>1AB25==>3> :0?8B0;0, O2;O5BAO @5=B015;L=>ABL, @0AAG8BK205<0O :0: ?@>F5=B=>5 >B=>H5=85 G8AB>9 ?@81K;8 : A@54=59 70 ?5@8>4 AB>8<>AB8 705<=>3> :0?8B0;0. 0==K5 4;O @0AG5B0 @5=B015;L=>AB8 ?@54AB028< 2 B01;8F5 2.8. "01;8F0 2.8 0AG5B @5=B015;L=>AB8 705<=>3> :0?8B0;0  0C@0 >:070B5;82007 32008 32009 3B:;>=5=85"KA.@C1."KA.@C1."KA.@C1."KA.@C1.%'8AB0O ?@81K;L (C1KB>:)( 190 AB@>:0 $!2)05<=K9 :0?8B0; (AB@>:0 590 + 690 $!1)!@54=OO AB>8<>ABL 705<=>3> :0?8B0;0 5=B015;L=>ABL 705<=>3> :0?8B0;0  SHAPE \* MERGEFORMAT  8A. 2.6 8=0<8:0 @5=B015;L=>AB8 705<=>3> :0?8B0;0 2  0C@0 =0;87 ?>:070B5;O @5=B015;L=>AB8 705<=>3> :0?8B0;0 ?>:07K205B 53> A=865=85 2 2009 3>4C, 2 2008 3>4C ?@>8AE>48B @>AB ?>:070B5;O @5=B015;L=>AB8 705<=>3> :0?8B0;0 :><?0=88 =0 0,8%. !=865=85 ?>:070B5;O 2 2009 3>4C A>AB02;O5B 1,8%, GB> A2O70=> 2 ?5@2CN >G5@54L A @>AB>< AB>8<>AB8 705<=>3> :0?8B0;0 1>;LH8<8 B5<?0<8, G5< @>AB G8AB>9 ?@81K;8. 0 <>9 273;O4, ?@54?@8OB8N  0C@0 =5>1E>48<> A=860BL 705<=K9 :0?8B0; ?CB5< ?>30H5=8O 4>;30 ?5@54 :@548B>@0<8. ;O >F5=:8 D8=0=A>2>9 CAB>9G82>AB8 ?@8<5=O5BAO A8AB5<0 :>MDD8F85=B>2 (B01;. 2.9), 40==K5 4;O @0AG5B0 ?@54AB028< 2 B01;8F5 2.10 "01;8F0 2.9 0==K5 4;O @0AG5B0 ?>:070B5;59 D8=0=A>2>9 CAB>9G82>AB8  0C@0, BKA.@C1. & & & :@548B>@K 8 70B5< >15A?5G8BL @>AB AB02:8 4>E>4=>AB8 A>1AB25==>3> :0?8B0;0 =0 25;8G8=C @07=8FK <564C 4>AB83=CB>9 AB02:>9 4>E>4=>AB8 8=25AB8@>20==>3> :0?8B0;0 8 AB02:>9 C?;0G5==>3> AAC4=>3> ?@>F5=B0. #1KB>: 1C45B 2 B>< A;CG05, 5A;8 >@30=870F8O ?>;CG8B ?@81K;L <5=LHCN, G5< AB>8<>ABL 705<=>3> :0?8B0;0. @>0=0;878@C5< ?>;CG05<K5 ?@>F5=BK ?> 2;>65==K< A@54AB20< 8 705<=K< A@54AB20<  0C@0 "01;8F0 2.17 =0;87 2;>65==KE 8 705<=KE A@54AB2  0C@0 >:070B5;82007 3>42008 3>42009 3>4"KA.@C1.!@.%"KA.@C1.!@.%"KA.@C1.!@.%@>F5=BK : C?;0B5 2A53> B>< G8A;5:>;3>A@>G=K9 705<=K9 :0?8B0;@0B:>A@>G=K9 705<=K9 :0?8B0;@>F5=BK : ?>;CG5=8N 2A53> B>< G8A;5:>;3>A@>G=K5 D8=0=A>2K5 2;>65=8O@0B:>A@>G=K5D8=0=A>2K5 2;>65=8O!@. % - A@54=OO AB02:0 ?@>F5=B0 ?> C?;0B5 70 705<=K5 A@54AB20 "0:8< >1@07><, 284=>, GB>  0C@0 8A?>;L7C5B 705<=K5 A@54AB20 =0 D8=0=A>2K5 2;>65=8O, :0: 4>;3>A@>G=>3>, B0: 8 :@0B:>A@>G=>3> E0@0:B5@0. @8 MB>< ?@>F5=B ?> ?@82;5G5=8N 705<=>3> :0?8B0;0 C<5=LH05BAO 70 0=0;878@C5<K9 ?5@8>4 A 20%, 4> 15,2%.  SHAPE \* MERGEFORMAT  8A. 2.9 8=0<8:0 C?;0BK 8 ?>;CG5=8O ?@>F5=B>2  0C@0 "0:, ?@>F5=B 70 C?;0BC 4>;3>A@>G=>3> :0?8B0;0 2 2007 3>4C A>AB02;O5B 28% 8;8 82 BKAOG8 @C1;59, 2 2008 3>4C 21,4% 8;8 281 BKAOGC @C1;59, 2009 3>4 19% 8;8 272 BKAOG8 @C1;59. 84=>, GB> ?@>F5=BK ?> C?;0B5 70 :@0B:>A@>G=K5 :@548BK <5=LH5 G5< ?;0B0 70 4>;3>A@>G=>5 :@548B>20=85  0C@0. @8 MB>< B0:65 ?>;CG05<K5 ?@>F5=BK 70 4>;3>A@>G=K5 8 :@0B:>A@>G=K5 D8=0=A>2K5 2;>65=8O 2KH5, G5< C?;0G8205<K5 ?@>F5=BK 70 705<=K9 :0?8B0;, A;54>20B5;L=>, D8@<5 2K3>4=> ?@82;5:0BL 705<=K9 :0?8B0; 4;O 40;L=59H53> 53> D8=0=A>2>3> 2;>65=8O. 4=0:> AB018;L=>5 A=865=85 AB02:8 ?@>F5=B>2 ?> :@0B:>A@>G=K< D8=0=A>2K< 2;>65=8O< >1CA;>2;5=> =52K3>4=>ABLN, GB> >1JOA=O5B ?@54>AB02;5=85 4>;3>A@>G=KE D8=0=A>2KE 2;>65=89 =0 1>;55 2K3>4=KE CA;>28OE. ;03>40@O 0:B82=>9 ?>;8B8:5 :><?0=88 8 4>;3>A@>G=><C A>B@C4=8G5AB2C A :><<5@G5A:8< 10=:>< CAL AB02:0 ?@>F5=B0 2 A@54=5< 70 ?@54>AB02;O5<K9 :@548B A=8605BAO. 3. !>25@H5=AB2>20=85 A8AB5<K C?@02;5=8O 705<=K< :0?8B0;>< :><?0=88 3.1 #;CGH5=85 ?>;8B8:8 C?@02;5=8O :0?8B0;>< =0 >A=>25 ?@82;5G5=8O 705<=KE A@54AB2  =0AB>OI55 2@5<O 1>;LH8=AB2> :@548B=KE >@30=870F89 ACI5AB2CNB 70 AG5B :@0B:>A@>G=KE 2:;04>2.  A2O78 A :@09=59 =5CAB>9G82>ABLN MB>9 @5AC@A=>9 107K, 10=:8 =5 <>3CB ?@54>AB02;OBL 4>;3>A@>G=K5 709<K :><?0=88< 4;O >1=>2;5=8O >A=>2=KE D>=4>2, 0, A;54>20B5;L=>, ?@54>AB02;ONB ?>402;ONI55 1>;LH8=AB2> :@548B>2 =0 A@>: >B B@5E <5AOF52 4> >4=>3> 3>40. 0==K5 <5@K E>BL 8 A?>A>1AB2CNB ?>445@60=8N CAB>9G82>AB8 10=:>2A:>3> A5:B>@0, => ;8H0NB :><?0=88 2>7<>6=>AB8 <>45@=878@>20BL ?@>872>4AB2>. B><C 65 =0;8G85 1>;LH>3> G8A;0 <5;:8E 709<>2 B0: 65 =5 CAB@08205B :@548B=K5 >@30=870F88 2 A2O78 A 2KA>:8<8 >?5@0F8>==K<8 8745@6:0<8, A2O70==K<8 A >F5=:>9 8 :>=B@>;5< :064>3> 87 =8E. -B> ?@82>48B : 2>7=8:=>25=8N B@C4=>AB59 4065 ?@8 65;0=88 ?>;CG8BL :@548B =0 AC<<C 2 =5A:>;L:> A>B5= BKAOG @C1;59. @C38< D0:B>@><, =530B82=> 2;8ONI8< =0 @0728B85 4>;3>A@>G=>3> :@548B>20=8O O2;O5BAO ?>2KH5==K5 @8A:8, :>B>@K5 A2O70=K A> A;>6=>ABLN 4>;3>A@>G=>3> ?@>3=>78@>20=8O 187=5A0 705<I8:0 8 M:>=><8:8 2 F5;><.  A2O78 A MB8< 2 =0AB>OI55 2@5<O ?>;CG5=85 4>;3>A@>G=>3> :@548B0 ?@54?@8OB85< 7028A8B >B A>>B25BAB28O <=>3>G8A;5==K< :@8B5@8O<, 2K428305<K< 10=:0<8. 0 >A=>25 7=0G5=89 MB8E :@8B5@852 8 ?@8=8<05BAO @5H5=85 > 2K40G5 :@548B0. !;54CNI8< ACI5AB25==K< D0:B>@><, :>B>@K9 2;8O5B =0 CA;>28O :@548B>20=8O, O2;O5BAO 0:B82=>ABL 705<I8:0 ?> @01>B5 A> AG5B>< 2 10=:5. 05<I8: <>65B 4>3>2>@8BLAO A 10=:>< > A=865=88 ?@>F5=B=KE AB02>: 8;8 <5=55 65AB:>5 >15A?5G5=85 ?@8 CA;>288 ?@>2545=8O 7=0G8B5;L=KE >1>@>B>2 ?> AG5B0<. "0: 65 ;8<8BK :@548B>20=8O <>3CB 1KBL C25;8G5=K ?CB5< ?5@5E>40 : D0:B>@8=3>2K< >?5@0F8O<, B.5. ?>:C?:8 10=:>< 4518B>@A:>9 704>;65==>AB8. >A;54=8<, => =5 <5=55 206=K< D0:B>@>< O2;O5BAO D8=0=A>2>5 ?>;>65=85 8 :@548B=0O 8AB>@8O 705<I8:0 8 53> ?>@CG8B5;59. #A?5H=>5, 8<5NI55 2KA>:CN @5=B015;L=>ABL, E>@>H55 D8=0=A>2>5 ?>;>65=85 8 157C?@5G=CN :@548B=CN 8AB>@8N ?@54?@8OB85, 8<55B ACI5AB25==>5 ?@58<CI5AB2> ?@8 @0AA<>B@5=88 :@548B=KE 70O2>:.  =0AB>OI55 2@5<O A;>68;0AL A8BC0F8O, GB> 5A;8 C :;85=B0 =5B :@548B=>9 8AB>@88 2 @>AA89A:8E 10=:0E, B> 53> H0=AK =0 ?>;CG5=85 4>;3>A@>G=>3> :@548B0 =525;8:8. @8 ?>;CG5=88 :@548B0 A;54C5B CG8BK20BL, GB>, :0: ?@028;>, 4;O 10=:0 206=55 =0456=>ABL, G5< 4>E>4=>ABL, ?>MB><C ?@>F5=B=0O AB02:0 ?> 20;NB=K< 8 @C1;52K< :@548B0< <>65B 1KBL 7=0G8B5;L=> A=865=0 4;O :;85=B>2, ?@54>AB0282H8< =0456=>5 >15A?5G5=85 8;8 ?@>2>4OI8< 1>;LH85 >1>@>BK ?> AG5B0< 2 10=:5. "0: 65 ?@>F5=B=K5 AB02:8 ?> :@548B0< @07;8G0NBAO 2 7028A8<>AB8 >B @07<5@0 708<AB2>20=89, A@>:0, :@548B=>9 8AB>@88 8 4@C38E D0:B>@>2.  ?@8=F8?5, ;N1>9 :@548B=K9 ?@>4C:B, >A>15==> 4>;3>A@>G=K9, - B>20@ C=8:0;L=K9. 3> F5=0 7028A8B >B <=>65AB20 CA;>289, >?@545;O5<KE =5 B>;L:> A0<8< 10=:><, => 8 705<I8:><, 0 B0:65 B5:CI59 A8BC0F859 2 AB@0=5.  :064>< :>=:@5B=>< A;CG05 AB>8<>ABL :@548B0 1C45B @07=>9 4065 4;O AE>68E ?> :0B53>@8O< 705<I8:>2 [21, A.34]. K1>@ A?>A>1>2 8 8AB>G=8:>2 D8=0=A8@>20=8O :><?0=88 7028A8B >B <=>38E D0:B>@>2: >?KB0 @01>BK :><?0=88 =0 @K=:5, 53> B5:CI53> D8=0=A>2>3> A>AB>O=8O 8 B5=45=F89 @0728B8O, 4>ABC?=>AB8 B5E 8;8 8=KE 8AB>G=8:>2 D8=0=A8@>20=8O, A?>A>1=>AB8 :><?0=88 ?>43>B>28BL 2A5 B@51C5<K5 4>:C<5=BK 8 ?@54AB028BL ?@>5:B D8=0=A8@CNI59 AB>@>=5, 0 B0:65 >B CA;>289 D8=0=A8@>20=8O (AB>8<>AB8 ?@82;5:05<>3> :0?8B0;0). 4=0:> =5>1E>48<> >B<5B8BL 3;02=>5: ?@54?@8OB85 <>65B =09B8 :0?8B0; B>;L:> =0 B5E CA;>28OE, =0 :>B>@KE 2 40==>5 2@5<O @50;L=> >ACI5AB2;ONBAO >?5@0F88 ?> D8=0=A8@>20=8N 0=0;>38G=KE ?@54?@8OB89, 8 B>;L:> 87 B5E 8AB>G=8:>2, :>B>@K5 708=B5@5A>20=K 2 8=25AB8F8OE =0 A>>B25BAB2CNI5< @K=:5 (2 AB@0=5, >B@0A;8, @538>=5). >;CG8BL ?>;=>5 ?@54AB02;5=85 > ACI5AB2CNI8E =0 @K=:5 CA;>28OE D8=0=A8@>20=8O <>6=> 157 >A>1KE ?@>1;5< 8 2 :@0BG09H85 A@>:8, >?@>A82 :;NG52K5 D8=0=A>2K5 8=AB8BCBK 8;8 >1@0B82H8AL : :>=AC;LB0=B0< ?> :>@?>@0B82=K< D8=0=A0<. @8 MB>< A;54C5B >F5=8BL :0: ACI5AB2CNI85 CA;>28O D8=0=A8@>20=8O, B0: 8 25@>OB=>ABL CA?5H=>3> ?@82;5G5=8O :0?8B0;0 87 ?@54?>;0305<>3> 8AB>G=8:0. $8=0=A8@>20=85 :><?0=88 >1KG=> >ACI5AB2;O5BAO @07;8G=K<8 A?>A>10<8. @8 MB>< G5< 2KH5 @8A:8 8=25AB>@0, B5< 2KH5 >68405<K9 8=25AB>@0<8 4>E>4. 5A?>A>1=>ABL 2>2@5<O <>18;87>20BL :0?8B0; ?@825;0 : ?>B5@5 <=>38<8 @>AA89A:8<8 :><?0=88<8 :>=:C@5=B>A?>A>1=>AB8, 0 8=>340 8 : ?>;=>9 8E 453@040F88. $0:B>@ 2@5<5=8 2 A>2@5<5==>9 M:>=><8:5, E0@0:B5@87C5<>9 2KA>:>9 AB5?5=LN 3;>10;870F88 8 ?>2KH5==K<8 B@51>20=8O<8 : A?>A>1=>ABO< :><?0=88 >?5@0B82=> @5038@>20BL =0 87<5=5=8O =0 @K=:5, O2;O5BAO =081>;55 7=0G8<K<. @8 MB>< A>1AB25==8:8 8 <5=546<5=B :><?0=88 4>;6=K >B4020BL A515 >BG5B 2 B><, GB> ?@54?@8OB85 <>65B 1KBL ?@>D8=0=A8@>20=> B>;L:> 87 B5E 8AB>G=8:>2 8 B>;L:> =0 B5E CA;>28OE, :>B>@K5 @50;L=> ?@54AB02;5=K =0 D8=0=A>2>< @K=:5. >402;ONI55 1>;LH8=AB2> @>AA89A:8E ?@54?@8OB89 >@85=B8@CNBAO =0 D8=0=A8@>20=85 87 3>AC40@AB25==>3> 1N465B0. >-?5@2KE, MB> =081>;55 B@048F8>==K9 8AB>G=8: D8=0=A8@>20=8O, 8, A;54>20B5;L=>, ?>?KB:0 ?>;CG8BL D8=0=A8@>20=85 2 >1;0AB=>9 04<8=8AB@0F88 8;8 2 ?@028B5;LAB25 1>;55 ?@82KG=0 8 =5 B@51C5B >B <5=546<5=B0 =>2KE 7=0=89 8 =02K:>2. >-2B>@KE, ?>43>B>28BL ?@>5:B 4;O G0AB=>3> 8=25AB>@0 =0 ?>@O4>: A;>6=55, G5< 4;O 3>AC40@AB20: B@51>20=8O 3>AC40@AB20 : @0A:@KB8N 8=D>@<0F88 8 ?>43>B>2:5 8=25AB8F8>==KE ?@>5:B>2 A:>@55 D>@<0;L=K5, G5< ?@>D5AA8>=0;L=K5. -B@5BL8E, 3>AC40@AB2>  A0<K9 ;>O;L=K9 :@548B>@, 8 <=>385 :><?0=88 =5 2>72@0I0NB ?>;CG5==K5 >B =53> 709<K 2 A@>: 157 >?0A5=8O 1KBL >1JO2;5==K<8 10=:@>B0<8. A;8 20H5 ?@54?@8OB85 459AB28B5;L=> @0A?>;0305B 2>7<>6=>ABO<8 ?>;CG8BL ?@O<>5 3>AC40@AB25==>5 D8=0=A8@>20=85, 30@0=B88 8;8 =0;>3>2K9 :@548B, B> MB8< =5>1E>48<> 2>A?>;L7>20BLAO. 081>;LH85 H0=AK =0 ?>;CG5=85 D8=0=A8@>20=8O 87 3>AC40@AB25==>3> 1N465B0 8<5NB 8=D@0AB@C:BC@=K5, A>F80;L=K5, >1>@>==K5 8 =0CG=K5 ?@>5:BK, :>B>@K5 2A;54AB285 >1J5:B82=KE ?@8G8= =5 2 A>AB>O=88 ?>;CG8BL 4>ABC? : D8=0=A8@>20=8N 87 :><<5@G5A:8E 8AB>G=8:>2. 4=0:> A;54C5B CG8BK20BL, GB> >1I0O ?>B@51=>ABL 2 D8=0=A8@>20=88 @>AA89A:>9 ?@><KH;5==>AB8 ?@52KH05B 1 <;@4. 4>;;. !(, 0, A;54>20B5;L=>, 25@>OB=>ABL ?>;CG5=8O 3>AC40@AB25==>3> D8=0=A8@>20=8O :><<5@G5A:8<8 :><?0=88<8 =8GB>6=> <0;0 8 =5 ?@52KH05B 1%. @8>1@5B5=85 0:B82>2 2 @0AA@>G:C 4>ABC?=> 4;O ?@54?@8OB89, 8<5NI8E E>@>H55 D8=0=A>2>5 A>AB>O=85 8 ?>78B82=K5 B5=45=F88 @0728B8O. @8 MB>< 2 :0G5AB25 >15A?5G5=8O A;C68B ?@8>1@5B05<K9 ?@54?@8OB85< 0:B82, :>B>@K9 ?5@5E>48B 2 ?>;=CN A>1AB25==>ABL :><?0=88 B>;L:> ?>A;5 B>3>, :0: 1C45B ?>;=>ABLN >?;0G5=0 53> AB>8<>ABL. @54?@8OB85 4>;6=> @0A?>;030BL AC<<>9 4;O >?;0BK =0G0;L=>3> 27=>A0, A>AB02;ONI53> >B 10 4> 50% >B AB>8<>AB8 ?@8>1@5B05<>3> 0:B820. 0==K9 A?>A>1 D8=0=A8@>20=8O 2 >A=>2=>< 8A?>;L7C5BAO ?@8 ?@8>1@5B5=88 >1>@C4>20=8O. 1KG=> ;878=3>2K5 :><?0=88 >B40NB ?@54?>GB5=85 B5< 2840< >1>@C4>20=8O, :>B>@>5 <>65B 1KBL ;53:> 45<>=B8@>20=> 8 ?>425@3=CB> B@0=A?>@B8@>2:5. <5==> ?>MB><C ;878=3>2K5 >?5@0F88 >G5=L @0A?@>AB@0=5=K ?@8 ?@8>1@5B5=88 B@0=A?>@B=KE A@54AB2 (:>@01;59, A0<>;5B>2, 3@C7>28:>2 8 B.?.). & . 06=>9 A>AB02;ONI59 A8AB5<K C?@02;5=8O 4>;65= 1KBL 2KA>:89 C@>25=L :20;8D8:0F88 N@8AB>2 4>;6=8:0 8 3@0<>B=>AB8 ?@>2>48<>9 8<8 @01>BK. #?@02;5=85 >1O70B5;LAB20<8 B@51C5B 7=0=8O =>@< 70:>=>40B5;LAB20 ?> 70:;NG5=8N 4>3>2>@>2, ?> A0=:F8O<, ?> =0;>3>2K< 0A?5:B0<, 2>7=8:0NI8< 2 A2O78 A 708<AB2>20=8O<8. KA>:> F5=8BAO C<5=85 4>18BLAO >B :@548B>@>2 2K3>4=KE D>@<C;8@>2>: 70:;NG05<>3> 4>3>2>@0. 0:;NG5=85 -DD5:B82=0O D8=0=A>20O 45OB5;L=>ABL :><?0=88 =52>7<>6=0 157 ?>AB>O==>3> ?@82;5G5=8O 705<=KE A@54AB2. A?>;L7>20=85 705<=>3> :0?8B0;0 ?>72>;O5B ACI5AB25==> @0AH8@8BL >1J5< E>7O9AB25==>9 45OB5;L=>AB8 :><?0=88, >15A?5G8BL 1>;55 MDD5:B82=>5 8A?>;L7>20=85 A>1AB25==>3> :0?8B0;0, CA:>@8BL D>@<8@>20=85 @07;8G=KE F5;52KE D8=0=A>2KE D>=4>2, 0, 2 :>=5G=>< AG5B5  ?>2KA8BL @K=>G=CN AB>8<>ABL :><?0=88. 05<=K9 :0?8B0;, 8A?>;L7C5<K9 ?@54?@8OB85<, E0@0:B5@87C5B 2 A>2>:C?=>AB8 >1J5< 53> D8=0=A>2KE >1O70B5;LAB2 (>1ICN AC<<C 4>;30). 05<=K9 :0?8B0; ?@54AB02;O5B A>1>9 G0ABL AB>8<>AB8 8<CI5AB20 >@30=870F88, ?@8>1@5B5==>3> 2 AG5B >1O70B5;LAB20 25@=CBL ?>AB02I8:C, 10=:C, 4@C3><C 708<>402FC 45=L38 ;81> F5==>AB8, M:2820;5=B=K5 AB>8<>AB8 B0:>3> 8<CI5AB20.  A>AB025 705<=>3> :0?8B0;0 @07;8G0NB :@0B:>A@>G=K5 8 4>;3>A@>G=K5 705<=K5 A@54AB20, :@548B>@A:CN 704>;65==>ABL (?@82;5GQ==K9 :0?8B0;). !;8H:>< 1>;LH>5 ?@82;5G5=85 705<=KE A@54AB2 C<5=LH05B D8=0=A>2CN CAB>9G82>ABL :><?0=88, 0 A;8H:>< <0;K9 >1J5< 705<=KE A@54AB2 =5 ?>72>;O5B ?@54?@8OB8N @072820BLAO. "0:8< >1@07><, ?@54?@8OB85, 8A?>;L7CNI55 705<=K9 :0?8B0;, 8<55B 1>;55 2KA>:89 D8=0=A>2K9 ?>B5=F80; A2>53> @0728B8O (70 AG5B D>@<8@>20=8O 4>?>;=8B5;L=>3> >1J5<0 0:B82>2) 8 2>7<>6=>AB8 ?@8@>AB0 D8=0=A>2>9 @5=B015;L=>AB8 45OB5;L=>AB8, >4=0:> 2 1>;LH59 <5@5 35=5@8@C5B D8=0=A>2K9 @8A: 8 C3@>7C 10=:@>BAB20 (2>7@0AB0NI85 ?> <5@5 C25;8G5=8O C45;L=>3> 25A0 705<=KE A@54AB2 2 >1I59 AC<<5 8A?>;L7C5<>3> :0?8B0;0). 1J5:B>< 8AA;54>20=8O 2KABC?05B :>=A0;B8=3>20O :><?0=8O  0C@0, :>B>@0O >:07K205B CA;C38 =0 @K=:5 D8=0=A>2>3> 8 C?@02;5=G5A:>3> :>=A0;B8=30. ><?0=8O A>740=0 ?@>D5AA8>=0;0<8, 8<5NI8<8 7=0G8B5;L=K9 >?KB @01>BK 2 :@C?=KE :>=A0;B8=3>2KE :><?0=8OE. !?5F80;8ABK :><?0=88 0C@0 ?@>E>4OB >1CG5=85 A F5;LN ?>;CG5=8O ?@>D5AA8>=0;L=KE <564C=0@>4=KE A5@B8D8:0B>2 ACCA, CMA, CFM. =0=8O, ?>;CG5==K5 =0H8<8 A?5F80;8AB0<8, ?>72>;ONB =0< =0E>48BL @5H5=8O B0<, 345 4@C385 :><?0=88 B5@ONB. >;8B8:0 ?@82;5G5=8O 705<=KE A@54AB2 ?@54AB02;O5B A>1>9 G0ABL >1I59 D8=0=A>2>9 AB@0B5388, 70:;NG0NI59AO 2 >15A?5G5=88 =081>;55 MDD5:B82=KE D>@< 8 CA;>289 ?@82;5G5=8O 705<=>3> :0?8B0;0 87 @07;8G=KE 8AB>G=8:>2 2 A>>B25BAB288 A ?>B@51=>ABO<8 @0728B8O :><?0=88. @>F5AA D>@<8@>20=8O ?>;8B8:8 ?@82;5G5=8O ?@54?@8OB85< 705<=KE A@54AB2 2:;NG05B A;54CNI85 >A=>2=K5 MB0?K: -=0;87 ?@82;5G5=8O 8 8A?>;L7>20=8O 705<=KE A@54AB2 2 ?@54H5AB2CNI5< ?5@8>45 -?@545;5=85 F5;59 ?@82;5G5=8O 705<=KE A@54AB2 2 ?@54AB>OI5< ?5@8>45 -?@545;5=85 ?@545;L=>3> >1J5<0 ?@82;5G5=8O 705<=KE A@54AB2 -F5=:0 AB>8<>AB8 ?@82;5G5=8O 705<=>3> :0?8B0;0 87 @07;8G=KE 8AB>G=8:>2 -?@545;5=85 A>>B=>H5=8O >1J5<0 705<=KE A@54AB2, ?@82;5:05<KE =0 :@0B:>- 8 4>;3>A@>G=>9 >A=>25 -?@545;5=85 D>@< ?@82;5G5=8O 705<=KE A@54AB2 -?@545;5=85 A>AB020 >A=>2=KE :@548B>@>2 -$>@<8@>20=85 MDD5:B82=KE CA;>289 ?@82;5G5=8O :@548B>2 -15A?5G5=85 MDD5:B82=>3> 8A?>;L7>20=8O ?@82;5G5==KE :@548B>2 -15A?5G5=85 A2>52@5<5==KE @0AG5B>2 ?> ?>;CG5==K< :@548B0< 05<=K9 :0?8B0; 2 48=0<8:5 70 2007-2009 3>4K 45OB5;L=>AB8 :><?0=88 2K@>A 2 2008 3>4C =081>;55 7=0G8B5;L=K<8 B5<?0<8 =0 2281,%, B>340 :0: B5<? @>AB0 705<=KE A@54AB2 2 2009 3>4C A=878;AO 8 A>AB028; 22%. 05<=K9 :0?8B0;  0C@0 ?@54AB02;5= 4>;3>A@>G=K<8 ?0AA820<8 (:@548B0<8), :@0B:>A@>G=K<8 :@548B0<8 8 :@0B:>A@>G=>9 :@548B>@A:>9 704>;65==>ABLN. A5 ?>:070B5;8 AB@C:BC@K 705<=>3> :0?8B0;0 @0ABCB 70 8AA;54C5<K9 ?5@8>4, 8 C25;8G5=85 4>;3>A@>G=>3> :@548B0 A>AB028;> 326,1% 2 2008 3>4C, 0 2 2009 3>4C ?>:070B5;L C25;8G8;AO =57=0G8B5;L=> 8 A>AB028; 2A53> 6,6% @>AB0. @0B:>A@>G=K5 :@548BK 2K@>A;8 =0 196% 2 2008 3>4C, 8 =0 32,2% 2 2009 3>4C, B> 5ABL B0:65 ?@>87>H;> A=865=85 B5<?>2 @>AB0 :@0B:>A@>G=KE :@548B>2  0C@0. 7 =8E =081>;LH89 @>AB 2 2008 3>4C ?@8E>48;AO =0 :@0B:>A@>G=K5 :@548BK 8 A>AB02;O; ?>@O4:0 225%, 2 2009 3>4C  20,4% @>AB0. @548B>@A:0O 704>;65==>ABL C25;8G8;0AL =0 95,7% 2 2008 3>4C 8 2 2009 3>4C =0 100,4%.  F5;>< A;54C5B >E0@0:B5@87>20BL 4>;N 705<=>3> :0?8B0;0 2 A>AB025 8AB>G=8:>2 D8=0=A8@>20=8O 8<CI5AB20  0C@0. "0:, 2 2008 3>4C 705<=K5 A@54AB20 70=8<0NB 4>AB0B>G=>5 <5AB> 2 10;0=A5 :><?0=88 8 A>AB02;ONB 1>;55 80% 2A53> :0?8B0;0, 8 2 2009 3>4C ?@8<5@=> 95% A@54AB2, MB> O2;O5BAO =530B82=K< <><5=B>< 2 45OB5;L=>AB8 D8@<K, B0: :0: >7=0G05B 7028A8<>ABL :><?0=88 >B 2=5H=8E 8AB>G=8:>2 D8=0=A8@>20=8O. "0:>9 D0:B A2845B5;LAB2C5B B0:65 8 >1 CA8;5=88 D8=0=A>2>9 =5CAB>9G82>AB8 :><?0=88 8 ?>2KH5=88 AB5?5=8 53> D8=0=A>2KE @8A:>2. A=>2=K< :@548B>@>< :><?0=88  0C@0 2KABC?05B  ><<5@G5A:89 10=: CAL, :>B>@K9 :@548BC5B ?@54?@8OB85, :0: ?CB5< ?@54>AB02;5=8O 4>;3>A@>G=KE :@548B>2, B0: 8 ?CB5< :@0B:>A@>G=>3> :@548B>20=8O. !@02=820O AC<<K 4518B>@A:>9 8 :@548B>@A:>9 704>;65==>AB8, A;54C5B A45;0BL 2K2>4, GB> ?@54?@8OB85 8<55B ?0AA82=>5 A0;L4> (:@548B>@A:0O 704>;65==>ABL ?@52KH05B 4518B>@A:CN) 8 ?@54?@8OB85 D8=0=A8@>20;> A2>8 70?0AK 8 >BA@>G:8 ?;0B5659 A2>8E 4>;6=8:>2 70 AG5B =5?;0B5659 :><<5@G5A:8< :@548B>@0<. >:070B5;L A>>B=>H5=8O 4518B>@A:>9 8 :@548B>@A:>9 704>;65==>AB59 <5=55 548=8FK, GB> A2845B5;LAB2C5B > ?@52KH5=88 :@548B>@A:>9 704>;65==>AB8 4518B>@A:>9, MB> O2;O5BAO ?>;>68B5;L=K< <><5=B><, ?>B><C GB> AC<<0 4>;30, :>B>@CN 4>;6=K =0< <5=55 AC<<K 4>;30, :>B>@CN 4>;6=K <K ?> >A=>2=>9 45OB5;L=>AB8. !>>B=>H5=85 ?>:070B5;O C<5=LH05BAO 70 8AA;54C5<K9 ?5@8>4, GB> 3>2>@8B > 1>;55 1KAB@>< ?>2KH5=88 4>;30 :@548B>@0<, =565;8 4>;3>2KE >1O70B5;LAB2 :><?0=88. =0;87 ?>:070B5;O @5=B015;L=>AB8 705<=>3> :0?8B0;0 ?>:07K205B 53> A=865=85 2 2009 3>4C, 2 2008 3>4C ?@>8AE>48B @>AB ?>:070B5;O @5=B015;L=>AB8 705<=>3> :0?8B0;0 :><?0=88 =0 0,8%. !=865=85 ?>:070B5;O 2 2009 3>4C A>AB02;O5B 1,8%, GB> A2O70=> 2 ?5@2CN >G5@54L A @>AB>< AB>8<>AB8 705<=>3> :0?8B0;0 1>;LH8<8 B5<?0<8, G5< @>AB G8AB>9 ?@81K;8. 0 <>9 273;O4, ?@54?@8OB8N  0C@0 =5>1E>48<> A=860BL 705<=K9 :0?8B0; ?CB5< ?>30H5=8O 4>;30 ?5@54 :@548B>@0<8. >MDD8F85=B A>>B=>H5=8O 705<=>3> 8 A>1AB25==>3> :0?8B0;0 ?>:07K205B 25;8G8=C 705<=KE A@54AB2, ?@8E>4OI8EAO =0 :064K9 @C1;L A>1AB25==KE A@54AB2, 2;>65==KE 2 0:B82K :><?0=88.  8450;5 A>AB02;O5B 1 8;8 100%, B> 5ABL >48=0:>2>5 G8A;> A>1AB25==KE 8 705<=KE 8AB>G=8:>2 :><?0=88, 2 =0H5< ?@54?@8OB88 4>;O 705<=KE 8AB>G=8:>2 2 1,5 @070 ?@52KH05B A>1AB25==K9 :0?8B0; :><?0=88, 2 40;L=59H5< ?5@8>45 =01;N405BAO @>AB MB>3> ?>:070B5;O, B0: 2 2008 3>4C 705<=K9 :0?8B0; 1>;LH5 A>1AB25==>3> 2 4,39% 8 2 2009 3>4C 2 5,03 @070. -B> =530B82=0O B5=45=F8O 2 45OB5;L=>AB8 :><?0=88, 8 =0AB>OB5;L=> @5:><5=4C5BAO ?@>25AB8 A=865=85 8 ?>30H5=85 705<=>3> :0?8B0;0 :><?0=88 A F5;LN ?@54>B2@0I5=8O 2>7=8:=>25=8O D8=0=A>2KE @8A:>2 45OB5;L=>AB8 :><?0=88.  0C@0 2 2009 3>4C E0@0:B5@87C5B =5CAB>9G82>5 D8=0=A>2>5 A>AB>O=85, A>?@O65==>5 A =0@CH5=85< ?;0B565A?>A>1=>AB8, ?@8 :>B>@>< A>E@0=O5BAO 2>7<>6=>ABL 2>AAB0=>2;5=8O @02=>25A8O 70 AG5B ?>?>;=5=8O 8AB>G=8:>2 A>1AB25==KE A@54AB2 8 C25;8G5=8O A>1AB25==KE >1>@>B=KE A@54AB2.  MB>9 A8BC0F88 =5>1E>48<0 >?B8<870F8O AB@C:BC@K ?0AA82>2. #<5=85 2:;04K20BL :0?8B0; B0:, GB>1K ?>;CG5==0O AB02:0 4>E>4=>AB8 8=25AB8@>20==>3> :0?8B0;0 1K;0 2KH5 B5:CI59 AB02:8 AAC4=>3> ?@>F5=B0, 2 70?04=>9 M:>=><8:5 =07K205BAO ?@58<CI5AB2>< A?5:C;OF88 :0?8B0;><. => 70:;NG05BAO 2 B><, GB> =C6=> 27OBL 2 4>;3 AB>;L:>, A:>;L:> ?>72>;OB :@548B>@K 8 70B5< >15A?5G8BL @>AB AB02:8 4>E>4=>AB8 A>1AB25==>3> :0?8B0;0 =0 25;8G8=C @07=8FK <564C 4>AB83=CB>9 AB02:>9 4>E>4=>AB8 8=25AB8@>20==>3> :0?8B0;0 8 AB02:>9 C?;0G5==>3> AAC4=>3> ?@>F5=B0. 08<>40B5;L <>65B ?@54;>68BL @07=K5 CA;>28O 2K40G8 :@548B>2 8 709<0, =5:>B>@K5 87 :>B>@KE 1C4CB =52K3>4=K 705<I8:C. >MB><C ?>A;54=89 4>;65= ?@5420@8B5;L=> ?>4AG8B0BL 8 A@02=8BL @57C;LB0BK 2K3>4K (?@81K;8) ?> ?@54;0305<><C 709<C A 25;8G8=>9 =0G8A;O5<KE ?@>F5=B>2 ?> 709<C. 0 ?@>3=>7=K9 2010 3>4  0C@0 1K;> ?@54;>65=>: 1. ACI5AB28BL 2>72@0B :@0B:>A@>G=K9 2;>65=89 2. ACI5AB28BL 2>72@0B G0AB8 4>;3>A@>G=KE 2;>65=89 3. 0?@028BL 2KA2>1>645==K5 A@54AB20 =0 ?>30H5=85 :@0B:>A@>G=>3> 705<=>3> :0?8B0;0 4. ACI5AB28BL 2;>65=8O A@54AB2 2 @07<5@5 300 BKAOG @C1;59 =0 ?@8>1@5B5=85 >1;830F89 :><?0=88  .:>A 5. ;O MB8E F5;59 1K;> ?@54;>65=> 3 20@80=B0 :@548B=KE ?@>3@0<< - @548B=0O ;8=8O  CAL - ?@>3@0<<0 4>;3>A@>G=>3> ?0@B=5@AB20 (=0 1>;55 2K3>4=KE CA;>28OE) - ?@54>AB02;5=85 :@548B0  =25AB  @57C;LB0B5 ?@>2545==KE <5@>?@8OB89 4;O ?@>3=>78@>20=8O A8BC0F88 2 :><?0=88 =0 2010 3>4, ?@>87>H;> A=865=85 20;NBK 10;0=A0, =0 1744 BKAOG8 @C1;59, B0:65 A=878;8AL 2=5>1>@>B=K5 0:B82K 70 AG5B 2K?;0BK ?> 4>;3>A@>G=K< D8=0=A>2K< 2;>65=8O< 2 AC<<5 1074 BKAOG8 @C1;59, 8 >1>@>B=K5 0:B82K 70 AG5B 2K?;0B :@0B:>A@>G=KE D8=0=A>2KE 2;>65=89 2 @07<5@5 1030 BKAOG @C1;59 8 2;>65=8O 2 >1;830F88  .! 2 @07<5@5 360 BKAOG. 7<5=5=85 2 ?0AA825 10;0=A0 :>A=C;8AL :@0B:>A@>G=KE :@548B>2 8 709<>2, =0 ?>30H5=85 :>B>@KE 1K;> =0?@02;5=> 2104 BKAOG8 @C1;59, 8 >D>@<;5=85 =>2KE :@548B=KE >B=>H5=89 A  CAL 2 @07<5@5 300 BKAOG @C1;59 (A CG5B>< =0G8A;5==KE ?@>F5=B>2 354 BKAOG8), GB> C25;8G8;> =5@0A?@545;5==CN ?@81K;L >BG5B=>3> 3>40 =0 6 BKAOG @C1;59. @>87>H5; @>AB @5=B015;L=>AB8 705<=>3> :0?8B0;0 :><?0=88  0C@0 =0 2010 3>4 =0 4,6% 8;8 B5<? @>AB0 A>AB028; 95,8%, =0 GB> ?>2;8O;> A=865=85 AC<< 705<=>3> :0?8B0;0 70 ?5@8>4, 8 @>AB G8AB>9 ?@81K;8. "0:, :>MDD8F85=B :>=F5=B@0F88 A>1AB25==>3> :0?8B0;0 2K@>A =0 5%, B0:65 ?@>87>H;> 8 A=865=85 705<=>3> :0?8B0;0 =0 5%, GB> ?>72>;8;> A>:@0B8BL ?>:070B5;L A>>B=>H5=8O 705<=>3> 8 A>1AB25==>3> :0?8B0;0 =0 1,53%. -B> O2;O5BAO 1;03>?@8OB=>9 B5=45=F859 2 45OB5;L=>AB8 :><?0=88 =0 ?@>3=>7=K9 3>4, 8 A;54C5B >B<5B8BL, GB> ?@8 40;L=59H59 @07@01>B:5 8 MDD5:B82=>< C?@02;5=88 705<=K< :0?8B0;>< ?>:070B5;L 1C45B A>>B25BAB2>20BL =>@<0;L=><C 7=0G5=8N. ?B8<870F8O 25;8G8=K >1O70B5;LAB2  >4=0 87 206=59H8E ?@>1;5< D8=0=A8@>20=8O 45OB5;L=>AB8 :><?0=88. 0;8G85 705<=KE A@54AB2 2 AB@C:BC@5 8AB>G=8:>2 =0?@O<CN 8;8 :>A25==> >:07K205B 2;8O=85 =0 2A5 AB>@>=K 45OB5;L=>AB8 E>7O9AB2CNI53> AC1J5:B0. <5==> ?>MB><C B0: 206=0 >F5=:0 MDD5:B82=>AB8 708<AB2>20=8O, A>?>AB02;5=85 2A5E 2K3>4 8 ?@58<CI5AB2 A =530B82=K<8 <><5=B0<8 705<=>3> D8=0=A8@>20=8O. @8 8A?>;L7>20=88 705<=KE A@54AB2 A5@L57=>5 2=8<0=85 =5>1E>48<> C45;OBL 0=0;87C 2;8O=8O, :>B>@>5 >:07K20NB 87<5=5=8O AB@C:BC@K ?0AA82>2 =0 D8=0=A>2>5 A>AB>O=85 705<I8:0. !;54C5B A;548BL 70 48=0<8:>9 AB@C:BC@K 8AB>G=8:>2 8A?>;L7C5<KE ?@54?@8OB85< A@54AB2. 45AL B0:65 206=0 >F5=:0 :>MDD8F85=B>2 ;8:284=>AB8, D8=0=A>2>9 CAB>9G82>AB8, E0@0:B5@87CNI8E @8A: :><?0=88, 0=0;87 >1>@0G8205<>AB8. >=B@>;L 70 A>?>AB02;5=85< A@>:>2 >1>@>B0 0:B82>2 8 >1O70B5;LAB2  >4=0 87 =081>;55 ?@8=F8?80;L=KE A>AB02;ONI8E A8AB5<K C?@02;5=8O >1O70B5;LAB20<8. !?8A>: 8A?>;L7>20==>9 ;8B5@0BC@K @0640=A:89 >45:A $, G0ABL ?5@20O >B 30.11.1994 ! 51-$, G0ABL 2B>@0O >B 26.01.1996 ! 14-$. (2 @54. >B 17.07.2009) 0;>3>2K9 >45:A $, G0ABL ?5@20O >B 31.07.1998 ! 146-$, G0ABL 2B>@0O >B 05.08.2004 ! 117-$. (2 @54. >B 24.07.2009) 0;010=>2.". A=>2K D8=0=A>2>3> <5=546<5=B0. 0: C?@02;OBL :0?8B0;><?-.:$8=0=AK 8 AB0B8AB8:0,2007.-384A. >G0@>2 .. ><?;5:A=K9 D8=0=A>2K9 0=0;87. 8B5@. 2009.  432A. ;0=: .. >=F5?BC0;L=K5 >A=>2K D8=0=A>2>3> <5=546<5=B0.  .: 8:0  &5=B@, -;L30, 2007.  448 A. ;0=: .. #?@02;5=85 0:B820<8 8 :0?8B0;>< :><?0=88.  .: &5=B@, -;L30, 2007.  448 A. @548E8=0 !. CE30;B5@A:89 8 =0;>3>2K9 CG5B :@548B>2 8 709<>2. .: 5@H8=0. 2007.  144A. & & .. ;OA>2 . F5=:0 D8=0=A>2>3> A>AB>O=8O :><?0=88. // -:>=><8AB.-2008.-! 6.- !. 49-54. A04H0O . @548B=0O ;8=8O  ?@82KG:0 70=8<0BL. //$8=0=A>2K9 <5=546<5=B. 2008. - !12. !.33-36 0=G5=:>". . >@<8@>20=85 ?@>F5=B>2 ?> ?>;CG5==K< 705<=K< A@54AB20< //C48B>@A:85 254><>AB8.-2009.-N 6.- !. 18-25. >7>2 .. A=>2=K5 ?@8=F8?K A>2@5<5==>9 8=25AB8F8>==>9 ?>;8B8:8// $8=0=AK 8 :@548B. 2009. !1. !. 33-36 K1>@ A?>A>1>2 8 8AB>G=8:>2 D8=0=A8@>20=8O. //www.dis.ru @8;>65=8O 0 500 1000 1500 2000 2500 3000 3500 4000 20073 20083 20093 BKA.@C1;59 >;3>A@>G=K5 :@548BK @0B:>A@>G=K5 :@548BK 8 709<K @548B>@A:0O 704>;65==>ABL 0% 20% 40% 60% 80% 100% ?@>F5=BK 2007 2008 3 2009 3 @548B>@A:0O 704>;65==>ABL @0B:>A@>G=K5 :@548BK 8 709<K >;3>A@>G=K5 :@548BK 5=B015;L=>ABL 705<=>3> :0?8B0;0 0,0 1,0 2,0 3,0 4,0 5,0 6,0 7,0 2007 3 20083 20093 ?@>F5=BK 5=B015;L=>ABL 705<=>3> :0?8B0;0 0 5 10 15 20 25 30 >;3>A@>G=K9 705<=K9 :0?8B0; @0B:>A@>G=K9 705<=K9 :0?8B0; >;3>A@>G=K5 D8=0=A>2K5 2;>65=8O @0B:>A@>G=K5 D8=0=A>2K5 2;>65=8O % 2007 3>4 2008 3>4 2009 3>4  2F6#$dd$If[$\$a$gd}dd$If[$\$gd}kdb>$$Ifr c$ 666 t0{644 layt}2DVhl$dd$If[$\$a$gd} $Ifgd}DTln$&xz!!"$"###$$%%X% &&&̾ttttlh Zh9U5h.Dh9UCJPJaJhSh9UCJaJh9UCJPJaJh?h9UCJPJaJhrh9UCJaJh9UCJaJjAh9UUjh9UUmHnHujh9UUh.h9UCJaJ h9U5\h>h9U5 hDQ_h9Uh9U hVh9U*ln3#dd$If[$\$gd}kd>$$Ifֈ c"$ 6666 t0{644 layt} $$Ifa$gd}3#dd$If[$\$gd}kd?$$Ifֈ c"$ 6666 t0{644 layt} "$ $$Ifa$gd}$&n3#dd$If[$\$gd}kd@$$Ifֈ c"$ 6666 t0{644 layt}nprtvx $$Ifa$gd}xz3#dd$If[$\$gd}kd@$$Ifֈ c"$ 6666 t0{644 layt} $$Ifa$gd}3$$dh`a$gd9UkdMA$$Ifֈ c"$ 6666 t0{644 layt}, !","""#$ &(&&$dh`a$gd9U$dh`a$gd9U$7dh`7a$gd9U$7dh`7a$gd9U$dh7$8$H$`a$gd9U$dh`a$gd9U$dh`a$gd9U$dh7$8$H$a$gd9U&&&&&&.kdtB$$Ifl\2$Ajij t0644 lap(yt} $$Ifa$gd} $$Ifa$gd}&&&&&&&*','j'''''''''(("(&(2(4(j(v(x(((((((((0)2)>)@))++++++++X,Żh$~h9UCJPJaJ!j^bh2h9UCJPJUaJjh9UUmHnHujh9UCJPJUaJh9UCJPJaJh,`h9UCJaJ h9U5\hzbh9U5hpGh9U5 h Zh9Uh9Uh Zh9U5 h9U50&&&&'' '*','\'^'`'b'd'f'h'j''''''''''FfJFfuGFfRD $$Ifa$gd} $$Ifa$gd}''''''''((((( ("($(&(((*(,(.(0(2(4(j(l(FfSFfP $$Ifa$gd}FfM $$Ifa$gd}l(n(p(r(t(v(x(((((((((((((((((2)4)6)Ff@]Ff#Z $$Ifa$gd}FfW $$Ifa$gd}6)8):)<)>)@))*++++Z,-.p02B3$dh7$8$H$`a$gd9U$dh7$8$H$a$gd9U$dh7$8$H$`a$gd9U$dh`a$gd9UFf]` $$Ifa$gd}X,Z,n0p0B333j4n45677::A A.C0CDDjJlJnJ~JJJJJJ>KNKVLfLMMRûûnnnn&h9UB*CJOJQJ]^JaJph,hVQh9UB*CJOJQJ]^JaJphhh9UCJ *hTh9UCJ h9UCJhTh9UCJh9UCJ aJ hokh9UCJ aJ h9U@B*CJaJphh.Dh9UCJPJaJh9UCJPJaJh?h9UCJPJaJ$B33l4n4:= ADJMRTXnY0[\pciidh`gd9U$dh[$\$`a$gd9U$Sdh[$\$`Sa$gd9U$Sdh[$\$`Sa$gd9URSSTT.V>VVVWWW*WXXlYnY.[0[^[j[\\\\\]l]``b.bc&cVefeiill mmmXmhm~mnnp껮y h9UCJh<h9UCJh_h9UCJaJh9UCJ aJ hokh9UCJ aJ h9UCJaJh+h9U@CJaJh9U0hVQh9U0J6B*CJOJQJ^JaJph#h9UB*CJOJQJ^JaJph)hVQh9UB*CJOJQJ^JaJph/illlllllllllllllllllll$Sdh[$\$`Sa$gd9U$dh`a$gd9U$dh^`a$gd9Ulmm"p"qsdx&|0~(0J$Sdh`Sa$gd9U$dh[$\$`a$gd9U$dh`a$gd9U $`a$gd9U$Sdh[$\$`Sa$gd9U$$Sdh[$\$`Sa$gd9Upp"psss2u4udxxxxzz$|&|.~0~(*02JL  z^ƼӱӠ~~shh9UCJaJh`2h9UCJaJhEh9UCJKH$aJh9UCJKH$aJh9UCJKH$h9UCJ]aJhh9UCJaJh9UB*CJphhEkXh9UB*CJphh9UCJaJh.h9UCJaJh7h9UCJaJh<h9UCJ h9UCJ- f@^6B&Bd̨$dh7$8$H$`a$gd9U$dh`a$gd9U$dh[$\$`a$gd9U$dh`a$gd9UޑF`4ܖB*,:С 68BҼҼҤҏ҄seXXXXXXh.Dh9UCJPJaJh9U@B*CJaJph!h@lh9U@B*CJaJphh@lh9UCJaJh& h9UCJaJh9UCJPJaJh?h9UCJPJaJhrh9UCJaJhlh9UCJaJh=h9UCJaJh9UCJaJh.h9UCJaJh.h9U0J5CJaJh9UB*CJaJph"BDdBR.ξоxz|6rzwwllhgh9UCJaJhgh9UCJ\aJh_Yh9UCJaJ h_Yh9Uh9UhTh9UCJaJ hTh9UhY6h9UCJaJhokh9UCJ aJ h+h9UCJaJh?h9UCJPJaJh9UCJPJaJh9UCJKH$aJhKDh9UCJaJh9UCJaJ%̨(4DίVR\ξо$ dh`a$gd9U$Sdh[$\$`Sa$gd9U$dh7$8$H$`a$gd9U$dh`a$gd9UоDNkkk$ & F dh^`a$gdt$ & F 8dh^`a$gd9U"$ & F 8dh[$\$^`a$gd9U$ & F 8dh^`a$gd9U$ & F dh^`a$gd9U 4Dpx(0DNDX`hpºººººxihghtCJaJmH sH hhtCJaJhtCJaJhghtCJaJhtCJ\aJhghtCJ\aJh9Uh5'h9UCJaJh9UCJaJhgh9UCJaJ0h9Uh9U0J5B*CJOJQJ^JaJphh9Uh9U0JCJaJh9Uh9UCJ\aJ)   $dha$gdt$ & F dh^`a$gdt"$ & F dh[$\$^`a$gdt*@BDHNRZ^fjrv~ϽhH=h9UCJaJ7hH=h9U5B*CJOJQJ\^JaJmH phsH h9UB*OJQJ^Jphh9U#h9UB*OJQJ^JmH phsH hth}jhtCJ,aJ,htCJaJhghtCJaJmH sH hghtCJaJ* "$&(*@BFHPR\^hjtvgd9U$a$gdt $dha$gdtDFRTpgd9UBDFPRTnp  Fממממממׂ{ממ hH=h9U7hH=h9U5B*CJOJQJ\^JaJmH phsH #h9UB*OJQJ^JmH phsH )hH=h9UB*CJOJQJ^JaJph#h9UB*CJOJQJ^JaJphh9UhH=h9UCJaJ1hH=h9UB*CJOJQJ^JaJmH phsH 0  HJz| gd9UFHJxz| "(,26<@FJPRVZ`bdhnprv°°°#h9UB*OJQJ^JmH phsH 1h9U5B*CJOJQJ\^JaJmH phsH #h9UB*CJOJQJ^JaJph+h9UB*CJOJQJ^JaJmH phsH 1hH=h9UB*CJOJQJ^JaJmH phsH h9UhH=h9UCJaJ4  "*,46>@HJXZfhtvgd9U @B^`gd9U .0>B\^`~ "$*.468>BHJLRVXZќќќhth})h2h9UB*CJOJQJ^JaJph)h9U5B*OJQJ\^JmH phsH h2h9UCJaJ1h2h9UB*CJOJQJ^JaJmH phsH #h9UB*OJQJ^JmH phsH h9U6,.@BTVXZgd9U ,1h. A!"R#n$n% }DyK _Toc238638403}DyK _Toc238638403}DyK _Toc238638404}DyK _Toc238638404}DyK _Toc238638405}DyK _Toc238638405}DyK _Toc238638406}DyK _Toc238638406}DyK _Toc238638407}DyK _Toc238638407}DyK _Toc238638408}DyK _Toc238638408}DyK _Toc238638409}DyK _Toc238638409}DyK _Toc238638410}DyK _Toc238638410}DyK _Toc238638412}DyK _Toc238638412}DyK _Toc238638413}DyK _Toc238638413}DyK _Toc238638414}DyK _Toc238638414}DyK _Toc238638418}DyK _Toc238638418}DyK _Toc238638419}DyK _Toc238638419}DyK _Toc238638420}DyK _Toc238638420}DyK _Toc238638421}DyK _Toc238638421$$If!vh5|555G#v|#v#v#vG:Vd&65|555Gyt}$$If!vh5|5/555-5j5#v|#v/#v#v#v-#vj#v:Vd&65|5/555-5j5yt}kd5$$If֞?"%|/-j0d&644 lapFyt}$$If!vh5|5/555-5j5#v|#v/#v#v#v-#vj#v:Vd&6,5|5/555-5j5yt}kd$$If֞?"%|/-j0d&644 lapFyt}$$If!vh5|5/555-5j5#v|#v/#v#v#v-#vj#v:Vd&6,5|5/555-5j5yt}kd$$If֞?"%|/-j0d&644 lapFyt}$$If!vh5|5/555-5j5#v|#v/#v#v#v-#vj#v:Vd&6,5|5/555-5j5yt}kd$$If֞?"%|/-j0d&644 lapFyt}$$If!vh5|5/555-5j5#v|#v/#v#v#v-#vj#v:Vd&6,5|5/555-5j5yt}kd$$If֞?"%|/-j0d&644 lapFyt}$$If!vh5|5/555-5j5#v|#v/#v#v#v-#vj#v:Vd&6,5|5/555-5j5yt}kd]$$If֞?"%|/-j0d&644 lapFyt}$$If!vh5|5/555-5j5#v|#v/#v#v#v-#vj#v:Vd&6,5|5/555-5j5yt}kd3 $$If֞?"%|/-j0d&644 lapFyt}$$If!vh5|5/555-5j5#v|#v/#v#v#v-#vj#v:Vd&6,5|5/555-5j5yt}kd #$$If֞?"%|/-j0d&644 lapFyt}Dd,$4D  3 @@"?$$If!vh5|555G#v|#v#v#vG:Vd&65|555Gyt}$$If!vh5|5/555-5j5#v|#v/#v#v#v-#vj#v:Vd&65|5/555-5j5yt}kd&$$If֞?"%|/-j0d&644 lapFyt}$$If!vh5|5/555-5j5#v|#v/#v#v#v-#vj#v:Vd&6,,5|5/555-5j5yt}kd)$$If֞?"%|/-j0d&644 lapFyt}$$If!vh5|5/555-5j5#v|#v/#v#v#v-#vj#v:Vd&6,,5|5/555-5j5yt}kd,$$If֞?"%|/-j0d&644 lapFyt}$$If!vh5|5/555-5j5#v|#v/#v#v#v-#vj#v:Vd&6,,5|5/555-5j5yt}kd/$$If֞?"%|/-j0d&644 lapFyt}$$If!vh5|5/555-5j5#v|#v/#v#v#v-#vj#v:Vd&6,,5|5/555-5j5yt}kdb2$$If֞?"%|/-j0d&644 lapFyt}$$If!vh5|5/555-5j5#v|#v/#v#v#v-#vj#v:Vd&6,,5|5/555-5j5yt}kd>5$$If֞?"%|/-j0d&644 lapFyt}$$If!vh5|5/555-5j5#v|#v/#v#v#v-#vj#v:Vd&6,,5|5/555-5j5yt}kd8$$If֞?"%|/-j0d&644 lapFyt}$$If!vh5|5/555-5j5#v|#v/#v#v#v-#vj#v:Vd&6,,5|5/555-5j5yt}kd:$$If֞?"%|/-j0d&644 lapFyt}Dd#D  3 @@"?$$If!vh55Y5Y5Y5"#v#vY#v":V t{65 565yt}$$If!vh55Y5Y5Y5Y5#v#vY#v:V t{65 565yt}$$If!vh55Y5Y5Y5Y5#v#vY#v:V t{65 565yt}$$If!vh55Y5Y5Y5Y5#v#vY#v:V t{65 565yt}$$If!vh55Y5Y5Y5Y5#v#vY#v:V t{65 565yt}$$If!vh55Y5Y5Y5Y5#v#vY#v:V t{65 565yt}Dd ,D  3 @@"?$$If!vh5;5c5b5c#v;#vc#vb#vc:Vl t65A5j5i5jp(yt} $$If!vh5;5Y5 5Y5 5Y5 #v;#vY#v #vY#v #vY#v :Vl t6,5A5Y55Y55Y5pFyt}kd0C$$Ifl֞(2!$AYYY t0644 lapFyt} $$If!vh5;5Y5 5Y5 5Y5 #v;#vY#v #vY#v #vY#v :Vl t6,5A5Y55Y55Y5pFyt}kdSF$$Ifl֞(2!$AYYY t0644 lapFyt}$$If!vh5;5Y5 5Y5 5Y5 #v;#vY#v #vY#v #vY#v :Vl t65A5Y55Y55Y5pFyt}kdvI$$Ifl֞(2!$AYYY t0644 lapFyt}$$If!vh5;5Y5 5Y5 5Y5 #v;#vY#v #vY#v #vY#v :Vl t65A5Y55Y55Y5pFyt}kdL$$Ifl֞(2!$AYYY t0644 lapFyt}$$If!vh5;5Y5 5Y5 5Y5 #v;#vY#v #vY#v #vY#v :Vl t65A5Y55Y55Y5pFyt}kdO$$Ifl֞(2!$AYYY t0644 lapFyt}$$If!vh5;5Y5 5Y5 5Y5 #v;#vY#v #vY#v #vY#v :Vl t65A5Y55Y55Y5pFyt}kdR$$Ifl֞(2!$AYYY t0644 lapFyt}$$If!vh5;5Y5 5Y5 5Y5 #v;#vY#v #vY#v #vY#v :Vl t65A5Y55Y55Y5pFyt}kdU$$Ifl֞(2!$AYYY t0644 lapFyt}$$If!vh5;5Y5 5Y5 5Y5 #v;#vY#v #vY#v #vY#v :Vl t65A5Y55Y55Y5pFyt}kdY$$Ifl֞(2!$AYYY t0644 lapFyt}$$If!vh5;5Y5 5Y5 5Y5 #v;#vY#v #vY#v #vY#v :Vl t65A5Y55Y55Y5pFyt}kd$\$$Ifl֞(2!$AYYY t0644 lapFyt}$$If!vh5;5Y5 5Y5 5Y5 #v;#vY#v #vY#v #vY#v :Vl t65A5Y55Y55Y5pFyt}kdA_$$Ifl֞(2!$AYYY t0644 lapFyt}Dd@$\D  3 @@"?B`B 9U1KG=K9CJ_HaJmHsHtHV`V 9U 03>;>2>: 1dd@&[$\$5CJ0KH$\aJ0BA@B A=>2=>9 H@8DB 0170F0Xi@X 1KG=0O B01;8F04 l4a .k. 5B A?8A:0D^`D 9U 1KG=K9 (251)dd[$\$8U`8 9U 8?5@AAK;:0 >*phBB`B 9UA=>2=>9 B5:ABdhaJ@o!@ 9U =0: =0:CJ_HmHsHtHfS`2f 9UA=>2=>9 B5:AB A >BABC?>< 3x^CJaJJ`J 9U 3;02;5=85 1 x5CJ\aJFP`RF 9UA=>2=>9 B5:AB 2 dxV1`bV 9UC<5@>20==K9 A?8A>:  & F @EH aJ~`s 9U!5B:0 B01;8FK 1z:V0jj 6]6]p`p 9U !5B:0 B01;8FK7:V00X`0 9U K45;5=856]LoL 9Uart$,Zx`,a$CJOJQJ^JaJDoD 9U 1KG=K9 (Web)dd[$\$,W`, 9U!B@>3895\NoN 9U tit_book1#5CJOJQJ\^JaJo(ph%@O &,29@GSi$:\afkpuz .:DS_ilv'()*+,-./0123689;hijklmntuvwxy|~ &,29@GSi$:\afkpuz .:DS_ilv      !"#$%&'()*+,-./0123456789:;<=>?@ABCDE"vW>-Hvj g 0)Uqv!#O$&'(~)**T*U*Q+++,N,,- .R..d/0135|667-8g9;;Q;x;y;1='>X????>@x@@@AAOAPA*BBvCDEG4HI|I JZK[K\K]K^KkKKKKKKKKKKKKKKKKKKKLLLLL L LLLLLLL0L1L2L3L4L5L6L7LHLILJLKLLLMLNLOLjLkLlLmLnLoLpLqLLLLLLLLLLLLLLLLLLLLMENOO6PP!Q.QgQhQ|QQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQRRRRRRRRRRRRRR8R9R:R;RR?RVRWRXRYRZR[R\R]RdReRfRgRhRiRjRkRlR$T%TBTqT W3X8XeXfXXYZ[\\]5]@]G]N]U]`]a]b]k]t]}]]]]]]]]]]]]]]]]]] ^ ^ ^ ^ ^^^0^1^2^3^4^5^6^7^T^^H__\```MaQaRabbbc c)c2c;c?@ABCDEFGHIJKLMNYZcȉT"jɐ WБ,rJm.ɟ8fUǩ{9:&ܰAQ-γϳгѳҳӳԳճֳ׳سٳڳ۳ܳݳ޳߳ $%+,239:EF[\tu{|ƴǴȴɴδϴѴҴ״شڴ۴,-NOSTXY]^bcghlmqrvw~õĵǵȵ˵̵ϵеӵԵ !,-67EFQR[\^_hirs|}00000000000000000000000000000000000000000000000000000000000000000C*0C*0C*0C*0C*0C*0C*0C*0C*0C*0C*0C*0C*0C*0C*0C*0C*0C*0C*0C*0C*0C*0000g;0g;0g;0g;0g;0g;0g;0g;0g;0g;0g;0g;00A0A0A0A0A0A0A0A0A0A0A0A0A0A0A0A0A0A0A0A 0A 0A 0A 0A 0A 0A 0A 0A 0A 0A 0A 0A 0A 0A 0A 0A 0A 0A 0A 0A 0A 0A 0A 0A 0A 0A 0A 0A 0A 0A 0A 0A 0A 0A 0A 0A 0A 0A 0A 0A 0A 0A 0A 0A 0A 0A 0A 0A 0A 0A 0A 0A 0A 0A 0A 0A 0A 0A 0A 0A 0A 0A 0A 0A 0A 0A 0A 0A 000L0L0L0L0L0L0L0L0L0L0L0L 0L 0L 0L 0L 0L 0L 0L 0L 0L 0L 0L 0L 0L 0L 0L 0L 0L 0L 0L 0L 0L 0L 0L 0L 0L 0L 0L 0L 0L 0L 0L 0L 0L 0L 0L 0L 0L 0L 0L 0L 0L 0L 0L 0L 0L 0L 0L 0L 0L 0L 0L 0L 0L 0L 0L 0L 0L 0L 0L 0L 0L 0L 0L 0L 0L 0L 0L 0L 0L0L0L0L0L0L0L0L00'X0'X0'X0'X0'X0'X0'X0'X0'X0'X 0'X 0'X 0'X 0'X 0'X 0'X 0'X 0'X 0'X 0'X 0'X 0'X 0'X 0'X 0'X 0'X 0'X 0'X 0'X 0'X 0'X 0'X 0'X 0'X 0'X 0'X 0'X 0'X 0'X 0'X 0'X 0'X 0'X 0'X 0'X 0'X 0'X 0'X 0'X 0'X 0'X0'X0'X0'X0'X0'X0'X0'X0'X0'X0'X0'X0'X0'X0'X0'X 0'X 0'X 0'X 0'X 0'X 0'X 0'X 0'X 0'X 0'X 0'X 0'X 0'X 0'X 0'X 0'X 0'X 0'X 0'X 0'X 0'X 0'X 0'X 0'X 0'X 0'X 0'X 0'X 0'X 0'X 0'X 0'X 0'X 0'X 0'X 0'X 0'X 0'X 0'X 0'X 0'X 0'X 0'X 0'X 0'X 0'X 0'X 0'X 0'X 0'X 0'X 0'X 0'X 0'X 0'X 0'X 0'X 0'X 0'X 0'X 0'X 0'X 0'X 0'X 0'X 0'X 0'X 0'X 0'X 0'X 0'X 0'X 0'X 0'X 0'X 0'X 0'X 0'X 0'X 0'X 0'X 0'X 0'X 0'X 0'X0'X0'X0'X0'X0'X0'X0'X0'X0'X0'X0'X0000i0i0i0i0i0i0i0i0i0i0i0i0i0i0i0i0i0i0i0i0i0i0i0i0i0i0i0i0i0i0i0i0i0i0i0000H0H0H0H0H0H0H0H0H0H0H0H0H0H0H0H0H0H0H0H0H0H0H0H0H0H0H0H0H0H0H0H0H0H0H0H0H0H0H0H0H0H0H0H0H0H0H0H0H0H00 0 0 0 0 0 0 00 0 0 0  0  0 0000000000000000000000000000@00@00@00@00@00@00@00@00@00@00@00@00@00@00@00@000@00@00@00@00@00@00@00@00@00@00@00@00@00@00@00@00@00@00@00@00@00@00@00@00@00@00@00@00@00@00@00@00@00@00@00@00@00@00@00@00@00@00@00@00@00@00@00@00@00@00@00@00@00@00vW>-Hvj g 0)Uqv!#O$&'(~)**T*U*Q+++,N,,- .R..d/0135|667-8g9;;Q;x;y;1='>X????>@x@@@AAOAPA*BBvCDEG4HI|I JZK[K\K]K^KkKKKKKKKKKKKKKKKKKKKLLLLL L LLLLLLL0L1L2L3L4L5L6L7LHLILJLKLLLMLNLOLjLkLlLmLnLoLpLqLLLLLLLLLLLLLLLLLLLLMENOO6PP!Q.QgQhQ|QQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQRRRRRRRRRRRRRR8R9R:R;RR?RVRWRXRYRZR[R\R]RdReRfRgRhRiRjRkRlR$T%TBTqT W3X8XeXfXXYZ[\\]5]@]G]N]U]`]a]b]k]t]}]]]]]]]]]]]]]]]]]] ^ ^ ^ ^ ^^^0^1^2^3^4^5^6^7^T^^H__\```MaQaRabbbc c)c2c;c?@ABCDEFGHIJKLMNYZcȉT"jɐ WБ,rJm.ɟ8fUǩ{9:&ܰAQ-γϳгѳҳӳԳճֳ׳سٳڳ۳ܳݳ޳߳w~000000000000000000000000000 0000000000000000000000 0 00000000000 0 00C*0C*0C*0C*0C*0C*0C*0C*0C*0C*0C*0C*0C*0C*0C*0C*0C*0C*0C*0C*0C*0C* 0 0 00g;0g;0g;0g;0g;0g;0g;0g;0g;0g;0g;0g; 00A0A0A0A0A0A0A0A0A0A0A0A0A0A0A0A0A0A0A0A0A0A 0A 0A0A0A 0A 0A 0A 0A 0A 0A0A0A 0A 0A 0A 0A 0A 0A 0A 0A 0A 0A 0A 0A 0A 0A0A0A 0A 0A 0A 0A 0A 0A0A0A 0A 0A 0A 0A 0A 0A0A0A 0A 0A 0A 0A 0A 0A0A0A0A0A0A0A0A0A0A0A 0A 0A 0A 0A 0A 0A  0 00L0L0L0L0L0L0L0L0L0L0L0L0L0L 0L 0L0L0L 0L 0L 0L 0L 0L 0L0L0L0L0L0L0L0L0L 0L 0L 0L 0L 0L 0L 0L 0L0L0L 0L 0L 0L 0L 0L 0L0L0L 0L 0L 0L 0L 0L0L0L0L 0L 0L 0L 0L 0L0L0L 0L 0L 0L 0L 0L 0L0L0L0L 0L 0L 0L 0L 0L0L 0L0L0L0L0L0L0L0L 00'X0'X0'X0'X0'X0'X0'X0'X0'X0'X0'X0'X0'X0'X 0'X 0'X 0'X 0'X 0'X 0'X 0'X 0'X0'X0'X 0'X 0'X 0'X 0'X 0'X0'X0'X 0'X 0'X 0'X 0'X 0'X 0'X 0'X 0'X 0'X 0'X 0'X 0'X0'X0'X 0'X 0'X 0'X 0'X 0'X 0'X0'X0'X0'X0'X0'X0'X0'X0'X0'X0'X0'X0'X0'X0'X0'X 0'X0'X0'X0'X 0'X 0'X 0'X 0'X 0'X 0'X 0'X 0'X 0'X0'X0'X0'X0'X0'X0'X0'X0'X0'X0'X0'X0'X0'X0'X0'X0'X0'X0'X0'X0'X0'X0'X0'X 0'X 0'X0'X0'X0'X0'X0'X0'X 0'X 0'X0'X0'X0'X0'X0'X0'X 0'X 0'X 0'X 0'X 0'X 0'X 0'X 0'X0'X0'X 0'X 0'X 0'X 0'X 0'X 0'X0'X0'X 0'X 0'X 0'X 0'X 0'X 0'X 0'X 0'X 0'X 0'X 0'X 0'X 0'X 0'X 0'X0'X0'X0'X0'X0'X0'X0'X0'X0'X0'X0'X 0 0 00i0i0i0i0i0i0i0i0i0i0i0i0i0i0i0i0i0i0i0i0i0i0i0i0i0i0i0i0i0i0i0i0i0i0i 0 0 00H0H0H0H0H0H0H0H0H0H0H0H0H0H0H0H0H0H0H0H0H0H0H0H0H0H0H0H0H0H0H0H0H0H0H0H0H0H0H0H0H0H0H0H0H0H0H0H0H0H 00 0 0 0 0 0 0 0@ 0@ 0@ 0@ #0@ 0 @ 0!@0&@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0 00*J00g@0 00J * b*D9C\zތ"vƸD&X,RpBFZ`cdefghijklmnoprtuwy{}  72Xo&vD«|2l$nx&&'l(6)B3il̨о Zaqsvxz|~   Xb56V`|~"Uqstv5QTUWw8;<>^ '*+-M&BEFHh 2TpstvQ * 8 < w aIS/jqsLLL%T=T@T7^O^R^eee X%ĕX%ĕX%ĕX%ĕX%ĕX%ĕX%ĕX%ĕX%ĕX%ĕX%ĕX%ĕX%ĕX%ĕX%ĕ̕XXXXXXXX____8@j>j(   @$v 3  s"*?`  c $X99?@$vH  # KK#N  3 HB  # HB  #   HB  #   HB  # 88HB  # ggHB  # N  3 N  3 qN  3  < N  3 sN  3 >N  3 3fquN  3 3f< N  3 3f~N  3 3f :N  3 } N  3  9N  3 ~ N  3 :s HB  # HB  # HB  # HB  #   HB  #   HB  # 88HB  # ggHB  # HB  # HB  # HB  #   HB  # VVHB  # !!HB  # ~  622VF 2~  63QVe 3~  64g r 4~  65g r  5~  66gr 6~  67gr 7~  68gr6 8~  69O  9~  6:7O  :~  6;N O ;~  6< O@ <~  6=7OI =~  6>O. >~  6?N ?~  6@Oc @~  6A\O A~  6BNb B  <Cb v  CN  3 7# N  3 6  ~  6Dr e#1  DN  3 3f 6 T ~  6Er #l  EN  3 ' 6 ~  6Fr #  FH  # KK#  ! 3  s"*?`  c $X99? !N  3 "DD N  3 uHB  # HB  # ]]HB  # . . HB  #   HB  # HB  # HB  # uuT  C "uHB  # uHB  # tHB  # tHB  # t]]HB  # t. . HB  # t  HB  # tHB  # tHB  # tuuHB  # HB  # HB  #   HB  # HB  #   tBCJDE F"!pJ@O?  BQCQDEF"(Q((Q(( @`|9  BRCRDEF")R))R)) @`o & x  BQCRDEF"(Q)(R)( @`ch~  6# x #~  6$.M) $~  6%.) %~  6&. ) &~  6'. )`  '~  6(. )1  (~  6).e)  )~  6*.7) *~  6+.) +~  6,O ,~  6- O  -~  6.O .  </R /N  3  \  NB  3 "_    BQCRDEF")Q))R)) @` 8 ~  60D  0~  61   1N  3 "DD  %R 3  s"*?`  c $X99?%RH  # KK#N  3 oHB  # !o!HB  # oHB  # i oi HB   #  o HB   # oHB   # LoLHB   # oHB   # oN  3 oN  3 N  3  S N  3 ;k N  3 3fSjN  3 3fS N  3 3fN  3 jL N  3 !!N  3 DbHB  # HB  # bHB  # b!!HB  # bHB  # bi i HB  # b  HB  # bHB  # bLLHB   # bHB ! # bHB " # oHB # # HB $ #   HB % # ..HB & # oo~ ' 6&" ~ ( 6_ ~ ) 6eU{} ~ * 6e { ~ + 6e {  ~ , 6e){Q  ~ - 6e{ ~ . 6eq{ ~ / 6 e {5  ~ 0 6 *D R  ~ 1 6  *R  ~ 2 6 X*R   3 < @   N 4 3 (#:N 5 3 ^8~ 6 6|!  N 7 3 3f^a  ~ 8 6 u"  ~ 9 6 W  N : 3 ^  ~ ; 6>  H < # KK#$ % =3  s"*?` > c $X99?%H ? # JJ\# @ zBkCSDEFSkSS @`n A zBC(DEF(T( @`qN B 3 qn C tB.CDE F.@n D tB.CDE F.@| E tB.CDE F.@|   F tB.CDE F.@  G tB.CDE F.@ H tB.CDE F.@ I BkCSDEFkSSk @`n J BC(DEF5%(T( @`qN K 3 qn L BC6DEFMM5%66 @` $ ZN M 3  Z N BC< DEFM35%< < @` { N O 3 3f  P BCDEFf5%{ @`  N Q 3   R BCDEF5%"" @`  S BCODEFMM5%OO @` ZN T 3  Z U BC- DEFM35%- - @`r N V 3 3f   W BCDEFf5%r @`N X 3   Y BCDEF5% @`  Z BCDEFMM5%( @`? ZN [ 3 +2?Z \ BC DEFM35% { @`?22N ] 3 3f+?2 ^ BCDEFf5%2 @`?N _ 3 +? ` BCDEF5% @`+HB a # HB bB # ]HB cB # ]HB dB # ]  HB eB # ]  HB fB # ]HB gB # ]~ h 6'Ks ~ i 6Z ~ j 6Z  ~ k 6h   ~ l 6h ~ m 6Xv  n < HB o # IHB p #  HB q #   HB r #  HB s # II ~ t 6S8  ~ u 68^ L ~ v 6 8P ~ w 608L ~ x 68 ~ y 6a8L N z 3 A!#N { 3  u ~ | 6m}#9  N } 3 3f  uA ~ ~ 6  ""\   ~  6!| H  !N  3   uc ~  6" )!~ "H  # JJ\#B S  ?L>TP^e%Rt=%t !t@$vt _Toc238638403 _Toc238638404 _Toc238638405 _Toc238638407 _Toc451079622 _Toc4510793551 _Toc238638408 _Toc238638409 _Toc238638410 _Toc238638411 _Toc238638412 _Toc238638413 _Toc238638414 _Toc238638419 _Toc238638420 _Toc238638421*11g9;Q;AL8XsiiN S*33;P;w;NALdXijX8d|"{"L@]G]N]wF]M]T]}C*urn:schemas-microsoft-com:office:smarttagsmetricconverter 0 2007 32008 32009 3 ProductID"!"% %J;O;q;v;;;`<e<V=[=,>1>HAMA GGIIKKKKKKKKLLMMOOPP`QeQQQQQQQjToT^XcX7[<[.]3]^^` `uzϴдشٴPRUWZ\_adfiknpsu !+-5FPRZ33333333333333333333333$O$U9g9KKL L7LHLOLjLqLLLLhQQQQRRR8R?RVR]RdR5]]]]] ^^0^MaQacccccccddd"dCdJdkd:&ǰܰٱ9Q #%*,138:DFZ\suz|ŴɴʹϴдҴִشٴ۴+-MORTWY\^acfhkmpruw}µĵƵȵʵ̵εеҵԵ!+-57DFPRZ\]_giqs{<28fN hh^h`hH.h ^`hH.h ^`hH.h | L| ^| `LhH.h LL^L`hH.h ^`hH.h L^`LhH.h ^`hH.h ^`hH.h \L\^\`LhH.0H 289UtK}#Sq JZK]KKKKKKKKKKKKKKKKKKLLLLL L LLLLLLL0L1L2L3L4L5L6L7LHLILJLKLLLMLNLOLjLkLlLmLnLoLpLqLLLLLLLLLLLLLLLLLhQ|QQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQRRRRRRRRRRRRRR8R9R:R;RR?RVRWRXRYRZR[R\R]RdReRfRgRhRiRjRkR8X[\\5]@]G]N]U]`]a]b]k]t]}]]]]]]]]]]]]]]]]]] ^ ^ ^ ^ ^^^0^1^2^3^4^5^6^\``bbc c)c2c;c _Toc238638414=8 _Toc238638413=2 _Toc238638412=, _Toc238638410=& _Toc238638409=  _Toc238638408= _Toc238638407= _Toc238638406= _Toc238638405= _Toc238638404= _Toc238638403  !"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwxyz{|}~      !"#$%&'()*+,-./0123456789:;<=>?@ABCEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwxyz{|}~Root Entry Fмj"Data b1TableDJWordDocument."SummaryInformation(DocumentSummaryInformation8CompObjq  F Microsoft Office Word MSWordDocWord.Document.89q