ࡱ> `9bjbjss.N#    Rf <   & EEE8&FF\& ^2G~HHHHwIJTJ,)^+^+^+^+^+^+^$`hbbO^Q /NsIwI/N/NO^ HH^uTuTuT/N H H)^uT/N)^uTuTV\@ h ]HG 7CE P)] ]\^0^5]TbRlb]]b ]0KKuTWLlLlKKKO^O^T^KKK^/N/N/N/N& & &  *& & & *& & &  1904$8=0=AK!>2@5<5==K5 B5=45=F88 @0728B8O D8=0=A>2>3> @K=:0 $C@A>20O432008800 >>@48=0BK: M;5:B@>==0O ?>GB0  HYPERLINK "mailto:acher@wiseowl.ru" acher@wiseowl.ru,  HYPERLINK "mailto:ancher77@mail.ru" ancher77@mail.ru Icq 170552870, B5;5D>= 89168119086. www.wiseowl.ru !>45@60=85  TOC \o "1-3" \h \z \u  HYPERLINK \l "_Toc197864086" 2545=85  PAGEREF _Toc197864086 \h 3  HYPERLINK \l "_Toc197864087" 1 $8=0=A>2K9 @K=>:: B5>@5B8G5A:85 0A?5:BK  PAGEREF _Toc197864087 \h 5  HYPERLINK \l "_Toc197864088" 1.1 A=>2=K5 ?>=OB8O 8 CG0AB=8:8 D8=0=A>2>3> @K=:0  PAGEREF _Toc197864088 \h 5  HYPERLINK \l "_Toc197864089" 1.2 !B@C:BC@0, 725=LO D8=0=A>2>3> @K=:0  PAGEREF _Toc197864089 \h 6  HYPERLINK \l "_Toc197864090" 1.3 %0@0:B5@8AB8:0 >B45;L=KE A53<5=B>2 D8=0=A>2>3> @K=:0  20;NB=>3>, D>=4>2>3>, :@548B=>3>, AB@0E>2>3> @K=:0  PAGEREF _Toc197864090 \h 10  HYPERLINK \l "_Toc197864091" 2 !>2@5<5==K5 B5=45=F88 @0728B8O D8=0=A>2>3> @K=:0 $  PAGEREF _Toc197864091 \h 34  HYPERLINK \l "_Toc197864092" 2.1 !B@0B538O @0728B8O D8=0=A>2>3> @K=:0 $ =0 2006 - 2008 3>4K  PAGEREF _Toc197864092 \h 34  HYPERLINK \l "_Toc197864093" 0:;NG5=85  PAGEREF _Toc197864093 \h 41  HYPERLINK \l "_Toc197864094" !?8A>: ;8B5@0BC@K  PAGEREF _Toc197864094 \h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financial market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ia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` b f h B Z \ սѰ݃wwjhez5UaJ hez5aJ$jhjF(h(wB*UphhVWh(wB*phh(wB*phjh(wB*UphhjF(h(w0Jj h(wUh(wjh(wU h@ h(wh(wmH sH h(wh(wCJh(wh(wCJaJ(  B Z "  $ ^`gdez $ `gdez $ ^`gdez$a$gdez$a$gd(wFf$$d$If`a$gd(wl0999      " $ & ^ ` b d f h ߼߱wg߱V jhezUmHnHuhyhez0JmHnHsH u2jh cmhez>*B*UmHnHphu jhezUmHnHujhezUmHnHuhezmHnHu2jh cmhez>*B*UmHnHphuhezmHnHuhyhez0JmHnHu$jhyhez0JUmHnHu! 6 8 : < B D " $ & , . t v x Ƭơvfơhyhez0JmHnHsH u2jh cmhez>*B*UmHnHphu jhezUmHnHuhezmHnHu2jh cmhez>*B*UmHnHphuhyhez0JmHnHuhezmHnHu$jhyhez0JUmHnHujhezUmHnHu!  VXZ\^`¹««Հ¹«f«2jy h cmhez>*B*UmHnHphu j hezUmHnHu2j h cmhez>*B*UmHnHphuhyhez0JmHnHuhezmHnHu$jhyhez0JUmHnHuhezmHnHujhezUmHnHu j hezUmHnHu$  X\^pj J@ $ & F`gdezgdez`gdezgdez$a$gdez $ ^`gdez $ `gdez $ ^`gdez  HJLNTV NPRThjl¹««Հ¹«f«2jm h cmhez>*B*UmHnHphu j hezUmHnHu2js h cmhez>*B*UmHnHphuhyhez0JmHnHuhezmHnHu$jhyhez0JUmHnHuhezmHnHujhezUmHnHu j hezUmHnHu"JLNRTVXZ^hj>@ &!¹««Հ¹tmibibibZbih?hez5 h?hezhez hez5aJjhez5UaJ j hezUmHnHu2jg h cmhez>*B*UmHnHphuhyhez0JmHnHuhezmHnHu$jhyhez0JUmHnHuhezmHnHujhezUmHnHu j hezUmHnHu!@ !t""n##$%Z%%()).+,-.002X56477,8 8T^T`gdez Ep^`gdezgdez&!!! "p""""#~####$$%%%(%*%X%Z%%%(((((( ))))),+.+,,--..//0122X5p56664709ƿ״״׭׭׭׭׭״ץץץƭh+=hezB*ph h+=hezhqq:hez6 hezhezhqq:hezmH sH  hPhezjhez0JU h#hez hqq:hezhezmH sH  hehezhez hezaJhehezaJ7,8849699:;;b<~>BC2FF*GGJJLLRS$dh`a$gdez$gdez$dh`a$gdez`gdez 8T^T`gdezgdez0929496999::;<<b<<==~>??$@&@@@TAAAAAbBdBBBC.F0F2Fܶ܏vvocojhez0JUaJ h\2Xhezh?hezNH h?hezh>hezNH h>hez h>hezCJNHOJQJaJh>hezCJOJQJaJh>hezCJOJQJ]aJ hmJWhez h?HVhezhezmH sH hez h?Ohezh?Ohez56\]h?OhezB*ph"2FFF&G(G*GGII`JbJJJJJ2KKKLLLLL0N2NNNNN4ODOFOOOPPtQvQQRRHRSȹ{kkh hezCJOJQJ]aJ"h hez6CJOJQJ]aJ h hezCJNHOJQJaJhezCJOJQJaJh hezCJOJQJaJhFWhezCJOJQJaJhezh( hezNH h( hezh\2XhezNHhezB*ph h\2Xhezh\2XhezB*ph*SSPSpSSSSTTTTTTU0UVVVWWXXZ[>[\\,]`]|_~___``aabbccdfeeetfvfffggphhs|RhezNH hs|Rhez h@hezh@hez]h7]hez]hA<hez] hA<hez hezNHh<hezNH h<hezh<hez]hz5hezNHhz5hez] hFWhez hz5hezhez3STUWZ[,]l^_acfefgth8khlVrs 2840< ?;0B56=KE 4>:C<5=B>2, :>B>@K5 O2;ONBAO >1J5:B>< >1<5=0. 07;8G0NB :C@A B5;53@0D=>3> ?5@52>40, :C@A G5:>2, :C@A 10=:=>B. !CI5AB2C5B ?>=OB85 :@>AA-:C@A, :>B>@K9 ?@54AB02;O5B A>1>9 :>B8@>2:C 42CE 8=>AB@0==KE 20;NB, =8 >4=0 87 :>B>@KE =5 O2;O5BAO =0F8>=0;L=>9 20;NB>9 CG0AB=8:0 A45;:8, CAB0=02;820NI53> :C@A, =0?@8<5@ :C@A 4>;;0@0 : 85=5, CAB0=>2;5==K9 =5<5F:8< 10=:><. 0;NB=K5 :C@AK 48DD5@5=F8@CNBAO 2 7028A8<>AB8 20;NB=KE A45;>:. 07;8G0NB :C@AK =0;8G=KE A45;>: (:C@A A?>B), ?@8 :>B>@KE 20;NB0 ?>AB02;O5BAO =5<54;5==> (2 B5G5=85 42CE @01>G8E 4=59) 8 :C@AK A@>G=KE A45;>: (D>@20@4=K5), ?@8 :>B>@KE @50;L=0O ?>AB02:0 20;NBK >ACI5AB2;O5BAO G5@57 G5B:> >?@545;5==K9 ?5@8>4 2@5<5=8. C@A A?>B  107>2K9 :C@A 20;NB=>3> @K=:0. > =5<C ?@>8AE>48B C@53C;8@>20=85 B5:CI8E B>@3>2KE 8 =5B>@3>2KE >?5@0F89.  D>@20@4=K9 :C@A CAB0=02;8205BAO CG0AB=8:>< 20;NB=>9 A45;:8, :>B>@0O @50;L=> 1C45B >ACI5AB2;5=0 G5@57 >?@545;5==K9 ?5@8>4 2@5<5=8 =0 D8:A8@>20==CN 40BC. $>@20@4=K9 20;NB=K9 :C@A  MB> A2>5>1@07=>5 1@>=8@>20=85 :C@A0 =0 >?@545;5==CN 40BC 2 1C4CI5<. !;54C5B @07;8G0BL :>=JN=:BC@=K5 8 AB@C:BC@=K5 (4>;3>A@>G=K5) 87<5=5=8O, 2;8ONI85 =0 20;NB=K9 :C@A. >=JN=:BC@=K5 D0:B>@K A2O70=K A :>;510=8O<8 45;>2>9 0:B82=>AB8 2 AB@0=5, ?>;8B8G5A:>9 >1AB0=>2:>9, A;CE0<8 8 ?@>3=>70<8.   :>=JN=:BC@=K< D0:B>@0<, 2;8ONI8< =0 20;NB=K9 :C@A, >B=>AOBAO: 1. !>AB>O=85 M:>=><8:8: (B5<? 8=D;OF88; C@>25=L ?@>F5=B=KE AB02>:; 45OB5;L=>ABL 20;NB=KE @K=:>2; 20;NB=0O A?5:C;OF8O; 20;NB=0O ?>;8B8:0; A>AB>O=85 ?;0B56=>3> 10;0=A0; AB5?5=L 8A?>;L7>20=8O =0F8>=0;L=>9 20;NBK 2 <564C=0@>4=KE @0AG5B0E; CA:>@5=85 8;8 7045@6:0 <564C=0@>4=KE @0AG5B>2.) 2. >;8B8G5A:0O >1AB0=>2:0 2 AB@0=5. 3. !B5?5=L 4>25@8O : =0F8>=0;L=>9 20;NB5 =0 =0F8>=0;L=>< 8 <8@>2>< @K=:0E.  AB@C:BC@=K< D0:B>@0< >B=>AOBAO: 1. >=:C@5=B>A?>A>1=>ABL B>20@>2 =0 <8@>2KE @K=:0E 8 55 87<5=5=8O. 2. >AB =0F8>=0;L=>3> 4>E>40 >1CA;02;8205B ?>2KH5==K9 A?@>A =0 8=>AB@0==CN ?@>4C:F8N, <564C B5< :0: B>20@=K9 8<?>@B <>65B C25;8G8BL >BB>: 8=>AB@0==>9 20;NBK. 3. >A;54>20B5;L=>5 ?>2KH5=85 2=CB@5==8E F5= ?> A@02=5=8N A F5=0<8 =0 @K=:0E ?0@B=5@>2 CA8;8205B AB@5<;5=85 70:C?0BL 1>;55 45H52K5 8=>AB@0==K5 B>20@K, <564C B5< :0: A:;>==>ABL 8=>AB@0=F52 : ?@8>1@5B5=8N B>20@>2 8;8 CA;C3, AB0=>2OI8EAO 2A5 1>;55 4>@>38<8, C;5BCG8205BAO.  @57C;LB0B5 ?>=8605BAO ?@54;>65=85 8=>AB@0==>9 20;NBK 8 ?@>8AE>48B >15AF5=5=85 >B5G5AB25==>9. 4. @8 ?@>G8E @02=KE CA;>28OE, ?>2KH5=85 ?@>F5=B=KE AB02>: O2;O5BAO D0:B>@>< ?@82;5G5=8O 8=>AB@0==>3> :0?8B0;0 8, A>>B25BAB25==>, 8=>AB@0==>9 20;NBK, 0 B0:65 <>65B 25AB8 : C4>@>60=8N >B5G5AB25==>9. > ?>2KH5=85 ?@>F5=B=KE AB02>: 8<55B, :0: 8725AB=>, 8 B5=52CN AB>@>=C: >=> C4>@>605B :@548B 8 C3=5B0NI5 2>7459AB2C5B =0 8=25AB8F8>==CN 45OB5;L=>ABL 2=CB@8 AB@0=K. 5. !B5?5=L @0728B8O @K=:0 F5==KE 1C<03 (>1;830F89, :@548B=KE 25:A5;59, 0:F89 8 ?@.), A>AB02;ONI85 74>@>2CN :>=:C@5=F8N 20;NB=><C @K=:C. A=>2=K<8 <5B>40<8 @53C;8@>20=8O 20;NB=>3> :C@A0 O2;ONBAO: - 20;NB=0O 8=B5@25=F8O (?>:C?:0-?@>4060 8=>AB@0==>9 20;NBK =0 =0F8>=0;L=CN); ->?5@0F88 F5=B@0;L=>3> 10=:0 =0 >B:@KB>< @K=:5 (?>:C?:0-?@>4060 F5==KE 1C<03); - 87<5=5=85 F5=B@0;L=K< 10=:>< C@>2=O ?@>F5=B=KE AB02>: 8 (8;8) =>@< >1O70B5;L=KE @575@2>2. K=>: D>=4>2K9 - @K=>: F5==KE 1C<03; G0ABL D8=0=A>2>3> @K=:0, A2O70==0O A M<8AA859 8 :C?;59-?@>40659 B8BC;>2 A>1AB25==>AB8 8 4>;3>2KE >1O70B5;LAB2. 0 ?5@28G=>< @K=:5 @07<5I0NBAO 2?5@2K5 2K?CA:05<K5 F5==K5 1C<038, =0 2B>@8G=>< @K=:5 ?@>8AE>48B 8E >1@0I5=85 2 D>@<5 ?5@5?@>4068. A=>2=>9 D>@<>9 >@30=87>20==>3>, @53C;O@=> DC=:F8>=8@CNI53> @K=:0 F5==KE 1C<03 8 4@C38E D8=0=A>2KE 8=AB@C<5=B>2 A;C60B D>=4>2K5 18@68. K=>: F5==KE 1C<03 >1A;C68205B ?@>F5AA 2>A?@>872>4AB20 :0?8B0;0. K=>: F5==KE 1C<03 ?>4@0745;ONB =0 ?5@28G=K9 8 2B>@8G=K9, 2 7028A8<>AB8 >B B>9 @>;8, :>B>@CN >= 83@05B ?@>F5AA5 2>A?@>872>4AB20. 5@28G=K9 @K=>: F5==KE 1C<03 O2;O5BAO D0:B8G5A:8< @53C;OB>@>< @K=>G=>9 M:>=><8:8. = 2 7=0G8B5;L=>9 AB5?5=8 >?@545;O5B @07<5@K =0:>?;5=8O 8 8=25AB8F89 2 AB@0=5, A;C68B AB8E89=K< A@54AB2>< ?>445@60=8O ?@>?>@F8>=0;L=>AB8 2 E>7O9AB25, >B25G0NI59 :@8B5@8N <0:A8<870F88 ?@81K;8, 8 B0:8< >1@07>< >?@545;O5B B5<?K, <0AHB01K 8 MDD5:B82=>ABL =0F8>=0;L=>9, M:>=><8:8. 5@28G=K9 @K=>: ?@54?>;0305B @07<5I5=85 =>2KE 2K?CA:>2 F5==KE 1C<03 M<8B5=B0<8. C<038, ?@8>1@5B5==K5 8=25AB>@0<8 ?@8 8E M<8AA88, <>3CB 1KBL ?5@5?@>40=K. "0:85 A45;:8 :C?;8-?@>4068 >ACI5AB2;ONBAO =0 2B>@8G=KE @K=:0E. !0< D0:B 2>7<>6=>AB8 :C?8BL 8;8 ?@>40BL 0:F88 =0 2B>@8G=>< @K=:5 45;05B 8E 1>;55 ?@82;5:0B5;L=K<8 8 A?>A>1AB2C5B @>ABC @50;L=KE 8=25AB8F89. & & . !B@C:BC@0 ?>B@51;5=8O AB@0E>2KE CA;C3 =0 200733 ?@>3=>78@C5BAO A;54CNI0O: ! - 64 %, AB@0E>20=85 :20@B8@K - 21,4 %, AB@0E>20=85 ! - 16,8 %, AB@0E>20=85 40G8 - 9,4 %, AB@0E>20=85 45B59 - 5,4 %, ! - 4,1 % 8 AB@0E>20=85 687=8 - 3,8 %.  2005-2010 33. @50;L=K9 @K=>: AB@0E>20=8O (A1>@K, >G8I5==K5 >B "AE5<"), ?> >F5=:0< M:A?5@B>2, 1C45B @0AB8 2 A@54=5< =0 20% 2 3>4 8 : 20103. <>65B 4>AB83=CBL ?>@O4:0 14,5 <;@4. USD. !>2@5<5==K5 B5=45=F88 @0728B8O D8=0=A>2>3> @K=:0 $ !B@0B538O @0728B8O D8=0=A>2>3> @K=:0 $ =0 2006 - 2008 3>4K 0AB>OI0O !B@0B538O >?@545;O5B :;NG52K5 =0?@02;5=8O 45OB5;L=>AB8 3>AC40@AB25==KE >@30=>2 2 AD5@5 @53C;8@>20=8O D8=0=A>2>3> @K=:0 >AA89A:>9 $545@0F88 (40;55 - D8=0=A>2K9 @K=>:) =0 2006 - 2008 3>4K. @8 MB>< 2 =0AB>OI59 !B@0B5388 =5 70B@03820NBAO 2>?@>AK @0728B8O 10=:>2A:>3> A5:B>@0, 0 B0:65 2>?@>AK 10=:>2A:>3> @53C;8@>20=8O 8 10=:>2A:>3> =047>@0, ?@54CA<>B@5==K5 !B@0B53859 @0728B8O 10=:>2A:>3> A5:B>@0 >AA89A:>9 $545@0F88 =0 ?5@8>4 4> 2008 3>40. 1I59 F5;LN =0AB>OI59 !B@0B5388 8 C:070==>3> 4>:C<5=B0 O2;O5BAO >15A?5G5=85 CA:>@5==>3> M:>=><8G5A:>3> @0728B8O AB@0=K ?CB5< ?@52@0I5=8O D8=0=A>2>3> @K=:0 8 10=:>2A:>3> A5:B>@0 2 206=59H85 D0:B>@K A>F80;L=>-M:>=><8G5A:>3> @0728B8O.  MB8E 4>:C<5=B0E AB02OBAO 7040G8 @0728B8O 42CE 2708<>A2O70==KE A5:B>@>2 M:>=><8:8, >15A?5G820NI8E B@0=AD>@<0F8N A15@565=89 2 8=25AB8F88. 5A<>B@O =0 2KA>:85 B5<?K @0728B8O D8=0=A>2>3> @K=:0, @>AA89A:85 :><?0=88, :0: 8 3>AC40@AB2> 2 F5;><, ?>:0 =5 @0AA<0B@820NB 8=AB8BCBK D8=0=A>2>3> @K=:0 2 :0G5AB25 >A=>2=>3> <5E0=87<0 ?@82;5G5=8O 8=25AB8F89. A=>2=K< 8AB>G=8:>< 8=25AB8F89 @>AA89A:8E :><?0=89 ?>-?@56=5<C >AB0NBAO A>1AB25==K5 A@54AB20 ;81> 709<K 8 ?5@28G=K5 @07<5I5=8O 0:F89 =0 70@C156=KE D8=0=A>2KE @K=:0E. =CB@5==89 D8=0=A>2K9 @K=>: 8A?KBK205B =54>AB0B>: ;8:284=>AB8 ?> :0G5AB25==K< 0:B820<, 0 7=0G8B5;L=K5 >1J5<K A45;>: A @>AA89A:8<8 0:B820<8 >ACI5AB2;ONBAO =0 70@C156=KE B>@3>2KE ?;>I04:0E, :C40 CE>48B >A=>2=0O 4>;O 0:F89, =0E>4OI8EAO 2 A2>1>4=>< >1@0I5=88. >;3>A@>G=K5 8=25AB8F8>==K5 @5AC@AK =5402=> A>740==KE >1O70B5;L=KE =0:>?8B5;L=KE A8AB5< @07<5I0NBAO =0 D8=0=A>2>< @K=:5 =5MDD5:B82=>. & & & & & . "0:0O B5=45=F8O 2 @0728B88 2=CB@5==53> @K=:0 F5==KE 1C<03 @>6405B A5@L57=K5 ?@>1;5<K 4;O 8=25AB8@>20=8O ?5=A8>==KE =0:>?;5=89 8 4@C38E A@54AB2 >1O70B5;L=KE =0:>?8B5;L=KE A8AB5<. 57 :>@5==KE ?@5>1@07>20=89 2 MB>9 AD5@5 548=AB25==>9 2>7<>6=>ABLN >15A?5G8BL 4>AB0B>G=CN 5<:>ABL @K=:0 4;O 8=25AB8F89 8 8E ?@85<;5<CN 4>E>4=>ABL AB0=5B @07@5H5=85 8=25AB8@>20BL ACI5AB25==CN G0ABL ?5=A8>==KE =0:>?;5=89 2=5 ?@545;>2 AB@0=K. #?@02;5=85 C:070==K<8 0:B820<8 <>65B >:070BLAO ?@5@>30B82>9 <564C=0@>4=KE 8=25AB8F8>==KE 10=:>2, ?@54;030NI8E CA;C38 ?> 8=25AB8@>20=8N G0AB=KE =0:>?;5=89 2 F5==K5 1C<038, B>@3C5<K5 2=5 >AA89A:>9 $545@0F88.  F5;>< B0:>9 AF5=0@89 @0728B8O >7=0G05B, GB> ?>;=>F5==>5 2E>645=85 >AA89A:>9 $545@0F88 2 <564C=0@>4=K9 @K=>: :0?8B0;0 A 1>;LH>9 25@>OB=>ABLN ?@>87>945B =5 70 AG5B @0728B8O @>AA89A:8E 8=AB8BCB>2 D8=0=A>2>3> @K=:0, 0 ?CB5< 8A?>;L7>20=8O D8=0=A>2KE CA;C3, ?@54>AB02;O5<KE 254CI8<8 <8@>2K<8 D8=0=A>2K<8 8=AB8BCB0<8. & & & & & .. >15A?5G5=85 ACI5AB25==>3> A=865=8O =0 D8=0=A>2>< @K=:5 B@0=70:F8>==KE 8745@65: ?@82;5G5=8O :0?8B0;0 ?CB5< @0728B8O :>=:C@5=B>A?>A>1=KE 8=AB8BCB>2 8=D@0AB@C:BC@K D>=4>2>3> @K=:0; >15A?5G5=85 A=865=8O C@>2=O =5@K=>G=>3> 8=25AB8F8>==>3> @8A:0 =0 D8=0=A>2>< @K=:5 ?CB5< >15A?5G5=8O 70I8BK ?@02 8 70:>==KE 8=B5@5A>2 8=25AB>@>2; A>459AB285 D>@<8@>20=8N @>AA89A:8E @>7=8G=KE 8=25AB>@>2 ?CB5< @0728B8O :>;;5:B82=KE D>@< A15@565=89 8 >15A?5G5=8O 4>;6=KE ?@8=F8?>2 8E 8=25AB8@>20=8O; >ACI5AB2;5=85 @5D>@<K ?@02>2>3> @53C;8@>20=8O D8=0=A8@>20=8O, =0?@02;5==>9 =0 ;8:2840F8N M:>=><8G5A:8 =5 >1>A=>20==KE @53C;OB82=KE ?@5?OBAB289 2 AD5@5 @0728B8O @K=:0 8 A>740=85 CA;>289 4;O CG5B0 8=B5@5A>2 ?@>D5AA8>=0;L=KE CG0AB=8:>2 @K=:0, 8=25AB>@>2 8 M<8B5=B>2 ?@8 D>@<8@>20=88 ?>;8B8:8 @53C;8@>20=8O D8=0=A>2>3> @K=:0. 06=59H8< CA;>285< 4>AB865=8O ?>AB02;5==>9 F5;8 O2;O5BAO D>@<8@>20=85 1;03>?@8OB=>3> 8=25AB8F8>==>3> :;8<0B0 2 >AA89A:>9 $545@0F88, 2:;NG0O CAB0=>2;5=85 AB018;L=KE ?@028; 2545=8O 187=5A0 8 ?@54A:07C5<>ABL =>@<0B82=>3> @53C;8@>20=8O 8 ?@02>?@8<5=5=8O. !>740=85 1;03>?@8OB=>3> 8=25AB8F8>==>3> :;8<0B0 O2;O5BAO :><?;5:A=>9 7040G59, 2 @5H5=88 :>B>@>9 4>;6=K CG0AB2>20BL 2A5 >@30=K 3>AC40@AB25==>9 2;0AB8.  F5;OE @0728B8O 8=AB@C<5=B>2 A5:LN@8B870F88 D8=0=A>2KE 0:B82>2 8 @K=:0 8?>B5G=KE F5==KE 1C<03, ?;0=8@C5BAO @07@01>B0BL ?>?@02:8 2 A>>B25BAB2CNI85 D545@0;L=K5 70:>=K. =5A5=85 87<5=5=89 2 $545@0;L=K9 70:>= "1 8?>B5G=KE F5==KE 1C<030E" 1C45B :0A0BLAO A>25@H5=AB2>20=8O @53C;8@>20=8O ?>;>65=89 M<8AA88 8 >1@0I5=8O 8?>B5G=KE F5==KE 1C<03. 5@2K9 H03 2 CAB0=>2;5=88 ?@02>2KE <5E0=87<>2 A5:LN@8B870F88 2 $ 1K; A45;0= ?CB5< ?@8=OB8O $545@0;L=>3> 70:>=0 "1 8?>B5G=KE F5==KE 1C<030E".  >A=>2=K< =0?@02;5=8O< A>25@H5=AB2>20=8O 70:>=>40B5;LAB20 $ 2 MB>9 AD5@5 A;54C5B >B=5AB8: " @0AH8@5=85 ?5@5G=O 284>2 0:B82>2, :>B>@K5 <>3CB 1KBL 8A?>;L7>20=K 4;O F5;59 A5:LN@8B870F88; " @0AH8@5=85 :@C30 ?@02 B@51>20=8O, :>B>@K5 <>3CB 8A?>;L7>20BLAO 4;O F5;59 A5:LN@8B870F88; " 22545=85 70:>=>40B5;L=KE >3@0=8G5=89 =0 2>7<>6=>ABL ?@87=0=8O CABC?:8 ?@02 B@51>20=8O =5459AB28B5;L=>9; " >?@545;5=85 B@51>20=89 : M<8B5=B0< F5==KE 1C<03, 2K?CA:05<KE ?@8 A5:LN@8B870F88; " A>740=85 <5E0=87<>2 ?>2KH5=8O :@548B=>3> :0G5AB20 F5==KE 1C<03; " CB>G=5=85 70:>=>40B5;LAB20 $ > F5==KE 1C<030E 2 G0AB8 A?5F8D8:8 F5==KE 1C<03, >15A?5G5==KE 0:B820<8. !>3;0A=> !B@0B5388, 4;O D>@<8@>20=8O ?>;=>F5==>3> @K=:0 8?>B5G=KE F5==KE 1C<03 =5>1E>48<0 @50;870F8O A;54CNI8E ?5@2>>G5@54=KE <5@: " 7025@H5=85 @07@01>B:8 =>@<0B82=>9 ?@02>2>9 107K @K=:0 8?>B5G=KE F5==KE 1C<03; " & & & . " @0728B85 8=D@0AB@C:BC@K @K=:0 8?>B5G=KE F5==KE 1C<03, 2:;NG0O D>@<8@>20=85 =>2KE 8=AB8BCB>2 (8?>B5G=K5 035=BK, A5@28A=K5 035=BK, 4>25@8B5;L=K5 C?@02;ONI85). 68405<K5 @57C;LB0BK @0728B8O D8=0=A>2>3> @K=:0 2 2006 - 2008 3>40E $8=0=A>2K9 @K=>: 2 @57C;LB0B5 @50;870F88 <5@>?@8OB89, ?@54CA<>B@5==KE =0AB>OI59 !B@0B53859, ?@5B5@?8B :0G5AB25==K5 87<5=5=8O. >ABC? : @K=:C :0?8B0;0 ?>;CG0B 1>;LH8=AB2> @>AA89A:8E :><?0=89, 254CI8E F828;87>20==K9 187=5A. =0G8B5;L=> C25;8G8BAO :>;8G5AB2> ?5@28G=KE @07<5I5=89 0:F89 MB8E :><?0=89 =0 D8=0=A>2>< @K=:5. !CI5AB25==> @0AH8@8BAO 0AA>@B8<5=B 8=AB@C<5=B>2 D8=0=A>2>3> @K=:0 8 CA;C3, ?@54>AB02;O5<KE D8=0=A>2K<8 >@30=870F8O<8 3@0640=0< 8 =5D8=0=A>2K< ?@54?@8OB8O<. C4CB >15A?5G5=K :>=:C@5=B=K5 CA;>28O 4;O ?@>2545=8O A45;>: A F5==K<8 1C<030<8 8 8E =0456=K9 CG5B 8 E@0=5=85. ">@3>2;O >A=>2=>9 4>;59 @>AA89A:8E 0:B82>2 1C45B >ACI5AB2;OBLAO 2 >AA89A:>9 $545@0F88. @54CA<0B@8205BAO CA:>@5=85 @0728B8O 8=AB8BCB>2 :>;;5:B82=KE 8=25AB8F89. !@548 8=25AB>@>2 =0 D8=0=A>2>< @K=:5 ACI5AB25==> 2K@0AB5B 4>;O :>=A5@20B82=KE D>=4>2, =0AB@>5==KE =0 4>;3>A@>G=K5 2;>65=8O. =0G8B5;L=> A>:@0BOBAO A>2>:C?=K5 ?>B5@8 8=25AB>@>2, 2>7=8:0NI85 2 A2O78 A =0@CH5=85< 8E ?@02 8 70:>==KE 8=B5@5A>2. @54?>;0305BAO, GB> ?@54CA<>B@5==K5 =0AB>OI59 !B@0B53859 <5@>?@8OB8O ?>72>;OB >15A?5G8BL CA;>28O 4;O >?5@560NI53> @0728B8O D8=0=A>2>3> @K=:0 ?> A@02=5=8N A B5<?0<8 @>AB0 20;>2>3> 2=CB@5==53> ?@>4C:B0. >2KH5=85 C@>2=O @0728B8O D8=0=A>2>3> @K=:0 2 2006 - 2008 3>40E 1C45B E0@0:B5@87>20BLAO A;54CNI8<8 ?>:070B5;O<8: & & & & .. 68405BAO, GB> 2 2008 3>4C ?@82;5G5=85 D8=0=A>2KE A@54AB2 ?>A@54AB2>< @07<5I5=8O @>AA89A:8<8 :><?0=8O<8 0:F89 8 >1;830F89 =0 2=CB@5==5< D8=0=A>2>< @K=:5 A>AB028B =5 <5=55 20 ?@>F5=B>2 8=25AB8F89 2 >A=>2=>9 :0?8B0; :@C?=KE 8 A@54=8E ?@54?@8OB89. ! CG5B>< ?@82;5G5=8O :@548B>2 8 709<>2 C @>AA89A:8E 10=:>2 8 =0 <564C=0@>4=>< @K=:5 :0?8B0;0 MB>B ?>:070B5;L 4>AB83=5B 35 - 40 ?@>F5=B>2. 0:;NG5=85 B0:, D8=0=A>2K9 @K=>: - >@30=87>20==0O 8=AB8BCF8>=0;L=0O AB@C:BC@0 4;O A>740=8O D8=0=A>2KE 0:B82>2 8 >1<5=0 D8=0=A>2K<8 0:B820<8. $8=0=A>2K9 @K=>: >@85=B8@>20= =0 <>18;870F8N :0?8B0;0, ?@54>AB02;5=85 :@548B0, >ACI5AB2;5=85 >1<5==KE 45=56=KE >?5@0F89 8 @0F8>=0;L=>5 @07<5I5=85 D8=0=A>2KE A@54AB2 2 B>20@=>< ?@>872>4AB25. = >1J548=O5B 45=56=K9 @K=>: 8 @K=>: :0?8B0;>2. >4 45=56=K< @K=:>< ?>=8<05BAO @K=>: =0E>4OI8EAO 2 >1@0I5=88 =0;8G=KE 45=53 8 >15A?5G820NI8E 0=0;>38G=K5 DC=:F88 :@0B:>A@>G=KE ?;0B56=KE A@54AB2 (G5:>2 8 B. ?.). K=>: :0?8B0;>2 ?@54AB02;O5B A>1>9 @K=>:, =0 :>B>@>< 2;045;LFK 45=56=KE A@54AB2 ?@>40NB 705<I8:C ?@02> 2@5<5==>3> 8A?>;L7>20=8O MB8E A@54AB2 70 >1CA;>2;5==>5 2 4>3>2>@5 2>7=03@0645=85. A=>2=K5 CG0AB=8:8 D8=0=A>2KE @K=:>2: 8=25AB>@K, @0A?>@O48B5;8, ?>;L7>20B5;8. $C=:F88 D8=0=A>2>3> @K=:0: >18;870F8O 2@5<5==> A2>1>4=KE 45=56=KE A@54AB2 G5@57 ?@>406C F5==KE 1C<03; $8=0=A8@>20=85 2>A?@>872>4AB25==>3> ?@>F5AA0; 0A?@545;8B5;L=0O DC=:F8O - A?>A>1AB2C5B ?5@5;82C :0?8B0;0 <564C >B@0A;O<8, :><?0=8O<8; >2KH5=85 MDD5:B82=>AB8 M:>=><8:8 2 F5;><. !B@C:BC@0 D8=0=A>2>3> @K=:0 A>AB>8B 87: 45=56=>3> @K=:0 8 @K=:0 :0?8B0;>2.  A2>N >G5@54L 45=56=K9 @K=>: ?>4@0745;O5BAO =0 >1KG=K9, =0 CG5B=K9, <5610=:>2A:89 8 20;NB=K9 @K=:8. 45AL 1K;0 ?@>872545=0 E0@0:B5@8AB8:0 >B45;L=KE A53<5=B>2 D8=0=A>2>3> @K=:0  20;NB=>3>, D>=4>2>3>, :@548B=>3>, AB@0E>2>3> @K=:0. !>2@5<5==K5 B5=45=F88 @0728B8O D8=0=A>2>3> @K=:0 @0AA<>B@5=K 2 2845 AB@0B5388 @0728B8O D8=0=A>2>3> @K=:0 $ =0 2006 - 2008 3>4K. &5;LN =0AB>OI59 !B@0B5388 O2;O5BAO ?@52@0I5=85 D8=0=A>2>3> @K=:0 2 >48= 87 3;02=KE <5E0=87<>2 @50;870F88 8=25AB8F8>==KE ?@>3@0<< :>@?>@0B82=>3> A5:B>@0 A >4=>2@5<5==K< A>740=85< CA;>289 4;O MDD5:B82=>3> 8=25AB8@>20=8O G0AB=KE =0:>?;5=89 8 A@54AB2 >1O70B5;L=KE =0:>?8B5;L=KE A8AB5<. !?8A>: ;8B5@0BC@K @0640=A:89 :>45:A >AA89A:>9 $545@0F88 (G0ABL 2B>@0O)" >B 26.01.1996 N 14-$ (?@8=OB  $! $ 22.12.1995) (@54. >B 06.12.2007) (A 87<. 8 4>?., 2ABC?0NI8<8 2 A8;C A 01.02.2008) '1. 3;020 7.AB.143. 0:>= $ >B 27 =>O1@O 1992 3. N 4015-I "1 >@30=870F88 AB@0E>2>3> 45;0 2 >AA89A:>9 $545@0F88" (A 87<5=5=8O<8 >B 31 45:01@O 1997 3., 20 =>O1@O 1999 3., 21 <0@B0, 25 0?@5;O 2002 3.) A 87<5=5=8O<8, 2=5A5==K<8 $545@0;L=K< 70:>=>< ! 172-$ >B 10.12.2003 3. " 2=5A5=88 87<5=5=89 8 4>?>;=5=89 2 0:>= >AA89A:>9 $545@0F88 "1 >@30=870F88 AB@0E>2>3> 45;0 2 >AA89A:>9 $545@0F88" 8 ?@87=0=88 CB@0B82H8<8 A8;C =5:>B>@KE 70:>=>40B5;L=KE 0:B>2 >AA89A:>9 $545@0F88". 0A?>@O65=85 @028B5;LAB20 >AA89A:>9 $545@0F88 >B 1 8N=O 2006 3. N 793-@.!B@0B538O @0728B8O D8=0=A>2>3> @K=:0 >AA89A:>9 $545@0F88 =0 2006 - 2008 3>4K C=:8=0 .. A=>2K 20;NB=KE >B=>H5=89: #G51. ?>A>185. -.: .@09B. 2006. - 192A. >;:>2 . ., !:;O@5=:> . ."-:>=><8:0 ?@54?@8OB8O". C@A ;5:F89. 740B5;LAB2>: =D@0-, 2006 3. A.280. $8=0=A>2>5 ?@02> 2 2>?@>A0E 8 >B25B0E: CG51. ?>A>185. >4 @54. @0G52>9 ...2005.-208 A. >@>D552 ... 0;NB=>5 ?@02> >AA88: #G51. ?>A>185. .:>@<0. 2005.-320 A. 2AB83=552 . $8=0=A>2>5 ?@02>: #G51. ?>A>185. !-.:8B5@. 2007.- 176 A. . . 25@52, $. . C4:>2, !. . 2AN:>2, . . 25@520, . . 0:552 $8=0=A>2K5 8=AB@C<5=BK @K=:0 F5==KE 1C<03. 740B5;LAB2>: =B5@ @8<-?@5AA, 2007 3.A. 240. .. >?:>2, .. !5<5=>2. @30=870F8O 8 D8=0=A8@>20=85 8=25AB8F89. $8=0=A>2K5 @K=:8. >=OB85 8 AB@C:BC@0 D8=0=A>2>3> @K=:0 200633.A. 218. $8=0=AK.>4 @540:F859 . $. ><0=>2A:>3>, . . @C1;52A:>9, . . !010=B8. 740B5;LAB2>: .@09B-740B, 2007 3. 464A. ">AC=O= . . 0;NB=>5 ?@02> >AA89A:>9 $545@0F88. .: 5;>. 2006.-386A. (52F>20 .$8=0=A>2K9 @K=>: 70 ?>;G0A0. 0: A>740BL 8 ?@8C<=>68BL ;8G=K9 :0?8B0;.740B5;LAB2>: 8B5@, 2007 3. 208A. /:8<:8= ."!53<5=B0F8O D8=0=A>2>3> @K=:0".740B5;LAB2>: <530-, 2006 3.A. 654. !;>20@L ?> M:>=><8:5 8 D8=0=A0<. ;>AA0@89.@C "5=45=F88 AB@0E>2>3> @K=:0 >AA88. AB>G=8:: www.allinsurance.ru & & .  !;>20@L ?> M:>=><8:5 8 D8=0=A0<. ;>AA0@89.@C  (52F>20 .$8=0=A>2K9 @K=>: 70 ?>;G0A0. 0: A>740BL 8 ?@8C<=>68BL ;8G=K9 :0?8B0;. 740B5;LAB2>: 8B5@, 2007 3.A. 121-123.  C=:8=0 .. A=>2K 20;NB=KE >B=>H5=89:#G51.?>A>185.-.:.@09B.2006.-192A.  ">AC=O= . . 0;NB=>5 ?@02> >AA89A:>9 $545@0F88. .: 5;>. 2006.-386A.  >@>D552 ... 0;NB=>5 ?@02> >AA88: #G51. ?>A>185. .:>@<0. 2005.-320 A.  C=:8=0 .. A=>2K 20;NB=KE >B=>H5=89:#G51.?>A>185.-.:.@09B.2006.-192A.  ">AC=O= . . 0;NB=>5 ?@02> >AA89A:>9 $545@0F88. .: 5;>. 2006.-386A.  2AB83=552 . $8=0=A>2>5 ?@02>: #G51. ?>A>185. !-.:8B5@. 2007.- 176 A.  $8=0=A>2>5 ?@02> 2 2>?@>A0E 8 >B25B0E: CG51. ?>A>185. >4 @54. @0G52>9 ...2005.-208 A.  ">AC=O= . . 0;NB=>5 ?@02> >AA89A:>9 $545@0F88. .: 5;>. 2004.-386A.  "5=45=F88 AB@0E>2>3> @K=:0 >AA88. AB>G=8:: www.allinsurance.ru  0A?>@O65=85 @028B5;LAB20 >AA89A:>9 $545@0F88 >B 1 8N=O 2006 3. N 793-@.!B@0B538O @0728B8O D8=0=A>2>3> @K=:0 >AA89A:>9 $545@0F88 =0 2006 - 2008 3>4K  0A?>@O65=85 @028B5;LAB20 >AA89A:>9 $545@0F88 >B 1 8N=O 2006 3. N 793-@.!B@0B538O @0728B8O D8=0=A>2>3> @K=:0 >AA89A:>9 $545@0F88 =0 2006 - 2008 3>4K     fHf|N`2,V JR`gdez$gdez pr NT`$&8: *LZ08&2246T V %չ쯏 h"mhez hgDhezhW(J h(hez h_\chez hthezjhez0JU hmJWhezjhez0JUaJh~+hezNH h~+hezh8)hezNH h8)hezhezhnhezNH hnhez5R4L\pF T^T`gdez E8^`gdez`gdezgdez2,:x|@   &466Lv "gdezgdez"V | "%&p'D(()"**d+\,z,f--..//b0j0l0`gdez & F  ^`gdezgdezgdez%&`0b0h0j0l0n0p0001111112V2X2l2n2223 333˺ncR!jh"|hez0JCJUaJhxahezCJaJ!jhxahez0JCJUaJhSthezCJaJ!jhSthez0JCJUaJhezCJaJh }hezCJ\aJh }hezCJaJ!jh }hez0JCJUaJ h"hez hqq:hezjhez0JUhE h?HVhez hhezhez h=lhezl001l233N445866Z7\7899999999999gdezdgdez 7$8$H$gdez d7$8$H$gdezgdezdgdez3333384:4N4P44444l5n55586:666Z7\7^7`788899999999|xnxgnxgxc[c[c[jh<Uh< hhezjhez0JUhezh6hezCJaJ!jh6hez0JCJUaJh3[hezCJaJ!jh3[hez0JCJUaJhp;hezCJaJ!jhp;hez0JCJUaJ!jh"|hez0JCJUaJhezCJaJh"|hezCJ\aJh"|hezCJaJ#999999hEhezjh<Uh<999999999999$a$gdez ,1h. A!"R#n$n% $$If!v h55T55Z5P555P5 w#v#vT#v#vZ#vP#v#v#vP#v w:V  `````````Z6, 5 34pZmkd$$If  Z^*z  `````````Z6$$$$34apZDyK acher@wiseowl.ruyK 0mailto:acher@wiseowl.ruDyK ancher77@mail.ruyK 0mailto:ancher77@mail.ru}DyK _Toc197864086}DyK _Toc197864086}DyK _Toc197864087}DyK _Toc197864087}DyK _Toc197864088}DyK _Toc197864088}DyK _Toc197864089}DyK _Toc197864089}DyK _Toc197864090}DyK _Toc197864090}DyK _Toc197864091}DyK _Toc197864091}DyK _Toc197864092}DyK _Toc197864092}DyK _Toc197864093}DyK _Toc197864093}DyK _Toc197864094}DyK _Toc197864094Z@Z ez1KG=K9$$dh`a$CJ_HaJmHsHtH`@` ez 03>;>2>: 1$$ & F<@&a$5KH \^JaJ \@\ ez 03>;>2>: 2$ & F<@&a$5\]^JaJT@T ez 03>;>2>: 3$$<@&a$5\^JaJN@N ez 03>;>2>: 4 & F<@& 5\aJX@X ez 03>;>2>: 5 & F<@&56CJ\]aJR@R ez 03>;>2>: 6 & F<@&5CJ\aJD@D ez 03>;>2>: 7 & F<@&J@J ez 03>;>2>: 8 & F<@&6]X @X ez 03>;>2>: 9 & F<@&CJOJQJ^JaJBA@B A=>2=>9 H@8DB 0170F0Xi@X 1KG=0O B01;8F04 l4a .k@. 5B A?8A:0<@< ez "5:AB A=>A:8CJaJ2&@2 ez =0: A=>A:8H*<@< ez 3;02;5=85 3 0^04@4 ez 3;02;5=85 1<@< ez 3;02;5=85 2 ^:U@A: ez 8?5@AAK;:0 >*B*phNZ@RN ez"5:AB$$d`a$CJOJQJaJ@B@b@ ezA=>2=>9 B5:AB ]jorj (w=0: =0: =0: =0:$$$`a$aJmH sH tH [|80227=@GbO;VHer 0N?4x   N AJKNSTXYZ!-r,./8 G  O p : { G]Q QwN~o\1?BPJ!v!"E" %%Y&&'h))*6++,-.c//:0142+557796::A;<=o?@BgDEGG/HJIoIII JJ+LMNZNNOdOO|PQQR-S}STTU>V?V@VAVvVVY\\``MaaubcdKef4gggIhhiHii3jjj)kmkklGm nnFoppprrUs(ttLuuJvv}wwy+yy{Q||}h}}}E~~*Y_݀"#S΁#qb W5υЅ҅ӅՅօ؅مۅ܅݅ޅ߅0 0 0 0 0 0 0 0 0 0 000000000000000(0000 0 0 0 0 0 0 000000000 0 0**0S0S0S0S0S0S0S0S0S0S0S0S0S0S0S0S0S0S 0**0A0A0A 0**0m0m0m0m0m0m0m0m0m0m0m0m0m0m0m0m0m0m0m0m0m0m0m0m0m0m0m0m0m0m0m0m0m0m0m0m0m0m0m0m0m0m0m0m0m0m0m0m0m0m0m0m0m0m0m0m0m0m0m0m0m0m0m0m0m0m0m0m0m0m0m0m0m0m 0 0UU0V0V0V0V0V0V0V0V0V0V0V0V0V0V0V0V0V0V0V0V0V0V0V0V0V0V0V0V0V0V0V0V0V0V0V(0V0q0q0q0q0q0q0q0q0q0q(0V 0x 0x 0x 0x 0x 0x 0x 0x 0x 0 x 0 x 0 x 0 x 0 x 0x 0x 0x 0x 0x00@0@0@0@0@0@0@0@0@0@0@0@0@0@000@0h00@0h00@0h00@0h00h00x@0@0@0@0@0@0@0@0@00 D NSTXYZ!-r,./8 G  O p : { G]Q QwN~o\1?BPJ!v!"E" %%Y&&'h))*6++,-.c//:0142+557796::A;<=o?@BgDEGG/HJIoIII JJ+LMNZNNOdOO|PQQR-S}STTU>V?V@VAVvVVY\\``MaaubcdKef4gggIhhiHii3jjj)kmkklGm nnFoppprrUs(ttLuuJvv}wwy+yy{Q||}h}}}E~~*Y_݀"#S΁#qb W5υh0p h0 h0 h00@0 h00h00h00000000000000(00B0B0B 0B 0B 0B 0B 0B 0B 0B0B0B0B0B0B0B0B0B 0 0 0 0 0 0 0 0 0 0 0 (0 0 0 0 0 0 0 0 0  0 000 0 00000000000000000000000000000000000000000000000000000000000000000000000000 0 0TUTU0U0U0U0U0U0U0U0U0U0U0U0U0U0U0U0U0U0U0U0U0U0U0U0U0U0U0U0U0U0U0U0U0U0U0U(0U0|0|0|0|0|0|0|0|0|0|(0U 0 0 0 0 0 0 0 0 0 0  0  0  0  0  0 0 0 0 0@0 00@0@0@0@0@0@0@0@0@0@0@0j00j00j00 00  &!092FSphq %399GJKLNOQSTUWXY @,8SR"l099HMPRV9Ix-EFfpQmoprk&g &)*,XX X%ĕX%ĕX%ĕX%ĕX%ĕX%ĕX%ĕX%ĕX%ĕ̕8@0(  B S  ? _Toc197864086 _Toc197864087 _Toc197864088 _Toc128893353 _Toc197864089 _Toc197864090 _Toc197864091 _Toc197864092 _Toc197864093 _Toc197864094/oAVvVry 70tVVr)y (ct)cھ*c<+c4,cd-c.cc/c,0clz1c c2c 3c  4c zlzzz{}~Qׄq     zrzzz{}~W݄w C *urn:schemas-microsoft-com:office:smarttagsmetricconverter 1992 31997 31999 32002 32006 32007 3 ProductID              os2'9'++- .Q|X|}}}} ~'~~~~~~*5mt4H_fЀ܀ #FRЁׁ%,Ȃ ЅЅ҅҅ӅӅՅօ؅مۅ܅݅\\|33<<NNdQfQgQpQ6s>sstztvvGwIwyyyp{q{|{||||:};}<}=}e}f}}}}}}}}}}}}}~ ~13;=ـۀ#OQۃ܃݃ރЅЅ҅҅ӅӅՅօ؅مۅ܅݅ AZTT8VAV\\``jjppy+y||}}}}~*vY_Ѐ݀"#́AVЅЅ҅҅ӅӅՅօ؅مۅ܅݅#ЅЅ҅҅ӅӅՅօ؅مۅ܅݅OxЬOtv8B 0@3v   ^ `o(hH. ee^e`o(hH. 5 L5 ^5 `LhH. ^`hH. ^`hH. L^`LhH. uu^u`hH. EE^E`hH. L^`LhH. EPE^E`Po(hH   ^ `o(hH. e0e^e`0o(hH ^`o(hH... ^`o(hH .... ^`o(hH ..... ^`o(hH ......  5`5^5``o(hH.......  ^`o(hH........h^`OJQJo(hHh^`OJQJ^Jo(hHohpp^p`OJQJo(hHh@ @ ^@ `OJQJo(hHh^`OJQJ^Jo(hHoh^`OJQJo(hHh^`OJQJo(hHh^`OJQJ^Jo(hHohPP^P`OJQJo(hHOt0@3O88 QEW(JVyez<(w AJKNSTXY@YYYYL3B nUnknownGz Times New Roman5Symbol3& z Arial?5 z Courier New;Wingdings"1h4FzFFmAFmAYn42qHX ?E2Anna ChernenkoAnna Chernenko   Oh+'0|  8 D P\dltAnna Chernenko Normal.dotAnna Chernenko4Microsoft Office Word@G@F$药@Fm՜.+,D՜.+,4 hp  HomeA    8@ _PID_HLINKSAB08>_Toc19786409402>_Toc1978640930,>_Toc1978640920&>_Toc1978640910 >_Toc1978640900>_Toc1978640890>_Toc1978640880>_Toc1978640870>_Toc197864086# mailto:ancher77@mail.ru>Ylmailto:acher@wiseowl.ru>  !"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwxyz{|}~Root Entry Fu]Data 1TablebWordDocument.NSummaryInformation(DocumentSummaryInformation8CompObjq  F Microsoft Office Word MSWordDocWord.Document.89q