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B0:, CG@548B5;O<8 0:F8>=5@=>3> >1I5AB20 O2;ONBAO 3@0640=5 8 (8;8) N@848G5A:85 ;8F0, ?@8=O2H85 @5H5=85 > 53> CG@5645=88. >AC40@AB25==K5 >@30=K 8 >@30=K <5AB=>3> A0<>C?@02;5=8O =5 <>3CB 2KABC?0BL CG@548B5;O<8 >1I5AB20, 5A;8 8=>5 =5 CAB0=>2;5=> D545@0;L=K<8 70:>=0<8. 1I5AB2> =5 <>65B 8<5BL 2 :0G5AB25 548=AB25==>3> CG@548B5;O (0:F8>=5@0) 4@C3>5 E>7O9AB25==>5 >1I5AB2>, A>AB>OI55 87 >4=>3> ;8F0. 1I5AB2>< A >3@0=8G5==>9 >B25BAB25==>ABLN ?@87=05BAO CG@5645==>5 >4=8< 8;8 =5A:>;L:8<8 ;8F0<8 E>7O9AB25==>5 >1I5AB2>. 45AL AB>8B >B<5B8BL GB> 70:>=>< ?@54CA<0B@8205BAO ?@8>1@5B5=85 8=>AB@0==K< 8=25AB>@>< =5 <5=55 10% 4>;8, 4>;59 2 CAB02=>< :0?8B0;5 :><<5@G5A:>9 >@30=870F88, A>740==>9 8;8 2=>2L A>740205<>9 =0 B5@@8B>@88 >AA89A:>9 $545@0F88 2 D>@<5 E>7O9AB25==>3> >1I5AB20 2 A>>B25BAB288 A 3@0640=A:8< 70:>=>40B5;LAB2>< $. #G@548B5;O<8 ?>B@518B5;LA:>3> >1I5AB20 <>3CB 1KBL 3@0640=5, 4>AB83H85 16-;5B=53> 2>7@0AB0, 8 (8;8) N@848G5A:85 ;8F0& . #G@548B5;O<8 A>N70 ?>B@518B5;LA:8E >1I5AB2 <>3CB 1KBL ?>B@518B5;LA:85 >1I5AB20 A>740==K5 2 A>>B25BAB288 A =0AB>OI8< 0:>=>< 8 70@538AB@8@>20==K5 2 CAB0=>2;5==>< 70:>=>40B5;LAB2>< >AA89A:>9 $545@0F88 ?>@O4:5 =0 B5@@8B>@88 >AA89A:>9 $545@0F88. #G@548B5;O<8 =5:><<5@G5A:>9 >@30=870F88 2 7028A8<>AB8 >B 55 >@30=870F8>==>-?@02>2KE D>@< <>3CB 2KABC?0BL 3@0640=5 8 (8;8) N@848G5A:85 ;8F0. 5:><<5@G5A:0O >@30=870F8O <>65B 1KBL CG@5645=0 >4=8< ;8F><, 70 8A:;NG5=85< A;CG052 CG@5645=8O =5:><<5@G5A:8E ?0@B=5@AB2, 0AA>F80F89 (A>N7>2) 8 8=KE A;CG052, ?@54CA<>B@5==KE D545@0;L=K< 70:>=><.#G@548B5;O<8 >1I5AB25==>3> >1J548=5=8O O2;ONBAO D878G5A:85 ;8F0 8 N@848G5A:85 ;8F0  >1I5AB25==K5 >1J548=5=8O, A>7202H85 AJ574 (:>=D5@5=F8N) 8;8 >1I55 A>1@0=85& . #G@548B5;O<8 1;03>B2>@8B5;L=>9 >@30=870F88 2 7028A8<>AB8 >B 55 D>@<K <>3CB 2KABC?0BL D878G5A:85 8 (8;8) N@848G5A:85 ;8F0. @30=K 3>AC40@AB25==>9 2;0AB8 8 >@30=K <5AB=>3> A0<>C?@02;5=8O, 0 B0:65 3>AC40@AB25==K5 8 <C=8F8?0;L=K5 C=8B0@=K5 ?@54?@8OB8O, 3>AC40@AB25==K5 8 <C=8F8?0;L=K5 CG@5645=8O =5 <>3CB 2KABC?0BL CG@548B5;O<8 1;03>B2>@8B5;L=>9 >@30=870F88. 'B> :0A05BAO C=8B0@=>3> ?@54?@8OB8O, B>  D>@<5 C=8B0@=KE ?@54?@8OB89 <>3CB 1KBL A>740=K B>;L:> 3>AC40@AB25==K5 8 <C=8F8?0;L=K5 ?@54?@8OB8O. !;54>20B5;L=>, CG@548B5;5< 745AL O2;O5BAO 3>AC40@AB2>. B0:, <K >?@545;8;8, GB> 2 7028A8<>AB8 >B A>AB020 CG@548B5;59 <>6=> 2K45;8BL N@848G5A:85 ;8F0, CG@548B5;5< :>B>@KE 2KABC?05B B>;L:> 3>AC40@AB2> (C=8B0@=K5 ?@54?@8OB8O, 3>AC40@AB25==K5 :>@?>@0F88), B>;L:> N@848G5A:85 ;8F0 (A>N7K 0AA>F80F88), 8 2A5 >AB0;L=K5 N@848G5A:85 ;8F0, 345 CG@548B5;5< 2KABC?0NB @07=K5 AC1J5:BK ?@020. I5 >48= :@8B5@89 2 >B=>H5=85, :>B>@>3> <>6=> :;0AA8D8F8@>20BL N@848G5A:85 ;8F0, MB> E0@0:B5@ ?@02 CG0AB=8:>2. %0@0:B5@ ?@02 <>65B 1KBL @07;8G=K<.  >4=8E A;CG0OE CG@548B5;8 >1;040NB ?@02>< A>1AB25==>AB8 8;8 8=K< 25I=K< ?@02><, 2 4@C3>< CG0AB=8:8 8<5NB >1O70B5;LAB25==K5 ?@020, 8;8 65 CG0AB=8:8 2>>1I5 =5 8<5NB 8<CI5AB25==KE ?@02. 0AA<>B@8< 8725AB=K5 =0< N@848G5A:85 ;8F0, 2 >B=>H5=88 MB>3> :@8B5@8O. B0:,  N@848G5A:8< ;8F0<, =0 8<CI5AB2> :>B>@KE 8E CG@548B5;8 8<5NB ?@02> A>1AB25==>AB8 8;8 8=>5 25I=>5 ?@02>, >B=>AOBAO 3>AC40@AB25==K5 8 <C=8F8?0;L=K5 C=8B0@=K5 ?@54?@8OB8O, 2 B>< G8A;5 4>G5@=85 ?@54?@8OB8O, 0 B0: 65 D8=0=A8@C5<K5 A>1AB25==8:>< CG@5645=8O.  N@848G5A:8< ;8F0<, 2 >B=>H5=88 :>B>@KE 8E CG@548B5;8 (CG0AB=8:8) =5 8<5NB 8<CI5AB25==KE ?@02, >B=>AOBAO >1I5AB25==K5 8 @5;838>7=K5 >@30=870F88 (>1J548=5=8O), 1;03>B2>@8B5;L=K5 8 8=K5 D>=4K, >1J548=5=8O N@848G5A:8E ;8F (0AA>F80F88 A>N7K).  N@848G5A:8< ;8F0<, 2 >B=>H5=88 :>B>@KE 8E CG0AB=8:8 8<5NB >1O70B5;LAB25==K5 ?@020, >B=>AOBAO E>7O9AB25==K5 B>20@8I5AB20 8 >1I5AB20, ?@>872>4AB25==K5 8 ?>B@518B5;LA:85 :>>?5@0B82K. >A:>;L:C =0 8A?>;L7C5<>5 N@848G5A:8<8 ;8F0<8 8<CI5AB2> >=8 8<5NB @07=K5 ?@020, B> A;54CNI8< :@8B5@85< 2 =0H59 :;0AA8D8:0F88 <>6=> >?@545;8BL :0: >1J5< 25I=KE ?@02.  7028A8<>AB8 >B ?>A;54=53>, N@848G5A:85 ;8F0 45;OBAO =0 >1;040NI85 ?@02>< >?5@0B82=>3> C?@02;5=8O 8<CI5AB2><, >1;040NI85 ?@02>< E>7O9AB25==>3> 2545=8O 8<CI5AB2><, 8 ?@02>< A>1AB25==>AB8 =0 8<CI5AB2>. <CI5AB2> 3>AC40@AB25==>3> 8;8 <C=8F8?0;L=>3> C=8B0@=>3> ?@54?@8OB8O =0E>48BAO A>>B25BAB25==> 8 ?@8=04;568B B0:><C ?@54?@8OB8N =0 ?@025 E>7O9AB25==>3> 2545=8O 8;8 >?5@0B82=>3> C?@02;5=8O. >AC40@AB25==>5 8;8 <C=8F8?0;L=>5 C=8B0@=>5 ?@54?@8OB85, :>B>@><C 8<CI5AB2> ?@8=04;568B =0 ?@025 E>7O9AB25==>3> 2545=8O, 2;0455B, ?>;L7C5BAO 8 @0A?>@O605BAO MB8< 8<CI5AB2><& .  A;CG0OE, ?@54CA<>B@5==KE 70:>=>< > 3>AC40@AB25==KE <C=8F8?0;L=KE C=8B0@=KE ?@54?@8OB8OE, ?> @5H5=8N @028B5;LAB20 >AA89A:>9 $545@0F88 =0 1075 8<CI5AB20 =0E>4OI53>AO 2 D545@0;L=>9 A>1AB25==>AB8, <>65B 1KBL >1@07>20=> C=8B0@=>5 ?@54?@8OB85, >A=>20==>5 =0 ?@025 >?5@0B82=>3> C?@02;5=8O (D545@0;L=>5 :075==>5 ?@54?@8OB85). 075==>5 ?@54?@8OB85, 0 B0:65 CG@5645=85 2 >B=>H5=88 70:@5?;5==>3> 70 =8< 8<CI5AB20 >ACI5AB2;ONB 2 ?@545;0E CAB0=>2;5==KE 70:>=><, 2 A>>B25BAB288 A F5;O<8 A2>59 45OB5;L=>AB8, 7040=8O<8 A>1AB25==8:0 8 =07=0G5=85< 8<CI5AB20 ?@020 2;045=8O, ?>;L7>20=8O 8 @0A?>@O65=8O 8<. ><<5@G5A:85 8 =5:><<5@G5A:85 >@30=870F88, :@><5 3>AC40@AB25==KE 8 <C=8F8?0;L=KE ?@54?@8OB89, 0 B0:65 CG@5645=89, D8=0=A8@C5<KE A>1AB25==8:><, O2;ONBAO A>1AB25==8:0<8 8<CI5AB20, ?5@540==>3> 8< 2 :0G5AB25 2:;04>2 (27=>A>2) 8E CG@548B5;O<8 (CG0AB=8:0<8, G;5=0<8), 0 B0:65 8<CI5AB20 ?@8>1@5B5==>3> MB8<8 ;8F0<8 ?> 8=K< >A=>20=8O<. 1I5AB25==K5 8 @5;838>7=K5 >@30=870F88 (>1J548=5=8O), 1;03>B2>@8B5;L=K5 8 8=K5 D>=4K O2;ONBAO A>1AB25==8:0<8 ?@8>1@5B5==>3> 8<8 8<CI5AB20 8 <>3CB 8A?>;L7>20BL 53> ;8HL 4;O 4>AB865=8O F5;59, ?@54CA<>B@5==KE 8E CG@548B5;L=K<8 4>:C<5=B0<8. 0: 8725AB=>, >?@545;ONB ?@02>2>5 ?>;>65=85 N@848G5A:8E ;8F 8 A;C60B ?@54?>AK;:>9 8E A>740=8O  CG@548B5;L=K5 4>:C<5=BK.  ?>A:>;L:C, C @07;8G=KE N@848G5A:8E ;8F ?> A2>5<C A>AB02C CG@548B5;L=K5 4>:C<5=BK @07;8G=K, B> MB> 8 1C45B A;54CNI8< :@8B5@85< 2 =0H59 :;0AA8D8:0F88. N1>5 N@848G5A:>5 ;8F> 459AB2C5B =0 >A=>20=88 ;81> CAB020, ;81> CG@548B5;L=>3> 4>3>2>@0 8 CAB020, ;81> B>;L:> CG@548B5;L=>3> 4>3>2>@0.  =5:>B>@KE ?@54CA<>B@5==KE 70:>=>< A;CG0OE N@848G5A:>5 ;8F> =5 O2;ONI55AO :><<5@G5A:>9 >@30=870F859 <>65B 459AB2>20BL =0 >A=>20=88 >1I53> ?>;>65=8O >1 >@30=870F8OE 40==>3> 2840. .@848G5A:>5 ;8F> A>740==>5 >4=8< CG@548B5;5<, 459AB2C5B =0 >A=>20=88 CAB020, CB25@645==>3> MB8< CG@548B5;5<. #G@548B5;L=K9 4>3>2>@ ?>4;568B, :0: 8725AB=>, 70:;NG5=8N, 0 CAB02  CB25@645=8N. >?@>1C5< A>>B=5AB8 8725AB=K5 =0< N@848G5A:85 ;8F0, : :0:>9 ;81> 87 MB8E 3@C??. B0:, E>7O9AB25==K5 B>20@8I5AB20 8 >1I5AB20: >;=>5 B>20@8I5AB2> A>7405BAO 8 459AB2C5B =0 >A=>20=88 CG@548B5;L=>3> 4>3>2>@0, ">20@8I5AB2> =0 25@5 A>7405BAO 8 459AB2C5B =0 >A=>20=88 CG@548B5;L=>3> 4>3>2>@0. 1I5AB2> A >3@0=8G5==>9 >B25BAB25==>ABLN  #G@548B5;L=K<8 4>:C<5=B0<8 >1I5AB20 A >3@0=8G5==>9 >B25BAB25==>ABLN O2;ONBAO CG@548B5;L=K9 4>3>2>@, ?>4?8A0==K9 53> CG@548B5;O<8 8 CB25@645==K9 8<8 CAB02. A;8 >1I5AB2> CG@56405BAO >4=8< ;8F>< B> CG@548B5;L=K< 4>:C<5=B>< O2;O5BAO CAB02. :F8>=5@=>5 >1I5AB2>  #G@548B5;8 >1I5AB20 70:;NG0NB <564C A>1>9 ?8AL<5==K9 4>3>2>@ > 53> A>740=88& >3>2>@ > A>740=88 =5 O2;O5BAO CG@548B5;L=K< 4>:C<5=B>< >1I5AB20. #AB02 >1I5AB20 O2;O5BAO CG@548B5;L=K< 4>:C<5=B>< >1I5AB20. @>872>4AB25==K9 :>>?5@0B82  #G@548B5;L=K< 4>:C<5=B>< :>>?5@0B820 O2;O5BAO CAB02, CB25@6405<K9 >1I8< A>1@0=85< G;5=>2 :>>?5@0B820. >B@518B5;LA:89 :>>?5@0B82 459AB2C5B =0 >A=>20=88 CAB020, ?>A:>;L:C ?@8<5=8B5;L=> : MB><C 284C N@848G5A:8E ;8F 2 70:>=5 A:070=> #AB02 ?>B@518B5;LA:>3> :>>?5@0B820& 8 B.4., 0 >1 CG@548B5;L=>< 4>3>2>@5 2 70:>=5 =5B, =5 A;>20. >AC40@AB25==K5 8 <C=8F8?0;L=K5 C=8B0@=K5 ?@54?@8OB8O: 0 ?@025 E>7O9AB25==>3> 2545=8O  #G@548B5;L=K< 4>:C<5=B>< ?@54?@8OB8O, >A=>20==>3> =0 ?@025 E>7O9AB25==>3> 2545=8O, O2;O5BAO 53> CAB02, CB25@6405<K9 C?>;=><>G5==K< =0 B> 3>AC40@AB25==K< >@30=>< <5AB=>3> A0<>C?@02;5=8O. 0 ?@025 >?5@0B82=>3> C?@02;5=8O  #G@548B5;L=K< 4>:C<5=B>< :075==>3> ?@54?@8OB8O O2;O5BAO 53> CAB02, CB25@6405<K9 @028B5;LAB2>< >AA89A:>9 $545@0F88. 5:><<5@G5A:85 >@30=870F88 (>1I5AB25==K5 8 @5;838>7=K5 >1J548=5=8O, >@30=870F88, =5:><<5@G5A:85 ?0@B=5@AB20, CG@5645=8O, 02B>=><=K5 =5:><<5@G5A:85 >@30=870F88, A>F80;L=K5, 1;03>B2>@8B5;L=K5 8 8=K5 D>=4K 8 A>N7K 8 4@.)  #G@548B5;L=K<8 4>:C<5=B0<8 =5:><<5@G5A:8E >@30=870F89 O2;ONBAO: CAB02, CB25@645==K9 CG@548B5;O<8 (CG0AB=8:0<8), 4;O >1I5AB25==>9 >@30=870F88 (>1J548=5=8O), D>=40, =5:><<5@G5A:>3> ?0@B=5@AB20 8 02B>=><=>9 =5:><<5@G5A:>9 >@30=870F88; CG@548B5;L=K9 4>3>2>@, 70:;NG5==K9 8E G;5=0<8, 8 CAB02 CB25@645==K9 8<8, 4;O 0AA>F80F88 8;8 A>N70; @5H5=85 A>1AB25==8:0 > A>740=88 CG@5645=8O 8 CAB02, CB25@645==K9 A>1AB25==8:><, 4;O CG@5645=8O. #G@548B5;8 (CG0AB=8:8) =5:><<5@G5A:8E ?0@B=5@AB2, 0 B0:65 02B>=><=KE =5:><<5@G5A:8E >@30=870F89 2?@025 70:;NG0BL CG@548B5;L=K9 4>3>2>@.  A;CG0OE ?@54CA<>B@5==KE 70:>=>< =5:><<5@G5A:0O >@30=870F8O <>65B 459AB2>20BL =0 >A=>20=88 >1I53> ?>;>65=8O >1 >@30=870F8OE 40==>3> 2840. %>7O9AB25==K<8 B>20@8I5AB20<8 8 >1I5AB20<8 ?@87=0NBAO :><<5@G5A:85 >@30=870F88 A @0745;5==K< =0 4>;8 (2:;04K) CG@548B5;59 (CG0AB=8:>2) CAB02=K< (A:;04>G=K<) :0?8B0;><. 7 A0<>3> >?@545;5=8O 284=>, GB> ?5@2>9 >1I59 G5@B>9 B>20@8I5AB2 8 >1I5AB2 O2;O5BAO B>, GB> CAB02=>9 :0?8B0; @0745;5= =0 4>;8 (2:;04K), 8 8<5==> MB0 >1I0O G5@B0 >B;8G05B 8E >B 4@C38E :><<5@G5A:8E >@30=870F89. 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"0:, =0?@8<5@, 2 CG@548B5;L=>< 4>3>2>@5 CG@548B5;8 >1O7CNBAO A>740BL N@848G5A:>5 ;8F>, >?@545;ONB ?>@O4>: A>2<5AB=>9 45OB5;L=>AB8 ?> 53> A>740=8N, CA;>28O @0A?@545;5=8O <564C CG0AB=8:0<8 ?@81K;8 8 C1KB:>2, C?@02;5=8O 53> 45OB5;L=>ABLN, CA;>28O 8 ?>@O4>: 2KE>40 CG@548B5;59 87 53> A>AB020. 06=K<8 0B@81CB0<8 N@848G5A:>3> ;8F0 O2;ONBAO 53> =08<5=>20=85 8 <5AB> =0E>645=8O. 08<5=>20=85 ;N1>3> N@848G5A:>3> ;8F0 4>;6=> A>45@60BL C:070=85 =0 53> >@30=870F8>==>-?@02>2CN D>@<C. "0:, =0?@8<5@, D8@<5==>5 =08<5=>20=85 ;N1>3> ?>;=>3> B>20@8I5AB20 4>;6=> A>45@60BL A;>20 "?>;=>5 B>20@8I5AB2>". ><8<> MB>3> @0640=A:89 >45:A 2 @O45 A;CG052 ?@54CA<0B@8205B 4>?>;=8B5;L=K5 B@51>20=8O : =08<5=>20=8O< >B45;L=KE D>@< :><<5@G5A:8E >@30=870F89: =08<5=>20=85 C=8B0@=>3> ?@54?@8OB8O 4>;6=> A>45@60BL C:070=85 =0 A>1AB25==8:0 53> 8<CI5AB20 8 E0@0:B5@ 45OB5;L=>AB8 ?@54?@8OB8O. 0@538AB@8@>20==>5 2 CAB0=>2;5==>< ?>@O4:5 D8@<5==>5 =08<5=>20=85 N@848G5A:>3> ;8F0 ?@87=0QBAO >1J5:B>< ?@020 A>1AB25==>AB8, 8 2AO:>5 ;8F>, =5?@02><5@=> 8A?>;L7CNI55 GC6>5 70@538AB@8@>20==>5 D8@<5==>5 =08<5=>20=85 >1O70=> ?@5:@0B8BL 53> 8A?>;L7>20=85 8 2>7<5AB8BL ?@8G8=Q==K5 C1KB:8. 5AB>< =0E>645=8O N@848G5A:>3> ;8F0 ?@87=0QBAO <5AB> 53> 3>AC40@AB25==>9 @538AB@0F88, 5A;8 2 A>>B25BAB288 A 70:>=>< 2 CG@548B5;L=KE 4>:C<5=B0E N@848G5A:>3> ;8F0 =5 1C45B CAB0=>2;5=> 8=>3>. 0 40==K9 <><5=B >BACBAB2CNB =>@<K 70:>=0, CAB0=02;820NI85 A;CG08, :>340 <5AB> =0E>645=8O N@848G5A:>3> ;8F0 >B;8G=>5 >B <5AB0 53> 3>AC40@AB25==>9 @538AB@0F88, <>65B 8;8 4>;6=> 1KBL >?@545;5=> CG@548B5;L=K<8 4>:C<5=B0<8.  G0AB=>AB8, <5AB> =0E>645=8O N@848G5A:>3> ;8F0 8<55B 7=0G5=85: ?@8 =0;>3>>1;>65=88 40==>3> N@848G5A:>3> ;8F0; ?@8 @5H5=88 2>?@>A0 > 53> @57845=AB25 2 F5;OE 20;NB=>-M:A?>@B=>3> @53C;8@>20=8O; ?@8 @07@5H5=88 AC451=KE A?>@>2 8 >?@545;5=88 ?>4AC4=>AB8. 3.2.>@O4>: >1@07>20=8O N@848G5A:>3> ;8F0 >@O4>: >1@07>20=8O N@848G5A:>3> ;8F0 8 B@51>20=8O, :>B>@K< 4>;6=K C4>2;5B2>@OBL 459AB28O CG@548B5;59, :0: 8 B@51>20=8O : CG@548B5;L=K< 4>:C<5=B0<, CAB0=>2;5=K 70:>=>40B5;LAB2>< >1 >B45;L=KE 2840E N@848G5A:8E ;8F, 8E >@30=870F8>==>-?@02>2KE D>@<0E. >@O4>: >1@07>20=8O (A>740=8O) N@848G5A:>3> ;8F0 (=57028A8<> >B D>@< A>1AB25==>AB8 8 53> 1C4CI8E A>1AB25==8:>2 - 2;045;LF52) ?>4@07C<5205B ?>4 A>1>9, :0: ?@028;>, ?@>E>645=85 =5A:>;L:8E MB0?>2 (AB0489): 8A.7. >7=8:=>25=85 N@848G5A:>3> ;8F0. 081>;55 @0A?@>AB@0=5==K9 A?>A>1 - =>@<0B82=>-O2>G=K9. -B8< ?>@O4:>< 2>7=8:05B <0AA0 B>@3>2KE B>20@8I5AB2.  >AA88 2A5 G0AB=K5 N@848G5A:85 ;8F0 2>7=8:0NB =>@<0B82=>-O2>G=K< A?>A>1><. A5 N@848G5A:85 ;8F0 =57028A8<> >B A?>A>10 2>7=8:=>25=8O ?>4;560 @538AB@0F88 2 A?5F80;L=>< 3>AC40@AB25==>< @55AB@5.   2>7=8:=>25=85 8458 > A>740=88 =>2>3> ?@54?@8OB8O (>@30=870F88), =5>1E>48<>3> 4;O ?@>872>4AB20 :>=:@5B=KE 284>2 ?@>4C:F88, B>20@>2, @01>B, CA;C3); 87CG5=85 8 >?@545;5=85 2>7<>6=>AB59 8A?>;L7>20=8O =>2KE B5E=>;>389, A@54AB2 8 ?@54<5B>2 B@C40; 87CG5=85 @K=:0, =0 C4>2;5B2>@5=85 ?>B@51=>AB59 :>B>@>3> 4>;6=> @01>B0BL ?@54?@8OB85; ?>41>@ ?>AB02I8:>2, =5>1E>48<KE D0:B>@>2 ?@>872>4AB20 (AK@LO, <0B5@80;>2, :><?;5:BCNI8E 8745;89, >1>@C4>20=8O, M=5@35B8G5A:8E @5AC@A>2, 8=D>@<0F88 8 4@C38E); ?>41>@ A>CG@548B5;59 ?@54?@8OB8O (>@30=870F88); >?@545;5=85 D8=0=A>2KE 8AB>G=8:>2, =5>1E>48<KE 4;O D>@<8@>20=8O CAB02=>3> :0?8B0;0, =5>1E>48<>3> 4;O ?5@2>=0G0;L=>3> MB0?0 DC=:F8>=8@>20=8O ?@54?@8OB8O; @07@01>B:0 CG@548B5;L=KE 4>:C<5=B>2 8 187=5A-?;0=0; ?@>2545=85 >@30=870F8>==KE <5@>?@8OB89 ?> A>740=8N ?@54?@8OB8O (>@30=870F88) 2 7028A8<>AB8 >B >@30=870F8>==>-?@02>2>9 D>@<K 8 D>@<K A>1AB25==>AB8; >ACI5AB2;5=85 3>AC40@AB25==>9 @538AB@0F88 ?@54?@8OB8O, >B:@KB85 =5>1E>48<KE AG5B>2 2 10=:0E. ;O @538AB@0F88 N@848G5A:>3> ;8F0 >1KG=> ?@54AB02;ONBAO A;54CNI85 4>:C<5=BK: 70O2;5=85 CG@548B5;59 > @538AB@0F88, CAB02 >@30=870F88, CG@548B5;L=K9 4>3>2>@ 8;8 @5H5=85 CG@548B5;59 > A>740=88 N@848G5A:>3> ;8F0 (2 2845 ?@>B>:>;0 A>1@0=8O CG@548B5;59), A2845B5;LAB2> >1 C?;0B5 @538AB@0F8>==>9 ?>H;8=K, 0 4;O :><<5@G5A:8E >@30=870F89 - B0:65 4>:C<5=BK, ?>4B25@640NI85 >?;0BC =5 <5=55 50% #AB02=>3> :0?8B0;0 ?@54?@8OB8O.; 873>B>2;5=85 ?5G0B59, HB0<?>2; ?>AB0=>2:0 =0 CG5B 2 >@30=5 3>AC40@AB25==>9 =0;>3>2>9 A;C61K 2 B5@@8B>@80;L=>< >@30=5 5=A8>==>3> D>=40 $, $>=40 70=OB>AB8, $>=40 A>F80;L=>3> AB@0E>20=8O 8 $>=40 >1O70B5;L=>3> <548F8=A:>3> AB@0E>20=8O. 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"0:>5 7=0=85 206=> 8 4;O B5E, :B> 2 E>45 A2>59 45OB5;L=>AB8 AB0;:8205BAO A N@848G5A:8< ;8F><, GB>1K ?@028;L=> >?@545;8BL 53> ?@02>2>5 ?>;>65=85, ?>@O4>: 8 CA;>28O CG0AB8O 53> 2 :><<5@G5A:>< >1>@>B5, >B25BAB25==>ABL, :>B>@CN N@848G5A:>5 ;8F> 8/8;8 CG0AB=8:8 N@848G5A:>3> ;8F0 1C4CB =5AB8 ?> 53> >1O70B5;LAB20<. 0?@8<5@, >B25BAB25==>ABL >1I5AB20 A >3@0=8G5==>9 >B25BAB25==>ABLN 8 0:F8>=5@=>3> >1I5AB20 >3@0=8G5=0 ?> >1I5<C ?@028;C B>;L:> ?@8=04;560I8< 8< 8<CI5AB2><, <564C B5< :0: 2 A;CG05 =54>AB0B>G=>AB8 8<CI5AB20 4;O C4>2;5B2>@5=8O B@51>20=89 :@548B>@>2 C ?>;=>3> B>20@8I5AB20, B>20@8I5AB20 =0 25@5 8 >1I5AB20 A 4>?>;=8B5;L=>9 >B25BAB25==>ABLN ?> 8E 4>;30< 1C4CB >B25G0BL 2 A>>B25BAB288 A ?>;>65=8O<8 @0640=A:>3> >45:A0 8E CG0AB=8:8. @0640=A:89 >45:A, ?@87=020O N@848G5A:85 ;8F0 AC1J5:B0<8 3@0640=A:8E ?@02 8 >1O70==>AB59, ?@>2>48B >1ICN 48DD5@5=F80F8N N@848G5A:8E ;8F =0 :><<5@G5A:85 8 =5:><<5@G5A:85. 5;5=85 >@30=870F89 =0 :><<5@G5A:85 8 =5:><<5@G5A:85 ?@>2>48BAO 2 7028A8<>AB8 >B =0;8G8O ?@8 A>740=88 8 45OB5;L=>AB8 >@30=870F88 2 :0G5AB25 >A=>2=>9 F5;8 A8AB5<0B8G5A:>5 872;5G5=85 ?@81K;8. @8 MB>< ?5@5G5=L >@30=870F8>==>-?@02>2KE D>@< :><<5@G5A:8E >@30=870F89, ?@8254Q==K9 2 @0640=A:>< >45:A5, O2;O5BAO 8AG5@?K20NI8<, GB> >7=0G05B =52>7<>6=>ABL 8A?>;L7>20=8O 4;O 2545=8O ?@54?@8=8<0B5;LA:>9 45OB5;L=>AB8 :0:>9-;81> 8=>9 D8@<K, :@><5 ?@54CA<>B@5==KE 2 >45:A5. 3.3. $>@<K 45OB5;L=>AB8  >@30=870F8>==>-?@02>2K5 D>@<K >45:A 65 ?@54CA<0B@8205B A;54CNI85 D>@<K 45OB5;L=>AB8 :><<5@G5A:8E (8<5NI8E 2 :0G5AB25 >A=>2=>9 F5;8 - A8AB5<0B8G5A:>5 872;5G5=85 ?@81K;8) >@30=870F89: %>7O9AB25==K5 B>20@8I5AB20 - 2 A>>B25BAB288 A @0640=A:8< >45:A>< ACI5AB2C5B 420 2840 E>7O9AB25==KE B>20@8I5AB2: ?>;=>5 B>20@8I5AB2> 8 B>20@8I5AB2> =0 25@5. #G0AB=8:8 B>20@8I5AB20 2 F5;>< >1O70=K =5?>A@54AB25==> CG0AB2>20BL 2 53> 45OB5;L=>AB8, 2A;54AB285 G53> MB0 45OB5;L=>ABL ?@54AB02;O5B A>1>9 >1J548=Q==K5 459AB28O CG0AB=8:>2 B>20@8I5AB20, B.5. 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