ࡱ>  !"#$%& ``bjbjssHs&0 0 0 v TFFFZ¹¹¹8d^Z*nh"za[d*******$,hF/C*uFs10assC* z*s Fz*s*^F9zb S8 ¹+a%*0*'/~/,9/F9(sssssssC*C*gpsss*ssssZZZZZZZZZ   "  ! !"# !>45@60=85  TOC \o "1-3" \h \z  HYPERLINK \l "_Toc40606145" 2545=85  PAGEREF _Toc40606145 \h 3  HYPERLINK \l "_Toc40606146" ;020. 1. !CI=>ABL 8=D;OF88, >A=>2=K5 ?>=OB8O 8 ?@8G8=K  PAGEREF _Toc40606146 \h 5  HYPERLINK \l "_Toc40606147" 1.1.A=>2=K5 ?>=OB8O 8=D;OF88, B8?K 8 284K  PAGEREF _Toc40606147 \h 5  HYPERLINK \l "_Toc40606148" 1.2. =D;OF8O, ?@8G8=K 2>7=8:=>25=8O, B8?>;>38O  PAGEREF _Toc40606148 \h 16  HYPERLINK \l "_Toc40606149" 1.3. =0;87 M:>=><8G5A:8E B5>@89 8=D;OF88  PAGEREF _Toc40606149 \h 19  HYPERLINK \l "_Toc40606150" ;020.2. =D;OF8O 2 M:>=><8:5 >AA88, 5Q 0=0;87 8 >A>15==>AB8  PAGEREF _Toc40606150 \h 26  HYPERLINK \l "_Toc40606151" 2.1. =0;87 8 ?@8G8=K @0728B8O 8=D;OF8>==KE ?@>F5AA>2 2 >AA88  PAGEREF _Toc40606151 \h 26  HYPERLINK \l "_Toc40606152" 2.2. A>15==>AB8 8=D;OF88 2 >AA88  PAGEREF _Toc40606152 \h 28  HYPERLINK \l "_Toc40606153" ;020 3. !B@0B538O M:>=><8G5A:>3> @>AB0 >AA88 ?>4 2>7459AB285< 8=D;OF8>==KE ?@>F5AA>2  PAGEREF _Toc40606153 \h 32  HYPERLINK \l "_Toc40606154" 3.1. 5B>4K ?@5>4>;5=8O 8 @53C;8@>20=85 8=D;OF88 =0 A>2@5<5==>< MB0?5  PAGEREF _Toc40606154 \h 32  HYPERLINK \l "_Toc40606155" 3.2. =0;87 0=B88=D;OF8>==>9 AB@0B5388 2 >AA89A:>9 $545@0F88  PAGEREF _Toc40606155 \h 37  HYPERLINK \l "_Toc40606156" 3.3. >A;54AB28O 8 2;8O=85 8=D;OF88 =0 M:>=><8:C >AA88  PAGEREF _Toc40606156 \h 50  HYPERLINK \l "_Toc40606157" 0:;NG5=85  PAGEREF _Toc40606157 \h 61  HYPERLINK \l "_Toc40606158" !?8A>: ;8B5@0BC@K  PAGEREF _Toc40606158 \h 63  2545=85 K18@0O B5<C 48?;><=>9 @01>BK, O @5H8; >AB0=>28BAO =0 B0:>< 0:BC0;L=>< 2>?@>A5 2 =0H5 2@5<O, :0: =D;OF8O: ?@8G8=K, ?>A;54AB28O, <5B>4K ?@5>4>;5=8O ( =0 ?@8<5@5 >AA88). '5< >1CA;>2;5=0 0:BC0;L=>ABL MB>9 B5<K: @>1;5<0 8=D;OF88 70=8<05B 206=>5 <5AB> 2 M:>=><8G5A:>9 =0C:5, ?>A:>;L:C 55 ?>:070B5;8 8 A>F80;L=>-M:>=><8G5A:85 ?>A;54AB28O 83@0NB A5@L57=CN @>;L 2 >F5=:5 M:>=><8G5A:>9 157>?0A=>AB8 AB@0=K. 0==0O ?@>1;5<0 2 =0AB>OI55 2@5<O H8@>:> >1AC6405BAO @07;8G=K<8 02B>@0<8 (B5>@5B8:0<8 8 ?@0:B8:0<8) 2 ;8B5@0BC@5 8 2 A@54AB20E <0AA>2>9 8=D>@<0F88. :BC0;L=>ABL MB>3> 2>?@>A0 2 A>2@5<5==KE CA;>28OE >?@545;O5BAO =5>1E>48<>ABLN 2KOA=5=8O ACI=>AB8, 3;C18==KE ?@8G8= 8 <5E0=87<0 @0728B8O 8=D;OF88, 55 >A>15==>AB59 8 >A=>2=KE =0?@02;5=89 2 >AA88, 2 B>< G8A;5 8 A CG5B>< <8@>2>3> >?KB0. &5;LN 48?;><=>9 @01>BK O2;O5BAO: 7CG5=85 ACI=>AB8 8=D;OF88, 55 >A=>2=KE ?>=OB89 8 ?@8G8= 2>7=8:=>25=8O 8=D;OF8>==KE ?@>F5AA>2 2 M:>=><8:5, @0AA<>B@5=85 8=D;OF88 =0 ?@8<5@5 M:>=><8:8 >AA88, 55 0=0;87 8 >A>15==>AB8. , =0:>=5F, @0AA<>B@5=85 AB@0B5388 M:>=><8G5A:>3> @>AB0 >AA88 ?>4 2>7459AB285< 8=D;OF8>==KE ?@>F5AA>2. 0==0O 48?;><=0O @01>B0 =0?@02;5=0 =0 @5H5=85 A;54CNI8E 7040G: A=>2=K5 ?>=OB8O 8=D;OF88, B8?K 8 284K =D;OF8O, ?@8G8=K 2>7=8:=>25=8O, B8?>;>38O =0;87 M:>=><8G5A:8E B5>@89 8=D;OF88 =0;87 8 ?@8G8=K @0728B8O 8=D;OF8>==KE ?@>F5AA>2 2 >AA88 A>15==>AB8 8=D;OF88 2 >AA88 5B>4K ?@5>4>;5=8O 8 @53C;8@>20=85 8=D;OF88 =0 A>2@5<5==>< MB0?5 =0;87 0=B88=D;OF8>==>9 AB@0B5388 2 >AA89A:>9 $545@0F88 >A;54AB28O 8 2;8O=85 8=D;OF88 =0 M:>=><8:C >AA88 @><5 B>3>, 2 @01>B5 ?@54;0305BAO B0:0O 0=B88=D;OF8>==0O <>45;L, F5;L :>B>@>9 =5 ?>402;5=85 8=D;OF88 ;N1>9 F5=>9, 0 C?@02;5=85 8=D;OF8>==K<8 ?@>F5AA0<8 (@K=>G=K<8 8 3>AC40@AB25==K<8 <5B>40<8) 2 8=B5@5A0E ?>4J5<0 =0F8>=0;L=>3> ?@>872>4AB20 8 M:>=><8G5A:>9 157>?0A=>AB8 =0@>40. !>45@60=85 @01>BK =0H;> A2>5 >B@065=85 2 B@5E 3;020E: !CI=>ABL 8=D;OF88, >A=>2=K5 ?>=OB8O 8 ?@8G8=K =D;OF8O 2 M:>=><8:5 >AA88, 5Q 0=0;87 8 >A>15==>AB8 5B>4K ?@5>4>;5=8O 8 @53C;8@>20=85 8=D;OF88 =0 A>2@5<5==>< MB0?5 ;020. 1. !CI=>ABL 8=D;OF88, >A=>2=K5 ?>=OB8O 8 ?@8G8=K 1.1.A=>2=K5 ?>=OB8O 8=D;OF88, B8?K 8 284K >=OB85 8=D;OF88 @5645 G5< 3>2>@8BL > <=>3>G8A;5==KE ?@>B82>O48OE, =5>1E>48<> 2KOA=8BL, GB> 65 MB> 70 O4, GB> 70 C60A=>5 O2;5=85, A :>B>@K< B0: CA5@4=> <=>385 3>4K 1>@NBAO <C65AB25==K5 ?@028B5;LAB20. 1@0B8<AO : >;LH>9 A>25BA:>9 M=F8:;>?5488: "=D;OF8O (>B ;0B. inflatio - 274C20=85), ?5@5?>;=5=85 :0=0;>2 >1@0I5=8O 871KB>G=K<8 1C<06=K<8 45=L30<8, 2K7K20NI55 8E >15AF5=5=85.  @57C;LB0B5 8=D;OF88 1C<06=K5 45=L38 >15AF5=820NBAO ?> >B=>H5=8N : 45=56=><C B>20@C - 7>;>BC, 0 B0:65 ?> >B=>H5=8N :> 2A59 <0AA5 @O4>2KE B>20@>2 8 : 8=>AB@0==>9 20;NB5, A>E@0=ONI59 @50;L=CN ?@56=NN F5==>ABL 8;8 >15AF5=82H59AO 2 <5=LH59 AB5?5=8". !;>20@L /7K: @K=:0 405B A;54CNI55 >?@545;5=85: =D;OF8O - ?@>F5AA ?5@5?>;=5=8O :0=0;>2 45=56=>3> >1@0I5=8O, 2K@065==K9 2 >15AF5=5=88 45=53, @>AB5 F5= =0 B>20@K 8 CA;C38 8 A=865=88 @50;L=>3> 687=5==>3> C@>2=O B@C4OI8EAO. !;>20@L 10=:>2A:>-18@652>9 ;5:A8:8 >?@545;O5B 8=D;OF8N :0: G@57<5@=CN M:A?0=A8N 45=56=>9 <0AAK, A>?@>2>6405<CN @>AB>< F5= 8 A>:@0I5=85< A?@>A0. =D;OF8O - G@57<5@=>5 C25;8G5=85 :>;8G5AB20 >1@0I0NI8EAO 2 AB@0=5 1C<06=KE 45=53, 2K7K20NI55 8E >15AF5=5=85,- B0: >?8AK205B MB>B B5@<8= B>;:>20B5;L @CAA:>3> O7K:0 !.. 6>3>2. !C<<8@CO 2A5 MB8, 2 >1I5<-B>, 845=B8G=K5, >?@545;5=8O, <>6=> A:070BL, GB> 8=D;OF8O - MB> 45=56=K9 D5=><5=, 2K@065==K9 2 CAB>9G82>< 8 =5?@5@K2=>< @>AB5 F5=, 2K720==K< 871KB:>< 45=56=>9 <0AAK 2 >1@0I5=88. =K<8 A;>20<8, MB0 ?@>1;5<0 2>7=8:05B 2 A8BC0F88, :>340 :0AA>20O =0;8G=>ABL ?@54?@8=8<0B5;59 8 ?>B@518B5;59 (?@54;>65=85 45=53) ?@52KH05B @50;L=CN ?>B@51=>ABL (A?@>A =0 45=L38). G5284=>, GB> 2 B0:>< A;CG05 AC1J5:BK E>7O9AB25==KE >B=>H5=89 ?>AB0@0NBAO ?> 2>7<>6=>AB8 871028BLAO >B 2>7=8:H8E 871KB:>2 45=53, C25;8G820O A2>8 @0AE>4K 8 C<5=LH0O 45=56=K5 A15@565=8O. -B> 2K7>25B @0AH8@5=85 A?@>A0, ?>2KH5=85 F5= 8 A=865=85 ?>:C?0B5;L=>9 A?>A>1=>AB8 45=53 >B@8F0B5;L=K5 ?>A;54AB28O =525@=>9 45=56=>9 ?>;8B8:8 3>AC40@AB20, G@520BK5 7=0G8B5;L=K<8 M:>=><8G5A:8<8 8 A>F80;L=K<8 ?>B@OA5=8O<8. >>1I5, :>@=8 B0:>3> O2;5=8O, :0: 8=D;OF8O, 2A5340 :@>NBAO 2 >H81:0E ?@>2>48<>9 3>AC40@AB25==>9 ?>;8B8:8. @8G8=0<8 <>3CB ?>A;C68BL 25A><K9 45D8F8B 1N465B0, =525@=K5 <5@>?@8OB8O ?> 45=56=>9 M<8AA88 8 <=>3>5 4@C3>5 ?> >B45;L=>AB8 8 2 A>2>:C?=>AB8. 4=0:>, 8=D;OF8O, E>BO 8 ?@>O2;O5BAO 2 @>AB5 B>20@=KE F5=, =5 <>65B 1KBL A2545=0 ;8HL : G8AB> 45=56=><C D5=><5=C. -B> A;>6=>5 A>F80;L=>-M:>=><8G5A:>5 O2;5=85, ?>@>6405<>5 48A?@>?>@F8O<8 2>A?@>872>4AB20 2 @07;8G=KE AD5@0E @K=>G=>3> E>7O9AB20. =D;OF8O, 8<5O 4;8B5;L=CN 8 1>30BCN 8AB>@8N, 8 A59G0A ?@54AB02;O5B A>1>9 >4=C 87 =081>;55 >AB@KE ?@>1;5< A>2@5<5==>3> @0728B8O M:>=><8:8 2> <=>38E AB@0=0E <8@0. "8?K 8=D;OF88 -:>=><8ABK @07;8G0NB 420 B8?0 8=D;OF89: A?@>A0 8 ?@54;>65=8O. 5@20O (8=D;OF8O A?@>A0  demand-pull inflation) 8<55B <5AB> 2 B>< A;CG05, :>340 4>E>4K =0A5;5=8O 8 ?@54?@8OB89 @0ABCB 1KAB@55 @50;L=>3> >1J5<0 B>20@>2 8 CA;C3. >2KH5==K9 871KB>G=K9 A?@>A ?@82>48B : 702KH5==K< F5=0< =0 @50;L=K9 ?>AB>O==K9 >1J5< ?@>4C:F88 8 2K7K205B 8=D;OF8N A?@>A0 (A<. @8A.1). 1@0B8<AO : >4=><C 87 >A=>2=KE @025=AB2 <0:@>M:>=><8:8: EMBED Equation.3EMBED Equation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cost-push inflation) 8;8 ?@>872>48B5;59, 345 @>AB F5= >1JOA=O5BAO 2>7@0AB0=85< 8745@65: 8AB>G=8:0 8=D;OF88, >1CA;>2;5==>9 @>AB>< 8745@65:, - MB> C25;8G5=85 =><8=0;L=>9 70@01>B=>9 ?;0BK 8;8 F5= =0 AK@L5 8 M=5@38N. 5@2K9 >1JOA=O5BAO A8;>9 ?@>DA>N7>2, 2>7@0AB0NI59 A ?>;=>9 70=OB>ABLN, 8 ?A8E>;>3859 ?@54?@8=8<0B5;59, 2K18@0NI8E 2 ?5@8>4 ?>4J5<0 =5 4>@>3>AB>OI85 7010AB>2:8 8 ?@>AB>9 ?@>872>4AB20, 0 =5:>B>@>5 ?>2KH5=85 70@?;0BK 8 A515AB>8<>AB8 ?@>4C:F88. B>@>9 >1KG=> A2O70= A 2>7459AB285< M:7>35==KE D0:B>@>2 - =5C@>6052, AB8E89=KE 154AB289 8;8, =0?@8<5@, ?>4>@>60=85< =5DB8 2 70-E 3>40E, A2O70==K< A 45OB5;L=>ABLN .  @57C;LB0B5 8=D;OF8O 8745@65: A>:@0I05B ?@81K;8 8 >1J5< ?@>4C:F88, :>B>@K5 ?@54?@8OB8O =0<5@5=K ?@54;>68BL ?@8 ACI5AB2CNI5< C@>2=5 F5=, 8 A<5I05B :@82CN ?@54;>65=8O 2;52>.  8B>35, G5@57 >?@545;5==>5 2@5<O 10;0=A A?@>A0 8 ?@54;>65=8O >?OBL 2>AAB0=02;8205BAO, => C65 ?@8 1>;55 2KA>:>9 F5=5.  ?>2KH5=85 F5=K <>65B 2K720BL 8=D;OF8>==CN A?8@0;L "F5=K - 70@?;0B0". =D;OF8O ?@>872>48B5;59 3>@074> A;>6=55 8=D;OF88 A?@>A0, B.:. ?@028B5;LAB2> 2 40==>< A;CG05 2AB05B ?5@54 48;5<<>9: ;81> C25;8G8BL A?@>A 4;O AB8<C;8@>20=8O ?@>872>4AB20, GB> G@520B> 5I5 1>;LH8< >1>AB@5=85< 8=D;OF88 8 A:0G:>< F5=; ;81> 157459AB2>20BL, GB> ?@82545B : 3;C1>:><C A?04C, :>B>@K9 <>65B 25@=CBL : ?@56=5<C C@>2=N, => MB> >15@=5BAO 4;O M:>=><8:8 7=0G8B5;L=>9 ?>B5@59 @50;L=>3> 2K?CA:0. @8G8=0<8 C25;8G5=8O 8745@65: <>3CB 1KBL >;83>?>;8AB8G5A:0O ?@0:B8:0 F5=>>1@07>20=8O 8 D8=0=A>20O ?>;8B8:0 3>AC40@AB20, @>AB F5= =0 AK@L5, 459AB28O ?@>DA>N7>2, B@51CNI8E ?>2KH5=8O 70@01>B=>9 ?;0BK 8 4@. "5>@8O 8=D;OF88, >1CA;>2;5==>9 @>AB>< 8745@65:, >1JOA=O5B @>AB F5= B0:8<8 D0:B>@0<8, :>B>@K5 ?@82>4OB : C25;8G5=8N 8745@65: =0 548=8FC ?@>4C:F88. 745@6:8 =0 548=8FC ?@>4C:F88 - MB> A@54=85 8745@6:8 ?@8 40==>< >1J5<5 ?@>872>4AB20. "0:85 8745@6:8 <>6=> ?>;CG8BL, @0745;82 >1I85 70B@0BK =0 @5AC@AK =0 :>;8G5AB2> ?@>872545==>9 ?@>4C:F88, B> 5ABL:  >2KH5=85 8745@65: =0 548=8FC ?@>4C:F88 2 M:>=><8:5 A>:@0I05B ?@81K;8 8 >1J5< ?@>4C:F88, :>B>@K9 D8@<K 3>B>2K ?@54;>68BL ?@8 ACI5AB2CNI5< C@>2=5 F5=.  @57C;LB0B5 C<5=LH05BAO ?@54;>65=85 B>20@>2 8 CA;C3 2 <0AHB015 2A59 M:>=><8:8. -B> C<5=LH5=85 ?@54;>65=8O, 2 A2>N >G5@54L, ?>2KH05B C@>25=L F5=. !;54>20B5;L=>, ?> MB>9 AE5<5 8745@6:8, 0 =5 A?@>A 2728=G8205B F5=K, :0: MB> ?@>8AE>48B ?@8 8=D;OF88 A?@>A0.  ?>A;54=55 2@5<O M:>=><8ABK AB0;8 2K45;OBL >A>1K9 =>2K9 284 8=D;OF88 - AB03D;OF8N. 0: 8725AB=> AB03D;OF8O >4=>2@5<5==>5 2>7@0AB0=85 >1I53> C@>2=O F5=, A>:@0I5=85 >1J5<>2 ?@>872>4AB20 8, A;54>20B5;L=>, C25;8G5=85 157@01>B8FK. !B03D;OF8O B5A=> A2O70=0 A 8=D;OF859 ?@54;>65=8O 8 A?@>A0.  ?@8G8=0<8 O2;ONBAO AB@C:BC@=>5 =5A>25@H5=AB2> @K=:0 8 >BACBAB285 :>=:C@5=F88, B. :. C <>=>?>;89 =5B AB8<C;>2 4;O A=865=8O 8745@65:. =>385 8AA;54>20B5;8 B0:65 ?>;030NB, GB> ?@8G8=>9 AB03D;OF88 <>3CB A;C68BL 8=D;OF8>==K5 >6840=8O: 2 CA;>28OE 8=D;OF8>==>3> A?@>A0 2;045;LFK D0:B>@>2 ?@>872>4AB20 =0G8=0NB 702KH0BL AB>8<>ABL A2>8E CA;C3, >6840O 2>7<>6=>5 ?045=85 4>E>4>2 87-70 8=D;OF88. -B> ?@82>48B : @>ABC 8745@65: ?@>872>4AB20 8 C<5=LH5=8N A>2>:C?=>3> ?@54;>65=8O. 01;N405BAO ?@>F5AA >4=>2@5<5==>3> @>AB0 F5= (87-70 8=D;OF88 A?@>A0) 8 ?045=85 >1J5<>2 ?@>872>4AB20. "0:8< >1@07><, AB03D;OF8O - =08EC4H55 87 2A5E 7>; 8=D;OF88, A>G5B0NI55 2 A515 ?@>1;5<K 8=D;OF8>==>3> A?@>A0 8 8745@65:, ?>MB><C 1>@L10 A MB8< O2;5=85< :@09=5 A;>6=0. 0 ?@0:B8:5, G0AB> 284K 8=D;OF88 ?5@5?;5B0NBAO, ?>MB><C <=>385 M:>=><8ABK, :0: 70 @C156><, B0: 8 2 =0H59 AB@0=5 @0AA<0B@820NB 8=D;OF8N :0: <=>3>D0:B>@=>5 O2;5=85, ?@>B82>AB>OI55 @>ABC ?@>872>4AB20 8 ?>;=>F5==><C M:>=><8G5A:><C @0728B8N AB@0=K. >@L10 A =59 =5 <>65B 1KBL @0AAG8B0=0 =0 :0:>9-;81> :>=:@5B=K9 A@>: 8 A>AB02;OBL M:>=><8G5A:CN ?@>3@0<<C =>2>3> ;845@0, => O2;O5BAO ?>AB>O==>9, ?>2A54=52=>9 >1O70==>ABLN ?@028B5;LAB20. A=>2=K5 284K 8=D;OF88  8A.2.;0AA8D8:0F8O 284>2 8=D;OF88. @5645 2A53>, B5, :>B>@K5 2K45;ONB A ?>78F88 B5<?0 @>AB0 F5= (?5@2K9 :@8B5@89).  B5>@88 8 ?@0:B8:5 @07;8G0NB =5A:>;L:> B.=. C@>2=59 8=D;OF88. AB0=>28<AO =0 @0AA<>B@5=88 =081>;55 G0AB> 2>7=8:0NI8E 8 459AB2CNI8E 2 M:>=><8:5 C@>2=OE 8=D;OF88. >;7CG0O (C<5@5==0O) 8=D;OF8O, 4;O :>B>@>9 E0@0:B5@=K >B=>A8B5;L=> =52KA>:85 B5<?K @>AB0 F5=, ?@8<5@=> 10% 8;8 =5A:>;L:> 1>;LH5 ?@>F5=B>2 2 3>4. "0:>3> @>40 8=D;OF8O ?@8ACI0 1>;LH8=AB2C AB@0= A @0728B>9 @K=>G=>9 M:>=><8:>9, 8 >=0 =5 ?@54AB02;O5BAO G5<-B> =5>1KG=K<. 0==K5 70 70-5, 80-5 8 =0G0;> 90-E 33. ?> !(, /?>=88 8 70?04=>52@>?59A:8< AB@0=0<, :0: @07 8 3>2>@OB > =0;8G88 ?>;7CG59 8=D;OF88. !@54=89 C@>25=L 8=D;OF88 ?> AB@0=0< 2@>?59A:>3> A>>1I5AB20 A>AB028; 70 ?>A;54=85 3>4K >:>;> 3-3,5%. =>385 A>2@5<5==K5 M:>=><8ABK, 2 B>< G8A;5 ?>A;54>20B5;8 M:>=><8G5A:>3> CG5=8O 59=A0, AG8B0NB B0:CN 8=D;OF8N =5>1E>48<>9 4;O MDD5:B82=>3> M:>=><8G5A:>3> @0728B8O. "0:0O 8=D;OF8O ?>72>;O5B MDD5:B82=> :>@@5:B8@>20BL F5=K ?@8<5=8B5;L=> : 87<5=ONI8<AO CA;>28O< ?@>872>4AB20 8 A?@>A0. 0;>?8@CNI0O 8=D;OF8O (@>AB F5= =0 20  200 % 2 3>4). "0:85 2KA>:85 B5<?K 2 80-E 33. =01;N40;8AL, : ?@8<5@C, 2> <=>38E AB@0=0E 0B8=A:>9 <5@8:8, =5:>B>@KE AB@0=0E .6=>9 788 (A<. ?@8;.1, B01.4). 8?5@8=D;OF8O - F5=K @0ABCB 0AB@>=><8G5A:8, @0AE>645=85 F5= 8 70@01>B=>9 ?;0BK AB0=>28BAO :0B0AB@>D8G5A:8<, @07@CH05BAO 1;03>A>AB>O=85 4065 =081>;55 >15A?5G5==KE A;>52 >1I5AB20, 15A?@81K;L=K<8 8 C1KB>G=K<8 AB0=>2OBAO :@C?=59H85 ?@54?@8OB8O ($ 70 38?5@8=D;OF8N A59G0A ?@8=8<05B 50%-9 @>AB F5= 2 <5AOF). "0:, 2 @35=B8=5 =0 0?@5;L 1990 3. 70D8:A8@>20= @>AB F5= 2 200 @07 (B5<? @>AB0 8=D;OF88  2000 %). !?0A;> 0@35=B8=F52 ;8HL B>, GB> C =8E ?@5>1;0405B =0BC@0;L=>5 A5;LA:>5 E>7O9AB2> 8 157 @K=>G=KE >B=>H5=89 <>6=> ?@>68BL =5:>B>@>5 2@5<O. @><5 B>3>, 1>;LH8=AB2> M:>=><8G5A:>9 ;8B5@0BC@K ?@82>48B 2 :0G5AB25 ?@8<5@>2 8:0@03C0 ?5@8>40 3@0640=A:>9 2>9=K (33000% - A@54=53>4>2>9 ?@8@>AB F5=) 8;8 65 ?>A;52>5==CN 5=3@8N, :>340 4>2>5==K9 D>@8=B (45=56=0O 548=8F0 5=3@88) AB>8; 829 :>B8;L>=>2 =>2KE D>@8=B>2 (548=8;0 A 22 =C;O<8), 0 4>;;0@ !( >1<5=820;AO =0 3*1022 D>@8=B>2, >4=0:> =>259H89 ?@8<5@ A !5@1859 ?>:070;, GB> =525@>OB=K5 ?>2KH5=8O F5= =5 >AB0;8AL 2 ?@>H;><.  @57C;LB0B5 M:>=><8G5A:>3> M<10@3> 8@>2>3> !>>1I5AB20 ?@>B82 MB>9 1K2H59 A>N7=>9 @5A?C1;8:8 .3>A;0288 3>4>2>9 @>AB F5= 2 MB>9 @5A?C1;8:5 A>AB028; 3,000,000,000%. 5AB8 CA?5H=K9 187=5A 2 CA;>28OE 38?5@8=D;OF88 ?>GB8 =52>7<>6=>. 5GL <>65B 84B8 B>;L:> > AB@0B5388 2K6820=8O. 5F5?B 2K6820=8O B0:>2: 02B>=><=>ABL 8 A0<>4>AB0B>G=>ABL, C?@>I5=85 ?@>872>4AB20, A>:@0I5=85 2=5H=8E A2O759, =0BC@0;870F8O 107>2KE M;5<5=B>2 2=CB@8D8@<5==>3> E>7O9AB2>20=8O. A5 G0I5 ?@><KH;5==K< ?@54?@8OB8O< ?@8E>48BAO 702>48BL A2>8 B5?;8FK, A28=>D5@<K 8 4065 <8=8-M;5:B@>AB0=F88, CA8;820BL 0:F5=B =0 10@B5@=KE 8 :;8@8=3>2KE >?5@0F8OE.  @0A:@CG820=88 A?8@0;8 38?5@8=D;OF88 G@572KG09=CN @>;L B0:65 83@0NB 8=D;OF8>==K5 >6840=8O. A5 MB8 284K 8=D;OF88 ACI5AB2CNB B>;L:> ?@8 >B:@KB>< 55 A>AB>O=88, B> 5ABL ?@8 >B=>A8B5;L=> A2>1>4=>< @K=:5. @8 ?>402;5==>9 65 8=D;OF88 @>AB F5= =0 B>20@K 8 CA;C38 <>65B 8 =5 =01;N405BAO, 0 >15AF5=820=85 45=53 <>65B 2K@060BLAO 2 45D8F8B5 ?@54;>65=8O.  ?>402;5==>9 8=D;OF88 A;54C5B A:070BL >A>1>. =0 ?>@>645=0 =525@=>9 45OB5;L=>ABLN 3>AC40@AB20. 0?@8<5@, 22545=85 8< 2@5<5==>3> 70<>@06820=8O 4>E>4>2 8 F5=, CAB0=>2;5=85 25@E=8E ?@545;>2 8E @>AB0; AB@5<;5=85 C45@60BL 48=0<8:C 70@01>B0==>9 ?;0BK =0 C@>2=5, =5 ?@52KH0NI5< B5<?K @>AB0 ?@>872>48B5;L=>AB8 B@C40; 8;8 4065 B>B0;L=K9 04<8=8AB@0B82=K9 :>=B@>;L =04 F5=0<8 8 4>E>40<8. "0:85 459AB28O, >1CA;>2;5==K5 ?@>B82>5AB5AB25==K< <>=>?>;87<>< 8 04<8=8AB@8@>20=85< 2 AD5@5 F5=>>1@07>20=8O, 254CB : 3;C18==>9 45D>@<0F88 @K=>G=KE <5E0=87<>2. 'B>, :>=5G=>, =5 ;8:2848@C5B 8=D;OF8N, => 87<5=O5B D>@<K 55 ?@>O2;5=8O. @5645 2A53>, MB> 2K@0605BAO 2 AB@0H=>9 =5E20B:5 ;N4O< =5>1E>48<KE B>20@>2 8 CA;C3. @8<5@ 4>;3> 8A:0BL =5 ?@845BAO: 2A5< =0< 7=0:><K 42CE B@5EG0A>2K5 >G5@548 70 45D8F8B=K<8 B>20@0<8. 5D8F8B 65 2 A2>N >G5@54L ?@82>48B : 87<5=5=8N ?A8E>;>388 ?>B@518B5;59 8 ?@>872>48B5;59. 5@2K5 A>740NB 068>B06=K9 A?@>A, >1CA;>2;5==K9 ?@8=F8?><: =5 :C?8HL A59G0A, 1>;LH5 =5 A<>65HL =09B8 (45D8F8B=K5 >6840=8O). "0:8< >1@07><, @0A:@CG8205BAO 8=D;OF8O >6840=8O.  2B>@K5, =0>1>@>B, ?@845@6820NB B>20@K :0: 2 =045645 =0 >G5@54=>5 @07@5H5=85 ?>4=OB8O C@>2=O F5=, B0: 8 A F5;LN ?@>4068 8E =0 G5@=>< @K=:5, 2>7=8:0NI5< 2A;54AB285 @07@K20 <564C 04<8=8AB@0B82=K<8 F5=0<8 8 F5=0<8 B5=52>9 M:>=><8:8, 2K@02=820NI8<8 ?@54;>65=85 A 8=D;OF8>==K< A?@>A><. >O2;O5BAO <>I=K9 M:>=><8G5A:89 AB8<C;, 2K7K20NI89 ?5@5<5I5=85 B>20@=KE <0AA 87 >D8F80;L=>9 M:>=><8:8 2 B5=52CN, >B A>ACI5AB2>20=8O :>B>@>9 3>AC40@AB2> B5@?8B 1>;LH85 C1KB:8 2284C =52>7<>6=>AB8 >1;>65=8O ?>A;54=59 =0;>30<8. >@L10 65 @028B5;LAB20 A B5=52K< 187=5A>< =8 : G5<C =5 ?@82>48B, B.:. ?@8G8=0 53> 2>7=8:=>25=8O ;560B 2 A0<>9 M:>=><8G5A:>9 A8AB5<5. > 3;02=>5 7;>, :>B>@>5 =5A5B ?>402;5==0O 8=D;OF8O - MB> ;8H5=85 873>B>28B5;59 F5=>2KE AB8<C;>2, ?@5?OBAB285 @0725@BK20=8N 8=25AB8F8>==>3> ?@>F5AA0, @0AH8@5=8N ?@>872>4AB20 8 ?@54;>65=8O. >A:>;L:C 7028A8<>ABL F5= >B A?@>A0 8AG5705B, 8=25AB>@K B5@ONB >@85=B8@>2:C, 0 >B@0A;52>5 @0A?@545;5=85 D8=0=A>2KE, <0B5@80;L=KE 8 G5;>25G5A:8E @5AC@A>2 AB0=>28BLAO 70254><> =5>?B8<0;L=K<. @548B=K5 DC=:F88 10=:>2 AB0=>2OBAO 25AL<0 AB@0==K<8: 4020O 2 4>;3 45=L38 C1KB>G=K< ?@54?@8OB8O<, >=8 C65 70@0=55 7=0NB, GB> :@548BK >AB0=CBAO =52>72@0I5==K<8; ?@54?@8OB8O 65 C25@5=K, GB>, 1C4CG8 <>=>?>;8AB0<8, 4>1LNBAO >B ?@028B5;LAB20 0==C;8@>20=8O MB8E :@548B>2. "0:>5 ?>;>65=85 2 =5402=5< ?@>H;>< 1K;> @50;859 =0H59 M:>=><8:8, =5AO 2 A515 2A5 >B@8F0B5;L=K5 ?>A;54AB28O MB>3> ?@>F5AA0, 2 B>< G8A;5 8 =0@0I820=85 B5<?>2 8=D;OF88 87-70 2>7@0AB0=8O 8745@65: ?@>872>4AB20 8 C25;8G5=8O 45=56=>9 <0AAK. B0:, ?>402;5==0O 8=D;OF8O ?@54AB02;O5B A>1>9 1>;LHCN >?0A=>ABL 4;O =>@<0;L=>9 M:>=><8G5A:>9 687=8 AB@0=K. "5?5@L @0AA<>B@8< 284K 8=D;OF88 A B>G:8 7@5=8O 2B>@>3> :@8B5@8O  A>>B=>A8B5;L=>AB8 @>AB0 F5= ?> @07;8G=K< B>20@=K< 3@C??0<, B. 5. ?> AB5?5=8 A10;0=A8@>20==>AB8 8E @>AB0: A10;0=A8@>20==0O 8=D;OF8O; =5A10;0=A8@>20==0O 8=D;OF8O. @8 A10;0=A8@>20==>9 8=D;OF88 F5=K @07;8G=KE B>20@>2 =587<5==K >B=>A8B5;L=> 4@C3 4@C30, 0 ?@8 =5A10;0=A8@>20==>9  F5=K @07;8G=KE B>20@>2 ?>AB>O==> 87<5=ONBAO ?> >B=>H5=8N 4@C3 : 4@C3C, ?@8G5< 2 @07;8G=KE ?@>?>@F8OE. !10;0=A8@>20==0O 8=D;OF8O =5 AB@0H=0 4;O 187=5A0. @8E>48BAO ;8HL ?5@8>48G5A:8 ?>2KH0BL F5=K B>20@>2: AK@L5 ?>4>@>60;> 2 10 @07, 8 2K A>>B25BAB25==> C25;8G8205B5 F5=C A2>59 :>=5G=>9 ?@>4C:F88.  MB>< A;CG05 ?> @57C;LB0B0< A@54=53>4>2>3> @>AB0 F5= ?>4=8<05BAO ?@>F5=B=0O AB02:0 >AC40@AB25==>3> 10=:0 8 B0:8< >1@07>< A8BC0F8O AB0=>28BAO @02=>A8;L=>9 A8BC0F88 A> AB018;L=K<8 F5=0<8. 8A: ?>B5@8 4>E>4=>AB8 ?@8ACI B>;L:> B5< ?@54?@8=8<0B5;O<, :>B>@K5 AB>OB ?>A;54=8<8 2 F5?>G:5 ?>2KH5=8O F5=. -B>, :0: ?@028;>, ?@>872>48B5;8 A;>6=>9 ?@>4C:F88, >A=>20==>9 =0 8=B5=A82=KE 2=5H=8E :>>?5@0F8>==KE A2O7OE. &5=0 =0 8E ?@>4C:F8N >B@0605B 2AN AC<<C ?>2KH5=8O F5= 2=5H=59 :>>?5@0F88, 8 8<5==> >=8 @8A:CNB 7045@60BL A1KB A25@E 4>@>3>9 ?@>4C:F88 :>=5G=><C ?>B@518B5;N. 5A10;0=A8@>20==>ABL 8=D;OF88  1>;LH0O 1540 4;O M:>=><8:8. > 5I5 AB@0H=55, :>340 =5B ?@>3=>70 =0 1C4CI55, =5B C25@5==>AB8 E>BO 1K 2 B><, GB> B>20@=K5 3@C??K-;845@K @>AB0 F5= >AB0=CBAO ;845@0<8 8 702B@0, 8 G5@57 =545;N, 8 G5@57 3>4. 52>7<>6=> @0F8>=0;L=> 2K1@0BL AD5@K ?@8;>65=8O :0?8B0;0, @0AAG8B0BL 8 A@02=8BL 4>E>4=>ABL 20@80=B>2 8=25AB8@>20=8O. @><KH;5==>ABL @072820BLAO 2 B0:8E CA;>28OE =5 <>65B. >7<>6=K ;8HL :>@>B:85 A?5:C;OB82=>-?>A@54=8G5A:85 >?5@0F88, C4>1@5==K5 AB8E89=K<8, =5A10;0=A8@>20==K<8 A:0G:0<8 >B=>A8B5;L=KE F5= :0: 2 >B@0A;52><, B0: 8 2 B5@@8B>@80;L=>< 0A?5:B0E. ! B>G:8 7@5=8O B@5BL53> :@8B5@8O, 8=D;OF8O <>65B 1KBL >68405<0O 8 =5>68405<0O. 68405<0O 8=D;OF8O <>65B ?@54A:07K20BLAO 8 ?@>3=>78@>20BLAO 70@0=55 A 4>AB0B>G=>9 AB5?5=LN =0456=>AB8, >=0 70G0ABCN 4065 <>65B O2;O5BAO ?@O<K< @57C;LB0B>< 459AB289 ?@028B5;LAB20. 5>68405<0O 8=D;OF8O E0@0:B5@87C5BAO 2=570?=K< A:0G:>< F5=, GB> =530B82=> A:07K205BAO =0 A8AB5<5 =0;>3>>1;>65=8O 8 45=56=>3> >1@0I5=8O.  A;CG05 =0;8G8O C =0A5;5=8O 8=D;OF8>==KE >6840=89 B0:0O A8BC0F8O 2K7>25B @57:>5 C25;8G5=85 A?@>A0, GB> A0<> ?> A515 A>7405B B@C4=>AB8 2 M:>=><8:5 8 8A:0605B @50;L=CN :0@B8=C >1I5AB25==>3> A?@>A0, GB> 2545B : A1>N 2 ?@>3=>78@>20=88 B5=45=F89 2 M:>=><8:5 8 ?@8 =5:>B>@>9 =5@5H8B5;L=>AB8 ?@028B5;LAB20 5I5 A8;L=55 C25;8G8205B 8=D;OF8>==K5 >6840=8O, :>B>@K5 1C4CB ?>4AB53820BL @>AB F5=. 4=0:> 2 A;CG05, :>340 2=570?=K9 A:0G>: F5= ?@>8AE>48B 2 M:>=><8:5, =5 70@065==>9 8=D;OF8>==K<8 >6840=8O<8, B> 2>7=8:05B B0: =07K205<K9  MDD5:B 83C , @57:>5 ?045=85 A?@>A0 C =0A5;5=8O 2 =045645 =0 A:>@>5 A=865=85 F5=. A;54AB285 A=865=8O A?@>A0 ?@>872>48B5;L AB0=>28BAO 2K=C645= A=860BL F5=C, 8 2A5 2>72@0I05BAO 2 A>AB>O=85 @02=>25A8O. 07;8G=K5 284K 8=D;OF88 AE5<0B8G5A:8 <>6=> 87>1@078BL A;54CNI8< >1@07><: 68405<0O5>68405<0O!10;0=A8@>20==0O! 1! 25A10;0=A8@>20==0O! 3! 4 !E5<0 !1. 84K 8=D;OF88 ><18=0F8O ! 1 2 AE5<5 (>68405<0O + A10;0=A8@>20==0O 8=D;OF8O) =08<5=55 >?0A=0. ><18=0F8O ! 2 1>;55 >?0A=0 (=5>68405<0O, => A10;0=A8@>20==0O). ><18=0F8O ! 3 >7=0G05B =0@0AB0=85 >B@8F0B5;L=KE ?>A;54AB289 8=D;OF88 4;O 20H53> 187=5A0. , =0:>=5F, :><18=0F8O ! 4 (=5A10;0=A8@>20==0O + =5>68405<0O) - =08EC4H0O 87 2A5E. 0@0AB0=85 =><5@0 :><18=0F88 >7=0G05B =0@0AB0=85 B@C4=>AB59 040?B0F88 : =59.  MB><C 4>1028<, GB> G5< 1KAB@55 @0ABCB F5=K (2A?><=8< :@8B5@89 B5<?>2 @>AB0), B5< A8;L=55 =530B82=K5 ?>A;54AB28O ;N1>9 87 G5BK@5E :><18=0F89. >;>68B5;L=K< 2>7459AB285< >B;8G05BAO, ?>60;C9, ;8HL :><18=0F8O !1 2 A>G5B0=88 A C<5@5==K< @>AB>< F5= (4> 10% 2 3>4). =0 B>=878@C5B @50;L=>5 8=25AB8@>20=85, B. 5. A;53:0 ?>43>=O5B ?@54?@8OB8O ?> ?CB8 CA:>@5=8O 70<5=K 8 <>45@=870F88 ?@>872>4AB25==KE <>I=>AB59, @07@01>B:8 =>2KE 284>2 ?@>4C:F88, 81> >B 45=53 =04> ?>1KAB@55 ?5@5E>48BL : ?@>872>4AB25==K< 2;>65=8O<. >;LH8=AB2> @0728BKE AB@0= BO3>B55B : C<5@5==>9 8=D;OF88, =0@0AB0=85 8=D;OF88 >B C<5@5==>9 G5@57 30;>?8@CNICN : 38?5@8=D;OF88 =5 O2;O5BAO =587156=K<. 0AB>9G820O 3>AC40@AB25==0O ?>;8B8:0 2 A8;0E 5A;8 =5 >AB0=>28BL @>AB F5=, B>, ?> :@09=59 <5@5, A45;0BL 53> 1>;55 >68405<K< 8;8 A10;0=A8@>20==K<.  A>60;5=8N, >B >B45;L=KE ?@54?@8OB89 745AL <0;> GB> 7028A8B. ;8O=85 =0 ?@028B5;LAB2> <>3CB 8<5BL B>;L:> 0AA>F80F88 ?@><KH;5==8:>2, <>I=>5 ?@><KH;5==>5 ;>118 2 ?0@;0<5=B0E. 7<5@5=85 8=D;OF88. 4=> 87 3;02=KE 1>;L=KE <5AB 8=D;OF88 - MB> B>, GB> F5=K 8<5NB B5=45=F8N ?>4=8<0BLAO >G5=L =5@02=><5@=>. 4=8 ?>4A:0:820NB, 4@C385 ?>4=8<0NBAO 1>;55 C<5@5==K<8 B5<?0<8, 0 B@5BL8 2>2A5 =5 ?>4=8<0NBAO. 48= 87 =081>;55 =03;O4=KE ?>:070B5;59 =0;8G8O 8;8 >BACBAB28O 8=D;OF88, 55 3;C18=K O2;O5BAO ?>:070B5;L 8=45:A0 F5=. >:070B5;8 8=D;OF88 ?@8720=K 40BL :>;8G5AB25==CN >F5=:C 8=D;OF8>==KE ?@>F5AA>2. =45:AK - MB> >B=>A8B5;L=K5 ?>:070B5;8, E0@0:B5@87CNI85 A>>B=>H5=85 F5= 2> 2@5<5=8. =8 @0AAG8BK20NBAO ?> >B=>H5=8N : 107>2><C ?5@8>4C, 4;O :>B>@>3> CAB0=02;8205BAO C@>25=L F5=, @02=K9 100. B0:, 8=D;OF8O @0AAG8BK205BAO ?> A;54CNI59 D>@<C;5:  P B5<? 8=D;OF88Qp 8=45:A F5= ?@>H54H53> 3>40Qc 8=45:A F5= B5:CI53> 3>40 "0:, =0?@8<5@, 5A;8 8=45:A F5= 2 2001 3>4C 2 >AA88 1K; @025= 184,4, 0 2 2002 3>4C  251,7, B>  "0: =07K205<>5  ?@028;> 25;8G8=K 70 405B =0< 4@C3CN 2>7<>6=>ABL :>;8G5AB25==> 87<5@8BL 8=D;OF8N. ">G=55 3>2>@O, >=> ?>72>;O5B 1KAB@> ?>4AG8B0BL :>;8G5AB2> ;5B, =5>1E>48<KE 4;O C42>5=8O C@>2=O F5=. 04> B>;L:> @0745;8BL G8A;> 70 =0 5653>4=K9 C@>25=L 8=D;OF88:  T ?@81;878B5;L=>5 :>;8G5AB2> ;5B, =5>1E>48<KE 4;O >A2>5=8O B5<?>2 8=D;OF88P B5<? 8=D;OF88 !;54C5B >B<5B8BL, GB>  ?@028;> 25;8G8=K 70 >1KG=> ?@8<5=O5BAO B>340, :>340, =0?@8<5@, =04> CAB0=>28BL, A:>;L:> ?>B@51C5BAO 2@5<5=8, GB>1K @50;L=K9  8;8 20H8 ;8G=K5 A15@565=8O C42>8;8AL. !CI5AB2C5B =5A:>;L:> 8=45:A>2 F5=: 8=45:A ?>B@518B5;LA:8E (@>7=8G=KE) F5= (&)  ?5@2K9 87 =8E. = 87<5@O5B AB>8<>ABL :>@78=K ?>B@518B5;LA:8E B>20@>2 8 CA;C3, 2 B>< G8A;5 =0 >B45;L=K5 284K B>20@>2 2 @07;8G=KE 3>@>40E, 2 >1I5< 2845 53> <>6=> ?@54AB028BL B0:: EMBED Equation.3; 8=45:A AB>8<>AB8 687=8  ?>:070B5;L, E0@0:B5@87CNI89 48=0<8:C AB>8<>AB8 =01>@0 ?>B@518B5;LA:8E B>20@>2 8 CA;C3 (2 A>>B25BAB288 A D0:B8G5A:>9 AB@C:BC@>9 ?>B@518B5;LA:8E @0AE>4>2 =0A5;5=8O); 8=45:A F5= ?@>872>48B5;59  ?>:070B5;L, >B@060NI89 87<5=5=8O >?B>2KE F5= ?@>872>48B5;59 2 >?@545;5==K9 ?5@8>4 2@5<5=8; 8=45:A AB>8<>AB8 AB@>8B5;LAB20; 8=45:A >?B>2KE F5=  8AG8A;O5BAO 4;O B@QE 3@C?? B>20@>2: :>=5G=KE B>20@>2, 3>B>2KE 4;O 8A?>;L7>20=8O, => =5 ?@>40==KE ?>B@518B5;O<; ?@><56CB>G=KE B>20@>2; AK@LO, ?>43>B>2;5==>3> 4;O 40;L=59H59 ?5@5@01>B:8. = ?>:07K205B 87<5=5=85 A@54=53> C@>2=O F5= ?@><KH;5==KE 8 AB@>8B5;L=KE ?@54?@8OB89 8 :><?0=89, 0 B0:65 ?@>4C:F88 D8@<. 8=45:A M:A?>@B=KE F5= 45D;OB>@ 20;>2>3> =0F8>=0;L=>3> ?@>4C:B0 ()  >B=>H5=85 =><8=0;L=>3>  : @50;L=><C, 8;8 ?>:070B5;L ?045=8O @50;L=>3> , =0:@CG820=8O 45=56=>3> 20;0 (MB>B 8=45:A 1>;55 C=825@A0;5= ?> A@02=5=8N A 8=45:A>< ?>B@518B5;LA:8E F5=, 81> 87<5@O5B @>AB =5 B>;L:> ?>B@518B5;LA:8E, => 8 2A5E 4@C38E F5= .  :0G5AB25 :>A25==>3> ?>:070B5;O C@>2=O 8=D;OF88 8A?>;L7CNBAO 40==K5 >1 >B=>H5=88 B>20@=KE 70?0A>2 : AC<<5 45=56=KE 2:;04>2 =0A5;5=8O (A>:@0I5=85 70?0A>2 8 @>AB 2:;04>2 A2845B5;LAB2CNB > ?>2KH5=88 AB5?5=8 8=D;OF8>==>3> =0?@O65=8O.) 0==K5 > ?@52KH5=88 4>E>4>2 =0A5;5=8O =04 @0AE>40<8 2 ?@>F5=B0E : 4>E>40< B0:65 <>3CB E0@0:B5@87>20BL C@>25=L 8=D;OF88. A;8 4>E>4K @0ABCB 1KAB@55 8;8 4065 >48=0:>2> A F5=0<8, MB> A2845B5;LAB2C5B >1 >?0A=>AB8 @0A:@CG820=8O 8=D;OF8>==>9 A?8@0;8. 1.2. =D;OF8O, ?@8G8=K 2>7=8:=>25=8O, B8?>;>38O  <8@5 ?>GB8 =5B AB@0=, 345 1K 2> 2B>@>9 ?>;>28=5 XX 2. =5 ACI5AB2>20;0 8=D;OF8O. =0 :0: 1K ?@8H;0 =0 A<5=C ?@56=59 1>;57=8 @K=>G=>9 M:>=><8:8, :>B>@0O AB0;0 O2=> >A;01520BL, - F8:;8G5A:8< :@878A0<. =D;OF8O 1K;0 E0@0:B5@=0 4;O 45=56=>3> >1@0I5=8O: >AA88 - A 1769 4> 1895 3. (70 8A:;NG5=85< ?5@8>40 1843 - 1853 33.); !( - 2 ?5@8>4 2>9=K 70 =57028A8<>ABL 1775 - 1783 33. 8 3@0640=A:>9 2>9=K 1861 - 1865 33. =3;88 - 2> 2@5<O 2>9=K A 0?>;5>=>< 2 =0G0;5 XIX 2. $@0=F88 - 2 ?5@8>4 $@0=FC7A:>9 @52>;NF88 1789 - 1791 33. A>15==> 2KA>:8E B5<?>2 8=D;OF8O 4>AB83;0 2 5@<0=88 ?>A;5 ?5@2>9 <8@>2>9 2>9=K, :>340 >A5=LN 1923 3. 45=56=0O <0AA0 2 >1@0I5=88 4>AB830;0 496 :28=B8;;8>=>2 <0@>:, 0 45=56=0O 548=8F0 >15AF5=8;0AL 2 B@8;;8>= @07. @82545==K5 8AB>@8G5A:85 ?@8<5@K 4>:07K20NB, GB> 8=D;OF8O =5 O2;O5BAO ?>@>645=85< A>2@5<5==>AB8, 0 8<5;0 <5AB> 8 2 ?@>H;><. !>2@5<5==>9 8=D;OF88 ?@8ACI @O4 >B;8G8B5;L=KE >A>15==>AB59: 5A;8 @0=LH5 8=D;OF8O =>A8;0 ;>:0;L=K9 E0@0:B5@, B> A59G0A - ?>2A5<5AB=K9, 2A5>E20BK20NI89; 5A;8 @0=LH5 >=0 >E20BK20;0 1>;LH89 8 <5=LH89 ?5@8>4, B.5. 8<5;0 ?5@8>48G5A:89 E0@0:B5@, B> A59G0A - E@>=8G5A:89; A>2@5<5==0O 8=D;OF8O =0E>48BAO ?>4 2>7459AB285< =5 B>;L:> 45=56=KE, => 8 =5 45=56=KE D0:B>@>2. 1JOA=5=8O ?@8G8= 48A10;0=A0 @07;8G=K. 4=8 M:>=><8ABK (6. . 59=A 8 53> ?>A;54>20B5;8) >1JOA=O;8 53> G@57<5@=K< A?@>A>< ?@8 ?>;=>9 70=OB>AB8, B. 5. A> AB>@>=K A?@>A0. @C385  =5>:;0AA8:8  8A:0;8 ?@8G8=C 2 @>AB5 ?@>872>4AB25==KE @0AE>4>2 8;8 8745@65: ?@>872>4AB20, B. 5. A> AB>@>=K ?@54;>65=8O. C<05BAO, GB> 40==K5 >F5=:8 >4=>AB>@>==8 8 8AB8=C A;54C5B 8A:0BL 2 A8=B575 42CE ?@>B82>?>;>6=>AB59, B. 5. >1JOA=OBL 8=D;OF8N, :0: A> AB>@>=K A?@>A0, B0: 8 A> AB>@>=K ?@54;>65=8O. >AB F5= <>65B 1KBL A2O70= A ?@52KH5=85< A?@>A0 =04 ?@54;>65=85< B>20@>2, >4=0:> B0:0O 48A?@>?>@F8O <564C A?@>A>< 8 ?@54;>65=85< 2> <=>38E A;CG0OE =5 O2;O5BAO 8=D;OF859. @8<5@ - M=5@35B8G5A:89 :@878A 70E 2 !(, :>340 =5DB54>1K20NI85 AB@0=K ?>4=O;8 F5=K =0 =5DBL 2 45AOB:8 @07, 0 =0 4@C385 B>20@K 8 CA;C38 2 B> 2@5<O F5=K 2>7@>A;8 =0 7-9%. 57028A8<> >B A>AB>O=8O 45=56=>9 AD5@K B>20@=K5 F5=K <>3CB 87<5=OBLAO 2A;54AB285 @>AB0 ?@>872>48B5;L=>AB8 B@C40, F8:;8G5A:8E 8 A57>==KE :>;510=89, AB@C:BC@=KE A4283>2 2 A8AB5<5 2>A?@>872>4AB20, <>=>?>;870F88 @K=:0, 3>AC40@AB25==>3> @53C;8@>20=8O M:>=><8:8, 22545=8O =>2KE AB02>: =0;>3>2, 4520;L20F88 8 @520;L20F88 45=56=>9 548=8FK, 87<5=5=8O :>=JN=:BC@K @K=:0, 2>7459AB28O 2=5H=5M:>=><8G5A:8E A2O759, AB8E89=KE 154AB289, 8 B.?. G5284=>, GB> =5 2AO:89 @>AB F5=  8=D;OF8O, ?>MB><C >A>15==> 206=> 2K45;8BL 459AB28B5;L=> 8=D;OF8>==K5 ?@8G8=K @>AB0 F5=. "0:, @>AB F5=, A2O70==K9 A F8:;8G5A:8<8 :>;510=8O<8 :>=JN=:BC@K, =5;L7O AG8B0BL 8=D;OF8>==K<. > <5@5 ?@>E>645=8O D07 F8:;0, >A>15==> ?@8 8=>340 8<5NI59 <5AB> 8E  =5AB0=40@B=>9 @0ABO=CB>AB8, 70<5B=> 1C45B <5=OBLAO 8 48=0<8:0 F5=. &5=K 1C4CB ?>2KH0BLAO 2 D070E 1C<0, 8 ?040BL 2 D070E :@878A0, 0 70B5< A=>20 2>7@0AB0BL 2 ?>A;54CNI8E D070E 2KE>40 87 :@878A0. >2KH5=85 ?@>872>48B5;L=>AB8 B@C40 ?@8 ?@>G8E @02=KE CA;>28OE ?@82>48B : A=865=8N F5=. 4=0:> 2>7<>6=K A;CG08, :>340 ?>2KH5=85 ?@>872>48B5;L=>AB8 B@C40 ?@82>48B : ?>2KH5=8N 70@01>B=>9 ?;0BK.  MB>< A;CG05 ?>2KH5=85 70@01>B=>9 ?;0BK 2 :0:>9-B> >B@0A;8 A>?@>2>6405BAO ?>2KH5=85< >1I53> C@>2=O F5=. !B8E89=K5 154AB28O =5;L7O AG8B0BL ?@8G8=>9 8=D;OF88. 0?@8<5@, 2 @57C;LB0B5 AB8E89=>3> 154AB28O =0 :0:>9-B> B5@@8B>@88 @07@CH5=K 4><0. G5284=>, GB> 2>7@0AB05B A?@>A =0 AB@>9<0B5@80;K, CA;C38 AB@>8B5;59, B@0=A?>@B 8 B.4. >;LH>9 A?@>A =0 CA;C38 8 ?@><KH;5==CN ?@>4C:F8N 1C45B AB8<C;8@>20BL ?@>872>48B5;59 : C25;8G5=8N >1J5<>2 ?@>872>4AB20 8, ?> <5@5 =0AKI5=8O @K=:0, F5=K 1C4CB >?CA:0BLAO. B0:, : 206=59H8< 8=D;OF8>==K< ?@8G8=0< @>AB0 F5= <>6=> >B=5AB8 A;54CNI85: BACBAB285 4>;6=>3> :>=B@>;O 70 45=56=>9 <0AA>9 8 =5>?@0240==0O M<8AA8O 1C<06=KE 45=53. -B> =587156=> ?@82>48B : ?>O2;5=8N =0 @K=:5 45=56=>9 <0AAK, =5 >15A?5G5==>9 B>20@0<8.  @57C;LB0B5 F5=K =0 B>20@K =0G8=0NB @0AB8 =0 2A5E @K=:0E, A>74020O >A=>2C 8=D;OF8>==>3> ?@>F5AA0. 8A?@>?>@F8>=0;L=>ABL - =5A10;0=A8@>20==>ABL 3>AC40@AB25==KE @0AE>4>2 8 4>E>4>2, :>B>@0O 2K@0605BAO 2 45D8F8B5 3>A1N465B0. $8=0=A8@>20=85 ?>A;54=53> 70 AGQB 709<>2 2 &5=B@0;L=>< 10=:5, B.5. =5:>=B@>;8@C5<>9 45=56=>9 M<8AA88, GB> =587156=> ?@82>48B : @>ABC <0AAK 45=53 2 >1@0I5=88. =D;OF8>==> >?0A=K5 8=25AB8F88  ?@58<CI5AB25==> <8;8B0@870F8O M:>=><8:8. >5==K5 0AA83=>20=8O 254CB : A>740=8N 4>?>;=8B5;L=>3> ?;0B565A?>A>1=>3> A?@>A0 8, A;54>20B5;L=>, : C25;8G5=8N 45=56=>9 <0AAK. '@57<5@=K5 2>5==K5 0AA83=>20=8O >1KG=> O2;ONBAO 3;02=>9 ?@8G8=>9 E@>=8G5A:>3> 45D8F8B0 3>AC40@AB25==>3> 1N465B0, 0 B0:65 C25;8G5=8O 3>AC40@AB25==>3> 4>;30, 4;O ?>:@KB8O :>B>@>3> 2K?CA:0NBAO 4>?>;=8B5;L=K5 1C<06=K5 45=L38. =0;>38G=K5 ?>A;54AB28O <>65B 2K720BL 8 =5?@>872>48B5;L=>5 ?>B@51;5=85 =0F8>=0;L=>3> 4>E>40 (=0?@8<5@, =0 >ACI5AB2;5=85 ?@>5:B>2 25:0). 1I55 ?>2KH5=85 C@>2=O F5= A2O7K205BAO A>2@5<5==>9 M:>=><8G5A:>9 B5>@859 8 87<5=5=85< AB@C:BC@K @K=:0 2 %% 25:5. !B@C:BC@0 A>2@5<5==>3> @K=:0 2A5 <5=55 8 <5=55 =0?><8=05B AB@C:BC@C @K=:0 A>25@H5==>9 :>=:C@5=F88, 8 2 7=0G8B5;L=>9 AB5?5=8 =0?><8=05B >;83>?>;8AB8G5A:CN. ;83>?>;8O  MB> >B@0A;L, 2 :>B>@>9 1>;LH0O G0ABL ?@>406 A>25@H05BAO =5A:>;L:8<8 D8@<0<8, :0640O 87 :>B>@KE A?>A>1=0 >:07K20BL 2;8O=85 =0 @K=>G=CN F5=C A2>8<8 A>1AB25==K<8 459AB28O<8. "0:8< >1@07><, >;83>?>;8ABK =0?@O<CN 708=B5@5A>20=K 2 CA8;5=88 ">=:8 F5=", 0 B0:65 AB@5<OAL ?>445@60BL 2KA>:89 C@>25=L F5=, 708=B5@5A>20=K 2 A>740=88 45D8F8B0 (A>:@0I5=88 ?@>872>4AB20 8 ?@54;>65=8O B>20@>2). 5 65;0O "8A?>@B8BL" A2>9 @K=>: A=865=85< F5=, <>=>?>;8ABK 8 >;83>?>;8ABK ?@5?OBAB2CNB @>ABC M;0AB8G=>AB8 ?@54;>65=89 B>20@>2 8 A2O78 A @>AB>< F5=. 3@0=8G5=85 ?@8B>:0 =>2KE ?@>872>48B5;59 2 >B@0A;L >;83>?>;8O ?>445@68205B 4;8B5;L=>5 =5A>>B25BAB285 A?@>A0 8 ?@54;>65=8O. =D;OF8O, 2K720==0O ?>2KH5=85< 70@?;0BK. @8 >?@545;5==KE >1AB>OB5;LAB20E 8AB>G=8:>< 8=D;OF88 <>3CB AB0BL ?@>DA>N7K. -B> >1JOA=O5BAO B5<, GB> >=8 2 :0:>9-B> AB5?5=8 >ACI5AB2;O5BAO :>=B@>;L =04 =><8=0;L=>9 70@?;0B>9 ?>A@54AB2>< :>;;5:B82=KE 4>3>2>@>2. @54?>;>68<, GB> :@C?=K5 ?@>DA>N7K ?>B@51CNB 8 4>1LNBAO 1>;LH>3> ?>2KH5=8O 70@?;0BK. >;55 B>3>, ?@54?>;>68<, GB> MB8< ?>2KH5=85< >=8 CAB0=>2OB =>2K9 AB0=40@B 70@?;0BK @01>G8E, :>B>@K5 =5 O2;ONBAO G;5=0<8 ?@>DA>N70. A;8 ?>2KH5=85 70@?;0BK 2 <0AHB015 2A59 AB@0=K =5 C@02=>25H8205BAO :0:8<8-;81> ?@>B82>459AB2CNI8<8 D0:B>@0<8, B0:8<8, :0: C25;8G5=85 >1J5<0 2K?CA:05<>9 70 >48= G0A ?@>4C:F88, B> C25;8G0BAO 8745@6:8 =0 548=8FC ?@>4C:F88 (A<. ;LB5@=0B82=K5 :>=F5?F88 8=D;OF88). @>872>48B5;8 >B25BOB =0 MB> A>:@0I5=85< ?@>872>4AB20 B>20@>2 8 CA;C3, 2K1@0AK205<KE =0 @K=>:. @8 =587<5==>< A?@>A5 MB> C<5=LH5=85 ?@54;>65=8O ?@82545B : ?>2KH5=8N C@>2=O F5=. >A:>;L:C 28=>2=8:>< O2;O5BAO G@57<5@=>5 ?>2KH5=85 =><8=0;L=>9 70@01>B=>9 ?;0BK, MB>B B8? 8=D;OF88 =07K205BAO 8=D;OF859, 2K720==>9 ?>2KH5=85< 70@01>B=>9 ?;0BK, :>B>@0O ?@54AB02;O5B A>1>9 @07=>284=>ABL 8=D;OF88, >1CA;>2;5==>9 @>AB>< 8745@65:.  <?>@B8@C5<0O 8=D;OF8O, @>;L :>B>@>9 2>7@0AB05B A @>AB>< >B:@KB>AB8 M:>=><8:8 8 2>2;5G5=8O 55 2 <8@>E>7O9AB25==K5 A2O78 B>9 8;8 8=>9 AB@0=K. >7<>6=>AB8 4;O 1>@L1K C 3>AC40@AB20 4>2>;L=> >3@0=8G5=K. 5B>4 @520;L20F88 A>1AB25==>9 20;NBK, 8=>340 ?@8<5=O5<K9 2 B0:8E A;CG0OE, 45;05B 8<?>@B 1>;55 45H52K<. > @520;L20F8O 45;05B 8 1>;55 4>@>38< M:A?>@B >B5G5AB25==KE B>20@>2. =D;OF8>==K5 >6840=8O - 2>7=8:=>25=8O C 8=D;OF88 A0<>?>445@6820NI53>AO E0@0:B5@0. 0A5;5=85 8 E>7O9AB25==K5 AC1J5:BK ?@82K:0NB : ?>AB>O==><C ?>2KH5=8N C@>2=O F5=. 0A5;5=85 B@51C5B ?>2KH5=8O 70@01>B=>9 ?;0BK 8 70?0A05BAO B>20@0<8 2?@>:, >6840O 8E A:>@>5 ?>4>@>60=85. @>872>48B5;8 65 >?0A0NBAO ?>2KH5=8O F5= A> AB>@>=K A2>8E ?>AB02I8:>2, >4=>2@5<5==> 70:;04K20O 2 F5=C A2>8E B>20@>2 ?@>3=>78@C5<K9 8<8 @>AB F5= =0 :><?;5:BCNI85, @0A:0G820O B5< A0<K< <0E>28: 8=D;OF88. 82>9 ?@8<5@ B0:8E 8=D;OF8>==KE >6840=89 <K <>65< =01;N40BL 2 A2>59 ?>2A54=52=>9 687=8. -:>=><8:0 AB0=>28BAO 2AQ 1>;55 A5@28A=>9 >@85=B8@>20==>9. @>872>48B5;L=>ABL B@C40 2 AD5@5 CA;C3 ?@8 MB>< @0ABQB <54;5==55, G5< 2 ?@>872>4AB25 B>20@>2, GB> 2?@>G5<, =5 A:07K205BAO =0 >?;0B5 B@C40 70=OBKE 2 =59 @01>B=8:>2. !CI5AB2C5B 8 =5A:>;L:> 8=>9 273;O4 =0 ?@8@>4C 8=D;OF88, GB> 2?>;=5 5AB5AB25==>, 81> 8=D;OF8O ?@54AB02;O5B A>1>9 G@572KG09=> A;>6=K9, ?@>B82>@5G82K9, =54>AB0B>G=> 87CG5==K9 ?@>F5AA. 0: AG8B0NB =5:>B>@K5 M:>=><8ABK, ?>4 8=D;OF859 A;54C5B ?>=8<0BL ?>2KH5=85 >1I53> C@>2=O F5= 2 M:>=><8:5. >;5<878@CO A MB>9 B>G:>9 7@5=8O, . %59=5 ?8A0;, GB> =5 A;54C5B 701K20BL: 87<5=ONBAO F5=K =5 B>;L:> B>20@>2, => 8 87<5@8B5;59 8E F5==>AB8, B.5. 45=53. =D;OF8O  MB> =5 C25;8G5=85 @07<5@0 ?@54<5B>2, 0 C<5=LH5=85 4;8=K ;8=59:8, :>B>@>9 <K ?>;L7C5<AO. = >1@0I05B 2=8<0=85 =0 B>, GB> 2 CA;>28OE =0BC@0;L=>3> >1<5=0 (?@8 >BACBAB288 45=53) <K =8:>8< >1@07>< =5 AB>;:=C;8AL 1K A 8=D;OF859, >4=>2@5<5==>5 ?>2KH5=85 2A5E F5= 1K;> 1K ;>38G5A:8 =52>7<>6=>. "5>@8O 8=D;OF88, >1CA;>2;5==>9 @>AB>< 8745@65:, >1JOA=O5B @>AB F5= B0:8<8 D0:B>@0<8, :>B>@K5 ?@82>4OB : C25;8G5=8N 8745@65: =0 548=8FC ?@>4C:F88. 1.3. =0;87 M:>=><8G5A:8E B5>@89 8=D;OF88 =D;OF8O - A;>6=>5 O2;5=85, E0@0:B5@=>5 4;O AB@0= A @K=>G=>9 M:>=><8:>9. =D;OF8O - MB> >15AF5=820=85 45=53, A=865=85 8E ?>:C?0B5;L=>9 A?>A>1=>AB8. "5< =5 <5=55, MB> =5 =>2>5 O2;5=85. =D;OF8O =01;N40;0AL 5I5 8 2 @52=5< 8<5 8 @52=5< 8B05. 2545=85 =5@07<5==KE =0 A5@51@> "0AA83=0F89" :0B5@8=>9 II, ":>=B8=5=B0;L=KE 45=53" 2> 2@5<O 1>@L1K 0=3;89A:8E :>;>=89 2 <5@8:5 70 =57028A8<>ABL, "3@8=15:>2" 2> 2@5<O @0640=A:>9 2>9=K 2 !(, 2K?CA: 1C<06=KE 0AA83=0F89 2 ?5@8>4 1C@6C07=>9 @52>;NF88 2> $@0=F88 2K7K20;8 2A?KH:8 8=D;OF88. !0<K5 7=0G8B5;L=K5 C40@K ?> 20;NB0< =0=5A5=K 42C<O <8@>2K<8 2>9=0<8 8 <8@>2K< M:>=><8G5A:8< :@878A>< 1929-1933 33. 5@20O <8@>20O 2>9=0 ?>;>68;0 =0G0;> :@0EC A8AB5<K 7>;>B>3> AB0=40@B0. 8@>2>9 M:>=><8G5A:89 :@878A 1929-1933 33. 2K720; <0AA>2CN 4520;L20F8N 20;NBK, 7025@H8; :@CH5=85 7>;>B>3> AB0=40@B0 8 70;>68; >A=>2K D>@<8@>20=8O <5E0=87<0 1C<06=>-45=56=>3> >1@0I5=8O. B>@0O <8@>20O 2>9=0 7025@H8;0 ?5@5@>645=85 10=:=>BK 2 1C<06=K5 45=L38, 0 B0:65 A>740;0 8=D;OF8>==K9 ?> A2>5<C ACI5AB2C <5E0=87< 1C<06=>-45=56=>3> >1@0I5=8O 8 :@548B0. 0 ?@>BO65=88 AB>;5B89 A 87<5=5=85< D>@< A>1AB25==>AB8, B8?>2 F5=>>1@07>20=8O, 45=56=KE A8AB5< 87<5=O;8AL ?@8G8=K, A;54AB28O, D>@<K ?@>O2;5=8O 8=D;OF8>==>3> ?@>F5AA0. 587<5==>9 >AB020;0AL ;8HL ACI=>ABL 8=D;OF88, ?>-<>5<C, MB> - >15AF5=5=85 45=53.  B5G5=88 AB>;5B89 87<5=O;8AL 8 ?@8G8=>-A;54AB25==K5 A2O78, 2K7K20NI85 : 687=8 8=D;OF8>==K9 ?@>F5AA.  ?5@8>4 3>A?>4AB20 2 45=56=>< >1@0I5=88 <5B0;;8G5A:8E 45=53 8=D;OF8O 1K;0 =5B8?8G=0. >=0 2>7=8:0;0 B>;L:> :0: A;54AB285 =0@CH5=8O 70:>=>2 45=56=>3> >1@0I5=8O - 70<5=K <5B0;;8G5A:8E 45=53 (7>;>B0 8;8 A5@51@0) A8<2>;0<8 - 8A?>@G5==K<8 <>=5B0<8 8;8 1C<06=K<8 45=L30<8, :>B>@K5 =5 B>;L:> =5 >15A?5G820;8 45=56=>9 A8AB5<K, => 8 22>48;8AL ?@028B5;LAB20<8 2 8A:;NG8B5;L=KE A;CG0OE - 2> 2@5<O 2>9=, @52>;NF89 8;8 4@C38E G@572KG09=KE >1AB>OB5;LAB20E. 0: ?@028;>, 8<5;> <5AB> 7;>C?>B@51;5=85 ?@028;>< M<8AA88, GB> 4>2>;L=> 1KAB@> ?@82>48;> : @0AAB@>9AB2C 45=56=>3> >1@0I5=8O. 8A?@>?>@F88 <564C A?@>A>< 8 ?@54;>65=85<, ?@52KH5=85 4>E>4>2 =04 ?>B@518B5;LA:8<8 @0AE>40<8 <>3CB ?>@>640BLAO 45D8F8B>< 3>A1N465B0 (@0AE>4K 3>AC40@AB20 ?@52KH0NB 4>E>4K); G@57<5@=K< 8=25AB8@>20=85< (>1J5< 8=25AB8F89 ?@52KH05B 2>7<>6=>AB8 M:>=><8:8); >?5@560NI8< @>AB>< 70@01>B=>9 ?;0BK ?> A@02=5=8N A @>AB>< ?@>872>4AB20 8 ?>2KH5=85< ?@>872>48B5;L=>AB8 B@C40; ?@>872>;L=K< CAB0=>2;5=85< 3>AC40@AB25==KE F5=, 2K7K20NI8< ?5@5:>AK 2 25;8G8=5 8 AB@C:BC@5 A?@>A0. ;O B>3> GB>1K MDD5:B82=> 1>@>BLAO A 8=D;OF859, =5>1E>48<> CAB@0=8BL ?@8G8=K 55 @0728B8O. "0: :0: ?@8@>40 8=D;OF8>==KE ?@>F5AA>2 =5>48=0:>20, B> A>>B25BAB25==> ACI5AB2C5B 8 =5A:>;L:> B>G5: 7@5=8O =0 ?@8G8=K 55 @0728B8O. !0<>9 AB0@>9 8 =081>;55 ?>?C;O@=>9 O2;O5BAO :>;8G5AB25==0O B5>@8O 8=D;OF88. =D;OF8O @0AA<0B@820;0AL 8A:;NG8B5;L=> :0: D5=><5=, 2K7K205<K< ?@8G8=0<8 45=56=>3> ?>@O4:0. !B>@>==8: 40==>9 B5>@88 .!. 0=F5;5=10C< >B<5G05B: "K ?>=8<05< ?@8G8==CN A2O7L <564C @>AB>< :>;8G5AB20 1C<06=>-45=56=KE 7=0:>2 8 ?045=85< ?>:C?0B5;L=>9 A8;K 45=56=>9 548=8FK 2 A;54CNI5< A<KA;5. -B0: ?@8G8==0O A2O7L :@>5BAO, ?> =0H5<C <=5=8N, 2 B>9 >1I59 @>;8, :>B>@CN 83@0NB 45=L38 2 :0?8B0;8AB8G5A:>< E>7O9AB25. 5=L38 ?@54AB02;ONB A>1>9 2 CA;>28OE A>2@5<5==>3> E>7O9AB20 B>20@, E>BO 8 B>20@ A2>5>1@07=K9.  :0G5AB25 B>20@0 45=L38 ?>425@65=K 2;8O=8N >F5=:8 8 <>I8 2 7028A8<>AB8 >B A?@>A0 8 ?@54;>65=8O AB>8BL 4>@>65 8;8 45H52;5". A5 >AB0;L=K5 D0:B>@K, A2O70==K5 A >15AF5=5=85< 45=53, @0AA<0B@820;8AL B>;L:> :0: ?@8G8=K, C25;8G820NI85 :>;8G5AB2> 45=53 2 >1@0I5=88.  B> 65 2@5<O, 8=D;OF8O =5 @0AA<0B@820;0AL :0: A?5F80;L=0O ?@>1;5<0, 0 87CG0;0AL 2 @0<:0E :>;8G5AB25==>9 B5>@88 8 ?@54AB02;O;0 A>1>9 0=0;87 ?>2KH5=8O C@>2=O F5=. "0:0O B5>@8O 1K;0 @0728B0 2 @01>B0E .>::0, .!<8B0, . 8::0@4>, 6.!.8;;O, .0@H0;;0, $8H5@0, 0AA5;O 8 4@. "AO:>5 C<=>65=85 1C<06=KE 45=53- ?8H5B . 8:;0H52A:89, A2KH5 ?>B@51=>AB59 >1>30I5=8O @>=O5B 8E 4>AB>8=AB2> 8 2 ?@O<>< >B=>H5=88 A 2K?CI5==K< :>;8G5AB2><". @54AB028B5;8 >@B>4>:A0;L=>3> <>=5B0@87<0, 2 ?@>B82>?>;>6=>ABL :59=A80=F0<, @0AA<0B@820NB :>;8G5AB2> 45=53 2 >1@0I5=88 :0: M:7>35==CN ?5@5<5==CN, AG8B0O 871KB>G=K9 @>AB 45=56=>9 <0AAK 548=AB25==>9 ?@8G8=>9 4>;3>A@>G=>3> ?>2KH5=8O F5=.  <>=5B0@8ABA:>9 >4=>D0:B>@=>9 <>45;8 8=D;OF88 =5 CG8BK205BAO 8=D;OF8>==>5 2>7459AB285 =5?@>872>48B5;L=KE @0AE>4>2 8 B.4. !G8B05BAO, GB> MB8 O2;5=8O <>3CB 2K720BL B>;L:> 87<5=5=8O 2 AB@C:BC@5 F5=, A>E@0=OO =587<5==K< 8E C@>25=L. 8HL 2 CA;>28OE 871KB>G=>3> @>AB0 45=56=>9 <0AAK >=8 >:07K20NB 8=D;OF8>==>5 2>7459AB285. >;LH8=AB2> A>2@5<5==KE <>=5B0@8AB>2 ?@87=05B, GB> ACI5AB2C5B 1>;55 A;>6=0O 7028A8<>ABL <564C @>AB>< F5= 8 45=56=>9 <0AAK, G5< 65AB:0O A2O7L "45=L38-F5=K" >@B>4>:A0;L=>9 :>;8G5AB25==>9 B5>@88 45=53.  =>2>9 B@0:B>2:5 >A>10O @>;L >B2>48BAO >F5=:0< 8 ?@>3=>70< 2>7<>6=KE 87<5=5=89 E>7O9AB25==>9 :>=JN=:BC@K. > 8E <=5=8N, A2O7L <564C 87<5=5=85 <0AHB01>2 45=56=>3> >1@0I5=8O 8 42865=85< F5= ;8HL 2 @54:8E A;CG0OE <>65B ?@>A<0B@820BLAO =0 ?@>BO65=88 :>@>B:8E ?@><56CB:>2 2@5<5=8. "!>2@5<5==0O :>;8G5AB25==0O B5>@8O ?8HCB -.6.>;0=, ..M<?15;; 8 .6.M<?15;;, =0?@02;5=85 @0728B8O :>;8G5AB25==>9 B5>@88 45=53 8 F5=, 4>?CA:0NI55 A8AB5<0B8G5A:85 87<5=5=8O A:>@>AB8 >1@0I5=8O 45=53 8 @50;L=KE 4>E>4>2 0=0;>38G=> 87<5=5=8O< :>;8G5AB20 45=53, =0E>4OI8EAO 2 >1@0I5=88, 8 01A>;NB=>3> C@>2=O F5=". 06=K< M;5<5=B>< <>=5B0@=>9 <>45;8 8=D;OF88 O2;ONBAO 8=D;OF8>==K5 >6840=8O, A ?><>ILN :>B>@KE >1JOA=O5BAO D5=><5= AB03D;OF88. >=5B0@8ABK 0:F5=B8@CNB 2=8<0=85 =0 B>< D0:B5, GB> >6840=8O 8 ?@>3=>7K ?>2KH5=8O C@>2=O F5= >:07K20NB 8=D;OF8>==>5 2>7459AB285 4065 2 A;CG05 A>:@0I5=8O A>2>:C?=>3> A?@>A0.  :0G5AB25 >1>A=>20=8O MDD5:B0 "70?074K20=8O" 2>7459AB28O 45=56=KE D0:B>@>2 =0 C@>25=L F5= ?@82>48BAO @07@01>B0==0O <>=5B0@8AB0<8 A8AB5<0, B> 5ABL 2@5<5==KE ?@><56CB:>2 <564C <><5=B>< 2>7459AB28O 8 <><5=B>< ?@>O2;5=8O 53> @57C;LB0B>2: ;03 "?5@5AB@>9:8 F5=" 8 ;03 ">6840=8O @>AB0 F5=". 5@2K9 2@5<5==K9 ;03 8<55B <5AB>, :>340 >B45;L=K5 E>7O9AB25==K5 548=8FK @0AH8@ONB >1J5< ?@>872>4AB20 2 >B25B =0 C25;8G5=85 A?@>A0. -B> ?@82>48B : 8AB>I5=8N @5AC@A>2 8 ?@>872>4AB25==KE 70?0A>2, 0 ?@8 2KA>:>< C@>2=5 A?@>A0 - : @>ABC F5=. 5>:59=A80=A:0O B5>@8O 8=D;OF88, :@548B=0O :>=F5?F8O F8:;0 8 <>=5B0@8ABA:85 @5:><5=40F88 ?> 8A?>;L7>20=8N ?>;8B8:8 AB018;870F88 ?@54;>65=8O 45=53 2 :0G5AB25 F5=B@0;L=>3> M;5<5=B0 45=56=>-:@548B=>9 ?>;8B8:8 >:070;8 @5H0NI55 2;8O=85 ?@8 2K@01>B:5 >A=>2=KE =0?@02;5=89 3>AC40@AB25==>9 M:>=><8G5A:>9 ?>;8B8:8 ?@><KH;5==> @0728BKE AB@0= 2 ?>A;52>5==K9 ?5@8>4. A>1K9 8=B5@5A 2 MB>< ?;0=5 ?@54AB02;O5B 0=0;87 273;O4>2 =5>:59=A80=F52, :>B>@K5 2K45;ONB B@8 >A=>2=KE D0:B>@0 8=D;OF88: M:A?0=A8>=8ABA:CN D8=0=A>2CN 8 45=56=>-:@548B=CN ?>;8B8:C, AB8<C;8@CNICN A?@>A; @>AB 8745@65: ?@>872>4AB20; ?@0:B8:C <>=>?>;8AB8G5A:>3> F5=>>1@07>20=8O. 0: >B<5G05B A0< 6..59=A, ":>340 40;L=59H55 C25;8G5=85 MDD5:B82=>3> A?@>A0 C65 =5 2545B 1>;55 : C25;8G5=8N ?@>4C:F88, 0 F5;8:>< 8AG5@?K205BAO 2 C25;8G5=88 548=8FK 8745@65:, AB@>3> ?@>?>@F8>=0;L=>< C25;8G5=8N MDD5:B82=>3> A?@>A0, <K 4>AB8305< ?>;>65=8O, :>B>@>5 2?>;=5 C<5AB=> =0720BL ?>4;8==>9 8=D;OF859". 59=A80=FK @0AA<0B@820NB 45=56=CN <0AAC :0: M=4>35==CN ?5@5<5==CN, :>B>@0O 7028A8B >B ?>;8B8:8 >@30=>2 45=56=>-:@548B=>3> @53C;8@>20=8O 8 C@>2=O M:>=><8G5A:>9 0:B82=>AB8. "=D;OF8O 8745@65:" B@0:BC5BAO :0: @57C;LB0B 2>7459AB28O =5A:>;L:8E D0:B>@>2. ;02=K< 87 =8E AG8B05BAO, C25;8G5=85 70@01>B=>9 ?;0BK A25@E C@>2=O, A>>B25BAB2CNI53> @>ABC ?@>872>48B5;L=>AB8 B@C40. %>BO, ?> <=5=8N 59=A0, ?>;=0O 8;8... ?@81;878B5;L=> ?>;=0O 70=OB>ABL O2;O5BAO @54:8< 8 A:>@> ?@>E>4OI8< A>1KB85<". #@>25=L 70=OB>AB8 >?@545;O5BAO 59=A>< B>G:>9 ?5@5A5G5=8O DC=:F89 A>2>:C?=>3> A?@>A0 8 A>2>:C?=>3> ?@54;>65=8O. <5==> 2 MB>9 B>G:5 >68405<0O ?@54?@8=8<0B5;O<8 ?@81K;L 1C45B =081>;LH59. KABC?0O 70 A>7=0B5;L=>5 C?@02;5=85 45=56=K< >1@0I5=85<, 59=A AG8B0; =5>1E>48<K< 8A?>;L7>20BL @07=>3> @>40 <5@>?@8OB8O B>;L:> ?@8 =5?>;=>9 70=OB>AB8. = ?@54>AB5@530; >B ?@8<5=5=8O 45=56=KE @KG03>2 2 CA;>28OE ?>;=>9 70=OB>AB8, AG8B0O, GB> 2 MB>< A;CG05 >=8 <>3CB 2K720BL 157C45@6=CN 8=D;OF8N. 0: B>;L:> ?>?KB:0 5I5 1>;LH5 C25;8G8BL 8=25AB8F88 =57028A8<> >B 25;8G8=K ?@545;L=>9 A:;>==>AB8 : ?>B@51;5=8N ?>2;5G5B 70 A>1>9 B5=45=F8N : 157C45@6=><C @>ABC F5=, 8=0G5 3>2>@O, 2 B0:>9 A8BC0F88 <K 4>AB83;8 1K A>AB>O=8O ?>4;8==>9 8=D;OF88- ?>4G5@:8205B 59=A. 59=A 4>2>;L=>-B0:8 ?>4@>1=> >?8AK205B ?5@5E>4 8=D;OF8>==>3> ?@>F5AA0 87 ?5@2>9 AB0488 2> 2B>@CN: ?@>8AE>48B 70<5=0 @>AB0 F5=, >1CA;>2;5==>3> 87<5=5=85< :>;8G5AB20 45=53 2 >1@0I5=88 8 0:B82=> 2>7459AB2CNI53> =0 B5<?K M:>=><8G5A:>3> @0728B8O, B0:8< ?>2KH5=85< F5=, :>B>@>5 2K720=> 8745@6:0<8 ?@>872>4AB20 8 2545B : 8E 40;L=59H5<C 2728=G820=8N 8 457>@30=870F88 45=56=>3> >1@0I5=8O. > <=5=8N 59=A0, "C25;8G5=85 :>;8G5AB20 45=53 4>;6=> 1C45B ?>GB8 A@07C 65 ?>=878BL =>@<C ?@>F5=B0 2 B>9 AB5?5=8, 2 :0:>9 MB> =5>1E>48<> 4;O B>3>, GB>1K C25;8G5=85 70=OB>AB8 8 70@01>B=>9 ?;0BK A<>3;> ?@825AB8 : ?>3;>I5=8N 4>?>;=8B5;L=>9 <0AAK 45=53 2 >1@0I5=88". =D;OF8O =0 >A=>25 @>AB0 8745@65: ?@>872>4AB20. -B>B 284 8=D;OF88 4;O :@0B:>AB8 G0AB> =07K20NB 8=D;OF859 ?@>402F>2 8;8 8=D;OF859 ?@54;>65=8O (8=D;OF859 8745@65:). "5>@8O, >1JOA=ONI0O 8=D;OF8>==K9 ?@>F5AA 87<5=5=85< A>2>:C?=>3> ?@54;>65=8O, AB0;0 @50:F859 =5>:;0AA8G5A:>3> =0?@02;5=8O 2 =0C:5 =0 A>AB>O=85 M:>=><8:8 !( 2 ?5@8>4 1955 1958 33., :>340 ?@8 C@>2=5 157@01>B8FK 2 4% ?@>87>H5; 3%-9 @>AB F5=. > MB>3> AG8B0;>AL, GB> =0@CH5=85 @02=>25A8O 87-70 @>AB0 A?@>A0 O2;O5BAO >A=>2=>9 ?@8G8=>9 8=D;OF8>==KE ?@>F5AA>2. :070;>AL 65, GB> @>AB F5= <>65B ?@>8AE>48BL 8 B>340, :>340 M:>=><8:0 =5 4>AB83;0 ?>;=>3> 8A?>;L7>20=8O @5AC@A>2. @54?>;>68<, GB> ?> :0:>9-B> ?@8G8=5 :@820O A>2>:C?=>3> ?@54;>65=8O AS1 A<5AB8;0AL 225@E =0 ?;>A:>AB8 2 ?>;>65=85 AS2 (A<. @8A.3). 02=>25A=0O F5=0 P1, A>>B25BAB2>202H0O B>G:5 @02=>25A=>3> ?@>872>4AB20 Q1, =0@CH5=0, 8 =>2K9 @02=>25A=K9 C@>25=L F5= CAB0=02;8205BAO 2 B>G:5 P2. A;8 A>2>:C?=K9 A?@>A B>65 C25;8G8BAO 8 1C45B @025= ?@56=8< >1J5<0< @02=>25A=>3> ?>B@51;5=8O, B> :@820O A>2>:C?=>3> A?@>A0 AD1 A<5AB8BAO 2?@02> 2 ?>;>65=85 ad2.  MB>< A;CG05 ?@>87>945B B>;L:> @>AB F5=, C@>2=8 70=OB>AB8 8 ?@>872>4AB20 >AB0=CBAO ?@56=8<8. 8A.3. @820O A>2>:C?=>3> ?@54;>65=8O 8 A?@>A0 A;8 A>2>:C?=K9 A?@>A =5 C25;8G8BAO >4=>2@5<5==> A C4>@>60=85< A>2>:C?=>3> ?@54;>65=8O, B> B>G:0 @02=>25A=>3> >1J5<0 ?@>872>4AB20 A<5AB8BAO 87 Q1 2 Q2.  MB>< A;CG05 ?@>87>945B @>AB F5=, 0 B0:65 A>:@0BOBAO C@>2=8 70=OB>AB8 8 ?@>872>4AB20. !>AB>O=85 M:>=><8:8, :>340 8A?>;L7CNBAO =5 2A5 @5AC@AK: ACI5AB2CNB =5703@C65==K5 ?@>872>4AB25==K5 <>I=>AB8, E@>=8G5A:0O 157@01>B8F0, =07K205BAO AB03=0F859. A;8 AB03=0F8O A>?@>2>6405BAO 8=D;OF859, B> B0:>5 M:>=><8G5A:>5 ?>;>65=85 =07K205BAO AB03D;OF859. "> 5ABL A<5I5=85 B>G:8 @02=>25A=>3> ?@>872>4AB20 2 B>G:C Q2, 0 @02=>25A=>9 F5=K 2 B>G:C P2 =07K205BAO AB03D;OF859. 59AB285, :0:8E D0:B>@>2 A<5I05B :@82CN A>2>:C?=>3> ?@54;>65=8O AS =0 ?;>A:>AB8? >6=> 2K45;8BL 2=5H=85 8 2=CB@5==85 D0:B>@K. =5H=85 D0:B>@K 2:;NG0NB M:>=><8G5A:85, ?@02>2K5, ?>;8B8G5A:85 8 4@C385 A>AB02;ONI85. -:>=><8G5A:85 D0:B>@K  MB> <8@>2K5 F5=K =0 @5AC@AK, ?5@52>7:8 8 B. 4. 0 ?5@2>< <5AB5 745AL AB>OB F5=K =0 AK@L5 8 M=5@3>=>A8B5;8, ?>2KH5=85 :>B>@KE 2K7>25B @>AB 8745@65: 8 =5>1E>48<>ABL C25;8G5=8O ?@0:B8G5A:8 2A5E F5=. 0?@8<5@, ?>2KH5=85 <8@>2KE F5= =0 =5DBL 2 1973 1974 8 1979 1980 33. 2K720;> 8=D;OF8N 2 1>;LH8=AB25 AB@0=. @02>2K5 D0:B>@K MB> ;8F5=78>==K5 8 ?0B5=B=K5 >3@0=8G5=8O, B0<>65==K5 ?@028;0 8 B. 4. >;8B8G5A:85 D0:B>@K MB> >3@0=8G5=8O 8;8 70?@5BK =0 B>@3>2;N A :0:8<8-B> AB@0=0<8 8 B. 4. 0?@8<5@, M:>=><8G5A:0O 1;>:040 @0:0. =CB@5==85 M:>=><8G5A:85 D0:B>@K >1CA;>2;5=K A>AB>O=85< =0F8>=0;L=>9 M:>=><8:8.  8E >A=>25 ;560B @>AB 8745@65: =0 548=8FC ?@>4C:F88 8 ACI5AB2>20=85 =0 <=>38E @K=:0E =5A>25@H5==>9 :>=:C@5=F88. !;54C5B @0AA<>B@5BL 459AB28O D8@<, 70=8<0NI8E <>=>?>;L=>5 8;8 >;83>?>;L=>5 ?>;>65=85 =0 @K=:0E, 0 B0:65 459AB28O ?@>DA>N7>2, 70=8<0NI8E <>=>?>;L=>5 ?>;>65=85 =0 @K=:5 B@C40 @0728BKE AB@0=. 59AB28O D8@<. >A:>;L:C >;83>?>;8AB8G5A:89 @K=>: MB> @K=>: =5A>25@H5==>9, >3@0=8G5==>9 :>=:C@5=F88, D8@<K, 459AB2CNI85 =0 =5<, <>3CB ?> A2>5<C CA<>B@5=8N ?>2KA8BL F5=K. >AB F5= A=8605B C@>25=L 687=8 8 70AB02;O5B ?@>DA>N7K 4>1820BLAO ?>2KH5=8O 70@01>B=>9 ?;0BK. >2KH5=85 70@01>B=>9 ?;0BK C25;8G8205B 8745@6:8, 8 D8@<K 2=>2L ?>2KH0NB F5=K. 0G8=05B @072>@0G820BLAO 8=D;OF8>==0O A?8@0;L. 59AB28O ?@>DA>N7>2. A;8 2 M:>=><8:5 ACI5AB2>20;> @02=>25A85 8 ?@>DA>N7K 4>18;8AL ?>2KH5=8O 70@?;0BK, B> D8@<K <>3CB ;81> C2>;8BL G0ABL @01>B=8:>2, GB>1K ?@>872>4AB2> >AB020;>AL 2K3>4=K<, ;81> ?>2KA8BL F5=K, GB>1K :><?5=A8@>20BL 2K@>AH85 8745@6:8. AB5AB25==>, GB> ?@>DA>N7K 1C4CB ?@>B82>459AB2>20BL C2>;L=5=8O<, ?>MB><C >AB05BAO B>;L:> ?>2KA8BL F5=K. >AB F5= 70AB028B ?@>DA>N7K 2=>2L 4>1820BLAO ?>2KH5=8O 70@01>B=>9 ?;0BK. =D;OF8>==0O A?8@0;L =0G8=05B @0A:@CG820BLAO. !;54C5B >B<5B8BL A;54CNI55 206=>5 >B;8G85. A;8 8=D;OF8O A?@>A0 ?@8 ?@>G8E @02=KE CA;>28OE <>65B @072820BLAO 15A:>=5G=>, B> 8=D;OF8O ?@54;>65=8O 2K7>25B A?04 M:>=><8:8, :>B>@K9 ?@82545B : ?>AB5?5==><C A=865=8N 8745@65: 8 ;8:2848@C5B 8=D;OF8N. AB5AB25==>, 2 A>2@5<5==>9 @50;L=>9 687=8 8=D;OF8O =0 >A=>25 @>AB0 A?@>A0 8 8=D;OF8O =0 >A=>25 @>AB0 8745@65: ?@>872>4AB20 ACI5AB2CNB 2 G8AB>< 2845 B>;L:> 2 :>@>B:>< ?5@8>45 2@5<5=8. 48= 284 8=D;OF88 >1CA;>2;8205B @0728B85 4@C3>3>. 0 ?@0:B8:5 =52>7<>6=> G5B:> @073@0=8G8BL MB8 420 2840, 8 ?>MB><C 206=> 2KO28BL, :0:>9 284 8=D;OF88 ?@5>1;0405B, O2;O5BAO 254CI8< 2 ?@>F5AA5 @>AB0 F5=. ;020.2. =D;OF8O 2 M:>=><8:5 >AA88, 5Q 0=0;87 8 >A>15==>AB8 2.1. =0;87 8 ?@8G8=K @0728B8O 8=D;OF8>==KE ?@>F5AA>2 2 >AA88  CA;>28OE H>:>2>3> ?5@5E>40 >AA88 : @K=>G=>9 M:>=><8:5 ?@>87>H;8 AB@C:BC@=K5 87<5=5=8O.  @57C;LB0B5 ?@820B870F88 AD>@<8@>20;AO G0AB=K9 A5:B>@, ?>O28;8AL <8;;8>=K 0:F8>=5@>2. >AA8O=5 1K;8 2>2;5G5=K 2 <0AA>2CN A?5:C;OB82=CN 83@C =0 ?>2KH5=85 :C@A0 F5==KE 1C<03, 0 B0:65 4>;;0@0 !( 8 A=865=85 :C@A0 @C1;O. >7=8:;8 A><=8B5;L=K5 D8=0=A>2K5 ?8@0<84K B8?0  =0 G0AB=>< C@>2=5 8 -$ =0 3>AC40@AB25==><. 0@>640NICNAO @K=>G=CN M:>=><8:C ?5@8>48G5A:8 A>B@OA0NB D8=0=A>2K9, 18@652>9, 20;NB=K9, 10=:>2A:89 :@878AK 2 CA;>28OE M:>=><8G5A:>3> A?040. !:@KB0O 8=D;OF8O, ?@>O2;O2H0OAO ?@5645 2 B>20@=KE 45D8F8B0E, AB0;0 O2=>9. 5MDD5:B82=K5 @5:><5=40F88 $ 2 4CE5 ;815@0;87<0 8 <>=5B0@87<0 157 CG5B0 A?5F8D8:8 >AA88 AB8<C;8@>20;8 4;8B5;L=K9 A?04 ?@>872>4AB20 8 A8;L=CN 8=D;OF8N. ! 1992 3. 8=D;OF8O 2 >AA88 ?5@5@>A;0 2 AB03D;OF8N (A>G5B0=85 M:>=><8G5A:>3> A?040 - AB03=0F88 - A 8=D;OF859). >7=8G=K5 F5=K 2K@>A;8 2 1992 3. 2 26,1 @070, 2 1993 3. - 9,4 @070, 1994 3. - 3,2 @070, 1995 3. - 2,3 @070 2 CA;>28OE A=865=8O , ?@><KH;5==>3> ?@>872>4AB20 8 8=25AB8F89. !?04 ?@>872>4AB20 2 >AA88 (2 1992 - 1996 3>40E) ?>GB8 242>5 ?@52KA8; @5:>@4 <8@>2>3> M:>=><8G5A:>3> :@878A0 1923  1933 3>4>2. >;O C1KB>G=KE ?@54?@8OB89 2 ?@><KH;5==>AB8 A>AB028;0 50,1% (=0 1 A5=BO1@O 1998 3.), AB@>8B5;LAB25 - 42,3%, =0 B@0=A?>@B5 59,2%. $0:B8G5A:>5 10=:@>BAB2> ?@>872>4AB25==>3> A5:B>@0 8 @0710;0=A8@>20==>ABL M:>=><8:8 AB0;8 DC=40<5=B0;L=K< D0:B>@>< 8=D;OF88, B0: :0: A=878;>AL B>20@=>5 >15A?5G5=85 @C1;O. >2>5 O2;5=85 2 >AA88 - A=865=85 B5<?0 8=D;OF88 A 1996 3. 4> :>=F0 023CAB0 1998 3. (21,8% 2 1996 3., 11% 2 1997 3.) =D;OF8O 1K;0 ?>402;5=0, => >3@><=K9 8=D;OF8>==K9 ?>B5=F80; A>E@0=8;AO, B0: :0: 55 2>A?@>872>4AB25==K5 D0:B>@K =5 1K;8 ?@5>4>;5=K. 5D;OF8O 2 >AA88 A?>A>1AB2>20;0 @57:><C >1>AB@5=8N A>F80;L=>-M:>=><8G5A:8E ?@>B82>@5G89, :>B>@K5, 2 :>=5G=>< AG5B5, CAC3C18;8 8=D;OF8>==K9 ?@>F5AA. 4=>9 87 ?@8G8= 45D;OF8>==>9 ?>;8B8:8 O28;>AL 2>72545=85 2 @0=3 >D8F80;L=>9 4>3<K ;815@0;87<0 8 <>=5B0@8ABA:>9 :>=F5?F88 157 CG5B0 B@C4=>AB59 ?5@5E>40 >AA88 : @K=>G=>9 M:>=><8:5 8 2>?@5:8 >?KBC 70@C156=KE AB@0=. "0< 402=> >B:070;8AL >B 157>3;O4=>3> ;815@0;87<0 8 G8AB>3> <>45@=87<0 8 :><18=8@CNB 8E ?>ABC;0BK A @5F5?B0<8 :59=A80=AB20 > =5>1E>48<>AB8 3>AC40@AB25==>3> @53C;8@>20=8O. >AA89A:85 @5D>@<0B>@K >?8@0;8AL =0 ?@O<>;8=59=CN <>=5B0@8ABA:CN 8=B5@?@5B0F8N 7028A8<>AB8 8=D;OF88 ;8HL >B 871KB>G=>3> 2K?CA:0 45=53, 1N465B=>3> 45D8F8B0 8 =5AB018;L=>AB8 20;NB=>3> :C@A0 8 ?@5C25;8G820;8 MDD5:B82=>ABL @K=>G=>3> @53C;8@>20=8O (@K=>: O:>1K ;CGH5 ?@>2545B A2>N @01>BC, G5< 3>AC40@AB2>).  MB>9 A2O78 A 1994 3. >=5B0@8ABA:0O 0=B88=D;OF8>==0O ?>;8B8:0 >ACI5AB2;O;0AL B@5<O <5B>40<8: >3@0=8G5=85 M<8AA88 45=53 &5=B@0;L=K< 10=:>< $, A>:@0I5=85 1N465B=>3> 45D8F8B0 ?CB5< A5:25AB8@>20=8O 3>AC40@AB25==KE @0AE>4>2, A45@6820=85 :>;510=8O :C@A0 @C1;O ?> >B=>H5=8N : 8=20;NB0< ?CB5< CAB0=>2;5=8O 8E ?@545;>2 8 8A?>;L7>20=8O 20;NB=>9 8=B5@25=F88. > >:070;>AL, GB> <>=5B0@8ABA:8<8 <5B>40<8 =52>7<>6=> ?>4028BL =5 45=56=K5 D0:B>@K 8=D;OF88, :>@5=OI85AO 2 AD5@5 2>A?@>872>4AB20. >MB><C A=865=85 B5<?0 @>AB0 F5= =5 >7=0G0;> 4>AB865=85 @50;L=>9 D8=0=A>2>9 AB018;870F88, ?>A:>;L:C =5 1K;8 ?@5>4>;5=K 1N465B=K9 :@878A, :@878A =5?;0B5659, 4C0;87< 45=56=>9 A8AB5<K, =5AB018;L=>ABL 10=:>2A:>9 A8AB5<K, 0 3;02=>5 - 70AB>9 2 M:>=><8:5 8 8=25AB8F8OE. A=>20==0O =0 <>=5B0@8ABA:8E @5F5?B0E 0=B88=D;OF8>==0O ?>;8B8:0 CAC3C18;0 M:>=><8G5A:89 A?04, @07@CH5=85 ?@>872>4AB25==>3> 8 =0CG=>3> ?>B5=F80;0, M:A?@>?@80F8N =0@>40.  1998 3. >AA8O 70=O;0 72-5 <5AB> (A@548 174 AB@0=) ?> :0G5AB2C 687=8, :>B>@>5 7028A8B =5 B>;L:> >B 4>E>4>2 3>AC40@AB20, => 8 A?>A>1>2 ?5@5@0A?@545;5=8O =0F8>=0;L=>3> 4>E>40 2 8=B5@5A0E 1>;LH8=AB20 =0@>40, 0 =5 ?@828;538@>20==>9 :CG:8. 0;NB=>-D8=0=A>2K9 :@878A, @07@0782H89AO 2A;54 70 4@C38<8 AB@0=0<8 2 >AA88 2 023CAB5 1998 3, 1=068; MD5<5@=>ABL >D8F80;L=> >1JO2;5==>9 D8=0=A>2>9 AB018;870F88 8 ?>154K =04 8=D;OF859, 2K720; 3;C1>:85 M:>=><8G5A:85 8 A>F80;L=K5 ?>B@OA5=8O.  8E G8A;5: 70<>@06820=85 2K?;0B ?> 2=CB@5==8< 8 2=5H=8< 4>;30<, 2 B>< G8A;5 3>AC40@AB25==K<; :@0E @K=:0 F5==KE 1C<03 8 D8=0=A>2KE ?8@0<84, 2:;NG0O -$; 1;>:8@>20=85 2:;04>2 2 :@C?=KE 10=:0E, :@878A 10=:>2A:>9 A8AB5<K 8 157=0;8G=KE @0AG5B>2; ?@8>AB0=>2:0 8;8 ?@5:@0I5=85 @01>BK BKAOG D8@< 8 10=:>2; C25;8G5=85 157@01>B8FK; C42>5=85 B5<?0 153AB20 :0?8B0;0 70 @C156; 4520;L20F8O @C1;O; ?0=8:0 =0 ?>B@518B5;LA:>< @K=:5. !;54AB285< @0710;0=A8@>20==>AB8 M:>=><8:8 8 ?>;8B8G5A:>9 =5AB018;L=>AB8 O28;>AL CA8;5=85 8=D;OF88 A 11% 2 1997 3. 4> 84,4% 2 1998 3.  O=20@5 1999 3. @>AB ?>B@518B5;LA:8E F5= A>AB02;O; 8,5%, 2 D52@0;5 - 4,1%, 2 <0@B5 - 2,8%. 0<54;5=85 B5<?0 8=D;OF88 >1CA;>2;5=> A=865=85< ?;0B565A?>A>1=>3> A?@>A0 2 A2O78 A ?045=85< @50;L=KE @0A?>;0305<KE 45=56=KE 4>E>4>2 =0A5;5=8O (2 45:01@5 1998 3. =0 31,8% ?> A@02=5=8N A 45:01@5< 1997 3.), :>=B@>;5< 70 45=56=>9 M<8AA859 8 48=0<8:>9 45=56=KE 03@530B>2 >B=>A8B5;L=>9 AB018;870F859 20;NB=>3> :C@A0 @C1;O. 4=0:> 70 ?5@2K5 2>A5<L <5AOF52 1999 3. 8=D;OF8O 2>7@>A;0 =0 30%, 0 70 3>4 A>AB028;0 36,5%. > =5 A<>B@O =0 B>, GB> 2 2000 3>4C 8=D;OF8O A>AB028;0 20,2% =5 AB>8B AG8B0BL, GB> 8=D;OF8O ?>15645=0 8 =0E>48BAO ?>4 :>=B@>;5<. ;O A45@6820=8O 8=D;OF88 =5>1E>48<0 A8AB5<=0O, :><?;5:A=0O 0=B88=D;OF8>==0O ?>;8B8:0 A CG5B>< <=>3>D0:B>@=>AB8 8=D;OF8>==>3> ?@>F5AA0, ?>@>6405<>3> 45D>@<0F859 2>A?@>872>4AB20 2> 2A5E AD5@0E, 0 =5 B>;L:> <>=5B0@=K<8 D0:B>@0<8. 2.2. A>15==>AB8 8=D;OF88 2 >AA88 -:>=><8:0 >AA88 8<55B ?5@5E>4=K9 E0@0:B5@. -B> ?@54?>;0305B 8=>5, >B;8G=>5 >B ?@0:B8:8 @0728BKE AB@0=, ?@>B5:0=85 8=D;OF8>==KE ?@>F5AA>2. > 1992 3>40 8=D;OF8O 2 >AA88 =>A8;0 A:@KBK9 E0@0:B5@. !D5@0 ?@>O2;5=8O 8=D;OF8>==KE ?@>F5AA>2 1K;0 >3@0=8G5=0 =0;8G=K< 45=56=K< >1>@>B><, B0: :0: 2 AD5@5 157=0;8G=>3> >1>@>B0 A8BC0F8O 65AB:> :>=B@>;8@>20;0AL D8=0=A>2K<8 >@30=0<8 3>AC40@AB20. =D;OF8O 8745@65: 1K;0 >B>428=CB0 =0 704=89 ?;0=, B0: :0: 3>AC40@AB2> @53C;8@>20;> 70@?;0BC 8 F5=K =0 ?@8@>4=K5 @5AC@AK, => ?@>O2;O;0AL 2 D>@<5 >B:070 >B 2K?CA:0 45H52KE B>20@>2, A=865=8N 8E :0G5AB20 157 :><?5=A8@CNI53> C45H52;5=8O. 5H0NI55 7=0G5=85 83@0;8 D0:B>@K, 254CI85 : ?@52KH5=8N 45=56=>3> A?@>A0 =04 B>20@=K< ?@54;>65=85<  D0:B>@K 8=D;OF88 A?@>A0. 54CI0O @>;L ?@8=04;560;0 M<8AA88 1C<06=KE 45=53, ?>B><C GB> MB0 DC=:F8O ?>;=>ABLN =0E>48;0AL 2 @C:0E 8A?>;=8B5;L=>9 2;0AB8 8 >BACBAB2>20; B0:>9 206=K9 A45@6820NI89 D0:B>@, :0: =57028A8<K9 &5=B@0;L=K9 10=:. -B> 4>?>;=O;>AL 2K40G59 1572>7<574=KE 8;8 :@09=5 45H52KE :@548B>2, 0 B0:65 3830=BA:8< >B2;5G5=85< <0B5@80;L=KE @5AC@A>2 >B =0AKI5=8O @K=:>2, ?@5645 2A53> ?>B@518B5;LA:8E B>20@>2 8 CA;C3 (38?5@B@>D8@>20==>5 @0728B85 2>5==>-?@><KH;5==>3> :><?;5:A0 8 >B@0A;59 BO65;>9 ?@><KH;5==>AB8). >4 459AB285< 2KH5=0720==KE D0:B>@>2 : =0G0;C 90-E 3>4>2 2 @>AA89A:>9 M:>=><8:5 AD>@<8@>20;AO <>I=59H89 8=D;OF8>==K9 =025A, :>B>@K9 2:;NG0; B@8 A>AB02;ONI85: >1I55 ?@52KH5=85 A?@>A0 =04 ?@54;>65=85<; 8A:065==K5 F5=>2K5 ?@>?>@F88, 2K720==K5 45D>@<8@>20==>9 AB@C:BC@>9 M:>=><8:8; 2KA>:85 8=D;OF8>==K5 >6840=8O :0: A;54AB285 ?@54H5AB2CNI59 M:>=><8G5A:>9 ?>;8B8:8. ! 1992 3>40 8=D;OF8O 2 >AA88 ?5@5@>A;0 2 AB03D;OF8N. >7=8G=K5 F5=K 2K@>A;8 2 1992 3. 2 26,1 @070; 2 1993 3.  9,4 @070; 2 1994 3.  3,2 @070; 2 1995 3.  2,3 @070 2 CA;>28OE A=865=8O , ?@><KH;5==>3> ?@>872>4AB20 8 8=25AB8F89.4 !?04 ?@>872>4AB20 2 >AA88 2 1992-1996 3>40E ?>GB8 242>5 ?@52KA8; @5:>@4 <8@>2>3> M:>=><8G5A:>3> :@878A0 1923-1933 3>4>2. 8=0<8:0 8=D;OF88 2 >AA88 A =0G0;>< >ACI5AB2;5=8O ?>;8B8:8 ;815@0;870F88 M:>=><8:8 8 F5= 2 ?@>F5=B0E : ?@54K4CI5<C 3>4C: 1994  840 % 1995  215% 1996  131 % 1997  21,8 % 1998  11-12 % 1999  70 % 2000  36,5 % 2001  20 % 2002  18,6 % >AA89A:85 @5D>@<0B>@K >?8@0;8AL =0 ?@O<>;8=59=CN <>=5B0@8ABA:CN 8=B5@?@5B0F8N 7028A8<>AB8 8=D;OF88 ;8HL >B 871KB>G=>3> 2K?CA:0 45=53, 1N465B=>3> 45D8F8B0 8 =5AB018;L=>3> 20;NB=>3> :C@A0. =B88=D;OF8>==0O ?>;8B8:0 >ACI5AB2;O;0AL B@5<O <5B>40<8: >3@0=8G5=85 M<8AA88 45=53 &5=B@0;L=K< 10=:>< $; A>:@0I5=85 1N465B=>3> 45D8F8B0 ?CB5< A5:25AB8@>20=8O 3>AC40@AB25==KE @0AE>4>2; A45@6820=85 :>;510=85 :C@A0 @C1;O ?> >B=>H5=8N : 8=>AB@0==K< 20;NB0< ?CB5< CAB0=>2;5=8O 8E ?@545;>2 8 8A?>;L7>20=8O 20;NB=>9 8=B5@25=F88. "0:0O ?>;8B8:0 ?@825;0 =5 : ?>402;5=8N 8;8 A45@6820=8N 8=D;OF88 8745@65:, 0 : >AB@>9 =5E20B:5 ?;0B56=KE A@54AB2. 5=56=0O <0AA0 2 ?5@8>4 @5D>@< 0940@0 A>AB02;O;0 10-12 % >B , GB> ?>A;C68;> : 2>7=8:=>25=8N 10@B5@=KE A45;>:. @C38< A;54AB285< ?@>2>48<>9 ?>;8B8:8 AB0;> :@878A=>5 A>:@0I5=85 ?@>872>4AB20.  ?5@8>4 A 1996 3>40 4> :>=F0 023CAB0 1998 3>40 2 >AA88 =01;N40;>AL A=865=85 B5<?0 8=D;OF88. 0;NB=>-D8=0=A>2K9 :@878A, @07@0782H89AO 2A;54 70 4@C38<8 AB@0=0<8 2 >AA88 2 023CAB5 1998 3>40, ?>:070; MD5<5@=>ABL >D8F80;L=> >1JO2;5==>9 D8=0=A>2>9 AB018;870F88 8 ?>154K =04 8=D;OF859. ;C1>:85 M:>=><8G5A:85 8 A>F80;L=K5 ?>B@OA5=8O 2 8E G8A;5: 70<>@06820=85 2K?;0B ?> 2=CB@5==8< 8 2=5H=8< 4>;30<; :@0E @K=:0 F5==KE 1C<03 8 D8=0=A>2KE ?8@0<84; 1;>:8@>20=85 2:;04>2 2 :@C?=KE 10=:0E, :@878A 10=:>2A:>9 A8AB5<K 8 157=0;8G=KE @0AG5B>2; C25;8G5=85 157@01>B8FK; 153AB2> :0?8B0;0 70 @C156; 4520;L20F8O @C1;O ?@825;8 : CA8;5=8N 8=D;OF88 A 11 % 2 1997 3>4C 4> 70 % 2 1998 3>4C.  1999 3>4C B5<? 8=D;OF88 A>AB028; 36,5 %. 0<54;5=85 B5<?>2 8=D;OF88 1K;> >1CA;>2;5=> A=865=85< ?;0B565A?>A>1=>3> A?@>A0 2 A2O78 A ?045=85< @50;L=KE @0A?>;0305<KE 45=56=KE 4>E>4>2 =0A5;5=8O (2 45:01@5 1998 3. =0 31,8 % ?> A@02=5=8N A 45:01@5< 1997 3.), :>=B@>;5< 70 45=56=>9 M<8AA859 8 48=0<8:>9 45=56=KE 03@530B>2 >B=>A8B5;L=>9 AB018;870F859 20;NB=>3> :C@A0 @C1;O.  8N;5 2002 3>40 =0 ?>B@518B5;LA:>< @K=:5 =5 ?@>87>H;> >68402H53>AO A>:@0I5=8O 48=0<8:8 F5=, =5 3>2>@O C65 >1 8E 01A>;NB=>< A=865=88. %>BO 8=D;OF8O, 2 >1I5<-B>, =525;8:0, >1@0I05B =0 A51O 2=8<0=85 55 B5=45=F8O: 2<5AB> A57>==>3> A?040, 8=45:A ?>B@518B5;LA:8E F5= 4065 GCBL 2K@>A  A> 100.5% 2 8N=5 4> 100.7% 2 8N;5 (2001 3., A>>B25BAB25==>: 101.6% 8 100.5%). 07>20O 8=D;OF8O B>65 =5A:>;L:> C25;8G8;0AL  A> 100.6% 4> 100.9% (A0<K9 2KA>:89 C@>25=L, =0G8=0O A O=20@O)  3@0D8: !1. "0:0O 48=0<8:0 F5= >?@545;O;0AL 2 >A=>2=>< :>=JN=:BC@=K<8 D0:B>@0<8.  @0D8: !1.8=0<8:0 ?>B@518B5;LA:8E F5= 8 2;8O=85 8=D;OF88  >:BO1@5 @>AB ?>B@518B5;LA:8E F5= 70<5B=> CA:>@8;AO. = A>AB028; 101.1% ?@>B82 100.4% 2 A5=BO1@5 8 100.1% 2 023CAB5. ABL >A=>20=8O 3>2>@8BL >1 CA8;5=88 8=D;OF8>==KE ?@>F5AA>2, 2KE>4OI5< 70 @0<:8 459AB28O A57>==>3> D0:B>@0. 07>20O 8=D;OF8O 2 >:BO1@5 A>AB028;0 100.9%1 ?@>B82 100.5-100.6% 2 A@54=5< 2> 2B>@><-B@5BL5< :20@B0;0E B5:CI53> 3>40 3@0D8:!2  @0D8: !2.=45:A ?>B@518B5;LA:8E F5= 8 2;8O=85 8=D;OF88 #A:>@5=85 8=D;OF88 2 >:BO1@5 A2O70=> A> A;54CNI8<8 >1AB>OB5;LAB20<8: 8=B5=A82=K< @0AH8@5=85< 45=56=>3> ?@54;>65=8O 2> 2B>@>< 8 B@5BL5< :20@B0;0E. > 2B>@>< :20@B0;5 A@54=5<5AOG=K9 @>AB =0;8G=>-45=56=>9 <0AAK A>AB02;O; 105.4%, 2 B@5BL5<  101.4%. !;54AB285< MB>3> AB0; CA:>@5==K9 @>AB F5= =0 =5?@>4>2>;LAB25==K5 B>20@K, 4>10282H89 : ?>:070B5;N 8=D;OF88 =0 ?>B@518B5;LA:>< @K=:5 0.3 % ?C=:B0; @>AB>< F5= =0 <>;>G=K5 ?@>4C:BK 8 A0E0@-?5A>:, 8<5NI8< ?@58<CI5AB25==> A57>==CN ?@8@>4C.  @57C;LB0B5 MB>3> 8=45:A ?>B@518B5;LA:8E F5= C25;8G8;AO =0 0.2% ?C=:B0; CA:>@5==K< ?>2KH5=85< @53C;8@C5<KE B0@8D>2 =0 ?;0B=K5 CA;C38 =0A5;5=8N (>A>15==>, ?0AA068@A:>3> B@0=A?>@B0). -B> 4>1028;> : 8=45:AC ?>B@518B5;LA:8E F5= 0.3 % ?C=:B0. #G8BK20O A:;04K20NI85AO B5=45=F88, 70 3>4 @>AB ?>B@518B5;LA:8E F5= ?@>3=>78@C5BAO =0 C@>2=5 114.5-115%. ;O A45@6820=8O 8=D;OF88 =5>1E>48<0 A8AB5<=0O, :><?;5:A=0O 0=B88=D;OF8>==0O ?>;8B8:0 A CG5B>< <=>3>D0:B>@=>AB8 8=D;OF8>==>3> ?@>F5AA0, ?>@>6405<>3> 45D>@<0F859 2>A?@>872>4AB20 2> 2A5E AD5@0E, 0 =5 B>;L:> <>=5B0@=K<8 D0:B>@0<8. &5;L B0:>9 ?>;8B8:8  =5 ?>402;5=85 8=D;OF88 ;N1>9 F5=>9, 0 C?@02;5=85 8=D;OF8>==K< ?@>F5AA>< :0: @K=>G=K<8, B0: 8 3>AC40@AB25==K<8 <5B>40<8 2 8=B5@5A0E ?>4J5<0 =0F8>=0;L=>3> ?@>872>4AB20 8 M:>=><8G5A:>9 157>?0A=>AB8 =0@>40. ;020 3. !B@0B538O M:>=><8G5A:>3> @>AB0 >AA88 ?>4 2>7459AB285< 8=D;OF8>==KE ?@>F5AA>2 3.1. 5B>4K ?@5>4>;5=8O 8 @53C;8@>20=85 8=D;OF88 =0 A>2@5<5==>< MB0?5 530B82=K5 A>F80;L=K5 8 M:>=><8G5A:85 ?>A;54AB28O 8=D;OF88 2K=C640NB ?@028B5;LAB20 @07=KE AB@0= ?@>2>48BL >?@545;5==CN M:>=><8G5A:CN ?>;8B8:C. =0G8B5;L=>5 2=8<0=85 2A5340 C45;O;>AL 3>AC40@AB2>< @53C;8@>20=8N 45=56=>9 <0AAK. =B88=D;OF8>==0O ?>;8B8:0 =0AG8BK205B 1>30BK9 0AA>@B8<5=B A0<KE @07=KE 45=56=>-:@548B=KE, 1N465B=KE <5@, =0;>3>2KE <5@>?@8OB89, ?@>3@0<< AB018;870F88 8 459AB289 ?> @53C;8@>20=8N 8 @0A?@545;5=8N 4>E>4>2. B0:, :0:>20 65 4>;6=0 1KBL 0=B88=D;OF8>==0O ?@>3@0<<0 ?@028B5;LAB20? >?@>A MB>B G@572KG09=> A;>65=, 8 7=09, <K =0 =53> >B25B A 8=D;OF859 1K;> 1K ?>:>=G5=>. "5< =5 <5=55, >= AB>8B B>3>, GB>1K ?>?KB0BLAO =0 =53> >B25B8BL. ;O @5H5=8O MB>9 7040G =5>1E>48<> : C65 459AB2CNI59 0=B88=D;OF8>==>9 ?@>3@0<<5 4>1028BL :><?;5:A <5@, =0?@02;5==KE =0 A45@6820=85 8 @53C;8@>20=85 2A5E B@5E :><?>=5=B>2 8=D;OF88: A?@>A0, 8745@65: 8 >6840=89. !;54C5B @53C;O@=> CAB0=02;820BL >@85=B8@K (:>@84>@) 8=D;OF88 8 45=56=>9 <0AAK A @07182:>9 ?> :20@B0;0<, @07@01>B0BL 8 >1=0@>4>20BL A8AB5<C 8=AB@C<5=B>2 2;8O=8O =0 A?@>A 8 ?@54;>65=85, :>B>@0O 4>;6=0 @53C;8@>20BLAO @K=>G=K<8 <5E0=87<0<8. 5>1E>48<> A>740BL 8 >15A?5G8BL ?>;=>F5==CN @01>BC 0=B8<>=>?>;L=>3> 70:>=>40B5;LAB20, >A>15==> 0=B8<>=>?>;L=K5 <5@K 4>;6=K 1KBL C65AB>G5=K 2 >B@0A;OE "- 06=> >3@0=8G8BL 45D8F8B 1N465B0. 0@0I820=85 3>AC40@AB25==KE 8=25AB8F89 4>;6=> ?@>8AE>48BL ?0@0;;5;L=> A @0AH8@5=85< 4>E>4=>9 107K 1N465B0. 5>1E>48< @50;L=K9 =0;>3>2K9 :>45:A, ?>4@07C<520NI89 =5A:>;L:> C<5@5==KE =0;>3>2 8, 2>7<>6=>, >B<5=C 8;8 A=865=85 !. >7<>6=>, =5>1E>48<> A=>20 27OBL ?>4 G0AB8G=K9 :>=B@>;L 2=5H=NN B>@3>2;N, C?>@O4>G8BL 55. 5>1E>48<> AB8<C;8@>20BL @50;L=K9 A5:B>@ M:>=><8:8: ?>445@6820BL ?@>F5=B=K5 AB02:8 =0 C@>2=5, =57=0G8B5;L=> ?@52KH0NI5< B5<? 8=D;OF88. !;54C5B >B;048BL <5E0=87<K ?@>2>4:8 F5=B@0;87>20==KE AC1A8489 8 :@548B>2 8 AC1A8489 G5@57 C?>;=><>G5==K5 10=:8 4;O ?@54>B2@0I5=8O ?5@5:0G:8 A@54AB2 2 A?5:C;OB82=K5 >?5@0F88 =0 45=56=KE @K=:0E. >;6=> 1KBL ?@>2545=> C65AB>G5=85 <5@ ?@>B82 @>AB0 ?@>A@>G5==>9 704>;65==>AB8 ?> :@548B0< (AB8<C;8@CNI59 8=D;OF8>==K5 ?@>F5AAK), :>B>@>5 ?><>65B =>@<0;87>20BL :@C3>>1>@>B >1>@>B=>3> :0?8B0;0 2 ?@><KH;5==>AB8 8 @0728B8O 25:A5;L=>3> >1@0I5=8O. C6=> 2>AAB0=>28BL D8=0=A>2CN A8AB5<C, A45;0BL 55 C?@02;O5<>9. 06=> >3@0=8G5=85 4>;8 4>E>4>2 ?>A@54=8:>2 2 :>=5G=KE F5=0E ?>B@518B5;LA:8E B>20@>2. 5:>B>@K5 87 ?@54;>65==KE 745AL <5@ <>3CB ?>:070BLAO :@09=5 A;>6=K<8 4;O 2K?>;=5=8O.  A>2@5<5==KE CA;>28OE ?@0:B8G5A:8 ?>;=>3> @0720;0 D8=0=A>2>-:@548B=>9 8 =0;>3>2>-1N465B=>9 A8AB5< 2K?>;=5=8O 4065 =5A:>;L:8E 87 MB8E <5@ AB028BAO ?>4 2>?@>A. 4=0:> A8BC0F8O CAC3C1;O5BAO 8 ?>;8B8G5A:>9 =5AB018;L=>ABLN. 064K9 H03 =0 1>@L15 A 8=D;OF859 B@51C5B E>BO 1K :0:>3>-B> <8=8<0;L=>3> 2=CB@5==53> @575@20, =5>1E>48<>3>, GB>1K ?@54?@8=8<05<K5 H038 AB0;8 >ICB8<K<8 8 =5 >AB0;8AL =57025@H5==K<8. -B>B @575@2 ?>4@07C<5205B A@54AB20. 4=0:> 45;> 2 B><, GB> 2=CB@8 AB@0=K 2KA>:>;8:284=KE A@54AB2 >AB0;>AL :@09=5 <0;>, AB@0=5 B@51C5BAO ?>445@6:0 8=>AB@0==KE 8=25AB>@>2, 1C4L B> G0AB=K5 8;8 3>AC40@AB25==K5 8=25AB8F88, :><<5@G5A:85 10=:8 8;8 <564C=0@>4=K5 >@30=870F88. > 7032>74:0 2 B><, GB> 4;O 8=25AB>@0 :@09=5 2065= 70:>=>40B5;L=K9 :;8<0B.  A>2@5<5==>< =0< <8@5 ACI5AB2C5B =8 >48= ?@8<5@, :>340 3>AC40@AB2>, =5 >1;040NI55 ?@0:B8G5A:8 =8:0:8<8 @5AC@A0<8, ?@>F25B05B 1;03>40@O E>@>H8< 70:>=0<, AB8<C;8@CNI8< 187=5A 8 8=25AB8@>20=85. >AA89A:>5 65 70:>=>40B5;LAB2> A:>@55 >B?C38205B 8=25AB>@>2, =565;8 ?@82;5:05B 8E. >;8B8G5A:0O 65 =5AB018;L=>ABL ?@5?OBAB2C5B =>@<0;L=><C 70:>=>B2>@G5AB2C. 53C;8@>20=85 8=D;OF88 2 >AA88 =0 A>2@5<5==>< MB0?5. &5=B@>10=: >B<5G05B, GB> 2 >1>8E @0AA<0B@8205<KE AF5=0@8OE A>AB>O=85 ?;0B56=>3> 10;0=A0 >AB05BAO CAB>9G82K<. >AB 7>;>B>20;NB=KE @575@2>2 2 2003 3>4C <>65B A>AB028B 7 <8;;80@4>2 4>;;0@>2. & $ AG8B05B 4>?CAB8<K< C:@5?;5=85 @50;L=>3> MDD5:B82=>3> :C@A0 @C1;O 2 ?@545;0E 4-6 ?@>F5=B>2, 0 B5<?K =><8=0;L=>9 4520;L20F88 @C1;O 1C4CB <5=LH5 B5<?>2 8=D;OF88.0: C65 ?8A0;0 " >AA89A:0O 187=5A-3075B0", A45;0==K9 0=:>< >AA88 C?>@ =0 :>=B@>;5 8=D;OF88 >B=N4L =5 A;CG05=. 5;> 2 B><, GB> 2 CA;>28OE =5>?@545;5==>AB8 A>AB020 @>AA89A:>3> 03@530B0 45=56=>9 <0AAK 8 AB>;L 65 ?@8:84>G=> 4>AG8BK205<KE >A:><AB0B>< >F5=>:  ?>:070B5;L A:>@>AB8 >1@0I5=8O 45=53 ?@52@0B8;AO 2 ?>GB8 01A>;NB=K9 D0=B><.  254L 2 B5>@88 45=56=>3> @53C;8@>20=8O MB> >A=>2=>9 ?>:070B5;L, <0;59H55 87<5=5=85 :>B>@>3> A2845B5;LAB2C5B > ?@>O2;5=88 ?>78B82=KE 8;8 =530B82=KE B5=45=F89 2 M:>=><8:5. >=OB=>, GB> ?@0:B8G5A:8 ;8H82H8AL MB>3> 107>2>3> 45=56=>3> 8=48:0B>@0, 0=: >AA88 ?>B5@O; 8 2>7<>6=>ABL MDD5:B82=>3> :>=B@>;O 45=56=>9 <0AAK :0: 8=AB@C<5=B0 =5 B>;L:> 45=56=>3>, => 8 <0:@>M:>=><8G5A:>3> @53C;8@>20=8O. @>87>H;> MB>, @07C<55BAO, =5 2G5@0, >4=0:> : ;CGH5<C A8BC0F8O ?>:0 =5 <5=O5BAO.  MB8E CA;>28OE ?@8<5=O5<0O &5=B@>10=:>< B0:B8:0 O2;O5BAO >?B8<0;L=>9. A;8 B5A=>9 A2O78 <564C @>AB>< 45=56=>9 <0AAK, 8=D;OF859 8 @50;L=>9 M:>=><8:>9 =5 ?@>A;568205BAO, B> 548=AB25==> @07C<=K< >AB05BAO 25AL<0 C<5@5==>5, 0 3;02=>5 - ?@54A:07C5<>5 =0@0I820=85 45=56=>3> ?@54;>65=8O 8 AB>;L 65 AB018;L=0O 8 ?@54A:07C5<0O :C@A>20O ?>;8B8:0. -B> ?>72>;O5B 4065 2 CA;>28OE 04<8=8AB@0B82=>3> ?>2KH5=8O B0@8D>2 8 >BACBAB28O 8=AB@C<5=B>2 "B>=:>9 =0AB@>9:8" (>?5@0F88 =0 >B:@KB>< @K=:5 F5==KE 1C<03) 4>1820BLAO A=865=8O 8=D;OF8>==KE 8 4520;L20F8>==KE >6840=89, 0 2<5AB5 A =8<8 8 C@>2=O ?@>F5=B=KE AB02>:. "0:, >1J5< 45=56=>9 <0AAK 2 >1@0I5=88 (03@530B 2) =0 1 >:BO1@O 2002 3>40 C25;8G8;AO A =0G0;0 3>40 =0 15,2 ?@>F5=B0 (?> A@02=5=8N A @>AB>< =0 23,6 70 O=20@L-A5=BO1@L 20013>40.>78B82=0O :0@B8=0 =01;N405BAO 2 48=0<8:5 A15@565=89 =0A5;5=8O 2 =0F8>=0;L=>9 20;NB5, :>B>@K5 C25;8G8;8AL ?>GB8 =0 30 ?@>F5=B>2. 1J5:B82=>9 >A=>2>9 4;O MB>3> ?>A;C68;8 2KA>:85 B5<?K @>AB0 70@01>B=>9 ?;0BK 8 8=45:A0F88 ?5=A89, :>B>@K5 AB0;8 8AB>G=8:>< C25;8G5=8O B5<?>2 @>AB0 @50;L=KE @0A?>;0305<KE 45=56=KE 4>E>4>2 =0A5;5=8O. 5A:>;L:> 1>;55 ?@>B82>@5G82K 87<5=5=8O 2 AB@C:BC@5 2:;04>2. ! >4=>9 AB>@>=K, C25;8G5=85 4>;8 A@>G=KE 2:;04>2 A 73 4> 79 ?@>F5=B>2 3>2>@8B > ?>AB5?5==>< 2>AAB0=>2;5=88 4>25@8O =0A5;5=8O : 10=:>2A:>9 A8AB5<5. ! 4@C3>9 - B5<? ?@8@>AB0 45?>78B>2 2 8=>AB@0==>9 20;NB5 ?>:0 GB> ?@52KH05B C25;8G5=85 >1J5<>2 @C1;52KE 2:;04>2.> <=5=8N M:A?5@B>2 8=M:>=><@0728B8O, A CG5B>< 48=0<8:8 2KH5?5@5G8A;5==KE ?>:070B5;59, 3;02=K<8 7040G0<8 =0 1;8609HCN ?5@A?5:B82C O2;O5BAO C45@60=85 3>4>2>3> B5<?0 8=D;OF88 2 3@0=8F0E, ?@54CA<>B@5==KE =0 2002 3>4, 8 ?@>B82>459AB285 D0:B>@0<, A?>A>1=K< >:070BL =530B82=>5 2;8O=85 =0 CA?5H=>ABL @50;870F88 45=56=>-:@548B=>9 ?>;8B8:8. 5=56=0O <0AA0 (2)1"5<?K ?@8@>AB0/A=865=8O 45=56=>9 <0AAK,%2 B>< G8A;5A53>=0;8G=K5 45=L38 (0)157=0;8G=K5 A@54AB20: ?@54K4CI5<C <5AOFC: =0G0;C 3>401.011 602,6584,31 018,311,440,11.021 502,0533,4968,6-6,3-6,31.031 522,9543,4979,51,4-5,01.041 562,4552,91 009,52,6-2,51.051 621,3610,31 011,03,81,21.061 686,0607,51 078,54,05,21.071 751,1645,91 105,23,99,31.081 776,1659,71 116,31,410,81.091 812,5679,01 133,42,113,11.101 846,6672,61 174,01,915,2 "01;8F0 ! 1. 5=56=0O <0AA0 (=0F8>=0;L=>5 >?@545;5=85) 2 2002 3>4C (<;@4. @C1.) 5=56=K9 03@530B 2 ?@54AB02;O5B A>1>9 >1J5< =0;8G=KE 45=53 2 >1@0I5=88 (2=5 10=:>2) 8 >AB0B:>2 A@54AB2 2 =0F8>=0;L=>9 20;NB5 =0 @0AG5B=KE, B5:CI8E AG5B0E 8 45?>78B0E =5D8=0=A>2KE ?@54?@8OB89, >@30=870F89 8 D878G5A:8E ;8F, O2;ONI8EAO @57845=B0<8 >AA89A:>9 $545@0F88.  MB>B 03@530B =5 2:;NG0NBAO 45?>78BK 2 8=>AB@0==>9 20;NB5.  "5<?K 8=D;OF88 >AB0NBAO 2KA>:8<8  <05 2002 3>40 8=D;OF8O 2 >AA88 A>AB028;0 1,7% (A =0G0;0 3>40 - 8,4%). > A@02=5=8N A ?@>H;K< 3>4>< C@>25=L 8=D;OF88 A=878;AO: 70 ?5@2K5 ?OBL <5AOF52 2001 3>40 8=D;OF8O A>AB02;O;0 10,6 % (2 <05 2001 3. 1,8 %). "5< =5 <5=55, ?>:070B5;8 B5:CI53> 3>40 7=0G8B5;L=> ?@52KA8;8 ?@54?>;0305<K5: 2 ?;0=0E @028B5;LAB20 =0 25A=C 1K;> A=865=85 8=D;OF88 4> 1 % 2 <5AOF.  :@C?=59H8E 3>@>40E, >A:25 8 !0=:B-5B5@1C@35, 8=D;OF8O A>AB028;0 2,2 % (A =0G0;0 3>40 - 10,7 %) 8 1,4 % (A =0G0;0 3>40 9,6 %) A>>B25BAB25==>. >B@518B5;LA:85 F5=K =0 ?@>4>2>;LAB25==K5 B>20@K ?> A@02=5=8N A 0?@5;5< 2K@>A;8 =0 2,2 %, =0 =5?@>4>2>;LAB25==K5 - =0 1,2 %, =0 CA;C38 =0A5;5=8N  =0 1 %. !0E0@, <OA>, ?B8F0, 0 B0:65 <>@>65=>5, ?82> 8 <8=5@0;L=0O 2>40 ?>4>@>60;8 2 A@54=5< =0 1,1 %. %;51 AB0; 4>@>65 =0 0,3 %, 0 0;:>3>;L=K5 =0?8B:8 - =0 0,6 %. 081>;LH89 @>AB F5= >B<5G5= =0 ?;>4>>2>I=CN ?@>4C:F8N  15 %. ><<C=0;L=K5 CA;C38 2 A@54=5< ?>4>@>60;8 =0 0,5 %, ?@8 MB>< B0@8DK =0 2>4>A=0165=85 8 :0=0;870F8N 2K@>A;8 =0 2,5 %, M;5:B@>M=5@38N - =0 2 %, 307 A5B52>9 - =0 1,7 %. >AB 8=D;OF88 4> MB>3> C@>2=O 2K720=, ?@5645 2A53>, A57>==K< ?>2KH5=85< F5= =0 =5DB5?@>4C:BK 2=CB@8 AB@0=K (=0?@8<5@, 15=78= <0@:8 -76 AB0; 4>@>65 =0 12,5 %, <0@:8 -92 - =0 10,5 %, <0@:8 -95 - =0 6,3 %). !57>==>5 ?>2KH5=85 A2O70=> A @>AB>< 45;>2>9 0:B82=>AB8, 2 B>< G8A;5, A ?@>2545=85< A5;LA:>E>7O9AB25==KE @01>B. "0:>5 ?>4>@>60=85 >1KG=> =>A8B 2@5<5==K9 E0@0:B5@. ><8<> A57>==>3> D0:B>@0, =0 ?>2KH5=85 F5=K =5DB8 ?>2;8O;> 70O2;5=85 @028B5;LAB20 > A=OB88 >3@0=8G8B5;L=KE :2>B =0 55 M:A?>@B. 71KB>: =5DB8 ?>H5; 70 3@0=8FC, GB> ?@825;> : 55 C4>@>60=8N 2=CB@8 AB@0=K. =D;OF8O, 2K720==0O MB8< D0:B>@><, A=878BAO B>;L:> 2 A;CG05 CAB0=>2;5=8O =>2KE M:A?>@B=KE >3@0=8G5=89. I5 >4=>9 ?@8G8=>9 CA:>@5=8O 8=D;OF88 <>6=> =0720BL ?>2KH5=85 A>F80;L=KE 2K?;0B =0A5;5=8N. @>87>H5; @>AB ?>B@518B5;LA:>3> A?@>A0 ?@8 >BAB020=88 ?@>872>4AB20. !;54AB285< O28;>AL ?>2KH5=85 F5=.  MB>< A;CG05 C@>25=L 8NPxz|~       F H J L ˾˾|i||˳˾P0jhc>*B*CJUmHnHphu$j{hcCJUmHnHu!jhcCJUmHnHuhcCJmHnHu0jhc>*B*CJUmHnHphuhcCJmHnHuhc0JCJmHnHu"jhc0JCJUmHnHujhcCJU hcCJhM8hM8B*CJph hM8CJ8N P~&x$$ ^`  $ ^`  $ ^` ^`$a$gdM8V^L 6 8 : <  Ѭ{hѬ$jghcCJUmHnHu0jhc>*B*CJUmHnHphuhc0JCJmHnHuhcCJmHnHu"jhc0JCJUmHnHu$jqhcCJUmHnHu!jhcCJUmHnHuhcCJmHnHu hc0JCJ\aJmHnHu   p r t F H J | ~ ȻՌȌsȻ`ՌȌ$jShcCJUmHnHu0jhc>*B*CJUmHnHphuhcCJmHnHu$j]hcCJUmHnHu!jhcCJUmHnHuhcCJmHnHuhc0JCJmHnHu"jhc0JCJUmHnHu0jhc>*B*CJUmHnHphu D F H z | ~ DFHz|~ķՈ{{b{OՈ{$j?hcCJUmHnHu0jhc>*B*CJUmHnHphuhc0JCJmHnHuhcCJmHnHu$jIhcCJUmHnHu!jhcCJUmHnHuhcCJmHnHu hc0JCJ\aJmHnHu"jhc0JCJUmHnHu0jhc>*B*CJUmHnHphu BDFJLNPRT<>@rtvz|~μ篞raN$j+hcCJUmHnHu hc0JCJ\aJmHnHu0jhc>*B*CJUmHnHphu$j5hcCJUmHnHu!jhcCJUmHnHuhcCJmHnHu"jhc0JCJUmHnHu0jhc>*B*CJUmHnHphuhc0JCJmHnHuhcCJmHnHuJLNHJL~ᰟsᰟ`$j hcCJUmHnHu0j hc>*B*CJUmHnHphu$j! hcCJUmHnHu!jhcCJUmHnHuhcCJmHnHu0jhc>*B*CJUmHnHphuhcCJmHnHuhc0JCJmHnHu"jhc0JCJUmHnHu$:<>prtxz|~  PRȻՌȌsȻ`ՌȌ$j hcCJUmHnHu0j hc>*B*CJUmHnHphuhcCJmHnHu$j hcCJUmHnHu!jhcCJUmHnHuhcCJmHnHuhc0JCJmHnHu"jhc0JCJUmHnHu0j hc>*B*CJUmHnHphu RTVxz|JnF^vx$8:DFȻՌ|m|d|d|Z|Z|d|Z|Z|Z|ZhcCJmH sH hc6CJ]hc5CJOJQJ\^J hcCJjhcCJUhcCJmHnHu$j hcCJUmHnHu!jhcCJUmHnHuhcCJmHnHuhc0JCJmHnHu"jhc0JCJUmHnHu0j~ hc>*B*CJUmHnHphu!:zFZ $###V$$$$$Z%%%F'$$$dha$ & F & F & F & F  ##V$$$$$$Z%%%V&X&&&r(t() )**R,T,x-z---00,3.3335577*8,8d9f9;;;;P<R<t<v<<<޾޴ެެެެޠޠޠެެެެެެެެޗެެެhc6CJNH]hc6CJ]jhc0JCJUhcCJNHhcCJEHaJHhc5CJ\hchcCJmH sH hc@CJh hcCJhc0J>*B*CJphhc0J>*B*CJph7F'*X,~-. 56::::|==@BE HK"MUG@GGGHHJJ"MdMfMM¶hc6CJ\ hcCJ\jhcCJUmHnHuhc6CJ]hj~hcCJEHUj?|> hcCJUVjt hcCJEHUj>|> hcCJUVjhcCJUhcCJNH hcCJ5MMMMOTTVVXVVV.Xqqqqqrhc56CJhc6CJ]hc56CJ\]jhcCJUmHnHu hc5CJhcCJNH hcCJ] hc6CJ hcCJjhc0JCJU\?kkkkkkkkkkkkkkkk2ln2tux~҂̄ć`d`rrvrxrrrrrrs,s.s\s^sssss tt2tNtPt\t^tttttpuruuuuvvyyzz2{4{v|z||||| } }(*df(**:ʃZ\PR.0lnjhc0JCJU hcCJH* hc6CJhc56CJNHhc56CJ hcCJhcCJNHM DFLNDFbdBDtvRTHL̝ΝnpPRZ\*<BJLXZ\nĩ<>ެPRbt hc5CJ hc6CJhc56CJNHhc56CJ hcCJhcCJNHRL<$\ĩx &>$d$If`a$$d$If`a$ d$If`d`>@bjrt-Xkd$$IflF8{       4 la$d$If`a$$d$If`a$Xkd$$IflF8{         4 latޱؿV}{yywyqyy`!d`Xkd$$IflF8{     4 la$d$If`a$$d$If`a$ BD~º\^Խֽrtؿ ,.02 .0V|fh >@DFH hcCJH*hc6CJH*]hc6CJH*]mH sH hc6CJ]mH sH hcCJmH sH jhcCJUmHnHuhc5CJ\hc6CJ]hcCJNH hcCJ<*,2jcGkd$$Ifl0Z$!64 laGkd^$$Ifl0Z$!64 la$If` jln.246>BDHhGkd$$Ifl70Z#!#4 la$IfGkdH$$Ifl0Z$!64 la 8&f v0PT.`Ekd3$$Ifl0Z#!#4 la$If6\$8l&bf8: r "$.0FH46Z\68z|8:vxVȼhcCJNHjhcCJEHUj<|> hcCJUVjhcCJUhc6CJ] hcCJH* hcCJhc6CJH*]G.~\ \ <$f+.006:>`VZ\6&*,fhvxvx "  * ,   HJPhj(*68FHZ\XfZfffBgDgggg hcCJH*jhcCJUmHnHuhcCJOJQJjhc0JCJUhcCJNHhc6CJ] hcCJJ>EKRVd\jaXfjjlopFqstu~x{6"& l4n!gg|h~h|i~iiikll l,o.ojolo&8 ,.dfćƇFHĈƈ.0JLjl6@؋܋BLV`pzʌЌ܌*,hʼhcCJmHnHuhcCJNHhc0J>*B*CJphhc0J>*B*CJph hc0J5>*B*CJ\phhc5CJ\ hcCJ hcCJH*?hjF`؎ 2D`n(2Zdjx|nphjV`̙ΙZ^ƞʞ>@bl68PR(*0:<FRhcCJNHhcCJmHnHu hcCJjhc0JCJUVnĐޖ:^tb*pԿ (@\td`` & FR^blڨ *\fr~֬جbz|*pZ\^`~hc6CJ]_H jWhcCJU_H hcCJ^J_H jhc0JCJUhc0JCJ_H hcCJ_H ,hc0J5>*B*CJOJQJ\^JphhcCJNH"jhc0JCJUmHnHu hcCJhcCJmHnHu,\` z H\ & F-7]-^7gdc & F-7]-^7gdc -]-^`7`701$]0^`01$]0^`  DHZ\hj".2z|TV.0v̡̡̡̡̡̡̡̡̡̡̡̡̡̻̩̌̂̕hcB*CJph33hc6CJ]jhc0JCJUhcCJaJhc@CJhhc5CJ\ hc0J5>*B*CJ\ph hcCJhc6CJ]_H j&hcCJU_H hcCJ_H jhc0JCJU_H 3\j".26`$If! -]-^` & F-7]-^7gdc ?999$Ifkd~5$$IfT-4F4{( @@@06    34-` ab f4pT 4^?99999$Ifkd6$$IfT-4F4{( @@@06    34-` ab f4pT^z|*6BJTV`p|Ff|DFf@Ff=FfQ9$If|&.0:JVfnvxFfHSFfOFfKFf/H$Ifvx  TVX&468DFNbfhz|~ $&:LNPȿhcCJaJhcCJaJo(hc6CJ]aJhc6CJ]o(jhc0JCJUhc6CJ] hcCJhcCJaJH  &2BJTVX !Ffa^FfZFfV$IfPVbdz$&@BFHRT\^np    * : < > J L T j l | ~              !!(!*!.!0!B!D!F!H!hcCJaJhcCJaJo(^H!V!X!f!h!l!|!!!!!!!!!!!!!!!" """""&"("*"4"6"H"L"T"V"X"Z"p"r"z"|""""""""""""""""""" # ## #$#4#H#J#R#T#Z#\#j#l#p#r#############$$$$$$&$($hcCJaJhcCJaJo(^($4$6$:$<$V$X$Z$\$r$t$$$$$$$$$$$$$$$%%%%%%(%*%6%8%D%H%T%V%`%d%t%v%%%%%%%%%%%%%%%%%&&& &&&"&$&(&:&D&F&J&V&Z&l&v&x&|&&&&&&&&&&&&&&&& ''hcCJaJhcCJaJo(^ $'N*pDΐJrLflTX\JD`'''''$'('*','B'D'l'n'x'|'''''''''''''''((((((0(2(:(<(F(H(X(Z(l(n(((((((((((((((((((()))))$)().)0)>)@)B)D)H)J)^)`)l)n)z)~)))))))))))hcCJaJhcCJaJo(^)))))))****0*2*H*N*T*V*`*b*r*t***************++++ +"+B+D+P+R+X+Z+n+p+++++++++++++++++++*,@BPRjrtvUhcCJaJhcCJaJo(]F5= 7028A8B >B B5<?>2 C25;8G5=8O >1J5<>2 ?@>872>4AB20. > 8B>30< 2002 3>40 C@>25=L 8=D;OF88 2 >AA88, :0: 8 ?@>3=>78@>20;> @028B5;LAB2>, A>AB028; 12-14 %. ! MB>9 B>G:8 7@5=8O &5=B@0;L=K9 10=: 87CG05B 2>7<>6=>ABL ?>A;54CNI53> A=865=8O AB02:8 @5D8=0=A8@>20=8O. & $ @0AA<0B@8205B 2>7<>6=>ABL <0AHB01=KE >?5@0F89 ?> A45@6820=8N 8=D;OF88 2 :>=F5 3>40. ;O MB8E F5;59 ?;0=8@C5BAO ?@>4060 G0AB8 7>;>B>20;NB=KE @575@2>2. 2001 3>4 ?>:070;, GB>, =5A<>B@O =0 ?@52KH5=85 B5<?>2 8=D;OF88 =04 70;>65==K<8 2 1N465B 8 >68405<K<8 @028B5;LAB2><, @07@K2 <564C ?@54?>;0305<K< 8 @50;L=K< C@>2=5< 8=D;OF88 =5 1K; :0B0AB@>D8G5A:8<.  B5:CI5< 3>4C MB>B @07@K2, A:>@55 2A53>, 5I5 A>:@0B8BAO. @028B5;LAB2C, ?CABL A >?@545;5==K<8 >B:;>=5=8O<8, => 2A5-B0:8 C405BAO A45@6820BL A2>8 >15I0=8O. @>1;5<K =0G=CBAO 2 2003 3>4C. >-?5@2KE, MB> A@>: 2K?;0BK <0:A8<0;L=>9 70 2A5 ?>A;54=85 10 ;5B AC<<K ?> 2=5H=5<C 4>;3C ($17 <;@4.), 0 2>-2B>@KE, 2003 - 3>4 2K1>@>2 2 >AC40@AB25==CN C<C. -B> A>1KB85 <>65B 8=8F88@>20BL ?>?KB:8 ?@8=OB8O =>2KE A>F80;L=KE 70:>=>2, =5>15A?5G5==KE 1N465B><, GB> 4>?>;=8B5;L=> ?>4AB53=5B 8=D;OF8N. >MB><C 8<5==> 2003 3>4 ?>:065B 3>B>2=>ABL @028B5;LAB20 :>=B@>;8@>20BL M:>=><8G5A:CN A8BC0F8N 2 >AA88. 3.2. =0;87 0=B88=D;OF8>==>9 AB@0B5388 2 >AA89A:>9 $545@0F88  CA;>28OE H>:>2>3> ?5@5E>40 >AA88 : @K=>G=>9 M:>=><8:5 ?@>87>H;8 AB@C:BC@=K5 87<5=5=8O.  @57C;LB0B5 ?@820B870F88 AD>@<8@>20;AO G0AB=K9 A5:B>@, ?>O28;8AL <8;;8>=K 0:F8>=5@>2. >AA8O=5 1K;8 2>2;5G5=K 2 <0AA>2CN A?5:C;OB82=CN 83@C =0 ?>2KH5=85 :C@A0 F5==KE 1C<03, 0 B0:65 4>;;0@0 !( 8 A=865=85 :C@A0 @C1;O. >7=8:;8 A><=8B5;L=K5 D8=0=A>2K5 ?8@0<84K B8?0  =0 G0AB=>< C@>2=5 8 -$ =0 3>AC40@AB25==><. 0@>640NICNAO @K=>G=CN M:>=><8:C ?5@8>48G5A:8 A>B@OA0NB D8=0=A>2K9, 18@652>9, 20;NB=K9, 10=:>2A:89 :@878AK 2 CA;>28OE M:>=><8G5A:>3> A?040. !:@KB0O 8=D;OF8O, ?@>O2;O2H0OAO ?@5645 2 B>20@=KE 45D8F8B0E, AB0;0 O2=>9. 5MDD5:B82=K5 @5:><5=40F88 $ 2 4CE5 ;815@0;87<0 8 <>=5B0@87<0 157 CG5B0 A?5F8D8:8 >AA88 AB8<C;8@>20;8 4;8B5;L=K9 A?04 ?@>872>4AB20 8 A8;L=CN 8=D;OF8N. ! 1992 3. 8=D;OF8O 2 >AA88 ?5@5@>A;0 2 AB03D;OF8N (A>G5B0=85 M:>=><8G5A:>3> A?040 - AB03=0F88 - A 8=D;OF859). >7=8G=K5 F5=K 2K@>A;8 2 1992 3>4C 2 26,1 @070, 2 1993 3>4C - 9,4 @070, 1994 3>4C - 3,2 @070, 1995 3>4C - 2,3 @070 2 CA;>28OE A=865=8O , ?@><KH;5==>3> ?@>872>4AB20 8 8=25AB8F89. !?04 ?@>872>4AB20 2 >AA88 (2 1992 - 1996 3>40E) ?>GB8 242>5 ?@52KA8; @5:>@4 <8@>2>3> M:>=><8G5A:>3> :@878A0 1923 - 1933 3>4>2. >;O C1KB>G=KE ?@54?@8OB89 2 ?@><KH;5==>AB8 A>AB028;0 50,1% (=0 1 A5=BO1@O 1998 3>40), AB@>8B5;LAB25 - 42,3%, =0 B@0=A?>@B5 59,2%. $0:B8G5A:>5 10=:@>BAB2> ?@>872>4AB25==>3> A5:B>@0 8 @0710;0=A8@>20==>ABL M:>=><8:8 AB0;8 DC=40<5=B0;L=K< D0:B>@>< 8=D;OF88, B0: :0: A=878;>AL B>20@=>5 >15A?5G5=85 @C1;O. >2>5 O2;5=85 2 >AA88 - A=865=85 B5<?0 8=D;OF88 A 1996 3>40 4> :>=F0 023CAB0 1998 3>40 (21,8% 2 1996 3>4C, 11% 2 1997 3>4C). =D;OF8O 1K;0 ?>402;5=0, => >3@><=K9 8=D;OF8>==K9 ?>B5=F80; A>E@0=8;AO, B0: :0: 55 2>A?@>872>4AB25==K5 D0:B>@K =5 1K;8 ?@5>4>;5=K. ;02=K9 45D5:B 0=B88=D;OF8>==>9 ?>;8B8:8 A>AB>O; 2 B><, GB> 2 >AA88 2?5@2K5 2 <8@>2>9 ?@0:B8:5 1K;0 ?@8<5=5=0 45D;OF8O - A60B85 A?@>A0 - 2 CA;>28OE M:>=><8G5A:>3> A?040 ?CB5< =52K?;0BK 70@01>B=>9 ?;0BK, ?5=A89, ?>A>189. "5< A0<K< 3>AC40@AB2> ?5@5;>68;> A2>8 D8=0=A>2K5 B@C4=>AB8 =0 =0A5;5=85. 0 @C156>< 45D;OF8>==0O ?>;8B8:0 >1KG=> ?@>2>48BAO 2 CA;>28OE ?5@53@520 M:>=><8G5A:>9 :>=JN=:BC@K, 8 55 :@09=OO <5@0 - 1;>:8@>20=85 @>AB0 70@01>B=>9 ?;0BK. 5D;OF8O 2 >AA88 A?>A>1AB2>20;0 @57:><C >1>AB@5=8N A>F80;L=> M:>=><8G5A:8E ?@>B82>@5G89, :>B>@K5 2 :>=5G=>< AG5B5 CAC3C18;8 8=D;OF8>==K9 ?@>F5AA. 4=>9 87 ?@8G8= 45D;OF8>==>9 ?>;8B8:8 O28;>AL 2>72545=85 2 @0=3 >D8F80;L=>9 4>3<K ;815@0;87<0 8 <>=5B0@8ABA:>9 :>=F5?F88 157 CG5B0 B@C4=>AB59 ?5@5E>40 >AA88 : @K=>G=>9 M:>=><8:5 8 2>?@5:8 >?KBC 70@C156=KE AB@0=. "0< 402=> >B:070;8AL >B 157>3;O4=>3> ;815@0;87<0 8 G8AB>3> <>=5B0@87<0 8 :><18=8@CNB 8E ?>ABC;0BK A @5F5?B0<8 :59=A80=AB20 > =5>1E>48<>AB8 3>AC40@AB25==>3> @53C;8@>20=8O. A=>20==0O =0 <>=5B0@8ABA:8E @5F5?B0E 0=B88=D;OF8>==0O ?>;8B8:0 CAC3C18;0 M:>=><8G5A:89 A?04, @07@CH5=85 ?@>872>4AB25==>3> 8 =0CG=>3> ?>B5=F80;0, M:A?@>?@80F8N =0@>40.  1998 3. >AA8O 70=O;0 72-5 <5AB> (A@548 174 AB@0=) ?> :0G5AB2C 687=8, :>B>@>5 7028A8B =5 B>;L:> >B 4>E>4>2 3>AC40@AB20, => 8 A?>A>1>2 ?5@5@0A?@545;5=8O =0F8>=0;L=>3> 4>E>40 2 8=B5@5A0E 1>;LH8=AB20 =0@>40, 0 =5 ?@828;538@>20==>9 :CG:8. 8@>2>9 >?KB A2845B5;LAB2C5B > =5>1E>48<>AB8 B5>@5B8G5A:>3> >1>A=>20=8O 0=B88=D;OF8>==>9 AB@0B5388 M:>=><8G5A:>3> @>AB0. =0;87 2708<>A2O78 8 2708<>7028A8<>AB8 >A=>2=KE :><?>=5=B>2 70:>=0 45=56=>3> >1@0I5=8O A;C68B :;NG>< : ?>=8<0=8N 8=D;OF8>==>3> <5E0=87<0 8 @07@01>B:5 <5B>4>2 53> @53C;8@>20=8O. 4=0:> >BACBAB285 <=>38E AB0B8AB8G5A:8E 40==KE =5@54:> 8A:0605B A2545=8O >1 C@>2=5 8=D;OF88. 1I5?@8=OBK9 >1>1I0NI89 ?>:070B5;L 8=D;OF88 - @>AB F5= =0 B>20@K 8 CA;C38. 0;NB=>-D8=0=A>2K9 :@878A 1998 3., 402H89 B>;G>: 8=D;OF88, 4>:070; =5MDD5:B82=>ABL <>=5B0@8ABA:8E <5B>4>2 ?>402;5=8O 8=D;OF88. =B88=D;OF8>==0O AB@0B538O M:>=><8G5A:>3> @>AB0 B@51C5B ?@>2545=8O ?>MB0?=KE <5@, =0?@02;5==KE =0 @53C;8@>20=85 8=D;OF88. 5>1E>48<> 2KAB@>8BL 45@52> F5;59 4;O A45@6820=8O 55 >A=>2=KE D0:B>@>2. 1I5M:>=><8G5A:85 <5@K: >-?5@2KE, A;54C5B 7025@H8BL =0G0BK5 @5D>@<K (?@54?@8OB89, 1N465B=>9, =0;>3>2>9, 10=:>2A:>9 A8AB5< 8 B. 4.) 2 F5;OE D>@<8@>20=8O F828;87>20==KE @K=>G=KE >B=>H5=89; >-2B>@KE, =5>1E>48<0 A<5=0 F5;52>9 >@85=B0F88 M:>=><8G5A:>9 ?>;8B8:8 - A ?>402;5=8O 8=D;OF88 ;N1>9 F5=>9 =0 @>AB . 57 ?>4J5<0 =0F8>=0;L=>3> ?@>872>4AB20 =52>7<>6=> @50;L=>5 >74>@>2;5=85 D8=0=A>2>9, 45=56=>9, 10=:>2A:>9 A8AB5<. A=>2>9 MB>9 ?@>3@0<<K 4>;6=0 1KBL =0CG=> >1>A=>20==0O <>45;L C?@02;5=8O ?5@5E>4=>9 M:>=><8:>9, :>B>@0O AB8<C;8@>20;0 1K 55 AB018;870F8N, 70B5< ?>4J5< ?@>872>4AB20 B>20@>2 8 CA;C3, :>B>@K5 A;C60B >15A?5G5=85< @C1;O. -B@5BL8E, ?5@2>>G5@54=>9 0=B88=D;OF8>==>9 <5@>9 O2;O5BAO ?@5>4>;5=85 :@878A0 8=25AB8F89 ?CB5< >682;5=8O 8=25AB8F8>==>3> ?@>F5AA0, :>=F5=B@0F88 A@54AB2 =0 ?@8>@8B5B=KE ?@>5:B0E. 8@>2>9 >?KB ?@>5:B=>3> D8=0=A8@>20=8O A2845B5;LAB2C5B > 2>7<>6=>AB8 <0:A8<0;L=>3> ?@82;5G5=8O :0?8B0;>2 G0AB=>3> A5:B>@0 1;03>40@O @50;L=K< 30@0=B8O< 8 AB@0E>20=8N 8=25AB8F8>==>3> @8A:0. @028B5;LAB25==0O :><?;5:A=0O ?@>3@0<<0 AB8<C;8@>20=8O >B5G5AB25==KE 8 8=>AB@0==KE 8=25AB8F89 2 M:>=><8:C >AA88 ?@54CA<0B@820;0 @>AB 4>;8 3>AC40@AB25==KE 8=25AB8F89 A 1,5% 4> 5% . 4=0:> 65AB:89 :>=B@>;L 70 55 2K?>;=5=85< >BACBAB2C5B. 5 @01>B05B ?>GB8 =8 >4=0 AE5<0 ?>445@6:8 8=25AB8F89 8 ".  B0:>9 ?>445@6:5 =C6405BAO 8 <0;K9 187=5A, :>B>@K9 =0 0?045 A>7405B 50 - 55% , 0 2 >AA88 - ;8HL >:>;> 10%. ;O AB8<C;8@>20=8O M:>=><8G5A:>3> @>AB0 =5>1E>48<K :0: 3>AC40@AB25==K5, B0: 8 G0AB=K5 8=25AB8F88. 06=CN @>;L 2 @53C;8@>20=88 8=25AB8F88 ?@8720=K AK3@0BL ?@8=OBK5 2 :>=F5 1998 3. =>@<0B82=>-70:>=>40B5;L=K5 4>:C<5=BK, 2 G0AB=>AB8 ?> ;878=3>2K< >?5@0F8O<. >;6=0 0:B82878@>20BL 45OB5;L=>ABL :><8AA8O ?> 8=25AB8F8>==K< :>=:C@A0<, @0AA<0B@820NI0O ?@>5:BK ?>4 G0AB8G=K5 3>AC40@AB25==K5 30@0=B88 (>B 40 4> 85%). 06=> =09B8 2KE>4 87 ;>2CH:8 ;8:284=>AB8 (59=A), 2 :>B>@>9 >:070;0AL >AA8O. -B> ?@>O2;O5BAO 2 A?045 8=25AB8F89 ?@8 =0;8G88 A15@565=89 =0A5;5=8O. >AA88 ?@54AB>8B @07@01>B0BL :><?5=A8@CNI89 <5E0=87< ?5@5@0A?@545;5=8O 8=D;OF8>==KE 4>E>4>2 2 ?@8>@8B5B=K5 >B@0A;8, 2 G0AB=>AB8, ?CB5< =0;>3>2>3> @53C;8@>20=8O. >B5=F80;L=K< 8AB>G=8:>< 8=25AB8F89 >AB05BAO @5?0B@80F8O 153;KE :0?8B0;>2, ?5@52545==KE 87 >AA88 70 @C156 ?> =5;530;L=K< 8 ;530;L=K< :0=0;0<. ;O MB>3> =5>1E>48<K @5H8B5;L=K5 <5@K. -G5B25@BKE, B@048F8>==> 45;05BAO AB02:0 =0 ?@82;5G5=85 8=>AB@0==KE 8=25AB8F89 4;O M:>=><8G5A:>3> @0728B8O. > >AA8O =5 <>65B @0AAG8BK20BL =0 8E :@C?=K9 ?@8B>:. >-?5@2KE, 2 <8@5 <0;> @50;L=> A2>1>4=KE :0?8B0;>2. >-2B>@KE, 8=>AB@0==K9 :0?8B0; 70=O; 2K6840B5;L=CN ?>78F8N ?> >B=>H5=8N : >AA88 87 1>O7=8 ?>B5@L 2 A2O78 A =54>25@85< : A>F80;L=>-M:>=><8G5A:>9 >1AB0=>2:5. -B@5BL8E, 4;O =0H59 AB@0=K =081>;LH89 8=B5@5A ?@54AB02;ONB ?@O<K5 8=25AB8F88 2 ?@>872>4AB2>, 0 8=>AB@0==K9 :0?8B0; ?@54?>G8B05B ?>@BD5;L=K5 8=25AB8F88 (80% 8=>AB@0==KE 8=25AB8F89 2 ?5@2>< ?>;C3>488 1998 3.) 2 3>AC40@AB25==K5 8 :>@?>@0B82=K5 F5==K5 1C<038, GB> ?@825;> : >BB>:C 8=25AB8F89 2 -$ 2> 2@5<O :@878A0 2 >AA88 2 023CAB5 1998 3. @8=OBK5 ?>A;5 :@878A0 <5@K, =0?@02;5==K5 =0 2>AAB0=>2;5=85 4>25@8O 70@C156=>3> 187=5A0 : >AA88, <>3CB AB8<C;8@>20BL 2 ?5@A?5:B825 ?@82;5G5=85 ?@O<KE 8=>AB@0==KE 8=25AB8F89, => 2 1998 3. 8 1999 3. (>F5=:0) 8E 5653>4=K9 >1J5< A>AB028; 3-4 <;@4. 4>;;., 8;8 63% : 1997 3. 1I89 >1J5< =0:>?;5==KE ?@O<KE 8=25AB8F89 A>AB028; >:>;> 12 <;@4. 4>;;. 2 O=20@5 1999 3>4C. !45@6820=85 D8=0=A>2KE D0:B>@>2 8=D;OF88 4>;6=> >ACI5AB2;OBLAO A;54CNI8<8 <5B>40<8: 1. ;NG52>5 <5AB> 2 0=B88=D;OF8>==>9 AB@0B5388 70=8<05B >74>@>2;5=85 1N465B>2 2A5E C@>2=59 8 ?@5>4>;5=85 A?5F8D8G5A:8E D>@< ?@>O2;5=8O 1N465B=>3> :@878A0 2 >AA88: " =58A?>;=5=85 1N465B0, D8=0=A8@>20=85 2 ?@>872>;L=>< >1J5<5; ?>708<AB2>20==>5 87 <8@>2>9 ?@0:B8:8 A5:25AB8@>20=8O (A>:@0I5=85) @0AE>4>2 2 7028A8<>AB8 >B @50;L=>3> =0ABC?;5=8O 4>E>4>2 @0A?@>AB@0=O5BAO =0 =570I8I5==K5 AB0BL8 1N465B0 (2 B>< G8A;5 3>AC40@AB25==K5 8=25AB8F88, =0C:C, 74@02>>E@0=5=85, >1@07>20=85) @048 ?>60@=KE <5@ (2 A5@548=5 1997 3. 4;O ?>30H5=8O 704>;65==>AB8 ?> ?5=A8O< 8 70@?;0B5); " =5 F5;52>5 8A?>;L7>20=85 1N465B=KE A@54AB2 (=0?@8<5@, ?@542K1>@=0O G5@=0O :0AA0); " D8=0=A8@>20=85 1N465B=KE @0AE>4>2 ?;0B56=K<8 A@54AB20<8 @07;8G=>9 ;8:284=>AB8; " A;01K9 :>=B@>;L 70 8A?>;=5=85< 3>A1N465B0. K=>G=0O M:>=><8:0 B@51C5B AB@>3>9 @53;0<5=B0F88 1N465B=>3> ?@>F5AA0. >MB><C 1N465B=K9 :>45:A =5>1E>48< 4;O 70:>=>40B5;L=>3> @53C;8@>20=8O 1N465B=KE >B=>H5=89. 2. @>1;5<>9 >AB05BAO @50;L=>5 A>:@0I5=85 1N465B=>3> 45D8F8B0, E>BO D>@<0;L=> 70 AG5B A5:25AB8@>20=8O >= 4>2545= 4> C@>2=O (3,5%  2 1997 3., 3,2% 2 1998 3.), ?@85<;5<>3> 564C=0@>4=K< 20;NB=K< D>=4>< 4;O ?@54>AB02;5=8O >G5@54=>3> B@0=H0 :@548B0 >AA88. 5 <5=55 206=K <5B>4K 53> ?>:@KB8O 157 8=D;OF8>==KE ?>A;54AB289. ! 1995 3. 4> 20;NB=>-D8=0=A>2>3> :@878A0 2 023CAB5 1998 3. 3>A?>4AB2>20;0 >D8F80;L=0O :>=F5?F8O ?>:@KB8O 1N465B=>3> 45D8F8B0 70 AG5B M<8AA88 =5 45=53, 0 3>AC40@AB25==KE F5==KE 1C<03, @07<5I05<KE =0 @K=>G=KE CA;>28OE A@548 @57845=B>2 8 =5@57845=B>2.  >AA88 2?5@2K5 ?>O28;AO =5 B>;L:> 2=CB@5==89, => 8 2=5H=89 4>;3 ?> >B=>H5=8N : 8=>AB@0==K< 45@60B5;O< -$. @878A 8 @5AB@C:BC@870F8O -$ ?@825;8 : A>:@0I5=8N 2>7<>6=>AB59 @K=>G=KE 708<AB2>20=89.  @57C;LB0B5 =>20F88 -$ >1J5< 2=CB@5==53> 3>AC40@AB25==>3> 4>;30 >AA88 C<5=LH8;AO ?>GB8 =0 30% A 750 <;@4. @C1. =0 17 023CAB0 1998 3. 4> 550 <;@4. @C1. : 1 <0O 1999 3. >GB8 2A5 @>AA89A:85 45@60B5;8 MB8E F5==KE 1C<03 >1<5=O;8 8E =0 =>2K5, :>B>@K<8 <>6=> >?;0B8BL =0;>38. 4=0:> 60% 8=>AB@0==KE 45@60B5;59 @>AA89A:>3> 2=CB@5==53> 4>;30 ?>:0 >B:07K20NBAO >B CG0AB8O 2 =>20F88 8 B@51CNB ;CGH8E CA;>289 >1<5=0 . '@57<5@=>5 8A?>;L7>20=85 3>AC40@AB25==KE 708<AB2>20=89 (2=CB@5==8E 8 2=5H=8E) 4;O D8=0=A8@>20=8O 1N465B=>3> 45D8F8B0 2A5340 AB0=>28BAO 8=D;OF8>==K< D0:B>@>< ?@8 >BACBAB288 @50;L=KE 8AB>G=8:>2 8E ?>30H5=8O. >MB><C =5>1E>48<> =5 B>;L:> CAB0=02;820BL, => 8 A>1;N40BL ;8<8B 3>AC40@AB25==>3> 4>;30.  A;>682H59AO A8BC0F88 2 :>=F5 1998 3. AB0; =587156=K< 2>72@0B : M<8AA88 45=53 4;O ?>:@KB8O 1N465B=>3> 45D8F8B0, :>B>@0O >D8F80;L=> =5 ?@0:B8:>20;0AL A 1995 3. ?> =>O1@L 1998 3.  1994 3. :@548BK &5=B@0;L=>3> 10=:0 $ 8=8AB5@AB2C D8=0=A>2 $ 87 10% 3>4>2KE ?>:@K20;8 50% 1N465B=>3> 45D8F8B0. >7>1=>2;5=85 2K?CA:0 45=53 2 ?>@O4:5 :@548B>20=8O 3>AC40@AB20 A =>O1@O 1998 3. G@520B> CA8;5=85< 8=D;OF88, 5A;8 =5 1C45B A>1;N40BLAO CAB0=>2;5==K9 ;8<8B M<8AA88 8 ?@8=F8? 2>72@0B=>AB8 MB8E :@548B>2. 5 8=D;OF8>==K< 8AB>G=8:>< A>:@0I5=8O 1N465B=>3> 45D8F8B0 4>;6=K AB0BL M:>=><8G5A:89 @>AB, C25;8G5=85 =0;>3>>1;0305<>9 107K. > =>2>9 <5B>4>;>388 : 8AB>G=8:0< D8=0=A8@>20=8O 1N465B=>3> 45D8F8B0 >B=5A5=K ?>ABC?;5=8O >B @50;870F88 3>AC40@AB25==KE 70?0A>2 8 8<CI5AB20. 3. ;O A45@6820=8O 8=D;OF88 =5>1E>48<0 =0CG=> >1>A=>20==0O =0;>3>20O ?>;8B8:0, :>B>@0O =5 4>;6=0 ?0@0;87>20BL 187=5A 8 B>;:0BL 53> 2 B5=52CN M:>=><8:C. 0;>3>20O ?>;8B8:0 2 >AA88 4>;6=0 >@85=B8@>20BLAO =5 B>;L:> =0 D8A:0;L=K5 F5;8, => 8 =0 @53C;8@>20=85 @0728B8O M:>=><8:8. !C4O ?> <8@>2><C >?KBC, =0;>38 83@0NB 42>O:CN @>;L 2 8=D;OF8>==>< ?@>F5AA5 ?> ;8=88 53> CA8;5=8O 8 A45@6820=8O 2 7028A8<>AB8 >B <5B>4>2 =0;>3>2>9 ?>;8B8:8. !C65=85 =0;>3>>1;0305<>9 AC<<K 2 CA;>28OE M:>=><8G5A:>3> A?040 4>?>;=O5BAO =87:>9 A>18@05<>ABLN =0;>3>2.  =0;>3>2>9 A8AB5<5 >AA88 A>G5B0NBAO :0@0B5;L=K5 =0;>3>2K5 AB02:8 8 >18;85 ;0755:, ?>72>;ONI85 =5 ?;0B8BL =0;>38. #:;>=5=85 >B C?;0BK =0;>3>2 A2O70=> =5 B>;L:> A =5A>25@H5=AB2>< =0;>3>2>3> 70:>=>40B5;LAB20, => 8 A @01>B>9 =0;>3>2>9 A;C61K, =5A<>B@O =0 A>740=85 @5<5==>9 G@572KG09=>9 :><8AA88 (') 8 C65AB>G5=85 :>=B@>;O 70 A1>@I8:0<8 =0;>3>2.  MB>9 A2O78 27OBK9 A :>=F0 1998 3. :C@A =0 ?5@5@0A?@545;5=85 =0;>3>2>3> 1@5<5=8 =5>1E>48<> 4>?>;=8BL MDD5:B82=K< <5E0=87<>< >B25BAB25==>AB8 =0;>3>?;0B5;LI8:>2. 4. !?5F8D8G5A:8< 4;O >AA88 =0?@02;5=85< 0=B88=D;OF8>==>9 ?>;8B8:8 O2;O5BAO ?@5>4>;5=85 :@878A0 =5?;0B5659 2 E>7O9AB25, ?@5?OBAB2CNI53> M:>=><8G5A:><C ?>4J5<C. !C<<0 =5?;0B5659 2 M:>=><8:5 (1,5 B@;= @C1. 2 >:BO1@5 1998 3.) 2 G5BK@5 @070 ?@52KA8;0 45=56=K9 03@530B 3 (365,8 <;@4. @C1.), 2 1999 3. (8N=L) - 2 2,6 @070, E>BO =5?;0B568 A>AB028;8 1,49 B@;=. @C1. (45% >1O70B5;LAB2 ?@54?@8OB89 8 >@30=870F89).  MB>9 A2O78 0:BC0;L=>9 7040G59 O2;O5BAO 2>AAB0=>2;5=85 ?;0B56=>-@0AG5B=>9 A8AB5<K, =>@<0;870F8O 45=56=KE @0AG5B>2, ;8:2840F8O 2708<=>9 704>;65==>AB8 ?@54?@8OB89 4@C3 4@C3C 8 1N465BC. @8 ?><>I8 3>AC40@AB20 ?@54AB>8B C@53C;8@>20BL 704>;65==>ABL ?CB5< ?@>2545=8O :;8@8=3>2KE <=>3>AB>@>==8E 70G5B>2. 'B> :0A05BAO ?@54;>65=8O 225AB8 2B>@>9 @C1;L 4;O 157=0;8G=KE @0AG5B>2, B> MB> C25;8G8B G8A;> 45=56=KE AC@@>30B>2, ?>4>@25B ?@8=F8? 3>AC40@AB25==>9 <>=>?>;88 =0 2K?CA: 45=53 8 A>740AB 8AB>G=8: =5:>=B@>;8@C5<>9 45=56=>9 M<8AA88 (=0?@8<5@, . . >48>=>2 (07?@><) ?@54;>68; 2K?CAB8BL A2>5>1@07=CN ?0@0;;5;L=CN 20;NBC 2 D>@<5 B>20@=KE 307>2KE >1;830F89). 53C;8@>20=85 45=56=KE D0:B>@>2 8=D;OF88 A;54C5B ?@>872>48BL A;54CNI8<8 <5B>40<8: 1.  CA;>28OE B>20@=>3> ?@>872>4AB20 2A5 E>7O9AB25==K5 A2O78 >?>A@54CNBAO 45=L30<8. >MB><C 48A?@>?>@F88 ?@8>1@5B0NB D>@<C, E>BO 8E ?@8G8=K :>@5=OBAO 2 ?@>F5AA5 >1I5AB25==>3> 2>A?@>872>4AB20.  MB>< ?@>O2;O5BAO ?@O<0O 8 >1@0B=0O A2O7L 8=D;OF88 A 2>A?@>872>4AB2><. > 1K;> 1K >H81>G=> >B25@30BL @>;L 45=56=KE D0:B>@>2 2 55 @0728B88. >MB><C 0=B88=D;OF8>==0O ?>;8B8:0 ?@54CA<0B@8205B @53C;8@>20=85 M<8AA88 45=53 8 A:>@>AB8 8E >1@0I5=8O. 4=0:> 2 >AA88 @57:>5 >3@0=8G5=85 45=56=>9 M<8AA88 ?> @5F5?B0< <>=5B0@8AB>2 ?@825;> : AC65=8N >D8F80;L=>9 45=56=>9 <0AAK. !C4O ?> :>MDD8F85=BC <>=5B870F88, 2 >AA88 =87:89 ?>:070B5;L =0AKI5==>AB8  @C1;52>9 <0AA>9: 12% - 19% (?@>B82 80 - 120% =0 0?045).  8B>35 4;O C4>2;5B2>@5=8O ?>B@51=>AB59 E>7O9AB20 2 45=L30E ?>O28;8AL BKAOG8 =5>D8F80;L=KE M<8AA8>==KE F5=B@>2, 2K?CA:0NI8E 45=56=K5 AC@@>30BK, :>B>@K5 >1A;C6820NB 70 - 80% E>7O9AB25==>3> >1>@>B0.  MB>< ?@>O2;O5BAO AB8E89=0O @50:F8O @K=>G=>3> E>7O9AB20 =0 45D;OF8>==>5 A60B85 45=56=>9 M<8AA88 2 CA;>28OE =5E20B:8 >1>@>B=KE A@54AB2 ?@54?@8OB89 8 >3@><=KE =5?;0B5659. @54AB>8B 2>AAB0=>28BL 45=56=K5 >B=>H5=8O AC1J5:B>2 @K=>G=>9 M<8AA88, >G8AB8BL 45=56=K9 >1>@>B >B AC@@>30B>2 A A><=8B5;L=>9 N@848G5A:>9 >A=>2>9 8 @0AAG8BK20BL 45=56=K9 03@530B 2 A CG5B>< @50;L=KE ?>B@51=>AB59 E>7O9AB25==>3> >1>@>B0 8 ?@>3=>70 M:>=><8G5A:>3> @0728B8O.  @57C;LB0B5 ?5@5A<>B@0 <0:@>M:>=><8G5A:>9 ?>;8B8:8 A :>=F0 1998 3. &5=B@0;L=K9 10=: $ 27O; :C@A =0 =5:>B>@>5 @0AH8@5=85 45=56=>9 <0AAK, GB> 206=> 4;O ?>2KH5=8O <>=5B870F88  8 ;8:284=>AB8 M:>=><8:8. !C4O ?> <8@>2>9 ?@0:B8:5, 45=56=0O M<8AA8O 4>;6=0 >ACI5AB2;OBLAO ?> B@5< :0=0;0< - :@548B>20=85 3>AC40@AB20, E>7O9AB20 8 ?>4 ?@8@>AB >D8F80;L=KE 7>;>B>20;NB=KE @575@2>2. 4=0:> 0@35=B8=A:0O <>45;L 20;NB=>3> C?@02;5=8O, ?>4=OB0O =0 I8B =5:>B>@K<8 @>AA89A:8<8 M:>=><8AB0<8 2> 2@5<O @57:>3> CA8;5=8O 8=D;OF88 ?>4 2;8O=85< 20;NB=>-D8=0=A>2>3> :@878A0 2 023CAB5 1998 3., =5?@85<;5<0 2 CA;>28OE >AA88. >-?5@2KE, =5B =04564K =0 ?>?>;=5=85 @57:> A>:@0B82H8EAO (4> 10,8 <;@4. 4>;;. 2 <0@B5 1999 3.) >D8F80;L=KE 7>;>B>20;NB=KE @575@2>2 70 AG5B <0AHB01=>3> 70?04=>3> :@548B0 (=0 10-20 <;@4. 4>;;.). >-2B>@KE, M<8AA8O 45=53 B>;L:> ?>4 ?@8@>AB G8ABKE <564C=0@>4=KE @575@2>2 157 CG5B0 ?>B@51=>AB59 @50;L=>3> E>7O9AB25==>3> >1>@>B0 2 A>>B25BAB288 A 70:>=>< 45=56=>3> >1@0I5=8O ?@82545B : 45D;OF8>==><C A60B8N 45=56=>9 <0AAK 2 >1@0I5=88. %0@0:B5@=>5 4;O :@878A=>9 A8BC0F88 ?>2KH5=85 M:>=><8G5A:>9 @>;8 7>;>B0 ?@>O2;O5BAO =5 B>;L:> 2 AB@5<;5=88 C25;8G8BL M<8AA8N 45=53 ?>4 ?@8@>AB >D8F80;L=KE 7>;>BKE @575@2>2, => 8 2 2K?CA:5 2 1999 3. 7>;>BKE A5@B8D8:0B>2, G5@2>=F52, ?OB8:>?55G=KE <>=5B ?> 6 3 583-9 ?@>1K. !;54>20B5;L=>, ?@0:B8:0 ;8H=89 @07 ?>4B25@48;0, GB> 7>;>B> =5 ?@>AB> F5==>5 AK@L5, 0 20;NB=K9 <5B0;;, 8A?>;L7C5<K9 4;O 3>AC40@AB25==>9 8 G0AB=>9 B5702@0F88. > =5:>B>@K< >F5=:0<, =0 @C:0E C =0A5;5=8O >AA88 A>A@54>B>G5=> 7 B 7>;>B0. 0 1998 3. :><<5@G5A:85 10=:8 ?@>40;8 500 :3 7>;>BKE A;8B:>2. > MB> =5 405B >A=>20=8O 4;O 2=5 8AB>@8G5A:8E ?@>5:B>2 2>AAB0=>2;5=8O 2 >AA88 7>;>B>3> AB0=40@B0, ;8:2848@>20==>3> 2 <8@5 2 30-E 3>40E XX 2. 5GL 845B > =5>1E>48<>AB8 @0728B8O @K=:0 7>;>B0, :>B>@>5 2 :0G5AB25 0;LB5@=0B82K 4>;;0@C <>65B ?@82;5GL A15@565=8O =0A5;5=8O 2 CA;>28OE ?>4@K20 4>25@8O : @C1;N 8 10=:>2A:8< 2:;040<. 2. 5 <5=55 206=> A>25@H5=AB2>20=85 AB@C:BC@K >D8F80;L=>9 45=56=>9 <0AAK 2 >1@0I5=88.  >AA88 25;8:0 4>;O =0;8G=KE 45=53 2 45=56=>9 <0AA5 (30 - 40% ?@>B82 5  10% 2 @0728BKE 70?04=KE AB@0=0E). !=865=8N ?>B@51=>AB8 >1>@>B0 2 =0;8G=KE 45=L30E 1C4CB A?>A>1AB2>20BL: @0728B85 @07;8G=KE ?;0B56=KE :0@B>G5:; A>25@H5=AB2>20=85 157=0;8G=KE @0AG5B>2, 2K?;0B0 70@01>B=>9 ?;0BK (345 2>7<>6=>) G5@57 10=:><0BK 2 =0456=KE 10=:0E. 3.  0=B88=D;OF8>==KE <5@0E >A>1>5 <5AB> ?@8=04;568B @53C;8@>20=8N A:>@>AB8 >1@0I5=8O >4=>8<5==>9 45=56=>9 548=8FK, B0: :0: C25;8G5=85 55 @02=>A8;L=> 4>?>;=8B5;L=>9 M<8AA88 45=53 ?@8 ?@>G8E @02=KE CA;>28OE. 4. 'B>1K 27OBL 8=D;OF8N ?>4 :>=B@>;L, =5>1E>48<0 @50;L=0O AB0B8AB8:0 8 2=54@5=85 M:>=><8:>-<0B5<0B8G5A:>9 <>45;8 45=56=>3> >1@0I5=8O 2 F5=0E 0=0;870 8 ?@>3=>78@>20=8O <=>3>?;0=>2KE 45=56=KE ?>B>:>2. 74>@>2;5=85 10=:>2A:>9 A8AB5<K. 06=K< =0?@02;5=85< 0=B88=D;OF8>==>9 ?>;8B8:8 8 AB@0B5388 M:>=><8G5A:>3> @>AB0 ?>;8B8:8 O2;O5BAO A0=0F8O 8 @5AB@C:BC@870F8O 10=:>2A:>9 A8AB5<K, >A=>20B5;L=> ?>4>@20==>9 20;NB=>-D8=0=A>2K< :@878A><. 0<>@06820=85 1/3 10=:>2A:8E 0:B82>2, 2;>65==KE 2 -$, ?0@0;87>20;> A 023CAB0 1998 3. 45OB5;L=>ABL :@C?=KE 10=:>2, GB> ?@825;> : :@878AC =5?;0B5659 2 10=:>2A:>9 AD5@5, 2K720;> =0B8A: 2:;04G8:>2, 87K<02H8E A2>8 @C1;52K5 8 20;NB=K5 A@54AB20 A> AG5B>2. A5 A2>1>4=K5 A@54AB20 10=:>2 E;K=C;8 =0 20;NB=K9 @K=>:. AB02H85AO 45=L38 <=>385 10=:8 ?5@525;8 =0 0?04, A>740;8 =>2K5 D8=0=A>2K5 AB@C:BC@K.  8B>35 <=>385 10=:8 D0:B8G5A:8 >:070;8AL 10=:@>B0<8. >;8G5AB2> 10=:>2 A>:@0B8;>AL A 3 BKA. 4> 1,4 BKA. 2 A5@548=5 1999 3. @8G5< ?0@04>:A 70:;NG05BAO 2 2K6820=88 A@54=8E 10=:>2, C :>B>@KE <5=LH5 A?5:C;OB82=KE 0<18F89 8 1>;LH5 >B25BAB25==>AB8. @878A 10=:>2A:>9 A8AB5<K 2KO28; 55 C7:85 <5AB0: 45OB5;L=>ABL :@C?=KE 10=:>2-B@5945@>2, :>B>@K5 15A:>=B@>;L=> 8 157>B25BAB25==> >ACI5AB2;O;8 A?5:C;OB82=K5 20;NB=K5 8 D>=4>2K5 >?5@0F88, @071070@820O A@54AB20 2:;04G8:>2; =54>AB0B>G=> 65AB:89 :>=B@>;L &5=B@0;L=>3> 10=:0 $ 70 :><<5@G5A:8<8 10=:0<8; 87JO=K 10=:>2A:>3> 70:>=>40B5;LAB20 (=0?@8<5@, 2 >B=>H5=88 ?@>F54C@K 10=:@>BAB20, MDD5:B82=>9 @01>BK @5<5==>9 04<8=8AB@0F88, 0@18B@06=KE C?@02;ONI8E 8 4@.). ;O 2>AAB0=>2;5=8O ?;0B565A?>A>1=>AB8 10=:>2 &5=B@0;L=K9 10=: $ ?@8=O; <5@K.  8E G8A;5: ?@>2545=85 <=>3>AB>@>==53> :;8@8=30 70 AG5B A@54AB2 D>=40 >1O70B5;L=>3> @575@28@>20=8O; AB018;870F8>==K5 :@548BK, :>B>@K5 >:070;8AL <5=55 MDD5:B82=K<8, G5< <5610=:>2A:89 :;8@8=3; A>740=85 35=BAB20 ?> @5AB@C:BC@870F88 10=:>2A:>9 A8AB5<K A F5;LN 55 2>AAB0=>2;5=8O 8 AB018;870F88. 0=:>2A:0O A8AB5<0 4>;6=0, =0 =0H 273;O4, 2:;NG0BL B@8 C@>2=O: F5=B@0;L=K9 10=:, :><<5@G5A:85 10=:8; A?5F80;878@>20==K5 :@548B=>-D8=0=A>2K5 8=AB8BCBK. &5;5A>>1@07=> ?>2KA8BL @>;L @538>=0;L=KE 10=:>2. "@51C5B >A>1>3> 2=8<0=8O @53C;8@>20=85 8 :>=B@>;L F5=B@0;L=>3> 10=:0 =04 45OB5;L=>ABLN 10=:>2A:>9 A8AB5<K 2 F5;OE >@85=B0F88 55 =0 :@548B=>-@0AG5B=>5 >1A;C6820=85 @50;L=>3> A5:B>@0 M:>=><8:8. 0=:8@0< ?@54AB>8B B@C4=0O @01>B0 ?> 2>72@0I5=8N 4>25@8O >3@01;5==KE 2:;04G8:>2, >A>15==> 20;NB=KE. ;O MB>3> =5>1E>48<> 22545=85 @50;L=>9 30@0=B88 2:;04>2 A CG5B>< <8@>2>3> >?KB0. 53C;8@>20=85 F5= 8 70@01>B=>9 ?;0BK - A>AB02=0O G0ABL <=>3>D0:B>@=>9 0=B88=D;OF8>==>9 AB@0B5388. (>:>20O ;815@0;870F8O F5= 2 1992 3. ?>4 2;8O=85< B@51>20=89 $ @0A:@CB8;0 8=D;OF8>==CN A?8@0;L 70@01>B=>9 ?;0BK 8 F5=. @54?@8OB8O-<>=>?>;8ABK ?@54?>G8B0NB ?>2KH0BL F5=K, 0 =5 C25;8G820BL ?@>872>4AB2>. ">@3>2K5 ?>A@54=8:8 B0:65 2728=G820NB F5=K. @0:B8:0 >AA88 ?>4B25@48;0, GB> @K=>G=>5 @53C;8@>20=85 F5= =54>AB0B>G=> 2 CA;>28OE =5A>25@H5==>9 :>=:C@5=F88 8 >4=>7=0G=>9 7028A8<>AB8 48=0<8:8 F5= >B :C@A0 @C1;O : 4>;;0@C 2 A2O78 A 2KA>:>9 4>;59 8<?>@B0. 065 ?@8 A=865=88 :C@A0 4>;;0@0 : @C1;N F5=K =5 A=860NBAO.  <8@>2>9 ?@0:B8:5 ?@8 :@878A=>9 A8BC0F88 ?@8=OB> 4>?>;=OBL @K=>G=>5 @53C;8@>20=85 F5= 3>AC40@AB25==K< 2 2845 ;8<8B8@>20=8O 8E @>AB0. %0@0:B5@=>, GB> 2 CA;>28OE 20;NB=>-D8=0=A>2>3> :@878A0 2 >B45;L=KE @538>=0E >AA88 1K;8 ?>?KB:8 >3@0=8G8BL 2 ?@545;0E 10  20% @>AB F5= 2> 2@5<O ?0=8:8 =0 ?>B@518B5;LA:>< @K=:5 (70 023CAB - A5=BO1@L 1998 3. F5=K 2K@>A;8 =0 43,5%). !>AB>O=85 D>=4>2>3> @K=:0 B0:65 2;8O5B =0 8=D;OF8>==K9 ?@>F5AA. >AA89A:89 @K=>: F5==KE 1C<03 1C@=> @072820;AO 8 ?> :>;8G5AB25==K< ?>:070B5;O< ?@81;860;AO : AB0BCAC @0728B>3> @K=:0. > 8B>30< 1996 3. 8 ?5@2><C ?>;C3>48N 1997 3. >= 2KH5; =0 ?5@2>5 <5AB> 2 <8@5 ?> C25;8G5=8N :C@A>2>9 AB>8<>AB8 :>@?>@0B82=KE F5==KE 1C<03. =45:A >AA89A:>9 B>@3>2>9 A8AB5<K ( "!) ?>2KA8;AO A 200 4> 400 ?C=:B>2, 70 ?5@2>5 ?>;C3>485 1997 3. >1J5< :0?8B0;870F88 4>AB83 80 <;@4. 4>;;., 0 B>@38 - 100 <;=. 4>;;. 2 >B45;L=K5 4=8 (157 A45;>:, 70:;NG5==KE 2=5 "!). >4>1=K9 1C< =0 D>=4>2>< @K=:5 2 CA;>28OE M:>=><8G5A:>3> A?040, ?@>4>;60NI53>AO 45AOB8;5B85, B08; >?0A=>ABL :@878A0.  G0AB=>AB8, C3@>7C ?@54AB02;O;0 ?8@0<840 -$, :>B>@0O A@02=O;0AL A >1J5<>< 45=56=>9 <0AAK. 57CA;>2=>, @K=>: 3>AC40@AB25==KE F5==KE 1C<03 =5>1E>48<, 2 G0AB=>AB8, 4;O ^?>:@KB8O 1N465B=>3> 45D8F8B0, :0: MB> ?@8=OB> 2 <8@>2>9 ?@0:B8:5. > 2K?;0B0 2KA>:8E 4>E>4>2 ?> =8< AJ540;0 1/3 1N465B=KE @0AE>4>2 2 :>=F5 1998 3. - =0G0;5 1999 3. '@57<5@=K9 @>AB A5:B>@0 3>AC40@AB25==KE F5==KE 1C<03 =0 D>=4>2>< @K=:5 2545B : 8=D;OF8>==K< ?>A;54AB28O<, ?>4@K20O 8=25AB8F88, 8AB>I0O :@548B=K9 @K=>:. KE>4 @>AA89A:8E ?@028B5;LAB25==KE >1;830F89 =0 <8@>2>9 D8=0=A>2K9 @K=>: ?>72>;8; ?@82;5GL 8=20;NBC ?> 1>;55 =87:8< AB02:0<. > =5 1K;> >15A?5G5=> MDD5:B82=>5 8A?>;L7>20=85 MB8E 20;NB=KE 708<AB2>20=89 (=5 4;O ;0B0=8O 1N465B=>3> 45D8F8B0). BACBAB285 @50;L=KE 8AB>G=8:>2 8E ?>30H5=8O CAC3C18;8 :@878A D>=4>2>3> @K=:0. $8=0=A>2K9 :@878A, ?>@0782H89 @>AA89A:89 D>=4>2K9 @K=>: 2 023CAB5 1998 3., ?0@0;87>20; 53>. 8HL A >:BO1@O ?>AB5?5==> @>A;8 B>@3>2K5 >1>@>BK 8 ;8:284=>ABL =0 MB>< @K=:5. @54AB>8B ?@5>4>;5=85 :@878A0 D>=4>2>3> @K=:0 8 =0;06820=85 MDD5:B82=>3> @53C;8@>20=8O 8 :>=B@>;O 70 53> 45OB5;L=>ABLN.  :><?;5:A5 <5@ ?> 2>7@>645=8N D>=4>2>3> @K=:0 206=>5 <5AB> 70=8<05B A;8O=85 8=25AB8F8>==KE 8 10=:>2A:8E AB@C:BC@. "0:, 2 @57C;LB0B5 >1J548=5=8O 8=25AB8F8>==>-10=:>2A:>9 3@C??K 8:>9; 8 :><?0=88  ;NA MB0 3@C??0 AB0;0 :>=B@>;8@>20BL 20% @K=:0 F5==KE 1C<03 2 ?5@2>< :20@B0;5 1999 3. 5@A?5:B82=K< 8=AB@C<5=B>< ?@82;5G5=8O @>AA89A:8E 8=25AB>@>2 AB0=>2OBAO :>@?>@0B82=K5 F5==K5 1C<038. ;O @53C;8@>20=8O 8=D;OF8>==>3> ?@>F5AA0 =5>1E>48<> =59B@0;87>20BL 8 53> 2=5H=85 D0:B>@K. >A?5H=0O >B<5=0 <>=>?>;88 2=5H=59 B>@3>2;8 8 20;NB=>9 <>=>?>;88, 8=B53@0F8O >AA88 2 <8@>2CN M:>=><8:C - 2A5 MB> >B:@K;> H;N7K 2=5H=8E D0:B>@>2 8=D;OF88, :>B>@K5 ?5@5?;5;8AL A 2=CB@5==8<8. =45:A >B:@KB>AB8 M:>=><8:8 >AA88 A CG5B>< =5>@30=87>20==>9 B>@3>2;8 2KH5, G5< 2 !( 8 /?>=88, 8 >B@0605B CO728<>ABL 8 7028A8<>ABL >AA88 >B :>=JN=:BC@K <8@>2KE @K=:>2. !=865=85 :C@A0 @C1;O : 4>;;0@C AB0;> 0:B82=K< D0:B>@>< 8=D;OF8>==>3> @>AB0 F5=, B0: :0: 8<?>@B=K5 B>20@K A>AB02;ONB ?>;>28=C ?>B@518B5;LA:>3> @K=:0 2 >AA88. 5E0=87< 8<?>@B8@C5<>9 8=D;OF88 ?@>O2;O5BAO B0:65 2 ?>2KH5==>< A?@>A5 =0 4>;;0@K 8 4@C385 8=20;NBK. ! 22545=85< G0AB8G=>9 :>=25@B8@C5<>AB8 @C1;O 8 @0AH8@5=85< 20;NB=KE ?@02 N@848G5A:85 ;8F0 8 3@0640=5 0:B82=> ?>:C?0NB 4>;;0@K =0 @C1;8. @0:B8G5A:8 MB> >7=0G05B, GB> >AA8O :@548BC5B !(, :>B>@K5 @53C;O@=> M:A?>@B8@CNB 4>;;0@K 4;O =0H8E 10=:>2. @8<5@=> 20% 45=56=KE 4>E>4>2 2;>65=> 2 8=20;NBC 2 8N;5 1998 3. >;;0@870F8O M:>=><8:8 >AA88 =587156=0 ?@8 :@878A=>9 A8BC0F88, :>340 @C1;L ?;>E> 2K?>;=O5B A2>8 DC=:F88. >MB><C ?@87K2 70?@5B8BL E>645=85 4>;;0@0 CB>?8G5= 8 G@520B ?>O2;5=85< G5@=>3> 20;NB=>3> @K=:0. > F5;5A>>1@07=> 8 2>7<>6=> >3@0=8G8BL DC=:F88 4>;;0@0. <5AB> D8:A0F88 F5= 2 CA;>2=KE 548=8F0E =04> ?@8<5=OBL F828;87>20==K5 <5B>4K AB@0E>20=8O 8=D;OF8>==>3> 8 20;NB=>3> @8A:0. >2KH5==K9 A?@>A =0 4>;;0@K ?5@8>48G5A:8 ?@8=8<05B D>@<C A?5:C;OB82=>9 83@K =0 ?>2KH5=85 :C@A0 4>;;0@0 8 A=865=85 :C@A0 @C1;O, ?>@>640O 20;NB=K9 :@878A (B8?0 G5@=>3> 2B>@=8:0 11 >:BO1@O 1994 3., 2 023CAB5 1998 3.). ;O A45@6820=8O 8<?>@B8@C5<>9 8=D;OF88 &5=B@0;L=K9 10=: $ A ;5B0 1995 3. 225; ?@545;K :>;510=89 20;NB=>3> :C@A0 A CG5B>< <8@>2>3> >?KB0, 2 G0AB=>AB8 !. 5@5E>4 >B 3>@87>=B0;L=>3> : =0:;>==><C (1>;55 ?;02=><C 87<5=5=8N) 20;NB=><C :>@84>@C, A>25@H5=AB2>20=85 ?>@O4:0 :>B8@>2:8 >D8F80;L=>3> :C@A0 @C1;O & $ 2=5 A2O78 A D8:A8=3>< >A:>2A:>9 <5610=:>2A:>9 20;NB=>9 18@68 A;C68;8 0=B88=D;OF8>==K< O:>@5<. >4 2;8O=85< :@878A0 1998 3. A@54=89 :C@A 4>;;0@0 : @C1;N (5,94 @C1. 2 45:01@5 1997 3., 15,93 @C1. 2 >:BO1@5 1998 3., 26 @C1. 2 A5=BO1@5 1999 3.) 2KH5; 70 @0<:8 20;NB=>3> :>@84>@0, :>B>@K9 D0:B8G5A:8 CABC?8; <5AB> @568<C A2>1>4=> ?;020NI53> 20;NB=>3> :C@A0. @54;>65=8O 225AB8 D8:A8@>20==K9 :C@A @C1;O ?@>B82>@5G0B CA;>28O< @K=>G=>9 M:>=><8:8.  <8@>2>9 ?@0:B8:5 ?@5>1;0405B @53C;8@C5<>5 ?;020=85 20;NB=>3> :C@A0. #G8BK20O >?KB !, 345 2 CA;>28OE :@878A0 2@>?59A:>9 20;NB=>9 A8AB5<K ?@545;K 2708<=KE :C@A>2KE :>;510=89 ;5B>< 1993 3. 1K;8 @0AH8@5=K A 2,25 4> 15%, F5;5A>>1@07=> ?> <5@5 4>AB865=8O 20;NB=>9 AB018;870F88 2>AAB0=>28BL 20;NB=K9 :>@84>@ A 1>;LH59 0<?;8BC4>9 :>;510=89 :C@A0 @C1;O, GB> ?>72>;8B >A;018BL 8=D;OF8>==K5 >6840=8O. "0:8< >1@07><, A>AB02=>9 G0ABLN 0=B88=D;OF8>==>9 ?>;8B8:8 O2;O5BAO @53C;8@>20=85 20;NB=>3> @K=:0 8 AB018;870F8O :C@A0 @C1;O. =D;OF8>==K< D0:B>@>< O2;O5BAO =5 B>;L:> 2=CB@5==55 153AB2> >B @C1;O : 4>;;0@C, => 8 2=5H=55 153AB2> @>AA89A:>3> :0?8B0;0 70 @C156 (>F5=:8 :>;51;NBAO >B 60 <;@4. 4> 300 <;@4. 4>;;. 8 2KH5), GB> E0@0:B5@=> 4;O AB@0=, ?5@56820NI8E M:>=><8G5A:85 8 ?>;8B8G5A:85 B@C4=>AB8. "5< A0<K< >AA8O ;8H05BAO >4=>3> 87 8AB>G=8:>2 8=25AB8F89, =5>1E>48<KE 4;O M:>=><8G5A:>3> @>AB0 8 A45@6820=8O 8=D;OF88. 5>1E>48<0 3>AC40@AB25==0O ?@>3@0<<0 A45@6820=8O 153AB20 :0?8B0;>2 8 8E G0AB8G=>9 @5?0B@80F88. =0 4>;6=0 2:;NG0BL <5@K ?@>B82: 0) >B<K20=8O 3@O7=KE 45=53, A2O70==KE A ?@>B82>?@02=K<8 459AB28O<8 N@848G5A:8E ;8F 8 2=54@5=85< 8E 2 ;530;L=K5 D8=0=A>2K5 ?>B>:8; 1) =5;530;L=>3> 153AB20 :0?8B0;0 (>AB02;5=85 70 @C156>< G0AB8 M:A?>@B=>9 2K@CG:8, :>=B@010=40, C?CI5==0O 2K3>40 =0 10@B5@=KE A45;:0E, 020=A>2K5 ?;0B568 ?> D8:B82=K< 8<?>@B=K< A45;:0<, C:;>=5=85 >B C?;0BK =0;>3>2 2 8=20;NB5 8 B. 4.); 2) 153AB20 :0?8B0;0 ?> ;530;L=K< :0=0;0<, GB> =5 2A5340 ?@8=8<05BAO 2> 2=8<0=85. 5GL 845B > G@57<5@=>< C25;8G5=88 70@C156=KE 0:B82>2 @>AA89A:8E 10=:>2; 702KH5=88 AG5B>2 >AB@> 2 8=>AB@0==KE 10=:0E-:>@@5A?>=45=B0E; 020=A>2KE ?;0B560E ?> 8<?>@BC, ?@8>1@5B5=88 =542868<>AB8 70 @C156><. 0?04=K5 :@548B>@K, >?0A0OAL 45D>;B0, C3@>60NB 0@5AB>20BL 10=:>2A:85 AG5B0, =0 :>B>@KE E@0=OBAO 153;K5 :0?8B0;K @>AA89A:8E 4>;6=8:>2 - 10=:>2, D8@<. 0AB0;> 2@5<O @07@01>B:8 ?@>3@0<<K 8E @5?0B@80F88 4;O 8=25AB8F89 2 M:>=><8:C >AA88, 2 G0AB=>AB8, 2 D>@<5 A>2<5AB=KE ?@54?@8OB89. ;O A45@6820=8O 2=5H=8E D0:B>@>2 8=D;OF88 =5>1E>48<> 1>;55 MDD5:B82=>5 @53C;8@>20=85 2=5H=5M:>=><8G5A:>9 45OB5;L=>AB8, A>25@H5=AB2>20=85 M:A?>@B=>3> 8 20;NB=>3> :>=B@>;O, <5@K ?@>B82 4>;;0@870F88 M:>=><8:8. 53C;8@>20=85 2=5H=8E D0:B>@>2 8=D;OF88 B@51C5B @07@01>B:8 20;NB=>9 AB@0B5388, AB@0B5388 2=5H=8E 708<AB2>20=89.  >AA88 ?>:0 ?@5>1;040NB ?>60@=K5 <5@K B5:CI59 ?>;8B8:8.  G0AB=>AB8, F5;5A>>1@07=> CAB0=>28BL <8=8<C< 7>;>B>20;NB=KE @575@2>2, GB>1K ?@>B82>AB>OBL :@878A0<, ?@8ACI8< @K=>G=>9 M:>=><8:5, B5< 1>;55 2 CA;>28OE B0: =07K205<>3> 4>3>=ONI53> @0728B8O. 065 2 !( CAB0=>2;5= AB@0B538G5A:89 <8=8<C< 7>;>BKE @575@2>2, =5A<>B@O =0 >D8F80;L=CN :>=F5?F8N 4>;;0@ ;CGH5 7>;>B0.  0=B88=D;OF8>==>9 AB@0B5388 >A>1>3> 2=8<0=8O 70A;C68205B ?@>1;5<0 C@53C;8@>20=8O A;>6=>9 A8BC0F88 2>:@C3 :@548B=>3> ?0:5B0 <564C=0@>4=KE D8=0=A>2KE 8=AB8BCB>2 (564C=0@>4=K9 20;NB=K9 D>=4. A5<8@=K9 10=:. 2@>?59A:89 10=: @5:>=AB@C:F88 8 @0728B8O 8 4@.) 4;O >AA88. #AB0=>2;5==0O MB8<8 >@30=870F8O<8 2KA>:0O ?;0=:0 >3@0=8G5=89 8 CA;>289 4;O 708<AB2>20=8O A@54AB2 >AA859 A=8605B 2>7<>6=>AB8 8A?>;L7>20=8O 40==>3> D0:B>@0 4;O >74>@>2;5=8O 45=56=>3> >1@0I5=8O 8 M:>=><8:8 2 F5;><.  B><C 65 ?>402;5=85 8=D;OF88 70 AG5B 8=>AB@0==KE :@548B>2, 8A?>;L7C5<KE 2 >A=>2=>< 4;O D8=0=A8@>20=8O 1N465B=>3> 45D8F8B0, =5 >15A?5G8205B >74>@>2;5=8O M:>=><8:8. 07@01>B:0 MDD5:B82=>3> 70:>=>40B5;LAB20. BACBAB285 459AB25==KE 70:>=>2, @53;0<5=B8@CNI8E DC=:F8>=8@>20=85 2708<>A2O70==KE A5:B>@>2 @K=>G=>9 M:>=><8:8 8 >B25BAB25==>ABL M:>=><8G5A:8E AC1J5:B>2 @K=:0 - >4=0 87 ?@8G8= 45AB018;870F88 M:>=><8:8 8 8=D;OF88 2 >AA88. @8=OBK5 70:>=K >15A?5G820NB ;8HL ?>;>28=C ?>B@51=>AB8 @K=>G=>9 M:>=><8:8 2 =8E. ;O =>@<0;870F88 ?@54?@8=8<0B5;LA:>9 45OB5;L=>AB8 =5>1E>48< <5E0=87< @50;870F88 70:>=>2, :>=B@>;L 70 8E 8A?>;=5=85<. 0:>=>40B5;LAB2> 4>;6=> 1KBL @0F8>=0;L=>, CAB>9G82>, =5?@>B82>@5G82> 8 2K7K20BL 4>25@85 C ?@54?@8=8<0B5;59 8 =0A5;5=8O. >AAB0=>2;5=85 4>25@8O : @C1;N. 725AB=0 8AB8=0, GB> 4>25@85 : ?@028B5;LAB2C, :>B>@>5 2K?CA:05B 45=L38, A?>A>1AB2C5B CAB>9G82>AB8 45=56=>3> >1@0I5=8O. ;O 2>AAB0=>2;5=8O 4>25@8O : @C1;N =5>1E>48<> ?@5>4>;5BL :@878A 3>AC40@AB25==>AB8, C?@>G8BL 4>AB83=CBCN 2 :>=F5 1998 3. ?>;8B8G5A:CN AB018;L=>ABL 2 AB@0=5. 5 <5=55 206=> ?>2KA8BL ?@>D5AA8>=0;87< C?@02;5=G5A:8E AB@C:BC@, A>B@C4=8:8 :>B>@KE =54>AB0B>G=> 7=0NB A>2@5<5==K5 <5B>4K C?@02;5=8O @K=>G=>9 M:>=><8:>9 8 8=D;OF859 A CG5B>< <8@>2>3> >?KB0. 0?@8<5@, 2 >B;8G85 >B >AA88 2 <8@>2>9 ?@0:B8:5 ?@8 8=D;OF88 =5 ?@8=OB> >D8F80;L=> >1JO2;OBL > ?@54AB>OI5< ?>2KH5=88 F5=, :C@A0 4>;;0@0, 87<5=5=89 2 45=56=>9 A8AB5<5, B0: :0: MB> CA8;8205B =54>25@85 8 153AB2> >B @C1;O : 8=20;NB5. ;O CA?5E0 0=B88=D;OF8>==>9 ?@>3@0<<K 206=> B0:65 70@CG8BLAO ?>445@6:>9 A@54AB2 <0AA>2>9 8=D>@<0F88. N10O AB018;870F8>==0O ?@>3@0<<0 >1@5G5=0 =0 ?@>20;, 5A;8 2;0ABL =5 2 A>AB>O=88 ?@>B82>AB>OBL B5=52>9 M:>=><8:5, :>B>@0O :>=B@>;8@C5B ?@8<5@=> ?>;>28=C . 3@><=K9 CI5@1 AB@0=5 =0=>A8B :@C?=><0AHB01=>5 153AB2> :0?8B0;0; =5C?;0B0 =0;>3>2, B0<>65==KE ?>H;8=; ?@>=8:=>25=85 ?@5ABC?=KE 3@C??8@>2>: 2 10=:>2A:CN A8AB5<C A F5;LN ?@52@0I5=8O 55 2 ?@0G5G=CN 4;O >B<K20=8O 3@O7=KE 45=53; ?@8A2>5=85 8<8 ?@820B878@>20==>3> 8<CI5AB20, A@0I820=85 A ;530;L=K< 187=5A>< 8 2;0AB=K<8 AB@C:BC@0<8. 5@5E>4 0AB@>=><8G5A:8E AC<< ?>4 :>=B@>;L B5=52>9 M:>=><8:8 - <0D88 ?>4@K205B >A=>2K 3>AC40@AB25==>AB8 8 CA8;8O ?> D>@<8@>20=8N F828;87>20==>9 @K=>G=>9 M:>=><8:8. 028@>20=85 <564C !F8;;>9 8=D;OF88 8 %0@814>9 45D;OF88 2K7K205B =530B82=K5 ?>A;54AB28O, CAC3C1;OO M:>=><8G5A:89 A?04, 157@01>B8FC, A=865=85 687=5==>3> C@>2=O =0A5;5=8O. 0: A2845B5;LAB2C5B <8@>2>9 >?KB, 8=D;OF8O <>65B 1KBL :>=B@>;8@C5<K< 8 @53C;8@C5<K< ?@>F5AA><. 06=> ?@87=0=85 =5>1E>48<>AB8 3>AC40@AB25==>3> @53C;8@>20=8O M:>=><8:8 2 4>?>;=5=85 : @K=>G=K< @53C;OB>@0<. 725AB=>, GB> <>=5B0@87<, CB25@640NI89, 1C4B> @K=>: ;CGH5 >ACI5AB28B M:>=><8G5A:>5 @53C;8@>20=85, G5< 3>AC40@AB2>, ?>B5@?5; D80A:> 8 2 G8AB>< 2845 =8 2 >4=>9 AB@0=5 (:@><5 >AA88 4> ?>A;54=53> 2@5<5=8) =5 2>72545= 2 @0=3 >D8F80;L=>9 4>:B@8=K. > 2A5< <8@5 53> ?>ABC;0BK A>G5B0NBAO A :59=A80=A:8<8 @5F5?B0<8 3>AC40@AB25==>3> 2<5H0B5;LAB20 2 M:>=><8:C.  >AA88 2 ?5@8>4 ?5@5E>40 : @K=>G=>9 M:>=><8:5 4> :>=F0 1998 3. ?@5>1;040;0 ?>;O@870F8O 42CE =0?@02;5=89: ;81> 157>3;O4=K9 ;815@0;87< (?CABL @K=>: A0< @53C;8@C5B), ;81> :59=A80=A:85 @5F5?BK 3>AC40@AB25==>3> @53C;8@>20=8O M:>=><8:8. 5:>B>@K5 =5>1>A=>20==> ?@54A:07K20NB :>=D;8:B MB8E 42CE ?>4E>4>2 2 45OB5;L=>AB8 @028B5;LAB20. 564C B5< >4=>AB>@>==OO AB02:0 =0 A0<>@53C;8@CNI85AO @K=>G=K5 A8;K (2 B@C4=KE CA;>28OE H>:>2>3> ?5@5E>40 : @K=:C A?>A>1AB2>20;0 45AOB8;5B=5<C M:>=><8G5A:><C A?04C 2 M:>=><8:5, >AB02H59AO 157 =047>@0 8 @53C;8@>20=8O. 0<5B82H89AO A :>=F0 1998 3. ?>2>@>B : 3>AC40@AB25==><C @53C;8@>20=8N M:>=><8:8 (M:>=><8G5A:8<8, 0 =5 04<8=8AB@0B82=K<8 <5B>40<8) 2 A>G5B0=88 A @K=>G=K<8 @53C;8@CNI8<8 <5E0=87<0<8 2A5;O5B =04564C, GB> 8=D;OF8O 2 >AA88 1C45B ?>AB02;5=0 ?>4 :>=B@>;L 2 F5;OE AB8<C;8@>20=8O ?>4J5<0 =0F8>=0;L=>9 M:>=><8:8. 3.3. >A;54AB28O 8 2;8O=85 8=D;OF88 =0 M:>=><8:C >AA88  M:>=><8G5A:>9 ?@0:B8:5 AC1J5:B0< @K=:0 206=> =5 B>;L:> 2A5AB>@>==5 8 ?@028;L=> 87<5@8BL 8=D;OF8N, => 8 A>>B25BAB25==> >F5=8BL 55 ?>A;54AB28O 8 040?B8@>20BLAO : =8<. ! MB>9 B>G:8 7@5=8O, ?@5645 2A53>, 8<5NB 7=0G5=85 AB@C:BC@=K5 E0@0:B5@8AB8:8 48=0<8:8 F5=. @8 B0: =07K205<>9 A10;0=A8@>20==>9 8=D;OF88 F5=K B>20@>2 @0ABCB, A>E@0=OO ?@56=85 A>>B=>H5=8O <564C A>1>9. A>1>5 7=0G5=85 ?@8 MB>< 8<55B A10;0=A8@>20==>ABL 8E >1I53> @>AB0 A F5=0<8 =0 @K=:5 B@C40, 2 B0:>< A;CG05 C@>25=L @50;L=KE 4>E>4>2 B@C4OI8EAO =5 A=8605BAO, E>BO =0:>?;5==K5 @0=55 45=56=K5 A15@565=8O B5@ONB A2>N F5==>ABL. 5A10;0=A8@>20==0O 65 8=D;OF8O 2K7K205B ?5@5@0A?@545;5=85 4>E>4>2, AB@C:BC@=K5 87<5=5=8O 2 ?@>872>4AB25 B>20@>2 8 CA;C3, ?>A:>;L:C F5=K @07;8G=KE B>20@>2 ?>AB>O==> 87<5=ONBAO ?> >B=>H5=8N 4@C3 : 4@C3C, ?@8G5< 2 @07;8G=KE ?@>?>@F8OE. A>15==> 1KAB@> @0ABCB F5=K =0 ?>2A54=52=K5 B>20@K =5M;0AB8G=>3> A?@>A0. 0: ?@028;>, >BAB0NB >B 4@C38E B5<?K @>AB0 F5= =0 @K=:0E B@C40, GB> 2545B : A=865=8N C@>2=O 687=8 8 @>ABC A>F80;L=>9 =0?@O65==>AB8.  :0:>9-B> <5@5, 3>2>@O > ?>:070B5;OE 8 B8?0E 8=D;OF88, O C65 70B@>=C; 2>?@>A > 55 ?>A;54AB28OE, 2;8O=88 =0 M:>=><8:C.  70?04=KE AB@0=0E 8=D;OF8O AB0;0 ?@0:B8G5A:8 =5>BJ5<;5<K< 0B@81CB>< @K=>G=>9 A8AB5<K E>7O9AB2>20=8O. -B> ?>72>;O5B 25AB8 @5GL =5 ?@>AB> > A;54AB288, 0 > =5:>B>@KE A?5F8D8G5A:8E DC=:F8OE 8=D;OF88. O4 M:>=><8AB>2 ?@845@6820NBAO B>9 B>G:8 7@5=8O, GB> =57=0G8B5;L=0O ?> @07<5@0< 8=D;OF8O (A:065<, 5653>4=>5 ?>2KH5=85 F5= A>AB02;O5B 3 4%), A>?@>2>6405<0O A>>B25BAB2CNI8< @>AB>< 45=56=>9 <0AAK, A?>A>1=0 AB8<C;8@>20BL ?@>872>4AB2>.  A>>B25BAB288 A C@02=5=85< >1<5=0 (Mv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http://www.finam.ru/analysis/forecasts000EA/default.asp" http://www.finam.ru/analysis/forecasts000EA/default.asp -9D0@8 145;L70E@0, AB0BLO : !!!/ $/&/  "    , 0=:>2A:89 5AB=8:, !12 , 2002 5AB=8: AB0B8AB8:8. - 1999. - ! 3. -!. 60. !0=:B-5B5@1C@3A:85 54><>AB8 ! 02 (2391) >B 5 O=20@O 2001 3. http://www.imf.org  8@>2>9 0;NB=K9 $>=4. http://www.channel21.com/Euro/naci/Val4.html  M:>=><8G5A:89 6C@=0; @8;>65=85 ! 1. "01;8F0 4. 072820NI85AO AB@0=K: 8=D;OF8O (2 ?@>F5=B0E) "01;8F0  SEQ "01;8F0 \* ARABIC 4. 072820NI85AO AB@0=K: 8=D;OF8O (2 ?@>F5=B0E)  A@54=5<1981-9019911992199319941995199619971998D@8:015.1 24.632.530.6370.333.225.911.18.7;68@9.725.931.720.529.029.818.76.86.2=3>;01.883.6299.11,379.5949.82,671.64,147.0111.279.45=8=1.32.15.90.438.514.54.93.85.8>BA20=013.511.816.214.310.510.510.18.86.5C@:8=0-$0A>3.7 2.5 2.00.624.77.86.12.35.0C@C=487.69.04.59.714.719.426.431.112.60<5@C=7.0 0.61.9 3.712.725.86.65.22.801>-5@4512.07.613.45.83.48.46.08.64.4&5=B@. D@8:0=A:0O @5A?.4.5 2.8 0.8 2.924.519.24.40.62.4'043.8 4.2 3.8 7.041.39.511.35.64.3><>@A:85 >AB@>203.21.7 1.42.025.37.11.41.01.0>=3>, 45<. @5A?.60.92,154.44,129.21,893.123,760.5541.8616.8198.529.1>=3>6.6 1.6 3.94.942.98.610.28.34.8>B-4 2C0@4.91.64.22.126.014.32.75.64.5681CB84.6 6.83.44.46.54.52.62.42.0-:20B>@80;L=0O 28=5O18.40.91.01.638.911.46.03.03.0-@8B@5O. . .. . .. . .4.611.610.79.31.38.3-D8>?8O4.320.921.010.01.213.40.9 6.43.701>=5.53.3 10.80.636.110.04.52.52.10<18O17.1 9.112.05.94.04.04.82.12.10=043.018.010.124.924.959.545.628.819.328=5O31.219.616.66.74.75.63.01.95.128=5O 8A0C54.357.669.448.215.245.450.749.18.05=8O11.219.627.345.928.81.59.011.26.65A>B>14.0 17.917.013.87.29.99.18.57.8815@8O. . .. . .. . .. . .. . .. . .. . .. . .. . .04030A:0@17.68.515.39.239.149.019.84.56.20;02816.18.223.222.834.783.137.79.129.70;82.11.5 5.9 0.624.812.46.4 0.64.202@8B0=8O8.4 5.610.19.34.16.54.74.58.002@8:899.212.82.98.99.46.15.87.95.30@>::>7.29.05.75.25.16.13.01.02.7>70<18:41.533.345.142.363.154.444.66.40.60<818O12.911.917.78.510.810.08.08.86.2835@2.8  1.9 1.7 0.435.610.95.32.94.5835@8O19.513.044.657.257.072.829.38.510.0 C0=404.319.69.512.564.022.08.911.76.85<. @5A?. !0=-"><5 8 @8=A8;817.846.533.725.551.236.835.571.342.3!5=530;5.8 1.7 0.1 0.632.18.02.82.51.3!59H5;LA:85 >AB@>203.0 2.03.21.31.8 0.3 1.10.61.0!L5@0 8>=567.9102.765.522.224.226.023.114.935.5!><0;8. . .. . .. . .. . .. . .. . .. . .. . .. . ..6=>-0D@8:0=A:0O @5A?.14.715.213.99.79.08.67.48.66.9!C40=13.6123.6117.6101.3115.568.4132.846.717.0!2078;5=413.0 11.08.111.213.912.36.47.28.0"0=70=8O30.528.021.923.637.126.521.016.112.6">3>;57A:0O @5A?.3.70.21.6 0.135.315.84.65.31.0"C=8A8.38.25.84.04.66.33.83.73.6#30=40109.220.842.230.06.56.17.57.85.80<18O45.5 97.7165.7183.354.634.943.124.424.58<1012513.923.342.127.622.222.621.418.832.3 "01;8F0 4. 072820NI85AO AB@0=K: 8=D;OF8O (?@>4>;65=85) (2 ?@>F5=B0E)  A@54=5<1981-9019911992199319941995199619971998.6. 78O7.18.37.610.715.912.88.24.88.0D30=8AB0=& & & & & & & & & 0=3;045H10.36.33.53.16.37.74.54.87.9CB0=9.113.316.08.98.110.77.07.07.0@C=59-0@CAA0;0<& 1.61.34.32.46.02.01.7 0<1>460& 197.075.0114.3-0.57.76.88.014.88B096.93.66.414.724.316.78.42.8-0.8$84687.16.18.26.54.95.20.6 2.2=48O8.913.911.86.410.210.29.07.213.0=4>=578O8.69.47.59.78.59.47.96.659.60>A43.113.49.86.36.819.413.019.381.00;0978O3.22.64.73.53.73.43.52.75.30;L482A:0O @5A?.4.814.716.820.13.45.56.27.25.00@H0;;>2K >AB@>20& 4.010.35.05.68.39.64.84.0LO=<012.329.122.333.622.428.920.010.010.05?0;9.319.35.99.18.79.21.710.19.00:8AB0=6.911.63.69.811.312.410.312.57.80?0 >20O 28=5O5.87.04.35.02.917.311.63.913.5$8;8??8=K-9.218.79.07.69.18.18.46.09.7!0<>06.4-1.89.01.712.1-2.95.46.92.2!>;><>=>2K >AB@>2011.810.89.29.213.39.612.18.18.0(@8-0=:012.212.211.411.78.47.715.99.65.0"08;0=44.45.74.13.45.15.85.95.68.1">=3010.413.58.73.12.40.32.81.82.9L5B=0<130.784.437.88.49.417.05.83.27.7!@54=89 2>AB>: 8 2@>?019.228.025.125.331.435.624.223.123.60E@59=1.91.0& 2.10.43.1-0.21.0-0.28?@4.95.06.54.94.72.63.03.62.238?5B17.419.521.111.29.09.47.06.23.8@0=18.420.724.422.935.249.423.117.322.0@0:21.5263.812.868.044.7208.434.545.045.0>@40=8O7.38.24.03.33.52.46.53.04.5C259B3.89.1-0.50.42.52.73.60.70.5820=7.511.718.023.017.010.07.06.05.00;LB02.22.61.84.04.14.02.43.12.4<0=1.84.61.01.1-0.7-1.10.3-0.8-0.90B0@3.64.43.1-0.91.33.02.52.62.6!0C4>2A:0O @028O-0.24.6-0.40.80.65.00.9-0.4-0.2!8@8O21.719.03.423.67.91.21.61.9-0.4"C@F8O45.666.070.166.1106.393.782.385.784.6-4.25.56.95.03.94.43.64.43.15<5=& 44.950.662.371.862.527.36.39.0  >;LH0O !>25BA:0O -=F8:;>?548O  /7K: @K=:0 - A;>20@L. .: >AA,1999  !;>20@L 10=:>2A:>-18@652>9 ;5:A8:8. .: 0:A ,1999   CG51=8:5 ?> :C@AC -:>=><8G5A:0O B5>@8O ?>4 @54. . !. C;0B>20 O AB>;:=C;AO A B0:8< =0720=85< 8=D;OF88 ?@54;>65=8O, :0: 8=D;OF8O 8745@65:. A. 385.  '5?C@8= ... C@A M:>=><8G5A:>9 B5>@88 8@>2, 20003. AB@.430  #G51=8: ?> :C@AC -:>=><8G5A:0O B5>@8O ?>4 @54. . !. C;0B>20. 874. 5: . 19993. A.388.  -:>=><8:0 !. $8H5@, . >@=1CH, . (<0;5=78, 874. 5;>, 1999, AB@. 211  A<. -:>=><8G5A:89 >1@07 <KH;5=8O. . %59=5 - ., 1991. !. 484  5AB=8: AB0B8AB8:8. - 1999. - ! 3. -!. 60.  725AB8O. - 1999. - 10 A5=BO1@O.  !0=:B-5B5@1C@3A:85 54><>AB8 ! 02 (2391) >B 5 O=20@O 2001 3. 4 5AB=8: AB0B8AB8:8, - 1999. -!3  A.60.  "01;8F0: http://www.forecast.ru/mainframe.asp  "01;8F0: http://www.forecast.ru/leftbottom.asp  =D;OF8O 2 >AA88: ?@8G8=K, E0@0:B5@, ?5@A?5:B82K, . 5@0A8<5=:>, >AA89A:89 M:>=><8G5A:89 6C@=0; !10, 2000.  0A8;LGC: 235=89 AB0BLO #   "" !" " >AA89A:0O 3075B0 !1 , O=20@L 2003  (0@>=>20 0B0;LO "5<?K 8=D;OF88 >AB0NBAO 2KA>:8<8, M;5:B@>==0O 25@A8O AB0BL8 http://www.finam.ru/analysis/forecasts000EA/default.asp  5A<>B@O =0 B>, GB> ?5@2>=0G0;L=> :@820O $8;;8?A0 >B=>A8;0AL : 2708<>A2O78 <564C B5<?0<8 @>AB0 70@01>B=>9 ?;0BK 8 C@>2=5< 157@01>B8FK, =0720=85 ?>765 1K;> @0A?@>AB@0=5=> =0 2A5 :@82K5, >B=>AOI85AO : 8=D;OF88 8 157@01>B8F5.  -:>=><8:0 !. $8H5@, . >@=1CH, . (<0;5=78 AB@.602     PAGE  PAGE 67 8A.  SEQ 8A. \* ARABIC 1 "8?K 8=D;OF88 EMBED Word.Document.8 \s EMBED Equation.3 EMBED Equation.3 EMBED Unknown EMBED Equation.3 EMBED Equation.3 8A. 5 5@B8:0;L=0O @820O $8;;8?A0 ʌΌԌ֌،ڌ&:<>FHRT`bxzčƍ֍؍ 02HJ^`prvxĎƎΎЎڎ܎,.>NTVdhnrƏȏhcCJaJhcCJaJo(^ȏޏ  (,8:DFbdfhxzʐАҐԐ $*,@D^blnpr‘Бґ,.0<DJNP\`fhprhcCJaJhcCJaJo(^Ēʒ̒֒ؒܒޒ ,>DFTVXZxz“ēғԓ68HLRTnrƔ̔Δܔޔ,.HJZ\^`lnp hcCJjhc0JCJUaJhcCJaJhcCJaJo(Vx|NP|~BF26,,3333??6S8S__́΁ځ܁BD.0Ԑ֐np rtЕҕ\^&(šhcCJNHh hcCJhhc6CJ] hcCJ\hcCJmH sH  hcCJ hc5CJK4v:`PtF$,D B!2!"^##<%&()<+,l/b48l=?4BHEHRM\OR6U [\_&`0a & F0acJe~g"ipqvF|}B84\^Юز`ڛܛVXƣȣbdZlndf@Bı|~24FH¹Z\46 `btv*hcCJEH\hcCJhmH sH  hc5CJhcCJNH hcCJhcCJNHh hcCJhhc6CJhK8d,&d.f@j `!*,@B,.rt bdfhbd  68np  :< "DFbd~FHxzBDhc6CJNH hc6CJhc5CJEHhcCJNH hcCJhc5CJEHP,.:<TV02BDlnLNLN  N P       b d dfLN hcCJH*jhc0JCJUhcCJNHhc5CJEH hcCJjhcCJUmHnHuN<@rt@!B!!!"""#$###h%j%%&&*&&&((*),)))n*p*+ +--(.*...00*2,22233557777B8D888:򽶭hcCJNHh hcCJhhc5CJEHjhc0JCJUhc6CJNH hc6CJjhcCJUmHnHu hcCJhcCJNHDj <, $&..1Z3~6:0;;<F>>?XAVIXIpIJ@LN7`7$$` & F!`!:::0;;;==>>|@~@VApMrMNNPPRRXX\a^a b b2dVdPfRftttttttttuuuu(u`ubu߾߲߲hc5B*CJ\aJphhcB*CJaJphhcB*CJaJo(phhcB*CJphhcB*CJo(phhc5CJOJQJ\^JhcCJmH sH hcCJNH hcCJhc6CJ]h hcCJhhcCJNHh.N|OP QQ(RbRRX`b.d0d2dVdddLeRfftg8hhij & F $$7d`71$1$` & F1$7`7jklmrn\op~p"r$ssBttdvRww$x|xyyy y yyyDz $$$a$gdy3 $$$a$gdy3$$gdy3 S^S` & F buduuuu`vbvRwxwwwwyy y@yByyyyyyyyyyyyyy(zDzFzﳥxqqx_xRhy35CJhnH tH "hEdBhy3\aJmHnHsHu hy3\aJjhy3U\aJmHsHhEdBhy3CJ\aJmHsHhy3CJ\aJmHsHhEdBhy3\aJmHsHhy3\aJmHsH hcCJhhcCJaJmHnHuhcCJaJhc0JCJj`hcCJU hcCJjhcCJU DzFzZz\z^z`zpzzzzzzzzzz`kda$$Ifl4F (#8B(#    4 lalf4$$If`a$gdc $$Ifa$gdcFzZzz,{.{:{{{||h|||||<}N}}}~~f~~~~HnZhҀ0z`rĂ҂"2D`Ƅ*|dtʆֆ(@DX tމ@hy36CJhnH tH hy3CJhnH tH hy356CJhnH tH hy35CJhnH tH  hy35CJNzzkdb$$Ifl ( H h (#         (#((((4 lalzzzzzzz{{{${,{$$If`a$gdc ,{.{kdc$$Ifl ( H h (#         (#((((4 lal.{:{B{L{V{`{j{t{~{{{$$If`a$gdc {{kdd$$Ifl ( H h (#         (#((((4 lal{{{{{{{{{||$$If`a$gdc ||kde$$Ifl ( H h (#         (#((((4 lal||$|,|4|<|F|P|X|`|h|$$If`a$gdc h|j|kdf$$Ifl ( H h (#         (#((((4 lalj||||||||||||$$If`a$gdc ||kdg$$Ifl ( H h (#         (#((((4 lal||||} }}}$},}4}<}$$If`a$gdc <}>}kdh$$Ifl ( H h (#         (#((((4 lal>}N}V}^}f}n}x}}}}}$$If`a$gdc }}kdi$$Ifl ( H h (#         (#((((4 lal}}}}}}}}}}~$$If`a$gdc ~~kdj$$Ifl ( H h (#         (#((((4 lal~~$~,~6~>~F~N~V~^~f~$$If`a$gdc f~h~kdk$$Ifl ( H h (#         (#((((4 lalh~~~~~~~~~~~$$If`a$gdc ~~kdl$$Ifl ( H h (#         (#((((4 lal~~~&.8@H$$If`a$gdc HJkdm$$Ifl ( H h (#         (#((((4 lalJnv~$$If`a$gdc kdn$$Ifl ( H h (#         (#((((4 lal ,8DPZ$$If`a$gdc Z\kdo$$Ifl ( H h (#         (#((((4 lal\hpz$$If`a$gdc kdp$$Ifl ( H h (#         (#((((4 lalҀڀ$$If`a$gdc  kdq$$Ifl ( H h (#         (#((((4 lal 08:BJRZbjrz$$If`a$gdc z|kdr$$Ifl ( H h (#         (#((((4 lal|ʁԁށ$$If`a$gdc kds$$Ifl ( H h (#         (#((((4 lal ,4>HPX`$$If`a$gdc `bkdt$$Ifl ( H h (#         (#((((4 lalbrzĂ$$If`a$gdc ĂƂkdu$$Ifl ( H h (#         (#((((4 lalƂ҂ڂ "$$If`a$gdc "$kdv$$Ifl ( H h (#         (#((((4 lal$2<>FPX`hpx$$If`a$gdc kdw$$Ifl ( H h (#         (#((((4 lalȃ҃܃$$If`a$gdc kdx$$Ifl ( H h (#         (#((((4 lal $,4<D$$If`a$gdc DFkdy$$Ifl ( H h (#         (#((((4 lalF`jt~$$If`a$gdc kdz$$Ifl ( H h (#         (#((((4 lalƄЄڄ$$If`a$gdc kd{$$Ifl ( H h (#         (#((((4 lal*46@JT\dlt|$$If`a$gdc |~kd|$$Ifl ( H h (#         (#((((4 lal~ʅօ$$If`a$gdc kd}$$Ifl ( H h (#         (#((((4 lal$.6@JT\d$$If`a$gdc dfkd~$$Ifl ( H h (#         (#((((4 lalft~ʆ$$If`a$gdc ʆ̆kd$$Ifl ( H h (#         (#((((4 lal̆ֆކ ($$If`a$gdc (*kd$$Ifl ( H h (#         (#((((4 lal*@HJR\dlt|$$If`a$gdc kd$$Ifl ( H h (#         (#((((4 lal‡ʇ҇ڇ$$If`a$gdc kd$$Ifl ( H h (#         (#((((4 lal $,4<D$$If`a$gdc DFkd$$Ifl ( H h (#         (#((((4 lalFXblv$$If`a$gdc kd$$Ifl ( H h (#         (#((((4 lalʈԈވ $$If`a$gdc kd$$Ifl ( H h (#         (#((((4 lal (*4>HR\dlt$$If`a$gdc tvkd$$Ifl ( H h (#         (#((((4 lalv‰̉ԉމ$$If`a$gdc މkd$$Ifl ( H h (#         (#((((4 lal&.8@$$If`a$gdc @Bkd$$Ifl ( H h (#         (#((((4 lalBƊЊڊ$$If`a$gdc @ڊ<f΋*:֌$2n8H vxz|  ""$8ޒDhy356CJhnH tH hy35CJhnH tH hy35CJhnH tH hy3CJhnH tH  hy35CJhy3CJ\aJmHsHhy3\aJmHsH hy35hy3 hy36hy36CJhnH tH hy3CJhnH tH 5ڊ܊kd$$Ifl ( H h (#         (#((((4 lal܊$,4<$$If`a$gdc <>kd$$Ifl ( H h (#         (#((((4 lal>fnpx$$If`a$gdc kd$$Ifl ( H h (#         (#((((4 lal΋؋  *$$If`a$gdc *,kd$$Ifl ( H h (#         (#((((4 lal,:FR^jv$$If`a$gdc kd$$Ifl ( H h (#         (#((((4 lal֌ $$$If`a$gdc $&kd$$Ifl ( H h (#         (#((((4 lal&2<HT`lv$$If`a$gdc kd$$Ifl ( H h (#         (#((((4 lalʍԍލ$$If`a$gdc kd$$Ifl ( H h (#         (#((((4 lal(2<FPZdn$$If`a$gdc npkd$$Ifl ( H h (#         (#((((4 lalpʎҎڎ$$If`a$gdc kd$$Ifl ( H h (#         (#((((4 lal (08$$If`a$gdc 8:kd$$Ifl ( H h (#         (#((((4 lal:HT^hrz$$If`a$gdc kd$$Ifl ( H h (#         (#((((4 lal̏؏ $$If`a$gdc  kd$$Ifl ( H h (#         (#((((4 lal (2<FPZdnx$$If`a$gdc xz|gdy3kd $$Ifl ( H h (#         (#((((4 lal|  "$4>HykYYY$$If`a$gdc$$Ifa$gdc[kd $$If(4F (#B(#    4 (a(f4$$If`a$gdc $Ifgdc$$gdy3 $$$a$gdy3 HR\fpz$$If`a$gdc!kd$$If( ( H h (#         (#((((4 (a(đΑ֑ޑ$$If`a$gdc !kd$$If( ( H h (#         (#((((4 (a( "$$If`a$gdc "$!kd$$If( ( H h (#         (#((((4 (a($8BJRZbjrz$$If`a$gdc !kd"$$If( ( H h (#         (#((((4 (a(ƒΒ֒ޒ$$If`a$gdc ޒ!kd1$$If( ( H h (#         (#((((4 (a( (08@D$$If`a$gdc DF!kd@$$If( ( H h (#         (#((((4 (a(DFX Z\hД&z|֕ؕJLrȖ"$0|~ XZnȘ>PR^>@HJXķhy35CJhnH tH hy356CJhnH tH hy3 hy3CJhy36CJhnH tH hy3CJhnH tH hy3CJhnH tH HFX\hr~$$If`a$gdc !kdO$$If( ( H h (#         (#((((4 (a(ȓГړ$$If`a$gdc  !kd^$$If( ( H h (#         (#((((4 (a( &.6>FNRZ$$If`a$gdc Z\!kdm$$If( ( H h (#         (#((((4 (a(\hpz$$If`a$gdc !kd|$$If( ( H h (#         (#((((4 (a(Дؔ$$If`a$gdc !kd$$If( ( H h (#         (#((((4 (a(&0:BJR\fpz$$If`a$gdc z|!kd$$If( ( H h (#         (#((((4 (a(|ƕΕ֕$$If`a$gdc ֕ؕ!kd$$If( ( H h (#         (#((((4 (a(ؕ"*2:BJ$$If`a$gdc JL!kd$$If( ( H h (#         (#((((4 (a(Lrv~$$If`a$gdc !kdǧ$$If( ( H h (#         (#((((4 (a(ȖҖܖ"$$If`a$gdc "$!kd֨$$If( ( H h (#         (#((((4 (a($08BJRZbjt|$$If`a$gdc |~!kd$$If( ( H h (#         (#((((4 (a(~ƗЗڗ$$If`a$gdc !kd$$If( ( H h (#         (#((((4 (a( "*2<FNX$$If`a$gdc XZ!kd$$If( ( H h (#         (#((((4 (a(Znx$$If`a$gdc !kd$$If( ( H h (#         (#((((4 (a(ȘИژ$$If`a$gdc !kd!$$If( ( H h (#         (#((((4 (a(>HRZblt~$$If`a$gdc !kd0$$If( ( H h (#         (#((((4 (a(™̙ԙܙ$$If`a$gdc !kd?$$If( ( H h (#         (#((((4 (a( (08@HP$$If`a$gdc PR!kdN$$If( ( H h (#         (#((((4 (a(R^hrz$$If`a$gdc !kd]$$If( ( H h (#         (#((((4 (a(ȚҚܚ$$If`a$gdc !kdl$$If( ( H h (#         (#((((4 (a(@JT^hr|$$If`a$gdc !kd{$$If( ( H h (#         (#((((4 (a(țЛ؛$$If`a$gdc !kd$$If( ( H h (#         (#((((4 (a( (08@H$$If`a$gdc HJ!kd$$If( ( H h (#         (#((((4 (a(JXblv$$If`a$gdc Xxzԝ֝.0<BDPnp~ڠܠ,.:ޡ$(*˾ӷjhc0JUaJhcmH sH hcjhc0JU hcCJ\hcCJaJmHnHuhcCJaJ hcCJhy3hy3CJhnH tH hy3CJhnH tH hy36CJhnH tH 8!kd$$If( ( H h (#         (#((((4 (a(ȜҜܜ$$If`a$gdc !kd$$If( ( H h (#         (#((((4 (a($0:DNZdnx$$If`a$gdc xz!kdƹ$$If( ( H h (#         (#((((4 (a(zĝ̝ԝ$$If`a$gdc ԝ֝!kdպ$$If( ( H h (#         (#((((4 (a(֝&.$$If`a$gdc .0!kd$$If( ( H h (#         (#((((4 (a(0<DNXblv~$$If`a$gdc !kd$$If( ( H h (#         (#((((4 (a(ƞΞ֞ޞ$$If`a$gdc !kd$$If( ( H h (#         (#((((4 (a( &.8B$$If`a$gdc BD!kd$$If( ( H h (#         (#((((4 (a(DPX`hrz$$If`a$gdc !kd $$If( ( H h (#         (#((((4 (a(ʟҟܟ$$If`a$gdc !kd/$$If( ( H h (#         (#((((4 (a((2:DLT\dn$$If`a$gdc np!kd>$$If( ( H h (#         (#((((4 (a(p~ƠРڠ$$If`a$gdc ڠܠ!kdM$$If( ( H h (#         (#((((4 (a(ܠ $,$$If`a$gdc ,.!kd\$$If( ( H h (#         (#((((4 (a(.:>HR\fpz$$If`a$gdc !gdy3kdk$$If( ( H h (#         (#((((4 (a(ޡ(ƣJ"|~ĦDX@DF` $`a$$`a$ S^S`ģƣȣʣHJLN  "$&Lbdjrz~¦ĦƦDFVXZ>@B hcCJhcCJ_H  hc0Jhc6CJaJmHnHuhcCJaJmHnHuhcCJaJhcjhc0JU hc]aJjhc0J6UaJhc6OJQJaJjhc0JUaJ hc6aJ hcaJ0BDFH $&48BDTVfhx"$&RTVX\^bdhjnp|~˶xrxrx hc0J'jhc0J'UjhcU hc6aJ hcaJjhc0JUaJ%hc5B*CJOJQJ\aJph(hc5B*CJOJQJ\aJo(phhcB*OJQJphhcB*OJQJo(ph hc5\jhc0JUhc hcaJ,F"TVZ\`bfhln46`b$`a$$`a$$&&&`#$ȭԭ֭حڭܭ,.02468XZ\^`bdѵѵњ}ᚔpdᚔWj7|> hcCJUVj5 hcCJEHUjF|> hcCJUVjzhcCJUjB|> hcCJUV hcCJjhcCJU!hc56CJ\]mHnHuhc56CJ\]jhc56CJU\]hc56CJ\]mHsHhchy30J'mHnHujhc0J'U hc0J'"֮خڮܮޮ  X\^`㻯㢖߆x hcCJ\ hc\aJhc56CJ]aJmHsHjOhcCJEHUj;|> hcCJUVjhcCJEHUj9|> hcCJUVj@hcCJUjH|> hcCJUVhc hcCJjhcCJUj hcCJEHUbޮ  XZ\^` S^S`$`$`a$ 301hP. A!"S#n$n% n&At#ey٨Ø>PNG  IHDRe\NgAMA pHYs+ IDATx\Yy94Ibd"-Y8(+JD<= yK 8O%hI0)HY%K}twa3\ ^I`?TWzXV[ܱYg;ܧ+&fEw`:1kĬQFN:1kĬQ#Mp{DRbffZ2k-8;'^Ypp۽SݯNX|rvw )53PhNČ63A D˔3@ ]sU'ƏLULj7@4b?Of+k#/SPS1)}ޖV;AE:ZP]kFg@̇WPYv V*E ah *YJAh@U{Rdm8rE1R!˭":'qVMӨk$ Uh.K21i<JE&Vɢ( I9M%S(( C:\]-X^dˤ"'ra:`/]*""5 .+O-GYVdD)! eyR^d@تf*Ų3v%ie aBV io7QQύeNl\莲j!1 '&r[ң\ {{(!f@AHDԖpCP0zrb\`0@ɆFE!FD9+^TF m3A"]fN\y>h)(yfG)<H(0.|JSUfCAġl28P F'rmt@U#&zd:َ#}TŋhƐr1#5̗ŒAA>1䕓3.dr#& OPdϡٿ˩0j PEYmJRz4*3"{c[M״>hURk3@PY^y3mz1Oc>T! PW{Dz+&Fޒ|7JAR5!IL9j"c/=Z/6q\U(P-sԫgkI؍OIo#b& Ħ1%%K*lW*38)* $3sg:{q2}\FKuӪ u/r`N8 '.عP4 B1g['ڦ~,0Y7yDbm4$̇ASybDJmlSE%0 ,#[ fbOyf(mSLgO%"dY 4V f*ETkFʉaI\̥~ԳyۆnD>K,lOƶԓLLeTRи՚ H<Ќy*N܈"A|B,U94&8H i+入$r v$5B}9"b62YcbfXB&k z֭&r!]Nzzk_1pT+N5屙Vb\j` }Q ˄MQX!҆hZS؀;JЫcW02干eaعl*Iiam6u8Ubb#ߵ%b._aPn.W nsD^z/.O?̦{m怿\) srZlYi5ESq1Ksy 6ij6A׍ W6/:;EC*Cjܜ XS )]f:_<2Y*Q=abGPbHMݗ%W*NGώ5?nں7o/8bJ GQ78w|3MjiJJ7L}q'Vd&dX\0QsWMZ5t4Kƚ-xyKS܉7|$B˿xgB}뫽0M,MARb<=*;{+g6ٹwm lr%B۷aܽsco /7 J͞{zdT1`*۶4Ӣ1Dq(ZIVycM o3uX^TJMݴPW2v;zi{ ĘYeuÖ]_&Qt幁tφ0{:嫖1 0q]?N2RLP)MLdㇷo-ʃ;E6THhܓVhsmdx|]!&FE,ؐzl?lO4|?{/7SJzj,{=997a~v|róq[Ȅ^|,,f)+,!؊rN+Ul& ,xTS[jrV΋W2Xʼnme^!=sú(0ZӜG%6,po9g0uy"w|ge:6b:IaS ARoi\x/Q&%Bd'$1"sPɔ1mDaBRxe1Bpq)s_67WV˻g;zB8MZ \7C]'_{o]썽MLoн)ƃ%pKÑՏGvAQ߉*i ^6V&j0<7{M򞃒O5&dd__ݔx`v;|SPqȲ4QV;sg/ ]ۿ/|M=zb9,cB,ekl1\)>bٙR0P"b=? 3{/eT^7{&{oi-sՅrȹ1k?Y2}pkWwKo|P>[1 0uQB@kxHnavG)\?Bd :Z nV{}8ˏ_y-Ssv- t>aˆM-筙߅tWіȘ\.]{w{(loVLB.?كO_ }IBo/9@uH9['?ӛAt19>96 PWdo|VqzOU,- _&IŇMɺlDZQv~ah\i†9jEJ?Gw.U՗ڻݵv׎1$a@!x  x@@̃`aAc_bot}_}|Q!P? >w]_tya>?hJfzwy^7U(qq:-^X' oT6,4&6P3#~z|vܳJ'I؜_@n sZ>ϴqX[$12֟ʙz!,?P() Y DK.=o3C~\߉k`ҟA"VYsglYlS3(Br5sǣJ06M%2V@D@"dQ7p2 (rt]:ES_ u؅VY8! F>`0BCyHNK/s9X_`r 3w>C 0I,[_?}v{p!ƿD[B,_>bv`L1H0i'S[ )\++nij wEQ$"r|4Q{.58 HDjjbbWݥs/Y_Տ~љďiU^bm_MgY|0C)Py.V4OG?-JQi 3if=K ];yi{d`Ƌ@"Ji~v(&y| gyR46vhzPo`;_N[s`'mb45Mt]5xjEq[WͳfzXB VQ5P%sX[Cf. 4 t ڂ"rVdU(#sQ0Ep{C>t<]?v :(dw-lĩ𺏬;7(Hy(H (|\:[{e2Z0:{L+pv-o3X6cQy[&ԃR0ϒs"â~vX  9@A఺ژJ4bD؉R]x#2`ՕV?DW!"E B[5(" o3I$IvZm((1݋7^qd)@᥵ZDn~1P:hFń>:"*(5^ou{_&1'3PVA(BWM&ƮJbwŕ|#nAC9 b ;)GDceқ/WIXI钯 p2V(Uh3ו1BLr}A`يj=F) 4/#2egyյ+/4TiiS(vQ Riok^CZPB'ʗ6 fGݻo}ȅ}OǠ_<{;="9 Q08۠9 ~-ӾwaKԎ 3+A}Y(UL&T o䮵|6v;Q3W$*d.~F,ì5N=l_ƭk'2#02gf>aJS3c0*࿢VM~κu|X`ai)L4-uـ FW /.$^("ݶ}a5MM FO= ?z;Mskk}8h.)~R$ȧV˅/@b'zOWaģB%s𨍰p2<5v율oL}.*QXOiQE@@wt̜D`">N )6g\XŦ,-F퍎(4ii_[HA\kMA}SSUr_;< l0Di#C r>-/;KO]} K"aÍ';d}kto2D8 "% (BchE(bp5 )c9`ʗ[c/=+J7J[WPd[thEpa}2sUM(zg^Yׄj2qZuuk~ST|u!!CaRc; idvgPRGރF"D&UiLMOa=иtb~dлbLFJ("lafMK96G" BB:x ps'mm,TQkNYjIEbib{4̸/m >vBZy>ƄTMzS=\Jc 5F3ɷE o?˗͘|VPV=E4䊣+ЦSmeزEXRJ4 *m}mJpMOl;CBJS}9p3'jSg0[9V_H#ifwTf7o˷C:CB>^5K`YD@\yFvu='^}9'E+Z`:7%Z"7=%~M[ E\M )f_z>&oě9ё@:&3/JdXy$`)]sQ CZ,_ۆR^m!;F~ p* 4v2>G &|*+3(!P PK[[^؎/{#!KPKY AAEA͕Njɬ$Q6;{#$nbVtq}e򊹾(H[.h:L HsD^> IDAT<ʔFĀʳ'&Sȵ*Sp(&l6y'Hm: ">*A G`-t~$iW9_qt}?7/zyTXh+&hIDn7F+ AbFM1$j'[E 90I&cU ~'?F(%"pqiJdpNm%b05(jSJyҞǙbrP뎆 U@NO qV%t`vuX7 9dcHLKbm@jщvP\61~QnUN7&}cQ% 8js3FIg>?uMs) BEO^Bު`\k䘼( y{cmɬ_@, S A)ĵ;Ry&jrϫq q5&"ت+vc5@J9+Y,ěxe(^BW&B[=!z:yk˻~6,rW(Qbn'_zf`|*%tZqu}F2ݾ p[zN˅8=NdHNF)R`1@`WHf; j-#uʕBe*Б+F,lymyZ5%q@Slp GD`{Ǘ'v8a\0 #U  k2^գ^kؽ~_9B[BZFl 7UnnjZI0RS"Y1L??}hzCI :nP:*r§y:4V np[x3ƘxcuXbaxOÒ JLЯ쵯tWLB-> AB봺޾|ԏX\لAL^ZQv7 O0+F׏>mVbϟ}2CzId *@)?83c6ELx_yP S[FԱvsߞ?oS'dG︶ ?X Hй?yBb*']3V B~wo*bNzLw|ɉvډ3?iL;PWe_rw|RPS#c$,caԦX?>Ĺ_M>䙧,d)X)f㵍\\vrwLLJT6NcKuz`\kӐ`Zǧ7̓ݮ޿_1FiZq9nSDat)绋O^AW`]ƺHx+./,I:}`0q,~DY~gky/:7&5Ƙ%} H\m.X" "dVz4K0 =+󎞘B<ĻlVȉ]_?t6a"T;H:[0|E~漺=c]iً,9~g*3tgۧiֻw_ɜ-&5\_rMe&Ͱ~!1ykxގ E"A@Ws0$fY@<,f& aJb`FMrJJ%|Էve \pjo`sd7[Ȧd04ޣPHψX1`Q,Mժt2ho$K;0hҧ;rV+Ic~em ?իE *hii]6u^uo45JłxbE0.?Ŋش2&(6_Z88.9ECg:}2;{dq^ "&_:V j~4sUZbDB궑-1eEXk+; 7>x7컥sS6qȹ<E`I,l擔8;m9DBP}к#Y"kK\6-Z+VD 80eI___^;r8$HxVJ+Ym$؄@rMh0U;UlT?օ !1(baѤ2S+D&"4uԷabǾ'g,q`I]O/C$FsQNgЀp7Z)r܆6h]ȎU- +âu]Jf7m_ee -q{@qư#Ā])"J' )`J#WJ1eeE1TZavSC\7L/cv࣬M@^<{쏎?6tM@-.9ms Z)MM;YphBj-‚{uH J22{~nƫQ97JqcqhD%a]= 3B?GpĜab+gWKncWo{!= P,$ cJJ_׌N[.m3Bĥ;g9 Rr`׸8O_/lzP>w^Mn` Pl|'HfN srG}&*`VVO̝.% xI܁}~i@h0NϽqˮ]aek-ωi}xחo~Pt_LqVv6B$#SW ^j`Õ[WGJ1=M#ȀbgrV1xcu1\y9|ig_4bd8:1r^^f3w}Ӗ<ͫ>{=D 8kx HwtC-|E^:ptLrǫ\ kArX6u-sW~3xܭiCWF󧣳?[}!Σ۪ pAc}P$ۗ" #[^'}щ]_[9=vI߯ RՔo{M"ڢ;C?8p&}0m,@%Q&+๹/ P*xn7~ /|ۉ?ȷ=,5)<faMzDbeśw}K\Dү+KOrKpLYs+(GZMFInfzVZ .il"mڿW XcXjFz}>F0t"D"BuK}/!ʃW kL *[LIeD"(T 00 ._ߏiMzkHH8I`ut%ㅵ3vZ#tnŎ@S?$r-kW1.~9@X  P#6f~X%R' }qX+UNp2_a!ggL1\k.;.{Vlj8Kxsq+>wƅ]ym"K뗻]aD.[Il׵_Rk.)s/p=DXy$R>Ȯ8_ŘCX1pRf%8>zqW{ P>p'1' W1'3v 33ðx#.XӠ""nb&JI1cz㸲9Zz#ds)4EIdY,Ѧ<%q$15y $ F؞k[%R-(qMny`-5R.Rչܳ|Km(mGsVk.xs`!IRLu-\Oi^F"$WI]* #NKzPj4Vvf돞+=ꠦKh4 ̙wx\/ #rIf<QdRv ?I|VĹwgj@L^}Jd?riJ9g gSDk/ |tA 40a_?2qLacJ#G#VoRA(XRz`P 4145=;1h ac`V#,LG_i}m祭] deK\kPh ^;y+`Zrb点ݬ{HּƁACV`ζNOW}E0̿s];wlLv'k-O_;v?Cv .i6}ӿjjM|b )A@^k%dLR_YH>xhք%!-7e'epG)#|TwZI Z# }j1L\߳JFuF5WrG;{ۍS-Y g8ەD)׉2(8zVj}JM~ggpc~G_7:O_8`@l KS y|5ȶ}qb|-<~̶= z_5/.ZJ#P9wjL~<7XD$D|瀁N=Ǔ.C4b ]r8{ϥ#yS]H']eW5\POs$ޫs7>}g[uo&>S<ԙ`/{izHZ{)Kp"37s|=ЕitIB(+orDRߦ;&##{3\oiNC9`n-.]c7':LKHP_s+ou?gcm;k0z<\VM>4kPi? H@13/YUekemY㛇A YQH_yXF |oS-rP!i4(J%zv,Zw-0Yndjֳ]Jj!@%R MLVj==^v᮵1mM@QLOۺL|BنI!riH&!Z,V¨+ O^PJ.JUn@Nc#u;GQ iR?zjОL 0ìN#CN_q5{ۮWFz-g%=QK!* R$BPIpO"jƈ圱Kŷbyr&y'+ҜuGx Bٵjzzh¶~҄B_%6Zɚ] ȀsZeL]r 9 M!@ :PF6UNֵh A AWΜ\X]C#$lvuI/ݪVT$؍5 򒹷,ll%EcUrJkVyq0#j:=y$z?G)A 6E@>3h=oBƨ0Hה(v\k-(c AB\<:>'[z/cq+SvڰUJuޛ \;PH !/"Ye@xg0|wݷKp) 00% PB$ fks0hٷ#U޴Ԥ. Wժ!(}R-T¥Bka;3|.JΞ cy0THo]?{* @=J(JH`=kcMH<;{) ~-T$,OUQZ R4֡?+ :Дi )jͽZ&H)!C^)KWW t<}p'If\idorP3 yo^cJ$kٱ3"aiU&è$Z] AbcUHvuRPԂU)@)<6Qd^tƯ{; K1Sjf)tʀJ*=+¢?<3Pshh`ۖ ׵hRnO7>0M40DRޙǂ2$Ta/FJE*%b D L|QDKג8-=1oZ*tLP8@VͰ%Z-eHyP)W~*,/+u#w֔e*]Vw 7[}i 覦杄 :&f,eXwXRJDRJ\iGQ-cK;{iR9JWGjPO˰ !oiSO cZꖒA<`XA 47uItܤٿgfg,i}Ծ6B۶{`3rom$ < KKڵDл= o&,sd"A FƜ{ɧXeKb[XDgWO6GDzILq!VϾĵO_殬7+;sZz!{/h)Yec;f% A%yH!KI0{ƻ,2eilmd"Z'r:D*y)nuU{Yדd IDATQQѲeA %(5f:Kw DKßg~,W<50t{=y0hϟOO^h JqR }/ZSQB*.|}2Pq/@1!8gs֧eF,:P+Ẻ0@mֆLpʌ+gShD ,K !00No;(IXۦl$S¤yD5-ʘo $a`,Oi1,p3R02cBGj ]m'ֵh; *s3dZ_lCY,2:9u&4g?=0L!@mB\rE'EDv"Zhhi/bAO L:u Ø"k_O=yԤP Ȳ]H@,J !UkLqǫ#&ua9Jt{_ 1Lpcr57 MgZĉ//~1/w7Cy-+HdDmQ$,W7/~HN01CHεyg /T.2 MO!"sb9#\.GPQ 8&DD [B9?ws7S:  @v rLgI}xUGYjU ~k4?}tV%doc@)FI|JSkS*͖;Ji%@I^9 bdF2DĄe 1HLʼxq-WWViZ֟G&b@'bu2"k3^Ξ~>Wyc"G2ؓP+]ۺ:WC[Nv|vG;n_wQ??^N}XK &!UB^3uq=պ -,2%sIu-mg>qm`*Z]m_ݏvA× `XV?bSYŚc@b%"* ` ,H0. lz_x뒴2G6_++ԖsJ&d3rp=ܛzRmTF>h=Ʀ<!Ηj2v}B "j;#L72FlL iEX[w|IԸ,xKc+kMϹ8A)=i{H%"D|?ZZPS}*cD쟟YKY#LKp!DVמWLOuvzHsćqXR2 5i"R ji>T i?k/!.* \$Ie! ̌t.xapwy(K ;Rq"usŁw'F/ #;slVe ntef7!d3Z2IQ$e2o2mɆ"iܺ^؍ЍPkDuȌb% C/e#<w皕dR̜&s漗9ˬ%on,/LB~ɇ/X*Íd &p~F s=I)\|ӭ5XY+}cN:<;ތ*3gVMx/|R*4[ EǤ{4mn쵼MO_zSAǀ_R$S["o˻\ŶTMW=w6W˺9ƕpGѼVj}.Lik&*V50e6>mLUب~qP4֙xe.yi}94˫}tэ尭_k['۔jm|nXJ yUN7g K9iT9ӈ u@2A`:"R[!P=7l/4'.~+kZ?F"aFc؏iO|"fkɆ hjQvNuU:!csථL&Vwqso.L Ŋ`(fOnzpkUzqY>JX|L:DZ)hb$r(=Wԫ%"ԞM"QH&=͆ח;q˜*Y0 @&"aIaƴmC4=qtT'{׫u1szm&e~?;Cd2hsH ޱ(f*M~/Dpg!HZ>ETĵ dvZcS,(DCJO T wD51'TT׫fIF>q_Fe€`> *6c镟}cfg`ss+>GwiBaߏ*Z9|:Ri^WOͷ7~^(7J捷T/W M-`f/R'"a`_V7doELZE,hJe$I9[MVJ60ϒ\(eTmT&YGiE/"ތ mX?=_J*Ѳ.K񭯿4 dfυh'1eT'yw?:O-Py}ss$sJUCB^$ZlX$"MHL|I0Ԉ(lOOTDjo 4@M Vu/?ԫkW?Xm]egN(pw hÀ]J)>y|hwn6wp}9x*SynSqe&?s&"!Bd=!<&8=VRRGZ S mU ._6",*.#p1m|@]]mF+ fvd`nI1%a$[$R-waY|vrn'JV(n!s1%I!E D{}(!:V5@D1̥_RgṓZyFV(ZR Tߏyg8^HtC矬v&HSSgJ,yѐ.؄=p_[H35!BA Q؃bπ? K2unZu+4O/TeFJ+bseIE{k.s/>uv ݉gv<Ջ3eB%HvfXι7Qf?⫵ho`10K;= KNP7b 4կ2@DPFoM_dķb]MWn N  H"@Ad2Q!kVAC;ѫm|K͞nW$"arm:n>p׮o&_/>xffE;M)WIr!M-;OL B06iAdȃ6'y+<\NOWӳʄLg;&Ts,6!$A@>O윪@ kyZXGHJKϧ6~"0~%%+SV ӑfҦ:uW֮Mԧ+z9$ Dxό$S""+ *l׀$@Xn̷WWO՞6'å򧿲K|O0A{0e(o泒t3kxلVlhPúTU YݶHHNg0h4|ZVsucILRP+zf!ԁ!E :h1vAhp wϗɅj +Y|W6>{a}ޗbxRChMTDh"ؼq0)MDHNtB!P-Қ͉v36Yc+#e0P#UŸCs$OS{LH$Ў O̦[Fsw2qR }h;pvt3+hV 2 @)Q4s3<5Z;9w_|C}b<o=b?ռn/ຝvp]c湠Ҁm5O|BDHJO*PT!GI/~3gԦ PQT*}(A#l(ro|ks_ =bk9I"vu]RxhwV'߅=@g+Wf9+ioJmDi +M.:Z3xz@wmEi\Y 8' }Hzft}4l,i_AlϿ0ӇS &RZx\U1>ٕ2*}`>YEWQ}ݧ9l*$99t,ʁz#BS)ǥZ$։5XXh/ O~yz|"HJCB:6`uZkL]u{`p ) ۻST d:trP2q3a )AV\2=/DZ+Q]Xh$>dliiA0vq`>vd(]ŁC.M|{sY!Rc_]L0o?Ѱ+FPw4}ȓп~ˤBS9# CKY昈H >\ 8s3ADs!QG0Ɛv&'et9 ф2V3i}ޗƝbx:@9Dqzױ7{$Ϸg*i)}'|/ޜ B2}oa,41R=,@^qߕYAf4g<7n`܏GNгЈ m< ]eW_{>Kw:+0s uP*HS Jû Juuet},#Z_6]@M0FcrƶzָړAoΡx)]F'.m5'Aon[q!}~/? )JgA[chAE*kD1A_ɽZY:Lʕ3=Y'(0@đ$g LeQ[JDBD|m-XIl!O[ɭʼnOϚYo|Ĥg\.2-RƯ1-$"E`(\ Q'@ MyWc*B%Vk-κ ITHtcg1tzj͙Sk^o(ơA="|MRh&23?8=A n.vƇx8aQvI$չ0>5.ڵ:& dۖnJ#rlƝ&{oD1Қ^QlowVG'{*%*=8o%ݿ)⣅N k0:I y#LFtj0q(bF>s(DH(l"Vj棠\4Qx6gIO][u.w4d 'R"J?LQrEH4CM)p_ή38*^غ`G=Pă5mMr¬tYc~&@\Q:BP<x{ࣸy()쬖 fVe;mVQ/HAbh_.i-U8I,aT2nǕJQ@MG\hy92}J!2t>ZWsڭsG>v˭q?Z#^0 Jn?ƙJݺysEHFf h7A6VwӁk6S<>jբҋı>`bYFI >~ "lp up/}w{߲^1FH+AbO{.?^9 9 j/`)@^F4no?]-9I`2)n|Q:P@{/36NlD39U.GC[D;ȥdY/[yQd6]TJk}darֽq♽#A$dFDdߋvג ߶nDDTyZkF{0Bv.lt Q\  X6a5X)*DD`= r(^ڛH\H9@f0}Dr03`nʉ1f:g!V1cDE Ӵ' 13Rb T\hM@@K ?ʓqS*]{{ xsEQVb~S ̘-VƝF@ `f!^V}CŤc>{OKda0߯+fT ?y{/L߄ ]| x:0S@GgGWLúĞP9RufZ҃sxC{}}""baY?u[ǑgΕ7Q$%Ҕlrk]o 6K6@~996x^ٔNi G$

g۸cOVvTzݠ32;g.;gyLՂ#$wEcZ;{TB) JU6?ʽ~sKe$A)\EﶝD D H;j}1K_wmǭw_}DDh׾gܟl)#ieS_O,! WX*Y0 3SHǾbcmFI8vTZtŷ|C湿ttcISv~tl-vn4hʒWm47cf%F(3|ćƝGg4RD;pRfK/? lS{hbNv}%5țT3Ӫמ4Q{Tz F3uf$~@[;N:˴&ARU~N"TDD,{*| O.\O?g~ōk?|;up:ɏ{o2Dc4+1s~Dv>b))e&f==!- lNg_QgϬ4;_oճŭǼP*6UM1G/|3{ _krTmaQ~c(E(frW&[ȹ6 r~_Fmtܳkl}'ZCHrOtzpnqbBc=l K;}T@*`mBav ~H("aq:d A8`-;gEp %J;_hRk0Ky̵b8~.<l1uqq~gaoĀ۝-7!Bfgw%By$$/C468t>֚Vbwnɿ^{u9gL櫛y>֊(VKvg12ݺ Zk[d";phlhz=UYwك?GW 4lf!mx]wqzmY}1/ܜ~ \?)]d e4z:v !!| zb6&BTV~ @W q,Ν̙/zo~0ŜilLD`7P%j&'P)(pdwJ(TDH@#1J(?)O1܃^#dHEm\f:Ŝ5a`HSgdWđVtJ $"'C.He5F&+#c ĹqX"Rk=B#pى~6 7xjHtoߟ/6j"5:2KD;GǨz$L"\](1z` )Xr#B0wzf@Ò̜ IfIϘr]S]G ޻d8+ YJ+,N0U+FCla[ǘq9JֱJ (k i - 7R}Dy?pg k]3w;iY:!Å.U{]"c5<ŽA[woxyjaVEZ3ar; ;65Uy+v= 6)cU9X1 øu\$B1U pv}$f39(W%b7W7#Sn+k)\{[ `M4McfuM`X:cq3,Pk N o"+Q;Rf=ϬnwD@Wg/ Xx׎|\=u;./(TF}Xׄ} QKXLZzi`fQaP17CtrV[mR Xwǹy\&i}*P &gW?մUw͉g~w⢾ܤKK7vҚz@8Owa-x?WN^:]umu~5滗/^sg]^y,{'&m۪̂8~ιWWnɖMvvp2(hg}hӧ07tN_4e%وq۱-۲eybIn[br VR^Âg^_.9HCA)Vd=w2H.* PH7T c Ka,L7~n旬v]3Kc89ץ>8rzf[gWyUs^F~FyTb2tgj*?>hgM=sڞ M O/ePSS9ʉF $Wnג=߳lü^$K8}"d:"BHL2%()P%rZFi<ĩك(f{lIXTǿn-f,iȪh/Klt!>! IDAT>>|\oL暃f_%%:Cd-(|/eAگ,v>-G^mLevyze~-mڰ0houh.wu +$+ I F)OGhR gOO\~]qCj`ԺəH+SW 0K4 ct5J)95ϱڇۿGJ7tS"2䅲AgeLVJH8SU2hM ArϟlzubP0\XB.ϠErJ ,T%KD)UɤO[Gͦ#`xh6t>.]]>uYyG#3"L, "}:6\I>xyL;Wz=[lz1 QtL7:ҥImX\2cLتDp;]xSdXٮ=+l^ZV5W@63:9d̚i5+ ",MWറ*J.BM}5pIm!4<SQZdҷ;IˬӠcM_ )3M6i|$r;DM84l%*L>/$AԺ ХH?g05 E.Ofބ`!Vf>oK $ KbPЊ  J"hL^*la%WT5FOQUPb0dժhfDJI6Rh1rɋC;驈'tKtz 3SlDk7-jcs.x kd띑vAC}A8GY0vOvJ-sgJm Xx ҙјhIy. g:*lbr]ɡ*8:Cſ}c:`6M&&y˟Xo WW"pEOOr{}S~p2C\mY$Ȳ4N$ݑJh<@ȬZ!:r]foe[<'@r4"!L*e%A44j41y-@J0eQuZQh R4MdʙR:( Fp" Д $C"YB&V'bm$`S)dT)(KP(#-CFEF(Mnf y3˓Z(f(EfdLS!q䔢s.;| i)QVƚ-†:}kLQ"b0D0NC4 E&2X\,2rF"Gm($(, d6XU ݛs}"Li#Pyڨ܇9{=$#O܇n+3}x+?gS )Y{FneyJA<%0]& |$cu$뭌_ ya[*dg,dx݇ lJaS )a0yJA0Жǭ"C =ԇW%nkUz? D>s=Me\h*br`9% /3H"S2\R/`!ZNl ;Dv!$vxYMlG~Nر;!?JD%jNQ TTި*9JЦJnpԪJR.TC)=TQpd.6q@T873o% J5޷;ooggtĦa+OC;nX%dŘvj|#@kba `dxlYW=L}tUSXş'V'gXG?A{G~.Dq2ZCpsڶBXkѺT..,RsLe:g=,G ݐ&~WaKaKm\K޸ܮBK3c5e}tSYdPJY>]3~&Ìgsm25-#?sob :#`ʶ o)n2UBK3`K 8 ΀nk̴moS|o"KVF>9#:}WV>й啕%+#{bwԵdhI, 턬fG~ ZkDˣz\,6I8a\\N?j])ީƳ.Z9s B2xO6~5vo>+X'_i=~Uj~B`]UL7c^ʟlًLDˣ^|q^cAl"||6)~=櫳3ʝ97 %9- qn]EK8fiu)sO $4CvƿɳͷQsh!@;PwOL6h~gң6*\4@_ /&4v^ORMOO6hY5 U8-X;C[ЗKBn;.#]cg9VpFf+6A5iDB#i&#dJlj!USaK4d;}/#g0Pӄxm>f+<#/G+[=4#&6yxZZ&jqF@%`PUfm.s v2]+ə)9='Ռԩyz}\[~]ui>gϽĂYzEH}^hAB ws7"z[:Of ]cnWPIG? >G 6hh3kP .[aا8mI\˳QIzջOBk&LQt5ꙵpe 7׫%%8y^ڟ2W_YUSg93Vq]R g,{WgFeE3mPH/+IVw,_50Fը͊ Y9ި71va`!LkxڍR=O`Z, q"$:F?&V06N~nn~26s{ `\*z2I= ($V$RA8``v ea".pGNJ4izn܄@ >yXT1n+H޷zӏsoH)&S;\?^^Eix=oS8`hE?#\G*ZR"qa2W8Q0ZrѬZւ`I/d0.*ȟ`Bzj;jNW`1ɩO;;+[`=eD%虷/TjofCT)q `!-ZpxAawAi\@oxmQMKa#W "IEMKP2"=zHqI]V't ԡsSt.h{gUzwwgfAyT/X>aucVH]Bx;NӸAh;5HV ~R֘Q `ljsЩg#bu[ ʺ7Y']~i-jvn= Ȇ`ox`#sw,? u}\G=\Mg+,p̡tÛ1e{(t7D='H Džn }To`!dzzڼ'?x Pm SxڅQ=KP=&56 ~:=:8 mI -hQ ;+ﻉ6}sy EU")p EIͺZMR{u%z i,!1"xqbM)R6Y*)5 e>r8)F6[Qч>nGE[G+r<̃$&Z(kT1g2gqhUQ5AKW|ߎ0>h4@~X=Y7(j/jOA%\ٰ< G{3h^F_,}Vd8F/fI^=r|eJFIFC     C   0[" }!1AQa"q2#BR$3br %&'()*456789:CDEFGHIJSTUVWXYZcdefghijstuvwxyz w!1AQaq"2B #3Rbr $4%&'()*56789:CDEFGHIJSTUVWXYZcdefghijstuvwxyz ?G4~|$qhjZ8]Z1 $:.! #1;oK>>Ao\څ,Y2pb' x hάV^fHϤ|⶝l6 /;YO_}^AL~^<m\3Xij$ (mX32ʌtV?j^*#]G,lt+Ia\\@嘢e7_ο_(d_mc?6UK;N 3"p6زOxzV=;d\A 0 ~vªþ ?:4et9[aW !EAaEPEPEPEPEPEPEPEPEPEPEPEPEPEPEPEPEPEPEPwڳ]sGCuŧjT~w_)H4O0IVWQ@|Gp:ZW5LOg?i@Tו} 7I?0?>}߳.s++*nZ~95}ke̝&4cvt$+m+((((((((((((((((((((VɉLg-+[ &'3tko(oU4mḷUffU1Y ;vc@D?J|!q 2JѕfHvB0W$2J!k_N+x5/xOnVXRY3 '=k,$}?7gt۝^|]M䒛m qxJ4QEQEQEQEQEQEQEQEQEQEQEQEQEQEQEQEQEQEQEWT1? ӥ}S_+Q&3NMQ@=.l|+?_ LJ4׺6fmmF%_.аBoR&+=X_<plGOigMR^>Ԡ(((((((((((((((((((VɉLg-+[ &'3th W ?go:U߶yw s7>`ڕ濴~=|πI2XE w-dv,'H!H*>U-Υ#XZ*@f63)+Fn QEQEQEQEQEQEQEQEQEQEQEQEQEQEQEQEQEQEQ_j߶#Vz7> D,n5aEp҈f)0zko*?Ҿb?KJ(!& {/0|>ږ\37 uy,@q|C zdu.f.YwUQ4(̿ʼlA`NcVzyo鷰ͭ夫,3$GRC+)0$Aj ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( cc)o^ ?xVa+ZΞEUS7P߲x|Ǟӷ_jFi5.R&0ĉ^Tjm(#heɉLg-+[ &'3tu}ºwk~giyg0,6v]|ȟ'vƒ o ZMߎANA-¯GAu"ۗ :(u}ºwk~giyg0,6v]|ȟ'vŽ|uo]c:n Msn :cvdڠzUGUWaqjsxUkX|H@RkuDw A + ?{_XxG~mbq38-cUvEPEPEPEPEPEPEPEPEPEPEPEPEPEPEPEPEPEP_+Q&3NM|Gp:ZP4QEQExj}:m .v}VXc϶D.6Ϳtו3105|2le›Rr vth"D2Y/|>O e?G>_=|G[~/̢WErl5vٸ9((((((((((((((((((VɉLg-+[ &'3th(~O e?G>_sK> x'5&.v}u"H'ڮ96nm<Z 'WMsƲUB}W/xuT_㎹$_sIgաx`ѡUrvfH̐n;}_D>k;F8_ğ{o.k 6idwm!eW KG_ǟ~_/vݒ[g2zL֒wF͌]Umu$Ҩ((((((((((((((((+o*?Ҿb?KJ((W7$ _۟Os_«o&9cYn!>wϗb+&}czG>%vzfAFWa,Jܪu:JP.2=~V~ ռ'&\ .AAVVԆVUe! WIլu*S/-6exC$Hee "WN~* _:q}_4[H%LQSH:ʿQEQEQEQEQEQEQEQEQEQEQEQEQEQEQEQEWT1? ӥ}S_+Q&3NMQ@Q@oIU7o?hU1]Ur 'WMsƲUB}W/xuTQE?s}{'R&Od>JG$w|(/g?g9d>dL[ipe ["_k?mGK> ^{fg{[اʗBwU߆*A@E|ٺ]zKD;xwt6(G".kp]5l![4-ppR31Z_~'ӿ-xvĺwCQ :zKȋ40Gm(3 a99;@>d%HC+ʰ<q_,Q&3N|ZWomP[VSEݠIZhD3y~qGp:ZP4W+jυu-Z Я<'B'Ӛlahno$'e>ԵkxB< PNkͱ_)J0;uTW+jυu-Z Я<'B'Ӛlahno$'e>ԵkxB< PNkͱ_)J0; 'WMsƲUB}W/xuU|M iw~:o7L-JYt6{d0\ezAjυu-Z Я<'B'Ӛlahno$ UZ]KV'4+O3е 漼e (djjυu-Z Я<'B'Ӛlahno$ UZ]KV'4+O3е 漼e (djjυu-Z Я<'B'Ӛlahno$ +g~Z_?Z-"_<;'ѼĂg뗅]$c7T_|co(Eg/Čt>tYe>ԵkxB< PNkͱ_)J0;W~̏[8XxK ~3K|/^ &-ԑRDnң 2 )q(WBoோvp&IiHHacy"UWd|1oEPEPEPEPEPEPEPEPEPEPEPEPEP\x#~*ԼOx775?3Οי O6d@;n',9"(|'Fjn5^m 溈~SR4qe1( T1? ӥ}S_+Q&3NMQ@Q@oIU7o?hU1]Ur 'WMsƲUB}W/xuTQEQEQE `7Qo?~8.4<9&,{PW9WEBn8~n>#ݦIc?]:urdż|7j:)D&Eڭ\͵l2 Poh~9mu :4[F]%ͼXl V+)Ej緌d?f\5 7w\My ;/gm2Ʃ. $1׿'h뛟7]>o/l_ eRAchVVE8.@>(((((((((((((b?KJVɉLg-(( (9_«o&9cYn!>wϗb~O e?G>_(((n>#ݦIc?]:urdż|7j=Ur =g~;t߰:vzBGˣYNRL=φmU'u?a~6 qo|l  -p:,lE~{i?Vz7 ;~H# ʪwmI?ٙHٸbI_|d$Ohmj9$_dBѸW]r]U晩:m/mugw :xH*A |U{ > ~%;M7Gngu/23vOgk$͙mFۈN|?g,}^|7yntR |Ēy#MqR 4x⯄ԵkxB< PNkͱ_)J0;uTW+jυu-Z Я<'B'Ӛlahno$'e>ԵkxB< PNkͱ_)J0;uTW+jυu-Z Я<'B'Ӛlahno$'e>ԵkxB< PNkͱ_)J0;[ JҢ<_Zl3 !IBHw1|&<'7s$Y 4shJZ}gºwOhWgjyy047r@7Q|Sv׋O WZ>czDzya[ɣ K,?iDRI(XhڣWҮυ'c4^qY'[UXC4VF߶:Omψe9OH3F4h'h7`ivҤW/WR=?đaӴz{91/eŹ6 7xWů_cg |Fhnb<91!YYUQ-ƨW W_>_/|GiDH񶡩j60Ƭ&)ʂ8ra  37o,[o30BͅRJ8>b&U>+~tK_~(|+}l]6.ʒO)aU}>(V]?LE [}*H3e0 xC΃koYAn5*.mdJYNH+V ( ( ( ( ( ( _χW,kO}^I!(|qBK]P΃wY[ͨy! Ҥ7V+ómF| Q&3NM|Gp:ZP4QEQEr 'WMsƲUB}W/xuU&_6sW _[|PEPEPEP+C|GM'M g$l:u.$ɋyomRz|zψwiauyGNeܤ1o={ ڪOU@Q@Q@Q@Q@şF?Uo??LJhU[q]UrLj@ mdž4|<ִ "7%BLCEObWڻi%٦.d΂g$coT}E|Wkݿ _ 1W\a\@Y J&7ÚeB~ iY}MaHNBs.0PEPEPEPEPEPEP_+Q&3NM|Gp:ZP4QEQEr 'WMsƲUB}W/xuU&_6sW _[|PEPEPEP+C|GM'M g$l:u.$ɋyomRz|zψwiauyGNeܤ1o={ ڪOU@Q@Q@Q@Q@ĿF?A_:O?mn_9g wt#oh_g]UQEQEQEQEQEQExC5_DtkGkRтZ= .7ZgC_|tN񯂵iWyXen,;%]#$U2(W |i&i>Լ}X<.T>x\aC  ]U:bgSh\~_LM}SE|T??_OM^iVwq,Wс A _º/Bj~ΓstvJ'Wf&$J_uD+$TRį; |_:]yw1_-;lluT:bgSh\~_LM}SE|T??_T@+î?f/&_?&uD+$5"z=CO*o/}<ߵi7;x _uD+$T|EO𥶕H"@ ,R^GRAoo"ѩR>V\~_LMًWOIh?G:bgSk(ouD+$T[q134î?f/&_?&^iq/is%ʮIIcexF @4:bgSh\~_LMyWux ߋa{ cz`*ԣ%$zly8uڱO-H@ $Cg&?ٗiI?nǙo.vJl0?G:bgSk(ouD+$T[q134î?f/&_?&>V\~_LMًWOIh?G:bgSk(ouD+$T[q135WN4EI oŏmþ5i^Gvy;VQp8ؘü ~mhh >1be&孝@KW<ʹ @ :?&e~5_y3ogԴ^MHDT|G!)2̓Z7mHxWD>b'm6\y_(|=ߌ4^ ӵ: N ݉G& VSx(((!dυIޟiߦiA߮0d4?pD\0 >nkר 1/~?NJ#Y^X|;ݘmmd̶*ܱeEQEQEWx'>#ƙwljUEHcv+fc=Λ7||!{mKwo,9C`Ѵ7oq 63{<7{PEPEPEPEP/64}z?|_]Zf\=w\ }\*ͰAa#idž5 V4:yy=VEaGOꞩEQEQEQEQEQEQE7{SòE o I&tRDhlT3ne\q_|%[O>5T4m Q@#r0@\%/,ĊY@{ /f{ً 2[\9aJn,XAA>Db>%xlue=mqwR(_睉,yY( % QUE8٠FZA[vA!JFIFC     C   k" }!1AQa"q2#BR$3br %&'()*456789:CDEFGHIJSTUVWXYZcdefghijstuvwxyz w!1AQaq"2B #3Rbr $4%&'()*56789:CDEFGHIJSTUVWXYZcdefghijstuvwxyz ?bAxS𽮩K鐛koyiۙ%YEb|W|1ό]}j)y+=ɎhdU'Ad|!_|t#x#myAu<( pq#${8@>+|phxӬ+\8Lpp^Nh[V4OSӴ(^U"E,;UTXl<>2z'J?yL/PHhǕheFs#&|g_"/ZMú~՝VGA,\#(waG>)~g ğ^,QYLtvYJxvfeDs$Sv~1|Q_B-c>;cy:%\[0Vdt!dDEPEPEPEPEPEPEPEPEPEPEPEPEPEPEPEPEPEPEPEPEPEP fWUot{Men i%p`"0űzQ@|;~?(ZV?k-}SEPEPEPEPEP^+W^oSg ]>m_ۿSqجx|rCnV^_ ޺>#~7Ե ?Z~&i cI-u>ԯ[UU`>(((-Χq L*[;٬`dr9*T@߯+9RF=R((((((((((((((V?k-}S_+~}?k>(((((੺vi/D&ҼOc'ٖ2tь96Г,#___?d!hclt;pATW)a#!.iltdЭC"ېH j((> B[y.(((+Ş) ]gĚش]mBi<",U' 8GSº74KŔ:זKpr3_ڧ~|KމkkXΧ/ɤy>oN^fv7~|屒QEQE|uKO~ޑ|?6ҳiѵxVp|_W  ;@x6`ҼsXf.O*<ۻ˳eScjPEPEP^W49?sg:zy_$Xş4QEQEQEQEQEQEQEQEQEQEQEQEQEQE'\ܣk[wQ\MQ@Q@Q@| ~u +Zn:}Bm[F`~bwS>[Ki?8Gfa`(Ù~gH((mu9Z4qũC\֮%+-YbY ʻP?o/??e?~zխ>a,ʯn>`'n~_4|=ܗZj-5 2Uy>V_~( ( &5 m游[325[ȔPw0{Z?|z|WzreVXKw*sI ( ( ( ( ( ( ( ( ( ( ( ( ( ( [wQ\M|;~?(Z+k}2+y/PmbVh^X-²h6[>/ⷃRV+Ee%9]P31 qֻZ(+mo߇0jWj)m-%pPM|WuŪf_?i& k:e(_.cym`@jQEQEW߰>_/N+&qas@'Ʌ|R@7/56՟?h9y Kyk/%4(,LW U4QEQEOc?CתW?NuY@EPEPEPEPEPEPEPEPEPEPEPEPEPEP_+~}?kg>5@T?J|!q 2JѕfHvB0W$2Jߢ>`e7PHo[ZFX(bHTz*&.x?׏_VcO2LR~iL39f(QEWQ?c_֑AY z}A38fYZ'H|Ҥf5UմJ5;;}GMYa'RYIH A+~ wnzkyyh'ysy,YJckw4u &O[4Mi$t\>cs?ϻ下koڔQEWҟa>;y'ִb7sI1ޮ$5_T߳gsrhZcPOڻo l{'s-!5;KAH_+: >ѣx-ҫiq.1,Upv1(__PEPEP~;Nxgh4i)K''k {ip2U??tS?e=kX.5 _xlu |P:żv[]-5_T߳gsrh 5Om|=z~?oX4 ئ y_UO7qe#̿|?r?38eI=(XV^ xn42?ZCtفn<Q8FB̼h(i6:yjvv{ ]YIJ>e1:c|0<4ې"V%'fDD %~鯅ࣾ>xM;_>Om|_i3!eX3N#tY^N $.ۢP7^[GA,k$oeʰ8` ՠ(?ڇֵno}d:[Q́)Vh.T>A|~о'񖃮|a}Kf'Yʸ\lS<:x%\ι]jo6} ]ryα`ʰSҫfSWO~џ4+QvwPp{yU22AYK#+> B[y.(cy?<{`ңrr`kkuۘ[' z[>I[ž D,.cHc0_ ((Ym/>|7E,|Ə΂X9r˕b25E|-N_e]}Y캆uIE~,4O%wNـ!8[TI⯆ߵ7~Ӭ-?]~٤#Gt?y`q;o}?~9M.ecu~tƲF\\ Z( ( ;_1i{Mv-Rf߉z̚EAr П3*yR5N~7.?j ƿ*h'?xL4mF\6d6H\F 6򏲼R<3}:g闖{ \ZJЬSL7YPG*}49?sg:zQ@Q@Q@Q@Q@Q@Q@Q@Q@Q@Q@Q@Q@Q@|;~?(ZV?k-}SEP^A^! Oj:cKm4pװ2[F^OU5bHYe`0߄u.n.u"5I{hL+h)f*YX5ga?ा10êi:i ^-H^iP4KtLIVJyEPEPW<-ºφ_Ŕ}KG"nBrFT3!Y|}?;WjZך_KyKf<pS?yP?ْǃ4>ٓ[kحM%E $o0,+  &J+cSK~h3N4rmԒ(t36b>bHpʾ@ex:_cX%̱#(@^Y]#@ꪬm6jxwGi,)<W^_ntrjfңe(@Lb_y%--! |fH.xoG7:n~\Qʒ>#Ε7h?i&@+exVbOR4E*^Y^, >~ۢSi־cGA,meʱR_ګg_ ӝf[3SkGH1 WlvFWBlxk߇Q=oO9&y^YfSa&'T6|JCu}N7/ÚmX^Og*c$pI-Ѱ`R @>AlS.}o%"_; KX֑q'2&Qf2QEQEQEQEQEQEQEQEQEQEQEQEQEW߳gsr寪koOGMr4QEQE| 7.|FT^Ӄ-X!xiwHHʖ+rX@hk/.YY'̴>Tn;IJ9VTM}EPEPEPg mS GCBx6^ʿ4 )HV&;d$L&BZ!4it>Ծ5ϊ^ƫ:~z5O=ᵖ4h~o DI]$gchZa#y}W<-ºφ_Ŕ}KG"nBrFT3= CG_Ǿ-d[&[?ʑKy i``tti6]U.%b^y"VioEQEOc?CתW?NuY@g~Z_?Z-"_<;'ѼĂg뗅]$c7T_|co(Eg/Čt>tY|g~Z_?Z-"_<;'ѼĂg뗅]$R5?? +6akkvG!1HdFoPEPEPEPEPEPEPEPEPEPEPEPEP_+~}?kg>5@TEQEWP[OqoLDY'ٶ0AHc?6@7!*#_`_ءԾj ep*sλ#;U:ߊ]u`h;hYT6Po OEQEQEQEQEQEQEQEQEQEQEW߳gsr寪koOGMr4QEQEQEyߴ=w"dh ބa `2ѳgzF;] Ch:J⇀}+ICjj\f eeK ۘȕ_6|\axøg&Djwڌ6!c49eҊ_Oyn'fkHq혥ŶY|,1Iz\k78;xL2 fҭl -IUVhЫ,yL_h5xm/Kg:w]^RXw%cFWv(π5Jۇ 5 VuGMCvMj)hg|,B"HQ@Q@Q@Q@Q@Q@Q@Q@Q@|;~?(ZV?k-}SEPEPEPEP?w¯_9?TҤ{ox^JIwJ$n4&ud_ ? q&B.1M+rF #*YIRUHc淊|-%_{:Po+:߇VC-LJgre#$a& 4V<~ |Y=Z\؝.H VVYVVV~ ;Mc7^^W'ɬ|3Fh(+jGÇ߉:oAk2v#|MD9WTt(?b_-{x6/>'Eb|YlNW˴ʒ_GKO5]gY׬ﴩyo;vG FW9XaAx{⟃5o I<=`lAUeu!YH`~6v7* .4ŭqۮWdsۿ\~^+5 ?j3XuXsUTDeS+و"O,2PEPEPEP][I3St^%u*0!T$WOwL<_+c෍uռ q(RWBUU2`2 $Ķ\$d*5]Ge4+΋bV8m),db]o\z¯(/Zjz?SM ֏8ȏghrQKܔ ~/~ =[I| jAGI,qGhycfҨ O'7 x2Mdеd-t7$|ݼj/?m>$Hh%[wf88eC<h~|Sm<'#楪'X~"fR a*,v0qTQEQEQEQEQEW߳gsr寪koOGMr4QEQEQEQEWVlu*L6exJnee$ Q@O|Cſ/Xh"h̷vEA֥LK& ^bb9+oY^)D&Eڭ\͵l2 Poh~9mu :4[F]%ͼXl V+)Ejz/Geoǿ‰E}эsge`+·>$WG ZUψ]lc8#:eZ|²1M_l?>m/֛]V0f,ңnE,dº|LtoIl[}sԏ5@TEQEQEQEQEV~ ռ'&\ .AAVVԆVUe!#~TfYX2dj?u{~gW<+<-?,GڴNcI]*IA)^5ݷ|Je]".y+?e_i#׿پ/KWׄ,Q9UY #$z ( &5 m游[325[ȔPw0{Z?|z|WzreVXKw*sI ( _?i/\xw: Yi 52ZTtqUuuʟJ>ho[πu_etkm bǽ$IjCJ%ckI|(5i_JhQb KH \:4J(gB%LdeXUum&_ү4NQoa{k;XgԫVRAR hgW<+<-?,GڴNcI5@TEQEQEQEQEQEQEOx+cv{q⥴֓ZGf<ؖDpPVU1Ç(x#/xqmM&#OZ/*ȫ%iOՁx{⟃5o I<=`lAUeu!YH`ukJ}GM.mo-%Ya'P":YH! U =׵s^jW}q<;*Ģ Eݷ{c,v+ϪQ/;}o:ȼPr*aePpd_<sK_ (Z_4ڍw30ZFm+4P:Jd)wse]Dٌ lqBDT ođT$x^G.[Pi؈$ItQQ6aB4P;,Ƌ=m.&7`M Tn<-: gOutkm!*ee8<#6{_ZTZg5Masa)(VQ I`v3#^mDލEiU[[ù\3KQ@Q@Q@Q@Q@Q@|;~?(ZV?k-}SEPEPEPEPEPEPEPEP^A@ɟ i)u{I!0֟ԭYlyeFE&YP_e¿ h^:k7XOJ˺5_ BCxRcѵIvڠPO:U edfҾuKεRS4eDy2* cIK xP+oeo;fԾ#'fy$ @U4BD]I50Λ/៊>xYm\]hMoC"FV Ϊ$YX~O/ Jҥ!]Zl3i/4K!IBt;s0=oEPEPEPEPEPEPEPEPEPEPEPEP_+~}?kg>5@TEQEQEQEQEQEQEQEQEW?NuY^^W49?sg:zexztĚ6 ojso6pUʬ28*QZP6jxwM^;mcG i13mDZAl!|r-x ~>7Ƒovs2̭5K)BUv"_[|č6R>®yBr\N܅TX#nSE Ҵω_,|5S6SMu˨^U@7"V?\[7Q W@s(+o`_ G0/\ohhh.Eq?>V?\[7Q W@s(+o`_ G0/\ohhh.Eq?>V?\>!&WQU2ev|-*i-}Q+ٶ/ ;PUEPEPEPEPEPEPEPEPEPEPEPEPEPEPEPEPEPEPEPEPEPEPEP^7g/|nݻM?y(>gXu}Hڸ=Jk؏ƃ II "m.5Y GΔ= ((( 'V=OLtRUu #! ڏNԾCu0 7wVe>GC^@Q@Q@Q@Q@Q@Q@Q@Q@Q@Q@Q@Q@Q@Q@Q@Q@Q@Q@Q@Q@Q@Q@Q@|F~Ͼ,||&km_v^ŬrGpȌHi A,`T@I>3Ǥڧ?Zt v,'\№ya袀?{DyK  _Toc40606145{DyK  _Toc40606145{DyK  _Toc40606146{DyK  _Toc40606146{DyK  _Toc40606147{DyK  _Toc40606147{DyK  _Toc40606148{DyK  _Toc40606148{DyK  _Toc40606149{DyK  _Toc40606149{DyK  _Toc40606150{DyK  _Toc40606150{DyK  _Toc40606151{DyK  _Toc40606151{DyK  _Toc40606152{DyK  _Toc40606152{DyK  _Toc40606153{DyK  _Toc40606153{DyK  _Toc40606154{DyK  _Toc40606154{DyK  _Toc40606155{DyK  _Toc40606155{DyK  _Toc40606156{DyK  _Toc40606156{DyK  _Toc40606157{DyK  _Toc40606157{DyK  _Toc40606158{DyK  _Toc40606158 Dd +@P-J  C A? "2lsx %!GBH (`!@sx %!GB hL xcdd`` @bD"L1JE `xp Yjl R A@1 ^P#7T obIFHeA*C0d @Hfnj_jBP~nbC#%@i mĕRp~;3;0,f#8 6W&00Aa} [|VΟ `[ v 0y{@9Ĥ\Y\p7 PMT@4vDd TJ  C A? "  !"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwxyz{|}~      !"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwxyz{|}~      !"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwxyz{|}~      !"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwxyz{|}~Root Entry7 F@8 Data WordDocument6HsObjectPool9 J8 @8 _1048320830,F J8  J8 Ole CompObjfObjInfo  !"#&)*-1458;=>?@ABDEFGHIJKLMNOPQRSTUVWXYZ[\]_ FMicrosoft Equation 3.0 DS Equation Equation.39qA,I,I MSV=PQ FMicrosoft Equation 3.0 DS EqEquation Native H_1048320831 F J8  J8 Ole CompObj fuation Equation.39qAmIyI  FMicrosoft Equation 3.0 DS Equation Equation.39q)א̀II &=>ObjInfo Equation Native  $_10483208281F7L8 7L8 Ole  CompObj fObjInfoEquation Native _1048320834  F@RR8 @RR8 B@518B5;LA:0O:>@78=02B5:CI8EF5=0E>B@518B5;LA:0O:>@78=02F5=0E1KB>2>3>3>40100%  F Microsoft Word MSWo     ()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwxyz{|}~2xB7i)(`!xB7i)  0Kzxcdd``a!0 ĜL  312Ec21BUs30)0)0Qcgb  P#7T obIFHeA*CT f8H-W`@`$$If!vh5 55#v #v:V l5 5/ /  /  /  / / /  4a$$If!vh5 55#v #v:V l5 5/ / / / /  / / 4a$$If!vh5 55#v #v:V l5 5/ /  / / / /  / 4as$$If!vh5)5s#v)#vs:V l655!/ 4as$$If!vh5)5s#v)#vs:V l655!/ 4as$$If!vh5)5s#v)#vs:V l655!/ 4at$$If!vh55!#v#v!:V l7#55!/ 4ap$$If!vh55!#v#v!:V l#55!/ 4aDd J  C A? "2~q +?+R(`!~q +?+R *@0BxڍRKQ7?-L%}^Dև4kGkʻAքYxXT5Ҭ4]s4cMkM#.Z`KV4ͤ 35'k=#˚ΰ?TeyS`86.Ygf0?qoW2RڬɴňdLv5ց~0u*lFVT1l~&*F\FA*F\KdVo`M,4ky#zƈ_Zά`?bMXPYO\\5Raq imk,4=,zBN\\k7⍵UYk\a'zVĈ 'osP[lk>q]ֲʬEĵYKle֢F\au֣MjP"=&eU14(:՘9'uLǿ PFV݊Yw6]UbRU,,4b/ڢZU/XD\'f]D^9Y7ZجYJo扦NNvx(FlBΚKXZ۸%XkHd.Vk >\ĠE~Xy.:+i 8z+Lv+٧S8]"Vk bW#y'}`&z8%Y3bzuX}b5q̄c8̪df +݇!f焈Yut IoO i`i5^1O{rHߔ܄pbծ>߫}~MBVԀa42nVOIY[BOF&q9VS q^Wީ7BG TtL8I㔚k$+و˰ZtVQcY\iބ:BO1@L 2002b  m>Z`:w[1 '(n  m>Z`:w[1PNG  IHDR+8PLTEHtRNSS cmPPJCmp0712Om 6IDATx (3rX9Dg@6#f5"͚ HEzIהzMהzMהzMiY;k0Dcb¬{RreihUO VVX'RĺrM>?^;k^'z;9~}_sKKY;װ볳v5$(֐O]ɦXs/wJg*k^i58aR;5 륌lv&XY/9֬}TSu`r ~0 "k?5X⬬vN)[ٯCUfVb- X/3X' Xf i5ֽtkl;ju9;s g@gȚH7_:/F:FN 3k%%HDB;paX/:·^75bLR_c*Ks;+M*jlIYscg=HƱ75-ּYJi&|ȄT2NE~ C'6:7ueh̒d@jd%XmʈpXGKH9(43mUR,>':!VZu2X8s2ngto :y\J)+/RFT,*ӻe/ A^3ӵJņv}wYbD1yQ!9ʗFw>F)fR*+Eb U,vq%C~GDl03@p{jb5W`JXVV)fX?O|NFKt_JbiBNHVaEqFpKȖRvKg`-$!a3JTM|XelhXu5`5ױBM`խ8΂ $-S iVՊ}JIqfhV}gI_*/gxuKabf֭1oT~H6!+rȈ8>guUص @b}Ft:XOZFXCNx)ꬰuqmd KQ";7Ys>?a S^}⪰!ZsM`u uSn..*ߘw ܇g45l O\FsH*Hw5 >"FIĺ3Rkhz#1Ǘ)˚š.7)_&7/jq0|sW },~.Vd8 +s^VasUj-u=SWԦX]؅4eEʰLm1-+'%d[lD/Ly n-k}duu' _~{}fVY"“IŤDwBY bcA㺍UYk<_RpHbohxH|Y)~c-W޷ҭPAecfz򬀺 R8ݪEQذ"nMpd"F VMVH5G}Z${f7baVZbXª)8^NY#kҲjz>eRDŲ1i /VS^%XU+&䧞W}\b5&.ڄVƳ*-Pm`3:|G6aB]b ŚϏ^3Z, +ʈ:XǗա y -7+CRϿ/B>9VANqA+)XUբ؀U%cCʳo>>?SXVC)`YŸz*V ^5YD z?!G;)XNȬr @+vupΪLcS;J:X+ȄYu;:\2{Sܱ!do %bOHQ+~ jaRQxˈ_wl euдs"n! [/oVɺE!כ(/4fl,IXa]k_&΢Y%ǨdJ-QXt*Ij]u(v#}GR`/%x'+Y YµmnZ>WVL.vZkܣvy8_S~:ǎ[րvŒ=)q )1' nG |C 2m2}-bNVcuu_wVa]ljC6V,^[ʷM9.ǰn"܆ՆS#"7Y"oq !ҷp{>:u2$O@j cX\>OKݐP_Ն%݆mkVS}y,SCٛanvxG;?C_OYR% r4&bLcbXHH{Z[jO&DR_elkʪE?jB4 @ QDM)~8xRkbQwٍZQqƚ@kryZS +hI6x<舘<\Un veb` 6<Փk.4YMO'X(^wM{EVӃiXIt ~ZM1  )S{]l:Hٕt*|X 9KFLW\YֺKqSV~LjNKol!t-V*Y OjΚƚu|~tYi5R0+4딉9zMI֔>?J~Y Oy?4m=p (NJDa闀@."JJR@ ҷF@% >.1=@HrȘt끀Km5TkpK@ #wNj->T5܁K@ #﬿Krb#jWA :~ (a.V[[8H 0rkxYI=%W<&ը& =Vޏ|.^vxg[d}k];LxKobW"k8) =]'JuW&J '^|LMnЫߘ䜬W%\&asuȮՃ^S:5^Sھ%CSn]'IENDB`"$$If!vh5p5G5 #vp#vG#v :V -4 @@@06++,5/ 34-` f4pT"$$If!vh5p5G5 #vp#vG#v :V -4 @@@06++,5/ 34-` f4pT$$If!vh5p55555p#vp#v#v#v#v#vp:V -4 @@@@@@<06+,5/ 34-` f4p<T=kd7$$IfT-4ֈ4 {"( @@@@@@<0634-` abf4p<T~$$If!vh5p55555p#vp#v#v#v#v#vp:V - @@@@@@<0659/ 34-` p<T7kd;$$IfT-ֈ4 {"("""""" @@@@@@<0634-` abp<T~$$If!vh5p55555p#vp#v#v#v#v#vp:V - @@@@@@<0659/ 34-` p<T7kdI?$$IfT-ֈ4 {"("""""" @@@@@@<0634-` abp<Tx$$If!vh5p55555p#vp#v#v#v#v#vp:V - @@@@@@<065/ 34-` p<T7kdC$$IfT-ֈ4 {"( @@@@@@<0634-` abp<Tx$$If!vh5p55555p#vp#v#v#v#v#vp:V - @@@@@@<065/ 34-` p<T7kdF$$IfT-ֈ4 {"( @@@@@@<0634-` abp<Tx$$If!vh5p55555p#vp#v#v#v#v#vp:V - @@@@@@<065/ 34-` p<T7kdhJ$$IfT-ֈ4 {"( @@@@@@<0634-` abp<Tx$$If!vh5p55555p#vp#v#v#v#v#vp:V - @@@@@@<065/ 34-` p<T7kdN$$IfT-ֈ4 {"( @@@@@@<0634-` abp<Tx$$If!vh5p55555p#vp#v#v#v#v#vp:V - @@@@@@<065/ 34-` p<T7kdQ$$IfT-ֈ4 {"( @@@@@@<0634-` abp<Tx$$If!vh5p55555p#vp#v#v#v#v#vp:V - @@@@@@<065/ 34-` p<T7kdU$$IfT-ֈ4 {"( @@@@@@<0634-` abp<Tx$$If!vh5p55555p#vp#v#v#v#v#vp:V - @@@@@@<065/ 34-` p<T7kd4Y$$IfT-ֈ4 {"( @@@@@@<0634-` abp<Tx$$If!vh5p55555p#vp#v#v#v#v#vp:V - @@@@@@<065/ 34-` p<T7kd\$$IfT-ֈ4 {"( @@@@@@<0634-` abp<TUDyK 8http://www.finam.ru/analysis/forecasts000EA/default.aspyK phttp://www.finam.ru/analysis/forecasts000EA/default.asp$$Ifl!vh5585B#v#v8#vB:V l4(#5585B/ / / / /  / / 4alf4$$Ifl!v h55 5 5 5 5 5 5 5  5  #v#v :V l(#55  / / /  / / / /  4al$$Ifl!v h55 5 5 5 5 5 5 5  5  #v#v :V l(#55  / /  / / / /  / 4al$$Ifl!v h55 5 5 5 5 5 5 5  5  #v#v :V l(#55  / /  / / / / / 4al$$Ifl!v h55 5 5 5 5 5 5 5  5  #v#v :V l(#55  / /  / / / / / 4al$$Ifl!v h55 5 5 5 5 5 5 5  5  #v#v :V l(#55  / /  / / / / / 4al$$Ifl!v h55 5 5 5 5 5 5 5  5  #v#v :V l(#55  / /  / / / / / 4al$$Ifl!v h55 5 5 5 5 5 5 5  5  #v#v :V l(#55  / /  / / / / / 4al$$Ifl!v h55 5 5 5 5 5 5 5  5  #v#v :V l(#55  / /  / / / / / 4al$$Ifl!v h55 5 5 5 5 5 5 5  5  #v#v :V l(#55  / /  / / / / / 4al$$Ifl!v h55 5 5 5 5 5 5 5  5  #v#v :V l(#55  / /  / / / / / 4al$$Ifl!v h55 5 5 5 5 5 5 5  5  #v#v :V l(#55  / /  / / / / / 4al$$Ifl!v h55 5 5 5 5 5 5 5  5  #v#v :V l(#55  / /  / / / / / 4al$$Ifl!v h55 5 5 5 5 5 5 5  5  #v#v :V l(#55  / /  / / / / / 4al$$Ifl!v h55 5 5 5 5 5 5 5  5  #v#v :V l(#55  / /  / / / / / 4al$$Ifl!v h55 5 5 5 5 5 5 5  5  #v#v :V l(#55  / /  / / / / / 4al$$Ifl!v h55 5 5 5 5 5 5 5  5  #v#v :V l(#55  / /  / / / / / 4al$$Ifl!v h55 5 5 5 5 5 5 5  5  #v#v :V l(#55  / /  / / / / / 4al$$Ifl!v h55 5 5 5 5 5 5 5  5  #v#v :V l(#55  / /  / / / / / 4al$$Ifl!v h55 5 5 5 5 5 5 5  5  #v#v :V l(#55  / /  / / / / / 4al$$Ifl!v h55 5 5 5 5 5 5 5  5  #v#v :V l(#55  / /  / / / / / 4al$$Ifl!v h55 5 5 5 5 5 5 5  5  #v#v :V l(#55  / /  / / / / / 4al$$Ifl!v h55 5 5 5 5 5 5 5  5  #v#v :V l(#55  / /  / / / / / 4al$$Ifl!v h55 5 5 5 5 5 5 5  5  #v#v :V l(#55  / /  / / / / / 4al$$Ifl!v h55 5 5 5 5 5 5 5  5  #v#v :V l(#55  / /  / / / / / 4al$$Ifl!v h55 5 5 5 5 5 5 5  5  #v#v :V l(#55  / /  / / / / / 4al$$Ifl!v h55 5 5 5 5 5 5 5  5  #v#v :V l(#55  / /  / / / / / 4al$$Ifl!v h55 5 5 5 5 5 5 5  5  #v#v :V l(#55  / /  / / / / / 4al$$Ifl!v h55 5 5 5 5 5 5 5  5  #v#v :V l(#55  / /  / / / / / 4al$$Ifl!v h55 5 5 5 5 5 5 5  5  #v#v :V l(#55  / /  / / / / / 4al$$Ifl!v h55 5 5 5 5 5 5 5  5  #v#v :V l(#55  / /  / / / / / 4al$$Ifl!v h55 5 5 5 5 5 5 5  5  #v#v :V l(#55  / /  / / / / / 4al$$Ifl!v h55 5 5 5 5 5 5 5  5  #v#v :V l(#55  / /  / / / / / 4al$$Ifl!v h55 5 5 5 5 5 5 5  5  #v#v :V l(#55  / /  / / / / / 4al$$Ifl!v h55 5 5 5 5 5 5 5  5  #v#v :V l(#55  / /  / / / / / 4al$$Ifl!v h55 5 5 5 5 5 5 5  5  #v#v :V l(#55  / /  / / / / / 4al$$Ifl!v h55 5 5 5 5 5 5 5  5  #v#v :V l(#55  / /  / / / / / 4al$$Ifl!v h55 5 5 5 5 5 5 5  5  #v#v :V l(#55  / /  / / / / / 4al$$Ifl!v h55 5 5 5 5 5 5 5  5  #v#v :V l(#55  / /  / / / / / 4al$$Ifl!v h55 5 5 5 5 5 5 5  5  #v#v :V l(#55  / /  / / / / / 4al$$Ifl!v h55 5 5 5 5 5 5 5  5  #v#v :V l(#55  / /  / / / / / 4al$$Ifl!v h55 5 5 5 5 5 5 5  5  #v#v :V l(#55  / /  / / / / / 4al$$Ifl!v h55 5 5 5 5 5 5 5  5  #v#v :V l(#55  / /  / / / / / 4al$$Ifl!v h55 5 5 5 5 5 5 5  5  #v#v :V l(#55  / /  / / / / / 4alOle 1TableCompObjjObjInfo i2@2 1KG=K9_HmH sH tH:A@: A=>2=>9 H@8DB 0170F0  @Vl,b$и^:vuϟX d@n( y00y00y00y0 6   AB S  ?])4@|@UnknownG:Times New Roman5Symbol3& :Arial"h2rdDocWord.Document.89q FMicrosoft Equation 3.0 DS Equation Equation.39qA4I,I 745@6:8=0 548=8FC ?@>ObjectPool@RR8 @RR8 OlePres000'WordDocumentdSummaryInformation(      !"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwxyz{|}~      !"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwxyz{|}~      !"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwxyz{|}~      !"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwxyz{|}~( )  ""s& yXy&WordMicrosoft Word   Courier New-@Times New Roman- 2  &&J XyC  {K(lTS       |||   {{{}}}ƅ~~~~~~{{{}}}}}}}}}}}}|||}}}~~~~~~{{{  DŽ~~~{{{{{{}}} |||zzz}}}~~~~~~|||qqq ~~~ ~~~   ||| }}}      }}}    }}}yyyzzz~~~~~~||||||~~~vvvzzz|||}}}~~~~~~{{{Ù~~~~~~~~~}}}~~~ {{{ ~~~ ||||||{{{~~~zzz~~~~~~}}}{{{vvv~~~    &-M bjbj==dWWl ggg$ ngE"gggMg g @auq  0V{ V jUmHnHuM N! " #_$`%nXи^:vuϟPNG  IHDR8gAMA pHYsTS> IDATxKdYseE@A(JcH"+VDHA "lAaxƹmX/3b\m'ĂBDBJ$"$d%tW_<>OiL_9oѪ>uW<}7pΙwK۶a[J'|]=aVU圫̚`C%%s.r5Mq,/ famkfMA ~[b_A$v$MDQZr qP7"Y!Ux=4f(K۶$13!;K  ˲<ϗ8@e wp23X%c(, @wRe/#~j|dYUe4 Ȳp: Ӓm._# isQuDZsmՉ`feYiZ<)˨Jۻ|>NW'JnT]IiZ%~e=>4M4MygYw~cqbhC¿zMV1VEApѼY]v~c/EMlXp_~-Ϩa½~l{܍opޑP؝dR=Y19`5fk ? |R3* cxo;EQi7\ƒؐ`(?+kҶ-|(`V80\ 4k?܍fQ aß,L5~ޖy0E0\ppnfu< 8udY+˒P떒q9{g q5y@֢4/T~<+Z"f,00 B 0 3`SO~؟߇>\0 e``qxkkku]C,M|F8’༠w ~s~͎y;&y[d2̐H4 t |{v KbUuI * }m3" Զ-u9<5vnAH۶L'I%8f L*tO|`bbd2<¹3Kd5nx ;~(x}}V-1x?)]BIcIj*7#[նmYkGG 1;.p[~ }~?5+9x.F Ǩ3Fǃ,[KEQ`9sb ;犢@Ɉ/"nIqaA߀pABk{~/ְ? R<>^)؇9vk:5%n_u#%Mpg~"jd"9?0>85> Wraa*L&(766$ ܹsq>}ڵk\ressO<[o??L{s1ZP ֖uu;KX ^]-8U1,X5,(0tYQqLL}0j0h2XgF3 ͛_JbE3^|ra'dܮp#oxжmeY"8ヒ`i<ϑꫯ>PM⋗.]-9w0 _~eP3;uR|mf3lmdpnrn,VL7r4l gFQc]zkc>~ 5;9{{ڵ'xxk׮u㏛y(._lf>sիgΜS_җZP aYmW^򗿌onnloo GY=u ayHՊLy =XXi.[U)wp=M ;,)||&_//Zgn>Z7ކbvk {]DO=SO=寈|ɓ'y*'Oz*kqsЙ_X/fYuk_xg}҆9j]wc=ff*_w+ &+>*BehA`J9V弰~y-i![ _>.S4ĉeYX2N1j]ښ_Γ(& t?w w)%9$ַK 6  x w'*Z|ze:oټ"ty?d4K/0Nz~sR| N"q%t n5s <3N,ow^DNc~ 2LWM&,/bss;{,ؙ[[[t 2Y \N&vF0|衇ٳ~0 /_oʯ ]Kfpz@`'̈́{+͊0O饗`s`ט4ώ# :GA.?.$^QH{9xͅOoɍmrpzommM`vpV/KH;u ~i0ܭ9xJ)O3rKS pTayZVkZ8fh|e4Yܬ,f^/S׊n2<v`zu?_`ua-(a+ Έ(G3nt06IdEQ4ٽͿbah]*?ޠP\{Z8Z^f3|_T0ʘ mH3akbl6+w,c w0Pkn|1?/lA s IJ=+pO@v8vkc]~y#/?MSb@ ~s#PRSe8*8"_EE,NB˲/ βs$ٌM8`.tX 淅aXUˬE3 4(N0ʲDPrb|jZwjg9I0(lb8Q0=9s{6. 3;gEmɷp}Rlu#bX82ԍibY܍;qh~(m s|[}G, uy_*7tM(3Ͳs۸s53 + Xw .uץZwrĭ3sN8X)Zj{"37 mmyZxm]<2`EfV'Ynؿ0Txxyb#v3O~~DvoJ >^__o>T&6/?+ig?;?+.XI;®#7`(:M'7^U_Z8ѴPts9} 'ߓi >C߃/ rcwkP쑑W,9E`F^ MzNxa& 8 `UgWtP}/@X2Ĉ`t{߃Z,נhAc/!o88B]f !Ƅ4K1&YB1!B ibLHcbe5mqu{fTC q;yFءzlCP l뼄(I$Ih%GCce=&JӴ*\IHV Um@XY~X!E1L,yփUgA@bbUE$eY=YY\!~0[ ;JOUeYVUUڑt1tPӺzu]@Y#R~C@þCx ޺t9}X_9,0 8f%a^Y; } ,%XCwo\eYJ@]~6Zo Pl5 ͐efie9̼c:klQu=Lp}â(,N%`ˍzrߦcE]׸@0^__{D;ʚe^q`Ln%5UGjg6:XY$Ͳqw2s#]vQU`3ju'72mǐ j< ʚ%rIɖ#B ibLHcB%,!Ęf !Ƅ4K1&Y`k%td1jڭ9@W4Kh-ACqtSqs]Wu4 uΥil%A]P h'uʼfO߻&Z0sY#uR( eh/@րVEp,b۶iAUU5ϙ,&4kJa0]UUaq2֐$ tWY!ݑfS-,aOR\ohmX|w32ЉDd{\c~r0gZ klh4m0Vdz٬8cEIB*64dZXxD# eۑ/̐8%IR@B2j?4#CCvpǶkǯG4uvQV0|y L&(zo q(~P4ȷ,`vA}cc^^5"Ye?aL!HKԊ!G4kD=\YY!6q$Nym($J!;k ^y~lvaW =\d*DQT%=,Fmd<ϱCUU*cqH Y۶ Ça92YA2j R+HvDDM<icB):|'v1!SY⠐f=HuRkL RYUUq7JJbOz(+&m҆QG?+4K dQ0º$I| 0!)6BX?!F~@bOM!*0!2f M",{' R9j6򢷘)*<|> _ċ#{ 82rvnrw4KAe4Me#мY5M\ ,''MSE=%ڙ3g&IegΜ.hz ozƸ>]~{s~zÑl޺9x(r2p uY կNӿBzjJ7,G{?Oh iKJ#(Zi9&N5(b{>h&mʲ 15 iֈo(9+ D Ӷ-4N"9P(,;wܛo qdj~N☠y'Fk/z*/:ȧiΆ7s&dzi$($j^{D8fkkk;Ğ`G2KDk{Pe~,{.]/}kw&Hkr:~Ċ$aXyx";K 5Cze5ap6qC_sκn{{N8A8I'Ow}59:(?2}8バ]~dd,K1j{"?b#B/eZ2 ?B&`xcbߠqF% X}CbB:Qb?H?!>k?B ˺ܫ5L2( :Gv/\Fgi+4Kzgٙ$I!"%Bf}e7M aR BYb_[;! oY,rJSe*E[^F$a7At%-Aź A"Z2(ദr2쬑ZXX*i?} ,EѻᆱCfpi\.@ ֣f6 F2GY,D`;@fV3CD~\{M@v`t:eQ0֭C>D( ,B̲}z!Ih(N,.ԢqTbdgĀ/A46w; "4kd0[CaD:1~a 0I? IDAT(|YHa0q!di1B4K1&YB1!B ibLHcB%,!Ęf !Ƅ4K1&YB1!B ibLHcB%,!Ęf !Ƅ4K1&YB1!B ibLHcB%,/63v^|>uoޱ!\Z iqY]P%tx]k}Visn>C΢(*˲Ǐ&4K싶mN4 Uq|#ZXqCsP4 w> â(4=$N[B u˲L9 K>m@9?2ABhfK $)2*EQ-%E4PnL&EQYE fm!L9e,/XXqy%fA|>N}o d$IA\UUE< AYb&20 2OiZ5ih]е$I0ȣAl d{X"4^֬(ă8%wA@ C۶M&08:SR4kdTU 9M0mp3PFs,K)1L4igL^AW$yar>4kd0,53+XMDQ9FʲBeY xx("Ib|!:=4X8d4oC4-cz{?U Y#,ˠlx`aL_5alA*CUUdYL&} ̪ǙqHbwщ;kƼ0NԣlZͲ( zOhhim8F0 ' g9!iBZ)")ׇ5(5>8Åa[A0p`!71T[߹X$0 as=,ҬT\Q~DytTb8 n,a"hBF*(T02κdgY%scJ kڶE6 H-0`[au (FOGc7gyԧ>i],3 BiXR'\fy*g? ;^;}gf.}Q~@6˒q yF~c^|z2NO>o}Yzg)?kD>^Aq| 677^j^?A7zccu5 (]WW"+_=2vd\쇲,/~?<y۶=ZaڵkA|7??w666KPaEwX-+;VUUt{{… 6 1A8lu,"ġУ,$IPU!}id믿я~,2M4MgB0 l6CZђVl6XXow}akkk}}Ϫ|ñ PBеBoe]>D~q,)я~70em %ULϿ֭`aAx]kkkfzY}:81*p2?sY-H;ଟuY*/Edg,뱮'|9UŇMk׮q82?B&, Ë/r >7q4(%n_\ aBC$#сWhfW\O~ڄPCg]H9i+}Y( ˴ux˗1;9Ǹ-YXr>e`#deccREG?ߜ>}8Qu}={????êFh"nnn~Ƭ%>}ӟ??Ď0t paJ< â(,2iT}`O3ޗ95Ϋeݲly^Xb3o đ!Y/eB / w4kD{Zp?"=e/iA-VU; bAfª2Ly zؖ4K bdcp]0 1XJ#{9S#GQ<|*Vi~"!q۱& C('8 YbO@/fֶ-SXy 0ptJ8~?j"#e^+ƅ mĘự2G4kd`mů^rMG*+ 59d?>TfVU\~о_˛p5'3)r͐ M){j>CWRl@ + VHZWo824-ss,Dn] )B]k 5f F=@& $҄(  l&˲XG X& fn1@tW;E64 &ҶHtE ip^=bֱ}:$0B^0>,qMwK (/,!Ęf !Ƅ4K1&YB1!B ibLHcB%,!Ęf !Ƅ4K1&YB1!B ibLHcB%,!Ęf !Ƅ4K1&YB1!B ibLH~_l\ؾ>,/I x0љ9i *cA9<aXzeGZ vqA(,ڶ m(;Gkf0 A4Py[0 0 y4"Ӆ$,뚙b7\)N=1ȁNM6 Ȳg?d2M0>,gr8^mā Zj%5[RfĪh!Z_ay>Luw YC}SY+ 2K{ %›YQe& OipO{Y "Z 4[+`}A ˺x̍v\E $%I/>ppO,gJL.X&IW~ut@VS`xxeeiDvP%@F{\!m{ #3w3%YW_ KyA;l1(0uw5.(hCl #G<{Ոf d _6fPmt9<P8!2쐦ݙ SM$4khuևAʲ{9wYxIu]WUUمҬNt:*Ye=D !DMeY6@D1òιd9KCVf9*3C- -ۙY]טVdG쬁e~cr4MBlR>DEXx=u (Z__P`*#Fbj +"uC$I%Ƃ~_(lr.6ƴ9"*@H EF}: d㣺CEq# ^j]״" {(}̙$I(:<|,‰QgWtwwݼyy7O>)3˲쩧zgh oG3 ^Wo| ofw777˲ _˗K^ 9h99` ׯ_G .\`>ϛ#oh Hyի7nxGi@M>~iu^@X˲d\Yʕ+'ڶ}7>wC\]CMPMyƆ<4My,qYo8SʲK*s?fY溼 B64Mm78r,&IY 'Nri+ GMɄn ${|Wi*}ul#VS zEяgڭ鬈oll?eCXhuj]`>U?򑏄ax9WLNX~D^{`e{`i#w* YǗk҅,8>y'?I*s5$^z饭{.\pVA,_xᅦio٥KΝ;W[oӧ;;?_yzg s\݄g컧~: '|9o~+_JUU~ Jq2qT 9uRеbI)<!ϟg-E2Lϙ:++EW3j!o¤*3+aA3˲]wY&"+&"!|몾F*ڞo ?OQrT9,'_`ĕ9Z:P] +(IA.k!fec~'Z ApƍsmllA|ʕ+o@ ~<(p7nlmmY0Q1!tH3 fYvdB CS,TGY[[zW>OgC[^p=,]ﺎ0  aa6է?(tdlي㘞`]ד%L/#OS0eeY"Yfe:ql" BL$_ 4<>$sA\P@׭gnEQ$IrHzq(и:AS{|yނ,3`!f [0a͊]q5a"2i֊ʯpyL,|oWX-~Hjf}}l6fYC>A}FdaU:b(aEF) CJl"FDݟ@ zt-"\Hsv}0J8;Ҭ #e' .!H{'53ֻ*vG"+˒ $?`= PbhHVf6`&C3K,C>oHđBCj5(GB1!B ibLHcB%,!Ęf !Ƅ4K UYc6"IJ,MmPN8f(ITwYX7TuHz"jm2A#;KtH4s:h`뚹gq=u]E~&~Yhx '8`vaJT_AYb@SlZa] 2fy 'IUUlTMdg}ԙq(=: ,N|01Tdg}ʲNH %h Tu"˗0!,_|6ނ$ iUZZ|$1`dg a]rqc5e?gA ųFU췼e siuXyDjŒ_}ź/^Dͼ_|^ pb X \X!{m[0eٕ+WΞ=~矯իWwSXKBȚA*"vK(BY>?9HٿtR?0?#W^~, B1!}ie ɤ,lƉ?JcRX`3u]oll O|cc#Imu]ؼoi׫neYb1 |Ξ4jUz [)elHFsܭ BdQ[?^n44U(U 88< F";kdN.-;QJ$l|`p8MӲ,uE i(q^kxzLsPL&wOq/ݑ<2+^cNϣʕ *b2TU1W^9;ӚbG?k&";K1&YB1!B ibLHcB%,!Ęf}P=_`̤V(,b]*B, m L L\QwJI,boԫlUUEQ`MM iu:((XMӴmXaX%*a8 ᣵ;b_@C([0Byb{ dg}Δ!Ey󦙡+EEP4A$I%*RX`edg€y )(=1;//nJbYbaȾ`Q6.Y" [K Yb &e])"(~`=LFQ,ExedgV..G0uuʷs!}ChB#! HFoՎ(lf` RQ VUU%$´&Pj!pdpնĎ;WXIN~0+2LRτ`gV6pd󞺮,,q(aX_6 h1G~ a,.Y|*1݋Cm_QM fO%(N8}q20]b7PDo(?2/^܂ .8>&I%psUUi _'>a[1!ӬhY:t Ȑ%_O]p!;P+x4 `O ::pB%%AC,8.Q3 cJu<ǞEQ٧ib5ܓϒ`s}CxyJha-4&v\=ϑydQY!Q|!;K\Qmmm!Gg24LӴu4v58gu~" v\h9>FF_v ؁y(u xL3 /uT2#liyY#B+'Mham]x syP"\9:wA<0\1h+JWS^Y#iYOqͺKpqTHm',0 r\AUGlL-ęYe -9|^V14,瞪9k!m]A}{ Qk $[CF@.NrA̪B&̮:0:'Ѽ}1@Y# 0WB,pO_d~߃!p|F/ը^yC$^CF52<5yڳp#0pŌ d2͌E…(/i N=(q[Rh.o\,~6Vۡ{ 1,%CF_RUqjsqhwlJû;vPہ ZsQ  (2I}) W)qAeMTUju]Pa:g3ippE]hf!:ܰFYɈxkSu4\h:IPѠ I0 Qq@/:0jhyk-oEN h{Eӣ4M8.˒Y6zSy|3%휃4M7fkkk(4M!|mN&<2zZt}pdQ|i',5댲$XC@v֊pdh24Me/$I(XBeOeYVEm2E0H$m[4Z>cq18lĻp`#5vnmb|>_[[cwBHA`s)l6_F()>_b`mP1Y?(BF4cty.@ q>/Zs?GYCY<$6>3KkD~[ (=43^*x.u<;Ny(&,( ͖BbP:sl2!s`wf'04Mcz18T8qb6!Ӣ<ϙ.%zD_o0̄ǐ k'Nj@ `#Qa/t1i֙Y V_d2 ,Kw|«v?MS]MrӺ(,f0 8 fÀkYU";kE`B&cI̜Ĕ a^dʖ&qycBkEt)H"DOq}~ KcNdzyn,,)E{1I85 70B@0BK:>;8G5AB2>2> 548=8F ?@>4C:F88 FMicrosoft Equation 3.0 DS Equation Equation.39q                          ! " # $ % & ' ; * 7 6 , - . / 0 1 2 3 4 5 8 9 : A B < = > ? @ A B D E F G H I J K L M N O P Q R S T U V W X Y Z [ \ ] ^ _ ` a b c d e f g h i j k l m n o p q r s t u v w x y z { | } ~ $$Ifl!v h55 5 5 5 5 5 5 5  5  #v#v :V l(#55  / /  / / / / / 4al$$Ifl!v h55 5 5 5 5 5 5 5  5  #v#v :V l(#55  / /  / / / / / 4al$$Ifl!v h55 5 5 5 5 5 5 5  5  #v#v :V l(#55  / /  / / / / / 4al$$Ifl!v h55 5 5 5 5 5 5 5  5  #v#v :V l(#55  / /  / / / / / 4al$$Ifl!v h55 5 5 5 5 5 5 5  5  #v#v :V l(#55  / /  / / / / / 4al$$Ifl!v h55 5 5 5 5 5 5 5  5  #v#v :V l(#55  / /  / / / / / 4al$$Ifl!v h55 5 5 5 5 5 5 5  5  #v#v :V l(#55  / /  / / / / / 4al$$Ifl!v h55 5 5 5 5 5 5 5  5  #v#v :V l(#55  / /  / / / / / 4al$$Ifl!v h55 5 5 5 5 5 5 5  5  #v#v :V l(#55  / /  / / / / / 4al$$Ifl!v h55 5 5 5 5 5 5 5  5  #v#v :V l(#55  / /  / / / / /  4al$$If(!vh555B#v#v#vB:V (4(#555B/ /  /  /  / / / 44 (a(f4 $$If(!v h55 5 5 5 5 5 5 5  5  #v#v :V ((#55  / / /  / / / /  44 (a( $$If(!v h55 5 5 5 5 5 5 5  5  #v#v :V ((#55  / /  / / / /  / 44 (a( $$If(!v h55 5 5 5 5 5 5 5  5  #v#v :V ((#55  / /  / / / / / 44 (a( $$If(!v h55 5 5 5 5 5 5 5  5  #v#v :V ((#55  / /  / / / / / 44 (a( $$If(!v h55 5 5 5 5 5 5 5  5  #v#v :V ((#55  / /  / / / / / 44 (a( $$If(!v h55 5 5 5 5 5 5 5  5  #v#v :V ((#55  / /  / / / / / 44 (a( $$If(!v h55 5 5 5 5 5 5 5  5  #v#v :V ((#55  / /  / / / / / 44 (a( $$If(!v h55 5 5 5 5 5 5 5  5  #v#v :V ((#55  / /  / / / / / 44 (a( $$If(!v h55 5 5 5 5 5 5 5  5  #v#v :V ((#55  / /  / / / / / 44 (a( $$If(!v h55 5 5 5 5 5 5 5  5  #v#v :V ((#55  / /  / / / / / 44 (a( $$If(!v h55 5 5 5 5 5 5 5  5  #v#v :V ((#55  / /  / / / / / 44 (a( $$If(!v h55 5 5 5 5 5 5 5  5  #v#v :V ((#55  / /  / / / / / 44 (a( $$If(!v h55 5 5 5 5 5 5 5  5  #v#v :V ((#55  / /  / / / / / 44 (a( $$If(!v h55 5 5 5 5 5 5 5  5  #v#v :V ((#55  / /  / / / / / 44 (a( $$If(!v h55 5 5 5 5 5 5 5  5  #v#v :V ((#55  / /  / / / / / 44 (a( $$If(!v h55 5 5 5 5 5 5 5  5  #v#v :V ((#55  / /  / / / / / 44 (a( $$If(!v h55 5 5 5 5 5 5 5  5  #v#v :V ((#55  / /  / / / / / 44 (a( $$If(!v h55 5 5 5 5 5 5 5  5  #v#v :V ((#55  / /  / / / / / 44 (a( $$If(!v h55 5 5 5 5 5 5 5  5  #v#v :V ((#55  / /  / / / / / 44 (a( $$If(!v h55 5 5 5 5 5 5 5  5  #v#v :V ((#55  / /  / / / / / 44 (a( $$If(!v h55 5 5 5 5 5 5 5  5  #v#v :V ((#55  / /  / / / / / 44 (a( $$If(!v h55 5 5 5 5 5 5 5  5  #v#v :V ((#55  / /  / / / / / 44 (a( $$If(!v h55 5 5 5 5 5 5 5  5  #v#v :V ((#55  / /  / / / / / 44 (a( $$If(!v h55 5 5 5 5 5 5 5  5  #v#v :V ((#55  / /  / / / / / 44 (a( $$If(!v h55 5 5 5 5 5 5 5  5  #v#v :V ((#55  / /  / / / / / 44 (a( $$If(!v h55 5 5 5 5 5 5 5  5  #v#v :V ((#55  / /  / / / / / 44 (a( $$If(!v h55 5 5 5 5 5 5 5  5  #v#v :V ((#55  / /  / / / / / 44 (a( $$If(!v h55 5 5 5 5 5 5 5  5  #v#v :V ((#55  / /  / / / / / 44 (a( $$If(!v h55 5 5 5 5 5 5 5  5  #v#v :V ((#55  / /  / / / / / 44 (a( $$If(!v h55 5 5 5 5 5 5 5  5  #v#v :V ((#55  / /  / / / / / 44 (a( $$If(!v h55 5 5 5 5 5 5 5  5  #v#v :V ((#55  / /  / / / / / 44 (a( $$If(!v h55 5 5 5 5 5 5 5  5  #v#v :V ((#55  / /  / / / / / 44 (a( $$If(!v h55 5 5 5 5 5 5 5  5  #v#v :V ((#55  / /  / / / / / 44 (a( $$If(!v h55 5 5 5 5 5 5 5  5  #v#v :V ((#55  / /  / / / / / 44 (a( $$If(!v h55 5 5 5 5 5 5 5  5  #v#v :V ((#55  / /  / / / / / 44 (a( $$If(!v h55 5 5 5 5 5 5 5  5  #v#v :V ((#55  / /  / / / / / 44 (a( $$If(!v h55 5 5 5 5 5 5 5  5  #v#v :V ((#55  / /  / / / / / 44 (a( $$If(!v h55 5 5 5 5 5 5 5  5  #v#v :V ((#55  / /  / / / / / 44 (a( $$If(!v h55 5 5 5 5 5 5 5  5  #v#v :V ((#55  / /  / / / / / 44 (a( $$If(!v h55 5 5 5 5 5 5 5  5  #v#v :V ((#55  / /  / / / / / 44 (a( $$If(!v h55 5 5 5 5 5 5 5  5  #v#v :V ((#55  / /  / / / / / 44 (a( $$If(!v h55 5 5 5 5 5 5 5  5  #v#v :V ((#55  / /  / / / / / 44 (a( $$If(!v h55 5 5 5 5 5 5 5  5  #v#v :V ((#55  / /  / / / / /  44 (a(DDd ZJ  C A? "2Dkr6>zB?eI8TdC(`!Ckr6>zB?eI8Td /6CxˏٕޫXb,, ְٰǀ2$>iZld6^Jd3ŬEVȦ§c}:u#Ȍ0y32/9sVNjs'CDomЫLorb#pO[( gwT>0B$uo"+qg~l{b\M:Rg1z '=q"Q~' cjyyY b]95'1t ؈3kg &\ZZ҇~^Z2%sccC . w&:oxY]F&QCetʊM`qv\y`M}>P)X&Xz=N5YnHHmBɓ'uxh.P?WSgkh&@26/ &*'lnod>2]"PiPOt~k5#>iPIavrYU]tb0!f$'B=-ņ$-C' "LSg6h^>gSxuڀ|4qXnR SLͭ8S (ZoM.1gTCf|C5ՉQÏ_o*7bxR؂Yh$l7;3}*N:)Nl,:^@ stM'YqrڧxMZQe>A'!)%0 d=H#x(HJ1UgpLj'>CJIu.vMё"UlN SqvXseD3lIUvObbccp9md)?dџ6B7ب vGPU1ݤY2u8pobN=Ti.yy:N=U픂q KrEkiX0 !`Bf!B!Y!Bf!`B,Y!B0 !`Bf!B!5ErQtxq`u%TΜr<|b\:!Ŏq#,4&`^k[Duyʃ`0*/m@X%N>-{F< f198y-EИǹy? e1NajMbKO=U˯,wӵ,%{HVX`j8]KFV,,aV]LBY g vnmm/--mnnr$E0 50z^XR9=\H;qтUJE0 5cg IƖ x6Yh9 7K`q=:ϵ:)91xud*산Fr `q`j)Ytv5yk)9/>۲sMa"k60 l!Z`Xc c%7x*>W0+gY0 Ca+ŋqT*. USz`cc#s:r1r2+g|2\s!)m}}=JeB3| x̂YhژZ!ѣGj عUA˵tⰡ̂Yf?#9J>\-,!溠řma. `YPRwNwe$)ë(`PK̯Ʊ`6fsB.M>\vm~U6ɩR/Ҟ?yDzqF+ `N;k T{/x̥K.\*"v)x ,Ll,//X0 f!$ĝ KZ:."s駟z_9 `if_A'i}EiАvx<}gϼs<̂Yf5ig ={ (s|] ,FŬk׮]zUy5S=fj5*b{F4f,ކ՟>}zyy9,.aK+nN}/_6/v7Ν8s-RIwk90 f!հ?=k>qA{rױqØo:TS)|60 f鴳sw$DU_Uд1k9ҮN_SȌYfqj?zB0 fS/'aNJ!vY0k|}ohmeT~*O)n;̂YfkXP- ;-YC [ղtX~!B0kU$ v̜8.,,t6 ̚By[\\SVNYaryNY{v[kQf&kxFtP.\T4mEy2=PbUv|@V_+놵XX[0 5%L.A Wu ʨqeff/^/*m],uP,6mKQRf}C{-D +w$!wf晕]?WjtTvF<-V T:,lEvP;qZo){[ě:bpu!Zr`H7 [&Y0 agD/^yi0 ̂Y)E^|)KW6Z,fYE@V^; ,Չ,9Z5:0 f!=NʨŊ0 ,2 P3f,4mrɕaţadlZ\\̧sB̧5MGT f,4m<ʬ~ c]|YJ/Sթxʕxƍ xKVWW;{l,`a˗/F.]~< ~]\vq a޽{:.2+e7R]\vKNE|dG(* 9mVNY0 =eLBQ)W&drqPOa/Inp*^X\Yz5vB0Pa{8/tEC<ֻM=xڵkg E7o޺u?cѣG rU) ; f!urfRُSNpg@ٳg#*\>@v٩S>}wԸa裏>ʨj< `6feK ?N۝;wT!(ԁ@4M<'RnĝYh ZWt>,L1i])k<`Z;K[ÈW^;FuY98]=a3aB0n|U)esi: b*E f!uj E]fP^av /oyE y:%)tx"֜Jz0 f) m[Ui.UnP/9r~ag,9e(N<̈ܥDY0 OUMz^ɦXif,4VGsG͉C0 f1Kܗ'sij]XVf!5+rOoQy"2 0 f,ԕT $hf7Y0 ًĠ@$DRPL+Y0 GfDQ}d/]QlX,Zct>8a(7Ky )N\P<|/{xs.YF>,agy+njU)?sR{&EAo3 ȟ.ƎNѤ 1x7DŁ'rV>3̂YhLN:}t@*n޼yUI> (|r04e<Ş[nF>|ȞT R6tnfvU4ܾ};)KxU22Ĝ0򀀓 f**]vܹ~;"[p0_x^д1ɟկ*q$]G㘳gFSê sI/H?eR}gّrnzƝf,K.yKnU0N:_looxo]QR<GY0 M!,9z) ͛}hF8tww+-^re{̂Yf'Α);]>I,άb,sel9`B]gV\2fd@r@X$uccc,&YZ{fj?Pי5t=w`j2.yhoӒaY0}(J%#ĉ7#UhYf,grh^Cg94f!dV~y)[zavyĶn߾)5.\(8kۻmǏ?O>ʆ~v3t'~Z{ԩ!#q0 f qEO? ܹʗ.]#,cO>yUܹsd žx6wVW0 ]:•!Iq_јmjZ)DY0 M\4ίSyUx-x͈f}6zȇɉY0 M婈?Ϟ=[]]U zjW~;,q@?/)KN_|@TO˵¼E O-//t6-):ykX_d̮Zbx/ב|YN˪dUi r}3GǼk2y%g:CQ|>[ `1vB`SrV3qū"}"}a4i͛0 fw wIhc(Tt7}e 0 ,_/OKp֪q2T^[͠YhIq% ԈRRnԱg*0$yNό\d"##61 HzU EߥV)IN(B0 ܑD" *j%:FMd)N5BHy?9VPiss(&59W`CP3+R6&8&Et6̂Yh2ZN^xU$,V,__̂Yh|lo]*4PޣrI^hwqEx20ajM:) |tJ 90Lk*Ƚ*A|d.]b(|Y1VfhQj0 hUޝ䌕cKYfU Ul^3e<؉`1e>swcU\/\fU Pnllv/Qʘ+Ƴ9K>#,4 IrE%YU{#Tj`,Լre |=Pay%z%@E9\f(P ,Wa-߳_{`jK*K`Yf!B0 !`Y,Bf!`B0 ,Yf!B0 ,`Yf!B0 !`Y,Bf!`B0 ,Yf!B0 RkjgӼisX s3f&Mz|<8qbÚDž.4-YI ɌGVoii);ȬhRR~B-//{O\m4"y4;ۚ[[[]p %PvJ =߁y`h`Zc0 *elꍿr]/_lJ=HUWx[pp46Merڃ6Tmg~ f:S@ w9R{ r,԰OX;G,G~_q'v*!ng=Y0>,ZaY0fSriU$,P˾aHfhp,Y[--kk`BSȬb{}}H*ҝ`YRJ ь'N+,B1+r.oPf,4̪^Hڲ=UaXqÜ{N y߱X̂YhW^M*z {xǏ%J(N5͛qw>}T =z su\Y X{f,4vV^R::y`]ȓtҥӕ?Ϝ9&c[)ff8uu_Ð%̂Yhm./ɅV^O}ɓq7GΟ?L.W!0i諯GbοY0 M*(.%;+2˫QIA8F={fsfV6QI% AH>]Xu|Cf:rRw{d> -NGKnܸ!IaF=y$6ܹ#2>"`2lí v.f f,4s6Bkkkq!XGaBj O0WQPʹ#П܄Y0 >U.@=}ߟ~/~/>zJYZ^Wf,4rK7;wWfV_~īظ~:`BlgU)9pNicN==_r%U%,&YoD34E{)+xG`:r\ܩż=Ḏ!H 툩`Tfyr<ary32D*eUb0 ,udeJdӏ}: 0 fi ,zlpxz.gMaBh#o[:jXf,4&ٟRxxe,F./r=JilUD< f,f `pV'*ńdY0 fv 4a=g^!%:oH< f,4>y ;>X\2,vw\1wԞ<'7HoKU}ځfRsz^YU+ݦoooRY&`,Լ]PtrO3.j~f8]4rPcvLlhˁc@9ƸyTYx֫!v6$*?EeAnV*hQNɋbςYaJ ;;X@-ϚnKNjFf+ԩL} 6Y8ajٗ$][ 0ld 'w+YhAwHX9L1H|T*Gcݖp arɸ+-d^1e۪ڙ 8w(a0B0 Zql(e<9#Ĵ].,YI "SEߕBHX\\TCݸfQai@R-_*:yBNRcgs`B3,h+7 fS<^|9@l̂Yh:唅oPp?~ N#Ŕ8(z/-b0 fic.O<1Pc>m?^/q%Y^^^\\U⩵hNhb> ̂Yh <+֖y0n݊ׯvx?sy:X \ڎ<|Sr]0ɫ0 f!W=GR3gj^Ȓ\?>}ꏰ0P{ûYh ,Q#uSjwEQ=RJl}@.ªΝOc>@E2=̂YhژWț6ȒQ%1Ȝ6kۆXގS82liQ)aYy=2芃2>7n'⩀kg{n5T/t2+o;9 *TjӧOWWWM y@0gήN8t6̂YfV39Jq]U2oZnNpRfu`Y0k}o9AԾ 0g3G,5־%_]Tn}wf!޼yc09IJ}*-w*f̂Y{Wi.(;\Uf,4qVx̮b 1Pyr̂Y0 I$NҒƆΖ( И$rto MMQyώ,P̙ Q宥u*,ơ\Z@Mq<#Y0 !T^*"O/u0YfM8mO,:%;+Ϙs! 5ݵZ# _,0 մb$ IXJ˄jCHjYI۰ N0" [g垯'O!ZbA㙄*E7B !vU]㵹<8~QD¼d[ \,4BC@6b6(`$y m,//io:g,ԼR Czv<*url423u93,XHJ]u$M!#FuZsajPe׫v F !H~: \$ fiVδ!w<(6ͯ3˹fJVJp msR:՝JB0 MR1SS"QJYy9:rM*eVR̜/`T2$0es)1곾B "mԫzOّYdXd/i!FFH3* TY!V P*R1t|LuR&es04Y7܎oX 8"B0 !`Y,Bf!`B0 ,&JyAS`јUdƟ_5ZqMw0kvgtvdEbIJ5n<~F&(jQHU\Hÿ"0ka@:rQ{*:vV;P fz^eQbzltg~Y<AYAƎEQ4;?R@ 1wҞnbks+U-rbCԖh`\qK܈R*ojKYD4DVp*;4o^,!T,-}!tSNFl2KfW$9 -JVƇ- K3Gv23ٔ)k"9 };2`XDhOg0k_B2m!B,̂Y0 !B0 f!`Bf,L0KP~yw˰fB't,FM]iGft|U2SaGf2 b3Loo666 s{[/w94ky[ -q1Q֕Wc$wW;(SZuu,00LIa>[.)Q|]'sx_G?ҩּ?{^|чY:,F냉ĝǏ_z5u5+p&(yaёϝ;=278v^_g}qF<'7ot8 ['~ mݾ};G}}Z_0~[UwmXkT̗bjAu"C2eI>SQ̭Unp&VκELF1Kant< +.\(Ԫzb-n3Χ ?0Sy[GeV.^|@a߽q{^E/"n츒: R\adQ`}A( ."R3k̚#1[VݞM'Ī'\_3 ^/q2Wcd^ٮj׿VW C ҙm[]y] aVVV+Nl<+D.uF 3ؗ{oUqմ3C 0ctɞݻwo߾k@_j Y..l9/<8}>z(N( .gxB e&ׯ_s*fpYHOZG1!|q4GϟgA18 6ϰя3 F[n fxjPqNq̚~feߴO*@Z{=UMY0kPݫYqub\<g1\{vZ}r@QˢJ3 c](>`V}H7f u)XⰘ2/\LTYYZ"uͥ 8׶(EhNYf`d4Ie~-~4E ft`(.syM8; f煪ᔡ_uIOjS݅Yq,7‡in\N?uʏ*e{|觞ѽ܌'(\%ٵd8UY&JR\<+!rkɕO~ޱN}B8:UԥED\P5TZoJAWVq [1M_n.j.rE2,.aa$r-lW9Ky ,ųi}b/S]*lgbEOݢ0k n2/=9 i^a:\S8/U;Y0z8R5hoc**59,:g|_nmm9W.>YOߝ\Tֻ=`:=Zߝ@i9].-4qmz46jr@鴦tu8{4fjmuC޻Xke La5kib:z9 [ӆݨ\ba+lR_+E|:^,%gAbg*IOOaCtqYՁ 'B]ׅ'u!P'B VFf1kii)(Y[kca!:-B0 uW(.#PU]岷5ϬAoƪhs>U ?CDdXJ  C A? "2uTھ;3\.`!uTھ;3\.+@CxڭSAKQ7kR)Q)ЩSuH52f ֯H:w0qs16UH6[7;7; 7`^ Ǎ cð [udv<(f9 N"( ~/rtO>);;a4w0I |AW>>Bs%C/+BɁDDFM{TJg 6sj*F]PCɑV՛zG0l~jM.3+FQxߴVŰ:Hm:[f$+݁l3iK49]9İ0=j1 ]9q}'͡Y+_jU|?-H.u>M߅B_Vbs`8p5/1@$&R\R &},%,hDd CompObj#%%fObjInfo&'Equation Native (_1048320840)@%1h@RR8 @RR8 )|ITI P=Q c "Q p Q p 100%,345 @%1h OrgPlus.4 OrgPlus.4OrgPlusWOPX.49qOle +CompObj(*,ZObjInfo+.CONTENTS+ U2UOCF s(c) Copyright 1992 Banner Blue Software Incorporated. . OPX Banner Blue. Banner Blue . Banner Blue . ) Copyright 1992 Banner Blue Software Incorporated. . OPX  \  \@@@@`` ` 1` 2`""r Bl`@!d ""$.,"J,dUHP LaserJet 5P,HPPCL5MS,LPT1:W  @##########  ` @%Arial%Times New Roman `@aaaaaa aa a a a aa` @&`@aa`&` @aa a`&`@aa`&`@aa`&`@aa`&`@aa` `$#RST$V@AB@PQ$$S@` @aa``@aa``@aa``@aa``` @ `AB""@PQ$$S@` @aa``@aa``@aa``@aa``PQ$$S@` @aa``@aa``@aa``@aa``` @ `AB""@PQ$$S@` @aa``@aa``@aa``@aa``PQ$$S@` @aa``@aa``@aa``@aa``` @ `AB""@PQ$$S@`@aa``@aa``@aa``@aa``P Q$$S@`@aa``@aa``@aa``@aa``` @ `AB @P Q$$S@` @aa``@aa``@aa``@aa``P Q$$S@` @aa``@aa``@aa``@aa``` @ `A B@P Q$$S@` @aa``@aa``@aa``@aa``PQ$$S@` @aa``@aa``@aa``@aa``PQ$$S@`@aa``@aa``@aa``@aa``` @ ``@`@```` NUa$``@`@```` (SC_1048320825".F@RR8 @RR8 Ole /CompObj-/0fObjInfo02 FMicrosoft Equation 3.0 DS Equation Equation.39q)פPI8xI P=Abadi MT Condensed Light~2~5~1~,~7"~1~8~4~,~4~1~8~4~,~4~1~0~0~%H"~3~6~.~5~% FMicrosoft Equation 3.0 DS EqEquation Native 3_10483208273F@RR8 @RR8 Ole 6CompObj247fuation Equation.39q)X IجI T=Abadi MT Condensed Light~7~0P,345Oh+'0x  4 @ LX`hp sovenokObjInfo59Equation Native :t1TableC /SummaryInformation(8<J  C A? "2="D;"*o,-`!="D;"*o,j(+lxڍRNQ]\^XmH{+; ?fM\1t~V>J >`;;[1Ƅulf̙3w!`\"`b|$ɇU) C) {sXPfeO;PfInyRi]iZGQXVucľDB-ejV I`WN=WaͫCp I ^a LAJW!!RW0"^l(ik-N8ZH3[թ3q7fz>-E9&jg@ӕKN>ԝ;j-H=I]RBuO,d$ʖ[Lh6q Dd@ J  C A? "29`Qh:>TÑ@`!9`Qh:>T!$v7MxYMlG~Nر;!?JD%jNQ TTި*9JЦJnpԪJR.TC)=TQpd.6q@T873o% J5޷3of޷3 :bSiħ Kš k,v5/>b1&,&=:ZE؂'[nb SX* cyccG>zw(Ȳb⚶Z. CT|dܴ=SsmB7UXRXuiUhv-XyMY_/T0Y?ԾROu3}~,Xbh{n}lLx`?XN@ee~V79UBK3`K 8 ΀nk̴moS|oEg}s8ûTSS50W%]X)~s2櫕"dǟc ; G zsR}|uU yW1>:ߌeZ<+Ve/2e%v^{yR}ؤ8Δ+wflȃ@f$+D}#ba=!,7#"24q<0iR 4Ih&QgIcoH Bw$ +luϤGmTi~4@_ M.h~z$̛$͟$ l|?K1>Qs6q&Jw*|ʡ/.hvU9]FzǞ)+rflr̉F9 wNvGnCJ!Ö(v^G0`J 0- } Wf+yF*q_Vߍ{:"i=GZ5L l,ӚhS?=MʡPEK\],je87WĹ3Ss$={NSl;O34B}6Q{4A.,GS[BoD.>fup^ٻPH #@ff;Gb|lѺugUx]` 4Oq!C9;V)Ng! L7wLl}zyk,?3kL_n WKJ܏'/?eXHp'*.gQm3cM3_qxWmhA{@!v`B QX,Wꃥ͌o<.ƿDɣ^cہ<P؜y&WOyVe7YLn܇">Dz˴ޅՙ}ܨh@dcك>U 7+6DdņQ3;oDd J  C A? "2oVCX҉Ә`!oVCX҉Ә|@d0sx}QMKaUp)vRQAHR\Rh@)5: =ux/ ޙw]yfyfF OX(RŃxr(aI^ SL$~TֈQ`d &F]:OIgII,Iz&ug2Ա7|BvؕZsZ^݇E,+71*ium`Xn2 zE˅̺(΍G:p ̈́ћb4t'8~_M{x58;+7aYX}> r2ݙvsD oƔj,z}(U j MC%kTRDdlJ  C A? "2(2&\qp<8ÆQ`!(2&\qp<8ÆQx pVxڅQ=KP=&56 ~: `E]Պ$؂I[gqp?AC~ ^&νsyU"dT8$IB,TgM, ==E߼=ck4Inj8Gpm0Gh']xw2<.r9=Ds>+v$8~/ Axv6WJny-%(Ӏ &֥bHΡ[A~A( L?J7$xtw;6|wa<wwMrx yu(0O@9Pai5XRA5$2<(F Cde(V@V 1KG=K9$Sdh`Sa$CJ_HaJmHsHtHL@L 03>;>2>: 1$S@&^S`5N@N 03>;>2>: 2$<@& B*aJphZ@Z 03>;>2>: 3$<@&5CJOJQJ\^JaJ>@> 03>;>2>: 4$@&6]H@H 03>;>2>: 5$@&`CJ aJR@R 03>;>2>: 6$$@&`a$ 5CJaJ^@^ 03>;>2>: 8$$$d@&^`a$ 6CJ]BA@B A=>2=>9 H@8DB 0170F0\i@\ 1KG=0O B01;8F0 :V 44 la .k@. 5B A?8A:0 :U@: 8?5@AAK;:0 >*B*ph4@4  3;02;5=85 1<@<  3;02;5=85 2 ^L@L  3;02;5=85 3 $ 0^0`<@<  3;02;5=85 4 H^H<@<  3;02;5=85 5 `^`<@<  3;02;5=85 6 x^x<@<  3;02;5=85 7 ^<@<  3;02;5=85 8 ^<@<  3;02;5=85 9 ^P@P  "5:AB A=>A:8$d`a$CJaJ2&@2  =0: A=>A:8H*`C@` A=>2=>9 B5:AB A >BABC?><$`a$aJNP@N A=>2=>9 B5:AB 2$`a$aJHT@H &8B0B0 &1$] ^&`aJ^R@^ A=>2=>9 B5:AB A >BABC?>< 2 `aJTB@T A=>2=>9 B5:AB$d`a$CJaJLQ@L A=>2=>9 B5:AB 3 `CJaJRS@R A=>2=>9 B5:AB A >BABC?>< 3!TO"T Normal"$d1$`a$_HhmHsHtHHO!"H 4@5A0#$d1$`a$6CJn"@n 0720=85 >1J5:B0$$dxx`a$5CJ\aJmH sH \^@R\ 1KG=K9 (251)$%$ddd[$\$`a$CJL@bL 5@E=89 :>;>=B8BC; & E$4)@q4 ><5@ AB@0=8FKH)"G:?p{kfID Qs# !F|WCq-^:J`v# J`v#j'iED@F ^`i<{ U # N s F y +mntuK,q|[|C !"&((A**%+$,z/11111111111111111123668M;i=f>?EtHHIIIJMO.PPCKQY^cdiqw}%+37;<AIOW[`afnt|F h  d ~'6e#$1 !N##(%%o&&,'(a,-./ 0D0y01t23944s6677.9;=?@DvFGIYIKMNaORTVWX`Y\]]]^``aSbc/fPhjkmniprsuvyz{||}~UA!yERȘW YfjYөǪbi^³vx[mWnUjwUs=Zn!zVTQ/m kQ)Ip'[vcm7=`0< ! + , - . 6 ; @ E J O T Y ^ _ f k l q v {                                  ! & * . 2 3 < A F K P U Z _ c g h u y z ~                                    ! % ) - 1 2 K O T Y ^ c h l p t u y } ~                             & + , 2 6 ; @ D I M R V Z [ g k o s w |                                   " & * . / 7 ; @ E J N S W \ ` a g k o u y ~                                 !.38=BGLQVZ[afkpuz~ #(,018=AFKPUZ^cdimqv{  !*/49>CHMQUV^chmqv{ >CHMRW\afkltx} !'-39?EKQRinsx| !&+056HLPTY^cgkopvz~ !&+05:;<G   #'+/37;?@FJOTX\aeimn  !%'+,26;@DINRV[\fjnrvz~ #$79=BFJNRVZ[bglqv{ !%*+5:?CGKOSW[\bfkosx} "&'-27;?CGKOST\bglpty} "#*/49>BFJNRSX]bglqv{   %*/49=AEFMQUY]aeimqrw{  $(,056=BGLQW\afklptx|H#<=`*    !!p"""""""""""""""""""##.#/#D#E#W#X#m#n#######000000000000000000*00`0`0`0`0`0`0`0`, 0`, 0`, 0`, 0`, 0`, 0`, 0`, 0`0`0`. 0`. 0`. 0`0`0`0` 00u:000000000:0!000000000000000000:0:0010101010101010101010101010101010101010101010101010101010101010101010101010101 01 01 01 01 01 01 01 01 01 01 01 01:00T0T!0T0T0T0T0T0T0T0T 0T 0T 0T 0T 0T 0T 0T 0T 0T0T0T0T0T0T0T0T0T 0T 0T 0T 0T 0T 0T0T0T0T0T0T0T0T0T0T0T0T0u0f0f0f0f0f0f0f0f0f0f0f0f0f0f0f0f0f0f0f0f0f0f0u0ʼn0ʼn0ʼn0ʼn0ʼn0ʼn0ʼn0ʼn0ʼn0ʼn0ʼn0ʼn0ʼn0ʼn0ʼn0ʼn:0ʼn0@0@0@0@0@0@0@0@0@0@0@0@0@ 00!0Q0Q0Q0Q0Q0Q0Q0Q0Q0Q+ 0Q+ 0Q+ 0Q0Q0Q0Q0Q*0Q0000000000000000000000*0Q 0000 0! 0! 0! 0! 0! 000!0!0!0000 0 0 0  0 0  0 0  0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 !00!00000000000000000000000000000000000000000000000000!000000000000000) 0) 0) 000000000000000000000000000000000000000R0R0R0R0R0R0R0R0R0R0R0R!0R:0R0000:0R00:0R000:0R0000:0R0[0[0[:0R000000!0!000000:0R0U0U0U0U0U 0U 0U 0U 0U 0U 0U0U0U0000000/ 0/ 0/ 0/ 0000000*06 06 06 06 06 06 06 06 06 06 0 6 0 6 0 6 0 6 0 6 06 06 06 06 06 06 06 06 06 06 06 06 06 00000j00j00j00j00j00j00@0j00j00j00j00j00j00j00j00j00j00@ ,Kj00j00j00j00j00j00j00j00j00j00j00@0j00j00j00j00j00j00j00j00j00j00@0!!j0)0j0)0j0)0j0)0j0)0j0)0j0)0j0)0j0)0j0)0@3(j040j040j040j040j040j040j040j040j040j040cA1b[j0?0j0?0j0?0j0?0j0?0j0?0j0?0j0?0j0?0j0?0@0j0J0j0J0j0J0j0J0j0J0j0J0j0J0j0J0j0J0j0J0j0J0@0j0V0j0V0j0V0j0V0j0V0j0V0j0V0j0V0j0V0j0V0P2$j0a0j0a0j0a0j0a0j0a0j0a0j0a0j0a0j0a0j0a0@0tj0l0j0l0j0l0j0l0j0l0j0l0j0l0j0l0j0l0j0l0U 0Pj0w0jˁ 0w0j0w0j0w0j0w0j0w0j0w0j0w0j0w0j0w0@0j00j00j00j00j00j00j00j00j00j00j00@0j00j00j00j00j00j00j00j00j00j00@0P$j00j00j00j00j00j00j00j00j00j00@0@ #pj00j00j00j00j00j00j00j00j00j00@1j00j00j00j00j00j00j00j00j00j00@0j00j00j00j00j00j00j00j00j00j00j00.K0`dj00j00j00j00j00j00j00j00j00j00@0P#3;j00j00j00j00j00j00j00j00j00j00@pdb[j00j00j00j00j00j00j00j00j00j00@0j00j00j00j00j00j00j00j00j00j00@0j00j00j00j00j00j00j00j00j00j00j00@0j00j00j00j00j00j00j00j00j00j00@0j0 1j0 1j0 1j0 1j0 1j0 1j0 1j0 1j0 1j0 1@0j01j01j01j01j01j01j01j01j01j01@0j01j01j01j01j01j01j01j01j01j01@0j0*1j0*1j0*1j0*1j0*1j0*1j0*1j0*1j0*1j0*1j0*1@0j061j061j061j061j061j061j061j061j061j061@0j0A1j0A1j0A1j0A1j0A1j0A1j0A1j0A1j0A1j0A1@0j0L1j0L1j0L1j0L1j0L1j0L1j0L1j0L1j0L1j0L1@0j0W1j0W1j0W1j0W1j0W1j0W1j0W1j0W1j0W1j0W1@0j0b1j0b1j0b1j0b1j0b1j0b1j0b1j0b1j0b1j0b1j0b1@0j0n1j0n1j0n1j0n1j0n1j0n1j0n1j0n1j0n1j0n1@0j0y1j0y1j0y1j0y1j0y1j0y1j0y1j0y1j0y1j0y1@0j01j01j01j01j01j01j01j01j01j01@0j01j01j01j01j01j01j01j01j01j01@0j01j01j01j01j01j01j01j01j01j01j01@0j01j01j01j01j01j01j01j01j01j01@0j01j01j01j01j01j01j01j01j01j01@0j01j01j01j01j01j01j01j01j01j01@0j01j01j01j01j01j01j01j01j01j01@0j01j01j01j01j01j01j01j01j01j01j01@0j01j01j01j01j01j01j01j01j01j01@0j01j01j01j01j01j01j01j01j01j01@0j01j01j01j01j01j01j01j01j01j01@0j01j01j01j01j01j01j01j01j01j01@0j0 2j0 2j0 2j0 2j0 2j0 2j0 2j0 2j0 2j0 2j0 2@0j02j02j02j02j02j02j02j02j02j02@0j0!2j0!2j0!2j0!2j0!2j0!2j0!2j0!2j0!2j0!2@0j0,2j0,2j0,2j0,2j0,2j0,2j0,2j0,2j0,2j0,2@0j072j072j072j072j072j072j072j072j072j072@0j0B2j0B2j0B2j0B2j0B2j0B2j0B2j0B2j0B2j0B2j0B2@0j0N2j0N2j0N2j0N2j0N2j0N2j0N2j0N2j0N2j0N2@0j00j00j00j00j0]2j0]2@0j0`2j0`2j0`2j0`2j0`2j0`2j0`2j0`2j0`2j0`2@0j0k2j0k2j0k2j0k2j0k2j0k2j0k2j0k2j0k2j0k2@0j0v2j0v2j0v2j0v2j0v2j0v2j0v2j0v2j0v2j0v2@0j02j02j02j02j02j02j02j02j02j02@0j02j02j02j02j02j02j02j02j02j02@0j02j02j02j02j02j02j02j02j02j02@0j02j02j02j02j02j02j02j02j02j02@0j02j02j02j02j02j02j02j02j02j02@0j02j02j02j02j02j02j02j02j02j02@0j02j02j02j02j02j02j02j02j02j02@0j02j02j02j02j02j02j02j02j02j02@0j02j02j02j02j02j02j02j02j02j02@0j02j02j02j02j02j02j02j02j02j02@0j02j02j02j02j02j02j02j02j02j02@0j02j02j02j02j02j02j02j02j02j02@0j03j03j03j03j03j03j03j03j03j03@0j03j03j03j03j03j03j03j03j03j03@0j03j03j03j03j03j03j03j03j03j03@0j0&3j0&3j0&3j0&3j0&3j0&3j0&3j0&3j0&3j0&3@0j013j013j013j013j013j013j013j013j013j013@0j0<3j0<3j0<3j0<3j0<3j0<3j0<3j0<3j0<3j0<3@0j0G3j0G3j0G3j0G3j0G3j0G3j0G3j0G3j0G3j0G3@0j0R3j0R3j0R3j0R3j0R3j0R3j0R3j0R3j0R3j0R3@0j0]3j0]3j0]3j0]3j0]3j0]3j0]3j0]3j0]3j0]3@0j0h3j0h3j0h3j0h3j0h3j0h3j0h3j0h3j0h3j0h3@0j0s3j0s3j0s3j0s3j0s3j0s3j0s3j0s3j0s3j0s3@0j0~3j0~3j0~3j0~3j0~3j0~3j0~3j0~3j0~3j0~3@0j03j03j03j03j03j03j03j03j03j03@0j03j03j03j03j03j03j03j03j03j03@0j03j03j03j03j03j03j03j03j03j03@0j03j03j03j03j03j03j03j03j03j03@0j03j03j03j03j03j03j03j03j03j03@0j03j03j03j03j03j03j03j03j03j03@0j03j03j03j03j03j03j03j03j03j03@0j03j03j03j03j03j03j03j03j03j03@0j03j03j03j03j03j03j03j03j03j03@0j03j03j03j03j03j03j03j03j03j03@0j03j03j03j03j03j03j03j03j03j03@0j04j04j04j04j04j04j04j04j04j04@0j0 4j0 4j0 4j0 4j0 4j0 4j0 4j0 4j0 4j0 4@0j04j04j04j04j04j04j04j04j04j04@0j0#4j0#4j0#4j0#4j0#4j0#4j0#4j0#4j0#4j0#4@0j0.4j0.4j0.4j0.4j0.4j0.4j0.4j0.4j0.4j0.4@0j0000000000000000000000000000000000000000&0&00&0&000$0000000000000$0$0$00'iED@F ^`i<{ U # N s F y +mntuK,q|[|C !"&((A**%+$,z/11111111111111111123668M;i=f>?EtHHIIIJMO.PPCKQY^cdiqw}%+37;<AIOW[`afnt|F h  d ~'6e#$1 !N##(%%o&&,'(a,-./ 0D0y01t23944s6677.9;=?@DvFGIYIKMNaORTVWX`Y\]]]^``aSbc/fPhjkmniprsuvyz{||}~UA!yERȘW YfjYөǪbi^³vx[mWnUjwUs=Zn!zVTQ/m kQ)Ip'[vcm7=`0< ! + , - . 6 ; @ E J O T Y ^ _ f k l q v {                                  ! & * . 2 3 < A F K P U Z _ c g h u y z ~                                    ! % ) - 1 2 K O T Y ^ c h l p t u y } ~                             & + , 2 6 ; @ D I M R V Z [ g k o s w |                                   " & * . / 7 ; @ E J N S W \ ` a g k o u y ~                                 !.38=BGLQVZ[afkpuz~ #(,018=AFKPUZ^cdimqv{  !*/49>CHMQUV^chmqv{ >CHMRW\afkltx} !'-39?EKQRinsx| !&+056HLPTY^cgkopvz~ !&+05:;<G   #'+/37;?@FJOTX\aeimn                          ! " # $ % & ' ( ) * + , - . / 0 1 2 3 4 5 6 7 8 9 : ; < = > ? @ F C D E G H I J K L M N O P Q R S T U V W X Y Z [ \ ] ^ _ ` a   !%'+,26;@DINRV[\fjnrvz~ #$79=BFJNRVZ[bglqv{ !%*+5:?CGKOSW[\bfkosx} "&'-27;?CGKOST\bglpty} "#*/49>BFJNRSX]bglqv{   %*/49=AEFMQUY]aeimqrw{  $(,056=BGLQW\afklptx|#000000000000000000(00`0`0`0`0`0`0`0`, 0`, 0`, 0`, 0`, 0`, 0`, 0`, 0`0`0`. 0`. 0`. 0`0`0`0`00u000000000000!0000000000000000000000010101010101010101010101010101010101010101010101010101010101010101010101010101010101010101010101010101000T0T!0T0T0T0T0T0T0T0T0T0T0T0T0T0T0T0T0T0T0T0T0T0T0T0T0T0T0T0T0T0T0T0T0T0T0T0T0T0T0T0T0T0T0u0f0f0f0f0f0f0f0f0f0f0f0f0f0f0f0f0f0f0f0f0f0f0u0ʼn0ʼn0ʼn0ʼn0ʼn0ʼn0ʼn0ʼn0ʼn0ʼn0ʼn0ʼn0ʼn0ʼn0ʼn0ʼn00ʼn0@0@0@0@0@0@0@0@0@0@0@0@0@00!0Q0Q0Q0Q0Q0Q0Q0Q0Q0Q+ 0Q+ 0Q+ 0Q0Q0Q0Q0Q 0Q0000000000000000000000 0Q0000 0! 0! 0! 0! 0! 000!0!0!0000000 00  0 0 00 0 0 0 0 00000000000000000000000000000000000000000000000000000000000000000000000!00!00000000000000000000000000000000000000000000000000!000000000000000) 0) 0) 000000000000000000000000000000000000000R0R0R0R0R0R0R0R0R0R0R0R!0R00R000000R0000R00000R000000R0[0[0[00R000000!0!00000000R0U0U0U0U0U 0U 0U 0U 0U 0U 0U0U0U0000000/ 0/ 0/ 0/ 0000000 06 06 06 06 06 06 06 06 06 06 0 6 0 6 0 6 0 6 0 6 06 06 06 06 06 06 06 06 06 06 06 06 06 00000$0$0$00000 00000000000 000000000000 00000000000 00000000000 00000000000 00000000000 000000000000 00000000000 00000000000 00000000000 00000000000 000000000000 00000000000 00000000000 00000000000 00000000000 000000000000 00000000000 00000000000 00000000000 00000000000 000000000000 00000000000 00000000000 00000000000 00000000000 000000000000 00000000000 00000000000 00000000000 00000000000 000000000000 00000000000 00000000000 00000000000 00000000000 000000000000 00000000000 00000000000 00000000000 00000000000 000000000000 00000000000 00000000000 00000000000 00000000000 000000000000 00000000000 00000000000 00000000000 00000000000 000000000000 00000000000 0$0$00000 00000000000 00000000000 00000000000 00000000000 00000000000 00000000000 00000000000 00000000000 00000000000 00000000000 00000000000 00000000000 00000000000 00000000000 00000000000 00000000000 00000000000 00000000000 00000000000 00000000000 00000000000 00000000000 00000000000 00000000000 00000000000 00000000000 00000000000 00000000000 00000000000 00000000000 00000000000 00000000000 00000000000 00000000000 00000000000 00000000000 00000000000 00000000000 00000000000 00000000000 00000000000 00000000000 00000000000 00000000 %%%%%(L  R<MrVghRvPH!($')ȏ*:buFz@DXB`!#$&'+/13468>@ABDEXYZ[_abcehj/023F'k>tj.>n\^| 0aj NjDzzz,{.{{{||h|j|||<}>}}}~~f~h~~~HJZ\ z|`bĂƂ"$DF|~dfʆ̆(*DFtvމ@Bڊ܊<>*,$&np8:  x|H"$ޒDF Z\z|֕ؕJL"$|~XZPRHJxzԝ֝.0BDnpڠܠ,.Fb` "%()*,-.02579:;<=?C\]^`dfgiklmnopqrstuvwxyz{|}~      !"#$%&'()*+,-.14^'<=\fIdfgi$?BCEd#>ABDc:=>@_%@CDFe  *=X[\^```.# tX%tĕX%tĕX%tĕX%tĕX%tĕX%tĕX%tĕX%tĕX%tĕX%tĕX%tĕX%tĕX%tĕX%tĕ̕:::X !(!!,EGJ[]`qsv ::::::2$ݎºqqb$At#ey٨Ø>.5j2$|ݩR}&^c2$ZNl ;DvA2$L2$-ZpxAawAi2$dzzڼ'?x Pm kR$fI^=r|e/R$[vA!bA1@ x(  d  C &AImage1"\  S A ?"   S L . `R`TR`T" b  c $A ? "  s A ?Þ `<{>70+ :L?LFf}M!}M$}Mw&F%oA"?P70S%P)$"SFJ-<"  s A ?n ` ;w J <s3hJJ JF-JRd1$SL7+;;"  s A ?n ` -B;J Od1\)J@8JCJQF-sJ)),))LsJ;-B;"  c bA . `filips2T`TT`T"   S L. `R`TR`T" X  C (Afilips1B S  ?CA*1\]^,# (#zTB$D4Z4 T DvaDvN D$4&ToDo F, _Toc40606145 _Toc40606146 _Toc40606147 _Toc511394488 _Hlt478915684 _Hlt478961652 _Hlt477253009e0_1_e0_5_ _Toc40606148 _Hlt478915459 _Toc40606149 _Toc40606150 _Toc40606151 _Toc40606152 _Toc40606153 _Toc40606154 _Toc40606155 _Toc40606156 _Hlt477263535 _Hlt476920502 _Toc511394497 _Toc511394498 _Toc511394499 _Toc511394500 _Toc511394501 _Toc511394502e0_2_e0_3_e0_4_ _Hlt477263393e0_6_e0_7_e0_10_e0_11_e0_12_e0_13_e0_14_e0_15_ _Toc511394503OCRUncertain027 _Toc40606157 _Toc40606158 _Hlt477203418`u'C6^D`cf\mʼnQRX[/"$U~U #  !"#$%&'()*+h'C6^T`cf\mP"Xҩl?"(Y0r(- #\\OZ7?""""""""""""""#&`hi;=z { T U " # M N r s E F x ~ *+luJK+,pq{|Z[{|BD  !!""&&((((@**$+&+#,$,y/z/111122 336666 88L;M;h=i=e>f>??EEsHtHHHIIIIIIJJMMOO-P.PPP;T?¹ùPQBCabZ[no./~9: -.9:GH{}JMTU#$~mnef46 ou./<>BCJKPQXY]^bdhipqvw|}$%*+2367:<@AHINOVWZ[_aefmnst{|D G g h   c d }~&'56df"##$0 1 !!M#S###'%)%%%n&o&&&+','((`,f,--..// 0 0C0D0x0y011s2t23384:444r6s6667777-9.9;;==??@@DDuFvFGGIIXIZIKKMMNN`OaORRTTVVWWXX_Y`Y\\\]]]]]^^````aaRbYbcc.f/fOhPhjjkkmmnnhpiprrssuuvvyyzz{{||||}}~~TU@A !xy!DEQRǘȘVW  XYefijXYҩөƪǪabhi]^³uvwxZ[lmVWmnTUijvwTUrs<=YZmn !yzUVSTPQ./lm  jkPQ()HIop&'Z[uvbclm67<=_`/0;<GJ"%;?_b) ,   !!!!o"r"""""""""""""""""###`hu|11TT\\H,/)ap8H=`""""""""""""""""#""""""""""""""#o7To^$.^Q~8,T~"1f!y5Nl;Am$Rq ^`OJQJo( ^`OJQJo(o   ^ `OJQJo( ^`OJQJo( cc^c`OJQJo(o 33^3`OJQJo( ^`OJQJo( ^`OJQJo(o ^`OJQJo( ^`OJQJo( ^`OJQJo(o   ^ `OJQJo( ^`OJQJo( cc^c`OJQJo(o 33^3`OJQJo( ^`OJQJo( ^`OJQJo(o ^`OJQJo(@^`. ^`OJQJo( ^`OJQJo(o   ^ `OJQJo( ^`OJQJo( cc^c`OJQJo(o Normal.dotAnna Chernenko3Microsoft Office Word@@Dq8 @Dq8 P՜.+,D՜.+,H hp|     DocumentSummaryInformation8CCompObj^qP 8@ _PID_HLINKSAZ )`8http://www.finam.ru/analysis/forecasts000EA/default.asp 1P  _Toc406061581J  _Toc406061571D  _Toc406061561>  _Toc4060615518  _Toc4060615412  _Toc406061531,  _Toc406061521&  _Toc406061511   _Toc406061500  _Toc406061490  _Toc406061480  _Toc406061470  _Toc406061460  _Toc40606145  F Microsoft Office Word MSWordDocWord.Document.89q 33^3`OJQJo( ^`OJQJo( ^`OJQJo(o ^`OJQJo( ^`OJQJo( ^`OJQJo(o   ^ `OJQJo( ^`OJQJo( cc^c`OJQJo(o 33^3`OJQJo( ^`OJQJo( ^`OJQJo(o ^`OJQJo( ^`OJQJo( ^`OJQJo(o   ^ `OJQJo( ^`OJQJo( cc^c`OJQJo(o 33^3`OJQJo( ^`OJQJo( ^`OJQJo(o ^`OJQJo( 77^7`OJQJo( ^`OJQJo(o pp^p`OJQJo( @ @ ^@ `OJQJo( ^`OJQJo(o ^`OJQJo( ^`OJQJo( ^`OJQJo(o PP^P`OJQJo(^`.^`.pLp^p`L.@ @ ^@ `.^`.L^`L.^`.^`.PLP^P`L. ^$~8,`~8,o7l;"1!y5AmRqfwĻ @^`. R R R R R RLhIM8cy3uCKQY^cdiqw}%+37;<AIOW[`afnt|R) ! + , - . 6 ; @ E J O T Y ^ _ f l q v {                                  ! & * . 2 3 < A F K P U Z _ c g h u z ~                                    ! % ) - 1 2 K O T Y ^ c h l p t u y ~                             & + , 2 6 ; @ D I M R V Z [ g k o s w |                                  " & * . / 7 ; @ E J N S W \ ` a g k o u y ~                                !.38=BGLQVZ[afkpuz~ #(,018=AFKPUZ^cdimqv{  !*/49>CHMQUV^chmqv{ >CHMRW\afkltx} !'-39?EKQRinsx| !&+056HLPTY^cgkopvz~ !&+05:;G   #'+/37;?@FJOTX\aeimn  !%'+,26;@DINRV[\fjnrvz~ #$79=BFJNRVZ[bglqv{ !%*+5:?CGKOSW[\bfkosx} "&'-27;?CGKOST\bglpty} "#*/49>BFJNRSX]bglqv{   %*/49=AEFMQUY]aeimqrw{  $(,056=BGLQW\afklptx|) #33@b[p #pp ppppp$p&pUnknownGz Times New Roman5Symbol3& z Arial] SchoolBookTimes New RomanO"MS Sans SerifArial?5 z Courier New;Wingdings"0h{{PP!n4d 2QHX ?M82  "  ! !"#sovenokAnna Chernenko,