ࡱ> EGBCD%`bjbjٕ. 4 (222FOOO8&PPFd2QSSSST]V|V@$h>u2?YTT?Y?Y22SS^^^?Y2S2S^?Y^^n22SQ @jrO#[ 40d< ]~<@<2<WvWT^WD'XWWW^dWWWd?Y?Y?Y?YFFFd&-D"FFF-FFF222222 2409=B8:@878A=>5 C?@02;5=85 ( <5=546<5=B)#?@02;5=85 BC@8AB8G5A:>9 D8@<>9 2 CA;>28OE :@878A0 =0 ?@8<5@58?;><8320093599 acher@wiseowl.ru !>45@60=85  TOC \o "1-3" \h \z \u  HYPERLINK \l "_Toc228022504"   PAGEREF _Toc228022504 \h 3  HYPERLINK \l "_Toc228022505"  1. " "'! !+ # / ! +   /"  PAGEREF _Toc228022505 \h 6  HYPERLINK \l "_Toc228022506" 1.1 >=OB85 8 ACI=>ABL A8AB5<K C?@02;5=8O A>2@5<5==K< ?@54?@8OB85<  PAGEREF _Toc228022506 \h 6  HYPERLINK \l "_Toc228022507" 1.2 @8B5@88 >F5=:8 MDD5:B82=>AB8 C?@02;5=8O ?@54?@8OB85<  PAGEREF _Toc228022507 \h 9  HYPERLINK \l "_Toc228022508" 1.3 @>1;5<K >F5=:8 MDD5:B82=>AB8 C?@02;5=8O ?5@A>=0;><  PAGEREF _Toc228022508 \h 13  HYPERLINK \l "_Toc228022509"  2.  -$$"!" # /   /"  #!/%  !       PAGEREF _Toc228022509 \h 24  HYPERLINK \l "_Toc228022510" 2.1 @0B:0O E0@0:B5@8AB8:0   PAGEREF _Toc228022510 \h 24  HYPERLINK \l "_Toc228022511" 2.2 =0;87 MDD5:B82=>AB8 <5=546<5=B0 =0 ?@54?@8OB88  PAGEREF _Toc228022511 \h 30  HYPERLINK \l "_Toc228022512"  3.  " && !" "'! # /  !   PAGEREF _Toc228022512 \h 43  HYPERLINK \l "_Toc228022513" 3.1 1>A=>20=85 AB@0B5388 >@30=870F8>==KE 87<5=5=89  PAGEREF _Toc228022513 \h 43  HYPERLINK \l "_Toc228022514" 3.2 15A?5G5=85 @50;870F88 AB@0B5388 >@30=870F8>==KE 87<5=5=89  PAGEREF _Toc228022514 \h 58  HYPERLINK \l "_Toc228022515" .'  PAGEREF _Toc228022515 \h 68  HYPERLINK \l "_Toc228022516" !! " "# +:  PAGEREF _Toc228022516 \h 72  HYPERLINK \l "_Toc228022517"  /  PAGEREF _Toc228022517 \h 75    A8BC0F88 A 2KA>:8< C@>2=5< @8A:0, 0 8<5==> B0:8<8 A8BC0F8O<8 6825B A>2@5<5==K9 (8 =5 B>;L:> >B5G5AB25==K9) 187=5A <K 2>;L=> 8;8 =52>;L=>, >A>7=0==> ;81> 15AA>7=0B5;L=> @C:>2>4AB2C5<AO >?@545;5==K< =01>@>< ?@028;, 4>:B@8=, ?@8=F8?>2. B B>3>, =0A:>;L:> ?@03<0B8G=K< O2;O5BAO MB>B =01>@, 7028A8B CA?5E ;N1>3> ?@54?@8OB8O. "@51>20=85 A53>4=OH=53> 4=O A>AB>8B =5 2 B><, GB>1K ?@845@6820BLAO =>@<K, 0 2 B><, GB>1K 87<5=8BL 187=5A 2 A>>B25BAB288 A =>2K<8 @50;8O<8. >=OB=>, GB> G5B:> >?@545;8BL MB8 @50;88 =5 2A5340 C405BAO, 3>@074> ?@82KG=55 459AB2>20BL ?@8 ?><>I8 B>3>, GB> C65 A51O >?@0240;>.  =0AB>OI55 2@5<O 2<5AB> ?>8A:>2 548=AB25==> ?@028;L=>3> B8?0 >@30=870F88 8 B5E=>;>388 <5=546<5=B0 A;54C5B ?>AB028BL ?5@54 A>1>9 4@C3CN 7040GC: =0CG8BLAO 2KO2;OBL, 2KAB@0820BL 8 ?@>25@OBL =0 ?@0:B8:5 AB@C:BC@K C?@02;5=8O, :>B>@K5 A>>B25BAB2CNB ?>AB02;5==K< 7040G0<. "C@87< A@548 ?@>G8E >B@0A;59 =5?@>872>4AB25==>9 AD5@K M:>=><8:8 2 1>;LH59 AB5?5=8 ?>425@65= 2>7459AB28N 2=5H=8E D0:B>@>2.  MB>< A<KA;5 2;8O=85 3;>10;L=>3> D8=0=A>2>3> :@878A0 =0 <8@>2CN BC@8ABA:CN 8=4CAB@8N =5 O2;O5BAO 8A:;NG5=85<, 8, :>=5G=>, 1>;LH8=AB2> A?5F80;8AB>2 3>2>@OB > =530B82=KE ?>A;54AB28OE =5AB018;L=>AB8 <8@>2>9 M:>=><8:8 4;O 40;L=59H53> @0728B8O BC@8ABA:>3> 187=5A0. 0 >A=>25 ?@5420@8B5;L=>9 AB0B8AB8:8 ?> 8B>30< 2008 3>40 2 >AA88 =01;N405BAO ?>;>68B5;L=0O B5=45=F8O @0728B8O BC@87<0. @>H;K9 3>4 ?>:070; AB018;L=>ABL @0728B8O >B@0A;8.  2008 3>4C, ?> >?5@0B82=K< 40==K<, >1I85 B@0BK @>AA8O= =0 BC@8ABA:85 CA;C38 (0 >=8 8AG8A;ONBAO 2 <8;;80@40E @C1;59) 2K@>A;8 =0 32,8%, :>;8G5AB2> CA;C3, >:070==KE 3>AB8=8G=K< 187=5A><, 2>7@>A;> =0 12,4%.  ?@>H54H5< 3>4C G8A;> BC@8AB>2, 2J5760NI8E 2 >AA8N, C25;8G8;>AL =0 67 BKAOG, 0 :>;8G5AB2> 2K5760NI8E @>AA8O= 2>7@>A;> =0 3 <;=. > A>>1I5=8O< =B5@D0:A, 2 >AA88 87-70 <8@>2>3> D8=0=A>2>3> :@878A0 70:@K;8AL >:>;> 45AOB8 ?@>F5=B>2 BC@8AB8G5A:8E D8@<. "5 65 :><?0=88, :>B>@K5 >AB0;8AL =0?;02C, A>:@0I0NB HB0B @01>B=8:>2, 2 A@54=5< =0 ?OB=04F0BL ?@>F5=B>2. @>3=>7K :@878A0 2 BC@8AB8G5A:>9 AD5@5 <>6=> 1C45B 45;0BL 25A=>9 2009 3>40. <5==> B>340 =0G8=05BAO @>AB A?@>A0 =0 BC@8AB8G5A:85 ?CBQ2:8. !59G0A 8725AB=>, GB> A?@>A =0 BC@?CB52:8 C?0; 4> 40%. &5;LN 40==>9 48?;><=>9 @01>BK O2;O5BAO 0=0;87 >A>15==>AB8 C?@02;5=8O BC@8AB8G5A:>9 D8@<>9 2 CA;>28OE :@878A0 =0 ?@8<5@5  . >AB02;5==0O F5;L ?@54?>;0305B @5H5=85 A;54CNI8E 7040G: @0AA<>B@5BL ?>=OB85 8 ACI=>ABL A8AB5<K C?@02;5=8O A>2@5<5==K< ?@54?@8OB85<; ?@>0=0;878@>20BL :@8B5@88 >F5=:8 MDD5:B82=>AB8 C?@02;5=8O ?@54?@8OB85<; >E0@0:B5@87>20BL ?@>1;5<K >F5=:8 MDD5:B82=>AB8 C?@02;5=8O ?5@A>=0;><; 40BL :@0B:CN E0@0:B5@8AB8:C  ; ?@>25AB8 0=0;87 MDD5:B82=>AB8 <5=546<5=B0 =0 ?@54?@8OB88; ?@>25AB8 @07@01>B:C :>=F5?F88 AB@0B538G5A:>3> C?@02;5=8O ?5@A>=0;>< 2  2 ?5@8>4 :@878A0, >1>A=>202 AB@0B538N >@30=870F8>==KE 87<5=5=89. 1J5:B>< ?@0:B8G5A:>3> 8AA;54>20=8O O2;O5BAO  , >A=>2=0O 45OB5;L=>ABL :>B>@>3> 70:;NG05BAO 2 ?@54>AB02;5=88 BC@8AB8G5A:8E CA;C3. @54<5B>< 8AA;54>20=8O O2;ONBAO >A>15==>AB8 C?@02;5=8O 40==>9 BC@8AB8G5A:>9 D8@<>9 2 CA;>28OE :@878A0. @8 =0?8A0=88 48?;><=>9 @01>BK 1K;8 8A?>;L7>20==K5 <5B>4K =0CG=>3> >1>1I5=8O, A@02=8B5;L=>3> 0=0;870, 01A>;NB=KE 8 >B=>A8B5;L=KE ?>:070B5;59, B01;8G=K9 8 3@0D8G5A:89 <5B>4K 8 4@C385. !B@C:BC@0 @01>BK >B@0605B F5;L 8 7040G8 8AA;54>20=8O. 8?;><=0O @01>B0 A>AB>8B 87 22545=8O, B@5E 3;02, 70:;NG5=8O, A?8A:0 8A?>;L7>20==KE 8AB>G=8:>2, ?@8;>65=8O. > 22545=88 >1>A=>2K205BAO 0:BC0;L=>ABL 2K1@0==>9 B5<K, AB028BAO F5;L 8 7040G8, :>B>@K5 =5>1E>48<> @5H8BL 2 ?@>F5AA5 8AA;54>20=8O, C:07K20NBAO >1J5:B 8AA;54>20=8O, 0 B0:65 <5B>4K 8 AB@C:BC@0 @01>BK. 5@20O 3;020 ?>A2OI5=0 87CG5=8N B5>@5B8G5A:8E 0A?5:B>2 2K1@0==>9 B5<K 8AA;54>20=8O, 2 =59 @0A:@K20NBAO ACI=>ABL C?@02;5=8O A>2@5<5==K< ?@54?@8OB85<, 0=0;878@CNBAO ?@>1;5<K >F5=:8 MDD5:B82=>AB8 C?@02;5=8O ?5@A>=0;><. > 2B>@>9 3;025 @0AA<0B@820NBAO ?@0:B8G5A:85 0A?5:BK, 2 G0AB=>AB8 405BAO M:>=><8G5A:0O E0@0:B5@8AB8:0 0=0;878@C5<>3> ?@54?@8OB8O  , 8 ?@>2>48BAO 0=0;87 MDD5:B82=>AB8 <5=546<5=B0 =0 ?@54?@8OB88.  B@5BL59 3;025 @07@01>B0=0 :>=F5?F8O AB@0B538G5A:>3> C?@02;5=8O ?5@A>=0;>< 2  2 ?5@8>4 :@878A0, 8 >1>A=>20=0 AB@0B538O >@30=870F8>==KE 87<5=5=89.  70:;NG5=88 ?@54AB02;5=K 2K2>4K ?> ?@>2545==><C 8AA;54>20=8N.  1. " "'! !+ # / ! +   /" 1.1 >=OB85 8 ACI=>ABL A8AB5<K C?@02;5=8O A>2@5<5==K< ?@54?@8OB85< !8AB5<0 C?@02;5=8O A>2@5<5==>9 :><?0=859 ?@54AB02;O5B A>1>9 :><?;5:A 2708<>A2O70==KE ?@>F5AA>2 AB@0B538G5A:>3> 8 >?5@0B82=>3> C?@02;5=8O 45OB5;L=>ABLN (@8A. 1.1). /////////// 8A. 1.1. !8AB5<0 C?@02;5=8O A>2@5<5==>9 :><?0=859  A>2@5<5==>< <5=546<5=B5 @0AA<0B@8205BAO <=>65AB2> A0<KE @07=KE >@30=870F89, :>B>@K5 ?@54AB02;ONB A>1>9 A>2>:C?=>ABL ;N459, 3@C??, >1J548=5==KE 4;O 4>AB865=8O :0:>9-;81> F5;8, @5H5=8O :0:>9-;81> 7040G8 =0 >A=>25 ?@8=F8?>2 @0745;5=8O B@C40 8 @0A?@545;5=8O >1O70==>AB59. -B> <>3CB 1KBL 3>AC40@AB25==K5 CG@5645=8O, >1I5AB25==K5 >1J548=5=8O, =0CG=>-?@>872>4AB25==K5 >1J548=5=8O, G0AB=K5 ?@54?@8OB8O. @30=870F88 A>740NBAO 4;O C4>2;5B2>@5=8O @07=>>1@07=KE ?>B@51=>AB59 ;N459 2 ?@>4C:F88 ;81> CA;C30E 8 ?>MB><C 8<5NB A0<>5 @07;8G=>5 =07=0G5=85, @07<5@K, AB@>5=85 8 4@C385 ?0@0<5B@K. "0:>5 @07=>>1@0785 8<55B 1>;LH>5 7=0G5=85 ?@8 @0AA<>B@5=88 >@30=870F88 :0: >1J5:B0 C?@02;5=8O. =>65AB2> F5;59 8 7040G, AB>OI8E ?5@54 >@30=870F8O<8 @07=>3> :;0AA0 A;>6=>AB8 8 @07=>9 >B@0A;52>9 ?@8=04;56=>AB8 ?@82>48B : B><C, GB> 4;O C?@02;5=8O 8<8 B@51CNBAO A?5F80;L=K5 7=0=8O 8 8A:CAAB2>, <5B>4K 8 ?@85<K, >15A?5G820NI85 MDD5:B82=CN A>2<5AB=CN 45OB5;L=>ABL @01>B=8:>2 2A5E AB@C:BC@=KE ?>4@0745;5=89. N10O >@30=870F8O, 2=5 7028A8<>AB8 >B 55 :>=:@5B=>3> =07=0G5=8O, <>65B 1KBL >?8A0=0 A ?><>ILN @O4 ?0@0<5B@>2, A@548 :>B>@KE 3;02=K<8 O2;ONBAO: F5;8 >@30=870F88, 55 >@30=870F8>==0O AB@C:BC@0, 2=5H=OO 8 2=CB@5==OO A@540, A>2>:C?=>ABL @5AC@A>2, =>@<0B82=0O 8 ?@02>20O >A=>20, A?5F8D8:0 ?@>F5AA0 DC=:F8>=8@>20=8O, A8AB5<0 A>F80;L=KE 8 M:>=><8G5A:8E >B=>H5=89 8, =0:>=5F, >@30=870F8>==0O :C;LBC@0. 0640O >@30=870F8O 8<55B :>=:@5B=CN A8AB5<C C?@02;5=8O, :>B>@0O B0:65 O2;O5BAO >1J5:B>< 8AA;54>20=8O. > <=5=8N 0C<>20 .. A8AB5<0 C?@02;5=8O ;N1>9 >@30=870F88 O2;O5BAO A;>6=>9 A8AB5<>9, A>740==>9 4;O A1>@0, 0=0;870 8 ?5@5@01>B:8 8=D>@<0F88 A F5;LN ?>;CG5=8O <0:A8<0;L=>3> :>=5G=>3> @57C;LB0B0 ?@8 >?@545;5==KE >3@0=8G5=8OE (=0;8G8O @5AC@A>2, =0?@8<5@). !8AB5<C C?@02;5=8O 8 55 AB@C:BC@C <>6=> @0AA<0B@820BL 2 @07;8G=KE 0A?5:B0E, :064K9 87 :>B>@KE 8<55B A2>N A?5F8D8:C 8AA;54>20=8O.  8AA;54>20=8OE A8AB5< C?@02;5=8O H8@>:> 8A?>;L7CNBAO ?>4E>4K 2K45;5=8O AB@C:BC@K C?@02;5=8O ?> DC=:F8O<, ?> MB0?0< ?@8=OB8O @5H5=8O, ?> :>=BC@0< C?@02;5=8O, ?> ?>4A8AB5<0<, M;5<5=B0<, 8 B.4. 0?@8<5@, @07=K5 02B>@K 2K45;ONB B0:85 284K ?>4A8AB5<, :0:: F5;52K5, DC=:F8>=0;L=K5 8 >15A?5G820NI85; 8;8: <5E0=87< C?@02;5=8O, ?@>F5AA C?@02;5=8O, <5E0=87< @0728B8O; 8;8: 8=D>@<0F8>==0O A8AB5<0, B5E=8G5A:0O 1070, :><?;5:A A@54AB2 >1@01>B:8 8=D>@<0F88, :>;;5:B82K ;N459; 8;8: ?5@A>=0;, DC=:F88, <5B>4K, B5E=8:0 C?@02;5=8O, B5E=>;>38O C?@02;5=8O, 8 B.4. 8;L=5@ .. 8 @O4 4@C38E 02B>@>2 AG8B0NB, GB> >1J5:B 8 AC1J5:B C?@02;5=8O, C?@02;O5<0O 8 C?@02;ONI0O A8AB5<K >@30=870F88 =0E>4OBAO 2> 2708<>459AB288. @8G5<, >?@545;ONICN @>;L 8<55B C?@02;O5<0O A8AB5<0, :0: 35=5B8G5A:8 8AE>4=K9, A8AB5<>>1@07CNI89 M;5<5=B. 5 AB@C:BC@0, 2708<>459AB285 A> A@54>9, :0G5AB25==K5 8 :>;8G5AB25==K5 ?0@0<5B@K, 0 B0:65 4@C385 E0@0:B5@=K5 >A>15==>AB8 ?@54>?@545;ONB =5 B>;L:> C?@02;ONI85 2>7459AB28O, => 8 ?@8=F8?K ?>AB@>5=8O A0<>9 C?@02;ONI59 A8AB5<K.  B5>@88 0:B82=KE A8AB5< ?>4G5@:8205BAO, GB> MDD5:B82=>ABL ;N1>9 A8AB5<K C?@02;5=8O 7028A8B, ?@5645 2A53>, >B AB5?5=8 045:20B=>AB8 >B@065=8O 2 =59 >1J5:B0 C?@02;5=8O. 064K9 H03, @0AH8@ONI89 8 CB>G=ONI89 7=0=8O >1 >1J5:B5, ?>2KH0NI89 53> 045:20B=>ABL <>45;8, =587156=> ?@82>48B : @>ABC MDD5:B82=>AB8 C?@02;5=8O. 0AA<0B@820O :>=:@5B=CN >@30=870F8N :0: >1J5:B 8AA;54>20=8O, =5>1E>48<> 2A5340 D8:A8@>20BL 8 A@02=820BL 55 A8AB5<=K5 E0@0:B5@8AB8:8. -B> ?>72>;O5B ;CGH5 ?>=OBL MBC >@30=870F8N 8 >?@545;8BL, : :0:><C :;0AAC A;>6=>AB8 >=0 >B=>A8BAO. 'B>1K A>25@H5=AB2>20BL A8AB5<C C?@02;5=8O A 8A?>;L7>20=85< :><?LNB5@=>9 B5E=8:8, >@30=870F8>==>5 ?@>5:B8@>20=85 =5>1E>48<> 4>2>48BL 4> B0:>3> C@>2=O, ?@8 :>B>@>< >15A?5G8205BAO G5B:>ABL @0A?@545;5=8O >1O70==>AB59 @C:>2>48B5;59 8 8A?>;=8B5;59. 5>1E>48<0 ?5@A>=0;L=0O >B25BAB25==>ABL @C:>2>48B5;59 8 8A?>;=8B5;59. @8 ?@>5:B8@>20=88 A8AB5<K C?@02;5=8O =C6=> G5B:> D8:A8@>20BL, :B> 8 GB> 45;05B 2 A8AB5<5 C?@02;5=8O, :B> 70 GB> >B25G05B. 5>1E>48<0 8=D>@<0F8>==0O ?@>@01>B:0 A8AB5<K =0 C@>2=5 C?@02;5=G5A:8E @5H5=89. AA;54>20=85 8 ?@>5:B8@>20=85 4>;6=> 1KBL =5?@5@K2=K< ?@>F5AA><.  A8AB5<5 C?@02;5=8O =5>1E>48<> ?@54CA<0B@820BL >B45; 8;8 3@C??C A>B@C4=8:>2, :>B>@K5 4>;6=K ?>AB>O==> ?@>@010BK20BL B5E=>;>38N ?>43>B>2:8 =>2KE @5H5=89, >1CA;>2;5==KE =>2K<8 F5;O<8. >;6=0 ACI5AB2>20BL G5B:0O 4>:C<5=B0F8O, @53;0<5=B8@CNI0O 45OB5;L=>ABL >@30=870F88. 0G0ABCN >;>65=8O >1 >B45;0E, 4>;6=>AB=K5 8=AB@C:F88 =5 :>=:@5B=K 8 =5 >15A?5G820NB ?5@A>=0;L=>9 >B25BAB25==>AB8 ?@8 ?@8=OB88 C?@02;5=G5A:8E @5H5=89. AB05B 2>?@>A - :0: 65 >15A?5G8BL MB8 B@51>20=8O. -B> 2>7<>6=> B>;L:> =0 >A=>20=88 >1I59 :>=F5?F88 8AA;54>20=8O A8AB5< C?@02;5=8O :0: A8AB5< ?@8=OB8O @5H5=89, B0: :0: :>=5G=K< ?@>4C:B>< A8AB5<K C?@02;5=8O O2;O5BAO C?@02;5=G5A:>5 @5H5=85. 1.2 @8B5@88 >F5=:8 MDD5:B82=>AB8 C?@02;5=8O ?@54?@8OB85< -DD5:B82=>ABL C?@02;5=G5A:>9 45OB5;L=>AB8 2> <=>3>< 7028A8B >B @C:>2>48B5;O, >B 53> A?>A>1=>AB59. -DD5:B82=>ABL C?@02;5=8O  2 H8@>:>< A<KA;5 - A>>B=>H5=85 @57C;LB0B>2 45OB5;L=>AB8 >@30=870F89, ?@54?@8OB89 8 70B@0B =0 C?@02;5=85 8;8 ?>;=KE 70B@0B >@30=870F89, ?@54?@8OB89; 2 C7:>< A<KA;5 - A>>B=>H5=85 @57C;LB0B>2 45OB5;L=>AB8 >@30=>2, ?>4@0745;5=89, @01>B=8:>2 C?@02;5=8O (:>;8G5AB20 ?@8=OBKE @5H5=89, @0AG5B>2 8 B.?.) 8 70B@0B =0 8E 4>AB865=85. !CI5AB2C5B B@8 2840 MDD5:B82=>AB8: -:>=><8G5A:0O  A>>B=>H5=85 M:>=><8G5A:8E @57C;LB0B>2 45OB5;L=>AB8 >@30=870F89, ?@54?@8OB89 8 70B@0B =0 8E 4>AB865=85. !>F80;L=0O  A>>B=>H5=85 A>F80;L=KE @57C;LB0B>2 45OB5;L=>AB8 >@30=870F89, ?@54?@8OB89 8 70B@0B =0 8E 4>AB865=85. !>F80;L=>-M:>=><8G5A:0O  A>>B=>H5=85 M:>=><8G5A:8E 8 A>F80;L=KE @57C;LB0B>2 45OB5;L=>AB8 >@30=870F88, ?@54?@8OB89 8 70B@0B =0 8E 4>AB865=85. ////////// 1.3 @>1;5<K >F5=:8 MDD5:B82=>AB8 C?@02;5=8O ?5@A>=0;>< F5=:0 MDD5:B82=>AB8 C?@02;5=8O ?5@A>=0;>< >A=>20=0, ?@5645 2A53>, =0 8=D>@<0F88 > @01>B=8:0E: ?@>42865=85 ?> A;C615, 8E ?@>D5AA8>=0;L=K5, :20;8D8:0F8>==K5, ?>;>2>7@0AB=K5 E0@0:B5@8AB8:8, <548F8=A:85 8 ?A8E>;>38G5A:85 ?0@0<5B@K, ?@>872>48B5;L=>ABL 8 =>20B>@A:0O 0:B82=>ABL. F5=:0 4>;6=0 >ACI5AB2;OBLAO =0 ?@>BO65=88 2A5E D07 C?@02;5=G5A:>9 45OB5;L=>AB8. =0 B5A=> A2O70=0 A 4@C38<8 MB0?0<8 ?@>F5AA0 C?@02;5=8O 8 A2>8<8 @57C;LB0B0<8 A?>A>1=0 ?>1C640BL @C:>2>48B5;O 2=>A8BL 2 =53> =5>1E>48<K5 :>@@5:B82K. @8 MB>< >F5=:0 >15A?5G8205B DC=:F8>=8@>20=85 2 E>;48=35 15A?5@51>9=>9 >1@0B=>9 A2O78. "0:65 A;54C5B 70<5B8BL, GB> ?@8 >F5=:5 MDD5:B82=>AB8 C?@02;5=8O ?5@A>=0;>< A;54C5B CG8BK20BL 70B@0BK =0 4>AB865=85 MB8E F5;59. 50;L=0O MDD5:B82=>ABL A8AB5<K C?@02;5=8O ?5@A>=0;>< <>65B 1KBL >?@545;5=0 B>;L:> 87 A>?>AB02;5=8O AB5?5=8 @50;870F88 F5;59 A 70B@0G5==K<8 =0 MB> A@54AB20<8. 5>1E>48<> >F5=820BL MDD5:B82=>ABL C?@02;5=8O ?5@A>=0;>< ?> @57C;LB0B0< @01>BK 2A53> E>;48=30. 20=F528G 6. . 8 >10=>2 . . >?@545;ONB =5>1E>48<>ABL >F5=:8 MDD5:B82=>AB8 C?@02;5=8O ?5@A>=0;>< 4;O B>3>, GB>1K: C;CGH8BL DC=:F8>=8@>20=85 C?@02;5=8O ?5@A>=0;>< G5@57 >15A?5G5=85 8E A@54AB20<8 @5H5=8O 2>?@>A>2 > B><, :>340 =5>1E>48<> ?@5:@0B8BL, 0 :>340 CA8;8BL :0:CN-;81> 45OB5;L=>ABL; >?@545;8BL @50:F8N A> AB>@>=K @01>B=8:>2 8 <5=5465@>2 =87H53> 725=0 =0 MDD5:B82=>ABL C?@02;5=8O ?5@A>=0;><; ?><>GL C?@02;5=8N ?5@A>=0;>< 2=>A8BL A2>9 2:;04 2 45;> 4>AB865=8O F5;59 E>;48=30. F5=:0 MDD5:B82=>AB8 C?@02;5=8O ?5@A>=0;>< <>65B 2KABC?0BL <>I=K< @KG03>< @>AB0 @57C;LB0B82=>AB8 C?@02;5=G5A:>3> ?@>F5AA0. ;O MB>3> =5>1E>48<> 7=0BL, :0: >=0 4>;6=0 >ACI5AB2;OBLAO, 2 :0:>< A>>B=>H5=88 =0E>48BAO A 4@C38<8 MB0?0<8 C?@02;5=G5A:>3> F8:;0, :0:>2, =0:>=5F, 55 459AB28B5;L=K9 ?A8E>;>38G5A:89 A<KA;. -:>=><8G5A:0O A8BC0F8O 2 >AA88 2 ?>A;54=85 3>4K G@572KG09=> 70B@C4=O5B ?@8:;04=K5 8AA;54>20=8O ?@>F5AA>2 C?@02;5=8O ?5@A>=0;>< A ?@8<5=5=85< :><?;5:A0 AB0B8AB8G5A:8E <5B>4>2. A>15==> 70B@C4=8B5;L=> ?@8<5=5=85 MB8E <5B>4>2 2 ?5@8>4 <8@>2>3> :@878A0, :>B>@K9 >B@078;AO 8 =0 M:>=><8:5 >AA88. 0: 8725AB=>, 4;O <=>38E 87 =8E B@51CNBAO 4>AB0B>G=> ?@>4>;68B5;L=K5 2@5<5==K5 @O4K, E>@>H> A>?>AB028<K =0 >B45;L=KE >B@57:0E. /A=>, GB> =51>;LH>9 >?KB 1>;LH8=AB20 @>AA89A:8E :><?0=89, :>=:C@5=F8O, 2KA>:89 C@>25=L 8=D;OF88 ?>4@K20NB C:070==K5 ?@54?>AK;:8 AB0=40@B=KE <5B>48: >F5=:8 MDD5:B82=>AB8. -B> =5 7=0G8B, GB> >B ?>4>1=KE @0AG5B>2 =04> >B:070BLAO 2>2A5. 5>1E>48<> 040?B8@>20BL 8<5NI85AO 8;8 2K@01>B0BL =>2K5 <5B>48:8 4;O >F5=:8 MDD5:B82=>AB8 C?@02;5=8O ?5@A>=0;><. 'B>1K AC48BL, =0A:>;L:> MDD5:B82=0 B0 8;8 8=0O A8AB5<0 C?@02;5=8O ?5@A>=0;><, =C6=K, 5AB5AB25==>, :@8B5@88, ?>72>;ONI85 ?@>8725AB8 B0:CN >F5=:C. E 2K1>@ 7028A8B >B B>3>, GB> 1@0BL 70 B>G:C >BAG5B0: 45OB5;L=>ABL :>=:@5B=> 27OB>3> @C:>2>48B5;O, B@C4>2K5 ?>:070B5;8 :>;;5:B820 8;8 >A>15==>AB8 8A?>;=8B5;59. =0;87 ?C1;8:0F89 2 MB>9 >1;0AB8 ?>72>;O5B 2K45;8BL 425 >A=>2=K5 :>=F5?F88, ?>;>65==K5 2 >A=>2C >F5=:8 MDD5:B82=>AB8 C?@02;5=8O ?5@A>=0;><. !>3;0A=> ?5@2>9 87 =8E MDD5:B82=>ABL C?@02;5=8O ?5@A>=0;>< >F5=8205BAO 8AE>4O 87 >@30=8G5A:>3> 548=AB20 C?@02;5=8O 8 ?@>872>4AB20, => ?@8 MB>< 2:;04 A>1AB25==> C?@02;5=8O ?5@A>=0;>< 2 MDD5:B82=>ABL ?@>872>4AB20 =5 >?@545;O5BAO. B>@0O :>=F5?F8O 45;05B 0:F5=B =0 >?@545;5=85 2:;040 C?@02;5=8O ?5@A>=0;>< 2 MDD5:B82=>ABL ?@>872>4AB20. >;8G5AB25==0O >F5=:0 MB>3> 2:;040 ?@54AB02;O5B A>1>9 G@572KG09=> B@C4=CN 7040GC, B0: :0: 4065 A>>B25BAB2CNI8E >BG5B=KE ?>:070B5;59 ?>:0 5I5 =5 ACI5AB2C5B. >MB><C 1>;LH8=AB2> <5B>48: >F5=:8 MDD5:B82=>AB8 C?@02;5=8O ?5@A>=0;>< ?@845@6820NBAO ?5@2>3> ?>4E>40. @8 MB>< ?@54AB02;O5BAO F5;5A>>1@07=K< >F5=820BL =5 AB>;L:> 2:;04 C?@02;5=8O ?5@A>=0;>< 2 MDD5:B82=>ABL ?@>872>4AB20, A:>;L:> :0G5AB25==>5 2;8O=85 53> =0 MBC MDD5:B82=>ABL. =B53@0;L=K9 ?>:070B5;L (MDD5:B82=>ABL =0 C@>2=5 E>;48=30) B@0=AD>@<8@C5BAO 2> <=>65AB2> 4@C38E =0 1>;55 =87:8E C@>2=OE, ?>:07K20NI8E MDD5:B82=>ABL >B45;L=KE A8AB5< 8;8 ?>4A8AB5< C?@02;5=8O ?5@A>=0;>< - ?>41>@0, >1CG5=8O 8 B. 4. (5:H=O !.. >F5=:C MDD5:B82=>AB8 C?@02;5=8O ?5@A>=0;>< ?@54;0305B >ACI5AB2;OBL =5A:>;L:8<8 <5B>40<8: >F5=:0 4>AB865=8O F5;59; <5B>4 >F5=:8 :><?5B5=F89; >F5=:0 <>B820F88; 87CG5=85 AB0B8AB8:8 G5;>25G5A:8E @5AC@A>2; >F5=:0 8745@65:. F5=:0 MDD5:B82=>AB8 C?@02;5=8O ?5@A>=0;>< ?@>872>48BAO, :0: ?@028;>, AC1J5:B82=>. 0 =0H 273;O4, MB> 8<55B <5AB> ?> 42C< ?@8G8=0<: 87-70 >BACBAB28O 2K@01>B0==>9 G5B:>9 <5B>48:8 B0:>9 >F5=:8, 8 87-70 =54>?>=8<0=8O 2A59 206=>AB8 B0:>9 >F5=:8. A=>2=>9 C?>@ 45;05BAO =0 >F5=:C ?@>872>48B5;L=>AB8, B0:>9 ?>4E>4 <>6=> C2845BL C . !. !8=:0, >AB02;OO 2 AB>@>=5 G5;>25G5A:89 D0:B>@.  4@C38E @01>B0E ?@54AB02;5=0 <5B>48:0 @0AG5B0 ?@>872>48B5;L=>AB8 B@C40 157 CG5B0 D0:B>@>2, 2;8ONI8E =0 40==K9 ?>:070B5;L. @>1;5<0 70:;NG05BAO 2 B><, GB> B5 =5<=>385 CG51=K5 702545=8O, :>B>@K5 3>B>28;8 04<8=8AB@0F8N ?> ?5@A>=0;C, C45;O;8 =54>AB0B>G=>5 2=8<0=85 >1CG5=8N B5E=8:5 87<5@5=8O.  @57C;LB0B5, @C:>2>48B5;8 =5 7=0;8, :0: >1J5:B82=> >F5=8BL A>1AB25==CN @01>BC. ;O =5:>B>@KE @C:>2>48B5;59 ?@8<5=5=85 <5B>40 E>;>4=KE G8A5; : >F5=:5 45OB5;L=>AB8, >G5284=0O F5;L :>B>@>9 A>AB>O;0 2 B><, GB>1K ?><>GL @01>B=8:0< 2 8E ?@>1;5<0E 8;8 C;CGH8BL <>@0;L=K9 C@>25=L, :070;>AL :>=D;8:B>< F5==>AB59. @C385 =5 E>B5;8 2>78BLAO A @01>B>9 ?> A1>@C 40==KE 8 2K?>;=5=8N 2KG8A;5=89, ?>A:>;L:C =5 2845;8 2>7<>6=>AB59 4;O 8E ?@8<5=5=8O. /////////  2.  -$$"!" # /   /"  #!/%  !      2.1 @0B:0O E0@0:B5@8AB8:0  1I5AB2> A >3@0=8G5==>9 >B25BAB25==>ABLN , 8<5=C5<>5 2 40;L=59H5< 1I5AB2> A>740=> =0 =5>3@0=8G5==K9 A@>: 8 2545B A2>N 45OB5;L=>ABL =0 >A=>25 @0640=A:>3> :>45:A0 >AA89A:>9 $545@0F88, $545@0;L=>3> 70:>=0 >AA89A:>9 $545@0F88 1 >1I5AB20E A >3@0=8G5==>9 >B25BAB25==>ABLN, <=>3> 459AB2CNI53> 70:>=>40B5;LAB20 8 ?>;>65=89 #AB020. //////////// >;=>5 D8@<5==>5 =08<5=>20=85 1I5AB20 =0 @CAA:>< O7K:5: 1I5AB2> A >3@0=8G5==>9 >B25BAB25==>ABLN . !>:@0I5==>5 D8@<5==>5 =08<5=>20=85 1I5AB20 =0 @CAA:>< O7K:5:  . //////////// 1I5AB2> O2;O5BAO :><<5@G5A:>9 >@30=870F859 8 >:07K205B CA;C38 8 2K?>;=O5B @01>BK 2 F5;OE ?>;CG5=8O ?@81K;8. 1I5AB2> >ACI5AB2;O5B A;54CNI85 284K 45OB5;L=>AB8: >@30=870F8O BC@87<0 2 >AA88 8 70 @C156><, 2 B>< G8A;5 45;>2>3> BC@87<0; >D>@<;5=85 2K574=KE 8 2J574=KE 287, 287>20O ?>445@6:0; 1@>=8@>20=85 8 ?@>4065 65;57=>4>@>6=KE 8 028018;5B>2, ?@>:0B 02B><>18;59; >@30=870F8O ?0@B5@>2, >D>@<;5=85 2K574=KE 4>:C<5=B>2; >D>@<;5=85 ?0A?>@B>2, 703@0=?0A?>@B>2; >@30=870F8O >B4KE0, >1CG5=8O 8 ;5G5=8O @>AA89A:8E 8 8=>AB@0==KE 3@0640= =0 B5@@8B>@88 >AA8 8 70 @C156><; >@30=870F8O 3>AB8=8G=>9 45OB5;L=>AB8, 4><>2 >B4KE0, ?0=A8>=0B>2 8 B.?.; ////////// 8A. 2.1. @30=870F8>==0O AB@C:BC@0 C?@02;5=8O   >A=>25 >1@07>20=8O 725=0 C?@02;5=8O ;568B 2K?>;=5=85 >B45;>< >?@545;5==>9 DC=:F88 C?@02;5=8O. #AB0=02;820NI85AO <564C >B45;0<8 A2O78 8<5NB 3>@87>=B0;L=K9 E0@0:B5@. >4 ypo2=5< C?@02;5=8O ?>=8<0NB A>2>:C?=>ABL 725=L52 C?@02;5=8O, 70=8<0NI8E >?@545;5==CN ABC?5=L 2 A8AB5<5 C?@02;5=8O BC@D8@<>9. !BC?5=8 C?@02;5=8O =0E>4OBAO 2 25@B8:0;L=>9 7028A8<>AB8 8 ?>4G8=ONBAO 4@C3 4@C3C <5=5465@K 1>;55 2KA>:>9 ABC?5=8 C?@02;5=8O ?@8=8<0NB @5H5=8O, :>B>@K5 :>=:@5B878@CNBAO 8 4>2>4OBAO 4> =865AB>OI8E 725=L52. 0 40==>< ?@54?@8OB88 8<5NB <5AB> >B45;L=K5 M;5<5=BK =5@0F8>=0;L=>9 AB@C:BC@K, GB> 1K;> 2KO2;5=> 2 @57C;LB0B5 0=0;870 DC=:F89 C?@02;5=8O, :>B>@K5 ?@54AB02;5=K 2 B01;8F5 2.1. >4@>1=K9 0=0;87 70:@5?;5=8O DC=:F89 C?@02;5=8O 70 A>B@C4=8:0<8 ?@54?@8OB8O ?>:07K205B, GB> ACI5AB2C5B 4C1;8@>20=85 DC=:F89 - 8 70 35=5@0;L=K< 48@5:B>@>< 8 70 53> 70<5AB8B5;5< ?> >1I8< 2>?@>A0< 70:@5?;5=0 DC=:F8O C?@02;5=8O <0@:5B8=3>2>9 45OB5;L=>ABLN. ;O ?>2KH5=8O MDD5:B82=>AB8 @01>BK @0AA<0B@8205<>3> ?@54?@8OB8O ?@54;0305BAO @5>@30=87>20BL <0@:5B8=3>2K9 >B45;, B0: :0: 2 =0AB>OI55 2@5<O <5=5465@K ?> <0@:5B8=3C =5 8<5NB DC=:F8>=0;L=>9 7=0G8<>AB8, 2 B> 2@5<O :0: >B45; <0@:5B8=30 2 A>2@5<5==>9 BC@D8@<5  3;02=59H89 M;5<5=B 55 MDD5:B82=>3> DC=:F8>=8@>20=8O. "01;8F0 2.1 0:@5?;5=85 DC=:F89 C?@02;5=8O 70 A>B@C4=8:0<8 BC@D8@<K  ////// %0@0:B5@8AB8:0 DC=:F8>=0;L=KE >1O70==>AB59 >A=>2=KE ?>4@0745;5=89 8 @C:>2>4OI8E @01>B=8:>2  ?@54AB02;5=0 2 DC=:F8>=0;L=>9 <0B@8F5. @8 @0AA<>B@5=88 >@30=870F8>==>9 AB@C:BC@K  <>6=> 2K45;8BL A;54CNI85 <><5=BK, 2 @57C;LB0B5 :>B>@KE 1K;8 2KO2;5=K @07@K2K, ?@82545==K5 2 B01;8F5 2.2. "01;8F0 2.2 A=>2=K5 @07@K2K 2 >@30=870F8>==>9 AB@C:BC@5  /////// 2.2 =0;87 MDD5:B82=>AB8 <5=546<5=B0 =0 ?@54?@8OB88 !B@0B538G5A:85 F5;8  - AB@5<;5=85 : <0:A8<870F88 ?@81K;8 8 AB018;L=><C @>ABC :><?0=88 2 CA;>28OE :@878A0. #A?5H=0O B@0=AD>@<0F8O  2 :><?0=8N  ;845@0 @K=:0 BC@8AB8G5A:8E CA;C3 ?@54?>;0305B: A>E@0=5=85 ?@56=53> A?5:B@0 CA;C3; 40;L=59H55 @0728B85 A?5:B@0 BC@8AB8G5A:8E CA;C3 :><?0=88; @0728B85 @5AC@A=>9 8 ?@>872>4AB25==>9 107K 4;O @01>BK =>2KE =0?@02;5=89 BC@8AB8G5A:8E CA;C3 (2 A2O78 A :@878A><  A>:@0I5=85 ?@54;>65=8O 45;>2>3> BC@87<0 8 22545=85 2 >1>@>B M:>=><-BC@>2); @07@01>B:0 :04@>2>9 AB@0B5388 2 CA;>28OE :@878A0.  A2O78 A M:>=><8G5A:8< :@878A>< =5>1E>48<> @07@01>B0BL =>2CN AB@0B538N C?@02;5=8O ?5@A>=0;><, 0 B0:65 AB@0B538N A>?@>B82;5=8O 87<5=5=8O< 8 C?@02;5=8O :>=D;8:B0<8, :>B>@K5 =587156=> 2>7=8:=CB 2 >@30=870F88 ?@8 ?@>2545=88 :0:8E-;81> =>2KE :04@>2KE ?@>3@0<<.  >1I5< A;CG05 =5>1E>48<>ABL 2 AB@C:BC@=KE 87<5=5=8OE =0 ?@54?@8OB88 2>7=8:05B ?@8 ACI5AB25==KE 87<5=5=8OE @K=>G=>9 A8BC0F88, ?5@5>?@545;5=88 F5;59 8 :>@@5:B8@>2:5 AB@0B5389 ?@54?@8OB8O, ?@8 4>AB865=88 ?@54?@8OB85< >?@545;5==KE MB0?>2 @0728B8O, :>340 ACI5AB2CNI0O AB@C:BC@0 A45@68205B 40;L=59H89 @>AB. 0 ?@0:B8:5 1>;LH8=AB2> AB@C:BC@ ?@54?@8OB89 =5 >?B8<0;L=K: 8=AB@C<5=B0@89 >1@01>B:8 8=D>@<0F88 > @K=:5 =54>AB0B>G5=, 2=CB@5==85 2708<>459AB28O ?@>B82>@5G82K, C?@02;5=85 =5MDD5:B82=>. "0:>5 ?>;>65=85 25I59 >1JOA=O5BAO >1J5:B82=K< >BACBAB285< 4>AB0B>G=>3> C?@02;5=G5A:>3> >?KB0 C @C:>2>48B5;59, 7=0=89 > ?@0:B8G5A:>9 MDD5:B82=>AB8 <5B>4>2 2708<>459AB28O A @K=:><, 1KAB@K< 87<5=5=85< M:>=><8G5A:>9 A8BC0F88. 5>?B8<0;L=0O AB@C:BC@0 >15A?5G820BL 2K6820=85 ?@54?@8OB8O, ?>MB><C 8 A>E@0=O5BAO 2 =587<5==>< 2845 4> =0ABC?;5=8O :@878A0. -DD5:B >B >@30=870F8>==KE 87<5=5=89 ?@54?@8OB8O, 2 7028A8<>AB8 >B A8BC0F88, <>65B 1KBL, A;54CNI8<: C25;8G5=85 ?@81K;8; A>:@0I5=85 =5?@>872>48B5;L=KE @0AE>4>2; ?5@53@C??8@>2:0 ?5@A>=0;0, 87102;5=85 >B 10;;0AB0; C;CGH5=85 <5B>4>2 2708<>459AB28O A> AB0@K<8 :;85=B0<8, ?@5:@0I5=85 8E ?>B5@L; ?>2KH5=85 MDD5:B82=>AB8 @01>BK A =>2K<8 :;85=B0<8, @>AB 20;>2KE ?>ABC?;5=89; 2KA2>1>645=85 @C:>2>4AB20 >B @CB8=K 4;O @5H5=8O 8<5==> AB@0B538G5A:8E 7040G; 1>;55 MDD5:B82=>5 @0A?@545;5=85 :0?8B0;0, CA:>@5=85 >1>@0G8205<>AB8 A@54AB2. =0G8B5;L=CN ?>;L7C ?@8=>A8B 4803=>AB8:0, ?@54H5AB2CNI0O >?B8<870F88, 2KO2;ONI0O 459AB28B5;L=K5 ?@>1;5<K ?@54?@8OB8O.  >1I5< A;CG05 @50 VX  & : < > @ B D r t v x ǴpR:jh 'h8>*B*CJUaJmHnHphuh 'h8CJaJmHnHu#h 'h80JCJaJmHnHu,jh 'h80JCJUaJmHnHuh 'h8CJaJjh 'h8CJUaJh8 h_<h8hnh85CJaJmH sH h85CJaJh5CJaJmH sH hhCJaJ X   & < > @ B    F$ $ dha$gd8$ $ dha$gd8gd8 $dha$gd8Ff$IfHf      F H J L        N P ةiQة.jh 'h8CJUaJmHnHu:jh 'h8>*B*CJUaJmHnHphu#h 'h80JCJaJmHnHuh 'h8CJaJmHnHu,jh 'h80JCJUaJmHnHu.jh 'h8CJUaJmHnHu+jh 'h8CJUaJmHnHu"h 'h8CJaJmHnHuP R T         X Z \ ^  ˹yi˹iK˹:jh 'h8>*B*CJUaJmHnHphuh 'h8CJaJmHnHu.jh 'h8CJUaJmHnHu+jh 'h8CJUaJmHnHu"h 'h8CJaJmHnHu#h 'h80JCJaJmHnHu,jh 'h80JCJUaJmHnHu:j h 'h8>*B*CJUaJmHnHphu       P R T V   FHҩiQҩ.jzh 'h8CJUaJmHnHu:jh 'h8>*B*CJUaJmHnHphu#h 'h80JCJaJmHnHuh 'h8CJaJmHnHu,jh 'h80JCJUaJmHnHu"h 'h8CJaJmHnHu+jh 'h8CJUaJmHnHu.jh 'h8CJUaJmHnHuHJL8:<@BDFHJ˹yi˹iK˹:j h 'h8>*B*CJUaJmHnHphuh 'h8CJaJmHnHu.jt h 'h8CJUaJmHnHu+jh 'h8CJUaJmHnHu"h 'h8CJaJmHnHu#h 'h80JCJaJmHnHu,jh 'h80JCJUaJmHnHu:jh 'h8>*B*CJUaJmHnHphu  LNPR:<ҩiQҩ.jh h 'h8CJUaJmHnHu:j h 'h8>*B*CJUaJmHnHphu#h 'h80JCJaJmHnHuh 'h8CJaJmHnHu,jh 'h80JCJUaJmHnHu"h 'h8CJaJmHnHu+jh 'h8CJUaJmHnHu.jn h 'h8CJUaJmHnHu T#'($dh`a$gdB#$dh[$\$`a$gdB#$dh[$\$`a$gdB# $dha$gdB# $dha$gd8$ $ dha$gd8$ $ dha$gd8<>@ VXZ\˹yi˹iK˹:j h 'h8>*B*CJUaJmHnHphuh 'h8CJaJmHnHu.jb h 'h8CJUaJmHnHu+jh 'h8CJUaJmHnHu"h 'h8CJaJmHnHu#h 'h80JCJaJmHnHu,jh 'h80JCJUaJmHnHu:j h 'h8>*B*CJUaJmHnHphu  DFHJ  HJҩiQҩ.jVh 'h8CJUaJmHnHu:j h 'h8>*B*CJUaJmHnHphu#h 'h80JCJaJmHnHuh 'h8CJaJmHnHu,jh 'h80JCJUaJmHnHu"h 'h8CJaJmHnHu+jh 'h8CJUaJmHnHu.j\ h 'h8CJUaJmHnHuJLNbdfF˹yi˹iK˹:jh 'h8>*B*CJUaJmHnHphuh 'h8CJaJmHnHu.jPh 'h8CJUaJmHnHu+jh 'h8CJUaJmHnHu"h 'h8CJaJmHnHu#h 'h80JCJaJmHnHu,jh 'h80JCJUaJmHnHu:jh 'h8>*B*CJUaJmHnHphuFHJNPRTVXҩiQҩBjh 'h8CJUaJ.jDh 'h8CJUaJmHnHu:jh 'h8>*B*CJUaJmHnHphu#h 'h80JCJaJmHnHuh 'h8CJaJmHnHu,jh 'h80JCJUaJmHnHu"h 'h8CJaJmHnHu+jh 'h8CJUaJmHnHu.jJh 'h8CJUaJmHnHuDF "0HbVl''''z''''(f(p(t((( ) )0)\)))))&*պɺɺ~sss~ssssssh3fkhB#CJaJh3fkhB#56CJaJhB#CJaJjh3fkhB#UhB#B*CJaJphh\hB#B*CJaJphh\hB#B*CJaJphhB#B*CJaJphh3YhB#B*CJaJph h_<hB#CJOJQJ^JaJh_<hB#CJaJ-(t( ))(*p**, --H/023X56 7 778b9z9 $dha$gdB# $dha$gdB#gdB#$ & F etdh^a$gdB#$dh`a$gdB#&*(*2*4*<*@*\*^*`*n*p******+ +D+++++++,,Z,f,,,,,-- --L-f-v-x-z---@.L.X.Z...H/h/////0001(1*1v1111D3`3P4R44ɾɾɾɾhhB#CJNHaJhhB#CJaJhhB#56CJaJhx :hB#CJaJ h~#hB#hB#hB#CJaJh3fkhB#CJaJF444444V5x555555,6:6@6P6R666 7 778b9x9z999::::fBhBGGHHIIJJʽylllh_<hB#CJNHaJ!jh_<hB#0JCJUaJh_<hB#CJH*aJjhB#0JCJUaJ hB#h#S hB#hB#h_<hB#CJaJh_<hB#OJQJ^J h_<hB#CJOJQJ^JaJ h_<hB#hx :hB#CJaJhhB#CJaJhB#CJaJ*z99=ADEGLSV^_bbcdeeFflhj$ & F dh^a$gdB#$dh`a$gdB# $dha$gdB#$dh`a$gdB# $dha$gdB#JKKMMMMLONONQPQQR^_bbeeFfnn"$"$RT^`܏>ʾvhB#OJQJ^JhB#CJOJQJ^JaJ h_<hB#CJOJQJ^JaJhB#CJaJ hB#hB#jhB#0JCJU\aJh_<hB#CJ\aJh_<hB#OJQJ^J!jh_<hB#0JCJUaJh_<hB#CJNHaJh_<hB#CJaJ.jmn.pqqtzx|,4Z&Z2 ܏ $dha$gdB#$ & Fdha$gdB#$ & F Z0dh^a$gdB#$dh`a$gdB#nTTZ| "ܛvgdB#$dh`a$gdB#$ & F p[dh1$7$8$H$^a$gdB#$dh`a$gdB# $dha$gdB#>B^tv`DfjnRT໱헊튀teXh_<hB#@CJaJhhB#CJaJmH sH hCJaJmH sH hB#@CJaJh_<hB#@CJaJhh@CJaJh_<hB#@CJaJhB#@CJaJh_<hB#@CJaJh_<hB#@CJ]aJhB#@CJaJh_<hB#@CJaJh_<hB#CJaJhB#CJaJ Z| "Ƥʤ̤ڤBBJNPئ "8LN\^ PT֨6: >FDHǼUh_<hB#OJQJ^Jh#ChB#CJaJhVhB#CJaJ h_<hB#hB#CJaJ hB#hB#h_<hB#CJaJh_<hB#@CJaJDvҟ̡6N̤ڤ": $ & F Zdh^a$gdB# $dha$gdB#$dh`a$gdB#$dh`a$gdB#$dh`a$gdB#gdB# $dha$gdB#$dh`a$gdB#$dh`a$gdB#pNPдvF̹6N$dh`a$gdB#gdB#$ & F Z`dh^a$gdB#$dh`a$gdB#$ & F Zdh^a$gd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finansovyi-krizis.ru  0N@>2 . 0: :>=D83C@8@>20BL 187=5A 8 =09B8 A2>N C=8:0;L=CN 187=5A-<>45;L? //!B@0B538G5A:89 <5=546<5=B, 2008, ! 1.  8E0=A:89 .!., 0C<>2 .. 5=546<5=B: G5;>25:, AB@0B538O, >@30=870F8O, ?@>F5AA. .: 038AB@, 2009.  !. 63  8;L=5@ .., 25=:> .., 0??>?>@B .!. !8AB5<=K9 ?>4E>4 8 >@30=870F8O C?@02;5=8O. - .: KAH55 >1@07>20=85, 2008.  !. 55  @025@<0= ., !0C;8= . =B53@0;L=0O >F5=:0 @57C;LB0B82=>AB8 ?@54?@8OB89. //>?@>AK M:>=><8:8, ! 6, 2008.   :=.: 20=F528G 6. ., >10=>2 ., '5;>25G5A:85 @5AC@AK C?@02;5=8O.  .: 5;>, 1993.  !. 52  (5:H=O !. >B@>B>2 . 8 4@. 5BA 45 @8A . >2K5 ;845@K @>AA89A:>3> 187=5A0.  .: ;L?8=0 87=5A C:A, 2005.  !. 66.   AB0BL5: >;:>2 . @30=870F8O <>=8B>@8=30 @0A?>7=020=8O :@878A=KE ?@>F5AA>2 2 <5=546<5=B5 8 A>740=85 ?@54?>AK;>: CA?5H=>9 @07@01>B:8 8 @50;870F88 0=B8:@878A=KE <5@. //5=546<5=B A53>4=O, 2008, ! 3.     N BTN&> $dha$gdB# $dha$gdB# $dha$gdB#$dh-DM `a$gdB# $dha$gdB#$dh`a$gdB#gdB#$dh`a$gdB#&>"*0 6BDPRZltzBR  :N V Z   P T Z hB#mH sH hCJaJmH sH h 4hB#CJaJh_<hB#OJQJ^JhB#CJOJQJ^JaJ h_<hB#CJOJQJ^JaJhjhB#CJaJhQhB#CJaJhhB#CJaJh_<hB#CJaJhB#CJaJ2j > ^  2 l   Z  8t $dha$gdB# $dha$gdB#gdB#$ & F Zdh^a$gdB#$ & F Zdh^a$gdB#$dh`a$gdB#Z  (:BH 48@F6  " "~"\%x%******+++V+++L,-- -$-&-(--..6.F.H... /$/(/0/V/Z//33@4B4·hjRhB#CJaJh7y:hB#CJaJh9yhB#CJaJh7hB#CJaJhB#mH sH h_<hB#CJaJhB#CJaJh 4hB#CJaJh_<hB#OJQJ^J?:4 ~"&(**+++++$dh`a$gdB#gdB#$ & F Zdh^a$gdB#$dh`a$gdB#$ & F Zdh^a$gdB#+V+Z//01H22 3T3H46t9&>>> ?A G$Sdh`Sa$gdB#gdB#$ & F Ydh^a$gdB# $dha$gdB#$dh`a$gdB#$dh`a$gdB#B4444455556 686:6T6V688:<B<<$>&>>>>? ?A GtGGdHHHHIXJDKKKL˿xxxjhB#@B*CJaJph!hP/0hB#@B*CJaJph!hP/0hB#@B*CJaJph!hP/0hB#@B*CJaJphhP/0hB#CJaJhB#5CJaJhu-hB#5CJaJhB#CJaJmH sH hhB#CJaJh_<hB#CJaJhB#CJaJhjRhB#CJaJ' GHLN"O8P&QQRTb!$H+dh-DM ]H^+`a$gdB#$ & F :dh-DM ]:a$gdB#$ & F dha$gdB#$Xdh`Xa$gdB#!$::dh-DM ]:^:`a$gdB#!$+Hdh-DM ]+^H`a$gdB# L,L8L|MMTN`NNN"O$O8P:P&Q(QQQQdRfRRRRRSSTTTUTUUĶudSSud!hP/0hB#@B*CJaJph!hP/0hB#@B*CJaJph'hP/0hB#6@B*CJ]aJphhP/0hB#CJaJ!hP/0hB#@B*CJaJph!hKhhB#@B*CJaJphhB#@B*CJaJph!hKhhB#@B*CJaJphhKhhB#B*CJaJphhB#B*CJaJphhP/0hB#B*CJaJphU@VBVlVV2W&XXXXXBYYYDZ[[[[[[\ \v\\\\\]㇀tlaaaUhCJaJmH sH h~hB#CJaJhB#CJaJ hB#CJaJ mH sH  hB#hB#hB#CJaJ!hP/0hB#@B*CJaJph!hP/0hB#@B*CJaJph!hP/0hB#@B*CJaJphhP/0hB#B*CJaJph#hP/0hB#6B*CJ]aJphhP/0hB#CJaJ!hP/0hB#@B*CJaJphTBVXY[[[ \\]^|whYYY$dh`a$gdB#$Sdh`Sa$gdB#gdB#$dh`a$gdB#$Vdh-DM ]V`a$gdB#$sdh-DM ]s`a$gdB#$ldh-DM ]l`a$gdB#$Vdh-DM ]V^`a$gdB# ]]l`n`p```bbffffggggjk kNkdklkkkklllBmDmFm(nnoqFqHq sDsrszsø楏ԥԥԂxԥԥԥԥmh&}hB#CJaJhB#@CJaJh_<hB#@CJaJhz hB#CJaJhQrhB#CJaJhB#CJaJhdhB#CJaJhs=hB#CJaJ h_<hB#CJOJQJ^JaJh_<hB#CJaJ h_<hB#h~hB#CJaJhhB#CJaJmH sH *^n`p```bfgjkFm&no suwFxX}~j$ & F Zdh^a$gdB#$dh`a$gdB# $dha$gdB# $dha$gdB#$dh`a$gdB#zs~sss(t6ttuuFxyzzJzLz`zbz|&}@}B}V}X}}0~8~<~>~d~~~~~~ʉ(H֍ڍnp "͵ͪ㪵ͣ h_<hB#CJOJQJ^JaJ h_<hB#hGhB#CJaJh_<hB#@CJaJhhB#CJaJh~hB#CJaJh&}hB#CJaJhB#CJaJh_<hB#CJaJhB#@CJaJ5j:|H֍؍ڍJ"x2$ & F thdh^ha$gdB#$ & F thdh^ha$gdB# $dha$gdB#gdB#$dh`a$gdB#$ & F Zdh^a$gdB#"2XZ60FHJvxz`bd@BD>@B(޺}v}eZ}S}}L}} heEh h\y9hhhhCJaJ!jhhh0JCJUaJ h_<hhjh0JUhzhCJaJ!jhzh0JCJUaJhB#hB#mH sH hmH sH  h_<hB#CJOJQJ^JaJhO:hB#CJaJhB#CJaJh_<hB#CJaJhCJaJmH sH hhB#CJaJ2Z60Hvb@>ܚЛdfjlprvx|~$a$gdB#$a$gdB#gdB# $dha$gdB#$ & F thdh^ha$gdB#(ʚښܚޚxzΛЛқԛdfhlnrtxzŽŽŽŽŲhB#hB#mH sH jh'IUh'I hvOhjhvOh0JU h Th h.hjh0JUh h<hgdB#,1h. A!"R#n$n% $$If!v h55 555P555P5 #v#v #v#v#vP#v#v#vP#v :V  `````````Z6, 5 34pZytskd$$If  m ""$ `````````Z6$$$$34apZyt}DyK _Toc228022504}DyK _Toc228022504}DyK _Toc228022505}DyK _Toc228022505}DyK _Toc228022506}DyK _Toc228022506}DyK _Toc228022507}DyK _Toc228022507}DyK _Toc228022508}DyK _Toc228022508}DyK _Toc228022509}DyK _Toc228022509}DyK _Toc228022510}DyK _Toc228022510}DyK _Toc228022511}DyK _Toc228022511}DyK _Toc228022512}DyK _Toc228022512}DyK _Toc228022513}DyK _Toc228022513}DyK _Toc228022514}DyK _Toc228022514}DyK _Toc228022515}DyK _Toc228022515}DyK _Toc228022516}DyK _Toc228022516}DyK _Toc228022517}DyK _Toc228022517B@B B#1KG=K9CJ_HaJmHsHtH^@^ B# 03>;>2>: 1$<@&5CJ KH OJQJ\^JaJ `@` B# 03>;>2>: 2$<@& 56CJOJQJ\]^JaJBA@B A=>2=>9 H@8DB 0170F0Xi@X 1KG=0O B01;8F04 l4a .k@. 5B A?8A:04@4 B# 3;02;5=85 1<@< B# 3;02;5=85 2 ^:U@: B# 8?5@AAK;:0 >*B*phdO"d B#=0: =0: =0: =0:$dhCJaJmH sH tH 2&@12 B# =0: A=>A:8H*<@B< B# "5:AB A=>A:8CJaJN^@RN B# 1KG=K9 (251)dd[$\$ B*ph2Ob2 B#maindd[$\$ZC@rZ B#A=>2=>9 B5:AB A >BABC?>< `aJ"e-f3?A{J,jqruz{ TGZ e :8rF E [h"%\'H++C-g--P...#/60t12h3444 6 9<:<=>?-?H?[???ACCSDvDEE7F}FFF*GsGGG-HTHHIIGIHII;KKLN'NfNmNNOOOOPPPP8QQ'R(SVThVVVW;WWW#XpXXfYqYYYYY[\]]"^^___\`obpbbbcccef[hhii.iMiXiiigjjjlnQoqq?-?H?[???ACCSDvDE7F}FFF*GsGGG-HTHHIGIHII;KKLN'NfNNOOOPPPP8QQ'R(SVThVVVW;WWW#XpXXfYqYYYY[\]]"^^___\`obpbbbcccef[hhii.iMiiigjjjlnQoqqZ B4LU]zs"(]`abcdfghijlmors(z9jvN+ GT^j2^eknpqtu_%h   .i%(]y|}   -b~&2NQRTt X%ĕX%ĕX%ĕX%ĕX%ĕX%ĕX%ĕX%ĕX%ĕX%ĕX%ĕX%ĕX%ĕX%ĕ̕l,b$i:Ԙp?i:Tp[[\]9gd[[\]?mjC*urn:schemas-microsoft-com:office:smarttagsmetricconverter @= 1996 32007 32008 32010 32020 3 ProductIDh"o"O#`#22>>@@IIQQ#*6҆܆қܛԪڪ &5:%+/7AEIM25;!(.5> hnrz  '-.3Z!g"g-t---P.g.lDqDIIJJ]NbNO$O"P'PQQYYY[h_m_\`nb+c1chhjjqqyy*6R]bfku,j8C-g-??3FF-HTHIHIPPVWefiXi _Toc228022514=8 _Toc228022513=2 _Toc228022512=, _Toc228022511=& _Toc228022510=  _Toc228022509= _Toc228022508= _Toc228022507= _Toc228022506= _Toc228022505= _Toc228022504  !"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwxyz{|}~      !"#$%&'()*+,-./013456789;<=>?@AFRoot Entry FPrHData 1Table|WordDocument.SummaryInformation(2DocumentSummaryInformation8:CompObjq  F Microsoft Office Word MSWordDocWord.Document.89q