ࡱ> %`bjbjٕ.*zNNNNNNNbEEEE\FFTb_xF^GGGGGHlH8M_O_O_O_O_O_O_$^ahcPs_-N2IGG2I2Is_NNGG_FNFNFN2INGNGM_FN2IM_FNFN]|NN)_GF ?BEKu^M__0_^dMXd$)_dN)_$2I2IFN2I2I2I2I2Is_s_AB8 >@30=870F88 >:070B5;8 @5=B015;L=>AB8 O2;ONBAO >A=>2=K<8 E0@0:B5@8AB8:0<8 MDD5:B82=>AB8 D8=0=A>2>-E>7O9AB25==>9 45OB5;L=>AB8 >@30=870F88. =8 @0AAG8BK20NBAO :0: >B=>A8B5;L=K5 ?>:070B5;8 D8=0=A>2KE @57C;LB0B>2, ?>;CG5==KE >@30=870F859 70 >BG5B=K9 ?5@8>4. -:>=><8G5A:>5 A>45@60=85 ?>:070B5;59 @5=B015;L=>AB8 A2>48BAO : ?@81K;L=>AB8 45OB5;L=>AB8 >@30=870F88.  ?@>F5AA5 0=0;870 @5=B015;L=>AB8 8AA;54CNBAO C@>25=L ?>:070B5;59, 8E 48=0<8:0, >?@545;O5BAO A8AB5<0 D0:B>@>2, 2;8ONI8E =0 8E 87<5=5=85.  A2>59 ?@0:B8G5A:>9 45OB5;L=>AB8 >@30=870F88 ?@>872>4OB @0AG5B =5A:>;L:8E 284>2 @5=B015;L=>AB8: -@5=B015;L=>AB8 ?@>406; -@5=B015;L=>AB8 >@30=870F88; -@5=B015;L=>AB8 0:B82>2; -@5=B015;L=>AB8 >A=>2=>3> :0?8B0;0; -@5=B015;L=>AB8 A>1AB25==>3> :0?8B0;0. 5=B015;L=>ABL B>20@>>1>@>B0 (?@>406) >B@0605B 7028A8<>ABL <564C ?@81K;LN 8 B>20@>>1>@>B>< 8 ?>:07K205B 25;8G8=C ?@81K;8, ?>;CG5==CN A 548=8FK ?@>40==>3> B>20@0. 5=B015;L=>ABL ?@>406 >?@545;O5BAO >@30=870F859 :0: >B=>H5=85 ?@81K;8 : >1J5<C @50;87>20==>9 ?@>4C:F88, C<=>65==>5 =0 100%: ?@. =  :  E 100%, 345 ?@. - ?>:070B5;L @5=B015;L=>AB8 ?@>4C:F88 (B>20@>2);  - ?>:070B5;L ?@81K;8 >B @50;870F88 ?@>4C:F88;  - ?>:070B5;L 2K@CG:8 >B @50;870F88 ?@>4C:F88 (70 2KG5B>< !, 0:F87>2 8 0=0;>38G=KE >1O70B5;L=KE ?;0B5659). A;8 =0 @5=B015;L=>ABL ?@>406 2;8ONB ?>:070B5;8 2K@CG:8 >B @50;870F88 ?@>4C:F88 (B>20@>2) 8 A515AB>8<>ABL @50;87>20==>9 ?@>4C:F88 (B>20@>2), B> @5=B015;L=>ABL >@30=870F88 7028A8B =5 B>;L:> >B MB8E ?>:070B5;59, => 8 >B ?@>F5=B>2 : ?>;CG5=8N 8 C?;0B5, >B 4>E>4>2 >B CG0AB8O 2 4@C38E >@30=870F8OE, >?5@0F8>==KE 8 2=5@50;870F8>==KE 4>E>4>2 8 @0AE>4>2. 5=B015;L=>ABL 0:B82>2 >?@545;O5BAO 2 >@30=870F88 :0: >B=>H5=85 G8AB>9 ?@81K;8 70 >BG5B=K9 ?5@8>4 : AB>8<>AB8 0:B82>2 >@30=870F88 =0 :>=5F >BG5B=>3> ?5@8>40, C<=>65==>5 =0 100%. $>@<C;0 >?@545;5=8O @5=B015;L=>AB8 0:B82>2 2K3;O48B A;54CNI8< >1@07><: 0:B. = G : :B E 100%, 345 0:B. - @5=B015;L=>ABL 0:B82>2; G - G8AB0O ?@81K;L; :B - AB>8<>ABL 0:B82>2. 5=B015;L=>ABL >A=>2=>3> :0?8B0;0 >?@545;O5BAO >@30=870F859 :0: >B=>H5=85 G8AB>9 ?@81K;8 : >A=>2=><C :0?8B0;C, C<=>65==>5 =0 100%: >: = G : !>: E 100%, 345 >: - @5=B015;L=>ABL >A=>2=>3> :0?8B0;0; G - G8AB0O ?@81K;L; !>: - AB>8<>ABL >A=>2=>3> :0?8B0;0. >:070B5;L @5=B015;L=>AB8 A>1AB25==>3> :0?8B0;0 >B@0605B MDD5:B82=>ABL :0?8B0;0, 8=25AB8@>20==>3> 2 >@30=870F8N 70 AG5B A>1AB25==KE 8AB>G=8:>2 D8=0=A8@>20=8O. 7<5=5=85 MB>3> ?>:070B5;O 2 @O45 A;CG052 >:07K205B =5?>A@54AB25==>5 2;8O=85 =0 C@>25=L :>B8@>2:8 0:F89 =0 D>=4>2KE 18@60E. 5=B015;L=>ABL A>1AB25==>3> :0?8B0;0 >?@545;O5BAO ?> A;54CNI59 D>@<C;5: A: = G; : !>A E 100%, 345 A: - @5=B015;L=>ABL A>1AB25==>3> :0?8B0;0; G; - ?>:070B5;L G8AB>9 ?@81K;8 70 @O4 ;5B; !>A - A@54=OO AB>8<>ABL >A=>2=KE A@54AB2. 0@O4C A >A=>2=K<8 ?>:070B5;O<8 @5=B015;L=>AB8 8A?>;L7C5BAO 1>;LH>5 :>;8G5AB2> G0AB=KE ?>:070B5;59, B0:8E :0:: @5=B015;L=>ABL MDD5:B82=>AB8 B5:CI8E 70B@0B (>B=>H5=85 ?@81K;8 : 8745@6:0< >1@0I5=8O), @5=B015;L=>ABL 70B@0B 682>3> B@C40 (>B=>H5=85 ?@81K;8 : 70@01>B=>9 ?;0B5), @5=B015;L=>ABL >1>@>B=KE A@54AB2 (>B=>H5=85 ?@81K;8 : A@54=59 25;8G8=5 >1>@>B=KE A@54AB2), @5=B015;L=>ABL MDD5:B82=>AB8 8A?>;L7>20=8O @01>G59 A8;K (>B=>H5=85 ?@81K;8 : G8A;5==>AB8 70=OBKE =0 ?@54?@8OB88 @01>G8E), @5=B015;L=>ABL MDD5:B82=>AB8 8A?>;L7>20=8O B>@3>2KE ?;>I0459, @5=B015;L=>ABL MDD5:B82=>AB8 8A?>;L7>20=8O >A=>2=>3> :0?8B0;0 8 B.4. '0AB=K5 ?>:070B5;8 @5=B015;L=>AB8 E0@0:B5@87CNB MDD5:B82=>ABL 8A?>;L7>20=8O >B45;L=KE 284>2 @5AC@A>2 B>@3>2K<8 ?@54?@8OB8O<8. !=865=85 8745@65: >1@0I5=8O A?>A>1AB2C5B ?>2KH5=8N C@>2=O @5=B015;L=>AB8 @50;87C5<KE B>20@>2, B0: :0: @57C;LB0B ?> ?@81K;8 8AG8A;O5BAO :0: @07=8F0 <564C 2K@CG:>9 >B @50;870F88 B>20@>2 8 A515AB>8<>ABLN @50;87>20==KE B>20@>2. !=865=85 8745@65: >1@0I5=8O B>20@>2 4>AB8305BAO 70 AG5B 2=54@5=8O MDD5:B82=>3> 8 =54>@>3>AB>OI53> >1>@C4>20=8O 8 A>2@5<5==KE B5E=>;>389, CAB0=>2;5=8O A8AB5<0B8G5A:>3> :>=B@>;O 70 2>7=8:0NI8<8 ?@O<K<8 8 :>A25==K<8 @0AE>40<8. =0;87 D8=0=A>2>9 CAB>9G82>AB8 $8=0=A>20O CAB>9G82>ABL  >4=0 87 E0@0:B5@8AB8: A>>B25BAB28O AB@C:BC@K 8AB>G=8:>2 D8=0=A8@>20=8O 2 AB@C:BC@5 0:B82>2.  >B;8G85 >B ?;0B565A?>A>1=>AB8, :>B>@0O >F5=8205B >1>@>B=K5 0:B82K 8 :@0B:>A@>G=K5 >1O70B5;LAB20 ?@54?@8OB8O, D8=0=A>20O CAB>9G82>ABL >?@545;O5BAO =0 >A=>25 A>>B=>H5=8O @07=KE 284>2 8AB>G=8:>2 D8=0=A8@>20=8O 8 53> A>>B25BAB28O A>AB02C 0:B82>2. 040G59 0=0;870 D8=0=A>2>9 CAB>9G82>AB8 O2;O5BAO >F5=:0 AB5?5=8 =57028A8<>AB8 >B 705<=KE 8AB>G=8:>2 D8=0=A8@>20=8O. >AB0B>G=0O 4>;O A>1AB25==>3> :0?8B0;0 >7=0G05B, GB> 705<=K5 8AB>G=8:8 D8=0=A8@>20=8O 8A?>;L7CNBAO ?@54?@8OB85< ;8HL 2 B5E ?@545;0E, 2 :>B>@KE >=> <>65B >15A?5G8BL 8E ?>;=K9 8 A2>52@5<5==K9 2>72@0B. ! MB>9 B>G:8 7@5=8O :@0B:>A@>G=K5 >1O70B5;LAB20 ?> AC<<5 =5 4>;6=K ?@52KH0BL AB>8<>AB8 ;8:284=KE 0:B82>2.  40==>< A;CG05 ;8:284=K5 0:B82K  =5 2A5 >1>@>B=K5 0:B82K, :>B>@K5 <>6=> 1KAB@> ?@52@0B8BL 2 45=L38 157 >ICB8<KE ?>B5@L AB>8<>AB8 ?> A@02=5=8N A 10;0=A>2>9, 0 B>;L:> 8E G0ABL.  A>AB025 ;8:284=KE 0:B82>2  70?0AK 8 =57025@H5==>5 ?@>872>4AB2>. E ?@52@0I5=85 2 45=L38 2>7<>6=>, => 53> =0@CH8B 15A?5@51>9=CN 45OB5;L=>ABL ?@54?@8OB8O. >=OB85 CAB>9G82>AB8 O2;O5BAO <=>3>D0:B>@=K< 8 <=>3>?;0=>2K<. "0:, 2 7028A8<>AB8 >B 2;8ONI8E =0 =55 D0:B>@>2, CAB>9G82>ABL ?@54?@8OB8O ?>4@0745;ONB =0 2=CB@5==NN 8 2=5H=NN, >1ICN, D8=0=A>2CN. @8 ?@>2545=88 2=CB@5==53> 0=0;870 D8=0=A>2>9 CAB>9G82>AB8 ?@54?@8OB8O: -40==K5 ?5@28G=>3> 1CE30;B5@A:>3> CG5B0 - ?C1;8G=0O D8=0=A>20O 8 AB0B8AB8G5A:0O >BG5B=>ABL - 8=D>@<0F8O 2=CB@5==59 >BG5B=>AB8 - =>@<0B82=> A?@02>G=0O 8=D>@<0F8O - 0:BK @528789 8 8=25=B0@870F89 - 0=0;8B8G5A:85 @0AG5BK - 70:;NG5=8O 0C48B>@A:8E D8@< 8=D>@<0F8O 187=5A-?;0=>2 8 1N465B>2 - @57C;LB0BK >?@>A>2 8 0=:5B8@>20=8O @01>B=8:>2 8=D>@<0F8>==K5 @5AC@AK. ;O ?@54?@8OB89 8 >@30=870F89, >1;040NI8E 7=0G8B5;L=>9 4>;59 <0B5@80;L=KE >1>@>B=KE A@54AB2 2 A2>8E 0:B820E, <>6=> ?@8<5=8BL <5B>48:C >F5=:8 4>AB0B>G=>AB8 8AB>G=8:>2 D8=0=A8@>20=8O 4;O D>@<8@>20=8O <0B5@80;L=KE >1>@>B=KE A@54AB2. 1>1I0NI8< ?>:070B5;5< D8=0=A>2>9 =57028A8<>AB8 O2;O5BAO 87;8H5: 8;8 =54>AB0B>: 8AB>G=8:>2 A@54AB2 4;O D>@<8@>20=8O 70?0A>2, :>B>@K9 >?@545;O5BAO 2 2845 @07=8FK 25;8G8=K 8AB>G=8:>2 A@54AB2 8 25;8G8=K 70?0A>2. ;O E0@0:B5@8AB8:8 8AB>G=8:>2 D>@<8@>20=8O 70?0A>2 8 70B@0B 8A?>;L7C5BAO =5A:>;L:> ?>:070B5;59, :>B>@K5 >B@060NB @07;8G=K5 284K 8AB>G=8:>2. 1. 0;8G85 A>1AB25==KE >1>@>B=KE A@54AB2: !! = 0?8B0; 8 @575@2K - =5>1>@>B=K5 0:B82K 8;8 !! = (AB@. 490 - AB@. 190) 2. 0;8G85 A>1AB25==KE 8 4>;3>A@>G=KE 705<=KE 8AB>G=8:>2 D>@<8@>20=8O 70?0A>2 8;8 DC=:F8>=8@CNI89 :0?8B0; ($): $ = [0?8B0; 8 @575@2K + >;3>A@>G=K5 ?0AA82K]- =5>1>@>B=K5 0:B82K 8;8 $ = ([AB@. 490 + AB@. 590] - AB@. 190) 3. 1I0O 25;8G8=0 >A=>2=KE 8AB>G=8:>2 D>@<8@>20=8O 70?0A>2 (!>1AB25==K5 8 4>;3>A@>G=K5 705<=K5 8AB>G=8:8 + @0B:>A@>G=K5 :@548BK 8 709<K  =5>1>@>B=K5 0:B82K):  = [0?8B0; 8 @575@2K + >;3>A@>G=K5 ?0AA82K + @0B:>A@>G=K5 :@548BK 8 709<K]  =5>1>@>B=K5 0:B82K 8;8  = (AB@. 490 + AB@. 590 + AB@. 610) - AB@. 190 "@5< ?>:070B5;O< =0;8G8O 8AB>G=8:>2 D>@<8@>20=8O 70?0A>2 A>>B25BAB2CNB B@8 ?>:070B5;O >15A?5G5==>AB8 70?0A>2 8AB>G=8:0<8 D>@<8@>20=8O: 1. 7;8H5: (+) 8;8 =54>AB0B>: ( ) A>1AB25==KE >1>@>B=KE A@54AB2: +$! = !! - ? 8;8 +$! = AB@. 490 - AB@. 190 - AB@. 210 2. 7;8H5: (+) 8;8 =54>AB0B>: ( ) A>1AB25==KE 8 4>;3>A@>G=KE 705<=KE 8AB>G=8:>2 D>@<8@>20=8O 70?0A>2- DB = $ - ? 8;8 + $B = AB@. 490 + AB@. 590 - AB@. 190 - AB@. 210 3. 7;8H5: (+) 8;8 =54>AB0B>: ( ) >1I59 25;8G8=K >A=>2=KE 8AB>G=8:>2 4;O D>@<8@>20=8O 70?0A>2: $ =  - ? 8;8 $ = AB@. 490 +AB@. 590 + AB@. 610 - AB@. 190 - AB@. 210 ;O >?@545;5=8O B8?0 D8=0=A>2>9 CAB>9G82>AB8 :><?0=88 A>AB02;O5BAO B01;8F0 A>>B25BAB28O ?>:070B5;59 B8?0< D8=0=A>2>9 CAB>9G82>AB8. ;O 0=0;870 D8=0=A>2>9 CAB>9G82>AB8 B@048F8>==> ?@8<5=O5BAO F5;K9 @O4 :>MDD8F85=B>2. =8 2 >?@545;5==>9 AB5?5=8 ?>:07K20NB C@>25=L D8=0=A>2>9 CAB>9G82>AB8, => =5 >B25G0NB =0 2>?@>A, 4>AB0B>G5= ;8 B0:>9 C@>25=L. E @0AG5B ?@>872>48BAO ?> ?>:070B5;O< ?;0=>2>3> 8;8 D0:B8G5A:>3> 10;0=A0 0:B82>2 8 ?0AA82>2. #@>25=L :>MDD8F85=B>2 <>65B A;C68BL >B?@02=>9 B>G:>9 4;O >F5=:8 D8=0=A>2>9 CAB>9G82>AB8, >4=0:>, A =5:>B>@K<8 >3>2>@:0<8 8 CB>G=5=8O<8. >MDD8F85=B :0?8B0;870F88 (?;5G> D8=0=A>2>3> @KG030) = EMBED Equation.3  =5 2KH5 1,5 >MDD8F85=B >15A?5G5==>AB8 A>1AB25==K<8 8AB>G=8:0<8 D8=0=A8@>20=8O = EMBED Equation.3  86=OO 3@0=8F0 0,1; ?B.U2e"0,5 >MDD8F85=B D8=0=A>2>9 =57028A8<>AB8 (02B>=><88)=  EMBED Equation.3 0,4d"U3e" 0,6 >MDD8F85=B D8=0=A8@>20=8O = EMBED Equation.3 , U4e"0,7; ?B. = 1,5 >MDD8F85=B D8=0=A>2>9 CAB>9G82>AB8=  EMBED Equation.3  U5e"0,6 #@>25=L >1I59 D8=0=A>2>9 =57028A8<>AB8 E0@0:B5@87C5BAO :>MDD8F85=B>< U3, B.5. >?@545;O5BAO C45;L=K< 25A>< A>1AB25==>3> :0?8B0;0 >@30=870F88 2 >1I59 53> 25;8G8=5 U3 >B@0605B AB5?5=L =57028A8<>AB8 >@30=870F88 >B 705<=KE 8AB>G=8:>2.  1>;LH8=AB25 AB@0= ?@8=OB> AG8B0BL D8=0=A>2> =57028A8<>9 D8@<C A C45;L=K< 25A>< A>1AB25==>3> :0?8B0;0 2 >1I59 53> 25;8G8=5 >B 30% (:@8B8G5A:0O B>G:0) 4> 70%. #AB0=>2;5=85 :@8B8G5A:>9 B>G:8 =0 C@>2=5 30% 4>AB0B>G=> CA;>2=> 8 O2;O5BAO 8B>3>< A;54CNI8E @0AAC645=89: 5A;8 2 >?@545;5==K9 <><5=B 10=:, :@548B>@K ?@54JO2OB 2A5 4>;38 : 27KA:0=8N, B> >@30=870F8O A<>65B 8E ?>30A8BL, @50;87>202 30% A2>53> 8<CI5AB20, AD>@<8@>20==>3> 70 AG5B A>1AB25==KE 8AB>G=8:>2, 4065 5A;8 >AB02H0OAO G0ABL 8<CI5AB20 >:065BAO ?> :0:8<-;81> ?@8G8=0< =5;8:284=>9. 803=>AB8:0 10=:@>BAB20 >@30=870F88 !8AB5<0 DC=40<5=B0;L=>9 4803=>AB8:8 10=:@>BAB20 5. $C=40<5=B0;L=0O 4803=>AB8:0 10=:@>BAB20 E0@0:B5@87C5B A8AB5<C >F5=:8 ?0@0<5B@>2 :@878A=>3> D8=0=A>2>3> @0728B8O ?@54?@8OB8O, >ACI5AB2;O5<>9 =0 >A=>25 <5B>4>2 D0:B>@=>3> 0=0;870 8 ?@>3=>78@>20=8O. A=>2=K<8 F5;O<8 DC=40<5=B0;L=>9 4803=>AB8:8 10=:@>BAB20 O2;O5BAO: 1.C3;C1;5=85 @57C;LB0B>2 >F5=:8 :@878A=KE ?0@0<5B@>2 D8=0=A>2>3> @0728B8O ?@54?@8OB8O, ?>;CG5==KE 2 ?@>F5AA5 M:A?@5AA-4803=>AB8:8 10=:@>BAB20; 53:89 D8=0=A>2K9 :@878A: !=865=85 ;8:284=>AB8 45=56=>3> ?>B>:0 !B018;870F8O @K=>G=>9 AB>8<>AB8 ?@54?@8OB8O !=865=85 :>MDD8F85=B0 02B>=><88 >2KH5=85 AC<<K 8 C45;L=>3> 25A0 :@0B:>A@>G=KE D8=0=A>2KE >1O70B5;LAB2 !=865=85 :>MDD8F85=B0 01A>;NB=>9 ?;0B565A?>A>1=>AB8 "5=45=F8O : @>ABC C@>2=O ?5@5<5==KE 70B@0B >2KH5=85 :>MDD8F85=B0 2;>65=8O :0?8B0;0 2 7>=5 :@8B8G5A:>3> C@>2=O. ;C1>:89 D8=0=A>2K9 :@878A: B@8F0B5;L=>5 7=0G5=85 G8AB>3> 45=56=>3> ?>B>:0 "5=45=F8O : A=865=8N @K=>G=>9 AB>8<>AB8 ?@54?@8OB8O >AB :>MDD8F85=B0 8 A=865=85 MDD5:B0 D8=0=A>2>3> ;525@8460 KA>:89 :>MDD8F85=B =5>B;>6=KE D8=0=A>2KE >1O70B5;LAB2 !CI5AB25==>5 A=865=85 :>MDD8F85=B>2 01A>;NB=>9 8 B5:CI59 ?;0B565A?>A>1=>AB8 KA>:89 :>MDD8F85=B >?5@0F8>==>3> ;525@8460 ?@8 B5=45=F88 : @>ABC C@>2=O ?5@5<5==KE 70B@0B @58<CI5AB25==>5 2;>65=85 :0?8B0;0 2 7>=5 :@8B8G5A:>3> @8A:0 $8=0=A>20O :0B0AB@>D0: 57:> >B@8F0B5;L=>5 7=0G5=85 G8AB>3> 45=56=>3> ?>B>:0 120;L=>5 A=865=85 @K=>G=>9 AB>8<>AB8 ?@54?@8OB8O @545;L=> 2KA>:89 :>MDD8F85=B 8 >BACBAB285 MDD5:B0 D8=0=A>2>3> ;525@8460 '@57<5@=> 2KA>:89 :>MDD8F85=B =5>B;>6=KE D8=0=A>2KE >1O70B5;LAB2 1A>;NB=0O =5?;0B565A?>A>1=>ABL 87-70 >BACBAB28O 45=56=KE 0:B82>2 G5=L 2KA>:89 :>MDD8F85=B >?5@0F8>==>3> ;525@8460 ?@8 B5=45=F88 : @>ABC >1I53> C@>2=O B5:CI8E 70B@0B =0G8B5;L=0O 4>;O 2;>65=8O :0?8B0;0 2 7>=5 :0B0AB@>D8G5A:>3> @8A:0. 2.?>4B25@645=85 ?>;CG5==>9 ?@5420@8B5;L=>9 >F5=:8 <0AHB01>2 :@878A=>3> D8=0=A>2>3> A>AB>O=8O ?@54?@8OB8O; 3.?@>3=>78@>20=85 @0728B8O >B45;L=KE D0:B>@>2, 35=5@8@CNI8E C3@>7C 10=:@>BAB20 ?@54?@8OB8O, 8 8E =530B82=KE ?>A;54AB289; 4.>F5=:0 8 ?@>3=>78@>20=85 A?>A>1=>AB8 ?@54?@8OB8O : =59B@0;870F88 C3@>7K 10=:@>BAB20 70 AG5B 2=CB@5==53> D8=0=A>2>3> ?>B5=F80;0. $C=40<5=B0;L=0O 4803=>AB8:0 10=:@>BAB20 >ACI5AB2;O5BAO ?> A;54CNI8< >A=>2=K< MB0?0<: !8AB5<0B870F8O >A=>2=KE D0:B>@>2, >1CA;02;820NI8E :@878A=>5 D8=0=A>2>5 @0728B85 ?@54?@8OB8O @>2545=85 :><?;5:A=>3> DC=40<5=B0;L=>3> 0=0;870 A 8A?>;L7>20=85< A?5F80;L=KE <5B>4>2 >F5=:8 2;8O=8O >B45;L=KE D0:B>@>2 =0 :@878A=>5 D8=0=A>2>5 @0728B85 ?@54?@8OB8O @>3=>78@>20=85 @0728B8O :@878A=>3> D8=0=A>2>3> A>AB>O=8O ?@54?@8OB8O ?>4 =530B82=K< 2>7459AB285< >B45;L=KE D0:B>@>2 @>3=>78@>20=85 A?>A>1=>AB8 ?@54?@8OB8O : =59B@0;870F88 C3@>7K 10=:@>BAB20 70 AG5B 2=CB@5==53> D8=0=A>2>3> ?>B5=F80;0 :>=G0B5;L=>5 >?@545;5=85 <0AHB01>2 :@878A=>3> D8=0=A>2>3> A>AB>O=8O ?@54?@8OB8O.  ?@>F5AA5 >ACI5AB2;5=8O DC=40<5=B0;L=>3> 0=0;870 8A?>;L7CNBAO A;54CNI85 >A=>2=K5 <5B>4K: " ?>;=K9 :><?;5:A=K9 0=0;87 D8=0=A>2KE :>MDD8F85=B>2. @8 >ACI5AB2;5=88 MB>3> 0=0;870 ACI5AB25==> @0AH8@O5BAO :@C3 >1J5:B>2 ":@878A=>3> ?>;O", 0 B0:65 A8AB5<0 ?>:070B5;59-8=48:0B>@>2 2>7<>6=>9 C3@>7K 10=:@>BAB20; " :>@@5;OF8>==K9 0=0;87. -B>B <5B>4 8A?>;L7C5BAO 4;O >?@545;5=8O AB5?5=8 2;8O=8O >B45;L=KE D0:B>@>2 =0 E0@0:B5@ :@878A=>3> D8=0=A>2>3> @0728B8O ?@54?@8OB8O. >;8G5AB25==> AB5?5=L MB>3> 2;8O=8O <>65B 1KBL 87<5@5=0 A ?><>ILN >4=>- 8;8 <=>3>D0:B>@=KE <>45;59 :>@@5;OF88. > @57C;LB0B0< B0:>9 >F5=:8 ?@>2>48BAO @0=68@>20=85 >B45;L=KE D0:B>@>2 ?> AB5?5=8 8E =530B82=>3> 2>7459AB28O =0 D8=0=A>2>5 @0728B85 ?@54?@8OB8O; " !"  0=0;87 [SWOT-analysis]. 0720=85 MB>3> <5B>40 ?@54AB02;O5B 011@5280BC@C =0G0;L=KE 1C:2 B5@<8=>2, E0@0:B5@87CNI8E >1J5:BK MB>3> 0=0;870: S Strength (A8;L=K5 AB>@>=K ?@54?@8OB8O); W Weakness (A;01K5 AB>@>=K ?@54?@8OB8O);  Opportunity (2>7<>6=>AB8 @0728B8O ?@54?@8OB8O); " Treat (C3@>7K @0728B8N ?@54?@8OB8O). =0;8B8G5A:0O ">45;L ;LB<0=0". =0 ?@54AB02;O5B A>1>9 0;3>@8B< 8=B53@0;L=>9 >F5=:8 C3@>7K 10=:@>BAB20 ?@54?@8OB8O, >A=>20==K9 =0 :><?;5:A=>< CG5B5 206=59H8E ?>:070B5;59, 4803=>AB8@CNI8E :@878A=>5 D8=0=A>2>5 53> A>AB>O=85. 0 >A=>25 >1A;54>20=8O ?@54?@8OB89-10=:@>B>2 -. ;LB<0= >?@545;8; :>MDD8F85=BK 7=0G8<>AB8 >B45;L=KE D0:B>@>2 2 8=B53@0;L=>9 >F5=:5 25@>OB=>AB8 10=:@>BAB20. >45;L ;LB<0=0 8<55B A;54CNI89 284: Z = 1,2 * %1 + 1,4 * X2 + 3,3 * %7 + 0,6 * %4 + 1,0 * Xs, 345 Z  8=B53@0;L=K9 ?>:070B5;L C@>2=O C3@>7K 10=:@>BAB20 ("Z- AG5B ;LB<0=0"); %1 - >B=>H5=85 >1>@>B=KE 0:B82>2 (@01>G53> :0?8B0;0) : AC<<5 2A5E 0:B82>2 ?@54?@8OB8O; %2 - C@>25=L @5=B015;L=>AB8 :0?8B0;0; %7  C@>25=L 4>E>4=>AB8 0:B82>2; %4  :>MDD8F85=B A>>B=>H5=8O A>1AB25==>3> 8 705<=>3> :0?8B0;0; %5  >1>@0G8205<>ABL 0:B82>2 (2 G8A;5 >1>@>B>2). #@>25=L C3@>7K 10=:@>BAB20 ?@54?@8OB8O 2 <>45;8 ;LB<0=0 >F5=8205BAO ?> A;54CNI59 H:0;5: =0G5=85 ?>:070B5;O "Z" 5@>OB=>ABL 10=:@>BAB20 > 1,8 G5=L 2KA>:0O 1,81-2,70 2KA>:0O 2,71-2,99 2>7<>6=0O 3,00 8 2KH5 >G5=L =87:0O 5A<>B@O =0 >B=>A8B5;L=CN ?@>AB>BC 8A?>;L7>20=8O MB>9 <>45;8 4;O >F5=:8 C3@>7K 10=:@>BAB20, 2 =0H8E M:>=><8G5A:8E CA;>28OE >=0 =5 ?>72>;O5B ?>;CG8BL 4>AB0B>G=> >1J5:B82=K9 @57C;LB0B. -B> 2K7K205BAO @07;8G8O<8 2 CG5B5 >B45;L=KE ?>:070B5;59, 2;8O=85< 8=D;OF88 =0 8E D>@<8@>20=85, =5A>>B25BAB285< 10;0=A>2>9 8 @K=>G=>9 AB>8<>AB8 >B45;L=KE 0:B82>2 8 4@C38<8 >1J5:B82=K<8 ?@8G8=0<8, :>B>@K5 >?@545;ONB =5>1E>48<>ABL :>@@5:B8@>2:8 :>MDD8F85=B>2 7=0G8<>AB8 ?>:070B5;59, ?@82545==KE 2 <>45;8 ;LB<0=0, 8 CG5B0 @O40 4@C38E ?>:070B5;59 >F5=:8 :@878A=>3> @0728B8O ?@54?@8OB8O. @30=870F8>==>-04<8=8AB@0B82=L5 <5B>4K C?@02;5=8O @30=870F8>==>-@0A?>@O48B5;L=K5, 8;8 >@30=870F8>==>-04<8=8AB@0B82=K5, <5B>4K C?@02;5=8O. N1>9 M:>=><8G5A:89 <5E0=87< B@51C5B >@30=870B>@A:>9, @0A?>@O48B5;L=>9 45OB5;L=>AB8, :>>@48=0F88 CA8;89 @01>B=8:>2 >B45;L=KE ?>4@0745;5=89, >B45;L=KE DC=:F89, >B45;L=KE M;5<5=B>2 C?@02;O5<>9 A8AB5<K. '5@57 ?>A@54AB2> >@30=870F8>==KE >B=>H5=89, A>AB02;ONI8E G0ABL <5E0=87<0 C?@02;5=8O, @50;87C5BAO >4=0 87 206=59H8E DC=:F89 <5=546<5=B0  DC=:F8O >@30=870F88. 040G0 >@30=870F8>==>-@0A?>@O48B5;L=>9 8;8 >@30=870F8>==>-04<8=8AB@0B82=>9 45OB5;L=>AB8 A>AB>8B 2 :>>@48=0F88 459AB289 ?>4G8=5==KE. @30=870F8>==>-04<8=8AB@0B82=>5 2>7459AB285 >15A?5G8205B G5B:>ABL, 48AF8?;8=8@>20==>ABL 8 ?>@O4>: @01>BK 2 :>;;5:B825, A:CAAB2> <5=5465@0 1C45B ?@>O2;OBLAO 2 C<5=88 >?@545;8BL >?B8<0;L=>5 A>G5B0=85 >@30=870F8>==>-04<8=8AB@0B82=KE 8 M:>=><8G5A:8E <5B>4>2. FB D 6 8 h j HB,'j'>*(+"0$0:1<1182<22222263L333&404r4444555ɿhMh,N@]hMh,N] hh,N h,NaJhch,NNH hch,N hh,N hurh,Nh:h,NNH\h:h,N\h:h,N6\h,NB*phh:h,NB*phh,N h:h,N h h,N1FD 6 h :d88b"Lgd,N $`a$gd,N  h gd,NZB#,'j'@*(+$01822243z333&4p4456x89 gd,N  h gd,Ngd,N5>666667D777$8v8x88899999999@:~:::::ɽޫxrh_hVPGxh3h,N@ h,N@h3h,N@h3h,N@h3h,N@\ h,N@h3h,N@ h3h,Nh3h,N@ hh,Nhh,N@hh,N@ \hh,N@ hMh,N@hMh,N@\]hMh,N@\]hMh,N@ hMh,NhMh,N@hMh,N@hMh,N@99:b;;F<=>?X@v@@AABBBvC|DGHII@JJJZK.M$a$gd,Ngd,N gd,N:V;`;b;h;l;;;;;;D<F<J<L<t<<(======Z>>>.???F@V@X@\@^@d@l@@@4A砗ݪxpxhxpxhh,N\hh,NH* hh,Nh3h,N@h3h,N@ h,N@h3h,N@h3h,N@\h3h,N@ h,N@h3h,N@h3h,N@\h3h,N@h3h,N\h3h,N@\ h3h,Nh3h,N@h3h,N@ &4AAAABBBBtCvC|D\GGGTHVHXHZHHHHHH$I(I*IPIRĮ̳vnbZOj]/G h,NUVh,NCJaJjh,NCJUaJh,NCJaJ!jh.J@JtJxJzJJJJJJJJJJJJKKKDKӼڟӼڃrӼk h.P&QfQhQŽzqhz^zzUN h[h,Nhoh,N@hoh,N5\hoh,N@hoh,N@hoh,N@hoh,N6]hoh,N6H*]hoh,N6]mH sH  hoh,Nhoh,N@ h$h,Nh$h,NH*h$h,NmH sH  h[h,Njh,NCJUaJ!j hjh,NCJEHUaJj_1G h,NUV.MnNhQjQlQnQpQrQtQvQxQzQ|Q~QQQQQQQQQQQQQQQQgd,NQQQQQQQQQRRSTUUU@UJULUUUUUXXXXZ\\\D`H```aaaaaa bbbbbb cc6h|||X}ރDFX2 h,NPJh7ph,NPJh7ph,NPJ\ h;Ch,NU h]Lh,N h'h,Nh'h,N5hGh,N5 hGh,Nhch,NNH hch,N h h,Nh,N>[\\\\Z]]n^^_D`a bccpdefg6hhjmnFoopNpst gd,Ngd,NttTuuudvvxwwx(xRxx||X}րރ"b,د gd,N  h gd,N gd,N@30=870F8>==>-04<8=8AB@0B82=K5 <5B>4K @5H0NB B5 65 7040G8, GB> 8 M:>=><8G5A:85 <5B>4K, => >B;8G0NBAO D>@<0<8 8 ?@85<0<8 2>7459AB28O. 07;8G85 2 B><, GB> M:>=><8G5A:85 <5B>4K @07@5H0NB @C:>2>48B5;O< 2K18@0BL @07;8G=K5 D>@<K 8 ?@85<K 2>7459AB28O 4;O @5H5=8O >?@545;5==>9 7040G8, >@30=870F8>==>-@0A?>@O48B5;L=K5 65 <5B>4K ?@54?>;030NB >4=>7=0G=>5 2>7459AB285, ?@>48:B>20==>5 ?@8:07>< 8;8 @0A?>@O65=85<. @30=870F8>==K5 <5B>4K ?@54CA<0B@820NB @07@01>B:C >@30=870F8>==KE @5H5=89, >?@545;5=85 =5>1E>48<KE @5AC@A>2, A@>:>2 8A?>;=5=8O, >B25BAB25==KE ;8F 8 ?@54?>;030NB :>=B@>;L 8A?>;=5=8O, 70 :>B>@K< A;54CNB =>2K5 >@30=870F8>==>-@0A?>@O48B5;L=K5 459AB28O. @30=870F8>==>-@0A?>@O48B5;L=K5 (>@30=870F8>==>-04<8=8AB@0B82=K5) <5B>4K 2 >A=>2=>< >?8@0NBAO =0 2;0ABL @C:>2>48B5;O, 53> ?@020, ?@8ACICN >@30=870F88 48AF8?;8=C. C:>2>48B5;L 8;8 <5=5465@ 2 MB>< A;CG05 O2;O5BAO 04<8=8AB@0B>@><. 5 A;54C5B ?CB0BL >@30=870F8>==>-04<8=8AB@0B82=K5 <5B>4K A 2>;52K<8 8 AC1J5:B82=K<8 <5B>40<8 @C:>2>4AB20, B.5. A 04<8=8AB@8@>20=85<. @30=870F8>==>-@0A?>@O48B5;L=K5 <5B>4K >:07K20NB ?@O<>5 2>7459AB285 =0 C?@02;O5<K9 >1J5:B G5@57 ?@8:07K, @0A?>@O65=8O, >?5@0B82=K5 C:070=8O, >B40205<K5 ?8AL<5==> 8;8 CAB=>, G5@57 :>=B@>;L 70 8E 2K?>;=5=85<, 0 B0:65 A8AB5<C 04<8=8AB@0B82=KE A@54AB2 ?>445@60=8O B@C4>2>9 48AF8?;8=K 8 B.4. -B8 <5B>4K ?><>30NB >15A?5G8BL >@30=870F8>==CN G5B:>ABL 8 48AF8?;8=C B@C40. 53;0<5=B8@CNBAO >=8 ?@02>2K<8 0:B0<8 B@C4>2>3> 8 E>7O9AB25==>3> 70:>=>40B5;LAB20. >7<>6=K B@8 D>@<K >@30=870F8>==>-@0A?>@O48B5;L=KE (>@30=870F8>==>-04<8=8AB@0B82=KE) <5B>4>2: 1. 1O70B5;L=>5 ?@54?8A0=85 (?@8:07, 70?@5B 8 B.?.). 2. !>3;0A8B5;L=K5 <5B>4K (:>=AC;LB0F8O, @07@5H5=85 :><?@><8AA>2). 3. 5:><5=40F88, ?>65;0=8O (A>25B, @07JOA=5=85, ?@54;>65=85, >1I5=85 8 B.?.). @30=870F8>==>-@0A?>@O48B5;L=K5 (>@30=870F8>==>-04<8=8AB@0B82=K5) <5B>4K >B;8G05B G5B:0O 04@5A=>ABL 48@5:B82, >1O70B5;L=>ABL 2K?>;=5=8O @0A?>@O65=89 8 C:070=89, =52K?>;=5=85 :>B>@KE @0AA<0B@8205BAO :0: ?@O<>5 =0@CH5=85 48AF8?;8=K 8 2;5G5B 70 A>1>9 >?@545;5==K5 27KA:0=8O. 8@5:B82=K5 :><0=4K >1O70B5;L=K 4;O 2K?>;=5=8O, ?@8G5< 2 CAB0=>2;5==K5 A@>:8, 4065 5A;8 MB> =52K3>4=> 8A?>;=8B5;N. -B8 <5B>4K  <5B>4K ?@8=C645=8O.  >1I5< 2845 A8AB5<0 >@30=870F8>==>-@0A?>@O48B5;L=KE (>@30=870F8>==>-04<8=8AB@0B82=KE) <5B>4>2 <>65B 1KBL ?@54AB02;5=0 :0: A>2>:C?=>ABL 42CE @02=>7=0G=KE M;5<5=B>2: 1. >7459AB285 =0 AB@C:BC@C C?@02;5=8O (@53;0<5=B0F8O 45OB5;L=>AB8 8 =>@<8@>20=85 2 A8AB5<5 C?@02;5=8O). 2. >7459AB285 =0 ?@>F5AA C?@02;5=8O (?>43>B>2:0, ?@8=OB85, >@30=870F8O 2K?>;=5=8O 8 :>=B@>;L 70 C?@02;5=G5A:8<8 @5H5=8O<8). @30=870F8>==>5 2>7459AB285 =0 AB@C:BC@C C?@02;5=8O >ACI5AB2;O5BAO 2 1>;LH8=AB25 A;CG052 ?CB5< >@30=870F8>==>3> @53;0<5=B8@>20=8O, =>@<8@>20=8O, >@30=870F8>==>-<5B>48G5A:>3> 8=AB@C:B8@>20=8O 8 ?@>5:B8@>20=8O. @8=OBK5 2 :>;;5:B825 <5B>4K @C:>2>4AB20 >:07K20NB 2;8O=85 =0 D>@<8@>20=85 A8AB5<K ?>4G8=5=8O. $>@<K ?>4G8=5=8O 4>;6=K =>A8BL A0<K9 1;03>65;0B5;L=K9 ?@>3@5AA82=K9 E0@0:B5@ 8 =5 2K7K20BL B0:8E M<>F89, :0: C=865=85, =5;>2:>ABL, 4>A040, @074@065=85 8 4065 AB@5AA. 4<8=8AB@0B82=>5 2>7459AB285 A2O70=> G0I5 2A53> A B@5<O B8?0<8 ?>4G8=5=8O: 2K=C645==K< 8 2=5H=5 =02O70==K<, :>B>@>5 A>?@>2>6405BAO GC2AB2>< 7028A8<>AB8 8 2>A?@8=8<05BAO ?>4G8=5==K<8 :0: =068< A25@EC; ?0AA82=K<, 4;O :>B>@>3> E0@0:B5@=> C4>2;5B2>@5=85, A2O70==>5 A >A2>1>645=85< >B ?@8=OB8O A0<>AB>OB5;L=KE @5H5=89; >A>7=0==K<, 2=CB@5==5 >1>A=>20==K<.  F5;>< >@30=870F8>==>-04<8=8AB@0B82=K5 <5B>4K @C:>2>4AB20 ACI5AB2CNB 2 D>@<5 >@30=870F8>==>3> 8 @0A?>@O48B5;L=>3> 2>7459AB28O, :>B>@>5 2:;NG05B 2 A51O A;54CNI85 :><?>=5=BK: 284K 8 B8?K 2>7459AB28O; 04@5A0B; ?>AB0=>2:C 7040=8O; >?@545;5=85 :@8B5@8O 53> 2K?>;=5=8O; CAB0=>2;5=85 >B25BAB25==>AB8; 8=AB@C:B06 ?>4G8=5==KE 8 B.4. -B8 <5B>4K A;C60B A@54AB2>< ?@O<>3> 2>7459AB28O =0 ?@>F5AA ?@>872>4AB20 8 B@C4 @01>B=8:>2, GB> ?>72>;O5B :>>@48=8@>20BL 2K?>;=5=85 8<8 >B45;L=KE DC=:F89 8;8 @5H5=85 >1I59 7040G8. -B> A>7405B 1;03>?@8OB=K5 CA;>28O 4;O ACI5AB2>20=8O 8 @0728B8O C?@02;O5<>9 A8AB5<K.  E0@0:B5@=K< >A>15==>ABO< ?@O<>3> 2>7459AB28O >B=>A8BAO =5?>A@54AB25==0O A2O7L @C:>2>48B5;O 8 ?>4G8=5==>3>. @O<K5 2>7459AB28O 2 :>=5G=>< AG5B5 <>3CB ?@825AB8 : CA8;5=8N ?0AA82=>AB8 ?>4G8=5==KE, 0 8=>340 8 : A:@KB><C =5?>28=>25=8N. >A25==K5 <5B>4K O2;ONBAO =081>;55 MDD5:B82=K<8, 5A;8 >=8 >ACI5AB2;ONBAO ?>A@54AB2>< ?>AB0=>2:8 7040G8 8 A>740=8O AB8<C;8@CNI8E CA;>289. A=>2=K5 B@51>20=8O : A>2@5<5==><C <5=5465@C 5=5465@ - MB> @C:>2>48B5;L, :>B>@K9 =045;5= ?>;=><>G8O<8 8 >B25BAB25==>ABLN, A>>B25BAB2CNI8<8 53> 4>;6=>AB8. 0 :0G5AB2> 45OB5;L=>AB8 <5=5465@0 >:07K20NB 2;8O=85 B@C4>2K5 >B=>H5=8O 2 :>;;5:B825 8 >B=>H5=8O A>1AB25==>AB8. >;L <5=5465@0 70:;NG05BAO 2 >15A?5G5=88 ?@>F5AA0 @0728B8O ?@54?@8OB8O, :>B>@K9 >A=>2K205BAO =0 0=0;875 2>7<>6=KE =0?@02;5=89 @0728B8O, 8E 2KO2;5=88 8 @07@5H5=88 ?@>B82>@5G89, 2>7=8:0NI8E 2 ?@>F5AA5 ?@>872>4AB25==>9 45OB5;L=>AB8 8 2 A8AB5<5 >1I5AB25==KE >B=>H5=89. #A;>28O<8 MDD5:B82=>3> <5=546<5=B0 O2;ONBAO @57C;LB0B82=>ABL 8 :0G5AB2> 2=5H=8E A2O759, @0728B>ABL :><<C=8:0F8>==>9 A8AB5<K, 0 B0:65 1;03>?@8OB=K9 A>F80;L=>-?A8E>;>38G5A:89 :;8<0B. ;O CA?5H=>9 @01>BK <5=5465@ 4>;65= >1;040BL 2KA>:>9 ?@>D5AA8>=0;L=>9 ?>43>B>2:>9. 53C;O@=0O 0BB5AB0F8O <5=5465@0 ?>72>;O5B ?>445@6820BL 53> ?@>D5AA8>=0;L=K9 C@>25=L, >:07K205B B0:65 =5 ?>A;54=55 2;8O=85 =0 :>=:C@5=B>A?>A>1=>ABL >@30=870F88 2 F5;>< 8 55 ?@>4C:F8N 2 G0AB=>AB8. A>1>5 2=8<0=85 ?@8 AF5=:5 45OB5;L=>AB8 <5=5465@0 A;54C5B C45;8BL 2=CB@5==59 0B<>AD5@5 >@30=870F88 8 :0G5AB2C 2=5H=8E A2O759, B0: :0: 70B@0BK =0 8E >@30=870F8N =5;L7O >?@545;8BL 2 45=56=>< 2K@065=88, 8 2 1>;LH59 AB5?5=8 >=8 7028AOB >B ;8G=>AB8 @C:>2>48B5;O. 57C;LB0BK @01>BK <5=5465@0, :0: 8 @57C;LB0BK 45OB5;L=>AB8 >@30=870F88, >F5=820NBAO =5 B>;L:> A B>G:8 7@5=8O 8E ?@81K;L=>AB8, => 8 157>?0A=>AB8 4;O >:@C60NI59 A@54K 8 G5;>25:0. F5=:0 45OB5;L=>AB8 <5=5465@0 <>65B ?@>872>48BLAO 53> 2KH5AB>OI8< =0G0;LAB2><, M:A?5@B=>9 :><8AA859, =57028A8<K<8 >F5=>G=K<8 F5=B@0<8, :>;;530<8 8 ?>4G8=5==K<8 A 8A?>;L7>20=85< B5AB>2, 45;>2KE 83@, A>15A54>20=8O 8 0=0;870 2K?>;=5==>9 @01>BK. AB>G=8:8 >F5=:8 @01>BK 2:;NG0NB AB0B8AB8G5A:85 8 D0:B8G5A:85 <0B5@80;K, >BG5BK, ?@8:07K, M:A?5@B=K5 >F5=:8 8 ?@>3=>7K. > @57C;LB0B0< 0BB5AB0F88 @07@010BK20NBAO @5:><5=40F88 ?> ?>2KH5=8N MDD5:B82=>AB8 @01>BK <5=5465@0 8 40;L=59H5<C D>@<8@>20=8N 53> :0@L5@K. K?>;=OO >1O70==>AB8 <5=5465@0, G5;>25: 2KABC?05B 2 A;54CNI8E @>;OE: 1) MB> ;845@, A?>A>1=K9 25AB8 70 A>1>9 ?>4G8=5==KE; 2) MB> 48?;><0B, CAB0=02;820NI89 :>=B0:BK A ?0@B=5@0<8 8 2;0ABO<8; 3) MB> 2>A?8B0B5;L, >1;040NI89 2KA>:8<8 =@02AB25==K<8 :0G5AB20<8, A?>A>1=K9 A>740BL :>;;5:B82; 4) MB> 8==>20B>@, ?>=8<0NI89 @>;L =0C:8 2 A>2@5<5==KE CA;>28OE; 5) MB> ?@>AB> G5;>25:, >1;040NI89 2KA>:8<8 7=0=8O<8 8 A?>A>1=>ABO<8. 5=5465@ 2 A2>59 45OB5;L=>AB8 4>;65=: 1) C<5BL C?@02;OBL A>1>9 (?>445@6:0 74>@>2LO, >BACBAB285 2@54=KE ?@82KG5:, A?>A>1=>ABL A?@02;OBLAO A> AB@5AA0<8, MDD5:B82=>5 8A?>;L7>20=85 2@5<5=8); 2) >1;040BL ;8G=K<8 F5==>ABO<8.  A?8A>: MB8E F5==>AB59 2:;NG0NBAO: - >B=>H5=85 : 2;0AB8; - >B=>H5=85 : ;N4O< @07;8G=>3> ?>;0; - >B=>H5=85 : ;N4O< @07;8G=>3> 2>7@0AB0; - >B=>H5=85 : 70:>=0<; - ?><>IL 4@C38<. C:>2>48B5;8, :>B>@K< =5 OA=K 8E F5==>AB8, :>B>@K5 =5 8<5NB B25@4>9 107K 4;O 459AB289, A:;>==K : ?@8=OB8N A?>=B0==KE @5H5=89; 3) =5 8<5BL A<CB=KE ;8G=KE F5;59. &5;8 7040NB =0?@02;5=85 42865=89. 57 F5;59 8<5NI85AO A?>A>1=>AB8 =525@=> =0?@02;ONBAO 8;8 @0A?K;ONBAO 8, A>>B25BAB25==>, B@0BOBAO 7@O; 4) =5 ?@8>AB0=>2;820BL A0<>@0728B8O. =48284C0;L=>5 @0728B85 ?@>G=> 1078@C5BAO =0 8455, GB> C :064>3> G5;>25:0 5ABL =5@50;87>20==K9 ?>B5= F80; (A?>A>1=>AB8). 5) >1;040BL 4>AB0B>G=K<8 =02K:0<8 @5H5=8O ?@>1;5<K; 6) =5 8<5BL =54>AB0B:>2 2 B2>@G5A:>< ?>4E>45 : @5H5=8N ?@>1;5<K; 7) C<5BL 2;8OBL =0 ;N459.  F5;OE ?>2KH5=8O MDD5:B82=>AB8 =5>1E>48<> OA=> 8 :>=:@5B=> 4020BL C:070=8O, A C2065=85< >B=>A8BLAO : G5;>25:C, 1KBL G5AB=K< 8 A?@0254;82K<; 8) >1;040BL 4>AB0B>G=K< ?>=8<0=85< >A>15==>AB8 C?@02;5=G5A:>3> B@C40; 9) 8<5BL A8;L=K5 =02K:8 @C:>2>4AB20 8;8 ?@0:B8G5A:89 >?KB; 10)C<5BL 8 65;0BL >1CG0BL ?>4G8=5==KE; 11)>1;040BL 2KA>:>9 A?>A>1=>ABLN : D>@<8@>20=8N :>;;5:B820 ;0=8@>20=85 :0: DC=:F8O <5=546<5=B0, <5B>4K ?;0=8@>20=8O. ;0=8@>20=85  MB> @07@01>B:0 <5@>?@8OB89 A@>:>2 8E 8A?>;=5=8O 4;O 4>AB865=8O F5;59. @>3=>78@>20=85 8 ?;0=8@>20=85 >?@545;O5B ?5@A?5:B82C @0728B8O 8 1C4CI55 A>AB>O=85 A8AB5<K. $C=:F8O C?@02;5=8O  D8=0=A>2>5 ?;0=8@>20=85  >E20BK205B 25AL :><?;5:A <5@>?@8OB89 ?> 2K@01>B:5 ?;0=>2KE 7040=89 8 2>?;>I5=85 8E 2 687=L. $8=0=A>2>5 ?;0=8@>20=85  MB> ?@>F5AA @07@01>B:8 ;N4L<8 :>=:@5B=KE D8=0=A>2KE <5@>?@8OB89. ;O B>3>, GB>1K MB0 45OB5;L=>ABL 1K;0 CA?5H=>9, 2K@010BK205BAO <5B>4>;>38O 8 <5B>48:0 @07@01>B:8 D8=0=A>2KE ?;0=>2. 040G8 ?;0=8@>20=8O D8=0=A>2: ->?@545;5=85 ?;0=>2KE >1J5<>2 =5>1E>48<KE D8=0=A>2KE @5AC@A>2 4;O 15A?5@51>9=>9 ?@>872>4AB25==>-E>7O9AB25==>9 45OB5;L=>AB8, 8AB>G=8:>2 8E D>@<8@>20=8O 8 =0?@02;5=89 @0AE>4>20=8O; - >15A?5G5=85 ?;0B565A?>A>1=>AB8 8 ;8:284=>AB8 2 ?;0=8@C5<>< ?5@8>45; - ?>2KH5=85 4>E>4=>AB8 70 AG5B @0F8>=0;L=>3> @0A?@545;5=8O 8 8A?>;L7>20=8O D8=0=A>2KE @5AC@A>2. A=>2=K5 >1J5:BK D8=0=A>2>3> ?;0=8@>20=8O: - ?@81K;L (4>E>4) >B 2A5E 284>2 45OB5;L=>AB8 ?@54?@8OB8O (?@>872>4AB25==>-E>7O9AB25==>9, 8=25AB8F8>==>9, D8=0=A>2>9); - >A=>2=K5 8 >1>@>B=K5 A@54AB20 (?>B@51=>ABL 8 8AB>G=8:8 ?>:@KB8O); - :0?8B0;L=K5 2;>65=8O (>1J5<, >:C?05<>ABL, 8AB>G=8:8 D8=0=A8@>20=8O); - D8=0=A>2K5 2;>65=8O (>1J5<, 4>E>4=>ABL); - A>1AB25==K9 :0?8B0; (@07<5@, 8AB>G=8:8 C25;8G5=8O); - 45=56=K5 D>=4K, >1@07C5<K5 ?@8 @0A?@545;5=88 G8AB>9 ?@81K;8; - :@548BK 8 4@C385 705<=K5 A@54AB20 (?>B@51=>ABL, AB>8<>ABL, A@>:8 2>72@0B0); - 45=56=K5 ?>ABC?;5=8O 8 @0AE>4K (284K, AC<<K), A>3;0A>20=85 ?> :0;5=40@=K< A@>:0<. =CB@8D8@<5==>5 D8=0=A>2>5 ?;0=8@>20=85 A>AB>8B 87 A;54CNI8E MB0?>2: - @0AG5B A<5B @0AE>4>2 (2 45=56=>< 2K@065=88) :> 2A5< ?;0=0< ?@54?@8OB8O, :>B>@K5 ?@5420@8B5;L=> A>AB02;5=K ?> :>;8G5AB25==K< ?>:070B5;O< (?;0= 70:C?>: AK@LO, <0B5@80;>2; ?@>872>4AB25==K9 ?;0=; ?;0= ?> B@C4C; ?;0= @5:;0<=KE <5@>?@8OB89 8 B. 4.); - ?;0=8@>20=85 D8=0=A>2KE ?>:070B5;59 (2K@CG:0, A515AB>8<>ABL, 0<>@B870F8>==K5 >BG8A;5=8O, 25;8G8=0 A>1AB25==KE >1>@>B=KE A@54AB2, A@54=OO AC<<0 4518B>@A:>9 8 :@548B>@A:>9 704>;65==>AB8, AC<<0 :@548B>2, ?@>F5=B>2 70 ?>;L7>20=85 :@548B><, ?@81K;L, =0;>3 =0 ?@81K;L, G8AB0O ?@81K;L 8 4@.); - A>3;0A>20=85 4>E>4>2 8 @0AE>4>2, ?>B@51=>AB8 2 A@54AB20E 8 8AB>G=8:0E 55 ?>:@KB8O 2 D8=0=A>2KE ?;0=0E (?;0=K 4>E>4>2 8 @0AE>4>2 ?@54?@8OB8O; 45=56=KE ?>ABC?;5=89 8 @0AE>4>2; :@548B=K9; D8=0=A8@>20=8O :0?8B0;L=KE 2;>65=89; D8=0=A>2KE @57C;LB0B>2 45OB5;L=>AB8 ?@54?@8OB8O; @0A?@545;5=8O ?@81K;8); - :>=B@>;L 70 2K?>;=5=85< D8=0=A>2KE ?;0=>2. ;O ?;0=8@>20=8O D8=0=A>2KE ?>:070B5;59 8 A>AB02;5=8O D8=0=A>2KE ?;0=>2 8A?>;L7CNB <5B>4K, E>@>H> 8725AB=K5 2 M:>=><8G5A:>9 =0C:5 8 ?>4@>1=> >?8A0==K5 2 CG51=>9 ;8B5@0BC@5: =>@<0B82=K9; @0AG5B=>-0=0;8B8G5A:89; 10;0=A>2K9; >?B8<870F88 ?;0=>2KE @5H5=89; M:>=><8:>-<0B5<0B8G5A:>5 <>45;8@>20=85. @>3=>78@>20=85 2 D8=0=A>2>< <5=546<5=B5  @07@01>B:0 =0 4;8B5;L=CN ?5@A?5:B82C 87<5=5=89 D8=0=A>2>3> A>AB>O=8O >1J5:B0. @>3=>7K ?@54AB02;ONB A>1>9 ?@542845=8O A>>B25BAB2CNI8E 87<5=5=89. A>15==>ABLN ?@>3=>78@>20=8O O2;O5BAO 53> 0;LB5@=0B82=>ABL 2 ?>AB@>5=88 D8=0=A>2KE ?>:070B5;59 8 ?0@0<5B@>2, >?@545;ONI0O 20@80=B=>ABL @0728B8O D8=0=A>2>3> A>AB>O=8O >1J5:B0 C?@02;5=8O. @>3=>78@>20=85 =0 >A=>25 M:AB@0?>;OF88 8 ?@O<>3> ?@542845=8O 87<5=5=89. #?@02;5=85 =0 >A=>25 ?@542845=8O B@51C5B 2K@01>B:8 C D8=0=A>2>3> <5=5465@0 GCBLO @K=>G=>3> <5E0=87<0 8 8=BC8F88, ?@8<5=5=8O 381:8E @5H5=89. "0:85 ?@>3=>7K 8A?>;L7CNB @048 42CE F5;59. >-?5@2KE, >=8 ?><>30NB D8=0=A>2><C <5=5465@C >?@545;8BL ?>B@51=>AB8 2 45=56=KE A@54AB20E 2 1C4CI5<. >-2B>@KE, 40==K5 ?@>3=>7K A;C60B 2 @>;8 ?;0=0 8;8 AB0=40@B0, ?> A@02=5=8N A :>B>@K< >F5=820NBAO ?>4;8==K5 A>1KB8O. @>F5AA D8=0=A>2>3> ?@>3=>78@>20=8O 2:;NG05B ?>A;54>20B5;L=>5 A>AB02;5=85 A;54CNI8E 1N465B>2. !>F80;L=>-?A8E>;>38G5A:85 <5B>4K C?@02;5=8O ?5@A>=0;>< >@30=870F88 !>F80;L=>-?A8E>;>38G5A:85 <5B>4K C?@02;5=8O. 725AB=>, GB> @57C;LB0BK B@C40 2> <=>3>< 7028AOB >B F5;>3> @O40 ?A8E>;>38G5A:8E D0:B>@>2. 5=5465@ 4>;65= C<5BL CG8BK20BL B0:85 D0:B>@K 8 A 8E ?><>ILN F5;5=0?@02;5==> 2>7459AB2>20BL =0 >B45;L=KE @01>B=8:>2, GB> ?><>65B AD>@<8@>20BL :>;;5:B82 A 548=K<8 F5;O<8 8 7040G0<8. !>F8>;>38G5A:85 8AA;54>20=8O A2845B5;LAB2CNB, GB> CA?5E 45OB5;L=>AB8 E>7O9AB25==>3> @C:>2>48B5;O =0 15% 7028A8B >B 53> ?@>D5AA8>=0;L=KE 7=0=89 8 =0 85%  >B C<5=8O @01>B0BL A ;N4L<8. =0O >A>15==>AB8 ?>2545=8O, E0@0:B5@ :064>3> >B45;L=>3> G5-. ;>25:0, <>6=> ?@>3=>78@>20BL 53> ?>2545=85 2 =C6=>< 4;O :>;;5:B820 =0?@02;5=88. 064>9 3@C??5 A2>9AB25=5= A2>9 ?A8E>;>38G5A:89 :;8<0B. >MB><C ACI5AB25==>5 CA;>285 >1@07>20=8O 8 @0728B8O B@C4>2KE :>;;5:B82>2  A>1;N45=85 ?@8=F8?0 ?A8E>D878>;>38G5A:>9 A>2<5AB8<>AB8. /?>=A:85 A>F8>;>38 CB25@640NB, GB> >B =0AB@>5=8O, 65;0=8O G5;>25:0 @01>B0BL 8 <>@0;L=>-?A8E>;>38G5A:>9 >1AB0=>2:8 2 :>;;5:B825 ?@>872>48B5;L=>ABL B@C40 <>65B C25;8G8BLAO ?@8<5@=> 2 1,5 @070 (0 <>65B 2 =5A:>;L:> @07 C<5=LH8BLAO). 0: ?>:07K205B ?@0:B8:0, D>@<8@>20=85 74>@>2>3> <>@0;L=>-?A8E>;>38G5A:>3> :;8<0B0, 2>A?8B0=85 GC2AB20 B>20@8I5A:>9 2708<>?><>I8 8 :>;;5:B8287<0 0:B82=> ?@>8AE>48B ?@8 D>@<8@>20=88 @K=>G=KE >B=>H5=89. "0:, 91 % >?@>H5==KE AG8B0NB, GB> A@548 G;5=>2 B@C4>2KE :>;;5:B82>2 AB0;0 A:;04K20BLAO 0B<>AD5@0 2708<=>9 B@51>20B5;L=>AB8 8 >B25BAB25==>AB8, 87<5=8;>AL (2 ;CGHCN AB>@>=C) >B=>H5=85 : B@C4C 8 @0A?@545;5=8N >?;0BK; 82% >?@>H5==KE @01>B=8:>2 <0AA>2KE ?@>D5AA89 1>;5NB 70 CA?5E8 A2>8E :>;;53. "0:8< >1@07><, 4;O B>3> GB>1K 2>7459AB285 =0 :>;;5:B82 1K;> =081>;55 @57C;LB0B82=K<, =5>1E>48<> =5 B>;L:> 7=0BL <>@0;L=K5 8 ?A8E>;>38G5A:85 >A>15==>AB8 >B45;L=KE 8A?>;=8B5;59, A>F80;L=>-?A8E>;>38G5A:85 E0@0:B5@8AB8:8 >B45;L=KE 3@C?? 8 :>;;5:B82>2, => 8 >ACI5AB2;OBL C?@02;ONI55 2>7459AB285. ;O MB8E F5;59 ?@8<5=ONBAO A>F80;L=>-?A8E>;>38G5A:85 <5B>4K, :>B>@K5 ?@54AB02;ONB A>1>9 A>2>:C?=>ABL A?5F8D8G5A:8E A?>A>1>2 2>7459AB28O =0 ;8G=>AB=K5 >B=>H5=8O 8 A2O78, 2>7=8:0NI85 2 B@C4>2KE :>;;5:B820E, 0 B0:65 =0 A>F80;L=K5 ?@>F5AAK, ?@>B5:0NI85 2 =8E. =8 >A=>20=K =0 8A?>;L7>20=88 <>@0;L=KE AB8<C;>2 : B@C4C, 2>7459AB2CNB =0;8G=>ABL A ?><>ILN ?A8E>;>38G5A:8E ?@85<>2 2 F5;OE ?@52@0I5=8O 04<8=8AB@0B82=>3> 7040=8O 2 >A>7=0==K9 4>;3, 2=CB@5==NN ?>B@51=>ABL G5;>25:0. -B> 4>AB8305BAO ?>A@54AB2>< ?@85<>2, :>B>@K5 =>AOB ;8G=>AB=K9 E0@0:B5@ (;8G=K9 ?@8<5@, 02B>@8B5B). A=>2=>5 A@54AB2> 2>7459AB28O =0 :>;;5:B82  C15645=85. #15640O, @C:>2>48B5;L 4>;65= <0:A8<0;L=> ?>;=> CG8BK20BL ?@8@>4C G5;>25G5A:>3> ?>2545=8O 8 G5;>25G5A:8E >B=>H5=89 2 ?@>F5AA5 A>2<5AB=>9 45OB5;L=>AB8. >=8<0=85 @C:>2>48B5;5< 2=CB@5==53> <8@0 ;8G=>AB8 ?><>305B 5<C ?>4>1@0BL =081>;55 MDD5:B82=K5 D>@<K A?;>G5=8O 8 0:B82870F88 :>;;5:B820. 5>1E>48<>ABL 8A?>;L7>20=8O 2 ?@0:B8:5 C?@02;5=8O >@30=870F859 A>F80;L=>-?A8E>;>38G5A:8E <5B>4>2 @C:>2>4AB20 >G5284=0, B0: :0: >=8 ?>72>;ONB A2>52@5<5==> CG8BK20BL <>B82K 45OB5;L=>AB8 8 ?>B@51=>AB8 @01>B=8:>2, 2845BL ?5@A?5:B82K 87<5=5=8O :>=:@5B=>9 A8BC0F88, ?@8=8<0BL >?B8<0;L=K5 C?@02;5=G5A:85 @5H5=8O. #A?5E 45OB5;L=>AB8 @C:>2>48B5;O 7028A8B >B B>3>, =0A:>;L:> ?@028;L=> ?@8<5=O5B >= @07;8G=K5 D>@<K A>F80;L=>-?A8E>;>38G5A:>3> 2>7459AB28O, :>B>@K5 2 :>=5G=>< AG5B5 AD>@<8@CNB 74>@>2K5 <56;8G=>AB=K5 >B=>H5=8O.  :0G5AB25 >A=>2=KE D>@< B0:>3> 2>7459AB28O <>6=> @5:><5=4>20BL ?;0=8@>20=85 A>F80;L=>3> @0728B8O B@C4>2KE :>;;5:B82>2, C15645=85 :0: <5B>4 2>A?8B0=8O 8 D>@<8@>20=8O ;8G=>AB8, M:>=><8G5A:>5 A>@52=>20=85, :@8B8:C 8 A0<>:@8B8:C, ?>AB>O==> 459AB2CNI85 ?@>872>4AB25==K5 A>25I0=8O, :>B>@K5 2KABC?0NB :0: <5B>4 8 :0: D>@<0 CG0AB8O B@C4OI8EAO 2 C?@02;5=88, @07;8G=>3> @>40 @8BC0;K 8 >1@O4K. jLVļdN@BDF|\pl@VH  h gd,Ngd,N2\ jl$&np<24DD"` hj(JFHldf~PbdZDlVj hLdh,Nh7ph,NPJ\h,N h7ph,Nh7ph,NPJVj0:h HlLfhXZVXv\V@~46X 466t\fhjþþhmT{h,N\ h,N\ hmT{h,NhmT{h,N] h[h,Nh h,NmHsH h,NPJ\h7ph,NPJ\ h7ph,Nh,NH \8"pr6Vf  h gd,Ngd,Njl D,j|~ `bdJLN^`:x6t"`DFH|02"`ThmT{h,N]h,N hmT{h,NhmT{h,N\ h,N\X| `JD8Z2   h gd,Ngd,N8h h,NmHsHh,NB*phh[h,NB*ph h[h,N hmT{h,Nh,N ,1h. A!"R#n$n% tDd lb  c $A? ?3"`?2cښ;))D}`!cښ;))T  &`xcdd``b 2 ĜL0##0KQ* W􀙁WRcgbR v@=P5< %!@5 @_L ĺEA,a kȝATN @Hfnj_jBP~nbÍrs4}`zp%dO} c\qo~ ѝ$  W&00su(5L`~*8m*G2$_Be{) ls.hsl:.v0o(X021)W2ePdk),Āf~mQyDd T b  c $A? ?3"`?2YD5V #}`!YD5V #  dxڝRKQJ[DDC@ ݊Bn2(H-97:t%QoJo=H< \2`LE8c1@)6/cq^C.%~#Z+TF`P=.L1ɽ :$zr D 9_^=)l8hY1M8( %h> 6a|Xwד!3@ZUJݷQ7*%%5NKBmgEϡ3 y-,ٶb|Q_?^&y+?̓oZV<.NyB]l;Ul l!=ю5Zj!C<Kp# uIvDd lb  c $A? ?3"`?2>?&)8 GHIQ}`!>?&)8 GHIV xbxڕQJAMEDS6EN' ^" 6b>"XJ>J6AlmD1ͻ73 |9P'I!B b(h͙\gZy .[(5ña>q`WXe Bӄyn4ގ_v+A OZ>j 2dc[ Cv5m2[" 舮|$SN{^!΂^4G>P*g7eQ?{}'_Cg= _3EPGـĴz/RufKz5Jb@Yo~gDd lb  c $A? ?3"`?2P׏[S}`!P׏[SB (Sxcdd``Vd 2 ĜL0##0KQ* W A?d.@=P5< %!@5 @_L ĺE0X@V&ȝATN @Hfnj_jBP~nbÍrkV`q2_bzo~ cda~|G/9 Lb pn7(P 27)?㚻t,&Ps#K 2A=7\#t] `PadbR ,.IehԡR?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwxyz{|}~Root Entry Fc Data WordDocument.*ObjectPool ?Bc_1201547568F?B?BOle CompObjfObjInfo  !#$%&'(*+,-/ FMicrosoft Equation 3.0 DS Equation Equation.39qxX  U, 1 =705<=K9A>1AB25==K9Equation Native _1201549149 F?B?BOle CompObj f FMicrosoft Equation 3.0 DS Equation Equation.39qœ@  U, 2 =(A>1AB2."2=5>1>@)>1>@>B=K5 FMicrosoft Equation 3.0 DS EqObjInfo Equation Native  _1201549337F?B?BOle CompObjfObjInfoEquation Native _1201549520F?B?Buation Equation.39qx8  U, 3 =A>1AB20;NB010;0=A0 FMicrosoft Equation 3.0 DS Equation Equation.39qOle CompObjfObjInfoEquation Native d8  U 4 =A>1AB2705<=K9 FMicrosoft Equation 3.0 DS Equation Equation.39q¤h  U, 5 =_1201549663F?B?BOle CompObjfObjInfoEquation Native 1Table:dSummaryInformation("DocumentSummaryInformation8) A>1AB2+>;3.>1O7.0;NB010;0=A0Oh+'0`   ( 4@HPXAnna Chernenko Normal.dotsovik3Microsoft Office Word@^в@ؼ@Qmh՜.+,0 hp  Home>z'     F Microsoft Office Word MSWordDocWord.Document.89qF@F ,N1KG=K91$7$8$H$_HmHsHtHv@v `*B 03>;>2>: 1/$$ & Fdh<1$7$8$@&H$a$5CJKH \^JaJ BA@B A=>2=>9 H@8DB 0170F0XiX 1KG=0O B01;8F04 l4a .k. 5B A?8A:0O ,N=0: =0: =0: =0:/$ & F dh7$8$H$^ `CJmH sH tH tOt ,N ConsNormal) & F  7$8$H$^`OJQJ^J_HmHsHtH6O6 ,NgrameCJ_HmH sH tH 8O!8 ,NspelleCJ_HmH sH tH ^O1^ `*B03>;>2>: 1 =0:&5CJKH \^J_HaJ mHsHtHX^@BX `*B 1KG=K9 (251)dd1$7$8$H$[$\$CJaJz*#f~2l f_xMd - E u  Dw8hh<@#c,;dn|>P !V!i!!"7#$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$)%%O&&&'J'j'''(U(q((()I))).*E*{***7+y++",,---8..S//0u0J12x3334'456R666627c77788)8B8y:z::k<=?y@ACC;DDDF$GGHHIP !V!i!!"7#$$)%%O&&&'J'j'''(U(q((()I))).*E*{***7+y++",,---8..S//0u0J12x3334'456R666627c77788)8B8y::k<=?y@ACC;DDDF$GGHHIO]|lz" *+69_cgipq|SU\]- 0 3 6 9 < = > I L u x 8:y{!!$$$$$$&&))))**++23z33333344555666z::::::OOO%O(O4O5O>OWWw[{[nnnnz"$%lmikUW6 8  ugnsZ!\!!\"334455S6T66666778:v: ;!;1>E>>>BBGG]JdJJPKNNWWq[{[d_e_ffQmh>Yn24zz 2qHX(?,N2Anna Chernenkosovik$      CompObj.q