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II. >A25==K5 ?>:070B5;8 0;8G85 4>?;0B 70 A25@EC@>G=K5 @01>BK; ?;0B0 ?@>AB>52 ?> 28=5 ?@54?@8OB8O; >B5@8 >B 1@0:0 8 B.?. >MDD8F85=B @8B<8G=>AB8 ( @8B<.) >?@545;O5BAO :0: C45;L=K9 25A ?@>4C:F88, 2K@01>B0==>9 ?@54?@8OB85< 2 ?@545;0E ?;0=0, '5< >= 1;865 : 1,0 (: 100%), B5< @8B<8G=55 @01>B0 ?@54?@8OB8O.  @8B<. = (( Q ?; - ( (Q ) : ( Q ?;. ; 45: ( Q ?;  AC<<0 ?;0=>2KE 7040=89 2 0=0;878@C5<>< ?5@8>45; ( ( Q - AC<<0@=>5 ?5@52K?>;=5=85 ?;0=>2>3> 7040=8O 70 0=0;878 @C5<K9 ?5@8>4. >MDD8F85=B 0@8B<8G=>AB8 E0@0:B5@87C5B C45;L=K9 25A ?@>4C:F88 =5 2K@01>B0==>9 ?@54?@8OB85< 2 ?@545;0E ?;0=0, B.5.:  0@8B<. = 1   @8B<.; '5< <5=55 @8B<8G=> @01>B05B ?@54?@8OB85, B5< 1>;LH5 :>MDD8F85=B 0@8B<8G=>AB8. >MDD8F85=B 20@80F88 ?>:07K205B 25;8G8=C A@54=53> >B:;>=5=8O D0:B8G5A:>3> 2K?CA:0 ?@>4C:F88 >B ?;0=>2>3> 2K?CA:0. = >?@545;O5BAO :0: >B=>H5=85 A@54=5:204@0B8G5A:>3> >B:;>=5=8O D0:B8G5A:>3> 2K?CA:0 ?@>4C:F88 >B ?;0=0 70 0=0;878@C5<K9 ?5@8>4 : A@54=5<C ?;0=>2><C 2K?CA:C ?@>4C:F88 70 MB>B 65 ?5@8>4.  _ 2 _  2 = (( ( ( E  E ) / ? ) : % ?;.; _ 2 345: - (E  E) - :204@0B8G5A:>5 >B:;>=5=85 >B A@54=53> 7=0G5=8O 2 0=0;878@C5<>< ?5@8>45; ?  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C4. 25A, % 0AG8BK205BAO 2 2K?>;=5=85 ?;0=0 BKA. @C1. %,% : ?;0- =C  1-O 3 060 30,9 2 032 18,6 2 032 20,5 2-O 3 474 35,1 2 894 26,6  2 894 29,2 3-O 3 366 34 5 974 54,8  3 366 34 A53> 9 900 100 10 900 100 8 292 83,7  5H5=85:  @8B<. = 20,5 + 29,2 + 34 = 83,7 (%); B.5. 2 A@>:8 CAB0=>2;5==K5 ?;0=><-3@0D8:>< 1K;> 2K?CI5=> 83,7% ( 0,837) ?@>4C:F88;  0@8B<. = 1  0,837 = 0,163 (16,3%), B.5. 2 A@>:8 CAB0=>2;5==K5 ?;0=><-3@0D8:>< 1K;> =5 2K?CI5=> 16,3% ?@>4C:F88;  2 2 2  2 = [((18,6  30,9) + (26,6  35,1) + (54,8  34) / 3] : (30,9+35,1+34)\3 = = 0,44 (44%), B.5. >B:;>=5=85 >B ?@>872>4AB25==>3> 3@0D8:0 ?> 45:040< 2 A@54=5< A>AB028;0 44%. 1I89 2K2>4: ?@54?@8OB85 2 >BG5B=>< ?5@8>45 @01>B0;> =5@8B<8G=>. >A;5 @0AG5B0 MB8E ?>:070B5;59 F5;5A>>1@07=> >?@545;8BL @07<5@K 2;8O=8O =5@8B<8G=>9 @01>BK =0 >1J5< 2K?CA:0 ?@>4C:F88. -B> <>6=> A45;0BL @07=K<8 A?>A>10<8: 0: @07=>ABL <564C D0:B8G5A:8< 2K?CA:>< ?@>4C:F88 2 ?@545;0E ?;0=0 8 ?;0=><: V = 8292  9900 = - 1608 (BKA. @C1.); #<=>65=85< ?;0=>2>3> 2K?CA:0 ?@>4C:F88 =0 :>MDD8F85=B 0@8B<8G=>AB8: V = 9900 E 0,163 = 1614 (BKA. @C1.); 0: @07=>ABL <564C D0:B8G5A:8< 8 2>7<>6=K< 2K?CA:>< ?@>4C:F88, 8AE>4O 87 =081>;LH53> A@54=545:04=>3> >1J5<0 ?@>872>4AB20: V = 10 900  (5984 E 3) = - 7028 (BKA. @C1.). 0 ?>A;54=5< MB0?5 2KO2;ONBAO ?@8G8=K =5@8B<8G=>9 @01>B0 ?@54?@8OB8O. 8<8 <>3CB 1KBL B@C4=>AB8 A1KB0 ?@>4C:F88; =5A2>52@5<5==0O ?>AB02:0 AK@LO, <0B5@80;>2, M;5:B@>M=5@388; =87:89 C@>25=L >@30=870F88 ?@>872>4AB20, =58A?@02=>AB8 >1>@C4>20=8O 8 B.?.  70:;NG5=88 =0<5G0NBAO 8 @50;87CNBAO :>=:@5B=K5 <5@>?@8OB8O ?> CAB@0=5=8N ?@8G8= =5@8B<8G=>9 @01>BK ?@54?@8OB8O. >?@>AK 4;O A0<>:>=B@>;O 07>28B5 F5;8 8 =0?@02;5=8O 0=0;870 ?@>872>4AB20 8 @50;870F88 ?@>4C:F88. 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I. > AB5?5=8 D878G5A:>3> 87=>A0: >MDD8F85=B 3>4=>AB8; >MDD8F85=B D878G5A:>3> 87=>A0 2A5E $ ($); >MDD8F85=B D878G5A:>3> 87=>A0 >B45;L=KE >1J5:B>2 $ ($). II. > AB5?5=8 <>@0;L=>3> 87=>A0: #45;L=K9 25A >?@545;5==>9 2>7@0AB=>9 3@C??K D>=4>2 2 >1I59 8E G8A;5==>AB8; !@54=89 A@>: A;C61K >1J5:B>2 $ ($); =0;87 >15A?5G5==>AB8 ?@54?@8OB8O 8 53> ?>4@0745;5=89 $ ($) 2 F5;>< 8 ?> 8E 3@C??0< (M;5<5=B0<) ?@>2>4OB B@048F8>==K< A?>A>1>< A@02=5=8O. $0:B8G5A:>5 =0;8G85 $ ($) A@02=820NB A ?;0=>2>9 (@0AG5B=>9) 8E ?>B@51=>ABLN, =5>1E>48<>9 4;O >15A?5G5=8O 2K?>;=5=8O ?;0=0 ?> 2K?CA:C ?@>4C:F88, A 40==K<8 ?@>H;KE ?5@8>4>2, ?@54?@8OB89-:>=:C@5=B>2. !@02=5=85 ?@>2>4OB :0: 3>@87>=B0;L=>5 (87CG0NB 48=0<8:C ?>:070B5;59 >15A?5G5==>AB8, B0: 8 25@B8:0;L=>5 (87CG0NB AB@C:BC@C $, B.5. 8E :0G5AB25==K9 A>AB02).  B>< 8 4@C3>< 20@80=B0E 0=0;870 >?@545;ONBAO 01A>;NB=K5 8 >B=>A8B5;L=K5 >B:;>=5=8O ?>:070B5;59 >B 1078A=KE (?;0=>2KE), >?@545;ONBAO :>=:@5B=K5 ?@8G8=K MB8E 87<5=5=89. @8<5@ 1. @>25AB8 0=0;87 >15A?5G5==>AB8 ?@54?@8OB8O >A=>2=K<8 D>=40<8, A45;0BL 2K2>4K. "01;8F0 3.1. =0;87 =0;8G8O, 48=0<8:8 8 AB@C:BC@K >A=>2=KE D>=4>2 ?@54?@8OB8O @C??K $0 =0G0;> 3>40  BKA. @C1. C4.25A,% >ABC?8;>  BKA. @C1. C4. 25A,% K1K;>  BKA. @C1. C4. 25A,%0 :>=5F 3>40  BKA. @C1. C4. 25A,%$11509 88,52350 95,1800 66,713059 91,40?@>872>4AB25==K5 $ 1502 11,5120 4,9400 33,3  1222 8,6A53> $13011 100 2470 100 1200 10014281 100 B.G. 0:B82=0O 8E '0ABL 6863 52,8 1150 46,6 700 58,3 7313 51,2 K2>4K (20@80=B): 70 >BG5B=K9 3>4 AB>8<>ABL $ 2K@>A;0 =0 9,8% (A 13 011 BKA. @C1. 4> 14 281 BKA. @C1.). @8 MB><, =0 13% (=0 1550 BKA. @C1.) 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"5E=8G5A:>5 A>AB>O=85 $ 8 8E M;5<5=B>2, 0, A;54>20B5;L=>, 8 8E AB>8<>ABL, 87<5=O5BAO (C<5=LH05BAO) 2A;54AB285 D878G5A:>3> 8 <>@0;L=>3> 87=>A0. -B> =587156=K9 ?@>F5AA. ;O >F5=:8 B5E=8G5A:>3> A>AB>O=8O $ ($) ?> AB5?5=8 8E D878G5A:>3> 87=>A0 @0AAG8BK20NB 8 >F5=820NB: >MDD8F85=B 87=>A0 = !C<<0 87=>A0 $ : 5@2>=0G0;L=0O AB>8<>ABL $ =0 >?@545;5==CN 40BC = 3200 : 13059 = 0,245; >MDD8F85=B 3>4=>AB8 = AB0B>G=0O AB>8<>ABL $ : 5@2>=0G0;L=0O AB>8<>ABL $ =0 >?@545;5==CN 40BC = (13050  3200) : 13059 = 0,755. >MDD8F85=B D878G5A:>3> 87=>A0 >B45;L=>3> >1J5:B0 $ (<0H8=K) = $0:B8G5A:89 A@>: A;C61K (;5B, <5AOF52) : >@<0B82=K9 A@>: A;C61K = 5 ;5B : 10 ;5B = 0,5. ;O 1>;55 C3;C1;5==>9 >F5=:8 B5E=8G5A:>3> A>AB>O=8O >1>@C4>20=8O <>6=> 8AA;54>20BL AB5?5=L 53> <>@0;L=>3> 87=>A0. =0;87 70:;NG05BAO 2 >F5=:5 2>7@0AB=>3> A>AB020 >1>@C4>20=8O. > @57C;LB0B0< >F5=:8 >1>@C4>20=8O <>6=> AC48BL > 53> @01>B>A?>A>1=>AB8, =5>1E>48<>AB8 70<5=K, ?@>3=>78@>20BL ?>B5=F80;L=CN 2>7<>6=>ABL ?>2KH5=8O MDD5:B82=>AB8 8A?>;L7>20=8O >1>@C4>20=8O. ;O B0:>9 >F5=:8 >1>@C4>20=85 3@C??8@CNB ?> 2840<, 0 2=CB@8 =8E ?> ?@>4>;68B5;L=>AB8 M:A?;C0B0F88 (4> 5 ;5B, 5-10 ;5B, 10-20 ;5B, 1>;55 20 ;5B) 8 @0AAG8BK20NB: C45;L=K9 25A :064>9 2>7@0AB=>9 3@C??K; A@54=89 A@>: A;C61K >1>@C4>20=8O ?> 2840< 8 2 F5;>< ?> ?@54?@8OB8N. @8 0=0;875 8AE>4OB 87 B>3>, GB> >?B8<0;L=K< O2;O5BAO A@>: A;C61K >1>@C4>20=8O 4> 10 ;5B, 0 2 =0C:>5<:8E >B@0A;OE 2-5 ;5B. @8<5@ 2. @>0=0;878@>20BL 2>7@0AB=>9 A>AB02 >1>@C4>20=8O, A45;0BL 2K2>4K. 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"01;8F0 5.1. 20;8D8:0F8>==K5 B@51>20=8O : @01>B0< 8 8<5NI89AO A>AB02 @01>G8E 07@O4 @01>G8E 8 @01>B"0@8D=K9 :>MDD8F85=B;0=>20O B@C4>5<:>ABL @01>B, G5;-G0A$0:B8G5A:0O G8A;5==>ABL @01>G8E I 1,0 - - II  1,3 284 800 181 III 1,69 184 000  118 IV 1,96 499 200 303  V  2,27 113 600  61 VI 2,63 70 400 41 B>3> - 1 152 000 704 5H5=85: ;O >F5=:8 :0G5AB25==>3> A>AB020 @01>G8E ?@54?@8OB8O @0AAG8BK20NBAO A;54CNI85 ?>:070B5;8: !@54=89 B0@8D=K9 :>MDD8F85=B @01>B = (284 800 E 1.3 + 184 000 E 1.69 + 499 200 E 1,96 + 113 600 E 2,27 + 70 400 E 2,63) : 1 152 000 = 1,825; !@54=89 B0@8D=K9 :>MDD8F85=B @01>G8E = (181 E 1,3 + 118 E 1,69 + 303 E 1,96 + 61 E 2,27 + 41 E 2,63) : 704 = 1,811; #@>25=L :20;8D8:0F88 @01>G8E =0 ?@54?@8OB88 = 1,811 : 1,825 = 0,99. 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"01;8F0 5.2. =0;87 42865=8O @01>G59 A8;K =0 ?@54?@8OB88 >:070B5;82002 3.2003 3.2004 3.@8=OB> =0 @01>BC 78 81 83K1K;> A ?@54?@8OB8O 97 93 96 B.G.: - =0 CG51C 3 3 3 - =0 A;C61C 2 ! 13 12 15 - =0 ?5=A8N 6 8 7 - ?> A>1AB25==><C 65;0=8N 65 62 67 - 70 =0@CH5=85 B@C4>2>9 48AF8?;8=K 10 8 4!@54=5A?8A>G=0O G8A;5==>ABL @01>B=8:>2891880858 >:070B5;8 >F5=:8 8=B5=A82=>AB8 42865=8O ?5@A>=0;0 >MDD8F85=B >1>@>B0 ?> ?@85<C = >;8G5AB2> ?@8=OBKE =0 @01>BC : !@54=5A?8A>G=0O G8A;5==>ABL @01>B=8:>2 ; >MDD8F85=B >1>@>B0 ?> 2K1KB8N = >;8G5AB2> C2>;82H8EAO A ?@54?@8OB8O : !@54=5A?8A>G=0O G8A;5==>ABL @01>B=8:>2; >MDD8F85=B >1I53> >1>@>B0 = !C<<0@=>5 :>;8G5AB2> ?@8=OBKE 8 C2>;5==KE @01>B=8:>2 : !@54=5A?8A>G=0O G8A;5==>ABL @01>B=8:>2; >MDD8F85=B B5:CG5AB8 :04@>2 = >;8G5AB2> C2>;82H8EAO ?> A>1AB25==><C 65;0=8N 8 70 =0@CH5=85 B@C4>2>9 48AF8?;8=K : !@54=5A?8A>G=0O G8A;5==>ABL @01>B=8:>2; >MDD8F85=B ?>AB>O=AB20 A>AB020 ?5@A>=0;0 ?@54?@8OB8O = >;8G5AB2> @01>B=8:>2 ?@>@01>B02H8E 25AL 3>4 : !@54=5A?8A>G=0O G8A;5==>ABL @01>B=8:>2. 78:891= 0.088 97:891= 0,109 (78+97): :891= 0,196 (65+10): :891=0.084 (891+97): 891+)=0,891 ,092 0,106 0,198 0,08 0,894 0,097 0,112 0,209 0,082 0,888 K2>4: =0 ?@54?@8OB88 70 3 3>40 ?@>A;568205BAO B5=45=F8O C25;8G5=8O >1I53> >1>@>B0 @01>G59 A8;K, =>, 2 F5;><, ?@85< @01>B=8:>2 ?>:@K205B 8E C2>;L=5=85. 5;0B5;L=> 1K;> 1K =5A:>;L:> A=878BL B5:CG5ABL :04@>2, B0: :0: >=0 >B@8F0B5;L=> A:07K205BAO =0 MDD5:B82=>AB8 @01>BK ?@54?@8OB8O. ;O A=865=8O B5:CG5AB8 :04@>2 <>3CB 1KBL @0AA<>B@5=K ?@54;>65=8O ?@8<5@=> B0:>3> B8?0: C;CGH8BL A>F80;L=CN AD5@C ?@54?@8OB8O (AB@>8B5;LAB2> 68;LO, 107 >B4KE0, C45H52;5=85 ?8B0=8O 2 702>4A:8E AB>;>2KE 8 B.?.); 2=54@8BL A8AB5<C AB018;870F88 :04@>2; C2>;L=5=85 ?> A>1AB25==><C 65;0=8N ?@>2>48BL B>;L:> ?>A;5 @0AA<>B@5=8O 2>7<>6=KE :><?@><8AA>2; ?@>2>48BL 2 ?>4@0745;5=8O (F5E0E) :04@>2K9 45=L (2>A?8B0B5;L=K9 G0A); 0:B82878@>20BL @01>BC A@548 CG0I8EAO H:>;, :>;;54659, B5E=8:C<>2, 2C7>2 ?> ?@82;5G5=8N CG0I8EAO =0 @01>BC 8 B.?. >:070B5;8 G8A;5==>AB8 @01>B=8:>2 E0@0:B5@87CNB @07<5@ ?@54?@8OB8O, => =5 40NB ?@54AB02;5=8O >1 C@>2=5 8A?>;L7>20=8O @01>G59 A8;K. >:070B5;8 8=B5=A82=>AB8 8A?>;L7>20=8O B@C40 =0 ?@54?@8OB88 <=>3>G8A;5==K : >1J5< ?@>872>4AB20 8 @50;870F88 ?@>4C:F88, D>=4>>B40G0, ?@81K;L 2 @0AG5B5 =0 >4=>3> @01>B=8:0 (@01>G53>) 8 4@. > =081>;55 4>:070B5;L=> MDD5:B82=>ABL 8A?>;L7>20=8O B@C4>2KE @5AC@A>2 =0 ?@54?@8OB88 E0@0:B5@87CNB: >:070B5;8 ?@>872>48B5;L=>AB8 B@C40; >:070B5;8 8A?>;L7>20=8O @01>G53> 2@5<5=8. =0;87 MDD5:B82=>AB8 8A?>;L7>20=8O @01>G53> 2@5<5=8 @5<5==K5 ?>:070B5;8, =0@O4C A ?>:070B5;O<8 G8A;5==>AB8 AB@C:BC@K 8 42865=8O ?5@A>=0;0 E0@0:B5@87CNB M:AB5=A82=>ABL 8A?>;L7>20=8O 2>7<>6=>AB59 B@C4>2KE @5AC@A>2. =0;87 8A?>;L7>20=8O @01>G53> 2@5<5=8 2:;NG05B: 8AA;54>20=85 :>;8G5AB20 @01>G53> 2@5<5=8 >B@01>B0==>3> 70 0=0;878@C5<K9 ?5@8>4 (4=59, G0A>2); >F5=:C ?>;=>BK 8 F5;5A>>1@07=>AB8 8A?>;L7>20=8O @01>G53> 2@5<5=8. 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E>45 ?@>872>4AB25==>9 45OB5;L=>AB8 =0 ?@54?@8OB88 845B ?>AB>O==>5 D>@<8@>20=85 (?>?>;=5=85) 70?0A>2 B>20@=>-<0B5@80;L=KE F5==>AB59. ;O MB>3> 8A?>;L7CNB :0: A>1AB25==K9, B0: 8 705<=K9 :0?8B0; (4>;3>- 8 :@0B:>- A@>G=K5 :@548BK 8 709<K). =0;878@CO AB5?5=L A>>B25BAB28O (87;8H:0 8;8 =54>AB0B:0) A@54AB2 4;O D>@<8@>20=8O 70?0A>2 8 70B@0B, >?@545;ONB 01A>;NB=K5 ?>:070B5;8 D8=0=A>2>9 CAB>9G82>AB8. =0;87 D8=0=A>2>9 CAB>9G82>AB8 ?@54?@8OB8O ?> B8?C A;>682H59AO =0 =5< D8=0=A>2>9 A8BC0F88 2:;NG05B: 0AG5B B@5E ?>:070B5;59 >F5=:8 @07<5@>2 8<5NI8EAO =0 ?@54?@8OB88 8AB>G=8:>2 A@54AB2 4;O D>@<8@>20=8O 70?0A>2 8 70B@0B; 0AG5B B@5E ?>:070B5;59 >F5=:8 >15A?5G5==>AB8 70?0A>2 8 70B@0B, =5>1E>48<KE ?@54?@8OB8N, 8AB>G=8:0<8 8E D>@<8@>20=8O; =B53@8@>20=85 B@5E:><?>=5=B=>3> ?>:070B5;O, E0@0:B5@87CNI53> B8? D8=0=A>2>9 A8BC0F88 A;>682H59AO =0 ?@54?@8OB88 8 D>@<C;8@>20=88 2K2>4>2. 0715@5< A>45@60=88 MB8E MB0?>2 1>;55 ?>4@>1=> 8 =0 :>=:@5B=>< ?@8<5@5. I. 0AG5B @07<5@>2 8AB>G=8:>2 A@54AB2 ?@54?@8OB8O 4;O D>@<8@>20=8O 70?0A>2 8 70B@0B, ?@54?>;0305B @0AG5B B@5E ?>:070B5;59: 0;8G85 A>1AB25==KE >1>@>B=KE A@54AB2 4;O D>@<8@>20=8O 70?0A>2 8 70B@0B ( A): A = Q  F = AB@. 490  AB@. 190  =0H5< ?@8<5@5:  A (=0 =0G0;> >BG5B=>3> ?5@8>40) = 30 103  36 668 = - 6 565(BKA. @C1.) A (=0 :>=5F >BG5B=>3> ?5@8>40) = 38 001  46 924 = - 8 923 (BKA. @C1.) 0;8G85 A>1AB25==KE 8 4>;3>A@>G=KE 705<=KE A@54AB2 4;O D>@<8@>20=8O 70?0A>2 8 70B@0B ( A4): A4 = A + K B = A + AB@. 590  =0H5< ?@8<5@5: A4 (=0 =0G0;> >BG5B=>3> ?5@8>40) = (30 103 + 5 126) - 36 668 = - 1439(BKA. @C1.) A4 (=0 :>=5F >BG5B=>3> ?5@8>40) = (38001 + 8526)  46 924 = - 397 (BKA. @C1.) 3. 1I0O 25;8G8=0 >A=>2=KE 8AB>G=8:>2 D>@<8@>20=8O 70?0A>2 8 70B@0B (>1):  >1 =  A4 +  t =  A4 + AB@. 610  =0H5< ?@8<5@5:  >1 (=0 =0G0;> >BG5B=>3> ?5@8>40) = (- 1 439) + 6 000 = 4 561 (BKA. @C1.)  >1 (=0 :>=5F >BG5B=>3> ?5@8>40) = (- 397) + 8734 = 8 337 (BKA. @C1.) 0;55 ?> 40==KE 1CE30;B5@A:>3> 10;0=A0 >?@545;8< :0:85 70?0AK 8 70B@0BK (Z) =5>1E>48<K 1K;8 ?@54?@8OB8N: Z = AB@. 210 + AB@. 220  =0H5< ?@8<5@5: Z (=0 =0G0;> >BG5B=>3> ?5@8>40) = 8 813 (BKA. @C1.) Z (=0 :>=5F >BG5B=>3> ?5@8>40) = 9 907 (BKA. @C1.) II. 0AG5B >15A?5G5==>AB8 70?0A>2 8 70B@0B 8AB>G=8:0<8 8E D>@<8@>20=8O ?@54?>;0305B B0:65 @0AG5B B@5E ?>:070B5;59: 1. 7;8H5: (+) 8;8 =54>AB0B>: (-) A>1AB25==KE >1>@>B=KE A@54AB2 4;O D>@<8@>20=8O 70?0A>2 8 70B@0B ( ( A): (A = A - Z  =0H5< ?@8<5@5: ( A ( =0 =0G0;> >BG5B=>3> ?5@8>40) = (-6565 )  8813 = -15378 (BKA. @C1.) (A ( =0 :>=5F >BG5B=>3> ?5@8>40) = (- 8923)  9907 = - 18830 ( BKA. @C1.) 2. 7;8H5: (+) 8;8 =54>AB0B>: (-) A>1AB25==KE 8 4>;3>A@>G=KE 705<=KE A@54AB2 4;O D>@<8@>20=8O 70?0A>2 8 70B@0B ( (  A4): (A4 =  A4  Z  =0H5< ?@8<5@5: (A4 (=0 =0G0;> >BG5B=>3> ?5@8>40) = (-1439) - 8813 = -10592 (BKA. @C1.) ( A4 ( =0 :>=5F >BG5B=>3> ?5@8>40) = (-397) - 9907 = - 9510 (BKA. @C1.) 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 70B@0B ( ( >1): ( >1 =  >1  Z  =0H5< ?@8<5@5: (  >1 (=0 =0G0;> >BG5B=>3> ?5@8>40) = 4561 - 8813 = -4562(BKA. @C1.) ( >1 ( =0 :>=5F >BG5B=>3> ?5@8>40) = 8337 - 9907 = -1570 (BKA. @C1.) KG8A;5=85 MB8E B@5E ?>A;54=8E @0AG5B=KE ?>:070B5;59 ?>72>;ONB :;0AA8D8F8@>20BL AB5?5=8 D8=0=A>2>9 CAB>9G82>AB8 ?@54?@8OB8O. III. ?@545;5=85 AB5?5=8 D8=0=A>2>9 CAB>9G82>AB8 ?@54?@8OB8O ?> B8?C A;>682H59AO =0 =5< D8=0=A>2>9 A8BC0F88: 07;8G0NB 4 AB5?5=8 D8=0=A>2>9 CAB>9G82>AB8 ?@54?@8OB8O (B8?0 D8=0=A>2>9 A8BC0F88): 1A>;NB=0O D8=0=A>20O CAB>9G82>ABL; >@<0;L=0O D8=0=A>20O CAB>9G82>ABL; 5CAB>9G82>5 (?@54:@878A=>5) D8=0=A>2>5 A>AB>O=85; @878A=>5 D8=0=A>2>5 A>AB>O=85. $8=0=A>2>5 A>AB>O=85 ?@54?@8OB8O <>6=> AG8B0BL CAB>9G82K< 5A;8 >=> A?>A>1=>: A2>52@5<5==> ?@>2>48BL ?;0B568 (?>AB02I8:0< @5AC@A>2, :@548B>@0<, 3>AC40@AB2C; D8=0=A8@>20BL A2>N 45OB5;L=>ABL =0 @0AH8@5==>9 >A=>25; ?5@5=>A8BL =5?@542845==K5 ?>B@OA5=8O 8 ?>445@6820BL A2>N ?;0B565A?>A>1=>ABL 4065 2 =51;03>?@8OB=KE CA;>28OE. ;O >F5=:8 B8?0 D8=0=A>2>9 A8BC0F88 8A?>;L7CNB >1>1I0NI89 B@5E:><?>=5=B=K9 ?>:070B5;L (SB): SB = [ S ( ( Ec); S ( ( Ec4); S ( ( E o1 )] 345: - DC=:F8O S (x) >?@545;O5BAO: S (x) = 1 ?@8 x > 0; S (x) = 0 ?@8 x < 0; - E - (  A, (  A4, (  >1. 1A>;NB=0O D8=0=A>20O CAB>9G82>ABL [S B (1, 1,1)]: ( A > 0 (1) ( A4 > 0 (1) ( >1 > 0 (1) -B> :@09=89 B8? D8=0=A>2>9 CAB>9G82>AB8, 2AB@5G05BAO @54:> 8 >7=0G05B, GB> 2 MB>9 A8BC0F88 70?0AK 8 70B@0BK ?>;=>ABLN ?>:@K20NBAO A>1AB25==K<8 >1>@>B=K<8 A@54AB20<8, B> 5ABL ?@54?@8OB85 01A>;NB=> =5 7028A8B >B 2=5H=8E 8AB>G=8:>2 D8=0=A8@>20=8O. -B0 A8BC0F8O =5 <>65B @0AA<0B@820BLAO :0: 8450;L=0O, B0: :0: >7=0G05B GB> @C:>2>4AB2> ?@54?@8OB8O =5 C<55B, =5 65;05B 8;8 =5 8<55B 2>7<>6=>AB8 8A?>;L7>20BL 8AB>G=8:8 A@54AB2 4;O 2;>65=8O 2 >A=>2=K5 D>=4K. >@<0;L=0O D8=0=A>20O CAB>9G82>ABL [ S B (0,1,1)]: ( A < 0 ( 0 ) ( A4 > 0 (1) ( >1 > 0 (1) 7=0G05B, GB> ?;0B565A?>A>1=>ABL ?@54?@8OB8O 30@0=B8@>20=0.  MB>9 A8BC0F88 ?@54?@8OB8O 4;O ?>:@KB8O A2>8E 70?0A>2 8 70B@0B 8A?>;L7C5B :0: A>1AB25==K5, B0: 8 705<=K5 A@54AB20 8 MB> =>@<0;L=>. 5CAB>9G82>5 D8=0=A>2>5 A>AB>O=85 [S B (0, 0, 1): ( A < 0 (0) ( A4 < 0 (0) ( >1 > 0 (1) 7=0G05B, GB> ?;0B565A?>A>1=>ABL ?@54?@8OB8O =0@CH5=0, => A>E@0=O5BAO @50;L=0O 2>7<>6=>ABL 4;O C;CGH5=8O ?>;>65=8O 70 AG5B ?>?>;=5=8O 8AB>G=8:>2 A>1AB25==KE A@54AB2, 0 B0:65 4>?>;=8B5;L=>3> ?@82;5G5=8O 4>;3>  8 :@0B:>A@>G=KE :@548B>2 8 709<>2. $8=0=A>20O =5CAB>9G82>ABL AG8B05BAO 4>?CAB8<>9, 5A;8 25;8G8=0 8AB>G=8:>2 A@54AB2, ?@82;5:05<KE 4;O ?>?>;=5=8O 70?0A>2 8 70B@0B 2 D>@<5 :@0B:>A@>G=KE :@548B>2 8 709<>2, =5 ?@52KH05B AC<<0@=>9 AB>8<>AB8 ?@>872>4AB25==KE 70?0A>2 8 3>B>2>9 ?@>4C:F88. @878A=>5 D8=0=A>2>5 A>AB>O=85 [ S B (0,0,0)]: (A < 0 (0) ( A4 < 0 (0) ( >1 < 0 (0) 7=0G05B, GB> ?@54?@8OB85 =0E>48BAO =0 3@0=8 10=:@>BAB20, B0: :0: 25;8G8=0 70?0A>2 8 70B@0B =5 ?>:@K205BAO 2A59 AC<<>9 8AB>G=8:>2 >15A?5G5=8O, 8<5NI59AO =0 ?@54?@8OB88. >;55 B>3>, 8<5NI85AO C ?@54?@8OB8O 45=56=K5 A@54AB20, :@0B:>A@>G=K5 D8=0=A>2K5 2;>65=8O 8 4518B>@A:0O 704>;65==>ABL =5 ?>:@K20NB 4065 53> :@548B>@A:>9 704>;65==>AB8 8 ?@>A@>G5==KE AAC4. ;O 2KE>40 87 :@878A=>3> A>AB>O=8O <>3CB 1KBL ?@8<5=5=K A;54CNI85 B@8 2>7<>6=KE ?CB8: 1>A=>20==>5 A=865=85 70?0A>2 8 70B@0B, => MB> >1KG=> 2545B : A>:@0I5=8N >1J5<>2 ?@>872>4AB20 8 ?045=8N ?@81K;8; #A:>@5=85 >1>@0G8205<>AB8 >1>@>B=KE A@54AB2, GB> <>65B 1KBL 4>AB83=CB> ?@8 2=54@5=88 =>2>9 B5E=8:8 8 ?@>3@5AA82=KE B5E=>;>389 8 2K?CA:5 =0 MB>9 >A=>25 1>;55 :>=:C@5=B=>A?>A>1=>9 ?@>4C:F88, 0 B0:65 70 AG5B 0:B82870F88 45OB5;L=>AB8 ?@54?@8OB8O =0 ?>B@518B5;LA:>< @K=:5; @82;5G5=85 45=56=KE A@54AB2 A> AB>@>=K 70 AG5B @0A?@>4068 G0AB8 >A=>2=KE D>=4>2, 0:F89, ?5@5CABC?:8 ?@02 =0 ?@>4C:F8N (:@548BK 8 709<K 2=5H=85 8=25AB>@K 2 MB>9 A8BC0F88 2@O4 ;8 404CB). @54?>GB8B5;L=K< O2;O5BAO 2B>@>9 ?CBL 2 A>G5B0=88 (?> 2>7<>6=>AB8) A ?5@2K< 8 B@5BL8<.  =0H5< ?@8<5@5, =0 =0G0;> >BG5B=>3> ?5@8>40, A;>68;0AL A;54CNI0O A8BC0F8O: ( A = (-15378) BKA. @C1. < 0 (0) ( A4 = (-10252) BKA. @C1. < 0 (0) ( >1 = (-4252) BKA. @C1. < 0 (0) B.5.SB (0,0,0) K2>4: =0 =0G0;> 0=0;878@C5<>3> ?5@8>40 ?@54?@8OB85 =0E>48;>AL 2 :@878A=>< D8=0=A>2>< A>AB>O=88. 0 :>=5F >BG5B=>3> ?5@8>40 A8BC0F8O AB0;0 A;54CNI59: ( A = (-18830) BKA. @C1. < 0 (0) ( A4 = (9510) BKA. @C1. < 0 (0) ( >1 = (-1570) BKA. @C1. < 0 (0) K2>4: =0 :>=5F 0=0;878@C5<>3> ?5@8>40 A8BC0F8O :>@5==K< >1@07>< =5 87<5=8;0AL 8 ?@54?@8OB85 ?@>4>;60;> >AB020BLAO 2 :@878A=>< D8=0=A>2>< A>AB>O=88, => =0<5B8;0AL B5=45=F8O : 53> C;CGH5=8N 70 AG5B ?@82;5G5=8O 705<=KE A@54AB2. ;O >1;53G5=8O >F5=:8 :0D54@0 @5:><5=4C5B @57C;LB0BK @0AG5B>2 A2>48BL 2 B01;8FC (AB@.172, 3@C??8@>20BL @0AG5B=K5 40==K5 2 5 3@C??, =5ACI8E @07=CN 0=0;8B8G5A:CN =03@C7:C. !B@. 171-173 87CG8BL 8 70:>=A?5:B8@>20BL. 1-9 1. A?>A>1 >F5=:8 $#. F5=:0 >15A?5G5==>AB8 <0B5@80;L=KE >1>@>B=KE A@54AB2 8AB>G=8:0<8 87 D8=0=A8@>20=8O. > A2>59 ACB8 MB>B A?>A>1 1;87>: : ?5@2><C A?>A>1C. 5B>48:0 >?8@05BAO =0 >48= 87 ?@87=0:>2 CAB>9G82>AB8 $!: 25;8G8=0 <0B5@80;L=KE >1>@>B=KE 0:B82>2 4.1. <5=LH5 (8;8 @02=0) 25;8G8=5 G8ABKE <>18;L=KE 0:B82>2, B.5.: Z d" (Q-F) +KB 8;8 A 210 + A. 220 d" (A. 490  A. 190) + A. 590; -B> =5@025=AB2> E0@0:B5@87C5B CA;>285 ?;0B565A?>A>1=>AB8 ?@54?@8OB8O. A?>;L7CO MB> =5@025=AB2> 845=B8D8F8@CNB 4 AB5?5=8 D8=0=A>2>9 CAB>9G82>AB8: 1A>;NB=0O D8=0=A>20O CAB>9G82>ABL, ?@8 :>B>@>9 <0B5@80;L=K5 >1>@>B=K5 A@54AB20 D>@<8@CNBAO 70 AG5B A>1AB25==KE A@54AB2, B.5.: Z d" Q-F d" A. 490  A.190.  =0H5< ?@8<5@5: 0 =.3. 8813 BKA. @C1. > (-6565) BKA. @C1.; 0 :.3.: 9907 BKA. @C1.> (-8923) BKA. @C1. 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E =07K20NB 5IQ ?>:070B5;O<8 AB@C:BC@K :0?8B0;0 8;8 :>MDD8F85=B0<8 C?@02;5=8O 8AB>G=8:0<8 A@54AB2.  0=0;8B8G5A:>9 ?@0:B8:5 8A?>;L7C5BAO >:>;> 20 :>MDD8F85=B>2 D8=0=A>2>9 CAB>9G82>AB8. > 8E 2A5 2 E>45 0=0;870, :0: ?@028;>, =5 @0AAG8BK20NB, ?>B><C GB> =5:>B>@K5 87 =8E 4C1;8@CNB 4@C3 4@C30, =5:>B>@K5 4>?>;=ONB 4@C3 4@C30, =5:>B>@K5 ?@>B82>@5G0B 4@C3 4@C3C 8;8 2 A>2@5<5==KE CA;>28OE =5 8<5NB ?@0:B8G5A:>3> 7=0G5=8O. >MDD8F85=B0<8 D8=0=A>2>9 CAB>9G82>AB8 8<5NI8<8 A0<>AB>OB5;L=K9 A<KA; 8 2 B> 65 2@5<O 2708<>A2O70==K<8 <564C A>1>9 O2;ONBAO: >MDD8F85=B 02B>=><88 ( :>MDD8F85=B =57028A8<>AB8, :>MDD8F85=B A>1AB25==>AB8, :>MDD8F85=B :>=F5=B@0F88 A>1AB25==>3> :0?8B0;0, :>MDD8F85=B :>=F5=B@0F88 0:F8>=5@=>3> :0?8B0;0); >MDD8F85=B D8=0=A>2>9 CAB>9G82>AB8; >MDD8F85=B A>>B=>H5=8O 705<=KE 8 A>1AB25==KE A@54AB2 (:>MDD8F85=B :0?8B0;870F88, 4>;O 705<=KE A@54AB2, :>MDD8F85=B 4>;30, ;525@846); >MDD8F85=B D8=0=A8@>20=8O (D8=0=A>2>9 7028A8<>AB8); >MDD8F85=B >15A?5G5==>AB8 A>1AB25==K<8 >1>@>B=K<8 A@54AB20<8 (:>MDD8F85=B >15A?5G5==>AB8 A>1AB25==K<8 A@54AB20<8, :>MDD8F85=B >15A?5G5==>AB8 G8ABK< >1>@>B=K< :0?8B0;><); >MDD8F85=B >15A?5G5==>AB8 70?0A>2 8 70B@0B 8AB>G=8:0<8 8E D>@<8@>20=8O ( :>MDD8F85=B <0=52@5==>AB8 DC=:F8>=8@CNI53> :0?8B0;0); =45:A ?>AB>O==>3> A>AB020; >MDD8F85=B <0=52@5==>AB8( :>MDD8F85=B <0=52@5==>AB8 A>1AB25==>3> :0?8B0;0, :>MDD8F85=B <0=52@5==>AB8 A>1AB25==KE A@54AB2); >MDD8F85=B @50;L=>9 AB>8<>AB8 8<CI5AB20 (:>MDD8F85=B 8<CI5AB20 ?@>872>4AB25==>3> =07=0G5=8O); >MDD8F85=B 4>;3>A@>G=>3> ?@82;5G5=8O 705<=KE A@54AB2. @C385 :>MDD8F85=BK D8=0=A>2>9 CAB>9G82>AB8: >MDD8F85=B A>>B=>H5=8O <>18;L=KE 8 8<<>18;87>20==KE A@54AB2 2. >MDD8F85=B ;8:284=>AB8 >1>@>B=KE A@54AB2; 3. >MDD8F85=B 02B>=><88 8AB>G=8:>2 D>@<8@>20=8O 70?0A>2 8 70B@0B 4. >MDD8F85=B :@0B:>A@>G=>9 704>;65==>AB8; 5. >MDD8F85=B :@548B>@A:>9 704>;65==>AB8 8 ?@>G8E >1O70B5;LAB2; 6. >MDD8F85=B ?>:@KB8O ?@>F5=B>2 (:>MDD8F85=B 70I8IQ==>AB8 :@548B>@>2); 7. >;O ?@>A@>G5==>9 4518B>@A:>9 8;8 :@548B>@A:>9 704>;65==>AB8 8 4@. 5@2K5 10 :>MDD8F85=B>2 $# (:@><5 :>MDD8F85=B0 :0?8B0;870F88) =0E>4OBAO 2 ?@O<>9 7028A8<>AB8 >B 87<5=5=8O $#, B.5. @>AB :064>3> 87 =8E ?>4B25@6405B C:@5?;5=85 $#. > >4=>2@5<5==K9 @>AB 2A5E ?>:070B5;59 =52>7<>65= B.:. =5:>B>@K5 87 =8E 2 AC<<5 40NB 1,0 ( =0?@8<5@, :>MDD8F85=B <0=52@5==>AB8 8 8=45:A ?>AB>O==>3> A>AB020), B. 5. 5A;8 ?>2KH05BAO :>MDD8F85=B <0=52@5==>AB8 A>1AB25==>3> :0?8B0;0, B> 8=45:A ?>AB>O==>3> A>AB020 A=8605BAO 8 =0>1>@>B. 0AA<>B@8< ?>@O4>: @0AG5B0 8 0=0;870 =5:>B>@KE 87 MB8E :>MDD8F85=B>2. >MDD8F85=B 02B>=><88 (:>MDD8F85=B D8=0=A>2>9 7028A8<>AB8) - MB> >B=>H5=85 A>1AB25==>3> :0?8B0;0 : 8B>3C 10;0=A0, = ?>:07K205B :0:0O G0ABL 8<CI5AB20 ?@54?@8OB8O AD>@<8@>20=0 70 AG5B A>1AB25==KE A@54AB2. Q AB@. 490  02B = ------ = ----------- ; F AB@. 700 ?B8<0;L=>5 7=0G5=85  02B. e" 0,5. @8 B0:>< 53> 7=0G5=88 2A5 >1O70B5;LAB20 ?@54?@8OB8O <>3CB 1KBL ?>:@KBK 70 AG5B A>1AB25==KE A@54AB2 ?@54?@8OB8O. >AB :>MDD8F85=B0 >7=0G05B C:@5?;5=85 D8=0=A>2>9 =57028A8<>AB8 ?@54?@8OB8O.  =0H5< ?@8<5@5:  02B ( =0 =0G0;> >BG5B=>3> ?5@8>40) = 30103 : 52628 = 0,57;  02B (=0 :>=5F >BG5B=>3> ?5@8>40) = 38001 : 71454 = 0,53. K2>4 (20@80=B): @0AG5B 8 >F5=:0 :>MDD8F85=B>2 02B>=><88 ?>:070;8, GB> 8E 7=0G5=85 =87:>5, E>BO 8 >AB05BAO 2 ?@545;0E =>@<0;L=>3>. >;55 B>3>, 70 >BG5B=K9 ?5@8>4 >=> =5A:>;L:> A=878;>AL 8 2?;>B=CN ?@81;878;>AL : ?>@>3C 70 :>B>@K< A;54C5B ?>B5@O ?@54?@8OB85< D8=0=A>2>9 =57028A8<>AB8. >MDD8F85=B A>>B=>H5=8O 705<=KE 8 A>1AB25==KE A@54AB2 ( 7/A)  MB> >B=>H5=85 705<=KE A@54AB2 ?@54?@8OB8O : 53> A>1AB25==K< A@54AB20<. K B + K t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t) = AB@. 490 : (AB@. 590 + AB@. 690); = ?>:07K205B, @07<5@ A>1AB25==KE A@54AB2, ?@8E>4OI8EAO =0 548=8FC A>1AB25==KE A@54AB2. ?B8<0;L=>5 7=0G5=85 D e" 0,7  1,0.  =0H5< ?@8<5@5:  D (=0 =0G0;> >BG5B=>3> ?5@8>40) = 30103 : (5126 + 17399) = 1,34;  D (=0 :>=5F >BG5B=>3> ?5@8>40) = 38001 : (8526 + 24927) = 1,14. K2>4 (20@80=B): @0AG5B :>MDD8F85=B0 D8=0=A8@>20=8O ?>:070;, GB> ?@54?@8OB85 D8=0=A8@C5B A2>N 45OB5;L=>ABL 2 >A=>2=>< 70 AG5B A>1AB25==KE A@54AB2, => 70 >BG5B=K9 ?5@8>4 MB>B ?>:070B5;L 2?;>B=CN ?@81;878;AO : 7=0G5=8N 70 :>B>@K< A;54C5B ?>;=0O ?>B5@O D8=0=A>2>9 A0<>AB>OB5;L=>AB8. >MDD8F85=B >15A?5G5==>AB8 70?0A>2 8 70B@0B A>1AB25==K<8 A@54AB20<8  MB> >B=>H5=85 A>1AB25==KE A@54AB2 2;>65==KE 2 >1>@>B=K5 0:B82K : 25;8G8=5 70?0A>2. = ?>:07K205B A?>A>1=>ABL ?@54?@8OB8O : A0<>D8=0=A8@>20=8N E>7O9AB25==>9 45OB5;L=>AB8, : @0AH8@5==><C 2>A?@>872>4AB2C. Q - F A. 490  A. 190  >1.70? = -------------------- = ---------------------------- ; Z A. 210 ?B8<0;L=>5 7=0G5=85:  >1.70?. e" 0,6  0,8.  =0H5< ?@8<5@5:  >1. 70?. (=0 =0G0;> >BG5B=>3> ?5@8>40) = (30103  36668)/ 8100 = -0,81;  >1.70?. (=0 :>=5F >BG5B=>3> ?5@8>40) = (38001  46924)/9125 = - 0,98. K2>4 (20@80=B): @0AG5B :>MDD8F85=B0 ?>:070;, GB> C ?@54?@8OB8O 1K;0 =87:0O A?>A>1=>ABL : A0<>D8=0=A8@>20=8N, >=> 70 AG5B A>1AB25==KE A@54AB2 =5 ?>:@K20;> ?>B@51=>AB8 2 >1>@>B=>< :0?8B0;5. >MDD8F85=B <0=52@5==>AB8 ( <)  MB> >B=>H5=85 A>1AB25==KE A@54AB2, 2;>65==KE 2 >1>@>B=K5 0:B82K, :> 2A5< >1>@>B=K< 0:B820<. Q  F AB@. 490  AB@. 190  < = ---------- = ------------------------ Q AB@. 490 = ?>:07K205B :0:CN 4>;N 70=8<0NB A>1AB25==K9 :0?8B0; 8=25AB8@>20==K9 2 >1>@>B=K5 A@54AB20, 2 >1I59 AC<<5 A>1AB25==>3> :0?8B0;0, B.5. :0:0O G0ABL :0?8B0;0 ?@54?@8OB8O 2;>65=0 2 =081>;55 <>18;L=K5 0:B82K (=0E>48BAO 2 <>18;L=>9 D>@<5). ?B8<0;L=>5 7=0G5=85 < > 0,2-0,5; G5< 1;865 7=0G5=85 : 0,5, B5< 1>;LH5 2>7<>6=>AB59 4;O D8=0=A>2>3> <0=52@8@>20=8O.  =0H5< ?@8<5@5: < (=0 =0G0;> >BG5B=>3> ?5@8>40) = (30103  36668) : 30103 =- 0,22; < (=0 :>=5F >BG5B=>3> ?5@8>40) = (38001  46924) : 38001 = -0,23 . K2>4: 7=0G5=85 :>MDD8F85=B0 <0=52@5==>AB8 ?>:07K205B, GB> C ?@54?@8OB8O :@09=5 =54>AB0B>G=> A>1AB25==KE A@54AB2 2;>65=> 2 =081>;55 <>18;L=K5 0:B82K, GB> =587156=> A=8605B 53> D8=0=A>2CN CAB>9G82>ABL.. 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F5=:0 ?;0B565A?>A>1=>AB8 ?@54?@8OB8O 9.1. 1I85 ?>;>65=8O ;0B565A?>A>1=>ABL ?@54?@8OB8O  MB> 53> A?>A>1=>ABL A2>52@5<5==> 8 2 ?>;=>< >1J5<5 ?>30H0BL A2>8 D8=0=A>2K5 >1O70B5;LAB20 =0;8G=K<8 45=56=K<8 @5AC@A0<8 ?5@54 ?>AB02I8:0<8 @5AC@A>2, :@548B>@0<8, 8=25AB>@0<8, 0:F8>=5@0<8, 3>AC40@AB2>< 8 B.4. ;0B565A?>A>1=>ABL O2;O5BAO 2=5H=8< ?@>O2;5=85< D8=0=A>2>3> A>AB>O=8O ?@54?@8OB8O. @548B>A?>A>1=>ABL ?@54?@8OB8O ?>4@07C<5205B 53> A?>A>1=>ABL @0AAG8BK20BLAO ?> A2>8< >1O70B5;LAB20<8 B>;L:> A :@548B>@0<8. "0:8< >1@07><, ?>=OB85 ?;0B565A?>A>1=>ABL 3>@074> H8@5 ?>=OB8O :@548B>A?>A>1=>AB8. A;8 ?>A<>B@5BL =0 ?@>1;5<C =5A:>;L:> 3;C165, B> ?;0B565A?>A>1=>ABL 8 :@548B>A?>A>1=>ABL ?@54?@8OB8O >7=0G0NB =5 B>;L:> 2>7<>6=>ABL @0A?;0G820BLAO ?> A2>8< :@0B:>A@>G=K< >1O70B5;LAB20< A ?><>ILN ;8:284=KE >1>@>B=KE A@54AB2, => 8 A?>A>1=>ABL >4=>2@5<5==> ?@>4>;60BL A2>N 15A?5@51>9=CN 45OB5;L=>ABL.  ?>=OB8N ?;0B565A?>A>1=>AB8 B5A=> ?@8<K:05B ?>=OB85 ;8:284=>ABL, >7=0G0NI55 A?>A>1=>ABL >B45;L=KE 284>2 8<CI5AB25==KE F5==>AB59 (0:B82>2) ?@54?@8OB8O >1@0I0BLAO 2 45=56=CN D>@<C 1KAB@> 8 157 ?>B5@L A2>59 10;0=A>2>9 AB>8<>AB8. -B8 ?>=OB8O =0 ?@0:B8:5 B5A=> 2708<>A2O70=K <564C A>1>9, B. :. 2KA>:89 C@>25=L ;8:284=>AB8 0:B82>2 ?@54?@8OB8O, :0: ?@028;>, ?@54?>;0305B 53> 2KA>:CN ?;0B565A?>A>1=>ABL 8 =0>1>@>B.  A2>N >G5@54L ?@8 4>AB0B>G=> 2KA>:>< C@>2=5 ?;0B565A?>A>1=>AB8 D8=0=A>2>5 A>AB>O=85 ?@54?@8OB8O E0@0:B5@87C5BAO :0: CAB>9G82>5. 4=0:> =5 2A5 B0: ?@>AB> 8 >4=>7=0G=>. KA>:89 C@>25=L ?;0B565A?>A>1=>AB8 =5 2A5340 ?>4B25@6405B 2K3>4=>ABL 2;>65=8O A@54AB2 2 >1>@>B=K5 0:B82K, 2 G0AB=>AB8 87;8H=89 70?0A B>20@=>-<0B5@80;L=KE F5==>AB59, 70B>20@820=85 3>B>2>9 ?@>4C:F859, =0;8G85 157=0456=>9 4518B>@A:>9 704>;65==>AB8 A=860NB C@>25=L ;8:284=>AB8 >1>@>B=KE 0:B82>2. -B8 =530B82=K5 O2;5=8O <>3CB =5 ?>;CG8BL A2>5 >B@065=85 2 1CE30;B5@A:>9 >BG5B=>AB8, ?>MB><C : >F5=:5 C@>2=O ?;0B565A?>A>1=>AB8 A;54C5B ?>4E>48BL =5 D>@<0;L=>, 0 B2>@G5A:8, CG8BK20BL A:;04K20NI85AO @50;88, 2=>A8BL ?>?@02:8 =0 @50;L=CN AB>8<>ABL 0:B82>2. 0 45;5=88 0:B82>2 ?> AB5?5=8 ;8:284=>AB8 >A=>20=K 1>;LH8=AB2> <5B>48: 0=0;870 ?;0B565A?>A>1=>AB8 ?@54?@8OB8O. #@>25=L ?;0B565A?>A>1=>AB8 ?@54?@8OB8O =5@07@K2=> A2O70= A ?>;8B8:>9 C?@02;5=8O >1>@>B=K< :0?8B0;><, :>B>@0O 4>;6=0 1KBL =0F5;5=0 =0 <8=8<870F8N D8=0=A>2KE >1O70B5;LAB2, 8E >?B8<870F8N. 'B>1K ?@54?@8OB8N 1KBL ?;0B565A?>A>1=K< =5 >1O70B5;L=> 8<5BL <=>3> 45=56=KE A@54AB2, => >=8 4>;6=K 1KBL 2 =C6=>< :>;8G5AB25, 2 =C6=>< <5AB5 8 2 =C6=>5 2@5<O. !?>A>1K >F5=:8 ?;0B565A?>A>1=>AB8 ?@54?@8OB8O: 1.=0;87 ;8:284=>AB8 10;0=A0; 2. 0AG5B 8 >F5=:0 :>MDD8F85=B>2 ?;0B565A?>A>1=>AB8; 3.7CG5=85 45=56=KE ?>B>:>2. 5@2K9 8 2B>@>9 A?>A>1K >F5=:8 ?;0B565A?>A>1=>AB8 @50;87CNBAO 0=0;87>< CE30;B5@A:>3> 10;0=A0 (D.1), B@5B89 A?>A>1  0=0;87>< ?5@0B82=KE ?;0B56=KE :0;5=40@59 8/8;8 BG5B0 > 42865=88 45=56=KE A@54AB2 (D.4) A>2<5AB=> A D8=0=A>2K< ?;0=>< (D8=0=A>2>9 G0ABLN 187=5A-?;0=0) -B8 A?>A>1K >F5=:8 2708<>4>?>;=ONB 4@C3 4@C30, => <>3CB 8A?>;L7>20BLAO 4;O >F5=:8 8 87>;8@>20==>. 9.2. F5=:0 ?;0B565A?>A>1=>AB8 ?@54?@8OB8O 0=0;87>< ;8:284=>AB8 10;0=A0 !CBLN 0=0;870 ;8:284=>AB8 10;0=A0 O2;O5BAO A@02=5=85 0:B82>2, A3@C??8@>20==KE ?> AB5?5=8 C1K20=8O 8E ;8:284=>AB8, A >1O70B5;LAB20<8 ?> ?0AA82C, A3@C??8@>20==K<8 ?> AB5?5=8 A@>G=>AB8 8E >?;0BK (?>30H5=8O) 8 2 7028A8<>AB8 >B A:;04K20NI53>AO A>>B=>H5=8O 3@C?? 0:B820 8 ?0AA820, D>@<C;8@>20=85 2K2>4>2 > AB5?5=8 ?;0B565A?>A>1=>AB8 ?@54?@8OB8O. >@O4>: ?@>2545=8O 0=0;870 ;8:284=>AB8 10;0=A0. I..:B82K 2 7028A8<>AB8 >B A:>@>AB8 ?@52@0I5=8O 2 45=56=K5 A@54AB20 (>B AB5?5=8 ;8:284=>AB8) ?>4@0745;ONBAO =0 A;54CNI85 3@C??K:  1  =081>;55 ;8:284=K5 0:B82K  MB> 45=56=K5 A@54AB20 8 :@0B:>A@>G=K5 D8=0=A>2K5 2;>65=8O.  1 = AB@. 250 + AB@. 260  =0H5< ?@8<5@5:  1 (=0 =0G0;> >BG5B=>3> ?5@8>40) = 694 BKA. @C1.  1 (=0 :>=5F >BG5B=>3> ?5@8>40) = 1576 BKA. @C1.  2  1KAB@>@50;87C5<K5 0:B82K  MB> :@0B:>A@>G=0O 4518B>@A:0O 704>;65==>ABL 8 ?@>G85 >1>@>B=K5 0:B82K.  2 = AB@. 250 + AB@. 270  =0H5< ?@8<5@5:  2 (=0 =0G0;> >BG5B=>3> ?5@8>40) = 6553 BKA. @C1.  2 (=0 :>=5F >BG5B=>3> ?5@8>40) = 13047 BKA. @C1.  3  <54;5==> @50;87C5<K5 0:B82K  MB> 70?0AK (157 @0AE>4>2 1C4CI8E ?5@8>4>2), 4>;3>A@>G=0O 4518B>@A:0O 704>;65==>ABL 8 4>;3>A@>G=K5 D8=0=A>2K5 2;>65=8O.  3 = AB@. 210 - AB@. 216 + AB@. 220 + AB@. 230 + AB@. 140  3 (=0 =0G0;> >BG5B=>3> ?5@8>40) = 8100  469 + 713 + 597 = 8941 (BKA. @C1.)  3 (=0 :>=5F >BG5B=>3> ?5@8>40) = 9125  351 + 6380 + 782 = 15936 (BKA. @C1.)  4 - B@C4=> @50;87C5<K5 0:B82K - MB> 2=5>1>@>B=K5 0:B82K 70 2KG5B>< 4>;3>A@>G=KE D8=0=A>2KE 2;>65=89.  4 = AB@. 190  AB@. 140  =0H5< ?@8<5@5:  4 (=0 =0G0;> >BG5B=>3> ?5@8>40) = 36668  597 = 36071(BKA. @C1.)  4 (=0 :>=5F >BG5B=>3> ?5@8>40) = 46924  6380 = 40544 (BKA. @C1.) II. 0AA82K 3@C??8@CNBAO ?> AB5?5=8 C1K20=8O A@>G=>AB8 8E 2>72@0B0.  1  =081>;55 :@0B:>A@>G=K5 >1O70B5;LAB20  MB> :@548B>@A:0O 704>;65==>ABL 8 ?@>G85 :@0B:>A@>G=K5 >1O70B5;LAB20.  1 = AB@. 690  AB@. 610  =0H5< ?@8<5@5:  1 (=0 =0G0;> >BG5B=>3> ?5@8>40) = 17399  6000 = 11399 (BKA. @C1.)  1 (=0 :>=5F >BG5B=>3> ?5@8>40) = 24927  8734 = 16193 (BKA. @C1.)  2  :@0B:>A@>G=K5 >1O70B5;LAB20 - MB> :@0B:>A@>G=K5 :@548BK 10=:>2 8 4@C385 709<K.  2 = AB@. 610  =0H5< ?@8<5@5:  2 (=0 =0G0;> >BG5B=>3> ?5@8>40) = 6000 BKA. @C1.  2 (=0 :>=5F >BG5B=>3> ?5@8>40) = 8734 BKA. @C1.  3  4>;3>A@>G=K5 >1O70B5;LAB20.  3 = AB@. 590  3 (=0 =0G0;> >BG5B=>3> ?5@8>40) = 5126 BKA. @C1.  3 (=0 :>=5F >BG5B=>3> ?5@8>40) = 8526 BKA. @C1.  4 - ?>AB>O==K5 ?0AA82K  MB> :0?8B0; 8 @575@2K (A>1AB25==K5 A@54AB20) 70 2KG5B>< @0AE>4>2 1C4CI8E ?5@8>4>2.  4 = AB@. 490  AB@. 216  =0H5< ?@8<5@5:  4 (=0 =0G0;> >BG5B=>3> ?5@8>40) = 30103  469 = 29634BKA. @C1.  4 (=0 :>=5F >BG5B=>3> ?5@8>40) = 38001  351 = 37650 (BKA. @C1.) III. ;O >?@545;5=8O AB5?5=8 ;8:284=>AB8 10;0=A0, 0 7=0G8B 8 AB5?5=8 ?;0B565A?>A>1=>AB8 ?@54?@8OB8O, =5>1E>48<> 3@C??K 0:B820 8 ?0AA820 10;0=A0 ?>?0@=> A>?>AB028BL <564C A>1>9. !>?>AB02;5=85 ;8:284=KE A@54AB2 8 >1O70B5;LAB2 ?>72>;O5B 2KG8A;8BL A;54CNI85 AB5?5=8 ;8:284=>AB8 10;0=A0: 1.1A>;NB=0O ;8:284=>ABL 10;0=A0, A2845B5;LAB2CNI0O > 157>3>2>@>G=>9 ?;0B565A?>A>1=>AB8 ?@54?@8OB8O; 2."5:CI0O ;8:284=>ABL 10;0=A0, A2845B5;LAB2CNI0O > ?;0B565A?>A>1=>AB8 8;8 =5?;0B565A?>A>1=>AB8 ?@54?@8OB8O =0 1;8609H89 : @0AA<0B@8205<><C <><5=BC ?@><56CB>: 2@5<5=8: 3.5@A?5:B82=0O ;8:284=>ABL 10;0=A0  MB> ?@>3=>7 ?;0B565A?>A>1=>AB8 =0 >A=>25 1C4CI8E ?>ABC?;5=89 8 ?;0B5659. 0;0=A AG8B05BAO 01A>;NB=> ;8:284=K<, 0 ?@54?@8OB85 157>3>2>@>G=> ?;0B565A?>A>1=K< ?@8 A>1;N45=88 A;54CNI59 A8AB5<K =5@025=AB2:  1 e"  1  2 e"  2  3 e"  3  4 d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e"  1 +  2, B> MB> A2845B5;LAB2C5B > B><, GB> ?@54?@8OB85 8<55B B5:CICN (:@0B:>A@>G=CN) ?;0B565A?>A>1=>ABL, B.5. A>E@0=8B 55 2 1;8609H55 2@5<O. A;8 A>E@0=O5BAO =5@025=AB2>  3 e"  3, B> ?@54?@8OB85, :@><5 B>3>, A>E@0=8B ?;0B565A?>A>1=>ABL 8 2 1>;55B 4>;3>A@>G=>9 ?5@A?5:B825, B. 5. -B> =5@025=AB2> E0@0:B5@87C5B ?5@A?5:B82=CN ;8:284=>ABL ?@54?@8OB8O 8 O2;O5BAO 4>;3>A@>G=K< ?@>3=>7>< ?;0B565A?>A>1=>AB8. > 40==K< =0H53> ?@8<5@0 AD>@<C;8@C5< 2K2>4 > ;8:284=>AB8 10;0=A0, 0 7=0G8B 8 AB5?5=8 53> ?;0B565A?>A>1=>AB8 =0 =0G0;> 8 :>=5F >BG5B=>3> ?5@8>40. 0 =0G0;> >BG5B=>3> ?5@8>40: 594 < 11399 B.5.  1 <  1 6553> 6000 B.5.  2 >  2 8941 > 5126 B.5.  3 >  3 36071 < 29634 B.5.  4 >  4 K2>4: 1A>;NB=>9 ;8:284=>AB8 C ?@54?@8OB8O =5B, B0: :0: =0@CH5=> ?5@2>5 =5@025=AB2>.  GB> 5ABL? !@02=8<  1 +  2 A  1 +  2.  1 +  2 = 594 + 6553 = 7147 (BKA. @C1.);  1 +  2 = 11399 + 6000 = 17399 (BKA. @C1.) B.5. 7147 < 17399, 7=0G8B C ?@54?@8OB8O =5B B5:CI59 ?;0B565A?>A>1=>AB8. 4=0:>  3 >  3, B.5. >=> >1;0405B ?5@A?5:B82=>9 ;8:284=>ABLN, B.5. ?@8 1;03>?@8OB=>< @0725@BK20=88 A>1KB89 <>65B 1KBL ?;0B565A?>A>1=K< 2 4>;3>A@>G=>9 ?5@A?5:B825, A@54AB20 4;O MB>3> C =53> 8<5NBAO. @><5 B>3>, 4 <4, B.5. C ?@54?@8OB8O =01;N405BAO =54>AB0B>: A>1AB25==KE >1>@>B=KE A@54AB2, GB> =587156=> >B@8F0B5;L=> A:07K205BAO =0 53> ?;0B565A?>A>1=>AB8. 0 :>=5F >BG5B=>3> ?5@8>40: 1576 < 16193 B.5.  1 < 1 13047 > 8734 B.5.  2 >  2 15936 > 8526 B.5.  3 >  3 40544 > 37650 B.5.  4 >  4 K2>4: =0 :>=5F >BG5B=>3> ?5@8>40 A8BC0F8O 2 >B=>H5=88 ?;0B565- A?>A>1=>AB8 :>@5==K< >1@07>< =5 87<5=8;0AL. =0;87 ;8:284=>AB8 10;0=A0, 2K?>;=5==K9 ?> ?@82545==>9 AE5<5 >B=>A8B5;L=> =5A;>65=, :;0AA8G5A:89, => 53> @57C;LB0BK 1K20NB =5B>G=K, 87-70 =54>AB0B:0 8AE>4=>9 8=D>@<0F88 A>45@60I59AO 2 1CE30;B5@A:>< 10;0=A0, 5Q ?@81;878B5;L=>AB8. ;O CB>G=5=8O >F5=:8 =5:>B>@K5 M:>=><8ABK @5:><5=4CNB 8A?>;L7>20BL <5B>4 =>@<0B82=KE A:84>:, 8<5NI89 A2>59 ACBLN ?5@5@0A?@545;5=85 25;8G8= 10;0=A>2KE AB0B59 <564C 3@C??0<8 0:B820 8 ?0AA820, 8AE>4O 87 A@54=5AB0B8AB8G5A:8E >F5=>: ;8:284=>AB8 0:B82>2 8 A@>:>2 ?>30H5=8O >1O70B5;LAB2. !@02=8BL :>340 10;0=A 1K; ;8:284=55 =0 =0G0;> 8;8 =0 :>=5F 0=0;878@C5<>3> ?5@8>40, 10;0=AK @07=KE ?@54?@8OB89 ?>72>;O5B 8A?>;L7>20=85 >1I53> ?>:070B5;O ;8:284=>AB8 (;). A 1 x L 1 + A 2 x L 2 + A 3 x L 3 ; = -------------------------------------------- ;  1 E L 1 +  2 E L 2 +  3 E L 3 345 L 1, L 2, L 3 - 25A>2K5 :>MDD8F85=BK 3@C?? 0:B820 8 ?0AA820 10;0=A0, 8<5NI85 CA@54=5==>5 7=0G5=85 A>>B25BAB25==> 1,0; 0,5; 0,3.  =0H5< ?@8<5@5: 594 E 1,0 + 6553 E 0,5 + 8941 E 0,3 ; (=0 =0G0;> >BG5B=>3> ?5@8>40) = --------------------------------------------- = 0,41 11399 E 1,0 + 6000 E 0,5 + 5126 E 0,3 1576 E 1,0 + 13 047 E 0,5 + 15 936 E0,3 ; (=0 :>=5F >BG5B=>3> ?5@8>40) = -----------------------------------------------= 0,56 16193 E 1,0 + 8734E 0,5 + 8526 E 0,3 K2>4: 70 >BG5B=K9 ?5@8>4 ;8:284=>ABL 10;0=A0 ?@54?@8OB8O 2>7@>A;0, 0 7=0G8B 53> ?;0B565A?>A>1=>ABL ?>2KA8;0AL. 9.3. F5=:0 ?;0B565A?>A>1=>AB8 ?@54?@8OB8O 8AA;54>20=85< D8=0=A>2KE :>MDD8F85=B>2 ;8:284=>AB8 ;O 1>;55 ?>;=>9 >F5=:8 ?;0B565A?>A>1=>AB8 ?@54?@8OB8O 0=0;87 ;8:284=>AB8 10;0=A0 <>65B 4>?>;=OBLAO 2KG8A;5=85< 8 0=0;87>< :>MDD8F85=B>2 ?;0B565A?>A>1=>AB8 8 ;8:284=>AB8, :>B>@K5 ?>72>;ONB >F5=8BL ?;0B565A?>A>1=>AB8 ?@54?@8OB8O B>;L:> 2 :@0B:>A@>G=>9 ?5@A?5:B825. ;0B565A?>A>1=>ABL ?@54?@8OB8O E0@0:B5@87C5BAO @07;8G=K<8 :>MDD8F85=B0<8 ;8:284=>AB8, :>B>@K5 @0AAG8BK20NBAO :0: >B=>H5=85 @07;8G=KE 284>2 >1>@>B=KE A@54AB2 : 25;8G8=5 :@0B:>A@>G=KE >1O70B5;LAB2. 064K9 284 >1>@>B=KE A@54AB2 8<55B A2>N ;8:284=>ABL, 0 :>MDD8F85=BK ;8:284=>AB8 ?>:07K20NB, :0:CN G0ABL :@0B:>A@>G=KE >1O70B5;LAB2 ?@54?@8OB85 <>65B ?>30A8BL 2 A;CG05 >1@0I5=8O :>=:@5B=KE 284>2 >1>@>B=KE A@54AB2 2 45=L38. =0;87 >A=>20= =0 B><, GB> 284K >1>@>B=KE A@54AB2 ?@54?@8OB8O >1;040NB @07=>9 AB5?5=LN ;8:284=>AB8, 2 G0AB=>AB8 2K45;ONB: 01A>;NB=> ;8:284=K5 A@54AB20  45=56=K5 A@54AB20 8 :@0B:>A@>G=K5 D8=0=A>2K5 2;>65=8O; 1KAB@>;8:284=K5 A@54AB20  4518B>@A:0O 704>;65==>ABL; <54;5==>@50;87C5<K5 A@54AB20  70?0AK. AE>4O 87 MB>3>, 4;O >F5=:8 ?;0B565A?>A>1=>AB8 ?@54?@8OB8O ?@8<5=ONB B@8 ?>:070B5;O (:>MDD8F85=B0) ;8:284=>AB8, @07;8G0NI85AO <564C A>1>9 ?>@O4:>< 2:;NG5=8O 2 8E @0AG5B ;8:284=KE A@54AB2, @0AA<0B@8205<KE 2 :0G5AB25 ?>:@KB8O :@0B:>A@>G=KE >1O70B5;LAB2. >MDD8F85=BK (?>:070B5;8) ;8:284=>AB8 ?@54?@8OB88, E0@0:B5@87CNI85 ?;0B565A?>A>1=>ABL: 1.>MDD8F85=B 01A>;NB=>9 ;8:284=>AB8 (:>MDD8F85=B 01A>;NB=>9 ?;0B565A?>A>1=>AB8, =>@<0 45=56=KE @575@2>2 8 4@.)  MB> >B=>H5=85 01A>;NB=> ;8:284=KE A@54AB2, 8<5NI8EAO =0 ?@54?@8OB88 (45=56=KE A@54AB2 8 :@0B:>A@>G=KE D8=0=A>2KE 2;>65=89) :> 2A59 AC<<5 :@0B:>A@>G=KE (B5:CI8E) >1O70B5;LAB2 ?@54?@8OB8O. AB@. 250 + AB@. 260 1  0; = -------------------------------- 8;8  0; = ------------ ; AB@. 690 1 + 2 = ?>:07K205B :0:0O G0ABL :@0B:>A@>G=KE >1O70B5;LAB2 ?@54?@8OB8O <>65B 1KBL ?>30H5=0 70 AG5B 8<5NI59AO 45=56=>9 =0;8G=>AB8. ?B8<0;L=>5 7=0G5=85 0; > 0,2  0,7, (1>;LH8=AB2> @>AA89A:8E 10=:>2 AG8B05B >?B8<0;L=K< 7=0G5=85< 0,3). '5< 2KH5 53> 25;8G8=0, B5< 1>;LH5 30@0=B88 ?>30H5=8O 4>;3>2. > 8 ?@8 53> =51>;LH>< 7=0G5=88 ?@54?@8OB85 <>65B 1KBL ?;0B565A?>A>1=K<, 5A;8 AC<55B A10;0=A8@>20BL 8 A8=E@>=878@>20BL ?@8B>: 8 >BB>: A@54AB2 ?> >1J5<C 8 A@>:0<.  =0H5< ?@8<5@5:  0; (=0 =0G0;> >BG5B=>3> ?5@8>40) = (14+580) : 17399 = 0,03;  0; (=0 :>=5F >BG5B=>3> ?5@8>40) = (7 + 1569) : 24927= 0,06 K2>4: 70 >BG5B=K9 ?5@8>4 01A>;NB=0O ?;0B565A?>A>1=>ABL ?@54?@8OB8O C25;8G8;0AL, => 2A5 65 >AB05BAO 7=0G8B5;L=> =865 =>@<0;L=>3> 7=0G5=8O.  G0AB=>AB8 =081>;55 A@>G=0O (:@548B>@A:0O) 704>;65==>ABL <>65B 1KBL ?>30H5=0 ?@54?@8OB85< 2 B5G5=85 1 : 0,06 = 16,7 (4=59) [ ?@8 =>@<5 1 : 0,2 = 5 (4=59)]. 2.>MDD8F85=B 1KAB@>9 ;8:284=>AB8 (:>MDD8F85=B A@>G=>9 ;8:284=>AB8, :>MDD8F85=B AB@>3>9 ;8:284=>AB8, :>MDD8F85=B ?@><56CB>G=>9 ;8:284=>AB8 8 4@.)  MB> >B=>H5=85 45=56=KE A@54AB2, :@0B:>A@>G=KE D8=0=A>2KE 2;>65=89, AC<<K <>18;L=KE A@54AB2 2 @0AG5B0E A 4518B>@0<8 : B5:CI8< ?0AA820<. !B@. 230 + AB@. 240 + AB@. 250 + AB@. 260 + AB@. 270  1; = --------------------------------------------------------------------- 8;8 !B@. 690 1 + 2  1; = --------------- ; 1 + 2 >:07K205B :0:>2K 2>7<>6=>AB8 ?@54?@8OB8O ?>30A8BL :@0B:>A@>G=K5 >1O70B5;LAB20 8A?>;L7CO 01A>;NB=> ;8:284=K5 A@54AB20 8 4518B>@A:CN 704>;65==>ABL. ?B8<0;L=K5 7=0G5=8O  1; > 0,8  1,0. > 2 A;CG05, 5A;8 1>;LHCN 4>;N ;8:284=KE A@54AB2 A>AB02;O5B B@C4=>27KA:8205<0O 4518B>@A:0O 704>;65==>ABL, =>@<0;L=K9 8=B5@20; ?>2KH05BAO 2 1,5 @070, 5A;8 65 2 A>AB025 >1>@>B=KE 0:B82>2 7=0G8B5;L=CN 4>;N 70=8<0NB 45=56=K5 A@54AB20 8 8E M:2820;5=BK (F5==K5 1C<038), B> >?B8<0;L=>5 7=0G5=85 <>65B 1KBL =865.  =0H5< ?@8<5@5:  1; (=0 =0G0;> >BG5B=>3> ?5@8>40) = 0,41;  1; (=0 :>=5F >BG5B=>3> ?5@8>40) = 0,59 K2>4: 7=0G5=8O :>MDD8F85=B>2 :0: =0 =0G0;>, B0: 8 =0 :>=5F 0=0;878@C5<>3> ?5@8>40 <5=LH5 =>@<0;L=>3> 7=0G5=8O, => 8<55B =51>;LHCN B5=45=F8N : C25;8G5=8N. 3.>MDD8F85=B ?>:@KB8O (:>MDD8F85=B B5:CI59 ;8:284=>AB8, >1I89 :>MDD8F85=B ?>:@KB8O 8 B.4.)  MB> >B=>H5=85 AB>8<>AB8 >1>@>B=KE A@54AB2 ?@54?@8OB8O (157 @0AE>4>2 1C4CI8E ?5@8>4>2) : B5:CI8< ?0AA820<. !B@. 290 - AB@. 216 1 + 2+ 3  B;= ------------------------------------------- 8;8  B; = -------------------------; !B@. 690 1 + 2 %0@0:B5@87C5B 2 :0:>9 AB5?5=8 2A5 :@0B:>A@>G=K5 >1O70B5;LAB20 ?@54?@8OB8O >15A?5G5=K 53> >1>@>B=K<8 0:B820<8. ?B8<0;L=>5 7=0G5=85 1 < B; < 2 ( 2 A@54=5<, ?> <8@>2>9 ?@0:B8:5, - 1,2). 86=OO 3@0=8F0 C:07K205B, GB> >1>@>B=KE A@54AB2 4>AB0B>G=>, GB>1K ?>:@KBL A2>8 :@0B:>A@>G=K5 >1O70B5;LAB20. A;8 65 7=0G5=85 :>MDD8F85=B0 =865 1,0, B> MB> >7=0G05B, GB> ?@54?@8OB85 157>3>2>@>G=> =5?;0B565A?>A>1=>. @52KH5=85 >1>@>B=KE 0:B82>2 =04 :@0B:>A@>G=K<8 >1O70B5;LAB20<8 1>;55 G5< 2 2@070 =565;0B5;L=> 8 A2845B5;LAB2C5B > =5@0F8>=0;L=>< 2;>65=88 A2>8E A@54AB2 8 =5MDD5:B82=>< 8E 8A?>;L7>20=88.  =0H5< ?@8<5@5: ? (=0 =0G0;> >BG5B=>3> ?5@8>40) = (15960  469) : 17399 = 0,89  ? 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e" 2.  =0H5< ?@8<5@5:  B; (=0 =0G0;> >BG5B=>3> ?5@8>40) = 15960 : (17399  511) = 0,95  B; (=0 :>=5F >BG5B=>3> ?5@8>40) = 24530 : (24927  675) = 1,01 K2>4: =0 =0G0;> 8 =0 :>=5F >BG5B=>3> ?5@8>40 7=0G5=85 :>MDD8F85=B0 ?>:@KB8O 1K;> <5=LH5 >?B8<0;L=>3> 7=0G5=8O, B.5 ?@54?@8OB85 1K;> =5?;0B565A?>A>1=K<. >MDD8F85=B >15A?5G5==>AB8 A>1AB25==K<8 A@54AB20<8  MB> >B=>H5=85 A>1AB25==KE >1>@>B=KE A@54AB2 : >1>@>B=K< A@54AB20< 2 F5;><. A. 490 - A. 190  >AA = -------------------------------- ; A. 290 ?B8<0;L=>5 7=0G5=85  >AA e" 0,1.  =0H5< ?@8<5@5:  >AA (=0 =0G0;> >BG5B=>3> ?5@8>40) = (30103  36668) : 15960 = - 0,41  >AA ( =0 :>=5F >BG5B=>3> ?5@8>40) = (38001  46924) : 24530 = - 0,36 K2>4: 7=0G5=85 :>MDD8F85=B0 :0: =0 =0G0;>, B0: 8 =0 :>=5F >BG5B=>3> ?5@8>40 7=0G8B5;L=> <5=LH5 >?B8<0;L=>3> 7=0G5=8O, B. ?@54?@8OB85 1K;> D8=0=A>2> =5CAB>9G82K<. !>3;0A=> >D8F80;L=>9 <5B>48:5 (AB. 5, ?@8;>65=8O : =59), >A=>20=85< 4;O ?@87=0=8O AB@C:BC@K 10;0=A0 ?@54?@8OB8O =5C4>2;5B2>@8B5;L=>9, 0 ?@54?@8OB8O =5?;0B565A?>A>1=K< O2;O5BAO 2K?>;=5=85 >4=>3> 87 A;54CNI8E CA;>289: -  B; (=0 :>=5F >BG5B=>3> ?5@8>40) 8<55B 7=0G5=85 <5=55 2,0; -  >AA (=0 :>=5F >BG5B=>3> ?5@8>40) 8<55B 7=0G5=85 <5=55 0,1. K2>4: 0=0;878@C5<>5 =0<8 ?@54?@8OB85 8<55B =5C4>2;5B2>@8B5;L=CN AB@C:BC@C 10;0=A0 8 =5?;0B565A?>A>1=>, B.:. =0 :>=5F >BG5B=>3>:  B; = 1,01 (B.5. <5=LH5 >?B8<0;L=>3> 7=0G5=8O ?>GB8 2 2 @070);  >AA =- 0,36 (B.5. <5=LH5 >?B8<0;L=>3> 7=0G5=8O 2 5 @07). 0 2B>@>< MB0?5 @5:><5=4C5BAO @0AAG8B0BL :>MDD8F85=B 2>AAB0=>2;5=8O (CB@0BK) ?;0B565A?>A>1=>AB8, E0@0:B5@87CNI89 =0;8G85 C ?@54?@8OB8O @50;L=>9 2>7<>6=>AB8: 1.#B@0B8BL A2>N ?;0B565A?>A>1=>ABL 2 B5G5=85 1;8609H8E B@5E <5AOF52 (5A;8  B; 8/8;8  >AA =0 :>=5F >BG5B=>3> ?5@8>40 8<5NB >?B8<0;L=>5 7=0G5=85); 2.>AAB0=>28BL A2>N ?;0B565A?>A>1=>ABL 2 B5G5=85 1;8609H8E H5AB8 <5AOF52 (5A;8  B; 8/8;8  >AA =0 :>=5F >BG5B=>3> ?5@8>40 8<5NB 7=0G5=85 =865 >?B8<0;L=>3>). >@O4>: @0AG5B0 :>MDD8F85=B0 2>AAB0=>2;5=8O (CB@0BK) ?;0B565A?>A>1=>AB8:  B;. @0AG.  2(C)? = ---------------------- ;  B; =>@<. 345:  B; @0AG.  @0AG5B=>5 7=0G5=85 :>MDD8F85=B0 B5:CI59 ;8:284=>AB8;  B; =>@<.  CAB0=>2;5==>5 (=>@<0B82=>5) 7=0G5=85 :>MDD8F85=B0 B5:CI59 ;8:284=>AB8, @02=>5 2.  B;. @0AG. = B; ( =0 :>=5F >BG5B=>3> ?5@8>40) + 87<.  B; 345: 87<.  B;  87<5=5=85 :>MDD8F85=B0 B5:CI59 ;8:284=>AB8 70 >BG5B=K9 ?5@8>4 2 ?5@5AG5B5 =0 CAB0=>2;5==K9 ?5@8>4 2>AAB0=>2;5=8O (CB@0BK) ?;0B565A?>A>1=>AB8 [6 (3) <5AOF52].  B; (=0 =0G0;> ?5@8>40)   B; (=0 :>=5F ?5@8>40) 7<.  B; = ------------------------------------------------------------------- x t CAB t >BG 345: t >BG  G8A;> <5AOF52 >BG5B=>3> ?5@8>40; t CAB  G8A;> <5AOF52 CAB0=>2;5==>3> ?5@8>40 2>AAB0=>2;5=8O (CB@0BK) ?;0B565A?>A>1=>AB8. B0::  B;(=0 :>=. ?5@-40)   B; (=0 =0G. ?5@)  B; (=0 :>=. ?5@-40) + -------------------------------------------------- E t CAB t>BG  2(C)? = ------------------------------------------------------------------------------------  B; =>@<. >@O4>: 8A?>;L7>20=8O :>MDD8F85=B0 2>AAB0=>2;5=8O (CB@0BK) ?;0B565A?>A>1=>AB8 4;O 40;L=59H59 >F5=:0 25@>OB=>AB8 10=:@>BAB20 7028A8B >B 7=0G5=8O ?5@2>=0G0;L=> @0AAG8B0==KE  B; 8  >AA =0 :>=5F >BG5B=>3> ?5@8>40. A;8 7=0G5=85 :>MDD8F85=B>2  B; 8  >AA O2;ONBAO >A=>20=85< 4;O ?@87=0=8O AB@C:BC@K 10;0=A0 =5C4>2;5B2>@8B5;L=>9, 0 ?@54?@8OB8O =5?;0B565A?>A>1=K< (:0: 2 =0H5< ?@8<5@5), B> >F5=8205BAO 2>7<>6=>ABL 2>AAB0=>2;5=8O ?@54?@8OB85< A2>59 ?;0B565A?>A>1=>AB8 2 B5G5=85 1;8609H8E 6 <5AOF52 ( t CAB = 6). @8 MB><, 5A;8  2 (C) ? > 1, B> <>65B 1KBL ?@8=OB> @5H5=85 > 2>AAB0=>2;5=88 ?@54?@8OB85< A2>59 ?;0B565A?>A>1=>AB8, 5A;8 65  2 (C) ? < 1, B> MB> 3>2>@8B >1 >BACBAB288 C ?@54?@8OB8O @50;L=KE 2>7<>6=>AB59 2 B5G5=85 1;8609H8E 6 <5AOF52 2>AAB0=>28BL ?;0B565A?>A>1=>ABL. A;8 65 7=0G5=85 :>MDD8F85=B>2  B; 8  >AA =5 O2;ONBAO >A=>20=85< 4;O ?@87=0=8O AB@C:BC@K 10;0=A0 =5C4>2;5B2>@8B5;L=>9, B> >F5=8205BAO 25@>OB=>ABL CB@0BK 8< ?;0B565A?>A>1=>AB8 2 B5G5=85 1;8609H8E 3 <5AOF52 ( t CAB = 3). @8 MB><, 5A;8  2 (C) ? < 1, B> MB> >7=0G05B, GB> ?@54?@8OB85 <>65B 2 1;8609H55 2@5<O CB@0B8BL ?;0B565A?>A>1=>ABL 8 AB0BL 10=:@>B><.  =0H5< ?@8<5@5,  B; (=0 :>=5F >BG5B=>3> ?5@8>40)  B; = 1,01;  >AA ( =0 :>=5F >BG5B=>3> ?5@8>40) = - 0,36, B. 5. >=8 7=0G8B5;L=> =865 >?B8<0;L=KE 7=0G5=89, MB> >7=0G05B GB> =0 :>=5F >BG5B=>3> ?5@8>40 ?@54?@8OB85 1K;> =5?;0B565A?>A>1=>. >MB><C, A>3;0A=> 5B>48:5 <K >1O70=K >F5=8BL 2>7<>6=>ABL 2>AAB0=>28BL ?@54?@8OB85< A2>N ?;0B565A?>A>1=>AB8 2 1;8609H85 6 <5AOF52. 1,01 + (1,01  0,95) E 6 : 12  2 (C) ? = -------------------------------------- = 0,27, 2 B.5.  2 (C) ? = 0,27 > 1, MB> 3>2>@8B >1 >BACBAB288 C ?@54?@8OB8O @50;L=>9 2>7<>6=>AB8 2 1;8609H85 6 <5AOF52 2>AAB0=>28BL A2>N ?;0B565A?>A>1=>ABL. -B0 <5B>48:0 4803=>AB8:0 25@>OB=>AB8 10=:@>BAB20 ?@54?@8OB8O =5A>25@H5==0, 2 G0AB=>AB8, >=0 >?8@05BAO B>;L:> =0 D0:BK D8=0=A>2>9 =5CAB>9G82>AB8 8 D8=0=A>2>9 =5CAB>9G82>AB8, => <=>385 @>AA89A:85 ?@54?@8OB8O 4065 2 AB0488 10=:@>BAB20 ?@>4>;60NB A>E@0=OBL ?;0B565A?>A>1=>ABL 8 8<5NB @50;L=K5 2>7<>6=>AB8 2K9B8 87 :@878A=>3> A>AB>O=8O. @><5 B>3>, >F5=>G=K9 ?>:070B5;L  B; > 2, 2@O4 ;8 O2;O5BAO >?B8<0;L=K<, >= 702KH5= 8 =52K?>;=8< 4;O 1>;LH8=AB20 @>AA89A:8E ?@54?@8OB89, -B>B ?>:070B5;L 27OB 02B>@0<8 5B>48:8 ( 8=>AB@0==K<8 M:>=><8AB0<8, @01>B=8:0<8 A5<8@=>3> 0=:0) 87 <8@>2>9 ?@0:B8:8, 157 CG5B0 @50;89 @>AA89A:>9 M:>=><8:8( 2 B.G. 45D8F8B0 A>1AB25==KE >1>@>B=KE A@54AB2 1>;LH8=AB20 @>AA89A:8E ?@54?@8OB89). > 8 2 M:>=><8G5A:8 @0728BKE AB@0=0E  B; 48DD5@5=F8@>20= ?> >B@0A;O<. 0?@8<5@, 2 !( >= @025=: 2 ?8I52>9 ?@><KH;5==>AB8  1,25; 2 <0H8=>AB@>5=88  1,85; 2 E8<8G5A:>9 ?@><KH;5==>AB8  1,3; 2 @>7=8G=>9 B>@3>2;5  1,5 8 B.4.  A2>N >G5@54L :>MDD8F85=B >15A?5G5==>AB8 A>1AB25==K<8 >1>@>B=K<8 A@54AB20<8 70=865=. -B8 420 :>MDD8F85=B0 A2O70=K 4@C3 A 4@C3>< >1@0B=> ?@>?>@F8>=0;L=>9 7028A8<>ABLN, GB> =5A:>;L:> A3;068205B =5A>25@H5=AB2> 5B>48:8. 0 >A=>20=88 @57C;LB0B>2 >F5=:8 =5?;0B565A?>A>1=>AB8 ?@54?@8OB8O ?> MB>9 5B>48:5 $!$ >AA88 ?@8=8<05B @5H5=8O > ?@87=0=88 AB@C:BC@K 10;0=A0 C4>2;5B2>@8B5;L=>9 8;8 =5C4>2;5B2>@8B5;L=>9, 0 ?@54?@8OB8O A>>B25BAB25==> ?;0B565A?>A>1=K< 8;8 =5?;0B565A?>A>1=K<. 4=0:> MB> =5 >7=0G05B ?@87=0=8O ?@54?@8OB8O 10=:@>B>< 8 =5 2;5G5B 70 A>1>9 =0ABC?;5=8O 3@0640=A:>-?@02>2>9 >B25BAB25==>AB8. -B> ;8HL 70D8:A8@>20==>5 >@30=0<8 $!$ >AA88 A>AB>O=85 D8=0=A>2>9 =5CAB>9G82>AB8. >MB><C =>@<0B82=K5 7=0G5=8O :@8B5@852 CAB0=>2;5=K B0:, GB>1K >15A?5G8BL >?5@0B82=K9 :>=B@>;L 70 D8=0=A>2K< A>AB>O=85< ?@54?@8OB8O 8 701;03>2@5<5==> ?@8=OBL <5@K ?> ?@54C?@5645=8N 10=:@>BAB20 8 AB8<C;8@>20=8O ?@54?@8OB8O =0 A0<>AB>OB5;L=K9 2KE>4 87 :@878A=>3> A>AB>O=8O. D8F80;L=0O <5B>48:0 ?>72>;O5B >F5=8BL 1;8609H85 ?5@A?5:B82K ?;0B565A?>A>1=>AB8 ?@54?@8OB8O. @>3=>7 65 ?;0B565A?>A>1=>AB8 =0 2  5 ;5B <>65B 1KBL ?>;CG5= ?@8 ?><>I8 0=0;870 1CE30;B5@A:>9 >BG5B=>AB8 A 8A?>;L7>20=85< <>45;8 ;LB<0=0. 10.3. 803=>AB8:0 10=:@>BAB20 A ?><>ILN <>45;8 -. ;LB<0=0 >45;L ;LB<0=0 >?@545;O5B 8=B53@0;L=K9 ?>:070B5;L C3@>7K 10=:@>BAB20.  >A=>25 @0AG5B0 ;568B 42CE -, G5BK@5E -, ?OB8 -, A5<8D0:B>@=0O <>45;L, ?@54AB02;ONI0O :><?;5:A=K9 :>MDD8F85=B=K9 0=0;87. @>D5AA>@ LN->@:A:>3> C=825@A8B5B0 -420@4 ;LB<0= 2 1968 3>4C 8AA;54>20; 22 D8=0=A>2KE :>MDD8F85=B0 =5A:>;L:8E 45AOB:>2 ?@54?@8OB89-10=:@>B>2 8 2K1@0; 87 =8E 5 4;O 2:;NG5=8O 2 >:>=G0B5;L=CN <>45;L >?@545;5=8O :@548B>A?>A>1=>AB8 AC1J5:B>2 E>7O9AB2>20=8O. 0B5< MB0 <>45;L 1K;0 =8< 8 4@C38<8 CG5=K<8 (8A><, "5DD;5@><) CA>25@H5=AB2>20=0, 70 AG5B CB>G=5=8O C45;L=KE 25A>2 D8=0=A>2KE :>MDD8F85=B>2 8 :>;8G5AB20 A0<8E :>MDD8F85=B>2. ;0AA8G5A:>9 O2;O5BAO ?OB8D0:B>@=0O <>45;L -. ;LB<0=0 >1@07F0 1968 3>40, 8<5NI0O 284: Z-AG5B = 3,3 1 + 1,0 2 + 0,6 3 + 1,4 4 + 1,2  5 345 1& 5  ?>:070B5;8  0@3C<5=BK, @0AAG8BK205<K5 ?> D>@<C;0<: @81K;L (C1KB>:) 4> =0;>3>>1;>65=8O A. 140 (D. 2) 1 = ------------------------------------------------------ = --------------------------- B>3 10;0=A0 A. 300 (D. 1) K@CG:0 >B ?@>406 A. 010 (D.2) 2 =--------------------------------- = ------------------------- B>3 10;0=A0 A. 300 (D. 1) !>1AB25==K5 A@54AB20 A. 490 (D.1) 3 = --------------------------------- = -------------------------------- 05<=K5 A@54AB20 (A. 590 + A. 690) (D.1) '8AB0O ?@81K;L >BG5B=>3> ?5@8>40 A. 190 (D.2) 4 = -------------------------------------------------- = ----------------------- B>3 10;0=A0 A. 300 (D. 1) !>1AB25==K5 >1>@>B=K5 A@54AB20 (A. 490  A. 190) (D. 1) 5 = ------------------------------------------------ = ------------------------------------ B>3 10;0=A0 A. 300 (D. 1) @8B5@88 >F5=:8 25@>OB=>AB8 10=:@>BAB20: - 5A;8 Z  AG5B < 1,8  25@>OB=>ABL 10=:@>BAB20 ?@54?@8OB8O >G5=L 2KA>:0O; - 5A;8 Z  AG5B = 1,8  2.675  25@>OB=>ABL 10=:@>BAB20 ?@54?@8OB8O 2KA>:0O; - 5A;8 Z  AG5B = 2,675  3,0  10=:@>BAB2> 2>7<>6=>; - 5A;8 Z - AG5B > 3,0  25@>OB=>ABL 10=:@>BAB20 =87:0O.  =0H5< ?@8<5@5: 1 = 7894 : 71454 = 0,11 2 = 126912 : 71454 = 1,78 3 = 38001 : 41979 = 0,91 4 = 5832 : 71454 = 0,08 5 = (38001  46924) : 71454 = - 0,12 Z-AG5B = 3,3 E 0,11 + 1,0 E 1,78 + 0,6 E 0,91 + 1,4 E 0,08 + 1,2 E (-0,12) = 2,657 K2>4: 25@>OB=>ABL 10=:@>BAB20 ?@54?@8OB8O 2 1;8609H85 2 3 3>40 2KA>:0O. A?>;L7>20BL B@048F8>==CN ?OB8D0:B>@=CN <>45;L ;LB<0=0 4;O >F5=:8 25@>OB=>AB8 10=:@>BAB20 A;54C5B >AB>@>6=>, B0: :0: B5AB8@>20=85 4@C38E ?@54?@8OB89 ?> 40==>9 <>45;8 ?>:07K205B, GB> 2 =5:>B>@KE A;CG0OE >=0 =5 405B 045:20B=>9 >F5=:8 =0H8E @>AA89A:8E ?@54?@8OB89, ?>B><C GB> =5 CG8BK205B A?5F8D8:C :0?8B0;0 2 @07;8G=KE >B@0A;OE 8 B@51C5BAO ?5@5AG5B 25A>2KE :>MDD8F85=B>2 (8E CB>G=5=85 >?KB=> - AB0B8AB8G5A:8< ?CB5<).  !( 4;O ?@>3=>78@>20=8O 25@>OB=>AB8 10=:@>BAB20 G0AB> 8A?>;L7CNB 42CED0:B>@=CN <>45;L -. ;LB<0=0 A ?>:070B5;O<8 0@3C<5=B0<8: :>MDD8F85=B>< ?>:@KB8O (B5:CI59 ;8:284=>AB8) 8 ?>:070B5;5< C45;L=>3> 25A0 705<=KE A@54AB2 2 0:B820E (A>>B=>H5=8O 705<=KE A@54AB2 8 0:B82>2 ?@54?@8OB8O). Z-AG5B = L + b x K ? + j x K 7\A 345 L, b, j  25A>2K5 :>MDD8F85=BK, >?@545;O5<K5 M:A?5@8<5=B0;L=K< ?CB5< 8 @02=K5 4;O M:>=><8:8 !(: L = ( - 0,3877), b = (- 1,0736), j= 0,0579. @8 MB><, 5A;8 Z - AG5B < 0  25@>OB=>ABL 10=:@>BAB20 =52KA>:0O, 0 5A;8 Z-AG5B > 0  25@>OB=>ABL 10=:@>BAB20 2KA>:0O.  =0H5< ?@8<5@5: Z-AG5B = (- 0.3877) + ( - 1,0736) E 1,01 + 0,0579 E (41979 : 71454) = ( - 0,3877)  1.0843 + 0,034 = - 1,438 B.5. <5=LH5 0, 7=0G8B 25@>OB=>ABL 10=:@>BAB20 ?@54?@8OB8O 2KA>:0O. -B>B <5B>4 >F5=:8 25@>OB=>AB8 10=:@>BAB20 ?@>AB 8 C4>15= 4;O M:A?@5AA  0=0;870, => 4;O 1>;55 B>G=>9 >F5=:8 8 70 @C156>< ?@54?>G8B0NB ?@8<5=OBL ?OB8- 8;8 A5<8D0:B>@=K5 <>45;8 ;LB<0=0.  M:>=6><8:5 =0H59 AB@0=K 8=K5 B5<?K 8=D;OF88, 8=K5 F8:;K <0:@>- 8 <8:@>M:>=><8:8, 0 B0:65 4@C385 C@>2=8 D>=4>-, M=5@3>- 8 B@C4>5<:>AB8 ?@>872>4AB20, ?@>872>48B5;L=>AB8 B@C40, =0;>3>20O A8AB5<0. >MB><C =5 A>2A5< =5:>@@5:B=> <5E0=8G5A:8 8A?>;L7>20BL ?@82545==K5 2KH5 7=0G5=8O :>MDD8F85=B>2 8 8E 25A>2K5 7=0:8 2 @>AA89A:8E CA;>28OE. 4=0:> 4;O =0A 8=B5@5A5= A0< ?>4E>4 4803=>AB8:8 10=:@>BAB20 A ?><>ILN :>MDD8F85=B=KE <>45;59. >AA89A:85 M:>=><8ABK A45;0;8 ?>?KB:C ?@8A?>A>18BL <>45;L ;LB<0=0 : =0H8< CA;>28O<. 07;8G0NB: '5BK@5ED0:B>@=CN <>45;L @:CBA:>9 -. OB8D0:B>@=CN <>45;L !09DC;;8=0 8 04K:>20; OB8D0:B>@=0O <>45;L 0@:0@LO=0. (5AB8D0:B>@=CN <>45;L 09F520 8 4@. '5BK@5ED0:B>@=0O <>45;L @:CBA:>9 - 8<55B 284: Z-AG5B = 8.38 1 + 2 + 0,054 3 + 0,63 4; 45: 1 = 1>@>B=K9 :0?8B0;/ B>3 10;0=A0 = A.290/A.300 (D.1); 2 = '8AB0O ?@81K;L/ !>1AB25==K9 :0?8B0; = A.190 (D.2)/ A. 490 (D.1); 3 = K@CG:0 >B ?@>406/B>3 10;0=A0 = A. 010 (D.2)/A. 300 (D.1); 4 = '8AB0O ?@81K;L/ >;=0O A515AB>8<>ABL ?@>40==>9 ?@>4C:F88 = = A. 190/ A. 20 + 030+ 040 @8B5@88 >F5=:8 10=:@>BAB20: - 5A;8 7=0G5=85 Z  AG5B0 <5=55 0  25@>OB=>ABL 10=:@>BAB20 <0:A8<0;L=0O (90-100%); - 5A;8 7=0G5=85 Z AG5B0 0 - 0,18  25@>OB=>ABL 10=:@>BAB20 2KA>:0O (60-80%); - 5A;8 7=0G5=85 Z AG5B0 0,18 - 0.32 - 25@>OB=>ABL 10=:@>BAB20 A@54=OO (35-50%); - 5A;8 7=0G5=85 Z AG5B0 0,32 - 0,42  25@>OB=>ABL 10=:@>BAB20 =87:0O (15-20%); - 5A;8 7=0G5=85 Z AG5B0 1>;55 0,42  25@>OB=>ABL 10=:@>BAB20 <8=8<0;L=0O (4> 10%). OB8D0:B>@=0O <>45;L !09DC;;8=0 8 04K:>20 8<55B 284: Z-AG5B = 2 > + 0,1  B; + 0,08  >0 + 0,45  < +  @A:; 45:  > (:>MDD8F85=B >15A?5G5==>AB8 A>1AB25==K<8 A@54AB20<8) =  B; - :>MDD8F85=B ?>:@KB8O;  >0 (:>MDD8F85=B >1>@0G8205<>AB8 0:B82>2) =  < - :><<5@G5A:0O <0@60 (@5=B015;L=>ABL ?@>406) =  @A: (@5=B015;L=>ABL A>1AB25==>3> :0?8B0;0) =  =0H5< ?@8<5@5: OB8D0:B>@=0O <>45;L 0@:0@LO=0 8<55B 284: Z-AG5B = 1,2 1 + 1,4 2 + 3,3 3 + 0,6 4 + 5; 345: 1 = 1>@>B=K9 :0?8B0; / B>3 10;0=A0 = A. 290/A. 300 (D.1); 2 = 575@2=K9 :0?8B0; + 5@0A?@545;5==0O ?@81K;L/ B>3 10;0=A0 = (A.430 + A. 470) \ A. 300 (D.1); 3 = @81K;L 4> =0;>3>>1;>65=8O/ B>3 10;0=A0 = A. 160 (D.2.)/ A.300 (D.1); 4 =(#AB02=K9 :0?8B0; + >102>G=K9 :0?8B0;) / 05<=K5 A@54AB20 = (A. 410 + A. 420) / A.590 + A. 690 (D.1); 5 = K@CG:0 >B ?@>406/ B>3 10;0=A0 = A. 010 (D.2) / A. 300 (D.1). @8B5@88 >F5=:8 25@>OB=>AB8 10=:@>BAB20 0=0;>38G=K :@8B5@8O< ?@8<5=O5<K< 2 :;0AA8G5A:>9 <>45;8 -. ;LB<0=0. >=0 =52545=8O ?> MB>9 <>45;8 =0E>48BAO 2 8=B5@20;5 1,81-2,99. '5< 1>;LH5 7=0G5=85 Z  AG5B0, B5< <5=LH5 25@>OB=>ABL 10=:@>BAB20. (5AB8D0:B>@=0O <>45;L 09F52>9 8<55B 284: Z-AG5B =0,25 1 + 0,1 2 + 0,2 3 + 0,25 4 + 0,1 5 + 0,1 6 ; 345: 1(:>MDD8F85=B C1KB>G=>AB8 ?@54?@8OB8O) = 2 (:>MDD8F85=B A>>B=>H5=8O  8 ) = \ = A. 620/A.230+A.240; 3 = @0B:>A@>G=K5 >1O70B5;LAB20/ 081>;55 ;8:284=K5 0:B82K = A. 690 / A . 250 + A. 260; 4 (:>MDD8F85=B C1KB>G=>AB8 @50;870F88 ?@>4C:F88) = 5 = \! = A.590 + A. 690 / A. 490 (D.1); 6 (:>MDD8F85=B 703@C7:8 0:B82>2) = &5;K9 @O4 48A:@8<8=0=B=KE D0:B>@=KE <>45;59 4;O 4803=>AB8:8 10=:@>BAB20 @07@01>B0=K 2 @5A?C1;8:5 5;0@CAL. Z-AG5B = 0,111 1 +13,239 2 + 1,676 3 + 0,515 4 + 3,8 5; 345: 1 = !>1AB25==K9 >1>@>B=K9 :0?8B0; / 1>@>B=K5 0:B82K = (A. 490  A. 190)/ A. 290; 2 = 1>@>B=K5 0:B82K/ =5>1>@>B=K5 0:B82K = A. 290/A. 190; 3 = K@CG:0 >B ?@>406/ B>3 10;0=A0 = A. 010 (D.2)/ A.300 (D.1); 4 = '8AB0O ?@81K;L/ B>3 10;0=A0 = A. 190 (D.2)/A.300 (D.1); 5 = !>1AB25==K9 :0?8B0;/B>3 10;0=A0 = A.490/A.300 (D.1). @8B5@88 >F5=:8 10=:@>BAB20: - 5A;8 25;8G8=0 Z- AG5B0 > 8, B> ?@54?@8OB8N 10=:@>BAB2> =5 3@>78B; - 5A;8 25;8G8=0 5 < Z-AG5B0 < 8, B> @8A: 10=:@>BAB20 5ABL, => =51>;LH>9; - 5A;8 25;8G8=0 3 < Z- AG5B0 < 5, B> $! A@54=55, B.5. @8A: 10=:@>BAB20 8<55BAO ?@8 >?@545;5==KE >1AB>OB5;LAB20E; - 5A;8 25;8G8=0 1 < Z-AG5B0 < 3, B> $! =5CAB>9G82>5; - 5A;8 25;8G8=0  Z-AG5B0 < 1, B> B0:>5 ?@54?@8OB85 10=:@>B. 10.4.803=>AB8:0 10=:@>BAB20 ?> ?>:070B5;O< .%. 825@0 8 ?> <>45;8 >==0=0->;L45@0 0?04=K< D8=0=A>2K< 0=0;8B8:>< .%. 825@>< 1K;0 ?@54;>65=0 A2>O A8AB5<0 ?>:070B5;59 4;O >F5=:8 $! A F5;LN 4803=>AB8:8 10=:@>BAB20 "01;8F0 !8AB5<0 ?>:070B5;59 825@0 >:070B5;8-8=48:0B>@K 0AG5B@C??0 1 @C??0 2 @C??0 3>MDD8F85=B 825@0'8AB0O ?@81K;L + <>@B870F8O 05<=K9 :0?8B0;0,4 - 0.450,17 - 0,16>MDD8F85=B ?>:@KB8O 1>@>B=K5 0:B82K "5:CI85 >1O70B5;LAB20 2 8 1>;55 e" ?d"3,2 1d"?d"2?d"1-:>=><8G5A:0O @5=B015;L=>ABL '8AB0O ?@81K;L B>3 10;0=A06-8%5-2%B1 4> -22%$8=0=A>2K9 ;525@846 05<=K9 :0?8B0; !>1AB25==K9 :0?8B0;5=55 35%40-60%80% 8 1>;55>MDD8F85=B ?>:@KB8O 0:B82>2 A>1AB25==K<8 >1>@>B=K<8 A@54AB20<8!>1AB25==K9  =5>1. :0?8B0; 0:B82K B>3 10;0=A0.4 8 1>;550,3-0,15=55 0,1 5A>2K5 :>MDD8F85=BK 4;O 8=48:0B>@>2 2 <>45;8 .%. 825@0 =5 ?@54CA<>B@5=K 8 8B>3>2K9 :>MDD8F85=B 25@>OB=>AB8 10=:@>BAB20 =5 @0AAG8BK205BAO. 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"01;8F0 4 AE>4=K5 40==K5 ?> @01>B5 ?@54?@8OB8O, BKA. @C1. >:070B5;8 8 8E CA;>2=K5 >1>7=0G5=8O@54K4CI89 3>4 > 1078AC =0 D0:B8G5A:8 @50;87>20==CN ?@>4C:F8N (&=1,1507) *BG5B=K9 3>41.K@CG:0 >B ?@>406 (@)104682110291 1269122.@>872>4AB25==0O A515AB>8<>ABL ?@>40==>9 ?@>4C:F88 (!\1)7785380054921183.=5?@>872>4AB25==K5 @0AE>4K: 0.:><<5@G5A:85 @0AE>4K ( ) 1.C?@02;5=G5A:85 @0AE>4K (# ) 7919 9618 11281 8540  12981 98274. >;=0O A515AB>8<>ABL ?@>40==>9 ?@>4C:F88 (!\ ?>;=.)95390998751149265.@81K;L >B ?@>406 (?@ 92921041611986*70 1078A=CN F5=C ?@8=OB0 F5=0 ?@54K4CI53> 3>40 7,3 BKA. @C1./B>==0, A@54=OO >?B>20O F5=0 >BG5B=>3> 3>40  8,4 BKA. @C1./B>==0, BAN40 8=45:A F5= = 8,4 : 7,3 = 1,1507. 7 B01;8FK  284=>, GB> 70 >BG5B=K9 3>4 ?@81K;L >B ?@>406 2>7@>A;0 =0 11986  9292 = + 2694 (BKA. @C1.). $0:B>@=K9 0=0;87 <>6=> ?@>25AB8 @07=K<8 <5B>40<8. @>2545< 53> <5B>4>< ?@54;>65==K< 8;O@>2A:>9 .". 0AAG8B05< 87<5=5=85 >1J5<0 ?@>406 2 A>?>AB028<KE F5=0E: (110291 : 104682) E 100% = 105,4%, B.5. B5<? ?@8@>AB0 >1J5<0 ?@>406 A>AB028; 5,4%. 0AAG8B05< ?@8@>AB ?@81K;8 >B ?@>406 2 A2O78 A C25;8G5=85< >1J5<0 ?@>406 =0 5,4%:  v@? = 9292 E ,054 = 502 (BKA. @C1.) 0AAG8B05< 2;8O=85 87<5=5=8O ?@>872>4AB25==>9 A515AB>8<>AB8 =0 ?@81K;L: !\1 = 92118  80054 = 12064 (BKA. @C1.). 0 MBC AC<<C C25;8G8;0AL A515AB>8<>ABL ?@>4C:F88, 0 7=0G8B A>>B25BAB25==> C<5=LH8;0AL ?@81K;L >B ?@>406, B. 5.  A\1 = - 12064 BKA. @C1. 0AAG8B05< 2;8O=85 =0 ?@81K;L 87<5=5=8O 25;8G8=K :><<5@G5A:8E @0AE>4>2:   = 12981  11281 = 1700 (BKA. @C1.). 0 MBC AC<<C 2K@>A;8 :><<5@G5A:85 @0AE>4K, 0 7=0G8B A>>B25BAB25==> C<5=LH8;0AL ?@81K;L, B.5.  :@ = -1700 BKA. @C1. 0AAG8B05< 2;8O=85 =0 ?@81K;L 87<5=5=8O 25;8G8=K C?@02;5=G5A:8E @0AE>4>2: #  = 9827  8540 = 1287 (BKA. @C1.). 0 MBC AC<<C 2>7@>A;8 C?@02;5=G5A:85 @0AE>4K, 0 7=0G8B A>>B25BAB25==> C<5=LH8;0AL ?@81K;L. 0AAG8B05< 2;8O=85 =0 87<5=5=85 ?@81K;8 >B ?@>406 87<5=5=8O F5= =0 ?@>4C:F8N:  F5= = 126912  110291 = + 16621 (BKA. @C1.). 0AAG8B05< 2;8O=85 AB@C:BC@=KE A4283>2 2 @50;87>20==>9 ?@>4C:F88 =0 87<5=5=85 ?@81K;8 >B ?@>406:  AB@ = 10416  (9292 E 1,054) = + 622 (BKA. @C1.). @>25@:0:  >1I = 502 + (-12064) + (-1700) + (-1287) + 16621 + 622 = 2694 (BKA. @C1.). K2>4. $0:B>@=K9 0=0;87 ?@81K;8 >B ?@>406 ?>:070;, GB> >=0 2K@>A;0 70 >BG5B=K9 ?5@8>4 =0 2694 BKA. @C1., 8;8 =0 5,4 %. -B> ?@>87>H;> 2 @57C;LB0B5 @>AB0 F5= =0 617%, 1>;55 >?B8<0;L=>9 AB@C:BC@K @50;87>20==>9 ?@>4C:F88 =0 23%, C25;8G5=8O >1J5<0 ?@>406 =0 19%.  B> 65 2@5<O >B@8F0B5;L=>5 2;8O=85 =0 48=0<8:C ?@81K;8 >B ?@>406 >:070;8 C25;8G5=85 ?@>872>4AB25==>9 A515AB>8<>AB8 @50;87>20==>9 ?@>4C:F88 (-448%), @>AB :><<5@G5A:8E 8 C?@02;5=G5A:8E @0AE>4>2 (-111%). >;>68B5;L=K< O2;5=85< A;C68B B>, GB> C25;8G8;AO >1J5< ?@>406 =5A<>B@O =0 @>AB >B?CA:=KE F5= =0 ?@>4C:F8N, :@><5 B>3> ?@54?@8OB85 AC<5;> >?B8<878@>20BL AB@C:BC@C 2K?CA:05<>9 8 @50;87C5<>9 ?@>4C:F88.  ACI5AB25==K< =54>AB0B:0< A;54C5B >B=5AB8 @>AB @0AE>4>2 >B=>A8<KE =0 A515AB>8<>ABL ?@>4C:F88, MB> ?@825;> : ACI5AB25==><C C<5=LH5=8N ?@81K;8 >B ?@>406. 11. 3.=0;87 @5=B015;L=>AB8 5=B015;L=>ABL  MB> >4=0 87 107>2KE M:>=><8G5A:8E :0B53>@89, O2;ONI0OAO =0@O4C A 01A>;NB=K< @07<5@>< ?@81K;8 ?>:070B5;5< MDD5:B82=>AB8 @01>BK ?@54?@8OB8O. E 8A?>;L7CNB 4;O >F5=:8 45OB5;L=>AB8 ?@54?@8OB8O, :0: 8=AB@C<5=B 2 8=25AB8F8>==>9 ?>;8B8:5 8 F5=>>1@07>20=88. >:070B5;59 @5=B015;L=>AB8 <=>3> 8 4;O C4>1AB20 ?>;L7>20=8O 8E >1KG=> >1J548=ONB 2 3@C??K: 1.>:070B5;8 @5=B015;L=>AB8 8745@65: (?@>4C:F88, ?@>872>4AB25==>9 45OB5;L=>AB8); 2.>:070B5;8 @5=B015;L=>AB8 ?@>406 (>1>@>B0); 3.>:070B5;8 @5=B015;L=>AB8 (4>E>4=>AB8) :0?8B0;0 ?@54?@8OB8O 2 F5;>< 8 53> M;5<5=B>2; 4.>:070B5;8 @5=B015;L=>AB8 8=25AB8F8>==KE ?@>5:B>2.  >A=>25 @0AG5B0 ?>:070B5;59 @5=B015;L=>AB8 2A5340 ;568B >B=>H5=85 2 G8A;8B5;5 :>B>@>3> D83C@8@C5B ?@81K;L (;N10O 55 @07=>284=>ABL, >B@065==0O 2 >BG5B5 > ?@81K;OE 8 C1KB:0E). 5=B015;L=>ABL 8745@65: (R 874) = (@81K;L : >;=0O A515AB>8<>ABL ?@>40==>9 ?@>4C:F88) E 100%. =0 ?>:07K205B A:>;L:> ?@81K;8 ?>;CG05B ?@54?@8OB85 A :064>3> @C1;O 70B@0G5==>3> =0 ?@>872>4AB2> 8 @50;870F8N ?@>4C:F88.  =0H5< ?@8<5@5: R874 ( 2 ?@54K4CI5< 3>4C) = (9292 : 95390) E 100% = 9,74% R 874 (2 >BG5B=>< 3>4C) = (10416 : 99875) E 100% = 10,43% K2>4: 2 ?@>H;>< 3>4C ?@54?@8OB85 ?>;CG0;> 9,74 :>?. ?@81K;8 >B ?@>406 A :064>3> @C1;O 70B@0G5==>3> =0 ?@>872>4AB2> 8 @50;870F8N ?@>4C:F88, 2 >BG5B=><  10,43 :>?. ".5. 2 >BG5B=>< 3>4C ?@54?@8OB85 @01>B0;> 1>;55 @5=B015;L=>, B.:. @5=B015;L=>ABL 53> ?@>4C:F88 2K@>A;0 =0 0,69%. 5=B015;L=>ABL ?@>406 (R ?@>4) = (@81K;L : K@CG:0 >B ?@>406) E 100% =0 E0@0:B5@87C5B MDD5:B82=>ABL ?@54?@8=8<0B5;LA:>9 45OB5;L=>AB8, A:>;L:> ?@81K;8 ?>;CG05B ?@54?@8OB85 A :064>3> @C1;O ?@>406.  =0H5< ?@8<5@5: R ?@>4 (2 ?@>H;>< 3>4C) = (9292 : 104682) E 100% = 8,9% R ?@>4 (2 >BG5B=>< 3>4C) = (11986 : 126912) E 100% = 9,4 % K2>4: 70 >BG5B=K9 ?5@8>4 ?@54?@8OB85 AB0;> ?>;CG0BL =0 0,5 :>? ?@81K;8 A :064>3> @C1;O ?@>40==>9 ?@>4C:F88 1>;LH5, G5< 2 ?@>H;>< 3>4C. 5=B015;L=>ABL :0?8B0;0 = (@81K;L : !@54=53>4>20O AB>8<>ABL 2A53> :0?8B0;0 ?@54?@8OB8O 8;8 53> A>AB02;ONI8E) E 100% -B> >1I0O D>@<C;0 >?@545;5=8O 4>E>4=>AB8 (@5=B015;L=>AB8) :0?8B0;0. Q <>6=> :>=:@5B878@>20BL. 5=B015;L=>ABL 0:B82>2 ?@54?@8OB8O = ('8AB0O ?@81K;L : !@54=OO 25;8G8=0 0:B82>2 ?@54?@8OB8O 70 >BG5B=K9 ?5@8>4) E 100% ; 5=B015;L=>ABL 2=5>1>@>B=KE 0:B82>2 = ('8AB0O ?@81K;L : !@54=OO 25;8G8=0 2=5>1>@>B=KE 0:B82>2 ?@54?@8OB8O) E 100%; 5=B015;L=>ABL A>1AB25==>3> :0?8B0;0 = ('8AB0O ?@81K;L : !@54=OO 25;8G8=0 A>1AB25==>3> :0?8B0;0) E 100% 8 B0: 40;55.  ?@>F5AA5 0=0;870 A;54C5B 87CG8BL 48=0<8:C 8=B5@5AC5<KE 0=0;8B8:0 ?>:070B5;59 @5=B015;L=>AB8, 2K?>;=5=85 ?;0=0 ?> 8E C@>2=N, ?@>25AB8 <56E>7O9AB25==K5 A@02=5=8O A ?@54?@8OB8O<8-:>=:C@5=B0<8, D0:B>@=K9 0=0;87 @5=B015;L=>AB8. 11.4. =0;87 45;>2>9 0:B82=>AB8 0 >A=>20=88 40==KE >BG5B0 > ?@81K;OE 8 C1KB:0E 8 1CE30;B5@A:>3> 10;0=A0 <>6=> ?@>25AB8 >F5=:C 45;>2>9 0:B82=>AB8 ?@54?@8OB8O, E0@0:B5@87C5<CN 2 >A=>2=>< ?>:070B5;O<8 >1>@0G8205<>AB8. >:070B5;8 45;>2>9 0:B82=>AB8 ?>72>;ONB >F5=8BL: -DD5:B82=>ABL 8A?>;L7>20=8O ?@54?@8OB85< A2>8E A@54AB2; $8=0=A>2>5 A>AB>O=85 ?@54?@8OB8O A B>G:8 7@5=8O 53> ?;0B565A?>A>1=>AB8, 2 B>< G8A;5: :0: 1KAB@> 0:B82K ?@54?@8OB8O <>3CB ?@52@0I0BLAO 2 =0;8G=>ABL; :0:>2 ?@>872>4AB25==K9 ?>B5=F80; ?@54?@8OB8O; AB5?5=L MDD5:B82=>AB8 8A?>;L7>20=8O :0?8B0;0 8 B@C4>2KE @5AC@A>2 ?@54?@8OB8O; :0: 8A?>;L7C5B ?@54?@8OB85 A2>8 0:B82K 4;O ?>;CG5=8O 4>E>4>2 8 ?@81K;8 (=0?@8<5@, :0: 1KAB@> 4518B>@A:0O 704>;65==>ABL ?@52@0I05BAO 2 =0;8G=>ABL 8 B.4.). =0;87 45;>2>9 0:B82=>AB8 ?@54?@8OB8O 70:;NG05BAO 2 8AA;54>20=88 C@>2=59 8 48=0<8:8 @07=>>1@07=KE D8=0=A>2KE :>MDD8F85=B>2 (2 >A=>2=>< ?>:070B5;59 >1>@0G8205<>AB8). F5=:0 >1>@0G8205<>AB8 0:B82>2 206=0 B0: :0: D8=0=A>2>5 A>AB>O=85 ?@54?@8OB8O (D8=0=A>20O CAB>9G82>ABL 8 ?;0B565A?>A>1=>ABL 53>) =0?@O<CN 7028AOB >B A:>@>AB8 ?@52@0I5=8O A@54AB2 2;>65==KE 2 0:B82K ?@54?@8OB8O 2 @50;L=K5 45=L38. @><5 B>3>, >B A:>@>AB8 >1>@>B0 A@54AB2 7028A8B @07<5@ 3>4>2>3> >1>@>B0; G5< 1KAB@55 ?@>8AE>48B >1>@>B A@54AB2, B5< <5=LH5 =0 =53> ?@8E>48BAO ?>AB>O==KE @0AE>4>2, 0 7=0G8B A=8605BAO A515AB>8<>ABL ?@>4C:F88 8 70 AG5B MB>3> ?>2KH05BAO ?@81K;L. ;O >F5=:8 45;>2>9 0:B82=>AB8 8A?>;L7C5BAO 425 3@C??K ?>:070B5;59: 1I85 ?>:070B5;8 >1>@0G8205<>AB8 (?>:070B5;8 >1>@0G8205<>AB8 2A5E >1>@>B=KE A@54AB2 ?@54?@8OB8O; >:070B5;8 C?@02;5=8O 0:B820<8 (?>:070B5;8 >1>@0G8205<>AB8 M;5<5=B>2 >1>@>B=KE A@54AB2). 1>@0G8205<>ABL 2A53> >1>@>B=>3> :0?8B0;0 ?@54?@8OB8O <>65B 1KBL >E0@0:B5@87>20=0 A;54CNI8<8 ?>:070B5;O<8: @>4>;68B5;L=>ABL >4=>3> >1>@>B0 2 4=OE; >;8G5AB2> >1>@>B>2 >1>@>B=KE A@54AB2 70 0=0;878@C5<K9 ?5@8>4 (:>MDD8F85=B >1>@0G8205<>AB8 <>18;L=KE A@54AB2). @>4>;68B5;L=>ABL >4=>3> >1>@>B0 2 4=OE (>1>@0G8205<>ABL >1>@>B=KE A@54AB2 2 4=OE)  MB> >B=>H5=85 A@54=573> >AB0B:0 >1>@>B=KE A@54AB2 : AC<<5 >4=>4=52=>9 2K@CG:8 70 0=0;878@C5<K9 ?5@8>4, B.5.: " >1 = (! >1 E ") : @ ; 45: " >1  ?@>4>;68B5;L=>ABL >4=>3> >1>@>B0 2 4=OE; ! >1  A@54=89 >AB0B>: >1>@>B=KE A@54AB2 70 0=0;878@C5<K9 ?5>@8>4 "  G8A;> 4=59 2 0=0;878@C5<>< ?5@8>45; @  2K@CG:0 >B ?@>406 70 0=0;878@C5<K9 ?5@8>4. !@54=89 >AB0B>: >1>@>B=KE A@54AB2 70 0=0;878@C5<K9 ?5@8>4 >?@545;O5BAO :0: A@54=OO E@>=><5B@8G5A:0O <><5=B=>3> @O40. ! >1 = (0,5 ! >11 + ! >12 + & + 0,5 ! >1?) : (?  1) ; 345: ! >1 1, ! >12,& , ! >1?  >AB0B>: >1>@>B=KE A@54AB2 =0 ?5@?2>5 G8A;> :064>3> <5AOF0; ?  G8A;> <5AOF52 2 0=0;878@C5<>< ?5@8>45. >MDD8F85=B >1>@0G8205<>AB8 <>18;L=KE A@54AB2 (:>;8G5AB2> >1>@>B>2 >1>@>B=>3> :0?8B0;0 8 B.4.) <>65B 1KBL @0AAG8B0= ?> >4=><C 8E 42CE 20@80=B>2:  >1 = " : " >1 . >:07K205B G8A;> >1>@>B>2 >1>@>B=KE A@54AB2 70 0=0;878@C5<K9 ?5@8>4.  >1 = @ : ! >1 = AB@. 010 (D.2) : AB@. 290 (D.1.). >:07K205B A:>@>ABL >1>@>B0 2A5E >1>@>B=KE A@54AB2 ?@54?@8OB8O (:0: <0B5@80;L=KE, B0: 8 45=56=KE), 0 B0:65 E0@0:B5@87C5B >1J5< 2K@CG:8 >B @50;870F88 2 @0AG5B5 =0 1 @C1;L >1>@>B=KE A@54AB2. 3> @>AB A2845B5;LAB2C5B > 1>;55 MDD5:B82=>< 8A?>;L7>20=88 >1>@>B=KE A@54AB2. >MDD8F85=B>< >1@0B=K< :>MDD8F85=BC >1>@0G8205<>AB8 O2;O5BAO :>MDD8F85=B 703@C7:8 A@54AB2 2 >1>@>B5 (7). 7 = (! >1 : @) E 100 (:>?.) = [AB@. 290 (D.1) : AB@. 010 (D.2)] E 100 (:>?); = E0@0:B5@87C5B AC<<C >1>@>B=KE A@54AB2 020=A8@C5<KE =0 >48= @C1;L 2K@CG:8 >B @50;870F88. 0AG5B MB>3> :>MDD8F85=B0 ?>72>;O5B >?@545;8BL 25;8G8=C M:>=><88 (?5@5@0AE>40) 45=56=KE @5AC@A>2 2 @57C;LB0B5 87<5=5=8O >1>@0G8205<>AB8 >1>@>B=KE A@54AB2. '5< <5=LH5 7=0G5=85 :>MDD8F85=B0 703@C7:8, B5< MDD5:B82=55 8A?>;L7CNBAO >1>@>B=K5 A@54AB20. @><5 B>3>, ?> 40==K< 1CE30;B5@A:>9 >BG5B=>AB8 <>6=> 2KG8A;8BL @O4 4@C38E >1I8E ?>:070B5;59 >1>@0G8205<>AB8. >MDD8F85=B >1I59 >1>@0G8205<>AB8 :0?8B0;0 ?@54?@8OB8O (@5AC@A>>B40GC):  @5AC@A. = @ : (F + M) = AB@. 10 (D.2) : [AB@. 190 + AB@. 290 (D.1)]. -B>B ?>:070B5;L >B@0605B A:>@>ABL >1>@>B0 2A53> :0?8B0;0 ?@54?@8OB8O 70 0=0;878@C5<K9 ?5@8>4 8 ?>:07K205B MDD5:B82=>ABL 8A?>;L7>20=8O 8<CI5AB20. $>=4>>B40GC ($): $ = @ : $ = AB@. 010 (D.2) : AB@. 120 (D.1). $>=4>>B40G0 ?>:07K205B MDD5:B82=>ABL 8A?>;L7>20=8O >A=>2=KE A@54AB2, 206=59H59 A>AB02=>9 G0AB8 8<CI5AB20 ?@54?@8OB8O. >MDD8F85=B >B40G8 =5<0B5@80;L=KE 0:B82>2 (=\<):  =\< = AB@. 010 (D.2) : AB@. 110 (D.1). -B>B :>MDD8F85=B ?>:07K205B MDD5:B82=>ABL 8A?>;L7>20=8O =5<0B5@80;L=KE 0:B82>2 ?@54?@8OB8O. >MDD8F85=B >B40G8 A>1AB25==>3> :0?8B0;0 ( >B4):  >B4. = AB@. 010 (D.2) : AB@. 490 (D.1). >:07K205B A:>@>ABL >1>@>B0 A>1AB25==>3> :0?8B0;0 A >4=>9 AB>@>=K, 0 A 4@C3>9  A:>;L:> @C1;59 2K@CG:8 >B @50;870F88 ?@8E>48BAO =0 1 @C1;L 2;>65==K9 2 A>1AB25==K9 :0?8B0;. 4=0:> ?>:070B5;8 >1>@0G8205<>AB8 =5?@02><5@=> >?@545;OBL 4;O 2A59 A>2>:C?=>AB8 >1>@>B=KE A@54AB2, B0: :0: >=8 2:;NG0NB A>25@H5==> @07=K5 ?> M:>=><8G5A:>9 ?@8@>45 A;0305<K5 (?@>872>4AB25==K5 70?0AK, 45=56=K5 A@54AB20, 4518B>@A:0O 8 :@548B>@A:0O 704>;65==>AB8, 3>B>20O ?@>4C:F8O, 70B@0BK 2 =57025@H5==>< ?@>872>4AB25). 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