ࡱ> _bjbjbbVz z "yyyD=fnX^01LH2(mmmmmmm$ppsmiyZ90@0Z9Z9m11 njBjBjBZ9t1ymjBZ9mjBjBjDylOt5;@ l&}m6n0fn/lJ.t?.tLylyl.tylp2D4NjB5 6p2p2p2mmAp2p2p2fnZ9Z9Z9Z9.tp2p2p2p2p2p2p2p2p2z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icrosoft, Nestle, Allianz, ENI, Nokia, Air France, Renault, Deutsche Bank, Olivetti, Roche, Fiat, Volkswagen, Lufthansa, Adidas 8 B.4..  >AA88 A2KH5 20 :><?0=89 3>B>2OB >BGQB=>ABL ?> <564C=0@>4=K< AB0=40@B0<, A@548 =8E   -! >AA88 ,   07?@>< ,  "@0=A=5DBL , ! >AA88,  C:>9; ,   0=: ,  >AA89A:89 :@548B ,  >AB5;5:>< ,  @0A=K9 :BO1@L 8 4@.  ?>A;54=85 3>4K <564C=0@>4=K5 AB0=40@BK ?>;CG0NB 2AQ 1>;LH55 ?@87=0=85.  1998-1999 33. 2 5;L388, $@0=F88, 5@<0=88, B0;88, 2AB@88, >AA88 8 4@C38E AB@0=0E 1K;8 ?@8=OBK 70:>=K, @07@5H0NI85 :@C?=K< :><?0=8O< 8A?>;L7>20BL !$. !59G0A @0AA<0B@820NBAO 0=0;>38G=K5 70:>=>?@>5:BK 2 $8=;O=488, 0=88 8 5;8:>1@8B0=88.  ?>445@6:5 45OB5;L=>AB8 !$ 70O28;8 $, A5<8@=K9 10=:, " 8 <8=8AB@K D8=0=A>2 AB@0=  1>;LH>9 A5<Q@:8 . >?>;=8B5;L=K< B>;G:>< 2 ?>;L7C ?@8=OB8O !$ <>65B AB0BL 22545=85 548=>9 52@>?59A:>9 20;NBK 8 A>740=85 >1I552@>?59A:>3> @K=:0 :0?8B0;0. 4 <0O 1999 3. 8 :@C?=59H8E 52@>?59A:8E 18@6 (>=4>=A:0O, $@0=:DC@BA:0O, <AB5@40<A:0O, 0@86A:0O, @NAA5;LA:0O, 04@84A:0O, 8;0=A:0O 8 (259F0@A:0O) ?>4?8A0;8 5<>@0=4C< > 2708<>?>=8<0=88, 0 22 A5=BO1@O  A>3;0H5=85 ?> 2>7<>6=>9 <>45;8 >1I53> @K=:0 52@>?59A:8E  3>;C1KE D8H5: .  ?5@A?5:B825 @5GL <>65B 84B8 > A>740=88 A0<>3> :@C?=>3> 2 <8@5 @K=:0, ?@8GQ< 2 :0G5AB25 548=KE AB0=40@B>2 D8=0=A>2>9 >BGQB=>AB8 1C4CB 8A?>;L7>20BLAO !$. 5A<>B@O =0 2AQ 1>;LH55 @0A?@>AB@0=5=85 !$ @O4 AB@0= ?>:0 =5 A?5H8B ?5@5E>48BL =0 =>2K5 AB0=40@BK. -B> !(, 0=040 8 5;8:>1@8B0=8O. <5@8:0=A:0O A8AB5<0 CGQB0 (GAAP) O2;O5BAO >4=>9 87 254CI8E 2 <8@5. =0 70=8<05B ?@>G=K5 ?>78F88, 2 ?5@2CN >G5@54L, 1;03>40@O A0<><C :@C?=><C 8 @0728B><C @K=:C 2 <8@5, ?@54;030NI5<C A0<K5 2K3>4=K5 CA;>28O ?@82;5G5=8O :0?8B0;0. >MB><C <=>385 8=>AB@0==K5 :><?0=88, 65;0NI85 @07<5AB8BL A2>8 F5==K5 1C<038 =0 0<5@8:0=A:>< @K=:5, 84CB =0 7=0G8B5;L=K5 70B@0BK ?> B@0=AD>@<0F88 >BGQB=>AB8 2 A>>B25BAB288 A GAAP. ><8B5B ?> AB0=40@B0< D8=0=A>2>3> CGQB0 !( (FASB) =5>4=>:@0B=> 2KA:07K20;AO > B><, GB> 8<5==> MB0 >@30=870F8O 4>;6=0 874020BL <564C=0@>4=K5 AB0=40@BK 4;O 8A?>;L7>20=8O =0 @K=:0E :0?8B0;0. > <=5=8N 65 ?@57845=B0 2@>?59A:>9 D545@0F88 >1I5AB2 D8=0=A>2KE 0=0;8B8:>2 8 :>=AC;LB0=B0 @028B5;LAB20 $ ?> 2>?@>A0< @5D>@<8@>20=8O A8AB5<K 1CE30;B5@A:>9 >BGQB=>AB8 . 0<0=B0 !( 1C4CB ?5@5E>48BL =0 !$ 2 B5G5=85 ?OB8-A5<8 ;5B 2 >B;8G85 >B 4@C38E AB@0=, 345 MB>B ?@>F5AA 709<QB B@8-G5BK@5 3>40. 5;8:>1@8B0=8O B0:65 A:;>=O5BAO 2 ?>;L7C !$. "0:, =0?@8<5@, ?@5<L5@  <8=8AB@ 5;8:>1@8B0=88 ". ;M@ 2KA:070;AO, GB>  <564C=0@>4=K5 AB0=40@BK D8=0=A>2>9 >BGQB=>AB8 8<5NB @5H0NI55 7=0G5=85 4;O 5;8:>1@8B0=88 .  =0AB>OI55 2@5<O 8=8AB5@AB2> B>@3>2;8 8 ?@><KH;5==>AB8 5;8:>1@8B0=88 >1AC6405B 70:>=>?@>5:B, @07@5H0NI89 :><?0=8O< A>AB02;OBL >BGQB=>ABL 2 A>>B25BAB288 A !$. 1.4. A=>2=K5 @07;8G8O @>AA89A:8E 8 <564C=0@>4=KE AB0=40@B>2 1CE30;B5@A:>3> CGQB0 . 5A<>B@O =0 =0;8G85 1>;LH>3> AE>4AB20 <564C 20@80=B0<8 CG5B=KE ?>;8B8:, 8A?>;L7>20=85 :>B>@KE @07@5H5=> 2 A>>B25BAB288 A @>AA89A:8<8 8 <564C=0@>4=K<8 AB0=40@B0<8 1CE30;B5@A:>3> CG5B0, ?@8<5=5=85 MB8E 20@80=B>2 70G0ABCN AB@>8BAO =0 @07;8G=KE >A=>2>?>;030NI8E ?@8=F8?0E, B5>@8OE 8 F5;OE. 0AE>645=8O <564C @>AA89A:>9 A8AB5<>9 1CE30;B5@A:>3> CG5B0 8 !$ ?@82>4OB : 7=0G8B5;L=K< @07;8G8O< <564C D8=0=A>2>9 >BG5B=>ABLN, A>AB02;O5<>9 2 >AA88 8 2 70?04=KE AB@0=0E. A=>2=K5 @07;8G8O <564C !$ 8 @>AA89A:>9 A8AB5<>9 CG5B0 A2O70=K A 8AB>@8G5A:8 >1CA;>2;5==>9 @07=8F59 2 :>=5G=KE F5;OE 8A?>;L7>20=8O D8=0=A>2>9 8=D>@<0F88. $8=0=A>20O >BG5B=>ABL, ?>43>B>2;5==0O 2 A>>B25BAB288 A !$, 8A?>;L7C5BAO 8=25AB>@0<8, 0 B0:65 4@C38<8 ?@54?@8OB8O<8 8 D8=0=A>2K<8 8=AB8BCB0<8. $8=0=A>20O >BG5B=>ABL, :>B>@0O @0=55 A>AB02;O;0AL 2 A>>B25BAB288 A @>AA89A:>9 A8AB5<>9 CG5B0, 8A?>;L7>20;0AL >@30=0<8 3>AC40@AB25==>3> C?@02;5=8O 8 AB0B8AB8:8. "0: :0: MB8 3@C??K ?>;L7>20B5;59 8<5;8 @07;8G=K5 8=B5@5AK 8 @07;8G=K5 ?>B@51=>AB8 2 8=D>@<0F88, ?@8=F8?K, ;560I85 2 >A=>25 A>AB02;5=8O D8=0=A>2>9 >BG5B=>AB8, @072820;8AL 2 @07;8G=KE =0?@02;5=8OE. 0?@8<5@, >4=8< 87 ?@8=F8?>2, O2;ONI8EAO >1O70B5;L=K<8 2 !$, => =5 2A5340 ?@8<5=O5<KE 2 @>AA89A:>9 A8AB5<5 CG5B0, O2;O5BAO ?@8>@8B5B A>45@60=8O =04 D>@<>9 ?@54AB02;5=8O D8=0=A>2>9 8=D>@<0F88.  A>>B25BAB288 A !$ A>45@60=85 >?5@0F89 8;8 4@C38E A>1KB89 =5 2A5340 A>>B25BAB2C5B B><C, :0:8< >=> ?@54AB02;O5BAO =0 >A=>20=88 8E N@848G5A:>9 8;8 >B@065==>9 2 CG5B5 D>@<K.  A>>B25BAB288 A @>AA89A:>9 A8AB5<>9 CG5B0 >?5@0F88, :0: ?@028;>, CG8BK20NBAO AB@>3> 2 A>>B25BAB288 A 8E N@848G5A:>9 D>@<>9, 0 =5 >B@060NB M:>=><8G5A:CN ACI=>ABL >?5@0F88. @8<5@><, :>340 D>@<0 ?@520;8@C5B =04 A>45@60=85< 2 @>AA89A:>9 A8AB5<5 CG5B0, O2;O5BAO A;CG09 >BACBAB28O =04;560I59 4>:C<5=B0F88 4;O A?8A0=8O >A=>2=KE A@54AB2, GB> =5 405B >A=>20=89 4;O 8E A?8A0=8O =5A<>B@O =0 B>, GB> @C:>2>4AB2C 8725AB=>, GB> B0:85 >1J5:BK 1>;55 =5 ACI5AB2CNB ?> C:070==>9 10;0=A>2>9 AB>8<>AB8. B>@K< 3;02=K< ?@8=F8?>< <564C=0@>4=KE AB0=40@B>2 CG5B0, >B;8G0NI8< 8E >B @>AA89A:>9 A8AB5<K CG5B0, 8 254CI8< : 2>7=8:=>25=8N <=>65AB25==KE @07;8G89 2 D8=0=A>2>9 >BG5B=>AB8, O2;O5BAO >B@065=85 70B@0B. 564C=0@>4=K5 AB0=40@BK CG5B0 ?@54?8AK20NB A;54>20BL ?@8=F8?C A>>B25BAB28O, A>3;0A=> :>B>@><C 70B@0BK >B@060NBAO 2 ?5@8>45 >68405<>3> ?>;CG5=8O 4>E>40, 2 B> 2@5<O :0: 2 @>AA89A:>9 A8AB5<5 CG5B0 70B@0BK >B@060NBAO ?>A;5 2K?>;=5=8O >?@545;5==KE B@51>20=89 2 >B=>H5=88 4>:C<5=B0F88. 5>1E>48<>ABL =0;8G8O =04;560I59 4>:C<5=B0F88 70G0ABCN =5 ?>72>;O5B @>AA89A:8< ?@54?@8OB8O< CG5ABL 2A5 >?5@0F88, >B=>AOI85AO : >?@545;5==><C ?5@8>4C. -B0 @07=8F0 ?@82>48B : @07;8G8O< 2 <><5=B5 CG5B0 MB8E >?5@0F89.  >AA88 ?@8=F8?K 1CE30;B5@A:>3> CGQB0 AD>@<C;8@>20=K 2 $545@0;L=>< 70:>=5   1CE30;B5@A:>< CGQB5 >B 21 =>O1@O 1996 3. (2 2845 B@51>20=89 : 2545=8N 1CE30;B5@A:>3> CGQB0), >;>65=88 ?> 1CE30;B5@A:><C CGQBC  #GQB=0O ?>;8B8:0 ?@54?@8OB8O # 1/98 (2 2845 B@51>20=89 8 4>?CI5=89), 0 B0:65 2 ?@8=OB>9 >=F5?F88 1CE30;B5@A:>3> CGQB0 2 @K=>G=>9 M:>=><8:5. 4=0:> ACI5AB2CNB A;>6=>AB8 A @50;870F859 ?@>45:;0@8@>20==KE ?@8=F8?>2 =0 ?@0:B8:5. !CI5AB25==KE @07;8G89 2 A>AB025 ?>4;560I59 ?@54>AB02;5=8N D8=0=A>2>9 >BGQB=>AB8 2 !$ 8 ?> @>AA89A:8< ?@028;0<, =5B. 564C=0@>4=K<8 AB0=40@B0<8 =5 ?@54CA<>B@5=0 :0:0O ;81> AB0=40@B=0O D>@<0 10;0=A0, 0 ;8HL >?@545;O5BAO :@C3 >1O70B5;L=KE AB0B59 10;0=A0: >A=>2=K5 A@54AB20, =5<0B5@80;L=K5 0:B82K, D8=0=A>2K5 0:B82K, 8=25AB8F88, 70?0AK, B>@3>2K5 8 4@C385 4518B>@A:85 704>;65==>AB8, 45=56=K5 A@54AB20 8 8E M:2820;5=BK, 704>;65==>ABL ?>:C?0B5;59 8 70:07G8:>2, =0;>3>2K5 >1O70B5;LAB20, @575@2K, 4>;3>A@>G=K5 >1O70B5;LAB20, 2:;NG0NI85 2K?;0BC ?@>F5=B>2, 4>;O <5=LH8=AB20 8 2K?CI5==K9 :0?8B0; 8 @575@2K.  >AA88 D>@<0 10;0=A0 70:@5?;5=0 70:>=>40B5;L=>. <5NBAO =5:>B>@K5 @07;8G8O 2 @0A:@KB88 AB0B59 10;0=A0. ;NG52K5 @07;8G8O 2 >B=>H5=88 >A=>2=KE A@54AB2 :0A0NBAO 0<>@B870F88.  @>AA89A:>9 ?@0:B8:5 A@>:8 A;C61K >A=>2=KE A@54AB2 CAB0=02;820NBAO 8=8AB5@AB2>< D8=0=A>2, B>340 :0: 2 A>>B25BAB288 A <564C=0@>4=K<8 AB0=40@B0<8 CG5B0 @C:>2>4AB2C :><?0=88 @07@5H5=> A0<>AB>OB5;L=> >?@545;OBL A@>:8 A;C61K >A=>2=KE A@54AB2, 2 7028A8<>AB8 >B B>3>, 2 B5G5=85 :0:>3> ?5@8>40 2@5<5=8 ?@54?@8OB85 ?@54?>;0305B 8E 8A?>;L7>20BL. 07=8F0 2 A@>:0E A;C61K ?@82>48B : @0AE>645=8O< 2 25;8G8=5 >AB0B>G=>9 AB>8<>AB8 0:B82>2, 0 B0:65 2 AC<<0E ?> 0<>@B870F88, =0G8A;5==KE 70 >?@545;5==K9 ?5@8>4, ?@54AB02;5==KE 2 A>>B25BAB288 A @>AA89A:>9 A8AB5<>9 CG5B0 8 !$.  A>>B25BAB288 A >AA89A:8< 70:>=>40B5;LAB2><.  #GQB >A=>2=KE A@54AB2 0<>@B870F8O <>65B ?@>872>48BLAO >4=8< 87 G5BK@QE A?>A>1>2 0<>@B870F8>==KE =0G8A;5=89: ;8=59=K9 A?>A>1, A?>A>1 C<5=LH0NI53>AO >AB0B:0, ?> AC<<5 G8A5; ;5B A@>:0 ?>;57=>3> 8A?>;L7>20=8O, ?@>?>@F8>=0;L=> >1J5<C ?@>4C:F88 (@01>B).  !$ 4  #GQB 0<>@B870F88  ?@54CA<>B@5=> B@8 <5B>40: ?@O<>;8=59=K9, C<5=LH0NI53>AO >AB0B:0 8 <5B>4 AC<<K 548=8F. 4=0:> =0 ?@0:B8:5 @>AA89A:85 =0;>3>2K5 >@30=K ?@87=0NB ;8HL ;8=59=K9 A?>A>1, GB> =5 A>>B25BAB2C5B !$.  >B=>H5=88 CGQB0 =5<0B5@80;L=KE 0:B82>2 5ABL >A>15==>AB8 2 G0AB8 0:B82>2, A>740205<KE A0<8< ?@54?@8OB85< 8 ?>;57=KE A@>:>2 A;C61K =5<0B5@80;L=KE 0:B82>2.  @>AA89A:>9 A8AB5<5 CGQB0 2 A>>B25BAB288 A # 14/2000 0:B82K, A>740205<K5 A0<8< ?@54?@8OB85<, B0:85 :0: AB>8<>ABL A>1AB25==>3> A>740==>3> ?@>3@0<<=>3> >15A?5G5=8O 8;8 "=>C-E0C" =5 <>3CB 1KBL >B@065=K :0: =5<0B5@80;L=K5 0:B82K. !>3;0A=> !$, 0:B82K, A>740205<K5 A0<8< ?@54?@8OB85<, 4>;6=K C4>2;5B2>@OBL A;54CNI8< :@8B5@8O<: 0:B82 4>;65= 1KBL ?>B5=F80;L=> 2K3>4=K< 2 M:>=><8G5A:>< ?;0=5, 8 AB>8<>ABL 0:B820 4>;6=0 1KBL 4>AB>25@=> >?@545;5=0. @><5 B>3>, A>AB02 :0?8B0;878@C5<KE 70B@0B =0 ?@>872>4AB2> =0CG=>-8AA;54>20B5;LA:8E 8 >?KB=>-:>=AB@C:B>@A:8E @01>B @07;8G05BAO 2 <564C=0@>4=>9 8 @>AA89A:>9 A8AB5<5 CG5B0, B0: :0: 2 !$ ACI5AB2CNB >A>1K5 CA;>28O 4;O :0?8B0;870F88 70B@0B =0  . 0CG=>-8AA;54>20B5;LA:85 @01>BK - >@838=0;L=K5 8 70?;0=8@>20==K5 8AA;54>20=8O, ?@>2>48<K5 2 F5;OE ?>;CG5=8O =>2KE =0CG=KE 8;8 A?5F80;L=KE 7=0=89. ?KB=>-:>=AB@C:B>@A:85 @01>BK - ?@8<5=5=85 @57C;LB0B>2 =0CG=KE 8AA;54>20=89 8;8 8=KE 7=0=89 ?@8 @07@01>B:5 ?;0=0 8;8 ?@>5:B0 ?@>872>4AB20 =>2KE 8;8 ACI5AB25==> CA>25@H5=AB2>20==KE <0B5@80;>2, ?@81>@>2, ?@>4C:B>2, B5E=>;>389, A8AB5< 8;8 CA;C3, 4> =0G0;0 ?@><KH;5==>3> ?@>872>4AB20 8;8 8A?>;L7>20=8O. !>3;0A=> !$, @0AE>4K =0 =0CG=>-8AA;54>20B5;LA:85 8 >?KB=>-:>=AB@C:B>@A:85 @01>BK =5>1E>48<> >B@060BL 2 CG5B5 :0: @0AE>4K B>3> ?5@8>40, 2 B5G5=85 :>B>@>3> >=8 1K;8 ?>=5A5=K, 70 8A:;NG5=85< B5E A;CG052, :>340 A>1;N40NBAO A;54CNI85 CA;>28O (2 B0:8E A;CG0OE 8E =5>1E>48<> CG8BK20BL :0: 0:B82K): ?@>4C:B 8;8 ?@>F5AA G5B:> >?@545;Q=, 0 70B@0BK, >B=>A8<K5 =0 ?@>4C:B 8;8 ?@>F5AA, <>3CB 1KBL >B45;L=> CAB0=>2;5=K 8 =04Q6=> 87<5@5=K; B5E=8G5A:0O >ACI5AB28<>ABL ?@>4C:B0 8;8 ?@>F5AA0 <>65B 1KBL ?@>45<>=AB@8@>20=0; :><?0=8O =0<5@5=0 ?@>872>48BL, ?@>4020BL 8;8 8A?>;L7>20BL ?@>4C:B 8;8 ?@>F5AA; <>65B 1KBL ?@>45<>=AB@8@>20=> =0;8G85 @K=:0 4;O ?@>4C:B0 8;8 ?@>F5AA0, 8;8, 5A;8 >= ?@54=07=0G5= A:>@55 4;O 2=CB@5==53> 8A?>;L7>20=8O, 0 =5 4;O ?@>4068, B> 53> ?>;57=>ABL 4;O :><?0=88; ACI5AB2CNB 4>AB0B>G=K5 @5AC@AK, 8;8 8E 4>ABC?=>ABL <>65B 1KBL ?@>45<>=AB@8@>20=0, 4;O 7025@H5=8O ?@>5:B0, ?@>4068 8;8 8A?>;L7>20=8O ?@>4C:B0 8;8 ?@>F5AA0 . !C<<0 70B@0B =0 >?KB=>-:>=AB@C:B>@A:85 @01>BK, >B@065==KE 2 CG5B5 :0: 0:B82K, ?>4;568B 0<>@B870F88 8 A?8A0=8N =0 @0AE>4K ?> <5B>4C"   2 J ^  2 4 N   r ε䧛䛏zzoodVh:jhC5CJ\aJh:j5CJ\aJh:jh(CJaJh:jh'>5CJaJh:j5CJaJh:jhC5CJaJh:jh(5CJaJh:jh:j5CJ\aJh:jh(5CJ,\aJ,h:jhCCJ,aJ,h:jh(CJ,aJ,h:jh(@aJh:jh(5CJ\aJh:jhyo5CJ\aJ 4      $  dha$gd:j$ vdha$gd:j$ dha$gd:j dhgd:jdhgd:jLdh^L`gd:jdhgd:jdhgd:j  T V p *DTP\h4684@BLَymd[mhM65CJaJh75CJaJh:jh75CJaJ hM6aJ h7aJh:jh'>aJh:jh4/aJh:jhCCJaJh:jhyoCJaJh:jh:jCJaJh:jCJaJh:jh(CJaJh:jhC5CJ\aJh:jh'>5CJ\aJh:jh(5CJ\aJh Q5CJ\aJ!RT8D2d dhxgd7  dhxgd7dhgd:j dhgd:j$ dha$gd:j$  dha$gd:jL.02\^bdPRbNRT\fhjǾǾǾDZ|qdh7CJaJmHnHuh:jhcPCJaJh75@CJ\aJ h7aJh:jh'>aJh7h75CJaJhe/h7PJhM6h7hM65CJaJh75CJaJhm h75CJaJhM65B*CJaJphh75B*CJaJph h:jh75B*CJaJph'dRTVXZ\^`bdfhj$dh-DM `a$gd:jdhgd:jdhgd:jgd7dhgd7 $dha$gd7dhgd7ln>@ !!""$$$%%&&''))`***++,f3377ӴӗnbWh:jh4/CJaJh:jh'>>*CJaJ h:jh'>5B*CJaJphh:jh4/5CJaJh:jh'>5CJaJh:jhCCJaJ#h:jh'>CJ^JaJmHnHuh:jh'>CJ^JaJ"h:jh'>CJ]aJmHnHuh:jh'>CJaJh:jh'>CJaJmHnHu"h7h75CJaJmHnHu"n@"$%&')b*d*f*h*j*l*n*p*r*t*dhgd:j#$ & F dh-DM ^`a$gd:j$dh-DM `a$gd:j$ dh-DM `a$gd:jt*v*x*z*|*~*******+,2f389 ,dh^`,gd:j -dh^`-gd:j dhxgd:j$ -dhx^`-a$gd:j  dhxgdrn6dhgd:j78999l;t;<<???CVCDDDD.E0EEETHjHVPPzRR4U6U8UB*CJaJph h:jh'>>*B*CJaJphh:jh'>B*CJaJphhzqCJaJh:jh'>>*CJaJh:jh'>CJaJ 9?DEGILCJaJh:jh,B*CJaJphh:jh'>B*CJaJph h:jh'>6B*CJaJph h:jh'>5B*CJaJph8]^R__cNeefgk:mff & F ,dhx^`,gd:j & F ,dhx^`,gd:j & F ,dhx^`,gd:j & F ,dhx^`,gd:j ,dhx^`,gd:j ,dhx@&^`,gd:j :mlmnHorr`tdunyzt|ff & F ,dhx^`,gd:j & F ,dhx^`,gd:j ,dhx^`,gd:j & F ,dhx^`,gd:j & F ,dhx^`,gd:j & F ,dhx^`,gd:j t|.~L `Tooo & F ,dhx^`,gd:j & F ,dhx^`,gd:j ,dhx^`,gd:j & F ,dhx^`,gd:j & F ,dhx^`,gd:j dhxgd:j Vx&LTX`ėܗޘ̜Ҡv԰ְܰrtjlnjrtv&ɸɸtrU h:jhyo5B*CJaJph!jh:jh'>0JCJUaJ h:jh'>6B*CJaJph h:jh'>5B*CJaJph h:jhc!5B*CJaJphhrn65B*CJaJphh:jhc!B*CJaJphh:jh'>B*CJaJphh:jh'>CJaJ,TVXėܗRښ̜XҠ: & F ,dhx^`,gd:j & F ,dhx^`,gd:j ,dhx^`,gd:j ,dhx@&^`,gd:j dhxgd:jvNܰt dhxgd:j ,dhx^`,gd:j & F ,dhx^`,gd:j & F ,dhx^`,gd:jn(D*&:L & F ,dhx^`,gd:j & F ,dhx^`,gd:j ,dhx^`,gd:j dhxgd:jL*(=l==(>>AEXI\JJK N & F ,dhx^`,gd:j & F ,dhx^`,gd:j & F ,dhx^`,gd:j ,dhx^`,gd:j & F ,dhx^`,gd:j, A>>B25BAB2CNI5<C CG5BC M:>=><8G5A:8E 2K3>4. "5E=>;>38G5A:>5 8 M:>=><8G5A:>5 CAB0@520=85 B0:8E 0:B82>2 ?@82>48B : A>:@0I5=8N A@>:0 8E 0<>@B870F88. @><5 B>3>, >1KG=> 1K205B B@C4=> ?@>3=>78@>20BL 70B@0BK 8 4>E>4K 2 >B=>H5=88 =>2>9 ?@>4C:F88 =0 1>;55 4;8B5;L=K9 A@>:.  A8;C MB8E ?@8G8= A@>: 0<>@B870F88 70B@0B =0 >?KB=>-:>=AB@C:B>@A:85 @01>BK, :0: ?@028;>, =5 ?@52KH05B 5 ;5B. !?8A0=85 >AB0B:>2 70B@0B =0 ?@>2545=85 >?KB=>-:>=AB@C:B>@A:8E @01>B ?> ?@>5:BC A;54C5B ?@>872>48BL 2 B>< ?5@8>45, :>340 ?@54?>;0305<0O M:>=><8G5A:0O 2K3>40, :0: >68405BAO, C65 =5 ?>:@>5B AC<<C B0:8E 70B@0B 70 2KG5B>< 0<>@B870F88. "0:65 2 @>AA89A:>< 70:>=>40B5;LAB25 ?>:0 =5B =8:0:8E GQB:> ?@>?8A0==KE ?@>F54C@ ?> CGQBC >1J548=5=89 :><?0=89 (?>:C?:5 8 A;8O=8N 8=B5@5A>2) 8 >B@065=8N ?>;>68B5;L=>9 8;8 >B@8F0B5;L=>9 45;>2>9 @5?CB0F88 (goodwill), :>B>@0O ?@8 MB>< 2>7=8:05B. >6=> 2K45;8BL @O4 @07;8G89 ?@8 CGQB5 <0B5@80;L=>-?@>872>4AB25==KE 70?0A>2. #GQB 70?0A>2 @53C;8@C5BAO !$ 2  0?0AK 8 # 5/01  #GQB <0B5@80;L=>-?@>872>4AB25==KE 70?0A>2 . > !$ 70?0AK  MB> 0:B82K, 0 2 @>AA89A:>9 ?@0:B8:5  G0ABL 8<CI5AB20. !;54>20B5;L=>, : MB>9 G0AB8 8<CI5AB20 1C4CB ?@8<5=OBLAO @07=K5 <5B>4K >F5=:8, CG5B0 42865=8O 0:B82>2, 0 ?@8 A>AB02;5=88 D8=0=A>2>9 >BG5B=>AB8 MB> 8<CI5AB2> 1C45B >B@060BLAO 2 @07=KE AB0BLOE 10;0=A0. !;54C5B >B<5B8BL @07;8G8O ?@8 >?@545;5=88 A?>A>10 >F5=:8 70?0A>2. # 5/001 ?@54?8AK205B >F5=820BL  ?> D0:B8G5A:>9 A515AB>8<>AB8.  2 :>=F5 >BG5B=>3> ?5@8>40 <0B5@80;L=>-?@>872>4AB25==K5 70?0AK 4>;6=K ?5@5>F5=820BLAO:  <0B5@80;L=>-?@>872>4AB25==K5 70?0AK (:@><5 >1>@C4>20=8O : CAB0=>2:5 8 <0;>F5==KE 8 1KAB@>87=0H820NI8EAO ?@54<5B>2), =0 :>B>@K5 F5=0 2 B5G5=85 3>40 A=878;0AL, ;81> :>B>@K5 <>@0;L=> CAB0@5;8 8;8 G0AB8G=> ?>B5@O;8 A2>5 :0G5AB2>, >B@060NBAO 2 10;0=A5 ?> F5=5 2>7<>6=>9 @50;870F88, 5A;8 >=0 =865 ?5@2>=0G0;L=>9 AB>8<>AB8 703>B>2;5=8O (?@8>1@5B5=8O), A >B=5A5=85< @07=8FK 2 F5=0E =0 D8=0=A>2K5 @57C;LB0BK >@30=870F88 . 0 >A=>20=88 40==>3> >?@545;5=8O =5A:>;L:> =5 ?>=OB=>, :0: 4>;6=K >F5=820BLAO 70?0AK, F5=0 2>7<>6=>9 @50;870F88 :>B>@KE 2 >4=>< >BG5B=>< ?5@8>45 1K;0 =865 D0:B8G5A:>9 A515AB>8<>AB8, 0 2 A;54CNI5< >BG5B=>< ?5@8>45 2K@>A;0 2KH5 D0:B8G5A:>9 A515AB>8<>AB8.  F5;OE >1J5:B82=>9 >F5=:8 0:B82>2 :><?0=88 1K;> 1K ?@028;L=55 ?5@5>F5=8BL <0B5@80;L=>-?@>872>4AB25==K5 70?0AK =0 :>=5F 2B>@>3> >BG5B=>3> ?5@8>40 ?> D0:B8G5A:>9 A515AB>8<>AB8, => # 5/01 =5 405B G5B:>3> >B25B0, <>6=> ;8 MB> 45;0BL.  A>>B25BAB288 A !$ 2 70?0AK 4>;6=K >F5=820BLAO ?> =08<5=LH59 87 42CE 25;8G8=: A515AB>8<>AB8 8 2>7<>6=>9 G8AB>9 F5=5 ?@>406. 0;55, ?@8 ?>ABC?;5=88 8 A?8A0=88 >4=8E 8 B5E 65 284>2 <0B5@80;L=>-?@>872>4AB25==KE 70?0A>2 A @07;8G=>9 D0:B8G5A:>9 A515AB>8<>ABLN AB0=>28BAO 2>7<>6=K< ?@8<5=5=85 =5A:>;L:8E A?>A>1>2 @0AG5B0 B5:CI59 A515AB>8<>AB8 548=8FK 70?0A>2. !515AB>8<>ABL <0B5@80;L=>-?@>872>4AB25==KE 70?0A>2 (:@><5 B>20@>2 2 B>@3>2;5, ?@8=OBKE : CG5BC ?> ?@>406=K< F5=0< ) ?> @>AA89A:><C 70:>=>40B5;LAB2C <>65B ?@>872>48BLAO A;54CNI8<8 A?>A>10<8: ?> A515AB>8<>AB8 :064>9 548=8FK; ?> A@54=59 A515AB>8<>AB8; ?> A515AB>8<>AB8 ?5@2KE ?> 2@5<5=8 ?@8>1@5B5=8O  (<5B>4 $$); ?> A515AB>8<>AB8 ?>A;54=8E ?> 2@5<5=8 ?@8>1@5B5=8O  (<5B>4 $).  >B;8G85 >B >AA88, 2 <564C=0@>4=>9 ?@0:B8:5 ?@8=OB <5B>4 $$. -B>B <5B>4 @5:><5=4C5BAO :0: >A=>2=>9 4;O @0AG5B0 A515AB>8<>AB8 70?0A>2 (70 8A:;NG5=85< 8A?>;L7C5<KE 2 >A>1>< ?>@O4:5), E>BO <>65B 8A?>;L7>20BLAO 8 <5B>4 $, 5A;8 53> 8A?>;L7>20=85 ?>72>;8B ?>;CG8BL 1>;55 >1J5:B82=CN >F5=:C 0:B82>2. 5B>4 @0AG5B0 ?> A@54=59 A515AB>8<>AB8 2 <564C=0@>4=KE AB0=40@B0E 1CE30;B5@A:>3> CG5B0 =5 ?@54CA<>B@5=. "0:8< >1@07><, 2 F5;>< ?@8=F8?K CG5B0 <0B5@80;L=>-?@>872>4AB25==KE 70?0A>2 2 @>AA89A:>9 ?@0:B8:5 8 !$ >G5=L 1;87:8. # 5/01 2 F5;>< >A=>20=> =0 <564C=0@>4=KE AB0=40@B0E, => =5 2 ?>;=>9 <5@5, ?>A:>;L:C 2 40==>< ?>;>65=88 A>E@0=5=K =5:>B>@K5 >A>15==>AB8 =0F8>=0;L=>9 A8AB5<K AG5B>2>4AB20. ;O 1>;LH53> A>>B25BAB28O <564C=0@>4=K< AB0=40@B0< =5>1E>48<> ?@8=OBL @O4 <5B>48G5A:8E C:070=89 4;O @07JOA=5=8O # 5/01. =25AB8F88 <>3CB 1KBL >B=5A5=K : :@0B:>A@>G=K< 8;8 4>;3>A@>G=K<. "5:CI85 8=25AB8F88 ?> A2>5<C E0@0:B5@C O2;ONBAO ;53:> @50;87C5<K<8 8 @0AAG8B0=K =0 A@>: =5 1>;55 >4=>3> 3>40. >;3>A@>G=K5 8=25AB8F88 ?@54AB02;ONB A>1>9 8=25AB8F88, @0AAG8B0==K5 =0 A@>: 1>;55 >4=>3> 3>40. >AA89A:0O A8AB5<0 CG5B0 B@51C5B, GB>1K :0: B5:CI85, B0: 8 4>;3>A@>G=K5 8=25AB8F88 1K;8 ?@54AB02;5=K 2 10;0=A5 ?> AB>8<>AB8 8E ?@8>1@5B5=8O.  ?@>B82>?>;>6=>ABL MB><C, <564C=0@>4=K5 AB0=40@BK CG5B0 @07@5H0NB CG8BK20BL 4>;3>A@>G=K5 8=25AB8F88 2 7028A8<>AB8 >B 8E E0@0:B5@0: ?> A515AB>8<>AB8 (B.5. 2:;NG0O @0AE>4K ?> ?@8>1@5B5=8N, B0:85 :0: 1@>:5@A:85 8 10=:>2A:85 :><8AA8>==K5 A1>@K, 3>=>@0@K, ?>H;8=K); ?> ?5@5>F5=Q==>9 AB>8<>AB8; ?> <5=LH5<C 87 42CE 7=0G5=89: A515AB>8<>AB8 8 @K=>G=>9 AB>8<>AB8.  A>>B25BAB288 A <564C=0@>4=K<8 AB0=40@B0<8 CG5B0 :@0B:>A@>G=K5 8=25AB8F88 <>3CB >B@060BLAO 2 10;0=A5 ?> @K=>G=>9 AB>8<>AB8 8;8 ?> 1>;55 =87:>9 87 A515AB>8<>AB8 8 @K=>G=>9 AB>8<>AB8 (B.5. AC<<K, :>B>@0O 1C45B ?>;CG5=0 2 @57C;LB0B5 ?@>4068 8=25AB8F88 =0 D>=4>2>< @K=:5). >7=8:0NI0O 2 @57C;LB0B5 B0:>9 >F5=:8 ?@81K;L (C1KB>:) 4>;6=0 1KBL >B@065=0 2 >BG5B5 > ?@81K;OE 8 C1KB:0E.  A;CG05 A=865=8O AB>8<>AB8 4>;3>A@>G=>3> 2;>65=8O, :>B>@>5 ?> >F5=:0< =5 O2;O5BAO :@0B:>2@5<5==K<, 53> 10;0=A>20O AB>8<>ABL C<5=LH05BAO. "0:>5 A=865=85 AB>8<>AB8 4>;3>A@>G=KE 8=25AB8F89, 70 8A:;NG5=85< 2@5<5==>3> A=865=8O, >B@0605BAO 2 >BG5B5 > ?@81K;OE 8 C1KB:0E. #25;8G5=85 10;0=A>2>9 AB>8<>AB8 4>;3>A@>G=KE 8=25AB8F89, 2>7=8:0NI55 2 @57C;LB0B5 ?5@5>F5=:8 4>;3>A@>G=KE 8=25AB8F89, 4>;6=> 1KBL >B=5A5=> =0 :@548B AG5B0 87<5=5=8O AB>8<>AB8 8=25AB8F89 2 @57C;LB0B5 ?5@5>F5=:8 2 @0745;5 0:F8>=5@=K9 :0?8B0;.  B>9 AB5?5=8, 2 :>B>@>9 A=865=85 AB>8<>AB8 8=25AB8F89 :><?5=A8@C5B ?@54K4CI55 C25;8G5=85 AB>8<>AB8 B>9 65 8=25AB8F88, :>B>@>5 1K;> >B=5A5=> =0 :@548B AG5B0 87<5=5=8O AB>8<>AB8 8=25AB8F89 2 @57C;LB0B5 ?5@5>F5=:8 8 2 ?>A;54AB288 =5 1K;> AB>@=8@>20=>, MB> A=865=85 CG8BK205BAO =0 AG5B5 87<5=5=8O AB>8<>AB8 8=25AB8F89 2 @57C;LB0B5 ?5@5>F5=:8. > 2A5E ?@>G8E A;CG0OE A=865=85 10;0=A>2>9 AB>8<>AB8 4>;6=> 1KBL >B@065=> :0: @0AE>4. 06=> >B<5B8BL @O4 @07;8G89 ?@8 CGQB5 4518B>@A:>9 704>;65==>AB8. 5A<>B@O =0 B>, GB> 2 A>>B25BAB288 :0: A @>AA89A:>9 A8AB5<>9 CG5B0, B0: 8 !$ CG5B 4>;65= 25AB8AL ?> <><5=BC >B3@C7:8, B@51>20=85 > 2545=88 CG5B0 ?> >B3@C7:5 O2;O5BAO =>2K< 2 @>AA89A:>9 A8AB5<5 CG5B0. >MB><C ?@54?@8OB8O< 4;O A>1;N45=8O =>2>3> B@51>20=8O =5>1E>48<> 87<5=8BL A2>8 A8AB5<K CG5B0. @><5 B>3>, 2 A>>B25BAB288 A <564C=0@>4=K<8 AB0=40@B0<8, 2 >B=>H5=88 ;N1>9 4518B>@A:>9 704>;65==>AB8, 27KA:0=85 :>B>@>9 AG8B05BAO A><=8B5;L=K<, A>740NBAO @575@2K (@575@2K ?> A><=8B5;L=K< 4>;30<). "0:85 @575@2K 4>;6=K >B=>A8BLAO =0 AG5B ?@81K;59 8 C1KB:>2.  B> 65 2@5<O @>AA89A:0O A8AB5<0 CG5B0 B@51C5B, GB>1K 157=0456=0O 704>;65==>ABL 1K;0 :>=:@5B=> >?@545;5=0, 8 GB>1K 4518B>@A:0O 704>;65==>ABL A@>:>< 1>;55 4 <5AOF52, ?> :>B>@>9 =5 =0G0B> ?>30H5=85, A?8AK20;0AL. 0 ?@0:B8:5, ?@8 A>AB02;5=88 >BGQB=>AB8 @>AA89A:8<8 ?@54?@8OB8O<8 ?> !$, @575@2 ?> A><=8B5;L=K< 4>;30< A>AB02;O5B >G5=L 7=0G8B5;L=K9 ?@>F5=B 8 ACI5AB25==> C<5=LH05B ?>:070B5;8 ?@81K;8. 564C=0@>4=K5 AB0=40@BK CG5B0 ?@54?8AK20NB A;54>20BL ?@8=F8?C A>>B25BAB28O, A>3;0A=> :>B>@><C 70B@0BK >B@060NBAO 2 ?5@8>45 >68405<>3> ?>;CG5=8O 4>E>40, 0 2 @>AA89A:>9 A8AB5<5 CG5B0 70B@0BK >B@060NBAO ?>A;5 2K?>;=5=8O >?@545;5==KE B@51>20=89 : A>AB02;5=8N 4>:C<5=B0F88. "@51>20=85 =0;8G8O =04;560I59 4>:C<5=B0F88 G0AB> =5 ?>72>;O5B @>AA89A:8< ?@54?@8OB8O< CG5ABL 2A5 >?5@0F88, >B=>AOI85AO : >?@545;5==><C ?5@8>4C. A=>2>?>;030NI89 ?@8=F8? !$, 70:;NG0NI89AO 2 B><, GB> A>45@60=85 D8=0=A>2>9 >BG5B=>AB8 206=55 D>@<K ?@54AB02;5=8O 8=D>@<0F88 8;8 55 872;5G5=8O, =0E>48BAO 2 ?@>B82>@5G88 A ?>;>65=85< > =5>1E>48<>AB8 =0;8G8O 4>AB0B>G=>9 4>:C<5=B0F88 4;O >B@065=8O >?5@0F88. 4=> 87 ACI5AB25==KE @07;8G89 2 ?>4E>45 : >BGQBC > ?@81K;OE 8 C1KB:0E 2 >AA88 8 <564C=0@>4=>9 ?@0:B8:5 1K;> CAB@0=5=> 2 E>45 @5D>@<K. 0: 8725AB=>, 4> =5402=53> 2@5<5=8 70 <><5=B @50;870F88 ?@>4C:F88 <>6=> 1K;> ?@8=8<0BL <><5=B >?;0BK ?@>4C:F88 8;8 <><5=B 5Q >B3@C7:8, 8 ?>402;ONI55 1>;LH8=AB2> ?@54?@8OB89 8A?>;L7>20;8 ?5@2K9, B0: =07K205<K9  :0AA>2K9 <5B>4 CGQB0. ! 1 O=20@O 1996 3. 2 1CE30;B5@A:>< CGQB5 <><5=B @50;870F88 ?@>4C:F88 >?@545;O5BAO, :0: ?@028;>, B>;L:> ?> <><5=BC >B3@C7:8, :0: 2 70?04=>9 ?@0:B8:5. 4=0:> 4;O F5;59 =0;>3>>1;>65=8O <>6=> 8A?>;L7>20BL >10 20@80=B0 >?@545;5=8O <><5=B0 @50;870F88. 0;>3 =0 ?@81K;L >B@0605BAO 2 >BG5B5 > ?@81K;OE 8 C1KB:0E D>@<0B0 !$ ?>A;5 @0AG5B0 ?@81K;8 8 C1KB:>2 >B 2A59 E>7O9AB25==>9 45OB5;L=>AB8. -B> ?>;>65=85 A>2?0405B A B@51>20=8O<8 =>2>9 D>@<K @>AA89A:>3> >BG5B0 > D8=0=A>2KE @57C;LB0B0E 8 8E 8A?>;L7>20=88, 70 8A:;NG5=85< B>3>, GB> <=>385 @0AE>4K, CG8BK205<K5 ?@8 @0AG5B5 D8=0=A>2>3> @57C;LB0B0 4> =0;>3>>1;>65=8O 2 A>>B25BAB288 A !$, @0AA<0B@820NBAO 2 @>AA89A:>9 A8AB5<5 CG5B0 :0: 8A?>;L7>20=85 ?@81K;8. 0 8A?>;L7>20=85 ?@81K;8 >B=>AOBAO @0AE>4K, :>B>@K5 =5 C<5=LH0NB =0;>3>>1;0305<CN ?@81K;L 2 A>>B25BAB288 A B@51>20=8O<8 @>AA89A:>9 A8AB5<K CG5B0. I5 >4=8< @07;8G85< <564C =>2>9 @>AA89A:>9 D>@<>9 >BG5B0 > D8=0=A>2KE @57C;LB0B0E 8 >BG5B>< > ?@81K;OE 8 C1KB:0E D>@<0B0 !$ O2;O5BAO :;0AA8D8:0F8O >1I5E>7O9AB25==KE @0AE>4>2 8 0<>@B870F88. 5A<>B@O =0 B>, GB> 2 =>2>9 @>AA89A:>9 D>@<5 >1I5E>7O9AB25==K5 @0AE>4K ?@54AB02;5=K >B45;L=>9 AB@>:>9, 2 ?@>H;>< MB8 @0AE>4K 2:;NG0;8AL 2 ?@>872>4AB25==K5 @0AE>4K. >MB><C :><?0=8O< =5>1E>48<> 1C45B ?@>8725AB8 87<5=5=8O 2 AB@C:BC@5 A515AB>8<>AB8 @50;87>20==>9 ?@>4C:F88. "0:65 A;54C5B 2K45;8BL =5:>B>@K5 @07;8G8O 2 A>AB025 A515AB>8<>AB8 @50;87>20==>9 ?@>4C:F88. 0B@0BK >BG5B=>3> ?5@8>40 -  A>>B25BAB288 A !$ :><<5@G5A:85 @0AE>4K 8, 2 >1I5< A;CG05, >1I5E>7O9AB25==K5 @0AE>4K (0<>@B870F8O 740=89 C?@02;5=8O, @0AE>4K =0 A>45@60=85 0??0@0B0 C?@02;5=8O, 2A?><>30B5;L=KE A;C61) =5 @0AA<0B@820NBAO :0: =5?>A@54AB25==> A2O70==K5 A ?@8>1@5B5=85< 8 ?@>872>4AB2>< B>20@>2, 8 A;54>20B5;L=>, =5 2:;NG0NBAO 2 A515AB>8<>ABL ?@>872>4AB20.  A>>B25BAB288 A @>AA89A:>9 A8AB5<>9 CG5B0 :><<5@G5A:85 @0AE>4K 8 >1I5E>7O9AB25==K5 @0AE>4K 2:;NG0NBAO 2 A>AB02 A515AB>8<>AB8 @50;87>20==>9 ?@>4C:F88. !515AB>8<>ABL ?@>872>4AB20 8 =57025@H5==>5 ?@>872>4AB2> -  A>>B25BAB288 A !$ 2 ?@>872>4AB25==CN A515AB>8<>ABL 2E>4OB @0AE>4K, =5?>A@54AB25==> A2O70==K5 A 4>AB02:>9 B>20@>2 ?>:C?0B5;N, @0AE>4K ?> ?@>4065 ?@>4C:F88 B>20@=>3> 2840, @0AE>4K ?> B@0=A?>@B8@>2:5 ?@8>1@5B5==KE B>20@>2, 70B@0BK =0 >?;0BC B@C40 8 4@C385 ?@>872>4AB25==K5 @0AE>4K, ?>=5A5==K5 2 ?@>F5AA5 >1@01>B:8 B>20@>2 4> <><5=B0 @50;870F88. ><8<> ?@>872>4AB25==KE 70B@0B 2 A515AB>8<>ABL ?@>872>4AB20 4>;6=K 2:;NG0BLAO 2A5 @0AE>4K ?> ?5@5@01>B:5, :>B>@K5 O2;ONBAO =5>1E>48<K<8 4;O 40==>9 <5AB=>AB8 8 2 40==KE CA;>28OE.  AB>8<>ABL ?@8>1@5B5=8O 2E>4OB 8<?>@B=K5 ?>H;8=K, AB>8<>ABL B@0=A?>@B8@>2:8 8 4>AB02:8 8 ;N1K5 4@C385 =5?>A@54AB25==> >B=>AOI85AO : ?@8>1@5B5=8N 70B@0BK, 70 8A:;NG5=85< B>@3>2KE A:84>:.  A>>B25BAB288 A @>AA89A:8<8 AB0=40@B0<8 CG5B0 2 A515AB>8<>ABL @50;87>20==>9 ?@>4C:F88 2:;NG0NBAO B>;L:> @0AE>4K, CG8BK205<K5 ?@8 =0;>3>>1;>65=88. >MB><C @0AE>4K, =5 C<5=LH0NI85 =0;>3>>1;0305<CN ?@81K;L, >B=>AOBAO =0 AG5B 81  A?>;L7>20=85 ?@81K;8 8 8A:;NG0NBAO 87 A515AB>8<>AB8 @50;870F88. 0AE>4K ?> C?;0B5 ?@>F5=B>2 ?> =5?>30H5==>9 704>;65==>AB8 8 =0;>3 =0 ?@81K;L =5 2:;NG0NBAO 2 A515AB>8<>ABL ?@>872>4AB20. ;O F5;59 <564C=0@>4=>9 >BGQB=>AB8 @0AE>4K ?> C?;0B5 ?@>F5=B>2 CG8BK20NBAO ?@8 >?@545;5=88 D8=0=A>2>3> @57C;LB0B0 4> =0;>3>>1;>65=8O 8 >B@060NBAO B0:8< 65 >1@07><, :0: 4>E>4K ?> 2=5@50;870F8>==K< >?5@0F8O<, @0AE>4K ?> 2=5@50;870F8>==K< >?5@0F8O< 8 ?@81K;8 8;8 C1KB:8 >B :C@A>2>9 @07=8FK. A5 MB8 AB0BL8 C:07K20NBAO 2 4>E>45 :><?0=88 4> =0;>3>>1;>65=8O. @8 MB>< >=8 @0AA<0B@820NBAO :0: =5 >B=>AOI85AO : >A=>2=>9 45OB5;L=>AB8 :><?0=88 8, B0:8< >1@07><, C:07K20NBAO ?>A;5 D8=0=A>2>3> @57C;LB0B0 >B >A=>2=>9 45OB5;L=>AB8.  A>>B25BAB288 A =>2>9 D>@<>9 @>AA89A:>3> >BG5B0 > D8=0=A>2KE @57C;LB0B0E @0AE>4K ?> C?;0B5 ?@>F5=B0 2:;NG0NBAO 2 D8=0=A>2K9 @57C;LB0B >B >A=>2=>9 45OB5;L=>AB8, 0 ?@81K;L/C1KB>: >B :C@A>2>9 @07=8FK >B@0605BAO 2 >BG5B=>AB8 :0: ?@>G85 4>E>4K 8 @0AE>4K. >;LH>9 B5>@5B8G5A:89 8 ?@0:B8G5A:89 8=B5@5A 2K7K20NB CGQB 10@B5@0.  @>AA89A:>9 M:>=><8:5 10@B5@ 83@05B 7=0G8B5;L=> 1>;55 206=CN @>;L, =565;8 2 <564C=0@>4=KE <0AHB010E. (0?@8<5@, D8=0=A>2>9 @52>;NF859 2   -! >AA88 2 1999 3. 1K;> ?@87=0=> B>, GB> :><?0=88 C40;>AL A>1@0BL 49 %  682KE 45=53 2 >1I59 AC<<5 ?;0B5659 ?> A@02=5=8N A 19 % 2 1998 3.). !>3;0A=> !$, 5A;8 B>20@K 8;8 CA;C38 >1<5=820NBAO =0 4@C385 >4=>@>4=K5 8 0=0;>38G=K5 ?> AB>8<>AB8 B>20@K 8;8 CA;C38, B0:0O A45;:0 =5 ?@87=05BAO @50;870F859. "0:0O A8BC0F8O 2>7=8:05B, :>340 ?>AB02I8:8 >1<5=820NBAO B>20@0<8, ?5@5<5I0O 8E <564C @07;8G=K<8 @538>=0<8, A B5< GB>1K A2>52@5<5==> >B@5038@>20BL =0 ;>:0;L=K5 87<5=5=8O A?@>A0.  B5E A;CG0OE, :>340 ?@>8AE>48B >1<5= @07=>@>4=K<8 B>20@0<8, =0?@8<5@, 3@C7>2K5 02B><>18;8 >1<5=820NBAO =0 AB0;L=>9 ?@>:0B, !$ >?@545;O5B B0:85 A45;:8 :0: A45;:8, ?@8=>AOI85 4>E>4.  @>AA89A:>9 A8AB5<5 CG5B0 10@B5@=K5 >?5@0F88 2A5340 @0AA<0B@820NBAO :0: @50;870F8O. !;54>20B5;L=>, ?@8 >1<5=5 B>20@>2 =0 0=0;>38G=K5 B>20@K, B0:85 A45;:8 A;54C5B 8A:;NG8BL 87 @50;870F88, >?@545;O5<>9 A>3;0A=> <564C=0@>4=K< AB0=40@B0<.  >B;8G85 >B @>AA89A:>9 ?@0:B8:8 <564C=0@>4=K5 AB0=40@BK =5 @53;0<5=B8@CNB ?;0= AG5B>2. !B@C:BC@0 @>AA89A:>3> ?;0=0 AG5B>2 1K;0 @07@01>B0=0 1>;55 50 ;5B =0704 8, =5A<>B@O =0 87<5=5=8O, 2=5A5==K5 2 2000 3., ?>B5@O;0 0:BC0;L=>ABL 8 ?> <=>38< AB0BLO< =5 A>>B25BAB2C5B >A=>2>?>;030NI8< ?@8=F8?0< !$. "0:8< >1@07><, <564C @>AA89A:8<8 8 <564C=0@>4=K<8 AB0=40@B0<8 ACI5AB2C5B >G5=L 1>;LH>5 :>;8G5AB2> @07;8G89 :0: ?@8=F8?80;L=KE, B0: 8 <5=55 7=0G8B5;L=KE. 'B>1K >F5=8BL <0AHB01 ?>4>1=KE @0AE>645=89 =5>1E>48<> A@02=8BL 2 :><?;5:B0 :>=A>;848@>20==>9 >BGQB=>AB8 70 1998 3., ?>43>B>2;5==K5   07?@><>< . 48= 87 =8E 1K; A>AB02;5= 2 A>>B25BAB288 A @>AA89A:8< 70:>=>40B5;LAB2><, 0 4@C3>9  2 A>>B25BAB288 A !$. KOA=8;>AL, GB> @0AE>645=85 2 ?>:070B5;5 G8AB>9 ?@81K;8 A>AB028;> 1>;55 100 <;@4. @C1;59  42,49 <;@4. @C1;59 G8AB>3> C1KB:0 ?> @>AA89A:8< ?@028;0< 1CECGQB0 8 147,22 <;@4. ?> !$. 0AE>645=85 2 >?@545;5=88 @575@2>2 (70 8A:;NG5=85< @575@20 ?> A><=8B5;L=K< 4>;30<) A>AB028;> 45,4 <;@4. @C1;59, 0 2 >B=>H5=88 @575@20 ?> A><=8B5;L=K< 4>;30<  20,6 <;@4. @C1;59. !C<<0, :>B>@0O ?> @>AA89A:8<8 ?@028;0<8 >B=>A8BAO =0 :0?8B0;, 0 2 A>>B25BAB288 A !$ O2;O5BAO @0AE>40<8, 4>AB8305B 29,5 <;@4. @C1;59. 5;8G8=0 4>E>40 ?> 45=56=K< AB0BLO<, :>B>@K9 =5 ?@87=0QBAO 2 A>>B25BAB288 A @>AA89A:8< 1CECGQB>< 8 ?@87=0QBAO 2 A>>B25BAB288 A !$, A>AB02;O5B 62,9 <;@4. @C1;59. ABL 8 4@C385 =5 <5=55 ACI5AB25==K5 @0AE>645=8O. "0:8< >1@07><, <564C=0@>4=K5 AB0=40@BK  MB> :><?@><8AA <564C 254CI8<8 A8AB5<0<8 CGQB0 2 <8@5. 5;L7O >B@8F0BL B>B D0:B, GB> 2 >AA88 C65 =0:>?;5= 1>;LH>9 ?>;57=K9 >?KB, A;>68;0AL A8AB5<0 1CE30;B5@A:>3> CGQB0. >MB><C ?@8 8A?>;L7>20=88 <564C=0@>4=KE AB0=40@B>2 D8=0=A>2>9 >BGQB=>AB8 4;O A>740=8O =>2>9 =0F8>=0;L=>9 A8AB5<K CGQB0 <564C=0@>4=K9 >?KB 4>;65= 1KBL 040?B8@>20= : @>AA89A:>9 A?5F8D8:5. ;020 2.-B0?K A>AB02;5=8O 1CE30;B5@A:>3> 10;0=A0  &5=B@-"5;5:><. 2.1.-:>=><8G5A:0O E0@0:B5@8AB8:0  &5=B@-"5;5:><  &5=B@ - "5;5:>< ?@54AB02;O5B A>1>9 >1I5AB2> A >3@0=8G5==>9 >B25BAB25==>ABLN, 70@538AB@8@>20==>5 2 A>>B25BAB288 A 70:>=>40B5;LAB2>< >AA89A:>9 $545@0F88. @02>2>5 ?>;>65=85 1I5AB20, ?>@O4>: 53> @5>@30=870F88 8 ;8:2840F88, 0 B0:65 ?@020 8 >1O70==>AB8 0:F8>=5@>2 1I5AB20 >?@545;ONBAO @0640=A:8< :>45:A>< >AA89A:>9 $545@0F88, $545@0;L=K< 70:>=>< "1 >1I5AB20E A >3@0=8G5==>9 >B25BAB25==>ABLN", 4@C38<8 $545@0;L=K<8 70:>=0<8, 8=K<8 ?@02>2K<8 0:B0<8 >AA89A:>9 $545@0F88, ?@8=OBK<8 A>>B25BAB2CNI8<8 >@30=0<8 3>AC40@AB25==>9 2;0AB8 2 ?@545;0E 8E ?>;=><>G89, 0 B0:65 =0AB>OI8< #AB02><. 1I5AB2> O2;O5BAO N@848G5A:8< ;8F>< 8 8<55B 2 A>1AB25==>AB8 >1>A>1;5==>5 8<CI5AB2>, CG8BK205<>5 =0 53> A0<>AB>OB5;L=>< 10;0=A5, <>65B >B A2>53> 8<5=8 ?@8>1@5B0BL 8 >ACI5AB2;OBL 8<CI5AB25==K5 8 ;8G=K5 =58<CI5AB25==K5 ?@020, =5AB8 >1O70==>AB8, 1KBL 8ABF>< 8 >B25BG8:>< 2 AC45. A=>2=K<8 F5;O<8 1I5AB20 O2;O5BAO 872;5G5=85 ?@81K;8 8 >15A?5G5=85 =0A5;5=8O, >@30=>2 3>AC40@AB25==>9 2;0AB8, 8=KE >@30=870F89 CA;C30<8 A2O78. ><?0=8O ?@54>AB02;O5B CA;C38 B5;5D>==>9 A2O78, B5;53@0D0, ?5@540G8 40==KE, ?@54>AB02;5=8O 2 0@5=4C ;8=89 A2O78 8 @048>A2O78 =0 B5@@8B>@88 &5=B@0;L=>3> D545@0;L=>3> >:@C30 >AA89A:>9 $545@0F88.  &5=B@ - "5;5:>< 8<55B ;8F5=78N =0 ?@02> ?@54>AB02;5=8O CA;C3 B5;5D>==>9 A2O78. "0@8DK ?> <564C3>@>4=K< B5;5D>==K< A>548=5=8O< @53C;8@CNBAO 3>AC40@AB2><.  2006 3>4C  &5=B@ - "5;5:>< (40;55 ><?0=8O) ?@>25;0 B0@8D=CN :0<?0=8N, =0?@02;5==CN =0 C<5=LH5=85 ?5@5:@QAB=>3> AC1A848@>20=8O <564C <5AB=>9 8 <564C3>@>4=>9 A2O7LN, 87<5=82 B0@8DK =0 CA;C38 <5AB=>9 A2O78. "01;8F0 1 #25;8G5=85 B0@8D>2 =0 CA;C38 <5AB=>9 A2O78 2 2005 8 2006 33. 2 F5;>< ?> ><?0=88  &5=B@ - "5;5:>< @C??0 :;85=B>2"!, %!"!, %2005 32006 32005 32006 30A5;5=8526,32%33,33%29,41%36,36%><<5@G5A:85 >@30=870F8816,00%37,93%16,00%37,93%N465B=K5 >@30=870F8816,00%37,93%16,00%37,93% > A>AB>O=8N =0 31 45:01@O 2006 3. B5:CI85 >1O70B5;LAB20 ><?0=88 ?@52KH0;8 55 >1>@>B=K5 A@54AB20 =0 14 170 108 (=0 31 45:01@O 2005 3.  6 469 386). #1KB:8 ><?0=88 4> =0;>3>>1;>65=8O 2 2006 8 2005 33. A>AB028;8 228 484 8 847 145, A>>B25BAB25==>.  A2O78 A MB8< A8BC0F8O A ?>445@60=85< ;8:284=>AB8 ><?0=88 8 =0;8G85< 4>AB0B>G=KE 8AB>G=8:>2 D8=0=A8@>20=8O 2 7=0G8B5;L=>9 <5@5 >AB05BAO =5>?@545;5==>9.  ?@54H5AB2CNI89 ?5@8>4 4;O D8=0=A8@>20=8O @0728B8O A2>8E A5B59 A2O78 ><?0=8O ?@82;5:0;0 705<=K5 A@54AB20 :0: =0 :@0B:>A@>G=>9, B0: 8 =0 4>;3>A@>G=>9 >A=>25. $8=0=A8@>20=85 ?@58<CI5AB25==> ?>ABC?0;> 2 2845 10=:>2A:8E :@548B>2, >1;830F8>==KE 709<>2, 0 B0:65 B>20@=KE :@548B>2 ?>AB02I8:>2 >1>@C4>20=8O 8 D8=0=A>2>3> ;878=30. C:>2>4AB2> ><?0=88 AG8B05B, GB> ?@8 =5>1E>48<>AB8 A@>:8 @50;870F88 =5:>B>@KE ?@>5:B>2 <>6=> ?5@5=5AB8 =0 1>;55 ?>74=89 ?5@8>4 8;8 8E <0AHB01K <>3CB 1KBL A>:@0I5=K 2 A>>B25BAB288 A ?>B@51=>ABO<8 D8=0=A8@>20=8O B5:CI59 45OB5;L=>AB8 ><?0=88. @><5 B>3>, @C:>2>4AB2> ><?0=88 ?>;0305B, GB> >=> A<>65B ?5@5=>A8BL A@>:8 >?;0BK ?> =5:>B>@K< B5:CI8< >?5@0F8O< 2 A;CG05 =54>AB0B>G=>AB8 >1>@>B=>3> :0?8B0;0. ;O >15A?5G5=8O ?>AB>O==>3> 2=CB@5==53> :>=B@>;O 70 ?>@O4:>< >ACI5AB2;5=8O 2A5E E>7O9AB25==KE >?5@0F89 2 1I5AB25 A>7405BAO A?5F80;L=>5, =5 7028A8<>5 >B 8A?>;=8B5;L=KE >@30=>2 1I5AB20, AB@C:BC@=>5 ?>4@0745;5=85, 45OB5;L=>ABL :>B>@>3> :>=B@>;8@C5BAO =5?>A@54AB25==> !>25B>< 48@5:B>@>2 1I5AB20. A=>2=0O 7040G0  &5=B@ - "5;5:>< 2 >1;0AB8 C?@02;5=8O ?5@A>=0;>< - MDD5:B82=>5 @0728B85 G5;>25G5A:8E @5AC@A>2, >15A?5G820NI55 D>@<8@>20=85 8 DC=:F8>=8@>20=85 :><?0=88, :0: 548=>9 >B:@KB>9 A>F80;L=>-B5E=8G5A:>9 A8AB5<K. 2.2.$>@<8@>20=85 1CE30;B5@A:>3> 10;0=A0 2  &5=B@-"5;5:>< >@O4>: B@0=AD>@<0F88 D>@< >BG5B=>AB8 2 :064>9 >@30=870F88 <>65B 1KBL @07=K<. AB>G=8:>< 8=D>@<0F88 4;O B@0=AD>@<0F88 >BG5B=>AB8  &5=B@  "5;5:>< A;C68;0 2=CB@5==OO >BG5B=>ABL 8 4>?>;=8B5;L=K5 A2545=8O. "5E=8G5A:0O G0ABL B@0=AD>@<0F88 70:;NG05BAO 2 ?@>2545=88 :>@@5:B8@>2>: 8 A>AB02;5=88 :>@@5:B8@>2>G=KE B01;8F. 1 MB0?  ?@545;5=85 8=45:A0 8=D;OF88 4;O >A=>2=KE A@54AB2 08<5=>20=85 >A=>2=>3> A@54AB20 5@8>4 A 01.01 ?> 31.12.06=45:A 8=D;OF8840=851998 3.  2006 3.1,571>@C4>20=852002 3.  2006 3.1,28"@0=A?>@B2002 3.  2006 3.1,41/< 2003 3.  2006 3.1,18/< A 30.06.063.  31.12.063.1 A=>2=K5 A@54AB20 C:07K20NBAO ?> A515AB>8<>AB8 70 2KG5B>< =0:>?;5==>9 0<>@B870F88. 0B@0BK, =5?>A@54AB25==> A2O70==K5 A CAB0=>2:>9 ?@>872>4AB25==>3> >1>@C4>20=8O, 2:;NG0NBAO 2 A515AB>8<>ABL >1>@C4>20=8O. <>@B870F8O =0G8A;O5BAO 2 B5G5=85 >68405<>3> A@>:0 A;C61K 0:B82>2 A 8A?>;L7>20=85< A;54CNI8E <5B>4>2 8 3>4>2KE =>@< 0<>@B870F88. 2 MB0?  ?@545;5=85 @07=8FK 2 >F5=:5 >A=>2=KE A@54AB2, >?@545;5==>9 A>3;0A=> !# 8 !$, BKA. @. >:070B5;8>44> 31.12.04 3.2005 3.2006 3.: 31.12.2006 3.<>@B870F8O !#3735133513656435AB0B>G=0O AB>8<>ABL !#___49515<>@B870F8O ?> !$ 15321,65031,65056,625409,8 0 ?5@2>< MB0?5 >?@545;O5BAO 8=45:A 8=D;OF88 4;O :064>3> >1J5:B0 >A=>2=KE A@54AB2.  :0G5AB25 >A=>2K 4;O 53> >?@545;5=8O 8A?>;L7>20;8AL 7=0G5=8O 8=45:A0 ?>B@518B5;LA:8E F5=. 0 2B>@>< MB0?5 A 8A?>;L7>20=85< 8=45:A>2 8=D;OF88 2KO2;O5BAO >AB0B>G=0O AB>8<>ABL 8 0<>@B870F8O >1J5:B>2 >A=>2=KE A@54AB2 ?> !$. 0 B@5BL5< MB0?5 ?@>8AE>48B A@02=5=85 40==KE 0<>@B870F88 8 >AB0B>G=>9 AB>8<>AB8, 27OBKE 87 >BG5B=>AB8 A>AB02;5==>9 ?> =0F8>=0;L=K< AB0=40@B0< 8 40==KE ?>;CG5==KE ?>A;5 8=D;8@>20=8O ?> <564C=0@>4=K< AB0=40@B0<. 0: 284=> 87 ?@82545==>9 AE5<K 0<>@B870F8N : :>=FC >BG5B=>3> ?5@8>40  &5=B@  "5;5:>< A;54C5B C25;8G8BL =0 18974,8 BKA. @. (25409,8-6435=18974,8), 0 ?5@2>=0G0;L=CN AB>8<>ABL =0 27223 BKA. @. (83173-55950 = 27223). >;CG5==K5 AC<<K O2;ONBAO ?>:070B5;O<8 4;O :>@@5:B8@>2>G=KE ?@>2>4>: 3MB0? - 2865=85 8=D;8@>20==KE >A=>2=KE A@54AB2 : 31.12.2006 3. 84 >A=>2=>3> A@54AB200B0 ?@8>1@5B5=8O 5@2>=0G0;L=0O AB>8<>ABL ?> !# BKA. @.=45:A 8=D;OF88 : 31.12. 2006 3.=D;8@>20==0O ?5@2>=0G0;L=0O AB>8<>ABL BKA. @.84 0<>@B870F88 ?> !$!@>: ?>;57=>3> 8A?>;L7>20=8O ?> !$<>@B870F8O 70 3>4 BKA. @.<>@B870F8O =0:>?;5==0O : 31.12. 20063. BKA. @.AB0B>G=0O =D;8@>20==0O AB>8<>ABL =0 31.12. 20063.1234567891040=8501.01.1998340 0001,5740000E1,57 = 628008=59=0O50 ;5B62800: 50=12561256E8=1004852752"@0=A?>@B01.01.200232 0001,412000E1,41 = 2820@>?>@F8>=0;L=0O400 BKA. :<.2820: 400=720023.=490 20033.=378 20043.= 455 20053.=385 20063.= 350 20587621>@C4>20=8501.01.2002312 0001,2812000E1,28=153608=59=0O5 ;5B30723072E4=122883072/< 01.01.200331 3501,181350E1,18=15938=59=0O5 ;5B1593:5=318,6318,6E3=955,8637,2/< 30.06.2006360016008=59=0O5 ;5B600:5= 12060540" : 31.12.063.559508317325409,857763,2  &5=B@  "5;5:>< 1K;0 >ACI5AB2;5=0 B@0=AD>@<0F8O 1CE30;B5@A:>9 >BG5B=>AB8 2 D>@<0B !$ (@8AC=>: 1).  @57C;LB0B5 B@0=AD>@<0F88 1K;8 A>AB02;5=K >BG5BK, >B25G0NI85 ?@8=F8?0< <564C=0@>4=KE AB0=40@B>2. A?>;L7CO 40==K5 1CE30;B5@A:>9 >BG5B=>AB8 ?@54?@8OB8O  &5=B@  "5;5:>< 8 8=45:A0 8=D;OF88 A>AB02;O;8AL :>@@5:B8@>2>G=K5 B01;8FK 4;O >A=>2=KE A@54AB2, 4;O B@0=AD>@<0F88 10;0=A0, :0: 70 >BG5B=K9 ?5@8>4, B0: 8 70 ?5@8>4, ?@54H5AB2CNI89 >BG5B=><C, :0: @5:><5=4>20=> ?@028;0<8 !$ 2. @>2545==0O B@0=AD>@<0F8O 1CE30;B5@A:>9 >BG5B=>AB8  &5=B@ - "5;5:>< ?>72>;8;0 2KO28BL @0AE>645=8O 8 A@02=8BL 107>2K5 ?>:070B5;8 ?> AB0BLO< 10;0=A0, >B@065==K5 2 B01;8F5 2. 0: 284=> 87 ?@82545==>9 B01;8FK 2 =081>;55 7=0G8<>5 @0AE>645=85 =01;N405BAO ?> AB0BLO< A=>2=K5 A@54AB20 8 #AB02=K9 :0?8B0;, GB> >1JOA=O5BAO C25;8G5=85< AB>8<>AB8 >A=>2=KE A@54AB2 8 C25;8G5=85< A>1AB25==>3> :0?8B0;0 2 @57C;LB0B5 ?@8<5=5=8O 8=45:A0 8=D;OF88. 0;0=AK  &5=B@ - "5;5:><, BKA. @C1. "01;8F02 >:070B5;80;0=AK ?> !#0;0=AK ?> !$2005 3.2006 32005 3.2006 3.A=>2=K5 A@54AB2056 52059 77580 156,682 762>;3>A@>G=K5 D8=0=A>2K5 2;>65=8O_16 500_550=25AB8F8>==0O A>1AB25==>ABL___16 0000?0AK, 2 B.G. AK@L5, <0B5@80;K 8 4@C385 0=0;>38G=K5 F5==>AB810 2009 50010 2009 5000B@0BK 2 =57025@H5==>< ?@>872>4AB25__>B>20O ?@>4C:F8O 8 B>20@K 4;O ?5@52>7:82 1001 9001 8541 5825=56=K5 A@54AB20112104112104518B>@A:0O 704>;65==>ABL (?> !$  !G5B0 : ?>;CG5=8N)1 2003 1001 1282 8830;0=A70 13290 87993450,6113 381#AB02=K9 :0?8B0;51 52951 52980 90180 901 575@2 ?5@5>F5=:8 (4>?>;=8B5;L=K9 =5>?;0G5==K9 :0?8B0;)__19 04019 0905@0A?@545;5==0O ?@81K;L (=5?>:@KBK9 C1KB>:)5 40011 400(15954,8)(13693,4)@81K;L (C1KB>:) >BG5B=>3> 3>40600035002261,42633,4@548B>@A:0O 704>;65==>ABL (?> !$  !G5B0 : >?;0B5)7 20324 4507 20324 4500;0=A70 13290 87993450,6113 381A>15==> 70<5B=> 2 10;0=A5 ?> !$ =0;8G85 >B@8F0B5;L=>9 AC<<K ?> AB0BL5 5@0A?@545;5==0O ?@81K;L (=5?>:@KBK9 C1KB>:). > =01;N405BAO ?>AB5?5==>5 C<5=LH5=85 =5?>:@KB>3> C1KB:0 70 AG5B ?@81K;8 >BG5B=>3> 3>40. 081>;55 ?>4@>1=> MB>B ?@>F5AA <>6=> C2845BL 2 B01;8F5 3 BG5B5 > 42865=88 A>1AB25==>3> :0?8B0;0 ?> !$. "01;8F0 3 BG5B > 42865=88 A>1AB25==>3> :0?8B0;0  &5=B@  "5;5:><, BKA. @. >:070B5;8, 40B0#AB02=K9 :0?8B0; 575@2 ?5@5>F5=:8@81K;L/ #1KB>:A53> A>1AB25==KE A@54AB231.12.20043.80 901(15954,8)64946,25@5>F5=:0 >A=>2=KE A@54AB219 04019 040@81K;L/C1KB>:2261,42261,431.12.20053.80 90119 040(13693,4)86247,6@81K;L/C1KB>: 70 3>4_502633,42683,431.12.20063.80 90119 090(11060)88 931 !>AB02;5=85 >BG5B=>AB8 2 D>@<0B5 !$ O2;O5BAO 206=K< H03>< 2 45;5 D>@<8@>20=8O A8AB5<K C?@02;5=G5A:>3> CG5B0. "@0=AD>@<8@>20==0O >BG5B=>ABL, 4>2545==0O 4> C?@02;5=F52 A@54=53> 8 2KAH53> 725=0, ?>72>;O5B @0AAG8BK20BL =0 ?>2KH5=85 :0G5AB20 ?@8=8<05<KE 8<8 C?@02;5=G5A:8E @5H5=89, GB> ?>72>;O5B A 2KA>:>9 AB5?5=LN MDD5:B82=>AB8 @50;87>20BL ?>B5=F80; B@0=AD>@<8@>20==>9 >BG5B=>AB8.  SHAPE \* MERGEFORMAT  8AC=>: 1. >45;L B@0=AD>@<0F88 1CE30;B5@A:>9 >BG5B=>AB8 2 D>@<0B !$ 5=56=K5 A@54AB20  &5=B@ - "5;5:>< 8 8E M:2820;5=BK ?> A>AB>O=8N =0 31 45:01@O: "01;8F0 4 08<5=>20=85(BKA. @C1.)2005 3>42006 3>40AA01714 0AG5B=K9 AG5B46590;NB=K9 AG5B4725@>G85 45=56=K5 A@54AB2026B>3>112104 =25AB8F88 CG8BK20NBAO ?> AB>8<>AB8 ?5@5>F5=:8. C:>2>4AB2>  &5=B@  "5;5:>< AG8B05B, GB> AB>8<>ABL 8=25AB8F89 >B@065=0 ?@028;L=> 8 ?>AB>O==>3> A=865=8O AB>8<>AB8 8=25AB8F89 =5 ?@>8AE>48B. ><?0=8O CG8BK205B B>20@=>-<0B5@80;L=K5 F5==>AB8 ?> D0:B8G5A:>9 A515AB>8<>AB8, ?@8<5=OO <5B>4 A@54=52725H5==>9 F5=K 2 >B=>H5=88 >F5=:8 AK@LO, =57025@H5==>3> ?@>872>4AB20 8 3>B>2>9 ?@>4C:F88. 1I5?@>872>4AB25==K5 @0AE>4K @0A?@545;ONBAO <564C =57025@H5==K< ?@>872>4AB2>< 8 3>B>2>9 ?@>4C:F859 =0 >A=>20=88 ?@O<KE 70B@0B B@C40. >@@5:B8@>2:0 AB>8<>AB8 70?0A>2 A CG5B>< 8=D;OF88 A45;0=0 A 40BK ?@8>1@5B5=8O. ">20@=>-<0B5@80;L=K5 F5==>AB8 =0 31 45:01@O: "01;8F0 5 08<5=>20=85(BKA. @C1.)2005 3>42006 3>4!K@L5 8 :><?;5:BCNI85 <0B5@80;K10 2009 50057025@H5==>5 ?@>872>4AB2>-->B>20O ?@>4C:F8O1 8541 582B>3>1205411082 0:;NG5=85  ?@>F5AA5 ?5@5E>40 =0 <564C=0@>4=K5 AB0=40@BK 2 ?5@2CN >G5@54L =5>1E>48<> >15A?5G8BL @50;L=CN @01>B>A?>A>1=>ABL C65 7045:;0@8@>20==KE ?@8=F8?>2 CG5B0 8 70:@5?8BL B5 ?@8=F8?K, :>B>@K5 =5 =0H;8 >B@065=8O 2 @>AA89A:8E AB0=40@B0E, =0?@8<5@ ?@8=F8? =59B@0;L=>AB8 8=D>@<0F88.  ;8HL 70B5< A;54C5B @07@010BK20BL CG5B=K5 AB0=40@BK, >?@545;ONI85 A?5F8D8G5A:85 ?@>1;5<K CG5B0 >B45;L=KE 0:B82>2, >1O70B5;LAB2, AB0B59 :0?8B0;0 8 E>7O9AB25==KE >?5@0F89, >?8@0OAL =0 70@C156=K9 >?KB 8 CG8BK20O ?@0:B8:C, A;>682HCNAO 2 >AA88. >A:>;L:C ?> D>@<5 D8=0=A>20O >BG5B=>ABL @>AA89A:8E ?@54?@8OB89 4>AB0B>G=> 1;87:0 : 70?04=><C D>@<0BC, =5>1E>48<> =0?>;=8BL 55 @50;L=K< A>45@60=85<, >?@545;82 ?@028;0 CG5B0 8 >B@065=8O AB0B59 =0 >A=>20=88 @5:><5=40F89 <564C=0@>4=KE AB0=40@B>2. !2>52@5<5==>5 @5H5=85 2KH5?5@5G8A;5==KE 7040G 2>7<>6=> B>;L:> ?@8 CA;>288 >@30=8G=>3> 708<AB2>20=8O 2K@01>B0==>3> 45AOB8;5B8O<8 E>7O9AB25==>3> >?KB0 >@30=870F88 8 2545=8O 1CE30;B5@A:>3> CG5B0 8 >BG5B=>AB8 2 CA;>28OE @0728B>9 @K=>G=>9 M:>=><8:8. >B ?>G5<C 1CE30;B5@ :064>3> ?@54?@8OB8O, :>B>@>5 C65 A53>4=O 70=8<05B 0:B82=CN ?>78F8N 2 A2>59 ?>2A54=52=>9 45OB5;L=>AB8 8 ?>B5=F80;L=> <>65B 2K9B8 =0 <8@>2>9 @K=>:, 4>;65= 7=0BL >A=>2K <564C=0@>4=>3> CG5B0, >ICI0BL =5>1E>48<>ABL 8E 2=54@5=8O =0 A2>5< ?@54?@8OB88, ?>=8<0BL, :0: MB> <>6=> A45;0BL. BG5B=>ABL, A>AB02;5==0O ?> ?@8=F8?0< !$, AB0=>28BAO 2A5 1>;55 2>AB@51>20==>9 @>AA89A:8< 187=5A><. =54@5=85 !$ - >BG5B=>AB8 405B @O4 ?@58<CI5AB2 0:F8>=5@0< 8 <5=5465@0< @>AA89A:8E :><?0=89: 1. 0;8G85 !$ - >BG5B=>AB8 ?>72>;O5B ?>;CG8BL 4>ABC? : 10=:>2A:8< :@548B0< =0 1>;55 2K3>4=KE CA;>28OE, :@><5 B>3>, >=0 <>65B >15A?5G8BL :><?0=88 2>7<>6=>ABL 2KE>40 =0 <564C=0@>4=K5 @K=:8 :0?8B0;0. 2. 5@52>4 @>AA89A:8E :><?0=89 =0 !$  >BG5B=>ABL 4>;65= AB8<C;8@>20BL A>B@C4=8G5AB2> >B5G5AB25==>3> 187=5A0 A 70?04=K<8 ?0@B=5@0<8. 3. !>AB02;5=85 !$  >BG5B=>AB8 ?>72>;8B D8@<0< 8<5BL 1>;55 ?@>7@0G=CN 8 AB@C:BC@8@>20==CN 8=D>@<0F8N 4;O ?@8=OB8O C?@02;5=G5A:8E @5H5=89. !?8A>: ;8B5@0BC@K. 1.=D>@<0F8>==K9 1N;;5B5=L Accounting Report, K?CA: 3.4 (!5=BO1@L/:BO1@L 2000) AB@. 20-22 2.=D>@<0F8>==K9 1N;;5B5=L Accounting Report, K?CA: 3.5 (>O1@L/5:01@L 2000) AB@. 22-26 3.>;>65=85 ?> CE30;B5@A:><C CG5BC #G5B A=>2=KE A@54AB2 !6/01 ( @54. 8=D8=0 $ >B 18.05.2002 ! 45=) 4.564C=0@>4=K5 AB0=40@BK D8=0=A>2>9 >BG5B=>AB8, A:5@8, 1999 3>4, AB@0=8F0 122-125 5.=D>@<0F8O ?@54AB02;5=0 =0 A09B5 564C=0@>4=>3> &5=B@0 5D>@<K !8AB5<K CE30;B5@A:>3> CG5B0 (& !#) 6.$545@0;L=K9 70:>=  1CE30;B5@A:>< CG5B5 >B 21 =>O1@O 1996 3. ! 129-$ (A 87<5=5=8O<8) // !>1@0=85 70:>=>40B5;LAB20 >AA89A:>9 $545@0F88. 1998. ! 30. !B. 3619. 7.0;>3>2K9 :>45:A >AA89A:>9 $545@0F88 (G0ABL 1)>B 31 8N;O 1998 3. !146  $ 8.#G5B=0O ?>;8B8:0 >@30=870F88 (# 1/98). @8:07 8=D8=0 >AA88 >B 9 45:01@O 1998 3. ! 60=; 9.>;>65=85 ?> 1CE30;B5@A:><C CGQBC (# 5/01) #GQB <0B5@80;L=>-?@>872>4AB25==KE 70?0A>2. #B25@645=> ?@8:07>< $ $ >B 09.06.2001 3>40 !44=. 10.CA520 ".., (58=0 ".. A=>2K 1CE30;B5@A:>3> CG5B0: B5>@8O, ?@0:B8:0, B5ABK: #G51. ?>A>185.  4-5 874., ?5@5@01. 8 4>?.  .: $8=0=AK 8 AB0B8AB8:0, 2004. 11. <K@0 $.. CE30;B5@A:0O >BG5B=>ABL >@30=870F88: @0:B8G5A:>5 ?>A>185.  >AB>2 =/: $5=8:A, 2005.  368A. 12.5D;87 $8;8??., 5=@8 ., 65=H84@. C48B. .: .", 2003. 13.C@02;52 .. '8B05< 10;0=A  .: !B0BCA 2>-97, 2005.  =D>@<0F8>==K9 1N;;5B5=L Accounting Report, K?CA: 3.4 (!5=BO1@L/:BO1@L 2000) AB@. 20-22  =D>@<0F8>==K9 1N;;5B5=L Accounting Report, K?CA: 3.5 (>O1@L/5:01@L 2000) AB@. 22-26  >;>65=85 ?> CE30;B5@A:><C CG5BC #G5B A=>2=KE A@54AB2 !6/01 ( @54. 8=D8=0 $ >B 18.05.2002 ! 45=)  564C=0@>4=K5 AB0=40@BK D8=0=A>2>9 >BG5B=>AB8, A:5@8, 1999 3>4, AB@0=8F0 122-125  =D>@<0F8O ?@54AB02;5=0 =0 A09B5 564C=0@>4=>3> &5=B@0 5D>@<K !8AB5<K CE30;B5@A:>3> CG5B0 (& !#)     PAGE   HYPERLINK "http://globalteka.ru/" globalteka.ru - @0<>B=>5 8 :0G5AB25==>5 2K?>;=5=85 2A5E 284>2 =0CG=KE @01>B. !:84:8, >@838=0;L=>ABL, :>=B@>;L ?;0380B0, ?@O<>5 >1I5=85 A 02B>@><. 0:070BL 2K?>;=5=85 CG51=>9 8;8 =0CG=>9 @01>BK <>6=> 745AL:  HYPERLINK "http://globalteka.ru/order.html" http://globalteka.ru/order.html PAGE  PAGE 2 [2548B5 B5:AB] PAGE  =D>@<0F8O 4;O B@0=AD>@<0F88 K45@6:8 87 CG5B=>9 ?>;8B8:8 ?> !# 8 ?> !$ =45:A 8=D;OF88 2865=85 >A=>2=KE A@54AB2 K45@6:8 87 >BG5B=>AB8 :><?0=88 70 ?5@8>4 55 @01>BK: - 10;0=A - >BG5B > ?@81K;OE 8 C1KB:0E - >BG5B > 42865=88 45=56=KE A@54AB2 >@@5:B8@>2:8 4;O 10;0=A0 =0 40BC ?5@5E>40 =D;8@>20=85 CAB02=>3> :0?8B0;0 >@@5:B8@>2:0 >A=>2=KE A@54AB2 >@@5:B8@>2:0 70?0A>2 3>B>2>9 ?@>4C:F88 !>AB02;5=85 :>@@5:B8@>2>G=KE B01;8F >@@5:B8@>2:8 4;O 3>40, ?@54H5AB2CNI53> >BG5B=><C >@@5:B8@>2:0: - 0<>@B870F88 !; - ?> D8=0=A>2>9 0@5=45; - 70?0A>2 3>B>2>9 ?@>4C:F88; - ?> @575@2C ?> 4518B>@A:>9 704>;65==>AB8; - ?> >BG5BC > ?@81K;OE 8 C1KB:0 !>AB02;5=85 :>@@5:B8@>2>G=KE B01;8F >43>B>2:0 B@0=AD>@<8@>20==>9 >BG5B=>AB8 70 >BG5B=K9 3>4 0;0=A BG5B > ?@81K;OE 8 C1KB:0E BG5B > 42865=88 A>1AB25==>3> :0?8B0;0 BG5B > 42865=88 45=56=KE A@54AB2 &l=>XIKVXv|xz|`@֦ڦʧ̧ʨ𾰤zrg_TJhm OJQJaJhm hm CJaJhCJaJhhm CJaJhCJaJ hm CJhm hm CJaJhm CJaJhm CJaJhm 5CJaJhm hm 5CJaJhm 5B*CJaJph h:jhSC5B*CJaJph*jh:jh'>0JB*CJUaJphh:jh'>CJaJh:jh'>B*CJaJph NXU,XH]bTglo^pfthz|R^vxz| dhxgd:j & F ,dhx^`,gd:j dhx^gd9 ,dhx^`,gd:j|~z|>`̧Χʨ dh7$8$H$gdm dh7$8$H$gd dh`gd dh^gd _$dh7$8$H$`a$gdm dhgdm dhxgdm Ʃԩ֩ةRkd$$Ifl4.FP$@ @ 06    4 lalf4$dh$Ifa$gdm $ E$dh$7$8$H$Ifa$gdm ĩƩҩԩ֩$&48JPRθnL»"0xzDFVҽԽȜ~wpwpwpwjpwjpw hm CJ hm CJ\ hm 56h9hm CJ\aJh9CJ\aJhm CJ\aJhm CJaJhm hm 5CJaJhCJaJhe/CJaJhm CJaJhm hm CJaJhm CJaJhm OJQJaJhm 5>*\ hm 5\hm >*OJQJaJ)ة$dh$7$8$H$Ifa$gdm (dh$&d'd7$8$H$IfPQ[$\$gdm &4BPSG333$dh$7$8$H$Ifa$gdm dh$Ifgdm kd$$Ifl4rP$064 lalf4P^`D3dh$7$8$H$Ifgdm kd>$$IflrP$064 lal$dh$7$8$H$Ifa$gdm ʪ̪D3dh$7$8$H$Ifgdm kd$$IflrP$064 lal$dh$7$8$H$Ifa$gdm "024D4dh7$8$H$`gdm kd^$$IflrP$064 lal$dh$7$8$H$Ifa$gdm 4$XP "$&(*,.02$dh`a$gdm dhgdm dh^gd$dh7$8$H$`a$gdm 2468LNPθnL»0Xx dh$Ifgdm $dh$Ifa$gdm $dh@&a$gdm dh^gdm $dha$gde/$dh`a$gdm xzqbSS$dh$Ifa$gdm $dh$Ifa$gdm kd$$IflF <&J t06    44 laҼqbSS$dh$Ifa$gdm $dh$Ifa$gdm kd~$$IflF <&J t06    44 la:DqbSS$dh$Ifa$gdm $dh$Ifa$gdm kd$$IflF <&J t06    44 laDFVzqeVV$dh$Ifa$gdm dh$Ifgdm kd$$IflF <&J t06    44 laνҽqeVV$dh$Ifa$gdm dh$Ifgdm kd.$$IflF <&J t06    44 laҽԽֽpvqee]UFF$dh$Ifa$gd;dhgddhgdm dh^gdm kd$$IflF <&J t06    44 laԽֽpt:vBDzlXZ^`ȏ|xrnxhxcx hm >* hm aJh9 hm aJhm he/CJaJhhCJaJhhm CJaJhqYCJaJhqYhm CJaJhCJaJhm hm CJaJhm CJaJhm CJaJ hm \hCJaJhm CJaJhqYCJaJhm hm CJaJh9CJaJ&rrrrr$dh$Ifa$gd;}kdZ$$Ifl40 &`*^ t0644 laf4$.H9**$dh$Ifa$gd;$dh$Ifa$gd;kd$$Ifl4r Qo& *X t0644 laf4.8BDx|<-$dh$Ifa$gd;kd$$Iflr Qo&*X t0644 la$dh$Ifa$gd;|<-$dh$Ifa$gd;kd.$$Iflr Qo&*X t0644 la$dh$Ifa$gd;$dh$&d'dIfPQ[$\$gd;$dh$Ifa$gd;lK@@;/ dh^gdgdm $dha$gdm kd$$Iflr Qo&*X t0644 lalvZ 02v&FV&6Ff` $dh$Ifa$gdm dhgdG dh^gd$dh`a$gdm  0BP^n dh$Ifgd9FfFf{ $dh$Ifa$gdm 6BNdz@R^Ff$dh$Ifa$gdm $dh$&d'dIfPQ[$\$gdm JL(8:<TdfL`VXRTºկ~wpp hm >*\ hm \aJhF2hm 5CJaJ hm \hGhm 5CJaJhGhG5CJaJhGCJaJhqYhm CJaJhm CJaJhqYhm CJaJh9CJaJhGCJaJhGhGCJaJhm CJaJ hm aJhm hm aJ,^h">JL`xFfFf$dh$Ifa$gdm (8:<~$dh`a$gdm dh^gde/ $dha$gdm Ff$dh$&d'dIfPQ[$\$gdm $dh$Ifa$gdm Ff~f|Ckd"$$Ifl4F &` o t0Q6    44 laf4$dh$Ifa$gdm $dha$gdG$dh`a$gdG$dh$Ifa$gdm dh$Ifgdm $2@F:++$dh$Ifa$gdm dh$Ifgdm kd"$$Ifl4r &  h t0Q644 laf4@R`b:. dh$Ifgdm kdl#$$IflRr & h t0Q644 la$dh$Ifa$gdm :. dh$Ifgdm kd$$$IflRr & h t0Q644 la$dh$Ifa$gdm  :kd$$$IflCr & h t0Q644 la$dh$Ifa$gdm $dh$Ifa$gdm dh$Ifgdm  I=...$dh$Ifa$gdm dh$Ifgdm kd[%$$Iflr & h t0Q644 la "$v:. dh$Ifgdm kd&$$IflRr & h t0Q644 la$dh$Ifa$gdm :. dh$Ifgdm kd&$$Iflr & h t0Q644 la$dh$Ifa$gdm ":. dh$Ifgdm kdJ'$$IflRr & h t0Q644 la$dh$Ifa$gdm "^jv$dh$Ifa$gdm dh$Ifgdm I=...$dh$Ifa$gdm dh$Ifgdm kd'$$Iflir & h t0Q644 la:. dh$Ifgdm kd($$IflRr & h t0Q644 la$dh$Ifa$gdm *8::. dh$Ifgdm kd9)$$IflCr & h t0Q644 la$dh$Ifa$gdm *:. dh$Ifgdm kd)$$Iflr & h t0Q644 la$dh$Ifa$gdm *6DXln:kd*$$Iflr & h t0Q644 la$dh$Ifa$gdm n$dh$Ifa$gdm dh$Ifgdm LXfI==..$dh$Ifa$gdm dh$Ifgdm kd(+$$IflCr & h t0Q644 lafr:. dh$Ifgdm kd+$$Iflr & h t0Q644 la$dh$Ifa$gdm L:. dh^gde/kdr,$$IflRr & h t0Q644 la$dh$Ifa$gdm L`0Tt$dh$If]a$gdm $dh$Ifa$gdm $dha$gdm $dha$gdm K<<<<<$dh$Ifa$gdm kd-$$Iflro # -'Zyyy t0644 la68FHVK<<<<<$dh$Ifa$gdm kd-$$Iflro # -'Zyyy t0644 laVXvxzK<<<<<$dh$Ifa$gdm kdO.$$Iflro # -'Zyyy t0644 laK<<<<<$dh$Ifa$gdm kd.$$Iflro # -'Zyyy t0644 la(,2BRK<<<<<$dh$Ifa$gdm kd/$$Iflro # -'Zyyy t0644 laRTn|K<<<<<$dh$Ifa$gdm kd#0$$Iflro # -'Zyyy t0644 laln*8:<>Xnprtù~rirbZTZZTZTZ hm aJhm PJaJ h9hm h95CJaJh9h95CJaJh9hqYhm CJaJhqYhm 5CJaJj[1hm CJUjhm CJUmHnHu hm CJjhm CJU"jhm CJUaJmHnHuhCJaJhqYhm CJaJhe/CJaJhm hm \ hm >*\ lK??4 $dha$gdm dh^gde/kd0$$Iflro # -'Zyyy t0644 laln>XprtGqkd1$$If<40&C 064<af4$dh$Ifa$gdm $dh$&d'dIfPQ[$\$gdm dh^gd9dhgdm {j[[$dh$Ifa$gdm  E$dh$Ifgdm kd2$$If<4F &C 06    4<af4 :<>@BDFPRXZ`bdfj(*:<>|~ ȼ hm \h9hm 5CJaJh95CJaJh9h95CJaJh9CJaJhqYhm CJaJhqYhm CJaJhCJaJhm hm PJaJ hm aJ@~rcc$dh$Ifa$gdm dh$Ifgdm kd%3$$If<F &C 06    4<a~rcc$dh$Ifa$gdm dh$Ifgdm kd3$$If<F &C 06    4<a <@D~rcc$dh$Ifa$gdm dh$Ifgdm kdW4$$If<F &C 06    4<aDFRZb~ooo$dh$Ifa$gdm kd4$$If<F &C 06    4<abdf~rrrjF$dh$&d'dIfPQ[$\$gdm dhgdm dh^gde/kd5$$If<F &C 06    4<a*<s dh$Ifgdm qkd"6$$If<40& 064<af4$dh$Ifa$gdm <>~{o``$dh$Ifa$gdm dh$Ifgdm kd6$$If<4F[!& 06    4<af4~rcc$dh$Ifa$gdm dh$Ifgdm kd\7$$If<F[!& 06    4<a ~rcc$dh$Ifa$gdm dh$Ifgdm kd7$$If<F[!& 06    4<a "$.0:<B@t\`X 6 *,.0wwpi_Wh'>mHsHjh'>0JU h<h h7h<h7h<CJaJh7h<>*CJaJmHsHh7h<CJaJmHsHh<h<CJaJh CJaJhe/hm CJaJhm CJaJ hm CJhm CJaJmHnHuhe/hm PJhqY hm aJhm hm PJaJ hm \!$0<~rcc$dh$Ifa$gdm dh$Ifgdm kd8$$If<F[!& 06    4<a<>@\~vnWWH$dh`a$gdm $dh-DM `a$gdm dhgde/dhgdm kd'9$$If<F[!& 06    4<a\X`B   X 6  *,.dh-DM gd<^gd< dh^gd<dhgd<gd< dh^gd $dha$gd.v"  "$& &`#$gd $ E$a$gdC2&`#$gdrn6gd'>vx"$  $&(*<@HNbdhnpueueueueuhC25B* CJmH phpsH hC2hC25B* CJphp'jhC25B* CJUmH phpsH hm hm 0Jjhm 0JUjhMBUhMBh'>>*mHsHh9hrn6>*mHsHhrn6mHsHjhrn60JUjh'>0JUh'>mHsHjh'>0JUmHsH$pnp   ̽~s~oka[a[ hm 0Jjhm 0JUhMBhC2hC20JmHnHuhh  h 0Jjh 0JUhm jhC25B*CJUphhC25B*CJph hC25CJhC2hC25B*CJph'jhC25B* CJUmH phpsH hC20J5B*CJph`"hC20J5B*CJmH ph`sH #  "$&(bdgdm &d'dPQ[$\$gdm &`#$ &`#$gd "&(bdrtFH:< h<h h'>hMBhm hm 0J#rtFH:j:$a$gdm &d'dPQ[$\$gdm gdm :<>gd<gdm &d'dPQ[$\$gdm  9 01h/R :pC2. A!n"S#n$n% F 00P!1h/R :p . A!n"7#n$n% Dp!J 00P"&P 1h/R :p . A!n"n#7$n% Dp"I 0 00P#1h/R :p . A!n"7#n$n% Dp#$$Ifl!vh#v#v@ :V l4.06+,55@ 4alf4$$Ifl!vh#v#v:V l406+,554alf4$$Ifl!vh#v#v:V l06,554al$$Ifl!vh#v#v:V l06,554al$$Ifl!vh#v#v:V l06,554al$$If!vh#vK #v]#v :V l t0655J5$$If!vh#vK #v]#v :V l t0655J5$$If!vh#vK #v]#v :V l t0655J5$$If!vh#vK #v]#v :V l t0655J5$$If!vh#vK #v]#v :V l t06,55J5$$If!vh#vK #v]#v :V l t06,55J5$$If!vh#v& #vW:V l4 t06+5*5^ f4$$If!vh#v& #v#v#v :V l4 t06+5*5X55f4$$If!vh#v& #v#v#v :V l t065*5X55$$If!vh#v& #v#v#v :V l t065*5X55$$If!vh#v& #v#v#v :V l t065*5X55$$IfP!v h#v9#v8#v#vn#v#v#vO#v#v #v :V l t0E,55\55r555N5 5 aP#kdj $$Ifl  U@ "&\rN t0E((((44 laP$$IfP!v h#v9#v8#v#vn#v#v#vO#v#v #v :V l8 t0E,55\55r555N5 5 aP#kd $$Ifl8 U@ "&\rN t0E((((44 laP$$IfP!v h#v9#v8#v#vn#v#v#vO#v#v #v :V l t0E, 55\55r555N5 5 aPkd$$Ifl U@ "&\rN t0E((((44 laP$$IfP!v h#v9#v8#v#vn#v#v#vO#v#v #v :V l t0E, 55\55r555N5 5 aPkd$$Ifl U@ "&\rN t0E((((44 laP$$IfP!v h#v9#v8#v#vn#v#v#vO#v#v #v :V l t0E, 55\55r555N5 5 aPkd$$Ifl U@ "&\rN t0E((((44 laP$$IfP!v h#v9#v8#v#vn#v#v#vO#v#v #v :V l t0E, 55\55r555N5 5 aPkd$$Ifl U@ "&\rN t0E((((44 laP$$IfP!v h#v9#v8#v#vn#v#v#vO#v#v #v :V l t0E, 55\55r555N5 5 aPkd$$Ifl U@ "&\rN t0E((((44 laP$$IfP!v h#v9#v8#v#vn#v#v#vO#v#v #v :V l t0E,, 55\55r555N5 5 aPkd$$Ifl U@ "&\rN t0E((((44 laP$$If!vh#v#v% #v :V l4 t0Q6+5 55of4$$If!vh#v#v#v#v:V l4 t0Q6+,5 55hf4$$If!vh#v#v#v#v:V lR t0Q6,5 55h$$If!vh#v#v#v#v:V lR t0Q6,5 55h$$If!vh#v#v#v#v:V lC t0Q6,5 55h$$If!vh#v#v#v#v:V l t0Q6,5 55h$$If!vh#v#v#v#v:V lR t0Q6,5 55h$$If!vh#v#v#v#v:V l t0Q6,5 55h$$If!vh#v#v#v#v:V lR t0Q6,5 55h$$If!vh#v#v#v#v:V li t0Q6,5 55h$$If!vh#v#v#v#v:V lR t0Q6,5 55h$$If!vh#v#v#v#v:V lC t0Q6,5 55h$$If!vh#v#v#v#v:V l t0Q6,5 55h$$If!vh#v#v#v#v:V l t0Q6,5 55h$$If!vh#v#v#v#v:V lC t0Q6,5 55h$$If!vh#v#v#v#v:V l t0Q6,5 55h$$If!vh#v#v#v#v:V lR t0Q6,5 55h$$If!vh#v #v#v #v :V l t06,5Z55y$$If!vh#v #v#v #v :V l t06,5Z55y$$If!vh#v #v#v #v :V l t06,5Z55y$$If!vh#v #v#v #v :V l t06,5Z55y$$If!vh#v #v#v #v :V l t06,5Z55y$$If!vh#v #v#v #v :V l t06,5Z55y$$If!vh#v #v#v #v :V l t06,5Z55yDd#T3D  3 @@"?$$If!vh#v#vW :V <406+,5C 54<f4$$If!vh#v#v#va:V <406+,5C 554<f4$$If!vh#v#v#va:V <06,5C 554<$$If!vh#v#v#va:V <06,5C 554<$$If!vh#v#v#va:V <06,5C 554<$$If!vh#v#v#va:V <06,5C 554<$$If!vh#v#v#va:V <06,5C 554<$$If!vh#v#vB :V <406+,5 54<f4$$If!vh#v#v#v:V <406+,5 554<f4$$If!vh#v#v#v:V <06,5 554<$$If!vh#v#v#v:V <06,5 554<$$If!vh#v#v#v:V <06,5 554<$$If!vh#v#v#v:V <06,5 554<^ 02 0@P`p2( 0@P`p 0@P`p 0@P`p 0@P`p 0@P`p 0@P`p8XV~_HmHnHsHtH:`: (1KG=K9_HmHsHtHJ@J ( 03>;>2>: 1$@&5@CJ\aJ`@` '> 03>;>2>: 2$<@& 56CJOJQJ\]^JaJZ@Z '> 03>;>2>: 3$<@&5CJOJQJ\^JaJL@L '> 03>;>2>: 6 <@&5CJ\aJF@F '> 03>;>2>: 7 <@&CJaJBA`B A=>2=>9 H@8DB 0170F0Xi@X 1KG=0O B01;8F04 l4a .k . 5B A?8A:0 <B@< (A=>2=>9 B5:ABxL^@L '> 1KG=K9 (251) dd B*CJph<@< '> "5:AB A=>A:8mH sH 2&`!2 '> =0: A=>A:8H*:U`1: '> 8?5@AAK;:0 >*B*phZC@BZ '>A=>2=>9 B5:AB A >BABC?><x^dR@Rd '>A=>2=>9 B5:AB A >BABC?>< 2dx^T@bT '>05@E=89 :>;>=B8BC;  E$CJaJ4)@q4 '>><5@ AB@0=8FK<@< '> 3;02;5=85 1CJaJbOb '>xl248$dd&d'dPQ[$\$a$CJaJJ @J 4/86=89 :>;>=B8BC;  E$NoN C205@E=89 :>;>=B8BC; =0:CJaJJ@J C2 "5:AB 2K=>A:8CJOJQJ^JaJPoP C2"5:AB 2K=>A:8 =0:CJOJQJ^JaJPK![Content_Types].xmlN0EH-J@%ǎǢ|ș$زULTB l,3;rØJB+$G]7O٭VCWNIA!ޝ}7/݉%BR7Hw9!p<Ǥፉ.EB\ /T*Y>,cy'$gC."Vso+C1OǓt}8>V3mBb%DWs'O''Gw ~lh;UM!DzŬ;C K^ysJJ1KRμ)~.ک/ Y\n9?[]67)qnpJOF$ w;fCLL&׸m%]V%z-{ v8Ҩm-.xo(-ms~ۜ|s>Ͼ%O04h=یщ!eƌ\f :C*OiIA 64HpUa7 UO3 d:(fA@٣>N"Hhp&hA38 )SUUR'V5&HM.6xpyn,ބ!h^^Z4~0#w,,& g"Ic힍Q)˕C6%^+Hk!$A*#.D)irdq8Y^}q~C>Np%uJx?+al|zf[Ux5b>c!:M (MkIVEpYPҍN2$ÿ -.h۴"P6T{T 6]u̒VhVnR+n;)ȔbL X6Y`+qB]( 0H1$6_[s)k8Tm Aa?R d ڒɾ0{eRF& Ī't\{BHuM6`pGϽO+!XoN'^[crh2*tW<{1U+l_QSncX<)Q(wJH ٯ#zCm>nhf6t}M&ʺ6ײ'\gkNS:;\qN-S;kǺ"{DailL`̗/޿ ^o#I&%0]SPV!] PK! ѐ'theme/theme/_rels/themeManager.xml.relsM 0wooӺ&݈Э5 6?$Q ,.aic21h:qm@RN;d`o7gK(M&$R(.1r'JЊT8V"AȻHu}|$b{P8g/]QAsم(#L[PK-![Content_Types].xmlPK-!֧6 0_rels/.relsPK-!kytheme/theme/themeManager.xmlPK-!^}-theme/theme/theme1.xmlPK-! ѐ' theme/theme/_rels/themeManager.xml.relsPK] SjTopp^$zN_z&GgUW/0123456789BPQN_z&GgUX Er5; `kx L7DU&Խ p  *IMW\]_dt*9]:mt|TL N|ةP42xDҽ.|l^~@ "*nfLVRlDb<<\.:!"#$%&'()+,-./0123456789:;<=>?@ABCDEFGHJKLNOPQRSTUVXYZ[^`a_ <J<\`gkrt!XX!!!8X,X@x,W(   d*9 -3  "0?` . c $X99?d*9T / # /) 4 9  T 0 # 0) l 9 T 1 # 1) 9  T 2 # 24 '  T 3 # 3 t& T 4 # 4 Dq` T 5 # 5 q T 6 # 6 Lq!  Z 7 3  7ADy#!  T 8 # 8 "&$  T 9 # 9) &x.  TB : C DXTB ;B C D9XXTB < C D9TB = C D9P P TB >B C Dl l TB ?B C D  TB @ C D (ZB A S D ( )Z B 3  Bq&]!x.  TB C C D+q+TB D C D +y#+TB E C Dy#$z#+TB F C DTB G C DqTB H C Dq|}TB IB C DqTB J C D|A}TB K C Dy#$TB L C D$$TB MB C D  TB N C D (8#ZB O S D 8# 9#T P # P /&1 T Q # QMd3I&P8 TB RB C D5M5TB S C D15TB TB C D # #TB U C D #0ZB V S D 0 0V W # W"? B S  ?W8X t-#2t _Toc135448298 _Toc135448489 _Toc136414822 _Toc137347095 _Toc137347122 _Toc149131675 _Toc149447944 _Toc167096044 _Toc167096051LLLLLLLLf!yVzV{V|V}V~VVVVVVVVVVVVVVVVVVVVVVVVVVVVb!HVizƼz޽ .8PZpz!T      h!HVi"ż̼4>V`v'Z  C!*urn:schemas-microsoft-com:office:smarttagsmetricconverter  1974 31982 31996 31998 31999 32000 32002 32003 32005 32006 3 ProductID! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! bj\3j3S S SSSS"S'S)S,S-S3S5SSFSGSKSMSUSWS\S^SbSdSnSpSyS{SSSST ThTjT[[}}(4)6 jq~ V`ag28 88GGXYPYy~0L]t)).1.../01155==^BdBBBmDoDEEGEHHRmT|XX4^6^meuejjYNb pqȒԒ&(6;lqx~S[jkvw 289LFH88GGXY6? jwS{EN&&2245d88>&?GG Q6@d=z &&Unknown G*Ax Times New Roman5Symbol3. *Cx ArialI. ??Arial Unicode MScTimesNewRomanTimes New Roman5. .[`)Tahoma?= *Cx Courier New;WingdingsA$BCambria Math"1hJG##6,z#6,z1n4bb2qHX ?(2!xx B 8=8AB5@AB2> >1@07>20=8O 8 =0C:8 >AA89A:>9 $545@0F88 111025;L           Oh+'0, <H h t  D 111Normal35Microsoft Office Word@@<@s@y5,#6՜.+,D՜.+,p, hp|  555zb C    8@ _PID_HLINKSA z http://globalteka.ru/order.htmlhttp://globalteka.ru/  !"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwxyz{|}~      !"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abdefghijklmnopqrstuvwxyz{|}~Root Entry F5Data c91TableztWordDocumentSummaryInformation(DocumentSummaryInformation8CompObjr  F Microsoft Word 97-2003 MSWordDocWord.Document.89q