ࡱ> bjbj .hhP,,,,,@@@8x@r.>        B | !, ,,,z,,  `9I@B0r qd  ,   r ( :  HYPERLINK "http://www.globalteka.ru" www.globalteka.ru 0:070BL 48?;><, :C@A>2CN, 48AA5@B0F8N 064K9 :@548B ?@81K;5= ?>-A2>5<C  \\ 0=:>2A:0O ?@0:B8:0 70 @C156><.-2004.-!2.-!.34-39 ;53 09F52 8@>2K5 10=:8 ?5@5A<0B@820NB A2>8 AB@0B5388 :>@?>@0B82=>3> :@548B>20=8O ;02=K5 B5=45=F88 @0728B8O <8@>2>9 D8=0=A>2>9 >B@0A;8 ?>A;54=53> 45AOB8;5B8O 40NB 2>7<>6=>ABL >?@545;8BL, :0: @07;8G=K5 10=:8 70?04=KE 8 =>2KE @K=>G=KE AB@0= D>@<C;8@CNB A2>8 3;02=K5 AB@0B5388 2545=8O :>@?>@0B82=>3> 10=:>2A:>3> 187=5A0. >A;54=85 A>1KB8O 2 MB>9 >1;0AB8 A2845B5;LAB2CNB > ?>AB>O==>< 87JOB88 10=:0<8 871KB>G=KE :@548B=KE @575@2>2, 8E >BE>45 >B D8=0=A>2>9 <>45;8 4>;3>A@>G=>3> 8=25AB8@>20=8O, 0 B0:65 > 1>;55 G5B:>< ?>=8<0=88 D8=0=A>2K<8 8=AB8BCB0<8 B>3>, :>340 8 :C40 A;54C5B 2:;04K20BL :0?8B0; 4;O =0;06820=8O H8@>:><0AHB01=KE >B=>H5=89 A :@C?=K<8 :>@?>@0F8O<8. 5A<>B@O =0 1C@=>5 @0728B85 2 ?>A;54=55 2@5<O @>7=8G=KE D8=0=A>2KE >?5@0F89 <=>385 0=0;8B8:8 ?@>3=>78@CNB, GB> @0F8>=0;L=> ?>AB@>5==K9 :>@?>@0B82=K9 10=:>2A:89 187=5A 1C45B 8 2?@54L >AB020BLAO 3;02=K< 8AB>G=8:>< ?@81K;8 4;O 52@>?59A:8E, A525@>0<5@8:0=A:8E 8 0780BA:8E 10=:>2. >;LH85 BO=CBAO : 1>;LH8< I5 =0:0=C=5 :@878A0 2 <8@>2>9 :@548B=>9 >B@0A;8 2 2001-2003 3>40E <=>385 70?04=K5 10=:8 ?@8ABC?8;8 : ?5@5A<>B@C A>1AB25==KE AB@0B5389 :>@?>@0B82=KE 10=:>2A:8E >?5@0F89 2 F5;>< 8 ?@>3@0<< 2 A5:B>@5 :@548B>20=8O :@C?=KE :><?0=89 2 G0AB=>AB8.  2002 3>4C 2?5@2K5 70 <=>385 3>4K A8AB5<0 :>@?>@0B82=>3> :@548B>20=8O 8A?KB0;0 7=0G8B5;L=K9 >BB>: :0?8B0;0 8 2:;04K205<KE A@54AB2.  MB>9 A2O78 10=:0<, ?;0=8@>202H8< 8 40;55 =0@0I820BL 0:B82=>ABL 2 MB>9 AD5@5, =5 >AB020;>AL =8G53> 8=>3>, :0: 45;0BL MB> 70 AG5B C:@5?;5=8O A>1AB25==>9 48AF8?;8=K 187=5A0 8 >?@545;5=8O 3;02=KE =0?@02;5=89 @0728B8O :>@?>@0B82=KE >B=>H5=89. 5@>OB=>, 1C45B ?@>I5 ?>=OBL, :0: 70?04=0O >B@0A;L :>@?>@0B82=KE 10=:>2A:8E >?5@0F89 ?@8H;0 : B0:>9 =5?@>AB>9 A8BC0F88, 2 :0:>9 >=0 >:070;0AL A53>4=O, 5A;8 @0AA<>B@5BL =5:>B>@K5 206=K5 B5=45=F88 55 @0728B8O 70 ?>A;54=55 45AOB8;5B85. C4CG8 2A5340 8=B5=A82=K< A5:B>@>< 10=:>2A:>9 >B@0A;8, :>@?>@0B82=K9 10=:>2A:89 187=5A 2 MB>B ?5@8>4 1K; G@572KG09=> 48=0<8G=K<, @5038@CO =0 DC=40<5=B0;L=K5 87<5=5=8O =0 <8@>2>9 D8=0=A>2>9 0@5=5. ;02=K5 87 =8E 70:;NG0;8AL 2 A;54CNI5<: - >A;54>20B5;L=>5 8 ?>2A5<5AB=>5 ?@8=OB85 B0:8E 25;8G8= :0: M:>=><8G5A:89 :0?8B0; (:>;8G5AB2> A@54AB2, =5>1E>48<KE :><?0=88 4;O ?>:@KB8O M:>=><8G5A:8E @8A:>2) 8 A:>@@5:B8@>20==0O >B=>A8B5;L=> @8A:0 ?@81K;L =0 A>1AB25==K9 :0?8B0; (Risk Adjusted Return on Capital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universal banking model).  ?5@8>4 A 1990-3> ?> 2000 3>4 :>@?>@0B82=K5 10=:>2A:85 8=AB8BCBK, A>1;07=5==K5 ?5@A?5:B820<8 ?>;CG5=8O 2K3>4=KE :><8AA8>==KE 2 8=25AB8F8>==>< 10=:>2A:>< A5:B>@5, ?@8>1@5;8 1>;55 45 C=825@A0;L=KE 8 2KA>:>A?5F80;878@>20==KE 8=25AB8F8>==KE 10=:>2, A>2>:C?=0O AB>8<>ABL :>B>@KE >F5=820;0AL 2 $106 <;@4. 5 B@C4=> ?>=OBL, ?>G5<C MB8 A45;:8 1K;8 AB>;L ?@82;5:0B5;L=K.  AB018;L=K5 3>4K G8AB0O ?@81K;L 4> 2KG5B0 =0;>3>2 >B 35=5@8@C5<KE :;85=B0<8 8=25AB8F8>==KE 10=:>2A:8E >?5@0F89 D0:B8G5A:8 @02=O5BAO 0=0;>38G=><C ?>:070B5;N 4;O 2A5E D>@< :@548B>20=8O :@C?=KE :>@?>@0F89. @0240, 4;O ?>;CG5=8O B0:8E 4>E>4>2 >B 8=25AB8F8>==KE >?5@0F89 B@51C5BAO <5=LH5 :0?8B0;0, => :0: @07 4;O :@C?=KE 10=:>2 53> =5E20B:0 =8:>340 =5 1K;0 ?@>1;5<>9. >=5G=>, @O4 10=:>2 459AB28B5;L=> 70;>68;8 >A=>2C 4;O @07@01>B:8 :>=F5?F89, :>B>@K5, 2 :>=5G=>< AG5B5, :0: :070;>AL, <>3CB AB0BL F5==K<8 8 >1>A=>20==K<8 AB@0B538O<8 C=825@A0;L=KE 10=:>2A:8E >?5@0F89. > C 1>;LH8=AB20 A525@>0<5@8:0=A:8E 8 52@>?59A:8E 10=:>2 MB8 ?>?KB:8 ?@>20;8;8AL. A;8 >3;O=CBLAO =0704, B> AB0=>28BAO >G5284=K<, GB> <=>385 459AB28O 10=:>2 2 MB>< =0?@02;5=88 1K;8 A0<>>1<0=>< 8 70@0=55 >1@5:0;8AL =0 =5C40GC. =>385 8=AB8BCBK, ?>E>65, ?@>AB> 701K;8 8;8 ?@>83=>@8@>20;8 B>B D0:B, GB> 8=25AB8F8>==K9 10=:>2A:89 187=5A ?> A2>59 ACB8 :@09=5 87<5=G82, 0 <=>385 @K=:8 A?5F80;878@>20==KE D8=0=A>2KE ?@>4C:B>2 (8, A>>B25BAB25==>, ?>;CG05<K5 =0 =8E ?@81K;8) =0E>4OBAO 2 @C:0E B0:8E 254CI8E 3;>10;L=KE 83@>:>2 :0: Merrill Lynch, Goldman Sachs 8 Morgan Stanley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liver, Wyman & Company 8AA;54>20=85 52@>?59A:>3> @K=:0 >?B>2KE 10=:>2A:8E >?5@0F89 A2845B5;LAB2>20;> > B><, GB> 425 B@5B8 AC<<, ?>;CG05<KE 10=:0<8 >B 8=25AB8F8>==KE >?5@0F89, H;8 =0 ?>30H5=85 C1KB:>2 >B ;L3>B=>3> :@548B>20=8O, 8 B>;L:> B@5BL  2 4>E>4 D8=0=A>2KE 8=AB8BCB>2. @0:B8G5A:8 0=0;>38G=0O A8BC0F8O =01;N40;0AL 8 2 !(. >;55 B>3>, =5A<>B@O =0 B> GB> ?@54>AB02;5=85 :@548B>2 2>A?@8=8<0;>AL <=>38<8 10=:8@0<8 ;8HL :0: =03@040 70 ?>;CG5==K5 8=25AB8F8>==K5 :>=B@0:BK, >:070;>AL, GB> 4>E>4K >B :><8AA8>==KE ?> 0=45@@09B8=3C (A CG5B>< >?;0BK B@C40 70=OBKE 2 ?@>2545=88 MB>9 >?5@0F88 A?5F80;8AB>2) =5 =0AB>;L:> 25;8:8, GB>1K >?@0240BL ?>4>1=>5 459AB285.  E>45 A2>53> 8AA;54>20=8O Oliver, Wyman & Company B0:65 ?@>0=0;878$*02FHLPRTZ\prvx   z | ̹̹̹̹̹̞ۍtct]YP]YhOI0J5\hOI hOI0J jhOIB*CJUaJphhOIB*CJaJphhz h:0JCJaJ hz h:0JCJaJmH sH 4jhz h:B* CJUaJmH phI}sH %hz h:B* CJaJmH phI}sH hz h:B* CJaJphI}.jhz h:B* CJUaJmH phI}sH h:B*CJaJph  | & 6 ")/4;6<@CLGLNRFX$a$gd: $ & ;4<X`V||8:>@DFJLP`°ʰаְذ󼭕g4jGhz h:B* CJUaJmH phI}sH %hz h:B* CJaJmH phI}sH .jhz h:B* CJUaJmH phI}sH hz h:B* CJaJphI}%hz h:B* CJaJmH"phI}sH"jhOIU hOI0JUhOI5CJ\aJhOI0J6]hOIhOI0J5\$@>20;0 @01>BC A :;85=B0<8 :>@?>@0B82=KE 8 8=25AB8F8>==KE 10=:>2 "2B>@>3> C@>2=O". >;CG5==K5 40==K5 A2845B5;LAB2CNB > B><, GB> 4065 ?@8 ?>ABC?;5=88 >B 705<I8:>2 :><8AA8>==KE ?> 8=25AB8F8>==K< 10=:>2A:8< ?@>4C:B0<, 25AL<0 @54:> 1>;55 G5< =0 2-3% ?>2KH05BAO >1I0O 4>E>4=>ABL :@548B=KE ?>@BD5;59. -B8 =52KA>:85 ?>:070B5;8 2 A>2>:C?=>AB8 A =87:8<8 =0 A53>4=OH=89 45=L ?>ABC?;5=8O<8 >B :@548B=KE >?5@0F89 3>@074> =865 ?@81K;59, :>B>@K5 <>6=> 70@01>B0BL =0 10=:>2A:8E >?5@0F8OE (?@0240, A;54C5B >B<5B8BL, GB> MB8 65AB:85 >F5=:8 A?@0254;82K B>;L:> 4;O !(; 2 52@>?59A:8E AB@0=0E 8=B53@0F8O 8=25AB8F8>==>3> 8 :@548B=>3> 187=5A0 <>65B 1KBL =0<=>3> 1>;55 4>E>4=>9). I5 42C<O 3;02=K<8 B5=45=F8O<8 ?@>H54H53> 45AOB8;5B8O AB0;8 =51K20;K9 @>AB 2B>@8G=>3> @K=:0 :@548B>2 8 40;L=59H55 CA>25@H5=AB2>20=85 <5B>48: 0:B82=>3> C?@02;5=8O :@548B=K< ?>@BD5;5< (Active Loan Portfolio Management  ALPM). A>1>5 2=8<0=85 70 ?@>H54H85 3>4K 1K;> ?@8:>20=> : @K=:C 45D>;B=KE A2>?>2, >1J5< :>B>@>3>, ?> =5:>B>@K< >F5=:0<, C65 ?@52KA8; $3 B@;=. ! 4@C3>9 AB>@>=K, 2 B>B 65 ?5@8>4 =01;N40;>AL 1C@=>5 @0728B85 @K=:0 >1;830F89, >15A?5G5==KE 709<0<8, 8 @K=:0 2B>@8G=KE @8A:>20==KE :@548B>2. ;02=>5 745AL 4;O :>@?>@0B82=KE :@548B>@>2 70:;NG05BAO 2 B><, GB> MB8 @K=:8 ?@54>AB028;8 2 @0A?>@O65=85 10=:8@>2 =>2K5 8=AB@C<5=BK ?> E5468@>20=8N (AB@0E>20=8N) :@548B=>3> @8A:0. -B> 405B 10=:0< 2>7<>6=>ABL 1KAB@> <5=OBL :>=D83C@0F8N 8 AB@C:BC@C A2>8E :@548B=KE ?>@BD5;59. 0@O4C A MB8<, G0AB> =01;N402H89AO @0=55 ?A8E>;>38G5A:89 10@L5@, =5 ?>72>;O2H89 10=:0< ?>:C?0BL 8=AB@C<5=BK 70I8BK :@548B=>3> @8A:0 2A;54AB285 8E 2KA>:>9 F5=K, A53>4=O ?>AB5?5==> AB0=>28BAO <5=55 7=0G8<K< 4;O D8=0=A>2KE 8=AB8BCB>2 8 CB@0G8205B A2>N 0:BC0;L=>ABL, ?>A:>;L:C AB02:8 =0 MB>< @K=:5 @57:> C?0;8. =>385 10=:8, :>B>@K5 @0=55 1K;8 =5 A:;>==K : >ACI5AB2;5=8N E5468@>20=8O :@548B=>3> @8A:0, 2 =0AB>OI55 2@5<O C65 A>740;8 8;8 0:B82=> A>740NB 4;O MB8E F5;59 A?5F80;L=K5 D8=0=A>2K5 @575@2K. "0:, ?> 40==K< :><?0=88 Oliver, Wyman & Company, @O4 A525@>0<5@8:0=A:8E @538>=0;L=KE 10=:>2 2 ?@>H;>< 3>4C 4;O 2545=8O 70I8B=KE >?5@0F89 ?> E5468@>20=8N 2K45;8;8 2% >B A2>59 A:>@@5:B8@>20==>9 >B=>A8B5;L=> @8A:0 ?@81K;8 =0 0:F8>=5@=K9 :0?8B0;. @C385 10=:8, =0?@8<5@ H259F0@A:89 UBS 2 2@>?5, 2 5653>4=KE D8=0=A>2KE >BG5B0E @53C;O@=> ?C1;8:CNB 2KA>:>:0G5AB25==K5 0=0;8B8G5A:85 >17>@K > A2>8E >?5@0F8OE ?> AB@0E>20=8N :@548B=>3> @8A:0. C@=>5 @0728B85 2B>@8G=KE :@548B=KE @K=:>2 A>459AB2>20;> 40;L=59H5<C C;CGH5=8N :0G5AB20 C?@02;5=8O ?>@BD5;O<8 10=:>2A:8E 709<>2. $8=0=A>2K5 8=AB8BCBK ?@8H;8 : ?>=8<0=8N B>3>, GB> >=8 70A;C6820NB B0:>3> 65 >1@0I5=8O, :0: A ?>@BD5;O<8 F5==KE 1C<03. ;03>40@O ?@8<5=5=8N @07;8G=KE ?@>872>4=KE 8=AB@C<5=B>2 10=:8 B5?5@L <>3CB ?@>4020BL =5?@81K;L=K5 :@548BK, 4825@A8D8F8@>20BL A2>8 ?>@BD5;8 ?> >B@0A;O< 8/8;8 @538>=0<, AB028BL 40;L=59H55 @0728B85 187=5A0 A :;85=B0<8 2 7028A8<>ABL >B 8E 4>E>4=>AB8. %>BO 254CI85 <8@>2K5 10=:8 A>740;8 ?>4@0745;5=8O ?> C?@02;5=8N ?>@BD5;O<8 709<>2 5I5 2 =0G0;5 90-E 3>4>2, : :>=FC ?@>H54H53> 45AOB8;5B8O 2>7@>AH0O 0:BC0;L=>ABL MB>3> 0A?5:B0 4;O >AB0;L=KE CG0AB=8:>2 70?04=>3> 10=:>2A:>3> A5:B>@0 AB0;0 >G5284=>9. > <5@5 1KAB@>3> @>AB0 =5?@542845==KE C1KB:>2 >B =52>72@0B>2 B>?-<5=5465@K 10=:>2 ?@8H;8 : ?>=8<0=8N B>3>, GB> AB@0B538O 4>;3>A@>G=>3> 8=25AB8@>20=8O ?5@5AB0;0 1KBL >?B8<0;L=>9 4;O 8E 187=5A0. !53>4=O, 25@>OB=>, A ?>;=>9 C25@5==>ABLN <>6=> 3>2>@8BL > B><, GB> D0:B8G5A:8 2A5 3;02=K5 A525@>0<5@8:0=A:85 10=:8, 0:B82=> 459AB2CNI85 =0 @K=:5 :>@?>@0B82=>3> :@548B>20=8O, C65 A>740;8 ?>4@0745;5=8O ALPM 4;O >F5=:8 87<5=5=89 2 :@548B=KE ?>@BD5;OE 8 ?>43>B>2:8 @5:><5=40F89 ?> 2KO2;5=8N =5?@81K;L=KE :;85=B>2 8 87102;5=8N >B =8E. =54@OO =>2>5, =5 701K209B5 > AB0@>< !53>4=O 0780BA:85 10=:8@K D>:CA8@CNB 2=8<0=85, 3;02=K< >1@07><, =0 @>7=8G=>< 10=:>2A:>< 187=5A5. <5==> MB> =0?@02;5=85, :0: AG8B0NB >=8, 35=5@8@C5B =081>;LH85 ?@81K;8, ?>A:>;L:C ?> <5@5 ?>2KH5=8O C@>2=O 687=8 2 >AB>G=>9 8 .3>->AB>G=>9 788 2A5 1>;LH55 G8A;> 8=48284C0;L=KE :;85=B>2 =C6405BAO 2 10=:0E 4;O >?B8<870F88 C?@02;5=8O8 A2>8<8 D8=0=A>2K<8 45;0<8. > 0780BA:85 10=:8@K @8A:CNB ;8H8BLAO :@C?=>3> 8AB>G=8:0 ?>B5=F80;L=KE 4>E>4>2, :0:>2K< >AB05BAO :>@?>@0B82=>5 :@548B>20=85, 2 :>B>@>5 >1KG=> 2>2;5G5=> >B 60 4> 70% 0:B82>2 10=:>2. -B> 1K; 8 5ABL 3;02=K9 187=5A D8=0=A>2KE 8=AB8BCB>2, 8, 25@>OB=>, >= 8 4>;65= 8< >AB020BLAO, B0: :0: 1>;LH8=AB2> :><<5@G5A:8E 705<I8:>2 2 788 1C4CB 8 2 40;L=59H5< 7028A5BL >B 10=:>2 2 G0AB8 ?>;CG5=8O D8=0=A8@>20=8O, B@0=A0:F8>==KE CA;C3 8 A5@28A0 ?> C?@02;5=8N @8A:><. 4=0:> 2<5AB> @0728B8O :>@?>@0B82=>3> 10=:>2A:>3> 45;0 0780BA:85 10=:8@K ?@>4>;60NB 2:;04K20BL :@C?=K5 A@54AB20 2 0:B82=>5 @5:;0<8@>20=85 8 ?@>42865=85 @>7=8G=KE D8=0=A>2KE >?5@0F89, @07@01>B:C =>2KE ?@>4C:B>2 8 A>25@H5=AB2>20=85 C?@02;5=8O >B=>H5=8O<8 A :;85=B0<8. > <=5=8N A?5F80;8AB>2 70?04=KE :>=A0;B8=3>2KE :><?0=89, >=8, ?@8 MB><, =5 CG8BK20NB B>3>, GB> @50;870F8O :><?;5:A0 G5B:8E 8 45B0;L=> @07@01>B0==KE A?>A>1>2 A>25@H5=AB2>20=8O :>@?>@0B82=KE D8=0=A>2KE >?5@0F89 <>65B 2 B5G5=85 12-18 <5AOF52 A>459AB2>20BL @>ABC 4>E>4=>AB8 0:B82>2 =0 40-50 1.?. 0?@8<5@, 10=:-:@548B>@, >1;040NI89 0:B820<8 =0 >1ICN AC<<C $10 <;@4. 8 8<5NI89 60% 87 =8E 2 2845 :>@?>@0B82=KE 709<>2, 5653>4=> A?>A>15= ?>;CG0BL 4>?>;=8B5;L=CN ?@81K;L 2 @07<5@5 >B $25 <;=. 4> $30 <;=. ;O B>3> GB>1K 4>AB83=CBL 0=0;>38G=>3> @57C;LB0B0 70 AG5B @0AH8@5=8O @>7=8G=>3> 187=5A0, B>B 65 10=: 4>;65= 35=5@8@>20BL $1 <;@4. 2 =>2KE 0:B820E 8 ?>;CG0BL ?> =8< =5 <5=55 2% 4>E>4>2. @8G8=0, 2A;54AB285 :>B>@>9 @C:>2>48B5;8 0780BA:8E 10=:>2 AB@5<OBAO 8<5BL <0:A8<C< ?>ABC?;5=89 >B @>7=8G=KE D8=0=A>2KE >?5@0F89 8 =5 ?@>O2;ONB >A>1>3> 65;0=8O =0;06820BL :>@?>@0B82=K9 187=5A, :@>5BAO 2 A53>4=OH=5< A>AB>O=88 A0<8E D8=0=A>2KE 8=AB8BCB>2 AB@0= 788. =>385 87 8E :>@?>@0B82=KE 709<>2 =5 ?@8=>AOB 70?;0=8@>20==KE ?@81K;59, 0 ?@8=OB85 :0:8E-;81> 459AB25==KE <5@ ?> 8A?@02;5=8N B0:>9 A8BC0F88 <>65B ?@825AB8 : B><C, GB> MB8 8=AB8BCBK AB>;:=CBAO A A5@L57=K<8 B@C4=>ABO<8 ?@8 @50;870F88 A2>8E 187=5A-AB@0B5389. > =5402=53> 2@5<5=8 :>@?>@0B82=>5 :@548B>20=85 1K;> =0456=K< 8AB>G=8:>< ?>ABC?;5=89 4;O <=>38E 0780BA:8E 10=:>2. K=>G=K5 >3@0=8G5=8O 4020;8 <5AB=K< 8=AB8BCB0< ?@58<CI5AB20 ?5@54 8E 70@C156=K<8 :>=:C@5=B0<8 2 2545=88 :>@?>@0B82=>3> 187=5A0, 8 <=>385 0780BA:85 10=:8 70@010BK20;8 =0 MB>< A>;84=K5 AC<<K. > MB8 ?@58<CI5AB20 A53>4=O 2A5 <5=55 8 <5=55 70<5B=K, ?>A:>;L:C D8=0=A>2K9 @K=>: :>=B8=5=B0 1>;55 >B:@KB 4;O 70@C156=KE 83@>:>2, 0 B5<?K M:>=><8G5A:>3> @>AB0 2 @538>=5 C?0;8. >, 5A;8 ?@>1;5<K 2 0780BA:>< :>@?>@0B82=>< 10=:>2A:>< 45;5 =0AB>;L:> >G5284=K, B> ?>G5<C 65 <5AB=K5 10=:8@K 70:@K20NB =0 =8E 3;070? >-?5@2KE, 2> <=>38E 10=:0E 788 ?@>AB> =5 2;045NB 8=D>@<0F859 > B><, :0:85 :>@?>@0B82=K5 :;85=BK ?@8=>AOB 8< =081>;LHCN ?@81K;L 8 2 @57C;LB0B5 G53>. >-2B>@KE, 2545=85 @0F8>=0;L=>9 F5=>2>9 ?>;8B8:8, >B@060NI59 AB>8<>ABL :0?8B0;0 8 AB5?5=L @8A:0, <>65B ?@825AB8 : AC65=8N @K=>G=>9 4>;8 10=:0 8 70<54;5=8N @>AB0 53> 3;02=KE 284>2 187=5A0. 0:>=5F, B@5BLO ?@8G8=0 :@>5BAO 2 B@048F8>==KE 4;O 788 B5A=KE >B=>H5=8OE <564C 10=:8@0<8 8 8E :>@?>@0B82=K<8 :;85=B0<8. "5< =5 <5=55, =5:>B>@K5 0780BA:85 10=:8 ?@54?@8=8<0NB >?@545;5==K5 459AB28O, =0?@02;5==K5 =0 ?>2KH5=85 4>E>4=>AB8 :>@?>@0B82=KE >?5@0F89. > <=5=8N 0=0;8B8:>2, 420 206=KE 87<5=5=8O 2 187=5A-<>45;OE D8=0=A>2KE 8=AB8BCB>2 788 <>3CB ?><>GL 8< 2 =0;06820=88 1>;55 ?@81K;L=>3> :>@?>@0B82=>3> 10=:>2A:>3> 45;0. 5@2>5  MB> D>:CA8@>20=85 2=8<0=8O =0 :>=:@5B=> 2K1@0==KE A53<5=B0E 187=5A0. >A:>;L:C 2 =0AB>OI55 2@5<O 2 788 ?@>8AE>48B AB0=>2;5=85 :0B53>@89 :>@?>@0B82=KE :;85=B>2 A @07;8G=K<8 8=48284C0;L=K<8 ?>B@51=>ABO<8, B> 4=8 AB0=40@B=KE 8 ?@83>4=KE 4;O 2A5E A;CG052 ?@54;>65=89 D0:B8G5A:8 C65 A>GB5=K.  >=:>=35 8 =0 "0920=5, =0?@8<5@, :@C?=K5 :>@?>@0F88 708=B5@5A>20=K 2 ?>;CG5=88 A?5F80;L=KE @5H5=89, B.5. B0:8E 8=48284C0;L=KE ?@>4C:B>2, :>B>@K5 >E20BK20NB =5 B>;L:> ?@54>AB02;5=85 :@548B0 :0: B0:>2>3>, => 8 2:;NG0NB C?@02;5=85 @8A:><. =>385 0780BA:85 10=:8 4>;6=K >B:070BLAO >B C=8D8F8@>20==>9 <>45;8 :>@?>@0B82=KE >B=>H5=89, :>340 A@54=85 8 :@C?=K5 :><?0=88 >1A;C6820NBAO >48=0:>2> 8 A> AB0=40@B=K< =01>@>< D8=0=A>2KE ?@>4C:B>2, 2 :>B>@>< F5=B@0;L=>5 <5AB> 70=8<05B :@548B.  >B;8G85 >B :@C?=KE :>@?>@0F89 A@54=85 8 <5;:85 0780BA:85 :><?0=88 BO3>B5NB : ?>;CG5=8N >B 10=:>2 C?@>I5==KE ?@54;>65=89, 345 3;02=0O @>;L >B2545=0 709<C. > >=8 =5 >3@0=8G820NBAO B>;L:> 8<. >;CG05BAO, GB> 10=:8 4>;6=K >@85=B8@>20BLAO, 2 ?5@2CN >G5@54L, =0 A0<K5 ?@81K;L=K5 8 1KAB@>@0ABCI85 A53<5=BK ?>B@518B5;59. -B>B :C@A, 157CA;>2=>, ?>B@51C5B >B =8E 45B0;L=>9 >F5=:8 D8=0=A>2>3> ?>;>65=8O 8 :@548B>A?>A>1=>AB8 :;85=B>2, 8E ?>B@51=>AB59 2 :>=:@5B=KE D8=0=A>2KE ?@>4C:B0E 8 A>AB>O=8O :>=:C@5=F88 2 :064>9 >B@0A;8. "0:>9 0=0;87, 25@>OB=>, <>65B 70AB028BL <=>385 0780BA:85 10=:8 AD>:CA8@>20BL 3;02=>5 2=8<0=85 =0 :@548B>20=88, 2 ?5@2CN >G5@54L, A@54=8E 8 <5;:8E :><?0=89. >A;5 MB>3> D8=0=A>2K< 8=AB8BCB0< 788 A;54C5B A45;0BL 2B>@>9 :@C?=K9 8 206=K9 H03. =CB@8 :>=:@5B=KE A53<5=B>2 :;85=BA:>9 107K >=8 4>;6=K 2K9B8 70 @0<:8 ?@54>AB02;5=8O B>;L:> :@548B>2 8 ?@8ABC?8BL : ?@54;>65=8N ?@81K;L=KE 8 1078@CNI8EAO =0 278<0=88 :><8AA8>==KE CA;C3 (C?@02;5=85 =0;8G=>ABLN 8 @8A:><, :07=0G59A:85 >?5@0F88, D8=0=A8@>20=85 B>@3>2;8 8 B.4.), 35=5@8@CNI8E 1>;55 ?@82;5:0B5;L=K5 4>E>4K. 4=0:> 40==K9 @K=>: 745AL A53>4=O 5I5 A;01> @0728B: 2 /?>=88 8 .6=>9 >@55 10=:8, =0?@8<5@, ?>;CG0NB >B :><8A8>==KE A>>B25BAB25==> ;8HL 25 8 17% >B >1I8E 10=:>2A:8E 4>E>4>2. 0?@>B82, C 254CI8E 0<5@8:0=A:8E 10=:>2 MB8 ?>:070B5;8 4>AB830NB 50-75%. 5@5E>4 : >@85=B0F88 =0 :>=:@5B=K5 A53<5=BK :;85=B>2 8 ?@54>AB02;5=85 CA;C3, 1078@CNI8EAO =0 :><8AA8>==KE, ?>B@51C5B B0:65 >B 10=:>2 >AB>G=>9 788 CA>25@H5=AB2>20=8O >?5@0F8>==>9 45OB5;L=>AB8 2 DC=40<5=B0;L=KE 2840E 10=:>2A:>3> 187=5A0. #;CGH0O, =0?@8<5@, >?5@0F88 0=45@@09B8=30 8 ?@82O7K20O F5=>>1@07>20=85 : @8A:C, 0780BA:85 10=:8 <>3CB CA?5H=> @5H0BL ?@>1;5<K A >15A?5G5=85< :0G5AB20 0:B82>2 8 4>1820BLAO B>3>, GB> 2K40205<K5 8<8 :>@?>@0B82=K5 :@548BK 1C4CB 4020BL A>;84=K5 ?@81K;8. 780BA:8< 8=AB8BCB0<, ?@>83=>@8@>202H8< 40==K5 D0:B>@K 8 B5=45=F88, C3>B>20=0 =570284=0O AC4L10  ?>3;>I5=85 A2>8<8 :>=:C@5=B0<8. %>BO @>7=8G=K9 10=:>2A:89 187=5A, 2>7<>6=>, 8 ?@82;5:0B5;5=, B5 :@548B>@K, :>B>@K5 ?5@5A<0B@820NB A2>9 ?>4E>4 : :>@?>@0B82=><C 10=:>2A:><C 45;C, A<>3CB >15A?5G8BL A515 AB018;L=>5 ACI5AB2>20=85 =0 4>;3>A@>G=CN ?5@A?5:B82C.     0B5@80;K ?@54>AB02;5=K 8=B5@=5B - ?@>5:B><  HYPERLINK "http://www.globalteka.ru" www.globalteka.ru 2B>@A:>5 2K?>;=5=85 =0CG=KE @01>B ;N1>9 A;>6=>AB8  3@0<>B=> 8 2 A@>: FX"e0ktrRvV||`2Ԗ:L68<>BDHJNP"$a$gd: $dha$gd:gd:"8ʻhOIh:%hz h:B* CJaJmH"phI}sH"hz h:B* CJaJphI}.jhz h:B* CJUaJmH phI}sH hz h:0JCJaJ hz h:0JCJaJmH sH  ,1h. A!"R#n$n% DyK yK 4http://www.globalteka.ru/Dd$V  3 C"$((DyK yK 4http://www.globalteka.ru/^ 666666666vvvvvvvvv666666>6666666666666666666666666666666666666666666666666hH6666666666666666666666666666666666666666666666666666666666666666662 0@P`p2( 0@P`p 0@P`p 0@P`p 0@P`p 0@P`p 0@P`p8XV~_HmHnHsHtHB`B 1KG=K9CJ_HaJmHsHtHh@"h  03>;>2>: 2dd@&[$\$#5B*CJOJQJ\^JaJphBA`B A=>2=>9 H@8DB 0170F0\i\ 01KG=0O B01;8F0 :V 44 la .k . 0 5B A?8A:0 b^@b  1KG=K9 (251)dd[$\$B*CJOJQJ^JaJph,W@, !B@>3895\0X@0  K45;5=856]L@"L :05@E=89 :>;>=B8BC;  E$N/1N :05@E=89 :>;>=B8BC; =0:CJaJJ BJ :086=89 :>;>=B8BC;  E$L/QL :086=89 :>;>=B8BC; =0:CJaJJbJ :0 "5:AB 2K=>A:8CJOJQJ^JaJP/qP :0"5:AB 2K=>A:8 =0:CJOJQJ^JaJ:U`: :0 8?5@AAK;:0 >*B*phPK![Content_Types].xmlj0Eжr(΢Iw},-j4 wP-t#bΙ{UTU^hd}㨫)*1P' ^W0)T9<l#$yi};~@(Hu* Dנz/0ǰ $ X3aZ,D0j~3߶b~i>3\`?/[G\!-Rk.sԻ..a濭?PK!֧6 _rels/.relsj0 }Q%v/C/}(h"O = C?hv=Ʌ%[xp{۵_Pѣ<1H0ORBdJE4b$q_6LR7`0̞O,En7Lib/SeеPK!kytheme/theme/themeManager.xml M @}w7c(EbˮCAǠҟ7՛K Y, e.|,H,lxɴIsQ}#Ր ֵ+!,^$j=GW)E+& 8PK!Ƶtheme/theme/theme1.xmlYnE#;8U i-qN3'JH DA\8 R>CW]{'ސ{g?x݈]"$q+_,y>8{7 K }xLވHe 2{Rܜaˋ??<ߟdžSr$L].<İT̟72S"ѵ_JwL&BJ05kZVyVy|xC OO|x>+<>@(:??/>5{yxFDdm 3^q5'=q6nib-$RB}}YGq=xK@;)^qbha79g . pUʹ;bbmc[$c'a}5KKfH5HL!ݦ&|mK{N6M6hq v|y 58+zH  *~ HHy\K*t@G>{sA}"))y sGfۡqǾ'w E1 [8>ܤ4Aбt׎~ls14_>,Ȭ7TT GqME=w-i>mo[oiBszbP:j5if F 9Pɉ* k\ A ;!N`.{I SցD p3˅5veU}AbvyA/g 氚 Z N+lR~aeԩj9&&CLgMʼn7a A0ƀHEA3~{q q1vƨl効9)>൜fN1N FIrdq8Y^:_73.|3 f%Jش?MOY s 3;} Rc0`d[鯠$ÿ - έhǴ"P 6T{TUٴ+9E28Y*MOt0O9Bݍqg7Ŕ9O)z?7#]u rBIHAאTpl>՟,SpT4@~BA%}'0+{eRF&rĪ#uu\{BHuM6`pG}N+!'_oN콶3a3dXZzCyCUɪ嶂ZZZ۱f,fAg-@`g v6V?Dhf6t=M&ʺ6ײ'݉#֚>d8s9xN=ڮjAv11;u2%M2oN1uo%տPK! ѐ'theme/theme/_rels/themeManager.xml.relsM 0wooӺ&݈Э5 6?$Q ,.aic21h:qm@RN;d`o7gK(M&$R(.1r'JЊT8V"AȻHu}|$b{P8g/]QAsم(#L[PK-![Content_Types].xmlPK-!֧6 +_rels/.relsPK-!kytheme/theme/themeManager.xmlPK-!Ƶtheme/theme/theme1.xmlPK-! ѐ' theme/theme/_rels/themeManager.xml.relsPK] BQ  -/ZFX.Y[);BQX8`rX8@0(  B S  ? _Hlt197796439 _Hlt197796440PPCQ@@PPCQ.89;   %%%%%%''>(D(F(K(N(U(++++++++,,0 0 000044447899??DDLLCNPNPPPPPPPPPPPPPPPPPPQQ Q@QCQ*;##&&0144<=??AADDPPPPPPPPPPPPPP=Q@QCQ3--PPPPPPPPPPPP@QCQ:OIPP@f(BQ`UnknownG* Times New Roman5Symbol3. * Arial5. *aTahomaA BCambria Math"1hM4&& ~D) ~D)!n0YPYP2QHX $P:2!xx 064K9 :@548B ?@81K;5= ?>-A2>5<CUser025;Oh+'0 $ D P \hpx$ -UserNormal2Microsoft Office Word@F#@~(A@% ~D՜.+,D՜.+,P  hp|  )YP ! -   8@ _PID_HLINKSA Dhttp://www.globalteka.ru/Dhttp://www.globalteka.ru/  !"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\^_`abcdfghijklmnopqrstuwxyz{|}Root Entry FIData ]1Tablee WordDocument.SummaryInformation(vDocumentSummaryInformation8~CompObjy  F' Microsoft Office Word 97-2003 MSWordDocWord.Document.89q