ࡱ>    }Vbjbj55.___u^^^^^rrrr\,r.8.......$/28.E^8.^^}.)')')' ^^.)'.)')'R*-)r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poDecc8o=0;L=>-:2a;8D8:aF8o==o3o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b * H $ R 6  T : &$&&&".$.l../>1f123N3T3p3.99;<< @P@H*hw>*CJOJQJhw56CJOJQJ hw56hwCJOJQJhw5CJOJQJhw6CJOJQJhw56CJ hw5 hwCJ hwNHhw8\^Z \ ^ ` b  * $  $7x`7a$$xa$$a$$dha$$dha$6x  T*!p#(&&$ & Fa$ $ & Fxa$$xa$ $7x`7a$x $ & Fxa$$xa$ $7x`7a$&D(*".$.l../156677~88.9; @FHH$ & F^`a$ $ & Fxa$ $7x`7a$$xa$$xa$ $ & Fxa$H*hw6@CJOJQJhw6CJOJQJhw>*CJOJQJ4qq6ss*tFtntttFux|y}~~~2~4~ $$Ifa$ $$Ifa$$ & Fa$ $ & Fxa$ $7x`7a$$xa$4~6~8~:~vv $$Ifa$kd$$IfFFu 0%   0    4 Fa:~<~>~@~B~D~F~ $$Ifa$lkd$$IfF0%04 FaF~H~f~h~~~~YPPPPP $$Ifa$kd$$IfFr;!%J  04 Fa~~~~~~TKKKK $$Ifa$kd $$IfFr J %j R O04 Fa~~~~~~lcccc $$Ifa$kd$$IfF\;!%J g04 Fa~~~~~lccc $$Ifa$kd$$IfF\;!%J g04 Fa~~~~vv $$Ifa$kd/$$IfFFu 0%   0    4 Fa~~~ $$Ifa$lkd$$IfF0%04 Fa8ЋZ\xmmmmmmkdd$xa$ $7x`7a$$xa$kd$$IfFFu 0%   0    4 Fa ~Xȑ wnnn $$Ifa$lkd$$IfF0 %> 04 Fa $$Ifa$$xa$ $7x`7a$~ΫĬ6Hn^  *, "$&(*.Z\\^<BV<fɼɲԛԛԛhwCJOJQJhw56CJOJQJhwCJOJQJ hw5CJ hwCJhw5CJOJQJhw5CJOJQJhw6CJOJQJ hw5 hw56hw hw6= "JdTr”tttttt$ & F$If^`a$ $$Ifa$lkd $$IfF0 %> 04 Fa ”ĔTb $$Ifa$$Iflkd $$IfF0 %> 04 FaLVN&Ĭ|uu$xa$ 7dx`7 $7x`7a$lkdQ $$IfF0 %> 04 Fa ĬVHlz0f^`ֽؽ $$Ifa$ $7x`7a$$xa$$ & F^`a$ $ & Fxa$ $7x`7a$}tttt $$Ifa$kd $$IfFFrR %  0    4 Fajaaa $$Ifa$kd $$IfF\rR %  04 Fa }ttttt $$Ifa$kd $$IfFFrR %  0    4 FaWNNNN $$Ifa$kd $$IfFrru %B2- 04 Fa "$&(*jaaaaa $$Ifa$kd$$IfF\r %  Y 04 Fa*,XZxzҿWNNNNNNN $$Ifa$kd$$IfFrr6 ZM!$z 044 FaҿԿ $$Ifa$ " kdZ$$IfF r}@ ,l %.8  0$$$$4 Fa"$&(*,lkd$$IfF0r&%04 Fa $$Ifa$,.Z\+^kd$$IfF %/0K 4 Fa$Ifokd$$IfF0r&054 Fa\;^kd$$IfF %/0K 4 Fa$If^kd:$$IfF %/0K 4 Fa\^<;4$xa$^kd$$IfF %/0K 4 Fa$If^kdX$$IfF %/0K 4 Fa<Bf:tD*>*f*z`p^$xa$ $7x`7a$ $7x`7a$DDh*Hf*Dz`p"$H>. !N(t(--j/l//\3|366$9\<<<<CrDGGxMRSWbWTYYbbffooyηήhw56CJhw56CJOJQJhwCJOJQJhw5CJOJQJhw6CJOJQJ hw6 hw6>* hw56 hw5hwD$"V !#&&'x(*+--0.x...*/V/j/$a$$(xa$ $7x`7a$j/l//H3$5t55"66$9;<<8===\>>?0@$ & Fa$$ & F^`a$ $7((`7a$ $7x(`7a$$ & F1$^`a$ $7((`7a$$((a$0@AB\CCrDDE^EEFFGxMJQRTW $7((`7a$$ & Fa$$ & F^`a$ $ & F((a$$ & F((^`a$ $7((`7a$ $7x(`7a$WWbW,[\@]]]"^_be,efo>qsssbttyy $7((`7a$(($((^`a$ $7((`7a$$((a$y@yPz6}|vĜ"2ĠJZ,Ч$((a$(( $7((`7a$$((a$y@yrƄ0b&V"2ХاªưȰذR>6<R  L062BXVڽڭhw56OJQJ hw:hw6OJQJhw6CJOJQJhw5OJQJhwOJQJ hw56 hw5 hw6hwhw56CJAЧƭذn2 RP> $7((`7a$ $ & F((1$a$$((a$(($((^`a$ $7((`7a$>66>(6Rb $7((`7a$$((a$$((a$$((a$ $7((`7a$$((1$^`a$$((1$^`a$ |Lf\n$&0X $ & F((a$$((^`a$$((a$ $7((`7a$XV2 BBDXV  $7((`7a$(($((a$ $7((`7a$$7((1$`7a$ $ & F((1$a$ $ & F((a$V&H//1R1558899*:,:2:4:::<:F:H:::::;<==>>XBxBGG I$IJJJJKK(K,KLLNNS"T*T0TrTvTTT X2XLkkmmoot uz0{~Uhw6>*OJQJ hw6>*hw56CJ hw6 hw5hwhwOJQJhw@OJQJM DH"0$p&D)L++v,>-//.00011R15(($((a$ $ & F((a$(( $7((`7a$59*:>::;=FBbGJJxKLOS"TrTTBUWZb`hJi$((a$$((a$ $7((`7a$ $7((`7a$JiijjLkkmotzZP@(( $ & F ((a$ $ & F ((a$ $7((`7a$ $7((`7a$$(a$ & F (^`$ & F ^`a$$ & F (^`a$@54?@8OB88, AE5<C, AB@C:BC@C 8 AB8;L C?@02;5=8O ?@54?@8OB85<, >?@545;5=85 7040G 53> ?>4@0745;5=89. A>1CN ?>43@C??C A>AB02;ONB D0:B>@K, 2;8ONI85 =0 2708<>>B=>H5=8O 2 :>;;5:B825 8 48AF8?;8=C B@C40. 45AL A;54C5B =0720BL, 2>-?5@2KE, A8AB5<C F5==>AB59 @01>B=8:>2 8 ?@8=F8?K 2708<>459AB28O, 2;8ONI85 =0 F5;52K5 CAB0=>2:8 ?5@A>=0;0 8 ?>2545=85 @01>B=8:>2, 8E 2708<>459AB285, :0: 2 3@C??0E, B0: 8 2 :>;;5:B825 2 F5;><, 2>-2B>@KE, <5@K 0:B82870F88 @01>B=8:>2, 2-B@5BL8E, <5@K :>=B@>;O 70 8A?>;=5=85< C?@02;5=G5A:8E @5H5=89 8 8A?@02;5=85< >H81>: 8 ?@>AG5B>2 8 B.?. 59AB285 ?5@5G8A;5==KE D0:B>@>2 @>AB0 ?@>872>48B5;L=>AB8 B@C40 >1CA;>2;5=> 5AB5AB25==K<8 8 >1I5AB25==K<8, B. AC1J5:B82=K<8 CA;>28O<8 45OB5;L=>AB8. >6=> B0:65 >B<5B8BL 2;8O=85 :;8<0B8G5A:8E CA;>289 8 ?@8@>4=KE 1>30BAB2 AB@0=K, 55 >1I5AB25==>3> @0728B8O, ?>;8B8G5A:>9 687=8 8, =0:>=5F, C@>2=O 1;03>A>AB>O=8O =0A5;5=8O. 5:>B>@K5 02B>@K, ?@87=020O B5 65 D0:B>@K @>AB0 ?@>872>48B5;L=>AB8 B@C40, ?@54;030NB 4@C3CN 8E 3@C??8@>2:C (:;0AA8D8:0F8N): D0:B>@K @>AB0 682>3> 8 >25I5AB2;5==>3> B@C40. 0: C65 >B<5G0;>AL, MB> A2O70=> A @575@20<8 8=B5=A8D8:0F88 B@C40 2 @0<:0E 2 =>@<0;L=>9 8=B5=A82=>AB8 8 A <5@0<8 ?>2KH5=8O 4>;8 >A=>2=>3> :0?8B0;0; D0:B>@K @>AB0 ?@>872>48B5;L=>AB8 B@C40, >1CA;>2;5==K5 2@5<5=5< 459AB28O.  MB>9 3@CH5 @07;8G0NB B5:CI85 D0:B>@K, A2O70==K5 A >@30=870F8>==>-B5E=8G5A:8<8 <5@0<8, :>B>@K5 =5 B@51CNB 7=0G8B5;L=>3> 8=25AB8F8>==>3> ?5@5>A=0I5=8O, 8 ?5@A?5:B82=K5 D0:B>@K, A2O70==K5 A :>@5==K< ?@5>1@07>20=85< 2 B5E=8:5 8 B5E=>;>388; D0:B>@K, >1CA;>2;5==K5 @>;LN 8 70=8<05<K< <5AB>< 2 M:>=><8:5: 0) =0@>4=>E>7O9AB25==K5; 1) <56>B@0A;52K5 8 >B@0A;52K5; 2) 2=CB@8D8@<5==K5; 3) @01>G53> <5AB0. 59AB285 =0@>4=>E>7O9AB25==KE D0:B>@>2 A2O70=> A =0;8G85< 8 8A?>;L7>20=85< @01>G59 A8;K, AB@C:BC@>9 ?@>872>4AB20, C@>2=5< >1I5AB25==>3> @0745;5=8O B@C40 (2 B>< G8A;5 8 <564C=0@>4=>3>). 56>B@0A;52K5 8 >B@0A;52K5 D0:B>@K @>AB0 ?@>872>48B5;L=>AB8 B@C40 A2O70=K A >A>15==>ABO<8 >@30=870F88 ?@>872>4AB20 - 53> A?5F80;870F859, :>=F5=B@0F859 8 :><18=8@>20=85<, A <56?@>872>4AB25==>9 :>>?5@0F859. $0:B>@K @>AB0 ?@>872>48B5;L=>AB8 B@C40 =0 @01>G5< <5AB5 2:;NG0NB :><?;5:A <5@ ?> CAB@0=5=8N ?>B5@L @01>G53> 2@5<5=8 8 1>;55 @0F8>=0;L=><C 53> 8A?>;L7>20=8N. #G8BK20O >3@><=>5 7=0G5=85 @>AB0 ?@>872>48B5;L=>AB8 B@C40 4;O @0728B8O M:>=><8:8 AB@0=K, 1>;LH>5 2=8<0=85 C45;O5BAO M:>=><8G5A:>5 0=0;87C MB>3> ?>:070B5;O, A>45@60=85 8 =0?@02;5=85 :>B>@>3> >?@545;O5BAO ?>AB02;5==K<8 7040G0<8. "@048F8>==K9 >B5G5AB25==K9 ?>4E>4 : 0=0;87C ?@54?>;0305B 87CG5=85 87<5=5=8O ?>:070B5;O 70 :>=:@5B=K9 ?5@8>4, @0AG5B 2;8O=8O @07;8G=KE D0:B>@>2 =0 53> 87<5=5=85 8 >F5=:C 8E 2;8O=8O, 87CG5=85 ?>:070B5;O 2 48=0<8:5 70 @O4 ;5B 8 B.4. @8 D0:B>@=>< 0=0;875 ?@>872>48B5;L=>AB8 B@C40 87CG0NB ?>:070B5;8, >:0702H85 =5?>A@54AB25==>5 2;8O=85 =0 53> 87<5=5=85. 0?@8<5@, 87CG05BAO 2;8O=85 4>;8 @01>B=8:>2, 70=OBKE 2 ?@>872>4AB25, G8A;0 >B@01>B0==KE 4=59, ?@>4>;68B5;L=>AB8 @01>G53> 4=O 8 G0A>2>9 ?@>872>48B5;L=>AB8 B@C40 @01>B=8:0 70 :>=:@5B=K9 ?5@8>4. 0AG5BK 2K?>;=ONBAO ?> D>@<C;5 = # E  E  E G : 100% 345  - ?@>872>48B5;L=>ABL B@C40; # - 8=45:A C45;L=>3> 25A0 @01>B=8:>2, 70=OBKE 2 ?@>872>4AB25, 2 >1I59 G8A;5==>AB8 @01>B=8:>2;  - A@54=55 G8A;> 4=59, >B@01>B0==KE >4=8< @01>B=8:>< ?@>872>4AB20;  - A@54=OO ?@>4>;68B5;L=>ABL @01>G53> 4=O; G- G0A>20O ?@>872>48B5;L=>ABL B@C40 @01>B=8:>2, 70=OBKE 2 ?@>872>4AB25.  B01;8F5 4.1. ?@82545= @0AG5B 87<5=5=8O ?@>872>48B5;L=>AB8 B@C40 =0 ?@54?@8OB88 A 8A?>;L7>20=85< =0720==KE D0:B>@>2. "01;8F0 1. >:070B5;8078A=K9 3>4BG5B=K9 3>4B:;>=5=85>4>20O 2K@01>B:0 >4=>3> @01>B=8:0, BKA. @C1.1034.21053.3+19.1#45;L=K9 25A @01>B=8:>2 >A=>2=>3> ?@>872>4AB20, %58.051.6-6.4!@54=55 G8A;> 4=59, >B@01>B0==KE @01>B=8:>< >A=>2=>3> ?@>872>4AB20 218219+1@>4>;68B5;L=>ABL @01>G53> 4=O, G7.87.9+0.1'0A>20O ?@>872>48B5;L=>ABL B@C40 @01>B=8:0 >A=>2=>3> ?@>872>4AB20, BKA. @C1. 1.0486 1.180 +0.314'0A>20O ?@>872>48B5;L=>ABL B@C40 @01>B=8:>2 >A=>2=>3> ?@>872>4AB20 @0AAG8B0=0 A;54CNI8< >1@07><: 1034,2 : 58,0 % : 218 : 7,8 E 100 % = 1,0486 (BKA.@C1.). =0;87 40==KE B01;8FK ?>72>;O5B >?@545;8BL 2;8O=85 2K1@0==KE =0<8 D0:B>@>2 =0 87<5=5=85 ?@>872>48B5;L=>AB8 B@C40 @01>B=8:>2 70 3>4. 1. #<5=LH5=85 4>;8 @01>B=8:>2 >A=>2=>3> ?@>872>4AB20 ?@825;> : A=865=8N ?@>872>48B5;L=>AB8 B@C40 =0 114,1 BKA. @C1. (6,4 % E 218 E 1,0486) : 100% = 114,1 BKA.@C1. 2. #25;8G5=85 G8A;0 >B@01>B0==KE 4=59 2 3>4C ?@825;> : @>ABC ?@>872>48B5;L=>AB8 B@C40 =0 4,22 BKA.@C1. (51,6 % E 7,8 E 1,0486) : 100% = 4,22 BKA.@C1. 3. #25;8G5=85 ?@>4>;68B5;L=>AB8 @01>G53> 4=O ?@825;> : @>ABC ?@>872>48B5;L=>AB8 B@C40 =0 11,85 BKA.@C1. (0.1 E 51,6% E 219 E 1.0486) : 100% = 11,85 BKA.@C1. 4. ;03>40@O C25;8G5=8N G0A>2>9 2K@01>B:8 4>AB83=CB @>AB ?@>872>48B5;L=>AB8 B@C40 =0 117,3 BKA.@C1. (0,1314 E 51,6% E 219 E 7,9) : 100% = 117,3 BKA.@C1. "0:8< >1@07><, 2;8O=85 2A5E D0:B>@>2 =0 @>AB ?@>872>48B5;L=>AB8 B@C40 A>AB028;>: 4,22 + 11,85 + 117,3 - 114,1 = 19,1 (BKA. @C1.) >;>68B5;L=>5 2;8O=85 =0 87<5=5=85 3>4>2>9 ?@>872>48B5;L=>AB8 B@C40 >:070;8: - C25;8G5=85 G8A;0 @01>G8E 4=59 2 3>4C; - C25;8G5=85 ?@>4>;68B5;L=>AB8 @01>G53> 4=O; - C25;8G5=85 G0A>2>9 2K@01>B:8 @01>B=8:0. "@0=AD>@<0F8O M:>=><8G5A:8E >B=>H5=89 2 >AA88 2 =0AB>OI55 2@5<O >B>428=C;0 =0 2B>@>9 ?;0= 2>?@>AK @>AB0 ?@>872>48B5;L=>AB8 B@C40. >;CG8;0 @0A?@>AB@0=5=85 B>G:0 7@5=8O, 1C4B> ?@820B870F8O A>1AB25==>AB8 8 >@85=B0F8O ?@54?@8=8<0B5;O =0 ?@81K;L 02B><0B8G5A:8 ?@8254CB : @>ABC ?@>872>48B5;L=>AB8 B@C40. 4=0:> 87-70 =5A>25@H5=AB20 @K=>G=>3> <5E0=87<0 ?>:0 MB>3> =5 ?@>87>H;>. #@>25=L ?@>872>48B5;L=>AB8 B@C40 2 >AA88 ?>-?@56=5<C >BAB05B >B C@>2=O MB>3> ?>:070B5;O 2 M:>=><8G5A:8 @0728BKE AB@0=0E. 0 1991-1999 33. ?@>872>48B5;L=>ABL B@C40 2 AB@0=5 A=878;0AL ?>GB8 =0 G5B25@BL. @8G5<, ?> 40==K< >B45;L=KE >1A;54>20=89, =081>;LH55 A=865=85 ?>:070B5;O 4>?CI5=> 8<5==> =0 ?@54?@8OB8OE, ?5@5H54H8E 2 G0AB=K9 A5:B>@; B0< C@>25=L ?@>872>48B5;L=>AB8 B@C40 A=8605BAO 2 1,4 @070 1KAB@55, G5< =0 3>AC40@AB25==KE ?@54?@8OB8OE. A=>2=K<8 ?@8G8=0<8 B0:>3> ?>;>65=8O AB0;8 >1I5M:>=><8G5A:85 ?@>1;5<K, 2K7202H85 A?04 ?@>872>4AB20 (=0 43 % =0 3>AC40@AB25==KE 8 =0 49 % =0 G0AB=KE ?@54?@8OB8OE), 87<5=5=85 AB@C:BC@K 8 C<5=LH5=85 A?@>A0 =0A5;5=8O 8, =0:>=5F, E@>=8G5A:>5 >BACBAB285 C ?@54?@8OB89 A@54AB2 =0 70@01>B=CN ?;0BC. @>8AE>48B >15AF5=5=85 @01>G59 A8;K, GB> ?;>E> A:07K205BAO =0 C@>2=5 ?@>872>48B5;L=>AB8 B@C40. 5H52K9 B@C4 5I5 =8:>340 =5 1K; ?@>872>48B5;L=K<, 40 8 3>2>@8BL > @0F8>=0;L=>< 53> 8A?>;L7>20=88 =5 ?@8E>48BAO. >AA88 =C6=K >1I53>AC40@AB25==K5 F5;52K5 ?@>3@0<<K, :>B>@K5 A?>A>1AB2>20;8 1K @0728B8N ?@>872>48B5;L=KE A8; AB@0=K ?@8 @07;8G=KE D>@<0E A>1AB25==>AB8. @><5 B>3>, ?@54?@8OB8O< =C6=K A>1AB25==K5 ?@>3@0<<K 8 ?;0=K, =0?@02;5==K5 =0 ?>2KH5=85 ?@>872>48B5;L=>AB8 B@C40 A CG5B>< :>=:@5B=KE CA;>289 E>7O9AB2>20=8O 8 D8=0=A>2KE ?>:070B5;59. 3. >=OB85 MDD5:B82=>AB8 B@C40 >:070B5;L ?@>872>48B5;L=>AB8 B@C40 =5 >B@0605B 2A53> A?5:B@0 ?@>4C:B82=>AB8 8 @57C;LB0B82=>AB8 B@C40, 2 G0AB=>AB8 >= =5 CG8BK205B :0G5AB2> B@C40 8, :@><5 B>3>, =5>1E>48<>ABL @0F8>=0;L=>3> 8A?>;L7>20=8O B@C4>2KE @5AC@A>2. ;87:8< ?> 7=0G5=8N : ?>=OB8N "?@>872>48B5;L=>ABL B@C40", => 1>;55 H8@>:8< ?> A>45@60=8N O2;O5BAO ?>=OB85 "MDD5:B82=>ABL B@C40". -DD5:B82=>ABL B@C40 2K@0605B AB5?5=L @57C;LB0B82=>AB8 B@C40 ?@8 =08<5=LH8E B@C4>2KE 70B@0B0E. -DD5:B82=>ABL B@C40 2 >B;8G85 >B ?@>872>48B5;L=>AB8 B@C40 2K@0605B =5 B>;L:> :>;8G5AB25==K5, 8 :0G5AB25==K5 @57C;LB0BK B@C40. @C38< 206=K< 4>AB>8=AB2>< ?>:070B5;O MDD5:B82=>AB8 B@C40 O2;O5BAO >B@065=85 2 =5< M:>=><88 B@C4>2KE @5AC@A>2. -DD5:B82=>ABL B@C40 1C45B B5< 2KH5, G5< 2KH5 ?@>872>48B5;L=>ABL B@C40 8 G5< <5=LH5 70B@0BK B@C40 ?@8 =5>1E>48<>< :0G5AB25 @01>BK. ;O ?@54?@8=8<0B5;O 206=> =5 B>;L:> B>, :0:8< 1K; C@>25=L 2K@01>B:8 @01>B=8:0 2 548=8FC 2@5<5=8, => 8 B>, :0:8<8 B@C4>2K<8 70B@0B0<8 MB> 1K;> >15A?5G5=>. "@C4>2K5 70B@0BK 87<5@O5BAO G8A;5==>ABLN @01>B=8:>2 8 70B@0B0<8 =0 >?;0BC B@C40.  B>, 8 4@C3>5 <>65B 87<5@OBLAO 2@5<5=5< @01>BK. >MB><C ?@8 0=0;875 MDD5:B82=>AB8 B@C40 @0AA<0B@8205BAO :0: 70B@0BK B@C40 2 548=8FC 2@5<5=8, => =5 ?@>AB> 2@5<5=8, 0 A CG5B>< 53> AB@C:BC@. "0:8< >1@07><, MDD5:B82=>ABL B@C40 E0@0:B5@87C5B C@>25=L 8A?>;L7>20=8O B@C4>2KE @5AC@A>2 A CG5B>< 2K@01>B:8, 70B@0G5==>3> 2@5<5=8 8 :0G5AB20 @01>B0;0 B0:65 70B@0B B@C40, 2 @0AG5B5 =0 >4=>3> @01>B=8:0. -DD5:B82=>ABL B@C40 E0@0:B5@87C5B 10;0=A A>F80;L=>9 8 M:>=><8G5A:>9 MDD5:B82=>AB8 G5@57 ?@87<C B@C4>2KE >B=>H5=89 =0 >A=>25 ?@8=F8?0 M:>=><=>3> @0AE>4>20=8O @01>G59 A8;K. >:070B5;L MDD5:B82=>AB8 B@C40 A;54C5B >B;8G0BL >B ?>:070B5;O MDD5:B82=>AB8 ?@54?@8OB8O (?@>872>4AB20). @8 >?@545;5=88 MDD5:B82=>AB8 ?@54?@8OB8O CG8BK20NBAO 2A5 70B@0BK: <0B5@80;L=K5, B@C4>2K5 8 D8=0=A>2K5. >MB><C MDD5:B82=>ABL B@C40, CG8BK20NICN B>;L:> B@C4>2K5 70B@0BK, <>6=> @0AA<0B@820BL :0: G0AB=K9 ?>:070B5;L MDD5:B82=>AB8 ?@54?@8OB8O. @87=020O 206=>ABL ?>:070B5;O MDD5:B82=>ABL B@C40, A?5F80;8ABK, >4=0:>, 5I5 =5 ?@8H;8 : 548=><C <=5=89 > <5B>48:5 @0AG5B0 ?>:070B5;O. !G8B05BAO, GB> =0@O4C A >A=>2=K<, >1>1I0NI8< ?>:070B5;O< MDD5:B82=>AB8 B@C40 <>6=> @0AAG8BK20BL >B45;L=K5, G0AB=K5 ?>:070B5;8. "0:, 4;O @0AG5B0 >A=>2=>3>, >1>1I0NI53> ?>:070B5;O MDD5:B82=>AB8 B@C40 (-) ?@54;0305BAO D>@<C;0 - = 0 : ' E , 345 0 - >1J5< @01>BK 2 548=8FC 2@5<5=8; ' - G8A;5==>ABL @01>B=8:>2;  - ?>:070B5;L :0G5AB20 B@C40. >?>;=8B5;L=K<8 G0AB=K<8 ?>:070B5;O<8 MDD5:B82=>AB8 B@C40 <>3CB 1KBL: ?@>872>48B5;L=>ABL B@C40 8 55 87<5=5=8O; 4>;O 87<5=5=8O 2K@01>B:8 70 AG5B 87<5=5=8O 8=B5=A82=>3> ?>:070B5;O - ?@>872>48B5;L=>AB8 B@C40; :0G5AB2> @01>BK; :20;8D8:0F8O @01>B=8:0; 70B@0BK 682>3> B@C40 =0 ?>4CG5==CN ?@81K;L; M:>=><8O 682>3> B@C40; M:>=><8O A@54AB2 =0 70@01>B=CN ?;0BC; @0F8>=0;L=>5 8A?>;L7>20=85 @01>G53> 2@5<5=8. @8 @0AG5B5 MDD5:B82=>AB8 B@C40 8450;L=>9 1K;0 1K B0:0O <5B>48:0, :>B>@0O ?>72>;O;0 1K >15A?5G8BL: A2O7L @01>BK ?@54?@8OB8O A >1I5AB25==K<8 F5==>ABO<8; AB8<C;8@CNI55 2>7459AB285 =0 @01>B=8:0; A>87<5@8B5;L >1I53> 8 G0AB=KE ?>:070B5;59 MDD5:B82=>AB8 B@C40; A2O7L <54C7C :>;8G5AB2>< 8 :0G5AB2>< B@C40. 4. F5=:0 :0G5AB20 B@C40 0G5AB25==K5 ?0@0<5B@K @01>BK 2 @0AG5B5 MDD5:B82=>AB8 B@C40 >?@545;ONBAO ?@8 ?><>I8 >F5=:8 :0G5AB20 B@C40. F5=:0 :0G5AB20 B@C40 =0 ?@54?@8OB88 - ?@>F5AA AC1J5:B82=K9, => >= ?>72>;O5B 2?>;=5 >1J5:B82=CN >F5=:C ;8G=>AB=K< 8 45;>2K< :0G5AB20< @01>B=8:>2, >A>15==> 2 B>< A;CG05, 5A;8 MB> ?@>8AE>48B =0 =0CG=>9 >A=>25. F5=:0 :0G5AB20 B@C40 - MB> A@02=8B5;L=0O >F5=:0, :>B>@0O ?@54AB02;O5B A>1>9 A>?>AB02;5=85 E0@0:B5@8AB8: 682>3> B@C40, 27OB>3> 70 MB0;>=. !@02=8B5;L=0O >F5=:0 A?>A>1AB2C5B @0728B8N :0: ?@>D5AA8>=0;L=KE, B0: 8 ;8G=>AB=KE :0G5AB2 @01>B=8:0, :>B>@K5 =5>1E>48<K =5 B>;L:> :>=:@5B=><C @01>B=8:C 4;O MDD5:B82=>3> B@C40 =0 40==>< @01>G5< <5AB5, => 8 65;0B5;L=K 4;O 4>AB865=8O B@C4>2KE F5;59 :>;;5:B820.  CA;>28OE @0728B8O ?@>872>4AB20 8 B@C4>2KE >B=>H5=89 ?>AB>O==> 2>7@0AB0NB B@51>20=8O : :0G5AB2C @01>G59 A8;K, >A>15==> A B>G:8 7@5=8O =0CG=>3> ?>4E>40 : >@30=870F88 B@C40. "@51>20=8O : @01>G59 A8;5 :0A0NBAO ?@>D5AA8>=0;L=KE, :20;8D8:0F8>==KE 8 45;>2KE :0G5AB2, :>B>@K5 8 >?@545;ONB AB5?5=L ?@83>4=>AB8 @01>B=8:0 : 40==><C 284C B@C40. "0:8< >1@07><, >F5=:0 :0G5AB20 B@C40 ?@54?>;0305B A8AB5<0B8G5A:>5 8 BI0B5;L=>5 87CG5=85 :0G5AB25==>3> A>AB020 @01>G59 A8;K A F5;LN 53> ?>AB>O==>3> @0728B8O ?CB5< >1=>2;5=8O, ?5@5<5I5=8O 8 ?>2KH5=8O :20;8D8:0F88. >MB><C 2 M:>=><8G5A:8 @0728BKE AB@0=0E >F5=:5 :0G5AB20 B@C40 C45;O5BAO 1>;LH>5 2=8<0=85 =0 ?@54?@8OB8OE. -B0 @01>B0 @0AA<0B@8205BAO :0: A>AB02=0O G0ABL ?@>F5AA0 A>25@H5=AB2>20=8O >@30=870F88 B@C40 8 C?@02;5=8O. F5=:0 :0G5AB20 B@C40 8A?>;L7C5BAO: 4;O 87CG5=8O ?@>D5AA8>=0;L=>9 ?@83>4=>AB8 @01>B=8:0 8 @07@01>B:8 <5@ ?> 55 1>;55 @0F8>=0;L=><C 8A?>;L7>20=8N; :0: >A=>2=>5 A@54AB2> B5:CI53> ?@5<8@>20=8O; :0: 4>?>;=8B5;L=>5 A@54AB2> ?@5<8@>20=8O @01>B=8:>2. F5=:0 :0G5AB20 B@C40 ?>;CG8;0 A2>5 =0G0;> =0 ?@54?@8OB8OE !( 8 1K;0 =0720=0 ">F5=:0 ?> 70A;C30< . 0B5< 55 ?@8<5=5=85 AB0;> ?>2A5<5AB=K< 2 4@C38E AB@0=0E.  =0H59 AB@0=5 B0:65 =0:>?;5= >?@545;5==K9 >?KB 55 ?@8<5=5=8O. !=0G0;0 2 ?@><KH;5==>AB8 (60-5 33.),0 70B5< 8 2 =5?@>872>4AB25==>9 AD5@5. 07K20;8 >F5=:C :0G5AB20 B@C40 ?> @07=><C: A8AB5<0 15745D5:B=>3> B@C40, A8AB5<0 C?@02;5=8O :0G5AB2>< B@C40 (!#"), 4;O 55 87<5@5=8O @07@01>B0;8 :>MDD8F85=B :0G5AB20 B@C40 ("#), :>B>@K9 2 =0AB>OI55 2@5<O G0I5 =07K20NB :>MDD8F85=B>< B@C4>2>9 MDD5:B82=>AB8 ("-).  >AA88 >F5=:0 :0G5AB20 B@C40 ?@8<5=O5BAO 2 >A=>2=>< :0: A@54AB2> AB8<C;8@>20=8O B@C40 - 2 @0A?@545;5=88 :>;;5:B82=>9 B5:CI59 ?@5<88 <564C @01>B=8:0<8, => <>65B ?@8<5=OBLAO 8 ?@8 @0AG5B5 A45;L=>3> ?@8@01>B:0. "- @0AAG8BK205BAO A ?><>ILN ?>2KH0NI8E 8 ?>=860NI8E 7=0G5=89 A>>B25BAB2CNI8E :>MDD8F85=B>2. "0:, ?>2KH0NI8<8 7=0G5=8O<8 B@C4>2>9 MDD5:B82=>AB8 <>3CB 1KBL: C25;8G5=85 >1J5<0 @01>BK 70 AG5B @>AB0 ?@>872>48B5;L=>AB8 B@C40; @01>B0 A 8A?>;L7>20=85< >1>A=>20==KE =>@< B@C40; ?>;CG5=85 ?@87>2KE <5AB =0 A<>B@0E 8 :>=:C@A0E ?> A>25@H5=AB2>20=8N >@30=870F88 B@C40; 2=54@5=85 @0F?@54;>65=89; CG0AB85 2 42865=88 =0AB02=8G5AB20 8 4@. >=860NI8<8 7=0G5=8O<8 B@C4>2>9 MDD5:B82=>AB8 <>3CB 1KBL: =5:0G5AB25==>5 2K?>;=5=85 ?@>D5AA8>=0;L=KE >1O70==>AB59; =87:>5 A0=8B0@=>5 A>AB>O=85 @01>G53> <5AB0; =0@CH5=85 A@>:>2 2K?>;=5=8O 7040=89; ?@>872>4AB2> =5:0G5AB25==>9 ?@>4C:F88; =51@56=>5 >B=>H5=85 : >1>@C4>20=8N; =0@CH5=85 B@C4>2>9 48AF8?;8=K 8 4@. 064>5 ?@54?@8OB85 8 53> ?>4@0745;5=8O @07@010BK20NB A2>8 ?>:070B5;8 :0G5AB20 B@C40 2 A>>B25BAB288 A >A>15==>ABO<8 2840 B@C4>2>9 45OB5;L=>AB8. 064K9 ?>:070B5;L 8<55B :>;8G5AB25==CN >F5=:C, 2K@065==CN 2 10;;0E 8;8 2 :>MDD8F85=B0E. 0 548=8FC ?@8=8<05BAO =>@<0;L=>5 7=0G5=85 :0G5AB20 B@C40. C:>2>48B5;L ?>4@0745;5=8O =0 >A=>25 8<5NI53>AO ?5@5G=O ?>2KH0NI8E 8 ?>=860NI8E 7=0G5=89 :>MDD8F85=B0 :0G5AB20 B@C40 5654=52=> 2545B 8E D0:B8G5A:89 CG5B, GB> >B@0605BAO 2 M:@0=5 :0G5AB20 B@C40. > ?@>H5AB288 <5AOFC MB8 >F5=:8 >1>1I0NBAO 8 @0AA<0B@820NBAO =0 >1I5< A>1@0=88 :>;;5:B820. @>B>:>; A>1@0=8O A CB25@645==K<8 >F5=:0<8 ?@54AB02;O5BAO M:>=><8ABC (1CE30;B5@C) 4;O CG5B0 ?@8 =0G8A;5=88 70@01>B=>9 ?;0BK. 0: ?@028;>, ?@8 ?>AB@>5=88 A8AB5<K >F5=:8 :0G5AB20 B@C40 8A?>;L7CNB =51>;LH>5 :>;8G5AB2> ?>:070B5;59 - >B 4 4> 15. @8<5=5=85 1>;LH>3> G8A;0 ?>:070B5;59 <5H05B CG5BC 8 CA;>6=O5B 8E 2>A?@8OB85. >:070B5;8 A8AB5<K >F5=:8 :0G5AB20 B@C40 (:@8B5@88) 4>;6=K ;53:> >?@545;OBAO 8 1KBL C=825@A0;L=K<8 B. 5. ?@8ACI8<8 1>;LH8=AB2C @01>B=8:>2. > ?@8 MB>< 206=>, GB>1K >=8 1K;8 E0@0:B5@=K 4;O 40==>3> 2840 @01>B. <5NBAO 8 B8?>2K5 :@8B5@88, :>B>@K5 ?@8<5=ONB 1>;LH8=AB2> D8@<. -B>: <0AB5@AB2> 8 8=8F80B82=>ABL, @8B<8G=>ABL 2 @01>B5, AB018;L=> 2KA>:0O 8=B5=A82=>ABL B@C40, 2;045=85 A<56=K<8 ?@>D5AA8O<8, CG0AB85 2 87>1@5B0B5;LA:>9 8 @0F8>=0;870B>@A:>9 @01>B5 8 B.?. !;54C5B >B<5B8BL B0:65 B0:85 :@8B5@88, :0: ?@8A?>A>1;O5<>ABL, A>B@C4=8G5AB2>, =0456=>ABL, 15@56;82>ABL, A>>1@078B5;L=>ABL, >B=>H5=85 : >1>@C4>20=8N 8 A@54AB20< B@C40, 7=0=85 45;0, A>1;N45=85 B5E=8:8 157>?0A=>AB8. K1>@ 8 >1>A=>20=85 :@8B5@852 >F5=:8 ?> 70A;C30< ?@>8AE>48B =0 >A=>25 <5B>4>2 ?A8E>;>388 8 D878>;>388 B@C40, <0B5<0B8G5A:>9 AB0B8AB8:8 8 @O40 4@C38E. A=>2=K<8 <5B>40<8 CG5B0 :@8B5@852 4;O >F5=:8 ?> 70A;C30< O2;ONBAO: 0):;0AA8D8:0F8O (2 ?>@O4:5 2>7@0AB0=8O 7=0G5=89); 1)A@02=5=85 A MB0;>=><; 2)A8AB5<0 ?>?0@=>3> A@02=5=8O; 3)8A?>;L7>20=85 ?@>872>;L=KE ?8AL<5==KE E0@0:B5@8AB8:; 4) ?@8<5=5=85 CG5B=KE :0@B>G5:; 5) <5B>4 7040==>9 3@C??8@>2:8; 6) <5B>4 A2>1>4=>3> 2K1>@0; 7) <5B>4 2K=C645==>3> 2K1>@0 >F5=>G=KE E0@0:B5@8AB8:; @8<5=5=85 >F5=:8 ?> 70A;C30< 2 F5;OE <0B5@80;L=>3> AB8<C;8@>20=8O =0 ?@54?@8OB88, :0: ?@028;>, ?@>872>48BAO =0 >A=>25 AB0B8AB8G5A:>3> 2725H820=8O ?>:070B5;59, E0@0:B5@87CNI8E ;8G=>AB=K5 :0G5AB20<8 >1J548=5=8O 8E 2 3@C??K. "0:8E 3@C?? =5A:>;L:>, 2 :064>9 >?@545;5= C45;L=K9 25A 2 ?@>F5=B0E, 2 ?@545;0E 100. 0?@8<5@: - :0G5AB2> @01>BK 25 - 2K@01>B:0 20 - ?@>D5AA8>=0;L=K5 7=0=8O 20 - ?@8A?>A>1;O5<>ABL 15 - =0456=>ABL 10 - >B=>H5=85 : @01>B5 10  A;CG05 ?@8<5=5=8O >F5=:8 ?> 70A;C30< 2 :0G5AB25 A@54AB20 4>?>;=8B5;L=>3> ?@5<8@>20=8O 8A?>;L7CNBAO 10;L=0O >F5=:0 C@>2=O :0G5AB20 B@C40. ;O @07;8G=KE >F5=>: C@>2=O :0G5AB20 B@C40 ?@54CA<>B@5=> >?@545;5==>5 :>;8G5AB2> 10;;>2: - >B;8G=> 341-400 - E>@>H> 281-340 - C4>2;5B2>@8B5;L=> 221-280 - ?;>E> 161-220 - =5C4>2;5B2>@8B5;L=> 100-160  A>>B25BAB288 A AC<<>9 ?>;CG5==KE 10;;>2 @01>B=8:C CAB0=02;8205BAO =04102:0 : >A=>2=>9 70@01>B=>9 ?;0B5. 01>B=8:C, ?>;CG82H5<C 281-300 10;;>2, CAB0=02;8205BAO =04102:0 2 @07<5@5 5 % >A=>2=>3> 70@01>B:0, 301-320 10;;>2 - 10 % 8 B.4.  =0AB>OI55 2@5<O 2>7<>6=>AB8 ?@8<5=5=8O <5B>40 >F5=:8 :0G5AB20 B@C40 7=0G8B5;L=> @0AH8@5=K. >?KB:8 CG5ABL :0G5AB25==K5 AB>@>=K ?@>F5AA0 B@C40 ?@8=8<0NB 2A5 1>;55 @0A?@>AB@0=5==K9 E0@0:B5@. "0:, >F5=:0 :0G5AB20 B@C40 ?@8<5=O5BAO =5 B>;L:> 4;O @0728B8O 8 AB8<C;8@>20=8O C65 =0=OBKE @01>B=8:>2, => 8 ?@8 >B1>@5 ?@5B5=45=B>2 =0 @01>G55 <5AB>, B.5. 2 ?@>F5AA5 A>15A54>20=8O 8 B5AB8@>20=8O. 5. 53C;8@>20=85 8 ?;0=8@>20=85 G8A;5==>AB8 @01>B=8:>2 8 A@54AB2 =0 70@01>B=CN ?;0BC 1.!B@C:BC@0 8 A>AB02 @01>B=8:>2 ?@54?@8OB8O 2. 2865=85 :04@>2 =0 ?@54?@8OB88 3. ?@545;5=85 G8A;5==>AB8 @01>B=8:>2 =0 ?@54?@8OB88 4. 01>G55 2@5<O 5. ;0=8@>20=85 ?5@A>=0;0 =0 ?@54?@8OB88 1. !B@C:BC@0 8 A>AB02 @01>B=8:>2 ?@54?@8OB8O -DD5:B82=>ABL @01>BK 8 :>=:C@5=B>A?>A>1=>ABL ?@54?@8OB8O 2> <=>3>< >?@545;ONBAO A>AB02>< =05<=>9 @01>G59 A8;K.  CA;>28OE @K=:0 ?@54?@8=8<0B5;L (@01>B>40B5;L) A0<>AB>OB5;L=> >?@545;O5B, :0:8E @01>B=8:>2 8 A:>;L:> 5<C =5>1E>48<> ?@8=OBL =0 @01>BC, :0:0O C =8E 1C45B 70@01>B=0O ?;0B0. -B8 @5H5=8O =5 4>;6=K =0@CH0BL >1O70B5;L=K5 B@C4>2K5 =>@<K, CAB0=>2;5==K5 3>AC40@AB2>< 8 70:@5?;5==K5 2 >45:A5 > B@C45. >" @53C;8@CNB 2708<>>B=>H5=8O @01>B=8:>2 ?@54?@8OB8O, >?@545;O5B :@C3 8E ?@02 8 >1O70==>AB59. ?@545;5=85 A>AB020 @01>B=8:>2, =5>1E>48<KE 4;O 2K?>;=5=8O =0<5G5==KE @01>B, ?@>8AE>48B ?> A;54CNI59 ?@8<5@=>9 AE5<5: 2K18@05BAO 284 45OB5;L=>AB8 8 @0AAG8BK205BAO 2>7<>6=K9 >1J5< @01>BK; >?@545;O5BAO @07<5@ =5>1E>48<>3> ?5@2>=0G0;L=>3> :0?8B0;0, 2 B>< G8A;5 =0 2K?;0BC 70@01>B=>9 ?;0BK; >?@545;ONBAO B@C4>2K5 DC=:F88 8 4>;6=>AB8; CAB0=02;820NBAO B@51>20=8O : C@>2=N :20;8D8:0F88; >?@545;O5BAO =5>1E>48<K9 C@>25=L >1@07>20=8O @01>B=8:>2; 3@C??8@CNBAO @>4AB25==K5 @01>G85 <5AB0, D>@<8@CNBAO >B45;K (A5:B>@K, F5E0, A;C61K); ?>4AG8BK205BAO G8A;> @01>G8E <5AB 8 4>;6=>AB59, A>AB02;O5BAO HB0B=>5 @0A?8A0=85. @8 @5H5=88 MB8E 2>?@>A>2 CG8BK20NBAO AD5@0 45OB5;L=>AB8 8 C@>25=L ?>43>B>2:8 @01>B=8:>2. @>D5AA8O - MB> 284 B@C4>2>9 45OB5;L=>AB8, B@51CNI89 >?@545;5==>9 ?>43>B>2:8. <5==> ?>43>B>2:>9 @07;8G0NBAO, =0?@8<5@, ?@>D5AA8O B>:0@O, 03@>=><0 8;8 CG8B5;O. !?5F80;L=>ABL - MB> @07=>284=>ABL B@C4>2>9 45OB5;L=>AB8 2 @0<:0E >4=>9 ?@>D5AA88. 0?@8<5@, 2@0G <>65B 8<5BL A?5F80;L=>ABL: B5@0?52B, E8@C@3 8 B. 4. 20;8D8:0F8O - MB> <5@0 (C@>25=L) >2;045=8O @01>B=8:>< B>9 8;8 8=>9 ?@>D5AA859. "0:, ?> C@>2=N :20;8D8:0F88 @07;8G0NBAO: 254CI85 M:>=><8ABK, M:>=><8AB0 1 :0B53>@88, M:>=><8ABK 11 :0B53>@88, M:>=><8ABK ( :0B53>@88 8 M:>=><8ABK. #AB0=>2;5=85 =08<5=>20=85 ?@>D5AA89 8 A?5F80;L=>AB59 4;O @01>G8E ?@>8AE>48B A CG5B>< 48=>3> B0@8D=>-:20;8D8:0F8>==>3> A?@02>G=8:0 @01>B 8 ?@>D5AA89 @01>G8E ("!), 0 4;O @C:>2>48B5;59 8 A?5F80;8AB>2 8 A;C60I8E - A CG5B>< A?@02>G=8:0 4>;6=>AB59 @C:>2>48B5;59, A?5F80;8AB>2 8 A;C60I8E. @8A2>5=85 :20;8D8:0F88 @01>B=8:0< ?@>872>48BAO 0BB5AB0F8>==K<8 :><8AA8O<8, :>B>@K5 459AB2CNB :0: =0 ?@54?@8OB8OE, B0: 8 2 CG51=KE 702545=8OE. @8 MB>< >F5=:0 :20;8D8:0F88 @01>B=8:>2 1N465B=>9 AD5@K >A=>20=0 =0 8A?>;L7>20=88 48=>9 B0@8D=>9 A5B:8 (ETC). 5 ?@8<5=5=85 4;O 1N465B=KE >@30=870F89 O2;O9AO >1O70B5;L=K<, 4;O 2A5E 4@C38E ?@54?@8OB89 53> <>65B A;C68BL >@85=B8@><. !>3;0A=> ETC 4;O B0@8D8:0F88 @01>G8E ?@>D5AA89 ?@54CA<>B@5=K ?5@2K5 2>A5<L @07@O4>2, 8 ;8HL :20;8D8F8@>20==K5 @01>G85, 70=OBK5 =0 206=KE 8 >B25BAB25==KE @01>B0E, B0@8D8F8@CNBAO 4> 9-3> @07@O40, 0 70=OBK5 =0 >A>1> 206=KE 8 >A>1> >B25BAB25==KE @01>B0E - 4> 12 @07@O40. !;C60I85, 2 B>< G8A;5 @C:>2>48B5;8 8 A?5F80;8ABK, B0@8D8F8@CNBAO A> 2-3> ?> 18-9 @07@O4. ;O ?@8<5@0 ?@82545< B0@8D8:0F8N =5:>B>@KE ?@>D5AA89 A;C60I8E: @>D5AA8O 07@O4 =65=5@K, M:>=><8ABK @07;8G=KE A?5F80;L=>AB59 8 =08<5=>20=89 6-11 "5E=>;>38, :>=AB@C:B>@K, <0B5<0B8:8, ?@>3@0<<8ABK 6-13 #G8B5;O 7-14 @0G8 8-15 0G0;L=8:8 F5E>2 8 >B45;>2 11-14 C:>2>48B5;8 CG@5645=89, >@30=870F89 8 ?@54?@8OB89 10-18 0 ?@54?@8OB8OE ?>;CG8;0 ?@0:B8:0 A>2<5I5=8O ?@>D5AA89 8 @0AH8@5=8O 7>= >1A;C6820=8O, :>340 @01>B=8:8 >A20820NB =5A:>;L:> 284>2 @01>B 2 ?@545;0E >4=>3> CG0AB:0. 0: ?@028;>, A>2<5I5=85 >ACI5AB2;O5BAO ?> ?@>D5AA8O<, A2O70==K< <564C A>1>9 >@30=870F8>==>, B5E=>;>38G5A:8 8;8 B5@@8B>@80;L=>. >, 206=>, GB>1K B0:>5 A>2<5I5=85 =5 CEC4H0;> @57C;LB0BK B@C40 ?> >A=>2=>9 ?@>D5AA88 @01>B=8:0. B A>2<5I5=8O ?@>D5AA89 A;54C5B >B;8G0BL A>2<5AB8B5;LAB2>, :>340 @01>B=8: 2K?>;=O5B 4>?>;=8B5;L=> : >A=>2=>9 @01>BC =0 4@C3>< ?@54?@8OB88. 01>B0NI89 ?> A>2<5AB8B5;LAB2C ?>;L7C5BAO 2A5<8 ?@020<8 8 ;L3>B0<8, :>B>@K5 ?>;030NBAO >A=>2=K< @01>B=8:0< ?@54?@8OB8O. >;8G5AB2> @01>B=8:>2 =0 ?@54?@8OB88 >?@545;O5BAO G8A;>< @01>G8E <5AB. 01>G55 <5AB> - MB> 70:@5?;5==0O 70 >B45;L=K< @01>B=8:>< ?@>AB@0=AB25==0O 7>=0, >A=0I5==0O A@54AB20<8 8 ?@54<5B0<8 B@C40, =5>1E>48<K<8 4;O 2K?>;=5=8O B@51C5<>9 @01>BK. ;O ?>2KH5=8O MDD5:B82=>AB8 >@30=870F88 B@C40 =0 ?@54?@8OB88 @5:><5=4C5BAO A>AB02;OBL >?8A0=85 @01>G53> <5AB0. 1KG=> B0:>5 >?8A0=85 2:;NG05B: =0720=85 @01>G53> <5AB0, 53> =07=0G5=85; DC=:F88 @01>B=8:0, 70=8<0NI53> MB> @01>G55 <5AB>, 53> ?>;=><>G8O 8 <5AB> 2 AB@C:BC@5 ?@54?@8OB8O B0:65 A>>B=>H5=85 ?>4G8=5==>AB8 =5>1E>48<K5 <5@K 4;O 70<5I5=8O @01>B=8:0 =0 A;CG09 53> >BACBAB28O 8 7040=8O 4;O @01>B=8:0 =0 A;CG09 70<5I5=8O 8< 4@C38E. "0:>9 4>:C<5=B G5B:> >1>7=0G05B >1O70==>AB8 @01>B=8:0 A ?>78F88 4>AB865=8O >1I5B@C4>2KE F5;59 ?@54?@8OB8O, => ?@8 MB>< =5 >3@0=8G8205B 53> 2 A2>1>45 459AB289, =5>1E>48<KE 4;O ?@8=OB8O @5H5=89 2 A;CG0OE =5?@542845==KE >1AB>OB5;LAB2. 01>B=8:8 >4=>3> ?@54?@8OB8O A>AB02;ONB B@C4>2>9 :>;;5:B82, B. 5. 3@C??C @01>B=8:>2 >1J548=5==KE >1I59 F5;LN 45OB5;L=>AB8 ?@54?@8OB8O 8 2K?>;=ONI8E A>>B25BAB2CNI5 284K B@C4>2>9 45OB5;L=>AB8. 01>G0O A8;0, 70=OB0O 2 @07;8G=KE >B@0A;OE M:>=><8:8 AB@0=K 8 55 @538>=0E @07;8G05BAO ?> ?>;C, 2>7@0ABC, =0F8>=0;L=>AB8, >1@07>20=8N, AB04C @01>BK, ?@>D5AA88, A?5F80;L=>AB8 8 :20;8D8:0F88. A5 @01>B=8:8 45;OBAO =0 425 :0B53>@88: ?@><KH;5==>-?@>872>4AB25==K9 ?5@A>=0; (?5@A>=0; >A=>2=>9 45OB5;L=>AB8); ?5@A>=0; =5?@><KH;5==KE >@30=870F89, A>AB>OI8E =0 10;0=A5 ?@><KH;5==KE ?@54?@8OB89 (?5@A>=0; =5>A=>2=>9 45OB5;L=>AB8).  G8A;5==>ABL ?@><KH;5==>-?@>872>4AB25==>3> ?5@A>=0;0 () ?@54?@8OB8O 2:;NG0NBAO @01>B=8:8: >A=>2=KE 8 2A?><>30B5;L=KE F5E>2 (CG0AB:>2); ?>4A>1=KE ?@>872>4AB2; >1A;C6820NI85 M;5:B@8G5A:85, B5?;>2K5 A5B8, ?>4AB0=F88 8 4@.; 70=OBK5 =0 ?>3@C7>G=>-@073@C7>G=KE @01>B0E 8 B@0=A?>@B=>-A:;04A:8E @01>B0E; =0CG=>-8AA;54>20B5;LA:8E, :>=AB@C:B>@A:8E, ?@>5:B=>-:>=AB@C:B>@A:8E, B5E=>;>38G5A:8E >@30=870F89, =0E>4OI8EAO =0 10;0=A5 ?@54?@8OB8O; ?@>872>4AB25==KE ;01>@0B>@89; 70=OBK5 ?CA:>=0;04>G=K<8 @01>B0<8; 70=OBK5 =0 >G8AB=KE A>>@C65=8OE, A>AB>OI8E =0 10;0=A5 ?@54?@8OB8O; C7;>2 A2O78, A>AB>OI8E =0 10;0=A5 ?@54?@8OB8O; 8=D>@<0F8>==>-2KG8A;8B5;L=KE F5=B@>2; 2A5E 284>2 >E@0=K; 702>4A:8E 4CH59 8 10=L, >1A;C6820NI8E =0 ?@>872>4AB25 ?5@A>=0; B>;L:> 40==>3> ?@54?@8OB8O; 70=OBK5 =0 :0?8B0;L=>< 8 B5:CI5< @5<>=B5 >1>@C4>20=8O 8 4@.  ?5@A>=0;C, 70=OB><C 2 =5>A=>2=>9 45OB5;L=>AB8 ?@><KH;5==KE ?@54?@8OB89 (=5?@><KH;5==K9 ?5@A>=0;), >B=>AOBAO @01>B=8:8:: B@0=A?>@B0, A>AB>OI53> =0 10;0=A5 ?@54?@8OB8O 8 >1A;C6820NI53> 68;8I=>5 E>7O9AB2>, :><<C=0;L=K5 ?@54?@8OB8O 8 4@C385 >@30=870F88 =5>A=>2=>9 45OB5;L=>AB8; AB@>8B5;L=KE ;01>@0B>@89; 3@C?? ?@>5:B8@>20=8O >@30=870F88 @01>B 8 ?@>5:B=KE 1N@>, 3@C??, 35>4578G5A:8E A;C61 AB@>8B5;L=KE >@30=870F89; 70=OBK5 =0 :0?8B0;L=>< @5<>=B5 740=89 8 A>>@C65=89, ?@>872>48<>< E>7O9AB25==K< A?>A>1><; B>@3>2;8 8 >1I5AB25==>3> ?8B0=8O; ?@54?@8OB89, 70=OBKE ?>AB>O==> 703>B>2:>9 A5;LA:>E>7O9AB25==>9 ?@>4C:F88, 0 B0:65 A5;LA:>E>7O9AB25==>3> AK@LO 4;O ?@><KH;5==>9 ?5@5@01>B:8; ?>4A>1=K5 A5;LA:>E>7O9AB25==K5 ?@54?@8OB8O, A>AB>OI85 =0 10;0=A5 ?@><KH;5==KE ?@54?@8OB89; @540:F89 3075B 8 @048>25I0=8O; 68;8I=>3> E>7O9AB20; :><<C=0;L=KE ?@54?@8OB89 8 ?@54?@8OB89 1KB>2>3> >1A;C6820=8O =0A5;5=8O; >1A;C6820NI85 <548F8=A:85 CG@5645=8O (<54A0=G0AB8, 74@02?C=:BK, ?@>D8;0:B>@88, ?0=A8>=0BK, BC@107K 8 B.?.); CG@5645=8O D878G5A:>9 :C;LBC@K (AB048>=K, 42>@FK A?>@B0, A?>@B82=K5 70;K 8 B.4); CG51=KE 702545=89 8 :C@A>2; CG@5645=89 4>H:>;L=>3> 2>A?8B0=8O; CG@5645=89 :C;LBC@K; 181;8>B5:, :@><5 B5E=8G5A:8E 8 4@. A5 @01>B=8:8 ?@54?@8OB89 45;OBAO =0 425 3@C??K: @01>G85 8 A;C60I85. 01>G85 (@01>B=8:8 <0AA>2KE ?@>D5AA89) MB> =081>;55 <=>3>G8A;5==0O 3@C??0, :>B>@0O ?>4@0745;O5BAO =0 @01>G8E >A=>2=KE @01>B 8 2A?><>30B5;L=KE @01>B. 01>G85 >A=>2=KE @01>B 70=OBK 2 >A=>2=>< ?@>872>4AB25 ?@54?@8OB89. 01>G85 2A?><>30B5;L=KE @01>B ?><>30NB >A=>2=K< @01>B=8:0< 2K?>;=OBL @01>BC ?> >A=>2=><C 284C 45OB5;L=>AB8 ?@54?@8OB8O. > C@>2=N :20;8D8:0F88 @01>G85 <>3CB 1KBL: 0) :20;8D8F8@>20==K<8; 1) <0;>:20;8D8F8@>20==K<8; 2) =5:20;8D8F8@>20==K<8. E A>>B=>H5=85 =0 ?@54?@8OB88 7028A8B >B 284>2 8 >1J5<>2 2K?>;=O5<KE @01>B. !;C60I85 - MB> @C:>2>48B5;8 8 A?5F80;8ABK. C:>2>48B5;8 8 A?5F80;8ABK >ACI5AB2;ONB DC=:F88 >1I53> C?@02;5=8O 8 B5E=8G5A:>3> @C:>2>4AB20.  A?5F80;8AB0< >B=>AOB @01>B=8:>2, 8<5NI8E 2KAH55 8;8 A?5F80;L=>5 A@54=55 >1@07>20=85. ;O >B45;L=KE ?@>D5AA89 B@51C5BAO 2KAH55 >1@07>20=85. ;O 4@C38E ?@>D5AA89 >1@07>20=85 <>65B 1KBL :0: 2KAH8<, B0: 8 A@54=8< A?5F80;L=K<. > C@>2=N >1@07>20=8O A?5F80;8ABK ?>4@0745;ONBAO =0 :0B53>@88. 2. 2865=85 :04@>2 =0 ?@54?@8OB88 06=59H59 E0@0:B5@8AB8:>9 A>AB>O=8O :04@>2 =0 ?@54?@8OB88 O2;O5BAO 8E 48=0<8:0: @01>B=8:8 ?>ABC?0NB =0 @01>BC, C2>;L=ONBAO ?> @07;8G=K< ?@8G8=0<. >MB><C 2>7=8:05B =5>1E>48<>ABL >?@545;5=8O =5 B>;L:> >1I53> G8A;0 ?@8=OBKE 8 C2>;5==KE 70 40==K9 ?5@8>4 @01>B=8:>2, => 8 @0A?@545;5=8O 8E ?> 8AB>G=8:0< ?>ABC?;5=8O 8 =0?@02;5=8O< 2K1KB8O. !@540 8AB>G=8:>2 ?>ABC?;5=8O @01>G59 A8;K ?@8=OB> 2K45;OBL: ?@8=OBKE =5?>A@54AB25==> ?> 8=8F80B825 ?@54?@8OB89; ?@8=OBKE ?> =0?@02;5=8N >@30=>2 B@C4>CAB@>9AB20; ?@8=OBKE ?>A;5 >:>=G0=8O A>>B25BAB2CNI8E CG51=KE 702545=89; ?@8=OBKE 2 ?>@O4:5 ?5@52>40 A 4@C38E ?@54?@8OB89. !@540 =0?@02;5=89 2K1KB8O @01>B=8:>2 ?@8=OB> @07;8G0BL 2K1KB85 ?> ?@8G8=0< D878>;>38G5A:>3> E0@0:B5@0 (2 A2O78 A> A<5@BLN, 4;8B5;L=>9 1>;57=LN, 4>AB865=85< ?5=A8>==>3> 2>7@0AB0, =52>7<>6=>ABLN ?> A>AB>O=8N 74>@>2LO ?@>4>;60BL @01>BC =0 40==>< ?@54?@8OB88); 2K1KB85 ?> ?@8G8=0<, ?@O<> ?@54CA<>B@5==K< 70:>=>< - B0: =07K205<K9 =5>1E>48<K9 >1>@>B @01>G59 A8;K (?@87K2 2 0@<8N, ?>ABC?;5=85 =0 CG51C A >B@K2>< >B ?@>872>4AB20, 871@0=85 2 2K1>@=K5 >@30=K, ?5@52>4 =0 4@C385 ?@54?@8OB8O 8 4@.), 0 B0:65 ?> ?@8G8=0<, =5?>A@54AB25==> 70:>=>< =5 ?@54CA<>B@5==L< 8 A2O70==K< A ;8G=>ABLN @01>B=8:0: C2>;L=5=85 ?> A>1AB25==><C 65;0=8N, 70 ?@>3C;K 8 4@C385 =0@CH5=8O B@C4>2>9 48AF8?;8=K, 2 A2O78 A =5A>>B25BAB285< 70=8<05<>9 4>;6=>AB8, 2 A2O78 A @5H5=8O<8 AC4>2 (B0: =07K205<K9, 87;8H=89 >1>@>B @01>G59 A8;K 8;8 B5:CG5ABL :04@>2). ;O E0@0:B5@8AB8:8 @07<5@0 42865=8O @01>G59 A8;K ?@8=OB> >?@545;OBL @O4 ?>:070B5;59 (:>MDD8F85=B>2). >MDD8F85=B >1>@>B0 @01>G59 A8;K ?> ?@85<C - >B=>H5=85 G8A;0 2A5E ?@8=OBKE @01>B=8:>2 70 >BG5B=K9 ?5@8>4 : A@54=5A?8A>G=><C 8E G8A;C. >MDD8F85=B >1>@>B0 @01>G59 A8;K ?> 2K1KB8N - >B=>H5=85 G8A;5==>AB8 2K1K2H8E @01>B=8:>2 70 >BG5B=K9 ?5@8>4 : A@54=5A?8A>G=><C G8A;C @01>B=8:>2. >MDD8F85=B B5:CG5AB8 - >B=>H5=85 G8A;0 2K1K2H8E 70 >BG5B=K9 ?5@8>4 @01>B=8:>2 ?> =5C2068B5;L=K< ?@8G8=0< (C2>;L=5=85 ?> A>1AB25==><C 65;0=8N, 70 =0@CH5=85 B@C4>2>9 48AF8?;8=K, 87-70 =5A>>B25BAB28O 70=8<05<>9 4>;6=>AB8 8 ?> @5H5=8N AC4>2) : A@54=5A?8A>G=><C G8A;C @01>B=8:>2. >MDD8F85=B 70<5I5=8O, @02=K9 >B=>H5=8N @07=>AB8 G8A;0 ?@8=OBKE 8 2K1K2H8E @01>B=8:>2 70 >BG5B=K9 ?5@8>4 : A@54=5A?8A>G=><C G8A;C @01>B=8:>2. >MDD8F85=B ?>AB>O=AB20 :04@>2 - >B=>H5=85 G8A;0 @01>B=8:>2, ?@>@01>B02H8E 25AL >BG5B=K9 ?5@8>4, : 8E G8A;C =0 :>=5F MB>3> ?5@8>40. -B>B :>MDD8F85=B :0: 1K 4>?>;=O5B :>MDD8F85=B B5:CG5AB8 8 ?@8<5=O5BAO 4;O >F5=:8 MDD5:B82=>AB8 :04@>2>9 ?>;8B8:8 ?@54?@8OB8O. 3. ?@545;5=85 G8A;5==>AB8 @01>B=8:>2 =0 ?@54?@8OB88 01>B=8:8 ?@54?@8OB8O <>3CB 1KBL ?>AB>O==K<8, 2@5<5==K<8, A57>==K<8 8;8 ?@8=OBK<8 4;O 2K?>;=5=8O @07>2KE @01>B.  G8A;5 ?>:070B5;59, E0@0:B5@87CNI8E G8A;5==K9 A>AB02 @01>B=8:>2, 2 ?5@2CN >G5@54L A;54C5B =0720BL >1ICN 8 A?8A>G=CN G8A;5==>ABL. 1I0O G8A;5==>ABL @01>B=8:>2 - MB> >1I55 :>;8G5AB2> D878G5A:8E ;8F, 2:;NG5==KE 2 B@C4>2K5 >B=>H5=8O A @01>B>40B5;5<. !?8A>G=0O G8A;5==>ABL 2K@0605B :>;8G5AB2> @01>B=8:>2 ?@54?@8OB8O 70 :0:>9-B> ?5@8>4 A CG5B>< 2@5<5=8 8E @01>BK. =0 >?@545;O5B ?>B@51=>ABL 2 @01>B=8:0E 4;O ?>;=>3> C:><?;5:B>20=8O @01>G8E <5AB 8 70<5=K @01>B=8:>2, >BACBAB2CNI8E ?> C2068B5;L=K< ?@8G8=0<. =>340 2 A?8A>G=>9 G8A;5==>AB8 2K45;ONB 5I5 ?>=OB85 O2>G=>9 G8A;5==>AB8 @01>B=8:>2. /2>G=0O G8A;5==>ABL - MB> =5>1E>48<>5 :>;8G5AB2> @01>B=8:>2 A CG5B>< G8A;0 @01>G8E <5AB 8 =>@<K 2@5<5=8 8E @01>BK. /2>G=0O G8A;5==>ABL (/) >?@545;O5BAO ?> D>@<C;5: / =  E @ : @, 345  - G8A;> @01>G8E <5AB; p- 2@5<O @01>BK ?@54?@8OB8O 70 :0:>9-B> ?5@8>4; @- =>@<0 @01>BK =0 >4=>3> @01>B=8:0 70 ?5@8>4, 4=59 8;8 G0A>2. !?8A>G=0O G8A;5==>ABL @01>B=8:>2 (!) >?@545;O5BAO =0 >A=>25 O2>G=>9 G8A;5==>AB8: ! = / E "@.4. : , 345 "@.4. - G8A;> @01>G8E 4=59 2 0=0;878@C5<>< ?5@8>45 70 8A:;NG5=85< 2KE>4=KE 8 ?@074=8G=KE 4=59;  - G8A;> @01>G8E 4=59 70 8A:;NG5=85< >B?CA:>2 8 4=59 2>7<>6=>9 =5O2:8 @01>B=8:>2 ?> 4@C38< C2068B5;L=K< ?@8G8=0<, =0?@8<5@, 2 A2O78 A CG51>9 8;8 A 1>;57=LN. !?8A>G=K9 A>AB02 2:;NG05B 2A5E @01>B=8:>2, ?@8=OBKE =0 ?>AB>O==CN, A57>==CN 8 2@5<5==CN @01>BC =0 A@>: >48= 45=L 8 1>;55. !?8A>G=0O G8A;5==>ABL @0AAG8BK205BAO A CG5B>< :0: D0:B8G5A:8 @01>B02H8E @01>B=8:>2, B0: 8 >BACBAB2>202H8E. 0AG5B >1I59 A?8A>G=>9 G8A;5==>AB8 @01>B=8:>2 <>65B ?@>872>48BLAO =0 >?@545;5==CN 40BC 8;8 2 A@54=5< 70 ?5@8>4.  M:>=><8G5A:8E @0AG5B0E G0H5 ?@8<5=ONBAO A@54=85 70 :0:>9-;81> ?5@8>4 ?>:070B5;8. "0:, A@54=5A?8A>G=0O G8A;5==>ABL @01>B=8:>2 70 :0:>9-;81> ?5@8>4 >?@545;O5BAO ?CB5< AC<<8@>20=8O A?8A>G=>3> A>AB020 @01>B=8:>2 70 :064K9 :0;5=40@=K9 45=L MB>3> ?5@8>40, 2:;NG0O =5@01>G85, 8 45;5=8O ?>;CG5==>9 AC<<K =0 G8A;> :0;5=40@=KE 4=59 2 40==>< ?5@8>45. @8 @0AG5B5 ?>B@51=>AB8 2 ?5@A>=0;5 @5:><5=4C5BAO 2=0G0;5 >?@545;8BL G8A;5==>ABL >A=>2=KE @01>B=8:>2, 70B5< 2A?><>30B5;L=KE @01>B=8:>2 8 ;8HL ?>B>< 04<8=8AB@0B82=>-C?@02;5=G5A:>3> ?5@A>=0;0 (#). "0:>9 ?>4E>4 >1JOA=O5BAO @>;LN @01>B=8:>2 <0AA>2KE ?@>D5AA89, 2K?>;=ONI8E >A=>2=>9 >1J5< @01>BK =0 ?@54?@8OB88. 0 ?@54?@8OB88 G8A;5==>ABL @01>B=8:>2 >A=>2=>9 @01>BK (') >?@545;O5BAO, :0: ?@028;>, A CG5B>< >1J5<0 @01>BK, =>@<K 2K@01>B:8 8 1N465B0 2@5<5=8 >4=>3> @01>B=8:0. '=0@ : (2E), 345 @ - >1J5< @01>BK, 8;8 ?@>872>4AB25==0O ?@>3@0<<0, A CG5B>< B@C4>5<:>AB8 @01>B; 2 - =>@<0 2K@01>B:8;  - 1N465B (=>@<0) 2@5<5=8 >4=>3> @01>B=8:0 70 @0AA<0B@8205<K9 ?5@8>4. '8A;5==>ABL 2A?><>30B5;L=KE @01>G8E @0AAG8BK205BAO @07=K<8 <5B>40<8: ?> B@C4>5<:>AB8 2K?>;=O5<KE @01>B 8 =>@<0< 2K@01>B:8, B.5. @0AG5B 2545BAO 0=0;>38G=> @0AG5BC @01>G8E >A=>2=>9 @01>BK; ?> =>@<0< >1A;C6820=8O 4;O CG0AB:>2, 345 B@51C5BAO >1A;C6820=85 >?@545;5==>3> :>;8G5AB20 >1>@C4>20=8O 8;8 AB0=:>2; A CG5B>< @01>G8E <5AB >A=>2=>9 @01>BK; ?> =>@<0B820< G8A;5==>AB8 ?@8 >1A;C6820=88 >B45;L=KE >1J5:B>2. >B@51=>ABL 2 A;C60I8E, 2 B>< G8A;5 A?5F80;8AB0E, @5:><5=4C5BAO @0AAG8BK20BL A CG5B>< =5>1E>48<KE DC=:F89 C?@02;5=8O 8 D0:B>@>2 45OB5;L=>AB8 =0 >A=>25 8<5NI53>AO >1J5<0 @01>B. 0AG5B B0:65 <>65B 2K?>;=OBLAO A 8A?>;L7>20=85< =>@<0B82>2 G8A;5==>AB8 @01>B=8:>2.  ;N1>< A;CG05 C:070==K5 <5B>4K =04> @0AA<0B@820BL :0: @5:><5=40F88. :>=G0B5;L=>5 @5H5=85 >AB05BAO 70 @01>B>40B5;5< 8;8 @C:>2>48B5;5< ?@54?@8OB8O, :>B>@K9 CG8BK205B F5;5A>>1@07=>ABL 2K?>;=5=8O @01>B, =0;8G85 A@54AB2 8 B.4. 4. 01>G55 2@5<O 5@>9 >F5=:8 70B@0B B@C40 O2;O5BAO @01>G55 2@5<O. 01>G55 2@5<O - MB> <5@0 ?@>4>;68B5;L=>AB8 CG0AB8O @01>B=8:0 2 B@C4>2>9 45OB5;L=>AB8, CAB0=>2;5==0O 70:>=>40B5;LAB2><. 0 >A=>25 MB>9 =>@<K >?@545;O5BAO 2@5<O @01>G53> 3>40. ;O >?@545;5=8O 2@5<5=8 @01>G53> 3>40 A>AB02;O5BAO 10;0=A @01>G53> 2@5<5=8. 0AA<>B@8 10;0=A @01>G53> 2@5<5=8. 1. 0;5=40@=K9 D>=4 @01>G53> 2@5<5=8 () @0AAG8BK205BAO :0: ?@>872545=85 :>;8G5AB20 :0;5=40@=KE 4=59 ?5@8>40 8 A@54=59 A?8A>G=>9 G8A;5==>AB8 @01>B=8:>2. 2. "015;L=K9 D>=4 @01>G53> 2@5<5=8 ("D) @0AAG8BK205BAO ?> D>@<C;5: "D =  -  - , 345  - G8A;> 2KE>4=KE 4=59 2 3>4C 2A5E @01>B=8:>2;  - G8A;> ?@074=8G=KE 4=59 2 3>4C 2A5E @01>B=8:>2. 3. 0:A8<0;L=>-2>7<>6=K9 D>=4 @01>G53> 2@5<5=8 () @0AAG8BK205BAO ?> D>@<C;5:  = "D - 0 , 345 0 - G8A;> 4=59 >G5@54=KE >B?CA:>2 2A5E @01>B=8:>2. 4. /2>G=K9 D>=4 @01>G53> 2@5<5=8 >?@545;O5BAO ?> D>@<C;5: /=- 345  - =5O2:8 @01>B=8:>2 ?> @07;8G=K< ?@8G8=0<. 5. $0:B8G5A:8 >B@01>B0==K9 D>=4 @01>G53> 2@5<5=8 ($) @0AAG8BK205BAO ?> D>@<C;5: $=/ - & , 345 & - F5;>4=52=K5 ?@>AB>8. 5@2K5 B@8 ?>:070B5;O C:070==>9 2KH5 AB@C:BC@K 10;0=A0 @01>G53> 2@5<5=8 >1KG=> C:07K20NBAO 2 ?;0=>2>< ?@>872>4AB25==>< B015;5 - :0;5=40@5 3>40. 01>G55 2@5<O CG8BK205BAO ?@8 A>AB02;5=88 3@0D8:0 A<5==>AB8 (@01>BK), 2 B015;5 CG5B0 8A?>;L7>20=8O @01>G53> 2@5<5=8, ?@8 @0AG5B0E =>@< B@C40 8 ?@8 =0G8A;5=88 70@01>B=>9 ?;0BK. @0D8: A<5==>AB8 (@01>BK) - MB> ?;0=>2K9 4>:C<5=B, @53;0<5=B8@CNI89 2@5<O =0G0;0 8 >:>=G0=8O @01>BK 4;O :064>3> @01>B=8:0 ?> 4=O< <5AOF0. @8 ?>AB@>5=88 3@0D8:0 70 >A=>2C 15@5BAO ?;0=>2>5 @01>G55 2@5<O <5AOF0, => 2A5 @0AG5BK 254CBAO A CG5B>< ?@028; 2=CB@5==53> B@C4>2>3> @0A?>@O4:0, :>B>@K5 CB25@640NBAO 04<8=8AB@0F859 ?@54?@8OB8O ?> A>3;0A>20=8N A ?@>DA>N7=>9 >@30=870F859. ;O CG5B0 D0:B8G5A:8 >B@01>B0==>3> 2@5<5=8 :064K< @01>B=8:>< 70 <5AOF 2545BAO B015;L CG5B0 8A?>;L7>20=8O @01>G53> 2@5<5=8. "015;L 70?>;=O5BAO 5654=52=>.  :>=F5 <5AOF0 B015;L ?>4?8AK205BAO @C:>2>48B5;5< 8 ?@54AB02;O5BAO 2 1CE30;B5@8N 4;O CG5B0 ?@8 =0G8A;5=88 70@01>B=>9 ?;0BK. CE30;B5@, =0G8A;ONI89 70@01>B=CN ?;0BC, A25@O5B 420 4>:C<5=B0: 3@0D8: 8 B015;L (@0AE>645=8O <564C =8<8 A2845;LAB2CNB > A2@EC@>G=>9 @01>B5, @01>B5 2 2KE>4=K5 8 ?@074=8G=K5 4=8, > 4=OE ?@> 3C;>2, =52KE>4>2 =0 @01>BC ?> 1>;57=8 8 4@C38E 87<5=5=8OE >B=>A8B5;L=> ?;0=0, GB> CG8BK205BAO ?@8 =0G8A;5=88 70@01>B=>9 ?;0BK). 01>G0O =545;O <>65B 1KBL ?OB84=52=>9 8;8 H5AB84=52=>9. @8 ?OB84=52=>9 @01>G59 =545;5 CAB0=02;820NBAO 420 2KE>4=KE 4=O, 0 ?@>4>;68B5;L=>ABL 5654=52=>9 @01>BK A>AB02;O5B 8 G0A>2. @8 H5AB84=52=>9 @01>G59 =545;5 CAB0=02;8205BAO >48= 2KE>4=>9 45=L, 0 ?@>4>;68B5;L=>ABL 5654=52=>9 @01>BK A>AB02;O5B =5 1>;55 7 G0A>2. @5<O @01>BK =0:0=C=5 ?@074=8G=KE 4=59 A>:@0I05BAO =0 >48= G0A.  CA;>28OE @K=:0 ?@8>1@5B05B 0:BC0;L=>ABL 2>7<>6=>ABL @01>BK =5?>;=>5 @01>G55 2@5<O. "0:, ?> A>3;0A>20=8N A 04<8=8AB@0F859 ?@54?@8OB8O @01>B=8: <>65B @01>B0BL =5?>;=K9 @01>G89 45=L 8;8 =5?>;=CN @01>GCN =545;N, GB> C4>1=>, =0?@8<5@, 65=I8=0<, 8<5NI8< <0;>;5B=8E 45B59, <=>3>45B=K< <0B5@O<, <>;>4568, >1CG0NI59AO 157 >B@K20 >B ?@>872>4AB20 8 4@. @8 @01>B5 =5?>;=>5 @01>G55 2@5<O >?;0B0 B@C40 ?@>872>48BAO ?@>?>@F8>=0;L=> >B@01>B0==><C 2@5<5=8 8;8 2 7028A8<>AB8 >B 2K@01>B:8. A>1>3> 2=8<0=8O B@51C5B 8A?>;L7>20=85 @01>G53> 2@5<5=8. -:>=><8O @01>G53> 2@5<5=8 O2;O5BAO 206=K< @575@2>< ?>2KH5=8O MDD5:B82=>AB8 B@C40. "@048F8>==K9 M:>=><8G5A:89 0=0;87 D>=40 @01>G53> 2@5<5=8 2:;NG05B 8AA;54>20=85 40==KE ?> 2A5< @01>B=8:0< :>;;5:B820 8 ?> :064><C @01>B=8FC 2 >B45;L=>AB8, 0 B0:65 87CG5=85 ?>B5@L @01>G53> 2@5<5=8 A ?>A;54CNI59 @07@01>B:>9 <5@, =0?@02;5==KE =0 8E CAB@0=5=85. 5. ;0=8@>20=85 ?5@A>=0;0 =0 ?@54?@8OB88  M:>=><8G5A:8 @0728BKE AB@0=0E =0:>?;5= 1>;LH>9 >?KB @01>BK A ?5@A>=0;><. = >E20BK205B <=>385 2>?@>AK <5=546<5=B0, C?@02;5=85 ?5@A>=0;>< 8 @O4 4@C38E. 7<5=5=8O 2 A>45@60=88 B@C40 8 CB25@645=85 ?@8=F8?0 A>F80;L=>3> ?0@B=5@AB20 <564C @01>B>40B5;5< 8 =05<=K<8 @01>B=8:0<8 ?@825;8 : ACI5AB25==K< 87<5=5=8O< 2 >@30=870F88 @01>BK A ?5@A>=0;><, 2 B>< G8A;5 8 2 53> ?;0=8@>20=88. ;0=8@>20=85 @01>BK A ?5@A>=0;>< - MB> G0ABL 8 >1I59 A8AB5<K ?;0=8@>20=8O @01>BK ?@54?@8OB8O. >?@>A0<8 ?;0=8@>20=8O @01>BK A ?5@A>=0;><, :0: ?@028;>, 70=8<05BAO <5=5465@ ?> :04@0<. @0:B8:0 ?;0=8@>20=8O ?@82;5G5=8O : B@C4C, :0: 2 =0H59 AB@0=5, B0: 8 70 @C156>< >?8@05BAO, ?@5645 2A53>, =0 >?@545;5=85 =5>1E>48<>9 ?>B@51=>AB8 2 @01>G59 A8;5. 07@01>B:0 2 ?>B@51=>AB8 @01>G59 A8;K O2;O5BAO ?5@2>9 ABC?5=LN ?@>F5AA0 ?;0=8@>20=8O @01>BK A ?5@A>=0;><. 5>1E>48<>5 :>;8G5AB2> @01>G8E <5AB 8 ?>B@51=>ABL 2 @01>B=8:0E >?@545;ONBAO =0 >A=>25 B0:8E 40==KE, :0: >1J5< ?@>872>4AB20, AB@C:BC@0 2K?>;=O5<KE @01>B 8 @O4 4@C38E.  >B;8G85 >B @>AA89A:>9 ?@0:B8:8 70@C156=K5 A?5F80;8ABK C45;ONB 2=8<0=85 2>7@0AB=>9 AB@C:BC@5 8 ?A8E>D878>;>38G5A:8< >A>15==>ABO< @01>B=8:>2, 0 ?@8=8<0O 2> 2=8<0=85 C@>25=L 7=0=89 8 A?>A>1=>AB59 @01>B=8:>2 .CG8BK202 B0:65 A?>A>1=>AB8 @01>B=8:>2 : @0728B8N. 0 459AB2CNI8E ?@54?@8OB8OE ?@8 ?;0=8@>20=88 @01>BK A ?5@A>=0;>< CG8BK20NB ?>;>65=85 45; A 4>E>40<8, B5:CG5ABLN :04@>2, <0AHB010<8 C2>;L=5=8O, ?@0:B8:>9 ?5@5<5I5=8O 8 70<5I5=8O @01>B=8:>2. @8 ?>8A:5 2>7<>6=>AB59 4;O ?@82;5G5=8O @01>G59 A8;K <5=5465@ ?> :04@0< >?8@05BAO, 2>-?5@2KE, =0 2=CB@5==85 @5AC@AK D8@<K, 0 2>-2B>@KE, =0 8<5NI85AO ?@54;>65=8O. @8 =5>1E>48<>AB8 ?@82;5G5=8O @01>G59 A8;K A=0G0;0 >F5=820NBAO A>1AB25==K5 2=CB@5==85 2>7<>6=>AB8 ?CB5< ?5@5AB0=>2:8 8;8 70<5=K @01>B=8:>2 8 ;8HL ?@8 >BACBAB288 B0:8E 2>7<>6=>AB59 =0G8=0NB ?>8A:8 =0 @K=:5 B@C40. ! MB>9 F5;LN ?@54?@8OB8O >1@04CNBAO 2 A?5F80;L=K5 :>=AC;LB0F8>==K5 A;C61K, 70=8<0NI85AO ?>41>@>< :04@>2 ?> 70:070< @01>B>40B5;59.  ?>A;54=85 3>4K 2 ?;0=8@>20=88 @01>BK A ?5@A>=0;>< 7=0G8B5;L=0O @>;L >B2>48BAO A>F80;L=>9 ?>;8B8:5 D8@<, 8, ?@5645 2A53>, @50;870F88 <5@, =0?@02;O5<KE =0 A>740=85 A>F80;L=KE CA;C3 4;O @01>B=8:>2. "0:>3> @>40 CA;C38 ?>72>;ONB: C<5=LH8BL :>=D;8:B=>ABL 8 C;CGH8BL <8:@>:;8<0B 2 :>;;5:B825; C;CGH8BL 2708<>>B=>H5=8O <564C @01>B>40B5;5< 8 =05<=K<8 @01>B=8:0<8; A=878BL B5:CG5ABL :04@>2; A>740BL 1;03>?@8OB=K9 8<846, D8@<K. !@548 <5@, A?>A>1AB2CNI8E =>@<0;L=><C DC=:F8>=8@>20=8N @01>G59 A8;K, 55 @01>B>A?>A>1=>AB8 8 2KA>:>9 ?@>872>48B5;L=>AB8 B@C40, >A>1>5 <5AB> 70=8<0NB A@54AB20 A>F80;L=>9 8=D@0AB@C:BC@K, A>740205<K5 D8@<>9. -B8 <5@K :0A0NBAO ?@>872>4AB25==>-A>F80;L=>9 8 :C;LBC@=>-1KB>2>9 AD5@; >@30=870F8O CG51=KE 702545=89 8 :C@A>2 4;O ?>43>B>2:8 8 ?5@5?>43>B>2:8 :04@>2, <548F8=A:>3> >1A;C6820=8O @01>B=8:>2 8 >1I5AB25==>3> ?8B0=8O, A;C61K ?A8E>;>388 B@C40 8 4@.  :0G5AB25 <5@ <>6=> =0720BL B0:65 @53C;8@>20=85 ?@>4>;68B5;L=>AB8 @01>G53> 2@5<5=8 2 @0<:0E ?@54CA<>B@5==>3> 70:>=><, @07@01>B:C A8AB5< 2>7=03@0645=89 A CG5B>< >F5=:8 ;8G=KE 8 45;>2KE :0G5AB2 @01>B=8:>2. A5 MB8 <5@K @50;87CNBAO A 548=>9 F5;LN - A>740BL C @01>B=8:0 GC2AB2> C4>2;5B2>@5==>AB8 B@C4>< 6. K=>: B@C40 8 53> @53C;8@>20=85 K=>: B@C40: ACI=>ABL, A>45@60=85 !53<5=B0F8O @K=:0 B@C40. !B@C:BC@0 @01>G59 A8;K. 57@01>B8F0 53C;8@>20=85 70=OB>AB8 8 3>AC40@AB25==0O ?>;8B8:0 2 MB>9 >1;0AB8 !>F80;L=>-B@C4>2K5 >B=>H5=8O 83@0F8O =0A5;5=8O. 564C=0@>4=>5 @0745;5=85 B@C40 -:A?>@B @01>G59 A8;K >AA89A:85 ?@>1;5<K 1. K=>: B@C40: ACI=>ABL, A>45@60=85 K=>: B@C40 (@01>G59 A8;K) - 206=0O <=>3>?;0=>20O AD5@0 M:>=><8G5A:>9 8 M:>=><8:>-?>;8B8G5A:>9 687=8 >1I5AB20. 0 @K=:5 B@C40 ?>;CG05B >F5=:C AB>8<>ABL @01>G59 A8;K, >?@545;ONBAO CA;>28O 55 =09<0, 2 B>< G8A;5 25;8G8=0 70@01>B=>9 ?;0BK, CA;>28O B@C40, 30@0=B8O 70=OB>AB8, 2>7<>6=>ABL ?>;CG5=8O >1@07>20=8O, ?@>D5AA8>=0;L=>3> @>AB0 8 B.4. K=>: B@C40 >B@0605B >A=>2=K5 B5=45=F88 2 48=0<8:5 70=OB>AB8, 55 >A=>2=KE AB@C:BC@0E (>B@0A;52>9, ?@>D5AA8>=0;L=>-:2;8D8:0F8>==>9, 45<>3@0D8G5A:>9), B.5. 2 >1I5AB25==>< @0745;5=88 B@C40, <>18;L=>ABL @01>G59 A8;K. <0AHB01K 8 48=0<8:C 157@01>B8FK.  70?04=KE M:>=><8G5A:8E B5>@8OE @K=>: B@C40 - MB> @K=>:, 345 pea;87C5BAO >48= 87 ?@>G8E ?@>872>4AB25==KE @5AC@A>2. 45AL <>6=> 2K45;8BL G5BK@5 >A=>2=KE :>=F5?BC0;L=KE ?>4E>40 : 0=0;87C DC=:F8>=8@>20=8O A>2@5<5==>3> @K=:0 B@C40.  >A=>25 ?5@2>9 :>=F5?F88 ;560B ?>ABC;0BK :;0AA8G5A:>9 ?>;8BM:>=><88 (6.5@@8, . $5;4AB09=, .%>;;), 0 2 80-E 3>40E 55 ?>445@6820;8 B0:65 AB>@>==8:8 :>=F5?F88 M:>=><8:8 ?@54;>65=8O (.8;;5@, .0DD5@ 8 4@.).@825@65=FK MB>9 :>=F5?F88 ?>;030NB, GB> @K=>: B@C40, :0: 2A5 ?@>G85 @K=:8 .459AB2CNB =0 >A=>25 F5=>2>3> @02=>25A8O, B. 5. >A=>2=K< @K=>G=K< @53C;OB>@>< A;C68B F5=0 - 2 40==>< A;CG05 @01>G59 A8;K (70@01>B=0O ?;0B0). <5==> A ?><>ILN 70@01>B=>9 ?;0BK, ?> 8E <=5=8N, @53C;8@C5BAO A?@>A 8 ?@54;>65=85 @01>G59 A8;K, ?>445@68205BAO 8E @02=>25A85 =25AB8F88 2 >1@07>20=85 8 :20;8D8:0F8N (2 G5;>25G5A:89 :0?8B0;) - MB> 0=0;>38 8=25AB8F89 2 <0H8=K 8 >1>@C4>20=85. !>3;0A=> <>45;8 F5=>2>3> @02=>25A8O, 8=48284 8=25AB8@C5B 2 :20;8D8:0F8N 4> B5E ?>@, ?>:0 =5 ?>=8605BAO =>@<0 ?@81K;8 =0 MB8 2;>65=8O. 7 =5>:;0AA8G5A:>9 :>=F5?F88 A;54C5B, GB> F5=0 =0 @01>GCN A8;C 381:> @5038@C5B =0 ?>B@51=>AB8 @K=:0, C25;8G820OAL 8;8 C<5=LH0OAL 2 7028A8<>AB8 >B A?@>A0 8 ?@54;>65=8O, 0 157@01>B8F0 =52>7<>6=0, 5A;8 =0 @K=:5 B@C40 ACI5AB2C5B @02=>25A85. >A:>;L:C 2A5@L57 3>2>@8BL >1 87<5=5=88 70@01>B=>9 ?;0BK 2 B>G=>< A>>B25BAB288 A :>;510=8O<8 A?@>A0 8 ?@54;>65=8O, B5< 1>;55 >1 >BACBAB288 157@01>B8FK, =5 ?@8E>48BAO, AB>@>==8:8 MB>9 :>=F5?F88 AAK;0NBAO =0 =5:85 "=5A>25@H5=AB20" @K=:0, :>B>@K5 ?@82>4OB : =5A>>B25BAB28N B5>@88 A 687=LN.  =8< >B=>AOB 2;8O=85 ?@>DA>N7>2, CAB0=>2;5=85 3>AC40@AB2>< <8=8<0;L=>9 70@01>B=>9 ?;0BK, >BACBAB285 8=D>@<0F88 8 B. 4. =>3> ?>4E>40 : >1JOA=5=8N DC=:F8>=8@>20=8O @K=:0 B@C40 ?@845@6820NBAO :59=A80=FK 8 <>=5B0@8ABK.  >B;8G85 >B =5>:;0AA8:>2 >=8 @0AA<0B@820NB @K=>: B@C40 :0: O2;5=85 ?>AB>O==>3> 8 DC=40<5=B0;L=>3> =5@02=>25A8O. 59=A80=A:0O <>45;L (6..59=A, ?>765 .>@4>= 8 4@.), 2 G0AB=>AB8, 8AE>48B 87 B>3>, GB> F5=0 @01>G59 A8;K (70@01>B=0O ?;0B0) 65AB:> D8:A8@>20=0 8 ?@0:B8G5A:8 =5 <5=O5BAO (>A>15==> 2 AB>@>=C C<5=LH5=8O). -B>B M;5<5=B =8:0: =5 4>:07K205BAO, >= 15@5BAO :0: 157CA;>2=K9 D0:B. >A:>;L:C 65 F5=0 ?> 40==>9 :>=F5?F88 =5 O2;O5BAO @53C;OB>@>< @K=:0, B0:>9 @53C;OB>@ 4>;65= 1KBL ?@82=5A5= 872=5. 3> @>;L >B2>48BAO 3>AC40@AB2C, :>B>@>5, C<5=LH0O 8;8 C25;8G820O A>2>:C?=K9 A?@>A, <>65B 40==>5 =5@02=>25A85 ;8:2848@>20BL. 0: 8 AB>@>==8:8 :59=A80=A:>3> ?>4E>40, ?@54AB028B5;8 H:>;K <>=5B0@8AB>2 (?@5645 2A53> .$@84<5=) 8AE>4OB 87 65AB:>9 AB@C:BC@K F5= =0 @01>GCN A8;C, 1>;55 B>3> 87 ?@54?>AK;:8 8E >4=>=0?@02;5==>3>, ?>2KH0B5;L=>3> 42865=8O. >=5B0@8AB0<8 22>48BAO ?>=OB85 =5:>3> 5AB5AB25==>3> C@>2=O 157@01>B8FK, >B@060NI53> AB@C:BC@=K5 E0@0:B5@8AB8:8 @K=:0 B@C40, 45;0NI53> F5=K =0 =5< =5381:8<8, ?@5?OBAB2CNI8<8 =>@<0;L=><C 53> DC=:F8>=8@>20=8N, y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jp % 4 6 8 8A. 6.1. @820O <&4;;8?A0: }@ - A@54=53>4>2>9 B5<? @>AB0 F5=:, ^D - C@>25=L 157@01>B8FC. -B0 7028A8<>ABL 1K;0 @0AG8B0=0 0=3;89A:8< M:>=><8AB>< ..$8;-;8?A>< =0 >A=>25 0=3;89A:8E 40==KE, >E20BK20I8E ?5@8>4 A 1861 ?> 1958 3@, A;8 4>?CAB8BL, GB> ACI5AB2C5B >48=0:>2>5 A>>B=>H5=85 <564C B5<?0<8 87<5=5=8O 70@01>B=>9 ?;0BK 8 F5=, B> <>45;L $8;;8?A0 <>65B 1KBL ?@5>1@07>20=0 2 A>>B=>H5=85 <564C 157@01>B8F59 8 B5<?0<8 87<5=5=8O C@>2=O F5=. @820O $8;;8?A0 405B 20@80=BK 2K1>@0: 8;8 4>AB0B>G=0O 2KA>:0O 70=OB>ABL A <0:A8<0;L=> M:>=><8G5A:8< @>AB><, => ?@8 1KAB@>< ?>2KH5=88 F5=, 8;8 4>AB0B>G=> AB018;L=K5 F5=K, => ?@8 7=0G8B5;L=>9 157@01>B8F5. >;385 3>40 :@820O $8;;8?A0 A;C68;0 107>9 A>F80;L=>-M:>=><8G5A:>3> @53C;8@>20=8O 2 ( 8 4@C38E AB@0=0E 0?040. =>385 70?04=K5 M:>=><8ABK 8 A59G0A 8AE>4OB 87 B>3>, GB> ACI5AB2C5< >4=>=0?@02;5==>5 42865=85 87<5=5=89 2 70@01>B=>9 ?;0B5 8 F5=0E 8 @07=>?;0=>2>5 - <564C 40==K<8 25;8G8=0<8 8 157@01>B8F59. 4=0:> 1K;> =5<0;> ?@8<5@>2, :>340 157@01>B8F0 8 8=D;OF8O ?@8>1@5B0;8 =5 >1@0B=CN, 0 ?@O<CN A2O7L: =5A<>B@O =0 @>AB 157@01>B8F)!, F2=K ?@>4>;60;8 @0AB8. -B> 2K7K205B :@8B8:C >1>A=>20==>AB8 :@82>9 $8;;8?A0 :0: =0456=>3> @53C;OB>@0 2 M:>=><8:5. 5@5G8A;5==K5 =0?@02;5=8O =5 8AG5@?K20NB 2A5E <5@ 2>7459AB28O 3>AC40@AB20 =0 @K=>: B@C40. 0@O4C A =8<8 ACI5AB2C5B ^^ ^ :>A25==>3> @53C;8@>20=8O @K=:0 @01>G59 A8;K: =0;>3>20O, 45=56=>-:@548B=0O 8 0<>@B870F8>==0O ?>;8B8:0 ?@028B5;LAB20. @><5 B>3>, =5<0;>5 2;8O=85 =0 @K=>: B@C40 >:07K205B 8 70:>=>40B5;LAB2> - > A>F80;L=>< >15A?5G5=88, > B@C4>2KE >B=>H5H5=8OE,> @02=KE 3@0640=A:8E ?@020E 8 B.4. Itepbi :>A25==>3> 3>AC40@AB25==>3> @51C;8@>20=8O @K=:0 @01>G59 A8;K >4=>2@5<5==> O2;ONBAO 8 <5@0<8 >1I5M:>=><8G5A:>3> @53C;8@>20=8O 8 2>7459AB28O =0 48=0<8:C 70=OB>AB8 8 157@01>B8FK ?>A@54AB2>< 2>7459AB28O =0 :>=LN:BC@C 2 AB@0=5. "0:8< >1@07><, A22@5<5==>5 3>AC40@AB25==>5 @53C;8@>20=85 @K=:0 B@C40 ?@54AB02;O5B A>1>9 :><?;5:A M:>=><8G5A:8E, 04<8=8AB@0B82=KE, 70:>=>40B5;L=KE , >@30=870F8>==KE 8 8=KE <5@. A>1>5 <5AB> 2 A8AB5<5 @53C;8@>20=8O @K=:0 B@C40 70=8<05B 18@60 B@C40 (A;C610 70=OB>AB8, A;C610 A>459AB28O =09<C), O2;ONI0OAO >4=>9 87 206=KE AB@C:BC@ @K=>G=>3> E>7O9AB25==>3> <5E0=87<0. =0 ?@54AB02;O5B A>1>9 A?5F80;L=>5 CG@5645=85, >ACI5AB2;ONI55 ?>A@54IG5A:85 DC=:I8 =0 @K=:5 @01>G59 A8;K.  1>;LH8=AB25 AB@0= 18@68 @C40 O2;ONBAO 3>AC40@AB25==K<8 8 >ACI5AB2;ONB A2>N 45OB5;L=>ABL ?>4 @C:>2>4AB2>< <8=8AB5@AB20 B@C40 8;8 0=0;>38=>3> 5<C >@30=0, 985AB5 A B5< =0 @K=:5 B@C40 =0@O4C A 3>AC40@AB25==K<8 A;C610<8 70=OB>AB8 (DC=:F8>=8@C5B 1>;LH>5 G8A;> G0AB=KE ?>A@54=8G5A:8E q^ip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l^ribi A>F80;L=>-B@C4>2KE >B=>H5=89 E0@0:B5@87CNB ?A8E>;>38G5A:85, MB8G5A:85 8 ?@02>2K5 D>@<K 2708<>>B=>H5=89 2 ?@>F5AA5 B@C4>2>9 45OB5;L=>AB8. > >@30=870F8>==K< D>@<0< 2LI5;ONB 254CI85 B8?K A>F80;L=>-B@C4>2KE >B=>H5=89 : ?0B5@=0;87<, ?0@B=5@AB2>, :>=:C@5=F8O, A>;840@=>ABL, AC1A8480@=>ABL, 48A:@8<8=0F8O 8 :>=D;8:B. 0B5@=0;87< E0@0:B5@87C5BAO 7=0G8B5;L=>9 4>;59 @53;0<5=B0F88 A>F80;L=>-B@C4>2KE >B=>H5=89 A> AB>@>=K 3>AC40@AB20 8;8 @C:>2>4AB20 ?@54?@8OB8O. => >ACI5AB2;O5BAO ?>4 284>< ">B5G5A:>9 701>BK" 3>AC40@AB20 > =C640E =0A5;5=8O 8;8 04<8=8AB@0I8 ?@54?@8OB8O > 53> A>B@C4=8:0E. @8<5@>< 3>AC40@AB25==>3> ?0B5@=0;87<0 <>65B A;C68BL 1=2?<8 !!! . 0 C@>2=5 ?@54?@8OB8O ?0B5@=0;87< E0@0:B5@5= 4;O /?>=88 8 4;O =5:>B>@KE 4@C38E 0780BA:8E AB@0=. 0@B=5@AB2> =081>;55 E0@0:B5@=> 4;O 5@<0=88. -:>=><8:0 MB>9 AB@0=K >A=>20=0 =0 A8B5<5 45B0;L=> ?@>@01>B0==KE ?@02>2KE 4>:C<5=B>2, 2 A>>B25BAB288 A :>B>@K<8 =05<=K5 @01>B=8:8, ?@54?@8=8<0B5;8 8 3>AC40@AB2> @0AA<0B@820NBAO :0: ?0@B=5@K 2 @5H5=88 M:>=><8G5A:8E 8 A>?80;L=KE 7040O.@8 MB>< ?@>DA>N7K 2KABC?0NB A ?>78F89, =5 B>;L:> 70I8BK 8=B5@5A>2 =05<=>3> ?5@A>=0;0, => 8 MDD5:B82=>AB8 ?@8872>4AB20 =0 ?@54?@8OB8OE 8 =0F8>=0;L=>9 M:>=><8:8 2 F5;><. >=:C@5=F8O <564C ;N4L<8 8;8 :>;;5:B820<8 B0:65 <>65B A?>A>1AB2>20BL 4>AB865=8N A8=5@35B8G5A:>3> MDD5:B0.  G0AB=>AB8, >?KB ?>:07K205B MDD5:B82=>ABL @0F8>=0;L=> >@30=87>20==>9 :>=:C@5=F88 <564C :>=AB@C:B>A:8<8 :>;;5:B820<8 . !>;840@=>ABL ?@54?>;0305B >1ICN >B25BAB25==>ABL 8 2708<=CN ?><>IL, >A=>20==CN =0 >1I=>AB8 8=B5@5A>2 3@C??K ;N459. '0H5 2A53> 3>2>@OB > A>;840@=>AB8 G;5=>2 ?@>DA>N7>2 ?@8 >BAB0820=88 8=B5@5A>2 =05<=>3> ?5@A>=0;0. !>;840@=>ABL ?@>O2;ONB 8 G;5=K A>N7>2 @01>B>40B5;59, 0 B0:65 G;5=K 4@C38E A>N7>2. !C1A8480@=>ABL >7=0G05B AB@5<;5=85 G5;>25:0 : ;8G=>9 >B25BAB25==>AB8 70 4>AB865=85 A2>8E F5;59 8 A2>8 459AB28O ?@8 @5H5=88 A>F80;L=>-B@C4>2KE ?@>1;5<. !C1A8480@=>ABL <>6=> @0AA<0B@820BL :0: ?@>B82>?>;>6=>ABL ?0B5@=0;87<C. A;8 G5;>25: 4;O 4>AB865=8O A2>8E F5;59 2ABC?05B 2 ?@>D5AA8>=0;L=K9 8;8 8=>9 A>N7, B> AC1A8480@=>ABL <>65B @50;87>2K20BLAO 2 D>@<5 A>;840@=>AB8. @8 MB>< G5;>25: 459AB2C5B A>;840@=> ?@8 ?>;=>< A>7=0=88 A2>8E F5;59 8 A2>59 ;8G=>9 >B25BAB25==>AB8, =5 ?>44020OAL 2;8O=8N B>;?K. .8A:@8<8=0F8O - MB> >A=>20==>5 =0 ?@8872>;5, =570:>==>5 >3@0=8G5=85 ?@02 AC1J5:B>2 A>?^0;L=>-B@C4>2KE >B=>H5=89. @8 48A:@8<8=0F88 =0@CH0NBAO ?@8=F8?K @025=AB20 2>7<>6=>AB59 =0 @K=:0E B@C40, ^A:@8<8=0F8O <>65B 1KBL ?> ?>;C, 2>7@0ABC, @0A5, =0F8>=0;L=>AB8 8 4@C38< ?@87=0:0< .@>O2;5=85 48A:@8<8=0F88 2>7<>6=K ?@8 2K1>@5 ?@>D5AA88 8 ?>ABC?;5=88 2 CG51=K5 702545=8O, ?@>428?:5=88 ?> A;C615, ?@54AB02;5=88 CA;C3 ?@54?@8OB8O @01>B=8:0<, C2>;L=5=88. >DO8:B O2;O5BAO :@09=8< 2K@065=85< ?@>B82>@5G89 2 A>F80;L=>-B@C4>2KE >B=>H5=8OE. 081>;55 O2=K<8 D>@40<8 B@C4>2KE :>=D;8:B>2 O2;ONBAO B@C4>2K5 A?>@K, 7010AB>2:8 ,<2AA>2K5 C2>;L=5=8O (;>:0CBK). > E0@0:B5@C 2;8O=8O =0 @57C;LB0BK M:>=><8G5A:>9 45OB5;L=>AB8 8 :0G5AB2> 687=8 ;N459 A>F80;L=>-B@C4>2K5 >B=>H5=8O 1K20NB 42CE B8?>2: - :>=AB@C:B82=K<8, A?>A>1AB2CNI8<8 CA?5H=>9 45OB5;L=>AB8 ?@54?@8OB8O 8 >1I5AB20; - 45AB@C:B82=K<8, <5H0NI8<8 CA?5H=>9 45OB5;L=>AB8 ?@54?@8OB8O 8 >1I5AB20. ,=AB@C:B82=L<8 <>3CB 1KBL >B=>H5=8O ;81> A>B@C4=8G5AB20, 2708<=>9 ?><>I8, ;81> :>=:C@5=F88, >@30=87>20==>9 B0:, GB>1K A?>A>1AB2>20BL 4>A65=8N ?>;>68B5;L=KE @57C;LB0B>2. .5AB@C:B82=K5 2708<>>B=>H5=8O 2>7=8:0NB B>340, :>340 >1I0O =0?@02;5==>ABL 8=B5@5A>2 A>B@C4=8:>2 8 A>F80;L=KE 3@C?? =5 A>>B25BAB2C5B F5;O< ?@54?@8OB8O. =B5@5AK A>B@C4=8:>2 ?@54?@8OB8O <>3CB @07;8G0BLAO ?> @IC ?@87=0:>2: ?A8E>D878>;>38G5A:85 ?0@0<5B@K (?>;, 2>7@0AB, 74>@>2L5, B5<?5@0<5=B, C@>25=L A?>A>1=>AB59 8 B.?.); =0F8>=0;L=>ABL, A5<59=>5 ?>;>65=85; >1@07>20=85; >B=>H5=85 : @5;8388; A>F80;L=>5 ?>;>65=85; ?>;8B8G5A:0O >@85=B0F8O; C@>25=L 4>E>4>2;?@>D5AA8O 8 B.4. !0<> ?> A515 @07;8G85 A>B@C4=8:>2 ?@54?@8OB8O ?> MB8< 8 4@C38< ?@87=0:0< =5>1O70B5;L=> 2545B : 45AB@C:B82=K< 2708<>>B=>H5=8O<. 725AB=> <=>65AB2> ?@8<5@>2 MDD5:B82=>3> A>B@C4=8G5AB20 A0<KE @07=KE ;N459. A=>2=K< CA;>285< B0:>3> A>B@C4=8G5AB20 O2;O5BAO =0;8G85 >1J548=O:H2E A8BC0F88 8;8 8458, ?5@54 :>B>@K<8 8=48284C0;L=K5 8 3@C??>2K5 @07;8G8O AB0=>2OBAO =5AC8@AB25==K<8. 1J548=ONI85 A8BC0F88 - MB> 2>9=0, AB8E89=>5 154AB285, M:>;>38G5A:0O :0B0AB@>D0, =5>1E>48<>ABL A>E@0=5=8O (2K68205<>AB8) ?@54?@8OB8O 2 :>=:C@5=B=>9 1>@L15, AB@0E 157@01>B8FC. 1J548=ONI85 8458 <>3CB 1KBL @5;838>7=K<8, A>?L=>-?>;8B8G5A:8<8, =0CG=0O 8 4@. >=AB@C:B82=>5 2708<>459AB285 A>B@C4=8:>2 ?@54?@8OB8O >A=>2K205BAO =0 02B>@8B5B5 @C:>2>48B5;59, A8AB5<5 ?>687=5==>3> =09<0, 2KA>:>< C@>2=5 4>E>4>2, @0F8>=0;L=>< AB8;5 C?@02;5=8O, ?A8E>;>38G5A:>9 0B<>AD5@5 2 :>;;5:B825. -DD5:B82=>ABL A8AB5<K C?@02;5=8O ?5@A>=0;>< 7028A8B >B CG5B0 @07;8G89 E0@0:B5@8AB8: 8 8=B5@5A>2 A>B@C4=8:>2. G0AB=>AB8, =5>1E>48<> CG8BK20BL >A>15==>AB8 @01>B0 65=I8=,;N459 ?5=A8>==>3> 2>7@0AB0, 8=20;84>2 8 <>;>4568. 5>1E>48<> C2060BL @5;838>7=K5 GC2AB20 8 =0F8>=0;L=K5 >1KG08. @8 @07@01>B:5 @568<0 B@C40 8 >B4KE0, A8AB5< <>B820F88 8 >?;0BK A;54C5B CG8BK20BL >A>15==>AB8 B2>@G5A:>3> B@C40,A5<59=>5 ?>;>65=85 A>: @C4=8:>2,CA;>28O 4;O ?>2KH5=8O :20;8D8:0F88 @01>B=8:>2.  G8A;C =081>;55 20409: A>F80;L=KE 2708<>>B=>H5=89 >B=>AOBAO 2708<>>B=>H5=8O <564C @C:>2>48B5;O<8 8 ?>4G8=5==K<8.  >AA88 M:>=><8:0 45AOB8;5B8O<8 A|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} 7=85< A8BC0F88 2 2>AB>G=>52@>?59A:8E AB@0=0E 8 2 1K2H5< !!! . !:070==>5 >B=>A8BAO 8 : ?@54AB028B5;O< >A>1>3> @K=:0 B@C40 - A?>@BA<5=0<, 0@B8AB0<, <C7K:0=B0<.  B> 65 2@5<O, :0: C65 >B<5G0;>AL, 8<<83@0=BK 70=8<0NBAO 8 =5?@5AB86=K<8 BO65;K<8 8 2@54=K<8 @01>B0<8. -B8 @01>G85 <5AB0 4065 2 ?5@8>4K :@878A>2 ?@8 C25;8G5=88 G8A;0 157@01>B=L: =5 ?@82;5:0NB <5AB=>5 =0A5;5=85. >AC40@AB2> 4>2>;L=> 0:B82=> 2;8O5B =0 ?@>F5AA <83@0F88. @8 >682;5=85 ?@>872>4AB20 4>?CA:05BAO ;815@0;870F8O 8<?>@B0, ?@8 A?045 ?@>8AE>48B 53> ;8<8B8@>20=85. 53C;8@C5BAO =5 B>;L:> :>;8G5AB2> 8<<83@0=B>2, => 8 ?@>D5AA8>=0;L=0O, :20;8D8:0F8>==0O, 364>2>7@0AB=0O 8, :>=5G=>, ?@>4>;68B5;L=>ABL ?@>6820=8O 2 AB@0=5.  AB@0=0E-8<?>@B5@0E A;>68;0AL A8AB5<0 3>AC40@AB25==KE <5@ @53C;8@>20=8O <8=@0F88 => 2:;NG05B 2 A51O 70:>=>40B5;LAB2> > N@848G5A:><, ?>;8B8G5A:>< 8 ?@>D5AA8>=0;L=>< AB0BCA5, =0F8>=0;L=K5 A;C61K <83@0F88, 0 B0:65 <563>AC40@AB25==K5 A>3;0H5=8O. i^a <563>AC40@AB25==>< C@>2=5 AB@0=0<8-CG0AB=8F0<8 @30=870F88 M:>=><8G5A:>3> A>B@C4=8G5AB20 8 @0728B8O A>740=0 A;C610, :>B>@0O :>>@48=8@C5B 45OB5;L=>ABL =0F8>=0;L=KE 8<<83@0F8>==KE C?@02;5=89. <<83@0F8>==0O ?>;8B8:0 ?@>2>48BAO =5?>A@54AB25==> G5@57 =0F8>=0;L=K5 A;C61K M<83@0F88, :>B>@K5 >1KG=> A>740NBAO ?@8 <8=8AB5@AB20E B@C40, NAB8F88 8;8 2=CB@5==8E 45;. <<83@0F8>==K5 A;C61K AB@0= >ACI5AB2;ONB DC=:F88 :>=B@>;O 70 2J574>< 2 AB@0=C 8<<83@0=B>2. =8 2LI0NB @07@5H5=8O, A>3;0A>20==K5 A 70O2:0<8 ?@54?@8=8<0B5;59 =0 2J574 8 @01>BC, 0 B0:65 >?@545;O5B 2@5<O ?@51K20=8O. B<5B8<, GB> @53C;8@>20=85 ?@>4>;68B5;L=>AB8 ?@51K20=8O >ACI5AB2;O5BAO 2 @07=KE AB@0=0E ?> @07=>FC. ;O $ , =0?@8<5@, 2 >A=>2=>< E0@0:B5@=0 65AB:0O @>B0F8O (?@51K20=85 >B .3> 4> B@5E-?OB8 ;5B 157 ?@85<0 A5<59 ).;O $@0=F88, 5;L388, 5-;^1B0B0=88, =0>1>@>B, E0@0:B5@=0 !5<59=0O 8<<83@0IO4, ?@82>4OI0O : @0AH8@5=8N 2=CB@5==53> @K=:0. -'O !(, 0=040, 2AB@0;88, >2>9 5;;0=488 =081>;55 ?@85<;5<>9 >:070;0AL "0AA8<8;8@>20==0O <83@0F8O", ?@54CA<0B@820NI0O ?>;CG5=85 3@0640=AB20 ?>A;5 >?@545;5==>3> A@>:0 =5?@5@K2=>3> ?@51K20=8O. 6.7. -:A?>@B @01>G59 A8;K -:A?>@B @01>G59 A8;K A>?@>2>6405BAO 20;NB=K<8 ?5@52>40<8 M<83@0=B>2, 2KABC?08=8<8 2 @>;8 A2>5>1@07=>9 ?;0BK 70 M:A?>@B8@C5<K9 B>20@-B@C4>2K5 @5AC@AK. @8G5< ?>;CG5=85 20;NB=KE 4>E>4>2 >B M:A?>@B0 @01>G59 A8;K .. =5 2545B : >4=>2@5<5==K< ?@>872>4AB25==K< 70B@0B0< 2 AB@0=5 ?@>8AE>645=8O, :0: MB> E0@0:B5@=> 4;O B>@3>2;8 B>20@0<8. CH5AB2CNB G5BK@5 ?@O<KE 8AB>G=8:0 20;NB=KE 4>E>4>2 >B M:A?>@B0 @01>G59 A8;K: - =0;>38 A ?@81K;8 D8@<-?>A@54=8:>2; - =5?>A@54AB25==K5 ?5@52>40 8<<83@0=B>2 =0 @>48=C =0 ?>445@6:C A5<59 8 @>4AB25==8:>2; - ;8G=>5 8=25AB8@>20=85 8<<83@0=B>2 (?@82>7 =0 @>48=C A@54AB2 ?@>872>4AB20 8 ?@54<5B>2 4;8B5;L=>3> ?>;L7>20=8O, ?>:C?:0 75<;8, =542868<>AB8, ?@8>1@5B5=85 F5==KE 1C<03 F 4@.). - :0?8B0;L! >B AB@0= - 8<?>@B5@0 @01>G59 A8;K, 84CI85 G0AB> =0 2>A?@>872>4AB2> B@C4>2L1% @5AC@A>2 8 2 A>F80;L=K5 AD5@K. @><5 B>3>, 2>7<>6=K 8 ?@O<K5 :><?5=A0F88 70 CB5G:C @01>G59 A8;K, >B AB@0= 8<?>@B5@>2. 9AG5B ?>:07K205B, GB> 20;NB=0O MDD5:B82=>ABL M:A?>@B0 @01>G59 A8;K :0: <8=8<C< 2 ?OBL @07 2KH5 20;NB=>9 MDD5:B82=>AB8 B>20@=>3> M:A?>@B0. >ABC?;5=8O ?> MB>9 AB0BL5 70 ?>A;54=85 3>40 2>7@0AB0;8 A@548 4@C38E ?>ABC?;5=89 @072820NI8EAO AB@0= =081>;55 2KA>:8<8 B5<?0<8 - 10 % 2 3>4. >-2848<><C B0:0O B5=45=F8O A>E@0=8BAO 8 2^?@54^. -:A?>@B>< @01>G59 A8;K 70=8<0NBAO =5 B>;L:> @072820?4>5AO AB@0==K,=> 8 B0:85 AB@0=K :0: B0;8O, >@BC30;8O, @5F8O. A5 45;> 745AL 2 @07=8F5 =0F8>=0;L=KE 70@?;0B0E ,0 =5 2 C@>2=5 ?@><KH;5==>3> 8;8 B5E=8G5A:>3> @0728B8O. >A:>;L:C 8<<83@0=BK ?5@52>4OB =0 @>48=C ;8HL =51>;LHCN G0ABL A@54AB2 87 A2>8E ;8G=KE 70@01>B:>2, 7=0G8B5;L=K5 A@54AB20 ?@82>7OBAO @5M<83@0=B0<8 2 2845 20;NB=KE A@54AB2 8 F5==KE 1C<03.  ?>A;54=85 3>40 @5M<83@0=BK AB0;8 ?@82>78BL 2A5 1>;LH5 B>20@>2 ?@>872>4AB25==>3> =07=0G5=8O, 2HNBL 4> <0H8= 8 >1>@C4>20=8O, :>B>@K5 =0E>4OBAO 2 8E ;8G=>9 A>1AB25==>AB8 8 8A?>;L7CNBAO 4;O >@30=870F88 =51>;LH8E ?@>872>4AB2 C A51O =0 @>48=5.  ?>40;ON8@; 1>;LH8=AB25 AB@0= ?@028B5;LAB25==K5 ?>AB0=>2;5=8O <0:A8<0;L=> ?>>H3 @ONB 22> 8<<83@0=B0<8 A@54AB2 ?@8872>4AB20:A=860NB 8;8 A=8<0NB B0<>65==K5 ?>8H8=K 8 4@C385 10@L5@K. >A:>;L:C F5=K =0: <0H8=K 2> 2A5< <8@5 2 >A=>2=>< @0ABCB 4>2>;L=> 1KAB@>, B> 8<<83@0=BK, ?>@>9 5I5 @01>B0O 70 @C156>< 8 A>1^NL 2>72@0I0BLAO 4><>9, =0G8=0NB >@30=87>2K20BL :>>?5@0B82K, GB>1K :C?8BL B5E=8:C. =B5@5A=> >B<5B8BL, GB> B0:85 :>>?5@0B82K ?>;L7CNBAO D8=0=A>2>9 ?>445@6:>9 10=:>2, :>B>@K5 ?@54>AB02;ONB 8< :@548BK 2 A;CG05, 5A;8 8E B@C4>2KE A15@56589 =5 E20B05B 4;O ?@8>1@5B5=8O 2A53> =5>1E>48<>3> >1>@C4>20=8O, >15A?5G820NI53> ?>;=K9 ?@>872@4AB25==K9 F8^1. 6.8. >AA89A:85 ?@>1;5<K 5>1E>48<> >B<5B8BL, GB> ?@>F5AA @0AH8@5==>3>, 0 2 @O45 A;CG052 ?@>AB>3> 2>A?@>872>4AB20 B@C4>2KE @5AC@A>2 2 =0H59 AB@0=5 =0@CH5=.  1>;LH8=AB25 @538>=>2 =01;:I05BAO ?045=85 ?@8@>AB0 =0A5;5=8O. @09=5 =87:0 >?;0B0 B@C40, =5 40NI0O G5;>25:C 045:20B=>9 >B40G8 70 B5 DC=:I8, :>B>@K5 >= 2K?>;=O5B 2 A2>5< B@C4>2>< ?@>F5AA5.  2 CA;>28OE :@878A=>3> A>AB>O=8O M:>=><8:8 2A5 MB> ?@82>48B =5 B>;L:> : ?045=8N ?@>872>48B5;L=>AB8 B@C40, => 8 : ?>;=><C @07;>65=8N A0<>9 1>;LH>9 F5==>AB8 3>AC40@AB20 - B@C4>2KE @5AC@A>2. "0:8< >1@07><, ?>;CG05BAO ?>@>G=K9 :@C3, :>B>@K9 4>2>;L=> B@C4=> @07>@20BL. 4=8< 87 MDD5:B82=KE ?CB59 B0:>3> ''?@>@K20*' <>65B A;C68BL M:A?>@B @01>G59 A8;K. 5B =5>1E>48<>AB8 ?>4G5@:820BL, GB> <564C=0@>4=0O <83@0F8O 2 A8;C 5AB5AB25==KE M:>=><8G5A:8E ?@8G8= 2A5340 1K;0 =0?@02;5=0 87 AB@0= A 1>;55 =87:8< 70@01>B:>< 2 AB@0=K A 1>;55 2KA>:8<. "0:8< >1@07><, G5;>25: A<>65B, ?>5E02 =0 70@01>B:8 70 @C156, ?@5645 2A53> 2>AAB0=>28BL =0G0;LK8 2>A?@>872>4AB25==K9 ?@>F5AA, ?@8>1@5AB8 =>2K5 ?@>872>4AB25==K5 =02K:8, :C?8BL B5E=8:C, 2 B. ' 8 ?@>872>4AB25==>3> =07=0G5=8O. !;54C5B CG5ABL, GB> ?>43>B>2:0 8 ?@8=OB85 70:>=0 > ?>@O4:5 2K5740 8 2L5740. 2 AB@0=C, A >4=>9 AB>@>=K, ?>@>48;8 2 =0H5< >1I5AB25 >G5=L 1>;LH85 >6840=8O 8 =045640 =0 2>7<>6=>ABL 2@5<5==>3> 70@01>B:0 70 @C156><, 0 A 4@C3>9 @0AA<0B@8205BAO 254CI8<8 <8@>20<8 45@6020<8 :0: :;NG52>9 M;5<5=B 45<>:@0B8G5A:8E ?@5>1@07>20=89 8 :0: =5>1E>48<>5 CA;>285 4;O ?>AB>O==>3> ?@54>AB02;5=8O :@548B>2. >7=8:05B =5>1E>48<>ABL A>740BL :>=F5?F8N CG0AB8O >AA88 2 <564C=0@>4=>< B@C4>2>< >1<5=5. ;O "70E20B0" E>BO 1K 10 % >A=>2=KE <8@>2KE @K=:>2 (B.5. 1,, <;=.G5;.) ?@8 3>AC40@AB25==>9 M:A?0=A88 ?> @0AG5B0< ?>B@51C5BAO >:>;> 10 ;5B. > 2 ?5@A?5:B825 >AA8O <>3;0 1K ?>AB>O==> 45@60BL 70 @C156>< 1>;55 1,5 <;=. G5;>25: ?@8 1;03>?@8OB=>9 <8@>2>9 :>=JN=:BC@5 8 A>459AB28O 4@C38E AB@0= 8 ?>;CG0BL 5653>4=K9 4>E>4, ?> >F5=:0<, 2 10-20 <;@4. 4>;. :@ZdBHjlPHJNd 6 $!F)J)L)R)T)Z)\)d)l)n)))))..//D2n2~;;Cɿɿhw56CJhwCJOJQJhw6CJOJQJ hwCJ hw5 hw6hw hw@hwOJQJhw5OJQJH@*.D^x $$Ifa$ $7((`7a$$((a$ $7((`7a$ $7((`7a$ lbUUU $(($Ifa$ (($Ifkdv$$IfF\F^%04 FazlbUUU $(($Ifa$ (($Ifkd!$$IfF\F^%04 Fa"*28lbUUU $(($Ifa$ (($Ifkd$$IfF\F^%04 Fa8:~lbUUU $(($Ifa$ (($Ifkdw$$IfF\F^%04 Fa4DRblbUUU $(($Ifa$ (($Ifkd"$$IfF\F^%04 Fabd&l____R_R_ $7((`7a$ $7((`7a$kd$$IfF\F^%04 Fa P&  ^6 #z&F)d)**$((a$ $7((`7a$(($(a$(( 7((`7 $7((`7a$ $7((`7a$ $7((`7a$ $7((`7a$***+++,p,,, .t..D///D2d56;v<<$ & F^`a$(($(a$$ & F S^S`a$ $ & F ((a$$ & F a$ $7((`7a$<:=AnDDREF4FFFjGG HZHHHdNVVV(($ & F (^`a$$ & F ^`a$$ & F (^`a$ $7((`7a$ $7P(`7a$$ & F^`a$CTDFFjVV``RaTajdennop~| $((1$a$ $((1$a$$((a$$((a$ $7((`7a$ $ & F((a$Ddv&|(l@.FD#v# % %((,-//==?,@ B^BBCFF|II,UHUҭҤҤҤқҤҤҤҒҭҤҤҤҤҤhw6OJQJhw:OJQJhw5OJQJhw56CJOJQJhw56CJ OJQJhw56OJQJhwOJQJhw56CJOJQJ hw6hwCJOJQJhw hw>*9XF2Z6&f$l@ $ & F((1$a$ $((1$a$ $7((`7a$ $7((`7a$$((a$@.Fj`"Z$Z((,/j47:: $7((`7a$$((a$ $dh`a$ & F & F$dha$::<??,@bBBBFHI6KKOR,UpWRX*YY[^*ʔ2 $7((`7a$(( $7((`7a$ $7((`7a$ $7((`7a$2DЛ>T2j $7((`7a$ $7((`7a$ $7((`7a$ $7((`7a$6&0$RN(h $7((`7a$ $7((`7a$ $7((`7a$D,p $: b2z!%& $7((`7a$ $7((`7a$ $7((`7a$& )+33n6 7T78^9N::=L?GGxLJPSVVVVVV$a$ 1$5$7$8$9DH$ $7((`7a$ $7((`7a$G0T2TVVVhwOJQJ hw6hw,1h. A!n"n#n$n%77 $$If!vh5 5 5 #v #v :V F05 5 / / / /  44 F$$If!vh55#v#v:V F055/ / / /  44 FY$$If!vh55J 55 5#v#vJ #v#v #v:V F055J 55 5/ / / / / / / /  / 44 F$$If!vh5j 5R5 55O#vj #vR#v #v#vO:V F05j 5R5 55O/ / 44 F$$If!vh55J 5g5#v#vJ #vg#v:V F055J 5g5/ /  / / 44 F'$$If!vh55J 5g5#v#vJ #vg#v:V F055J 5g5/ / / / / / / 44 F$$If!vh5 5 5 #v #v :V F05 5 / /  44 F$$If!vh55#v#v:V F055/ / / /  44 F$$If!vh5 5 5 #v #v :V F05 5 / /  44 F$$If!vh5> 5#v> #v:V F05> 544 F$$If!vh5> 5#v> #v:V F05> 544 F$$If!vh5> 5#v> #v:V F05> 544 F$$If!vh5> 5#v> #v:V F05> 544 F$$If!vh5 55 #v #v#v :V F05 55 / /  44 Fa$$If!vh5 555 #v #v#v#v :V F05 555 / / / / 44 Fa$$If!vh5 55 #v #v#v :V F05 55 / /  / 44 Fa$$If!vh5B5525- 5#vB#v#v2#v- #v:V F05B5525- 5/ / /  44 Fa[$$If!vh5 55 5Y #v #v#v #vY :V F05 55 5Y / / / / / / / / / / 44 Fa9$$If!vh555$55z #v#v#v$#v#vz :V F04555$55z / / /  / / / 44 Fa$$If!v h5.5555855 55  #v.#v#v#v#v8#v#v #v#v :V F05.5555855 55  / / / / / / / / /  44 Fa$$If!vh55#v#v:V F055/ / /  44 Fa$$If!vh55#v#v:V F0555/ /  / 44 Fa$$If !vh5/#v/:V F0K 5/44 Fa$$If !vh5/#v/:V F0K 5/44 Fa$$If !vh5/#v/:V F0K 5/44 Fa$$If !vh5/#v/:V F0K 5/44 Fa$$If !vh5/#v/:V F0K 5/44 Fa$$If!vh5555#v#v:V F05544 F$$If!vh5555#v#v:V F05544 F$$If!vh5555#v#v:V F05544 F$$If!vh5555#v#v:V F05544 F$$If!vh5555#v#v:V F05544 F$$If!vh5555#v#v:V F05544 F^ 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>: 1$$dh@&a$CJBA B A=>2=>9 H@8DB 0170F0\i@\ 01KG=0O B01;8F0 :V 44 la .k . 0 5B A?8A:0 VoV FR11$5$7$8$9DH$6CJ0OJQJ_HmHsHtHVoV FR21$5$7$8$9DH$5CJOJQJ_HmHsHtHRoR FR31$5$7$8$9DH$CJOJQJ_HmHsHtHVo"V FR41$5$7$8$9DH$6CJOJQJ_HmHsHtH`C@2` A=>2=>9 B5:AB A >BABC?><$7x`7a$hP@Bh A=>2=>9 B5:AB 2)$dh1$5$7$8$9DH$`a$aJPK![Content_Types].xmlj0Eжr(΢Iw},-j4 wP-t#bΙ{UTU^hd}㨫)*1P' ^W0)T9<l#$yi};~@(Hu* Dנz/0ǰ $ X3aZ,D0j~3߶b~i>3\`?/[G\!-Rk.sԻ..a濭?PK!֧6 _rels/.relsj0 }Q%v/C/}(h"O = C?hv=Ʌ%[xp{۵_Pѣ<1H0ORBdJE4b$q_6LR7`0̞O,En7Lib/SeеPK!kytheme/theme/themeManager.xml M @}w7c(EbˮCAǠҟ7՛K Y, e.|,H,lxɴIsQ}#Ր ֵ+!,^$j=GW)E+& 8PK!Ƶtheme/theme/theme1.xmlYnE#;8U i-qN3'JH DA\8 R>CW]{'ސ{g?x݈]"$q+_,y>8{7 K }xLވHe 2{Rܜaˋ??<ߟdžSr$L].<İT̟72S"ѵ_JwL&BJ05kZVyVy|xC OO|x>+<>@(:??/>5{yxFDdm 3^q5'=q6nib-$RB}}YGq=xK@;)^qbha79g . pUʹ;bbmc[$c'a}5KKfH5HL!ݦ&|mK{N6M6hq v|y 58+zH  *~ HHy\K*t@G>{sA}"))y sGfۡqǾ'w E1 [8>ܤ4Aбt׎~ls14_>,Ȭ7TT GqME=w-i>mo[oiBszbP:j5if F 9Pɉ* k\ A ;!N`.{I SցD p3˅5veU}AbvyA/g 氚 Z N+lR~aeԩj9&&CLgMʼn7a A0ƀHEA3~{q q1vƨl効9)>൜fN1N FIrdq8Y^:_73.|3 f%Jش?MOY s 3;} Rc0`d[鯠$ÿ - έhǴ"P 6T{TUٴ+9E28Y*MOt0O9Bݍqg7Ŕ9O)z?7#]u rBIHAאTpl>՟,SpT4@~BA%}'0+{eRF&rĪ#uu\{BHuM6`pG}N+!'_oN콶3a3dXZzCyCUɪ嶂ZZZ۱f,fAg-@`g v6V?Dhf6t=M&ʺ6ײ'݉#֚>d8s9xN=ڮjAv11;u2%M2oN1uo%տPK! ѐ'theme/theme/_rels/themeManager.xml.relsM 0wooӺ&݈Э5 6?$Q ,.aic21h:qm@RN;d`o7gK(M&$R(.1r'JЊT8V"AȻHu}|$b{P8g/]QAsم(#L[PK-![Content_Types].xmlPK-!֧6 +_rels/.relsPK-!kytheme/theme/themeManager.xmlPK-!Ƶtheme/theme/theme1.xmlPK-! ѐ' theme/theme/_rels/themeManager.xml.relsPK] _uW~yVCDHUGV?DPbhm&Hq4~:~F~~~~~~ ”Ĭ*ҿ ",\<j/0@WyЧ>X 5Ji@8b**<V  +-\^ܸ޸Ĺƹ -0;7V  hprz+-9BKS[>Kiu q!(In &9NluOW)-1ow*0  * !!!!g"r""""#5$>$$$[%d%%%%%G&P&&&& '3'C'd'o'''''()+,=,F,},,----;.D.A/Q///00000000\1n111Q2Y22233'4-44455556 67$7[8i88999M:Z:o:x::: ;;;; <<<<==r>z>>>d?g?S@d@pA|AAABBD&DZDfD;EIEXEhEEE%F2F*G4GHHvIIIIIIKKKKyLLLMyNNNNNNROaOOOOOGPOP&Q/QQQJRMRjRnRRRSSSSTTPTZTzTTvUUUUVV0V:VVVWWdXjXXXYY3Z?ZfZhZZZ[[[[[[[[\\*]5]]]N^\^^^__KaQab"bpbrbbbcc4c=c3d?dldzd7eAeffffgghhhii ijjQk[kkkkkkkkkkkllllemnmmmnnno`phpqqirors#s NwBM1z%IsRVdIzal!lXcv\-wv\*@^`)@^`.@^`)@^`)@9^`)@1^`.@^`)@^`.@9^`)@^`.@^`.-wXSSX$'lXcZ`ShSBMpSp4p4xSL*IzaS>Wqp7IsR9U 4@ ^`OJQJo(9U@ ^`OJQJo(*:U@E @ ^`OJQJo(-(:U 8@ ^`OJQJo(P:Us@^`):U @ ^`OJQJo( wx_uau@dd@;[;_u~UnknownG* Times New Roman5Symbol3. * Arial?= * Courier NewACambria Math"qh&&]p5Av]p5Avnn20dtt2HX $Px2!xx-!" !"  / !!! $ & 5<>3@0D8O025;<         Oh+'0 (4 T ` lx0  Normal2Microsoft Office Word@F#@)@)5]p՜.+,D՜.+,` hp  vAt .  L@@_AdHocReviewCycleID_EmailSubject _AuthorEmail_AuthorEmailDisplayName_ReviewingToolsShownOnce\  OKuchmaeva@teach.mesi.ru   !"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwxyz{|}~      !"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwxyz{|}~      !"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwxyz{|}~ Root Entry F-) Data x1Table{3WordDocument.SummaryInformation(DocumentSummaryInformation8CompObjy  F' Microsoft Office Word 97-2003 MSWordDocWord.Document.89q