ࡱ> bM Dbjbj==(tWW$wl"""H H H , <<<8ttD, %j88L%%%%%%%$' ')t6%!H 6%"#H H W%"#"#"#H H %"#%"#"##2$H H $, /`u, <@$$m%0%$*"F*$"#\ j xH H 0=0;8B8G5A:0O 70?8A:0 -3>8AB ?>4>15= 402=> A84OI5<C 2 :>;>4F5 ;>10;L=0O A>F8>;>38O, :0:>9 >=0 2848BAO A :>;>:>;L=8  2KA>:>9 ?>;8B8G5A:>9 0=0;8B8:8 !(: > :=835 .6578=A:>3>  5;8:0O H0E<0B=0O 4>A:0. >A?>4AB2> <5@8:8 8 53> 35>AB@0B538G5A:85 8<?5@0B82K .  .: 564C=0@>4=K5 >B=>H5=8O. 1998. (BrzezinskiZ.  The Grand Chessboard. American Primacy and It s Geostrategic Imperatives . Basic Books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nternet  0=3;89A:89, 8 ?>402;ONI0O G0ABL 3;>10;L=>9 :><?LNB5@=>9  1>;B>2=8  B0:65 87 <5@8:8 8 2;8O5B =0 A>45@60=85 3;>10;L=KE @073>2>@>2. 0:>=5F, <5@8:0 ?@52@0B8;0AL 2 5::C 4;O B5E, :B> AB@5<8BAO ?>;CG8BL A>2@5<5==>5 >1@07>20=85; ?@81;878B5;L=> ?>;<8;;8>=0 8=>AB@0==KE ABC45=B>2 AB5:0NBAO 2 !>548=5==K5 (B0BK, ?@8G5< <=>385 87 A0<KE A?>A>1=KE B0: 8 =5 2>72@0I0NBAO 4><>9. K?CA:=8:>2 0<5@8:0=A:8E C=825@A8B5B>2 <>6=> =09B8 ?>GB8 2 :064>< ?@028B5;LAB25 =0 :064>< :>=B8=5=B5 8 B.4. 8 B.?., => > ACI5AB25 MB>9 A0<>9 4>  =5:>B>@>9 AB5?5=8 ?@8<8B82=>9 :C;LBC@K >= =5 3>2>@8B. >=5G=>, :=830 04@5A>20=0 0<5@8:0=A:8< ABC45=B0<, :>B>@K5 1>;LH59 G0ABLN @>48;8AL 8 2K@>A;8 2 !( 8 2AO 0<5@8:0=A:0O :C;LBC@0 8 ?>@>6405<K9 5N >1@07 687=8 8< 7=0:><K A ?5;5=>:. > >F5=>: A>45@60=8N :C;LBC@K 8 ACI5AB20 5Q ?@8<8B82=>AB8 .6578=A:89 =5 405B =8345.  MB>  3;02=>5 4;O 2KO2;5=8O ?5@A?5:B82  D>@<C;8@C5<>9 8< 2A5>1J5<;NI59 8 ?>A;54>20B5;L=>9 52@0789A:>9 35>AB@0B5388 & 'B> :0A05BAO D8;L<>2, B> 2 >1I5AB25 !( 2 @07@01>B:5 8 >ACI5AB2;5=88 <5=LH5 =>2KE 8459, G5< B> :>;8G5AB2> D8;L<>2, GB> >=8 A=8<0NB, ?> :0:>9 ?@8G8=5 2A5 D8;L<K <>3CB 1KBL @0A?@545;5=K ?> 42C< 45AOB:0< AN65B>2, 2 :>B>@KE B>;L:> <5=ONBAO 45:>@0F88 8 ;8F0 0:B5@>2; A>45@60=85 65 MB8E AN65B>2 1>;LH59 G0ABLN A2>48BAO : >A=>2=K< 8=AB8=:B0< 8 45<>=87<C. -B> >48= 87 0A?5:B>2 ?@8<8B82=>AB8 :C;LBC@K !(, 2 ACI5AB2> :>B>@>3> =5 AB0; 24020BLAO .6578=A:89. "5< =5 <5=55 >=8 70=8<0NB 3/4 <8@>2>3> :8=>@K=:0, B.5. >=8 :><C-B> =C6=K. > 2>?@>A > B><, :B> ?>;CG05B C4>2>;LAB285 >B 8E ?@>A<>B@0 8 :0:85 ?>A;54AB28O >=8 2K7K20NB 2 >1I5AB25, .6578=A:89 >1>H5; AB>@>=>9. @><>;G0; >= > B><, GB> /?>=8O F5;5=0?@02;5==> A:C?05B >;82C4: 2 19893. :C?8;0  >;0<180 ?8:G5@A , 2 19903. :C?8;0  ! . %>BO B>@3>2K5 <0@:8 :8=>D8@< >AB0;8AL 157 87<5=5=89, 0 B>;?5 2A5 @02=>, :><C ?@8=04;560B D8@<K, => 2A5 65  :B> 45=L38 ?;0B8B  B>B 8 <C7K:C 70:07K205B . 8=>45;> MB> B@5B89  ?5@2K9 ?@8>@8B5BK >1>1I5==KE A@54AB2 C?@02;5=8O 8 /?>=8O C65 2>7<>6=> 2K83@0;0 :8=>-84CM9, ?>A:>;L:C 0<5@8:0=FK A C4>2>;LAB285< A<>B@OB D8;L<K ?@> 2>AB>G=K5 548=>1>@AB20 8 <8AB8:C, B09=K <>=0ABK@O (0>;8=L 8 B.?. @8<5@=> B0:65 >1AB>8B 8 ACI5AB2> 45; 2 Internet. 8;; 59BA 8  A>740;8 ?@>3@0<<=>5 >15A?5G5=85 :><?LNB5@>2 B0:, GB> 2E>4 2 0=3;>O7KG=K5 D09;K 4;O =5 0=3;>O7KG=>3> ?>;L7>20B5;O 3>@074> ?@>I5, G5< 2E>4 0=3;>O7KG=>3> ?>;L7>20B5;O 2 =50=3;>O7KG=K5 D09;K. -B> >7=0G05B, GB> 2 0=3;>O7KG=CN A@54C 2=54@OBL 8=D>@<0F8N (?5@2K9  B@5B89 ?@8>@8B5BK >1>1I5==KE A@54AB2 C?@02;5=8O) <>65B 3>@074> 1>;55 H8@>:89 :@C3 ;8F, G5< =0>1>@>B.  :><?LNB5@=>9 1>;B>2=5 2 Internet 459AB28B5;L=> ?@5>1;0405B ?8468=-8=3;8H. > 1>;B>2=O MB>  >4=>, 0 25I0=85 >A<KA;5==> F5;5A>>1@07=>3> A;>20 MB>  4@C3>5, 8 :0: ?>:07K205B :=830 A0<>3> .6578=A:>3> !( 2 Internet <>3CB 1>;B0BL, 70=8<0BLAO 28@BC0;L=K< A5:A><, => A:070BL ?> ACI5AB2C 8< =5G53>. "> 65 :0A05BAO 8 0<5@8:0=A:>3> >1@07>20=8O: >=> CI5@1=> 2> 2A5<, GB> :0A05BAO <8@>2>77@5=G5A:>9 8=D>@<0F88 (?5@2K9 ?@8>@8B5B), ?> :0:>9 ?@8G8=5 4065 4>AB>25@=K5 7=0=8O =87H8E ?@8>@8B5B>2 ?@54AB02;ONB >?0A=>ABL 4;O B5E, :B> ?>;CG05B >1@07>20=85 2 !(. %>BO 2A5 A:070==>5 > D8;L<0E, Internet, >1@07>20=88 7=0G8<>, => =5 2 MB>< 3;02=>5, :>;8 @5GL 845B > 3;>10;L=>9 ?>;8B8:5 8 CG0AB88 2 =59 !(.  @>AA89A:>9 ?>;5<8:5 ?@>B82  038B0F88 70 0<5@8:0=A:89 >1@07 687=8 C65 8725;8 <=>3> 1C<038, G5@=8; 8 2@5<5=8, <CAA8@CO 2>?@>A > B><, GB> F5==>AB8 MB>  >4=>, 0 8450;K MB>  4@C3>5, ?>A:>;L:C F5==>AB8 ?@>40NBAO 8 ?>:C?0NBAO, 0 8450;K =5B. .6578=A:89, E>BO 8 1>@>;AO 2AN 687=L A @>AA89A:>9 8<?5@A:>9 ?>;8B8:>9, A MB>9 ?>;5<8:>9 ;81> =5 7=0:><, ;81> =5 ?@840; 59 A5@L57=>3> 7=0G5=8O, B>;L:> C?><O=C2 >4=>9 D@07>9  =5:>B>@KE GB>-B> 4C<0NI8E > A2>8E MAB5B8G5A:8E F5==>ABOE . > 2>?@>A > B><, 4>?CAB8<> ;8 >B>645AB2;OBL 2 ?@0:B8G5A:>9 ?>;8B8:5  8450;K 8  F5==>AB8 , B@51C5B 3>@074> 1>;55 3;C1>:>3> @0AA<>B@5=8O G5< B>, GB> ?>72>;8; A515 .6578=A:89. %>BO >4=><C 8 B><C 65 G5;>25:C <>65B 1KBL A2>9AB25==> 4>@>68BL 8;8 1KBL ?@825@65==K< 8  8450;0< , 8  F5==>ABO< 2AQ 65 <564C =8<8 5ABL @07=8F0. K =5 1C45< 2?040BL 2 <=>3>A;>2=>5 =@02>CG8B5;LAB2>, 0 ?@>AB> A>H;5<AO =0 <=5=85 @C:>2>48B5;O @CAA:>9 A;C61K @048>AB0=F88  >;>A <5@8:8 0B0;L8 ;0@:A>=. =0 @>48;0AL 8 2K@>A;0 2 !(. !@548 5Q ?@54:>2 1K;8 8 @CAA:85 M<83@0=BK, 8 0<5@8:0=FK, ?> :0:>9 ?@8G8=5 >=0 2K@>A;0 G5;>25:><, 4;O :>B>@>3> @>4=K<8 O2;ONBAO 420 O7K:0.  >=0 70<5B8;0, GB>, 5A;8 >=0 3>2>@8B ?>-0=3;89A:8, B> A;>20  45=L38 ,  187=5A 8 B.?., :>B>@K5 ?>=OB89=> B0: 8;8 8=0G5 A2O70=K A  F5==>ABO<8 , ;53:> 8AE>4OB 87 5Q CAB, => :0: B>;L:> =0 B5 65 B5<K >=0 =0G8=05B 3>2>@8BL ?>-@CAA:8, B> 4CH0 >B25@305B MB>B ;5:A8:>= (>4=0 87 ?@8G8= MB>3> 2 B><, GB> 2 @07=KE O7K:0E  @07=K5 A8AB5<K >4=>:>@5==KE A;>2 8 A2O759 <564C =8<8, 2A;54AB285 G53> >4=>:>@5==K5 A;>20 >4=>3> O7K:0 =5 2A5340 >4=>:>@5==K5 2 4@C3>< 8 B.?.). "> 5ABL 2 >A>15==>ABOE :C;LBC@K =0E>48B A2>5 2K@065=85 A2>5>1@0785 AB0B8AB8G5A:8E @0A?@545;5=89 ;N459 2 >1I5AB25 ?> >@30=870F88 8E ?A8E8:8.  5A;8 >4=8< 2AQ @02=>, GB>  F5==>AB8 , GB>  8450;K , 0 4@C38< =5B, B> MB>  >1J5:B82=0O 8AB>@8G5A:8 A;>682H0OAO 40==>ABL.  =5CG5B @07=>@>4=>3> A2>5>1@078O ?A8E8G5A:>9 ?>4>?;5:8 2 ?@0:B8G5A:>9 ?>;8B8:5  MB> AB>?@>F5=B=> =0456=K9 A?>A>1 703C18BL 871@0==CN ?>;8B8G5A:CN AB@0B538N, > G5< .6578=A:89 4>;65= 1K; 1K A:070BL A2>8< ABC45=B0< ?@O<> 8 ?> ACI5AB2C >?@545;5==>, 8=0G5 >=8 ?>B>< 4>254CB !( 4> :@0E0, ?> A@02=5=8N A :>B>@K< ?>;>65=85 >AA88 8 ! ?>A;5 3>AC40@AB25==>3> :@0E0 !!!  ?>:065BAO 1>;LH8=AB2C 0<5@8:0=F52 ?@545;>< <5GB0=89. @8G5< <K 2545< @5GL =5 > B><, GB> A@548 A:0=48=02>2, :0: ?@8=OB> 4C<0BL, AB0B8AB8G5A:8 ?@5>1;040NB =52>7<CB8<K5 D;53<0B8:8, 0 345-B> =0 A>;=5G=>< N35  ?K;:85 E>;5@8:8. "0:65 8 4>:B@8=K .$@5940, :>B>@K<8 =0 0?045 A:;>==K >1JOA=OBL <=>3>5, 8<5NB : MB><C @0725 B> >B=>H5=85, GB> 70@078;8 87@O4=CN G0ABL 1574C<=> =0G8B0==>9 ?C1;8:8 =0 0?045  M48?>2K< 8 ?@>G8<8 :><?;5:A0<8, A>740==K<8 .$@594>< ;81> C<>7@8B5;L=>, ;81> :>B>@K5 >= =5>1>A=>20==> ?@8?8A0; 2A5<, E>BO >=8 A2>9AB25==K B>;L:> <0;>9 G0AB8 ?A8E8G5A:8 =5=>@<0;L=KE. A8E8:0 G5;>25:0 <=>3>:><?>=5=B=0O A8AB5<0.  >4=8 8 B5 65 :><?>=5=BK 2 ?A8E8:5 @07=KE ;N459 <>3CB =5 B>;L:> 4>AB830BL @07=>9 AB5?5=8 @0728B>AB8, => <>3CB 1KBL 8 @07;8G=K< >1@07>< 2708<>A2O70=K <564C A>1>9, >1@07CO :0G5AB25==> @07;8G=K5 AB@C:BC@K C?@02;5=8O 8=D>@<0F8>==K<8 ?>B>:0<8.  7028A8<>AB8 >B 0@E8B5:BC@K AB@C:BC@K ?A8E8:8, >=0 >:065BAO A?>A>1=>9 ?>445@6820BL >48= >1@07 <KA;59 8 53> 2K@060NI55 ?>2545=85 8=482840, 8 =5 1C45B ?>445@6820BL 4@C385, A =5N =5 A>2<5AB8<K5. A8E8:5 C?><O=CB>9 0B0;88 ;0@:A>=, AC4O ?> 5Q A;>20<, A2>9AB25==K 420 =5 2?>;=5 A>2<5AB8<KE 20@80=B0 5Q >@30=870F88, <564C :>B>@K<8 >=0 <>65B 1>;55-<5=55 ?@>872>;L=> ?5@5:;NG0BLAO. >=5G=>, ;N459 =0 5<;5 C65 >:>;> 5 <8;;80@4>2, 8 ?A8E8:5 :064>3> 8=482840 A2>9AB25==0 C=8:0;L=>ABL  =5?>2B>@8<>5 A2>5>1@0785. "5< =5 <5=55 2AQ MB> @07=>>1@0785 ?>4405BAO 2?>;=5 >?@545;Q==>9 :;0AA8D8:0F88, > G5< 70?04=K5 ?>;8B8G5A:85 0=0;8B8:8 8 ?A8E>0=0;8B8:8, :0: 284=> 87 8E ?@>872545=89, =5 704C<K20NBAO. !CBL 65 70B@>=CB>3> =0<8 2>?@>A0 > ?A8E8G5A:>9 ?>4>?;5:5 :C;LBC@K A>AB>8B 2 B><, GB> ?>2545=85 >A>18 18>;>38G5A:>3> 2840, =07K205<>3> =K=5 '5;>25: 07C<=K9, ?>4G0A 157> 2AO:8E : B><C >A=>20=89 2 ?>2545=88 1>;LH8=AB20 ?@54AB028B5;59 MB>3> 2840, AB@>8BAO =0 >A=>25 2708<>459AB28O: 2@>645==KE 8=AB8=:B>2 8 157CA;>2=KE @5D;5:A>2, 1574C<=>-02B><0B8G5A:>9 >B@01>B:8 ?@82KG5: 8 >A2>5==KE =02K:>2 ?>2545=8O 2 A8BC0F8OE-@074@068B5;OE, @07C<=>9 2K@01>B:8 A2>53> ?>2545=8O =0 >A=>25 ?0<OB=>9 8 2=>2L ?>ABC?0NI59 8=D>@<0F88, 8=BC8F88, 2KE>4OI59 70 3@0=8FK 8=AB8=:B82=>3> 8 @07C<=>3>, @5:><5=40F88 :>B>@>9 2?>A;54AB288 <>3CB 1KBL ?>=OBK @07C<><. %>BO 2 ?A8E8:5 2A5E ;N459 2AQ MB> B0: 8;8 8=0G5 ?@8ACBAB2C5B, => C @07=KE ;N459 MB8 :><?>=5=BK ?>-@07=><C 2708<>A2O70=K 8 2708<>459AB2CNB <564C A>1>9.  7028A8<>AB8 >B B>3>, :0: 2A5 MB8 :><?>=5=BK 85@0@E8G5A:8 >@30=87>20=K 2 ?A8E8:5 8=482840, <>6=> 3>2>@8BL > AB@>5 ?A8E8:8 :064>3> 87 =8E. >6=> 2KO28BL A;54CNI85 >A=>2=K5 B8?K AB@>O ?A8E8:8 8=48284>2: 682>B=K9 AB@>9 ?A8E8:8, 5A;8 ?>2545=85 8=482840 ?>4G8=5=> 8=AB8=:B0<  2=5 7028A8<>AB8 >B AB5?5=8 53> >B5A0==>AB8 :C;LBC@>9, 2 :>B>@>9 3>;K5 8=AB8=:BK A:@K20NBAO ?>4 @07;8G=K<8 >1>;>G:0<8, ?@54>AB02;O5<K<8 F828;870F859, ?>@01>I0O @07C< 8 8=BC8F8N (B.5. B5>@5B8G5A:8 2>7<>6=0, E>BO 8AB>@8G5A:8 8 =5 A>AB>8BAO, F828;870F8O 8450;L=> B5;5A=> G5;>25:>>1@07=KE 8 3>2>@OI8E, => 2AQ 65 >157LO=  ?> ACI5AB2C 8E ?A8E8G5A:>9 >@30=870F88); AB@>9 ?A8E8:8 7><18-18>@>1>B0, 5A;8 2 ?>2545=88 8=482840 =04 8=AB8=:B0<8 3>A?>4AB2CNB ?@82KG:8 8 :C;LBC@=> >1CA;>2;5==K5 :><?;5:AK :0: B@048F8>==K5, B0: 8 =>2>22545==K5, ?>402;ONI85 8E 2>;N, A2>1>4><KA;85, 8=BC8F8N, 8 =5?>A@54AB25==>5 GC2AB2> >6L53> ?@><KA;0 ?> A>25AB8; AB@>9 ?A8E8:8 45<>=0, 5A;8 8=48284 >A>7=0==> 8;8 15AA>7=0B5;L=> C?8205BAO A2>59 A8;>9 2>;8, ?>4G8=5==K<8 2>;5 2>7<>6=>ABO<8 8 8=48284C0;L=>9 @07C<=>ABLN, 2KH54H8<8, ?> 53> <=5=8N, 87 ?>4 48:B0B0 8=AB8=:B>2 8 :C;LBC@=> >1CA;>2;5==KE ?@>3@0<< ?>2545=8O. > 8 MB> 5I5 =5 2AQ. =482840<, >1@07CNI8< >1I5AB2> 8 53> ?>4<=>65AB20, A2>9AB25==> ?>@>640BL :>;;5:B82=CN ?A8E8G5A:CN 45OB5;L=>ABL 8 MB0 :>;;5:B82=0O ?A8E8G5A:0O 45OB5;L=>ABL <>65B 1KBL 2 >1I5<-B> 2A53> 42CE 284>2: 2 >4=>< A;CG05 : >H81:0< A>25@H5==K< >4=8< 8=482840< AB0B8AB8G5A:8 ?@5>1;0405B 4>102;5=85 >H81>:, A>25@H05<KE 4@C38<8. >< <=>65AB20 8E >H81>: @0AB5B 8 C3=5B05B >1I5AB2> 4> B5E ?>@ ?>:0 >=> =5 A38=5B ?>4 8E 3=5B><, ;81> 65 ?>:0 >=> =5 =0G=5B ?>@>640BL :>;;5:B82=CN ?A8E8G5A:CN 45OB5;L=>ABL 2B>@>3> 2840; 2> 2B>@>< A;CG05 ?@5>1;0405B AB0B8AB8:0, 2 :>B>@>9 >H81:8, A>25@H5==K5 >4=8< 8=48284><, CAB@0=ONBAO 8 :><?5=A8@CNBAO 4@C38<8, => ?@8 MB>< :064K9 701>B8BAO > B><, GB>1K A0<><C A>25@H0BL <5=LH55 :>;8G5AB2> >H81>:, GB>1K =5 >1@5<5=OBL 4@C38E =5>1E>48<>ABLN CAB@0=5=8O 8E ?>A;54AB289. > :@><5 B>3> 8=48284K <>3CB @07;8G0BLAO 8 ?> 2708<>>B=>H5=8O< 8E 8=48284C0;L=>9 ?A8E8:8 A ?>@>6405<>9 8<8 :>;;5:B82=>9. @8 MB>< 8=48284: ;81> ?>4=52>;5= :>;;5:B82=>9 ?A8E8G5A:>9 45OB5;L=>AB8 8 B>340 MB>  AB04=>ABL 4065 2 B>< A;CG05, 5A;8 2 MB>9 ?A8E8G5A:>9 M3@53>@80;L=>9 AB04=>AB8 5ABL 2>60:, 45A?>B =04 AB04><  A0< G0ABL AB040, ?>4=52>;L=0O AB04=>AB8; ;81> >= A2>1>4=K9 A>CG0AB=8: :>;;5:B82=>9 ?A8E8G5A:>9 45OB5;L=>AB8, => ?@8 MB>< ?> >B=>H5=8N : >4=>9 AB04=>AB8 >=, 2>7<>6=>, 2KABC?05B 2 :0G5AB25 ?0ABCE0, 1C4CG8 =5 A2>1>4=K< 2 :0:><-B> 8=>< :0G5AB25. "0:65 A;54C5B 8<5BL 2 284C, GB> 8  AB04=>ABL , 8  :>;;5:B82=0O A2>1>40 , 2 7028A8<>AB8 >B E0@0:B5@0 8=D>@<0F8>==KE ?@>F5AA>2 2 =8E, <>3CB ?>@>640BL :0:  ;028=C 154AB289 8 >H81>: , B0: 8 =5:>B>@>5 157>H81>G=>5 DC=:F8>=8@>20=85 :>;;5:B820 2 F5;><. -B> >7=0G05B, GB> 2A5 4>AB865=8O :C;LBC@K :0: 4CE>2=>9, B0: 8 <0B5@80;L=>9, 2A5 B5>@5B8G5A:85 7=0=8O 8 ?@0:B8G5A:85 =02K:8 (B5>@5B8G5A:8 D>@<0;87>20==K5 8 =5D>@<0;87>20==K5), >A2>5==K5 8=48284><,  B>;L:> ?@840==>5 : 53> AB@>N ?A8E8:8. =K<8 A;>20<8, G5;>25G5A:>5 4>AB>8=AB2> 2K@0605BAO =5 2 >1@07>20=88, 7=0=8OE 8 =02K:0E, 0 2 >?@545;Q==>< AB@>5 ?A8E8:8. "> 65 :0A05BAO 8 >1I5AB2: >1I5AB2> ;N459 E0@0:B5@87C5BAO =5 4>AB865=8O<8 53> :C;LBC@K 2 >1;0AB8 =0C:8, B5E=8:8, <0388, 0 >?@545;5==>9 >@30=870F859 8=48284C0;L=>9 8 :>;;5:B82=>9 ?A8E8:8. !>AB>O2H8<8AO ;N4L<8 O2;ONBAO B5, G59 @07C< 2 8E 687=5==>< @0728B88 >?8@05BAO =0 8=AB8=:BK 8 2@>645==K5 @5D;5:AK, :B> ?@8A;CH8205BAO : 8=BC8B82=K< ?@>7@5=8O<, @07;8G0O 2 8=BC8F88 2>>1I5 >6L5 2>48B5;LAB2>, =020645=8O A0B0=87<0, ?@>O2;5=8O 0:B82=>AB8 :>;;5:B82=>9 ?A8E8:8 >1I5AB20 8 A2>5N A2>1>4=>9 2>;59 AB@>8B A2>5 ?>2545=85 2 ;04C A >6L8< ?@><KA;><, =5 ?>@>640O 2 >1I5AB25 :>;;5:B82=CN ?A8E8:C B8?0 @07@0AB0NI0OAO ;028=0 >H81>:. A5< >AB0;L=K< 40=0 2>7<>6=>ABL 1KBL ;N4L<8, :>B>@CN >=8 =5 >ACI5AB28;8. =>385 8=48284K =0 ?@>BO65=88 2A59 A2>59 687=8 ?@51K20NB ?@8 >4=>< :0:><-B> AB@>5 8E ?A8E8:8, => <=>385 4@C385 =0 ?@>BO65=88 687=8 87<5=ONB AB@>9 A2>59 ?A8E8:8 =5>1@0B8<> 8 =5>4=>:@0B=>; B0:65 <=>3>G8A;5==K 8 B5, G59 AB@>9 ?A8E8:8 =5>4=>:@0B=>, => >1@0B8<> 87<5=O5BAO 4065 =0 ?@>BO65=88 >4=>3> 4=O, 0 =5 B> GB>1K 2 B5G5=85 8E 687=8. AO MB0 <=>3>20@80=B=>ABL >@30=870F88 ?A8E8:8 B5E, :><C !2KH5 40=> 1KBL ;N4L<8 2 ?@54>?@545;Q==>< >3>< A<KA;5 MB>3> A;>20,  >1J5:B82=0O 40==>ABL =0 =K=5H=5< MB0?5 8AB>@8G5A:>3> @0728B8O, :>B>@CN <>6=> @0AA<>B@5BL 5I5 1>;55 45B0;L=>, G5< MB> A45;0=> 2 =0AB>OI59 @01>B5.  8<5==> A ?>78F89 ?@87=0=8O MB>9 >1J5:B82=>9 40==>AB8 <>6=> A:070BL, GB> >1I5AB25==K9 ?@>3@5AA 2K@0605BAO 2 2KB5A=5=88 2 >1I5AB25 >4=8E B8?>2 >@30=870F88 ?A8E8:8 4@C38<8. !>>B25BAB25==> MB><C G5;>25G5AB2> <>65B ?@>42830BLAO: 2 =0?@02;5=88 A:>BAB20 ?@8 AB0B8AB8G5A:>< ?@5>1;040=88 682>B=>3> AB@>O ?A8E8:8, :>340 G5;>25:>>1@07=KE F828;87>20==KE >157LO= 1C4CB ?0AB8 18>@>1>BK, 70?@>3@0<<8@>20==K5 :C;LBC@>9, ?@8 3>A?>4AB25 =04 B5<8 8 4@C38<8 45<>=8G5A:8E ;8G=>AB59; 2 =0?@02;5=88 18>@>1>B870F88, :>340 A:>BAB2> 1C45B 15A?>I04=> ?>402;OBLAO, 0 =04 <0AA>9 18>@>1>B>2 1C4CB, :0: 8 2 ?5@2>< 20@80=B5 3>A?>4AB2>20BL 45<>=8G5A:85 ;8G=>AB8; 2 =0?@02;5=88 G5;>25G=>AB8, 2 :>B>@>9 A:>BAB2>, 18>@>1>B870F8O 8 45<>=87< 1C4CB ?>AB02;5=K 2 A>AB>O=85 =52>7<>6=>AB8 >ACI5AB2;5=8O. !>>B25BAB25==> 3;>10;L=0O ?>;8B8:0 MB> 45OB5;L=>ABL 2 ?@>42865=88 G5;>25G5AB20 : >4=>9 87 MB8E 2708<>8A:;NG0NI8E 4@C3 4@C30  >:>=G0B5;L=KE F5;59 , 2=5 7028A8<>AB8 >B B>3> >ACI5AB2;O5BAO MB0 45OB5;L=>ABL ?>4 2>48B5;LAB2>< 682>B=KE 8=AB8=:B>2 8 8E :C;LBC@=KE >1>;>G5:; ?>4 2>48B5;LAB2>< 70?@>3@0<<8@>20==>AB8 :C;LBC@>9; ?>4 402;5=85< >45@68<>AB8 45<>=8G5A:8E ;8G=>AB59 4@C38<8 45<>=0<8; ;81> ?> A2>1>4=>9 2>;5 @07C<=>3> G5;>25:0, =5 3;CE>3> : /7K:C 87=8, 2 :>B>@>< :064>5 A>1KB85 8<55B !2KH5 04@5A>20==K9 G5;>25:C >1J5:B82=K9 A<KA;, :>B>@K9 G5;>25: A?>A>15= ?>=OBL AC1J5:B82=> :0: 2 <5@C A2>9AB25==>9 5<C ?@0254=>AB8, B0: 8 2 <5@C A2>9AB25==>9 5<C ?>@>G=>AB8. "> 5ABL G5;>25: A?>A>15= 2KO28BL 42>9AB25==K9 A<KA;, ?>A;5 G53> <>65B ?> A2>5<C AC1J5:B82=><C ?@>872>;C >?@545;8BL, :0:>9 87 =8E 1;865 : >1J5:B82=><C >1@C, 0 :0:>9  : >1J5:B82=><C ;C, 8 25AB8 A51O A>>B25BAB25==> B><C 8;8 4@C3><C. >;57=> 704C<0BLAO 8 =04 B5<, CAB@5<;5==>ABL : :0:>9 87 MB8E >:>=G0B5;L=KE F5;59 3;>10;L=>9 ?>;8B8:8 !>740B5;L ?>445@68205B !2>5N A2OB>N <>ILN =0 ?@>BO65=88 2A59 8AB>@88 =K=5H=59 F828;870F88, 0 GB> 8A:>@5=O5B 87 687=8 >1I5AB2 :064>3> 87 =0@>4>2 5<;8? >=OB=>, GB> ?@8 42865=88 2 :064>< 87 =0720==KE =0?@02;5=88 <>65B 2>7=8:=CBL ;845@, GL5 :C;LBC@=>5 ?@52>AE>4AB2> =04 >AB0;L=K<8 ?>?CBG8:0<8, 871@02H8<8 B> 65 A0<>5 =0?@02;5=85 @0728B8O, =081>;55 O@:> 2K@065=>.  :C;LBC@=>< ?@52>AE>4AB25 !( .6578=A:89 2KA:07K20;AO =5>4=>:@0B=>, => =5 AB0; 24020BLAO 2 @0AA<>B@5=85 :0G5AB25==KE ?>:070B5;59 B>3> AB@>O ?A8E8:8, :>B>@K9 AB0B8AB8G5A:8 ?@5>1;0405B 2 !(, 8 B>3>, :>B>@K9 3>A?>4AB2C5B =04 AB0B8AB8G5A:8 ?@5>1;040NI59 <0AA>9, GB> 8 =0E>48B A2>5 2K@065=85 2 0<5@8:0=A:>9 :C;LBC@5. ! MB8<8 65 2>?@>A0<8, :>B>@KE >= =5 70<5B8; ;81> =5 ?>AG8B0; ?>;57=K< 4;O A2>8E ABC45=B>2 >A25B8BL, A2O70= 2>?@>A 8 > B><, 4;O =>A8B5;59 :0:8E B8?>2 AB@>O ?A8E8:8 :C;LBC@0 !( >:07K205BAO  <03=8B=>-?@8BO30B5;L=>9 : G5;>25:>>1@07=KE, 18>@>1>B>2, 45<>=8G5A:8E ;8G=>AB59, ;81> B5E, :B> AB@5<8BAO : G5;>25G=>AB8? %>BO .6578=A:89 MB8E 2>?@>A>2 =5 ?>AB028; 8 =5 >A25B8;, B5< =5 <5=55 2 A2>59 :=835 >= 40; =0 =8E >B25B:  >>1I5 3>2>@O, :C;LBC@=K5 87<5=5=8O 2 !( B0:65 <>3CB >:070BLAO =51;03>?@8OB=K<8 4;O ?>AB>O==>3> ?@8<5=5=8O 459AB28B5;L=> 8<?5@A:>9 2;0AB8 70 @C156><. -B> B@51C5B 2KA>:>9 AB5?5=8 4>:B@8=0;L=>9 <>B828@>2:8, A>>B25BAB2CNI8E C<>=0AB@>5=89 8 C4>2;5B2>@5=8O ?0B@8>B8G5A:8E GC2AB2. 4=0:> 4><8=8@CNI0O 2 AB@0=5 :C;LBC@0 1>;LH5 BO3>B55B : <0AA>2K< @072;5G5=8O<, 2 :>B>@KE 3>A?>4AB2CNB 354>=8ABA:85 <>B82K 8 B5<K CE>40 >B A>F80;L=KE ?@>1;5<. !C<<0@=K9 MDD5:B MB>3> 45;05B 2A5 1>;55 B@C4=>9 7040GC A>740=8O =5>1E>48<>3> ?>;8B8G5A:>3> :>=A5=ACA0 2 ?>445@6:C =5?@5@K2=>3> 8 8=>340 4>@>3>AB>OI53> ;848@CNI53> ?>;>65=8O !( 2 <8@5. !@54AB20 <0AA>2>9 8=D>@<0F88 83@0;8 2 MB>< >B=>H5=88 >A>15==> 206=CN @>;L, D>@<8@CO C ;N459 A8;L=>5 >B2@0I5=85 : ;N1><C 8718@0B5;L=><C ?@8<5=5=8N A8;K, :>B>@>5 2;5G5B 70 A>1>9 4065 =57=0G8B5;L=K5 ?>B5@8.  B><C 65 8 !(, 8 AB@0=0< 0?04=>9 2@>?K >:070;>AL B@C4=> A>2;040BL A :C;LBC@=K<8 ?>A;54AB28O<8 A>F80;L=>3> 354>=87<0 8 @57:8< ?045=85< 2 >1I5AB25 F5=B@0;L=>9 @>;8 F5==>AB59, >A=>20==KE =0 @5;838>7=KE GC2AB20E. ( MB>< >B=>H5=88 ?>@060NB :@0B:> 87;>65==K5 2 3;0251 ?0@0;;5;8, >B=>AOI85AO : C?04:C 8<?5@89.) >7=8:H89 2 @57C;LB0B5 :@878A :C;LBC@K >A;>6=O;AO @0A?@>AB@0=5=85< =0@:>B8:>2 8, >A>15==> 2 !(, 53> A2O7LN A @0A>2K<8 ?@>1;5<0<8.  =0:>=5F, B5<?K M:>=><8G5A:>3> @>AB0 C65 =5 <>3CB 1>;LH5 C4>2;5B2>@OBL @0ABCI85 <0B5@80;L=K5 ?>B@51=>AB8, :>B>@K5 AB8<C;8@CNBAO :C;LBC@>9, =0 ?5@2>5 <5AB> AB02OI59 ?>B@51;5=85. 5 1C45B ?@5C25;8G5=85< CB25@645=85, GB> 2 =081>;55 A>7=0B5;L=KE :@C30E 70?04=>3> >1I5AB20 =0G8=05B >ICI0BLAO GC2AB2> B@52>38 8 8AB>@8G5A:>3> ?5AA8<87<0. <& > -B0 =5C25@5==>ABL CA8;8205BAO ?>;CG82H8< H8@>:>5 @0A?@>AB@0=5=85 @07>G0@>20=85< ?>A;54AB28O<8 >:>=G0=8O E>;>4=>9 2>9=K. <5AB>  =>2>3> <8@>2>3> ?>@O4:0 , ?>AB@>5==>3> =0 :>=A5=ACA5 8 30@<>=88,  O2;5=8O, :>B>@K5, :070;>AL 1K, ?@8=04;560;8 ?@>H;><C , 2=570?=> AB0;8 1C4CI8<. %>BO MB=>=0F8>=0;L=K5 :>=D;8:BK 1>;LH5, 2>7<>6=>, 8 =5 C3@>60NB <8@>2>9 2>9=>9, >=8 AB0;8 C3@>7>9 <8@C 2 206=KE @538>=0E 75<=>3> H0@0. "0:8< >1@07><, 5I5 =0 :0:>5-B> 2@5<O 2>9=0, ?>-2848<><C, B0: 8 =5 AB0=5B CAB0@52H8< ?>=OB85<. A;54AB285 B>3> GB> 4;O 1>;55 >15A?5G5==KE AB@0= A45@6820NI8< D0:B>@>< O2;ONBAO 8E @0728BK5 B5E=>;>38G5A:85 2>7<>6=>AB8 A0<>@07@CH5=8O, 0 B0:65 8E A>1AB25==K5 8=B5@5AK, 2>9=0 <>65B AB0BL @>A:>HLN, 4>ABC?=>9 ;8HL 154=K< AB@0=0< MB>3> <8@0.  1;8609H5< 1C4CI5< >154=52H85 425 B@5B8 G5;>25G5AB20 =5 A<>3CB @C:>2>4AB2>20BLAO 2 A2>8E ?>ABC?:0E >3@0=8G5=8O<8, :>B>@K<8 @C:>2>4AB2CNBAO ?@828;538@>20==K5 ( 5;8:0O H0E<0B=0O 4>A:0 , A.250, 251). "> 5ABL, 5A;8 MB> 2A5 459AB28B5;L=> 8<55B <5AB>, B> !( A;54C5B 70=8<0BLAO 45;0<8 2=CB@5==8<8: @072820BL A2>N :C;LBC@C, 0 =5 ?>AO30BL =0 ?5@545;K20=85 >AB0;L=>3> <8@0 A=0G0;0 2 ?@>28=F8N, >15A?5G820NICN 157<5@=> @0ABCI85 354>=8ABA:85 (?>-@CAA:8 3>2>@O: 2A5?>68@0NI5 A;04>AB@0AB=K5) ?>B@51=>AB8 <5B@>?>;88 !(; 0 ?>B>< 2 =5GB> ?>:0 =5>?@545;5==>5, => C65 =07K205<>5  =>2K< <8@>2K< ?>@O4:>< , :>B>@K9 4>;65= A>AB>OBLAO  ?>A;5 ?>A;54=59 <8@>2>9 A25@E45@602K . > 40;55 G8B05< A>2A5< 4@C3>5:   A>60;5=8N, 4> A53>4=OH=53> 4=O CA8;8O, =0?@02;5==K5 =0 B>, GB>1K G5B:> AD>@<C;8@>20BL =>2CN F5=B@0;L=CN 8 3;>10;L=CN F5;L !>548=5==KE (B0B>2 ?>A;5 >:>=G0=8O E>;>4=>9 2>9=K, 1K;8 >4=>1>:8<8. 5 C40;>AL C2O70BL ?>B@51=>ABL C;CGH5=8O 687=8 ;N459 A =5>1E>48<>ABLN A>E@0=5=8O F5=B@0;L=>3> ?>;>65=8O <5@8:8 2 <8@>2KE 45;0E. <& > >@>G5 3>2>@O, F5;L ?>;8B8:8 !( 4>;6=0 157 :0:8E-;81> >?@0240=89 A>AB>OBL 87 42CE G0AB59: =5>1E>48<>AB8 70:@5?8BL A>1AB25==>5 3>A?>4AB2CNI55 ?>;>65=85, ?> :@09=59 <5@5 =0 ?5@8>4 ACI5AB2>20=8O >4=>3> ?>:>;5=8O, => ?@54?>GB8B5;L=> =0 5I5 1>;55 4;8B5;L=K9 ?5@8>4 2@5<5=8, 8 =5>1E>48<>ABL A>740BL 35>?>;8B8G5A:CN AB@C:BC@C, :>B>@0O 1C45B A?>A>1=0 A<O3G0BL =587156=K5 ?>B@OA5=8O 8 =0?@O65==>ABL, 2K720==K5 A>F80;L=>-?>;8B8G5A:8<8 ?5@5<5=0<8, 2 B> 65 2@5<O D>@<8@CO 35>?>;8B8G5A:CN A5@4F528=C 2708<=>9 >B25BAB25==>AB8 70 C?@02;5=85 <8@>< 157 2>9= ( 5;8:0O H0E<0B=0O 4>A:0 , A.253, 254).  ?>A;54=5< F8B8@>20==>< 0170F5 A;54C5B >1@0B8BL 2=8<0=85 =0 B>, GB> ?@8>@8B5B=>ABL F5;59: 1)<8@>2>5 3>A?>4AB2> !(, 2) A>740=85 35>?>;8B8G5A:>9 AB@C:BC@K C?@02;5=8O 2A5< <8@>< 157 2>9= (GB> ?>4@07C<5205B >BACBAB285 ?@8G8= 4;O 2708<=>9 =5?@8O7=8 <564C =0@>40<8),  >1@0B=0O B>9, :>B>@CN .6578=A:89 ?@>2>73;0A8; 2 F8B8@>20==>< 8 @0=55 @07>1@0==>< =0<8 ?> A<KA;C 0170F5  2545=8O : 1)A>740BL 3>B>2>5 : A>B@C4=8G5AB2C <8@>2>5 A>>1I5AB2> 2 A>>B25BAB288 A DC=40<5=B0;L=K<8 8=B5@5A0<8 G5;>25G5AB20, 2)<8@>2>5 3>A?>4AB2> !( 2 ?5@5E>4=>< ?5@8>45 2 :0G5AB25 30@0=B0 >ACI5AB2;5=8O DC=40<5=B0;L=KE 8=B5@5A>2 G5;>25G5AB20. 0: 1K;> ?>:070=> @0=55, MB8 F5;8 =5 2A5340 A>2?040NB. > ?@8 B5E ?@>1;5<0E, A :>B>@K< AB>;:=C;AO A0< 0?04 8 !(, 2 G0AB=>AB8, 2 A2>5< @0728B88 =0 >A=>25 A2>9AB25==KE 8< :C;LBC@K, 2 :>B>@>9 2K@0605BAO AB0B8AB8G5A:>5 ?@5>1;040=85 8 3>A?>4AB2> =04 >1I5AB2>< >?@545;5==KE =5 G5;>25G=KE B8?>2 AB@>O ?A8E8:8, 459AB28B5;L=>5 ACI5AB2>20=85 :>B>@KE ?@87=05B 8 A0< .6578=A:89, 85@0@E8O F5;59 ?>;8B8:8 !(, ?@>2>73;0H5==0O 8< 65 2 ?>A;54=5< 87 F8B8@>20==KE =0<8 0170F5 (=0 ?>A;54=59 AB@0=8F5 :=838), MB> ?>402;5=85 DC=40<5=B0;L=KE 8=B5@5A>2 G5;>25G5AB20 @048 =5=0AKB=>3> A;04>AB@0AB8O 8 G5AB>;N18O 45<>=878@>20==>9  M;8BK !(. >;8B8:0  MB> >4=0 87 @07=>284=>AB59 C?@02;5=8O.  :0: 8725AB=> 87 B5>@88 C?@02;5=8O, >ACI5AB2;5=85 C?@02;5=8O 2 >B=>H5=88 =5 >?@545;5==KE F5;59, ?@8 =5 >?@545;5==>9 85@0@E88 8E 7=0G8<>AB8, =5A>2<5AB8<>AB8 >4=>2@5<5==> ?>AB02;5==KE F5;59 >1J5:B82=> =52>7<>6=>. -B><C :@8B5@8N 4>:B@8=0, 87;>65==0O .6578=A:8<, =5 C4>2;5B2>@O5B.  A;CG05 65 C?@02;5=8O ?> C<>;G0=8N, B.5. =0 >A=>25  A0<> A>1>9 @07C<5=8O F5;59 8 A@54AB2 8E 4>AB865=8O, :>B>@>5 =5 B@51C5B A>1;N45=8O MB>3> ?@8=F8?0, =587156=K =5?@54A:07C5<K5 ?>A;54AB28O, >15AF5=820NI85 4065 4>AB83=CBK5 @57C;LB0BK (:0: MB> 8<5;> <5AB> 2 A;CG05 8@5:B82K ! !( 20/1 >B 18 023CAB0 19483., >ACI5AB2;5=85 >A=>2=KE ?>;>65=89 :>B>@>9 18  23 023CAB0 19913., ?>AB028;> ?5@54 !( 5I5 1>;55 BO65;K5 ?@>1;5<K) 2?;>BL 4> ?>;=>9 8E =5?@85<;5<>AB8 (MB> B>, GB> =0 0?045 8=>340 =07K20NB  MDD5:B>< >157LO=L59 ;0?K ). -B> ?@>8AE>48B ?>B><C, GB> C<>;G0=8O ( A0<> A>1>9 @07C<5=8O ) 8 >3;0H5=8O (?@O<K5 >?@545;5=8O) 2 ?@0:B8:5 8E >ACI5AB2;5=8O 2 A8;C @07=KE >1J5:B82=KE 8 AC1J5:B82=KE ?@8G8= 2708<=> ?>402;ONB 4@C3 4@C30, 0 :@><5 B>3> 2 >1I5AB25==>9 687=8 2K7K20NB O2;5=8O, O2;ONI85AO @57C;LB0B>< 8E 2708<>459AB28O. "> 65 :0A05BAO 8 20@80=B0, 5A;8 @0AA<0B@8205<0O :=830 .6578=A:>3> ?@8=04;568B B><C ?>B>:C 8=D>@<0F88, ?>A@54AB2>< :>B>@>3> 8AB8==K5 70?@028;K !( <>@>G0B 3>;>2K B>9 G0AB8 B>;?K, :>B>@0O ?@>O2;O5B 8=B5@5A : ?>;8B8:5 8 4;O A2>53> ?A8E8G5A:>3> :><D>@B0 =C6405BAO 2 =5:>B>@>< 4>AB0B>G=> ?@024>?>4>1=>< >1JOA=5=88 B5:CI8E A>1KB89 8 8E 2708<>A2O78 A >D8F80;L=> ?@>2>73;0H5==>9 845>;>38G5A:>9 4>:B@8=>9 3>AC40@AB20 8 2K@060NI59 5Q ?>;8B8G5A:>9 AB@0B53859. !0<8 65 70?@028;K 2 MB>< A;CG05 >?8@0NBAO =0 4>:B@8=C, ?@54=07=0G5==CN 4;O 25AL<0 C7:>3> :@C30 ?>A2OI5==KE 8 1>;55 A>>B25BAB2CNICN @50;L=K< A>1KB8O< 2 <8@5, => :>B>@CN =52>7<>6=> >3;0A8BL 2 >1I5AB25 2 5Q 8AB8==>< 2845 157 B>3>, GB>1K =5 2K720BL 15AA<KA;5==>3> 1C=B0 ?@>B82 A2>53> 3>A?>4AB20 ;81>, GB> 5I5 1>;55 >?0A=> 4;O 70?@028;, =5 ?@>1C48BL : 45OB5;L=>AB8 >A<KA;5==>5 A2>1>4>;N185 871@02H8E 2 :0G5AB25 1C4CI53> G5;>25G=>ABL. A;8 ?>A;54=55 8<55B <5AB>, B> CB08205<0O 4>:B@8=0 >ACI5AB2;5=8O ?>;8B8:8 8 4>:B@8=K, >3;0H05<K5 4;O  2@07C<;5=8O B>;?K 2 F5;>< 8 5Q AC1AB@0B (?>4@0745;5=89), =587156=> 2 :0:8E-B> A2>8E 0A?5:B0E ?@>B82>@5G0B >4=0 4@C3>9. >A:>;L:C B>;?0 8 5Q AC1AB@0BK A0<>C?@02;ONBAO =0 >A=>25 :>;;5:B82=>3> A>7=0B5;L=>3> 8 15AA>7=0B5;L=>3>, ?>@>6405<>3> 2E>4OI8<8 2 =8E 8=482840<8, B> 2 B5E 0A?5:B0E >1I5AB25==>9 687=8, 345 1KAB@>459AB285 AB@C:BC@ ?>A2OI5==KE 2 8AB8==CN 4>:B@8=C >:07K205BAO =54>AB0B>G=K<, AB@C:BC@K CB@0G820NB :><?5B5=B=>ABL.  >1I5AB25 65 CA8;820NBAO O2;5=8O, ?>4@K20NI85 >A=>2K ACI5AB2>20=8O 53> A;>682H59AO >@30=870F88, ?> <5@5 B>3> :0: B>;?0 2KE>48B 87 ?>4 C?@02;5=8O 85@0@E88 AB@C:BC@ 2708<=>3> 1>;LH>3> 8 <0;>3> >1<0=0, 2>73;02;O5<K<8 ?>A2OI5==K<8 2 8AB8==CN <5@7>ABL. @>F5AAK ?>B5@8 C?@02;5=8O B0:>3> @>40 <>3CB ?@>B5:0BL A:@KB=>, 0 O2=> ?@>O28BLAO  2=570?=> B>;L:> 2 :0:8E-B> >1AB>OB5;LAB20E :0: =5>6840==>5 ?>2545=85 B>;?K, 2;5:><>9 5Q :>;;5:B82=K< A>7=0B5;L=K< 8 15AA>7=0B5;L=K<. "0:>2 >1J5:B82=> 1K; 2=CB@5==89 <5E0=87< 3>AC40@AB25==>3> :@CH5=8O !!! , B0:>9 65 2=CB@5==89 <5E0=87< 8<55BAO 8 2 !(, 8 >= C65  B8:05B & !0<8 ?@>1;5<K 2 687=8 >1I5AB20 O2;ONBAO A;54AB285< ?@024>?>4>1=>9 ;68 ?5@54 B5< F5;5=0?@02;5==> @0A?@>AB@0=O2H59AO 2 B>;?5 ?>4 284>< 845>;>38G5A:8E, M:>=><8G5A:8E 4>:B@8= 8 4>:B@8= ?>;8B8G5A:>9 45OB5;L=>AB8 3>AC40@AB20. ;O B>3>, GB>1K =8G53> ?>4>1=>3> 2 >1I5AB25 =5 ?@>8AE>48;>, 459AB28B5;L=0O 4>:B@8=0 >@30=870F88 53> A0<>C?@02;5=8O 4>;6=0 1KBL B0:>9, GB>1K 5Q <>6=> 1K;> >3;0A8BL 2 >1I5AB25 ?@O<>, <8=CO 2A52>7<>6=K5  B@0=AD>@<0B>@K , ?> 2KE>45 87 :>B>@KE >=0 ?@8>1@5B05B 1;03>>1@0785 8 =@02AB25==CN ?@82;5:0B5;L=>ABL, >AB020OAL 2 ?@0:B8G5A:>9 ?>;8B8:5 8AB>G=8:>< 154 8 <5@7>AB59. "> 5ABL A :0:>9 B>G:8 7@5=8O =8 A<>B@8, 4>:B@8=0 >ACI5AB2;5=8O <564C=0@>4=>9 ?>;8B8:8 !(, 87;>65==0O .6578=A:8< 2 @0AA<0B@8205<>9 :=835, ?@54AB02;O5B >?0A=>ABL 4;O A0<8E !( ?> ?@8G8=5 =0720==>9 0?>AB>;>< 0:>2><:  '5;>25: A 42>OI8<8AO <KA;O<8 =5 B2Q@4 2> 2A5E ?CBOE A2>8E , ?>A:>;L:C B> 65 >B=>A8BAO 8 : >1I5AB20<. >=5G=>, <>6=> ?>?KB0BLAO, :0: 2848BAO .6578=A:><C, @50;87>20BL >B:@KBCN 2>7<>6=>ABL ?>?CI5=8O >6L5 2 >B=>H5=88 >BAB02H8E >B !( (A 8E B>G:8 7@5=8O) =0@>4>2, => 157>?0A=55  :0: 4;O A0<8E !(, B0: 8 4;O 2A5E ?@>G8E AB@0=  MB>3> =5 45;0BL, ?>:0 A0<8 !( 2 8E 8AB>@8G5A:8 A;>682H5<AO 2845 =5 CB@0B8;8 A2>9 @0=3 =0  H0E<0B=>9 4>A:5 =5 2@0788, 0 75<=>3> <8@0 2 F5;><: 1;03> 4;O MB>3> 2 =8E A0<8E 1>;55 G5< 4>AB0B>G=> 2=CB@5==8E ?@8G8=, A?>A>1=KE 2K720BL 40;5:> 84CI85 8 >1H8@=K5 ?>A;54AB28O. >MB><C, =0 =0H 273;O4, A ?>AB02;5==>9 8< 7040G59:  F5;LN :=838 O2;O5BAO D>@<C;8@>20=85 2A5>1J5<;NI59 8 ?>A;54>20B5;L=>9 52@0789A:>9 35>AB@0B5388 ,  .6578=A:89 =5 A?@028;AO, E>BO A0< >=, 53> 0<5@8:0=A:85 G8B0B5;8, ABC45=BK 8  24>E=>28B5;8 =0 ?>42838 <>3CB 8<5BL 8=>5 <=5=85 > 53> ?@>872545=8OE. @8 3>A?>4AB25 2 ?>;8B8G5A:>< 8AB51;8H<5=B5 !( B>3> <8@>2>77@5=8O, GB> 2K@065=> 2 :=835 .6578=A:>3>, !( 70I8I5=K >B 3;>10;L=>9 ?>;8B8:8, ?@>2>48<>9 2 A>>B25BAB288 A ?@>5:B0<8: 181;59A:8<, A095=B>;>38G5A:8<, <0@:A8AB:>-B@>F:8ABA:8< 8 4@C38<8  5I5 2 <5=LH59 AB5?5=8, G5< >AA8O ?@8 8:>;05II 8;8 !!!  E@CI52A:>-1@56=52A:>-3@10G52A:8E 2@5<5=. 19  29 A5=BO1@O 19983. * * * 0AB>OI89 <0B5@80; ?@54=07=0G5= ?@5645 2A53> 4;O 0=3;>O7KG=>9 A>AB02;ONI59 Internet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nternet (http:\\www.kobro.com). @8 MB>< 0< ?>B@51C5BAO: CAB0=>28BL =0 A2>5< :><?LNB5@5 :8@8;;8G5A:85 H@8DBK (=081>;55 @0A?@>AB@0=5==K9  True Type Times New Roman Cyr 2 G5BK@5E 53> <>48D8:0F8OE: >1KG=K9, ?>;C68@=K9 8 A>>B25BAB2CNI85 :C@A82=K5  italic, bold italic); >A2>8BL =0G0;L=K5 7=0=8O 3@0<<0B8G5A:8E :>=AB@C:F89 @CAA:>3> O7K:0; 8<5BL  @CAA:>-20H8 A;>20@8; >1;040BL AB@5<;5=85< : 74@02><C A<KA;C ?> A>25AB8 8 8A:@5==8< 65;0=85< >15A?5G8BL G5;>25G=>5 1C4CI55 A515, 45BO< 8 ?>A;54CNI8< ?>:>;5=8O<. (>A;54CNI89 B5:AB ?@8 ?C1;8:0F88 C40;8BL.) @><5 B>3>, ?>A:>;L:C 8740B5;L :=838 .6578=A:>3> 2 >AA88 D8@<0  @K<A:89 <>AB-9 2K?CA:05B  :=86=CN A5@8N  5;8:>5 ?@>B82>AB>O=85 , ?>A2OI5==CN 2708<>>B=>H5=8O< <564C ?@02>A;02=>9 8 70?04=>9 F828;870F8O<8 , 8  ?@83;0H05B : A>B@C4=8G5AB2C 02B>@>2, >1;040NI8E D0:B8G5A:8<8 <0B5@80;0<8 , =0AB>OICN @5F5=78N, 2:;NG0O 04@5A 2 Internet, 0 B0:65 :>=B0:B=K5 B5;5D>=K 8 04@5A0 (?>GB>2K9 8 E-mail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|~H jl b d t   ^`tv&(npjlJL6JL8:XZ0!2! $$''L(N())\*^*++t,v,Z.\.t.v.////T1111P2 5NH\5\CJaJ 6NH]6]NHmH sH  j0JUU,&V"&%%)2+/44:;;;<=DGLIJL8MM*OlOd CDP2R233334444p5r566n7p7880828929T9z9999::<<??@ACCCCDDEEpGrG\H^HJJSSBUDUUUfVhVbWdWXXXXZZ ]]]]:_<_^```h````&a(acccdddeeeelf 5NH\ j0JU 6NH]5\6]NHYlOOtPPRLTVYj\]vbfnpTwL{@}*ȔԛڦڧXV & FlfnfbgdgggiiLiNiiijjjjzk|kkkDlFlllmmnnppppqqrrttTuVuvv}}~ ~.0hjր؀,.āƁPr\^ĆƆ҇ԇ>@4.">@Tڎ܎ 6NH]5\6] j0JUNH\*’XXZdf .0`b˜ИҘln|Z\š(*@ޞ\^FHrt>@<>Ȥʤܤޤ\^ΦЦxz|~@B@BLޭ 6NH]5\6]NH^V6޹*& ,R0 & & F.0|~"$68ȳʳZ\LNƶȶ^`޹ҼԼ`b<>68<>xz.0J|~*,|~Z\VJL~hjbd JLXZ 6NH]6] j0JU 5NH\5\NHY(*pr(Bdf \&(>@ @BRTx*t>@*,68*,npln j0JU 5NH\ 6NH]5\6]NHYn$&\^xz`b      " j l   brtBDBhVX<~Dx 8PZv "~   !!!!!>"@" #"#P#R#>* 6NH]6]NH j0JU\&" "&)-23$= @CHIPQ,XF^cgLo|qqr & F  & F^` & F^`R####$$$% %%%'''(J(T(j(l(^*`***++X+Z+,(,*,J,X,Z,,,--....>/@/V0X000$1&1>1@122L4N44455.606~66274777::l;n;<<\<$===d>f>z?|?AACC>D@DEEFOJQJ j0JU 6>*] 6NH]6]NHYFFGGHPHRHHH.I0IIIIIJJJJJJKKNNNNOOQQSS8U:UUUVVLWNWWW`YbY]]``c cddfd.e0eefffggjjjjrltlnnnnLooo`p4qnqpq|qssFtttww&w5\6CJ]aJ CJNHaJCJaJH* j0JUNHWrVsFtwhz|~4Ƅ܅Pޕ™rF & F&wxx^y`yryyz`zzzz{"|$|||"}$}}}D~F~~242ƀȀƒăXZƄڅ$&ĐDFDڔܔܕ|Җdf™ܙ؛ƞȞn  "PR8 6NH] CJNHaJCJaJ5\6]NHZ8:xzTVȱʱ\^ȶʶ"$vxƷȷZ\xz.0TV¾ rt(*^`"$Z\$&`b*, 5NH\5\ j0JUNH]ֺ8(0zz>T  b d  & Ffhbd:<46TV|~jl df(*tvRRTBDbdNt    r t d f   02vx"$&(P j0JU6]NH`d  0v"&p~!#%N&'*$, -,.. 00  & F`PnprnpBD~  ~!!"#B$D$%%N&P&''^(`(***+++$,&,,, --,..... 0 000000000081:13333,5H5J5L5666677<<=>>>>>?? @"@AALBNB jn jo jd je jhNH j0JU6]X03J567<? @ABCCCCCCCCDDDD&`#$NBBBCCCCCCCCCCCCCCCCDD.D0D@DBDvDxDDDD mHnHu jU0JmHnHu0J j0JU j0JU& 00#&P . A!"S#n$n% i2@2 1KG=K9_HmHsHtH \@\ 03>;>2>: 1,3;020$$<*$@&a$56CJ KH /03>;>2>: 3,703>;>2>: 2AB02:8,03>;>2>: 2AB02:8$<@& CJOJQJ:A@: A=>2=>9 H@8DB 0170F00Z@0 "5:AB$`a$CJD@D 5@E=89 :>;>=B8BC;  9r >O"> "8? 4>:C<5=B0$a$ 6;CJ0NO2N 0720=85 4>:C<5=B0$*$a$5CJ(`O!B` >OA=5=85 =0720=8O $SSxx]S^Sa$ 56CJJJ -?83@0D&<^&`5OJQJkH0)@Q0 ><5@ AB@0=8FKCJB @bB 86=89 :>;>=B8BC;  9r Or !?8A>:"5:ABp & F>T^`:O: "5:AB 2AB02:8 OJQJkH@@ !B8E8$$J ^J `a$6JOJ >@<K45;5="]^`0@0 "5:AB A=>A:8CJ2O2 >@<K45;5=85566 @>4>;6170F0 `>O> >@< 07@K2$xx`a$*&@* =0: A=>A:8H*>5 F(v.k6k>&Y\azz||7~<`c(*`pN 5=E_D : u `dS=W%^#&      =__ ``d##&' N  t + + + + + + + + + + +  + + + + + + + ^)8!FT?b1r|u^ԡ]v=N kCP* M u N 2|v @^+ }J !"x# $$$%%%:&p&x'&(^)*5,,;/g1e5G69;<AACFdHKNmQQ,RR+TTWVWZ\T]_` df jlnoqsvw)ydz|~cƒuNJ‹@C^ӗџp#ܱͯS#4EBJcvYyzvH#^kKk\kEXF=w^;8 y   m z 'oQ@ HlK O 000,0000,0,00,0,00000,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,00,0,0,0,000000,0,000,000000 0, 0,00,00 0, 0, 0,0000000000000,00,0,0,00,00,0,0,0,0,0,000000,00,00000,0,0,0,0, 0, 0, 0, 0,0, 0 , 0 , 0 ,0, 0 , 0 ,0, 0, 0,0,0,0,0,0,0, 0, 0, 0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0, 0, 0, 0, 0,0000000000000000 0 0 0000000000000000000000000000vyP2lfnR#F&w8PNBD#&()+,-/023579lOV&rd 0D$'*.1468D% 7AJesy!!+5jv& T a j y { U a 2xO +3eiA]z  Y^pqD!G!!!x&y&r(x(,,,E./I1g13331838l89::;<]=>?@@@BCCCCCCyEHHRHIILLNNVVY Y__`bnopps_uvvwwyyz {+~D~~Z[bɃуƇX[a< O :ѪXJ O  >;L7>20B5;LXD:\BAZA\Inf-baza\STAT'I\St-1998\word97- 5F5=78O_=0_6578=A:>3>_5;8:0O_H0E<0B=0O_4>A.doc,s*$ @ ^`OJQJo( @ ^`OJQJo(L O @TTZTT N DUnknowngzTimes New RomanTimes New Roman5Symbol?& zArialArial?DecorDecorGAcademyAcademy#1eee%nt0d1ks2QVC:\WINDOWS\Application Data\Microsoft\Templates\4-(01;>=_0=0;8B8G5A:8E_70?8A>:-97.dot7 5F5=78O =0 :=83C 6578=A:>3> "5;8:0O H0E<0B=0O 4>A:0" >;L7>20B5;L >;L7>20B5;L Oh+'0H `l    8 " " #4-__-97 2Microsoft Word 9.0@^в@@R_u@/u% ՜.+,0 px   4n     !"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwxyz{|}~      !"#$%&'()*+,-./0123456789:<=>?@ABCDEFGHIJKLMNOPRSTUVWXZ[\]^_`eRoot Entry Fpug1Table;*WordDocument(tSummaryInformation(QDocumentSummaryInformation8YCompObjjObjectPoolpupu  F Microsoft Word MSWordDocWord.Document.89q Oh+'0H Xd    8 " " #4-__-97Zmey3eyMicrosoft Word 9.0@@@#~}@. $[ ՜.+,0< px   4k 8 " "  & 00#&P . A!"S#n$n% 1819 03J567<? @ABCCCCCCCCDDDD*t4t6t&`#$NBBBCCCCCCCCCCCCCCCCDD.D0D@DBDvDxDDDD*t2t6t mHnHu jU0JmHnHu0J j0JU j0JU  i2@2 1KG=K9_HmHsHtH \@\ 03>;>2>: 1,3;020$$<*$@&a$56CJ KH /03>;>2>: 3,703>;>2>: 2AB02:8,03>;>2>: 2AB02:8$<@& CJOJQJ:A@: A=>2=>9 H@8DB 0170F00Z@0 "5:AB$`a$CJD@D 5@E=89 :>;>=B8BC;  9r >O"> "8? 4>:C<5=B0$a$ 6;CJ0NO2N 0720=85 4>:C<5=B0$*$a$5CJ(`O!B` >OA=5=85 =0720=8O $SSxx]S^Sa$ 56CJJJ -?83@0D&<^&`5OJQJkH0)@Q0 ><5@ AB@0=8FKCJB @bB 86=89 :>;>=B8BC;  9r Or !?8A>:"5:ABp & F>T^`:O: "5:AB 2AB02:8 OJQJkH@@ !B8E8$$J ^J `a$6JOJ >@<K45;5="]^`0@0 "5:AB A=>A:8CJ22 >@<K45;5=85566 @>4>;6170F0 `>O> >@< 07@K2$xx`a$*&@* =0: A=>A:8H*>5 F(v.k6k>&Y\azz||7~<`c(*`p5=E_D : u `dS=W%^#&t@^+ }J !"x# $$$%%%:&p&x'&(^)*5,,;/g1e5G69;<AACFdHKNmQQ,RR+TTWVWZ\T]_` df jlnoqsvw)ydz|~cƒuNJ‹@C^ӗџp#ܱͯS#4EBJcvYyzvH#^kKk\kEXF$,pF+m( ! \   G  K:u$>} E  %&'000,0000,0,00,0,00000,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,00,0,0,0,000000,0,000,000000 0, 0,00,00 0, 0, 0,0000000000000,00,0,0,00,00,0,0,0,0,0,000000,00,000000000 0, 0, 0, 0,0 0 , 0 , 0 ,0 0 , 0 ,0 0, 0,00,0,000 0, 0, 0,00,00000,0,0,000,0,0000000,000000@0@0@0@0@0@0@0@0@0@0@0@0@0@ 0@ 0@ 0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0@0 0@0@0@0@0@0@0@0 0vyP2lfnR#F&w8PNB6t#&()+,-/023579lOV&rd 06t$'*.1468D% 7AJesy!!+5jv& T a j y { U a 2x $+3eiA]z  Y^pqD!G!!!x&y&r(x(,,,E./I1g13331838l89::;<]=>?@@@BCCCCCCyEHHRHIILLNNVVY Y__`bnopps_uvvwwyyz {+~D~~Z[bɃуƇX[a $3 $%' >;L7>20B5;LXD:\BAZA\Inf-baza\STAT'I\St-1998\word97- 5F5=78O_=0_6578=A:>3>_5;8:0O_H0E<0B=0O_4>A.docZmeypE:\Zmey's\ 07=>5\$>@C<K\1\@E82 5@K\1998-"5:_0=0;8B8:0\word97- 5F5=78O_=0_6578=A:>3>_5;8:0O_H0E<0B=0O_4>A.doc,s*_D_D_D @ ^`OJQJo(T; @ ^`OJQJo( @dNHNH$a$GCJsHtH _H<F$a$GCJsHtH _HsH GCJsHtH _HmH sH , klbcbcŬƬoptunonoıű #$ͳγ$%ʹδyz{|,-KLCD>?,-~ jk67MN01LMGH 34^_\]01YZ[\mnlmfg AB|}=>  !#5@AJ@JAV@VAXAXAZAZAx[Az[A]@]A^A^A`A`A:b@=_0=0;8B8G5A:8E_70?8A>:-97.dot7 5F5=78O =0 :=83C 6578=A:>3> "5;8:0O H0E<0B=0O 4>A:0" >;L7>20B5;LZmeyKJCHtV8- lAAno\4Cж-qo 3\nRZuQ籬fdJd ؐkSr=7 پ5zu KOhKhT˩&缠$ ?@ABCDEFGHIJKLMNOPljnopqrstuvwxyz{|}~DocumentSummaryInformation8lCompObjjObjectPoolpupu0Tablem6/   F Microsoft Word MSWordDocWord.Document.89q ՜.+,0< px   4k 8 " "   Oh+'0H Xd    8 " " #4-__-97Zmey3eyMicrosoft Word 9.0@@@#~}@. $[  !"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwxyz{|}~