ࡱ > 5@ bjbj22 # X X # <
<
<
<
<
<
<
t z z z B Ά Ԋ " $ { R B Q <
^ <
<
Q ű ű ű <
<
ű ű ű ۱ n <
<
2 , z V g 0 } 8 @ 2
b <
<
<
<
=4 8AB@>9 >1;0AB8 A>>1I05B > ?@>2545=88 >B:@KB>3> :>=:C@A0 =0 ?@02> 70:;NG5=8O 3>AC40@AB25==>3> :>=B@0:B0 =0 ?>AB02:C 02B>AC40@AB25==>3> >1@07>20B5;L=>3> CG@5645=8O 4;O 45B59- A8@>B 8 45B59, >AB02H8EAO 157 ?>?5G5=8O @>48B5;59, '5=F>2A:89 45BA:89 4>A5;LA:>3> @09>=0 >AB@>9 >1;0AB8.
1 . 0:07G8: :>=:C@A0: >AC40@AB25==>5 >1@07>20B5;L=>5 CG@5645=85 4;O 45B59- A8@>B 8 45B59, >AB02H8EAO 157 ?>?5G5=8O @>48B5;59 '5=F>2A:89 45BA:89 4>A5;LA:>3> @09>=0 >AB@>9 >1;0AB8, 1 5 7 9 3 2 , >AB@>1;0ABL, @0A=>A5;LA:89 @09>= 4. '5=FK, C;. >;>456=0O 5 , B5;. / D0:A ( 4 9 4 3 2 ) 2 - 5 1 - 3 5 , e - m a i l : H Y P E R L I N K " m a i l t o : c h e n t s y d d @ m a i l . r u " c h e n t s y d d @ m a i l . r u , !520 N1>2L 5==04L52=0, 2G8==8:>20 235=8O 5==04L52=0.
!?5F80;878@>20==0O >@30=870F8O ( @30=870B>@ :>=:C@A0) : $>=4 8AB@>9 >1;0AB8, 1 5 6 0 0 5 , 3. >AB@>< 2 1 0, B5;. / D0:A ( 4 9 4 2 ) 3 1 - 1 7 - 4 0 , B5;. 3 1 - 6 2 - 9 6 , e - m a i l : f o n d 4 4 @ m a i l . r u , !20 0@30@8B0 20=>2=0, (C20 !25B;0=0 0;5=B8=>2=0.
=D>@ @07<5I05@@3>2: >B:@KBK9 :>=:C@A.
AB>G=8: D8=0=A8@>20=8O: 2=51N465B=K5 A@54AB20.
@54AC40@AB25==>3> :>=B@0:B0: >AB02:0 02B>AC40@AB25==>3> >1@07>20B5;L=>3> CG@5645=8O 4;O 45B59- A8@>B 8 45B59, >AB02H8EAO 157 ?>?5G5=8O @>48B5;59, '5=F>2A:89 45BA:89 4>A5;LA:>3> @09>=0 >AB@>9 >1;0AB8.
>;8G5AB2> ?>AB02;O53> B>20@0: 02B>ABL 02B>??>78B82=K9 4 F8;. , 1 , 5 ;. , 1 0 5 ;. A.
5 - AB. , ?>AB>O==K9 ?>;=K9 ?@82>4
$@>=B0;L=K5 8 1>:>2K5 ?>4CH:8 157>?0A=>AB8
A B S . E B D
84@>CA8;8B5;L @C;52>3> C?@02;5=8O
&5=B@0;L=K9 70: A 4. C.
<18;0975@
-;5:B@>75@:0;0 A ?>4>3@52>AB5:;>?>4J54>3@52 A845=89
!B5@5>A8AB5<0 C D + 4 48=0<8:0
;8=B@>;L
@5?;5=8O 4;O 45BA:8E A845=89
53:>A?;02=K5 48A:8 1 5
53C;8@C5 2KA>B5 @C;L 8 A845=L5 2>48B5;O
-;5:B@>:>@@5:B>@ D0@
!B5:;0 425@59 157 @0:
>I=>ABL 1 0 5 ;A 7 7 k w / 6 4 0 0 >1/ ?>AB02:8 B>20@0: 1 5 7 9 3 2 , >AB@>1;0ABL, @0A=>A5;LA:89 @09>=
4. '5=FK, C;. >;>456=0O 5 .
8 . !@>: 8 CA;>28O >?;0BK B>20@0: ?@54>?;0B0 3 0 % AB>8AB8 B>20@0, >AB0;L=0O AC<A;5 ?5@540G8 B>20@0 2 B5G5=85 3 0 10=:>2A:8E 4=59.
9 . 0G0;L=0O ( <0:A8=B@0:B0: 5 7 6 2 0 0 @C1;59 ( &5=0 :>=B@0:B0 CAB0=>2;5=0 A CG5B>8AB8 B>20@0, @0AE>4>2 =0 ?>3@C7:C 8 ?5@52>7:C, AB@0E>20=85, C?;0BC B065==KE A1>@>2, 3>AC40@AB25==KE ?>H;8= 8 4@C38E >1O70B5;L=KE ?;0B5659)
>=:C@A=CN 4>:C@O4>: 8 CA;>28O CG0AB8O ?@5B5=45=B>2 2 :>=:C@A5, 6=> ?>;CG8BL 2 $>=45 8AB@>9 >1;0AB8 ?> 04@5AC: 3. >AB@>=:C@A=0O 4>:CAB02;O5BAO 15A?;0B=>.
>=:C@A=0O 4>:CAB02;O5BAO 2 A>>B25BAB288 A> !B0BL59 2 3 $545@0;L=>3> 70:>=0 >B 2 1 8N;O 2 0 0 5 3. N 9 4 - $ " @072 =0 ?>AB02:8 B>20@>2, 2K?>;=5=85 @01>B, >:070=85 CA;C3 4;O 3>AC40@AB25==KE 8 =25@B>2 ?@>872>48BAO 1 6 . 1 0 . 2 0 0 7 3>40 2 1 0 G0A>2 0 0 <8= ( 2@5<O A:>2A:>5) ?> 04@5AC: 3. >AB@>==K9 70;) .
0O2:8 @0AA42>4OBAO 8B>38 :>=:C@A0 2 A>>B25BAB288 A> A@>:0?@545;5==K=>40B5;LAB2> 04@5AC: 3. >AB@>F5=:8: &5=0 :>=B@0:B0.
>1548B5;5=:C@A0 ?@87=05BAO CG0AB=8:, ?@54;>682H89 8ABL 3>AC40@AB25==>3> :>=B@0:B0.
!@>: 70:;NG5=8O :>=B@0:B0 >AC40@AB25==K9 :>=B@0:B 65B 1KBL 70:;NG5= =5 @0=55 G5 4=O @07D8F80;L=>B>:>;0 >F5=:8 8 A>?>AB02;5=8O :>=:C@A=KE 70O2>:, =0 >A=>20=88 :>B>@>3> 70:;NG05BAO 3>AC40@AB25==K9 :>=B@0:B, 8 =5 ?>74=55 2 0 4=59 A> 4=O ?@>2545=8O B>@3>2.
=D>@ :>=:C@A5 8 ?0:5B :>=:C@A=>9 4>:C<5=B0F88 6=> ?>;CG8BL =0 >D8F80;L=>< A09B5 04AB@>9 >1;0AB8 W W W . e t r a d e . r e g i o n . k o s t r o m a . n e t .
* * * * * * *
@54A540B5;L $>=40 8AB@>9 >1;0AB8 . . !>2
4AB@>9 >1;0AB8
$>=4 8AB@>9 >1;0AB8
#B25@640N
8@5:B>@ 3>AC40@AB25==>3> >1@07>20B5;L=>3> CG@5645=8O 4;O 45B59- A8@>B 8 45B59, >AB02H8EAO 157 ?>?5G5=8O @>48B5;59, '5=F>2A:89 45BA:89 4>A5;LA:>3> @09>=0 >AB@>9 >1;0AB8
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ . . !520
. .
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 2 0 0 7 3>40
# !/ #"&/
B:@KB>3> :>=:C@A0 =0 ?@02> 70:;NG5=8O 3>AC40@AB25==>3> :>=B@0:B0 =0 ?>AB02:C 02B>AC40@AB25==>3> >1@07>20B5;L=>3> CG@5645=8O 4;O 45B59- A8@>B 8 45B59, >AB02H8EAO 157 ?>?5G5=8O @>48B5;59, '5=F>2A:89 45BA:89 4>A5;LA:>3> @09>=0 >AB@>9 >1;0AB8
!" - 2 0 0 7 3.
!
' $#& & # !& & & & & & & & & & & 3
!" #&/ #'!" )/ 4
) / 4
!" # ! #"& 6
" / #'!" # ! 7
' / #'!" # ! 8
! +" " ! / !!" 1 1
& !!" / #'!" # ! 1 3
.' " " #,"" / # ! 1 4
' !#)!"+ #!/ # ! 1 6
$ &/ " # ! 1 7
" / "# !# !" " " 2 0
! */! # ! #"& 2 1
/ #'!" " +" # ! 2 2
# ! 2 3
" #'!" )/ 2 4
" !# !" " " 2 5
?5@540G5 DC=:F89 ?> >@30=870F88 :>=:C@A0
A>>B25BAB288 A 4>3>2>@> ?5@540G5 DC=:F89 ?> >@30=870F88 :>=:C@A0 N 3 4 / 0 7 >B 0 7 A5=BO1@O 2 0 0 7 3. , 70:;NG5==K< =4>< 8AB@>9 >1;0AB8 8 >AC40@AB25==K1@07>20B5;L=K< CG@5645=85B 8 45B59, >AB02H8EAO 157 ?>?5G5=8O @>48B5;59, '5=F>2A:8< 45BA:8A5;LA:>3> @09>=0 >AB@>9 >1;0AB8, $>=4 8AB@>9 >1;0AB8 O2;O5BAO >@30=870B>@>< @07AC40@AB25==>3> 70:070 =0 ?@02> 70:;NG5=8O 3>AC40@AB25==>3> :>=B@0:B0 =0 ?>AB02:C 02B>2A:89 45BA:89 4>A5;LA:>3> @09>=0 >AB@>9 >1;0AB8.
$>=4 8AB@>9 >1;0AB8 @07<5I05B 70:07 ?CB52545=8O >B:@KB>3> :>=:C@A0.
!" #&/ #'!" )/
) /
1 . 0:>=>40B5;L=>5 @53C;8@>20=85.
1 . 1 . 0AB>OI0O :>=:C@A=0O 4>:C43>B>2;5=0 2 A>>B25BAB288 A $545@0;L=K=>B 2 1 8N;O 2 0 0 5 3. ! 9 4 - $ @072 =0 ?>AB02:8 B>20@>2, 2K?>;=5=85 @01>B, >:070=85 CA;C3 4;O 3>AC40@AB25==KE 8 <C=8F8?0;L=KE =C64 , @0640=A:845:A>AA89A:>9 $545@0F88, 0 B0:65 8=K=>40B5;LAB2><, @53C;8@CNI8< @072, 2:;NG0O =>@2K5 0:BK >AB@>9 >1;0AB8.
2 . 0:07G8:, A?5F80;878@>20==0O >@30=870F8O.
2 . 1 . 0:07G8: ( 3;02=K9 @0A?>@O48B5;L 1N465B=KE A@54AB2) , C:070==K9 2 =D>@==>9 :0@B5 :>=:C@A0, ?@>2>48B :>=:C@A, ?@5428O :>B>@>3> C:070=K 2 =D>@==>9 :0@B5 :>=:C@A0, 2 A>>B25BAB288 A ?@>F54C@028O;>65=8OOI59 :>=:C@A=>9 4>:C20==0O >@30=870F8O, C:070==0O 2 =D>@==>9 :0@B5 :>=:C@A0, 2K?>;=O5B G0ABL DC=:F89 ?> >@30=870F88 8 ?@>2545=8N :>=:C@A0 >B 8 ?>@CG5=8N 70:07G8:0, ?@8 MB>1O70==>AB8 2>7=8:0NB =5?>A@54AB25==> C 70:07G8:0.
3 . > @07<5I5=8N 70:070 ?CB52545=8O B>@3>2.
3 . 1 . !>AB02 :> @07<5I5=8N 70:070 ?CB52545=8O >B:@KB>3> :>=:C@A0 D>@@==>5 >15A?5G5=85 :>=:C@A0.
D8F80;L=K< ?5G0B=K< 8740=85AB@>9 >1;0AB8 4;O >?C1;8:>20=8O 8=D>@ ?@>2545=88 :>=:C@A0 2 A>>B25BAB288 A ?. 1 ?>AB0=>2;5=8O C15@=0B>@0 >AB@>9 >1;0AB8 ! 1 3 5 >B 0 3 . 0 2 . 2 0 0 6 3. 1 8=D>@==>15A?5G5=88 @072 =0 ?>AB02:C B>20@>2, 2K?>;=5=8O @01>B, >:070=8O CA;C3 4;O >1;0AB=KE 3>AC40@AB25==KE =C64 O2;O5BAO !?5F80;878@>20==K9 8=D>@==> ?@02>2>9 1N;;5B5=L ! - >@:C<5=BK .
D8F80;L=K< 04AB@>9 >1;0AB8 2 A5B8 =B5@=5B 4;O @07@ ?@>2545=88 :>=:C@A0 O2;O5BAO 04@5A W W W . e t r a d e . r e g i o n . k o s t r o m a . n e t .
725I5=85 > ?@>2545=88 :>=:C@A0 >?C1;8:>2K205BAO A?5F80;878@>20==>9 >@30=870F859 2 >D8F80;L=>< 8740=88 8 @07D8F80;L=>< A09B5 =5 <5=55 G5 4=O 2A:@KB8O :>=25@B>2 A 70O2:0=:C@A5.
"@51>20=8O : CG0AB=8:0< @07< @07, ?@5B5=4CNI55 =0 70:;NG5=85 3>AC40@AB25==>3> :>=B@0:B0.
5 . 1 . #G0AB=8:>< @07<5I5=8O 70:070 65B 1KBL ;N1>5 N@848G5A:>5 ;8F> =57028A8 >B >@30=870F8>==>- ?@02>2>9 D>@@1AB25==>AB8, 645=8O 8 8AE>645=8O :0?8B0;0 8;8 ;N1>5 D878G5A:>5 ;8F>, 2 B>< G8A;5 8=48284C0;L=K9 ?@54?@8=8B>@K2;5=K A;54CNI85 >1O70B5;L=K5 B@51>20=8O:
A>>B25BAB285 CG0AB=8:>2 @0720=8O2;5==K>B25BAB288 A 70:>=>40B5;LAB2>AA89A:>9 $545@0F88 : ;8F0ACI5AB2;ONI8AB02:8 B>20@>2, 2K?>;=5=85 @01>B, >:070=85 CA;C3, O2;ONI8EAO ?@54@3>2;
=5?@>2545=85 ;8:2840F88 CG0AB=8:0 @073> ;8F0 8;8 =5?@>2545=85 2 >B=>H5=88 CG0AB=8:0 @073> ;8F0, 8=48284C0;L=>3> ?@54?@8=8F54C@K 10=:@>BAB20;
=5?@8>AB0=>2;5=85 45OB5;L=>AB8 CG0AB=8:0 @07@O4:5, ?@54CAB@5==>45:A>AA89A:>9 $545@0F88 >1 04=0@CH5=8OE, =0 45=L @0AAB@5=8O 70O2:8 =0 CG0AB85 2 :>=:C@A5 8;8 70O2:8 =0 CG0AB85 2 0C:F8>=5;
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
?@54AB0282H85 2 CAB0=>2;5==K9 A@>: 2 ?>;=>1J5<5 8 =04;560I81@07>D>@:CB:@KB>=:C@A5.
'/:
>?CAB8BL ?@5B5=45=B0 : CG0AB8N 2 :>=:C@A5, 5A;8:
- =5 A>>B25BAB2C5B B@51>20=8O< ?@54JO2;5==K=:C@A5 ?>;CG5=0 ?> 8AB5G5=88 A@>:0, C:070==>3> 2 8=D>@==>>1I5=88;
- CG0AB=8: @07<5I5=8O 70:070 =5 8>B25BAB2CNI8AB8 ( 2 A2O78 A >BACBAB2854B25@640NI8E 4>:C2) ;
- ?@8 =0E>645=88 CG0AB=8:0 2 @55AB@5 =54>1@>A>25AB=KE ?>AB02I8:>2.
6 . BAB@0=5=85 >B CG0AB8O 2 :>=:C@A5.
6 . 1 . 0:07G8:, :>=:C@A=0O :>1O70=K >BAB@0=8BL CG0AB=8:0 @07B CG0AB8O 2 :>=:C@A5 =0 ;N1> ?@>2545=8O 2 A;54CNI8E A;CG0OE:
CAB0=>2;5=8O =54>AB>25@=>AB8 A2545=89, A>45@60I8EAO 2 4>:C< @07AB025 70O2:8 =0 CG0AB85 2 :>=:C@A5;
CAB0=>2;5=8O D0:B0 ?@>2545=8O ;8:2840F88 CG0AB=8:0 @073> ;8F0 8;8 ?@>2545=8O 2 >B=>H5=88 CG0AB=8:0 @073> ;8F0, 8=48284C0;L=>3> ?@54?@8=8F54C@K 10=:@>BAB20;
CAB0=>2;5=8O D0:B0 ?@8>AB0=>2;5=8O 45OB5;L=>AB8 CG0AB=8:0 @073> ;8F0, 8=48284C0;L=>3> ?@54?@8=8@O4:5, ?@54CAB@5==>45:A>AA89A:>9 $545@0F88 >1 04=0@CH5=8OE.
7 . B:07 >B ?@>2545=8O :>=:C@A0.
0:07G8: 2?@025 >B:070BLAO >B ?@>2545=8O :>=:C@A0 =5 ?>74=55, G5 40BK >:>=G0=8O A@>:0 ?>40G8 70O2>: =0 CG0AB85 2 :>=:C@A5.
725I5=85 >1 >B:075 >B ?@>2545=8O >B:@KB>3> :>=:C@A0 >?C1;8:>2K205BAO 2 >D8F80;L=>G8E 4=59 8 @0720==>9 >@30=870F859 =0 >D8F80;L=> 4=O ?@8=OB8O @5H5=8O >1 >B:075 >B ?@>2545=8O :>=:C@A0.
B5G5=85 42CE @01>G8E 4=59 A> 4=O ?@8=OB8O C:070==>3> @5H5=8O 70:07G8:>=25@B5 =5 C:070=K ?>GB>2K9 04@5A ( 4;O N@848G5A:>3> ;8F0) 8;8 A2545=8O > 3> ;8F0) CG0AB=8:0 @07=25@BK A 70O2:0=:C@A5 8 =0?@02;ONBAO A>>B25BAB2CNI85 C254><;5=8O 2A5< CG0AB=8:0< @07402H8=:C@A5.
A;CG05, 5A;8 2 =D>@==>9 :0@B5 :>=:C@A0 CAB0=>2;5=> B@51>20=85 >15A?5G5=8O 70O2:8 =0 CG0AB85 2 :>=:C@A5, A?5F80;878@>20==0O >@30=870F8O 2>72@0I05B CG0AB=8:0< @0715A?5G5=8O 70O2>: =0 CG0AB85 2 :>=:C@A5, 2 B5G5=85 ?OB8 @01>G8E 4=59 A> 4=O ?@8=OB8O @5H5=8O >1 >B:075 >B ?@>2545=8O :>=:C@A0 ?CB52A:89 AG5B CG0AB=8:>2 @07@O4>: ?@54>AB02;5=8O :>=:C@A=>9 4>:C 4=O >?C1;8:>20=8O 2 >D8F80;L=>< 8740=88 8;8 @07D8F80;L=> ?@>2545=88 :>=:C@A0 A?5F80;878@>20==0O >@30=870F8O =0 >A=>20=88 70O2;5=8O ;N1>3> 708=B5@5A>20==>3> ;8F0, ?>40==>3> 2 ?8AL9 D>@G8E 4=59 A> 4=O ?>;CG5=8O A>>B25BAB2CNI53> 70O2;5=8O ?@54>AB02;O5B B0:>=:C@A=CN 4>:C@O4:5, C:070==> ?@>2545=88 :>=:C@A0.
8 . 2 . >=:C@A=0O 4>:CABC?=0 4;O >7=0:>D8F80;L=>< A09B5 157 278;>65=89 :>=:C@A=>9 4>:C2545=88 :>=:C@A0 :0:85- ;81> ?5@53>2>@K 70:07G8:0, A?5F80;878@>20==>9 >@30=870F88 8;8 :>< @07?CA:0NBAO. A;CG05 =0@CH5=8O C:070==>3> ?>;>65=8O :>=:C@A 65B 1KBL ?@87=0= =5459AB28B5;L=K@O4:5, ?@54CAB@5==>=>40B5;LAB2>AA89A:>9 $545@0F88.
9 . 2 . N1>9 CG0AB=8: @07<5I5=8O 70:070 2?@025 =0?@028BL 70:07G8:C 2 ?8AL9 D>@A > @07JOA=5=88 ?>;>65=89 :>=:C@A=>9 4>:C D>@65==>9 : =0AB>OI59 :>=:C@A=>9 4>:CG8E 4=59 A> 4=O ?>ABC?;5=8O C:070==>3> 70?@>A0 70:07G8: >1O70= =0?@028BL 2 ?8AL9 D>@@==>3> 4>:C;>65=89 :>=:C@A=>9 4>:CA ?>ABC?8; : 70:07G8:C =5 ?>74=55 G5 4=O >:>=G0=8O ?>40G8 70O2>: =0 CG0AB85 2 :>=:C@A5.
9 . 4 . B5G5=85 >4=>3> 4=O A> 4=O =0?@02;5=8O @07JOA=5=8O ?>;>65=89 :>=:C@A=>9 4>:C 70?@>AC CG0AB=8:0 @075 @07JOA=5=85 4>;6=> 1KBL @07 70:07G8:>20==>9 >@30=870F859 =0 >D8F80;L=>< A09B5 A C:070=85< ?@54A0, => 157 C:070=8O CG0AB=8:0 @07B :>B>@>3> ?>ABC?8; 70?@>A. 07JOA=5=85 ?>;>65=89 :>=:C@A=>9 4>:C;6=> 87<5=OBL 55 ACBL.
1 0 . =5A5=85 87=:C@A=CN 4>:C A>1AB25==>9 8=8F80B825 8;8 2 A>>B25BAB288 A 70?@>A>< CG0AB=8:0 @07 2=5A5=88 87=:C@A=CN 4>:C74=55 G5 40BK >:>=G0=8O ?>40G8 70O2>: =0 CG0AB85 2 :>=:C@A5. 7<5=5=85 ?@54=:C@A0 =5 4>?CA:05BAO.
1 0 . 2 . B5G5=85 ?OB8 @01>G8E 4=59 A> 4=O ?@8=OB8O @5H5=8O > 2=5A5=88 87=:C@A=CN 4>:C<5=B0F8N B0:85 87?C1;8:>2K20NBAO 8 2 B5G5=85 >4=>3> 4=O @0720==>9 >@30=870F859 2 ?>@O4:5, CAB0=>2;5==>?C1;8:>20=8O 8 @07 ?@>2545=88 >B:@KB>3> :>=:C@A0, 8 2 B5G5=85 42CE @01>G8E 4=59 =0?@02;ONBAO 70:07=K<8 ?8AL<0@==KE 4>:C2 2A5< CG0AB=8:0< @07B>@KAB02;5=0 :>=:C@A=0O 4>:C<5=B0F8O.
1 0 . 3 . A;CG05 2=5A5=8O 87=:C@A=CN 4>:C: ?>40G8 70O2>: =0 CG0AB85 2 :>=:C@A5 ?@>4;5205BAO B0:, GB>1K A> 4=O >?C1;8:>20=8O 2 >D8F80;L=>< 8740=88 8 @07D8F80;L=>< A09B5 2=5A5==KE 87=:C@A=CN 4>:C 40BK >:>=G0=8O ?>40G8 70O2>: =0 CG0AB85 2 :>=:C@A5 B0:>9 A@>: A>AB02;O; =5 <5=55 G5< 4204F0BL 4=59.
1 0 . 4 . #G0AB=8:8 @07;CG82H85 :>=:C@A=CN 4>:C@O4:5, >B;8G=>B C:070==>3> 2 8725I5=88 > ?@>2545=88 :>=:C@A0, A0AB>OB5;L=> >BA;56820NB 2>76=K5 87=:C@A=CN 4>:C20==0O >@30=870F8O =5 =5ACB >B25BAB25==>AB8 2 A;CG05, 5A;8 CG0AB=8: @077=0:><8;AO A 87<5=5=8O<8, 2=5A5==K=:C@A=CN 4>:C<5=B0F8N 8 @07<5I5==K?C1;8:>20==K<8 =04;560I81@07>20=8O : A>45@60=8N 8 D>@=:C@A5.
1 1 . 1 . #G0AB=8: @07405B 70O2:C =0 CG0AB85 2 :>=:C@A5 2 ?8AL9 D>@=25@B5 2 A>>B25BAB288 A B@51>20=8O65==KOI59 :>=:C@A=>9 4>:CA>15==>AB59, C:070==KE 2 =D>@==>9 :0@B5 :>=:C@A0.
1 1 . 2 . A5 4>:C4OI85 2 A>AB02 70O2:8 =0 CG0AB85 2 :>=:C@A5, 4>;6=K 1KBL A>AB02;5=K =0 @CAA:>40G0 4>:C2, 2E>4OI8E 2 A>AB02 70O2:8 =0 8=>AB@0==>;6=0 A>?@>2>640BLAO ?@54>AB02;5=85< =04;560I81@07>3> ?5@52>40 A>>B25BAB2CNI8E 4>:C2 =0 @CAA:89 O7K:.
1 1 . 3 . 0O2:0 =0 CG0AB85 2 :>=:C@A5, :>B>@CN ?@54AB02;O5B CG0AB=8: @07>B25BAB288 A =0AB>OI59 :>=:C@A=>9 4>:C;6=0:
1KBL ?>43>B>2;5=0 ?> D>@<065==KOI59 :>=:C@A=>9 4>:C45@60BL A2545=8O 8 4>:C@==>9 :0@B5 :>=:C@A0.
1 2 . "@51>20=8O : ?@54;>65=8O F5=5 :>=B@0:B0 ( F5=0 ;>B0) .
1 2 . 1 . &5=0 :>=B@0:B0 ( F5=0 ;>B0) , ?@54;0305< @07<5I5=8O 70:070, =5 65B ?@52KH0BL =0G0;L=CN ( <0:A8=B@0:B0 ( F5=C ;>B0) , C:070==CN 2 =D>@==>9 :0@B5 :>=:C@A0. A;CG05, 5A;8 F5=0 :>=B@0:B0 ( F5=0 ;>B0) , C:070==0O 2 70O2:5 8 ?@54;0305< @07<5I5=8O 70:070 ?@52KH05B =0G0;L=CN ( <0:A8=B@0:B0 ( F5=C ;>B0) , C:070==CN 2 =D>@==>9 :0@B5 :>=:C@A0, A>>B25BAB2CNI89 CG0AB=8: @07?CA:05BAO : CG0AB8N 2 :>=:C@A5 =0 >A=>20=88 =5A>>B25BAB28O 53> 70O2:8 B@51>20=8O2;5==K=:C@A=>9 4>:C<5=B0F859.
1 2 . 2 . #G0AB=8: @07872>48B @0AG5B F5=K 3>AC40@AB25==>3> :>=B@0:B0 ( F5=K ;>B0) 2 A>>B25BAB288 A B@51>20=8O@==>9 :0@BK :>=:C@A0 A CG5B>4>2, 2 B>4>2 =0 ?5@52>7:C, AB@0E>20=85, C?;0BC B065==KE ?>H;8=, =0;>3>2 8 4@C38E >1O70B5;L=KE ?;0B5659.
1 2 . 3 . 0;NB0, 8A?>;L7C5@20=8O F5=K :>=B@0:B0 ( F5=K ;>B0) 8 @0AG5B>2 @C1;L >AA89A:>9 $545@0F88.
1 2 . 4 . #G0AB=8: @07AB02;O5B ?@54;>65=85 ?> F5=5 3>AC40@AB25==>3> :>=B@0:B0 ( F5=5 ;>B0) ?> D>@65==>9 : =0AB>OI59 :>=:C@A=>9 4>:C20=8O : >D>@: =0 CG0AB85 2 :>=:C@A5.
1 3 . 1 . @8 >?8A0=88 CA;>289 8 ?@54;>65=89 CG0AB=8:0<8 @07;6=K ?@8=81I5?@8=OBK5 >1>7=0G5=8O 8 =0820=8O 2 A>>B25BAB288 A B@51>20=8O@2KE 0:B>2.
1 3 . 2 . !2545=8O, :>B>@K5 A>45@60BAO 2 70O2:0E CG0AB=8:>2 @07;6=K 4>?CA:0BL 42CA;:>20=89.
1 3 . 3 . A5 4>:C<5=BK, ?@54AB02;5==K5 CG0AB=8:0<8 @07;6=K 1KBL A:@5?;5=K ?5G0BLN 8 7025@5=K ?>4?8ALN C?>;=>G5==>3> ;8F0 ( 4;O N@848G5A:8E ;8F) , ?>4?8A0=K D878G5A:8<8 ;8F01AB25==>@CG=>. 5@=>ABL :>?89 4>:C2, ?@54AB02;O5AB025 70O2:8 =0 CG0AB85 2 :>=:C@A5, 4>;6=0 1KBL ?>4B25@645=0 ?5G0BLN 8 ?>4?8ALN C?>;=>G5==>3> ;8F0, 5A;8 8=0O D>@2;5=0 =>@<0B82=K2K<8 0:B0AA89A:>9 $545@0F88 8;8 2 =D>@==>9 :0@B5 :>=:C@A0.
1 3 . 4 . @8 ?>43>B>2:5 70O2:8 8 4>:C2, 2E>4OI8E 2 A>AB02 70O2:8, =5 4>?CA:05BAO ?@8<5=5=85 D0:A84?8A59.
1 3 . 5 . A5 4>:CAB025 70O2:8 4>;6=K 1KBL G5B:> =0?5G0B0=K. >4G8AB:8 8 8A?@02;5=8O =5 4>?CA:0NBAO, 70 8A:;NG5=854?8ALN C?>;=>G5==>3> ;8F0 ( 4;O N@848G5A:8E ;8F) 8;8 A>1AB25==>@CG=> 7025@5==KE ( 4;O D878G5A:8E ;8F) .
1 3 . 6 . A5 4>:C<5=BK, ?@54AB02;O5<K5 CG0AB=8:0<8 @07AB025 70O2:8 =0 CG0AB85 2 :>=:C@A5, 4>;6=K 1KBL 70?>;=5=K ?> 2A5< ?C=:B0AB025 70O2:8 =0 CG0AB85 2 :>=:C@A5 4>:C72@0I0NBAO CG0AB=8:C @07: 8 ?>@O4>: ?>40G8 8 @538AB@0F88 70O2>: =0 CG0AB85 2 :>=:C@A5.
1 4 . 1 . @85: =0 CG0AB85 2 :>=:C@A5 =0G8=05BAO 2 45=L, A;54CNI89 70 4=5?C1;8:>20=8O 2 >D8F80;L=>< 8740=88 8;8 @07D8F80;L=> ?@>2545=88 :>=:C@A0, 8 ?@5:@0I05BAO 2 45=L 2A:@KB8O :>=25@B>2 A B0:8<8 70O2:0 =5 @0=LH5 2@53> 2 8725I5=88 > ?@>2545=88 :>=:C@A0 8 =D>@==>9 :0@B5 :>=:C@A0.
1 4 . 2 . 0O2:8 =0 CG0AB85 2 :>=:C@A5 4> ?>A;54=53> 4=O A@>:0 ?>40G8 70O2>: =0 CG0AB85 2 :>=:C@A5 ( 8A:;NG0O ?>A;54=89 45=L ?>40G8 70O2>: =0 CG0AB85 2 :>=:C@A5) ?>40NBAO ?> 04@5AC, C:070==> ?@>2545=88 :>=:C@A0 8 =D>@==>9 :0@B5 :>=:C@A0.
45=L >:>=G0=8O A@>:0 ?>40G8 70O2>: =0 CG0AB85 2 :>=:C@A5 70O2:8 ?>40NBAO =0 70A540=88 :>A@54AB25==> ?5@54 2A:@KB85=25@B>2 A 70O2:0=:C@A5 ?> 04@5AC, ?> :>B>@>ACI5AB2;O5BAO 2A:@KB85 :>=25@B>2 A 70O2:0=:C@A5, C:070==> ?@>2545=88 :>=:C@A0, ?>A;5 >1JO2;5=8O ?@8ACBAB2CNI8=25@B>2 A 70O2:0 2>76=>AB8 ?>40BL 70O2:8, 87B>720BL ?>40==K5 70O2:8.
#G0AB=8: @07B?@02:5 70O2:8 ?> ?>GB5 =5A5B @8A: B>3>, GB> 53> 70O2:0 1C45B 4>AB02;5=0 ?> =5?@028;L=>?>740=85=25@B A 70O2:>9, ?>ABC?82H89 2 A@>:, @538AB@8@C5BAO C?>;=>G5==K<8 ;8F020==>9 >@30=870F88 2 C@=0;5 @538AB@0F88 70O2>: =0 CG0AB85 2 :>=:C@A5. > B@51>20=8N CG0AB=8:0 @07402H53> :>=25@B A 70O2:>9 =0 CG0AB85 2 :>=:C@A5, 5;CG5=88 :>=25@B0 A B0:>9 70O2:>9 A C:070=85< 40BK 8 2@5 ?>;CG5=8O.
1 4 . 4 . #G0AB=8: @07405B 70O2:C =0 CG0AB85 2 :>=:C@A5 2 ?8AL9 D>@=25@B5. 0 B0:>=25@B5 C:07K20NBAO:
=0820=85 8 04@5A A?5F80;878@>20==>9 >@30=870F88 $ #)!" !" ! !" ;
A;>20 / #'!" " +" # ! ;
=0820=85 ?@54=:C@A0 ( ;>B0) =0 ?@02> 70:;NG5=8O 3>AC40@AB25==>3> :>=B@0:B0 =0 ?>AB02:C 02B>AC40@AB25==>3> >1@07>20B5;L=>3> CG@5645=8O 4;O 45B59- A8@>B 8 45B59, >AB02H8EAO 157 ?>?5G5=8O @>48B5;59, '5=F>2A:89 45BA:89 4>A5;LA:>3> @09>=0 >AB@>9 >1;0AB8 ;
A;>20 ! +", 1 0 G0A. 0 0 A:>2A:><C 2@540 ( C:070BL 2@5=25@B>2 A 70O2:0=:C@A5) .
#G0AB=8: @07=25@B5 A2>5 D8@5 =0820=85, ?>GB>2K9 04@5A ( 4;O N@848G5A:>3> ;8F0) 8;8 D0<8;8N, 8BG5AB2>, A2545=8O > 3> ;8F0) .
1 4 . 5 . #G0AB=8: @0740BL B>;L:> >4=C 70O2:C =0 CG0AB85 2 :>=:C@A5 2 >B=>H5=88 :064>3> ?@54=:C@A0 ( ;>B0) .
A;CG05 CAB0=>2;5=8O D0:B0 ?>40G8 >4=8< @07;55 70O2>: =0 CG0AB85 2 :>=:C@A5 2 >B=>H5=88 >4=>3> 8 B>3> 65 ;>B0 ?@8 CA;>288, GB> ?>40==K5 @0=55 70O2:8 B0:8B>720=K, 2A5 70O2:8 =0 CG0AB85 2 :>=:C@A5 B0:>3> CG0AB=8:0 @0740==K5 2 >B=>H5=88 40==>3> ;>B0, =5 @0AA72@0I0NBAO B0:>40G8 70O2>: =0 CG0AB85 2 :>=:C@A5 2 >B=>H5=88 =5A:>;L:8E ;>B>2 >4=8< @0740NBAO 2 A;54CNI5@O4:5. A5 70O2:8 =0 CG0AB85 2 :>=:C@A5 2 >B=>H5=88 =5A:>;L:8E ;>B>2 ?>40NBAO CG0AB=8:>< @074=>=25@B5, 2 :>B>@>45@60BAO: >48= :>1I8E 4;O 2A5E 70O2>: 4>:C2, 8 >B45;L=K5 :>:C2, A?5F8D8G=KE 4;O :064>3> ;>B0, 2 B>=:C@A5; :>=:C@A=>5 ?@54;>65=85; 0 B0:65 8=K5 4>:C CAB@5=8N CG0AB=8:0 @07:C2 4>;6=K 1KBL >D>@>B25BAB288 A ?C=:B>OI59 :>=:C@A=>9 4>:C<5=B0F88.
1 4 . 7 . #G0AB=8:8 @07402H85 70O2:8, 70:07G8:, A?5F80;878@>20==0O >@30=870F8O >1O70=K >15A?5G8BL :>=D845=F80;L=>ABL A2545=89, A>45@60I8EAO 2 B0:8E 70O2:0E 4> 2A:@KB8O :>=25@B>2 A 70O2:0=:C@A5. 8F0, >ACI5AB2;ONI85 E@0=5=85 :>=25@B>2 A 70O2:0?CA:0BL ?>2@5645=85 B0:8E :>=25@B>2 8 70O2>: 4> =25@B A 70O2:>9 =5 70?5G0B0= 8 =5 20= 2 ?>@O4:5, C:070==>20==0O >@30=870F8O =5 =5ACB >B25BAB25==>AB8 70 CB5@N :>=25@B0 8;8 53> A>45@683> 8;8 4>A@>G=>5 2A:@KB85 B0:>3> :>=25@B0.
1 5 . 7: =0 CG0AB85 2 :>=:C@A5.
1 5 . 1 . #G0AB=8: @07402H89 70O2:C, 2?@025 875 2@5 =25@B>2 A 70O2:0<8.
1 5 . 2 . 7BJ5<;59 G0ABLN 70O2:8 =0 CG0AB85 2 :>=:C@A5.
1 5 . 3 . 7=:C@A5 ?>40NBAO 2 70?5G0B0==>=25@B5. 0 A>>B25BAB2CNI5=25@B5 C:07K20NBAO:
=0820=85 8 04@5A A?5F80;878@>20==>9 >@30=870F88;
A;>20 / / #'!" " +" # ! ;
=0820=85 ?@54=:C@A0 ( ;>B0) ;
@538AB@0F8>==K5 =>=:C@A5;
A;>20 ! +", . . . ( C:070BL 2@5=25@B>2 A 70O2:0=:C@A5) .
1 5 . 4 . 7;6=K 1KBL >D>@@O4:5, CAB0=>2;5==>D>@: =0 CG0AB85 2 :>=:C@A5 2 A>>B25BAB288 A :>=:C@A=>9 4>:C ?>A;54=53> 4=O ?>40G8 70O2>: 87: =0 CG0AB85 2 :>=:C@A5 ?>40NBAO ?> 04@5AC A?5F80;878@>20==>9 >@30=870F88, C:070==> ?@>2545=88 :>=:C@A0 8 2 =D>@==>9 :0@B5 :>=:C@A5.
45=L >:>=G0=8O A@>:0 ?>40G8 70O2>: =0 CG0AB85 2 :>=:C@A5, 87: =0 CG0AB85 2 :>=:C@A5 ?>40NBAO =0 70A540=88 :>A@54AB25==> ?5@54 2A:@KB85=25@B>2 A 70O2:0=:C@A5 ?> 04@5AC, ?> :>B>@>ACI5AB2;O5BAO 2A:@KB85 :>=25@B>2 A 70O2:0=:C@A5, C:070==> ?@>2545=88 :>=:C@A0.
1 5 . 6 . >A;5 >:>=G0=8O A@>:0 ?>40G8 70O2>: =5 4>?CA:05BAO 2=5A5=85 87<5=5=89 2 70O2:8.
1 5 . 7 . #G0AB=8:8 @07402H85 87: =0 CG0AB85 2 :>=:C@A5, 70:07G8:, A?5F80;878@>20==0O >@30=870F8O >1O70=K >15A?5G8BL :>=D845=F80;L=>ABL A2545=89, A>45@60I8EAO 2 B0:8E 87: 4> 2A:@KB8O :>=25@B>2 A 87<5=5=8O:. 8F0, >ACI5AB2;ONI85 E@0=5=85 :>=25@B>2 A 87<5=5=8O: =0 CG0AB85 2 :>=:C@A5, =5 2?@025 4>?CA:0BL ?>2@5645=85 B0:8E :>=25@B>2 8 A>45@60I8EAO 2 =8E 87: 4> =25@BK A 87<5=5=8O: 2A:@K20NBAO :>4=>2@5 A :>=25@B0<8 A 70O2:0=:C@A5.
>A;5 2A:@KB8O :>=25@B>2 A 70O2:0=25@B>2 A 87<5=5=8O>B25BAB2CNI8E 70O2>: :>40=K ;8 87=:C@A5 =04;560I8=25@B>2 A 87<5=5=8O: =0 CG0AB85 2 :>=:C@A5 45;05BAO A>>B25BAB2CNI0O >BB>:>;5 2A:@KB8O 70O2>: =0 CG0AB85 2 :>=:C@A5.
1 5 . 9 . A;8 :>=25@B A 87<5=5=8O=:C@A5 =5 70?5G0B0= 8 =5 20= 2 ?>@O4:5, C:070==>20==0O >@30=870F8O =5 =5ACB >B25BAB25==>AB8 70 CB5@N 8;8 4>A@>G=>5 2A:@KB85 B0:>3> :>=25@B0.
1 6 . B7K2 70O2>: =0 CG0AB85 2 :>=:C@A5.
1 6 . 1 . #G0AB=8: @07402H89 70O2:C =0 CG0AB85 2 :>=:C@A5, 2?@025 >B>720BL 70O2:C 2 ;N1>5 2@5 =25@B>2 A 70O2:0=:C@A5.
1 6 . 2 . #254>1 >B7K25 70O2:8 ?>405BAO 2 ?8AL9 D>@>B25BAB2CNI51O70B5;L=>@O4:5 4>;6=0 1KBL C:070=0 A;54CNI0O 8=D>@<0F8O:
=0820=85 8 04@5A A?5F80;878@>20==>9 >@30=870F88;
A;>20 "+ / #'!" " +" # ! ;
=0820=85 ?@54=:C@A0 ( ;>B0) ;
@538AB@0F8>==K5 =>=:C@A5;
2@5=25@B>2 A 70O2:0=:C@A5.
#254>1 >B7K25 70O2:8 =0 CG0AB85 2 :>=:C@A5 4>;6=> 1KBL A:@5?;5=> ?5G0BLN 8 7025@5=> ?>4?8ALN C?>;=>G5==>3> ;8F0 ( 4;O N@848G5A:8E ;8F) 8 A>1AB25==>@CG=> ?>4?8A0=> D878G5A:8< @07 ?>A;54=53> 4=O ?>40G8 70O2>: =0 CG0AB85 2 :>=:C@A5, C254>1 >B7K25 70O2>: =0 CG0AB85 2 :>=:C@A5 ?>40NBAO ?> 04@5AC A?5F80;878@>20==>9 >@30=870F88, C:070==> ?@>2545=88 :>=:C@A0 8 =D>@==>9 :0@B5 :>=:C@A0.
45=L >:>=G0=8O A@>:0 ?>40G8 70O2>: =0 CG0AB85 2 :>=:C@A5 70O2:8 >B7K20NBAO =0 70A540=88 :>A@54AB25==> ?5@54 2A:@KB85=25@B>2 A 70O2:0=:C@A5 ?> 04@5AC, ?> :>B>@>ACI5AB2;O5BAO 2A:@KB85 :>=25@B>2 A 70O2:0=:C@A5, C:070==> ?@>2545=88 >B:@KB>3> :>=:C@A0.
1 6 . 4 . >A;5 ?>;CG5=8O >B7K20 70O2:8 =0 CG0AB85 2 :>=:C@A5 A?5F80;878@>20==0O >@30=870F8O A@02=8205B @538AB@0F8>==K9 =>=25@B5, A 40==K<8, C:070==K1 >B7K25 A>>B25BAB2CNI59 70O2:8 =0 CG0AB85 2 :>=:C@A5, 8 2 A;CG05, 5A;8 >=8 A>2?040NB, 2A:@K205B ( 2 A;CG05, 5A;8 =0 :>=25@B5 =5 C:070=K ?>GB>2K9 04@5A ( 4;O N@848G5A:>3> ;8F0) 8;8 A2545=8O > 3> ;8F0) CG0AB=8:0 @07=25@B A 70O2:>9 =0 CG0AB85 2 :>=:C@A5, :>B>@0O >B>720=0. 57C;LB0BK 2A:@KB8O :>=25@B>2 A 70O2:0=:C@A5 D8:A8@CNBAO 2 A>>B25BAB2CNI5>B25BAB28O C254>1 >B7K25 70O2:8 =0 CG0AB85 2 :>=:C@A5 C:070==K20=8O>B25BAB28O @538AB@0F8>==>3> =>3> 2 C254>1 >B7K25 70O2:8, @538AB@0F8>==>=25@B5 A 70O2:>9 =0 CG0AB85 2 :>=:C@A5, 70O2:0 =0 CG0AB85 2 :>=:C@A5 AG8B05BAO >B>720==>9 2 =04;560I5@O4:5. 0:07G8:, A?5F80;878@>20==0O >@30=870F8O =5 =5ACB >B25BAB25==>ABL 70 =530B82=K5 ?>A;54AB28O, =0ABC?82H85 4;O CG0AB=8:0 @07=:C@A5 :>B>@>3> >B>720=0.
0O2:8 =0 CG0AB85 2 :>=:C@A5, >B>720==K5 4> >:>=G0=8O A@>:0 ?>40G8 70O2>: =0 CG0AB85 2 :>=:C@A5 2 ?>@O4:5, C:070==>40==KA;5 >:>=G0=8O A@>:0 ?>40G8 70O2>: =5 4>?CA:05BAO >B7K2 70O2>: =0 CG0AB85 2 :>=:C@A5.
1 6 . 8 . A;CG05, 5A;8 1K;> CAB0=>2;5=> B@51>20=85 >15A?5G5=8O 70O2:8 =0 CG0AB85 2 :>=:C@A5, A?5F80;878@>20==0O >@30=870F8O >1O70=0 25@=CBL 2=5A5==K5 2 :0G5AB25 >15A?5G5=8O 70O2:8 =0 CG0AB85 2 :>=:C@A5 45=56=K5 A@54AB20 CG0AB=8:C @07B>7202H5=:C@A5, 2 B5G5=85 ?OB8 @01>G8E 4=59 A> 4=O ?>ABC?;5=8O A?5F80;878@>20==>9 >@30=870F88 C254>1 >B7K25 70O2:8 =0 CG0AB85 2 :>=:C@A5.
1 7 . 0O2:8 =0 CG0AB85 2 :>=:C@A5, ?>40==K5 A >?>740=85;CG5==K5 ?>A;5 >:>=G0=8O 2@5<5=8 ?@85=25@B>2 A 70O2:0=:C@A5, :>=25@BK A 70O2:0=:C@A5 2A:@K20NBAO ( 2 A;CG05, 5A;8 =0 :
mastercard
754