ࡱ> q`bjbjqPqP::/&!44444 lllh$m8n8* o6o"XoXoXo}}}$h^-}}"}}}44XoXoU?ggg}4"XoXog}ggn<Vr\ Xoo f]lD dU0dGUG@hGh }}g}}}}}Q}}}}}}}8*8*8*Bl8*8*8*l 444444 !    I. !>2@5<5==>5 A>AB>O=85 187=5A0 2 A8AB5<5 2=5H=5M:>=><8G5A:8E A2O759 !CI=>ABL 8 A>45@60=85 2=5H=5M:>=><8G5A:8E A2O759 . AA;54>20=85 A>2@5<5==>3> A>AB>O=8O 2=5H=59 B>@3>2;8 8 @0AH8@5=8O A@54AB2 55 @53C;8@>20=8O 1.3. "5=45=F88 @0AH8@5=8O 8 @53C;8@>20=8O ?@>F5AA>2 M:>=><8G5A:>9 8=B53@0F88 2 CA;>28OE A>2@5<5==>9 3;>10;870F88  II. !>25@H5=AB2>20=85 3>AC40@AB25==>3> @53C;8@>20=8O 187=5A0 2 A8AB5<5 2=5H=5M:>=><8G5A:8E A2O759 !>25@H5=AB2>20=85 2=5H=5B>@3>2>9 45OB5;L=>AB8 2 CA;>28OE 2ABC?;5=8O 2> A5<8@=CN ">@3>2CN @30=870F8N -DD5:B82=K9 <5E0=87< A>25@H5=AB2>20=8O @53C;8@>20=8O 8=>AB@0==KE 8=25AB8F89 0AH8@5=85 <5@ 3>AC40@AB25==>3> @53C;8@>20=8O 8 AB8<C;8@>20=8O M:A?>@B0 8 M:A?>@B=>3> ?@>872>4AB20 ++ !! !, " "# +  !B0=>2;5=85 8 D>@<8@>20=85 =57028A8<>9 M:>=><8G5A:>9 A8AB5<K 75@109460=A:>3> 3>AC40@AB20 ?@>87>H;> ?>A;5 ?@8=OB8O 70:>=0  =57028A8<KE M:>=><8G5A:8E >A=>20E 75@109460=A:>9 5A?C1;8:8 25 <0O 1991 3>40. ?5@2K5 2 ?@8=OB>< 70:>=5 1K;> ?@>2545=85 75@109460=>< =57028A8<>9 2=5H=5M:>=><8G5A:>9 ?>;8B8:8. ! MB>3> 65 3>40 3>AC40@AB2> AB0;> ?5@5AB@0820BL A8AB5<C 2=5H=5M:>=><8G5A:8E A2O759 (-!) : A8AB5<0< M:>=><8G5A:8 @0728BKE AB@0=. 1@5BO AC25@5=8B5B 8 27O2 :C@A =0 ?>AB@>5=85 F828;87>20==>3>, M:>=><8G5A:8 A2>1>4=>3> >1I5AB20 2=5H=5M:>=><8G5A:85 A2O78 (-!) 75@109460=0 =0G0;8 @072820BLAO ?> =>2K< ?@028;0< @K=:0. 75@109460= ?@8>1@5; A2>1>4C 2KE>40 =0 70@C156=K5 @K=:8 8 2>7<>6=>ABL 8=B53@0F88 2 <8@>2>5 E>7O9AB2> G5@57 @0728B85 B>@3>2>-M:>=><8G5A:8E >B=>H5=89 A> <=>38<8 AB@0=0<8 <8@0, @5H8; >A=>2=K5 7040G8, A2O70==K5 A A>740=85< 8=AB8BCB>2 =0F8>=0;L=>9 3>AC40@AB25==>AB8, A>1AB25==K<8 20;NB=>-D8=0=A>2K<8 8 1N465B=K<8 A8AB5<0<8. K;8 ?@54?@8=OBK A5@L57=K5 H038 ?> ;815@0;870F88 2=5H=5M:>=><8G5A:>9 45OB5;L=>AB8, 2 B>< G8A;5 >B:07 >B :2>B8@>20=8O 8 ;8F5=78@>20=8O 2=5H=5B>@3>2KE A45;>:. #=8D8F8@>20= 8 ;815@0;878@>20= 20;NB=K9 @568<, >15A?5G5=0 @53C;O@=0O 45OB5;L=>ABL <5610=:>2A:>9 20;NB=>9 18@68, GB> A>740;> 1;03>?@8OB=K5 CA;>28O 4;O >15A?5G5=8O 2=CB@5==59 :>=25@B8@C5<>AB8 =0F8>=0;L=>9 20;NBK. -B> ?@825;> : @>ABC 0:B82=>AB8 2=5H=5M:>=><8G5A:8E A2O759 @5A?C1;8:8  @0AB5B >1J5< M:A?>@B0 8 8<?>@B0. !CI5AB25==> 2>7@>A ?>B>: 8=25AB8F89, A> AB>@>=K :@C?=59H8E 70@C156=KE D8@< !(, 5;8:>1@8B0=88, 5@<0=88, /?>=88, 0=04K, "C@F88, @0=0 8 4@C38E, AB@5<;5=85 87 70:@5?8BLAO 2 B>?;82=>-M=5@35B8G5A:><, <5B0;;C@38G5A:><, =5DB5E8<8G5A:><, <0H8=>AB@>8B5;L=K< :><?;5:A0E, 10=:>2A:>9 AD5@5, AD5@5 CA;C3. #25;8G5=85 ?@8B>:0 8=25AB8F89 2 =5DBO=CN 8 4@C385 >B@0A;8 ?@><KH;5==>AB8 2A5 1>;LH5 CA:>@O5B ?@>F5AA 8=B53@0F88 75@109460=0 2 <8@>2CN E>7O9AB25==CN A8AB5<C.  I. !>2@5<5==>5 A>AB>O=85 187=5A0 2 A8AB5<5 2=5H=5M:>=><8G5A:8E A2O759 !CI=>ABL 8 A>45@60=85 2=5H=5M:>=><8G5A:8E A2O759 AA;54>20=85 ?@>F5AA>2 8=B5@=0F8>=0;870F88 @K=>G=KE >B=>H5=89, 3;>10;870F88, D>@<8@>20=8O 8 @0728B8O 2=5H=5M:>=><8G5A:8E A2O759 A CG5B>< ?>B@51=>AB8 8 A?5F8D8:8 075@109460=A:>3> 187=5A0 ?@54AB02;O5B ?@8=F8?80;L=> =>2>5 =0?@02;5=85 M:>=><8G5A:>9 =0C:8. 0CG=>-<5B>4>;>38G5A:>5 >15A?5G5=85, :>=:@5B=K5 <5E0=87<K 2708<>459AB28O E>7O9AB25==KE AC1J5:B>2 @07=>9 3>AC40@AB25==>9 ?@8=04;56=>AB8 2 >1;0AB8 >1<5=0 B>20@0<8, 42865=8O D0:B>@>2 ?@>872>4AB20 8 D>@<8@>20=8O <564C=0@>4=>9 M:>=><8G5A:>9 ?>;8B8:8 5I5 =54>AB0B>G=> @07@01>B0=K. =5H=5M:>=><8G5A:85 A2O78 >B@060NB ?@>872>4AB25==K5 >B=>H5=8O ?> ?>2>4C ?@>872>4AB20, @0A?@545;5=8O, >1<5=0 8 ?>B@51;5=8O. =8 O2;ONBAO 3;02=K< D0:B>@>< @0AH8@5==>3> 2>A?@>872>4AB20. =5H=5M:>=><8G5A:85 A2O78  MB> 2=5H=85, E>7O9AB25==K5, ?>;8B8G5A:85, B>@3>2K5 >B=>H5=8O 2:;NG0NI85 >1<5= B>20@0<8, @07;8G=K5 D>@<K M:>=><8G5A:>3> A>459AB28O, =0CG=>-B5E=8G5A:>3> A>B@C4=8G5AB20, A?5F80;870F8N, :>>?5@0F8N ?@>872>4AB20, >:070=85 CA;C3 8 A>2<5AB=>5 ?@54?@8=8<0B5;LAB2>.  A2>N >G5@54L, 2=5H=5M:>=><8G5A:0O 45OB5;L=>ABL ?@54AB02;O5B A>1>9 ?@>F5AA @50;870F88 2=5H=5M:>=><8G5A:8E A2O759. 8@>2>5 E>7O9AB2> (world economy)  A>2>:C?=>ABL =0F8>=0;L=KE M:>=><8: AB@0= <8@0, A2O70==KE <564C A>1>9 <>18;L=K<8 D0:B>@0<8 ?@>872>4AB20. !8AB5<0 <8@>2>3> E>7O9AB20 ?@54AB02;5=0 A53>4=O AB@0=0<8 A> A;>682H59AO @K=>G=>9 M:>=><8:>9 8 AB@0=0<8, 1>;LH5 8;8 <5=LH5 >@85=B8@>20==K<8 =0 D>@<8@>20=85 @K=>G=KE >B=>H5=89. 8@>2>5 E>7O9AB2> =5 <>3;> 1K B0: CA?5H=> @072820BLAO 157 1KAB@>3> @0728B8O 53> :@>25=>A=>9 A8AB5<K  <8@>2>9 8=D@0AB@C:BC@K. =0 2:;NG05B: - <8@>2CN B@0=A?>@B=CN A8AB5<C  <>@A:>9, 2>74CH=K9, @5G=>9, 65;57=>4>@>6=>9, 02B><>18;L=>9 8 B@C1>?@>2>4=>9. @8B><, :064K9 284 B@0=A?>@B0 8<55B A2>8 >1I5<8@>2K5 AB0=40@BK, 548=K5 B@51>20=8O; - <8@>2K5 A5B8 <0AA>2>9 8=D>@<0F88 8 :><<C=8:0F88: @048>, B5;52845=85, ?@5AA0, A2O7L, 2 B>< G8A;5 8 :>A<8G5A:0O; - 548=CN A8AB5<C =0CG=>-B5E=8G5A:>9 8=D>@<0F88; - 548=CN A8AB5<C :><<5@G5A:>9 8=D>@<0F88; - 548=CN A8AB5<C <5B5>@>;>38G5A:>9 A;C61K 8 8=D>@<0F88; - D>@<8@>20=85 C=8D8F8@>20==>9 AB0B8AB8G5A:>9 A;C61K; - @0728B85 A;C61K AB0=40@B870F88. A5 ?5@5G8A;5==K5 A>AB02=K5 G0AB8 <8@>2>9 8=D@0AB@C:BC@K 2<5AB5 27OBK5, =5A<>B@O =0 1>;LH85 B@C4=>AB8 8 ?@>B82>@5G8O 8<5NB ?@O<CN =0?@02;5==>ABL 2 AB>@>=C ?@>3@5AA0. A=>2=K<8 =0?@02;5=8O<8 2=5H=5M:>=><8G5A:>9 45OB5;L=>AB8 2 ?@>F5AA5 ?5@5E>40 : @K=:C O2;ONBAO: ?@>872>4AB25==>5, 8=25AB8F8>==>5, 2=5H=5B>@3>2>5, =0CG=>-8AA;54>20B5;LA:>5, 8=D>@<0F8>==>5, CG51=>-?5403>38G5A:>5.  @50;L=>9 459AB28B5;L=>AB8 MB8 284K ?@8>1@5B0NB A;54CNI85 D>@<K: =0CG=>-B5E=8G5A:0O :>>?5@0F8O 8 A>740=85 A>2<5AB=KE 8AA;54>20B5;LA:8E F5=B@>2; ?>43>B>2:0 =0CG=KE, 8=65=5@=KE, @01>G8E :04@>2 8 8E ?>AB>O==0O ?5@5?>43>B>2:0; A>2<5AB=>5 ?@>872>4AB25==>5 ?@54?@8=8<0B5;LAB2>; ?@O<K5 ?@>872>4AB25==K5 A2O78, ?@>872>4AB25==0O :>>?5@0F8O; 8=25AB8@>20=85 2 @07;8G=KE D>@<0E; 2=5H=OO B>@3>2;O; A8AB5<0B8G5A:89 >1<5= =0CG=>-8=65=5@=>9 ?@>872>4AB25==>9 8=D>@<0F859; 10=:>2A:0O 45OB5;L=>ABL 8 :@548B>20=85; AB@>8B5;LAB2> >1J5:B>2; 3>AC40@AB25==>5 @53C;8@>20=85. 564C E>7O9AB2CNI8<8 AC1J5:B0<8 -! 2>7=8:0NB, @072820NBAO 8 =5?@5@K2=> A>25@H5=AB2CNBAO >1J5:B82=K5 >B=>H5=8O 2 >1;0AB8 A?5F80;870F88, ?@>872>4AB25==>3> :>>?5@8@>20=8O, @0728B8O 8 @0AH8@5=8O @538>=0;L=KE @K=:>2, A>2<5AB=>3> @53C;8@>20=8O 2>A?@>872>4AB25==KE ?@>F5AA>2, ?5@5@0A?@545;5=8O 25I5AB25==KE D0:B>@>2 ?@>872>4AB20 8 8E 8A?>;L7>20=8O, >1<5=0 ?@>4C:B0<8 ;8G=>3> ?>B@51;5=8O, A>2<5AB=>3> 8=25AB8@>20=8O, 8A?>;L7>20=8O 4>AB865=89 =0C:8 8 B5E=8:8, B5E=8G5A:>3> ?@>3@5AA0, <83@0F88 @01>G59 A8;K. 5E0=87< >ACI5AB2;5=8O -! =0 <0:@> C@>2=5 2:;NG05B A8AB5<C <564C=0@>4=>3> <0@:5B8=30 8 >@30=870F88 8 B5E=8:8 2=5H=5M:>=><8G5A:>9 45OB5;L=>AB8. 3> A?5F8D8:0 ?@5645 2A53> 2 <5B>40E 87CG5=8O >A>15==>AB59 =0F8>=0;L=KE @K=:>2, 0 B0:65 <8@>2KE @K=:>2 B5E 8;8 8=KE B>20@>2 8 CA;C3. >B5=F80;L=><C M:A?>@B5@C, 2 G0AB=>AB8, =5>1E>48<> B>G=> 7=0BL ?>B@51=>AB8, A:;>==>AB8 8 ?@54?>GB5=8O ?>:C?0B5;59, A>AB>O=85 8 ?5@A?5:B82K @K=:0 8 A>>B25BAB2CNI8E 53> A53<5=B>2 2 B>9 AB@0=5, :C40 >= A>18@05BAO 2K2>78BL A2>N ?@>4C:F8N. ;O MB>3> =54>AB0B>G5= 0=0;87 B>;L:> A>1AB25==>3> A1KB0, =5>1E>48<> 87CG5=85, >F5=:0 8 ?@>3=>7 CA;>289 <0:@>M:>=><8G5A:>9 A@54K (M:>=><8G5A:8E, ?>;8B8G5A:8E, ?@8@>4=>-:;8<0B8G5A:8E, M:>;>38G5A:8E, A>F80;L=>-:C;LBC@=KE, =@02AB25==>-?@02>2KE, @5;838>7=>-MB=8G5A:8E 8 ?A8E>;>38G5A:8E). ;O ?@>42865=8O B>20@>2 =0 2=5H=89 @K=>: 8;8 70:C?05<KE ?> 8<?>@BC ?>B@51C5BAO 381:0O :><18=0F8O <5B>4>2 @5:;0<K, @0728B8O 8=48284C0;L=>9 ?@>4068, <0B5@80;L=>-45=56=>5 ?>>I@5=85 ?>A@54=8:>2 8 A>1AB25==KE ?@>402F>2. &5=>20O ?>;8B8:0, A8AB5<0 @0AG5B>2 8 :><<5@G5A:>3> :@548B0 4>;6=K A>74020BL CA;>28O, ?@82;5:0B5;L=K5 >A>15==> 4;O 703@0=8G=>9, 0 B0:65 4;O >B5G5AB25==>9 :;85=BC@K, ?@8>1@5B0NI59 8=>AB@0==K5 B>20@K 8 CA;C38. !53>4=O <=>65AB2> N@848G5A:8E AC1J5:B>2 8 >@30=870F89 AB@0= ?5@5E>4=>9 M:>=><8:8, 2 B>< G8A;5 75@109460=0, @072820NB 2=5H=5M:>=><8G5A:85 A2O78 A 70@C156=K<8 ?0@B=5@0<8, CG0AB2CNB 2 @07@01>B:5 8 >ACI5AB2;5=88 ?@>5:B>2 ?> 8A?>;L7>20=8N ?@8@>4=KE 1>30BAB2 (4>1KG0 =5DB8 8 3070), 2 @50;870F88 =5>B;>6=KE <5@ 70I8BK >:@C60NI59 A@54K, 2A5<5@=> @0AH8@ONB 8 C3;C1;ONB <564C=0@>4=>5 A>B@C4=8G5AB2>. 0AH8@5=85 2=5H=5M:>=><8G5A:8E A2O759 2 ?@>872>4AB25==>9 8 =0CG=>-B5E=8G5A:8E D>@<0E, 0 B0:65 ?@82;5G5=85 8=>AB@0==KE 8=25AB8F89 2=>AOB 7=0G8B5;L=K9 2:;04 2 @0728B85 =0F8>=0;L=>9 M:>=><8:8 8 187=5A0. =8 A?>A>1AB2CNB 0:B82870F88 8=25AB8F8>==>3> ?@>F5AA0.  CA;>28OE @0728B8O @K=>G=>9 M:>=><8:8 >A=>2=>9 F5;LN 4;O <=>38E AB@0= O2;O5BAO ?>;=>F5==0O =57028A8<0O M:>=><8:0, ?@8 MB><, B0:65 =5>1E>48<> >B<5B8BL, GB> ?>;=>F5==0O 8 =57028A8<0O M:>=><8:0 A<>65B A0<>AB>OB5;L=> DC=:F8>=8@>20BL =0 >A=>25 >A>15==>AB59 8 D0:B>@>2 ?>2;8O2H8E =0 55 D>@<8@>20=8O. 0F8>=0;L=0O M:>=><8:0 ?@54AB02;O5B A>1>9 M:>=><8:C, >3@0=8G5==CN @0<:0<8 >B45;L=KE 548=8F. =0 DC=:F8>=8@C5B =0 >A=>25 70:>=><5@=>AB59 M:>=><8G5A:>9 A8AB5<K 2 A>G5B0=88 A =0F8>=0;L=K<8 >A>15==>ABO<8.  A>2@5<5==KE CA;>28OE =0F8>=0;L=0O M:>=><8:0 >@85=B8@C5BAO =0 D>@<8@>20=88 @K=>G=>9 <>45;8 E>7O9AB2>20=8O A CG5B>< A>2@5<5==KE B5=45=F89 M:>=><8G5A:>3> @0728B8O. AE>4O 87 MB>3>, =0F8>=0;L=0O M:>=><8:0 2:;NG05B 2 A51O A;54CNI85 >1I85 G5@BK, 70:>=><5@=>AB8, E0@0:B5@=K5 4;O 2A5E AB@0= @K=>G=>9 M:>=><8:8: <=>3>>1@0785 D>@< A>1AB25==>AB8, =0;8G85 A2>1>4=>9 ?@54?@8=8<0B5;LA:>9 45OB5;L=>AB8. 0;8G85 B>9 8;8 8=>9 D>@<K :>=:C@5=F88, =0;8G85 @K=>G=KE F5=, >?@545;5==CN A8AB5<C C?@02;5=8O 3>AC40@AB2>< M:>=><8G5A:8E ?@>F5AA>2 8 B. 4. 0@O4C A >1I8<8 G5@B0<8, =0F8>=0;L=0O M:>=><8:0 D>@<8@C5BAO A CG5B>< B0:8E >A>15==>AB59, :0: C@>25=L @0728B8O ?@>872>48B5;L=KE A8;, =0;8G85 ?@8@>4=KE @5AC@A>2, 35>3@0D8G5A:>5 @0A?>;>65=85 AB@0=K, =0F8>=0;L=K9 <5=B0;8B5B, 8AB>@8G5A:85 B@048F88 8 B. ?. #:070==K5 A?5F8D8G5A:85 >A>15==>AB8 O2;ONBAO >1I8<8 8 206=K<8 G5@B0<8 4;O D>@<8@>20=8O =0F8>=0;L=>9 M:>=><8:8 A CG5B>< AB0@B>2KE CA;>289. @><5 B>3>, 2 A>2@5<5==KE CA;>28OE @0728B8O ACI5AB2C5B F5;K9 @O4 M:>=><8G5A:8E D0:B>@>2, 2;8ONI8E =0 A>740=85 =0F8>=0;L=>3> E>7O9AB2>20=8O 2 A>>B25BAB288 A >1I5<8@>2K<8 4>AB865=8O<8.  =8< >B=>AOBAO: - 8AB>@8G5A:8 AD>@<8@>202H0OAO >B@0A;520O, B5@@8B>@80;L=0O, 2>A?@>872>4AB25==0O AB@C:BC@0 ?@>872>4AB20 8 2 F5;>< 2A59 M:>=><8:8; - AB5?5=L 8A?>;L7>20=8O ?@8@>4=KE @5AC@A>2 D>@<8@>20=8O =0F8>=0;L=>9 M:>=><8:8; - C@>25=L, <0AHB01K 8 E0@0:B5@ " 8 AB5?5=L 53> @50;870F88; - AB5?5=L @0728B8O M:>=><8G5A:>9 8=D@0AB@C:BC@K 8 53> A>>B25BAB285 A> A;>682H59AO >B@0A;52>9 AB@C:BC@=>9 M:>=><8:8; - AB5?5=L 8=B53@8@>20==>AB8 M:>=><8:8 2 <8@>2>5 E>7O9AB2>: E0@0:B5@ ?@>4C:F88 40==>9 AB@0=K, >15A?5G820NI59 55 254CI85 ?>78F88 =0 <8@>2>< @K=:5; - 5<:>ABL =0F8>=0;L=>3> @K=:0, C@>25=L :>=JN=:BC@K 8 AB5?5=L <>=>?>;870F88 @K=:0. !>740=8N 1;03>?@8OB=KE CA;>289 4;O @0728B8O =0F8>=0;L=>9 M:>=><8:8 A?>A>1AB2CNB 8=>AB@0==K5 8=25AB8F88, 5A;8 4;O 8=>AB@0==KE 8=25AB>@>2 1C45B A>740=> 1;03>?@8OB=>5 4;O :0?8B0;>2;>65=89 ?@>AB@0=AB2>. @0:B8G5A:8 =52>7<>6=> A>740BL 1;03>?@8OB=K5 CA;>28O 4;O 8=25AB8@>20=8O 872=5 157 B>3>, GB>1K B0:85 65 CA;>28O =5 A>74020;8AL 4;O >B5G5AB25==KE ?@54?@8=8<0B5;59. !0<> ?>;>65=85 035=B>2 =0F8>=0;L=>3> 187=5A0 O2;O5BAO ?>:070B5;5< 8=25AB8F8>==>3> :;8<0B0. '5< 1>;LH5 @0728B, 48=0<8G5=, 70I8I5= 2 ?@020E <5AB=K9 :0?8B0;, B5< 2KH5 25@>OB=>ABL B>3>, GB> 70@C156=K5 8=25AB>@K ?@84CB 8 >AB0=CBAO 2 AB@0=5, 1C4CB 4>?>;=OBL =0F8>=0;L=CN M:>=><8:C. 5>1E>48<> >15A?5G5=85 4>ABC?0 >B5G5AB25==KE ?@54?@8OB89 =0 <8@>2K5 @K=:8 <0H8= 8 >1>@C4>20=8O, B5E=>;>389 8 8=D>@<0F89, :0?8B0;>2, <8=5@0;L=>-AK@L52KE @5AC@A>2, : B@0=A?>@B=K< :><<C=8:0F8O<, >:070=85 ?>;8B8G5A:>9, D8=0=A>2>9, 8=D>@<0F8>==>9 ?>445@6:8 4;O ?@>42865=8O ?@>4C:F88 >B5G5AB25==>3> ?@>872>4AB20 =0 @K=:8, :>=B@>;8@C5<K5 B@0=A=0F8>=0;L=K<8 :>@?>@0F8O<8, @53C;8@>20=85 20;NB=>-D8=0=A>2KE ?@>1;5< 2> 2708<>>B=>H5=8OE A> AB@0=0<8  ?0@B=5@0<8 75@109460=0 8 <564C=0@>4=K<8 >@30=870F8O<8, D>@<8@>20=85 MDD5:B82=>9 A8AB5<K 70I8BK 2=5H=5M:>=><8G5A:8E 8=B5@5A>2 75@109460=0, ?@82;5G5=85 2 AB@0=C 4>?>;=8B5;L=KE 20;NB=KE 8 8=25AB8F8>==KE @5AC@A>2. 1.2. AA;54>20=85 A>2@5<5==>3> A>AB>O=8O 2=5H=59 B>@3>2;8 8 @0AH8@5=85 A@54AB2 55 @53C;8@>20=8O =0;87 A@02=8B5;L=KE ?@58<CI5AB2 AB@0=K, A2O70==KE A @5AC@A=K< ?>B5=F80;><, 2K3>4=K< 35>3@0D8G5A:8< ?>;>65=85<, E>@>H8<8 :;8<0B8G5A:8<8 CA;>28O<8, C@>2=5< ?>43>B>2:8 @01>G59 A8;K 4>:07K20NB, GB> 4065 ?@8 >B=>A8B5;L=> =5?>;=>< 8A?>;L7>20=88 M:>=><8G5A:>3> 8 =0CG=>-B5E=8G5A:>3> @0728B8O @5A?C1;8:8 2 A@02=5=88 A @0728BK<8 3>AC40@AB20<8, 75@109460= 8<55B 1;03>?@8OB=K5 ?@54?>AK;:8 4;O @0728B8O <564C=0@>4=>3> 187=5A0. 0 A53>4=OH=89 45=L 75@109460= 8<55B B>@3>2>-M:>=><8G5A:85 A2O78 A 1>;55 G5< 125 AB@0=0<8 <8@0. <?>@B8@C5<K5 8 M:A?>@B8@C5<K5 B>20@K 2 :>;8G5AB25==>< 8 AB>8<>AB=>< 2K@065=88 C25;8G820NBAO.  AB@C:BC@5 8<?>@B0 8 M:A?>@B0 ?@>8AE>4OB :0G5AB25==K5 87<5=5=8O, :>B>@K5 A?>A>1AB2CNB M:>=><8G5A:>9 157>?0A=>AB8 AB@0=K.  AB@C:BC@5 M:A?>@B0 C25;8G8205BAO 4>;O 8 <0AA0 :>=5G=>9 8 B5E=>;>38G5A:>9 ?@>4C:F88. !;54>20B5;L=>, MDD5:B82=>ABL 2=5H=5M:>=><8G5A:8E A2O759 A2>48BAO : B><C, GB>1K =5 4>?CAB8BL M:>=><8G5A:>9 8 AB@0B538G5A:>9 7028A8<>AB8 687=545OB5;L=>AB8 AB@0=K >B 8<?>@B0. ">20@=0O AB@C:BC@0 M:A?>@B0 2A5 5I5 E0@0:B5@87C5BAO @5AC@A=>-AK@L52>9 =0?@02;5==>ABLN 8 ?@5>1;040=85< 2 =59 =5DB5?@>4C:B>2. "5< =5 <5=55, M:A?>@B MB8E ?@>4C:B>2 O2;O5BAO >4=8< 87 3;02=KE ?@8>@8B5B>2 AB@0B5388 2=5H=59 B>@3>2;8 8 2 F5;>< 2=5H=5M:>=><8G5A:8E A2O759. @5>1;040=85 B>?;82=>-AK@L52KE B>20@>2 2 M:A?>@B5 O2;O5BAO >B@065=85< @50;L=KE 8 =081>;55 7=0G8<KE 2 =0AB>OI55 2@5<O :>=:C@5=B=KE ?@58<CI5AB2 75@109460=0 2 <564C=0@>4=>< @0745;5=88 B@C40. 4=0:> MB> =5 A=8<05B 2>?@>A > =5>1E>48<>AB8 @0AH8@5=8O 8 A>25@H5=AB2>20=8O AB@C:BC@K M:A?>@B0. !10;0=A8@>20==K9 M:A?>@B AK@LO A C25;8G5=85< 4>;8 ?@>4C:F88 2KA>:>9 B5E=>;>388 8 >1@01>B:8, =0CG=>-B5E=8G5A:>9 ?@>4C:F88 8 CA:>@5==>5 @0728B85 8<?>@B>70<5I0NI8E 8 M:A?>@B>>@85=B8@>20==KE >B@0A;59 ?@><KH;5==>AB8 O2;ONBAO :;NG52K< D0:B>@>< 8 =0?@02;5=85< @50;870F88 2=5H=5M:>=><8G5A:>9 AB@0B5388. 75@109460=A:0O 2=5H=OO B>@3>2;O 5I5 =5 E0@0:B5@87C5BAO @0F8>=0;L=>9 >@30=870F859 <564C=0@>4=>3> B>20@>>1<5=0, :>340 M:A?>@B A?>A>1AB2C5B @0728B8N ?@>872>48B5;L=KE A8; AB@0=K 70 AG5B @0AH8@5=8O @50;870F88 >B5G5AB25==>9 ?@>4C:F88 70 ?@545;0<8 =0AKI5==>3> 2=CB@5==53> @K=:0, 0 8<?>@B =5 70<5=O5B, 0 4>?>;=O5B 2=CB@5==55 =0F8>=0;L=>5 ?@>872>4AB2>. !CI5AB2CNI0O 0:B82=>ABL B>@3>2>3> 10;0=A0, ?> =0H5<C <=5=8N, 5ABL @57C;LB0B AB8E89=>9 ;815@0;870F88 2=5H=8E M:>=><8G5A:8E A2O759 2 CA;>28OE ?>B5@8 548=>3> M:>=><8G5A:>3> ?@>AB@0=AB20 1K2H53> !!!  8 >1I53> A?040 075@109460=A:>9 M:>=><8:8. A=>2=K5 ?CB8 40;L=59H53> A>25@H5=AB2>20=8O 2=5H=5B>@3>2>9 45OB5;L=>AB8, =0 =0H 273;O4 <>6=> 1K;> 1K >?@545;8BL A;54CNI8< >1@07><. -:A?>@B 4>;65= >15A?5G820BL ?>2KH5=85 B5E=8:>-M:>=><8G5A:>3> C@>2=O :0G5AB20 2K?CA:05<>9 >B5G5AB25==>9 ?@>4C:F88 8 2A53> ?@>872>4AB20 A CG5B>< 65AB:>9 :>=:C@5=F88 =0 <8@>2>< @K=:5; C25;8G5=85 20;NB=KE @5AC@A>2 3>AC40@AB20; CA:>@5=85 @0728B8O >B45;L=KE @538>=>2 @5A?C1;8:8 8 1>;55 2KA>:>3> B5E=8G5A:>3> >A=0I5=8O >B5G5AB25==KE ?@54?@8OB89 A 8=>AB@0==K<8 8=25AB8F8O<8. <?>@B 4>;65= A?>A>1AB2>20BL >15A?5G5=8N A10;0=A8@>20==>3> A>AB>O=8O ?@>872>4AB20 8 ?>B@51;5=8O B>20@>2 2 AB@0=5; ?>2KH5=8N :0G5AB20 <>45@=870F88, @5:>=AB@C:F88 8 @0AH8@5=8N ?@>872>4AB25==KE <>I=>AB59 ?@><KH;5==KE ?@54?@8OB89; @0AH8@5=8N 0AA>@B8<5=B0 B>20@>2 =0 ?>B@518B5;LA:>< @K=:5; M:>=><88 ?@8@>4=KE @5AC@A>2 8 >E@0=5 >:@C60NI59 A@54K. 564C=0@>4=K9 >1<5= B>20@0<8 2A5 1>;LH5 AB0=>28BAO >4=>9 87 >A=>2=KE 4286CI8E A8; M:>=><8G5A:>3> @>AB0. @>2545==K5 8@>2K< 10=:>< 8AA;54>20=8O @57C;LB0B>2 M:>=><8G5A:>3> @>AB0 40 @072820NI8EAO AB@0=, A3@C??8@>20==KE ?> 8E B>@3>2>9 >@85=B0F88, ?>4B25@640NB ACI5AB2>20=85 B5A=>9 A2O78 <564C M:>=><8G5A:8< @>AB>< 8 @0728B85< 2=5H=59 B>@3>2;8. 725AB=>, GB> >=:>=3C, "0920=N, 5A?C1;8:5 >@5O (.6=0O >@5O) ?>=04>18BAO :>@>B:89 ?@><56CB>: 2@5<5=8, GB>1K ?@52@0B8BLAO 87 154=59H8E :>;>=89 2 8=4CAB@80;L=K5 AB@0=K A >4=8< 87 A0<KE 2KA>:8E 2 <8@5 C@>2=59 687=8. >;55 B>3>, 2 MB8E AB@0=0E, B0: 65 :0: 8 4@C38E, ?@8 C;CGH5=88 M:>=><8G5A:>9 A8BC0F88 (0=0, =4>=578O, 5:A8:0 8 "C@F8O) @5D>@<K =0G8=0;8 ?@>2>48BLAO 2 =0?@02;5=88 ;815@0;870F88 2=5H=59 B>@3>2;8. 53C;8@>20=85 2=5H=59 B>@3>2;8 745AL 2KABC?8;> 206=59H59 A>AB02=>9 G0ABLN 3>AC40@AB25==>9 AB@0B5388 M:>=><8G5A:>3> @0728B8O.  75@109460=A:>9 5A?C1;8:5 @53C;8@>20=85 2=5H=59 B>@3>2;8 >ACI5AB2;O5BAO =0 1075 @O40 206=59H8E 70:>=>40B5;L=KE 0:B>2.  1996 3>4C 1K;8 CB25@645=K #:07 @57845=B0 75@109460=A:>9 5A?C1;8:8  A>25@H5=AB2>20=88 @53C;8@>20=8O 2=5H=59 B>@3>2;8, 2 1997 3>4C   40;L=59H59 ;815@0;870F88 2=5H=59 B>@3>2;8  , 2 B>< 65 3>4C 1K;8 ?@8=OBK 0:>=  B0<>65==>< B0@8D5 8 "0<>65==K9 :>45:A. @8=OBK5 =>@<0B82=K5 4>:C<5=BK CAB0=>28;8 >A=>2=K5 ?@8=F8?K >ACI5AB2;5=8O 8 @53C;8@>20=8O 2=5H=59 B>@3>2>9 45OB5;L=>AB8 @5A?C1;8:8: - 548=AB2> 2=5H=5B>@3>2>9 ?>;8B8:8 :0: A>AB02=>9 G0AB8 2=5H=59 ?>;8B8:8 75@109460=A:>9 5A?C1;8:8; - 548=AB2> A8AB5<K 3>AC40@AB25==>3> @53C;8@>20=8O 2=5H=5B>@3>2>9 45OB5;L=>AB8 8 :>=B@>;O 70 55 >ACI5AB2;5=85<; - 548=AB2> ?>;8B8:8 M:A?>@B=>3> :>=B@>;O, >ACI5AB2;O5<>9 2 F5;OE @50;870F88 3>AC40@AB25==KE 7040G >15A?5G5=8O =0F8>=0;L=>9 157>?0A=>AB8, ?>;8B8G5A:8E, M:>=><8G5A:8E 8 2>5==KE 8=B5@5A>2; - 548=AB2> B0<>65==>9 B5@@8B>@88; - ?@8>@8B5B M:>=><8G5A:8E <5@ 3>AC40@AB25==>3> @53C;8@>20=8O 2=5H=5B>@3>2>9 45OB5;L=>AB8; - @025=AB2> CG0AB=8:>2 2=5H=5B>@3>2>9 45OB5;L=>AB8, >BACBAB285 48A:@8<8=0F88 2> 2708<>>B=>H5=8OE <564C =8<8; - 70I8B0 3>AC40@AB2>< ?@02 8 70:>==KE 8=B5@5A>2 CG0AB=8:>2 2=5H=5B>@3>2>9 45OB5;L=>AB8; - 8A:;NG5=85 =5>?@0240==>3> 2<5H0B5;LAB20 3>AC40@AB20 8 53> >@30=>2 2> 2=5H=5B>@3>2CN 45OB5;L=>ABL, =0=5A5=8O CI5@10 55 CG0AB=8:0< 8 M:>=><8:5. 725AB=>, GB> @0728B85 <5AB=>3> 187=5A0 O2;O5BAO ?@8>@8B5B=K< 4;O ;N1>3> 3>AC40@AB20, :>B>@>5 ?@5B5=4C5B =0 <=>3>AB>@>==55 @0728B85 M:>=><8:8. 4=0:> >=> =52>7<>6=> 157 @5H5=8O F5;>3> @O40 ?@>1;5<, 2 B>< G8A;5 AD5@5 B0<>65==>3> :>=B@>;O =04 8<?>@B><. B<5B8<, GB> 75@109460= ?@8=O; =>2CN A8AB5<C B0<>65==KE ?>H;8=. 5>1E>48<>ABL >B<5B8BL, GB> 2>?@>AK, @53C;8@C5<K5 B0<>65==K< :>45:A><, >B=>AOBAO : >1;0AB8 459AB28O =0F8>=0;L=KE 70:>=>2 AB@0=K. -B8 2>?@>AK, :0: ?@028;>, =5 O2;ONBAO ?@54<5B>< <564C=0@>4=KE ?5@53>2>@>2. 5 8A:;NG05BAO, >4=0:>, 2>7<>6=>ABL C=8D8:0F88 =0F8>=0;L=KE ?@028; @01>BK B0<>65==KE A;C61 @07;8G=KE AB@0= 8 8E 1078@>20=85 =0 <=>3>AB>@>==8E <563>AC40@AB25==KE 8 4@C38E A>3;0H5=8OE, C?@>I0NI8E B0<>65==K5 ?@>F54C@K. "0<>65==K9 B0@8D (2 >B;8G88 >B "0<>65==>3> :>45:A0), ?@028;0 53> ?@8<5=5=8O, C@>25=L AB02>: ?>H;8=, AB@C:BC@0, ?5@5G5=L ?>78F89 B0@8D0 >G5=L G0AB> O2;ONBAO >1J5:B>< <564C=0@>4=KE ?5@53>2>@>2. -B0 >1;0ABL @53C;8@C5BAO <=>3>AB>@>==8<8 A>3;0H5=8O<8. -:>=><8G5A:89 0=0;87 2K83@KH59 8 ?>B5@L >B 8<?>@B=KE B0@8D>2 ?>:07K205B, GB> >=8 ?>?>;=ONB 3>AC40@AB25==K9 1N465B 8 2K3>4=K ?@5645 2A53> >B5G5AB25==K< ?@>872>48B5;O<, :>=:C@8@CNI8< 8 8<?>@B><, >A>15==> 2 <>;>4KE >B@0A;OE ?@>872>4AB20. ! MB>9 B>G:8 7@5=8O 8<?>@B=K5 ?>H;8=K <>6=> @0AA<0B@820BL :0: A@54AB2> AB8<C;8@>20=8O >B5G5AB25==>3> ?@>872>4AB20 8 70I8BK <>;>4KE >B@0A;59.  B>65 2@5<O B0<>65==K5 B0@8DK ?>GB8 2A5340 A=860NB C@>25=L 1;03>A>AB>O=8O 2 B>@3CNI8E AB@0=0E, ?>A:>;L:C ?>B@518B5;L AB0;:8205BAO A ?>2KH5=85< F5= 8 B5=45=F89 : <>=>?>;870F88 @K=:0. >2KH5=85 F5= =0 8<?>@B=K5 B>20@K >3@0=8G8205B A?@>A =0 >B5G5AB25==K5 B>20@K. @><5 B>3>, AB@0=0, 22>48<0O 2KA>:85 8<?>@B=K5 ?>H;8=K, B5@O5B =0 >B25B=>9 @50:F88 3>AC40@AB2, :C40 ?>ABC?05B 55 M:A?>@B=0O ?@>4C:F8O.  B>< A;CG05, 5A;8 AB@0=0, 1C4CG8 :@C?=59H8< ?@>872>48B5;5< B5E 8;8 8=KE B>20@>2, A?>A>1=0 2;8OBL =0 <8@>2K5 F5=K =0 40==K9 B>20@, <>6=> =09B8 B0:>9 C@>25=L B0@8D>2, :>B>@K9 ?@8=5A5B 59 G8ABK9 2K83@KH.  B01;8F5 1 ?>:070=>, 2 :0:8E D>@<0E ?@>O2;O5BAO M:>=><8G5A:89 MDD5:B CAB0=>2;5=8O B0<>65==KE B0@8D>2. "01;8F0 1. -       '     - $ $   "@>872>4AB25==K9 MDD5:B 0I8B0 >B=G5AB25==>3> ?@>872>48B5;O>B@518B5;LA:89 MDD5:B >2KH5=85 F5= =0 8<?>@B=K5 B>20@K A=8605B >1J5<K 8E ?>B@51;5=8ON465B=K9 MDD5:B "0<>65==K5 4>E>4K O2;ONBAO >4=>9 87 4>E>4=KE AB0B59 3>A1N465B0-DD5:B ?5@5@0A?@545;5=8O 4>E>4>2 !=865=85 :>=:C@5=F88 A> AB>@>=K 8<?>@B=KE B>20@>2 ?>72>;O5B CAB0=>28BL 1>;55 2KA>:85 F5=K 8 ?>;CG0BL 1>;LHCN ?@81K;L >B >B5G5AB25==KE B>20@>2>=:C@5=B=K9 MDD5:B 0?@O65==>ABL :>=:C@5=F88 2 7028A8<>AB8 >B C@>2=O B0<>65==>3> B0@8D0 <5=O5BAO 8 <>65B =5>4=>7=0G=> 2;8OBL =0 ?@>F5AA 2>A?@>872>4AB20;8O=85 =0 ?;0B56=K9 10;0=A AB@0=K 5=LH5 ?;0B5659 2 4@C385 AB@0=K 70 AG5B A=865=8O >1J5<0 8<?>@B0;8O=85 =0 CA;>28O B>@3>2;8 !=8605B :>=:C@5=B>A?>A>1=>ABL 8<?>@B=>3> B>20@0 =0 @K=:5 AB@0=K-8<?>@B5@0. 0AB02;O5B M:A?>@B5@0 A=860BL F5=C ?@>402F0$>@<K ?@>O2;5=8O M:>=><8G5A:>3> MDD5:B0 >B CAB0=>2;5=8O B0<>65==KE B0@8D>2  1>;LH8=AB25 AB@0= 107>2K9 @07<5@ ?>H;8=K >B=>A8BAO : B>20@0< 87 AB@0=, :>B>@K< ?@54>AB02;5= @568< =081>;LH53> 1;03>?@8OBAB2>20=8O. !<KA; 70:;NG05BAO 2 B><, GB> 3>AC40@AB20 =0 2708<=>9 >A=>25 ?@54AB02;ONB 4@C3 4@C3C B5 65 CA;>28O 2=5H=5B>@3>2KE >?5@0F89, :>B>@K5 ?@8<5=ONBAO : B@5BL8< AB@0=0<. @C38<8 A;>20<8, MB> >48= 87 3;02=KE ?@8=F8?>2 <564C=0@>4=>9 B>@3>2;8, >7=0G0NI89 =5 ;L3>B=K5, 0 =>@<0;L=K5 2>7<>6=>AB8 4;O 2708<=>9 B>@3>2;8. ! B5E 3>AC40@AB2, A :>B>@K<8 =5B B>@3>2KE A>3;0H5=89, ?>H;8=K 278<0NBAO 2 <0:A8<0;L=>< @07<5@5. ">20@K @072820NI8EAO AB@0= (?> A?8A:C ) >1;030NBAO ?@5D5@5=F80;L=K<8 ?>H;8=0<8, A=865==K<8 =0 50%. ">20@K 87 =08<5=55 @0728BKE AB@0= (B0: 65 ?> A?8A:C ) ?>H;8=0<8 =5 >1;030NBAO. -B> A2>53> @>40 B0@8D=0O ;L3>B0. 1.3. "5=45=F88 @0AH8@5=8O 8 @53C;8@>20=8O ?@>F5AA>2 M:>=><8G5A:>9 8=B53@0F88 2 CA;>28OE A>2@5<5==>9 3;>10;870F88  CA;>28OE A>2@5<5==>9 3;>10;870F88 75@109460= 2 A2>5< AB@5<;5=88 ?>;=55 8 MDD5:B82=55 8A?>;L7>20BL 2>7<>6=>AB8 45<>:@0B8G5A:>3> ?5@5CAB@>9AB20 -! 2KABC?05B 70 H8@>:89 >1<5= 8 2=54@5=85 <8@>2>3> >?KB0 2> 2A5E AD5@0E 687=8, 70 40;L=59H55 @0728B85 8 C3;C1;5=85 ?>;8B8G5A:>3>, B>@3>2>-M:>=><8G5A:>3> 8 :C;LBC@=>3> A>B@C4=8G5AB20 A> 2A5<8 3>AC40@AB20<8. !B018;L=K5 8 @02=>?@02=K5 187=5A - >B=>H5=8O A;>68;8AL <564C =0H59 @5A?C1;8:>9 8 2A5<8@=K<8 52@>?59A:8<8 AB@0=0<8  5@<0=859, $@0=F859, B0;859, 5;L3859, 845@;0=40<8, @5F859, >;LH59, C<K=859, >;30@859 8 A:0=48=02A:8<8 AB@0=0<8.  MB8 3>4K M:>=><8G5A:8<8 ?0@B=5@0<8 75@109460=0 AB0;8 8B09A:0O 0@>4=0O 5A?C1;8:0, O2;ONI0OAO >4=8< 87 :@C?=59H8E 3>AC40@AB2 <8@0 8 ?>AB>O==K< G;5=>< !>25B0 57>?0A=>AB8 , 0 B0:65 /?>=8O, >1;040NI0O <>I=K< 8=B5;;5:BC0;L=K< ?>B5=F80;><, GB> O2;O5BAO 15AA?>@=K< CA?5E>< 2=5H=59 ?>;8B8:8 =0H53> 3>AC40@AB20. !;54C5B >B<5B8BL, GB> !( O2;ONBAO >4=8< 87 206=59H8E =0?@02;5=89 2=5H=59 ?>;8B8:8 @5A?C1;8:8. >4?8A0==0O ?@57845=B0<8 42CE AB@0= A>2<5AB=0O 5:;0@0F8O >1 0<5@8:0=>-075@109460=A:8E >B=>H5=8OE, A>B@C4=8G5AB2> 2 B>@3>2;5 8 2 >1;0AB8 :0?8B0;>2;>65=89.  <5610=:>2A:>9 8 4@C38E AD5@0E A;C60B C:@5?;5=8N =57028A8<>AB8 75@109460=A:>3> 3>AC40@AB20, >15A?5G5=8N 53> A>F80;L=>-M:>=><8G5A:>3> ?@>3@5AA0.  MB>9 A2O78 M:>=><8G5A:0O 8=B53@0F8O 2KABC?05B 2 :0G5AB25 >4=>3> 87 3;02=KE CA;>289 2 @0728B88 <564C=0@>4=KE 187=5A A2O759 75@109460=0. A=>2>9 8=B53@0F88 O2;O5BAO 8A?>;L7>20=85 ?@58<CI5AB2 <564C=0@>4=>3> @0745;5=8O B@C40, A?5F80;870F8O 8 :>>?5@8@>20=8O ?@>872>4AB20. 0: ?>:07K205B <8@>2>9 >?KB.  8=B53@0F88 =0 @K=>G=>9 >A=>25 3>B>2K ;8HL AB@0=K, 4>AB83H85 >?@545;5==>9 ABC?5=8 M:>=><8G5A:>9 7@5;>AB8, ?@8 :>B>@>9 254CI0O @>;L ?5@5E>48B : 2KA>:>B5E=>;>38G=K< >B@0A;O< >1@010BK20NI59 ?@><KH;5==>AB8, @0728B0 B@0=A?>@B=0O 8 B5;5:><<C=8:0F8>==0O 8=D@0AB@C:BC@0. !B@0=K B0:>3> C@>2=O ?@5645 2A53> =5 :>=:C@8@CNB, 0 2708<>4>?>;=ONB 4@C3 4@C30. !;54C5B >B<5B8BL, GB> ?@8 8AA;54>20=88 ?@>F5AA>2 8=B53@0F88 8E >1J5:B82=>ABL 8 70:>=><5@=>ABL >?@545;O5BAO >4=8< 87 >A=>2=KE D0:B>@>2  @07@01>B:>9 MDD5:B82=KE <5E0=87<>2 @53C;8@>20=8O M:>=><8G5A:>3> A>B@C4=8G5AB20 AB@0=. 5@2K< 206=K< H03>< 3;>10;L=>9 M:>=><8G5A:>9 8=B53@0F88 O2;O5BAO A>740=85 8 CA?5H=>5 DC=:F8>=8@>20=85 B@0=A=0F8>=0;L=KE :><?0=89, 8E 459AB28O, 2 :>=5G=> AG5B5, ?@82>4OB : B><C, GB> M:>=><8G5A:85 8=B5@5AK ?@520;8@CNB =04 ?>;8B8G5A:8<8, GB> 2 A2>N >G5@54L, O2;O5BAO ?@8G8=>9 2>7=8:=>25=8O 35>?>;8B8G5A:8E, AB@0B538G5A:8E, 8=B5@5A>2 B5E 8; 8=KE :@C?=KE 45@602 2 >B45;L=KE @538>=0E <8@0.  @57C;LB0B5 AB@0=0, 345 2A5 MB> ?@>8AE>48B, C65 =5 O2;O5BAO >1>A>1;5==K< G;5=>< <8@>2>3> A>>1I5AB20, 0 AB0=>28BAO @50;L=K< ?0@B=5@><, B0: :0:, =0@O4C A 7028A8<>ABLN 55 >B B@0=A=0F8>=0;L=KE 8=B5@5A>2, @0AB5B 8 8E 7028A8<>ABL >B MB>3> 3>AC40@AB20. >=5G=K< @57C;LB0B>< MB>3> ?@>F5AA0 O2;O5BAO ?@8B>: 8=>AB@0==>3> :0?8B0;0 2 AB@0=C, CG0AB85 :><?0=89 2 @07;8G=KE :@C?=KE ?@>5:B0E ;>:0;L=>3> 8 @538>=0;L=>3> <0AHB010, @5D>@<8@>20=85 <5AB=>3> @K=:0, A5:B>@0 C?@02;5=8O, @0728B85 AD5@K CA;C3, B0: :0: =0;8G85 2 AB@0=5 8=>AB@0=F52 @0AH8@O5B @K=>: A1KB0 MB8E CA;C3, GB> ?@82>48B : ?>25H5=8N 8E :0G5AB20 8 B. 4. >;57=>3> >B MB>3> ?@>F5AA0 >G5=L <=>3>, ?>B><C GB> 25AL MB>B ?@>F5AA ?;02=> ?5@5B5:05B 2 AB@0B538G5A:>5 ?0@B=5@AB2> <5;:>3> 3>AC40@AB20 A :@C?=>9 45@602>9. 5AB> 8 7=0G5=85 ?@>F5AA>2 <564C=0@>4=>9 M:>=><8G5A:>9 8=B53@0F88 2 A>2@5<5==>< 3;>10;L=>< <8@>2>< E>7O9AB25 8 2 A8AB5<5 2=5H=5M:>=><8G5A:8E A2O759, 8E 480;5:B8G5A:0O 2708<>A2O7L >?@545;ONBAO, 2 ?5@2CN >G5@54L, 70:>=><5@=>ABO<8 @0728B8O MB>9 A8AB5<K, 55 AC1J5:B0<8 8 >A>15==>ABO<8. <5==> B0:>9 ?>4E>4 8 >1CA;>28; @07@01>B:C >1>1I5==>9 AE5<K <5E0=87<0 <564C=0@>4=>9 M:>=><8G5A:>9 8=B53@0F88. !E5<0 ?>72>;O5B =03;O4=> ?@54AB028BL BC >1ICN A8AB5<C 2708<>A2O759 <564C ?@>F5AA0<8 8 O2;5=8O<8 2 <8@>2>< E>7O9AB25 =0 MB0?5 3;>10;L=>3> 8=B53@0F8>==>3> 2708<>459AB28O.  CA;>28OE CA8;5=8O ?@>F5AA>2 3;>10;870F88 8 @538>=0;870F88 A8AB5<K <8@>2KE E>7O9AB25==KE >B=>H5=89, @0A?040 70<:=CBKE A8AB5< =0 <8@>2>< C@>2=5 8 @0AH8@5=8O M:>=><8G5A:>9 A2>1>4K ?@>8AE>4OB A;54CNI85 ?@>F5AAK: A >4=>9 AB>@>=K CA8;8205BAO 2708<=0O M:>=><8G5A:0O 7028A8<>ABL AB@0=, A 4@C3>9 AB>@>=K >1J548=5=85 M:>=><8G5A:8E ?@>F5AA>2 ?@8=8<05B 3;>10;L=K9 E0@0:B5@, 2 @57C;LB0B5 ?>O2;O5BAO 2>7<>6=>ABL MDD5:B82=>3> @53C;8@>20=8O ?@>F5AA>2 <564C=0@>4=>9 M:>=><8G5A:>9 8=B53@0F88.  SHAPE \* MERGEFORMAT  5E0=87< <564C=0@>4=>9 M:>=><8G5A:>9 8=B53@0F88 4=>9 87 >A=>2=KE D>@< CG0AB8O 75@109460=0 2 <564C=0@>4=>9 M:>=><8G5A:>9 8=B53@0F88 O2;O5BAO A>2<5AB=>5 ?@54?@8=8<0B5;LAB2>.  ?@>F5AA5 A>740=8O 8 DC=:F8>=8@>20=8O ?@54?@8OB89, :>=A>@F8C<>2 8 ?@>G8E D>@< >ACI5AB2;5=8O A>2<5AB=>9 ?@54?@8=8<0B5;LA:>9 45OB5;L=>AB8 ?@8=8<0NB CG0AB85 ?@54AB028B5;8 @07;8G=KE AB@0=. 5>1E>48<> >B<5B8BL, GB> 2 75@109460=5 <0;> 8=D>@<0F88 > @50;L=>< A>AB>O=88 45; 2 >1;0AB8 A>2<5AB=>3> ?@54?@8=8<0B5;LAB20, >1J5<0 :0?8B0;>2;>65=89, 4>;52>< CG0AB88, AD5@0E 45OB5;L=>AB8. -B> 25AL<0 70B@C4=O5B ?@>2>48BL 0=0;87; 4020BL :><?;5:A=CN >F5=:C; ?>:070BL @>;L ! 2 @0728B88 M:>=><8:8 @5A?C1;8:8, 8E C45;L=K9 25A 2 A>740=88 20;>2>3> =0F8>=0;L=>3> ?@>4C:B0; >?@545;8BL 8E 2>7<>6=>ABL 2 :>>?5@8@>20=88 254CI8E, ?@8>@8B5B=KE >B@0A;59, E>BO 4;O MB>3> 8<55BAO ?@02>20O 1070 8 <56?@028B5;LAB25==K5 A>3;0H5=8O, A>740NI85 >A=>2C 4;O @0728B8O 8 @53C;8@>20=8O 8=B53@0F8>==KE ?@>F5AA>2, 8 1>;55 CA?5H=>3> 2E>645=8O 75@109460=0 2 <8@>2CN E>7O9AB25==CN A8AB5<C. =0;87 ?@>1;5< 3>AC40@AB25==>3> @53C;8@>20=8O 8 @0728B8O A>2<5AB=>3> ?@54?@8=8<0B5;LAB20 2 ?5@5E>4=K9 ?5@8>4 : @K=>G=>9 M:>=><8:5 ?>72>;O5B A45;0BL A;54CNI85 2K2>4K: - @0728B85 A>2<5AB=>3> ?@54?@8=8<0B5;LAB20, =0?@02;5==>5 =0 8=B53@0F8N 2 <8@>2>5 >1I5AB2>, 4>;6=> 1KBL =5 A0<>F5;LN, 8 =5 8AB>G=8:>< B>;L:> 20;NB=KE ?>ABC?;5=89, 0 206=59H8< AB@0B538G5A:8< =0?@02;5=85< 2=5H=5M:>=><8G5A:8E A2O759, >E20BK20NI8E 1>;LH8=AB2> AB0489 =0CG=>-2>A?@>872>4AB25==>3> ?@>F5AA0. -B> 4>;6=0 1KBL ?@5420@8B5;L=0O, 4>;3>2@5<5==0O 3>AC40@AB25==0O ?>;8B8:0, :>B>@>9 =5>1E>48<> ?@840=85 206=59H59 :>=F5?F88 =0F8>=0;L=>3> @0728B8O :0: AB@0B538G5A:>3> =0?@02;5=8O, A?>A>1>2 A>548=5=8O M:>=><8:8 @5A?C1;8: A A8AB5<>9 <8@>E>7O9AB25==KE A2O759; - A>2<5AB=>5 ?@54?@8=8<0B5;LAB2> 405B 2>7<>6=>ABL ?>;CG5=8O >B5G5AB25==K<8 ?>B@518B5;O<8 70@C156=>9 ?@>4C:F88 ?@>872>4AB25==>-B5E=>;>38G5A:>3> =07=0G5=8O A:>@55 =5 70 AG5B 55 ?@O<>3> 8<?>@B0, 0 70 AG5B >@30=870F88 55 ?@>872>4AB20 =0 >A=>25 ?@82;5G5=8O 8=>AB@0==KE 8=25AB8F89, 2 B>< G8A;5 >@30=870F88 ! 2 107>2KE >B@0A;OE, >@85=B8@>20==KE =0 =0CG=>-B5E=8G5A:89 ?@>3@5AA 2 M:>=><8:5 @5A?C1;8:8; - 45F5=B@0;870F8O 8 ;815@0;870F8O CA;>289 2=5H=5M:>=><8G5A:>9 45OB5;L=>AB8, 45<>=B06 A;>682H8EAO 2 =59 <>=>?>;L=KE AB@C:BC@ 4>;6=K A>G5B0BLAO A MDD5:B82=K< 3>AC40@AB25==K< @53C;8@>20=85< 40==>9 AD5@K, 2:;NG0NI8< :0: H8@>:>5 8A?>;L7>20=85 8=>AB@0==>9 :>=:C@5=F88 =0 2=CB@5==5< @K=:5, B0: 8 70I8BC >B45;L=KE >B@0A;59 M:>=><8:8 >B 2=5H=8E :>=:C@5=B>2 2 F5;OE >15A?5G5=8O 1;03>?@8OB=KE CA;>289 4;O MDD5:B82=>3> @0728B8O. !>>B=>H5=8O C:070==KE D>@< 3>AC40@AB25==>3> @53C;8@>20=8O 2=5H=5M:>=><8G5A:8E A2O759  ;815@0;87<0 8 ?@>B5:F8>=87<0  2A5F5;> >?@545;O5BAO A>AB>O=85< 8 B5=45=F8O<8 @0728B8O >B@0A;59 8 AD5@ =0F8>=0;L=>9 M:>=><8:8, =0F8>=0;L=K<8 8=B5@5A0<8 AB@0=K. ;O MDD5:B82=>3> @53C;8@>20=8O 2=5H=5M:>=><8G5A:>9 8=B53@0F88 ?>A@54AB2>< A>2<5AB=>3> ?@54?@8=8<0B5;LAB20 A;54C5B @5H8BL A;54CNI85 >A=>2=K5 ?@>1;5<K: CAB@0=OBL =0F8>=0;L=K5 10@L5@K, B0<>65==K5 8 20;NB=K5 ?@5?OBAB28O; A>74020BL 8 @072820BL B@0=A=0F8>=0;L=K5 :>@?>@0F88; ?@8=8<0BL A>3;0A>20==K5 <56=0F8>=0;L=K5 <5@K ?> D>@<8@>20=8N <563>AC40@AB25==>3> 8=B5@=0F8>=0;L=>3> >1J548=5=8O. B<5B8<, GB> CAB@0=5=85 B0<>65==KE 8 20;NB=KE ?@5?OBAB289, 1C45B A?>A>1AB2>20BL @0728B8N 2=5H=53> >1<5=0, 0 A>740=8O B@0=A=0F8>=0;L=KE :>@?>@0F89 A>7405B ?@>AB>@ @0728B8N <56D8@<5==>3> >1<5=0. "0:8< >1@07><, C25;8G5=85 <0AHB01>2 2=5H=5M:>=><8G5A:8E A2O759, @0728B8O 8=B53@0F8>==KE ?@>F5AA>2, 2708<>7028A8<>AB8 =0F8>=0;L=KE M:>=><8: 1C4CB A?>A>1AB2>20BL @0AH8@5=8N @53C;8@>20=8O M:>=><8G5A:8E A2O759.  @57C;LB0B5 1C4CB A>740=K CA;>28O 4;O @02=>?@02=KE 8 A?@0254;82KE >B=>H5=89 :0: =0 42CAB>@>==59, B0: 8 <=>3>AB>@>==59 >A=>25. 5@A?5:B82K A@54=5A@>G=>3> 8 4>;3>A@>G=>3> <0:@>M:>=><8G5A:>3> @0728B8O @5A?C1;8:8 ?@O<> 7028AOB >B C:@5?;5=8O =5DB5307>2>3> A5:B>@0 M:>=><8:8. 75@109460= @0A?>;030O 1>;LH8<8 ?@54?>AK;:0<8 8 2>7<>6=>ABO<8 4;O H8@>:>3> >A2>5=8O 8 :><?;5:A=>3> 8A?>;L7>20=8O =5DB5307>2KE @5AC@A>2 8<55B @O4 1;03>?@8OB=KE 5AB5AB25==KE 8 M:>=><8G5A:8E CA;>289 4;O 40;L=59H53> @0728B8O =5DB5307>2>3> ?@><KH;5==>3> :><?;5:A0. @5645 2A53>, MB> :@C?=K5 70?0AK CAB0=>2;5==KE 8 ?@>3=>78@C5<KE @5AC@A>2 =5DB8 8 3070 =0 ACH5 8, >A>15==>, 2 <>@5; 2KA>:85 :0G5AB25==K5 ?0@0<5B@K 075@109460=A:>9 =5DB8, =0;8G85 <>I=>9 <0B5@80;L=>-B5E=8G5A:>9 107K, >A=>2=KE D>=4>2, M=5@35B8G5A:>3> E>7O9AB20; =0;8G85 @0725B2;5==>9 107K =5DB5?5@5@01>B:8, >?5@560NI59 ?> >1J5<C 4>1KG8 =5DB8 8 3070 2 =5A:>;L:> @07; 1>;LH>5 :>;8G5AB2> :20;8D8F8@>20==KE :04@>2, >1;040NI8E B@048F8>==K<8 ?@>D5AA8>=0;L=K<8 =02K:0<8 8 A?5F80;L=K< B5E=8G5A:8< >1@07>20=85<. >;L =5DB5307>2>3> A5:B>@0 8AB>@8G5A:8 1K;0 8 >AB05BAO 25AL<0 7=0G8<>9 =5 B>;L:> 2 ?@><KH;5==>AB8, => 8 2> 2A59 M:>=><8:5 75@109460=0. 0728B85 =5DB5307>2>3> A5:B>@0 1C45B A?>A>1AB2>20BL <>45@=870F88 >AB0;L=KE >B@0A;59 ?@><KH;5==>AB8, 2=54@5=8N ?5@54>2KE B5E=>;>389, GB> ?@82;5G5B A> 2@5<5=5< 8=>AB@0==K9 :0?8B0; 8 2 B0:85 107>2K5 >B@0A;8, :0: M;5:B@>M=5@35B8:0, <0H8=>AB@>5=85, =5DB5E8<8O.  MB> 2 A2>N >G5@54L ?>72>;8B A>740BL 45AOB:8 BKAOG =>2KE @01>G8E <5AB 4;O =0H8E 3@0640=. C@A =0 ?@82;5G5=85 8=>AB@0==KE 8=25AB8F89 : @07@01>B:5 075@109460=A:8E =5DBO=KE <5AB>@>645=89 ?>;CG8B H8@>:>5 @0728B85 A 4>AB865=85< 3>AC40@AB25==>9 =57028A8<>AB8 AB@0=K, ?>A:>;L:C MB>B A5:B>@ M:>=><8:8 8<55B 687=5==> 206=>5 7=0G5=85 4;O @5A?C1;8:8, O2;O5BAO :@C?=K< 8AB>G=8:>< 3>A1N465B=KE 4>E>4>2, 2KABC?05B 206=K< ?@8>@8B5B>< 8 AB@0B538G5A:8< >@85=B8@>< A>F80;L=>-M:>=><8G5A:>3> @>AB0, @0AAG8B0==>3> =0 4;8B5;L=CN ?5@A?5:B82C. @>2>48<CN 2 75@109460=5 A 1994 3>40 =>2CN =5DBO=CN ?>;8B8:C <>6=> >E0@0:B5@87>20BL :0: :0@48=0;L=K9 ?@>@K2 2 @0728B85 =5DBO=>3> A5:B>@0 AB@0=K, A F5;LN CA8;5=8O 3>AC40@AB25==>3> @53C;8@>20=8O ?@>F5AA>2 8=25AB8@>20=8O MB>9 >B@0A;8. >AC40@AB25==>5 @53C;8@>20=85 ?@82;5G5=8O 8=>AB@0==KE 8=25AB8F89 >ACI5AB2;O;>AL ?>A;54>20B5;L=> =0G8=0O A 1994 3>40 :>340 @5A?C1;8:0 ?>4?8A0;0 >F5=8205<K9 2 10 <8;;80@4>2 4>;;0@>2 >=B@0:B 25:0 =0 @07@01>B:C <5AB>@>645=89 75@8-'8@03-N=5H;8 (') 2 075@109460=A:>< A5:B>@5 0A?89A:>3> <>@O. -B>B :>=B@0:B 1K; 70:;NG5= A 10 8=25AB>@0<8 =0 30 ;5B. >4?8A0=85 MB>3> :>=B@0:B0 ?>2;8O;> =0 M:>=><8G5A:CN AB018;870F8N. >;55 25% 20;>2>3> =0F8>=0;L=>3> ?@>4C:B0 @5A?C1;8:8 A>7405BAO 2 ?@><KH;5==>< ?@>872>4AB25, 50% :>B>@>3> A:>=F5=B@8@>20=> 2 =5DBO=>9 8 =5DB5?5@5@010BK20NI59 ?@><KH;5==>AB8. -B8 >B@0A;8 2 A2>N >G5@54L B5A=> A2O70=K A E8<8G5A:>9, M;5:B@>B5E=8G5A:>9 >B@0A;O<8, A <0H8=>AB@>5=85<, A G5@=>9 <5B0;;C@3859. 0AH8@5=85 =5DB54>1KG8 C25;8G8205B @0728B85 B0:8E >B@0A;59, :0: ?@><KH;5==>ABL >@30=8G5A:>3> A8=B570. >;55 100 284>2 =5DB5?@>4C:B>2 (1>;55 ?>;>28=K A>AB02;ONB 2KA>:>:0G5AB25==K5 A<07>G=K5 <0A;0) >A2>5=K =0 =5DB5?5@5@010BK20NI8E 702>40E 0:C. 0 1075 ?5@5@01>B:8 =5DB8 8 3070 @0728205BAO E8<8G5A:0O ?@><KH;5==>ABL, 2K?CA:0NI0O A8=B5B8G5A:89 :0CGC:, AC?5@D>AD0B, 9>4, 1@>< (5DBG0;8=A:8 9>4>-1@><>2K9 702>4, !C@0E0=8=A8:89 8 ><0=8=A:89 9>4=K5), :0CAB8G5A:>9 A>4K, ?;0AB<0AA, 8A:CAAB25==K5 :>68, A<>; (!C<308B, 5DBG0;0). 50;870F8O A>3;0H5=89 > @0745;5 ?@>4C:F88 =0?@02;5=0 =0 >15A?5G5=85 ?@8B>:0 8=>AB@0==KE 8=25AB8F89 2 AD5@C 4>1KG8 <8=5@0;L=KE @5AC@A>2 8 A>740=85 ?@02>2>9 >A=>2K, @53C;8@CNI59 >B=>H5=8O <564C 3>AC40@AB2><  A>1AB25==8:>< =54@ 8 G0AB=K< 8=>AB@0==K< 8=25AB>@0<, 2 D>@<5 3@0640=A:>3> 4>3>2>@0. !>3;0H5=85 > @0745;5 ?@>4C:F88 >?@545;O5B AD5@C 459AB28O >B=>H5=89 <564C 53> AC1J5:B0<8. >7=8:0NI8E 2 ?@>F5AA5 >ACI5AB2;5=8O 8=>AB@0==KE 8=25AB8F89 2 ?>8A:, @07254:C, 4>1KGC <8=5@0;L=>3> AK@LO =0 B5@@8B>@88 75@109460=A:>9 5A?C1;8:8. 50;870F8O A>3;0H5=89 > @0745;5 ?@>4C:F88 ?>72>;O5B ?>;CG8BL 4>?>;=8B5;L=K5 =0:>?;5=8O 4;O >A2>5=8O <8=5@0;L=>3> AK@LO, =0E>4OI8EAO 2 A;>6=KE ?@8@>4=>-:;8<0B8G5A:8E CA;>28OE, =>259H85 B5E=>;>388 4;O 8E >A2>5=8O, A>E@0=8BL @01>G85 <5AB0 8 >15A?5G8BL 70:070<8 =0 >1>@C4>20=85 8 <0B5@80;K >B5G5AB25==K5 ?@54?@8OB8O.  A>>B25BAB288 A A>3;0H5=85< > @0745;5 ?@>4C:F88 75@109460=A:0O 5A?C1;8:0 ?@54>AB02;O5B AC1J5:BC ?@54?@8=8<0B5;LA:>9 45OB5;L=>AB8 =0 2>7<574=>9 >A=>25 8 =0 >?@545;5==K9 A@>: 8A:;NG8B5;L=K5 ?@020 = ?>8A:, @07254:C, 4>1KGC <8=5@0;L=>3> AK@LO =0 CG0AB:5 =54@, >?@545;5==>< 2 A>3;0H5=88, 8 =0 2545=85 A2O70==KE A MB8< @01>B, 0 8=25AB>@ >1O7C5BAO >ACI5AB28BL C:070==K5 @01>BK 70 A2>9 AG5B 8 =0 A2>9 @8A:. !CI5AB25==0O ;815@0;L=0O <>45;L !  ?>72>;8;> >ACI5AB28BL ?@>@K2 2 ?>B>:0E 8=25AB8F89 2 =5DB5307>2K9 A5:B>@ M:>=><8:8. 75@109460= ?>4?8A0; 22 A>3;0H5=89 > 0745;5 >1KG8 (! ) =0 @07@01>B:C @07;8G=KE =5DBO=KE 8 307>2KE <5AB>@>645=89, => B>;L:> A>3;0H5=8O ?> =5DBO=K< <5AB>@>645=8O< ' 8 307>:>=45=A0B=><C <5AB>@>645=8N (0E45=87, @07@01>B:C :>B>@KE >ACI5AB2;O5B :><?0=8O , ?@825;8 : >1=0@C65=8N 1>;LH8E 70?0A>2 C3;5@>4>2. 0;8G85 2 AB@0=5 7=0G8B5;L=KE 70?0A>2 =5DB8 8 3070 25AL<0 ACI5AB25==> A:07K205BAO 8 1C45B A:07K20BLAO 2 40;L=59H5< =0 @5H5=88 2>?@>A>2 @5:>=AB@C:F88 M:>=><8:8, 0 B0:65 8=B53@0F88 75@109460=0 2 <8@>E>7O9AB25==K9 ?@>F5AA.  MB>9 A2O78 ?5@54 3>AC40@AB2>< 2 >1;0AB8 @53C;8@>20=8O 2;>65=89 2 =5DB5307>2K9 A5:B>@ AB>8B =5A:>;L:> ?@>1;5<: 2>-?5@2KE, D>@<8@>20=85 74>@>2>9 :>=:C@5=F88 A@54K, A>459AB285 AB018;L=><C @0728B8N >B@0A;8, >15A?5G5=85 A>E@0==>AB8 1;03>?@8OB=>9 M:>;>38G5A:>9 >1AB0=>2:8, @53C;8@>20=85 =>@<K ?@81K;8 :><?0=89, 459AB2CNI8E 2 A>>B25BAB288 A CA;>28O<8 70:;NG5==KE :>=B@0:B>2. <5AB5 A B5<, AD5@0 3>AC40@AB25==>3> @53C;8@>20=8O MB>9 >B@0A;8 =5C:;>==> @0AH8@O5BAO B0: :0: 8<5==> AN40 ?5@5=>A8BAO >A=>2=0O BO65ABL =0;>3>>1;>65=8O, 254L 745AL :>=F5=B@8@C5BAO ?>402;ONI0O G0ABL D8=0=A>2KE A@54AB2. @><5 B>3>, AB@C:BC@0 ?>B@51;5=8O =5DB5?@>4C:B>2 AB0=>28BAO <0AHB01=55 8 2:;NG05B =5 B>;L:> ?@><KH;5==>ABL, => 8 A>F80;L=> 7=0G8<K5 >B@0A;8  :><<C=0;L=>01KB>2>5 E>7O9AB2>, 2A5 284K B@0=A?>@B0 8 2 ?5@2CN >G5@54L ?0AA068@A:89, GB> B@51C5B CA8;5=8O <5@ @53C;8@>20=8O 45OB5;L=>AB8 :><?0=89 =5DBO=>3> A5:B>@0. "0:65 1>;LHCN @>;L 83@05B ?>2KH5=85 B@51>20=89 : 70I8B5 >:@C60NI59 A@54K A> AB>@>=K >1I5AB20, GB> >1CA;>2;8205B C25;8G5=85 @0AE>4>2 =5DBO=KE :><?0=89 =0 ?@8@>4>>E@0==K5 <5@>?@8OB8O. >AC40@AB25==>5 @53C;8@>20=85 8=25AB8F8>==KE ?@>F5AA>2 2 MBC >B@0A;L 4>;6=> CG8BK20BL B5 ?>78B82=K5 8 ?>@>9 =530B82=K5 87<5=5=8O, :>B>@K5 =587156=> 2>7=8:0NB 2 ?@>F5AA5 45OB5;L=>AB8 =5DBO=KE :><?0=89. @82;5G5=85 8=>AB@0==KE 8=25AB8F89 2 M:>=><8:C @5A?C1;8:8 ?@>F5AA 2708<>2K3>4=K9. ;O 75@109460=0  MB> H0=A 8=B53@8@>20BLAO 2 <8@>2CN M:>=><8:C, 2K?CA:0O :>=:C@5=B>A?>A>1=CN ?@>4C:F88., 4;O ?>B5=F80;L=KE 8=25AB>@>2  CB25@48BL A2>8 ?>78F88 2 AB@0=5, :>B>@0O 2 MB>< 25:5 1C45B >4=8< 87 :@C?=59H8E =5DBO=KE @538>=>2 <8@0. ;O @0728B8O AD5@0 4>1KG8 3070 A;54C5B 8=B5=A82=>5 @53C;8@>20=85 ?@82;5G5=8O 8=>AB@0==KE 8=25AB8F89 8 :@C?=KE =5DB5307>2KE :>@?>@0F8O <8@0  ". 53C;8@>20=85 ?@82;5G5=8O 70@C156=KE 8=25AB8F89 2 @0728B85 =5DB5307>2>3> A5:B>@0 =0 2708<>2K3>4=>9 >A=>25 @0AA<0B@8205BAO :0: >48= 87 206=59H8E :0=0;>2 >74>@>2;5=8O M:>=><8:8 8 187=5A0 2 F5;><. 0<5G5==K9 ?@028B5;LAB2>< 8=25AB8F8>==K9 :C@A 405B >A=>2C 4;O ?@>3=>70 >1J5<0 8=>AB@0==KE 8=25AB8F89. 7 8=25AB8@>20==KE 2;>65=89 =081>;LH89 C45;L=K9 25A A>AB02;ONB ?@O<K5 8=>AB@0==K5 8=25AB8F88, :>B>@K5, 2 A2>N >G5@54L, 7=0G8B5;L=>9 G0ABLN =0?@02;ONBAO 2 =5DB5307>2K9 A5:B>@. >E>4K >B =5DB8 C65 A53>4=O AB0;8 :;NG>< 4;O A<O3G5=8O <=>38E >AB@KE A>F80;L=>-M:>=><8G5A:8E ?@>1;5<. =0G5=85 MB>9 >B@0A;8 =0@>4=>3> E>7O9AB20 >?@545;O5BAO 55 8<<0=5=B=>9 A?>A>1=>ABLN ?@82;5:0BL 2=8<0=85 70@C156=KE 8=25AB>@>2 2 AB@0=C. ;03>40@O MB><C D0:B>@C, 4>2>;L=> 1KAB@> @0AB5B 20;>2K9 2=CB@5==89 ?@>4C:B 2 @0AG5B5 =0 :064>3> 68B5;O AB@0=K. !8AB5<0 @53C;8@>20=8O 8=25AB8F89, ?> =0H5<C <=5=8N, 4>;6=0 AB@>8BLAO =0 ?@8=F8?0E =5 B>;L:> ?C1;8G=>3>, => 8 3@0640=A:>3> ?@020. A?>;L7>20=85 2B>@KE  :>340 ?@8=8<0NI0O 872=5 D8=0=A>2K5 A@54AB20 AB@0=0 8 8=25AB>@ 2KABC?05B 2 :0G5AB25 @02=>?@02=KE AB>@>= 4>3>2>@=KE >B=>H5=89  A?>A>1AB2>20;> 1K ?>2KH5=8N 8=25AB8F8>==>9 ?@82;5:0B5;L=>AB8. !;54C5B ?>4G5@:=CBL, GB> 2 @O45 70@C156=KE AB@0= 2<5AB> 3>AC40@AB25==>3> @53C;8@>20=8O H8@>:> ?@8<5=O5BAO ?@0:B8:0 8<5==> 4>3>2>@=>3> @53C;8@>20=8O 2>?@>A>2 @0745;0 ?@>4C:F88.  =0AB>OI55 2@5<O 2=54@5=85 4>3>2>@=KE >B=>H5=89 <564C 8=25AB>@>< 8 3>AC40@AB2>< 1K;> 1K =081>;55 0:BC0;L=K< 2 =5DB5307>2>< A5:B>@5 M:>=><8:8 75@109460=0. 815@0;870F8O @568<0 45OB5;L=>AB8 =5DB5307>2>3> :><?;5:A0 =5 >7=0G05B >B<5=K 3>AC40@AB25==>3> @53C;8@>20=8O >B@0A;8, B0: :0: :;NG52K5 ?>78F88 2 B0:>< @53C;8@>20=88 >AB0NBAO C 3>AC40@AB20, 4065 ?@8 100%-9 ?@820B870F88, ?>B><C GB> =54@0  >A=>20 E>7O9AB25==>9 45OB5;L=>AB8 :><?;5:A0  >AB0NBAO 2 ?>;=>< 2545=88 3>AC40@AB20 8 >=> 65 >?@545;O5B C@>25=L =0;>3>>1;065=8O =0 2=CB@5==5< @K=:5, ?@8 M:A?>@B5, 0 B0:65 2 :;NG52>9 4;O D8=0=A>2>3> A>AB>O=8O :><?;5:A0 AD5@5 @53C;8@>20=8O. AO >B@0A;L A53>4=O 4>;6=0 >AB0BLAO >4=>9 8E =5<=>38E, :>=B@>;L=K9 ?0:5B 0:F89 :>B>@>9 >AB0=5BAO C 3>AC40@AB20. 3> ?5@540G0 10=:0< 8;8 4@C38< 8=25AB>@0< <>65B ?@825AB8 : 3C18B5;L=><C 4;O 2A59 >B@0A;8 8AE>4C. 54L ?@54?@8OB8O MB>9 >B@0A;8 :0: AB@0B538G5A:>9 2 M:>=><8:5 75@109460=0 >?@545;ONB ?@><KH;5==K9 8 2>5==K9 ?>B5=F80; AB@0=K 8 >:07K20NB @5H0NI55 2>7459AB285 =0 M:>;>38G5A:CN >1AB0=>2:C. ;O MB8E ?@54?@8OB89 206=59H8<8 >A>15==>ABO<8 O2;ONBAO 8E 5AB5AB25==> <>=>?>;L=>5 ?>;>65=85 =0 @K=:5 8 2>7<>6=>ABL 4C1;8@>20=8O 45OB5;L=>AB8, 2KA>:0O :>=F5=B@0F8O <0B5@80;L=KE @5AC@A>2, >15A?5G820NI0O :><?;5:A=>5 >A2>5=85 ?@8@>4=KE 1>30BAB2, GB> 2 F5;>< B@51C5B A>E@0=5=8O 4><8=8@CNI59 @>;8 3>AC40@AB20 2 MB>9 >B@0A;8. @8 ?5@5E>45 >B 3>AC40@AB25==>9 A>1AB25==>AB8 : G0AB=>9 =5 <>65B 1KBL *,.:<@Z \ . 0 L N Z ^ ` L N µꭢyl`WNh/Q5CJaJhu@5CJaJhV ha m5CJaJha m5CJaJmH sH h `fCJaJhLHh `fCJaJhLHha mCJaJh `fh `fCJaJhha mCJaJha mCJaJh `f5CJaJmH sH h `fh `f5CJaJh] 4ha m5CJaJmH sH h] 4ha m5CJaJh[ha m5CJaJha m5CJaJ,.T \ . 0 J L N N ` dh1$gd `f & Fdh1$gd `f1$gds[ & F 51$^`gds[ dh1$gds[ $dh1$a$gds[TN ^ ` F H DH 2\^T\j{{sksc{[ShvCJaJhBBCJaJh4b(CJaJh7CJaJh@B)CJaJh CJaJh CJaJh4b(5CJaJhypt5CJaJhC@Uha m5CJaJhha mCJaJh2CJaJh%ha mCJaJhTCJaJh6+ha mCJaJh6+CJaJha mCJaJh/Qha m5CJaJha m5CJaJ ` F H  2$dh1$`a$gds[ $dh1$a$gds[ dh1$gds[ & Fdh1$gds[  1$^ gds[ & Fdh1$gdT1$gds[ dh1$gd6+ & Fdh1$gd6+~>.02( * b!t!""""`''''')|t|l`U`lh/&h/&CJaJh/&CJaJmH sH h/&CJaJh+"CJaJh;CJaJhPsCJaJhI0CJaJhAhA5CJaJmH sH hAhA5CJaJhoCJaJh7CJaJh^CJaJhACJaJhCJaJhU&CJaJhmCJaJh =CJaJh CJaJh%jCJaJ0T"B$`'x()*t,V-- .z..*/v0h6N:@2BC$ & F dh1$a$gds[ $dh1$a$gds[$dh1$`a$gds[)****r,t,x,T-V-v026$6N6P6f6h666L:N:::;.>??@@A A0B2BC0F2FFFHI(K*KXKMM6O8OQȰȨȠȀȀh6CJaJhfpCJaJhACJaJhCJaJh:CJaJh5BCJaJh@gCJaJhoVCJaJhICJaJh+"CJaJhA.CJaJhxCJaJhn~CJaJh*mCJaJhg@gVhXhZhii4iritjjj𸰤{{skc{ccch9CJaJhdCJaJhCJaJhPCJaJhUhU5CJaJhU5CJaJhUCJaJmH sH hjJ}CJaJmH sH h@CJaJhjJ}CJaJh=B`CJaJhnBCJaJh# CJaJh0eCJaJhfpCJaJhH5CJaJh+"CJaJhpeCJaJ%jjjklll>mPmLnnnoooo qq q>rlsnswzz({h{`}~~āºҺzzrrjbrZh;`#CJaJh`+CJaJhcCJaJh0iCJaJh $CJaJhCJaJh}CJaJh&CJaJh@CJaJh+"CJaJhP*&CJaJh3NCJaJh$x{CJaJhiNCJaJh;CJaJhdLCJaJh>vCJaJh)oCJaJh+"h)oCJaJh+"h9CJaJ"w~hpx@֌d4Қ~LNPf$dh1$`a$gds[$dh1$`a$gds[fhąpvx>@"Ԍ֌24 "<>КҚ՝踰谨訠蠘蘐萠䴳1䴳7%5䴳2䴳<CJaJh$CJaJh#CJaJh8CJaJhCJaJhU1CJaJhHCJaJhtCJaJh+"CJaJh`+CJaJhXUCJaJ5r\|~JLPdf<>jlv~ (4 "HJNXdźšxth.d h4ohohoh4o h-h3)h3) h-h-h] hnh-hnhn5CJaJhn5CJaJhu556CJaJhn56CJaJhu5CJaJh3CJaJh1CJaJhf+CJaJh+"CJaJhCJaJ+f{dMMMMM$$T &`#$/1$Ifa$gds[$$T &`#$/1$Ifa$gds[jkd$$Ifl\?? 6`T 0?4 la$dh$T &`#$/1$Ifa$gds[>lnprtvxz|~ "$&(*$$T &`#$/1$Ifa$gds[$T &`#$/1$Ifgds[$$T &`#$/1$Ifa$gds[*,.024"JLNPRT$$T &`#$/1$Ifa$gds[$T &`#$/1$Ifgds[$$T &`#$/1$Ifa$gds[TVXZ\f<tvxz|~$T &`#$/1$Ifgds[$$T &`#$/1$Ifa$gds[df:<rtzrtv hjܮޮ&~uiaYYhV5CJaJh(@>CJaJhh5CJaJh@e?5CJaJh5CJaJh|_5CJaJh.CJaJh|_CJaJh[CJaJh[h[CJaJhnh[56CJaJhn56CJaJh] 56CJaJ h-h] h-hih] hihnh.ho h-hot$T &`#$/1$Ifgds[$$T &`#$/1$Ifa$gds[tv #$dh1$`a$gds[kd$$Ifl֞$ Hl#L-5\? $ $ [ l 6`T 0?4 la ޮƿ$ dh1$a$gds[ $dh1$a$gds[$dh1$`a$gds[$dh1$`a$gds[$dh1$`a$gd|_ 4+1$gds[1$gds[46̵R&6<> Lȿ蠘蘐|tl`X`hRCJaJjhRCJUaJh_HCJaJhfCJaJhCJaJh`!CJaJmH sH h`!CJaJh#;CJaJh!CJaJhbtCJaJhNCJaJh-CJaJh1aCJaJhACJaJh,5CJaJhr CJaJh-@CJaJh.CJaJhLCJaJh!CJaJ &|~b. B2Z.$ & Fdh1$a$gds[$ dh1$a$gds[$ dh1$a$gds[z|~bd "@B&202V,.0~vvnvnf^VnVh.*CJaJhCJaJhPHCJaJhyCJaJh CJaJhxCJaJhf+CJaJh;YCJaJh[%CJaJh;.CJaJhfCJaJh;.5mH sH hR5mH sH hGhR5hhCJaJjhRCJUaJjhRhT<#CJUaJ"jhRCJUaJmHnHu!02npX: <   ~ ^ `    ~ l n tvx(xxph`hL+CJaJhaCJaJhpCJaJhna4CJaJh$6CJaJh&CJaJh VCJaJh.CJaJh}CJaJh}CJaJmH sH h0CJaJmH sH h~nZCJaJhs[CJaJh0CJaJho,CJaJh.*CJaJh*CJaJhQRCJaJhCJaJ%.p v ,#R$%&(*03Zv:wwy\{{$ dh1$a$gds[$4"l  T!""*#,#T$%%((Z( * ***~+иАxphhx`h\=CJaJhFCCJaJh%CJaJh@iCJaJhOFCJaJha<CJaJhE)6CJaJh<4CJaJh+CJaJhcCJaJh=CJaJhU]CJaJhCJaJhF6CJaJh.CJaJh"CJaJhTCJaJh>CJaJhL+CJaJhna4CJaJ$~+-*.b.001^3`33D579tTtt\vv@w8yyyy\{^{d{{{|0|}} }p~Ȧ~~~vnf^VVh UCJaJhGCJaJh"GiCJaJhBCJaJh6CJaJhX7CJaJh CJaJhVp2CJaJh= CJaJhu6CJaJhRCJaJUh=`CJaJhTq-CJaJh(CJaJhBCJaJhd6CJaJh\=CJaJh8|CJaJhNCJaJh-CJaJh[CJaJ!4>?CI5=0 =5?@>4C<0==>ABL, A?5H:0, =54>CG5B >1I5=0F8>=0;L=KE 8=B5@5A>2. 0>1>@>B, 2>7=8:05B =5>1E>48<>ABL 2 >15A?5G5=88 74>@>2>9 :>=:C@5=F88 A F5;LN A>25@H5=AB2>20=8O M=5@35B8G5A:>9 107K, ?>2KH5=8O AB5?5=8 C4>2;5B2>@5=8O ?>B@51=>AB59 2 M=5@3>=>A8B5;OE, A>E@0=5=8O AB018;L=>3> C@>2=O F5= =0 =8E 8 B. 4. @8 MB>< >G5284=>, GB> 7=0G8B5;L=K5 2;>65=8O :0?8B0;0 B@51C5B B0:65 <5@ 3>AC40@AB25==>9 ?>445@6:8, B0:8E, :0:: - ?@54>AB02;5=85 ?@54?@8OB8O<, >ACI5AB2;ONI8< @5:>=AB@C:F88, ;L3>B ?@8 =0;>3>>1;>65=88; - 87<5=5=85 4;O =5DB5?5@5@010BK20NI8E ?@54?@8OB89 ?>@O4:0 @0AG5B0 0<>@B870F8>==KE >BG8A;5=89 =0 ?>;=>5 2>AAB0=>2;5=85 0:B82=>9 G0AB8 >A=>2=KE D>=4>2. AE>4=>9 107>9 ?@8 MB>< 4>;65= A;C68BL =5 =>@<0B82=K9 A@>: M:A?;C0B0F88 >1>@C4>20=8O, 0 D0:B8G5A:89; - ?@54>AB02;5=85 8=8AB5@AB2>< D8=0=A>2 30@0=B89 G0AB=K< (2 B>< G8A;5 8 8=>AB@0==K<) 8=25AB>@0<, CG0AB2CNI8< 2 @5:>=AB@C:F88 8 <>45@=870F88 075@109460=A:8E ?@54?@8OB89 =5DB5?5@5@01>B:8; - D8=0=A8@>20=85 >A>1> 206=KE 4;O >B@0A;8 ?@>5:B>2 87 1N465B0. !>2<5AB=>5 ?@54?@8=8<0B5;LAB2> ?> A2>59 >B=>A8BAO : ?@O<K< 8=>AB@0==K< ?>78F8O<.  B> 65 2@5<O 8725AB=>, GB> ?@O<K5 8=>AB@0==K5 8=25AB8F88 AB02OB ?@8=8<0NICN AB@0=C 2 8725AB=CN 7028A8<>ABL >B 8=>AB@0==>3> :0?8B0;0. ! F5;LN C<5=LH5=8O 8745@65: >B B0:>9 7028A8<>AB8 3>AC40@AB2> 4>;6=> 8A?>;L7>20BL A;54CNI85 <5B>4K @53C;8@>20=8O: :>>?5@0B82=K9 :>=B@>;L 45OB5;L=>AB8, 0C48B>@A:85 ?@>25@:8, :>=B@>;L D8=0=A>2>9 >BG5B=>AB8, ?>445@6:C A>2<5AB=>3> ?@54?@8=8<0B5;LAB20. !>2<5AB=>5 ?@54?@8=8<0B5;LAB20 70=8<05B ?> ?@54?>GB8B5;L=>AB8 ?@><56CB>G=CN ?>78F8N <564C ?@O<K<8 8=>AB@0==K<8 8=25AB8F8O<8 8 B5E=8G5A:>9 ?><>ILN. "0:8< >1@07><, @53C;8@>20=85 ?@>F5AA>2 8=25AB8@>20=8O =5DB5307>2>3> A5:B>@0 A?>A>1AB2C5B MDD5:B82=><C 8A?>;L7>20=8N =5DBO=KE @5AC@A>2, A>25@H5=AB2>20=8N 4>1KG8, ?5@5@01>B:8 8 B@0=A?>@B8@>2:8 =5DB5?@>4C:B>2, ?>2KH5=8N MDD5:B82=>AB8 C?@02;5=8O 45OB5;L=>AB8 =5DBO=KE :><?0=89, @0728B8N <564C=0@>4=>3> A>B@C4=8G5AB20 2 MB>9 AD5@5 8 2>2;5G5=8N 2 >@18BC 2=5H=5M:>=><8G5A:8E A2O759 4@C38E >B@0A;59, ?>4J5<C M:>=><8:8 2 F5;><, C25;8G5=8N 4>E>4>2 A M:A?>@B0, >?B8<870F88 =5DBO=>3> 10;0=A0 AB@0=K, @0728B8N A>F80;L=> 7=0G8<KE >B@0A;59 8 @>ABC C@>2=O 687=8 =0A5;5=8O 75@109460=0.  II. !>25@H5=AB2>20=85 3>AC40@AB25==>3> @53C;8@>20=8O 187=5A0 2 A8AB5<5 2=5H=5M:>=><8G5A:8E A2O759 !>25@H5=AB2>20=85 2=5H=5B>@3>2>9 45OB5;L=>AB8 2 CA;>28OE 2ABC?;5=8O 2> A5<8@=CN ">@3>2CN @30=870F8N 0728B85 A>2@5<5==KE <564C=0@>4=KE 187=5A >B=>H5=89 ?>:07K205B, GB> >=> =52>7<>6=> 157 0:B82=KE B>@3>2>-M:>=><8G5A:8E A2O759 2 <0AHB015 <8@>2>3> A>>1I5AB20. AB02 =0 ?CBL @K=>G=KE >B=>H5=89, 75@109460= ?@>2>73;0A8; A2>N ?@825@65==>ABL : >B:@KB>AB8 M:>=><8:8 4;O 2=5H=53> <8@0, B0: :0: A53>4=OH=89 C@>25=L @0728B8O <8@>E>7O9AB25==KE A2O759, C3;C1;5=8O  " D0:B8G5A:8 >?@>25@305B 2>7<>6=>ABL AB018;L=>3> @>AB0 M:>=><8:8 70:@KB>3> B8?0. B:@KB0O M:>=><8:0 2K7K205B =5>1E>48<>ABL 2<5H0B5;LAB20 3>AC40@AB20 ?@8 D>@<8@>20=88 <5E0=87<0 55 >ACI5AB2;5=8O.  ?@>F5AA5 @0728B8O <8@>E>7O9AB25==KE A2O759 2K@01>B0;8AL >?@545;5==K5 8=AB@C<5=BK 2=5H=5B>@3>2>9 ?>;8B8:8, 8A?>;L7C5<K5 2> 2A5E 3>AC40@AB20E <8@0. 53C;8@>20=85 2=5H=59 B>@3>2;8 >ACI5AB2;O5BAO: - M:>=><8G5A:>9 ?>;8B8:>9 AB@0=K; - ?> 42CAB>@>==8< 4>3>2>@5==>ABO< 3>AC40@AB2; - 2 @0<:0E @538>=0;L=KE A>N7>2; - =0 <=>3>AB>@>==59 >A=>25. @8<5@>< <=>3>AB>@>==53> <56?@028B5;LAB25==>3> A>3;0H5=8O O2;O5BAO 5=5@0;L=>5 A>3;0H5=85 ?> B0@8D0< 8 B>@3>2;5  "" 8 53> ?@55<=8F0 A5<8@=0O ">@3>20O @30=870F8O  ". ""/" 70=8<05B :;NG52>5 ?>;>65=85 2 A8AB5<5 2=5H=5M:>=><8G5A:8E A2O759, B0: :0: 2K@0605B >4=>2@5<5==>, 2>-?5@2KE, <=>3>AB>@>==55 B>@3>2>5 A>3;0H5=85, @53C;8@CNI55 ?>2545=85, 3>AC40@AB20 8 8E B>@3CNI8E AC1J5:B>2 =0 2=5H=8E @K=:0E; 2>-2B>@KE, A;>682HCNAO =0 1075 A>3;0H5=8O 3;>10;L=CN >@30=870F8N, >?@545;ONICN ?@8=F8?K 8 ?@028;0 2545=8O <8@>2>9 B>@3>2;8. ", >:>=G0B5;L=> ?@8H54H0O =0 A<5=C "" A 1996 3>40, 8<55B 1>;55 AB@>9=CN 8 65AB:CN AB@C:BC@C. 5 ?>;=>?@02=K<8 G;5=0<8 O2;ONBAO C65 148 3>AC40@AB2, =0 :>B>@K5 ?@8E>48BAO 1>;55 90% >1>@>B0 <564C=0@>4=>9 B>@3>2;8. <8 ?>4?8A0=> >:>;> 300 @538>=0;L=KE A>3;0H5=89. >;55 B@84F0B8 3>AC40@AB2 8<5NB AB0BCA =01;N40B5;O 2 ", 2 B>< G8A;5 8 75@109460=. >402;ONI55 1>;LH8=AB2> 87 =8E (2:;NG0O 75@109460=) =0E>48BAO =0 @07=KE AB048OE ?@>F5AA0 ?@8A>548=5=8O : MB>9 >@30=870F88. @><5 B>3>, AB0BCA =01;N40B5;O 2 " 8<5NB >:>;> 60 <564C=0@>4=KE >@30=870F89, 2 B>< G8A;5 $, A5<8@=K9 10=:, -! , @07;8G=K5 ?>4@0745;5=8O , @538>=0;L=K5 3@C??8@>2:8, B>20@=K5 >@30=870F88. " DC=:F8>=8@C5B 2> <=>3>< B0: 65, :0: 8 "", => ?@8 MB>< >ACI5AB2;O5B :>=B@>;L 70 1>;55 H8@>:8< A?5:B@>< B>@3>2KE A>3;0H5=89 8 8<55B ?>;=><>G8O 2 A2O78 A CA>25@H5=AB2>20=85< @O40 ?@>F54C@ ?@8=OB8O @5H5=89. A5 AB@0=K  G;5=K ?@8=8<0NB >1O70B5;LAB2> ?> 2K?>;=5=8N >:>;> 30 >A=>2=KE A>3;0H5=89 8 N@848G5A:8E 8=AB@C<5=B>2, >1J548=5==KE B5@<8=>< <=>3>AB>@>==85 B>@3>2K5 A>3;0H5=8O. "0:8< >1@07><, " ?@54AB02;O5B A>1>9 <=>3>AB>@>==89 :>=B@0:B (?0:5B A>3;0H5=89). 0:5B A>3;0H5=89 #@C3209A:>3> @0C=40 >1J548=O5B >:>;> 50<=>3>AB>@>==8E A>3;0H5=89 8 4@C38E ?@02>2KE 4>:C<5=B>2 8 4@C38E ?@02>2KE 4>:C<5=B>2, >A=>2=K<8 87 :>B>@KE O2;ONBAO !>3;0H5=85 CG@5645=8O " 8 ?@8;0305<K5 : =5<C <=>3>AB>@>==85 B>@3>2K5 A>3;0H5=8O: =>3>AB>@>==85 A>3;0H5=8O ?> B>@3>2;5 B>20@0<8: - 5=5@0;L=>5 A>3;0H5=85 ?> B0@8D0< 8 B>@3>2;5 1994 3. (""-94); - !>3;0H5=85 ?> A5;LA:><C E>7O9AB2C; - !>3;0H5=85 ?> ?@8<5=5=8N A0=8B0@=KE 8 D8B>A0=8B0@=KE <5@; - !>3;0H5=85 ?> B5:AB8;L=K< 8745;8O< 8 >45645; - !>3;0H5=85 ?> B5E=8G5A:8< 10@L5@0< 8 B>@3>2;5; - !>3;0H5=85 ?> 8=25AB8F8>==K< <5@0<, A2O70==K< A B>@3>2;59 (" !); - A>3;0H5=85 ?> ?@8<5=5=8N !B0BL8 VI ""-94 (=B845<??8=3>2K5 ?@>F54C@K); - !>3;0H5=85 ?> ?@8<5=5=8N !B0BL8 VII ""-94 (F5=:0 B0<>65==>9 AB>8<>AB8 B>20@>2); - !>3;0H5=85 ?> ?@543@C7>G=>9 8=A?5:F88; - !>3;0H5=85 ?> ?@028;0< ?@>8AE>645=8O; - !>3;0H5=85 ?> ?@>F54C@0< 8<?>@B=>3> ;8F5=78@>20=8O; - !>3;0H5=85 ?> AC1A848O< 8 :><?5=A0F8>==K< <5@0<; - !>3;0H5=85 ?> 70I8B=K< <5@0<. II. 5=5@0;L=>5 A>3;0H5=85 ?> B>@3>2;5 CA;C30<8 ("!). III. A>3;0H5=85 ?> B>@3>2K< 0A?5:B0< ?@02 8=B5;;5:BC0;L=>9 A>1AB25==>AB8 (" !). IV. >3>2>@5==>ABL > ?@028;0E 8 ?@>F54C@0E, @53C;8@CNI8E @07@5H5=85 A?>@>2. V. 5E0=87< >17>@0 B>@3>2>9 ?>;8B8:8. VI. =>3>AB>@>==85 A>3;0H5=8O A >3@0=8G5==K< CG0AB85< (B.5. =5>1O70B5;L=K5 4;O 2A5E G;5=>2 "): " O2;O5BAO >4=>9 8E 3;02=KE <564C=0@>4=KE AB@C:BC@ A?>A>1AB2CNI8E 2=5H=5B>@3>2><C @53C;8@>20=8N. " A>740=0 A F5;LN @072820BL <564C=0@>4=CN B>@3>2;N 8 >15A?5G820BL M:>=><8G5A:>5 @0728B85 AB@0=  55 G;5=>2 ?CB5< 2708<=>9 ;815@0;870F88 4>ABC?0 =0 @K=:8; ?@54A:07C5<>AB8 CA;>289 45OB5;L=>AB8 ?@54?@8=8<0B5;59 =0 8=>AB@0==KE @K=:0E; @53;0<5=B0F88 459AB289 ?@028B5;LAB2 ?> @53C;8@>20=8N 2=5H=5M:>=><8G5A:>9 AD5@K. ;02=K5 B@51>20=8O " A2O70=K A ?>;=>9 ;815@0;870F859 B>@3>2;8 B0<>65==K<8 B0@8D0<8 8 3>AC40@AB25==K<8 AC1A848O<8. K=5H=OO ", :0: 8=AB@C<5=B @0728B8O 8 @53C;8@>20=8O B@51C5B A>1;N45=8O =>2KE ?@028; 2 <8@>2>9 B>@3>2;5, 2 G0AB=>AB8 ?@8=OB85< 0=B845<?8=3>2KE <5@. 4=0:> 22545=85 >3@0=8G5=89 2 A;CG05 =0@CH5=89 AB0=40@B>2 8;8 M:>;>38G5A:8E =>@< =5 A>3;0AC5BAO A> AB@5<;5=85< " : ;815@0;870F88 <8@>2>9 B>@3>2;8. 4=8< 87 A0<KE 65AB:8E B@51>20=89 O2;O5BAO ?@82545=85 =0F8>=0;L=>3> 70:>=>40B5;LAB20, @53C;8@CNI53> 2=5H=NN B>@3>2;N, 2 ?>;=>5 A>>B25BAB285 A =>@<0<8 8 ?@028;0<8 ". @8G5< MB8 =>@<K 8 ?@028;0 @0A?@>AB@0=ONBAO 8 =0 =0F8>=0;L=K5 A8AB5<K F5=>>1@07>20=8O, =0;>3>>1;>65=8O 8 AC1A848@>20=8O, 20;NB=>-D8=0=A>2CN ?>;8B8:C. K?>;=5=85 MB8E B@51>20=89 O2;O5BAO >1O70B5;L=K<.  MB>9 A2O78 206=>9 7040G59 4;O @5A?C1;8:8 O2;O5BAO 4>AB865=85 >?B8<0;L=KE CA;>289 4;O 2ABC?;5=8O 2 " 8 <8=8<870F8O 8745@65: G;5=AB20 2 <8@>2>9 B>@3>2>9 A8AB5<5. #3@>7K 4;O M:>=><8:8 75@109460=0 ?@8 2ABC?;5=88 2 " 284OBAO 2 >A=>2=>< 2 ?5@2>=0G0;L=>< ?5@8>45. @8 <0AA>2>< 2=54@5=88 =0 =0H @K=>: <564C=0@>4=KE :>@?>@0F89 A 1>;55 2KA>:8< :0G5AB2>< B>20@>2 8 =87:8< C@>2=5< 8745@65: <5AB=K5 ?@54?@8OB8O <>3CB ?>B5@OBL ACI5AB25==CN 4>;N 2=CB@5==53> @K=:0. 5>1E>48<> CG8BK20BL 8 B>, GB> C 75@109460=0 AB0@B>2K5 2>7<>6=>AB8 >G5=L =52K3>4=K. 5AB=>5 ?@>872>4AB2> 2 F5;>< ?>:0 5I5 <0;> @0728B>, A@54=89 C@>25=L B0@8D>2 =87>:, =865, G5< ?@54?>;0305B ". !;54C5B >B<5B8BL 8 B>, GB> =5 2A5340 ?>>I@5=8O :>=:C@5=F88, ?@>?8A0==>5 2 ;>7C=30E ", ?@82>48B : >74>@>2;5=8N 8 @0728B8N =0F8>=0;L=>9 M:>=><8:8 AB@0=K. => <>65B, =0>1>@>B, ?>4>@20BL :>=:C@5=B>A?>A>1=>ABL, 5A;8 M:>=><8:0 AB@0=K  A>8A:0B5;O G;5=AB20 2 " : MB><C =5 ?>43>B>2;5=0. <5AB5 A B5<. ;LB5@=0B82K G;5=AB2C 2 " =5B, B0: :0: MB> >4=> 87 ?@>O2;5=89 3;>10;870F88 8 AB>OBL 2 AB>@>=5 >B MB>3> ?@>F5AA0 =52>7<>6=>. >78B82=K9 MDD5:B >B 2ABC?;5=8O 75@109460=0 2 " 4>;3>A@>G5=.  AB@0=5 ?>O28BAO ?@02>2>5 ?@>AB@0=AB2> 045:20B=>5 <564C=0@>4=><C, 0 =0F8>=0;L=0O A8AB5<0 @53C;8@>20=8O M:>=><8:8 8 187=5A0 AB0=5B 1;865 : A8AB5<0< 4@C38E AB@0=. #G0AB85 2 MB>9 >@30=870F88 ?@54?>;0305B 2708<=>5 ?@54>AB02;5=85 @568<0 =081>;LH53> 1;03>?@8OBAB2>20=8O 2 >B=>H5=88 M:A?>@B=KE, 8<?>@B=KE, B@0=78B=KE >?5@0F89 8 A2O70==KE A =8<8 B0<>65==KE ?>H;8= 8 A1>@>2.MB>B ?@8=F8? >15A?5G8205B 845=B8G=>5 >B=>H5=85 :> 2A5< ?0@B=5@0<. A;8 425 AB@0=K 4>3>20@820NBAO 2708<=> A>:@0B8BL B0<>65==CN ?>H;8=C 8;8 ;N1CN 4@C3CN D>@<C 70I8BK, B> MB0 CABC?:0 4>;6=0 1KBL =5<54;5==> ?5@5=5A5=0 =0 4@C385 AB@0=K, 2E>4OI85 2 ". =0;>38G=>, 5A;8 2 F5;OE 70I8BK =0F8>=0;L=>9 M:>=><8:8 AB@0=0 ?@8=8<05B >3@0=8G8B5;L=K5 <5@K, B> >=8 @0A?@>AB@0=ONBAO =0 2A5E 55 ?0@B=5@>2 157 2AO:>9 48A:@8<8=0F88. ';5=AB2> 2 " ?@54CA<0B@8205B 2708<=>5 ?@54>AB02;5=85 0F8>=0;L=>3> @568<0, B. 5. @02=>3> ?>4E>40 : B>20@0< 8<?>@B=>3> 8 >B5G5AB25==>3> ?@>82>4AB20 2 >B=>H5=88 2=CB@5==8E =0;>3>2, 0 B0: 65 ?@028; @53C;8@CNI8E 2=CB@5==NN B>@3>2;N. 0F8>=0;L=K9 @568< ?@8<5=8B5;L=> : B>20@0< 8 CA;C30< 8=>AB@0==>3> ?@>8AE>645=8O >7=0G05B, GB> ?>A;5 B>3> :0: : =8< ?@8<5=5=K <5@K 2=5H=5B>@3>2>3> @53C;8@>20=8O, >=8 >1@0I0NBAO 2> 2=CB@5==5< B>@3>2>< >1>@>B5 AB@0=K =0 B5E 65 >A=>20=8OE, GB> 8 =0F8>=0;L=K5 B>20@K 8 CA;C38. @8 8E =0;>3>>1;>65=88, 8=A?5:F88 :0G5AB20 B@0=A?>@B8@>2:5, @50;870F88 8 ?>B@51;5=88 =5 4>;6=> 22>48BLAO =8:0:8E A?5F80;L=KE ?@028;, :>B>@K5 AB028;8 1K 8E 2 =52K3>4=>5 ?>;>65=85 ?> A@02=5=8N A >B5G5AB25==>9 ?@>4C:F859. 0?@5I05BAO, 2 G0AB=>AB8 CAB0=>2;5=85 1>;55 AB@>38E AB0=40@B>2 4;O 8<?>@B=KE B>20@>2 8;8 22545=85 ?@8=C48B5;L=KE =>@< ?>B@51;5=8O =0F8>=0;L=>9 ?@>4C:F88 (;81> 22545=85 4;O =8E ;L3>B 2 A2O78 A ?>B@51;5=85< MB>9 ?@>4C:F88). " >15A?5G8205B 8=D>@<0F859 > 45OB5;L=>AB8 40==>9 >@30=870F88. 05B 4>3>20@820NI8<AO AB>@>=0< ?@02>2CN 107C 4;O >ACI5AB2;5=8O B>@3>2KE >?5@0F89 =0F8>=0;L=K<8 CG0AB=8:0<8 2=5H=5M:>=><8G5A:>9 45OB5;L=>AB8. ;02=K< ?@58<CI5AB2>< 2ABC?;5=8O 75@109460=0 2 MBC AB@C:BC@C O2;O5BAO B>, GB> ?@8A>548=5=85 : " 1C45B A>?@>2>640BLAO 2=54@5=85< 2 =0F8>=0;L=CN M:>=><8:C =0:>?;5==>3> >?KB0 <564C=0@>4=K< A>>1I5AB2>< 2 D>@<8@>20=88 8 @0728B88 @K=>G=KE >B=>H5=89, GB> ?>72>;8B A>740BL =5>1E>48<K5 CA;>28O 4;O M:>=><8G5A:>3> ?>4J5<0. !B@0=0 AB0=5B @02=>?@02=K< B>@3>2K< ?0@B=5@>< =0 <8@>2>< @K=:5, >15A?5G82 =5 B>;L:> 1;03>?@8OB=K5 CA;>28O 4;O M:A?>@B0, => 8 C@53C;8@>20=85 ?@>1;5<K 2>7<>6=>3> 48A:@8<8=0F8>==>3> >B=>H5=8O A> AB>@>=K 4@C38E AB@0=. >72>;8B @5A?C1;8:5 ?5@525AB8 B>@3>2>-M:>=><8G5A:85 >B=>H5=8O A 4@C38<8 AB@0=0<8 8 8E @538>=0;L=K<8 A>N70<8 =0 @02=>?@02=CN, 4>;3>A@>G=CN M:>=><8:>-?@02>2CN 107C, 0 B0:65 >?8@0OAL =0 ?@58<CI5AB20 <564C=0@>4=>3> @0745;5=8O B@C40, MDD5:B82=> >@30=87>20BL @0F8>=0;L=>5 8A?>;L7>20=85 A>1AB25==>3> M:>=><8G5A:>3> ?>B5=F80;0, A>740AB 4>?>;=8B5;L=K5 AB8<C;K 4;O 30@<>=870F88 =0F8>=0;L=>3> 70:>=>40B5;LAB20 8 53> ?@8<5=5=8O 2 A>>B25BAB288 A <564C=0@>4=K<8 B@51>20=8O<8. ';5=AB2> 2 " 40AB 4>ABC? : 2=CB@5==8< @K=:0< 2A5E G;5=>2 MB>9 >@30=870F88, ?>72>;8B ?@8<5=OBL F828;87>20==K5 ?@>F54C@K ?> 70I8B5 =0F8>=0;L=>3> @K=:0, ?@82545B : A=865=8N 8=25AB8F8>==KE @8A:>2, 0 B0:65 ?>;CG5=8N 1>;LH8E AC1A8489, :>B>@K5 4>;6=K 1KBL =0?@02;5=K 2 B5 >B@0A;8, :>B>@K5 2 A>AB>O=88 A>74020BL 4>102>G=CN AB>8<>ABL 8 >15A?5G8BL 2=CB@5==85 8 2=5H=85 @K=:8 2KA>:>:0G5AB25==K<8 B>20@0<8.  7028A8<>AB8 >B B>3> =0A:>;L:> 65AB:85 <5@K ?@8=8<0NBAO 3>AC40@AB2>< ?> >3@0=8G5=8N 2=5H=59 B>@3>2;8, @07;8G0NB 425 ?>;O@=K5 D>@<K 2=5H=5B>@3>2>9 ?>;8B8:8  ?@>B5:F8>=87< 8 D@8B@545@AB2>. >;8B8:0 ?@>B5:F8>=87<0 =0?@02;5=0 =0 70I8BC A>1AB25==>9 ?@><KH;5==>AB8, A5;LA:>3> E>7O9AB20 >B 8=>AB@0==>9 :>=:C@5=F88 =0 2=CB@5==5< @K=:5. ;O ?@>B5:F8>=87<0 E0@0:B5@=K 2KA>:85 B0<>65==K5 B0@8DK, >3@0=8G5=85 8<?>@B0. $@8B@545@AB2>  MB> ?>;8B8:0 A2>1>4=>9 B>@3>2;8, ?@54?>G8B0NI0O >B<5=C @07;8G=>3> @>40 >3@0=8G5=89 =0 ?CB8 8<?>@B=KE B>20@>2, CAB0=>2;5=85 =87:8E B0<>65==KE B0@8D>2.  B> 65 2@5<O, :0: ?>:070;8 8AA;54>20=8O, >ACI5AB2;5=85 ?>;8B8:8 ?@>B5:F8>=87<0 2 G0AB8 ?@8<5=5=8O B>@3>2KE >3@0=8G5=89, 2 8B>35, A=8605B ?>:070B5;L M:A?>@B0. ?KB 2K?;0BK 2=5H=8E 4>;3>2 5:A8:8 ?>:070;, GB> ?@>B5:F8>=87< A=8605B 4>ABC? : M:A?>@B=K< @K=:0<, 0 D8=0=A8@>20=85 4>;3>2 2K7K205B =5>1E>48<>ABL D>@<8@>20=8O 8 @0728B8O M:A?>@B=>3> ?@>872>4AB20. >;8B8:0 A2>1>4=>9 B>@3>2;8 (D@8B@545@AB2>) 4;O 75@109460=0 1>;55 ?@54?>GB8B5;L=0, B0: :0:, >4=> 87 3;02=KE CA;>289 " O2;O5BAO >15A?5G5=85 @568<0 A2>1>4=>9 B>@3>2;8.  AB@0B538G5A:>< ?;0=5 ?@8A>548=5=8O 75@109460=0 " A>7405B >1J5:B82=K5 ?@54?>AK;:8 4;O: - :0@48=0;L=>3> ?5@5A<>B@0 2=5H=5B>@3>2>3> @53C;8@>20=8O; - 2>7<>6=>3> @0AH8@5=8O 2=5H=59 B>@3>2;8; - A>459AB28O 2 A>25@H5=AB2>20=88 AB@C:BC@K M:>=><8:8 8 2=5H=59 B>@3>2;8; - 0:B82870F88 8=25AB8F8>==>3> A>B@C4=8G5AB20 A 70@C156=K<8 ?0@B=5@0<8 2 >B@0A;8 =5DBO=>3> A5:B>@0 M:>=><8:8 (?5@A?5:B82=K5 >B@0A;8 ?@><KH;5==>AB8, A5;LA:>5 E>7O9AB2>, AD5@0 CA;C3). ';5=AB2> 2 " 4;O 75@109460=0 MB> =5 F5;L, 0 A@54AB2> C:@5?;5=8O M:>=><8G5A:>9 A8AB5<K AB@0=K 8 MDD5:B82=>3> @53C;8@>20=8O 2=5H=5B>@3>2>9 45OB5;L=>AB8. -DD5:B82=K9 <5E0=87< A>25@H5=AB2>20=8O @53C;8@>20=8O 8=>AB@0==KE 8=25AB8F89  A>2@5<5==KE CA;>28OE 75@109460=A:0O 5A?C1;8:0 AB@>8B A2>8 ?0@B=5@A:85 >B=>H5=8O 2 @568<5 =081>;LH53> 1;03>?@8OBAB2>20=8O 2A5<, :B> E>G5B A =59 A>B@C4=8G0BL, A>7405B 1;03>?@8OB=CN M:>=><8G5A:CN 8 ?@02>2CN A@54C 4;O ?@82;5G5=8O 8=>AB@0==KE 8=25AB8F89 2 M:>=><8:C AB@0=K. @8=OB85 @>3@0<<K ?@820B870F88, 0:>=0 > 75<5;L=>9 @5D>@<5 8 4@C38E =>@<0B82=>-?@02>2KE 0:B>2 A?>A>1AB2C5B @50;L=K< ?@5>1@07>20=8O< 2 M:>=><8:5 8 A>740=8N @K=>G=KE AB@C:BC@, 1;03>?@8OBAB2C5B 45;>2>9 0:B82=>AB8 :0: A2>8E ?@54?@8=8<0B5;59, B0: 8 70@C156=KE D8@< 8 8=25AB>@>2. @82;5G5=85 8=>AB@0==KE 8=25AB8F89 2 75@109460=5 @0AA<0B@8205BAO :0: 206=K9 D0:B>@ ?>4J5<0 M:>=><8:8. >AB0B>G=> >B<5B8BL, 8=B5=A82=>5 @0728B85 A>B@C4=8G5AB20 A <564C=0@>4=K<8 D8=0=A>2>-10=:>2A:8<8 8=AB8BCB0<8 8 AB@0=0<8-4>=>@0<8. K;8 ?@8=OBK 0:>=K 75@109460=A:>9 5A?C1;8:8  70I8B5 8=>AB@0==KE 8=25AB8F89 (1992) 8 1 8=25AB8F8>==>9 45OB5;L=>AB8 2 75@109460=5 (1995). -B8 70:>=K =0?@02;5=K =0 8=B5=A82=>5 2>2;5G5=85 8 @53C;8@>20=85 8=25AB8F89 2 M:>=><8:C 75@109460=A:>9 5A?C1;8:8, 8E MDD5:B82=>5 8A?>;L7>20=85 4;O @0728B8O A>F80;L=>-M:>=><8G5A:>9 107K AB@0=K, 0 B0:65 <564C=0@>4=>3> M:>=><8G5A:>3> A>B@C4=8G5AB20 8 8=B53@0F88, 8 >15A?5G820NB @02=CN 70I8BC ?@02 2A5E 8=25AB>@>2 =57028A8<> >B D>@< A>1AB25==>AB8. >A;5 ?@8=OB85 0:>=0 > 70I8B5 8=>AB@0==KE 8=25AB8F89 <>6=> >B<5B8BL, GB> 8<5==> 2 @0728B88 8 8A?>;L7>20=88 8=>AB@0==>3> :0?8B0;0 4>AB83=CBK 7=0G8B5;L=K5 4>AB865=8O. 75@109460=A:>5 70:>=>40B5;LAB2> @07@5H05B @07;8G=K5 D>@<0 ?@82;5G5=8O 8=25AB8F89: 100%-N 8=>AB@0==CN A>1AB25==>ABL, ?>:C?:C ?@54?@8OB89, 740=89, 0:F89 8 4@C38E F5==KE 1C<03, ?@8>1@5B5=85 ?@02 ?>;L7>20=8O 75<;59, ?@8@>4=K<8 @5AC@A0<8, 4>;3>A@>G=K5 :>=B@0:BK =0 C?@02;5=85 8 4@. > ACI5AB2C 2 @5A?C1;8:5 DC=:F8>=8@CNB B@8 20@80=B0 8=25AB8F8>==>3> @568<0: >1KG=K9 (B@048F8>==K9); @568< !>3;0H5=8O > @0745;5 ?@>4C:F88 PSA (A?5F80;L=K5 =0;>38 8 B0<>65==K9 @568< 4;O 8=25AB8@>20=8O 2 =5DBO=CN AD5@C); @568< A>3;0H5=89. @><5 B>3>, 75@109460= ?>4?8A0; 42CAB>@>==55 A>3;0H5=85 > 70I8B5 8 ?>>I@5=88 8=25AB8F89. !>3;0H5=8O >1 871560=88 42>9=>3> =0;>3>>1;>65=8O A >A=>2=K<8 AB@0=0<8 8=25AB>@0<8 (2A53> 27 A>3;0H5=89). !>3;0A=> >=AB8BCF88 75@109460=A:>9 5A?C1;8:8 ?@02>2>9 @568< 70@C156=KE 8=25AB8F89, >E20BK20NI89 2 B>< G8A;5 8 3>AC40@AB25==K5 30@0=B88 ?@02 8 70:>==KE 8=B5@5A>2 8=25AB>@>2, >D>@<;5= =0 G5BK@5E C@>2=OE: =0 :>=AB8BCF8>==><, =0 C@>2=5 70:>=>2 8 4@C38E =>@<0B82=>-?@02>2KE 0:B>2, =0 C@>2=5 42CEAB>@>==8E 8 <=>3>AB>@>==8E <563>AC40@AB25==KE (<56?@028B5;LAB25==KE) 4>3>2>@>2. 0 C@>2=5 <564C=0@>4=KE <=>3>AB>@>==8E 4>3>2>@>2. 4=8< 87 <564C=0@>4=KE 4>3>2>@>2 O2;O5BAO !5C;LA:0O >=25=F8O 1985 3>40 1 CG@5645=88 <=>3>AB>@>==53> 35=BAB20 ?> 30@0=B8O< 8=25AB8F89 (). !8AB5<0 3>AC40@AB25==>3> 8 G0AB=>3> AB@0E>20=8O =0 =0F8>=0;L=>< C@>2=5, 1;03>40@O !5C;LA:>9 >=25=F88, 4>?>;=O5BAO <564C=0@>4=>9, <=>3>AB>@>==59 A8AB5<>9 AB@0E>20=8O 8=>AB@0==KE 8=25AB8F89. 0H0 AB@0=0 O2;O5BAO G;5=>< .  :0: AB@0E>20O 25B2L <8@>2>3> 10=:0 >15A?5G8205B ?>:@KB85 =5>1@0B8<>AB8 M:A?@>?@80F88, 2>9=K, @52>;NF88, 3@0640=A:8E 2>;=5=89 8 =0@CH5=8O :>=B@0:B0.  AB@0EC5B 90% >1J5<0 8=25AB8F89, A>AB02;ONI8E A2KH5 50 <;=. 4>;;0@>2 !(. 75@109460= A F5;K< @O4>< 70@C156=KE AB@0= 70:;NG8; 8 @0B8D8F8@>20; A>3;0H5=85 > 2708<=>9 70I8B5 8 ?>>I@5=88 :0?8B0;>2;>65=89 (8=25AB8F89). !>3;0H5=8O ?> 2708<=>9 70I8B5 8=25AB8F89, :0: ?@028;>, 2:;NG05B >A=>2=K5 >1O70B5;LAB20, :>B>@K5 3>AC40@AB20 ?@8=8<0NB =0 A51O 2 A2O78 A 45OB5;L=>ABLN =0 8E B5@@8B>@88 8=25AB>@>2 4@C3>3> 3>AC40@AB20. >3>20@820NI85AO AB>@>=K >1O7CNBAO A>74020BL 1;03>?@8OB=K9 @568< 4;O :0?8B0;>2;>65=89 8=25AB>@>2 8 A2O70==>9 A =8<8 45OB5;L=>ABLN, >15A?5G820BL =04;560ICN 70I8BC 8=>AB@0==>9 A>1AB25==>AB8, ?@54>AB02;OBL 8=25AB>@C 2>7<>6=>ABL 15A?@5?OBAB25==>3> ?5@52>40 A2>8E 4>E>4>2. >B5=F80;L=> 075@109460=A:0O M:>=><8:0 >1;0405B @O4>< ?@82;5:0B5;L=KE >A>15==>AB59 4;O 2=5H=8E 2:;04G8:>2: 1>30BK5 70?0AK ?@8@>4=KE @5AC@A>2, >B=>A8B5;L=> 45H520O :20;8D8F8@>20==0O @01>G0O A8;0, 7=0G8B5;L=K9 =0CG=>-B5E=8G5A:89 ?>B5=F80;, 8<5NI85AO ?@>872>4AB25==K5 <>I=>AB8. <5AB5 A B5< @0710;0=A8@>20==>ABL AB@C:BC@K =0@>4>E>7O9AB25==>3> :><?;5:A0, =0@CH5=85 E>7O9AB25==KE A2O759, ?>AB>O==> 87<5=ONI85AO =0;>3>2>5 70:>=>40B5;LAB2>. !;01>5 @0728B85 8=D@0AB@C:BC@K A2O78, =5@0728B>ABL AD5@K 45;>2KE CA;C3 A45@6820NB @>AB 8=25AB8F8>==>9 0:B82=>AB8, >A>15==> 2 =5 =5DBO=>9 A5:B>@ M:>=><8:8. 0 40==>< MB0?5 8=B5@=0F8>=0;870F8O E>7O9AB25==>9 687=8, AB@5<;5=85 MDD5:B82=> 8A?>;L7>20BL 2>7<>6=>AB8 <564C=0@>4=>3> @0745;5=8O B@C40 8 ?>B5=F80;0 AB@0=K B@51C5B A>740=8O =5>1E>48<KE CA;>289 4;O @53C;8@>20=8O ?@82;5G5=8O 8=>AB@0==>3> :0?8B0;0 2 MB>B A5:B>@ M:>=><8:8 75@109460=0. >4?8A0=85 =5DBO=KE :>=B@0:B>2, O2;ONI8EAO 206=59H8< 8AB>G=8:>< <564C=0@>4=>3> G0AB=>3> ?@02> AB@0=K, A;C60B =03;O4=K< ?@>O2;5=85< 1>;LH>9 @01>BK ?> @53C;8@>20=8N ?@82;5G5=8O 8=>AB@0==KE 8=25AB8F89. 0AHB01=>ABL 8 MDD5:B82=>ABL 8=>AB@0==KE :0?8B0;>2;>65=89 2> <=>3>< A2O70=K A A>740=85< 2 AB@0=5 E>@>H53> 8=25AB8F8>==>3> :;8<0B0. A=>2=K5 53> :><?>=5=BK  >1I55 A>AB>O=85 M:>=><8:8, 4>ABC? : ?@8@>4=K< @5AC@A0<, AB>8<>ABL @01>G59 A8;K, C@>25=L 8=D;OF88, @07<5@ :@548B=KE AB02>:, C@>25=L @0728B8O ?@>872>4AB25==>9 8 A>F80;L=>-1KB>2>9 8=D@0AB@C:BC@, A8AB5<0 =0;>3>>1;>65=8O, 2=5H=5M:>=><8G5A:>5, B0<>65==>5, 20;NB=>5 70:>=>40B5;LAB20. >45;8@>20=85 8=25AB8F8>==>3> :;8<0B0 O2;O5BAO 206=K< M;5<5=B>< 2K@01>B:8 3>AC40@AB25==>9 ?>;8B8:8 ?> @53C;8@>20=8N ?@82;5G5=8O 8=>AB@0==>3> :0?8B0;0. $0:B>@K, =0 :>B>@K5 ?>B5=F80;L=K5 8=25AB>@K >1@0I0NB 2=8<0=85, MB>, 2 ?5@2CN >G5@54L, ?@>4C<0==0O 8=25AB8F8>==0O ?>;8B8:0, 1>;LH85 @07<5@K 2=CB@5==53> @K=:0 AB@0=K 8 E>@>H85 ?5@A?5:B82K 53> @0728B8O =0;8G85 =5>1E>48<KE 4;O @0728B8O @5AC@A>2 8 A?5F80;8AB>2. -B8 107>2K5 D0:B>@K O2;O5BAO 206=K<8 2> 2A5 2@5<5=0, => 2 =0AB>OI55 2@5<O 8 ?@85<;5<K9 C@>25=L 4>AB83=CB 2> <=>38E AB@0=0E 8 8E >4=8E C65 =54>AB0B>G=>. 0 =0H 273;O4, =081>;55 @0A?@>AB@0=5==K<8 4>?>;=8B5;L=K< D0:B>@0<8, :>B>@K5 =5>1E>48<K 4;O @53C;8@>20=8O ?@82;5G5=8O =>2KE 8=25AB8F89, 2 A>2@5<5==KE CA;>28OE O2;ONBAO: >@85=B8@>20==0O =0 @53C;8@>20=85 ?@82;5G5=8O 8=25AB8F89 <0:@>M:>=><8G5A:0O ?>;8B8:0, 2:;NG0NI0O 2725H5==CN D8=0=A>2CN ?>;8B8:C, GB> >15A?5G8205B AB018;L=>ABL 2=CB@5==8E F5= 8 ?>;>68B5;L=> 2;8O5B =0 AB>8<>ABL 705<=>3> :0?8B0;; 3@0<>B=0O =0;>3>20O ?>;8B8:0, ?>>I@ONI0O 8=25AB8F88; ;815@0;L=0O 20;NB=0O ?>;8B8:0, ?>72>;ONI0O ;53:> >1<5=820BL 2K@CG:C 2 =0F8>=0;L=CN 20;NBC 8=25AB>@0; >1I53>AC40@AB25==0O ?>;8B8:0, =0?@02;5==0O =0 C4>2;5B2>@5=85 =C64 ?@54?@8=8<0B5;59. ;O @53C;8@>20=8O ?@82;5G5=8O 8=>AB@0==KE 8=25AB8F89 A;54C5B A45;0BL C?>@ =0 420 M;5<5=B0: ?@>AB>B0 =0;>3>2>9 A8AB5<K 8 :>>@48=0F8O =0;>3>2>9 A 4@C38<8 AB@0=0<8-8<?>@B5@0<8 :0?8B0;0 8 AB@0=0<8-M:A?>@B5@0<8 :0?8B0;0. @82;5G5=85 8=>AB@0==KE 8=25AB8F89 2 M:>=><8:C 75@109460=0 4>;6=> >B25G0BL >?@545;5==K< B@51>20=8O< 8 CA;>28O<, :>B>@K5 ?@8720=K 70;>68BL >A=>2C CAB>9G82>3> ?@8B>:0 :0?8B0;0. !@548 MB8E B@51>20=89, A;54C5B >B<5B8BL: - ?>;8B8G5A:CN AB018;L=>ABL; - :>=:C@5=B>A?>A>1=K9 C@>25=L =0;>3>2, B0@8D>2 8 ;L3>B, A>>B25BAB2CNI89 CA;>28O< 4;O 8=>AB@0==KE 8=25AB8F89, A;>682H89AO 2 4@C38E AB@0=0E; - =0;8G85 381:>9 D8=0=A>2>9 ?>;8B8:8 ?> >B@0A;52K< 8 @538>=0;L=K< =0?@02;5=8O<; - >4=>7=0G=>ABL :><?5B5=F88 3>AC40@AB25==KE >@30=>2 ?@8 @5H5=88 2>?@>A>2 @53C;8@>20=8O 8=>AB@0==KE 8=25AB8F89. ;O 0:B82870F88 ?@8B>:0 8=>AB@0==KE 8=25AB8F89 2 M:>=><8:C, A;54C5B C;CGH8BL ?>;>65=88 75@109460=0 =0 <8@>2KE @K=:0 :0?8B0;0, A>740BL 1;03>?@8OB=K9 8=25AB8F8>==K9 :;8<0B, A>25@H5=AB2>20BL A8AB5<C AB8<C;8@>20=8O 8=>AB@0==KE 8=B5@5A>2, >ACI5AB2;ONI8E 8=25AB8@>20=85 2 @50;L=K9 A5:B>@ M:>=><8:8, CAB@0=OBL 10@L5@K =0 ?CB8 8=>AB@0==KE 8=25AB8F89 8 ?@8=OBL >1I5?@87=0==K5 AB0=40@BK 2 AD5@5 8=25AB8F8>==>3> A>B@C4=8G5AB20. -DD5:B82=>ABL <5E0=87<0 @53C;8@>20=8O 2=5H=5M:>=><8G5A:8E A2O759 <>65B 1KBL >F5=5=0 A ?>78F89 4>AB865=8O A;54CNI8E 2708<>A2O70==KE A>F80;L=>-M:>=><8G5A:8E F5;59: - 2;8O=85 A8AB5<K @53C;8@>20=8O =0 @>AB M:>=><8G5A:>3> ?>B5=F80;0, ?@82;5G5=85 8=>AB@0==KE 8=25AB8F89 2 =0F8>=0;L=CN M:>=><8:C; - @0A?@545;5=85 4>E>4>2 <564C AC1J5:B0<8 2=5H=5M:>=><8G5A:>9 45OB5;L=>AB8 :0: =0 <564C=0@>4=><, B0: 8 =0 =0F8>=0;L=>< C@>2=5; - MDD5:B82=>ABL 8A?>;L7>20=8O 8 @0A?@545;5=8O 8<5NI8EAO =0F8>=0;L=KE @5AC@A>2 A ?>78F89 C4>2;5B2>@5=8O ?>B@51=>AB59 G;5=>2 >1I5AB20; - M:>=><8G5A:0O 157>?0A=>ABL AB@0=K; - >15A?5G5=85 70=OB>AB8 =0A5;5=8O, :0G5AB20 687=8 2 >1I5AB25 8 M:>;>38G5A:>9 A@54K >18B0=8O ;N459. !>25@H5=AB2>20=85 =0F8>=0;L=>3> 70:>=>40B5;LAB20, CG0AB85 2 <564C=0@>4=KE 4>3>2>@0E, 70:@5?;5=85 2 =>@<0B82=KE 0:B0E =0F8>=0;L=>-3>AC40@AB25==KE 8=B5@5A>2, 87CG5=85 >?KB0 @0728BKE AB@0= 2 >1;0AB8 @53C;8@>20=8O ?@82;5G5=8O 8=>AB@0==KE 8=25AB8F89 >15A?5G8B 75@109460=A:>9 5A?C1;8:5 2>7<>6=>ABL 70=OBL 4>AB>9=>5 <5AB> 2 <8@>2>< A>>1I5AB25 3>AC40@AB2. 0AH8@5=85 <5@ 3>AC40@AB25==>3> @53C;8@>20=8O 8 AB8<C;8@>20=8O @0728B8O M:A?>@B0 8 M:A?>@B=>3> ?@>872>4AB20 -DD5:B82=0O 8=B53@0F8O 2 M:>=><8:C <8@0 2>7<>6=0 2 B>< A;CG05, 5A;8 AB@0=0 8<55B A>>B25BAB2CNI85 M:A?>@B=K5 2>7<>6=>AB8. 1I0O ;8=8O 2=5H=5B>@3>2>9 ?>;8B8:8 75@109460=0 70:;NG05BAO 2 >3@0=8G5=88 8<?>@B0 8=>AB@0==KE B>20@>2 ?@8 >B=>A8B5;L=>< @0AH8@5=88 A2>53> M:A?>@B0 8 M:A?>@B=>3> ?@>872>4AB20. !CI5AB25==K< <><5=B>< 745AL O2;O5BAO B>, GB> MB>B ?@>F5AA ?>425@305BAO 0:B82=><C @53C;8@>20=8N A> AB>@>=K 3>AC40@AB20, ?@>B5:05B 2 CA;>28OE CA8;5=8O 8=B53@0F8>==KE O2;5=89 8 3;>10;870F88 <8@>2>9 M:>=><8:8. 0: ?>:070; 0=0;87, ?@>2545==K9 M:A?5@B0<8 A5<8@=>3> 10=:0, AB@0=0<, 4>AB83H8< 1>;LH8E CA?5E>2 2 ;815@0;870F88 M:>=><8:8 8 A>740=88 >B:@KB>3> 2=5H=5M:>=><8G5A:>3> @568<0, C40;>AL 70 4-5 ;5B ?5@5>@85=B8@>20BL A2>9 M:A?>@B =0 <8@>2K5 @K=:8, GB> O28;>AL 206=K< D0:B>@>< 8E M:>=><8G5A:>3> @>AB0. 4=0:> =5?@>4C<0==0O AB@0B538O ;815@0;870F88 2=5H=59 B>@3>2;8 B08B 2 A515 >?@545;5==CN >?0A=>ABL 4;O M:>=><8:8 AB@0=K. >MB><C >1@0I5=85 : 4825@A8D8:0F88 M:A?>@B0 >15A?5G8B CAB>9G82K9 M:>=><8G5A:89 @>AB. 825@A8D8:0F8O M:A?>@B0 A>AB>8B 2 B><, GB>1K 4>AB83=CBL <0:A8<0;L=> MDD5:B82=>9 8 >?B8<0;L=>9 53> AB@C:BC@K, @0AH8@8BL 0AA>@B8<5=B 2K2>78<KE B>20@>2, ?>AB5?5==> C25;8G820BL 2 M:A?>@B5 G0ABL 2KA>:>B5E=>;>38G5A:8E B>20@>2 8 B>20@>2 A 2KA>:8< C@>2=5< >1@01>B:8. 825@A8D8:0F8O M:A?>@B0 ?@54?>;0305B B0:65 >A2>5=85 M:A?>@B5@0<8 =>2KE <8@>2KE @K=:>2 B>20@>2, B5E=>;>389, :0?8B0;>2 8 CA;C3. >;LH>5 2=8<0=85 2 M:>=><8:5 @5A?C1;8:8 C45;O5BAO M:A?>@BC =5DB5?@>4C:B>2. 0728B85 8 ?@>F25B0=85 ;N1>9 M=5@35B8G5A:>9 AB@0=K, :0:>2>9 O2;O5BAO 8 =0H0, 7028A8B >B M:A?>@B0 3>B>2KE ?@>4C:B>2 (2 40==>< A;CG05 =5DB5?@>4C:B>2). @8G5<, G5< 3;C165 1C45B ?5@5@01>B:0 AK@>9 =5DB8, B5< 2KH5 1C45B :0G5AB2> =5DB5?@>4C:B>2, 0 A;54>20B5;L=>, 8 :>=:C@5=B>A?>A>1=>ABL ?@>4C:F88 @5A?C1;8:8 =0 <8@>2>< @K=:5 A>>B25BAB25==> 2>7@0AB5B. !CI5AB25==K9 ?>B5=F80; 4;O @0728B8O M:A?>@B0 3>B>2>9 ?@>4C:F88 8<55B 03@0@=0O AD5@0 M:>=><8:8 @5A?C1;8:8. 5A<>B@O =0 1>;LHCN ?;>I04L 4;O A5;LA:>3> E>7O9AB20 MB>B @5AC@A 8A?>;L7C5BAO 5I5 A;01>. ;O H8@>:>3> M:A?>@B0 2 75@109460=5 8<55BAO F5;K9 @O4 ?@>4C:F88.  ?5@2CN >G5@54L : B0:>9 ?@>4C:F88 >B=>A8BAO E;>?>:  15;>5 7>;>B> @5A?C1;8:8. !CI5AB2CNB 1>;LH85 2>7<>6=>AB8 4;O M:A?>@B0 28=>3@040, 10EG52KE 8 ?;>4>2KE :C;LBC@. 5@0F8>=0;L=>5 8A?>;L7>20=85 A5;LA:>E>7O9AB25==KE 75<5;L, =5?@028;L=0O >@30=870F8O 2 MB>9 AD5@5 M:A?>@B=>-8<?>@B=KE >?5@0F89 2545B : B><C, GB> @5A?C1;8:0 2 1>;LH59 <5@5 22>78B B5 A5;LA:>E>7O9AB25==K5 B>20@K, ?@>872>4AB2> :>B>@KE <>6=> 2 ?>;=>9 <5@5 >@30=87>20BL 2 @538>=0E AB@0=K. >7=8:=>25=85 ?>4>1=>9 A8BC0F88 2 03@0@=>9 AD5@5 M:>=><8:8 >A>15==> 2 =0G0;L=K5 3>4K ?5@5E>4=>3> ?5@8>40, 8<55B >1J5:B82=K9 E0@0:B5@. 5;> 2 B><, GB> ?>A;5 @0A?040 !>N70 1K;8 CB5@O=K B@048F8>==K5 @K=:8 A1KB0 A5;LE>7?@>4C:F88. >7@>645=85 1K;KE A2O759 1C45B 8<5BL 206=>5 7=0G5=85 8 25AL<0 2K3>4=> 4;O 75@109460=0. 06=>ABL >@85=B0F88 >B@0A;59 ?@><KH;5==>AB8 =0 M:A?>@B 2848BAO 5I5 8 2 B><, GB> 5A;8 >B@0A;8 =5 4>AB83=CB CA?5E0 =0 2=5H=5< @K=:5, B> A0<0 AB@0=0 1C45B 8A?>;L7>20BL ?@>4C:F88. -B8E >B@0A;59 8 B5< A0<K< >A2>1>48BAO >B =5>1E>48<>AB8 8E 8<?>@B0. !;54>20B5;L=>, MB0 G0ABL AB@0B5388 M:A?>@B=>9 >@85=B0F88 A@02=8<0 A 8<?>@B>70<5I5=85<.  40==>< A;CG05 3>AC40@AB2C =5>1E>48<> 8A?>;L7>20=85 70I8B=KE <5E0=87<>2 4;O @0728B8O ?@><KH;5==>AB8, 0 2 A8AB5<5 2=5H=53> >1<5=0 A;54C5B >@85=B8@>20BLAO ?@58<CI5AB25==> =0 8<?>@B>70<5I0NICN AB@0B538N. "0:0O ?>;8B8:0 ?@82545B : 7=0G8B5;L=><C C<5=LH5=8N 7028A8<>AB8 AB@0=K >B 8<?>@B0 206=59H8E D0:B>@>2 ?@>872>4AB20, :0:8<8 O2;ONBAO AK@L5, <0H8=K 8 >1>@C4>20=85, M=5@3>@5AC@AK 8 2 A2>N >G5@54L 1C45B AB8<C;8@>20BL 55 4;O A>740=8O 8<?>@B>70<5I0NI8E ?@>872>4AB2 =0 >A=>25 =>259H8E B5E=>;>389. ;02=K< 2 ?@>2545=88 MB>9 ?>;8B8:8 O2;ONBAO B0<>65==K5 8 :>;8G5AB25==K5 >3@0=8G5=8O 8<?>@B0. "0:8< >1@07><, =5>1E>48<> @072820BL 8<>@B>70<5I0NI85 284K ?@>872>4AB2 8 ?@>4C:F88 4;O B>3>, GB>1K >15A?5G8BL <8=8<0;L=> =5>1E>48<CN ?@>872>4AB25==CN AB@C:BC@C =5>1E>48<KE >B@0A;59 @5A?C1;8:8 8<5BL M:>=><8N 20;NB=KE A@54AB2. ;O MDD5:B82=>3> 3>AC40@AB25==>3> @53C;8@>20=8O @0728B8O M:A?>@B0 >A>15==> 206=K<8 O2;ONBAO 420 CA;>28O: <0:@>M:>=><8G5A:0O AB018;L=>ABL 2 A>G5B0=88 A 045:20B=K< @50;L=K< 20;NB=K< :C@A><, A>>B25BAB2CNI8< 7040G5 @0AH8@5=8O M:A?>@B0 8 C25;8G5=8O >1J5<0 ?@>872>4AB20 8 4;8B5;L=>9 ?5@A?5:B825, 0 B0:65 >15A?5G5=88 4>ABC?0 M:A?>@B5@0< : @5AC@A0< ?> <8@>2K< F5=0<, >G8I5==K< >B =0;>3>2. 06=CN @>;L 2 @0728B88 M:A?>@B=>9 AB@0B5388 3>AC40@AB20 83@05B >?@545;5=85 M:A?>@B=KE F5=, 8A?>;L7>20=85 F5=>2KE AB8<C;>2 (?CB5< ?>445@60=8O A>>B25BAB2CNI53> @50;L=>3> 20;NB=>3> :C@A0 8 A=865=8O =0;>3>2 =0 M:A?>@B). @8 >?@545;5=88 M:A?>@B=KE F5= =0G0;L=K< MB0?>< O2;O5BAO ?>;CG5=85 >1H8@=>9 8=D>@<0F88 > @K=:0E, :>=:C@5=F88, ?@>872>4AB25 8 70B@0B0E, A>>B=>H5=88 <564C 2K@CG:>9 >B ?@>4068 B>20@>2 8 ?@81K;LN, ?5@A?5:B82K A?@>A0 =0 ?@>4C:F8N 8 55 70<5=8B5;8. ;O 40;L=59H53> @0728B8O M:A?>@B0 8 A>25@H5=AB2>20=8O 53> AB@C:BC@K =5>1E>48<0 :>=:C@5=B=0O A@540. A=>2=>5 2=8<0=85 MB>9 ?@>1;5<5 4>;6=> C45;OBL 3>AC40@AB2> 8 2AOG5A:8 AB8<C;8@>20BL G0AB=>5 ?@54?@8=8<0B5;LAB2>, F5;LN :>B>@>9 4>;6=> AB0BL C25;8G5=85 M:A?>@B=>3> ?>B5=F80;0 AB@0=K 8 4825@A8D8:0F88 M:A?>@B0. >AC40@AB25==0O ?>445@6:0 ?@54?@8=8<0B5;LA:8E AB@C:BC@ 2> 2=5H=5M:>=><8G5A:>9 45OB5;L=>AB8 4>;6=0 ?@54CA<0B@820BL 22545=85 CA;>289 15A?>H;8==>3> 22>70 ?5@54>2>3> B5E=8G5A:>3> >1>@C4>20=8O 4;O @0728B8O M:A?>@B=>3> ?@>872>4AB20; >B<5=C 8;8 8A?>;L7>20=85 <8=8<0;L=>3> =0;>30 =0 8<?>@B AK@LO 8 <0B5@80;>2, =5>1E>48<KE 4;O ?@>872>4AB20 ?@>4C:F88 =0 M:A?>@B; ?@54AB02;5=8O =0;>3>2KE ;L3>B =0 20;NB=CN 2K@CG:C, ?>;CG05<CN <0;K<8 ?@54?@8OB8O<8, >A>15==> 2 A;CG05, :>340 >=8 CG0AB2CNB 2 @50;870F88 @538>=0;L=KE 2=5H=5M:>=><8G5A:8E ?@>3@0<<. @C38<8 A?>A>10<8 ?>445@6:8 M:A?>@B0 4;O B0:8E ?@54?@8OB89 <>3;8 1K AB0BL: ?><>IL 8==>20F8>==>9 45OB5;L=>AB8 <0;>3> 8 A@54=53> 187=5A0; :@548B>20=85 8 AC1A848@>20=85 M:A?>@B0 ?@>4C:F88 <0;>3> 187=5A0; AB@0E>20=85 8E M:A?>@B0; ?@54>AB02;5=85 <0;K< ?@54?@8OB8O<, 2KE>4OI8< =0 @K=>: 8=D>@<0F8>==KE 8 :>=AC;LB0F8>==KE CA;C3; >1CG5=85 :04@>2 <0;KE ?@54?@8OB89 4;O 2=5H=5M:>=><8G5A:>9 45OB5;L=>AB8; ?>?C;O@870F8O >?KB0 <0;KE 8 A@54=8E ?@54?@8OB89, 4>AB83H8E =081>;LH8E CA?5E>2 2 >1;0AB8 M:A?>@B0.  =0AB>OI55 2@5<O ?@54?@8OB8O< AB@0=K =5>1E>48<> ?5@5AB@>8BL A2>N ?@>872>4AB25==>-E>7O9AB25==CN 45OB5;L=>ABL. B>38 8E 45OB5;L=>AB8 1C4CB 7028A5BL >B :>=:C@5=B>A?>A>1=>AB8 8E ?@>4C:F88 =0 @K=:5. 5AB:0O :>=:C@5=F8O A2O70==0O A H8@>:8< 2K1>@>< =0 @K=:5 ?>AB>O==> AB028B ?5@54 ?@54?@8OB85< 2>?@>A, :0: ?>:C?0B5;L 2>A?@8=8<05B ?@>872545==CN 5N ?@>4C:F8N. =0;87 2A5E ?@>1;5<, A2O70==KE A ?@8G8=0<8 CA?5E0 8;8 =5C40G =>2>9 ?@>4C:F88, 70B@0BK, A2O70==K5 A @07@01>B:>9 =>2KE 8745;89 B@51CNB 1>;LH>3> @8A:0. 5H5=8O MB8E 7040G 70AB02;ONB ?@54?@8OB8O 2=8<0B5;L=> 87CG0BL :>=:C@5=B>A?>A>1=>ABL ?@>872>48<KE 8745;89. >=:C@5=B>A?>A>1=K< O2;O5BAO B>B B>20@, :><?;5:A ?>B@518B5;LA:8E 8 AB>8<>AB=KE A2>9AB2 :>B>@>3> >15A?5G8205B 5<C :><<5@G5A:89 CA?5E, B.5. ?>72>;O5B 1KBL ?@81K;L=> >1<5==K< =0 45=L38 2 CA;>28OE H8@>:>3> ?@54;>65=8O : >1<5=C 4@C38E B>20@>2-0=0;>3>2. 564C=0@>4=0O :>=:C@5=B>A?>A>1=>ABL AB@0=K >?@545;O5BAO ?@5645 2A53> :><?;5:A=K<8 :>=:C@5=B=K<8 ?@58<CI5AB20<8 55 254CI8E D8@<, :>B>@K5 2 A2>N >G5@54L D>@<8@CNBAO 8 7028AOB >B B0:8E D0:B>@>2, :0: @07<5@K 8 ?>B@51=>AB8 @K=:0, =0;8G85 2 AB@0=5 =5>1E>48<KE D0:B>@>2 ?@>872>4AB20, C@>25=L 8 MDD5:B82=>ABL ?@>872>4AB25==>9 8 2=5H=5M:>=><8G5A:>9 8=D@0AB@C:BC@K, C@>25=L @0728B8O :>=:C@5=B=>9 A@54K. >=:C@5=B=K5 ?@58<CI5AB20  >A=>20 CA?5H=>3> M:A?>@B=>->@85=B8@>20==>3> @0728B8O 75@109460=0. 5A?C1;8:0 8<55B B0:85 A@02=8B5;L=K5 ?@58<CI5AB20: :0: 1>30BK5 ?@><KH;5==K5 70?0AK :>=:C@5=B>A?>A>1=KE =0 2=5H=5< @K=:5 >B45;L=KE 284>2 <8=5@0;L=>3> AK@LO, ?@8@>4=>-:;8<0B8G5A:85 CA;>28O, 1;03>?@8OB=K5 4;O 2>745;K20=8O <=>38E A5;LA:>E>7O9AB25==KE :C;LBC@, 1>30B59H55 :C;LBC@=>-8AB>@8G5A:>5 =0A;5485. > A@02=5=8N A> <=>38<8 @072820NI8<8AO AB@0=0<8, ?@58<CI5AB20 75@109460=0 A>AB>OB B0:65 2 A;54CNI5<: - @01>G0O A8;0 A >B=>A8B5;L=> 2KA>:>9 :20;8D8:0F859 8 48AF8?;8=8@>20==>ABLN :04@>2; 7=0G8B5;L=K9 =0CG=K9 ?>B5=F80; 8 4>2>;L=> 2KA>:89 C@>25=L ?@8:;04=KE 8AA;54>20=89; - >B=>A8B5;L=> @0728B0O 8=D@0AB@C:BC@0 (B@0=A?>@B=K5 :><<C=8:0F88, M;5:B@8D8:0F8O, 740=8O 8 A>>@C65=8O, >15A?5G5==>ABL :><<C=0;L=K<8 CA;C30<8 2 3>@>40E, A2O7L, 1>;LH85 ?;>I048 >@>H05<KE A5;LA:>E>7O9AB25==KE C3>489, ?>72>;ONI8E ?>;CG0BL 30@0=B8@>20==K9 C@>609). 06=59H59 7040G59 3>AC40@AB25==>9 ?>;8B8:8 O2;O5BAO, @0728B85 A@02=8B5;L=KE ?@58<CI5AB2 M:A?>@B=>3> ?@>872>4AB20. ! F5;LN >15A?5G5=8O ?5@A?5:B82K 48=0<8G=>3> @0728B8O AB@0=K :>;8G5AB2> 8 :0G5AB2> G5;>25G5A:8E 8 B5E=>;>38G5A:8E @5AC@A>2 <>65B 1KBL A>7=0B5;L=> 87<5=5=> ?>;8B8:>9 3>AC40@AB20 4;O >15A?5G5=8O 65;0B5;L=KE AB@C:BC@=KE A4283>2.  =0AB>OI55 2@5<O 8 2 ?5@A?5:B825 B5E=>;>38O 1C45B 83@0BL ACI5AB25==CN @>;L  :0: >A=>20 2A5E 87<5=5=89 2 A@02=8B5;L=KE ?@58<CI5AB20E 2 3;>10;L=>9 M:>=><8:5. AE>4O 87 CG5B0 <8@>2>3> >?KB0 3>AC40@AB2, 75@109460= 4>;65= >15A?5G820BL ?>445@6:C 8 AB8<C;8@>20=85 M:A?>@B=>->@85=B8@>20==>3> ?@>872>4AB20, 0 B0:65 ?@>2>48BL ?>;8B8:C ?@54>B2@0I5=8O 10=:@>BAB2 8 A0=0F89 =5?;0B565A?>A>1=KE ?@54?@8OB89. @8 MB>< ?@54AB02;O5B 8=B5@5A 8A?>;L7>20=85 >?KB0 AB@0= !, 345 A>740=K A?5F80;L=K5 035=BAB20 ?> ?@54>B2@0I5=8N 10=:@>BAB2 8 A0=0F89 ?@54?@8OB89. ;O AB8<C;8@>20=8O M:A?>@B=>3> ?@>872>4AB20 ?@8<5=ONBAO A;54CNI85 <5@K: 1. @O<>5 D8=0=A8@>20=85 M:A?>@B5@>2 2 2845 4>?;0B 87 1N465B0 4;O: - CAB@0=5=8O @07=8FK <564C A515AB>8<>ABLN ?@>4C:F88 8 M:A?>@B=K<8 F5=0<8 4;O ?>;CG5=8O ?@81K;8; - ?@>2545=8O =0CG=KE, 8AA;54>20B5;LA:8E, :>=AB@C:B>@A:8E @01>B A F5;LN 8AA;54>20=8O 8 2=54@5=8O =>2KE B>20@>2 2 M:A?>@B=>< ?@>872>4AB25. 2. >AC40@AB25==>5 D8=0=A8@>20=85 :0: :@C?=KE :><?0=89, B0: 8 A@54=8E 8 <0;KE D8@<, A?>A>1=KE 2 :>@>B:85 A@>:8 <>45@=87>20BL 8 ?5@5AB@0820BL M:A?>@B=>5 ?@>872>4AB2> 2 A>>B25BAB288 A B@51>20=8O<8 <8@>2>3> @K=:0. 3. >A25==>5 D8=0=A8@>20=85 M:A?>@B5@>2 G5@57: - A5BL G0AB=KE 10=:>2, :>B>@K< 3>AC40@AB2> 2K405B A?5F80;L=K5 4>B0F88 =0 C<5=LH5=85 :@548B=KE AB02>: M:A?>@B5@0<; - 2>72@0B M:A?>@B5@0< ?>H;8=, 2K?;0G5==KE ?@8 22>75 AK@LO; - ?5@540GC M:A?>@B5@0< :@C?=KE 8 <5;:8E ?@028B5;LAB25==KE 70:07>2 ?> AB018;L=K< 8, :0: ?@028;>, 2KA>:8< F5=0<. A=>2=K<8 =0?@02;5=8O<8, ?> :>B>@K< 4>;6=0 >:07K20BLAO 3>AC40@AB25==0O ?><>IL =0F8>=0;L=K< ?@>872>48B5;O< M:A?>@B=>9 ?@>4C:F88 8 M:A?>@B5@0< O2;ONBAO: - :@548B=>-AB@0E>20O ?>445@6:0 M:A?>@B0; - ?@54>AB02;5=85 =0;>3>2KE ;L3>B ?@>872>48B5;O< ?@8>@8B5B=>9 M:A?>@B=>9 ?@>4C:F88 8 M:A?>@B5@0<; - @07@01>B:0 8 D8=0=A8@>20=85 ?@>3@0<< @0728B8O ?@8>@8B5B=KE M:A?>@B=KE ?@>5:B>2, 2 B>< G8A;5 @538>=0;L=KE, 2 @0<:0E 70 @C156><; - 1N465B=K5 D>@<K ?>445@6:8 M:A?>@B5@>2. ;O @5H5=8O 7040G ?> ?>445@6:5 =0F8>=0;L=>3> M:A?>@B0 187=5A0, 3>AC40@AB2C =5>1E>48<> @07@01>B0BL F5;>AB=K9 :><?;5:A <5@>?@8OB89 ?> AB8<C;8@>20=8N M:A?>@B0 8 ?@>42865=8N <5AB=KE B>20@>2 =0 <8@>2>9 @K=>:.  MB>9 A2O78, ?@5645 2A53>, A;54C5B >@30=87>20BL H8@>:CN 8=D>@<0F8>==>-@5:;0<=CN :><?0=8N >B5G5AB25==KE B>20@>2 8 >ACI5AB28BL ?5@5E>4 : A8AB5<5 3>AC40@AB25==>9 ?>445@6:8 075@109460=A:>3> >A2>5=8O 70@C156=KE @K=:>2. &5;5A>>1@07=> >B:@KB85 D8;80;>2 G0AB=KE B>@3>2KE D8@< 70 @C156>< A ?>AB>O==K< HB0B>< A>B@C4=8:>2 ?@8 >4=>2@5<5==>9 @50;870F88 3>AC40@AB25==>9 ?@>3@0<<K @53C;8@>20=8O @0728B8O 8 A>459AB28O M:A?>@BC.  55 @0<:0E A;54C5B A>740BL -:A?>@B=K9 A>25B, >15A?5G820NI89 254><AB25==>5 2708<>459AB285 2 @50;870F88 206=59H8E =0?@02;5=89 M:A?>@B=>9 ?>;8B8:8, AD>@<8@>20BL A8AB5<K ;L3>B=>3> D8=0=A8@>20=8O M:A?>@B=>9 45OB5;L=>AB8 8 ;L3>B=>3> =0;>3>>1;>65=8O M:A?>@B=KE 4>E>4>2, 0 B0:65 @575@2=K9 D>=4 :><?5=A0F88 CI5@10 ?@8 M:A?>@B=KE >?5@0F8OE.  F5;>< ?5@2>>G5@54=K<8 7040G0<8 A>25@H5=AB2>20=8O 3>AC40@AB25==>3> @53C;8@>20=8O M:A?>@B0, O2;ONBAO: >?@545;5=85 ?@8>@8B5B=KE =0?@02;5=88 M:A?>@B=>9 AB@0B5388 AB@0=K, A>740=85 <5E0=87<>2 3>AC40@AB25==>9 ?>445@6:8 8 AB8<C;8@>20=8O @0728B8O M:A?>@B=>>@85=B8@>20==KE ?@>872>4AB2; CA8;5=85 3>AC40@AB25==>3> :>=B@>;O 70 M:A?>@B>< AB@0B538G5A:8E B>20@>2 8 ?>;CG05<K<8 70 MB> 20;NB=K<8 4>E>40<8; D>@<8@>20=85 >1=>2;5=89 AB@C:BC@K M:A?>@B0 ?>4 2;8O=85< ?@>8AE>4OI8E AB@C:BC@=KE A4283>2 2 M:>=><8:5 AB@0=K. "0:>< >1@07><, MDD5:B82=>5 @53C;8@>20=85 8 AB8<C;8@>20=85 M:A?>@B0 8 M:A?>@B=>3> ?@>872>4AB20 A> AB>@>=K 3>AC40@AB20 >15A?5G8B ?>2KH5=85 B5E=8:>-M:>=><8G5A:>3> C@>2=O 8 :0G5AB20 2K?CA:05<>9 >B5G5AB25==>9 ?@>4C:F88 8 2A53> ?@>872>4AB20 A CG5B>< 65AB:>9 :>=:C@5=F88 =0 <8@>2>< @K=:5; C25;8G5=85 20;NB=KE @5AC@A>2 3>AC40@AB20; CA:>@5=85 @0728B8O >B45;L=KE @538>=>2 @5A?C1;8:8 8 1>;55 2KA>:>3> B5E=8G5A:>3> >A=0I5=8O >B5G5AB25==KE ?@54?@8OB89. .' $>@<8@>20=85 8 @53C;8@>20=85 @0728B8O 2=5H=5M:>=><8G5A:>9 45OB5;L=>AB8 =0 ?5@A?5:B82C A;54C5B >ACI5AB2;OBL ?> A;54CNI8< >A=>2=K< =0?@02;5=8O<: - D>@<8@>20BL 8 @072820BL M:A?>@B=K9 ?>B5=F80; 8 ?>AB5?5==>5 87<5=5=85 AB@C:BC@K M:A?>@B0, ?>A@54AB2>< ?>>I@5=8O 2K2>70 3>B>2KE B>20@>2; - >ACI5AB28BL 381:85 ?>4E>4K 2 AB@C:BC@5 8<?>@B0, B.5. 22>7 B5E B>20@>2, :>B>@K5 =52>7<>6=> ?@>872>48BL 8;8 8E ?@>872>4AB2> >1E>48BAO 4>@>3>; - >15A?5G8BL 1>;55 H8@>:>5 ?@82;5G5=85 8=>AB@0==KE 8=25AB8F89 A F5;LN B5E=8G5A:>9 <>45@=870F88; - 4>18BLAO 70I8BK 2=CB@5==53> @K=:0 8 @53C;8@>20=8O 2K2>70 AB@0B538G5A:8E 284>2 AK@LO. -DD5:B82=>ABL <5E0=87<0 3>AC40@AB25==>3> @53C;8@>20=8O 2=5H=5M:>=><8G5A:8E A2O759 <>65B 1KBL >F5=5=0 A ?>78F89 4>AB865=8O A;54CNI8E A>F80;L=>-M:>=><8G5A:8E F5;59: - 2;8O=85 A8AB5<K @53C;8@>20=8O =0 @>AB M:>=><8G5A:>3> ?>B5=F80;0, ?@82;5G5=85 8=>AB@0==KE 8=25AB8F89 2 =0F8>=0;L=CN M:>=><8:C; - @0A?@545;5=85 4>E>4>2 <564C AC1J5:B0<8 2=5H=5M:>=><8G5A:>9 45OB5;L=>AB8, :0: =0 <564C=0@>4=><, 8 =0 =0F8>=0;L=>< C@>2=5; - MDD5:B82=>ABL 8A?>;L7>20=8O 8 @0A?@545;5=8O 8<5NI8EAO =0F8>=0;L=KE M:>=><8G5A:8E @5AC@A>2 A ?>78F89 C4>2;5B2>@5=8O ?>B@51=>AB59 G;5=>2 >1I5AB20; - M:>=><8G5A:0O 157>?0A=>ABL AB@0=K; - >15A?5G5=85 70=OB>AB8 =0A5;5=8O, :0G5AB20 687=8 2 >1I5AB25 8 M:>;>38G5A:>9 A@54K >18B0=8O ;N459. !8AB5<=>5 >1>1I5=85 B@51>20=89 : 3>AC40@AB25==><C @53C;8@>20=8N 2=5H=5M:>=><8G5A:8E A2O759 >1CA;02;8205B @07@01>B:C :>=F5?F88, A>>B25BAB2CNI59 ?@>1;5<0<, CA;>28O<, F5;O< 8 2>7<>6=>ABO<, 8<5NI8<AO 2 AB@0=5. >=F5?F8O 2=5H=5M:>=><8G5A:>3> @53C;8@>20=8O 4>;6=0 >A=>2K20BLAO =0 0=0;875 ?@8<5=8<>AB8 8=AB@C<5=B>2 3>AC40@AB25==>3> @53C;8@>20=8O, 8E A>>B25BAB28O F5;O< @0728B8O, AB5?5=8 A>2<5AB8<>AB8 >B45;L=KE A@54AB2, ?>1>G=KE MDD5:B>2 8E ?@8<5=5=8O, B>645AB25==>AB8 <564C=0@>4=K< B5=45=F8O< 8 AB0=40@B0<. !! !,# " "# + 09@0<>2 . . 5M8>=0; 83B8A048 8=B53@0A890: =O7O@899O 2O ?@0:B8:0. 0:K: 7O@=OH@, 1997, A. 38-67 O;8952 . . 59=O;E0;3 83B8A048990BK. 0:K: 7O@109J0= #=825@A8B5B8=8= =OH@8990BK, 1998. 110A>2 '. . A=>2=K5 =0?@02;5=8O D>@<8@>20=8O 2=5H=5M:>=><8G5A:>9 ?>;8B8:8 75@109460=0. 0:C: !010E, 1994 14C@0E<0=>2 . !. #?@02;5=85 A>2<5AB=K<8 ?@54?@8OB8O<8 2 CA;>28OE D>@<8@>20=8O @K=>G=KE >B=>H5=89. 2B>@5D5@0B 48AA. ?> ?@8A. CG5=. AB. :0=4. M:>=. =0C:, 0:C, 2003 787>2 . . CB8 0:B82870F88 75@109460=0 2 <564C=0@>4=>9 8=B53@0F88// C48B 6C@=0;K, 0:K 87=5A #=825@A8B5B8, ! 4, 2004 C3;09 . ., 825=F52 . . 564C=0@>4=K5 M:>=><8G5A:85 >B=>H5=8O. 8=A:, 2000 046852 (. . 75@109460= =0 ?CB8 : <8@>2><C A>>1I5AB2C: AB@0B538O 2=5H=5M:>=><8G5A:>3> @0728B8O. 852, 2000, -:A?@5AA >1JO2. 046852 (. . 5AB@C:BC@870F8O M:>=><8:8 8 AB@0B538O D>@<8@>20=8O M:A?>@B=>>@85=B8@>20==>3> ?@>872>4AB20/"578AK 4>:;04>2 :>=D5@5=F88 75@109460= =0 ?>@>35 XXI 25:0, 0:C  1998 5@0A5=:> . ., 5@0A5=:> . . >;L A2>1>4=KE M:>=><8G5A:8E 7>= 2 D>@<8@>20=88 =0F8>=0;L=>9 M:>=><8:8. ><5;L: "#, 1999 >;;>=B09 . . =5H=5M:>=><8G5A:85 A2O78: AB@0B538O 8 @53C;8@>20=85. ., 0C:0, 1999 $><8=A:89 . . !>2@5<5==0O <564C=0@>4=0O B>@3>2;O. .: 740B5;LAB2> #, 2000 .710H520 . . !B@0B538O AB@C:BC@=KE 87<5=5=89 2 =>2KE CA;>28OE @0728B8O/"578AK 4>:;04>2 :>=D5@5=F88 75@109460= =0 ?>@>35 XXI 25:0. 0:C, 1997 0:>= 75@109460=A:>9 5A?C1;8:8  70I8B5 8=>AB@0==KE 8=25AB8F88, 1992 0:>= 75@109460=A:>9 5A?C1;8:8 1 8=25AB8F8>==>9 45OB5;L=>AB8 2 75@109460=5, 1995     PAGE  PAGE 47 =B53@0F8>==K5 ?@>F5AAK @C?=>5 G0AB=>5 ?@54?@8=8<0B5;LAB2> #G0AB85 AB@0= 2 M:>=><8G5A:>9 8=B53@0F88 0F8>=0;L=K5 E>7O9AB20 8@>2>5 E>7O9AB2> 8 2=5H=5M:>=><8G5A:85 A2O78 ;>10;870F8O E>7O9AB25==>9 687=8 A>15==>AB8 !C1J5:BK 0:>=><5@=>AB8 564C=0@>4=0O M:>=><8G5A:0O 8=B53@0F8O p~B‚,.08:FJ҅ԅjlֆ؆`Ї踭yppgp_WOh%PCJaJh5PCJaJhaCJaJhpuB5CJaJh\5CJaJh\h\5CJaJmH sH h\h\5CJaJh\CJaJhO]CJaJhx CJaJh}hCJaJhCJaJhWSCJaJhBCJaJh6CJaJhICJaJhHCJaJh=pCJaJh6CJaJhCJaJ "$&(*,.02468: ؆> $dh1$`a$gd5P$ & F dh1$a$gdpuB $dh1$a$gd\$ dh1$a$gds[<> (J h:f@^`dиxxpxphphhj^;CJaJhn_CJaJh\RCJaJhrCJaJh2W7CJaJhyCJaJhfCJaJhINCJaJh CJaJh oCJaJhqCJaJhICJaJh,JCJaJhZMGCJaJhH!CJaJhBCJaJh{"oCJaJh%PCJaJhLCJaJ( F` @<$dh1$`a$gdj$dh1$^a$gd\R$ & F dh1$a$gd\R$dh1$`a$gd5Pd$HJLVX¥ȼȼ~v~nfnfnvhBCJaJh1wCJaJh=CJaJhV5=CJaJh7JCJaJhP}h@ lCJaJhP}CJaJh0CJaJhgh@ lCJaJhgCJaJh@ lCJaJmH sH h@ lCJaJhH(CJaJmH,sH,hH(CJaJmH sH hH(CJaJhj^;CJaJh-PVCJaJ%^JXF<ijظd~<"$dh1$`a$gd7J$dh1$^a$gd\RثάЬ|Эҭԭ֭DF&fT:<ij ָظp2"xphhGdCJaJhN CJaJh_CJaJh\s5CJaJh CJaJh]VCJaJhEv*CJaJh0CJaJhqFCJaJhv[CJaJh"8CJaJhWCJaJh1wCJaJhjCJaJhBCJaJhTCJaJh5=CJaJhqFgCJaJh|CJaJ%j\*bdj|~Z\j~ؠxphh``XPhA)CJaJhdbCJaJh;CJaJhcfCJaJh6 CJaJhuCJaJhBCJaJh|MCJaJhhcCJaJhxgCJaJh3CJaJh,DCJaJhCJaJh CJaJhCJaJhXWCJaJhCJaJhPCJaJhCJaJhoMCJaJh,~CJaJhAJCJaJ@4rtv\`~0 xzŹyqiaYQih8CJaJh.CJaJhsxcCJaJhtCJaJhbRCJaJhUCJaJh3CJaJhcCCJaJh-CJaJh\CJaJhZCJaJh%%CJaJhCJaJh\h\5CJaJh7Jh_8CJaJh@ lCJaJh_8CJaJhBCJaJhOCJaJh_CJaJhA)CJaJ".\zT.~4 n$ dh1$a$gd{$ dh1$^ a$gd{$ & F dh1$a$gdus $1$a$gd\$dh1$`a$gd_8$dh1$`a$gd7JzVRTZ&*,.|~r8ȉyqiaYQhc,CJaJh&CJaJh\@CJaJh|CJaJhRSCJaJh CJaJhk?CJaJhCJaJhBCJaJhYQ_CJaJh)%h)%CJaJh)%CJaJmH sH h)%CJaJhCJaJhqCJaJh<CJaJht\CJaJh*CJaJheCJaJhWACJaJh8CJaJ246T$8Ph(,8x   Șxphh`XPhtCJaJhW CJaJh'CJaJhHCJaJh$CJaJh-|CJaJh1X,CJaJho?CJaJh,7CJaJhMCJaJhdCJaJhrMCJaJhICJaJh, ZCJaJhACJaJhCJaJhBCJaJhqCJaJh\gCJaJh2CJaJhk?CJaJhd%CJaJ h  F   N  ln:v028rthjHJxpphphph`h`htCJaJhe>wCJaJh2CJaJh,CJaJh8UCJaJhjxCJaJhlACJaJhsTCJaJh`[eCJaJh\CJaJhBCJaJhtCJaJh*CJaJh@ZCJaJhJCJaJhDW CJaJhJnCJaJh4BCJaJhNCJaJh#CJaJ#n2ftjJ.  ####$ dh1$a$gdy $ dh1$a$gdjx$ & F dh1$a$gd`[e:<FHJp, . 4    ####$%%&'|tltdhqCJaJhx CJaJh`CJaJhx 5CJaJh?|CJaJhCJaJh)%hgCJaJhI/CJaJhgCJaJhNCJaJh")?CJaJhZCJaJh>UCJaJhtCJaJh}hFCJaJhc"CJaJhBCJaJh?7cCJaJh5gCJaJ%#$%&(*l,p/2:CF(JLTRWRYD[X^pa>bceilmm$ dh1$a$gds[$ & Fdh1$a$gds['p((((z)**n,t---6.8.^.n/p/r/B0022V3X3Z3\33444*78:::<h=аxphh`hHUCJaJh CJaJhCJaJh ICJaJhLCJaJh/PCJaJh$[CJaJhuCJaJhCJaJh^nCJaJh_^CJaJh'OCJaJh]mDCJaJhnyCJaJh_b CJaJh CJaJhvcCJaJh`CJaJhLCJaJh SCJaJ$h=>> ?r?t?~?J@CCCCDFFFFGI&J(JJ>KK^LLLL.M$N(OTOȸȰxpph`XPh CJaJh8pCJaJhnCJaJh&CJaJhQCJaJh1jCJaJhCJaJhXLCJaJhVCJaJh5CJaJh0CJaJhJ CJaJhzCJaJhocCJaJh CJaJhhvCJaJh0PCJaJhPCJaJhdrCJaJh=CJaJh CJaJhUSCJaJTOdPzQRTTV"W$Wb@bxxxphx`h`CJaJhS CJaJhdbCJaJheCJaJhCJaJhx0CJaJhYcCJaJh$ CJaJhaCJaJh!dCJaJhJ/CJaJhaCJaJhjwCJaJhCJaJh+CJaJhQCJaJh:`CJaJh@CJaJhCJaJhnCJaJ"@bbcccceXeeef~iii&k(kk@lllmmbmmmm`nbnfnrotovoooo2ppxphp`hhNCJaJhrCJaJhRCJaJhdCJaJh&[7CJaJhm=CJaJh?-2CJaJhx{CJaJh\lCJaJhCJaJhCJaJhJCJaJhCJaJh !@CJaJhBvZCJaJhtOCJaJh`CJaJhS CJaJh\CJaJh@^CJaJ$m`ntoq|qbrrst>z~$*,.0268:<>@$ dh1$a$gds[pppqqqzq|qq`rbrhrrrrssttttuDuuvv wZw\wlzzz,{V}}~~~xpphh.CJaJhLCJaJh08CJaJh4BCJaJhm%CJaJhgCJaJha~ CJaJh6CJaJhbCJaJh{tPCJaJhB#CJaJhLACJaJh5CJaJhwICJaJhRCJaJh?-2CJaJhCJaJhrCJaJhmCJaJ'.bڄ"$*.026HJL`bd6xpe]U]p]pMphbCJaJh-CJaJh 'CJaJh 'h 'CJaJhfCJaJhfh/5CJaJhfh-5CJaJ h;.5hx h?|CJaJh?|CJaJhLCJaJhJ/CJaJh:CJaJh.CJaJhhCJaJh-1CJaJhlxCJaJhLCJaJh$CJaJh~ CJaJhmCJaJ@BDFHJLbpff\̏~$ dh1$a$gds[$ dh1$a$gds[npt dfzdf`Γ|~|sj^VJh CJOJQJaJh CJaJhqCJOJQJaJh?|5CJaJhfGr5CJaJh(<hfGr5CJaJh?|CJaJh CJaJhfGrCJaJhn:CJaJhj!CJaJh_JCJaJhpCCJaJh CJaJh CJaJmH sH hvCJaJmH sH hCJaJhZCJaJhbCJaJhvCJaJ$ dh1$a$gds[$ dh1$a$gds[tvxRT~2:<68:rxDFfƾ嶪受徃xphp`h CJaJhLCJaJh8=CJaJhWhWCJaJh&JCJaJmH sH h&kCJaJh99CJaJh?|hqCJaJh><CJOJQJaJh><CJaJh&JCJaJhqCJaJh?|h CJaJhqCJOJQJaJhWh?|CJaJh?|CJaJh CJaJ"vxRT:<8:$ dh1$a$gdW$ dh1$a$gd?|$ & F dh1$a$gds[$ hdh1$^ha$gd?|$ & F dh1$a$gd?|F  NRTXZ^`dfjl~h]hgdX[\ &`#$gdX[\$ dh1$a$gds[$ dh1$a$gd?|$ & F dh1$a$gds[fޟ  LNPRTVZ\`bfhlnz|~Сҡnp侶vrvrvrvrvhBhT<#hBCJhX[\0JmHnHu hX[\0JjhX[\0JUhX[\jhX[\U h/5h 'hCJaJhCJaJh hL#bCJaJh{CJaJhWh?|CJaJhLCJaJhL#bCJaJhCJaJmH sH hCJaJ,Сҡnp@BZ\npޣ$a$gdRh]hgdX[\ &`#$gdX[\@BZ\npޣ h/5hRhT<#hBCJhB $ dh1$a$gds[< 001hP:pX[\. A!"6#n$n% 51h0:pu5A .!r"#$% 21h:pO]. A!"#$% $$If!vh5?#v?:V l 6`T 0?5?4$$If!vh5 5$ 5$ 55[ 55l #v #v$ #v#v[ #v#vl :V l 6`T 0?5 5$ 55[ 55l 4DdD%D  3 @@"?B@B 1KG=K9CJ_HaJmHsHtHBA@B A=>2=>9 H@8DB 0170F0Xi@X 1KG=0O B01;8F04 l4a .k. 5B A?8A:0L@L X[\5@E=89 :>;>=B8BC;  E$4)@4 X[\><5@ AB@0=8FK>h 0     >h # (LP0>u.!"& !"&!"&!"&!"&!"&!"&! "&! "&! "&! "& v\s "& "& "& "& "& "& "& "& "& "& "& "& "& "& "& "& "& "& "& !"& ""& #"& $"& %"& &"& '"& ("& )"& *"& +"& ,"& -"& ."& /"& :D!(/7>E(LPW_qdhpw#e*&z `Q^N"(M).0 1qQ g YY  !"#$%&'()*X+,O- ]wk'0kVcdklmI@  * [ j !<y:=s;4'Bon !%&='''>((!))+).*..,00g1j2s3457E;r=>8@@ AAIBkBB2CCDVEFGiIJK(L3LYLZLrLsLtLuLvLwLxLyLzL{LLLLLLLLLLLLLMMMMMMMMMMMYM{M|M}M~MMMMMMN%N&N'N(N)N*N+N,N-N.NNNNNNNNNNNO:O;OO?O@OAOBOCOOOPP P PPRRoSTX Y[[\^__`zaabqddddeh1i]klopZpppqssv|x-z{|f}}~;΄FyS)SbC~^EgѥPO"QǮg!Ay˰=:Ը|^ǽD$RVRSTC `m) @V]] m;f5[(NK;::    4}"#_guDWK """ " " " """"""""""""#""<##*$$%%% &&&;'1)2)3)4)5)6)7)8)9):);)<)=)>)?)@)A)B)C)D)E)F)G)H)I)J)K)L)M)l)m)))-*.***B+C+++,,,,B-C---.d.e...A/B////////0*0B0q000000`'`'`'`'`'`'`'`'`'`'`'`'^`'`'`'`'`'`'`'`'`'`'^`'[ `'^`'[ `'`'`'`'`'`'`'`'`'`' `'o%`' `' `'`'`'`'o%`' `'`'[ `' `'[ `' `'[ `'`'`'`'`'`' `'y3`' `''8`'ܷ`' `'`'ܷ`'e`'oJ`' `'[ `'[ `'`'[ `' `'[ `' `' `'.`'`'[ `'`'[ `'ܷ`'ܷ`'ܷ`'ܷ`'e`'*`'<`'o%`'e`'`'[ `'[ `'[ `' `'`'[ `'[ `'[ `'[ `'e`'`'ܷ`'`'`' `'[ o8>"LLLLLLLLLLLLLLLLLLLLLLL xL;o8o8o8o8`'y3`'`'[ `'e`'A`'[ `' `'ܷ`'*`'e`' `'ܷ`'[ `' `' `';`'`'`'e`'.`' `'o%`'`'.`' `'`'`'[ `' `'e`' `'y3`' `' `'ܷ`'`' `'[ `'ܷ`'ܷ`'o%`'e`'`'[ `'e`'9f`'e`' `' `'[ `' `'e`'.`' `'x1F`'[ `'[ `'ܷ`' `'`'.`'o%`'`'`'`'`'`'`'`'`'`'`'`'`'`'`'`'`'`'[ `'[ `' `'ܷ`'[ `' `'`'`'`'`'o%`'.`'`'[ `'ܷ`'`'`'`'`'`'`'`'[ `'[ `'`'`'`'`'`'`'[ `'[ `'`'[ `'[ `'e`'y3`' `'e`' `'ܷ`'[ `'ܷ`'*`'oJ`'A`'`'<`' `'[ `'`'`'[ `' `' `'`'`'`'`'ܷ`'ܷ`'ܷ`' `' `'.`' `'*`'e`'ܷ`'<`'y3`'*`'ܷ`'`'[ `'[ `' `' `'`'[ `'[ `'[ `'`' `'[ `'[ `'[ `'`'[ `'`'`'`'`'[ `'[ `' `' `'e`' `'`'`'A`'oJ`'`' `'e`'x1F`'e`'ܷ`'ܷ`'`'`'[ `' `'ܷ`' `'`'[ `'`'[ `'[ `' `'`'[ `'`'[ `' `'`'[ `'[ `'`'`'o%`' `' `'`'`'`'`'`'`'`'`'`'`'`'`'`'`'`'`'`'`' `'[ `'[ `'[ `'[ `' `'[ `'[ `'[ `'`'[ `'o%`'`'`'`'`'`'`'`'`'`'`'`'`'`'`'`'`'`'`'`'`'`'`'`'`'`'`'`'`'`'`'vg `'`'72 `'`'[ `'`' `'`'R8 `'`'[ `'`'[ `'`' `'`'[ `'`'[ `'[ `'`' `'`'[ `'`'[ `'`'`'`' ]wk'0kVcdklmI@  * [ j !<y:=s;4'Bon !%&='''>((!))+).*..,00g1j2s3457E;r=>8@@ AAIBkBB2CCDVEFGiIJK&L'L(L3LYLZLrLsLtLuLvLwLxLyLzL{LLLLLLLLLLLLLMMMMMMMMMMMYM{M|M}M~MMMMMMN%N&N'N(N)N*N+N,N-N.NNNNNNNNNNNO:O;OO?O@OAOBOCOOOOPPP P P P PPRRoSTX Y[[\^__`zaabqddddeh1i]klopZpppqssv|x-z{|f}}~;΄FyS)SbC~^EgѥPO"QǮg!Ay˰=:Ը|^ǽD$RVRSTC `m) @V]] m;f5[(NK;::    4}"#_guDWK """ " " " """"""""""""#""<##*$$%%% &&&;'1)2)3)4)5)6)7)8)9):);)<)=)>)?)@)A)B)C)D)E)F)G)H)I)J)K)L)M)l)m)))-*.***B+C+++,,,,B-C---.d.e...A/B/////////////////////0)0*0A0B0p0q0000000000000000000 00 0000000000 000 00 0000000000000000 000000000000000000000000000000000000000000000000000000000000000000@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@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@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@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@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@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@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 @00I000I000I000I000I000I000I000I000@0I0 I0 00I000I000I000I00 0I00 0I00 \0I00\0I00\0I00\0I00\0I00I00 %%%%%%%%%%%%%%%%%(N )Qjrd0~+p~dz 'h=TO@bpfRTVXYZ\]^`bcdeghjloq` Cwf*Tt . "n#m@SUW[_afikmnprqddd0_ !(!!8"#@ "" (  r  \"%4 3  s"*?n  c $X99?"`\"%4l  c $ VsVsk"x$  l  c $ VsVs, %'  l  c $VsVs%' l  c $VsVs%!' l  c $VsVs ,< 1 l   c $VsVs (* l   c $VsVs / 1 l   c $VsVs a,V / l   c $VsVs 0V 3 l   c $VsVs f!o-%.2 TB  C D # ,ZB  S D #k#TB  C D"#"o-ZB B S D#"#ZB  S DQx$Q%ZB B S Dx$Q%ZB  S DQx$7%TB  C D''TB  C D''TB  C D''ZB  S DQ'Q(ZB  S DQ*Q/ZB B S D< *Q}.ZB  S D< }.0ZB  S D}.0ZB  S D01ZB  S DV -f!0ZB  S DV 0f!.2TB   C D".2"J4TB !B C DQJ4"J4ZB " S DQ 1QJ4B S  ?d0#t H(Y(35J5QLRLLLZZ{ |]ijw#*apw#.P[H`|))))))))))))))))))))))* * ***%*.*5*** ++++++/+++++++,,C-L-T-]-..e.m./////0H[ ? py 3#%''+...-?7@pA{AFFFGGeHlHQLRLQRTUZZbpdfhrrsstvXygyz{Y{g{g}}~<̈́ˆҊ 9Dژۘ D}GL~< )+$QT{D3`l() (=A';NO9     + +!+"+++#/.///0::]&'kd * IBjBZLrL{LLLMYMzMN$NNNO9Oddu|| (~hvM)k)))),*/////0(0*0@0B0o0q00000000000//0 >\K .X-hvp8-oޜXZ'vxZ?j=JrBC."$1wLc,Po/P^NU@W\dYk \yC~Po/PK rBCYkhvpU@W\XZ'Z?j=1wL Y(,dUbmn/9;:@x  R _b 6   # $ r a~ ~ g1j ' SdrPsI)oUAAwI0%F`c0i-jqt$UA7JN%8f&lA.drW DW H!`!c"#T<#;`# $d%%%^ %)%[%/&&P*&4b(3)@B).*Ev*6+L+E`+`+o,1X,c,Tq-A.J/0I0U12?-2Vp2333<4na47%5H5\s5u56$6E)6F6d62W7&[7"808_899j^;><= =5=V5=8=>(@>")?@e?k?o?-@ !@ALAWA4B4BBBpuB,D]mDr`E}hFZMGLHPH_HIAJ,J_JrM|M3N'OP%P/P0P{tPzPQRQR\RbRRSWS U8U>UHU V-PVWXW}W;Y, ZpLZ~nZBvZ$[E[v[\M*\X[\iq\t\bR^_^_YQ_n_=B`a1aL#bdbYc?7chcsxc!dGddpe0e`[e `fcf@gqFgSg\gxgi"Gi@ l\lma m*mJn^nno{"o4o8pfpfGrtbtyptu>h>jl$x-?ᴳP,a6,y;0@V(<cCJNR,IUS@Zdn$o@i\@%%ocq A)  U=`qB#bj2y&pCx0 O]2jx1wJ I5P]V v8|] 6B'iN@^&#7}T}QIn~[1-1OFINOT^{Zx| =5g?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwxyz{|}~      !"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrsuvwxyz{}~Root Entry F`v]Data t1Table|WordDocumentSummaryInformation(DocumentSummaryInformation8CompObjq  F Microsoft Office Word MSWordDocWord.Document.89q