1
№ C/C
1
1.1
1.1.1
1.1.2
1.1.3
%B89D:4A<9
*" $
#BSEA4
*5;8 8 7040G8 @50;870F88 #@>3@0<4E>4K : D>@<8@>20=8N #@>3@0<B:8 8 @50;870F88 #@>3@0<A>15==>AB59 @0728B8O 45B59 @0==53> 8 4>H:>;L=>3>
2>7@0AB0
1.2
#?4A< 2>7@0AB5 (: >4=>4C)
1.2.2
#;0=8@C57@0AB5 (: B@5< 3>40<)
1.2.3
#;0=8@C5H:>;L=>< 2>7@0AB5:
1.2.3.1 : G5BK@5< 3>40<
1.2.3.2 : ?OB8 3>40<
1.2.3.3 : H5AB8 3>40<
1.2.4
?;0=8@C5A2>5=8O #@>3@0<=FC 4>H:>;L=>3> 2>7@0AB0)
1.3
$4;6<64RM99 BJ9A<64A<9 >4K9EF64 B5D4;B64F9?PAB=
89SF9?PABEF<
CB
#DB7D4@@9
(C9847B74S
8<47ABEF<>4
8BEF<:9AB@@GA<>4F<6AB9 D4;6 1 3>40
2.2.2
B 1 3>40 4> 2 ;5B
2.2.3
B 2 ;5B 4> 3 ;5B
2.2.4
B 3 ;5B 4> 4 ;5B
2.2.5
B 4 ;5B 4> 5 ;5B
2.2.6
B 5 ;5B 4> 6 ;5B
2.2.7
B 6 ;5B 4> 7 ;5B
2.2.8
5H5=85 A>2>:C?=KE 7040G 2>A?8B0=8O 2 @0<:0E >1@07>20B5;L=>9 >1;0AB8
«!>F80;L=>-:><5 @0728B85»
2.3
B;A464F9?PAB9 D4;6 1 3>40
2.3.2
B 1 3>40 4> 2 ;5B
2.3.3
B 2 ;5B 4> 3 ;5B
2.3.4
B 3 ;5B 4> 4 ;5B
2.3.5
B 4 ;5B 4> 5 ;5B
2.3.6
B 5 ;5B 4> 6 ;5B
2.3.7
B 6 ;5B 4> 7 ;5B
2.3.8
5H5=85 A>2>:C?=KE 7040G 2>A?8B0=8O 2 @0<:0E >1@07>20B5;L=>9 >1;0AB8
«>7=020B5;L=>5 @0728B85»
2.4
9K96B9 D4;6 1 3>40
2.4.2
B 1 3>40 4> 2 ;5B
2.4.3
B 2 ;5B 4> 3 ;5B
2.4.4
B 3 ;5B 4> 4 ;5B
2.4.5
B 4 ;5B 4> 5 ;5B
2.4.6
B 5 ;5B 4> 6 ;5B
2
%FD.
5
5
5
7
7
22
22
23
24
24
25
27
28
31
33
33
33
33
33
34
35
37
40
43
46
47
47
48
49
50
52
53
55
57
57
57
58
60
61
63
66
B 6 ;5B 4> 7 ;5B
5H5=85 A>2>:C?=KE 7040G 2>A?8B0=8O 2 @0<:0E >1@07>20B5;L=>9 >1;0AB8
« 5G52>5 @0728B85»
%G8B:9EF69AAB-QEF9FB9 D4;6 1 3>40
B 1 3>40 4> 2 ;5B
B 2 ;5B 4> 3 ;5B
B 3 ;5B 4> 4 ;5B
B 4 ;5B 4> 5 ;5B
B 5 ;5B 4> 6 ;5B
B 6 ;5B 4> 7 ;5B
5H5=85 A>2>:C?=KE 7040G 2>A?8B0=8O 2 @0<:0E >1@07>20B5;L=>9 >1;0AB8
«)C4>65AB25==>-MAB5B8G5A:>5 @0728B85»
$<;B9 D4;6 1 3>40
B 1 3>40 4> 2 ;5B
B 2 ;5B 4> 3 ;5B
B 3 ;5B 4> 4 ;5B
B 4 ;5B 4> 5 ;5B
B 5 ;5B 4> 6 ;5B
B 6 ;5B 4> 7 ;5B
5H5=85 A>2>:C?=KE 7040G 2>A?8B0=8O 2 @0<:0E >1@07>20B5;L=>9 >1;0AB8
«(878G5A:>5 @0728B85»
;4<@B89=EF6<9 6;DBE?OI E 89FP@< (64D<4F<6AO9 HBD@O, ECBEB5O,
@9FB8O < ED98EF64 D94?<;4J<< DB7D4@@O)
"EB59AABEF< B5D4;B64F9?PAB= 89SF9?PABEF< D4;AOI 6<8B6 <
>G?PFGDAOI CD4>F<>
%CBEB5O < A4CD46?9A< 89FE>B= B7B >B??9>F<64 E E9@PS@<
B5GK4RMBDD9>J<9 GE?B6B9 B59EC9K9A<9 #DB7D4@@O, B59EC9K9AABEFP
@9FB8<@< @4F9D<4?4@< < ED98EF64@< B5GK9A4?PAOI,
IG8B:9EF69AAOI,
4A<@4J65AB25==>9 ;8B5@0BC@K
213
3.4.2
#5@5G5=L 872545=89
220
3.4.3
3.4.4
#5@5G5=L ?@>872545=89 87>1@078B5;L=>3> 8A:CAAB20
#5@5G5=L 0=8<0F8>==KE ?@>872545=89
227
227
2.4.7
2.4.8
2.5
2.5.1
2.5.2
2.5.3
2.5.4
2.5.5
2.5.6
2.5.7
2.5.8
2.6
2.6.1
2.6.2
2.6.3
2.6.4
2.6.5
2.6.6
2.6.7
2.6.8
2.7
2.8
2.9
2.10
2.11
2.12
3
3.1
3.2
3.3
3.4
3
71
103
122
122
126
126
129
208
213
3.5
48DB6O9 GE?B6 8AS 6 8BL>B?PAOI 7DGCC4I
231
3.7
4?9A84DAO= C?4A 6BEC2=0O >1@07>20B5;L=0O ?@>3@0<<0 4>H:>;L=>3> >1@07>20=8O C=8F8?0;L=>3>
4>H:>;L=>3> >1@07>20B5;L=>3> CG@5645=8O « C=8F8?0;L=K9 45BA:89 A04 «@0A=0O
H0?>G:0» 3. C:>2 (40;55 3 #@>3@0<<0) @07@01>B0=0 2 A>>B25BAB288 A ("% 4>H:>;L=>3>
>1@07>20=8O 8 A CG5B>< (545@0;L=>9 >1@07>20B5;L=>9 ?@>3@0<H:>;L=>3>
>1@07>20=8O (40;55 3 (545@0;L=0O ?@>3@0<<0)
"1O70B5;L=0O G0ABL #@>3@0<>B25BAB2C5B (545@0;L=>9 ?@>3@0<<5, 55 >1J5< 2
A>>B25BAB288 A> (! A>AB02;O5B =5 <5=55 60% >B >1I53> >1J5<0 ?@>3@0<@<8@C5<0O CG0AB=8:0<8 >1@07>20B5;L=KE >B=>H5=89, A>AB02;O5B =5 1>;55
40% 8 >@85=B8@>20=0:
- =0 A?5F8D8:C (=0F8>=0;L=KE, A>F8>:C;LBC@=KE 8 8=KE CA;>289, 2 B.G.
@538>=0;L=KE, 2 :>B>@KE >ACI5AB2;O5BAO >1@07>20B5;L=0O 45OB5;L=>ABL 3 2K1@0BL);
- =0 A;>682H85AO B@048F88 "";
- =0 2K1>@ ?0@F80;L=KE >1@07>20B5;L=KE ?@>3@0<< 8 D>@< >@30=870F88 @01>BK A
45BL<8, :>B>@K5 2 =081>;LH59 AB5?5=8 A>>B25BAB2CNB ?>B@51=>ABO< 8 8=B5@5A0< 45B59, 0
B0:65 2>7<>6=>ABO< ?5403>38G5A:>3> :>;;5:B820 8 "" 2 F5;><.
50;870F8O @>3@0<459AB285 A @07=K<8 AC1J5:B0<8
>1@07>20B5;L=KE >B=>H5=89, >ACI5AB2;O5BAO A CGёB>< ?@8=F8?>2 , 70D8:A8@>20==KE
2> (! .
@>3@0<<0 O2;O5BAO >A=>2>9 4;O ?@55AB8 C@>2=59 4>H:>;L=>3> 8
=0G0;L=>3> >1I53> >1@07>20=8O.
*9?P #DB7D4@@O - @07=>AB>@>==55 @0728B85 @51ё=:0 2 ?5@8>4 4>H:>;L=>3>
45BAB20 A CGёB>< 2>7@0AB=KE 8 8=48284C0;L=KE >A>15==>AB59 =0 >A=>25 4CE>2=>=@02AB25==KE F5==>AB59 @>AA89A:>3> =0@>40, 8AB>@8G5A:8E 8 =0F8>=0;L=>-:C;LBC@=KE
B@048F89.
484K< #DB7D4@@O:
- >15A?5G5=85 548=KE 4;O >AA89A:>9 (545@0F88 A>45@60=8O 8 ?;0=8@C52 >A2>5=8O >1@07>20B5;L=>9 ?@>3@0<1I5=85 45B59 (2 A>>B25BAB288 A 2>7@0AB=K<8 >A>15==>ABO<8) : 107>2K<
F5==>ABO< @>AA89A:>3> =0@>40 - 687=L, 4>AB>8=AB2>, ?@020 8 A2>1>4K G5;>25:0,
?0B@8>B87<, 3@0640=AB25==>ABL, 2KA>:85 =@02AB25==K5 8450;K, :@5?:0O A57840B5;L=K9 B@C4, ?@8>@8B5B 4CE>2=>3> =04 <0B5@80;L=K<, 3C<0=87<, <8;>A5@485,
A?@0254;82>ABL, :>;;5:B8287<, 2708<>?><>IL 8 2708<>C2065=85, 8AB>@8G5A:0O ?0ABL ?>:>;5=89, 548=AB2> =0@>4>2 >AA88;
-A>740=85 CA;>289 4;O D>@<8@>20=8O F5==>AB=>3> >B=>H5=8O : >:@C60NI52;5=8O >?KB0 459AB289 8 ?>ABC?:>2 =0 >A=>25 >AAB59;
- ?>AB@>5=85 (AB@C:BC@8@>20=85) A>45@60=8O >1@07>20B5;L=>9 45OB5;L=>AB8 =0
>A=>25 CGёB0 2>7@0AB=KE 8 8=48284C0;L=KE >A>15==>AB59 @0728B8O;
- A>740=85 CA;>289 4;O @02=>3> 4>ABC?0 : >1@07>20=8N 4;O 2A5E 45B59 4>H:>;L=>3>
2>7@0AB0 A CGёB>< @07=>>1@078O >1@07>20B5;L=KE ?>B@51=>AB59 8 8=48284C0;L=KE
2>7<>6=>AB59;
- >E@0=0 8 C:@5?;5=85 D878G5A:>3> 8 ?A8E8G5A:>3> 74>@>2LO 45B59, 2 B.G. 8E
M<>F8>=0;L=>3> 1;03>?>;CG8O;
- >15A?5G5=85 @0728B8O D878G5A:8E, ;8G=>AB=KE, =@02AB25==KE :0G5AB2 8 >A=>2
?0B@8>B87<0, 8=B5;;5:BC0;L=KE 8 EC4>65AB25==>-B2>@G5A:8E A?>A>1=>AB59 @51ё=:0, 53>
8=8F80B82=>AB8, A0<>AB>OB5;L=>AB8 8 >B25BAB25==>AB8;
- >15A?5G5=85 ?A8E>;>3>-?5403>38G5A:>9 ?>445@6:8 A52KH5=85
:>5B5=B=>AB8 @>48B5;59 (70:>==KE ?@54AB028B5;59) 2 2>?@>A0E 2>A?8B0=8O, >1CG5=8O 8
5
@0728B8O, >E@0=K 8 C:@5?;5=8O 74>@>2LO 45B59, >15A?5G5=8O 8E 157>?0A=>AB8;
- 4>AB865=85 45BL<8 =0 MB0?5 7025@H5=8O C@>2=O @0728B8O, =5>1E>48<>3> 8
4>AB0B>G=>3> 4;O CA?5H=>3> >A2>5=8O 8<8 >1@07>20B5;L=KE ?@>3@0<< =0G0;L=>3> >1I53>
>1@07>20=8O.
6
1.1.2. #D HBD@;=>F5==>5 ?@>6820=85 @51ё=:>< 2A5E MB0?>2 45BAB20 (<;045=G5A:>3>, @0==53> 8
4>H:>;L=>3> 2>7@0AB>2), >1>30I5=85 (0;8D8:0F8O) 45BA:>3> @0728B8O;
2) ?>AB@>5=85 >1@07>20B5;L=>9 45OB5;L=>AB8 =0 >A=>25 8=48284C0;L=KE >A>15==>AB59
:064>3> @51ё=:0, ?@8 :>B>@>< A0< @51ё=>: AB0=>28BAO 0:B82=K< 2 2K1>@5 A>45@60=8O A2>53>
>1@07>20=8O, AB0=>28BAO AC1J5:B>< >1@07>20=8O;
3)A>459AB285 8 A>B@C4=8G5AB2> 45B59 8 @>48B5;59 (70:>==KE ?@54AB028B5;59),
A>25@H5==>;5B=8E G;5=>2 A5A?8B0=88 45B59 <;045=G5A:>3>,
@0==53> 8 4>H:>;L=>3> 2>7@0AB>2, 0 B0:65 ?5403>38G5A:8E @01>B=8:>2 (40;55 2<5AB5 27@>A;K5);
4)?@87=0=85 @51ё=:0 ?>;=>F5==K< CG0AB=8:>< (AC1J5:B><) >1@07>20B5;L=KE
>B=>H5=89;
5) ?>445@6:0 8=8F80B82K 45B59 2 @07;8G=KE 2840E 45OB5;L=>AB8;
6) A>B@C4=8G5AB2> "" A A51I5=85 45B59 : A>F8>:C;LBC@=K< =>@<0<, B@048F8O< A51I5AB20 8
3>AC40@AB20;
8) D>@<8@>20=85 ?>7=020B5;L=KE 8=B5@5A>2 8 ?>7=020B5;L=KE 459AB289 @51ё=:0 2
@07;8G=KE 2840E 45OB5;L=>AB8;
9)2>7@0AB=0O 045:20B=>ABL 4>H:>;L=>3> >1@07>20=8O (A>>B25BAB285 CA;>289,
B@51>20=89, <5B>4>2 2>7@0ABC 8 >A>15==>ABO< @0728B8O);
10) CGёB MB=>:C;LBC@=>9 A8BC0F88 @0728B8O 45B59.
"EAB6AO@< CB8IB84@< > HBD@AB=K9 ?>4E>4, ?@54?>;030NI89 @0728B85 @515=:0 2 45OB5;L=>AB8,
2:;NG0NI59
B0:85
:>>=5=BK
:0:
A0<>F5;5?>;030=85,
A0<>?;0=8@>20=85,
A0<>>@30=870F8O, A0<>>F5=:0, A0<>0=0;87;
- 8=B53@0B82=K9 ?>4E>4, >@85=B8@CNI89 =0 8=B53@0F8N ?@>F5AA>2 >1CG5=8O,
2>A?8B0=8O 8 @0728B8O 2 F5;>AB=K9 >1@07>20B5;L=K9 ?@>F5AA 2 8=B5@5A0E @0728B8O @515=:0;
- 8=48284C0;L=K9 ?>4E>4, ?@54?8AK20NI89 381:>5 8A?>;L7>20=85 ?5403>30<8
@07;8G=KE A@54AB2, D>@< 8 <5B>4>2 ?> >B=>H5=8N : :064>AB=>->@85=B8@>20==K9 ?>4E>4, :>B>@K9 ?@54CA<0B@8205B >@30=870F8N
>1@07>20B5;L=>3> ?@>F5AA0 =0 >A=>25 ?@87=0=8O C=8:0;L=>AB8 ;8G=>AB8 @515=:0 8 A>740=8O
CA;>289 4;O 55 @0728B8O =0 >A=>25 87CG5=8O 7040B:>2, A?>A>1=>AB59, 8=B5@5A>2, A:;>==>AB59;
- c@54>2K9 ?>4E>4, >@85=B8@CNI89 =0 8A?>;L7>20=85 2>7<>6=>AB59 2=CB@5==59 8
2=5H=59 A@54K >1@07>20B5;L=>9 >@30=870F88 2 2>A?8B0=88 8 @0728B88 ;8G=>AB8 @515=:0.
1.1.3. A4K<@O9 8?S D4;D45BF>< < D94?<;4J<< #DB7D4@@O I4D4>F9D<, 6 F.K.
I4D4>F9D< BEB59AABEF9= D4;6B?PAB7B 6B;D4EF4
#@8 @07@01>B:5 #@>3@0<3@0D8G5A:>5 <5AB>@0A?>;>65=85; A>F8>:C;LBC@=0O A@540; :>=B8=35=B 2>A?8B0==8:>2;
E0@0:B5@8AB8:8 >A>15==>AB59 @0728B8O 45B59 @0==53> 8 4>H:>;L=>3> 2>7@0AB0.
5>3@0D8G5A:>5 <5AB>@0A?>;>65=85
>@>4 C:>2 - @09>==K9 F5=B@ C:>2A:>3> @09>=0 0;C6A:>9 >1;0AB8. $0A?>;>65= =0
A525@>-2>AB>:5 >1;0AB8 2 ~12 :< : N3>-2>AB>:C >B 65;57=>4>@>6=>9 AB0=F88 "1=8=A:>5, 2
~100 :< : N3>-70?04C >B >A:2K 8 2 ~90 :< >B 0;C38, =0 @5:5 '3>4:5, ?@8B>:5 #@>B2K.
#;>I04L - 21,12 :204@0B=KE :8;><5B@0. !0A5;5=85 - 13 902 G5;>25: ?> A>AB>O=8N =0
01.01.20223. #>;CG8; AB0BCA 3>@>40 2 1996 3>4C, 2 3>4 100-;5B8O A> 4=O @>645=8O =0H53>
75<;O:0 3 5>@38O >=AB0=B8=>28G0 C:>20. 30 =>O1@O 2019 3>40, 2 :0=C= 123-9 3>4>2I8=K
A> 4=O @>645=8O . . C:>20 3>@>4C 1K;> ?@8A2>5=> ?>GёB=>5 720=85 «>@>4 2>8=A:>9
7
4>1;5AB8». 8B5;8 3>@>40 8<5=CNBAO 6C:>2FK, 6C:>25F. +5@57 3>@>4 ?@>E>48B 02B>4>@>30
29-012 «5;>CA>2>-KA>:8=8G8-%5@?CE>2». 5;57=KE 4>@>3 2 3>@>45 8 @09>=5 =5B.
#> A>AB>O=8N =0 2022 3>4 2 3>@>45 C:>2 459AB2CNB:
• 2 4>H:>;L=KE >1@07>20B5;L=KE CG@5645=89;
"1I5>1@07>20B5;P=O5 H:>;O:
• %@54=OO >1I5>1@07>20B5;L=0O H:>;0 № 1 8< %. (. $><0=>20;
• %@54=OO >1I5>1@07>20B5;L=0O H:>;0 № 2 8<5=8 0:045<8:0 . . 5@30
• 1 CG@5645=8O 4>?>;=8B5;L=>3> >1@07>20=8O.
• 1 A@54=5-A?5F80;L=>5 CG51=>5 702545=85.
81;8>B5:8
• *5=B@0;L=0O @09>==0O 181;8>B5:0 8<. $5<57>20;
• 5BA:0O @09>==0O 181;8>B5:0;
• >@>4A:0O 181;8>B5:0 <8:@>@09>=0 #@>B20.
>AB>?@8<5G0B5;P=>AB8
G;9= G>B64
%0<0O 8725AB=0O 4>AB>?@8<5G0B5;L=>ABL 3>@>40 4 <5<>@80;L=K9 :>;5:A,
2>7254ё==K9 2 G5ABL ?>;:>2>4F0 0@H0;0 %>25BA:>3> %>N70 G5BK@564K 5@>O %>25BA:>3>
%>N70 5>@38O >=AB0=B8=>28G0 C:>20, A ?0@04=>9 ;5AB=8F59, 254CI59 :
?>4=>68N ?0@80; 2 =0AB>OI55 2@51>9 :>;5:A, 2 A>AB02 :>B>@>3> 2E>4OB:
740=85 I04LN 4;O ?@>2545=8O ?0@04>2 A 2KAB02:>9 >1@07F>2 2>5==>9 B5E=8:8 8
@53C;O@=K9 ?0@:-A:25@ A <0;K<8 0@E8B5:BC@=K<8 D>@<0<8. <5<>@80;L=>< 48BAO C=8:0;L=0O 48>@0<0 5;8:>9 "B5G5AB25==>9 2>9=K.
-:>=><8:0
#@>2><>;>:>»
• C:>2A:89 702>4 <5B0;;>:>=AB@C:F89
• """ «5A=K5 @5AC@AK»
• #" «C:>2A:89 ;5AE>7»
• '" «C:>2A:>5 ;5A=8G5AB2>»
• ' " «C:>2A:0O 25BAB0=F8O»
• C:>2A:>5 ?0AA068@A:>5 02B>B@0=A?>@B=>5 ?@54?@8OB85
• "" «0;C6A:89 702>4 @048>B5E=8G5A:>9 0??0@0BC@K»
• "" «0;C6A:89 =0CG=>-8AA;54>20B5;LA:89 @048>B5E=8G5A:89 8=AB8BCB» (!$&)
• #( «#@>B59»
• " « Ы%»
"A>15==>AB8 :;8<0B0 0;C6A:>9 >1;0AB8
;8<0B 0;C6A:>9 >1;0AB8 C<5@5==> :>=B8=5=B0;L=K9 A @57:> 2K@065==K<8 A57>=0<8
3>40: C<5@5==> 60@:8< 8 2;06=K< ;5B>< 8 C<5@5==> E>;>4=>9 78<>9 A CAB>9G82K< A=56=K<
?>:@>2><. %@54=OO B55@0BC@0 8N;O >B +18 °C =0 A525@5 4> +21 °C =0 N35, O=20@O >B −12 °C
4> −8 °C. &ё?;K9 ?5@8>4 (A ?>;>68B5;L=>9 A@54=5ACB>G=>9 B55@0BC@>9) 4;8BAO 205 (A525@)
4 220 (N3) 4=59.
#@8@>4=0S 7>=0
0;C6A:0O >1;0ABL @0A?>;>65=0 2 ;5A=>9 7>=5, 2 ?@545;0E :>B>@>9 2K45;ONBAO 425
?>47>=K: ?>47>=0 A<5H0==KE, E2>9=>-;8AB25==KE ;5A>2, ?@>87@0AB0NI8E =0 45@=>2>?>47>;8ABKE ?>G20E, 8 ?>47>=0 H8@>:>;8AB25==KE ;5A>2, 345 @0A?>;>65=K A5@K5 ;5A=K5
8
?>G2K. >AB>G=0O 8 N3>-2>AB>G=0O G0AB8 >1;0AB8 >B=>AOBAO : ?>47>=5 H8@>:>;8AB25==KE
;5A>2, 0 >AB0;L=0O 3 1>;LH0O 55 G0ABL 3 : ?>47>=5 A<5H0==KE ;5A>2.
82>B=O9 <8@
0;C6A:>9 >1;0AB8 70D8:A8@>20=> ?@51K20=85 68 284>2 <;5:>?8B0NI8E. 45AL
>18B0NB :0: B8?8G=> ;5A=K5 725@8 - 1C@K9 <54254L, @KAL, ;>AL, 2>;:, ;8A8F0, :010=, 70OF15;O:, E>@5:, =>@:0, 15;:0, B0: 8 ?@54AB028B5;8, E0@0:B5@=K5 4;O AB5?59, 2 G0AB=>AB8, @0=55
2>48;8AL E>;LH>9 BCH:0=G8:, :@0?G0BK9 ACA;8:, >1K:=>25==K9 AC@>:. !5:>B>@K5
284K 682CB ?@58 ?> A>A54AB2C A G5;>25:>< 3 MB> A5@0O :@KA0, 4><>20O F8>:C;PBC@=>9 A@54O
%>F80;L=0O A@540 2 45BA:>< A04C 3 MB> 2708<>459AB285 @515=:0 A> A25@AB=8:0<8,
2>A?8B0B5;5<. -B> >1I5AB2>, :>B>@>5 CAB0=02;8205BAO 2 3@C??5.
3> CG0AB=8:0<8 O2;ONBAO 45B8, @>48B5;8, 2>A?8B0B5;8, 4@C385 ?5403>38 8
>1A;C6820NI89 ?5@A>=0;. #>A@54AB2>< A>F80;L=>9 A@54K ?@>8AE>48B >G5=L 206=K9
?@>F5AA 3 A>F80;870F8O @515=:0 2 >1I5AB25. <5==> 2 MB>< ?@>F5AA5 8=48284 AB0=>28BAO
;8G=>ABLN 8 ?@8>1@5B05B =5>1E>48A>1=>ABL >1I0BLAO 8 2708<>459AB2>20BL A 4@C38<8 ;N4L<8. ?@>F5AA5 A>F80;870F88
>ACI5AB2;O5BAO 2:;NG5=85 8=482840 2 A>F80;L=K5 >B=>H5=8O 2 >:@C60NICN 53>
A>F80;L=CN A@54C 8 1;03>40@O MB>65B ?@>8AE>48BL 87<5=5=85 53> ?A8E8:8.
A>F80;L=>9 A@545 4>H:>;L=8: D>@<8@C5BAO 8 @50;87C5B A51O 2 :0G5AB25 ;8G=>AB8. MB>9
A@545 @515=>: A>25@H5=AB2C5B A51O, 4>AB8305B CA?5E0 2 >?@545;5==KE A8BC0F8OE,
>@85=B8@C5BAO 2 >1I5AB25==KE >B=>H5=8OE.
>H:>;L=8: >A>7=05B 8 A>>B=>A8B >1I5AB25==K5 8=B5@5AK A ;8G=K<8 ?>B@51=>ABO<8,
AB0;:8205BAO A :>=D;8:B=K<8 A8BC0F8O<8. :>;;5:B825 @515=>: ?@>O2;O5B GC2AB20 8E ?>
>B=>H5=8N 4@C3 : 4@C3C, 2708<=K5 A80B88 8;8 0=B8?0B88, :>B>@K5 A>740NB >?@545;5==CN
M<>F8>=0;L=CN 0B<>AD5@C :>;;5:B820, 2;8ONICN =0 ?>2545=85 ;8G=>AB8. %>F80;L=0O A@540
2 "" <>65B =5 B>;L:> AB820BL 0:B82=>ABL @515=:0, => 8 ?>402;OBL 55 8;8
>4=>2@5<5==> AB820BL 2 >4=>< =0?@02;5=88 8 B>@<>78BL 2 4@C3><. 54L @515=:0 =5
B>;L:> 2>A?8BK20NB >1AB>OB5;LAB20, => 8 2 >?@545;5==>9 <5@5 >= A0< A51O 2>A?8BK205B 2 MB8E
>1AB>OB5;LAB20E, 8718@0B5;L=> >B=>A8BAO : >:@C60NI8< 2;8O=8O<. %>F80;L=0O A@540
A?>A>1AB2C5B CA2>5=8N >1I5AB25==KE A>F80;L=KE =>@< 8 :C;LBC@=KE F5==>AB59, 345 >A>1>5
<5AB> 70=8<0NB B@048F88 8 >1KG08, :>B>@K5 ?>445@6820NBAO 2 45BA:>< A04C. ""
?@>2>4OBAO 4=8 @>645=8O 45B59, =>2K9 3>4, :>;O4:8, <0A;5=8F0 8 B.4.
&0:8< >1@07><, A>F80;L=0O A@540 O2;O5BAO >4=8< 87 3;02=KE 8AB>G=8:>2 @0728B8O
;8G=>AB8 @515=:0. 57CA;>2=>, ?@>F5AA A>F80;870F88 =0G8=05BAO 2 A5 A51E>48<>ABLN 2708<>459AB28O A @07;8G=K<8 8=AB8BCB0<8 >1I5AB20,
2:;NG0O "". +5< ;CGH5 =0;065=K 2708<>>B=>H5=8O C A59 >@30=870F859, B5<
1>;LH5 H0=A>2, GB> @515=>: AB0=5B A>F80;878@>20==>9 CA?5H=>9 ;8G=>ABLN.
>45;P A>F8>:C;PBC@=>9 A@54O >1@07>20B5;P=>9 >@30=870F88
*5;L: A>740=85 CA;>289, A?>A>1AB2CNI8E CA?5H=>AB=>
0:B82=>AB8 :0: ?>;=>?@02=>3> AC1J5:B0 45BA:>-27@>A;>3> A>>1I5AB20.
" #"!!&/ %"*'0&'$!" %$/
$072820NI0O ?@54<5B=>- ?@>AB@0=AB25==0O
A@540
%>F80;L=>->@30=870F8>==0O
45OB5;L=>ABL 2>A?8B0==8:>2
(A>F8>:C;LBC@=K5 A>1KB8O)
$%'$%/
9
>B828@>20==>5 ;8G=>AB=>5
2708<>459AB285 27@>A;KE 8 45B59 (45BA:>27@>A;>5 A>>1I5AB2>)
!,!
•
•
•
!'&$!!
•
•
•
•
7CG5=85 8<5NI53>AO >?KB0 @01>BK ""
?> A>740=8N A>F8>:C;LBC@=>9 A@54K
&5>@5B8G5A:85 >A=>2K ?>AB@>5=8O
A>F8>:C;LBC@=>9 A@54K
%>2@5<5==K5 8AA;54>20=8O 8 B5E=>;>388
#@>D5AA8>=0;L=K9 ?>B5=F80; ?5403>3>2
-:A?5@B870 8<5NI8EAO CA;>289
#>B5=F80;L=K5 2>7<>6=>AB8 A5-B5E=8G5A:>5 >15A?5G5=85
'%"3
%>740=85 ?>;8DC=:F8>=0;L=>9
A@54K
•
•
•
•
#>;8:C;LBC@=0O,
?>;8MB=8G5A:0O
)C4>65AB25==>-MAB5B8G5A:0O
%>F80;L=>-:><->74>@>28B5;L=0O
=>3>0A?5:B=>3> @0AH8@5=8O A>45@60=8O
A>F8>:C;LBC@=>9 45OB5;L=>AB8
•
•
•
84K :C;LBC@=KE ?@0:B8::
8AA;54>20B5;LA:85,
>1@07>20B5;L=K5,
:><@30=87>20==K5, 83@>2K5,
EC4>65AB25==K5
84K 45BA:>9 45OB5;L=>AB8: 4C:B. 4., ?@>5:B. 4.,
42830B5;L=0O
(>@<0 >1@07>20B5;L=KE A>1KB89:
<0AB5@A:85, ;01>@0B>@88,
D5AB820;8
(>@<8@>20=85 A>F8>:C;LBC@=>3>
>1@07>20B5;L=>3> ?@>AB@0=AB20
2708<>459AB285 @>48B5;59, ?5403>3>2 8
45B59
•
•
•
•
•
•
'G0AB85 @>48B5;59 2 "#
%>2<5AB=0O 45BA:>-27@>A;0O
45OB5;L=>ABL
(>@<8@>20=85 >1J548=5=89
?5403>3>2, @>48B5;59 ?> 8=B5@5A0<
>2;5G5=85 @>48B5;59 2
B@0=AD>@<0F8N
?>;8DC=:F8>=0;L=>9 A@54K
:B82=>5 2:;NG5=85 A5F8>:C;LBC@=CN A@54C
>;;5:B82=K9 4>3>2>@-:C;LBC@0
>B=>H5=89
%$%&
0@80=BK
<>45;59
@072820NI8E
A@54
->>=5=BK )A@54K
->>=5=BK
?>;8:C;LBC@=>9
A@54K
->>=5=BK
@5G52>9 A@54K
->>=5=BK
?@>D>@85=B0F8>
==>9 A@54K
$07=>>1@07=K5
284K 45BA:>9
45OB5;L=>AB8
$07=>>1@0785
8A?>;L7>20=8O
A>F80;L=>7=0G81KB89
-"1I5=85
-3@0
-#>7=020B5;L=>8AA;54>20B5;LA:0O
- C7K:0;L=0O
-2830B5;L=0O
-7>1@078B5;L=0O
-%>1KB8O 2 AB@0=5
-%>1KB8O 2 3>@>45
-%>1KB8O 2 "'
(A5<59=K5
?@074=8:8,
B@048F8>==K5
0:F88 8 B.4.)
-%>1KB8O 2 3@C??5
>?>;=8B5;L=K5
>1@07>20B5;L=K5
CA;C38
$07=>>1@07=K5
284K :C;LBC@=KE
?@0:B8:
-«#;0AB8;8=>3@0D8O»
-«8A5@>?;5B5=85»
-«&2>@G5A:0O
<0AB5@A:0O»
-«>@>4 <0AB5@>2»
8 B.4.
AA;54>20B5;LA:85
"1@07>20B5;L=K5
><==K5
3@>2K5
)C4>65AB25==K5
#"& 1((&!"%& $*
#>;>68B5;L=0O 48=0<8:0
;8G=>AB=>3> @0728B8O
@515=:0
$0728B85 AC1J5:B=>9
0:B82=>AB8
!0;8G85 ?>B@51=>AB8 2
?>78B82=><
2708<>459AB288 8 53>
<>45;8@>20=88
#>;>68B5;L=0O 48=0<8:0
?>B@51=>AB59
>ACI5AB2;OBL
A0<>AB>OB5;L=K9 2K1>@
45OB5;L=>AB8,
2K?>;=5=88 A>F80;L=KE
@>;59: 8=8F80B>@,
>@30=870B>@, 8A?>;=8B5;L,
7@8B5;L
-%5<8=0@K
->=AC;LB0F88
- 0AB5@-:;0AAK
-518=0@K
-8A:CAA88 8 B.4.
" %"*"'0&'$!" %$/
#>;>68B5;L=0O 48=0<8:0
@>AB0 ?@>D5AA8>=0;87<0
?5403>3>2
10
$0728B85 ?@>D.
<0AB5@AB20
?5403>3>2 8
:>5B5=B=>AB8
@>48B5;59
!0;8G85 0:B82=>9
AB5?5=8 2:;NG5=8O A5F8>:C;LBC@=CN A@54C
2 @0<:0E 3-E :>>=5=B>2
$57C;LB0B: ?>2KH5=85 MDD5:B82=>AB8 A>F8>:C;LBC@=>9 A@54K 2 >15A?5G5=88
;8G=>AB=>3> @0728B8O @51ё=:0, 53> 0:B82=>AB8 :0: ?>;=>F5==>3> AC1J5:B0 45BA:>-27@>A;>3>
A>>1I5AB20.
'G8BK20O B>, GB> A>2@5<5==K9 <8@ ?@54AB02;O5B A>1>9 A>F8>:C;LBC@=>5 ?@>AB@0=AB2>,
A>F80;L=CN A8AB5B>@>9 2708<>459AB2CNB ?@54AB028B5;8 @07=KE :C;LBC@=KE
A>>1I5AB2, =5>1E>48<>ABL ?@8>1I5=85 4>H:>;L=8:>2 : A>F80;L=>9 459AB28B5;L=>AB8,
=0F5;8;0 =0A =0 A>740=85 <>45;8 A>F8>:C;LBC@=>9 A@54K "", 2:;NG0NICN A8AB5289, A?>A>1AB2CNI8E ;8G=>AB=> 0:B82=>AB8 :0: ?>;=>?@02=>3>
AC1J5:B0 45BA:>-27@>A;>3> A>>1I5AB20.
>45;L 2:;NG05B 2 A51O =5A:>;L:> =0?@02;5=89. "A=>2>?>;030NI8<8 2 =0H59 <>45;8
O2;ONBAO 3 :>>=5=B0:
1. @072820NI0O ?@54<5B=>-?@>AB@0=AB25==0O A@540;
2. A>F80;L=>->@30=87>20==0O 45OB5;L=>ABL 2>A?8B0==8:>2, :0: A>F8>:C;LBC@=>5
A>1KB85;
3. <>B828@>20==>5 ;8G=>AB=>5 2708<>459AB285 27@>A;KE 8 45B59 (2 @0<:0E 45BA:>27@>A;>3> A>>1I5AB20 "").
0==K5 :>>=5=BK ?@54CA<>B@5=K A CG5B>< 2=5H=8E 8 2=CB@5==8E @5AC@A>2. &0:65 2
@0<:0E :064>3> :>>=5=B0 ?@54AB02;5=0 A8AB5<0 CA;>289:
o @0<:0E :>>=5=B0 @072820NI0O ?@54<5B=>-?@>AB@0=AB25==0O A@540 A>740=85
?>;8DC=:F8>=0;L=>9 A@54K, 2:;NG0NI59 ?>;8:C;LBC@=CN, ?>;8MB=8G5A:CN A@54C,
EC4>65AB25==>-MAB5B8G5A:CN,
A>F80;L=>-:><7=020B5;L=>8AA;54>20B5;LA:CN, 42830B5;L=>->74>@>28B5;L=CN A@54C.
o @0<:0E A>F80;L=>->@30=87>20==>9 45OB5;L=>AB8 2>A?8B0==8:>2 MB> A>740=85
CA;>289
G5@57
>15A?5G5=85
<=>3>0A?5:B=>3>
@0AH8@5=8O
A>45@60=8O
A>F8>:C;LBC@=>9 45OB5;L=>AB8 A 8A?>;L7>20=85< @07=KE 284>2 :C;LBC@=KE ?@0:B8:,
284>2 45BA:>9 45OB5;L=>AB8, D>@< >1@07>20B5;L=KE A>1KB89.
o @0<:0E <>B828@>20==>3> ;8G=>AB=>3> 2708<>459AB28O AC1J5:B>2 >1@07>20B5;L=>3>
?@>AB@0=AB20 D>@<8@C5BAO A>F8>:C;LBC@=>5 >1@07>20B5;L=>5 ?@>AB@0=AB2>
2708<>459AB28O @>48B5;59, ?5403>3>2 8 45B59 G5@57 CG0AB85 @>48B5;59 2 "#, G5@57
A>2<5AB=CN 45BA:>-27@>A;0O 45OB5;L=>ABL, G5@57 D>@<8@>20=85 >1J548=5=89
?5403>3>2 8 @>48B5;59 ?> 8=B5@5A0<, 2:;NG5=85 @>48B5;59 2 B@0=AD>@<0F8N
?>;8DC=:F8>=0;L=>9 A@54K 2 CA;>28OE A55 2:;NG5=85 A5F8>:C;LBC@=CN A@54C, G5@57 ?@>5:B8@>20=85 :>;;5:B82=>3> 4>3>2>@0 :0: A2>40
?@028; ?> :C;LBC@5 >B=>H5=89.
"?@545;5=K A@54AB20, :>B>@K5 O2;ONBAO =081>;55 MDD5:B82=K<8:
o 20@80=BK <>45;59 @072820NI59 A@54K 3 EC4>65AB25==>-MAB5B8G5A:0O 8
?>;8:C;LBC@=0O A@540;
o 20@80=BK @07=>>1@07=KE 284>2 45BA:>9 45OB5;L=>AB8 (>1I5=85, 83@0, 1@078B5;L=0O);
o @07=>>1@0785 8A?>;L7>20=8O A>F80;L=>-7=0G81KB89 (A>1KB8O 2 AB@0=5,
A>1KB8O 2 3>@>45, A>1KB8O 2 "", 2 3@C??5)
o 4>?>;=8B5;L=K5 >1@07>20B5;L=K5 CA;C38;
o @07=>>1@07=K5 284K :C;LBC@=KE ?@0:B8: (8AA;54>20B5;LA:85, >1@07>20B5;L=K5,
:><@30=870F8>==K5, 83@>2K5, EC4>65AB25==K5);
11
o @0728B85 ?@>D5AA8>=0;L=>3> <0AB5@AB20 ?5403>3>2 8 :>5B5=B=>AB8 @>48B5;59
(A5<8=0@K, <0AB5@-:;0AAK, 2518=0@K 8 B.4.).
;O
>?@545;5=8O MDD5:B82=>AB8
@50;870F88
A8AB5289
?>AB@>5=8O
A>F8>:C;LBC@=>9 A@54K 8A?>;L7C5BAO A;54CNI85 ?>:070B5;8: ?>;>68B5;L=0O 48=0<8:0
;8G=>AB=>3> @0728B8O @515=:0; ?>B@51=>AB59 ;8G=>AB8 >ACI5AB2;OBL A0<>AB>OB5;L=K9 2K1>@
45OB5;L=>AB8, 2K?>;=5=88 A>F80;L=KE @>;59; @>AB0 ?@>D5AA8>=0;87<0 ?5403>3>2; 0:B82=>9
AB5?5=8 2:;NG5==>AB8 A5F8>:C;LBC@=>5 ?@>AB@0=AB2> "".
#@8 CA;>288 2KO2;5=8O 40==KE ?>:070B5;59 <>6=> @0AAG8BK20BL =0 >684052KH5=85 MDD5:B82=>AB8 A>F8>:C;LBC@=>9 A@54K 2 >15A?5G5=88 ;8G=>AB=>3>
@0728B8O @515=:0, 53> 0:B82=>AB8 :0: ?>;=>F5==>3> AC1J5:B0 45BA:>-27@>A;>3> A>>1I5AB20
"".
&0:8< >1@07><, @50;87C5<0O <>45;L A>F8>:C;LBC@=>9 A@54K ?>72>;O5B >15A?5G820BL
A8AB5289 8 8E MDD5:B82=>ABL, GB> ?>4B25@6405BAO @57C;LB0B0<8 45OB5;L=>AB8
?5403>38G5A:>3> :>;;5:B820.
)0@0:B5@8AB8:0 :>=B8=35=B0 2>A?8B0==8:>2
« C=8F8?0;L=K9 45BA:89 A04 @0A=0O H0?>G:0» 3 45BA:89 A04 >1I5@072820NI53>
2840. A53> 2 "" 2>A?8BK205BAO 135 45B59. "1I55 :>;8G5AB2> 3@C?? 3 6
>=B8=35=B 2>A?8B0==8:>2
B;D4EFA4S >4F97BD 4
"1I5@072820NI0O
(A<5H0==0O)
1
19
"B 3 4> 4 ;5B
"1I5@072820NI0O
1
21
"B 4 4> 5 ;5B
"1I5@072820NI0O
1
25
"B 5 4> 6 ;5B
"1I5@072820NI0O
1
26
"B 6 4> 8 ;5B
"1I5@072820NI0O
2
44
E97B 6 7DGCC – 135 89F9=
$0745;5=85 45B59 =0 2>7@0AB=K5 3@C??K >ACI5AB2;O5BAO 2 A>>B25BAB288 A
70:>=><5@=>ABO<8 ?A8E8G5A:>3> @0728B8O @515=:0 8 ?>72>;O5B 1>;55 MDD5:B82=> @5H0BL
7040G8 ?> @50;870F88 #@>3@0<H:>;L=>3> >1@07>20=8O A 45BL<8, 8<5NI8<8, 2 F5;><,
AE>4=K5 2>7@0AB=K5 E0@0:B5@8AB8:8.
#@545;L=0O =0?>;=O5<>ABL 3@C?? >1I5@072820NI59 =0?@02;5==>AB8 >?@545;O5BAO
A>3;0A=> %# 2.4.3648-20 «%0=8B0@=>-M?845<8>;>38G5A:85 B@51>20=8O : >@30=870F8O<
2>A?8B0=8O 8 >1CG5=8O, >B4KE0 8 >74>@>2;5=8O 45B59 8 <>;>4568», >B 28.09.2020 № 28, 8AE>4O
87 @0AG5B0 ?;>I048 3@C??>2>9 (83@>2>9) :><=0BK:
4;O 3@C?? @0==53> 2>7@0AB0 (4> 3 ;5B) =5 <5=55 2,5 < =0 1 @515=:0;
4;O 3@C?? 4>H:>;L=>3> 2>7@0AB0 (>B 3 4> 8 ;5B) - =5 <5=55 2 < =0 >4=>3> @515=:0, 157
CG5B0 <515;8 8 55 @0AAB0=>2:8.
"1@07>20B5;L=0O 45OB5;L=>ABL 2 3@C??0E "" AB@>8BAO A CG5B>< 2>7@0AB=KE 8
8=48284C0;L=KE >A>15==>AB59 2>A?8B0==8:>2.
12
)0@0:B5@8AB8:8 >A>15==>AB59 @0728B8S 45B59
"B 1 3>40 4> 3 ;5B (@0==89 2>7@0AB)
@0==5< 2>7@0AB5 87<5=ONBAO A>F80;L=0O A8BC0F8O @0728B8O 8 254CI0O 45OB5;L=>ABL
@515=:0. %8BC0B82=>-45;>2>5 >1I5=85 A> 27@>A;K< AB0=>28BAO D>@<>9 8 A@54AB2><
>@30=870F88 ?@54<5B=>9 45OB5;L=>AB8 @515=:0.
7@>A;K9 2KABC?05B =5 ?@>AB> 8AB>G=8:>< ?@54<5B>2 8 ?><>I=8:>< 2 <0=8?C;OF8OE
@515=:0, => 8AB>G=8:>< 53> 45OB5;L=>AB8 8 >1@07F>< 4;O ?>4@060=8O. >7=8:05B A>2<5AB=0O
45OB5;L=>ABL @515=:0 8 27@>A;>3>. 54CI59 AB0=>28BAO ?@54<5B=0O 45OB5;L=>ABL, 2
:>B>@>9 @515=>: >A208205B >1I5AB25==> 2K@01>B0==K5 A?>A>1K 459AB28O A ?@54<5B0<8.
@0<:0E ?@54<5B=>9 45OB5;L=>AB8 2 @0==5< 2>7@0AB5 ?@>8AE>48B 8=B5=A82=>5 ?A8E8G5A:>5
@0728B85 @515=:0 ?> =5A:>;L:8< ;8=8O<, A@548 :>B>@KE 3;02=K<8 O2;ONBAO @5GL, =03;O4=>459AB25==>5 A8<2>;8G5A:>9 83@K, A0<>A>7=0=85. =0G0;5 @0==53>
2>7@0AB0 <0=8?C;OF88 @515=:0 A ?@54<5B0<8 ?@8>1@5B0NB A?5F8D8G5A:89 E0@0:B5@. >?8@CO
42865=8O 27@>A;>3> A :>=:@5B=K<8 ?@54<5B0<8, @515=>:, =0G8=05B ?5@5=>A8BL CA2>5==K5
AE5@>< 3>4C 687=8 ?@>8AE>48B 8=B5=A82=>5 >2;045=85 >@C489=K<8 ?@54<5B=K<8
459AB28O<8. 'A2>5=85 >1I5AB25==>-2K@01>B0==KE A?>A>1>2 8A?>;L7>20=8O ?@54<5B>2
?@>8AE>48B B>;L:> 2 A>2<5AB=>9 45OB5;L=>AB8 @515=:0 8 27@>A;>3>. #@8 >A2>5=88
?@54<5B=>3> 459AB28O 2 ?5@2CN >G5@54L >A20820NBAO DC=:F8O ?@54<5B0->@C48O 8 A9 >A=>25 53> >?5@0F8>=0;L=>-B5E=8G5A:0O AB>@>=0. "A2>5=85
MB>9 AB>@>=K 459AB28O ?@>8AE>48B =5 ?CB5< ?@O<>3> ?@8;06820=8O 459AB28O : >1@07FC, 0 2
?@>F5AA5 A>740=8O @515=:>< >1@070 459AB28O A ?@54<5B><- >@C485<. !5?>A@54AB25==>5
?@8A?>A>1;5=85 : <0B5@80;L=K< A2>9AB20< ?@54<5B0->@C48O ?@>8AE>48B B>;L:> =0 >A=>25
2:;NG5=8O 8E 2 >1@07 459AB28O, ?>AB5?5==> A>740205<.
06=59H59 8 F5=B@0;L=>9 ?A8E8G5A:>9 DC=:F859 O2;O5BAO 2>A?@8OB85. <5==>
2>A?@8OB85 >?@545;O5B DC=:F8>=8@>20=85 8 @0728B85 2A5E ?>7=020B5;L=KE ?@>F5AA>2.
>A?@8OB85 @515=:0 @0728205BAO 2 ?@>F5AA5 ?@54<5B=>9 45OB5;L=>AB8. #>O2;5=85
A>>B=>AOI8E 8 >@C489=KE 459AB289 A 83@CH:0<8 A?>A>1AB2C5B >@85=B0F88 @515=:0 =0
@07;8G=K5 A2>9AB20 ?@54<5B>2, 3;02=K<8 87 :>B>@KE A=0G0;0 O2;O5BAO D>@<0 8 25;8G8=0.
"@85=B0F8O =0 F25B ?>O2;O5BAO ?>74=55. "B 2=5H=8E >@85=B8@>2>G=KE 459AB289 @515=>:
?5@5E>48B : 7@8B5;L=K<, A5=A>@=K< 459AB28O<, GB> A?>A>1AB2C5B D>@<8@>20=8N >1@07>2 8
?@54AB02;5=89.
$0==55 45BAB2> O2;O5BAO ?5@8>4>< AB0=>2;5=8O ?5@28G=KE D>@< =03;O4=>459AB25==>3> F5AA5 :>B>@>3> @515=>: CAB0=02;8205B A2O78 <564C
?@54<5B0<8. "1>1I5=85 ?@54<5B>2 ?> 8E DC=:F88 ?5@2>=0G0;L=> 2>7=8:05B 2 >@C489=KE
459AB28OE. #@8 >A2>5=88 >@C489=KE 459AB289 2 ?@54<5B0E 2K45;ONB =081>;55 ACI5AB25==K5
8 >1I85 ?@87=0:8, GB> ?@82>48B : D>@<8@>20=8N >1>1I5=89, ?@8>1@5B0NI8E E0@0:B5@
?>=OB89. (C=:F8>=0;L=>-?@54<5B=K5 >1@07>20=8O, AD>@<8@>20==K5 2 ?@0:B8G5A:>9
45OB5;L=>AB8 @515=:0, >B@060OAL 2 53> A>7=0=88, 2K7K20NB :0G5AB25==> =>2K5 D>@1>1I5=8O. %@54AB2>< D8:A0F88 8 70:@5?;5=8O 45BA:8E >1>1I5=89 A;C68B @5GL. 06=59H8<
A>1KB85< @0==53> 45BAB20 O2;O5BAO 2AB@5G0 ;8=89 @0728B8O 7=8:05B 8 ?5@2>=0G0;L=> @0728205BAO :0: A@54AB2> >1I5=8O A> 27@>A;K<.
40;L=59H5< >=0 AB0=>28BAO A@54AB2>< < >2;045=8O A2>8< ?>2545=85<.
=0G5=85 A;>2 @515=:0 =5 >AB05BAO =587<5==K<, 0 ?@>E>48B ?CBL A2>53> @0728B8O. 564C 4>
25@10;L=K< ?5@8>4>< 8 ?5@8>4>< @073>2>@=>9 @5G8 =01;N405BAO MB0? 02B>=><=>9 45BA:>9
@5G8, :>B>@K9 ?@8E>48BAO =0 =0G0;> 2B>@>3> 3>40 687=8. %;>20 @515=:0 MB>3> 2>7@0AB0
>B;8G0NBAO >B A;>2 27@>A;>3> 8 ?> 72CG0=8N, 8 ?> 7=0G5=8N. "=8 =5@07@K2=> A2O70=K A
2>A?@8=8<05<>9 A8BC0F859 8 2K?>;=ONB 2 >A=>2=>< C:070B5;L=CN DC=:F8N 2 =59.
2B>=><=0O 45BA:0O @5GL >B@0605B >A>15==>AB8 2>7@0AB0. 3>
A8B =5A0<>AB>OB5;L=K9 E0@0:B5@, >=> ?>4G8=O5BAO 2>A?@8OB8N, 8 0DD5:B82=K9
<><5=B ?@5>1;0405B 2 =5< =04 >B25BAB2CNB =5
13
AC645=8O< 27@>A;KE, 0 A:>@55 8E 2>A:;8F0=8O<. 5BA:0O @5GL ?5@5405B 2>A?@8=8<05=AB0B8@C5B 8E, => =5 >1>1I05B 8 =5 C<>70:;NG05B. %;>20 45BA:>9 @5G8 =5
8<5NB ?>AB>O==>3> 7=0G5=8O- 2 :064>9 =>2>9 A8BC0F88 >=8 >1>7=0G0NB =5GB> 8=>5, G5< 2
?@54K4CI59. E 7=0G5=85 :@09=5 =5CAB>9G82>. -B> A:>@55 C:070B5;L=K5 3>;>A>2K5 65ABK,
G5< =0AB>OI85 A;>20.
A5@548=5 2B>@>3> 3>40 687=8 ?@>8AE>48B «@5G52>9 27@K2», :>B>@K9 ?@>O2;O5BAO 2
@57:>< =0@0AB0=88 A;>20@O 8 ?>2KH5==>< 8=B5@5A5 @515=:0 : @5G8. $>645=85 ?5@2KE
=0AB>OI8E A;>2 @515=:0 ?@>8AE>48B 2 ?@54<5B=>< A>B@C4=8G5AB25 A> 27@>A;K< 8 ?@>E>48B
G5@57 B@8 MB0?0: >@85=B0F8O =0 ?@54<5B, =0 27@>A;>3>, =0 A;>2>. 'A2>5=85 A;>2 8<55B
?@8<5@=> BC 65 ;>38:C, GB> 8 CA2>5=85 >@C489=KE 459AB289.
!0 B@5BL5< 3>4C 687=8 ?@>8AE>48B 8=B5=A82=>5 >A2>5=85 3@0<<0B8G5A:>9 AB@C:BC@K O7K:0
(A2O78 A;>2 2 ?@54;>65=88, ?045659, ?@54;>3>2, A>N7>2 8 ?@.). >2;045=85 3@0<<0B8G5A:>9
AB@C:BC@>9 O7K:0 ?>72>;O5B @515=:C 2K@060BL A;>20<8 B0:85 >B=>H5=8O ?@54<5B>2, :>B>@K5
=5 ?@54AB02;5=K 2 =03;O4=>9 A8BC0F88. #5@2>9 D>@<>9 ?@>872>;L=>3> ?>2545=8O O2;O5BAO
2K?>;=5=85 @5G52KE 8=AB@C:F89 27@>A;>3>. #@8 2K?>;=5=88 @5G52KE 8=AB@C:F89 ?>2545=85
@515=:0 >?@545;O5BAO =5 2>A?@8=8<05<>9 A8BC0F859, A;>2>< 27@>A;>3>. "2;045=85 A>;>2>< 8
>B45;5=85 53> >B :>=:@5B=>3> ?@54<5B0 2 @0==5< 2>7@0AB5 <>6=> @0AA<0B@820BL :0:
?5@2K9 MB0? 2 @0728B88 ?@>872>;L=>3> ?>2545=8O @515=:0. ;03>40@O MB>8AE>48B
?@5>4>;5=85 A8BC0B82=>AB8 8 >ACI5AB2;O5BAO =>2K9 H03 : A2>1>45 >B =5?>A@54AB25==>3>
2>A?@8OB8O. @0==5< 2>7@0AB5 ?@>8AE>48B @0745;5=85 ?@54<5B=>-?@0:B8G5A:>9 8 83@>2>9
45OB5;L=>AB8 45B59.
!0 2B>@>< 3>4C 687=8 83@0 45B59 8<55B ?@>F5AAC0;L=K9 E0@0:B5@: 83@>2K5 459AB28O
>4=>0:B=K5, <564C A>1>9 =5 A2O70=K, AB5@5>B8?=K. $515=>: 5I5 =5 >A>7=05B, GB> >= 83@05B:
>= ?@>AB> 459AB2C5B A ?@54<5B0<8. (>@<8@>20=85 83@>2KE 70<5I5=89 >ACI5AB2;O5BAO 2
A>2<5AB=>9 83@5 @515=:0 A> 27@>A;K<. -B> ?@>F5AA <>6=> >?8A0BL :0: ?@52@0I5=85
@0745;5==>3> A> 27@>A;K< 459AB28O 2 8=48284C0;L=>5 459AB285 @515=:0, 2 E>45 :>B>@>3> >=
>B:@K205B =>2K9 A?>A>1 459AB28O A ?@54<5B0<8 8 87>1@5B05B A2>8 A>1AB25==K5 A?>A>1K
70<5I5=8O. ?@>F5AA5 D>@<8@>20=8O 83@>2KE 70<5I5=89 @515=>: >B45;O5B 459AB28O
(=07=0G5=85) 8 =0720=85 (A;>2>) >B :>=:@5B=>3> ?@54<5B0, 1;03>40@O G528BAO
2>7<>6=K< ?5@5=>A 7=0G5=8O >4=>3> ?@54<5B0 =0 4@C3>9. #5@58<5=>20=85 ?@54<5B0
(22545=85 7=0:0) ?@5>1@07C5B 4;O @515=:0 2>A?@8=8<052CN.
%B0=>28BAO 2>7<>6=K< 459AB285 >B A;>20 (8;8 B 25I8. 564C B@5BL8< 8 2B>@K<
3>4>< 687=8 E0@0:B5@ 83@K 45B59 ACI5AB25==> <5=O5BAO: CA8;8205BAO 83@>20O <>B820F8O,
87<5=O5BAO AB@C:BC@0 83@>2KE 459AB289, =0G8=05B 0:B82=> @01>B0BL 2>>1@065=85 45B59.
"@838=0;L=K5 83@>2K5 70<5I5=8O, :>B>@K5 <>6=> =01;N40BL C65 C 45B59 B@5BL53> 3>40
687=8, <>6=> @0AA<0B@820BL :0: ?5@2K5 ?@>O2;5=8O 2>>1@065=8O 8 B2>@G5AB20.
#>B@51=>ABL 2 >1I5=88 A> A25@AB=8:0<8 A:;04K205BAO =0 ?@>BO65=88 @0==53> 45BAB20.
$0728B85 ?>B@51=>AB8 2 >1I5=88 A> A25@AB=8:0<8 ?@8E>48B @O4 MB0?>2. !0 2B>@>< 3>4C 687=8
C 45B59 =01;N405BAO 2=8<0=85 8 8=B5@5A 4@C3 : 4@C3C; : :>=FC 2B>@>3> 3>40 687=8-AB@5<;5=85
?@82;5GL : A515 2=8<0=85 A25@AB=8:0 8 ?@>45<>=AB@8@>20BL 58 CA?5E8; =0 B@5BL5< 3>4C
687=8 ?@>O2;O5BAO GC2AB28B5;L=>ABL 45B59 : >B=>H5=8N A25@AB=8:0, GB> ?@82>48B :
>:>=G0B5;L=>@<8@>20=8N ?>B@51=>AB8 >1I5=8O A =8<.
"1I5=85 45B59 4@C3 A 4@C3>< 2 @0==5< 2>7@0AB5 8<55B D>@F8>=0;L=>?@0:B8G5A:>3> 2708<>459AB28O, E0@0:B5@=K<8 >A>15==>ABO<8 :>B>@>3> O2;ONBAO:
1. !5?>A@54AB25==>ABL, >BACBAB285 ?@54<5B=>3> A>45@60=8O;
2. $0A:>20==>ABL, M<>F8>=0;L=0O =0AKI5==>ABL;
3. !5AB0=40@B=>ABL :><5 >B@065=85 459AB289 8 42865=89 ?0@B=5@0.
5B8 45<>=AB@8@CNB 8 2>A?@>872>4OB 4@C3 ?5@54 4@C3>< M<>F8>=0;L=>->:@0H5==K5
83@>2K5 459AB28O; >1I=>ABL 459AB289 8 M<>F8>=0;L=KE M:A?@5AA89 405B 8< C25@5==>ABL 2
A515 8 ?@8=>A8B O@:85 M<>F8>=0;L=K5 ?5@56820=8O. +5@57 A25@AB=8:0 @515=>: 2K45;O5B A51O,
>A>7=05B A2>8 8=48284C0;L=K5 >A>15==>AB8. $5H0NI0O @>;L 2 ?@>F5AA5 D>@<8@>20=8O
14
>1I5=8O A> A25@AB=8:>< ?@8=04;568B 27@>A;>;55 MDD5:B82=K< ?CB5< 2>7459AB28O
27@>A;>3> =0 :>=B0:BK 45B59 O2;O5BAO >@30=870F8O AC1J5:B=>3> 2708<>459AB28O <564C =8<8.
;02=>9 2>7@0AB=>9 >A>15==>ABLN @0==53> 2>7@0AB0 O2;O5BAO A8BC0B82=>ABL, :>B>@0O
70:;NG05BAO 2 7028A8<>AB8 ?>2545=8O 8 ?A8E8:8 @515=:0 >B 2>A?@8=8<05<>9 A8BC0F88.
%8BC0B82=>ABL A2O70=0 A 0DD5:B82=K< E0@0:B5@>< 2>A?@8OB8O 45B59 @0==53> 2>7@0AB0.
B@5< 3>40< @57:> 2>7@0AB05B AB@5<;5=85 : A0<>AB>OB5;L=>AB8 8 =57028A8<>AB8 >B
27@>A;>3>, GB> =0E>48B A2>5 2K@065=85 2 :@878A5 B@5E ;5B. "A=>2=K<8 A8<0<8 MB>3>
:@878A0 O2;ONBAO =530B8287<, C?@O, AB@>?B82>ABL 8 A2>52>;85 @515=:0, 1C=B ?@>B82
>:@C60NI8E. 0 MB8<8 =530B82=K<8 A8<0<8 AB>OB ;8G=>AB=K5 =>2>>1@07>20=8O:
«A8AB5<0 /», ;8G=>5 459AB285, A>7=0=85 «/ A0<», GC2AB2> 3>@4>AB8 70 A2>8 4>AB865=8O.
!>2>5 2845=85 A51O G5@57 ?@878E 4>AB865=89 :;045B =0G0;> 1C@=>ABC
A0<>A>7=0=8O: / @515=:0, A>?>AB02;O5<>5 A ?@54<5B><, 2 @57C;LB0B0E A2>59 45OB5;L=>AB8,
?@54AB02;O5B :0: >1J5:B, =5 A>2?040NI89 A =8<. $515=>: AB0=>28BAO A?>A>1=K< >ACI5AB28BL
M;5<5=B0@=CN @5D;5:A8N, :>B>@0O @072>@0G8205BAO =5 2> 2=CB@5==5< ?;0=5, 0 8<5==>
@0725@=CBK9 2>2=5 E0@0:B5@ >F5=:8 A2>53> 4>AB865=8O, B.5. M;5<5=B0@=>9 A0<>>F5=:8.
%B0=>2;5=85 «A8AB5>F5=:8 7=0<5=C5B ?5@5E>4 : =>2>H:>;L=>7@0AB=O5 >A>15==>AB8 45B59 A 2 4> 3 ;5B (<;04H0S 3@C??0)
!0 B@5BL5< 3>4C 687=8 ?@>4>;605B @072820BLAO ?@54<5B=0O 45OB5;L=>ABL,
A8BC0B82=>-45;>2>5 >1I5=85 @515=:0 8 27@>A;>3>; A>25@H5=AB2C5BAO 2>A?@8OB85, @5GL,
=0G0;L=K5 D>@872>;L=>3> ?>2545=8O, 83@K, =03;O4=>-459AB25==>5 >B=>A8B5;L=K5 8 >@C489=K5 459AB28O. '<5=85 2K?>;=OBL >@C489=K5 459AB28O
@0728205B ?@>872>;L=>ABL, ?@5>1@07CO =0BC@0;L=K5 D>@AB8 2 :C;LBC@=K5 =0
>A=>25 ?@54;0305<>9 27@>A;K< <>45;8, :>B>@0O 2KABC?05B 2 :0G5AB25 =5 B>;L:> >1J5:B0 4;O
?>4@060=8O, => 8 >1@07F0, @53C;8@CNI53> A>1AB25==CN 0:B82=>ABL @515=:0.
E>45 A>2<5AB=>9 A> 27@>A;K<8 ?@54<5B=>9 45OB5;L=>AB8 ?@>4>;605B @072820BLAO
?>=8<0=85 @5G8. 5B8 ?@>4>;60NB >A20820BL =0720=8O >:@C60NI8E ?@54<5B>2, CG0BAO
2K?>;=OBL ?@>ABK5 A;>25A=K5 ?@>AL1K 27@>A;KE 2 ?@545;0E 2848<>9 =03;O4=>9 A8BC0F88.
%>25@H5=AB2C5BAO @53C;OF8O ?>2545=8O 2 @57C;LB0B5 >1@0I5=8O 27@>A;KE : @515=:C, :>B>@K9
=0G8=05B ?>=8<0BL =5 B>;L:> 8=AB@C:F8N, => 8 @0AA:07 27@>A;KE. %>25@H5=AB2C5BAO A;CE>2>5
2>A?@8OB85, ?@5645 2A53> D>=5<0B8G5A:89 A;CE. B@5< 3>40< 687=8 45B8 2>A?@8=8<0NB 2A5
72C:8 @>4=>3> O7K:0, => ?@>87=>AOB 8E A 1>;LH8<8 8A:065=8O<8. =B5=A82=> @0728205BAO
0:B82=0O @5GL 45B59. B@5< 3>40< >=8 >A20820NB >A=>2=K5 3@0<<0B8G5A:85 AB@C:BC@K,
?KB0NBAO AB@>8BL ?@>ABK5 ?@54;>65=8O, 2 @073>2>@5 A> 27@>A;K<8 8A?>;L7CNB ?@0:B8G5A:8
2A5 G0AB8 @5G8. :B82=K9 A;>20@L 4>AB8305B ?@8<5@=> 1000-1500 A;>2. :>=FC B@5BL53> 3>40
@5GL AB0=>28BAO A@54AB2>< >1I5=8O @515=:0 A> A25@AB=8:0<8. MB>< 2>7@0AB5 C 45B59
D>@<8@CNBAO =>2K5 284K 45OB5;L=>AB8: 83@0, @8A>20=85, :>=AB@C8@>20=85.
45OB5;L=>AB8 A>25@H5=AB2CNBAO 7@8B5;L=K5 8 A;CE>2K5 >@85=B8@>2:8, GB>
?>72>;O5B 45BO< 157>H81>G=> 2K?>;=OBL @O4 7040=89: >ACI5AB2;OBL 2K1>@ 87 2-3 ?@54<5B>2
?> D>@<5, 25;8G8=5 8 F25BC; @07;8G0BL <5;>488; ?5BL.
3@0 =>A8B ?@>F5AAC0;L=K9 E0@0:B5@, 3;02=>5 2 =59 3 459AB28O, :>B>@K5 A>25@H0NBAO
A 83@>2K<8 ?@54<5B0<8, ?@81;865==K<8 : @50;L=>AB8. A5@548=5 B@5BL53> 3>40 687=8
?>O2;ONBAO 459AB28O A ?@54<5B0<8-70<5AB8B5;O<8.
#>O2;5=85 A>1AB25==> 87>1@078B5;L=>9 45OB5;L=>AB8 >1CA;>2;5=> B5<, GB> @515=>:
C65 A?>A>15= AD>@20BL =0<5@5=85 87>1@078BL :0:>9 3 ;81> ?@54<5B. &8?8G=K<
O2;O5BAO 87>1@065=85 G5;>25:0 2 2845 «3>;>20-=>30» - >:@C6=>AB8 8 >BE>4OI8E >B =55 ;8=89.
"A=>2=>9 D>@<>9 28BAO =03;O4=> 3 459AB25==>5. 3> >A>15==>ABL
70:;NG05BAO 2 B><, GB> 2>7=8:0NI85 2 687=8 @515=:0 ?@>1;5<=K5 A8BC0F88 @07@5H0NBAO
?CB5< @50;L=>3> 459AB28O A ?@54<5B0<8. "1I0O <>B>@8:0 D>@<8@C5BAO, @515=>: CG8BLAO
42830BLAO 2 ?@>AB@0=AB25 1530BL, E>48BL, A>E@0=OBL @02=>25A85, A845BL «=0 :>@B>G:0E»,
459AB2>20BL A ?@54<5B0<8.
15
;O 45B59 MB>3> 2>7@0AB0 E0@0:B5@=0 =5>A>7=0==>ABL <>B82>2, 8ABL 8
7028A8<>ABL GC2AB2 8 65;0=89 >B A8BC0F88. 5B8 ;53:> 70@060NBAO M<>F8>=0;L=K<
A>AB>O=85< A25@AB=8:>2. "4=0:> 2 MB>B ?5@8>4 =0G8=05B A:;04K20BLAO 8 ?@>872>;L=>ABL
?>2545=8O. "=0 >1CA;>2;5=0 @0728B85< >@C489=KE 459AB289 8 @5G8. ' 45B59 ?>O2;ONBAO
GC2AB20 3>@4>AB8 8 ABK40, =0G8=0NB D>@<8@>20BLAO M;5<5=BK A0<>A>7=0=8O, A2O70==K5 A
845=B8D8:0F859 A 8<5=5< 8 ?>;><.
$0==89 2>7@0AB 7025@H05BAO :@878A>< B@5E ;5B. $515=>: >A>7=05B A51O :0: >B45;L=>3>
G5;>25:0, >B;8G=>3> >B 27@>A;>3>, C =53> D>@<8@C5BAO >1@07 /. @878A G0AB> A>?@>2>6405BAO
@O4>< >B@8F0B5;L=KE ?@>O2;5=89: =530B8287<><, C?@O<, =0@CH5=85< >1I5=8O A>
27@>A;K<8 8 4@. @878A <>65B ?@>4>;60BLAO >B =5A:>;L:8E <5AOF52 4> 42CE ;5B.
"B 3 4> 4 ;5B (2B>@0S <;04H0S 3@C??0)
MB>< 2>7@0AB5 2KA>:0 ?>B@51=>ABL @515=:0 2 42865=88 (53> 42830B5;L=0O 0:B82=>ABL
A>AB02;O5B =5 <5=5 ?>;>28=K 2@5<5=8 1>4@AB2>20=8O). $515=>: =0G8=05B >A20820BL >A=>2=K5
42865=8O, C =53> 0:B82=> D>@<8@CNBAO D878G5A:85 :0G5AB20: A:>@>AB=K5, A8;>2K5, 381:>ABL,
:>>@48=0F8O, 2K=>A;82>ABL).
2>7@0AB5 3-4 ;5B @515=>: ?>AB5?5==> 2KE>48B 70 ?@545;K A5<59=>3> :@C30. 3>
>1I5=85 AB0=>28BAO 2 =5 A8BC0B82=K<. 7@>A;K9 AB0=>28BAO 4;O @515=:0 =5 B>;L:> G;5=><
A5 8 2KABC?05B =>A8B5;5< >?@545;5==>9 >1I5AB25==>9 DC=:F88. 5;0=85 @515=:0
2K?>;=OBL B0:CN 65 DC=:F8N ?@82>48B : ?@>B82>@5G8N A 53> @50;L=K<8 2>7<>6=>ABO<8.
-B> ?@>B82>@5G85 @07@5H05BAO G5@57 @0728B85 83@K, :>B>@0O AB0=>28BAO 254CI8< 284><
45OB5;L=>AB8 2 4>H:>;L=>< 2>7@0AB5.
;02=>9 >A>15==>ABLN 83@K O2;O5BAO 55 CA;>2=>ABL: 2K?>;=5=85 >4=8E 459AB289 A
>4=8<8 ?@54<5B0<8 ?@54?>;0305B 8E >B=5A5==>ABL : 4@C38< 459AB28O< A 4@C38<8 ?@54<5B0<8.
"A=>2=K< A>45@60=85< 83@K O2;ONBAO 459AB28O A 83@CH:0<8 8 ?@54<5B0<8 –
70<5AB8B5;O<8. #@>4>;68B5;L=>ABL
83@K =51>;LH0O.
;04H85 4>H:>;L=8:8
>3@0=8G820NBAO 83@>9 A 1-2 @>;O<8 8 ?@>ABK<8, =5@0725@=CBK<8 AN65B0<8. 3@K A
?@028;0<8 B>;L:> =0G8=0NB D>@<8@>20BLAO.
7>1@078B5;L=0O 45OB5;L=>ABL @515=:0 7028A8B >B 53> ?@54AB02;5=89 > ?@54<5B5.
MB>< 2>7@0AB5 >=8 B>;L:> =0G8=0NB D>@<8@>20BLAO. @0D8G5A:85 >1@07K 154=K. ' >4=8E
45B59 2 87>1@065=8OE >BACBAB2CNB 45B0;8, C 4@C38E @8AC=:8 <>3CB 1KBL 1>;55
45B0;878@>20=K. 5B8 C65 <>3CB 8A?>;L7>20BL F25B.
>;LH>5 7=0G5=85 4;O @0728B8O <5;:>9 <>B>@8:8 8<55B ;5?:0. ;04H85 4>H:>;L=8:8
A?>A>1=K ?>4 @C:>2>4AB2>< 27@>A;>3> 2K;5?8BL ?@>ABK5 ?@54<5BK.
725AB=>, GB> 0??;8:0F8O >:07K205B ?>;>68B5;L=>5 2;8O=85 =0 @0728B85 2>A?@8OB8O.
MB>< 2>7@0AB5 45BO< 4>ABC?=K ?@>AB59H85 284K 0??;8:0F88. >=AB@C:B82=0O 45OB5;L=>ABL
2 <;04H5< 4>H:>;L=>< 2>7@0AB5 >3@0=8G5=0 2>72545=85< =5A;>6=KE ?>AB@>5: ?> >1@07FC 8
?> 70< 2>7@0AB5 @0728205BAO ?5@F5?B82=0O 45OB5;L=>ABL. 5B8 >B 8A?>;L7>20=8O
MB0;>==>-8=48284C0;L=KE 548=8F 2>A?@8OB8O, ?5@5E>4OB : A5=A>@=K< MB0;>=0< 3 :C;LBC@=>
3 2K@01>B0==K< A@54AB20< 2>A?@8OB8O. :>=FC <;04H53> 4>H:>;L=>3> 2>7@0AB0 45B8 <>3CB
2>A?@8=8<0BL 4> 5 8 1>;55 D>@< ?@54<5B>2 8 4> 7 8 1>;55 F25B>2, A?>A>1=K
48DD5@5=F8@>20BL ?@54<5BK ?> 25;8G8=5, >@85=B8@>20BLAO 2 ?@>AB@0=AB25 3@C??K 45BA:>3>
A040, 0 ?@8 >?@545;5==>9 >@30=870F88 >1@07>20B5;L=>3> ?@>F5AA0 3 8 2 ?><5I5=88 2A53>
4>H:>;L=>3> CG@5645=8O.
$072820NBAO ?0 ?@>AL15 27@>A;>3> 45B8 <>3CB 70?><=8BL 3-4 A;>20
8 5-6 =0720=89 ?@54<5B>2. :>=FC 3>40 >=8 A?>A>1=K 70?><=8BL 7=0G8B5;L=K5 >B@K2:8 87
;N18872545=89. MB>< 2>7@0AB5 @515=>: @07;8G05B >A=>2=K5 F25B0, D>@2, 8E 25;8G8=C, @0A?>;>65=85 2 ?@>AB@0=AB25, =07=0G5=85 ?@54<5B>2, 7=0:>< A
>B45;L=K5 3@C??0<8 ?@54<5B>2->1J5:B>2: B@0=A?>@B, >45640, >2>I8, 682>B=K5, 83@CH:8 8
B.4.
#@>4>;605B @072820BLAO =03;O4=> 3 459AB25==>5 < ?@5>1@07>20=8O
A8BC0F89 2 @O45 A;CG052 >ACI5AB2;O5BAO =0 >A=>25 F5;5=0?@02;5==KE ?@>1 A CG5B><
16
65;05<>3> @57C;LB0B0. >H:>;L=8:8 A?>A>1=K CAB0=>28BL =5:>B>@K5 A:@KBK5 A2O78 8
>B=>H5=8O <564C ?@54<5B0<8.
:B82=> @0728205BAO A;>20@L 45B59, >=8 >2;04520NB 3@0<<0B8G5A:8< AB@>5< @5G8, 2>7<>6=K
45D5:BK 72C:>?@>87=>H5=8O.
<;04H5< 4>H:>;L=>< 2>7@0AB5 =0G8=05B @072820BLAO 2>>1@065=85, :>B>@>5
>A>15==> =03;O4=> ?@>O2;O5BAO 2 83@5, :>340 >4=8 >1J5:BK 2KABC?0NB 2 :0G5AB25
70<5AB8B5;59 4@C38E.
708<>>B=>H5=8O 45B59 >1CA;>2;5=K =>@<0<8 8 ?@028;0<8. @57C;LB0B5
F5;5=0?@02;5==>3> 2>7459AB28O >=8 <>3CB CA2>8BL >B=>A8B5;L=> 1>;LH>5 :>;8G5AB2> =>@<,
:>B>@K5 2KABC?0NB >A=>20=85< 4;O >F5=:8 A>1AB25==KE 459AB289 8 459AB289 4@C38E 45B59.
708<>>B=>H5=8O 45B59 O@:> ?@>O2;ONBAO 2 83@>2>9 45OB5;L=>AB8. "=8 A:>@55 83@0NB @O4><,
G5< 0:B82=> 2ABC?0NB 2> 2708<>459AB285. "4=0:> C65 2 MB>< 2>7@0AB5 <>3CB =01;N40BLAO
CAB>9G82K5 8718@0B5;L=K5 2708<>>B=>H5=8O.
>=D;8:BK <564C 45BL<8 2>7=8:0NB
?@58 ?> ?>2>4C 83@CH5:. #>;>65=85 @515=:0 2 3@C??5 A25@AB=8:>2 2> <=>3><
>?@545;O5BAO <=5=85< 2>A?8B0B5;O.
<;04H5< 4>H:>;L=>< 2>7@0AB5 <>6=> =01;N40BL A>?>4G8=5=85 <>B82>2 ?>2545=8O
2 >B=>A8B5;L=> ?@>ABKE A8BC0F8OE. %>7=0B5;L=>5 C?@02;5=85 ?>2545=85< B>;L:> =0G8=05B
A:;04K20BLAO; 2> <=>3>< ?>2545=85 @515=:0 5I5 A8BC0B82=>. <5AB5 A B5< <>6=> =01;N40BL
8 A;CG08 >3@0=8G5=8O A>1AB25==KE ?>1C645=89 A0<8< @515=:><, A>?@>2>640525A=K<8 C:070=8O<8. !0G8=05B @072820BLAO A0<>>F5=:0, ?@8 MB>< 45B8 2 7=0G8B5;L=>9
<5@5 >@85=B8@CNBAO =0 >F5=:C 2>A?8B0B5;O.
0;KH8 A?>A>1=K 2K?>;=OBL >B45;L=K5
459AB28O 2 E>7O9AB25==>-1KB>2>< 8 B@C45 2 ?@8@>45.
#@>4>;605B @072820BLAO B0:65 8E ?>;>20O 845=B8D8:0F8O, GB> ?@>O2;O5BAO 2
E0@0:B5@5 2K18@052.
"B 4 4> 5 ;5B (A@54=SS 3@C??0)
"A=>2=K5 4>AB865=8O 2>7@0AB0 A2O70=K A @0728B85< 83@>2>9 45OB5;L=>AB8;
?>O2;5=85< @>;52KE 8 @50;L=KE 2708<>459AB289; A @0728B85< 87>1@078B5;L=>9 45OB5;L=>AB8;
:>=AB@C8@>20=85< ?> 7020=85<; A>25@H5=AB2>20=85< 2>A?@8OB8O, @0728B85<
>1@07=>3> >1@065=8O, M3>F5=B@8G=>ABLN ?>7=020B5;L=>9 ?>78F88; @0728B85<
2=8<0=8O,
?>7=020B5;L=>9 <>B820F88, A>25@H5=AB2>20=8O 2>A?@8OB8O; D>@<8@>20=85< ?>B@51=>AB8 2
C2065=88
A>
AB>@>=K
27@>A;>3>,
?>O2;5=85<
>184G82>AB8,
:>=:C@5=B=>AB8,
A>@52=>20B5;L=>AB8 A> A25@AB=8:0<8; 40;L=59H8< @0728B85< >1@070 / @515=:0, 53>
45B0;870F859.
:>=FC A@54=53> 4>H:>;L=>3> 2>7@0AB0 2>A?@8OB85 AB0=>28BAO 1>;55 @0728BK<. "=8
>:07K20NBAO A?>A>1=K<8 =0720BL D>@B>@CN ?>E>6 B>B 8;8 8=>9 ?@54<5B. >3CB
2KG;5=OBL 2 A;>6=KE >1J5:B0E ?@>ABK5 D>@ABKE D>@< 2>AA>74020BL A;>6=K5
>1J5:BK. 5B8 A?>A>1=K C?>@O4>G8BL 3@C??K ?@54<5B>2 ?> A5=A>@=>B0, 4;8=0 8 H8@8=0.
%>25@H5=AB2C5BAO >@85=B0F8O 2 ?@>AB@0=AB25. >7@0AB 4-5 ;5B 3 MB> 206=K9 ?5@8>4
@0728B8O 45BA:>9 ;N1>7=0B5;L=>AB8.
>7@0AB05B >1J5< ?0<8=0NB 4> 7-8 =0720=89 ?@54<5B>2. !0G8=05B
A:;04K20BLAO ?@>872>;L=>5 70?><8=0=85: 45B8 A?>A>1=K ?@8=OBL 7040GC =0 70?><8=0=85,
?><=OB ?>@CG5=8O 27@>A;KE, <>3CB 2KCG8BL =51>;LH>5 AB8E>B2>@5=85 8 B.4.
!0G8=05B @072820BLAO >1@07=>5 :07K20NBAO A?>A>1=K<8
8A?>;L7>20BL ?@>ABK5 AE5<0B878@>20==K5 87>1@065=8O 4;O @5H5=8O =5A;>6=KE 7040G.
>H:>;L=8:8 <>3CB AB@>8BL ?> AE5<5, @5H0BL ;018@8=B=K5 7040G8. $0728205BAO
?@542>AE8I5=85. !0 >A=>25 ?@>AB@0=AB25==>3> @0A?>;>65=8O >1J5:B>2 45B8 <>3CB A:070BL,
GB> ?@>87>945B 2 @57C;LB0B5 8E 2708<>459AB28O. "4=0:> ?@8 MB>< 8< B@C4=> 2AB0BL =0
?>78F8N 4@C3>3> =01;N40B5;O 8 2> 2=CB@5==5< ?;0=5 A>25@H8BL 5 ?@5>1@07>20=85
>1@070.
17
#@>4>;605B @072820BLAO 2>>1@065=85. (>@<8@CNBAO B0:85 53> A?>A>1=>AB8, :0:
>@838=0;L=>ABL 8 ?@>872>;L=>ABL. 5B8 <>3CB A0<>AB>OB5;L=> ?@84C<0BL =51>;LHCN A:07:C
=0 7040==CN B59G82>ABL 2=8<0=8O. $515=:C >:07K205BAO 4>ABC?=>9
A>A@54>B>G5==0O 45OB5;L=>ABL 2 B5G5=85 15-20 <8=CB. "= A?>A>15= C45@6820BL 2 ?0;=5=88 :0:8E 3 ;81> 459AB289 =5A;>6=>5 CA;>285.
A@54=5< 4>H:>;L=>< 2>7@0AB5 C;CGH05BAO ?@>87=>H5=85 72C:>2 8 48:F8O. $5GL
AB0=>28BAO ?@54<5B>< 0:B82=>AB8 45B59. "=8 C40G=> 8<8B8@CNB 3>;>A0 682>B=KE,
8=B>=0F8>==> 2K45;ONB @5GL B5E 8;8 8=KE ?5@A>=0659. =B5@5A 2K7K20NB @8B<8G5A:0O
AB@C:BC@0 @5G8, @8D@>=0
@5G8.
>H:>;L=8:8
70=8<0NBAO
A;>2>B2>@G5AB2>< =0 >A=>25 3@0<<0B8G5A:8E ?@028;. $5GL 45B59 ?@8 2708<>459AB288 4@C3 A
4@C3>< =>A8B A8BC0B82=K9 E0@0:B5@, 0 ?@8 >1I5=88 A> 27@>A;K< AB0=>28BAO 2=5-A8BC0B82=>9.
7<5=O5BAO A>45@60=85 >1I5=8O @515=:0 8 27@>A;>3>. "=> 2KE>48B 70 ?@545;K
:>=:@5B=>9 A8BC0F88, 2 :>B>@>9 >:07K205BAO @515=>:. 54CI8< AB0=>28BAO ?>7=020B5;L=K9
<>B82. =D>@<0F8O, :>B>@CN @515=>: ?>;CG05B 2 ?@>F5AA5 >1I5=8O, <>65B 1KBL A;>6=>9 8
B@C4=>9 4;O ?>=8<0=8O, => >=0 2K7K205B C =53> 8=B5@5A. ' 45B59 D>@<8@C5BAO ?>B@51=>ABL 2
C2065=88 A> AB>@>=K 27@>A;>3>, 4;O =8E >:07K205BAO G@572KG09=> 206=>9 53> ?>E20;0.
#>2KH5==0O >184G82>ABL ?@54AB02;O5B A>1>9 2>7@0AB=>9 D5=><5=. 708<>>B=>H5=8O A>
A25@AB=8:0<8 E0@0:B5@87CNBAO 8718@0B5;L=>ABLN, :>B>@0O 2K@0605BAO 2 ?@54?>GB5=88 >4=8E
45B59 4@C38<. #>O2;ONBAO ?>AB>O==K5 ?0@B=5@K ?> 83@0<. 3@C??0E =0G8=0NB 2K45;OBLAO
;845@K. #>O2;O5BAO :>=:C@5=B=>ABL, A>@52=>20B5;L=>ABL. #>A;54=OO 206=0 4;O A@02=5=8O
A51O A 4@C38<8, GB> 2545B : @0728B8N >1@070 / @515=:0, 53> 45B0;870F88.
83@>2>9 45OB5;L=>AB8 45B59 A@54=53> 4>H:>;L=>3> 2>7@0AB0 ?>O2;ONBAO @>;52K5
2708<>459AB28O. "=8 C:07K20NB =0 B>, GB> 4>H:>;L=8:8 =0G8=0NB >B45;OBL A51O >B ?@8=OB>9
@>;8. ?@>F5AA5 83@K @>;8 <>3CB <5=OBLAO. 3@>2K5 459AB28O =0G8=0NB 2K?>;=OBLAO =5 @048
=8E A0<8E, 0 @048 A8AE>48B @0745;5=85 83@>2KE 8 @50;L=KE 2708<>459AB289
45B59.
=0G8B5;L=>5 @0728B85 ?>;CG05B 87>1@078B5;L=0O 45OB5;L=>ABL. $8AC=>: AB0=>28BAO
?@54<5B=K< 8 45B0;878@>20==K<. @0D8G5A:>5 87>1@065=85 G5;>25:0 E0@0:B5@87C5BAO
=0;8G85< BC;>28I0, 3;07, @B0, =>A0, 2>;>A, 8=>340 >4564K 8 55 45B0;59. %>25@H5=AB2C5BAO
B5E=8G5A:0O AB>@>=0 87>1@078B5;L=>9 45OB5;L=>AB8. 5B8 <>3CB @8A>20BL >A=>2=K5
35><5B@8G5A:85 D83C@K, 2K@570BL =>6=8F0<8, =0:;5820BL 87>1@065=8O =0 1C<03C 8 B.4.
'A;>6=O5BAO :>=AB@C8@>20=85. #>AB@>9:8 <>3CB 2:;NG0BL 5-6 45B0;59. (>@<8@CNBAO
=02K:8 :>=AB@C8@>20=8O ?> A>1AB25==>20=85
?>A;54>20B5;L=>AB8 459AB289.
2830B5;L=0O AD5@0 @515=:0 E0@0:B5@87C5BAO ?>78B82=K<8 87<5=5=8O<8 <5;:>9 8
:@C?=>9 <>B>@8:8. $072820NBAO ;>2:>ABL, :>>@48=0F8O 42865=89. 5B8 ;CGH5 C45@6820NB
@02=>25A85, ?5@5H03820NB G5@57 =51>;LH85 ?@53@04K. 'A;>6=ONBAO 83@K A <.
A@54=5< 4>H:>;L=>< 2>7@0AB5 A>25@H5=AB2CNBAO =02K:8 A0<>>1A;C6820=8O,
:0G5AB2> B@C4>2KE 459AB289, 45B8 8A?>;L7CNB 0;3>@8B2KE ?@>F5AA>2(<>45;8),
A0<>AB>OB5;L=> 8A?>;L7CNB ?>;>B5=F5, =>A>2>9 ?;0B>:, AB>;>2K5 ?@81>@K 8 ?@.
"B 5 4> 6 ;5B (AB0@H0S 3@C??0)
>AB865=8O MB>3> 2>7@0AB0 E0@0:B5@87CNBAO @0A?@545;5=85< @>;59 2 83@>2>9
45OB5;L=>AB8; AB@C:BC@8@>20=85< 83@>2>3> ?@>AB@0=AB20; @0728B85< 87>1@078B5;L=>9
45OB5;L=>AB8, >B;8G0NI59AO 2KA>:>9 ?@>4C:B82=>ABLN; ?@8<5=5=85< 2 :>=AB@C8@>20=88
>1>1I0NI53> A?>A>10 >1A;54>20=8O >1@07F0; CA2>5=85< >1>1I5==KE A?>A>1>2 87>1@065=8O
?@54<5B>2 >48=0:>2>9 D>@A?@8OB85 E0@0:B5@87C5BAO 0=0;87>< A;>6=KE D>@< >1J5:B>2; @0728B85 ?@>2>6405BAO >A2>5=85< 20==K5 ?@54AB02;5=8O,
:>;5:A=K5 ?@54AB02;5=8O, ?@54AB02;5=8O > F8:;8G=>AB8 87<5=5=89); @072820NBAO C<5=85
>1>1I0BL, ?@8G8==>5 >1@065=85, ?@>872>;L=>5 2=8<0=85, @5GL, >1@07 /.
18
!0 H5AB>< 3>4C 687=8 ?@>4>;60NB @072820BLAO CAB>9G82>ABL, ?5@5:;NG05<>ABL
2=8<0=8O. !01;N405BAO ?5@5E>4 >B =5 ?@>872>;L=>3> : ?@>872>;L=>4>;605B A>25@H5=AB2>20BLAO 2>A?@8OB85 F25B0, D>@5=8O ?@54<5B>2;
A8AB5<0B878@CNBAO ?@54AB02;5=8O 45B59. "=8 =07K20NB =5 B>;L:> >A=>2=K5 F25B0 8 8E
>BB5=:8, => 8 ?@><56CB>G=K5 F25B>2K5 >BB5=:8; D>@C3>;L=8:>2, >20;>2,
B@5C3>;L=8:>2. >A?@8=8<0NB 25;8G8=C >1J5:B>2, ;53:> 2KAB@0820NB 2 @O4 ?> 2>7@0AB0=8N
8;8 C1K20=8N 4> 10 @07;8G=KE ?@54<5B>2.
AB0@H5< 4>H:>;L=>< 2>7@0AB5 ?@>4>;605B @072820BLAO >1@07=>5 A>1=K =5 B>;L:> @5H8BL 7040GC 2 =03;O4=>< ?;0=5, => 8 A>25@H8BL ?@5>1@07>20=85
>1J5:B0, C:070BL, 2 :0:>9 ?>A;54>20B5;L=>AB8 >1J5:BK 2ABC?OB 2> 2708<>459AB285 8 B.4.
"4=0:> ?>4>1=K5 @5H5=8O >:06CBAO ?@028;L=K<8, 5A;8 45B8 1C4CB ?@8<5=OBL 045:20B=K5
6=> 2K45;8BL AE5<0B878@>20==K5 ?@54AB02;5=8O,
:>B>@K5 2>7=8:0NB 2 ?@>F5AA5 =03;O4=>3> <>45;8@>20=8O; :>;5:A=K5 ?@54AB02;5=8O,
>B@060NI85 ?@54AB02;5=8O 45B59 > A8AB5<5 ?@87=0:>2, :>B>@K<8 <>3CB >1;040BL >1J5:BK, 0
B0:65 ?@54AB02;5=8O, >B@060NI85 AB0488 ?@5>1@07>20=8O @07;8G=KE >1J5:B>2 8 O2;5=89
(?@54AB02;5=8O > F8:;8G=>AB8 87<5=5=89): ?@54AB02;5=8O > A<5=5 2@5<5= 3>40, 4=O 8 =>G8,
>1 C25;8G5=88 8 C<5=LH5=88 >1J5:B>2 2 @57C;LB0B5 @07;8G=KE 2>7459AB289, ?@54AB02;5=8O >
@0728B88 8 B.4.
#@>4>;60NB A>25@H5=AB2>20BLAO >1>1I5=8O, GB> O2;O5BAO >A=>2>9 A;>25A=> 3
;>38G5A:>3> H:>;L=>< 2>7@0AB5 C 45B59 5I5 >BACBAB2CNB ?@54AB02;5=8O >
:;0AA0E >1J5:B>2. 5B8 3@C??8@CNB >1J5:BK ?> ?@87=0:0<, :>B>@K5 <>3CB 87<5=OBLAO, >4=0:>
=0G8=0NB D>@<8@>20BLAO >?5@0F88 ;>38G5A:>3> A;>65=8O 8 C<=>65=8O :;0AA>2. %B0@H85
4>H:>;L=8:8 ?@8 3@C??8@>2:5 >1J5:B>2 <>3CB CG8BK20BL 420 ?@87=0:0: F25B 8 D>@>1@065=8O 2 MB>< 2>7@0AB5 ?>72>;O5B 45BO< A>G8=OBL 4>AB0B>G=>
>@838=0;L=K5 8 ?>A;54>20B5;L=> @072>@0G820NI85AO 8AB>@88. >>1@065=85 1C45B 0:B82=>
@072820BLAO ;8HL ?@8 CA;>288 ?@>2545=8O A?5F80;L=>9 @01>BK ?> 53> 0:B820F88.
%>25@H5=AB2C5BAO 3@0<<0B8G5A:89 AB@>9 @5G8. 5B8 8A?>;L7CNB ?@0:B8G5A:8 2A5
G0AB8 @5G8, 0:B82=> 70=8<0NBAO A;>2>B2>@G5AB2><. >30G5 AB0=>28BAO ;5:A8:0: 0:B82=>
8A?>;L7CNBAO A8=>=8=83CB ?5@5A:07K20BL, @0AA:07K20BL ?> :0@B8=:5,
?5@54020O =5 B>;L:> 3;02=>5, => 8 45B0;8. #@>4>;605B A>25@H5=AB2>20BLAO @5GL, 2 B>< G8A;5
55 72C:>20O AB>@>=0. 5B8 <>3CB ?@028;L=> 2>A?@>872>48BL H8?OI85, A28ABOI85 8 A>=>@=K5
72C:8. $072820NBAO D>=5<0B8G5A:89 A;CE, 8=B>=0F8>==0O 2K@078B5;L=>ABL @5G8 ?@8 GB5=88
AB8E>2 2 AN65B=> 3 @>;52>9 83@5 8 2 ?>2A54=52=>9 687=8.
5B8 H5AB>3> 3>40 687=8 C65 <>3CB @0A?@545;OBL @>;8 4> =0G0;0 83@K 8 AB@>8BL A2>5
?>2545=85, ?@845@6820OAL @>;8. 3@>2>5 2708<>459AB285 A>?@>2>6405BAO @5GLN,
A>>B25BAB2CNI59 8 ?> A>45@60=8N, 8 8=B>=0F8>==> 27OB>9 @>;8. 5B8 =0G8=0NB >A20820BL
A>F80;L=K5 >B=>H5=8O 8 ?>=8<0BL ?>4G8=5==>ABL ?>78F89 2 @07;8G=KE 2840E 45OB5;L=>AB8
27@>A;KE, >4=8 @>;8 AB0=>2OBAO 4;O =8E 1>;55 ?@82;5:0B5;L=K<8, G5< 4@C385. #@8
@0A?@545;5=88 @>;59 <>3CB 2>7=8:0BL :>=D;8:BK, A2O70==K5 A AC1>@48=0F859 @>;52>3>
?>2545=8O. 59AB28O 45B59 2 83@0E AB0=>2OBAO @07=>>1@07=K<8.
$0728205BAO 87>1@078B5;L=0O 45OB5;L=>ABL 45B59. -B> 2>7@0AB =081>;55 0:B82=>3>
@8A>20=8O. B5G5=85 3>40 45B8 A?>A>1=K A>740BL 4> 2000 @8AC=:>2. $8AC=:8 <>3CB 1KBL
A0 A>45@60=8N: MB> 8 687=5==K5 2?5G0B;5=8O 45B59, 8 2>>1@0605 @8AC=:8 ?@54AB02;ONB A>1>9
AE5<0B8G=K5 87>1@065=8O @07;8G=KE >1J5:B>2, => <>3CB >B;8G0BLAO >@838=0;L=>ABLN
:>>78F8>==>3> @5H5=8O, ?5@54020BL AB0B8G=K5 8 48=0<8G=K5 >B=>H5=8O. $8AC=:8
?@8>1@5B0NB AN65B=K9 E0@0:B5@; 4>AB0B>G=> G0AB> 2AB@5G0NBAO <=>3>:@0B=>
?>2B>@ONI85AO AN65BK A =51>;LH8<8 8;8, =0?@>B82, ACI5AB25==K<8 87<5=5=8O<8.
7>1@065=85 G5;>25:0 AB0=>28BAO 1>;55 45B0;878@>20==K< 8 ?@>?>@F8>=0;L=K<. #> @8AC=:C
19
<>6=> AC48BL > ?>;>2>9 ?@8=04;56=>AB8 8 M<>F8>=0;L=>< A>AB>O=88 87>1@065==>3>
G5;>25:0.
>=AB@C8@>20=85 E0@0:B5@87C5BAO C<5=85< 0=0;878@>20BL CA;>28O, 2 :>B>@KE
?@>B5:05B MB0 45OB5;L=>ABL. 5B8 8A?>;L7CNB 8 =07K20NB @07;8G=K5 45B0;8 45@52O==>3>
:>=AB@C:B>@0. >3CB 70<5=8BL 45B0;8 ?>AB@>9:8 2 7028A8<>AB8 >B 8<5NI53>AO <0B5@80;0.
"2;04520NB >1>1I5==K< A?>A>1>< >1A;54>20=8O >1@07F0. 5B8 A?>A>1=K 2K45;OBL >A=>2=K5
G0AB8 ?@54;0305<>9 ?>AB@>9:8. >=AB@C:B82=0O 45OB5;L=>ABL <>65B >ACI5AB2;OBLAO =0
>A=>25 AE5 70 CA;>28O<. #>O2;O5BAO :>=AB@C8@>20=85 2 E>45 A>2<5AB=>9
45OB5;L=>AB8. 5B8 <>3CB :>=AB@C8@>20BL 87 1C<038, A:;04K20O 55 2 =5A:>;L:> @07 (2,4,6
A3810=89) 8 87 ?@8@>4=>3> <0B5@80;0.
"=8 >A20820NB >10 A?>A>10 :>=AB@C8@>20=8O:
1) >B ?@8@>4=>3> <0B5@80;0 : EC4>65AB25==>1@07C (2 B>< G8A;5 @515=>: «4>AB@08205B»
?@8@>4=K9 <0B5@80; 4> F5;>AB=>3> >1@070, 4>?>;=OO 53> @07;8G=K<8 45B0;O<8);
2) >B EC4>65AB25==>3> >1@070 : ?@8@>4=>< A;CG05 @515=>: ?>418@05B
=5>1E>483> GB>1K 2>?;>B8BL >1@07).
"B 6 4> 8 ;5B (?>43>B>28B5;P=0S : H:>;5 3@C??0)
?>43>B>28B5;L=>9 : H:>;5 3@C??5 7025@H05BAO 4>H:>;L=K9 2>7@0AB. 3> >A=>2=K5
4>AB865=8O A2O70=K A >A2>5=85< <8@0 25I59 :0: ?@54<5B>2 G5;>25G5A:>9 :C;LBC@K;
>A2>5=85< D>@< ?>78B82=>3> >1I5=8O A ;N4L<8; @0728B85< ?>;>2>9 845=B8D8:0F88,
D>@<8@>20=85< ?>78F88 H:>;L=8:0.
:>=FC 4>H:>;L=>3> 2>7@0AB0 @515=>: >1;0405B 2KA>:8< C@>2=5< ?>7=020B5;L=>3> 8
;8G=>AB=>3> @0728B8O, GB> ?>72>;O5B 5 CG8BLAO 2 H:>;5. ' 45B59
?@>4>;605B @072820BLAO 2>A?@8OB85, >4=0:> >=8 =5 2A5340 <>3CB >4=>2@5<5==> CG8BK20BL
=5A:>;L:> @07;8G=KE ?@87=0:>2.
$0728205BAO >1@07=>5 4=0:> 2>A?@>872545=85 <5B@8G5A:8E >B=>H5=89
70B@C4=5=>. -B> ;53:> ?@>25@8BL, ?@54;>682 45BO< 2>A?@>8725AB8 =0 ;8AB5 1C<038 >1@075F,
=0 :>B>@>< =0@8A>20=K 9 B>G5:, @0A?>;>65==KE =5 =0 >4=>9 ?@O<>9. 0: ?@028;>, 45B8 =5
2>A?@>872>4OB <5B@8G5A:85 >B=>H5=8O <564C B>G:0<8: ?@8 =0;>65=88 @8AC=:>2 4@C3 =0
4@C30 B>G:8 45BA:>3> @8AC=:0 =5 A>2?040NB A B>G:0<8 >1@07F0.
#@>4>;60NB @072820BLAO =02K:8 >1>1I5=8O 8 @0AAC645=8O, => >=8 2 7=0G8B5;L=>9 AB5?5=8
5I5 >3@0=8G820NBAO =03;O4=K<8 ?@87=0:0<8 A8BC0F88.
#@>4>;605B @072820BLAO 2>>1@065=85, >4=0:> G0AB> ?@8E>48BAO :>=AB0B8@>20BL A=865=85
@0728B8O 2>>1@065=8O 2 MB>< 2>7@0AB5 2 A@02=5=88 A> AB0@H59 3@C??>9. -B> <>6=> >1JOA=8BL
@07;8G=K<8 2;8O=8O<8, 2 B>< G8A;5 8 A@54AB2 <0AA>2>9 8=D>@<0F88, ?@82>4OI8<8 :
AB5@5>B8?=>AB8 45BA:8E >1@07>2.
#@>4>;605B @072820BLAO 2=8<0=85 4>H:>;L=8:>2, >=> AB0=>28BAO ?@>872>;L=K<.
=5:>B>@KE 2840E 45OB5;L=>AB8 2@5872>;L=>3> A>A@54>B>G5=8O 4>AB8305B 30 <8=CB.
' 4>H:>;L=8:>2 ?@>4>;605B @072820BLAO @5GL: 55 72C:>20O AB>@>=0, 3@0<<0B8G5A:89
AB@>9, ;5:A8:0. $0728205BAO A2O7=0O @5GL. 2KA:07K20=8OE 45B59 >B@060NBAO :0:
@0AH8@ONI89AO A;>20@L, B0: 8 E0@0:B5@ >1>1I5=89, D>@<8@CNI8EAO 2 MB>< 2>7@0AB5. 5B8
=0G8=0NB 0:B82=> C?>B@51;OBL >1>1I0NI85 ACI5AB28B5;L=K5, A8=>=8=8 >@30=87>20==>9 >1@07>20B5;L=>9 @01>BK C 4>H:>;L=8:>2
@072820NBAO 480;>38G5A:0O 8 =5:>B>@K5 284K <>=>;>38G5A:>9 @5G8. $515=>: D>@<8@C5BAO
:0: 1C4CI89 A0<>AB>OB5;L=K9 G8B0B5;L.
AN65B=>-@>;52KE 83@0E 45B8 =0G8=0NB >A20820BL A;>6=K5 2708<>459AB28O ;N459,
>B@060NI85 E0@0:B5@=K5 7=0G8645=85 @515=:0,
1>;57=L 8 B.4.). 3@>2K5 459AB28O AB0=>2OBAO 1>;55 A;>6=K<8, >1@5B0NB >A>1K9 AB>@K9 =5 2A5340 >B:@K205BAO 27@>A;>2>5 ?@>AB@0=AB2> CA;>6=O5BAO. =5< <>65B
1KBL =5A:>;L:> F5=B@>2, :064K9 87 :>B>@KE ?>445@68205B A2>N AN65B=CN ;8=8N. #@8 MB><
45B8 A?>A>1=K >BA;56820BL ?>2545=85 ?0@B=5@>2 ?> 2A52>AB@0=AB2C 8 <5=OBL
A2>5 ?>2545=85 2 7028A8<>AB8 >B <5AB0 2 =5<.
20
"1@07K 87 >:@C60NI59 687=8 8 ;8B5@0BC@=KE ?@>872545=89, ?5@5402051@078B5;L=>9 45OB5;L=>AB8, AB0=>2OBAO A;>6=55. $8AC=:8 ?@8>1@5B0NB 1>;55
45B0;878@>20==K9 E0@0:B5@, >1>30I05BAO 8E F25B>20O 30<<0. >;55 O2=K<8 AB0=>2OBAO
@07;8G8O <564C @8AC=:0<8 <0;LG8:>2 8 452>G5: (<0;LG8:8 G0I5 87>1@060NB B5E=8:C,
:>A<>A, 2>5==K5 459AB28O 8 B.4., 0 452>G:8 >1KG=> @8ACNB 65=A:85 >1@07K: ?@8=F5AA,
10;5@8=, <>45;59 8 B.4.). +0AB> 2AB@5G0NBAO 8 1KB>2K5 AN65BK: <0<0 8 4>G:0, :><=0B0 8 B.4.
7>1@065=85 G5;>25:0 AB0=>28BAO 1>;55 45B0;878@>20==K< 8 ?@>?>@F8>=0;L=K<.
#>O2;ONBAO ?0;LFK =0 @C:0E, 3;070, @>B, =>A, 1@>28, ?>41>@>4>:. "45640 <>65B 1KBL
C:@0H5=0 @07;8G=K<8 45B0;O<8. #@8 ?@028;L=>< ?>4E>45 C 45B59 D>@<8@CNBAO
EC4>65AB25==> – B2>@G5A:85 A?>A>1=>AB8 2 87>1@078B5;L=>9 45OB5;L=>AB8.
5B8 ?>43>B>28B5;L=>9 : H:>;5 3@C??K 2 7=0G8B5;L=>9 AB5?5=8 >A2>8;8
:>=AB@C8@>20=85 87 AB@>8B5;L=>3> <0B5@80;0. "=8 A2>1>4=> 2;045NB >1>1I5==K<8
A?>A>10<8 0=0;870, :0: 87>1@065=89, B0: 8 ?>AB@>5:; =5 B>;L:>
=0;878@CNB >A=>2=K5 :>=AB@C:B82=K5 >A>15==>AB8 @07;8G=KE 45B0;59, => 8 >?@545;ONB 8E
D>@A=>25 AE>4AB20 A> 7=0:>1J5<=K<8 ?@54<5B0<8. %2>1>4=K5 ?>AB@>9:8
AB0=>2OBAO A8<<5B@8G=K<8 8 ?@>?>@F8>=0;L=K<8, 8E AB@>8B5;LAB2> >ACI5AB2;O5BAO =0
>A=>25 7@8B5;L=>9
>@85=B8@>2:8. 5B8 1KAB@> 8 ?@028;L=> ?>418@0NB <0B5@80;. "=8 4>AB0B>G=> B>G=>
?@54AB02;ONB A515 ?>A;54>20B5;L=>ABL, 2 :>B>@>9 1C45B >ACI5AB2;OBLAO ?>AB@>9:0, 8
<0B5@80;, :>B>@K9 ?>=04>18BAO 4;O 55 2K?>;=5=8O; A?>A>1=K 2K?>;=OBL @07;8G=K5 ?>
AB5?5=8 A;>6=>AB8 ?>AB@>9:8, :0: ?> A>1AB25==> CA;>28O<.
MB>< 2>7@0AB5 45B8 C65 <>3CB >A2>8BL A;>6=K5 D>@65=8O 87 ;8AB0 1C<038 8
?@84C1AB25==K5, => MB> A?5F80;L=> >1CG0BL. 0==K9 284 45OB5;L=>AB8
=5 ?@>AB> 4>ABC?5= 45BO< 3 >= 2065= 4;O C3;C1;5=8O 8E ?@>AB@0=AB25==KE ?@54AB02;5=89.
'A;>6=O5BAO :>=AB@C8@>20=85 87 ?@8@>4=>3> <0B5@80;0. >H:>;L=8:0< C65
4>ABC?=K F5;>AB=K5 :>>78F88 ?> ?@5420@8B5;L=>B>@K5 <>3CB ?5@54020BL
A;>6=K5 >B=>H5=8O, 2:;NG0BL D83C@K ;N459 8 682>B=KE.
MB>< 2>7@0AB5 @515=>: >A>7=05B A51O :0: E4@BEFBSF9?PAO= EG5N9>F 45OB5;L=>AB8 8
?>2545=8O.
)0@0:B5@8AB8:0 @515=:0 ?5@54 ?>ABC?;5=85< 2 H:>;C
)0@0:B5@=0O G5@B0 AB0@H53> 4>H:>;L=8:0 - CAB>9G82>5 ?>;>68B5;L=>5 >B=>H5=85 : A515,
C25@5==>ABL 2 A2>8E A8;0E, >B:@KB>ABL 2=5H=5: ?@>O2;O5B 8=8F80B82=>ABL 8 A0<>AB>OB5;L=>ABL 2 @07=KE 2840E 45BA:>9
45OB5;L=>AB8 - 83@5, >1I5=88, :>=AB@C8@>20=88, @8A>20=88, ;5?:5, 2 AD5@5 @5H5=8O
M;5<5=B0@=KE A>F80;L=KE 8 1KB>2KE 7040G.
"= 0:B82=> 2708<>459AB2C5B A> A25@AB=8:0<8 8 27@>A;K<8, CG0AB2C5B 2 A>2<5AB=KE
83@0E, >@30=87C5B 8E. %?>A>15= 4>3>20@820BLAO, CG8BK20BL 8=B5@5AK 4@C38E, A45@6820BL A2>8
M<>F88. $515=>: ?@>O2;O5B 4>1@>65;0B5;L=>5 2=8<0=85 : >:@C60NI8<, >B7K2G82 :
?5@56820=8O< 4@C3>3> G5;>25:0, >1;0405B GC2AB2>< A>1AB25==>3> 4>AB>8=AB20, C20605B
4>AB>8=AB2> 4@C38E. E>45 A>2<5AB=>9 45OB5;L=>AB8 >1AC6405B 2>7=8:0NI85 ?@>1;565B ?>445@60BL @073>2>@ =0 8=B5@5A=CN 4;O =53> B54OAL 2 >1I5AB25 A25@AB=8:>2 2 ?@54<5B=> =0AKI5==>9 A@545, @515=>: ;53:>
2K18@05B A515 @>4 70=OB89, ?0@B=5@>2 8 >1=0@C68205B A?>A>1=>ABL : ?>@>645=8N 8
2>?;>I5=8N @07=>>1@07=KE, A<5=ONI8E 4@C3 4@C30 702. %?>A>1=>ABL @515=:0 :
D0=B0788, 2>>1@065=8N >A>15==> 2K?C:;> 2KABC?05B 2 @>;52>9 8 @568AA5@A:>9 83@5,
:>B>@0O : :>=FC 4>H:>;L=>3> ?5@8>40 E0@0:B5@87C5BAO =0;8G85< >@838=0;L=>3> 70ABLN @0725@BK20=8O AN65B=>9 ;8=88 A>>1@07=> CA;>28O< 8 >1AB>OB5;LAB20<.
&2>@G5A:85 A?>A>1=>AB8 45B59 B0:65 ?@>O2;ONBAO 2 @8A>20=88, ?@84C:,
B0=F0E, ?5=88. 5B8 ;N1OB D0=B078@>20BL 2A;CE, 83@0BL 72C:0<8 8 A;>20<8. -B0 A?>A>1=>ABL
B5A=> A2O70=0 A @0728B85< @5G8 8 A2845B5;LAB2C5B > 2>7=8:=>25=88 2=CB@5==53> ?;0=0
459AB28O, @0728B88 DC=:F88 2>>1@065=8O 8 AB0=>2;5=88 ?@>872>;L=>AB8 ?@54<5B=>3>
459AB28O.
21
"A>1K< >1J5:B>< >A2>5=8O AB0=>2OBAO 4;O @515=:0 A>1AB25==>5 B5;> 8 B5;5A=K5
42865=8O; 45BA:85 42865=8O ?@8>1@5B0NB ?@>872>;L=K9 E0@0:B5@.
>;52>5 =0G0;> 2 459AB28OE @515=:0 ?@>O2;O5BAO 2 ?@>4C:B82=>9 45OB5;L=>AB8, 345 >=
>1=0@C68205B A?>A>1=>ABL 4>AB830BL F5;8, AB0@0BLAO A45;0BL ?@>4C:B :0G5AB25==>,
?5@545;K20BL, 5A;8 =5 ?>;CG8;>AL. #@>872>;L=>ABL B0:65 ?@>O2;O5BAO 2 A>F80;L=><
?>2545=88: @515=>: <>65B 2K?>;=OBL 8=AB@C:F8N ?5403>30, A;54>20BL CAB0=>2;5==K<
?@028;0<.
4>H:>;L=>< 45BAB25 ?>;CG0NB @0728B85 ?>7=020B5;L=K5 A?>A>1=>AB8 @515=:0. "=
?@>O2;O5B H8@>:CN ;N1>7=0B5;L=>ABL, 70405B 2>?@>AK, :0A0NI85AO 1;87:8E 8 40;5:8E
?@54<5B>2 8 O2;5=89, 8=B5@5AC5BAO ?@8G8==>-A;54AB25==K<8 A2O7O<8 (:0:? ?>G5AB>OB5;L=> ?@84C1JOA=5=8O O2;5=8O< ?@8@>4K 8 ?>ABC?:0< ;N459.
N18B =01;N40BL, M:A?5@8<5=B8@>20BL, A>18@0BL @07=>>1@07=K5 :>;;5:F88. #@>O2;O5B
8=B5@5A : ?>7=020B5;L=>9 ;8B5@0BC@5, : A8<2>;8G5A:8< O7K:0<, 3@0D8G5A:8< AE5<0<,
?KB05BAO A0<>AB>OB5;L=> ?>;L7>20BLAO 8<8.
"4=>2@5<5==> A @0728B85< MB8E :0G5AB2 ?>2KH05BAO :>5B5=B=>ABL @515=:0 2
@07=KE 2840E 45OB5;L=>AB8 8 2 AD5@5 >B=>H5=89. >5B5=B=>ABL @515=:0 ?@>O2;O5BAO =5
B>;L:> 2 B><, GB> >= >1;0405B 7=0=8O<8, C<5=8O<8, =02K:0<8, => 8 A?>A>15= ?@8=8<0BL =0 55
>A=>25 A>1AB25==K5 @5H5=8O.
1.2. #!$' / $'0&&/ $* #$"$
/
!>45@60=85 8 ?;0=8@C53@0<>B25BAB2CNI8E
A>45@60=8N 8 ?;0=8@C52 (545@0;L=>9 >1@07>20B5;L=>9 ?@>3@0<>B25BAB288 A (! A?5F8D8:0 4>H:>;L=>3> 2>7@0AB0 8 A8AB5<=K5
>A>15==>AB8 45;0NB =5?@02><5@=K<8 B@51>20=8O >B @51ё=:0 4>H:>;L=>3> 2>7@0AB0
:>=:@5B=KE >1@07>20B5;L=KE 4>AB865=89. >MB>A2>5=8O
@>3@0<1>9 2>7@0AB=K5 E0@0:B5@8AB8:8 2>7<>6=KE 4>AB865=89 @51ё=:0
4>H:>;L=>3> 2>7@0AB0 =0 @07=KE 2>7@0AB=KE MB0?0E 8 : 7025@H5=8N .
A>>B25BAB288 A ?5@8>4870F859 ?A8E8G5A:>3> @0728B8O @51ё=:0 A>3;0A=> :C;LBC@=>8AB>@8G5A:>9 ?A8E>;>388, 4>H:>;L=>5 45BAB2> ?>4@0745;O5BAO =0 B@8 2>7@0AB0:
o <;045=G5A:89 (?5@2>5 8 2B>@>5 ?>;C3>48O 687=8),
o @0==89 (>B >4=>3> 3>40 4> B@5E ;5B)
o 4>H:>;L=K9 2>7@0AB (>B B@5E 4> A5<8 ;5B).
1>7=0G5==K5 2 @>3@0<<5 2>7@0AB=K5 >@85=B8@K «: >4=>4C», «: B@5< 3>40<» 8 B0:
40;55 8<5NB CA;>2=K9 E0@0:B5@, GB> ?@54?>;0305B H8@>:89 2>7@0AB=>9 480?07>= 4;O
4>AB865=8O @51ё=:>< ?;0=8@C52. ЭB> A2O70=> A =5CAB>9G82>ABLN,
35B5@>E@>==>ABLN 8 8=48284C0;L=K< B5>< ?A8E8G5A:>3> @0728B8O 45B59 2 4>H:>;L=><
45BAB25, >A>15==> ?@8 ?@>E>645=88 :@8B8G5A:8E ?5@8>4>2. > MB>9 ?@8G8=5 @51ё=>: <>65B
?@>45<>=AB@8@>20BL >1>7=0G5==K5 2 ?;0=8@C57@0AB=K5 E0@0:B5@8AB8:8
@0728B8O @0=LH5 8;8 ?>765 7040==KE 2>7@0AB=KE >@85=B8@>2.
!B5?5=L 2K@065==>AB8 2>7@0AB=KE E0@0:B5@8AB8: 2>7<>6=KE 4>AB865=89 <>65B
@07;8G0BLAO C 45B59 >4=>3> 2>7@0AB0 ?> ?@8G8=5 2KA>:>9 8=48284C0;870F88 8E ?A8E8G5A:>3>
@0728B8O 8 @07=KE AB0@B>2KE CA;>289 >A2>5=8O >1@07>20B5;L=>9 ?@>3@0<7=0G5==K5
@07;8G8O =5 4>;6=K 1KBL :>=AB0B8@>20=K :0: B@C4=>AB8 @51ё=:0 2 >A2>5=88 >1@07>20B5;L=>9
?@>3@0<4@07C<520NB 53> 2:;NG5=8O 2 A>>B25BAB2CNICN F5;52CN 3@C??C.
1.2.1. ?4AB@ 6B;D4EF9 (> B8AB@G 7B8G):
- @51ё=>: ?@>O2;O5B 42830B5;L=CN 0:B82=>ABL 2 >A2>5=88 ?@>AB@0=AB25==>9 A@54K,
8A?>;L7CO 42865=8O ?>;70=8O, ;070=LO, E20B0=8O, 1@>A0=8O; <0=8?C;8@C5B ?@54<5B0<8,
=0G8=05B >A20820BL A0<>AB>OB5;L=CN E>4L1C;
- @51ё=>: ?>;>68B5;L=> @5038@C5B =0 ?@85< ?8I8 8 38385=8G5A:85 ?@>F54C@K;
- @51ё=>: M<>F8>=0;L=> @5038@C5B =0 2=8<0=85 27@>A;>3>, ?@>O2;O5B @04>ABL 2 >B25B
=0 >1I5=85 A> 27@>A;K<;
22
- @51ё=>: ?>=8<05B @5GL 27@>A;>3>, >B:;8:05BAO =0 A2>5 8;>68B5;L=> @5038@C5B
=0 7=0:>4AB25==8:>2;
- @51ё=>: 2K?>;=O5B ?@>ABK5 ?@>AL1K 27@>A;>3>, ?>=8<05B 8 045:20B=> @5038@C5B =0
A;>20, @53C;8@CNI85 ?>2545=85 (<>6=>, =5;L7O 8 4@C385);
- @51ё=>: ?@>87=>A8B =5A:>;L:> ?@>ABKE, >1;53G5==KE A;>2 (<0<0, ?0?0, 1010, 4540,
409, 10E, =0), :>B>@K5 =5ACB A2CN =03@C7:C;
- @51ё=>: ?@>O2;O5B 8=B5@5A : 682>B=K<, ?B8F0<, @K10<, @0AB5=8O<;
- @51ё=>: >1=0@C68205B ?>8A:>2CN 8 ?>7=020B5;L=CN 0:B82=>ABL ?> >B=>H5=8N :
?@54<5B=>:@C65=8N;
- @51ё=>: C7=05B 8 =07K205B >1J5:BK 682>9 ?@8@>4K 1;8609H53> >:@C65=8O, 2K45;O5B
8E E0@0:B5@=K5 >A>15==>AB8, ?>;>68B5;L=> @5038@C5B =0 =8E;
- @51ё=>: M<>F8>=0;L=> @5038@C5B =0 2;
- @51ё=>: >@85=B8@C5BAO 2 7=0:><>9 >1AB0=>2:5, 0:B82=> 87CG05B >:@C60NI85
?@54<5BK, 2K?>;=O5B 459AB28O, =0?@02;5==K5 =0 ?>;CG5=85 @57C;LB0B0 (=0:;04K205B
:8@?8G8: =0 :8@?8G8:, A>18@05B 8 @0718@05B ?8@0<84:C, 2:;04K205B 2 >B25@AB8O 2BC;:8,
>B:@K205B 8 70:@K205B 425@FK H:0D0, @0AA<0B@8205B :0@B8=:8 8 =0E>48B =0 =8E 7=0:>4>1=>5);
- @51ё=>: 0:B82=> 459AB2C5B A 83@CH:0<8, ?>4@060O 459AB28O< 27@>A;KE (:0B05B
<0H8=:C, :>@<8B A>10G:C, :0G05B :C:;C 8 B>4>1=>5).
1.2.2. ?4A FD9@ 7B84@):
- C @51ё=:0 @0728B0 :@C?=0O <>B>@8:0, >= 0:B82=> 8A?>;L7C5B >A2>5==K5 @0=55
42865=8O, =0G8=05B >A20820BL 153, ?@K6:8, ?>2B>@O5B 70 27@>A;K< ?@>ABK5 8<8B0F8>==K5
C?@06=5=8O, ?>=8<05B C:070=8O 27@>A;>3>, 2K?>;=O5B 42865=8O ?> 7@8B5;L=>2>@85=B8@0<; A 65;0=85< 83@05B 2 ?>4286=K5 83@K;
- @51ё=>: 45<>=AB@8@C5B M;5<5=B0@=K5 :C;LBC@=>-38385=8G5A:85 =02K:8, 2;0455B
?@>AB59H8<8 =02K:0<8 A0<>>1A;C6820=8O (>4520=85, @074520=85, A0<>AB>OB5;L=> 5AB 8 B>4>1=>5);
- @51ё=>: AB@5<8BAO : >1I5=8N A> 27@>A;K<8, @5038@C5B =0 8E =0AB@>5=85;
- @51ё=>: ?@>O2;O5B 8=B5@5A : A25@AB=8:0<; =01;N405B 70 8E 459AB28O<8 8 ?>4@0605B
8<; 83@05B @O4><;
- @51ё=>: ?>=8<05B 8 2K?>;=O5B ?@>ABK5 ?>@CG5=8O 27@>A;>3>;
- @51ё=>: AB@5<8BAO ?@>O2;OBL A0<>AB>OB5;L=>ABL 2 1KB>2>< 8 83@>2>< ?>2545=88;
- @51ё=>: A?>A>15= =0?@02;OBL A2>8 459AB28O =0 4>AB865=85 ?@>AB>9, A0<>AB>OB5;L=>
?>AB02;5==>9 F5;8; 7=05B, A ?><>ILN :0:8E A@54AB2 8 2 :0:>9 ?>A;54>20B5;L=>AB8
?@>42830BLAO : F5;8;
- @51ё=>: 2;0455B 0:B82=>9 @5GLN, 8A?>;L7C5B 2 >1I5=88 @07=K5 G0AB8 @5G8, ?@>ABK5
?@54;>65=8O 87 4-E A;>2 8 1>;55, 2:;NG5==K5 2 >1I5=85; <>65B >1@0I0BLAO A 2>?@>A0<8 8
?@>AL10<8;
- @51ё=>: ?@>O2;O5B 8=B5@5A : AB8E0<, A:07:0<, ?>2B>@O5B >B45;L=K5 A;>20 8 D@07K 70
27@>A;K<;
- @51ё=>: @0AA<0B@8205B :0@B8=:8, ?>:07K205B 8 =07K205B ?@54<5BK, 87>1@065==K5 =0
=8E;
- @51ё=>: @07;8G05B 8 =07K205B >A=>2=K5 F25B0, D>@2, >@85=B8@C5BAO 2
>A=>2=KE ?@>AB@0=AB25==KE 8 2@5<5==KE >B=>H5=8OE;
- @51ё=>: >ACI5AB2;O5B ?>8A:>2K5 8 >1A;54>20B5;LA:85 459AB28O;
- @51ё=>: 7=05B >A=>2=K5 >A>15==>AB8 2=5H=53> >1;8:0 G5;>25:0, 53> 45OB5;L=>AB8;
A2>5 8=AB@8@C5B ?5@2>=0G0;L=K5 ?@54AB02;5=8O > =0A5;5==>< ?C=:B5,
2 :>B>@>< 6825B (3>@>4, A5;> 8 B0: 40;55);
- @51ё=>: 8<55B ?@54AB02;5=8O >1 >1J5:B0E 682>9 8 =5682>9 ?@8@>4K 1;8609H53>
>:@C65=8O 8 8E >A>15==>ABOE, ?@>O2;O5B ?>;>68B5;L=>5 >B=>H5=85 8 8=B5@5A :
23
2708<>459AB28N A ?@8@>4>9, =01;N405B 70 O2;5=8O<8 ?@8@>4K, AB0@05BAO =5 ?@8G8=OBL 2@54
682K< >1J5:B0<;
- @51ё=>: A C4>2>;LAB285< A;CH05B 4?5205B, 2K?>;=O5B ?@>ABK5
B0=F520;L=K5 42865=8O;
- @51ё=>: M<>F8>=0;L=> >B:;8:05BAO =0 :@0A>BC ?@8@>4K 8 ?@>872545=8O 8A:CAAB20;
- @51ё=>: >A208205B >A=>2K 87>1@078B5;L=>9 45OB5;L=>AB8 (;5?:0, @8A>20=85) 8
:>=AB@C8@>20=8O: <>65B 2K?>;=OBL C65 4>2>;L=> A;>6=K5 ?>AB@>9:8 (30@06, 4>@>3C : =5@) 8 83@0BL A =8<8; @8AC5B 4>@>6:8, 4>648:, H0@8:8; ;5?8B ?0;>G:8, :>;5G:8, ;5?5H:8;
- @51ё=>: 0:B82=> 459AB2C5B A >:@C60NI8<8 53> ?@54<5B0<8, 7=05B =0720=8O, A2>9AB20
8 =07=0G5=85 <=>38E ?@54<5B>2, =0E>4OI8EAO 2 53> ?>2A54=52=>< >18E>45;
- @51ё=>: 2 83@0E >B>1@0605B 459AB28O >:@C60NI8E («3>B>28B >154», «CE068205B 70
1>;L=K<» 8 4@C3>5), 2>A?@>872>48B =5 B>;L:> 8E ?>A;54>20B5;L=>ABL 8 2708<>A2O7L, => 8
A>F80;L=K5 >B=>H5=8O (;0A:>2> >1@0I05BAO A :C:;>9, 45;05B 59 70<5G0=8O), 70@0=55
>?@545;O5B F5;L («/ 1C4C ;5G8BL :C:;C»).
1.2.3. ?4AB?PAB@ 6B;D4EF9
1.2.3.1. К G9FOD9@ 7B8а@:
- @51ё=>: 45<>=AB@8@C5B ?>;>68B5;L=>5 >B=>H5=85 : @07=>>1@07=K< D878G5A:8<
C?@06=5=8O<, ?@>O2;O5B 8718@0B5;L=K9 8=B5@5A : >B45;L=K< 42830B5;L=K< 459AB28O<
(1@>A0=85 8 ;>2;O 4L10, 153, ?@K6:8) 8 ?>4286=K< 83@0<;
- @51ё=>: ?@>O2;O5B M;5<5=BK A0<>AB>OB5;L=>AB8 2 42830B5;L=>9 45OB5;L=>AB8, A
8=B5@5A>< 2:;NG05BAO 2 ?>4286=K5 83@K, AB@5<8BAO : 2K?>;=5=8N ?@028; 8 >A=>2=KE @>;59
2 83@5, 2K?>;=O5B ?@>AB59H85 ?@028;0 ?>AB@>5=8O 8 ?5@5AB@>5=8O, 2K?>;=O5B @8B<8G5A:85
C?@06=5=8O ?>4 : 45<>=AB@8@C5B :>>@48=0F8N 42865=89 ?@8 2K?>;=5=88 C?@06=5=89,
A>E@0=O5B @02=>25A85 ?@8 E>4L15, 1535, ?@K6:0E, A?>A>15= @5038@>20BL =0 A83=0;K,
?5@5:;NG0BLAO A >4=>3> 42865=8O =0 4@C3>5, 2K?>;=OBL 42865=8O 2 >1I5< 4;O 2A5E B55;
- @51ё=>: 2;0455B :C;LBC@=>-38385=8G5A:8<8 =02K:0<8: C4520=85 8 B>4>1=>5, A>1;N405B B@51>20=8O 38385=K, 8<55B ?5@28G=K5 ?@54AB02;5=8O > D0:B>@0E,
?>;>68B5;L=> 2;8ONI8E =0 74>@>2L5;
- @51ё=>: ?@>O2;O5B 4>25@85 : <8@C, ?>;>68B5;L=> >F5=8205B A51O, 3>2>@8B > A515 2
?5@2>< ;8F5;
- @51ё=>: >B:;8:05BAO M<>F8>=0;L=> =0 O@:> 2K@065==>5 A>AB>O=85 1;87:8E 8
A25@AB=8:>2 ?> ?>:07C 8 ?>1C645=8N 27@>A;KE; 4@C65;N1=> =0AB@>5= 2 >B=>H5=88 4@C38E
45B59;
- @51ё=>: 2;0455B M;5<5=B0@=K<8 =>@<0<8 8 ?@028;0<8 ?>2545=8O, A2O70==K<8 A
>?@545;5==K<8 @07@5H5=8O<8 8 70?@5B0<8 («<>6=>», «=5;L7O»), 45<>=AB@8@C5B AB@5<;5=85
: ?>;>68B5;L=K< ?>ABC?:0<;
- @51ё=>: 45<>=AB@8@C5B 8=B5@5A : A25@AB=8:0< 2 ?>2A54=52=>< >1I5=88 8 1KB>2>9
45OB5;L=>AB8, 2;0455B M;5<5=B0@=K<8 A@54AB20<8 >1I5=8O 2 ?@>F5AA5 2708<>459AB28O A>
A25@AB=8:0<8;
- @51ё=>: ?@>O2;O5B 8=B5@5A : ?@028;0< 157>?0A=>3> ?>2545=8O; >A208205B 157>?0A=K5
A?>A>1K >1@0I5=8O A> 7=0:> >:@C65=8O;
- @51ё=>: >E>B=> 2:;NG05BAO 2 A>2<5AB=CN 45OB5;L=>ABL A> 27@>A;K<, ?>4@0605B 53>
459AB28O<, >B25G05B =0 2>?@>AK 27@>A;>3> 8 :><<5=B8@C5B 53> 459AB28O 2 ?@>F5AA5
A>2<5AB=>9 45OB5;L=>AB8;
- @51ё=>: ?@>87=>A8B ?@028;L=> 2 A;>20E 2A5 3;0A=K5 8 A>3;0A=K5 72C:8, :@><5
H8?OI8E 8 A>=>@=KE, A>3;0A>2K205B A;>20 2 ?@54;>65=88 2 @>45, G8A;5 8 ?04565, ?>2B>@O5B
70 ?5403>38G5A:8< @01>B=8:>< (40;55 - ?5403>3) @0AA:07K 87 3-4 ?@54;>65=89, ?5@5A:07K205B
7=0:>872545=8O, 8A?>;L7C5B @5G52K5 D>@3> >1I5=8O;
- @51ё=>: ?>=8<05B A>45@60=85 ;8B5@0BC@=KE ?@>872545=89 8 CG0AB2C5B 2 8E
4@0<0B870F88, @0AA<0B@8205B 8;;NAB@0F88 2 :=830E, 70?><8=05B =51>;LH85 ?>B5H:8,
24
AB8E>B2>@5=8O, M<>F8>=0;L=> >B:;8:05BAO =0 =8E;
- @51ё=>: 45<>=AB@8@C5B C<5=85 2ABC?0BL 2 @5G52>5 >1I5=85 A> 7=0:>A;K<8:
?>=8<05B >1@0I5==CN : =5B25G05B =0 2>?@>AK, 8A?>;L7CO ?@>ABK5
@0A?@>AB@0=5==K5 ?@54;>65=8O; ?@>O2;O5B @5G52CN 0:B82=>ABL 2 >1I5=88 A> A25@AB=8:><;
- @51ё=>: A>2<5AB=> A> 27@>A;K< ?5@5A:07K205B 7=0:>@>B:85 AB8E8;
- @51ё=>: 45<>=AB@8@C5B ?>7=020B5;L=CN 0:B82=>ABL 2 45OB5;L=>AB8, ?@>O2;O5B
M<>F88 C482;5=8O 2 ?@>F5AA5 ?>7=0=8O, >B@0605B 2 >1I5=88 8 A>2<5AB=>9 45OB5;L=>AB8 A>
27@>A;K<8 8 A25@AB=8:0<8 ?>;CG5==K5 ?@54AB02;5=8O > ?@54<5B0E 8 >1J5:B0E 1;8609H53>
>:@C65=8O, 70405B 2>?@>AK :>=AB0B8@CNI53> 8 ?@>1;5<=>3> E0@0:B5@0;
- @51ё=>: ?@>O2;O5B ?>B@51=>ABL 2 ?>7=020B5;L=>< >1I5=88 A> 27@>A;K<8;
45<>=AB@8@C5B AB@5<;5=85 : =01;N45=8N, A@02=5=8N, >1A;54>20=8N A2>9AB2 8 :0G5AB2
?@54<5B>2, : ?@>AB59H520=8N A ?@54<5B0<8 8 <0B5@80;0<8: ?@>O2;O5B
M;5<5=B0@=K5 ?@54AB02;5=8O > 25;8G8=5, D>@<5 8 :>;8G5AB25 ?@54<5B>2 8 C<5=8O A@02=820BL
?@54<5BK ?> MB8< E0@0:B5@8AB8:0<;
- @51ё=>: ?@>O2;O5B 8=B5@5A : <8@C, : A515 8 >:@C60NI8< ;N4O<;
- @51ё=>: 7=05B >1 >1J5:B0E 1;8609H53> >:@C65=8O: > @>4=>< =0A5;5==>< ?C=:B5, 53>
=0720=88, 4>AB>?@8<5G0B5;L=>ABOE 8 B@048F8OE;
- @51ё=>: 8<55B ?@54AB02;5=85 > @07=>>1@07=KE >1J5:B0E 682>9 8 =5682>9 ?@8@>4K
1;8609H53> >:@C65=8O, 2K45;O5B 8E >B;8G8B5;L=K5 >A>15==>AB8 8 A2>9AB20, @07;8G05B
2@5<5=0 3>40 8 E0@0:B5@=K5 4;O =8E O2;5=8O ?@8@>4K, 8<55B ?@54AB02;5=85 > A57>==KE
87<5=5=8OE 2 687=8 682>B=KE, @0AB5=89 8 G5;>25:0, 8=B5@5AC5BAO ?@8@>4>9, ?>;>68B5;L=>
>B=>A8BAO :> 2A5< 682K< ACI5AB20<, 7=05B > ?@028;0E ?>2545=8O 2 ?@8@>45, 701>B8BAO >
682>B=KE 8 @0AB5=8OE, =5 ?@8G8=O5B 8< 2@54;
- @51ё=>: A?>A>15= A>74020BL ?@>ABK5 >1@07K 2 @8A>20=88 8 0??;8:0F88, AB@>8BL
?@>ABCN :>>78F8N A 8A?>;L7>20=85< =5A:>;L:8E F25B>2, A>74020BL =5A;>6=K5 D>@87<5=OBL 8E 8 C:@0H0BL; 8A?>;L7>20BL ?@>ABK5 AB@>8B5;L=K5 45B0;8 4;O
A>740=8O ?>AB@>9:8 A ?>A;54CNI8< 5ё 0=0;87><;
- @51ё=>: A 8=B5@5A>< 2A;CH8205BAO 2 <8=05B 8 C7=05B 7=0:>872545=8O, ?@>O2;O5B M<>F8>=0;L=CN >B7K2G82>ABL, @07;8G05B : 0:B82=> 2708<>459AB2C5B A> A25@AB=8:0<8 2 83@5, ?@8=8<05B =0 A51O @>;L 8
459AB2C5B >B 8<5=8 35@>O, AB@>8B @>;52K5 2KA:07K20=8O, 8A?>;L7C5B ?@54<5BK-70<5AB8B5;8,
@072>@0G8205B =5A;>6=K9 83@>2>9 AN65B 87 =5A:>;L:8E M?87>4>2;
- @51ё=>: 2 4840:B8G5A:8E 83@0E 459AB2C5B 2 @0<:0E ?@028;, 2 B50B@0;87>20==KE 83@0E
@07K3@K205B >B@K2:8 87 7=0:>:, @0AA:07>2, ?5@5405B 8=B>=0F8N 8 <8<8G5A:85
42865=8O.
1.2.3.2. К CяF< 7B8а@:
- @51ё=>: ?@>O2;O5B 8=B5@5A : @07=>>1@07=K< D878G5A:8< C?@06=5=8O<, 459AB28O< A
D87:C;LBC@=K<8 ?>A>18O<8, =0AB>9G82>ABL 4;O 4>AB865=8O @57C;LB0B0, 8A?KBK205B
?>B@51=>ABL 2 42830B5;L=>9 0:B82=>AB8;
- @51ё=>: 45<>=AB@8@C5B :>>@48=0F8N, 1KAB@>BC, A8;C, 2K=>A;82>ABL, 381:>ABL,
;>2:>ABL, @0728B85 :@C?=>9 8 <5;:>9 <>B>@8:8, 0:B82=> 8 A 8=B5@5A>< 2K?>;=O5B >A=>2=K5
42865=8O, >1I5@072820NI85 C?@06=5=8O 8 M;5<5=BK A?>@B82=KE C?@06=5=89, A 65;0=85<
83@05B 2 ?>4286=K5 83@K, >@85=B8@C5BAO 2 ?@>AB@0=AB25, ?5@5=>A8B >A2>5==K5 42865=8O 2
A0<>AB>OB5;L=CN 45OB5;L=>ABL;
- @51ё=>: AB@5<8BAO C7=0BL > ?@028;0E 74>@>2>3> >1@070 687=8, 3>B>2 M;5<5=B0@=>
>E0@0:B5@87>20BL A2>5 A0<>GC2AB285, ?@82;5GL 2=8<0=85 27@>A;>3> 2 A;CG05 =54><>30=8O;
- @51ё=>: AB@5<8BAO : A0<>AB>OB5;L=>ACI5AB2;5=8N ?@>F5AA>2 ;8G=>9 38385=K,
8E ?@028;L=>9 >@30=870F88;
- @51ё=>: 2K?>;=O5B A0<>AB>OB5;L=> ?@028;0 >1I5=8O A> 27@>A;K<, 2=8<0B5;5= : 53>
A;>20< 8 <=5=8N, AB@5<8BAO : ?>7=020B5;L=>1I5=8N A> 27@>A;K<8:
25
70405B <=>3> 2>?@>A>2 ?>8A:>2>3> E0@0:B5@0, AB@5<8BAO : >4>1@O5