ࡱ > [ ^ V W X Y Z F bjbjqq e e c> , F2 F2 ? ? ? ? ? $ ? ? ? P @ A ? ܞ \ D $ E " E E E F G l H 8 8 ڣ N ? OH F F OH OH ? ? E E U U U OH ~ ? E ? E U OH U U j on D p E ] ? I o 0 ܞ Ep ( N R ( d p p ( ? p , OH OH U OH OH OH OH OH -R OH OH OH ܞ OH OH OH OH ( OH OH OH OH OH OH OH OH OH F2 ( n> : #" . 8@5:B>@ # & _ _ _ _ _ _ _ _ _ _ _ _ _ -. . 5;OF:89 2 7 D52@0;O 2 0 1 7 3>4 #"&/ -" #& / !#*" ",!", !&, " +% '!% & =0 2K?>;=5=85 AB@>8B5;L=>- <>=B06=KE @01>B ?> ?5@5?;0=8@>2:5 ?><5I5=89, @0A?>;>65==KE =0 3 MB065 740=8O ?> 04@5AC: 3. >2>A818@A:, @0A=K9 ?@>A?5:B, 5 0 , 4;O @07<5I5=8O >D8A>2 3. >2>A818@A:, 2 0 1 7 0AB>OI0O 4>:C<5=B0F8O >1 0C:F8>=5 2 M;5:B@>==>9 D>@<5 ( M;5:B@>==>< 0C:F8>=5) ?>43>B>2;5=0 2 A>>B25BAB288 A $545@0;L=K< 70:>=>< >B 0 5 0?@5;O 2 0 1 3 3>40 !4 4 - $ :>=B@0:B=>9 A8AB5<5 2 AD5@5 70:C?>: B>20@>2, @01>B, CA;C3 4;O >15A?5G5=8O 3>AC40@AB25==KE 8 <C=8F8?0;L=KE =C64 ( 40;55 0:>= > 70:C?:0E) . 1 . 08<5=>20=85 0:07G8:0, :>=B0:B=0O 8=D>@<0F8O C=8F8?0;L=>5 C=8B0@=>5 ?@54?@8OB85 3>@>40 >2>A818@A:0 &5=B@ <C=8F8?0;L=>3> 8<CI5AB20 ( # & ) . 5AB> =0E>645=8O: 3. >2>A818@A:, @0A=K9 ?@>A?5:B, 5 0 >GB>2K9 04@5A: 6 3 0 0 9 1 , 3. >2>A818@A:, @0A=K9 ?@>A?5:B, 5 0 >=B0:B=K9 B5;5D>=: ( 3 8 3 ) 2 0 2 - 0 7 - 7 2 ; D0:A: ( 3 8 3 ) 2 2 7 - 0 1 - 7 1 4@5A M;5:B@>==>9 ?>GBK: H Y P E R L I N K " m a i l t o : m u p . c m i @ g m a i l . c o m " m u p . c m i @ g m a i l . c o m . !?>A>1 >?@545;5=8O A?>;=8B5;O: 0C:F8>= 2 M;5:B@>==>9 D>@<5 ( 40;55 - M;5:B@>==K9 0C:F8>=) . 4@5A M;5:B@>==>9 ?;>I04:8 2 8=D>@<0F8>==>- B5;5:><<C=8:0F8>==>9 A5B8 =B5@=5B : H Y P E R L I N K " h t t p : / / w w w . r o s e l t o r g . r u " h t t p : / / w w w . r t s - t e n d e r . r u . ( "!- B5=45@ ) . 2 . 08<5=>20=85 8 >?8A0=85 >1J5:B0 70:C?:8 K?>;=5=85 AB@>8B5;L=>- <>=B06=KE @01>B ?> ?5@5?;0=8@>2:5 ?><5I5=89, @0A?>;>65==KE =0 3 - < MB065 740=8O ?> 04@5AC: 3. >2>A818@A:, @0A=K9 ?@>A?5:B, 5 0 , 4;O @07<5I5=8O >D8A>2. 3 . 5AB>, A@>:8 8 >1J5< 2K?>;=5=8O @01>B 5AB> 2K?>;=5=8O @01>B: 3. >2>A818@A:, @0A=K9 ?@>A?5:B, 5 0 . 1J5< 2K?>;=5=8O @01>B: 84K 8 >1J5<K @01>B 2 A>>B25BAB288 A @8;>65=8O<8 ! 2 ( >:0;L=K9 A<5B=K9 @0AG5B !1 ) , ! 3 ( ;0= ?><5I5=89 3 - 3> MB060) : 0C:F8>==>9 4>:C<5=B0F88. !@>: 2K?>;=5=8O @01>B: 0B0 >:>=G0=8O AB@>8B5;L=>- <>=B06=KE @01>B =5 ?>74=55 3 5 ( "@84F0B8 ?OB8) :0;5=40@=KE 4=59 A <><5=B0 ?>4?8A0=8O >=B@0:B0. 01>BK 2K?>;=ONBAO >4@O4G8:>< 87 53> <0B5@80;>2, 53> A8;0<8 8 A@54AB20<8 ( 2 B. G. <0H8=K 8 <5E0=87<K) . @8<5=O5<K5 >4@O4G8:>< <0B5@80;K, <0H8=K 8 <5E0=87<K 4>;6=K 1KBL =04;560I53> :0G5AB20, A>>B25BAB2>20BL B@51>20=8O<, CAB0=>2;5==K< 459AB2CNI8< 70:>=>40B5;LAB2>< $. "@51>20=8O ?> >1J5<C 30@0=B89 :0G5AB20 @01>B >4@O4G8: >1O7C5BAO 8A?@02;OBL ;N1K5 45D5:BK, A2O70==K5 A ?@>872545==K<8 8< @01>B0<8, 2 B5G5=85 2A53> A@>:0 459AB28O 30@0=B89=KE >1O70B5;LAB2. A;8 2 ?5@8>4 30@0=B89=>3> A@>:0 >1=0@C60BAO 45D5:BK ( =54>AB0B:8) 8 ( 8;8) =54>45;:8, B> 8E CAB@0=5=85 >ACI5AB2;O5BAO >4@O4G8:>< 70 A2>9 AG5B. 0@0=B89=K9 A@>: =0 2K?>;=5==K5 @01>BK ?@>4;5205BAO =0 A@>:, 8AG8A;O5<K9 A <><5=B0 >1=0@C65=8O 45D5:B0 4> <><5=B0 53> D0:B8G5A:>3> CAB@0=5=8O, GB> ?>4B25@6405BAO A>>B25BAB2CNI8< 0:B>< >1 CAB@0=5=88 =54>AB0B:>2. >4 <><5=B>< >1=0@C65=8O 45D5:B0 ?>=8<05BAO 40B0 =0?@02;5=8O C254><;5=8O. >4@O4G8: >1O7C5BAO 70 A2>9 AG5B 8 A2>8<8 A8;0<8 2 @07C<=K5 A@>:8 CAB@0=OBL 45D5:BK 8 ( 8;8) =54>AB0B:8 2 @57C;LB0B5 2K?>;=5==>9 8< 2 A>>B25BAB288 A >=B@0:B>< @01>BK, >1=0@C65==K5 2 B5G5=85 CAB0=>2;5==>3> >=B@0:B>< 30@0=B89=>3> A@>:0. 0@0=B89=K9 A@>: 2 MB>< A;CG05 ?@>4;5205BAO A>>B25BAB25==> =0 ?5@8>4 CAB@0=5=8O 45D5:B>2 8 =54>AB0B:>2. 5 . 0G0;L=0O ( <0:A8<0;L=0O) F5=0 :>=B@0:B0, 55 >1>A=>20=85 1 5 8 8 4 5 9 ( 48= <8;;8>= ?OBLA>B 2>A5<L45AOB 2>A5<L BKAOG G5BK@5AB0 ?OBL45AOB 452OBL) @C1;59 3 6 :>?55: A !. &5=0 >=B@0:B0 2:;NG05B 25AL :><?;5:A 70B@0B, =5>1E>48<KE 4;O 2K?>;=5=8O @01>B ?> >=B@0:BC, 2 B>< G8A;5: AB>8<>ABL <0B5@80;>2, AB>8<>ABL @01>B, 2A5 ?>4;560I85 C?;0B5 =0;>38, 2:;NG0O !, A1>@K 8 4@C385 >1O70B5;L=K5 ?;0B568, 70B@0BK =0 A5@B8D8:0F8N, 4>AB02:C, ?>3@C7>G=>- @073@C7>G=K5 @01>BK, AB>8<>ABL B0@K, C?0:>2:8, =5?@542845==K5 @01>BK 8 70B@0BK. 0G0;L=0O ( <0:A8<0;L=0O) F5=0 AD>@<8@>20=0 =0 >A=>20=88 ;>:0;L=>3> A<5B=>3> @0AG5B0 @8;>65=85 !2 : 0C:F8>==>9 4>:C<5=B0F88, @0AAG8B0==>3> 1078A=> - 8=45:A=K< <5B>4><, =0 >A=>20=88 D545@0;L=KE 548=8G=KE @0AF5=>:. 6 . AB>G=8: D8=0=A8@>20=8O !>1AB25==K5 A@54AB20 0:07G8:0. 7 . >@O4>: >?;0BK 0:07G8: ?@>872>48B >?;0BC ?CB5< ?5@5G8A;5=8O 45=56=KE A@54AB2 =0 @0AG5B=K9 AG5B >4@O4G8:0, C:070==K9 2 >=B@0:B5, ?>A;5 2K?>;=5=8O ?>A;54=8< >1J5<0 @01>B, ?@54CA<>B@5==>3> >=B@0:B>< 8 ?@8;>65=8O<8 : =5<C, 8 ?>4?8A0=8O !B>@>=0<8 0:B0 > ?@85<:5 2K?>;=5==KE @01>B ?> D>@<5 !- 2 , A?@02:8 > AB>8<>AB8 2K?>;=5==KE @01>B 8 70B@0B ?> D>@<5 !- 3 , 2 B5G5=85 5 ( OB8) 10=:>2A:8E 4=59 A 40BK ?@54>AB02;5=8O >4@O4G8:>< AG5B0, AG5B0- D0:BC@K, ?@8 >BACBAB288 C 0:07G8:0 ?@5B5=789 8 70<5G0=89 ?> :>;8G5AB2C 8 :0G5AB2C 2K?>;=5==KE @01>B. 8 . >7<>6=>ABL 70:07G8:0 87<5=8BL CA;>28O :>=B@0:B0 7<5=5=85 ACI5AB25==KE CA;>289 :>=B@0:B0 ?@8 53> 8A?>;=5=88 =5 4>?CA:05BAO, 70 8A:;NG5=85< 8E 87<5=5=8O ?> A>3;0H5=8N AB>@>= 2 A;54CNI8E A;CG0OE: 1 . A>>B25BAB288 A ?. 1 . G. 1 . AB. 9 5 0:>=0 > 70:C?:0E: - ?@8 A=865=88 F5=K :>=B@0:B0 157 87<5=5=8O ?@54CA<>B@5==KE :>=B@0:B>< :>;8G5AB20 B>20@0, >1J5<0 @01>BK 8;8 CA;C38, :0G5AB20 ?>AB02;O5<>3> B>20@0, 2K?>;=O5<>9 @01>BK, >:07K205<>9 CA;C38 8 8=KE CA;>289 :>=B@0:B0. - 5A;8 ?> ?@54;>65=8N 70:07G8:0 C25;8G8205BAO ?@54CA<>B@5==>5 >=B@0:B>< :>;8G5AB2> B>20@0, >1J5< @01>BK 8;8 CA;C38 =5 1>;55 G5< =0 45AOBL ?@>F5=B>2 8;8 C<5=LH0NBAO ?@54CA<>B@5==K5 :>=B@0:B>< :>;8G5AB2> ?>AB02;O5<>3> B>20@0, >1J5< 2K?>;=O5<>9 @01>BK 8;8 >:07K205<>9 CA;C38 =5 1>;55 G5< =0 45AOBL ?@>F5=B>2. 9 . >7<>6=>ABL >4=>AB>@>==53> >B:070 >B 8A?>;=5=8O :>=B@0:B0 0AB>@65=85 :>=B@0:B0 4>?CA:05BAO ?> A>3;0H5=8N AB>@>=, ?> @5H5=8N AC40, 2 A;CG05 >4=>AB>@>==53> >B:070 AB>@>=K :>=B@0:B0 >B 8A?>;=5=8O :>=B@0:B0 2 A>>B25BAB288 A 3@0640=A:8< 70:>=>40B5;LAB2><. 0:07G8: 2?@025 ?@8=OBL @5H5=85 >1 >4=>AB>@>==5< >B:075 >B 8A?>;=5=8O :>=B@0:B0 ?> >A=>20=8O<, ?@54CA<>B@5==K< @0640=A:8< :>45:A>< >AA89A:>9 $545@0F88 4;O >4=>AB>@>==53> >B:070 >B 8A?>;=5=8O >B45;L=KE 284>2 >1O70B5;LAB2, ?@8 CA;>288, 5A;8 MB> 1K;> ?@54CA<>B@5=> :>=B@0:B><. 0:07G8: 2?@025 ?@>25AB8 M:A?5@B87C ?>AB02;5==>3> B>20@0, 2K?>;=5==>9 @01>BK, >:070==>9 CA;C38 A ?@82;5G5=85< M:A?5@B>2, M:A?5@B=KE >@30=870F89 4> ?@8=OB8O @5H5=8O >1 >4=>AB>@>==5< >B:075 >B 8A?>;=5=8O :>=B@0:B0. A;8 0:07G8:>< ?@>2545=0 M:A?5@B870 ?>AB02;5==>3> B>20@0, 2K?>;=5==>9 @01>BK 8;8 >:070==>9 CA;C38 A ?@82;5G5=85< M:A?5@B>2, M:A?5@B=KE >@30=870F89, @5H5=85 >1 >4=>AB>@>==5< >B:075 >B 8A?>;=5=8O :>=B@0:B0 <>65B 1KBL ?@8=OB> 0:07G8:>< B>;L:> ?@8 CA;>288, GB> ?> @57C;LB0B0< M:A?5@B87K ?>AB02;5==>3> B>20@0, 2K?>;=5==>9 @01>BK 8;8 >:070==>9 CA;C38 2 70:;NG5=88 M:A?5@B0, M:A?5@B=>9 >@30=870F88 1C4CB ?>4B25@645=K =0@CH5=8O CA;>289 :>=B@0:B0, ?>A;C682H85 >A=>20=85< 4;O >4=>AB>@>==53> >B:070 0:07G8:0 >B 8A?>;=5=8O :>=B@0:B0. 5H5=85 0:07G8:0 >1 >4=>AB>@>==5< >B:075 >B 8A?>;=5=8O :>=B@0:B0 =5 ?>74=55 G5< 2 B5G5=85 3 ( "@5E) @01>G8E 4=59 A 40BK ?@8=OB8O C:070==>3> @5H5=8O, @07<5I05BAO 2 548=>9 8=D>@<0F8>==>9 A8AB5<5 8 =0?@02;O5BAO >4@O4G8:C ?> ?>GB5 70:07=K< ?8AL<>< A C254><;5=85< > 2@CG5=88 ?> 04@5AC >4@O4G8:0, C:070==><C 2 :>=B@0:B5, ;81> B5;53@0<<>9, D0:A8<8;L=>9 A2O7LN, ?> 04@5AC M;5:B@>==>9 ?>GBK, ;81> A 8A?>;L7>20=85< 8=KE A@54AB2 A2O78 8 4>AB02:8, >15A?5G820NI8E D8:A8@>20=85 B0:>3> C254><;5=8O 8 ?>;CG5=85 0:07G8:>< ?>4B25@645=8O > 53> 2@CG5=88 >4@O4G8:C. 0B>9 B0:>3> =04;560I53> C254><;5=8O ?@87=05BAO 40B0 ?>;CG5=8O 0:07G8:>< ?>4B25@645=8O > 2@CG5=88 >4@O4G8:C C:070==>3> C254><;5=8O ;81> 40B0 ?>;CG5=8O 0:07G8:>< 8=D>@<0F88 >1 >BACBAB288 >4@O4G8:0 ?> 53> 04@5AC, C:070==><C 2 :>=B@0:B5. @8 =52>7<>6=>AB8 ?>;CG5=8O C:070==>3> ?>4B25@645=8O ;81> 8=D>@<0F88 40B>9 B0:>3> =04;560I53> C254><;5=8O ?@87=05BAO 40B0 ?> 8AB5G5=88 3 0 ( "@84F0B8) 4=59 A 40BK @07<5I5=8O @5H5=8O 0:07G8:0 >1 >4=>AB>@>==5< >B:075 >B 8A?>;=5=8O :>=B@0:B0 2 548=>9 8=D>@<0F8>==>9 A8AB5<5. 5H5=85 0:07G8:0 >1 >4=>AB>@>==5< >B:075 >B 8A?>;=5=8O :>=B@0:B0 2ABC?05B 2 A8;C 8 :>=B@0:B AG8B05BAO @0AB>@3=CBK< G5@57 1 0 ( 5AOBL) 4=59 A 40BK =04;560I53> C254><;5=8O 0:07G8:>< >4@O4G8:0 >1 >4=>AB>@>==5< >B:075 >B 8A?>;=5=8O :>=B@0:B0. 0:07G8: >1O70= >B<5=8BL =5 2ABC?82H55 2 A8;C @5H5=85 >1 >4=>AB>@>==5< >B:075 >B 8A?>;=5=8O :>=B@0:B0, 5A;8 2 B5G5=85 45AOB84=52=>3> A@>:0 A 40BK =04;560I53> C254><;5=8O >4@O4G8:0 > ?@8=OB>< @5H5=88 >1 >4=>AB>@>==5< >B:075 >B 8A?>;=5=8O :>=B@0:B0 CAB@0=5=> =0@CH5=85 CA;>289 :>=B@0:B0, ?>A;C682H55 >A=>20=85< 4;O ?@8=OB8O C:070==>3> @5H5=8O, 0 B0:65 0:07G8:C :><?5=A8@>20=K 70B@0BK =0 ?@>2545=85 M:A?5@B87K. 0==>5 ?@028;> =5 ?@8<5=O5BAO 2 A;CG05 ?>2B>@=>3> =0@CH5=8O >4@O4G8:>< CA;>289 :>=B@0:B0, :>B>@K5 2 A>>B25BAB288 A 3@0640=A:8< 70:>=>40B5;LAB2>< O2;ONBAO >A=>20=85< 4;O >4=>AB>@>==53> >B:070 0:07G8:0 >B 8A?>;=5=8O :>=B@0:B0. 0:07G8: >1O70= ?@8=OBL @5H5=85 >1 >4=>AB>@>==5< >B:075 >B 8A?>;=5=8O :>=B@0:B0, 5A;8 2 E>45 8A?>;=5=8O :>=B@0:B0 CAB0=>2;5=>, GB> >4@O4G8: =5 A>>B25BAB2C5B CAB0=>2;5==K< 4>:C<5=B0F859 > 70:C?:5 B@51>20=8O< : CG0AB=8:0< 70:C?:8 8;8 ?@54>AB028; =54>AB>25@=CN 8=D>@<0F8N > A2>5< A>>B25BAB288 B0:8< B@51>20=8O<, GB> ?>72>;8;> 5<C AB0BL ?>1548B5;5< >?@545;5=8O >4@O4G8:0. >4@O4G8: 2?@025 ?@8=OBL @5H5=85 >1 >4=>AB>@>==5< >B:075 >B 8A?>;=5=8O :>=B@0:B0 ?> >A=>20=8O<, ?@54CA<>B@5==K< @0640=A:8< :>45:A>< >AA89A:>9 $545@0F88 4;O >4=>AB>@>==53> >B:070 >B 8A?>;=5=8O >B45;L=KE 284>2 >1O70B5;LAB2, 5A;8 2 :>=B@0:B5 1K;> ?@54CA<>B@5=> ?@02> 0:07G8:0 ?@8=OBL @5H5=85 >1 >4=>AB>@>==5< >B:075 >B 8A?>;=5=8O :>=B@0:B0. 5H5=85 >4@O4G8:0 >1 >4=>AB>@>==5< >B:075 >B 8A?>;=5=8O :>=B@0:B0 =5 ?>74=55 G5< 2 B5G5=85 B@5E @01>G8E 4=59 A 40BK ?@8=OB8O B0:>3> @5H5=8O, =0?@02;O5BAO 0:07G8:C ?> ?>GB5 70:07=K< ?8AL<>< A C254><;5=85< > 2@CG5=88 ?> 04@5AC 0:07G8:0, C:070==><C 2 :>=B@0:B5, ;81> B5;53@0<<>9, D0:A8<8;L=>9 A2O7LN, ?> 04@5AC M;5:B@>==>9 ?>GBK, ;81> A 8A?>;L7>20=85< 8=KE A@54AB2 A2O78 8 4>AB02:8, >15A?5G820NI8E D8:A8@>20=85 B0:>3> C254><;5=8O 8 ?>;CG5=85 >4@O4G8:>< ?>4B25@645=8O > 53> 2@CG5=88 0:07G8:C. K?>;=5=85 >4@O4G8:>< B@51>20=89 =0AB>OI59 G0AB8 AG8B05BAO =04;560I8< C254><;5=85< 0:07G8:0 >1 >4=>AB>@>==5< >B:075 >B 8A?>;=5=8O :>=B@0:B0. 0B>9 B0:>3> =04;560I53> C254><;5=8O ?@87=05BAO 40B0 ?>;CG5=8O >4@O4G8:>< ?>4B25@645=8O > 2@CG5=88 0:07G8:C C:070==>3> C254><;5=8O. 5H5=85 >4@O4G8:0 >1 >4=>AB>@>==5< >B:075 >B 8A?>;=5=8O :>=B@0:B0 2ABC?05B 2 A8;C 8 :>=B@0:B AG8B05BAO @0AB>@3=CBK< G5@57 1 0 ( 5AOBL) 4=59 A 40BK =04;560I53> C254><;5=8O >4@O4G8:>< 0:07G8:0 >1 >4=>AB>@>==5< >B:075 >B 8A?>;=5=8O :>=B@0:B0. >4@O4G8: >1O70= >B<5=8BL =5 2ABC?82H55 2 A8;C @5H5=85 >1 >4=>AB>@>==5< >B:075 >B 8A?>;=5=8O :>=B@0:B0, 5A;8 2 B5G5=85 45AOB84=52=>3> A@>:0 A 40BK =04;560I53> C254><;5=8O 0:07G8:0 > ?@8=OB>< @5H5=88 >1 >4=>AB>@>==5< >B:075 >B 8A?>;=5=8O :>=B@0:B0 CAB@0=5=K =0@CH5=8O CA;>289 :>=B@0:B0, ?>A;C682H85 >A=>20=85< 4;O ?@8=OB8O C:070==>3> @5H5=8O. A=>20=8O<8 4;O >4=>AB>@>==53> >B:070 O2;ONBAO: 5A;8 2A;54AB285 ?@>A@>G:8 >4@O4G8:0 8A?>;=5=85 CB@0B8;> 8=B5@5A 4;O 0:07G8:0; 5A;8 >4@O4G8: =5 ?@8ABC?05B A2>52@5<5==> : 8A?>;=5=8N :>=B@0:B0 8;8 >:07K205B CA;C3C =0AB>;L:> <54;5==>, GB> >:>=G0=85 55 : A@>:C AB0=>28BAO O2=> =52>7<>6=K<; 5A;8 2> 2@5<O >:070=8O CA;C3 AB0=5B >G5284=K<, GB> >=0 =5 1C45B >:070=0 =04;560I8< >1@07><, 0:07G8: 2?@025 =07=0G8BL >4@O4G8:C @07C<=K9 A@>: 4;O CAB@0=5=8O =54>AB0B:>2 8 ?@8 =58A?>;=5=88 >4@O4G8:>< 2 =07=0G5==K9 A@>: MB>3> B@51>20=8O >B:070BLAO >B :>=B@0:B0; =0@CH5=85 >4@O4G8:>< 70?@5B0 =0 >:070=85 CA;C3 4;O >15A?5G5=8O <C=8F8?0;L=KE =C64 >@30=870F8O<8, =0E>4OI8<8AO ?>4 N@8A48:F859 "C@5F:>9 5A?C1;8:8, 0 B0:65 >@30=870F8O<8, :>=B@>;8@C5<K<8 3@0640=0<8 "C@5F:>9 5A?C1;8:8 8 ( 8;8) >@30=870F8O<8, =0E>4OI8<8AO ?>4 N@8A48:F859 "C@5F:>9 5A?C1;8:8, CAB0=>2;5==>3> ?C=:B>< 5 5@5G=O >B45;L=KE 284>2 @01>B ( CA;C3) , 2K?>;=5=85 ( >:070=85) :>B>@KE =0 B5@@8B>@88 >AA89A:>9 $545@0F88 >@30=870F8O<8, =0E>4OI8<8AO ?>4 N@8A48:F859 "C@5F:>9 5A?C1;8:8, 0 B0:65 >@30=870F8O<8, :>=B@>;8@C5<K<8 3@0640=0<8 "C@5F:>9 5A?C1;8:8 8 ( 8;8) >@30=870F8O<8, =0E>4OI8<8AO ?>4 N@8A48:F859 "C@5F:>9 5A?C1;8:8, CB25@645==>3> ?>AB0=>2;5=85< @028B5;LAB20 $ >B 2 9 . 1 2 . 2 0 1 5 ! 1 4 5 7 ?5@5G=5 >B45;L=KE 284>2 @01>B ( CA;C3) , 2K?>;=5=85 ( >:070=85) :>B>@KE =0 B5@@8B>@88 >AA89A:>9 $545@0F88 >@30=870F8O<8, =0E>4OI8<8AO ?>4 N@8A48:F859 "C@5F:>9 5A?C1;8:8, 0 B0:65 >@30=870F8O<8, :>=B@>;8@C5<K<8 3@0640=0<8 "C@5F:>9 5A?C1;8:8 8 ( 8;8) >@30=870F8O<8, =0E>4OI8<8AO ?>4 N@8A48:F859 "C@5F:>9 5A?C1;8:8, 70?@5I5=> , ?@8=OB>3> 2> 8A?>;=5=85 ?>4?C=:B0 1 ?C=:B0 1 #:070 @57845=B0 $ >B 2 8 . 1 1 . 2 0 1 5 ! 5 8 3 <5@0E ?> >15A?5G5=8N =0F8>=0;L=>9 157>?0A=>AB8 >AA89A:>9 $545@0F88 8 70I8B5 3@0640= >AA89A:>9 $545@0F88 >B ?@5ABC?=KE 8 8=KE ?@>B82>?@02=KE 459AB289 8 > ?@8<5=5=88 A?5F80;L=KE M:>=><8G5A:8E <5@ 2 >B=>H5=88 "C@5F:>9 5A?C1;8:8 . 1 0 . @58<CI5AB20, ?@54>AB02;O5<K5 70:07G8:>< 2 A>>B25BAB288 A> H Y P E R L I N K c o n s u l t a n t p l u s : / / o f f l i n e / r e f = 8 0 6 0 B 9 1 7 8 E 3 8 3 1 4 1 B 0 7 4 F 3 2 5 F 3 2 B F 2 7 5 D 0 8 8 B 0 3 7 7 1 B 2 0 B 5 9 1 0 2 0 4 D D 7 B F 1 3 2 4 6 2 6 C 2 A 5 2 4 F 6 C 3 1 7 D 8 8 w F a 0 I AB0BLO<8 2 8 - H Y P E R L I N K c o n s u l t a n t p l u s : / / o f f l i n e / r e f = 8 0 6 0 B 9 1 7 8 E 3 8 3 1 4 1 B 0 7 4 F 3 2 5 F 3 2 B F 2 7 5 D 0 8 8 B 0 3 7 7 1 B 2 0 B 5 9 1 0 2 0 4 D D 7 B F 1 3 2 4 6 2 6 C 2 A 5 2 4 F 6 C 3 1 7 D 8 B w F a F I 3 0 0:>=0 > 70:C?:0E 5 CAB0=>2;5=K. 1 1 . 3@0=8G5=85 CG0AB8O 2 >?@545;5=88 >4@O4G8:0 =0AB>OI5< M;5:B@>==>< 0C:F8>=5 <>3CB ?@8=8<0BL CG0AB85 B>;L:> AC1J5:BK <0;>3> ?@54?@8=8<0B5;LAB20, A>F80;L=> >@85=B8@>20==K5 =5:><<5@G5A:85 >@30=870F88. !B0BCA AC1J5:B0 <0;>3> ?@54?@8=8<0B5;LAB20 >?@545;O5BAO 2 A>>B25BAB288 A 70:>=>40B5;LAB2>< >AA89A:>9 $545@0F88 ( AB. 4 $545@0;L=>3> 70:>=0 >B 2 4 . 0 7 . 2 0 0 7 ! 2 0 9 - $ @0728B88 <0;>3> 8 A@54=53> ?@54?@8=8<0B5;LAB20 2 >AA89A:>9 $545@0F88 ) . AC1J5:B0< <0;>3> ?@54?@8=8<0B5;LAB20 >B=>AOBAO 70@538AB@8@>20==K5 2 A>>B25BAB288 A 70:>=>40B5;LAB2>< >AA89A:>9 $545@0F88 E>7O9AB25==K5 >1I5AB20, E>7O9AB25==K5 ?0@B=5@AB20, ?@>872>4AB25==K5 :>>?5@0B82K, ?>B@518B5;LA:85 :>>?5@0B82K, :@5ABLO=A:85 ( D5@<5@A:85) E>7O9AB20 8 8=48284C0;L=K5 ?@54?@8=8<0B5;8, A>>B25BAB2CNI85 A;54CNI8< CA;>28O<. F5;OE >B=5A5=8O E>7O9AB25==KE >1I5AB2, E>7O9AB25==KE ?0@B=5@AB2, ?@>872>4AB25==KE :>>?5@0B82>2, ?>B@518B5;LA:8E :>>?5@0B82>2, :@5ABLO=A:8E ( D5@<5@A:8E) E>7O9AB2 8 8=48284C0;L=KE ?@54?@8=8<0B5;59 : AC1J5:B0< <0;>3> 8 A@54=53> ?@54?@8=8<0B5;LAB20 4>;6=K 2K?>;=OBLAO A;54CNI85 CA;>28O: 1 ) 4;O E>7O9AB25==KE >1I5AB2, E>7O9AB25==KE ?0@B=5@AB2 4>;6=> 1KBL 2K?>;=5=> E>BO 1K >4=> 87 A;54CNI8E B@51>20=89: 0) AC<<0@=0O 4>;O CG0AB8O >AA89A:>9 $545@0F88, AC1J5:B>2 >AA89A:>9 $545@0F88, <C=8F8?0;L=KE >1@07>20=89, >1I5AB25==KE 8 @5;838>7=KE >@30=870F89 ( >1J548=5=89) , 1;03>B2>@8B5;L=KE 8 8=KE D>=4>2 ( 70 8A:;NG5=85< AC<<0@=>9 4>;8 CG0AB8O, 2E>4OI59 2 A>AB02 0:B82>2 8=25AB8F8>==KE D>=4>2) 2 CAB02=>< :0?8B0;5 >1I5AB20 A >3@0=8G5==>9 >B25BAB25==>ABLN =5 ?@52KH05B 4204F0BL ?OBL ?@>F5=B>2, 0 AC<<0@=0O 4>;O CG0AB8O 8=>AB@0==KE N@848G5A:8E ;8F 8 ( 8;8) N@848G5A:8E ;8F, =5 O2;ONI8EAO AC1J5:B0<8 <0;>3> ?@54?@8=8<0B5;LAB20, =5 ?@52KH05B A>@>: 452OBL ?@>F5=B>2. 3@0=8G5=85 2 >B=>H5=88 AC<<0@=>9 4>;8 CG0AB8O 8=>AB@0==KE N@848G5A:8E ;8F 8 ( 8;8) N@848G5A:8E ;8F, =5 O2;ONI8EAO AC1J5:B0<8 <0;>3> ?@54?@8=8<0B5;LAB20, =5 @0A?@>AB@0=O5BAO =0 >1I5AB20 A >3@0=8G5==>9 >B25BAB25==>ABLN, A>>B25BAB2CNI85 B@51>20=8O<, C:070==K< 2 ?>4?C=:B0E " 2" - H Y P E R L I N K \ l " P a r 1 3 " " 4" =0AB>OI53> ?C=:B0; 1) 0:F88 0:F8>=5@=>3> >1I5AB20, >1@0I0NI85AO =0 >@30=87>20==>< @K=:5 F5==KE 1C<03, >B=5A5=K : 0:F8O< 2KA>:>B5E=>;>38G=>3> ( 8==>20F8>==>3>) A5:B>@0 M:>=><8:8 2 ?>@O4:5, CAB0=>2;5==>< @028B5;LAB2>< >AA89A:>9 $545@0F88; 2) 45OB5;L=>ABL E>7O9AB25==KE >1I5AB2, E>7O9AB25==KE ?0@B=5@AB2 70:;NG05BAO 2 ?@0:B8G5A:>< ?@8<5=5=88 ( 2=54@5=88) @57C;LB0B>2 8=B5;;5:BC0;L=>9 45OB5;L=>AB8 ( ?@>3@0<< 4;O M;5:B@>==KE 2KG8A;8B5;L=KE <0H8=, 107 40==KE, 87>1@5B5=89, ?>;57=KE <>45;59, ?@><KH;5==KE >1@07F>2, A5;5:F8>==KE 4>AB865=89, B>?>;>389 8=B53@0;L=KE <8:@>AE5<, A5:@5B>2 ?@>872>4AB20 ( =>C- E0C) , 8A:;NG8B5;L=K5 ?@020 =0 :>B>@K5 ?@8=04;560B CG@548B5;O< ( CG0AB=8:0<) A>>B25BAB25==> B0:8E E>7O9AB25==KE >1I5AB2, E>7O9AB25==KE ?0@B=5@AB2 - 1N465B=K<, 02B>=><=K< =0CG=K< CG@5645=8O< ;81> O2;ONI8<AO 1N465B=K<8 CG@5645=8O<8, 02B>=><=K<8 CG@5645=8O<8 >1@07>20B5;L=K< >@30=870F8O< 2KAH53> >1@07>20=8O; 3) E>7O9AB25==K5 >1I5AB20, E>7O9AB25==K5 ?0@B=5@AB20 ?>;CG8;8 AB0BCA CG0AB=8:0 ?@>5:B0 2 A>>B25BAB288 A $545@0;L=K< 70:>=>< >B 2 8 A5=BO1@O 2 0 1 0 3>40 N 2 4 4 - $ " 1 8==>20F8>==>< F5=B@5 " !:>;:>2>" ; 4) CG@548B5;O<8 ( CG0AB=8:0<8) E>7O9AB25==KE >1I5AB2, E>7O9AB25==KE ?0@B=5@AB2 O2;ONBAO N@848G5A:85 ;8F0, 2:;NG5==K5 2 CB25@645==K9 @028B5;LAB2>< >AA89A:>9 $545@0F88 H Y P E R L I N K " c o n s u l t a n t p l u s : / / o f f l i n e / r e f = E A D A C 8 9 D C 3 0 E C 5 B A D C 4 4 7 9 5 7 C A 8 8 6 7 4 D 9 F 8 2 4 0 C B D 2 A C C 7 6 1 E 2 3 4 2 A 8 D D 3 5 7 F 6 E E A 7 7 9 D 8 C 3 4 7 0 E A 0 9 E Z 3 F 2 J " ?5@5G5=L N@848G5A:8E ;8F, ?@54>AB02;ONI8E 3>AC40@AB25==CN ?>445@6:C 8==>20F8>==>9 45OB5;L=>AB8 2 D>@<0E, CAB0=>2;5==KE $545@0;L=K< H Y P E R L I N K " c o n s u l t a n t p l u s : / / o f f l i n e / r e f = E A D A C 8 9 D C 3 0 E C 5 B A D C 4 4 7 9 5 7 C A 8 8 6 7 4 D 9 F 8 3 4 B C F D 5 A 5 C 7 6 1 E 2 3 4 2 A 8 D D 3 Z 5 F 7 J " 70:>=>< >B 2 3 023CAB0 1 9 9 6 3>40 N 1 2 7 - $ " =0C:5 8 3>AC40@AB25==>9 =0CG=>- B5E=8G5A:>9 ?>;8B8:5" . .@848G5A:85 ;8F0 2:;NG0NBAO 2 40==K9 ?5@5G5=L 2 ?>@O4:5, CAB0=>2;5==>< @028B5;LAB2>< >AA89A:>9 $545@0F88, ?@8 CA;>288 A>>B25BAB28O >4=><C 87 A;54CNI8E :@8B5@852: N@848G5A:85 ;8F0 O2;ONBAO ?C1;8G=K<8 0:F8>=5@=K<8 >1I5AB20<8, =5 <5=55 ?OB845AOB8 ?@>F5=B>2 0:F89 :>B>@KE =0E>48BAO 2 A>1AB25==>AB8 >AA89A:>9 $545@0F88, 8;8 E>7O9AB25==K<8 >1I5AB20<8, 2 :>B>@KE 40==K5 ?C1;8G=K5 0:F8>=5@=K5 >1I5AB20 8<5NB ?@02> ?@O<> 8 ( 8;8) :>A25==> @0A?>@O60BLAO 1>;55 G5< ?OBLN45AOBLN ?@>F5=B0<8 3>;>A>2, ?@8E>4OI8EAO =0 3>;>ACNI85 0:F88 ( 4>;8) , A>AB02;ONI85 CAB02=K5 :0?8B0;K B0:8E E>7O9AB25==KE >1I5AB2, ;81> 8<5NB 2>7<>6=>ABL =07=0G0BL 548=>;8G=K9 8A?>;=8B5;L=K9 >@30= 8 ( 8;8) 1>;55 ?>;>28=K A>AB020 :>;;5380;L=>3> 8A?>;=8B5;L=>3> >@30=0, 0 B0:65 2>7<>6=>ABL >?@545;OBL 871@0=85 1>;55 ?>;>28=K A>AB020 A>25B0 48@5:B>@>2 ( =01;N40B5;L=>3> A>25B0) ; N@848G5A:85 ;8F0 O2;ONBAO 3>AC40@AB25==K<8 :>@?>@0F8O<8, CG@5645==K<8 2 A>>B25BAB288 A $545@0;L=K< 70:>=>< >B 1 2 O=20@O 1 9 9 6 3>40 N 7 - $ " =5:><<5@G5A:8E >@30=870F8OE" ; N@848G5A:85 ;8F0 A>740=K 2 A>>B25BAB288 A $545@0;L=K< 70:>=>< >B 2 7 8N;O 2 0 1 0 3>40 N 2 1 1 - $ " @5>@30=870F88 >AA89A:>9 :>@?>@0F88 =0=>B5E=>;>389" ; 2 ) H Y P E R L I N K " c o n s u l t a n t p l u s : / / o f f l i n e / r e f = E A D A C 8 9 D C 3 0 E C 5 B A D C 4 4 7 9 5 7 C A 8 8 6 7 4 D 9 F 8 3 4 0 C 8 D 5 A A C 7 6 1 E 2 3 4 2 A 8 D D 3 5 7 F 6 E E A 7 7 9 D 8 C 3 4 7 0 E A 0 9 D Z 3 F C J " A@54=5A?8A>G=0O G8A;5==>ABL @01>B=8:>2 70 ?@54H5AB2CNI89 :0;5=40@=K9 3>4 E>7O9AB25==KE >1I5AB2, E>7O9AB25==KE ?0@B=5@AB2, A>>B25BAB2CNI8E >4=><C 87 B@51>20=89, C:070==KE 2 ?C=:B5 1 , ?@>872>4AB25==KE :>>?5@0B82>2, ?>B@518B5;LA:8E :>>?5@0B82>2, :@5ABLO=A:8E ( D5@<5@A:8E) E>7O9AB2, 8=48284C0;L=KE ?@54?@8=8<0B5;59 =5 4>;6=0 ?@52KH0BL A;54CNI85 ?@545;L=K5 7=0G5=8O A@54=5A?8A>G=>9 G8A;5==>AB8 @01>B=8:>2: 4> AB0 G5;>25:. 3 ) 4>E>4 E>7O9AB25==KE >1I5AB2, E>7O9AB25==KE ?0@B=5@AB2, A>>B25BAB2CNI8E >4=><C 87 B@51>20=89, C:070==KE 2 H Y P E R L I N K \ l " P a r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c o n s u l t a n t p l u s : / / o f f l i n e / r e f = A E 3 D 7 2 0 B F 9 F 6 0 E E 4 0 A F 0 9 C 9 D 6 3 6 E B 1 0 7 2 8 C B D 0 8 5 7 E 9 3 6 9 5 4 B 6 2 2 9 8 4 D 5 0 B 1 6 7 3 B 1 4 F B 0 B D 5 6 C E F p E Z 8 H 70:>=>40B5;LAB2>< >AA89A:>9 $545@0F88 > =0;>30E 8 A1>@0E, :>B>@K5 @5AB@C:BC@8@>20=K 2 A>>B25BAB288 A 70:>=>40B5;LAB2>< >AA89A:>9 $545@0F88, ?> :>B>@K< 8<55BAO 2ABC?82H55 2 70:>==CN A8;C @5H5=85 AC40 > ?@87=0=88 >1O70==>AB8 70O28B5;O ?> C?;0B5 MB8E AC<< 8A?>;=5==>9 8;8 :>B>@K5 ?@87=0=K 157=0456=K<8 : 27KA:0=8N 2 A>>B25BAB288 A H Y P E R L I N K c o n s u l t a n t p l u s : / / o f f l i n e / r e f = A E 3 D 7 2 0 B F 9 F 6 0 E E 4 0 A F 0 9 C 9 D 6 3 6 E B 1 0 7 2 8 C B D 0 8 5 7 E 9 3 6 9 5 4 B 6 2 2 9 8 4 D 5 0 B 1 6 7 3 B 1 4 F B 0 B D 5 6 C E D p E Z F H 70:>=>40B5;LAB2>< >AA89A:>9 $545@0F88 > =0;>30E 8 A1>@0E) 70 ?@>H54H89 :0;5=40@=K9 3>4, @07<5@ :>B>@KE ?@52KH05B 4204F0BL ?OBL ?@>F5=B>2 10;0=A>2>9 AB>8<>AB8 0:B82>2 CG0AB=8:0 70:C?:8, ?> 40==K< 1CE30;B5@A:>9 >BG5B=>AB8 70 ?>A;54=89 >BG5B=K9 ?5@8>4. #G0AB=8: 70:C?:8 AG8B05BAO A>>B25BAB2CNI8< CAB0=>2;5==><C B@51>20=8N 2 A;CG05, 5A;8 8< 2 CAB0=>2;5==>< ?>@O4:5 ?>40=> 70O2;5=85 >1 >160;>20=88 C:070==KE =54>8<:8, 704>;65==>AB8 8 @5H5=85 ?> B0:><C 70O2;5=8N =0 40BC @0AA<>B@5=8O 70O2:8 =0 CG0AB85 2 >?@545;5=88 >4@O4G8:0 ( ?>AB02I8:0, 8A?>;=8B5;O) =5 ?@8=OB>. 5 . BACBAB285 C CG0AB=8:0 70:C?:8 - D878G5A:>3> ;8F0 ;81> C @C:>2>48B5;O, G;5=>2 :>;;5380;L=>3> 8A?>;=8B5;L=>3> >@30=0, ;8F0, 8A?>;=ONI53> DC=:F88 548=>;8G=>3> 8A?>;=8B5;L=>3> >@30=0, 8;8 3;02=>3> 1CE30;B5@0 N@848G5A:>3> ;8F0 - CG0AB=8:0 70:C?:8 AC48<>AB8 70 ?@5ABC?;5=8O 2 AD5@5 M:>=><8:8 8 ( 8;8) ?@5ABC?;5=8O, ?@54CA<>B@5==K5 AB0BLO<8 2 8 9 , 2 9 0 , 2 9 1 , 2 9 1 . 1 #3>;>2=>3> :>45:A0 >AA89A:>9 $545@0F88 ( 70 8A:;NG5=85< ;8F, C :>B>@KE B0:0O AC48<>ABL ?>30H5=0 8;8 A=OB0) , 0 B0:65 =5?@8<5=5=85 2 >B=>H5=88 C:070==KE D878G5A:8E ;8F =0:070=8O 2 2845 ;8H5=8O ?@020 70=8<0BL >?@545;5==K5 4>;6=>AB8 8;8 70=8<0BLAO >?@545;5==>9 45OB5;L=>ABLN, :>B>@K5 A2O70=K A ?>AB02:>9 B>20@0, 2K?>;=5=85< @01>BK, >:070=85< CA;C38, O2;ONI8EAO >1J5:B>< >ACI5AB2;O5<>9 70:C?:8, 8 04<8=8AB@0B82=>3> =0:070=8O 2 2845 48A:20;8D8:0F88. #G0AB=8: 70:C?:8 - N@848G5A:>5 ;8F>, :>B>@>5 2 B5G5=85 42CE ;5B 4> <><5=B0 ?>40G8 70O2:8 =0 CG0AB85 2 70:C?:5 =5 1K;> ?@82;5G5=> : 04<8=8AB@0B82=>9 >B25BAB25==>AB8 70 A>25@H5=85 04<8=8AB@0B82=>3> ?@02>=0@CH5=8O, ?@54CA<>B@5==>3> AB0BL59 1 9 . 2 8 >45:A0 >AA89A:>9 $545@0F88 >1 04<8=8AB@0B82=KE ?@02>=0@CH5=8OE. 6 . BACBAB285 <564C CG0AB=8:>< 70:C?:8 8 70:07G8:>< :>=D;8:B0 8=B5@5A>2, ?>4 :>B>@K< ?>=8<0NBAO A;CG08, ?@8 :>B>@KE @C:>2>48B5;L 70:07G8:0, G;5= :><8AA88 ?> >ACI5AB2;5=8N 70:C?>:, @C:>2>48B5;L :>=B@0:B=>9 A;C61K 70:07G8:0, :>=B@0:B=K9 C?@02;ONI89 A>AB>OB 2 1@0:5 A D878G5A:8<8 ;8F0<8, O2;ONI8<8AO 2K3>4>?@8>1@5B0B5;O<8, 548=>;8G=K< 8A?>;=8B5;L=K< >@30=>< E>7O9AB25==>3> >1I5AB20 ( 48@5:B>@><, 35=5@0;L=K< 48@5:B>@><, C?@02;ONI8<, ?@57845=B>< 8 4@C38<8) , G;5=0<8 :>;;5380;L=>3> 8A?>;=8B5;L=>3> >@30=0 E>7O9AB25==>3> >1I5AB20, @C:>2>48B5;5< ( 48@5:B>@><, 35=5@0;L=K< 48@5:B>@><) CG@5645=8O 8;8 C=8B0@=>3> ?@54?@8OB8O ;81> 8=K<8 >@30=0<8 C?@02;5=8O N@848G5A:8E ;8F - CG0AB=8:>2 70:C?:8, A D878G5A:8<8 ;8F0<8, 2 B>< G8A;5 70@538AB@8@>20==K<8 2 :0G5AB25 8=48284C0;L=>3> ?@54?@8=8<0B5;O, - CG0AB=8:0<8 70:C?:8 ;81> O2;ONBAO 1;87:8<8 @>4AB25==8:0<8 ( @>4AB25==8:0<8 ?> ?@O<>9 2>AE>4OI59 8 =8AE>4OI59 ;8=88 ( @>48B5;O<8 8 45BL<8, 454CH:>9, 101CH:>9 8 2=C:0<8) , ?>;=>@>4=K<8 8 =5?>;=>@>4=K<8 ( 8<5NI8<8 >1I8E >BF0 8;8 <0BL) 1@0BLO<8 8 A5AB@0<8) , CAK=>28B5;O<8 8;8 CAK=>2;5==K<8 C:070==KE D878G5A:8E ;8F. >4 2K3>4>?@8>1@5B0B5;O<8 4;O F5;59 =0AB>OI59 AB0BL8 ?>=8<0NBAO D878G5A:85 ;8F0, 2;045NI85 =0?@O<CN 8;8 :>A25==> ( G5@57 N@848G5A:>5 ;8F> 8;8 G5@57 =5A:>;L:> N@848G5A:8E ;8F) 1>;55 G5< 45AOBLN ?@>F5=B0<8 3>;>ACNI8E 0:F89 E>7O9AB25==>3> >1I5AB20 ;81> 4>;59, ?@52KH0NI59 45AOBL ?@>F5=B>2 2 CAB02=>< :0?8B0;5 E>7O9AB25==>3> >1I5AB20. 7 . #G0AB=8: 70:C?:8 =5 O2;O5BAO >DH>@=>9 :><?0=859. 8 . BACBAB285 2 @55AB@5 =54>1@>A>25AB=KE >4@O4G8:>2 ( ?>AB02I8:>2, 8A?>;=8B5;59) 8=D>@<0F88 >1 CG0AB=8:5 70:C?:8 - N@848G5A:>< ;8F5, 2 B>< G8A;5 8=D>@<0F88 >1 CG@548B5;OE, > G;5=0E :>;;5380;L=>3> 8A?>;=8B5;L=>3> >@30=0, ;8F5, 8A?>;=ONI5< DC=:F88 548=>;8G=>3> 8A?>;=8B5;L=>3> >@30=0 CG0AB=8:0 70:C?:8. =D>@<0F8O > 459AB288 A?5F80;L=KE M:>=><8G5A:8E <5@ ! 0 1 . 0 1 . 2 0 1 6 =0 B5@@8B>@88 >AA89A:>9 $545@0F88 70?@5I5=> 2K?>;=5=85 @01>B, >:070=85 CA;C3 4;O >15A?5G5=8O 3>AC40@AB25==KE 8 <C=8F8?0;L=KE =C64 >@30=870F8O<8, =0E>4OI8<8AO ?>4 N@8A48:F859 "C@5F:>9 5A?C1;8:8, 0 B0:65 >@30=870F8O<8, :>=B@>;8@C5<K<8 3@0640=0<8 "C@5F:>9 5A?C1;8:8 8 ( 8;8) >@30=870F8O<8, =0E>4OI8<8AO ?>4 N@8A48:F859 "C@5F:>9 5A?C1;8:8 2 A>>B25BAB288 A ?C=:B>< 5 5@5G=O >B45;L=KE 284>2 @01>B ( CA;C3) , 2K?>;=5=85 ( >:070=85) :>B>@KE =0 B5@@8B>@88 >AA89A:>9 $545@0F88 >@30=870F8O<8, =0E>4OI8<8AO ?>4 N@8A48:F859 "C@5F:>9 5A?C1;8:8, 0 B0:65 >@30=870F8O<8, :>=B@>;8@C5<K<8 3@0640=0<8 "C@5F:>9 5A?C1;8:8 8 ( 8;8) >@30=870F8O<8, =0E>4OI8<8AO ?>4 N@8A48:F859 "C@5F:>9 5A?C1;8:8, CB25@645==>3> ?>AB0=>2;5=85< @028B5;LAB20 $ >B 2 9 . 1 2 . 2 0 1 5 ! 1 4 5 7 ?5@5G=5 >B45;L=KE 284>2 @01>B ( CA;C3) , 2K?>;=5=85 ( >:070=85) :>B>@KE =0 B5@@8B>@88 >AA89A:>9 $545@0F88 >@30=870F8O<8, =0E>4OI8<8AO ?>4 N@8A48:F859 "C@5F:>9 5A?C1;8:8, 0 B0:65 >@30=870F8O<8, :>=B@>;8@C5<K<8 3@0640=0<8 "C@5F:>9 5A?C1;8:8 8 ( 8;8) >@30=870F8O<8, =0E>4OI8<8AO ?>4 N@8A48:F859 "C@5F:>9 5A?C1;8:8, 70?@5I5=> , ?@8=OB>3> 2> 8A?>;=5=85 ?>4?C=:B0 1 ?C=:B0 1 #:070 @57845=B0 $ >B 2 8 . 1 1 . 2 0 1 5 ! 5 8 3 <5@0E ?> >15A?5G5=8N =0F8>=0;L=>9 157>?0A=>AB8 >AA89A:>9 $545@0F88 8 70I8B5 3@0640= >AA89A:>9 $545@0F88 >B ?@5ABC?=KE 8 8=KE ?@>B82>?@02=KE 459AB289 8 > ?@8<5=5=88 A?5F80;L=KE M:>=><8G5A:8E <5@ 2 >B=>H5=88 "C@5F:>9 5A?C1;8:8 . 1 3 . 07<5@ 8 ?>@O4>: 2=5A5=8O 45=56=KE A@54AB2, 2 :0G5AB25 >15A?5G5=8O 70O2:8 07<5@ >15A?5G5=8O: 1 % >B =0G0;L=>9 ( <0:A8<0;L=>9) F5=K :>=B@0:B0: 1 5 8 8 4 , 5 9 @>AA89A:8E @C1;59. !@54AB20 >15A?5G5=8O 70O2>: ?5@5G8A;ONBAO ?> 10=:>2A:8< @5:2878B0< >?5@0B>@0 M;5:B@>==>9 ?;>I04:8. >@O4>: 2=5A5=8O >15A?5G5=8O: >15A?5G5=85 4>;6=> 1KBL ?@54AB02;5=> 4> <><5=B0 ?>40G8 70O2:8 =0 CG0AB85 2 M;5:B@>==>< 0C:F8>=5. 15A?5G5=85 70O2:8 ?@54>AB02;O5BAO ?CB5< 1;>:8@>20=8O A@54AB2 =0 ;8G=>< AG5B5 CG0AB=8:0 70:C?:8 =0 M;5:B@>==>9 ?;>I04:5. 1 4 . 07<5@ >15A?5G5=8O 8A?>;=5=8O :>=B@0:B0, A@>: 8 ?>@O4>: 53> ?@54>AB02;5=8O 07<5@ >15A?5G5=8O: 1 2 % >B =0G0;L=>9 ( <0:A8<0;L=>9) F5=K :>=B@0:B0: 1 9 0 6 1 5 , 1 2 @>AA89A:8E @C1;59. A;8 ?@8 ?@>2545=88 0C:F8>=0 CG0AB=8:>< 70:C?:8, A :>B>@K< 70:;NG05BAO :>=B@0:B, ?@54;>65=0 F5=0 :>=B@0:B0, :>B>@0O =0 4204F0BL ?OBL 8 1>;55 ?@>F5=B>2 =865 =0G0;L=>9 ( <0:A8<0;L=>9) F5=K :>=B@0:B0, :>=B@0:B 70:;NG05BAO B>;L:> ?>A;5 ?@54>AB02;5=8O B0:8< CG0AB=8:>< >15A?5G5=8O 8A?>;=5=8O :>=B@0:B0 2 @07<5@5, ?@52KH0NI5< 2 ?>;B>@0 @070 @07<5@ >15A?5G5=8O 8A?>;=5=8O :>=B@0:B0: 2 8 5 9 2 2 , 6 8 @C1;59 8;8 8=D>@<0F88, ?>4B25@640NI59 4>1@>A>25AB=>ABL B0:>3> CG0AB=8:0 =0 40BC ?>40G8 70O2:8. 8=D>@<0F88, ?>4B25@640NI59 4>1@>A>25AB=>ABL CG0AB=8:0 70:C?:8, >B=>A8BAO 8=D>@<0F8O, A>45@60I0OAO 2 @55AB@5 :>=B@0:B>2, 70:;NG5==KE 70:07G8:0<8, 8 ?>4B25@640NI0O 8A?>;=5=85 B0:8< CG0AB=8:>< 2 B5G5=85 >4=>3> 3>40 4> 40BK ?>40G8 70O2:8 =0 CG0AB85 2 :>=:C@A5 8;8 0C:F8>=5 B@5E 8 1>;55 :>=B@0:B>2 ( ?@8 MB>< 2A5 :>=B@0:BK 4>;6=K 1KBL 8A?>;=5=K 157 ?@8<5=5=8O : B0:><C CG0AB=8:C =5CAB>5: ( HB@0D>2, ?5=59) , ;81> 2 B5G5=85 42CE ;5B 4> 40BK ?>40G8 70O2:8 =0 CG0AB85 2 :>=:C@A5 8;8 0C:F8>=5 G5BK@5E 8 1>;55 :>=B@0:B>2 ( ?@8 MB>< =5 <5=55 G5< A5<L45AOB ?OBL ?@>F5=B>2 :>=B@0:B>2 4>;6=K 1KBL 8A?>;=5=K 157 ?@8<5=5=8O : B0:><C CG0AB=8:C =5CAB>5: ( HB@0D>2, ?5=59) , ;81> 2 B5G5=85 B@5E ;5B 4> 40BK ?>40G8 70O2:8 =0 CG0AB85 2 :>=:C@A5 8;8 0C:F8>=5 B@5E 8 1>;55 :>=B@0:B>2 ( ?@8 MB>< 2A5 :>=B@0:BK 4>;6=K 1KBL 8A?>;=5=K 157 ?@8<5=5=8O : B0:><C CG0AB=8:C =5CAB>5: ( HB@0D>2, ?5=59) . MB8E A;CG0OE F5=0 >4=>3> 87 :>=B@0:B>2 4>;6=0 A>AB02;OBL =5 <5=55 G5< 4204F0BL ?@>F5=B>2 F5=K, ?> :>B>@>9 CG0AB=8:>< 70:C?:8 ?@54;>65=> 70:;NG8BL :>=B@0:B. >:C<5=B >1 >15A?5G5=88 8A?>;=5=8O :>=B@0:B0, ?>4?8A0==>3> CA8;5==>9 M;5:B@>==>9 ?>4?8ALN ;8F0, 459AB2CNI53> >B 8<5=8 CG0AB=8:0 M;5:B@>==>3> 0C:F8>=0, ?@54>AB02;O5BAO >4=>2@5<5==> A ?@>5:B>< :>=B@0:B0, ?>4?8A0==K< CA8;5==>9 M;5:B@>==>9 ?>4?8ALN ;8F0, 8<5NI53> ?@02> 459AB2>20BL >B 8<5=8 CG0AB=8:0 M;5:B@>==>3> 0C:F8>=0. !?>A>1K >15A?5G5=8O 8A?>;=5=8O >1O70B5;LAB2 ?> :>=B@0:BC: 10=:>2A:0O 30@0=B8O, 2K40==0O 10=:><, 8;8 2=5A5=85 45=56=KE A@54AB2 2 @07<5@5 >15A?5G5=8O 8A?>;=5=8O :>=B@0:B0. !?>A>1 >15A?5G5=8O 8A?>;=5=8O :>=B@0:B0 >?@545;O5BAO CG0AB=8:>< 70:C?:8, A :>B>@K< 70:;NG05BAO :>=B@0:B, A0<>AB>OB5;L=>. 0=:>2A:0O 30@0=B8O 4>;6=0 1KBL 2:;NG5=0 2 @55AB@ 10=:>2A:8E 30@0=B89, @07<5I5==K9 2 548=>9 8=D>@<0F8>==>9 A8AB5<5, 1KBL 157>B7K2=>9 8 4>;6=0 A>45@60BL: - AC<<C 10=:>2A:>9 30@0=B88, ?>4;560ICN C?;0B5 30@0=B>< 70:07G8:C 2 CAB0=>2;5==KE H Y P E R L I N K c o n s u l t a n t p l u s : / / o f f l i n e / r e f = F 1 A 7 C 8 3 8 6 9 7 0 0 8 3 3 F 8 4 9 2 3 1 4 7 1 1 2 4 F C 6 C 3 A 7 9 E C E A 0 5 5 B 1 5 0 1 C A 7 D C F E 3 B 7 8 A F A 0 F 5 0 C E A 1 4 1 2 3 7 E 9 1 5 G 4 n 7 K G0ABLN 1 3 AB0BL8 4 4 0:>=0 > 70:C?:0E A;CG0OE, 8;8 AC<<C 10=:>2A:>9 30@0=B88, ?>4;560ICN C?;0B5 30@0=B>< 70:07G8:C 2 A;CG05 =5=04;560I53> 8A?>;=5=8O >1O70B5;LAB2 ?@8=F8?0;>< 2 A>>B25BAB288 A> H Y P E R L I N K c o n s u l t a n t p l u s : / / o f f l i n e / r e f = F 1 A 7 C 8 3 8 6 9 7 0 0 8 3 3 F 8 4 9 2 3 1 4 7 1 1 2 4 F C 6 C 3 A 7 9 E C E A 0 5 5 B 1 5 0 1 C A 7 D C F E 3 B 7 8 A F A 0 F 5 0 C E A 1 4 1 2 3 6 E F 1 3 G 4 n A K AB0BL59 9 6 0:>=0 > 70:C?:0E; - >1O70B5;LAB20 ?@8=F8?0;0, =04;560I55 8A?>;=5=85 :>B>@KE >15A?5G8205BAO 10=:>2A:>9 30@0=B859; - >1O70==>ABL 30@0=B0 C?;0B8BL 70:07G8:C =5CAB>9:C 2 @07<5@5 0 , 1 ?@>F5=B0 45=56=>9 AC<<K, ?>4;560I59 C?;0B5, 70 :064K9 45=L ?@>A@>G:8; - CA;>285, A>3;0A=> :>B>@><C 8A?>;=5=85< >1O70B5;LAB2 30@0=B0 ?> 10=:>2A:>9 30@0=B88 O2;O5BAO D0:B8G5A:>5 ?>ABC?;5=85 45=56=KE AC<< =0 AG5B, =0 :>B>@>< CG8BK20NBAO >?5@0F88 A> A@54AB20<8, ?>ABC?0NI8<8 70:07G8:C; - A@>: 459AB28O 10=:>2A:>9 30@0=B88; - >B;030B5;L=>5 CA;>285, ?@54CA<0B@820NI55 70:;NG5=85 :>=B@0:B0 ?@54>AB02;5=8O 10=:>2A:>9 30@0=B88 ?> >1O70B5;LAB20< ?@8=F8?0;0, 2>7=8:H8< 87 :>=B@0:B0 ?@8 53> 70:;NG5=88; - CAB0=>2;5==K9 @028B5;LAB2>< >AA89A:>9 $545@0F88 ?5@5G5=L 4>:C<5=B>2, ?@54>AB02;O5<KE 70:07G8:>< 10=:C >4=>2@5<5==> A B@51>20=85< >1 >ACI5AB2;5=88 C?;0BK 45=56=>9 AC<<K ?> 10=:>2A:>9 30@0=B88; !@>: 459AB28O 157>B7K2=>9 10=:>2A:>9 30@0=B88, 2K40==>9 10=:><, 4>;65= ?@52KH0BL A@>: 459AB28O :>=B@0:B0 =5 <5=55 G5< =0 >48= <5AOF. A;CG05 5A;8 >15A?5G5=85 8A?>;=5=8O :>=B@0:B0 ?@54AB02;O5BAO 2 2845 2=5A5=8O 45=56=KE A@54AB2, CG0AB=8: 0C:F8>=0, A :>B>@K< 70:;NG05BAO :>=B@0:B, ?5@5G8A;O5B AC<<C 45=56=KE A@54AB2 ?> A;54CNI8< @5:2878B0<: >;CG0B5;L: <C=8F8?0;L=>5 C=8B0@=>5 ?@54?@8OB85 3>@>40 >2>A818@A:0 &5=B@ <C=8F8?0;L=>3> 8<CI5AB20 0=: ?>;CG0B5;O: !818@A:89 !15@10=:, @0AG5B=K9 AG5B 4 0 7 0 2 8 1 0 6 4 4 0 5 0 0 0 1 4 4 3 ; 0 4 5 0 0 4 6 4 1 , / 5 4 0 6 1 0 0 2 6 0 / 5 4 0 6 0 1 0 0 1 07=0G5=85 ?;0B560: 70;>3- >15A?5G5=85 8A?>;=5=8O :>=B@0:B0 =0 _ _ _ _ _ _ _ _ _ ( C:070BL =08<5=>20=85 0C:F8>=0, 70:C?:0 !_ _ _ _ _ _ _ _ _ ) . $0:B 2=5A5=8O #G0AB=8:>< 70:C?:8 45=56=KE A@54AB2 =0 AG5B 0:07G8:0 ?>4B25@6405BAO :>?859 ?;0B56=>3> ?>@CG5=8O A >B<5B:>9 10=:0 >1 >?;0B5 AC<<K >15A?5G5=8O 8A?>;=5=8O :>=B@0:B0. A;CG05, 5A;8 CG0AB=8:>< 70:C?:8, A :>B>@K< 70:;NG05BAO :>=B@0:B, O2;O5BAO 3>AC40@AB25==>5 8;8 <C=8F8?0;L=>5 :075==>5 CG@5645=85, ?>;>65=8O 0:>=0 > 70:C?:0E >1 >15A?5G5=88 8A?>;=5=8O :>=B@0:B0 : B0:><C CG0AB=8:C =5 ?@8<5=ONBAO. 1 5 . !@>:, 2 B5G5=85 :>B>@>3> ?>1548B5;L 0C:F8>=0 8;8 8=>9 CG0AB=8:, A :>B>@K< 70:;NG05BAO :>=B@0:B ?@8 C:;>=5=88 ?>1548B5;O B0:>3> 0C:F8>=0 >B 70:;NG5=8O :>=B@0:B0, 4>;65= ?>4?8A0BL :>=B@0:B. #A;>28O ?@87=0=8O ?>1548B5;O 0C:F8>=0 8;8 8=>3> CG0AB=8:0 B0:>3> 0C:F8>=0 C:;>=82H8<8AO >B 70:;NG5=8O :>=B@0:B0 B5G5=85 ?OB8 4=59 A 40BK @07<5I5=8O 70:07G8:>< 2 548=>9 8=D>@<0F8>==>9 A8AB5<5 ?@>5:B0 :>=B@0:B0 ?>1548B5;L M;5:B@>==>3> 0C:F8>=0 @07<5I05B 2 548=>9 8=D>@<0F8>==>9 A8AB5<5 ?@>5:B :>=B@0:B0, ?>4?8A0==K9 ;8F><, 8<5NI8< ?@02> 459AB2>20BL >B 8<5=8 ?>1548B5;O B0:>3> 0C:F8>=0. >=B@0:B <>65B 1KBL 70:;NG5= =5 @0=55 G5< G5@57 1 0 ( 5AOBL) 4=59 A 40BK @07<5I5=8O 2 548=>9 8=D>@<0F8>==>9 A8AB5<5 ?@>B>:>;0 ?>42545=8O 8B>3>2 M;5:B@>==>3> 0C:F8>=0. >1548B5;L M;5:B@>==>3> 0C:F8>=0 ?@87=05BAO C:;>=82H8<AO >B 70:;NG5=8O :>=B@0:B0 2 A;54CNI8E A;CG0OE: 5A;8 2 CAB0=>2;5==K5 A@>:8 =5 =0?@028; 70:07G8:C ?@>5:B :>=B@0:B0, ?>4?8A0==K9 ;8F><, 8<5NI8< ?@02> 459AB2>20BL >B 8<5=8 ?>1548B5;O 0C:F8>=0, 8;8 =0?@028; ?@>B>:>; @07=>3;0A89 ?> 8AB5G5=88 1 3 ( "@8=04F0B8) 4=59 A 40BK @07<5I5=8O 2 ! ( =0 >D8F80;L=>< A09B5) ?@>B>:>;0 ?>42545=8O 8B>3>2; =5 8A?>;=8; B@51>20=8O, ?@54CA<>B@5==K5 H Y P E R L I N K c o n s u l t a n t p l u s : / / o f f l i n e / r e f = F 2 4 2 0 9 7 3 6 3 A 5 7 3 F 8 6 2 8 8 A C 5 F 7 7 A B 6 6 E E 7 C E A 6 1 5 3 A A 0 0 2 D C 8 8 8 0 B 1 D 0 1 4 1 5 0 1 E 3 2 F 7 9 B B 1 7 D F F 3 E 1 7 5 E X 1 M D J AB0BL59 3 7 0:>=0 > 70:C?:0E ( 2 A;CG05 A=865=8O ?@8 ?@>2545=88 B0:>3> 0C:F8>=0 F5=K :>=B@0:B0 =0 2 5 ( 204F0BL) ?OBL ?@>F5=B>2 8 1>;55 >B =0G0;L=>9 ( <0:A8<0;L=>9) F5=K :>=B@0:B0) ; 2 A;CG05 =5?@54>AB02;5=8O >15A?5G5=8O 8A?>;=5=8O :>=B@0:B0 2 A@>:, CAB0=>2;5==K9 4;O 70:;NG5=8O :>=B@0:B0. A;CG05, 5A;8 ?>1548B5;L M;5:B@>==>3> 0C:F8>=0 ?@87=0= C:;>=82H8<AO >B 70:;NG5=8O :>=B@0:B0, 70:07G8: 2?@025 >1@0B8BLAO 2 AC4 A B@51>20=85< > 2>7<5I5=88 C1KB:>2, ?@8G8=5==KE C:;>=5=85< >B 70:;NG5=8O :>=B@0:B0 2 G0AB8, =5 ?>:@KB>9 AC<<>9 >15A?5G5=8O 70O2:8 =0 CG0AB85 2 M;5:B@>==>< 0C:F8>=5, 8 70:;NG8BL :>=B@0:B A CG0AB=8:>< B0:>3> 0C:F8>=0, :>B>@K9 ?@54;>68; B0:CN 65, :0: 8 ?>1548B5;L B0:>3> 0C:F8>=0, F5=C :>=B@0:B0 8;8 ?@54;>65=85 > F5=5 :>=B@0:B0 :>B>@>3> A>45@68B ;CGH85 CA;>28O ?> F5=5 :>=B@0:B0, A;54CNI85 ?>A;5 CA;>289, ?@54;>65==KE ?>1548B5;5< B0:>3> 0C:F8>=0. A;CG05 A>3;0A8O MB>3> CG0AB=8:0 70:;NG8BL :>=B@0:B MB>B CG0AB=8: ?@87=05BAO ?>1548B5;5< B0:>3> 0C:F8>=0 8 ?@>5:B :>=B@0:B0, ?@8;0305<K9 : 4>:C<5=B0F88 >1 0C:F8>=5, A>AB02;O5BAO 70:07G8:>< ?CB5< 2:;NG5=8O 2 ?@>5:B :>=B@0:B0 CA;>289 53> 8A?>;=5=8O, ?@54;>65==KE MB8< CG0AB=8:><. @>5:B :>=B@0:B0 4>;65= 1KBL =0?@02;5= 70:07G8:>< MB><C CG0AB=8:C 2 A@>:, =5 ?@52KH0NI89 1 0 ( 45AOB8) 4=59 A 40BK ?@87=0=8O ?>1548B5;O B0:>3> 0C:F8>=0 C:;>=82H8<AO >B 70:;NG5=8O :>=B@0:B0. 1 6 . 0;NB0, 8A?>;L7C5<0O 4;O D>@<8@>20=8O F5=K :>=B@0:B0 8 @0AG5B>2 A >4@O4G8:>< >AA89A:89 @C1;L 1 7 . >@O4>: ?@8<5=5=8O >D8F80;L=>3> :C@A0 8=>AB@0==>9 20;NBK : @C1;N $ CAB0=>2;5==>3> &5=B@0;L=K< 10=:>< >AA89A:>9 $545@0F88 8 8A?>;L7C5<>3> ?@8 >?;0B5 :>=B@0:B0 5 CAB0=>2;5=> 1 8 . !>AB02 8 A>45@60=85 70O2:8 =0 CG0AB85 2 0C:F8>=5 0O2:0 =0 CG0AB85 2 M;5:B@>==>< 0C:F8>=5 A>AB>8B 87 42CE G0AB59. 5@20O G0ABL 70O2:8 4>;6=0 A>45@60BL A;54CNI85 A2545=8O: A>3;0A85, CG0AB=8:0 0C:F8>=0 =0 2K?>;=5=85 @01>BK =0 CA;>28OE, ?@54CA<>B@5==KE =0AB>OI59 4>:C<5=B0F859 >1 M;5:B@>==>< 0C:F8>=5. =AB@C:F8O ?> 70?>;=5=8N ?5@2>9 G0AB8 70O2:8: ?5@20O G0ABL 70O2:8 ?>405BAO 2 A2>1>4=>9 D>@<5 8 4>;6=0 A>45@60BL A>3;0A85 CG0AB=8:0 70:C?:8 =0 2K?>;=5=85 @01>B =0 CA;>28OE, ?@54CA<>B@5==KE 4>:C<5=B0F859 >1 0C:F8>=5. B>@0O G0ABL 70O2:8 4>;6=0 A>45@60BL A;54CNI85 4>:C<5=BK 8 A2545=8O: 1 . 08<5=>20=85, D8@<5==>5 =08<5=>20=85 ( ?@8 =0;8G88) , <5AB> =0E>645=8O, ?>GB>2K9 04@5A ( 4;O N@848G5A:>3> ;8F0) , D0<8;8O, 8<O, >BG5AB2> ( ?@8 =0;8G88) , ?0A?>@B=K5 40==K5, <5AB> 68B5;LAB20 ( 4;O D878G5A:>3> ;8F0) , =><5@ :>=B0:B=>3> B5;5D>=0, 845=B8D8:0F8>==K9 =><5@ =0;>3>?;0B5;LI8:0 CG0AB=8:0 B0:>3> 0C:F8>=0 8;8 2 A>>B25BAB288 A 70:>=>40B5;LAB2>< A>>B25BAB2CNI53> 8=>AB@0==>3> 3>AC40@AB20 0=0;>3 845=B8D8:0F8>==>3> =><5@0 =0;>3>?;0B5;LI8:0 CG0AB=8:0 B0:>3> 0C:F8>=0 ( 4;O 8=>AB@0==>3> ;8F0) , 845=B8D8:0F8>==K9 =><5@ =0;>3>?;0B5;LI8:0 ( ?@8 =0;8G88) CG@548B5;59, G;5=>2 :>;;5380;L=>3> 8A?>;=8B5;L=>3> >@30=0, ;8F0, 8A?>;=ONI53> DC=:F88 548=>;8G=>3> 8A?>;=8B5;L=>3> >@30=0 CG0AB=8:0 B0:>3> 0C:F8>=0. 2 . >:C<5=BK, ?>4B25@640NI85 A>>B25BAB285 CG0AB=8:0 0C:F8>=0 B@51>20=8O<, CAB0=02;8205<K< 2 A>>B25BAB288 A 70:>=>40B5;LAB2>< $ : ;8F0<, >ACI5AB2;ONI8< >:070=85 CA;C3, O2;ONI8EAO >1J5:B>< 70:C?:8: :>?8O 2K40==>3> A0<>@53C;8@C5<>9 >@30=870F859 A2845B5;LAB20 > 4>?CA:5 : @01>B0< ?> >@30=870F88 AB@>8B5;LAB20, @5:>=AB@C:F88 8 :0?8B0;L=>3> @5<>=B0, C:070==K< 2 ?. 3 3 . 3 ( 68;8I=>- 3@0640=A:>5 AB@>8B5;LAB2>) 5@5G=O 284>2 @01>B ?> 8=65=5@=K< 87KA:0=8O<, ?> ?>43>B>2:5 ?@>5:B=>9 4>:C<5=B0F88, ?> AB@>8B5;LAB2C, @5:>=AB@C:F88, :0?8B0;L=><C @5<>=BC >1J5:B>2 :0?8B0;L=>3> AB@>8B5;LAB20, :>B>@K5 >:07K20NB 2;8O=85 =0 157>?0A=>ABL >1J5:B>2 :0?8B0;L=>3> AB@>8B5;LAB20, CB25@645==>3> @8:07>< 8=@538>=0 $ >B 3 0 . 1 2 . 2 0 0 9 ! 6 2 4 3 . 5:;0@0F8O > A>>B25BAB288 CG0AB=8:0 0C:F8>=0 B@51>20=8O<, CAB0=>2;5==K< ?>4 H Y P E R L I N K c o n s u l t a n t p l u s : / / o f f l i n e / r e f = D 2 D 1 B C D E B C 6 1 9 D 7 F 7 0 E 2 8 3 3 A A 6 8 3 E 9 B 9 9 6 9 D B B 6 7 C 7 3 8 E B B E 4 B C 9 9 6 6 3 7 8 F E B 7 9 2 8 5 3 C 5 B 7 6 6 7 4 4 F A 6 7 j D y A K ?C=:B0<8 2 - 6 ?C=:B0 1 2 =0AB>OI59 4>:C<5=B0F88. 4 . 5H5=85 >1 >4>1@5=88 8;8 > A>25@H5=88 :@C?=>9 A45;:8 ;81> :>?8O 40==>3> @5H5=8O 2 A;CG05, 5A;8 B@51>20=85 > =5>1E>48<>AB8 =0;8G8O 40==>3> @5H5=8O 4;O A>25@H5=8O :@C?=>9 A45;:8 CAB0=>2;5=> D545@0;L=K<8 70:>=0<8 8 8=K<8 =>@<0B82=K<8 ?@02>2K<8 0:B0<8 >AA89A:>9 $545@0F88 8 ( 8;8) CG@548B5;L=K<8 4>:C<5=B0<8 N@848G5A:>3> ;8F0 8 4;O CG0AB=8:0 B0:>3> 0C:F8>=0 70:;NG05<K9 :>=B@0:B 8;8 ?@54>AB02;5=85 >15A?5G5=8O 70O2:8 =0 CG0AB85 2 B0:>< 0C:F8>=5, >15A?5G5=8O 8A?>;=5=8O :>=B@0:B0 O2;O5BAO :@C?=>9 A45;:>9. 5 . 5:;0@0F8O > ?@8=04;56=>AB8 : AC1J5:B0< <0;>3> ?@54?@8=8<0B5;LAB20 8;8 A>F80;L=> >@85=B8@>20==K< =5:><<5@G5A:8< >@30=870F8O<. =AB@C:F8O ?> 70?>;=5=8N 2B>@>9 G0AB8 70O2:8: > 2B>@>9 G0AB8 70O2:8 #G0AB=8: ?@>F54C@K 70:C?:8 2 ?@>872>;L=>9 D>@<5 C:07K205B A2545=8O 8 ?@8:;04K205B 4>:C<5=BK 8 A2545=8O, ?@54CA<>B@5==K5 =0AB>OI59 4>:C<5=B0F859. 0?>;=5=85 70O2:8 =0 CG0AB85 2 M;5:B@>==>< 0C:F8>=5 >ACI5AB2;O5BAO 2 A>>B25BAB288 A ?>@O4:><, >?@545;5==K< ?C=:B>< 1 8 0C:F8>==>9 4>:C<5=B0F88 8 @53;0<5=B>< DC=:F8>=8@>20=8O M;5:B@>==>9 ?;>I04:8. 0O2:0 =0 CG0AB85 2 M;5:B@>==>< 0C:F8>=5, ?>43>B>2;5==0O CG0AB=8:>< 70:C?:8, 4>;6=0 1KBL c >AB02;5=0 =0 @CAA:>< O7K:5. A5 4>:C<5=BK, 2E>4OI85 2 A>AB02 70O2:8 =0 CG0AB85 2 M;5:B@>==>< 0C:F8>=5, 4>;6=K >B:@K20BLAO 8 8<5BL G5B:> G8B05<K9 B5:AB. 1 9 . >@O4>:, 40BK =0G0;0 8 >:>=G0=8O A@>:0 ?@54>AB02;5=8O CG0AB=8:0< 0C:F8>=0 @07JOA=5=89 ?>;>65=89 4>:C<5=B0F88 >1 0C:F8>=5 1 . N1>9 CG0AB=8: M;5:B@>==>3> 0C:F8>=0, ?>;CG82H89 0::@548B0F8N =0 M;5:B@>==>9 ?;>I04:5, 2?@025 =0?@028BL =0 04@5A M;5:B@>==>9 ?;>I04:8, =0 :>B>@>9 ?;0=8@C5BAO ?@>2545=85 B0:>3> 0C:F8>=0, 70?@>A > 40G5 @07JOA=5=89 ?>;>65=89 4>:C<5=B0F88 > B0:>< 0C:F8>=5. @8 MB>< CG0AB=8: B0:>3> 0C:F8>=0 2?@025 =0?@028BL =5 1>;55 G5< 3 ( "@8) 70?@>A0 > 40G5 @07JOA=5=89 ?>;>65=89 40==>9 4>:C<5=B0F88 2 >B=>H5=88 >4=>3> B0:>3> 0C:F8>=0. B5G5=85 >4=>3> G0A0 A <><5=B0 ?>ABC?;5=8O C:070==>3> 70?@>A0 >= =0?@02;O5BAO >?5@0B>@>< M;5:B@>==>9 ?;>I04:8 70:07G8:C. 2 . B5G5=85 2 ( 2CE) 4=59 A 40BK ?>ABC?;5=8O >B >?5@0B>@0 M;5:B@>==>9 ?;>I04:8 70?@>A0, 70:07G8: @07<5I05B 2 548=>9 8=D>@<0F8>==>9 A8AB5<5 @07JOA=5=8O ?>;>65=89 4>:C<5=B0F88 >1 M;5:B@>==>< 0C:F8>=5 A C:070=85< ?@54<5B0 70?@>A0, => 157 C:070=8O CG0AB=8:0 B0:>3> 0C:F8>=0, >B :>B>@>3> ?>ABC?8; C:070==K9 70?@>A, ?@8 CA;>288, GB> C:070==K9 70?@>A ?>ABC?8; 70:07G8:C =5 ?>74=55 G5< 70 3 ( "@8) 4=O 4> 40BK >:>=G0=8O A@>:0 ?>40G8 70O2>: =0 CG0AB85 2 B0:>< 0C:F8>=5. 3 . 07JOA=5=8O ?>;>65=89 4>:C<5=B0F88 >1 M;5:B@>==>< 0C:F8>=5 =5 4>;6=K 87<5=OBL 55 ACBL. 4 . 0:07G8: ?> A>1AB25==>9 8=8F80B825 8;8 2 A>>B25BAB288 A ?>ABC?82H8< 70?@>A>< > 40G5 @07JOA=5=89 ?>;>65=89 4>:C<5=B0F88 >1 M;5:B@>==>< 0C:F8>=5 2?@025 ?@8=OBL @5H5=85 > 2=5A5=88 87<5=5=89 2 4>:C<5=B0F8N > B0:>< 0C:F8>=5 =5 ?>74=55, G5< 70 2 ( 20) 4=O 4> 40BK >:>=G0=8O A@>:0 ?>40G8 70O2>: =0 CG0AB85 2 B0:>< 0C:F8>=5. 7<5=5=85 >1J5:B0 70:C?:8 8 C25;8G5=85 @07<5@0 >15A?5G5=8O 40==KE 70O2>: =5 4>?CA:0NBAO. B5G5=85 1 ( 4=>3>) 4=O A 40BK ?@8=OB8O C:070==>3> @5H5=8O 87<5=5=8O, 2=5A5==K5 2 4>:C<5=B0F8N > B0:>< 0C:F8>=5, @07<5I0NBAO 70:07G8:>< 2 548=>9 8=D>@<0F8>==>9 A8AB5<5. @8 MB>< A@>: ?>40G8 70O2>: =0 CG0AB85 2 B0:>< 0C:F8>=5 4>;65= 1KBL ?@>4;5= B0:, GB>1K A 40BK @07<5I5=8O 87<5=5=89 4> 40BK >:>=G0=8O A@>:0 ?>40G8 70O2>: =0 CG0AB85 2 B0:>< 0C:F8>=5 MB>B A@>: A>AB02;O; =5 <5=55 G5< 7 ( !5<L) 4=59. N1>9 CG0AB=8: M;5:B@>==>3> 0C:F8>=0 2?@025 =0?@028BL 70:07G8:C 70?@>A > 40G5 @07JOA=5=89 ?>;>65=89 4>:C<5=B0F88 >1 M;5:B@>==>< 0C:F8>=5: A 2 7 . 0 2 . 2 0 1 7 ?> 0 1 . 0 3 . 2 0 1 7 2 0 . 5AB> 8 ?>@O4>: ?>40G8 70O2>: CG0AB=8:>2 70:C?:8 1 . >40G0 70O2>: =0 CG0AB85 2 M;5:B@>==>< 0C:F8>=5 >ACI5AB2;O5BAO B>;L:> ;8F0<8, ?>;CG82H8<8 0::@548B0F8N =0 M;5:B@>==>9 ?;>I04:5. 2 . #G0AB=8: M;5:B@>==>3> 0C:F8>=0 2?@025 ?>40BL 70O2:C =0 CG0AB85 2 0C:F8>=5 2 ;N1>5 2@5<O A <><5=B0 @07<5I5=8O 8725I5=8O > 53> ?@>2545=88 4> ?@54CA<>B@5==KE 4>:C<5=B0F859 >1 0C:F8>=5 40BK 8 2@5<5=8 >:>=G0=8O A@>:0 ?>40G8 70O2>: =0 CG0AB85 2 0C:F8>=5. 3 . . > B P R T | ~ < > . x yuququ h8 hMR! hMR! B*ph h h h hU hMR! 56 hPo hMR! 5h{= hMR! \ hMR! \h] hMR! \ h4 \ h%8 \ hO\ \ hD \h4