Добавил:
Опубликованный материал нарушает ваши авторские права? Сообщите нам.
Вуз: Предмет: Файл:
Скачиваний:
3
Добавлен:
15.05.2023
Размер:
5.61 Mб
Скачать

320/ 2002 > T 86-!S «& Y=5A160O5:@ F658= *:??3E?8:E !=4=16H33 (.658= *:??33)»4 3 :A 2 4=86F1/ 1990 > T 395-1 «& F6586Q 3 F658:<?8:E 4=/A=0O5:?A3»3 &A5:N=53/ 9: F658:<?8:@7 81=43A:<6532 1=>703172A?/ 417>3@3 ;=4=160O5J@3 M68:56@3, 5:1@6A3<5J@3 68A6@3 .6586 *:??33 &91=4=0=55:= @=?A:

1

N"F0' (T )16<:<J= :?5:<J F658:<?8:>: 81=43A:<653/ (>06<6 23) / %:<=A ?8:= ;3565?:<:= 916<: +D=F538 L B130

D3A 1987 % 381

2

!3565?:<:= 916<: +D=F538 / &A< 1=4 # " U3@3D=<6 "MD 2 = 9=1=16F 3 4:9 L B13?AO, 1999 % 550

J O"*$'2' BI L=?A: F658:<?8:>: 916<6 < ?3?A=@= 1:??3E?8:>: 916<6 // B1343D=?83E @31 1998 T 8 % 8, B",/$'"-0 EQ. 'J4=0/AO F658:<?8:= 916<: < :A4=0O572 :A16?0O 916<6 9:86 165://B1343D=?83E @31 1988 T8 % 15 *:??3E?86/ >6M=A6 2002 T 127

"%S*! 1996 T6 %A 492 2001 T26 Ci 2586

______<=&0& 17. 2%DE=)$"0&1)% I&1'"0?'"D" '$%#)B"0&1)A 331

< 1=>7031:<6533 F658:<?8:2 81=43A:<653/ 9135640=K3A 4=0:<J@ :FJ85:<=53/@ 3 F658:<?83@ :FJD6/@

.658:<?8:= 81=43A:<653= :?7P=?A<0/=A?/ < ?::A<=A?A<33 ? :91=4=0=55J@3 9135H396@3 — :?5:<5J@3 9:0:K=53/@3, M681=90=55J@3 5:1@6@3 916<6 3 :A16K62P3@3 =>: R8:5:@3D=?872 ?7P5:?AO - RA3@ 9135H396@ :A5:?/A?/ ?1:D5:?AO, <:M<16A5:?AO, 906A5:?AO, :F=?9=D=55:?AO, H=0=56916<0=55:?AO

' !=4=160O5:@ M68:5= «& F6586Q 3 F658:<?8:E 4=/A=0O5:?A3» 7?A65:<0=5:, DA: F658 3@==A 916<: :A ?<:=>: 3@=53 3 M6 ?<:E ?D=A 16M@=N6AO 913<0=D=55J= <: <8064J 4=5=K5J= ?1=4?A<6 ;3M3D=?83Q 3 21343D=?83Q 03H 56 7?0:<3/Q <:M<16A5:?A3, 906A5:?A3, ?1:D5:?A3 )1=4:?A6<0=53= F658:<?8:>: 81=43A6 9:4 16M03D5J= ;:1@J :F=?9=D=53/ <:M<16A5:?A3 81=43A:< 91=47?@:A1=5: < ?A 33 !=4=160O5:>: M68:56 «& F6586Q 3 F658:<?8:E 4=/A=0O5:?A3», ?:>06?5: 8:A:1:E 81=43AJ @:>7A :F=?9=D3<6AO?/ M60:>:@ 5=4<3K3@:>: 3 4<3K3@:>: 3@7P=?A<6, < A:@ D3?0= >:?7461?A<=55JQ 3 35JQ H=55JQ F7@6>, F658:<?83@3 >6165A3/@3 3 35J@3 ?9:?:F6@3, 91=47?@:A1=55J@3 ;=4=160O5J@3 M68:56@3 303 4:>:<:1:@

*=603M6H3/ 9135H396 <:M<16A5:?A3 F658:<?8:>: 81=43A6 :M56D6=A, DA: 4=5=K5J= ?1=4?A<6, 9:07D=55J= < <34= 81=43A6, ?07K6A 40/ M6=@P386 03NO <1=@=55J@ 3?A:D538:@ ;3565?:<JQ 1=?71?:< 3 4:0K5J FJAO <:M<16P=5J F6587 303 5=F658:<?8:E 81=43A5:E :1>653M6H33

"M 9135H396 <:M<16A5:?A3 F658:<?8:>: 81=43A6 <JA=86=A 9135H39 =>: ?1:D5:?A3 -1=43A 9:40=K3A <:M<16A7 < 7?A65:<0=55J= ?1:83, 5617N=53= 8:A:1JQ <0=D=A M6 ?:F:E 913@=5=53= :91=4=0=55JQ ?658H3E

&?7P=?A<0=53= 9135H396 906A5:?A3 F658:<?8:>: 81=43A:<653/ :?5:<J<6=A?/ 56 <:M@=M45:@ Q6168A=1= 7?07>, :86MJ<6=@JQ 81=43A5J@3 :1>653M6H3/@3 913 91=4:?A6<0=533 81=43A6 S6 91=4:?A6<0=53= F658:<?8:>: 81=43A6, 868 916<30:, <M3@6=A?/ :91=4=0=556/ 906A6 < <34= 91:H=5A6 *6M@=1 91:H=5A5:E ?A6<83 7?A656<03<6=A?/ ?A:1:56@3 9: 81=43A5:@7 4:>:<:17 ?6@:?A:/A=0O5: ' 7?0:<3/Q 1J5:D5JQ :A5:N=53E 16M@=1 91:H=5A5:E ?A6<83 M6 F658:<?83E 81=43A < 8:5=D5:@ 3A:>= M6<3?3A :A ?91:?6 3 91=40:K=53/ 4=5=K5JQ ?1=4?A< 56 81=43A5:@ 1J58=

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

332

2&J#%= VI. U&1'"0?'"% '$%#)B"0&1)%, $&?N%B>

1:<653/ Y. *!1, 7<=03D=556/ < 1,1 16M6, — 913 :;:1@0=533 81=43A6 < 17F0/Q, 3 56 15% — 9: 81=43A6@ < 35:?A1655:E <602A=. )13 91=4:?A6<0=533 81=43A5:E :1>653M6H3=E 803=5A7 81=43A6 M6 ?D=A H=5A1603M:<655JQ 81=43A5JQ 1=?71?:< 91:H=5A56/ ?A6<86 40/ <802D=53/ 9:07D=55:E 906AJ M6 81=43A < 16?Q:4J 81=43A5:E :1>653M6H33 5= 4:0K56 91=<JN6AO 7?A65:<0=55:>: 16M@=16 (A68 56MJ<6=@6/ 9135743A=0O56/ @61K62). ,=5=K5J= ?1=4?A<6, 9:07D=55J= 81=43A5J@3 :1>653M6H3/@3 < <34= 91:H=5A6 M6 91=4:?A6<0=55JE 81=43A, ?07K6A 3?A:D538:@ :F16M:<653/ 3Q ?:F?A<=55JQ 4:Q:4:<.

S68:5:46A=0O?A<: 91=47?@6A13<6=A <:M@:K5:?AO 91=4:?A6<0=53/ 81=43A6 F=M ?::A<=A?A<72P=>: :F=?9=D=53/ (A68 56MJ<6=@JE /:0'5"-;4 5,&7)+]. .0658:<J= 81=43AJ, 868 916<30:, 9:07D62A 803=5AJ, 3@=2P3= A=?5J= ?</M3 ? F658:@, 91:<:4/P3= <?= ?<:3 F658:<?83= :9=16H33 D=1=M ?::A<=A?A<72P3= ?D=A6 < 4655:@ F658=.

.658:<?83E 81=43A <J4=0/=A?/ ?A1:>: 56 :91=4=0=55J= H=03, 3?9:0OM:<653= =>: 5= 9: H=0=<:@7 56M56D=532 5617N6=A 9135H39 H=0=56916<0=55:?A3 F658:<?8:>: 81=43A6 3 <0=D=A M6 ?:F:E 913@=- 5=53= ?::A<=A?A<72P3Q ?658H3E.

'21343D=?8:E 03A=16A71= 8 56M<655J@ 9135H396@ F658:<?8:>: 81=43A:<653/ 91=406>6=A?/ 3 43;;=1=5H31:<655:?AO 81=43A:<653/, DA: :M56D6=A 5=:FQ:43@:?AO 913 <J46D= 81=43A6 7D3AJ<6AO 81=43A:?9:?:F5:?AO 803=5A6, =>: ;3565?:<:= 9:0:K=53=, ?:M462P== 7 81=43A5:E :1>653M6H33 7<=1=55:?AO < <:M@:K5:?A3 M6=@P386 <:M<16A3AO 81=43A < 7?A65:<0=55JE 4:>:<:1:@ ?1:8. )135H39J F658:<?8:>: 81=43A:<653/, M681=90=55J= < 5:1@6Q 916<6, :A16K62A R8:5:@3D=?872 ?7P5:?AO 81=43A5JQ :A5:N=53E, ?::A<=A?A<72A :FV=8A3<5J@ R8:5:@3D=?83@ M68:56@, 4=E?A<72P3@ < ?;=1= 4<3K=53/ ??745:>: 8693A606.

'M6<3?3@:?A3 :A ?1:86, 56 8:A:1JE <J465 81=43A, 3 :FV=8A6 81=43A:<653/ F658:<?83E 81=43A 9:416M4=0/=A?/ 56 4<6 <346: 5,0+5"*,"9';4 3 7":F"*,"9';4.

)13 816A8:?1:D5:@ F658:<?8:@ 81=43A= :FV=8A6@3 81=43A:<653/ /<0/2A?/ 9:A1=F5:?A3 A=87P=E 4=/A=0O5:?A3 Q:M/E?A<72P=>: ?7FV=8A6, :91=4=0/=@J= 9: 781795=55J@ 9:86M6A=0/@. +?A165=56 3M03N5// 4=A603M6H3/ :FV=8A:< 81=43A:<653/, ?7P=?A<:<6<N6/ 165==. .658:<?83E 81=43A <J46=A?/ 56 ?:<:8795:?AO @6A=1360O5JQ M696?:< 3 91:3M<:4?A<=55JQ M6A16A, 6 5= 43;;=1=5H31:<655:, 868 91=K4=: 9:4 M696?J ?J1O/, A:903<6, >:A:<:E 91:478H33, 16?D=A5J= 4:87@=5AJ < 97A3, 5=M6<=1N=55:= 91:3M<:4?A<: 3 A.4. %:<:8795:?AO @6A=1360O5JQ M696?:< 3 91:3M<:4?A<=55JQ M6A16A 868 :FV=8A 816A8:?1:D5:>: 81=43A:<653/ 3?9:0OM7=A?/ < 91:@JN- 0=55:?A3, 56 A165?9:1A=, < ?A1:3A=0O?A<=, 91=4913/A3/@3 ?</M3. ,0/ A:1>:<JQ 3 ?56FK=5D=?8:- ?FJA:<JQ :1>653M6H3E :FV=8A 816A8:?1:D5:>: 81=43A:<653/ — RA: ?:<:8795:?AO A:<61:< A=87P=E

1#6 1 691=0/ 2002 >. ?A6<86 1=;3565?31:<653/ 7?A65:<0=56 < 16M@=1= 23%.

2L61K6 — 16M53H6 @=K47 91:H=5A5:E ?A6<8:E, <M3@6=@:E ? M6=@P386, 3 91:H=5A5:E ?A6<8:E, 7906D3<6=@:E 81=43A5:E :1>653M6H3=E M6 81=43A5J= 1=?71?J.

______<=&0& 17. 2%DE=)$"0&1)% I&1'"0?'"D" '$%#)B"0&1)A 333

1=603M6H33, ?=M:55:>: 3 <1=@=55:>: 568:90=53/ A:<615:-@6A=1360O5JQ H=55:?A=E. ,:0>:?1:D5JE F658:<?83E 81=43A <J46=A?/ 56 :435 >:4 3 F:0== 403A=0O5:= <1=@/. &FV=8A6@3 4:0>:?1:D5:>: F658:<?8:>: 81=43A:<653/ :FJD5: /<0/2A?/ M6A16AJ 56 ?A1:3A=0O?A<: 5:<JQ 91=4913/A3E, A=Q53D=?8:= 9=1=<::17K=53= 3 1=8:5?A178H32 4=E?A<72P3Q 91=4913/A3E, <J97?8 5:<:E 91:478H33; M6A16AJ 9: K303P5:@7 ?A1:3A=0O?A<7 3 ?A1:3A=0O?A<7 :FV=8A:< ?:H360O5:- 870OA715:>: 56M56D=53/ 3 A.4.

' 7?0:<3/Q 5=4:?A6A:D5: <J?:8:>: 71:<5/ 91:3M<:4?A<6, 35;0/H33 3 417>3Q :A13H6A=0O5JQ A=54=5H3E < R8:5:@38= *:??33 81=43A5J= :1>653M6H33 < :?5:<5:@ 91=4:?A6<0/2A 816A8:?1:D5JE F658:<?83E 81=43A.

§ 2. U&1'"0?'&A ?)?B%F& 2"??)). !$&0"0"* ?B&BE? U&1'& 2"??)) ) %D" 0J&)F""B1"O%1)A ? '$%#)B1>F) "$D&1)J&()AF)

.658:<?86/ ?3?A=@6 <Q:43A < F:0== :FP72 86A=>:132 «81=43A56/ ?3?A=@6», < 8:A:172 <802D6=A?/ A68K= 9616F658:<?86/ ?3?A=@6 (?9=H3603M31:<655J= 81=43A5:-;3565?:<J= 35?A3A7AJ — 0:@F614J, 9=5?3:55J= ;:54J, 568:93A=0O5:= ?A16Q:<653= 3 41.). %6@:?A:/A=0O56/ F658:<?86/ ?3?A=@6 < *:??33 FJ06 ?:M4656 < ?</M3 ? 16?964:@ %:2M6 %%* < 56D60= 1991 >., 9:?0= 9135/A3/ 2 4=86F1/

, 1990 >. 4<7Q S68:5:< *%!%*: «& Y=5A160O5:@ F658= *%!%* (.658= *:??33)» 3 «& F6586Q 3 F658:<?8:E 4=/A=0O5:?A3 < *%!%*». .658:<?86/ ?3?A=@6 A:>: 9=13:46 3@=06 4<7Q71:<5=<72 ?A178A717: < 9=1<JE 71:<=5O, 9: @5=532 #.$. -7;68:<:E, <Q:4303 Y=5A160O5JE F658 *:??33, F658 <5=N5=E A:1>:<03 ('5=NA:1>F658) 3 %F=1=>6A=0O5JE F658; <: <A:1:E — 8:@@=1D=?83= F6583 16M03D5JQ <34:<, 6 A68K= 417>3= 81=43A5J= 7D1=K4=53/1. ): @5=532 #.". U3-@3D=<:E, 56 :45:@ 71:<5= — Y=5A160O5JE F658 *!, 56 417>:@ — <?= :?A60O5J= F65832.

&FP3@3 40/ <?=Q 213?A:< /<0/2A?/ 7A<=1K4=53/ : <=47P=@ 9:0:K=533 < F658:<?8:E ?3?A=@= Y=5A160O5:>: F6586 *:??3E?8:E !=4=16H33 (.6586 *:??33). .658:<?86/ ?3?A=@6 *:??33 5= 56Q:- 43A?/ < M6?AJ<N=@ ?:?A:/533, :56 91:4:0K6=A 16M<3<6AO?/. !=4=160O5JE M68:5 :A 3 ;=<160/ 1996 >. T 17-!S «& <5=?=533 3M@=5=53E 3 4:9:05=53E < S68:5 *%!%* «& F6586Q 3 F658:<?8:E 4=/- A=0O5:?A3 < *%!%*»3 91=47?@6A13<6=A 5=?8:0O8: 35:E ?:?A6< F65-

| 8:<?8:E ?3?A=@J *:??33.

I ' ?::A<=A?A<33 ? !=4=160O5J@ M68:5:@ «& F6586Q 3 F658:<-

1~~1------------

B,09&-0 Y.@., N$G05"-0 Q.I., C&:2&- S.B. !3565?:<:= 916<: *:??33. L.: I=3?, 1995. %. 178.

2 !3565?:<:= 916<:: +D=F538 / ):4 1=4. 91:;. #.". U3@3D=<:E. %. 68; !3565?:<:= 916<:: +D=F538 / ):4 1=4. 91:;. &.#. C:1F75:<:E. L.: B13?AO, 1996. %. 302.

3%S *!. 1996. T6. %A. 492.

334

2&J#%= VI. U&1'"0?'"% '$%#)B"0&1)%, $&?N%B>

?8:E 4=/A=0O5:?A3» F658:<?86/ ?3?A=@6 *:??3E?8:E !=4=16H33 <802D6=A < ?=F/: .658 *:??33, 81=43A5J= :1>653M6H33 (F658:<?83= >1799J), 6 A68K= ;30360J 3 91=4?A6<3A=0O?A<6 35:?A1655JQ F658:<. ' <JN=786M655:@ S68:5= 16?81J<62A?/ 9:5/A3/: «81=43A56/ :1>653M6H3/», «F658», «5=F658:<?86/ 81=43A56/ :1>653M6H3/», «35:?A1655JE F658».

-1=43A56/ :1>653M6H3/ — RA: 21343D=?8:= 03H:, 8:A:1:= 40/ 3M<0=D=53/ 913FJ03 868 :?5:<5:E H=03 ?<:=E 4=/A=0O5:?A3 56 :?5:<6533 ?9=H360O5:>: 16M1=N=53/ (03H=5M33) Y=5A160O5:>: F6586 *:??3E?8:E !=4=16H33 (.6586 *:??33) 3@==A 916<: :?7P=?A<0/AO F658:<?83= :9=16H33. - F658:<?83@ :9=16H3/@ < ?::A<=A?A<33 ? !=4=160O5J@ M68:5:@ «& F6586Q 3 F658:<?8:E 4=/A=0O5:?A3» :A5:?/A?/:

913<0=D=53= 4=5=K5JQ ?1=4?A< ;3M3D=?83Q 3 21343D=?83Q 03H <: <8064J (4: <:?A1=F:<653/ 3 56 :91=4=0=55JE ?1:8);

16M@=P=53= 913<0=D=55JQ 4=5=K5JQ ?1=4?A< ;3M3D=?83Q 3 21343D=?83Q 03H <: <8064J :A ?<:=>: 3@=53 3 M6 ?<:E ?D=A;

:A81JA3= 3 <=4=53= F658:<?83Q ?D=A:< ;3M3D=?83Q 3 21343D=?83Q 03H;

:?7P=?A<0=53= 16?D=A:< 9: 9:17D=532 ;3M3D=?83Q 3 21343D=?83Q 03H, < A:@ D3?0= F658:<- 8:11=?9:54=5A:<, 9: 3Q F658:<?83@ ?D=A6@;

3586??6H3/ 4=5=K5JQ ?1=4?A<, <=8?=0=E, 906A=K5JQ 3 16?D=A5JQ 4:87@=5A:< 3 86??:<:= :F?07K3<653= ;3M3D=?83Q 3 21343D=?83Q 03H;

8790/-91:46K6 35:?A1655:E <602AJ < 5603D5:E 3 F=M5603D5:E ;:1@6Q;

913<0=D=53= <: <8064J 3 16M@=P=53= 416>:H=55JQ @=A600:<;

<J46D6 F658:<?83Q >6165A3E;

:?7P=?A<0=53= 9=1=<:4:< 4=5=K5JQ ?1=4?A< 9: 9:17D=532 ;3M3D=?83Q 03H F=M :A81JA3/ F658:<?8:>: ?D=A6.

-1:@= F658:<?83Q :9=16H3E, 40/ :?7P=?A<0=53/ 8:A:1JQ A1=F7=A?/ 03H=5M3/ .6586 *:??33, 81=43A5J= :1>653M6H33 <916<= :?7P=?A<0/AO ?0=472P3= ?4=083 (>16K465?8:-916<:<:>: Q6168A=16):

<J46<6AO 9:17D3A=0O?A<6 M6 A1=AO3Q 03H, 91=47?@6A13<62P3= 3?9:05=53= :F/M6A=0O?A< < 4=5=K5:E ;:1@=;

913:F1=A6AO 916<6 A1=F:<653/ :A A1=AO3Q 03H 3?9:05=53/ :F/M6A=0O?A<6 < 4=5=K5:E ;:1@=;

M6802D6AO 4:>:<:1 : 4:<=13A=0O5:@ 7916<0=533 4=5=K5J@3 ?1=4?A<6@3 3 35J@ 3@7P=?A<:@;

:?7P=?A<0/AO :9=16H33 ? 416>:H=55J@3 @=A6006@3 3 416>:H=55J@3 86@5/@3;

91=4:?A6<0/AO < 61=547 ?9=H360O5J= 9:@=P=53/ 303 56Q:4/P3=?/ < 53Q ?=E;J 40/ Q165=53/ 4:87@=5A:< 3 H=55:?A=E;

03M35>:<J= :9=16H33;

:86MJ<6AO 8:5?70OA6H3:55J= 3 35;:1@6H3:55J= 7?07>3. -1=43A56/ :1>653M6H3/ @:K=A FJAO :F16M:<656 56 :?5:<= 02F:E ;:1@J ?:F?A<=55:?A3, 5: < :1>653M6H3:55:-916<:<:E ;:1@=

______<=&0& 17. 2%DE=)$"0&1)% I&1'"0?'"D" '$%#)B"0&1)A 335

(:FP=?A<: ? :>1653D=55:E :A<=A?A<=55:?AO2 (&&&), 68H3:5=15:= :FP=?A<: ($&), :FP=?A<: ? 4:9:053A=0O5:E :A<=A?A<=55:?AO2) — 868 Q:M/E?A<=55:= :FP=?A<:.

-1=43A56/ :1>653M6H3/ 3@==A 916<: :?7P=?A<0/AO 91:;=??3:560O572 4=/A=0O5:?AO 56 1J58= H=55JQ F7@6> < ?::A<=A?A<33 ? ;=4=160O5J@3 M68:56@3.

-1=43A5:E :1>653M6H33 M691=P6=A?/ M653@6AO?/ 91:3M<:4?A<=55:E, A:1>:<:E 3 ?A16Q:<:E 4=/A=0O5:?AO2. S6 :?7P=?A<0=53= 81=43A5:E :1>653M6H3=E 91:3M<:4?A<=55:E, A:1>:<:E 303 ?A16Q:<:E 4=/A=0O5:?A3 7?A65:<0=56 64@353?A16A3<56/ :A<=A?A<=55:?AO (?A. 15.26 -:4=8?6 *! :F 64@353?A16A3<5JQ 916<:5617N=53/Q).

-1=43A5J= :1>653M6H33, < ?<:2 :D=1=4O, 9:416M4=0/2A?/ 56 4<= >1799J — F6583 3 5=F658:<?83= 81=43A5J= :1>653M6H33. *6M03D3/ @=K47 53@3 :91=4=0/2A?/ :FV=@:@ 3 Q6168A=1:@ <J9:05/=@JQ 3@3 F658:<?83Q :9=16H3E.

.6583 — RA: A683= 81=43A5J= :1>653M6H33, 8:A:1J= 3@=2A 3?802D3A=0O5:= 916<: < ?:<:8795:?A3 :?7P=?A<0/AO ?0=472P3= F658:<?83= :9=16H33:

913<0=86AO <: <8064J 4=5=K5J= ?1=4?A<6 ;3M3D=?83Q 3 21343D=?83Q 03H;

16M@=P6AO 786M655J= ?1=4?A<6 :A ?<:=>: 3@=53 3 M6 ?<:E ?D=A 56 7?0:<3/Q <:M<16A5:?A3, 906A5:?A3, ?1:D5:?A3 (F658:<?8:= 81=43A:<653=);

:A81J<6AO 3 <=?A3 F658:<?83= ?D=A6 ;3M3D=?83Q 3 21343D=?83Q 03H

#=F658:<?83= 81=43A5J= :1>653M6H33 — RA: A683= 81=43A5J= :1>653M6H33, 8:A:1J= 3@=2A 916<: :?7P=?A<0/AO :A4=0O5J= F658:<?83= :9=16H33, 91=47?@:A1=55J= < M68:5:46A=0O?A<=. %:D=A653=

786M655JQ :9=16H3E 7?A656<03<6=A .658 *:??33.

"5:?A1655J@ /<0/=A?/ F658, 913M5655JE A68:<J@ 9: M68:5:46A=0O?A<7 35:?A1655:>: >:?7461?A<6, 56 A=113A:133 8:A:1:>: :5 M61=>3?A131:<65.

-1=43A56/ :1>653M6H3/, .658 *:??33 >6165A3172A A6E57 :F :9=16H3/Q, : ?D=A6Q 3 <80646Q ?<:3Q 803=5A:< 3 8:11=?9:54=5A:<. '?= ?07K6P3= 81=43A5:E :1>653M6H33 :F/M65J Q1653AO A6E57 :F :9=16H3/Q, ?D=A6Q 3 <80646Q == 803=5A:< 3 8:11=?9:54=5A:<, 6 A68K= :F 35JQ ?<=4=53/Q, 7?A656<03<6=@JQ 81=43A5:E :1>653M6H3=E, =?03 RA: 5= 91:A3<:1=D3A ;=4=160O5:@7 M68:57. %916<83 9: :9=16H3/@ 3 ?D=A6@ 21343D=?83Q 03H 3 >16K465, :?7P=?A<0/2P3Q 91=491353@6A=0O?872 4=/A=0O5:?AO F=M :F16M:<653/ 21343D=?8:>: 03H6, <J462A?/ 3@ ?6@3@, ?746@ 3 61F3A16K5J@ ?746@ (?74O/@), %D=A5:E 9606A= *:??3E?8:E !=4=16H33, :1>656@ >:?7461?A<=55:E 560:>:<:E ?07KFJ 3 560:>:<:E 9:03H33, A6@:K=55J@ :1>656@ *:??3E?8:E !=4=16H33 < ?07D6/Q, 91=47?@:A1=55JQ M68:5:46A=0O5J@3 68A6@3 :F 3Q 4=/A=0O5:?A3, 6 913 5603D33 ?:>06?3/ 91:871:16 — :1>656@ 91=4<613A=0O5:>: ?0=4?A<3/ 9: 4=06@, 56Q:4/P3@?/ < 3Q 91:3M<:4?A<=. "5;:1@6H3/ 9: :9=16H3/@ 21343D=?83Q 03H, >16K465, :?7P=?A<0/2P3Q 91=4913-

336

2&J#%= VI. U&1'"0?'"% '$%#)B"0&1)%, $&?N%B>

53@6A=0O?872 4=/A=0O5:?AO F=M :F16M:<653/ 21343D=?8:>: 03H6, 3 ;3M3D=?83Q 03H 91=4:?A6<0/=A?/ 81=43A5J@3 :1>653M6H3/@3 < 79:05:@:D=55JE :1>65, :?7P=?A<0/2P3E @=1J 9: 91:A3<:4=E?A<32 0=>603M6H33 (:A@J<6532) 4:Q:4:<, 9:07D=55JQ 91=?A795J@ 97A=@, < ?07D6/Q, 9:1/48= 3 :FV=@=, 8:A:1J= 91=47?@:A1=5J !=4=160O5J@ M68:5:@ «& 91:A3<:4=E?A<33 0=>603M6H33 (:A@J<6532) 4:Q:4:<, 9:07D=55JQ 91=?A795J@ 97A=@» (D6?AO 9/A6/ <<=4=56 !=- 4=160O5J@ M68:5:@ :A 7 6<>7?A6 2001 >. T 121 !S)1.

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

)13 5=4:?A6A8= ?1=4?A< 40/ :?7P=?A<0=53/ 81=43A:<653/ 803=5A:< 3 <J9:05=53/ 9135/AJQ 56 ?=F/ :F/M6A=0O?A< 81=43A56/ :1>653M6H3/ @:K=A :F16P6AO?/ M6 9:07D=53=@ 81=43A:< < F658 *:?- ?33 56 :91=4=0/=@JQ 3@ 7?0:<3/Q. -1=43A5J= :1>653M6H33 9: 817>7 ?:<=1N6=@JQ F658:<?83Q :9=16H3E 3 417>3Q ?4=0:8, 9: A=113A:133 ?<:=E 4=/A=0O5:?A3, 9: :1>653M6H3:55:-916<:<:E ;:1@=, 9: 3?A:D5386@ ;:1@31:<653/ 7?A6<5:>: ;:546 3 35J@ 813A=13/@ M56D3A=0O5: :A03D62A?/ 417> :A 417>6.

)13 806??3;386H33 @5:>:D3?0=55JQ 81=43A5JQ :1>653M6H3E < 21343D=?8:E 03A=16A71= 56MJ<62A?/ A683= <34J, 868 753<=1?60O5J= (?:<=1N62P3= N31:83E 817> F658:<?83Q :9=16H3E 3 417>3Q ?4=0:8), ?9=H3603M31:<655J= (?:<=1N62P3= 868:E-A: :435 <34 F658:<?83Q 7?07>); 1=>3:560O5J= 3 :FP=1:??3E?83=; 68H3:5=15J= 3 96=<J= F65832.

.658 *:??33 /<0/=A?/ >06<5J@ F658:@ *:??3E?8:E !=4=16H333. % H=0O2 :?7P=?A<0=53/ ?:>06?:<655JQ @=1 9: 1=603M6H33 916<3A=0O?A<=55:E ?:H360O5:-R8:5:@3D=?8:E 9:03A383 M68:5:46A=0O?A<: 91=47?@6A13<6=A, DA: 91=4?=46A=0O .6586 *:??33 7D6?A<7=A < M6?=4653/Q )16<3A=0O?A<6 *!, 6 @353?A1 ;3565?:< *! 3 @353?A1 R8:5:@3D=?8:>: 16M<3A3/ 3 A:1>:<03 *! 7D6?A<72A < M6?=4653/Q %:<=A6 431=8A:1:< Y=5A160O5:>: F6586 *! ? 916<:@ ?:<=P6A=0O-

1-68 :A@=D60:?O 165==, 1 ;=<160/ 2002 >. < ?::A<=A?A<33 ? +86M:@ )1=M34=5A6 *:??33 :A 1 5:/F1/ 2001 >. 56D60 ?<:2 4=/A=0O5:?AO < 9:05:@ :FV=@= -:@3A=A *:??3E?8:E !=4=16H33 9: ;3565?:<:@7 @:53A:135>7 (;3565?:<6/ 16M<=4- 86)//*:??3E?86/ >6M=A6 2002. 13 /5<.

2YG)."-0 T.B. .658:<?8:= 916<:: 7D=F5:= 3 9168A3D=?8:= 9:?:F3=. L., 1994. %. 40-43.

3%S *!. 2002. T 28. %A. 2790.

<=&0& 17. 2%DE=)$"0&1)% I&1'"0?'"D" '$%#)B

DD:

5:>: >:0:?6. ' 56?A:/P== <1=@/ ?:M465 #6H3:560O5JE F658:<?83E %:<=A ? H=0O2 7?30=53/ 8:5A1:0/ M6 4=/A=0O5:?AO2 .6586 *:??33.

)16<:<:= 9:0:K=53= .6586 *:??33 3 =>: <M63@::A5:N=53/ ? F6586@3 3 5=F658:<?83@3 81=43A5J@3 :1>653M6H3/@3 :91=4=0/2A?/ A=@, DA:, ? :45:E ?A:1:5J, .658 *:??33 564=0=5 N31:83@3 <06?A5J@3 9:05:@:D3/@3 9: 7916<0=532 4=5=K5:-81=43A5:E ?3?A=@:E *:??3E?8:E !=4=16H33, 6 ? 417>:E ?A:1:5J, .658 *:??33 — 21343D=?8:= 03H:, <?A7962P== < :91=4=0=55J=

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

.658 *:??33 3@==A 916<: 91=4:?A6<0/AO 1:??3E?83@ 3 35:?A1655J@ 81=43A5J@ :1>653M6H3/@, )16<3A=0O?A<7 *! 81=43AJ 56 ?1:8 5= F:0== :45:>: >:46 9:4 :F=?9=D=53= H=55J@3 F7@6>6@3 3 417>3@3 68A3<6@3, =?03 35:= 5= 7?A65:<0=5: ;=4=160O5J@ M68:5:@ : ;=4=160O5:@ F24K=A=.

&F=?9=D=53=@ 40/ 81=43A:< .6586 *:??33 @:>7A <J?A796AO:

M:0:A: 3 417>3= 416>:H=55J= @=A600J < 16M03D5:E ;:1@=;

35:?A16556/ <602A6;

<=8?=0/ < 1:??3E?8:E 3 35:?A1655:E <602A= ?: ?1:86@3 9:>6N=53/ 4: N=?A3 @=?/H=<;

>:?7461?A<=55J= H=55J= F7@6>3.

%93?83 <=8?=0=E 3 >:?7461?A<=55JQ H=55JQ F7@6>, 913>:45JQ 40/ :F=?9=D=53/ 81=43A:< F6586 *:??33, :91=4=0/2A?/ %:<=A:@ 431=8A:1:< .6586 *:??33. ' ?07D6/Q, 7?A656<03<6=@JQ %:<=A:@ 431=8A:1:< .6586 *:??33, :F=?9=D=53=@ @:>7A <J?A796AO 417>3= H=55:?A3, 6 A68K= >6165A33 3 9:17D3A=0O?A<6.

'H=0/Q <:M4=E?A<3/ 56 038<345:?AO F658:<?8:E ?3?A=@J .658 *:??33 1=;3565?317=A F6583 97A=@ 91=4:?A6<0=53/ 3@ 816A8:?1:D5JQ 81=43A:< 9: 7D=A5:E ?A6<8= .6586 *:??33 3 :91=4=0/=A 7?0:<3/ 91=4:?A6<0=53/ 81=43A:< 9:4 M60:> 16M03D5JQ 68A3<:<.

%:>06?5: 4=E?A<72P=@7 M68:5:46A=0O?A<7 .658 *:??33 /<0/=A?/ 81=43A:1:@ 9:?0=45=E 35?A65H33. &5 ?9:?:F?A<7=A ?:M46532 +%X&'"Z 40/ 7?A:ED3<:>: ;758H3:531:<653/ 81=43A5JQ :1>653M6H3E, 5= <@=N3<6/?O < 3Q :9=16A3<572 4=/A=0O5:?AO.

-68 :1>65 7916<0=53/ 81=43A5:E ?3?A=@J *:??3E?8:E !=4=16H33 .658 *:??33, :?7P=?A<0// ;758H33 1=>7031:<653/ 3 564M:16, <916<= 3M46<6AO 5:1@6A3<5J= 68AJ 9: <:91:?6@, :A5=?=55J@ 8 =>: 8:@9=A=5H33 < :F06?A3 F658:<?8:>: 81=43A:<653/.

'?::A<=A?A<33 ? 1:??3E?83@ M68:5:46A=0O?A<:@ .658 *:??33 :?7P=?A<0/=A 8:5A1:0O M6 M68:55:?AO2 3 H=0=?::F16M5:?AO2 ?:M4653/ F658:< 3 5=F658:<?83Q 81=43A5JQ :1>653M6H3E. +86M655JE

22-9677

338

2&J#%= VI. U&1'"0?'"% '$%#)B"0&1)%, $&?N%B>

8:5A1:0O :?7P=?A<0/=A?/ < 91:H=??= 16??@:A1=53/ <:91:?6 : 1=>3?A16H33 81=43A5:E :1>653M6H33 < -53>= >:?7461?A<=55:E 1=>3?A16H33 81=43A5JQ :1>653M6H3E, <J46D3 3 :AMJ<6 03H=5M33 56 916<: ?:<=1N=53/ F658:<?83Q :9=16H3E 868 < 17F0/Q, A68 3 < 35:?A1655:E <602A=.

&A86M < >:?7461?A<=55:E 1=>3?A16H33 81=43A5:E :1>653M6H33 3 <J46D= 03H=5M33 56 :?7P=?A<0=53= F658:<?83Q :9=16H3E, 6 A68K= 5=9135/A3= .658:@ *:??33 < 7?A65:<0=55JE ?1:8 ?::A<=A?A<72P=>: 1=N=53/ @:>7A FJAO :FK60:<65J < 61F3A16K5JE ?74.

.658 *:??33 < ?::A<=A?A<33 ? ;=4=160O5J@ M68:5:46A=0O?A<:@ < H=0/Q :F=?9=D=53/ 7?A:ED3<:?A3 81=43A5JQ :A5:N=53E 3 >6165A33 916< 81=43A:1:< (<8064D38:<) 7?A656<03<6=A 81=43A5J@ :1>6- 53M6H3/@ :91=4=0=55J= :F/M6A=0O5J= 5:1@6A3<J:

— @353@60O5JE 16M@=1 7?A6<5:>: 8693A606 40/ <5:<O 1=>3?A1317=@:E 81=43A5:E :1>653M6H33; 91=4=0O5J= 16M@=1J 5=4=5=K5JQ <8064:< < 7?A6<5JE 8693A60 81=43A5:E :1>653M6H33, 9=1=D=5O <34:< 3@7P=?A<6 < 5=4=5=K5:E ;:1@=, <5:?3@:>: < :906A7 7?A6<5:>: 8693A606. #:1@6A3< @353@60O5:>: 16M@=16 7?A6<5:>: 8693A606 81=43A5:E :1>653M6H33 @:K=A 7?A656<03<6AO?/ < M6<3?3@:?A3 :A <346 81=43A5:E :1>653M6H33. .658 *:??33 5= 3@==A 916<6 A1=F:<6AO :A 165== M61=>3?A131:<655JQ 81=43A5JQ :1>653M6H3E 3M@=5=53/ 3Q 7?A6<5:>: 8693A606, M6 3?802D=53=@ ?07D6=<, 7?A65:<0=55JQ ;=4=160O5J@3 M68:56@3. '5=?=55J= < 7?A6<5JE 8693A60 81=43A5:E :1>653M6H33 < 7?A65:<0=55:@ 9:1/48= @6A=1360O5J= 68A3<J (M4653/, 9:@=P=53=, < 8:A:1:@ 16?9:06>6=A?/ 81=43A56/ :1>653M6H3/, F658:<?8:= :F:174:<653= 3 417>:= 3@7P=?A<:) ?A65:</A?/ == ?:F?A<=55:?AO2. #= @:>7A <5:?3AO?/ < 7?A6<5JE 8693A60 5=@6A=1360O5J= 68A3<J (< A:@ D3?0= 916<6 61=54J 9:@=P=53/) 3 H=55J= F7@6>3;

— @68?3@60O5JE 16M@=1 13?86 56 =435:>: M6=@P386 303 >17997 ?</M655JQ M6=@P38:<. ,655JE 5:1@6A3< 7?A656<03<6=A?/ < 91:H=5A6Q :A ?:F?A<=55JQ ?1=4?A< 81=43A5:E :1>653M6H33. )13 :91=- 4=0=533 16M@=16 13?86 7D3AJ<62A?/ <?/ ?7@@6 81=43A:< 81=43A5:E :1>653M6H33 4655:@7 M6=@P387 303 >1799= ?</M655JQ M6=@P38:<, 6 A68K= >6165A33 3 9:17D3A=0O?A<6, 91=4?A6<0=55J= :1>653M6H3=E M6=@P387 303 >1799= M6=@P38:<;

@68?3@60O5JE 16M@=1 81795JQ 81=43A5JQ 13?8:<. +86M655JE 5:1@6A3< 7?A656<03<6=A?/ 868 91:H=5A5:= ?::A5:N=53= ?:<:8795:E <=03D35J 81795JQ 13?8:< 3 ?:F?A<=55JQ ?1=4?A< 81=43A5:E :1>653M6H33. -1795J@ 81=43A5J@ 13?8:@ /<0/=A?/ :FV=@ 81=43A:<, >6165A3E 3 9:17D3A=0O?A< < 9:0OM7 :45:>: 803=5A6 < 16M@=1= ?<JN= 5% ?:F?A<=55JQ ?1=4?A< 81=43A5:E :1>653M6H33. L68?3- @60O5JE 16M@=1 81795JQ 81=43A5JQ 13?8:< 5= @:K=A 91=<JN6AO 25% ?:F?A<=55JQ ?1=4?A< 81=43A5:E :1>653M6H33 (F658:<?8:E >1799J). .658 *:??33 <916<= <=?A3 1==?A1 81795JQ 81=43A5JQ 13?8:< 81=43A5JQ :1>653M6H3E;

5:1@6A3<J 038<345:?A3 81=43A5:E :1>653M6H33, 8:A:1J= :91=4=0/2A?/ 868:

W

____<=&0& 17. 2%DE=)$"0&1)% I&1'"0?'"D" '$%#)B"0&1)A

339

?::A5:N=53= @=K47 == 68A3<6@3 3 96??3<6@3 ? 7D=A:@ ?1:8:<, ?7@@ 3 A39:< 68A3<:< 3 96??3<:< 3 417>3Q ;68A:1:<;

?::A5:N=53= == 038<345JQ 68A3<:< (5603D5J= 4=5=K5J= ?1=4?A<6, A1=F:<653/ 4: <:?A1=F:<653/, 816A8:?1:D5J= H=55J= F7@6>3, 417>3= 0=>8:1=603M7=@J= 68A3<J) 3 ?7@@615JQ 68A3<:<;

5:1@6A3<J 4:?A6A:D5:?A3 8693A606. GA3 5:1@6A3<J :91=4=0/2A?/ 868 91=4=0O5:= ?::A5:N=53= :FP=E ?7@@J ?:F?A<=55JQ ?1=4?A< 81=43A5:E :1>653M6H33 3 ?7@@J == 68A3<:<, <M<=N=55JQ 9: 71:<52 13?86;

16M@=1J <602A5:>:, 91:H=5A5:>: 3 35JQ ;3565?:<JQ 13?8:<;

@353@60O5JE 16M@=1 1=M=1<:<, ?:M46<6=@JQ 9:4 13?83;

5:1@6A3<J 3?9:0OM:<653/ ?:F?A<=55JQ ?1=4?A< 81=43A5:E :1>653M6H33 40/ 913:F1=A=53/ 4:0=E (68H3E) 417>3Q 21343D=?83Q 03H. *6M@=1 786M655:>: 5:1@6A3<6 5= @:K=A 91=<JN6AO 25% ?:F?A<=55JQ ?1=4?A< 81=43A5:E :1>653M6H33;

@68?3@60O5JE 16M@=1 81=43A:<, F658:<?83Q >6165A3E 3 9:17D3A=0O?A<, 91=4:?A6<0=55JQ 81=43A5:E :1>653M6H3=E ?<:3@ 7D6?A5386@ (68H3:5=16@). +86M655JE 5:1@6A3< 5= @:K=A 91=<JN6AO 50% ?:F?A<=55JQ ?1=4?A< F6586;

91=4=0O5JE 16M@=1 3@7P=?A<=55JQ (5=4=5=K5JQ) <8064:< < 7?A6<5JE 8693A60 81=43A5:E :1>653M6H33.

% 9:@:PO2 :F/M6A=0O5JQ 5:1@6A3<:< .658 *:??33 <:M4=E?A<7=A 56 4=/A=0O5:?AO 81=43A5JQ :1>653M6H3E, ?9:?:F?A<7=A ?:M46532 7?0:<3E 40/ 7?A:ED3<:>: 3Q ;758H3:531:<653/, 9:44=1K3<6=A ?A6F30O5:?AO 81=43A5:E ?3?A=@J *:??33.

§ 3. !"$A#"' $%D)?B$&()) '$%#)B1>H "$D&1)J&()* ) =)(%1J)$"0&1)A I&1'"0?'"* #%AB%=C1"?B)

):1/4:8 1=>3?A16H33 81=43A5JQ :1>653M6H3E 3 03H=5M31:<653/ F658:<?8:E 4=/A=0O5:?A3 7?A65:<0=5 165== 56M<655J@3 !=4=160O5J@3 M68:56@3 «& Y=5A160O5:@ F658= *:??3E?8:E !=4=16H33 (.658= *:??33)», «& F6586Q 3 F658:<?8:E 4=/A=0O5:?A3», 6 A68K= 9135/A:E 56 3Q :?5:<= "5?A178H3=E Y=5A160O5:>: F6586 *!. ' ?::A<=A?A<33 ? 53@3 81=43A5J= :1>653M6H33 9:40=K6A >:?7461?A<=55:E 1=>3?A16H33 < .658= *:??33, 8:A:1JE 5= A:0O8: 3Q 1=>3?A1317=A, 5: 3 <=4=A -53>7 >:?7461?A<=55:E 1=>3?A16H33 81=43A5JQ :1>653M6H3E, 6 A68K= <J46=A 03H=5M33 56 :?7P=?A<0=53= F658:<?83Q :9=16H3E.

+D1=43A=0/@3 81=43A5:E :1>653M6H33 @:>7A FJAO 21343D=?83= 3 ;3M3D=?83= 03H6, 7D6?A3= 8:A:1JQ < 81=43A5:E :1>653M6H33 5= M691=P=5: 4=E?A<72P3@ M68:5:46A=0O?A<:@.

,0/ >:?7461?A<=55:E 1=>3?A16H33 3 <J46D3 03H=5M33 81=43A56/ :1>653M6H33 4:0K56 91=4?A6<3AO H=0JE 1/4 4:87@=5A:<, 8 D3?07 8:A:1JQ :A5:?/A?/:

I) Q:46A6E?A<: : >:?7461?A<=55:E 1=>3?A16H33 3 <J46D= 03H=5M33 56 :?7P=?A<0=53= F658:<?83Q :9=16H3E;

340

2&J#%= VI. U&1'"0?'"% '$%#)B"0&1)%, $&?N%B>

2)7D1=43A=0O5JE 4:>:<:1 (< ?07D6= ?:M4653/ 81=43A5:E :1>653M6H33 < ;:1@= :FP=?A<6 ? :>1653D=55:E :A<=A?A<=55:?AO2);

3)7?A6< 81=43A5:E :1>653M6H33;

4)91:A:8:0 :FP=>: ?:F1653/ 7D1=43A=0=E, ?:4=1K6P3E 1=N=53= : == ?:M46533, 7A<=1K4=533 563@=5:<653/, 7?A6<6, 8654346A71 40/ 56M56D=53/ 56 4:0K5:?A3 178:<:43A=0=E 3?9:053A=0O5JQ :1>6- 5:< 3 >06<5:>: F7Q>60A=16 3 A.4.;

5)?<34=A=0O?A<: (8:93/ 906A=K5:>: 9:17D=53/) :F 7906A= >:?7461?A<=55:E 9:N035J M6 1=>3?A16H32

81=43A5:E :1>653M6H33 S6 1=>3?A16H32 81=43A5JQ :1>653M6H3E <M3@6=A?/ ?F:1 < 16M@=1=, :9- 1=4=0/=@:@ .658:@ *:??33, 5: 5= F:0== :45:>: 91:H=5A6 :A :FV/<0=55:>: 7?A6<5:>: 8693A606 81=43A5:E :1>653M6H33. ' ?07D6= :A86M6 < 1=>3?A16H33 ?F:1 5= <:M<16P6=A?/;

6)5:A61360O5: 74:?A:<=1=55J= 8:933 ?<34=A=0O?A< : >:?7461?A<=55:E 1=>3?A16H33 7D1=43A=0=E — 21343D=?83Q 03H, 6743A:1?83= M6802D=53/ : 4:?A:<=15:?A3 3Q ;3565?:<:E :AD=A5:?A3 ? 9130:K=53=@ F6065?:< 3 :AD=A:< : 913FJ03 3 7FJA86Q M6 A13 9:?0=453= >:46 4=/A=0O5:?A3, 6 A68K= 9:4A<=1K4=53= :1>656@3 L353?A=1?A<6 *:??3E?8:E !=4=16H33 9: 560:>6@ 3 ?F:16@ <J9:05=53/ 7D1=43A=0/@3 — 21343D=?83@3 03H6@3 :F/M6A=0O?A< 9=1=4 F24K=A6@3 <?=Q 71:<5=E M6 9:?0=453= A13 >:46;

7)4=80616H33 : 4:Q:46Q 7D1=43A=0=E — ;3M3D=?83Q 03H, M6<=1=55J= 560:>:<J@3 :1>656@3, DA: 9:4A<=1K46=A 3?A:D5383 91:3?Q:K4=53/ ?1=4?A<, <5:?3@JQ < 7?A6<5JE 8693A60 81=43A5:E :1>6- 53M6H33;

8)658=AJ 8654346A:< 56 4:0K5:?A3 178:<:43A=0=E 3?9:053A=0O5JQ :1>65:< 3 >06<5:>: F7Q>60A=16 81=43A5:E :1>653M6H33, ?:4=1K6P3= ?<=4=53/ : 5603D33 7 RA3Q 03H <J?N=>: 21343D=?8:>: 303 R8:5:@3D=?8:>: :F16M:<653/ 3 :9JA6 178:<:4?A<6 :A4=0:@ 303 35J@ 9:416M4=0=53=@ 81=43A5:E :1>653M6H33 5= @=5== :45:>: >:46, 6 913 :A?7A?A<33 ?9=H360O5:>: :F16M:<653/ — :9JA6 178:<:4?A<6 A683@ 9:416M4=0=53=@ 5= @=5== 4<7Q 0=A; 6 A68K= ?<=4=53/ : 5603D33 (:A?7A?A<33) ?743@:?A3;

9)?93?:8 7D1=43A=0=E 81=43A5:E :1>653M6H33.

+?A6<5JE 8693A60 81=43A5:E :1>653M6H33 ?:?A6<0/=A?/ 3M <=03D35J <8064:< == 7D6?A538:< 3 :91=4=0/=A @353@60O5JE 16M@=1 3@7P=?A<6, >6165A3172P=>: 35A=1=?J == 81=43A:1:<. L353@60O5JE 16M@=1 7?A6<5:>: 8693A606 7?A656<03<6=A?/ .658:@ *:??33. '8064J < 7?A6<5JE 8693A60 @:>7A FJAO < <34= 4=5=K5JQ ?1=4?A<, 6 A68K= @6A=1360O5JQ 68A3<:<. )13 RA:@ 5= @:>7A FJAO 3?9:0OM:<65J 40/ ;:1@31:<653/ 7?A6<5:>: 8693A606 913<0=D=55J= 4=5=K5J= ?1=4?A<6, 6 A68K= ?1=4?A<6 ;=4=160O5:>: F24K=A6 3 >:?7461?A<=55JQ <5=F24K=A5JQ ;:54:<, ?<:F:45J= 4=5=K5J= ?1=4?A<6 3 35J= :FV=8AJ ?:F?A<=55:?A3, 56Q:4/P3=?/ < <=4=533 ;=4=160O5JQ :1>65:< >:?7461?A<=55:E <06?A3, M6 3?802D=53=@ ?07D6=<, 91=47?@:A1=55JQ ;=4=160O5J@3 M68:56@3.

)1=4=0O5JE 16M@=1 5=4=5=K5:E D6?A3 7?A6<5:>: 8693A606 81=43A5:E :1>653M6H33 5= 4:0K=5 91=<JN6AO 20% 9=1<J= 4<6 >:46

______<=&0& 17. 2%DE=)$"0&1)% I&1'"0?'"D" '$%#)B"0&1)A 341

4=/A=0O5:?A3 81=43A5:E :1>653M6H33 3 10% < 9:?0=472P3= >:4J. #= @:>7A FJAO <5=?=5J < 7?A6<5JE 8693A60 5=@6A=1360O5J= 68A3<J, < A:@ D3?0= 916<6 61=54J 9:@=P=53/, 3 H=55J= F7@6>3. )13:F1=A=53= < 1=M70OA6A= :45:E 303 5=?8:0O83Q ?4=0:8 :453@ 21343D=?83@ 303 ;3M3D=?83@ 03H:@ 03F: >1799:E 03H, ?</M655JQ @=K47 ?:F:E 303 M6<3?3@JQ 417> :A 417>6, F:0== 5% 68H3E (4:0=E) 81=43A5:E :1>653M6H33 A1=F7=A 7<=4:@0=53/ .6586 *:??33, F:0== 20% — 91=4<613A=0O5:>: ?:>06?3/. +D1=43A=03 F6586 5= 3@=2A 916<6 <JQ:43AO 3M ?:?A6<6 7D6?A538:< F6586 < A=D=53= 9=1<JQ A1=Q 0=A ?: 45/ =>: 1=>3?A16H33.

-1=43A5J= :1>653M6H33 913:F1=A62A ?A6A7? 21343D=?8:>: 03H6 ? @:@=5A6 3Q >:?7461?A<=55:E 1=>3?A16H33. %::FP=53= : >:?7461?A<=55:E 1=>3?A16H33 81=43A5:E :1>653M6H33 97F0387=A?/ < «'=?A- 538= .6586 *:??33»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

-1=43A56/ :1>653M6H3/ @:K=A :?7P=?A<0/AO A:0O8: A= F658:<?83= :9=16H33, 8:A:1J= 786M65J < 03H=5M33. ' 56?A:/P== <1=@/ < ?A. 5 !=4=160O5:>: M68:56 «& F6586Q 3 F658:<?8:E 4=/A=0O5:?A3» (? 3M@=5=53/@3 3 4:9:05=53/@3) 465 3?D=19J<62P3E 9=1=D=5O F658:<?83Q :9=16H3E, 8 8:A:1J@ :A5:?/A?/:

913<0=D=53= 4=5=K5JQ ?1=4?A< ;3M3D=?83Q 3 21343D=?83Q 03H ': <8064J; 16M@=P=53= 786M655JQ ?1=4?A< :A ?<:=>: 3@=53 3 M6 ?<:E ?D=A;

:A81JA3= 3 <=4=53= F658:<?83Q ?D=A:< ;3M3D=?83Q 3 21343D=?83Q 03H;

:?7P=?A<0=53= 16?D=A:< 9: 9:17D=532 ;3M3D=?83Q 3 21343D=?83Q 03H, < A:@ D3?0= F658:<- 8:11=?9:54=5A:<, 9: 3Q F658:<?83@ ?D=A6@;

3586??6H3/ 4=5=K5JQ ?1=4?A<, <=8?=0=E, 906A=K5JQ 3 16?D=A5JQ 4:87@=5A:< 3 86??:<:= :F?07K3<653= ;3M3D=?83Q 3 21343D=?83Q 03H;

8790/-91:46K6 35:?A1655:E <602AJ < 5603D5:E 3 F=M5603D5:E ;:1@6Q; 913<0=D=53= <: <8064J 3 16M@=P=53= 416>:H=55JQ @=A600:<;

<J46D6 F658:<?83Q >6165A3E,

:?7P=?A<0=53= 9=1=<:4:< 4=5=K5JQ ?1=4?A< 9: 9:17D=532 ;3M3D=?83Q 03H F=M :A81JA3/ F658:<?83Q ?D=A:< (M6 3?802D=53=@ 9:DA:<JQ 9=1=<:4:<).

)135/A3= 1=N=53/ : >:?7461?A<=55:E 1=>3?A16H33 3 <J46D=

342

2&J#%= VI. U&1'"0?'"% '$%#)B"0&1)%, $&?N%B>

03H=5M33 56 :?7P=?A<0=53= F658:<?83Q :9=16H3E 303 :F :A86M= < RA:@ 91:3M<:43A?/ < ?1:8, 5= 91=<JN62P3E N=?A3 @=?/H=< ? 46AJ 91=4?A6<0=53/ <?=Q 56M<655JQ 165== 4:87@=5A:<. & 9135/- A:@ 1=N=533 < A1=Q45=<5JE ?1:8 ?::FP6=A?/ 81=43A5:E :1>653M6H33 3 :45:<1=@=55: 91=4V/<0/=A?/ A1=F:<653= :F :906A= < @=?/D5JE ?1:8 100% == :FV/<0=55:>: 7?A6<5:>: 8693A606. #=:906A6 303 5=9:056/ :906A6 7?A6<5:>: 8693A606 < 7?A65:<0=55JE ?1:8 /<0/=A?/ :?5:<653=@ 40/ 6557031:<653/ 1=N=53/ : >:?7461?A<=55:E 1=>3?A16H33 81=43A5:E :1>653M6H33. ,0/ :906AJ 7?A6<5:>: 8693A606 .658 *:??33 :A81J<6=A M61=>3?A131:<655:@7 F6587 8:11=?9:54=5A?83E ?D=A <

.658= *:??33. )13 91=4V/<0=533 4:87@=5A:<, 9:4A<=1K462P3Q :906A7 7?A6<5:>: 8693A606 < 9:05:@ :FV=@=, .658 *:??33 < A1=Q45=<5JE ?1:8 <J46=A 81=43A5:E :1>653M6H33 03H=5M32 56 :?7P=?A<0=53= F658:<?83Q :9=16H3E.

'5:<O ?:M4655:E 81=43A5:E :1>653M6H33 @:>7A FJAO <J465J ?0=472P3= <34J 03H=5M3E: 03H=5M3/ 56 :?7P=?A<0=53= F658:<?83Q :9=16H3E ?: ?1=4?A<6@3 < 17F0/Q (F=M 916<6 913<0=D=53/ <: <8064J ?1=4?A< ;3M3D=?83Q 03H);

03H=5M3/ 56 :?7P=?A<0=53= F658:<?83Q :9=16H3E ?: ?1=4?A<6@3 < 17F0/Q 3 35:?A1655:E <602A= (F=M 916<6 913<0=D=53/ <: <8064J ?1=4?A< ;3M3D=?83Q 03H);

03H=5M3/ 56 913<0=D=53= <: <8064J 3 16M@=P=53= 416>:H=55JQ @=A600:<. ,6556/ 03H=5M3/ <J46=A?/ Y=5A160O5J@ F658:@ 9: ?:>06?:<6532 ? L353?A=1?A<:@ ;3565?:< *!. -1=43A56/ :1>653M6H3/ @:K=A 16?N313AO 817> <J9:05/=@JQ :9=16H3E 97A=@ 9:07D=53/ ?0=472P3Q <34:< 03H=5M3E:

03H=5M33 56 :?7P=?A<0=53= :9=16H3E ? 416>:H=55J@3 @=A6006@3;

03H=5M33 56 913<0=D=53= <: <8064J ?1=4?A< ;3M3D=?83Q 03H < 17F0/Q, 8:A:16/ @:K=A FJAO <J4656 9: 3?A=D=533 4<7Q 0=A ? 46AJ >:?7461?A<=55:E 1=>3?A16H33 81=43A5:E :1>653M6H33;

03H=5M33 56 913<0=D=53= <: <8064J ?1=4?A< ;3M3D=?83Q 03H < 17F0/Q 3 35:?A1655:E <602A=, 8:A:16/ A68K= <J46=A?/ 9: 3?A=D=533 4<7Q 0=A ?: 45/ >:?7461?A<=55:E 1=>3?A16H33 81=43A5:E :1>653M6H33;

>=5=160O5:E 03H=5M33, 8:A:16/ @:K=A FJAO <J4656 F6587, 3@=2P=@7 03H=5M33 56 <J9:05=53= <?=Q F658:<?83Q :9=16H3E ?: ?1=4?A<6@3 < 17F0/Q 3 35:?A1655:E <602A=. C=5=160O56/ 03H=5M3/ 5= 16?N31/=A 817>6 <J9:05/=@JQ F658:@ :9=16H3E. .658, 3@=2P3E C=5=160O572 03H=5M32, 3@==A 916<: < 7?A65:<0=55:@ 9:1/48= :A81J<6AO ;30360J M6 17F=K:@ 3 (303) 913:F1=A6AO 4:03 < 7?A6<- 5:@ 8693A60= 81=43A5JQ :1>653M6H3E — 5=1=M34=5A:<.

-1=43A56/ :1>653M6H3/, 9:07D3<N6/ 03H=5M32 56 :?7P=?A<0=53= 868:E-03F: 56M<655:E 165== F658:<?8:E :9=16H33, <916<= :?7P=?A<0/AO ?0=472P3= ?4=083:

<J46D7 9:17D3A=0O?A< M6 A1=AO3Q 03H, 91=47?@6A13<62P3Q 3?9:05=53= :F/M6A=0O?A< < 4=5=K5:E ;:1@=;

<=&0& 17. 2%DE=)$"0&1)% I&1'"0?'"D" '$

913:F1=A=53= 916<6 A1=F:<653/ :A A1=AO3Q 03H 3?9:05=53/ :F/M6A=0O?A< < 4=5=K5:E ;:1@=; 4:<=13A=0O5:= 7916<0=53= 4=5=K5J@3 ?1=4?A<6@3 3 35J@ 3@7P=?A<:@ 9: 4:>:<:17 ? ;3M3D=?83@3 3 21343D=?83@3 03H6@3;

:?7P=?A<0=53= :9=16H3E ? 416>:H=55J@3 @=A6006@3 3 416>:H=55J@3 86@5/@3; 91=4:?A6<0=53= < 61=547 ?9=H360O5JQ 9:@=P=53E 303 56Q:4/P3Q?/ < 53Q ?=E;:< 40/ Q165=53/ 4:87@=5A:< 3 H=55:?A=E;

03M35>:<J= :9=16H33; 35J= ?4=083.

' !=4=160O5:@ M68:5= «& F6586Q 3 F658:<?8:E 4=/A=0O5:?A3» :91=4=0=5J :?5:<653/ 3 9:1/4:8 :A86M6 < >:?7461?A<=55:E 1=>3?A16H33 81=43A5:E :1>653M6H33 3 <J46D= 03H=5M33 56 :?7P=?A<- 0=53= F658:<?83Q :9=16H3E. GA:A 9=1=D=5O 5:?3A 3?D=19J<62P3E Q6168A=1 3 5= @:K=A FJAO 16?N31=5 9: 7?@:A1=532 .6586 *:??33. I683@ :F16M:@, :A86M 4:97?86=A?/ A:0O8: 9: ?0=472P3@ :?5:<653/@:

]) 5=?::A<=A?A<3= 8654346A:<, 91=406>6=@JQ 56 4:0K5:?A3 178:<:43A=0/ 81=43A5:E :1>653M6H33, >06<5:>: F7Q>60A=16 3 =>: M6@=?A3A=0=E 8<603;386H3:55J@ A1=F:<653/@, 7?A65:<0=55J@ 5:1- @6A3<5:-916<:<J@3 68A6@3. ):4 5=?::A<=A?A<3=@ 8<603;386H3:55J@ A1=F:<653/@ 9:53@6=A?/: :A?7A?A<3= 7 53Q 5=:FQ:43@:>: :F16M:<653/ 3 :9JA6 178:<:4/P=E 16F:AJ < 81=43A5:E :1>653M6H33 5= @=5== 4<7Q 0=A; 5603D3= ?743@:?A3 M6 ?:<=1N=53= 91=?A790=53E < ?;=1= R8:5:@383; ?:<=1N=53= < A=D=53= >:46, 91=4N=?A<:<6<N=>: 452 9:46D3 < .658 *:??33 4:87@=5A:< 40/ 1=>3?A16H33 81=43A5:E :1>653M6H33, 64@353?A16A3<5:>: 916<:5617N=53/ < :F06?A3 A:1>:<03 3 ;3565?:<, 7?A65:<0=55:>: <?A793<N3@ < M68:5572 ?307 9:?A65:<0=53=@ :1>656, 79:05:@:D=55:>: 16??@6A13<6AO 4=06 :F 64@353?A16A3<5JQ 916<:5617N=53/Q; 5603D3= < A=D=53=

4<7Q 0=A, 91=4N=?A<:<6<N3Q 452 9:46D3 < .658 *:??33 4:87@=5A:< 40/ 1=>3?A16H33 81=43A5:E :1>653M6H33, ;68A:< 16?A:1K=53/ ? 786M655J@3 03H6@3 A174:<:>: 4:>:<:16 (8:5A168A6) 9: 353H36A3<= 64@353?A16H33 9: :?5:<653/@, 91=47?@:A1=55J@ I174:<J@ 8:4=8?:@ *!; 91=4V/<0=53= < A=D=53= A1=Q 0=A, 91=4N=?A<:<6<N3Q 452 9:46D3 < .658 *:??33 4:87@=5A:< 40/ 1=>3?A16H33, 8 81=43A5:E :1>653M6H33, < 8:A:1:E 86K4JE 3M 786M655JQ 8654346A:< 56Q:430?/ 56 4:0K5:?A3 178:<:43A=0/ 81=43A5:E :1>653M6H33, A1=F:<653/ : M6@=5= =>: < 86D=?A<= 178:<:43A=0/ 81=43A5:E :1>653M6H33 < 9:1/48=, 91=47?@:A1=55:@ S68:5:@ : Y. *!; 5=?::A<=A?A<3= 4=0:<:E 1=97A6H33 786M655JQ 8654346A:< A1=F:<653/@, 7?A65:<0=55J@ ;=4=160O5J@3 M68:56@3 3 91353@6=@J@3 < ?::A<=A?A<33 ? 53@3 5:1@6A3<5J@3 68A6@3 .6586 *&%%""; 5603D3= 35JQ :?5:<653E, 7?A65:<0=55JQ ;=4=160O5J@3 M68:56@3;

2) 5=74:<0=A<:13A=0O5:= ;3565?:<:= 9:0:K=53= 7D1=43A=0=E -1=43A5:E :1>653M6H33 303 5=3?9:05=53= 3@3 ?<:3Q :F/M6A=0O?A< )=1=4 F24K=A:@ M6 9:?0=453= A13 >:46;

344

2&J#%= VI. U&1'"0?'"% '$%#)B"0&1)%, $&?N%B>

3)5=?::A<=A?A<3= 4:87@=5A:<, 9:4655JQ 40/ >:?7461?A<=55:E 1=>3?A16H33 81=43A5:E :1>653M6H33 3 9:07D=53/ 03H=5M33, A1=F:<653/@ ;=4=160O5JQ M68:5:<;

4)5=?::A<=A?A<3= 4=0:<:E 1=97A6H33 8654346A:< 56 4:0K5:?A3 D0=5:< ?:<=A6 431=8A:1:<

(56F0246A=0O5:>: ?:<=A6) 8<603;386H3:55J@ A1=F:<653/@, 7?A65:<0=55J@ ;=4=160O5J@3 M68:56@3 3 91353@6=@J@3 < ?::A<=A?A<33 ? 53@3 5:1@6A3<5J@3 68A6@3 .6586 *:??33, 5603D3= 7 53Q ?743@:?A3 M6 ?:<=1N=53= 91=?A790=53/ < ?;=1= R8:5:@383.

&A86M < >:?7461?A<=55:E 1=>3?A16H33 3 <J46D= 03H=5M33, 5=9135/A3= .658:@ *:??33 < 7?A65:<0=55JE ?1:8 ?::A<=A?A<72P=>: 1=N=53/ @:>7A FJAO :FK60:<65J < 61F3A16K5JE ?74.

-1=43A5J= :1>653M6H33 @:>7A :A81J<6AO :F:?:F0=55J= 9:416M4=0=53/ (91=4?A6<3A=0O?A<6, ;30360J), 6 A68K= <57A1=553= ?A178A715J= 9:416M4=0=53/ <5= @=?A6 56Q:K4=53/ >:0:<5:>: :;3?6 ? @:@=5A6 7<=4:@0=53/ .6586 *:??33. S6 :A81JA3= ;30360:< 81=43A5JQ :1>653M6H3E <M3@6=A?/ ?F:1 < 16M@=1=, :91=4=0/=@:@ .658:@ *:??33, 5: 5= F:0== 1000-816A5:>: @353@60O5:>: 16M@=16 :906AJ A1746. *=>3?A16H3/ 3 03H=5M31:<653= 4=/A=0O5:?A3 81=43A5JQ :1>653M6H3E ? 35:?A1655J@3 35<=?A3H3/@3 3 ;303606 35:?A1655:>: F6586 3@==A ?<:3 :?:F=55:?A3. &53 4:0K5J 4:9:053A=0O5: 91=4?A6<3AO < .658 *:??33 A683= 4:87@=5AJ, 868:

1=N=53= 35:?A1655:>: 21343D=?8:>: 03H6 : =>: 7D6?A33 < ?:M46533 81=43A5:E :1>653M6H33 303 :F :A81JA33 ;303606 F6586 56 A=113A:133 *:??33;

4:87@=5A, 9:4A<=1K462P3E 1=>3?A16H32 21343D=?8:>: 03H6, 3 F6065?J M6 A13 91=4J47P3Q >:46, 9:4A<=1K4=55J= 6743A:1?83@

M6802D=53=@;

93?O@=55:= ?:>06?3= ?::A<=A?A<72P=>: 8:5A1:0O5:>: :1>656 ?A165J =>: @=?A:91=FJ<653/ 56 7D6?A3= < ?:M46533 81=43A5:E :1>653M6H33 56 A=113A:133 *! 303 56 :A81JA3= ;303606 F6586 < A=Q ?07D6/Q, 8:>46 A68:= 16M1=N=53= A1=F7=A?/ 9: M68:5:46A=0O?A<7 ?A165J =>: @=?A:91=FJ<653/.

"5:?A1655J= ;3M3D=?83= 03H6 91=4?A6<0/2A 9:4A<=1K4=53= 9=1<:806??5J@ (?:>06?5: @=K47561:45:E 9168A38=) 35:?A1655J@ F658:@ 906A=K=?9:?:F5:?A3 RA:>: 03H6.

*6M@=1 (8<:A6) 7D6?A3/ 35:?A1655:>: 8693A606 < F658:<?8:E ?3?A=@=5 ?A165J 7?A656<03<6=A?/ ;=4=160O5J@ M68:5:@ 9: 91=40:K=532 )16<3A=0O?A<6 *:??3E?8:E !=4=16H33, ?:>06?:<655:@7 ? .658:@ *:??33.

S68:5:46A=0O?A<:@ 91=47?@:A1=5J :?5:<653/ 40/ :AMJ<6 03H=5M33 .658:@ *:??33 7 81=43A5:E :1>653M6H33. J#%( 2&<<.. 7&A') &)&0$#)+ ".>'%0.D 56 :?7P=?A<0=53= F658:<?83Q :9=16H3E < ?0=472P3Q ?07D6/Q:

7?A65:<0=53/ 5=4:?A:<=15:?A3 ?<=4=53E, 56 :?5:<6533 8:A:1JQ <J4656 03H=5M3/;

______<=&0& 17. 2%DE=)$"0&1)% I&1'"0?'"D" '$%#)B"0&1)A 345

M64=1K83 56D606 :?7P=?A<0=53/ F658:<?83Q :9=16H3E, 91=47?@:A1=55JQ 03H=5M3=E, F:0== D=@ 56 >:4 ?: 45/ == <J46D3;

7?A65:<0=53/ ;68A:< ?7P=?A<=55:E 5=4:?A:<=15:?A3 :AD=A5JQ 4655JQ;

M64=1K83 F:0== D=@ 56 15 45=E 91=4?A6<0=53/ =K=@=?/D5:E :AD=A5:?A3 (:AD=A5:E 4:87@=5A6H33); :?7P=?A<0=53/, < A:@ D3?0= :45:816A5:>:, F658:<?83Q :9=16H3E, 5= 91=47?@:A1=55JQ 03H=5M3=E .6586 *:??33;

5=3?9:05=53/ ;=4=160O5:>: M68:5:46A=0O?A<6, 5:1@6A3<5JQ 68A:< .6586 *:??33, =?03 < A=D=53= >:46 8 81=43A5:E :1>653M6H33 5=:45:816A5: 913@=5/03?O @=1J, 91=47?@:A1=55J= !=4=160O5J@ M68:5:@ «& Y=5A160O5:@ F658= *:??3E?8:E !=4=16H33 (.658= *:??33)»;

5=:45:816A5:>: < A=D=53= >:46 <35:<5:>: 5=3?9:05=53/ ?:4=1K6P3Q?/ < 3?9:053A=0O5JQ 4:87@=5A6Q ?74:<, 61F3A16K5JQ ?74:< A1=F:<653E : <MJ?86533 4=5=K5JQ ?1=4?A< ?: ?D=A:< (<8064:<) 803=5A:<

81=43A5:E :1>653M6H33 913 5603D33 4=5=K5JQ ?1=4?A< 56 ?D=A= (<: <8064=) 786M655JQ 03H; 5603D3/ Q:46A6E?A<6 <1=@=55:E 64@353?A16H33, =?03 8 @:@=5A7 :8:5D653/ ?1:86 4=/A=0O5:?A3

786M655:E 64@353?A16H33, 7?A65:<0=55:>: !=4=160O5J@ M68:5:@ «& 5=?:?A:/A=0O5:?A3 (F6581:A?A<=) 81=43A5JQ :1>653M6H3E», 3@=2A?/ :?5:<653/ 40/ == 56M56D=53/, 91=47?@:A1=55J= 786M655J@ S68:5:@.

.658 *:??33 &8;0#% &)&0$#)+ ".>'%0.D 56 :?7P=?A<0=53= F658:<?83Q :9=16H3E < ?07D6/Q: =?03 4:?A6A:D5:?AO 8693A606 81=43A5:E :1>653M6H33 ?A65:<3A?/ 53K= 2%;

=?03 16M@=1 ?:F?A<=55JQ ?1=4?A< (8693A606) 81=43A5:E :1>653M6H33 53K= @353@60O5:>: M56D=53/ 7?A6<5:>: 8693A606, 7?A65:<0=55:>: .658:@ *:??33 56 46A7 1=>3?A16H33 81=43A5:E :1>653M6H33; =?03 81=43A56/ :1>653M6H3/ 5= 3?9:05/=A < ?1:8, 7?A65:<0=55JE !=4=160O5J@ M68:5:@ «& 5=?:?A:/A=0O5:?A3 (F6581:A?A<=) 81=43A5JQ :1>653M6H3E» A1=F:<653/ .6586 *:??33 : 913<=4=533 < ?::A<=A?A<3= <=03D35J 7?A6<5:>: 8693A606 3 16M@=16 ?:F?A<=55JQ ?1=4?A< (8693A606);

=?03 81=43A56/ :1>653M6H3/ 5= ?9:?:F56 74:<0=A<:13AO A1=F:<653/ 81=43A:1:< 9: 4=5=K5J@ :F/M6A=0O?A<6@ 3 (303) 3?9:053AO :F/M655:?AO 9: 7906A= :F/M6A=0O5JQ 906A=K=E < A=D=53= :45:>: @=- ?/H6 ? 56?A790=53/ 46AJ 3Q 74:<0=A<:1=53/ 3 (303) 3?9:05=53/, =?03 A1=F:<653/ 8 81=43A5:E :1>653M6H33 < ?:<:8795:?A3 ?:?A6<0/2A 5= @=5== :45:E AJ?/D3 @353@60O5JQ 16M@=1:< :906AJ A1746, 7?A65:<0=55JQ ;=4=160O5J@ M68:5:@.

I:0O8: < 9=1=D3?0=55JQ ?07D6/Q .658 *:??33 :F/M65 :A:M<6AO 03H=5M32. %::FP=53= :F :AMJ<= 03H=5M33 56 :?7P=?A<0=53= F658:<?83Q :9=16H3E 97F0387=A?/ .658:@ *:??33 < «'=?A538= .6586 *:??33» < 5=4=0O5JE ?1:8 ?: 45/ 9135/A3/ ?::A<=A?A<72P=>: 1=N=53/.

346

2&J#%= VI. U&1'"0?'"% '$%#)B"0&1)%, $&?N%B>

7 7&7'%)# &)09$# , (*'1.)%&G &*4#%.0#>.. ".>'%0.. 56 :?7P=?A<0=53= F658:<?83Q :9=16H3E:

1)?1:8 3?9:05=53/ :F/M6A=0O?A< 81=43A5:E :1>653M6H33 ?D3A6=A?/ 56?A793<N3@. &F/M6A=0O?A<6 81=43A5:E :1>653M6H33 < 35:?A1655:E <602A= 7D3AJ<62A?/ < 17F0/Q 9: 871?7 .6586 *:??33, 4=E?A<:<6<N=@7 56 46A7 :AMJ<6 7 81=43A5:E :1>653M6H33 03H=5M33 56 :?7P=?A<0=53= F658:<?83Q :9=16H3E;

2)91=816P6=A?/ 56D3?0=53= 91:H=5A:<, 6 A68K= 5=7?A:=8 (NA16;:<, 9=53) 3 35JQ ;3565?:<JQ (R8:5:@3D=?83Q) ?658H3E 9: :F/M6A=0O?A<6@ 81=43A5:E :1>653M6H33;

3)913:?A656<03<6=A?/ 3?9:05=53= 3?9:053A=0O5JQ 4:87@=5A:< 9: 3@7P=?A<=55J@ <MJ?8653/@, M6 3?802D=53=@ 3?9:05=53/ 3?9:053A=0O5JQ 4:87@=5A:<, <J4655JQ 56 :?5:<6533 ?74=F5JQ 1=N=53E : <MJ?86533 M64:0K=55:?A3 9: M616F:A5:E 906A=, <J906A= <:M56>16K4=53E 9: 6<A:1?83@ 4:>:<:16@, 603@=5A:<, 6 A68K= : <:M@=P=533 <1=46, 913D35=55:>: K3M53 3 M4:1:<O2, 3 @:160O5:>: <1=46, <?A793<N3Q < M68:5572 ?307 4: @:@=5A6 :AMJ<6 7 81=43A5:E :1>653M6H33 03H=5M33 56 :?7P=?A<0=53= F658:<?83Q :9=16H3E;

4)4: @:@=5A6 ?:M4653/ 038<346H3:55:E 8:@3??33 (038<346A:16) 303 56M56D=53/ 61F3A16K5J@ ?74:@ 8:5871?5:>: 7916<0/2P=>: M691=P6=A?/ M6802D=53= ?4=0:8 81=43A5:E :1>653M6H33 3 3?9:05=53= :F/M6A=0O?A< 9: ?4=086@ 81=43A5:E :1>653M6H33 (M6 3?802D=53=@ ?4=0:8, ?</M655JQ ? A=87P3@3 8:@@7560O5J@3 3 R8?9076A6H3:55J@3 906A=K6@3 81=43A5:E :1>653M6H33, 6 A68K= ? <J906A:E <JQ:45JQ 9:?:F3E 3 :906A:E A1746 03H, 16F:A62P3Q 9: A174:<:@7 4:>:<:17 (8:5A168A7), < 91=4=06Q ?@=AJ 16?Q:4:<, ?:->06?7=@:E ? .658:@ *:??33 03F: ? 79:05:@:D=55J@ 91=4?A6<3A=0=@ .6586 *:??33 < ?07D6= =>: 56M56D=53/.

C,0-"-"4 ,&K). /0'5"-*5"4 +04';

'6K5J@ 6?9=8A:@ ?F=1=>6A=0O5:>: 4=06 < 02F:E ?A165= /<0/=A?/ 916<:<:= 1=>7031:<653= F658:<?8:E A6E5J. ' 1/4= ?A165, 56913@=1 < %[$, FJ03 9135/AJ ?9=H360O5J= M68:5J, 7?A656<03<62P3= :?:FJE 9:1/4:8 ?:F024=53/ F658:<?8:E A6E5J 3 91=4:?A6<0=53/ 35;:1@6H33 : <80646Q ;3M3D=?83Q 03H.

':91:?J F658:<?8:E A6E5J 3 560:K=53/ 61=?A6 3 :F16P=53/ <MJ?8653/ 56 4=5=K5J= ?1=4?A<6 3 35J= H=55:?A3, 56Q:4/P3=?/ < 81=43A5:E :1>653M6H33 71=>7031:<65J ?A. 26 3 27 S68:56 : F6586Q 3 F658:<?8:E 4=/A=0O5:?A3. I68, < ?::A<=A?A<33 ?: ?A6AO=E 26 56M<655:>: S68:56 81=43A56/ :1>653M6H3/,

.658 *:??33 >6165A3172A A6E57 :F :9=16H3/Q, : ?D=A6Q 3 <80646Q ?<:3Q 803=5A:< 3 8:11=?9:54=5A:<. '?= ?07K6P3= 81=43A5:E :1>653M6H33 :F/M65J Q1653AO A6E57 :F :9=16H3/Q, ?D=A6Q 3 <80646Q == 803=5A:< 3 8:11=?9:54=5A:<, 6 A68K= :F 35JQ ?<=4=53/Q, 7?A656<03<6=@JQ 81=43A5:E :1>653M6H3=E, =?03 RA: 5= 91:A3<:1=D3A ;=4=160O5:@7 M68:57.

' A: K= <1=@/ S68:5 91=47?@6A13<6=A 1/4 ?07D6=< 3 817> 03H, 8:A:1J@ @:K=A FJAO 91=4:?A6<0=56 ?::A<=A?A<72P6/ 35;:1@6H3/. #6913@=1, ?916<83 9: :9=16H3/@ 3 ?D=A6@ 21343D=?83Q 03H 3 >16-

______<=&0& 17. 2%DE=)$"0&1)% I&1'"0?'"D" '$%#)B"0&1)A 347

K465, :?7P=?A<0/2P3Q 91=491353@6A=0O?872 4=/A=0O5:?AO F=M :F16M:<653/ 21343D=?8:>: 03H6, <J462A?/ 81=43A5:E :1>653M6H3=E:

3@ ?6@3@;

?746@ 3 61F3A16K5J@ ?746@ (?74O/@);

%D=A5:E 9606A= *:??3E?8:E !=4=16H33;