РАС 2024-2025

I

"1I85 ?>;>65=8O
*" $

"3;02;5=85

1. #>OA=8B5;L=0O 70?8A:0
8
7040G8
@50;870F88
040?B8@>20==>9
1.1 *5;L
>1I5>1@07>20B5;L=>9 ?@>3@0<1@07>20=8O >1CG0NI8EAO
A @0AAB@>9AB20<8 0CB8AB8G5A:>3> A?5:B@0 (20@80=B 8.4)
1.2. #@8=F8?K 8 ?>4E>4K : D>@<8@>20=8N 040?B8@>20==>9
>1I5>1@07>20B5;L=>9
?@>3@0<9
8=48284C0;L=>9 ?@>3@0<3@0<;>3>-?5403>38G5A:0O E0@0:B5@8AB8:0 >1CG0NI8EAO A
@0AAB@>9AB20<8 0CB8AB8G5A:>3> A?5:B@0 (PAC)
1.5. "A>1K5 >1@07>20B5;L=K5 ?>B@51=>AB8 >1CG0NI8EAO A PAC
2. #;0=8@C5A2>5=8O
?@>3@0<F5=:8 4>AB865=8O >1CG0NI8<8AO ?;0=8@C52 >A2>5=8O ?@>3@0<3@0<<0 D>@<8@>20=8O 107>2KE CG51=KE 459AB289 C
>1CG0NI8EAO A PAC (20@80=B 8.4.)
P01>G85 ?@>3@0<2
#@>3@0<<0 :>@@5:F8>==>9 @01>BK
P01>G85 ?@>3@0<@@5:F8>==KE :C@A>2
P01>G0O ?@>3@0<<0 2>A?8B0=8O
"$!*"!!/ $

'G51=K9 ?;0=
0;5=40@=K9 CG51=K9 3@0D8:
#;0= 2=5C@>G=>9 45OB5;L=>AB8
0;5=40@=K9 ?;0= 2>A?8B0B5;L=K9 @01>BK
C8AB5<0 CA;>289 @50;870F88 040?B8@>20==>9 ?@>3@0<2K5 CA;>28O
#A8E>;>3>-?5403>38G5A:85
CA;>28O
@50;870F88
040?B8@>20==>9 ?@>3@0<2K5 CA;>28O @50;870F88 040?B8@>20==>9 ?@>3@0<-B5E=8G5A:85 8 8=D>@<0F8>==>-<5B>48G5A:85
CA;>28O @50;870F88 040?B8@>20==>9 ?@>3@0<AB865=8O F5;52KE >@85=B8@>2 2 A8AB5<5
>=B@>;L 70 A>AB>O=85< A8AB5289
C5B52>9 3@0D8: (4>@>6=0O :0@B0) ?> D>@<8@>20=8N
=5>1E>48<>9 A8AB5289

2

3
5
5
5
6
8
10
11
15
24
26
26
37
67
72
76
77
77
82
83
88
89
90
92
93
94
99
10
101

"1I85 ?>;>65=8O
40?B8@>20==0O >1@07>20B5;L=0O ?@>3@0<<0 =0G0;L=>3> >1I53> >1@07>20=8O
>1CG0NI8EAO A @0AAB@>9AB20<8 0CB8AB8G5A:>3> A?5:B@0 A C<5@5==>9, BO65;>9, 3;C1>:>9
C9 >BAB0;>ABLN (8=B5;;5:BC0;L=K<8 =0@CH5=8O<8), TMHP (20@80=B 8.4.) (40;55 "# H"" PC) 2 < 1N465B=>< >1I5>1@07>20B5;L=>< CG@5645=88
->A=>2=0O >1I5>1@07>20B5;L=0O H:>;0 7 14 E.;L8=>2 (M"'-"", 714 E.;L8=>2)
@07@01>B0=0 2 A>>B25BAB288 A B@51>20=8O<8 (545@0;L=>3> 3>AC40@AB25==>3>
>1@07>20B5;L=>3> AB0=40@B0 =0G0;L=>3> >1I53> >1@07>20=8O >1CG0NI8EAO A
>3@0=8G5==K<8 2>7<>6=>ABO<8 74>@>2LO, >B 19 45:01@O 2014 3. 7 1598 8 =0 >A=>25 #@8:070
M8=8AB5@AB20 ?@>A25I5=8O P>AA89A:>9 (545@0F88 >B 24.11.2022 7 1023 «"1 CB25@645=88
D545@0;L=>9 040?B8@>20==>9 >1@07>20B5;L=>9 ?@>3@0<3> >1I53> >1@07>20=8O
4;O >1CG0NI8EAO A >3@0=8G5==K<8 2>7<>6=>ABO<8 74>@>2LO» (0@538AB@8@>20= 21.03.2023
772654), (40;55 - (""# H"" PC).
 A>>B25BAB288 A (""# '" 8 ("C >1@07>20=8O >1CG0NI8EAO A " M"'-"",
714 E.;L8=>2 A0<>AB>OB5;L=> @07@010BK205B 8 CB25@6405B "# H"" PC A C<5@5==>9,
BO65;>9, 3;C1>:>9 C9 >BAB0;>ABLN (8=B5;;5:BC0;L=K<8 =0@CH5=8O<8), TMHP
(20@80=B 8.4).
"# H"" 4;O >1CG0NI8EAO A PC (20@80=B 8.4.) 2 M"'-"", 714 E.;L8=>2
?@54=07=0G5=0 4;O A>?@>2>645=8O 45OB5;L=>AB8 >1@07>20B5;L=>9 >@30=870F88 ?> A>740=8N
?@>3@0<3> >1I53> >1@07>20=8O 8 >B@0605B 20@80=B :>=:@5B870F88 B@51>20=89
("C =0G0;L=>3> >1I53> >1@07>20=8O >1CG0NI8EAO A ", ?@54JO2;O52=N >1@07>20=8O.
C>45@60=85 "# H"" 4;O >1CG0NI8EAO A PC (20@80=B 8.4.) ?@54AB02;5=>
CG51=>-<5B>48G5A:>9 4>:C<5=B0F859 (CG51=K5 ?;0=K, :0;5=40@=K9 CG51=K9 3@0D8:,
@01>G85 ?@>3@0<2, :C@A>2, 48AF8?;8= (<>4C;59), 8=KE :>=5=B>2,
@01>G0O ?@>3@0<<0 2>A?8B0=8O, :0;5=40@=K9 ?;0= 2>A?8B0B5;L=>9 @01>BK), A>AB02;5==K5
=0 >A=>25 ("# H"" 4;O >1CG0NI8EAO A PC 8 >?@545;ONI59 548=K5 4;O P>AA89A:>9
(545@0F88 107>2K5 >1J5< 8 A>45@60=85 >1@07>20=8O >1CG0NI8EAO A PC, ?>;CG0NI8E
=0G0;L=>5 >1I55 >1@07>20=85, ?;0=8@C5A2>5=8O >1@07>20B5;L=>9
?@>3@0<< >A>15==>AB59 ?A8E>D878G5A:>3> @0728B8O 40==>9 3@C??K
>1CG0NI8EAO.
M"'-"", 714 E.;L8=>2, >ACI5AB2;ONI0O >1@07>20B5;L=CN 45OB5;L=>ABL ?>
040?B8@>20==K< ?@>3@0<<0< =0G0;L=>3> >1I53> >1@07>20=8O 8 @50;87CNI85 ""#,
@07@01>B0;0 "# H"" 4;O >1CG0NI8EAO A PC (20@80=B 8.4.) =0 >A=>25 ("C H""
>1CG0NI8EAO A " 8 ("# H"" >1CG0NI8EAO A PC. C>45@60=85 8 ?;0=8@C5B0==>9 M"'-"", 714 E.;L8=>2 "# H"" 4;O >1CG0NI8EAO A
PC (20@80=B 8.4.) 2 A>>B25BAB288 A A>45@60=85< 8 ?;0=8@C5>B25BAB2CNI8E @0745;0E ("# H"" 4;O >1CG0NI8EAO A PC 8 2
A>>B25BAB288 A B@51>20=8O<8 ("C >1@07>20=8O >1CG0NI8EAO A PC 8 ("C >1@07>20=8O
>1CG0NI8EAO A C9 >BAB0;>ABLN.
0==0O CG51=>-<5B>48G5A:0O 4>:C<5=B0F8O ?>72>;O5B M"'-"", 714 E.;L8=>2
@07@01>B0BL "# H"" 4;O >1CG0NI8EAO A PC A C<5@5==>9 C9 >BAB0;>ABLN
(8=B5;;5:BC0;L=K<8 =0@CH5=8O<8) (20@80=B 8.4).
0@80=B 8.4 "# H"" A>45@68B 48DD5@5=F8@>20==K5 B@51>20=8O : AB@C:BC@5,
@57C;LB0B0< >A2>5=8O 8 CA;>28O< 55 @50;870F88, >15A?5G820NI85 C4>2;5B2>@5=85 :0:
>1I8E, B0: 8 >A>1KE >1@07>20B5;L=KE ?>B@51=>AB59 @07=KE 3@C?? 8;8 >B45;L=KE
>1CG0NI8EAO A PC.
"# H"" 4;O >1CG0NI8EAO A PC (20@80=B 8.4), 8<5NI8E 8=20;84=>ABL, 4>?>;=O5BAO
#P 2 G0AB8 A>740=8O A?5F80;L=KE CA;>289 ?>;CG5=8O >1@07>20=8O.
"?@545;5=85 20@80=B0 "# H"" 4;O >1CG0NI8EAO A PC >ACI5AB2;O5BAO =0 >A=>25
3

@5:><5=40F89 # #, AD>@20==KE ?> @57C;LB0B0< 53> :>3>
?A8E>;>3>-?5403>38G5A:>3> >1A;54>20=8O, A CG5B>< #$.
"# H"" $C (20@80=B 8.4) 2 "'-"", 714 E.;L8=>2 A>AB02;5=0 2 A>>B25BAB288
8 =0 >A=>20=88 A;54CNI8E =>@<0B82=KE 4>:C<5=B>2:
>=AB8BCF8O $>AA89A:>9 (545@0F88;
(545@0;L=K9 70:>= «"1 >1@07>20=88 2 $>AA89A:>9 (545@0F88» 2 @540:F88 >B
29.12.2012 3. 7 273-(;
#@8:07
8=?@>A25I5=8O $>AA88 >B 24 =>O1@O 2022 3>40 7 1023 «"1
CB25@645=88 (545@0;L=>9 040?B8@>20==>9 >1@07>20B5;L=>9 ?@>3@0<3>
>1I53> >1@07>20=8O 4;O >1CG0NI8EAO A >3@0=8G5==K<8 2>7<>6=>ABO<8 74>@>2LO»
(70@538AB@8@>20=> 2 8=8AB5@AB25 NAB8F88 $(, @538AB@0F8>==K9 7 72654 >B 21.03.2023
3.);
#@8:07
8=8AB5@AB20 >1@07>20=8O 8 =0C:8 $>AA89A:>9
D545@0F88 >B 19 45:01@O 2014 3. 7 1598 «"1 CB25@645=88 D545@0;L=>3>
3>AC40@AB25==>3> >1@07>20B5;L=>3> AB0=40@B0 =0G0;L=>3> >1I53> >1@07>20=8O
>1CG0NI8EAO A >3@0=8G5==K<8 2>7<>6=>ABO<8 74>@>2LO»;
C# 2.4.3648-20 «C0=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», CB25@645==K5
?>AB0=>2;5=85< 3;02=>3> 3>AC40@AB25==>3> A0=8B0@=>3> 2@0G0 >B 28.09.2020 728;
C0=#8H 1.2.3685-21 «8385=8G5A:85 =>@<0B82K 8 B@51>20=8O : >15A?5G5=8N
157>?0A=>AB8 8 (8;8) 1572@54=>AB8 4;O G5;>25:0 D0:B>@>2 A@54K >18B0=8O», CB25@645==K5
?>AB0=>2;5=85< ;02=>3> 3>AC40@AB25==>3> A0=8B0@=>3> 2@0G0 $>AA88 >B 28.01.2021 72;
'AB02 "'-"", 714 E.;L8=>2;
>:0;L=K5 0:BK "'-"", 714 E.;L8=>2.

4

*5;52>9 @0745;

I.

#>OA=8B5;L=0O 70?8A:0
*5;L 8 7040G8 @50;870F88 "# !"" PC (20@80=B 8.4.)
"# H"" 4;O >1CG0NI8EAO A PC (20@80=B 8.4) 2 "'-"", 714 E.;L8=>2
A>AB02;5=0 2 A>>B25BAB288 A ("C >1@07>20=8O >1CG0NI8EAO A @0AAB@>9AB20<8
0CB8AB8G5A:>3> A?5:B@0 (40;55 - PC) 8 =0 >A=>25 (545@0;L=>9 040?B8@>20==>9
>1I5>1@07>20B5;L=>9 ?@>3@0<1CG0NI8EAO A PC 8
=0?@02;5=0 =0 @0728B85 C >1CG0NI8EAO A PC =5>1E>481I5AB25
7=0=89, ?@0:B8G5A:8E ?@54AB02;5=89, C<5=89 8 =02K:>2, ?>72>;ONI8E 4>AB8GL
<0:A8<0;L=> 2>7<>6=>9 A0<>AB>OB5;L=>AB8 8 =57028A8<>AB8 2 ?>2A54=52=>9 687=8.
"1@07>20=85 >1CG0NI8EAO A PC (20@80=B 8.4) A2O70=> A ?@0:B8G5A:8< >2;045=85<
4>ABC?=K<8 =02K:0<8 :><F80;L=>-1KB>2>9 >@85=B8@>2:8, C<5=85<
8A?>;L7>20BL AD>@<8@>20==K5 C<5=8O 8 =02K:8 2 ?>2A54=52=>9 687=8.
"?@545;5=85 40==>3> 20@80=B0 "# H"" 4;O >1CG0NI53>AO A PC >ACI5AB2;O5BAO =0
>A=>25 @5:><5=40F89 ?A8E>;>3>-<548:>-?5403>38G5A:>9 :><8AA88 (40;55 - # #),
AD>@20==KE ?> @57C;LB0B0< 8E :>3> >1A;54>20=8O, A CG5B>< #P.
*&9?P DB7D4@@O: >15A?5G5=85 2K?>;=5=8O B@51>20=89 ("C H"" >1CG0NI8EAO A
" ?>A@54AB2>< A>740=8O CA;>289 4;O <0:A8<0;L=>3> C4>2;5B2>@5=8O >A>1KE
>1@07>20B5;L=KE ?>B@51=>AB59 >1CG0NI8EAO A PC A C<5@5==>9, BO65;>9, 3;C1>:>9
C9 >BAB0;>ABLN (8=B5;;5:BC0;L=K<8 =0@CH5=8O<8), T HP.
"# H"" PC (20@80=B 8.4) >?@545;O5B A>45@60=85 8 >@30=870F8N >1@07>20B5;L=>9
45OB5;L=>AB8 8 ?@54?>;0305B @5H5=85 A;54CNI8E 7040G.
040G8 #@>3@0<@<8@>20=85 >1I59 :C;LBC@K, >15A?5G820NI59 @07=>AB>@>==55 @0728B85
;8G=>AB8
>1CG0NI8EAO
(=@02AB25==>-MAB5B8G5A:>5,
A>F80;L=>-;8G=>AB=>5,
8=B5;;5:BC0;L=>5, D878G5A:>5);
>E@0=K 8 C:@5?;5=8O D878G5A:>3> 8 ?A8E8G5A:>3> 74>@>2LO 45B59, 2 B>< G8A;5 8E
A>F80;L=>3> 8 M<>F8>=0;L=>3> 1;03>?>;CG8O;
D>@<8@>20=85 >A=>2 3@0640=A:>9 845=B8G=>AB8 8 <8@>2>77@5=8O >1CG0NI8EAO 2
A>>B25BAB288 A ?@8=OBK<8 2 A51I5AB25 4CE>2=>-=@02AB25==K<8 8
A>F8>:C;LBC@=K<8 F5==>ABO<8;
D>@<8@>20=85 >A=>2 CG51=>9 45OB5;L=>AB8 (C<5=85 ?@8=8<0BL, A>E@0=OBL F5;8 8
A;54>20BL 8< 2 ?@>F5AA5 @5H5=8O CG51=KE 7040G, ?;0=8@>20BL A2>N 45OB5;L=>ABL,
:>=B@>;8@>20BL 55 ?@>F5AA, 4>2>48BL 53> 4> :>=F0, 045:20B=> >F5=820BL @57C;LB0BK,
2708<>459AB2>20BL A ?5403>30<8 8 A25@AB=8:0<8)A>740=85 A?5F80;L=KE CA;>289 4;O
?>;CG5=8O >1@07>20=8O 2 A>>B25BAB288 A 2>7@0AB=K<8 8 8=48284C0;L=K<8 >A>15==>ABO<8
8 A:;>==>ABO<8, @0728B85 A?>A>1=>AB59 8 B2>@G5A:>3> ?>B5=F80;0 :064>3> >1CG0NI53>AO
:0: AC1J5:B0 >B=>H5=89 2 AD5@5 >1@07>20=8O;
>15A?5G5=85 20@80B82=>AB8 8 @07=>>1@078O A>45@60=8O ""# PC 8
>@30=870F8>==KE D>@< ?>;CG5=8O >1@07>20=8O >1CG0NI8<8AO A PC A CG5B>< 8E
>1@07>20B5;L=KE ?>B@51=>AB59, A?>A>1=>AB59 8 A>AB>O=8O 74>@>2LO, B8?>;>38G5A:8E 8
8=48284C0;L=KE >A>15==>AB59;
D>@<8@>20=85 A>F8>:C;LBC@=>9 8 >1@07>20B5;L=>9 A@54K A CG5B>< >1I8E
A?5F8D8G5A:8E >1@07>20B5;L=KE ?>B@51=>AB59, >1CG0NI8EAO A PC.
C< >1@07>20=8O B0:>3> >1CG0NI53>AO O2;O5BAO 8=48284C0;L=>5 ?>MB0?=>5 8
?;0=><5@=>5 @0AH8@5=85 687=5==>3> >?KB0 8 ?>2A54=52=KE A>F80;L=KE :>=B0:B>2 2
4>ABC?=KE 4;O :064>3> >1CG0NI53>AO A PC A 2K@065==>9 C9 >BAB0;>ABLN
?@545;0E. T@51C5BAO A?5F80;L=0O @01>B0 ?> 22545=8N >1CG0NI53>AO 2 1>;55 A;>6=CN
?@54<5B=CN 8 A>F80;L=CN A@54C, GB> ?@54?>;0305B ?;0=><5@=CN, 4>78@>20==CN, 70@0=55
?@>3@0<<8@C52 2 4>ABC?=KE >1CG0NI51CG0NI8EAO 40==>9 3@C??K ?>:070=

1.
1.1.

5

8=48284C0;L=K9 C@>25=L 8B>3>2>3> @57C;LB0B0 >1I53> >1@07>20=8O. ;03>40@O MB>1@07>20=8O 2A5 >1CG0NI85AO A PAC A C<5@5==>9, BO65;>9 8;8 3;C1>:>9
C9 >BAB0;>ABLN 8 4@C38<8 BO65;K<8 =0@CH5=8O<8 @0728B8O, 2=5 7028A8<>AB8 >B
BO65AB8 A>AB>O=8O, <>3CB 2?8A0BLAO 2 >1@07>20B5;L=>5 ?@>AB@0=AB2>, 345 ?@8=F8?K
>@30=870F88 ?@54<5B=>-@072820NI59 A@54K, >1>@C4>20=85 8 B5E=8G5A:85 A@54AB20,
?@>3@0<<0 >1CG5=8O, A>45@60=85 8 <5B>4K @01>BK >?@545;ONBAO 8=48284C0;L=K<8
2>7<>6=>ABO<8 8 >A>1K<8 >1@07>20B5;L=K<8 ?>B@51=>ABO<8 >1CG0NI8EAO.
"A>1K5 >1@07>20B5;L=K5 ?>B@51=>AB8 >1CG0NI8EAO A PAC A C<5@5==>9, BO65;>9 8
3;C1>:>9 C9 >BAB0;>ABLN (8=B5;;5:BC0;L=K<8 =0@CH5=8O<8), BO65;K<8
<=>65AB25==K<8 =0@CH5=8O<8 @0728B8O >1CA;>2;820NB =5>1E>48<>ABL @07@01>B:8
A?5F80;L=>9 8=48284C0;L=>9 ?@>3@0<A=>25 A"# H"" (20@80=B 8.4) 8 =0F5;5=0 =0 >1@07>20=85
>1CG0NI8EAO A PAC A CG5B>< 8E C@>2=O ?A8E>D878G5A:>3> @0728B8O 8 8=48284C0;L=KE
>1@07>20B5;L=KE ?>B@51=>AB59.
*5;LN @50;870F88 %#$ O2;O5BAO 2:;NG5=85 >1CG0NI8EAO A PAC, >1CG0NI8EAO ?>
20@80=BC 8.4, 2 687=L >1I5AB20 G5@57 8=48284C0;L=>5 ?>MB0?=>5 8 ?;0=><5@=>5
@0AH8@5=85 687=5==>3> >?KB0 8 ?>2A54=52=KE A>F80;L=KE :>=B0:B>2, 4>AB865=85
>1CG0NI8<8AO A0<>AB>OB5;L=>AB8 2 4>ABC?=KE 4;O =8E ?@545;0E 2 @5H5=88 ?>2A54=52=KE
687=5==KE 7040G.
B>3>2K5 4>AB865=8O >1CG0NI8EAO A PAC A C<5@5==>9, BO65;>9 8 3;C1>:>9 C9
>BAB0;>ABLN (8=B5;;5:BC0;L=K<8 =0@CH5=8O<8), TMHP (20@80=B 8.4) ?@8=F8?80;L=>
>B;8G0NBAO >B B@51>20=89 : 8B>3>2K< 4>AB865=8O< >1CG0NI8EAO A PAC 157
4>?>;=8B5;L=KE =0@CH5=89. "=8 >?@545;ONBAO 8=48284C0;L=K<8 2>7<>6=>ABO<8
>1CG0NI53>AO 8 B5<, GB> 53> >1@07>20=85 =0?@02;5=> =0 <0:A8<0;L=>5 @0728B85 687=5==>9
:>1@07>20B5;L=KE
>1;0ABOE @53;0<5=B8@C5BAO @0<:0<8 ?>;57=KE 8 =5>1E>482 4;O
@5H5=8O 7040G ?>2A54=52=>9 687=8. H0:>?;5=85 4>ABC?=KE =02K:>2 :><>1A;C6820=8O, 1KB>2>9 8 4>ABC?=>9 B@C4>2>9 45OB5;L=>AB8, 0 B0:65 ?5@5=>A
AD>@<8@>20==KE ?@54AB02;5=89 8 C<5=89 2 A>1AB25==CN 45OB5;L=>ABL (:>=5=B
"687=5==0O :>B>28B >1CG0NI53>AO A PAC (20@80=B 8.4) : 8A?>;L7>20=8N,
?@8>1@5B5==KE 2 ?@>F5AA5 >1@07>20=8O, A?>A>1=>AB59 4;O 0:B82=>9 687=8 2 A51I5AB25.
"1I8< @57C;LB0B>< >1@07>20=8O B0:>3> >1CG0NI53>AO <>65B AB0BL =01>@ :>72>;ONI8E <0:A8<0;L=> A0<>AB>OB5;L=> (A>@07<5@=> ?A8E8G5A:8< 8 D878G5A:8<
2>7<>6=>ABO<) @5H0BL 7040G8, >15A?5G820NI85 =>@<0;870F8N 53> 687=8.

1.2.

#@8=F8?K 8 ?>4E>4K : D>@<8@>20=8N "# !""
4;O >1CG0NI8EAO A $% (20@80=B 8.4) 8 %#$

"1CG0NI89AO A PAC, 8<5NI89 C<5@5==CN, BO65;CN 8 3;C1>:CN CBAB0;>ABL (8=B5;;5:BC0;L=K5 =0@CH5=8O), TMHP, ?>;CG05B >1@07>20=85 ?> A"# (20@80=B
8.4), =0 >A=>25 :>B>@>9 >1@07>20B5;L=0O >@30=870F8O @07@010BK205B C#P, CG8BK20NICN
53> >1I85 8 A?5F8D8G5A:85 >1@07>20B5;L=K5 ?>B@51=>AB8.
C#P A>AB02;O5BAO =0 >3@0=8G5==K9 ?5@8>4 2@5<5=8 (?>;3>40, >48= 3>4), :>B>@K9
>?@545;O5BAO @5H5=85< #M#: >1@07>20B5;L=>3> CG@5645=8O.  55 @07@01>B:5 ?@8=8<0NB
CG0AB85 2A5 A?5F80;8ABK, @01>B0NI85 A >1CG0NI81@07>20B5;L=>9 >@30=870F88, ?@8
CG0AB88 53> @>48B5;59 (70:>==KE ?@54AB028B5;59).
 >A=>2C @07@01>B:8 A"# H"" PAC (20@80=B 8.4.) 70;>65=K 48DD5@5=F8@>20==K9 8
45OB5;L=>AB=K9 ?>4E>4K.
8DD5@5=F8@>20==K9 ?>4E>4 : ?>AB@>5=8N A"# H"" PAC ?@54?>;0305B CG5B 8E
>A>1KE >1@07>20B5;L=KE ?>B@51=>AB59, :>B>@K5 ?@>O2;ONBAO 2 =5>4=>@>4=>AB8
2>7<>6=>AB59 >A2>5=8O A>45@60=8O >1@07>20=8O. #@8<5=5=85 48DD5@5=F8@>20==>3>
?>4E>40 : A>740=8N >1@07>20B5;L=KE ?@>3@0<< >15A?5G8205B 20@80B82=>ABL A>45@60=8O
6

>1@07>20=8O, ?@54>AB02;OO >1CG0NI87<>6=>ABL @50;87>20BL 8=48284C0;L=K9
?>B5=F80; @0728B8O.
5OB5;L=>AB=K9 ?>4E>4 >A=>2K205BAO =0 B5>@5B8G5A:8E ?>;>65=8OE >B5G5AB25==>9
?A8E>;>38G5A:>9 =0C:8, @0A:@K20NI8E >A=>2=K5 70:>=><5@=>AB8 8 AB@C:BC@C >1@07>20=8O
A CG5B>< A?5F8D8:8 @0728B8O ;8G=>AB8 >1CG0NI53>AO A PAC. 5OB5;L=>AB=K9 ?>4E>4 2
>1@07>20=88 AB@>8BAO =0 ?@87=0=88 B>3>, GB> @0728B85 ;8G=>AB8 >1CG0NI8EAO A PAC
H:>;L=>3> 2>7@0AB0 >?@545;O5BAO E0@0:B5@>< >@30=870F88 4>ABC?=>9 8< 45OB5;L=>AB8
(?@54<5B=>-?@0:B8G5A:>9 8 CG51=>9).
"A=>2=K< A@54AB2>< @50;870F88 45OB5;L=>AB=>3> ?>4E>40 2 >1@07>20=88 O2;O5BAO
>1CG5=85 :0: ?@>F5AA >@30=870F88 ?>7=020B5;L=>9 8 ?@54<5B=>-?@0:B8G5A:>9
45OB5;L=>AB8 >1CG0NI8EAO, >15A?5G820NI89 >2;045=85 8<8 A>45@60=85< >1@07>20=8O.
 :>=B5:AB5 @07@01>B:8 A"# H"" PAC (20@80=B 8.4.) @50;870F8O 45OB5;L=>AB=>3>
?>4E>40 >15A?5G8205B:
?@840=85 @57C;LB0B0< >1@07>20=8O A>F80;L=> 8 ;8G=>AB=> 7=0G8<>3> E0@0:B5@0;
?@>G=>5 CA2>5=85 >1CG0NI8<8AO 7=0=89 8 >?KB0 @07=>>1@07=>9 45OB5;L=>AB8 8
?>2545=8O, 2>7<>6=>ABL 8E A0<>AB>OB5;L=>3> ?@>42865=8O 2 87CG051@07>20B5;L=KE
>1;0ABOE;
ACI5AB25==>5 ?>2KH5=85 <>B820F88 8 8=B5@5A0 : CG5=8N, ?@8>1@5B5=8N
=>2>3> >?KB0 45OB5;L=>AB8 8 ?>2545=8O;
>15A?5G5=85 CA;>289 4;O >1I5:C;LBC@=>3> 8 ;8G=>AB=>3> @0728B8O =0 >A=>25
D>@<8@>20=8O C=825@A0;L=KE (107>2KE) CG51=KE 459AB289, :>B>@K5 >15A?5G820NB =5
B>;L:> CA?5H=>5 CA2>5=85 =5:>B>@KE M;5<5=B>2 A8AB52 (0:045<8G5A:8E @57C;LB0B>2), => 8, ?@5645 2A53>, 687=5==>9 :>AB02;ONI59 >A=>2C A>F80;L=>9 CA?5H=>AB8.
 >A=>2C D>@<8@>20=8O A"# H"" PAC (20@80=B 8.4.) ?>;>65=K A;54CNI85
?@8=F8?K:
?@8=F8?K 3>AC40@AB25==>9 ?>;8B8:8 P( 2 >1;0AB8 >1@07>20=8O
(3C<0=8AB8G5A:89 E0@0:B5@ >1@07>20=8O, 548=AB2> >1@07>20B5;L=>3> ?@>AB@0=AB20 =0
B5@@8B>@88 P>AA89A:>9 (545@0F88, A25BA:89 E0@0:B5@ >1@07>20=8O, >1I54>ABC?=>ABL
>1@07>20=8O, 040?B82=>ABL A8AB51@07>20=8O : C@>2=O< 8 >A>15==>ABO< @0728B8O 8
?>43>B>2:8 >1CG0NI8EAO 8 2>A?8B0==8:>2 8 4@.);
?@8=F8? CG5B0 B8?>;>38G5A:8E 8 8=48284C0;L=KE >1@07>20B5;L=KE
?>B@51=>AB59 >1CG0NI8EAO;
?@8=F8? :>@@5:F8>==>9 =0?@02;5==>AB8 >1@07>20B5;L=>3> ?@>F5AA0;
?@8=F8?
@072820NI59
=0?@02;5==>AB8
>1@07>20B5;L=>3>
?@>F5AA0,
>@85=B8@CNI89 53> =0 @0728B85 ;8G=>AB8 >1CG0NI53>AO 8 @0AH8@5=85 53> «7>=K
1;8609H53> @0728B8O» A CG5B>< >A>1KE >1@07>20B5;L=KE ?>B@51=>AB59;
>=B>35=5B8G5A:89 ?@8=F8?;
?@8=F8? ?@55AB8, ?@54?>;030NI89 2708<>A2O7L 8 =5?@5@K2=>ABL
>1@07>20=8O >1CG0NI8EAO A PAC =0 2A5E ABC?5=OE >1@07>20=8O;
?@8=F8? F5;>AB=>AB8 A>45@60=8O >1@07>20=8O, ?@54?>;030NI89 ?5@5=>A
CA2>5==KE 7=0=89, C<5=89, =02K:>2 8 >B=>H5=89, AD>@<8@>20==KE 2 CA;>28OE CG51=>9
A8BC0F88, 2 @07;8G=K5 687=5==K5 A8BC0F88, GB> >15A?5G8B 3>B>2=>ABL >1CG0NI53>AO :
A0<>AB>OB5;L=>9 >@85=B8@>2:5 8 0:B82=>9 45OB5;L=>AB8 2 @50;L=>< <8@5;
?@8=F8? =0?@02;5==>AB8 =0 D>@<8@>20=85 45OB5;L=>AB8, >15A?5G820NI89
2>7<>6=>ABL >2;045=8O >1CG0NI8<8AO A PAC 2A5<8 2840<8 4>ABC?=>9 8<
?@54<5B=>-?@0:B8G5A:>9 45OB5;L=>AB8, A?>A>10<8 8 ?@85<0<8 ?>7=020B5;L=>9 8 CG51=>9
45OB5;L=>AB8, :><9 45OB5;L=>AB8 8 =>@<0B82=K< ?>2545=85<; - ?@8=F8?
A>B@C4=8G5AB20 A A54E>4K : ?>AB@>5=8N A"# =0G0;L=>3> >1I53> >1@07>20=8O 4;O
7

>1CG0NI8EAO A PAC A C<5@5==>9, BO65;>9 8 3;C1>:>9 C9 >BAB0;>ABLN
(8=B5;;5:BC0;L=K<8 =0@CH5=8O<8), BO65;K<8 <=>65AB25==K<8 =0@CH5=8O<8 @0728B8O
(20@80=B 8.4) ?@54?>;030NB CG5B 8E >A>1KE >1@07>20B5;L=KE ?>B@51=>AB59, :>B>@K5
?@>O2;ONBAO 2 1>;LH>< @07=>>1@0788 2>7<>6=>AB59 >A2>5=8O A>45@60=8O >1@07>20=8O.
P07@01>B:0 C#P 1078@C5BAO =0 A;54CNI8E ?>;>65=8OE:
CG5B B8?>;>38G5A:8E 8 8=48284C0;L=KE >A>15==>AB59 @0728B8O >1CG0NI8EAO,
>A>1KE >1@07>20B5;L=KE ?>B@51=>AB59;
>15A?5G5=85 >1@07>20=8O 2=5 7028A8<>AB8 >B BO65AB8 =0@CH5=89 @0728B8O, 2840
>1@07>20B5;L=>3> CG@5645=8O; A>740=85 >1@07>20B5;L=>9 A@54K 2 A>>B25BAB288 A
2>7<>6=>ABO<8 8 ?>B@51=>ABO<8 >1CG0NI8EAO;
22545=85 2 A>45@60=85 >1CG5=8O A?5F80;L=KE @0745;>2, =5 ?@8ACBAB2CNI8E 2
A"# 4;O >1CG0NI8EAO A PAC (20@80=B 8.4);
=5>1E>48<>ABL 8A?>;L7>20=8O A?5F80;L=KE <5B>4>2, ?@85<>2 8 A@54AB2
>1CG5=8O, >15A?5G820NI8E @50;870F8N ">1E>4=KE ?CB59" >1CG5=8O;
045:20B=>ABL ?@>3@0<7<>6=>ABO< >1CG0NI8EAO A PAC A C<5@5==>9,
BO65;>9 8 3;C1>:>9 C9 >BAB0;>ABLN (8=B5;;5:BC0;L=K<8 =0@CH5=8O<8),
BO65;K<8 <=>65AB25==K<8 =0@CH5=8O<8 @0728B8O 8 C9 >BAB0;>ABLN, 55
A>>B25BAB285 70?@>A0< A5<5=40F8O< A?5F80;8AB>2;
8=>5 A>>B=>H5=85 "0:045<8G5A:>3>" 8 :>=5=B0 "687=5==>9 :>1CG0NI8EAO A PAC ?> 20@80=BC 8.4 ?> A@02=5=8N A 20@80=B>< 8.3;
=0?@02;5==>ABL ?@>F5AA0 >1CG5=8O =0 D>@<8@>20=85 ?@0:B8G5A:8E C<5=89 8
=02K:>2, A?>A>1AB2CNI8E =>@<0;870F88 8 C;CGH5=8N 5654=52=>9 687=8 >1CG0NI53>AO;
CG5B ?>B5=F80;L=KE 2>7<>6=>AB59, >1CG0NI8EAO 8 "7>=K 1;8609H53> @0728B8O";
8A?>;L7>20=85 A5B52KE D>@< 2708<>459AB28O A?5F80;8AB>2 >1I53> 8
A?5F80;L=>3> >1@07>20=8O;
2:;NG5=85
@>48B5;59
(70:>==KE
?@54AB028B5;59)
:0:
CG0AB=8:>2
>1@07>20B5;L=>3> ?@>F5AA0.
P07@01>B:0 C#P @0AA<0B@8205BAO :0: =5>1E>48<>5 CA;>285 ?>;CG5=8O >1@07>20=8O
>1CG0NI8<8AO A PAC 8 4@C38<8 BO65;K<8 =0@CH5=8O<8 @0728B8O.
0@80=B 8.4. ?@54?>;0305B ?;0=><5@=>5 22545=85 >1CG0NI53>AO 2 1>;55 A;>6=CN
A>F80;L=CN A@54C, 4>78@>20==>5 @0AH8@5=85 ?>2A54=52=>3> 687=5==>3> >?KB0 8
A>F80;L=KE :>=B0:B>2 >1CG0NI53>AO 2 4>ABC?=KE 4;O =53> ?@545;0E, 2 B>< G8A;5 @01>BC ?>
>@30=870F88 @53C;O@=KE :>=B0:B>2 >1CG0NI8EAO A PAC A> A25@AB=8:0<8 8 27@>A;K<8.
"1O70B5;L=>9 O2;O5BAO A?5F80;L=0O >@30=870F8O A@54K 4;O @50;870F88 >A>1KE
>1@07>20B5;L=KE ?>B@51=>AB59 >1CG0NI53>AO, @0728B85 53> 687=5==>9 :>F80;L=KE AD5@0E (>1@07>20B5;L=>9, A5<59=>9, 4>AC3>2>9, B@C4>2>9 8 4@C38E).
C?5F80;L=K5 CA;>28O >1CG5=8O 8 2>A?8B0=8O 2:;NG0NB 8A?>;L7>20=85, A CG5B><
<548F8=A:8E ?>:070=89, 0??0@0BC@K @07=KE B8?>2 :>;;5:B82=>3> 8 8=48284C0;L=>3>
?>;L7>20=8O, ?@8 =5>1E>48<>AB8 4>?>;=8B5;L=KE 0AA8AB82=KE A@54AB2 8 A@54AB2
0;LB5@=0B82=>9 8 4>?>;=8B5;L=>9 :><1CG0NI8EAO A PC
(20@80=B 8.4)

A"# H"" PAC - MB> >1@07>20B5;L=0O ?@>3@0<<0, 040?B8@>20==0O 4;O >1CG5=8O MB>9
:0B53>@88 >1CG0NI8EAO A CG5B>< >A>15==>AB59 8E ?A8E>D878G5A:>3> @0728B8O,
8=48284C0;L=KE 2>7<>6=>AB59, >15A?5G820NI0O :>@@5:F8N =0@CH5=89 @0728B8O 8
A>F80;L=CN 040?B0F8N.
A"# H"" PAC (20@80=B 8.4.) A0<>AB>OB5;L=> @07@010BK205BAO 8 CB25@6405BAO
"'-"", 714 E.;L8=>2 2 A>>B25BAB288 A ("C H"" 4;O >1CG0NI8EAO A
@0AAB@>9AB20<8 0CB8AB8G5A:>3> A?5:B@0 8 (A""#.
8

"# H"" PC (20@80=B 8.4.) >?@545;O5B A>45@60=85 >1@07>20=8O, >6840528O 55 @50;870F88.
"# H"" PC (20@80=B 8.4.) A>AB>8B 87 42CE G0AB59:
>1O70B5;L=>9 G0AB8;
G0AB8, D>@<8@C5<>9 CG0AB=8:0<8 >1@07>20B5;L=KE >B=>H5=89.
C>>B=>H5=85 G0AB59 8 8E >1J5< >?@545;O5BAO ("C H"" 45B59 A PC
8 (""#.
"?@545;5=85 20@80=B0 "# H"" PC >ACI5AB2;O5BAO =0 >A=>25 @5:><5=40F89 # #,
AD>@20==KE ?> @57C;LB0B0< 53> :>3> >1A;54>20=8O, 2 ?>@O4:5,
CAB0=>2;5==>< 70:>=>40B5;LAB2>< P>AA89A:>9 (545@0F88. "# A>7405BAO =0 >A=>25
CB0=40@B0 8 (""# 8 ?@8 =5>1E>48<>AB8 8=48284C0;878@C5BAO.  "# A CG5B><
>1@07>20B5;L=KE ?>B@51=>AB59 3@C?? 8;8 >B45;L=KE >1CG0NI8EAO <>65B 1KBL A>740=>
=5A:>;L:> CG51=KE ?;0=>2, 2 B>< G8A;5 8=48284C0;L=K5 CG51=K5 ?;0=K. ;O >15A?5G5=8O
>A2>5=8O >1CG0NI8<8AO A PC "# <>65B 1KBL @50;87>20=0 A5B520O D>@<0
2708<>459AB28O A 8A?>;L7>20=85< @5AC@A>2 :0: >1@07>20B5;L=KE, B0: 8 8=KE >@30=870F89.
"1O70B5;L=>9 O2;O5BAO A8AB5<0B8G5A:0O A?5F80;L=0O 8 ?A8E>;>3>-?5403>38G5A:0O
?>445@6:0 :>;;5:B820 ?5403>38G5A:8E @01>B=8:>2, @>48B5;59 (70:>==KE ?@54AB028B5;59),
>1CG0NI8EAO :;0AA0 8 A0<>3> >1CG0NI53>AO. "A=>2=K<8 =0?@02;5=8O<8 2 A?5F80;L=>9
?>445@6:5 O2;ONBAO: C4>2;5B2>@5=85 >A>1KE >1@07>20B5;L=KE ?>B@51=>AB59 >1CG0NI8EAO
A PC; :>@@5:F8>==0O ?><>IL 2 >2;045=88 107>2K< A>45@60=85< >1CG5=8O;
M<>F8>=0;L=>-;8G=>AB=>5 @0728B85, @0728B85 :><9 AD5@K, 7@8B5;L=>3> 8
A;CE>2>3> 2>A?@8OB8O, @5G8; @0728B85 A>7=0B5;L=>3> 8A?>;L7>20=8O @5G52KE 2>7<>6=>AB59
2 @07=KE CA;>28OE >1I5=8O 4;O @50;870F88 ?>;=>F5==KE A>F80;L=KE A2O759 A
>:@C60NI8<8 ;N4L<8.
#A8E>;>3>-?5403>38G5A:0O ?>445@6:0 ?@54?>;0305B: ?><>IL 2 D>@<8@>20=88 8
@0728B88 045:20B=KE >B=>H5=89 <564C >1CG0NI838G5A:8<8 @01>B=8:0<8,
>4=>:;0AA=8:0<8 8 4@C38<8 >1CG0NI8<8AO, @>48B5;O<8 (70:>==K<8 ?@54AB028B5;O<8);
@01>BC ?> ?@>D8;0:B8:5 2=CB@8;8G=>AB=KE 8 <56;8G=>AB=KE :>=D;8:B>2 2 :;0AA5, H:>;5,
?>445@60=8N M<>F8>=0;L=> :>@B=>9 >1AB0=>2:8; A>740=85 CA;>289 CA?5H=>3>
>2;045=8O CG51=>9 45OB5;L=>ABLN A F5;LN ?@>D8;0:B8:8 =530B82=>3> >B=>H5=8O
>1CG0NI53>AO : A8BC0F88 H:>;L=>3> >1CG5=8O 2 F5;><; @0728B85 AB@5<;5=8O :
A0<>AB>OB5;L=>AB8 8 =57028A8<>AB8 >B >:@C60NI8E (2 CG51=KE 8 1KB>2KE A8BC0F8OE), :
?@>O2;5=8N A>F80;L=>9 0:B82=>AB8; @0728B85 045:20B=>3> 8A?>;L7>20=8O @5G52KE 8
=5@5G52KE A@54AB2 >1I5=8O.
0@80=B 8.4 ?@54?>;0305B, GB> >1CG0NI89AO A PC, >A;>6=5==K<8 C9
>BAB0;>ABLN (C<5@5==>9, BO65;>9, 3;C1>:>9, BO65;K<8 8 <=>65AB25==K<8 =0@CH5=8O<8
@0728B8O) ?>;CG05B >1@07>20=85, :>B>@>5 ?> A>45@60=8N 8 8B>3>2K< 4>AB865=8O< =5
A>>B=>A8BAO : <><5=BC 7025@H5=8O H:>;L=>3> >1CG5=8O A A>45@60=85< 8 8B>3>2K<8
4>AB865=8O<8 A25@AB=8:>2, =5 8<5NI8E 4>?>;=8B5;L=KE >3@0=8G5=89 ?> 2>7<>6=>ABO<
74>@>2LO, 2 ?@>;>=38@>20==K5 A@>:8.
0==K9 20@80=B ?@54?>;0305B ?@>;>=38@>20==K5 A@>:8 >1CG5=8O: 6 ;5B (420 ?5@2K5
?>43>B>28B5;L=K5, 1-4 :;0AAK).  A2O78 A >A>1K<8 >1@07>20B5;L=K<8 ?>B@51=>ABO<8
>1CG0NI8EAO A PC 8 8A?KBK205ABO<8 A>F80;L=>3> 2708<>459AB28O,
40==K9 20@80=B "# ?@54?>;0305B ?>AB5?5==>5 2:;NG5=85 45B59 2 >1@07>20B5;L=K9
?@>F5AA 70 AG5B >@30=870F88 ?@>?5452B8G5A:>3> >1CG5=8O 2 42CE ?5@2KE 4>?>;=8B5;L=KE
:;0AA0E 8 C25;8G5=8O >1I53> A@>:0 >1CG5=8O 2 CA;>28OE =0G0;L=>9 H:>;K 4> 6 ;5B.
H0 >A=>25 40==>3> 20@80=B0 'G@5645=85 @07@010BK205B A?5F80;L=CN 8=48284C0;L=CN
?@>3@0<1@07>20B5;L=K5
?>B@51=>AB8 >1CG0NI53>AO. 0==K9 20@80=B ?@54?>;0305B ?;0=><5@=>5 22545=85
>1CG0NI53>AO 2 1>;55 A;>6=CN A>F80;L=CN A@54C, 4>78@>20==>5 @0AH8@5=85
?>2A54=52=>3> 687=5==>3> >?KB0 8 A>F80;L=KE :>=B0:B>2 >1CG0NI53>AO 2 4>ABC?=KE 4;O
=53> ?@545;0E, 2 B>< G8A;5 @01>BC ?> >@30=870F88 @53C;O@=KE :>=B0:B>2 45B59 A>
9

A25@AB=8:0<8 8 27@>A;K<8.
"1O70B5;L=>9 O2;O5BAO A?5F80;L=0O >@30=870F8O A@54K 4;O @50;870F88 >A>1KE
>1@07>20B5;L=KE ?>B@51=>AB59 >1CG0NI53>AO, @0728B85 53> 687=5==>9 :>F80;L=KE AD5@0E (>1@07>20B5;L=>9, A5<59=>9, 4>AC3>2>9, B@C4>2>9 8 4@C38E).

1.4.

#A8E>;>3>-?5403>38G5A:0O E0@0:B5@8AB8:0
>1CG0NI8EAO A PC

PAC O2;ONBAO 4>AB0B>G=> @0A?@>AB@0=5==>9 ?@>1;5<>9 45BA:>3> 2>7@0AB0 8
E0@0:B5@87CNBAO =0@CH5=85< @0728B8O :><F80;L=KE =02K:>2. "1I8<8
O2;ONBAO 0DD5:B82=K5 ?@>1;5AB8 @0728B8O 0:B82=KE 2708<>>B=>H5=89 A
48=0<8G=> <5=ONI59AO A@54>9, CAB0=>2:0 =0 A>E@0=5=85 ?>AB>O=AB20 2 >:@C60NI5< 8
AB5@5>B8?=>ABL ?>2545=8O 45B59. PAC A2O70=K A >A>1K< A8AB5<=K< =0@CH5=85<
?A8E8G5A:>3> @0728B8O @515=:0, ?@>O2;ONI82;5=88 53> 0DD5:B82=>-2>;52>9
AD5@K, 2 :>3=8B82=>< ;8G=>AB=>< @0728B88.
#@>8AE>645=85 PAC =0:;04K205B >B?5G0B>: =0 E0@0:B5@ 8 48=0<8:C =0@CH5=8O
?A8E8G5A:>3> @0728B8O @515=:0, >?@545;O5B A>?CBAB2CNI85 B@C4=>AB8, 2;8O5B =0 ?@>3=>7
A>F80;L=>3> @0728B8O. <5AB5 A B5<, 2=5 7028A8<>AB8 >B MB8>;>388 AB5?5=L =0@CH5=8O
(8A:065=8O) ?A8E8G5A:>3> @0728B8O ?@8 0CB87<5 <>65B A8;L=> @07;8G0BLAO. #@8 MB>< C
<=>38E 45B59 4803=>AB8@C5BAO ;53:0O 8;8 C<5@5==0O CBAB0;>ABL.
 A>>B25BAB288 A BO65ABLN 0CB8AB8G5A:8E ?@>1;5< 8 AB5?5=LN =0@CH5=8O (8A:065=8O)
?A8E8G5A:>3> @0728B8O 2K45;O5BAO G5BK@5 3@C??K 45B59, @07;8G0NI8EAO F5;>AB=K<8
A8AB5<=K<8 E0@0:B5@8AB8:0<8 ?>2545=8O: E0@0:B5@>< 8718@0B5;L=>AB8 2> 2708<>459AB288
A >:@C60NI8<, 2>7<>6=>ABO<8 ?@>872>;L=>9 >@30=870F88 ?>2545=8O 8 45OB5;L=>AB8,
2>7<>6=K<8 D>@<0<8 A>F80;L=KE :>=B0:B>2, A?>A>10<8 0CB>AB82=5<
?A8E>@5G52>3> @0728B8O.
> <=>38E A;CG0OE C >1CG0NI8EAO A PAC 4803=>AB8@C5BAO ;53:0O 8;8 C<5@5==0O
CBAB0;>ABL, 2<5AB5 A B5<, @0AAB@>9AB20 0CB8AB8G5A:>3> A?5:B@0 >1=0@C6820NBAO
8 C >1CG0NI8EAO, GL5 8=B5;;5:BC0;L=>5 @0728B85 >F5=8205BAO :0: =>@<0;L=>5 8 4065
2KA>:>5.
!5@54:8 A;CG08, :>340 >1CG0NI85AO A 2K@065==K< 0CB87<>< ?@>O2;ONB 8718@0B5;L=CN
>40@ë==>ABL.  A>>B25BAB288 A BO65ABLN 0CB8AB8G5A:8E ?@>1;5< 8 AB5?5=LN =0@CH5=8O
(8A:065=8O) ?A8E8G5A:>3> @0728B8O 2K45;O5BAO G5BK@5 20@80=B0 0CB8AB8G5A:>3> @0728B8O,
@07;8G0NI8EAO F5;>AB=K<8 A8AB5<=K<8 E0@0:B5@8AB8:0<8 ?>2545=8O: E0@0:B5@><
8718@0B5;L=>AB8 2> 2708<>459AB288 A >:@C60NI8<, 2>7<>6=>ABO<8 ?@>872>;L=>9
>@30=870F88 ?>2545=8O 8 45OB5;L=>AB8, 2>7<>6=K<8 D>@<0<8 A>F80;L=KE :>=B0:B>2,
A?>A>10<8 0CB>AB82=5< ?A8E>@5G52>3> @0728B8O.
7 4-E 3@C?? >1CG0NI8EAO A PAC ?> 40==>9 #@>3@0<<5 <>65B >1CG0BLAO B>;L:> >4=0
(?5@20O).
#5@20O 3@C??0. "1CG0NI85AO ?>GB8 =5 8<5NB 0:B82=>9 8718@0B5;L=>AB8 2 :>=B0:B0E A>
A@54>9 8 ;N4L<8, GB> ?@>O2;O5BAO 2 8E ?>;52>< ?>2545=88. "=8 ?@0:B8G5A:8 =5 @5038@CNB
=0 >1@0I5=85 8 A0<8 =5 ?>;L7CNBAO =8 @5GLN, =8 =525@10;L=K<8 A@54AB20<8
:><O2;O5BAO :0: >B@5H5==>ABL >B ?@>8AE>4OI53>. T5< =5
<5=55, ?>;L7COAL 2 >A=>2=>< ?5@8D5@8G5A:8< 7@5=85<, >=8 @54:> CH810NBAO 8 E>@>H>
2?8AK20NBAO 2 ?@>AB@0=AB25==>5 >:@C65=85, 15AAB@0H=> :0@01:0NBAO, ;>2:>
?5@5?@K3820NB, 10;0=A8@CNB. !5 2A;CH820OAL, =5 >1@0I0O =8 =0 GB> O2=>3> 2=8<0=8O, 2
A2>5< ?>2545=88 <>3CB ?>:07K20BL =5>6840==>5 ?>=8<0=85 ?@>8AE>4OI53>.
P515=>: A PAC >B;8G05BAO >B 38?5@0:B82=KE 8 8B:;8:05BAO, =5
BO=5BAO, =5 E20B05B, =5 <0=8?C;8@C5B ?@54<5B0<8, 0 A:>;L78B <8<>. "BACBAB285
2>7<>6=>AB8 0:B82=> 8 =0?@02;5==> 459AB2>20BL A ?@54<5B0<8 ?@>O2;O5BAO 2 E0@0:B5@=><
=0@CH5=88 D>@<8@>20=8O 7@8B5;L=>-42830B5;L=>9 :>>@48=0F88. -B8E 45B59 <>6=>
<8<>;5B=> 708=B5@5A>20BL, => ?@82;5GL : <8=8<0;L=> @0725@=CB>459AB28N
10

:@09=5 B@C4=>. #@8 0:B82=>9 ?>?KB:5 A>A@54>B>G8BL @515=:0, >= <>65B A>?@>B82;OBLAO, =>
:0: B>;L:> ?@8=C645=85 ?@5:@0I05BAO, >= CA?>:08205BAO. !530B8287< 2 MB8E A;CG0OE =5
2K@065= 0:B82=>, 45B8 =5 70I8I0NBAO, 0 ?@>AB> CE>4OB >B =5?@8OB=>3> 2<5H0B5;LAB20.
#@8 AB>;L 2K@065==KE =0@CH5=8OE >@30=870F88 F5;5=0?@02;5==>3> 459AB28O 45B8 A
>3@><=K< B@C4>< >2;04520NB =02K:0<8 A0<>>1A;C6820=8O, B0:65, :0: 8 =02K:0<8
:><BO 8725AB=>, GB> <=>385 87 =8E 2@5B 2@5<5=8 <>3CB
?>2B>@8BL 70 4@C38<8 ?@82;5:H55 8E A;>2> 8;8 D@07C, 0 8=>340 >B:;8:=CBLAO 8 =5>6840==>
?@>:><<5=B8@>20BL ?@>8AE>4OI55. -B8 A;>20 157 A?5F80;L=>9 ?><>I8 ?;>E>
70:@5?;ONBAO 4;O 0:B82=>3> 8A?>;L7>20=8O, >AB0NBAO ME>< C2845==>3> 8;8 CA;KH0==>3>.
#@8 O2=>< >BACBAB288 0:B82=>9 A>1AB25==>9 @5G8, 8E ?>=8<0=85 >1@0I5==>9 @5G8
>AB05BAO ?>4 2>?@>A><. T0:, 45B8 <>3CB ?@>O2;OBL O2=CN @0AB5@O==>ABL, =5?>=8<0=85
?@>AB>9 8 ?@O<> 04@5A>20==>9 8< 8=AB@C:F88 8, 2 B> 65 2@548G5A:8
45<>=AB@8@>20BL 045:20B=>5 2>A?@8OB85 7=0G8B5;L=> 1>;55 A;>6=>9 @5G52>9 8=D>@<0F88,
?@O<> 8< =5 =0?@02;5==>9 8 2>A?@8=OB>9 87 @073>2>@>2 >:@C60NI8E.
#@8 >2;045=88 =02K:0<8 :><<>ILN :0@B>G5: A 87>1@065=8O<8,
A;>20<8, 2 =5:>B>@KE A;CG0OE ?8AL<5==>9 @5GLN A ?><>ILN :;0280BC@K :>3CB ?>:07K20BL ?>=8<0=85 ?@>8AE>4OI53> 7=0G8B5;L=> 1>;55 ?>;=>5, G5< MB>
>68405BAO >:@C60NI8<8. "=8 B0:65 <>3CB ?>:07K20BL A?>A>1=>AB8 2 @5H5=88
A5=A><>B>@=KE 7040G, 2 459AB28OE A 4>A:0<8 A 2:;04KH0<8, A :>@>1:0<8 D>@<, 8E
A>>1@078B5;L=>ABL ?@>O2;O5BAO 8 2 459AB28OE A 1KB>2K<8 ?@81>@0<8, B5;5D>=0<8,
4><0H=8<8 :> MB8E, 3;C1>:> 0CB8G=KE 45B59 =5;L7O A:070BL, GB> >=8 =5 2K45;ONB G5;>25:0 87
>:@C60NI53> 8 =5 8<5NB ?>B@51=>AB8 2 >1I5=88 8 ?@82O70==>AB8 : 1;87:8<. "=8
@0745;ONB A2>8E 8 GC68E, MB> 284=> ?> <5=ONI59AO ?@>AB@0=AB25==>9 48AB0=F88 8
2>7<>6=>AB8 B0:B8;L=>3> :>=B0:B0, @04CNBAO, :>340 8E :@C60B, ?>41@0AK20NB. <5==> A>
27@>A;K< MB8 45B8 ?@>O2;ONB <0:A8ABC?=>9 8< 8718@0B5;L=>AB8: <>3CB 27OBL 70
@C:C, ?>425AB8 : =C6=>1J5:BC 8 ?>;>68BL =0 =53> @C:C 27@>A;>3>.
%CI5AB2CNB >B@01>B0==K5 <5B>4K CAB0=>2;5=8O 8 @0728B8O M<>F8>=0;L=>3> :>=B0:B0 A
B0:8<8 45BL<8. 040G0<8 ?>A;54CNI59 @01>BK O2;O5BAO ?>AB5?5==>5 2>2;5G5=85 8E 2> 2A5
1>;55 @0725@=CB>5 2708<>459AB285 A> 27@>A;K<8, 2 :>=B0:BK A> A25@AB=8:0<8, 2K@01>B:0
=02K:>2 :><F80;L=>-1KB>2KE =02K:>2, 8 <0:A8<0;L=0O @50;870F8O
>B:@K20NI8EAO 2 MB>< ?@>F5AA5 2>7<>6=>AB59 M<>F8>=0;L=>3>, 8=B5;;5:BC0;L=>3> 8
A>F80;L=>3> @0728B8O @515=:0. 94?u;4JuS QmuI ;484K mD95y9m uA8u6u8y4?PAB=
nDB7D4@@O B5yK9AuS m4>B7B D959A>4. -B0 8=48284C0;L=0O ?@>3@0<<0 4>;6=0
?@54CA<0B@820BL 8 2:;NG5=85 53> 2 3@C??C 4@C38E 45B59. ' MB>3> 3;C1>:> 0CB8G=>3>
@515=:0 5ABL 2 MB>< 2=CB@5==OO ?>B@51=>ABL, G5@57 4@C38E 45B59 5A?@8=8<0BL
CG51=CN 8=D>@<0F8N, A;54CO 70 =8<8, ;53G5 2K?>;=OBL B@51>20=8O 27@>A;>3>.
B 702uAu<>Amu >m C@>2=O u=m5;;5:mC0;L=>3> @072umuO >1CG0NIu5AO Mm>9 3@C??K
<>3Cm >A20u20mL 20@u0=mK 8.3 u;u 8.4. >1@07>20m5;L=>9 ?@>3@0<1K5 >1@07>20B5;L=K5 ?>B@51=>AB8 >1CG0NI8EAO A PC

$0728B85 A2O759 0CB8G=>3> @515=:0 A 1;87:8< G5;>25:>< 8 A>F8C<>< 2 F5;>< =0@CH5=> 8
>ACI5AB2;O5BAO =5 B0: 2 =>@<5, 8 =5 B0:, :0: C 4@C38E 45B59 A ". #A8E8G5A:>5 @0728B85
?@8 0CB87<5 =5 ?@>AB> 7045@60=> 8;8 =0@CH5=>, >=> 8A:065=>, ?>A:>;L:C ?A8E8G5A:85
DC=:F88 B0:>3> @515=:0 @072820NBAO =5 2 @CA;5 A>F80;L=>3> 2708<>459AB28O 8 @5H5=8O
@50;L=KE 687=5==KE 7040G, 0 2 1>;LH>9 AB5?5=8 :0: A@54AB2> 0CB>AB8
>3@0=8G5=8O, 0 =5 @0728B8O 2708<>459AB28O A> A@54>9 8 4@C38<8 ;N4L<8. -B> 0:B82=> ?@8A?>A01;820BLAO : <5=ONI828O<, =>2K< >1AB>OB5;LAB20<,
?>MB>A>1=>AB8 8 4065 C65 2K@01>B0==K5 =02K:8 8
=0:>?;5==K5 7=0=8O ?;>E> @50;87CNBAO 2 687=8.
#5@540G0 B0:8< 45BO< A>F80;L=>3> >?KB0, 22545=85 8E 2 :C;LBC@C ?@54AB02;ONB
>A>15==CN B@C4=>ABL. 'AB0=>2;5=85 M<>F8>=0;L=>3> :>=B0:B0 8 2>2;5G5=85 @515=:0 2
11

@072820NI55 ?@0:B8G5A:>5 2708<>459AB285, 2 A>2<5AB=>5 >A8AE>4OI53>
?@54AB02;ONB 107>2CN 7040GC A?5F80;L=>9 ?A8E>;>3>-?5403>38G5A:>9 ?><>I8 ?@8
0CB87<5.
 AB@C:BC@C >A>1KE >1@07>20B5;L=KE ?>B@51=>AB59 2E>4OB, A >4=>9 AB>@>=K,
>1@07>20B5;L=K5 ?>B@51=>AB8, A2>9AB25==K5 4;O 2A5E >1CG0NI8EAO A >3@0=8G5==K<8
2>7<>6=>ABO<8 74>@>2LO, A 4@C3>9, E0@0:B5@=K5 B>;L:> 4;O >1CG0NI8EAO A PAC.
 B5M<@ CBFD95ABEFS@ BFABESFES:
1)
>@30=870F8O A?5F80;L=>3> >1CG5=8O A@07C ?>A;5 2KO2;5=8O ?5@28G=>3>
=0@CH5=8O @0728B8O;
2)
>15A?5G5=85
>A>1>9
?@>AB@0=AB25==>9
8
2@5<5==>9
>@30=870F88
>1@07>20B5;L=>9 A@54K,
3)
22545=85 2 A>45@60=85 >1CG5=8O ?@8 =5>1E>48<>AB8 A?5F80;L=KE @0745;>2
CG51=KE 48AF8?;8= 8 A?5F80;L=KE ?@54<5B>2, :>@@5:F8>==KE :C@A>2;
4)
>15A?5G5=85 =5?@5@K2=>AB8 >1@07>20B5;L=>-:>@@5:F8>==>3> ?@>F5AA0,
@50;87C5<>3>, :0: G5@57 A>45@60=85 >1@07>20B5;L=KE >1;0AB59 8 2=5C@>G=>9 45OB5;L=>AB8,
B0: 8 G5@57 A?5F80;L=K5 :C@AK ?> ?@>3@0<<5 :>@@5:F8>==>9 @01>BK;
5)
8A?>;L7>20=85 A?5F80;L=KE <5B>4>2, ?@8ë<>2 8 A@54AB2 >1CG5=8O (2 B.G.
A?5F80;878@>20==KE :>;>389), >15A?5G820NI8E @50;870F8N «>1E>4=KE
?CB59» >1CG5=8O;
6)
8=48284C0;870F8O >1@07>20B5;L=>-:>@@5:F8>==>3> ?@>F5AA0 A CGëB><
2>7<>6=>AB59 8 >A>1KE >1@07>20B5;L=KE ?>B@51=>AB59 >1CG0NI8EAO;
7)
<0:A8<0;L=>5 @0AH8@5=85 >1@07>20B5;L=>3> ?@>AB@0=AB20 - 2KE>4 70 ?@545;K
>1@07>20B5;L=>9 >@30=870F88;
8)
>15A?5G5=85 2708<>459AB28O 2A5E CG0AB=8:>2 >1@07>20B5;L=>3> ?@>F5AA0 A
F5;LN @50;870F88 548=KE ?>4E>4>2 2 @5H5=88 >1@07>20B5;L=>:>@@5:F8>==KE 7040G,
A?5F80;L=>9 ?A8E>;>3>-?5403>38G5A:>9 ?>445@6:8 A51K5 >1@07>20B5;L=K5 ?>B@51=>AB8 45B59 A 0CB87<>< 2 ?5@8>4 =0G0;L=>3>
H:>;L=>3> >1CG5=8O 2:;NG0NB, ?><8<> >1I8E, A2>9AB25==KE 2A5< 45BO< A O,
A;54CNI85 A?5F8D8G5A:85 =C64K:
2 7=0G8B5;L=>9 G0AB8 A;CG052 2 =0G0;5 >1CG5=8O 2>7=8:05B =5>1E>48<>ABL
?>AB5?5==>3> 8 8=48284C0;L=> 4>78@>20==>3> 22545=8O @515=:0 2 A8BC0F8N >1CG5=8O 2
:;0AA5. #>A5I5=85 :;0AA0 4>;6=> 1KBL @53C;O@=K<, => @53C;8@C5>B25BAB288 A
=0;8G=K<8 2>7<>6=>ABO<8 @515=:0 A?@02;OBLAO A B@52>3>9, CAB0;>ABLN, ?@5AKI5=85< 8
?5@52>71C645=85<. #> <5@5 ?@82K:0=8O @515=:0 : A8BC0F88 >1CG5=8O 2 :;0AA5 >=> 4>;6=>
?@81;860BLAO : 53> ?>;=>F5AA =0G0;L=>3> H:>;L=>3> >1CG5=8O;
2K1>@ C@>:>2, :>B>@K5 =0G8=05B ?>A5I0BL @515=>:, 4>;65= =0G8=0BLAO A B5E, 345
>= GC2AB2C5B A51O =081>;55 CA?5H=K< 8 708=B5@5A>20==K< 8 ?>AB5?5==>, ?> 2>7<>6=>AB8,
2:;NG05B 2A5 >AB0;L=K5;
1>;LH8=AB2> >1CG0NI8EAO A PAC 7=0G8B5;L=> 7045@60=> 2 @0728B88 =02K:>2
A0<>>1A;C6820=8O 8 687=5>15A?5G5=8O: =5>1E>48<> 1KBL 3>B>2K< : 2>7<>6=>9 1KB>2>9
15A?><>I=>AB8 8 <54;8B5;L=>AB8 @515=:0, ?@>1;5<0< A ?>A5I5=85< BC0;5B0, AB>;>2>9, A
8718@0B5;L=>ABLN 2 545, B@C4=>ABO<8 A ?5@5>4520=85<, A B5<, GB> >= =5 C<55B 7040BL
2>?@>A, ?>60;>20BLAO, >1@0B8BLAO 70 ?><>ILN. #>ABC?;5=85 2 H:>;C >1KG=> <>B828@C5B
@515=:0 =0 ?@5>4>;5=85 MB8E B@C4=>AB59 8 53> ?>?KB:8 4>;6=K 1KBL ?>445@60=K
A?5F80;L=>9 :>@@5:F8>==>9 @01>B>9 ?> @0728B8N A>F80;L=>-1KB>2KE =02K:>2;
=5>1E>48<0 A?5F80;L=0O ?>445@6:0 45B59 (8=48284C0;L=0O 8 ?@8 @01>B5 2 :;0AA5)
2 @0728B88 2>7<>6=>AB59 25@10;L=>9 8 =525@10;L=>9 :><1@0B8BLAO 70
8=D>@<0F859 8 ?><>ILN, 2K@078BL A2>5 >B=>H5=85, >F5=:C, A>3;0A85 8;8 >B:07,
?>45;8BLAO 2?5G0B;5=8O<8;
<>65B 2>7=8:=CBL =5>1E>48<>ABL 2> 2@5<5==>9 8 8=48284C0;L=> 4>78@>20==>9
12

?>445@6:5 :0: BLNB>@><, B0: 8 0AA8AB5=B>< (?><>I=8:><) >@30=870F88 2A53> ?@51K20=8O
@515=:0 2 H:>;5 8 53> CG51=>3> ?>2545=8O =0 C@>:5; ?>445@6:0 4>;6=0 ?>AB5?5==>
@54CF8@>20BLAO 8 A=8<0BLAO ?> <5@5 ?@82K:0=8O @515=:0, >A2>5=8O 8< ?>@O4:0 H:>;L=>9
687=8, ?@028; ?>2545=8O 2 H:>;5 8 =0 C@>:5, =02K:>2 A>F80;L=>-1KB>2>9 040?B0F88 8
:><1CG5=8O, ?@8 2KO2;5==>9 =5>1E>48<>AB8, =0@O4C A ?>A5I5=85< :;0AA0,
@515=>: 4>;65= 1KBL >15A?5G5= 4>?>;=8B5;L=K<8 8=48284C0;L=K<8 70=OB8O<8 A
?5403>3>< ?> >B@01>B:5 D>@< 045:20B=>3> CG51=>3> ?>2545=8O, C<5=8O 2ABC?0BL 2
:><459AB285 A CG8B5;5<, 045:20B=> 2>A?@8=8<0BL ?>E20;C 8
70<5G0=8O;
?5@8>48G5A:85 8=48284C0;L=K5 ?5403>38G5A:85 70=OB8O (F8:;K 70=OB89)
=5>1E>481CG0NI5@<8@>20==>< 045:20B=>< CG51=><
?>2545=88 4;O :>=B@>;O 70 >A2>5=85< 8< =>2>3> CG51=>3> <0B5@80;0 2 :;0AA5 (GB> <>65B
1KBL B@C4=> 54 ?@82K:0=8O : H:>;5) 8, ?@8 =5>1E>48<>AB8, 4;O >:070=8O
8=48284C0;L=>9 :>@@5:F8>==>9 ?><>I8 2 >A2>5=88 #@>3@0<1E>48<> A>740=85 >A>15==> G5B:>9 8 C?>@O4>G5==>9 2@5<5==>?@>AB@0=AB25==>9 AB@C:BC@K C@>:>2 8 2A53> ?@51K20=8O @515=:0 2 H:>;5, 40NI55 5?>@C 4;O ?>=8<0=8O ?@>8AE>4OI53> 8 A0<>>@30=870F88;
=5>1E>48<0 A?5F80;L=0O @01>B0 ?> ?>42545=8N @515=:0 : 2>7<>6=>AB8
CG0AB8O 2> D@>=B0;L=>9 >@30=870F88 =0 C@>:5: ?;0=8@>20=85 >1O70B5;L=>3> ?5@8>40
?5@5E>40 >B 8=48284C0;L=>9 25@10;L=>9 8 =525@10;L=>9 8=AB@C:F88 : D@>=B0;L=>9; 2
8A?>;L7>20=88 D>@< ?>E20;K, CG8BK20NI8E >A>15==>AB8 >1CG0NI8EAO A PAC 8 >B@01>B:5
2>7<>6=>AB8 045:20B=> 2>A?@8=8<0BL 70<5G0=8O 2 A2>9 04@5A 8 2 04@5A A>CG5=8:>2;
2 >@30=870F88 >1CG5=8O B0:>3> >1CG0NI53>AO 8 >F5=:5 53> 4>AB865=89
=5>1E>48< CG5B A?5F8D8:8 >A2>5=8O =02K:>2 8 CA2>5=8O 8=D>@<0F88 ?@8 0CB87<5
>A>15==>AB59 >A2>5=8O «?@>AB>3>» 8 «A;>6=>3>»;
=5>1E>48<> 22545=85 A?5F80;L=KE @0745;>2 :>@@5:F8>==>3> >1CG5=8O,
A?>A>1AB2CNI8E ?@5>4>;5=8N D@03<5=B0@=>AB8 ?@54AB02;5=89 >1 >:@C60NI5<,
>B@01>B:5 A@54AB2 :><F80;L=>-1KB>2KE =02K:>2;
=5>1E>48<0 A?5F80;L=0O :>@@5:F8>==0O @01>B0 ?> >A@O4>G820=8N
8 48DD5@5=F80F88 8=48284C0;L=>3> 687=5==>3> >?KB0 @515=:0, :@09=5 =5?>;=>3> 8
D@03<5=B0@=>3>; >:070=85 5<>I8 2 ?@>@01>B:5 2?5G0B;5=89, 2>A?><8=0=89,
?@54AB02;5=89 > 1C4CI5<, @0728B8N A?>A>1=>AB8 ?;0=8@>20BL, 2K18@0BL, A@02=820BL;
>1CG0NI89AO A PAC =C6405BAO 2 A?5F80;L=>9 ?><>I8 2 C?>@O4>G820=88
>A?CA:0NI59 8E <5E0=8G5A:>3>
D>@<0;L=>3> =0:>?;5=8O 8 8A?>;L7>20=8O 4;O 0CB>AB81CG0NI89AO A PAC =C6405BAO, ?> :@09=59 <5@5, =0 ?5@2KE ?>@0E, 2 A?5F80;L=>9
>@30=870F88 =0 ?5@5<5=5, 2 2>2;5G5=88 53> 2 ?@82KG=K5 70=OB8O, ?>72>;ONI55 5B4>E=CBL 8, ?@8 2>7<>6=>AB8 2:;NG8BLAO 2> 2708<>459AB285 A 4@C38<8 45BL<8;
- >1CG0NI89AO A PAC 4;O ?>;CG5=8O =0G0;L=>3> >1@07>20=8O =C6405BAO 2 A>740=88
CA;>289 >1CG5=8O, >15A?5G820NI8E >1AB0=>2:C A5=A>@=>3> 8 M<>F8>=0;L=>3> :>@B0
(>BACBAB285 @57:8E ?5@5?04>2 =0AB@>5=8O, @>2=K9 8 B5?;K9 B>= 3>;>A0 CG8B5;O 2
>B=>H5=88 ;N1>3> CG5=8:0 :;0AA0), C?>@O4>G5==>AB8 8 ?@54A:07C5<>AB8 ?@>8AE>4OI53>;
- =5>1E>48<0 A?5F80;L=0O CAB0=>2:0 ?5403>30 =0 @0728B85 M<>F8>=0;L=>3> :>=B0:B0 A
@515=:><, ?>445@60=85 2 =5< C25@5==>AB8 2 B><, GB> 53> ?@8=8<0NB, 5<, GB> >= CA?5H5= =0 70=OB8OE;
?5403>38G5A:89 @01>B=8: 4>;65= AB0@0BLAO B@0=A;8@>20BL MBC CAB0=>2:C
A>CG5=8:0< @515=:0 A PAC, =5 ?>4G5@:820O 53> >A>1>ABL, 0, ?>:07K20O 53> A8;L=K5 AB>@>=K
2K7K20O : =58< >B=>H5=85<, 2>2;5:0BL 45B59 2 4>ABC?=>5
2708<>459AB285;
13

=5>1E>48<> @0728B85 2=8<0=8O 45B59 : ?@>O2;5=8O< 1;87:8E 27@>A;KE 8
A>CG5=8:>2 8 A?5F80;L=0O ?><>IL 2 ?>=8<0=88 A8BC0F89, ?@>8AE>4OI8E A 4@C38<8
;N4L<8, 8E 2708<>>B=>H5=89;
4;O
A>F80;L=>3>
@0728B8O
>1CG0NI53>AO
=5>1E>48<>
8A?>;L7>20BL
ACI5AB2CNI85 C =53> 8718@0B5;L=K5 A?>A>1=>AB8;
?@>F5AA 53> >1CG5=8O 2 =0G0;L=>9 H:>;5 4>;65= ?>445@6820BLAO
?A8E>;>38G5A:8< A>?@>2>645=85<, >?B8<878@CNI8< 2708<>459AB285 @515=:0 A
?5403>30<8 8 A>CG5=8:0<8, A5;K;
>1CG0NI89AO A PAC C65 2 ?5@8>4 =0G0;L=>3> >1@07>20=8O =C6405BAO 2
8=48284C0;L=> 4>78@>20==>< 8 ?>AB5?5==>< @0AH8@5=88 >1@07>20B5;L=>3> ?@>AB@0=AB20
70 ?@545;K >1@07>20B5;L=>3> CG@5645=8O.
"A>15==>AB8 >1@07>20=8O >1CG0NI8EAO A PC
Ba@ua=m 8.4 =a?@a2;5= =a @a72umu5 C >1CGaNIuEAO =5>1E>4u1I5Am25 7=a=u9, ?@a:muG5A:uE ?@54Ama2;5=u9, C<5=u9 u =a2K:>2, ?>72>;ONIuE 4>AmuGL
 2>7<>6=>9 Aa<>Am>Om5;L=>Amu u =57a2uAu<>Amu 2 ?>2A54=52=>9 6u7=u.
"1@07>20=85 >1CG0NI8EAO A PAC (20@80=B 8.4) A2O70=> A ?@0:B8G5A:8< >2;045=85<
4>ABC?=K<8 =02K:0<8 :><F80;L=>-1KB>2>9 >@85=B8@>2:8, C<5=85<
8A?>;L7>20BL AD>@<8@>20==K5 C<5=8O 8 =02K:8 2 ?>2A54=52=>9 687=8.
C< >1@07>20=8O B0:>3> >1CG0NI53>AO O2;O5BAO u=4u2u4Ca;L=>5 ?>Mma?=>5 u
?;a=><5@=>5 @aAHu@5=u5 6u7=5==>3> >?Kma u ?>2A54=52=KE A>Fua;L=KE :>=ma:m>2 2
4>AmC?=KE 4;O :a64>3> >1CGaNI53>AO A PAC A 2K@a65==>9 C9 >mAma;>AmLN
?@545;aE.
&@51C5BAO A?5Fua;L=aO @a1>ma ?> 22545=uN >1CGaNI53>AO 2 1>;55 A;>6=CN ?@54<5m=CN
u A>Fua;L=CN A@54C, Gm> ?@54?>;a3a5m ?;a=><5@=CN, 4>7u@>2a==CN, 7a@a=55
?@>3@a<2 2 4>AmC?=KE >1CGaNI51CG0NI8EAO 40==>9 3@C??K ?>:a7a=
u=4u2u4Ca;L=K9 C@>25=L um>3>2>3> @57C;Lmama >1I53> >1@a7>2a=uO. ;03>40@O MB>1@07>20=8O 2A5 >1CG0NI85AO A PAC A C<5@5==>9, BO65;>9 8;8 3;C1>:>9
C9 >BAB0;>ABLN 8 4@C38<8 BO65;K<8 =0@CH5=8O<8 @0728B8O, 2=5 7028A8<>AB8 >B
BO65AB8 A>AB>O=8O, <>3CB 2?8A0BLAO 2 >1@07>20B5;L=>5 ?@>AB@0=AB2>, 345 ?@8=F8?K
>@30=870F88 ?@54<5B=>-@072820NI59 A@54K, >1>@C4>20=85 8 B5E=8G5A:85 A@54AB20,
?@>3@0<<0 >1CG5=8O, A>45@60=85 8 <5B>4K @01>BK >?@545;ONBAO 8=48284C0;L=K<8
2>7<>6=>ABO<8 8 >A>1K<8 >1@07>20B5;L=K<8 ?>B@51=>ABO<8 >1CG0NI8EAO.
"A>1K5 >1@07>20B5;L=K5 ?>B@51=>AB8 >1CG0NI8EAO A PAC A C<5@5==>9, BO65;>9 8
3;C1>:>9 C9 >BAB0;>ABLN (8=B5;;5:BC0;L=K<8 =0@CH5=8O<8), &MHP
>1CA;>2;820NB =5>1E>48<>ABL @07@01>B:8 C#P.
! D4;D454FO649FES A4 BEAB69 ( H (64D<4AF 8.4) < A4J9?9A4 A4
B5D4;B64A<9 B5GK4RMB7B D4;61CG0NI8EAO A PAC, >1CG0NI8EAO ?>
20@80=BC 8.4, 2 687=L >1I5AB20 G5@57 8=48284C0;L=>5 ?>MB0?=>5 8 ?;0=><5@=>5
@0AH8@5=85 687=5==>3> >?KB0 8 ?>2A54=52=KE A>F80;L=KE :>=B0:B>2, 4>AB865=85
>1CG0NI8<8AO A0<>AB>OB5;L=>AB8 2 4>ABC?=KE 4;O =8E ?@545;0E 2 @5H5=88 ?>2A54=52=KE
687=5==KE 7040G.
m>3>2K5 4>Amu65=uO >1CG0NI8EAO A PAC A C<5@5==>9, BO65;>9 8 3;C1>:>9
C9 >BAB0;>ABLN (8=B5;;5:BC0;L=K<8 =0@CH5=8O<8), &MHP (20@80=B 8.4)
?@u=Fu?ua;L=> >m;uGaNmAO >m m@51>2a=u9 : um>3>2K< 4>Amu65=uO< >1CGaNIuEAO A PAC
157 4>?>;=um5;L=KE =a@CH5=u9.
"=8 >?@545;ONBAO 8=48284C0;L=K<8 2>7<>6=>ABO<8 >1CG0NI53>AO 8 B5<, GB> 53>
>1@07>20=85 =0?@02;5=> =0 <0:A8<0;L=>5 @0728B85 687=5==>9 :>1@a7>2am5;L=KE >1;aAmOE

-

14

@53;0<5=B8@C5BAO @0<:0<8 ?>;57=KE 8 =5>1E>482 4;O @5H5=8O 7040G
?>2A54=52=>9 687=8. !0:>?;5=85 4>ABC?=KE =02K:>2 :><>1A;C6820=8O,
1KB>2>9 8 4>ABC?=>9 B@C4>2>9 45OB5;L=>AB8, 0 B0:65 ?5@5=>A AD>@<8@>20==KE
?@54AB02;5=89 8 C<5=89 2 A>1AB25==CN 45OB5;L=>ABL (:>=5=B «687=5==0O
:>B>28B >1CG0NI53>AO A PAC (20@80=B 8.4) : 8A?>;L7>20=8N,
?@8>1@5B5==KE 2 ?@>F5AA5 >1@07>20=8O, A?>A>1=>AB59 4;O 0:B82=>9 687=8 2 A51I5AB25.
"1I8< @57C;LB0B>< >1@07>20=8O B0:>3> >1CG0NI53>AO <>65B AB0BL =01>@
:>72>;ONI8E <0:A8<0;L=> A0<>AB>OB5;L=> (A>@07<5@=> ?A8E8G5A:8< 8
D878G5A:8< 2>7<>6=>ABO<) @5H0BL 7040G8, >15A?5G820NI85 =>@<0;870F8N 53> 687=8.

2.

#;0=8@C5A2>5=8O >1CG0NI8<8AO "# !""
PC (20@80=B 8.4)

!4@O@ B5M<@ D9;G?PF4FB@ BE6B9AB@C9F9AJ<=.
#;0=8@C5A2>5=8O (A"# !"" 4>?>;=ONBAO @57C;LB0B0<8 >A2>5=8O
#@>3@0<@@5:F8>==>9 @01>BK.
 A>>B25BAB288 A ("C !"" >1CG0NI8EAO A " (20@80=B 8.4) >1CG0NI82 >15A?5G8205BAO =5F5=7>2K9 C@>25=L =0G0;L=>3> >1@07>20=8O.
P57C;LB0BK >A2>5=8O (A"# !"" >1CG0NI8<8AO A PAC A C9 >BAB0;>ABLN
(8=B5;;5:BC0;L=K<8 =0@CH5=8O<8), BO65;K<8 8 <=>65AB25==K<8 =0@CH5=8O<8 @0728B8O
2 20@80=B5 8.4 >F5=820NBAO :0: 8B>3>2K5 =0 <><5=B 7025@H5=8O >1I53> >1@07>20=8O.
#;0=8@C5A2>5=8O >1CG0NI8<8AO A PC (20@80=B 8.4)
040?B8@>20==>9 >1@07>20B5;L=>9 ?@>3@0<;6=K:
1)
>15A?5G820BL A2O7L <564C B@51>20=8O<8 (A"# !"" >1CG0NI8EAO A ",
>1@07>20B5;L=K< ?@>F5AA><, A8AB5<>9 >F5=:8 @57C;LB0B>2 >A2>5=8O A"# !""
>1CG0NI8EAO A PAC (20@80=B 8.4) 8 A>AB02;5==>9 =0 55 >A=>25 8=48284C0;L=>9
>1@07>20B5;L=>9 ?@>3@0<A=>2>9 4;O @07@01>B:8 A"# (20@80=B 8.4) >1@07>20B5;L=>9
>@30=870F859.
CB@C:BC@0 8 A>45@60=85 ?;0=8@C52 >A2>5=8O A"# !"" >B@060NB
B@51>20=8O ("C !"" >1CG0NI8EAO A " 8 4@C38<8 BO65;K<8 =0@CH5=8O<8 @0728B8O,
?5@540NB A?5F8D8:C >1@07>20B5;L=>3> ?@>F5AA0 (2 G0AB=>AB8, A?5F8D8:C F5;59 87CG5=8O
>B45;L=KE CG51=KE ?@54<5B>2), A>>B25BAB2CNB 2>7<>6=>ABO< >1CG0NI8EAO A PAC 8
4@C38<8 BO65;K<8 =0@CH5=8O<8 @0728B8O.
P57C;LB0BK >F5=820NBAO ?> >A2>5=8N >1CG0NI8<8AO A PAC A>45@60B5;L=KE ;8=89
A5<8 >1;0AB59 >1@07>20=8O, >?@545;5==KE AB@C:BC@>9 D545@0;L=>9 040?B8@>20==>9
>1@07>20B5;L=>9 ?@>3@0<3> >1I53> >1@07>20=8O (20@80=B 8.4).
 A>>B25BAB288 A B@51>20=8O<8 A"# =0G0;L=>3> >1I53> >1@07>20=8O 4;O >1CG0NI8EAO
A " ?@8<5=8B5;L=> : 20@80=BC 8.4 A"# @57C;LB0B82=>ABL >1CG5=8O <>65B >F5=820BLAO
B>;L:> AB@>3> 8=48284C0;L=> A CG5B>< >A>15==>AB59 ?A8E>D878G5A:>3> @0728B8O 8 >A>1KE
>1@07>20B5;L=KE ?>B@51=>AB59 :064>3> >1CG0NI53>AO.  A2O78 A MB8<, B@51>20=8O :
@57C;LB0B0< >A2>5=8O >1@07>20B5;L=KE ?@>3@0<< ?@54AB02;ONB A>1>9 >?8A0=85
2>7<>6=KE @57C;LB0B>2 >1@07>20=8O 40==>9 :0B53>@88 >1CG0NI8EAO.
"1CG0NI89AO A @0AAB@>9AB2>< 0CB8AB8G5A:>3> A?5:B@0, 8=B5;;5:BC0;L=>5 @0728B85
:>B>@>3> =5 ?>72>;O5B >A2>8BL A"# (20@80=B 8.3.), ;81> >= 8A?KBK205B ACI5AB25==K5
B@C4=>AB8 2 55 >A2>5=88 ?>;CG05B >1@07>20=85 ?> 20@80=BC 8.4. A"# !"" PAC, =0 >A=>25
:>B>@>9 >1@07>20B5;L=0O >@30=870F8O @07@010BK205B A?5F80;L=CN 8=48284C0;L=CN
?@>3@0<1@07>20B5;L=K5
?>B@51=>AB8 >1CG0NI53>AO A @0AAB@>9AB2>< 0CB8AB8G5A:>3> A?5:B@0.
15

%?5F80;L=0O 8=48284C0;L=0O >1I5>1@07>20B5;L=0O ?@>3@0<<0 (%#$) @07@010BK205BAO
=0 >A=>25 040?B8@>20==>9 >A=>2=>9 >1I5>1@07>20B5;L=>9 ?@>3@0<1@07>20=85 45B59 A CG5B>< 8E 8=48284C0;L=KE >1@07>20B5;L=KE ?>B@51=>AB59. %#$
A>AB02;O5BAO =0 >3@0=8G5==K9 ?5@8>4 2@5<5=8 (?>;3>40, >48= 3>4).  55 @07@01>B:5
?@8=8<0NB CG0AB85 2A5 A?5F80;8ABK, @01>B0NI85 A @515=:>< 2 'G@5645=88, ?@8 CG0AB88
53> @>48B5;59.
CB@C:BC@0 A?5F80;L=>9 8=48284C0;L=>9 ?@>3@0< @515=:5
1.
?5@A>=0;L=K5 40==K5 > @515=:5 8 53> @>48B5;OE;
2.
1KB>2K5 CA;>28O A5F5=:C >B=>H5=8O G;5=>2 A51@07>20=8N
@515=:0;
3.
70:;NG5=85 # #.
2. #A8E>;>3>-?5403>38G5A:0O E0@0:B5@8AB8:0 =0 =0G0;> CG51=>3> 3>40,
2:;NG0NI0O >F5=:C @0728B8O >1CG0NI53>AO =0 <><5=B A>AB02;5=8O ?@>3@0<?@545;ONICN ?@8>@8B5B=K5 =0?@02;5=8O 2>A?8B0=8O 8 >1CG5=8O @515=:0.
)0@0:B5@8AB8:0 A>AB02;O5BAO =0 >A=>25 ?A8E>;>3>-?5403>38G5A:>3> >1A;54>20=8O
@515=:0, ?@>2>48<>3> A?5F80;8AB0<8 'G@5645=8O, A F5;LN >F5=:8 0:BC0;L=>3> A>AB>O=8O
@0728B8O >1CG0NI53>AO 8 >?@545;5=8O 7>=K 53> 1;8609H53> @0728B8O.
)0@0:B5@8AB8:0 >B@0605B:
E0@0:B5@8AB8:0 ?>2545=G5A:8E 8 M<>F8>=0;L=KE @50:F89 @515=:0,
=01;N405@<8@>20==>ABL A>F80;L=> 7=0G82, C<5=89: :><7<>6=>AB8, 83@0, 8=B5;;5:BC0;L=K5 C<5=8O: AG5B, ?8AL<>, GB5=85, A>45@60=85
?@54AB02;5=89
>1
>:@C60NI8E
?@54<5B0E,
O2;5=8OE,
A0<>>1A;C6820=85,
?@54<5B=>-?@0:B8G5A:0O 45OB5;L=>ABL;
40==K5 > D878G5A:>< 74>@>2L5, 42830B5;L=>< 8 A5=A>@=>< @0728B88 @515=:0;
>A>15==>AB8 ?@>O2;5=8O ?>7=020B5;L=KE ?@>F5AA>2: 2>A?@8OB89, 2=8<0=8O,
?0AB>O=85 AD>@<8@>20==>AB8 CAB=>9 @5G8 8 @5G5?5@0F89;
?>B@51=>ABL 2 CE>45 8 ?@8A<>B@5. !5>1E>481J5< ?><>I8 A> AB>@>=K
>:@C60NI8E: ?>;=0O/G0AB8G=0O, ?>AB>O==0O/M?87>48G5A:0O;
2K2>4K ?> 8B>30< >1A;54>20=8O: ?@8>@8B5B=K5 >1@07>20B5;L=K5 >1;0AB8,
CG51=K5 ?@54<5BK, :>@@5:F8>==K5 70=OB8O 4;O >1CG5=8O 8 2>A?8B0=8O 2
>1I5>1@07>20B5;L=>9 >@30=870F88, 2 CA;>28OE =04><=>3> >1CG5=8O.
3.
=48284C0;L=K9 CG51=K9 ?;0=. "B@0605B 4>ABC?=K5 4;O >1CG0NI53>AO
?@8>@8B5B=K5 ?@54<5B=K5 >1;0AB8, CG51=K5 ?@54<5BK, :>@@5:F8>==K5 70=OB8O,
2=5C@>G=CN 45OB5;L=>ABL 8 CAB0=02;8205B >1J5< =545;L=>9 =03@C7:8 =0 >1CG0NI53>AO.
4.
$0A?8A0=85 8=48284C0;L=KE 70=OB89.
5.
C>45@60=85 >1@07>20=8O 2 CA;>28OE 'G@5645=8O 8 A5=:@5B=K5 7040G8 ?> D>@<8@>20=8N ?@54AB02;5=89, 459AB289/>?5@0F89 ?> :064>9 87
?@>3@0<< CG51=KE ?@54<5B>2, :>@@5:F8>==KE 70=OB89 8 4@C38E ?@>3@0<< (D>@<8@>20=8O
107>2KE CG51=KE 459AB289; 4CE>2=>-=@02AB25==>3> 2>A?8B0=8O; D>@<8@>20=8O
M:>;>38G5A:>9 :C;LBC@K, 74>@>2>3> 8 157>?0A=>3> >1@070 687=8 >1CG0NI8EAO; 2=5C@>G=>9
45OB5;L=>AB8). 040G8 D>@7<>6=KE (>684052
>1CG5=8O 8 2>A?8B0=8O @515=:0 =0 >?@545;5==K9 CG51=K9 ?5@8>4 (?>;3>40 8;8 3>4).
6.
'A;>28O @50;870F88 ?>B@51=>AB8 2 CE>45 8 ?@8A<>B@5.
#;0=8@>20=85 8 >ACI5AB2;5=85 CE>40 8 ?@8A<>B@0 >B@0605BAO 2 8=48284C0;L=><
3@0D8:5 A C:070=85< 2@5<5=8, 45OB5;L=>AB8 8 ;8F0, >ACI5AB2;ONI53> CE>4 8 ?@8A<>B@, 0
B0:65 ?5@5G=O =5>1E>482 8 A@54AB2.
16

=5C@>G=0O 45OB5;L=>ABL.
%?5F80;8ABK, CG0AB2CNI85 2 @50;870F88 %#$.
#@>3@0<<0 A>B@C4=8G5AB20 A A51CG0NI53>AO 2:;NG05B 7040G8,
=0?@02;5==K5 =0 ?>2KH5=85 8=D>@<8@>20==>AB8 A51 >1@07>20=88 @515=:0, @0728B85
<>B820F88 @>48B5;59 : :>=AB@C:B82=>459AB28N A> A?5F80;8AB0<8, >B@060NI85
A?>A>1K :>=B0:B>2 A5;K A F5;LN ?@82;5G5=8O @>48B5;59 : CG0AB8N 2 @07@01>B:5
8 @50;870F88 %"# 8 ?@5>4>;5=8O ?A8E>;>38G5A:8E ?@>1;5< A51E>482 >1I53> 8 8=48284C0;L=>3> =07=0G5=8O, 4840:B8G5A:8E <0B5@80;>2,
8=48284C0;L=K5 A@54AB20 @5018;8B0F88, =5>1E>48=8B>@8=30 8 >F5=:8 48=0<8:8 >1CG5=8O.
>=8B>@8=3 @57C;LB0B>2 >1CG5=8O ?@>2>48BAO =5 @565 >4=>3> @070 2 ?>;C3>485.  E>45
<>=8B>@8=30 A?5F80;8ABK 'G@5645=8O >F5=820NB C@>25=L AD>@<8@>20==>AB8
:><F80;L=KE C<5=89 >1CG0NI53>AO, >A2>5==KE 8< ?@54AB02;5=89,
459AB289/>?5@0F89, 2=5A5==KE 2 %"#. H0 >A=>25 8B>3>2>9 E0@0:B5@8AB8:8 A>AB02;O5BAO
%#$ =0 A;54CNI89 CG51=K9 ?5@8>4.
 A>>B25BAB288 A B@51>20=8O<8 ("# : "# $% (20@80=B 8.4.) @57C;LB0B82=>ABL
>1CG5=8O :064>3> >1CG0NI53>AO >F5=8205BAO A CG5B>< 53> >A>15==>AB59 ?A8E>D878G5A:>3>
@0728B8O 8 >A>1KE >1@07>20B5;L=KE ?>B@51=>AB59.  A2O78 A MB8< B@51>20=8O : @57C;LB0B0<
>A2>5=8O >1@07>20B5;L=KE ?@>3@0<< ?@54AB02;ONB A>1>9 >?8A0=85 2>7<>6=KE @57C;LB0B>2
>1@07>20=8O 40==>9 :0B53>@88 >1CG0NI8EAO.
E6B9A<9 B5GK4RM<@2 254CI55 <5AB> ?@8=04;568B ;8G=>AB=K<
@57C;LB0B0<, ?>A:>;L:C 8<5==> >=8 >15A?5G820NB >2;045=85 :>< A>F80;L=KE
(687=5==KE) :>1E>48AB865=8O >A=>2=>9 F5;8 A>2@5<5==>3>
>1@07>20=8O - 22545=8O >1CG0NI8EAO A $% 2 :C;LBC@C, >2;045=85 8<8 A>F8>:C;LBC@=K<
>?KB><.
8G=>AB=K5 @57C;LB0BK
>7<>6=K5 ;8G=>AB=K5 @57C;LB0BK >A2>5=8O ""# >1CG0NI8<8AO A $%,
>A;>6=5==K<8 C9 >BAB0;>ABLN (C<5@5==>9, BO65;>9, 3;C1>:>9), &H #$
70=>AOBAO 2 %#$ A CG5B>< 8E 8=48284C0;L=KE 2>7<>6=>AB59 8 >A>1KE >1@07>20B5;L=KE
?>B@51=>AB59 8 <>3CB 2:;NG0BL:
1)
>A>7=0=85 A51O, A2>53> «/»; >A>7=0=85 A2>59 ?@8=04;56=>AB8 : >?@545;5==>;C; A>F80;L=>-M<>F8>=0;L=>5 CG0AB85 2 ?@>F5AA5 >1I5=8O 8 A>2<5AB=>9 45OB5;L=>AB8;
2)
@0728B85 045:20B=KE ?@54AB02;5=89 > >:@C60NI5< A>F80;L=>< <8@5, >2;045=85
A>F80;L=>-1KB>2K<8 C<5=8O<8, =5>1E>482A54=52=>9 687=8 4><0 8 2 H:>;5,
C<5=85 2K?>;=OBL ?>A8;L=CN 4><0H=NN @01>BC, 2:;NG0BLAO H:>;L=K5 45;0;
3)
C<5=85 A>>1I0BL > =574>@>2L5, >?0A=>AB8 8 B.4.
4)
2;045=85 M;5<5=B0@=K<8 =02K:0<8 :><@<0<8
2708<>459AB28O;
5)
?5@2>=0G0;L=>5 >AF80;L=>3> >:@C65=8O;
6)
@0728B85 A0<>AB>OB5;L=>AB8;
7)
>2;045=85 >1I5?@8=OBK<8 ?@028;0<8 ?>2545=8O;
8)
=0;8G85 8=B5@5A0 : ?@0:B8G5A:>9 45OB5;L=>AB8.
#@54<5B=K5 @57C;LB0BK
C CG5B>< >A>1KE >1@07>20B5;L=KE ?>B@51=>AB59, >1CG0NI8EAO A PAC, >A;>6=5==K<8
C9 >BAB0;>ABLN (C<5@5==>9, BO65;>9, 3;C1>:>9, BO65;K<8 8 <=>65AB25==K<8
=0@CH5=8O<8 @0728B8O) ?@54<5B=K5 @57C;LB0BK >B@060NB:
/7K: 8 @5G520O ?@0:B8:0

7.
8.
9.

17

$5GL 8 0;LB5@=0B82=0O :><1I5=uO 2 :>=m5:cm5 ?>7=a=uO >:@C6aNI53> 3> >?Kma @515=:a.
#>=8<0=85 A;>2, >1>7=0G0NI8E >1J5:BK 8 O2;5=8O ?@8@>4K, >1J5:BK
@C:>B2>@=>3> <8@0 8 45OB5;L=>ABL G5;>25:0.
'<5=85
A0<>AB>OB5;L=>3>
8A?>;L7>20=8O
CA2>5==>3>
;5:A8:>3@0<<0B8G5A:>3> <0B5@80;0 2 CG51=KE 8 :><cmC?=K<1I5=uO - 25@1a;L=K AD>@<8@>20==>AB8 CAB=>9 @5G8 2 A>>B25BAB288 A 2>7@0AB=K<8
?>:070=8O<8.
#>=8<0=85 >1@0I5==>9 @5G8, ?>=8<0=85 A2, D>B>3@0D89,
?8:B>3@0<<, 4@C38E 3@0D8G5A:8E 7=0:>2.
'<5=85 ?>;L7>20BLAO A@54AB20<8 0;LB5@=0B82=>9 :><<A?@>872>4OI85 (A8=B578@CNI85) @5GL
CAB@>9AB20 (:><@K, ?5@A>=0;L=K5 :>;L7>2amLcO 4>cmC?=K<9 u u9 @5Gu 4;O @5H5=uO c>>m25mcm2CNIuE 2>7@acmC 6um59c:uE
7a4aG.
>B82K
:><7=020B5;L=K5
8=B5@5AK,
>1I5=85
8
2708<>459AB285 2 @07=>>1@07=KE 2840E 45BA:>9 45OB5;L=>AB8.
'<5=85 2ABC?0BL 2 :>=B0:B, ?>445@6820BL 8 7025@H0BL 53>, 8A?>;L7CO
=525@10;L=K5 8 25@10;L=K5 A@54AB20, A>1;N45=85 >1I5?@8=OBKE ?@028; :><;L7>20BL A@54AB20 0;LB5@=0B82=>9 :><F5AA5
>1I5=8O: 8A?>;L7>20=85 ?@54<5B>2, 65AB>2, 273;O40, HC<>2KE, 3>;>A>2KE,
@5G5?>4@060B5;L=KE @50:F89 4;O 2K@065=8O 8=48284C0;L=KE ?>B@51=>AB59;
?>;L7>20=85 8=48284C0;L=K<8 :><G:0<8, B01;8F0<8 A 3@0D8G5A:8<8 87>1@065=8O<8 >1J5:B>2 8 459AB289
?CB5< C:070=8O =0 87>1@065=85 8;8 ?5@540G8 :0@B>G:8 A 87>1@065=85<, ;81> 4@C38<
4>ABC?=K< A?>A>1><;
>1I5=85 A ?><>ILN M;5:B@>==KE A@54AB2 :><<@,
:>5 CAB@>9AB2>).
4.
;>1a;L=>5 Gm5=u5 2 4>cmC?=KE @515=:C ?@545;aE, ?>=u3> c;>2a.
'7=020=85 8 @07;8G5=85 =0?5G0B0==KE A;>2, >1>7=0G0NI8E 8<5=0 ;N459,
=0720=8O E>@>H> 8725AB=KE ?@54<5B>2 8 459AB289.
A?>;L7>20=85 :0@B>G5: A =0?5G0B0==K<8 A;>20<8 :0: A@54AB20
:><cK;>: : >c1@07>2 3@0D5< (1C:2).
@0D8G5A:85 459AB28O A 8A?>;L7>20=85< M;5<5=B>2 3@0D5<: >12>4:0,
HB@8E>2:0, ?5G0B0=85 1C:2, A;>2.
6. "1CG5=u5 Gm5=uN u ?ucL1CG5=88 GB5=8N 8 ?8AL6=> 8A?>;L7>20BL
A>45@60=85 A>>B25BAB2CNI8E ?@54<5B>2 "# H"" PC (20@80=B 8.3.).
M0B5<0B8:0
M0B5<0B8G5A:85 ?@54AB02;5=8O
1.
-;5<5=ma@=K5  D>@<5, 25;uGu=5;
:>;uG5cm25==K5 (4>Guc;>2K5), ?@>cm@a=cm25==K5, 2@5<5==K5 ?@54cma2;5=uO
'<5=85 @07;8G0BL 8 A@02=820BL ?@54<5BK ?> D>@<5, 25;8G8=5, C40;5==>AB8.
18

'<5=85 >@85=B8@>20BLAO 2 AE5<5 B5;0, 2 ?@>AB@0=AB25, =0 ?;>A:>AB8.
'<5=85 @07;8G0BL, A@02=820BL 8 ?@5>1@07>2K20BL <=>65AB20 (>48= - <=>3>).
#@54AB02;5=8O o :o;8G5AB25, G8A;5, 7=0:o>B=>A8BL G8A;> A A>>B25BAB2CNI8< :>;8G5AB2>< ?@54<5B>2,
>1>7=0G0BL 53> F8D@>9.
'<5=85 ?5@5AG8BK20BL ?@54<5BK 2 4>ABC?=KE ?@545;0E.
'<5=85 ?@54AB02;OBL <=>65AB2> 42C65AB20<8 2 ?@545;0E
5-B8.
'<5=85 >1>7=0G0BL 0@8D<5B8G5A:85 459AB28O 7=0:0<8.
'<5=85 @5H0BL 7040G8 =0 C25;8G5=85 8 C<5=LH5=85 =0 =5A:>;L:> 548=8F.
3.
"2;045=85 A?oAo1=oABLN
?o;L7o20BLAO <0B5<0B8G5A:8<8
7=0=8O<8 ?@8 @5H5=88 AooB25BAB2CNI8E 2o7@0ABC 68B59A:8E 7040G.
'<5=85 >1@0I0BLAO A
45=L30<8, @0AAG8BK20BLAO 8<8,
?>;L7>20BLAO :0@<0==K<8 45=L30<8 8 B.4.
'<5=85 >?@545;OBL 4;8=C, 25A, >1J5<, B5;L7COAL
<5@:0<8 8 87<5@8B5;L=K<8 ?@81>@0<8.
'<5=85 CAB0=02;820BL 2708<=>->4=>7=0G=K5 A>>B25BAB28O.
'<5=85 @0A?>7=020BL F8D@K, >1>7=0G0NI85 =><5@ 4><0,
:20@B8@K, 02B>1CA0, B5;5D>=0 8 4@.
'<5=85 @07;8G0BL G0AB8
ACB>:, A>>B=>A8BL 459AB285 A
2@5<5==K<8 ?@><56CB:0<8, A>AB02;OBL 8 ?@>A;56820BL ?>A;54>20B5;L=>ABL A>1KB89,
>?@545;OBL 2@5 G0A0<, A>>B=>A8BL 2@5< 8 :>=F>< 45OB5;L=>AB8.
AB5AB2>7=0=85
":@C60NI89 ?@8@>4=K9 <8@
1.
#@54AB02;5=8O o O2;5=8OE 8 o1J5:B0E =5682o9 ?@8@o4K, A<5=5 2@5<5= 3o40 8
AooB25BAB2CNI8E A57o==KE 87<5=5=8OE 2 ?@8@o45, C<5=89 040?B8@o20BLAO : :o=:@5B=K<
?@8@o4=K< 8 :;8<0B8G5A:8< CA;o28O<.
=B5@5A : >1J5:B0< 8 O2;5=8O< =5682>9 ?@8@>4K.
$0AH8@5=85 ?@54AB02;5=89 >1 >1J5:B0E =5682>9 ?@8@>4K (2>40, 2>74CE,
75<;O, >3>=L, ;5A, ;C3, @5:0, 2>4>5@9 ?>25@E=>AB8, ?>;57=K5 8A:>?05 2@5<5=0E 3>40, E0@0:B5@=KE ?@87=0:0E 2@5<5= 3>40,
?>3>4=KE 87<5=5=8OE, 8E 2;8O=88 =0 687=L G5;>25:0.
'<5=85 CG8BK20BL 87<5=5=8O 2 >:@C60NI59 A@545 4;O 2K?>;=5=8O ?@028;
687=545OB5;L=>AB8, >E@0=K 74>@>2LO.
2.
#@54AB02;5=8O o 682oB=o< 8 @0AB8B5;L=o< <8@5, 8E 7=0G5=88 2 687=8
G5;o25:0.
=B5@5A : >1J5:B0< 682>9 ?@8@>4K.
$0AH8@5=85 ?@54AB02;5=89 > 682>B=>< 8 @0AB8B5;L=>< <8@5 (@0AB5=8O,
682>B=K5, 8E 284K, ?>=OB8O «?>;57=K5» - «2@54=K5», «48:85» - «4><0H=85» 8 4@.).
"?KB 701>B;82>3> 8 15@56=>3> >B=>H5=8O : @0AB5=8O< 8 682>B=K<, CE>40 70
=8<8.
'<5=85 A>1;N40BL ?@028;0 157>?0A=>3> ?>2545=8O 2 ?@8@>45 (2 ;5AC, C @5:8 8
4@.).
3.
-;5<5=B0@=K5 ?@54AB02;5=8O o B5G5=88 2@5<5=8.
'<5=85 @07;8G0BL G0AB8 ACB>:, 4=8 =545;8, <5AOFK, 8E A>>B=5A5=85 A
2@5<5=5< 3>40.

2.

19

#@54AB02;5=8O > B5G5=88 2@5<5=8: A<5=0 A>1KB89 4=O, ACB>:, 2 B5G5=85
=545;8, <5AOF0.
+5;>25:
1.
#@54AB02;5=85 o A515 :0: «/», oAo7=0=85 o1I=oAB8 8 @07;8G89 «/» oB
4@C38E.
%>>B=5A5=85 A51O A> A2>8< 8<5=5<, A2>8< 87>1@065=85< =0 D>B>3@0D88,
>B@065=85< 2 75@:0;5.
#@54AB02;5=8O > A>1AB25==>< B5;5.
"B=5A5=85 A51O : >?@545;5==>;C.
'<5=85 >?@545;OBL «<>5» 8 «=5 <>5», >A>7=020BL 8 2K@060BL A2>8 8=B5@5AK,
65;0=8O.
'<5=85 A>>1I0BL >1I85 A2545=8O > A515: 87@0AB, ?>;, <5AB>
68B5;LAB20, 8=B5@5AK.
#@54AB02;5=8O > 2>7@0AB=KE 87<5=5=8OE G5;>25:0, 045:20B=>5 >B=>H5=85 :
A2>8< 2>7@0AB=K< 87<5=5=8O<.
2.
'<5=85 @5H0BL :064o4=52=K5 687=5==K5 7040G8, A2O70==K5 A
C4o2;5B2o@5=85< ?5@2ooG5@54=KE ?oB@51=oAB59.
'<5=85 >1A;C6820BL A51O: ?@8=8<0BL ?8IC 8 ?8BL, E>48BL 2 BC0;5B,
2K?>;=OBL 38385=8G5A:85 ?@>F54C@K, >4520BLAO 8 @074520BLAO 8 4@.
'<5=85 A>>1I0BL > A2>8E ?>B@51=>ABOE 8 65;0=8OE.
3.
'<5=85 ?o445@6820BL o1@07 687=8, AooB25BAB2CNI89 2o7@0ABC,
?oB@51=oABO< 8 o3@0=8G5=8O< 74o@o2LO; ?o445@6820BL @568< 4=O A =5o1Eo48?@545;OBL A2>5 A0<>GC2AB285 (:0: E>@>H55 8;8 ?;>E>5), ?>:07K20BL
8;8 A>>1I0BL > 1>;57=5==KE >ICI5=8OE 27@>A;>1;N40BL 38385=8G5A:85 ?@028;0 2 A>>B25BAB288 A @568<>< 4=O
(G8AB:0 7C1>2 CB@>< 8 25G5@><, 9 8 ?>A;5 ?>A5I5=8O BC0;5B0). -'<5=85
A;548BL 70 A2>8< 2=5H=8< 284><.
4.
#@54AB02;5=8O o A2o59 A5 G;5=0E A54AB25==KE >B=>H5=8OE 2 A559
A>F80;L=>9 @>;8, >1O70==>ABOE G;5=>2 A52>9 8 4>AC3>2>9 45OB5;L=>AB8 A5<>2>4AB2>
1.
'<5=85 ?@8=8<0BL ?oA8;L=o5 CG0AB85 2 ?o2A54=52=KE 45;0E 4o<0.
'<5=85 2K?>;=OBL 4>ABC?=K5 1KB>2K5 284K @01>B: ?@83>B>2;5=85 ?8I8,
C1>@:0, AB8@:0, 3;065=85, G8AB:0 >4564K, >1C28, A5@28@>2:0 AB>;0, 4@.
'<5=85 A>1;N40BL B5E=>;>38G5A:85 ?@>F5AAK 2 E>7O9AB25==>1KB>2>9
45OB5;L=>AB8: AB8@:0, C1>@:0, @01>B0 =0 :CE=5, 4@.
%>1;N45=85 38385=8G5A:8E 8 A0=8B0@=KE ?@028; E@0=5=8O 4><0H=8E 25I59,
?@>4C:B>2, E8<8G5A:8E A@54AB2 1KB>2>3> =07=0G5=8O.
'<5=85 8A?>;L7>20BL 2 4><0H=5< E>7O9AB25 1KB>2CN B5E=8:C, E8<8G5A:85
A@54AB20, 8=AB@C<5=BK, A>1;N40O ?@028;0 157>?0A=>AB8.
":@C60NI89 A>F80;L=K9 <8@
1.
#@54AB02;5=8O o <8@5, Ao740==o< @C:0<8 G5;o25:0
-=B5@5A : >1J5:B0<, A>740==K< G5;>25:><.
#@54AB02;5=8O > 4><5, H:>;5, > @0A?>;>65==KE 2 =8E 8 @O4>< >1J5:B0E
(<515;L, >1>@C4>20=85, >45640, ?>AC40, 83@>20O ?;>I04:0, 8 4@.), > B@0=A?>@B5 8 B.4.
'<5=85 A>1;N40BL M;5<5=B0@=K5 ?@028;0 157>?0A=>AB8 ?>2545=8O 2 4><5, =0
C;8F5, 2 B@0=A?>@B5, 2 >1I5AB25==KE <5AB0E.
2.
#@54AB02;5=8O o1 o:@C60NI8E ;N4OE:
o2;045=85

-

20

?5@2>=0G0;L=K<8 ?@54AB02;5=8O<8 > A>F80;L=>9 687=8, > ?@>D5AA8>=0;L=KE 8
A>F80;L=KE @>;OE ;N459.
#@54AB02;5=8O > 45OB5;L=>AB8 8 ?@>D5AA8OE ;N459, >:@C60NI8E @515=:0
(CG8B5;L, ?>20@, 2@0G, 2>48B5;L 8 B.4.).
#@54AB02;5=8O > A>F80;L=KE @>;OE ;N459 (?0AA068@, ?5H5E>4, ?>:C?0B5;L 8
B.4.), ?@028;0E ?>2545=8O A>3;0A=> A>F80;L=K< @>;O< 2 @07;8G=KE A8BC0F8OE.
"?KB :>=AB@C:B82=>3> 2708<>459AB28O A 27@>A;K<8 8 A25@AB=8:0<8.
'<5=85 A>1;N40BL ?@028;0 ?>2545=8O =0 C@>:0E 8 2> 2=5C@>G=>9
45OB5;L=>AB8, 2708<>459AB2>20BL A> 27@>A;K<8 8 A25@AB=8:0<8, 2K18@0O 045:20B=CN
48AB0=F8N 8 D>@=B0:B0, A>>B25BAB2CNI85 2>7@0ABC 8 ?>;C @515=:0.
3.
$0728B85 <56;8G=>AB=KE 8 3@C??>2KE >B=>H5=89.
#@54AB02;5=85 > 4@C615, B>20@8I0E, A25@AB=8:0E.
'<5=85 =0E>48BL 4@C759 =0 >A=>25 ;8G=>AB=KE ?@54?>GB5=89.
'<5=85 AB@>8BL >B=>H5=8O =0 >A=>25 ?>445@6:8 8 2708<>?><>I8, C<5=85
A>?5@56820BL, A>GC2AB2>20BL, ?@>O2;OBL 2=8<0=85.
'<5=85 2708<>459AB2>20BL 2 3@C??5 2 ?@>F5AA5 CG51=>9, 83@>2>9, 4@C38E
2840E 4>ABC?=>9 45OB5;L=>AB8.
'<5=85 >@30=87>2K20BL A2>1>4=>5 2@5< A2>8E 8 A>2<5AB=KE
8=B5@5A>2.
4.
!0:>?;5=85 ?>;>68B5;L=>3> >?KB0 A>B@C4=8G5AB20 8 CG0AB8O 2
>1I5AB25==>9 687=8.
#@54AB02;5=85 > ?@074=8:0E, ?@074=8G=KE <5@>?@8OB8OE, 8E A>45@60=88,
CG0AB85 2 =8E.
A?>;L7>20=85 ?@>AB59H8E MAB5B8G5A:8E >@85=B8@>2/MB0;>=>2 > 2=5H=5<
2845, =0 ?@074=8:0E, 2 E>7O9AB25==>-1KB>2>9 45OB5;L=>AB8.
'<5=85 A>1;N40BL B@048F88 A5<59=KE, H:>;L=KE, 3>AC40@AB25==KE
?@074=8:>2.
5.
#@54AB02;5=8O >1 >1O70==>ABOE 8 ?@020E @515=:0.
#@54AB02;5=8O > ?@025 =0 687=L, =0 >1@07>20=85, =0 B@C4, =0
=5?@8:>A=>25==>ABL ;8G=>AB8 8 4>AB>8=AB20 8 4@.
#@54AB02;5=8O >1 >1O70==>ABOE >1CG0NI53>AO, AK=0/4>G5@8, 2=C:0/2=CG:8,
3@0640=8=0 8 4@.
6.
#@54AB02;5=85 > AB@0=5 ?@>6820=8O $>AA8O.
#@54AB02;5=85 > AB@0=5, =0@>45, AB>;8F5, 1>;LH8E 3>@>40E, 3>@>45 (A5;5),
<5AB5 ?@>6820=8O.
#@54AB02;5=85 > 3>AC40@AB25==> A8<2>;8:5 (D;03, 35@1, 38<=).
#@54AB02;5=85 > 7=0G8@8G5A:8E A>1KB8OE 8 2K40NI8EAO ;N4OE $>AA88.
A:CAAB2>
C7K:0 8 42865=85
1.
$0728B85 A;CE>2KE 8 42830B5;L=KE 2>A?@8OB89, B0=F520;L=KE, ?52G5A:8E,
E>@>2KE C<5=89, >A2>5=85 83@5 =0 4>ABC?=KE F8>=0;L=>5 8
?@0:B8G5A:>5 >1>30I5=85 >?KB0 2 ?@>F5AA5 -B0=F520;L=KE, 2>:0;L=KE 8 8=AB@C<5=B0;L=KE 2KABC?;5=89.
=B5@5A : @07;8G=K< 2840< 9 45OB5;L=>AB8 (A;CH0=85, ?5=85,
42865=85 ?>4 ;=OBL ?@>AB59H85 B0=F520;L=K5
42865=8O.
"A2>5=85 ?@85<>2 83@K =0 ?@>2>645=85
<5;>488 83@>9 =0 4?520BL 8E, ?5BL 2 E>@5.
>B>2=>ABL : CG0AB8N 2 A>2<5AB=KE ?@8OB8OE.
'<5=85 ?@>O2;OBL 045:20B=K5 M<>F8>=0;L=K5 @50:F88 >B A>2<5AB=>9 8
A0<>AB>OB5;L=>9 9 45OB5;L=>AB8.
%B@5<;5=85 : A>2<5AB=>9 8 A0<>AB>OB5;L=>9 9 45OB5;L=>AB8;
'<5=85 8A?>;L7>20BL ?>;CG5==K5 =02K:8 4;O CG0AB8O 2 ?@54AB02;5=8OE,
:>=F5@B0E, A?5:B0:;OE, 4@.
7>1@078B5;L=0O 45OB5;L=>ABL (@8A>20=85, ;5?:0, 0??;8:0F8O)
1.
"A2>5=85 A@54AB2 87>1@078B5;L=>9 45OB5;L=>AB8 8 8E 8A?>;L7>20=85 2
?>2A54=52=>9 687=8.
=B5@5A : 4>ABC?=K< 2840< 87>1@078B5;L=>9 45OB5;L=>AB8.
'<5=85 8A?>;L7>20BL 8=AB@C<5=BK 8 <0B5@80;K 2 ?@>F5AA5 4>ABC?=>9
87>1@078B5;L=>9 45OB5;L=>AB8 (;5?:0, @8A>20=85, 0??;8:0F8O).
'<5=85 8A?>;L7>20BL @07;8G=K5 87>1@078B5;L=K5 B5E=>;>388 2 ?@>F5AA5
@8A>20=8O, ;5?:8, 0??;8:0F88.
2.
%?>A>1=>ABL : A0<>AB>OB5;L=>9 87>1@078B5;L=>9 45OB5;L=>AB8.
#>;>68B5;L=K5 M<>F8>=0;L=K5 @50:F88 (C4>2>;LAB285, @04>ABL) 2 ?@>F5AA5
87>1@078B5;L=>9 45OB5;L=>AB8.
%B@5<;5=85 : A>1AB25==>9 B2>@G5A:>9 45OB5;L=>AB8 8 C<5=85
45<>=AB@8@>20BL @57C;LB0BK @01>BK.
'<5=85 2K@060BL A2>5 >B=>H5=85 : @57C;LB0B0< A>1AB25==>9 8 GC6>9
B2>@G5A:>9 45OB5;L=>AB8.
3.
>B>2=>ABL : CG0AB8N 2 A>2<5AB=KE <5@>?@8OB8OE.
>B>2=>ABL : 2708<>459AB28N 2 B2>@G5A:>9 45OB5;L=>AB8 A>2<5AB=> A>
A25@AB=8:0<8, 27@>A;K<8.
'<5=85 8A?>;L7>20BL ?>;CG5==K5 =02K:8 4;O 873>B>2;5=8O B2>@G5A:8E
@01>B, 4;O
CG0AB8O 2 2KAB02:0E, :>=:C@A0E @8AC=:>2, ?>45;>:.
(878G5A:0O :C;LBC@0
40?B82=0O D878G5A:0O :C;LBC@0 (()
1. >A?@8OB85 A>1AB25==>3> B5;0, >A>7=0=85 A2>8E D878G5A:8E 2>7<>6=>AB59 8
>3@0=8G5=89.
"A2>5=85 4>ABC?=KE A?>A>1>2 :>=B@>;O =04 DC=:F8O<8 A>1AB25==>3> B5;0:
A845BL, AB>OBL, ?5@542830BLAO (2 B.G. A 8A?>;L7>20=85< B5E=8G5A:8E A@54AB2).
"A2>5=85 42830B5;L=KE =02K:>2, :>>@48=0F88, ?>A;54>20B5;L=>AB8
42865=89.
%>25@H5=AB2>20=85 D878G5A:8E :0G5AB2: ;>2:>AB8, A8;K, 1KAB@>BK,
2K=>A;82>AB8.
'<5=85 @04>20BLAO CA?5E0<: 2KH5 ?@K3=C;, 1KAB@55 ?@>1560; 8 4@.
2.
%>>B=5A5=85 A0<>GC2AB28O A =0AB@>5=85<, A>1AB25==>9
0:B82=>ABLN, A0<>AB>OB5;L=>ABLN 8 =57028A8<>ABLN.
'<5=85 >?@545;OBL A2>5 A0<>GC2AB285 2 A2O78 A D878G5A:>9 =03@C7:>9:
CAB0;>ABL, 1>;52K5 >ICI5=8O, 4@.
#>2KH5=85 C@>2=O A0<>AB>OB5;L=>AB8 2 >A2>5=88 8 A>25@H5=AB2>20=88
42830B5;L=KE C<5=89.
3.
"A2>5=85 4>ABC?=KE 284>2 D87:C;LBC@=>-A?>@B82=>9 45OB5;L=>AB8: 5740 =0
25;>A8?545, E>4L10 =0 ;K60E, A?>@B82=K5 83@K, BC@87<, ?;020=85.
=B5@5A : >?@545;5==K< 2840< D87:C;LBC@=>-A?>@B82=>9 45OB5;L=>AB8: 5740

2.

22

=0 25;>A8?545, E>4L10 =0 ;K60E, ?;020=85, A?>@B82=K5 8 ?>4286=K5 83@K, BC@87<, 4@.
'<5=85 5748BL =0 25;>A8?545, :0B0BLAO =0 A0=:0E, E>48BL =0 ;K60E, ?;020BL,
83@0BL 2 ?>4286=K5 83@K 8 4@.
&5E=>;>38O
#@>D8;L=K9 B@C4
1.
"2;045=85 =02K:0<8 ?@54<5B=>-?@0:B8G5A:>9 45OB5;L=>AB8, :0:
=5>1E>48<>9 >A=>2>9 4;O A0<>>1A;C6820=8O, :><1@078B5;L=>9, 1KB>2>9 8
B@C4>2>9 45OB5;L=>AB8.
'<5=85 8A?>;L7>20BL 2 ?@54<5B=>-?@0:B8G5A:>9 45OB5;L=>AB8 @07;8G=K5
8=AB@C<5=BK, <0B5@80;K; A>1;N40BL =5>1E>48?0A=>AB8.
'<5=85 A>1;N40BL B5E=>;>38G5A:85 ?@>F5AAK, =0?@8<5@, 2K@0I820=85 8
CE>4 70 @0AB5=8O<8, ?@8 873>B>2;5=88 8745;89 87 1C<038, 45@520, B:0=8, 3;8=K 8 4@C385, A
CG5B>< >A>15==>AB59 @538>=0.
%B@5<;5=85 2K?>;=OBL @01>BC :0G5AB25==>, 2 CAB0=>2;5==K9 ?@><56CB>:
2@5<5=8, >F5=820BL @57C;LB0BK A2>53> B@C40.
2.
"1>30I5=85 ?>;>68B5;L=>3> >?KB0 8 CAB0=>2:8 =0 0:B82=>5 8A?>;L7>20=85
>A2>5==KE B5E=>;>389 8 =02K:>2 4;O 8=48284C0;L=>3> 687=5>15A?5G5=8O, A>F80;L=>3>
@0728B8O 8 ?><>I8 1;87:8<.
#>B@51=>ABL 0:B82=> CG0AB2>20BL 2 A>2<5AB=>9 A 4@C38<8 45OB5;L=>AB8,
=0?@02;5==>9 =0 A2>5 687=5>15A?5G5=85, A>F80;L=>5 @0728B85 8 ?><>IL 1;87:8<.
$57C;LB0BK >A2>5=8O ?@>3@0<@@5:F8>==>9 @01>BK
#;0=8@C5A2>5=8O >1CG0NI8<8AO ("# H"" 4;O >1CG0NI8EAO A P%
(20@80=B 8.4) 4>?>;=ONBAO @57C;LB0B0<8 >A2>5=8O ?@>3@0<@@5:F8>==>9 @01>BK.
P57C;LB0BK >A2>5=8O :>@@5:F8>==>-@072820NI59 >1;0AB8 "# H"" >B@060NB:
>@@5:F8>==K9 :C@A «1<>F8>=0;L=>5 8 :><-@5G52>5 @0728B85
(0;LB5@=0B82=0O :><;>68B5;L=0O 48=0<8:0 2 8A?>;L7>20=88 @07=>>1@07=KE <>45;59 >1I5=8O A
?>AB5?5==K< A>:@0I5=85< 48AB0=F88 2708<>459AB28O A >:@C60NI8<8, 2>7<>6=KE D>@<
287C0;L=>3> 8 B0:B8;L=>3> :>=B0:B0, A?>A>1=>AB8 ?@>=8:0BL 2 M<>F8>=0;L=K9 A1I5=8O;
D>@<8@>20=85 :><2, 2:;NG0O 8A?>;L7>20=85 A@54AB2
0;LB5@=0B82=>9 :><@@5:F8>==K9 :C@A: «%5=A>@=>5 @0728B85»:
@0AH8@5=85 A?5:B@0 2>A?@8=8<05< A5=A>@=KE, B0:B8;L=KE
AB82;
@0728B85 A?>A>1=>AB8 >1A;54>20BL >:@C60NI85 ?@54<5BK 045:20B=K< A?>A>1><;
@0AH8@5=85 =01>@0 4>ABC?=KE 1KB>2KE =02K:>2 8 ?@>872>;L=KE ?@0:B8G5A:8E
459AB289, =02K:>2 ?@54<5B=>-?@0:B8G5A:>9 8 ?>7=020B5;L=>9 45OB5;L=>AB8.
>@@5:F8>==K9 :C@A «2830B5;L=>5 @0728B85»:
?>;>68B5;L=>5 >B=>H5=85 : 2K?>;=5=8N 42865=89 ?> 8=AB@C:F88 27@>A;>3>,
@0AH8@5=85 480?07>=0 ?@>872>;L=KE 42865=89, >A2>5=85 =>2KE A?>A>1>2 ?5@542865=8O
(2:;NG0O ?5@542865=85 A ?><>ILN B5E=8G5A:8E A@54AB2 @5018;8B0F88);
@0728B85 DC=:F8>=0;L=KE 42830B5;L=KE =02K:>2;
@0728B85 DC=:F88 @C:8, 2 B>< G8A;5 <5;:>9 <>B>@8:8;
@0728B85 7@8B5;L=>-42830B5;L=>9 :>>@48=0F88, >@85=B8@>2:8 2 ?@>AB@0=AB25;
>1>30I5=85 A5=A><>B>@=>3> >?KB0.
>@@5:F8>==K9 :C@A «#@54<5B=>-?@0:B8G5A:85 459AB28O»:
D>@<8@>20=85 8=B5@5A0 : ?@54<5B=>B2>@=>A2>5=85 ?@>ABKE 459AB289 A ?@54<5B0<8 8 <0B5@80;0<8;
C<5=85 A;54>20BL >?@545;5==>@O4:C (0;3>@8B;=5=88 ?@54<5B=KE 459AB289.
>@@5:F8>==K9 :C@A «>@@5:F8>==>-@072820NI85 70=OB8O»:
@0728B85
>B45;L=KE
AB>@>=
?A8E8G5A:>9
45OB5;L=>AB8,
=0@CH5=89
?>7=020B5;L=>9 8 M<>F8>=0;L=>-;8G=>AB=>9 AD5@K;
>A2>5=85 A>F80;L=> ?@85<;5@< ?>2545=8O, A2545=85 : <8=8O2;5=89 =5045:20B=>3> ?>2545=8O (=5045:20B=K5 :@8: 8 A<5E, 0DD5:B82=K5 2A?KH:8,
03@5AA8O, A0<>03@5AA8O, AB5@5>B8?88 8 4@C385 ?@>O2;5=8O);
>2;045=85 4>ABC?=K<8 ?@54<5B=>-?@0:B8G5A:8<8 459AB28O<8, 107>2K<8
<>45;O<8 A>F80;L=>3> 2708<>459AB28O;
@0728B85 8=48284C0;L=KE A?>A>1=>AB59 >1CG0NI8EAO, 8E B2>@G5A:>3>
?>B5=F80;0.

. %8AB5<0 >F5=:8 4>AB865=8O ?;0=8@C52 >A2>5=8O
"# !"" P% (20@80=B 8.4)

$57C;LB0BK >A2>5=8O #@>3@0<F5=820NBAO ?> >A2>5=8N >1CG0NI8<8AO
A $AC A>45@60B5;L=KE ;8=89 A5<8 >1;0AB59 >1@07>20=8O, >?@545;5==KE AB@C:BC@>9
(A"# H"" (20@80=B 8.4).
 A>>B25BAB288 A B@51>20=8O<8 ("C H"" 4;O >1CG0NI8EAO A " ?@8<5=8B5;L=> :
20@80=BC 8.4 @57C;LB0B82=>ABL >1CG5=8O >F5=8205BAO B>;L:> AB@>3> 8=48284C0;L=> A
CG5B>< >A>15==>AB59 ?A8E>D878G5A:>3> @0728B8O 8 >A>1KE >1@07>20B5;L=KE
?>B@51=>AB59 :064>3> >1CG0NI53>AO.
 A2O78 A MB8<, B@51>20=8O : @57C;LB0B0< >A2>5=8O >1@07>20B5;L=KE ?@>3@0<<
?@54AB02;ONB A>1>9 >?8A0=85 2>7<>6=KE @57C;LB0B>2 >1@07>20=8O 40==>9 :0B53>@88
>1CG0NI8EAO.
B>3>20O >F5=:0 :0G5AB20 >A2>5=8O >1CG0NI8<8AO A $AC 040?B8@>20==>9 >A=>2=>9
>1@07>20B5;L=>9 ?@>3@0<ACI5AB2;O5BAO "'-"", 714 E.;L8=>2.
#@54<5B>< 8B>3>2>9 >F5=:8 >A2>5=8O >1CG0NI8<8AO 040?B8@>20==>9 >A=>2=>9
>1@07>20B5;L=>9 ?@>3@0<;6=> 1KBL 4>AB865=85 @57C;LB0B>2 >A2>5=8O C#$.
C8AB5<0 >F5=:8 @57C;LB0B>2 2:;NG05B F5;>AB=CN E0@0:B5@8AB8:C 2K?>;=5=8O
>1CG0NI89 8=48284C0;L=>9 >1@07>20B5;L=>9 ?@>3@0<B@060NICN
2708<>459AB285 A;54CNI8E :>=5=B>2 >1@07>20=8O:
GB> >1CG0NI89AO 4>;65= 7=0BL 8 C<5BL =0 40==>< C@>2=5 >1@07>20=8O;
GB> 87 ?>;CG5==KE 7=0=89 8 C<5=89 >= <>65B 8 4>;65= ?@8<5=OBL =0 ?@0:B8:5;
=0A:>;L:> 0:B82=>, 045:20B=> 8 A0<>AB>OB5;L=> >= 8E ?@8<5=O5B.
#@8 >F5=:5 @57C;LB0B82=>AB8 >1CG5=8O >1CG0NI8EAO A $AC 8
BO65;K<8 8 <=>65AB25==K<8 =0@CH5=8O<8 @0728B8O >A>1> 206=> CG8BK20BL, GB> C
>1CG0NI8EAO <>3CB 1KBL 2?>;=5 70:>=><5@=K5 70B@C4=5=8O 2 >A2>5=88 >B45;L=KE
?@54<5B>2 8 4065 >1;0AB59, => MB> =5 4>;6=> @0AA<0B@820BLAO :0: ?>:070B5;L
=5CA?5H=>AB8 8E >1CG5=8O 8 @0728B8O 2 F5;><.
;O 2KO2;5=8O 2>7<>6=>9 @57C;LB0B82=>AB8 >1CG5=8O CG8BK205BAO @O4 D0:B>@>2:
>A>15==>AB8 B5:CI53> ?A8E8G5A:>3> 8 A><0B8G5A:>3> A>AB>O=8O :064>3>
>1CG0NI53>AO;
2 ?@>F5AA5 ?@54JO2;5=8O 7040=89 4>;6=K 8A?>;L7>20BLAO 2A5 4>ABC?=K5
>1CG0NI59 :><B>3@0D88,
@8AC=:8, ?8:B>3@0<7<>6=>AB8, ?8AL<5==0O @5GL);
D>@7<>6=>9 @57C;LB0B82=>AB8 >1CG5=8O 4>;6=K 1KBL
20@80B82=K<8 4;O @07;8G=KE >1CG0NI8EAO, @07@010BK20BLAO 8=48284C0;L=>, 2 B5A=>9
A2O78 A ?@0:B8G5A:>9 45OB5;L=>ABLN >1CG0NI8EAO;
A?>A>1K 2KO2;5=8O C<5=89 8 ?@54AB02;5=89 >1CG0NI8EAO A $AC
<>3CB =>A8BL :0: B@048F8>==K9 E0@0:B5@, B0: 8 1KBL ?@54AB02;5=K 2 4@C3>9 D>@<5, 2
24

B>< G8A;5 2 2845 =5:>B>@KE ?@0:B8G5A:8E 7040=89;
2 ?@>F5AA5 ?@54JO2;5=8O 8 2K?>;=5=8O 7040=89 >1CG0NI8;6=0
>:07K20BLAO =5>1E>48<0O ?><>IL (4>?>;=8B5;L=K5 8=AB@C:F88 8 CB>G=5=8O, 2K?>;=5=85
>1CG0NI8 >1@07FC, ?>A;5 G0AB8G=>3> 2K?>;=5=8O 27@>A;K<, A>2<5AB=> A
27@>A;K<);
?@8 >F5=:5 @57C;LB0B82=>AB8 4>AB865=89 =5>1E>48<> CG8BK20BL C@>25=L
2K?>;=5=8O 8 AB5?5=L A0<>AB>OB5;L=>AB8 >1CG0NI53>AO (A0<>AB>OB5;L=>, A0<>AB>OB5;L=>
?> >1@07FC, ?> 8=AB@C:F88, A =51>;LH>9 8;8 7=0G8B5;L=>9 ?><>ILN, 2<5AB5 A> 27@>A;K<);
2KO2;5=85 @57C;LB0B82=>AB8 >1CG5=8O 4>;6=> 1KBL =0?@02;5=> =5 B>;L:> =0
>?@545;5=85 0:BC0;L=>3> C@>2=O @0728B8O, => 8 "7>=K 1;8609H53> @0728B8O", B> 5ABL
2>7<>6=>AB59 ?>B5=F80;L=>3> @0728B8O;
2KO2;5=85 ?@54AB02;5=89, C<5=89 8 =02K:>2 >1CG0NI8EAO A PAC A C<5@5==>9,
BO65;>9 8 3;C1>:>9 C9 >BAB0;>ABLN (8=B5;;5:BC0;L=K<8 =0@CH5=8O<8),
BO65;K<8 <=>65AB25==K<8 =0@CH5=8O<8 @0728B8O 2 :064>9 >1@07>20B5;L=>9 >1;0AB8
4>;6=> A>74020BL >A=>2C 4;O 40;L=59H59 :>@@5:B8@>2:8 A?5F80;L=>9 8=48284C0;L=>9
>1@07>20B5;L=>9 ?@>3@0<2 2K?>;=5=8O A?5F80;L=>9 8=48284C0;L=>9 >1@07>20B5;L=>9
?@>3@0< :064>9 A>45@60B5;L=>9 ;8=88 ?>72>;O5B A>AB028BL ?>4@>1=CN
E0@0:B5@8AB8:C @0728B8O >1CG0NI53>AO, 0 8E 0=0;87 B0:65 >F5=8BL 48=0<8:C @0728B8O 53>
687=5==>9 :>F5=:8 @57C;LB0B>2 @0728B8O 687=5==>9 :>1CG0NI53>AO 8A?>;L7C5BAO
<5B>4 M:A?5@B=>9 3@C??K (=0 <5648AF8?;8=0@=>9 >A=>25). C>AB02 M:A?5@B=>9 3@C??K
>?@545;O5BAO "'-"", 714 E.;L8=>2 8 2:;NG05B ?5403>38G5A:8E 8 <548F8=A:8E
@01>B=8:>2
(CG8B5;59,
2>A?8B0B5;59,
CG8B5;59-;>3>?54>2,
?5403>30-?A8E>;>30,
A>F80;L=>3> ?5403>30), :>B>@K5 E>@>H> 7=0NB CG5=8:0. "=0 >1J548=O5B ?@54AB028B5;59
2A5E 708=B5@5A>20==KE CG0AB=8:>2 >1@07>20B5;L=>3> ?@>F5AA0, B5A=> :>=B0:B8@CNI8E A
>1CG0NI82 53> A59 3@C??K O2;O5BAO 2K@01>B:0
A>3;0A>20==>9 >F5=:8 4>AB865=89 >1CG0NI53>AO 2 AD5@5 687=5==>9 :>2>9 A;C68B 0=0;87 ?>2545=8O >1CG0NI53>AO 8 48=0<8:8 53> @0728B8O 2 ?>2A54=52=>9
687=8. P57C;LB0BK 0=0;870 ?@54AB02;ONBAO 2 C4>1=>9 8 ?>=OB=>9 2A5< G;5=0< 3@C??K
D>@<5 >F5=:8, E0@0:B5@87CNI59 =0;8G=K9 C@>25=L 687=5==>9 :>3>2K5 @57C;LB0BK >1@07>20=8O, 2 B>< G8A;5 ;8G=>AB=K5, 70 >F5=82054
>D>@<;ONBAO 2 C#P.
H0 >A=>25 8B>3>2>9
E0@0:B5@8AB8:8 A>AB02;O5BAO C#P =0 A;54CNI89 CG51=K9 ?5@8>4. 0==0O <5B>48:0
?>72>;O5B ?@>A;548BL 48=0<8:C @0728B8O CG5=8:0 >B 3>40 : 3>4C, 2KO28BL 8=48284C0;L=K5
?@>1;520=8O 2>A?8B0B5;L=>9 @01>BK ?> ?@5>4>;5=8N
8<5NI8EAO ?@>1;5< 2 A;54CNI5< CG51=>< 3>4C.
"F5=:0 MDD5:B82=>AB8 >1@07>20B5;L=>9 >@30=870F88
=CB@5==OO A8AB5<0 >F5=:8 :0G5AB20 "'-"", 714 E.;L8=>2 2:;NG05B >F5=:C
@50;870F88 A"# H"" PAC 20@80=B 8.4.), 0 8<5==>:
1.
"F5=:0 4>AB865=8O ;8G=>AB=KE 8 ?@54<5B=KE ?;0=8@C52
@50;870F88 A"# H"" PAC.
2.
"F5=:0 @50;870F88 A"# H"" PAC 2 G0AB8 >?@545;5=8O :0G5AB20 @50;870F88
@01>G8E ?@>3@0<< CG51=KE ?@54<5B>2, :C@A>2, 2 B>< G8A;5 8 :C@A>2 2=5C@>G=>9
45OB5;L=>AB8, 0 B0:65 C@>2=O @50;870F88 >B45;L=KE ?@>3@0<< A>45@60B5;L=>3> @0745;0 ?@>3@0<A?8B0=8O 8 A>F80;870F88 >1CG0NI8EAO, ?@>3@0<B@C4=8G5AB20 A A5@<8@>20==>AB8 :04@>2KE CA;>289 @50;870F88 A"# H"" PAC =0
>A=>25 >?@545;5=8O C@>2=O A>>B25BAB28O ?@>D5AA8>=0;L=>9 :>AB8 ?5403>3>2
B@51>20=8O< ?@>D5AA8>=0;L=KE AB0=40@B>2.
"F5=:0 45OB5;L=>AB8 ?5403>38G5A:8E :04@>2, >ACI5AB2;ONI8E >1@07>20B5;L=CN
45OB5;L=>ABL >1CG0NI8EAO A C9 >BAB0;>ABLN (8=B5;;5:BC0;L=K<8 =0@CH5=8O<8),
25

>ACI5AB2;O5BAO =0 >A=>25 8=B53@0B82=KE ?>:070B5;59, A2845B5;LAB2CNI8E >
?>;>68B5;L=>9 48=0<8:5 @0728B8O >1CG0NI53>AO («1K;>» - «AB0;>») 8;8 2 A;>6=KE
A;CG0OE A>E@0=5=88 53> ?A8E>M<>F8>=0;L=>3> AB0BCA0.
"F5=:0 @57C;LB0B>2 45OB5;L=>AB8 @57C;LB0B>2
"'-"", 714 E.;L8=>2
>ACI5AB2;O5BAO 2 E>45 53> 0::@548B0F88, 0 B0:65 2 @0<:0E 0BB5AB0F88 ?5403>38G5A:8E
:04@>2. "=0 ?@>2>48BAO =0 >A=>25 @57C;LB0B>2 8B>3>2>9 >F5=:8 4>AB865=8O ?;0=8@C52 >A2>5=8O "# H"" PC A CGëB><:
@57C;LB0B>2 <>=8B>@8=3>2KE 8AA;54>20=89;
CA;>289 @50;870F88 "#;
>A>15==>AB59 :>=B8=35=B0 >1CG0NI8EAO.
#@54<5B>< >F5=:8 2 E>45 40==KE ?@>F54C@ O2;O5BAO B0:65 F9>GM4S BJ9ABKA4S
89SF9?PABEFP "'-"", 714 E.;L8=>2 8 ?5403>38G5A:8E @01>B=8:>2, 8 2 G0AB=>AB8
>BA;56820=85 48=0<8:8 >1@07>20B5;L=KE 4>AB865=89, >1CG0NI8EAO A PC A C<5@5==>9
C9 >BAB0;>ABLN (8=B5;;5:BC0;L=K<8 =0@CH5=8O<8).

II. %>45@60B5;L=K9 @0745;

1.
#@>3@0<<0 D>@<8@>20=8O 107>2KE CG51=KE 459AB289 C >1CG0NI8EAO A
P% A C<5@5==>9, BO65;>9, 3;C1>:>9 C9 >BAB0;>ABLN (8=B5;;5:BC0;L=K<8
=0@CH5=8O<8), & !P (20@80=B 8.4)
*5;L 8 7040G8 ?@>3@0<@<8@>20=8O 107>2KE CG51=KE 459AB289 (40;55 - ')
#@>3@0<<0 D>@<8@>20=8O ' >1CG0NI8EAO A PC (40;55 ?@>3@0<<0 D>@<8@>20=8O
', ?@>3@0<<0) @50;87C5BAO 2 =0G0;L=KE :;0AA0E 8 :>=:@5B878@C5B B@51>20=8O ("C
H"" >1CG0NI8EAO A " : ;8G=>AB=K< 8 ?@54<5B=K< @57C;LB0B0< >A2>5=8O "# H"".
#@>3@0<<0 D>@<8@>20=8O ' @50;87C5BAO 2 ?@>F5AA5 2A59 CG51=>9 8 2=5C@>G=>9
45OB5;L=>AB8, 2 ?@>F5AA5 @50;870F88 ?@>3@0<@@5:F8>==>9 @01>BK.
#@>3@0<<0 AB@>8BAO =0 >A=>25 45OB5;L=>AB=>3> ?>4E>40 : >1CG5=8N 8 ?>72>;O5B
@50;87>2K20BL :>@@5:F8>==>-@072820NI89 ?>B5=F80; >1@07>20=8O >1CG0NI8EAO A PC.
*9?P CDB7D4@@O HBD@@<8@>20=85 >1CG0NI53>AO A PC :0: AC1J5:B0
CG51=>9 45OB5;L=>AB8.
484K<:
D>@<8@>20=85 <>B820F8>==>3> :>=5=B0 CG51=>9 45OB5;L=>AB8;
>2;045=85 :>< ', A>AB02;ONI8E >?5@0F8>==K9 :>=5=B CG51=>9
45OB5;L=>AB8;
@0728B85 C<5=89 ?@8=8<0BL F5;L 8 3>B>2K9 ?;0= 45OB5;L=>AB8, ?;0=8@>20BL
7=0:>ABL, :>=B@>;8@>20BL 8 >F5=820BL 55 @57C;LB0BK 2 >?>@5 =0
>@30=870F8>==CN ?><>IL ?5403>30.
"?8A0=85 F5==>AB=KE >@85=B8@>2 A>45@60=8O >1@07>20=8O ?@8 ?>;CG5=88 !""
(>@<8@>20=85 ' 2KABC?05B >A=>2>9 @50;870F88 F5==>AB=KE >@85=B8@>2 =0G0;L=>3>
>1I53> >1@07>20=8O 2 548=AB25 ?@>F5AA>2 >1CG5=8O 8 2>A?8B0=8O, ?>7=020B5;L=>3> 8
;8G=>AB=>3> @0728B8O >1CG0NI8EAO.
*9AABEFAO@< BD<9AF@<8@>20=85 >A=>2 3@0640=A:>9 845=B8G=>AB8 ;8G=>AB8 =0 >A=>25:
GC2cm2a c>?@8Gacm=>cm8 8 3>@4>cm8 7a c2>N $>48=C, =a@>4 8 8cm>@8N, >c>7=a=8O
>m25mcm25==>cm8 G5;>25:a 7a 1;a3>c>cm>O=85 >1I5cm2a;
2>c?@8Om8O <8@a :a: 548=>3> 8 F5;>cm=>3> ?@8 @a7=>>1@a788 :C;LmC@, =aF8>=a;L=>cm59,
@5;8389; C2a65=8O 8cm>@88 8 :C;LmC@K :a64>3> =a@>4a;
D>@<8@>20=85 ?A8E>;>38G5A:8E CA;>289 @0728B8O >1I5=8O, A>B@C4=8G5AB20 =0
>A=>25:
?@>O2;5=8O 4>1@>65;am5;L=>cm8, 4>25@8O 8 2=8m>2=>cm8 :
c>m@C4=8G5cm2C 8 4@C615, >:a7a=8N ?><>I8 m5<, :m> 2 =59 =C64a5mcO;
C2a65=8O : >:@C6aNI8< - C<5=8O c;CHamL 8 c;KHamL ?a@m=ë@a, ?@87=a2amL ?@a2>
26

:064>3> =0 A>1AB25==>5 <=5=85 8 ?@8=8<0BL @5H5=8O A CGëB>< ?>78F89 2A5E CG0AB=8:>2;
045:20B=>3> 8A?>;L7>20=8O :>@=KE A?>A>1>2 4;O @5H5=8O @07;8G=KE
:><?>@K =0 >?KB 2708<>459AB28O A> A25@AB=8:0<8;
@0728B85 F5==>AB=>-A2>9 AD5@K ;8G=>AB8 =0 >A=>25 >1I5G5;>25G5A:8E
?@8=F8?>2 =@02AB25==>AB8 8 3C<0=87<0:
?@8=OB8O 8 C2065=8O F5==>AB59 A51@07>20B5;L=>9 >@30=870F88, :>;;5:B820 8
AB@5<;5=8O A;54>20BL 8<;
>@85=B0F88 =0 >F5=:C A>1AB25==KE ?>ABC?:>2, @0728B8O MB8G5A:8E GC2AB2 (ABK40,
28=K, A>25AB8) :0: @53C;OB>@>2 <>@0;L=>3> ?>2545=8O;
;8G=>AB=>3> A0<>>?@545;5=8O 2 CG51=>9, A>F80;L=>-1KB>2>9 45OB5;L=>AB8;
2>A?@8OB8O «>1@070 /» :0: AC1J5:B0 CG51=>9 45OB5;L=>AB8; 2=CB@5==59 ?>78F88 :
A0<>AB>OB5;L=>AB8 8 0:B82=>AB8; @0728B8O MAB5B8G5A:8E GC2AB2;
@0728B85 C<5=8O CG8BLAO =0 >A=>25:
@0728B8O ?>7=020B5;L=KE 8=B5@5A>2, 8=8F80B82K 8 ;N1>7=0B5;L=>AB8, <>B82>2
?>7=0=8O 8 B2>@G5AB20;
D>@<8@>20=8O C<5=8O CG8BLAO 8 A?>A>1=>AB8 : >@30=870F88 A2>59 45OB5;L=>AB8
(?;0=8@>20=8N, :>=B@>;N, >F5=:5);
@0728B85 A0<>AB>OB5;L=>AB8, 8=8F80B82K 8 >B25BAB25==>AB8 ;8G=>AB8 =0 >A=>25:
D>@<8@>20=8O A0<>C2065=8O 8 M<>F8>=0;L=>-?>;>68B5;L=>3> >B=>H5=8O : A515 8 :
>:@C60NI8<, 3>B>2=>AB8 >B:@KB> 2K@060BL 8 >BAB0820BL A2>N ?>78F8N,
:@8B8G=>AB8 : A2>8< ?>ABC?:0< 8 C<5=8O 045:20B=> 8E >F5=820BL;
@0728B8O 3>B>2=>AB8 : A0<>AB>OB5;L=K< ?>ABC?:0< 8 459AB28O<, >B25BAB25==>AB8
70 8E @57C;LB0BK;
D>@<8@>20=8O F5;5CAB@5<;ë==>AB8 8 =0AB>9G82>AB8 2 4>AB865=88 F5;59, 3>B>2=>AB8
: ?@5>4>;5=8N B@C4=>AB59, 687=5==>3> >?B8<87<0;
D>@<8@>20=8O C<5=8O ?@>B82>AB>OBL 459AB28O< 8 A8BC0F8O<, ?@54AB02;ONI8< C3@>7C
687=8, 74>@>2LN, 157>?0A=>AB8 ;8G=>AB8 8 >1I5AB20, 2 ?@545;0E A2>8E 2>7<>6=>AB59, 2
G0AB=>AB8 ?@>O2;OBL 8718@0B5;L=>ABL : 8=D>@<0F88, C2060BL G0AB=CN 687=L 8
@57C;LB0BK B@C40 4@C38E ;N459.
%2O7L ' A A>45@60=85< CG51=KE ?@54<5B>2
 ?@>3@0<<5 ' >B@065=0 8E A2O7L A A>45@60=85< CG51=KE ?@54<5B>2. #@0:B8G5A:8
2A5 ' D>@<8@CNBAO 2 B>9 8;8 8=>9 AB5?5=8 ?@8 87CG5=88 :064>3> ?@54<5B0, ?>MB>B>@K5 2 =081>;LH59 <5@5 A?>A>1AB2CNB
D>@<8@>20=8N :>=:@5B=>3> 459AB28O. %2O78 ' A A>45@60=85< CG51=KE ?@54<5B>2
?@54AB02;5=K 2 B01;8F5:

27

@C??0 '

#5@5G5=L '

"1@07>20B5;L=0O
'G51=K9
>1;0ABL
?@54<5B
/7K: 8 @5G520O $5GL 8
8G=>AB=K5
?@0:B8:0
0;LB5@=0B82=0O
CG51=K5
>A>7=0=85 A51O :0: CG5=8:0,
:><20==>3>
?>0B5<0B8:0
0B5<0B8G5A:85
A5I5=85< H:>;K, >1CG5=85<,
?@54AB02;5=8O
70=OB8O<8, :0: G;5=0 A54=>:;0AA=8:0, 4@C30
/7K: 8 @5G520O $5GL 8
?@0:B8:0
0;LB5@=0B82=0O
:><A>1=>ABL : >AF80;L=>3> >:@C65=8O, A2>53>
&5E=>;>388
#@>D8;L=K9
<5AB0 2 =5<, ?@8=OB85
B@C4
A>>B25BAB2CNI8E 2>7@0ABC
F5==>AB59 8 A>F80;L=KE @>;59
?>;>68B5;L=>5 >B=>H5=85 :
/7K: 8 @5G520O $5GL 8
>:@C60NI59 459AB28B5;L=>AB8, ?@0:B8:0
0;LB5@=0B82=0O
3>B>2=>ABL : >@30=870F88
:><459AB28O A =59 8
A:CAAB2>
MAB5B8G5A:>A?@8OB8N;
C7K:0 8 42865=
7>1@078B5;L=0O
45OB5;L=>ABL
(878G5A:0O
40?B82=0O
:C;LBC@0
D878G5A:0O
:C;LBC@0(40;55 - (
&5E=>;>388
#@>D8;L=K9
B@C4
F5;>AB=K9,
A>F80;L=> /7K: 8 @5G520O $5GL 8
>@85=B8@>20==K9 273;O4 =0 <8@ ?@0:B8:0
0;LB5@=0B82=0O
:>< ?@8@>4=>9 8
A>F80;L=>9 G0AB59
":@C60NI89 <8@
":@C60NI89
?@8@>4=K9 <8@
%0<>AB>OB5;L=>ABL 2 2K- /7K: 8 @5G520O
?>;=5=88 CG51=KE 7040=89, ?@0:B8:0
?>@CG5=89, 4>3>2>@5==>AB59
0B5<0B8:0
&5E=>;>388
/7K: 8 @5G520O
?>=8<0=85
;8G=>9 ?@0:B8:0
>B25BAB25==>AB8
70
A2>8
?>ABC?:8
=0
>A=>25 (878G5A:0O
?@54AB02;5=89 > MB8G5A:8E :C;LBC@0
=>@<0E 8 ?@028;0E ?>2545=8O 2 &5E=>;>388
A>2@5<5==>< >1I5AB25
3>B>2=>ABL : 157>?0A=>2545=8N
2 ?@0:B8:0
28

$5GL 8
0;LB5@=0B82=0O
:><D8;L=K9
B@C4
$5GL 8
0;LB5@=0B82=0O
:><D8;L=K9
B@C4
$5GL 8
0;LB5@=0B82=0O

><4=K9 <8@
2ABC?0BL 2 :>=B0:B 8 @01>B0BL 2 /7K: 8 @5G520O
$5GL 8
:>;;5:B825 (CG8B5;L-CG5=8:, CG5=8:- ?@0:B8:0
0;LB5@=0B82=0O
:><4=K9 <8@
(878G5A:0O
A(
:C;LBC@0
&5E=>;>388
#@>D8;L=K9
B@C4
8A?>;L7>20BL ?@8=OBK5 @8BC0;K /7K: 8 @5G520O
$5GL 8
A>F80;L=>3>
2708<>459AB28O
A ?@0:B8:0
0;LB5@=0B82=0O
:><4=>:;0AA=8:0<8 8 CG8B5;5<
0B5<0B8:0
0B5<0B8G5A:8
5
":@C60NI89
":@C60NI89
<8@
?@8@>4=K9 <8@
A:CAAB2>
C7K:0 8
42865=85.
7>1@078B5;L=0O
45OB5;L=>ABL
(878G5A:0O
A(
:C;LBC@0
&5E=>;>388
#@>D8;L=K9
B@C4
&5E=>;>388
#@>D8;L=K9
>1@0I0BLAO 70 ?><>ILN 8
B@C4
?@8=8<0BL ?><>IL
A:CAAB2>
C7K:0 8
42865=85.
7>1@078B5;L=0O
45OB5;L=>ABL
0B5<0B8:0
0B5<0B8G5A:8
5
&5E=>;>388
#@>D8;L=K9
A;CH0BL 8 ?>=8<0BL 8=AB@C:F8N
B@C4
: CG51=>AB8 8 1KBC
A:CAAB2>
C7K:0 8
42865=85.
$8A>20=85
0B5<0B8:0
0B5<0B8G5A:8
5
(878G5A:0O
A(
:C;LBC@0
#@>D8;L=K9
A>B@C4=8G0BL A> 27@>A;K<8 8 &5E=>;>388
B@C4
A25@AB=8:0<8 2 @07=KE A>F80;L=KE
A8BC0F8OE
A:CAAB2>
C7K:0 8
42865=85.
7>1@078B5;L=0O
45OB5;L=>ABL

29

(878G5A:0O
:C;LBC@0
":@C60NI89 <8@

4>1@>65;0B5;L=>
>B=>A8BLAO,
A>?5@56820BL,
:>=AB@C:B82=>
2708<>459AB2>20BL A
;N4L<8

&5E=>;>388
A:CAAB2>

A(
":@C60NI89
?@8@>4=K9 <8@
#@>D8;L=K9
B@C4
C7K:0 8
42865=85.
7>1@078B5;L=0O
45OB5;L=>ABL
A(

(878G5A:0O
:C;LBC@0
4>3>20@820BLAO
8 /7K: 8 @5G520O $5GL 8
87<5=OBL A2>5 ?>2545=85 A ?@0:B8:0
0;LB5@=0B82=0O
:><< ?>2545=8O 4@C38E
CG0AB=8:>2
A?>@=>9 (878G5A:0O
A(
:C;LBC@0
A8BC0F88
/7K: 8 @5G520O $5GL 8
P53C;OB82=K5
?@0:B8:0
0;LB5@=0B82=0O
CG51=K5
:><48BL 8 2KE>48BL 87 ":@C60NI89 <8@
0B5<0B8:0
":@C60NI89
CG51=>3> ?><5I5=8O A>
A:CAAB2>
?@8@>4=K9
<8@.
72>=:><
0B5<0B8G5A:8
>@85=B8@>20BLAO
2 &5E=>;>388
(878G5A:0O
5
?@>AB@0=AB25 :;0AA0 (70;0,
:C;LBC@0
?@54AB02;5=8O
CG51=>3> ?><5I5=8O)
C7K:0 8
?>;L7>20BLAO
CG51=>9
42865=85.
<515;LN
7>1@078B5;L=0O
045:20B=> 8A?>;L7>20BL
45OB5;L=>ABL
@8BC0;K H:>;L=>3>
#@>D8;L=K9
?>2545=8O (?>4=8<0BL @C:C,
B@C4
2AB020BL 8 2KE>48BL 87-70
A(
?0@BK 8 B. 4.) @01>B0BL A
CG51=K<8
?@8=04;56=>ABO<8
(8=AB@C<5=B0<8,
A?>@B82=K< 8=25=B0@5<) 8
>@30=87>2K20BL @01>G55
<5AB>
?@8=8<0BL F5;8 8 ?@>872>;L=> 2:;NG0BLAO 2
45OB5;L=>ABL, A;54>20BL
?@54;>65==>B0BL 2 >1I5< B5 CG0AB2>20BL 2
45OB5;L=>AB8,
:>=B@>;8@>20BL 8 >F5=820BL
A2>8 459AB28O 8 459AB28O
>4=>:;0AA=8:>2 A>>B=>A8BL
A2>8 459AB28O 8 8E
@57C;LB0BK A 7040==K<8
>1@07F0<8,
30

?8A0BL

/7K: 8 @5G520O $5GL 8
?@0 :B8:0
0;LB5@=0B82=0O
?@8=8<0BL >F5=:C 45OB5;L=>AB8,
:><F5=820BL
55
A
CG5B>65==KE
:@8B5@852,
:>@@5:B8@>20BL
2K?>;=OBLA2>N 45OB5;L=>ABL
0B5<0B8G5A:8
A CG5B><
2KO2;5==KE =54>G5B>2
0@8D<5B8G5A:85
5
":@C60NI89
":@C60NI89
459AB28O
?@54AB02;5=8O
?5@542830BLAO
?>
H:>;5,
<8@
?@8@>4=K9
=01;N40BL; @01>B0BL A
/7K: 8 @5G520O $5GL 8 <8@
=0E>48BL
A2>9 (?>=8<0BL
:;0AA, 4@C385
?@0 :B8:0
0;LB5@=0B82=0O
8=D>@<0F859
=5>1E>48<5I5=8O
M0B5<0B8:0
:><1@065=85, B5:AB, CAB=>5
ACI5AB25==K5,
>1I85
/7K:
8
@5G520O
$5GL
8
#>7=020B5;L=K5 2K45;OBL

A:CAAB2>
0B5<0B8G5A:8
2KA:07K20=85,
8 M;5<5=B0@=>5
>B;8G8B5;L=K5
A2>9AB20 ?@0:B8:0
0;LB5@=0B82=0O
CG51=K5
5
:><2
459AB28O
?@54AB02;5=8O
AE5<0B8G5A:>5
M0B5<0B8:0
M0B5<0B8G5A:8
7>1@078B5;L=0
87>1@065=85, B01;8FC,
O5
?@54JO2;5==K5 =0
":@C60NI89
":@C60NI89
45OB5;L=>ABL
1C<06=KE 8 M;5:B@>==KE 8
<8@
?@8@>4=K9 <8@
4@C38E =>A8B5;OE)
A:CAAB2>
7>1@078B5;L=0
O
CAB0=02;820BL
284>@>4>2K5 /7K: 8 @5G520O $5GL 8
0;LB5@=0B82=0O
>B=>H5=8O ?@54<5B>2
?@0:B8:0
:><4=K9 <8@
45;0BL ?@>AB59H85 >1>1I5=8O, /7K: 8 @5G520O $5GL 8
A@02=820BL, :;0AA8D8F8@>20BL =0?@0:B8:0
0;LB5@=0B82=0O
:><< <0B5@80;5
M0B5<0B8:0
M0B5<0B8G5A:8
5
":@C60NI89
":@C60NI89
<8@
?@8@>4=K9 <8@
A:CAAB2>
7>1@078B5;L=0
O
?>;L7>20BLAO
7=0:0<8, /7K: 8 @5G520O $5GL 8
A8<2>;0<8,
?@54<5B0<8- ?@0:B8:0
0;LB5@=0B82=0O
:><
MC7K:0 8
42865=85.
7>1@078B5;L=0O
45OB5;L=>ABL
G8B0BL
/7K: 8 @5G520O $5GL 8
0;LB5@=0B82=0O
?@0:B8:0
:><4=K9 <8@
31

)0@0:B5@8AB8:0 107>2KE CG51=KE 459AB289 >1CG0NI8EAO A PC
%>2@5<5==K5 ?>4E>4K : ?>2KH5=8N MDD5:B82=>AB8 >1CG5=8O ?@54?>;030NB
D>@<8@>20=85 C H:>;L=8:0 ?>;>68B5;L=>9 <>B820F88 : CG5=8N, C<5=8N CG8BLAO,
?>;CG0BL 8 8A?>;L7>20BL 7=0=8O 2 ?@>F5AA5 687=8 8 45OB5;L=>AB8. H0 ?@>BO65=88 2A53>
>1CG5=8O ?@>2>48BAO F5;5=0?@02;5==0O @01>B0 ?> D>@<8@>20=8N CG51=>9 45OB5;L=>AB8, 2
:>B>@>9 >A>1>5 2=8<0=85 C45;O5BAO @0728B8N 8 :>@@5:F88 <>B820F8>==>3> 8
>?5@0F8>==>3> :>=5=B>2 CG51=>9 45OB5;L=>AB8, B.:. >=8 2> <=>3>< >?@545;ONB C@>25=L
55 AD>@<8@>20==>AB8 8 CA?5H=>ABL >1CG5=8O H:>;L=8:0.
B :0G5AB25 107>2KE CG51=KE 459AB289 @0AA<0B@820NBAO >?5@0F8>==K5,
<>B820F8>==K5, F5;52K5 8 >F5=>G=K5.
(GA>J<< 54;B6OI GK95AOI 89=EF6<=:
>15A?5G5=85 CA?5H=>AB8 (MDD5:B82=>AB8) 87CG5=8O A>45@60=8O ;N1>9
?@54<5B=>9 >1;0AB8;
@50;870F8O ?@55AB8 >1CG5=8O =0 2A5E C@>2=OE >1@07>20=8O;
D>@<8@>20=85 3>B>2=>AB8 >1CG0NI53>AO A PA% : 40;L=59H51CG5=8N;
>15A?5G5=85 F5;>AB=>AB8 @0728B8O ;8G=>AB8 >1CG0NI53>AO.
% CG5B>< 2>7@0AB=KE >A>15==>AB59 >1CG0NI8EAO A PA% 107>2K5 CG51=K5 459AB28O
F5;5A>>1@07=> @0AA<0B@820BL =0 @07;8G=KE MB0?0E >1CG5=8O.
07>2K5 CG51=K5 459AB28O, D>@<8@C5;L=8:>2, >15A?5G820NB, A
>4=>9 AB>@>=K, CA?5H=>5 =0G0;> H:>;L=>3> >1CG5=8O 8 >A>7=0==>5 >B=>H5=85 :
>1CG5=8N, A 4@C3>9 4 A>AB02;ONB >A=>2C D>@<8@>20=8O 2 AB0@H8E :;0AA0E 1>;55 A;>6=KE
459AB289, :>B>@K5 A>459AB2CNB 40;L=59H52;5=8N CG5=8:0 :0: AC1J5:B0
>A>7=0==>9 0:B82=>9 CG51=>9 45OB5;L=>AB8 =0 4>ABC?=>< 4;O =53> C@>2=5.
1. 15A?5G820NB 3>B>2=>ABL @515=:0 : ?@8=OB8N =>2>9
@>;8 CG5=8:0, ?>=8<0=85 8< =0 4>ABC?=>< C@>2=5 @>;52KE DC=:F89 8 2:;NG5=85 2 ?@>F5AA
>1CG5=8O =0 >A=>25 8=B5@5A0 : 53> A>45@60=8N 8 >@30=870F88.
2.
B@@GA<>4F<6AO9 GK95AO9 89=EF615A?5G820NB A?>A>1=>ABL 2ABC?0BL 2
:>< 27@>A;K<8 8 A25@AB=8:0<8 2 ?@>F5AA5 >1CG5=8O.
3.
97G?SF<6AO9 GK95AO9 89=EF615A?5G820NB CA?5H=CN @01>BC =0 ;N1><
C@>:5 8 ;N1>< MB0?5 >1CG5=8O. ;03>40@O 8<, A>740NBAO CA;>28O 4;O D>@<8@>20=8O 8
@50;870F88 =0G0;L=KE ;>38G5A:8E >?5@0F89.
4.
B;A464F9?PAO9 GK95AO9 89=EF6< =0G0;L=KE
;>38G5A:8E >?5@0F89, :>B>@K5 =5>1E>485=8O 8 8A?>;L7>20=8O 7=0=89 8 C<5=89
2 @07;8G=KE CA;>28OE, A>AB02;ONB >A=>2C 4;O 40;L=59H53> D>@<8@>20=8O ;>38G5A:>3>
;L=8:>2.
'<5=85 8A?>;L7>20BL 2A5 3@C??K 459AB289 2 @07;8G=KE >1@07>20B5;L=KE A8BC0F8OE
O2;O5BAO ?>:070B5;5< 8E AD>@<8@>20==>AB8.
X4D4>F9D4 54;B6OI GK95AOI 89=EF6<=
?RK4RF:
>A>7=0=85 A51O :0: CG5=8:0, 708=B5@5A>20==>3> ?>A5I5=85< H:>;K, >1CG5=85<,
70=OB8O<8, :0: G;5=0 A54=>:;0AA=8:0, 4@C30;
A?>A>1=>ABL : >AF80;L=>3> >:@C65=8O, A2>53> <5AB0 2 =5<, ?@8=OB85
A>>B25BAB2CNI8E 2>7@0ABC F5==>AB59 8 A>F80;L=KE @>;59;
?>;>68B5;L=>5 >B=>H5=85 : >:@C60NI59 459AB28B5;L=>AB8, 3>B>2=>ABL :
>@30=870F88 2708<>459AB28O A =59 8 MAB5B8G5A:>A?@8OB8N;
F5;>AB=K9, A>F80;L=> >@85=B8@>20==K9 273;O4 =0 <8@ 2 548=AB25 53> ?@8@>4=>9
8 A>F80;L=>9 G0AB59;
A0<>AB>OB5;L=>ABL 2 2K?>;=5=88 CG51=KE 7040=89, ?>@CG5=89, 4>3>2>@5==>AB59;
?>=8<0=85 ;8G=>9 >B25BAB25==>AB8 70 A2>8 ?>ABC?:8 =0 >A=>25 ?@54AB02;5=89 >, MB8G5A:8E
32

=>@<0E 8 ?@028;0E ?>2545=8O 2 A>2@5<5==>< >1I5AB25;
3>B>2=>ABL : 157>?0A=>2545=8N 2 ?@8@>45 8 >1I5AB25.
B@@GA<>4F<6AO9 GK95AO9 89=EF6?RK4RF:
2ABC?0BL 2 :>=B0:B 8 @01>B0BL 2 :>;;5:B825 (CG8B5;L-CG5=8:, CG5=8:- CG5=8:,
CG5=8:-:;0AA, CG8B5;L-:;0AA);
8A?>;L7>20BL ?@8=OBK5 @8BC0;K A>F80;L=>3> 2708<>459AB28O A >4=>:;0AA=8:0<8
8 CG8B5;5<;
>1@0I0BLAO 70 ?><>ILN 8 ?@8=8<0BL ?><>IL;
A;CH0BL 8 ?>=8<0BL 8=AB@C:F8N : CG51=>AB8 8 1KBC;
A>B@C4=8G0BL A> 27@>A;K<8 8 A25@AB=8:0<8 2 @07=KE A>F80;L=KE A8BC0F8OE;
4>1@>65;0B5;L=> >B=>A8BLAO, A>?5@56820BL, :>=AB@C:B82=> 2708<>459AB2>20BL
A ;N4L<8;
4>3>20@820BLAO 8 87<5=OBL A2>5 ?>2545=85 2 A>>B25BAB288 A >1J5:B82=K< <=5=85<
1>;LH8=AB20 2 :>=D;8:B=KE 8;8 8=KE A8BC0F8OE 2708<>459AB28O A >:@C60NI8<8.
97G?SF<6AO9 GK95AO9 89=EF6?RK4RF:
045:20B=> A>1;N40BL @8BC0;K H:>;L=>3> ?>2545=8O (?>4=8<0BL @C:C, 2AB020BL 8
2KE>48BL 87-70 ?0@BK 8 B.4.);
?@8=8<0BL F5;8 8 ?@>872>;L=> 2:;NG0BLAO 2 45OB5;L=>ABL, A;54>20BL
?@54;>65==>B0BL 2 >1I5< B5 CG0AB2>20BL 2 45OB5;L=>AB8, :>=B@>;8@>20BL 8 >F5=820BL A2>8 459AB28O 8
459AB28O >4=>:;0AA=8:>2;
A>>B=>A8BL A2>8 459AB28O 8 8E @57C;LB0BK A 7040==K<8 >1@07F0<8, ?@8=8<0BL
>F5=:C 45OB5;L=>AB8, >F5=820BL 55 A CG5B>< ?@54;>65==KE :@8B5@852, :>@@5:B8@>20BL
A2>N 45OB5;L=>ABL A CG5B>< 2KO2;5==KE =54>G5B>2.
B;A464F9?PAO9 GK95AO9 89=EF6?RK4RF:
2K45;OBL ACI5AB25==K5, >1I85 8 >B;8G8B5;L=K5 A2>9AB20 ?@54<5B>2;
CAB0=02;820BL 284>-@>4>2K5 >B=>H5=8O ?@54<5B>2;
45;0BL ?@>AB59H85 >1>1I5=8O, A@02=820BL, :;0AA8D8F8@>20BL =0 =03;O4=><
<0B5@80;5;
?>;L7>20BLAO 7=0:0<8, A8<2>;0<8, ?@54<5B0<8-70<5AB8B5;O<8;
G8B0BL;
?8A0BL;
2K?>;=OBL 0@8D<5B8G5A:85 459AB28O;
=01;N40BL;
@01>B0BL A 8=D>@<0F859 (?>=8<0BL 87>1@065=85, B5:AB, CAB=>5 2KA:07K20=85,
M;5<5=B0@=>5 AE5<0B8G5A:>5 87>1@065=85, B01;8FC, ?@54JO2;5==K5 =0 1C<06=KE 8
M;5:B@>==KE 8 4@C38E =>A8B5;OE).
"F5=:0 AD>@<8@>20==>AB8 107>2KE CG51=KE 459AB289
 ?@>F5AA5 >1CG5=8O =5>1E>48<> >ACI5AB2;OBL <>=8B>@8=3 2A5E 3@C?? ', :>B>@K9
1C45B >B@060BL 8=48284C0;L=K5 4>AB865=8O >1CG0NI8EAO 8 ?>72>;8B 45;0BL 2K2>4K >1
MDD5:B82=>AB8 ?@>2>48<>9 2 MB>< =0?@02;5=88 @01>BK.
;O >F5=:8 AD>@<8@>20==>AB8 :064>3> 459AB28O 8A?>;L7C5BAO A;54CNICN A8AB5<0
>F5=:8:
0
10;;>2 - 459AB285 >BACBAB2C5B, >1CG0NI89AO =5 ?>=8<05B 53> AF5AA 2K?>;=5=8O 2<5AB5 A CG8B5;5<;
1
10;; - >1CG0NI89AO A=8<05B, A2O7K205B A :>=:@5B=>9
A8BC0F859, 2K?>;=O5B 459AB285 B>;L:> ?> ?@O<>1E>48<>AB8
B@51C5BAO >:070=85 ?><>I8;
33

10;;0 - >1CG0NI89AO ?@58 2K?>;=O5B 459AB285 ?> C:070=8N
CG8B5;O, 2 >B45;L=KE A8BC0F8OE A?>A>15= 2K?>;=8BL 53> A0<>AB>OB5;L=>;
3
10;;0 - A?>A>15= A0<>AB>OB5;L=> 2K?>;=OBL 459AB285 2 >?@545;5==KE A8BC0F8OE,
=5@54:> 4>?CA:05B >H81:8, :>B>@K5 8A?@02;O5B ?> ?@O<>A>15= A0<>AB>OB5;L=> ?@8<5=OBL 459AB285, => 8=>340 4>?CA:05B
>H81:8, :>B>@K5 8A?@02;O5B ?> 70<5G0=8N CG8B5;O;
5
10;;>2 - A0<>AB>OB5;L=> ?@8<5=O5B 459AB285 2 ;N1>9 A8BC0F88.
0;;L=0O
A8AB5<0
>F5=:8 ?>72>;O5B >1J5:B82=>
>F5=8BL
?@><56CB>G=K5 8 8B>3>2K5 4>AB865=8O :064>3> CG0I53>AO 2 >2;045=88 :>=:@5B=K<8
CG51=K<8
459AB28O<8, ?>;CG8BL >1ICN
:0@B8=C
AD>@<8@>20==>AB8 CG51=KE 459AB289 C 2A5E CG0I8EAO, 8 =0 MB>9 >A=>25 >ACI5AB28BL
:>@@5:B8@>2:C ?@>F5AA0 8E D>@<8@>20=8O =0 ?@>BO65=88 2A53> 2@5<5=8 >1CG5=8O.
"?8A0=85 ?@55AB8 ?@>3@0<@<8@>20=8O 107>2KE CG51=KE 459AB289
?@8 ?5@5E>45 >B 4>H:>;L=>3> : =0G0;L=>1I51@07>20=8N, >B =0G0;L=>3> :
>A=>2=>1I51@07>20=8N.
#@>1;5<0 @50;870F88 ?@55AB8 >1CG5=8O 70B@038205B 2A5 725=LO ACI5AB2CNI59
>1@07>20B5;L=>9 A8AB5: ?5@5E>4 >1CG0NI53>AO A C@>2=O 4>H:>;L=>3>
>1@07>20=8O =0 C@>25=L =0G0;L=>3> >1I53> >1@07>20=8O 8 40;55 =0 C@>25=L >A=>2=>3>
>1I53> >1@07>20=8O.
!081>;55 >AB@> ?@>1;5<0 ?@55AB8 AB>8B 2 42CE :;NG52KE B>G:0E - 2 <><5=B
?>ABC?;5=8O 45B59 2 H:>;C (?@8 ?5@5E>45 87 4>H:>;L=>3> C@>2=O =0 C@>25=L =0G0;L=>3>
>1I53> >1@07>20=8O) 8 2 ?5@8>4 ?5@5E>40 >1CG0NI8EAO =0 C@>25=L >A=>2=>3> >1I53>
>1@07>20=8O.
D99@EF69AABEFP C9D9IB84
BF 8BL>B?PAB7B > A4K4?PAB@G B5M9@G B5D4;B64AB>2=>ABL 45B59 : >1CG5=8N 2 H:>;5 (: =0G0;L=>1I51@07>20=8N) 2:;NG05B 2
A51O D878G5A:CN 8 ?A8E>;>38G5A:CN 3>B>2=>ABL.
(878G5A:0O
3>B>2=>ABL
>?@545;O5BAO
A>AB>O=85<
74>@>2LO,
C@>2=5<
<>@D>DC=:F8>=0;L=>9 7@5;>AB8 >@30=87<0 @51ë=:0, 2 B>< G8A;5 @0728B85< 42830B5;L=KE
=02K:>2 8 :0G5AB2 (B>=:0O <>B>@=0O :>>@48=0F8O), D878G5A:>9 8 C9
@01>B>A?>A>1=>AB8.
#A8E>;>38G5A:0O 3>B>2=>ABL : H:>;5 - A;>6=0O A8AB5<=0O E0@0:B5@8AB8:0 ?A8E8G5A:>3>
@0728B8O @51ë=:0 6-7 ;5B, :>B>@0O ?@54?>;0305B AD>@<8@>20==>ABL ?A8E>;>38G5A:8E
A?>A>1=>AB59 8 A2>9AB2, >15A?5G820NI8E ?@8=OB85 @51ë=:>< =>2>9 A>F80;L=>9 ?>78F88
H:>;L=8:0; 2>7<>6=>ABL A=0G0;0 2K?>;=5=8O 8< CG51=>9 45OB5;L=>AB8 ?>4 @C:>2>4AB2><
CG8B5;O, 0 70B5< ?5@5E>4 : 5ë A0<>AB>OB5;L=>ACI5AB2;5=8N; CA2>5=85 A8AB5=OB89; >A2>5=85 @51ë=:>< =>2KE D>@< :>>?5@0F88 8 CG51=>3> A>B@C4=8G5AB20 2
A8AB5<5 >B=>H5=89 A CG8B5;5< 8 >4=>:;0AA=8:0<8.
#A8E>;>38G5A:0O 3>B>2=>ABL : H:>;5 8<55B A;54CNICN AB@C:BC@C: ;8G=>AB=0O
3>B>2=>ABL, CABL 8 ?@>872>;L=>ABL @53C;OF88 ?>2545=8O 8 45OB5;L=>AB8.
8G=>AB=0O 3>B>2=>ABL 2:;NG05B <>B820F8>==CN 3>B>2=>ABL, :><B>2=>ABL, AD>@<8@>20==>ABL /-:>=F5?F88 8 A0<>>F5=:8, M<>F8>=0;L=CN 7@5;>ABL.
>B820F8>==0O 3>B>2=>ABL ?@54?>;0305B AD>@<8@>20==>ABL A>F80;L=KE <>B82>2
(AB@5<;5=85 : A>F80;L=> 7=0G8<>B@51=>ABL 2 A>F80;L=>< ?@87=0=88, <>B82
A>F80;L=>3> 4>;30), CG51=KE 8 ?>7=020B5;L=KE <>B82>2. #@54?>AK;:0<8 2>7=8:=>25=8O
MB8E <>B82>2 A;C60B, A >4=>9 AB>@>=K, D>@<8@CNI55AO : :>=FC 4>H:>;L=>3> 2>7@0AB0
65;0=85 45B59 ?>ABC?8BL 2 H:>;C, A 4@C3>9 - @0728B85 ;N1>7=0B5;L=>AB8 8 C9
0:B82=>AB8.
>B820F8>==0O 3>B>2=>ABL E0@0:B5@87C5BAO ?5@28G=K< A>?>4G8=5=85<
<>B82>2 A 4><8=8@>20=85< CG51=>-?>7=020B5;L=KE <>B82>2.
><B>2=>ABL 2KABC?05B :0: 3>B>2=>ABL @51ë=:0 : ?@>872>;L=>1I5=8N A CG8B5;5< 8 A25@AB=8:0<8 2 :>=B5:AB5 ?>AB02;5==>9 CG51=>9 7040G8 8 CG51=>3>

2

34

A>45@60=8O. ><B>2=>ABL A>740ëB 2>7<>6=>AB8 4;O ?@>4C:B82=>3>
A>B@C4=8G5AB20 @51ë=:0 A CG8B5;5< 8 B@0=A;OF88 :C;LBC@=>3> >?KB0 2 ?@>F5AA5 >1CG5=8O.
%D>@<8@>20==>ABL / - :>=F5?F88 8 A0<>A>7=0=8O E0@0:B5@87C5BAO >A>7=0=85< @51ë=:><
A2>8E D878G5A:8E 2>7<>6=>AB59, C<5=89, =@02AB25==KE :0G5AB2, ?5@56820=89 (;8G=>5
A>7=0=85), E0@0:B5@0 >B=>H5=8O : =5A;KE, A?>A>1=>ABLN >F5=:8 A2>8E 4>AB865=89
8 ;8G=>AB=KE :0G5AB2, A0<>:@8B8G=>ABLN.
-<>F8>=0;L=0O 3>B>2=>ABL 2K@0605BAO 2 >A2>5=88 @51ë=:>< A>F80;L=KE =>@<
?@>O2;5=8O GC2AB2 8 2 A?>A>1=>AB8 @53C;8@>20BL A2>ë ?>2545=85 =0 >A=>25 M<>F8>=0;L=>3>
?@542>AE8I5=8O 8 ?@>3=>78@>20=8O. #>:070B5;5< M<>F8>=0;L=>9 3>B>2=>AB8 : H:>;L=>1CG5=8N O2;O5BAO AD>@<8@>20==>ABL 2KAH8E GC2AB2 - =@02AB25==KE ?5@56820=89,
8=B5;;5:BC0;L=KE GC2AB2 (@04>ABL ?>7=0=8O), MAB5B8G5A:8E GC2AB2 (GC2AB2> ?@5:@0A=>3>).
K@065=85< ;8G=>AB=>9 3>B>2=>AB8 : H:>;5 O2;O5BAO AD>@<8@>20==>ABL 2=CB@5==59
?>78F88 H:>;L=8:0, ?>4@07C<520NI59 3>B>2=>ABL @51ë=:0 ?@8=OBL =>2CN A>F80;L=CN
?>78F8N 8 @>;L CG5=8:0, 85@0@E8N <>B82>2 A 2KA>:>9 CG51=>9 <>B820F859.
'ABL A>AB02;O5B 8=B5;;5:BC0;L=0O, @5G520O 3>B>2=>ABL 8
AD>@<8@>20==>ABL 2>A?@8OB8O, ?0>1@065=8O. =B5;;5:BC0;L=0O
3>B>2=>ABL : H:>;5 2:;NG05B >A>1CN ?>7=020B5;L=CN ?>78F8N @51ë=:0 2 >B=>H5=88 <8@0
(45F5=B@0F8N), ?5@5E>4 : ?>=OB89=>=8<0=85 ?@8G8==>AB8 O2;5=89,
@0728B85 @0AAC645=8O :0: A?>A>10 @5H5=8O A>1=>ABL 459AB2>20BL
2 C< ?;0=5, >?@545;ë==K9 =01>@ 7=0=89, ?@54AB02;5=89 8 C<5=89.
$5G520O 3>B>2=>ABL ?@54?>;0305B AD>@<8@>20==>ABL D>=5<0B8G5A:>9, ;5:A8G5A:>9,
3@0<<0B8G5A:>9, A8=B0:A8G5A:>9, A5<0=B8G5A:>9 AB>@>= @5G8; @0728B85 =><8=0B82=>9,
>1>1I0NI59, ?;0=8@CNI59 8 @53C;8@CNI59 DC=:F89 @5G8, 480;>38G5A:>9 8 =0G0;L=KE
D>@< :>=B5:AB=>9 @5G8, D>@<8@>20=85 >A>1>9 B5>@5B8G5A:>9 ?>78F88 @51ë=:0 2
>B=>H5=88 @5G52>9 459AB28B5;L=>AB8 8 2K45;5=85 A;>20 :0: 5ë 548=8FK.
>A?@8OB85 E0@0:B5@87C5BAO 2Aë 1>;LH59 >A>7=0==>ABLN, >?8@05BAO =0 8A?>;L7>20=85
A8AB51I5AB25==KE
A5=A>@=KE MB0;>=>2 8
A>>B25BAB2CNI8E ?5@F5?B82=KE 459AB289, >A=>2K205BAO =0 2708<>A2O78 A @5GLN 8
1@5B0NB G5@BK >?>A@54>20==>AB8, =01;N405BAO @>AB >1Jë<0 8
CAB>9G82>AB8 2=8<0=8O.
#A8E>;>38G5A:0O 3>B>2=>ABL 2 AD5@5 2>;8 8 ?@>872>;L=>AB8 >15A?5G8205B
F5;5=0?@02;5==>ABL 8 ?;0=><5@=>ABL C?@02;5=8O @51ë=:>< A2>59 45OB5;L=>ABLN 8
?>2545=85<. >;O =0E>48B >B@065=85 2 2>7<>6=>AB8 A>?>4G8=5=8O <>B82>2,
F5;5?>;030=88 8 A>E@0=5=88 F5;8, A?>A>1=>AB8 ?@8;030BL 2>;52>5 CA8;85 4;O 5ë
4>AB865=8O. #@>872>;L=>ABL 2KABC?05B :0: C<5=85 AB@>8BL A2>ë ?>2545=85 8 45OB5;L=>ABL
2 A>>B25BAB288 A ?@54;03051@07F0<8 8 ?@028;0<8, >ACI5AB2;OBL ?;0=8@>20=85,
:>=B@>;L 8 :>@@5:F8N 2K?>;=O5;L7CO A>>B25BAB2CNI85 A@54AB20.
(>@<8@>20=85 DC=40<5=B0 3>B>2=>AB8 ?5@5E>40 : >1CG5=8N =0 C@>25=L =0G0;L=>3>
>1I53> >1@07>20=8O 4>;6=> >ACI5AB2;OBLAO 2 @0<:0E A?5F8D8G5A:8 45BA:8E 284>2
45OB5;L=>AB8: AN65B=> - @>;52>9 83@K, 87>1@078B5;L=>9 45OB5;L=>AB8, :>=AB@C8@>20=8O,
2>A?@8OB8O A:07:8 8 ?@.
D99@EF69AABEFP C9D9IB84
BF A4K4?PAB7B B5M97B > BEAB6AB@G B5M9@G B5D4;B64A1;5<0 ?A8E>;>38G5A:>9 ?>43>B>2:8 >1CG0NI8EAO :
?5@5E>4C =0 C@>25=L >A=>2=>3> >1I53> >1@07>20=8O A CGëB>< 2>7<>6=>3> 2>7=8:=>25=8O
>?@545;ë==KE B@C4=>AB59 B0:>3> ?5@5E>40 - CEC4H5=85 CA?5205<>AB8 8 48AF8?;8=K, @>AB
=530B82=>3> >B=>H5=8O : CG5=8N, 2>7@0AB0=85 M<>F8>=0;L=>9 =5AB018;L=>AB8, =0@CH5=8O
?>2545=8O, :>B>@K5 >1CA;>2;5=K:
=5>1E>48<>ABLN 040?B0F88 >1CG0NI8EAO : =>2>9 >@30=870F88 ?@>F5AA0 8
A>45@60=8O >1CG5=8O (?@54<5B=0O A8AB5<0, @07=K5 ?@5?>4020B5;8 8 B.4.);
A>2?045=85< =0G0;0 :@878A=>3> ?5@8>40, 2 :>B>@K9 2ABC?0NB <;04H85 ?>4@>AB:8,
35

A> A<5=>9 254CI59 45OB5;L=>AB8 (?5@5>@85=B0F859 ?>4@>AB:>2 =0 45OB5;L=>ABL >1I5=8O A>
A25@AB=8:0<8 ?@8 A>E@0=5=88 7=0G8<>AB8 CG51=>9 45OB5;L=>AB8);
=54>AB0B>G=>9 3>B>2=>ABLN 45B59 : 1>;55 A;>6=>9 8 A0<>AB>OB5;L=>9 CG51=>9
45OB5;L=>AB8, A2O70==>9 A ?>:070B5;O<8 8E 8=B5;;5:BC0;L=>3>, ;8G=>AB=>3> @0728B8O 8
3;02=K< >1@07>< A C@>2=5< AD>@<8@>20==>AB8 AB@C:BC@=KE :>=5=B>2 CG51=>9
45OB5;L=>AB8 (<>B82K, CG51=K5 459AB28O, :>=B@>;L, >F5=:0) 8 4@.
A5 MB8 :>=5=BK ?@8ACBAB2CNB 2 ?@>3@0<<5 D>@<8@>20=8O ' 8 7040=K 2 D>@<5
B@51>20=89 : ?;0=8@C51CG5=8O.
"A=>20=85< ?@55AB8 @07=KE C@>2=59 >1@07>20=8O 2 H:>;5 O2;O5BAO >@85=B0F8O
=0 :;NG52>9 AB@0B538G5A:89 ?@8>@8B5B =5?@5@K2=>3> >1@07>20=8O - D>@<8@>20=85 C<5=8O
CG8BLAO, :>B>@>5 >15A?5G8205BAO D>@<8@>20=85< A8AB5;>65=8OE
("% 4>H:>;L=>3> >1@07>20=8O, :0A0NI8EAO F5;52KE >@85=B8@>2 =0 MB0?5 7025@H5=8O
4>H:>;L=>3> >1@07>20=8O.
#@>3@0<<0 D>@<8@>20=8O 107>2KE CG51=KE 459AB289 C >1CG0NI8EAO A PA% (20@80=B
8.4.) =0?@02;5=0 =0 @0728B85 A?>A>1=>AB8 C 45B59 >2;04520BL A>45@60=85< A"# 4;O
>1CG0NI8EAO A PA%:
' #>43>B>2:0 @515=:0 : M<>F8>=0;L=><459AB28N
8=48284C0;L=> A ?5403>3>< (A?5F80;8AB><):
>15A?5G5=85 A>AB>O=8O ?A8E>;>38G5A:>3> :>@B0 @51ë=:0 2> 2@5459AB28O;
?@8=OB85 @51ë=:>< A8BC0F88 2708<>459AB28O A ?5403>3><, A?5F80;8AB>< (:0:
?@54<5B=>-?@0:B8G5A:>9, 83@>2>9 45OB5;L=>AB8, B0: 8 B0:B8;L=>3>, B5;5A=>3>
2708<>459AB28O (B5E=8:8 1070;L=>9 AB8< D878G5A:>9 ?><>I8 8 ?>4A:07:8 A> AB>@>=K ?5403>30,
A?5F80;8AB0.
' #>43>B>2:0 @515=:0 : =0E>645=8N 8 >1CG5=8N 2 A@545 A25@AB=8:>2, :
M<>F8>=0;L=><459AB28N A 3@C??>9 >1CG0NI8EAO:
>15A?5G5=85 A>AB>O=8O ?A8E>;>38G5A:>3> :>@B0 @51ë=:0 2> 2@5645=8O
2 3@C??5;
?@8=OB85 A8BC0F88 =0E>645=8O 2 :;0AA5 (3@C??5) =0 C@>:5 (70=OB88) 2
A>>B25BAB288 A ?@028;0<8 ?>2545=8O (A>1;N45=85 B8H8=K, A>E@0=5=85 ?@028;L=>9 ?>7K 2
A>>B25BAB288 A 2K?>;=O56840=85 A2>59 >G5@548);
?@8=OB85 @51ë=:>< A8BC0F88 2708<>459AB28O A >4=>:;0AA=8:0<8 (=5 C:;>=O5BAO,
:>340 : =54E>4OB 45B8, A0< ?>4E>48B : 45BO< A F5;LN 2708<>459AB28O, ?@>O2;O5B
A8=:@5B=K< 45BO<, ?@8=8<05B ?><>IL >B >4=>:;0AA=8:>2,
4@C38E 45B59).
' (>@<8@>20=85 CG51=>3> ?>2545=8O:
:>=F5=B@0F8O =0 A>E@0==KE 0=0;870B>@=KE >ICI5=8OE (45<>=AB@8@C5B
7@8B5;L=K5 8 A;CE>2K5 >@85=B8@>2>G=> ?>8A:>2K5 @50:F88, ?@8A;CH8205BAO, D8:A8@C5B
273;O4 =0 ;8F5 3>2>@OI53> 27@>A;>3> 8;8 =0 45<>=AB@8@C5<>< ?@54<5B5, =0E>4OI5;5 7@5=8O, ?@8A;CH8205BAO 8 :>=F5=B@8@C5BAO =0 B0:B8;L=KE, 25AB81C;O@=KE
>ICI5=8OE);
?>=8<0=85 A8BC0F88 =0E>645=8O =0 C@>:5 (70=OB88);
=0?@02;5==>ABL 273;O40 (=0 3>2>@OI53> 27@>A;>3>, =0 7040=85);
C<5=85 2K?>;=OBL 8=AB@C:F88 ?5403>30: <5B>4>< «@C:0 2 @C:5»/«@C:0 ?>4 @C:>9»;
?@8 D878G5A:>9 ?><>I8 (27@>A;K9 D878G5A:8 ?><>305B @51ë=:C 2K?>;=8BL G0ABL 7040=8O,
=> 405B 57<>6=>ABL 7025@H8BL 7040=85 A0<>AB>OB5;L=>); ?>A;5 D878G5A:>9 ?>4A:07:8
(27@>A;K9 ?><>305B @51ë=:C 2K?>;=8BL 7040=85, ;53:> ?>E;>?K20O 8;8 =0?@02;OO 53>); ?>
>1@07FC (27@>A;K9 45<>=AB@8@C5B CG0I5;=5=85 7040=8O); ?> A;>25A=>9
8=AB@C:F88 (27@>A;K9 405B A;>25A=K5 C:070=8O, =0?><8=0=8O 8 A83=0;K ?> <5@5
=5>1E>48<>AB8); A0<>AB>OB5;L=> (?><>IL 27@>A;KE =5 B@51C5BAO);
36

8A?>;L7>20=85 ?> =07=0G5=8N CG51=KE <0B5@80;>2;
C<5=85 2K?>;=OBL 459AB28O ?> >1@07FC 8 ?> ?>4@060=8N.
(>@<8@>20=85 C<5=8O 2K?>;=OBL 7040=85:
2 B5G5=85 >?@545;5==>3> ?5@8>40 2@5<5=8;
>B =0G0;0 4> :>=F0;
A 7040==K<8 :0G5AB25==K<8 ?0@0<5B@0<8.
(>@<8@>20=85 C<5=8O A0<>AB>OB5;L=> ?5@5E>48BL >B >4=>3> 7040=8O
(>?5@0F88, 459AB28O) : 4@C3>>B25BAB288 A @0A?8A0=85< 70=OB89, 0;3>@8B<><
459AB28O 8 B.4.
040G8 ?> D>@<8@>20=8N 107>2KE CG51=KE 459AB289 2:;NG0NBAO 2 %#$ A CG5B><
>A>1KE >1@07>20B5;L=KE ?>B@51=>AB59 >1CG0NI8EAO. $5H5=85 ?>AB02;5==KE 7040G
?@>8AE>48B =0 A?5F80;L=> >@30=87>20==KE 3@C??>2KE 8 8=48284C0;L=KE :>@@5:F8>==KE
70=OB8OE 2 @0<:0E CG51=>3> ?;0=0.

-

2.

$01>G85 ?@>3@0<2

$01>G85 ?@>3@0< CG51=K< ?@54<5B0< (:>@@5:F8>==K< :C@A0<, 2=5C@>G=>9
45OB5;L=>AB8) 2
"'-"", 714 E.;L8=>2 2:;NG0NB ?>OA=8B5;L=CN 70?8A:C,
A>45@60=85 >1CG5=8O, ?;0=8@C5A2>5=8O ?@>3@0< ?@54<5BC. $01>G85
?@>3@0<2, CG51=KE :C@A>2 (2 B.G. 2=5C@>G=>9 45OB5;L=>AB8), CG51=KE
<>4C;59 A>>B25BAB2CNB B@51>20=8O< ("% H"" >1CG0NI8EAO A ".

2.1. $01>G0O ?@>3@0<<0 ?> CG51=><9 >1;0AB8 "/7K: 8 @5G520O ?@0:B8:0"
1.
#>OA=8B5;L=0O 70?8A:0

$01>G0O ?@>3@0<<0 ?> ?@54<5BC "$5GL 8 0;LB5@=0B82=0O :><1CG0NI8EAO A @0AAB@>9AB20<8 0CB8AB8G5A:>3> A?5:B@0 A C<5@5==>9, BO65;>9, 3;C1>:>9
C9
>BAB0;>ABLN
(8=B5;;5:BC0;L=K<8
=0@CH5=8O<8),
BO65;K<8
8
<=>65AB25==K<8 =0@CH5=8O<8 @0728B8O (20@80=B 8.4) 2 "'-"", 714 E.;L8=>2
A>AB02;5=0 =0 >A=>25 B@51>20=89 : @57C;LB0B0< >A2>5=8O ("# H"", CAB0=>2;5==K<8
("% H"" >1CG0NI8EAO A ", D545@0;L=>9 ?@>3@0<A?8B0=8O.
><1I5=85 - =5>BJ5<;5AB02;ONI85 A>F80;L=>9 687=8 G5;>25:0.
%?5F8D8G5A:85 =0@CH5=8O @0728B8O >1CG0NI53>AO A $% 7=0G8B5;L=> ?@5?OBAB2CNB 8
>3@0=8G820NB 53> ?>;=>F5==>5 >1I5=85 A >:@C60NI8<8. ' >1CG0NI8EAO, 8<5NI8E
=0@CH5=85 8=B5;;5:B0 2 A>G5B0=88 A 0CB8AB8G5A:8<8 @0AAB@>9AB20<8, >BACBAB2C5B
?>B@51=>ABL 2 :><AB8 2K1>@0 8 8A?>;L7>20=8O D>@<
>1I5=8O, 2:;NG0O :><ABL @5G52>9 45OB5;L=>AB8. '
>1CG0NI8EAO >B<5G05BAO 3@C1>5 =54>@0728B85 @5G8 8 55 DC=:F89: :><9,
?>7=020B5;L=>9, @53C;8@CNI59. ' <=>38E >1CG0NI8EAO CAB=0O (72CG0I0O) @5GL
>BACBAB2C5B, ?@8ACBAB2C5B 2 2845 ME>;0;89 8;8 =0@CH5=0 =0AB>;L:>, GB> ?>=8<0=85 55
>:@C60NI8<8 7=0G8B5;L=> 70B@C4=5=>, ;81> =52>7<>6=>.
 A2O78 A MB8<, >1CG5=85 @5G8 8 :><;6=> 2:;NG0BL F5;5=0?@02;5==CN
?5403>38G5A:CN @01>BC ?> D>@<8@>20=8N C >1CG0NI8EAO A $% ?>B@51=>AB8 2 >1I5=88,
?> 8E 2>2;5G5=8N 2 A>2<5AB=CN 45OB5;L=>ABL =0 >A=>25 M<>F8>=0;L=>3> >A8AE>4OI8E A>1KB89, ?> @0728B8N A>E@0==KE @5G52KE <5E0=87<>2, 0 B0:65 ?>
8A?>;L7>20=8N 0;LB5@=0B82=KE 8 4>?>;=8B5;L=KE A@54AB2 :><1CG5=8O - D>@<8@>20=85 :><2 A 8A?>;L7>20=85<
A@54AB2 25@10;L=>9 8 0;LB5@=0B82=>9 8 4>?>;=8B5;L=>9 :><;L7>20BLAO 8<8 2 ?@>F5AA5 A>F80;L=>3> 2708<>459AB28O.
%< >1CG5=8O A>F80;L=>459AB28N A >:@C60NI8<8 O2;O5BAO
8=48284C0;L=>5 ?>MB0?=>5 ?;0=><5@=>5 @0AH8@5=85 687=5==>3> >?KB0 8 ?>2A54=52=KE
A>F80;L=KE :>=B0:B>2 2 4>ABC?=KE 4;O >1CG0NI53>AO ?@545;0E. ;O MB>3> >@30=87C5BAO
37

A?5F80;L=0O @01>B0 ?> 22545=8N >1CG0NI53>AO A PAC 2 1>;55 A;>6=CN ?@54<5B=CN 8
A>F80;L=CN A@54C, GB> ?@54?>;0305B ?;0=><5@=CN, 4>78@>20==CN, 70@0=55
?@>3@0<<8@C52 2 4>ABC?=KE >1CG0NI5@30=87>20==>5 2:;NG5=85 2 >1I5=85.
#@>3@0<<=>-<5B>48G5A:89
<0B5@80;
?@54AB02;5=
42C<9 8 0;LB5@=0B82=>9
:>< :><@<8@>20=85 =02K:>2
CAB0=>2;5=8O, ?>445@60=8O 8 7025@H5=8O :>=B0:B0. #@8 A>AB02;5=88 8=48284C0;L=>9
?@>3@0<1CG5=8O 2K18@05BAO >1CG0NI0O 7040G0 8, 2 7028A8<>AB8 >B 2>7<>6=>AB59
>1CG0NI53>AO, ?>418@05BAO A@54AB2> :><AB02;5==>9 7040G8.
A;8 >1CG0NI89AO =5 2;0455B CAB=>9 (72CG0I59) @5GLN, 8A?>;L7CNBAO 0;LB5@=0B82=K5
A@54AB20 :><1CG5=85 2K@065=8N A>3;0A8O <>65B ?@>8AE>48BL A
8A?>;L7>20=85< 65AB0 8 (8;8) ?8:B>3@0<41>@ 8 >A2>5=85 A@54AB2 0;LB5@=0B82=>9
:><ACI5AB2;O5BAO 8=48284C0;L=>, 0 =02K: 8A?>;L7>20=8O >A2>5==KE A@54AB2
D>@<8@C5BAO =0 C@>:0E 2 @0<:0E ?@54<5B0 "><9 8 =525@10;L=>9 :><@<8@>20=85 89 8 M:A?@5AA82=>9 @5G8. 040G8 ?> @0728B8N
89 @5G8 =0?@02;5=K =0 D>@<8@>20=85 C<5=8O ?>=8<0BL >1@0I5==CN @5GL 2
D>@<5 A;>2, A;>2>A>G5B0=89, ?@54;>65=89, A2O7=KE 2KA:07K20=89. 040G8 ?> @0728B8N
M:A?@5AA82=>9 @5G8 =0?@02;5=K =0 D>@<8@>20=85 C<5=8O C?>B@51;OBL 2 E>45 >1I5=88
A;>38, A;>20, AB@>8BL A;>2>A>G5B0=8O, ?@54;>65=8O, A2O7=K5 2KA:07K20=8O, ?8A0BL
>B45;L=K5 1C:2K 8 A;>20.
"1CG5=85 89 8 M:A?@5AA82=>9 @5G8 <>65B ?@>2>48BLAO ?0@0;;5;L=>. 
A;CG05 1>;55 A;>6=KE @5G52KE =0@CH5=89 C >1CG0NI53>AO, A=0G0;0 >ACI5AB2;O5BAO @01>B0
=04 ?>=8<0=85< @5G8, 0 70B5< =04 55 8A?>;L7>20=85< 2 @07=>>1@07=KE @5G52KE A8BC0F8OE.
C >1CG0NI8<8AO, =C640NI8<8AO 2 4>?>;=8B5;L=>9 8=48284C0;L=>9 @01>B5,
>ACI5AB2;ONBAO :>@@5:F8>==>-@072820NI85
70=OB8O, 345 B0:65 D>@<8@CNBAO
:><< G8A;5 A 8A?>;L7>20=85< B5E=>;>389 ?> 0;LB5@=0B82=>9 8
4>?>;=8B5;L=>9 :><-B5E=8G5A:>5 >A=0I5=85 C@>:>2 2 @0<:0E ?@54<5B0 "><9 :><G:8
A 87>1@065=8O<8 >1J5:B>2, ;N459, 459AB289 (D>B>3@0D88, ?8:B>3@0<;K), A
=0?5G0B0==K<8 A;>20<8, =01>@K 1C:2, :><1I5=8O;
AN65B=K5 :0@B8=:8 A @07;8G=>9 B5<0B8:>9 4;O @0728B8O @5G8;
B5E=8G5A:85 A@54AB20 4;O 0;LB5@=0B82=>9 :><9AB20, :>9AB20, A8=B578@CNI85 @5GL;
8=D>@<0F8>==>-?@>3@0<<=>5 >15A?5G5=85: :>3@0<740=8O ?8:B>3@0<<, :>3@0<;>2; :>3@0<1I5=8O, A8=B578@CNI85 @5GL, >1CG0NI85 :>3@0<3@0<@@5:F88 @07;8G=KE =0@CH5=89 @5G8;
0C48> 8 2845><0B5@80;K.

2.

%>45@60=85 >1CG5=8O

><1CG0NI53>AO A5=A>@=> ?@82;5:0B5;L=K<8 ?@54<5B0<8,
87>1@065=8O<8, @5GLN. 'AB0=>2;5=85 7@8B5;L=>3> :>=B0:B0. P5038@>20=85 =0 A>1AB25==>5
815A54=8:0. "1>7=0G5=85 65;0=89 A 8A?>;L7>20=85< 273;O40,
C:070B5;L=>3> 65AB0, :0@B>G:8 A 87>1@065=85<, A;>20, D@07K. "1@0I5=85 A ?@>AL1>9 >
?><>I8. K@065=85 A>3;0A8O 8 =5A>3;0A8O. K@065=85 1;03>40@=>AB8. C>1;N45=85
38

>G5@54=>AB8 2 @073>2>@5. "B25BK =0 2>?@>AK. >?@>AK : A>15A54=8:C. %8BC0F8>==>5
A>45@60=85 @5G8 8 >1I5=85 A A>15A54=8:><. #@>I0=85 A A>15A54=8:><.
$0728B85 @5G8 A@54AB20<8 25@10;L=>9 8 =525@10;L=>9 :><=8<0=85 A;>2, >1>7=0G0NI8E @07=>>1@07=K5 >1J5:BK 8
O2;5=8O: ?@54<5BK, <0B5@80;K, ;N48, 682>B=K5, 459AB28O, A>1KB8O. #>=8<0=85 A;>2,
>1>7=0G0NI8E DC=:F8>=0;L=>5 =07=0G5=85 >1J5:B>2 8 AC1J5:B>2, 459AB28O. #>=8<0=85
A;>2, >1>7=0G0NI8E A2>9AB20 (?@87=0:8) >1J5:B>2 8 AC1J5:B>2. #>=8<0=85 A;>2,
>1>7=0G0NI8E A>AB>O=8O, A2>9AB20 (?@87=0:8) 459AB289. #>=8<0=85 A;>2, >1>7=0G0NI8E
:>;8G5AB25==>5 2K@065=85. #>=8<0=85 A;>2, >1>7=0G0NI8E ?@>AB@0=AB25==>5
@0A?>;>65=85: "=0", "=04", "2=87C - 225@EC", "@O4><", "A?@020 - A;520". #>=8<0=85
<5AB>8<5=89: O, BK, A2>9, <>9, MB>. #>=8<0=85 A>45@60=8O A;>2>A>G5B0=89, ?@>ABKE 8
A;>6=KE ?@54;>65=89. #>=8<0=85 >1>1I0NI8E ?>=OB89.
1:A?@5AA82=0O @5GL. (>@<8@>20=85 <>B820F88 : @5G8 2 2845 >B45;L=KE 72C:>2,
72C:>2KE :>2, 72C:>?>4@060=8O. '?>B@51;5=85 A;>2, >1>7=0G0NI8E >1J5:BK
(AC1J5:B>2), 8=B5@5A=KE >1CG0NI5B@51;5=85 A;>2, >1>7=0G0NI8E 459AB28O.
'?>B@51;5=85 A;>2, >1>7=0G0NI8E A2>9AB20 (?@87=0:8) >1J5:B>2 8 AC1J5:B>2.
'?>B@51;5=85 A;>2, >1>7=0G0NI8E A>AB>O=8O, A2>9AB20 (?@87=0:8) 459AB289.
'?>B@51;5=85 A;>2, >1>7=0G0NI8E :>;8G5AB2> >1J5:B>2 8;8 AC1J5:B>2. '?>B@51;5=85
A;>2, >1>7=0G0NI8E <5AB0 @0A?>;>65=8O >1J5:B>2 8;8 AC1J5:B>2 ("=0 AB>;5", ">:>;> 4><0",
"=0 25@=59 ?>;:5"). '?>B@51;5=85 A;>2, C:07K20NI8E =0 >1J5:BK (AC1J5:BK) (O, BK, A2>9,
<>9, MB>). '?>B@51;5=85 A;>2>A>G5B0=89, ?@>ABKE 8 A;>6=KE ?@54;>65=89. A?>;L7>20=85
>1>1I0NI8E ?>=OB89. #5@5A:07 B5:AB0 ?> :0@B8=:5, ?> A5@88 :0@B8=>:, ?> ?;0=C. "B25BK
=0 2>?@>AK ?> A>45@60=8N B5:AB0. "?@545;5=85 ?>A;54>20B5;L=>AB8 A>1KB89.
>3>20@820=85 A;>2 2 ?@54;>65=88. 025@H5=85 AN65B0 @0AA:070. %>AB02;5=85
>?8A0B5;L=>3> @0AA:070. %>AB02;5=85 @0AA:070 ?> ?>A;54>20B5;L=> ?@>45<>=AB@8@>20==K<
459AB28O<. %>AB02;5=85 @0AA:070 > A515. %>AB02;5=85 @0AA:070 ?> A5@88 AN65B=KE
:0@B8=>:. '7=020=85 8 @07;8G5=85 1C:2. !0?8A0=85 1C:2K (?> :>=BC@C, ?> B>G:0<, ?>
>1@07FC, 157 >1@07F0). !0?8A0=85 A;>2 (?> >1@07FC, ?> ?02 (8
#@8 >1CG5=88 GB5=8N 8 ?8AL6=> 8A?>;L7>20BL A>45@60=85 A>>B25BAB2CNI8E
?@54<5B>2 ("# 4;O >1CG0NI8EAO A $% (20@80=B 8.3).
3.
#;0=8@C5A2>5=8O CG51=>3> ?@54<5B0.
&@51>20=8O : @57C;LB0B0< >A2>5=8O ?@54<5B0 "$5GL 8 0;LB5@=0B82=0O :><1>9 >?8A0=85 2>7<>6=KE @57C;LB0B>2 >1@07>20=8O 40==>9 :0B53>@88
>1CG0NI8EAO:
1. $0728B85 @5G8 :0: A@54AB20 >1I5=8O 2 :>=B5:AB5 ?>7=0=8O >:@C60NI53> <8@0 8
;8G=>3> >?KB0 >1CG0NI53>AO.
#>=8<0=85 A;>2, >1>7=0G0NI8E >1J5:BK 8 O2;5=8O ?@8@>4K, >1J5:BK @C:>B2>@=>3>
<8@0 8 45OB5;L=>ABL G5;>25:0.
'<5=85 A0<>AB>OB5;L=>3> 8A?>;L7>20=8O CA2>5==>3> ;5:A8:>3@0<<0B8G5A:>3>
<0B5@80;0 2 CG51=KE 8 :><ABC?=K<8 A@54AB20<8 :><1I5=8O - 25@10;L=K<8 8
=525@10;L=K<8.
0G5AB2> AD>@<8@>20==>AB8 CAB=>9 @5G8 2 A>>B25BAB288 A 2>7@0AB=K<8 ?>:070=8O<8.
#>=8<0=85 >1@0I5==>9 @5G8, ?>=8<0=85 A2, D>B>3@0D89, ?8:B>3@0<<,
4@C38E 3@0D8G5A:8E 7=0:>2.
'<5=85 ?>;L7>20BLAO A@54AB20<8 0;LB5@=0B82=>9 :><G:0<8 A
87>1@065=8O<8, :><<><, 65AB0<8, :><A?@>872>4OI8<8 (A8=B578@CNI8<8) @5GL CAB@>9AB20<8 (:><@K, ?5@A>=0;L=K5
:>;L7>20BLAO 4>ABC?=K<8 A@54AB20<8 :><9 8 89 @5G8 4;O @5H5=8O A>>B25BAB2CNI8E 2>7@0ABC 68B59A:8E
7040G.
>B82K :><7=020B5;L=K5 8=B5@5AK, >1I5=85 8 2708<>459AB285 2
@07=>>1@07=KE 2840E 45OB5;L=>AB8.
'<5=85 2ABC?0BL 2 :>=B0:B, ?>445@6820BL 8 7025@H0BL 53>, 8A?>;L7CO =525@10;L=K5 8
25@10;L=K5 A@54AB20, A>1;N45=85 >1I5?@8=OBKE ?@028; :><;L7>20BL A@54AB20 0;LB5@=0B82=>9 :><F5AA5
>1I5=8O:
8A?>;L7>20=85
?@54<5B>2,
65AB>2,
273;O40,
HC<>2KE,
3>;>A>2KE,
@5G5?>4@060B5;L=KE @50:F89 4;O 2K@065=8O 8=48284C0;L=KE ?>B@51=>AB59;
?>;L7>20=85 8=48284C0;L=K<8 :><G:0<8, 0;L1><><,
B01;8F0<8 A 3@0D8G5A:8<8 87>1@065=8O<8 >1J5:B>2 8 459AB289 ?CB5< C:070=8O =0
87>1@065=85 8;8 ?5@540G8 :0@B>G:8 A 87>1@065=85<, ;81> 4@C38< 4>ABC?=K< A?>A>1><;
>1I5=85 A ?><>ILN M;5:B@>==KE A@54AB2 :><<@,
:>5 CAB@>9AB2>).
4.
;>10;L=>5 GB5=85 2 4>ABC?=KE >1CG0NI5=8<0=85 A3> A;>20.
'7=020=85 8 @07;8G5=85 =0?5G0B0==KE A;>2, >1>7=0G0NI8E 8<5=0 ;N459, =0720=8O
E>@>H> 8725AB=KE ?@54<5B>2 8 459AB289.
A?>;L7>20=85 :0@B>G5: A =0?5G0B0==K<8 A;>20<8 :0: A@54AB20 :><AK;>: : >A1@07>2 3@0D5< (1C:2).
@0D8G5A:85 459AB28O A 8A?>;L7>20=85< M;5<5=B>2 3@0D5<: >12>4:0, HB@8E>2:0,
?5G0B0=85 1C:2, A;>2.
6.
"1CG5=85 GB5=8N 8 ?8AL1CG5=88 GB5=8N 8 ?8AL6=> 8A?>;L7>20BL
A>45@60=85 A>>B25BAB2CNI8E ?@54<5B>2 ("# H"" 4;O >1CG0NI8EAO A $C (20@80=B
8.3).
;>10;L=>5 GB5=85
'7=020=85 (@07;8G5=85) =0?5G0B0==KE A;>2, >1>7=0G0NI8E 8<5=0 ;N459, =0720=8O
?@54<5B>2, 459AB289. A?>;L7>20=85 :0@B>G5: A =0?5G0B0==K<8 A;>20<8 :0: A@54AB20
:><AK;:8 : >A1@07>2 3@0D5< (1C:2). @0D8G5A:85 459AB28O A 8A?>;L7>20=85<
M;5<5=B>2 3@0D5<: >12>4:0, HB@8E>2:0, ?5G0B0=85 1C:2 (A;>2).
!0G0;L=K5 =02K:8 GB5=8O 8 ?8AL<0
'7=020=85 72C:0 2 A;>35 (A;>25). C>>B=5A5=85 72C:0 A 1C:2>9. '7=020=85 3@0D8G5A:>3>
87>1@065=8O 1C:2K 2 A;>35 (A;>25). H07K20=85 1C:2K. +B5=85 A;>30 (A;>20). H0?8A0=85
1C:2K (A;>30, A;>20, ?@54;>65=8O).

3.

2.2. $01>G0O ?@>3@0<<0 ?> CG51=>9 >1;0AB8 " 0B5<0B8:0"
#>OA=8B5;L=0O 70?8A:0
 ?>2A54=52=>9 687=8, CG0AB2CO 2 @07=KE 2840E 45OB5;L=>AB8, @515=>: A $C ?>?0405B 2
A8BC0F88, B@51CNI85 >B =53> 8A?>;L7>20=8O <0B5<0B8G5A:8E 7=0=89. T0:, =0:@K20O =0 AB>;
=0 B@ëE G5;>25:, =C6=> ?>AB028BL B@8 B0@5;:8, B@8 AB>;>2KE ?@81>@0 8 B.4.
' 1>;LH8=AB20 >1KG=> @072820NI8EAO 45B59 >A=>2K <0B5<0B8G5A:8E ?@54AB02;5=89
D>@<8@CNBAO 2 5AB5AB25==KE A8BC0F8OE. 5B8 A 2K@065==K< =0@CH5=85< 8=B5;;5:B0 =5
<>3CB >2;045BL M;5<5=B0@=K<8 <0B5<0B8G5A:8<8 ?@54AB02;5=8O<8 157 A?5F80;L=>
>@30=87>20==>3> >1CG5=8O. C>740=85 ?@0:B8G5A:8E A8BC0F89, 2 :>B>@KE 45B8
=5?@>872>;L=> >A20820NB 4>ABC?=K5 4;O =8E M;5<5=BK <0B5<0B8:8, O2;O5BAO >A=>2=K<

1.

40

<5B>4>< 2 >1CG5=88.  :>=5G=>< 8B>35 206=>, GB>1K @515=>: =0CG8;AO ?@8<5=OBL
<0B5<0B8G5A:85 ?@54AB02;5=8O 2 ?>2A54=52=>9 687=8: >?@545;OBL 2@5 G0A0<, C7=020BL
=><5@ 02B>1CA0, =0 :>B>@>< >= A<>65B 4>5E0BL 4><>9, @0A?;0B8BLAO 2 <03078=5 70 ?>:C?:C,
27OBL =5>1E>48<>5 :>;8G5AB2> ?@>4C:B>2 4;O ?@83>B>2;5=8O 1;N40 8 B.?.
*5;L >1CG5=8O <0B5<0B8:5 - D>@<8@>20=85 M;5<5=B0@=KE <0B5<0B8G5A:8E
?@54AB02;5=89 8 C<5=89 8 ?@8<5=5=85 8E 2 ?>2A54=52=>9 687=8.
#@>3@0<<0 ?>AB@>5=0 =0 >A=>25 A;54CNI8E @0745;>2:
">;8G5AB25==K5 ?@54AB02;5=8O", "#@54AB02;5=8O > D>@<5", "#@54AB02;5=8O >
25;8G8=5", "#@>AB@0=AB25==K5 ?@54AB02;5=8O", "@5<5==K5 ?@54AB02;5=8O".
=0=8O, C<5=8O, =02K:8, ?@8>1@5B05< 2 E>45 >A2>5=8O ?@>3@0<<=>3>
<0B5@80;0 ?> <0B5<0B8:5, =5>1E>48@85=B8@>2:8 2 >:@C60NI59
459AB28B5;L=>AB8, B.5. 2> 2@5<5==KE, :>;8G5AB25==KE, ?@>AB@0=AB25==KE >B=>H5=8OE,
@5H5=88 ?>2A54=52=KE ?@0:B8G5A:8E 7040G. '<5=85 CAB0=02;820BL 2708<=>->4=>7=0G=K5
A>>B25BAB28O <>3CB 8A?>;L7>20BLAO ?@8 A5@28@>2:5 AB>;0, ?@8 @0740G5 <0B5@80;0 8
8=AB@C<5=B>2 CG0AB=8:0< :0:>3>-B> >1I53> 45;0, ?@8 ?>A04:5 A5@H>G:8. '<5=85
?5@5AG8BK20BL ?@54<5BK =5>1E>48<> ?@8 2K1>@5 8=3@5485=B>2 4;O ?@83>B>2;5=8O 1;N40,
?@8 >BAG8BK20=88 7040==>3> :>;8G5AB20 ;8AB>2 2 1;>:=>B5, ?@8 >?@545;5=88 :>;8G5AB20
8A?5G5==KE ?8@>6:>2, 873>B>2;5==KE 1;>:=>B>2. 7CG0O F8D@K, C >1CG0NI53>AO
70:@5?;ONBAO A2545=8O > 40B5 @>645=8O, 4><0H=5< 04@5A5, =><5@5 B5;5D>=0, :0;5=40@=KE
40B0E, =><5@0E ?0AA068@A:>3> B@0=A?>@B0, :0=0;0E B5;52878>==KE ?5@540G 8 <=>3>5
4@C3>5.
#@54AB02;5=8O >1 >1J5<=KE 35><5B@8G5A:8E B5;0E 8 ?;>A:>AB=KE 35><5B@8G5A:8E
D83C@0E D>@<8@CNBAO =5 B>;L:> =0 C@>:0E <0B5<0B8:8, => 8 =0 70=OB8OE ?> 0??;8:0F88,
;5?:5, @8A>20=8N, B@C4C. "A2>5=85 ?@>AB59H8E 87<5@8B5;L=KE =02K:>2 8 C<5=89,
=5>1E>48;L7>20=88 8=AB@C<5=B0<8: <5@=>9 :@C6:>9, 25A0<8, ;8=59:>9,
B5@<><5B@>< 8 4@.
 CG51=>< ?;0=5 ?@54<5B ?@54AB02;5= A 14>?. ?> 6 3>4 >1CG5=8O A ?@8<5@=K<
@0AG5B>< ?> 2 G0A0 2 =545;N. @><5 B>3>, 2 @0<:0E :>@@5:F8>==>-@072820NI8E 70=OB89
B0:65 2>7<>6=> ?@>2545=85 70=OB89 ?> <0B5<0B8:5 A >1CG0NI8<8AO, :>B>@K5 =C640NBAO 2
4>?>;=8B5;L=>9 8=48284C0;L=>9 @01>B5. "1CG0NI8B>@KE A>45@60=85
?@54<5B0 =54>ABC?=>, ?@>3@0<<0 ?> <0B5<0B8:5 =5 2:;NG05BAO 2 8=48284C0;L=CN
>1@07>20B5;L=CN ?@>3@0<A8BAO 2 8=48284C0;L=K9 CG51=K9 ?;0=.
0B5@80;L=>-B5E=8G5A:>5 >15A?5G5=85 ?@54<5B0 2:;NG05B:
@07;8G=K5 ?> D>@<5, 25;8G8=5, F25BC =01>@K <0B5@80;0 (2 B>< G8A;5 ?@8@>4=>3>);
=01>@K ?@54<5B>2 4;O 70=OB89; ?07;K (87 2-E, 3-E, 4-E G0AB59 (4> 10); <>708:8; ?8:B>3@0<1@065=8O<8 70=OB89, @568<=KE <><5=B>2, A>1KB89; :0@B>G:8 A 87>1@065=85< F8D@,
45=56=KE 7=0:>2 8 <>=5B; <0:5BK F8D5@1;0B0 G0A>2; :0;L:C;OB>@K; 25AK; @01>G85 B5B@048
A @07;8G=K<8 35><5B@8G5A:8<8 D83C@0<8, F8D@0<8 4;O @0A:@0H820=8O, 2K@570=8O,
=0:;5820=8O 8 4@C3>9 <0B5@80;; >1CG0NI85 :>3@0<A>1AB2CNI85
D>@<8@>20=8N C >1CG0NI8EAO 4>ABC?=KE <0B5<0B8G5A:8E ?@54AB02;5=89.
2.
%>45@60=85 CG51=>3> ?@54<5B0 " 0B5<0B8G5A:85 ?@54AB02;5=8O=
?@54AB02;5=>
A;54CNI8<8
@0745;0<8:
">;8G5AB25==K5
?@54AB02;5=8O",
"#@54AB02;5=8O > D>@<5", "#@54AB02;5=8O > 25;8G8=5", "#@>AB@0=AB25==K5
?@54AB02;5=8O", "@5<5==K5 ?@54AB02;5=8O".
$0745; ">;8G5AB25==K5 ?@54AB02;5=8O"
!0E>645=85 >48=0:>2KE ?@54<5B>2. $07J548=5=85 <=>65AB2. "1J548=5=85 ?@54<5B>2 2
548=>5 <=>65AB2>. $07;8G5=85 <=>65AB2 («>48=», «<=>3>», «<0;>», «?CAB>»). %@02=5=85
<=>65AB2 (157 ?5@5AG5B0, A ?5@5AG5B><).
#@5>1@07>20=85 <=>65AB2 (C25;8G5=85 <=>65AB20, C<5=LH5=85 <=>65AB20, C@02=820=85
<=>65AB2). #@54AB02;5=85 > G8A;>2>9 ?>A;54>20B5;L=>AB8. #5@5AG5B ?@54<5B>2. '7=020=85
F8D@. %>>B=5A5=85 F8D@K A :>;8G5AB2>< ?@54<5B>2. @0D8G5A:>5 87>1@065=85 F8D@K.
#@54AB02;5=85 <=>65AB20 42C65AB20<8. $5H5=85 7040G =0 C25;8G5=85 =0
41

=5A:>;L:> 548=8F. $5H5=85 7040G =0 C<5=LH5=85 =0 =5A:>;L:> 548=8F. K?>;=5=85
0@8D<5B8G5A:8E 459AB289 =0 :0;L:C;OB>@5. #@54AB02;5=85 > 45=56=>< 7=0:5. $07<5= 45=53.
#@54AB02;5=8O > 25;8G8=5: $07;8G5=85 ?> 25;8G8=5 >4=>@>4=KE 8 @07=>@>4=KE
?@54<5B>2. %@02=5=85 ?@54<5B>2 ?> 25;8G8=5. %>AB02;5=85 C?>@O4>G5==>3> @O40 (?>
C1K20=8N, ?> 2>7@0AB0=8N). $07;8G5=85 ?> 4;8=5 >4=>@>4=KE 8 @07=>@>4=KE ?@54<5B>2.
%@02=5=85 ?@54<5B>2 ?> 4;8=5. $07;8G5=85 ?> H8@8=5 >4=>@>4=KE 8 @07=>@>4=KE
?@54<5B>2. %@02=5=85 ?@54<5B>2 ?> H8@8=5. $07;8G5=85 ?@54<5B>2 ?> 2KA>B5. %@02=5=85
?@54<5B>2 ?> 2KA>B5. $07;8G5=85 ?@54<5B>2 ?> 25AC. %@02=5=85 ?@54<5B>2 ?> 25AC.
7<5@5=85 A ?><>ILN <5@=KE 8=AB@C<5=B>2.
#@54AB02;5=85 > D>@<5: $07;8G5=85 :@C3;KE 8 =5:@C3;KE 35><5B@8G5A:8E B5;.
$07;8G5=85 =5:@C3;KE 35><5B@8G5A:8E B5;. %>>B=5A5=85 35><5B@8G5A:8E B5; A =0720=85<
(«H0@», «:C1», «?@87<0», «?0@0;;5;5?8?54»). %>>B=5A5=85 >1J5<=>3> 35><5B@8G5A:>3>
B5;0 A ?;>A:>AB=>9 35><5B@8G5A:>9 D83C@>9 (:C1 - :204@0B, H0@ - :@C3, B@5C3>;L=0O ?@87<0
- B@5C3>;L=8:, ?0@0;;5;5?8?54 - ?@O<>C3>;L=8:). %>>B=5A5=85 ?@54<5B0 A 35><5B@8G5A:8<
B5;><, 35><5B@8G5A:>9 D83C@>9. $8A>20=85 35><5B@8G5A:>9 D83C@K («B@5C3>;L=8:»,
«:204@0B», «?@O<>C3>;L=8:», «:@C3»).
#@>AB@0=AB25==K5 ?@54AB02;5=8O: #@>AB@0=AB25==K5 ?@54AB02;5=8O (25@E, =87,
?5@54, 704, =04, ?>4, ?@02>, ;52>). "?@545;5=85 <5AB>@0A?>;>65=8O ?@54<5B>2 2
?@>AB@0=AB25 («1;87:>», «>:>;>», «@O4><», «40;5:>», «A25@EC», «A=87C», «A?5@548»,
«A7048», «A?@020», «A;520»). #5@5<5I5=85 2 ?@>AB@0=AB25 2 7040==>< =0?@02;5=88
(«225@E», «2=87», «2?5@ë4», «=0704», «2?@02>», «2;52>»). "@85=B0F8O =0 ?;>A:>AB8 («25@E»,
«=87», «A5@548=0», «?@020O AB>@>=0», «;520O AB>@>=0»). >=AB@C8@>20=85 ?@54<5B0 87 42CE
8 =5A:>;L:8E G0AB59. %>AB02;5=85 @07@57=KE :0@B8=>: 87 2-E 8 1>;55 G0AB59. %>AB02;5=85
@O40 87 ?@54<5B>2 8;8 87>1@065=89. "?@545;5=85 <5AB>@0A?>;>65=8O ?@54<5B>2 2 @O4C.
@5<5==K5 ?@54AB02;5=8O
$07;8G5=85 G0AB59 ACB>: («CB@>», «45=L», «25G5@», «=>GL»). %>>B=5A5=85 459AB28O A
2@5<5==K< ?@><56CB:>< («A59G0A», «2G5@0», «A53>4=O», «702B@0»). %>AB02;5=85
?>A;54>20B5;L=>AB8 A>1KB89. "?@545;5=85 2@5<5=8 ?> G0A0< (F5;>3> G0A0, A B>G=>ABLN 4>
?>;CG0A0, G5B25@BL G0A0, A B>G=>ABLN 4> 5 <8=CB). %>>B=5A5=85 2@5<5=8 A =0G0;>< 8 :>=F><
45OB5;L=>AB8.
3.
#;0=8@C5A2>5=8O CG51=>3> ?@54<5B0 " 0B5<0B8G5A:85
?@54AB02;5=8O=
1)
-;5<5=B0@=K5
<0B5<0B8G5A:85
?@54AB02;5=8O
>
D>@<5,
25;8G8=5;
:>;8G5AB25==K5 (4>G8A;>2K5), ?@>AB@0=AB25==K5, 2@5<5==K5 ?@54AB02;5=8O:
C<5=85 @07;8G0BL 8 A@02=820BL ?@54<5BK ?> D>@<5, 25;8G8=5, C40;5==>AB8;
C<5=85 >@85=B8@>20BLAO 2 AE5<5 B5;0, 2 ?@>AB@0=AB25, =0 ?;>A:>AB8;
C<5=85 @07;8G0BL, A@02=820BL 8 ?@5>1@07>2K20BL <=>65AB20;
2)
#@54AB02;5=8O > :>;8G5AB25, G8A;5, 7=0:> A F8D@0<8, A>AB02>< G8A;0 2
4>ABC?=KE @515=:C ?@545;0E, AG5B, @5H5=85 ?@>ABKE 0@8D<5B8G5A:8E 7040G A >?>@>9 =0
=03;O4=>ABL:
C<5=85 A>>B=>A8BL G8A;> A A>>B25BAB2CNI8< :>;8G5AB2>< ?@54<5B>2, >1>7=0G0BL 53>
F8D@>9;
C<5=85 ?5@5AG8BK20BL ?@54<5BK 2 4>ABC?=KE ?@545;0E;
C<5=85 ?@54AB02;OBL <=>65AB2> 42C65AB20<8 2 ?@545;0E 10;
C<5=85 >1>7=0G0BL 0@8D<5B8G5A:85 459AB28O 7=0:0<8;
C<5=85 @5H0BL 7040G8 =0 C25;8G5=85 8 C<5=LH5=85 =0 >4=C, =5A:>;L:> 548=8F;
3)
A?>;L7>20=85 <0B5<0B8G5A:8E 7=0=89 ?@8 @5H5=88 A>>B25BAB2CNI8E
2>7@0ABC 68B59A:8E 7040G:
C<5=85 >1@0I0BLAO A 45=L30<8, @0AAG8BK20BLAO 8<8, ?>;L7>20BLAO :0@<0==K<8
45=L30<8;
C<5=85 >?@545;OBL 4;8=C, 25A, >1J5<, B5;L7COAL <5@:0<8 8
42

87<5@8B5;L=K<8 ?@81>@0<8;
C<5=85 CAB0=02;820BL 2708<=>->4=>7=0G=K5 A>>B25BAB28O;
C<5=85 @0A?>7=020BL F8D@K, >1>7=0G0NI85 =><5@ 4><0, :20@B8@K, 02B>1CA0, B5;5D>=0;
C<5=85 @07;8G0BL G0AB8 ACB>:, A>>B=>A8BL 459AB285 A 2@5<5==K<8 ?@><56CB:0<8,
A>AB02;OBL 8 ?@>A;56820BL ?>A;54>20B5;L=>ABL A>1KB89; >?@545;OBL 2@5 G0A0<,
A>>B=>A8BL 2@5< 8 :>=F>< 45OB5;L=>AB8.

2.3. $01>G0O ?@>3@0<<0 ?> CG51=>4=K9 <8@=

#>OA=8B5;L=0O 70?8A:0
$01>G0O ?@>3@0<<0 ?> ?@54<5BC "O:@C60NI89 ?@8@>4=K9 <8@" 4;O >1CG0NI8EAO A
@0AAB@>9AB20<8 0CB8AB8G5A:>3> A?5:B@0 A C<5@5==>9, BO65;>9, 3;C1>:>9 C9
>BAB0;>ABLN (8=B5;;5:BC0;L=K<8 =0@CH5=8O<8), TMH$ (20@80=B 8.4) 2 MO'-OO, 714
E.;L8=>2 A>AB02;5=0 =0 >A=>25 B@51>20=89 : @57C;LB0B0< >A2>5=8O (OO# HOO,
CAB0=>2;5==K<8 (O% HOO >1CG0NI8EAO A O, D545@0;L=>9 ?@>3@0<A?8B0=8O.
06=K< 0A?5:B>< >1CG5=8O O2;O5BAO @0AH8@5=85 ?@54AB02;5=89 >1CG0NI8EAO A $% A
C<5@5==>9, BO65;>9, 3;C1>:>9 C9 >BAB0;>ABLN (8=B5;;5:BC0;L=K<8
=0@CH5=8O<8), BO65;K<8 8 <=>65AB25==K<8 =0@CH5=8O<8 @0728B8O >1 >:@C60NI5< 8E
?@8@>4=>< <8@5. #>4>1@0==K9 ?@>3@0<<=K9 <0B5@80; ?> ?@54<5BC "O:@C60NI89
?@8@>4=K9 <8@" @0AAG8B0= =0 D>@<8@>20=85 C >1CG0NI8EAO ?@54AB02;5=89 > ?@8@>45, 55
<=>3>>1@0788, > 2708<>A2O78 682>9, =5682>9 ?@8@>4K 8 G5;>25:0.
*5;L >1CG5=8O: D>@<8@>20=85 ?@54AB02;5=89 > 682>9 8 =5682>9 ?@8@>45, >
2708<>459AB288 G5;>25:0 A ?@8@>4>9, 15@56=>3> >B=>H5=8O : ?@8@>45.
OA=>2=K<8 7040G0<8 ?@>3@0<@<8@>20=85
?@54AB02;5=89 >1 >1J5:B0E 8 O2;5=8OE =5682>9 ?@8@>4K, D>@<8@>20=85 2@5<5==KE
?@54AB02;5=89, D>@<8@>20=85 ?@54AB02;5=89 > @0AB8B5;L=>< 8 682>B=>< <8@5. #@>3@0<<0
?@54AB02;5=0 A;54CNI8<8 @0745;0<8: "$0AB8B5;L=K9 <8@", "82>B=K9 <8@", "@5<5==K5
?@54AB02;5=8O", "O1J5:BK =5682>9 ?@8@>4K".
 ?@>F5AA5 D>@<8@>20=8O ?@54AB02;5=89 > =5682>9 ?@8@>45 >1CG0NI89AO ?>;CG05B
7=0=8O > O2;5=8OE ?@8@>4K (A=53, 4>64L, BC<0=), > F8:;8G=>AB8 2 ?@8@>45 - A57>==KE
87<5=5=8OE (;5B>, >A5=L, 25A=0, 78<0), ACB>G=KE 87<5=5=8OE (CB@>, 45=L, 25G5@, =>GL),
CG8BAO CAB0=02;820BL >1I85 70:>=><5@=>AB8 ?@8@>4=KE O2;5=89. O1CG0NI89AO
7=0:><8BAO A @07=>>1@0785< @0AB8B5;L=>3> 8 682>B=>3> <8@0, ?>;CG05B ?@54AB02;5=8O >
A@545 >18B0=8O 682>B=KE 8 @0AB5=89, CG8BAO 2K45;OBL E0@0:B5@=K5 ?@87=0:8, >1J548=OBL 2
3@C??K ?> MB8< ?@87=0:0<, CAB0=02;820BL A2O78 <564C =8<8. =8<0=85 >1CG0NI53>AO
>1@0I05BAO =0 A2O7L 682>9 8 =5682>9 ?@8@>4K: @0AB5=8O 8 682>B=K5 ?@8A?>A01;820NBAO :
87<5=ONI828O< A@54K, 25B5@ ?5@5=>A8B A5<5=0 @0AB5=89. H01;N40O 70 B@C4><
27@>A;KE ?> CE>4C 70 4><0H=8<8 682>B=K<8 8 @0AB5=8O<8, >1CG0NI89AO CG8BAO
2K?>;=OBL 4>ABC?=K5 459AB28O: ?>A04:0, ?>;82, CE>4 70 @0AB5=8O<8, :>@<;5=85
0:20@8C<=KE @K1>:, 682>B=KE. OA>1>5 2=8<0=85 C45;O5BAO 2>A?8B0=8N ;N128 : ?@8@>45,
15@56=>B=>H5=8N : =59.
(>@<8@>20=85 ?@54AB02;5=89 C >1CG0NI8EAO A $% 4>;6=> ?@>8AE>48BL ?> ?@8=F8?C
">B G0AB=>3> : >1I51CG0NI89AO 7=0:><8BAO A :>=:@5B=K< >1J5:B><,
=0?@8<5@, 3@81: 53> AB@>5=85<, <5AB><, 345 @0AB5B, CG8BAO C7=020BL MB>B >1J5:B A@548
=5A:>;L:8E ?@54;>65==KE >1J5:B>2 (:@C6:0, 3@81, 1CG0NI89AO 7=0:><8BAO A
@07=K<8 3@810<8 (15;K9, ?>4>A8=>28:, <>@), CG8BAO 8E @07;8G0BL, >1J548=OBL 2
3@C??K (AJ54>1=K5 8;8 =5AJ54>1=K5 3@81K). O1CG0NI89AO ?>;CG05B ?@54AB02;5=85 >
7=0G5=88 3@81>2 2 ?@8@>45 8 687=8 G5;>25:0, > A?>A>10E 8E ?5@5@01>B:8 (20@:0, 60@:0,
70A>;, :>=A5@28@>20=85). (>@<8@>20=85 ?@54AB02;5=8O > 3@810E ?@54?>;0305B ?>AB0=>2:C
A;54CNI8E 7040G: C7=020=85 3@810, @07;8G5=85 G0AB59 3@810, @07;8G5=85 3@81>2
(?>4>A8=>28:, AK@>56:0), @07;8G5=85 AJ54>1=KE 8 =5AJ54>1=KE 3@81>2, 7=0G5=85 3@81>2,
A?>A>1K ?5@5@01>B:8 3@81>2.
 @0<:0E :>@@5:F8>==>-@072820NI8E 70=OB89 2>7<>6=> ?@>2545=85 70=OB89 ?>

1.

43

5AB5AB2>7=0=8N A >1CG0NI8<8AO, :>B>@K5 =C640NBAO 2 4>?>;=8B5;L=>9 8=48284C0;L=>9
@01>B5. T5< >1CG0NI8B>@KE <0B5@80; ?@54<5B0 =54>ABC?5=, A>45@60=85
"O:@C60NI89 ?@8@>4=K9 <8@" =5 2:;NG05BAO 2 8=48284C0;L=CN >1@07>20B5;L=CN
?@>3@0<A8BAO 2 8E 8=48284C0;L=K9 CG51=K9 ?;0=.
0B5@80;L=>-B5E=8G5A:>5 >15A?5G5=85 ?@54<5B0 2:;NG05B: >1J5:BK ?@8@>4K: :0<=8,
?>G20, A5<5=0, :><=0B=K5 @0AB5=8O 8 4@C385 >1@07FK ?@8@>4=>3> <0B5@80;0 (2 B>< G8A;5
A>1@0==>3> 2<5AB5 A >1CG0NI8<8AO 2 E>45 M:A:C@A89); =03;O4=K9 87>1@078B5;L=K9
<0B5@80; (2845>, D>B>3@0D88, @8AC=:8 4;O 45<>=AB@0F88 >1CG0NI82>I59,
D@C:B>2; ?8:B>3@0<1@065=8O<8 459AB289, >?5@0F89 ?> CE>4C 70 @0AB5=8O<8,
682>B=K<8; @07;8G=K5 :0;5=40@8; 87>1@065=8O A57>==KE 87<5=5=89 2 ?@8@>45; @01>G85
B5B@048 A @07;8G=K<8 >1J5:B0<8 ?@8@>4K 4;O @0A:@0H820=8O, 2K@570=8O, =0:;5820=8O 8
4@C3>9 <0B5@80;; >1CG0NI85 :>3@0<A>1AB2CNI85 D>@<8@>20=8N
C >1CG0NI8EAO 4>ABC?=KE ?@54AB02;5=89 > ?@8@>45; 0C48>- 8 2845><0B5@80;K; 682>9
C3>;>:, 0:20@8C<, A:>B=K9 42>@, >3>@>4, B5?;8F0.
#> 2>7<>6=>AB8, 2 >@30=870F88 A>740NBAO "682K5 C3>;:8" 4;O =5?>A@54AB25==>3>
:>=B0:B0 A 682K<8 >18B0B5;O<8 ?@8@>4K (0:20@8C<=K<8 @K1:0<8, ?B8F0<8, E>@A:8<8 A28=:0<8). #@8 =0;8G88 A>>B25BAB2CNI8E @5AC@A>2 2 >@30=870F88 <>65B 1KBL
A>740= =51>;LH>9 A:>B=K9 42>@, 2 :>B>@>< A>45@60BAO 4><0H=85 682>B=K5 8 ?B8FK,
@0718B =51>;LH>9 CG51=K9 >3>@>4 8 (8;8) ?>AB02;5=0 B5?;8F0. #>4>1=K5 E>7O9AB20
>15A?5G820NB CA;>28O MDD5:B82=>3> D>@<8@>20=8O ?@54AB02;5=89 >1 >:@C60NI5< <8@5,
0 B0:65 @0728B8N =02K:>2 B@C4>2>9 45OB5;L=>AB8 C >1CG0NI8EAO. @><5 B>3>,
>@30=87>20==K5 70=OB8O A 682>B=K<8 8 @0AB5=8O<8 A?>A>1AB2CNB =>@<0;870F88
M<>F8>=0;L=>3> A>AB>O=8O >1CG0NI8EAO A PAC A C<5@5==>9, BO65;>9, 3;C1>:>9
C9
>BAB0;>ABLN
(8=B5;;5:BC0;L=K<8
=0@CH5=8O<8),
BO65;K<8
8
<=>65AB25==K<8 =0@CH5=8O<8 @0728B8O 2 ?@>F5AA5 8E =5?>A@54AB25==>3> :>=B0:B0 A
682>9 ?@8@>4>9.  A;CG05 >BACBAB28O 2>7<>6=>AB8 2K@0I820BL @0AB5=8O 8 A>45@60BL
682>B=KE 2 CG@5645=88, =5>1E>48<> >@30=87>2K20BL CG51=K5 ?>574:8 >1CG0NI8EAO 2
7>>?0@:, =0 D5@7O9AB20.
2.
%>45@60=85 >1CG5=8O
$0AB8B5;L=K9 <8@. #@54AB02;5=85 > @0AB5=8OE (45@52>, :CAB, B@020). #@54AB02;5=85 >
45@52LOE (15@570, 4C1, :;5=, 5;L, >A8=0, A>A=0, 820, :0HB0=). #@54AB02;5=85 > D@C:B0E
(O1;>:>, A;820, 28H=O, 10=0=, ;8<>=, 0?5;LA8=, 3@CH0, <0=40@8=, ?5@A8:, 01@8:>A, :828).
#@54AB02;5=85 >1 >2>I0E (?><84>@, >3C@5F, :0?CAB0, ;C:, :0@B>D5;L, <>@:>2L, A25:;0, @5?0,
@548A, BK:20, :010G>:, ?5@5F). #@54AB02;5=85 > O3>40E (A<>@>48=0, :;C1=8:0, <0;8=0,
:@K6>2=8:, 75<;O=8:0, G5@=8:0, 56528:0, 3>;C18:0, 1@CA=8:0, :;N:20). #@54AB02;5=85 >
3@810E (15;K9 3@81, <>@, H0=, 25H5=:0, ?>415@57>28:, ;8A8G:0, ?>4>A8=>28:,
>?5=>:, ?>30=:0). #@54AB02;5=85 > B@02O=8ABKE @0AB5=8OE (F25B0E) (0AB@0, 3;048>;CA,
BN;L?0=, =0@F8AA, D80;:0, @>70, ;8;8O, ?8>=). #@54AB02;5=85 > ?@O=KE B@02O=8ABKE
@0AB5=8OE (?5B@CH:0, C:@>?, 1078;8:, :>@80=4@, 
:><=0B=KE @0AB5=8OE (35@0=L, :0:BCA, D80;:0, D8:CA), >A>15==>ABOE CE>40 70 =8<8,
7=0G5=85< 2 687=8 G5;>25:0 (C:@0H5=85 ?><5I5=8O, >G8I5=85 2>74CE0 2 ?><5I5=88).
#@54AB02;5=85 > 75@=>2KE :C;LBC@0E (?H5=8F0, ?@>A>, OG<5=L, @>6L, :C:C@C70, 3>@>E,
D0A>;L, 1>1K), E;515. P07;8G5=85 @0AB5=89 ?@8@>4=KE 7>= E>;>4=>3> ?>OA0 (<>E,
:0@;8:>20O 15@570). P07;8G5=85 @0AB5=89 ?@8@>4=KE 7>= 60@:>3> ?>OA0 (:0:BCA, 25@1;N6LO
:>;NG:0, ?0;L<0, ;80=0, 10<1C:). #@54AB02;5=85 > 7=0G5=88 @0AB5=89 2 687=8 G5;>25:0:
A1>@5 C@>60O >2>I59, D@C:B>2, O3>4, 3@81>2, A?>A>10<8 8E ?5@5@01>B:8 (873>B>2;5=85 A>:0,
20@5=LO, 465<0, 20@:0, 60@:0, 70A>;).
82>B=K9 <8@. #@54AB02;5=85 > 682>B=><. #@54AB02;5=85 > 4><0H=8E 682>B=KE
(:>@>20, A28=LO, ;>H04L, :>70, >2F0 (10@0=), :>B, A>10:0). #@54AB02;5=85 > 48:8E 682>B=KE
(;8A0, 70OF, 2>;:, <54254L, ;>AL, 15;:0, 56, :010=, B83@). #@54AB02;5=85 > 682>B=KE,
>18B0NI8E 2 ?@8@>4=KE 7>=0E E>;>4=>3> ?>OA0 (15;K9 <54254L, ?8=328=, >;5=L, ?5A5F,
BN;5=L, <>@6). #@54AB02;5=85 > 48:8E 682>B=KE, >18B0NI8E 2 ?@8@>4=KE 7>=0E 60@:>3>
44

?>OA0 (25@1;N4, ;52, A;>=, 68@0D, 751@0, G5@5?0E0, =>A>@>3, >157LO=0, 1535<>B, ?8B>=,
:@>:>48;). #@54AB02;5=85 > ?B8F5. #@54AB02;5=85 > 4><0H=8E ?B8F0E (:C@8F0 (?5BCE),
CB:0, 3CAL, 8=4N:). #@54AB02;5=85 > ?5@5;5B=KE 8 78;C1L, 2>@>=0,
2>@>159, 4OB5;, A8=8F0, A=538@L, A>20, 08AB, ;0AB>G:0). #@54AB02;5=85 > 2>4>?;020NI8E
?B8F0E (;5154L, CB:0, 3CAL). #@54AB02;5=85 > @K15. #@54AB02;5=85 > @5G=KE @K10E (A><,
>:C=L, IC:0). #@54AB02;5=85 > <>@A:8E @K10E (0:C;0, A5;L4L, :0<10;0, @K10-56, A:0B).
#@54AB02;5=85 > =0A5:>G:0, AB@5:>70, <0@, ?G5;0,
B0@0:0=). #@54AB02;5=85 > <>@A:8E >18B0B5;OE (:8B, 45;LD8=, <>@A:0O 725740, <54C70,
<>@A:>9 :>=5:, >AL<8=>3, :@525B:0). #@54AB02;5=85 > 7=0G5=88 682>B=KE 2 687=8 G5;>25:0
(8AB>G=8: ?8B0=8O, 87 H:C@ 8 H5@AB8 873>B02;820NB >4564C).
"1J5:BK ?@8@>4K. #@54AB02;5=85 > ?>G25. #@54AB02;5=85 > 2>45. #@54AB02;5=85 >1
>3=5. #@54AB02;5=85 > 2>74CE5. #@54AB02;5=85 > 75<;5 8 =515. #@54AB02;5=85 > @5:5.
#@54AB02;5=85 > 2>4>5<5. #@54AB02;5=85 > ;5A5. #@54AB02;5=85 > ;C35. #@54AB02;5=85 >
D>@<0E 75<=>9 ?>25@E=>AB8. #@54AB02;5=85 >1 87>1@065=88 75<=>9 ?>25@E=>AB8 =0 :0@B5.
#@54AB02;5=85 > ?>;57=KE 8A:>?05;L, =5DBL, 307, 8725AB=O:, 3@0=8B, 7>;>B>,
A5@51@>) A CG5B>< <5AB=KE ?@8@>4=KE @5AC@A>2. #@54AB02;5=85 > 7=0G5=88 >1J5:B>2
?@8@>4K 2 687=8 G5;>25:0.
@5<5==K5 ?@54AB02;5=8O. #@54AB02;5=85 > G0ABOE ACB>:. #@54AB02;5=85 > =545;5.
#@54AB02;5=85 > 3>45. #@54AB02;5=85 > 2@5<5=0E 3>40 (>A5=L, 78<0, 25A=0, ;5B>).
#@54AB02;5=85 > A57>==KE O2;5=8OE ?@8@>4K (4>64L, A=53, 3@>70, @04C30, BC<0=, 25B5@).
#@54AB02;5=85 > ?>3>45 B5:CI53> 4=O. #@54AB02;5=8O > 45OB5;L=>AB8 G5;>25:0 2 :>=B5:AB5
B5G5=8O 2@5<5=8: 2 @07=>5 2@540, 2 @07=CN ?>3>4C. 7<5@5=85 2@5<5=8 (:0;5=40@L,
G0AK).
3.
#;0=8@C5A2>5=8O CG51=>3> ?@54<5B0
&@51>20=8O : @57C;LB0B0< >A2>5=8O ?@54<5B0 "O:@C60NI89 ?@8@>4=K9 <8@"
?@54AB02;ONB A>1>9 >?8A0=85 2>7<>6=KE @57C;LB0B>2 >1@07>20=8O 40==>9 :0B53>@88
>1CG0NI8EAO:
1.
#@54AB02;5=8O > O2;5=8OE 8 >1J5:B0E =5682>9 ?@8@>4K, A<5=5 2@5<5= 3>40 8
A>>B25BAB2CNI8E A57>==KE 87<5=5=8OE 2 ?@8@>45, C<5=89 040?B8@>20BLAO : :>=:@5B=K<
?@8@>4=K< 8 :;8<0B8G5A:8< CA;>28O<.
=B5@5A : >1J5:B0< 8 O2;5=8O< =5682>9 ?@8@>4K.
$0AH8@5=85 ?@54AB02;5=89 >1 >1J5:B0E =5682>9 ?@8@>4K (2>40, 2>74CE, 75<;O, >3>=L,
;5A, ;C3, @5:0, 2>4>5@9 ?>25@E=>AB8, ?>;57=K5 8A:>?05 2@5<5=0E 3>40, E0@0:B5@=KE ?@87=0:0E 2@5<5= 3>40, ?>3>4=KE
87<5=5=8OE, 8E 2;8O=88 =0 687=L G5;>25:0.
'<5=85 CG8BK20BL 87<5=5=8O 2 >:@C60NI59 A@545 4;O 2K?>;=5=8O ?@028;
687=545OB5;L=>AB8, >E@0=K 74>@>2LO.
2.
#@54AB02;5=8O > 682>B=>< 8 @0AB8B5;L=>< <8@5, 8E 7=0G5=88 2 687=8 G5;>25:0.
=B5@5A : >1J5:B0< 682>9 ?@8@>4K.
$0AH8@5=85 ?@54AB02;5=89 > 682>B=>< 8 @0AB8B5;L=>< <8@5 (@0AB5=8O, 682>B=K5, 8E
284K, ?>=OB8O "?>;57=K5" - "2@54=K5", "48:85" - "4><0H=85").
O?KB 701>B;82>3> 8 15@56=>3> >B=>H5=8O : @0AB5=8O< 8 682>B=K<, CE>40 70 =8<8.
'<5=85 A>1;N40BL ?@028;0 157>?0A=>3> ?>2545=8O 2 ?@8@>45 (2 ;5AC, C
@5:8).
3.
-;5<5=B0@=K5 ?@54AB02;5=8O > B5G5=88 2@5<5=8.
'<5=85 @07;8G0BL G0AB8 ACB>:, 4=8 =545;8, <5AOFK, 8E A>>B=5A5=85 A 2@5<5=5< 3>40.
#@54AB02;5=8O > B5G5=88 2@5<5=8: A<5=0 A>1KB89 4=O, ACB>:, 2 B5G5=85 =545;8, <5AOF0.

2.4. $01>G0O ?@>3@0<<0 ?> CG51=>25:»

#>OA=8B5;L=0O 70?8A:0
$01>G0O ?@>3@0<<0 ?> ?@54<5BC "+5;>25:" 4;O >1CG0NI8EAO A @0AAB@>9AB20<8

1.

45

0CB8AB8G5A:>3> A?5:B@0 A C<5@5==>9, BO65;>9, 3;C1>:>9 C9 >BAB0;>ABLN
(8=B5;;5:BC0;L=K<8 =0@CH5=8O<8), BO65;K<8 8 <=>65AB25==K<8 =0@CH5=8O<8 @0728B8O
(20@80=B 8.4) 2
"'-"", 714 E.;L8=>2 A>AB02;5=0 =0 >A=>25 B@51>20=89 :
@57C;LB0B0< >A2>5=8O (""# H"", CAB0=>2;5==K<8 ("% H"" >1CG0NI8EAO A ",
D545@0;L=>9 ?@>3@0<A?8B0=8O.
#@8>1I5=85 >1CG0NI53>AO : A>F80;L=>
A515. %B0=>2;5=85 ;8G=>AB8 ?@>8AE>48B ?@8 CA;>288 53> 0:B82=>AB8, ?>7=0=8O 8<
>:@C60NI53> <8@0, A25G5A:8E >B=>H5=89, >A>7=0=8O A51O 2 A8AB5<5
A>F80;L=>3> <8@0. %>F80;L=CN ?@8@>4C "O" >1CG0NI89AO A P% A C<5@5==>9, BO65;>9,
3;C1>:>9 C9 >BAB0;>ABLN (8=B5;;5:BC0;L=K<8 =0@CH5=8O<8), BO65;K<8 8
<=>65AB25==K<8 =0@CH5=8O<8 @0728B8O =0G8=05B ?>=8<0BL 2 ?@>F5AA5 2708<>459AB28O A
4@C38<8 ;N4L<8, 8, 2 ?5@2CN >G5@54L, A> A2>8<8 @>4=K<8 8 1;87:8<8.
"1CG5=85 ?@54<5BC "+5;>25:" =0?@02;5=> =0 D>@<8@>20=85 ?@54AB02;5=89 > A515 :0:
"/" 8 A2>5< 1;8609H5< >:@C65=88 8 ?>2KH5=85 C@>2=O A0<>AB>OB5;L=>AB8 2 ?@>F5AA5
A0<>>1A;C6820=8O.
#@>3@0<<0 ?@54AB02;5=0 A;54CNI8<8 @0745;0<8: "#@54AB02;5=8O > A515", "%5 A515= 2:;NG05B A;54CNI55 A>45@60=85: ?@54AB02;5=8O >
A2>5< B5;5, 53> AB@>5=88, > A2>8E 42830B5;L=KE 2>7<>6=>ABOE, ?@028;0E 74>@>2>3> >1@070
687=8 (@568< 4=O, ?8B0=85, A>=, ?@>3C;:0, 38385=0, 70=OB8O D878G5A:>9 :C;LBC@>9 8
?@>D8;0:B8:0 1>;57=59), ?>2545=88, A>E@0=ONI5< 8 C:@5?;ONI5< 74>@>2L5, ?>;57=KE 8
2@54=KE ?@82KG:0E, 2>7@0AB=KE 87<5=5=8OE.
$0745; "8385=0 B5;0" 2:;NG05B 7040G8 ?> D>@<8@>20=8N C<5=89 C4 4CH5<, G8AB8BL 7C1K, ;>2C, AB@8GL =>3B8, ?@8G5AK20BLAO. P0745; ""1@0I5=85 A
>4564>9 8 >1C2LN" 2:;NG05B 7040G8 ?> D>@<8@>20=8N C<5=89 >@85=B8@>20BLAO 2 >45645,
A>1;N40BL ?>A;54>20B5;L=>ABL 459AB289 ?@8 >4520=88 8 A=OB88 ?@54<5B>2 >4564K. $0745;
"#@85< ?8I8= ?@54?>;0305B >1CG5=85 8A?>;L7>20=8N 2> 2@5;>2KE ?@81>@>2,
?8BLN 87 :@C6:8, =0:;04K20=8N ?8I8 2 B0@5;:C, ?>;L7>20=8N A0;D5B:>9.
040G8 ?> D>@<8@>20=8N =02K:>2 >1A;C6820=8O A51O 2 BC0;5B5 2:;NG5=K 2 @0745;
"&C0;5B".
"A2>5=85 A>45@60=8O @0745;0 "%5;0305B D>@<8@>20=85 ?@54AB02;5=89 >
A2>5< 1;8609H5< >:@C65=88: G;5=0E A5>B=>H5=8OE <564C =8<8, A5<59=KE
B@048F8OE. "1CG0NI89AO CG8BAO A>1;N40BL ?@028;0 8 =>@2545=8O 8
>1I5=8O 2 A5, GB>1K >1@07F>< :C;LBC@K >1I5=8O 4;O >1CG0NI53>AO A P% A
C<5@5==>9, BO65;>9, 3;C1>:>9 C9 >BAB0;>ABLN (8=B5;;5:BC0;L=K<8
=0@CH5=8O<8), BO65;K<8 8 <=>65AB25==K<8 =0@CH5=8O<8 @0728B8O O2;O;8AL
4>1@>65;0B5;L=>5 8 701>B;82>5 >B=>H5=85 : >:@C60NI8<, A?>:>9=K9 ?@825B;82K9 B>=.
"1CG0NI89AO CG8BAO ?>=8<0BL >:@C60NI8E ;N459, ?@>O2;OBL : =8< 4>1@>65;0B5;L=>5
>B=>H5=85, AB@5<8BLAO : >1I5=8N 8 2708<>459AB28N A =8<8.
%>45@60=85 @0745;>2 ?@54AB02;5=> A CG5B>< 2>7@0AB=KE >A>15==>AB59. H0?@8<5@,
@01>B0 ?> D>@<8@>20=8N B0:8E 38385=8G5A:8E =02K:>2, :0: 2>48BAO A >1CG0NI8<8AO <;04H53> 2>7@0AB0, 0 >1CG5=85 1@8BLN, CE>4C 70 :>659 ;8F0,
2>48BAO A >1CG0NI8<8AO <;04H53> 8 ?>4@>AB:>2>3> 2>7@0AB0.
>;LH8=AB2> @0745;>2 2:;NG0NB 7040G8, B@51CNI85 >1CG5=8O >B45;L=K< >?5@0F8O<,
=0?@8<5@, ?@8 1CG0NI89AO A P% A C<5@5==>9, BO65;>9, 3;C1>:>9 C9
>BAB0;>ABLN (8=B5;;5:BC0;L=K<8 =0@CH5=8O<8), BO65;K<8 8 <=>65AB25==K<8
=0@CH5=8O<8 @0728B8O CG8BAO C45@6820BL @C:8 ?>4 AB@C59 2>4K, =0A;5
B>3> :0: >1CG0NI89AO 8E >A2>8B, >= CG8BAO A>1;N40BL ?>A;54>20B5;L=>ABL MB8E >?5@0F89.
#@>F5AA >1CG5=8O ?@54CA<0B@8205B ?>MB0?=>ABL 2 ?;0=5 CA;>6=5=8O A0<8E =02K:>2.
H0?@8<5@, D>@<8@>20=85 38385=8G5A:8E =02K:>2 =0G8=0NB A >1CG5=8O 1CG5=85<  B5;0.
#@8 D>@<8@>20=88 =02K:>2 A0<>>1A;C6820=8O, 206=> >1J548=OBL CA8;8O A?5F80;8AB>2
46

8 @>48B5;59 (70:>==KE ?@54AB028B5;59). P01>B0, ?@>2>48<0O 2 H:>;5, 4>;6=0
?@>4>;60BLAO 4><0.  4><0H=8E CA;>28OE 2>7=8:05B 1>;LH5 5AB5AB25==KE A8BC0F89 4;O
A>25@H5=AB2>20=8O
=02K:>2
A0<>>1A;C6820=8O.
(>@<8@>20=85
459AB289
A0<>>1A;C6820=8O >A=>20=> =0 C<5=8OE 8 =02K:0E, AD>@<8@>20==KE 2 E>45 >1CG5=8O
?@54<5B=>?@0:B8G5A:>9 45OB5;L=>AB8.
 @0<:0E ?@54<5B=>-?@0:B8G5A:8E 8 :>@@5:F8>==>-@072820NI8E 70=OB89 B0:65
2>7<>6=> ?@>2545=85 70=OB89 ?> 40==>1CG0NI8<8AO, :>B>@K5 =C640NBAO
2 4>?>;=8B5;L=>9 8=48284C0;L=>9 @01>B5.
;O @50;870F88 ?@>3@0< ?@54<5BC "+5;>25:" <0B5@80;L=>B5E=8G5A:>5
>15A?5G5=85 2:;NG05B: ?@54<5B=K5 8 AN65B=K5 :0@B8=:8, D>B>3@0D88 A 87>1@065=85<
G;5=>2 A51CG0NI53>AO; ?8:B>3@0<70?8A8 459AB289, ?@028; ?>2545=8O,
?8:B>3@0<1@065=85< 459AB289, >?5@0F89 A0<>>1A;C6820=8O, 8A?>;L7C5< ?@54<5B>2. @><5 B>3>, 8A?>;L7CNBAO 2845><0B5@80;K, ?@575=B0F88,
==K5 D8;L>B=>H5=8O;
A5<59=K9 0;L1><, @01>G85 B5B@048 A 87>1@065=8O<8 :>=BC@>2 27@>A;KE 8 45B59 4;O
@0A:@0H820=8O, 2K@570=8O, =0:;5820=8O, A>AB02;5=8O D>B>:>;;0659 8 0;L1><>2;
>1CG0NI85 :>3@0<A>1AB2CNI85 D>@<8@>20=8N C >1CG0NI8EAO
4>ABC?=KE ?@54AB02;5=89 > 1;8609H5< A>F80;L=>< >:@C65=88. #> 2>7<>6=>AB8,
8A?>;L7CNBAO B5E=8G5A:85 A@54AB20: :>?@>5:B>@ 8 4@C3>5 5
>1>@C4>20=85. %B5;;068 4;O =03;O4=KE ?>A>189, 75@:0;0 =0AB5==K5 8 8=48284C0;L=K5,
AB>;K, ABC;LO A ?>4;>:>B=8:0<8, ?>4=>6:0<8.
2.
%>45@60=85 >1CG5=8O
#@54AB02;5=8O > A515. 45=B8D8:0F8O A51O A> A2>8< 8<5=5<, A2>59 ?>;>2>9
?@8=04;56=>AB8 (:0: <0;LG8:0 8;8 452>G:8, N=>H8 8;8 452CH:8). #@54AB02;5=85 > G0ABOE
B5;0. #@54AB02;5=85 > ;8F5 G5;>25:0. #@54AB02;5=85 > AB@>5=88 G5;>25:0. #@54AB02;5=85 >
A>AB>O=88 A2>53> 74>@>2LO, 206=>AB8 A>1;N45=8O @568<0 4=O 8 ?@028; ;8G=>9 38385=K.
!07K20=85 A2>53> 2>7@0AB0, 40BK @>645=8O. #@54AB02;5=85 > 2>7@0AB=KE 87<5=5=8OE
G5;>25:0. !07K20=85 A2>53> 8<5=8 8 D0<8;88. #@54AB02;5=85 > 70=OB8OE 2 A2>1>4=>5
2@5 A515.
8385=0 B5;0. P07;8G5=85 25=B8;59 A 3>@OG59 8 E>;>4=>9 2>4>9. P53C;8@>20=85 =0?>@0
AB@C8 2>4K. %<5H820=85 2>4K 4> :>@B=>9 B5;>B5=F5<.
%CH:0 @C: A ?><>ILN 02B><0B8G5A:>9 ACH8;:8. %>1;N45=85 ?>A;54>20B5;L=>AB8
459AB289 ?@8 B:@K20=85 :@0=0, @53C;8@>20=85 =0?>@0 AB@C8 8
B54K, =0<0G820=85 @C:, =04AB@830=85 =>3B59 =>6=8F0<8.
#>4?8;820=85 =>3B59 ?8;>G:>9. KB8@0=85 ;8F0. %>1;N45=85 ?>A;54>20B5;L=>AB8
459AB289 ?@8 2. #>;>A:0=85 ?>;>AB8 @B0. %>1;N45=85
?>A;54>20B5;L=>AB8 459AB289 ?@8 G8AB:5 7C1>2 8 ?>;>A:0=88 ?>;>AB8 @B0. "G8I5=85
=>A>2>3> E>40. !0=5A5=85 :>A<5B8G5A:>3> A@54AB20 =0 ;8F>. %>1;N45=85
?>A;54>20B5;L=>AB8 459AB289 ?@8 1@8BL5 M;5:B@>1@8B2>9, 157>?0A=K< AB0=:><.
P0AG5AK20=85 2>;>A. %>1;N45=85 ?>A;54>20B5;L=>AB8 459AB289 ?@8 ;>A. %>1;N45=85 ?>A;54>20B5;L=>AB8 459AB289 ?@8 ACH:5 2>;>A D5=><. KBL5 CH59.
+8AB:0 CH59. KB8@0=85 =>3. %>1;N45=85 ?>A;54>20B5;L=>AB8 459AB289 ?@8 3. %>1;N45=85 ?>A;54>20B5;L=>AB8 459AB289 ?@8 9 7>=K. #>;L7>20=85 38385=8G5A:8<8 ?@>:;04:0<8. #>;L7>20=85
:>A<5B8G5A:8<8 A@54AB20<8 (457>4>@0=B><, BC0;5B=>9 2>4>9, 38385=8G5A:>9
?><04>9, 4CE0<8).
"4520=85 8 @074520=85. !04520=85 ?@54<5B0 >4564K. "1C20=85 >1C28. %>1;N45=85
?>A;54>20B5;L=>AB8 459AB289 ?@8 >4520=88 :>4564K (=0?@8<5@, :>;3>B:8, N1:0,
DCB1>;:0, :>DB0). 0AB53820=85 (702O7K20=85): ;8?CG:8, <>;=88, ?C3>28FK, :=>?:8, @5<=O,
H=C@:0. >=B@>;L A2>53> 2=5H=53> 2840. P07;8G5=85 ;8F52>9 8 87=0=>G=>9, ?5@54=59 8
704=59 AB>@>=K >4564K, 25@E0 8 =870 >4564K. P07;8G5=85 ?@02>3> 8 ;52>3> 1>B8=:0
47

(A0?>30, B0?:0). K2>@0G820=85 >4564K.
$0AAB53820=85 ;8?CG:8, <>;=88, ?C3>28FK, @5<=O, :=>?:8, @072O7K20=85 H=C@:>2.
%=OB85 ?@54<5B0 >4564K (=0?@8<5@, :>DBK, 70E20B :>DBK 70 :@09 ?@02>3> @C:020,
ABO3820=85 ?@02>3> @C:020 :>DBK, 70E20B :>DBK 70 :@09 ;52>3> @C:020, ABO3820=85 ;52>3>
@C:020 :>DBK). %=OB85 >1C28 (=0?@8<5@, 1>B8=>:, 70E20B @C:>9 704=59 G0AB8 ?@02>3>
1>B8=:0, ABO3820=85 ?@02>3> 1>B8=:0, 70E20B @C:>9 704=59 G0AB8 ;52>3> 1>B8=:0, ABO3820=85
;52>3> 1>B8=:0). %>1;N45=85 ?>A;54>20B5;L=>AB8 ?@8 @074520=88 (=0?@8<5@, 25@E=59
>4564K, A=OB85 20@565:, A=OB85 H0?:8, @0AAB53820=85 :C@B:8, A=OB85 :C@B:8,
@0AAB53820=85 A0?>3, A=OB85 A0?>3).
&C0;5B. %>>1I5=85 > 65;0=88 AE>48BL 2 BC0;5B. %845=85 =0 C=8B075 8 >?@02;5=85 <0;>9
8;8 1>;LH>9 =C64K. #>;L7>20=85 BC0;5B=>9 1C<03>9. %>1;N45=85 ?@028;
?>A;54>20B5;L=>AB8 459AB289 2 BC0;5B5: ?>4=8<0=85 :@KH:8, >?CA:0=85 A845=8O,
A?CA:0=85 >4564K - 1@N:, :>;3>B>:, B@CA>2; A845=85 =0 C=8B075 8;8 3>@H:5, >?@02;5=85
=C64K 2 C=8B07, ?>;L7>20=85 BC0;5B=>9 1C<03>9, >4520=85 >4564K - B@CA>2, :>;3>B>:,
1@N:; =068<0=85 :=>?:8 A;820 2>4K, ;L7>20=85 1C<06=KE ?>;>B5=5F,
M;5:B@>ACH8;:8.
#@85< ?8I8. %>>1I5=85 > 65;0=88 ?8BL. #8BL5 G5@57 A>;><8=:C. #8BL5 87 :@C6:8 8;8
AB0:0=0 (70E20B :@C6:8 8;8 AB0:0=0, ?>4=5A5=85 :@C6:8 8;8 AB0:0=0 :> @BC, =0:;>= :@C6:8
8;8 AB0:0=0, 2BO3820=85 8;8 2;820=85 684:>AB8 2 @>B, >?CA:0=85 :@C6:8 8;8 AB0:0=0 =0
AB>;). !0;820=85 684:>AB8 2 :@C6:C. %>>1I5=85 > 65;0=88 5ABL. 40 @C:0<8. 40 ;>6:>9
(70E20B ;>6:8, 70G5@?K20=85 ;>6:>9 ?8I8 87 B0@5;:8, ?>4=5A5=85 ;>6:8 A ?8I59 :> @BC,
A=OB85 A ;>6:8 ?8I8 3C10<8, >?CA:0=85 ;>6:8 2 B0@5;:C). 40 28;:>9 (70E20B 28;:8,
=0:0;K20=85 :CA>G:0 ?8I8, ?>4=5A5=85 28;:8 :> @BC, A=OB85 3C10<8 A 28;:8 :CA>G:0 ?8I8,
>?CA:0=85 28;:8 2 B0@5;:C). A?>;L7>20=85 =>60 8 28;:8 2> 2@5B@570=85
=>6>< :CA>G:0 ?8I8 >B F5;>3> :CA:0, =0?>;=5=85 28;:8 30@=8@>< A ?><>ILN =>60).
A?>;L7>20=85 A0;D5B:8 2> 2@5 G;5=0E A5 @>4AB25==KE >B=>H5=8OE 2 A5 1KB>2>9 8 4>AC3>2>9 45OB5;L=>AB8 G;5=>2 A5
?@>D5AA8>=0;L=>9 45OB5;L=>AB8 G;5=>2 A5 A2>59 A5A2>5=8O CG51=>3> ?@54<5B0
&@51>20=8O : @57C;LB0B0< >A2>5=8O ?@54<5B0 "+5;>25:" ?@54AB02;ONB A>1>9 >?8A0=85
2>7<>6=KE @57C;LB0B>2 >1@07>20=8O 40==>9 :0B53>@88 >1CG0NI8EAO:
1.
#@54AB02;5=85 > A515 :0: "/", >A>7=0=85 >1I=>AB8 8 @07;8G89 "/" >B 4@C38E.
%>>B=5A5=85 A51O A> A2>8< 8<5=5<, A2>8< 87>1@065=85< =0 D>B>3@0D88, >B@065=85< 2
75@:0;5.
#@54AB02;5=8O > A>1AB25==>< B5;5.
"B=5A5=85 A51O : >?@545;5==>;C.
'<5=85 >?@545;OBL "<>5" 8 "=5 <>5", >A>7=020BL 8 2K@060BL A2>8 8=B5@5AK, 65;0=8O.
'<5=85 A>>1I0BL >1I85 A2545=8O > A515: 87@0AB, ?>;, <5AB> 68B5;LAB20,
8=B5@5AK.
#@54AB02;5=8O > 2>7@0AB=KE 87<5=5=8OE G5;>25:0, 045:20B=>5 >B=>H5=85 : A2>8<
2>7@0AB=K< 87<5=5=8O<.
2.
'<5=85 @5H0BL :064>4=52=K5 687=5==K5 7040G8, A2O70==K5 A C4>2;5B2>@5=85<
?5@2>>G5@54=KE ?>B@51=>AB59.
'<5=85 >1A;C6820BL A51O: ?@8=8<0BL ?8IC 8 ?8BL, E>48BL 2 BC0;5B, 2K?>;=OBL
38385=8G5A:85 ?@>F54C@K, >4520BLAO 8 @074520BLAO.
'<5=85 A>>1I0BL > A2>8E ?>B@51=>ABOE 8 65;0=8OE.
3.
'<5=85 ?>445@6820BL >1@07 687=8, A>>B25BAB2CNI89 2>7@0ABC, ?>B@51=>ABO< 8
>3@0=8G5=8O< 74>@>2LO; ?>445@6820BL @568< 4=O A =5>1E>4874>@>28B5;L=K<8
?@>F54C@0<8.
'<5=85 >?@545;OBL A2>5 A0<>GC2AB285 (:0: E>@>H55 8;8 ?;>E>5), ?>:07K20BL 8;8
48

A>>1I0BL > 1>;57=5==KE >ICI5=8OE 27@>A;>1;N40BL 38385=8G5A:85 ?@028;0 2 A>>B25BAB288 A @568<>< 4=O (G8AB:0 7C1>2
CB@>< 8 25G5@><, 9 8 ?>A;5 ?>A5I5=8O BC0;5B0).
'<5=85 A;548BL 70 A2>8< 2=5H=8< 284><.
4.
#@54AB02;5=8O > A2>59 A5>B=>H5=8OE 2 A5 G;5=0E A54AB25==KE >B=>H5=8OE 2 A559 A>F80;L=>9 @>;8, >1O70==>ABOE G;5=>2 A52>9 8 4>AC3>2>9 45OB5;L=>AB8
A5G0O ?@>3@0<<0 ?> CG51=>F80;L=K9 <8@»

#>OA=8B5;L=0O 70?8A:0
"1CG5=85 687=8 2 >1I5AB25 >1CG0NI8EAO A PAC 2:;NG05B D>@<8@>20=85
?@54AB02;5=89 >1 >:@C60NI5< A>F80;L=>< <8@5 8 C<5=89 >@85=B8@>20BLAO 2 =5<,
2:;NG0BLAO 2 A>F80;L=K5 >B=>H5=8O.  A8;C @07;8G=KE >A>15==>AB59 D878G5A:>3>,
8=B5;;5:BC0;L=>3>, M<>F8>=0;L=>3> @0728B8O >1CG0NI85AO A PAC 8A?KBK20NB B@C4=>AB8
2 >A>7=0=88 A>F80;L=KE O2;5=89.  A2O78 A MB8< ?@>3@0<<0 CG51=>3> ?@54<5B0
"":@C60NI89 A>F80;L=K9 <8@" ?>72>;O5B ?;0=><5@=> D>@<8@>20BL >A5
2>A?@8OB85 A>F80;L=>9 459AB28B5;L=>AB8 8 2:;NG0BLAO =0 4>ABC?=>< C@>2=5 2 687=L
>1I5AB20.
*5;L >1CG5=8O - D>@<8@>20=85 ?@54AB02;5=89 > G5;>25:5 8 >:@C60NI5< 53>
A>F80;L=>< 8 ?@54<5B=>< <8@5, 0 B0:65 C<5=8O A>1;N40BL M;5<5=B0@=K5 ?@028;0
?>2545=8O 2 A>F80;L=>9 A@545.
"A=>2=K<8 7040G0<8 ?@>3@0<F80;L=K9 <8@" O2;ONBAO: 7=0:>
A O2;5=8O<8 A>F80;L=>9 687=8 (G5;>25: 8 53> 45OB5;L=>ABL, >1I5?@8=OBK5 =>@2545=8O), D>@<8@>20=85 ?@54AB02;5=89 > ?@54<5B=>< <8@5, A>740==>< G5;>25:><
(<=>3>>1@0785, DC=:F8>=0;L=>5 =07=0G5=85 >:@C60NI8E ?@54<5B>2, 459AB28O A =8<8).
#@>3@0<<0 ?@54AB02;5=0 A;54CNI8<8 @0745;0<8: "20@B8@0, 4><, 42>@", ""45640",
"#@>4C:BK ?8B0=8O", ",:>;0", "#@54<5BK 8 <0B5@80;K, 873>B>2;5==K5 G5;>25:><",
">@>4", "&@0=A?>@B", "CB@0=0", "&@048F88 8 >1KG08".
 ?@>F5AA5 >1CG5=8O ?> ?@>3@0<<5 C >1CG0NI53>AO A PAC D>@<8@CNBAO ?@54AB02;5=8O
> @>4=>< 3>@>45, 2 :>B>@>< >= ?@>68205B, > P>AA88, 55 :C;LBC@5, 8AB>@88, A>2@5<5==>9
687=8. =0:>B2>@=K<8 >1J5:B0<8 8 A>F80;L=K<8 O2;5=8O<8 >:@C60NI59
459AB28B5;L=>AB8, >1CG0NI89AO A PAC CG8BAO 2K45;OBL 8E E0@0:B5@=K5 ?@87=0:8,
>1J548=OBL 2 3@C??K ?> MB8< ?@87=0:0<, CAB0=02;820BL A2O78 <564C =8<8. #>;CG0O
?@54AB02;5=8O > A>F80;L=>9 687=8, 2 :>B>@CN >= 2:;NG5=, >1CG0NI89AO A PAC CG8BAO
A>>B=>A8BL A2>5 ?>2545=85 8 ?>ABC?:8 4@C38E ;N459 A =@02AB25==K<8 F5==>ABO<8
(MB0;>=0<8) 8 >1I5?@8=OBK<8 =>@<0<8 ?>2545=8O. "1CG0NI89AO CG8BAO >@85=B8@>20BLAO
2 @07;8G=KE A8BC0F8OE: 871530BL @8A:8 8 C3@>7K 53> 687=8 8 74>@>2LN, 2 G0AB=>AB8, CG8BAO
1KBL 2=8<0B5;L=K< 8 >AB>@>6=K< =0 C;8F5, 4><0, 2 H:>;5.
87=L 2 >1I5AB25 ?@54?>;0305B A;54>20=85 >?@545;5==K< ?@028;0<. ;O D>@<8@>20=8O
C<5=8O A>1;N40BL =>@2545=8O 2 >1I5AB25 =5>1E>48<0 A>2<5AB=0O F5;5=0?@02;5==0O
?>A;54>20B5;L=0O @01>B0 A?5F80;8AB>2 8 @>48B5;59 (70:>==KE ?@54AB028B5;59). 06=>
AD>@<8@>20BL C >1CG0NI53>AO A PAC B8?>2K5 <>45;8 ?>2545=8O 2 @07;8G=KE A8BC0F8OE:
?>574:8 2 >1I5AB25==>< B@0=A?>@B5, ?>:C?>: 2 <03078=5, ?>2545=85 2 >?0A=>9 A8BC0F88.
C>45@60=85 <0B5@80;0 ?> ?@>3@0<<5 "":@C60NI89 A>F80;L=K9 <8@" O2;O5BAO >A=>2>9
D>@<8@>20=8O ?@54AB02;5=89, C<5=89 8 =02K:>2 ?> ?@54<5B0< "7>1@078B5;L=0O
45OB5;L=>ABL", "><>2>4AB2>". =0=8O, ?>;CG5==K5 >1CG0NI845 @01>BK ?>
@0745;C "#>AC40", @0AH8@ONBAO 8 4>?>;=ONBAO =0 70=OB8OE ?> 4><>2>4AB2C, 345
>1CG0NI89AO CG8BAO 3>B>28BL, A5@28@>20BL AB>;.
C?5F8D8:0 @01>BK ?> ?@>3@0<<5 "":@C60NI89 A>F80;L=K9 <8@" 70:;NG05BAO 2 B><,

1.

49

GB> 70=OB8O ?@>2>4OBAO =5 B>;L:> 2 :;0AA5, => 8 2 <5AB0E >1I53> ?>;L7>20=8O (?0@:,
<03078=, :0D5, 2>:70;). "1CG0NI89AO A PAC A C<5@5==>9, BO65;>9, 3;C1>:>9 C9
>BAB0;>ABLN (8=B5;;5:BC0;L=K<8 =0@CH5=8O<8), BO65;K<8 8 <=>65AB25==K<8
=0@CH5=8O<8 @0728B8O 2 A>?@>2>645=88 ?5403>38G5A:>3> @01>B=8:0 2KE>48B 2 3>@>4
(?>A5;>:), 7=0:><8BAO A @07;8G=K<8 >@30=870F8O<8, ?@54>AB02;ONI8<8 CA;C38
=0A5;5=8N, =01;N405B 70 45OB5;L=>ABLN >:@C60NI8E ;N459, CG8BAO 25AB8
A51O A>3;0A=> >1I5?@8=OBK< =>@<0< ?>2545=8O.
 @0<:0E :>@@5:F8>==>-@072820NI8E 70=OB89 B0:65 2>7<>6=> 8A?>;L7>20=85
?@>3@0<<=>3> <0B5@80;0 40==>3> ?@54<5B0 A >1CG0NI8<8AO, :>B>@K5 =C640NBAO 2
4>?>;=8B5;L=>9 8=48284C0;L=>9 @01>B5. T5< >1CG0NI8B>@KE <0B5@80;
?@54<5B0 =54>ABC?5=, A>45@60=85 "":@C60NI89 A>F80;L=K9 <8@" =5 2:;NG05BAO 2
8=48284C0;L=CN >1@07>20B5;L=CN ?@>3@0<A8BAO 2 8=48284C0;L=K9
CG51=K9 ?;0=.
;O @50;870F88 ?@>3@0<-B5E=8G5A:>5 >15A?5G5=85 ?@54<5B0 2:;NG05B:
=0BC@0;L=K5 >1J5:BK, 3@0<1@065=85< >1J5:B>2 (2 H:>;5, 2> 42>@5, 2 3>@>45), 459AB289, ?@028; ?>2545=8O. @><5
B>3>, 8A?>;L7CNBAO 0C48> 8 2845><0B5@80;K, ?@575=B0F88, ==K5 D8;LF80;L=CN 687=L ;N459, ?@028;0 ?>2545=8O 2 >1I5AB25==KE <5AB0E;
@01>G85 B5B@048 A @07;8G=K<8 >1J5:B0<8 >:@C60NI53> A>F80;L=>3> <8@0 4;O
@0A:@0H820=8O, 2K@570=8O, =0:;5820=8O 8 4@C3>9 <0B5@80;; >1CG0NI85 :>3@0<A>1AB2CNI85 D>@<8@>20=8N C >1CG0NI8EAO 4>ABC?=KE A>F80;L=KE
?@54AB02;5=89. #> 2>7<>6=>AB8, 8A?>;L7CNBAO B5E=8G5A:85 8 B@0=A?>@B=K5 A@54AB20.
!5>1E>481>@C4>20=85< 4;O 8;;NAB@0F88 A>F80;L=KE O2;5=89 O2;ONBAO:
:>?@>5:B>@ 8 4@C3>5 5
>1>@C4>20=85.
2.
%>45@60=85 >1CG5=8O
,:>;0. "@85=B0F8O 2 :;0AA5, 53> 7>=0E, 2 <5AB0E @0A?>;>65=8O CG51=KE
?@8=04;56=>AB59. "@85=B0F8O 2 ?><5I5=8OE H:>;K, =0 H:>;L=>9 B5@@8B>@88; 2
@0A?>@O4:5 H:>;L=>3> 4=O. #@54AB02;5=8O > ?@>D5AA8OE ;N459, @01>B0NI8E 2 H:>;5, >
H:>;L=KE ?@8=04;56=>ABOE (H:>;L=0O 4>A:0, ?0@B0, <5;, @0=5F, CG51=8:, B5B@04L, 4=52=8:,
:0@0=40H, B>G8;:0, @578=:0, D;><0AB5@, ?5=0;, @CG:0, ;8=59:0, :@0A:8, :8AB>G:0,
?;0AB8;8=). #@54AB02;5=85 > A515 :0: >1CG0NI5;;5:B825 >4=>:;0AA=8:>2.
#@54AB02;5=85 > 4@C65A:8E 2708<>>B=>H5=8OE. C>1;N45=85 ?@028; CG51=>3> ?>2545=8O.
C;54>20=85 ?@028;0< >1I5=8O, 83@K, B@C40. C>1;N45=85 >1I5?@8=OBKE =>@< ?>2545=8O A
27@>A;K<8 8 A25@AB=8:0<8.
20@B8@0, 4><, 42>@. #@54AB02;5=85 > G0ABOE 4><0: AB5=0, :@KH0, >:=>, 425@L, ?>B>;>:,
?>;. "@85=B0F8O 2 ?><5I5=8OE A2>53> 4><0. #@54AB02;5=85 > B8?0E 4><>2: >4=>MB06=K5
8;8 <=>3>MB06=K5, :0<5==K5 8;8 45@52O==K5. #@54AB02;5=85 > <5AB0E >1I53> ?>;L7>20=8O
2 4><5: ?>4J574, ;5AB=8G=0O ?;>I04:0, ;8DB. #@54AB02;5=85 > ?><5I5=8OE :20@B8@K:
?@8E>60O, :><=0B0, :CE=O, 20==0O :><=0B0, BC0;5B, 10;:>=. #@54AB02;5=85 >1 C1@0=AB25
4><0. #@54AB02;5=85 > ?@54<5B0E <515;8: AB>;, ABC;, 4820=, H:0D, ?>;:0, :@5A;>, :@>20BL,
B01C@5B, :><>4. #@54AB02;5=85 > ?@54<5B0E ?>AC4K, ?@54=07=0G5==KE 4;O A5@28@>2:8
AB>;0: B0@5;:0, AB0:0=, :@C6:0, ;>6:0, 28;:0, =>6 8 4;O ?@83>B>2;5=8O ?8I8: :0AB@N;O,
A:>2>@>40, G09=8:, ?>;>2=8:, =>6. #@54AB02;5=85 >1 M;5:B@>?@81>@0E: B5;5287>@,
AB8@0;L=0O <0H8=0, CBN3, ;0@, >1>3@520B5;L, <8:@>2>;=>20O ?5GL,
?>AC4><>5G=0O <0H8=0, B>AB5@, 1;5=45@, M;5:B@8G5A:89 G09=8:, D5=. #@54AB02;5=85 >
G0A0E. #@54AB02;5=85 >1 M;5:B@>==KE CAB@>9AB20E: B5;5D>=, :>;L7>20=85 ?@54<5B>2 4><0H=53> >18E>40 2 ?>2A54=52=>9 687=8. #@54AB02;5=85 >
B5@@8B>@88 42>@0: <5AB> 4;O >B4KE0, 83@>20O ?;>I04:0, A?>@B82=0O ?;>I04:0, <5AB> 4;O
?0@:>2:8 02B><>18;59, <5AB> 4;O :>=B59=5@>2 A @><, 307>=. "@85=B0F8O 2> 42>@5.
#@54AB02;5=85 > 1;03>CAB@>9AB25 :20@B8@K: >B>?;5=85, :0=0;870F8O, 2>4>A=0165=85,
M;5:B@>A=0165=85. '<5=85 25AB8 A51O 2 A;CG0OE G@572KG09=>9 A8BC0F88 (>BACBAB285 A25B0,
50

2>4K).
#@54<5BK 8 <0B5@80;K, 873>B>2;5==K5 G5;>25:><. #@54AB02;5=85 > 1C<035, AB5:;5,
@578=5, <5B0;;5, B:0=8, :5@0<8:5, ?;0AB<0AA. #@54AB02;5=85 >1 >A=>2=KE A2>9AB20E
<0B5@80;>2 8 873>B>2;5==KE 87 =8E ?@54<5B>2: AB5:;>, :5@0<8:0 - E@C?:85, <>3CB
@0718BLAO; 1C<030 - @25BAO, @565BAO. #@54AB02;5=8O > ?@8<5=5=88 @07;8G=KE <0B5@80;>2 2
?@54<5B0E 1KB0, >18E>40.
>@>4. #@54AB02;5=85 > @09>=0E, C;8F0E, ?;>I04OE, 740=8OE @>4=>3> 3>@>40.
#@54AB02;5=85 >1 C;8F0E, =0 :>B>@KE @0A?>;>65=0 H:>;0, 4><. "@85=B0F8O 2 3>@>45:
C<5=85 =0E>48BL >AB0=>2:8 >1I5AB25==>3> B@0=A?>@B0, <03078=K 8 4@C385 <5AB0.
#@54AB02;5=85 > ?@>D5AA8OE ;N459, @01>B0NI8E 2 3>@>4A:8E CG@5645=8OE. %>1;N45=85
?@028; ?>2545=8O 2 >1I5AB25==KE <5AB0E. %>1;N45=85 ?@028; ?>2545=8O =0 C;8F5.
#@54AB02;5=85 >1 8AB>@88 @>4=>3> 3>@>40 (4@C3>3> =0A5;5==>3> ?C=:B0).
&@0=A?>@B. #@54AB02;5=85 > =075<=>< B@0=A?>@B5. %>1;N45=85 ?@028; 4>@>6=>3>
42865=8O. #@54AB02;5=85 > 2>74CH=>< B@0=A?>@B5. #@54AB02;5=85 > 2>4=>< B@0=A?>@B5.
#@54AB02;5=85 > :>A<8G5A:>< B@0=A?>@B5. #@54AB02;5=85 > ?@>D5AA8OE ;N459,
@01>B0NI8E =0 B@0=A?>@B5. #@54AB02;5=85 >1 >1I5AB25==>< B@0=A?>@B5. %>1;N45=85
?@028; ?>;L7>20=8O >1I5AB25==K< B@0=A?>@B><. #@54AB02;5=85 > A?5F80;L=><
B@0=A?>@B5. #@54AB02;5=85 > ?@>D5AA8OE ;N459, @01>B0NI8E =0 A?5F80;L=>< B@0=A?>@B5.
&@048F88, >1KG08. #@54AB02;5=85 > ?@074=8:5. #@54AB02;5=85 > H:>;L=KE B@048F8OE:
5=L 7=0=89, ?>A;54=89 CG51=K9 45=L, 45=L @>645=8O H:>;K, CG0AB85 2 H:>;L=KE
<5@>?@8OB8OE. #@54AB02;5=85 > =0F8>=0;L=KE, > @5;838>7=KE 0B@81CB0E, B@048F8OE,
?@074=8:0E.
%B@0=0. #@54AB02;5=85 > 3>AC40@AB25 $>AA8O 8 3>AC40@AB25==>9 A8<2>;8:5.
#@54AB02;5=85 > ?@020E 8 >1O70==>ABOE 3@0640=8=0 $>AA88. #@54AB02;5=85 > =5:>B>@KE
7=0G8@8G5A:8E A>1KB8OE $>AA88. #@54AB02;5=85 > 2K40NI8EAO ;N4OE $>AA88.
#@54AB02;5=85 > AB@0=0E <8@0. #@54AB02;5=85 > 2K40NI8EAO ;N4OE <8@0.
3.
#;0=8@C5A2>5=8O CG51=>3> ?@54<5B0
&@51>20=8O : @57C;LB0B0< >A2>5=8O ?@54<5B0 "":@C60NI89 A>F80;L=K9 <8@"
?@54AB02;ONB A>1>9 >?8A0=85 2>7<>6=KE @57C;LB0B>2 >1@07>20=8O 40==>9 :0B53>@88
>1CG0NI8EAO:
1. #@54AB02;5=8O > <8@5, A>740==>< @C:0<8 G5;>25:0:
8=B5@5A : >1J5:B0<, A>740==K< G5;>25:><;
?@54AB02;5=8O > 4><5, H:>;5, > @0A?>;>65==KE 2 =8E 8 @O4>< >1J5:B0E (<515;L,
>1>@C4>20=85, >45640, ?>AC40, 83@>20O ?;>I04:0), > B@0=A?>@B5;
C<5=85 A>1;N40BL M;5<5=B0@=K5 ?@028;0 157>?0A=>AB8 ?>2545=8O 2 4><5, =0 C;8F5, 2
B@0=A?>@B5, 2 >1I5AB25==KE <5AB0E.
2.
#@54AB02;5=8O >1 >:@C60NI8E ;N4OE:
>2;045=85
?5@2>=0G0;L=K<8
?@54AB02;5=8O<8
>
A>F80;L=>9
687=8,
>
?@>D5AA8>=0;L=KE 8 A>F80;L=KE @>;OE ;N459;
?@54AB02;5=8O > 45OB5;L=>AB8 8 ?@>D5AA8OE ;N459, >:@C60NI8E >1CG0NI53>AO A $A% A
C<5@5==>9, BO65;>9, 3;C1>:>9 C9 >BAB0;>ABLN (8=B5;;5:BC0;L=K<8
=0@CH5=8O<8), BO65;K<8 8 <=>65AB25==K<8 =0@CH5=8O<8 @0728B8O (CG8B5;L, ?>20@, 2@0G,
2>48B5;L);
?@54AB02;5=8O > A>F80;L=KE @>;OE ;N459 (?0AA068@, ?5H5E>4, ?>:C?0B5;L), ?@028;0E
?>2545=8O A>3;0A=> A>F80;L=K< @>;O< 2 @07;8G=KE A8BC0F8OE;
>?KB :>=AB@C:B82=>3> 2708<>459AB28O A 27@>A;K<8 8 A25@AB=8:0<8; C<5=85 A>1;N40BL
?@028;0 ?>2545=8O =0 C@>:0E 8 2> 2=5C@>G=>9 45OB5;L=>AB8, 2708<>459AB2>20BL A>
27@>A;K<8 8 A25@AB=8:0<8, 2K18@0O 045:20B=CN 48AB0=F8N 8 D>@=B0:B0,
A>>B25BAB2CNI85 2>7@0ABC 8 ?>;C >1CG0NI53>AO.
3.
$0728B85 <56;8G=>AB=KE 8 3@C??>2KE >B=>H5=89: ?@54AB02;5=85 > 4@C615,
A25@AB=8:0E;
C<5=85 AB@>8BL >B=>H5=8O =0 >A=>25 ?>445@6:8 8 2708<>?><>I8, C<5=85 A>?5@56820BL,
51

A>GC2AB2>20BL, ?@>O2;OBL 2=8<0=85;
C<5=85 2708<>459AB2>20BL 2 3@C??5 2 ?@>F5AA5 CG51=>9, 83@>2>9, 4@C38E 2840E
4>ABC?=>9 45OB5;L=>AB8;
C<5=85 >@30=87>2K20BL A2>1>4=>5 2@5< A2>8E 8 A>2<5AB=KE 8=B5@5A>2.
4.
!0:>?;5=85 ?>;>68B5;L=>3> >?KB0 A>B@C4=8G5AB20 8 CG0AB8O 2 >1I5AB25==>9
687=8:
?@54AB02;5=85 > ?@074=8:0E, ?@074=8G=KE <5@>?@8OB8OE, 8E A>45@60=88, CG0AB85 2 =8E;
8A?>;L7>20=85 ?@>AB59H8E MAB5B8G5A:8E >@85=B8@>2 (MB0;>=>2) > 2=5H=5< 2845 =0
?@074=8:0E, 2 E>7O9AB25==>-1KB>2>9 45OB5;L=>AB8;
C<5=85 A>1;N40BL B@048F88 A5<59=KE, H:>;L=KE, 3>AC40@AB25==KE ?@074=8:>2.
5.
#@54AB02;5=8O >1 >1O70==>ABOE 8 ?@020E @515=:0: ?@54AB02;5=8O > ?@025 =0
687=L, =0 >1@07>20=85, =0 B@C4, =0
=5?@8:>A=>25==>ABL ;8G=>AB8 8 4>AB>8=AB20;
?@54AB02;5=8O >1 >1O70==>ABOE >1CG0NI53>AO, AK=0 (4>G5@8), 2=C:0 (2=CG:8),
3@0640=8=0.
6.
#@54AB02;5=85 > AB@0=5 ?@>6820=8O $>AA8O:
?@54AB02;5=85 > AB@0=5, =0@>45, AB>;8F5, 1>;LH8E 3>@>40E, 3>@>45 (A5;5), <5AB5
?@>6820=8O;
?@54AB02;5=85 > 3>AC40@AB25==>9 A8<2>;8:5 (D;03, 35@1, 38<=);
?@54AB02;5=85 > 7=0G8@8G5A:8E A>1KB8OE 8 2K40NI8EAO ;N4OE $>AA88.

2.6. $01>G0O ?@>3@0<<0 ?> CG51=><>2>4AB2>=
?@54<5B=>9 >1;0AB8 "":@C60NI89 <8@"

#>OA=8B5;L=0O 70?8A:0
"1CG5=85 >1CG0NI53>AO A $AC A C<5@5==>9 C9 >BAB0;>ABLN, A TM!$ 2545=8N
4><0H=53> E>7O9AB20 O2;O5BAO 206=K< =0?@02;5=85< ?>43>B>2:8 : A0<>AB>OB5;L=>9
687=8. ;03>40@O 70=OB8O< ?> 4><>2>4AB2C @50;87C5BAO 2>7<>6=>ABL ?>A8;L=>3> CG0AB8O,
>1CG0NI53>AO 2 @01>B5 ?> 4>A?8BK205BAO ?>B@51=>ABL CAB@0820BL A2>9 1KB 2
A>>B25BAB288 A >1I5?@8=OBK<8 =>@<0<8 8 ?@028;0<8. "2;045=85 ?@>AB59H8<8
E>7O9AB25==> - 1KB>2K<8 =02K:0<8 =5 B>;L:> A=8605B 7028A8<>ABL @515=:0 >B
>:@C60NI8E, => 8 C:@5?;O5B 53> C25@5==>ABL 2 A2>8E A8;0E.
*5;L >1CG5=8O - ?>2KH5=85 A0<>AB>OB5;L=>AB8 >1CG0NI8EAO 2 2K?>;=5=88
E>7O9AB25==>-1KB>2>9 45OB5;L=>AB8. "A=>2=K5 7040G8: D>@<8@>20=85 C<5=89 >1@0I0BLAO
A 8=25=B0@5< 8 M;5:B@>?@81>@0<8; >A2>5=85 459AB289 ?> ?@83>B>2;5=8N ?8I8,
>ACI5AB2;5=8N ?>:C?>:, C1>@:5 ?><5I5=8O 8 B5@@8B>@88, CE>4C 70 25I0<8.
"A2>5==K5 459AB28O @515=>: <>65B 2 ?>A;54CNI5< ?@8<5=OBL :0: 2 1KBC, B0: 8 2
B@C4>2>9 45OB5;L=>AB8. T0:, =0?@8<5@, 70=OB8O ?> C1>@:5 ?><5I5=89 8 B5@@8B>@88
0:BC0;L=K 4;O D>@<8@>20=8O 1KB>2>9 45OB5;L=>AB8 >1CG0NI8EAO 8 ?5@A?5:B82=K 4;O
?>;CG5=8O 2 1C4CI5< @01>BK 2 :0G5AB25 42>@=8:0 8;8 C1>@I8FK.
#@>3@0<<0 ?> 4><>2>4AB2C 2:;NG05B A;54CNI85 @0745;K:
"#>:C?:8", "'E>4 70 25I0<8", ""1@0I5=85 A :CE>==K< 8=25=B0@5<", "#@83>B>2;5=85
?8I8", "'1>@:0 ?><5I5=89 8 B5@@8B>@88".
 CG51=>< ?;0=5 ?@54<5B ?@54AB02;5= A 5 ?> 6 3>4 >1CG5=8O (3 - 4 :;0AAK).
0B5@80;L=>-B5E=8G5A:>5 >A=0I5=85 CG51=>3> ?@54<5B0 "><>2>4AB2>"
?@54CA<0B@8205B:
4840:B8G5A:89 <0B5@80;: 87>1@065=8O (:0@B8=:8, D>B>, ?8:B>3@0<2
?>AC4K, :CE>==>9 <515;8, ?@>4C:B>2 ?8B0=8O, C1>@>G=>3> 8=25=B0@O, 1KB>2>9 B5E=8:8;
0;L1>=AB@0F8>==K< <0B5@80;><, A>AB02;5==K< 2 A>>B25BAB288 A 87CG059 ?@>3@0<1@065=8O 0;3>@8B<>2 @5F5?BC@K 8 ?@83>B>2;5=8O 1;N4,
AB8@:8 15;LO, 3;065=8O 15;LO.
>1>@C4>20=85: :CE>==0O <515;L, :CE>==0O ?>AC40 (:0AB@N;8, A:>2>@>4K, G09=8:8,
B0@5;:8, ;>6:8, =>68, 28;:8, :@C6:8), B09<5@, ?@54<5BK 4;O C:@0H5=8O 8=B5@L5@0 (2070,

1.

52

?>4A25G=8:, A:0B5@BL), AB8@0;L=0O <0H8=0, B078:8, =0AB5==K5 8 8=48284C0;L=K5 75@:0;0,
3;048;L=0O 4>A:0, 1KB>20O B5E=8:0 (G09=8: M;5:B@8G5A:89, 1;5=45@, :><109=, CBN3, D5=,
?K;5A>A, M;5:B@8G5A:0O ?;8B0, M;5:B@8G5A:0O 4CE>2:0, <8:A5@, <8:@>2>;=>20O ?5GL,
M;5:B@>20D5;L=8F0), :>2@>;8=>20O, 3@8D5;L=0O 8 <03=8B=0O 4>A:8, C1>@>G=K9 8=25=B0@L
(BO?:8, ;>?0BK, 3@01;8), B0G:8, ;59:8.
2.
%>45@60=85 CG51=>3> ?@54<5B0 "><>2>4AB2>= ?@54AB02;5=> A;54CNI8<8
@0745;0<8: "#>:C?:8", "'E>4 70 25I0<8", ""1@0I5=85 A :CE>==K< 8=25=B0@5<",
"#@83>B>2;5=85 ?8I8", "'1>@:0 ?><5I5=89 8 B5@@8B>@88".
$0745; "#>:C?:8=
#;0=8@>20=85 ?>:C?>:. K1>@ <5AB0 A>25@H5=8O ?>:C?>:. "@85=B0F8O 2 @0A?>;>65=88
>B45;>2 <03078=0, :0AAK. !0E>645=85 =C6=>3> B>20@0 2 <03078=5. %>1;N45=85
?>A;54>20B5;L=>AB8 459AB289 ?@8 2725H820=88 B>20@0: A:;04K20=85 ?@>4C:B0 2 ?0:5B,
2K:;04K20=85 B>20@0 =0 25AK, =068<0=85 =0 :=>?:C, ?@8:;5820=85 F5==8:0 : ?0:5BC A
?@>4C:B><. %:;04K20=85 ?>:C?>: 2 AC<:C. %>1;N45=85 ?>A;54>20B5;L=>AB8 459AB289 ?@8
@0AG5B5 =0 :0AA5: 2K:;04K20=85 B>20@0 =0 ;5=BC, >6840=85 2> 2@51820=8O :0AA8@><
B>20@0, >?;0B0 B>20@0, ?@54JO2;5=85 :0@BK A:84>: :0AA8@C, ?>;CG5=85 G5:0 8 A40G8,
A:;04K20=85 ?>:C?>: 2 AC<:C. $0A:;04K20=85 ?@>4C:B>2 2 <5AB0 E@0=5=8O.
$0745; ""1@0I5=85 A :CE>==K< 8=25=B0@5<=
"1@0I5=85 A ?>AC4>9. $07;8G5=85 ?@54<5B>2 ?>AC4K 4;O A5@28@>2:8 AB>;0 (B0@5;:0,
AB0:0=, :@C6:0, ;>6:0, 28;:0, =>6), 4;O ?@83>B>2;5=8O ?8I8 (:0AB@N;O, A:>2>@>40, G09=8:,
?>;>2=8:, =>6). '7=020=85 (@07;8G5=85) :CE>==KE ?@8=04;56=>AB59 (B5@:0, 25=G8:,
>2>I5G8AB:0, @0745;>G=0O 4>A:0, HC<>2:0, 4C@H;03, ?>;>2=8:, ;>?0B>G:0, ?@5AA 4;O
G5A=>:0, >B:@K20;:0). $07;8G5=85 G8AB>9 8 3@O7=>9 ?>AC4K. "G8I5=85 >AB0B:>2 ?8I8 A
?>AC4K. 0<0G820=85 ?>AC4K. #@>B8@0=85 ?>AC4K 3C1:>9. +8AB:0 ?>AC4K. "?>;0A:820=85
?>AC4K. %CH:0 ?>AC4K. %>1;N45=85 ?>A;54>20B5;L=>AB8 459AB289 ?@8 AC4K: >G8I5=85 ?>AC4K >B >AB0B:>2 ?8I8, 70<0G820=85 ?>AC4K, =0AC4K
<>NI8< A@54AB2><, G8AB:0 ?>AC4K, >?>;0A:820=85, ACH:0. "1@0I5=85 A 1KB>2K<8
?@81>@0<8. $07;8G5=85 1KB>2KE ?@81>@>2 ?> =07=0G5=8N (1;5=45@, <8:A5@, B>AB5@,
M;5:B@8G5A:89 G09=8:, :><109=, E>;>48;L=8:). =0=85 ?@028; B5E=8:8 157>?0A=>AB8 ?@8
?>;L7>20=88 M;5:B@>1KB>2K< ?@81>@><. %>1;N45=85 ?>A;54>20B5;L=>AB8 459AB289 ?@8
?>;L7>20=88 M;5:B@>1KB>2K< ?@81>@><. KBL5 1KB>2KE ?@81>@>2. )@0=5=85 ?>AC4K 8
1KB>2KE ?@81>@>2.
!0:@K20=85 =0 AB>;. K1>@ ?>AC4K 8 AB>;>2KE ?@81>@>2. $0A:;04K20=85 AB>;>2KE
?@81>@>2 8 ?>AC4K ?@8 A5@28@>2:5 AB>;0. %>1;N45=85 ?>A;54>20B5;L=>AB8 459AB289 ?@8
A5@28@>2:5 AB>;0: =0:@K20=85 AB>;0 A:0B5@BLN, @0AAB02;5=85 ?>AC4K, @0A:;04K20=85
AB>;>2KE ?@81>@>2, @0A:;04K20=85 A0;D5B>:, @0AAB02;5=85 A>;>=>: 8 207, @0AAB02;5=85
1;N4.
$0745; =#@83>B>2;5=85 ?8I8=
#>43>B>2:0 : ?@83>B>2;5=8N 1;N40. =0=85 (A>1;N45=85) ?@028; 38385=K ?@8
?@83>B>2;5=88 ?8I8. K1>@ ?@>4C:B>2, =5>1E>48B>2;5=8O 1;N40. K1>@
8=25=B0@O, =5>1E>48<>3> 4;O ?@83>B>2;5=8O 1;N40. "1@01>B:0 ?@>4C:B>2.
KBL5
?@>4C:B>2. +8AB:0 >2>I59. $570=85
=>6><. !0@57:0 ?@>4C:B>2 :C18:0<8 (:>;LF0<8, ?>;C:>;LF0<8). !0B8@0=85 ?@>4C:B>2
=0 B5@:5. $0A:0BK20=85 B5AB0. #5@5<5H820=85 ?@>4C:B>2 ;>6:>9 (25=G8:><, <8:A5@><,
1;5=45@><). %>1;N45=85 ?>A;54>20B5;L=>AB8 459AB289 ?@8 20@:5 ?@>4C:B0: 2:;NG5=85
M;5:B@8G5A:>9 ?;8BK, =018@0=85 2>4K, 70:;04K20=85 ?@>4C:B0 2 2>4C, ?>AB0=>2:0
:0AB@N;8 =0 :>=D>@:C, CAB0=>2:0 B09<5@0 =0 >?@545;5==>5 2@59 ?;8BK, 2K=8<0=85 ?@>4C:B0. %>1;N45=85 ?>A;54>20B5;L=>AB8 459AB289 ?@8
60@:5 ?@>4C:B0: 2:;NG5=85 M;5:B@8G5A:>9 ?;8BK, =0;820=85 <0A;0, 2K:;04K20=85
?@>4C:B0 =0 A:>2>@>4C, ?>AB0=>2:0 A:>2>@>4K =0 :>=D>@:C, CAB0=>2:0 B09<5@0 =0
>?@545;5==>5 2@5@0G820=85 ?@>4C:B0,
2K:;NG5=85
M;5:B@8G5A:>9 ?;8BK, A=8<0=85 ?@>4C:B0.
53

%>1;N45=85 ?>A;54>20B5;L=>AB8 459AB289 ?@8 2K?5:0=88 ?>;CD01@8:0B0: 2:;NG5=85
M;5:B@8G5A:>9 4CE>2:8, A<07K20=85 ?@>B82=O, 2K:;04K20=85 ?>;CD01@8:0B0 =0 ?@>B825=L,
?>AB0=>2:0 ?@>B82=O 2 4CE>2:C, CAB0=>2:0 B09<5@0 =0 >?@545;5==>5 2@5B82=O 87 4CE>2:8, A=8<0=85 2K?5G:8, 2K:;NG5=85 M;5:B@8G5A:>9 4CE>2:8.
2
?@>F5AA5
#>445@60=85 G8AB>BK @01>G53>
<5AB0
?@83>B>2;5=8O
?8I8. %>1;N45=85
?>A;54>20B5;L=>AB8 459AB289 ?@8 20@:5 O9F0: 2K1>@ ?@>4C:B>2 (O9F0), 2K1>@ :CE>==>3>
8=25=B0@O (:0AB@N;O, HC<>2:0, B0@5;:0), 4K 2 :0AB@N;N, 2:;NG5=85 ?;8BK, ?>AB0=>2:0 :0AB@N;8 =0 :>=D>@:C,
CAB0=>2:0 2@5<5=8 20@:8 =0 B09<5@5, 2K:;NG5=85 ?;8BK, 2K=8<0=85 O8F. %>1;N45=85
?>A;54>20B5;L=>AB8 459AB289 ?@8 ?@83>B>2;5=88 1CB5@1@>40: 2K1>@ ?@>4C:B>2 (E;51,
:>;10A0, ?><84>@, <0A;>), 2K1>@ :CE>==>3> 8=25=B0@O (B0@5;:0, 4>A:0, =>6), =0@570=85
E;510, =0@570=85 :>;10AK, =0@570=85 ?><84>@0, =0<07K20=85 E;510 <0A;><, A1>@:0
1CB5@1@>40 (E;51 A <0A;><, :>;10A0, ?><84>@). %>1;N45=85 ?>A;54>20B5;L=>AB8 459AB289
?@8 ?@83>B>2;5=88 A0;0B0: 2K1>@ ?@>4C:B>2 (20@5=K9 :0@B>D5;L, <>@:>2L, :C:C@C70,
A>;5=K9 >3C@5F, ;C:, <0A;> @0AB8B5;L=>5, A>;L, 75;5=L), 2K1>@ :CE>==>3> 8=25=B0@O
(A0;0B=8F0, ;>6:0, =>6, 4>A:0, >B:@K20;:0, B0@5;:8), >G8AB:0 20@5=KE >2>I59, >B:@K20=85
10=>: (:C:C@C70, >3C@FK), =0@57:0 >2>I59 :C18:0<8, =0@57:0 75;5=8, 4>102;5=85 A>;8,
@0AB8B5;L=>3> <0A;0, ?5@5<5H820=85 ?@>4C:B>2. %>1;N45=85 ?>A;54>20B5;L=>AB8
459AB289 ?@8 ?@83>B>2;5=88 :>B;5B: 2K1>@ ?@>4C:B>2 (?>;CD01@8:0B, <0A;> @0AB8B5;L=>5),
2K1>@ :CE>==>3> 8=25=B0@O (A:>2>@>40, ;>?0B:0, B0@5;:8), =0;820=85 <0A;0 2 A:>2>@>4C,
2K:;04K20=85 :>B;5B =0 A:>2>@>4C, 2:;NG5=85 ?;8BK, ?>AB0=>2:0 A:>2>@>4K =0 :>=D>@:C,
?5@52>@0G820=85 :>B;5B, 2K:;NG5=85 M;5:B@>?;8BK, A=8<0=85 :>B;5B.
$0745; "'E>4 70 25I0<8=
$CG=0O AB8@:0. !0?>;=5=85 5<:>AB8 2>4>9. K1>@ <>NI53> A@54AB20. "B<5@820=85
=5>1E>48<>3> :>;8G5AB20 <>NI53> A@54AB20. 0<0G820=85 15;LO. 0AB8@K20=85 15;LO.
#>;>A:0=85 15;LO. K68<0=85 15;LO. K25H820=85 15;LO =0 ?@>ACH:C. %>1;N45=85
?>A;54>20B5;L=>AB8 459AB289 ?@8 @CG=>9 AB8@:5: =0?>;=5=85 5<:>AB8 2>4>9, 2K1>@
<>NI53> A@54AB20, >?@545;5=85 :>;8G5AB20 <>NI53> A@54AB20, 70<0G820=85 15;LO,
70AB8@K20=85
15;LO, ?>;>A:0=85 15;LO, 2K68<0=85 15;LO, 2K25H820=85 15;LO =0 ?@>ACH:C.
0H8==0O AB8@:0. $07;8G5=85 A>AB02=KE G0AB59 AB8@0;L=>9 <0H8=K (>B45;5=85 4;O
703@C7:8 15;LO, :>=B59=5@ 4;O 70AK?0=8O ?>@>H:0, ?0=5;L A :=>?:0<8 70?CA:0 <0H8=K 8
@53C;OB>@0<8 B54>;68B5;L=>AB8 AB8@:8). %>@B8@>2:0 15;LO ?5@54 AB8@:>9
(=0?@8<5@): 15;>5 8 F25B=>5 15;L5, E;>?G0B>1C<06=0O 8 H5@ABO=0O B:0=L, ?>AB5;L=>5 8
:CE>==>5 15;L5. 0:;04K20=85 8 2K=8<0=85 15;LO 87 <0H8=K. 'AB0=>2:0 ?@>3@0<3> @568<0.
KBL5 8 ACH:0 <0H8=K. %>1;N45=85 ?>A;54>20B5;L=>AB8
459AB289 ?@8 <0H8==>9 AB8@:5: A>@B8@>2:0 15;LO ?5@54 AB8@:>9, 70:;04K20=85 15;LO,
70:@K20=85 425@FK <0H8=K, =0AK?0=85 ?>@>H:0, CAB0=>2:0 ?@>3@0<3>
@568<0, 70?CA: <0H8=K, >B:;NG5=85 <0H8=K, 2K=8<0=85 15;LO.
;065=85 CBN3><. $07;8G5=85 A>AB02=KE G0AB59 CBN30 (?>4>H20 CBN30, H=C@, @53C;OB>@
B5@0). %>1;N45=85 ?>A;54>20B5;L=>AB8 459AB289 ?@8
3;065=88 15;LO: CAB0=>2:0 3;048;L=>9 4>A:8, 2KAB02;5=85 B53> @568<0,
?>4:;NG5=85 CBN30 : A5B8, @0A:;04K20=85 15;LO =0 3;048;L=>9 4>A:5, A<0G820=85 15;LO
2>4>9, 42865=8O @C:8 A CBN3><, A:;04K20=85 15;LO. %:;04K20=85 15;LO 8 >4564K.
K25H820=85 >4564K =0 "?;5G8:8". +8AB:0 >4564K.
'E>4 70 >1C2LN. %>1;N45=85 ?>A;54>20B5;L=>AB8 459AB289 ?@8 1C28:
=0<0G820=85 8 >B68<0=85 B@O?:8, ?@>B8@0=85 >1C28 2;06=>9 B@O?:>9, ?@>B8@0=85 >1C28
ACE>9 B@O?:>9. #@>ACH820=85 >1C28. %>1;N45=85 ?>A;54>20B5;L=>AB8 459AB289 ?@8
G8AB:5 >1C28: >B:@K20=85 BN18:0 A :@5<><, =0=5A5=85 :@5<0 =0 1>B8=>:, @0A?@545;5=85
:@5<0 ?> 2A59 ?>25@E=>AB8 1>B8=:0, =0B8@0=85 ?>25@E=>AB8 1>B8=:0, 70:@K20=85 BN18:0 A
:@5<><.
54

$0745; "'1>@:0 ?><5I5=8O 8 B5@@8B>@88=
'1>@:0 <515;8. '1>@:0 A ?>25@E=>AB8 AB>;0 >AB0B:>2 54K 8 @0. KB8@0=85
?>25@E=>AB8 <515;8. %>1;N45=85 ?>A;54>20B5;L=>AB8 459AB289 ?@8 25@E=>AB59
<515;8: =0?>;=5=85 B070 2>4>9, ?@83>B>2;5=85 B@O?>:, 4>102;5=85 <>NI53> A@54AB20 2
2>4C, C1>@:0 ?@54<5B>2 A ?>25@E=>AB8, 2KB8@0=85 ?>25@E=>AB8, 2KB8@0=85 ?@54<5B>2
8=B5@L5@0 @0A:;04K20=85 ?@54<5B>2 8=B5@L5@0 ?> <5AB0<, 2K;820=85 8A?>;L7>20==>9
2>4K.
'1>@:0 ?>;0. %<5B0=85 @0 =0 ?>;C 2 >?@545;5==>5 <5AB>. 0<5B0=85 @0 =0
A>2>:. %>1;N45=85 ?>A;54>20B5;L=>AB8 459AB289 ?@8 ?>4<5B0=88 ?>;0: A<5B0=85 @0 2
>?@545;5==>5 <5AB>, 70<5B0=85 @0 =0 A>2>:, 2KAK?0=85 @0 2 C@=C. $07;8G5=85
>A=>2=KE G0AB59 ?K;5A>A0. #>43>B>2:0 ?K;5A>A0 : @01>B5. +8AB:0 ?>25@E=>AB8 ?K;5A>A><.
%>1;N45=85 ?>A;54>20B5;L=>AB8 459AB289 ?@8 C1>@:5 ?K;5A>A><: ?>43>B>2:0 ?K;5A>A0 :
@01>B5, CAB0=>2:0 @53C;OB>@0 <>I=>AB8, 2:;NG5=85 (2AB02;5=85 28;:8 2 @>75B:C; =060B85
:=>?:8), G8AB:0 ?>25@E=>AB8, 2K:;NG5=85 (?>2>@>B @KG030; =060B85 :=>?:8; 2K=8<0=85
28;:8 87 @>75B:8), >BA>548=5=85 AJ5<=KE 45B0;59 ?K;5A>A0. %>1;N45=85
?>A;54>20B5;L=>AB8 459AB289 ?@8 ;0: =0?>;=5=85 5<:>AB8 4;O ;0 2>4>9,
4>102;5=85 <>NI53> A@54AB20 2 2>4C, =0<0G820=85 8 >B68<0=85 B@O?:8, ;0,
2K;820=85 8A?>;L7>20==>9 2>4K, ?@>ACH820=85 <>:@KE B@O?>:.
KBL5 AB5:;0 (75@:0;0). %>1;N45=85 ?>A;54>20B5;L=>AB8 459AB289 ?@8 :=0:
=0?>;=5=85 5<:>AB8 4;O 4>9, 4>102;5=85 <>NI53> A@54AB20 2 2>4C, ;L7>20==>9 2>4K.
'1>@:0 1KB>2>3> @0. #>4<5B0=85 B5@@8B>@88. %3@510=85 B@02K 8 ;8ABL52. '1>@:0
A=530: A3@510=85, ?5@51@0AK20=85 A=530. 'E>4 70 C1>@>G=K< 8=25=B0@5<.
3.
#@54<5B=K5 @57C;LB0BK >A2>5=8O CG51=>3> ?@54<5B0 "><>2>4AB2>=.
"2;045=85 C<5=85< 2K?>;=OBL 4>ABC?=K5 1KB>2K5 ?>@CG5=8O (>1O70==>AB8), A2O70==K5
A 2K?>;=5=85< ?>2A54=52=KE 45; 4><0:
C<5=85 2K?>;=OBL 4>ABC?=K5 1KB>2K5 284K @01>B: ?@83>B>2;5=85 ?8I8, C1>@:0, AB8@:0,
3;065=85, G8AB:0 >4564K, >1C28, A5@28@>2:0 AB>;0;
C<5=85 A>1;N40BL B5E=>;>38G5A:85 ?@>F5AAK 2 E>7O9AB25==>-1KB>2>9 45OB5;L=>AB8:
AB8@:0, C1>@:0, @01>B0 =0 :CE=5;
C<5=85 A>1;N40BL 38385=8G5A:85 8 A0=8B0@=K5 ?@028;0 E@0=5=8O 4><0H=8E 25I59,
?@>4C:B>2, E8<8G5A:8E A@54AB2 1KB>2>3> =07=0G5=8O;
C<5=85 8A?>;L7>20BL 2 4><0H=5< E>7O9AB25 1KB>2CN B5E=8:C, E8<8G5A:85 A@54AB20,
8=AB@C<5=BK, A>1;N40O ?@028;0 157>?0A=>AB8.

2.7. $01>G0O ?@>3@0<<0 ?> CG51=>9 >1;0AB8 "A:CAAB2>"
1.
#>OA=8B5;L=0O 70?8A:0

#5403>38G5A:0O @01>B0 A @515=:>< A $A% =0?@02;5=0 =0 53> A>F80;870F8N 8 8=B53@0F8N
2 >1I5AB2>. "4=8< 87 206=59H8E A@54AB2 2 MB>< ?@>F5AA5 O2;O5BAO 30
A>AB>8B 2 B><, GB>1K <>GL @515=:C =0CG8BLAO 2>A?@8=8<0BL
72C:8 >:@C60NI53> 53> <8@0, A45;0BL 53> >B7K2G82K< =0 48:C
72CG0=8O @07=KE 60=@>2KE ?@>872545=89.
'G0AB85 >1CG0NI53>AO 2 A>1AB2C5B 53> A0<>@50;870F88,
D>@<8@>20=8N GC2AB20 A>1AB25==>3> 4>AB>8=AB20. &0:8< >1@07><,  @0728B8O M<>F8>=0;L=>9 8 ;8G=>AB=>9 AD5@K, :0: A@54AB2> A>F80;870F88 8
A0<>@50;870F88 >1CG0NI53>AO. H0 ;L:>
A?>A>1=>ABL M<>F8>=0;L=> 2>A?@8=8<0BL 8 2>A?@>872>48BL  8  @8B<0, A>1=>AB8 : ?5=8N, B0=FC,
@8B<8:5.
#@>3@0<<=>-<5B>48G5A:89 <0B5@80; 2:;NG05B 4 @0745;0:
55

"%;CH0=85 4 < ?;0=5 ?@54<5B ?@54AB02;5= A 14>?. ?> 6 3>4 >1CG5=8O. 
A8AB5<5 :>@@5:F8>==>-@072820NI8E 70=OB89 B0:65 2>7<>6=> 8A?>;L7>20=85 M;5<5=B>2
3> 2>A?8B0=8O 2 4>?>;=8B5;L=>9 8=48284C0;L=>9 @01>B5 A >1CG0NI8<8AO.
0B5@80;L=>-B5E=8G5A:>5 >A=0I5=85 CG51=>3> ?@54<5B0 " C7K:0" 2:;NG05B:
4840:B8G5A:89 <0B5@80;: 87>1@065=8O (:0@B8=:8, D>B>, ?8:B>3@0<2, >@:5AB@>2; ?>@B@5BK :>78B>@>2; 0;L1>=AB@0F8>==K< <0B5@80;><, A>AB02;5==K< 2 A>>B25BAB288 A B5<0B8G5A:8<8 ;8=8O<8
CG51=>9 ?@>3@0<G:8 A >1>7=0G5=85< 2K@078B5;L=KE 2>7<>6=>AB59 @07;8G=KE
B=>AB8, 3@><:>AB8 72C:>2, B53> ?@>872545=8O; :0@B>G:8 4;O >?@545;5=8O A>45@60=8O 3>
?@>872545=8O; ?;0B:8, D;06:8, ;5=BK, >1@CG8, 0 B0:65 83@CH:8-:C:;K, 83@CH:8-682>B=K5
8 4@.;
@B5?80=>, A8=B570B>@, 38B0@0, 10@010=K, 1C1=K,
<0@0:0AK, @C<1K, 1C15=FK, B0@5;:8, ;>6:8, 1;>:- D;59BK, ?0;>G:8, C40@=K5 CAB0=>2:8,
:0AB0=L5BK, :>=38, 60;59:8, B@5I5B:8, :>;>:>;LG8:8, 8=AB@C<5=BK 0@;0 O@D0;
>1>@C4>20=85: 5:F8>==>5 >1>@C4>20=85,
AB5;;068 4;O =03;O4=KE ?>A>189, =>B, 2 8 4@., :>2@>;8=>20O 8
<03=8B=0O 4>A:8, H8@<0, 70B5<=5=85 =0 >:=0 8 4@;
0C48>70?8A8, 2845>D8;L 72CG0=85< 2 8 2, 83@0NI8E =0 @07;8G=KE 8=AB@C<5=B0E, >@:5AB@>2KE
:>;;5:B82>2; D@03<5=B>2 87 >?5@=KE A?5:B0:;59, 2, 10;5B>2, :>=F5@B>2 @07=>9 ?>
60=@C 45@60=85 CG51=>3> ?@54<5B0 " C7K:0 8 42865=85" ?@54AB02;5=>
A;54CNI8<8 @0745;0<8: "%;CH0=85 4 3> 8 3@><:>3> 72CG0=8O =F0 72CG0=8O 9, C<5@5==>9, <54;5==>9 ;K15;L=>9 ?5A=8 8 <0@H0. %;CH0=85 (@07;8G5=85) 25A5;>9 8
3@CAB=>9 <>9 ?5A=8. O?@545;5=85 E0@0:B5@0 <>9 <5;>488, 8A?>;=5==>9 =0 @07=KE ;L=>3> 8 E>@>2>3> 8A?>;=5=8O ?@>872545=8O. O?@545;5=85 3>
AB8;O ?@>872545=8O. %;CH0=85 (C7=020=85) >@:5AB@0 (=0@>4=KE 8=AB@C<5=B>2,
A8=8G5A:8E), 2 8A?>;=5=88 :>B>@>3> 72CG8B 5 ?@>872545=85. %>>B=5A5=85
3> >1@070 A ?5@A>=065< EC4>65AB25==>3> ?@>872545=8O.
$0745; "#5=85"
#>4@060=85 E0@0:B5@=K< 72C:0< 682>B=KE 2> 2@5<>9 ?5A=8.
#>4?520=85 >B45;L=KE 8;8 ?>2B>@ONI8EAO 72C:>2, A;>3>2 8 A;>2. #>4?520=85
?>2B>@ONI8EAO 8=B>=0F89 ?@8?520 ?5A=8. #5=85 A;>2 ?5A=8 (>B45;L=KE D@07, 2A59 ?5A=8).
K@078B5;L=>5 ?5=85 A A>1;N45=85< 48=0<8G5A:8E >BB5=:>2. #5=85 2 E>@5. $07;8G5=85
70?520, ?@8?520 8 2ABC?;5=8O : ?5A=5.
$0745; "2865=85 ?>4 ?0=L5 ?>4 ?:8 2 ;04>H8 ?>4 :0G820=85 A >4=>9 =>38 =0
4@C3CN. !0G0;> 42865=8O 2<5AB5 A =0G0;>< 72CG0=8O :>=G0=85 42865=8O ?> 55
>:>=G0=88. 2865=8O: E>4L10, 153, ?@K6:8, :@C65=85, ?@8A540=85 ?>4 3>
E0@0:B5@0. K?>;=5=85 ?>4 =K ?@54<5B0 2 @07=K5
AB>@>=K, >?CA:0=85 8;8 ?>4=8<0=85 ?@54<5B0, ?>41@0AK20=85 8;8 ;>2;O ?@54<5B0,
27<0E820=85 ?@54<5B><. K?>;=5=85 42865=89 @07=K<8 G0ABO<8 B5;0 ?>4 =0@8:8", "?@C68=:0", =0:;>=K 3>;>2K. %>1;N45=85 ?>A;54>20B5;L=>AB8 ?@>AB59H8E
56

B0=F520;L=KE 42865=89. <8B0F8O 42865=89 682>B=KE. K?>;=5=85 42865=89,
A>>B25BAB2CNI8E A;>20< ?5A=8. %>1;N45=85 ?>A;54>20B5;L=>AB8 42865=89 2
A>>B25BAB288 A 8A?>;=O5<>9 @>;LN ?@8 8=AF5=8@>2:5 ?5A=8. 2865=85 2 E>@>2>45.
2865=85 ?>4 <, C<5@5==>< 8 1KAB@>< B54L10 ?>4
@>AB8 42865=8O ?>4 @OBL, 70<54;OBL). 7<5=5=85
42865=8O ?@8 87<5=5=88 <5B@>@8B<0 ?@>872545=8O, ?@8 G5@54>20=88 70?520 8 ?@8?520
?5A=8, ?@8 87<5=5=88 A8;K 72CG0=8O. K?>;=5=85 B0=F520;L=KE 42865=89 2 ?0@5 A 4@C38<
B0=F>@><. K?>;=5=85 @0725@=CBKE 42865=89 >4=>3> >1@070. <8B0F8O (8A?>;=5=85) 83@K
=0 =B@0AB=KE ?> 72CG0=8N 2, AE>4=KE
?> 72CG0=8N 2. "A2>5=85 ?@85<>2 83@K =0 @O4. &8E0O 8 3@><:0O 83@0 =0 < 8=AB@C<5=B5.
%>?@>2>645=85 <5;>488 83@>9 =0 < 8=AB@C<5=B5. %2>52@5<5==>5 2ABC?;5=85 8
>:>=G0=85 83@K =0 < 8=AB@C<5=B5. "A2>5=85 ?@85<>2 83@K =0 @O4. %>?@>2>645=85 <5;>488 @8B<8G=>9 83@>9 =0
< 8=AB@C<5=B5. 3@0 2 0=A0<1;5.
3.
#@54<5B=K5 @57C;LB0BK >A2>5=8O CG51=>3> ?@54<5B0
" C7K:0 8 42865=85"
1)
$0728B85 A;CE>2KE 8 42830B5;L=KE 2>A?@8OB89, B0=F520;L=KE, ?52G5A:8E,
E>@>2KE C<5=89, >A2>5=85 83@5 =0 4>ABC?=KE F8>=0;L=>5
8 ?@0:B8G5A:>5 >1>30I5=85 >?KB0 2 ?@>F5AA5 -B0=F520;L=KE, 2>:0;L=KE 8 8=AB@C<5=B0;L=KE 2KABC?;5=89:
8=B5@5A : @07;8G=K< 2840< 9 45OB5;L=>AB8 (A;CH0=85, ?5=85, 42865=85 ?>4
;=OBL ?@>AB59H85 B0=F520;L=K5
42865=8O;
>A2>5=85 ?@85<>2 83@K =0 ?@>2>645=85 <5;>488 83@>9
=0 4?520BL 8E, ?5BL 2 E>@5.
2)
 >B>2=>ABL : CG0AB8N 2 A>2<5AB=KE ?@8OB8OE:
C<5=85 ?@>O2;OBL 045:20B=K5 M<>F8>=0;L=K5 @50:F88 >B A>2<5AB=>9 8 A0<>AB>OB5;L=>9
9 45OB5;L=>AB8;
AB@5<;5=85 : A>2<5AB=>9 8 A0<>AB>OB5;L=>9 9 45OB5;L=>AB8;
C<5=85 8A?>;L7>20BL ?>;CG5==K5 =02K:8 4;O CG0AB8O 2 ?@54AB02;5=8OE, :>=F5@B0E,
A?5:B0:;OE.

2.8. $01>G0O ?@>3@0<<0 ?> CG51=>1@078B5;L=0O 45OB5;L=>ABL= ?@54<5B=>9 >1;0AB8 "A:CAAB2>"

#>OA=8B5;L=0O 70?8A:0
7>1@078B5;L=0O 45OB5;L=>ABL 70=8<05B 206=>5 <5AB> 2 @01>B5 A @515=:>< A $A%.
<5AB5 A D>@<8@>20=85< C<5=89 8 =02K:>2 87>1@078B5;L=>9 45OB5;L=>AB8 C @515=:0
2>A?8BK205BAO M<>F8>=0;L=>5 >B=>H5=85 : <8@C, D>@<8@CNBAO 2>A?@8OB8O, 2>>1@065=85,
?0-42830B5;L=0O :>>@48=0F8O. H0 70=OB8OE ?> 0??;8:0F88, ;5?:5,
@8A>20=8N 45B8 8<5NB 2>7<>6=>ABL 2K@078BL A51O :0: ;8G=>ABL, ?@>O28BL 8=B5@5A :
45OB5;L=>AB8 8;8 : ?@54<5BC 87>1@065=8O, 4>ABC?=K<8 4;O =8E A?>A>10<8 >ACI5AB28BL
2K1>@ 87>1@078B5;L=KE A@54AB2.
=>3>>1@0785 8A?>;L7C51@078B5;L=>9
45OB5;L=>AB8 <0B5@80;>2 8 B5E=8: ?>72>;O5B 2:;NG0BL 2 MB>B 284 45OB5;L=>AB8 2A5E 45B59
157 8A:;NG5=8O. $07=>>1@0785 8A?>;L7C5BK 45B59 2K@078B5;L=55,
1>30G5 ?> A>45@60=8N, 4>AB02;O5B 8< <=>3> ?>;>68B5;L=KE M<>F89.
*5;LN >1CG5=8O 87>1@078B5;L=>9 45OB5;L=>AB8 O2;O5BAO D>@<8@>20=85 C<5=89
87>1@060BL ?@54<5BK 8 >1J5:BK >:@C60NI59 459AB28B5;L=>AB8 EC4>65AB25==K<8

1.

57

A@54AB20<8.
"A=>2=K5 7040G8: @0728B85 8=B5@5A0 : 87>1@078B5;L=>9 45OB5;L=>AB8, D>@<8@>20=85
C<5=89 ?>;L7>20BLAO 8=AB@C<5=B0<8, >1CG5=85 4>ABC?=K< ?@85<0< @01>BK A @07;8G=K<8
<0B5@80;0<8, >1CG5=85 87>1@065=8N (873>B>2;5=8N) >B45;L=KE M;5<5=B>2, @0728B85
EC4>65AB25==>-B2>@G5A:8E A?>A>1=>AB59.
#@>3@0<<0 ?> 87>1@078B5;L=>9 45OB5;L=>AB8 2:;NG05B B@8 @0745;0: "5?:0",
"$8A>20=85", "??;8:0F8O".
> 2@51@078B5;L=>9 45OB5;L=>ABLN =5>1E>48<> 2K7K20BL C
>1CG0NI53>AO ?>;>68B5;L=CN M<>F8>=0;L=CN @50:F8N, ?>445@6820BL 8 AB820BL
53> B2>@G5A:85 CAB@5<;5=8O, @072820BL A0<>AB>OB5;L=>ABL. $515=>: >1CG05BAO
C2068B5;L=>B=>H5=8N : A2>8< @01>B0<, >D>@<;OO 8E 2 @0@G5A:8E ?>:070E. E 2845BL 8 7=0BL, GB> @57C;LB0BK 53> B2>@G5A:>9 45OB5;L=>AB8
?>;57=K 8 =C6=K 4@C38< ;N4O<. -B> 45;05B 687=L >1CG0NI53>AO 8=B5@5A=55 8 O@G5,
A?>A>1AB2C5B 53> A0<>@50;870F88, D>@<8@C5B GC2AB2> A>1AB25==>3> 4>AB>8=AB20.
%D>@<8@>20==K5 =0 70=OB8OE 87>1@078B5;L=>9 45OB5;L=>AB8 C<5=8O 8 =02K:8 =5>1E>48<>
?@8<5=OBL 2 ?>A;54CNI59 B@C4>2>9 45OB5;L=>AB8, =0?@8<5@, ?@8 873>B>2;5=88
?>;83@0D8G5A:8E 8 :5@0<8G5A:8E 8745;89, 8745;89 2 B5E=8:5 10B8:, :0;5=40@59,
1;>:=>B>2.
 CG51=>< ?;0=5 ?@54<5B ?@54AB02;5= A 14>?. ?> 6 3>4 >1CG5=8O. 0;55 =02K:8
87>1@078B5;L=>9 45OB5;L=>AB8 ?@8<5=ONBAO =0 C@>:0E ?@>D8;L=>3> B@C40 ?@8
873>B>2;5=88 8745;89 87 :5@0<8:8, ?>;83@0D8G5A:>9, B:0F:>9, H259=>9 8 4@C3>9
?@>4C:F88.
0B5@80;L=>-B5E=8G5A:>5 >A=0I5=85 CG51=>3> ?@54<5B0 "7>1@078B5;L=0O
45OB5;L=>ABL= ?@54CA<0B@8205B: =01>@K 8=AB@C<5=B>2 4;O 70=OB89 87>1@078B5;L=>9
45OB5;L=>ABLN, 2:;NG0NI85 :8AB8, =>6=8FK A?5F80;878@>20==K5, 4;O D83C@=>3>
2K@570=8O, 4;O ;52>9 @C:8), H8;>, :>2@8:8, D83C@=K5 ?5@D>@0B>@K, AB5:8,
8=48284C0;L=K5 4>A:8, ?;0AB8:>2K5 ?>4;>6:8; =0BC@0;L=K5 >1J5:BK, 87>1@065=8O
(:0@B8=:8, D>B>3@0D88, ?8:B>3@0<B>2KE 8745;89 8 >?5@0F89 ?> 8E 873>B>2;5=8N;
@5?@>4C:F88 :0@B8=; 8745;8O 87 3;8=K; 0;L1>=AB@0F8>==K<8 <0B5@80;0<8,
A>AB02;5==K<8 2 A>>B25BAB288 A A>45@60=85< CG51=>9 ?@>3@0<G85 0;L1>< 4;O @0A:@0H820=8O, 2K@570=8O, =0:;5820=8O, @8A>20=8O;
2845>D8;L70?8A8; >1>@C4>20=85: <>;L15@BK, ?;0=H5BK,
5:F8>==>5 >1>@C4>20=85; AB5;;068 4;O =03;O4=KE
?>A>189, 8745;89, 4;O E@0=5=8O 1C<038 8 @01>B >1CG0NI8EAO; <03=8B=0O 8 :>2@>;8=>20O
4>A:8; @0AE>4=K5 <0B5@80;K 4;O 87>1@078B5;L=>9 45OB5;L=>AB8: :;59, 1C<030 (F25B=0O,
?0?8@>A=0O, F25B=>9 20B<0=), :0@0=40H8 (?@>ABK5, F25B=K5), <5;:8 (?0AB5;L, 2>A:>2K5),
D;><0AB5@K, <0@:5@K, :@0A:8 (0:20@5;L, 3C0HL, 0:@8;>2K5 :@0A:8), 1C<030 @07=KE @07<5@>2
4;O @8A>20=8O; ?;0AB8G=K5 <0B5@80;K (?;0AB8;8=, A>;5=>5 B5AB>, ?;0AB8G=0O <0AA0, 3;8=0).
2.
%>45@60=85
CG51=>3>
?@54<5B0
"7>1@078B5;L=0O
45OB5;L=>ABL"
?@54AB02;5=> A;54CNI8<8 @0745;0<8:
"5?:0", "$8A>20=85",
"??;8:0F8O".
$0745; "5?:0"
$07;8G5=85 ?;0AB8G=KE <0B5@80;>2 8 8E A2>9AB2; @07;8G5=85 8=AB@C<5=B>2 8
?@8A?>A>1;5=89 4;O @01>BK A ?;0AB8G=K<8 <0B5@80;0<8. $07<8=0=85 ?;0AB8;8=0, B5AB0,
3;8=K; @0A:0BK20=85 B5AB0, 3;8=K A:0;:>9. "B@K20=85 :CA>G:0 <0B5@80;0 >B F5;>3> :CA:0;
>B:@CG820=85 :CA>G:0 <0B5@80;0 >B F5;>3> :CA:0; >BI8?K20=85 :CA>G:0 <0B5@80;0 >B
F5;>3> :CA:0; >B@570=85 :CA>G:0 <0B5@80;0 AB5:>9. $07<07K20=85 <0B5@80;0: @07<07K20=85
?;0AB8;8=0 (?> H01;>=C, 2=CB@8 :>=BC@0). 0B0=85 :>;10A:8 (=0 4>A:5, 2 @C:0E), :0B0=85
H0@8:0 (=0 4>A:5, 2 @C:0E); ?>;CG5=85 D>@@<>G:>9; 2K@570=85
7040==>9 D>@ H01;>=C AB5:>9. %3810=85 :>;10A:8 2 :>;LF>; 70:@CG820=85 :>;10A:8 2
63CB8:; ?5@5?;5B5=85 :>;10A>: (?;5B5=85 87 2-E :>;10A>:, ?;5B5=85 87 3-E :>;10A>:);
?@>45;K20=85 >B25@AB8O 2 45B0;8; @0A?;NI820=85 <0B5@80;0 (=0 4>A:5, <564C ;04>=O<8,
58

<564C ?0;LF0<8); A:@CG820=85 :>;10A:8, ;5?5H:8, ?>;>A:8; 70I8?K20=85 :@052 45B0;8.
%>548=5=85 45B0;59 8745;8O @07=K<8 A?>A>10<8 (?@860B85<, ?@8<07K20=85<,
?@8I8?K20=85<). 5?:0 ?@54<5B0, A>AB>OI53> 87 >4=>9 G0AB8 8 =5A:>;L:8E G0AB59.
"D>@<;5=85 8745;8O (2K?>;=5=85 >B?5G0B:0, =0=5A5=85 =0 8745;85 45:>@0B82=>3>
<0B5@80;0, 4>?>;=5=85 8745;8O <5;:8<8 45B0;O<8, =0=5A5=85 =0 8745;85 @8AC=:0).
5:>@0B82=0O ;5?:0 8745;8O A =0=5A5=85< >@=0<5=B>2 (@0AB8B5;L=>3>, 35><5B@8G5A:>3>).
5?:0 =5A:>;L:8E ?@54<5B>2 (>1J5:B>2), >1J548=ë==KE AN65B><.
$0745; "??;8:0F8O=.
$07;8G5=85 @07=KE 284>2 1C<038 A@548 4@C38E <0B5@80;>2. $07;8G5=85 8=AB@C<5=B>2 8
?@8A?>A>1;5=89, 8A?>;L7C5B>2;5=8O 0??;8:0F88. %<8=0=85 1C<038.
$07@K20=85 1C<038 7040==>9 D>@?>;0<, 2G5B25@>,
?> 4803>=0;8). %:@CG820=85 ;8AB0 1C<038. !0<07K20=85 ?>25@E=>AB8 :;55< (2A59
?>25@E=>AB8, G0AB8 ?>25@E=>AB8). K:0;K20=85 H8;>< ?> :>=BC@C. $07@570=85 1C<038
=>6=8F0<8 (2K?>;=5=85 =04@570, @07@570=85 ;8AB0 1C<038). K@570=85 ?> :>=BC@C. %1>@:0
87>1@065=8O >1J5:B0 87 =5A:>;L:8E 45B0;59. >=AB@C8@>20=85 >1J5:B0 87 1C<038
(703>B>2:0 >B45;L=KE 45B0;59, A>548=5=85 45B0;59 <564C A>1>9). %>1;N45=85
?>A;54>20B5;L=>AB8 459AB289 ?@8 873>B>2;5=88 ?@54<5B=>9 0??;8:0F88 (703>B>2:0
45B0;59, A1>@:0 87>1@065=8O >1J5:B0, =0<07K20=85 45B0;59 :;55<, ?@8:;5820=85 45B0;59 :
D>=C). %>1;N45=85 ?>A;54>20B5;L=>AB8 459AB289 ?@8 873>B>2;5=88 45:>@0B82=>9
0??;8:0F88 (703>B>2:0 45B0;59, A1>@:0 >@=0<5=B0 A?>A>1>< G5@54>20=8O >1J5:B>2,
=0<07K20=85 45B0;59 :;55<, ?@8:;5820=85 45B0;59 : D>=C). %>1;N45=85
?>A;54>20B5;L=>AB8 459AB289 ?@8 873>B>2;5=88 AN65B=>9 0??;8:0F88 (?@84CAB02;5=85 MA:870 AN65B0 0??;8:0F88, 703>B>2:0 45B0;59, A1>@:0 87>1@065=8O,
=0<07K20=85 45B0;59 :;55<, ?@8:;5820=85 45B0;59 : D>=C).
$0745; "$8A>20=85=.
$07;8G5=85 <0B5@80;>2 8 8=AB@C<5=B>2, 8A?>;L7C520=8O. "AB02;5=85
3@0D8G5A:>3> A;540 =0 1C<035, 4>A:5, AB5:;5. $8A>20=85 :0@0=40H><. %>1;N45=85
?>A;54>20B5;L=>AB8 459AB289 ?@8 @01>B5 A :@0A:0<8: >?CAB8BL :8ABL 2 10=>G:C A 2>4>9,
A=OBL ;8H=NN 2>4C A :8AB8, >1<0:=CBL 2>@A :8AB8 2 :@0A:C, A=OBL ;8H=NN :@0A:C > :@09
10=>G:8, @8A>20=85 =0 ;8AB5 1C<038, >?CAB8BL :8ABL 2 2>4C 8 B.4. $8A>20=85 :8ABLN: ?@85<
:0A0=8O, ?@85< ?@8<0:820=8O, ?@85< =0@0I820=8O <0AAK. K1>@ F25B0 4;O @8A>20=8O.
#>;CG5=85 F25B0 :@0A:8 ?CB5< A<5H820=8O :@0A>: 4@C38E F25B>2. $8A>20=85 B>G5:.
$8A>20=85 ;8=89: 25@B8:0;L=KE, 3>@87>=B0;L=KE, =0:;>==KE. %>548=5=85 B>G5:.
$8A>20=85 35><5B@8G5A:>9 D83C@K: :@C3, >20;, :204@0B, ?@O<>C3>;L=8:, B@5C3>;L=8:.
0:@0H820=85 2=CB@8 :>=BC@0, 70?>;=5=85 2A59 ?>25@E=>AB8 2=CB@8 :>=BC@0.
0?>;=5=85 :>=BC@0 B>G:0<8. ,B@8E>2:0 A;520 =0?@02>, A25@EC 2=87, ?> 4803>=0;8,
42>9=0O HB@8E>2:0. $8A>20=85 :>=BC@0 ?@54<5B0 ?> :>=BC@=K< ;8=8O<, ?> >?>@=K<
B>G:0<, ?> B@0D0@5BC, ?> H01;>=C, ?> ?@54AB02;5=8N. >@8A>2K20=85 G0AB8 ?@54<5B0,
>B45;L=KE 45B0;59 ?@54<5B0, A 8A?>;L7>20=85< >A52>9 A8<<5B@88. $8A>20=85 ?@54<5B0
(>1J5:B0) A =0BC@K.
$8A>20=85 M;5<5=B>2 >@=0<5=B0: @0AB8B5;L=KE, 35><5B@8G5A:8E. >?>;=5=85 3>B>2>3>
>@=0<5=B0 >B45;L=K<8 M;5<5=B0<8: @0AB8B5;L=K<8, 35><5B@8G5A:8<8. $8A>20=85
>@=0<5=B0 87 @0AB8B5;L=KE 8 35><5B@8G5A:8E D>@< 2 ?>;>A5, 2 :@C35, 2 :204@0B5.
>?>;=5=85 AN65B=>3> @8AC=:0 >B45;L=K<8 ?@54<5B0<8 (>1J5:B0<8), A2O70==K<8 <564C
A>1>9 ?> A;>65=85 >1J5:B>2 =0 ?>25@E=>AB8 ;8AB0 ?@8 @8A>20=88 AN65B=>3>
@8AC=:0. $8A>20=85 ?@81;865==>3> 8 C40;5==>3> >1J5:B0. #>41>@ F25B0 2 A>>B25BAB288 A
AN65B>< @8AC=:0. $8A>20=85 AN65B=>3> @8AC=:0: ?> >1@07FC - A@8A>2K20=85 3>B>2>3>
AN65B=>3> @8AC=:0, 87 ?@54;>65==KE >1J5:B>2, ?> ?@54AB02;5=8N. $8A>20=85 A
8A?>;L7>20=85< =5B@048F8>==KE B5E=8:: <>=>B8?8O, «?> AK@>20=85 A A>;LN,
3@0BB06, «?>4 10B8:».

59

3.
#@54<5B=K5 @57C;LB0BK >A2>5=8O CG51=>3> ?@54<5B0 "7>1@078B5;L=0O
45OB5;L=>ABL=.
1)
"A2>5=85 4>ABC?=KE A@54AB2 87>1@078B5;L=>9 45OB5;L=>AB8: ;5?:0, 0??;8:0F8O,
@8A>20=85; 8A?>;L7>20=85 @07;8G=KE 87>1@078B5;L=KE B5E=>;>389:
8=B5@5A : 4>ABC?=K< 2840< 87>1@078B5;L=>9 45OB5;L=>AB8; C<5=85 8A?>;L7>20BL
8=AB@C<5=BK 8 <0B5@80;K 2 ?@>F5AA5 4>ABC?=>9 87>1@078B5;L=>9 45OB5;L=>AB8 (;5?:0,
@8A>20=85, 0??;8:0F8O);
C<5=85 8A?>;L7>20BL @07;8G=K5 87>1@078B5;L=K5 B5E=>;>388 2 ?@>F5AA5 @8A>20=8O,
;5?:8, 0??;8:0F88.
2)
%?>A>1=>ABL : A0<>AB>OB5;L=>9 87>1@078B5;L=>9 45OB5;L=>AB8: ?>;>68B5;L=K5
M<>F8>=0;L=K5 @50:F88 (C4>2>;LAB285, @04>ABL) 2
?@>F5AA5 87>1@078B5;L=>9 45OB5;L=>AB8;
AB@5<;5=85 : A>1AB25==>9 B2>@G5A:>9 45OB5;L=>AB8 8 C<5=85 45<>=AB@8@>20BL
@57C;LB0BK @01>BK;
C<5=85 2K@060BL A2>5 >B=>H5=85 : @57C;LB0B0< A>1AB25==>9 8 GC6>9 B2>@G5A:>9
45OB5;L=>AB8.
3)
>B>2=>ABL : CG0AB8N 2 A>2<5AB=KE <5@>?@8OB8OE:
3>B>2=>ABL : 2708<>459AB28N 2 B2>@G5A:>9 45OB5;L=>AB8 A>2<5AB=> A> A25@AB=8:0<8,
27@>A;K<8;
C<5=85 8A?>;L7>20BL ?>;CG5==K5 =02K:8 4;O 873>B>2;5=8O B2>@G5A:8E @01>B, 4;O
CG0AB8O 2 2KAB02:0E, :>=:C@A0E @8AC=:>2, ?>45;>:.
2.9. $01>G0O ?@>3@0<<0 ?> CG51=>9 >1;0AB8
"(878G5A:0O :C;LBC@0"

#>OA=8B5;L=0O 70?8A:0
"4=8< 87 206=59H8E =0?@02;5=89 @01>BK A @515=:>< A PA%, 8<5NI8< CBAB0;>ABL, TMHP, O2;O5BAO D878G5A:>5 @0728B85, :>B>@>5 ?@>8AE>48B =0 70=OB8OE ?>
040?B82=>9 D878G5A:>9 :C;LBC@5.
*5;LN 70=OB89 ?> 040?B82=>9 D878G5A:>9 :C;LBC@5 O2;O5BAO ?>2KH5=85 42830B5;L=>9
0:B82=>AB8 >1CG0NI8EAO 8 >1CG5=85 8A?>;L7>20=8N ?>;CG5==KE =02K:>2 2 ?>2A54=52=>9
687=8.
"A=>2=K5 7040G8: D>@<8@>20=85 8 A>25@H5=AB2>20=85 >A=>2=KE 8 ?@8:;04=KE
42830B5;L=KE =02K:>2; D>@<8@>20=85 BC@8AB8G5A:8E =02K:>2, C<5=8O :0B0BLAO =0
25;>A8?545, ?;020BL, 83@0BL 2 A?>@B82=K5 83@K; C:@5?;5=85 8 A>E@0=5=85 74>@>2LO
>1CG0NI8EAO, ?@>D8;0:B8:0 1>;57=59 8 2>7=8:=>25=8O 2B>@8G=KE 701>;520=89.
#@>3@0<<0 ?> ( 2:;NG05B 5 @0745;>2: "#;020=85", "%?>@B82=K5 8 ?>4286=K5
83@K", "5;>A8?54=0O ?>43>B>2:0", "TC@87<".
%>45@60=85 @0745;0 "#;020=85= 2:;NG05B 7040G8 =0 D>@<8@>20=85 C<5=89 42830BLAO
2 2>45 8 =02K:0 ?;020=8O.
$0745; "%?>@B82=K5 8 ?>4286=K5 83@K" 2:;NG05B M;5<5=BK A?>@B82=KE 83@ 8
A?>@B82=KE C?@06=5=89, ?>4286=K5 83@K. "A=>2=K<8 7040G0<8 O2;ONBAO D>@<8@>20=85
C<5=8O 2708<>459AB2>20BL 2 ?@>F5AA5 83@K, A>1;N40BL ?@028;0 83@K. 'A;>6=5=85
=5:>B>@KE >1CG0NI8E 7040G 2 ?@>3@0<<5 845B 70 AGëB C25;8G5=8O :>;8G5AB20 @07
2K?>;=O5<>3> 459AB28O (=0?@8<5@, >B1820BL 10A:5B1>;L=K9 4=>9 @C:>9 >B ?>;0 6 @07,
12 @07 8 B.4.).
!0 70=OB8OE ?> 25;>A8?54=>9 ?>43>B>2:5 >1CG0NI85AO >A20820NB 574C =0
B@5E:>;5A=>< 8 42CE:>;5A=>< 25;>A8?545.
#@>3@0<<=K9 <0B5@80; @0745;0 "&C@87<" ?@54CA<0B@8205B >2;045=85 @07;8G=K<8
BC@8AB8G5A:8<8 =02K:0<8.
 @0<:0E 70=OB89 ?> «2830B5;L=>7<>6=> ?@>2545=85 70=OB89 ?>

1.

60

D>@<8@>20=8N 8 @0728B8N 42830B5;L=KE =02K:>2 A >1CG0NI8<8AO, :>B>@K5 =C640NBAO 2
MB>< 4>?>;=8B5;L=>.
 CG51=>< ?;0=5 ?@54<5B ?@54AB02;5= A 1 4>?. ?> 6 3>4 >1CG5=8O.
0B5@80;L=>-B5E=8G5A:>5 >A=0I5=85 CG51=>3> ?@54<5B0 ?@54CA<0B@8205B :0:
>1KG=>5 4;O A?>@B82=KE 70;>2 H:>; >1>@C4>20=85 8 8=25=B0@L, B0: 8 A?5F80;L=>5
040?B8@>20==>5 >1>@C4>20=85 4;O >1CG0NI8EAO A @07;8G=K<8 =0@CH5=8O<8 @0728B8O,
2:;NG0O B@5=065@K, A?5F80;L=K5 25;>A8?54K (A >@B>?548G5A:8<8 A@54AB20<8), 8=25=B0@L
4;O ?>4286=KE 8 A?>@B82=KE 83@. 0B5@80;L=>-B5E=8G5A:>5 >A=0I5=85 CG51=>3> ?@54<5B0
"40?B82=0O D87:C;LBC@0" 2:;NG05B: 4840:B8G5A:89 <0B5@80;: 87>1@065=8O (:0@B8=:8,
D>B>,
?8:B>3@0<@B82=>3>,
BC@8AB8G5A:>3>
8=25=B0@O;
0;L1>=AB@0F8>==K< <0B5@80;>< 2 A>>B25BAB288 A B5<0<8 70=OB89; A?>@B82=K9 8=25=B0@L:
<0BK, 10BCBK, 38<=0AB8G5A:85 3> 480<5B@0, 38<=0AB8G5A:85 A:0<59:8,
38<=0AB8G5A:85 ;5AB=8FK, >1@CG8, :53;8, 4C;8 @07;8G=KE D>@<, 38<=0AB8G5A:85
:>2@8:8, :>@78=K, DCB1>;L=K5, 2>;591>;L=K5, 10A:5B1>;L=K5 =, ;K68,
;K6=K5 ?0;:8, ;K6=K5 :>ABN;5A=K5 25;>A8?54K, A0<>:0BK, @N:70:8,
BC@8AB8G5A:85 :>2@8:8, ?0;0B:8, A?0;L=K5 <5H:8, =01>@K ?>E>4=>9 ?>AC4K, :>;LF0;
B5E=8G5A:85 A@54AB20 @5018;8B0F88: :@5A;0-:>;OA:8 :><=0B=K5 8 ?@>3C;>G=K5, >?>@ 4;O
AB>O=8O (25@B8:0;870B>@K, E>4C=:8), >?>@K 4;O ?>;70=8O, B@5=065@K, :@5A;0-ABC;LO A
A0=8B0@=K< >A=0I5=85< (4;O BC0;5B0, 20==K5); <515;L: H:0DK 4;O E@0=5=8O A?>@B82=>3>
8=25=B0@O, 4;O ?5@5>4520=8O, ABC;LO, AB>;, AB>;K-:CH5B:8.
2. %>45@60=85 CG51=>3> ?@54<5B0 "40?B82=0O D878G5A:0O :C;LBC@0" ?@54AB02;5=>
A;54CNI8<8 @0745;0<8: "#;020=85", ">@@5:F8>==K5 ?>4286=K5 83@K", "5;>A8?54=0O
?>43>B>2:0", "(878G5A:0O ?>43>B>2:0", "&C@87<".
$0745; "#;020=85=
E>4 2 2>4C. )>4L10 2 2>45. 53 2 2>45. #>3@C65=85 2 2>4C ?> H5N, A 3>;>2>9.
K?>;=5=85 2K4>E0 ?>4 2>4>9. "B:@K20=85 3;07 2 2>45. '45@60=85 =0 2>45. %:>;L65=85 ?>
?>25@E=>AB8 2>4K =0 682>B5, =0 A?8=5. K?>;=5=85 42865=89 =>30<8, ;560 =0 682>B5, =0
A?8=5. K?>;=5=85 42865=89 @C:0<8, ;560 =0 682>B5, =0 A?8=5. +5@54>20=85 ?>2>@>B0
3>;>2K A 4KE0=85<. %>G5B0=85 42865=89 =>3 A 4KE0=85<. #;020=85. %>1;N45=85 ?@028;
?>2545=8O 8 157>?0A=>AB8 2 10AA59=5: 2> 2@5 1>@B8:C =5;L7O B>;:0BLAO,
=5;L7O AB0;:820BL 4@C3 4@C30 A 1>@B8:0 10AA59=0 2 2>4C, =5;L7O B>?8BL 4@C3 4@C30, =0E>4OAL
2 2>45, =5;L7O 70?;K20BL 70 3@0=8FK >1>7=0G5==>9 4;O ?;020=8O B5@@8B>@88, =5;L7O
A?@K3820BL A 1>@B8:0 10AA59=0.
$0745; "%?>@B82=K5 8 ?>4286=K5 83@K"
#>4286=K5 83@K =0 @0728B85 :>>@48=0F8>==KE A?>A>1=>AB59. %>1;N45=85 ?@028; 83@K
«%B>?, E>?, @07». %>1;N45=85 ?@028; 83@K «>;>B>». %>1;N45=85 ?>A;54>20B5;L=>AB8
459AB289 2 83@5-MAB0D5B5 «#>;>A0 ?@5?OBAB289»: 153 ?> A:0<59:5, ?@K6:8 G5@57
:8@?8G8:8, ?@>;570=85 ?> BC==5;N, 153, ?5@540G0 MAB0D5BK. #>4286=K5 83@K =0 @0728B85
A:>@>AB=KE A?>A>1=>AB59.
%>1;N45=85 ?@028; 83@K «#OB=0H:8». %>1;N45=85 ?@028; 83@K «$K10:8 8 @K1:8».
%>1;N45=85 ?>A;54>20B5;L=>AB8 459AB289 2 83@5-MAB0D5B5 «%>15@8 ?8@0<84:C»: 153 :
?8@0<84:5, =04520=85 :>;LF0, 153 2 >1@0B=CN AB>@>=C, ?5@540G0 MAB0D5BK. #>4286=K5
83@K =0 @0728B85 A:>@>AB=>-A8;>2KE A?>A>1=>AB59. %>1;N45=85 ?@028; 83@K «@>A09-:0».
%>1;N45=85 ?@028; 83@K «KAB@K5 A0=:8». %>1;N45=85 ?>A;54>20B5;L=>AB8 459AB289 2
83@5- MAB0D5B5 «%B@>8< 4><».
-;5<5=BK A?>@B82=KE 83@ 8 A?>@B82=KE C?@06=5=89. 04<8=B>=: C7=020=85,
@07;8G5=85 8=25=B0@O 4;O 104<8=B>=0. '40@ ?> 2>;0=C: =86=OO ?>40G0, 25@E=OO ?>40G0.
"B1820=85 2>;0=0 A=87C, A25@EC. 3@0 2 ?0@5.
(CB1>;: C7=020=85 DCB1>;L=>3> ;=5=85 C40@0 2 ?CABK5 2>@>B0, 2 2>@>B0 A
2@0B0@5< A <5AB0, A 2-E H03>2, A @071530. #@85< O 2 2>@>B0E: ;>28BL B1820BL 3>9/@C:0<8. 545=85 ;=5=85 ?5@540G8 2:0
:0BOI53>AO 3>9.
61

>;591>;: C7=020=85 2>;591>;L=>3> 40G0 2>;591>;L=>3> ;591>;L=>3> ;:
C7=020=85 10A:5B1>;L=>3> ;L=>3> BA:>:0 >B ?>;0, A
>BA:>:>< >B ?>;0. >2;O 10A:5B1>;L=>3> BA:>:0 >B ?>;0, A >BA:>:>< >B ?>;0.
"B1820=85 10A:5B1>;L=>3> B ?>;0 >4=>9 @C:>9. 545=85 10A:5B1>;L=>3> 
?@O<>9, A >1E>4>< ?@5?OBAB28O. @>A:8 ;LF> 42CA8?54=0O ?>43>B>2:0=
$07;8G5=85
A>AB02=KE
G0AB59
B@5E:>;5A=>3>
25;>A8?540.
%>1;N45=85
?>A;54>20B5;L=>AB8 459AB289 ?@8 ?>A04:5 =0 B@5E:>;5A=K9 25;>A8?54: ?5@5:84K20=85
?@02>9 =>38 G5@57 @0AB0=>2:0 ?@02>9 =>38 =0 ?540;L, ?>A04:0 =0 A54;>, ?>AB0=>2:0
;52>9 =>38 =0 ?540;L. '?@02;5=85 B@5E:>;5A=K< 25;>A8?54>< 157 2@0I5=8O ?540;59.
@0I5=85 ?540;59 A D8:A0F859 =>3, 157 D8:A0F88 =>3. &>@<>65=85 @CG=K< B>@<>7><,
=>6=K< B>@<>7><. 740 =0 B@5E:>;5A=>< 25;>A8?545 ?> ?@O<>9, A ?>2>@>B><. #>A04:0 =0
42CE:>;5A=K9 25;>A8?54. !0G0;> 42865=8O, A84O =0 42CE:>;5A=>< 25;>A8?545. 740 =0
42CE:>;5A=>< 25;>A8?545 ?> ?@O<>9 =0 @0AAB>O=85 10 <5B@>2, =0 @0AAB>O=85 50 <5B@>2, A
?>2>@>B><. &>@<>65=85 @CG=K< B>@<>7><, =>6=K< B>@<>7><. $072>@>B =0 42CE:>;5A=><
25;>A8?545. "1J574 ?@5?OBAB289. #@5>4>;5=85 ?>4J5<>2 8 A?CA:>2. 740 2 3@C??5.
%>1;N45=85 ?@028; 4>@>6=>3> 42865=8O 2> 2@5 4>@>35 A 02B><>18;L=K<
42865=85<: =0G0;> 42865=8O ?> A83=0;C CG8B5;O, >AB0=>2:0 ?5@54 2K574>< =0 B@0AAC, 5740
?> ?@02>9 AB>@>=5 4>@>38, 70?@5B =0 2K574 =0 AB>@>=C 2AB@5G=>3> 42865=8O. 'E>4 70
25;>A8?54><: A>45@60=85 2 G8AB>B5, A>>1I5=85 > =58A?@02=>AB8 25;>A8?540, =0:0G820=85
H8=K.
$0745; "&C@87<"
'7=020=85, @07;8G5=85 ?@54<5B>2 BC@8AB8G5A:>3> 8=25=B0@O: @N:70:, A?0;L=K9 <5H>:,
BC@8AB8G5A:89 :>2@8:, ?0;0B:0, :>B5;>:, B@5=>30.
%>1;N45=85 ?>A;54>20B5;L=>AB8 459AB289 ?@8 A:;04K20=88 25I59 2 @N:70:: :@>AA>2:8,
>45640, =01>@ ?>E>4=>9 ?>AC4K, 10=:0 BCH5=:8, A@54AB20 ;8G=>9 38385=K. %>1;N45=85
?>A;54>20B5;L=>AB8 459AB289 ?@8 @0A:;04K20=88 A?0;L=>3> <5H:0: @0A:@K20=85 G5E;0,
2K=8<0=85 <5H:0 87 G5E;0, @072O7K20=85 B5AL1;N45=85
?>A;54>20B5;L=>AB8 459AB289 ?@8 @0A?>;>65=88 2 A?0;L=>< <5H:5: @0AAB53820=85 <>;=88,
A5ABL 2 <5H:5, 70AB53820=85 <>;=88 4> A5@548=K A?0;L=>3> <5H:0, ;5GL 2 <5H>:,
70AB53820=85 <>;=88 4> :0?NH>=0. %>1;N45=85 ?>A;54>20B5;L=>AB8 459AB289 ?@8
A:;04K20=88 A?0;L=>3> <5H:0: A>2<5I5=85 C3;>2 25@E=59 G0AB8 <5H:0, A:@CG820=85
<5H:0, 702O7K20=85 B5AL;, 70BO3820=85 G5E;0.
'7=020=85, @07;8G5=85 A>AB02=KE G0AB59 ?0;0B:8: 4=8I5, :@KH0, AB5=:8 ?0;0B:8,
@0ABO6:8, AB>9:8, :>;KH:8. #>43>B>2:0 <5AB0 4;O CAB0=>2:8 ?0;0B:8. $0A:;04K20=85
?0;0B:8. "@85=B8@>2:0 2 G0ABOE ?0;0B:8. AB02;5=85 ?;>A:8E 8 :@C3;KE :>;KH:>2 ?@8
70:@5?;5=88 ?0;0B:8 =0 75<;5. 'AB0=>2:0 AB>9:8. 'AB0=>2:0 @0ABO6:8 ?0;0B:8.
%>1;N45=85 ?>A;54>20B5;L=>AB8 459AB289 ?@8 @071>@:5 CAB0=>2;5==>9 ?0;0B:8:
2K=8<0=85 :>;KH:>2, A:;04K20=85 :>;KH:>2 2 G5E>;, 2KB0A:820=85 AB>9:8, @071>@ 8
A:;04K20=85 AB>9:8 2 G5E>;, A:;04K20=85 @0ABO6:8 =0 ?0;0B:C, A2>@0G820=85 ?0;0B:8,
A:;04K20=85 ?0;0B:8 8 2A5E :>;, 70:@K20=85 AC<:8-G5E;0.
#>43>B>2:0 :>AB@>2>3> <5AB0. %:;04K20=85 :>AB@0. $076830=85 :>AB@0. #>445@6820=85
>3=O 2 :>AB@5. &CH5=85 :>AB@0. %>1;N45=85 ?@028; 157>?0A=>3> ?>2545=8O 2 ?>E>45: =5;L7O
>BAB020BL, C1530BL 2?5@54, =5;L7O =8:C40 CE>48BL 157 @07@5H5=8O CG8B5;O, =5;L7O 5ABL
=0945==K5 A ;5AC 3@81K 8 O3>4K 157 @07@5H5=8O CG8B5;O, =5;L7O 1@>A0BL @ 2 ;5AC,
=5;L7O B@>30BL ;5A=KE 682>B=KE.
3. #@54<5B=K5 @57C;LB0BK >A2>5=8O CG51=>3> ?@54<5B0 "40?B82=0O D878G5A:0O
:C;LBC@0=.
1)
>A?@8OB85 A>1AB25==>3> B5;0, >A>7=0=85 A2>8E D878G5A:8E 2>7<>6=>AB59 8
>3@0=8G5=89:
>A2>5=85 4>ABC?=KE A?>A>1>2 :>=B@>;O =04 DC=:F8O<8 A>1AB25==>3> B5;0: A845BL,
62

AB>OBL, ?5@542830BLAO (A 8A?>;L7>20=85< B5E=8G5A:8E A@54AB2);
>A2>5=85
42830B5;L=KE
=02K:>2,
?>A;54>20B5;L=>AB8
42865=89,
@0728B85
:>>@48=0F8>==KE A?>A>1=>AB59;
A>25@H5=AB2>20=85 D878G5A:8E :0G5AB2: ;>2:>AB8, A8;K, 1KAB@>BK, 2K=>A;82>AB8;
C<5=85 @04>20BLAO CA?5E0<: 2KH5 ?@K3=C;, 1KAB@55 ?@>1560;.
2)
%>>B=5A5=85 A0<>GC2AB28O A =0AB@>5=85<, A>1AB25==>9 0:B82=>ABLN,
A0<>AB>OB5;L=>ABLN 8 =57028A8<>ABLN:
C<5=85 >?@545;OBL A2>5 A0<>GC2AB285 2 A2O78 A D878G5A:>9 =03@C7:>9: CAB0;>ABL,
1>;52K5 >ICI5=8O.
3)
"A2>5=85 4>ABC?=KE 284>2 D87:C;LBC@=>-A?>@B82=>9 45OB5;L=>AB8: 5740 =0
25;>A8?545, A?>@B82=K5 83@K, BC@87<, ?;020=85:
8=B5@5A : >?@545;5==K< 2840< D87:C;LBC@=>-A?>@B82=>9 45OB5;L=>AB8: 5740 =0
25;>A8?545, ?;020=85, A?>@B82=K5 8 ?>4286=K5 83@K, BC@87<, D878G5A:0O ?>43>B>2:0;
C<5=85 5748BL =0 25;>A8?545, :0B0BLAO =0 A0=:0E, ?;020BL, 83@0BL 2 ?>4286=K5 83@K.

2.10.

$01>G0O ?@>3@0<<0 ?> CG51=>D8;L=K9
B@C4= ?@54<5B=>9 >1;0AB8 "&5E=>;>38O"

#>OA=8B5;L=0O 70?8A:0
*5;LN B@C4>2>3> >1CG5=8O O2;O5BAO ?>43>B>2:0 >1CG0NI8EAO 8 ?>4@>AB:>2 A PA% A
C<5@5==>9, BO65;>9, 3;C1>:>9 C9 >BAB0;>ABLN, A TMHP : 4>ABC?=>9 B@C4>2>9
45OB5;L=>AB8.
"A=>2=K5 7040G8: @0728B85 8=B5@5A0 : B@C4>2>9 45OB5;L=>AB8; D>@<8@>20=85 =02K:>2
@01>BK A @07;8G=K<8 8=AB@C<5=B0<8 8 >1>@C4>20=85<; >A2>5=85 >B45;L=KE >?5@0F89 8
B5E=>;>389 ?> 873>B>2;5=8N @07;8G=KE 8745;89, ?> @01>B5 A ?>G2>9, A @0AB5=8O<8.
"A=>2=K5 7040G8 @50;870F88 A>45@60=8O: "2;045=85 ?@54<5B=K<8 459AB28O<8 :0:
=5>1E>48<>9 >A=>2>9 4;O A0<>>1A;C6820=8O, :><1@078B5;L=>9, 1KB>2>9 8
B@C4>2>9 45OB5;L=>AB8. '<5=85 2K?>;=OBL ?@>ABK5 459AB28O A ?@54<5B0<8 8 <0B5@80;0<8;
C<5=85
A>1;N40BL
>G5@54=>ABL
?@8
2K?>;=5=88
B@C4>2KE
7040=89,
?@54<5B=>-?@0:B8G5A:8E 459AB289 8 4@C38E 459AB289. (>@<8@>20=85 ?>;>68B5;L=>3>
>?KB0 8 CAB0=>2:8 =0 0:B82=>5 8A?>;L7>20=85 >A2>5==KE B5E=>;>389 8 =02K:>2 4;O A2>53>
687=5>15A?5G5=8O, A>F80;L=>3> @0728B8O 8 ?><>I8 1;87:8<.
 @0<:0E ?@54<5B=>-?@0:B8G5A:>9 45OB5;L=>AB8 8 =0 :>@@5:F8>==>@072820NI8E
70=OB8OE B0:65 A;54C5B D>@<8@>20BL M;5<5=BK =02K:>2, ?@8<5=O5ABC?=KE 2840E
B@C4>2>9 45OB5;L=>AB8.
"1CG5=85 B@C4C >A=>20=> =0 C<5=8OE 8 =02K:0E, AD>@<8@>20==KE C >1CG0NI8EAO 2 E>45
70=OB89 ?> ?@54<5B=>-?@0:B8G5A:>9 45OB5;L=>AB8, 8 =0F5;5=> =0 873>B>2;5=85 CG0I8<8AO
4>ABC?=KE ?@>4C:B>2 B@C40. 06=> B0:65 D>@<8@>20=85 <>B820F88 B@C4>2>9
45OB5;L=>AB8, @0728B85 8=B5@5A0 : @07=K< 2840< 4>ABC?=>9 B@C4>2>9 45OB5;L=>AB8,
?>;>68B5;L=>5 >B=>H5=85 : @57C;LB0B0< A2>53> B@C40. 5B59 7=0:> A?5F80;L=K< >1>@C4>20=85<, CG0B A>1;N40BL B5E=8:C
157>?0A=>AB8 2 E>45 B@C4>2>3> ?@>F5AA0.
#>AB5?5==> =0:0?;8205BAO ?@0:B8G5A:89 >?KB, ?@>8AE>48B D>@<8@>20=85
>?5@0F8>==>-B5E=8G5A:8E C<5=89. (>@<8@CNBAO =02K:8 A0<>AB>OB5;L=>3> 873>B>2;5=8O
?@>4C:F88 (C<5=8O =0<5G0BL F5;L, ?>418@0BL =5>1E>48ACI5AB2;OBL 704C<0==>5, >F5=820BL @57C;LB0B). #>4@>AB>: CG8BAO A0<>AB>OB5;L=>
>@30=87>2K20BL A2>5 @01>G55 <5AB> 2 A>>B25BAB288 A 8A?>;L7C51>@C4>20=85<. % ?><>ILN CG8B5;O (8;8 A0<>AB>OB5;L=>) >= A>7405B MA:87
8745;8O, ?@>2>48B 0=0;87 >1@07F0 (7040=8O) A >?>@>9 =0 @8AC=>:, AE5A;54>20B5;L=>ABL >?5@0F89 ?> 873>B>2;5=8N ?@>4C:B0; :>=B@>;8@C5B
:0G5AB2> 2K?>;=5==>9 @01>BK; >1AC6405B ?>;CG5==K9 @57C;LB0B 2 A>>B25BAB288 A A2>8<8
?@54AB02;5=8O<8. #>AB5?5==> C CG0I53>AO D>@<8@CNBAO B0:85 :0G5AB20 B@C4>2>9

1.

63

45OB5;L=>AB8, :>B>@K5 ?>72>;ONB 2K?>;=OBL >A2>5==CN 45OB5;L=>ABL 2 B5G5=85
4;8B5;L=>3> 2@5<5=8, >ACI5AB2;OBL @01>BC 2 A>>B25BAB288 A B@51>20=8O<8, ?@54JO2;O54C:B0 8 ?@>872>48BL 53> 2 CAB0=>2;5==K5 A@>:8.
#@>3@0<<0 ?> ?@>D8;L=>;83@0D8O", "5@0<8:0", "0B8:", "&:0G5AB2>", ",8BL5", "5@52>>1@01>B:0",
"$0AB5=852>4AB2>". -B>B ?5@5G5=L <>65B 1KBL 4>?>;=5= 8;8 70<5=5= 4@C38<8 ?@>D8;O<8
B@C40 ?> CA<>B@5=8N >1@07>20B5;L=>9 >@30=870F88, A CG5B>< <5AB=KE 8 @538>=0;L=KE
CA;>289 8 2>7<>6=>AB59 4;O 1C4CI59 B@C4>2>9 70=OB>AB8 >1CG0NI53>AO, 0 B0:65
:04@>2>3> >15A?5G5=8O >@30=870F88.  CG51=>< ?;0=5 ?@54<5B ?@54AB02;5= A 4 ?> 6 3>4
>1CG5=8O
(2 - 4 :;0AAK).
0B5@80;L=>-B5E=8G5A:>5 >15A?5G5=85 ?> ?@54<5BC 2:;NG05B:
4840:B8G5A:89 <0B5@80;: :>=AB@0F8>==KE 8 @0740B>G=>3>
<0B5@80;>2, B01;8FK ?> @0745;0< 8 B5<0< ?@>D8;L=>3> B@C40, @01>G85 B5B@048; D>B>,
:0@B8=:8, ?8:B>3@0<1@065=8O<8 459AB289, >?5@0F89, 0;3>@8B<>2 @01>BK A
8A?>;L7>20=85< 8=AB@C<5=B>2 8 >1>@C4>20=8O; B5E=>;>38G5A:85 :0@BK, >1CG0NI85
:>3@0<D8;L;>38G5A:85
?@>F5AAK, ?@8<5@K (>1@07FK) =0@>4=KE ?@>2, ?@575=B0F88 8 4@.;
>1>@C4>20=85 B0:8E ?@54<5B>2 :0:: H259=>5 45;>, 45@52>>1@01>B:0, :5@0<8:0,
B:0G5AB2> 8 4@. B@51CNB =01>@>2 8=AB@C<5=B>2 4;O >1@01>B:8 @07;8G=KE <0B5@80;>2;
H259=K5 <0H8=K, B:0F:85 AB0=:8 (AB0F8>=0@=K5 8 =0AB>;L=K5), @H:8,
B5?;8G:8; =01>@K 8=AB@C<5=B>2 4;O A04>2>4AB20 (3@01;8, 254@0, ;59:8, ;>?0BK 8 4@.);
>1>@C4>20=85 4;O ?>;83@0D88: A:0=5@, ?@8=B5@, @570:, ;0<8=0B>@, 1@>HN@>2I8:,
?@>5:B>@, M:@0=, :>?8@>20;L=K9 0??0@0B, =>A8B5;8 M;5:B@>==>9 8=D>@<0F88,
F8D@>2K5 D>B> 8 2845>:0<5@K A> HB0B82><;
@0AE>4=K5 <0B5@80;K 4;O B@C40: :;59, 1C<030, :0@0=40H8 (?@>ABK5, F25B=K5),
<5;:8 (?0AB5;L, 2>A:>2K5 8 4@.), D;><0AB5@K, <0@:5@K, :@0A:8 (0:20@5;L, 3C0HL, 0:@8;>2K5,
4;O B:0=8), ;8=59:8 8 @07;8G=K5 <5@:8, 1C<030 @07=KE @07<5@>2, ?;>B=>AB8, D>@<0B0,
D0:BC@K; =>6=8FK, D83C@=K5 4K@>:>;K, 3;8=0, AB5:8, =8B:8, 83>;:8, B:0=L, H5@ABL
(=0BC@0;L=0O, 8A:CAAB25==0O), 83;K 4;O 20;O=8O,  45BA:>5 8 4@.
2.
%>45@60=85 CG51=>3> ?@54<5B0 "#@>D8;L=K9 B@C4= ?@54AB02;5=>
A;54CNI8<8 @0745;0<8: "#>;83@0D8O", "5@0<8:0", "0B8:", "&:0G5AB2>", ",8BL5",
"5@52>>1@01>B:0", "$0AB5=852>4AB2>".
$0745; "0B8:"
#>43>B>2:0 @01>G53> <5AB0. #>43>B>2:0 B:0=8 : @01>B5. !0=5A5=85 :>=BC@0 @8AC=:0 =0
B:0=L. K45;5=85 :>=BC@0 @8AC=:0 @575@28@CNI8< A>AB02>< (2>A:, :>=BC@). #>43>B>2:0
:@0A>:. $0A:@0H820=85 2=CB@8 :>=BC@0. '40;5=85 2>A:0 A B:0=8. '1>@:0 @01>G53> <5AB0.
$0745; "5@0<8:0"
=0:> A> A2>9AB20<8 3;8=K. #>43>B>2:0 @01>G53> <5AB0. #>43>B>2:0 3;8=K :
@01>B5: >B@570=85 :CA:0 3;8=K. "BI8?K20=85 :CA>G:0 3;8=K. $07<8=0=85 3;8=K.
"B1820=85 3;8=K. 73>B>2;5=85 703>B>2>: 4;O 8745;89: @0A:0BK20=85 3;8=K A:0;:>9.
K@570=85 H8;>< D>@ H01;>=C. "1@01>B:0 :@052 8745;8O. 0B0=85 :>;10A:8 (=0
4>A:5, 2 @C:0E). 0B0=85 H0@8:0 (=0 4>A:5, 2 @C:0E). !0182:0 D>@@0B82=0O >B45;:0
8745;8O (=0=5A5=85 @8AC=:0, ?@8A>548=5=85 <5;:8E 45B0;59, ?@840=85 D0:BC@K).
#@>45;K20=85 >B25@AB8O 2 8745;88. #>:@KB85 8745;8O 3;07C@LN (:@0A:>9) (A?>A>1><
?>3@C65=8O, A ?><>ILN :8AB8). '1>@:0 @01>G53> <5AB0.
$0745; "&:0G5AB2>=
$07;8G5=85 >A=>2=KE G0AB59 B:0F:>3> AB0=:0 8 B:0F:>3> >1>@C4>20=8O. #>43>B>2:0
@01>G53> <5AB0. #>43>B>2:0 AB0=:0 : @01>B5. $01>B0 A =8B:0<8: @07;8G5=85 =8B59. K1>@
=8B>: 4;O 8745;8O. !0<0BK20=85 =8B>: =0 G5;=>:. 02O7K20=85 =8B8 C7;0<8. K?>;=5=85
?;5B5=8O (?>;>B=O=>5, A0@652>5, 0B;0A=>5). #;5B5=85 ?> AE5<5. %=OB85 3>B>2>3> ?>;>B=0 A>
64

AB0=:0. ':@0H5=85 8745;8O 45:>@0B82=K< <0B5@80;><. '1>@:0 @01>G53> <5AB0.
$0745; "5@52>>1@01>B:0=
$07;8G5=85 <0B5@80;>2 (4@525A=K9 (AK@L5), :@5?ë6=K9, ?>:@0A>G=K9). $07;8G5=85
8=AB@C<5=B>2 (4;O @07<5B:8, 4;O >1@01>B:8 45@520, 4;O A>548=5=8O 45B0;59). #>43>B>2:0
@01>G53> <5AB0. '1>@:0 @01>G53> <5AB0. #>43>B>28B5;L=0O @01>B0 A 703>B>2:>9. $07<5B:0
703>B>2:8. #@851@01>B:8 45@52O==>9 703>B>2:8. $0A?8;820=85 703>B>2:8. %25@;5=85
>B25@AB8O 2 703>B>2:5. ,;8D>2:0 703>B>2:8 =0640G=>9 1C<03>9. !0=5A5=85 ?>:@KB8O =0
703>B>2:C. %>548=5=85 45@52O==KE 45B0;59: A:;5820=85 45@52O==KE 45B0;59, A>548=5=85
?@8 ?><>I8 32>7459, HC@C?>2.
$0745; "#>;83@0D8O=
(>B>3@0D8O. "1@0I5=85 A D>B>0??0@0B><: @07;8G5=85 A>AB02=KE G0AB59 F8D@>2>3>
D>B>0??0@0B0. #>;L7>20=85 :=>?:0<8, @0A?>;>65==K<8 =0 ?0=5;OE F8D@>2>3>
D>B>0??0@0B0. $07;8G5=85 :0G5AB20 D>B>3@0D89. !0AB@>9:0 87>1@065=8O (@515=>: =02>48B
D>B>0??0@0B =0 D>B>3@0D8@C51J5:B, :>@@5:B8@C5B 87>1@065=85). %>1;N45=85
?>A;54>20B5;L=>AB8 459AB289 ?@8 @01>B5 A D>B>0??0@0B><: 2K1>@ >1J5:B0, 2:;NG5=85
D>B>0??0@0B0, =0AB@>9:0 87>1@065=8O, D>B>3@0D8@>20=85, C40;5=85 =5:0G5AB25==KE
A=8<:>2, 2K:;NG5=85 D>B>0??0@0B0. #@028;0 E@0=5=8O D>B>B5E=8:8.
0<8=8@>20=85: @07;8G5=85 A>AB02=KE G0AB59 ;0<8=0B>@0. AB02;5=85 ;8AB0 1C<038 2
:>=25@B. %>1;N45=85 ?>A;54>20B5;L=>AB8 459AB289 ?@8 @01>B5 =0 ;0<8=0B>@5 (2:;NG5=85
;0<8=0B>@0, 2AB02;5=85 ;8AB0 1C<038 2 :>=25@B, 2AB02;5=85 :>=25@B0 2> 2E>4=>5 >B25@AB85,
2K=8<0=85 :>=25@B0 87 2K?CA:=>3> >B25@AB8O).
K?>;=5=85 :>?8@>20;L=KE @01>B: @07;8G5=85 A>AB02=KE G0AB59 :>?8@>20;L=>3>
0??0@0B0. K?>;=5=85 >B45;L=KE >?5@0F89 8 A>1;N45=85 ?>A;54>20B5;L=>AB8 459AB289
?@8 @01>B5 =0 :>?8@>20;L=>< 0??0@0B5: 2:;NG5=85 :>?8@>20;L=>3> 0??0@0B0, >B:@K20=85
:@KH:8 :>?8@>20;L=>3> 0??0@0B0, @07<5I5=85 ;8AB0 1C<038 =0 AB5:;5 ?;0=H5B0,
>?CA:0=85 :@KH:8 :>?8@>20;L=>3> 0??0@0B0, =068<0=85 :=>?:8 «#CA:», >B:@K20=85
:@KH:8 :>?8@>20;L=>3> 0??0@0B0, 2K=8<0=85 ;8AB>2 (>@838=0;, :>?8O), >?CA:0=85 :@KH:8
:>?8@>20;L=>3> 0??0@0B0, 2K:;NG5=85 :>?8@>20;L=>3> 0??0@0B0.
A?>;L7>20=85 @570:0: @07;8G5=85 A>AB02=KE G0AB59 @570:0. K?>;=5=85 >B45;L=KE
>?5@0F89 8 A>1;N45=85 ?>A;54>20B5;L=>AB8 459AB289 ?@8 @01>B5 =0 @570:5: ?>4=8<0=85
=>60, ?><5I5=85 ;8AB0 =0 ?0=5;L :>@?CA0, >?CA:0=85 =>60, C18@0=85 ;8AB0 8 >1@57:>2.
@>HN@>20=85: @07;8G5=85 A>AB02=KE G0AB59 1@>HN@>2I8:0. K?>;=5=85 >B45;L=KE
>?5@0F89 8 A>1;N45=85 ?>A;54>20B5;L=>AB8 459AB289 ?@8 @01>B5 =0 1@>HN@>2I8:5:
CAB0=>2:0 ?@C68=K =0 3@515=L, ?>4J5< @KG030, ?>4J5< @CG:8, 2AB02;5=85 ;8AB0 2
?5@D>@0F8>==>5 >B25@AB85, >?CA:0=85 8 ?>4=8<0=85 @CG:8, 2K=8<0=85 ;8AB0, =0=87K20=85
;8AB0 =0 ?@C68=C, >?CA:0=85 @KG030, A=OB85 8745;8O A 3@51=O, G8AB:0 AJ5<=>3> ?>44>=0.
>?5G0B=K5 @01>BK =0 :>AB02=KE G0AB59 :>1;N45=85 ?>A;54>20B5;L=>AB8 459AB289 ?@8 @01>B5 =0 :>;=5=85 7040=89 (C?@06=5=89), 2K:;NG5=85 :>645=85
7040==KE :;028H =0 :;0280BC@5. !01>@ B5:AB0 A ?5G0B=>3> >1@07F0. K45;5=85 B5:AB0.
K?>;=5=85 >?5@0F89 ?> 87<5=5=8N B5:AB0 A 8A?>;L7>20=85< ?0=5;8 8=AB@C<5=B>2:
2K@570=85 B5:AB0, :>?8@>20=85 B5:AB0, 87<5=5=85 @07<5@0 (30@=8BC@K, =0G5@B0=8O, F25B0)
H@8DB0, A>E@0=5=85 B5:AB0, 2AB02;5=85 B5:AB0, 2K@02=820=85 B5:AB0. %>740=85 B5:AB>2>3>
D09;0 (?0?:8). %>1;N45=85 ?>A;54>20B5;L=>AB8 459AB289 ?@8 @01>B5 2 ?@>3@0<<5: 2K1>@
?@>3@0<4 2 ?@>3@0<;=5=85 7040=89 ?@>3@0<4 87 ?@>3@0<AB02=KE G0AB59 ?@8=B5@0. %>1;N45=85
?>A;54>20B5;L=>AB8 459AB289 ?@8 @01>B5 =0 ?@8=B5@5: 2:;NG5=85 ?@8=B5@0, 70?@02;5=85
1C<038 2 ;>B>:, 70?CA: ?@>3@0<2, 2K:;NG5=85
?@8=B5@0. $0A?5G0BK20=85 =0 ?@8=B5@5.
$0745; "$0AB5=852>4AB2>=
K@0I820=85 :><=0B=KE @0AB5=89: ?@54AB02;5=85 >1 CA;>28OE 687=8 @0AB5=89: A25B,
2>40, B5G2K 8 2>74CE0. "?@545;5=85 :>;8G5AB20 2>4K 4;O ?>;820. #>;82
65

@0AB5=8O. $KE;5=85 ?>G2K. #5@5A04:0 @0AB5=8O. KBL5 @0AB5=8O. "?@KA:820=85 @0AB5=89.
'40;5=85 ACE8E ;8ABL52 A @0AB5=89. +8AB:0 3>@H:>2 8 ?>44>=>2. K@0I820=85 @0AB5=89 2
>B:@KB>< 3@C=B5: ?5@5:0?K20=85 ?>G2K. =5A5=85 >@30=8G5A:8E C4>1@5=89 2 ?>G2C.
#@83>B>2;5=85 :>AB0. "D>@<;5=85 3@O4:8 8 <564C@O489. 73>B>2;5=85 1>@>74:8 8
;C=:8 =0 3@O4:5. K:0?K20=85 O43>B>2:0 A5A04:5. #>A52 A5B:@KBK9 3@C=B. #>;82 @0AB5=89. '40;5=85 A>@=O:>2. "1@57:0
25B>:. K:0?K20=85 >2>I59. %@570=85 >2>I59. #>43>B>2:0 >2>I59 : E@0=5=8N (>G8I5=85
>B 75<;8, >1@57:0 1>B20, ?@>ACH820=85). 'E>4 70 A04>2K< 8=25=B0@5<.
$0745; ",259=>5 45;>"
$CG=>5 H8BL5: @07;8G5=85 8=AB@C<5=B>2 8 <0B5@80;>2 4;O @CG=>3> H8BLO. #>43>B>2:0
@01>G53> <5AB0. "B@570=85 =8B8 >?@545;5==>9 4;8=K. 4520=85 =8B8 2 83>;:C. 02O7K20=85
C75;:0. #@8H820=85 ?C3>28FK (A 42CB25@AB8O<8, A G5BK@LB25@AB8O<8, =0 =>6:5).
K?>;=5=85 H20 «2?5@54 83>;:>9». 0:@5?;5=85 =8B8 =0 B:0=8. K?>;=5=85 H20 «G5@57
:@09».
$01>B0 =0 M;5:B@8G5A:>9 <0H8=:5: @07;8G5=85 >A=>2=KE G0AB59 M;5:B@8G5A:>9 H259=>9
<0H8=:8. !0<0BK20=85 =8B8 =0 H?C;L:C. AB02;5=85 H?C;L:8 A =8B:>9 2 H?C;L=K9
:>;?0G>:. AB02;5=85 H?C;L=>3> :>;?0G:0 2 G5;=>:. 0?@02:0 25@E=59 =8B8. K2>4 =86=59
=8B8 =0 ?;0BD>@1;N45=85 ?>A;54>20B5;L=>AB8 459AB289 ?@8 ?>43>B>2:5
H259=>9 <0H8=K : @01>B5 (CAB0=>2:0 ?540;8, 2:;NG5=85 2 A5BL, =0<0BK20=85 =8B8 =0
H?C;L:C, 2AB02;5=85 H?C;L:8 A =8B:>9 2 H?C;L=K9 :>;?0G>:, 2AB02;5=85 H?C;L=>3>
:>;?0G:0 2 G5;=>:, 70?@02:0 25@E=59 =8B8, 2K2>4 =86=59 =8B8 =025@E). #>42545=85 B:0=8
?>4 ;0?:C. "?CA:0=85 83>;:8 2 B:0=L. %>1;N45=85 ?>A;54>20B5;L=>AB8 459AB289 ?@8
?>43>B>2:5 : H8BLN (?>4=8<0=85 ;0?:8, ?>42545=85 B:0=8 ?>4 ;0?:C, >?CA:0=85 83>;:8,
>?CA:0=85 ;0?:8). %>1;N45=85 ?>A;54>20B5;L=>AB8 459AB289 ?@8 2K?>;=5=88 AB@>G:8
(=060B85 =0 ?540;L, @53C;8@>2:0 B:0=8 2> 2@5G:8, >B?CA:0=85 ?540;8). %>1;N45=85
?>A;54>20B5;L=>AB8 459AB289 ?> >:>=G0=88 H8BLO (?>4=OB85 ;0?:8, ?>4=OB85 83>;:8,
2K=8<0=85 B:0=8 87-?>4 ;0?:8, >1@570=85 =8B8). @>9:0 8 A1>@:0 8745;8O: A>1;N45=85
?>A;54>20B5;L=>AB8 :@>9:8 45B0;59 8745;8O (@0A:;04K20=85 B:0=8, =0:;04K20=85
2K:@>9:8 =0 B:0=8, 70:@5?;5=85 2K:@>9:8 =0 B:0=8, >12545=85 2K:@>9:8 <5;><,
2K?>;=5=85 ?@8?CA:0 =0 H>2, A=OB85 2K:@>9:8 A B:0=8, 2K@570=85 45B0;8 8745;8O).
%>548=5=85 45B0;59 8745;8O. "F5=:0 :0G5AB20 ?@>45;0==>9 @01>BK.
3.
#@54<5B=K5 @57C;LB0BK >A2>5=8O CG51=>3> ?@54<5B0 "#@>D8;L=K9
B@C4=.
1)
"2;045=85 B@C4>2K<8 C<5=8O<8, =5>1E>482;045=85 C<5=85< 045:20B=> ?@8<5=OBL 4>ABC?=K5 B5E=>;>38G5A:85 F5?>G:8 8 >A2>5==K5
B@C4>2K5 =02K:8 4;O A>F80;L=>3> 8 B@C4>2>3> 2708<>459AB28O.
=B5@5A : >2;045=8N 4>ABC?=K<8 ?@>D8;L=K<8, ?@8:;04=K<8, 2A?><>30B5;L=K<8
2840<8 B@C4>2>9 45OB5;L=>AB8, =0?@8<5@, :5@0<8:0, 10B8:, ?5G0BL, B:0G5AB2>,
@0AB5=852>4AB2>, 45@52>>1@01>B:0, H8BL5, 2O70=85 8 4@C385, A CG5B>< >A>15==>AB59
@538>=0.
'<5=85 2K?>;=OBL >B45;L=K5 8 :>2KE >?5@0F89, =5A;>6=K5
284K @01>B, ?@8<5=O5872>4AB20 8 >1A;C6820=8O.
'<5=85 8A?>;L7>20BL 2 B@C4>2>9 45OB5;L=>AB8 @07;8G=K5 8=AB@C<5=BK, <0B5@80;K;
A>1;N40BL =5>1E>48?0A=>AB8.
'<5=85 A>1;N40BL B5E=>;>38G5A:85 ?@>F5AAK, =0?@8<5@, 2K@0I820=85 8 CE>4 70
@0AB5=8O<8, 873>B>2;5=85 8745;89 87 1C<038, 45@520, B:0=8, 3;8=K 8 4@C385, A CG5B><
>A>15==>AB59 @538>=0.
'<5=85 2K?>;=OBL @01>BC :0G5AB25==>, 2 CAB0=>2;5==K9 ?@><56CB>: 2@5<5=8,
>F5=820BL @57C;LB0BK A2>53> B@C40.
2)
"1>30I5=85 ?>;>68B5;L=>3> >?KB0 8 CAB0=>2:0 =0 0:B82=>5 8A?>;L7>20=85
>A2>5==KE B5E=>;>389 8 =02K:>2 4;O 8=48284C0;L=>3> 687=5>15A?5G5=8O, A>F80;L=>3>
@0728B8O 8 ?><>I8 1;87:8<.
66

#>B@51=>ABL 0:B82=> CG0AB2>20BL 2 A>2<5AB=>9 A 4@C38<8 45OB5;L=>AB8, =0?@02;5==>9
=0 A2>5 687=5>15A?5G5=85, A>F80;L=>5 @0728B85 8 ?><>IL 1;87:8<.

3. #@>3@0<<0 :>@@5:F8>==>9 @01>BK

*5;L 8 7040G8 ?@>3@0<@@5:F8>==>9 @01>BK
"?@545;5=85 >4=>3> 87 20@80=B>2 "# H"" 4;O >1CG0NI8EAO A PC >ACI5AB2;O5BAO =0
>A=>25 @5:><5=40F89 ?A8E>;>3>-<548:>-?5403>38G5A:>9 :><8AA88 (40;55 - # #),
AD>@20==KE ?> @57C;LB0B0< 53> :>3> >1A;54>20=8O, A CG5B>< #P (?@8
=0;8G88).
#@>3@0<<0 :>@@5:F8>==>9 @01>BK ?@54CA<0B@8205B 8=48284C0;870F8N A?5F80;L=>3>
A>?@>2>645=8O >1CG0NI53>AO A PC.
*9?P CDB7D4@@O >BDD9>J740=85 A8AB53>
?A8E>;>3>-?5403>38G5A:>3> A>?@>2>645=8O ?@>F5AA0 >A2>5=8O "# H"" >1CG0NI8<8AO A
PC, ?>72>;ONI53> CG8BK20BL 8E >A>1K5 >1@07>20B5;L=K5 ?>B@51=>AB8 =0 >A=>25
>ACI5AB2;5=8O 8=48284C0;L=>3> 8 48DD5@5=F8@>20==>3> ?>4E>40 2 >1@07>20B5;L=><
?@>F5AA5.
#@>3@0<<0 ?@54CA<0B@8205B A>740=85 A?5F80;L=KE CA;>289 >1CG5=8O 8 2>A?8B0=8O,
?>72>;ONI8E CG8BK20BL >A>1K5 >1@07>20B5;L=K5 ?>B@51=>AB8 >1CG0NI8EAO A PC.
P50;870F8O ?@>3@0<@@5:F8>==>9 @01>BK >15A?5G8205B D4;6B@C9F9AJ<< B5GK4RM97BES E !.
>@@5:F8>==0O @01>B0 2 "", 714 E.;L8=>2 =0?@02;5=0 =0 ?@5>4>;5=85 8 (8;8)
>A;01;5=85 =54>AB0B:>2 2 ?A8E8G5A:>< 8 D878G5A:>< @0728B88 >1CG0NI8EAO A PC A
C<5@5==>9, BO65;>9, 3;C1>:>9 C9 >BAB0;>ABLN (8=B5;;5:BC0;L=K<8
=0@CH5=8O<8), BO65;K<8 8 <=>65AB25==K<8 =0@CH5=8O<8 @0728B8O.
040G8 ?@>3@0<@@5:F8>==>9 @01>BK:
-2KO2;5=85 >A>1KE >1@07>20B5;L=KE ?>B@51=>AB59, >1CG0NI8EAO A PC, >1CA;>2;5==KE
AB@C:BC@>9 8 3;C18=>9 8<5NI8EAO C =8E =0@CH5=89, =54>AB0B:0<8 2 D878G5A:>< 8
?A8E8G5A:>< @0728B88;
->ACI5AB2;5=85 8=48284C0;L=> >@85=B8@>20==>9 ?A8E>;>3>?5403>38G5A:>9 ?><>I8
>1CG0NI89, BO65;>9, 3;C1>:>9 C9 >BAB0;>ABLN
(8=B5;;5:BC0;L=K<8 =0@CH5=8O<8), BO65;K<8 8 <=>65AB25==K<8 =0@CH5=8O<8 @0728B8O
A CG5B>< >A>15==>AB59 8E ?A8E>D878G5A:>3> @0728B8O 8 8=48284C0;L=KE 2>7<>6=>AB59 (2
A>>B25BAB288 A @5:><5=40F8O<8 # #);
-@07@01>B:0 8 @50;870F8O 8=48284C0;L=KE CG51=KE ?;0=>2, >@30=870F8O
8=48284C0;L=KE 8 3@C??>2KE 70=OB89 4;O >1CG0NI8EAO A PC A CG5B>< 8=48284C0;L=KE 8
B8?>;>38G5A:8E >A>15==>AB59 ?A8E>D878G5A:>3> @0728B8O 8 8=48284C0;L=KE
2>7<>6=>AB59, >1CG0NI8EAO;
-@50;870F8O A8AB5?@8OB89 ?> A>F80;L=>9 040?B0F88 >1CG0NI8EAO A PC A
C<5@5==>9, BO65;>9, 3;C1>:>9 C9 >BAB0;>ABLN (8=B5;;5:BC0;L=K<8
=0@CH5=8O<8), BO65;K9 8 <=>65AB25==K<8 =0@CH5=8O<8 @0728B8O;
->:070=85 @>48B5;O< (70:>==K< ?@54AB028B5;O<) >1CG0NI8EAO A PC :>=AC;LB0B82=>9
8 <5B>48G5A:>9 ?><>I8 ?> <548F8=A:8<, A>F80;L=K<, ?@02>2K< 8 4@C38< 2>?@>A0<,
A2O70==K< A 8E 2>A?8B0=85< 8 >1CG5=85<.
#@8=F8?K ?@>3@0<@@5:F8>==>9 @01>BK:
- ?@8=F8? ?@8>@8B5B=>AB8 8=B5@5A>2 >1CG0NI53>AO >?@545;O5B >B=>H5=85
@01>B=8:>2 >@30=870F88, :>B>@K5 ?@8720=K >:07K20BL :064>1CG0NI5<>IL 2
@0728B88 A CG5B>< 53> 8=48284C0;L=KE >1@07>20B5;L=KE ?>B@51=>AB59 =0 >A=>25
M<>F8>=0;L=>3> :>=B0:B0, ?@0:B8G5A:>3> 2708<>459AB28O 8 A>2<5AB=>3> >A8AE>4OI8E A>1KB89;
- ?@8=F8?
A8AB5<=>AB8
>15A?5G8205B
548=AB2>
2A5E
M;5<5=B>2
:>@@5:F8>==>-2>A?8B0B5;L=>9 @01>BK: F5;8 8 7040G, =0?@02;5=89 >ACI5AB2;5=8O 8

3.3.1.

67

A>45@60=8O, D>@<, <5B>4>2 8 ?@85<>2 >@30=870F88, 2708<>459AB28O CG0AB=8:>2;
?@8=F8? =5?@5@K2=>AB8 >15A?5G8205B ?@>2545=85 :>@@5:F8>==>9 @01>BK A
>1CG0NI8<8AO A PAC =0 2A5< ?@>BO65=88 >1CG5=8O A CG5B>< 87<5=5=89 8E ;8G=>AB8;
?@8=F8? 20@80B82=>AB8 ?@54?>;0305B A>740=85 20@80B82=KE ?@>3@0<<
:>@@5:F8>==>9 @01>BK A >1CG0NI8<8AO A CG5B>< 8E >A>1KE >1@07>20B5;L=KE
?>B@51=>AB59 8 2>7<>6=>AB59 ?A8E>D878G5A:>3> @0728B8O;
-?@8=F8?
548=AB20
?A8E>;>3>-?5403>38G5A:8E
A@54AB2,
>15A?5G820NI89
2708<>459AB285 A?5F80;8AB>2 ?A8E>;>3>-?5403>38G5A:>3> 8 <548F8=A:>3> 1;>:0 2
45OB5;L=>AB8 ?> :>@@5:F8>==>-2>A?8B0B5;L=>9 @01>BK;
?@8=F8? A>B@C4=8G5AB20 A A5A=>20= =0 ?@87=0=88 A53>
CG0AB=8:0 :>@@5:F8>==>9 @01>BK, >:07K20NI53> ACI5AB25==>5 2;8O=85 =0 ?@>F5AA
@0728B8O >1CG0NI53>AO A PAC 8 CA?5H=>ABL 53> 8=B53@0F88 2 >1I5AB2>.
#A8E>;>3>-<548:>-?5403>38G5A:>5 A>?@>2>645=85 >1CG0NI8EAO
B@C?9>EAB9 CEB-C9847B7B9 EBCDB6B:89A<9 B5GK4RM?RK49F:
?@>2545=85 ?A8E>;>3>-?5403>38G5A:>3> >1A;54>20=8O 45B59 ?@8 ?>ABC?;5=88 2
>1@07>20B5;L=CN >@30=870F8N A F5;LN 2KO2;5=8O 8E 2>7<>6=>AB59 8 >A>1KE
>1@07>20B5;L=KE ?>B@51=>AB59, A>AB02;5=8O ?@>3@0<3> <0@H@CB0 A
CG5B>< D0:B8G5A:>3> C@>2=O @0728B8O, 8=48284C0;L=KE >A>15==>AB59;
@07@01>B:C @5:><5=40F89 : A>AB02;5=8N :>@@5:F8>==KE ?@>3@0<<,
CG8BK20NI8E 8=48284C0;L=K5 >A>15==>AB8 >1CG0NI8EAO;
?@>2545=85
:>@@5:F8>==>-@072820NI59
@01>BK
A
CG5B><
>A>1KE
>1@07>20B5;L=KE ?>B@51=>AB59 :064>3> >1CG0NI53>AO A PAC, 53> 8=48284C0;L=KE
>A>15==>AB59;
<>=8B>@8=3 48=0<8:8 @0728B8O >1CG0NI8EAO, 4>AB865=8O ?;0=8@C52 :>@@5:F8>==>-@072820NI59 @01>BK.
EB-C9847B7B9 EBCDB6B:89A<9 B5GK4RMACI5AB2;ONB
A?5F80;8ABK:
?5403>38-?A8E>;>38,
CG8B5;O-45D5:B>;>38,
CG8B5;O-;>3>?54K,
2@0G-?A8E80B@, H:>;L=K9 <548F8=A:89 @01>B=8:. #@8 2>7=8:=>25=88 B@C4=>AB59 2
>A2>5=88 >1CG0NI845@60=8O (A"# H"" ?5403>38G5A:85 @01>B=8:8,
>ACI5AB2;ONI85 ?A8E>;>3>?5403>38G5A:>5 A>?@>2>645=85, 4>;6=K >?5@0B82=> 4>?>;=8BL
AB@C:BC@C ?@>3@0<@@5:F8>==>9 @01>BK A>>B25BAB2CNI8< =0?@02;5=85< @01>BK,
:>B>@>5 1C45B A>E@0=OBL A2>N 0:BC0;L=>ABL 4> <><5=B0 ?@5>4>;5=8O 2>7=8:H8E
70B@C4=5=89.
 A;CG05 =0@0AB0=8O 7=0G8B5;L=KE AB>9:8E 70B@C4=5=89 2 >1CG5=88, 2708<>459AB288 A
CG8B5;O<8 8 >1CG0NI8<8AO H:>;K (:;0AA0) >1CG0NI89AO A PAC =0?@02;O5BAO =0
:>5 >1A;54>20=85 2 # # A F5;LN 2K@01>B:8 @5H5=8O > ?5@A?5:B820E 53>
40;L=59H53> >1CG5=8O.
!0?@02;5=8O 8 A>45@60=85 :>@@5:F8>==>9 @01>BK
4CD46?9ABDD9>JAB8G5A:0O @01>B0;
:>@@5:F8>==>-@072820NI0O @01>B0;
:>=AC;LB0B82=0O @01>B0;
8=D>@<0F8>==>-?@>A25B8B5;LA:0O @01>B0.
BDD9>J1@07>20B5;L=>3> ?@>F5AA0 G5@57 A>45@60=85 8 >@30=870F8N
>1@07>20B5;L=>3> ?@>F5AA0 (8=48284C0;L=K9 8 48DD5@5=F8@>20==K9 ?>4E>4, A=865==K9
B51CG5=8O, AB@C:BC@=0O ?@>AB>B0 A>45@60=8O, ?>2B>@=>ABL 2 >1CG5=88, 0:B82=>ABL 8
A>7=0B5;L=>ABL 2 >1CG5=88);
2 @0<:0E 2=5C@>G=>9 45OB5;L=>AB8 2 D>@<5 A?5F80;L=> >@30=87>20==KE
68

8=48284C0;L=KE 8 3@C??>2KE 70=OB89 (:>@@5:F8>==>@072820NI85 8 ;>3>?548G5A:85
70=OB8O, 70=OB8O @8B<8:>9);
2 @0<:0E ?A8E>;>38G5A:>3> 8 A>F80;L=>-?5403>38G5A:>3> A>?@>2>645=8O
>1CG0NI8EAO.
)0@0:B5@8AB8:0 >A=>2=KE =0?@02;5=89 :>@@5:F8>==>9 @01>BK
803=>AB8G5A:0O
@01>B0,
:>B>@0O >15A?5G8205B 2KO2;5=85
>A>15==>AB59 @0728B8O 8 74>@>2LO >1CG0NI8EAO A PAC A F5;LN A>740=8O 1;03>?@8OB=KE
CA;>289 4;O >2;045=8O 8<8 A>45@60=8O A"# H"".
#@>2545=85 4803=>AB8G5A:>9 @01>BK ?@54?>;0305B >ACI5AB2;5=85:
1) ?A8E>;>3>-?5403>38G5A:>3> >1A;54>20=8O A F5;LN 2KO2;5=8O 8E >A>1KE
>1@07>20B5;L=KE ?>B@51=>AB59:
@0728B8O ?>7=020B5;L=>9 AD5@K, A?5F8D8G5A:8E B@C4=>AB59 2 >2;045=88 A>45@60=85<
>1@07>20=8O 8 ?>B5=F80;L=KE 2>7<>6=>AB59;
@0728B8O M<>F8>=0;L=>-2>;52>9 AD5@K 8 ;8G=>AB=KE >A>15==>AB59 >1CG0NI8EAO;
>?@545;5=85 A>F80;L=>9 A8BC0F88 @0728B8O 8 CA;>289 A5<59=>3> 2>A?8B0=8O
>1CG0NI53>AO;
2)
<>=8B>@8=30 48=0<8:8 @0728B8O >1CG0NI8EAO, 8E CA?5H=>AB8 2 >A2>5=88
(A"# H"";
3)
0=0;870 @57C;LB0B>2 >1A;54>20=8O A F5;LN ?@>5:B8@>20=8O 8 :>@@5:B8@>2:8
:>@@5:F8>==KE <5@>?@8OB89.
 ?@>F5AA5 4803=>AB8G5A:>9 @01>BK 8A?>;L7CNBAO A;54CNI85 D>@4K
@01>BK:
A1>@ A2545=89 >1 >1CG0NI548B5;59 (70:>==KE ?@54AB028B5;59) (15A54K,
0=:5B8@>20=85, 8=B5@2LN8@>20=85);
15A54K A >1CG0NI8<8AO, ?5403>38G5A:8<8 @01>B=8:0<8 8 @>48B5;O<8
(70:>==K<8 ?@54AB028B5;O<8);
=01;N45=85 70 >1CG0NI8<8AO 2> 2@59 8 2=5C@>G=>9 45OB5;L=>AB8;
?A8E>;>3>-?5403>38G5A:89 M:A?5@8<5=B;
87CG5=85 @01>B >1CG0NI53>AO (B5B@048, @8AC=:8, ?>45;:8);
>D>@<;5=85 4>:C<5=B0F88 (:0@BK @0728B8O >1CG0NI8EAO).
>@@5:F8>==>-@072820NI0O @01>B0 >15A?5G8205B >@30=870F8N
<5@>?@8OB89, A?>A>1AB2CNI8E ;8G=>AB=>1CG0NI8EAO, :>@@5:F88
=54>AB0B:>2 2 ?A8E8G5A:>< @0728B88 8 >A2>5=8N 8<8 A>45@60=8O >1@07>20=8O
>@@5:F8>==>-@072820NI0O @01>B0 2:;NG05B:
A>AB02;5=85 8=48284C0;L=>9 ?@>3@0<;>38G5A:>3> A>?@>2>645=8O
>1CG0NI53>AO (A>2<5AB=> A ?5403>38G5A:8<8 @01>B=8:0<8);
D>@<8@>20=85 2 :;0AA5 ?A8E>;>38G5A:>3> :;8<0B0 :>@B=>3> 4;O 2A5E
>1CG0NI8EAO;
>@30=870F8O 2=5C@>G=>9 45OB5;L=>AB8, =0?@02;5==>9 =0 M<>F8>=0;L=>5, >1I55
A>F80;L=>-;8G=>AB=>5 @0728B85 >1CG0NI8EAO, 0:B82870F8N 8E ?>7=020B5;L=>9
45OB5;L=>AB8;
@07@01>B:C >?B8<0;L=KE 4;O @0728B8O >1CG0NI8EAO A PAC 3@C??>2KE 8
8=48284C0;L=KE ?A8E>:>@@5:F8>==KE ?@>3@0<< (<5B>48:, <5B>4>2 8 ?@85<>2 >1CG5=8O) 2
A>>B25BAB288 A 8E >A>1K<8 >1@07>20B5;L=K<8 ?>B@51=>ABO<8;
>@30=870F8N 8 ?@>2545=85 A?5F80;8AB0<8 8=48284C0;L=KE 8 3@C??>2KE 70=OB89
?> ?A8E>:>@@5:F88, =5>1E>484>;5=8O =0@CH5=89 @0728B8O >1CG0NI8EAO;
@0728B85 M<>F8>=0;L=>-2>;52>9 8 ;8G=>AB=>9 AD5@K >1CG0NI53>AO 8 :>@@5:F8N
53> ?>2545=8O;
A>F80;L=>5 A>?@>2>645=85 >1CG0NI53>AO 2 A;CG05 =51;03>?@8OB=KE CA;>289
687=8 ?@8 ?A8E>B@02<8@CNI8E >1AB>OB5;LAB20E.
69

 ?@>F5AA5 :>@@5:F8>==>-@072820NI59 @01>BK 8A?>;L7CNBAO
A;54CNI85 D>@4K @01>BK:
70=OB8O 8=48284C0;L=K5 8 3@C??>2K5;
83@K, C?@06=5=8O, MBN4K;
?A8E>:>@@5:F8>==K5 <5B>48:8;
15A54K A >1CG0NI8<8AO;
>@30=870F8O 45OB5;L=>AB8 (83@0, B@C4, 87>1@078B5;L=0O, :>=AB@C8@>20=85).
GDEO >BDD9>J45@60=85
:>@@5:F8>==>-@072820NI59
>1;0AB8
?@54AB02;5=>
A;54CNI8<8
>1O70B5;L=K<8 :>@@5:F8>==K<8 :C@A0<8:
«-<>F8>=0;L=>5 8 :><-@5G52>5 @0728B85»;
«%5=A>@=>5 @0728B85»;
«2830B5;L=>5 @0728B85»;
«#@54<5B=>-?@0:B8G5A:85 459AB28O»;
«>@@5:F8>==>-@072820NI85 70=OB8O».
$01>G85 ?@>3@0<@@5:F8>==KE :C@A>2 ?@54AB02;5=K 2 "# H"" P% 2 ?. 4
A>45@60B5;L=>3> @0745;0.
>=AC;LB0B82=0O @01>B0 >15A?5G8205B =5?@5@K2=>ABL A?5F80;L=>3> A>?@>2>645=8O
>1CG0NI8EAO A " 8 8E A5<59 ?> 2>?@>A0< @50;870F88 48DD5@5=F8@>20==KE
?A8E>;>3>-?5403>38G5A:8E CA;>289 >1CG5=8O, 2>A?8B0=8O, :>@@5:F88, @0728B8O 8
A>F80;870F88 >1CG0NI8EAO
>=AC;LB0B82=0O @01>B0 2:;NG05B:
?A8E>;>3>-?5403>38G5A:>5 :>=AC;LB8@>20=85 ?5403>38G5A:8E @01>B=8:>2 ?>
@5H5=8N ?@>1;5< 2 @0728B88 8 >1CG5=88, ?>2545=88 8 <56;8G=>AB=>< 2708<>459AB288
:>=:@5B=KE >1CG0NI8EAO;
:>=AC;LB0B82=CN ?><>IL A5?@>A0E @5H5=8O :>=:@5B=KE 2>?@>A>2
2>A?8B0=8O 8 >:070=8O 2>7<>6=>9 ?><>I8 >1CG0NI5A2>5=88 "# H"".
 ?@>F5AA5 :>=AC;LB0B82=>9 @01>BK 8A?>;L7CNBAO A;54CNI85 D>@4K @01>BK:
15A540, A5<8=0@, ;5:F8O, :>=AC;LB0F8O,
0=:5B8@>20=85
?5403>38G5A:8E
@01>B=8:>2,
@>48B5;59
(70:>==KE
?@54AB028B5;59);
@07@01>B:0 <5B>48G5A:8E <0B5@80;>2 8 @5:><5=40F89 ?5403>38G5A:>B=8:C, @>48B5;O< (70:>==K< ?@54AB028B5;O<);
?A8E>;>38G5A:>5 :>=AC;LB8@>20=85 >A=>2K205BAO =0 ?@8=F8?0E 0=>=8<=>AB8,
4>1@>65;0B5;L=>3> 8 157>F5=>G=>3> >B=>H5=8O : :>=AC;LB8@C5<>@85=B0F88 =0 53>
=>@AB8, 2:;NG5==>AB8 :>=AC;LB8@C5<>3> 2 ?@>F5AA :>=AC;LB8@>20=8O.
=D>@<0F8>==>-?@>A25B8B5;LA:0O
@01>B0
?@54?>;0305B
>ACI5AB2;5=85
@07JOA=8B5;L=>9 45OB5;L=>AB8 2 >B=>H5=88 ?5403>38G5A:8E @01>B=8:>2 8 @>48B5;59
(70:>==KE ?@54AB028B5;59) ?> 2>?@>A0<, A2O70==K< A >A>15==>ABO<8 >ACI5AB2;5=8O
?@>F5AA0 >1CG5=8O 8 2>A?8B0=8O >1CG0NI8EAO A P%, 2708<>459AB28O A ?5403>38G5A:8<8
@01>B=8:0<8 8 A25@AB=8:0<8, 8E
@>48B5;O<8
(70:>==K<8
?@54AB028B5;O<8)
=D>@<0F8>==>-?@>A25B8B5;LA:0O @01>B0 2:;NG05B:
?@>2545=85 B5<0B8G5A:8E 2KABC?;5=89 4;O ?5403>38G5A:8E @01>B=8:>2 8
@>48B5;59 (70:>==KE ?@54AB028B5;59) ?> @07JOA=5=8N 8=48284C0;L=>-B8?>;>38G5A:8E
>A>15==>AB59 @07;8G=KE :0B53>@89, >1CG0NI8EAO;
>D>@<;5=85 8=D>@<0F8>==KE AB5=4>2, ?5G0B=KE 8 4@C38E <0B5@80;>2;
?A8E>;>38G5A:>5 ?@>A25I5=85 ?5403>38G5A:8E @01>B=8:>2 A F5;LN ?>2KH5=8O 8E
?A8E>;>38G5A:>9 :>AB8;
70

?A8E>;>38G5A:>5 ?@>A25I5=85 @>48B5;59 (70:>==KE ?@54AB028B5;59) A F5;LN
D>@<8@>20=8O C =8E M;5<5=B0@=>9 ?A8E>;>3>-?A8E>;>38G5A:>9 :>AB8.
%>F80;L=>-?5403>38G5A:>5 A>?@>2>645=85, =0?@02;5==>5 =0 A>740=85 CA;>289 8
>15A?5G5=85 =081>;55 F5;5A>>1@07=>9 ?><>I8 8 ?>445@6:8
%>F80;L=>-?5403>38G5A:>5 A>?@>2>645=85 2:;NG05B:
@07@01>B:C 8 @50;870F8N ?@>3@0<F80;L=>-?5403>38G5A:>3> A>?@>2>645=8O
>1CG0NI8EAO, =0?@02;5==CN =0 8E A>F80;L=CN 8=B53@0F8N 2 >1I5AB2>;
2708<>459AB285 A A>F80;L=K<8 ?0@B=5@0<8 8 >1I5AB25==K<8 >@30=870F8O<8 2
8=B5@5A0E >1CG0NI53>AO 8 53> A5F5AA5 8=D>@<0F8>==>-?@>A25B8B5;LA:>9 8 A>F80;L=>?5403>38G5A:>9 @01>BK
8A?>;L7CNBAO A;54CNI85 D>@4K @01>BK:
8=48284C0;L=K5 8 3@C??>2K5 15A54K, A5<8=0@K, B@5=8=38;
;5:F88 4;O @>48B5;59 (70:>==KE ?@54AB028B5;59);
0=:5B8@>20=85
?5403>38G5A:8E
@01>B=8:>2,
@>48B5;59
(70:>==KE
?@54AB028B5;59);
@07@01>B:0 <5B>48G5A:8E <0B5@80;>2 8 @5:><5=40F89 CG8B5;N, @>48B5;O<
(70:>==K< ?@54AB028B5;O<).
5E0=873@0<@@5:F8>==>9 @01>BK.
708<>459AB285 A?5F80;8AB>2 >1@07>20B5;L=>9 >@30=870F88 2 ?@>F5AA5 @50;870F88
"# H"" O2;O5BAO >4=8< 87 >A=>2=KE <5E0=87<>2 @50;870F88 ?@>3@0<@@5:F8>==>9
@01>BK.
708<>459AB285 A?5F80;8AB>2 B@51C5B:
A>740=8O ?@>3@0<459AB28O 2A5E A?5F80;8AB>2 2 @0<:0E @50;870F88
:>@@5:F8>==>9 @01>BK;
>ACI5AB2;5=8O A>2<5AB=>3> <=>3> 0A?5:B=>3> 0=0;870 M<>F8>=0;L=>2>;52>9,
;8G=>AB=>9, :><9, 42830B5;L=>9 8 ?>7=020B5;L=>9 AD5@ >1CG0NI8EAO A F5;LN
>?@545;5=8O 8<5NI8EAO ?@>1;5<;
@07@01>B:8 8 @50;870F88 :>2KE ?@>3@0<<
:>@@5:F88 M<>F8>=0;L=>-2>;52>9, ;8G=>AB=>9, :><9, 42830B5;L=>9 8
?>7=020B5;L=>9 AD5@ >1CG0NI8EAO.
708<>459AB285 A?5F80;8AB>2 >1@07>20B5;L=>9 >@30=870F88 A >@30=870F8O<8 8
>@30=0<8 3>AC40@AB25==>9 2;0AB8, A2O70==K<8 A @5H5=85< 2>?@>A>2 >1@07>20=8O, >E@0=K
74>@>2LO A>F80;L=>9 70I8BK 8 ?>445@6:8 >1CG0NI8EAO A PC A C<5@5==>9, BO65;>9,
3;C1>:>9 C9 >BAB0;>ABLN (8=B5;;5:BC0;L=K<8 =0@CH5=8O<8), BO65;K<8 8
<=>65AB25==K<8 =0@CH5=8O<8 @0728B8O.
C>F80;L=>5 ?0@B=5@AB2> :0: A>2@5<5==K9 <5E0=87<, >A=>20==K9 =0 2708<>459AB288
>1@07>20B5;L=>9 >@30=870F88 A >@30=870F8O<8 :C;LBC@K, >1I5AB25==K<8 >@30=870F8O<8 8
4@C38<8 8=AB8BCB0<8 >1I5AB20.
%>F80;L=>5 ?0@B=5@AB2> 2:;NG05B A>B@C4=8G5AB2> (=0 >A=>25 70:;NG5==KE
4>3>2>@>2):
A >@30=870F8O<8 4>?>;=8B5;L=>3> >1@07>20=8O :C;LBC@K, D878G5A:>9 :C;LBC@K 8
A?>@B0 2 @5H5=88 2>?@>A>2 @0728B8O, A>F80;870F88, 74>@>2L5A15@565=8O, A>F80;L=>9
040?B0F88 8 8=B53@0F88 2 >1I5AB2> >1CG0NI8EAO A PC;
A> A@54AB20<8 <0AA>2>9 8=D>@<0F88 2 @5H5=88 2>?@>A>2 D>@<8@>20=8O
>B=>H5=8O >1I5AB20 : ;8F0< A PC;
A >1I5AB25==K<8 >1J548=5=8O<8 8=20;84>2, >@30=870F8O<8 @>48B5;59
(70:>==KE ?@54AB028B5;59) >1CG0NI8EAO A " 8 4@C38<8 =53>AC40@AB25==K<8
>@30=870F8O<8 2 @5H5=88 2>?@>A>2 A>F80;L=>9 040?B0F88 8 8=B53@0F88 2 >1I5AB2>
>1CG0NI8EAO A PC;
A @>48B5;O<8 (70:>==K<8 ?@54AB028B5;O<8) >1CG0NI8EAO A PC 2 @5H5=88

-

71

2>?@>A>2 8E @0728B8O, A>F80;870F88, 74>@>2L5 A15@565=8O, A>F80;L=>9 040?B0F88 8
8=B53@0F88 2 >1I5AB2>.
#;0=8@C5A2>5=8O ?@>3@0<@@5:F8>==>9 @01>BK
?@54AB02;5=K 2 "# H"" 2 ?.2.

4.

$01>G85 ?@>3@0<@@5:F8>==KE :C@A>2

>@@5:F8>==>-@072820NI0O >1;0ABL O2;O5BAO >1O70B5;L=>9 G0ABLN 2=5C@>G=>9
45OB5;L=>AB8, ?>445@6820NI59 ?@>F5AA >A2>5=8O A>45@60=8O "# H"" >1CG0NI8EAO A
PC A C<5@5==>9, BO65;>9, 3;C1>:>9 C9 >BAB0;>ABLN (8=B5;;5:BC0;L=K<8
=0@CH5=8O<8), TMHP (20@80=B
.
8.4)
%>45@60=85 :>@@5:F8>==>-@072820NI59 >1;0AB8 (=0?@02;5=8O) ?@54AB02;5=>
A;54CNI8<8 >1O70B5;L=K<8 :>@@5:F8>==K<8 :C@A0<8:
"-<>F8>=0;L=>5 8 :><-@5G52>5 @0728B85" (D@>=B0;L=K5 8 8=48284C0;L=K5
70=OB8O), "C5=A>@=>5 @0728B85" (8=48284C0;L=K5 70=OB8O), "2830B5;L=>5 @0728B85"
(D@>=B0;L=K5 70=OB8O), "#@54<5B=>-?@0:B8G5A:85 459AB28O" (8=48284C0;L=K5 70=OB8O),
">@@5:F8>==>-@072820NI85 70=OB8O" (8=48284C0;L=K5 70=OB8O)
C>45@60=85 40==>9 >1;0AB8 <>65B 1KBL 4>?>;=5=> >1@07>20B5;L=>9 >@30=870F859
A0<>AB>OB5;L=>, 8AE>4O 87 ?A8E>D878G5A:8E >A>15==>AB59 >1CG0NI8EAO =0 >A=>20=88
@5:><5=40F89 #M#, #P.
>@@5:F8>==K9 :C@A: "1<>F8>=0;L=>5 8 :><-@5G52>5 @0728B85
(0;LB5@=0B82=0O :><=B0;L=K5 8
8=48284C0;L=K5 70=OB8O)
"1CG0NI89AO A PC, =5 2;045NI89 25@10;L=>9 @5GLN, 8<55B A5@L57=K5 B@C4=>AB8
:><F80;870F88, GB> 2 F5;>< =0@CH05B 8 8A:0605B 53> ?A8E8G5A:>5 8
8=B5;;5:BC0;L=>5 @0728B85.  MB>9 A2O78 >1CG5=85 @5G8 A 8A?>;L7>20=85< 0;LB5@=0B82=KE
A@54AB2
:><1E>48<>9
G0ABLN
2A59
A8AB5@@5:F8>==>-?5403>38G5A:>9 @01>BK A >1CG0NI8?>;=8B5;L=K5 A@54AB20 :><3CB 8A?>;L7>20BLAO 4;O 4>?>;=5=8O @5G8 (5A;8
@5G52K5 2>7<>6=>AB8 >1CG0NI53>AO >3@0=8G5=K) 8;8 55 70<5=K, 2 A;CG05 55 >BACBAB28O.
*5;L :C@A0: A>740=85 CA;>289 4;O M<>F8>=0;L=>3> 8 :><@5G52>3> @0728B8O
>1CG0NI8EAO A PC.
"A=>2=K5 7040G8 @50;870F88 A>45@60=8O:
D>@<8@>20=85
@07=>>1@07=KE <>45;59 >1I5=8O A ?>AB5?5==K< A>:@0I5=85< 48AB0=F88
2708<>459AB28O A >:@C60NI8<8, 2>7<>6=KE D>@< 287C0;L=>3> 8 B0:B8;L=>3> :>=B0:B0,
A?>A>1=>AB8 ?@>=8:0BL 2 M<>F8>=0;L=K9 A1I5=8O. (>@<8@>20=85
:><2, 2:;NG0O 8A?>;L7>20=85 A@54AB2 0;LB5@=0B82=>9 8
4>?>;=8B5;L=>9 :><@8B5B=>9 7040G59 :>@@5:F8>==>9 @01>BK O2;O5BAO >1CG5=85 A@54AB20<
:><< G8A;5, ?@8 =5>1E>48<>AB8, A@54AB20< 0;LB5@=0B82=>9 :><F5AA5 ?@0:B8G5A:>3> >1I5=8O ?@>8AE>48B >A2>5=85 >1CG0NI8<8AO A PC A
C<5@5==>9, BO65;>9, 3;C1>:>9 C9 >BAB0;>ABLN (8=B5;;5:BC0;L=K<8
=0@CH5=8O<8), TMHP C<5=8O ?@8<5=OBL >A2>5==K5 8<8 A@54AB20.
T5E=8G5A:>5 >A=0I5=85 2:;NG05B:
?@54<5BK,
3@0D8G5A:85
87>1@065=8O, 7=0:>2K5 A8AB5G:8 A =0?5G0B0==K<8 A;>20<8,
=01>@K 1C:2, :><<9AB20, 0 B0:65 :>3@0<9AB20.
%>45@60=85 :>@@5:F8>==KE 70=OB89.
"A2>5=85 8 8A?>;L7>20=85 A@54AB2 =525@10;L=>9 :><3> 87>1@065=8O, 7=0:>2, B01;8FK 1C:2, :0@B>G5: A ?5G0B=K<8
A;>20<8, =01>@ 1C:2 :0: A@54AB20 :><5=85 8 8A?>;L7>20=85 B5E=8G5A:8E
:><9AB2, 0 B0:65 :>9AB2, A8=B578@CNI8E @5GL).
72

>@@5:F8>==K9 :C@A: "%5=A>@=>5 @0728B85= (8=48284C0;L=K5 70=OB8O)
*5;LN >1CG5=8O O2;O5BAO >1>30I5=85 GC2AB25==>3> >?KB0.
"A=>2=K5 7040G8 @50;870F88 A>45@60=8O: "1>30I5=85 GC2AB25==>3> >?KB0 G5@57
?>AB5?5==>5 @0AH8@5=85 A?5:B@0 2>A?@8=8<051CG0NI89,
BO65;>9, 3;C1>:>9 C9 >BAB0;>ABLN (8=B5;;5:BC0;L=K<8 =0@CH5=8O<8), TMHP
A5=A>@=KE, B0:B8;L=KE AB82. (>@<8@>20=85 A?>A>1=>AB8 >1A;54>20BL >:@C60NI85
?@54<5BK 045:20B=K< A?>A>1><. (>@<8@>20=85 8 @0AH8@5=85 =01>@0 4>ABC?=KE 1KB>2KE
=02K:>2
8 ?@>872>;L=KE ?@0:B8G5A:8E 459AB289. (>@<8@>20=85 =02K:>2 ?@54<5B=>?@0:B8G5A:>9 8 ?>7=020B5;L=>9 45OB5;L=>AB8.
C5=A>@=>5 @0728B85 =0?@02;5=> =0 D>@<8@>20=85 ?>;=>F5==>3> 2>A?@8OB8O
>:@C60NI59 459AB28B5;L=>AB8. #5@2>9 ABC?5=LN ?>7=0=8O <8@0 O2;O5BAO GC2AB25==K9
>?KB G5;>25:0. 'A?5H=>ABL C3>, D878G5A:>3>, MAB5B8G5A:>3> 2>A?8B0=8O 2
7=0G8B5;L=>9 AB5?5=8 7028A8B >B :0G5AB20 A5=A>@=>3> >?KB0 >1CG0NI8EAO, B> 5ABL >B B>3>,
=0A:>;L:> ?>;=> >1CG0NI89AO A PAC A C<5@5==>9, BO65;>9, 3;C1>:>9 C9
>BAB0;>ABLN (8=B5;;5:BC0;L=K<8 =0@CH5=8O<8), BO65;K<8 8 <=>65AB25==K<8
=0@CH5=8O<8 @0728B8O 2>A?@8=8<05B >:@C60NI89 <8@. +5< BO65;55 =0@CH5=8O C
>1CG0NI53>AO, B5< 206=55 @0728B85 53> GC2AB25==>3> >?KB0. "1CG0NI85AO A PAC
8718@0B5;L=> GC2AB28B5;L=K : =5:>B>@K< A5=A>@=K< 2>7459AB28O<, ?>MB>38G5A:8 ?@>4C<0==K9 2K1>@ A@54AB2 8 A?>A>1>2 A5=A>@=>3> 2>7459AB28O 1C45B
1;03>?@8OBAB2>20BL 8E 40;L=59H53@0<<=>-<5B>48G5A:89 <0B5@80; 2:;NG05B 5 @0745;>2: "@8B5;L=>5
2>A?@8OB85", "C;CE>2>5 2>A?@8OB85", "8=5AB5B8G5A:>5 2>A?@8OB85", ">A?@8OB85 70?0E0",
">A?@8OB85 2:CA0".
C>45@60=85 :064>3> @0745;0 ?@54AB02;5=> ?> ?@8=F8?C >B ?@>AB>3> : A;>6=>2>48BAO @01>B0, =0?@02;5==0O =0 @0AH8@5=85 480?07>=0 2>A?@8=8<05ICI5=89, AB8AB8 >1CG0NI53>AO. #>4 0:B82=>ABLN ?>4@07C<520NBAO
?A8E8G5A:85,
D878G5A:85,
@5G52K5
@50:F88
>1CG0NI53>AO,
=0?@8<5@:
M<>F8>=0;L=>-42830B5;L=0O >B7K2G82>ABL, :>=F5=B@0F8O 2=8<0=8O, 2>:0;870F8O. 
40;L=59H5< 2 E>45 >1CG5=8O D>@<8@CNBAO A5=A>@=>-?5@F5?B82=K5 459AB28O.
"1CG0NI89AO A PAC A C<5@5==>9, BO65;>9, 3;C1>:>9 C9 >BAB0;>ABLN
(8=B5;;5:BC0;L=K<8 =0@CH5=8O<8), TMHP CG8BAO =5 B>;L:> @0A?>7=020BL A2>8 >ICI5=8O,
=> 8 ?5@5@010BK20BL ?>;CG05@<0F8N, GB> 2 1C4CI5< ?><>65B 5@85=B8@>20BLAO 2 >:@C60NI5< <8@5.
;O @50;870F88 :C@A0 =5>1E>48<> A?5F80;L=>5 <0B5@80;L=>B5E=8G5A:>5 >A=0I5=85,
2:;NG0NI55: >1>@C4>20==CN A5=A>@=CN :><=0BC, ACE>9 (H0@8:>2K9) 8 2>4=K9 10AA59=K,
83@CH:8 8 ?@54<5BK A> A25B>2K<8, 72C:>2K<8 MDD5:B0<8, >1@07FK <0B5@80;>2, @07;8G=KE
?> D0:BC@5, 2O7:>AB8, B5B=>AB8.
%>45@60=85 :>@@5:F8>==KE 70=OB89:
@8B5;L=>5 2>A?@8OB85: ?@>A;56820=85 273;O4>< 70 4286CI8
@0A?>;>65==K< ?@54<5B>< (?> 3>@87>=B0;8, ?> 25@B8:0;8, ?> :@C3C, 2?5@54 8 =0704).
#@>A;56820=85 273;O4>< 70 4286CI81J5:B><. '7=020=85 8 @07;8G5=85
F25B0 >1J5:B0. (8:A0F8O 273;O40 =0 ;8F5 G5;>25:0. (8:A0F8O 273;O40 =0 =5?>4286=><
A25BOI54286=>< ?@54<5B5, @0A?>;>65==><
=0?@>B82 >1CG0NI53>AO, A?@020 8 A;520 >B =53>.
%;CE>2>5 2>A?@8OB85: ;>:0;870F8O =5?>4286=>3> 8AB>G=8:0 72C:0, @0A?>;>65==>3> =0
C@>2=5 CE0, ?;5G0, B0;88. #@>A;56820=85 70 1;87:> @0A?>;>65==K< ?5@5<5I0NI8G=8:>< 72C:0. >:0;870F8O =5?>4286=>3> C40;5==>3> 8AB>G=8:0 72C:0. C>>B=5A5=85
72C:0 A 53> 8AB>G=8:><. H0E>645=85 >1J5:B>2, >48=0:>2KE ?> 72CG0=8N.
8=5AB5B8G5A:>5 2>A?@8OB85: 045:20B=0O M<>F8>=0;L=>-42830B5;L=0O @50:F8O =0
?@8:>A=>25=8O G5;>25:0. A45:20B=0O @50:F8O =0 A>?@8:>A=>25=85 A <0B5@80;0<8 (45@52>,
<5B0;;, :;59AB5@, ?;0AB<0AA0, 1C<030, 2>40), @07;8G=K<8 ?> B5;>4=K9,
73

B5?;K9), D0:BC@5 (3;04:89, H5@>E>20BK9), 2O7:>AB8 (684:89, 3CAB>9, AK?CG89). 45:20B=0O
@50:F8O =0 281@0F8N, 8AE>4OICN >B >1J5:B>2. 45:20B=0O @50:F8O =0 402;5=85 =0
?>25@E=>ABL B5;0. 45:20B=0O @50:F8O =0 ?>;>65=85 B5;0 (3>@87>=B0;L=>5, 25@B8:0;L=>5).
45:20B=0O @50:F8O =0 ?>;>65=85 G0AB59 B5;0. 45:20B=0O @50:F8O =0 A>?@8:>A=>25=85
B5;0 A @07=K<8 2840<8 ?>25@E=>AB59. $07;8G5=85 <0B5@80;>2 ?> E0@0:B5@8AB8:0<
(B5ABL, 2O7:>ABL).
>A?@8OB85 70?0E0: 045:20B=0O @50:F8O =0 70?0E8. $07;8G5=85 >1J5:B>2 ?> 70?0EC.
>A?@8OB85 2:CA0: 045:20B=0O @50:F8O =0 ?@>4C:BK, @07;8G=K5 ?> 2:CA>2K< :0G5AB20<
(3>@L:89, A;04:89, :8A;K9, A>;5=K9) 8 :>=A8AB5=F88 (684:89, B25@4K9, 2O7:89, AK?CG89).
'7=020=85 ?@>4C:B0 ?> 2:CAC. $07;8G5=85 >A=>2=KE 2:CA>2KE :0G5AB2 ?@>4C:B>2
(3>@L:89, A;04:89, :8A;K9, A>;5=K9).
>@@5:F8>==K9 :C@A: "2830B5;L=>5 @0728B85= (D@>=B0;L=K5 70=OB8O)
2830B5;L=0O 0:B82=>ABL O2;O5BAO 5AB5AB25==>9 ?>B@51=>ABLN G5;>25:0. $0728B85
42830B5;L=KE =02K:>2 =5>1E>48<> 4;O =>@<0;L=>9 687=545OB5;L=>AB8 2A5E A8AB5< 8
DC=:F89 >@30=>2 G5;>25:0. ' 1>;LH8=AB20 >1CG0NI8EAO A $C 8<55BAO =0@CH5=85
?@>872>;L=>9 >@30=870F88 42830B5;L=>9 0:B82=>AB8, 7=0G8B5;L=> >3@0=8G820NI55
2>7<>6=>AB8 A0<>AB>OB5;L=>9 45OB5;L=>AB8 >1CG0NI8EAO. #>MB>B0 ?> >1>30I5=8N
A5=A><>B>@=>3> >?KB0, ?>445@60=8N 8 @0728B8N A?>A>1=>AB8 : 42865=8N 8
DC=:F8>=0;L=>;L7>20=8N
42830B5;L=KE
=02K:>2
O2;O5BAO
F5;LN
8=48284C0;L=KE D>@< @01>BK.
"A=>2=K5 7040G8 @50;870F88 A>45@60=8O: <>B820F8O 42830B5;L=>9 0:B82=>AB8;
?>445@6:0 8 @0728B85 8<5NI8EAO 42865=89, @0AH8@5=85 480?07>=0 ?@>872>;L=KE
42865=89 8 ?@>D8;0:B8:0 2>7<>6=KE 42830B5;L=KE =0@CH5=89; >A2>5=85 =>2KE A?>A>1>2
?5@542865=8O (2:;NG0O ?5@542865=85 A ?><>ILN B5E=8G5A:8E A@54AB2 @5018;8B0F88);
D>@<8@>20=85 DC=:F8>=0;L=KE 42830B5;L=KE =02K:>2; @0728B85 DC=:F88 @C:8, 2 B><
G8A;5 <5;:>9 <>B>@8:8; D>@<8@>20=85 7@8B5;L=>-42830B5;L=>9 :>>@48=0F88,
>@85=B8@>2:8 2 ?@>AB@0=AB25; >1>30I5=85 A5=A><>B>@=>3> >?KB0. *5;5=0?@02;5==>5
@0728B85 42865=89 =0 A?5F80;L=> >@30=87>20==KE 70=OB8OE, :>B>@K5 ?@>2>4OBAO
8=AB@C:B>@0<8 ( 8 (8;8) CG8B5;O<8 040?B82=>9 D87:C;LBC@K.
&0:0O @01>B0 >@30=87C5BAO 2 D87:C;LBC@=>< 70;5, 2 :;0AA5 8 4><0 2 A>>B25BAB288 A
@5:><5=40F8O<8 A?5F80;8AB0 ?> (.
&5E=8G5A:>5 >A=0I5=85 :C@A0 2:;NG05B: A@54AB20 4;O D8:A0F88 =>3, 3@C48, B070; @A>1;5=8O 4;O ?@840=8O ?>;>65=8O ;560, A84O, AB>O; >3@0=8G8B5;8;
38<=0AB8G5A:85 3> 480<5B@0, 30<0:, B5;56:8, :>2@8:8, A?5F80;L=K9
25;>A8?54, B@5=065@K.
%>45@60=85 :>@@5:F8>==KE 70=OB89
'45@60=85 3>;>2K. K?>;=5=85 42865=89 3>;>2>9. K?>;=5=85 42865=89 @C:0<8,
?0;LF0<8 @C:. K?>;=5=85 42865=89 ?;5G0<8. "?>@0 =0 ?@54?;5GLO 8 :8AB8 @C:. @>A:8 8
;>2;O B ?>;0. 7<5=5=85 ?>7 2 ?>;>65=88 ;560, A84O, AB>O. #>70 =0
G5B25@5=L:0E. #>;70=85. C845=85. "?>@0 =0 :>;5=8 (87<5=5=85 ?>;>65=8O B5;0 87
?>;>65=8O "A84O =0 ?OB:0E"). CB>O=85 =0 :>;5=OE. )>4L10 =0 :>;5=OE. AB020=85 87
?>;>65=8O "AB>O =0 :>;5=OE". CB>O=85. K?>;=5=85 42865=89 =>30<8. )>4L10 ?> @>2=>9 8
=0:;>==>9 ?>25@E=>AB8, ?> ;5AB=8F5. )>4L10 =0 =>A:0E, ?OB:0E, 2KA>:> ?>4=8<0O 154@>,
70E;5ABK20O 3>;5=L, ?@8AB02=K< H03><, H8@>:8< H03><, 2 ?>;C?@8A545, ?@8A545. 53 A
70E;5ABK20=85< 3>;5=8, 2KA>:> ?>4=8<0O 154@>, ?@8AB02=K< H03><. #@K6:8 =0 42CE
=>30E, =0 >4=>9 =>35. '40@K ?> 3>9.
>@@5:F8>==K9 :C@A: "#@54<5B=>-?@0:B8G5A:85 459AB28O= (8=48284C0;L=K5
70=OB8O)
*5;LN >1CG5=8O O2;O5BAO D>@<8@>20=85 F5;5=0?@02;5==KE ?@>872>;L=KE 459AB289 A
@07;8G=K<8 ?@54<5B0<8 8 <0B5@80;0<8.
"A=>2=K5 7040G8 @50;870F88 A>45@60=8O: D>@<8@>20=85 8=B5@5A0 : ?@54<5B=>B2>@=>A2>5=85 ?@>ABKE 459AB289 A ?@54<5B0<8 8 <0B5@80;0<8; C<5=85
74

A;54>20BL >?@545;5==>@O4:C (0;3>@8B;=5=88 ?@54<5B=KE
459AB289.
' >1CG0NI8EAO A PAC A C<5@5==>9, BO65;>9, 3;C1>:>9 C9 >BAB0;>ABLN
(8=B5;;5:BC0;L=K<8 =0@CH5=8O<8), TMHP ?@>F5AAK 2>A?@8OB8O, ?03CB 1KBL ACI5AB25==> =0@CH5=K 8;8 8A:065=K,
?>MB>@<8@>20=85 ?@54<5B=KE 459AB289 ?@>8AE>48B A> 7=0G8B5;L=>9 7045@6:>9. '
<=>38E >1CG0NI8EAO A PAC, 4>AB83H8E H:>;L=>3> 2>7@0AB0, 459AB28O A ?@54<5B0<8
>AB0NBAO =0 C@>2=5 =5A?5F8D8G5A:8E <0=8?C;OF89.  MB>9 A2O78 >1CG0NI51E>48<0 A?5F80;L=0O >1CG0NI0O ?><>IL, =0?@02;5==0O =0 D>@<8@>20=85
@07=>>1@07=KE 284>2 ?@54<5B=>-?@0:B8G5A:>9 45OB5;L=>AB8. "1CG5=85 =0G8=05BAO A
D>@<8@>20=8O M;5<5=B0@=KE A?5F8D8G5A:8E <0=8?C;OF89, :>B>@K5 A> 2@5<5=5<
?@5>1@07CNBAO 2 ?@>872>;L=K5 F5;5=0?@02;5==K5 459AB28O A @07;8G=K<8 ?@54<5B0<8 8
<0B5@80;0<8.
#@>3@0<<=>-<5B>48G5A:89 <0B5@80; 2:;NG05B 2 @0745;0: "59AB28O A
<0B5@80;0<8", "59AB28O A ?@54<5B0<8".
 ?@>F5AA5 >1CG5=8O ?@>8AE>48B 7=0:> A @07;8G=K<8 ?@54<5B0<8 8 <0B5@80;0<8,
>1CG0NI85AO >A20820NB 459AB28O A =8<8. C=0G0;0 D>@<8@CNBAO ?@859
?@54<5B=>9 45OB5;L=>AB8, B0:85 :0: 70E20B, C45@60=85, ?5@5:;04K20=85, :>B>@K5 2
40;L=59H5< 8A?>;L7CNBAO 2 @07=KE 2840E ?@>4C:B82=>9 45OB5;L=>AB8: 87>1@078B5;L=>9,
4>ABC?=>9 1KB>2>9 8 B@C4>2>9 45OB5;L=>AB8, A0<>>1A;C6820=88.
0B5@80;L=>-B5E=8G5A:>5 >A=0I5=85 CG51=>3> ?@54<5B0
"#@54<5B=>-?@0:B8G5A:85 459AB28O" 2:;NG05B: ?@54<5BK 4;O =0=87K20=8O =0 AB5@65=L,
H=C@, =8BL (:>;LF0, H0@K, 1CA8=K), 72CG0I85 ?@54<5BK 4;O 2AB@OE820=8O, ?@54<5BK 4;O
A68<0=8O (9 D0:BC@K, @07=>3> 480<5B@0), 2AB02;5=8O (AB0:0=G8:8
>48=0:>2>9 25;8G8=K).
%>45@60=85 :>@@5:F8>==KE 70=OB89.
59AB28O A <0B5@80;0<8: A<8=0=85, @07@K20=85, @07<07K20=85, @07<8=0=85,
?5@5AK?0=85, ?5@5;820=85, =0<0BK20=85.
59AB28O A ?@54<5B0<8: 70E20BK20=85, C45@60=85, >B?CA:0=85, 2AB@OE820=85,
B>;:0=85, 2@0I5=85, =068<0=85 2A59 @C:>9, ?0;LF5<, A68<0=85 42C4=>9
@C:>9, ?0;LF0<8, ?@8BO3820=85 : A515, 2K=8<0=85, A:;04K20=85, ?5@5:;04K20=85,
2AB02;5=85, =0=87K20=85.
>@@5:F8>==K9 :C@A: ">@@5:F8>==>-@072820NI85 70=OB8O= (8=48284C0;L=K5
70=OB8O)
"A=>2=K5 7040G8 @50;870F88 A>45@60=8O: >@@5:F8O >B45;L=KE AB>@>= ?A8E8G5A:>9
45OB5;L=>AB8, =0@CH5=89 ?>7=020B5;L=>9 8 M<>F8>=0;L=>-;8G=>AB=>9 AD5@K. >@@5:F8O
8=48284C0;L=KE ?@>15;>2 2 7=0=8OE. (>@<8@>20=85 A>F80;L=> ?@85<;5@<
?>2545=8O, A2545=85 : <8=8O2;5=89 =5045:20B=>3> ?>2545=8O (AB5@5>B8?88,
=5045:20B=K5 :@8: 8 A<5E, 0DD5:B82=K5 2A?KH:8, 03@5AA8O, A0<>03@5AA8O).
>?>;=8B5;L=0O ?><>IL 2 >A2>5=88 >B45;L=KE ?@54<5B=>-?@0:B8G5A:8E 459AB289, 2
D>@<8@>20=88 ?@54AB02;5=89, 2 D>@<8@>20=88 8 70:@5?;5=88 107>2KE <>45;59
A>F80;L=>3> 2708<>459AB28O. P0728B85 8=48284C0;L=KE A?>A>1=>AB59 >1CG0NI8EAO, 8E
B2>@G5A:>3> ?>B5=F80;0.
>@@5:F8>==>-@072820NI85 70=OB8O =0?@02;5=K:
=0 @50;870F8N 8=48284C0;L=KE A?5F8D8G5A:8E >1@07>20B5;L=KE ?>B@51=>AB59,
>1CG0NI8EAO A PAC, =5 >E20G5==KE A>45@60=85< ?@>3@0<< CG51=KE ?@54<5B>2 8
:>@@5:F8>==KE 70=OB89;
=0 8=48284C0;L=CN :>@@5:F8>==CN @5018;8B0F8N 45OB5;L=>AB8, =54>ABC?=CN
157 A?5F80;L=> >@30=87>20==>9 ?><>I8 A> AB>@>=K A?5F80;8AB>2;
=0 @0728B85 8=48284C0;L=KE A?>A>1=>AB59 >1CG0NI8EAO, 0:B82870F8N
?>B5=F80;L=KE ?A8E>D878G5A:8E @5AC@A>2.
'G8BK20O A?5F8D8:C 8=48284C0;L=>3> ?A8E>D878G5A:>3> @0728B8O 8 2>7<>6=>AB8
75

:>=:@5B=>3> >1CG0NI53>AO, >1@07>20B5;L=0O >@30=870F8O 8<55B 2>7<>6=>ABL 4>?>;=8BL
A>45@60=85 :>@@5:F8>==>9 @01>BK, >B@060O 53> 2 %#$.

5.

$01>G0O ?@>3@0<<0 2>A?8B0=8O
#"/%!&,!/ #%

#@>3@0<<0 2>A?8B0=8O "'-"", 714 E.;L8=>2 (40;55 3 #@>3@0<<0)
@07@01>B0=0 2 A>>B25BAB288 A <5B>48G5A:8<8 @5:><5=40F8O<8 8 «#@8<5@=K<
@538>=0;L=K< :0;5=40@=K< ?;0=>< 2>A?8B0B5;L=>9 @01>BK =0 2023-2024 CG51=K9 3>4»,
CB25@645==K< ?@8:07>< 8=8AB5@AB20 >1I53> 8 ?@>D5AA8>=0;L=>3> >1@07>20=8O
$>AB>2A:>9 >1;0AB8 >B 01.08.2023. 7716.
#@>3@0<<0 @07@01>B0=0 A CGëB>< (545@0;L=>3> 70:>=0 >B 29 45:01@O 2012 3. 7 273-(
«"1 >1@07>20=88 2 $>AA89A:>9 (545@0F88», %B@0B5388 @0728B8O 2>A?8B0=8O 2 $>AA89A:>9
(545@0F88 =0 ?5@8>4 4> 2025 3>40 (@0A?>@O65=85 #@028B5;LAB20 $>AA89A:>9 (545@0F88 >B
29 <0O 2015 3. 7 996-@) 8 #;0=0 <5@>?@8OB89 ?> 5ë @50;870F88 2 2021 4 2025 33.
(@0A?>@O65=85 #@028B5;LAB20 $>AA89A:>9 (545@0F88 >B 12 =>O1@O 2020 3. 7 2945-@),
%B@0B5388 =0F8>=0;L=>9 157>?0A=>AB8 $>AA89A:>9 (545@0F88 (':07 #@57845=B0
$>AA89A:>9 (545@0F88 >B 2 8N;O 2021 3. 7 400), D545@0;L=KE 3>AC40@AB25==KE
>1@07>20B5;L=KE AB0=40@B>2 (40;55 4 ("%) =0G0;L=>3> >1I53> >1@07>20=8O (?@8:07
8=?@>A25I5=8O $>AA88 >B 31 <0O 2021 3. 7 286), >A=>2=>3> >1I53> >1@07>20=8O (?@8:07
8=?@>A25I5=8O $>AA88 >B 31 <0O 2021 3. 7 287.
0==0O ?@>3@0<<0 =0?@02;5=0 =0 >@30=870F8N 548=>3> ?@>AB@0=AB20 2>A?8B0B5;L=>9
@01>BK H:>; $>AB>2A:>9 >1;0AB8, =0 ?@8>1I5=85 >1CG0NI8EAO : @>AA89A:8<
B@048F8>==K< 4CE>2=KABO<, ?@028;0< 8 =>@<0< ?>2545=8O 2 @>AA89A:>< >1I5AB25,
0 B0:65 @5H5=85 ?@>1;5< 30@<>=8G=>3> 2E>645=8O H:>;L=8:>2 2 A>F80;L=K9 <8@ 8
=0;06820=8O >B25BAB25==KE 2708<>>B=>H5=89 A >:@C60NI8<8 8E ;N4L<8.
>A?8B0B5;L=0O ?@>3@0<<0 O2;O5BAO >1O70B5;L=>9 G0ABLN >A=>2=>9 >1@07>20B5;L=>9
?@>3@0<2 8 ?@8720=0 ?><>GL 2A5< CG0AB=8:0<
>1@07>20B5;L=>3> ?@>F5AA0 @50;87>20BL 2>A?8B0B5;L=K9 ?>B5=F80; A>2<5AB=>9
45OB5;L=>AB8 8 B5< A0;C 2>A?8BK20NI59 >@30=870F859.
<5AB5 A B5<, #@>3@0<<0 ?@8720=0 >15A?5G8BL 4>AB865=85 >1CG0NI8AB=KE
@57C;LB0B>2, >?@545;5==K5 ("%: D>@<8@>20BL C =8E >A=>2K @>AA89A:>9 845=B8G=>AB8;
3>B>2=>ABL : A0<>@0728B8N; <>B820F8N : ?>7=0=8N 8 >1CG5=8N; F5==>AB=K5 CAB0=>2:8 8
A>F80;L=>-7=0G8AB8; 0:B82=>5 CG0AB85 2 A>F80;L=>-7=0G8<>9
45OB5;L=>AB8 H:>;K.
0==0O ?@>3@0<<0 2>A?8B0=8O ?>:07K205B A8AB5BK A >1CG0NI8<8AO 2 H:>;5.
#@>3@0<<0 2>A?8B0=8O "'-"", 714 E.;L8=>2 2:;NG05B 3 >A=>2=KE @0745;0:
1. $0745; «*5;52>9», 345 =0 >A=>25 107>2KE >1I5AB25==KE F5==>AB59 D>@A?8B0=8O 8 7040G8, :>B>@K5 H:>;5 ?@54AB>8B @5H0BL 4;O 4>AB865=8O F5;8.
2. $0745; «%>45@60B5;L=K9», 2 :>B>@>< >?8A0= C:;04 H:>;K 2 AD5@5 2>A?8B0=8O:
8=D>@<0F8O > A?5F8D8:5 @0A?>;>65=8O H:>;K, >A>15==>ABOE 55 A>F80;L=>3> >:@C65=8O,
8AB>G=8:0E ?>;>68B5;L=>3> 8;8 >B@8F0B5;L=>3> 2;8O=8O =0 >1CG0NI8EAO, 7=0G8;K, >A>15==>ABOE :>=B8=35=B0 >1CG0NI8EAO, >@838=0;L=KE 2>A?8B0B5;L=KE
=0E>4:0E H:>;K, 0 B0:65 206=KE 4;O H:>;K ?@8=F8?0E 8 B@048F8OE 2>A?8B0=8O; 2 :>B>@><
H:>;0 ?>:07K205B, :0:8< >1@07>< 1C45B >ACI5AB2;OBLAO 4>AB865=85 ?>AB02;5==KE F5;8 8
7040G 2>A?8B0=8O. 0==K9 @0745; A>AB>8B 87 =5A:>;L:8E 8=20@80=B=KE 8 20@80B82=KE
<>4C;59, :064K9 87 :>B>@KE >@85=B8@>20= =0 >4=C 87 ?>AB02;5==KE H:>;>9 7040G
2>A?8B0=8O 8 A>>B25BAB2C5B >4=>A?8B0B5;L=>9 @01>BK H:>;K.
=20@80=B=K<8 <>4C;O<8 745AL O2;ONBAO: «;0AA=>5 @C:>2>4AB2>», «'@>G=0O
45OB5;L=>ABL», «=5C@>G=0O 45OB5;L=>ABL», «$01>B0 A @>48B5;O<8», «#@>D>@85=B0F8O»,
«%0<>C?@02;5=85». 0@80B82=K5 <>4C;8: «;NG52K5 >1I5H:>;L=K5 45;0», «5BA:85
76

>1J548=5=8O», «,:>;L=K9 -MAB5B8G5A:>9 A@54K»,
«#@>D8;0:B8:0 A>F80;L=>-=530B82=KE O2;5=89», «$0G8B5;L=K9 E>7O8= 75<;8», «.=K9
M:>;>3»
3. $0745; «"@30=870F8>==K9», 2 :>B>@>< ?>:070=>, :0:8< >1@07>< 2 H:>;5
>ACI5AB2;O5BAO A0<>0=0;87 >@30=87C5<>9 2 =59 2>A?8B0B5;L=>9 @01>BK. 45AL ?@82>48BAO
?5@5G5=L >A=>2=KE =0?@02;5=89 A0<>0=0;870, :>B>@K9 4>?>;=5= C:070=85< =0 53>
:@8B5@88 8 A?>A>1K 53> >ACI5AB2;5=8O.
 ?@>3@0<<5 2>A?8B0=8O ?@8;0305BAO 5653>4=K9 :0;5=40@=K9 ?;0= 2>A?8B0B5;L=>9
@01>BK. #@>3@0<<0 2>A?8B0=8O =5 O2;O5BAO 8=AB@C<5=B>< 2>A?8B0=8O: >1CG0NI53>AO
2>A?8BK205B =5 4>:C<5=B, 0 ?5403>38G5A:89 @01>B=8: - A2>8<8 459AB28O<8, A;>20<8,
>B=>H5=8O<8. #@>3@0<<0 ?>72>;O5B?5403>38G5A:8< @01>B=8:0< "'-"", 714
E.;L8=>2 A:>>@48=8@>20BL A2>8 CA8;8O, =0?@02;5==K5 =0 2>A?8B0=85 H:>;L=8:>2
>A=>2=>9 H:>;K.
C ?>;=K< B5:AB>< #@>3@0<A?8B0=8O <>6=> >7=0:><8BLAO =0 >D8F80;L=>< A09B5
"'-"", 714 E.;L8=>2 ?> AAK;:5:
https://disk.yandex.ru/i/VEz7XkzbLvXrZQ

III.

"@30=870F8>==K9 @0745;

1. 'G51=K9 ?;0=
#>OA=8B5;L=0O 70?8A:0
'G51=K9 ?;0= (20@80=B 8.4.) 4;O >1CG0NI8EAO A $AC >15A?5G8205B 22545=85 2
459AB285 8 @50;870F8N B@51>20=89 CB0=40@B0.
"?@545;O5B >1I89 >1J5< =03@C7:8 8 <0:A8<0;L=K9 >1J5< CG51=>9 =03@C7:8
>1CG0NI8EAO, A>AB02 8 AB@C:BC@C >1@07>20B5;L=KE >1;0AB59, CG51=KE ?@54<5B>2 ?>
3>40< >1CG5=8O.
'G51=K9 ?;0= A>AB02;5= =0 2024-2025 CG51=K9 3>4 2 A>>B25BAB288 A>
A;54CNI8<8 =>@<0B82=K<8 4>:C<5=B0<8:
* (545@0;L=K9 70:>= >B 29.12.2012 7 273-( «"1 >1@07>20=88 2 $>AA89A:>9
(545@0F88».
*#@8:07 8=?@>A25I5=8O $( >B 22.03.2021 7 115 «"1 CB25@645=88 ?>@O4:0
>@30=870F88 8 >ACI5AB2;5=8O >1@07>20B5;L=>9 45OB5;L=>AB8 ?> >A=>2=K<
>1I5>1@07>20B5;L=K< ?@>3@0<<0< - >1@07>20B5;L=K< ?@>3@0<<0< =0G0;L=>3>
>1I53>, >A=>2=>3> >1I53> 8 A@54=53> >1I53> >1@07>20=8O»;

*C0=#8! 2.4.2.3286-15 "C0=8B0@=>-M?845<8>;>38G5A:85 B@51>20=8O : CA;>28O< 8 >@30=870F88
>1CG5=8O 8 2>A?8B0=8O 2 >@30=870F8OE, >ACI5AB2;ONI8E >1@07>20B5;L=CN 45OB5;L=>ABL ?>
040?B8@>20==K< >A=>2=K< >1I5>1@07>20B5;L=K< ?@>3@0<<0< 4;O >1CG0NI8EAO A >3@0=8G5==K<8
2>7<>6=>ABO<8 74>@>2LO" /#>AB0=>2;5=85 ;02=>3> 3>AC40@AB25==>3> A0=8B0@=>3> 2@0G0
$>AA89A:>9 (545@0F88 >B 10.07.2015 3. 7 26

*(545@0;L=K9 3>AC40@AB25==K9 >1@07>20B5;L=K9 AB0=40@B =0G0;L=>3> >1I53>
>1@07>20=8O >1CG0NI8EAO A >3@0=8G5==K<8 2>7<>6=>ABO<8 74>@>2LO (CB2.
?@8:07>< 8=8AB5@AB20 >1@07>20=8O 8 =0C:8 $( >B 19 45:01@O 2014 3. 7 1598).
*#@8:07
8=?@>A25I5=8O $>AA88 >B 24.11.2022 7 1023 "1 CB25@645=88
77

D545@0;L=>9
040?B8@>20==>9 >1@07>20B5;L=>9 ?@>3@0<3> >1I53> >1@07>20=8O 4;O
>1CG0NI8EAO A
>3@0=8G5==K<8 2>7<>6=>ABO<8 74>@>2LO (0@538AB@8@>20=> 2 8=NAB5 $>AA88
21.03.2023 7 72654)
*5;L 8 7040G8 CG51=>3> ?;0=0 4;O >1CG0NI8EAO
A PC 8.4 =0 2024-2025 CG51=K9 3>4.
*5;L CG51=>3> ?;0=0 4;O >1CG0NI8EAO A $AC 8.4 70:;NG05BAO 2 @0728B88
;8G=>AB8 >1CG0NI53>AO, D>@<8@>20=88 >1I59 :C;LBC@K, A>>B25BAB2CNI59
>1I5?@8=OBK< =@02AB25==K< 8 A>F8>:C;LBC@=K< F5==>ABO<, D>@<8@>20=88
=5>1E>48@50;870F88 8 687=8 2 >1I5AB25 ?@0:B8G5A:8E ?@54AB02;5=89,
C<5=89 8 =02K:>2, ?>72>;ONI8E 4>AB8GL >1CG0NI5 2>7<>6=>9
A0<>AB>OB5;L=>AB8 8 =57028A8<>AB8 2 ?>2A54=52=>9 687=8.
040G8 CG51=>3> ?;0=0 4;O >1CG0NI8EAO A PC 8.4.
=0 2024-2025 CG51=K9 3>4.
'G51=K9 ?;0= 4;O >1CG0NI8EAO A $AC 8.4 >?@545;O5B A>45@60=85 8 >@30=870F8N
>1@07>20B5;L=>9 45OB5;L=>AB8 =0 C@>2=5 =0G0;L=>3> >1I53> >1@07>20=8O 8
?@54?>;0305B @5H5=85 A;54CNI8E 7040G:
- D>@<8@>20=85 >1I59 :C;LBC@K, >15A?5G820NI59 @07=>AB>@>==55 @0728B85
;8G=>AB8 >1CG0NI8EAO;
- >E@0=0 8 C:@5?;5=85 D878G5A:>3> 8 ?A8E8G5A:>3> 74>@>2LO 45B59, 2 B>< G8A;5 8E
A>F80;L=>3> 8 M<>F8>=0;L=>3> 1;03>?>;CG8O;
- D>@<8@>20=85 >A=>2 3@0640=A:>9 845=B8G=>AB8 8 <8@>2>77@5=8O >1CG0NI8EAO 2
A>>B25BAB288 A ?@8=OBK<8 2 A51I5AB25 4CE>2=>-=@02AB25==K<8 8
A>F8>:C;LBC@=K<8 F5==>ABO<8;
- D>@<8@>20=85 >A=>2 CG51=>9 45OB5;L=>AB8;
- A>740=85 A?5F80;L=KE CA;>289 4;O ?>;CG5=8O >1@07>20=8O 2 A>>B25BAB288 A
2>7@0AB=K<8, 8=48284C0;L=K<8 >A>15==>ABO<8 8 >A>1K<8 >1@07>20B5;L=K<8
?>B@51=>ABO<8, @0728B85 A?>A>1=>AB59 8 B2>@G5A:>3> ?>B5=F80;0 :064>3>
>1CG0NI53>AO :0: AC1J5:B0 >B=>H5=89 2 AD5@5 >1@07>20=8O;
- >15A?5G5=85 20@80B82=>AB8 8 @07=>>1@078O A>45@60=8O A""# H"" $AC 8.4 8
>@30=870F8>==KE D>@< ?>;CG5=8O >1@07>20=8O >1CG0NI8<8AO A CG5B>< 8E
>1@07>20B5;L=KE ?>B@51=>AB59, A?>A>1=>AB59 8 A>AB>O=8O 74>@>2LO, B8?>;>38G5A:8E
8 8=48284C0;L=KE >A>15==>AB59;
-D>@<8@>20=85 A>F8>:C;LBC@=>9 8 >1@07>20B5;L=>9 A@54K A CG5B>< >1I8E 8 >A>1KE
>1@07>20B5;L=KE ?>B@51=>AB59 @07=KE 3@C?? >1CG0NI8EAO.
'G51=K9 ?;0= >15A?5G8205B ?;0=><5@=>5 22545=85 >1CG0NI53>AO 2 1>;55
A;>6=CN A>F80;L=CN A@54C, 4>78@>20==>5 @0AH8@5=85 ?>2A54=52=>3> 687=5==>3>
78

>?KB0 8 A>F80;L=KE :>=B0:B>2 >1CG0NI53>AO 2 4>ABC?=KE 4;O =53> ?@545;0E, 2 B><
G8A;5 @01>BC ?> >@30=870F88 @53C;O@=KE :>=B0:B>2 45B59 A> A25@AB=8:0<8 8
27@>A;K<8.
"1O70B5;L=>9 O2;O5BAO A?5F80;L=0O >@30=870F8O A@54K 4;O @50;870F88 >A>1KE
>1@07>20B5;L=KE ?>B@51=>AB59 >1CG0NI53>AO, @0728B85 53> 687=5==>9
:>F80;L=KE AD5@0E (>1@07>20B5;L=>9, A5<59=>9, 4>AC3>2>9,
B@C4>2>9 8 4@C38E).
'G51=K9 ?;0=, 2:;NG05B 425 G0AB8.
I - >1O70B5;L=0O G0ABL:
- A51@07>20B5;L=KE >1;0AB59, ?@54AB02;5==KE 45AOBLN CG51=K<8
?@54<5B0<8.
>@@5:F8>==0O
@01>B0
?@54AB02;O5B
A>1>9
A8AB5;>3>-?5403>38G5A:8E 8 <548F8=A:8E A@54AB2, =0?@02;5==KE =0 ?@5>4>;5=85
8/8;8 >A;01;5=85 =54>AB0B:>2 2 ?A8E8G5A:>< 8 D878G5A:>< @0728B88 >1CG0NI8EAO
A
PAC,
>A;>6=5==KE
C9
>BAB0;>ABLN
(8=B5;;5:BC0;L=K<8
=0@CH5=8O<8).
 A>>B25BAB288 A B@51>20=8O<8 ("C H"" " F5;LN CG51=>3> ?;0=0
:>@@5:F8>==>9
@01>BK
O2;O5BAO
A>740=85
A8AB53>
?A8E>;>3>-<548:>-?5403>38G5A:>3> A>?@>2>645=8O ?@>F5AA0 >A2>5=8O A""#
H"" PAC 8.4 >1CG0NI8<8AO, ?>72>;ONI53> CG8BK20BL 8E >A>1K5
>1@07>20B5;L=K5 ?>B@51=>AB8 =0 >A=>25 >ACI5AB2;5=8O 8=48284C0;L=>3> 8
48DD5@5=F8@>20==>3> ?>4E>40 2 >1@07>20B5;L=>< ?@>F5AA5.
040G8 :>@@5:F8>==>9 @01>BK:
2KO2;5=85 >A>1KE >1@07>20B5;L=KE ?>B@51=>AB59 >1CG0NI8EAO A PAC,
>1CA;>2;5==KE AB@C:BC@>9 8 3;C18=>9 8<5NI8EAO C =8E =0@CH5=89,
=54>AB0B:0<8 2 D878G5A:>< 8 ?A8E8G5A:>< @0728B88;
- >ACI5AB2;5=85
8=48284C0;L=>
>@85=B8@>20==>9
?A8E>;>3>-<548:>-?5403>38G5A:>9
?><>I8
45BO<
A
>3@0=8G5==K<8
2>7<>6=>ABO<8 74>@>2LO A CG5B>< >A>15==>AB59 ?A8E>D878G5A:>3> @0728B8O 8
8=48284C0;L=KE 2>7<>6=>AB59 >1CG0NI8EAO (2 A>>B25BAB288 A @5:><5=40F8O<8
?A8E>;>3>- <548:>-?5403>38G5A:>9 :><8AA88);
- @07@01>B:0 8 @50;870F8O 8=48284C0;L=KE CG51=KE ?;0=>2, >@30=870F8O
8=48284C0;L=KE 8 3@C??>2KE 70=OB89 4;O 45B59 A CG5B>< 8=48284C0;L=KE 8
B8?>;>38G5A:8E >A>15==>AB59 ?A8E>D878G5A:>3> @0728B8O 8 8=48284C0;L=KE
2>7<>6=>AB59 >1CG0NI8EAO;
- @50;870F8O A8AB5?@8OB89 ?> A>F80;L=>9 040?B0F88 >1CG0NI8EAO A
PAC;
- >:070=85 @>48B5;O< (70:>==K< ?@54AB028B5;O<) >1CG0NI8EAO A PAC
:>=AC;LB0B82=>9 8 <5B>48G5A:>9 ?><>I8 ?> <548F8=A:8<, A>F80;L=K<, ?@02>2K<
-

79

8 4@C38< 2>?@>A0<, A2O70==K< A 8E 2>A?8B0=85< 8 >1CG5=85<.
%>45@60=85 :C@A>2 :>@@5:F8>==>-@072820NI59 >1;0AB8.
>@@5:F8>==>-@072820NI0O >1;0ABL O2;O5BAO >1O70B5;L=>9 G0ABLN
2=5C@>G=>9 45OB5;L=>AB8, ?>445@6820NI59 ?@>F5AA >A2>5=8O A>45@60=8O A""#
H"" PA% 8.4.
%>45@60=85 :>@@5:F8>==>-@072820NI59 >1;0AB8 (=0?@02;5=8O) ?@54AB02;5=>
A;54CNI8<8 >1O70B5;L=K<8 :>@@5:F8>==K<8 :C@A0<8: «-<>F8>=0;L=>5 8
:><-@5G52>5 @0728B85» (D@>=B0;L=K5 8 8=48284C0;L=K5 70=OB8O),
«%5=A>@=>5 @0728B85» (8=48284C0;L=K5 70=OB8O), «2830B5;L=>5 @0728B85»
(D@>=B0;L=K5 70=OB8O), «#@54<5B=>-?@0:B8G5A:85 459AB28O» (8=48284C0;L=K5
70=OB8O), «>@@5:F8>==>-@072820NI85 70=OB8O» (8=48284C0;L=K5 70=OB8O).
>@@5:F8>==K9 :C@A «-<>F8>=0;L=>5 8 :><-@5G52>5 @0728B85
(0;LB5@=0B82=0O :><: A PA%, =5 2;045NI89 25@10;L=>9 @5GLN, =5 4>ABC?5= 2 ?;0=5 >1I5=8O A>
AB>@>=K >:@C60NI8E, GB> 2 F5;>< =0@CH05B 8 8A:0605B 53> ?A8E8G5A:>5 8
8=B5;;5:BC0;L=>5 @0728B85.
*5;L :C@A0 - >1CG5=85 45B59 A@54AB20< :><< G8A;5, ?@8
=5>1E>48<>AB8, A@54AB20< 0;LB5@=0B82=>9 :><9 A2O78 >1CG5=85
@515=:0 @5G8 A 8A?>;L7>20=85< 0;LB5@=0B82=KE A@54AB2 :><1E>48<>9 G0ABLN 2A59 A8AB5@@5:F8>==>- ?5403>38G5A:>9 @01>BK.
A;LB5@=0B82=K5 A@54AB20 >1I5=8O <>3CB 8A?>;L7>20BLAO 4;O 4>?>;=5=8O @5G8 (5A;8
@5GL =52=OB=0O, A<070==0O) 8;8 55 70<5=K, 2 A;CG05 55 >BACBAB28O.
1. -<>F8>=0;L=>5 8 :><-@5G52>5 @0728B85 3 2G
2 . %5=A>@=>5 @0728B85- 2G
3 . 2830B5;L=>5 @0728B85- 2G
4 .#@54<5B=>-?@0:B8G5A:85 459AB28O- 2G
5 .>@@5:F8>==>-@072820NI85 70=OB8O- 2G

=48284C0;L=K9 CG51=K9 ?;0= >1CG5=8O
?> ?@>3@0<<5 =0G0;L=>3> >1I53> >1@07>20=8O 4;O >1CG0NI8EAO
A @0AAB@>9AB20<8 0CB8AB8G5A:>3> A?5:B@0 ($%) 20@80=B 8.4
#>OA=8B5;L=0O 70?8A:0
: CG51=>1CG0NI8EAO A $% (20@80=B 8.4.)
'G51=K9 ?;0= 4;O >1CG0NI8EAO A $% A C<5@5==>9, BO65;>9, 3;C1>:>9 C9
>BAB0;>ABLN (8=B5;;5:BC0;L=K<8 =0@CH5=8O<8), 20@80=B 8.4, =0 2024 -2025 CG51=K9 3>4
@07@01>B0= 2 A>>B25BAB288 A B@51>20=8O<8 (545@0;L=>3> 3>AC40@AB25==>3>
>1@07>20B5;L=>3> AB0=40@B0 =0G0;L=>3> >1I53> >1@07>20=8O >1CG0NI8EAO A ",
CB25@645==>3> #@8:07>< 8=8AB5@AB20 >1@07>20=8O 8 =0C:8 $( >B 19.12.2014 3>40 7
1598 «"1 CB25@645=88 D545@0;L=>3> 3>AC40@AB25==>3> >1@07>20B5;L=>3> AB0=40@B0
=0G0;L=>3> >1I53> >1@07>20=8O >1CG0NI8EAO A "» , 2 A>>B25BAB288 A:
80

÷

(545@0;L=K< 70:>=>< >B 29.12.2012 3. 7 273-( «"1 >1@07>20=88 2 $>AA89A:>9
(545@0F88»;
÷
(545@0;L=>9 040?B8@>20==>9 >1@07>20B5;L=>9 ?@>3@0<<>9 =0G0;L=>3> >1I53>
>1@07>20=8O 4;O >1CG0NI8EAO A >3@0=8G5==K<8 2>7<>6=>ABO<8 74>@>2LO, CB25@645==>9
?@8:07>< 8=?@>A25I5=8O $>AA88 >B 24 =>O1@O 2022 3. 7 1023;
÷
#@8:07><
8=?@>A25I5=8O $>AA88 >B 17 8N;O 20243. 7 495 «" 2=5A5=88
87<5=5=89 2 =5:>B>@K5 ?@8:07K 8=?@>A25I5=8O $>AA88, :0A0NI85AO 040?B8@>20==KE
>1@07>20B5;L=KE ?@>3@0<<»;
÷
'AB02>< "'-"", 714 E.;L8=>2.
'G51=K9 ?;0= >1@07>20B5;L=>9 >@30=870F88, @50;87CNI59 ""# !"" >1CG0NI8EAO A
@0AAB@>9AB20<8 0CB8AB8G5A:>3> A?5:B@0 ($%), D8:A8@C5B >1I89 >1J5< =03@C7:8,
<0:A8<0;L=K9 >1J5< 0C48B>@=>9 =03@C7:8 >1CG0NI8EAO, A>AB02 8 AB@C:BC@C
>1O70B5;L=KE ?@54<5B=KE >1;0AB59, @0A?@545;O5B CG51=>5 2@5B2>48<>5 =0 8E
>A2>5=85 ?> :;0AA0< 8 CG51=K< ?@54<5B0<.
"'-"", 714 E.;L8=>2 DC=:F8>=8@C5B 2 @568<5 ?OB84=52=>9 @01>G59 =545;8 (1-4
:;0AAK). !545;L=0O =03@C7:0 >?@545;5=0 2 A>>B25BAB288 A 2>7@0AB=K<8,
8=B5;;5:BC0;L=K<8 8 ?A8E>D878G5A:8<8 2>7<>6=>ABO<8 45B59 A >3@0=8G5==K<8
2>7<>6=>ABO<8 74>@>2LO. !0G0;>, ?@>4>;68B5;L=>ABL CG51=>3> 3>40 8 :0=8:C;
CAB0=02;820NBAO 2 A>>B25BAB288 A 3>4>2K< :0;5=40@=K< 3@0D8:><. #@>4>;68B5;L=>ABL
CG51=>3> 3>40 A>AB02;O5B 33 =545;8 4;O >1CG0NI8EAO 4>?>;=8B5;L=KE ?5@2KE 8 1-3>
:;0AA>2 (CAB0=02;820NBAO 2 B5G5=85 3>40 4>?>;=8B5;L=K5 =545;L=K5 :0=8:C;K) 8 34
=545;8 4;O >1CG0NI8EAO >AB0;L=KE :;0AA>2.
%@>: >A2>5=8O ""# !"" (20@80=B 8.4) >1CG0NI8<8AO A $%, >A;>6=5==K<8
C9 >BAB0;>ABLN, A>AB02;O5B 6 ;5B A ?@>;>=30F859 1 :;0AA0 (?> @5H5=8N
?5403>38G5A:>3> A>25B0, A CG5B>< <=5=8O @>48B5;59 (70:>==KE ?@54AB028B5;59)
>1CG0NI53>AO).
#@>F5AA >1CG5=8O ?> ?@54<5B0< >@30=87C5BAO 2 D>@<5 C@>:0.
""# !"" >1CG0NI8EAO A $% 2 20@80=B5 8.4 <>65B 2:;NG0BL :0: >48=, B0: 8
=5A:>;L:> CG51=KE ?;0=>2. %?5F80;L=0O 8=48284C0;L=0O ?@>3@0<<0 @0728B8O (%#$),
@07@010BK205<0O >1@07>20B5;L=>9 >@30=870F859 =0 >A=>25 ""#, 2:;NG05B
8=48284C0;L=K9 CG51=K9 ?;0= ('#), :>B>@K9 CAB0=02;8205B ?@54<5B=K5 >1;0AB8,
?@54<5BK 8 :>@@5:F8>==K5 :C@AK, A>>B25BAB2CNI85 >A>1K< >1@07>20B5;L=K<
?>B@51=>ABO< :>=:@5B=>3> >1CG0NI53>AO.
"1I89 >1JT< =03@C7:8, 2:;NG5==K9 2 8=48284C0;L=K5 CG51=K5 ?;0=K, =5 <>65B
?@52KH0BL >1JT<, ?@54CA<>B@5==K9 CG51=K< ?;0=>< ""# >1CG0NI8EAO A $%
(20@80=B 8.4).
(>@@30=870F88 >1@07>20B5;L=>3> ?@>F5AA0, G5@54>20=85 CG51=>9 8 2=5C@>G=>9
45OB5;L=>AB8 2 @0<:0E @50;870F88 ""# >1CG0NI8EAO A $% >?@545;O5B
>1@07>20B5;L=0O >@30=870F8O.
!0AB>OI89 CG51=K9 ?;0= A>AB>8B 87 42CE G0AB59 4 >1O70B5;L=>9 G0AB8 8 G0AB8,
D>@<8@C5<>9 CG0AB=8:0<8 >1@07>20B5;L=KE >B=>H5=89. "1O70B5;L=0O G0ABL CG51=>3>
81

?;0=0 2:;NG05B:
÷ H5ABL >1@07>20B5;L=KE >1;0AB59, ?@54AB02;5==KE 45AOBLN CG51=K<8 ?@54<5B0<8;
÷ :>@@5:F8>==> 3 @072820NI85 70=OB8O (2:;NG5==K5 2 <0:A8<0;L=> 4>?CAB81CG0NI53>AO).
+0ABL, D>@<8@C5<0O CG0AB=8:0<8 >1@07>20B5;L=KE >B=>H5=89 2:;NG05B:

÷
÷

:>@@5:F8>==K5 70=OB8O, ?@>2>48G=K5 <5@>?@8OB8O.
"1O70B5;L=0O G0ABL CG51=>3> ?;0=0 >B@0605B A>45@60=85 >1@07>20=8O, :>B>@>5
>15A?5G8205B 4>AB865=85 206=59H8E F5;59 A>2@5<5==>3> >1@07>20=8O >1CG0NI8EAO A
$%, >A;>6=5==K<8 C9 >BAB0;>ABLN (8=B5;;5:BC0;L=K<8 =0@CH5=8O<8):
D>@<8@>20=85 687=5==KE :>15A?5G820NI8E >2;045=85 A8AB5<>9
A>F80;L=KE >B=>H5=89 8 A>F80;L=>5 @0728B85 >1CG0NI53>AO, 0 B0:65 53> 8=B53@0F8N 2
A>F80;L=>5 >:@C65=85; D>@<8@>20=85 >A=>2 =@02AB25==>3> @0728B8O >1CG0NI8EAO,
?@8>1I5=85 8E : >1I5:C;LBC@=K<, =0F8>=0;L=K< 8 MB=>:C;LBC@=K< F5==>ABO<;
D>@<8@>20=85 74>@>2>3> >1@070 687=8, M;5<5=B0@=KE ?@028; ?>2545=8O 2
M:AB@5<0;L=KE A8BC0F8OE.
"1O70B5;L=0O G0ABL CG51=>3> ?;0=0 4;O >1CG0NI8EAO A $% 4>?>;=8B5;L=KE, 1-4-E
:;0AA>2 ?@54AB02;5=0 A;54CNI8<8 CG51=K<8 48AF8?;8=0<8:
"1@07>20B5;L=0O >1;0ABL «/7K: 8 @5G520O ?@0:B8:0» ?@54AB02;5=0 ?@54<5B>< «$5GL
8 0;LB5@=0B82=0O :><@@5:F8>==CN =0?@02;5==>ABL, A?>A>1AB2C5B @0728B8N @5G8 :0: A@54AB20 >1I5=8O 2
:>=B5:AB5 ?>7=0=8O >:@C60NI53> <8@0 8 ;8G=>3> >?KB0 @515=:0; >2;045=8N
4>ABC?=K<8 A@54AB20<8 :><1I5=8O 3 25@10;L=K<8 8 =525@10;L=K<8;
C<5=8N ?>;L7>20BLAO 4>ABC?=K<8 A@54AB20<8 :><9
8 89 @5G8 4;O @5H5=8O A>>B25BAB2CNI8E 2>7@0ABC 68B59A:8E 7040G;
3;>10;L=>5 GB5=85 2 4>ABC?=KE @515=:C ?@545;0E, ?>=8<0=85 A3> A;>20;
@0728B85 ?@54?>AK;>: : >A1CG5=85 GB5=8N 8 ?8AL20B5;L=0O >1;0ABL « 0B5<0B8:0» ?@54AB02;5=0 ?@54<5B><
« 0B5<0B8G5A:85 ?@54AB02;5=8O». <55B ?@54<5B=>-?@0:B8G5A:CN =0?@02;5==>ABL A
F5;LN >15A?5G5=8O 687=5==> 206=K<8 <0B5<0B8G5A:8<8 7=0=8O<8, C<5=8O<8 8
=02K:0<8 >1CG0NI8EAO. %?>A>1AB2C5B @0728B8N M;5<5=B0@=KE <0B5<0B8G5A:8E
?@54AB02;5=89 > D>@<5, 25;8G8=5; :>;8G5AB25==KE (4>G8A;>2KE), ?@>AB@0=AB25==KE,
2@5<5==KE ?@54AB02;5=89; ?@54AB02;5=8O > :>;8G5AB25, G8A;5, 7=0:> A F8D@0<8,
A>AB02>< G8A;0 2 4>ABC?=KE @515=:C ?@545;0E, AG5B, @5H5=85 ?@>ABKE 0@8D<5B8G5A:8E
7040G A >?>@>9 =0 =03;O4=>ABL. (>@<8@C5BAO C<5=85 8A?>;L7>20BL <0B5<0B8G5A:85
7=0=8O ?@8 @5H5=88 A>>B25BAB2CNI8E 2>7@0ABC 68B59A:8E 7040G
"1@07>20B5;L=0O >1;0ABL «":@C60NI89 <8@» 2:;NG05B 2 A51O CG51=K5 ?@54<5BK:
«":@C60NI89 ?@8@>4=K9 <8@», «+5;>25:», «":@C60NI89 A>F80;L=K9 <8@»,
«><>2>4AB2>». 0==0O >1@07>20B5;L=0O >1;0ABL A?>A>1AB2C5B D>@<8@>20=8N C
>1CG0NI8EAO ?@54AB02;5=89 > O2;5=8OE 8 >1J5:B0E =5682>9 ?@8@>4K, A<5=5 2@5<5=
3>40 8 A>>B25BAB2CNI8E A57>==KE 87<5=5=8OE 2 ?@8@>45, C<5=85 040?B8@>20BLAO :
:>=:@5B=K< ?@8@>4=K< 8
82

:;8<0B8G5A:8< CA;>28O<; ?@54AB02;5=89 > 682>B=>< 8 @0AB8B5;L=>< <8@5, 8E 7=0G5=88
2 687=8 G5;>25:0; M;5<5=B0@=K5 ?@54AB02;5=8O > B5G5=88 2@5<5=8; ?@54AB02;5=89 > A515
:0: «/», >A>7=0=85 >1I=>AB8 8 @07;8G89 «/» >B 4@C38E.
(>@<8@C5BAO C<5=85 @5H0BL :064>4=52=K5 687=5==K5 7040G8, A2O70==K5 A
C4>2;5B2>@5=85< ?5@2>>G5@54=KE ?>B@51=>AB59; C<5=85 ?>445@6820BL >1@07 687=8,
A>>B25BAB2CNI89 2>7@0ABC, ?>B@51=>ABO< 8 >3@0=8G5=8O< 74>@>2LO; ?>445@6820BL
@568< 4=O A =5>1E>4874>@>28B5;L=K<8 ?@>F54C@0<8; ?@54AB02;5=85 > A5>B=>H5=8OE 2 A5A8;L=>5 CG0AB85 2 ?>2A54=52=KE 45;0E
4><0. (>@<8@CNBAO ?@54AB02;5=85 > <56;8G=>AB=KE 8 3@C??>2KE >B=>H5=8OE;
=0:>?;5=85 ?>;>68B5;L=>3> >?KB0 A>B@C4=8G5AB20 8 CG0AB8O 2 >1I5AB25==>9 687=8,
>2;045=85 ?5@2>=0G0;L=K<8 ?@54AB02;5=8O<8 > A>F80;L=>9 687=8, > ?@>D5AA8>=0;L=KE
8 A>F80;L=KE @>;OE ;N459.
"1@07>20B5;L=0O >1;0ABL «A:CAAB2>» ?@54AB02;5=0 ?@54<5B0<8
«7>1@078B5;L=0O 45OB5;L=>ABL», « C7K:0 8 42865=85». 7CG5=85 MB8E ?@54<5B>2
A?>A>1AB2C5B MAB5B8G5A:>A?8B0=8N CG0I8EAO, @0728205B 7@8B5;L=>5 8 A;CE>2>5
2>A?@8OB85, <>B>@8:C, A=8<05B M<>F8>=0;L=>5 =0?@O65=85. (>@<8@C5B A?>A>1=>ABL :
A0<>AB>OB5;L=>9 87>1@078B5;L=>9 45OB5;L=>AB8, 3>B>2=>ABL : CG0AB8N 2 A>2<5AB=KE
<5@>?@8OB8OE.
"1@07>20B5;L=0O >1;0ABL «(878G5A:0O :C;LBC@0» (?@54<5B «40?B82=0O D87:C;LBC@0)
D>@<8@C5B 42830B5;L=K5 C<5=8O H:>;L=8:>2, ?>B@51=>ABL 2 74>@>2>< >1@075 687=8,
A?>A>1AB2C5B C:@5?;5=8N 74>@>2LO CG0I8EAO, >A2>5=85 4>ABC?=KE 284>2 D87:C;LBC@=>
3 >74>@>28B5;L=>9 45OB5;L=>AB8. (>@<8@C5B 2>A?@8OB85 A>1AB25==>3> B5;0, A2>8E
D878G5A:8E 2>7<>6=>AB59 8 >3@0=8G5=89 A>>B=5A5=85 A0<>GC2AB28O A =0AB@>5=85<,
A>1AB25==>9 0:B82=>ABLN, A0<>AB>OB5;L=>ABLN 8 =57028A8<>ABLN.
"1@07>20B5;L=0O >1;0ABL «&5E=>;>388» ?@54AB02;5=0 ?@54<5B><
«&@C4 (B5E=>;>38O)» (2-4 :;0AAK). 0==0O >1;0ABL A?>A>1AB2C5B >2;045=8N =02K:0<8
?@54<5B=>-?@0:B8G5A:>9 45OB5;L=>AB8 :0: =5>1E>48<>9 >A=>2>9 4;O A0<>>1A;C6820=8O,
:><1@078B5;L=>9, 1KB>2>9 8 B@C4>2>9 45OB5;L=>AB8; >1>30I5=85
?>;>68B5;L=>3> >?KB0 8 CAB0=>2:8 =0 0:B82=>5 8A?>;L7>20=85 >A2>5==KE =02K:>2 4;O
8=48284C0;L=>3> 687=5>15A?5G5=8O. >@@5:F8>==>-@072820NI85 70=OB8O =0?@02;5=K
=0 :>@@5:F8N >B45;L=KE AB>@>= ?A8E8G5A:>9 45OB5;L=>AB8 8 ;8G=>AB=>9 AD5@K;
D>@<8@>20=85 A>F80;L=> ?@85<;5@< ?>2545=8O, A2545=85 : <8=8O2;5=89 45AB@C:B82=>3> ?>2545=8O: :@8:, 03@5AA8O, AB5@5>B8?88 8 4@.; =0 @50;870F8N
8=48284C0;L=KE A?5F8D8G5A:8E >1@07>20B5;L=KE ?>B@51=>AB59 >1CG0NI8EAO $%,
>A;>6=5==K<8 C9 >BAB0;>ABLN (C<5@5==>9, BO65;>9, 3;C1>:>9 C9
>BAB0;>ABLN, A & !$), =5 >E20G5==KE A>45@60=85< ?@>3@0<< CG51=KE ?@54<5B>2;
4>?>;=8B5;L=CN ?><>IL 2 >A2>5=88 >B45;L=KE 459AB289 8 ?@54AB02;5=89, :>B>@K5
>:07K20NBAO 4;O >1CG0NI8EAO >A>15==> B@C4=K<8; =0
@0728B85 8=48284C0;L=KE A?>A>1=>AB59 >1CG0NI8EAO, 8E B2>@G5A:>3> ?>B5=F80;0.
"1@07>20B5;L=0O >@30=870F8O A0<>AB>OB5;L=0 2 >ACI5AB2;5=88 >1@07>20B5;L=>3>
?@>F5AA0, 2 2K1>@5 284>2 45OB5;L=>AB8 ?> :064>-?@0:B8G5A:0O
45OB5;L=>ABL, M:A:C@A88, =01;N45=8O 70 >:@C60NI59 459AB28B5;L=>ABLN 8 B. 4.).
+0ABL 1078A=>3> CG51=>3> ?;0=0, D>@<8@C5<0O CG0AB=8:0<8 >1@07>20B5;L=KE
>B=>H5=89, >15A?5G8205B @50;870F8N >A>1KE (A?5F8D8G5A:8E) >1@07>20B5;L=KE
83

?>B@51=>AB59, E0@0:B5@=KE 4;O 40==>9 3@C??K >1CG0NI8EAO, 0 B0:65 8=48284C0;L=KE
?>B@51=>AB59 :064>3> >1CG0NI53>AO.
+0AK
:>@@5:F8>==>-@072820NI59
>1;0AB8
?@54AB02;5=K
3@C??>2K<8
8
8=48284C0;L=K<8 :>@@5:F8>==>-@072820NI8<8 70=OB8O<8, =0?@02;5==K<8 =0
:>@@5:F8N =54>AB0B:>2 ?A8E>D878G5A:>3> @0728B8O >1CG0NI8EAO 8 2>A?>;=5=85
?@>15;>2 2 7=0=8OE.
>@@5:F8>==>-@072820NI85 70=OB8O ?@>2>4OBAO 2 B5G5=85 CG51=>3> 4=O 8 2> 2=5C@>G=>5
2@5@@5:F8>==K5 70=OB8O >B2>48BAO 10-15 <8=CB.
K1>@ 48AF8?;8= :>@@5:F8>==> 3 @072820NI59 =0?@02;5==>AB8 4;O 8=48284C0;L=KE 8
3@C??>2KE 70=OB89 >ACI5AB2;O5BAO >1@07>20B5;L=>9 >@30=870F859 A0<>AB>OB5;L=>,
8AE>4O 87 >A>15==>AB59 @0728B8O >1CG0NI8EAO A $% 8 =0 >A=>20=88 @5:><5=40F89
# #.
>@@5:F8>==K5 70=OB8O (G0ABL, D>@<8@C51@07>20B5;L=KE
>B=>H5=89) 2:;NG0NB:
÷
«-<>F8>=0;L=>5 8 :><3@5G52>5 @0728B85»;
÷
«%5=A>@=>5 @0728B85»;
÷
«#@54<5B=>-?@0:B8G5A:85 459AB28O»;
÷
«2830B5;L=>5 @0728B85»;
÷
«>@@5:F8>==>3@072820NI85 70=OB8O».
>@@5:F8>==K9 :C@A «1<>F8>=0;L=>5 8 :><-@5G52>5 @0728B85
(0;LB5@=0B82=0O :><2=K5 7040G8 @50;870F88 A>45@60=8O:
D>@<8@>20=85 @07=>>1@07=KE <>45;59 >1I5=8O A ?>AB5?5==K< A>:@0I5=85< 48AB0=F88
2708<>459AB28O A >:@C60NI8<8, 2>7<>6=KE D>@< 287C0;L=>3> 8 B0:B8;L=>3> :>=B0:B0,
A?>A>1=>AB8 ?@>=8:0BL 2 M<>F8>=0;L=K9 A1I5=8O; D>@<8@>20=85
:><2, 2:;NG0O 8A?>;L7>20=85 A@54AB2 0;LB5@=0B82=>9
:><@@5:F8>==K9 :C@A «%5=A>@=>5 @0728B85». "A=>2=K5 7040G8 @50;870F88
A>45@60=8O: >1>30I5=85 GC2AB25==>3> >?KB0 G5@57 ?>AB5?5==>5 @0AH8@5=85 A?5:B@0
2>A?@8=8<05< A5=A>@=KE, B0:B8;L=KE AB82; D>@<8@>20=85
A?>A>1=>AB8 >1A;54>20BL >:@C60NI85 ?@54<5BK 045:20B=K< A?>A>1><; D>@<8@>20=85 8
@0AH8@5=85 =01>@0 4>ABC?=KE 1KB>2KE =02K:>2 8 ?@>872>;L=KE ?@0:B8G5A:8E
459AB289; D>@<8@>20=85 =02K:>2 ?@54<5B=>-?@0:B8G5A:>9 8 ?>7=020B5;L=>9
45OB5;L=>AB8.
>@@5:F8>==K9 :C@A «2830B5;L=>5 @0728B85». "A=>2=K5 7040G8 @50;870F88
A>45@60=8O: <>B820F8O 42830B5;L=>9 0:B82=>AB8; ?>445@6:0 8 @0728B85 8<5NI8EAO
42865=89, @0AH8@5=85 480?07>=0 ?@>872>;L=KE 42865=89 8 ?@>D8;0:B8:0 2>7<>6=KE
42830B5;L=KE =0@CH5=89; >A2>5=85 =>2KE A?>A>1>2 ?5@542865=8O (2:;NG0O
?5@542865=85 A ?><>ILN B5E=8G5A:8E A@54AB2 @5018;8B0F88); D>@<8@>20=85
DC=:F8>=0;L=KE 42830B5;L=KE =02K:>2; @0728B85 DC=:F88 @C:8, 2 B>< G8A;5 <5;:>9
<>B>@8:8; D>@<8@>20=85 7@8B5;L=>- 42830B5;L=>9 :>>@48=0F88, >@85=B8@>2:8 2
?@>AB@0=AB25; >1>30I5=85 A5=A><>B>@=>3> >?KB0.
>@@5:F8>==K9 :C@A «#@54<5B=>-?@0:B8G5A:85 459AB28O». "A=>2=K5 7040G8
@50;870F88 A>45@60=8O: D>@<8@>20=85 8=B5@5A0 : ?@54<5B=>B2>@=>A2>5=85 ?@>ABKE 459AB289 A ?@54<5B0<8 8 <0B5@80;0<8; C<5=85 A;54>20BL
>?@545;5==>@O4:C (0;3>@8B;=5=88 ?@54<5B=KE
459AB289.
>@@5:F8>==K9 :C@A «>@@5:F8>==>-@072820NI85 70=OB8O». "A=>2=K5 7040G8
@50;870F88 A>45@60=8O: :>@@5:F8O >B45;L=KE AB>@>= ?A8E8G5A:>9 45OB5;L=>AB8,
=0@CH5=89 ?>7=020B5;L=>9 8 M<>F8>=0;L=>- ;8G=>AB=>9 AD5@K; :>@@5:F8O
8=48284C0;L=KE ?@>15;>2 2 7=0=8OE. (>@<8@>20=85 A>F80;L=> ?@85<;5@<
?>2545=8O, A2545=85 : <8=8O2;5=89 =5045:20B=>3> ?>2545=8O (=5045:20B=K5
:@8: 8 A<5E, 0DD5:B82=K5 2A?KH:8, 03@5AA8O, A0<>03@5AA8O, AB5@5>B8?88 8 4@C385
?@>O2;5=8O); 4>?>;=8B5;L=0O ?><>IL 2 >A2>5=88 >B45;L=KE ?@54<5B=>-?@0:B8G5A:8E
459AB289, 2 D>@<8@>20=88 ?@54AB02;5=89, 2 D>@<8@>20=88 8 70:@5?;5=88 107>2KE
<>45;59 A>F80;L=>3> 2708<>459AB28O; @0728B85 8=48284C0;L=KE A?>A>1=>AB59
>1CG0NI8EAO, 8E B2>@G5A:>3> ?>B5=F80;0.
 2024-2025 CG51=>< 3>4C ?> A>3;0A>20=8N A @>48B5;O<8 (70:>==K<8 ?@54AB028B5;O<8)
>1CG0NI53>AO A $% ?5403>3><-?A8E>;>3>< 8 ;>3>?54>< 1C4CB >@30=87>20=K
:>@@5:F8>==K5 70=OB8O «-<>F8>=0;L=>5 8 :>< 3 @5G52>5 @0728B85»;
÷
«%5=A>@=>5 @0728B85»;
÷
«#@54<5B=>-?@0:B8G5A:85 459AB28O»;
÷
«>@@5:F8>==>3@072820NI85 70=OB8O».
A?>;L7>20=85 '# ?>72>;O5B D>@<8@>20BL CG51=CN =03@C7:C 381:>, A CG5B><
8=48284C0;L=KE 2>7<>6=>AB59 8 >1@07>20B5;L=KE ?>B@51=>AB59, 871530O ?5@53@C7:C
>1CG0NI8EAO A $%, >A;>6=5==K<8 C9 >BAB0;>ABLN (8=B5;;5:BC0;L=K<8
=0@CH5=8O<8), BO65;K<8 8 <=>65AB25==K<8 =0@CH5=8O<8 @0728B8O.
#@54<5B=K5 >1;0AB8

;0AAK

>;8G5AB2> G0A>2 2 =545;N

A53>

'G51=K5 ?@54<5BK

I
4>?.

I
4>?.

I

II

III

IV

/7K: 8 @5G520O
?@0:B8:0

$5GL 8
0;LB5@=0B82=0O
:><4=K9 <8@

2

2

2

2

2

2

12

+5;>25:

3

3

3

3

3

3

18

><>2>4AB2>

-

-

-

-

2

2

4

":@C60NI89
A>F80;L=K9 <8@

1

1

1 +1

1

2

2

9

2

2

2

2

2

2

12

3

3

2+1

3

2

2

16

"1O70B5;L=0O G0ABL

":@C60NI89 <8@

A:CAAB2>

C7K:0 8 42865=85
7>1@078B5;L=0O
45OB5;L=>ABL

85

(878G5A:0O :C;LBC@0

40?B82=0O
D87:C;LBC@0

&5E=>;>388

#@>D8;L=K9 B@C4

2

2

2

2

2

2

12

2

3

3

6

23

23

120

B>3>

18

18

18

20

+0ABL, D>@<8@C5<0O CG0AB=8:0<8
>1@07>20B5;L=KE >B=>H5=89

3

3

3

3

=5C@>G=0O 45OB5;L=>ABL (:>@@5:F8>==K5
:C@AK):

10

10

10

10

10

10

60

-<>F8>=0;L=>5 8 :><-@5G52>5
@0728B85

2

2

2

2

2

2

12

%5=A>@=>5 @0728B85

2

2

2

2

2

2

12

2830B5;L=>5 @0728B85

2

2

2

2

2

2

12

#@54<5B=>-?@0:B8G5A:85 459AB28O

2

2

2

2

2

2

12

>@@5:F8>==>-@072820NI85 70=OB8O

2

2

2=
1+ 1

2

2

2

12

A53>

31

31

31

33

33

33

192

12

"@30=870F8O >1@07>20B5;L=>9 45OB5;L=>AB8 >ACI5AB2;O5BAO ?> CG51=K< G5B25@BO<. '@>G=0O
45OB5;L=>ABL >1CG0NI8EAO A >3@0=8G5==K<8 2>7<>6=>ABO<8 74>@>2LO >@30=87C5BAO ?> 54=52=>9 CG51=>9 =545;5, 2 AC11>BC 2>7<>6=0 >@30=870F8O 8 ?@>2545=85 70=OB89 2 @0<:0E
2=5C@>G=>9 45OB5;L=>AB8.
#@>4>;68B5;L=>ABL CG51=>3> 3>40 ?@8 ?>;CG5=88 =0G0;L=>3> >1I53> >1@07>20=8O A>AB02;O5B 34
=545;8, 2 1 4>?>;=8B5;L=>< 8 1 :;0AA5 - 33 =545;8.
#@>4>;68B5;L=>ABL CG51=KE G5B25@B59 A>AB02;O5B: 1 G5B25@BL - 8 CG51=KE =545;L (4;O 1
4>?>;=8B5;L=KE 8 1 - 4 :;0AA>2); 2 G5B25@BL - 8 CG51=KE =545;L (4;O 1 4>?>;=8B5;L=KE 8 1 - 4
:;0AA>2); 3 G5B25@BL - 10 CG51=KE =545;L (4;O 2 - 4 :;0AA>2), 9 CG51=KE =545;L (4;O 1
4>?>;=8B5;L=KE 8 1 :;0AA>2); 4 G5B25@BL - 8 CG51=KE =545;L (4;O 1 4>?>;=8B5;L=KE 8 1 - 4
:;0AA>2).
#@>4>;68B5;L=>ABL C@>:0 =5 4>;6=0 ?@52KH0BL 40 <8=CB.
"1CG5=85 2 1 4>?>;=8B5;L=>< 8 1 :;0AA5 >ACI5AB2;O5BAO A A>1;N45=85< A;54CNI8E
B@51>20=89:
CG51=K5 70=OB8O ?@>2>4OBAO ?> 5-4=52=>9 CG51=>9 =545;5 8 B>;L:> 2 ?5@2CN A<5=C, >1CG5=85 2
?5@2>< ?>;C3>488: 2 A5=BO1@5 - >:BO1@5 - ?> 3 C@>:0 2 45=L ?> 35 <8=CB :064K9, 2 =>O1@5 45:01@5 - ?> 4 C@>:0 2 45=L ?> 35 <8=CB :064K9; 2 O=20@5 - <05 - ?> 4 C@>:0 2 45=L ?> 40 <8=CB
:064K9;
2 A5@548=5 CG51=>3> 4=O >@30=87C5BAO 48=0<8G5A:0O ?0C70 ?@>4>;68B5;L=>ABLN =5 <5=55 40
<8=CB;
?@54>AB02;ONBAO 4>?>;=8B5;L=K5 =545;L=K5 :0=8:C;K 2 A5@548=5 B@5BL59 G5B25@B8. >7<>6=0
>@30=870F8O 4>?>;=8B5;L=KE :0=8:C; =57028A8<> >B G5B25@B59.
.0=OB8O =0G8=0NBAO =5 @0=55 8 G0A>2 CB@0 8 70:0=G820NBAO =5 ?>74=55 19 G0A>2.

2.
0;5=40@=K9 CG51=K9 3@0D8:

0;5=40@=K9 CG51=K9 3@0D8:
"'-"", 714 E.;L8=>2 (40;55 - CG51=K9 3@0D8:)
86

A>>B25BAB2C5B B@51>20=8O< ("% H"" >1CG0NI8EAO A ".
"@30=870F8O >1@07>20B5;L=>9 45OB5;L=>AB8 >ACI5AB2;O5BAO ?> CG51=K< B@8<5AB@0<
(G5B25@BO<). '@>G=0O 45OB5;L=>ABL >1CG0NI8EAO A >3@0=8G5==K<8 2>7<>6=>ABO<8 74>@>2LO
>@30=87C5BAO ?> 5-4=52=>9 CG51=>9 =545;5, 2 AC11>BC 2>7<>6=0 >@30=870F8O 8 ?@>2545=85
70=OB89 2 @0<:0E 2=5C@>G=>9 45OB5;L=>AB8.
#@>4>;68B5;L=>ABL CG51=>3> 3>40 ?@8 ?>;CG5=88 =0G0;L=>3> >1I53> >1@07>20=8O
A>AB02;O5B 34 =545;8, 2 1 4>?>;=8B5;L=>< 8 1 :;0AA5 - 33 =545;8.
% F5;LN ?@>D8;0:B8:8 ?5@5CB><;5=8O 2 :0;5=40@=>< CG51=>< 3@0D8:5 ?@54CA<0B@8205BAO
G5@54>20=85 ?5@8>4>2 CG51=>3> 2@5<5=8 8 :0=8:C;. #@>4>;68B5;L=>ABL :0=8:C; 4>;6=0
A>AB02;OBL =5 <5=55 7 :0;5=40@=KE 4=59.
#@>4>;68B5;L=>ABL :0=8:C; A>AB02;O5B:
>A5==85 :0=8:C;K - 9 :0;5=40@=KE 4=59 (4;O 1 - 4 :;0AA>2);
78<=85 :0=8:C;K - 9 :0;5=40@=KE 4=59 (4;O 1 - 4 :;0AA>2);
4>?>;=8B5;L=K5 :0=8:C;K -9 :0;5=40@=KE 4=59 (4;O 1 :;0AA0);
25A5==85 :0=8:C;K - 9 :0;5=40@=KE 4=59 (4;O 1 - 4 :;0AA>2);
?> >:>=G0=88 CG51=>3> 3>40 (;5B=85 :0=8:C;K) - =5 <5=55 8 =545;L.
#@>4>;68B5;L=>ABL C@>:0 =5 4>;6=0 ?@52KH0BL 30 <8=CB.
#@>4>;68B5;L=>ABL ?5@5<5= <564C C@>:0<8 A>AB02;O5B =5 <5=55 10
<8=CB, 1>;LH>9 ?5@5<5=K (?>A;5 2 8;8 3 C@>:0) - 10 - 20 <8=CB. <5AB> >4=>9 1>;LH>9
?5@5<5=K 4>?CA:05BAO ?>A;5 2 8 3 C@>:>2 CAB0=02;820BL 425 ?5@5<5=K ?> 20 <8=CB :0640O.
$0A?8A0=85 C@>:>2 A>AB02;O5BAO A CG5B>< 4=52=>9 8 =545;L=>9 C9
@01>B>A?>A>1=>AB8 >1CG0NI8EAO 8 H:0;K B@C4=>AB8 CG51=KE ?@54<5B>2, >?@545;5==>9
8385=8G5A:8<8 =>@<0B820<8.
"1@07>20B5;L=0O =545;L=0O =03@C7:0 @0A?@545;O5BAO @02=><5@=> 2 B5G5=85 CG51=>9 =545;8,
?@8 MB>< >1J5< <0:A8<0;L=> 4>?CAB8<>9 =03@C7:8 2 B5G5=85 4=O A>AB02;O5B:
4;O >1CG0NI8EAO 1 -E :;0AA>2 - =5 4>;65= ?@52KH0BL 4 C@>:>2 8 >48= @07 2 =545;N - 5
C@>:>2, 70 AG5B C@>:0 D878G5A:>9 :C;LBC@K;
"1CG5=85 2 1 :;0AA5 >ACI5AB2;O5BAO A A>1;N45=85< A;54CNI8E B@51>20=89:
CG51=K5 70=OB8O ?@>2>4OBAO ?> 5-4=52=>9 CG51=>9 =545;5 8 B>;L:> 2 ?5@2CN A<5=C,
>1CG5=85 2 ?5@2>< ?>;C3>488: 2 A5=BO1@5 - >:BO1@5 - ?> 3 C@>:0 2 45=L ?> 20 <8=CB :064K9, 2
=>O1@5 - 45:01@5 - ?> 4 C@>:0 2 45=L ?> 25 <8=CB :064K9; 2 O=20@5 - <05 - ?> 4 C@>:0 2 45=L ?> 30
<8=CB :064K9;
2 A5@548=5 CG51=>3> 4=O >@30=87C5BAO 48=0<8G5A:0O ?0C70 ?@>4>;68B5;L=>ABLN =5 <5=55 40
<8=CB;
?@54>AB02;ONBAO 4>?>;=8B5;L=K5 =545;L=K5 :0=8:C;K 2 A5@548=5 B@5BL59 G5B25@B8.
>7<>6=0 >@30=870F8O 4>?>;=8B5;L=KE :0=8:C; =57028A8<> >B G5B25@B59 .
0=OB8O =0G8=0NBAO =5 @0=55 8 G0A>2 CB@0 8 70:0=G820NBAO =5 ?>74=55 18 G0A>2.
(0:C;LB0B82=K5 70=OB8O 8 70=OB8O ?> ?@>3@0<<0< 4>?>;=8B5;L=>3> >1@07>20=8O
?;0=8@CNB =0 4=8 A =08<5=LH8< :>;8G5AB2>< >1O70B5;L=KE C@>:>2.
564C =0G0;><
D0:C;LB0B82=KE (4>?>;=8B5;L=KE) 70=OB89 8 ?>A;54=8< C@>:>< =5>1E>48<> >@30=87>2K20BL
?5@5@K2 ?@>4>;68B5;L=>ABLN =5 <5=55 20 <8=CB.
0;5=40@=K9 CG51=K9 3@0D8: "'-"", 714 E.;L8=>2 A>AB02;O5BAO A CG5B>< <=5=89
CG0AB=8:>2 >1@07>20B5;L=KE >B=>H5=89, @538>=0;L=KE 8 MB=>:C;LBC@=KE B@048F89, ?;0=>2KE
<5@>?@8OB89 CG@5645=89 :C;LBC@K @538>=0 8 >?@545;O5B G5@54>20=85 CG51=>9 45OB5;L=>AB8
(C@>G=>9 8 2=5C@>G=>9) 8 ?;0=>2KE ?5@5@K2>2 ?@8 ?>;CG5=88 >1@07>20=8O 4;O >B4KE0 8 8=KE
A>F80;L=KE F5;59 (:0=8:C;) ?> :0;5=40@=K< ?5@8>40< CG51=>3> 3>40.
(>@<56CB>G=>9 0BB5AB0F88, ?5@8>48G=>ABL ?@>2545=8O
#@><56CB>G=0O 0BB5AB0F8O >1CG0NI8EAO PAC A C<5@5==>9, BO65;>9, 3;C1>:>9 C9
>BAB0;>ABLN (8=B5;;5:BC0;L=K<8 =0@CH5=8O<8), A BO65;K<8 8 <=>65AB25==K<8
=0@CH5=8O<8 @0728B8O >ACI5AB2;O5BAO 2 D>@<5 =01;N45=8O ?> :@8B5@8O< >B=>A8B5;L=>9
CA?5H=>AB8 (?@>42865=85 2 C@>2=5 >1CG5==>AB8 8 2>A?8B0==>AB8 >B=>A8B5;L=> ?@56=8E
A>1AB25==KE 4>AB865=89). "BA;568205BAO ?@>42865=85 CG0I8EAO >B=>A8B5;L=> A0<8E A51O,
87

157 A@02=5=8O @57C;LB0B>2 A> A25@AB=8:0<8. P57C;LB0B ?@>42865=8O >1CG0NI8EAO
>?@545;O5BAO =0 >A=>25 0=0;870 8E ?@>4C:B82=>9 45OB5;L=>AB8: ?>45;>:, @8AC=:>2, C@>2=O
@0728B8O @5G8, CG0AB8O 2 :;0AA=KE 8 H:>;L=KE 45;0E, C@>2=O 040?B0F88 8 :><42865=89 45B59 40==>9 :0B53>@88 >B@060NBAO 2 C?5F80;L=KE
8=48284C0;L=KE ?@>3@0<<0E @0728B8O; 40==K5 > ?5@52>45 87 :;0AA0 2 :;0AA 70=>AOBAO 2 ;8G=>5
45;> CG0I53>AO.  C#P CG0I8EAO A C<5@5==>9, BO65;>9, 3;C1>:>9 C9 >BAB0;>ABLN
(8=B5;;5:BC0;L=K<8 =0@CH5=8O<8), A BO65;K<8 8 <=>65AB25==K<8 =0@CH5=8O<8 @0728B8O
>F5=8205BAO 48=0<8:0 @0728B8O 8E 687=5==KE :>= 4>;65= >2;045BL 8 >2;045205B, 2545BAO 4803=>AB8:0 ?>:070B5;59 @0728B8O. (6
EBBm69mEm6uu E
B?B:9Au9@ « CDB6989Auu CDB@9:GmBKAB= 4mm9Em4Juu B5GK4RMuIES u
BEGM9Em6?9Auu m9>GM97B >BAmDB?S uI GEC9649@BEmu»).

3.

#;0= 2=5C@>G=>9 45OB5;L=>AB8

*5;L 8 7040G8 2=5C@>G=>9 45OB5;L=>AB8 =0 C@>2=5 !""
*&9?P 6A9GDBKAB= 89Sm9?PABEmu - ?A8E>;>3>-?5403>38G5A:>5 A>?@>2>645=85
>1CG0NI8EAO A CG5B>< CA?5H=>AB8 8E >1CG5=8O, C@>2=O A>F80;L=>9 040?B0F88 8 @0728B8O,
8=48284C0;L=KE A?>A>1=>AB59 8 ?>7=020B5;L=KE 8=B5@5A>2.
484Ku BD74Au;4Juu 6A9GDBKAB= 89Sm9?PABEmu:
- >:070=85 :>@@5:F8>==>9 ?><>I8 2 >2;045=88 A"# H"" PAC (20@80=B 8.4);
?>445@6:0 CG51=>9 45OB5;L=>AB8 >1CG0NI8EAO 2 4>AB865=88 ?;0=8@C52 >A2>5=8O ?@>3@0<3> >1I53> >1@07>20=8O;
A>25@H5=AB2>20=85 =02K:>2 >1I5=8O A> A25@AB=8:0<8 8 :><2>7@0AB=>9 H:>;L=>9 A@545;
D>@<8@>20=85 =02K:>2 >@30=870F88 A2>59 687=545OB5;L=>AB8 A CG5B>< ?@028;
157>?0A=>3> >1@070 687=8;
?>2KH5=85 >1I59 :C;LBC@K >1CG0NI8EAO, C3;C1;5=85 8E 8=B5@5A0 : ?>7=020B5;L=>9
8 ?@>5:B=>-8AA;54>20B5;LA:>9 45OB5;L=>AB8 A CG5B>< 2>7@0AB=KE 8 8=48284C0;L=KE
>A>15==>AB59 CG0AB=8:>2;
@0728B85 =02K:>2 A>2<5AB=>9 45OB5;L=>AB8 A> A25@AB=8:0<8, AB0=>2;5=85 :0G5AB2,
>15A?5G820NI8E CA?5H=>ABL CG0AB8O 2 :>;;5:B82=>< B@C45: C<5=85 4>3>20@820BLAO,
?>4G8=OBLAO, @C:>2>48BL, ?@>O2;OBL 8=8F80B82C, >B25BAB25==>ABL; AB0=>2;5=85 C<5=89
:><0=4=>9 @01>BK;
?>445@6:0
45BA:8E
>1J548=5=89,
D>@<8@>20=85
C<5=89
CG5=8G5A:>3>
A0<>C?@02;5=8O;
D>@<8@>20=85 :C;LBC@K ?>2545=8O 2 8=D>@<0F8>==>9 A@545.
!0?@02;5=8O 8 D>@@30=870F88 2=5C@>G=>9 45OB5;L=>AB8
=5C@>G=0O 45OB5;L=>ABL >@30=87C5BAO ?> =0?@02;5=8O< @0728B8O ;8G=>AB8 <;04H53>
H:>;L=8:0 A CG5B>< =0<5G5==KE 7040G 2=5C@>G=>9 45OB5;L=>AB8.
A5 D>@G=>9 45OB5;L=>AB8 ?@54AB02;5=K 2 45OB5;L=>AB=KE D>@2:0E, GB>
?>4G5@:8205B 8E ?@0:B8:>->@85=B8@>20==K5 E0@0:B5@8AB8:8.
D< 6O5BD9 A4CD46?9A<= < Bm5BD9 EB89D:4AA>1K5 >1@07>20B5;L=K5 ?>B@51=>AB8 >1CG0NI8EAO A PAC;
>A>15==>AB8 >1@07>20B5;L=>9 >@30=870F88 (CA;>28O DC=:F8>=8@>20=8O, B8?
H:>;K, >A>15==>AB8 :>=B8=35=B0, :04@>2K9 A>AB02);
@57C;LB0BK 4803=>AB8:8 CA?5205<>AB8 8 C@>2=O @0728B8O
>1CG0NI8EAO, ?@>1;5AB8 8E CG51=>9 45OB5;L=>AB8;
2>7<>6=>ABL >15A?5G8BL CA;>28O 4;O >@30=870F88 @07=>>1@07=KE 2=5C@>G=KE
70=OB89 8 8E A>45@60B5;L=0O A2O7L A C@>G=>9 45OB5;L=>ABLN;
>A>15==>AB8 8=D>@<0F8>==>->1@07>20B5;L=>9 A@54K >1@07>20B5;L=>9 >@30=870F88,
=0F8>=0;L=K5 8 :C;LBC@=K5 >A>15==>AB8 @538>=0, 345 =0E>48BAO >1@07>20B5;L=0O >@30=870F8O.
88

D< 6O5BD9 HBD@ BD74A<;4J<< 6A9GDBKAB= 89Sm9?PABEm< EB5?R84RmES E?98GRM<9
mD95B64A>1@07=>ABL 8A?>;L7>20=8O 40==>9 D>@AB02;5==KE 7040G
:>=:@5B=>3> =0?@02;5=8O;
?@5>1;040=85 ?@0:B8:>->@85=B8@>20==KE D>@<, >15A?5G820NI8E =5?>A@54AB25==>5
0:B82=>5 CG0AB85 >1CG0NI53>AO 2 ?@0:B8G5A:>9 45OB5;L=>AB8, 2 B.G. A>2<5AB=>9 (?0@=>9,
3@C??>2>9, :>;;5:B82=>9);
CG5B A?5F8D8:8 :><9 45OB5;L=>AB8, :>B>@0O A>?@>2>6405B B> 8;8
8=>5 =0?@02;5=85 2=5CG51=>9 45OB5;L=>AB8;
8A?>;L7>20=85 D>@< >@30=870F88, ?@54?>;030NI8E 8A?>;L7>20=85 A@54AB2
8=D>@<0F8>==>-:><==KE B5E=>;>389.
B;@B:AO9 HBD@O BD74A<;4J<< 6A9GDBKAB= 89Sm9?PABEm<:
:>@@5:F8>==>-@072820NI85 :C@AK;
CG51=K5 :C@AK 8 D0:C;LB0B82K;
EC4>65AB25==K5, @B82=K5 ABC488;
A>@52=>20B5;L=K5 <5@>?@8OB8O, 48A:CAA8>==K5 :;C1K, A5:F88, M:A:C@A88,
<8=8-8AA;54>20=8O;
>1I5AB25==> ?>;57=K5 ?@0:B8:8 8 4@C385.
 CG0AB8N 2> 2=5C@>G=>9 45OB5;L=>AB8 <>3CB ?@82;5:0BLAO >@30=870F88 4>?>;=8B5;L=>3>
>1@07>20=8O, :C;LBC@K 8 A?>@B0.  MB>< A;CG05 2=5C@>G=0O 45OB5;L=>ABL <>65B ?@>E>48BL =5
B>;L:> 2 ?><5I5=88 >1@07>20B5;L=>9 >@30=870F88, => 8 =0 B5@@8B>@88 4@C3>3> CG@5645=8O
(>@30=870F88), CG0AB2CNI53> 2> 2=5C@>G=>9 45OB5;L=>AB8 (A?>@B82=K9 :>G=0O 45OB5;L=>ABL B5A=> A2O70=0 A 4>?>;=8B5;L=K< >1@07>20=85< 45B59 2 G0AB8
A>740=8O CA;>289 4;O @0728B8O B2>@G5A:8E 8=B5@5A>2 45B59, 2:;NG5=8O 8E 2 EC4>65AB25==CN,
B5E=8G5A:CN, A?>@B82=CN 8 4@C3CN 45OB5;L=>ABL. "1J548=5=85 CA8;89 2=5C@>G=>9
45OB5;L=>AB8 8 4>?>;=8B5;L=>3> >1@07>20=8O AB@>8BAO =0 8A?>;L7>20=88 548=KE D>@<
>@30=870F88.
#@8 >@30=870F88 2=5C@>G=>9 45OB5;L=>AB8 =5?>A@54AB25==> 2 >1@07>20B5;L=>9
>@30=870F88 2 MB>9 @01>B5 <>3CB ?@8=8<0BL CG0AB85 2A5 ?5403>38G5A:85 @01>B=8:8 40==>9
>@30=870F88 (CG8B5;O =0G0;L=>9 H:>;K, CG8B5;O-?@54<5B=8:8, A>F80;L=K5 ?5403>38,
?5403>38-?A8E>;>38, CG8B5;O- 45D5:B>;>38, CG8B5;O-;>3>?54, 2>A?8B0B5;8, 181;8>B5:0@L 8
4@C385).
>>@48=8@CNICN @>;L 2 >@30=870F88 2=5C@>G=>9 45OB5;L=>AB8 2K?>;=O5B, :0: ?@028;>,
?5403>38G5A:89 @01>B=8:, ?@5?>40NI89 =0 C@>2=5 =0G0;L=>3> >1I53> >1@07>20=8O,
70<5AB8B5;L 48@5:B>@0 ?> CG51=>-2>A?8B0B5;L=>9 @01>B5.
5M<= B569@ 6A9GDBKAB= 89Sm9?PABEm< A9 CD96OL49m 10 K4EB6 6 A989?R.
> 2=5C@>G=CN >1;0ABL CG51=>3> ?;0=0 2
"'-"", 714 E.;L8=>2 2:;NG0NBAO
>BDD9>J4I
>BDD9>JJ2;5B2>@5=85
>A>1KE
>1@07>20B5;L=KE ?>B@51=>AB59 >1CG0NI8EAO A PAC, @0728B85 8E 687=5==KE :>@ =0?@02;5=89 2=5C@>G=>9 45OB5;L=>AB8 8 @0A?@545;5=85 G0A>2 A0<>AB>OB5;L=>
>ACI5AB2;O5BAO
"'-"", 714 E.;L8=>2 2 @0<:0E >1I53> :>;8G5AB20 G0A>2,
?@54CA<>B@5==KE ?@8<5@=K< D545@0;L=K< CG51=K< ?;0=>< (4 G0A0).
+0AK 2=5C@>G=>9 45OB5;L=>AB8 <>3CB 1KBL @50;87>20=K :0: 2 B5G5=85 CG51=>9 =545;8, B0: 8
2 ?5@8>4 :0=8:C;, 2 2KE>4=K5 8 ?@074=8G=K5 4=8.
+0AK, >B2545==K5 =0 2=5C@>G=CN 45OB5;L=>ABL, <>3CB 1KBL 8A?>;L7>20=K 4;O ?@>2545=8O
>1I5AB25==>
?>;57=KE
?@0:B8:,
8AA;54>20B5;LA:>9
45OB5;L=>AB8,
@50;870F88
>1@07>20B5;L=KE ?@>5:B>2, M:A:C@A89, ?>E>4>2, A>@52=>20=89, ?>A5I5=89 B50B@>2, ?CA:05BAO ?5@5@0A?@545;5=85 G0A>2 2=5C@>G=>9 45OB5;L=>AB8 ?> 3>40< >1CG5=8O 2
?@545;0E >4=>3> C@>2=O >1I53> >1@07>20=8O, 0 B0:65 8E AC<<8@>20=85 2 B5G5=85 CG51=>3>
89

3>40.
+5@54>20=85 CG51=>9 8 2=5C@>G=>9 45OB5;L=>AB8 2 @0<:0E @50;870F88 A"# H"" PAC
(20@80=B 8.4.) >?@545;O5B "'-"", 714 E.;L8=>2.  "'-"", 714 E.;L8=>2
2K1@0=K A;54CNI85 =0?@02;5=8O 2=5C@>G=>9 45OB5;L=>AB8:
"@30=870F8O 70=OB89 ?> =0?@02;5=8O< 2=5C@>G=>9 45OB5;L=>AB8 (4CE>2=>-=@02AB25==>5,
A>F80;L=>5, >1I5:C;LBC@=>5, A?>@B82=>->74>@>28B5;L=>5) O2;O5BAO =5>BJ5<;5<>9 G0ABLN
>1@07>20B5;L=>3> ?@>F5AA0 2 "'-"", 714 E.;L8=>2.
"48= G0A 2 =545;N >B2>48BAO =0 2=5C@>G=>5 70=OB85 4CE>2=>- =@02AB25==>3> =0?@02;5=8O
« 4;7B6BDO B 64:AB@»
=5C@>G=K5 70=OB8O «P073>2>@K > 206=><» =0?@02;5=K =0 @0728B85 F5==>AB=>3>
>B=>H5=8O >1CG0NI8EAO : A2>59 @>48=5 - P>AA88, =0A5;ONI8< 55 ;N4O<, 55 C=8:0;L=>9
8AB>@88, 1>30B>9 ?@8@>45 8 25;8:>9 :C;LBC@5. =5C@>G=K5 70=OB8O «P073>2>@K > 206=><
=0?@02;5=K =0 D>@<8@>20=85 A>>B25BAB2CNI59 2=CB@5==59 ?>78F88 ;8G=>AB8 >1CG0NI53>AO,
=5>1E>48<>9 5=AB@C:B82=>3> 8 >B25BAB25==>3> ?>2545=8O 2 >1I5AB25.
"A=>2=>9 D>@<0B 2=5C@>G=KE 70=OB89 «P073>2>@K > 206=><» - @073>2>@ 8 (8;8) 15A540 A
>1CG0NI8<8AO. "A=>2=K5 B525:0 2
A>2@5<5==>9 P>AA88: 7=0=85< @>4=>9 8AB>@88 8 ?>=8<0=85< A;>6=>AB59 A>2@5<5==>3> <8@0,
B5E=8G5A:8< ?@>3@5AA>< 8 A>E@0=5=85< ?@8@>4K, >@85=B0F859 2 <8@>2>9 EC4>65AB25==>9
:C;LBC@5 8 ?>2A54=52=>9 :C;LBC@5 ?>2545=8O, 4>1@>65;0B5;L=K< >B=>H5=85< : >:@C60NI8<
8 >B25BAB25==K< >B=>H5=85< : A>1AB25==K< ?>ABC?:0<
A?>@B82=>->74>@>28B5;L=>5, :>B>@>5 ?@54AB02;5=> ?@54<5B>< «P8B<8:0» - ?> 1
G0AC 2 =545;N 2 1 4>?. - 4 :;0AA0E.
*5;L ?@54<5B0 «$8B<8:0» - :>@@5:F8O =54>AB0B:>2 ?A8E8G5A:>3> 8 D878G5A:>3> @0728B8O
C >BAB0;KE 45B59 A@54AB20<8  - @8B<8G5A:>9 45OB5;L=>AB8. 2865=8O ?>4
;L:> >:07K20NB :>@@5:F8>==>5 2>7459AB285 =0 D878G5A:>5 @0728B85, => 8 A>740NB
1;03>?@8OB=CN >A=>2C 4;O A>25@H5=AB2>20=8O B0:8E ?A8E8G5A:8E DC=:F89, :0: A?@8OB85.
H0 70=OB8OE @8B<8:>9 >ACI5AB2;O5BAO :>@@5:F8O =54>AB0B:>2 42830B5;L=>9, M<>F8>=0;L=>
- 2>;52>9, :>>@48=0F8>==>9 AD5@. 0=OB8O A?>A>1AB2CNB @0728B8N >1I59 8 <5;:>9 <>B>@8:8,
?@>AB@0=AB25==>9 >@85=B8@>2:8, C:@5?;5=8N 74>@>2LO, D>@<8@>20=8N =02K:>2 74>@>2>3>
>1@070 687=8.
A>F80;L=>5 =0?@02;5=85 ?@54AB02;5=> ?@54<5B>< «,:>;0 157>?0A=>AB8» - ?> 1 G0AC 2 1
4>?. - 4 :;0AA0E, ?> 1 G0AC 2 =545;N.
*5;LN ?@54<5B0 O2;O5BAO D>@<8@>20=85 C >1CG0NI8EAO A>7=0B5;L=>3> 8 >B25BAB25==>3>
>B=>H5=8O : A>1AB25==>@>2LN, : ;8G=>9 157>?0A=>AB8 8 157>?0A=>AB8 >:@C60NI8E,
?@8>1@5B5=85 8<8 =02K:>2 A>E@0=5=8O 74>@>2LO 2 ?>2A54=52=>9 687=8 8 2 =51;03>?@8OB=>
>?0A=KE CA;>28OE.
>1I5:C;LBC@=>5 =0?@02;5=85 ?@54AB02;5=> ?@54<5B>< «#>40@>: : ?@074=8:C» - ?>
1 G0AC 2 =545;N 2 1 4>?. - 4 :;0AA0E, ?> 1 G0AC 2 =545;N.
C@A 70=OB89 A 45BL<8 «#>40@>: : ?@074=8:C», ?@54?>;0305B 8A?>;L7>20=85 2 @01>B5
B@048F8>==KE <5B>4>2 A5<59=>3> 2>A?8B0=8O 2 CA;>28OE >1@07>20B5;L=>3> CG@5645=8O.
"B<5B8<, GB> @5GL 845B =5 >1 >BAB@0=5==>< 87CG5=88 B@048F89 A 45BL<8, 0 2>AA>740=88
B@048F8>==>3> C:;040 45BA:>9 687=8, >?@545;ONI53> 8 A>45@60=85 >1I5=8O, 8 >A>15==>AB8
>@30=870F88 45OB5;L=>AB8 45B59 =0 70=OB8OE.
"A=>2=K< A@54AB2>< @072820NI59 8 :>@@5:F8>==>9 @01>BK :C@A0 «#>40@>: : ?@074=8:C»
O2;O5BAO EC4>65AB25==>-?@>4C:B82=0O 45OB5;L=>ABL, :0: >4=0 87 =081>;55 4>ABC?=KE,
>AG8B05 H:>;L=>3> 2>7@0AB0 A =0@CH5=85<
8=B5;;5:B0. "1I58725AB=>, GB> ?@>4C:B82=0O, @CG=0O 45OB5;L=>ABL 8<55B C=8:0;L=K5
@072820NI85 8 :>@@5:F8>==K5 2>7<>6=>AB8, 2;8OO =0 @5G55 @0728B85 @515=:0,
AB018;878@CO M<>F8>=0;L=>5 A>AB>O=85, 30@<>=878@CO >1I55 @0728B85.
H0 70=OB8OE 45B8 >1I0NBAO 8 2K?>;=ONB 4>ABC?=K5 ?> A>45@60=8N B2>@G5A:85
@C:>45;L=K5 @01>BK, ?@8>1I0NI85 8E : B@048F8>==>9 :C;LBC@5 2>A?@8OB8O <8@0 8
>:@C60NI8E ;N459.  45OB5;L=>AB8 45B8 >A>7=0NB ?@028;0, :>B>@K5 8< B@C4=> 2>A?@8=OBL 2
90

>B2;5G5==>9, A;>25A=>9 D>@<5. $01>BK, 2K?>;=O5AOB 8=48284C0;L=K9 8
:>;;5:B82=K9 E0@0:B5@.
>A?8B0=85 =0 70=OB8OE H:>;L=KE :C@A>2 2=5C@>G=>9 45OB5;L=>AB8 >ACI5AB2;O5BAO ?>
=0?@02;5=8O< 2 A>>B25BAB288 A ("% 8 (""#, ?@58 G5@57:
2>2;5G5=85 H:>;L=8:>2 2 8=B5@5A=CN 8 ?>;57=CN 4;O =8E 45OB5;L=>ABL, :>B>@0O
?@54>AB028B 8< 2>7<>6=>ABL A0<>@50;87>20BLAO 2 =59, ?@8>1@5AB8 A>F80;L=> 7=0G853> ;8G=>AB=>3> @0728B8O A>F80;L=> 7=0G8B=>H5=8O, ?>;CG8BL >?KB CG0AB8O 2 A>F80;L=> 7=0G8@<8@>20=85 2 :@C6:0E, A5:F8OE, :;C10E 8 B.?. 45BA:>-27@>A;KE >1I=>AB59,
:>B>@K5 <>3;8 1K >1J548=OBL 45B59 8 ?5403>3>2 >1I8<8 ?>78B82=K<8 M<>F8O<8 8
4>25@8B5;L=K<8 >B=>H5=8O<8 4@C3 : 4@C3C;
A>740=85 2 45BA:8E >1J548=5=8OE B@048F89, 7040NI8E 8E G;5=0< >?@545;5==K5
A>F80;L=> 7=0G8@2545=8O;
?>445@6:C 2 45BA:8E >1J548=5=8OE H:>;L=8:>2 A O@:> 2K@065==>9 ;845@A:>9
?>78F859 8 CAB0=>2:>9 =0 A>E@0=5=85 8 ?>445@60=85 =0:>?;5==KE A>F80;L=> 7=0G8>I@5=85 ?5403>30<8 45BA:8E 8=8F80B82 8 45BA:>3> A0<>>C?@02;5=8O.
;O @0728B8O ?>B5=F80;0 B5E >1CG0NI8EAO A $% A C9 >BAB0;>ABLN
(8=B5;;5:BC0;L=K<8 =0@CH5=8O<8), :>B>@K5 2 A8;C >A>15==>AB59 A2>53> ?A8E>D878G5A:>3>
@0728B8O 8A?KBK20NB B@C4=>AB8 2 CA2>5=88 >B45;L=KE CG51=KE ?@54<5B>2, <>3CB
@07@010BK20BLAO A CG0AB85< 8E @>48B5;59 (70:>==KE ?@54AB028B5;59) 8=48284C0;L=K5
CG51=K5 ?;0=K, 2 @0<:0E :>B>@KE D>@<8@CNBAO 8=48284C0;L=K5 CG51=K5 ?@>3@0<45@60=85 48AF8?;8=, :C@A>2, <>4C;59, B5@1@07>20=8O).
$50;870F8O 2>A?8B0B5;L=>3> ?>B5=F80;0 2=5C@>G=>9 45OB5;L=>AB8 2 F5;OE >15A?5G5=8O
8=48284C0;L=KE ?>B@51=>AB59, >1CG0NI8EAO >ACI5AB2;O5BAO 2 @0<:0E 2K1@0==KE 8<8
:C@A>2, 70=OB89:
2830B5;L=>5 @0728B85
!0720=85
1-;0AAK
4
!0?@02;5=85
2=5C@>G=> 9 :>@@5:F8>==K5
>;8G5AB2>
2
70=OB8O
:;0AAK
45OB5;L=>AB8
G0A>2
>@@5:F8>==>-@072820NI 85 70=OB8O
1- 4
#@54<5B=>-?@0:B8G5A:85
:>@@5:F8>==K5
2
:;0AAK
459AB28O
70=OB8O
:>@@5:F8>==K5
14>?.4
2
-<>F8>=0;L=>5 8
70=OB8O
:;0AAK
>@@5:F8>==>-@072820NI85
:>@@5:F8>==K5
1- 4
:><-@5G52>5
2
70=OB8O
70=OB8O
:;0AAK
@0728B85
*8:;
70=OB89 1- 4
%5=A>@=>5 @0728B85»
1 G0A 2 =545;N
«$073>2>@K > 206=><» :;0AAK
=D>@<0F8>==>
?@>A25B8B5;LA:85 70=OB8O
?0B@8>B8G5A:>9, =@02AB25==>9 8
M:>;>38G5A:>9 =0?@02;5==>AB8

«$8B<8:0»

1 -4 :;0AAK

0=OB8O, =0?@02;5==K5
D>@<8@>20=85 7=0=89 >
74>@>2>< >1@075 687=8,
C:@5?;5=85 74>@>2LO <;04H8E
H:>;L=8:>2, 70:0;820=85
>@30=87<0, A>25@H5=AB2>20=85
42830B5;L=KE :0G5AB2.

91

1 G0A 2 =545;N

0=OB8O, =0?@02;5==K5 =0
C4>2;5B2>@5=85 8=B5@5A>2 8
?>B@51=>AB59 >1CG0NI8EAO 2
B2>@G5A:>< @0728B88, 2
A0<>@50;870F88, @0A:@KB88 8
@0728B88 A?>A>1=>AB59 8
B0;0=B>2, 7=0=89 > A2>59 A540@>:
?@074=8:C»

:

0=OB8O,
=0?@02;5==K5 ,:>;0
D>@<8@>20=85
;8G=>9 157>?0A=>AB8
157>?0A=>AB8 8 157>?0A=>AB8
>:@C60NI8E, ?@8>1@5B5=85 8<8
=02K:>2 A>E@0=5=8O 74>@>2LO 2
?>2A54=52=>9
687=8 8
2
=51;03>?@8OB=KE
>?0A=KE
CA;>28OE.

1 -4 :;0AAK

1-4
:;0AAK

1 G0A 2 =545;N

1 G0A 2 =545;N

K1>@ D>@< >@30=870F88 2=5C@>G=>9 45OB5;L=>AB8 ?>4G8=O5BAO A;54CNI8< B@51>20=8O<:
F5;5A>>1@07=>ABL 8A?>;L7>20=8O 40==>9 D>@AB02;5==KE 7040G
:>=:@5B=>3> =0?@02;5=8O;
?@5>1;040=85 ?@0:B8:>->@85=B8@>20==KE D>@<, >15A?5G820NI8E
=5?>A@54AB25==>5 CG0AB85 >1CG0NI53>AO 2 ?@0:B8G5A:>9 45OB5;L=>AB8;
CG5B A?5F8D8:8 :><9 45OB5;L=>AB8, :>B>@0O A>?@>2>6405B B> 8;8 8=>5
=0?@02;5=85 2=5CG51=>9 45OB5;L=>AB8.
 CG0AB8N 2> 2=5C@>G=>9 45OB5;L=>AB8 <>3CB ?@82;5:0BLAO >@30=870F88
8 CG@5645=8O 4>?>;=8B5;L=>3> >1@07>20=8O, :C;LBC@K 8 A?>@B0.  MB>< A;CG05 2=5C@>G=0O
45OB5;L=>ABL <>65B ?@>E>48BL =5 B>;L:> 2 ?><5I5=88 >1@07>20B5;L=>9 >@30=870F88, => 8 =0
B5@@8B>@88 4@C3>3> CG@5645=8O (>@30=870F88), CG0AB2CNI53> 2> 2=5C@>G=>9 45OB5;L=>AB8.
#@8 >@30=870F88 2=5C@>G=>9 45OB5;L=>AB8 =5?>A@54AB25==> 2 >1@07>20B5;L=>9
>@30=870F88 2 MB>9 @01>B5 <>3CB ?@8=8<0BL CG0AB85 2A5 ?5403>38G5A:85 @01>B=8:8 40==>9
>@30=870F88.
=5C@>G=0O 45OB5;L=>ABL B5A=> A2O70=0 A 4>?>;=8B5;L=K< >1@07>20=85< >1CG0NI8EAO 2
G0AB8 A>740=8O CA;>289 4;O @0728B8O B2>@G5A:8E 8=B5@5A>2 >1CG0NI8EAO, 2:;NG5=8O 8E 2
EC4>65AB25==CN, B5E=8G5A:CN, A?>@B82=CN 8 4@C3CN 45OB5;L=>ABL. "1J548=5=85 CA8;89
2=5C@>G=>9 45OB5;L=>AB8 8 4>?>;=8B5;L=>3> >1@07>20=8O AB@>8BAO =0 8A?>;L7>20=88 548=KE
D>@< >@30=870F88.
>>@48=8@CNICN @>;L 2 >@30=870F88 2=5C@>G=>9 45OB5;L=>AB8 2K?>;=O5B, :0: ?@028;>,
>A=>2=>9 ?5403>38G5A:89 @01>B=8:, 254CI89 :;0AA, 70<5AB8B5;L 48@5:B>@0 ?> 2>A?8B0B5;L=>9
@01>B5, 70<5AB8B5;L 48@5:B>@0 ?> CG51=>-2>A?8B0B5;L=>9 @01>B5.
%>45@60=85 8 284K 45OB5;L=>AB8 >1CG0NI8EAO ?> 2A5< =0?@02;5=8O< ?;0=0 040?B8@C5BAO A
CG5B>< 8E >A>15==>AB59 8 >A>1KE >1@07>20B5;L=KE ?>B@51=>AB59, @50;87CNBAO 2 4>ABC?=>9
4;O >1CG0NI8EAO A C<5@5==>9, BO65;>9, 3;C1>:>9 C9 >BAB0;>ABLN, BO65;K<8 8
<=>65AB25==K<8 =0@CH5=8O<8 @0728B8O D>@<5.

4.

0;5=40@=K9 ?;0= 2>A?8B0B5;L=>9 @01>BK

#;0= 2>A?8B0B5;L=>9 @01>BK D>@<8@C5BAO 5653>4=> =0 B5:CI89 3>4, @0AA<0B@8205BAO
?54A>25B>< 8 CB25@6405BAO ?@8:07>< 48@5:B>@0 "'-"", 714 E.;L8=>2.
0;5=40@=K9 ?;0= @07<5I05BAO 5653>4=> =0 >D8F80;L=>< A09B5 >1@07>20B5;L=>9
>@30=870F88 .
#5@5G5=L >A=>2=KE 3>AC40@AB25==KE 8 =0@>4=KE ?@074=8:>2, ?0< ?;0=5 2>A?8B0B5;L=>9 @01>BK
#5@5G5=L 4>?>;=O5BAO 8 0:BC0;878@C5BAO 5653>4=> 2 A>>B25BAB288 A ?01I5@>AA89A:>3>, @538>=0;L=>3>, <5AB=>3> 7=0G5=8O, ?01@07>20B5;L=>9 >@30=870F88.

5. %8AB5<0 CA;>289 @50;870F88 "# !"" P% (20@80=B 8.4.)
P50;870F8O "# !"" P% (20@80=B 8.4.) >15A?5G8205BAO A>740=85< 2
>1@07>20B5;L=>9 >@30=870F88 :04@>2KE, D8=0=A>2KE, <0B5@80;L=>-B5E=8G5A:8E
CA;>289.
%8AB5<0 CA;>289 @50;870F88 "# (40;55 - A8AB5<0)
"'-"", 714 E.;L8=>2
>15A?5G8205B 4>AB865=85 ?;0=8@C52 >A2>5=8O "# H"" P% (20@80=B 8.4.).
%8AB5<0 CG8BK205B >A>15==>AB8 "'-"", 714 E.;L8=>2, :>=B8=35=B0 CG0I8EAO, 0
B0:65 >A>15==>AB8 2708<>459AB28O A A>F80;L=K<8 ?0@B=5@0<8.
=B53@0B82=K< @57C;LB0B>< @50;870F88 B@51>20=89 "# O2;O5BAO A>740=85 :>@B=>9
:>@@5:F8>==>-@072820NI59 >1@07>20B5;L=>9 A@54K 4;O CG0I8EAO A P% A '" (H),
?>AB@>5==>9 A CG5B>< 8E >A>1KE >1@07>20B5;L=KE ?>B@51=>AB59, :>B>@0O >15A?5G8205B
:0G5AB2> >1@07>20=8O, 53> 4>ABC?=>ABL, >B:@KB>ABL 8 ?@82;5:0B5;L=>ABL 4;O =8E, 8E @>48B5;59
(70:>==KE ?@54AB028B5;59), 4CE>2=>-=@02AB25==>5 @0728B85 >1CG0NI8EAO, 30@0=B8@C5B >E@0=C
8 C:@5?;5=85 D878G5A:>3>, ?A8E8G5A:>3> 8 A>F80;L=>3> 74>@>2LO >1CG0NI8EAO.
 "'-"", 714 E.;L8=>2 A>740=K CA;>28O 4;O @50;870F88 "# H"" P% (20@80=B
8.4.), >15A?5G820NI85 2>7<>6=>ABL:
4>AB865=8O ?;0=8@C52 >A2>5=8O CG0I8<8AO "# P% H"" (20@80=B
8.4.);
2KO2;5=8O 8 @0728B8O A?>A>1=>AB59 CG0I8EAO G5@57 A8AB52, A5:F89, ABC489
8 :@C6:>2, >@30=870F8N >1I5AB25==>-?>;57=>9 45OB5;L=>AB8, 2 B>< G8A;5 A 8A?>;L7>20=85<
2>7<>6=>AB59 >@30=870F89 4>?>;=8B5;L=>3> >1@07>20=8O;
CG5B0 >A>1KE >1@07>20B5;L=KE ?>B@51=>AB59 CG0I8EAO;
@0AH8@5=8O A>F80;L=>3> >?KB0 8 A>F80;L=KE :>=B0:B>2 CG0I8EAO, 2 B>< G8A;5 A>
A25@AB=8:0<8, =5 8<5NI8<8 >3@0=8G5=89 74>@>2LO;
CG0AB8O ?5403>38G5A:8E @01>B=8:>2, @>48B5;59 (70:>==KE ?@54AB028B5;59)
CG0I8EAO 8 >1I5AB25==>AB8 2 @07@01>B:5 "# H"" P%, ?@>5:B8@>20=88 8 @0728B88
A>F80;L=>9 A@54K 2 "'-"", 714 E.;L8=>2, 0 B0:65 2 D>@<8@>20=88 8 @50;870F88
8=48284C0;L=KE >1@07>20B5;L=KE <0@H@CB>2 CG0I8EAO;
?>445@6:8 @>48B5;59 (70:>==KE ?@54AB028B5;59) 2 2>A?8B0=88 CG0I8EAO, >E@0=5 8
C:@5?;5=88 8E 74>@>2LO, 2 2>2;5G5=88 A5<59 =5?>A@54AB25==> 2 >1@07>20B5;L=CN
45OB5;L=>ABL;
MDD5:B82=>3> 8A?>;L7>20=8O 2@5<5=8, >B2545==>3> =0 @50;870F8N "# H"" P%
(20@80=B 8.4.) 2 A>>B25BAB288 A 70?@>A0<8 CG0I8EAO 8 8E @>48B5;59 (70:>==KE ?@54AB028B5;59),
A?5F8D8:>9 45OB5;L=>AB8 "'-"", 714 E.;L8=>2.
8A?>;L7>20=8O 2 >1@07>20B5;L=>9 45OB5;L=>AB8 A>2@5<5==KE >1@07>20B5;L=KE
B5E=>;>389, 2 B>< G8A;5 8=D>@<0F8>==>-:><;>389;
>1=>2;5=8O A>45@60=8O "# H"" P% (20@80=B 8.4.), 0 B0:65 <5B>48: 8 B5E=>;>389
55 @50;870F88 2 A>>B25BAB288 A 48=0<8:>9 @0728B8O A8AB51@07>20=8O A CG5B>< 70?@>A>2 8
?>B@51=>AB59 >1CG0NI8EAO 8 8E @>48B5;59 (70:>==KE ?@54AB028B5;59);
MDD5:B82=>3> C?@02;5=8O
"'-"", 714 E.;L8=>2 A 8A?>;L7>20=85<
8=D>@<0F8>==>-:><==KE B5E=>;>389, 0 B0:65 A>2@5<5==KE <5E0=87<>2
D8=0=A8@>20=8O.
%8AB5<0
CA;>289
A>45@68B
>?8A0=85
8<5NI8EAO
CA;>289:
:04@>2KE,
?A8E>;>3>-?5403>38G5A:8E,
D8=0=A>2KE,
<0B5@80;L=>-B5E=8G5A:8E
(2:;NG0O
CG51=>-<5B>48G5A:>5 8 8=D>@<0F8>==>5 >15A?5G5=85); >1>A=>20=85 =5>1E>4828OE 2 A>>B25BAB288 A F5;O<8 8 ?@8>@8B5B0<8 "# H"" P% (20@80=B 8.4.);
<5E0=87AB865=8O F5;52KE >@85=B8@>2 2 A8AB5<5 CA;>289; A5B52>9 3@0D8: (4>@>6=0O
:0@B0) ?> D>@<8@>20=8N =5>1E>48<>9 A8AB5289.
"?8A0=85 A8AB5289 1078@C5BAO =0 @57C;LB0B0E ?@>2545==>9 2 E>45 @07@01>B:8 "#
H"" PC (20@80=B 8.4.) :>9 0=0;8B8:>->1>1I0NI59 8 ?@>3=>AB8G5A:>9 @01>BK,
2:;NG0NI59:
0=0;87 8<5NI8EAO 2 "'-"", 714 E.;L8=>2 CA;>289 8 @5AC@A>2 @50;870F88
"# H"" PC (20@80=B 8.4.);
CAB0=>2;5=85 AB5?5=8 8E A>>B25BAB28O F5;O< 8 7040G0< "# H"" PC (20@80=B 8.4),
AD>@<8@>20==K< A CG5B>< ?>B@51=>AB59 2A5E CG0AB=8:>2 >1@07>20B5;L=>3> ?@>F5AA0;
@07@01>B:C <5E0=87<>2 <>=8B>@8=30 A>AB>O=8O A8AB5289.

5.1. 04@>2K5 CA;>28O
P50;870F8O "# H"" PC (20@80=B 8.4.) >15A?5G8205BAO ?5403>38G5A:8<8, @C:>2>4OI8<8
8 8=K<8 @01>B=8:0<8, 8<5NI8<8 ?@>D5AA8>=0;L=CN ?>43>B>2:C, A>>B25BAB2CNICN
:20;8D8:0F8>==K< B@51>20=8O<, CAB0=>2;5==K< 2 48=>< :20;8D8:0F8>==>< A?@02>G=8:5
4>;6=>AB59 @C:>2>48B5;59, A?5F80;8AB>2 8 A;C60I8E, @0745; "20;8D8:0F8>==K5
E0@0:B5@8AB8:8
4>;6=>AB59
@01>B=8:>2
>1@07>20=8O",
CB25@645==><
?@8:07><
8=74@02A>F@0728B8O P>AA88 >B 26 023CAB0 2010 3. 7 761= A 87<5=5=8O<8, 2=5A5==K<8
?@8:07>< 8=74@02A>F@0728B8O P>AA88 >B 31 <0O 2011 3. 7 448= (70@538AB@8@>20= 8=NAB><
P>AA88 1 8N;O 2011 3., @538AB@0F8>==K9 7 212240), 2 ?@>D5AA8>=0;L=KE AB0=40@B0E
"#5403>3 (?5403>38G5A:0O 45OB5;L=>ABL 2 AD5@5 4>H:>;L=>3>, =0G0;L=>3> >1I53>, >A=>2=>3>
>1I53>, A@54=53> >1I53> >1@07>20=8O) (2>A?8B0B5;L, CG8B5;L)", CB25@645==>< ?@8:07><
8=B@C40 P>AA88 >B 18 >:BO1@O 2013 3. 7 544= (70@538AB@8@>20= 8=NAB>< P>AA88 6 45:01@O
2013 3. @538AB@0F8>==K9 730550) A 87<5=5=8O<8, 2=5A5==K<8 ?@8:070<8 8=B@C40 P>AA88
>B 5 023CAB0 2016 3. 7 422= (70@538AB@8@>20=
8=NAB>< P>AA88 23 023CAB0 2016 3.
@538AB@0F8>==K9 7 43326), >B 25 45:01@O 2014 3. 7 1115= (70@538AB@8@>20= 8=NAB>< P>AA88
19 D52@0;O 2015 3., @538AB@0F8>==K9 7 36091), "#5403>3- ?A8E>;>3 (?A8E>;>3 2 AD5@5
>1@07>20=8O)", CB25@645==>< ?@8:07><
8=B@C40 P>AA88 >B 24 8N;O 2015 3. 7 514=
(70@538AB@8@>20=
8=NAB>< P>AA88 18 023CAB0 2015 3., @538AB@0F8>==K9 7 38575);
"C?5F80;8AB 2 >1;0AB8 2>A?8B0=8O", CB25@645==>< ?@8:07>< 8=B@C40 P>AA88 >B 10 O=20@O
2017 7 10= (70@538AB@8@>20= 8=NAB>< P>AA88 26 O=20@O 2017 3., @538AB@0F8>==K9 7 45406);
"AA8AB5=B (?><>I=8:) ?> >:070=8N B5E=8G5A:>9 ?><>I8 8=20;840< 8 ;8F0< A
>3@0=8G5==K<8 2>7<>6=>ABO<8 74>@>2LO", CB25@645==>< ?@8:07>< 8=B@C40 P>AA88 >B 12
0?@5;O 2017 3. 7 351 = (70@538AB@8@>20= 8=NAB>< P>AA88 4 <0O 2017 3., @538AB@0F8>==K9 7
46612).
'G@5645=85 >15A?5G8205B @01>B=8:0< 2>7<>6=>ABL ?>2KH5=8O ?@>D5AA8>=0;L=>9
:20;8D8:0F88, 2545=8O <5B>48G5A:>9 @01>BK, ?@8<5=5=8O, >1>1I5=8O 8 @0A?@>AB@0=5=8O
>?KB0 8A?>;L7>20=8O A>2@5<5==KE >1@07>20B5;L=KE B5E=>;>389 >1CG5=8O 8 2>A?8B0=8O
H5?@5@K2=>ABL ?@>D5AA8>=0;L=>3> @0728B8O ?5403>38G5A:8E @01>B=8:>2, @50;87CNI8E
"# H"" PC (20@80=B 8.4.), >15A?5G8205BAO >A2>5=85< 8<8 4>?>;=8B5;L=KE
?@>D5AA8>=0;L=KE >1@07>20B5;L=KE ?@>3@0<< =5 @565 >4=>3> @070 2 B@8 3>40 2
>1@07>20B5;L=KE CG@5645=8OE, 8<5NI8E ;8F5=78N =0 ?@02> 2545=8O 40==>3> 2840
>1@07>20B5;L=>9 45OB5;L=>AB8.
P53C;O@=> >@30=87C5BAO ?;0=>20O 0BB5AB0F8O =0 A>>B25BAB285 70=8<05<>9 4>;6=>AB8 8
?>2KH5=85 :20;8D8:0F8>==KE :0B53>@89.
#5403>38G5A:89 :>;;5:B82, @01>B0O 2 548=>9 :><0=45, @50;87CNI59 "# H"" PC
(20@80=B 8.4.):
>15A?5G8205B <=>3>>1@0785 >@30=870F8>==>-CG51=KE 8 2=5CG51=KE D>@< >A2>5=8O
?@>3@0<:8, 70=OB8O, ?@0:B8:8, :>=:C@AK, 2KAB02:8, A>@52=>20=8O, ?@575=B0F88 8 ?@.);
A?>A>1AB2C5B >A2>5=8N >1CG0NI8<8AO 2KAH8E D>@< 83@>2>9 45OB5;L=>AB8 8
94

A>7405B :>@B=K5 CA;>28O 4;O A2>52@5<5==>9 A<5=K 254CI59 45OB5;L=>AB8 (83@>2>9 =0
CG51=CN) 8 ?@52@0I5=8O 83@K 87 =5?>A@54AB25==>9 F5;8 2 A@54AB2> @5H5=8O CG51=KE 7040G;
D>@<8@C5B CG51=CN 45OB5;L=>ABL CG0I8EAO (>@30=87C5B ?>AB0=>2:C CG51=KE F5;59,
A>7405B CA;>28O 4;O 8E «?@8A2>5=8O» 8 A0<>AB>OB5;L=>9 :>=:@5B870F88 CG5=8:0<8; ?>1C6405B
8 ?>445@68205B 45BA:85 8=8F80B82K, =0?@02;5==K5 =0 ?>8A: A@54AB2 8 A?>A>1>2 4>AB865=8O
CG51=KE F5;59; >@30=87C5B CA2>5=85 7=0=89 ?>A@54AB2>< :>;;5:B82=KE D>@< CG51=>9 @01>BK;
>ACI5AB2;O5B DC=:F88 :>=B@>;O 8 >F5=:8, ?>AB5?5==> ?5@54020O 8E CG5=8:0<);
A>7405B CA;>28O 4;O ?@>4C:B82=>9 B2>@G5A:>9 45OB5;L=>AB8 @515=:0 (A>2<5AB=> A
CG5=8:0<8 AB028B B2>@G5A:85 7040G8 8 A?>A>1AB2C5B 2>7=8:=>25=8N C 45B59 8E A>1AB25==KE
702);
?>445@68205B 45BA:85 8=8F80B82K 8 ?><>305B 2 8E >ACI5AB2;5=88; >15A?5G8205B
?@575=B0F8N 8 A>F80;L=CN >F5=:C @57C;LB0B>2 B2>@G5AB20 CG5=8:>2 G5@57 2KAB02:8,
:>=:C@AK, D5AB820;8, 45BA:CN ?5@8>48G5A:CN ?5G0BL 8 B. ?.;
A>7405B ?@>AB@0=AB2> 4;O A>F80;L=KE ?@0:B8:, >1CG0NI8EAO 8 ?@8>1I5=8O 8E :
>1I5AB25==> 7=0G8B>@K5 >1CG0NI85AO ?> A>AB>O=8N 74>@>2LO =5 <>3CB ?>A5I0BL >1@07>20B5;L=CN
>@30=870F8N.  B0:8E A;CG0OE =0 >A=>20=88 70:;NG5=8O <548F8=A:>9 >@30=870F88 8
?8AL<5==>3> >1@0I5=8O @>48B5;59 (70:>==KE ?@54AB028B5;59) >1CG5=85 ?> A?5F80;L=K<
8=48284C0;L=K< ?@>3@0<<0< @0728B8O >@30=87C5BAO =0 4>9 >@30=870F88.
4<8=8AB@0F859
"'-"", 714 E.;L8=>2 ?@54CA<>B@5=K 70=OB8O @07;8G=KE
A?5F80;8AB>2 =0 4>=AC;LB8@>20=85 @>48B5;59.
%?5F80;8ABK, CG0AB2CNI85 2 @50;870F88 "# !"" P% (20@80=B 8.4.) 4;O >1CG0NI8EAO A
C<5@5==>9 C9 >BAB0;>ABLN, A T !P, 4>;6=K >1;040BL A;54CNI8<8 :>78B82=>3> >B=>H5=8O : 2>7<>6=>ABO< >1CG0NI8EAO A C<5@5==>9,
BO65;>9, 3;C1>:>9 C9 >BAB0;>ABLN, A T !P, : 8E @0728B8N, A>F80;L=>9 040?B0F88,
?@8>1@5B5=8N 68B59A:>3> >?KB0;
"
?>=8<0=85 B5>@5B8:>-<5B>4>;>38G5A:8E >A=>2 ?A8E>;>3>-?5403>38G5A:>9
?><>I8 >1CG0NI8;>388 C9 >BAB0;>AB8, BO65;KE 8 <=>65AB25==KE
=0@CH5=89, B5>@5B8G5A:8E >A=>2 4803=>AB8:8 @0728B8O, >1CG0NI8EAO A B0:8<8 =0@CH5=8O<8,
D>@<8@>20=85 ?@0:B8G5A:8E C<5=89 ?@>2545=8O ?A8E>;>3>-?5403>38G5A:>3> 87CG5=8O
>1CG0NI8EAO;
"
=0;8G85 ?@54AB02;5=89 > A2>5>1@0788 ?A8E>D878G5A:>3> @0728B8O >1CG0NI8EAO;
"
?>=8<0=85 F5;8 >1@07>20=8O 40==>9 3@C??K >1CG0NI8EAO :0: @0728B8O
=5>1E>481I5AB25 ?@0:B8G5A:8E ?@54AB02;5=89, C<5=89 8 =02K:>2,
?>72>;ONI8E 4>AB8GL <0:A8<0;L=> 2>7<>6=>9 A0<>AB>OB5;L=>AB8 8 A0<>@50;870F88 2
?>2A54=52=>9 687=8;
"
CG5B 8=48284C0;L=KE 2>7<>6=>AB59 8 >A>1KE >1@07>20B5;L=KE ?>B@51=>AB59
@515=:0 ?@8 >?@545;5=88 A>45@60=8O 8 <5B>4>2 :>@@5:F8>==>9 @01>BK;
"
A?>A>1=>ABL : @07@01>B:5 A?5F80;L=KE 8=48284C0;L=KE ?@>3@0<< @0728B8O, :
045:20B=>9 >F5=:5 4>AB865=89 2 @0728B88 8 >1CG5=88 >1CG0NI8EAO;
"
=0;8G85 ?@54AB02;5=89 > A?5F8D8:5 «>1E>4=KE ?CB59», =5>1E>4815A?5G5=8O @0728B8O 8 >1CG5=8O, >1CG0NI8EAO A @07;8G=K< A>G5B0=85< ?5@28G=KE
=0@CH5=89;
"
0:B82=>5 CG0AB85 2 A?5F80;L=>9 >@30=870F88 687=8 @515=:0 2 CA;>28OE 4><0 8
>1@07>20B5;L=>9 >@30=870F88, ?>72>;ONI59 ?;0=><5@=> @0AH8@OBL 53> 687=5==K9 >?KB 8
A>F80;L=K5 :>=B0:BK;
"
>?@545;5=85
A>45@60=8O ?A8E>;>3>-?5403>38G5A:>3>
A>?@>2>645=8O >1CG0NI8EAO 2 A5=8<0=85 =081>;55 MDD5:B82=KE ?CB59 53>
>@30=870F88;
95

"

C<5=85 >@30=87>2K20BL 2708<>459AB285 >1CG0NI8EAO 4@C3 A 4@C3>< 8 A
27@>A;K<8, @0AH8@OBL :@C3 >1I5=8O, >15A?5G820O 2KE>4 >1CG0NI53>AO 70 ?@545;K A51@07>20B5;L=>9 >@30=870F88;
"
=0;8G85 B2>@G5A:>3> >B=>H5=8O : ?5403>38G5A:>9 45OB5;L=>AB8 ?> >1@07>20=8N
>1CG0NI8EAO 40==>9 3@C??K, A?>A>1=>AB8 : ?>8A:0< 8==>20F8>==KE 8 =5B@048F8>==KE
<5B>4>2 @0728B8O >1CG0NI8EAO, 2=54@5=8N =>2KE B5E=>;>389 @0728B8O 8 >1@07>20=8O;
"
=0;8G85 A?>A>1=>AB8 : >1I5=8N 8 ?@>2545=8N :>=AC;LB0B82=><5B>48G5A:>9
@01>BK A @>48B5;O<8 >1CG0NI8EAO;
"
2;045=85
=02K:0<8
?@>D5AA8>=0;L=>3>
CE>40,
?@54CA<0B@820NI8<8 C2068B5;L=>5 >B=>H5=85 (A M
4>25@85 8 65;0=85 2708<>459AB2>20BL A 27@>A;K<;
"=0;8G85 A?>A>1=>AB8 : @01>B5 2 CA;>28OE <5648AF8?;8=0@=>9 :><0=4K A?5F80;8AB>2.
;O 04<8=8AB@0B82=>-C?@02;5=G5A:>3> ?5@A>=0;0 >1@07>20B5;L=>9 >@30=870F88, 0 B0:65
4;O ?5403>3>2, ?A8E>;>3>2 8 4@C38E A?5F80;8AB>2, CG0AB2CNI8E 2 @01>B5 A 40==>9 3@C??>9
>1CG0NI8EAO, >1O70B5;L=> >A2>5=85 4>?>;=8B5;L=KE ?@>D5AA8>=0;L=KE >1@07>20B5;L=KE
?@>3@0<< 2 >1;0AB8 :>@@5:F8>==>3> >1CG5=8O 40==>9 3@C??K >1CG0NI8EAO, 2:;NG0NI8E
>@30=870F8N
CE>40,
?@8A<>B@0
8
A>?@>2>645=8O
45B59-8=20;84>2,
>A2>5=85
<5648AF8?;8=0@=KE ?>4E>4>2. O1J5< >1CG5=8O - =5 <5=55 16 G0A>2 8 =5 @565, G5< :064K5 B@8
3>40 2 =0CG=KE 8 >1@07>20B5;L=KE CG@5645=8OE, 8<5NI8E ;8F5=78N =0 ?@02> 2545=8O 40==>3>
2840 >1@07>20B5;L=>9 45OB5;L=>AB8.

5.2.

#A8E>;>3>-?5403>38G5A:85 CA;>28O @50;870F88 "# !"" PC
(20@80=B 8.4.)

%8AB5<0 ?A8E>;>3>-?5403>38G5A:8E CA;>289 @50;870F88 O# HOO P% O2;O5BAO
=5>1E>48=5=B>< >1@07>20=8O, @50;87CNI8< A>F80;L=>-?A8E>;>38G5A:>5
?@>5:B8@>20=85, M:A?5@B87C 8 <>=8B>@8=3 CA;>289 4;O ;8G=>AB=>3>, 8=B5;;5:BC0;L=>3> 8
A>F80;L=>3> @0728B8O CG0I8EAO, 4;O >E@0=K ?A8E>;>38G5A:>3> 74>@>2LO 8 >:070=8O
?A8E>;>3>-?5403>38G5A:>9 ?><>I8 (?>445@6:8) 2A5< CG0AB=8:0< >1@07>20B5;L=>3> ?@>F5AA0 2
A>>B25BAB288 A F5;O<8 8 7040G0<8 A8AB51@07>20=8O.
#A8E>;>3>-?5403>38G5A:85 CA;>28O @50;870F88 O# HOO P% ?@54?>;030NB >15A?5G5=85
@072820NI53> E0@0:B5@0 >1@07>20=8O. 06=>5 <5AB> 2 >1@07>20B5;L=>< ?@>F5AA5 70=8<0NB
?A8E8G5A:>5 74>@>2L5 >1CG0NI8EAO, 8=48284C0;870F8O >1@07>20B5;L=KE <0@H@CB>2, A>740=85
?A8E>;>38G5A:8 157>?0A=>9 8 :>@B=>9 >1@07>20B5;L=>9 A@54K. #A8E>;>3>-?5403>38G5A:85
CA;>28O @50;870F88 O# HOO P% >15A?5G820NB:
- ?@55ABL A>45@60=8O 8 D>@< >@30=870F88
#@55ABL
>1@07>20=8O =0 >1@07>20B5;L=>3> ?@>F5AA0
- CG5B A?5F8D8:8 2>7@0AB=>3> 8 ?A8E>D878G5A:>3> @0728B8O
2A5E ABC?5=OE
>1CG0NI8EAO
>1CG5=8O

96

#A8E>;>3>
- D>@<8@>20=85
8
@0728B85
?A8E>;>3>-?5403>38G5A:>9
?5403>38G5A:>5
:>AB8 CG0AB=8:>2 >1@07>20B5;L=>3> ?@>F5AA0;
A>?@>2>645=85
- 20@80B82=>ABL
=0?@02;5=89
?A8E>;>3>-?5403>38G5A:>3>
CG0AB=8:>2
A>?@>2>645=8O;
>1@07>20B5;L=>3>
- D>@<8@>20=85 :><2 2 @07=>2>7@0AB=>9
?@>F5AA0
A@545 8 A@545 A25@AB=8:>2;
- 4825@A8D8:0F8O
C@>2=59
?A8E>;>3>-?5403>38G5A:>3>
A>?@>2>645=8O (8=48284C0;L=K9, 3@C??>2>9, C@>25=L :;0AA0,
C@>25=L CG@5645=8O);
- 20@80B82=>ABL
D>@<
?A8E>;>3>-?5403>38G5A:>3>
A>?@>2>645=8O
CG0AB=8:>2
>1@07>20B5;L=>3>
?@>F5AA0
(?@>D8;0:B8:0, 4803=>AB8:0, :>=AC;LB8@>20=85, :>@@5:F8>==0O
@01>B0, @072820NI0O @01>B0, ?@>A25I5=85, M:A?5@B870);
- A>F80;L=>-?>A@54=8G5A:0O @01>B0 ?A8E>;>38G5A:>9 A;C61K 2
A8BC0F8OE @07@5H5=8O @07;8G=KE <56;8G=>AB=KE 8 <563@C??>2KE
:>=D;8:B>2 2 H:>;L=KE A8AB5<0E >B=>H5=89: CG8B5;L-CG8B5;L,
CG8B5;L-CG5=8:, CG8B5;L-@>48B5;8 8 4@.;
- D>@<8@>20=85 F5==>AB8 74>@>2LO 8 157>?0A=>3> >1@070 687=8;
- 48DD5@5=F80F8N 8 8=48284C0;870F8N >1CG5=8O;
- D>@<8@>20=85 :><2 2 @07=>2>7@0AB=>9

5.3. (8=0=A>2K5 CA;>28O
 >1J5< D8=0=A>2>3> >15A?5G5=8O @50;870F88 "# H"" PC (20@80=B 8.4) 2:;NG0NBAO
70B@0BK =0 >?;0BC B@C40 ?5403>38G5A:8E @01>B=8:>2 A CG5B>< A?5F80;L=KE CA;>289 ?>;CG5=8O
>1@07>20=8O >1CG0NI8<8AO A C<5@5==>9, BO65;>9 8 3;C1>:>9 C9 >BAB0;>ABLN
(8=B5;;5:BC0;L=K<8 =0@CH5=8O<8), BO65;K<8 8 <=>65AB25==K<8 =0@CH5=8O<8 @0728B8O
(G0AB8 2, 3 AB0BL8 99 (545@0;L=>3> 70:>=0 >B 29 45:01@O 2012 3. 7 273-( ""1 >1@07>20=88 2
P>AA89A:>9 (545@0F88").
(8=0=A>2K5 CA;>28O @50;870F88 "# H"" PC (20@80=B 8.4.):
1)
>15A?5G820NB 3>AC40@AB25==K5 30@0=B88 ?@02 >1CG0NI8EAO A C9
>BAB0;>ABLN (8=B5;;5:BC0;L=K<8 =0@CH5=8O<8) =0 ?>;CG5=85 15A?;0B=>3> >1I54>ABC?=>3>
>1@07>20=8O, 2:;NG0O 2=5C@>G=CN 45OB5;L=>ABL;
2)
>15A?5G820NB CG5B 20@80B82=>AB8 >A>1KE >1@07>20B5;L=KE ?>B@51=>AB59 8
8=48284C0;L=KE >A>15==>AB59 @0728B8O CG0I8EAO;
3)
>B@060NB AB@C:BC@C 8 >1J5< @0AE>4>2, =5>1E>48@<8@>20=8O.
(8=0=A8@>20=85 @50;870F88 "# H"" PC (20@80=B 8.4.) >ACI5AB2;O5BAO 2 >1J5<5
=>@<0B82>2 >15A?5G5=8O 3>AC40@AB25==KE 30@0=B89 @50;870F88 ?@02 =0 ?>;CG5=85
>1I54>ABC?=>3> 8 15A?;0B=>3> >1@07>20=8O.
CB@C:BC@0 @0AE>4>2 =0 >1@07>20=85 2:;NG05B:
1)
"1@07>20=85 @515=:0 =0 >A=>25 CG51=>3> ?;0=0 >1@07>20B5;L=>9 >@30=870F88 8
C#P.
2)
"15A?5G5=85 A>?@>2>645=8O, CE>40 8 ?@8A<>B@0 70 @515=:>< 2 ?5@8>4 53>
=0E>645=8O 2 >1@07>20B5;L=>9 >@30=870F88.
3)
>=AC;LB8@>20=85 @>48B5;59 8 G;5=>2 A5<59 ?> 2>?@>A0< >1@07>20=8O @515=:0.
4)
"15A?5G5=85
=5>1E>48@<0F8>==>-B5E=8G5A:8<
>1>@C4>20=85< 8 CG51=>-4840:B8G5A:8< <0B5@80;><.
(8=0=A>2>-M:>=><8G5A:>5 >15A?5G5=85 ?@8<5=8B5;L=> : 20@80=BC 8.4. "# H"" PC
97

>1@07>20=8O CAB0=02;8205BAO A CGëB>< =5>1E>48<>AB8 A?5F80;L=>9 8=48284C0;L=>9
?>445@6:8 >1CG0NI53>AO A C9 >BAB0;>ABLN (8=B5;;5:BC0;L=K<8 =0@CH5=8O<8).
P0AG5B >1J5<0 ?>4CH52>3> D8=0=A8@>20=8O >1I53> >1@07>20=8O, >1CG0NI53>AO
?@>872>48BAO A CG5B>< 8=48284C0;L=KE >1@07>20B5;L=KE ?>B@51=>AB59 @515=:0,
70D8:A8@>20==KE 2 C#P, @07@01>B0==>9 >1@07>20B5;L=K< CG@5645=85<.
,B0B=>5 @0A?8A0=85, A>>B25BAB25==> 8 D8=0=A>2>5 >15A?5G5=85 >1@07>20B5;L=>9
>@30=870F88, >?@545;O5BAO B0:65 A CG5B>< :>;8G5AB20 :;0AA>2. 0 :064K< :;0AA><
70:@5?;O5BAO :>;8G5AB2> AB02>: A?5F80;8AB>2, CAB0=>2;5==>5 =>@<0B82=K<8 4>:C<5=B0<8
8=8AB5@AB20 >1@07>20=8O P>AA89A:>9 (545@0F88.
>A?8B0=85, A>?@>2>645=85, >15A?5G5=85 CE>40 8 ?@8A<>B@0 70 @515=:>< 2 ?5@8>4 53>
=0E>645=8O
2
>1@07>20B5;L=>9
>@30=870F88
>15A?5G8205BAO
A>?@>2>640NI8<8
2>A?8B0B5;O<8 (?@8 =5>1E>48<>AB8, 8 BLNB>@0<8). "1J5< D8=0=A8@>20=8O 2>A?8B0=8O,
A>?@>2>645=8O, >15A?5G5=8O CE>40 8 ?@8A<>B@0 70 @515=:>< @0AAG8BK205BAO 8AE>4O 87
:>;8G5AB20 2@5<5=8, =5>1E>48<>3> 4;O >15A?5G5=8O ?><>I8 @515=:C =0 70=OB8OE, 2 ?@>F5AA5
CE>40: :>@<;5=8O, >4520=8O, @074520=8O, >ACI5AB2;5=8O 38385=8G5A:8E ?@>F54C@, 0 B0:65 2
E>45 2=5C@>G=>9 45OB5;L=>AB8 8 ?@8 ?@>2545=88 A2>1>4=>3> 2@5<5=8 2 ?5@8>4 =0E>645=8O 2
>1@07>20B5;L=>9 >@30=870F88. >;8G5AB2> 2@5<5=8, =5>1E>48<>5 =0 @01>BC A>?@>2>640NI8E,
>?@545;O5BAO =>@<0B82=K<8 0:B0<8 A CG5B>< ?>B@51=>AB59 @515=:0, >B@065==KE 2 C#P.
 F5;OE >15A?5G5=8O =5?@5@K2=>AB8 8 ?@55AB8 >1@07>20B5;L=>3> ?@>F5AA0 2
CA;>28OE >1@07>20B5;L=>9 >@30=870F88 8 A5=AC;LB0B82=0O @01>B0
A?5F80;8AB>2 >1@07>20B5;L=>9 >@30=870F88 A A51CG0NI8EAO. (8=0=A8@>20=85 40==>9
CA;C38 ?;0=8@C5BAO 87 @0AG5B0 =5 <5=55 >4=>3> G0A0 2 <5AOF ?> :064>20=85 4;O >15A?5G5=8O =5>1E>48@<0F8>==>-B5E=8G5A:8< >1>@C4>20=85<, CG51=>-4840:B8G5A:8< <0B5@80;>< 8 4@C38<
>1>@C4>20=85< 4;O >@30=870F88 >1@07>20=8O >1CG0NI8EAO A CG5B>< C#P 8 8=48284C0;L=>9
?@>3@0<<>9 @5018;8B0F88 (#P) 4;O 45B59-8=20;84>2.

5.4.

0B5@80;L=>-B5E=8G5A:85 8 8=D>@<0F8>==>-<5B>48G5A:85
CA;>28O @50;870F88 "# !"" PC (20@80=B 8.4.)

0B5@80;L=>-B5E=8G5A:85 CA;>28O @50;870F88 "# H"" PC (20@80=B 8.4.) 4>;6=K
>15A?5G820BL 2>7<>6=>ABL 4>AB865=8O >1CG0NI8<8AO CAB0=>2;5==KE CB0=40@B><,
CB25@645==K< ?@8:07>< 8=8AB5@AB20 >1@07>20=8O 8 =0C:8 P>AA89A:>9 (545@0F88 >B 19
45:01@O 2014 3. 7 1599 (70@538AB@8@>20=
8=NAB>< P>AA88 3 D52@0;O 2015 3.,
@538AB@0F8>==K9 7 35847) B@51>20=89 : @57C;LB0B0< (2>7<>6=K< @57C;LB0B0<) >A2>5=8O
"# H"" PC (20@80=B 8.4.).
#@>AB@0=AB2>, 2 :>B>@>< >ACI5AB2;O5BAO >1@07>20=85 CG0I8EAO A PC A '" (H),
A>>B25BAB2C5B >1I8< B@51>20=8O<, ?@54JO2;O51@07>20B5;L=K< >@30=870F8O<, 2
>1;0AB8:
A>1;N45=8O A0=8B0@=>-38385=8G5A:8E =>@< >@30=870F88 >1@07>20B5;L=>3> ?@>F5AA0;
>15A?5G5=8O A0=8B0@=>-1KB>2KE 8 A>F80;L=>-1KB>2KE CA;>289; A>1;N45=8O ?>60@=>9 8
M;5:B@>157>?0A=>AB8; A>1;N45=8O B@51>20=89 >E@0=K B@C40;
A>1;N45=8O A2>52@5<5==KE A@>:>2 8 =5>1E>481J5<>2 B5:CI53> 8 :0?8B0;L=>3>
@5<>=B0.
0B5@80;L=>-B5E=8G5A:85 CA;>28O @50;870F88 "# !"" PC (20@80=B 8.4.)

98

?@54AB02;5=K:
>@30=870F859 ?@>AB@0=AB20, 2 :>B>@>< >ACI5AB2;O5BAO @50;870F8O "# H"" PC (20@80=B
8.4.), 2:;NG0O 53> 0@E8B5:BC@=CN 4>ABC?=>ABL;
=0;8G85< >B45;L=KE A?5F80;L=> >1>@C4>20==KE ?><5I5=89 4;O @50;870F88 :C@A>2
:>@@5:F8>==>-@072820NI59 >1;0AB8 8 ?A8E>;>3>-<548:>?5403>38G5A:>3> A>?@>2>645=8O
>1CG0NI8EAO A PC A '" (H); >@30=870F859 2@5<5==>3> @568<0 >1CG5=8O; B5E=8G5A:8<8
A@54AB20<8 >1CG5=8O.
0B5@80;L=>-B5E=8G5A:85
CA;>28O
@50;870F88 "# !"" PC (20@80=B 8.4.) >15A?5G820NB:
@50;870F8N =0F8>=0;L=KE, @538>=0;L=KE 8 MB=>:C;LBC@=KE >A>15==>AB59;
@50;870F8N 8=48284C0;L=KE CG51=KE ?;0=>2 CG0I8EAO, >ACI5AB2;5=8O
A0<>AB>OB5;L=>9 ?>7=020B5;L=>9 45OB5;L=>AB8 CG0I8EAO;
2:;NG5=8O CG0I8EAO 2 ?@>5:B=CN 8 CG51=>-8AA;54>20B5;LA:CN 45OB5;L=>ABL;
EC4>65AB25==>3> B2>@G5AB20 A 8A?>;L7>20=85< CG0I8EAO;
@0728B8O ;8G=>3> >?KB0 ?@8<5=5=8O 107>2KE CG51=KE 459AB289 2 M:>;>38G5A:8
>@85=B8@>20==>9 A>F80;L=>9 45OB5;L=>AB8, M:>;>38G5A:>3> ;>38G5A:>9
:C;LBC@K;
A>740=8O 8 8A?>;L7>20=8O 8=D>@<0F88 (2 B>< G8A;5 70?8AL 8 >1@01>B:0
87>1@065=89 8 72C:0, 2KABC?;5=8O A 0C48>-, 2845>A>?@>2>645=85< 8 3@0D8G5A:8<
A>?@>2>645=85<, >1I5=85 2 A5B8 =B5@=5B 8 4@);
?>;CG5=8O 8=D>@<0F88 @07;8G=K<8 A?>A>10<8 (?>8A: 8=D>@<0F88 2 A5B8 =B5@=5B,
@01>B0 2 181;8>B5:5 8 4@.);
=01;N45=8O, =03;O4=>3> ?@54AB02;5=8O 8 0=0;870 40==KE;
D878G5A:>3> @0728B8O, CG0AB8O 2 A?>@B82=KE A>@52=>20=8OE 8 83@0E;
70=OB89 ?> 87CG5=8N ?@028; 4>@>6=>3> 42865=8O A 8A?>;L7>20=85< 83@,
>1>@C4>20=8O, 0 B0:65 :>;>389;
?;0=8@>20=8O CG51=>9 45OB5;L=>AB8, D8:A8@>20=8O 55 @50;870F88 2 F5;>< 8
>B45;L=KE MB0?>2;
@07<5I5=8O A2>8E <0B5@80;>2 8 @01>B 2 8=D>@<0F8>==>9 A@545;
2K?CA:0 H:>;L=KE ?5G0B=KE 8740=89, @01>BK H:>;L=>3> A09B0;
-8A?>;L7>20=85 >1J5:B>2, 873>B>2;5==KE A0<>45OB5;L=K< A?>A>1><
CG8B5;O<8, CG0I8<8AO 8 8E @>48B5;O<8 (8;;NAB@0B82=K5 <0B5@80;K, 2845><0B5@80;K,
D>B>0;L1>@30=870F88 :0G5AB25==>3> 3>@OG53> ?8B0=8O, <548F8=A:>3> >1A;C6820=8O 8
>B4KE0 CG0I8EAO 8 ?5403>38G5A:8E @01>B=8:>2;
A>740=85
B5E=8G5A:8E
CA;>289
4;O
8A?>;L7>20=8O
8=D>@<0F8>==>:><==KE A@54AB2 >1CG5=8O.
06=K< CA;>285< @50;870F88 "# H"" PC (20@80=B 8.4.) O2;O5BAO 2>7<>6=>ABL
15A?@5?OBAB25==>3> 4>ABC?0 : >1J5:B0< 8=D@0AB@C:BC@K >1@07>20B5;L=>9 >@30=870F88 2A5E
:0B53>@89 >1CG0NI8EAO. C MB>9 F5;LN B5@@8B>@8O 8 740=85 >1@07>20B5;L=>9 >@30=870F88
>B25G0NB B@51>20=8O< 15710@L5@=>9 A@54K. ?><5I5=8OE 4;O >1CG0NI8EAO ?@54CA<>B@5=>
A?5F80;L=>5 >1>@C4>20=85, ?>72>;ONI55 >?B8<878@>20BL >1@07>20B5;L=K9 ?@>F5AA, ?@8A<>B@
8 CE>4 70 >1CG0NI8<8AO, 0 B0:65 >15A?5G820NI55 <0:A8<0;L=> 2>7<>6=CN
A0<>AB>OB5;L=>ABL 2 ?5@542865=88, :><ACI5AB2;5=88 CG51=>9 45OB5;L=>AB8.
D74A<;4J9 @568< >1@07>20=8O >1CG0NI8EAO (CG51=K9 3>4, CG51=0O =545;O, 45=L)
CAB0=02;8205BAO 2 A>>B25BAB288 A 70:>=>40B5;L=> 70:@5?;5==K<8 =>@<0B820<8 (( «"1
>1@07>20=88 2 P(», C0=#8=, ?@8:07K 8=8AB5@AB20 >1@07>20=8O 8 4@.), 0 B0:65 ;>:0;L=K<8
0:B0<8 >1@07>20B5;L=>9 >@30=870F88.

99

#@>4>;68B5;L=>ABL CG51=>3> 4=O 4;O :>=:@5B=>3> @515=:0 CAB0=02;8205BAO
>1@07>20B5;L=>9 >@30=870F859 A CG5B>< >A>1KE >1@07>20B5;L=KE ?>B@51=>AB59 @515=:0,
>B@065==KE 2 %#$, 53> 3>B>2=>AB8 : =0E>645=8N 2 A@545 A25@AB=8:>2 157 @>48B5;59.
'G51=K9 45=L 2:;NG05B 2 A51O C@>:8, 8=48284C0;L=K5 70=OB8O, 0 B0:65 ?5@5@K2K, 2@53C;:8 8 ?@>F5AA 2K?>;=5=8O ?>2A54=52=KE @8BC0;>2 (>4520=85 / @074520=85, BC0;5B,
CA?8B0=85 ?@>8AE>48B :0: 2 E>45 C@>:>2 / 70=OB89, B0: 8
2> 2@59 (2=5C@>G=>9) 45OB5;L=>AB8 >1CG0NI53>AO 2 B5G5=85 CG51=>3> 4=O.
#@>4>;68B5;L=>ABL A?5F80;L=> >@30=87>20==>3> 70=OB8O / C@>:0 A >1CG0NI8<8AO
>?@545;O5BAO A CG5B>< 2>7@0AB0 8 ?A8E>D878G5A:>3> A>AB>O=8O >1CG0NI53>AO.
D74A<;4JG55 / CG51=>5 <5AB> >1CG0NI53>AO
A>7405BAO A CG5B>< 53> 8=48284C0;L=KE 2>7<>6=>AB59 8 >A>1KE >1@07>20B5;L=KE
?>B@51=>AB59. #@8 >@30=870F88 CG51=>3> <5AB0 CG8BK20NBAO 2>7<>6=>AB8 8 >A>15==>AB8
<>B>@8:8, 2>A?@8OB8O, 2=8<0=8O, ?0740=8O >?B8<0;L=KE CA;>289
>1CG5=8O >@30=87CNBAO CG51=K5 <5AB0 4;O ?@>2545=8O :0: 8=48284C0;L=>9, B0: 8 3@C??>2>9
D>@< >1CG5=8O. % MB>9 F5;LN 2 ?><5I5=88 :;0AA0 A>740=K A?5F80;L=K5 7>=K. @><5 CG51=KE
7>= ?@54CA<>B@5=K <5AB0 4;O >B4KE0 8 ?@>2545=8O A2>1>4=>3> 2@5<5=8.
%?5F80;L=K9 CG51=K9 8 4840:B8G5A:89 <0B5@80;, >B25G0NI89 >A>1K<
>1@07>20B5;L=K< ?>B@51=>ABO< >1CG0NI8EAO "A>1K5 >1@07>20B5;L=K5 ?>B@51=>AB8
>1CG0NI8EAO 2K7K20NB =5>1E>48<>ABL A?5F80;L=>3> ?>41>@0 CG51=>3> 8 4840:B8G5A:>3>
<0B5@80;0, ?>72>;ONI53> MDD5:B82=> >ACI5AB2;OBL ?@>F5AA >1CG5=8O ?> 2A5< ?@54<5B=K<
>1;0ABO<.
"A2>5=85 ?@0:B8:8 >1I5=8O A >:@C60NI8<8 ;N4L<8 2 @0<:0E ?@54<5B=>9 >1;0AB8 «/7K:
8 @5G520O ?@0:B8:0» ?@54?>;0305B 8A?>;L7>20=85 :0: 25@10;L=KE, B0: 8 =525@10;L=KE
A@54AB2 :><<>30B5;L=K<8 A@54AB20<8 =525@10;L=>9 (0;LB5@=0B82=>9) :>< ?>4>1@0==K5 ?@54<5BK,
3@0D8G5A:85 / ?5G0B=K5 87>1@065=8O (B5<0B8G5A:85 =01>@K D>B>3@0D89, @8AC=:>2,
?8:B>3@0<< 8 4@., 0 B0:65 A>AB02;5==K5 87 =8E 8=48284C0;L=K5 :><A:8 (B01;8FK 1C:2, :0@B>G:8 A =0?5G0B0==K<8 A;>20<8 4;O «3;>10;L=>3>
GB5=8O»),
M;5:B@>==K5 A@54AB20 (?;0=H5B=K9 8;8 ?5@A>=0;L=K9 :>>B25BAB2CNI8<
?@>3@0<<=K< >15A?5G5=85< 8 2A?><>30B5;L=K< >1>@C4>20=85< 8 4@.).
KH5?5@5G8A;5==K5 8 4@C385 A@54AB20 8A?>;L7CNBAO 4;O @0728B8O 25@10;L=>9 (@5G52>9)
:><1CG0NI8<8AO, 4;O :>B>@KE >=0 AB0=>28BAO 4>ABC?=>9.
"A2>5=85 ?@54<5B=>9 >1;0AB8 « 0B5<0B8:0» ?@54?>;0305B 8A?>;L7>20=85 @07=>>1@07=>3>
4840:B8G5A:>3> <0B5@80;0: ?@54<5B>2 @07;8G=>9 D>@1@065=89
?@54<5B>2, ;N459, >1J5:B>2 ?@8@>4K, F8D@ 8 4@., >1>@C4>20=8O, ?>72>;ONI53> 2K?>;=OBL
C?@06=5=8O =0 A>@B8@>2:C, 3@C??8@>2:C @07;8G=KE ?@54<5B>2, 8E A>>B=5A5=8O ?>
>?@545;5==K< ?@87=0:0<,
?@>3@0<<=>3> >15A?5G5=8O 4;O ?5@A>=0;L=>3> :><>ILN :>B>@>3>
2K?>;=ONBAO C?@06=5=8O ?> D>@<8@>20=8N 4>ABC?=KE <0B5<0B8G5A:8E ?@54AB02;5=89,
:0;L:C;OB>@>2 8 4@C38E A@54AB2.
(>@<8@>20=85 4>ABC?=KE ?@54AB02;5=89 >1 >:@C60NI5< <8@5 8 ?@0:B8:5 2708<>459AB28O
A =8< 2 @0<:0E ?@54<5B=>9 >1;0AB8 «":@C60NI89 <8@» ?@>8AE>48B A 8A?>;L7>20=85<
B@048F8>==KE 4840:B8G5A:8E A@54AB2, A ?@8<5=5=85< 2845>, ?@>5:F8>==>3> >1>@C4>20=8O,
8=B5@=5B @5AC@A>2 8 ?5G0B=KE <0B5@80;>2. "1>30I5=8N >?KB0 2708<>459AB28O A >:@C60NI8<
<8@>< A?>A>1AB2C5B =5?>A@54AB25==K9 :>=B0:B >1CG0NI8EAO A <8@>< 682>9 ?@8@>4K
(@0AB8B5;L=K< 8 682>B=K<).  :0G5AB25 A@54AB2 >1CG5=8O 2KABC?0NB :><=0B=K5 @0AB5=8O,
H:>;L=0O B5?;8F0, A5=A>@=0O :><=0B0 8 4@. >1J5:BK =0 ?@8;530NI59 : >1@07>20B5;L=>9
>@30=870F88 B5@@8B>@88.
(>@<8@>20=85 ?@54AB02;5=89 > A515, A2>8E 2>7<>6=>ABOE 2 E>45 >A2>5=8O CG51=>3>
?@54<5B0 «+5;>25:» (7=0=8O > G5;>25:5 8 ?@0:B8:0 ;8G=>3> 2708<>459AB28O A ;N4L<8) 2
100

@0<:0E 40==>9 ?@54<5B=>9 >1;0AB8 ?@>8AE>48B A 8A?>;L7>20=85< A@54AB2, @0AH8@ONI8E
?@54AB02;5=8O 8 >1>30I0NI8E 687=5==K9 >?KB >1CG0NI8EAO, =0?@8<5@, A5=A>@=KE A@54AB2,
2>7459AB2CNI8E =0 @07;8G=K5 GC2AB25==K5 0=0;870B>@K 8 2K7K20NI8E ?>;>68B5;L=K5
@50:F88 >1CG0NI8EAO =0 >:@C60NICN 459AB28B5;L=>ABL.  >1@07>20B5;L=>9 >@30=870F88
8<55BAO =01>@ <0B5@80;>2 8 >1>@C4>20=8O, ?>72>;ONI89 >1CG0NI8A20820BL =02K:8
A0<>>1A;C6820=8O, 4>ABC?=>9 1KB>2>9 45OB5;L=>AB8. 'G51=K9 ?@54<5B «+5;>25:»
?@54?>;0305B 8A?>;L7>20=85 H8@>:>3> A?5:B@0 45<>=AB@0F8>==>3> CG51=>3> <0B5@80;0 (D>B>,
2845>, @8AC=:>2), B5<0B8G5A:8 A2O70==>3> A A>F80;L=>9 687=LN G5;>25:0, 1;8609H8<
>:@C65=85<. 0==K5 <0B5@80;K 8A?>;L7CNBAO :0: 2 ?5G0B=>< 2845 (:=838, D>B> 0;L1>==>< (2>A?@>872545=85 70?8A8 A =>A8B5;O M;5:B@>==>9 8=D>@<0F88). ;O >A2>5=8O
A>F80;L=KE @>;59 8 >1I5?@8=OBKE ?@028; 2 ?@>F5AA5 >1CG5=8O 8A?>;L7CNBAO @07;8G=K5
@>;52K5 83@K, 4;O :>B>@KE 2 0@A5=0;5 CG51=>-4840:B8G5A:8E A@54AB2 =5>1E>48<> 8<5BL
83@CH:8, 83@>2K5 ?@54<5BK 8 0B@81CBK, =5>1E>482>9 45OB5;L=>AB8 45B59: <515;L,
?>AC40, B@0=A?>@B, :C:;K, <0A:8, :>ABN1E>48< 4;O >1@07>20=8O >1CG0NI8EAO
2 ?@54<5B=>9 >1;0AB8 «A:CAAB2>». "A2>5=85 ?@0:B8:8 87>1@078B5;L=>9 45OB5;L=>AB8,
EC4>65AB25==>3> @5<5A;0 8 EC4>65AB25==>3> B2>@G5AB20 B@51C5B A?5F80;L=KE 8
A?5F8D8G5A:8E 8=AB@C<5=B>2 (=>6=8F, :8AB>G5: 8 4@.), ?>72>;ONI8E @515=:C >2;04520BL
>B45;L=K<8 >?5@0F8O<8 2 ?@>F5AA5 A>2<5AB=KE A> 27@>A;K< 459AB289. @><5 B>3>, 4;O
70=OB89 ?> 87>1@078B5;L=>9 45OB5;L=>AB8 =5>1E>48< 1>;LH>9 >1J5< @0AE>4=KE <0B5@80;>2
(1C<030, :@0A:8, ?;0AB8;8=, 3;8=0, :;59 8 4@.). 0=OB8O 9 8 B50B@0;L=>9 45OB5;L=>ABLN
>15A?5G5=K 4>ABC?=K<8 <.
#@54<5B=0O >1;0ABL «(878G5A:0O :C;LBC@0» (?@54<5B 40?B82=0O D87:C;LBC@0)
4>;6=0 >15A?5G820BL >1CG0NI87<>6=>ABL D878G5A:>3> A0<>A>25@H5=AB2>20=8O, 4065
5A;8 8E D878G5A:89 AB0BCA 7=0G8B5;L=> =865 >1I5?@8=OB>9 =>@3> >A=0I5=85
D87:C;LBC@=>3> 8 B@5=065@=>3> 70;>2 ?@54CA<0B@8205B A?5F80;L=>5 040?B8@>20==>5
(0AA8AB82=>5) >1>@C4>20=85 4;O >1CG0NI8EAO A @07;8G=K<8 =0@CH5=8O<8 @0728B8O, 2:;NG0O
B@5=065@K.
% CG5B>< B>3>, GB> ?>43>B>2:0 >1CG0NI8EAO : B@C4>2>9 45OB5;L=>AB8 2 @0<:0E ?@54<5B=>9
>1;0AB8 «&5E=>;>388» =0G8=05BAO A D>@<8@>20=8O C 45B59 M;5<5=B0@=KE 459AB289 A
<0B5@80;0<8 8 ?@54<5B0<8, 4;O >1CG5=8O =5>1E>48>1@07=K5 ?> A2>9AB20< 8 2=5H=8<
?@87=0:0< <0B5@80;K, 83@CH:8 8 ?@>G85 ?@54<5BK. #> <5@5 =0:>?;5=8O >?KB0 ?@54<5B=> ?@0:B8G5A:>9 45OB5;L=>AB8 480?07>= D>@<8@C5AB5?5==> @0AH8@O5BAO,
C25;8G8205BAO 2@5;=5=8O 8 <5=ONBAO 8E :0G5AB25==K5 E0@0:B5@8AB8:8. #>AB5?5==>
D>@<8@C54OB 2 @07@O4 B@C4>2KE >?5@0F89.
"1@07>20B5;L=>9 >@30=870F88 4;O >ACI5AB2;5=8O B@C4>2>3> >1CG5=8O >1CG0NI8EAO
B@51CNBAO:
" AK@L5 (3;8=0, H5@ABL, B:0=L, 1C<030 8 4@. <0B5@80;K);
"
703>B>2:8 (87 45@520, <5B0;;0, ?;0AB8:0) 8 4@C3>9 @0AE>4=K9 <0B5@80;;
"
<0B5@80; 4;O @0AB5=852>4AB20 (A5<5=0 @0AB5=89, @0AA040, :><=0B=K5 @0AB5=8O,
?>G25==K5 A<5A8 8 4@.) 8 CE>40 70 682>B=K<8;
"
8=AB@C<5=BK, A>>B25BAB2CNI85 ?@>D8;N B@C40, 2:;NG0O >1>@C4>20=85 4;O
B@C4>2>9 ?>43>B>2:8 2 >1;0AB8 A5;LA:>3> E>7O9AB20,
"
=03;O4=K9 CG51=>-4840:B8G5A:89 <0B5@80;, =5>1E>482>9 ?>43>B>2:8
2 >1@07>20B5;L=>9 >@30=870F88.
@><5 B>3>, 4;O >15A?5G5=8O CA?5H=>3> >2;045=8O >1CG0NI8<8AO B5E=>;>38G5A:8<
?@>F5AA>< =5>1E>48<> A>740BL CA;>28O, A?>A>1AB2CNI85 2K?>;=5=8N 4>ABC?=KE B@C4>2KE
459AB289 8 ?>;CG5=8O :0G5AB25==>3> ?@>4C:B0. ;O MB>3> A CG5B>< 8=48284C0;L=KE
2>7<>6=>AB59, >1CG0NI8EAO A>740NBAO 0;3>@8B1@065=89. ;O A>740=8O, >1@01>B:8 8 @0A?5G0B:8 3@0D8G5A:8E 87>1@065=89
101

>1@07>20B5;L=>9 >@30=870F88 =5>1E>48<> 8<5BL >1>@C4>20=85 8 ?@>3@0<<=>5 >15A?5G5=85.
=D>@<0F8>==>-<5B>48G5A:85 CA;>28O @50;870F88 "# H"" PC
(20@80=B 8.4.) 2 >1@07>20B5;L=>9 >@30=870F88 >15A?5G820NBAO A>2@5<5==>9
8=D>@<0F8>==>->1@07>20B5;L=>9 A@54>9.
=D>@<0F8>==>->1@07>20B5;L=0O A@540 2:;NG05B 2 A51O A>2>:C?=>ABL B5E=>;>38G5A:8E
A@54AB2 (:>3@0<<=K5 ?@>4C:BK 8 4@.), :C;LBC@=K5 8
>@30=870F8>==K5 D>@@<0F8>==>3> 2708<>459AB28O, :>ABL CG0AB=8:>2
>1@07>20B5;L=KE >B=>H5=89 2 @5H5=88 CG51=>-?>7=020B5;L=KE 8 ?@>D5AA8>=0;L=KE 7040G A
?@8<5=5=85< 8=D>@<0F8>==>-:><==KE B5E=>;>389 (&), 0 B0:65 =0;8G85 A;C61
?>445@6:8 ?@8<5=5=8O &.
=D>@<0F8>==>->1@07>20B5;L=0O A@540 >1@07>20B5;L=>9 >@30=870F88 >15A?5G8205B
2>7<>6=>ABL >ACI5AB2;OBL 2 M;5:B@>==>9 (F8D@>2>9) D>@<5 A;54CNI85 284K 45OB5;L=>AB8:
?;0=8@>20=85 >1@07>20B5;L=>9 45OB5;L=>AB8;
@07<5I5=85 8 A>E@0=5=85 <0B5@80;>2 >1@07>20B5;L=>9 45OB5;L=>AB8, 2 B>< G8A;5
@01>B >1CG0NI8EAO 8 ?5403>3>2, 8A?>;L7C51@07>20B5;L=KE >B=>H5=89
8=D>@<0F8>==KE @5AC@A>2;
D8:A0F8N E>40 >1@07>20B5;L=>9 45OB5;L=>AB8 8 @57C;LB0B>2 >A2>5=8O "# H""
PC (20@80=B8.4.);
2708<>459AB285 <564C CG0AB=8:0<8 >1@07>20B5;L=KE >B=>H5=89, 2>7<>6=>ABL
8A?>;L7>20=8O 40==KE, D>@<8@C545 >1@07>20B5;L=>9 45OB5;L=>AB8 4;O @5H5=8O 7040G
C?@02;5=8O >1@07>20B5;L=>9 45OB5;L=>ABLN;
:>=B@>;8@C5ABC?
CG0AB=8:>2 >1@07>20B5;L=KE >B=>H5=89 :
8=D>@<0F8>==K< >1@07>20B5;L=K< @5AC@A0< 2 A5B8 =B5@=5B (>3@0=8G5=85 4>ABC?0 :
8=D>@<0F88, =5A>2<5AB8<>9 A 7040G0<8 4CE>2=>-=@02AB25==>3> @0728B8O 8 2>A?8B0=8O
>1CG0NI8EAO);
2708<>459AB285 >1@07>20B5;L=>9 >@30=870F88 A >@30=0<8, >ACI5AB2;ONI8<8
C?@02;5=85 2 AD5@5 >1@07>20=8O, 8 A 4@C38<8 >@30=870F8O<8, >ACI5AB2;ONI8<8
>1@07>20B5;L=CN 45OB5;L=>ABL.
(C=:F8>=8@>20=85 8=D>@<0F8>==>->1@07>20B5;L=>9 A@54K >1@07>20B5;L=>9 >@30=870F88
>15A?5G8205BAO A@54AB20<8 & 8 :20;8D8:0F859 @01>B=8:>2, 55 8A?>;L7CNI8E 8
?>445@6820NI8E.
(C=:F8>=8@>20=85
8=D>@<0F8>==>->1@07>20B5;L=>9
A@54K
A>>B25BAB2C5B 70:>=>40B5;LAB2C P>AA89A:>9 (545@0F88.
H5>1E>48<>5 4;O 8A?>;L7>20=8O 8=D>@<0F8>==>-:><==KE
B5E=>;>389
>1>@C4>20=85 >B25G05B A>2@5<5==K< B@51>20=8O< 8 >15A?5G8205B 8E 8A?>;L7>20=85:
2 C@>G=>9 45OB5;L=>AB8;
2> 2=5C@>G=>9 45OB5;L=>AB8;
?@8 87<5@5=88, :>=B@>;5 8 >F5=:5 ?;0=8@C52 >1@07>20=8O;
2 04<8=8AB@0B82=>9 45OB5;L=>AB8, 2:;NG0O 8A?>;L7>20=85 48AB0=F8>==KE
>1@07>20B5;L=KE B5E=>;>389 2A5E CG0AB=8:>2 >1@07>20B5;L=KE >B=>H5=89, 2 B>< G8A;5
2708<>459AB285 >1@07>20B5;L=>9 >@30=870F88 A 8A?>;L7>20=85< 48AB0=F8>==KE
>1@07>20B5;L=KE B5E=>;>389 A 4@C38<8 >@30=870F8O<8 A>F80;L=>9 AD5@K 8 >@30=0<8
C?@02;5=8O.
"'-"", 714 E.;L8=>2 8<55B 4>ABC? : ?5G0B=K< 8 M;5:B@>==K< >1@07>20B5;L=K<
@5AC@A0<, 2 B>< G8A;5 : M;5:B@>==K< >1@07>20B5;L=K< @5AC@A0<, @07<5I5==K< 2 D545@0;L=KE
8 @538>=0;L=KE 1070E 40==KE M;5:B@>==KE >1@07>20B5;L=KE @5AC@A>2.
"A=>2C 8=D>@<0F8>==>9 A@54K >1@07>20B5;L=>9 >@30=870F88 A>AB02;O5B A09B "'-"",
714 E.;L8=>2: https://mbouoos14.rostovschool.ru/
"1CG0NI85AO 2 ?>;=>< >1J5<5 >15A?5G820NBAO 15A?;0B=K<8 CG51=8:0<8 ?> >1O70B5;L=K<
4;O 87CG5=8O ?@54<5B0< 87 D>=4>2 H:>;L=>9 181;8>B5:8. 'G51=8:8, ?> :>B>@K< =5
102

?@54?>;0305BAO 5654=52=>5 2K?>;=5=85 4><0H=53> 7040=8O, <>3CB ?@8>1@5B0BLAO 87 @0AG5B0 1
CG51=8: =0 ?0@BC.
81;8>B5:0 "'-"", 714 E.;L8=>2 B0:65 8<55B D>=4 4>?>;=8B5;L=>9 ;8B5@0BC@K.
(>=4 4>?>;=8B5;L=>9 ;8B5@0BC@K 2:;NG05B 45BA:CN EC4>65AB25==CN 8 =0CG=>-?>?C;O@=CN
;8B5@0BC@C, A?@02>G=>-181;8>3@0D8G5A:85 8 ?5@8>48G5A:85 8740=8O, A>?@>2>640NI85
@50;870F8N A""#.
"'-"", 714 E.;L8=>2 ?@8 @50;870F88 A"# H"" PAC (20@80=B 8.4.) 8A?>;L7C5B
M;5:B@>==K5 A@54AB20 >1CG5=8O =0 C@>:0E ?@8 A>1;N45=88 CAB0=>2;5==KE C# 2.4.3648-20
B@51>20=89:
->1I0O ?@>4>;68B5;L=>ABL 8A?>;L7>20=8O M;5:B@>==KE A@54AB2 >1CG5=8O =0 C@>:5 (?.
2.10.2): 4;O 8=B5@0:B82=>9 4>A:8 - 4;O 45B59 4> 10 ;5B - 20 <8=CB, AB0@H5 10 ;5B - 30 <8=CB; 4;O
:>CB1C:0, ?;0=H5B0) - 4;O 45B59 1, 2-E :;0AA>2 - 20 <8=CB, 3, 4-E :;0AA>2 - 25
<8=CB;
-?@>4>;68B5;L=>ABL =5?@5@K2=>3> 8A?>;L7>20=8O M:@0=0 4;O CG5=8:>2 1-4-E :;0AA>2
A>AB02;O5B 10 <8=CB (?. 2.10.2).
C F5;LN ?@>D8;0:B8:8 =0@CH5=89 7@5=8O >1O70B5;L=> ?@>2>48BAO 38<=0AB8:0 4;O 3;07 ?@8
8A?>;L7>20=88 M;5:B@>==KE A@54AB2 >1CG5=8O - =0 C@>:5 8 ?5@5<5=5, 0 B0:65 ?@8
8A?>;L7>20=88 :=86=KE CG51=KE 8740=89 - 2> 2@530 (?. ?.
2.10.2, 2.10.3).
#5403>38 =5 ?@8<5=ONB =0 70=OB8OE 1>;55 42CE @07;8G=KE -C", A<0@BD>=K ?>4 70?@5B><
(?. ?. 3.5.2, 3.5.3 C# 2.4.3648-20). #5403>38 :>=B@>;8@CNB, GB>1K @0AAB>O=85 >B 3;07 CG5=8:>2
4> M:@0=0 A>AB02;O;> =5 <5=55 50 A< (?. ?. 3.5.4, 3.5.7, 3.5.10 C# 2.4.3648-20).

5.5.

5E0=87AB865=8O F5;52KE >@85=B8@>2 2 A8AB5<5 CA;>289

"A=>2=K< <5E0=87<>< 4>AB865=8O F5;52KE >@85=B8@>2 2 A8AB5<5 CA;>289 O2;O5BAO G5B:>5
2708<>459AB285 2A5E CG0AB=8:>2 >1@07>20B5;L=>3> ?@>F5AA0.
=B53@0B82=K< @57C;LB0B>< 2K?>;=5=8O B@51>20=89 : CA;>28O< @50;870F88 A"# H""
PAC (20@80=B 8.4.)
"'-"", 714 E.;L8=>2 O2;O5BAO A>740=85 8 ?>445@60=85
@072820NI59 >1@07>20B5;L=>9 A@54K, 045:20B=>9 7040G0< 4>AB865=8O ;8G=>AB=>3>,
A>F80;L=>3>, ?>7=020B5;L=>3> (8=B5;;5:BC0;L=>3>), :><3>, MAB5B8G5A:>3>,
D878G5A:>3>, B@C4>2>3> @0728B8O >1CG0NI8EAO.
%>740==K5 2 >1@07>20B5;L=>9 >@30=870F88 CA;>28O:
>15A?5G820NB 4>AB865=85 ?;0=8@C52 >A2>5=8O A"# H"" PAC
(20@80=B 8.4.) 8 @50;870F8N ?@54CA<>B@5==KE 2 =59 >1@07>20B5;L=KE ?@>3@0<<;
CG8BK20NB >A>15==>AB8 >1@07>20B5;L=>9 >@30=870F88, 5ë >@30=870F8>==CN
AB@C:BC@C, 70?@>AK CG0AB=8:>2 >1@07>20B5;L=>3> ?@>F5AA0;
- ?@54>AB02;ONB 2>7<>6=>ABL 2708<>459AB28O A A>F80;L=K<8 ?0@B=5@0<8, 8A?>;L7>20=8O
@5AC@A>2 A>F8C<0.

103

7
1

2

3

4

5E0=87AB865=8O F5;52KE
>@85=B8@>2 2 A8AB5<5 CA;>289
-DD5:B82=0O @01>B0 A?>@B82=>3> 8
B@5=065@=>3>
70;0; A?>@B82=>9 ?;>I04:8;
%>>B25BAB285 CA;>289 D878G5A:>3>
2>A?8B0=8O
38385=8G5A:8< MDD5:B82=0O @01>B0 AB>;>2>9;
MDD5:B82=0O >74>@>28B5;L=0O @01>B0;
B@51>20=8O<;
>15A?5G5==>ABL 3>@OG8< ?8B0=85<, MDD5:B82=0O A8AB5<0 C?@02;5=G5A:>9
=0;8G85
;8F5=78@>20==>3> 45OB5;L=>AB8;
<548F8=A:>3> :018=5B0, 48=0<8G5A:>3> @50;870F8O ?;0=>2 @01>BK , ",
?A8E>;>38G5A:>9 8 <5B>48G5A:>9 A;C61
@0A?8A0=85 CG51=KE 70=OB89;
"'-"", 714 E.;L8=>2 ; @50;870F8O
CG51=K9 ?;0=, CG8BK20NI89 @07=K5
?;0=0
,
D>@9 45OB5;L=>AB8 8
?>;845OB5;L=>AB=>5 ?@>AB@0=AB2>;
A>AB>O=85 74>@>2LO CG0I8EAO;
!0;8G85 ?5403>3>2, A?>A>1=KE
@50;87>20BL "# !"" P% (?>
#>41>@ :20;8D8F8@>20==KE :04@>2 4;O
:20;8D8:0F88, ?> >?KBC; =0;8G85
@01>BK;
720=89;
?>2KH5=85 :20;8D8:0F88
?>1548B5;8
?@>D5AA8>=0;L=KE ?5403>38G5A:8E @01>B=8:>2; 0BB5AB0F8O
:>=:C@A>2;
?5403>38G5A:8E @01>B=8:>2; <>=8B>@8=3
CG0AB85 2 ?@>5:B0E, 3@0=B0E 8 B.?.)
8==>20F8>==>9 3>B>2=>AB8 8
?@>D5AA8>=0;L=>9 :>AB8
?5403>38G5A:8E @01>B=8:>2; MDD5:B82=>5
<5B>48G5A:>5 A>?@>2>645=85 45OB5;L=>AB8
?5403>38G5A:8E @01>B=8:>2.
"1>A=>20==>5 8 MDD5:B82=>5
8A?>;L7>20=85 8=D>@<0F8>==>9 A@54K
#@8>1@5B5=85 F8D@>2KE
(;>:0;L=>9 A@54K, A09B0, F8D@>2KE
>1@07>20B5;L=KE @5AC@A>2; ?>2KH5=85
>1@07>20B5;L=KE @5AC@A>2, 2;045=85
?@>D5AA8>=0;L=>9 :>AB8
&-B5E=>;>38O<8 ?5403>30<8) 2
?5403>38G5A:8E @01>B=8:>2 ?> ?@>3@0<<0<
>1@07>20B5;L=>< ?@>F5AA5
8=D>@<0B870F88 >1@07>20B5;L=>3>
?@>AB@0=AB20;
:0G5AB25==0O >@30=870F8O @01>BK
>D8F80;L=>3> A09B0; @50;870F8O ?;0=0
,.
!0;8G85 ;>:0;L=KE =>@<0B82=KE P07@01>B:0 8 CB25@645=85 ;>:0;L=KE
?@02>2KE 0:B>2 8 8E 8A?>;L7>20=85 =>@<0B82=KE ?@02>2KE 0:B>2 2
2A5<8 AC1J5:B0<8 >1@07>20B5;L=>3> A>>B25BAB288 A 'AB02><; 2=5A5=85
?@>F5AA0.
87<5=5=89 2 ;>:0;L=K5 =>@<0B82=K5
?@02>2K5 0:BK 2 A>>B25BAB288 A
87<5=5=85< 459AB2CNI53>
70:>=>40B5;LAB20; :0G5AB25==>5 ?@02>2>5
>15A?5G5=85 2A5E =0?@02;5=89
45OB5;L=>AB8 'G@5645=8O 2 A>>B25BAB288 A
""#
*5;52>9 >@85=B8@ 2 A8AB5<5
CA;>289

104

!0;8G85 10;0=A0 <564C 2=5H=59 8 -DD5:B82=0O @50;870F8O =>@<
2=CB@5==59 >F5=:>9 (A0<>>F5=:>9) #>;>65=8O > ?@>2545=88 0BB5AB0F88
45OB5;L=>AB8
2A5E
AC1J5:B>2 CG0I8EAO "'-"", 714 E.;L8=>2 ;
>1@07>20B5;L=>3>
?@>F5AA0
?@8 A>>B25BAB285 ;8F5=78>==K< B@51>20=8O< 8
@50;870F88 "# !"" PC (20@80=B 0::@548B0F8>==K< =>@<0<
8.4.);
>1@07>20B5;L=>9 45OB5;L=>AB8;
CG0AB85 >1I5AB25==>AB8 (2 B>< G8A;5 MDD5:B82=0O 45OB5;L=>ABL >@30=>2
@>48B5;LA:>9)
2
C?@02;5=88 A0<>C?@02;5=8O A =>@<0B82=K<8
>1@07>20B5;L=K< ?@>F5AA><.
4>:C<5=B0<8.
6
"1>A=>20=85 8A?>;L7>20=8O A?8A:0
CG51=8:>2 4;O @50;870F88 7040G "#
#@8>1@5B5=85 CG51=8:>2, CG51=KE
!"" PC (20@80=B8.4); =0;8G85 8
?>A>189,
F8D@>2KE
>1@07>20B5;L=KE
>?B8<0;L=>ABL 4@C38E CG51=KE 8
@5AC@A>2;
4840:B8G5A:8E <0B5@80;>2, 2:;NG0O
0BB5AB0F8O CG51=KE :018=5B>2 G5@57
F8D@>2K5 >1@07>20B5;L=K5 @5AC@AK,
?@>2545=85 C<>B@0 CG51=KE :018=5B>2;
G0AB>B0 8E 8A?>;L7>20=8O CG0I8<8AO =0 MDD5:B82=>5 <5B>48G5A:>5 A>?@>2>645=85
8=48284C0;L=>< C@>2=5
45OB5;L=>AB8 ?5403>38G5A:8E @01>B=8:>2;
@50;870F8O ?;0=0 ,.
5

5.6.

>=B@>;L A>AB>O=8O A8AB5289

>=B@>;L 70 A>AB>O=85< A8AB5289 >ACI5AB2;O5BAO 04<8=8AB@0F859 "'-"",
714 E.;L8=>2. P57C;LB0B>< @50;870F88 "# !"" PC (20@80=B 8.4.) 4>;6=> AB0BL
?>2KH5=85 :0G5AB20 ?@54>AB02;5=8O =0G0;L=>3> >1I53> >1@07>20=8O, :>B>@>5 1C45B
4>AB83=CB> ?CBë< A>740=8O A>2@5<5==KE CA;>289 >1@07>20B5;L=>9 45OB5;L=>AB8 8 @>AB0
MDD5:B82=>AB8
CG8B5;LA:>3>
B@C40.
;NG52K<
8=48:0B>@><
1C45B
O2;OBLAO
C4>2;5B2>@5==>ABL :0G5AB2>< >1@07>20=8O ?5403>38G5A:8E @01>B=8:>2, >1CG0NI8EAO 8 8E
@>48B5;59 (70:>==KE ?@54AB028B5;59), >?@545;O5<0O ?> @57C;LB0B0< A>F8>;>38G5A:8E
>?@>A>2.

5.7.

%5B52>9 3@0D8: (4>@>6=0O :0@B0) ?> D>@<8@>20=8N
=5>1E>48<>9 A8AB5289

C5B52>9 3@0D8: (4>@>6=0O :0@B0) ?> D>@<8@>20=8N =5>1E>48<>9 A8AB5289
@50;870F88 "# !"" PC (20@80=B 8.4.) >B@0605B <5@>?@8OB8O ?> D>@<8@>20=8N 2A5E
=54>AB0NI8E :>=5=B>2 :064>9 3@C??K CA;>289.
!0?@02;5=85
<5@>?@8OB89
!>@<0B82=>5
>15A?5G5=85

5@>?@8OB8O
P07@01>B:0
040?B8@>20==>9
>1I5>1@07>20B5;L=>9 ?@>3@0<1@07>20=8O
>1CG0NI8EAO A PC !"" A C9
>BAB0;>ABLN (8=B5;;5:BC0;L=K<8 =0@CH5=8O<8),
20@80=B 8.4. 2 A>>B25BAB288 A ("C 8 (""#
'B25@645=85 "# !"" PC (20@80=B 8.4.)

105

%@>:8
@50;870F88
2024
(<09-023CAB)

23CAB, 2024

=5A5=85 87<5=5=89 2 "# H"" PC (20@80=B
#> <5@5
8.4.)
=5>1E>48<>AB 8
/ 023CAB
"?@545;5=85 A?8A:0 CG51=8:>2 8 CG51=KE 653>4=>,
?>A>189, 8A?>;L7C51@07>20B5;L=>< ?@>F5AA5 0?@5;L
2 A>>B25BAB288 A D545@0;L=K< ?5@5G=5< CG51=8:>2
8 CG51=KE ?>A>189
653>4=>, ?>
P07@01>B:0 ;>:0;L=KE 0:B>2, CAB0=02;820NI8E <5@5
B@51>20=8O : @07;8G=K< >1J5:B0< 8=D@0AB@C:BC@K =5>1E>48<>AB 8
>1@07>20B5;L=>3> CG@5645=8O A CGëB>< B@51>20=89
: <8=8<0;L=>9 >A=0Ië==>AB8 CG51=>3> ?@>F5AA0
P07@01>B:0:
653>4=>,
<09-023CAB
->1@07>20B5;L=KE ?@>3@0<< (8=48284C0;L=KE 8
)
4@. ;
CG51=>3> ?;0=0;
@01>G8E ?@>3@0<< CG51=KE ?@54<5B>2,
:C@A>2;
(8=0=A>2>5
"?@545;5=85 >1Jë<0 @0AE>4>2, =5>1E>4815A?5G5=85 @50;870F88 "# H"" PC (20@80=B 8.4.) 8
4>AB865=8O ?;0=8@C52, 0 B0:65
<5E0=87<0 8E D>@<8@>20=8O
23CAB
P07@01>B:0 ;>:0;L=KE 0:B>2 (2=5A5=85 87<5=5=89
2 =8E), @53;0<5=B8@CNI8E CAB0=>2;5=85 70@01>B=>9
?;0BK @01>B=8:>2 >1@07>20B5;L=>3> CG@5645=8O, 2
B>< G8A;5 AB8: 8 4>?;0B,
?>@O4:0 8 @07<5@>2 ?@5<8@>20=8O
0:;NG5=85 4>?>;=8B5;L=KE A>3;0H5=89 : C5=BO1@L
B@C4>2>3>2>@C
A
?5403>38G5A:8<8
@01>B=8:0<8
653>4=>
"@30=870F8>==>5 P07@01>B:0 8 @50;870F8O A8AB5=8B>@8=30
>15A?5G5=85 >1@07>20B5;L=KE ?>B@51=>AB59 >1CG0NI8EAO 8
@>48B5;59 ?> 8A?>;L7>20=8N G0A>2 20@80B82=>9
G0AB8 CG51=>3> ?;0=0 8 2=5C@>G=>9 45OB5;L=>AB8
?@5;L-023CA
04@>2>5
=0;87 :04@>2>3> >15A?5G5=8O
>15A?5G5=85
C>740=85
(:>@@5:B8@>2:0)
?;0=0-3@0D8:0 23CAB
?>2KH5=8O :20;8D8:0F88 ?5403>38G5A:8E 8 5653>4=>
@C:>2>4OI8E @01>B=8:>2 CG@5645=8O
P07@01>B:0 (:>@@5:B8@>2:0) ?;0=0 =0CG=>- 23CAB
<5B>48G5A:>9
@01>BK
(2=CB@8H:>;L=>3> 5653>4=>
?>2KH5=8O :20;8D8:0F88)
=D>@<0F8>==>5 "15A?5G5=85 ?C1;8G=>9 >BGëB=>AB8 "'-"", 653>4=>
O=20@L-<0@B
>15A?5G5=85 714 E.;L8=>2 > E>45 8 @57C;LB0B0E @50;870F88
"# H"" PC (20@80=B 8.4)
=0;87 <0B5@80;L=>-B5E=8G5A:>3> >15A?5G5=8O 653>4=>
@50;870F88 "# H"" PC (20@80=B 8.4)

106

0B5@80;L=>
B5E=8G5A:>5
>15A?5G5=85

"15A?5G5=85
A>>B25BAB28O
<0B5@80;L=>- #> <5@5
B5E=8G5A:>9 107K B@51>20=8O< "# H"" PC D8=0=A8@>20
(20@80=B 8.4.)
=
8O
"15A?5G5=85
A>>B25BAB28O
A0=8B0@=>- C>>B25BAB2C
38385=8G5A:8E CA;>289 B@51>20=8O< "# H"" N
B
PC (20@80=B 8.4.)
"15A?5G5=85 A>>B25BAB28O CA;>289 @50;870F88 C>>B25BAB2C
"# H"" PC (20@80=B 8.4.) ?@>B82>?>60@=K< N
B
=>@<0<, =>@<0< >E@0=K B@C40 @01>B=8:>2
"15A?5G5=85
A>>B25BAB28O
8=D>@<0F8>==>- 
>1@07>20B5;L=>9 A@54K B@51>20=8O< "# H"" A>>B25BAB288
PC (20@80=B 8.4.)
A ?;0=><
"15A?5G5=85 C:>20==>AB8 181;8>B5:8

?5G0B=K<8 8 M;5:B@>==K<8 >1@07>20B5;L=K<8
A>>B25BAB288
@5AC@A0<8
A ?;0=><
H0;8G85 4>ABC?0 "'-"", 714 E.;L8=>2 : <55BAO
M;5:B@>==K< >1@07>20B5;L=K< @5AC@A0< (-"P),
@07<5Ië==K< 2 D545@0;L=KE 8 @538>=0;L=KE 1070E
40==KE
"15A?5G5=85
:>=B@>;8@C5<>3>
4>ABC?0  =0;8G88
CG0AB=8:>2
>1@07>20B5;L=>3>
?@>F5AA0
:
8=D>@<0F8>==K< >1@07>20B5;L=K< @5AC@A0< 2

107