Добавил:
dinia
Опубликованный материал нарушает ваши авторские права? Сообщите нам.
Вуз:
Предмет:
Файл:Основы маркетинга (Парамонова Т.М)
.txt яю1 . ?>=OB85 <0@:5B8=30 =0 A>2@5<5==>< MB0?5
2 2 0 0 0 3 <8@>20O >1I5AB25==>ABL ?@074=>20;0 1 0 0 ;5B <0@:5B8=30 2 <8@5 8 2 5 ;5B 2 >AA88. >48=0 <0@:5B8=30 !(.
B5G5=85 2A53> MB>3> 2@5<5=8 >4=8 :>=F5?F88 <0@:5B8=30 ?5@5@0AB0;8 2 4@C385. ! 7 0 - J 3>4>2 2A5 1>;LH89 25A ?@8>1@5B05B :>=F5?F8O F5;52>3> <0@:5B8=30 ( ?> MB>9 :>=F :><?0=8O 2K18@05B @K=>G=K9 A53<5=B)
"0: :0: <0@:5B8=3 7028A8B >B A>AB>O=8O @K=:0, B> 2 A2O78 A 87<5=5=8O<8 @K=:0 87<5=O5BAO 8 <0@:5B8=3. !59G0A 2A5 G0I5 8A?>;L7C5BAO <0@:5B8=3 ?0@B=5@A:8E >B=>H5=89, M<?8@8G5A:89 <0@:5B8=3, <0@:5B8=3 =0?@02;5==K9 =0 8=48284C0;L=>3> ?>B@518B5;O.
0 A53>4=OH=89 45=L 2> 2A5E >B@0A;OE ?@5>1;0405B >AB@0O :>=:C@5=F8O, ?>MB><C A1KB>20O 8 ?@>872>4AB25==0O :>=F5?F88 ?@0:B8G5A:8 =5 8A?>;L7CNBAO.
A?>;L7CNBAO 2 >A=>2=>< @07;8G=K5 M;5<5=BK ?@>42865=8O B>20@0 =0 @K=>:&
2 . >:@C60NI0O A@540 <0@:5B8=30
1 ) =5H=OO A@540:
) <8:@>D0:B>@K =5?>A@54AB25==>5 >:@C65=85 ?@54?@8OB8O, 5ABL 2>7<>6=>ABL @53C;8@>20=8O >B=>H5=89 A =8<8 ( ?>:C?0B5;8, :>=:C@5=BK, 8=25AB>@K, :>=B0:B=0O 0C48B>@8O, A>1AB25==8:8, ?>AB02I8:8)
) <0:@>D0:B>@K >:07K20NB A8;L=>5 2>7459AB285 =0 ?@54?@8OB85, ?>4 =8E =04> 040?B8@>20BLAO, 548=K 4;O 2A5E AC1J5:B>2 <0@:5B8=30 AB@0=K. ;8OBL =0 =8E =5;L7O. ( 70:>=>40B5;L=K5 D0:B>@K 70:>=K 8 =>@<0B82=K5 0:BK, :>B 459AB2CNB 2 AB@0=5 AB0=40@BK, 70:>=K « > @5:;0<5»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
2 ) =CB@5==OO A@540 ?@54?@8OB8O:
- F5;8 8 AB@0B5388 @0728B8O ?@54?@8OB8O
- >@3AB@C:BC@0 C?@02;5=8O ?@54?@8OB85<
- ?>@BD5;L 70:07>2
- D8=0=A>2K5 @5AC@AK
- 40==K5 > ?@>872>4AB25==KE 8 =0CG=KE 2>7<>6=>ABOE
- 40==K5 > :>=:C@5=B>A?>A>1=>AB8 ?@54?@8OB8O
- 40==K5 > :04@>2>< ?>B5=F80;5
040G0 ?@54?@8OB8O, 459AB2CNI53> =0 ?@8=F8?0E <0@:5B8=30 B@0=AD>@<8@>20BL ?>440NI85AO 87<5=5=8N D0:B>@K 2=CB@5==59 8 2=5H=59 A@54K 2 A2>N ?>;L7C ( 4;O 4>AB865=8O AB@0B538G5A:8E F5;59) , 0 : D0:B>@0<, =5 ?>440NI8<AO 87<5=5=8O< ( <0:@>D0:B>@0<) ?@8A?>A>18BLAO ( A2>N AB@C:BC@C, ?>;8B8:C F5=, 0AA>@B8<5=B, :><<C=8:0F88& )
3 . @>;L 8 7=0G5=85 <0@:5B8=30 2 45OB5;L=>AB8 ?@54?@8OB8O.
@54?@8OB85 2K?>;=O5B @O4 DC=:F89:
- ?@>872>4AB25==0O
- DC=:F8O <0@:5B8=30 8;8 A1KB>20O DC=:F8O
- D8=0=A>20O
- G5;>25G5A:8E >B=>H5=89 ( :04@>20O DC=:F8O)
B>@>9 G5;>25: ?>A;5 ?@57845=B0 2 :><?0=88 >1KG=> 28F5- ?@57845=B ?> <0@:5B8=3C.
A=>2=0O DC=:F8O <0@:5B8=30 =0 ?@54?@8OB88 8=B53@8@CNI0O, B. 5. >1J548=O5B 2A5 DC=:F88 ?@54?@8OB8O. 8450;5 =8 >4=0 DC=:F8O ?@54?@8OB8O =5 4>;6=0 459AB2>20BL A0<0 ?> A515 2A5< C?@02;O5B <0@:5B8=3.
4 . ?@54?@8OB85 :0: F5=B@ C?@02;5=8O <0@:5B8=3><
« 0@B=5@K ?@54?@8OB8O» :
3>A- 2> - - @54?@8OB85 - - 0:F8>=5@K
/ / \
:;85=B @01>B=8: ?>AB02I8:8
$C=:F88 ?@54?@8OB8O:
1 ) ?@>872>4AB25==0O
2 ) D8=0=A>20O ?@028;L=>5 @0A?@545;5=85 45=. @5AC@A>2.
3 ) :04@>20O
4 ) <0@:5B8=3>20O 70AB02;O5B 2A5 >AB0;L=K5 DC=:F88 A>3;0A>20==> 459AB2>20BL.
5 ) C?@02;5=85 >?B8<878@>20BL >1<5=K ?@54?@8OB8O 2 @0<:0E 53> :>=:C@5=B>A?>A>1=>AB8 8 @5=B015;L=>AB8.
0@:5B8=3 ( <- 3) MB> @K=>G=0O :>=F5?F8O C?@02;5=8O ?@>872>4AB25==>- A1KB>2>9 8 =0CG=>- B5E=8G5A:>9 45OB5;L=>ABLN ?@54?@8OB8O, =0?@02;5==CN =0 87CG5=85 @K=:0, M:- :>9 :>=J5:BC@K, :>=:@5B=KE 70?@>A>2 ?>B@518B5;59 8 >@85=B0F8N =0 =8E ?@>872>48<KE B>20@>2 8 CA;C3.
&5;L <- 30: 1 ) =C64K 8 ?>B@51=>AB8 ?>B@518B5;59 ?@52@0B8BL 2 4>E>4
8;8
2 ) C25;8G5=85 @5=B015;L=>AB8 ?@54?@8OB8O ?>A@54AB2>< ( B. 5. 1 ) + 2 ) ) C4>2;5B2>@5=8O =C64 8 ?>B@51=>AB59 ?>B@518B5;O.
$C=:F88 <0@:5B8=30:
- 0=0;8B8G5A:0O DC=:F8O. =55 2E>48B:
1 ) 87CG5=85 @K=:0 ( :>;8G5AB25==>5 8 :0G5AB25==>5)
2 ) 87CG5=85 ?>B@518B5;59
3 ) 87CG5=85 D8@<5==>9 AB@C:BC@K @K=:0
4 ) 87CG5=85 B>20@0
5 ) 87CG5=85 2=CB@5==59 A@54K ?@54?@8OB8O
- ?@>872>4AB25==0O. =55 2E>48B:
1 ) >@30=870F8O ?@- 20 =>2KE B>20@>2, @07@01>B:0 =>2KE B5E=>;>389
2 ) >@30=870F8O <0B5@80;L=>- B5E=8G. A=0165=8O
3 ) C?@02;5=85 :0G5AB2>< 8 :>=:C@5=B>A?>A>1=>ABLN 3>B>2CN ?@>4C:F8N
- A1KB>20O. =55 2E>48B:
1 ) >@30=870F8O A8AB5<K B>20@>42865=8O
2 ) >@30=870F8O A5@28A0
3 ) >@30=870F8O A8AB5<K D>@<8@>20=8O ! 8 AB8<C;8@>20=8O A1KB0
4 ) D>@<8@>20=85 F5;5=0?@02;5==>9 B>20@=>9 ?>;8B8:8
- D. C?@02;5=8O 8 :>=B@>;O. =55 2E>48B:
1 ) >@30=870F8O AB@0B538G5A:>3> ( 4>;3>A@>G=>3>) 8 >?5@0B82=>3> ( =0 0 . 5 - 1 3>4) ?@54?@8OB8O =0 @K=:5
2 ) 8=D>@<0F8>==>5 >15A?5G5=85 C?@02;5=8O <0@:5B8=3><
3 ) >@30=870F8O A8AB5<K :><<C=8:0F89 =0 ?@54?@8OB88
4 ) >@30=870F8O :>=B@>;O <0@:5B8=30
0@:5B8=3>20O 45OB5;L=>ABL ?@54?@8OB8O
/ \
0=0;87 @K=:0 0=0;87 ?@54?@8OB8O
| |
=530B82=K5 8 ?>78B82=K5 A8;L=K5 8 A;01K5
AB>@>=K @K=:0 AB>@>=K ?@54?@8OB8O
\ /
AB@0B538O <0@:5B8=30
|
:>=B@>;L <0@:5B8=30 < - - - >?5@0B82=K9 <0@:5B8=3 ( 4 )
5 . -2>;NF8O A>45@60=8O D>@< <0@:5B8=30.
>=F5?F88 @0728B8O <0@:5B8=30.
1 ) >=F5?F8O A>25@H5=AB2>20=8O ?@>872>4AB20: ?@54?>;0305BAO, GB> ?>:C?0B5;8 1C4CB 1>;55 1;03>A:;>==K : B>20@0< 8 CA;C30< A ;CGH8<8 ?>B@518B5;LA:8<8 A2>9AB20<8
2 ) >=F5?F8O A>25@H5=AB2>20=8O B>20@0
3 ) >=F5?F8O 8=B5=A8D8:0F88 :><<5@G5A:8E CA8;89
4 ) #A8;8O ?@54?@8OB8O A>A@54>B>G5=K =0 C4>2;5B2>@5=88 ?>B@51=>AB59 :;85=B0:
" A=>2=>5 =07=0G5=85 ?@54?@8OB8O C4>2;5B2>@OBL ?>B@51=>AB8 :;85=B0
" #4>2;5B2>@5=85 MB8E ?>B@51=>AB59 70AB02;O5B 8=B53@8@>20BL 8 :>>@48=8@>20BL CA8;8O 2A53> ?@54?@8OB8O 2 F5;><
" 5>1E>48<> C45;OBL 2=8<0=85 4>;3>A@>G=><C CA?5EC A2>59 45OB5;L=>AB8
5 ) >=F5?F8O A>F80;L=>- MB8G5A:>3> <0@:5B8=30:
" #4>2;5B2>@5=85 @07C<=KE ?>B@51=>AB59 2 A>>B25BAB288 A 3C<0==K<8 8=B5@5A0<8 >1I5AB20, ?>AB>O==>5 >1=>2;5=85 8 CA>25@H5=AB2>20=85 B>20@>2
" B:07 >B ?@>872>4AB20 8 ?@>4068 B>20@>2, :>B>@K5 <>3CB ?@8=5AB8 2@54 ?>B@518B5;N 8 >1I5AB2C 2 F5;><
" A?>;L7>20=85 M:>;>38G5A:8 G8ABKE B5E=>;>389 4;O ?@>872>4AB20 =C6=>3> >1I5AB2C B>20@0
" =54@5=85 2 ?@0:B8:C ?@>3@0<< A>F80;L=>- M:>;>38G5A:>3> @0728B8O, A>>B25BAB2CNI8E 8=B5@5A0< ?@54?@8OB8O 8 ?>;57=KE 4;O A>F80;L=>3> @0728B8O @538>=0
" !>1;N45=85 A>F80;L=>- MB8G5A:8E 8 <>@0;L=KE ?@8=F8?>2 ?@8 ?@8=OB88 ?@>872>4AB25==KE @5H5=89
6 ) >=F5?F8O M:>;>38G5A:>3> <0@:5B8=30: =0?@02;5=0 =0 C;CGH5=85 :0G5AB20 687=8, B. 5. =5>1E>48<> ?@5>4>;520BL ?@>1;5<K, A2O70==K5 A 70I8B>9 >:@C60NI59 A@54K, =5E20B:>9 @5AC@A>2 8 B. 4.
7 ) >=F5?F8O <0@:5B8=30 ?0@B=5@A:8E >B=>H5=89: ?> <5@5 @0728B8O ?@>872>4AB20 8 ?>B@51;5=8O A>25@H5=AB2C5BAO <5E0=87< 8E 2708<>459AB28O ( >A=>20B5;L MB>9 :>=F5?F88 /= >@4>=)
8 ) >=F5?F8O M<?8@8G5A:>3> <0@:5B8=30: >A=>2K205BAO =0 A?>A>1=>AB8 2K720BL C ?>B@518B5;59 @07;8G=K5 B8?K ?5@56820=89, >=8 >1>7=0G0NBAO 011@5280BC@0<8 !- AB@0B538G5A:85 M<?8@8G5A:85 <>4C;8.
!- :
1 ) A5=A>@=K5
2 ) M<>F8>=0;L=K5 ( 0D8:B82=K5)
3 ) :>3=8B82=K5
@54?@8OB8O >1KG=> 8A?>;L7CNB =5A:>;L:> :>=F5?F89 A@07C.
6 . =C64K 8 ?>B@51=>AB8 :0: 8AE>4=K5 8458 <0@:5B8=30
C640 GC2AB2>, >ICI05<>5 G5;>25:>< 2 =5E20B:5 G53>- ;81>
>B@51=>ABL =C640, ?@8=O2H0O A?5F8D8G5A:CN D>@<C 2 7028A8<>AB8 >B :C;LBC@=>3> C@>2=O 8 ;8G=>AB8 8=482840
5C4>2;5B2>@5=85 >A=>2=KE 687=5==> 206=KE ?>B@51=>AB59 B>@<>78B ?>O2;5=85 8 @0728B85 4@C38E ?>B@51=>AB59, A=8605B 0:B82=>ABL G5;>25:0 ;81> <5=O5B 55 =0?@02;5=85.
3 AB5?5=8 C4>2;5B2>@5=8O ?>B@51=>AB59:
- =5 C4>2;5B2>@5=0
- C4>2;5B2>@5=0 G0AB8G=> ( ?@8 ;N1>9 2>7<>6=>AB8 ?>B@518B5;L >B:065BAO >B B>20@0)
- C4>2;5B2>@5=0 ?>;=>ABLN
<5@8:0=A:89 ?A8E>;>3 0A;>C ?5@2K< ?@54;>68; A8AB5<C ?>B@51=>AB59 8 2708<>A2O759 <564C =8<8, 2KAB@>5==CN ?> 85@0@E8G5A:><C ?@8=F8?C, A>3;0A=> :>B>@><C 2KAH85 70?@>AK =5 2KABC?0NB =0 ?5@2K9 ?;0= 4> B5E ?>@, ?>:0 =5 C4>2;5B2>@5=K ?>B@51=>AB8 =87H53> C@>2=O.
8@0<840 A=87C 225@E:
87H85 ?>B@51=>AB8:
- D878>;>38G5A:85
- 157>?0A=>ABL
KAH85:
- ?@8=04;56=>ABL
- A0<>C2065=85
- A0<>2K@065=85
'5< 1>;LH5 ?>B@51=>AB59 C4>2;5B2>@O5B B>20@, B5< 1KAB@55 >= 1C45B :C?;5=.
7 . ?>=OB85 B>20@0 :0: 8AE>4=0O 845O <0@:5B8=30.
AE>4=K5 8458 <0@:5B8=30:
- C64K
- >B@51=>AB8
- 0?@>AK
- ">20@
- K=>:
">20@ 2A5, GB> <>65B C4>2;5B2>@8BL ?>B@51=>ABL 8;8 =C64C 8 ?@54;0305BAO @K=:C A F5;LN ?@82;5G5=8O 2=8<0¬ =8O, ?@8>1@5B5=8O, 8A?>;L7>20=8O 8;8 ?>B@51;5=8O.
A5 B>20@K, A?>A>1=K5 C4>2;5B2>@8BL MBC =C64C, <K =07K205< B>20@=K< 0AA>@B8<5=B>< 2K1>@0. 5 2A5 MB8 B>20@K 65;0B5;L=K 2 >48=0:>2>9 AB5?5=8. 5@>OB=55 2A53>, 2 ?5@2CN >G5@54L 1C4CB ?@8>1@5B0BLAO B>20@K 8 CA;C38, 1>;55 4>ABC?=K5 8 45H52K5.
3 AB5?5=8 C4>2;5B2>@5=8O ?>B@51=>AB59:
- >B@51=>ABL =5 C4>2;5B2>@5=0
- >B@51=>ABL C4>2;5B2>@5=0 G0AB8G=>
- >B@51=>ABL C4>2;5B2>@5=0 ?>;=>ABLN. MB>< A;CG05 B>20@ 1C45B =07K20BLAO « 8450;L=K< B>20@><» .
'5< ?>;=55 A>>B25BAB2C5B B>20@ 65;0=8O< ?>B@518B5;O, B5< 1>;LH53> CA?5E0 4>1L5BAO ?@>872>48B5;L. @>872>48B5;8 4>;6=K >BKA:8¬ 20BL ?>B@518B5;59, :>B>@K< >=8 E>BOB ?@>4020BL, 2KOA=OBL 8E ?>B@51=>AB8, 0 70B5< A>74020BL B>20@, :0: <>6=> ?>;=55 C4>2;5B2>¬ @ONI89 MB8 ?>B@51=>AB8.
>=OB85 « B>20@» =5 >3@0=8G8205BAO D878G5A:8<8 >1J5:B0<8. ">20@>< <>6=> =0720BL 2A5, GB> A?>A>1=> >:070BL CA;C3C, B. 5. C4>2;5B2>@8BL =C64C. ><8<> 8745;89 8 CA;C3, MB> <>3CB 1KBL ;8G=>AB8, <5AB0, >@30=870F88, 284K 45OB5;L=>AB8 8 8458.
8 . ?>=OB85 @K=:0. @K=>: ?@>402F0 8 @K=>: ?>:C?0B5;O.
K=>: MB> A>2>:C?=>ABL ACI5AB2CNI8E 8 ?>B5=F80;L=KE ?>:C?0B5;59 B>20@0.
MB> AD5@0 >1<5=0, 345 B>20@ >1<5=8205BAO =0 45=L38.
! B>G:8 7@5=8O <0@:5B8=30 2K45;ONB @K=>: ?@>402F0 8 @K=>: ?>:C?0B5;O.
- - 0 @K=:5 ?@>402F0 E>7O8=>< @K=:0 O2;O5BAO ?@>4025F, 0 =081>;55 0:B82=K<8 45OB5;O<8 @K=:0 ?@8E>48BAO 1KBL ?>:C?0B5;O<, A?@>A 1>;LH5 ?@54;>65=8O
%0@0:B5@=K5 G5@BK @K=:0 ?@>402F0:
- 5D8F8B.
- 54>AB0B>G=>5 :0G5AB2> B>20@0.
- KA>:85 F5=K.
- - 0 @K=:5 ?>:C?0B5;O E>7O8=>< @K=:0 O2;O5BAO ?>:C?0B5;L. !?@>A =865 ?@54;>65=8O, 45OB5;L=K<8 ?@8E>48BAO 1KBL ?@>402F0<.
%0@0:B5@=K5 G5@BK @K=:0 ?>:C?0B5;O:
- BACBAB285 45D8F8B0
- "5=45=F88 : C;CGH5=8N :0G5AB20 B>20@0
- "5=45=F88 : AB018;L=>AB8 A>>B=>H5=8O &5=0- 0G5AB2> 8;8 : A=865=8N F5=K.
<5==> @K=>: ?>:C?0B5;O O2;O5BAO =5?@5<5==K< CA;>285< ?@8<5=5=8O :>=F5?F89 <0@:5B8=30
9 . A=>2=K5 M;5<5=BK :><?;5:A0 <0@:5B8=30, 8E :@0B:0O E0@- :0.
><?;5:A <0@:5B8=30 - =01>@ ?>440NI8EAO :>=B@>;N ?5@5<5==KE D0:B>@>2 <0@:5B8=30, A>2>:C?=>ABL :>B>@KE D8@<0 8A?>;L7C5B 2 AB@5<;5=88 2K720BL 65;05<CN >B25B=CN @50:F8N A> AB>@>=K F5;52>3> @K=:0. :><?;5:A <0@:5B8=30 2E>48B 2A5, GB> D8@<0 <>65B ?@54?@8=OBL 4;O >:070=8O 2>7459AB28O =0 A?@>A A2>53> B>20@0. =>3>G8A;5==K5 2>7<>6=>AB8 <>6=> >1J548=8BL 2 G5BK@5 >A=>2=K5 3@C??K: B>20@, F5=0, <5B>4K @0A?@>AB@0=5=8O 8 AB8<C;8@>20=8O.
">20@ ( p r o d u c t ) - MB> =01>@ « 8745;89 8 CA;C3» , :>B>@K5 D8@<0 ?@54;0305B F5;52><C @K=:C.
&5=0 ( p r i c e ) - 45=56=0O AC<<0, :>B>@CN ?>B@518B5;8 4>;6=K C?;0B8BL 4;O ?>;CG5=8O B>20@0. $8@<0 ?@54;0305B @>7=8G=K5 8 >?B>2K5 F5=K, ;L3>B=K5 F5=K 8 A:84:8, ?@>406C 2 :@548B. 07=0G5==0O D8@<>9 F5=0 4>;6=0 A>>B25BAB2>20BL 2>A?@8=8<05<>9 F5==>AB8 ?@54;>65=8O, 8=0G5 ?>:C?0B5;8 1C4CB ?@8>1@5B0BL B>20@K :>=:C@5=B>2.
5B>4K @0A?@>AB@0=5=8O ( p l a c e ) - 2A52>7<>6=0O 45OB5;L=>ABL, 1;03>40@O :>B>@>9 B>20@ AB0=>28BAO 4>ABC?=K< 4;O F5;52KE ?>B@518B5;59. "0:, D8@<0 ?>418@05B >?B>2KE 8 @>7=8G=KE B>@3>2F52, C156405B 8E >1@0I0BL =0 B>20@ 1>;LH5 2=8<0=8O 8 701>B8BLAO > 53> E>@>H59 2K:;04:5, A;548B 70 ?>445@60=85< 53> 70?0A>2 8 >15A?5G8205B MDD5:B82=CN B@0=A?>@B8@>2:C 8 A:;048@>20=85.
5B>4K AB8<C;8@>20=8O ( p r o m o t i o n ) - 2A52>7<>6=0O 45OB5;L=>ABL D8@<K ?> @0A?@>AB@0=5=8N A2545=89 > 4>AB>8=AB20E A2>53> B>20@0 8 C15645=8N F5;52KE ?>B@518B5;59 ?>:C?0BL 53>. "0:, D8@<0 >?;0G8205B @5:;0<C, =0=8<05B ?@>402F>2, ?@>428305B B>20@ A ?><>ILN @07=>3> @>40 A?5F80;L=KE <5@>?@8OB89, >@30=87C5B 53> ?@>?030=4C.
7 2A53> MB>3> AB0=>28BAO OA=>, GB> @5H5=85 > ?>78F8>=8@>20=88 B>20@0 =0 @K=:5 O2;O5BAO >A=>2>9 4;O @07@01>B:8 F5;5=0?@02;5==>3> :><?;5:A0 <0@:5B8=30.
1 0 . "8?K <0@:5B8=30 2 7028A8<>AB8 >B A>AB>O=8O A?@>A0 =0 @K=:5.
1 530B82=K9 A?@>A. >340 7=0G8B5;L=0O G0ABL ?>B@518B5;59 =5 ;N18B ?@>4C:B 8 <>65B 4065 70?;0B8BL >?@545;5==CN F5=C 70 >B:07 >B 53> 8A?>;L7>20=8O. "8? <0@:5B8=30 :>=25@A8>==K9. &5;L A>740BL A?@>A. 5@>?@8OB8O ?5@545;:0 ?@>4C:B0, CA8;5=85 8 @07@01>B:0 ?;0=0 @5:;0<=>9 @01>BK 8 ?@>42865=8O B>20@0.
2 BACBAB285 A?@>A0. &5;52K5 ?>B@518B5;8 <>3CB 1KBL =5 708=B5@5A>20==K<8 2 B>20@5 8;8 157@07;8G=K<8 : =5<C. "8? <0@:5B8=30 AB8<C;8@CNI89. &5;L AB8<C;8@>20BL A?@>A. 5@>?@8OB8O ?@540BL B>20@C 8725AB=>ABL, >?B8<878@>20BL :0=0;K @0A?@545;5=8O, 2KOA=8BL ?@8G8=C >BACBAB28O A?@>A0.
3 0;8G85 ?>B5=F80;L=>3> A?@>A0. =>385 ?>B@518B5;8 <>3CB 8A?KBK¬ 20BL A8;L=>5 65;0=85, :>B>@>5 =52>7<>6=> C4>2;5B2>@8BL A ?><>ILN 8<5NI8EAO =0 @K=:5 B>20@>2 8;8 CA;C3. !CI5AB2C5B 1>;LH>9 A:@KBK9 A?@>A =0 1572@54=K5 A830@5BK, 157>?0A=K5 68;K5 <8:@>@09>=K 8 1>;55 M:>=><8G=K5 02B>¬ <>18;8. "8? <0@:5B8=30 @072820NI89. &5;L @50;87>20BL A?@>A. 5@>?@8OB8O A>740BL B>20@K :0G5AB25==> =>2>3> C@>2=O.
4 !=860NI89AO A?@>A. 0=> 8;8 ?>74=> ;N10O >@30=870F8O AB>;:=5BAO A ?045=85< A?@>A0 =0 >48= 8;8 =5A:>;L:> A2>8E B>20@>2. "8? <0@:5B8=30 @5<0@:5B8=3. &5;L 2>AAB0=>28BL A?@>A. 5OB5;L @K=:0 4>;65= ?@>0=0;878@>20BL ?@8G8=K ?045=8O :>=JN=:BC@K 8 >?@545;8BL, <>6=> ;8 A=>20 AB8<C;8@>20BL A1KB ?CB5< >BKA:0=8O =>2KE F5;52KE @K=:>2, 87<5=5=8O E0@0:B5@8AB8: B>20@0 8;8 CAB0=>2;5=8O 1>;55 MDD5:B82=>9 :><<C=8:0F88. 5@>?@8OB8O <>45@=870F8O B>20@0, ?5@5>@85=B0F8O ?@54?@8OB8O =0 =>2K5 @K=:8, AB8<C;8@>20=85 ?@>42865=8O.
5 >;51;NI89AO A?@>A. # <=>38E >@30=870F89 A1KB :>;51;5BAO =0 A57>==>9, 5654=52=>9 8 4065 ?>G0A>2>9 >A=>25, GB> 2K7K205B ?@>1;5<K =54>3@C7:8 8 ?5@53@C7:8. >;LH0O G0ABL >1I5AB25==>3> B@0=A?>@B0 =5 703@C65=0 2> 2@5<O 4=52=>3> 70B8HLO 8 =5 A?@02;O5BAO A ?5@52>7:0<8 2 G0AK ?8:. > 1C4=O< 2 <C75OE <0;> ?>A5B8B5;59, 70B> 2 2KE>4=K5 4=8 70;K ?5@5?>;=5=K. "8? <0@:5B8=30 A8=E@><0@:5B8=3. &5;L AB018;878@>20BL A?@>A. 5@>?@8OB8O 87KA:0BL A?>A>1K A3;048BL :>;510=8O 2 @0A?@545;5=88 A?@>A0 ?> 2@5<5=8 A ?><>ILN 381:8E F5=, <5@ AB8<C;8@>20=8O 8 ?@>G8E ?@85<>2 ?>1C645=8O.
6 !>>B25BAB2CNI89 2>7<>6=>ABO< ?@54?@8OB8O. ?>;=>F5==>< A?@>A5 3>2>@OB, :>340 >@30=870F8O C4>2;5B2>@5=0 A2>8< B>@3>2K< >1>@>¬ B><. "8? <0@:5B8=30 ?>445@6820NI89. &5;L AB018;878@>20BL A?@>A, ?>445@6820BL ACI5AB2CNI89 C@>¬ 25=L A?@>A0, =5A<>B@O =0 <5=ONI85AO ?>B@518B5;LA:85 ?@54?>GB5=8O 8 CA8;820NICNAO :>=:C@5=F8N. 5@>?@8OB8O 381:0O ?>;8B8:0 F5=, A>740=85 MDD5:B82=>9 @5:;0<K. @30=870F8O 4>;6=0 =5C:>A=8B5;L=> 701>B8BLAO > :0G5AB25 B>20@0 8 >1A;C6820=8O, ?>AB>O==> 70<5@OBL C@>25=L ?>B@518B5;L¬ A:>9 C4>2;5B2>@5==>AB8, GB>1K AC48BL > ?@028;L=>AB8 A2>8E 459AB289.
7 '@57<5@=K9 A?@>A. # @O40 >@30=870F89 C@>25=L A?@>A0 2KH5, G5< >=8 <>3CB 8;8 E>BOB C4>2;5B2>@8BL. "8? <0@:5B8=30 - 45<0@:5B8=3. &5;L A=878BL A?@>A. 5@>?@8OB8O - @8 >1I5< 45<0@:5B8=35 AB@5<OBAO A18BL G@57<5@¬ =K9 A?@>A, ?@81530O : B0:8< <5@0<, :0: ?>2KH5=85 F5=, >A;01;5=85 CA8;89 ?> AB8<C;8@>20=8N 8 A>:@0I5=85 A5@28¬ A0, ?@>4060 ;8F5=789 4@C38< ?@>872>48B5;O<. @8 2K1>@>G=>< 45<0@:5B8=35 AB@5<OBAO A>:@0B8BL C@>25=L A?@>A0 =0 B5E CG0AB:0E @K=:0, :>B>@K5 <5=55 4>E>4=K 8;8 B@51CNB <5=LH5 A5@28A=KE CA;C3. &5;L 45<0@:5B8=30 =5 ;8:2848@>20BL A?@>A, 0 2A53> ;8HL A=878BL 53> C@>25=L.
8 @@0F8>=0;L=K9 A?@>A. @>B82>459AB285 A?@>AC =0 B>20@K, 2@54=K5 4;O 74>@>2LO, B@51C5B F5;5CAB@5<;5==KE CA8;89. @>2>4OBAO :0<?0=88 ?@>B82 @0A?@>AB@0=5=8O A830@5B, A?8@B=KE =0?8B:>2, =0@:>B8G5A:8E A@54AB2, 2K7K20N¬ I8E ?@82K:0=85, >3=5AB@5;L=>3> >@C68O. "8? <0@:5B8=30 - ?@>B82>459AB2CNI89. &5;L ;8:2848@>20BL A?@>A, C1548BL ;N18B5;59 G53>- B> >B:070BLAO >B A2>8E ?@82KG5:. 5@>?@8OB8O - @0A?@>AB@0=5=85 CAB@0H0NI8E A2545=89, @57:>5 ?>4=OB85 F5= 8 >3@0=8G5=85 4>ABC?=>AB8 B>20@0. @5:@0I5=85 2K?CA:0 B>20@>2, 87JOB85 8E 87 B>@3>2>9 A5B8, ?@>2545=85 ?@>?030=48ABA:8E :0<?0=89, =0?@02;5==KE ?@>B82 ?>B@51;5=8O.
1 1 . 35>3@0D8G5A:85 8 A>F80;L=>- 45<>3@0D8G5A:85 ?@8=8?K A53<5=B0F88 @K=:0
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
:0G5AB25 ?@8<5@0 A53<5=B0F88 ?> 35>3@0D8G5A:><C ?@87=0:C <>6=> ?@825AB8 <>;>BK9 :>D5 M a x w e l l H o u s e , 2K?CA:05<K9 :><?0=859 G e n e r a l F o o d ' s . . = H8@>:> ?@>405BAO 2 !(, => 2 7028A8<>AB8 >B 35>3@0D8G5A:>9 >1;0AB8 ?@>406 20@L8@C5BAO AB5?5=L 53> 0@><0B878@>20==>AB8, ?>A:>;L:C =0 70?045 AB@0=K ;N1OB 1>;55 :@5?:89 :>D5, G5< =0 2>AB>:5.
=0G5=85 35>3@0D8G5A:>3> ?@87=0:0 ?>AB5?5==> A=8605BAO 2 A2O78 A 3;>10;870F859, 2 B>< G8A;5 8 <8@>2>3> @K=:0.
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
(8@>:85 2>7<>6=>AB8 4;O >?@545;5=8O 45<>3@0D8G5A:8E A53<5=B>2 ?@54AB02;ONB 40==K5 ?5@5?8A59 =0A5;5=8O, E>BO 8E 40;5:> =5 2A5340 >:07K205BAO 4>AB0B>G=>. 0?@8<5@, 4;O >?@545;5=8O 5<:>AB8 @K=:0 1@8B25==KE ?@81>@>2 >A=>2>?>;030NI59 O2;O5BAO 8=D>@<0F8O > G8A;5==>AB8 <C6A:>3> =0A5;5=8O 2 2>7@0AB5 AB0@H5 1 6 - 1 8 ;5B. ?@>G5<, 745AL =5;L7O 701K20BL 8 >1 >B@0A;52>< A53<5=B5 =C640E ?0@8:<0E5@A:8E A CG5B>< >4=>@07>2>3> 8A?>;L7>20=8O 1@8B25==KE ?@81>@>2.
@8 A53<5=B0F88 ?> A>F80;L=>- 45<>3@0D8G5A:><C ?@8=F8?C 8A?>;L7CNB A;54CNI85 ?@87=0:8:
- - >7@0AB. ! 2>7@0AB>< ?>B@51=>AB8 8 2>7<>6=>AB8 ?>:C?0B5;59 87<5=ONBAO. !;54C5B >B<5B8BL, GB> 65;0=8O <>;>4568 1>;55 ?;0AB8G=K, 8 C MB>3> A53<5=B0 ?>B@518B5;59 ;53G5 AD>@<8@>20BL =>2K5 ?>B@51=>AB8, 2:CAK 8 ?@54?>GB5=8O.
K45;ONB A;54CNI85 2>7@0AB=K5 3@C??K:
- > 6 ;5B
- 6 - 1 1 ;5B
- 1 2 - 1 9 ;5B
- 2 0 - 3 4 3>40
- 3 5 - 4 9 ;5B
- 5 0 - 6 4 3>40
- AB0@H5 6 5 ;5B
!53<5=B0F8O ?> 2>7@0ABC H8@>:> 8A?>;L7C5BAO @07;8G=K<8 D8@<0<8. 0?@8<5@, M c D o n a l d ' s ?@54;0305B H a p p y m e a l s A 83@CH:0<8 4;O <0;5=L:8E 45B59, A0;0BK 4;O ;N459, C45;ONI8E 1>;LH>5 2=8<0=85 A2>5<C 74>@>2LN. 5:;0<0 A CG0AB85< ?>68;KE 0:B5@>2 1K;0 >1@0I5=0 : @K=:C ?>68;KE ?>A5B8B5;59.
>7@0AB <>65B 8=>340 225AB8 2 701;C645=85. 0?@8<5@, F o r d M o t o r C o m p a n y , @07@010BK20O F5;52>9 @K=>: 4;O ?5@2KE 02B><>18;59 « CAB0=3» , >@85=B8@>20;0AL =0 <>;>4KE ?>:C?0B5;59. >340 65 >1=0@C68;8, GB> MBC <0H8=C ?>:C?0;8 2A5 2>7@0AB=K5 3@C??K, >=8 ?>=O;8, GB> 8E F5;52K< @K=:>< 1K;8 =5 D878G5A:8, 0 ?A8E>;>38G5A:8 <>;>4K5 ;N48. =0;>38G=> S o u t w e s t A i r l i n e s , 2KOA=82, GB> <=>385 ?>68;K5 ;N48 <>;>4K ?A8E>;>38G5A:8, 2 A2>59 @5:;0<5 F5= =0 18;5BK 4;O ?>68;KE 45<>=AB@8@CNB 0:B82=KE ;N459 ?>68;>3> 2>7@0AB0, 4>2>;L=KE A>1>9 8 687=LN.
- - >; B0:65 O2;O5BAO 206=>9 A53<5=B0F8>==>9 ?5@5<5==>9, >A>15==> 4;O B0:8E B>20@>2, :0: B5:AB8;L, :>A<5B8:0, N25;8@=K5 C:@0H5=8O, ;8G=K5 CA;C38, =0?@8<5@, ?0@8:<0E5@A:85 CA;C38. >7<>6=>ABL A53<5=B8@>20=8O ?> ?@87=0:C ?>;0 >1=0@C6820NB 8 =0 4@C38E @K=:0E. >;LH8=AB2> <0@>: A830@5B 157 @07;8G8O 8A?>;L7CNBAO :0: <C6G8=0<8, B0: 8 65=I8=0<8. 4=0:> =0 @K=:5 AB0;8 2A5 G0I5 ?>O2;OBLAO « 65=A:85» A830@5BK, B0:85 <0@:8, :0: E v e 8 V i r g i n i a S l i m s A830@5BK A >A>1K< 0@><0B><, 2 M;530=B=>9 C?0:>2:5, @5:;0<0 :>B>@KE 45;05B 0:F5=B =0 >1@075 65=AB25==>AB8 B>20@0. ?@>G5<, 5ABL =5:>B>@K5 284K B>20@>2, ?>B@51;5=85 :>B>@KE ?> ACI5AB2C =5 7028A8B >B 40==>3> ?@87=0:0 ( =0?@8<5@, 7C1=0O ?0AB0) . 4=0:> 745AL, :0: 8 2> <=>38E 4@C38E A8BC0F8OE, =5>1E>48<> CG8BK20BL, GB>, A>1AB25==>, A0<C ?>:C?:C G0AB> A>25@H0NB 65=I8=K.
- - -B0?K 687=5==>3> F8:;0. !5<59=>5 ?>;>65=85 B0:65 <>65B A>AB02;OBL >A=>2C A53<5=B0F88. =>385 D8@<K >@85=B8@CNB A2>N ?@>4C:F8N 8;8 =0 E>;>ABKE, 8;8 =0 A5<59=KE ;N459.
K45;ONB A;54CNI85 MB0?K 687=5==>3> F8:;0 A5<L8:
- %>;>ABO:8
- >;>4K5 A5<L8
- >;>4K5 A5<L8 A <0;K<8 45BL<8
- !5<L8 A 27@>A;K<8 45BL<8
- !5<L8 157 45B59
- !B0@K5 ?0@K
- 48=>:85 AB0@8:8
>;>4K5 A5<L8 A <0;K<8 45BL<8 O2;ONBAO >A=>2=K< ?>:C?0B5;O<8 AB8@0;L=KE <0H8=, B5;5287>@>2, ?@>4C:B>2 ?8B0=8O 4;O <0;5=L:8E 45B59 8 83@CH5:. B> 65 2@5<O A5<L8 A 27@>A;K<8 45BL<8 O2;ONBAO ?>B@518B5;O<8 4>@>3>9 @048>M;5:B@>==>9 0??0@0BC@K, ?@54<5B>2 @>A:>H8.
- - 07<5@ A5<L8. !53<5=B0F8O ?> @07<5@0< A5<L8 ?>@>6405B, =0?@8<5@ @07;8G=K5 @07<5@K C?0:>2:8 B>20@>2.
- - #@>25=L 4>E>4>2 45;8B ?>B@518B5;59 =0 3@C??K A =87:8<8, A@54=8<8 8 2KA>:8<8 4>E>40<8. 0640O :0B53>@8O @0A?>;0305B >B;8G8B5;L=K<8 @5AC@A0<8 =0 ?@8>1@5B5=85 B>20@>2 8 CA;C3, GB> 2 7=0G8B5;L=>9 <5@5 >?@545;O5B ?>B@51;5=85 8, A;54>20B5;L=>, ?>2545=85 =0 @K=:5.
@8<5@>< A53<5=B0F88 ?> 40==><C ?@87=0:C <>65B A;C68BL O?>=A:89 873>B>28B5;L 0;:>3>;L=KE =0?8B:>2 - S u n t o r y , :>B>@K9 4;O ?@82;5G5=8O ?>:C?0B5;59 A 1>;LH8<8 4>E>40<8, 65;0NI8< 2A53> A0<>3> ;CGH53>, 225; =0 @K=>: A:>BG 28A:8 ?> F5=5 $ 7 5 .
- - #@>25=L >1@07>20=8O <>65B B0:65 8A?>;L7>20BLAO 4;O 2K45;5=8O @K=>G=KE A53<5=B>2. 0;>>1@07>20==K5 ?>B@518B5;8 B@0BOB <5=LH5 2@5<5=8 =0 ?>:C?:8, <5=LH5 G8B0NB 8 2 1>;LH59 <5@5 ?@54?>G8B0NB E>@>H> 8725AB=K5 B>20@=K5 <0@:8, G5< ?>B@518B5;8, 8<5NI85 A?5F80;L=>5 8;8 2KAH55 >1@07>20=85. >A;54=85 1>;55 A:;>==K A@02=820BL <03078=K, G8B0BL =5:><<5@G5A:85 8AB>G=8:8 8=D>@<0F88 8 ?@8>1@5B0BL B>20@, :>B>@K9 >=8 AG8B0NB =08;CGH8<, =57028A8<> >B B>3>, E>@>H> >= 8725AB5= 8;8 =5B.
- - @>D5AA8O B0:65 O2;O5BAO D0:B>@><, 2;8ONI8< =0 A?@>A ?>:C?0B5;O 8 53> ?>2545=85 =0 @K=:5. => 1C45B >B;8G0BLAO C @01>G53> 8 8=65=5@0, C @01>G8E @07=>9 :20;8D8:0F88, M:>=><8AB0 8 D8;>;>30 8 B. 4. >MB><C A?5F80;8AB0< ?> <0@:5B8=3C =5>1E>48<> BI0B5;L=> 8AA;54>20BL 2708<>A2O7L <564C ?@>D5AA8>=0;L=K<8 3@C??0<8 ;N459 8 8E 8=B5@5A>< 2 ?@8>1@5B5=88 B>3> 8;8 8=>3> B>20@0.
- - !53<5=B8@>20=85 ?> =5A:>;L:8< 45<>3@0D8G5A:8< ?0@0<5B@0<. >;LH8=AB2> D8@< ?@>2>48B A53<5=B8@>20=85 @K=:0, A>G5B0O @07;8G=K5 45<>3@0D8G5A:85 ?5@5<5==K5. 0?@8<5@, <=>3>D0:B>@=>5 A53<5=B8@>20=85 <>6=> 25AB8 ?> ?@87=0:0< 2>7@0AB0, ?>;0 8 C@>2=O 4>E>4>2.
1 2 . ?A8E>3@0D8G5A:85 ?@87=0:8 A53<5=B0F88 @K=:0
!53<5=B8@>20=85 ?> ?A8E>3@0D8G5A:><C ?@8=F8?C. @8 ?A8E>3@0D8G5A:>< A53<5=B8@>20=88 ?>:C?0B5;59 @0745;ONB =0 3@C??K 2 7028A8<>AB8 >B ?@8=04;56=>AB8 : >1I5AB25==><C :;0AAC, >1@070 687=8 8;8 E0@0:B5@8AB8: ;8G=>AB8. # ?@54AB028B5;59 >4=>9 8 B>9 65 45<>3@0D8G5A:>9 3@C??K <>3CB 1KBL A>25@H5==> @07=K5 ?A8E>3@0D8G5A:85 ?@>D8;8. >MB><C ?5@5<5==K5 40==>3> ?@87=0:0 B>G=55 E0@0:B5@87CNB @50:F8N ?>:C?0B5;O =0 B>B 8;8 8=>9 B>20@, G5< B>G=K5 :>;8G5AB25==K5 >F5=:8 A53<5=B>2 @K=:0 ?> 35>3@0D8G5A:8< 8;8 45<>3@0D8G5A:8< ?@87=0:0<.
- 1I5AB25==K9 :;0AA. @8=04;56=>ABL : >1I5AB25==><C :;0AAC A8;L=> A:07K205BAO =0 ?@54?>GB5=8OE G5;>25:0 2 >B=>H5=88 02B><>18;59, >4564K, 1KB>2>9 CB20@8, =0 ?@>2545=88 4>AC30, 53> G8B0B5;LA:8E ?@82KG:0E, 2K1>@5 @>7=8G=KE B>@3>2KE B>G5:. =>385 D8@<K ?@>5:B8@CNB A2>8 B>20@K 8 CA;C38 2 @0AG5B5 =0 ?@54AB028B5;59 :>=:@5B=>3> >1I5AB25==>3> :;0AA0, ?@54CA<0B@820O A2>9AB20 8 E0@0:B5@8AB8:8, :>B>@K5 8<?>=8@CNB 8<5==> MB><C :;0AAC.
- 1@07 687=8. ;8O5B =0 708=B5@5A>20==>ABL 2 B5E 8;8 8=KE B>20@0E 8
>1@07 687=8 ?>B@518B5;59, GB> ?@54AB02;O5B A>1>9 ?> ACB8 45;0 <>45;L 687=8 ;8G=>AB8, :>B>@0O 2K@0605BAO 2 C2;5G5=8OE, ?>ABC?:0E, 8=B5@5A0E, <=5=8OE, 85@0@E88 ?>B@51=>AB59, 4><8=8@CNI5< B8?5 >B=>H5=89 A 4@C38<8 ;N4L<8 8 B. ?. @>402FK 2A5 G0I5 ?@81530NB : A53<5=B8@>20=8N @K=:>2 ?> MB><C ?@87=0:C.
- "8? ;8G=>AB8. %0@0:B5@8AB8:8 ;8G=>AB8 B0:65 8A?>;L7CNBAO ?@>402F0<8 2 :0G5AB25 >A=>2K 4;O A53<5=B8@>20=8O @K=:0. @>872>48B5;8 ?@840NB A2>8< B>20@0< B0:85 E0@0:B5@8AB8:8, :>B>@K5 A>>B25BAB2CNB ;8G=K< E0@0:B5@8AB8:0< ?>B@518B5;59.
>B@518B5;8 <>3CB ?>4@0745;OBLAO =0 A53<5=BK ?> B8?0< ;8G=>AB8, =0?@8<5@, =0 8=B@>25@B>2 8;8 M:AB@025@B>2 8;8 ;53:> 8;8 B@C4=>C156405<KE. >B@518B5;8- 8=B@>25@BK 1>;55 :>=A5@20B82=K 8 A8AB5<0B8G=K 2 A2>Q< ?>2545=88 ?@8 A>25@H5=88 ?>:C?>:, G5< M:AB@025@BK. "@C4=>C156405<K5 ;N48 =530B82=> @5038@CNB =0 8=B5=A82=CN ?5@A>=0;L=CN ?@>406C 8 A:5?B8G5A:8 >B=>AOBAO : @5:;0<=>9 8=D>@<0F88. 53:>C156405<KE ;N459 <>6=> A:;>=8BL : ?>:C?:5 ?@8 ?><>I8 8=B5=A82=KE <5B>4>2 A1KB0, >=8 ?>440NBAO 2;8O=8N @5:;0<=>9 8=D>@<0F88.
> @50:F88 ?>B@518B5;59 =0 =>2>22545=85 2K45;ONB A;54CNI85 3@C??K:
- @8>1@5B0NI85 =>2K9 B>20@ 2 <><5=B ?>O2;5=8O 53> =0 @K=:5 ( =>20B>@K) ;
- @8>1@5B0NI85 =>2K9 B>20@ ?>A;5 B>3>, :0: 53> :C?OB =>20B>@K 8 A>>1I0B A2>9 >?KB 8A?>;L7>20=8O ( 1KAB@> 040?B8@CNI85AO : =>2><C B>20@C) ;
- @8>1@5B0NI85 B>20@, :>B>@K9 2 B5G5=85 4;8B5;L=>3> 2@5<5=8 =0E>48;AO =0 @K=:5 ( <54;5==> 040?B8@CNI85AO : =>2><C B>20@C) ;
- B25@30NI85 =>28=:C ( :>=A5@20B>@K, @5B@>3@04K) .
1 3 . ?>2545=G5A:85 ?@87=0:8 A53<5=B0F88 @K=:0
!53<5=B8@>20=85 ?> ?>2545=G5A:><C ?@8=F8?C. @8 A53<5=B8@>20=88 @K=:0 =0 >A=>25 ?>2545=G5A:8E >A>15==>AB59 <>6=> @0745;8BL ?>:C?0B5;59 =0 3@C??K 2 7028A8<>AB8 >B 8E 7=0=89, >B=>H5=89, E0@0:B5@0 8A?>;L7>20=8O B>20@0 8 @50:F88 =0 MB>B B>20@. >2545=G5A:85 ?5@5<5==K5 AG8B0NB =081>;55 ?>4E>4OI59 >A=>2>9 4;O D>@<8@>20=8O A53<5=B>2 @K=:0.
- - >2>4K 4;O A>25@H5=8O ?>:C?:8. >:C?0B5;59 <>6=> @0745;8BL =0 3@C??K =0 >A=>20=88 B5E ?>2>4>2, :>B>@K5 A>?CBAB2>20;8 2>7=8:=>25=8N 8458 > ?@8>1@5B5=88 B>20@0, D0:B8G5A:><C ?@8>1@5B5=8N B>20@0 8;8 8A?>;L7>20=8N ?@8>1@5BQ==>3> @0=55 B>20@0. !53<5=B8@>20=85 =0 >A=>25 ?>2>4>2 <>65B ?><>GL D8@<0< ?>4=OBL AB5?5=L 8A?>;L7>20=8O B>20@0.
- - A:><K5 2K3>4K. 4=0 87 459AB25==KE D>@< A53<5=B8@>20=8O
- :;0AA8D8:0F8O ?>:C?0B5;59 =0 >A=>25 B5E 2K3>4, :>B>@KE >=8 8ICB 2 B>20@5. !53<5=B8@>20=85 ?> ?@8=F8?C 8A:><KE 2K3>4 B@51C5B, 2>- ?5@2KE, 2KO2;5=8O >A=>2=KE 2K3>4, 8;8 ?@58<CI5AB2, :>B>@K5 ;N48 8ICB 2 40==>< :;0AA5 B>20@>2, 2>- 2B>@KE, 2K45;5=8O B8?>2 ?>:C?0B5;59, 8ICI8E MB8 ?@58<CI5AB20, 8, 2- B@5BL8E, >?@545;5=8O 284>2 B>20@>2, :>B>@K5 ?@54>AB02;ONB MB8 2K3>4K. !53<5=B0F8O ?> ?@58<CI5AB20< 1K;0 2=54@5=0 2 1 9 6 8 3>4C 0AA5;>< %59;8.
48= 87 =081>;55 CA?5H=KE ?@8<5@>2 A53<5=B8@>20=85 @K=:0 7C1=>9 ?0ABK. @57C;LB0B5 8AA;54>20=89 1K;> 2KO2;5=> G5BK@5 @K=>G=KE A53<5=B0 2 7028A8<>AB8 >B 284>2 >68405<KE 1;03: M:>=><8O, ;5G51=>5 459AB285, :>A<5B8G5A:89 MDD5:B 8 2:CA>2K5 :0G5AB20.
- - !B0BCA ?>;L7>20B5;O. =>385 @K=:8 <>6=> @0718BL =0 A;54CNI85 A53<5=BK: ;8F0, =5 ?>;L7CNI85AO B>20@><, 1K2H85 ?>;L7>20B5;8, ?>B5=F80;L=K5 ?>;L7>20B5;8, ?>;L7>20B5;8- =>28G:8 8 @53C;O@=K5 ?>;L7>20B5;8. @C?=K5 D8@<K, :>B>@K5 AB@5<OBAO 70?>;CG8BL A515 1>;LHCN 4>;N @K=:0, >A>15==> 708=B5@5A>20=K 2 ?@82;5G5=88 : A515 ?>B5=F80;L=KE ?>;L7>20B5;59, 0 1>;55 <5;:85 :><?0=88 AB@5<OBAO 702>520BL @53C;O@=KE ?>;L7>20B5;59. >B5=F80;L=K5 8 @53C;O@=K5 ?>;L7>20B5;8 B@51CNB @07;8G=KE <0@:5B8=3>2KE ?>4E>4>2.
- - =B5=A82=>ABL ?>B@51;5=8O. K=:8 <>6=> B0:65 @071820BL ?> 3@C??0< A;01KE, C<5@5==KE 8 0:B82=KE ?>B@518B5;59 B>20@0. :B82=K5 ?>;L7>20B5;8, :0: ?@028;>, A>AB02;ONB =51>;LHCN G0ABL @K=:0, >4=0:> =0 8E 4>;N ?@8E>48BAO 1>;LH>9 ?@>F5=B >1I53> >1J5<0 ?>B@51;5=8O B>20@0. I5 2 6 0 - 5 3>4K 8: #>@@5= "25;L4 ?@84C<0; B5@<8= « BO6Q;0O ?>;>28=0» , GB>1K >?8A0BL A53<5=B @K=:0, =0 :>B>@K9 ?@8E>48BAO =5?@>?>@F8>=0;L=> 1>;LH0O 4>;O >1I53> A1KB0 B>20@0 8;8 CA;C3. #<5AB=> 2A?><=8BL 70:>= 0@5B> ( " 70:>= 8 0 : 2 0 " ) , A>3;0A=> :>B>@><C B>;L:> 2 0 % ?>:C?0B5;59 ?@8=>AOB D8@<5 8 0 % 4>E>40.
0?@8<5@, 4 % 27@>A;>3> =0A5;5=8O !( ?>B@51;ONB 5 3 % 28=.
- - !B5?5=L ?@825@65==>AB8. !53<5=B8@>20=85 @K=:0 <>6=> >ACI5AB2;OBL 8 ?> AB5?5=8 ?@825@65==>AB8 ?>B@518B5;59 : B>20@C. >B@518B5;8 <>3CB 1KBL ?@825@65=F0<8 B>20@=KE <0@>:, <03078=>2 8 ?@>G8E A0<>AB>OB5;L=KE >1J5:B>2.
> AB5?5=8 ?@825@65==>AB8 ?>:C?0B5;59 <>6=> @0745;8BL =0 G5BK@5 3@C??K: 157>3>2>@>G=K5 ?@825@65=FK, B5@?8<K5 8 =5?>AB>O==K5 ?@825@65=FK, « AB@0==8:8» .
57>3>2>@>G=K5 ?@825@65=FK MB> ?>B@518B5;8, :>B>@K5 2A5340 ?>:C?0NB B>20@ >4=>9 8 B>9 65 <0@:8.
"5@?8<K5 ?@825@65=FK MB> ?>B@518B5;8, :>B>@K5 ?@825@65=K : 42C<- B@5< B>20@=K< <0@:0<.
5?>AB>O==K5 ?@825@65=FK MB> ?>B@518B5;8, ?5@5=>AOI85 A2>8 ?@54?>GB5=8O A >4=>9 B>20@=>9 <0@:8 =0 4@C3CN. !E5<0 8E ?>:C?0B5;LA:>3> ?>2545=8O ?>:07K205B, GB> ?>B@518B5;8 ?>AB5?5==> A<5I0NB A2>8 ?@54?>GB5=8O A >4=>9 <0@:8 =0 4@C3CN.
« !B@0==8:8» - MB> ?>B@518B5;8, =5 ?@>O2;ONI85 ?@825@65==>AB8 =8 : >4=><C 87 <0@>G=KE B>20@>2. 5 8<5NI89 ?@825@65==>AB8 ?>B@518B5;L ;81> ?>:C?05B, ;N1CN <0@:C 87 4>ABC?=KE 2 40==K9 <><5=B, ;81> E>G5B ?@8>1@5AB8 =5GB> >B;8G=>5 >B ACI5AB2CNI53> 0AA>@B8<5=B0. 3> ?@82;5:0NB @0A?@>4068, >= G0AB> <5=O5B B>@3>2K5 <0@:8 8 3>B>2 8A?@>1>20BL =>2K5 B>20@K 8;8 CA;C38.
N1>9 @K=>: ?@54AB02;5= @07;8G=K< A>G5B0=85< ?>:C?0B5;59 MB8E G5BK@5E B8?>2. K=>: D8@<5==>9 ?@825@65==>AB8 - MB> @K=>:, =0 :>B>@>< 1>;LH>9 ?@>F5=B ?>:C?0B5;59 45<>=AB@8@C5B 157>3>2>@>G=CN ?@825@65==>ABL : >4=>9 87, 8<5NI8EAO =0 =5< <0@>: B>20@0.
- - B=>H5=85 : B>20@C. K=>G=0O 0C48B>@8O <>65B >B=>A8BLAO : B>20@C ?>;>68B5;L=>, 157@07;8G=> 8;8 >B@8F0B5;L=>. >;>68B5;L=>5 >B=>H5=85 B@51C5B ?>4:@5?;5=8O 2 2845 ?>A;54CNI59 @5:;0<K 8 ;8G=KE :>=B0:B>2 A ?>B@518B5;O<8. 59B@0;L=>5 >B=>H5=85 B@51C5B 8=B5=A82=>9 8=D>@<0F88 8 C1548B5;L=>3> ?@>42865=8O. 530B82=>5 >B=>H5=85 B@C4=> 87<5=8BL, >=> B@51C5B ?>4B25@645=8O @5:;0<=>9 8=D>@<0F88, C;CGH5=8O B>20@0 8 >1@070 D8@<K 8 4@C38E <5@>?@8OB89. CGH5 2A53> 745AL, 2848<>, 83=>@8@>20BL MB>B A53<5=B 8 :>=F5=B@8@>20BL CA8;8O =0 ?5@2KE 42CE; ?@8 A53<5=B0F88 D8@<0 =5 >1O70=0 C4>2;5B2>@OBL 2A5 3@C??K >4=>2@5<5==>
- - 06=>ABL ?>:C?:8 B0:65 @07;8G=0 4;O @07;8G=KE ?>B@518B5;59. 0?@8<5@, 68B5;L ?@83>@>40, 25@>OB=>, AG8B05B ?@8>1@5B5=85 02B><>18;O 1>;55 206=K< 45;><, G5< G5;>25:, ?@>6820NI89 2 3>@>45 8 8<5NI89 4>ABC? : >1I5AB25==><C B@0=A?>@BC. @8>1@5AB8 E>;>48;L=8: 206=55 4;O B>9 A5<L8, C :>B>@>9 >= A;><0;AO, G5< 4;O B>9, C :>B>@>9 >= E>@>H> DC=:F8>=8@C5B.
1 4 . ?>=OB85 @K=>G=>3> A53<5=B0. F5;8 A53<5=B0F88.
$8@<K, 459AB2CNI85 =0 A>2@5<5==>< @K=:5, >A>7=0NB, GB> 8E B>20@K 8;8 CA;C38 =5 <>3CB ?>;=>ABLN C4>2;5B2>@8BL 70?@>AK 8 65;0=8O 2A5E ?>B@518B5;59. >:C?0B5;8 >B;8G0NBAO 4@C3 >B 4@C30 A0<K<8 @07=K<8 ?0@0<5B@0<8: ?> A2>8< ?>B@51=>ABO<, D8=0=A>2K< 8 4@C38< 2>7<>6=>ABO<, <5AB>?>;>65=8N, ?>:C?0B5;LA:8< 273;O40< 8 ?>:C?0B5;LA:8< ?@82KG:0<. ;O B>3> GB>1K C4>2;5B2>@8BL MB8 @07;8G=K5 ?>B@51=>AB8, ?@>402FK @071820NB @K=>: =0 >B45;L=K5 3@C??K ?>B@518B5;59, >1;040NI8E >?@545;5==K<8 >1I8<8 ?@87=0:0<8, 8 @07@010BK20NB ?@85<K <0@:5B8=30 4;O :064>9 3@C??K >B45;L=>. "0:0O D>@<0 <0@:5B8=3>2>9 45OB5;L=>AB8 ?@54AB02;O5B A>1>9 F5;52>9 <0@:5B8=3. 5OB5;L=>ABL ?> 2KO2;5=8N ?>B5=F80;L=KE 3@C?? ?>B@518B5;59 :>=:@5B=>3> B>20@0 ?@54?@8OB8O =07K20NB A53<5=B0F859 @K=:0. K45;5==CN 3@C??C ?>:C?0B5;59 A >B;8G8B5;L=K< =01>@>< ?>B@51=>AB59 =07K20NB A53<5=B>< @K=:0.
&5;8 A53<5=B0F88.
- - ;CGH5 C4>2;5B2>@8BL =C64K 8 ?>B@51=>ABL ;N459, ?>43>=OBL B>20@K ?>4 65;0=8O 8 ?@54?>GB5=8O ?>:C?0B5;59
- - ?>2KA8B :>=:C@5=B>A?>A>1=>ABL @K=:0 8 ?@>872- ;O, CA8;8BL :>=:C@5=B=K5 ?@58<CI5AB20
- - C:;>=8BLAO >B :>=:C@5=B=>9 1>@L1K ?CB5< ?5@5E>40 2 =5>A2>5==K9 A53<5=B @K=:0
- - C2O70BL A2>N =0CG=>- B5E=8G5A:CN ?>;8B8:C A 70?@>A0<8 GQB:> 2KO2;5==KE ?>B@51=>AB59 ?>:C?0B5;59
- - >@85=B8@>20BL 2AN <0@:5B8=3>2CN @01>BC =0 :>=:@5B=>3> ?>B@518B5;O
1 5 . :@8B5@88 >F5=:8 @K=>G=>3> A53<5=B0
'B>1K ?;0=8@>20=85 A53<5=B0F88 1K;> CA?5H=K<, 3@C??K ?>B@518B5;59 4>;6=K >B25G0BL ?OB8 :@8B5@8O<: @07;8G8O <564C A53<5=B0<8, AE>4AB20 ?>B@518B5;59, 1>;LH>9 25;8G8=K A53<5=B0, 87<5@8<>AB8 E0@0:B5@8AB8: ?>B@518B5;59, 4>AB868<>AB8 ?>B@518B5;59.
@8B5@89 @07;8G8O <564C A53<5=B0<8 >7=0G05B, GB> 2 @57C;LB0B5 ?@>2545=8O A53<5=B0F88 4>;6=K 1KBL ?>;CG5=K @07;8G0NI85AO 4@C3 >B 4@C30 3@C??K ?>B@518B5;59. ?@>B82=>< A;CG05, A53<5=B0F8O =5O2=> 1C45B ?>4<5=5=0 <0AA>2K< <0@:5B8=3><.
@8B5@89 AE>4AB20 ?>B@518B5;59 2 A53<5=B5 ?@54CA<0B@8205B >4=>@>4=>ABL ?>B5=F80;L=KE ?>:C?0B5;59 A B>G:8 7@5=8O ?>:C?0B5;LA:>3> >B=>H5=8O : :>=:@5B=><C B>20@C. !E>4AB2> ?>B@518B5;59 =5>1E>48<> 4;O B>3>, GB>1K <>6=> 1K;> @07@01>B0BL A>>B25BAB2CNI89 <0@:5B8=3>2K9 ?;0= 4;O 2A53> F5;52>3> A53<5=B0.
"@51>20=85 1>;LH>9 25;8G8=K A53<5=B0 >7=0G05B, GB> F5;52K5 A53<5=BK 4>;6=K 1KBL 4>AB0B>G=> 1>;LH8<8 4;O >15A?5G5=8O ?@>406 8 ?>:@KB8O 8745@65: ?@54?@8OB8O. !;54C5B ?>4G5@:=CBL, GB> @07<5@ A53<5=B0 <>65B A8;L=> >B;8G0BLAO 2 7028A8<>AB8 >B E0@0:B5@0 ?@>40205<>3> B>20@0. 0?@8<5@, =0 ?@><KH;5==>< @K=:5 1>;LH8< A53<5=B>< <>65B 1KBL ?@87=0=0 3@C??0 87 1 0 0 ?>B5=F80;L=KE ?>B@518B5;59, 0 =0 ?>B@518B5;LA:>< @K=:5 ?>4>1=K5 3@C??K 4>;6=K =0AG8BK20BL BKAOG8 2>7<>6=KE :;85=B>2;
7<5@8<>ABL E0@0:B5@8AB8: ?>B@518B5;59 >?@545;O5BAO B>9 8=D>@<0F859, :>B>@CN <>6=> ?>;CG8BL > @07<5@0E, ?@8@>45 8 ?>2545=88 A53<5=B0 @K=:0. >B@518B5;8 <>3CB 25AB8 A51O >48=0:>2>, => 5A;8 =5B A?>A>10 87<5@5=8O 8E ?>2545=8O, B> 1C45B B@C4=> AD>@<C;8@>20BL 8 2K?>;=8BL 459AB28O ?> <0@:5B8=3C. 0==K9 ?@8=F8? :@09=5 2065=, B0: :0: @0A?@>AB@0=5=85 B>20@0 « 2A;5?CN» , 157 >1@0B=>9 A2O78 >B ?>B@518B5;59, 2545B : @0A?K;5=8N A@54AB2, B@C4>2KE 8 8=B5;;5:BC0;L=KE @5AC@A>2 D8@<K- ?@>402F0.
@8B5@89 4>AB868<>AB8 ?>B@518B5;59 >7=0G05B B@51>20=85 =0;8G8O :0=0;>2 :><<C=8:0F88 D8@<K- ?@>402F0 A ?>B5=F80;L=K<8 ?>B@518B5;O<8. "0:8<8 :0=0;0<8 :><<C=8:0F88 <>3CB 1KBL 3075BK, 6C@=0;K, @048>, B5;52845=85, A@54AB20 =0@C6=>9 @5:;0<K 8 B. ?. >AB868<>ABL ?>B@518B5;59 =5>1E>48<0 4;O >@30=870F88 0:F89 ?@>42865=8O, 8=0G5 - 8=D>@<8@>20=8O ?>B5=F80;L=KE ?>:C?0B5;59 > :>=:@5B=>< B>20@5: 53> E0@0:B5@8AB8:0E, AB>8<>AB8, >A=>2=KE 4>AB>8=AB20E, 2>7<>6=KE @0A?@>4060E 8 B. ?.
1 6 . 2K1>@ AB@0B5388 >E20B0 @K=:0
0745;82 @K=>: =0 >B45;L=K5 A53<5=BK D8@<5 =5>1E>48<> >F5=8BL AB5?5=L 8E ?@82;5:0B5;L=>AB8 8 @5H8BL, A:>;L:> 8 :0:8E A53<5=B>2 >=0 1C45B >1A;C6820BL. >?@>A >E20B0 @K=:0 ( 2K1>@ F5;52>3> A53<5=B0 @K=:0) <>6=> @5H8BL >4=8< 87 A;54CNI8E A?>A>1>2.
548DD5@5=F8@>20==K9 <0@:5B8=3 AB@0B538O 1>;LH8E ?@>406. K1>@ MB>9 AB@0B53859 >7=0G05B, GB> :><?0=8O @5H05B 2K9B8 =0 25AL @K=>: A 548=AB25==K< ?@54;>65=85<, 83=>@8@CO @07;8G8O <564C A53<5=B0<8 @K=:0. MB>< A;CG05 :><?0=8O :>=F5=B@8@C5B A2>8 CA8;8O =5 =0 B><, G5< >B;8G0NBAO 4@C3 >B 4@C30 =C64K :;85=B>2, 0 =0 B><, GB> 2 MB8E =C640E >1I55. =0 @07@010BK205B B>20@ 8 <0@:5B8=3>2CN ?@>3@0<<C, :>B>@K5 ?>:06CBAO ?@82;5:0B5;L=K<8 2>7<>6=> 1>;LH5<C G8A;C ?>:C?0B5;59. ;02=0O F5;L =548DD5@5=F8@>20==>3> <0@:5B8=30 <0:A8<878@>20BL A1KB. @>=8:=>25=85 =0 1>;LH>5 G8A;> A53<5=B>2 A2O70=> A H8@>:8< 70E20B>< 2A53> @K=:0 8 B@51C5B 7=0G8B5;L=KE 70B@0B @5AC@A>2, ?>MB><C B0:0O AB@0B538O, :0: ?@028;>, ?@8<5=O5BAO :@C?=K<8 ?@54?@8OB8O<8. ;O C40G=>3> =548DD5@5=F8@>20==>3> <0@:5B8=30 =5>1E>48<>, GB>1K 1>;LH8=AB2> ?>:C?0B5;59 8A?KBK20;8 ?>B@51=>ABL 2 >48=0:>2KE A2>9AB20E B>20@0. @8 2K1>@5 MB>9 AB@0B538 8A?>;L7CNBAO <5B>4K <0AA>2>3> @0A?@545;5=8O 8 <0AA>2>9 @5:;0<K, >48= >1I5?@87=0==K9 480?07>= F5=, 548=0O ?@>3@0<<0 <0@:5B8=30, >@85=B8@>20==0O =0 @07;8G=K5 3@C??K ?>B@518B5;59.
A=>2=>9 4>2>4 2 ?>;L7C =548DD5@5=F8@>20==>3> <0@:5B8=30 70¬ :;NG05BAO 2 B><, GB> B0:>9 ?>4E>4 >15A?5G8205B M:>=><8N A@54AB2. #7:89 0AA>@B8<5=B B>20@>2 ?>72>;O5B ?>445@6820BL =0 =87:>< C@>2=5 AB>8<>ABL ?@>872>4AB20, E@0=5=8O 8 B@0=A?>@B8@>2:8. 745@6:8 =0 @5:;0<C 45@60BLAO =0 =87:>< C@>2=5. !=860NBAO 70B@0BK =0 <0@:5B8=3>2K5 8AA;54>20=8O. 4=0:> ?> <5@5 =0AKI5=8O @K=:0, @>AB0 :>=:C@5=F88 B0:>9 ?>4E>4 AB0=>28BAO <5=55 ?@>4C:B82=K<.
@8<5@>< =548DD5@5=F8@>20==>3> <0@:5B8=30 O2;O5BAO <0@:5B8=3 :><?0=88 « >:0- :>;0» =0 =0G0;L=>< MB0?5 55 @0728B8O, :>340 2A5< ?>B@518B5;O< ?@54;030;AO B>;L:> >48= =0?8B>: 2 1CBK;:5 >4=>3> @07<5@0. "0:65 2 :0G5AB25 ?@8<5@0 <>6=> ?@825AB8 459AB28O D8@<K « %5@H8» , :>B>@0O ?@54;>68;0 >4=C <0@:C H>:>;040 2 @0AG5B5 =0 2A5E.
>6=> A:>=F5=B@8@>20BL CA8;8O 8 @5AC@AK ?@>872>48B5;O =0 >4=>< A53<5=B5 @K=:0 ( 8;8 A?5F8D8G5A:>9 3@C??5 ?>B@518B5;59) . 40==>< A;CG05 ?@8<5=O5BAO AB@0B538O :>=F5=B@8@>20==>3> <0@:5B8=30. -B0 AB@0B538O >A>15==> ?@82;5:0B5;L=0 ?@8 >3@0=8G5==KE @5AC@A0E, 4;O =51>;LH8E ?@54?@8OB89. <5AB> B>3> GB>1K 3=0BLAO 70 =51>;LH>9 4>;59 H8@>:>3> @K=:0, :><?0=8O <>65B CAB@5<8BLAO 70 :@C?=>9 4>;59 =0 >4=>< 8;8 =5A:>;L:8E AC1@K=:0E. @54?@8OB85 :>=F5=B@8@C5B CA8;8O 8 @5AC@AK B0<, 345 >=> 8<55B 2>7<>6=>ABL 8A?>;L7>20BL A2>8 ?@58<CI5AB20, >15A?5G820O M:>=><8N =0 A?5F80;870F88 ?@>872>4AB20 8 ?@>G=CN @K=>G=CN ?>78F8N 70 AG5B 2KA>:>9 AB5?5=8 C=8:0;L=>AB8 8 8=48284C0;L=>AB8 2 C4>2;5B2>@5=88 ?>B@51=>AB59.
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
"@5B89 A?>A>1 2K1>@0 F5;52>3> A53<5=B0 @K=:0 70:;NG05BAO 2 >E20B5 =5A:>;L:8E A53<5=B>2 8 2K?CA:5 4;O :064>3> 87 =8E A2>53> B>20@0 8;8 53> @07=>284=>AB8. 45AL ?@8<5=ONB AB@0B538N 48DD5@5=F8@>20==>3> <0@:5B8=30. E20B =5A:>;L:8E A53<5=B>2 @K=:0 B@51C5B 7=0G8B5;L=KE @5AC@A>2 8 2>7<>6=>AB59 ?@54?@8OB8O 4;O ?@>872>4AB20 8 <0@:5B8=30 @07=KE <0@>: 8;8 B>20@>2. B> 65 2@5<O 2K?CA: =5A:>;L:8E <0@>:/ B>20@>2, A>@85=B8@>20==KE =0 =5A:>;L:8E A53<5=B0E, ?>72>;O5B <0:A8<878@>20BL A1KB. ". >. 48DD5@5=F8@>20==K9 <0@:5B8=3, :0: ?@028;>, ?>@>6405B 1М;LH85 >1JQ<K ?@>406, G5< <0AA>2K9 <0@:5B8=3. 4=0:> 8 70B@0BK =0 53> @50;870F8N O2;ONBAO 1>;55 2KA>:8<8.
@8 2K1>@5 AB@0B5388 >E20B0 @K=:0 A;54C5B @0AA<>B@5BL <=>65AB2> D0:B>@>2. 0:0O 8<5==> 87 AB@0B5389 >:065BAO =08;CGH59, 7028A8B >B @5AC@A>2 :><?0=88. >340 @5AC@AK :><?0=88 >3@0=8G5=K, :>=F5=B@8@>20==K9 <0@:5B8=3 >?@0240= 1>;LH5 2A53>. 548DD5@5=F8@>20==K9 <0@:5B8=3 1>;55 ?@83>45= 4;O 548=>>1@07=KE B>20@>2. ">20@K, :>B>@K5 20@L8@CNBAO ?> A2>5<C 48709=C, B@51CNB ?@8<5=5=8O 48DD5@5=F8@>20==>3> 8;8 :>=F5=B@8@>20==>3> <0@:5B8=30.
"0:65 >1O70B5;L=> 4>;65= 1KBL @0AA<>B@5= MB0?, =0 :>B>@>< =0E>48BAO B>20@ 2 A2>Q< 687=5==>< F8:;5. A;8 :><?0=8O 2K2>48B =0 @K=>: =>2K9 B>20@, F5;5A>>1@07=> ?@54;030BL B>;L:> >48= 20@80=B =>28=:8. @8 MB>< =081>;55 MDD5:B82=K AB@0B5388 =548DD5@5=F8@>20==>3> 8;8 :>=F5=B@8@>20==>3> <0@:5B8=30. >340 B>20@ 4>AB8305B 2 A2>Q< 687=5==>< F8:;5 MB0?0 7@5;>AB8, 48DD5@5=F8@>20==K9 <0@:5B8=3 AB0=>28BAO 2AQ 1>;55 >?@0240==K<.
@8 2K1>@5 AB@0B5388 >E20B0 @K=:0 =5>1E>48<> CG8BK20BL AB5?5=L >4=>@>4=>AB8 @K=:0. A;8 C ?>:C?0B5;59 >48=0:>2K5 2:CAK, >=8 70:C?0NB >4=> 8 B> 65 :>;8G5AB2> B>20@0 2 >4=8 8 B5 65 >B@57:8 2@5<5=8 8 >48=0:>2> @5038@CNB =0 >4=8 8 B5 65 <0@:5B8=3>2K5 AB8<C;K, C<5AB=> 8A?>;L7>20BL AB@0B538N =548DD5@5=F8@>20==>3> <0@:5B8=30. !;54C5B @0AA<>B@5BL 8 <0@:5B8=3>2K5 AB@0B5388 :>=:C@5=B>2. A;8 :>=:C@5=BK 70=8<0NBAO A53<5=B8@>20=85< @K=:0, ?@8<5=5=85 AB@0B5388 =548DD5@5=F8@>20==>3> <0@:5B8=30 <>65B >:070BLAO 3815;L=K<. A;8 :>=:C@5=BK ?@8<5=ONB =548DD5@5=F8@>20==K9 <0@:5B8=3, D8@<0 <>65B ?>;CG8BL 2K3>4K >B 8A?>;L7>20=8O :>=F5=B@8@>20==>3> 8;8 48DD5@5=F8@>20==>3> <0@:5B8=30.
1 7 . ?>=OB85 ?>78F8>=8@>20=8O B>20@0, >A=>20=8O 4;O ?>78F8>=8@>20=8O.
>78F8>=8@>20=85 MB> >?@545;5=85 ?>78F88 ?@>4C:B0 =0 >?@545;5==KE @K=:0E.
>78F8O ?@>4C:B0 MB> <=5=85 >?@545;5==KE 3@C?? ?>B@518B5;59 >B=>A8B5;L=> 206=59H8E E0@0:B5@8AB8: ?@>4C:B0. >78F8O ?@>4C:B0 E0@0:B5@87C5B <5AB>, :>B>@>5 70=8<05B :>=:@5B=K9 ?@>4C:B 2 C<0E ?>B@518B5;59 ?> >B=>H5=8N : ?@>4C:BC :>=:C@5=B0.
@>4C:B 4>;65= 2>A?@8=8<0BLAO >?@545;5==>9 3@C??>9 F5;52KE ?>B@518B5;59 :0: 8<5NI89 GQB:89 >1@07, >B;8G0NI89 53> >B :>=:C@5=B0.
0 ?>78F8N ?@>4C:B0 2;8O5B @5?CB0F8O 8 8<846 :><?0=88 2 F5;><.
". >. ?>78F8>=8@>20=85 70:;. 2 B><, GB>1K, 8AE>4O 87 >F5=>: ?>B@518B5;59 ?>78F88 >?@545;5==>3> B>20@0 =0 @K=:5, >ACI5AB28BL 2K1>@ B0:8E E0@- B8: B>20@0 8 M;- B>2 :><?;5:A0 <0@:5B8=30, GB>1K A 2K3>4=>9 B>G:8 7@5=8O 2K45;8BL B>20@ A@548 :>=:C@5=B>2, B. 5. ?>;CG8BL :>=:C@5=B=>5 ?@58<CI5AB2>.
>=:C@5=B=>5 ?@58<CI5AB2> MB> E0@- :8 A2- 20 8;8 <0@:8 B>20@0, :>B>@K5 A>740NB 4;O D8@<K >?@545;5==>5 ?@52>AE>4AB2> =04 :>=:C@5=B><.
>=:C@5=B=>5 ?@58<CI5AB2> 45;8BAO =0 2=5H=55 ( >A=>20=> =0 >B;8G8B. :0G- 20E B>20@0, :>B>@K5 >1@07CNB F5==>ABL 4;O ?>:C?0B5;59) 8 2=CB@5==55 ( 1078@C5BAO =0 ?@52>AE>4AB25 D8@<K 2 >B=>H5=88 8745@65: ?@- 20) .
@8 ?>78F8>=8@>20=88 8A?- NB B0:85 E0@- :8, :>B>@K5 O2;- AO 206=K<8 4;O ?>B@518B5;59 8 =0 :>B>@K5 >=8 >@85=B8@CNBAO, >ACI5AB2;OO A2>9 2K1>@. :0G- 25 MB8E E0@- : <>65B 2KABC?0BL: - =04Q6=>ABL C@>25=L CA;C3 F5=0 :0G- 2> 8 B. 4.
$8@<0, @5H82, =0 :0:>< A53<5=B5 2KABC?0BL, 4>;6=0 @5H8BL, :0: ?@>=8:=CBL 2 MB>B A53<5=B. A;8 A53<5=B C65 CAB>O;AO, 7=0G8B, 2 =5< 5ABL :>=:C@5=F8O. >;55 B>3>, :>=:C@5=BK C65 70=O;8 2 @0<:0E A53<5=B0 A2>8 « ?>78F88» . ?@5645 G5< @5H8BL 2>?@>A > A>1AB25==>< ?>78F8>=8@>20=88, D8@<5 =5>1E>48<> >?@545;8BL ?>78F88 2A5E 8<5NI8EAO :>=:C@5=B>2.
>6=> >?@>A8BL ?>B5=F80;L=KE :;85=B>2 8 48;5@>2, :0: >=8 2>A?@8=8<0NB B>20@K :>=:C@8@CNI8E D8@<. @8 >?@545;5=88 ?>78F88 ?@>4C:B0 =0 @K=:5 8A?- NB <5B>4 ?>AB@>5=8O :0@B ?>78F8>=8@>20=8O.
! CG5B>< ?>78F89, 70=8<05<KE :>=:C@5=B0<8, C D8@<K 5ABL 420 2>7<>6=KE ?CB8. 5@¬ 2K9 ѕ ?>78F8>=8@>20BL A51O @O4>< A >4=8< 87 ACI5AB2CNI8E :>=:C@5=B>2 8 =0G0BL 1>@L1C 70 4>;N @K=:0. C:>2>4AB2> <>65B ?>9B8 =0 MB>, 5A;8 GC2AB2C5B, GB>: 1 ) D8@<0 <>65B 2K?CAB8BL B>20@, ?@52>AE>4OI89 B>20@ :>=:C@5=B0 ?> :0:8<- ;. E0@- :0<, 2 ) @K=>: 4>AB0B>G=> 25;8:, GB>1K 2<5AB8BL 42CE :>=:C@5=B>2, 3 ) D8@<0 @0A?>;0305B 1>;LH8<8, G5< C :>=:C@5=B0, @5AC@A0<8 8/ 8;8 4 ) 871@0==0O ?>78F8O 2 =081>;L¬ H59 <5@5 >B25G05B >A>15==>ABO< A8;L=KE 45;>2KE AB>@>= >@30=870F88. $8@<5 =5>1E>48<> 1C45B 87CG8BL ?@>4C:B :>=:C@5=B0 8 =09B8 A?>A>1 48DD5@5=F8@>20BL A2>5 ?@54;>65=85 2 3;070E ?>B5=F80;L=KE ?>:C?0B5;59. ;O 702>520=8O :@5?:8E ?>78F89 D8@<0 2K45;O5B E0@- :8 ?@>4C:B0 8 <0@:5B8=3>2>9 45OB5;L=>AB8, :>B>@K5 2 2K3>4=CN AB>@>=C >B;8G0B 55 >B :>=:C@5=B>2.
84K 48DD5@5=F80F88:
- 8DD5@5=F80F8O B>20@=0O, B. 5. ?@54;>65=85 B>20@0 A E0@- :0<8 8 48709=>< ;CGH8<8, G5< C :>=:C@5=B0.
- !5@28A=0O 48DD- F8O, ?@54;>65=85 CA;C3 ;CGH8E, G5< C :>=:C@5=B>2 ( ?>A;5?@>406=>5 >1A;C6820=85, >1CG5=85 :;85=B>2)
- 8DD- F8O ?5@A>=0;0, =09< 8 >1CG5=85 ?5@A>=0;0, :>B>@K9 >ACI5AB2;O5B A2>8 D- F88 ;CGH5, G5< ?5@A>=0; :>=:C@5=B>2
- 8DD- F8O 8<8460, D>@<8@>20=85 >1@070 >@30=870F88 8 55 B>20@0 2 3;070E >1I5AB25==>AB8 8 F5;52KE 3@C??, 2K3>4=> >B;8G0NI53> 55 >B :>=:C@5=B>2
B>@>9 ?CBL ѕ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« 1@5HL» =0 @K=:5 8 4>;6=0 ?@8=OBL <5@K : 55 70?>;=5=8N.
A=>20=8O 4;O ?>78F8>=8@>20=8O:
- 0456=>5/ >B;8G8B5;L=>5 :0G- 2> B>20@0
- CGH55 :0G- 2> B>20@0, ?>4GQ@:820NI55, GB> MB> <>3CB ?>72>;8BL A515 F5=OI85 A51O ;N48
- K3>4K 8;8 @5H5=8O ?@>1;5<K
- 87=5CB25@645=85, @04>ABL, >15I0=85 4>1@0, :>B. ?@845B 2<5AB5 A B>20@><
- >78F8>=8@>20=85 ?> >B=>H5=8N : :>=:C@5=B=>9 <0@:5
- 0B@8>B87<
1 8 . ?>=OB85 B>20@0 2 <0@:5B8=35, C@>2=8 B>20@0
">20@ ;N1>5 A@54AB2>, :>B>@>5 <>6=> ?@54;>68BL =0 @K=:5 ( D878G5A:85 ?@54<5BK, CA;C38, ?@54?@8OB8O, 284K 45OB5;L=>AB8, 8458) 4;O ?@8>1@5B5=8O 8;8 8A?>;L7>20=8O A F5;LN C4>2;5B2>@5=8O ?>B@51=>AB59.
! <0@:5B8=3>2>9 B>G:8 7@5=8O B>20@ @5H5=85 4;O C4>2;5B2>@5=8O ?>B@51=>AB8.
<0@:5B8=35, :0: ?@028;>, 8A?>;L7C5BAO B@5EC@>2=520O AB@C:BC@0 B>20@0. K1>@, :>B>@K9 45;0NB ?>:C?0B5;8, - :><?@><8AA =C64C MB8<8 C@>2=O<8:
- B>20@ ?> 70<KA;C ( >A=>2=0O 2K3>40 >B ?@8>1@5B5=8O B>20@0)
- B>20@ 2 @50;L=>< 8A?>;=5=88 ( 2=5H=55 >D>@<;5=85, C?0:>2:0, <0@:8@>2:0, 0AA>@B8<5=B, :0G5AB2>, <0@>G=>5 =0720=85)
- B>20@ A ?>4:@5?;5=85< ( 30@0=B8O, ?>A;5?@>406=>5 >1A;C6820=85, <>=B06 ( CAB0=>2:0) , ?>AB02:8 8 :@548B>20=85) .
$C=:F88:
- ?>B@518B5;LA:0O( DC=:F8>=0;L=0O) ( 2K@0605BAO 2 ?>;57=>AB8 B>20@0. -B0 DC=:F8O 1K205B >A=>2=>9 8 4>?>;=8B5;L=>9. 0?@ >A= DC=:F8O G0A>2 ?>:07K20BL 2@5<O, 0 4>? ?@>B82>C40@=>ABL, 2>4>=5?@>=8F05<>ABL& )
- A8<2>;8G5A:0O ( 8<846520O) ( B- @ A8<2>; A ?><>ILN :>B>@>3> <K >1I05<AO A 4@C38<8 ;N4L<8, 4;O 187=5A<5=0 MB> :>ABN<, 4;O :;>C=0 :@0A=K9 =>A)
- M<>F8>=0;L=0O ( ?@8 ?>:C?:5 B>20@0 2:;NG05BAO 7@5=85, A;CE. . _
<0@:5B8=35 B- @ AG8B05BAO :0G5AB25==K<, 5A;8 B0:>2K< 53> ?@87=05B ?>B@518B5;L.
1 9 . 6FB. !B@0B538O <0@:5B8=30 =0 :064>< MB0?5 6FB.
87=5==K9 F8:; B>20@0 ( &") <0@:5B8=3>2>5 ?>=OB85, :>=F5?F8O, :>B>@0O ?KB05BAO >?8A0BL ?@>872>4AB2> 8 A1KB ?@>4C:B0, ?@81K;L, :>=:C@5=F8N, AB@0B538N <0@:5B8=30 2> 2@5<5=8: A <><5=B0 ?>O2;5=8O B>20@0 =0 @K=:5 4> 53> A=OB8O A ?@>872>4AB20 8 ?@>4068.
>3CB 1KBL B>20@K - 4>;3>68B5;8, => 25G=>3> B>20@0 =5B.
>1>1I5==>< 2845 D>@<0 :@82>9 &" <>65B 1KBL >B@065=0 :;0AA8G5A:>9 S - >1@07=>9 :@82>9
;NG52K5 E0@0:B5@8AB8:8 :064>3> MB0?0.
59AB28O D8@< =0 @07=KE MB0?0E &":
1 ) =0 MB0?5 2=54@5=8O: =52KA C@- =L ?@>406, 2KA>:85 8745@6:8, C1KB>:, ?>:C?0B5;8 - AC?5@=>20B>@K, >G5=L <0;> :>=:C@5=B>2. F5;8 <- 30: ?@82;5G5=85 : B>20@C ;8F, D>@<8@CNI8E >1I5AB25==>5 <=5=85. @5:;0<0: 8=D>@<0B82=0O. F5=0: 7028A8B >B B>20@0
2 ) =0 MB0?5 @>AB0: 1KAB@>@0ABCI89 >1J5< ?@>406, A@54=85 8745@6:8, @0ABCI0O ?@81K;L, =>20B>@K, @0AB5B :>;- 2> :>=:C@5=B>2. F5;8 <- 30: @0AH8@5=85 A1KB0 8 0AA>@B8<5=B=>9 3@C??K. @5:;0<0: C15640NI0O. F5=0: 1>;LH89 480?>7>= F5=, ?>;=0O F5=>20O ;8=8O
3 ) 7@5;>ABL: ?8: ?@>406, =87:85 8745@6:8, <0AA>2K9 @K=>:, AB018;L=>5 :>;- 2> :>=:C@5=B>2, =0G8=0NI55 A>:@0I0BLAO. F5;8 <- 30: ?>445@68205=85 >B;8G8B5;L=KE ?@58<CI5AB2. @5:;0<0: :>=:@C5=B=0O. F5=0: ?>;=0O F5=>20O ;8=8O
4 ) A?04: ?045=85 >1J5<0 ?@>406, =87:85 8745@6:8, ?045=85 ?@81K;8, 154=59H0O G0ABL =0A5;5=8O 8 :>=A5@20B>@K, A>:@0I5=85 :>;- 20 :>=:C@5=B>2. F5;8 <- 30: A>:@0I5=85 / >682;5=85 / ?@5:@0I5=85. @5:;0<0: 8=D>@<0B82=0O. F5=0: >B45;L=K5 F5=K
2 0 . ?>=OB85 =>2>3> B>20@0
>2K9 B>20@ MB> =>2>5 >@838=0;L=>5 8745;85 8;8 CA;C30, 4;O :>B>@>9 =5B 0=0;>3>2 =0 @K=:5.
>2K9 B>20@ MB> C;CGH5==K5 20@80=BK 8;8 <>48D8:0F8O ACI5AB2CNI8E B>20@>2.
">20@ @K=>G=>9 =>287=K MB> B>20@ AB0@K9 4;O ?@56=8E @K=:>2, => =>2K9 4;O 40==>3> @K=:0.
- - ?@545;5=85 =0?@02;5=89 @07@01>B:8
#A?5E A>740205<KE B>20@>2 7028A8B >B ?@028;L=>3> 2K1>@0 =0?@02;5=89 ?>8A:0. K1>@ =0?@02;5=89 A;C68B G5BK@Q< 3;02=K< F5;O<: >?@545;O5B >1I55 @CA;>, 2 :>B>@>< A;54C5B 25AB8 @07@01>B:8; ?><>305B =0?@028BL 2 MB> @CA;> ?>8A:>2K5 CA8;8O 2A5E AB@C:BC@ :><?0=88; :>=F5=B@8@C5B 2=8<0=85 @07@01>BG8:>2 =0 ?>AB02;5==KE 7040G0E; =5>1E>48<>ABL 2K@01>B0BL =0?@02;5=8O, ?@85<;5<K5 4;O 2A5E G;5=>2 @C:>2>4AB20, 70AB02;O5B G;5=>2 @C:>2>4AB20, 2 A2>N >G5@54L, 703>4O ?@>4C<K20BL MB8 =0?@02;5=8O.
- - $>@<8@>20=85 8459
45O B>20@0 MB> >1I55 ?@54AB02;5=85 > 2>7<>6=>< B>20@5, :>B>@K9 D8@<0 <>65B ?@54;>68BL @K=:C.
>=F5?F8O B>20@0 MB> ?@>@01>B0==K9 20@80=B 8458, 2K@065==K9 7=0G8<K<8 4;O ?>B@518B5;O ?>=OB8O<8.
$>@<8@>20=85 8459 A8AB5<0B8G5A:8 >@30=87>20==K9 ?>8A: 8459 =>2KE B>20@>2.
- - B1>@ 8459
&5;L MB0?0 D>@<8@>20=85 8459 A>AB>8B 2 B><, GB>1K 2K1@0BL :0: <>6=> 1>;LH55 G8A;> 8459. &5;L ?>A;54CNI8E MB0?>2 C<5=LH8BL MB> G8A;>, 2K1@02 87 <0AAK ?@>5:B>2 =5A:>;L:> >ACI5AB28<KE, =0 :>B>@KE 2 40;L=59H5< 1C45B A>A@54>B>G5=> 2=8<0=85. 5@20O AB048O MB>3> ?@>F5AA0 =07K205BAO >B1>@>< 8459. !B>8<>ABL @07@01>B:8 1KAB@> @0ABQB >B MB0?0 : MB0?C, ?>MB><C F5;L >BA520 :0: <>6=> @0=LH5 701@0:>20BL =5?@83>4=K5 ?@54;>65=8O 8 2KO28BL ?5@A?5:B82=K5.
- - 07@01>B:0 :>=F5?F88 B>20@0 8 5Q ?@>25@:0
0 2KH5?5@5G8A;5==KE AB048OE @07@01>BG8:8 8<5NB 45;> B>;L:> A >A=>2=>9 ACBLN 8458, >1I59 :>=F5?F859. 0 40==>9 AB0488 >B@01>B0==CN 845N ?@54AB>8B ?@52@0B8BL 2 :>=F5?F8N B>20@0 ( :>=:@5B878@>20BL) . 0?@8<5@, 5A;8 >=8 >?@545;8;8 @0=55, GB> 1C4CB ?@>872>48BL =>2K5 :>=D5BK, >B25BK =0 A;54CNI85 2>?@>AK ?><>3CB AD>@<C;8@>20BL =0 >A=>25 >1I59 8458 C65 1>;55 :>=:@5B878@>20==CN :>=F5?F8N:
- B> 1C45B ?>:C?0BL =>2K9 B>20@? >=D5B0 <>65B ?@82;5:0BL : A515 ( =5AB8 « ?@87K2» ) 45B59, 27@>A;KE 8;8 ?>68;KE ;N459, ;81> 2A5 B@8 3@C??K A@07C.
- GQ< 3;02=>5 4>AB>8=AB2>, 2K3>40 =>2>3> ?@>4C:B0? >=D5B0 <>65B ?@82;5:0BL 2 A515 :0: A;04>ABL, :0: ;Q3:0O 70:CA:0 A 2KA>:>9 M=5@35B8G5A:>9 F5==>ABLN ;81> :0: ?8B0=85 48015B8:>2 2 A@>G=KE A8BC0F8OE.
- @8 :0:8E >1AB>OB5;LAB20E 1C45B ?@>8AE>48BL ?>B@51;5=85 =>2>3> B>20@0? >6=> ?@54;030BL :>=D5BC 45BO< 2 :0G5AB25 ?>>I@5=8O 8 ?>40@:0 8;8 8A?>;L7>20BL :0: 70<5=C 702B@0:0, 8;8 :0: 54C 48015B8:>2, C :>B>@KE >1@07>20;AO 871KB>: 8=AC;8=0.
- - 07@01>B:0 AB@0B5388 <0@:5B8=30
57028A8<> >B AB5?5=8 =>287=K B>20@0, >F5=:0 53> 2>7<>6=KE <0@:5B8=3>2KE AB@0B5389 ?>72>;O5B 871560BL 2>7<>6=KE ?@>1;5<, B0: 8 2KO28BL ACI5AB2CNI85 @K=>G=K5 2>7<>6=>AB8. %0@0:B5@ <0@:5B8=3>2>9 AB@0B5388 2> <=>3>< 7028A8B >B AB5?5=8 @K=>G=>9 =>287=K @07@010BK205<>3> B>20@0. "0:, 4;O 2K2545=8O =0 @K=>: A>25@H5==> =>2>3> B>20@0 ?>=04>1OBAO ?>;=>F5==K5 AB@0B5388 2K1>@0 F5;52KE @K=:>2 8 ?>78F8>=8@>20=8O. >48D8F8@>20==K9 B>20@ <>65B >1>9B8AL B0:>9 65 <>48D8F8@>20==>9 AB@0B53859 ?@>42865=8O, A>>1I0NI59 F5;52K< ?>B@518B5;O< > =>2KE 2K3>40E, ?@54;0305<KE @50;87>20==K<8 2 B>20@5 CA>25@H5=AB2>20=8O<8. @8 MB>< B0:65 A;54C5B CG5ABL 2;8O=85 ?@54;>65=8O =>2>3> B>20@0 =0 >1JQ<K ?@>406 ACI5AB2CNI8E B>20@>2 :><?0=88.
K1>@ F5;52KE @K=:>2. &5;52K< @K=:>< =>2>3> B>20@0 <>65B 1KBL :0: C65 >1A;C68205<K9 :><?0=859, B0: 8 A>25@H5==> =>2K9 @K=>G=K9 A53<5=B. @54;>65=85 A>25@H5==> =>2>3> B>20@0 ?>B@51C5B @07@01>B:8 8 =>2>9 AB@0B5388 2K1>@0 F5;52KE @K=:>2. 1@0I5=85 : @57C;LB0B0< >ACI5AB2;O2H8EAO @0=55 <0@:5B8=3>2KE 8AA;54>20=89 8=>340 ?>72>;O5B >1=0@C68BL =5:>B>@K5 :@8B5@88 2K1>@0 F5;52KE @K=:>2. >B45;L=KE A;CG0OE 4;O 2K1>@0 F5;52KE @K=:>2 ?>=04>1
2 2 0 0 0 3 <8@>20O >1I5AB25==>ABL ?@074=>20;0 1 0 0 ;5B <0@:5B8=30 2 <8@5 8 2 5 ;5B 2 >AA88. >48=0 <0@:5B8=30 !(.
B5G5=85 2A53> MB>3> 2@5<5=8 >4=8 :>=F5?F88 <0@:5B8=30 ?5@5@0AB0;8 2 4@C385. ! 7 0 - J 3>4>2 2A5 1>;LH89 25A ?@8>1@5B05B :>=F5?F8O F5;52>3> <0@:5B8=30 ( ?> MB>9 :>=F :><?0=8O 2K18@05B @K=>G=K9 A53<5=B)
"0: :0: <0@:5B8=3 7028A8B >B A>AB>O=8O @K=:0, B> 2 A2O78 A 87<5=5=8O<8 @K=:0 87<5=O5BAO 8 <0@:5B8=3. !59G0A 2A5 G0I5 8A?>;L7C5BAO <0@:5B8=3 ?0@B=5@A:8E >B=>H5=89, M<?8@8G5A:89 <0@:5B8=3, <0@:5B8=3 =0?@02;5==K9 =0 8=48284C0;L=>3> ?>B@518B5;O.
0 A53>4=OH=89 45=L 2> 2A5E >B@0A;OE ?@5>1;0405B >AB@0O :>=:C@5=F8O, ?>MB><C A1KB>20O 8 ?@>872>4AB25==0O :>=F5?F88 ?@0:B8G5A:8 =5 8A?>;L7CNBAO.
A?>;L7CNBAO 2 >A=>2=>< @07;8G=K5 M;5<5=BK ?@>42865=8O B>20@0 =0 @K=>:&
2 . >:@C60NI0O A@540 <0@:5B8=30
1 ) =5H=OO A@540:
) <8:@>D0:B>@K =5?>A@54AB25==>5 >:@C65=85 ?@54?@8OB8O, 5ABL 2>7<>6=>ABL @53C;8@>20=8O >B=>H5=89 A =8<8 ( ?>:C?0B5;8, :>=:C@5=BK, 8=25AB>@K, :>=B0:B=0O 0C48B>@8O, A>1AB25==8:8, ?>AB02I8:8)
) <0:@>D0:B>@K >:07K20NB A8;L=>5 2>7459AB285 =0 ?@54?@8OB85, ?>4 =8E =04> 040?B8@>20BLAO, 548=K 4;O 2A5E AC1J5:B>2 <0@:5B8=30 AB@0=K. ;8OBL =0 =8E =5;L7O. ( 70:>=>40B5;L=K5 D0:B>@K 70:>=K 8 =>@<0B82=K5 0:BK, :>B 459AB2CNB 2 AB@0=5 AB0=40@BK, 70:>=K « > @5:;0<5»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
2 ) =CB@5==OO A@540 ?@54?@8OB8O:
- F5;8 8 AB@0B5388 @0728B8O ?@54?@8OB8O
- >@3AB@C:BC@0 C?@02;5=8O ?@54?@8OB85<
- ?>@BD5;L 70:07>2
- D8=0=A>2K5 @5AC@AK
- 40==K5 > ?@>872>4AB25==KE 8 =0CG=KE 2>7<>6=>ABOE
- 40==K5 > :>=:C@5=B>A?>A>1=>AB8 ?@54?@8OB8O
- 40==K5 > :04@>2>< ?>B5=F80;5
040G0 ?@54?@8OB8O, 459AB2CNI53> =0 ?@8=F8?0E <0@:5B8=30 B@0=AD>@<8@>20BL ?>440NI85AO 87<5=5=8N D0:B>@K 2=CB@5==59 8 2=5H=59 A@54K 2 A2>N ?>;L7C ( 4;O 4>AB865=8O AB@0B538G5A:8E F5;59) , 0 : D0:B>@0<, =5 ?>440NI8<AO 87<5=5=8O< ( <0:@>D0:B>@0<) ?@8A?>A>18BLAO ( A2>N AB@C:BC@C, ?>;8B8:C F5=, 0AA>@B8<5=B, :><<C=8:0F88& )
3 . @>;L 8 7=0G5=85 <0@:5B8=30 2 45OB5;L=>AB8 ?@54?@8OB8O.
@54?@8OB85 2K?>;=O5B @O4 DC=:F89:
- ?@>872>4AB25==0O
- DC=:F8O <0@:5B8=30 8;8 A1KB>20O DC=:F8O
- D8=0=A>20O
- G5;>25G5A:8E >B=>H5=89 ( :04@>20O DC=:F8O)
B>@>9 G5;>25: ?>A;5 ?@57845=B0 2 :><?0=88 >1KG=> 28F5- ?@57845=B ?> <0@:5B8=3C.
A=>2=0O DC=:F8O <0@:5B8=30 =0 ?@54?@8OB88 8=B53@8@CNI0O, B. 5. >1J548=O5B 2A5 DC=:F88 ?@54?@8OB8O. 8450;5 =8 >4=0 DC=:F8O ?@54?@8OB8O =5 4>;6=0 459AB2>20BL A0<0 ?> A515 2A5< C?@02;O5B <0@:5B8=3.
4 . ?@54?@8OB85 :0: F5=B@ C?@02;5=8O <0@:5B8=3><
« 0@B=5@K ?@54?@8OB8O» :
3>A- 2> - - @54?@8OB85 - - 0:F8>=5@K
/ / \
:;85=B @01>B=8: ?>AB02I8:8
$C=:F88 ?@54?@8OB8O:
1 ) ?@>872>4AB25==0O
2 ) D8=0=A>20O ?@028;L=>5 @0A?@545;5=85 45=. @5AC@A>2.
3 ) :04@>20O
4 ) <0@:5B8=3>20O 70AB02;O5B 2A5 >AB0;L=K5 DC=:F88 A>3;0A>20==> 459AB2>20BL.
5 ) C?@02;5=85 >?B8<878@>20BL >1<5=K ?@54?@8OB8O 2 @0<:0E 53> :>=:C@5=B>A?>A>1=>AB8 8 @5=B015;L=>AB8.
0@:5B8=3 ( <- 3) MB> @K=>G=0O :>=F5?F8O C?@02;5=8O ?@>872>4AB25==>- A1KB>2>9 8 =0CG=>- B5E=8G5A:>9 45OB5;L=>ABLN ?@54?@8OB8O, =0?@02;5==CN =0 87CG5=85 @K=:0, M:- :>9 :>=J5:BC@K, :>=:@5B=KE 70?@>A>2 ?>B@518B5;59 8 >@85=B0F8N =0 =8E ?@>872>48<KE B>20@>2 8 CA;C3.
&5;L <- 30: 1 ) =C64K 8 ?>B@51=>AB8 ?>B@518B5;59 ?@52@0B8BL 2 4>E>4
8;8
2 ) C25;8G5=85 @5=B015;L=>AB8 ?@54?@8OB8O ?>A@54AB2>< ( B. 5. 1 ) + 2 ) ) C4>2;5B2>@5=8O =C64 8 ?>B@51=>AB59 ?>B@518B5;O.
$C=:F88 <0@:5B8=30:
- 0=0;8B8G5A:0O DC=:F8O. =55 2E>48B:
1 ) 87CG5=85 @K=:0 ( :>;8G5AB25==>5 8 :0G5AB25==>5)
2 ) 87CG5=85 ?>B@518B5;59
3 ) 87CG5=85 D8@<5==>9 AB@C:BC@K @K=:0
4 ) 87CG5=85 B>20@0
5 ) 87CG5=85 2=CB@5==59 A@54K ?@54?@8OB8O
- ?@>872>4AB25==0O. =55 2E>48B:
1 ) >@30=870F8O ?@- 20 =>2KE B>20@>2, @07@01>B:0 =>2KE B5E=>;>389
2 ) >@30=870F8O <0B5@80;L=>- B5E=8G. A=0165=8O
3 ) C?@02;5=85 :0G5AB2>< 8 :>=:C@5=B>A?>A>1=>ABLN 3>B>2CN ?@>4C:F8N
- A1KB>20O. =55 2E>48B:
1 ) >@30=870F8O A8AB5<K B>20@>42865=8O
2 ) >@30=870F8O A5@28A0
3 ) >@30=870F8O A8AB5<K D>@<8@>20=8O ! 8 AB8<C;8@>20=8O A1KB0
4 ) D>@<8@>20=85 F5;5=0?@02;5==>9 B>20@=>9 ?>;8B8:8
- D. C?@02;5=8O 8 :>=B@>;O. =55 2E>48B:
1 ) >@30=870F8O AB@0B538G5A:>3> ( 4>;3>A@>G=>3>) 8 >?5@0B82=>3> ( =0 0 . 5 - 1 3>4) ?@54?@8OB8O =0 @K=:5
2 ) 8=D>@<0F8>==>5 >15A?5G5=85 C?@02;5=8O <0@:5B8=3><
3 ) >@30=870F8O A8AB5<K :><<C=8:0F89 =0 ?@54?@8OB88
4 ) >@30=870F8O :>=B@>;O <0@:5B8=30
0@:5B8=3>20O 45OB5;L=>ABL ?@54?@8OB8O
/ \
0=0;87 @K=:0 0=0;87 ?@54?@8OB8O
| |
=530B82=K5 8 ?>78B82=K5 A8;L=K5 8 A;01K5
AB>@>=K @K=:0 AB>@>=K ?@54?@8OB8O
\ /
AB@0B538O <0@:5B8=30
|
:>=B@>;L <0@:5B8=30 < - - - >?5@0B82=K9 <0@:5B8=3 ( 4 )
5 . -2>;NF8O A>45@60=8O D>@< <0@:5B8=30.
>=F5?F88 @0728B8O <0@:5B8=30.
1 ) >=F5?F8O A>25@H5=AB2>20=8O ?@>872>4AB20: ?@54?>;0305BAO, GB> ?>:C?0B5;8 1C4CB 1>;55 1;03>A:;>==K : B>20@0< 8 CA;C30< A ;CGH8<8 ?>B@518B5;LA:8<8 A2>9AB20<8
2 ) >=F5?F8O A>25@H5=AB2>20=8O B>20@0
3 ) >=F5?F8O 8=B5=A8D8:0F88 :><<5@G5A:8E CA8;89
4 ) #A8;8O ?@54?@8OB8O A>A@54>B>G5=K =0 C4>2;5B2>@5=88 ?>B@51=>AB59 :;85=B0:
" A=>2=>5 =07=0G5=85 ?@54?@8OB8O C4>2;5B2>@OBL ?>B@51=>AB8 :;85=B0
" #4>2;5B2>@5=85 MB8E ?>B@51=>AB59 70AB02;O5B 8=B53@8@>20BL 8 :>>@48=8@>20BL CA8;8O 2A53> ?@54?@8OB8O 2 F5;><
" 5>1E>48<> C45;OBL 2=8<0=85 4>;3>A@>G=><C CA?5EC A2>59 45OB5;L=>AB8
5 ) >=F5?F8O A>F80;L=>- MB8G5A:>3> <0@:5B8=30:
" #4>2;5B2>@5=85 @07C<=KE ?>B@51=>AB59 2 A>>B25BAB288 A 3C<0==K<8 8=B5@5A0<8 >1I5AB20, ?>AB>O==>5 >1=>2;5=85 8 CA>25@H5=AB2>20=85 B>20@>2
" B:07 >B ?@>872>4AB20 8 ?@>4068 B>20@>2, :>B>@K5 <>3CB ?@8=5AB8 2@54 ?>B@518B5;N 8 >1I5AB2C 2 F5;><
" A?>;L7>20=85 M:>;>38G5A:8 G8ABKE B5E=>;>389 4;O ?@>872>4AB20 =C6=>3> >1I5AB2C B>20@0
" =54@5=85 2 ?@0:B8:C ?@>3@0<< A>F80;L=>- M:>;>38G5A:>3> @0728B8O, A>>B25BAB2CNI8E 8=B5@5A0< ?@54?@8OB8O 8 ?>;57=KE 4;O A>F80;L=>3> @0728B8O @538>=0
" !>1;N45=85 A>F80;L=>- MB8G5A:8E 8 <>@0;L=KE ?@8=F8?>2 ?@8 ?@8=OB88 ?@>872>4AB25==KE @5H5=89
6 ) >=F5?F8O M:>;>38G5A:>3> <0@:5B8=30: =0?@02;5=0 =0 C;CGH5=85 :0G5AB20 687=8, B. 5. =5>1E>48<> ?@5>4>;520BL ?@>1;5<K, A2O70==K5 A 70I8B>9 >:@C60NI59 A@54K, =5E20B:>9 @5AC@A>2 8 B. 4.
7 ) >=F5?F8O <0@:5B8=30 ?0@B=5@A:8E >B=>H5=89: ?> <5@5 @0728B8O ?@>872>4AB20 8 ?>B@51;5=8O A>25@H5=AB2C5BAO <5E0=87< 8E 2708<>459AB28O ( >A=>20B5;L MB>9 :>=F5?F88 /= >@4>=)
8 ) >=F5?F8O M<?8@8G5A:>3> <0@:5B8=30: >A=>2K205BAO =0 A?>A>1=>AB8 2K720BL C ?>B@518B5;59 @07;8G=K5 B8?K ?5@56820=89, >=8 >1>7=0G0NBAO 011@5280BC@0<8 !- AB@0B538G5A:85 M<?8@8G5A:85 <>4C;8.
!- :
1 ) A5=A>@=K5
2 ) M<>F8>=0;L=K5 ( 0D8:B82=K5)
3 ) :>3=8B82=K5
@54?@8OB8O >1KG=> 8A?>;L7CNB =5A:>;L:> :>=F5?F89 A@07C.
6 . =C64K 8 ?>B@51=>AB8 :0: 8AE>4=K5 8458 <0@:5B8=30
C640 GC2AB2>, >ICI05<>5 G5;>25:>< 2 =5E20B:5 G53>- ;81>
>B@51=>ABL =C640, ?@8=O2H0O A?5F8D8G5A:CN D>@<C 2 7028A8<>AB8 >B :C;LBC@=>3> C@>2=O 8 ;8G=>AB8 8=482840
5C4>2;5B2>@5=85 >A=>2=KE 687=5==> 206=KE ?>B@51=>AB59 B>@<>78B ?>O2;5=85 8 @0728B85 4@C38E ?>B@51=>AB59, A=8605B 0:B82=>ABL G5;>25:0 ;81> <5=O5B 55 =0?@02;5=85.
3 AB5?5=8 C4>2;5B2>@5=8O ?>B@51=>AB59:
- =5 C4>2;5B2>@5=0
- C4>2;5B2>@5=0 G0AB8G=> ( ?@8 ;N1>9 2>7<>6=>AB8 ?>B@518B5;L >B:065BAO >B B>20@0)
- C4>2;5B2>@5=0 ?>;=>ABLN
<5@8:0=A:89 ?A8E>;>3 0A;>C ?5@2K< ?@54;>68; A8AB5<C ?>B@51=>AB59 8 2708<>A2O759 <564C =8<8, 2KAB@>5==CN ?> 85@0@E8G5A:><C ?@8=F8?C, A>3;0A=> :>B>@><C 2KAH85 70?@>AK =5 2KABC?0NB =0 ?5@2K9 ?;0= 4> B5E ?>@, ?>:0 =5 C4>2;5B2>@5=K ?>B@51=>AB8 =87H53> C@>2=O.
8@0<840 A=87C 225@E:
87H85 ?>B@51=>AB8:
- D878>;>38G5A:85
- 157>?0A=>ABL
KAH85:
- ?@8=04;56=>ABL
- A0<>C2065=85
- A0<>2K@065=85
'5< 1>;LH5 ?>B@51=>AB59 C4>2;5B2>@O5B B>20@, B5< 1KAB@55 >= 1C45B :C?;5=.
7 . ?>=OB85 B>20@0 :0: 8AE>4=0O 845O <0@:5B8=30.
AE>4=K5 8458 <0@:5B8=30:
- C64K
- >B@51=>AB8
- 0?@>AK
- ">20@
- K=>:
">20@ 2A5, GB> <>65B C4>2;5B2>@8BL ?>B@51=>ABL 8;8 =C64C 8 ?@54;0305BAO @K=:C A F5;LN ?@82;5G5=8O 2=8<0¬ =8O, ?@8>1@5B5=8O, 8A?>;L7>20=8O 8;8 ?>B@51;5=8O.
A5 B>20@K, A?>A>1=K5 C4>2;5B2>@8BL MBC =C64C, <K =07K205< B>20@=K< 0AA>@B8<5=B>< 2K1>@0. 5 2A5 MB8 B>20@K 65;0B5;L=K 2 >48=0:>2>9 AB5?5=8. 5@>OB=55 2A53>, 2 ?5@2CN >G5@54L 1C4CB ?@8>1@5B0BLAO B>20@K 8 CA;C38, 1>;55 4>ABC?=K5 8 45H52K5.
3 AB5?5=8 C4>2;5B2>@5=8O ?>B@51=>AB59:
- >B@51=>ABL =5 C4>2;5B2>@5=0
- >B@51=>ABL C4>2;5B2>@5=0 G0AB8G=>
- >B@51=>ABL C4>2;5B2>@5=0 ?>;=>ABLN. MB>< A;CG05 B>20@ 1C45B =07K20BLAO « 8450;L=K< B>20@><» .
'5< ?>;=55 A>>B25BAB2C5B B>20@ 65;0=8O< ?>B@518B5;O, B5< 1>;LH53> CA?5E0 4>1L5BAO ?@>872>48B5;L. @>872>48B5;8 4>;6=K >BKA:8¬ 20BL ?>B@518B5;59, :>B>@K< >=8 E>BOB ?@>4020BL, 2KOA=OBL 8E ?>B@51=>AB8, 0 70B5< A>74020BL B>20@, :0: <>6=> ?>;=55 C4>2;5B2>¬ @ONI89 MB8 ?>B@51=>AB8.
>=OB85 « B>20@» =5 >3@0=8G8205BAO D878G5A:8<8 >1J5:B0<8. ">20@>< <>6=> =0720BL 2A5, GB> A?>A>1=> >:070BL CA;C3C, B. 5. C4>2;5B2>@8BL =C64C. ><8<> 8745;89 8 CA;C3, MB> <>3CB 1KBL ;8G=>AB8, <5AB0, >@30=870F88, 284K 45OB5;L=>AB8 8 8458.
8 . ?>=OB85 @K=:0. @K=>: ?@>402F0 8 @K=>: ?>:C?0B5;O.
K=>: MB> A>2>:C?=>ABL ACI5AB2CNI8E 8 ?>B5=F80;L=KE ?>:C?0B5;59 B>20@0.
MB> AD5@0 >1<5=0, 345 B>20@ >1<5=8205BAO =0 45=L38.
! B>G:8 7@5=8O <0@:5B8=30 2K45;ONB @K=>: ?@>402F0 8 @K=>: ?>:C?0B5;O.
- - 0 @K=:5 ?@>402F0 E>7O8=>< @K=:0 O2;O5BAO ?@>4025F, 0 =081>;55 0:B82=K<8 45OB5;O<8 @K=:0 ?@8E>48BAO 1KBL ?>:C?0B5;O<, A?@>A 1>;LH5 ?@54;>65=8O
%0@0:B5@=K5 G5@BK @K=:0 ?@>402F0:
- 5D8F8B.
- 54>AB0B>G=>5 :0G5AB2> B>20@0.
- KA>:85 F5=K.
- - 0 @K=:5 ?>:C?0B5;O E>7O8=>< @K=:0 O2;O5BAO ?>:C?0B5;L. !?@>A =865 ?@54;>65=8O, 45OB5;L=K<8 ?@8E>48BAO 1KBL ?@>402F0<.
%0@0:B5@=K5 G5@BK @K=:0 ?>:C?0B5;O:
- BACBAB285 45D8F8B0
- "5=45=F88 : C;CGH5=8N :0G5AB20 B>20@0
- "5=45=F88 : AB018;L=>AB8 A>>B=>H5=8O &5=0- 0G5AB2> 8;8 : A=865=8N F5=K.
<5==> @K=>: ?>:C?0B5;O O2;O5BAO =5?@5<5==K< CA;>285< ?@8<5=5=8O :>=F5?F89 <0@:5B8=30
9 . A=>2=K5 M;5<5=BK :><?;5:A0 <0@:5B8=30, 8E :@0B:0O E0@- :0.
><?;5:A <0@:5B8=30 - =01>@ ?>440NI8EAO :>=B@>;N ?5@5<5==KE D0:B>@>2 <0@:5B8=30, A>2>:C?=>ABL :>B>@KE D8@<0 8A?>;L7C5B 2 AB@5<;5=88 2K720BL 65;05<CN >B25B=CN @50:F8N A> AB>@>=K F5;52>3> @K=:0. :><?;5:A <0@:5B8=30 2E>48B 2A5, GB> D8@<0 <>65B ?@54?@8=OBL 4;O >:070=8O 2>7459AB28O =0 A?@>A A2>53> B>20@0. =>3>G8A;5==K5 2>7<>6=>AB8 <>6=> >1J548=8BL 2 G5BK@5 >A=>2=K5 3@C??K: B>20@, F5=0, <5B>4K @0A?@>AB@0=5=8O 8 AB8<C;8@>20=8O.
">20@ ( p r o d u c t ) - MB> =01>@ « 8745;89 8 CA;C3» , :>B>@K5 D8@<0 ?@54;0305B F5;52><C @K=:C.
&5=0 ( p r i c e ) - 45=56=0O AC<<0, :>B>@CN ?>B@518B5;8 4>;6=K C?;0B8BL 4;O ?>;CG5=8O B>20@0. $8@<0 ?@54;0305B @>7=8G=K5 8 >?B>2K5 F5=K, ;L3>B=K5 F5=K 8 A:84:8, ?@>406C 2 :@548B. 07=0G5==0O D8@<>9 F5=0 4>;6=0 A>>B25BAB2>20BL 2>A?@8=8<05<>9 F5==>AB8 ?@54;>65=8O, 8=0G5 ?>:C?0B5;8 1C4CB ?@8>1@5B0BL B>20@K :>=:C@5=B>2.
5B>4K @0A?@>AB@0=5=8O ( p l a c e ) - 2A52>7<>6=0O 45OB5;L=>ABL, 1;03>40@O :>B>@>9 B>20@ AB0=>28BAO 4>ABC?=K< 4;O F5;52KE ?>B@518B5;59. "0:, D8@<0 ?>418@05B >?B>2KE 8 @>7=8G=KE B>@3>2F52, C156405B 8E >1@0I0BL =0 B>20@ 1>;LH5 2=8<0=8O 8 701>B8BLAO > 53> E>@>H59 2K:;04:5, A;548B 70 ?>445@60=85< 53> 70?0A>2 8 >15A?5G8205B MDD5:B82=CN B@0=A?>@B8@>2:C 8 A:;048@>20=85.
5B>4K AB8<C;8@>20=8O ( p r o m o t i o n ) - 2A52>7<>6=0O 45OB5;L=>ABL D8@<K ?> @0A?@>AB@0=5=8N A2545=89 > 4>AB>8=AB20E A2>53> B>20@0 8 C15645=8N F5;52KE ?>B@518B5;59 ?>:C?0BL 53>. "0:, D8@<0 >?;0G8205B @5:;0<C, =0=8<05B ?@>402F>2, ?@>428305B B>20@ A ?><>ILN @07=>3> @>40 A?5F80;L=KE <5@>?@8OB89, >@30=87C5B 53> ?@>?030=4C.
7 2A53> MB>3> AB0=>28BAO OA=>, GB> @5H5=85 > ?>78F8>=8@>20=88 B>20@0 =0 @K=:5 O2;O5BAO >A=>2>9 4;O @07@01>B:8 F5;5=0?@02;5==>3> :><?;5:A0 <0@:5B8=30.
1 0 . "8?K <0@:5B8=30 2 7028A8<>AB8 >B A>AB>O=8O A?@>A0 =0 @K=:5.
1 530B82=K9 A?@>A. >340 7=0G8B5;L=0O G0ABL ?>B@518B5;59 =5 ;N18B ?@>4C:B 8 <>65B 4065 70?;0B8BL >?@545;5==CN F5=C 70 >B:07 >B 53> 8A?>;L7>20=8O. "8? <0@:5B8=30 :>=25@A8>==K9. &5;L A>740BL A?@>A. 5@>?@8OB8O ?5@545;:0 ?@>4C:B0, CA8;5=85 8 @07@01>B:0 ?;0=0 @5:;0<=>9 @01>BK 8 ?@>42865=8O B>20@0.
2 BACBAB285 A?@>A0. &5;52K5 ?>B@518B5;8 <>3CB 1KBL =5 708=B5@5A>20==K<8 2 B>20@5 8;8 157@07;8G=K<8 : =5<C. "8? <0@:5B8=30 AB8<C;8@CNI89. &5;L AB8<C;8@>20BL A?@>A. 5@>?@8OB8O ?@540BL B>20@C 8725AB=>ABL, >?B8<878@>20BL :0=0;K @0A?@545;5=8O, 2KOA=8BL ?@8G8=C >BACBAB28O A?@>A0.
3 0;8G85 ?>B5=F80;L=>3> A?@>A0. =>385 ?>B@518B5;8 <>3CB 8A?KBK¬ 20BL A8;L=>5 65;0=85, :>B>@>5 =52>7<>6=> C4>2;5B2>@8BL A ?><>ILN 8<5NI8EAO =0 @K=:5 B>20@>2 8;8 CA;C3. !CI5AB2C5B 1>;LH>9 A:@KBK9 A?@>A =0 1572@54=K5 A830@5BK, 157>?0A=K5 68;K5 <8:@>@09>=K 8 1>;55 M:>=><8G=K5 02B>¬ <>18;8. "8? <0@:5B8=30 @072820NI89. &5;L @50;87>20BL A?@>A. 5@>?@8OB8O A>740BL B>20@K :0G5AB25==> =>2>3> C@>2=O.
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
5 >;51;NI89AO A?@>A. # <=>38E >@30=870F89 A1KB :>;51;5BAO =0 A57>==>9, 5654=52=>9 8 4065 ?>G0A>2>9 >A=>25, GB> 2K7K205B ?@>1;5<K =54>3@C7:8 8 ?5@53@C7:8. >;LH0O G0ABL >1I5AB25==>3> B@0=A?>@B0 =5 703@C65=0 2> 2@5<O 4=52=>3> 70B8HLO 8 =5 A?@02;O5BAO A ?5@52>7:0<8 2 G0AK ?8:. > 1C4=O< 2 <C75OE <0;> ?>A5B8B5;59, 70B> 2 2KE>4=K5 4=8 70;K ?5@5?>;=5=K. "8? <0@:5B8=30 A8=E@><0@:5B8=3. &5;L AB018;878@>20BL A?@>A. 5@>?@8OB8O 87KA:0BL A?>A>1K A3;048BL :>;510=8O 2 @0A?@545;5=88 A?@>A0 ?> 2@5<5=8 A ?><>ILN 381:8E F5=, <5@ AB8<C;8@>20=8O 8 ?@>G8E ?@85<>2 ?>1C645=8O.
6 !>>B25BAB2CNI89 2>7<>6=>ABO< ?@54?@8OB8O. ?>;=>F5==>< A?@>A5 3>2>@OB, :>340 >@30=870F8O C4>2;5B2>@5=0 A2>8< B>@3>2K< >1>@>¬ B><. "8? <0@:5B8=30 ?>445@6820NI89. &5;L AB018;878@>20BL A?@>A, ?>445@6820BL ACI5AB2CNI89 C@>¬ 25=L A?@>A0, =5A<>B@O =0 <5=ONI85AO ?>B@518B5;LA:85 ?@54?>GB5=8O 8 CA8;820NICNAO :>=:C@5=F8N. 5@>?@8OB8O 381:0O ?>;8B8:0 F5=, A>740=85 MDD5:B82=>9 @5:;0<K. @30=870F8O 4>;6=0 =5C:>A=8B5;L=> 701>B8BLAO > :0G5AB25 B>20@0 8 >1A;C6820=8O, ?>AB>O==> 70<5@OBL C@>25=L ?>B@518B5;L¬ A:>9 C4>2;5B2>@5==>AB8, GB>1K AC48BL > ?@028;L=>AB8 A2>8E 459AB289.
7 '@57<5@=K9 A?@>A. # @O40 >@30=870F89 C@>25=L A?@>A0 2KH5, G5< >=8 <>3CB 8;8 E>BOB C4>2;5B2>@8BL. "8? <0@:5B8=30 - 45<0@:5B8=3. &5;L A=878BL A?@>A. 5@>?@8OB8O - @8 >1I5< 45<0@:5B8=35 AB@5<OBAO A18BL G@57<5@¬ =K9 A?@>A, ?@81530O : B0:8< <5@0<, :0: ?>2KH5=85 F5=, >A;01;5=85 CA8;89 ?> AB8<C;8@>20=8N 8 A>:@0I5=85 A5@28¬ A0, ?@>4060 ;8F5=789 4@C38< ?@>872>48B5;O<. @8 2K1>@>G=>< 45<0@:5B8=35 AB@5<OBAO A>:@0B8BL C@>25=L A?@>A0 =0 B5E CG0AB:0E @K=:0, :>B>@K5 <5=55 4>E>4=K 8;8 B@51CNB <5=LH5 A5@28A=KE CA;C3. &5;L 45<0@:5B8=30 =5 ;8:2848@>20BL A?@>A, 0 2A53> ;8HL A=878BL 53> C@>25=L.
8 @@0F8>=0;L=K9 A?@>A. @>B82>459AB285 A?@>AC =0 B>20@K, 2@54=K5 4;O 74>@>2LO, B@51C5B F5;5CAB@5<;5==KE CA8;89. @>2>4OBAO :0<?0=88 ?@>B82 @0A?@>AB@0=5=8O A830@5B, A?8@B=KE =0?8B:>2, =0@:>B8G5A:8E A@54AB2, 2K7K20N¬ I8E ?@82K:0=85, >3=5AB@5;L=>3> >@C68O. "8? <0@:5B8=30 - ?@>B82>459AB2CNI89. &5;L ;8:2848@>20BL A?@>A, C1548BL ;N18B5;59 G53>- B> >B:070BLAO >B A2>8E ?@82KG5:. 5@>?@8OB8O - @0A?@>AB@0=5=85 CAB@0H0NI8E A2545=89, @57:>5 ?>4=OB85 F5= 8 >3@0=8G5=85 4>ABC?=>AB8 B>20@0. @5:@0I5=85 2K?CA:0 B>20@>2, 87JOB85 8E 87 B>@3>2>9 A5B8, ?@>2545=85 ?@>?030=48ABA:8E :0<?0=89, =0?@02;5==KE ?@>B82 ?>B@51;5=8O.
1 1 . 35>3@0D8G5A:85 8 A>F80;L=>- 45<>3@0D8G5A:85 ?@8=8?K A53<5=B0F88 @K=:0
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
:0G5AB25 ?@8<5@0 A53<5=B0F88 ?> 35>3@0D8G5A:><C ?@87=0:C <>6=> ?@825AB8 <>;>BK9 :>D5 M a x w e l l H o u s e , 2K?CA:05<K9 :><?0=859 G e n e r a l F o o d ' s . . = H8@>:> ?@>405BAO 2 !(, => 2 7028A8<>AB8 >B 35>3@0D8G5A:>9 >1;0AB8 ?@>406 20@L8@C5BAO AB5?5=L 53> 0@><0B878@>20==>AB8, ?>A:>;L:C =0 70?045 AB@0=K ;N1OB 1>;55 :@5?:89 :>D5, G5< =0 2>AB>:5.
=0G5=85 35>3@0D8G5A:>3> ?@87=0:0 ?>AB5?5==> A=8605BAO 2 A2O78 A 3;>10;870F859, 2 B>< G8A;5 8 <8@>2>3> @K=:0.
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
(8@>:85 2>7<>6=>AB8 4;O >?@545;5=8O 45<>3@0D8G5A:8E A53<5=B>2 ?@54AB02;ONB 40==K5 ?5@5?8A59 =0A5;5=8O, E>BO 8E 40;5:> =5 2A5340 >:07K205BAO 4>AB0B>G=>. 0?@8<5@, 4;O >?@545;5=8O 5<:>AB8 @K=:0 1@8B25==KE ?@81>@>2 >A=>2>?>;030NI59 O2;O5BAO 8=D>@<0F8O > G8A;5==>AB8 <C6A:>3> =0A5;5=8O 2 2>7@0AB5 AB0@H5 1 6 - 1 8 ;5B. ?@>G5<, 745AL =5;L7O 701K20BL 8 >1 >B@0A;52>< A53<5=B5 =C640E ?0@8:<0E5@A:8E A CG5B>< >4=>@07>2>3> 8A?>;L7>20=8O 1@8B25==KE ?@81>@>2.
@8 A53<5=B0F88 ?> A>F80;L=>- 45<>3@0D8G5A:><C ?@8=F8?C 8A?>;L7CNB A;54CNI85 ?@87=0:8:
- - >7@0AB. ! 2>7@0AB>< ?>B@51=>AB8 8 2>7<>6=>AB8 ?>:C?0B5;59 87<5=ONBAO. !;54C5B >B<5B8BL, GB> 65;0=8O <>;>4568 1>;55 ?;0AB8G=K, 8 C MB>3> A53<5=B0 ?>B@518B5;59 ;53G5 AD>@<8@>20BL =>2K5 ?>B@51=>AB8, 2:CAK 8 ?@54?>GB5=8O.
K45;ONB A;54CNI85 2>7@0AB=K5 3@C??K:
- > 6 ;5B
- 6 - 1 1 ;5B
- 1 2 - 1 9 ;5B
- 2 0 - 3 4 3>40
- 3 5 - 4 9 ;5B
- 5 0 - 6 4 3>40
- AB0@H5 6 5 ;5B
!53<5=B0F8O ?> 2>7@0ABC H8@>:> 8A?>;L7C5BAO @07;8G=K<8 D8@<0<8. 0?@8<5@, M c D o n a l d ' s ?@54;0305B H a p p y m e a l s A 83@CH:0<8 4;O <0;5=L:8E 45B59, A0;0BK 4;O ;N459, C45;ONI8E 1>;LH>5 2=8<0=85 A2>5<C 74>@>2LN. 5:;0<0 A CG0AB85< ?>68;KE 0:B5@>2 1K;0 >1@0I5=0 : @K=:C ?>68;KE ?>A5B8B5;59.
>7@0AB <>65B 8=>340 225AB8 2 701;C645=85. 0?@8<5@, F o r d M o t o r C o m p a n y , @07@010BK20O F5;52>9 @K=>: 4;O ?5@2KE 02B><>18;59 « CAB0=3» , >@85=B8@>20;0AL =0 <>;>4KE ?>:C?0B5;59. >340 65 >1=0@C68;8, GB> MBC <0H8=C ?>:C?0;8 2A5 2>7@0AB=K5 3@C??K, >=8 ?>=O;8, GB> 8E F5;52K< @K=:>< 1K;8 =5 D878G5A:8, 0 ?A8E>;>38G5A:8 <>;>4K5 ;N48. =0;>38G=> S o u t w e s t A i r l i n e s , 2KOA=82, GB> <=>385 ?>68;K5 ;N48 <>;>4K ?A8E>;>38G5A:8, 2 A2>59 @5:;0<5 F5= =0 18;5BK 4;O ?>68;KE 45<>=AB@8@CNB 0:B82=KE ;N459 ?>68;>3> 2>7@0AB0, 4>2>;L=KE A>1>9 8 687=LN.
- - >; B0:65 O2;O5BAO 206=>9 A53<5=B0F8>==>9 ?5@5<5==>9, >A>15==> 4;O B0:8E B>20@>2, :0: B5:AB8;L, :>A<5B8:0, N25;8@=K5 C:@0H5=8O, ;8G=K5 CA;C38, =0?@8<5@, ?0@8:<0E5@A:85 CA;C38. >7<>6=>ABL A53<5=B8@>20=8O ?> ?@87=0:C ?>;0 >1=0@C6820NB 8 =0 4@C38E @K=:0E. >;LH8=AB2> <0@>: A830@5B 157 @07;8G8O 8A?>;L7CNBAO :0: <C6G8=0<8, B0: 8 65=I8=0<8. 4=0:> =0 @K=:5 AB0;8 2A5 G0I5 ?>O2;OBLAO « 65=A:85» A830@5BK, B0:85 <0@:8, :0: E v e 8 V i r g i n i a S l i m s A830@5BK A >A>1K< 0@><0B><, 2 M;530=B=>9 C?0:>2:5, @5:;0<0 :>B>@KE 45;05B 0:F5=B =0 >1@075 65=AB25==>AB8 B>20@0. ?@>G5<, 5ABL =5:>B>@K5 284K B>20@>2, ?>B@51;5=85 :>B>@KE ?> ACI5AB2C =5 7028A8B >B 40==>3> ?@87=0:0 ( =0?@8<5@, 7C1=0O ?0AB0) . 4=0:> 745AL, :0: 8 2> <=>38E 4@C38E A8BC0F8OE, =5>1E>48<> CG8BK20BL, GB>, A>1AB25==>, A0<C ?>:C?:C G0AB> A>25@H0NB 65=I8=K.
- - -B0?K 687=5==>3> F8:;0. !5<59=>5 ?>;>65=85 B0:65 <>65B A>AB02;OBL >A=>2C A53<5=B0F88. =>385 D8@<K >@85=B8@CNB A2>N ?@>4C:F8N 8;8 =0 E>;>ABKE, 8;8 =0 A5<59=KE ;N459.
K45;ONB A;54CNI85 MB0?K 687=5==>3> F8:;0 A5<L8:
- %>;>ABO:8
- >;>4K5 A5<L8
- >;>4K5 A5<L8 A <0;K<8 45BL<8
- !5<L8 A 27@>A;K<8 45BL<8
- !5<L8 157 45B59
- !B0@K5 ?0@K
- 48=>:85 AB0@8:8
>;>4K5 A5<L8 A <0;K<8 45BL<8 O2;ONBAO >A=>2=K< ?>:C?0B5;O<8 AB8@0;L=KE <0H8=, B5;5287>@>2, ?@>4C:B>2 ?8B0=8O 4;O <0;5=L:8E 45B59 8 83@CH5:. B> 65 2@5<O A5<L8 A 27@>A;K<8 45BL<8 O2;ONBAO ?>B@518B5;O<8 4>@>3>9 @048>M;5:B@>==>9 0??0@0BC@K, ?@54<5B>2 @>A:>H8.
- - 07<5@ A5<L8. !53<5=B0F8O ?> @07<5@0< A5<L8 ?>@>6405B, =0?@8<5@ @07;8G=K5 @07<5@K C?0:>2:8 B>20@>2.
- - #@>25=L 4>E>4>2 45;8B ?>B@518B5;59 =0 3@C??K A =87:8<8, A@54=8<8 8 2KA>:8<8 4>E>40<8. 0640O :0B53>@8O @0A?>;0305B >B;8G8B5;L=K<8 @5AC@A0<8 =0 ?@8>1@5B5=85 B>20@>2 8 CA;C3, GB> 2 7=0G8B5;L=>9 <5@5 >?@545;O5B ?>B@51;5=85 8, A;54>20B5;L=>, ?>2545=85 =0 @K=:5.
@8<5@>< A53<5=B0F88 ?> 40==><C ?@87=0:C <>65B A;C68BL O?>=A:89 873>B>28B5;L 0;:>3>;L=KE =0?8B:>2 - S u n t o r y , :>B>@K9 4;O ?@82;5G5=8O ?>:C?0B5;59 A 1>;LH8<8 4>E>40<8, 65;0NI8< 2A53> A0<>3> ;CGH53>, 225; =0 @K=>: A:>BG 28A:8 ?> F5=5 $ 7 5 .
- - #@>25=L >1@07>20=8O <>65B B0:65 8A?>;L7>20BLAO 4;O 2K45;5=8O @K=>G=KE A53<5=B>2. 0;>>1@07>20==K5 ?>B@518B5;8 B@0BOB <5=LH5 2@5<5=8 =0 ?>:C?:8, <5=LH5 G8B0NB 8 2 1>;LH59 <5@5 ?@54?>G8B0NB E>@>H> 8725AB=K5 B>20@=K5 <0@:8, G5< ?>B@518B5;8, 8<5NI85 A?5F80;L=>5 8;8 2KAH55 >1@07>20=85. >A;54=85 1>;55 A:;>==K A@02=820BL <03078=K, G8B0BL =5:><<5@G5A:85 8AB>G=8:8 8=D>@<0F88 8 ?@8>1@5B0BL B>20@, :>B>@K9 >=8 AG8B0NB =08;CGH8<, =57028A8<> >B B>3>, E>@>H> >= 8725AB5= 8;8 =5B.
- - @>D5AA8O B0:65 O2;O5BAO D0:B>@><, 2;8ONI8< =0 A?@>A ?>:C?0B5;O 8 53> ?>2545=85 =0 @K=:5. => 1C45B >B;8G0BLAO C @01>G53> 8 8=65=5@0, C @01>G8E @07=>9 :20;8D8:0F88, M:>=><8AB0 8 D8;>;>30 8 B. 4. >MB><C A?5F80;8AB0< ?> <0@:5B8=3C =5>1E>48<> BI0B5;L=> 8AA;54>20BL 2708<>A2O7L <564C ?@>D5AA8>=0;L=K<8 3@C??0<8 ;N459 8 8E 8=B5@5A>< 2 ?@8>1@5B5=88 B>3> 8;8 8=>3> B>20@0.
- - !53<5=B8@>20=85 ?> =5A:>;L:8< 45<>3@0D8G5A:8< ?0@0<5B@0<. >;LH8=AB2> D8@< ?@>2>48B A53<5=B8@>20=85 @K=:0, A>G5B0O @07;8G=K5 45<>3@0D8G5A:85 ?5@5<5==K5. 0?@8<5@, <=>3>D0:B>@=>5 A53<5=B8@>20=85 <>6=> 25AB8 ?> ?@87=0:0< 2>7@0AB0, ?>;0 8 C@>2=O 4>E>4>2.
1 2 . ?A8E>3@0D8G5A:85 ?@87=0:8 A53<5=B0F88 @K=:0
!53<5=B8@>20=85 ?> ?A8E>3@0D8G5A:><C ?@8=F8?C. @8 ?A8E>3@0D8G5A:>< A53<5=B8@>20=88 ?>:C?0B5;59 @0745;ONB =0 3@C??K 2 7028A8<>AB8 >B ?@8=04;56=>AB8 : >1I5AB25==><C :;0AAC, >1@070 687=8 8;8 E0@0:B5@8AB8: ;8G=>AB8. # ?@54AB028B5;59 >4=>9 8 B>9 65 45<>3@0D8G5A:>9 3@C??K <>3CB 1KBL A>25@H5==> @07=K5 ?A8E>3@0D8G5A:85 ?@>D8;8. >MB><C ?5@5<5==K5 40==>3> ?@87=0:0 B>G=55 E0@0:B5@87CNB @50:F8N ?>:C?0B5;O =0 B>B 8;8 8=>9 B>20@, G5< B>G=K5 :>;8G5AB25==K5 >F5=:8 A53<5=B>2 @K=:0 ?> 35>3@0D8G5A:8< 8;8 45<>3@0D8G5A:8< ?@87=0:0<.
- 1I5AB25==K9 :;0AA. @8=04;56=>ABL : >1I5AB25==><C :;0AAC A8;L=> A:07K205BAO =0 ?@54?>GB5=8OE G5;>25:0 2 >B=>H5=88 02B><>18;59, >4564K, 1KB>2>9 CB20@8, =0 ?@>2545=88 4>AC30, 53> G8B0B5;LA:8E ?@82KG:0E, 2K1>@5 @>7=8G=KE B>@3>2KE B>G5:. =>385 D8@<K ?@>5:B8@CNB A2>8 B>20@K 8 CA;C38 2 @0AG5B5 =0 ?@54AB028B5;59 :>=:@5B=>3> >1I5AB25==>3> :;0AA0, ?@54CA<0B@820O A2>9AB20 8 E0@0:B5@8AB8:8, :>B>@K5 8<?>=8@CNB 8<5==> MB><C :;0AAC.
- 1@07 687=8. ;8O5B =0 708=B5@5A>20==>ABL 2 B5E 8;8 8=KE B>20@0E 8
>1@07 687=8 ?>B@518B5;59, GB> ?@54AB02;O5B A>1>9 ?> ACB8 45;0 <>45;L 687=8 ;8G=>AB8, :>B>@0O 2K@0605BAO 2 C2;5G5=8OE, ?>ABC?:0E, 8=B5@5A0E, <=5=8OE, 85@0@E88 ?>B@51=>AB59, 4><8=8@CNI5< B8?5 >B=>H5=89 A 4@C38<8 ;N4L<8 8 B. ?. @>402FK 2A5 G0I5 ?@81530NB : A53<5=B8@>20=8N @K=:>2 ?> MB><C ?@87=0:C.
- "8? ;8G=>AB8. %0@0:B5@8AB8:8 ;8G=>AB8 B0:65 8A?>;L7CNBAO ?@>402F0<8 2 :0G5AB25 >A=>2K 4;O A53<5=B8@>20=8O @K=:0. @>872>48B5;8 ?@840NB A2>8< B>20@0< B0:85 E0@0:B5@8AB8:8, :>B>@K5 A>>B25BAB2CNB ;8G=K< E0@0:B5@8AB8:0< ?>B@518B5;59.
>B@518B5;8 <>3CB ?>4@0745;OBLAO =0 A53<5=BK ?> B8?0< ;8G=>AB8, =0?@8<5@, =0 8=B@>25@B>2 8;8 M:AB@025@B>2 8;8 ;53:> 8;8 B@C4=>C156405<KE. >B@518B5;8- 8=B@>25@BK 1>;55 :>=A5@20B82=K 8 A8AB5<0B8G=K 2 A2>Q< ?>2545=88 ?@8 A>25@H5=88 ?>:C?>:, G5< M:AB@025@BK. "@C4=>C156405<K5 ;N48 =530B82=> @5038@CNB =0 8=B5=A82=CN ?5@A>=0;L=CN ?@>406C 8 A:5?B8G5A:8 >B=>AOBAO : @5:;0<=>9 8=D>@<0F88. 53:>C156405<KE ;N459 <>6=> A:;>=8BL : ?>:C?:5 ?@8 ?><>I8 8=B5=A82=KE <5B>4>2 A1KB0, >=8 ?>440NBAO 2;8O=8N @5:;0<=>9 8=D>@<0F88.
> @50:F88 ?>B@518B5;59 =0 =>2>22545=85 2K45;ONB A;54CNI85 3@C??K:
- @8>1@5B0NI85 =>2K9 B>20@ 2 <><5=B ?>O2;5=8O 53> =0 @K=:5 ( =>20B>@K) ;
- @8>1@5B0NI85 =>2K9 B>20@ ?>A;5 B>3>, :0: 53> :C?OB =>20B>@K 8 A>>1I0B A2>9 >?KB 8A?>;L7>20=8O ( 1KAB@> 040?B8@CNI85AO : =>2><C B>20@C) ;
- @8>1@5B0NI85 B>20@, :>B>@K9 2 B5G5=85 4;8B5;L=>3> 2@5<5=8 =0E>48;AO =0 @K=:5 ( <54;5==> 040?B8@CNI85AO : =>2><C B>20@C) ;
- B25@30NI85 =>28=:C ( :>=A5@20B>@K, @5B@>3@04K) .
1 3 . ?>2545=G5A:85 ?@87=0:8 A53<5=B0F88 @K=:0
!53<5=B8@>20=85 ?> ?>2545=G5A:><C ?@8=F8?C. @8 A53<5=B8@>20=88 @K=:0 =0 >A=>25 ?>2545=G5A:8E >A>15==>AB59 <>6=> @0745;8BL ?>:C?0B5;59 =0 3@C??K 2 7028A8<>AB8 >B 8E 7=0=89, >B=>H5=89, E0@0:B5@0 8A?>;L7>20=8O B>20@0 8 @50:F88 =0 MB>B B>20@. >2545=G5A:85 ?5@5<5==K5 AG8B0NB =081>;55 ?>4E>4OI59 >A=>2>9 4;O D>@<8@>20=8O A53<5=B>2 @K=:0.
- - >2>4K 4;O A>25@H5=8O ?>:C?:8. >:C?0B5;59 <>6=> @0745;8BL =0 3@C??K =0 >A=>20=88 B5E ?>2>4>2, :>B>@K5 A>?CBAB2>20;8 2>7=8:=>25=8N 8458 > ?@8>1@5B5=88 B>20@0, D0:B8G5A:><C ?@8>1@5B5=8N B>20@0 8;8 8A?>;L7>20=8N ?@8>1@5BQ==>3> @0=55 B>20@0. !53<5=B8@>20=85 =0 >A=>25 ?>2>4>2 <>65B ?><>GL D8@<0< ?>4=OBL AB5?5=L 8A?>;L7>20=8O B>20@0.
- - A:><K5 2K3>4K. 4=0 87 459AB25==KE D>@< A53<5=B8@>20=8O
- :;0AA8D8:0F8O ?>:C?0B5;59 =0 >A=>25 B5E 2K3>4, :>B>@KE >=8 8ICB 2 B>20@5. !53<5=B8@>20=85 ?> ?@8=F8?C 8A:><KE 2K3>4 B@51C5B, 2>- ?5@2KE, 2KO2;5=8O >A=>2=KE 2K3>4, 8;8 ?@58<CI5AB2, :>B>@K5 ;N48 8ICB 2 40==>< :;0AA5 B>20@>2, 2>- 2B>@KE, 2K45;5=8O B8?>2 ?>:C?0B5;59, 8ICI8E MB8 ?@58<CI5AB20, 8, 2- B@5BL8E, >?@545;5=8O 284>2 B>20@>2, :>B>@K5 ?@54>AB02;ONB MB8 2K3>4K. !53<5=B0F8O ?> ?@58<CI5AB20< 1K;0 2=54@5=0 2 1 9 6 8 3>4C 0AA5;>< %59;8.
48= 87 =081>;55 CA?5H=KE ?@8<5@>2 A53<5=B8@>20=85 @K=:0 7C1=>9 ?0ABK. @57C;LB0B5 8AA;54>20=89 1K;> 2KO2;5=> G5BK@5 @K=>G=KE A53<5=B0 2 7028A8<>AB8 >B 284>2 >68405<KE 1;03: M:>=><8O, ;5G51=>5 459AB285, :>A<5B8G5A:89 MDD5:B 8 2:CA>2K5 :0G5AB20.
- - !B0BCA ?>;L7>20B5;O. =>385 @K=:8 <>6=> @0718BL =0 A;54CNI85 A53<5=BK: ;8F0, =5 ?>;L7CNI85AO B>20@><, 1K2H85 ?>;L7>20B5;8, ?>B5=F80;L=K5 ?>;L7>20B5;8, ?>;L7>20B5;8- =>28G:8 8 @53C;O@=K5 ?>;L7>20B5;8. @C?=K5 D8@<K, :>B>@K5 AB@5<OBAO 70?>;CG8BL A515 1>;LHCN 4>;N @K=:0, >A>15==> 708=B5@5A>20=K 2 ?@82;5G5=88 : A515 ?>B5=F80;L=KE ?>;L7>20B5;59, 0 1>;55 <5;:85 :><?0=88 AB@5<OBAO 702>520BL @53C;O@=KE ?>;L7>20B5;59. >B5=F80;L=K5 8 @53C;O@=K5 ?>;L7>20B5;8 B@51CNB @07;8G=KE <0@:5B8=3>2KE ?>4E>4>2.
- - =B5=A82=>ABL ?>B@51;5=8O. K=:8 <>6=> B0:65 @071820BL ?> 3@C??0< A;01KE, C<5@5==KE 8 0:B82=KE ?>B@518B5;59 B>20@0. :B82=K5 ?>;L7>20B5;8, :0: ?@028;>, A>AB02;ONB =51>;LHCN G0ABL @K=:0, >4=0:> =0 8E 4>;N ?@8E>48BAO 1>;LH>9 ?@>F5=B >1I53> >1J5<0 ?>B@51;5=8O B>20@0. I5 2 6 0 - 5 3>4K 8: #>@@5= "25;L4 ?@84C<0; B5@<8= « BO6Q;0O ?>;>28=0» , GB>1K >?8A0BL A53<5=B @K=:0, =0 :>B>@K9 ?@8E>48BAO =5?@>?>@F8>=0;L=> 1>;LH0O 4>;O >1I53> A1KB0 B>20@0 8;8 CA;C3. #<5AB=> 2A?><=8BL 70:>= 0@5B> ( " 70:>= 8 0 : 2 0 " ) , A>3;0A=> :>B>@><C B>;L:> 2 0 % ?>:C?0B5;59 ?@8=>AOB D8@<5 8 0 % 4>E>40.
0?@8<5@, 4 % 27@>A;>3> =0A5;5=8O !( ?>B@51;ONB 5 3 % 28=.
- - !B5?5=L ?@825@65==>AB8. !53<5=B8@>20=85 @K=:0 <>6=> >ACI5AB2;OBL 8 ?> AB5?5=8 ?@825@65==>AB8 ?>B@518B5;59 : B>20@C. >B@518B5;8 <>3CB 1KBL ?@825@65=F0<8 B>20@=KE <0@>:, <03078=>2 8 ?@>G8E A0<>AB>OB5;L=KE >1J5:B>2.
> AB5?5=8 ?@825@65==>AB8 ?>:C?0B5;59 <>6=> @0745;8BL =0 G5BK@5 3@C??K: 157>3>2>@>G=K5 ?@825@65=FK, B5@?8<K5 8 =5?>AB>O==K5 ?@825@65=FK, « AB@0==8:8» .
57>3>2>@>G=K5 ?@825@65=FK MB> ?>B@518B5;8, :>B>@K5 2A5340 ?>:C?0NB B>20@ >4=>9 8 B>9 65 <0@:8.
"5@?8<K5 ?@825@65=FK MB> ?>B@518B5;8, :>B>@K5 ?@825@65=K : 42C<- B@5< B>20@=K< <0@:0<.
5?>AB>O==K5 ?@825@65=FK MB> ?>B@518B5;8, ?5@5=>AOI85 A2>8 ?@54?>GB5=8O A >4=>9 B>20@=>9 <0@:8 =0 4@C3CN. !E5<0 8E ?>:C?0B5;LA:>3> ?>2545=8O ?>:07K205B, GB> ?>B@518B5;8 ?>AB5?5==> A<5I0NB A2>8 ?@54?>GB5=8O A >4=>9 <0@:8 =0 4@C3CN.
« !B@0==8:8» - MB> ?>B@518B5;8, =5 ?@>O2;ONI85 ?@825@65==>AB8 =8 : >4=><C 87 <0@>G=KE B>20@>2. 5 8<5NI89 ?@825@65==>AB8 ?>B@518B5;L ;81> ?>:C?05B, ;N1CN <0@:C 87 4>ABC?=KE 2 40==K9 <><5=B, ;81> E>G5B ?@8>1@5AB8 =5GB> >B;8G=>5 >B ACI5AB2CNI53> 0AA>@B8<5=B0. 3> ?@82;5:0NB @0A?@>4068, >= G0AB> <5=O5B B>@3>2K5 <0@:8 8 3>B>2 8A?@>1>20BL =>2K5 B>20@K 8;8 CA;C38.
N1>9 @K=>: ?@54AB02;5= @07;8G=K< A>G5B0=85< ?>:C?0B5;59 MB8E G5BK@5E B8?>2. K=>: D8@<5==>9 ?@825@65==>AB8 - MB> @K=>:, =0 :>B>@>< 1>;LH>9 ?@>F5=B ?>:C?0B5;59 45<>=AB@8@C5B 157>3>2>@>G=CN ?@825@65==>ABL : >4=>9 87, 8<5NI8EAO =0 =5< <0@>: B>20@0.
- - B=>H5=85 : B>20@C. K=>G=0O 0C48B>@8O <>65B >B=>A8BLAO : B>20@C ?>;>68B5;L=>, 157@07;8G=> 8;8 >B@8F0B5;L=>. >;>68B5;L=>5 >B=>H5=85 B@51C5B ?>4:@5?;5=8O 2 2845 ?>A;54CNI59 @5:;0<K 8 ;8G=KE :>=B0:B>2 A ?>B@518B5;O<8. 59B@0;L=>5 >B=>H5=85 B@51C5B 8=B5=A82=>9 8=D>@<0F88 8 C1548B5;L=>3> ?@>42865=8O. 530B82=>5 >B=>H5=85 B@C4=> 87<5=8BL, >=> B@51C5B ?>4B25@645=8O @5:;0<=>9 8=D>@<0F88, C;CGH5=8O B>20@0 8 >1@070 D8@<K 8 4@C38E <5@>?@8OB89. CGH5 2A53> 745AL, 2848<>, 83=>@8@>20BL MB>B A53<5=B 8 :>=F5=B@8@>20BL CA8;8O =0 ?5@2KE 42CE; ?@8 A53<5=B0F88 D8@<0 =5 >1O70=0 C4>2;5B2>@OBL 2A5 3@C??K >4=>2@5<5==>
- - 06=>ABL ?>:C?:8 B0:65 @07;8G=0 4;O @07;8G=KE ?>B@518B5;59. 0?@8<5@, 68B5;L ?@83>@>40, 25@>OB=>, AG8B05B ?@8>1@5B5=85 02B><>18;O 1>;55 206=K< 45;><, G5< G5;>25:, ?@>6820NI89 2 3>@>45 8 8<5NI89 4>ABC? : >1I5AB25==><C B@0=A?>@BC. @8>1@5AB8 E>;>48;L=8: 206=55 4;O B>9 A5<L8, C :>B>@>9 >= A;><0;AO, G5< 4;O B>9, C :>B>@>9 >= E>@>H> DC=:F8>=8@C5B.
1 4 . ?>=OB85 @K=>G=>3> A53<5=B0. F5;8 A53<5=B0F88.
$8@<K, 459AB2CNI85 =0 A>2@5<5==>< @K=:5, >A>7=0NB, GB> 8E B>20@K 8;8 CA;C38 =5 <>3CB ?>;=>ABLN C4>2;5B2>@8BL 70?@>AK 8 65;0=8O 2A5E ?>B@518B5;59. >:C?0B5;8 >B;8G0NBAO 4@C3 >B 4@C30 A0<K<8 @07=K<8 ?0@0<5B@0<8: ?> A2>8< ?>B@51=>ABO<, D8=0=A>2K< 8 4@C38< 2>7<>6=>ABO<, <5AB>?>;>65=8N, ?>:C?0B5;LA:8< 273;O40< 8 ?>:C?0B5;LA:8< ?@82KG:0<. ;O B>3> GB>1K C4>2;5B2>@8BL MB8 @07;8G=K5 ?>B@51=>AB8, ?@>402FK @071820NB @K=>: =0 >B45;L=K5 3@C??K ?>B@518B5;59, >1;040NI8E >?@545;5==K<8 >1I8<8 ?@87=0:0<8, 8 @07@010BK20NB ?@85<K <0@:5B8=30 4;O :064>9 3@C??K >B45;L=>. "0:0O D>@<0 <0@:5B8=3>2>9 45OB5;L=>AB8 ?@54AB02;O5B A>1>9 F5;52>9 <0@:5B8=3. 5OB5;L=>ABL ?> 2KO2;5=8N ?>B5=F80;L=KE 3@C?? ?>B@518B5;59 :>=:@5B=>3> B>20@0 ?@54?@8OB8O =07K20NB A53<5=B0F859 @K=:0. K45;5==CN 3@C??C ?>:C?0B5;59 A >B;8G8B5;L=K< =01>@>< ?>B@51=>AB59 =07K20NB A53<5=B>< @K=:0.
&5;8 A53<5=B0F88.
- - ;CGH5 C4>2;5B2>@8BL =C64K 8 ?>B@51=>ABL ;N459, ?>43>=OBL B>20@K ?>4 65;0=8O 8 ?@54?>GB5=8O ?>:C?0B5;59
- - ?>2KA8B :>=:C@5=B>A?>A>1=>ABL @K=:0 8 ?@>872- ;O, CA8;8BL :>=:C@5=B=K5 ?@58<CI5AB20
- - C:;>=8BLAO >B :>=:C@5=B=>9 1>@L1K ?CB5< ?5@5E>40 2 =5>A2>5==K9 A53<5=B @K=:0
- - C2O70BL A2>N =0CG=>- B5E=8G5A:CN ?>;8B8:C A 70?@>A0<8 GQB:> 2KO2;5==KE ?>B@51=>AB59 ?>:C?0B5;59
- - >@85=B8@>20BL 2AN <0@:5B8=3>2CN @01>BC =0 :>=:@5B=>3> ?>B@518B5;O
1 5 . :@8B5@88 >F5=:8 @K=>G=>3> A53<5=B0
'B>1K ?;0=8@>20=85 A53<5=B0F88 1K;> CA?5H=K<, 3@C??K ?>B@518B5;59 4>;6=K >B25G0BL ?OB8 :@8B5@8O<: @07;8G8O <564C A53<5=B0<8, AE>4AB20 ?>B@518B5;59, 1>;LH>9 25;8G8=K A53<5=B0, 87<5@8<>AB8 E0@0:B5@8AB8: ?>B@518B5;59, 4>AB868<>AB8 ?>B@518B5;59.
@8B5@89 @07;8G8O <564C A53<5=B0<8 >7=0G05B, GB> 2 @57C;LB0B5 ?@>2545=8O A53<5=B0F88 4>;6=K 1KBL ?>;CG5=K @07;8G0NI85AO 4@C3 >B 4@C30 3@C??K ?>B@518B5;59. ?@>B82=>< A;CG05, A53<5=B0F8O =5O2=> 1C45B ?>4<5=5=0 <0AA>2K< <0@:5B8=3><.
@8B5@89 AE>4AB20 ?>B@518B5;59 2 A53<5=B5 ?@54CA<0B@8205B >4=>@>4=>ABL ?>B5=F80;L=KE ?>:C?0B5;59 A B>G:8 7@5=8O ?>:C?0B5;LA:>3> >B=>H5=8O : :>=:@5B=><C B>20@C. !E>4AB2> ?>B@518B5;59 =5>1E>48<> 4;O B>3>, GB>1K <>6=> 1K;> @07@01>B0BL A>>B25BAB2CNI89 <0@:5B8=3>2K9 ?;0= 4;O 2A53> F5;52>3> A53<5=B0.
"@51>20=85 1>;LH>9 25;8G8=K A53<5=B0 >7=0G05B, GB> F5;52K5 A53<5=BK 4>;6=K 1KBL 4>AB0B>G=> 1>;LH8<8 4;O >15A?5G5=8O ?@>406 8 ?>:@KB8O 8745@65: ?@54?@8OB8O. !;54C5B ?>4G5@:=CBL, GB> @07<5@ A53<5=B0 <>65B A8;L=> >B;8G0BLAO 2 7028A8<>AB8 >B E0@0:B5@0 ?@>40205<>3> B>20@0. 0?@8<5@, =0 ?@><KH;5==>< @K=:5 1>;LH8< A53<5=B>< <>65B 1KBL ?@87=0=0 3@C??0 87 1 0 0 ?>B5=F80;L=KE ?>B@518B5;59, 0 =0 ?>B@518B5;LA:>< @K=:5 ?>4>1=K5 3@C??K 4>;6=K =0AG8BK20BL BKAOG8 2>7<>6=KE :;85=B>2;
7<5@8<>ABL E0@0:B5@8AB8: ?>B@518B5;59 >?@545;O5BAO B>9 8=D>@<0F859, :>B>@CN <>6=> ?>;CG8BL > @07<5@0E, ?@8@>45 8 ?>2545=88 A53<5=B0 @K=:0. >B@518B5;8 <>3CB 25AB8 A51O >48=0:>2>, => 5A;8 =5B A?>A>10 87<5@5=8O 8E ?>2545=8O, B> 1C45B B@C4=> AD>@<C;8@>20BL 8 2K?>;=8BL 459AB28O ?> <0@:5B8=3C. 0==K9 ?@8=F8? :@09=5 2065=, B0: :0: @0A?@>AB@0=5=85 B>20@0 « 2A;5?CN» , 157 >1@0B=>9 A2O78 >B ?>B@518B5;59, 2545B : @0A?K;5=8N A@54AB2, B@C4>2KE 8 8=B5;;5:BC0;L=KE @5AC@A>2 D8@<K- ?@>402F0.
@8B5@89 4>AB868<>AB8 ?>B@518B5;59 >7=0G05B B@51>20=85 =0;8G8O :0=0;>2 :><<C=8:0F88 D8@<K- ?@>402F0 A ?>B5=F80;L=K<8 ?>B@518B5;O<8. "0:8<8 :0=0;0<8 :><<C=8:0F88 <>3CB 1KBL 3075BK, 6C@=0;K, @048>, B5;52845=85, A@54AB20 =0@C6=>9 @5:;0<K 8 B. ?. >AB868<>ABL ?>B@518B5;59 =5>1E>48<0 4;O >@30=870F88 0:F89 ?@>42865=8O, 8=0G5 - 8=D>@<8@>20=8O ?>B5=F80;L=KE ?>:C?0B5;59 > :>=:@5B=>< B>20@5: 53> E0@0:B5@8AB8:0E, AB>8<>AB8, >A=>2=KE 4>AB>8=AB20E, 2>7<>6=KE @0A?@>4060E 8 B. ?.
1 6 . 2K1>@ AB@0B5388 >E20B0 @K=:0
0745;82 @K=>: =0 >B45;L=K5 A53<5=BK D8@<5 =5>1E>48<> >F5=8BL AB5?5=L 8E ?@82;5:0B5;L=>AB8 8 @5H8BL, A:>;L:> 8 :0:8E A53<5=B>2 >=0 1C45B >1A;C6820BL. >?@>A >E20B0 @K=:0 ( 2K1>@ F5;52>3> A53<5=B0 @K=:0) <>6=> @5H8BL >4=8< 87 A;54CNI8E A?>A>1>2.
548DD5@5=F8@>20==K9 <0@:5B8=3 AB@0B538O 1>;LH8E ?@>406. K1>@ MB>9 AB@0B53859 >7=0G05B, GB> :><?0=8O @5H05B 2K9B8 =0 25AL @K=>: A 548=AB25==K< ?@54;>65=85<, 83=>@8@CO @07;8G8O <564C A53<5=B0<8 @K=:0. MB>< A;CG05 :><?0=8O :>=F5=B@8@C5B A2>8 CA8;8O =5 =0 B><, G5< >B;8G0NBAO 4@C3 >B 4@C30 =C64K :;85=B>2, 0 =0 B><, GB> 2 MB8E =C640E >1I55. =0 @07@010BK205B B>20@ 8 <0@:5B8=3>2CN ?@>3@0<<C, :>B>@K5 ?>:06CBAO ?@82;5:0B5;L=K<8 2>7<>6=> 1>;LH5<C G8A;C ?>:C?0B5;59. ;02=0O F5;L =548DD5@5=F8@>20==>3> <0@:5B8=30 <0:A8<878@>20BL A1KB. @>=8:=>25=85 =0 1>;LH>5 G8A;> A53<5=B>2 A2O70=> A H8@>:8< 70E20B>< 2A53> @K=:0 8 B@51C5B 7=0G8B5;L=KE 70B@0B @5AC@A>2, ?>MB><C B0:0O AB@0B538O, :0: ?@028;>, ?@8<5=O5BAO :@C?=K<8 ?@54?@8OB8O<8. ;O C40G=>3> =548DD5@5=F8@>20==>3> <0@:5B8=30 =5>1E>48<>, GB>1K 1>;LH8=AB2> ?>:C?0B5;59 8A?KBK20;8 ?>B@51=>ABL 2 >48=0:>2KE A2>9AB20E B>20@0. @8 2K1>@5 MB>9 AB@0B538 8A?>;L7CNBAO <5B>4K <0AA>2>3> @0A?@545;5=8O 8 <0AA>2>9 @5:;0<K, >48= >1I5?@87=0==K9 480?07>= F5=, 548=0O ?@>3@0<<0 <0@:5B8=30, >@85=B8@>20==0O =0 @07;8G=K5 3@C??K ?>B@518B5;59.
A=>2=>9 4>2>4 2 ?>;L7C =548DD5@5=F8@>20==>3> <0@:5B8=30 70¬ :;NG05BAO 2 B><, GB> B0:>9 ?>4E>4 >15A?5G8205B M:>=><8N A@54AB2. #7:89 0AA>@B8<5=B B>20@>2 ?>72>;O5B ?>445@6820BL =0 =87:>< C@>2=5 AB>8<>ABL ?@>872>4AB20, E@0=5=8O 8 B@0=A?>@B8@>2:8. 745@6:8 =0 @5:;0<C 45@60BLAO =0 =87:>< C@>2=5. !=860NBAO 70B@0BK =0 <0@:5B8=3>2K5 8AA;54>20=8O. 4=0:> ?> <5@5 =0AKI5=8O @K=:0, @>AB0 :>=:C@5=F88 B0:>9 ?>4E>4 AB0=>28BAO <5=55 ?@>4C:B82=K<.
@8<5@>< =548DD5@5=F8@>20==>3> <0@:5B8=30 O2;O5BAO <0@:5B8=3 :><?0=88 « >:0- :>;0» =0 =0G0;L=>< MB0?5 55 @0728B8O, :>340 2A5< ?>B@518B5;O< ?@54;030;AO B>;L:> >48= =0?8B>: 2 1CBK;:5 >4=>3> @07<5@0. "0:65 2 :0G5AB25 ?@8<5@0 <>6=> ?@825AB8 459AB28O D8@<K « %5@H8» , :>B>@0O ?@54;>68;0 >4=C <0@:C H>:>;040 2 @0AG5B5 =0 2A5E.
>6=> A:>=F5=B@8@>20BL CA8;8O 8 @5AC@AK ?@>872>48B5;O =0 >4=>< A53<5=B5 @K=:0 ( 8;8 A?5F8D8G5A:>9 3@C??5 ?>B@518B5;59) . 40==>< A;CG05 ?@8<5=O5BAO AB@0B538O :>=F5=B@8@>20==>3> <0@:5B8=30. -B0 AB@0B538O >A>15==> ?@82;5:0B5;L=0 ?@8 >3@0=8G5==KE @5AC@A0E, 4;O =51>;LH8E ?@54?@8OB89. <5AB> B>3> GB>1K 3=0BLAO 70 =51>;LH>9 4>;59 H8@>:>3> @K=:0, :><?0=8O <>65B CAB@5<8BLAO 70 :@C?=>9 4>;59 =0 >4=>< 8;8 =5A:>;L:8E AC1@K=:0E. @54?@8OB85 :>=F5=B@8@C5B CA8;8O 8 @5AC@AK B0<, 345 >=> 8<55B 2>7<>6=>ABL 8A?>;L7>20BL A2>8 ?@58<CI5AB20, >15A?5G820O M:>=><8N =0 A?5F80;870F88 ?@>872>4AB20 8 ?@>G=CN @K=>G=CN ?>78F8N 70 AG5B 2KA>:>9 AB5?5=8 C=8:0;L=>AB8 8 8=48284C0;L=>AB8 2 C4>2;5B2>@5=88 ?>B@51=>AB59.
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
"@5B89 A?>A>1 2K1>@0 F5;52>3> A53<5=B0 @K=:0 70:;NG05BAO 2 >E20B5 =5A:>;L:8E A53<5=B>2 8 2K?CA:5 4;O :064>3> 87 =8E A2>53> B>20@0 8;8 53> @07=>284=>AB8. 45AL ?@8<5=ONB AB@0B538N 48DD5@5=F8@>20==>3> <0@:5B8=30. E20B =5A:>;L:8E A53<5=B>2 @K=:0 B@51C5B 7=0G8B5;L=KE @5AC@A>2 8 2>7<>6=>AB59 ?@54?@8OB8O 4;O ?@>872>4AB20 8 <0@:5B8=30 @07=KE <0@>: 8;8 B>20@>2. B> 65 2@5<O 2K?CA: =5A:>;L:8E <0@>:/ B>20@>2, A>@85=B8@>20==KE =0 =5A:>;L:8E A53<5=B0E, ?>72>;O5B <0:A8<878@>20BL A1KB. ". >. 48DD5@5=F8@>20==K9 <0@:5B8=3, :0: ?@028;>, ?>@>6405B 1М;LH85 >1JQ<K ?@>406, G5< <0AA>2K9 <0@:5B8=3. 4=0:> 8 70B@0BK =0 53> @50;870F8N O2;ONBAO 1>;55 2KA>:8<8.
@8 2K1>@5 AB@0B5388 >E20B0 @K=:0 A;54C5B @0AA<>B@5BL <=>65AB2> D0:B>@>2. 0:0O 8<5==> 87 AB@0B5389 >:065BAO =08;CGH59, 7028A8B >B @5AC@A>2 :><?0=88. >340 @5AC@AK :><?0=88 >3@0=8G5=K, :>=F5=B@8@>20==K9 <0@:5B8=3 >?@0240= 1>;LH5 2A53>. 548DD5@5=F8@>20==K9 <0@:5B8=3 1>;55 ?@83>45= 4;O 548=>>1@07=KE B>20@>2. ">20@K, :>B>@K5 20@L8@CNBAO ?> A2>5<C 48709=C, B@51CNB ?@8<5=5=8O 48DD5@5=F8@>20==>3> 8;8 :>=F5=B@8@>20==>3> <0@:5B8=30.
"0:65 >1O70B5;L=> 4>;65= 1KBL @0AA<>B@5= MB0?, =0 :>B>@>< =0E>48BAO B>20@ 2 A2>Q< 687=5==>< F8:;5. A;8 :><?0=8O 2K2>48B =0 @K=>: =>2K9 B>20@, F5;5A>>1@07=> ?@54;030BL B>;L:> >48= 20@80=B =>28=:8. @8 MB>< =081>;55 MDD5:B82=K AB@0B5388 =548DD5@5=F8@>20==>3> 8;8 :>=F5=B@8@>20==>3> <0@:5B8=30. >340 B>20@ 4>AB8305B 2 A2>Q< 687=5==>< F8:;5 MB0?0 7@5;>AB8, 48DD5@5=F8@>20==K9 <0@:5B8=3 AB0=>28BAO 2AQ 1>;55 >?@0240==K<.
@8 2K1>@5 AB@0B5388 >E20B0 @K=:0 =5>1E>48<> CG8BK20BL AB5?5=L >4=>@>4=>AB8 @K=:0. A;8 C ?>:C?0B5;59 >48=0:>2K5 2:CAK, >=8 70:C?0NB >4=> 8 B> 65 :>;8G5AB2> B>20@0 2 >4=8 8 B5 65 >B@57:8 2@5<5=8 8 >48=0:>2> @5038@CNB =0 >4=8 8 B5 65 <0@:5B8=3>2K5 AB8<C;K, C<5AB=> 8A?>;L7>20BL AB@0B538N =548DD5@5=F8@>20==>3> <0@:5B8=30. !;54C5B @0AA<>B@5BL 8 <0@:5B8=3>2K5 AB@0B5388 :>=:C@5=B>2. A;8 :>=:C@5=BK 70=8<0NBAO A53<5=B8@>20=85< @K=:0, ?@8<5=5=85 AB@0B5388 =548DD5@5=F8@>20==>3> <0@:5B8=30 <>65B >:070BLAO 3815;L=K<. A;8 :>=:C@5=BK ?@8<5=ONB =548DD5@5=F8@>20==K9 <0@:5B8=3, D8@<0 <>65B ?>;CG8BL 2K3>4K >B 8A?>;L7>20=8O :>=F5=B@8@>20==>3> 8;8 48DD5@5=F8@>20==>3> <0@:5B8=30.
1 7 . ?>=OB85 ?>78F8>=8@>20=8O B>20@0, >A=>20=8O 4;O ?>78F8>=8@>20=8O.
>78F8>=8@>20=85 MB> >?@545;5=85 ?>78F88 ?@>4C:B0 =0 >?@545;5==KE @K=:0E.
>78F8O ?@>4C:B0 MB> <=5=85 >?@545;5==KE 3@C?? ?>B@518B5;59 >B=>A8B5;L=> 206=59H8E E0@0:B5@8AB8: ?@>4C:B0. >78F8O ?@>4C:B0 E0@0:B5@87C5B <5AB>, :>B>@>5 70=8<05B :>=:@5B=K9 ?@>4C:B 2 C<0E ?>B@518B5;59 ?> >B=>H5=8N : ?@>4C:BC :>=:C@5=B0.
@>4C:B 4>;65= 2>A?@8=8<0BLAO >?@545;5==>9 3@C??>9 F5;52KE ?>B@518B5;59 :0: 8<5NI89 GQB:89 >1@07, >B;8G0NI89 53> >B :>=:C@5=B0.
0 ?>78F8N ?@>4C:B0 2;8O5B @5?CB0F8O 8 8<846 :><?0=88 2 F5;><.
". >. ?>78F8>=8@>20=85 70:;. 2 B><, GB>1K, 8AE>4O 87 >F5=>: ?>B@518B5;59 ?>78F88 >?@545;5==>3> B>20@0 =0 @K=:5, >ACI5AB28BL 2K1>@ B0:8E E0@- B8: B>20@0 8 M;- B>2 :><?;5:A0 <0@:5B8=30, GB>1K A 2K3>4=>9 B>G:8 7@5=8O 2K45;8BL B>20@ A@548 :>=:C@5=B>2, B. 5. ?>;CG8BL :>=:C@5=B=>5 ?@58<CI5AB2>.
>=:C@5=B=>5 ?@58<CI5AB2> MB> E0@- :8 A2- 20 8;8 <0@:8 B>20@0, :>B>@K5 A>740NB 4;O D8@<K >?@545;5==>5 ?@52>AE>4AB2> =04 :>=:C@5=B><.
>=:C@5=B=>5 ?@58<CI5AB2> 45;8BAO =0 2=5H=55 ( >A=>20=> =0 >B;8G8B. :0G- 20E B>20@0, :>B>@K5 >1@07CNB F5==>ABL 4;O ?>:C?0B5;59) 8 2=CB@5==55 ( 1078@C5BAO =0 ?@52>AE>4AB25 D8@<K 2 >B=>H5=88 8745@65: ?@- 20) .
@8 ?>78F8>=8@>20=88 8A?- NB B0:85 E0@- :8, :>B>@K5 O2;- AO 206=K<8 4;O ?>B@518B5;59 8 =0 :>B>@K5 >=8 >@85=B8@CNBAO, >ACI5AB2;OO A2>9 2K1>@. :0G- 25 MB8E E0@- : <>65B 2KABC?0BL: - =04Q6=>ABL C@>25=L CA;C3 F5=0 :0G- 2> 8 B. 4.
$8@<0, @5H82, =0 :0:>< A53<5=B5 2KABC?0BL, 4>;6=0 @5H8BL, :0: ?@>=8:=CBL 2 MB>B A53<5=B. A;8 A53<5=B C65 CAB>O;AO, 7=0G8B, 2 =5< 5ABL :>=:C@5=F8O. >;55 B>3>, :>=:C@5=BK C65 70=O;8 2 @0<:0E A53<5=B0 A2>8 « ?>78F88» . ?@5645 G5< @5H8BL 2>?@>A > A>1AB25==>< ?>78F8>=8@>20=88, D8@<5 =5>1E>48<> >?@545;8BL ?>78F88 2A5E 8<5NI8EAO :>=:C@5=B>2.
>6=> >?@>A8BL ?>B5=F80;L=KE :;85=B>2 8 48;5@>2, :0: >=8 2>A?@8=8<0NB B>20@K :>=:C@8@CNI8E D8@<. @8 >?@545;5=88 ?>78F88 ?@>4C:B0 =0 @K=:5 8A?- NB <5B>4 ?>AB@>5=8O :0@B ?>78F8>=8@>20=8O.
! CG5B>< ?>78F89, 70=8<05<KE :>=:C@5=B0<8, C D8@<K 5ABL 420 2>7<>6=KE ?CB8. 5@¬ 2K9 ѕ ?>78F8>=8@>20BL A51O @O4>< A >4=8< 87 ACI5AB2CNI8E :>=:C@5=B>2 8 =0G0BL 1>@L1C 70 4>;N @K=:0. C:>2>4AB2> <>65B ?>9B8 =0 MB>, 5A;8 GC2AB2C5B, GB>: 1 ) D8@<0 <>65B 2K?CAB8BL B>20@, ?@52>AE>4OI89 B>20@ :>=:C@5=B0 ?> :0:8<- ;. E0@- :0<, 2 ) @K=>: 4>AB0B>G=> 25;8:, GB>1K 2<5AB8BL 42CE :>=:C@5=B>2, 3 ) D8@<0 @0A?>;0305B 1>;LH8<8, G5< C :>=:C@5=B0, @5AC@A0<8 8/ 8;8 4 ) 871@0==0O ?>78F8O 2 =081>;L¬ H59 <5@5 >B25G05B >A>15==>ABO< A8;L=KE 45;>2KE AB>@>= >@30=870F88. $8@<5 =5>1E>48<> 1C45B 87CG8BL ?@>4C:B :>=:C@5=B0 8 =09B8 A?>A>1 48DD5@5=F8@>20BL A2>5 ?@54;>65=85 2 3;070E ?>B5=F80;L=KE ?>:C?0B5;59. ;O 702>520=8O :@5?:8E ?>78F89 D8@<0 2K45;O5B E0@- :8 ?@>4C:B0 8 <0@:5B8=3>2>9 45OB5;L=>AB8, :>B>@K5 2 2K3>4=CN AB>@>=C >B;8G0B 55 >B :>=:C@5=B>2.
84K 48DD5@5=F80F88:
- 8DD5@5=F80F8O B>20@=0O, B. 5. ?@54;>65=85 B>20@0 A E0@- :0<8 8 48709=>< ;CGH8<8, G5< C :>=:C@5=B0.
- !5@28A=0O 48DD- F8O, ?@54;>65=85 CA;C3 ;CGH8E, G5< C :>=:C@5=B>2 ( ?>A;5?@>406=>5 >1A;C6820=85, >1CG5=85 :;85=B>2)
- 8DD- F8O ?5@A>=0;0, =09< 8 >1CG5=85 ?5@A>=0;0, :>B>@K9 >ACI5AB2;O5B A2>8 D- F88 ;CGH5, G5< ?5@A>=0; :>=:C@5=B>2
- 8DD- F8O 8<8460, D>@<8@>20=85 >1@070 >@30=870F88 8 55 B>20@0 2 3;070E >1I5AB25==>AB8 8 F5;52KE 3@C??, 2K3>4=> >B;8G0NI53> 55 >B :>=:C@5=B>2
B>@>9 ?CBL ѕ @07@01>B0BL B>20@, :>B>@>3> 5I5 =5B =0 @K=:5. $8@<0 702>N5B A515 ?>B@518B5;59, 8ICI8E ?@>4C:B ?>4>1=>3> B8?0, ?>A:>;L:C :>=:C@5=BK 8E =5 ?@54;030NB. 4=0:> ?5@54 B5< :0: ?@8=OBL B0:>5 @5H5=85, @C:>2>4AB2> D8@<K 4>;6=> C4>AB>25@8BLAO 2 =0;8G88: 1 ) B5E=8G5A:8E 2>7<>6=>AB59 A>740=8O B0:>3> B>20@0, 2 ) M:>=><8G5A:8E 2>7<>6=>AB59 A>740=8O B>20@0 2 @0<:0E ?;0=8@C5<>3> C@>2=O F5=, 3 ) 4>AB0B>G=>3> G8A;0 ?>:C?0B5;59, ?@54?>G8B0NI8E 40==K9 B>20@. A;8 2A5 >B25BK >:06CBAO ?>;>68B5;L=K<8, 7=0G8B, D8@<0 >BKA:0;0 « 1@5HL» =0 @K=:5 8 4>;6=0 ?@8=OBL <5@K : 55 70?>;=5=8N.
A=>20=8O 4;O ?>78F8>=8@>20=8O:
- 0456=>5/ >B;8G8B5;L=>5 :0G- 2> B>20@0
- CGH55 :0G- 2> B>20@0, ?>4GQ@:820NI55, GB> MB> <>3CB ?>72>;8BL A515 F5=OI85 A51O ;N48
- K3>4K 8;8 @5H5=8O ?@>1;5<K
- 87=5CB25@645=85, @04>ABL, >15I0=85 4>1@0, :>B. ?@845B 2<5AB5 A B>20@><
- >78F8>=8@>20=85 ?> >B=>H5=8N : :>=:C@5=B=>9 <0@:5
- 0B@8>B87<
1 8 . ?>=OB85 B>20@0 2 <0@:5B8=35, C@>2=8 B>20@0
">20@ ;N1>5 A@54AB2>, :>B>@>5 <>6=> ?@54;>68BL =0 @K=:5 ( D878G5A:85 ?@54<5BK, CA;C38, ?@54?@8OB8O, 284K 45OB5;L=>AB8, 8458) 4;O ?@8>1@5B5=8O 8;8 8A?>;L7>20=8O A F5;LN C4>2;5B2>@5=8O ?>B@51=>AB59.
! <0@:5B8=3>2>9 B>G:8 7@5=8O B>20@ @5H5=85 4;O C4>2;5B2>@5=8O ?>B@51=>AB8.
<0@:5B8=35, :0: ?@028;>, 8A?>;L7C5BAO B@5EC@>2=520O AB@C:BC@0 B>20@0. K1>@, :>B>@K9 45;0NB ?>:C?0B5;8, - :><?@><8AA =C64C MB8<8 C@>2=O<8:
- B>20@ ?> 70<KA;C ( >A=>2=0O 2K3>40 >B ?@8>1@5B5=8O B>20@0)
- B>20@ 2 @50;L=>< 8A?>;=5=88 ( 2=5H=55 >D>@<;5=85, C?0:>2:0, <0@:8@>2:0, 0AA>@B8<5=B, :0G5AB2>, <0@>G=>5 =0720=85)
- B>20@ A ?>4:@5?;5=85< ( 30@0=B8O, ?>A;5?@>406=>5 >1A;C6820=85, <>=B06 ( CAB0=>2:0) , ?>AB02:8 8 :@548B>20=85) .
$C=:F88:
- ?>B@518B5;LA:0O( DC=:F8>=0;L=0O) ( 2K@0605BAO 2 ?>;57=>AB8 B>20@0. -B0 DC=:F8O 1K205B >A=>2=>9 8 4>?>;=8B5;L=>9. 0?@ >A= DC=:F8O G0A>2 ?>:07K20BL 2@5<O, 0 4>? ?@>B82>C40@=>ABL, 2>4>=5?@>=8F05<>ABL& )
- A8<2>;8G5A:0O ( 8<846520O) ( B- @ A8<2>; A ?><>ILN :>B>@>3> <K >1I05<AO A 4@C38<8 ;N4L<8, 4;O 187=5A<5=0 MB> :>ABN<, 4;O :;>C=0 :@0A=K9 =>A)
- M<>F8>=0;L=0O ( ?@8 ?>:C?:5 B>20@0 2:;NG05BAO 7@5=85, A;CE. . _
<0@:5B8=35 B- @ AG8B05BAO :0G5AB25==K<, 5A;8 B0:>2K< 53> ?@87=05B ?>B@518B5;L.
1 9 . 6FB. !B@0B538O <0@:5B8=30 =0 :064>< MB0?5 6FB.
87=5==K9 F8:; B>20@0 ( &") <0@:5B8=3>2>5 ?>=OB85, :>=F5?F8O, :>B>@0O ?KB05BAO >?8A0BL ?@>872>4AB2> 8 A1KB ?@>4C:B0, ?@81K;L, :>=:C@5=F8N, AB@0B538N <0@:5B8=30 2> 2@5<5=8: A <><5=B0 ?>O2;5=8O B>20@0 =0 @K=:5 4> 53> A=OB8O A ?@>872>4AB20 8 ?@>4068.
>3CB 1KBL B>20@K - 4>;3>68B5;8, => 25G=>3> B>20@0 =5B.
>1>1I5==>< 2845 D>@<0 :@82>9 &" <>65B 1KBL >B@065=0 :;0AA8G5A:>9 S - >1@07=>9 :@82>9
;NG52K5 E0@0:B5@8AB8:8 :064>3> MB0?0.
59AB28O D8@< =0 @07=KE MB0?0E &":
1 ) =0 MB0?5 2=54@5=8O: =52KA C@- =L ?@>406, 2KA>:85 8745@6:8, C1KB>:, ?>:C?0B5;8 - AC?5@=>20B>@K, >G5=L <0;> :>=:C@5=B>2. F5;8 <- 30: ?@82;5G5=85 : B>20@C ;8F, D>@<8@CNI8E >1I5AB25==>5 <=5=85. @5:;0<0: 8=D>@<0B82=0O. F5=0: 7028A8B >B B>20@0
2 ) =0 MB0?5 @>AB0: 1KAB@>@0ABCI89 >1J5< ?@>406, A@54=85 8745@6:8, @0ABCI0O ?@81K;L, =>20B>@K, @0AB5B :>;- 2> :>=:C@5=B>2. F5;8 <- 30: @0AH8@5=85 A1KB0 8 0AA>@B8<5=B=>9 3@C??K. @5:;0<0: C15640NI0O. F5=0: 1>;LH89 480?>7>= F5=, ?>;=0O F5=>20O ;8=8O
3 ) 7@5;>ABL: ?8: ?@>406, =87:85 8745@6:8, <0AA>2K9 @K=>:, AB018;L=>5 :>;- 2> :>=:C@5=B>2, =0G8=0NI55 A>:@0I0BLAO. F5;8 <- 30: ?>445@68205=85 >B;8G8B5;L=KE ?@58<CI5AB2. @5:;0<0: :>=:@C5=B=0O. F5=0: ?>;=0O F5=>20O ;8=8O
4 ) A?04: ?045=85 >1J5<0 ?@>406, =87:85 8745@6:8, ?045=85 ?@81K;8, 154=59H0O G0ABL =0A5;5=8O 8 :>=A5@20B>@K, A>:@0I5=85 :>;- 20 :>=:C@5=B>2. F5;8 <- 30: A>:@0I5=85 / >682;5=85 / ?@5:@0I5=85. @5:;0<0: 8=D>@<0B82=0O. F5=0: >B45;L=K5 F5=K
2 0 . ?>=OB85 =>2>3> B>20@0
>2K9 B>20@ MB> =>2>5 >@838=0;L=>5 8745;85 8;8 CA;C30, 4;O :>B>@>9 =5B 0=0;>3>2 =0 @K=:5.
>2K9 B>20@ MB> C;CGH5==K5 20@80=BK 8;8 <>48D8:0F8O ACI5AB2CNI8E B>20@>2.
">20@ @K=>G=>9 =>287=K MB> B>20@ AB0@K9 4;O ?@56=8E @K=:>2, => =>2K9 4;O 40==>3> @K=:0.
- - ?@545;5=85 =0?@02;5=89 @07@01>B:8
#A?5E A>740205<KE B>20@>2 7028A8B >B ?@028;L=>3> 2K1>@0 =0?@02;5=89 ?>8A:0. K1>@ =0?@02;5=89 A;C68B G5BK@Q< 3;02=K< F5;O<: >?@545;O5B >1I55 @CA;>, 2 :>B>@>< A;54C5B 25AB8 @07@01>B:8; ?><>305B =0?@028BL 2 MB> @CA;> ?>8A:>2K5 CA8;8O 2A5E AB@C:BC@ :><?0=88; :>=F5=B@8@C5B 2=8<0=85 @07@01>BG8:>2 =0 ?>AB02;5==KE 7040G0E; =5>1E>48<>ABL 2K@01>B0BL =0?@02;5=8O, ?@85<;5<K5 4;O 2A5E G;5=>2 @C:>2>4AB20, 70AB02;O5B G;5=>2 @C:>2>4AB20, 2 A2>N >G5@54L, 703>4O ?@>4C<K20BL MB8 =0?@02;5=8O.
- - $>@<8@>20=85 8459
45O B>20@0 MB> >1I55 ?@54AB02;5=85 > 2>7<>6=>< B>20@5, :>B>@K9 D8@<0 <>65B ?@54;>68BL @K=:C.
>=F5?F8O B>20@0 MB> ?@>@01>B0==K9 20@80=B 8458, 2K@065==K9 7=0G8<K<8 4;O ?>B@518B5;O ?>=OB8O<8.
$>@<8@>20=85 8459 A8AB5<0B8G5A:8 >@30=87>20==K9 ?>8A: 8459 =>2KE B>20@>2.
- - B1>@ 8459
&5;L MB0?0 D>@<8@>20=85 8459 A>AB>8B 2 B><, GB>1K 2K1@0BL :0: <>6=> 1>;LH55 G8A;> 8459. &5;L ?>A;54CNI8E MB0?>2 C<5=LH8BL MB> G8A;>, 2K1@02 87 <0AAK ?@>5:B>2 =5A:>;L:> >ACI5AB28<KE, =0 :>B>@KE 2 40;L=59H5< 1C45B A>A@54>B>G5=> 2=8<0=85. 5@20O AB048O MB>3> ?@>F5AA0 =07K205BAO >B1>@>< 8459. !B>8<>ABL @07@01>B:8 1KAB@> @0ABQB >B MB0?0 : MB0?C, ?>MB><C F5;L >BA520 :0: <>6=> @0=LH5 701@0:>20BL =5?@83>4=K5 ?@54;>65=8O 8 2KO28BL ?5@A?5:B82=K5.
- - 07@01>B:0 :>=F5?F88 B>20@0 8 5Q ?@>25@:0
0 2KH5?5@5G8A;5==KE AB048OE @07@01>BG8:8 8<5NB 45;> B>;L:> A >A=>2=>9 ACBLN 8458, >1I59 :>=F5?F859. 0 40==>9 AB0488 >B@01>B0==CN 845N ?@54AB>8B ?@52@0B8BL 2 :>=F5?F8N B>20@0 ( :>=:@5B878@>20BL) . 0?@8<5@, 5A;8 >=8 >?@545;8;8 @0=55, GB> 1C4CB ?@>872>48BL =>2K5 :>=D5BK, >B25BK =0 A;54CNI85 2>?@>AK ?><>3CB AD>@<C;8@>20BL =0 >A=>25 >1I59 8458 C65 1>;55 :>=:@5B878@>20==CN :>=F5?F8N:
- B> 1C45B ?>:C?0BL =>2K9 B>20@? >=D5B0 <>65B ?@82;5:0BL : A515 ( =5AB8 « ?@87K2» ) 45B59, 27@>A;KE 8;8 ?>68;KE ;N459, ;81> 2A5 B@8 3@C??K A@07C.
- GQ< 3;02=>5 4>AB>8=AB2>, 2K3>40 =>2>3> ?@>4C:B0? >=D5B0 <>65B ?@82;5:0BL 2 A515 :0: A;04>ABL, :0: ;Q3:0O 70:CA:0 A 2KA>:>9 M=5@35B8G5A:>9 F5==>ABLN ;81> :0: ?8B0=85 48015B8:>2 2 A@>G=KE A8BC0F8OE.
- @8 :0:8E >1AB>OB5;LAB20E 1C45B ?@>8AE>48BL ?>B@51;5=85 =>2>3> B>20@0? >6=> ?@54;030BL :>=D5BC 45BO< 2 :0G5AB25 ?>>I@5=8O 8 ?>40@:0 8;8 8A?>;L7>20BL :0: 70<5=C 702B@0:0, 8;8 :0: 54C 48015B8:>2, C :>B>@KE >1@07>20;AO 871KB>: 8=AC;8=0.
- - 07@01>B:0 AB@0B5388 <0@:5B8=30
57028A8<> >B AB5?5=8 =>287=K B>20@0, >F5=:0 53> 2>7<>6=KE <0@:5B8=3>2KE AB@0B5389 ?>72>;O5B 871560BL 2>7<>6=KE ?@>1;5<, B0: 8 2KO28BL ACI5AB2CNI85 @K=>G=K5 2>7<>6=>AB8. %0@0:B5@ <0@:5B8=3>2>9 AB@0B5388 2> <=>3>< 7028A8B >B AB5?5=8 @K=>G=>9 =>287=K @07@010BK205<>3> B>20@0. "0:, 4;O 2K2545=8O =0 @K=>: A>25@H5==> =>2>3> B>20@0 ?>=04>1OBAO ?>;=>F5==K5 AB@0B5388 2K1>@0 F5;52KE @K=:>2 8 ?>78F8>=8@>20=8O. >48D8F8@>20==K9 B>20@ <>65B >1>9B8AL B0:>9 65 <>48D8F8@>20==>9 AB@0B53859 ?@>42865=8O, A>>1I0NI59 F5;52K< ?>B@518B5;O< > =>2KE 2K3>40E, ?@54;0305<KE @50;87>20==K<8 2 B>20@5 CA>25@H5=AB2>20=8O<8. @8 MB>< B0:65 A;54C5B CG5ABL 2;8O=85 ?@54;>65=8O =>2>3> B>20@0 =0 >1JQ<K ?@>406 ACI5AB2CNI8E B>20@>2 :><?0=88.
K1>@ F5;52KE @K=:>2. &5;52K< @K=:>< =>2>3> B>20@0 <>65B 1KBL :0: C65 >1A;C68205<K9 :><?0=859, B0: 8 A>25@H5==> =>2K9 @K=>G=K9 A53<5=B. @54;>65=85 A>25@H5==> =>2>3> B>20@0 ?>B@51C5B @07@01>B:8 8 =>2>9 AB@0B5388 2K1>@0 F5;52KE @K=:>2. 1@0I5=85 : @57C;LB0B0< >ACI5AB2;O2H8EAO @0=55 <0@:5B8=3>2KE 8AA;54>20=89 8=>340 ?>72>;O5B >1=0@C68BL =5:>B>@K5 :@8B5@88 2K1>@0 F5;52KE @K=:>2. >B45;L=KE A;CG0OE 4;O 2K1>@0 F5;52KE @K=:>2 ?>=04>1
Соседние файлы в предмете Маркетинг