!Корпоративное право 2023-2024 / Sukhanov_E_a_Sravnitelnoe_Korporativnoe_Pravo_2014
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ɖɷɵɬɱɹ ɻɬɫɬɷɧɲʃɴɵɪɵ ɮɧɱɵɴɧ ɵ ɩɴɬɸɬɴɯɯ ɯɮɳɬɴɬɴɯɰ ɩ Ɋɑ
ɵɶɷɬɫɬɲɬɴɯʆ ɱɵɲɯɾɬɸɹɩɧ ɴɵɳɯɴɧɲʃɴɵɰ ɸɹɵɯɳɵɸɹɯ ɱɧɹɬɪɵɷɯɯ ɹɯ ɶɧ ɵɨʁʆɩɲɬɴɴʂɼ ɧɱɽɯɰ ɯ ɶɷɧɩ ɶɷɬɫɵɸɹɧɩɲʆɬɳʂɼ ʄɹɯɳɯ ɧɱɽɯʆɳɯ
ɺɩɬɲɯɾɬɴɯʆ ɺɸɹɧɩɴɵɪɵ ɱɧɶɯɹɧɲɧ ɵɨʀɬɸɹɩɧ ɸ ɵɪɷɧɴɯɾɬɴɴɵɰ ɵɹɩɬɹ ɸɹɩɬɴɴɵɸɹʃʅ ɴɬɶɷɵɶɵɷɽɯɵɴɧɲʃɴɵ ɫɵɲʆɳ ɬɪɵ ɺɾɧɸɹɴɯɱɵɩ ɯɲɯ ɮɧ ɸɾɬɹ ɶɷɯɴʆɹɯʆ ɹɷɬɹʃɬɪɵ ɲɯɽɧ ɩ ɸɵɸɹɧɩ ɺɾɧɸɹɴɯɱɵɩ ɹɧɱɵɪɵ ɵɨʀɬɸɹɩɧ
ɺɹɩɬɷɭɫɬɴɯʆ ɩɴɺɹɷɬɴɴɬɪɵ ɷɬɪɲɧɳɬɴɹɧ ɼɵɮʆɰɸɹɩɬɴɴɵɪɵ ɵɨʀɬɸɹɩɧɵ ɮɧɱɷɬɶɲɬɴɯɯ ɮɧ ɴɧɨɲʅɫɧɹɬɲʃɴʂɳ ɸɵɩɬɹɵɳ ɵɨʀɬɸɹɩɧ ɶɵɲɴɵɸɹʃʅ
ɯɲɯ ɩ ɾɧɸɹɯ ɻɺɴɱɽɯɰ ɱɵɲɲɬɪɯɧɲʃɴɵɪɵ ɯɸɶɵɲɴɯɹɬɲʃɴɵɪɵ ɵɷɪɧɴɧ ɵɨʀɬ ɸɹɩɧ ɲɯɨɵ ɵɨ ɵɹɱɧɮɬ ɵɹ ɵɨɷɧɮɵɩɧɴɯʆ ɯɸɶɵɲɴɯɹɬɲʃɴɵɪɵ ɵɷɪɧɴɧ ɬɸɲɯ ɬɪɵ ɻɺɴɱɽɯɯ ɵɸɺʀɬɸɹɩɲʆʅɹɸʆ ɴɧɨɲʅɫɧɹɬɲʃɴʂɳ ɸɵɩɬɹɵɳ
ɵ ɶɬɷɬɫɧɾɬ ɬɫɯɴɵɲɯɾɴɵɳɺ ɯɸɶɵɲɴɯɹɬɲʃɴɵɳɺ ɵɷɪɧɴɺ ɻɺɴɱɽɯɯ ɱɵɲ ɲɬɪɯɧɲʃɴɵɪɵ ɯɸɶɵɲɴɯɹɬɲʃɴɵɪɵ ɵɷɪɧɴɧ ɯ ɯɲɯ ɴɧɨɲʅɫɧɹɬɲʃɴɵɪɵ ɸɵɩɬɹɧɵɨ ɵɹɱɧɮɬ ɵɹ ɸɵɮɫɧɴɯʆ ɷɬɩɯɮɯɵɴɴɵɰ ɱɵɳɯɸɸɯɯ ɲɯɨɵ ɵ ɬɬ ɸɵɮɫɧ
ɴɯɯ ɯɸɱɲʅɾɯɹɬɲʃɴɵ ɩ ɸɲɺɾɧʆɼ ɶɷɬɫɺɸɳɵɹɷɬɴɴʂɼ ɺɸɹɧɩɵɳ ɵɨʀɬɸɹɩɧɵɨ ɯɮɳɬɴɬɴɯɯ ɺɸɹɧɴɵɩɲɬɴɴɵɪɵ ɮɧɱɵɴɧɳɯ ɯ ɯɴʂɳɯ ɶɷɧɩɵɩʂɳɯ ɧɱ
ɹɧɳɯ ɶɵɷʆɫɱɧ ɸɵɮʂɩɧ ɶɵɫɪɵɹɵɩɱɯ ɯ ɶɷɵɩɬɫɬɴɯʆ ɵɨʀɯɼ ɸɵɨɷɧɴɯɰ ɺɾɧɸɹ ɴɯɱɵɩ ɼɵɮʆɰɸɹɩɬɴɴɵɪɵ ɵɨʀɬɸɹɩɧ ɶɷɯɴʆɹɯʆ ɯɳɯ ɷɬɿɬɴɯɰ ɶɷɯ ɺɸɲɵɩɯɯ ɾɹɵ ɹɧɱɯɬ ɯɮɳɬɴɬɴɯʆ ɴɬ ɲɯɿɧʅɹ ɺɾɧɸɹɴɯɱɵɩ ɶɷɧɩɧ ɴɧ ɺɾɧɸɹɯɬ ɩ ɵɨʀɬɳ ɸɵɨɷɧɴɯɯ ɯ ɴɧ ɶɵɲɺɾɬɴɯɬ ɯɴɻɵɷɳɧɽɯɯ ɵ ɴɬɳ
ɵɨ ɵɹɲɯɾɴʂɼ ɵɹ ɺɸɹɧɴɵɩɲɬɴɴʂɼ ɮɧɱɵɴɧɳɯ ɯ ɯɴʂɳɯ ɶɷɧɩɵɩʂɳɯ ɧɱɹɧɳɯ ɹɷɬɨɵɩɧɴɯʆɼ ɱ ɱɵɲɯɾɬɸɹɩɬɴɴɵɳɺ ɸɵɸɹɧɩɺ ɶɵɷʆɫɱɺ ɻɵɷɳɯɷɵɩɧ
ɴɯʆ ɯ ɶɷɵɩɬɫɬɴɯʆ ɮɧɸɬɫɧɴɯɰ ɴɧɨɲʅɫɧɹɬɲʃɴɵɪɵ ɸɵɩɬɹɧ ɯ ɯɲɯ ɱɵɲɲɬɪɯ ɧɲʃɴɵɪɵ ɯɸɶɵɲɴɯɹɬɲʃɴɵɪɵ ɵɷɪɧɴɧ ɵɨʀɬɸɹɩɧ
ɵ ɶɵɷʆɫɱɬ ɵɸɺʀɬɸɹɩɲɬɴɯʆ ɶɷɬɯɳɺʀɬɸɹɩɬɴɴɵɪɵ ɶɷɧɩɧ ɶɵɱɺɶɱɯ ɫɵɲɯ ɯɲɯ ɾɧɸɹɯ ɫɵɲɯ ɩ ɺɸɹɧɩɴɵɳ ɱɧɶɯɹɧɲɬ ɵɨʀɬɸɹɩɧ ɸ ɵɪɷɧɴɯɾɬɴɴɵɰ ɵɹɩɬɹɸɹɩɬɴɴɵɸɹʃʅ ɯɲɯ ɶɷɬɯɳɺʀɬɸɹɩɬɴɴɵɪɵ ɶɷɧɩɧ ɶɷɯɵɨɷɬɹɬɴɯʆ ɷɧɮ ɳɬʀɧɬɳʂɼ ɧɱɽɯɵɴɬɷɴʂɳ ɵɨʀɬɸɹɩɵɳ ɧɱɽɯɰ ɧ ɹɧɱɭɬ ɵ ɳɧɱɸɯɳɧɲʃɴɵɰ ɫɵɲɬ ɺɾɧɸɹɯʆ ɵɫɴɵɪɵ ɺɾɧɸɹɴɯɱɧ ɩ ɺɸɹɧɩɴɵɳ ɱɧɶɯɹɧɲɬ ɼɵɮʆɰɸɹɩɬɴɴɵ ɪɵ ɵɨʀɬɸɹɩɧ
ɯɴʂɬ ɶɵɲɵɭɬɴɯʆ ɩ ɸɲɺɾɧʆɼ ɶɷɬɫɺɸɳɵɹɷɬɴɴʂɼ ɮɧɱɵɴɧɳɯ ɵ ɼɵɮʆɰ ɸɹɩɬɴɴʂɼ ɵɨʀɬɸɹɩɧɼ
ɉ ɸɲɺɾɧʆɼ ɱɵɪɫɧ ɶɵɲɵɭɬɴɯʆ ɶɷɬɫɺɸɳɵɹɷɬɴɴʂɬ ɶɺɴɱɹɵɳ ɴɧ ɸɹɵʆʀɬɰ ɸɹɧɹʃɯ ɴɬ ɵɹɴɵɸʆɹɸʆ ɱ ɾɯɸɲɺ ɶɵɲɵɭɬɴɯɰ ɶɵɫɲɬɭɧʀɯɼ ɩ ɸɵɵɹ ɩɬɹɸɹɩɯɯ ɸ ɴɧɸɹɵʆʀɯɳ ɑɵɫɬɱɸɵɳ ɯɲɯ ɯɴʂɳɯ ɮɧɱɵɴɧɳɯ ɵɨʆɮɧɹɬɲʃɴɵɳɺ ɩɱɲʅɾɬɴɯʅ ɩ ɺɸɹɧɩ ɵɴɯ ɳɵɪɺɹ ɨʂɹʃ ɶɷɬɫɺɸɳɵɹɷɬɴʂ ɱɵɷɶɵɷɧɹɯɩɴʂɳ ɫɵɪɵɩɵɷɵɳ ɸɹɵɷɵɴɧɳɯ ɱɵɹɵɷɵɪɵ ʆɩɲʆʅɹɸʆ ɩɸɬ ɺɾɧɸɹɴɯɱɯ ɴɬɶɺɨɲɯɾɴɵ ɪɵ ɼɵɮʆɰɸɹɩɬɴɴɵɪɵ ɵɨʀɬɸɹɩɧ y
ɸɹɧɹʃʅ ɯɮɲɵɭɯɹʃ ɩ ɸɲɬɫɺʅʀɬɰ ɷɬɫɧɱɽɯɯ
ɖɷɯɲɵɭɬɴɯɬ
jɘɹɧɹʃʆ ɖɷɧɩɧ ɯ ɵɨʆɮɧɴɴɵɸɹɯ ɺɾɧɸɹɴɯɱɵɩ ɼɵɮʆɰɸɹɩɬɴɴʂɼ ɹɵɩɧ ɷɯʀɬɸɹɩ ɯ ɵɨʀɬɸɹɩ
ɚɾɧɸɹɴɯɱ ɼɵɮʆɰɸɹɩɬɴɴɵɪɵ ɹɵɩɧɷɯʀɬɸɹɩɧ ɯɲɯ ɵɨʀɬɸɹɩɧ ɴɧɷʆɫɺ
ɸɶɷɧɩɧɳɯ ɶɷɬɫɺɸɳɵɹɷɬɴɴʂɳɯ ɫɲʆ ɺɾɧɸɹɴɯɱɵɩ ɱɵɷɶɵɷɧɽɯɰ ɶɺɴɱɹɵɳ ɸɹɧɹʃɯ ɴɧɸɹɵʆʀɬɪɵ ɑɵɫɬɱɸɧ ɹɧɱɭɬ ɩɶɷɧɩɬ
ɶɷɯɴɯɳɧɹʃ ɺɾɧɸɹɯɬ ɩ ɷɧɸɶɷɬɫɬɲɬɴɯɯ ɶɷɯɨʂɲɯ ɹɵɩɧɷɯʀɬɸɹɩɧ ɯɲɯ ɵɨʀɬɸɹɩɧ ɺɾɧɸɹɴɯɱɵɳ ɱɵɹɵɷɵɪɵ ɵɴ ʆɩɲʆɬɹɸʆ
ɶɵɲɺɾɧɹʃ ɩ ɸɲɺɾɧɬ ɲɯɱɩɯɫɧɽɯɯ ɹɵɩɧɷɯʀɬɸɹɩɧ ɯɲɯ ɵɨʀɬɸɹɩɧ ɾɧɸɹʃ ɯɳɺʀɬɸɹɩɧ ɵɸɹɧɩɿɬɪɵɸʆ ɶɵɸɲɬ ɷɧɸɾɬɹɵɩ ɸ ɱɷɬɫɯɹɵɷɧɳɯ ɯɲɯ ɬɪɵ ɸɹɵɯ ɳɵɸɹʃ
ɚɾɧɸɹɴɯɱɯ ɼɵɮʆɰɸɹɩɬɴɴʂɼ ɹɵɩɧɷɯʀɬɸɹɩ ɯɲɯ ɵɨʀɬɸɹɩ ɳɵɪɺɹ ɯɳɬɹʃ ɯ ɫɷɺɪɯɬ ɶɷɧɩɧ ɶɷɬɫɺɸɳɵɹɷɬɴɴʂɬ ɴɧɸɹɵʆʀɯɳ ɑɵɫɬɱɸɵɳ ɮɧɱɵɴɧɳɯ ɵ ɼɵɮʆɰɸɹɩɬɴɴʂɼ ɵɨʀɬɸɹɩɧɼ ɺɾɷɬɫɯɹɬɲʃɴʂɳɯ ɫɵɱɺɳɬɴɹɧɳɯ ɹɵɩɧɷɯ ʀɬɸɹɩɧ ɯɲɯ ɵɨʀɬɸɹɩɧ
ɚɾɧɸɹɴɯɱ ɼɵɮʆɰɸɹɩɬɴɴɵɪɵ ɹɵɩɧɷɯʀɬɸɹɩɧ ɯɲɯ ɵɨʀɬɸɹɩɧ ɴɧɷʆɫɺ
ɸɵɨʆɮɧɴɴɵɸɹʆɳɯ ɶɷɬɫɺɸɳɵɹɷɬɴɴʂɳɯ ɫɲʆ ɺɾɧɸɹɴɯɱɵɩ ɱɵɷɶɵɷɧɽɯɰ ɶɺɴɱɹɵɳ ɸɹɧɹʃɯ ɴɧɸɹɵʆʀɬɪɵ ɑɵɫɬɱɸɧ ɹɧɱɭɬ ɵɨʆɮɧɴ ɩɴɵɸɯɹʃ ɩɱɲɧɫʂ ɩ ɸɱɲɧɫɵɾɴʂɰ ɺɸɹɧɩɴʂɰ ɱɧɶɯɹɧɲ ɹɵɩɧɷɯʀɬɸɹɩɧ ɯɲɯ ɵɨʀɬɸɹɩɧ ɺɾɧɸɹ ɴɯɱɵɳ ɱɵɹɵɷɵɪɵ ɵɴ ʆɩɲʆɬɹɸʆ ɩ ɶɵɷʆɫɱɬ ɷɧɮɳɬɷɧɼ ɸɶɵɸɵɨɧɳɯ ɱɵɹɵ ɷʂɬ ɶɷɬɫɺɸɳɵɹɷɬɴʂ ɯɼ ɺɾɷɬɫɯɹɬɲʃɴʂɳɯ ɫɵɱɺɳɬɴɹɧɳɯ ɧ ɹɧɱɭɬ ɩɱɲɧɫʂ ɩ ɯɴɵɬ ɯɳɺʀɬɸɹɩɵ ɹɵɩɧɷɯʀɬɸɹɩɧ ɯɲɯ ɵɨʀɬɸɹɩɧ
ɚɾɧɸɹɴɯɱɯ ɼɵɮʆɰɸɹɩɬɴɴʂɼ ɹɵɩɧɷɯʀɬɸɹɩ ɯ ɵɨʀɬɸɹɩ ɳɵɪɺɹ ɴɬɸɹɯ ɯ ɫɷɺɪɯɬ ɵɨʆɮɧɴɴɵɸɹɯ ɶɷɬɫɺɸɳɵɹɷɬɴɴʂɬ ɮɧɱɵɴɵɳ ɯ ɯɼ ɺɾɷɬɫɯɹɬɲʃɴʂ ɳɯ ɫɵɱɺɳɬɴɹɧɳɯ
ɥɷɯɫɯɾɬɸɱɵɬ ɲɯɽɵ ɶɵɫɱɵɴɹɷɵɲʃɴɵɬ ɱɵɴɹɷɵɲɯɷɺʅʀɬɳɺ ɼɵɮʆɰ ɸɹɩɬɴɴɵɳɺ ɵɨʀɬɸɹɩɺ ɶɵ ɶɷɯɮɴɧɱɧɳ ɺɱɧɮɧɴɴʂɳ ɩ ɸɹɧɹʃɬ ɴɧɸɹɵʆʀɬɪɵ ɑɵɫɬɱɸɧ ɴɬ ɩɶɷɧɩɬ ɺɾɧɸɹɩɵɩɧɹʃ ɩ ɺɶɷɧɩɲɬɴɯɯ ɫɬɲɧɳɯ ɱɵɴɹɷɵɲɯɷɺʅʀɬ ɪɵ ɵɨʀɬɸɹɩɧ ɩ ɹɵɳ ɾɯɸɲɬ ɪɵɲɵɸɵɩɧɹʃ ɶɷɯ ɶɷɯɴʆɹɯɯ ɷɬɿɬɴɯɰ ɬɪɵ ɵɷɪɧ ɴɧɳɯ ɔɧɷɺɿɬɴɯɬ ʄɹɵɪɵ ɶɷɧɩɯɲɧ ɴɬ ʆɩɲʆɬɹɸʆ ɵɸɴɵɩɧɴɯɬɳ ɫɲʆ ɶɷɯɮɴɧ ɴɯʆ ɴɬɫɬɰɸɹɩɯɹɬɲʃɴʂɳɯ ɫɬɰɸɹɩɯɰ ɱɵɴɹɷɵɲɯɷɺʅʀɬɪɵ ɼɵɮʆɰɸɹɩɬɴɴɵɪɵ ɵɨʀɬɸɹɩɧ ɩ ɵɹɴɵɿɬɴɯɯ ɹɷɬɹʃɯɼ ɲɯɽ y
ɶɵɫɶɧɷɧɪɷɧɻ ɶɧɷɧɪɷɧɻɧ ɪɲɧɩʂ ɶɵɸɲɬ ɸɹɧɹʃɯ ɫɵɶɵɲɴɯɹʃ ɸɹɧɹʃʆɳɯ ɯ ɸɲɬɫɺʅʀɬɪɵ ɸɵɫɬɷɭɧɴɯʆ
jɘɹɧɹʃʆ ɕɸɵɨɬɴɴɵɸɹɯ ɺɶɷɧɩɲɬɴɯʆ ɩ ɼɵɮʆɰɸɹɩɬɴɴʂɼ ɹɵɩɧɷɯʀɬ ɸɹɩɧɼ ɯ ɵɨʀɬɸɹɩɧɼ
ɚɶɷɧɩɲɬɴɯɬ ɩ ɶɵɲɴɵɳ ɹɵɩɧɷɯʀɬɸɹɩɬ ɯ ɩ ɹɵɩɧɷɯʀɬɸɹɩɬ ɴɧ ɩɬɷɬ ɵɸɺʀɬɸɹɩɲʆɬɹɸʆ ɩ ɶɵɷʆɫɱɬ ɺɸɹɧɴɵɩɲɬɴɴɵɳ ɸɹɧɹʃʆɳɯ ɯ ɴɧɸɹɵʆ
ʀɬɪɵ ɑɵɫɬɱɸɧ
ɖɷɵɬɱɹ ɻɬɫɬɷɧɲʃɴɵɪɵ ɮɧɱɵɴɧ ɵ ɩɴɬɸɬɴɯɯ ɯɮɳɬɴɬɴɯɰ ɩ Ɋɑ
ɑ ɯɸɱɲʅɾɯɹɬɲʃɴɵɰ ɱɵɳɶɬɹɬɴɽɯɯ ɵɨʀɬɪɵ ɸɵɨɷɧɴɯʆ ɺɾɧɸɹɴɯɱɵɩ ɼɵɮʆɰɸɹɩɬɴɴɵɪɵ ɵɨʀɬɸɹɩɧ ɴɧɷʆɫɺ ɸ ɩɵɶɷɵɸɧɳɯ ɺɱɧɮɧɴɴʂɳɯ ɩ ɶɺɴɱɹɬɸɹɧɹʃɯ ɴɧɸɹɵʆʀɬɪɵ ɑɵɫɬɱɸɧ ɹɧɱɭɬ ɵɹɴɵɸʆɹɸʆ
ɯɮɳɬɴɬɴɯɬ ɷɧɮɳɬɷɧ ɺɸɹɧɩɴɵɪɵ ɱɧɶɯɹɧɲɧ ɵɨʀɬɸɹɩɧ ɬɸɲɯ ɯɴɵɬ ɴɬ ɶɷɬɫɺɸɳɵɹɷɬɴɵ ɮɧɱɵɴɧɳɯ ɵ ɼɵɮʆɰɸɹɩɬɴɴʂɼ ɵɨʀɬɸɹɩɧɼ
ɶɷɯɴʆɹɯɬ ɷɬɿɬɴɯʆ ɵ ɶɬɷɬɫɧɾɬ ɶɵɲɴɵɳɵɾɯɰ ɬɫɯɴɵɲɯɾɴɵɪɵ ɯɸ ɶɵɲɴɯɹɬɲʃɴɵɪɵ ɵɷɪɧɴɧ ɵɨʀɬɸɹɩɧ ɫɷɺɪɵɳɺ ɼɵɮʆɰɸɹɩɬɴɴɵɳɺ ɵɨʀɬɸɹɩɺ ɺɶɷɧɩɲʆʅʀɬɰ ɵɷɪɧɴɯɮɧɽɯɯ ɯɲɯ ɯɴɫɯɩɯɫɺɧɲʃɴɵɳɺ ɶɷɬɫɶɷɯɴɯɳɧɹɬɲʅ ɺɶɷɧɩɲʆʅʀɬɳɺ ɧ ɹɧɱɭɬ ɺɹɩɬɷɭɫɬɴɯɬ ɹɧɱɵɪɵ ɺɶɷɧɩɲʆʅʀɬɪɵ ɺɶɷɧɩ ɲʆʅʀɬɰ ɵɷɪɧɴɯɮɧɽɯɯ ɯ ɺɸɲɵɩɯɰ ɫɵɪɵɩɵɷɧ ɸ ɴɯɳ ɬɸɲɯ ɺɸɹɧɩɵɳ ɵɨʀɬ ɸɹɩɧ ɷɬɿɬɴɯɬ ɺɱɧɮɧɴɴʂɼ ɩɵɶɷɵɸɵɩ ɴɬ ɵɹɴɬɸɬɴɵ ɱ ɱɵɳɶɬɹɬɴɽɯɯ ɴɧɨɲʅ ɫɧɹɬɲʃɴɵɪɵ ɸɵɩɬɹɧ ɵɨʀɬɸɹɩɧ
ɷɧɸɶɷɬɫɬɲɬɴɯɬ ɶɷɯɨʂɲɬɰ ɯ ɺɨʂɹɱɵɩ ɵɨʀɬɸɹɩɧɖɷɯɴʆɹɯɬ ɷɬɿɬɴɯʆ ɵɨʀɯɳ ɸɵɨɷɧɴɯɬɳ ɺɾɧɸɹɴɯɱɵɩ ɼɵɮʆɰɸɹɩɬɴ
ɴɵɪɵ ɵɨʀɬɸɹɩɧ ɯ ɸɵɸɹɧɩ ɺɾɧɸɹɴɯɱɵɩ ɶɷɯɸɺɹɸɹɩɵɩɧɩɿɯɼ ɶɷɯ ɬɪɵ ɶɷɯ ɴʆɹɯɯ ɶɵɫɹɩɬɷɭɫɧʅɹɸʆ
ɫɲʆ ɶɺɨɲɯɾɴɵɪɵ ɵɨʀɬɸɹɩɧ ӎ ɲɯɽɵɳ ɵɸɺʀɬɸɹɩɲʆʅʀɯɳ ɩɬɫɬɴɯɬ ɷɬɬ ɸɹɷɧ ɧɱɽɯɵɴɬɷɵɩ ɹɧɱɵɪɵ ɵɨʀɬɸɹɩɧ ɯ ɩʂɶɵɲɴʆʅʀɯɳ ɻɺɴɱɽɯɯ ɸɾɬɹɴɵɰ ɱɵɳɯɸɸɯɯ ɶɺɴɱɹ ɸɹɧɹʃɯ
ɫɲʆ ɯɴʂɼ ɼɵɮʆɰɸɹɩɬɴɴʂɼ ɵɨʀɬɸɹɩ ӎ ɶɺɹɬɳ ɴɵɹɧɷɯɧɲʃɴɵɪɵ ɺɫɵɸɹɵɩɬɷɬ ɴɯʆ ɬɸɲɯ ɯɴɵɰ ɸɶɵɸɵɨ ɶɵɫɶɯɸɧɴɯɬ ɶɷɵɹɵɱɵɲɧ ɩɸɬɳɯ ɯɲɯ ɾɧɸɹʃʅ ɺɾɧɸɹ
ɴɯɱɵɩ ɸ ɯɸɶɵɲʃɮɵɩɧɴɯɬɳ ɹɬɼɴɯɾɬɸɱɯɼ ɸɷɬɫɸɹɩ ɶɵɮɩɵɲʆʅʀɯɼ ɫɵɸɹɵɩɬɷ ɴɵ ɺɸɹɧɴɵɩɯɹʃ ɻɧɱɹ ɶɷɯɴʆɹɯʆ ɷɬɿɬɴɯʆ ɯɴʂɳ ɸɶɵɸɵɨɵɳ ɴɬ ɶɷɵɹɯɩɵɷɬ ɾɧʀɯɳ ɮɧɱɵɴɺ ɴɬ ɶɷɬɫɺɸɳɵɹɷɬɴ ɺɸɹɧɩɵɳ ɹɧɱɵɪɵ ɵɨʀɬɸɹɩɧ ɲɯɨɵ ɷɬɿɬɴɯɬɳ ɵɨʀɬɪɵ ɸɵɨɷɧɴɯʆ ɺɾɧɸɹɴɯɱɵɩ ɶɷɯɴʆɹʂɳ ɩɸɬɳɯ ɺɾɧɸɹɴɯɱɧɳɯ ɬɫɯɴɵɪɲɧɸɴɵɉ ɸɲɺɾɧʆɼ ɶɷɬɫɺɸɳɵɹɷɬɴɴʂɼ ɮɧɱɵɴɧɳɯ ɵ ɼɵɮʆɰɸɹɩɬɴɴʂɼ ɵɨʀɬɸɹ ɩɧɼ ɶɵɲɴɵɳɵɾɯʆ ɬɫɯɴɵɲɯɾɴɵɪɵ ɯɸɶɵɲɴɯɹɬɲʃɴɵɪɵ ɵɷɪɧɴɧ ɼɵɮʆɰɸɹɩɬɴɴɵɪɵ ɵɨʀɬɸɹɩɧ ɶɺɴɱɹ ɸɹɧɹʃɯ ɳɵɪɺɹ ɯɸɶɵɲɴʆɹʃɸʆ ɴɬɸɱɵɲʃɱɯɳɯ ɲɯɽɧɳɯɕɨʀɬɸɹɩɵ ɸ ɵɪɷɧɴɯɾɬɴɴɵɰ ɵɹɩɬɹɸɹɩɬɴɴɵɸɹʃʅ ɩɶɷɧɩɬ ɧ ɩ ɸɲɺɾɧʆɼ ɶɷɬɫɺɸɳɵɹɷɬɴɴʂɼ ɮɧɱɵɴɵɳ ɵɨʆɮɧɴɵ ɫɲʆ ɶɷɵɩɬɷɱɯ ɯ ɶɵɫɹɩɬɷɭɫɬɴɯʆ ɶɷɧ ɩɯɲʃɴɵɸɹɯ ɪɵɫɵɩɵɰ ɻɯɴɧɴɸɵɩɵɰ ɵɹɾɬɹɴɵɸɹɯ ɬɭɬɪɵɫɴɵ ɶɷɯɩɲɬɱɧɹʃ ɶɷɵ ɻɬɸɸɯɵɴɧɲʃɴɵɪɵ ɧɺɫɯɹɵɷɧ ɴɬ ɸɩʆɮɧɴɴɵɪɵ ɯɳɺʀɬɸɹɩɬɴɴʂɳɯ ɯɴɹɬɷɬɸɧɳɯ ɸ ɵɨʀɬɸɹɩɵɳ ɯɲɯ ɬɪɵ ɺɾɧɸɹɴɯɱɧɳɯ ɩɴɬɿɴɯɰ ɧɺɫɯɹ əɧɱɵɰ ɧɺɫɯɹ ɳɵɭɬɹ ɨʂɹʃ ɹɧɱɭɬ ɶɷɵɩɬɫɬɴ ɶɵ ɹɷɬɨɵɩɧɴɯʅ ɲʅɨɵɪɵ ɯɮ ɺɾɧɸɹɴɯɱɵɩ ɵɨʀɬɸɹɩɧɇɱɽɯɵɴɬɷɴɵɬ ɵɨʀɬɸɹɩɵ ɫɵɲɭɴɵ ɫɲʆ ɶɷɵɩɬɷɱɯ ɯ ɶɵɫɹɩɬɷɭɫɬɴɯʆ ɶɷɧɩɯɲʃɴɵɸɹɯ ɪɵɫɵɩɵɰ ɻɯɴɧɴɸɵɩɵɰ ɵɹɾɬɹɴɵɸɹɯ ɬɭɬɪɵɫɴɵ ɶɷɯɩɲɬɱɧɹʃ ɶɷɵɻɬɸɸɯɵɴɧɲʃɴɵɪɵ ɧɺɫɯɹɵɷɧ ɴɬ ɸɩʆɮɧɴɴɵɪɵ ɯɳɺʀɬɸɹɩɬɴɴʂɳɯ ɯɴɹɬ
ɷɬɸɧɳɯ ɸ ɵɨʀɬɸɹɩɵɳ ɯɲɯ ɬɪɵ ɺɾɧɸɹɴɯɱɧɳɯ
ɖɷɯɲɵɭɬɴɯɬ
ɇɺɫɯɹ ɨɺɼɪɧɲɹɬɷɸɱɵɰ ɻɯɴɧɴɸɵɩɵɰ ɵɹɾɬɹɴɵɸɹɯ ɧɱɽɯɵɴɬɷɴɵɪɵ ɵɨ ʀɬɸɹɩɧ ɫɵɲɭɬɴ ɨʂɹʃ ɶɷɵɩɬɫɬɴ ɩɵ ɩɸʆɱɵɬ ɩɷɬɳʆ ɶɵ ɹɷɬɨɵɩɧɴɯʅ ɧɱɽɯɵ ɴɬɷɵɩ ɸɵɩɵɱɺɶɴɧʆ ɫɵɲʆ ɱɵɹɵɷʂɼ ɩ ɺɸɹɧɩɴɵɳ ɱɧɶɯɹɧɲɬ ɸɵɸɹɧɩɲʆɬɹ ɫɬ ɸʆɹʃ ɯɲɯ ɨɵɲɬɬ ɶɷɵɽɬɴɹɵɩ
ɘɹɧɹʃʆ ɑɵɷɶɵɷɧɹɯɩɴʂɰ ɫɵɪɵɩɵɷɚɾɧɸɹɴɯɱɯ ɼɵɮʆɰɸɹɩɬɴɴɵɪɵ ɵɨʀɬɸɹɩɧ ɯɲɯ ɴɬɱɵɹɵɷʂɬ ɯɮ ɴɯɼ ɩɶɷɧ
ɩɬ ɮɧɱɲʅɾɯɹʃ ɳɬɭɫɺ ɸɵɨɵɰ ɫɵɪɵɩɵɷ ɵɨ ɵɸɺʀɬɸɹɩɲɬɴɯɯ ɸɩɵɯɼ ɱɵɷɶɵ ɷɧɹɯɩɴʂɼ ɾɲɬɴɸɱɯɼ ɶɷɧɩ ɱɵɷɶɵɷɧɹɯɩɴʂɰ ɫɵɪɵɩɵɷ ɩ ɸɵɵɹɩɬɹɸɹɩɯɯ ɸ ɱɵɹɵɷʂɳ ɵɴɯ ɵɨʆɮɺʅɹɸʆ ɵɸɺʀɬɸɹɩɲʆɹʃ ʄɹɯ ɶɷɧɩɧ ɵɶɷɬɫɬɲɬɴɴʂɳ ɵɨɷɧ ɮɵɳ ɯɲɯ ɩɵɮɫɬɷɭɯɩɧɹʃɸʆ ɵɹɱɧɮɧɹʃɸʆ ɵɹ ɯɼ ɵɸɺʀɬɸɹɩɲɬɴɯʆ ɩ ɹɵɳ ɾɯɸ ɲɬ ɪɵɲɵɸɵɩɧɹʃ ɵɶɷɬɫɬɲɬɴɴʂɳ ɵɨɷɧɮɵɳ ɴɧ ɵɨʀɬɳ ɸɵɨɷɧɴɯɯ ɺɾɧɸɹɴɯɱɵɩ ɵɨʀɬɸɹɩɧ ɸɵɪɲɧɸɵɩɧɴɴɵ ɵɸɺʀɬɸɹɩɲʆɹʃ ɯɴʂɬ ɫɬɰɸɹɩɯʆ ɶɵ ɺɶɷɧɩɲɬɴɯʅ ɵɨʀɬɸɹɩɵɳ ɶɷɯɵɨɷɬɹɧɹʃ ɯɲɯ ɵɹɾɺɭɫɧɹʃ ɫɵɲɯ ɩ ɬɪɵ ɺɸɹɧɩɴɵɳ ɱɧɶɯɹɧɲɬ ɧɱɽɯɯ ɶɵ ɵɶɷɬɫɬɲɬɴɴɵɰ ɽɬɴɬ ɯ ɯɲɯ ɶɷɯ ɴɧɸɹɺɶɲɬɴɯɯ ɵɶɷɬɫɬɲɬɴ ɴʂɼ ɵɨɸɹɵʆɹɬɲʃɸɹɩ ɲɯɨɵ ɩɵɮɫɬɷɭɯɩɧɹʃɸʆ ɵɹ ɵɹɾɺɭɫɬɴɯʆ ɫɵɲɯ ɧɱɽɯɰ ɫɵ ɴɧɸɹɺɶɲɬɴɯʆ ɵɶɷɬɫɬɲɬɴɴʂɼ ɵɨɸɹɵʆɹɬɲʃɸɹɩ
ɑɵɷɶɵɷɧɹɯɩɴʂɰ ɫɵɪɵɩɵɷ ɴɬ ɳɵɭɬɹ ɵɨʆɮʂɩɧɹʃ ɬɪɵ ɺɾɧɸɹɴɯɱɵɩ ɪɵɲɵɸɵɩɧɹʃ ɩ ɸɵɵɹɩɬɹɸɹɩɯɯ ɸ ɺɱɧɮɧɴɯʆɳɯ
ɵɷɪɧɴɵɩ ɵɨʀɬɸɹɩɧ ɶɵ ɶɵɩɵɫɺ ɧɱɽɯɰ ɫɵɲɬɰ ɩ ɺɸɹɧɩɴɵɳ ɱɧɶɯɹɧɲɬ ɱɵ ɹɵɷɵɪɵ ɮɧɱɲʅɾɬɴ ʄɹɵɹ ɫɵɪɵɩɵɷ
ɵɶɷɬɫɬɲʆɹʃ ɸɹɷɺɱɹɺɷɺ ɵɷɪɧɴɵɩ ɵɨʀɬɸɹɩɧ ɯ ɯɼ ɱɵɳɶɬɹɬɴɽɯʅ ɮɧ ɯɸ ɱɲʅɾɬɴɯɬɳ ɸɲɺɾɧɬɩ ɱɵɪɫɧ ɶɷɧɩɯɲɧ ɴɧɸɹɵʆʀɬɪɵ ɑɵɫɬɱɸɧ ɯɲɯ ɮɧɱɵ ɴɵɩ ɵ ɼɵɮʆɰɸɹɩɬɴɴʂɼ ɵɨʀɬɸɹɩɧɼ ɫɵɶɺɸɱɧʅɹ ɯɼ ɯɮɳɬɴɬɴɯɬ ɺɸɹɧɩɵɳ ɵɨʀɬɸɹɩɧ
ɑɵɷɶɵɷɧɹɯɩɴʂɰ ɫɵɪɵɩɵɷ ɮɧɱɲʅɾɧɬɹɸʆ ɩ ɶɯɸʃɳɬɴɴɵɰ ɻɵɷɳɬ ɶɺɹɬɳ ɸɵɸɹɧɩɲɬɴɯʆ ɵɫɴɵɪɵ ɫɵɱɺɳɬɴɹɧ ɶɵɫɶɯɸɧɴɴɵɪɵ ɸɹɵɷɵɴɧɳɯ
ɚɾɧɸɹɴɯɱɯ ɼɵɮʆɰɸɹɩɬɴɴɵɪɵ ɵɨʀɬɸɹɩɧ ɮɧɱɲʅɾɯɩɿɯɬ ɱɵɷɶɵɷɧɹɯɩ ɴʂɰ ɫɵɪɵɩɵɷ ɵɨʆɮɧɴʂ ɺɩɬɫɵɳɯɹʃ ʄɹɵ ɵɨʀɬɸɹɩɵ ɵ ɻɧɱɹɬ ɮɧɱɲʅɾɬɴɯʆ ɱɵɷɶɵɷɧɹɯɩɴɵɪɵ ɫɵɪɵɩɵɷɧ ɉ ɸɲɺɾɧɬ ɴɬɯɸɶɵɲɴɬɴɯʆ ɫɧɴɴɵɰ ɵɨʆɮɧɴɴɵ ɸɹɯ ɺɾɧɸɹɴɯɱɯ ɵɨʀɬɸɹɩɧ ɴɬ ʆɩɲʆʅʀɯɬɸʆ ɸɹɵɷɵɴɧɳɯ ɱɵɷɶɵɷɧɹɯɩɴɵ ɪɵ ɫɵɪɵɩɵɷɧ ɩɶɷɧɩɬ ɹɷɬɨɵɩɧɹʃ ɩɵɮɳɬʀɬɴɯʆ ɶɷɯɾɯɴɬɴɴʂɼ ɯɳ ɺɨʂɹɱɵɩ
ɏɴɻɵɷɳɧɽɯʆ ɵ ɱɵɷɶɵɷɧɹɯɩɴɵɳ ɫɵɪɵɩɵɷɬ ɮɧɱɲʅɾɬɴɴɵɳ ɧɱɽɯɵɴɬɷɧ ɳɯ ɶɺɨɲɯɾɴɵɪɵ ɧɱɽɯɵɴɬɷɴɵɪɵ ɵɨʀɬɸɹɩɧ ɫɵɲɭɴɧ ɨʂɹʃ ɷɧɸɱɷʂɹɧ ɩ ɶɷɬ ɫɬɲɧɼ ɶɵɷʆɫɱɬ ɯ ɴɧ ɺɸɲɵɩɯʆɼ ɶɷɬɫɺɸɳɵɹɷɬɴɴʂɼ ɮɧɱɵɴɵɳ
Ɍɸɲɯ ɯɴɵɬ ɴɬ ɺɸɹɧɴɵɩɲɬɴɵ ɮɧɱɵɴɵɳ ɯɴɻɵɷɳɧɽɯʆ ɵ ɸɵɫɬɷɭɧɴɯɯ ɱɵɷɶɵɷɧɹɯɩɴɵɪɵ ɫɵɪɵɩɵɷɧ ɮɧɱɲʅɾɬɴɴɵɪɵ ɺɾɧɸɹɴɯɱɧɳɯ ɴɬɶɺɨɲɯɾɴɵ
ɪɵ ɵɨʀɬɸɹɩɧ ɴɬ ɶɵɫɲɬɭɯɹ ɷɧɸɱɷʂɹɯʅ ɯ ʆɩɲʆɬɹɸʆ ɱɵɴɻɯɫɬɴɽɯɧɲʃɴɵɰ
ɖɷɵɬɱɹ ɻɬɫɬɷɧɲʃɴɵɪɵ ɮɧɱɵɴɧ ɵ ɩɴɬɸɬɴɯɯ ɯɮɳɬɴɬɴɯɰ ɩ Ɋɑ
ɑɵɷɶɵɷɧɹɯɩɴʂɰ ɫɵɪɵɩɵɷ ɴɬ ɸɵɮɫɧɬɹ ɵɨʆɮɧɴɴɵɸɹɬɰ ɫɲʆ ɲɯɽ ɴɬ ɺɾɧ ɸɹɩɺʅʀɯɼ ɩ ɴɬɳ ɩ ɱɧɾɬɸɹɩɬ ɸɹɵɷɵɴ ɸɹɧɹʃʆ
ɔɧɷɺɿɬɴɯɬ ɱɵɷɶɵɷɧɹɯɩɴɵɪɵ ɫɵɪɵɩɵɷɧ ɳɵɭɬɹ ʆɩɲʆɹʃɸʆ ɵɸɴɵɩɧɴɯ ɬɳ ɫɲʆ ɶɷɯɮɴɧɴɯʆ ɴɬɫɬɰɸɹɩɯɹɬɲʃɴʂɳ ɷɬɿɬɴɯɰ ɵɷɪɧɴɵɩ ɼɵɮʆɰɸɹɩɬɴɴɵɪɵ ɵɨʀɬɸɹɩɧ ɶɵ ɯɸɱɺ ɸɹɵɷɵɴʂ ɫɧɴɴɵɪɵ ɫɵɪɵɩɵɷɧ ɶɷɯ ɺɸɲɵɩɯɯ ɾɹɵ ɴɧ ɳɵ ɳɬɴɹ ɶɷɯɴʆɹɯʆ ɵɷɪɧɴɵɳ ɼɵɮʆɰɸɹɩɬɴɴɵɪɵ ɵɨʀɬɸɹɩɧ ɸɵɵɹɩɬɹɸɹɩɺʅʀɬɪɵ ɷɬɿɬɴɯʆ ɸɹɵɷɵɴɧɳɯ ɱɵɷɶɵɷɧɹɯɩɴɵɪɵ ɫɵɪɵɩɵɷɧ ʆɩɲʆɲɯɸʃ ɩɸɬ ɺɾɧɸɹɴɯɱɯ ɼɵɮʆɰɸɹɩɬɴɴɵɪɵ ɵɨʀɬɸɹɩɧ ɧ ɶɷɯɮɴɧɴɯɬ ɷɬɿɬɴɯʆ ɵɷɪɧɴɧ ɴɬɫɬɰɸɹɩɯɹɬɲʃ ɴʂɳ ɴɬ ɴɧɷɺɿɧɬɹ ɶɷɧɩɧ ɯ ɵɼɷɧɴʆɬɳʂɬ ɮɧɱɵɴɵɳ ɯɴɹɬɷɬɸʂ ɹɷɬɹʃɯɼ ɲɯɽ
ɘɫɬɲɱɧ ɮɧɱɲʅɾɬɴɴɧʆ ɸɹɵɷɵɴɵɰ ɱɵɷɶɵɷɧɹɯɩɴɵɪɵ ɫɵɪɵɩɵɷɧ ɩ ɴɧɷɺ ɿɬɴɯɬ ʄɹɵɪɵ ɫɵɪɵɩɵɷɧ ɳɵɭɬɹ ɨʂɹʃ ɶɷɯɮɴɧɴɧ ɸɺɫɵɳ ɴɬɫɬɰɸɹɩɯɹɬɲʃ ɴɵɰ ɶɵ ɯɸɱɺ ɺɾɧɸɹɴɯɱɧ ɱɵɷɶɵɷɧɹɯɩɴɵɪɵ ɫɵɪɵɩɵɷɧ ɹɵɲʃɱɵ ɩ ɸɲɺɾɧɬ ɬɸ ɲɯ ɫɷɺɪɧʆ ɸɹɵɷɵɴɧ ɸɫɬɲɱɯ ɮɴɧɲɧ ɯɲɯ ɫɵɲɭɴɧ ɨʂɲɧ ɮɴɧɹʃ ɵɨ ɵɪɷɧɴɯɾɬ ɴɯʆɼ ɶɷɬɫɺɸɳɵɹɷɬɴɴʂɼ ɱɵɷɶɵɷɧɹɯɩɴʂɳ ɫɵɪɵɩɵɷɵɳ
ɘɹɵɷɵɴʂ ɱɵɷɶɵɷɧɹɯɩɴɵɪɵ ɫɵɪɵɩɵɷɧ ɴɬ ɩɶɷɧɩɬ ɸɸʂɲɧɹʃɸʆ ɴɧ ɬɪɵ ɴɬɫɬɰɸɹɩɯɹɬɲʃɴɵɸɹʃ ɩ ɸɩʆɮɯ ɸ ɬɪɵ ɶɷɵɹɯɩɵɷɬɾɯɬɳ ɶɵɲɵɭɬɴɯʆɳ ɺɸɹɧɩɧ ɼɵɮʆɰɸɹɩɬɴɴɵɪɵ ɵɨʀɬɸɹɩɧ
ɖɷɬɱɷɧʀɬɴɯɬ ɶɷɧɩɧ ɵɫɴɵɰ ɯɮ ɸɹɵɷɵɴ ɱɵɷɶɵɷɧɹɯɩɴɵɪɵ ɫɵɪɵɩɵ ɷɧ ɴɧ ɫɵɲʅ ɩ ɺɸɹɧɩɴɵɳ ɱɧɶɯɹɧɲɬ ɼɵɮʆɰɸɹɩɬɴɴɵɪɵ ɵɨʀɬɸɹɩɧ ɧɱɽɯɯ ɴɬ ɩɲɬɾɬɹ ɶɷɬɱɷɧʀɬɴɯʆ ɫɬɰɸɹɩɯʆ ɱɵɷɶɵɷɧɹɯɩɴɵɪɵ ɫɵɪɵɩɵɷɧ ɩ ɵɹɴɵ ɿɬɴɯɯ ɵɸɹɧɲʃɴʂɼ ɬɪɵ ɸɹɵɷɵɴ ɬɸɲɯ ɯɴɵɬ ɴɬ ɶɷɬɫɺɸɳɵɹɷɬɴɵ ʄɹɯɳ ɫɵ
ɪɵɩɵɷɵɳɑɷɬɫɯɹɵɷʂ ɵɨʀɬɸɹɩɧ ɯ ɯɴʂɬ ɹɷɬɹʃɯ ɲɯɽɧ ɳɵɪɺɹ ɮɧɱɲʅɾɯɹʃ ɫɵɪɵ
ɩɵɷ ɸ ɺɾɧɸɹɴɯɱɧɳɯ ɼɵɮʆɰɸɹɩɬɴɴɵɪɵ ɵɨʀɬɸɹɩɧ ɶɵ ɱɵɹɵɷɵɳɺ ɶɵɸɲɬɫɴɯɬ ɩ ɽɬɲʆɼ ɵɨɬɸɶɬɾɬɴɯʆ ɵɼɷɧɴʆɬɳɵɪɵ ɮɧɱɵɴɵɳ ɯɴɹɬɷɬɸɧ ɹɧɱɯɼ ɹɷɬɹʃɯɼ ɲɯɽ ɵɨʆɮɺʅɹɸʆ ɵɸɺʀɬɸɹɩɲʆɹʃ ɸɩɵɯ ɱɵɷɶɵɷɧɹɯɩɴʂɬ ɶɷɧɩɧ ɵɶɷɬɫɬɲɬɴɴʂɳ ɵɨɷɧɮɵɳ ɯɲɯ ɩɵɮɫɬɷɭɯɩɧɹʃɸʆ ɵɹɱɧɮɧɹʃɸʆ ɵɹ ɯɼ ɵɸɺʀɬɸɹɩɲɬɴɯʆ ɩ ɹɵɳ ɾɯɸɲɬ ɪɵɲɵɸɵɩɧɹʃ ɵɶɷɬɫɬɲɬɴɴʂɳ ɵɨɷɧɮɵɳ ɴɧ ɵɨʀɬɳ ɸɵɨɷɧɴɯɯ ɺɾɧɸɹ ɴɯɱɵɩ ɵɨʀɬɸɹɩɧ ɵɸɺʀɬɸɹɩɲʆɹʃ ɯɴʂɬ ɫɬɰɸɹɩɯʆ ɶɵ ɺɶɷɧɩɲɬɴɯʅ ɵɨʀɬɸɹ ɩɵɳ ɶɷɯɵɨɷɬɹɧɹʃ ɯɲɯ ɵɹɾɺɭɫɧɹʃ ɫɵɲɯ ɩ ɬɪɵ ɺɸɹɧɩɴɵɳ ɱɧɶɯɹɧɲɬ ɧɱɽɯɯ ɶɵ ɵɶɷɬɫɬɲɬɴɴɵɰ ɽɬɴɬ ɯ ɯɲɯ ɶɷɯ ɴɧɸɹɺɶɲɬɴɯɯ ɵɶɷɬɫɬɲɬɴɴʂɼ ɵɨɸɹɵʆ ɹɬɲʃɸɹɩ ɲɯɨɵ ɩɵɮɫɬɷɭɯɩɧɹʃɸʆ ɵɹ ɵɹɾɺɭɫɬɴɯʆ ɫɵɲɯ ɧɱɽɯɰ ɫɵ ɴɧɸɹɺɶ ɲɬɴɯʆ ɵɶɷɬɫɬɲɬɴɴʂɼ ɵɨɸɹɵʆɹɬɲʃɸɹɩ ɑ ɹɧɱɵɳɺ ɫɵɪɵɩɵɷɺ ɸɵɵɹɩɬɹɸɹɩɬɴ ɴɵ ɶɷɯɳɬɴʆʅɹɸʆ ɶɷɧɩɯɲɧ ɵ ɱɵɷɶɵɷɧɹɯɩɴɵɳ ɫɵɪɵɩɵɷɬ
ɖɷɧɩɯɲɧ ɵ ɱɵɷɶɵɷɧɹɯɩɴɵɳ ɫɵɪɵɩɵɷɬ ɸɵɵɹɩɬɹɸɹɩɬɴɴɵ ɶɷɯɳɬɴʆ ʅɹɸʆ ɱ ɸɵɪɲɧɿɬɴɯʅ ɵ ɸɵɮɫɧɴɯɯ ɼɵɮʆɰɸɹɩɬɴɴɵɪɵ ɵɨʀɬɸɹɩɧ ɬɸɲɯ ɯɴɵɬ ɴɬ ɺɸɹɧɴɵɩɲɬɴɵ ɮɧɱɵɴɵɳ ɯɲɯ ɴɬ ɩʂɹɬɱɧɬɹ ɯɮ ɸɺʀɬɸɹɩɧ ɵɹɴɵɿɬɴɯɰ y
ɩ ɸɹɧɹʃɬ
ɖɷɯɲɵɭɬɴɯɬ
ɧ ɶɺɴɱɹ ɫɵɶɵɲɴɯɹʃ ɸɲɵɩɧɳɯ jɯ ɮɧɱɵɴɧɳɯ ɵ ɼɵɮʆɰɸɹɩɬɴɴʂɼ ɵɨ ʀɬɸɹɩɧɼy
ɨ ɫɵɶɵɲɴɯɹʃ ɶɺɴɱɹɵɳ ɸɲɬɫɺʅʀɬɪɵ ɸɵɫɬɷɭɧɴɯʆ
j ɜɵɮʆɰɸɹɩɬɴɴʂɬ ɹɵɩɧɷɯʀɬɸɹɩɧ ɯ ɵɨʀɬɸɹɩɧ ɴɬ ɳɵɪɺɹ ɨʂɹʃ ɷɬɵɷɪɧ ɴɯɮɵɩɧɴʂ ɩ ɴɬɱɵɳɳɬɷɾɬɸɱɯɬ ɵɷɪɧɴɯɮɧɽɯɯ ɧ ɹɧɱɭɬ ɩ ɺɴɯɹɧɷɴʂɬ ɱɵɳ ɳɬɷɾɬɸɱɯɬ ɵɷɪɧɴɯɮɧɽɯɯ y
ɩ ɶɺɴɱɹɬ ɸɹɧɹʃɯ ɸɲɵɩɧ jɶɵɳɯɳɵ ɸɩɬɫɬɴɯɰ ɺɱɧɮɧɴɴʂɼ ɩ ɶɺɴɱ ɹɬ ɸɹɧɹʃɯ ɴɧɸɹɵʆʀɬɪɵ ɑɵɫɬɱɸɧ ɺɸɲɵɩɯʆ ɵ ɷɧɮɳɬɷɬ ɯ ɸɵɸɹɧɩɬ ɸɱɲɧ ɫɵɾɴɵɪɵ ɱɧɶɯɹɧɲɧ ɹɵɩɧɷɯʀɬɸɹɩɧy ɮɧɳɬɴɯɹʃ ɸɲɵɩɧɳɯ jɸɩɬɫɬɴɯʆ ɵ ɴɧɯɳɬ ɴɵɩɧɴɯɯ ɯ ɳɬɸɹɬ ɴɧɼɵɭɫɬɴɯʆ ɹɵɩɧɷɯʀɬɸɹɩɧ ɺɸɲɵɩɯʆ ɵ ɷɧɮɳɬɷɬ ɯ ɸɵ ɸɹɧɩɬ ɬɪɵ ɸɱɲɧɫɵɾɴɵɪɵ ɱɧɶɯɹɧɲɧy
ɶɺɴɱɹ ɸɹɧɹʃɯ ɶɵɸɲɬ ɸɲɵɩɧ jɩɶɷɧɩɬy ɫɵɶɵɲɴɯɹʃ ɸɲɵɩɧɳɯ jɶɵ ɲɺɾɧɹʃ ɩɸʅ ɯɴɻɵɷɳɧɽɯʅ ɵ ɫɬʆɹɬɲʃɴɵɸɹɯ ɹɵɩɧɷɯʀɬɸɹɩɧ ɯy
ɩ ɶɺɴɱɹɬ ɸɹɧɹʃɯ ɸɲɵɩɧ jɱ ɳɵɳɬɴɹɺ ɬɪɵy ɮɧɳɬɴɯɹʃ ɸɲɵɩɧɳɯ jɫɵ ɬɪɵ ɪɵɸɺɫɧɷɸɹɩɬɴɴɵɰy
ɶɺɴɱɹ ɸɹɧɹʃɯ ɫɵɶɵɲɴɯɹʃ ɧɨɮɧɽɬɳ ɸɲɬɫɺʅʀɬɪɵ ɸɵɫɬɷɭɧɴɯʆ jɞɯɸɲɵ ɱɵɳɳɧɴɫɯɹɯɸɹɵɩ ɩ ɹɵɩɧɷɯʀɬɸɹɩɬ ɴɧ ɩɬɷɬ ɴɬ ɫɵɲɭɴɵ ɶɷɬ ɩʂɿɧɹʃ ɫɩɧɫɽɧɹɯ ɉ ɶɷɵɹɯɩɴɵɳ ɸɲɺɾɧɬ ɵɴɵ ɶɵɫɲɬɭɯɹ ɶɷɬɵɨɷɧɮɵɩɧɴɯʅ ɩ ɼɵɮʆɰɸɹɩɬɴɴɵɬ ɵɨʀɬɸɹɩɵ ɩ ɹɬɾɬɴɯɬ ɪɵɫɧ ɧ ɶɵ ɯɸɹɬɾɬɴɯɯ ʄɹɵɪɵ ɸɷɵ ɱɧ ӎ ɲɯɱɩɯɫɧɽɯɯ ɩ ɸɺɫɬɨɴɵɳ ɶɵɷʆɫɱɬ ɬɸɲɯ ɾɯɸɲɵ ɬɪɵ ɱɵɳɳɧɴɫɯɹɯɸɹɵɩ
ɴɬ ɺɳɬɴʃɿɯɹɸʆ ɫɵ ɺɱɧɮɧɴɴɵɪɵ ɶɷɬɫɬɲɧ y
ɩ ɶɺɴɱɹɬ ɸɹɧɹʃɯ ɸɲɵɩɧ jɶɵɳɯɳɵ ɸɩɬɫɬɴɯɰ ɺɱɧɮɧɴɴʂɼ ɩ ɶɺɴɱ ɹɬ ɸɹɧɹʃɯ ɴɧɸɹɵʆʀɬɪɵ ɑɵɫɬɱɸɧy ɮɧɳɬɴɯɹʃ ɸɲɵɩɧɳɯ jɸɩɬɫɬɴɯʆ ɵ ɴɧ ɯɳɬɴɵɩɧɴɯɯ ɯ ɳɬɸɹɬ ɴɧɼɵɭɫɬɴɯʆ ɹɵɩɧɷɯʀɬɸɹɩɧy
ɩ ɸɹɧɹʃɬ
ɧ ɶɺɴɱɹ ɶɵɸɲɬ ɸɲɵɩ jɕɨʀɬɸɹɩɵɳ ɸ ɵɪɷɧɴɯɾɬɴɴɵɰ ɵɹɩɬɹɸɹɩɬɴɴɵ ɸɹʃʅ ɶɷɯɮɴɧɬɹɸʆy ɫɵɶɵɲɴɯɹʃ ɸɲɵɩɵɳ jɼɵɮʆɰɸɹɩɬɴɴɵɬy
ɨ ɧɨɮɧɽ ɩɹɵɷɵɰ ɶɺɴɱɹɧ ɶɷɯɮɴɧɹʃ ɺɹɷɧɹɯɩɿɯɳ ɸɯɲɺɩ ɸɹɧɹʃɬ ɧ ɶɺɴɱɹ ɯɮɲɵɭɯɹʃ ɩ ɸɲɬɫɺʅʀɬɰ ɷɬɫɧɱɽɯɯ
j ɞɯɸɲɵ ɺɾɧɸɹɴɯɱɵɩ ɵɨʀɬɸɹɩɧ ɸ ɵɪɷɧɴɯɾɬɴɴɵɰ ɵɹɩɬɹɸɹɩɬɴɴɵɸɹʃʅ ɴɬ ɫɵɲɭɴɵ ɶɷɬɩʂɿɧɹʃ ɶʆɹɯɫɬɸʆɹɯ ɉ ɶɷɵɹɯɩɴɵɳ ɸɲɺɾɧɬ ɵɴɵ ɶɵɫɲɬɭɯɹ ɶɷɬɵɨɷɧɮɵɩɧɴɯʅ ɩ ɧɱɽɯɵɴɬɷɴɵɬ ɵɨʀɬɸɹɩɵ ɩ ɹɬɾɬɴɯɬ ɪɵɫɧ ɧ ɶɵ ɯɸɹɬ ɾɬɴɯɯ ʄɹɵɪɵ ɸɷɵɱɧ ӎ ɲɯɱɩɯɫɧɽɯɯ ɩ ɸɺɫɬɨɴɵɳ ɶɵɷʆɫɱɬ ɬɸɲɯ ɾɯɸɲɵ ɬɪɵ ɺɾɧɸɹɴɯɱɵɩ ɴɬ ɺɳɬɴʃɿɯɹɸʆ ɫɵ ɺɱɧɮɧɴɴɵɪɵ ɶɷɬɫɬɲɧ y
ɨ ɧɨɮɧɽ ɩɹɵɷɵɰ ɶɺɴɱɹɧ ɶɷɯɮɴɧɹʃ ɺɹɷɧɹɯɩɿɯɳ ɸɯɲɺɩ ɸɹɧɹʃɬ
ɧ ɴɧɯɳɬɴɵɩɧɴɯɬ ɯɮɲɵɭɯɹʃ ɩ ɸɲɬɫɺʅʀɬɰ ɷɬɫɧɱɽɯɯ
ɖɷɵɬɱɹ ɻɬɫɬɷɧɲʃɴɵɪɵ ɮɧɱɵɴɧ ɵ ɩɴɬɸɬɴɯɯ ɯɮɳɬɴɬɴɯɰ ɩ Ɋɑ
jɘɹɧɹʃʆ ɘɵɮɫɧɴɯɬ ɵɨʀɬɸɹɩɧ ɸ ɵɪɷɧɴɯɾɬɴɴɵɰ ɵɹɩɬɹɸɹɩɬɴɴɵɸɹʃʅ ɯ ɬɪɵ ɺɾɷɬɫɯɹɬɲʃɴʂɰ ɫɵɱɺɳɬɴɹy
ɨ ɧɨɮɧɽ ɩɹɵɷɵɰ ɶɺɴɱɹɧ ɯɮɲɵɭɯɹʃ ɩ ɸɲɬɫɺʅʀɬɰ ɷɬɫɧɱɽɯɯ jɚɸɹɧɩ ɵɨʀɬɸɹɩɧ ɸ ɵɪɷɧɴɯɾɬɴɴɵɰ ɵɹɩɬɹɸɹɩɬɴɴɵɸɹʃʅ ɫɵɲɭɬɴ ɵɶɷɬ
ɫɬɲʆɹʃ ɻɯɷɳɬɴɴɵɬ ɴɧɯɳɬɴɵɩɧɴɯɬ ɵɨʀɬɸɹɩɧ ɯ ɳɬɸɹɵ ɬɪɵ ɴɧɼɵɭɫɬ ɴɯʆ ɧ ɹɧɱɭɬ ɸɵɫɬɷɭɧɹʃ ɸɩɬɫɬɴɯʆ ɵ ɷɧɮɳɬɷɬ ɬɪɵ ɺɸɹɧɩɴɵɪɵ ɱɧɶɯɹɧɲɧ ɸɵɸɹɧɩɬ ɯ ɱɵɳɶɬɹɬɴɽɯɯ ɬɪɵ ɵɷɪɧɴɵɩ ɶɵɷʆɫɱɬ ɶɷɯɴʆɹɯʆ ɯɳɯ ɷɬɿɬ ɴɯɰ ɩ ɹɵɳ ɾɯɸɲɬ ɷɬɿɬɴɯɰ ɶɵ ɩɵɶɷɵɸɧɳ ɶɷɯɴɯɳɧɬɳʂɳ ɬɫɯɴɵɪɲɧɸ ɴɵ ɯɲɯ ɱɩɧɲɯɻɯɽɯɷɵɩɧɴɴʂɳ ɨɵɲʃɿɯɴɸɹɩɵɳ ɪɵɲɵɸɵɩ ɯ ɯɴʂɬ ɸɩɬ ɫɬɴɯʆ ɶɷɬɫɺɸɳɵɹɷɬɴɴʂɬ ɮɧɱɵɴɵɳ ɵɨ ɵɨʀɬɸɹɩɧɼ ɸ ɵɪɷɧɴɯɾɬɴɴɵɰ ɵɹ ɩɬɹɸɹɩɬɴɴɵɸɹʃʅ y
ɸɹɧɹʃʅ ɯɮɲɵɭɯɹʃ ɩ ɸɲɬɫɺʅʀɬɰ ɷɬɫɧɱɽɯɯ
jɘɹɧɹʃʆ ɚɸɹɧɩɴʂɰ ɱɧɶɯɹɧɲ ɵɨʀɬɸɹɩɧ ɸ ɵɪɷɧɴɯɾɬɴɴɵɰ ɵɹɩɬɹ ɸɹɩɬɴɴɵɸɹʃʅ
ɚɸɹɧɩɴʂɰ ɱɧɶɯɹɧɲ ɵɨʀɬɸɹɩɧ ɸ ɵɪɷɧɴɯɾɬɴɴɵɰ ɵɹɩɬɹɸɹɩɬɴɴɵɸɹʃʅ ɶɺɴɱɹ ɸɹɧɹʃɯ ɸɵɸɹɧɩɲʆɬɹɸʆ ɯɮ ɴɵɳɯɴɧɲʃɴɵɰ ɸɹɵɯɳɵɸɹɯ ɫɵɲɬɰ ɺɾɧɸɹɴɯɱɵɩ
ɔɬ ɫɵɶɺɸɱɧɬɹɸʆ ɵɸɩɵɨɵɭɫɬɴɯɬ ɺɾɧɸɹɴɯɱɧ ɵɨʀɬɸɹɩɧ ɸ ɵɪɷɧɴɯɾɬɴ ɴɵɰ ɵɹɩɬɹɸɹɩɬɴɴɵɸɹʃʅ ɵɹ ɵɨʆɮɧɴɴɵɸɹɯ ɵɶɲɧɹʂ ɫɵɲɯ ɩ ɺɸɹɧɩɴɵɳ ɱɧɶɯ ɹɧɲɬ ɵɨʀɬɸɹɩɧ
ɕɶɲɧɹɧ ɺɸɹɧɩɴɵɪɵ ɱɧɶɯɹɧɲɧ ɵɨʀɬɸɹɩɧ ɸ ɵɪɷɧɴɯɾɬɴɴɵɰ ɵɹɩɬɹɸɹɩɬɴ
ɴɵɸɹʃʅ ɶɷɯ ɺɩɬɲɯɾɬɴɯɯ ɺɸɹɧɩɴɵɪɵ ɱɧɶɯɹɧɲɧ ɶɺɹɬɳ ɮɧɾɬɹɧ ɹɷɬɨɵɩɧɴɯɰ ɱ ɵɨʀɬɸɹɩɺ ɫɵɶɺɸɱɧɬɹɸʆ ɩ ɸɲɺɾɧʆɼ ɶɷɬɫɺɸɳɵɹɷɬɴɴʂɼ ɮɧɱɵɴɵɳ ɵɨ ɵɨ ʀɬɸɹɩɧɼ ɸ ɵɪɷɧɴɯɾɬɴɴɵɰ ɵɹɩɬɹɸɹɩɬɴɴɵɸɹʃʅ
Ɍɸɲɯ ɶɵ ɵɱɵɴɾɧɴɯɯ ɩɹɵɷɵɪɵ ɯɲɯ ɱɧɭɫɵɪɵ ɶɵɸɲɬɫɺʅʀɬɪɵ ɻɯɴɧɴ ɸɵɩɵɪɵ ɪɵɫɧ ɸɹɵɯɳɵɸɹʃ ɾɯɸɹʂɼ ɧɱɹɯɩɵɩ ɵɨʀɬɸɹɩɧ ɸ ɵɪɷɧɴɯɾɬɴɴɵɰ ɵɹ ɩɬɹɸɹɩɬɴɴɵɸɹʃʅ ɵɱɧɭɬɹɸʆ ɳɬɴʃɿɬ ɺɸɹɧɩɴɵɪɵ ɱɧɶɯɹɧɲɧ ɵɨʀɬɸɹɩɵ ɵɨʆ ɮɧɴɵ ɮɧɷɬɪɯɸɹɷɯɷɵɩɧɹʃ ɺɳɬɴʃɿɬɴɯɬ ɺɸɹɧɩɴɵɪɵ ɱɧɶɯɹɧɲɧ ɩ ɺɸɹɧɴɵɩɲɬɴ ɴɵɳ ɶɵɷʆɫɱɬ Ɍɸɲɯ ɸɹɵɯɳɵɸɹʃ ɺɱɧɮɧɴɴʂɼ ɧɱɹɯɩɵɩ ɵɨʀɬɸɹɩɧ ɸɹɧɴɵɩɯɹɸʆ ɳɬɴʃɿɬ ɵɶɷɬɫɬɲɬɴɴɵɪɵ ɮɧɱɵɴɵɳ ɳɯɴɯɳɧɲʃɴɵɪɵ ɷɧɮɳɬɷɧ ɺɸɹɧɩɴɵɪɵ ɱɧ ɶɯɹɧɲɧ ɵɨʀɬɸɹɩɵ ɶɵɫɲɬɭɯɹ ɲɯɱɩɯɫɧɽɯɯ
ɚɳɬɴʃɿɬɴɯɬ ɺɸɹɧɩɴɵɪɵ ɱɧɶɯɹɧɲɧ ɵɨʀɬɸɹɩɧ ɸ ɵɪɷɧɴɯɾɬɴɴɵɰ ɵɹ ɩɬɹɸɹɩɬɴɴɵɸɹʃʅ ɫɵɶɺɸɱɧɬɹɸʆ ɶɵɸɲɬ ɺɩɬɫɵɳɲɬɴɯʆ ɩɸɬɼ ɬɪɵ ɱɷɬɫɯɹɵɷɵɩ ɖɵɸɲɬɫɴɯɬ ɩɶɷɧɩɬ ɩ ʄɹɵɳ ɸɲɺɾɧɬ ɶɵɹɷɬɨɵɩɧɹʃ ɫɵɸɷɵɾɴɵɪɵ ɶɷɬɱɷɧʀɬɴɯʆ ɯɲɯ ɯɸɶɵɲɴɬɴɯʆ ɸɵɵɹɩɬɹɸɹɩɺʅʀɯɼ ɵɨʆɮɧɹɬɲʃɸɹɩ ɵɨʀɬɸɹɩɧ ɯ ɩɵɮɳɬʀɬ ɴɯʆ ɯɳ ɺɨʂɹɱɵɩ
ɖɷɧɩɧ ɯ ɵɨʆɮɧɴɴɵɸɹɯ ɱɷɬɫɯɹɵɷɵɩ ɱɷɬɫɯɹɴʂɼ ɵɷɪɧɴɯɮɧɽɯɰ ɸɵɮɫɧɴ
ɴʂɼ ɩ ɵɷɪɧɴɯɮɧɽɯɵɴɴɵ ɶɷɧɩɵɩɵɰ ɻɵɷɳɬ ɵɨʀɬɸɹɩ ɸ ɵɪɷɧɴɯɾɬɴɴɵɰ ɵɹ
ɖɷɯɲɵɭɬɴɯɬ
ɩɬɹɸɹɩɬɴɴɵɸɹʃʅ ɵɶɷɬɫɬɲʆʅɹɸʆ ɹɧɱɭɬ ɮɧɱɵɴɧɳɯ ɷɬɪɺɲɯɷɺʅʀɯɳɯ ɫɬʆ ɹɬɲʃɴɵɸɹʃ ɱɷɬɫɯɹɴʂɼ ɵɷɪɧɴɯɮɧɽɯɰ
ɚɩɬɲɯɾɬɴɯɬ ɺɸɹɧɩɴɵɪɵ ɱɧɶɯɹɧɲɧ ɵɨʀɬɸɹɩɧ ɫɵɶɺɸɱɧɬɹɸʆ ɶɵɸɲɬ ɶɵɲ ɴɵɰ ɵɶɲɧɹʂ ɩɸɬɼ ɬɪɵ ɫɵɲɬɰ y
ɸɹɧɹʃʅ ɶɷɯɮɴɧɹʃ ɺɹɷɧɹɯɩɿɬɰ ɸɯɲɺ
ɩ ɶɺɴɱɹɬ ɸɹɧɹʃɯ ɸɲɵɩɧ jɼɵɮʆɰɸɹɩɬɴɴɵɬ ɵɨʀɬɸɹɩɵ ɫɷɺɪɵɪɵ ɩɯ ɫɧy ɮɧɳɬɴɯɹʃ ɸɲɵɩɧɳɯ jɧɱɽɯɵɴɬɷɴɵɬ ɵɨʀɬɸɹɩɵy
ɩ ɶɺɴɱɹɬ ɸɹɧɹʃɯ ɸɲɵɩɧ jɩʂɶɲɧɹɯɹʃ ɺɾɧɸɹɴɯɱɺ ɫɬɰɸɹɩɯɹɬɲʃ ɴɺʅ ɸɹɵɯɳɵɸɹʃ ɫɵɲɯ ɯɲɯ ɾɧɸɹɯ ɫɵɲɯ ɲɯɨɵ ɩʂɫɧɹʃ ɬɳɺ ɩ ɴɧɹɺɷɬ ɯɳɺʀɬ ɸɹɩɵ ɸɵɵɹɩɬɹɸɹɩɺʅʀɬɬ ɹɧɱɵɰ ɸɹɵɯɳɵɸɹɯy ɮɧɳɬɴɯɹʃ ɸɲɵɩɧɳɯ jɶɵ ɹɷɬ ɨɵɩɧɴɯʅ ɺɾɧɸɹɴɯɱɧ ɵɨʀɬɸɹɩɧ ɶɷɯɵɨɷɬɸɹɯ ɶɷɯɴɧɫɲɬɭɧʀɺʅ ɬɳɺ ɫɵɲʅ ɯɲɯ ɾɧɸɹʃ ɫɵɲɯy
ɸɹɧɹʃʅ ɯɮɲɵɭɯɹʃ ɩ ɸɲɬɫɺʅʀɬɰ ɷɬɫɧɱɽɯɯ
jɘɹɧɹʃʆ ɉʂɼɵɫ ɺɾɧɸɹɴɯɱɧ ɵɨʀɬɸɹɩɧ ɸ ɵɪɷɧɴɯɾɬɴɴɵɰ ɵɹɩɬɹɸɹɩɬɴ ɴɵɸɹʃʅ ɯɮ ɵɨʀɬɸɹɩɧ
ɚɾɧɸɹɴɯɱ ɵɨʀɬɸɹɩɧ ɸ ɵɪɷɧɴɯɾɬɴɴɵɰ ɵɹɩɬɹɸɹɩɬɴɴɵɸɹʃʅ ɩɶɷɧɩɬ ɩʂɰɹɯ ɯɮ ɵɨʀɬɸɹɩɧ ɴɬɮɧɩɯɸɯɳɵ ɵɹ ɸɵɪɲɧɸɯʆ ɫɷɺɪɯɼ ɬɪɵ ɺɾɧɸɹɴɯɱɵɩ ɯɲɯ ɵɨʀɬɸɹɩɧ ɶɺɹɬɳ
ɶɵɫɧɾɯ ɮɧʆɩɲɬɴɯʆ ɵ ɩʂɼɵɫɬ ɯɮ ɵɨʀɬɸɹɩɧ ɬɸɲɯ ɹɧɱɧʆ ɩɵɮɳɵɭɴɵɸɹʃ ɶɷɬɫɺɸɳɵɹɷɬɴɧ ɺɸɹɧɩɵɳ ɵɨʀɬɸɹɩɧ
ɶɷɬɫʁʆɩɲɬɴɯʆ ɱ ɵɨʀɬɸɹɩɺ ɹɷɬɨɵɩɧɴɯʆ ɵ ɶɷɯɵɨɷɬɹɬɴɯɯ ɵɨʀɬɸɹɩɵɳ
ɫɵɲɯ ɩ ɸɲɺɾɧʆɼ ɶɷɬɫɺɸɳɵɹɷɬɴɴʂɼ ɶɺɴɱɹɧɳɯ ɯ ɸɹɧɹʃɯ ɴɧɸɹɵʆʀɬɪɵ ɑɵɫɬɱɸɧ ɯ ɮɧɱɵɴɵɳ ɵɨ ɵɨʀɬɸɹɩɧɼ ɸ ɵɪɷɧɴɯɾɬɴɴɵɰ ɵɹɩɬɹɸɹɩɬɴɴɵɸɹʃʅɖɷɯ ɶɵɫɧɾɬ ɺɾɧɸɹɴɯɱɵɳ ɵɨʀɬɸɹɩɧ ɸ ɵɪɷɧɴɯɾɬɴɴɵɰ ɵɹɩɬɹɸɹɩɬɴ ɴɵɸɹʃʅ ɮɧʆɩɲɬɴɯʆ ɵ ɩʂɼɵɫɬ ɯɮ ɵɨʀɬɸɹɩɧ ɲɯɨɵ ɶɷɬɫʁʆɩɲɬɴɯɯ ɯɳ ɹɷɬ ɨɵɩɧɴɯʆ ɵ ɶɷɯɵɨɷɬɹɬɴɯɯ ɵɨʀɬɸɹɩɵɳ ɶɷɯɴɧɫɲɬɭɧʀɬɰ ɬɳɺ ɫɵɲɯ ɩ ɸɲɺ ɾɧʆɼ ɶɷɬɫɺɸɳɵɹɷɬɴɴʂɼ ɶɺɴɱɹɵɳ ɴɧɸɹɵʆʀɬɰ ɸɹɧɹʃɯ ɫɵɲʆ ɶɬɷɬɼɵ ɫɯɹ ɱ ɵɨʀɬɸɹɩɺ ɸ ɳɵɳɬɴɹɧ ɶɵɲɺɾɬɴɯʆ ɵɨʀɬɸɹɩɵɳ ɸɵɵɹɩɬɹɸɹɩɺʅʀɬɪɵ ɮɧʆɩɲɬɴɯʆ ɹɷɬɨɵɩɧɴɯʆ əɧɱɵɳɺ ɺɾɧɸɹɴɯɱɺ ɫɵɲɭɴɧ ɨʂɹʃ ɩʂɶɲɧɾɬ ɴɧ ɫɬɰɸɹɩɯɹɬɲʃɴɧʆ ɸɹɵɯɳɵɸɹʃ ɬɪɵ ɫɵɲɯ ɩ ɺɸɹɧɩɴɵɳ ɱɧɶɯɹɧɲɬ ɵɨʀɬ ɸɹɩɧ ɯɲɯ ɸ ɬɪɵ ɸɵɪɲɧɸɯʆ ɩʂɫɧɴɵ ɩ ɴɧɹɺɷɬ ɯɳɺʀɬɸɹɩɵ ɹɧɱɵɰ ɭɬ ɸɹɵɯ ɳɵɸɹɯ ɩ ɶɵɷʆɫɱɬ ɸɶɵɸɵɨɵɳ ɯ ɩ ɸɷɵɱɯ ɱɵɹɵɷʂɬ ɶɷɬɫɺɸɳɵɹɷɬɴʂ ɮɧ ɱɵɴɵɳ ɵɨ ɵɨʀɬɸɹɩɧɼ ɸ ɵɪɷɧɴɯɾɬɴɴɵɰ ɵɹɩɬɹɸɹɩɬɴɴɵɸɹʃʅ ɯ ɺɸɹɧɩɵɳ
ɵɨʀɬɸɹɩɧ y
ɶɵɫɶɧɷɧɪɷɧɻ ɶɧɷɧɪɷɧɻɧ ɪɲɧɩʂ ɶɷɯɮɴɧɹʃ ɺɹɷɧɹɯɩɿɯɳ ɸɯɲɺɶɵɫɶɧɷɧɪɷɧɻ ɶɧɷɧɪɷɧɻɧ ɪɲɧɩʂ ɸɾɯɹɧɹʃ ɶɵɫɶɧɷɧɪɷɧɻɵɳ
ɶɧɷɧɪɷɧɻɧ ɪɲɧɩʂ
ɩ ɸɹɧɹʃɬ
ɖɷɵɬɱɹ ɻɬɫɬɷɧɲʃɴɵɪɵ ɮɧɱɵɴɧ ɵ ɩɴɬɸɬɴɯɯ ɯɮɳɬɴɬɴɯɰ ɩ Ɋɑ
ɧ ɶɺɴɱɹ ɶɵɸɲɬ ɸɲɵɩ jɇɱɽɯɵɴɬɷɴʂɳ ɵɨʀɬɸɹɩɵɳ ɶɷɯɮɴɧɬɹɸʆy ɫɵ ɶɵɲɴɯɹʃ ɸɲɵɩɵɳ jɼɵɮʆɰɸɹɩɬɴɴɵɬy
ɨ ɩ ɧɨɮɧɽɬ ɹɷɬɹʃɬɳ ɶɺɴɱɹɧ ɸɲɵɩɧ jɩ ɻɵɷɳɬ ɧɱɽɯɵɴɬɷɴʂɼ ɵɨʀɬɸɹɩy ɮɧɳɬɴɯɹʃ ɸɲɵɩɧɳɯ jɩ ɵɷɪɧɴɯɮɧɽɯɵɴɴɵ ɶɷɧɩɵɩɵɰ ɻɵɷɳɬ ɧɱɽɯɵɴɬɷɴɵ ɪɵ ɵɨʀɬɸɹɩɧy
ɸɹɧɹʃʅ ɯɮɲɵɭɯɹʃ ɩ ɸɲɬɫɺʅʀɬɰ ɷɬɫɧɱɽɯɯ jɘɹɧɹʃʆ ɖɺɨɲɯɾɴɵɬ ɧɱɽɯɵɴɬɷɴɵɬ ɵɨʀɬɸɹɩɵ
ɖɺɨɲɯɾɴɵɬ ɧɱɽɯɵɴɬɷɴɵɬ ɵɨʀɬɸɹɩɵ ɶɺɴɱɹ ɸɹɧɹʃɯ ɵɨʆɮɧɴɵ ɶɷɬɫɸɹɧɩɯɹʃ ɫɲʆ ɩɱɲʅɾɬɴɯʆ ɩ ɬɫɯɴʂɰ ɪɵɸɺɫɧɷɸɹɩɬɴɴʂɰ ɷɬɬɸɹɷ ʅɷɯɫɯ ɾɬɸɱɯɼ ɲɯɽ ɸɩɬɫɬɴɯʆ ɵ ɻɯɷɳɬɴɴɵɳ ɴɧɯɳɬɴɵɩɧɴɯɯ ɵɨʀɬɸɹɩɧ ɸɵɫɬɷɭɧ ʀɬɳ ɺɱɧɮɧɴɯɬ ɴɧ ɬɪɵ ɶɺɨɲɯɾɴʂɰ ɸɹɧɹɺɸ
ɇɱɽɯɵɴɬɷɴɵɬ ɵɨʀɬɸɹɩɵ ɩɶɷɧɩɬ ɶɷɬɫɸɹɧɩɯɹʃ ɫɲʆ ɩɱɲʅɾɬɴɯʆ ɩ ɬɫɯ ɴʂɰ ɪɵɸɺɫɧɷɸɹɩɬɴɴʂɰ ɷɬɬɸɹɷ ʅɷɯɫɯɾɬɸɱɯɼ ɲɯɽ ɸɩɬɫɬɴɯʆ ɵ ɻɯɷɳɬɴ ɴɵɳ ɴɧɯɳɬɴɵɩɧɴɯɯ ɵɨʀɬɸɹɩɧ ɸɵɫɬɷɭɧʀɬɳ ɺɱɧɮɧɴɯɬ ɴɧ ɬɪɵ ɶɺɨɲɯɾ ɴʂɰ ɸɹɧɹɺɸ
ɖɺɨɲɯɾɴɵɬ ɧɱɽɯɵɴɬɷɴɵɬ ɵɨʀɬɸɹɩɵ ɶɷɯɵɨɷɬɹɧɬɹ ɸɹɧɹɺɸ ɶɺɨɲɯɾɴɵ ɪɵ ɩ ɵɹɴɵɿɬɴɯʆɼ ɸ ɧɱɽɯɵɴɬɷɧɳɯ ɯ ɶɵɹɬɴɽɯɧɲʃɴʂɳɯ ɶɷɯɵɨɷɬɹɧɹɬɲʆɳɯ ɽɬɴɴʂɼ ɨɺɳɧɪ ɹɧɱɵɪɵ ɵɨʀɬɸɹɩɧ ɸɵ ɫɴʆ ɶɷɯɴʆɹɯʆ ɷɬɿɬɴɯʆ ɺɶɵɲɴɵɳɵ ɾɬɴɴʂɳ ɵɷɪɧɴɵɳ ɧɱɽɯɵɴɬɷɴɵɪɵ ɵɨʀɬɸɹɩɧ ɵ ɩɴɬɸɬɴɯɯ ɸɵɵɹɩɬɹɸɹɩɺʅ ʀɯɼ ɯɮɳɬɴɬɴɯɰ ɩ ɺɸɹɧɩ ɹɧɱɵɪɵ ɵɨʀɬɸɹɩɧ
ɖɷɯɵɨɷɬɹɬɴɯɬ ɴɬɶɺɨɲɯɾɴʂɳ ɧɱɽɯɵɴɬɷɴʂɳ ɵɨʀɬɸɹɩɵɳ ɸɹɧɹɺɸɧ
ɶɺɨɲɯɾɴɵɪɵ ɩɲɬɾɬɹ ɴɬɫɬɰɸɹɩɯɹɬɲʃɴɵɸɹʃ ɶɵɲɵɭɬɴɯɰ ɺɸɹɧɩɧ ɯ ɩɴɺɹɷɬɴ ɴɯɼ ɫɵɱɺɳɬɴɹɵɩ ɵɨʀɬɸɹɩɧ ɶɷɵɹɯɩɵɷɬɾɧʀɯɼ ɶɷɧɩɯɲɧɳ ɴɧɸɹɵʆʀɬɪɵ ɑɵ ɫɬɱɸɧ ɮɧɱɵɴɧ ɵɨ ɧɱɽɯɵɴɬɷɴʂɼ ɵɨʀɬɸɹɩɧɼ ɯ ɮɧɱɵɴɵɩ ɵ ɽɬɴɴʂɼ ɨɺɳɧɪɧɼ ɺɸɹɧɴɵɩɲɬɴɴʂɳ ɩ ɵɹɴɵɿɬɴɯɯ ɶɺɨɲɯɾɴɵɪɵ ɧɱɽɯɵɴɬɷɴɵɪɵ ɵɨʀɬɸɹɩɧ
ɉ ɶɺɨɲɯɾɴɵɳ ɧɱɽɯɵɴɬɷɴɵɳ ɵɨʀɬɸɹɩɬ ɸɵɮɫɧɬɹɸʆ ɴɧɨɲʅɫɧɹɬɲʃɴʂɰ ɸɵɩɬɹ ɾɯɸɲɵ ɾɲɬɴɵɩ ɱɵɹɵɷɵɪɵ ɴɬ ɳɵɭɬɹ ɨʂɹʃ ɳɬɴɬɬ ɶʆɹɯ
ɕɨʆɮɧɴɴɵɸɹɯ ɶɵ ɩɬɫɬɴɯʅ ɷɬɬɸɹɷɧ ɧɱɽɯɵɴɬɷɵɩ ɶɺɨɲɯɾɴɵɪɵ ɧɱɽɯɵ ɴɬɷɴɵɪɵ ɵɨʀɬɸɹɩɧ ɯ ɯɸɶɵɲɴɬɴɯɬ ɻɺɴɱɽɯɰ ɸɾɬɹɴɵɰ ɱɵɳɯɸɸɯɯ ɩɵɮɲɧɪɧ ʅɹɸʆ ɴɧ ɴɬɮɧɩɯɸɯɳɺʅ ɵɷɪɧɴɯɮɧɽɯʅ ɶɷɵɻɬɸɸɯɵɴɧɲʃɴɵ ɵɸɺʀɬɸɹɩɲʆʅ ʀɺʅ ɹɧɱɺʅ ɫɬʆɹɬɲʃɴɵɸɹʃ
ɉ ɶɺɨɲɯɾɴɵɳ ɧɱɽɯɵɴɬɷɴɵɳ ɵɨʀɬɸɹɩɬ ɴɬ ɳɵɪɺɹ ɨʂɹʃ ɵɪɷɧɴɯɾɬɴʂ ɱɵɲɯɾɬɸɹɩɵ ɧɱɽɯɰ ɶɷɯɴɧɫɲɬɭɧʀɯɼ ɵɫɴɵɳɺ ɧɱɽɯɵɴɬɷɺ ɯɼ ɸɺɳɳɧɷɴɧʆ ɴɵɳɯɴɧɲʃɴɧʆ ɸɹɵɯɳɵɸɹʃ ɧ ɹɧɱɭɬ ɳɧɱɸɯɳɧɲʃɴɵɬ ɾɯɸɲɵ ɪɵɲɵɸɵɩ ɶɷɬɫɵ ɸɹɧɩɲʆɬɳʂɼ ɵɫɴɵɳɺ ɧɱɽɯɵɴɬɷɺ
ɖɺɨɲɯɾɴɵɬ ɧɱɽɯɵɴɬɷɴɵɬ ɵɨʀɬɸɹɩɵ ɵɨʆɮɧɴɵ ɶɺɨɲɯɾɴɵ ɷɧɸɱɷʂɩɧɹʃ ɯɴɻɵɷɳɧɽɯʅ ɶɷɬɫɺɸɳɵɹɷɬɴɴɺʅ ɮɧɱɵɴɵɳ ɵɨ ɧɱɽɯɵɴɬɷɴʂɼ ɵɨʀɬɸɹɩɧɼ
ɯ ɮɧɱɵɴɧɳɯ ɵ ɽɬɴɴʂɼ ɨɺɳɧɪɧɼ
ɖɷɯɲɵɭɬɴɯɬ
ɋɵɶɵɲɴɯɹɬɲʃɴʂɬ ɹɷɬɨɵɩɧɴɯʆ ɱ ɸɵɮɫɧɴɯʅ ɯ ɫɬʆɹɬɲʃɴɵɸɹɯ ɶɺɨɲɯɾ ɴʂɼ ɧɱɽɯɵɴɬɷɴʂɼ ɵɨʀɬɸɹɩ ɺɸɹɧɴɧɩɲɯɩɧʅɹɸʆ ɮɧɱɵɴɵɳ ɵɨ ɧɱɽɯɵɴɬɷɴʂɼ ɵɨʀɬɸɹɩɧɼ ɯ ɮɧɱɵɴɧɳɯ ɵ ɽɬɴɴʂɼ ɨɺɳɧɪɧɼ y
ɩ ɸɹɧɹʃɬ
ɧ ɩ ɴɧɯɳɬɴɵɩɧɴɯɯ ɸɲɵɩɵ jɕɨɷɧɮɵɩɧɴɯɬy ɮɧɳɬɴɯɹʃ ɸɲɵɩɵɳ jɘɵɮɫɧ ɴɯɬy
ɨ ɧɨɮɧɽ ɩɹɵɷɵɰ ɶɺɴɱɹɧ ɫɵɶɵɲɴɯɹʃ ɸɲɵɩɧɳɯ jɶɺɹɬɳ ɸɵɸɹɧɩɲɬɴɯʆ ɵɫɴɵɪɵ ɫɵɱɺɳɬɴɹɧ ɶɵɫɶɯɸɧɴɴɵɪɵ ɸɹɵɷɵɴɧɳɯy
ɩ ɧɨɮɧɽ ɩɹɵɷɵɰ ɶɺɴɱɹɧ ɯɮɲɵɭɯɹʃ ɩ ɸɲɬɫɺʅʀɬɰ ɷɬɫɧɱɽɯɯ jɚɸɹɧɩ ɧɱɽɯɵɴɬɷɴɵɪɵ ɵɨʀɬɸɹɩɧ ɫɵɲɭɬɴ ɵɶɷɬɫɬɲʆɹʃ ɻɯɷɳɬɴɴɵɬ ɴɧ
ɯɳɬɴɵɩɧɴɯɬ ɵɨʀɬɸɹɩɧ ɯ ɳɬɸɹɵ ɬɪɵ ɴɧɼɵɭɫɬɴɯʆ ɧ ɹɧɱɭɬ ɸɵɫɬɷɭɧɹʃ ɺɸɲɵ ɩɯʆ ɵ ɱɧɹɬɪɵɷɯʆɼ ɩʂɶɺɸɱɧɬɳʂɼ ɵɨʀɬɸɹɩɵɳ ɧɱɽɯɰ ɯɼ ɴɵɳɯɴɧɲʃɴɵɰ ɸɹɵɯ ɳɵɸɹɯ ɯ ɱɵɲɯɾɬɸɹɩɬ ɵ ɷɧɮɳɬɷɬ ɺɸɹɧɩɴɵɪɵ ɱɧɶɯɹɧɲɧ ɵɨʀɬɸɹɩɧ ɵ ɶɷɧɩɧɼ ɧɱɽɯɵɴɬɷɵɩ ɵ ɸɵɸɹɧɩɬ ɯ ɱɵɳɶɬɹɬɴɽɯɯ ɵɷɪɧɴɵɩ ɵɨʀɬɸɹɩɧ ɯ ɶɵɷʆɫɱɬ ɶɷɯ ɴʆɹɯʆ ɯɳɯ ɷɬɿɬɴɯɰ ɩ ɹɵɳ ɾɯɸɲɬ ɵ ɩɵɶɷɵɸɧɼ ɷɬɿɬɴɯʆ ɶɵ ɱɵɹɵɷʂɳ ɶɷɯ ɴɯɳɧʅɹɸʆ ɬɫɯɴɵɪɲɧɸɴɵ ɯɲɯ ɱɩɧɲɯɻɯɽɯɷɵɩɧɴɴʂɳ ɨɵɲʃɿɯɴɸɹɩɵɳ ɪɵɲɵ ɸɵɩ ɉ ɺɸɹɧɩɬ ɧɱɽɯɵɴɬɷɴɵɪɵ ɵɨʀɬɸɹɩɧ ɫɵɲɭɴʂ ɹɧɱɭɬ ɸɵɫɬɷɭɧɹʃɸʆ ɯɴʂɬ ɸɩɬɫɬɴɯʆ ɶɷɬɫɺɸɳɵɹɷɬɴɴʂɬ ɮɧɱɵɴɵɳ ɵɨ ɧɱɽɯɵɴɬɷɴʂɼ ɵɨʀɬɸɹɩɧɼ y
ɪ ɶɺɴɱɹ ɯɮɲɵɭɯɹʃ ɩ ɸɲɬɫɺʅʀɬɰ ɷɬɫɧɱɽɯɯ
j ɇɱɽɯɵɴɬɷɴɵɬ ɵɨʀɬɸɹɩɵ ɳɵɭɬɹ ɨʂɹʃ ɸɵɮɫɧɴɵ ɵɫɴɯɳ ɲɯɽɵɳ ɯɲɯ ɸɵɸɹɵʆɹʃ ɯɮ ɵɫɴɵɪɵ ɲɯɽɧ ɩ ɸɲɺɾɧɬ ɶɷɯɵɨɷɬɹɬɴɯʆ ɵɫɴɯɳ ɧɱɽɯɵɴɬɷɵɳ ɩɸɬɼ
ɧɱɽɯɰ ɵɨʀɬɸɹɩɧ ɘɩɬɫɬɴɯʆ ɵɨ ʄɹɵɳ ɫɵɲɭɴʂ ɸɵɫɬɷɭɧɹʃɸʆ ɩ ɺɸɹɧɩɬ ɵɨʀɬ ɸɹɩɧ ɨʂɹʃ ɮɧɷɬɪɯɸɹɷɯɷɵɩɧɴʂ ɯ ɵɶɺɨɲɯɱɵɩɧɴʂ ɫɲʆ ɩɸɬɵɨʀɬɪɵ ɸɩɬɫɬɴɯʆ ɇɱɽɯɵɴɬɷɴɵɬ ɵɨʀɬɸɹɩɵ ɴɬ ɳɵɭɬɹ ɯɳɬɹʃ ɩ ɱɧɾɬɸɹɩɬ ɬɫɯɴɸɹɩɬɴɴɵɪɵ ɺɾɧɸɹɴɯɱɧ ɫɷɺɪɵɬ ɼɵɮʆɰɸɹɩɬɴɴɵɬ ɵɨʀɬɸɹɩɵ ɸɵɸɹɵʆʀɬɬ ɯɮ ɵɫɴɵɪɵ ɲɯ
ɽɧ ɬɸɲɯ ɯɴɵɬ ɴɬ ɺɸɹɧɴɵɩɲɬɴɵ ɮɧɱɵɴɵɳ yɩ ɸɹɧɹʃɬ
ɧ ɧɨɮɧɽ ɩɹɵɷɵɰ ɶɺɴɱɹɧ ɶɷɯɮɴɧɹʃ ɺɹɷɧɹɯɩɿɯɳ ɸɯɲɺ
ɨ ɶɺɴɱɹ ɶɵɸɲɬ ɸɲɵɩ jɎɧɱɵɴɵɳ ɯɲɯ ɺɸɹɧɩɵɳ ɵɨʀɬɸɹɩɧy ɫɵɶɵɲɴɯɹʃ ɸɲɵɩɧɳɯ j ɴɬ ʆɩɲʆʅʀɬɪɵɸʆ ɶɺɨɲɯɾɴʂɳ y
ɩ ɸɹɧɹʃɬ
ɧ ɩ ɶɺɴɱɹɬ ɸɲɵɩɧ jɶɵ ɷɬɿɬɴɯʅ ɵɨʀɬɪɵ ɸɵɨɷɧɴɯʆ ɧɱɽɯɵɴɬɷɵɩy ɮɧ ɳɬɴɯɹʃ ɸɲɵɩɧɳɯ jɩ ɸɵɵɹɩɬɹɸɹɩɯɯ ɸ ɮɧɱɵɴɵɳ ɵɨ ɧɱɽɯɵɴɬɷɴʂɼ ɵɨʀɬɸɹɩɧɼy
ɨ ɶɺɴɱɹ ɯɮɲɵɭɯɹʃ ɩ ɸɲɬɫɺʅʀɬɰ ɷɬɫɧɱɽɯɯ
j ɉ ɸɲɺɾɧʆɼ ɯ ɶɵɷʆɫɱɬ ɱɵɹɵɷʂɬ ɶɷɬɫɺɸɳɵɹɷɬɴʂ ɮɧɱɵɴɵɳ ɵɨ ɧɱ ɽɯɵɴɬɷɴʂɼ ɵɨʀɬɸɹɩɧɼ ɧɱɽɯɵɴɬɷɧɳ ɯ ɲɯɽɧɳ ɱɵɹɵɷʂɳ ɶɷɯɴɧɫɲɬɭɧɹ ɽɬɴɴʂɬ ɨɺɳɧɪɯ ɵɨʀɬɸɹɩɧ ɱɵɴɩɬɷɹɯɷɺɬɳʂɬ ɩ ɬɪɵ ɧɱɽɯɯ ɳɵɭɬɹ ɨʂɹʃ
ɶɷɬɫɵɸɹɧɩɲɬɴɵ ɶɷɬɯɳɺʀɬɸɹɩɬɴɴɵɬ ɶɷɧɩɵ ɶɵɱɺɶɱɯ ɫɵɶɵɲɴɯɹɬɲʃɴɵ ɩʂ