Добавил:
ivanov666
Опубликованный материал нарушает ваши авторские права? Сообщите нам.
Вуз:
Предмет:
Файл:Организация и управление внешнеэкономической деятельностью. Курс лекций
.pdf
;69M9A<9 B 7BFB6ABEF< > BFCD46>9 6O849FES CBEF46M<>B@ <
31
G698B@?S9F CB>GC4F9?S B FB@, KFB ;4>4;4AAO9 FB64DO 7BFB6O > BFCD46>9.
"D89D A4 BFCD46>G — 8B>G@9AF, 6O84649@O= CBEF46M<>B@, BF-
CD46?SRM<@ FB64DO CB>GC4F9?R (7DG;BCB?GK4F9?R).
;69M9A<9 B5 BFCD46>9 — 8B>G@9AF, CBED98EF6B@ >BFBDB7B CDB-
8469J <?< 7DG;BBFCD46<F9?P <AHBD@<DG9F 7DG;BCB?GK4F9?S B5 BFCD46>9
FB64DB6.
;69M9A<9 B D4ECD989?9A<< 8B>G@9AFB6 — 8B>G@9AF, 6 >BFBDB@
EFBDBA4, BF69FEF69AA4S ;4 6OC<E>G >B@C?9>F4 6A9LA9FBD7B6OI 8B>G@9AFB6, G>4;O649F D4;?<KAOI CB?GK4F9?9= BD<7<A4?B6 < >BC<= QF<I
8B>G@9AFB6, 4 F4>:9 K<E?B Q>;9@C?SDB6, BFCD46?S9@OI >4:8B@G <; A<I.
$4;D9L9A<9 A4 CBEF46>G — 6O84649@O= CB>GC4F9?9@ 8B>G@9AF,
D4;D9L4RM<= BFCD46>G FB64DB6 CBE?9 CB?GK9A<S BF CDB846J4 <;69M9A<S
B 7BFB6ABEF< FB64D4 > BF7DG;>9.
4. B@@9DK9E><9 8B>G@9AFO.
4RF EFB<@BEFAGR, >4K9EF69AAGR < >B?<K9EF69AAGR I4D4>F9D<EF<>< FB64D4. 1F< 8B>G@9AFO BHBD@?S9F A4 E6B9@ 5?4A>9 CDB8469J, 4
CB>GC4F9?P CDBF<6 A<I CDB<;6B8<F BC?4FG. %FB<@BEFA4S I4D4>F9D<EF<>4
FB64D4 849FES 6 EK9F9 < 6 CDBHBD@9-EK9F9.
B@@9DK9E><= EK9F — BEAB6AB= D4EK9FAO= 8B>G@9AF. %B89D:<F
FD95B64A<9 CDB846J4 > CB>GC4F9?R B5 GC?4F9 G>4;4AAB= 6 A9@ EG@@O
CD<K<F4RM97BES C?4F9:4 ;4 CBEF46?9AAO= FB64D. EK9F9 G>4;O64RFES:
J9A4 ;4 98<A<JG FB64D4 < B5M4S EG@@4 EK9F4 <?< CD<K<F4RM97BES
C?4F9:4; 54;<EAO9 GE?B6<S CBEF46>< FB64D4; ECBEB5 C?4F9:4 < HBD@4
D4EK9F4; A4<@9AB64A<9 54A>4, 789 8B?:9A 5OFP CDB<;6989A C?4F9:;
E6989A<S B5 BC?4F9 EFB<@BEF< C9D96B;>< (>B784 BC?4K<649FES < >9@);
E6989A<S B EFD4IB64A<< (>9@ BC?4K<649FES) < D4;@9D EFD4IB6B= CD9@<<
(CD< CBEF46>4I A4 GE?B6<SI %().
#B 6OCB?AS9@O@ HGA>J<S@ EK9F4 @B:AB CB8D4;89?<FP A4 E?98GRM<9 6<8O: EK9F-H4>FGD4, EK9F-EC9J<H<>4J<S, CD9864D<F9?PAO= EK9F.
¾ !K9F-H4>FGD4 - 6OC<EO649FES B5OKAB CBE?9 B>BAK4F9?PAB=
CD<9@>< FB64D4 CB>GC4F9?9@. DB@9 E6B97B BEAB6AB7B A4;A4K9A<S >4>
8B>G@9AF4, G>4;O64RM97B EG@@G CD<K<F4RM97BES ;4 FB64D C?4F9:4, EK9FH4>FGD4 @B:9F 5OFP <ECB?P;B64A 6 >4K9EF69 A4>?48AB=, A4CD46?S9@B= CD<
FB64D9. #B FD95B64A<R F4@B:9AAOI BD74AB6 6B @AB7<I EFD4A4I EK9FH4>FGD4 6OC<EO649FES A4 GEF4AB6?9AAOI 5?4A>4I, < F4><9 EK9F4 E?G:4F
B8AB6D9@9AAB < E9DF<H<>4FB@ B CDB<EIB:89A<< FB64D4 <?< EBK9F4RFES E
A<@.
¾ !K9F-EC9J<H<>4J<S - B5N98<AS9F D9>6<;<FO EK9F4 <
EC9J<H<>4J<<. A9@ B5OKAB G>4;O649FES J9A4 ;4 98<A<JG FB64D4 CB
6<84@ < EBDF4@, 4 F4>:9 B5M4S EFB<@BEFP 6E9= C4DF<< FB64D4.

OC<EO649FES 6 F9I E?GK4SI, >B784 C4DF<S EB89D:<F D4;AO9 CB
32
4EEBDF<@9AFG FB64DO. AB784 97B A4;O64RF EC9J<H<J<DB64AAO@ EK9FB@.
¾ D9864D<F9?PAO= EK9F 6OC<EO649FES 6 F9I E?GK4SI, >B784
CD<9@>4 FB64D4 CDB<;6B8<FES 6 EFD4A9 A4;A4K9A<S <?< CD< K4EF<KAOI
CBEF46>4I. "A EB89D:<F E6989A<S B >B?<K9EF69 < EFB<@BEF< C4DF<<
FB64DB6 < CB8?9:<F BC?4F9. #BE?9 CD<9@>< FB64D4 <?< CBEF46>< 6E9=
C4DF<< CDB8469J 6OC<EO649F EK9F-H4>FGDG, CB >BFBDB@G CDB<;6B8<FES
B>BAK4F9?PAO= D4EK9F.
¾ DBHBD@4-EK9F — QFB 8B>G@9AF, >BFBDO=, >4> < EK9F,
EB89D:<F E6989A<S B J9A9 < EFB<@BEF< C4DF<< FB64D4, AB A9 S6?S9FES
D4EK9FAO@ 8B>G@9AFB@, F4> >4> A9 EB89D:<F FD95B64A<S B5 GC?4F9
G>4;4AAB= 6 A9@ EG@@O. !9 6OCB?ASS 7?46AB= HGA>J<< EK9F4 >4>
C?4F9:AB7B 8B>G@9AF4, CDBHBD@4-EK9F 6@9EF9 E F9@ 6OCB?AS9F 6E9
BEF4?PAO9 HGA>J<< EK9F4. E?< CDBHBD@4-EK9F EB89D:<F G>4;4A<9 B J9A9
>4:8B7B 6<84 <?< EBDF4 FB64D4, 99 A4;O64RF EC9J<H<J<DB64AAB=
CDBHBD@B=-EK9FB@. #DBHBD@4-EK9F @B:9F 5OFP 6OC<E4A4 A4
BF7DG:9AAO=, AB 9M9 A9 CDB84AAO= FB64D, <?< A4B5BDBF. +4M9 6E97B
CDBHBD@4-EK9F 6OC<EO649FES CD< CBEF46>4I FB64DB6 A4 >BAE<7A4J<R, A4
6OEF46>< < SD@4D><, A4 4G>J<BAO. CDBHBD@9-EK9F9, A4CD46?S9@B=
>BAE<7A4FBDG, @B7GF 5OFP G>4;4AO EG@@4, >BFBDGR EB5EF69AA<> FB64D4
(>BAE<7A4AF) A4@9D9A CB?GK<FP, < D4EIB8O, CBA9E9AAO9 <@ CD< BFCD46>9
FB64D4. #DBHBD@4-EK9F @B:9F E?G:<FP F4>:9 E@9FB=, CD< CB@BM<
>BFBDB= <@CBDF9D @B:9F B;A4>B@<FPES E BEAB6AO@< 84AAO@< B FB64D9,
>BFBDO= BA IBK9F >GC<FP, E CBDS8>B@ D4EK9FB6 < BCD989?<FP D4;@9D
D4EIB8B6.
K<E?G 8B>G@9AFB6, 84RM<I >B?<K9EF69AAGR I4D4>F9D<EF<>G FB64D4 <?< C4DF<<, BFABESFES EC9J<H<>4J<S, F9IA<K9E>4S 8B>G@9AF4J<S,
GC4>B6BKAO= ?<EF.
¾ !C9J<H<>4J<S EB89D:<F C9D9K9AP 6E9I 6<8B6 < EBDFB6 FB64DB6,
6IB8SM<I 6 84AAGR C4DF<R, E G>4;4A<9@ 8?S >4:8B7B @9EF4, >B?<K9EF64 <
DB84 FB64D4. %C9J<H<>4J<S B5OKAB 8BCB?AS9F EK9F A4 CBEF46?9AAO9
FB64DO D4;AOI EBDFB6 < A4<@9AB64A<=.
¾ "9IA<K9E>4S 8B>G@9AF4J<S FD95G9FES CD< CBEF46>4I
B5BDG8B64A<S < F9IA<K9E><I CBFD95<F9?PE><I FB64DB6 8?<F9?PAB7B
CB?P;B64A<S < A9B5IB8<@4 8?S B59EC9K9A<S <I E6B96D9@9AAB= A4?48>< <
CD46<?PAB= Q>EC?G4F4J<<. F9IA<K9E>B= 8B>G@9AF4J<< BFABESFES:
C4ECBDF, HBD@G?SDO < BC<E4A<S <;89?<=, <AEFDG>J<< CB @BAF4:G <
Q>EC?G4F4J<<, D4;?<KAO9 EI9@O, K9DF9:<, 698B@BEF< ;4C4EAOI K4EF9=,
<AEFDG@9AF4, CD<ECBEB5?9A<= < CD. #9D9K9AP A9B5IB8<@B= F9IA<K9E>B=
8B>G@9AF4J<< EB89D:<FES B5OKAB 6 EF4A84DFAOI <?< F9IA<K9E><I
GE?B6<SI, S6?SRM<IES A9BFN9@?9@B= K4EFPR >BAFD4>F4. &9IA<K9E>4S
8B>G@9AF4J<S <;7BFB6?S9FES A4 S;O>9 EFD4AO CB>GC4F9?S <?< A4 8DG7B@

S;O>9 CB G>4;4A<R CB>GC4F9?S. !4 FB64DO E9D<=AB7B CDB<;6B8EF64
33
F9IA<K9E>4S 8B>G@9AF4J<S 8B?:A4 <;7BFB6?SFPES B5S;4F9?PAB
F<CB7D4HE><@ ECBEB5B@.
¾ #C4>B6BKAO= ?<EF EB89D:<F C9D9K9AP 6E9I 6<8B6 < EBDFB6
FB64D4, A4IB8SM<IES 6 >4:8B@ FB64DAB@ @9EF9 (SM<>9, >BDB5>9,
>BAF9=A9D9). 'C4>B6BKAO= ?<EF A9B5IB8<@ B5OKAB 6 F9I E?GK4SI, >B784 6
B8AB= GC4>B6>9 EB89D:4FES D4;AO9 CB 4EEBDF<@9AFG FB64DO. 'C4>B6BKAO=
?<EF CB@9M49FES 6 GC4>B6>9 F4>, KFB5O CB>GC4F9?P @B7 97B ?97>B B5A4DG:<FP, ?<5B >?489FES 6 EC9J<4?PAB CD<ECBEB5?9AAO= >4D@4A E 6A9LA9=
EFBDBAO GC4>B6><. 'C4>B6BKAO= ?<EF EB89D:<F E?98GRM<9 84AAO9:
>B?<K9EF6B >4:8B7B EBDF4 (K<E?B LFG> 6 GC4>B6>9); AB@9D GC4>B6><
(@9EF4).
K<E?G 64:A9=L<I 8B>G@9AFB6, E6<89F9?PEF6GRM<I B >4K9EF69
CBEF46?9AAOI FB64DB6, @B:AB BFA9EF<: E9DF<H<>4F B >4K9EF69, 74D4AF<=AB9 B5S;4F9?PEF6B, CDBFB>B? <ECOF4A<=, D4;D9L9A<9 A4 BF7DG;>G.
¾ !9DF<H<>4F B >4K9EF69 — E6<89F9?PEF6B, G8BEFB69DSRM99
>4K9EF6B H4>F<K9E>< CBEF46?9AAB7B FB64D4 < 97B EBBF69FEF6<9 GE?B6<S@
>BAFD4>F4. A9@ 849FES I4D4>F9D<EF<>4 FB64D4 ?<5B CB8F69D:849FES
EBBF69FEF6<9 >4K9EF64 FB64D4 BCD989?9AAO@ EF4A84DF4@ <?< F9IA<K9E><@
GE?B6<S@ ;4>4;4. %9DF<H<>4F B >4K9EF69 6O849FES EBBF69FEF6GRM<@<
>B@C9F9AFAO@< BD74A<;4J<S@<; 7BEG84DEF69AAO@< BD74A4@<, FBD7B6O@<
C4?4F4@<, EC9J<4?PAO@< ?45BD4FBD<S@< 6 EFD4A9, >4> Q>ECBDF4, F4> <
<@CBDF4. AB784 EFBDBAO 8B7B64D<64RFES B CD98BEF46?9A<< E9DF<H<>4FB6
D4;?<KAOI >BAFDB?PAOI < CDB69DBKAOI GKD9:89A<=, <AEF<FGFB6, C4?4F
@9D < 69EB6 < 8DG7<I BD74A<;4J<=. %9DF<H<>4F B >4K9EF69 @B:9F 6O8464FP
(6 EBBF69FEF6<< E GE?B6<S@< >BAFD4>F4) < H<D@4-<;7BFB6<F9?P.
¾ 4D4AF<=AB9 B5S;4F9?PEF6B, <?< 74D4AF<=AB9 C<EP@B,— 8B>G@9AF, CB8F69D:84RM<=, KFB CBEF46?9AAO= FB64D (K4M9 6E97B B5BDG8B64A<9) EBBF69FEF6G9F GE?B6<S@ BCD989?9AAB7B >BAFD4>F4. "AB @B:9F
EB89D:4FP F4>:9 74D4AF<R CBEF46M<>4 6 BFABL9A<< 59EC9D95B=AB=
D45BFO B5BDG8B64A<S CD< EB5?R89A<< CB>GC4F9?9@ CD46<? Q>EC?G4F4J<<.
¾ DBFB>B? <ECOF4A<= EBEF46?S9FES CBE?9 CDB6989A<S CDB846JB@ EB6@9EFAB E CD98EF46<F9?9@ CB>GC4F9?S (<@9AG9@O@ <AEC9>FBDB@
<?< CD<9@M<>B@) CB?AOI <ECOF4A<= 6 ;4D4A99 GEF4AB6?9AAO= 89AP < K4E
A4 CD98CD<SF<< CDB846J4. #DBFB>B? <ECOF4A<=, >BFBDO= <AB784
A4;O64RF E9DF<H<>4FB@, EB89D:<F CB8DB5AB9 <;?B:9A<9 D9;G?PF4FB6
<ECOF4A<= E G>4;4A<9@, EBBF69FEF6G9F ?< <;7BFB6?9AAO= FB64D GE?B6<S@
;4>4;4. #DBFB>B? <ECOF4A<= 6OEO?49FES ;4>4;K<>G A9@98?9AAB CBE?9 <I
CDB6989A<S. "5OKAB A4 BEAB69 CDBFB>B?4 <ECOF4A<= EFBDBAO
CB8C<EO64RF CD<9@BE84FBKAO= 4>F.
¾ 4;D9L9A<9 A4 BF7DG;>G 6O849FES CD98EF46<F9?9@ CB>GC4F9?S
CBE?9 CDB6989A<S CD<9@BKAOI <ECOF4A<= B5BDG8B64A<S A4 CD98CD<SF<<

CBEF46M<>4 E J9?PR GEF4AB6<FP EBBF69FEF6<9 FB64D4 GE?B6<S@ ;4>4;4.
34
$4;D9L9A<9 A4 BF7DG;>G EB89D:<F E6989A<S B 84F9 CBEF46>< CB >BAFD4>FG,
84F9 7BFB6ABEF< < 84F9 CDB6989AAOI <ECOF4A<=, G>4;4A<9 B FB@, KFB
84AAO= FB64D @B:9F 5OFP BFCD46?9A 6 BCD989?9AAGR EFD4AG 6
EBBF69FEF6<< E <AEFDG>J<S@< CD98EF46<F9?S CB>GC4F9?S.
5. B>G@9AFO CB C?4F9:AB-54A>B6E><@ BC9D4J<S@.
AEFDG>J<S CB 54A>B6E>B@G C9D96B8G — 8B>G@9AF, 6 >BFBDB@ >?<9AF CBDGK49F E6B9@G 54A>G CDB<;69EF< 6OC?4FG BCD989?9AAB= EG@@O 6
G>4;4AAB= 64?RF9 A4;64AAB= EFBDBA9, A4IB8SM9=ES 6 8DG7B= EFD4A9, ?<5B
B7B6BD9AAO@ ECBEB5B@ (A4CD<@9D, CB F9?97D4HG, 46<4CBKFB=), ?<5B
ECBEB5B@, BEF46?9AAO@ A4 GE@BFD9A<9 54A>4.
4S6>4 A4 54A>B6E>GR FD4FFG — ;4S6>4, 6 >BFBDB= >?<9AF CDBE<F
E6B= 54A> 6O84FP 54A>B6E>GR FD4FFG < 6 >BFBDB= G>4;O64RFES EG@@4 <
64?RF4 FD4FFO, ?<JB, CB?GK4RM99 C?4F9:, @9EFB < EFD4A4 C?4F9:4.
;69M9A<9 B5 <A>4EEB6B@ C?4F9:9 — 8B>G@9AF, CBED98EF6B@ >B-
FBDB7B 54A> EBB5M49F B CDB<;6989AAB@ C?4F9:9 CB <A>4EEB. A9@
CD<6B8SFES CB8DB5AO9 84AAO9 < @9FB8O D94?<;4J<< ED98EF6.
;69M9A<9 B C?4F9:9 CB FB64DAB@G 4>>D98<F<6G — 8B>G@9AF,
CBED98EF6B@ >BFBDB7B 54A> EBB5M49F B C?4F9:9 CB FB64DAB@G 4>>D98<F<6G.
;69M9A<9 B CD<ASF<< FB64DAB7B 4>>D98<F<64 — 8B>G@9AF, CB-
ED98EF6B@ >BFBDB7B 54A> EBB5M49F B CD<ASF<< C?4F9:9= CB FB64DAB@G
4>>D98<F<6G.
;69M9A<9 B CD<ASF<< 8B>G@9AFB6 > BC?4F9 CB FB64DAB@G
4>>D98<F<6G — 8B>G@9AF, CBED98EF6B@ >BFBDB7B 54A> EBB5M49F B CD<AS-
F<< 8B>G@9AFB6 > BC?4F9 CB FB64DAB@G 4>>D98<F<6G.
4S6>4 A4 54A>B6E>GR 74D4AF<R — 8B>G@9AF, CBED98EF6B@ >BFBDB7B >?<9AF CDBE<F E6B= 54A> 6O84FP 74D4AF<R 6 CB?P;G A4;64AAB=
.EFBDBAO, >BFBD4S A4IB8<FES 6 8DG7B= EFD4A9, E G>4;4A<9@ EG@@O <
64?RFO C?4F9:4, 4 F4>:9 >BA>D9FAOI GE?B6<= 74D4AF<<.
4A>B6E>4S 74D4AF<S — 8B>G@9AF, EB7?4EAB >BFBDB@G 54A> B5S;G9FES 6OC?4F<FP B7B6BD9AAGR EG@@G 89A97 A4;64AAB= EFBDBA9 A4
GE?B6<SI, G>4;4AAOI 6 A9@.
4D4AF<=AB9 C<EP@B CB FB64DAB@G 4>>D98<F<6G — 8B>G@9AF, 6
>BFBDB@ 59A9H<J<4D FB64DAB7B 4>>D98<F<64 59D9F A4 E95S BF69FEF69AABEFP ;4 A9<ECB?A9A<9 GE?B6<= 4>>D98<F<64 < B5S;G9FES >B@C9AE<DB64FP CB?GK9AAO9 CB 4>>D98<F<6G 89AP7< 6@9EF9 E CDBJ9AF4@< <
A4K<E?9A<S@<.
A>4EEB6B9 CBDGK9A<9 — 8B>G@9AF, CBED98EF6B@ >BFBDB7B 54A>G
84RFES <AEFDG>J<< <?< CBDGK9A<S B5D45BF4FP H<A4AEB6O9 < (<?<)
>B@@9DK9E><9 8B>G@9AFO E J9?PR CB?GK9A<S 4>J9CF4 < (<?<) C?4F9:4, <?<

CD98NS6?SFP 8B>G@9AFO A4 8DG7<I GE?B6<SI, >BFBDO9 @B7GF 5OFP 6 A9@
35
G>4;4AO.
(BD@4 CD98EF46?9A<S 8B>G@9AFB6 — 8B>G@9AF, CBED98EF6B@ >BFBDB7B FD4FF4 <?< 4A4?B7<KAO= H<A4AEB6O= 8B>G@9AF < (<?<) >B@@9DK9E><9 8B>G@9AFO CD98EF46?SRFES 54A>G 8?S 4>J9CF4, GK9F4, B5D45BF><, BC?4FO <?< C?4F9:4 CB <A>4EEB A9;46<E<@B BF FB7B, CD98EF46?SRFES BA< CB FB64DAB@G 4>>D98<F<6G <?< 59; A97B.
4S6>4 A4 FB64DAO= 4>>D98<F<6 — 8B>G@9AF, CBED98EF6B@ >BFB-
DB7B 54A>G CBDGK49FES BF>DOFP FB64DAO= 4>>D98<F<6 A4 GE?B6<SI,
G>4;4AAOI 6 QFB@ 8B>G@9AF9.
&B64DAO= 4>>D98<F<6 - 8B>G@9AF, 6 >BFBDB@ 54A> CB8F69D:849F,
KFB BA BF>DO? FB64DAO= 4>>D98<F<6, CB >BFBDB@G 59A9H<J<4D 8B?:9A
CB?GK<FP C?4F9:, CB8F69D:89A<9 <?< GK9F FD4FF 6 EBBF69FEF6<< E
BCD989?9AAO@< GE?B6<S@< < CDBF<6 CD98EF46?9A<S B5GE?B6?9AAOI
8B>G@9AFB6, 4 F4>:9 FD4FF, 9E?< QFB B7B6BD9AB 6 8B>G@9AF9. >>D98<F<6
@B:9F 5OFP CB8F69D:89AAO@ <?< A9 CB8F69D:89AAO@ 8DG7<@ 54A>B@.*
;69M9A<9 B5 BF>DOF<< FB64DAB7B 4>>D98<F<64 — 8B>G@9AF, 6O84649@O= <;69M4RM<@ 54A>B@ B C9D984K9 FB64DAB7B 4>>D98<F<64
59A9H<J<4DG <?< 8DG7B@G <;69M4RM9@G 54A>G.
;69M9A<9 B C9D96B89 FB64DAB7B 4>>D98<F<64 — 8B>G@9AF, CB-
ED98EF6B@ >BFBDB7B 54A> EBB5M49F B FB@, KFB FB64DAO= 4>>D98<F<6 (K4EFP
97B) C9D96B8<FES <?< 5O? C9D96989A 6 CB?P;G 6FBDB7B 59A9H<J<4D4.
;69M9A<9 B5 <;@9A9A<< FB64DAB7B 4>>D98<F<64 — 8B>G@9AF, CB-
ED98EF6B@ >BFBDB7B 54A> <;69M49F B5 <;@9A9A<< GE?B6<= FB64DAB7B
4>>D98<F<64.
4A>B6E>4S FD4FF4 — FD4FF4, 6OEF46?S9@4S 6 CB?P;G FD9FP9=
EFBDBAO, ?<5B B8A<@ 54A>B@ A4 8DG7B=, ?<5B BF89?9A<9@ 54A>4 A4
J9AFD4?PAB9 BF89?9A<9 (<?< A4B5BDBF) <?< A4 8DG7B9 BF89?9A<9 FB7B :9
54A>4. B5B<I E?GK4SI FD4FF4 8B?:A4 EBBF69FEF6B64FP EC9J<H<>4J<S@,
CD98GE@4FD<649@O@ 8?S K9>B6 6 EFD4A9, 6 >BFBDB= BA4 8B?:A4 5OFP
BC?4K9A4.
#9D96B8AO= 69>E9?P — 8B>G@9AF, 6O84AAO= <?< CB8C<E4AAO= 6
EBBF69FEF6<< E CD<@9AS9@O@ ;4>BAB84F9?PEF6B@, EB89D:4M<= 59;GE?B6AB9 FD95B64A<9, 48D9EB64AAB9 B8A<@ ?<JB@ 8DG7B@G ?<JG, B5
GC?4F9 CDBF<6 CD98NS6?9A<S E4@B7B 8B>G@9AF4 CB FD95B64A<R, <?< A4
FBKAB GEF4AB6?9AAGR 84FG, <?< A4 8DG7GR 84FG, G>4;O649@GR E4@<@
8B>G@9AFB@, BCD989?9AAB= EG@@O 89A97 A4;64AAB@G 6 8B>G@9AF9 ?<JG,
<?< 97B CD<>4;G, <?< CD98NS6<F9?R.
#DBEFB= 69>E9?P — 8B>G@9AF, 6O84AAO= < CB8C<E4AAO= 6 EBBF69FEF6<< E CD<@9AS9@O@ ;4>BAB84F9?PEF6B@, 6 >BFBDB@ EB89D:<FES
59;GE?B6AB9 B5S;4F9?PEF6B 69>E9?984F9?S GC?4F<FP BCD989?9AAGR

89A9:AGR EG@@G CB?GK4F9?R <?< 97B CD<>4;G CB FD95B64A<R <?< A4
36
FBKAB GEF4AB6?9AAGR 84FG CDBF<6 CD98NS6?9A<S E4@B7B 8B>G@9AF4.
B?7B6B9 B5S;4F9?PEF6B — 8B>G@9AF, 6OC<EO649@O= CB>GC4F9?9@
6 EBBF69FEF6<< E CD<@9AS9@O@ ;4>BAB84F9?PEF6B@, 6 >BFBDB@ EB89D:<FES
97B B8ABEFBDBAA99 B5S;4F9?PEF6B 6OC?4F<FP CB CD98NS6?9A<< E4@B7B
8B>G@9AF4 A4 84FG, BCD989?S9@GR <; 84AAB7B 8B>G@9AF4, G>4;4AAGR
EG@@G 89A97 CD<>4;G >BA>D9FAB7B ?<J4 <?< CD98NS6<F9?S.
6 %FD4IB6O9 8B>G@9AFO
"FD4:4RF 6;4<@BBFABL9A<S @9:8G EFD4IB6M<>B@ < EFD4IB64F9?9@.
$B?P EFD4IB6M<>4 ;4>?RK49FES 6 6B;@9M9A<< G5OF>B6, CBA9E9AAOI
EFD4IB64F9?9@ BF A9EK4EFAB7B E?GK4S, CDBF<6 GC?4FO EFD4IB6B= CD9@<<.
EFD4IB6O@ 8B>G@9AF4@ BFABESFES:
%FD4IB6B= CB?<E - 6O84649@O= EFD4IB6M<>B@ 8B>G@9AF,
CB8F69D:84RM<= 8B7B6BD EFD4IB64A<S < EB89D:4M<= GE?B6<S ;4>?RK9AAB7B 8B7B6BD4, 6 >BFBDB@ EFD4IB6M<> B5S;G9FES ;4 >BA>D9FAGR
C?4FG 6B;@9EF<FP EFD4IB64F9?R G5OF><, E6S;4AAO9 E D<E>4@< <
A9EK4EFAO@< E?GK4S@<, G>4;4AAO@< 6 8B7B6BD9.
%FD4IB6B= CB?<E 6O849FES EFD4IB6O@ B5M9EF6B@ EFD4IB64F9?R
CBE?9 GC?4FO <@ EFD4IB6B= CD9@<<. %FD4IB6O9 CB?<EO 5O64RF D4;?<KAOI
6<8B6 < ABESF D4;AB9 A4<@9AB64A<9 6 ;46<E<@BEF< BF CBDS8>4 BHBD@?9A<S
EFD4IB64A<S < I4D4>F9D4 D<E>4. #B D9=EB6B@G CB?<EG B5N9>F EFD4IB64A<S
EFD4IG9FES A4 BCD989?9AAO= C9D<B8 6D9@9A<.
¾ 9=EB6O= EFD4IB6B= CB?<E BHBD@?S9FES A4 5?4A>4I EFD4IB6B7B
B5M9EF64 < CB8C<EO649FES EFD4IB6M<>B@ < EFD4IB64F9?9@ <?< 97B
Q>EC98<FBDB@ 6 CBDFG BF7DG;>< FB64DB6. $9=EB6O= EFD4IB6B= CB?<E
EB89D:<F E?98GRM<9 BEAB6AO9 84AAO9: A4<@9AB64A<9 EFD4IB64F9?S,
GE?B6<S EFD4IB64A<S; D4;@9D EFD4IB6B= EG@@O (D4;@9D 6B;@9M9A<S,
GC?4K<649@B7B EFD4IB6M<>B@ 6 E?GK49 7<59?< <?< CB6D9:89A<S
;4EFD4IB64AAB7B FB64D4); D4;@9D EFD4IB6B= CD9@<<, 6ABE<@B=
EFD4IB64F9?9@ 6 >4K9EF69 BC?4FO ;4 EFD4IB64A<9.
¾ 9A9D4?PAO= CB?<E CD98EF46?S9F EB5B= 8B7B6BD 8?<F9?PAB7B
I4D4>F9D4 @9:8G EFD4IB64F9?9@ < EFD4IB6M<>B@. A9@ G>4;O64RFES EDB>
97B 89=EF6<S, B5N9@ < CD989?O BF69FEF69AABEF< EFD4IB6M<>4, EDB><
C?4F9:4 EFD4IB6B= CD9@<< < CDBK<9 EC9J<4?PAO9 GE?B6<S < B7B6BD><.
¾ #B E@9L4AAB@G CB?<EG B5N9>F EFD4IG9FES, >4> A4
BCD989?9AAO= D9=E, F4> < A4 BCD989?9AAO= EDB>.
%FD4IB6B= E9DF<H<>4F — 8B>G@9AF, 6O84649@O= EFD4IB6O@ B5M9EF6B@ EFD4IB64F9?R, G8BEFB69DSRM<=, KFB EFD4IB64A<9 5O?B
CDB<;6989AB <, KFB 5O? 6O84A CB?<E. &4>B= E9DF<H<>4F A4 >BA>D9FAO=
7DG; <ECB?P;G9FES 6 BEAB6AB@ 6 FB@ E?GK49, 9E?< FB64DO ;4EFD4IB64AO 6
EBBF69FEF6<< E GE?B6<S@< 79A9D4?PAB7B <?< A964?RF<DB64AAB7B CB?<E4;
CB FD95B64A<R EFD4IB64F9?S BA @B:9F B5@9A<64FPES A4 EFD4IB6B= CB?<E,

CBE>B?P>G 6B @AB7<I EFD4A4I ;4>BAB84F9?PEF6B CD<;A49F 6 >4K9EF69
37
8B>G@9AF4 EFD4IB64A<S FB?P>B EFD4IB6B= CB?<E.
%FD4IB6B9 B5NS6?9A<9 (5BD89DB) — 8B>G@9AF, <ECB?P;G9@O= 6
E?GK49, 9E?< EFD4IB64F9?P EBB5M49F E6B9@G EFD4IB6M<>G CB8DB5AO9
E6989A<S B5 BF89?PAOI BFCD46>4I, A4 >BFBDO9 D4ECDBEFD4AS9FES 8B7B6BD
EFD4IB64A<S — A964?RF<DB64AAO= <?< 79A9D4?PAO= CB?<E, ;4>?RK9AAO=
@9:8G EFBDBA4@<.
%K9F EFD4IB6M<>4 — 8B>G@9AF, 6O84649@O= EFD4IB6M<>B@ E G>4;4A<9@ EG@@O CDB<;6989AAB7B EFD4IB64A<S < E FD95B64A<9@ GC?4FO QFB=
EG@@O.
B69DABF — 8B>G@9AF, 6O84649@O= EFD4IB6M<>B@ (EFD4IB6O@
@4>?9DB@, 479AFB@ < F.C.) 8?S <;69M9A<S EFD4IB64F9?S B FB@, KFB 97B
<AEFDG>J<< CB EFD4IB64A<R 6OCB?A9AO, <?< 6 G8BEFB69D9A<9
EB69DL9AAB7B 479AFB@ EFD4IB64A<S 6 CB?P;G EFD4IB64F9?S.
7. &D4AECBDFAO9 8B>G@9AFO
OC<EO64RFES 7DG;BC9D96B;K<>B@ 6 G8BEFB69D9A<9 FB7B, KFB FB64D
CD<ASF <@ > C9D96B;>9. #D< @BDE><I C9D96B;>4I QFB >BABE4@9AF, @BDE>4S
A4>?48A4S, LFGD@4AE>4S D4EC<E>4, 8B>B64S D4EC<E>4.
#D< :9?9;AB8BDB:AOI C9D96B;>4I — :9?9;AB8BDB:A4S A4>?48A4S,
8BDB:A4S 698B@BEFP,
#D< 46<4C9D96B;>4I — 46<47DG;B64S A4>?48A4S. #D< 46FB8BDB:AOI
C9D96B;>4I — A4>?48A4S 46FB8BDB:AB= C9D96B;><.
#D< 6AGFD9AA<I C9D96B;>4I — GA<69DE4?PAO= FD4AECBDFAO=
8B>G@9AF, 8B>G@9AF E@9L4AAB= C9D96B;><, 8B>G@9AF >B@5<A<DB64AAB=
C9D96B;><.
B>G@9AFO, B59EC9K<64RM<9 C9D96B;>G: D4EC<E>4 6 CB?GK9A<<
7DG;4, 74D4AF<=AB9 C<EP@B; Q>EC98<FBDE>B9 E6<89F9?PEF6B B FD4AECBDF<DB6>9; CB8F69D:89A<9 A4 HD4IFB64A<9 FBAA4:4; ;4S6?9A<9FD95B64A<9 B5 BFCD46>9; HD4IFB6O= EK9F; <;69M9A<9 B CD<5OF<< 7DG;4;
<;69M9A<9 B 6B;A<>AB69A<< CD9CSFEF6<= > CBEF46>9 7DG;4; <;69M9A<9 B
6B;A<>AB69A<< CD9CSFEF6<= 6 C9D96B;>9 7DG;4; <;69M9A<9 B CBEF46>9;
7DG;B6B= @4A<H9EF; HD4IFB6O= @4A<H9EF; >BAF9=A9DAO= @4A<H9EF.
BABE4@9AF — 8B>G@9AF, 6O84649@O= EG8B6?489?PJ9@ 7DG;BBFCD46<F9?R 6 G8BEFB69D9A<9 CD<ASF<S 7DG;4 > C9D96B;>9 @BDE><@ CGF9@.
BABE4@9AF 6OCB?AS9F FD< BEAB6AO9 HGA>J<<:
¾ G8BEFB69DS9F CD<ASF<9 EG8B6?489?PJ9@ (C9D96B;K<>B@) 7DG;4 >
C9D96B;>9.
¾ S6?S9FES FB64DBD4ECBDS8<F9?PAO@ 8B>G@9AFB@.
¾ E6<89F9?PEF6G9F B ;4>?RK9A<< 8B7B6BD4 C9D96B;>< 7DG;4 @BDE-
><@ CGF9@, CB >BFBDB@G C9D96B;K<> B5S;G9FES 8BEF46<FP 7DG; CDBF<6
CD98BEF46?9A<S 8B>G@9AFB6, F.9. 6OEFGC49F 98<AEF69AAO@

8B>4;4F9?PEF6B@ A4?<K<S 8B7B6BD4 @BDE>B= C9D96B;>< @9:8G
38
7DG;BBFCD46<F9?9@ < EG8B6?489?PJ9@.
$4;?<K4RF E?98GRM<9 6<8O >BABE4@9AFB6:
¾ <@9AAB=, EB89D:<F G>4;4A<9 B FB@, KFB FB64D 8B?:9A 5OFP 8B-
EF46?9A BCD989?9AAB@G CB?GK4F9?R E G>4;4A<9@ 97B A4<@9AB64A<S <
48D9E4;
¾ BD89DAO=, CD98CB?4749F, KFB 7DG;BBFCD46<F9?P @B:9F C9D984FP
E6B< CD464 FD9FP9@G ?<JG, <A8BEE<DB646 >BABE4@9AF, F.9. CBEF46<6 A4
B5BDBF9 CB8C<EP < C9K4FP. &4>B= >BABE4@9AF CD<@9AS9FES 6 F9I E?GK4SI,
>B784 C?4F9: CDB<;6B8<FES CDBF<6 CD98NS6?9A<S 8B>G@9AFB6 54A>G;
¾ >BABE4@9AF A4 CD98NS6<F9?S, CD98CB?4749F, KFB FB64D
C9D9849FES ?R5B@G ?<JG — 89D:4F9?R >BABE4@9AF4.
ШFGD@4AE>4S D4EC<E>4 S6?S9FES G8BEFB69D9A<9@ EG8B6?489?PJ4 6
CD<ASF<< FB64D4 > C9D96B;>9. "A4 6OC<EO649FES CB@BMA<>B@ >4C<F4A4 6
CB8F69D:89A<9 CB?GK9A<S >BA>D9FAB= C4DF<< A4 5BDF EG8A4, EB89D:<F
BC<E4A<9 6<8<@B7B EBEFBSA<S FB64D4 < CB;6B?S9F C9D96B;K<>G 6O84FP
>BABE4@9AF. A9= BFD4:4RFES D9;G?PF4FO CDB69D><, CDB6B8<@B=
>BAFDB?9D4@< EG8B6?489?PJ4 CD< CD<9@9 FB64D4 8?S CB7DG;>< <?< 6B
6D9@S CB7DG;><. ,FGD@4AE>4S D4EC<E>4 6O849FES 7DG;BBFCD46<F9?R, CB>4
A9 7BFB6 >BABE4@9AF, <?< CD< CBEF46>9 FB64D4 68B?P 5BDF4 EG8A4 (A4
GE?B6<SI (%).
BDE>4S A4>?48A4S (?<A9=A4S A4>?48A4S, B>94AE>4S A4>?48A4S) -
8B>G@9AF, >BFBDO= CB8F69D:849F A4?<K<9 8B7B6BD4 C9D96B;>< 7DG;4
@BDE><@ CGF9@ < CD<ASF<9 <?< CB7DG;>G 7DG;4 C9D96B;K<>B@ < CB
>BFBDB@G C9D96B;K<> B5S;G9FES BEF46<FP 7DG; 7DG;BCB?GK4F9?R, G>4;4AAB@G 6 8B>G@9AF9.
B>B64S D4EC<E>4 6O849FES GCD46?9A<9@ CBDF4 6 G8BEFB69D9A<9
CD<ASF<S FB64D4 8?S BFCD46>< < CB@9M9A<S A4 CBDFB6O= E>?48.
9?9;AB8BDB:A4S A4>?48A4S, <?< A4>?48A4S @9:8GA4DB8AB7B
EBB5M9A<S, < 99 >BC<S-8G5?<>4F S6?SRFES FD4AECBDFAO@< 8B>G@9AF4@<
CD< @9:8GA4DB8AOI :9?9;AB8BDB:AOI 7DG;B6OI C9D96B;>4I.
BDB:A4S 698B@BEFP EBEF46?S9FES 8?S >4:8B= A4>?48AB=, S6?S9FES
GK9FAO@ 8B>G@9AFB@; BA4 EBCDB6B:849F 7DG; A4 6E9@ CGF< 97B E?98B64A<S
< S6?S9FES FD4AECBDFAO@ 8B>G@9AFB@ CD< :9?9;AB8BDB:AOI C9D96B;>4I.
6<47DG;B64S A4>?48A4S — 8B>G@9AF, 6OC<EO649@O= 7DG;BBFCD46<F9?9@ <?< BF 97B <@9A< < CB8F69D:84RM<= A4?<K<9 8B7B6BD4 @9:8G
7DG;BBFCD46<F9?9@ < C9D96B;K<>B@ (C9D96B;K<>4@<) B C9D96B;>9 7DG;B6 CB
46<4?<A<S@ C9D96B;K<>4 (C9D96B;K<>B6).
6FB8BDB:A4S A4>?48A4S (A4>?48A4S 46FB8BDB:AB= C9D96B;><) —
FD4AECBDFAO= 8B>G@9AF, CB8F69D:84RM<= A4?<K<9 8B7B6BD4 @9:8G
C9D96B;K<>B@ < BFCD46<F9?9@ B5 46FB8BDB:AB= C9D96B;>9 7DG;B6 (B5M<=
F9D@<A).

BD89DB — <ECB?P;G9@O= CD< 46FB8BDB:AOI C9D96B;>4I 8B>G@9AF, 6
39
>BFBDB@ C9D9K<E?SRFES 7DG;O, C9D96B;<@O9 7DG;B6<>4@<; BA K4EFB
EB89D:<F EEO?>< A4 CD<?4749@O9 >BC<< A4>?48AB= 46FB8BDB:AB=
C9D96B;><.
$9KA4S A4>?48A4S — FD4AECBDFAO= 8B>G@9AF, 6O84649@O= C9D9-
6B;K<>B@ BFCD46<F9?R 7DG;4, C9D96B;<@B7B CB D9>9, CB8F69D:84RM<=
CD<ASF<9 7DG;4 > C9D96B;>9 < B5S;O64RM<= C9D96B;K<>4 C9D984FP 7DG;
7DG;BCB?GK4F9?R 6 CBDFG A4;A4K9A<S.
'A<69DE4?PAO= (@AB7BJ9?96B=) FD4AECBDFAO= 8B>G@9AF CB8F69D-
:849F A4?<K<9 8B7B6BD4 C9D96B;>< ?R5O@ 6<8B@ <?< A9E>B?P><@< 6<84@<
FD4AECBDF4 CB F9DD<FBD<< B8AB= <?< A9E>B?P><I EFD4A 6 EBBF69FEF6<< E
?R5B= CD<@9A<@B= @9:8GA4DB8AB= >BA69AJ<9= <?< A4J<BA4?PAO@
;4>BAB84F9?PEF6B@ < 6 EBBF69FEF6<< E GE?B6<S@< C9D96B;><, CD< >BFBDOI
?R5B= C9D96B;K<> <?< FD4AECBDFAO= BC9D4FBD BEGM9EF6?S9F <?<
B59EC9K<649F BEGM9EF6?9A<9 C9D96B;><, GCB@SAGFB= 6 84AAB@ 8B>G@9AF9.
B>G@9AF E@9L4AAB= C9D96B;>< CB8F69D:849F A4?<K<9 8B7B6BD4
E@9L4AAB= C9D96B;><, CD<ASF<9 7DG;4 BC9D4FBDB@ E@9L4AAB= C9D96B;>< 6
E6B9 6989A<9, F4>:9 97B B5S;4F9?PEF6B 8BEF46<FP 7DG; 6 EBBF69FEF6<< E
GE?B6<S@< 8B7B6BD4 (BA69AJ<S B @9:8GA4DB8AOI E@9L4AAOI C9D96B;>4I
7DG;B6).
B>G@9AF >B@5<A<DB64AAB= C9D96B;>< — B5BDBFAO= <?< A9B5B-
DBFAO= 8B>G@9AF, >BFBDO= CB8F69D:849F A4?<K<9 8B7B6BD4, ;4>?RK9AAB7B
E J9?PR 6OCB?A9A<S < (<?<) B59EC9K9A<S 6OCB?A9A<S >B@5<A<DB64AAB=
C9D96B;><, < A4 97B ?<J96B= EFBDBA9 CDBEF46?9AB ?<5B «"5BDBFAO=
8B>G@9AF >B@5<A<DB64AAB= C9D96B;><», 6OCGM9AAO= 6 EBBF69FEF6<< E
$4EC<E>4 6 CB?GK9A<< 7DG;4, 8BEF46>4 — 8B>G@9AF, 6O84649@O=
C9D96B;K<>B@ <?< 479AFB@ C9D96B;K<>4, CB8F69D:84RM<= CB?GK9A<9 8?S
C9D96B;>< 7DG;B6, CB<@9AB64AAOI 6 A9@, A4 GE?B6<SI, G>4;4AAOI 6
8B>G@9AF9 <?< A4 >BFBDO9 849FES EEO?>4 6 8B>G@9AF9, < CB;6B?SRM<=
C9D96B;K<>G 6OC<E4FP FD4AECBDFAO= 8B>G@9AF.
4D4AF<=AB9 C<EP@B — 8B>G@9AF, 6O84649@O= 7DG;BCB?GK4F9?9@
<?< 97B 54A>B@, CB8F69D:84RM<=, KFB C9D96B;K<> A9 A9E9F
BF69FEF69AABEF< ;4 ?R5O9 CBE?98EF6<S, >BFBDO9 @B7GF 6B;A<>AGFP <;-;4'
A9BHBD@?9A<S B5BDBFAB7B FD4AECBDFAB7B 8B>G@9AF4.
->EC98<FBDE>B9 E6<89F9?PEF6B B FD4AECBDF<DB6>9 ((&) —
B5BDBFAO= 8B>G@9AF, 6O84649@O= Q>EC98<FBDB@ 8?S G8BEFB69D9A<= FB7B,
KFB BA 59D9F A4 E95S BF69FEF69AABEFP ;4 FD4AECBDF<DB6>G < 8BEF46>G
>BA>D9FAB= C4DF<< 6 EBBF69FEF6<< E <AEFDG>J<S@< 7DG;BBFCD46<F9?S,
G>4;4AAO@< 6 84AAB@ 8B>G@9AF9, < CD<A<@49F A4 E95S BF69FEF69AABEFP ;4
8BEF46>G 7DG;4 89D:4F9?R 84AAB7B 8B>G@9AF4 K9D9; CBED98A<K9EF6B
A4;A4K9AAB7B <@ FD4AECBDFAB7B 479AF4.

#B8F69D:89A<9 A4 HD4IFB64A<9 FBAA4:4 6O849FES C9D96B;K<-
40
>B@ 6 CB8F69D:89A<9 FB7B, KFB 8?S 84AAB= C4DF<< ;4D9;9D6<DB64AB @9EFB
A4 >4>B@-?<5B FD4AECBDFAB@ ED98EF69.
4S6?9A<9-FD95B64A<9 B5 BFCD46>9 — CBDGK9A<9 A4 BFCD46>G <?<
CBEF46>G FB64D4.
(D4IFB6O= EK9F 6O849FES FD4AECBDFAO@ BC9D4FBDB@, 6 A9@ G>4;O64RFES HD4IFB6O9 EF46>< < <;89D:>< A4 FD4AECBDF<DB6>G, 4 F4>:9
GE?B6<S C?4F9:4.
;69M9A<9 B CD<5OF<< (7DG;4) - G698B@?9A<9 C9D96B;K<>B@
7DG;BCB?GK4F9?S 6 C<EP@9AAB= HBD@9, CB F9?9HBAG <?< CD< CB@BM<
>4><I-?<5B 8DG7<I ED98EF6 (;4>4;AB9 C<EP@B, F9?9>E, F9?97D4@@4 < F.8.),
<;69M4RM99 97B B FB@, KFB 48D9EB64AA4S 9@G C4DF<S FB64D4
CD98BEF46?S9FES <?< 6E>BD9 5G89F CD98BEF46?9A4 6 97B D4ECBDS:9A<9 6
BCD989?9AAB@ CGA>F9 @9EF4 A4;A4K9A<S.
8. &D4AECBDFAB-Q>EC98<FBDE><9 8B>G@9AFO.
"HBD@?SRF 6OCB?A9A<9 Q>ECBDF9DB@ D4;?<KAB7B DB84 BC9D4J<= CB
Q>EC98<DB64A<R, B5D45BF>9 7DG;B6, E>?48<DB64A<R, BD74A<;4J<<
C9D96B;><, 6>?RK4S C9D97DG;>G FB64D4, ID4A9A<9 < C9D9F4D>G 6 CGF<,
CD98BEF46?9A<9 @9EFAOI FD4AECBDFAOI ED98EF6, CDB69D>G EBEFBSA<S
GC4>B6>< < @4D><DB6><, BHBD@?9A<9 A9B5IB8<@OI 8B>G@9AFB6 (FD4AECBDFAOI, F4@B:9AAOI, EFD4IB6OI, E>?48E><I) < @AB7<I 8DG7<I.
#BDGK9A<9 Q>EC98<FBDG A4 6OCB?A9A<9 BCD989?9AAOI BC9D4J<=
BHBD@?S9FES EC9J<4?PAO@ 8B>G@9AFB@, >BFBDO= A4;O649FES CB-D4;AB@G:
BF7DG;BKAB9 CBDGK9A<9, FD4AECBDFAB9 CBDGK9A<9 <?< FD4AECBDFA4S
<AEFDG>J<S.
"F7DG;BKAB9 CBDGK9A<9 — 8B>G@9AF, >BFBDO= 6 ;46<E<@BEF< BF
GE?B6<= CBEF46>< 6OC<EO649FES 7DG;BBFCD46<F9?9@ ?<5B 7DG;BCB?GK4F9?9@ B5OKAB A4 5?4A>9 FD4AECBDFAB- Q>EC98<FBDE>B= H<D@O <
EB89D:<F C9D9K9AP BC9D4J<=, CBDGK49@OI Q>EC98<FBDG, < CB8DB5AO9
<AEFDG>J<< CB <I 6OCB?A9A<R.
->EC98<FBDE><9 <AEFDG>J<< — 8B>G@9AF, 6O84649@O= Q>EC98<-
FBDG < EB89D:4M<= <AEFDG>J<< BFABE<F9?PAB @9D, >BFBDO9 BA 8B?:9A
CD<ASFP 8?S Q>EC98<DB64A<S G>4;4AAOI 6 A9@ FB64DB6.
;69M9A<9 Q>EC98<FBDB@ 479AF4 <@CBDF9D4 6O849FES Q>EC98<FB-
DB@ 6 EFD4A9 Q>ECBDF9D4 < <;69M49F Q>EC98<FBD4 6 EFD4A9 <@CBDF9D4 B5
Q>EC98<DB64A<< G>4;4AAOI 6 A9@ 7DG;B6.
;69M9A<9 Q>EC98<FBDB@ Q>ECBDF9D4 6O84EFES Q>EC98<FBDB@ <
<;69M49F Q>ECBDF9D4 B @9D4I, CD<ASFOI 6B <ECB?A9A<9 CB?GK9AAOI
<AEFDG>J<=.
%K9F Q>EC98<FBD4 6O849FES Q>EC98<FBDB@ E G>4;4A<9@ B>4;4AAOI
GE?G7 < <I EFB<@BEF< < E FD95B64A<9@ <I BC?4FO.
Соседние файлы в предмете [НЕСОРТИРОВАННОЕ]
