Добавил:
Upload Опубликованный материал нарушает ваши авторские права? Сообщите нам.
Вуз: Предмет: Файл:

Политология / избират система

.txt
Скачиваний:
7
Добавлен:
17.04.2015
Размер:
83.06 Кб
Скачать
яю =0CG=>9 ;8B5@0BC@5 B5@<8= «8718@0B5;L=0O A8AB5<0» C?>B@51;O5BAO >1KG=>

2 42CE 7=0G5=8OE  H8@>:>< 8 C7:><.

 H8@>:>< A<KA;5 8718@0B5;L=0O A8AB5<0  MB> A8AB5<0 >1I5AB25==KE >B=>-

H5=89, A2O70==KE A 2K1>@0<8 >@30=>2 ?C1;8G=>9 2;0AB8. !D5@0 MB8E >B=>H5=89

25AL<0 H8@>:0.  =55 2E>4OB 2>?@>AK 8 >?@545;5=8O :@C30 8718@0B5;59 8 8718-

@05<KE, 8 8=D@0AB@C:BC@K 2K1>@>2 (A>740=85 8718@0B5;L=KE >:@C3>2, 8718@0-

B5;L=KE >@30=>2 8 4@.), 8 >B=>H5=89, A:;04K20NI8EAO =0 :064>9 87 AB0489 87-

18@0B5;L=>3> ?@>F5AA0 2?;>BL 4> 53> 7025@H5=8O.

53C;8@C5BAO 8718@0B5;L=0O A8AB5<0 =>@<0<8 8718@0B5;L=>3> ?@020, ?>=8<05-

<>3> :0: A8AB5<0 ?@02>2KE =>@<, ?@54AB02;ONI0O A>1>9 ?>4>B@0A;L :>=AB8BCF8-

>==>3> (3>AC40@AB25==>3>) ?@020. 4=0:> =5 2AO 8718@0B5;L=0O A8AB5<0 @53C;8-

@C5BAO ?@02>2K<8 =>@<0<8.  55 A>AB02 2E>4OB B0:65 >B=>H5=8O, @53C;8@C5<K5

:>@?>@0B82=K<8 =>@<0<8 (CAB020<8 ?>;8B8G5A:8E >1I5AB25==KE >1J548=5=89

8 4@.), 0 B0:65 >1KG0O<8 8 B@048F8O<8 40==>3> >1I5AB20.  MB>< A<KA;5 8718@0-

B5;L=0O A8AB5<0 O2;O5BAO >4=8< 87 3;02=KE M;5<5=B>2 ?>;8B8G5A:>3> 8=AB8BCB0

2K1>@>2 (A<. @8A. 10.1).

 =0AB>OI59 3;025 @0AA<0B@8205BAO 8718@0B5;L=0O A8AB5<0 2 B0: =07K205<><

C7:>< A<KA;5, B. 5. :0: A?>A>1 >?@545;5=8O B>3>, :B> 87 10;;>B8@>202H8EAO :0=48-

40B>2 871@0= =0 4>;6=>ABL 8;8 2 :0G5AB25 45?CB0B0, :0:85 ?>;8B8G5A:85 ?0@B88

4>?CI5=K : @0A?@545;5=8N <0=40B>2 8 :0:8< >1@07>< CAB0=02;8205BAO 8E :>;8-

G5AB2>.

 7028A8<>AB8 >B B>3>, :0:0O 1C45B 8A?>;L7>20=0 8718@0B5;L=0O A8AB5<0, @5-

7C;LB0BK 2K1>@>2 ?@8 >4=8E 8 B5E 65 8B>30E 3>;>A>20=8O <>3CB >:070BLAO A>25@-

H5==> @07;8G=K<8. >MB><C @07;8G=K5 459AB2CNI85 ?>;8B8G5A:85 A8;K =5@54-

:> 1>@NBAO <564C A>1>9 70 1>;55 2K3>4=CN 4;O A51O 8718@0B5;L=CN A8AB5<C.

564C=0@>4=0O ?>;8B8G5A:0O ?@0:B8:0 45<>=AB@8@C5B G@572KG09=>5 @07=>-

>1@0785 8718@0B5;L=KE A8AB5<. 5B 548=AB25==> ?@028;L=>3> ?CB8 : 45<>:@0B88.

K1>@ 8718@0B5;L=>9 A8AB5<K 8 55 MDD5:B82=>ABL 7028AOB 2 ?5@2CN >G5@54L >B

AB018;L=>AB8 ?>;8B8G5A:>9 A8AB5<K, E0@0:B5@0 ?>;8B8G5A:>3> @568<0, AB@C:BC-

@K ?0@B89=>9 A8AB5<K, 0 B0:65 2> <=>3><  >B ?>;8B8G5A:>9 :C;LBC@K M;8B

8 3@0640=.

A>15==> >AB@> AB>8B 2>?@>A > 2K1>@5 B>3> 8;8 8=>3> B8?0 8718@0B5;L=>9 A8-

AB5<K ?5@54 B@0=AD>@<8@CNI8<8AO AB@0=0<8, ?>AB0282H8<8 A2>59 F5;LN ?>-

AB@>5=85 45<>:@0B8G5A:>3> ?@02>2>3> 3>AC40@AB20. 5;> 2 B><, GB> 2 B0:8E A;C-

G0OE 2K1>@ B5E 8;8 8=KE ?>;8B8G5A:8E 8=AB8BCB>2 (=0?@8<5@, ?0@;0<5=BA:0O

8;8 ?@57845=BA:0O @5A?C1;8:0) ?@>8AE>48B ?>GB8 >4=>2@5<5==> A 2K1>@>< B>3>

8;8 8=>3> B8?0 8718@0B5;L=>9 A8AB5<K, B. 5. B0: =07K205<>9 M;5:B>@0;L=>9 D>@-

<C;K.

!>2@5<5==0O ?>;8B8G5A:0O =0C:0 =0:>?8;0 >3@><=K9 <0B5@80;, ?>72>;ON-

I89 ?@>872>48BL >F5=:C MDD5:B82=>AB8 8718@0B5;L=KE A8AB5<, 87<5@OBL 8E :0-

G5AB20, A>>B=>A8BL 8718@0B5;L=K5 A8AB5<K A ?0@B89=K<8 A8AB5<0<8, >?@545;OBL

E0@0:B5@ 2;8O=8O 8718@0B5;L=KE A8AB5< =0 M;5:B>@0;L=>5 ?>2545=85.

0: ?@028;>, >=8 E>@>H> ?@>?8AK20NBAO 2 8718@0B5;L=KE 70:>=0E, 8<55BAO

C4>1=0O 4;O @01>BK AB0B8AB8:0 2K1>@>2, =0 2K1>@K @01>B0NB <=>385 8AA;54>20-

=8O >1I5AB25==>3> <=5=8O, 2K1>@K ?@>O2;ONB E0@0:B5@ 8 :>=AB@C:F8N ?0@B89-

10.1. >=OB85 8718@0B5;L=KE A8AB5< 8 ?@8=F8?K 8E DC=:F8>=8@>20=8O 181

=KE A8AB5<. #G0AB85 2 2K1>@0E O2;O5BAO <0AA>2K< ?@>F5AA>< 8 >B=>A8BAO : F5=B-

@0;L=K< D>@<0< ?>;8B8G5A:>3> CG0AB8O 2 45<>:@0B8G5A:8E AB@0=0E, =0F8>=0;L-

=0O 8=D>@<0F8O > <=>38E ?0@0<5B@0E 8718@0B5;L=KE A8AB5< 4>ABC?=0, 2 ?>A;54-

=85 45AOB8;5B8O ?5@8>48G5A:8 ?C1;8:CNBAO A2>4=K5 40==K5 > 2K1>@0E 2 @07-

;8G=KE AB@0=0E. >;L 8 7=0G5=85 8718@0B5;L=KE A8AB5< 2 8=AB8BCF8>=0;L=>9

AB@C:BC@5 A>2@5<5==KE 3>AC40@AB2 >?@545;ONBAO @O4>< ?@8G8=.

>-?5@2KE, 8718@0B5;L=K5 A8AB5<K 8 ?@>F5AAK O2;ONBAO F5=B@0;L=>9 E0@0:-

B5@8AB8:>9 45<>:@0B88. >-2B>@KE, 8718@0B5;L=K5 A8AB5<K 8 ?@>F5AAK >15A?5-

G820NB ;530;L=>ABL 8 ;538B8<=>ABL ACI5AB2CNI8E 3>AC40@AB25==KE >@30=>2, >=8

?>:07K20NB C@>25=L 4>25@8O : ?@>2>48<>9 ?@028B5;LAB2>< ?>;8B8:5. -B@5BL-

8E, 8718@0B5;L=K5 A8AB5<K 8 ?@>F5AAK >:07K20NB ACI5AB25==>5 2;8O=85 =0 A>-

AB>O=85 ?>;8B8G5A:>3> ?;N@0;87<0, :>=:C@5=F88 8 E0@0:B5@ ?>;8B8G5A:>9 A8A-

B5<K. =8 A?>A>1AB2CNB (2 7028A8<>AB8 >B 871@0==>9 M;5:B>@0;L=>9 D>@<C;K)

C25;8G5=8N 8;8 ?>=865=8N G8A;0 ?0@B89, <>48D8F8@CNB >B=>H5=8O <564C

?0@B8O<8, CG0AB2>202H8<8 2 2K1>@0E, 8 ?0@B8O<8, ?>;CG82H8<8 <5AB0 2 ?0@;0-

<5=B5. -G5B25@BKE, M;5:B>@0;L=>5 ?>2545=85, =5A<>B@O =0 53> >1CA;>2;5==>ABL

@O4>< A>F80;L=>-M:>=><8G5A:8E, :C;LBC@=KE 8 ?>;8B8:>-845>;>38G5A:8E D0:-

B>@>2, 2> <=>3>< 48:BC5BAO E0@0:B5@>< 871@0==>9 A8AB5<K 2K1>@>2. <5==> 8=-

=0<8.  >4=>9 AB@0=5 =0 ?5@2>5 <5AB> AB028BAO AB018;L=>ABL, 2 4@C3>9  @02=>5

?@54AB028B5;LAB2> 8=B5@5A>2 2A5E A>F80;L=KE 3@C??, 2 B@5BL59  B5A=K5 A2O78

<564C 8718@0B5;O<8 8 8718@05<K<8. 718@0B5;L=K5 A8AB5<K 2A5340 >B@060NB

MB8 7040G8.

718@0B5;L=K5 A8AB5<K <>3CB 1KBL ?@O<K<8 (?@8 :>B>@KE 8718@0B5;8 >B40-

NB A2>8 3>;>A0 =5?>A@54AB25==> 70 :0=4840B>2) 8;8 =5?@O<K<8.  ?>A;54=5< A;C-

G05 8718@0B5;8 D>@<8@CNB :>;;538N 2K1>@I8:>2 :>B>@0O, 2 A2>N >G5@54L, @5H0-

5B, :0:>9 87 :0=4840B>2 709<5B 2K1>@=CN 4>;6=>ABL. @8<5@>< MB>3> A;C60B

2K1>@K ?@57845=B0 !(. >;;5388 2K1>@I8:>2 <>3CB B0:65 A>74020BLAO ?0@;0-

<5=B0<8.  5@<0=88 ?@57845=B0 8718@05B :>;;538O 2K1>@I8:>2, 2 :>B>@CN 2E>-

4OB 2A5 G;5=K =86=59 ?0;0BK  1C=45AB030  8 B0:>5 65 :>;8G5AB2> 2K1>@I8:>2,

?@54AB02;ONI8E ?0@;0<5=BK 75<5;L.

A5 MB8 A8AB5<K 2?>;=5 45<>:@0B8G=K 8 8<5NB A2>8 4>AB>8=AB20 8 =54>AB0B-

:8. =>385 AB@0=K 2 ?>?KB:5 A>548=8BL ?@58<CI5AB20 =5A:>;L:8E A8AB5< A>740-

NB A8AB5<K A<5H0==>3> B8?0.

 ?@8=F8?5, 2>7<>6=0 A0<0O @07=>>1@07=0O :;0AA8D8:0F8O 8718@0B5;L=KE

A8AB5<, 2 G0AB=>AB8 ?> :@8B5@8N G0AB>BK ?@>2545=8O 2K1>@>2. 081>;55 @0A?@>-

AB@0=5==K< O2;O5BAO G5BK@5E;5B=89 A@>: ?@51K20=8O =0 2K1>@=>9 4>;6=>AB8.

0@;0<5=BK 8=>340 8718@0NBAO ?>MB0?=>  50% 2 >48= 3>4, 0 >AB0;L=K5 50% -

G5@57 420 3>40 (:@8B5@89 ?@>BO65==>AB8 2K1>@>2 2> 2@5<5=8). "@51C5<>5 4;O 87-

1@0=8O 1>;LH8=AB2> <>65B 1KBL >B=>A8B5;L=K< 8;8 01A>;NB=K<.  ?>A;54=5<

A;CG05 5A;8 :0=4840BK =5 ?>;CG0NB =5>1E>48<>3> 1>;LH8=AB20 2 ?5@2>< BC@5,

?@>2>48BAO 2B>@>9 BC@ (:@8B5@89 1>;LH8=AB20 3>;>A>2, =5>1E>48<>3> 4;O 87-

1@0=8O). @><5 B>3>, 2 8718@0B5;L=KE A8AB5<0E G0AB> A>45@68BAO B@51>20=85 >1

CG0AB88 2 3>;>A>20=88 3@0640= 8;8, 2 A;CG05 8E 4>1@>2>;L=>3> CG0AB8O, >?@545-

;5==>3> ?@>F5=B0 8718@0B5;59, 4;O B>3> GB>1K 2K1>@K AB0;8 AG8B0BLAO 459AB28-

B5;L=K<8 (:@8B5@89 B@51C5<>3> CG0AB8O 2 2K1>@0E). 0;55, <>3CB 1KBL 70@575@-

28@>20=K <5AB0 4;O >?@545;5==KE <5=LH8=AB2, :>B>@K< B@C4=> =0 @02=KE CG0AB-

2>20BL 2 ?@542K1>@=>9 3>=:5 87-70 A2>59 <0;>G8A;5==>AB8 8 =54>AB0B>G=>AB8

A@54AB2. 0:>=5F, A F5;LN 871560BL G@57<5@=>3> 4@>1;5=8O @57C;LB0B>2 3>;>A>-

20=8O <>3CB CAB0=02;820BLAO >?@545;5==K5 ?@>F5=B=K5 10@L5@K, >1KG=> >B 2 4>

5%.  MB>< A;CG05 ?0@B88 4>;6=K =01@0BL <8=8<0;L=K9 ?@>F5=B 3>;>A>2, GB>1K

1KBL ?@54AB02;5==K<8 2 ?0@;0<5=B5.

10.2. A=>2=K5 284K 8718@0B5;L=KE A8AB5<

 ?>;8B8G5A:>9 ?@0:B8:5 G@572KG09=> 2KA>:CN 7=0G8<>ABL 8<55B 2K1>@ >A=>2-

=KE M;5<5=B>2 M;5:B>@0;L=>9 D>@<C;K: A>>B=>H5=85 ?@>?>@F8>=0;L=>9 8 <0-

6>@8B0@=>9 A8AB5<, C@>25=L 703@048B5;L=>3> 10@L5@0, >4=><0=40B=K5 8;8 <=>3>-

<0=40B=K5 >:@C30, >B:@KBK5 8 70:@KBK5 ?0@B89=K5 A?8A:8 8 @O4 4@.

"8? 8718@0B5;L=>9 A8AB5<K (M;5:B>@0;L=0O D>@<C;0) >?@545;O5BAO B5<, :0-

:>5 :>;8G5AB2> 3>;>A>2 8718@0B5;59 =5>1E>48<> 4;O ?>154K =0 2K1>@0E 8;8 4;O

?>;CG5=8O <5AB 2 ?0@;0<5=B5.  A>2@5<5==>9 ?>;8B8G5A:>9 ?@0:B8:5 2K45;ONB-

AO A;54CNI85 >A=>2=K5 B8?K 8718@0B5;L=KE A8AB5<: <06>@8B0@=0O, ?@>?>@F8>-

=0;L=0O 8 A<5H0==0O. O4 8AA;54>20B5;59 2 :0G5AB25 A0<>AB>OB5;L=KE B8?>2 2K-

45;ONB B0:65 ?>;C?@>?>@F8>=0;L=K5 8 ?@5D5@5=F80;L=K5 A8AB5<K 8 =5:>B>@K5

8E @07=>284=>AB8.

10.2. A=>2=K5 284K 8718@0B5;L=KE A8AB5< 183

06>@8B0@=0O A8AB5<0

081>;55 @0A?@>AB@0=5=0 =0 2K1>@0E A8AB5<0 1>;LH8=AB20, 8<5=C5<0O <06>@8-

B0@=>9 (>B D@0=F. majorite  1>;LH8=AB2>). @8 MB>9 A8AB5<5 871@0==K< AG8B05B-

AO B>B, 70 :>3> 1K;> ?>40=> 1>;LH8=AB2> 3>;>A>2, 0 3>;>A0, ?>40==K5 70 >AB0;L=KE

:0=4840B>2, ?@>?040NB. -B0 A8AB5<0  548=AB25==> 2>7<>6=0O ?@8 2K1>@0E >4-

=>3> 4>;6=>AB=>3> ;8F0 (?@57845=B0, 3C15@=0B>@0 8 4@.). >340 65 >=0 ?@8<5=O-

5BAO 4;O 2K1>@>2 :>;;5380;L=>3> >@30=0 2;0AB8, =0?@8<5@ ?0;0BK ?0@;0<5=B0,

>1KG=> A>740NBAO >4=><0=40B=K5 8718@0B5;L=K5 >:@C30, B. 5. 2 :064>< 87 =8E

4>;65= 1KBL 871@0= >48= 45?CB0B.

 AB@0=0E, 8<5NI8E 4;8B5;L=K5 45<>:@0B8G5A:85 B@048F88, ?>;8B8G5A:0O

687=L 402=> <>=>?>;878@>20=0 ?>;8B8G5A:8<8 ?0@B8O<8, ?@54AB028B5;8 :>B>-

@KE 2 >A=>2=>< B>;L:> 8 10;;>B8@CNBAO =0 2K1>@0E 8 70B5< >1@07CNB 2 ?0@;0<5=B5

8;8 8=>< ?@54AB028B5;L=>< >@30=5 A>>B25BAB2CNI85 ?0@B89=K5 D@0:F88, 459AB-

2CNI85 >@30=87>20==>.  B5E 65 AB@0=0E, 345 ?0@B89=0O A8AB5<0 5I5 =0E>48BAO 2

AB0488 AB0=>2;5=8O, 0 2>7=8:0NI85 ?>;8B8G5A:85 ?0@B88 1>;LH>3> 02B>@8B5B0

2 >1I5AB25 =5 8<5NB, 2K1>@K ?> <06>@8B0@=>9 A8AB5<5 A>740NB A;01>>@30=87>-

20==CN ?0;0BC. >;LH5 H0=A>2 4;O 871@0=8O 8<5NB ;N48, C<5NI85 E>@>H> 3>2>-

@8BL, 706830BL <0AAK ?@82;5:0B5;L=K<8 ;>7C=30<8, => 40;5:> =5 2A5340 A?>A>1=K5

: BI0B5;L=>9, E>BO 8 @CB8==>9, 70:>=>40B5;L=>9 @01>B5, 2 :>B>@>9 45<>=AB@0F8O

A>1AB25==>9 ;8G=>AB8 A>25@H5==> =5 B@51C5BAO. K C A51O 2 AB@0=5 =01;N40;8

MB> =0 ?@8<5@0E AJ574>2 =0@>4=KE 45?CB0B>2, ?>4G0A ?@8=8<02H8E @5H5=8O, ?@>-

48:B>20==K5 M<>F8O<8.

06>@8B0@=0O A8AB5<0 8<55B =5A:>;L:> @07=>284=>AB59, >1CA;>2;5==KE @07-

;8G=K<8 B@51>20=8O<8 : 25;8G8=5 =5>1E>48<>3> 4;O 871@0=8O 1>;LH8=AB20 3>-

;>A>2.

!0<0O ?@>AB0O @07=>284=>ABL  MB> A8AB5<0 >B=>A8B5;L=>3> 1>;LH8=AB20, ?@8

:>B>@>9 871@0==K< AG8B05BAO :0=4840B, ?>;CG82H89 1>;LH5 3>;>A>2, G5< ;N1>9

87 >AB0;L=KE :0=4840B>2. > <=>38E =0CG=KE @01>B0E A>2@5<5==KE 8AA;54>20B5-

;59 ?>4>1=0O A8AB5<0 =07K205BAO ?;N@0;L=>9 (). ;N@0;L=0O A8AB5<0 2 :>=F5

XX 2. ?@8<5=O;0AL 2 68 AB@0=0E <8@0. "0:0O A8AB5<0 8A?>;L7C5BAO, =0?@8<5@, =0

?0@;0<5=BA:8E 2K1>@0E 2 !(, 5;8:>1@8B0=88, =488, G0AB8G=> 2 5@<0=88 8

G0AB8G=>, :0: 8725AB=>, C =0A 2 >AA88. G5=L G0AB> >=0 ?@8<5=O5BAO ?@8 <5AB=KE

2K1>@0E. @0:B8G5A:8 G5< 1>;LH5 :0=4840B>2 10;;>B8@CNBAO =0 >4=> <5AB>, B5<

<5=LH5 3>;>A>2 B@51C5BAO 4;O 871@0=8O. A;8 :0=4840B>2 1>;55 42CE 45AOB:>2,

<>65B >:070BLAO 871@0==K< :0=4840B, 70 :>B>@>3> ?>40=> 10% 3>;>A>2 8;8 4065

<5=LH5.  B><C 65 2 70:>=>40B5;LAB25 @O40 AB@0=, 345 ?@8<5=O5BAO 40==0O A8AB5-

<0, =5 ?@54CA<>B@5=K =8 >1O70B5;L=>ABL CG0AB8O 8718@0B5;59 2 3>;>A>20=88, =8

<8=8<0;L=0O 4>;O 8E CG0AB8O, =5>1E>48<0O 4;O ?@87=0=8O 2K1>@>2 459AB28B5;L-

=K<8.  5;8:>1@8B0=88, =0?@8<5@, 5A;8 2 8718@0B5;L=>< >:@C35 2K428=CB >48=

:0=4840B, >= AG8B05BAO 871@0==K< 157 3>;>A>20=8O, 81> 5<C 4>AB0B>G=> ?@>3>;>-

A>20BL A0<><C 70 A51O.  ?>A:>;L:C ?@8 40==>9 A8AB5<5 7=0G8B5;L=0O G0ABL 3>;>-

A>2, 0 8<5==> 3>;>A0, ?>40==K5 70 =5871@0==KE :0=4840B>2, ?@>?040NB, B> ?>@>9

>:07K205BAO, GB> ?0@B8O, :0=4840B>2 :>B>@>9 ?> AB@0=5 ?>445@60;> 1>;LH8=AB2>

8718@0B5;59, ?>;CG05B 2 ?0;0B5 ?0@;0<5=B0 <5=LH8=AB2> <5AB.

>;55 A?@0254;82>9 2K3;O48B <06>@8B0@=0O A8AB5<0 01A>;NB=>3> 1>;LH8=-

AB20, ?@8 :>B>@>9 :0=4840BC 4;O 871@0=8O =5>1E>48<> ?>;CG8BL 1>;55 ?>;>28=K

184 ;020 10. 718@0B5;L=0O A8AB5<0

3>;>A>2.  :0G5AB25 107K 4;O ?>4AG5B0 ?@8 MB>< 2KABC?05B ;81> >1I55 G8A;> ?>-

40==KE 3>;>A>2, ;81> G8A;> ?>40==KE 3>;>A>2, ?@87=0==KE 459AB28B5;L=K<8. >

2B>@>< A;CG05 G8A;> 3>;>A>2, B@51C5<>5 4;O 871@0=8O, <>65B >:070BLAO <5=LH8<,

G5< 2 ?5@2><. %>BO 8 <5=55 25@>OB=>, => 2A5 65 2?>;=5 25@>OB=>, GB> 8 ?@8 MB>9

A8AB5<5 ?0@B8O, :0=4840BK :>B>@>9 ?> AB@0=5 A>1@0;8 1>;LH8=AB2> 3>;>A>2, ?>-

;CG8B <5=LH8=AB2> ?0@;0<5=BA:8E <0=40B>2. -B> <>65B ?@>87>9B8 2 A;CG05, 5A-

;8 8718@0B5;8, 3>;>ACNI85 70 B0:CN ?0@B8N, >:06CBAO A>A@54>B>G5==K<8 2 =5-

1>;LH>< G8A;5 8718@0B5;L=KE >:@C3>2, 0 8718@0B5;8 «?0@B88 <5=LH8=AB20»,

=0?@>B82, 4>1LNBAO E>BO 1K =8GB>6=>3> ?@58<CI5AB20 2 1>;LH8=AB25 8718@0-

B5;L=KE >:@C3>2. 54L ?>A;5 B>3>, :0: ?;0=:0 50% + 1 3>;>A 27OB0, ?>;CG82H5<C

01A>;NB=>5 1>;LH8=AB2> :0=4840BC =8:0:85 4>?>;=8B5;L=K5 3>;>A0 C65 =5 =C6-

=K. %@5AB><0B89=K9 ?@8<5@  2K1>@K 2> D@0=FC7A:>5 0F8>=0;L=>5 A>1@0=85

(=86=NN ?0;0BC ?0@;0<5=B0) 2 1958 3., :>340 $@0=FC7A:0O :><<C=8AB8G5A:0O

?0@B8O, 2K94O 2 AB@0=5 =0 ?5@2>5 <5AB> ?> G8A;C A>1@0==KE 3>;>A>2, ?>;CG8;0

2A53> 10 <0=40B>2, B>340 :0: 1J548=5=85 2 ?>445@6:C @5A?C1;8:8, A>1@02H55 3>-

;>A>2 =5A:>;L:> <5=LH5, ?@8>1@5;> B5< =5 <5=55 188 <0=40B>2, B. 5. ?>GB8 2 19 @07

1>;LH5.

@8 A8AB5<5 01A>;NB=>3> 1>;LH8=AB20 G5< 1>;LH5 2 8718@0B5;L=>< >:@C35

:0=4840B>2, B5< <5=LH5 25@>OB=>ABL, GB> :B>-B> 87 =8E ?>;CG8B 01A>;NB=>5 1>;L-

H8=AB2> 3>;>A>2. >MB><C 2K1>@K ?> B0:>9 A8AB5<5 G0AB> >:07K20NBAO =5@57C;L-

B0B82=K<8. 71560BL MB>3> 2>7<>6=> @07;8G=K<8 A?>A>10<8.

 ?>4>1=KE A;CG0OE >1KG=> ?@0:B8:C5BAO ?5@510;;>B8@>2:0 :0=4840B>2. -B>

B0: =07K205<K9 2B>@>9 BC@ 2K1>@>2, 8;8, :0: D>@<C;8@C5BAO 2 @>AA89A:>< 8718-

@0B5;L=>< 70:>=>40B5;LAB25, ?>2B>@=>5 3>;>A>20=85. '0I5 <>6=> 2AB@5B8BL ?5-

@510;;>B8@>2:C 42CE :0=4840B>2, ?>;CG82H8E =081>;LH55 G8A;> 3>;>A>2 2 ?5@-

2>< BC@5, E>BO, =0?@8<5@, ?@8 2K1>@0E 2> D@0=FC7A:>5 0F8>=0;L=>5 A>1@0=85 2>

2B>@>9 BC@ ?@>E>4OB 2A5 :0=4840BK, ?>;CG82H85 2 ?5@2>< BC@5 3>;>A0 =5 <5=55

12,5% 70@538AB@8@>20==KE 8718@0B5;59 >:@C30.

> 2B>@>< BC@5 4;O 871@0=8O 4>AB0B>G=> >B=>A8B5;L=>3> 1>;LH8=AB20 3>;>-

A>2, 8 ?>MB><C B0:CN A8AB5<C G0AB> =07K20NB A8AB5<>9 42CE BC@>2. A;8 65 2>

2B>@>< BC@5 B>65 B@51C5BAO 01A>;NB=>5 1>;LH8=AB2> 3>;>A>2, :0:, =0?@8<5@,

2 5@<0=88 ?@8 2K1>@0E D545@0;L=>3> ?@57845=B0 >A>1>9 :>;;53859  $545@0;L-

=K< A>1@0=85<, 0 >B=>A8B5;L=>3> 1>;LH8=AB20 4>AB0B>G=> ;8HL 2 B@5BL5< BC@5,

B> A8AB5<0 8<5=C5BAO A8AB5<>9 B@5E BC@>2.

1I85 ?@58<CI5AB20 <06>@8B0@=>9 A8AB5<K A2>4OBAO : =865A;54CNI8< ?>-

;>65=8O<; 8718@0B5;L=K5 1N;;5B5=8 A>AB02;5=K :@0B:> 8 OA=>; 8718@0B5;8 3>;>-

ACNB 70 :>=:@5B=>3> G5;>25:0, :>B>@K9 >1KG=> ?@54AB02;O5B 8 A2>N ?0@B8N; 87-

1@0==K5 G;5=K ?0@;0<5=B0 ?@54AB02;ONB :>=:@5B=K5 8718@0B5;L=K5 >:@C30 8

4>;6=K >BAB0820BL 8E 8=B5@5AK, 5A;8 E>BOB 1KBL ?5@5871@0==K<8 =0 2B>@>9 A@>:;

40==0O A8AB5<0 405B 2>7<>6=>ABL CG0AB2>20BL 2 2K1>@0E =57028A8<K< :0=4840-

B0<. 1KG=> 2 B5E AB@0=0E, 345 >=0 ?@8<5=O5BAO, ?>1548B5;L 2K83@K205B A O2=K<

?5@525A>< (=081>;55 O@:8<8 ?@8<5@0<8 O2;ONBAO !( 8 5;8:>1@8B0=8O). 4-

=0:> MB> 2>2A5 =5 >1O70B5;L=>. !8;L=K5 @538>=0;L=K5 ?0@B88 <>3CB >A;>6=8BL

8AE>4 2K1>@>2  =081>;55 ?>:070B5;5= 2 MB>< >B=>H5=88 ?@8<5@ =488. 0;55,

<06>@8B0@=0O A8AB5<0 A?>A>1AB2C5B D>@<8@>20=8N A8;L=>9 >??>78F88, :>B>@0O

2K@010BK205B G5B:CN 0;LB5@=0B82C :C@AC ?@028B5;LAB20. =K<8 A;>20<8, <06>-

@8B0@=0O A8AB5<0 A?>A>1AB2C5B @0728B8N 42CE?0@B89=>9 ?>;8B8G5A:>9 A8AB5<K.

10.2. A=>2=K5 284K 8718@0B5;L=KE A8AB5< 185

@8 2K1>@0E ?> >4=><0=40B=K< 8718@0B5;L=K< >:@C30< >B<5G05BAO B5=45=-

F8O : A>740=8N :>0;8F89 =0:0=C=5 2K1>@>2, ?>A:>;L:C ACI5AB2C5B 2A53> ;8HL

>4=> <5AB>, 4;O ?>;CG5=8O :>B>@>3> =5>1E>48<> =01@0BL >B=>A8B5;L=>5 1>;L-

H8=AB2> 3>;>A>2.  8B>35 ?@>1;5<0 2K1>@0 4;O 8718@0B5;O ACI5AB25==> >1;53-

G05BAO. > $@0=F88 2 @57C;LB0B5 ?@542K1>@=>9 :>0;8F88 3>;;8AB>2 8 <5;:8E

F5=B@8ABA:8E ?0@B89 >1@07>20;>AL ?@02>5 1>;LH8=AB2>.  <5@8:5 2708<=0O

?>445@6:0 AB0;0 4>2>;L=> G0ABK< O2;5=85< B0<, 345 ?>O2;O5BAO C3@>70 A> AB>@>-

=K B@5BL8E ?0@B89.  5;8:>1@8B0=88, 345 A>740=85 :>0;8F89 =5 O2;O5BAO ?@8-

2KG=>9 ?@0:B8:>9, 8718@0B5;8 2A5 G0I5 ?@54?>G8B0NB 3>;>A>20BL 87 B0:B8G5A:8E

A>>1@065=89, 5A;8 :0=4840B, :>B>@><C >=8 >B40NB ?@54?>GB5=85 2 ?5@2CN >G5-

@54L, 8<55B ;8HL =57=0G8B5;L=K9 H0=A =0 ?>154C. 4=0:> MB> ?@58<CI5AB2> 

>1;53G5=85 ?@>1;5<K 2K1>@0 4;O 8718@0B5;O  =5 >1O70B5;L=> O2;O5BAO >B;8G8-

B5;L=>9 >A>15==>ABLN <06>@8B0@=>9 A8AB5<K, GB> 4>:07K205B ?@8<5@ 5@<0=88

(A<. =865).

54>AB0B:8 <06>@8B0@=>9 A8AB5<K 70:;NG0NBAO 3;02=K< >1@07>< 2 B><, GB>

?0@B88 <5=LH8=AB20 >1KG=> =54>AB0B>G=> ?@54AB02;5=K 2 ?0@;0<5=B5, 5A;8 B>;L-

:> >=8 =5 A:>=F5=B@8@>20=K 2 :0:><-B> >4=>< @538>=5. 0@B8O <>65B ?>;CG8BL

01A>;NB=>5 1>;LH8=AB2> <5AB 2 ?0@;0<5=B5, =01@02 <5=LH55 :>;8G5AB2> >B >1I5-

3> G8A;0 ?>40==KE 3>;>A>2. =K<8 A;>20<8, C 2;0AB8 <>65B =0E>48BLAO ?@0-

28B5;LAB2>, :>B>@>5 =5 CAB@08205B 1>;LH8=AB2> 8718@0B5;59. 5;8:>1@8B0=8O

A;C68B =03;O4=K< ?@8<5@>< AB@0=K, 2 :>B>@>9 ?@028B5;LAB2> G0AB> 8718@05BAO,

8<5O 1>;LH8=AB2> 2 ?0@;0<5=B5, => ?>;CG82 ?@8 MB>< 7=0G8B5;L=> <5=LH5 50%

3>;>A>2 8718@0B5;59. -B> B0:65 E0@0:B5@=K9 ?@8<5@ AB@0=K, 345 <>I=0O B@5BLO

?0@B8O @8A:C5B ?>;CG8BL 2A53> ;8HL =5A:>;L:> <5AB 2 ?0@;0<5=B5. "0:8< >1@0-

7><, <06>@8B0@=0O A8AB5<0 <>65B D0:B8G5A:8 ;8H8BL ?@020 3>;>A0 7=0G8B5;L-

=CN G0ABL 8718@0B5;59.

0;55, =>2K< =51>;LH8< ?0@B8O< B@C4=> ?@52@0B8BL ?>445@6:C 8718@0B5;59

2 <5AB0 2 ?0@;0<5=B5. 865 ?@82>48BAO ?@8<5@ B>3>, GB> <>65B ?@>87>9B8 ?@8

2K1>@0E ?> <06>@8B0@=>9 A8AB5<5 (B01;. 10.1).

0@B8O 1, =01@02 2 A@54=5< 36,6% 3>;>A>2, ?>;CG05B 420 <5AB0, ?0@B8O 2 A 23,3%

3>;>A>2 702>52K205B >4=> <5AB>, 0 ?0@B8O 3, 70 :>B>@CN ?@>3>;>A>20;8 2 A@54=5<

40% 8718@0B5;59, B. 5. >B=>A8B5;L=>5 1>;LH8=AB2>, =5 ?>;CG05B =8 >4=>3> <5AB0,

?>B><C GB> >=0 >:070;0AL 2B>@>9, E>BO 8 A =51>;LH8< >B@K2><, 2> 2A5E 8718@0-

B5;L=KE >:@C30E 8 =5 8<55B @538>=0;L=>9 >?>@K.

> <=5=8N =5:>B>@KE 8AA;54>20B5;59, <06>@8B0@=0O A8AB5<0 2 A>G5B0=88

A 42CE?0@B89=>9 A8AB5<>9 A?>A>1AB2C5B CB25@645=8N ?>;8B8:8 ?@>B82>AB>O=8O,

B. 5. 20@80=B0 42CE?0@B89=>9 ?>;8B8:8, ?@8 :>B>@>< :0640O ?0@B8O 70=8<05B

:@09=NN ?>78F8N 8 8A?>;L7C5B 2;0ABL, GB>1K @0725@=CBL =0 AB> 2>A5<L45AOB 3@0-

4CA>2 ?>;8B8:C A2>8E ?@54H5AB25==8:>2.

186 ;020 10. 718@0B5;L=0O A8AB5<0

>;55 B>3>, =5:>B>@K5 ?>;8B>;>38 CB25@640NB, GB> >4=>?0@B89=K5 ?@028B5;L-

AB20, >?8@0NI85AO =0 7=0G8B5;L=>5 1>;LH8=AB2> (5A;8 4>?CAB8BL, GB> MB> E0@0:-

B5@=> 4;O <06>@8B0@=>9 A8AB5<K), G0AB> AB0;:820NBAO A A8;L=>9 2=CB@5==59

>??>78F859 8 AB0=>2OBAO 65@B2>9 2=CB@8?0@B89=>9 1>@L1K. =K<8 A;>20<8,

?@>B82>@5G8O, :>B>@K5 ?@8 4@C38E >1AB>OB5;LAB20E ACI5AB2>20;8 1K <564C @07-

=K<8 ?0@B8O<8, ?@>O2;ONBAO 2=CB@8 >4=>9 ?0@B88.

@>?>@F8>=0;L=0O A8AB5<0

/2=0O =5A?@0254;82>ABL ?> >B=>H5=8N : CG0AB2CNI8< 2 2K1>@0E ?>;8B8G5A:8<

?0@B8O<, :>B>@CN G0AB> =5A5B 2 A515 <06>@8B0@=0O A8AB5<0, ?>@>48;0 A8AB5<C

?@>?>@F8>=0;L=>3> ?@54AB028B5;LAB20 () ?0@B89 8 42865=89, A>:@0I5==>

8<5=C5<CN ?@>?>@F8>=0;L=>9 A8AB5<>9. 5 >A=>2=0O 845O 70:;NG05BAO 2 B><,

GB>1K :0640O ?0@B8O ?>;CG0;0 2 ?0@;0<5=B5 8;8 8=>< ?@54AB028B5;L=>< >@30=5

G8A;> <0=40B>2, ?@>?>@F8>=0;L=>5 G8A;C 3>;>A>2, ?>40==KE 70 55 :0=4840B>2 =0

2K1>@0E.

@5D5@5=F80;L=0O A8AB5<0

">B D0:B, GB> ?@8 ?@8<5=5=88 ?@>?>@F8>=0;L=>9 A8AB5<K 8718@0B5;L >1KG=> =5

<>65B 2;8OBL =0 >B1>@ :0=4840B>2 =0 B0: =07K205<K5 <0=40B=K5 <5AB0 2 A?8A:5,

192 ;020 10. 718@0B5;L=0O A8AB5<0

2K7K205B <=>3>G8A;5==K5 =0@5:0=8O, >B25B>< =0 :>B>@K5 2 @O45 AB@0= O28;>AL

22545=85 ?@5D5@5=F80;L=>3> 3>;>A>20=8O, :>B>@>5 8=>340 @0AA<0B@820NB :0: A0-

<>AB>OB5;L=CN 8718@0B5;L=CN A8AB5<C.

!CBL MB>9 A8AB5<K 70:;NG05BAO 2 B><, GB> 8718@0B5;L, 3>;>ACNI89 70 ?0@B89-

=K9 A?8A>: :0=4840B>2, ?>;CG05B ?@02> C:070BL 2 =5< :0=4840B>2, 871@0=85 :>B>-

@KE 1K;> 1K 4;O =53> >A>15==> 65;0B5;L=>, B. 5. >?@545;8BL A2>8 ?@54?>GB5=8O

(?@5D5@5=F88) 2 @0<:0E A?8A:0. A;8, =0?@8<5@, :0=4840B, ?><5I5==K9 2 :>=F5

A?8A:0, ?>;CG8B ?@54?>GB5=8O 1>;LH8=AB20 8718@0B5;59, >B402H8E 3>;>A0 70

A?8A>: 40==>9 ?0@B88, ;81> G8A;0 8718@0B5;59, @02=>3> 459AB2CNI59 2 AB@0=5 87-

18@0B5;L=>9 :2>B5, 5<C >1O70=K 40BL <0=40B 2 ?5@2>>G5@54=>< ?>@O4:5, 0 :B>-B>,

70@0=55 ?><5I5==K9 =0 <0=40B=>5 <5AB>, MB>3> <0=40B0 =5 ?>;CG8B. 070;>AL 1K,

8=AB8BCB 2?>;=5 45<>:@0B8G5A:89, => <=>65AB2> A;CG052 7;>C?>B@51;5=8O 8<

?>1C48;> 8B0;LO=A:8E 70:>=>40B5;59 C@570BL 2 1993 3. A>>B25BAB2CNI55 ?@02>

8718@0B5;59, :>B>@K5 B5?5@L 8<5NB ?@02> 2KA:07K20BL =5 1>;55 >4=>3> ?@54?>G-

B5=8O. 54L, 459AB28B5;L=>, ?@>B82=8:8 ?0@B88, =5 @0AAG8BK20O =0 871@0=85 A>1-

AB25==KE :0=4840B>2, <>3CB ?@>3>;>A>20BL 70 MBC ?0@B8N 8 A ?><>ILN ?@5D5@5=-

F80;L=>3> 3>;>A>20=8O >B=OBL <0=40BK C 55 ;845@>2 2 ?>;L7C 1C4CI8E @O4>2KE

?0@;0<5=B0@852. "0:8< >1@07><, D@0:F8O, 40 8 A0<0 ?0@B8O, >:065BAO >1573;02-

;5==>9.

@5D5@5=F80;L=0O A8AB5<0 ?>72>;O5B 8718@0B5;O< 2K45;8BL 8 4@C38E :0=48-

40B>2, 5A;8 B5, :><C >=8 >B40;8 ?@54?>GB5=85 2 ?5@2CN >G5@54L, =5 =01@0;8 =C6-

=>3> G8A;0 3>;>A>2. E <=5=85 CG8BK205BAO 2 ?@>F5AA5 ?>4AG5B0 3>;>A>2. 06>-

@8B0@=0O A8AB5<0 8 ?@>AB>9 20@80=B 3>;>A>20=8O ?> A?8A:0<, =0?@>B82, =5 15@CB

2 @0AG5B 2>7<>6=>5 ACI5AB2>20=85 0;LB5@=0B82=KE 20@80=B>2 2K1>@0 C 8718@0-

B5;59. 081>;55 ACI5AB25==K< >B;8G85< >B A8AB5<K  O2;O5BAO B>, GB> ?@5D5-

@5=F80;L=0O A8AB5<0 =5 AB028B 7040GC ?>;CG5=8O @5?@575=B0B82=>9 :0@B8=K =0

>A=>20=88 ?5@2>3> 65 2K1>@0 8718@0B5;59. -B0 A8AB5<0 8<55B 425 @07=>284=>AB8.

!8AB5<0 0;LB5@=0B82=>3> 3>;>A>20=8O () 2 >4=><0=40B=KE

>:@C30E

=0 ?@54?>;0305B, GB> 8718@0B5;L 2 >4=><0=40B=>< 8718@0B5;L=>< >:@C35 3>;>-

AC5B =5 70 >4=>3> :0=4840B0, 0 70 =5A:>;L:8E, C:07K20O F8D@0<8 ?@>B82 8E D0<8-

;89 8E ?@54?>GB8B5;L=>ABL 4;O =53>. @>B82 D0<8;88 A0<>3> 65;0B5;L=>3> :0=-

4840B0 >= AB028B F8D@C 1, ?@>B82 D0<8;88 A;54CNI53> ?> ?@54?>GB8B5;L=>AB8

(B. 5. :>3> 1K >= E>B5; 2845BL 871@0==K<, 5A;8 ?5@2K9 =5 ?@>945B)  F8D@C 2

8 B. 4. @8 ?>4AG5B5 3>;>A>2 1N;;5B5=8 @0A:;04K20NBAO ?> ?5@2K< ?@54?>GB5=8-

O<. 0=4840B, ?>;CG82H89 1>;55 ?>;>28=K ?5@2KE ?@54?>GB5=89, AG8B05BAO 87-

1@0==K<. A;8 65 =5 871@0= =8 >48= 87 :0=4840B>2, 87 @0A?@545;5=8O 8A:;NG0-

5BAO :0=4840B, C :>B>@>3> <5=LH5 2A53> ?5@2KE ?@54?>GB5=89, 0 53> 1N;;5B5=8

?5@540NBAO 4@C38< :0=4840B0< 2 A>>B25BAB288 A C:070==K<8 2 =8E 2B>@K<8 ?@54-

?>GB5=8O<8. A;8 8 ?>A;5 =8 C >4=>3> 87 :0=4840B>2 =5B 01A>;NB=>3> 1>;LH8=AB-

20 1N;;5B5=59, 8A:;NG05BAO :0=4840B A =08<5=LH8< G8A;>< ?5@2KE 8 2B>@KE

?@54?>GB5=89, 8 ?@>F5AA ?@>4>;605BAO 4> B5E ?>@, ?>:0 C :0:>3>-;81> 87 :0=4840-

B>2 =5 A>15@5BAO 01A>;NB=>5 1>;LH8=AB2> 1N;;5B5=59. @58<CI5AB2> MB>3> A?>-

A>10 2 B><, GB> <>6=> >1>9B8AL >4=>:@0B=K< 3>;>A>20=85<. @8<5=O5BAO >=, =0-

?@8<5@, ?@8 2K1>@0E =86=59 ?0;0BK ?0@;0<5=B0 2AB@0;88. "5>@5B8:8, ?@0240,

10.2. A=>2=K5 284K 8718@0B5;L=KE A8AB5< 193

A><=520NBAO, =0A:>;L:> >1>A=>20==> ?@8@02=820=85 2B>@>3> 8 B5< 1>;55 B@5BL5-

3> ?@54?>GB5=8O : ?5@2><C.

>2B>@=>5 3>;>A>20=85

!8AB5<0 ?>2B>@=>3> 3>;>A>20=8O ?@82>48B : 0=0;>38G=K< @57C;LB0B0<. $0:B8-

G5A:8 >=0 O2;O5BAO <>48D8:0F859 <06>@8B0@=>9 A8AB5<K. A;8 =8 >48= 87 :0=-

4840B>2 =5 =018@05B 50% 3>;>A>2 2 ?5@2>< BC@5 3>;>A>20=8O, :0=4840BK, ?>;CG82-

H85 =08<5=LH55 :>;8G5AB2> 3>;>A>2, 2K1K20NB 87 83@K. !;54CNI89 BC@ ?@>2>-

48BAO <564C >AB02H8<8AO :0=4840B0<8.

7 0: 136

194 ;020 10. 718@0B5;L=0O A8AB5<0

@028;0 2 >B=>H5=88 G8A;0 CG0AB=8:>2 2B>@>3> BC@0 8 :>;8G5AB20 A0<8E BC-

@>2 2 @07=KE AB@0=0E A2>8. -B0 A8AB5<0 ?@8<5=O5BAO 2> $@0=F88 8 2 =5:>B>@KE

AB@0=0E &5=B@0;L=>9 8 >AB>G=>9 2@>?K (=0?@8<5@, 2 5=3@88 8 =0 #:@08=5).

%>BO >10 >?8A0==KE 20@80=B0 ?@5D5@5=F80;L=>9 A8AB5<K >1KG=> ?@8<5=ONBAO

2 >4=><0=40B=KE 8718@0B5;L=KE >:@C30E, >=8 ?@8<5=8<K 8 2 4@C38E A;CG0OE.

4=0:> 2 <=>3><0=40B=KE 8718@0B5;L=KE >:@C30E 8E ?@8<5=5=85 70B@C4=5=>.

>;55 B>3>, 8E @57C;LB0BK >1KG=> =0?><8=0NB 8B>38 1>;55 ?@>ABKE 20@80=B>2

A8AB5<K .

A=>2=>5 ?@58<CI5AB2> ?@5D5@5=F80;L=>9 A8AB5<K A>AB>8B 2 B><, GB> 8718-

@0B5;8 8<5NB 2>7<>6=>ABL A45;0BL =5 548=8G=K9 2K1>@, 0 2K45;8BL 42CE, B@5E 8

1>;55 :0=4840B>2, B5< A0<K< >15A?5G820O 871@0=85 :0=4840B0, ?@54AB02;ONI53>

>:@C3 1>;55 045:20B=>, G5< B>B, :B> =01@0; >B=>A8B5;L=>5 1>;LH8=AB2> 3>;>A>2.

-B> 206=> 2 B5E A;CG0OE, :>340 >B=>A8B5;L=>5 1>;LH8=AB2> <>65B A>AB02;OBL 2A5-

3> 20 8;8 30% >B 2A5E 3>;>A>2.

0=4840BK <>3CB 10;;>B8@>20BLAO 157 >?0A5=8O @074@>18BL 3>;>A0, ?>40205-

<K5 70 ?@02KE 8;8 ;52KE, 8 B5< A0<K< 40BL 2>7<>6=>ABL ?@>9B8 2 ?0@;0<5=B A>-

?5@=8:C, 70 :>B>@K< AB>8B <5=LH8=AB2> 8718@0B5;59. =K<8 A;>20<8, ?@5D5-

@5=F80;L=0O A8AB5<0 ?><>305B >BA5GL :@09=5 ?@02KE 8 :@09=5 ;52KE, GB> =5 2A5340

<>3CB A45;0BL <06>@8B0@=0O A8AB5<0 8 A8AB5<0 .

A5 A:070==>5 A?@0254;82> ?@8 CA;>288, GB> 8718@0B5;8 2 F5;>< BO3>B5NB : F5=B-

@8AB0<, 0 =5 : @048:0;0<.

 =54>AB0B:0< ?@5D5@5=F80;L=>9 A8AB5<K A;54C5B >B=5AB8 B>, GB> :>=5G=K9

@57C;LB0B 2K1>@>2 2 420 BC@0 <>65B 7028A5BL >B 4>3>2>@5==>AB8 <564C ?0@B8O<8,

0 =5 >B 459AB28B5;L=>3> 2>;587JO2;5=8O 8718@0B5;59. @><5 B>3>, ?>4AG5B 3>;>-

A>2 4>AB0B>G=> A;>65=, GB> B@51C5B ?@82;5G5=8O >?KB=KE A>B@C4=8:>2.  =52K-

3>4=>< ?>;>65=88 >:07K20NBAO <5=LH8=AB20.

>;C?@>?>@F8>=0;L=K5 A8AB5<K

-B8< =5A:>;L:> AB@0==K< =0720=85< >1J548=5=K 8718@0B5;L=K5 A8AB5<K, :>-

B>@K5, 1C4CG8 >A=>20=K =0 <06>@8B0@=>< ?@8=F8?5, B. 5. =0 B@51>20=88 1>;L-

H8=AB20 3>;>A>2 4;O 871@0=8O, 2A5 65 40NB >?@545;5==K5 2>7<>6=>AB8 ?@54AB0-

28B5;LAB20 8 <5=LH8=AB2C 8718@0B5;59. -B> 4>AB8305BAO 1;03>40@O ?@8<5=5=8N

B0: =07K205<>3> >3@0=8G5==>3> 2>BC<0, ?@8 :>B>@>< 8718@0B5;L 3>;>AC5B =5 70 B0-

:>5 G8A;> :0=4840B>2, :>B>@>5 @02=> G8A;C ?>4 ;560I8E 871@0=8N >B 8718@0B5;L-

=>3> >:@C30 45?CB0B>2, 0 70 <5=LH55.

"8?8G=K< ?@8<5@>< B0:>9 A8AB5<K 1K;0 459AB2>202H0O 2 /?>=88 4> 1993 3.

A8AB5<0 548=AB25==>3> =5?5@540205<>3> 3>;>A0 (). @8 MB>9 A8AB5<5 ?0@B8O 2

<=>3><0=40B=>< 8718@0B5;L=>< >:@C35 2K428305B =5 A?8A>: :0=4840B>2, 10;;>-

B8@CNI89AO :0: 548=>5 F5;>5, 0 >B45;L=KE :0=4840B>2. 718@0B5;L 65 2 MB><

<=>3><0=40B=>< >:@C35 3>;>AC5B B>;L:> 70 >4=>3> 87 :0=4840B>2, E>BO >B >:@C30

4>;6=> 1KBL 871@0=> =5A:>;L:> 8;8 4065 <=>3> 45?CB0B>2. 71@0==K< AG8B05BAO

:0=4840B, A>1@02H89 =081>;LH55 G8A;> 3>;>A>2.

@C3>9 ?@8<5@ >3@0=8G5==>3> 2>BC<0  ?>@O4>: 2K1>@>2 G0AB8 A5=0B>@>2

2 A?0=88. 718@0B5;L=K< >:@C3>< A;C68B ?@>28=F8O, >B :>B>@>9 2KABC?0NB,

:0: ?@028;>, G5BK@5 A5=0B>@0, => 3>;>A>20BL 1C4CB =5 1>;55 G5< 70 B@5E :0=4840-

B>2. >1548B5;O<8 AG8B0NBAO G5BK@5 :0=4840B0, ?>;CG82H85 2 ?@>28=F88 =08-

1>;LH55 G8A;> 3>;>A>2.

10.2. A=>2=K5 284K 8718@0B5;L=KE A8AB5< 195

3@0=8G5==K9 2>BC< B@51C5B >B ?>;8B8G5A:8E ?0@B89 B>G=>3> @0AG5B0 ?@8 2K-

42865=88 8E :0=4840B>2. 04> E>@>H> ?@54AB02;OBL A515, A:>;L:> 3>;>A>2 =0AG8-

BK205B ?0@B89=K9 M;5:B>@0B 8 :0: >=8 <>3CB @0A?@545;8BLAO <564C :0=4840B0<8

>B ?0@B88. 54L 5A;8 ?0@B8O 2K428=5B 2 8718@0B5;L=>< >:@C35 A;8H:>< <=>3>

:0=4840B>2, 3>;>A0 55 M;5:B>@0B0 «@0A?K;OBAO» <564C =8<8 8 2?>;=5 <>65B A;C-

G8BLAO, GB> =8 >48= =5 >:065BAO 871@0==K<. <5AB5 A B5< 5A;8 :0=4840B>2 1C45B

<0;>, B> >=8 <>3CB ?>;CG8BL 1>;LH5 3>;>A>2, G5< =C6=> 4;O 871@0=8O, 0 MB8 ;8H-

=85 3>;>A0 =8G53> ?0@B88 =5 40NB, :@><5 A>60;5=89 > =58A?>;L7>20==>9 2>7<>6-

=>AB8 ?@>25AB8 4>?>;=8B5;L=> 5I5 >4=>3> 8;8 1>;55 A2>8E 45?CB0B>2.

">B D0:B, GB> 8718@0B5;L, ?@8=04;560I89 : 1>;LH8=AB2C, <>65B 2;8OBL A2>-

8< 3>;>A>20=85< =0 2K1>@ =5 2A5E 45?CB0B>2 >B 8718@0B5;L=>3> >:@C30, >B:@K205B

2>7<>6=>AB8 4;O <5=LH8=AB20 ?@>25AB8 2 ?@54AB028B5;L=K9 >@30= 2 MB>< 8718-

@0B5;L=>< >:@C35 >4=>3> 8;8 4065 =5A:>;L:8E A2>8E 45?CB0B>2, ;81> =5A:>;L:>

45?CB0B>2 ?@>94CB >B @07=KE <5=LH8=AB2. 07C<55BAO, ?@>?>@F8>=0;L=>3> ?@54-

AB028B5;LAB20 745AL, :0: ?@028;>, =5 ?>;CG05BAO (1>;LH8=AB2> >1KG=> 1K205B =5-

?@>?>@F8>=0;L=> 25;8:>), 8 ?>B><C B0:85 8718@0B5;L=K5 A8AB5<K =07K20NB ?>-

;C?@>?>@F8>=0;L=K<8, GB> A <0B5<0B8G5A:>9 B>G:8 7@5=8O, 25@>OB=>, 72CG8B

=5:>@@5:B=>.

 MB>9 65 3@C??5 A8AB5< >B=>A8BAO 8 B0: =07K205<K9 :C<<C;OB82=K9 2>BC<,

?@8<5=O5<K9, 2 G0AB=>AB8, =0 2K1>@0E 2 >@30=K <5AB=>3> A0<>C?@02;5=8O 2 020-

@88 8 =5:>B>@KE 4@C38E 75<;OE 5@<0=88. 718@0B5;L 2 020@88 8<55B B@8 3>;>-

A0, GB> <5=LH5 G8A;0 45?CB0B>2 >B 40==>3> 8718@0B5;L=>3> >:@C30, => >= <>65B

;81> >B40BL B@8 3>;>A0 >4=><C 87 :0=4840B>2, ;81> >B40BL 420 3>;>A0 >4=><C :0=-

4840BC, 0 B@5B89  4@C3><C, ;81>, =0:>=5F, @0740BL ?> >4=><C 3>;>AC B@5< :0=48-

40B0<. !8AB5<0 AG8B05BAO ?@83>4=>9 4;O =51>;LH8E 8718@0B5;L=KE 548=8F (B5@-

@8B>@89), 2 :>B>@KE 8718@0B5;8 E>@>H> 7=0NB 2A5E :0=4840B>2, 0 8E ?>;8B8G5-

A:0O ?@8=04;56=>ABL 4;O 8718@0B5;59 1>;LH>3> 7=0G5=8O =5 8<55B.

0@80=B 8A?>;L7>20=8O =0 2K1>@0E 548=AB25==>3> ?5@540205<>3> 3>;>A0 ()

B0:65 <>6=> AG8B0BL >4=>9 87 @07=>284=>AB59 ?>;C?@>?>@F8>=0;L=>9 A8AB5<K.

 B5>@88 >=0 AG8B05BAO A0<>9 A?@0254;82>9, B0: :0: ?>72>;O5B A>G5B0BL ?5@A>-

=0;L=K9 2K1>@ A >15A?5G5=85< ?@>?>@F8>=0;L=>AB8 ?@54AB028B5;LAB20 ?0@B89.

4=0:> 55 @0A?@>AB@0=5=8N ?@5?OBAB2C5B B5E=8G5A:0O A;>6=>ABL >?@545;5=8O

@57C;LB0B>2 2K1>@>2.

K3;O48B A8AB5<0 A;54CNI8< >1@07><.  <=>3><0=40B=>< >:@C35 :0=4840BK

2K42830NBAO 2 B0:>< 65 ?>@O4:5, :0: ?@8 A8AB5<5 548=AB25==>3> =5?5@540205<>-

3> 3>;>A0, B. 5. :0640O ?0@B8O <>65B 2K428=CBL AB>;L:> :0=4840B>2, A:>;L:> A>-

GB5B =5>1E>48<K<, 8 4>?CA:05BAO 2K42865=85 =57028A8<KE :0=4840B>2. 718-

@0B5;L 65 459AB2C5B :0: ?@8 <06>@8B0@=>9 A8AB5<5 A 0;LB5@=0B82=K< 3>;>A>20-

=85<, B. 5. ?@>B82 D0<8;88 =081>;55 65;0B5;L=>3> :0=4840B0 >B<5G05B ?5@2CN

?@5D5@5=F8N, 70B5< ?@>B82 D0<8;88 A;54CNI53>  2B>@CN 8 B. 4. $>@<0;L=> >=

=5 A2O70= ?0@B89=>9 ?@8=04;56=>ABLN :0=4840B>2, E>BO =0 ?@0:B8:5, A:>@55 2A5-

3>, 1C45B ?@8=8<0BL 55 2> 2=8<0=85, AG8B0OAL A @5:><5=40F8O<8 ?0@B88, :>B>@>9

A8<?0B878@C5B.

>A;5 CAB0=>2;5=8O >1I53> G8A;0 ?@>3>;>A>202H8E 8;8 >1I53> G8A;0 459AB-

28B5;L=KE 1N;;5B5=59 >?@545;O5BAO 8718@0B5;L=0O :2>B0. 0B5< 1N;;5B5=8 @0A-

:;04K20NBAO ?> ?0G:0< A CG5B>< ?5@2KE ?@54?>GB5=89, 2K@065==KE >?@545;5=-

=K< :0=4840B0<. 0=4840BK, ?>;CG82H85 :2>BC, AG8B0NBAO 871@0==K<8. 4=0:>

196 ;020 10. 718@0B5;L=0O A8AB5<0

>1KG=> B0:85 :0=4840BK ?>;CG0NB A25@E :2>BK >?@545;5==K9 87;8H5: 3>;>-

A>2, :>B>@K9 8< =5 =C65=. -B>B 87;8H5: ?5@5405BAO :0=4840B0<, =5 ?>;CG82H8<

:2>BC, 2 A>>B25BAB288 A> 2B>@K<8 ?@54?>GB5=8O<8. 45AL 2>7=8:05B 2>?@>A: :0:85

65 8<5==> 1N;;5B5=8 =04> ?5@540BL?

B25B =5 >G5=L ?@>AB. 0?@8<5@, :2>B0 A>AB02;O5B 2700 3>;>A>2. 0=4840B 

?>;CG8; 3700 ?5@2KE ?@54?>GB5=89. # =53> 1000 ;8H=8E 3>;>A>2. 7 2A5E 53>

3700 1N;;5B5=59 2 370 (10%) 2B>@>5 ?@54?>GB5=85 >B40=> :0=4840BC , 0 2 740

(20%)  :0=4840BC . 'B> :0A05BAO >AB0;L=KE 1N;;5B5=59, B> B0< 2B>@>5 ?@54?>G-

B5=85 ;81> >B40=> :0=4840B0<, B0:65 ?>;CG82H8< :2>BC, ;81> =8:><C =5 >B40=>.

>MB><C 87 1000 ;8H=8E 3>;>A>2 100 (10%) >B405BAO :0=4840BC , 0 200 (20%) -

:0=4840BC . A;8, A:065<, :0=4840B  B5< A0<K< 4>1@0; 3>;>A0 4> :2>BK, >= B0:-

65 AG8B05BAO 871@0==K<.

A;8 ?>A;5 B>3>, :0: @0A?@545;5=K 87;8H:8 3>;>A>2, >AB0;8AL =570<5I5==K5

<0=40BK 8 =5871@0==K5 :0=4840BK, 8A:;NG0NBAO =5871@0==K5 :0=4840BK, ?>;C-

G82H85 =08<5=LH55 G8A;> 3>;>A>2, 0 1N;;5B5=8, 2 :>B>@KE 8< >B40=> ?5@2>5

?@54?>GB5=85, ?5@540NBAO 4@C38< :0=4840B0< 2 A>>B25BAB288 A> 2B>@K<8 ?@54-

?>GB5=8O<8 ?>4>1=> B><C, :0: 45;05BAO ?@8 0;LB5@=0B82=>< 3>;>A>20=88.

> MB>9 A8AB5<5 8718@05BAO, =0?@8<5@, 25@E=OO ?0;0B0 8=489A:>3> ?0@;0<5=-

B0  !>25B HB0B>2. 4=0:> =04> 8<5BL 2 284C, GB> 3>;>ACNB B0< =5 8718@0B5;8,

0 45?CB0BK 70:>=>40B5;L=KE A>1@0=89 HB0B>2. >MB><C 2A5 ?>4AG5BK ?@>872>-

4OBAO 25AL<0 :20;8D8F8@>20==K<8 ;N4L<8.

!<5H0==K5 A8AB5<K

!<5H0==K5 A8AB5<K AB@>OBAO =0 >A=>25 A>G5B0=8O 4@C38E 8718@0B5;L=KE A8AB5<.

!@548 =8E 2K45;ONBAO ?0@0;;5;L=K5 A<5H0==K5 8 A2O70==K5 A<5H0==K5.

 ?0@0;;5;L=KE A<5H0==KE A8AB5<0E 2K1>@K ?@>2>4OBAO >4=>2@5<5==> ?> ?0@-

B89=K< A?8A:0< 2 <=>3><0=40B=KE >:@C30E 8 2 >4=><0=40B=KE >:@C30E ?> ?@028-

;C >B=>A8B5;L=>3> 8;8 01A>;NB=>3> 1>;LH8=AB20. @8 B0:8E 2K1>@0E @57C;LB0BK,

?>;CG5==K5 A 8A?>;L7>20=85< ?@>?>@F8>=0;L=>9 A8AB5<K, 8 @57C;LB0BK, ?>;C-

G5==K5 A 8A?>;L7>20=85< ?;N@0;L=>9 8;8 <06>@8B0@=>9 A8AB5<, O2;ONBAO =570-

28A8<K<8. "0:0O A8AB5<0 459AB2C5B, =0?@8<5@, 2 >AA88, :>340 225 45?CB0B>2 >-

AC40@AB25==>9 C<K 8718@0NBAO ?> ?0@B89=K< A?8A:0< 2 548=>< D545@0;L=><

>:@C35 8 225 45?CB0B>2 8718@0NBAO 2 >4=><0=40B=KE >:@C30E ?> ?@028;C >B=>A8-

B5;L=>3> 1>;LH8=AB20.  8B25 459AB2C5B ?>E>60O A8AB5<0 A B5< >B;8G85<, GB> 2

>4=><0=40B=KE >:@C30E ?@>2>4OBAO 420 BC@0 3>;>A>20=8O, 5A;8 2 ?5@2>< BC@5 =8-

:B> =5 =018@05B B@51C5<>3> 1>;LH8=AB20. 45AL 70 45?CB0B>2 !59<0 8718@0NBAO 2

>4=>< =0F8>=0;L=>< >:@C35 ?> ?0@B89=K< A?8A:0<, 0 71 45?CB0B 8718@05BAO 2 >4-

=><0=40B=KE >:@C30E ?> <06>@8B0@=>9 A8AB5<5. -B0 A8AB5<0 =5 ?@54CA<0B@8205B

:0:85-;81> :><?5=A0B>@=K5 <5E0=87<K 4;O B>3>, GB>1K A45;0BL 55 1>;55 548=>9,

B. 5. A2O70BL 425 G0AB8.

 A2O70==KE A<5H0==KE 8718@0B5;L=KE A8AB5<0E G0ABL 45?CB0B>2 8718@05B-

AO ?> ?0@B89=K< A?8A:0< 2 <=>3><0=40B=KE >:@C30E, 0 G0ABL  2 >4=><0=40B=KE

>:@C30E. @8 MB>< ?@8 @0A?@545;5=88 <5AB ?> ?@>?>@F8>=0;L=><C ?@8=F8?C CG8-

BK205BAO G8A;> <5AB, 70=OBKE ?0@B859 8;8 8718@0B5;L=K< 1;>:>< ?> @57C;LB0B0<

2K1>@>2 2 >4=><0=40B=KE >:@C30E. 1I55 G8A;> <5AB 4;O :064>9 ?0@B88 ?>4AG8-

BK205BAO =0 >A=>25 ?@>F5=B0 3>;>A>2, ?>;CG5==KE ?> ?@>?>@F8>=0;L=>9 A8AB5<5,

8 87 =53> 2KG8B05BAO G8A;> <5AB, ?>;CG5==KE 2 >4=><0=40B=KE >:@C30E. "0:8<

10.2. A=>2=K5 284K 8718@0B5;L=KE A8AB5< 197

>1@07><, ?@>?>@F8>=0;L=>5 @0A?@545;5=85 <5AB ?>72>;O5B :><?5=A8@>20BL =5-

4>AB0B:8 871@0=8O 45?CB0B>2 2 >4=><0=40B=KE >:@C30E (8E A25@E?@54AB02;5=-

=>ABL 8;8 =54>?@54AB02;5==>ABL B0<). >4>1=0O A8AB5<0 459AB2C5B 2 5@<0=88,

5=5ACM;5, >2>9 5;0=488.  5=3@88 152 45?CB0B0 8718@0NBAO 2 20 <=>3><0=-

40B=KE >:@C30E ?> ?0@B89=><C A?8A:C, 176  ?> <06>@8B0@=>9 A8AB5<5, 0 52 :><-

?5=A0B>@=KE <5AB0 @0A?@545;ONBAO ?@>?>@F8>=0;L=> =0 >A=>25 2K1>@>2 ?> ?0@-

B89=K< A?8A:0< 2 548=>< =0F8>=0;L=>< >:@C35.

 A<5H0==>9 8718@0B5;L=>9 A8AB5<5 <K 3>2>@8< 2 B>< A;CG05, 5A;8 ?@8 2K1>-

@0E >4=>9 8 B>9 65 ?@54AB028B5;L=>9 ?0;0BK ?@8<5=ONBAO @07;8G=K5 A8AB5<K.

-B> >1KG=> ?@>48:B>20=> AB@5<;5=85< A>548=8BL ?@58<CI5AB20 @07;8G=KE A8A-

B5< 8 ?> 2>7<>6=>AB8 8A:;NG8BL 8;8 :><?5=A8@>20BL 8E =54>AB0B:8. %0@0:B5@5=

2 MB>< >B=>H5=88 ?>@O4>: 2K1>@>2 =5<5F:>3> 1C=45AB030, ?>A;C682H89 ?@8<5-

@>< 4;O @O40 AB@0=, 2 B>< G8A;5 8 4;O >AA88.

!>3;0A=> D545@0;L=><C 8718@0B5;L=><C 70:>=C 2 @540:F88 1994 3., ?>;>28=0

A>AB020 1C=45AB030 (328 45?CB0B>2) 8718@05BAO ?> >4=><0=40B=K< 8718@0B5;L-

=K< >:@C30< ?> <06>@8B0@=>9 A8AB5<5 >B=>A8B5;L=>3> 1>;LH8=AB20. @C30O ?>-

;>28=0 8718@05BAO ?> 75<5;L=K< A?8A:0< :0=4840B>2, B. 5. :0640O 87 16 75<5;L

(AC1J5:B>2 D545@0F88) O2;O5BAO <=>3><0=40B=K< 8718@0B5;L=K< >:@C3><, 345

10;;>B8@CNBAO 75<5;L=K5 A?8A:8 :0=4840B>2, A>AB02;5==K5 ?>;8B8G5A:8<8 ?0@-

B8O<8, <0=40BK <564C :>B>@K<8 @0A?@545;ONBAO ?> ?@>?>@F8>=0;L=>9 A8AB5<5.

!>>B25BAB25==> :064K9 8718@0B5;L 8<55B 420 3>;>A0  ?5@2K9 2 >4=><0=40B=><

8718@0B5;L=>< >:@C35, 0 2B>@>9 70 75<5;L=K9 A?8A>:. 10 3>;>A0 ?>40NBAO 2 >4-

=>< :>=25@B5. 0=4840B >B ?0@B88 <>65B >4=>2@5<5==> 10;;>B8@>20BLAO 8 2 >4=>-

<0=40B=>< 8718@0B5;L=>< >:@C35, 8 ?> 75<5;L=><C A?8A:C.

! >?@545;5=85< @57C;LB0B0 2K1>@>2 2 >4=><0=40B=>< >:@C35 2A5 OA=>: :B> ?>-

;CG8; 1>;LH5 ?5@2KE 3>;>A>2, G5< 4@C385 :0=4840BK, B>B 8 871@0=. 'B> 65 :0A05B-

AO >?@545;5=8O @57C;LB0B>2 2K1>@>2 ?> 75<5;L=K< A?8A:0<, B> MB> 3>@074> 1>;55

A;>6=>5 45;>.

!=0G0;0 ?>4AG8BK20NBAO 2B>@K5 3>;>A0, ?>40==K5 70 :064K9 87 75<5;L=KE

A?8A:>2. @8 MB>< =5 CG8BK20NBAO 2B>@K5 3>;>A0 B5E 8718@0B5;59, :>B>@K5 A2>9

?5@2K9 3>;>A >B40;8 70 :0=4840B0, ?>15482H53> 2 8718@0B5;L=>< >:@C35, 5A;8

MB>B :0=4840B 1K; 2K428=CB =5 ?0@B859, 0 8718@0B5;O<8 8;8 ?0@B859, 75<5;L=K9

A?8A>: :0=4840B>2 :>B>@>9 2 A>>B25BAB2CNI59 75<;5 =5 1K; 4>?CI5= 75<5;L=K<

8718@0B5;L=K< :><8B5B><. 7 >1I53> G8A;0 45?CB0BA:8E <0=40B>2 >B 40==>9

75<;8 8A:;NG0NBAO <0=40BK, ?>;CG5==K5 2 >4=><0=40B=KE 8718@0B5;L=KE >:@C-

30E :0=4840B0<8, :>B>@K5 2K428=CBK 8718@0B5;O<8, 0 B0:65 ?0@B8O<8, =5 4>?C-

I5==K<8 : @0A?@545;5=8N <0=40B>2 ?> ?@>?>@F8>=0;L=>9 A8AB5<5 (=5 ?@5>4>-

;52H8<8 703@048B5;L=K9 ?>@>3).

'B> :0A05BAO ?>A;54=8E, B> @5GL 845B > ?0@B8OE, 75<5;L=K5 A?8A:8 :>B>@KE =5

?>;CG8;8 =0 B5@@8B>@88 AB@0=K 5% 459AB28B5;L=KE 2B>@KE 3>;>A>2 8;8 =5 ?@>-

25;8 A2>8E :0=4840B>2 2 45?CB0BK E>BO 1K 2 B@5E >4=><0=40B=KE 8718@0B5;L=KE

>:@C30E. -B> >3@0=8G5=85 =5 @0A?@>AB@0=O5BAO =0 75<5;L=K5 A?8A:8 :0=4840B>2

>B ?0@B89 =0F8>=0;L=KE <5=LH8=AB2; 8E A?8A:8 4>?CA:0NBAO : CG0AB8N 2 @0A?@5-

45;5=88 <0=40B>2, 4065 5A;8 =5 ?@5>4>;5NB 703@048B5;L=K9 ?C=:B.

"0:8< >1@07><, :@><5 2B>@KE 3>;>A>2, ?>40==KE 70 75<5;L=K5 A?8A:8 ?0@B89

=0F8>=0;L=KE <5=LH8=AB2, ?@8 @0A?@545;5=88 <0=40B>2 ?> ?@>?>@F8>=0;L=>9

A8AB5<5 CG8BK20NBAO 2B>@K5 3>;>A0, B>;L:> ?>40==K5 70 75<5;L=K5 A?8A:8 ?0@-

198  ;020 10. 718@0B5;L=0O A8AB5<0

B89, ?@5>4>;52H8E 703@048B5;L=K9 ?C=:B. AB02H55AO G8A;> <0=40B>2 @0A?@545-

;O5BAO <564C MB8<8 A?8A:0<8 A;54CNI8< >1@07><.

1I55 G8A;> MB8E <0=40B>2 C<=>605BAO =0 G8A;> 2B>@KE 3>;>A>2, ?>40==KE 70

75<5;L=K5 A?8A:8 ?0@B88 ?> AB@0=5, 8 45;8BAO =0 >1I55 G8A;> 2B>@KE 3>;>A>2, ?>-

40==KE 70 2A5 CG0AB2CNI85 2 @0A?@545;5=88 75<5;L=K5 A?8A:8. 064K9 75<5;L-

=K9 A?8A>: ?>;CG05B A=0G0;0 G8A;> <0=40B>2, @02=>5 F5;><C G8A;C 2 ?>;CG5==><

G0AB=>< >B 45;5=8O. AB02H85AO <0=40BK @0A?@545;ONBAO <564C 75<5;L=K<8

A?8A:0<8 A>3;0A=> =081>;LH8< 4@>1O<. A;8 75<5;L=K9 A?8A>:, 70 :>B>@K9 ?>-

40=> 1>;55 ?>;>28=K 2B>@KE 3>;>A>2, CG0AB2CNI8E 2 @0A?@545;5=88, ?>;CG05B =5

1>;55 ?>;>28=K <0=40B>2, 5<C 87 G8A;0 <0=40B>2, @0A?@545;O5<KE ?> 4@>1O<,

2 ;N1>< A;CG05 ?5@5405BAO 5I5 >48= <0=40B.

7 G8A;0 <0=40B>2, ?>;CG05<KE 75<5;L=K< A?8A:>< ?0@B88 2 @57C;LB0B5 ?@>-

?>@F8>=0;L=>3> @0A?@545;5=8O, 2KG8B05BAO G8A;> <0=40B>2, C65 ?>;CG5==KE 5N

2 >4=><0=40B=KE 8718@0B5;L=KE >:@C30E. !>>B25BAB25==> ?@8 ?5@540G5 <0=40B>2

:0=4840B0< 87 75<5;L=>3> A?8A:0 ?0@B88 =5 CG8BK20NBAO B5 87 =8E, :B> 871@0= 2

MB8E 8718@0B5;L=KE >:@C30E. A;8 =0 75<5;L=K9 A?8A>: ?@8H;>AL 1>;LH5 <0=40-

B>2, G5< 2 =5< 7=0G8BAO :0=4840B>2, 87;8H=85 <0=40BK =8:><C =5 ?5@540NBAO.

A;8 65 ?0@B8O ?>;CG8;0 2 >4=><0=40B=KE 8718@0B5;L=KE >:@C30E 1>;LH5 <0=-

40B>2, G5< 59 ?>;>65=> 2 @57C;LB0B5 ?@>?>@F8>=0;L=>3> @0A?@545;5=8O, 2A5 55

<0=40BK A>E@0=ONBAO 70 =59, 0 >1I55 G8A;> <0=40B>2 2 1C=45AB035 A>>B25BAB25==>

C25;8G8205BAO.

>?CA:05BAO B0:65 1;>:8@>20=85 75<5;L=KE A?8A:>2 ?0@B89, :>B>@>5 459AB-

2C5B, :0: <K ?>:070;8 2KH5.

@54?>;>68<, GB> =0 2K1>@0E 2 1C=45AB03 300 <0=40B>2 ?>;CG8;8 2 >4=><0=-

40B=KE 8718@0B5;L=KE >:@C30E =57028A8<K5 :0=4840BK 8 :0=4840BK >B ?0@B89,

=5 4>?CI5==KE : CG0AB8N 2 2K1>@0E ?> 75<5;L=K< A?8A:0<, 0 B0:65 >B ?0@B89, =5

?@5>4>;52H8E 703@048B5;L=K9 ?C=:B. 0A?@545;5=8N ?> ?@>?>@F8>=0;L=>9 A8-

AB5<5 ?>4;560B, A;54>20B5;L=>, 356 <0=40B>2, 87 :>B>@KE 28 ?>;CG5=K 2 >4=>-

<0=40B=KE 8718@0B5;L=KE >:@C30E 40==>9 75<;8 :0=4840B0<8 >B ?0@B89, ?@5-

>4>;52H8E 703@048B5;L=K9 ?C=:B. @8 MB>< >1I55 G8A;> 459AB28B5;L=KE 2B>-

@KE 3>;>A>2 ?> AB@0=5 A>AB028;>, : ?@8<5@C, 50 <;=, 87 =8E 70 75<5;L=K5 A?8A:8

?0@B89, ?@5>4>;52H8E 703@048B5;L=K9 ?C=:B, ?>40=> 35 <;=. @54?>;>68<, 40-

;55, GB> 87 =8E 2 40==>9 75<;5, =0 :>B>@CN ?@8E>48BAO 40 <0=40B>2, 2 <;= 3>;>A>2

?>40=> 70 ?0@B8N  (2 >4=><0=40B=KE 8718@0B5;L=KE >:@C30E 5N ?>;CG5=> 14 <0=-

40B>2), 1,2 <;=  70 ?0@B8N  (2 >4=><0=40B=KE >:@C30E  6 <0=40B>2), 1,8 <;= -

70 ?0@B8N  (2 >4=><0=40B=KE >:@C30E  7 <0=40B>2) 8 0,5 <;=  70 ?0@B8N 

(2 >4=><0=40B=KE >:@C30E  1 <0=40B).

@>872>48< ?@54CA<>B@5==K5 70:>=>< @0AG5BK (C:070=85 =0 <8;;8>=K 4;O

?@>AB>BK >?CAB8<):

"0:8< >1@07><, ?0@B8O  ?>;CG05B 14 <0=40B>2, ?0@B8O   8, ?0@B8O   12

8 ?0@B8O  3 <0=40B0, B. 5. @0A?@545;5=K 37 <0=40B>2 87 40. AB02H85AO B@8 <0=-

10.2. A=>2=K5 284K 8718@0B5;L=KE A8AB5< 199

40B0 ?5@540NBAO ?0@B8O<, C :>B>@KE =081>;LH0O 4@>1=0O G0ABL,  ,  8 . >;C-

G05< >1I89 8B>3:  - 14;  - 8 +1 = 9;  - 12 + 1 - 13; -3 + 1 = 4.

0=40BK ?>;CG0NB (70 8A:;NG5=85< :0=4840B>2, 871@0==KE 2 >4=><0=40B=KE

8718@0B5;L=KE >:@C30E):

" 87 75<5;L=>3> A?8A:0 ?0@B88   14-14 = 0 :0=4840B>2;

" 87 75<5;L=>3> A?8A:0 ?0@B88   9 - 6 = 3 :0=4840B0;

" 87 75<5;L=>3> A?8A:0 ?0@B88   1 3 - 7 = 6 :0=4840B>2;

" 87 75<5;L=>3> A?8A:0 ?0@B88   4 - 1 = 3 :0=4840B0.

!;54C5B >1@0B8BL 2=8<0=85 =0 B>, GB> 2 >B;8G85 >B ?>@O4:0 2K1>@>2 2 >AC40@-

AB25==CN C<C, CAB0=>2;5==>3> C =0A 2> <=>3>< A CG5B>< >?KB0 5@<0=88, B0< AC-

I5AB2C5B >?@545;5==0O A2O7L <564C 3>;>A>20=85< 8718@0B5;O 2 >4=><0=40B=><

8718@0B5;L=>< >:@C35 8 53> 3>;>A>20=85< 70 B>B 8;8 8=>9 75<5;L=K9 A?8A>:. 3>

2B>@>9 3>;>A CG8BK205BAO ;8HL 2 B>< A;CG05, 5A;8 >B40= 70 BC 65 ?0@B8N, GB> 8

?5@2K9 (@07C<55BAO, 5A;8 ?0@B8O ?@5>4>;5;0 703@048B5;L=K9 ?C=:B). # =0A 65 3>-

;>A>20=85 ?> >4=><0=40B=><C 8718@0B5;L=><C >:@C3C ?@>872>48BAO A>25@H5==>

=57028A8<> >B 3>;>A>20=8O ?> D545@0;L=><C 8718@0B5;L=><C >:@C3C: <>6=> 2 >4-

=><0=40B=>< >:@C35 ?@>3>;>A>20BL, =0?@8<5@, 70 =57028A8<>3> :0=4840B0, 0 2 D5-

45@0;L=><  70 A?8A>: :0:>9-;81> ?0@B88, 8 3>;>A 1C45B CG8BK20BLAO ?@8 ?@>-

?>@F8>=0;L=>< @0A?@545;5=88 <0=40B>2.

 @57C;LB0B5 8AB>@8G5A:>3> ?@>3@5AA0 2 1>;LH8=AB25 3>AC40@AB2 <8@0 A;>68;AO

8=AB8BCB 2K1>@>2 =0 >A=>25 2A5>1I53>, @02=>3> 8 ?@O<>3> 8718@0B5;L=>3> ?@020

?@8 B09=>< 3>;>A>20=88. @8 MB>< 206=59H59 7040G59 45<>:@0B8G5A:>3> 3>AC-

40@AB20 >AB05BAO ?>AB@>5=85 8 A>25@H5=AB2>20=85 8718@0B5;L=>9 A8AB5<K A F5-

;LN <0:A8<0;L=>3> >B@065=8O 2>;8 3@0640= 2 ?@>F5AA5 3>;>A>20=8O, 157 G53> =5-

2>7<>6=> A>740BL ;538B8<=CN 8 MDD5:B82=CN 2;0ABL.

0F8>=0;L=K5 >A>15==>AB8 >B45;L=KE 3>AC40@AB2 ;560B 2 >A=>25 2K1>@0 B>9

8;8 8=>9 8718@0B5;L=>9 A8AB5<K. @8 ;N1>9 8718@0B5;L=>9 A8AB5<5 <>65B 1KBL

702>520=> ?>402;ONI55 1>;LH8=AB2> =0 2K1>@0E; 2A5 A8AB5<K, ?> :@09=59 <5@5

B5>@5B8G5A:8, ?@82>4OB : A>740=8N 42CE?0@B89=>9 8;8 <=>3>?0@B89=>9 ?>;8B8-

G5A:>9 A8AB5<K ;81> :>0;8F89. =K<8 A;>20<8, =5 ACI5AB2C5B ?@O<>9 7028A8-

<>AB8 <564C :>=:@5B=>9 8718@0B5;L=>9 A8AB5<>9 8 ?>;CG5=85<  8;8 =5?>;CG5-

=85<  1>;LH8=AB20 =0 2K1>@0E.

<5AB5 A B5< ?@8 2K1>@5 8718@0B5;L=>9 A8AB5<K 2 ?5@2CN >G5@54L A<>B@OB,

: :0:8< @57C;LB0B0< >=0 ?@82545B. 0: ?>:07K205B 0=0;87 @0728B8O 45<>:@0B8G5-

A:8E 8718@0B5;L=KE A8AB5<, >:>=G0B5;L=>5 @5H5=85 >1KG=> ?@8=8<05BAO A CG5-

B>< A;54CNI8E A>>1@065=89:

" >1J5:B82=> ;8 40==0O 8718@0B5;L=0O A8AB5<0 >B@0605B 2>;587JO2;5=85 8718-

@0B5;59;

" C<5=LH05B ;8 >=0 @074@>1;5==>ABL M;5:B>@0B0;

" CG8BK205B ;8 >=0 8=B5@5AK <5=LH8=AB20;

" >B@0605B ;8 >=0 @538>=0;L=K5 8=B5@5AK;

" >B@0605B ;8 >=0 25AL A?5:B@ <=5=89 :064>3> 8718@0B5;O > :0=4840B0E 8 ?0@B8-

OE (?@8 MB>< ?>4@07C<5205BAO, GB> 8718@0B5;L <KA;8B =5 B0: >4=>7=0G=>, :0:

MB> ?@54?>;0305B 1>;LH8=AB2> 8718@0B5;L=KE A8AB5<);

" C:@5?;O5B >=0 8;8 >A;01;O5B ?0@B89=>-?>;8B8G5A:CN A8AB5<C;



Соседние файлы в папке Политология