ࡱ> `bjbjss.%bbbbbbb 47ƲƲƲ8DB$@r"6666|` $h-DEb66Dbb66<b6b6bb6f  rƲP 0)())b4ܹ`^L ܹܹܹDDܹܹܹ@@@Dq@@@vD bbbbbb >AC40@AB25==0O ?>445@6:0 8=25AB8F8>==>9 45OB5;L=>AB8 2 5A?C1;8:5 0@5;8O >AA89A:0O 0:045<8O 3>AC40@AB25==>9 A;C61K ?@8 @57845=B5 >AA89A:>9 $545@0F88 !525@>-0?04=0O 0:045<8O 3>AC40@AB25==>9 A;C61K 0D54@0 M:>=><8G5A:>3> @53C;8@>20=8O 8 D8=0=A>2 >AC40@AB25==0O ?>445@6:0 8=25AB8F8>==>9 45OB5;L=>AB8 2 5A?C1;8:5 0@5;8O K?>;=8;0: ABC45=B:0 312 3@C??K D-B0 8# >;8=8=0 !. . @>25@8;: 8<0=>2 . . !0=:B-5B5@1C@3 2003  TOC \o "1-3" \h \z \u  HYPERLINK \l "_Toc191098989" 2545=85  PAGEREF _Toc191098989 \h 3  HYPERLINK \l "_Toc191098990" ;020 1. >=OB85 8=25AB8F8>==>9 45OB5;L=>AB8. 5A?C1;8:0=A:0O 8=25AB8F8>==0O 70:>=>40B5;L=0O 1070.  PAGEREF _Toc191098990 \h 4  HYPERLINK \l "_Toc191098991" 1.1. 568< 8=25AB8F8>==>3> 1;03>?@8OBAB2>20=8O  PAGEREF _Toc191098991 \h 5  HYPERLINK \l "_Toc191098992" 1. 2. 15A?5G5=85 AB018;L=>AB8 CA;>289 8=25AB8@>20=8O  PAGEREF _Toc191098992 \h 7  HYPERLINK \l "_Toc191098993" ;020 2. 1I0O E0@0:B5@8AB8:0 ?>445@6:8 8=25AB8F8>==>9 45OB5;L=>AB8 2 5A?C1;8:5 0@5;8O  PAGEREF _Toc191098993 \h 9  HYPERLINK \l "_Toc191098994" 2.1. =25AB8F8>==0O ?>;8B8:0 ?@028B5;LAB20 5A?C1;8:8 0@5;8O =0 2003-2006 33.  PAGEREF _Toc191098994 \h 10  HYPERLINK \l "_Toc191098995" 2.2. =CB@5==85 8=25AB8F88  PAGEREF _Toc191098995 \h 13  HYPERLINK \l "_Toc191098996" 2. 3. =>AB@0==K5 8=25AB8F88  PAGEREF _Toc191098996 \h 14  HYPERLINK \l "_Toc191098997" 2.3.1. 1J5:B82=K5 8 AC1J5:B82=K5 ?@8G8=K 8=25AB8F8>==>9 =5?@82;5:0B5;L=>AB8 5A?C1;8:8 0@5;8O  PAGEREF _Toc191098997 \h 14  HYPERLINK \l "_Toc191098998" 2.3.2. !>740=85 CA;>289 4;O ?@82;5G5=8O 8=>AB@0==KE 8=25AB8F89  PAGEREF _Toc191098998 \h 16  HYPERLINK \l "_Toc191098999" 0:;NG5=85  PAGEREF _Toc191098999 \h 19  2545=85 0==0O :C@A>20O @01>B0 ?>A2OI5=0 >?8A0=8N 3>AC40@AB25==>9 ?>445@6:8 8=25AB8F8>==>9 45OB5;L=>AB8 2 5A?C1;8:5 0@5;8O. @82;5G5=85 8=25AB8F89 O2;O5BAO >4=>9 87 A5@L57=KE ?@>1;5< M:>=><8G5A:>3> @0728B8O @5A?C1;8:8, AB>OI8E ?5@54 @028B5;LAB2>< 0@5;88 2 =0AB>OI55 2@5<O. 'B>1K C25;8G8BL B5<?K @>AB0 8=25AB8F89, =5>1E>48<> A>740=85 1;03>?@8OB=>3> 8=25AB8F8>==>3> :;8<0B0. -B> O2;O5BAO 206=K< =0?@02;5=85< 45OB5;L=>AB8 @028B5;LAB20 0@5;88, 2 @0<:0E :>B>@>3> A>740=0 =>@<0B82=0O ?@02>20O 1070, >15A?5G820NI0O 30@0=B88 8 ;L3>BK 8=25AB>@0<, 70I8BC ?@02 A>1AB25==8:>2. &5;L 40==>9 @01>BK  @0AA<>B@5BL 8=25AB8F8>==CN 45OB5;L=>ABL =0 B5@@8B>@88 @5A?C1;8:8, ?>:070BL, :0: @538>=0;L=K5 >@30=K 2;0AB8 ?>445@6820NB 8 @53C;8@CNB 5Q. ;O MB>3> =5>1E>48<> 2K?>;=8BL @O4 A;54CNI8E 7040G: 1. 40BL ?>=OB85 8=25AB8F8>==>9 45OB5;L=>AB8; 2. 40BL ?>=OB85 @568<C 8=25AB8F8>==>3> 1;03>?@8OBAB2>20=8O, @0AA<>B@5BL 53> >A=>2=K5 A>AB02;ONI85; 3. >E0@0:B5@87>20BL ?>445@6:C 8=25AB8F8>==>9 45OB5;L=>AB8; 4. @0AA:070BL >1 8=25AB8F8>==>9 ?>;8B8:8 0@5;88 =0 2003-2006 33. AB>G=8:0<8 4;O =0?8A0=8O @01>BK ?>A;C68;8: 0:>= 5A?C1;8:8 0@5;8O 1 8=25AB8F8>==>9 45OB5;L=>AB8 =0 B5@@8B>@88 5A?C1;8:8 0@5;8O, @>3@0<<0 A=>2=K5 =0?@02;5=8O A>F80;L=>-M:>=><8G5A:>3> @0728B8O 5A?C1;8:8 0@5;8O =0 ?5@8>4 2002-2006 33., AB0BL8 87 6C@=0;>2 -:A?5@B !525@>  0?04, <0B5@80;K 87 8=B5@=5B0. ;020 1. >=OB85 8=25AB8F8>==>9 45OB5;L=>AB8. 5A?C1;8:0=A:0O 8=25AB8F8>==0O 70:>=>40B5;L=0O 1070. =25AB8F88 - 45=56=K5 A@54AB20, F5==K5 1C<038, 8=>5 8<CI5AB2>, 2 B>< G8A;5 8<CI5AB25==K5 ?@020, 8=K5 ?@020, 8<5NI85 45=56=CN >F5=:C, 2:;04K205<K5 2 >ACI5AB2;5=85 8=25AB8F8>==KE ?@>5:B>2 A F5;LN ?>;CG5=8O ?@81K;8 (4>E>40) 8 4>AB865=8O ?>;57=>3> A>F80;L=>3> MDD5:B0. =25AB8F8>==0O 45OB5;L=>ABL - 45OB5;L=>ABL ?> 2;>65=8N 8=25AB8F89 2 8=25AB8F8>==K5 ?@>5:BK 8 >ACI5AB2;5=85 A>2>:C?=>AB8 459AB289 ?> @50;870F88 ?>A;54=8E. 568< 8=25AB8F8>==>3> 1;03>?@8OBAB2>20=8O - A>2>:C?=>ABL <5@ 3>AC40@AB25==>3> AB8<C;8@>20=8O 8=25AB8F8>==>9 45OB5;L=>AB8 ?> ?@8>@8B5B=K< =0?@02;5=8O< @0728B8O M:>=><8:8 @5A?C1;8:8.1 !>740=85 1;03>?@8OB=>3> 8=25AB8F8>==>3> :;8<0B0 2 @5A?C1;8:5 O2;O5BAO >4=8< 87 =0?@02;5=89 45OB5;L=>AB8 @028B5;LAB20 5A?C1;8:8 0@5;8O.  F5;OE C?>@O4>G5=8O <5@ 3>AC40@AB25==>9 2;0AB8 2 A>740=88 CA;>289 4;O ?@82;5G5=8O 8=25AB8F89 @028B5;LAB2>< 5A?C1;8:8 0@5;8O 2 1999 3>4C 1K;0 @07@01>B0=0 8 CB25@645=0 5A?C1;8:0=A:0O ?@>3@0<<0 @50;870F88 =0?@02;5=8O "=25AB8F8>==0O ?>;8B8:0" 2 5A?C1;8:5 0@5;8O =0 2000-2002 3>4K, ?@8=OB0O =0 >A=>20=88 8 2 @0728B85 >=F5?F88 A>F80;L=>-M:>=><8G5A:>3> @0728B8O 5A?C1;8:8 0@5;8O =0 ?5@8>4 1999-2002-2010 33.  >A=>25 @>3@0<<K - ?;0= <5@>?@8OB89, F5;LN :>B>@>3> 1K;> 70;>68BL >A=>2K MDD5:B82=>9 3>AC40@AB25==>9 8=25AB8F8>==>9 ?>;8B8:8 2 0@5;88.  A>>B25BAB288 A C:070==K< ?;0=><, 2 F5;OE A>740=8O 1;03>?@8OB=>9 70:>=>40B5;L=>9 107K 2 @5A?C1;8:5 1K;8 ?>43>B>2;5=K 8 ?@8=OBK 0:>=>40B5;L=K< !>1@0=85< 5A?C1;8:8 0@5;8O 0:>= "1 8=25AB8F8>==>9 45OB5;L=>AB8 2 5A?C1;8:5 0@5;8O", 0:>= " N465B5 @0728B8O 5A?C1;8:8 0@5;8O", 2=5A5=K A>>B25BAB2CNI85 87<5=5=8O 2 0:>= 5A?C1;8:8 0@5;8O " @5A?C1;8:0=A:8E =0;>30E 8 A1>@0E =0 B5@@8B>@88 5A?C1;8:8 0@5;8O", 345 70:@5?;5=K A>AB02;ONI85 1;03>?@8OB=>3> 8=25AB8F8>==>3> :;8<0B0 2 5A?C1;8:5 0@5;8O 2 2845 =0;>3>2KE ;L3>B. 1.1. 568< 8=25AB8F8>==>3> 1;03>?@8OBAB2>20=8O  0:>= "1 8=25AB8F8>==>9 45OB5;L=>AB8 2 5A?C1;8:5 0@5;8O" 70;>65=0 845>;>38O ?@54>AB02;5=8O @568<0 8=25AB8F8>==>3> 1;03>?@8OBAB2>20=8O >@30=870F8O< 2 @50;870F88 8=25AB8F8>==KE ?@>5:B>2, :>B>@K5 >B25G0NB CAB0=>2;5==K< 70:>=>< ?@8>@8B5B0< 8 :@8B5@8O<. 568< 8=25AB8F8>==>3> 1;03>?@8OBAB2>20=8O ?@54AB02;O5B A>1>9 A>2>:C?=>ABL <5@ 3>AC40@AB25==>3> AB8<C;8@>20=8O 8=25AB8F8>==>9 45OB5;L=>AB8 ?> ?@8>@8B5B=K< =0?@02;5=8O< @0728B8O M:>=><8:8 @5A?C1;8:8. = ?@54CA<0B@8205B A;54CNI85 <5@K (?@8 MB>< ?>4 8=25AB>@>< ?>4@07C<5205BAO ?@54?@8OB85, 2:;04K20NI55 A>1AB25==K5 8 ?@82;5G5==K5 (705<=K5) A@54AB20 2 @50;870F8N A2>53> 8=25AB8F8>==>3> ?@>5:B0 8 70@538AB@8@>20==>5 :0: =0;>3>?;0B5;LI8: =0 B5@@8B>@88 5A?C1;8:8 0@5;8O): 1) ?@54>AB02;5=85 8=25AB>@0< 8 10=:0< =0;>3>2KE ;L3>B ?> @538>=0;L=K< =0;>30<, 0 B0:65 ?> D545@0;L=K< =0;>30< 2 G0AB8, 70G8A;O5<>9 2 @5A?C1;8:0=A:89 1N465B, 2 A>>B25BAB288 A =0;>3>2K< 70:>=>40B5;LAB2>< 8 B>;L:> 2 A;CG0OE 8 ?>@O4:5, ?@54CA<>B@5==KE D545@0;L=K< 70:>=>40B5;LAB2><, ?@8 CA;>288 >1O70B5;L=>3> 2545=8O >B45;L=>3> 1CE30;B5@A:>3> CG5B0 >?5@0F89 (4>E>4>2 8 @0AE>4>2), >ACI5AB2;O5<KE ?> @50;870F88 :>=:@5B=KE 8=25AB8F8>==KE ?@>5:B>2; 2) ?@54>AB02;5=85 8=25AB>@0< 3>AC40@AB25==KE 30@0=B89, >15A?5G5==KE 0:B820<8 30@0=B89=>3> 70;>3>2>3> D>=40 8 A@54AB20<8 @5A?C1;8:0=A:>3> 1N465B0 5A?C1;8:8 0@5;88 2 ?>@O4:5, ?@54CA<>B@5==>< @028B5;LAB2>< 5A?C1;8:8 0@5;8O; 3) ?>445@6:0 E>40B09AB2 8 >1@0I5=89 8=25AB>@>2 2 D545@0;L=K5 >@30=K 2;0AB8 >AA89A:>9 $545@0F88, >@30=K, @53C;8@CNI85 F5=>>1@07>20=85 =0 CA;C38 5AB5AB25==KE <>=>?>;89, 10=:8 8 4@C385 :@548B=K5 CG@5645=8O > ?@8<5=5=88 2 >B=>H5=88 8=25AB>@>2 A> A2>59 AB>@>=K @568<0 8=25AB8F8>==>3> 1;03>?@8OBAB2>20=8O; 4) >:070=85 A>459AB28O 8 A>?@>2>645=85 >@30=0<8 3>AC40@AB25==>9 2;0AB8 5A?C1;8:8 0@5;8O ?@>F54C@K >1@07>20=8O 8 AB0=>2;5=8O N@848G5A:8E ;8F, 0 B0:65 @50;870F88 8=25AB8F8>==KE ?@>5:B>2; 5) ?@54>AB02;5=85 =0 2>72@0B=>9, A@>G=>9, ?;0B=>9 8 ;L3>B=>9 >A=>25 :@548B=KE @5AC@A>2 (1N465B=KE :@548B>2) 87 A@54AB2 N465B0 @0728B8O 5A?C1;8:8 0@5;8O ?> A>3;0A>20==K< 8=25AB8F8>==K< ?@>5:B0<, >B>1@0==K< =0 :>=:C@A=>9 >A=>25; 6) ?@54>AB02;5=85 8=25AB>@0< 8=25AB8F8>==KE =0;>3>2KE :@548B>2. @8 MB>< ?@8>@8B5B=K<8 =0?@02;5=8O<8 4;O ?@54>AB02;5=8O @568<0 8=25AB8F8>==>3> 1;03>?@8OBAB2>20=8O ?@8=OBK: -?@>872>4AB2> ?@>4C:F88, =5 8<5NI59 70@C156=KE 0=0;>3>2 (?@8 CA;>288 ?0B5=B=>9 70I8I5==>AB8); -?@>872>4AB2> B>20@>2 =0 M:A?>@B =5AK@L52KE >B@0A;59; -C3;C1;5==0O ?5@5@01>B:0 4@525A8=K, ?@>872>4AB2> AB@>9<0B5@80;>2, :0<=5?5@5@01>B:0; -?@>872>4AB2> ?@>4>2>;LAB25==>9 ?@>4C:F88; -@0728B85 B@0=A?>@B=>9 8=D@0AB@C:BC@K; -@0728B85 BC@87<0; -C;CGH5=85 M:>;>38G5A:>9 >1AB0=>2:8 =0 B5@@8B>@88 @5A?C1;8:8. @><5 B>3>, 2 0:>=5 1K;8 ?@8=OBK A;54CNI85 :@8B5@88 :>=:C@A=>3> >B1>@0 8=25AB8F8>==KE ?@>5:B>2 4;O ?@54>AB02;5=8O @568<0 8=25AB8F8>==>3> 1;03>?@8OBAB2>20=8O: -8=25AB8F88 2 >1J5:BK ?@>872>4AB25==>9 AD5@K 8 A5;LA:>3> E>7O9AB20 @5A?C1;8:8; -C25;8G5=85 @01>G8E <5AB; -?@8@>AB AC<<0@=KE >BG8A;5=89 2 :>=A>;848@C5<K9 @5A?C1;8:0=A:89 1N465B ?>A;5 >:>=G0=8O 459AB28O =0;>3>2KE ;L3>B. 568< 8=25AB8F8>==>3> 1;03>?@8OBAB2>20=8O ?@54>AB02;O5BAO ?CB5< 70:;NG5=8O A>3;0H5=8O A 8=8AB5@AB2>< M:>=><8:8 5A?C1;8:8 0@5;8O. 1O70B5;L=K< CA;>285< O2;O5BAO =0;8G85 @07@01>B0==>3> 187=5A-?;0=0 8=25AB8F8>==>3> ?@>5:B0, 4>:07K20NI53> 157>?0A=>ABL 8 MDD5:B82=>ABL 8=25AB8F89. 568< 8=25AB8F8>==>3> 1;03>?@8OBAB2>20=8O ?@54>AB02;O5BAO 8=25AB>@0< 8 10=:0< 2=5 7028A8<>AB8 >B >@30=870F8>==> - ?@02>2KE D>@< 8 D>@< A>1AB25==>AB8.1 >AC40@AB25==0O ?>445@6:0 8=25AB8F8>==>9 45OB5;L=>AB8 2 5A?C1;8:5 0@5;8O >ACI5AB2;O5BAO >15A?5G5=85< AB018;L=>AB8 CA;>289 8=25AB8@>20=8O 8 70I8BK 8=B5@5A>2 8=25AB>@>2 ?> 8=25AB8F8>==K< ?@>5:B0<, @50;87C5<K< =0 B5@@8B>@88 5A?C1;8:8 0@5;8O, 8 ?@54>AB02;5=85< @568<0 8=25AB8F8>==>3> 1;03>?@8OBAB2>20=8O 8=25AB>@0<, @50;87CNI8< 8=25AB8F8>==K5 ?@>5:BK 2 A>>B25BAB288 A 8=25AB8F8>==K< A>3;0H5=85< A @028B5;LAB2>< 5A?C1;8:8 0@5;8O (C?>;=><>G5==K< >@30=>< 8A?>;=8B5;L=>9 2;0AB8). 1. 2. 15A?5G5=85 AB018;L=>AB8 CA;>289 8=25AB8@>20=8O 15A?5G5=85 AB018;L=>AB8 CA;>289 8=25AB8@>20=8O 8 70I8BK ?@02, ?@54>AB02;5==KE 8=25AB>@0< 70:>=>40B5;LAB2>< >AA89A:>9 $545@0F88 8 5A?C1;8:8 0@5;8O, 2:;NG05B 2 A51O A;54CNI55: 1) A>E@0=5=85 2 A8;5 CA;>289 8=25AB8@>20=8O 8 8A?>;=5=8O 4>3>2>@>2 4> ?>;=>3> 8E 8A?>;=5=8O 2 A;CG0OE ?@8=OB8O 70:>=>40B5;L=KE 8 8=KE =>@<0B82=KE 0:B>2 5A?C1;8:8 0@5;8O 8;8 >@30=>2 <5AB=>3> A0<>C?@02;5=8O, ?>;>65=8O :>B>@KE >3@0=8G820NB ?@020 8=25AB>@>2, CEC4H0NB C:070==K5 CA;>28O 8=25AB8@>20=8O, ?@54>AB02;O5<K5 8< ?> @0=55 70:;NG5==K< 4>3>2>@0<. #:070==0O =>@<0 =5 @0A?@>AB@0=O5BAO =0 A;CG08, :>340 70:>=>40B5;LAB2>< 5A?C1;8:8 0@5;8O 2=>AOBAO 87<5=5=8O 2 AB0=40@BK (=>@<K, ?@028;0) ?> 157>?0A=><C 2545=8N @01>B, >E@0=5 =54@, >:@C60NI59 ?@8@>4=>9 A@54K 8 74>@>2LN =0A5;5=8O, 2 B>< G8A;5 2 F5;OE ?@82545=8O 8E 2 A>>B25BAB285 A 0=0;>38G=K<8 AB0=40@B0<8 (=>@<0<8, ?@028;0<8), ?@8=OBK<8 8 >1I5?@87=0==K<8 2 <564C=0@>4=>9 ?@0:B8:5; 2) 30@0=B8O 70I8BK >B =570:>==KE 459AB289 >@30=>2 3>AC40@AB25==>9 2;0AB8 8 >@30=>2 <5AB=>3> A0<>C?@02;5=8O, 8E 4>;6=>AB=KE ;8F. @30=K 3>AC40@AB25==>9 2;0AB8 8 >@30=K <5AB=>3> A0<>C?@02;5=8O, 8E 4>;6=>AB=K5 ;8F0 =5 2?@025 >3@0=8G820BL ?@020 8=25AB>@>2 2 2K1>@5 >1J5:B>2 8=25AB8@>20=8O, 70 8A:;NG5=85< A;CG052, ?@54CA<>B@5==KE 459AB2CNI8< 70:>=>40B5;LAB2>< >AA89A:>9 $545@0F88 8 =0AB>OI8< 0:>=><.  A;CG0OE =570:>==KE 459AB289 >@30=>2 3>AC40@AB25==>9 2;0AB8 5A?C1;8:8 0@5;8O, >@30=>2 <5AB=>3> A0<>C?@02;5=8O, 4>;6=>AB=KE ;8F MB8E >@30=>2, >3@0=8G820NI8E ?@020 8=25AB>@>2, >1CA;>2;5==K5 MB8<8 459AB28O<8 C1KB:8 8=25AB>@0 ?>4;560B 2>7<5I5=8N 2 AC451=>< ?>@O4:5; 3) =54>?CAB8<>ABL =0F8>=0;870F88 8 @5:2878F88 8=25AB8F89, >1J5:B>2 8=25AB8F89, 0 B0:65 ?@8<5=5=8O <5@, @02=KE C:070==K< ?> ?>A;54AB28O<, 157 ?>;=>3> ?@5420@8B5;L=>3> 2>7<5I5=8O 8=25AB>@C 2A5E C1KB:>2, ?@8G8=5==KE >BGC645=85< 8=25AB8F89, >1J5:B>2 8=25AB8F89, 8 B>;L:> =0 >A=>20=88 70:>=>40B5;L=KE 0:B>2, 459AB2CNI8E =0 B5@@8B>@88 >AA89A:>9 $545@0F88 8 5A?C1;8:8 0@5;8O; 4) ?@54>AB02;5=85 AB@0E>2K< >@30=870F8O<, AB@0ECNI8< :><<5@G5A:85 @8A:8 ?> 8=25AB8F8>==K< ?@>5:B0<, @50;87C5<K< =0 B5@@8B>@88 5A?C1;8:8 0@5;8O, =0;>3>2KE ;L3>B ?> ?;0B560<, 70G8A;O5<K< 2 @5A?C1;8:0=A:89 1N465B 8 2 "5@@8B>@80;L=K9 4>@>6=K9 D>=4 5A?C1;8:8 0@5;8O 2 A>>B25BAB288 A =0;>3>2K< 70:>=>40B5;LAB2><, ?@8 CA;>288 >1O70B5;L=>3> 2545=8O >B45;L=>3> 1CE30;B5@A:>3> CG5B0 >?5@0F89 (4>E>4>2 8 @0AE>4>2), >ACI5AB2;O5<KE ?> AB@0E>20=8N :><<5@G5A:8E @8A:>2 ?> :>=:@5B=K< 8=25AB8F8>==K< ?@>5:B0<. 0;>3>2K5 ;L3>BK ?@8 ?@54>AB02;5=88 @568<0 8=25AB8F8>==>3> 1;03>?@8OBAB2>20=8O ?@54CA<>B@5=K A;54CNI8<8: 1) ?@54>AB02;O5BAO ;L3>B0 ?> =0;>3C =0 8<CI5AB2>, A>740==>5 2 @57C;LB0B5 @50;870F88 8=25AB8F8>==>3> ?@>5:B0 (?>;=>5 >A2>1>645=85 >B =0;>30).  =0AB>OI55 2@5<O AB02:0 =0;>30 =0 8<CI5AB2> A>AB02;O5B 2% >B A@54=53>4>2>9 AB>8<>AB8 8<CI5AB20. L3>B0 ?@54>AB02;O5BAO =0 ?5@8>4 D0:B8G5A:>9, => =5 1>;55 @0AG5B=>9 ?> 187=5A-?;0=C >:C?05<>AB8 8=25AB8F89 8 =5 1>;55 5 ;5B. @><5 B>3>, ?>A;5 7025@H5=8O ?5@8>40 >:C?05<>AB8, ?@54>AB02;O5BAO 4>?>;=8B5;L=K9 ;L3>B=K9 ?5@8>4, => =5 1>;55 2 ;5B 8 B>;L:> =0 10;0=A>2CN AB>8<>ABL >A=>2=KE D>=4>2, A>740==KE ?> 8=25AB8F8>==><C ?@>5:BC; 2) AB02:0 =0;>30 =0 ?@81K;L >B @50;870F88 ?@>4C:F88 ?>A;5 >ACI5AB2;5=8O 8=25AB8F8>==>3> ?@>5:B0 A>AB02;O5B 4;O 8=25AB>@>2 10,5%, 0 =5 14,5% :0: 4;O 2A5E >AB0;L=KE =0;>3>?;0B5;LI8:>2 8 ?@54>AB02;O5BAO B0:65 =0 ?5@8>4 >:C?05<>AB8 8=25AB8F89. AE>4O 87 ?@8=F8?0, GB> B5@@8B>@8O B>;L:> B>340 A<>65B ?@82;5GL 8=25AB8F88 872=5, :>340 A0<0 1C45B ?@>2>48BL 0:B82=CN 3>AC40@AB25==CN ?>445@6:C 8=25AB>@>2 G5@57 A>D8=0=A8@>20=85 (@0745;5=85 A 8=25AB>@>< 2>7<>6=KE @8A:>2) 8;8 ?@54>AB02;5=85 3>AC40@AB25==KE 30@0=B89, 2 @5A?C1;8:5 ?@8=OB 0:>= " N465B5 @0728B8O 5A?C1;8:8 0@5;8O". !>3;0A=> 40==><C 70:>=C ?> 8B>30< :>=:C@A=>3> >B1>@0 8=25AB8F8>==KE ?@>5:B>2 2>7<>6=> ?@54>AB02;5=85 3>AC40@AB25==>9 ?>445@6:8 2 2845 =5?>A@54AB25==>3> 8=25AB8@>20=8O ?CB5< ?@54>AB02;5=8O :@548B=KE @5AC@A>2 ?>4 3>4>2K5 ?@>F5=BK 2 @07<5@5 1/3 AB02:8 @5D8=0=A8@>20=8O &5=B@0;L=>3> 0=:0 >AA89A:>9 $545@0F88 8 =5 1>;55 50% =5>1E>48<KE ?> 187=5A-?;0=C 8=25AB8F8>==>3> ?@>5:B0 A@54AB2 8;8 ?CB5< ?@54>AB02;5=8O 3>AC40@AB25==>9 30@0=B88 5A?C1;8:8 0@5;8O (>15A?5G5==>9 A@54AB20<8 N465B0 @0728B8O ) ?>4 2K45;O5<K5 10=:0<8 (8=K<8 8AB>G=8:0<8 8=25AB8F8>==>3> :@548B>20=8O) :@548BK 4;O @50;870F88 8=25AB8F8>==KE ?@>5:B>2. >:C<5=BK 4;O CG0AB8O 2 :>=:C@A5 =0 >:070=85 3>AC40@AB25==>9 ?>445@6:8 70 AG5B A@54AB2 N465B0 @0728B8O 5A?C1;8:8 0@5;8O ?@54>AB02;ONBAO >@30=870F8O<8 2 8=8AB5@AB2> M:>=><8:8 0@5;88 4> 1 8N;O 3>40, ?@54H5AB2CNI53> 3>4C 70?@0H8205<>9 ?>445@6:8. 5 4>?CA:0NBAO : CG0AB8N 2 :>=:C@A5 >@30=870F88, 8<5NI85: ?@>A@>G5==CN 704>;65==>ABL ?> @0=55 ?@54>AB02;5==K< 87 @5A?C1;8:0=A:>3> 1N465B0 A@54AB20< =0 2>72@0B=>9 >A=>25; =54>8<:C ?> =0;>3>2K< ?;0B560< 2 1N465BK 2A5E C@>2=59 8 3>AC40@AB25==K5 2=51N465B=K5 D>=4K, 0 B0:65 =5C4>2;5B2>@8B5;L=CN AB@C:BC@C 10;0=A0. @8 70?@0H820=88 D8=0=A8@>20=8O 87 N465B0 @0728B8O 5A?C1;8:8 0@5;8O =5>1E>48<> ?>4B25@48BL =0;8G85 4@C38E 8AB>G=8:>2 2 @07<5@5 =5 <5=55 50% >B >1I53> >1J5<0 8=25AB8F8>==KE 70B@0B. "0:8< >1@07><, 70 ?5@8>4 A 1998 3. ?> 2001 3. 2 5A?C1;8:5 0@5;8O 1K;0 A>740=0 70:>=>40B5;L=0O 1070 2 8=25AB8F8>==>9 AD5@5, :>B>@0O ?>72>;8;0 70=OBL @5A?C1;8:5 11->5 <5AB> A@548 AC1J5:B>2 >AA89A:>9 $545@0F88 ?> @59B8=3C <8=8<0;L=>3> 70:>=>40B5;L=>3> @8A:0. >;55 B>3>, A>3;0A=> <>=8B>@8=3C 8=8AB5@AB20 M:>=><8G5A:>3> @0728B8O 8 B>@3>2;8 >AA89A:>9 $545@0F88 0@5;8O 2 ?5@5AG5B5 8=25AB8F89 =0 4CHC =0A5;5=8O 70=8<05B 2KA>:>5 <5AB> 8, 5A;8 A@02=820BL @5A?C1;8:C A @538>=0<8, >B;8G0NI8<8AO 2KA>:8< C@>2=5< @0728B8O (>A:20, !0=:B-5B5@1C@3, !0<0@A:0O >1;0ABL, "0B0@AB0= 8 4@C385), B> 87 25 B0:8E @538>=>2 0@5;8O CABC?05B B>;L:> 8. 5A?C1;8:0 0@5;8O >?5@548;0 ?> MB><C ?>:070B5;N B0:85 1;03>?>;CG=K5 AC1J5:BK $ :0: 0H:8@8N, !0=:B-5B5@1C@3, 5;3>@>4A:CN, "N<5=A:CN, 8653>@>4A:CN, !0<0@A:CN >1;0AB8. 1J5< 8=25AB8F89 =0 4CHC =0A5;5=8O 2 @5A?C1;8:5 ?@52KH05B A@54=5@>AA89A:89 C@>25=L =0 6,3% (2 0@5;88 8,4 BKA. @C1;59 =0 G5;>25:0, 0 2 >AA88 - 7,9 BKA. @C1;59 =0 G5;>25:0). 0 A53>4=OH=89 45=L @01>B0 8=8AB5@AB20 M:>=><8:8 5A?C1;8:8 0@5;8O =0?@02;5=0 =0 40;L=59H55 A>25@H5=AB2>20=85 8=25AB8F8>==>9 ?>;8B8:8. 545BAO ?>43>B>2:0 : D>@<8@>20=8N ?@>3@0<<K 8=25AB8F8>==>9 ?>;8B8:8 =0 ?5@8>4 2003- 2006 3>4K. -B>, ?@5645 2A53>, A>740=85 8=AB8BCF8>=0;L=>9 8=D@0AB@C:BC@K 2 8=25AB8F8>==>9 AD5@5.  2001 3>4C 8=8AB5@AB2>< M:>=><8:8 5A?C1;8:8 0@5;8O ?>43>B>2;5=0 :>=F5?F8O ?@>5:B0 A>740=8O 8=25AB8F8>==>9 :>=A0;B8=3>2>9 :><?0=88 A CG0AB85< 3>AC40@AB20. @>5:B 2K7K205B 8=B5@5A A@548 :@548B=KE >@30=870F89, C AB@0E>2KE :><?0=89 8 ?@54?@8OB89 @50;L=>3> A5:B>@0 M:>=><8:8. ;02=>9 F5;LN A>740=8O ?>4>1=>9 :><?0=88 O2;O5BAO >:070=85 2A52>7<>6=>9 ?><>I8 :0: ?>B5=F80;L=K< 8=25AB>@0< 2 ?>8A:5 >1J5:B>2 8=25AB8F89 =0 B5@@8B>@88 0@5;88, B0: 8 C65 DC=:F8>=8@CNI8< ?@54?@8OB8O< 2 ?>8A:5 8=25AB>@>2.  AB0488 D>@<8@>20=8O =0E>48BAO 0B0;>3 A2>1>4=KE 8=4CAB@80;L=KE ?;>I04>: 4;O AB@0B538G5A:8E 8=25AB>@>2. '0ABL ?@54;>65=89 MB>3> 0B0;>30 1K;> =0?@02;5=> 2 <8=8AB5@AB2> M:>=><8G5A:>3> @0728B8O 8 B>@3>2;8 $, 345 2K720;> ?>2KH5==K9 8=B5@5A, 2 B>< G8A;5 8 ?@8 ?@>42865=88 MB>9 8=D>@<0F88 : ?>B5=F80;L=K< 8=25AB>@0<.[1] ;020 2. 1I0O E0@0:B5@8AB8:0 ?>445@6:8 8=25AB8F8>==>9 45OB5;L=>AB8 2 5A?C1;8:5 0@5;8O  >1;0AB8 8=25AB8F89 45OB5;L=>ABL @028B5;LAB20 5A?C1;8:8 0@5;8O =0?@02;5=0 =0 A>740=85 1;03>?@8OB=>3> 8=25AB8F8>==>3> :;8<0B0, ?@82;5:0B5;L=>9 70:>=>40B5;L=>9 8 =0;>3>2>9 A@54K 4;O 8=25AB>@>2 =0 B5@@8B>@88 @5A?C1;8:8, >15A?5G820NI59 157>?0A=>ABL 8 70I8BC 8=25AB8F89, AB018;L=>ABL 8 ?@54A:07C5<>ABL 4;O 8=25AB8F8>==>9 45OB5;L=>AB8.  @57C;LB0B5 MB>3> 70 ?5@8>4 A 19983. ?> 20013. 48=0<8:0 8=25AB8F89 2 >A=>2=>9 :0?8B0; ?@8>1@5;0 ?>;>68B5;L=CN B5=45=F8N. 2.1. =25AB8F8>==0O ?>;8B8:0 ?@028B5;LAB20 5A?C1;8:8 0@5;8O =0 2003-2006 33.  =0G0;5 <0@B0 2003 3>40 =0 70A540=88 ?@028B5;LAB20 5A?C1;8:8 0@5;8O 1K;0 ?@8=OB0 ?@>3@0<<0 "=25AB8F8>==0O ?>;8B8:0 ?@028B5;LAB20 5A?C1;8:8 0@5;8O =0 2003-2006 3>4K". =25AB8F8>==0O ?@>3@0<<0 - >48= 87 206=59H8E 4>:C<5=B>2. B 55 @50;870F88 2> <=>3>< 7028A8B, :0: 40;LH5 1C45B @072820BLAO @5A?C1;8:0. !53>4=O @5A?C1;8:0 8<55B 45D8F8B 1N465B0 8 =5>1E>48<> 8A:0BL 2=CB@5==85 @575@2K 4;O 53> ?>?>;=5=8O. -B><C :0: @07 8 <>65B A?>A>1AB2>20BL CA?5H=>5 2K?>;=5=85 =0<5G5==KE ?@>3@0<<>9 459AB289. @>3@0<<0 "=25AB8F8>==0O ?>;8B8:0 ?@028B5;LAB20 5A?C1;8:8 0@5;8O =0 2003-2006 33." 2K?>;=5=0 A CG5B>< ?@8>@8B5B0 2 >1;0AB8 M:>=><8G5A:>9 ?>;8B8:8 - ?>2KH5=8O 8=25AB8F8>==>9 ?@82;5:0B5;L=>AB8 @5A?C1;8:8, 55 @09>=>2, :064>9 >B@0A;8. ;02=K< @57C;LB0B>< @50;870F88 B0:>9 ?>;8B8:8 4>;6=K AB0BL >682;5=85 8=25AB8F8>==>9 45OB5;L=>AB8 ACI5AB2CNI8E ?@54?@8OB89, ?@8B>: 2 @5A?C1;8:C 2=5H=8E 8=25AB8F89, :0: G0AB=KE (>B5G5AB25==KE, 8=>AB@0==KE), B0: 8 70 AG5B A@54AB2 D545@0;L=>3> 1N465B0. 0==0O ?@>3@0<<0 - MB> 8=AB@C<5=B, >1O70==K9 >15A?5G8BL 2K?>;=5=85 =0<5G5==KE F5;59 ?> 42C:@0B=><C @>ABC 8=25AB8F89 2 >A=>2=>9 :0?8B0; : 2006 3>4C. 0G8=0O A 1999 3>40, 2 @5A?C1;8:5 =01;N405BAO ACI5AB25==K9 @>AB 8=25AB8F89.  @0AG5B5 =0 4CHC =0A5;5=8O ?> !525@>-0?04=><C D545@0;L=><C >:@C3C, 0@5;8O ?> 8B>30< 2002 3>40 2KH;0 =0 ?5@2>5 <5AB> ?> 8=25AB8F8O< 2 >A=>2=>9 :0?8B0; 8 70=8<05B G5B25@B>5 <5AB> ?> >1J5<0< 8=25AB8F89 ?> D545@0;L=>9 8=25AB8F8>==>9 ?@>3@0<<5. 4=0:>, ?@8 2=5H=5 1;03>?@8OB=KE B5<?0E @>AB0 8=25AB8F89, ?>2>4>2 4;O 15A?>:>9AB20 1>;55 G5< 4>AB0B>G=>. 5@2>5. G5284=>, GB> M:>=><8G5A:89 @>AB 1998-2001 3>4>2, :>B>@K9 =>A8; M:AB5=A82=K9 E0@0:B5@, 70:>=G8;AO. >;>68B5;L=K5 D0:B>@K 45D>;B0 1998 3>40 B0:65 8AG5@?0=K.  MB> 2@5<O B5<? @>AB0 >1J5<>2 ?@><KH;5==>9 ?@>4C:F88 =5 1K; 045:20B5= 2;>65==K< 8=25AB8F8O< ?> B>9 ?@8G8=5, GB> 3;02=>9 7040G59 >AB020;0AL 703@C7:0 C65 8<5NI8EAO ?@>872>4AB25==KE <>I=>AB59, =5 B@51>202H0O 1>;LH8E 70B@0B, =5>1E>48<KE 4;O AB@>8B5;LAB20 ?@8=F8?80;L=> =>2KE <>I=>AB59. B>@>5. A=>2=K< 8AB>G=8:>< 8=25AB8F89, A>3;0A=> 40==K< 3>AC40@AB25==>9 AB0B8AB8:8, O2;ONBAO A>1AB25==K5 A@54AB20 ?@54?@8OB89 (4> 70% >B 2A53> >1J5<0 8=25AB8F89). 0 D>=5 A=865=8O B0:8E D8=0=A>2KE ?>:070B5;59, :0: ?@81K;L ?@54?@8OB89, 4065 15@O 2> 2=8<0=85 4@C3>9 206=K9 8AB>G=8: A@54AB2 - 0<>@B870F8>==K5 >BG8A;5=8O, =0?@0H8205BAO 2K2>4, GB> B>;L:> 70 AG5B A>1AB25==KE A@54AB2 :0@5;LA:8E ?@54?@8OB89 =52>7<>6=> @048:0;L=> 87<5=8BL ?>;>65=85 : ;CGH5<C 2 =0@0I820=88 >1J5<>2 ?@>872>4AB20, 4065 2 4>AB0B>G=> AB018;L=KE <0:@>M:>=><8G5A:8E CA;>28OE. "@5BL5. !B@C:BC@0 <>B820F88 8=25AB8F8>==>9 45OB5;L=>AB8, A>AB02;5==0O 0F8>=0;L=K< 10=:><  =0 >A=>25 ?@>2>48<KE >?@>A>2, ?>:07K205B, GB> >?8@0OAL =0 A>1AB25==K5 A@54AB20 8 2>7<>6=>AB8, A53>4=OH=85 :0@5;LA:85 ?@54?@8OB8O 8 8E A>1AB25==8:8 >@85=B8@>20=K ?>:0 B>;L:> =0 ?>445@60=85 M:A?;C0B0F88 8<5NI8EAO <>I=>AB59, @0AH8@5=85 8 <>48D8:0F8N ACI5AB2CNI53> ?@>872>4AB20. !>740=85 ?@8=F8?80;L=> =>2KE B>20@>2 8 ?@>872>4AB2 157 ?@82;5G5=8O AB>@>==8E (2=5H=8E) 8AB>G=8:>2 D8=0=A8@>20=8O A59G0A ?@0:B8G5A:8 =52>7<>6=>. @><5 B>3>, C ACI5AB2CNI8E ?@54?@8OB89 8 8E A>1AB25==8:>2 5ABL ACI5AB25==>5 >?0A5=85, A45@6820NI55 ?@82;5G5=85 2=5H=8E 8=25AB>@>2. -B> =5<0;K9 @8A: ?5@5@0A?@545;5=8O A>1AB25==>AB8 2 ?>;L7C ?>A;54=8E. '5B25@B>5. !B@C:BC@0 8=25AB8F89 2 0@5;88 ?>:07K205B: 2 ?>A;54=85 3>4K 2A5 1>;LHCN 4>;N 70=8<0NB 8=25AB8F88 >B@0A;59, >:07K20NI8E @K=>G=K5 8 =5@K=>G=K5 CA;C38. >402;ONICN G0ABL 745AL A>AB02;ONB 8=25AB8F88 2 65;57=>4>@>6=CN 8=D@0AB@C:BC@C - ?@>5:B, :>B>@K9 =5 <>65B 1KBL 15A:>=5G=K<. >MB><C C65 A53>4=O =5>1E>48<K MDD5:B82=K5 <5@K ?> 045:20B=><C 2>A?>;=5=8N MB8E >1J5<>2 8=25AB8F89. OB>5. 0G8=0O A 2001 3>40 ?@>87>H5; A?04 >1J5<>2 8=25AB8F89 2 >A=>2=>9 :0?8B0; ?@><KH;5==>AB8. #@>25=L 2002 3>40 (2,46 <;@4. @C1.) =5A:>;L:> ?@52KA8; @57C;LB0B 2001 3>40 (2,05 <;@4. @C1;59), => >= =5 4>AB83 C@>2=O 2000 3>40 (2,66 <;@4. @C1.). @><KH;5==>ABL - >A=>20 M:>=><8:8 8 B0:>5 =5CAB>9G82>5 8=25AB8@>20=85 ?@><KH;5==KE ?@54?@8OB89 2K7K205B >1>A=>20==>5 15A?>:>9AB2>. , =0:>=5F, H5AB>5. 0AH8@5=85 ?@>872>4AB25==>9 107K M:>=><8:8 70 AG5B @0728B8O 8=25AB8F8>==>9 45OB5;L=>AB8 - =5>1E>48<>5 2 =0AB>OI55 2@5<O CA;>285 4;O >15A?5G5=8O @>AB0 4>E>4>2 1N465B>2 2A5E C@>2=59. 5 A;CG09=> ?@028B5;LAB2> 5A?C1;8:8 0@5;8O =0AB@>5=> =0 1>;55 8=B5=A82=K5 <5B>4K >ACI5AB2;5=8O 8=25AB8F8>==>9 ?>;8B8:8, =0F5;5==>9 =5 B>;L:> =0 0:B82870F8N 2=CB@5==8E, >3@0=8G5==KE 8=25AB8F89 :0@5;LA:8E ?@54?@8OB89, =>, 3;02=K< >1@07><, =0 ?@82;5G5=85 8=25AB8F89 87-70 ?@545;>2 @5A?C1;8:8.  A>60;5=8N, 4;O 1>;LH8=AB20 :0@5;LA:8E ?@54?@8OB89 ?>;CG5=85 8=25AB8F89 A53>4=O 5I5 =5 AB0;> ?@8>@8B5B><. =25AB>@, 1C4L B> @>AA89A:89 8;8 70@C156=K9, ?@54?>G8B05B 2:;04K20BL A@54AB20 2 >B:@KBK9 187=5A, 2 ?@54A:07C5<>3> ?0@B=5@0.  4;O <=>38E @C:>2>48B5;59 ?@54?@8OB89 AB@0B538G5A:>5 ?;0=8@>20=85 ?@>872>4AB20, 53> @0728B85 8 <>45@=870F8O, =52>7<>6=K5, :0: C65 3>2>@8;>AL, 157 2;>65=8O =5<0;KE 45=56=KE A@54AB2, ?>:0, ?>E>65 >AB0NBAO "B09=>9" 70 A5<LN ?5G0BO<8. >MB><C ?@028B5;LAB2C 5A?C1;8:8 0@5;8O ?@845BAO =5@54:> AB8<C;8@>20BL 8=25AB8F8>==K9 ?@>F5AA 2A5<8 4>ABC?=K<8 <5B>40<8. ;02=0O @>;L 8A?>;=8B5;L=>9 2;0AB8 2A5E C@>2=59 - D>@<8@>20=85 1;03>?@8OB=>9 8=25AB8F8>==>9 A@54K, 70:>=>40B5;L=>5 ?>>I@5=85 8=25AB8F89, >:070=85 A>459AB28O 8=25AB>@C, A=OB85 2>7<>6=KE 04<8=8AB@0B82=KE 10@L5@>2 =0 ?CB8 187=5A0 8 B.4. >MB><C >4=8< 87 3;02=KE =0?@02;5=89 @01>BK ?@028B5;LAB20 5A?C1;8:8 0@5;8O O2;O5BAO =0;06820=85 G5B:>3> 2708<>459AB28O <564C B@5<O C@>2=O<8 8A?>;=8B5;L=>9 2;0AB8 (<5AB=>9, @5A?C1;8:0=A:>9 8 B5@@8B>@80;L=K<8 >@30=0<8 D545@0;L=KE >@30=>2 2;0AB8), A F5;LN ?@54>B2@0I5=8O A;CG052 >B:070 >B 8=25AB8@>20=8O =0 B5@@8B>@88 0@5;88 ?> 04<8=8AB@0B82=K< ?@8G8=0<.  MB>< =0?@02;5=88 =0<5G5=> @50;87>20BL F5;K9 :><?;5:A <5@. 06=K< =0?@02;5=85< @01>BK ?> >682;5=8N 8=25AB8F8>==>9 45OB5;L=>AB8 O2;O5BAO 8 A>25@H5=AB2>20=85 2708<>459AB28O 2A5E 708=B5@5A>20==KE >@30=>2 8A?>;=8B5;L=>9 2;0AB8 5A?C1;8:8 0@5;8O ?> ?>2KH5=8N 8=25AB8F8>==>9 ?@82;5:0B5;L=>AB8 :064>9 87 >B@0A;59 M:>=><8:8 @5A?C1;8:8. @54AB>8B 2K@01>B0BL MDD5:B82=K5 <5@K ?> A=865=8N 8=25AB8F8>==KE @8A:>2, ?>2KH5=8N 8=25AB8F8>==>3> ?>B5=F80;0. !;54C5B CG8BK20BL 8 1;03>?@8OB=>5 35>3@0D8G5A:>5 ?>;>65=85 0@5;88, B0: =07K205<K9 ?@83@0=8G=K9 D0:B>@. 5A?C1;8:0 A53>4=O 2A5 1>;LH5 @0AA<0B@8205BAO 70?04=K<8 :0<?0=8O<8, :0: @538>=, ?>B5=F80;L=> C4>1=K9 4;O @07<5I5=8O G0AB8 ?@>872>4AB2 =0 55 B5@@8B>@88, GB> 405B ACI5AB25==>5 A=865=85 8745@65: ?@8 ?@>872>4AB25==>9 :>>?5@0F88.  $8=;O=488 8745@6:8 ?@>872>4AB20 @0ABCB A59G0A 1KAB@K<8 B5<?0<8 2 A2O78 A C=8D8:0F859 70:>=>40B5;LAB20 2@>?59A:>3> !>N70. >MB><C C65 A53>4=O 2 0@5;88 A>740NBAO ?@>872>4AB20 A :>>?5@0F859 8 ?5@5@01>B:>9 B>20@>2 ?>4 B0<>65==K< :>=B@>;5<, 84CB ?5@53>2>@K A @O4>< :@C?=KE D8@< > 2>7<>6=>< @07<5I5=88 ?@>872>4AB2 2 ?@83@0=8G=KE 7>=0E @5A?C1;8:8. !>2<5AB=> A >B@0A;52K<8 <8=8AB5@AB20<8 =5>1E>48<> 3@0<>B=>, 2 ?>;=>< >1J5<5 8A?>;L7>20BL MB>B H0=A 4;O >1=>2;5=8O >A=>2=KE D>=4>2. 06=59H8< 8=25AB8F8>==K< @5AC@A>< 2 7=0G8B5;L=>9 <5@5 AB0=>2OBAO 8 >@30=K <5AB=>3> A0<>C?@02;5=8O, >B ?>78F88 :>B>@KE, ?>=8<0=8O 8<8 @8A:>2 8=25AB>@0, 7028A8B 53> 65;0=85 2:;04K20BL A2>9 :0?8B0; 2 40==K5 ?@>5:BK. ABL ?@8<5@K 0:B82=>9 ?>78F88 3;02K <5AB=>3> A0<>C?@02;5=8O, ?@8=>AOI59 A2>8 ?;>4K 2 2845 @50;87C5<>3> :@C?=>3> ?@>5:B0. &5;L 40==>3> =0?@02;5=8O @01>BK - ?>2KA8BL 8=25AB8F8>==CN ?@82;5:0B5;L=>ABL :064>3> <C=8F8?0;L=>3> >1@07>20=8O G5@57 @07@01>B:C <C=8F8?0;L=KE ?@>3@0<< A>F80;L=>- M:>=><8G5A:>3> @0728B8O, :><?;5:A=>3> 8AA;54>20=8O 8=25AB8F8>==>3> ?>B5=F80;0 :064>3> @09>=0, 3>@>40. 5 A;CG09=> 2 40==>9 8=25AB8F8>==>9 ?@>3@0<<5 =0<5G5=> ?@>2545=85 F5;>3> @O40 <5@>?@8OB89 ?> 0:B82=><C 2708<>459AB28N 8=8AB5@AB20 M:>=><8G5A:>3> @0728B8O 5A?C1;8:8 0@5;8O A >@30=0<8 <5AB=>3> A0<>C?@02;5=8O 2 AD5@5 >1CG5=8O A?5F80;8AB>2, 2KO2;5=8O 75<5;L=KE CG0AB:>2, ?>B5=F80;L=> ?@83>4=KE 4;O ?@><KH;5==>3> >A2>5=8O, 8E >F5=:8 A CG5B>< 8<5NI8EAO :><<C=8:0F89 8 8=65=5@=KE A>>@C65=89. 5>1E>48<> A>1@0BL 8=D>@<0F8N 8 >1 >1J5:B0E =57025@H5==>3> ?@>872>4AB20, ?CA:>2KE >1J5:B0E, A2>1>4=KE ?@>872>4AB25==KE 8 B>@3>2KE ?;>I04OE, > A>AB>O=88 @K=:0 B@C40 2> 2A5E =0A5;5==KE ?C=:B0E. 5<0;>206=K< CA;>285< CA?5H=>9 45OB5;L=>AB8 8=25AB>@>2 2 @538>=5 4>;6=0 AB0BL 8=D>@<0F8>==0O >B:@KB>ABL @5A?C1;8:8, D>@<8@>20=85 G5B:>9 A8AB5<K >15A?5G5=8O 8=25AB>@>2 =5>1E>48<>9 8=D>@<0F859. 07=>>1@07=KE A2545=89, A>45@60I8EAO =0 @O45 A09B>2, @07C<55BAO =54>AB0B>G=>.  MB>9 A2O78 =0<5G5=> A>740BL A?5F80;L=K9 M;5:B@>==K9 8=D>@<0F8>==K9 @5AC@A, :>B>@K9 >1J548=8B 2AN >B@0A;52CN, 254><AB25==CN 8 <C=8F8?0;L=CN 8=D>@<0F8N 4 6 8 8 : F H N  J P z ~ ۾wiwVHhMjh"0JmHnHu$jhMjh"0JUmHnHuh"CJOJQJ^JaJ#jh"CJOJQJU^JaJ h h CJOJQJ^JaJh"h 5CJ0aJ0 h"5h"h 5h"h CJaJh"CJaJh%5CJ,aJ,h"h 5CJ,aJ, h"h"h"h hBNP h"h h"h CJ aJ 4 6 8 6 8 : < > @ B D F H J L N $a$gd"gd"$a$gd"d    ` J L N P p z | ~ $a$gd"gd"$a$gd" Jxh~>&*.@B@t0gd" $  $  $  2( Px 4 #\'*.25@9gd   >@BDFHJLNRTVλ谡v谡e jwh"UmHnHu2jh"h">*B*UmHnHphu j}h"UmHnHujh"UmHnHuh"mHnHu$jhMjh"0JUmHnHu2jh"h">*B*UmHnHphuhMjh"0JmHnHuh"mHnHu"468lnprtvxz|$&(\^`bdfhjlźӑőwźfӑő jkh"UmHnHu2jh"h">*B*UmHnHphuh"mHnHu jqh"UmHnHujh"UmHnHuh"mHnHuhMjh"0JmHnHu$jhMjh"0JUmHnHu2jh"h">*B*UmHnHphu Z\^|~źӑőwźfӑő j_h"UmHnHu2jh"h">*B*UmHnHphuh"mHnHu jeh"UmHnHujh"UmHnHuh"mHnHuhMjh"0JmHnHu$jhMjh"0JUmHnHu2jh"h">*B*UmHnHphu 8:<prtxz|~0248:<>@Bz|źӑőwźfӑő jSh"UmHnHu2jh"h">*B*UmHnHphuh"mHnHu jYh"UmHnHujh"UmHnHuh"mHnHuhMjh"0JmHnHu$jhMjh"0JUmHnHu2jh"h">*B*UmHnHphu |~@BDxz|DFH|~źӑőwźfӑő jG h"UmHnHu2jh"h">*B*UmHnHphuh"mHnHu jMh"UmHnHujh"UmHnHuh"mHnHuhMjh"0JmHnHu$jhMjh"0JUmHnHu2jh"h">*B*UmHnHphu  "$&(*,.@ $"$~$$$D4F44VV2WДźӑn`nYnUYUYnUYnUYnUYUYh" h h h"CJOJQJ^JaJ h h CJOJQJ^JaJ#jh"CJOJQJU^JaJh"mHnHu jA h"UmHnHujh"UmHnHuh"mHnHuhMjh"0JmHnHu$jhMjh"0JUmHnHu2j h"h">*B*UmHnHphu!dPdZ h!""6## $$$% &&4''h(gd" 2( Px 4 #\'*.25@9gd h(~()) **.++b,,-0..d//d001222f34@4B4D44gd" 2( Px 4 #\'*.25@9gd 444B55v66n788<99p:::t;<<B==v>>B??v@@8A 2( Px 4 #\'*.25@9gd 8AAlBC0CCdDDREEFF8GG,HHHpI J.JJJKK>LLM 2( Px 4 #\'*.25@9gd MMMMNN|OPPJQbQQRRPSSTUURVVV2W4WWhXgd" 2( Px 4 #\'*.25@9gd hXX`YYZ.[[b\\]0^^^_2``fabb4cchddfeff4g 2( Px 4 #\'*.25@9gd 4gggh*ii^jjk llmm,nn`oop.qqqtrsssxtu 2( Px 4 #\'*.25@9gd uuFvvzwxxHyy|z{{||4}}*~~^|` 2( Px 4 #\'*.25@9gd .Ȅb0ʇd26ЋjNPv 2( Px 4 #\'*.25@9gd DޓДҔl:ԗnؘ֘xzgd"gd" 2( Px 4 #\'*.25@9gd Дؘژ.0xT'V''220?2?l?NNNNqqr\^tBbdfjlprvx|~ﻳh%0JmHnHu hBNP0JjhBNP0JUhBNPjhBNPUhX/(h"h CJOJQJ^JaJmH sH h"CJOJQJ^JaJU h h h" h h CJOJQJ^JaJ3N>؞r @ڡtNΥhH|Jl 2( Px 4 #\'*.25@9gd l:ԬnJ~L0ʵd2d 2( Px 4 #\'*.25@9gd 2̺f6мJ~ʿd2fj 2( Px 4 #\'*.25@9gd f4h6j<p >r @ 2( Px 4 #\'*.25@9gd NPR d2f4* 2( Px 4 #\'*.25@9gd 4;O 8=25AB>@0. @54AB>8B 1>;LH0O A>2<5AB=0O @01>B0 ?> D>@<8@>20=8N A>>B25BAB2CNI8E 8=D>@<0F8>==KE 1;>:>2, A>3;0A>20==KE 459AB289 <564C >@30=0<8 C?@02;5=8O @07;8G=KE C@>2=59 2;0AB8. $8=0=A>20O AB>@>=0 8=25AB8@>20=8O - >48= 87 A0<KE A;>6=KE 2>?@>A>2 4;O :0@5;LA:8E ?@54?@8OB89, >A>15==> 2 AD5@5 @0728B8O 8E A>F80;L=>9 8 B5E=8G5A:>9 8=D@0AB@C:BC@K. =25AB8F8>==0O ?@>3@0<<0 ?@54CA<0B@8205B A>459AB285 @0728B8N 10=:>2A:>3> 8 8?>B5G=>3> :@548B>20=8O, 1N465B=>3> :@548B>20=8O 2KA>:>MDD5:B82=KE ?@>5:B>2, 2 B>< G8A;5 - A>F80;L=>9 =0?@02;5==>AB8, 2 >A=>2=><, 2 AD5@5 <0;>3> 8 A@54=53> 187=5A0. C45B ?@>4>;65=> 8 D8=0=A>2>5 ?>>I@5=85 8=25AB>@>2 A ?><>ILN ?@54>AB02;5=8O =0;>3>2KE ;L3>B. 48= 87 >A=>2=KE @575@2>2 - MB> @5H5=85 ?@>1;5< 2 G0AB8 ?@82;5G5=8O 8=25AB8F89 70 AG5B A@54AB2 D545@0;L=>3> 1N465B0. ;02=>5 - ?@5>4>;5=85 ?0AA82=>AB8 @O40 @5A?C1;8:0=A:8E >@30=>2 8A?>;=8B5;L=>9 2;0AB8 2> 2708<>459AB288 A 3>AC40@AB25==K<8 70:07G8:0<8 F5;52KE D545@0;L=KE ?@>3@0<< 8 >@30=0<8 <5AB=>3> A0<>C?@02;5=8O, >ACI5AB2;5=85 A5@L57=>9 B5E=8:>- M:>=><8G5A:>9 ?@>@01>B:8 ?@>5:B>2, 3@0<>B=0O ?>43>B>2:0 ?@>5:B=>-A<5B=>9 4>:C<5=B0F88 8 CG5B >1I5@>AA89A:8E :@8B5@852. ;O ?@82;5G5=8O 8=25AB8F89 2 @5A?C1;8:C B@51CNBAO 8 A>740=85 1;03>?>;CG=>9 187=5A-A@54K, A=OB85 04<8=8AB@0B82=KE 10@L5@>2 ?@8 2E>645=88 2 187=5A, @0728B85 8==>20F8>==>9 45OB5;L=>AB8, GB> B0:65 =0H;> A2>5 >B@065=85 2 8=25AB8F8>==>9 ?@>3@0<<5 ?@028B5;LAB20. @54AB>8B B0:65 4>?>;=8BL 2A5 >B@0A;52K5 ?@>3@0<<K @0728B8O ?5@5G=5< :>=:@5B=KE <5@>?@8OB89 ?> ?>2KH5=8N 8=25AB8F8>==>9 ?@82;5:0B5;L=>AB8 >B@0A;59, A=865=8N 8=25AB8F8>==KE @8A:>2, D>@<8@>20=8N >B@0A;52KE ?5@5G=59 8=25AB8F8>==KE ?@>5:B>2 8 @07@01>B:5 <5@ ?> 8E ?>445@6:5. ">;L:> ?@8 2K?>;=5=88 ?5@5G8A;5==KE 2KH5 CA;>289 <>6=> @0AAG8BK20BL =0 40;L=59H89 @>AB 8=25AB8F89 2 5A?C1;8:5 0@5;8O. 1 2.2. =CB@5==85 8=25AB8F88 >AB 8=25AB8F89 2 >A=>2=>9 :0?8B0; 2 1998 3. A>AB028; 104 ?@>F5=B0 ?> >B=>H5=8N : 19973., 2 1999 3. - 140 ?@>F5=B>2 : 19983., 2 >A=>2=>< 70 AG5B ?@8>1@5B5=8O >1>@C4>20=8O B0:8<8 :@C?=K<8 ?@54?@8OB8O<8, :0:  "0@5;LA:89 >:0BKH",  "-;5:B@>A2O7L" 8  ">=4>?>30"1, 2 2000 3. - 168 ?@>F5=B>2 : 19993., 2 20013. - 147,0 ?@>F5=B0 : 2000 3. "01;.1. 8=0<8:0 8=25AB8F89 1998-20012 | |1998 |1999 |2000 |2001 | |=25AB8F88 2 >A=>2=>9 :0?8B0;, 2 <;=. |1306,5|2874,9|6702,|10998,| |@C1. | | |9 |0 | |=25AB8F88 2 >A=>2=>9 :0?8B0;, 2 % : |103,9 |140,2 |168,4|147,0 | |A>>B25BAB2CNI5<C ?5@8>4C ?@54K4CI53> 3>40| | | | | |(2 A>?>AB028<KE F5=0E) | | | | |  @07@575 >B@0A;59 M:>=><8:8 =081>;LH89 >1J5< 8=25AB8F89 2 >A=>2=>9 :0?8B0; 70 >BG5B=K9 ?5@8>4 >ACI5AB2;5= 2 >B@0A;OE ?@><KH;5==>AB8: 2 1998 3. >= A>AB028; 39,3 ?@>F5=B0 >B >1I53> >1J5<0 8=25AB8F89 2 >A=>2=>9 :0?8B0;, 2 1999 3. - 41,5 ?@>F5=B0, 2 20003. - 39 ?@>F5=B>2, 2 20013. - 31,3 ?@>F5=B0, 0 B0:65 ?> >B@0A;8 "B@0=A?>@B" (2 1998 3. - 12,4 ?@>F5=B0, 2 19993. - 14,7 ?@>F5=B0, 2 2000 3. - 33,6 ?@>F5=B0, 2 20013. - 53,9 ?@>F5=B0). "01;.2. 8=0<8:0 >1J5<0 8=25AB8F89 ?> >B@0A;O< ?@><KH;5==>AB81 |(2 BKA. @C1.) | | |1998 |1999 |2000 |2001 | | |!C<<0 |2 % |!C<<0 |2 % :|!C<<0 |2 % :|!C<<0 |2 % :| | | |: | |8B>3C| |8B>3C| |8B>3C| | | |8B>3| | | | | | | | | |C | | | | | | | |A53> |130650|100 |287487|100 |670293|100 |9898600|100 | | |7 | |9 | |3 | | | | |@><KH;5=- |514004|39,3|119410|41,5 |261202|39 |3098262|31,3 | |=>ABL | | |0 | |3 | | | | |!5;LA:>5 |33946 |2,6 |99566 |3,5 |169153|2,5 |108885 |1,1 | |E>7O9AB2> | | | | | | | | | |5A=>5 |30279 |2,3 |48840 |1,7 |73236 |1,1 |19797 |0,2 | |%>7O9AB2> | | | | | | | | | |"@0=A?>@B |161778|12,4|423067|14,7 |225170|33,6 |5335345|53,9 | | | | | | |7 | | | | |!2O7L |82619 |6,3 |148205|5,2 |68538 |1 |108885 |1,1 | |!B@>8B5;LAB|24299 |1,9 |34669 |1,2 |74687 |1,1 |138580 |1,4 | |2> | | | | | | | | | |">@3>2;O |116408|8,9 |150925|5,2 |416633|6,2 |79189 |0,8 | |8;8I=>5 |202648|15,5|307314|10,7 |474320|7,1 |247465 |2,5 | |E>7O9AB2> | | | | | | | | | |@>G85 |140526|10,8|468193|16,3 |562636|8,4 |762192 |7,7 | |>B@0A;8 | | | | | | | | |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tora Enso ?> AB@>8B5;LAB2C 45@52>>1@010BK20NI53> ?@54?@8OB8O 2 @8;04>6L5. -B> >G5=L 1>;LH>9 ?@>5:B A >1L5<>< 8=25AB8F89 2 45AOB:8 <8;;8>=>2 4>;;0@>2. ">, GB> <K 2545< A51O 65AB:> MB> =5?;>E> 4;O 8=25AB8F89. =25AB>@K ?>=8<0NB, G53> >B =0A 640BL, =0 :0:8E CA;>28OE <K 3>B>2K @01>B0BL. - 0B0=0=4>2 !. .1 0:;NG5=85 "0:8< >1@07><, 2 :C@A>2>9 @01>B5 1K;0 @0AA<>B@5=0 ?@>1;5<0 3>AC40@AB25==>9 ?>445@6:8 8=25AB8F8>==>9 45OB5;L=>AB8 2 5A?C1;8:5 0@5;8O. K;8 2K?>;=5=K A;54CNI85 AB>OI85 ?5@54 02B>@>< 7040G8, 0 8<5==>: 1.  ?5@2>9 3;025 >?8A0=0 8=25AB8F8>==0O 70:>=>40B5;L=0O 1070 @5A?C1;8:8, 40=> ?>=OB85 @568<0 8=25AB8F8>==>3> 1;03>?@8OBAB2>20=8O 8 @0A:@KB> 53> A>45@60=85. 2. > 2B>@>9 3;025 40=0 >1I0O E0@0:B5@8AB8:0 ?>445@6:8 8=25AB8F8>==>9 45OB5;L=>AB8 2 5A?C1;8:5 0@5;8O. >:070=K >1J5:B82=K5 8 AC1J5:B82=K5 ?@8G8=K 8=25AB8F8>==>9 =5?@82;5:0B5;L=>AB8 @5A?C1;8:8, @0AA<>B@5=0 ?@>3@0<<0 8=25AB8F8>==>9 ?>;8B8:8 0@5;88 =0 2003-2006 33. !>740=85 2 @5A?C1;8:5 1;03>?@8OB=>3> 8=25AB8F8>==>3> :;8<0B0 ?>72>;8B ?@82;5GL 4>?>;=8B5;L=> 70 3>4 2 A2>N M:>=><8:C A>B=8 <8;;8>=>2 4>;;0@>2. 57 A><=5=8O ?@>1;5<0 A>740=8O CA;>289 4;O ?@82;5G5=8O 8=25AB8F89 2 @0728B85 187=5A0 =0 B5@@8B>@88 @5A?C1;8:8 =5 <>65B 1KBL @5H5=0 157 =5?>A@54AB25==>3> CG0AB8O 3>AC40@AB20 2 MB>< ?@>F5AA5, 2 ?5@2CN >G5@54L, 2 2845 70:>=>40B5;L=>3> 70:@5?;5=8O >A>1>3>, 1;03>?@8OB=>3> >B=>H5=8O 2;0AB8 : 8=25AB>@C. 57CA;>2=>, =0;8G85 70:>=>2, A>740NI8E ?@82;5:0B5;L=K5 CA;>28O 4;O 2;>65=89 8 @53C;8@CNI8E 8=25AB8F8>==CN 45OB5;L=>ABL, =5 O2;O5BAO 548=AB25==K< D0:B>@>< 1;03>?@8OB=>3> 8=25AB8F8>==>3> :;8<0B0. "5< =5 <5=55, ACI5AB2>20=85 4065 "?;>E>3>" 70:>=0 1>;55 C4>1=> 4;O 8=25AB>@0, G5< 53> >BACBAB285, ?>A:>;L:C ?@8 0=0;875 M:>=><8G5A:>9 A8BC0F88 >= <>65B ?@>3=>78@>20BL @8A:8. BACBAB285 "?@028; 83@K" 2A5340 >B@8F0B5;L=> A:07K205BAO =0 ?@8=OB88 @5H5=8O >1 8=25AB8@>20=88, >A>15==> A> AB>@>=K 8=>AB@0==KE 8=25AB8F8>==KE 8AB>G=8:>2. "0:8< >1@07><, 2 @5A?C1;8:5 AD>@<8@>20=0 1070, 2:;NG0O 70:>=>40B5;L=CN, 4;O >B=>A8B5;L=> 157>?0A=>3> 8 MDD5:B82=>3> 2;>65=8O 8=25AB8F89, :>B>@0O G5B:> >?@545;O5B ?>78F8N @028B5;LAB20 @5A?C1;8:8 - 708=B5@5A>20==>ABL 2 ?@82;5G5=88 8=25AB8F89, CG0AB85 3>AC40@AB20 2 A=865=88 @8A:>2 8 >15A?5G5=88 MDD5:B82=>AB8 8=25AB8F89. -B0 1070 =0@O4C A <>I=K< @5AC@A=K<, 8=B5;;5:BC0;L=K< ?>B5=F80;><, =0 D>=5 1;03>?@8OB=KE M:>;>38G5A:8E CA;>289 405B C25@5==>ABL 2 =0;8G88 1;03>?@8OB=>9 8=25AB8F8>==>9 ?5@A?5:B82K C 0@5;88. !?8A>: 8A?>;L7>20==KE 8AB>G=8:>2: 1. 0:>= 5A?C1;8:8 0@5;8O 1 8=25AB8F8>==>9 45OB5;L=>AB8 =0 B5@@8B>@88 5A?C1;8:8 0@5;8O // www. gov. karelia. ru 2. N465B=0O ?>;8B8:0 5A?C1;8:8 0@5;8O: A53>4=O 8 702B@0//-:A?5@B !525@>-0?04. 2002. ! 12 3. @8I5=:>2 . . =25AB8F8>==0O ?>;8B8:0 ?@028B5;LAB20 5A?C1;8:8 0@5;8O =0 2003-2006 33. // www.innw.ru 4. K >?0A05<AO 20@O3>2! // -:A?5@B !525@>-0?04. 2000. ! 18. 5. @>3@0<<0 A=>2=K5 =0?@02;5=8O A>F80;L=>-M:>=><8G5A:>3> @0728B8O 5A?C1;8:8 0@5;8O =0 ?5@8>4 2002-2006 33. // www. gov. karelia. ru 6. www.minfin.karelia.ru 7. www.pik-karelia.ru 8. www.dialogspb.ru/karel/econ/fin. 9. http://kicbi.karelia.ru/innovation/info. ----------------------- 1 0:>= 5A?C1;8:8 0@5;8O 1 8=25AB8F8>==>9 45OB5;L=>AB8 =0 B5@@8B>@88 5A?C1;8:8 0@5;8O // www. gov. karelia. ru 1 0:>= 5A?C1;8:8 0@5;8O 1 8=25AB8F8>==>9 45OB5;L=>AB8 =0 B5@@8B>@88 5A?C1;8:8 0@5;8O // www. gov. karelia. ru [1] www. pik-karelia.ru 1 @8I5=:>2 . . =25AB8F8>==0O ?>;8B8:0 ?@028B5;LAB20 5A?C1;8:8 0@5;8O =0 2003-2006 33. // www.innw. ru 1. www.dialog. spb. ru / karel /econ/ fin. 2 www.pik-karelia.ru 1 www. pik-karelia.ru 1 @>3@0<<0 A=>2=K5 =0?@02;5=8O A>F80;L=>-M:>=><8G5A:>3> @0728B8O 5A?C1;8:8 0@5;8O =0 ?5@8>4 2002-2006 33. // www. gov. karelia. ru 1 www.dialogspb.ru/karel/econ/fin. 2 N465B=0O ?>;8B8:0 5A?C1;8:8 0@5;8O: A53>4=O 8 702B@0//-:A?5@B !525@>- 0?04. 2002. ! 12. 1 !2>8 8 GC685//-:A?5@B !525@>- 0?04.2000. !18 1 K >?0A05<AO 20@O3>2!//-:A?5@B !525@>-0?04. 2000. ! 18     PAGE  PAGE 1 ^,P  !""R## $$>%%r& 'R'T''gd" 2( Px 4 #\'*.25@9gd ''(((\))f*h**b++~, --(...R//0 11:2<2>22J3 2( Px 4 #\'*.25@9gd J33Z44b55j66r77z889::;;<<==&>>.?0?l?gd" 2( Px 4 #\'*.25@9gd l?n?@@@A0BBdCCDDbEEF0GGdHHI2JJfKLL4MM 2( Px 4 #\'*.25@9gd MNNNNvOPP8QQlRSS:TTnUVVZZr[`gd" 2( Px 4 #\'*.25@9gd r[ \\@]]t^___z`aaHbb|cddJee~fggLhNhhij 2( Px 4 #\'*.25@9gd jjFkkzlmmHnn|oppJqqqrrr:ssst"uu,vv`gd" 2( Px 4 #\'*.25@9gd v`wwx.yybzz{0|`||}}x~8Ҁl(ƒ\N 2( Px 4 #\'*.25@9gd NPFzBJ:Ԑn@ڒt 2( Px 4 #\'*.25@9gd tR,Ƙ`(š\*ĝ^,Ơ` 2( Px 4 #\'*.25@9gd `.8Ҥlƥ`.ȨܨvDBܬvخr 2( Px 4 #\'*.25@9gd r @ڱth6е^,Ƹ`r b0f 2( Px 4 #\'*.25@9gd ؾr 2:n<p >j 2( Px 4 #\'*.25@9gd 8l6Z\tv6fDt $gd" 2( Px 4 #\'*.25@9gd Pl:nV$XLN 2( Px 4 #\'*.25@9gd NN&88B4 2( Px 4 #\'*.25@9gd 4688: rt`bdhjnpt 2( Px 4 #\'*.25@9gd tvz|h]hgd" &`#$gd" ,1h. A!"R#n$n% }DyK _Toc191098989}DyK _Toc191098989}DyK _Toc191098990}DyK _Toc191098990}DyK _Toc191098991}DyK _Toc191098991}DyK _Toc191098992}DyK _Toc191098992}DyK _Toc191098993}DyK _Toc191098993}DyK _Toc191098994}DyK _Toc191098994}DyK _Toc191098995}DyK _Toc191098995}DyK _Toc191098996}DyK _Toc191098996}DyK _Toc191098997}DyK _Toc191098997}DyK _Toc191098998}DyK _Toc191098998}DyK _Toc191098999}DyK _Toc191098999B@B 1KG=K9CJ_HaJmHsHtHV@V X/ 03>;>2>: 1$<@&5CJ$KH \^JaJ V@V X/ 03>;>2>: 2$<@&5CJ \]^JaJd@d X/ 03>;>2>: 3!$xx7$8$@&H$`56CJ\aJV@V X/ 03>;>2>: 4$xx@&` 56\aJT@T X/ 03>;>2>: 5<<@&` 6\]aJBA@B A=>2=>9 H@8DB 0170F0Xi@X 1KG=0O B01;8F04 l4a .k@. 5B A?8A:0e` !B0=40@B=K9 HTML7 2( Px 4 #\'*.25@9CJOJQJ^JaJJ @J "86=89 :>;>=B8BC;  E$4)@4 "><5@ AB@0=8FK4@4 " 3;02;5=85 1<@< " 3;02;5=85 2 ^<@< " 3;02;5=85 3 ^:U`Q: " 8?5@AAK;:0 >*B*ph!"& "&!"&!"&!"&!"&!"&!"&! "&! "&! "&! "&! "&!"&!"&!"&!"&!"&!"&!"&#$c'W8FmHXvjtԐÙmd/ 6MYO M M   ?MG Kv !"#$%&'kstuvwxyz{|}~0w !n: K 2  ( F - m  N uv]4?S1~e2f !"RST;jQ8lmT;T;O62\CV c | !!H!u!!!"l"""""G#q## $X$$$$K%[%%%B&&&)'a'b''''4(c(((J)))1*~**+e+++,f,,-M---4.f../M////H000/1|112]2223c333J4444:5555<666#7p77 8W888>999:M:::;b;;;I<q<< =0=}==>d>>>K???2@@@ANAAA5B@BBB'CtCCD[DDDEUEEE F FFhFiFFGPGGG7HkHlHHH IWIsII JZJJJKlKKLSLLL:MMMM'NtNNN4OWOOO>PPP%Q6QQQRjRRSQSSS%TrTT UYUUU@VVVV2WWWX2XXXYfYYYZhZZZ?[[[[2\\\]f]]^M^h^^_O_f__`M```4aaabhbbbckccdRddd9eee f@fff'gtggh[hhhBiii)jvjjk2kkklfllmMmmmnbnnnIooooAppp(quqqr\rrrsRsss9ttttttuauuu3v4v{vvv?wwwx[x\xxxCyyyzzz^zzz-{o{{{5|w|||=}}}~E~~~ MUQ~ˁeLdK2̅fM mnO6ЊjQ8ҍlS:Ԑ=ב$q X?ٔ&'tV=ח$q X™PDޛcJ1~˞0}ʟ<֠iP.{A[#p Wԧ!Xj mT\O|ɬcaH/|ɰcJϲi0}ʴdnUԶ!nUlS:N/|ɼc1~˾3ͿOlSfjQ8lO6NT3V:(u\iP7E,y&'t`g Z !nT9:st$$$$$$$$$$$$$$$$$$$$$$$$$$$$^$^$^$^$^$^$^$^$^$^$^$^$^$^$^$^$^$$$$$$$$Y$1$1$1$1$$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$1$y$Kv !"#$%&'kstuvwxyz{|}~0w%<O?C !n: K 2  ( F - m  N uv]4?S1~e2f !"RST;jQ8lmT;T;O62\CV c | !!H!u!!!"l"""""G#q## $X$$$$K%[%%%B&&&)'a'b''''4(c(((J)))1*~**+e+++,f,,-M---4.f../M////H000/1|112]2223c333J4444:5555<666#7p77 8W888>999:M:::;b;;;I<q<< =0=}==>d>>>K???2@@@ANAAA5B@BBB'CtCCD[DDDEUEEE F FFhFiFFGPGGG7HkHlHHH IWIsII JZJJJKlKKLSLLL:MMMM'NtNNN4OWOOO>PPP%Q6QQQRjRRSQSSS%TrTT UYUUU@VVVV2WWWX2XXXYfYYYZhZZZ?[[[[2\\\]f]]^M^h^^_O_f__`M```4aaabhbbbckccdRddd9eee f@fff'gtggh[hhhBiii)jvjjk2kkklfllmMmmmnbnnnIooooAppp(quqqr\rrrsRsss9ttttttuauuu3v4v{vvv?wwwx[x\xxxCyyyzzz^zzz-{o{{{5|w|||=}}}~E~~~ MUQ~ˁeLdK2̅fM mnO6ЊjQ8ҍlS:Ԑ=ב$q X?ٔ&'tV=ח$q X™PDޛcJ1~˞0}ʟ<֠iP.{A[#p Wԧ!Xj mT\O|ɬcaH/|ɰcJϲi0}ʴdnUԶ!nUlS:N/|ɼc1~˾3ͿOlSfjQ8lO6NT3V:(u\iP7E,y&'t`g Z !nT9:st000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000(000000000000000000000000000000000000000000000000000000000000000(000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000@0(@0(@0(h0,`h0(h0 Fh0(h0 F@0)h0h000h0 F::stj00,`j0j0xj0 $$$' |Дqvwxyz{ h(48AMhX4gul'J3l?Mr[jvNt`rN4trtu|}~  s "#%E79:<\.JLMOo9<=?_}!=@ACc  X%X%X%X%X%X%X%X%X%X%X%̕  '!! _Toc191098852 _Toc191098853 _Toc191098989 _Toc191098854 _Toc191098990 _Toc191098855 _Toc191098991 _Toc191098856 _Toc191098992 _Toc191098857 _Toc191098993 _Toc191098858 _Toc191098994 _Toc191098859 _Toc191098995 _Toc191098860 _Toc191098996 _Toc191098861 _Toc191098997 _Toc191098862 _Toc191098998 _Toc191098863 _Toc191098999##c'c'FFmHmHtt ÙÙ JttQQ''gFgFHHttll H"CI"C>J"CO8K"CL"CYM"CT=N"C=O"C XP"C4c>Q=t*uu+vCyyyxW=t0uu1vIyyy~C *urn:schemas-microsoft-com:office:smarttagsmetricconverter $1998 31999 32000 3 ProductID         kr!)  !!66e?t?>@M@@@lqsqErQruuww{{{#{*{,{M{S{Z{`{h{n{{{|||HU->I^cgk"QTVY[bdfmtwy|~  '0Z`kr  |$1v}Q1456?@B  b ?&A&&&&&''(({*}*++..;0G0-1.111222223`3b3334466777 88899;;;;= =>>>>C?J?K??@@@AAAB-BBBC&CCCDDDDEEMGOG5H6HOJYJJJKK0K9KFLRLM&NrNsNNN0O3OOPPPQQQQ RR[RaRT UUUXU}W~W}X~XZZ\\f]]]]`L`````cc.e8eee8iAiiijjClMlllmmnn>oHopppp`qiq rr5rBrrr9tCtuuwwwwxxAyByyy\z]zz#{Z{_{BDˁ҆ֆ̇?P49np3>|op֘ܘMO8CGIҝ՝17~n|6;<^h+-HJ[eץߥ @GmwLN#,Ԯ֮FG/9GIbe h-/OTHOUaAB<A\aERceEPfkKNst QX%+kx_a::::vkr'"Zb'i'ttÙʙkrX/%BNP" Vn@kk|)9kk@m UnknownGz Times New Roman5Symbol3& z Arial?5 z Courier New"qh&& } 5o} 5o!n>4dCC3QHX)? 2K>AC40@AB25==0O ?>445@6:0 8=25AB8F8>==>9 45OB5;L=>AB8 2 5A?C1;8:5 0@5;8O Galina ErmilovaGalina ErmilovaOh+'0(8 P\ |  L Galina ErmilovaNormalGalina Ermilova5Microsoft Office Word@vA@8 r@:| r} 5՜.+,D՜.+,|8 hp|  oC L   8@ _PID_HLINKSAtB0>_Toc19109899908_Toc19109899802_Toc1910989970,_Toc1910989960&_Toc1910989950 _Toc1910989940_Toc1910989930_Toc1910989920_Toc1910989910_Toc1910989900_Toc191098989  !"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwxyz{|}~     !"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwxyz{|~Root Entry F rData  1Table)WordDocument.SummaryInformation(}DocumentSummaryInformation8CompObjq  F Microsoft Office Word MSWordDocWord.Document.89q Untitled Page