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AK >?5@0F8O=K E5468@;5C >?5@0F8OAK=0 0BKABK 5:5=V= @0AB0C <0A0BK=40 9K< (>@) E5468@;5C >?5@0F8O;0@K= 67535 0AK@0BK= @ H5HV<35 >AK 60A0;0= >?5@0F8O;0@4K E5468@;5C >1J5:BVAV 1>9K=H0 1>;CK <<:V= HKK==K (0;0 0;<00= :V@VA) <;H5@V= BAV@C35 0;K? :5;5BV=V= @0AB09BK= B8VABV 5A5? 60A094K. 4-1-B0@0C. 59=5B0K 0:B82B5@V= 15@C 31-1. 59=5B0K 0:B82B5@V= 8=25AB8F8O;K 10A0@C H0@BK= (140= @V-H0@B) 17C0 =85BV 10@ 68=0B0CHK 759=5B0K >@K =5 9K< (>@) H0@BBK 17C BC@0;K 9K<4K =5 68=0B0CHK 759=5B0K >@K= 17C 15;3V;5=35= :=35 459V= 68K@<0 := 1@K= =0BK 17C :=V= :@A5B5 >BK@K?, 60710H0 =KA0=40 E010@;094K. 31-2. (0@BBK 17C4K 10AB0<0HKAK  704K B;0=K 1V@V=HV 10AHKAK 19@KK=K =53V7V=45 >=K 17C BC@0;K E010@;0<040 :@A5BV;35= =5<5A5 H0@B B0;0?B0@K=0 A9:5A 0=KB0;0= 759=5B0K 0:B82B5@V= 8=25AB8F8O;K 10A0@C0 H0@BBK 170= :=35 459V= >= 6<KA :=V=5= :5< 5<5A C0KBB0 :5;VAC :><8AA8OAK @K;04K. 31-3. 5;VAC :><8AA8OAK 68=0B0CHK 759=5B0K >@K=K, 759=5B0K 0:B82B5@V= 8=25AB8F8O;K 10A0@C H0@BK 17K;0BK= 6=5 68=0B0CHK 759=5B0K >@K=K 759=5B0K 0:B82B5@V= 10A0 9K<0 =5 >@0 8=25AB8F8O;K 10A0@C0 15@5BV= 9K<=K (140= @V - B:V7V? 15@CHV 9K<) 6=5 759=5B0K 0:B82B5@V= 8=25AB8F8O;K 10A0@C0 H0@B 60A0;0BK= 9K<=K =5 >@4K (140= @V  01K;40CHK 9K<) C:V;5BBV :V;45@V=5= B@04K. 31-4. 5;VAC :><8AA8OAK: 1) H0@BBK 17C :=V=453V 60409 1>9K=H0 759=5B0K 0:B82B5@V= B35=45C4V 67535 0AK@04K; 2) >AK @565=V 31-5-B0@<0K=40 :@A5BV;35= 60BB0@4K B:V7V? 15@CHV 9K<=0= 01K;40CHK 9K<0 15@C BAV;45@V= 6=5 <5@7V<45@V= 09K=4094K; 3) B:V7V? 15@CHV 9K<=0= 01K;40CHK 9K<0 759=5B0K 0:B82B5@V= 15@C BAV;45@V= 6=5 <5@7V<45@V= 09K=4094K. 31-5. 5;VAC :><8AA8OAK=K 6<KAK 10@KAK=40 B:V7V? 15@CHV 9K< 01K;40CHK 9K<0 B:V7V? 15@CHV 9K<=K 68=0B0CHK 759=5B0K >@K=K 759=5B0K 0:B82B5@V= 8=25AB8F8O;K 10A0@C4K 10@;K :575V=45 <K=0409 60BB0@4K 15@54V: 1) B:V7V? 15@CHV 9K<=K 100;K 00740@ @K=>3K=40 1@>:5@;V: 6=5 48;5@;V: K7<5BBV 67535 0AK@0BK= (67535 0AK@0=) 9K<40@0 759=5B0K 0:B82B5@V 5A51V=5= 100;K 00740@<5= <<V;5;5@ 60A0C0 15@35= B0?AK@<0;0@K=K :HV@<5;5@V; 2) 100;K 00740@ @K=>3K=40 1@>:5@;V: 6=5 48;5@;V: K7<5BBV 67535 0AK@0BK= (67535 0AK@0=) 9K<40@4K B:V7V? 15@CHV 9K<=K 759=5B0K 0:B82B5@V=V 5A51V=5= 100;K 00740@<5= <<V;5;5@ 60A0C0 15@35= B0?AK@<0;0@K=K >@K=40;CK BC@0;K 5A5?B5@V=V :HV@<5;5@V; 3) B:V7V? 15@CHV 9K< 759=5B0K 0:B82B5@V=V 5A51i=5= 100;K 00740@<5= 45@15A B@45 <<V;5;5@ 60A00= :5745  >AK=409 <<V;5;5@4V 60A0;0=4KK= @0AB09BK= 60BB0@4K :Hi@<5;5@i; 4) 68=0B0CHK 759=5B0K >@K=K 8=25AB8F8O;K H>BK=0= :0AB>480= 10=:V 15@35= 7i=4i-:Hi@<5;5@4i :Hi@<5;5@i; 5) 68=0B0CHK 759=5B0K >@K=K 759=5B0K 0:B82B5@i=i  >A0;K H>BK=0= >@B0;K 45?>78B0@894V 15@35= 7i=4i-:Hi@<5;5@4i :Hi@<5;5@i; 6) 759=5B0K 0:B82B5@i= B:i7i? 15@C :=i=5 >;40=K;K? 6@35=, 759=5B0K 0:B82B5@i=i 5A51i=5= 5:i=Hi 45359453i 10=:B5@<5= 60A0A0= (A0BK? 0;K=0=) 10=: A0;K<K H0@BB0@K=K (5:i=Hi 45359453i 10=:B5@4i 45?>78BBi: A5@B8D8:0BB0@K=K) B?=A0;0@K; 7) 759=5B0K 0:B82B5@i= B:i7i? 15@C :=i=5 <5@7i<45@i Bi? :5B:5= 759=5B0K 0:B82B5@i=i 5A51i=5= 5:i=Hi 45359453i 10=:B5@<5= 60A0A0= 10=: A0;K<K H0@BB0@K=K :Hi@<5;5@i; 8) H0@BBK 17C :=i=i 0;4K=40K 09;0@40K 759=5B0K 0:B82B5@i=i 1i@ H0@BBK 1i@;i3i=i >@B0H0 =K BC@0;K 0=KB0<0;0@4K C:i;5BBi >@30=0 AK=K;0= :Hi@<5;5@i; 9) B:V7V? 15@CHV 9K<=K 759=5B0K 0:B82B5@i= 8=25AB8F8O;K 10A0@CK=0 0BKABK 735 45 60BB0@ (:5;iAC :><8AA8OAK <H5;5@i=i :5;iAi<45@i 1>9K=H0). 31-6. 5;iAC :><8AA8OAK 6<KAK=K =B865;5@i 1>9K=H0 <07<=K=40 <K=0409 <;i<5BB5@i 10@ 759=5B0K 0:B82B5@i= 01K;40C-B:i7C 0:BiAi @5Ai<45;54i: 1) 68=0B0CHK 759=5B0K >@K=K, B:V7V? 15@CHV 9K<=K, 01K;40CHK 9K<=K 6=5 68=0B0CHK 759=5B0K >@K=K :0AB>480= 10=:i=i B>;K 0B0CK (0B0;0= 9K<40@4K <5<;5:5BBi: Bi@:5C (09B0 Bi@:5C) BC@0;K :C;i:B5@i=5 A9:5A); 2) 68=0B0CHK 759=5B0K >@K=K, B:V7V? 15@CHV 9K<=K 6=5 01K;40CHK 9K<=K Bi@:5;35= (<5<;5:5BBi: Bi@:5C (09B0 Bi@:5C) BC@0;K :C;i:B5@i=5 =5<5A5 AB0B8AB8:0;K :0@B>G:0;0@K=0 A9:5A) 6=5 =0BK >@=0;0A0= 65@i; 3) 68=0B0CHK 759=5B0K >@K=K, B:V7V? 15@CHV 9K<=K 6=5 01K;40CHK 9K<=K 10=:Bi: 45@5:B5<5;5@V; 4) B8iABi K7<5B B@;5@i= 67535 0AK@C0 68=0B0CHK 759=5B0K >@K=0, B:V7V? 15@CHV 9K<0 6=5 01K;40CHK 9K<0 15@i;35= ;8F5=78O=K =<i@i 6=5 15@i;35= :=i; 5) 68=0B0CHK 759=5B0K >@K=K, B:V7V? 15@CHV 9K<=K 6=5 01K;40CHK 9K<=K 1i@i=Hi 10AHKAK=K 6=5 10A 1CE30;B5@i=i D0<8;8OAK, 0BK, 10@ 1>;A0 :5AV=V 0BK; 6) 759=5B0K 0:B82B5@i=i 5A51i=5= 60A0;0= 8=25AB8F8O;0@4K 0K<40K = (5A5?B5;35= :V@VABV >A0) 1>9K=H0 68K=BK <;H5@i; 7) 68=0B0CHK 759=5B0K >@K=K 8=25AB8F8O;K H>BK=0= >=K H>BK=0 6@3i7i;35= 759=5B0K B;5<45@i 0C40@K<40@K=K A><0AK (8=25AB8F8O;K H>B0 09B0 :5;i? BA:5= 0H0=K 5A5?:5 0;0 >BK@K?); 8) 8=25AB8F8O;K H>BB0@40K ;BBK 6=5 H5B5;4i: 20;NB0<5= :@A5Bi;35= 0H0 0;4KK; 9) ;BBK 1V@459;5=4V@C =<V@;5@V=, A0=K= (40=0<5=), A0BK? 0;C 100AK=, 1V@ 100;K 007 1>9K=H0 5A5?B5;35= :V@VABV, 1V@ 100;K 0074K 0K<40K =K=, 100;K 00740@4K 60;?K A0=K=, 5A5?B5;35= :V@VABV 60;?K A><0AK=, 100;K 00740@0 60A0;0= 8=25AB8F8O;0@4K 0K<40K =K=, 759=5B0K 0:B82B5@V=V 5A51V=5= A0BK? 0;K=0= 100;K 00740@0 0BKABK 735 45 KB8<0; <;V<5BB5@V= :@A5B5 >BK@K? B:i7i? 15@i;5Bi= 100;K 00740@4K BV715AV; 10) 45?>=5=B 10=:B5@4V 0B0C;0@K, A0;K<40@4K A><0;0@K, 10=:BV: A0;K<K BC@0;K H0@B 60A0A0= :=V, A0;K<40@ <5@7V<V, >;0@ 1>9K=H0 6K;4K ?09K715= AK90K <;H5@;5<5;5@V, 5A5?B5;35= AK90K A><0;0@K, 0;K=0= AK90K A><0;0@K, 759=5B0K 0:B82B5@V 5A51V=5= 67535 0AK@K;0= A0;K<40@0 0BKABK 735 45 KB8<0; <;V<5BB5@V :@A5BV;5 >BK@K?, 5:V=HV 45359453V 10=:B5@453V B:V7V? 15@V;5BV= A0;K<40@4K BV715AV; 11) <V=45BB5<5;5@4V A><0;0@K, >=K VHV=45 0B5;5AV? 5A5?:5 0;K=0= A><0;0@, 68=0B0CHK 759=5B0K >@K=K 759=5B0K B;5<45@V H>BK=0 0C40@C0 60B0BK= A><0, 735 45 :@548B>@;K 15@5H5: A><0AK, 68=0B0CHK 759=5B0K >@K=K 6=5 B:V7V? 15@CHV 9K<=K 759=5B0K 0:B82B5@V=V 6=5 8=25AB8F8O;K :V@VABV 5A51V=5= B;5=C35 60B0BK= :><8AA8O;K AK90K A><0AK, 735 KB8<0; <V=45BB5<5;5@4V A><0AK; B:V7V? 15@CHV 9K<=K 759=5B0K 0:B82B5@V= 8=25AB8F8O;K 10A0@C 1>9K=H0 10@;K :575453V 5A5?B5;35= :><8AA8O;K AK90KAK=K 60;?K A><0AK; 13) B:V7V? 15@CHV 9K<=K 68=0B0CHK 759=5B0K >@K=K 759=5B0K 0:B82B5@V= 8=25AB8F8O;K 10A0@C 1>9K=H0 10@;K :575453V 8=25AB8F8O;K :V@VABV 6=5 759=5B0K 0:B82B5@V=V 5A51V=5= B;5=35= 6=5 B;5C35 60B0BK= 68=0B0CHK 759=5B0K >@K=K 6=5 B:V7V? 15@CHV 9K<=K :><8AA8O;K AK90K;0@K=K A><0;0@K; H0@BBK 17C :=i=i 0;4K=40K :==i A>K=0 759=5B0K 0:B82B5@i=i 1i@ H0@BBK 1i@;i3i=i =K= 5A5?B5C4i =B865;5@i; >AK @565=V 31-5-B0@<0K=0 A9:5A :;5<V= :@A5B5 >BK@K? B:V7V? 15@V;5BV= 60BB0@4K BV715AV; 16) :5;VAC :><8AA8O <H5;5@V=V 0=KB0CK 1>9K=H0 B:V7V? 15@CHV 9K<=0= 01K;40CHK 9K<0 B:i7i;5BV= >@4K 759=5B0K 0:B82B5@i=5 0BKABK 735 45 KB8<0; <;i<5BB5@; 31-7. 5;VAC :><8AA8OAK 7V=V 6<KAK= H0@BBK 17C :=V=5 0OB094K. 31-8. 59=5B0K 0:B82B5@V= 01K;40C-B:V7C 0:BVAV :5;VAC :><8AA8OAK<5= H0@BBK 17C :=i=5 68=0B0CHK 759=5B0K >@K, B:i7i? 15@CHi 9K<, 01K;40CHK 9K<, 68=0B0CHK 759=5B0K >@4K :0AB>480= 10=:i, C:i;5BBi >@30= Hi= 1i@-1V@ 40=040= 15A 40=040 60A0;04K, 68=0B0CHK 759=5B0K >@K=K, B:V7V? 15@CHV 6=5 01K;40? 0;CHK 9K<=K :5;VAC :><8AA8OAK <H5;5@V=V, 1V@V=HV 10AHK=K 6=5 10A 1CE30;B5@4V >;K >9K;K? 6=5 68=0B0CHK 759=5B0K >@K=K, B:V7V? 15@CHV 6=5 01K;40? 0;CHK 9K<=K <@ 1545@V<5= @0AB0;04K. 59=5B0K 0:B82B5@V= 01K;40C - B:V7C 0:BVAV=45 68=0B0CHK 759=5B0K >@K=K :0AB>480= 10=:i=i >AK 01K;40C - B:V7C 0:BiAV 45@5:B5@V=V 4@KABKK BC@0;K, :0AB>480= 10=:Bi 1i@i=Hi 10AHKAK =5<5A5 >=K 68=0B0CHK 759=5B0K >@0 :0AB>480=4K K7<5B :@A5BC4i 67535 0AK@0BK= 1;i<H5Ai=5 65B5:Hi;i: 60A09BK= 10AHK K7<5B:5@i=V >;K<5= 6=5 :0AB>480= 10=:V <@i=i 1545@V<5= @0AB0;0= 15;3iAi 1>;CK B8VA; 59=5B0K 0:B82B5@V= 01K;40C - B:V7C 0:BiAV= H0@BBK 17C0 10AB0<0HK 9K<=K 1i@i=Hi 10AHKAK 15:iB54i. 31-9. 59=5B0K 0:B82B5@V= 01K;40C - B:V7C 0:BiAV >; 15:VBV;35= :==5= 10AB0? H 6<KA := VHV=45 C:V;5BBV >@30=0 AK=K;04K. 31-10. 59=5B0K 0:B82B5@V= 01K;40CHK 9K<0 8=25AB8F8O;K 10A0@C0 B:i7i? 15@C :=i  759=5B0K 0:B82B5@V= 01K;40C - B:V7C 0:Bi=i 15:iBi;35= :=i 1>;K? B0=K;04K. 31-11. 9K<=K 759=5B0K 0:B82B5@V= 8=25AB8F8O;K 10A0@C 1>9K=H0 K7<5BBV 67535 0AK@C0 15@V;35= ;8F5=78O=K >;40=K;CK B>B0B0 B@K;0= =5 09B0@K? 0;0= 6040940, 9K< ;8F5=78O=K >;40=K;CK= B>B0B0 B@K;0= =5 >=K 09B0@0= :==5= 10AB0? 15A :=BV715;V: := VHV=45 68=0B0CHK 759=5B0K >@K=0H0@B 1>9K=H0 <V=45BB5<5;5@4V B>B0BK;0=K BC@0;K E010@;0<0 6V15@54V 6=5 9K<=K 1V@V=HV 10AHKAK=K 19@KK =53V7V=45 :5;VAC :><8AA8OAK= @04K. 5;VAC :><8AA8O=K @0<K >AK @565=V 31-3-B0@<0K<5= 15;3V;5=54V. 5;VAC :><8AA8OAK >= := VHV=45 >AK @565=V 31-4  31-6, 31-8  31-10  B0@<0K=0 A9:5A VA-H0@0;0@4K 67535 0AK@04K. 5-B0@0C. "C5:5;45@4V 10A0@C 695AV 32. 9K< (>@) 7 K7<5BV ?@>F5AV=45 9K<40K (>@40K) BC5:5;45@4V 10A0@C 695AV=V 1>;CK= 0<B0<0AK7 5B54V. 33. 9K<40K (>@40K) BC5:5;45@4V 10A0@C 695AV=V 1>;CK :>@?>@0B82BV: 10A0@C0, 0@6K @0;40@K<5= 60A0;0BK= >?5@0F8O;0@4K 6@3V7C B6V@815AV=5, 0?0@0B 695;5@V=V 6=5 10A0@C 0?0@0BK 695;5@V=V K7<5B 5BCV=5 >9K;0BK= >AK @565 15;3V;535= B0;0?B0@0 A9:5ABV:BV :74594V. 34. "C5:5;45@4V 10A0@C 695AV= 6=5 VH:V 10K;0C4K 9K<40ABK@C 9K<=K (>@4K) >AK @565=V 3->AK<H0AK=40 :@A5BV;35= B0;0?B0@0 A9:5ABV3V<5= 0<B0<0AK7 5BV;54V. 35. "C5:5;45@4V 10A0@C 695AV H515@V=45 0@6K @0;40@K<5= 60A0;0BK= >?5@0F8O;0@4K 6@3V7C B6V@815AV=V 1>;CK >AK @565=V 4->AK<H0AK=40 :@A5BV;35= B0;0?B0@0 9K<=K (>@4K) A9:5ABV3V<5= 0<B0<0AK7 5BV;54V. 36. "C5:5;45@4V 10A0@C 695AV H515@V=45 9K<=K (>@4K) >?5@0F8O;K K7<5BV=V 1>;CK=0, 0?0@0B 695;5@V <5= 10A0@C 0?0@0BK 695;5@V=V K7<5B 5BCV=5 >AK @565=V 4->AK<H0AK=40 :@A5BV;35= B0;0?B0@0 9K< (>@) A9:5A :5;35= :5745 6>; 15@V;54V. 37. 9K< (>@) 6K; A09K=, 5A5?BV45= :59V=3V 6K;4K 1 HV;45AV=5= :5HV:BV@<59, >AK @565=V 2,4->AK<H0AK=40 :@A5BV;35= B0;0?B0@4K >@K=40;CK= 100;0C 6=V=453V >;0@ 409K=400= 5A5?BV C:V;5BBV >@30=0 15@54V. AK 5A5?B5: BC5:5;45@4V 10A0@C 695AV=V 6=5 VH:V 10K;0C4K 1>;CK=0 >9K;0BK= B0;0?B0@ <5= B0;0? :@8B5@89;5@V=V B>;K BV715AV; BC5:5;45@4V 10A0@C 695AV=V 6=5 VH:V 10K;0C4K 1>;CK=0 >9K;0BK= B@1V@ B0;0? ?5= B0;0? :@8B5@89V=5 9K<=K (>@4K) A9:5ABV3V 1>9K=H0 100;0C, >=K VHV=45 :@A5BV;35= B0;0?B0@0 9K<=K (>@4K) 60=-60BK 09K=409BK= A9:5ABV3V; 9K<=K (>@4K) BC5:5;45@4V 10A0@C 695AV=453V, >=K VHV=45 BC5:5;45@4V 10A0@C 695AV=V 6=5 VH:V 10K;0C4K 1>;CK=0 >9K;0BK= B0;0?B0@ <5= B0;0? :@8B5@89;5@V 1>9K=H0 :5<HV;V:B5@; BC5:5;45@4V 10A0@C 695AV=453V 6=5 VH:V 10K;0C40K :5<HV;V:B5@4V 6>N 6=V=453V 065BBV VA-H0@0;0@ 1>;CK B8VA. 38. 9K<40@ (>@;0@) >@K=40C0 <V=45BBV B0;0?B0@4K =53V73V :@8B5@89;5@V >AK @565=V 5->AK<H0AK=40 09K=40;0=. 39. 9K<40@ (>@;0@) >@K=40C0 <V=45BBV B0;0?B0@4K >AK<H0 :@8B5@89;5@V >AK @565=V 6->AK<H0AK=40 09K=40;0=. 59=5B0K 0:B82B5@V= 8=25AB8F8O;K 10A0@C 6=V=453V K7<5BBV 67535 0AK@C 5@565AV=V 1->AK<H0AK 59=5B0K 0:B82B5@V=V 5A51V=5= A0BK? 0;C0 @A0B 15@V;35= 0@6K @0;40@K=K BV715AV 9K< (>@) 0@6K @0;40@K=K BV715AV=5 @1V@ 65:5 >@4K 8=25AB8F8O;K 10A0@CK=40K 759=5B0K 0:B82B5@V= 759=5B0K 0:B82B5@V=V 6=5 >;0@0 >9K;0BK= B0;0?B0@4K 60;?K :;5<V=5 109;0=KABK >@=0;0ABK@0 0;04K. !0@6K @0;40@K=K 0B0CK1.070AB0= 5A?C1;8:0AK 0@6K <8=8AB@;V3V 6=5 070AB0= 5A?C1;8:0AK=K ;BBK 0=:V HK0@0= 070AB0= 5A?C1;8:0AK=K <5<;5:5BBV: 100;K 00740@K (10A0 <5<;5:5BB5@4V 70=0<0AK=0 A9:5A M<8AA8O;0=0=40@K >A0 0;0=40), A>=409-0 <5<;5:5B :5?V;V<5= HK0@0= 100;K 00740@2.070AB0= 5A?C1;8:0AK=K 65@3V;V:BV 0B0@CHK >@30=40@K HK0@0=, >@ 18@60AK=K @5A<8 BV7V<V=5 5=3V7V;35= >1;830F8O;0@2-1.!0<@K-07K=0 ;BBK ;-0C0B >@K 0:F8>=5@;V: >0<K HK0@0= 1>@KHBK 100;K 00740@3.070AB0= 5A?C1;8:0AK=K ;BBK 0=:V=453V A0;K<40@4.070AB0= 5A?C1;8:0AK=K 5:V=HV45= 45359453V 10=:B5@V=453V A0;K<40@ <K=0409 B0;0?B0@4K 1V@V=5 A9:5A :5;35= 6040940: 10=:B5@4V E0;K0@0;K H:V; 1>9K=H0 Standard & Poor's 035=BBV3V=V - B<5= 5<5A 70 <5@7V<4V :@548BBV: @59B8=3V =5<5A5 Standard & Poor's ;BBK H:V;V 1>9K=H0 kz- B<5= 5<5A @59B8=3 100AK 10@ =5<5A5 10A0 @59B8=3 035=BBV:B5@V=V 1V@V=V >AK0= A0A 45359453V @59B8=3V 10@ 1>;A0; 10=:B5@ Standard & Poor's 035=BBV3V=V E0;K0@0;K H:V; 1>9K=H0 - B<5= 5<5A 70 <5@7V<4V :@548BBV: @59B8=3V =5<5A5 10A0 @59B8=3 035=BBV:B5@V=V 1V@V=V >AK0= A0A 45359453V @59B8=3V 10@ @57845=B 5<5A A010B0A 10=:BV 5=HV;5A @57845=B 10=:B5@V 1>;K? B01K;A0; 10=:B5@ :>@ 18@60AK=K @5A<8 BV7V<V=V 0:F8O;0@ A5:B>@K=40K 1V@V=HV A0=0B0 5=3V7V;35= M<8B5=B 10=:B5@ 1>;K? B01K;A05.Standard & Poor's 035=BBV3V=V - B<5= 5<5A E0;K0@0;K @59B8=3 100AK 10@ =5<5A5 10A0 @59B8=3 035=BBV:B5@V=V 1V@V=V >AK0= A0A 45359453V @59B8=3V 10@ E0;K0@0;K 0@6K 9K<40@K HK0@0= 1>@KHBK 100;K 00740@, <K=0 E0;K0@0;K 0@6K 9K<40@K HK0@0=: %0;K0@0;K 09B0 @C 6=5 40<C 10=:V; C@>?0 09B0 @C 6=5 40<C 10=:i; <5@8:0 0@0;K 40<C 10=:V; %0;K0@0;K 5A5?-09K@KAC 10=:V;  HYPERLINK "jl:1049404.0%20" 78O 40<C 10=:V; D@8:0  HYPERLINK "jl:1049404.0%20"  40<C 10=:V; %0;K0@0;K 0@6K :>@?>@0F8OAK;  HYPERLINK "jl:1011893.0%201014329.0%201024711.0%20" A;0< 40<C 10=:V; C@>?0 8=25AB8F8O;K 10=:V; C@078O;K 40<C 10=:V 6.Standard & Poor's 035=BBV3V=V   -40= :5< 5<5A BC5;AV7 @59B8=3V 10@ =5<5A5 10A0 @59B8=3 035=BBV:B5@V=V 1V@V=V >AK0= A0A 45359V=453V @59B8=3V 10@ H5B <5<;5:5BB5@4V >@B0;K :V<5BB5@V HK0@0= <5<;5:5BBV: <@B515AV 10@ 100;K 00740@ 7.(5B5; 9K<40@K HK0@0= <5<;5:5BBV: 5<5A 100;K 00740@: Standard & Poor's 035=BBV3V=V -45= B<5= 5<5A E0;K0@0;K @59B8=3BV: 100AK =5<5A5 10A0 @59B8=3 035=BBV:B5@V=V 1V@V=V >AK0= A0A 45359V=453V @59B8=3V 10@ 1>@KHBK 100;K 00740@K; Standard & Poor's 035=BBV3V=V -45= B<5= 5<5A E0;K0@0;K @59B8=3BV: 100AK =5<5A5 10A0 @59B8=3 035=BBV:B5@V=V 1V@V=V >AK0= A0A 45359V=453V @59B8=3V 10@ H5B5; M<8B5=B5@V=V 0:F8O;0@K 070AB0= 5A?C1;8:0AK @57845=BV 1>;K? B01K;0BK=, >@ 18@60AK=K @5A<8 BV7V<V=V 0:F8O;0@ A5:B>@K=K 1V@V=HV A0=0BK=0 :V@3V7V;35= H5B5; 9K<40@4K 0:F8O;0@K.8.Standard & Poor's principal stability fund ratings BBBm--45= B<5= 5<5A =5 Standard & Poor's Fund credit quality ratings BBBf-  B<5= 5<5A E0;K0@0;K @59B8=3BV: 100AK 10@ 8=25AB8F8O;K >@;0@4K ?09;0@K9.070AB0= 5A?C1;8:0AK=K 6=5 10A0 <5<;5:5BB5@4V 70=0<0AK=0 A9:5A 070AB0= 5A?C1;8:0AK=K 9K<40@K HK0@0= <5<;5:5BBV: 5<5A 100;K 00740@K: 1) Standard & Poor's 035=BBV3V=V -45= B<5= 5<5A E0;K0@0;K @59B8=3BV: 100AK =5<5A5 10A0 @59B8=3 035=BBV:B5@V=V 1V@V=V >AK0= A0A 45359V=453V @59B8=3V 10@ =5<5A5 Standard & Poor's ;BBK H:V;V 1>9K=H0 kz  B<5= 5<5A @59B8=3BV: 100AK 10@, >=K VHV=45 :>@ 18@60AK=K @5A<8 BV7V<V=V 0:F8O;0@ A5:B>@K=40K 1V@V=HV =5<5A5 5:V=HV A0=0B0 5=3V7V;35= 9K<40@4K 0:F8O;0@K; 2) :>@ 18@60AK=K @5A<8 BV7V<V=V 0:F8O;0@ A5:B>@K=40K 1V@V=HV =5<5A5 5:V=HV A0=0B0 5=3V7V;35= 9K<40@ 0:F8O;0@K; 3) Standard & Poor's 035=BBV3V=V   45= B<5= 5<5A E0;K0@0;K @59B8=3BV: 100AK =5<5A5 10A0 @59B8=3 035=BBV:B5@V=V 1V@V=V >AK0= A0A 45359V=453V @59B8=3V =5<5A5 Standard & Poor's ;BBK H:V;V 1>9K=H0 kz - B<5= 5<5A @59B8=3V 10@, >=K VHV=45 >@ 18@60AK=K @5A<8 BV7V<V=5 5=3V7V;35= 1>@KHBK 100;K 00740@; 4)>@ 18@60AK=K @5A<8 BV7V<V=453V @59B8=3 100AK 6> 1>@KHBK 100;K 00740@ A0=0BK=0 5=3V7V;35= 1>@KHBK 100;K 00740@; 5) 070AB0= 5A?C1;8:0AK 9K<40@K=K 8=D@0@K;K<4K >1;830F8O;0@K; 6) 10A0@CHK :><?0=8OAK >@ 18@60AK=K @5A<8 BV7V<V=5 5=3V7V;35= 070AB0= 5A?C1;8:0AK=K 70=0<0AK=0 A9:5A @K;0= 704K B;0 1>;K? B01K;0BK= 0@0;K ?09 8=25AB8F8O;K >@;0@K=K ?09;0@K.9-1.070AB0= 5A?C1;8:0AK=K 70=0<0AK=0 A9:5A @K;0=, Standard & Poor's 035=BBV3V=V E0;K0@0;K H:V;V 1>9K=H0 --B5= B<5= 5<5A @59B8=3BV: 100AK 10@ =5<5A5 10A0 @59B8=3 035=BBV:B5@V=V 1V@V=V >AK0= A0A 45359453V @59B8=3BV: 100AK 10@ =5 >@ 18@60AK=K =25AB8F8O;K >@;0@4K 100;K 00740@K @5A<8 BV7V<V=5 5=3V7V;35=, <K=0 B0;0?B0@0 A9:5A :5;5BV= 6K;6K<09BK= <;V: >@;0@K=K 0:F8O;0@K: HK0@K;0= 100;K 00740@ 6=5/=5<5A5 10A0 <V=45BB5<5;5@ 1>9K=H0 6K;6K<09BK= <;V: >@K <V=45BB5<5;5@V=V <;H5@V 68K=BKK=40 6K;6K<09BK= <;V: >@K=K <5=HV:BV :0?8B0;K=K >= ?09K7K=0= 0A?094K; 6K;6K<09BK= <;V: >@K=K 8=25AB8F8O;K :V@VAB5@V=V 65B?VA 15A ?09K7K=0= 0A?09BK=K= 6K;6K<09BK= <;V:BV 60;0 15@C =B865AV=45 0;K=0= :V@VA @094K; 6K;6K<09BK= <;V: >@K=K 0:B82B5@V= @09BK= 6K;6K<09BK= <;V: 6K;6K<09BK= <;V: >@K=K 10A0@CHK :><?0=8OAK=0= 6=5 >=K 0DD8;88@;5=35= B;0;0@K=0= A0BK? 0;K=100=; 6K;6K<09BK= <;V: >@K=K 0:B82B5@V=5 :V@5BV= 6K;6K<09BK= <;V::5 0CK@B?0;K A0;K=100= =5 >; A5=V<35@;V: 10A0@C0 B:V7V;35=; 60;0 15@C H0@BK<5= 15;3V;5=35= 6K;6K<09BK= <;V: >@K=K 0:B82B5@V=5 :V@5BV= 6K;6K<09BK= <;V: >1J5:BV;5@V= 60;0 15@C <5@7V<V 1V@ 6K;40= :5< 5<5ABV @0CK B8VA; 6K;6K<09BK= <;V: >@K=K 0:B82B5@V=V @0<K=0 :V@5BV= 6K;6K<09BK= <;V: >1J5:BV;5@V >=K 100;K 00740@K= @5A<8 BV7V<35 5=3V7C 6=V=453V BV=VH 15@V;35= :=35 459V=3V 5:V 6K; VHV=45 60;0 15@V;54V10.>=4>==K K<10B <5B0;40@ @K=>3K 0CK<40ABKK=K (London bullion market association) 01K;400= E0;K0@0;K A0?0 AB0=40@BK=0 A9:5A :5;5BV= B070@BK;0= K<10B <5B0;40@ 6=5 >=4>=4K A0?0;K 65B:V7C AB0=40@BK @5BV=45 (London good delivery) >AK 0CK<40ABKBK 60BB0@K=40 15;3V;5=35= <5B0;; 45?>78BB5@V, >=K VHV=45, Standard & Poor's 035=BBV3V=V "-"45= B<5= 5<5A @59B8=3BV: 100AK =5<5A5 10A0 @59B8=3 035=BBV:B5@V=V 1V@V=V >AK0= A0A 45359V=453V @59B8=3V 10@ @57845=B 10=:B5@4V 0:F8O;0@K 12 0940= 0AB0< 5<5A <5@7V<45.11."Standard & Poor's" 035=BBV3V=V "BBB-" B<5= 5<5A @59B8=3BV: 100AK =5<5A5 10A0 @59B8=3BV: 035=BBV:B5@V=V 1V@V=V >AK=409 45359453V @59B8=3V 10@ 85 9K<40@ HK0@0= Principal protected notes 6=5 >;0@ 1>9K=H0 =53V73V 1>@KH A><0AK= B>;K 09B0@C 6=V=453V M<8B5=BBV :5?V;45<5AV 15;3V;5=35=12.AK BV71545 :@A5BV;35= 1070;K 0:B82B5@V 0:F8O;0@ 1>;K? B01K;0BK= 45?>78B0@;K >;E0BB0@, DLNG5@AB5@, >?F8>=40@, A2>?B0@, D>@20@4B0@, 1070;K 0:B82B5@V <K=0;0@ 1>;K? B01K;0BK=: 759=5B0K 0:B82B5@V 5A51V=5= A0BK? 0;C0 @A0B 5BV;35= 0@6K @0;40@K; H5B5; 20;NB0AK; <K=0409 5A5? 09K@KAC :@A5B:VHB5@V (8=45:AB5@): 1. MICEX (Moscow Interbank Currency Exchange Index) 2. DAX (Deutscher Aktienindex) 3. CAC 40 (Compagnie des Agents de Change 40 Index) 4. NIKKEI - 225 (NIKKEI - 225 Index) 5. TOPIX (Tokyo Price Index) 6. HSI (Hang Seng Index) 7. ENXT 100 (Euronext 100) 8. RTSI (Russian Trade System Index) 9. DJIA (Dow Jones Industrial Average) 10. S&P 500 (Standard and Poor's 500 Index) 11. FT-SE 100 (Financial Times Stock Exchange 100 Index) 12. KASE (Kazakhstan Stock Exchange) 13. MSCI World Index (Morgan Stanley Capital International World Index) 13.++ "!"!+15."Standard & Poor's" 035=BBV3V=V "BBB-" B<5= 5<5A BC5;AV7 @59B8=3V =5<5A5 10A0 @59B8=3BV: 035=BBV3V=V 1V@V=V >AK=409 45359453V @59B8=3V 10@ 5;45@4V 6=5 B8VABV @59B8=3BV: 100AK 6> 5;45@4V H5B5; 20;NB0AK=40K >;<0->; 0H0AK  2. K=0409 0@6K @0;40@K=0 8=25AB8F8O;0@4K =0BK :;5<V @ >@4K 759=5B0K 0:B82B5@V=V 5%-V=5= 0A?0C :5@5:: 1.070AB0= 5A?C1;8:0AK=K 6=5 10A0 <5<;5:5BB5@4V 70=0<0AK=0 A9:5A 070AB0= 5A?C1;8:0AK=K 9K<40@K HK0@0=, >@ 18@60AK=K @5A<8 BV7V<V=453V @59B8=3 100AK 6> 1>@KHBK 100;K 00740@ H0K= A0=0BK 1>9K=H0 5=3V7V;35= 1>@KHBK 100;K 00740@, 8=D@0@K;K<4K >1;830F8O;0@4K >A?00=40;2.0A0@CHK :><?0=8OAK >@ 18@60AK=K @5A<8 BV7V<V=5 5=3V7V;35= 070AB0= 5A?C1;8:0AK=K 70=0<0AK=0 A9:5A @K;0= 704K B;0 1>;K? B01K;0BK= 0@0;K ?09 8=25AB8F8O;K >@;0@K=K ?09;0@K.3.070;K 0:B82B5@V Standard & Poor's 035=BBV3V=V "-"45= B<5= E0;K0@0;K @59B8=3BV: 100AK =5<5A5 10A0 @59B8=3 035=BBV:B5@V=V 1V@V=V >AK0= A0A 45359V=453V @59B8=3V 10@ 0@6K @0;40@K 1>;K? B01K;0BK= DLNG5@AB5@, >?F8>=40@, A2>?B0@, D>@20@4B0@4.070AB0= 5A?C1;8:0AK=K 70=0<0AK=0 A9:5A @K;0=, >AK @56545 15;3V;5=35= B0;0?B0@0 A9:5A :5;5BV= 6K;6K<09BK= <;V: >@;0@K=K 0:F8O;0@K  1-1, 1-2, 1-3 !+(  2012 ++ 1 " + !" (  ( ! 17 26.01.20096. 0C;KAK) 59=5B0K 0:B82B5@V= 8=25AB8F8O;K 10A0@C 6=V=453V K7<5BBV 67535 0AK@C 5@565AV=5 1-1->AK<H0 >=A5@20B82BV 8=25AB8F8O;K ?>@BD5;L4V 759=5B0K 0:B82B5@V 5A51V=5= A0BK? 0;C0 @A0B 15@V;35= 0@6K @0;40@K=K BV715AV !0@6K @0;40@K=K 0B0CK1.070AB0= 5A?C1;8:0AK 0@6K <8=8AB@;V3V 6=5 070AB0= 5A?C1;8:0AK=K ;BBK 0=:V HK0@0= 070AB0= 5A?C1;8:0AK=K <5<;5:5BBV: 100;K 00740@K (10A0 <5<;5:5BB5@4V 70=0<0AK=0 A9:5A M<8AA8O;0=0=40@4K >A0 0;0=40), A>=409-0 <5<;5:5B :5?V;V<5= HK0@0= 100;K 00740@.2.070AB0= 5A?C1;8:0AK=K 65@3V;V:BV 0B0@CHK >@30=40@K HK0@0=, >@ 18@60AK=K @5A<8 BV7V<V=5 5=3V7V;35= >1;830F8O;0@.3.;BBK 10A0@CHK E>;48=3 HK0@0= 1>@KHBK 100;K 00740@.4.070AB0= 5A?C1;8:0AK=K ;BBK 0=:V=453V A0;K<40@.5.070AB0= 5A?C1;8:0AK=K 5:V=HV 45359453V 10=:B5@V=453V A0;K<40@ <K=0409 B0;0?B0@4K 1V@V=5 A9:5A :5;35= 6040940: 1) 10=:B5@4V E0;K0@0;K H:V; 1>9K=H0 Standard & Poor's 035=BBV3V=V - B<5= 5<5A 70 <5@7V<4V :@548BBV: @59B8=3V =5<5A5 =5<5A5 10A0 @59B8=3 035=BBV:B5@V=V 1V@V=V >AK0= A0A 45359453V @59B8=3V 10@ =5<5A5 Standard & Poor's ;BBK H:V;V 1>9K=H0 kz- B<5= 5<5A @59B8=3 100AK 10@ 1>;A0; 2) 10=:B5@ Standard & Poor's 035=BBV3V=V E0;K0@0;K H:V;V 1>9K=H0 - B<5= 5<5A 70 <5@7V<4V :@548BBV: @59B8=3V =5<5A5 10A0 @59B8=3 035=BBV:B5@V=V 1V@V=V >AK0= A0A 45359453V @59B8=3V 10@ @57845=B 5<5A A010B0A 10=:BV 5=HV;5A @57845=B 10=:B5@V 1>;K? B01K;A0; 3) 10=:B5@ :>@ 18@60AK=K @5A<8 BV7V<V=V 0:F8O;0@ A5:B>@K=40K 1V@V=HV A0=0B0 5=3V7V;35= M<8B5=B 10=:B5@ 1>;K? B01K;A0.6.Standard & Poor's 035=BBV3V=V - B<5= 5<5A E0;K0@0;K @59B8=3 100AK 10@ =5<5A5 10A0 @59B8=3 035=BBV:B5@V=V 1V@V=V >AK0= A0A 45359453V @59B8=3V 10@ E0;K0@0;K 0@6K 9K<40@K HK0@0= 1>@KHBK 100;K 00740@, <K=0 E0;K0@0;K 0@6K 9K<40@K HK0@0=: %0;K0@0;K 09B0 @C 6=5 40<C 10=:V; C@>?0 09B0 @C 6=5 40<C 10=:i; <5@8:0 0@0;K 40<C 10=:V; %0;K0@0;K 5A5?-09K@KAC 10=:V;  HYPERLINK "jl:1049404.0%20" 78O 40<C 10=:V; D@8:0  HYPERLINK "jl:1049404.0%20"  40<C 10=:V; %0;K0@0;K 0@6K :>@?>@0F8OAK;  HYPERLINK "jl:1011893.0%201014329.0%201024711.0%20" A;0< 40<C 10=:V; C@>?0 8=25AB8F8O;K 10=:V; C@078O;K 40<C 10=:V.7.Standard & Poor's 035=BBV3V=V --B5= B<5= 5<5A BC5;AV7 @59B8=3V 10@ =5<5A5 10A0 @59B8=3 035=BBV:B5@V=V 1V@V=V >AK0= A0A 45359V=453V @59B8=3V 10@ H5B <5<;5:5BB5@4V >@B0;K :V<5BB5@V HK0@0= <5<;5:5BBV: <@B515AV 10@ 100;K 00740@.8.Standard & Poor's 035=BBV3V=V --B5= B<5= 5<5A E0;K0@0;K @59B8=3BV: 100AK =5<5A5 10A0 @59B8=3 035=BBV:B5@V=V 1V@V=V >AK0= A0A 45359V=453V @59B8=3V 10@ H5B5; 9K<40@K HK0@0= <5<;5:5BBV: 5<5A 1>@KHBK 100;K 00740@. 9.070AB0= 5A?C1;8:0AK=K 6=5 10A0 <5<;5:5BB5@4V 70=0<0AK=0 A9:5A 070AB0= 5A?C1;8:0AK=K 9K<40@K HK0@0= <5<;5:5BBV: 5<5A 100;K 00740@K: 1) Standard & Poor's 035=BBV3V=V E0;K0@0;K H:V;V 1>9K=H0 - 45= B<5= 5<5A @59B8=3BV: 100AK 10@ =5<5A5 10A0 @59B8=3 035=BBV:B5@V=V 1V@V=V >AK0= A0A 45359V=453V @59B8=3V 10@ =5<5A5 Standard & Poor's 035=BBV3V=V ;BBK H:V;V 1>9K=H0 kz- B<5= 5<5A @59B8=3V 10@ 1>@KHBK 100;K 00740@; 2) >@ 18@60AK=K @5A<8 BV7V<V=453V 1V@V=HV A0=0BH0=K @59B8=3 100AK 6> 1>@KHBK 100;K 00740@ A0=0BH0AK=0 5=3V7V;35= 1>@KHBK 100;K 00740@.10.>=4>==K K<10B <5B0;40@ @K=>3K 0CK<40ABKK (London bullion market association) 01K;400= E0;K0@0;K A0?0 AB0=40@BK=0 A9:5A :5;5BV= 6=5 >=4>=4K A0?0;K 65B:V7C AB0=40@BK @5BV=45 (London good delivery) >AK 0CK<40ABKBK 60BB0@K=40 15;3V;5=35= B070@BK;0= K<10B <5B0;40@ 6=5 >= 5:V 0940= 0AB0< 5<5A <5@7V<35 A0;K=0= <5B0;; 45?>78BB5@V, >=K VHV=45 Standard & Poor's 035=BBV3V=V  45= B<5= 5<5A @59B8=3BV: 100AK 10@ =5<5A5 10A0 @59B8=3 035=BBV:B5@V=V 1V@V=V >AK0= A0A 45359V=453V @59B8=3V 10@ 070AB0= 5A?C1;8:0AK=K @57845=B 5<5A 10=:B5@V=453V. 11.Standard & Poor's 035=BBV3V=V - B<5= 5<5A BC5;AV7 @59B8=3V 10@ =5<5A5 10A0 @59B8=3BV: 035=BBV3V=V 1V@V=V >AK=409 45359453V @59B8=3V 10@ 5;45@4V >;<0->; H5B5; 20;NB0AK. 59=5B0K 0:B82B5@V= 8=25AB8F8O;K 10A0@C 6=V=453V K7<5BBV 67535 0AK@C 5@565AV=5 1-2->AK<H0  @B0H0 8=25AB8F8O;K ?>@BD5;L4V 759=5B0K 0:B82B5@V 5A51V=5= A0BK? 0;C0 @A0B 15@V;35= 0@6K @0;40@K=K BV715AV 1. 9K< (>@) 65:5 @ >@4K >@B0H0 8=25AB8F8O;K ?>@BD5;LV=V 8=25AB8F8O;K 10A0@CK=40K 759=5B0K 0:B82B5@V= >@=0;0ABK@C;0@K=0 1>;0BK= 0@6K @0;40@K=K BV715AV 6=5 >;0@0 >9K;0BK= B0;0?B0@ !0@6K @0;40@K=K 0B0CK1.070AB0= 5A?C1;8:0AK 0@6K <8=8AB@;V3V 6=5 070AB0= 5A?C1;8:0AK=K ;BBK 0=:V HK0@0= 070AB0= 5A?C1;8:0AK=K <5<;5:5BBV: 100;K 00740@K (10A0 <5<;5:5BB5@4V 70=0<0AK=0 A9:5A M<8AA8O;0=0=40@4K >A0 0;0=40), A>=409-0 <5<;5:5B :5?V;V<5= HK0@0= 100;K 00740@.2.070AB0= 5A?C1;8:0AK=K 65@3V;V:BV 0B0@CHK >@30=40@K HK0@0=, >@ 18@60AK=K @5A<8 BV7V<V=5 5=3V7V;35= >1;830F8O;0@.3.;BBK 10A0@CHK E>;48=3 HK0@0= 1>@KHBK 100;K 00740@.4.070AB0= 5A?C1;8:0AK=K ;BBK 0=:V=453V A0;K<40@.5.070AB0= 5A?C1;8:0AK=K 5:V=HV 45359453V 10=:B5@V=453V A0;K<40@ <K=0409 B0;0?B0@4K 1V@V=5 A9:5A :5;35= 6040940: 1) 10=:B5@4V E0;K0@0;K H:V; 1>9K=H0 Standard & Poor's 035=BBV3V=V - B<5= 5<5A 70 <5@7V<4V :@548BBV: @59B8=3V =5<5A5 =5<5A5 10A0 @59B8=3 035=BBV:B5@V=V 1V@V=V >AK0= A0A 45359453V @59B8=3V 10@ =5<5A5 Standard & Poor's ;BBK H:V;V 1>9K=H0 kz- B<5= 5<5A @59B8=3 100AK 10@ 1>;A0; 2) 10=:B5@ Standard & Poor's 035=BBV3V=V E0;K0@0;K H:V;V 1>9K=H0 - B<5= 5<5A 70 <5@7V<4V :@548BBV: @59B8=3V =5<5A5 10A0 @59B8=3 035=BBV:B5@V=V 1V@V=V >AK0= A0A 45359453V @59B8=3V 10@ @57845=B 5<5A A010B0A 10=:BV 5=HV;5A @57845=B 10=:B5@V 1>;K? B01K;A0; 3) 10=:B5@ :>@ 18@60AK=K @5A<8 BV7V<V=V 0:F8O;0@ A5:B>@K=40K 1V@V=HV A0=0B0 5=3V7V;35= M<8B5=B 10=:B5@ 1>;K? B01K;A0.6.Standard & Poor's 035=BBV3V=V - B<5= 5<5A E0;K0@0;K @59B8=3 100AK 10@ =5<5A5 10A0 @59B8=3 035=BBV:B5@V=V 1V@V=V >AK0= A0A 45359453V @59B8=3V 10@ E0;K0@0;K 0@6K 9K<40@K HK0@0= 1>@KHBK 100;K 00740@, <K=0 E0;K0@0;K 0@6K 9K<40@K HK0@0=: %0;K0@0;K 09B0 @C 6=5 40<C 10=:V; C@>?0 09B0 @C 6=5 40<C 10=:i; <5@8:0 0@0;K 40<C 10=:V; %0;K0@0;K 5A5?-09K@KAC 10=:V;  HYPERLINK "jl:1049404.0%20" 78O 40<C 10=:V; D@8:0  HYPERLINK "jl:1049404.0%20"  40<C 10=:V; %0;K0@0;K 0@6K :>@?>@0F8OAK;  HYPERLINK "jl:1011893.0%201014329.0%201024711.0%20" A;0< 40<C 10=:V; C@>?0 8=25AB8F8O;K 10=:V; C@078O;K 40<C 10=:V.7.Standard & Poor's 035=BBV3V=V - B<5= 5<5A BC5;AV7 @59B8=3V 10@ =5<5A5 10A0 @59B8=3 035=BBV:B5@V=V 1V@V=V >AK0= A0A 45359V=453V @59B8=3V 10@ H5B <5<;5:5BB5@4V >@B0;K :V<5BB5@V HK0@0= <5<;5:5BBV: <@B515AV 10@ 100;K 00740@.8.(5B5; 9K<40@K HK0@0= <5<;5:5BBV: 5<5A 100;K 00740@: Standard & Poor's 035=BBV3V=V --B5= B<5= 5<5A E0;K0@0;K @59B8=3BV: 100AK 10@ =5<5A5 10A0 @59B8=3 035=BBV:B5@V=V 1V@V=V >AK0= A0A 45359V=453V @59B8=3V 10@ 1>@KHBK 100;K 00740@; Standard & Poor's 035=BBV3V=V --B5= B<5= 5<5A E0;K0@0;K @59B8=3BV: 100AK 10@ =5<5A5 10A0 @59B8=3 035=BBV:B5@V=V 1V@V=V >AK0= A0A 45359V=453V @59B8=3V 10@ H5B5; M<8B5=BB5@V=V 0:F8O;0@K; >@ 18@60AK=K @5A<8 BV7V<V=V 0:F8O;0@ A5:B>@K=K 1V@V=HV A0=0BK=0 5=3V7V;35=, 070AB0= 5A?C1;8:0AK @57845=BV 1>;K? B01K;0BK= H5B5; 9K<40@K=K 0:F8O;0@K.9.Standard & Poor's principal stability fund ratings BBBm--B5= B<5= 5<5A =5 Standard & Poor's Fund credit quality ratings BBBf- B<5= 5<5A E0;K0@0;K @59B8=3BV: 100AK 10@ 8=25AB8F8O;K >@;0@4K ?09;0@K.10.070AB0= 5A?C1;8:0AK=K 6=5 10A0 <5<;5:5BB5@4V 70=0<0AK=0 A9:5A 070AB0= 5A?C1;8:0AK=K 9K<40@K HK0@0= <5<;5:5BBV: 5<5A 100;K 00740@: 1) Standard & Poor's 035=BBV3V=V E0;K0@0;K H:V;V 1>9K=H0 -45= B<5= 5<5A @59B8=3BV: 100AK 10@ =5<5A5 10A0 @59B8=3 035=BBV:B5@V=V 1V@V=V >AK0= A0A 45359V=453V @59B8=3V 10@ =5<5A5 Standard & Poor's 035=BBV3V=V ;BBK H:V;V 1>9K=H0 kz--B5= B<5= 5<5A @59B8=3BV: 100AK 10@ 9K<40@4K 0:F8O;0@K; 2) >@ 18@60AK=K @5A<8 BV7V<V=V 0:F8O;0@ A5:B>@K=K 1V@V=HV =5<5A5 5:V=HV A0=0BK=0 5=3V7V;35= 9K<40@4K 0:F8O;0@K; 3) Standard & Poor's 035=BBV3V=V E0;K0@0;K H:V;V - B5= B<5= 5<5A @59B8=3BV: 100AK 10@ =5<5A5 10A0 @59B8=3 035=BBV:B5@V=V 1V@V=V >AK0= A0A 45359V=453V @59B8=3V 10@ =5<5A5 Standard & Poor's ;BBK H:V;V 1>9K=H0 kz- B<5= 5<5A @59B8=3V 10@ 1>@KHBK 100;K 00740@; 4) >@ 18@60AK=K @5A<8 BV7V<V=453V @59B8=3 100AK 6> 1>@KHBK 100;K 00740@ A0=0BK=0 5=3V7V;35= 1>@KHBK 100;K 00740@; 5) 070AB0= 5A?C1;8:0AK 9K<40@K=K 8=D@0@K;K<4K >1;830F8O;0@K; 6) 10A0@CHK :><?0=8OAK 070AB0= 5A?C1;8:0AK=K 70=0<0AK=0 A9:5A @K;0= 704K B;0 1>;K? B01K;0BK=, >@ 18@60AK=K @5A<8 BV7V<V=5 5=3V7V;35= 0@0;K 8=25AB8F8O;K ?09 >@;0@K=K ?09;0@K.11.>=4>==K K<10B <5B0;40@ @K=>3K 0CK<40ABKK (London bullion market association) 01K;400= E0;K0@0;K A0?0 AB0=40@BK=0 A9:5A :5;5BV= 6=5 >=4>=4K A0?0;K 65B:V7C AB0=40@BK @5BV=45 ("London good delivery") >AK 0CK<40ABKBK 60BB0@K=40 15;3V;5=35= B070@BK;0= K<10B <5B0;40@ 6=5 12 0940= 0AB0< 5<5A <5@7V<35 <5B0;; 45?>78BB5@V, >=K VHV=45, Standard & Poor's 035=BBV3V=V  40= B<5= 5<5A @59B8=3BV: 100AK 10@ =5<5A5 10A0 @59B8=3 035=BBV:B5@V=V 1V@V=V >AK0= A0A 45359V=453V @59B8=3V 10@ @57845=B 5<5A 10=:B5@453V. 12.Standard & Poor's 035=BBV3V=V BBB- B<5= 5<5A @59B8=3BV: 100AK 10@ =5<5A5 10A0 @59B8=3BV: 035=BBV:B5@V=V 1V@V=V >AK=409 45359453V @59B8=3V 10@ 9K<40@ HK0@0= Principal protected notes 6=5 >;0@ 1>9K=H0 =53V73V 1>@KH A><0AK= B>;K 09B0@C 6=V=453V M<8B5=BBV :5?V;45<5AV 15;3V;5=35=.13.5?>78B0@;K >;E0BB0@ >AK BV71545 :@A5BV;35= 1070;K 0:B82B5@V 0:F8O;0@ 1>;K? B01K;0BK= 45?>78B0@;K >;E0BB0@, 1070;K 0:B82B5@V 1>;K? 759=5B0K 0:B82B5@V 5A51V=5= A0BK? 0;C0 @A0B 5BV;35= 0@6K @0;40@K B01K;0BK= DLNG5@AB5@, >?F8>=40@, A2>?B0@, D>@20@4B0@; H5B5; 20;NB0AK; <K=0409 5A5? 09K@KAC :@A5B:VHB5@V (8=45:AB5@): 1) MICEX (Moscow Interbank Currency Exchange Index); 2) DAX (Deutscher Aktienindex); 3. CAC40 (Compagniedes Agentsde Change 40 Index); 4. NIKKEI - 225 (NIKKEI - 225 Index); 5. TOPIX (Tokyo Price Index); 6. HSI (Hang Seng Index); 7. ENXT 100 (Euronext 100); 8. RTSI (Russian Trade System Index); 9. DJIA (Dow Jones Industrial Average); 10. S&P 500 (Standardand & Poor's 500 Index); 11. FT-SE 100 (Financial Times Stock Exchange 100 Index); 12. KASE (Kazahstan Stock EAhange); 13. MSCI World Index (Morgan Stanley Capital International World Index).14.Standard & Poor's 035=BBV3V=V BBB- B<5= 5<5A BC5;AV7 @59B8=3V 10@ =5<5A5 10A0 @59B8=3BV: 035=BBV3V=V 1V@V=V >AK=409 45359453V @59B8=3V 10@ 5;45@4V 6=5 B8VABV @59B8=3BV: 100AK 6> 5;45@4V H5B5; 20;NB0AK=40K >;<0->; 20;NB0AK. 2. K=0409 0@6K @0;40@K=0 A0;K=0BK= 8=25AB8F8O;0@4K 68K=BK :;5<V >@B0H0 8=25AB8F8O;K ?>@BD5;L4V 759=5B0K 0:B82B5@V=V 5%-=0= 0A?0CK B8VA: 1.=D@0@K;K<4K >1;830F8O;0@4K >A?00=40, 070AB0= 5A?C1;8:0AK=K 6=5 10A0 <5<;5:5BB5@4V 70=0<0AK=0 A9:5A 070AB0= 5A?C1;8:0AK=K 9K<40@K HK0@0=, >@ 18@60AK=K @5A<8 BV7V<V=453V 5:V=HV H0K= A0=0BK=K @59B8=3BV: 100AK 6> 1>@KHBK 100;K 00740@ H0K= A0=0BK=0 5=3V7V;35= 1>@KHBK 100;K 00740@. 2.0A0@CHK :><?0=8OAK >@ 18@60AK=K @5A<8 BV7V<V=5 5=3V7V;35=, 070AB0= 5A?C1;8:0AK=K 70=0<0AK=0 A9:5A @K;0= 704K B;0 1>;K? B01K;0BK= 0@0;K 8=25AB8F8O;K ?09 >@;0@K=K ?09;0@K. 3.070;K 0:B82B5@V 1>;K? Standard & Poor's 035=BBV3V=V E0;K0@0;K H:V;V 1>9K=H0 - B<5= @59B8=3BV: 100AK 10@ =5<5A5 10A0 @59B8=3 035=BBV:B5@V=V 1V@V=V >AK0= A0A 45359V=453V @59B8=3V 10@ 0@6K @0;40@K B01K;0BK= DLNG5@AB5@, >?F8>=40@, A2>?B0@, D>@20@4B0@.  59=5B0K 0:B82B5@V= 8=25AB8F8O;K 10A0@C 6=V=453V K7<5BBV 67535 0AK@C 5@565AV=5 1-3->AK<H0  3@5AA82BV 8=25AB8F8O;K ?>@BD5;L4V 5A51V=5= A0BK? 0;C0 @A0B 15@V;35= 0@6K @0;40@K=K BV715AV !0@6K @0;40@K=K 0B0CK1.070AB0= 5A?C1;8:0AK 0@6K <8=8AB@;V3V 6=5 070AB0= 5A?C1;8:0AK=K ;BBK 0=:V HK0@0= 070AB0= 5A?C1;8:0AK=K <5<;5:5BBV: 100;K 00740@K (10A0 <5<;5:5BB5@4V 70=0<0AK=0 A9:5A M<8AA8O;0=0=40@4K >A0 0;0=40), A>=409-0 <5<;5:5B :5?V;V<5= HK0@0= 100;K 00740@.2.070AB0= 5A?C1;8:0AK=K 65@3V;V:BV 0B0@CHK >@30=40@K HK0@0=, >@ 18@60AK=K @5A<8 BV7V<V=5 5=3V7V;35= >1;830F8O;0@.3.;BBK 10A0@CHK E>;48=3 HK0@0= 1>@KHBK 100;K 00740@.4.070AB0= 5A?C1;8:0AK=K ;BBK 0=:V=453V A0;K<40@.5.070AB0= 5A?C1;8:0AK=K 5:V=HV 45359453V 10=:B5@V=453V A0;K<40@ <K=0409 B0;0?B0@4K 1V@V=5 A9:5A :5;35= 6040940: 1) 10=:B5@4V E0;K0@0;K H:V; 1>9K=H0 Standard & Poor's 035=BBV3V=V - B<5= 5<5A 70 <5@7V<4V :@548BBV: @59B8=3V =5<5A5 =5<5A5 10A0 @59B8=3 035=BBV:B5@V=V 1V@V=V >AK0= A0A 45359453V @59B8=3V 10@ =5<5A5 Standard & Poor's ;BBK H:V;V 1>9K=H0 kz- B<5= 5<5A @59B8=3 100AK 10@ 1>;A0; 2) 10=:B5@ Standard & Poor's 035=BBV3V=V E0;K0@0;K H:V;V 1>9K=H0 - B<5= 5<5A 70 <5@7V<4V :@548BBV: @59B8=3V =5<5A5 10A0 @59B8=3 035=BBV:B5@V=V 1V@V=V >AK0= A0A 45359453V @59B8=3V 10@ @57845=B 5<5A A010B0A 10=:BV 5=HV;5A @57845=B 10=:B5@V 1>;K? B01K;A0; 3) 10=:B5@ :>@ 18@60AK=K @5A<8 BV7V<V=V 0:F8O;0@ A5:B>@K=40K 1V@V=HV A0=0B0 5=3V7V;35= M<8B5=B 10=:B5@ 1>;K? B01K;A0.6.Standard & Poor's 035=BBV3V=V - B<5= 5<5A E0;K0@0;K @59B8=3 100AK 10@ =5<5A5 10A0 @59B8=3 035=BBV:B5@V=V 1V@V=V >AK0= A0A 45359453V @59B8=3V 10@ E0;K0@0;K 0@6K 9K<40@K HK0@0= 1>@KHBK 100;K 00740@, <K=0 E0;K0@0;K 0@6K 9K<40@K HK0@0=: %0;K0@0;K 09B0 @C 6=5 40<C 10=:V; C@>?0 09B0 @C 6=5 40<C 10=:i; <5@8:0 0@0;K 40<C 10=:V; %0;K0@0;K 5A5?-09K@KAC 10=:V;  HYPERLINK "jl:1049404.0%20" 78O 40<C 10=:V; D@8:0  HYPERLINK "jl:1049404.0%20"  40<C 10=:V; %0;K0@0;K 0@6K :>@?>@0F8OAK;  HYPERLINK "jl:1011893.0%201014329.0%201024711.0%20" A;0< 40<C 10=:V; C@>?0 8=25AB8F8O;K 10=:V; C@078O;K 40<C 10=:V.7.Standard & Poor's 035=BBV3V=V - B<5= 5<5A BC5;AV7 @59B8=3V 10@ =5<5A5 10A0 @59B8=3 035=BBV:B5@V=V 1V@V=V >AK0= A0A 45359V=453V @59B8=3V 10@ H5B <5<;5:5BB5@4V >@B0;K :V<5BB5@V HK0@0= <5<;5:5BBV: <@B515AV 10@ 100;K 00740@.8.(5B5; 9K<40@K HK0@0= <5<;5:5BBV: 5<5A 100;K 00740@: 1) Standard & Poor's 035=BBV3V=V - 45= B<5= 5<5A E0;K0@0;K @59B8=3BV: 100AK 10@ =5<5A5 10A0 @59B8=3 035=BBV:B5@V=V 1V@V=V >AK0= A0A 45359V=453V @59B8=3V 10@ 1>@KHBK 100;K 00740@; 2) Standard & Poor's 035=BBV3V=V - 45= B<5= 5<5A E0;K0@0;K @59B8=3BV: 100AK 10@ =5<5A5 10A0 @59B8=3 035=BBV:B5@V=V 1V@V=V >AK0= A0A 45359V=453V @59B8=3V 10@ H5B5; M<8B5=BB5@V=V 0:F8O;0@K; 3) >@ 18@60AK=K @5A<8 BV7V<V=V 0:F8O;0@ A5:B>@K=K 1V@V=HV A0=0BK=0 5=3V7V;35=, 070AB0= 5A?C1;8:0AK @57845=BV 1>;K? B01K;0BK= H5B5; 9K<40@K=K 0:F8O;0@K.9.Standard & Poor's principal stability fund ratings BBBm--B5= B<5= 5<5A =5 Standard & Poor's Fund credit quality ratings BBBf- B<5= 5<5A E0;K0@0;K @59B8=3BV: 100AK 10@ 8=25AB8F8O;K >@;0@4K ?09;0@K.10.070AB0= 5A?C1;8:0AK=K 6=5 10A0 <5<;5:5BB5@4V 70=0<0AK=0 A9:5A 070AB0= 5A?C1;8:0AK=K 9K<40@K HK0@0= <5<;5:5BBV: 5<5A 100;K 00740@: 1) Standard & Poor's 035=BBV3V=V E0;K0@0;K H:V;V 1>9K=H0 -45= B<5= 5<5A @59B8=3BV: 100AK 10@ =5<5A5 10A0 @59B8=3 035=BBV:B5@V=V 1V@V=V >AK0= A0A 45359V=453V @59B8=3V 10@ =5<5A5 Standard & Poor's 035=BBV3V=V ;BBK H:V;V 1>9K=H0 kz--B5= B<5= 5<5A @59B8=3BV: 100AK 10@ 9K<40@4K 0:F8O;0@K; 2) >@ 18@60AK=K @5A<8 BV7V<V=V 0:F8O;0@ A5:B>@K=K 1V@V=HV, 5:V=HV =5<5A5 HV=HV A0=0BK=0 5=3V7V;35= 9K<40@4K 0:F8O;0@K; 3) Standard & Poor's 035=BBV3V=V E0;K0@0;K H:V;V - B<5= 5<5A @59B8=3BV: 100AK 10@ =5<5A5 10A0 @59B8=3 035=BBV:B5@V=V 1V@V=V >AK0= A0A 45359V=453V @59B8=3V 10@ =5<5A5 Standard & Poor's ;BBK H:V;V 1>9K=H0 kz- B<5= 5<5A @59B8=3V 10@ 1>@KHBK 100;K 00740@; 4) >@ 18@60AK=K @5A<8 BV7V<V=453V @59B8=3 100AK 6> 1>@KHBK 100;K 00740@ A0=0BK=0 5=3V7V;35= 1>@KHBK 100;K 00740@; 5) 070AB0= 5A?C1;8:0AK 9K<40@K=K 8=D@0@K;K<4K >1;830F8O;0@K; 6) 10A0@CHK :><?0=8OAK 070AB0= 5A?C1;8:0AK=K 70=0<0AK=0 A9:5A @K;0= 704K B;0 1>;K? B01K;0BK=, >@ 18@60AK=K @5A<8 BV7V<V=5 5=3V7V;35= 0@0;K 8=25AB8F8O;K ?09 >@;0@K=K ?09;0@K.11.>=4>==K K<10B <5B0;40@ @K=>3K 0CK<40ABKK (London bullion market association) 01K;400= E0;K0@0;K A0?0 AB0=40@BK=0 A9:5A :5;5BV= 6=5 >=4>=4K A0?0;K 65B:V7C AB0=40@BK @5BV=45 ("London good delivery") >AK 0CK<40ABKBK 60BB0@K=40 15;3V;5=35= B070@BK;0= K<10B <5B0;40@ 6=5 12 0940= 0AB0< 5<5A <5@7V<35 <5B0;; 45?>78BB5@V, >=K VHV=45, Standard & Poor's 035=BBV3V=V  40= B<5= 5<5A @59B8=3BV: 100AK 10@ =5<5A5 10A0 @59B8=3 035=BBV:B5@V=V 1V@V=V >AK0= A0A 45359V=453V @59B8=3V 10@ @57845=B 5<5A 10=:B5@453V. 12.Standard & Poor's 035=BBV3V=V BB- B<5= 5<5A @59B8=3BV: 100AK 10@ =5<5A5 10A0 @59B8=3BV: 035=BBV:B5@V=V 1V@V=V >AK=409 45359453V @59B8=3V 10@ 9K<40@ HK0@0= Principal protected notes 6=5 >;0@ 1>9K=H0 =53V73V 1>@KH A><0AK= B>;K 09B0@C 6=V=453V M<8B5=BBV :5?V;45<5AV 15;3V;5=35=.13.5?>78B0@;K >;E0BB0@ >AK BV71545 :@A5BV;35= 1070;K 0:B82B5@V 0:F8O;0@ 1>;K? B01K;0BK= 45?>78B0@;K >;E0BB0@, 1070;K 0:B82B5@V 1>;K? 759=5B0K 0:B82B5@V 5A51V=5= A0BK? 0;C0 @A0B 5BV;35= 0@6K @0;40@K B01K;0BK= DLNG5@AB5@, >?F8>=40@, A2>?B0@, D>@20@4B0@; H5B5; 20;NB0AK; <K=0409 5A5? 09K@KAC :@A5B:VHB5@V (8=45:AB5@): 1) MICEX (Moscow Interbank Currency Exchange Index); 2) DAX (Deutscher Aktienindex); 3. CAC40 (Compagniedes Agentsde Change 40 Index); 4. NIKKEI - 225 (NIKKEI - 225 Index); 5. TOPIX (Tokyo Price Index); 6. HSI (Hang Seng Index); 7. ENXT 100 (Euronext 100); 8. RTSI (Russian Trade System Index); 9. DJIA (Dow Jones Industrial Average); 10. S&P 500 (Standardand & Poor's 500 Index); 11. FT-SE 100 (Financial Times Stock Exchange 100 Index); 12. KASE (Kazahstan Stock EAhange); 13. MSCI World Index (Morgan Stanley Capital International World Index)14.070;K 0:B82B5@V 1>;K? Standard & Poor's 035=BBV3V=V E0;K0@0;K H:V;V 1>9K=H0 - B<5= @59B8=3BV: 100AK 10@ =5<5A5 10A0 @59B8=3 035=BBV:B5@V=V 1V@V=V >AK0= A0A 45359V=453V @59B8=3V 10@ 0@6K @0;40@K B01K;0BK= DLNG5@AB5@, >?F8>=40@, A2>?B0@, D>@20@4B0@.15.Standard & Poor's 035=BBV3V=V BBB- B<5= 5<5A BC5;AV7 @59B8=3V 10@ =5<5A5 10A0 @59B8=3BV: 035=BBV3V=V 1V@V=V >AK=409 45359453V @59B8=3V 10@ 5;45@4V 6=5 B8VABV @59B8=3BV: 100AK 6> 5;45@4V H5B5; 20;NB0AK=40K >;<0->; 20;NB0AK. 59=5B0K 0:B82B5@V= 8=25AB8F8O;K 10A0@C 6=V=453V K7<5BBV 67535 0AK@C 5@565AV=V 2->AK<H0AK "C5:5;45@4i 10A0@C 695Ai= 9K<40ABK@C0 >9K;0BK= B0;0?B0@ !"0;0?B0@4K 0B0CK>AK<H0 B0;0?B0@8@5:B>@;0@ :55AV 70 <5@7V<4V :>@?>@0B82BV: AB@0B538O=K, 8=25AB8F8O;K A0OA0BBK 6=5 8=25AB8F8O;K AB@0B538O=K 0;K?B0ABK@4K9K<=K (>@4K) :>@?>@0B82BV: AB@0B538OAK=40 9K< (>@) K7<5BV=V KA0 <5@7V<4V (1V@ 6K;0 459V=) 6=5 70 <5@7V<4V (1V@ 6K;40= >= 6K;0 459V=) <0A0BB0@K 09K=40;4K; 9K<=K (>@4K) 70 <5@7V<4V AB@0B538OAK 60A0;0= 6=5 9K< (>@) K7<5BV=5 1@K= 60K<AK7 A5@ 5B:5= D0:B>@;0@4K 0;K? 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"C5:5;45@4V 10A0@C A0OA0BK: 9K<=K (>@4K) 10AHK K7<5B:5@;5@V=V :V;5BBV:B5@V <5= DC=:F8>=0;4K <V=45BB5@V= @5BB59BV= 5@565;5@4V, >=K VHV=45 0@6K @0;40@K= A0BK? 0;C/A0BC 6=V=453V >?5@0F8O;0@4K 60A0C4K 4@KABKK=0 >A0@;K 10K;0C 60A0C4K :74594V 6=5 A>0= 109;0=KABK BC5:5;45@4V 10K;0C4K :74594V. H:V 0C48B K7<5BV 10AHK K7<5B:5@;5@4V 9K<=K (>@4K) K7<5BV= 10A0@C 6=V=453V :V;5BBV:B5@V <5= DC=:F8OAK= B>?B0C4K 0=KB0C0, A>=409-0 6@3V7V;35= >?5@0F8O;0@4K 9K<=K (>@4K) 15:VBV;35= :>@?>@0B82BV AB@0B538OAK=0, A0OA0BK=0 6=5 @AV<45@V=5 A9:5A :5;C <=V=5 B5:A5@C 6@3V754V. "C5:5;45@4V 10A0@C 6=V=453V A0OA0B 9K<=K (>@4K) 8@5:B>@;0@ :55AV=V, 10A0@<0 <H5;5@V=V 6=5 60C0?BK K7<5B:5@;5@4V BC5:5;45@4V 10A0@C 6=V=453V :V;5BBV:B5@V <5= DC=:F8>=0;4K <V=45BB5@V= 0=KB094K. 13.9K<40 (>@40) :575-:575V<5= 48@5:B>@;0@ :55AV=5, 10A0@<00 9K<=K (>@4K) 0K<40K 0@6K;K K7<5BV BC@0;K 6=5 9K<=K (>@4K) 01K;400= BC5:5;45@ <;H5@V BC@0;K 0?0@0B 0;C0 <<:V=4V: 15@5BV= 10A0@C4K 5A5? 6=5 5A5? 15@C 695AV 10@  9K<=K (>@4K) 0K<40K 0@6K;K 609-:9V BC@0;K 0?0@0BB0@ D>@<0BK 6=5 >; 01K;400= BC5:5;45@ 15;3V;V 1V@ 10A0@C4K 5A5? 15@C =KA0=K B@V=45 AB0=40@BB0;0=, >=K VHV=45 :@548BBV:, ?@>F5=BBV: BC5:5;45@4V, BV<4V;V:BV 6>0;BC BC5:5;V=, 20;NB0;K, 5; (B@0=AD5@BBV:) BC5:5;45@V=, A>=409-0 BC5:5;45@35 4CH0@ 1>;C 4@565AV= 0=KB094K, >;0@4K 15;3V;5=35= ;8<8BB5@ H53V=45 A0B0;CK= 1V@5359;5=4V@54V 6=5 ;H5< 60A094K. 9K<=K (>@4K) 8@5:B>@;0@ :55AV=5 6=5 10A0@<0AK=0 AK=K;0BK= 10A0@CHK;K 0?0@0B BV715AV 9K<=K (>@4K) 8@5:B>@;0@ :55AV <5= 10A0@<0AK=K BC5:5;45@4V 10A0@C 6=V=453V 65:5 DC=:F8>=0;4K <V=45BB5@V= B8VAV=H5 >@K=40CK HV= 65B:V;V:BV 1>;K? B01K;04K. 14.9K<=K (>@4K) BC5:5;4V 10A0@C 6=V=453V VH:V A0OA0BK, >=K VHV=45 DC=:F8OAK BC5:5;45@4V 10A0@C 6=V=453V @AV<45@4V >@K=40C4K :7459BV= K7<5B:5@;5@35 >9K;0BK= 1V;V:BV;V: B0;0?B0@K 15;3V;5=54V. 9K<=K (>@4K) 1;V<H5AV=V BC5:5;4V 10A0@C 6=V=453V 6=5 VH:V 0C48B K7<5BV=V K7<5B:5@V=V DC=:F8>=0;4K <V=45BB5@V >;0@ 6@3V7V? >BK@0= >?5@0F8O;0@0 A9:5A :5;54V. 15.8@5:B>@;0@ :55AV A0;K<HK;0@ (0;CHK;0@) 0:B82B5@V<5=, 68=0B0;0= 759=5B0K 0@060BK= 5A5?:5 0;C, 8=25AB8F8O A0OA0BK<5=, E5468@;5C 4VAB5@V= ?0940;0=C A0OA0BK<5= 6<KABK 9K<40ABK@C4K @5BB59BV= VH:V A0OA0BBK 15:VB54V.  9K<=K (>@4K) 759=5B0K 0:B82B5@V<5= 6<KA 6=V=453V A0OA0BK=0 <K=0;0@ 60B04K: A0;K<HK;0@4K (0;CHK;0@4K) 65:5 759=5B0K H>BB0@K=0 0@060BBK, B;5<45@4V 6=5 68=0B0;0= 759=5B0K 0@060BK 0C40@K<40@K=K C0BK;K BACV=V 5A51V= 0;C HK=09K;KK= 0<B0<0AK7 5B5BV= @AV<45@; A0;K<HK;0@4K (0;CHK;0@4K) 759=5B0K<5= 0<AK740=4K@C H0@BK 1>9K=H0 H0K<40@K= 15;3V;5=35= <5@7V<45 0@0C0 :5?V;4V: 15@5BV= @AV<45@, 68=0B0;0= 759=5B0K 0@060BK= 0C40@C ABV=453V =5<5A5 B;5< 60A0C ABV=45 6>0;BC;0@4K C0BK;K 0;?K=0 :5;BV@C; 759=5B0K 0:B82B5@V= 5A5?:5 0;C A9:5ABV3V <>=8B>@8=3V= 0<B0<0AK7 5BC 6=5 759=5B0K 0:B82B5@V= 070AB0= 5A?C1;8:0AK=K 70=0<0;K B0;0?B0@K=0 A09 C0BK;K 8=25AB8F8O;0C @AV<45@V; >@4K :><8AA8O;K AK90KAK= 5A5?:5 0;C 6=5 B;5< 60A0C 4@KABKK= B5:A5@C; <K=0;0@4K 5=3V75BV= 8=25AB8F8O;K A0OA0BBK: 759=5B0K 0:B82B5@V=5 0BKABK 8=25AB8F8O;K H5HV<45@ 01K;40C B@BV1V; 759=5B0K 0:B82B5@V= 0BKABK@0 >BK@K? <<V;5;5@ 60A0C B@BV1V 6=5 >;0@4K 60A0;CK=0 10K;0C4K 67535 0AK@C; 45@5:B5@4V 1BV=4V3V <5= 0?0@0BBK ?8O;K;KK= 0<B0<0AK7 5BC35 VH:V 10K;0C 60A0C B@BV1V; 8=25AB8F8O;K H5HV<45@ 01K;40C @AV<45@V, A>=409-0 8=25AB8F8O;K H5HV<45@ 01K;40C HV= AK=K<40@ 15@C; 759=5B0K 0:B82B5@V=V 5A51V=5= A0BK? 0;K=0= 0@6K @0;40@K= E5468@;5C A0OA0BK 6=5 @AV<45@V; 759=5B0K 0:B82B5@V=5= 6=5 8=25AB8F8O;K :V@VAB5@45= 0;K=0BK= 9K<=K (>@4K) :><8AA8O;K AK90KAK=K <;H5@V, A>=409-0 >AK 0?0@0BBK 9K<=K (>@4K)A0;K<HK;0@K=0 (0;CHK;0@K=0) 15@V;C H0@BB0@K.16.H:V 0C48B K7<5BV 0@6K @0;40@K<5= >?5@0F8O;0@4K 67535 0AK@0BK= 9K<=K (>@4K) 1;V<H5;5@V=5 <5@7V<4V B@45, 1V@0 6K;K=0 1V@ @5BB5= :5< 5<5A VH:V 0C48B>@;K B5:A5@C 6@3V754V, >=K VHV=45 BC5:5;4V 10A0@C 695AV= 6=5 VH:V 10K;0C4K 60A0@BC <0A0BK=40. 9K<=K (>@4K) VH:V 0C48B 1>9K=H0 A0OA0BK <K=0;0@4K 0=KB094K: 9K<=K (>@4K) HK@0CK KB8<0; 10@;K BC5:5;45@V=; VH:V 0C48BBV 6@3V7C 0CK<K= 6=5 68V;V3V=; VH:V 0C48BBV 6@3V7C :57V=45 ?0940;0=K;0BK= @59B8=3BV: 695=V; 9K<=K (>@4K) VH:V 0C48B 6@3V7C 6>A?0@K= 60A0C0 >9K;0BK= B0;0?B0@K=. H:V 0C48B K7<5BV 0C48B A0OA0BK=0 A9:5A DC=:F8O;0@K 0@6K @0;40@K<5= >?5@0F8O;0@ 6@3V7C4V :7459BV= 9K<=K (>@4K) 10@;K 1;V<H5;5@V=5 B@0BK B@45 VH:V B5:A5@C;5@ 6@3V754V. H:V 0C48B K7<5BV 0C48B A0OA0BK=0 A9:5A 759=5B0K 0:B82B5@V=V 5A51V=5= 60A0;0BK= >?5@0F8O;0@0, 759=5B0K 0:B82B5@V=V 0BKACK<5= 60A0;0BK= <<V;5;5@4V 60A0C 4@KABKK=0 6=5 :0AB>480= 10=:B5@<5= 6=5 >@;0@<5= A0;KABK@C;0@4K 67535 0AK@C4K, 5A5?:5 0;C4K 6=5 60B 09=0;K<K=K 4@KABKK=0 B@0BK VH:V B5:A5@C;5@ 60A094K. H:V 0C48B K7<5BV 759=5B0K 0:B82B5@V=V 0BKACK<5= 60A0;0BK= <<V;5;5@4V 5A5?:5 0;C 6C@=0;K=40K 0?0@0BBK HK=09K;KK=0 B@0BK B@45 B5:A5@C 6@3V754V. H:V 0C48B K7<5BV=V K7<5B:5@V 9K<=K (>@4K) 1V;V:BV;V: B0;0?B0@K=0 A9:5A :5;54V, A>=409-0 B5:A5@C;5@ 60A0;K? >BK@0= 9K<=K (>@4K)1;V<H5;5@V=V K7<5BV BC@0;K 6<KA B6V@815AV 6=5 065BBV 1V;V<V 1>;04K. 9K<=K (>@4K) VH:V A0OA0BK 1>9K=H0 VH:V 0C48B K7<5BV B5:A5@V? >BK@0= 1;V<H5=V K7<5BV=5 109;0=KABK 10@;K 065BBV, >=K VHV=45 :><<5@F8O;K =5<5A5 735 45 :>=D845=F80;4K ?8O @568<453V 60BB0@4K 0@0C KK :745;54V. H:V 0C48B 6=V=453V 9K<=K (>@4K) VH:V A0OA0BK<5= >;0@4K DC=:F8>=0;4K <V=45BB5@V= >@K=40CK 9K<=K (>@4K) 10AHK K7<5B:5@;5@V=5= =5<5A5 10A0 1;V<H5;5@45= BC5;AV74V3V 6=5 VH:V 0C48B K7<5BV=V 8@5:B>@;0@ :55AV=5 5A5?BV;V3V 15;3V;5=54V. H:V 0C48B K7<5BV 9K<=K (>@4K) AK@BK 0C48B>@K<5= 1V@;5AV?, 6K;K=0 1V@ @5BB5= :5< 5<5A @5B?5= 9K<=K (>@4K) VH:V 10K;0C 695AV=453V VH:V =5<5A5 AK@BK 0C48B>@ 0=KB00= :5<HV;V:B5@4V B0;K;0C HV= 1V@;5A:5= :5745AC;5@ B:V754V.17.0A0@<0 6=5 0@6K @0;40@K<5= >?5@0F8O;0@4K 67535 0AK@C0 60C0? 15@5BV= 9K<=K (>@4K) 1;V<H5;5@V=V 10AHK;0@K 9K<=K (>@4K) 09 A09K=K :V@VAB5@ (HKKAB0@) <>=8B>@8=3V= 8@5:B>@;0@ :55AV 15:VB:5= ;8<8B H53V=45 A0B0C <0A0BK=40 6@3V754V.  H:V A0OA0B 1>9K=H0 09 A09K= 9K<=K (>@4K) :V@VAB5@V= (HKKAB0@K=), >=K VHV=45 A5@?V=4V;V3V, 1;V3V 1>9K=H0, K7<5B B@;5@V 1>9K=H0, 9K<=K (>@4K) 0C<0BK 6=5 DC=:F8>=0;4K 1;V<H5;5@V= 0400;09BK= 9K<=K (>@4K) 1;V<H5AV 15;3V;5=35=. H:V A0OA0B 1>9K=H0 8@5:B>@;0@ :55AV 15;3V;535= 68K=BK ;8<8BB5@ H53V=453V 1;V<H5=V K7<5BV=5 109;0=KABK :V@VAB5@4V (HKKAB0@4K) 10A0@C 6=V=453V 9K<=K (>@4K) 1;V<H5AV=V :V;5BBV3V :745;35=. ;V<H5;5@ 9K<=K (>@4K) :BV;5BV= :V@VAV=5 01K;40=K? >BK@0= BC5:5;4V 5A:5@5 >BK@K? 100 15@54V. 18.0A0@<0 0@6K @0;40@K<5= >?5@0F8O;0@4K 67535 0AK@C0 60C0?BK 9K<=K (>@4K) 1;V<H5;5@V 1>9K=H0 0@6K @5AC@AB0@K= 1;C <>=8B>@8=3V= 9K<=K (>@4K) 8@5:B>@;0@ :55AV 15;3V;5?, 6>; 15@35= ;8<8BV= A0B09 >BK@K?, >=K VHV=45 BC5:5;35 6=5 :V@VABV;V::5 6=5 9K<=K (>@4K) BC5:5;V <5= <5=HV:BV :0?8B0;K=0 0BKABK 5BV? 6@3V754V. 0A0@<0 9K<=K (>@4K) <5=HV:BV :0?8B0;K=K 070AB0= 5A?C1;8:0AK=K 70=0<0AK=0 A9:5A B0;0? 5BV;5BV= 10@K=H0 B<5= 4535935 A09 :5;CV= 0<B0<0AK7 5B54V. 0A0@<0 8@5:B>@;0@ :55AV 15;3V;535= 68K=BK ;8<8BB5@ H53V=45 9K<=K (>@4K) 0@6K @0;40@K<5= >?5@0F8O;0@4K 67535 0AK@0BK= @ 1;V<H5AV HV= BC5:5; ;8<8BV= 15;3V;594V. 19.0A0@<0 9K<=K (>@4K) H0@B 60A0C 0BK=0AB0@K=, C:V;5BBV >@30==K =>@<0B82BV: KBK 0:BV;5@V=, 070AB0= 5A?C1;8:0AK=K 70=0<0;K B0;0?B0@K=, 759=5B0K 0:B82B5@V 5A51V=5= 0@6K @0;40@K<5= >?5@0F8O;0@ 6@3V7C 6=V=453V VH:V A0OA0BBK A0B0C0 6=5 6@3V7C35 10K;0C 60A094K.  H:V 0C48B K7<5BV 6@3V7V;35= B5:A5@C;5@ >@KBK=4KAK 1>9K=H0 9K<=K (>@4K) K7<5B:5@;5@ @0<K=K 9K<=K (>@4K) K7<5BV= @5BB59BV= 070AB0= 5A?C1;8:0AK=K =>@<0B82BV: KBK 0:BV;5@V=, E0;K0@0;K AB0=40@BB0@4K, 759=5B0K<5= 0<AK740=4K@C 0C<0K=40K 070AB0= 5A?C1;8:0AK=K 70=0<0;0@K= 1V;C 45359V= 0=KB094K. H:V 0C48B K7<5BV 9K<=K (>@4K) K7<5BV= @5BB59BV= 070AB0= 5A?C1;8:0AK=K =>@<0B82BV: KBK 0:BV;5@V= A0B0C0 109;0=KABK, 0@6K;K K7<5BBV 600 B@;5@V= 5=3V7C :57V=45 9K<40 (>@40) >AK<H0 <0K74K BC5:5;45@4V ?0940 1>;C <<:V=4V3V=5 100 15@54V.20.0A0@<0 8@5:B>@;0@ :55AV=5 6=5 9K<=K (>@4K) 0:F8>=5@;5@V=5 9K<=K (>@4K) K7<5BV BC@0;K 0@6K;K 6=5 10A0@C 5A51V=, 8=25AB8F8O;K H5HV<45@ 1>9K=H0 5A5?BV 15@54V.  8@5:B>@;0@ :55AV 0A0@<0=K 8@5:B>@;0@ :55AV=5 6=5 9K<=K (>@4K) 0:F8>=5@;5@V=5 9K<=K (>@4K) 0@6K;K :@A5B:VHB5@V=5 100 15@C <<:V=4V3V= 0<B0<0AK7 5B5BV= 0@6K;K 6=5 10A0@C 5A51V= AK=C =KA0=K <5= <5@7V<V= 15:VBBV. 8@5:B>@;0@ :55AV B@0BK =53V745 8=25AB8F8O;K H5HV<45@4V 6=5 >;0@0 AK=K<40@4K B0;40? >BK@04K. 8@5:B>@;0@ :55AV VH:V 10K;0C4K 65BV;4V@C 6=5 BC5:5;45@4V 10A0@C 6=V=453V AK@BK 0C48B>@;0@4K >@KBK=4K;0@K=0 B0;40C 60A094K. 21.0A0@<0 B@0BK B@45 BC5;AV7 E0;K0@0;K 0C48B>@;K 9K<40@4K >@KBK=4K;0@K =53V7V=45 9K<=K (>@4K) 5A5? 6=5 5A5? 15@C 695AV= 60A0@BC4K 67535 0AK@04K.  9K<=K (>@4K) 5A5? 6=5 5A5? 15@C A0OA0BK, >=K VHV=45 9K<=K (>@4K) 0C48B 6@3V7C 10@KAK=40 <K=0409 <A5;5;5@4V B5:A5@C4V :74594V: :=45;V:BV 10;0=ABK 45C4V 4@KABKK; 9K<=K (>@4K) 5A5? A0OA0BK=K 0@6K;K 5A5? 15@C4V E0;K0@0;K AB0=40@BB0@K=0 A9:5A :5;CV; 0@6K;K 5A5?B5@453V =53V7AV7 1CE30;B5@;V: 09;0-H0@K D0:BV;5@V=V 1>;CK; 65:5 6=5 759=5B0K 0:B82B5@V=V 5A51V=V 4@KABKK; 9K<=K (>@4K) 5A5? A0OA0BK=40 15;3V;5=35= B0;0?B0@ 1>9K=H0 5A5? 6=5 5A5? 15@C4V 60A0C 4VAB5@V=V A9:5ABV3V; 9K<=K (>@4K) 6K;4K 5A51V=45 BC5:5;45@4V @K;K<K <5= <;H5@V= B>;K 6=5 4@KA 0HC. 22. "C5:5;45@4V 10A0@C 1;V<H5AV 9K<=K (>@4K) K7<5BV=5 <>=8B>@8=3BV 67535 0AK@04K, BC5:5;45@4V 100;0C4K 6@3V754V 6=5 BC5:5;45@ 45359V= B<5=45BC 1>9K=H0 VA-H0@0;0@4K 7V@;5C35 0BKA04K  "C5:5;45@4V 10A0@C 1;V<H5AV: BC5:5;45@4V B0;40C0 6=5 100;0C0 065BBV 0?0@0BBK 68=0C ?@>F5AV= 9K<40ABK@04K; 4VAB5<5=V 7V@;594V 6=5 65BV;4V@54V, BC5:5;45@4V B0;40C 6=5 100;0C ?@>F5AV= 9K<40ABK@04K; BC5:5;45@ 45359V= B<5=45BC 1>9K=H0 VA-H0@0;0@4K 6>A?0@;094K; BC5:5;45@4V 10A0@C 4VAB5@V= 7V@;594V, >=K VHV=45 759=5B0K 0:B82B5@V=V 5A51V=5= A0BK? 0;K=0= 0@6K @0;40@K= E5468@;5C ?@8=F8?B5@V=; BC5:5;45@4V 10A0@C 6=V=453V VA-H0@0;0@4K >@K=40;CK= 10K;094K. "C5:5;45@4V 10A0@C 6=V=453V 1;V<H5=V K7<5B:5@;5@ @0<K=0 >9K;0BK= 1V;V:BV;V: B0;0?B0@K BC5:5;45@4V 10A0@C 6=V=453V DC=:F8>=0;4K <V=45BB5@V= 67535 0AK@C HV= B8VABV 1V;V:BV;V3V <5= 6<KA B6V@815AV=V 1>;CK= :74594V. 9K<=K (>@4K) BC5:5;45@4V 10A0@C 6=V=453V 1;V<H5AV 759=5B0K 0:B82B5@V=5 K?0; 5BC 100AK=K 4VAB5<5AV= 0@6K;K 0:B82B5@4V AK@BK 6=5 VH:V @K=>3K=40 60K<AK7 A5@?V=4V;V: >@K= 0;C 10@KAK=40 :V@VABV;V3V <5= BV<4V;V3V 60409K=40 ?0940;0=04K. "C5:5;45@4V 10A0@C 6=V=453V 1;V<H5 <K=0;0@0 B0;40C 60A094K: 9K<=K (>@4K) 10;0=ABK 5A5?B5@V=, A>=409-0 :V@VAB5@ <5= HKKAB0@4K; BV<4V;V:BV B<5=45CV, 0@6K @0;40@K=0 100=K 735@CV; "C5:5;45@4V 10A0@C 6=V=453V 1;V<H5 759=5B0K 0:B82B5@V=5 <K=0409 D0:B>@;0@4K @5=B015;4V;V3V <5= BV<4V;V3V=V A5@V= 1>;6094K: 5;4V: BC5:5;; 20;NB0;K BC5:5;; 0@6K @0;40@K= <5@7V<V=5= 1@K= B5C BC5:5;V; M<8B5=B @59B8=3V=V 735@C BC5:5;V; "C5:5;45@4V 10A0@C 6=V=453V 1;V<H5 AB@5AA-B5AB8=3BV 6@3V754V 6=5 >=K =B865;5@V= @K=>:B0 >;09AK7 D0:B>@;0@ :15935= :5745 HK; VA-8<K;40@ 6>A?0@K=40 ?0940;0=04K.  59=5B0K 0:B82B5@V= 8=25AB8F8O;K 10A0@C 6=V=453V K7<5BBV 67535 0AK@C 5@565AV=V 3->AK<H0AK 0@6K @0;40@K<5= >?5@0F8O;0@ 6@3i7C35 >9K;0BK= B0;0?B0@ !"0;0?BK 0B0CK"0;0?B0@4K :@8B5@88V1. 1.1.8@5:B>@;0@ :55AV <<V;5;5@4V 10A0@C4K VHV:V A0OA0BK= 6=5 100 BC5:5;V= 15:VBBV. <V;5;5@4V 10A0@C4K VH:V A0OA0BK <K=0;0@4K @5BB594V: 9K< (>@) 0:B82B5@V=V (<V=45BB5<5;5@V=V) @K;K<K=0 109;0=KABK BV<4V;V: HKK=K BC5:5;V= 09K=40C4K; 9K< (>@) 0:B82B5@V=V (<V=45BB5<5;5@V=V) @K;K<K<5= 109;0=KABK 20;NB0 BC5:5;V= 09K=40C4K; BCK=4K 0@6K @0;40@K=K >?5@0F8O;0@K=0 B= BC5:5;45@4V 09K=40C4K; 9K< (>@) @K=>:BK BC5:5;V= ;H5C :57V=45 ?0940;0=K;0BK= <>45;45@4V; BC5:5;45@4V 10A0@C 1;V<H5AV=V 48@5:B>@;0@ :55AV <5= 10A0@<00 @K=>: BC5:5;V 1>9K=H0 9K<=K (>@4K) ?>78F8O;0@K BC@0;K 5A5?BV AK=CK=K :5754V;V3V=; 0@6K @K=>3K 60409K<5= 109;0=KABK 100 BC5:5;V= 09K=40C4K; BC5:5;45@4V 10A0 B@;5@V= 09K=40C4K @5BB594V.2.=25AB8F8O;K B0;40C 1;V<H5AV BV<4V;V: HKK=K BC5:5;, 20;NB0;K BC5:5; <>=8B>@8=3V= 67535 0AK@04K =25AB8F8O;K B0;40C 1;V<H5AV: 0:B82B5@4V 6=5 <V=45BB5<5;5@4V 10A0@C <A5;5;5@V= 0@0AB0@4K; BC5:5;45@4V 10A0@C 1;V<H5AV<5= 70@0 VA-8<K; 60A094K; BV<4V;V: HKK=K BC5:5;V=, 0@6K @0;40@K<5= >?5@0F8O;0@ 6=V=453V 20;NB0;K BC5:5;45@4V 10K;094K; 9K< (>@) ?>78F8OAK 1>9K=H0 10A0@<0=K 6=5 48@5:B>@;0@ :55AV= 9K<=K (>@4K) BV<4V;V:BV 6>0;C BC5:5;V 1>9K=H0, 20;NB0;K BC5:5; 1>9K=H0, A0BK? 0;C/A0BC >?5@0F8O;0@K=K B@;5@V 6=5 48=0<8:0AK=K ?>78F8O;0@K 1>9K=H0 E010@40@ 5BV? >BK@04K; A0BK? 0;K=0BK= 0@6K @0;40@K=K :V@VABV;V3V=V 60@0<4K 45359V 1>9K=H0 AK=K<40@ 15@54V. 3.8@5:B>@;0@ :55AV D@>=B- 6=5 1M:->D8AB5@4V DC=:F8>=0;4K <V=45BB5@V= 1;C35 =53V745;35=, =0BK 09B0=40 <<V;5=V 67535 0AK@0BK= D@>=B->D8A ?5= 0B0;0= >?5@0F8O;0@4K 5A51V= :@A5BC<5= 09=0;KA0BK= 1M:->D8A 0@0AK=40K >A0@;K 10K;0C A0OA0BK= 15:VBBV. >A0@;0=0= 10K;0C 695AV: D@>=B- 6=5 1M: ->D8AB5@4V 1;C4V; 1M:->D8ABV D@>=B->D8ABV >?5@0F8O;0@K=K 609-:9V= C0BK;K B5:A5@C <<:V=4V3V=; >A0@;0=0= 10K;0C 695AV 0BKACHK;0@ 0@0AK=40K KB8<0; :5;VAV<45@4V H5:B5C H0@0;0@K=; BC5:5;45@ <>=8B>@8=3V <5= :0AB>480= K7<5BV= 67535 0AK@0BK= D@>=B ?5= 1M:->D8AB5@45 6=5 1;V<H5;5@453VK7<5BBV: <V=45BB5@4V 1V@0=0 B;0=K 0B0@ >@K=40CK=0 BK9K< A0;C4K 0@0ABK@04K.4.9K<=K (>@4K) 02B><0BB0=4K@K;0= 695AV (0@6K @0;40@K=K ?>@BD5;V= 10A0@C, >?5@0F8O;0@4K 0<B0<0AK7 5BC, H>BB0@4K 45C 6=5 5A5? 09@KAC;0@4K 6@3V7C, BC5:5;45@4V 10A0@C) 10@9K<40 (>@40) <<V;5;5@4V 0<B0<0AK7 5BC4V B5E=8:0;K 695AV 10@. 9K<=K (>@4K) BC5:5;45@4V 10A0@C0 065BBV 0?0@0BBK 68=0C 6=V=453V 695AV 10@. 9K< (>@) 0H0 6=5 0@6K @0;40@K 1>9K=H0 5A5?B5C;5@4V 6@3V7C HV= B5E=8:0;K 695AV 10@. H:V 0C48B 6=5 AK@BK 0C48B>@;0@ K7<5BV 9K<=K (>@4K) BC5:5;45@4V 10A0@C 1;V<H5AV=5 1CE30;B5@;V: 5A5? 15@C <5= 5A5?BV;V:BV 6@3V7C35 60C0?BK 1;V<H5;5@ AK=0= <;V<5BB5@4V =0BK;KK= B5:A5@54V. 5.9K< (>@) =0BK C0KB @568<V=45 BC5:5;45@4V 10K;0C4K 0<B0<0AK7 5B5BV= 0@6K @0;40@K<5= >?5@0F8O;0@ 6=V=453V BC5:5;45@4V 10A0@C 695AV 10@ 9K< (>@) 0@6K @0;40@K<5= >?5@0F8O;0@4K 45C4V 6@3V754V. 9K< (>@) :V@VAB5@4V/HKKAB0@4K 6=5 100 BC5:5;V=5 HK@0C0 159V< 0:B82B5@ <5= <V=45BB5<5;5@4V 0400;094K 6=5 >;0@4K =K=0 := A09K=K 100;0C 6@3V754V.6. 9K< (>@) 68V-68V ;C5BBV @K=>:BK BC5:5;4V, A>=409-0 0@6K @0;40@K=0 0K<40K @K=>: =K=K 100AK= 5A:5@V;35= :V@VAB5@/HKKAB0@4K 100;094K 9K<=K (>@4K) 0@6K @0;K=K @K=>:BK =K=K 1>;<00= 6040940 0@6K;K 5A5? 15@C 60409K=40, 0@6K;K 5A5? 15@C4V E0;K0@0;K AB0=40@BK=0 A9:5A >AK 0@6K @0;K=K =AK740=CK=0 B5AB 6@3V74V. 9K< (>@) @1V@ >?5@0F8O;K := VHV=45 0@6K @0;40@K<5= 60A0;0BK= :V@VAB5@4V/HKKAB0@4K 100;0C4K B@0BK 6@3V754V. "C5:5;45@4V 10A0@C 1;V<H5AV 9K<=K (>@4K) 0@6K @0;40@K 1>9K=H0 4V; =K= 09K=40C4K 4@KABKK=0 <>=8B>@8=3 67535 0AK@04K 9K<=K (>@4K) 48@5:B>@;0@ :55AV 100 BC5:5;V= 5A:5@5 >BK@K? 0@6K @0;40@K=K =K= 09K=40C @AV<45@V= 15:VBBV. 9K< (>@) 0@6K @0;K=K =K= 100;0C4K BC5:5;4V 100;0C <>45;V=V 6=5 0K<40K 100;0@4K @K=>:BK 1000 :5;BV@C =53V7V=45 6@3V754V, A>=K<5= 1V@35 AB@5AA-B5AB8=3 (stress-testing) 6=5 1M:-B5AB8=3 (back-testing) B:V754V. 9K< (>@) BC5:5;4V 100;0C =B865;5@V= 6=5 0@6K @0;40@K<5= >?5@0F8O;0@4K 60A0C0 H5HV< 01K;40C 10@KAK=40 B@0BK AB@5AA-B5AB8=3B5@4V ?0940;0=04K. 7.8@5:B>@;0@ :55AV 0@6K @0;40@K<5= >?5@0F8O;0@ 1>9K=H0 68K=BK ;8<8BBV 15;3V;54V, 10A0@<0  65:5;535= 0@6K @0;40@K 1>9K=H0 ;8<8BB5@4V, A>=409-0 stop-loss 5@565AV 1>9K=H0 E0;K0@0;K ?@0:B8:040 01K;40=0= ;8<8BB5@4V 15;3V;54V 8@5:B>@;0@ :55AV 68V-68V 68K=BK ;8<8BBV 09K=4094K. <KA :=V VHV=45 <<V;5;5@4V 67535 0AK@0BK= 9K<=K (>@4K) 1;V<H5;5@V 9K<=K (>@4K) 10A0@<0AK=0 0@6K @0;40@K 1>9K=H0 9K<=K (>@4K) ?>78F8O;0@K= AK=04K. 8@5:B>@;0@ :55AV 0@6K @0;40@K 1>9K=H0 ;8<8BB5@4V 09K=40C @AV<45@V= 6=5 stop-loss ;8<8BB5@V= 0=KB0C 5@565AV= 15;3V;594V.8.0A0@<0 @1V@ 0@6K @0;40@K 1>9K=H0 BC5:5;45@4V 10A0@C @AV<45@V= 15:VBBV.0A0@<0 H5B5; 20;NB0;0@K=K @1V@ B@;5@V <5= 10@;K 20;NB0;0@ 1>9K=H0 A?>B, D>@20@4, A2>? >?5@0F8O;0@K=K E0;K0@0;K ?@0:B8:0AK=4001K;40=0= ?>78F8O;0@ 1>9K=H0 ;8<8BB5@4V 15;3V;594V; "C5:5;45@4V 10A0@C 1;V<H5AV 0:B82B5@ <5= <V=45BB5<5;5@4V B5C <5@7V<45@V=V := A09K=K :5AB5AV= E5468@;5C @0;40@K= B5C <5@7V<45@V= 10A0@C HV= ?0940;0=04K. 10A0@<0 0@6K @0;40@K HV= "st>@ - loss" ;8<8BB5@V=V 480?07>=K= 15;3V;594V; VH:V 0C48B K7<5BV"st>@ - loss" ;8<8BB5@V= 09K=40C 5@565;5@V= 10=:BV 4@KA >;40=CK= B5:A5@54V.9.8@5:B>@;0@ :55AV 100 BC5:5;V, >=K VHV=45 0@6K @0;40@K=0 @K=>: ?5= 0@6K @K=>3K BV<4V;V3V=V <;H5@V= 5A:5@5 >BK@K? 1;C 1>9K=H0 ?>78F8O=K 09K=40C 6=V=453V H5HV<45@4V 01K;40C A0OA0BK= 15:VBBV. 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AV<45@: @A0BK H5:B5C;V 0?0@0B 45@5:B5@V=V BV715AV=; @A0B 0;C B@BV1V=; 0?0@0B 45@5:B5@V=5 @A0B 0;C4K 10K;0C B@BV1V=; 0?0@0B 45@5:B5@V=5 @A0BK 10@ B;0;0@ BV715AV= :74594V.130A0@<0 @0;40@4K =5<V 8=A?5:F8O;0C 6=5 6<KA BC@0;K 5A5?B5@4V B5:A5@C 0@K;K V@:V;VAB5@4V 0;4K=-0;C 6=V=453V @5AV<45@4V 15:VBBV.?0@0BBK 0<B0<0AK7 5BC 1;V<H5AV :5<V=45 B>A0=K=0 1V@ @5B 45@5:B5@4V 02B><0BB0=4K@K;0= 1070AK= DC=:F8O;0CK= 0<B0<0AK7 5B5BV= B5E=8:0;K :5H5=45@35 B5:A5@C 6@3V754V. ?0@0BBK 0<B0<0AK7 5BC 1;V<H5AV B>A0=K=0 1V@ @5B B5E=8:0;K :5H5=45@4V 609-:9V BC@0;K 0?0@0BBK 10A0@<00 AK=04K. 14.0A0@<0 45@5:B5@4V 02B><0BB0=4K@K;0= 1070AK= 10A0@C B5@<8=0;40@K= @A0BAK7 ?0940;0=C4K 1>;4K@<0C 6=V=45 @AV<45@4V 15:VBBV.  ?0@0BBK 0<B0<0AK7 5BC 1;V<H5AV 45@5:B5@4V 02B><0BB0=4K@K;0= 1070AK= 10A0@C B5@<8=0;40@K= ?0940;0=C4K <>=8B>@8=3V= 6@3V754V 6=5 A9:5AB5=4V@54V, >=K VHV=45 >;0@ 6@3V735= >?5@0F8O;0@4K B@;5@V <5= :;5<45@V=V ?0940;0=CHK=K DC=:F8>=0;4K <V=45BB5@V=5 A9:5ABV3V= 10K;094K. 9K<40 (>@40) ?0940;0=CHK=K 65:5 10AK= A9:5AB5=4V@C35 <<:V=4V: 15@5BV= 695AV 10@. 59=5B0K 0:B82B5@V= 8=25AB8F8O;K 10A0@C 6=V=453V K7<5BBV 67535 0AK@C 5@565AV= 15:VBC BC@0;K 5@565=V 5->AK<H0AK 9K<=K (>@4K) >@K=40CK HV= <V=45BBV B0;0?B0@4K =53V73V :@8B5@89;5@V "C5:5;4V 10A0@C 695AV= 9K<40ABK@C0 >9K;0BK= B0;0?B0@1.8@5:B>@;0@ :55AV 9K<=K (>@4K) K7<5BV= @5BB59BV= VH:V 60BB0@4K 15:VB54V, >=K VHV=45: 9K<=K (>@4K) <445;5@V=V 40C;0@K= @5BB5C 6=V=453V B@BV?; $C=:F8OAK BC5:5;45@4V 10A0@C @AV<45@V= >@K=40C4K :7459BV= K7<5B:5@;5@35 >9K;0BK= 1V;V:BV;V: B0;0?B0@K=; BC5:5;45@4V 10A0@C @AV<45@V=; VH:V 0C48B 6=V=453V B@BV?BV; VH:V 10K;0C 6=V=453V B@BV?BV; 5A5?:5 0;C A0OA0BK=; 0?0@0BBK 0CV?AV74V: B@BV1V=; 8=25AB8F8O;K A0OA0BBK; 8=25AB8F8O;K K7<5BBV @5BB59BV= VH:V 60BB0@4K.2.H:V 0C48B 6=V=453V 60BB0@ VH:V 0C48B K7<5BV=V @1V@ B5:A5@C4V >@KBK=4K;0@K= 48@5:B>@;0@ :55AV <5= 9K<=K (>@4K) 10A0@<0AK=0 AK=C4K >B09;K <5@7V<45@V= :74594V 3.H:V 0C48B K7<5BV=V :V;5BBV;V3V 1;V<H5 HV= >@K=40CK <V=45BBV 1>;K? B01K;0BK= 60A0;0= B5:A5@C;5@ >@KBK=4KAK 1>9K=H0 AK=KAB0@ 7V@;5C4V :74594V, A>=K<5= 0B0@ >;0@4K 67535 0AK@C BAV;45@V <5= B0;0?B0@K= BV:5;59 1;V<H5;5@ 15;3V;594V. 4.9K<=K (>@4K) 1;V<H5;5@V VH:V 0C48B >@KBK=4KAK 1>9K=H0 01K;40=0= VA-H0@0;0@4K 6=5 >;0@4K >B09;K >@K=40C <0A0BK=40 6@3V735= 6=5 6>A?0@;00= <>=8B>@8=3BV 67535 0AK@04K. 5.H:V 0C48B K7<5BV 9K<=K (>@4K) K7<5BV= @5BB59BV= 070AB0= 5A?C1;8:0AK=K =>@<0B82BV: KBK 0:BV;5@V= A0B0C0 109;0=KABK, 0@6K;K K7<5BBV 600 B@;5@V= 5=3V7C :57V=45 9K<=K (>@4K) >AK<H0 <0K74K BC5:5;45@4V ?0940 1>;C <<:V=4V3V=5 100 15@54V.6.0A0@<0 @1V@ B5:A5@C >@KBK=4KAK 1>9K=H0 VH:V 0C48B K7<5BV=V 5A51V=5 B0;40C 60A094K 6=5 0=KB0;0= :5<HV;V:B5@4V 6>N 6=V=45 B8VABV H0@0;0@ 01K;40C HV= 8@5:B>@;0@ :55AV=5 AK=KAB0@ 15@54V7.H:V 0C48B K7<5BV 9K<=K (>@4K) VH:V 5@565;5@V <5= @AV<45@V=V A0B0CK=0 10K;0C4K 67535 0AK@04K 6=5 VH:V 6=5 AK@BK 0C48B>@;0@4K 5A5?B5@V=, C:V;5BBV >@30==K K?0; 5BC H0@0;0@K= 6=5 735 B0;0?B0@K= >@K=4094K. 8.8@5:B>@;0@ :55AV 9K<=K (>@4K) 0@6K;K 60409K= 10K;0C0 <<:V=4V: 15@5BV= B8VAV=H5 0?0@0BBK 065BV=H5 0;04K, 0K<40K 0@6K 6K;K=0 9K<=K (>@4K) 6>A?0@;00= K7<5BV=V <=-<0A0BK=0 65BCV 1>9K=H0 9K<=K (>@4K) K7<5BV=5 B0;40C 60A094K 6=5 100 15@54V.9.8@5:B>@;0@ :55AV VH:V 10K;0C4K 6=5 BC5:5;45@4V 10A0@C4K 60A0@BC 6=V=453V AK@BK 0C48B>@;0@4K 0C48B>@;K 5A51V= B0;4094K10.8@5:B>@;0@ :55AV 10A0@<0=K 9K<=K (>@4K) 0K<40K 0@6K 6K;K=0 6>A?0@;0=0= K7<5BV=V >@K=40;CK=0 B0;40C 60A094K.11.8@5:B>@;0@ :55AV C:V;5BBV >@30==K K?0; 5BC H0@0;0@K <5= 735 45 B0;0?B0@K=K, >=K VHV=45 9K<=K (>@4K) K7<5BV=453V :5<HV;V:B5@4V 6>N 6=V=453V VA-H0@0;0@ 6>A?0@K=K >@K=40;<0C A515?B5@V= 0=KB09 >BK@K? 10K;0C 6@3V754V.12.8@5:B>@;0@ :55AV 9K<=K (>@4K) 10AHK K7<5B:5@;5@V=V DC=:F8>=0;4K <V=45BB5@V=453V <445;5@35 109;0=KABK 1>;CK KB8<0; 40C;0@0 B0;40C 60A094K.13.8@5:B>@;0@ :55AV 535@ 9K<=K (>@4K) K7<5BV=V =B865AV 0K<40K 6K;4K <0A0BBK :@A5B:VHB5@V<5= A9:5A :5;<535= 6040940 7 :V;5BBV3V H53V=45 9K<=K (>@4K) 10A0@<0AK=K <H5;5@V=5 H0@0 >;40=CK <<:V=. 14.K;4K 1N465BB5@ <5= AB@0B538O;K 6>A?0@;0@4K @0ABK@C4K 10A0@<0 0K<40K 6=5 1>;0H0 1A5:5;5ABV:, M:>=><8:0;K >@B0=K 6=5 =>@<0B82BV: KBK 1070=K, 9K< (>@) :0?8B0;K=K >AK<H0 065BBV <;H5@V= 5A:5@5 >BK@K?, @0ABK@04K.15.0A0@<0 9K<=K (>@4K) 48@5:B>@;0@K <5= 0:F8>=5@;5@V=5 9K<=K (>@4K) K7<5BV BC@0;K 0@6K;K 6=5 10A0@C 5A5?BV;V3V BC@0;K AK=04K.16.8@5:B>@;0@ :55AV 09 A09K= B0;40C HV= <K=0409 5A5?B5@4V 0;04K: 9K<=K (>@4K) B:5= 6K;4K >AK :575V<5= A0;KABK@0=40K :V@VAB5@V <5= HKKAB0@K BC@0;K 68K=BK 10;0=AK 6=5 5A51V, 6>A?0@;0=0= K7<5B :@A5B:VHB5@V; 8=25AB8F8O;0@ BC@0;K 5A5?B5@: 0@6K @0;40@K=K >;0@4K B@;5@V= 6=5 10;0=ABK =K=, @K=>:BK =K=, :V@VABV;V3V= 6=5 A0BK? 0;C <5= A0BC4K 60;?K A><0AK= :@A5BC 1>9K=H0 B>?B0;CK;17.8@5:B>@;0@ :55AV B>A0= A09K= B0;40C 60A0C HV= <K=0409 5A5?B5@4V 0;04K: 68=0B0CHK 759=5B0K >@K=K (3M? - B0;40C) 0:B82B5@ <5= <V=45BB5<5;5@V=V :;5<V= A0;KABK@C BC@0;K 5A51V; 9K<=K (>@4K) ?@>F5=BBV: BC5:5; 1>9K=H0 ?>78F8OAK= KA0H0 B0;40C; 9K<=K (>@4K) 20;NB0;0@4K 09K@10A 100<40@K=K 0CKBCK BC5:5;V=5 4CH0@ 1>;CK= KA0H0 B0;40C; 9K<=K (>@4K) <5=HV:BV :0?8B0;K=40K 0K<40K 6=5 1>;60;40=K? >BK@0= 065BBV;V:B5@V= KA0H0 B0;40C. 18.9K<=K (>@4K) 9K<40ABK@C-DC:F8>=0;4K @K;K<K=K <A5;5;5@V 1>9K=H0 VH:V 60BB0@ <K=0;0@4K @5BB594V, >=K VHV=45: 9K<=K (>@4K) 1;V<H5;5@V=V =5<5A5 9K<=K (>@4K) 6@3V7V? >BK@0= >?5@0F8O;0@K=0 109;0=KABK =53V73V BC5:5;45@4V B0;40C0 6=5 BC5;AV7 1000 60C0? 15@5BV= BC5:5;45@4V 10A0@CHK B;0=K :V;5BBV3V <5= <V=45BB5@V; DC=:F8>=0;4K <V=45BB5@V 1>9K=H0 A9:5A :5;5BV= 9K<=K (>@4K) 10A0@C >@30=40@K=K @K;K<K; 9K<=K (>@4K) @1V@ 10AHK K7<5B:5@V=V ;0C07K<4K <V=45BB5@V 6=5 :V;5BBV3V; 5A5?BV 6K; VHV=45 9K<=K (>@4K) @K;K<4K 1;V<H5 10AHK;0@K=K K7<5BV=5 100 15@C B@BV1V, >=K VHV=45 9K<=K (>@4K) K7<5BV=453V <0A0BBK :@A5B:VHB5@V= 9K<=K (>@4K) >@K=40<00=K HV= H0@0 >;40=C =5<5A5 60C0?:5@HV;V::5 B0@BC.19. "C5:5;45@4V 10A0@C A0OA0BK: 9K<=K (>@4K) 10AHK K7<5B:5@;5@V=V :V;5BBV:B5@V <5= DC=:F8>=0;4K <V=45BB5@V= @5BB59BV= 5@565;5@4V, >=K VHV=45 0@6K @0;40@K= A0BK? 0;C/A0BC 6=V=453V >?5@0F8O;0@4K 60A0C4K 4@KABKK=0 >A0@;K 10K;0C 60A0C4K :74594V 6=5 A>0= 109;0=KABK BC5:5;45@4V 10K;0C4K :74594V. 20.H:V 0C48B K7<5BV 10AHK K7<5B:5@;5@4V 9K<=K (>@4K) K7<5BV= 10A0@C 6=V=453V :V;5BBV:B5@V <5= DC=:F8OAK= B>?B0C4K 0=KB0C0, A>=409-0 6@3V7V;35= >?5@0F8O;0@4K 9K<=K (>@4K) 15:VBV;35= :>@?>@0B82BV AB@0B538OAK=0, A0OA0BK=0 6=5 @AV<45@V=5 A9:5A :5;C <=V=5 B5:A5@C 6@3V754V.21."C5:5;45@4V 10A0@C 6=V=453V A0OA0B 9K<=K (>@4K) 8@5:B>@;0@ :55AV=V, 10A0@<0 <H5;5@V=V 6=5 60C0?BK K7<5B:5@;5@4V BC5:5;45@4V 10A0@C 6=V=453V :V;5BBV:B5@V <5= DC=:F8>=0;4K <V=45BB5@V= 0=KB094K. 22.9K<=K (>@4K) 8@5:B>@;0@ :55AV=5 6=5 10A0@<0AK=0 AK=K;0BK= 10A0@CHK;K 0?0@0B BV715AV 9K<=K (>@4K) 8@5:B>@;0@ :55AV <5= 10A0@<0AK=K BC5:5;45@4V 10A0@C 6=V=453V 65:5 DC=:F8>=0;4K <V=45BB5@V= B8VAV=H5 >@K=40CK HV= 65B:V;V:BV 1>;K? B01K;04K. 23.9K<=K (>@4K) 1;V<H5AV=V BC5:5;4V 10A0@C 6=V=453V 6=5 VH:V 0C48B K7<5BV=V K7<5B:5@V=V DC=:F8>=0;4K <V=45BB5@V >;0@ 6@3V7V? >BK@0= >?5@0F8O;0@0 A9:5A :5;54V. 24.9K<=K (>@4K) 759=5B0K 0:B82B5@V<5= 6<KA 6=V=453V A0OA0BK=0 <K=0;0@ 60B04K: A0;K<HK;0@4K (0;CHK;0@4K) 65:5 759=5B0K H>BB0@K=0 0@060BBK, B;5<45@4V 6=5 68=0B0;0= 759=5B0K 0@060BK 0C40@K<40@K=K C0BK;K BACV=V 5A51V= 0;C HK=09K;KK= 0<B0<0AK7 5B5BV= @AV<45@; A0;K<HK;0@4K (0;CHK;0@4K) 759=5B0K<5= 0<AK740=4K@C H0@BK 1>9K=H0 H0K<40@K= 15;3V;5=35= <5@7V<45 0@0C0 :5?V;4V: 15@5BV= @AV<45@, 68=0B0;0= 759=5B0K 0@060BK= 0C40@C ABV=453V =5<5A5 B;5< 60A0C ABV=45 6>0;BC;0@4K C0BK;K 0;?K=0 :5;BV@C; 759=5B0K 0:B82B5@V= 5A5?:5 0;C A9:5ABV3V <>=8B>@8=3V= 0<B0<0AK7 5BC 6=5 759=5B0K 0:B82B5@V= 070AB0= 5A?C1;8:0AK=K 70=0<0;K B0;0?B0@K=0 A09 C0BK;K 8=25AB8F8O;0C @AV<45@V; >@4K :><8AA8O;K AK90KAK= 5A5?:5 0;C 6=5 B;5< 60A0C 4@KABKK= B5:A5@C; <K=0;0@4K 5=3V75BV= 8=25AB8F8O;K A0OA0BBK: 759=5B0K 0:B82B5@V=5 0BKABK 8=25AB8F8O;K H5HV<45@ 01K;40C B@BV1V; 759=5B0K 0:B82B5@V= 0BKABK@0 >BK@K? <<V;5;5@ 60A0C B@BV1V 6=5 >;0@4K 60A0;CK=0 10K;0C4K 67535 0AK@C; 45@5:B5@4V 1BV=4V3V <5= 0?0@0BBK ?8O;K;KK= 0<B0<0AK7 5BC35 VH:V 10K;0C 60A0C B@BV1V; 8=25AB8F8O;K H5HV<45@ 01K;40C @AV<45@V, A>=409-0 8=25AB8F8O;K H5HV<45@ 01K;40C HV= AK=K<40@ 15@C; 759=5B0K 0:B82B5@V=V 5A51V=5= A0BK? 0;K=0= 0@6K @0;40@K= E5468@;5C A0OA0BK 6=5 @AV<45@V; 759=5B0K 0:B82B5@V=5= 6=5 8=25AB8F8O;K :V@VAB5@45= 0;K=0BK= 9K<=K (>@4K) :><8AA8O;K AK90KAK=K <;H5@V, A>=409-0 >AK 0?0@0BBK 9K<=K (>@4K) A0;K<HK;0@K=0 (0;CHK;0@K=0) 15@V;C H0@BB0@K.25.9K<=K (>@4K) VH:V 0C48B 1>9K=H0 A0OA0BK <K=0;0@4K 0=KB094K: 9K<=K (>@4K) HK@0CK KB8<0; 10@;K BC5:5;45@V=; VH:V 0C48BBV 6@3V7C 0CK<K= 6=5 68V;V3V=; VH:V 0C48BBV 6@3V7C :57V=45 ?0940;0=K;0BK= @59B8=3BV: 695=V; 9K<=K (>@4K) VH:V 0C48B 6@3V7C 6>A?0@K= 60A0C0 >9K;0BK= B0;0?B0@K=. 26.H:V 0C48B K7<5BV 0C48B A0OA0BK=0 A9:5A DC=:F8O;0@K 0@6K @0;40@K<5= >?5@0F8O;0@ 6@3V7C4V :7459BV= 9K<=K (>@4K) 10@;K 1;V<H5;5@V=5 B@0BK B@45 VH:V B5:A5@C;5@ 6@3V754V. 27.H:V 0C48B K7<5BV 0C48B A0OA0BK=0 A9:5A 759=5B0K 0:B82B5@V=V 5A51V=5= 60A0;0BK= >?5@0F8O;0@0, 759=5B0K 0:B82B5@V=V 0BKACK<5= 60A0;0BK= <<V;5;5@4V 60A0C 4@KABKK=0 6=5 :0AB>480= 10=:B5@<5= 6=5 >@;0@<5= A0;KABK@C;0@4K 67535 0AK@C4K, 5A5?:5 0;C4K 6=5 60B 09=0;K<K=K 4@KABKK=0 B@0BK VH:V B5:A5@C;5@ 60A094K.28.H:V 0C48B K7<5BV 759=5B0K 0:B82B5@V=V 0BKACK<5= 60A0;0BK= <<V;5;5@4V 5A5?:5 0;C 6C@=0;K=40K 0?0@0BBK HK=09K;KK=0 B@0BK B@45 B5:A5@C 6@3V754V. 29.H:V 0C48B K7<5BV=V K7<5B:5@V 9K<=K (>@4K) 1V;V:BV;V: B0;0?B0@K=0 A9:5A :5;54V, A>=409-0 B5:A5@C;5@ 60A0;K? >BK@0= 9K<=K (>@4K) 1;V<H5;5@V=V K7<5BV BC@0;K 6<KA B6V@815AV 6=5 065BBV 1V;V<V 1>;04K.30.9K<=K (>@4K) VH:V A0OA0BK 1>9K=H0 VH:V 0C48B K7<5BV B5:A5@V? >BK@0= 1;V<H5=V K7<5BV=5 109;0=KABK 10@;K 065BBV, >=K VHV=45 :><<5@F8O;K =5<5A5 735 45 :>=D845=F80;4K ?8O @568<453V 60BB0@4K 0@0C KK :745;54V.31.H:V 0C48B 6=V=453V 9K<=K (>@4K) VH:V A0OA0BK<5= >;0@4K DC=:F8>=0;4K <V=45BB5@V= >@K=40CK 9K<=K (>@4K) 10AHK K7<5B:5@;5@V=5= =5<5A5 10A0 1;V<H5;5@45= BC5;AV74V3V 6=5 VH:V 0C48B K7<5BV=V 8@5:B>@;0@ :55AV=5 5A5?BV;V3V 15;3V;5=54V. 32.H:V 0C48B K7<5BV 9K<=K (>@4K) AK@BK 0C48B>@K<5= 1V@;5AV?, 6K;K=0 1V@ @5BB5= :5< 5<5A @5B?5= 9K<=K (>@4K) VH:V 10K;0C 695AV=453V VH:V =5<5A5 AK@BK 0C48B>@ 0=KB00= :5<HV;V:B5@4V B0;K;0C HV= 1V@;5A:5= :5745AC;5@ B:V754V.33.H:V A0OA0B 1>9K=H0 09 A09K= 9K<=K (>@4K) :V@VAB5@V= (HKKAB0@K=), >=K VHV=45 A5@?V=4V;V3V, 1;V3V 1>9K=H0, K7<5B B@;5@V 1>9K=H0, 9K<=K (>@4K) 0C<0BK 6=5 DC=:F8>=0;4K 1;V<H5;5@V= 0400;09BK= 9K<=K (>@4K) 1;V<H5AV 15;3V;5=35=. 34.H:V A0OA0B 1>9K=H0 8@5:B>@;0@ :55AV 15;3V;535= 68K=BK ;8<8BB5@ H53V=453V 1;V<H5=V K7<5BV=5 109;0=KABK :V@VAB5@4V (HKKAB0@4K) 10A0@C 6=V=453V 9K<=K (>@4K) 1;V<H5AV=V :V;5BBV3V :745;35=.35.0A0@<0 9K<=K (>@4K) <5=HV:BV :0?8B0;K=K 070AB0= 5A?C1;8:0AK=K 70=0<0AK=0 A9:5A B0;0? 5BV;5BV= 10@K=H0 B<5= 4535935 A09 :5;CV= 0<B0<0AK7 5B54V.36.0A0@<0 8@5:B>@;0@ :55AV 15;3V;535= 68K=BK ;8<8BB5@ H53V=45 9K<=K (>@4K) 0@6K @0;40@K<5= >?5@0F8O;0@4K 67535 0AK@0BK= @ 1;V<H5AV HV= BC5:5; ;8<8BV= 15;3V;594V. 37.H:V 0C48B K7<5BV 6@3V7V;35= B5:A5@C;5@ >@KBK=4KAK 1>9K=H0 9K<=K (>@4K) K7<5B:5@;5@ @0<K=K 9K<=K (>@4K) K7<5BV= @5BB59BV= 070AB0= 5A?C1;8:0AK=K =>@<0B82BV: KBK 0:BV;5@V=, E0;K0@0;K AB0=40@BB0@4K, 759=5B0K<5= 0<AK740=4K@C 0C<0K=40K 070AB0= 5A?C1;8:0AK=K 70=0<0;0@K= 1V;C 45359V= 0=KB094K38.H:V 0C48B K7<5BV 9K<=K (>@4K) K7<5BV= @5BB59BV= 070AB0= 5A?C1;8:0AK=K =>@<0B82BV: KBK 0:BV;5@V= A0B0C0 109;0=KABK, 0@6K;K K7<5BBV 600 B@;5@V= 5=3V7C :57V=45 9K<40 (>@40) >AK<H0 <0K74K BC5:5;45@4V ?0940 1>;C <<:V=4V3V=5 100 15@54V.39.8@5:B>@;0@ :55AV 0A0@<0=K 8@5:B>@;0@ :55AV=5 6=5 9K<=K (>@4K) 0:F8>=5@;5@V=5 9K<=K (>@4K) 0@6K;K :@A5B:VHB5@V=5 100 15@C <<:V=4V3V= 0<B0<0AK7 5B5BV= 0@6K;K 6=5 10A0@C 5A51V= AK=C =KA0=K <5= <5@7V<V= 15:VBBV. 40.8@5:B>@;0@ :55AV B@0BK =53V745 8=25AB8F8O;K H5HV<45@4V 6=5 >;0@0 AK=K<40@4K B0;40? >BK@04K. 41.8@5:B>@;0@ :55AV VH:V 10K;0C4K 65BV;4V@C 6=5 BC5:5;45@4V 10A0@C 6=V=453V AK@BK 0C48B>@;0@4K >@KBK=4K;0@K=0 B0;40C 60A094K. 42.9K<=K (>@4K) 5A5? 6=5 5A5? 15@C A0OA0BK, >=K VHV=45 9K<=K (>@4K) 0C48B 6@3V7C 10@KAK=40 <K=0409 <A5;5;5@4V B5:A5@C4V :74594V: :=45;V:BV 10;0=ABK 45C4V 4@KABKK; 9K<=K (>@4K) 5A5? 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