ࡱ >
} ~ E@ ~ bjbj ` -M
L L L L L L L @ l l l @ ϲ V "
9) 9) 9) v x x x x x x $ R L ) % 9) ) ) L L
-I -I -I ) L p
L
v -I ) v -I H -I uI | L F
ͺE l < $ 2 l | 0 ϲ C F @ @ L L L L F x L @=>- DA>N7 >AA88
!1>@=8: AB0B59, >17>@>2, A>>1I5=89, 70O2;5=89, 8=B5@2LN 87 F5=B@0;L=KE, @538>=0;L=KE, 3>B8@06=KE 3075B 8 4@C38E ?5@8>48G5A:8E 8740=89
! 6 ( 6 7 ) , 2 0 0 5 3.
C1;8:C5<K5 78F8N &! . =8 40NBAO 4;O >7=0:>D0:B820 A @07;8G=KG:0DA>N7K . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . & . 1 0 ?@54?@8OB8OE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 >B@0A;8 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 8 !>F80;L=>- M:>=>5 ?>;>65=85 2 AB@0=5 . . . . . . . . 2 7 0:>=>40B5;LAB2>. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . & & & & . . . & 3 1 0 @C156>7>@ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 7 @>DA>N7K
>:;04 ?@54A540B5;O $ 8E08;0 (20
=0 ?5@2>:BO1@O
#2060520@8I8, 45;530BK AJ5740, G;5=K 5=5@0;L=>3> A>25B0 8 G;5=K >=B@>;L=>- @52878>==>9 :>4=O, =0:0=C=5 B>@65AB25==>3> 70A540=8O AJ5740, ?>A2OI5==>3> 7=09 40B5 - 1 0 0 - ;5B8N ?@>DA>N7=>3> 42865=8O 2 >AA88 8 1 5 - ;5B8N >1@07>20=8O $ , <K A 201@0;8AL =0 @01>G55 70A540=85, GB>1K >B25B8BL =0 2>?@>AK > 1C4CI5< @0728B88 $545@0F88 =57028A8DA>N7>2 >AA88, A45;0BL ?@0:B8G5A:89 H03 ?> ?CB8 40;L=59H53> C:@5?;5=8O =0H53> >1J548=5=8O, CA8;5=8O ?@>DA>N7=>3> 548=AB20 8 A>;840@=>AB8. MB><C AJ574C <K A 2040, 0 65B 1KBL, 8 2A5 ?OB=04F0BL ;5B A 1@07>20=8O $545@0F88 =57028A8DA>N7>2 >AA88.
# 8AB>:>2 A>740=8O $ 2 1 9 9 0 3>4C AB>O;8 ;>4K5, B>;L:> GB> 2>AA>740==K5 @>AA89A:85 >B@0A;52K5 ?@>DA>N7K 8 B5@@8B>@80;L=K5 ?@>D>1J548=5=8O. 1J548=82 CA8;8O 2 MB>B A;>6=K9, ?5@5;>DA>N7=>3> 42865=8O ?5@8>4, <K A3;8 A>740BL A2>9 F5=B@ - $545@0F8N =57028A8DA>N7>2 >AA88. !3;8 A>E@0=8BL ?@>DA>N7=K5 >@30=870F88 8 G;5=>2 ?@>DA>N70. =>2KE A>F80;L=>- M:>=>28OE @>AA89A:85 ?@>DA>N7K =5 B>;L:> 70O28;8, => 8 :>=:@5B=K<8 45;04B25@48;8 ?@825@65==>ABL 3;02=>9 F5;8 - 70I8B5 A>F80;L=>- B@C4>2KE ?@02 8 8=B5@5A>2 @01>B=8:>2, ?>4B25@48;8 381:>ABL 8 045:20B=>ABL 459AB289 ?@>DA>N7>2 2 >B25B =0 2=5H=85 CA;>28O.
> 687=L AB028B ?5@54 ?@>DA>N702K5 7040G8, 8 2L >1O70=K 40BL 4>AB>9=K9 >B25B =0 CA8;820NI55AO 402;5=85 @01>B>40B5;59 8 AB@C:BC@ 2;0AB8 =0 @01>B=8:0 8 53> ?@54AB028B5;O - ?@>DA>N7, A >4=>9 AB>@>=K, 8 2>7=8:=>25=85 2 >B45;L=KE >B@0A;OE 8 @538>=0E A5?0@0B8ABA:8E B5=45=F89 2 ?@>DA>N7=>9. !53>4=O OA=> 2A5 B>;L:> A8;L=>5 >1I5@>AA89A:>5 ?@>D>1J548=5=85, ?>;L7CNI55AO 02B>@8B5B>< 8 2;8O=851I5AB25, A?>A>1=>5 >@30=87>20BL A>2 A G;5=A:8@30=870F8O<8 2K5 :>;;5:B82=K5 459AB28O 2 ?>445@6:C A2>8E B@51>20=89, A65B @5H8BL ?>AB02;5==K5 7040G8. 15A?5G8BL MDD5:B82=CN 70I8BC 8=B5@5A>2 G;5=>2 ?@>DA>N70, 4>18BLAO @50;L=>3> ?>2KH5=8O C@>2=O 687=8, =0456=KE A>F80;L=KE 30@0=B89 4;O G5;>25:0 B@C40.
A=>2=K5 =0?@02;5=8O >@30=870F8>==>3> C:@5?;5=8O <K A 20<8 2?@545;8;8 2 2 0 0 1 3>4C =0 I V AJ5745 $ .
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
!45;02 ?5@2K9 H03, >?@545;82 >A=>2=K5 =0?@02;5=8O @0728B8O 8 C:@5?;5=8O $545@0F88, @07@01>B02 :>=:@5B=K5 <5E0=87<K @50;870F88, 4=O 4>;6=K A45;0BL A;54CNI89 H03. A5 =0H8 A>2;6=K 1KBL >B@065=K 2 >A=>2=>:C<5=B5, @53;0<5=B8@CNI5ABL $ , - 2 #AB025 D545@0F88. 01>B0 =04 ?>?@02:04C ?5@54 ?@>2545=851I5@>AA89A:>3> A>25I0=8O @C:>2>48B5;59 G;5=A:8E >@30=870F89 $ . ">340 @5H5=85 > ?@>2545=88 2=5>G5@54=>3> AJ5740 $ ?> 2>?@>AC 2=5A5=8O 87?>;=5=89 2 #AB02 =5 1K;> ?@8=OB>. ';5=A:8@30=870F8O ?@54;>65=> CA8;8BL @01>BC ?> >@30=870F8>==>25@H5=AB2>20=8N AB@C:BC@K. 15A?5G8BL 2K?>;=5=85 @0=55 ?@8=OBKE @5H5=89 :>;;5380;L=KE >@30=>2 ?> MB8?@>A0H;> 420 3>40, 8 =AB0B8@>20BL, GB> ACI5AB25==KE 87?@>A0E >@30=870F8>==>3> C:@5?;5=8O =5 ?@>87>H;>. >;55 B>3>, ?@>4>;68;8AL =530B82=K5 B5=45=F88 2 MB8E =0?@02;5=8OE.
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
> 8 745AL 5ABL, :>=5G=>, ?5@5;><=K5 @30=870F89. / 1K E>B5; >1@0B8BL 20H5 2=8<0=85 =0 25AL78B82=CN @01>BC, :>B>@0O ?@>2545=0 >A:>2A:>9 D545@0F859 ?@>DA>N7>2 8 1I5@>AA89A:8DA>N7>B=8:>2 A2O78 ?> ?@5>4>;5=8N B0:>9 A8BC0F88, :>340 >B45;L=K9 >A:>2A:89 ?@>DA>N7 @01>B=8:>2 A2O78 :0: 1K A>B@C4=8G0;, => =5 1K; AB@C:BC@=>9 G;5=A:>9 >@30=870F859 1I5@>AA89A:>3> ?@>DA>N70 A2O78AB>2. !53>4=O MB> ?@5>4>;5=>. 5A:>;L:> =D5@5=F88 1K;8 ?@8=OBK A>>B25BAB2CNI85 @5H5=8O, 8 745AL B0:65 8;>68B5;L=>5 42865=85. >, : A>60;5=8N, B0:8E ?>;>68B5;L=KE 2 =5 B0: 3>, :0: E>B5;>AL 1K, 5A;8 CG5ABL 2@5B>@>5 ?@>H;> A B>3> 340 <K A 20 AB028;8 8 >1AC640;8 MB8 2>?@>AK 8 4>3>2>@8;8AL 8E @5H0BL.
7?>;=5=8O : #AB02C $ , ?@54;030543>B>2;5=K @01>G59 3@C??>9 =0 >A=>20=88 ?@54;>65=89 G;5=A:8E >@30=870F89 $ . A>AB02 @01>G59 3@C??K ?> @5H5=8N 5=5@0;L=>3> A>25B0 2>H;8 =081>;55 >?KB=K5 8 C206052>48B5;8 >B@0A;52KE ?@>DA>N7>2, B5@@8B>@80;L=KE ?@>D>1J548=5=89 8 @C:>2>4AB2> $545@0F88. @54;>65=8O ?@>H;8 H8@>:>5 >1AC645=85 2 ?@>DA>N7=KE >@30=870F8OE =0 70A540=8OE :>;;5380;L=KE >@30=>2. :>;> 7 0 % G;5=A:8E >@30=870F89 ?@54>AB028;8 2 @01>GCN 3@C??C A2>8 >B7K2K. AB0;L=K5, 2 F5;>445@6820O :>=F5?F8N 8768;8 A2>8 D>@2:8 >B45;L=KE AB0B59.
5 3C =5 A:070BL > B> 459AB28O ?> >@30=870F8>==>5 2=8B>@KE 708=B5@5A>20=0 2 >A;01;5=88 ?@>DA>N7>2 8 $ 2 F5;>AB@0=ONB 70254> ;>6=CN 8=D>@ ?@54?>;0305<KE 87@30=870F8>==>5=88 $545@0F88. @57C;LB0B5 2 :>=AB@C:B82=>9 A>29 @01>BK ?> A>25@H5=AB2>20=8N =0H53> >A=>2=>3> 4>:C =03=5B0;0AL =0?@O65==>ABL 2 >B=>H5=8OE @80;L=KD>1J548=5=8OB@0A;52KDA>N70<8, G;5=A:8@30=870F8O2>4AB2>< $545@0F88. @54?@8=8B:@>25==K5 ?>?KB:8 @0A:>;>BL $545@0F8N, @0AB0I82 55 ?> >B45;L=KB@0A;52K=0;L=K< :20@B8@0<.
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
>42>4O 8B>3 48A:CAA88, :>B>@0O ?@>H;0 2 A2O78 A >1AC645=85< 87?>;=5=89 : #AB02C, E>GC A:070BL, GB> 2A5 70@30=870F89 @0AAB@5=K =0 70A540=8OE @01>G59 3@C??K ?@8 0:B82=>2>48B5;59 G;5=A:8E >@30=870F89. =>3>5 87 MB>3> CGB5=> ?@8 4>@01>B:5 ?@54;0305<KE 87?>;=5=89 : #AB02. @54;>65=8O @01>G59 3@C??K >4>1@5=K 5=5@0;L=K25B>H;8 ?@02>2CN M:A?5@B87C ?@02>2>3> >B45;0 $ , $545@0;L=>9 @538AB@0F8>==>9 A;C61K, :>B>@K5 ?>4B25@48;8, GB> 2A5 ?@54;0305<K5 87>B25BAB2CNB 70:>=>40B5;LAB2C.
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
$ 87=0G0;L=> AB@>8;0AL :0: >@30=870F8O, A>AB>OI0O 87 G;5=A:8E >@30=870F89 42CE B8?>2: >1I5@>AA89A:8E 8;8 =0;L=KE ?@>DA>N7>2 8 B5@@8B>@80;L=KE >1J548=5=89 >@30=870F89 ?@>DA>N7>2. ! 740=8O $ 55 G;5=A:85 >@30=870F88 ACI5AB25==> >B;8G0;8AL 4@C3 >B 4@C30 ?> A2>59 ACI=>AB8, @>;8 8 ?>AB@>5=8N AB@C:BC@. > 2 459AB2CNI51 MB8E @07;8G8OE ?@0:B8G5A:8 =5 3>2>@8;>AL. <5AB5 A B5AB8 G;5=A:8E >@30=870F89, ?@02>2>5 ?>;5, =0 :>B>@>=8 459AB2CNB, B@51C5B 2=5A5=8O 2 #AB02 $545@0F88 =5>1E>48<KE 87?@545;ONI8E >A>15==>AB8 MB8E G;5=A:8E >@30=870F89. A;8 >1I5@>AA89A:85 =0;L=K5 ?@>DA>N7K - MB> 2 ?5@2CN >G5@54L >1J548=5=85 G;5=>2 ?@>DA>N70, B> B5@@8B>@80;L=K5 ?@>D>1J548=5=8O - >1J548=5=8O AB@C:BC@=KE >@30=870F89 MB8E ?@>DA>N7>2, B> 5ABL N@848G5A:8E ;8F. 0: $ >1J548=O5B 8 :>>@48=8@C5B 459AB28O G;5=A:8E >@30=870F89 =0 D545@0;L=>2=5, B0: B5@@8B>@80;L=K5 ?@>D>1J548=5=8O :>>@48=8@CNB 459AB28O AB@C:BC@=KE >@30=870F89 1I5@>AA89A:8E =0;L=KE ?@>DA>N7>2 =0 @538>=0;L=>2=5. 2 MB>< A@80;L=K5 ?@>D>1J548=5=8O 2K@060NB 8 @50;87CNB 8=B5@5AK ?@>DA>N7>2, 2E>4OI8E 2 $ 2 AC1J5:B5 >AA89A:>9 $545@0F88.
5>1E>48 B0:65 CG8BK20BL, GB> 2708459AB285 >@30=870F89 >B@0A;52KE ?@>DA>N7>2 =5 >AB0=02;8205BAO =0 C@>2=5 @538>=>2. "0:, =5A:>;L:> ;5B 459AB2CNB DA>N7=K5 >1J548=5=8O =0 C@>2=5 1@07>20=89 - 3>@>4A:85, @09>==K5 :>>@48=0F8>==K5 A>25BK, ?@54AB02;ONI85 8=B5@5AK ?@>DA>N7=KE >@30=870F89, 459AB2CNI8E =0 40==>9 B5@@8B>@88, 2 @0F80;L=>3> ?0@B=5@AB20 A <5AB=K@30=0A;5 2ABC?;5=8O 2 459AB285 1 3 1 - 3> D545@0;L=>3> 70:>=0, 2 A>>B25BAB288 A :>B>@KAB>OBL 87 A>B5= 1@07>20=89, MB0 @01>B0 5I5 1>;55 0:BC0;878@C5BAO. > A2>59 ACB8 MB8 :>>@48=0F8>==K5 A>25BK O2;ONBAO ?@54AB028B5;LAB20@80;L=KE ?@>D>1J548=5=89. A5 MB8 ?>;>65=8O ?@54;0305BAO 70:@5?8BL 2 >?@545;5=88 B5@@8B>@80;L=>3> >1J548=5=8O >@30=870F88 ?@>DA>N7>2 :0: G;5=A:>9 >@30=870F88 $ .
B@0A;52K5 ?@>DA>N7K A> A2>59 AB>@>=K 4>;6=K AB@>8BL >B=>H5=8O A B5@@8B>@80;L=K1J548=5=8O@30=870F89 ?@>DA>N7>2 8AE>4O 87 B>3>, GB> ?@>D>1J548=5=8O O2;ONBAO ?@8=F8?80;L=> =5>1E>489 8 =5>BJ5<;59 G0ABLN AB@C:BC@K $545@0F88. #AB025 $ , 0 B0:65 2 CAB020E ?@>DA>N7>2, ?> =0H5<C ;6=> 1KBL >B@065=>, GB> B5@@8B>@80;L=0O, 0 B0:65 ?5@28G=0O ( ?@8 >BACBAB288 B5@@8B>@80;L=>9) >@30=870F8O >B@0A;52KE ?@>DA>N7>2 2E>48B 2 B5@@8B>@80;L=>5 >1J548=5=85 >@30=870F89 ?@>DA>N7>2.
@5H5=88 7040G 70I8BK A>F80;L=>- B@C4>2KE ?@02 8 8=B5@5A>2 B@C4OI8EAO $ 0:B82=> 2708459AB2C5B A @O4>1I5@>AA89A:8E ?@>DF5=B@>2 8 >B@0A;52KE ?@>DA>N7>2 =0 >A=>25 A>3;0H5=89. B=>H5=8O A >@30=870F8ODA>N7>2, =5 2E>4OI8E 2 $ ( B0:8E :0:, =0?@8AA89A:89 ?@>DA>N7 @01>B=8:>2 0B>9 M=5@35B8:8 8 ?@>AB8, >AA89A:89 ?@>DA>N7 @01>B=8:>2 3> 8 A@54=53> 187=5A0, @>DA>N7 @01>B=8:>2 8 @O4 4@C38E) B5@@8B>@80;L=K5 ?@>D>1J548=5=8O B0:65 3CB AB@>8BL =0 >A=>25 ?>4>1=KE A>3;0H5=89. > =0H0 ?>AB>O==0O 7040G0 - ?@>2>48BL @01>BC ?> 2>2;5G5=8N MB8E >@30=870F89 2 459AB28B5;L=K5 G;5=K ?@>D>1J548=5=89 =0 >A=>25 8E 2E>645=8O 2 $545@0F8N =57028A8DA>N7>2 >AA88. A5 >AB0;L=>5 - MB> ?5@5E>4=K9 ?5@8>4, => >= =5 65B 1KBL 25G=K<. B0 65 A0 >B=>H5=8N : :064>@80;L=>1J548=5=8N 2 @538>=0E.
A>15==>ABL 42CE 284>2 G;5=A:8E >@30=870F89 $ : >1I5@>AA89A:8E, =0;L=KE ?@>DA>N7>2 8 B5@@8B>@80;L=KE >1J548=5=89 >@30=870F89 ?@>DA>N7>2 - >?@545;O5B 8 @07=K9 ?>4E>4 : 2>?@>AC > ?@5:@0I5=88 G;5=AB20 2 $545@0F88. @>DA>N7K, >1J548=ONI85 G;5=>2 ?@>DA>N70 8 2K@060NI85 8=B5@5AK =0 D545@0;L=>< 8;8 =0;L=>2=5, 3CB 8720BLAO =0 >A=>25 @5H5=89 A2>8E @C:>2>4OI8E >@30=>2, 2E>48BL 8 2KE>48BL 87 >1J548=5=89 ?@>DA>N7>2, 2 B>4O 2 $ , ?@>DA>N7 A2>8<8 AB@C:BC@=K@30=870F8O48B 2 B5@@8B>@80;L=K5 ?@>D>1J548=5=8O, 459AB2CNI85 2 AC1J5:B0E >AA89A:>9 $545@0F88. !>>B25BAB25==>, B5@@8B>@80;L=K5 >1J548=5=8O >@30=870F89 ?@>DA>N7>2, >1J548=ONI85 AB@C:BC@=K5 >@30=870F88 ?@>DA>N7>2, 2E>4OI8E 2 $ , =5 3CB 2K9B8 87 $545@0F88. !> A2>59 AB>@>=K $ =5 8AB020 $545@0F88. -B> ?@8=F8?80;L=>5 @07;8G85 4>;6=> 1KBL, =025@=>5, >B@065=> 2 A>>B25BAB2CNI5< @0745;5 #AB020 $ .
<5AB5 A B51I5@>AA89A:85 =0;L=K5 ?@>DA>N7K, 8 B5@@8B>@80;L=K5 >1J548=5=8O >@30=870F89 ?@>DA>N7>2 O2;ONBAO ?>;=>?@02=K<8 G;5=A:8@30=870F8O<8 $ , 81O70==>AB8, 70:@5?;5==K5 2 A>>B25BAB2CNI8E AB0BLOE #AB020.
%>GC >AB0=>28BLAO =0 5I5 >4=>?@>A5 - 2708459AB288 G;5=A:8E >@30=870F89 $ . AO ?@0:B8:0 ?@>DA>N7=>9 @01>BK ?>:07K205B, GB> MDD5:B82=>ABL 45OB5;L=>AB8 ?@>DA>N7=KE >@30=870F89 =5?>A@54AB25==> 7028A8B >B A>3;0AC5AB8 459AB289 >B@0A;52KE ?@>DA>N7>2 8 B5@@8B>@80;L=KE ?@>D>1J548=5=89 ?> B0:8A=>2=K?@>A0;=5=85 :>;;5:B82=KE 4>3>2>@>2 8 A>3;0H5=89, ?>43>B>2:0 8 ?@>2545=85 :>;;5:B82=KE 459AB289, AB@C:BC@=KE ?@5>1@07>20=89 2 >@30=870F8OE ?@>DA>N7>2 A>>B25BAB2CNI8E B5@@8B>@89, 8 ?> 4@C38@30=870F8>==K2K2K?@>A0@8BL, :B> 3;02=55, =5 >BAB0820BL A2>8 C7:85 8=B5@5AK, 0 >1J548=8BL CA8;8O 2 @5H5=88 AB>OI8E ?5@54 =0A=>20 ?@>DA>N7=>3> 548=AB20 8 A>;840@=>AB8, >A=>20 CA?5H=>3> @5H5=8O MB8E 7040G.
5>1E>48<K285?@>A>2 MDD5:B82=>AB8 45OB5;L=>AB8 $545@0F88, 157CA;>2=>, O2;O5BAO >15A?5G5=85 2K?>;=5=8O @5H5=89, ?@8=8<05;;5380;L=K@30=0<8 $ . @54;0305BAO 70:@5?8BL 2 #AB025 <5E0=87< @50;870F88 @5H5=89 $545@0F88, B25BAB25==>AB8 G;5=A:8E >@30=870F89, 8 2 ?5@2CN >G5@54L - >B25BAB25==>AB8 @C:>2>48B5;59. A;CG0OE =52K?>;=5=8O G;5=A:>9 >@30=870F859 #AB020 $ , @5H5=89 :>;;5380;L=KE >@30=>2 $545@0F88, =5C?;0BK G;5=A:8E 27=>A>2 ?@>DA>N7=>5 >1A;C6820=85 MB>9 >@30=870F88 65B 1KBL ?@8>AB0=>2;5=>, 0 55 ?@54AB028B5;8 ;8H5=K ?@020 @5H0NI53> 3>;>A0 =0 70A540=8OE :>;;5380;L=KE >@30=>2 $ .
07C<55BAO, B0:85 <5@K 3CB ?@8A;5 70A;CH820=8O @C:>2>48B5;O A>>B25BAB2CNI59 >@30=870F88 8 2A5AB>@>==53> >1AC645=8O ?@8G8= =52K?>;=5=8O. @57C;LB0B0E @0AAB@5=8O, =025@=>5, =5>1E>48 8=D>@20BL :>;;5380;L=K5 >@30=K G;5=A:>9 >@30=870F88 4;O ?@8=OB8O ?CI5==KE =0@CH5=89. ?@02>AB8 8A?>;L7>20=8O B0:>9 A8AB5<K @50;870F88 ?@8=8<052>@8B B>B D0:B, GB> >=0 C65 70:@5?;5=0 2 CAB020E 38E G;5=A:8E >@30=870F89 $ .
;O ?>2KH5=8O MDD5:B82=>AB8 @01>BK :>;;5380;L=KE >@30=>2 $ ?@54;0305BAO B0:65 2=5AB8 87@O4>: 8E D>@20=8O.
A>>B25BAB288 A 459AB2CNI825B $ D>@1I5@>AA89A:8E =0;L=KE ?@>DA>N7>2 ( ?> 420 ?@54AB028B5;O) 8 B5@@8B>@80;L=KE ?@>D>1J548=5=89 ( ?> >4=>25@H5=AB2>20BL ?@8=F8? D>@20=8O 5=5@0;L=>3> A>25B0 =0 >A=>25 ?0@8B5B=>3> ?@54AB028B5;LAB20 >B ?@>DA>N7>2 8 B5@@8B>@80;L=KE ?@>D>1J548=5=89 A CG5B>AB8. !;54C5B A@07C CB>G=8BL, GB> ?0@8B5B=>5 ?@54AB028B5;LAB2> ?@54?>;0305B @02=>5 :>;8G5AB2> ?@54AB028B5;59 >B >1I5@>AA89A:8E ?@>DA>N7>2 8 >B B5@@8B>@80;L=KE ?@>D>1J548=5=89. B> 65 2@5;8G5AB2> G;5=>2 5=A>25B0 >B G;5=A:8E >@30=870F89, =0AG8BK20NI8E 1>;55 =0 G;5=>2 ?@>DA>N7>2, 8 >B B5E, G8A;5==>ABL :>B>@KE A>AB02;O5B =5A:>;L:> BKAOG, ?@54;0305BAO A45;0BL @07;8G=>9.
0?@84=O @>DA>N7 @01>B=8:>2 =0@>4=>3> >1@07>20=8O 8 =0C:8 $, 2 :>B>@>AB>OB ?OBL A ?>;>28=>9 =>2 G5;>25:, 8 57028A8DA>N7 @01>B=8:>2 8=D>@==>3> 8 B5;53@0D=>3> 035=BAB20 >AA88 " - "!! , 345 A>AB>OB 1 7 0 0 G;5=>2 ?@>DA>N70, 825B5 ?> 420 ?@54AB028B5;O. @8 ?@54;0305@O4:5 D>@20=8O ?@>DA>N7 " - "!! 65B 45;538@>20BL >4=>3> ?@54AB028B5;O, 0 ?@>DA>N7 @01>B=8:>2 =0@>4=>3> >1@07>20=8O - B@5E 8;8 G5BK@5E. 025@=>5, B0:>5 ?@54AB028B5;LAB2> G;5=>2 ?@>DA>N70 1C45B 1>;55 A?@0254;82K@20=85 @C:>2>4OI53> >@30=0 A CG5B>AB8 G;5=A:8E >@30=870F89 A53>4=O =0G8=05B 2A5 1>;LH5 2=54@OBLAO 2 ?@0:B8:C @01>BK B5@@8B>@80;L=KE ?@>D>1J548=5=89.
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
@8 ?@>2545=88 70A540=89 ?>AB>O==> ?@8E>48BAO AB0;:820BLAO A A8BC0F859, :>340 B>B 8;8 8=>9 G;5= A?>;:><0 =5 65B ?@8=OBL CG0AB85 2 70A540=88 ?> >1J5:B82=K< ?@8G8=0@>H>, 5A;8 ?@8 MB> 709 ?@54AB028B5;L 0AA>F80F88 ?> 55 @5H5=8N. > G0I5 2A53> 2 @C:>2>48B5;O G;5=A:>9 >@30=870F88 2 70A540=88 A?>;:> 706=> ;8 2 B0:>;:>;NB=> ?@02>G=K3> GB>1K 2K9B8 87 MB>9 A8BC0F88, ?@54;0305BAO 70:@5?8BL 2 CAB025 G8AB> B5E=8G5A:CN B>@0O 402=> ?@8<5=O5BAO 70@C156=KD>1J548=5=8ODA>N7>2. <5AB5 A 871@0=85;:>AB02 702 A?>;:>B>@K5 1C4CB 8A?>;=OBL >1O70==>AB8 2 A;CG05 >BACBAB28O 459AB28B5;L=>3> 8;8 B8BC;O@=>3> G;5=0 A?>;:><0. 07C<55BAO, :0=4840BC@K 70;6=K 1KBL @5:>20=K B5F80F8O 8 G;5=K A?>;:>4@>1=> :><20BL 2A5 ?@54;0305<K5 87?>;=5=8O : #AB02C $545@0F88, >=8 C 20A 8;L:> 5I5 @07 ?>4G5@:=CBL, GB> 2A5 >=8 =0?@02;5=K =0 >@30=870F8>==>5 C:@5?;5=85 =0H59 $545@0F88 8 ?>2KH5=85 MDD5:B82=>AB8 =0H59 A>29 45OB5;L=>AB8.
%>GC >1@0B8BL 20H5 2=8 ?@8 @01>B5 =04 #AB02>25AB8 @52878N 2A53> 4>:C<5=B0. K 7=05 2 =5B>@K5 =5>1E>48 2=5AB8 @540:F8>==K5 8765=8O ;CG8;8 >B @O40 G;5=A:8E >@30=870F89, 2A5 >=8 1C4CB CGB5=K ?@8 ?>43>B>2:5 >G5@54=>3>, V I AJ5740 $ , :>B>@K9 C =0A A 20AB>8BAO 2 2 0 0 6 3>4C.
K ?>H;8 =0 2K=5A5=85 MB>3> 2>?@>A0 =0 2=5>G5@54=>9 AJ574 4;O B>3>, GB>1K @5H8BL A0A=>2=K5 2>?@>AK ?>2KH5=8O MDD5:B82=>AB8 =0H53> 2708459AB28O 8 2A5< 2;;5:B82=> >?@545;8BL 40;L=59H55 =0?@02;5=85 @0728B8O $545@0F88.
0 ?>A;54=5G59 3@C??K, =0 70A540=88 >@30=870F8>==>9 :>3> A>25B0 ?@0:B8G5A:8 2A5 2>7@065=8O ?> ?@54;0305<K< 87<5=5=8OAB83=CB0 ?@0:B8G5A:8 548=>3;0A=0O ?>445@6:0 MB8E 4>:C2, ?>MB>4=O MB8 4>:CAOBAO : =0< A 201AC645=85 AJ5740 4;O ?@8=OB8O MB8E 87?>;=5=89 2 #AB02. / C25@5=, GB> 4=O A 20<8 A45;05@.
!>;840@=>ABL , ! 3 7 2 0 0 5 3.
5G5@>:BO1@O ?> 5@2>H5; AN65B > ?@>DA>N7=KE @01>B=8:0E 87 ?@>DA>N70 2 >AA88. AN65B5 3>2>@8;>AL > B> 2A5 ?@>DA>N7=>5 =0G0;LAB2> ?@85E0;> =0 8?@, GB>1K >1AC48BL 45B0;8 7010AB>2:8, :>B>@0O =0G=5BAO 2 A5@548=5 1C4CI59 =545;8 . 8?@8>BK 65 5A;8 8 C482;ONBAO, >B:C40 C ?@>DA>N7>2 @>AA89A:8E AB>;L:> 45=53 =0 B0:>9 >B4KE, B> 2840 =5 ?>:07K20NB . !:>;L:> - AB>;L:> 45=53 ?
2B>@K ?5@540G8 ?>4AG8B0;8, GB> =0 >B4KE G;5=>2 3> ?@>DA>N70 3;> 1KBL ?>B@0G5=> ?@8 5 0 BKAOG 4>;;0@>2 ?@>DA>N7=KE 27=>A>2 @>AA89A:8E 2@0G59 . . . AN65B5 =0;8G5AB2>20;8 4065 AJ59 :09 - ?@>D@01>B=8:8 ?>NB ?>4 :0@0>:5& 0;LH5 - 1>;LH5. 0 A;54CNI89 45=L 2 8=B5@=5B- 8740=88 =8. @C ?> 8B>30?C1;8:>20=0 AB0BLO @>DA>N7K =5 E>BOB 70I8B8BL 1N465B=8:>2 . =59 AB>8ABL >B4KE0 1K;0 >F5=5=0 C65 2 1 0 0 BKAOG 4>;;0@>2. 0D>A 02B>@0 AB0BL8 A;>6=> ?5@5>F5=8BL: 7 A2>59 8 157 B>3> =51>;LH>9 70@?;0BK @>AA89A:85 2@0G8 ?;0BOB 27=>AK 2 ?@>DA>N7=K5 D>=4K. > 8455, =0 A>1@0==K5 45=L38 ;845@K ?@>D>@30=870F89 4>;6=K >ACI5AB2;OBL DC=:F88 ?> 70I8B5 8=B5@5A>2 @01>B=8:>2 . 2>B, 7=0G8B, :0: >ACI5AB2;ONB DC=:F8N .
-B> - > B> 1K;> ?>:070=> 8 =0?8A0=>. "5?5@L > B> 1K;> =0 A0340 25G5@>:BO1@O 2C, 3;02=>@C 3075BK !>;840@=>ABL , ?>72>=8;8 8 ?5@5A:070;8 AN65B, O F5;8:>3;0A8;AO A ?0D>A>=I8:>2. 59AB28B5;L=>, CAB@0820BL A515 >B4KE 70 AG5B G;5=A:8E 27=>A>2 =5?@028;L=> 8 =5?@8;8G=>. 0 A;54CNI89 45=L O >1@0B8;AO : ?@54A540B5;N ?@>DA>N70 8E08;C C7L A 2>?@>A> 1K;>? 0 GB> >= 2?>;=5 4>E>4G82> 8 A 45=AB@0F859 4>:C2 >1JOA=8; ACBL 45;0. A;54CNI54C ?;0=8@>20;0AL 1>;LH0O 4=0O ?@>DA>N7=0O :>=D5@5=F8O ?> @5D>@20=8N AA88. >A:>;L:C MB0 B520;0 :8?@A:8E ?@>DA>N7=8:>2, >=8 ?@83;0A8;8 @>AA8O= ?@>25AB8 ?>43>B>28B5;L=K9 A5@88. >;55 B>3>, 564C=0@>4=K9 8=B5@=0F8>=0; >1I5AB25==>3> >1A;C6820=8O ( 2 =53> 2E>48B 8 ?@>DA>N7 2) ?@54;>68; A@54AB20, 70 AG5B :>B>@KE @>AA89A:85 ?@>D@01>B=8:8 3;8 1K 2K5E0BL 70 @C156. ( 8AL 35=A5:0 =B5@=0F8>=0;0 >?C1;8:>20=> 2 ?5G0B=>9 25@A88 !>;840@=>AB8 . ) >B, A>1AB25==>, 8 2A5 ?> ACI5AB2C 45;0.
"5?5@L - ?@> 0=BC@06. I5 @07 40209B5 24C<05;L:> 4=59 4> 2A5@>AA89A:>9 0:F88 1N465B=8:>2 =0 F5=B@0;L=>< :0=0;5 2 ?@09<- B09O2;O5BAO AN65B. = @0AA:07K205B > A>1KB88, :>B>@>5 ?@>87>H;> <5AOF =0704 70 ?@545;0AA88. @>DA>N7=K5 A5340 =5 ?@82;5:0;8 ?@5AAC, 0 C6 - =0 8?@5 8 A 8A?>;L7>20=859 :0<5@K - B54OB 2 701;C645=85: 25AL A5E>48B 70 AG5B 4=>9 AB@C:BC@K.
K2>4? >@4 8=D>@==>9 2>9=K. 2>9=K. 0 A;54CNI89 45=L ?>A;5 AN65B0 ?> " 3C15@=0B>@ 8B5@0 0B285=:> =07K205B ?>2545=85 ?@>D@01>B=8:>2 F8=872>@8B, GB> 2 0:F89 - =C6=> @01>B0BL ;CGH5! 5 C482;NAL, 5A;8 5I5 2 ?0@5 @538>=>2 <5AB=0O 2;0ABL, BKG0 ?0;LF5B >=8, 20H8 ?@>DA>N7K! MB> =>@. MB>@0 1K C65 8 ?@82K:0BL.
>4=0 MB0 2>9=0? 0=0;L=> - ?@54AB028B5;OB>@K5 >B:07K20NBAO 2K?>;=OBL B@51>20=8O 1N465B=8:>2. C 2;0AB=KE AB@C:BC@ 4>AB0B>G=> @5AC@A>2 4;O B>3>, GB>1K >15A?5G8BL ?>O2;5=85 =C6=>3> AN65B0 2 =C6=>5 2@5 =>@2>:0F8O, GB>1K =0B@028BL ;N459 =0 ?@>DA>N7.
@>1;0G5=89 ?0D>A AN65B0 ?> " 70:;NG0;AO 2 B>- 45 ?@>DA>N7 =5 ?>65B ( >= =0 8?@5) , 0 ?>65B - 3>AC40@AB2>. ?@8 MB>2>@8;>AL >1 >1KG=>9 1>;L=8F5 87 %010@>2A:0 - @602K5 :@>20B8, 3@O7=K5 ?@>ABK=8 8 ?8BL520O 2>40 - 4;O ?8BLO =5?@83>4=0O . G5284=>, 2 MB>65 ?@>DA>N7 2 28=>25=.
?>A;54=55. 5 =C6=> H2K@OBL :0<=O6820O 2 AB5:;O==>B D0:B, GB> ;:=C;8AL A ?@>2>:0F859, =5 >B@8F05B 4@C3>3>. 8: 2=8<0=85 : ;N4O<, 70=8<0NI81I5AB25==K5 4>;6=>AB8, 2?>;=5 >1>A=>20=>. ">B, :B> ?@5B5=4C5B =0 @>;L >1I5AB25==>9 A>25AB8 , 4>;65= A09=>. A;548BL 70 MB8 ?@>DA>N70<, =0< A0<8ILN @52878>==KE :>;840@=>ABL , ! 3 7 2 0 0 5 3.
0 ?@54?@8OB8OE
>2K< 35=5@0;L=K@>3>@A:>3> 4>2>1@0=88 0:F8>=5@>2 87 1@0= . !5=8G52. 0=4840BC@C A2>53> 70 D8=0=A0=>68; . 0H=8:>2, @C:>2>482H89 ?@54K4CI85 2>A5<L ;5B. !02 B5?5@L 2>73;02;O5B A>25B 48@5:B>@>2 ?@54?@8OB8O.
A2>54=>3> 87 :@C?=59H8E @>AA89A:8E :>2, ?CBOE @5H5=8O 2>7=8:0NI8E ?@>1;5@C 6C@=0;0 " 5B0;;>A=0165=85 8 A1KB" . >2C @0AA:07K205B 35=5@0;L=K9 48@5:B>@ 03=8B>3>@A:>3> 3> :>A;54=85 B@8 3>40 @>AA89A:85 B0;8, 5A;8 6=> B0: A:070BL, 2 @568?@8OBAB2>20=8O. 0H5 65 2ABC?;5=85 2 4>;6=>ABL A>2?0;> A @O4>1;5< ?045=85B>2CN ?@>4C:F8N, F5=>2K AB>@>=K ?@>872>48B5;59 65;57>@C4=>3> AK@LO. 0: 2K GC2AB2C5B5 A51O =0 =>2>9 4>;6=>AB8 2 MB8E CA;>28OE?
- / 3 5 ;5B =0 :>B25BAB25==>AB8, @5H5=8N =5AB0=40@B=KE ?@>1;5 2 CA;>28OE F59B=>B0, , 2 ?5@2>;C3>488 :>;:=C;AO A @O4>1;5?KB:0 =0H8E B@048F8>==KE ?>AB02I8:>2 65;57>@C4=>3> AK@LO =02O70BL =08 CA;>28O ?>AB02>:. >=AB@C:B82=>3> @073>2>@0 > 2708?@85<;5B@C4=8G5AB20 A =8;CG8;>AL. >MB>AL 70:;NG0BL 4>3>2>@K A 4@C38AB02I8:0N, ?>:0 H5; ?@>F5AA ?5@5>@85=B0F88 AK@L52KE ?> B>:>2, =0H5AL =5;53:>.
8N=5 A:;04A:85 70?0AK ! =0 :>:@0B8;8AL 4> 3 5 0 BKA. B ( A53>4=O >=8 A>AB02;ONB >:>;> 1 B0;8 1C:20;L=> A :>;5A, ?@8=8@48=0@=K5 ;L7>20;8 2 :0G5AB25 AK@LO 4065 65;57>A>45@60I89 H;0B20;>2. 8N=5 :>B0;
tomb raider
5440.16 ()
ardo
portofino
-
nokia 3230
rittal
mobil gargoyle
-
metabo
electrolux
5440.16 ()
264-27-00
-
sharp ar-m205
fag
mobil gargoyle
hotbird
kyiv apartaments service
dvd-box
shimadzu
danfoss
dimplex model amesbury
alfa laval
dimplex model elba
5440.13 ()
rittal
/
trinity hi-fi
dhl
gislaved
hansa
.
black decker
fargo
snr
nokia 3230
kyiv apartments service
summer
k610
contiwinterviking
.
754
-
tomb raider
5440.15 ()
dolmar
478
5440.13 ()
electrolux
-4361
lida
.