О вложении остатков средств Пенсионного фонда РФ

Wdhghfbq_kdZywdki_jlgZy]jmiiZ
<GZlZjh\GQ_[hlZj_\Z
H\eh`_gbbhklZldh\kj_^kl\I_gkbhggh]hnhg^ZJN
<hafh`gu_gZijZ\e_gby\eh`_gbckj_^kl\I_gkbhggh]hnhg^ZJN
<hijhk h gZijZ\e_gbb \eh`_gbc kj_^kl\ b kljmdlmj_ Zdlb\h\ i_gkbhggh]h
nhg^Z h[uqgh klZ\blky \ jZfdZo gZdhibl_evghc kbkl_fu i_gkbhggh]h
h[_ki_q_gby I_gkbhgguc nhg^ JN ij_^klZ\ey_l kh[hc ]hkm^Zjkl\_ggmx
kljmdlmjm k _`_]h^guf [x^`_lhf ml\_j`^Z_fuf n_^_jZevguf aZdhghf
I_gkbhgguc nhg^ JN ^_ckl\m_l ih ijbgpbim jZkij_^_ebl_evghc kbkl_fu
i_gkbhggh]hh[_ki_q_gby±l_dmsb_^hoh^u^he`gu[ulvihljZq_gugZl_dmsmx
\uieZlm i_gkbc >h g_^Z\g_]h \j_f_gb I_gkbhgguc nhg^ JN bkiulu\Ze
^_nbpbl [x^`_lZ KhdjZs_gb_ h[yaZl_evkl\ i_gkbhgghc kbkl_fu \ j_Zevghf
\ujZ`_gbb \ j_amevlZl_ \ukhdhc bgneypbb ]] b jhkl ^hoh^h\
i_gkbhgghc kbkl_fu \ ghfbgZevghf \ujZ`_gbb h[_ki_qbeb jhkl hklZldh\
kj_^kl\ I_gkbhggh]h nhg^Z gZqbgZy k ] < jZfdZo jZkij_^_ebl_evghc
i_gkbhgghckbkl_fubaebr_dkj_^kl\i_gkbhggh]hnhg^Z^he`_g[ulvihljZq_g
eb[h aZ kq_l m\_ebq_gby jZaf_jh\ i_gkbc eb[h aZ kq_l kgb`_gby khpbZevgh]h
gZeh]Z <f_kl_ k l_f \ kj_^g_ b ^he]hkjhqghc i_jki_dlb\_ ijh]ghabjm_lky
mklhcqb\Zy g_^hklZlhqghklv kj_^kl\ I_gkbhggh]h nhg^Z ^Z`_ ijb mkeh\bb
khojZg_gbyl_dms_]hmjh\gyi_gkbhgguo\uieZl\j_Zevghf\ujZ`_gbbIhwlhfm
bg\_klbjh\Zgb_ h[jZah\Z\rboky hklZldh\ kj_^kl\ I_gkbhggh]h nhg^Z JN \
^hoh^gu_ Zdlb\u ij_^klZ\ey_lky hijZ\^Zgguf ^ey lh]h qlh[u kha^Zlv
nbgZgkh\uc j_a_j\ gZ [m^ms__ <h \k_f fbj_ i_gkbhggu_ nhg^u bg\_klbjmxl
qZklv Zdlb\h\ \ ]hkm^Zjkl\_ggu_ h[eb]Zpbb k\hbo kljZg Z kj_^kl\Z nhg^Z 2OG
$JH 6XUYLYRUV¶ ,QVXUDQFH )XQG bkihegyxs_]h nmgdpbb ]hkm^Zjkl\_ggh]h
i_gkbhggh]hnhg^Z\KR:iheghklvx\eh`_gu\h[eb]ZpbbDZagZq_ckl\ZKR:
<eh`_gb_ hklZldh\ I_gkbhggh]h nhg^Z JN \ h[eb]Zpbb JN g_ klZg_l
gZjmr_gb_f ijbgpbih\ jughqgh]h p_ghh[jZah\Zgby _keb I_gkbhgguc nhg^
ijbh[j_l_l h[eb]Zpbb gZ \lhjbqghf jugd_ Lh qlh \ wlhf kemqZ_ h^gZ
]hkm^Zjkl\_ggZykljmdlmjZ[m^_ldj_^blh\Zlv^jm]mxbihemqZlvaZwlhijhp_glu
bf__lZgZeh]bxkhi_jZpbyfbP_gljZevgh]h[ZgdZgZhldjulhfjugd_
K\h[h^gu_ j_a_j\u I_gkbhggh]h nhg^Z fh]ml [ulv bg\_klbjh\Zgu aZ
jm[_`hfb\Jhkkbb
•
gZ^_ihablu\[ZgdZo
•
\]hkm^Zjkl\_ggu_p_ggu_[mfZ]b
•
\dhjihjZlb\gu_p_ggu_[mfZ]b
<hijhk h \hafh`ghklb bg\_klbjh\Zgby kj_^kl\ I_gkbhggh]h nhg^Z JN \
bghkljZggu_ Zdlb\u ihdZ hklZ_lky g_^hklZlhqgh ijhjZ[hlZgguf ohly
g_h[oh^bfhklv ^b\_jkbnbdZpbb kljZgh\h]h jbkdZ lj_[m_l bg\_klbjh\Zgby qZklb
kj_^kl\aZjm[_`
?kebjZkkfZljb\ZlvjZaebqgu_ \ZjbZglu bg\_klbjh\Zgby k\h[h^guo kj_^kl\
I_gkbhggh]h nhg^Z \ jhkkbckdb_ Zdlb\u lh ke_^m_l mqblu\Zlv mjh\_gv
ijhp_glguo klZ\hd mjh\_gv ebd\b^ghklb b \hafh`gu_ jbkdb Z lZd`_ kjhd
\eh`_gbc
LZ[ebpZ:evl_jgZlb\gu_\ZjbZglu\eh`_gbck\h[h^guokj_^kl\
kjhd
Ijhp_glg ebd\b^ghklv
ZyklZ\dZ
>_ihabluxjebp\jhkkbckdbo
[ZgdZo
>_ihabl\jm[eyo f_k
]h^
>_ihabl\\Zexl_ f_k
]h^
P_ggu_[mfZ]bJhkkbckdhc
N_^_jZpbb
=hkm^Zjkl\_ggu_djZldhkjhqgu_
Kms_kl\m_l
h[eb]Zpbbbh[eb]Zpbbn_^_jZevgh]h jZa\bluc
aZcfZjm[e_\u_
\lhjbqguc
jughd
f_k
]h^
]h^Z
]h^Z
]h^Z
H[eb]Zpbb\gmlj_gg_]h\Zexlgh]h
Kms_kl\m_l
aZcfZ
jZa\bluc
\lhjbqguc
jughd
]h^Z
H<<A
H<<A
H<<A
e_l
e_l
H<<A
H<<A
?\jhh[eb]Zpbb
e_l
e_l
86'
86'
86'
86'
86'
86'
86'
86'
'(0
'(0
,7/
f_k
]h^Z
]h^Z
e_l
e_l
e_l
e_l
e_l
]h^Z
]h^Z
]h^Z
Kms_kl\m_l
jZa\bluc
\lhjbqguc
jughd
jbkd
JbkddhgljZ]_glZ
J_]mebjmxlky
aZdhgh^Zl_evkl\hfJN
J_clbg]ihrdZe_
0RRG\¶V&DD
63±%
)LWFK,%K$±%
J_]mebjmxlky
jhkkbckdbf
aZdhgh^Zl_evkl\hf
0RRG\¶V&DD63±%
)LWFK,%K$±&&&
&DD%&&&
63±%)LWFK,%K$±
&&&
J_]mebjmxlky
f_`^mgZjh^guf
aZdhgh^Zl_evkl\hf
0RRG\¶V%
63±%
)LWFK,%K$±%
Kms_kl\m_l
jZa\bluc
\lhjbqguc
jughd
P_ggu_[mfZ]b
km[t_dlh\JN
H[eb]Zpbb\gmlj_gg_]haZcfZ
Fhkd\u
026=
f_k
026=
]h^Z
026=
]h^Z
==DHIjZ\bl_evkl\ZKZgdl
I_l_j[mj]Z
58*63
f_k
58*63
]h^
58*63
]h^Z
58*63
]h^Z
58*63
]h^Z
58*63
]h^Z
GZb[he__ebd\b^gu_
dhjihjZlb\gu_
h[eb]Zpbb
jm[e_\u_
LGD
f_k
]h^Z
f_k
f_k
]h^
Kms_kl\m_l
\lhjbqguc
jughd
h[t_flhj]h\\
^_gv
fej^jm[
J_]mebjmxlky
aZdhgh^Zl_evkl\hf
km[t_dlh\JN
0RRG\¶V%
)LWFK,%K$±&&&
Jbkdwfbl_glZ
fej^jm[
fej^jm[
fej^jm[
0RRG\¶V%
^he]hkjhqguc
]h^
fej^jm[
FFD
<k_ijhp_glgu_klZ\dbijb\_^_guihkhklhygbxgZbebfZy]
F>F[Zgd
Ghfhk[Zgd
<g_rlhj][Zgd
Fh`gh jZkkfhlj_lv kjZ\gbl_evgmx ijb\e_dZl_evghklv \eh`_gbc \
djZldhkjhqgu_bgkljmf_glugZh^bg]h^b^eykj_^g_kjhqguobgkljmf_glh\gZ
q_luj_]h^Z
>hoh^ghklv jm[e_\uo nbgZgkh\uo bgkljmf_glh\ kh kjhdhf h^bg ]h^ ^ey
jZaguo wfbl_glh\ p_gguo [mfZ] b [Zgdh\ \Zjvbjm_l g_ klhev agZqbl_evgh b
khklZ\ey_l \ hkgh\ghf hl ^h ]h^h\uo qlh khhl\_lkl\m_l h`b^Z_fhfm
l_fim bgneypbb gZ [eb`Zcrb_ f_kyp_\ LZdZy ijhp_glgZy klZ\dZ ebrv
dhfi_gkbjm_l bg\_klhjm ihl_jb hl bgneypbb ?\jhh[eb]Zpbc JN kh kjhdhf ^h
ih]Zr_gby ]h^ gZ jugd_ g_l gh _klv \uimkd _\jhh[eb]Zpbc kh kjhdhf ^h
ih]Zr_gby f_kyp_\ \Zexlgmx ^hoh^ghklv dhlhjh]h fh`gh kjZ\gblv k
^hoh^ghklvx f_kqgh]h \uimkdZ =DH IZjbl_l ijhp_glguo klZ\hd ih =DH b
djZldhkjhqguf_\jhh[eb]Zpbyf\uihegy_lkyijbl_fi_jhklZdmjkZ^heeZjZ
\]h^h\hf\ujZ`_gbbqlhkhhl\_lkl\m_lh[f_gghfmdmjkmjm[aZ^heeZjgZ
dhg_p ]h^Z ?keb dmjk ^heeZjZ ij_\ukbl wlhl jm[_` jm[e_\Zy ^hoh^ghklv
djZldhkjhqguo?\jhh[eb]Zpbc^_nZdlhhdZ`_lky\ur_^hoh^ghklb f_kyqgh]h
\uimkdZ=DH
>hoh^ghklv q_luj_oe_lgbo HNA b h[eb]Zpbc IjZ\bl_evkl\Z KZgdl
I_l_j[mj]Z ihqlb h^bgZdh\Z < k_dlhj_ ebd\b^guo dhjihjZlb\guo h[eb]Zpbc
kj_^g_kjhqgu_ [mfZ]b ij_^klZ\e_gu h[eb]Zpbyfb LGD ih dhlhjuf dZ`^u_ f_kyp_\ \uklZ\ey_lky hn_jlZ gZ ihdmidm lZd qlh bo ke_^m_l kdhj__ hlg_klb d
djZldhkjhqguf bgkljmf_glZf IZjbl_l ijhp_glguo klZ\hd ih q_luj_oe_lgbf
HNA b _\jhh[eb]Zpbyf \uihegy_lky ijb l_fi_ jhklZ dmjkZ ^heeZjZ \
]h^h\hf \ujZ`_gbb <ZexlgZy ^hoh^ghklv kj_^g_kjhqguo H<<A ij_\urZ_l
^hoh^ghklv _\jhh[eb]Zpbc h^gZdh [he__ \ukhdZy ^hoh^ghklv \ ^Zgghf kemqZ_
hljZ`Z_l[hevrbcjbkdk\yaZgguckwlbfb[mfZ]Zfb
Ih djbl_jbx ebd\b^ghklb ke_^m_l hl^Zlv ij_^ihql_gb_ _\jhh[eb]Zpbyf
h[eb]Zpbyf n_^_jZevgh]h aZcfZ fmgbpbiZevguf h[eb]Zpbyf KZgdlI_l_j[mj]Z
b Fhkd\u b h[eb]Zpbyf <g_rlhj][ZgdZ ± gZb[he__ ebd\b^guf ba
dhjihjZlb\guoh[eb]ZpbcGZebqb_jZa\blh]h\lhjbqgh]hjugdZwlboh[eb]Zpbc
^_eZxl wlb \eh`_gby ijZdlbq_kdb wd\b\Ze_glgufb G_^hklZlhd [Zgdh\kdh]h
^_ihablZ aZdexqZ_lky \ lhf qlh \eh`_gby aZfhjh`_gu gZ \_kv kjhd ^_ckl\by
^_ihablZ lh]^Z dZd h[eb]Zpbb fh]ml [ulv ijh^Zgu gZ \lhjbqghf jugd_ jZg__
kjhdZih]Zr_gby
Hp_gdZjbkdZ\eh`_gbc\jZaebqgu_nbgZgkh\u_bgkljmf_gluij_^klZ\ey_l
kh[hc \_kvfZ ljm^h_fdmx aZ^Zqm < dZq_kl\_ f_ju jbkdZ fh`gh bkihevah\Zlv
j_clbg]bnbgZgkh\uobgkljmf_glh\<k_ljbZ]_glkl\Z0RRG\¶V6WDQGDUG3RRUV
b )LWFK,%K$ ijbk\hbeb gZb[he__ \ukhdb_ j_clbg]b ?\jhh[eb]Zpbyf JN
?\jhh[eb]Zpbb JN j_]mebjmxlky f_`^mgZjh^guf aZdhgh^Zl_evkl\hf ih gbf
kms_kl\m_l lj_[h\Zgb_ djhkkZdk_e_jZpbb lj_[h\Zgbc \ kemqZ_ ^_nhelZ ih
h^ghfmba\uimkdh\>ey_\jhh[eb]ZpbcJNkms_kl\m_l jbkd mdj_ie_gby jm[ey
b dZd b ^ey ^jm]bo h[eb]Zpbc jbkd ijhp_glghc klZ\db H^gZdh dZd [ueh
ihdZaZgh \ur_ jm[e_\Zy ^hoh^ghklv _\jhh[eb]Zpbc hdZau\Z_lky g_ gb`_
^hoh^ghklb jm[e_\uo bgkljmf_glh\ ijb ^hklZlhqgh dhgk_j\Zlb\guo
ij_^iheh`_gbyo h l_fiZo ^_\Zev\Zpbb jm[ey GZqbgZy k ] p_gu gZ
jhkkbckdb_ _\jhh[eb]Zpbb jZklml < gZklhysbc fhf_gl ZgZeblbdb fgh]bo
aZiZ^guo bg\_klbpbhgguo [Zgdh\ ijh]ghabjmxl ^Zevg_crbc jhkl p_g gZ jugd_
jhkkbckdbo _\jhh[eb]Zpbc WlZ l_g^_gpby [m^_l ih^dj_ieylvky kgb`_gb_f
klZ\hd \gmljb Jhkkbb aZ kq_l jhklZ ^_g_`gh]h ij_^eh`_gby Djhf_ lh]h
ijhp_glgucjbkdk\h^blkydgmex\lhfkemqZ__kebbg\_klhjgZf_j_g ^_j`Zlv
h[eb]Zpbx^hih]Zr_gbybg_j_bg\_klbjh\Zlvijb[uev
Fbjh\ZyijZdlbdZ\eh`_gbckj_^kl\i_gkbhgguonhg^h\±qZklguob
]hkm^Zjkl\_gguo
P_evx mijZ\e_gby Zdlb\Zfb i_gkbhggh]h nhg^Z \ jZfdZo gZdhibl_evghc
kbkl_fuy\ey_lkykha^Zgb_ihjln_eyh[_ki_qb\Zxs_]hfZdkbfZevguc^hoh^ijb
aZ^Zgghfmjh\g_jbkdZIjbijhqbojZ\guogZbemqrb_khhlghr_gby^hoh^ghklb
bjbkdZ^hklb]Zxlkyi_gkbhggufbnhg^ZfbkhagZqbl_evgufh[t_fhfZdlb\h\aZ
kq_l ^b\_jkbnbdZpbb \eh`_gbc < hkgh\ghf \ jZfdZo gZdhibl_evghc kbkl_fu
jZ[hlZxl qZklgu_ i_gkbhggu_ nhg^u gh kms_kl\mxl b ZgZeh]bqgu_
]hkm^Zjkl\_ggu_ ± gZijbf_j djmig_crbc i_gkbhgguc nhg^ \ :j]_glbg_
´5HSXEOLFD´]hkm^Zjkl\_gguc
Fgh]b_kljZgu iha\heyxl k\hbf i_gkbhgguf nhg^Zfb \deZ^u\Zlv kj_^kl\Z
\ jZaebqgu_ nbgZgkh\u_ Zdlb\u Djhf_ klZ[bevgh]h ^he]hkjhqgh]h ihlhdZ
ihjln_evguo b ijyfuo bg\_klbpbc \ wdhghfbdm wlh iha\hey_l lZd`_ m\_ebqblv
hl^ZqmhljZ[hlukheb^gh]hdZiblZeZkhkj_^hlhq_ggh]h\i_gkbhgguonhg^Zo:
^ey kljZg k gZdhibl_evghc kbkl_fhc i_gkbhggh]h h[_ki_q_gby wlh \hh[s_
_^bgkl\_gguc kihkh[ jZ[hlu nhg^h\ I_gkbhggu_ nhg^u k \hafh`ghklvx
kms_kl\_ggh ^b\_jkbnbpbjh\Zlv k\hb bg\_klbpbb bf_xl j_Zevguc _`_]h^guc
^hoh^\ur_q_fmkj_^g_gguckljZgh\hcihjln_evZdlb\h\lZ[ebpZ
LZ[ebpZ >hoh^ghklvi_gkbhgguonhg^h\ aZ i_jbh^j_ZevgZy
klZ\dZ\]h^h\hf\ujZ`_gbb
Ihemq_ggZy KjZ\gbl_evgZy
\gmlj_ggyy
BjeZg^by
Gb^_jeZg^u
<_ebdh[jblZgby
KR:
;_ev]by
>Zgby
=_jfZgby
R\_cpZjby
Ijbf_qZgb_kjZ\gbl_evguc\gmlj_ggbc^hoh^kqblZeky
^eyihjln_eyZdpbbbh[eb]Zpbb
GZb[he__ ij_^ihqlbl_evguf ^ey i_gkbhgguo nhg^h\ \eh`_gb_f
kqblZxlky bg\_klbpbb \ h[eb]Zpbb k nbdkbjh\Zgguf ^hoh^hf hkh[_ggh \
]hkm^Zjkl\_ggu_ p_ggu_ [mfZ]b iha\heyxsb_ fbgbfbabjh\Zlv jbkd gh b
\eh`_gby \ Zdpbb djmiguo dhfiZgbc k \ukhdbf j_clbg]hf iZ_\u_ nhg^u
g_^\b`bfhklv b ^jm]b_ \ukhdh^hoh^gu_ Zdlb\u ihevamxlky ih\ur_gguf
kijhkhf \ kljZgZo k gZ^_`ghc b jZa\blhc nbgZgkh\hc kbkl_fhc b
ijm^_gpbZevguf gZ^ahjhf Ijbf_j jZkij_^_e_gby Zdlb\h\ ih \b^Zf \
jZaebqgufkljZgZo^Zg\lZ[ebp_
LZ[ebpZJZkij_^_e_gb_Zdlb\h\i_gkbhgguonhg^h\hlZdlb\h\
J_Zevgu_Zdlb\u
>he]h\u_bgkljmf_glu
Kbg]Zimj
FZeZcaby
Qbeb
DZgZ^Z
=_jfZgby
Yihgby
Gb^_jeZg^u
R\_cpZjby
KR:
X:J
<_ebdh[jblZgby
Ijbf_qZgb_j_Zevgu_Zdlb\u\dexqZxlZdpbbbg_^\b`bfhklv
^he]h\u_bgkljmf_gludhjihjZlb\gu_]hkm^Zjkl\_ggu_
h[eb]Zpbbh[eb]Zpbbih^aZeh]g_^\b`bfhklbbdj_^blu
< gZklhys__ \j_fy ihjln_eb i_gkbhgguo nhg^h\ KR: khklhyl
ij_bfms_kl\_ggh ba p_gguo [mfZ] ± h[eb]Zpbc ]hkm^Zjkl\_gguo dhjihjZlb\guo b
h[_ki_q_gguo aZdeZ^gufb ih bihl_qguf dj_^blZf b Zdpbc >hoh^ghklv
dhjihjZlb\guo i_gkbhgguo ieZgh\ \ KR: g_kdhevdh \ur_ q_f ^hoh^ghklv
i_gkbhgguo ieZgh\ rlZlh\ b fmgbpbiZevguo h[jZah\Zgbc gh wlh h[mkeh\e_gh
[hevrbf mjh\g_f jbkdZ ih dhjihjZlb\guf i_gkbhgguf ieZgZf k\yaZgguf k [he__
\ukhdhc^he_cZdpbc\ihjln_eyodhjihjZlb\guoi_gkbhgguonhg^h\lZ[ebpZ
LZ[ebpZ
F_^bZggZy^hoh^ghklvih\k_f
\eh`_gbyfi_gkbhgguonhg^h\
DhjihjZlb\gu_i_gkbhggu_nhg^u
I_gkbhggu_nhg^urlZlh\b
FmgbpbiZevguoh[jZah\Zgbc
F_^bZggZy^hoh^ghklvih\eh`_gbyf\
ZdpbbdhfiZgbcKR:
DhjihjZlb\gu_i_gkbhggu_nhg^u
I_gkbhggu_nhg^urlZlh\b
FmgbpbiZevguoh[jZah\Zgbc
GZhkgh\_^Zgguo:LOVKLUH$VVRFLDWHVihi_gkbhggufnhg^Zf\KR:
=hkm^Zjkl\_ggucnhg^khpbZevgh]hkljZoh\Zgby\KR:2OG$JH6XUYLYRUV¶
,QVXUDQFH )XQG \uieZqb\Zxsbc i_gkbb [ue kha^Zg \ ] >hoh^u nhg^Z
kdeZ^u\Zxlky ba \uq_lh\ ba aZjieZl \ khhl\_lkl\bb k :dlhf h N_^_jZevguo
KljZoh\uo <aghkZo b gZeh]Z gZ nhg^ hieZlu ljm^Z JZkoh^u nhg^Z ihdju\Zxl
\uieZlmi_gkbhgguoihkh[bcihkh[bcgZf_^bpbgkdh_h[kem`b\Zgb_bihfhsv
bg\Zeb^ZfBagZqZevghieZgbjh\Zehkvqlh2$6,)[m^_lmijZ\eylvkylZd`_dZd
b qZklguc gZdhibl_evguc nhg^ H^gZdh 2$6,) bkiulu\Z_l nbgZgkh\u_
aZljm^g_gby b nbgZgkbjm_l \uieZlu aZ kq_l l_dmsbo ihklmie_gbc Z g_
gZdhie_ggh]h^hoh^Zy\eyykvihkms_kl\mjZkij_^_ebl_evgufnhg^hfHklZldb
kj_^kl\ 2$6,) \eh`_gu \ gbadh^hoh^gu_ ]hkm^Zjkl\_ggu_ h[eb]Zpbb KR: b
\k_qZs_jZa^Zxlkyij_^eh`_gbyj_nhjfbjh\Zlvwlhlnhg^
I_gkbhggu_ nhg^u hkh[_ggh \ jZa\b\Zxsboky kljZgZo gZoh^ylky ih^
`_kldbf dhgljhe_f kh klhjhgu ]hkm^Zjkl\Z <hl hkgh\gu_ lbih\ h]jZgbq_gbc
gZbg\_klbpbb
♦ ihZdlb\ZfihlhehdgZhij_^_e_gguc\b^Zdlb\h\\ihjln_e_nhg^Z
♦ ihjbkdmfbgbfZevgucijb_fe_fucjbkdp_gghc[mfZ]b
♦ ihdhgp_gljZpbbkh[kl\_gghklbihlhehdgZiZd_l\h[s_fh[t_f_Zdlb\h\
hl^_evghcdhfiZgbb
♦ ihwfbl_glZfihlhehdgZ^hexZdlb\h\hl^_evguodhfiZgbc\ihjln_e_
♦ ihp_gguf[mfZ]ZfihlhehdgZhl^_evgu_\b^up_gguo[mfZ]
Ihke_^gb_ q_luj_ imgdlZ dhgljhey y\eyxlky h[uqghc nhjfhc
ijm^_gpbZevgh]h gZ^ahjZ ijbf_gy_fh]h b d iZ_\uf nhg^Zf < ^hiheg_gb_
[hevrbgkl\h kljZg h]jZgbqb\Zxl ^himklbfu_ ^ey bg\_klbjh\Zgby p_ggu_
[mfZ]b lhevdh l_fb ^ey dhlhjuo [ue hp_g_g jbkd GZijbf_j \ Qbeb
fbgbfZevgZy ^himklbfZy dZl_]hjby jbkdZ ^ey p_gguo [mfZ] <<< beb
wd\b\Ze_glgucj_clbg]>eyZdpbcqbebckdbodhfiZgbcwlZj_clbg]h\Zykbkl_fZ
iha\heyeZ bg\_klbjh\Zlv ebrv \ Zdpbb dhfiZgbc ba \hafh`guo Ebrv \
]h^m Z i_gkbhggZy kbkl_fZ \ Qbeb ^_ckl\m_l \ gug_rg_f \b^_ k lj_[h\Zgby [ueb kfy]q_gu Dhgp_gljZpby ih kh[kl\_gghklb \ Qbeb h]jZgbq_gZ
ihlhedhf \ h[eb]Zpbc beb Zdpbc hl h[s_]h iZd_lZ p_gguo [mfZ]
dhgdj_lgh]h wfbl_glZ Z fbgbfZevgh_ lj_[h\Zgb_ ih ^b\_jkbnbdZpbb
h]jZgbqb\Z_l \eZ^_gb_ h[eb]Zpbyfb beb Zdpbyfb h^gh]h wfbl_glZ \ beb ijhp_glh\khhl\_lkl\_ggh>eylh]hqlh[uba[_`ZlvdhgnebdlZbgl_j_kh\[he__
`_kldb_ ebfblu mklZgh\e_gu ^ey wfbl_glh\ k\yaZgguo nbgZgkh\ufb
bgl_j_kZfbkmijZ\eyxsbfbdhfiZgbyfbi_gkbhgguonhg^h\Ihoh`b_ijZ\beZ
bf_xlky\h\k_ojZa\b\ZxsbokykljZgZo
LZ[ebpZ H]jZgbq_gby ih dhgp_gljZpbb Zdlb\h\ m qbebckdbo
i_gkbhgguonhg^h\hlZdlb\h\
Ebfbl J_amevlZl
=hkm^Zjkl\_ggu_ p_ggu_[mfZ]b
LbiZdlb\Z
;Zgdh\kdb_
^_ihablu
P_ggu_[mfZ]b
ih^aZeh]
g_^\b`bfhklb
DhjihjZlb\gu_
h[eb]Zpbb
]hkm^Zjkl\_gguo
dhfiZgbc
:dpbb
BghkljZggu_
p_ggu_[mfZ]b
Ebfbl
J_amevlZl
Ebfbl
J_amevlZl
Ebfbl J_amevlZl
< ^hiheg_gb_ d wlbf ijm^_gpbZevguf ijZ\beZf fgh]b_ kljZgu
mklZgZ\eb\Zxl h]jZgbq_gb_ gZ dhgp_gljZpbx Zdlb\h\ <gZqZe_ `_kldb_ kh
\j_f_g_f hgb hkeZ[eyxlky Ijbf_j jZa\blby lZdhc kbkl_fu \ Qbeb ihdZaZg \
lZ[ebp_ H[uqgh kljZgu k ^Z\gh jZ[hlZxsbfb i_gkbhggufb nhg^Zfb
mklZgZ\eb\ZxlebfblgZfbgbfZevgu_bg\_klbpbb\]hkm^Zjkl\_ggu_h[eb]Zpbb
hl \k_o Zdlb\h\ beb gZ fZdkbfZevgu_ bg\_klbpbb \ Zdpbb <
^hiheg_gb_ d jZa\b\Zxsbfky kljZgZf lZdb_ h]jZgbq_gby _klv \ =_jfZgbb
>Zgbb NjZgpbb Yihgbb Ghj\_]bb Ihjlm]Zebb ;_ev]bb R\_cpZjbb
;hevrbgkl\h kljZg mklZgZ\eb\Zxl ebfblu \ kj_^g_f ih jZa\bluf kljZgZf \
bg\_klbpbci_gkbhgguonhg^h\\aZjm[_`gu_p_ggu_[mfZ]b<lZ[ebp_
kh[jZgu^Zggu_ihh]jZgbq_gbyfgZdhgp_gljZpbxZdlb\h\\kljZgZoEZlbgkdhc
:f_jbdb
LZ[ebpZ H]jZgbq_gby gZ ihjln_ev bg\_klbpbc i_gkbhgguo nhg^h\ ih
dhgp_gljZpbbZdlb\h\\kljZgZoEZlbgkdhc:f_jbdb
:dlb\
=hkm^Zjkl\_ggu_p_ggu_
[mfZ]b
DhjihjZlb\gu_h[eb]Zpbb
:j]_glbgZ Qbeb
Dhemf[by
F_dkbdZ
I_jm
Mjm]\Zc
;Zgdh\kdb_^_ihablu
;Zgdh\kdb_h[eb]Zpbb
:dpbb
IZ_\u_bg\_klbpbhggu_
nhg^u
P_ggu_[mfZ]bih^aZeh]
g_^\b`bfhklb
BghkljZggu_p_ggu_[mfZ]b
O_^`bjmxsb_bgkljmf_glu
@_kldb_ ebfblu gZ bg\_klbpbb g_ gm`gu ^ey jZa\bluo kljZg k ohjhrh
hj]Zgbah\Zggufb nbgZgkh\ufb jugdZfb b dhfie_dkgufb hj]ZgZfb gZ^ahjZ
H^gZdh\jZa\b\ZxsbokykljZgZobagZqZevgh^_lZebabjh\Zggu_h]jZgbq_gbygZ
bg\_klbpbb hijZ\^Zgu hlkmlkl\b_f keh`b\r_]hky b ijhajZqgh]h jugdZ
dZiblZeh\ h[yaZl_evghklvx i_gkbhgghc kbkl_fu b hlkmlkl\b_f [h]Zlh]h hiulZ
bg\_klbjh\Zgby m f_g_^`_jh\ i_gkbhgguo nhg^h\ Wlb h]jZgbq_gby ^he`gu
hkeZ[eylvky \f_kl_ k jZa\blb_f b kh\_jr_gkl\h\Zgb_f \gmlj_ggbo nbgZgkh\uo
jugdh\ H[sbf ijZ\behf [eZ]hjZamfgh]h bg\_klbjh\Zgby y\ey_lky
ij_^ihqlbl_evghklv \deZ^u\Zgby kj_^kl\ \ ]hkm^Zjkl\_ggu_ p_ggu_ [mfZ]b gZ
jughqghchkgh\_HkeZ[e_gb_h]jZgbq_gbcbjZaj_r_gb_\deZ^h\\Zdpbbh[uqgh
ijhbkoh^bl ijb ^hklb`_gbb Zdlb\Zfb i_gkbhgguo nhg^h\ gZijbf_j hl
<<I Z jZaj_r_gb_ \deZ^h\ \ bghkljZggu_ h[eb]Zpbb ± ijb ^hklb`_gbb
gZijbf_j hl <<I H[uqgh fZe_gvdb_ kljZgu fh]ml kgylv h]jZgbq_gby gZ
bg\_klbjh\Zgb_ aZ jm[_` jZgvr_ q_f djmigu_ k ^b\_jkbnbpbjh\Zggufb
jugdZfb dZiblZeZ Kh \j_f_g_f i_gkbhggu_ nhg^u klZgh\ylky \Z`g_crbfb
bgklblmpbhgZevgufb bg\_klhjZfb GZijbf_j \ X:J \eZ^_evpZfb djmiguo
iZd_lh\ Zdpbc jZaebqguo ij_^ijbylbc y\eyxlky i_gkbhggu_ nhg^u b]jZxsb_
agZqbl_evgmxjhev\hij_^_e_gbbkljZl_]bbjZa\blbyij_^ijbylbyG_aZ\bkbfuc
dhee_dlb\guc kh\_l ^bj_dlhjh\ fh`_l memqrblv iheh`_gb_ gZ fgh]bo
klZ]gbjmxsbo ij_^ijbylbyo < KR: b <_ebdh[jblZgbb gZijhlb\ i_gkbhggu_
nhg^u^hg_^Z\g_]h\j_f_gbij_^ihqblZebijbh[j_lZlvg_[hevrb_iZd_luZdpbc
ij_^ijbylbc gh kblmZpby baf_gbeZkv [eZ]h^Zjy \hagbdgh\_gbx ZkkhpbZpbc b
]jmii i_gkbhgguo nhg^h\ I_gkbhggu_ nhg^u lZd`_ h[e_]qZxl ijh\_^_gb_
ijb\ZlbaZpbc lZd dZd h[eZ^Zxl agZqbl_evgufb kj_^kl\Zfb < Qbeb gZijbf_j
bg\_klbpbb \ Zdpbb ijb\Zlbabjh\Zgguo ij_^ijbylbc khklZ\eyxl hdheh hl
\k_obg\_klbpbci_gkbhgguonhg^h\\dhjihjZlb\gu_Zdpbb
I_gkbhggu_ nhg^u fh]ml ku]jZlv [hevrmx jhev \ klbfmebjh\Zgbb jZa\blby b
kh\_jr_gkl\h\Zgby nbgZgkh\uo jugdh\ <f_kl_ k jhklhf Zdlb\h\ nhg^h\ b bo
hlghkbl_evghc agZqbfhklb dZd bg\_klhjh\ ki_pbZevgh jZajZ[Zlu\Zxlky b \uimkdZxlky
gh\u_ nbgZgkh\u_ bgkljmf_glu m^h\e_l\hjyxsb_ jZklmsb_ ihlj_[ghklb i_gkbhgguo
nhg^h\ GZijbf_j \ KR: hkgh\gmx aZkem]m \ jZa\blbb jugdZ o_^`bjmxsbo
bgkljmf_glh\b^_jb\Zlb\h\ijbibku\Zxl\hajhkrbfihlj_[ghklyfi_gkbhgguonhg^h\
dhgljhebjh\Zlv k\hb jbkdb I_gkbhggu_ nhg^u fh]ml lZd`_ klZlv dZlZebaZlhjZfb
jZa\blby wnn_dlb\guo lhj]h\uo lhj]h\uo kbkl_f kh\j_f_ggh]h [momq_lZ b
ijhajZqghklbnbgZgkh\hcbgnhjfZpbb