Вы находитесь на странице: 1из 416

Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

Ñ.À. Øåâåëåâà

English
on
Economics
Âòîðîå èçäàíèå,
ïåðåðàáîòàííîå è äîïîëíåííîå

Ðåêîìåíäîâàíî Ìèíèñòåðñòâîì îáðàçîâàíèÿ


Ðîññèéñêîé Ôåäåðàöèè â êà÷åñòâå ó÷åáíîãî ïîñîáèÿ
äëÿ ñòóäåíòîâ âûñøèõ ó÷åáíûõ çàâåäåíèé,
îáó÷àþùèõñÿ ïî ýêîíîìè÷åñêèì ñïåöèàëüíîñòÿì

Ðåêîìåíäîâàíî Ó÷åáíî-ìåòîäè÷åñêèì öåíòðîì


«Ïðîôåññèîíàëüíûé ó÷åáíèê» â êà÷åñòâå ó÷åáíîãî ïîñîáèÿ
äëÿ ñòóäåíòîâ âûñøèõ ó÷åáíûõ çàâåäåíèé

Ìîñêâà  2012
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

ÓÄÊ [802.0:33](075.8)
ÁÁÊ 81.2Àíãë-923
Ø37

Ð å ö å í ç å í ò û:
êàíä. ýêîí. íàóê Â.À. Îâñÿííèêîâà
(Ôèíàíñîâàÿ àêàäåìèÿ ïðè Ïðàâèòåëüñòâå ÐÔ);
êàíä. ôèëîë. íàóê Ð.Â. Îëüøåâñêàÿ
(Ìîñêîâñêèé ãîñóäàðñòâåííûé ëèíãâèñòè÷åñêèé óíèâåðñèòåò);
ïðîôåññîð Â.Â. Øïðûíîâ
(Ìîñêîâñêàÿ ìåæäóíàðîäíàÿ øêîëà ïåðåâîä÷èêîâ, ÞÍÅÑÊÎ)

Ãëàâíûé ðåäàêòîð èçäàòåëüñòâà


êàíäèäàò þðèäè÷åñêèõ íàóê,
äîêòîð ýêîíîìè÷åñêèõ íàóê Í.Ä. Ýðèàøâèëè

Øåâåëåâà Ñ.À.
Ø37 English on Economics: Ó÷åá. ïîñîáèå äëÿ âóçîâ. — 2-å èçä.,
ïåðåðàá. è äîï. — Ì.: ÞÍÈÒÈ-ÄÀÍÀ, 2012. — 415 ñ.
ISBN 978-5-238-00520-1

Ó÷åáíîå ïîñîáèå ïðåäíàçíà÷åíî äëÿ ñòóäåíòîâ, îáó÷àþùèõñÿ ïî


ýêîíîìè÷åñêèì ñïåöèàëüíîñòÿì, âëàäåþùèõ àíãëèéñêèì ÿçûêîì â
îáúåìå ñðåäíåé øêîëû è ïðîäîëæàþùèõ èçó÷åíèå ÿçûêà â âóçå.
 íîâîì èçäàíèè çíà÷èòåëüíî ðàñøèðåíû ýêîíîìè÷åñêèå òåìû è
ýêîíîìè÷åñêàÿ ëåêñèêà. Òåêñòîâàÿ ÷àñòü ïîñîáèÿ — ýòî ãàçåòíûå è
æóðíàëüíûå ñòàòüè, àííîòàöèè çàðóáåæíûõ ó÷åáíèêîâ ïî ýêîíîìèêå,
äåëîâûå ïèñüìà, ëåêöèè è âûñòóïëåíèÿ.  íîâîå èçäàíèå âêëþ÷åíû
ãðàììàòèêà è çàêðåïëåíèå ãðàììàòè÷åñêèõ ïðàâèë, ôîíåòè÷åñêèå
óïðàæíåíèÿ. Ëåêñè÷åñêèå è ðå÷åâûå óïðàæíåíèÿ îðèåíòèðîâàíû íà
íàïèñàíèå êðàòêèõ ýññå ïî òåìàì, îáñóæäåíèå òåì, ïåðåâîäû.
Ïîñîáèå ìîæåò áûòü òàêæå ïîëåçíî øèðîêîìó êðóãó ëèö, èçó-
÷àþùèõ ýêîíîìèêó è àíãëèéñêèé ÿçûê. (1-å èçä. — ÞÍÈÒÈ, 1998)

ÁÁÊ 81.2Àíãë-923

ISBN 978-5-238-00520-1 © Ñ.À. Øåâåëåâà, 1998, 2004


© ÈÇÄÀÒÅËÜÑÒÂÎ ÞÍÈÒÈ-ÄÀÍÀ, 1998, 2004
Âîñïðîèçâåäåíèå âñåé êíèãè èëè ëþáîé åå ÷àñòè
çàïðåùàåòñÿ áåç ïèñüìåííîãî ðàçðåøåíèÿ
èçäàòåëüñòâà
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

&RQWHQWV ³ÐÆÇÒÈÂÏÊÇ 


/HVVRQ<RXDUHDVWXGHQWRIHFRQRPLFV 
&RQYHUVDWLRQ 7HDFKHUDQGVWXGHQWV
7H[WV $GDP6PLWK
 (FRQRPLFV
 (FRQRPLFVUHDGLQJURRP
$QQRWDWLRQV (FRQRPLFVRI1HWZRUNV,QGXVWULHV
 (QWHUWDLQPHQW,QGXVWU\(FRQRPLFV
*UDPPDU5HYLVLRQ 7KH3UHVHQW,QGHILQLWH7HQVH
 7KH3DVW,QGHILQLWH7HQVH
 7KH$FWLYHDQGWKH3DVVLYH9RLFH
:RUGIRUPDWLRQ 6XIIL[HVRIQRXQV

/HVVRQ(FRQRPLFVDQGHFRQRP\ 
&RQYHUVDWLRQ 7HDFKHUDQGVWXGHQWV
7H[WV 0LFURHFRQRPLFVDQGPDFURHFRQRPLFV
 *'3DQG*13
$QQRWDWLRQ 7RSLFVLQPLFURHFRQRPLFV
1HZVSDSHULWHPV 8.*'3
 $VLDQFRQVXPHUVXSEHDWRQHFRQRPLFSURVSHFWV
*UDPPDU5HYLVLRQ 7KH)XWXUH,QGHILQLWH7HQVH
:RUGIRUPDWLRQ 3UHIL[HVRIQRXQV

/HVVRQ6DOHVDQGSURGXFWV 
1HZVSDSHULWHPV 7KH7LPHVSXOOVHYHQIXUWKHUDKHDG
 *UHHQVKRSSHUVDUHJURZLQJLQQXPEHU
 5HFRUGLQGXVWU\WXUQVILUHRQLQGLYLGXDOSLUDF\
&RQYHUVDWLRQ 7HDFKHUDQGVWXGHQWV
7H[WV 5HWDLOHUVDQGZKROHVDOHUV
 3URGXFWOLIHF\FOH
*UDPPDU5HYLVLRQ 7KH3UHVHQW3HUIHFW7HQVH
7KH3UHVHQW&RQWLQXRXV7HQVH
$UWLFOHV
:RUGIRUPDWLRQ &RQYHUVLRQ

 LLL
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

/HVVRQ3HRSOHDQGHFRQRP\ 
'LDORJXH $VWRFNEURNHU
$QQRWDWLRQ (FRQRPLFVDQG&XOWXUH
7H[WV 7KHHFRQRP\
 (FRQRPLFDFWLYLW\DQGEXVLQHVVF\FOH
 (FRQRPLFPDQ
1HZVSDSHULWHP (XUR]RQHHFRQRPLFJURZWKWRVORZLQVHFRQGKDOI
*UDPPDU5HYLVLRQ 7KH3DVW3HUIHFW7HQVH
 0RGDO9HUEV
 7KH3DVW&RQWLQXRXV7HQVH
 $UWLFOHV
:RUGIRUPDWLRQ 6XIIL[HVRIDGMHFWLYHV

/HVVRQ0DUNHWVDQGSURGXFWLRQ 
'LDORJXH 6HOOLQJFDUV
1HZVSDSHULWHPV 7R\RWDSURILWVERRVWHGE\ZHDN\HQDQGVWURQJVDOHV
 ,QWKHLQGXVWU\ELRVSKHUHRQO\WKHVWURQJHVWVXUYLYH
 + 0PDUNHWFRQGLWLRQVLPSURYLQJ
7H[W 0DUNHWVFKHPD
$QQRWDWLRQ )URP6LOLFRQ9DOOH\WR6LQJDSRUH
*UDPPDU 3DUWLFLSOH,
 7KH5XOHVRIWKH6HTXHQFHRI7HQVHV
 $WWULEXWHV
:RUGIRUPDWLRQ 3UHIL[HVRIDGMHFWLYHV

/HVVRQ3ULFHVDQGPRQH\ 
/HFWXUH 3ULFHHODVWLFLW\
7H[W 3ULFHVXSSRUW
1HZVSDSHULWHPV 1.RUHDIRUFHGWROLIWIRRGSULFHVVKDUSO\
 5HQHZHGIXQGEX\LQJSXVKHVJROGKLJKHU
%XVLQHVVOHWWHU 5HJUHWWLQJSULFHLQFUHDVH
$QQRWDWLRQ %LPHWDOOLVP
*UDPPDU 7KH*HUXQG
 7DJTXHVWLRQV
 *HQHUDOQHJDWLYHTXHVWLRQV
 LIZKHQFODXVHV
 7KH3UHVHQW3HUIHFW&RQWLQXRXV7HQVH
:RUGIRUPDWLRQ 6XIIL[HVDQGSUHIL[HVRIYHUEV

 LY
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

/HVVRQ7\SHVRIHFRQRPLHV 
,QWHUYLHZ (FRQRPLHVDQGPDQXIDFWXULQJ
7H[WV $OORFDWLRQRISURGXFWVDQGUHVRXUFHV
 3XEOLFDQGSULYDWHVHFWRUVLQWKH8.
1HZVSDSHULWHPV 8.PD\PRYHWRVDYH%ULWLVK(QHUJ\
 %XVKYRZVWR
GRZKDWLWWDNHV
IRUHFRQRP\
$QQRWDWLRQ %HWZHHQ3ROLWLFVDQG0DUNHWV
*UDPPDU 3DUWLFLSOH,,
 PDQ\²PXFKIHZDIHZ²OLWWOHDOLWWOH
 (TXLYDOHQWVRIPRGDOYHUEV
:RUGIRUPDWLRQ &RPSRXQGV

/HVVRQ7KHWUDQVLWLRQDOHFRQRP\ 
'LDORJXH $ERXWDOHFWXUHRQ+XQJDU\
7H[W 7KH5XVVLDQ)HGHUDWLRQ
$QQRWDWLRQV 7KH9DQLVKLQJ5RXEOH
 %XLOGLQJFDSLWDOLVP
 7KH1HZ5XVVLD
1HZVSDSHULWHPV 3ULYDWLVDWLRQLQGRXEW
 5XVVLDQVPRRW0XUPDQVNRLOH[SRUWWHUPLQDO
 %UXVVHOVDLGIRU<XJRVODYLD
*UDPPDU 7KH,QILQLWLYH
 7KH$GYHUE
 7KHGHJUHHVRIFRPSDULVRQ

/HVVRQ3URGXFWLRQ 
6SHHFK 7KHTXDOLW\RIWKHJRRGVSURGXFHG
7H[W 3URGXFWLRQIXQFWLRQ
)LJXUH /RFDWLRQRISURGXFWLRQ
%XVLQHVVOHWWHU ,QGXVWULDODQGRIILFHDFFRPPRGDWLRQ
1HZVSDSHULWHP 0,0+ROGLQJVWRERRVWFRDOSURGXFWLRQ
7H[W 3URGXFWLRQSRVVLELOLW\ERXQGDU\
*UDPPDU5HYLVLRQ 2EMHFWFODXVHV
 $WWULEXWLYHFODXVHV
 7KHSURQRXQRQH


 Y
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

/HVVRQ&RPSDQLHV 
'LDORJXH $MRELQWHUYLHZ
%XVLQHVVOHWWHU 2IIHULQJDQDJHQF\
7H[W $Q$SSOHDGD\
1HZVSDSHULWHPV ,.($IRXQGHUHQGVXQFHUWDLQW\E\VD\LQJVRQVZLOO
WDNHRYHU
 &RPSDQLHV
ELJJHUWKDQPDQ\QDWLRQV

$QQRWDWLRQ 7KH(QWUHSUHQHXUVKLS'LQDPLFV
*UDPPDU 7KH$EVROXWH3DUWLFLSLDO&RQVWUXFWLRQ
 &RQGLWLRQDOV
 7KHZRUGRWKHU
 7KHZRUGZKLFK

/HVVRQ3HRSOHDQGODERXU 
&RQYHUVDWLRQ /DERXUFRQGLWLRQV
7H[WV 7KHVRXUFHVRIHFRQRPLFKHDOWK
 7KRPDV0DOWXV
 /DERXUPDUNHW
$QQRWDWLRQV :RUN(PSOR\PHQWDQG6RFLHW\
 7KH$PHULFDQ:RUNSODFH
*UDPPDU5HYLVLRQ ,QGHILQLWH3URQRXQVDQG$GYHUEV
7KH&RPSOH[2EMHFW

/HVVRQ'HPDQGDQGVXSSO\ 
/HFWXUH (TXLOLEULXPVKRUWDJHDQGH[FHVV
7H[WV 7KHGLVFRYHUHUVRIWKHODZV
 'HPDQGDQGVXSSO\FXUYHV
 -RKQ0D\QDUG.H\QHV
1HZVSDSHULWHPV 86WROLVWH[HPSWHGSURGXFWVQH[WZHHN
 0LQLKHOSVOLIW%0:HDUQLQJV
*UDPPDU5HYLVLRQ 6XEMHFWFODXVHV
 &ODXVHVRIUHDVRQ
 3RVVHVVLYH&DVHRIQRXQV
/HVVRQ0RQRSROLHVPDUNHWVDQGFRPSHWLWLRQ 
,QWHUYLHZ 0F'RQDOGVPD\IDFHILHUFHFRPSHWLWLRQ
7H[WV 0RQRSROLHVLQWKH8.
 0RQRSROLVWLFFRPSHWLWLRQ

 YL
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

$QQRWDWLRQ 0DUNHW6WUXFWXUHDQG&RPSHWLWLRQ
3ROLF\
1HZVSDSHULWHPV :RUOG&XSJLYHV$GLGDVDNLFNVWDUW
 ,VUDHOGLDPRQGPDUNHWFRXQWVFRVW
RIFRQIOLFW
*UDPPDU5HYLVLRQ ,QGLUHFW6SHHFK

/HVVRQ1HZVSDSHUVSURILWVDQGSURVSHULW\ 
7H[WV 1HZVSDSHUKHDGOLQHV
 3URILW
5DGLRUHSRUW )URPWKHVSRW
1HZVSDSHULWHPV 9ROYRHDUQLQJVULVH
 +DLUFRVPHWLFVKHOSLQFUHDVH+HQNHOSURILWV
 3URILWPD[LPLVDWLRQ
*UDPPDU 7KH&RPSOH[6XEMHFW
 0RGDOVDQG3HUIHFW,QILQLWLYHV

/HVVRQ&DSLWDOORDQVFUHGLWV 
7H[W 7KHWHUPV
'LDORJXH $V\QGLFDWHGORDQ
%XVLQHVVOHWWHU 5HTXHVWIRUDORDQZLWKRXWVHFXULW\
$QQRWDWLRQ 7KH3ROLWLFDO(FRQRP\RI&DSLWDO&RQWUROV
1HZVSDSHULWHPV )RUGVXFFHHGVLQGHIXVLQJFUHGLWXQLWWLPHERPE
 &KLQD¶VUHJXODWRUVDQQRXQFHUXOHVWRWDFNOHFDSLWDO
IOLJKW
8VHRI(QJOLVK 7KHSUHVVDQGPHGLD
/HVVRQ,QYHVWPHQWV 
'LDORJXH 1HJRWLDWLQJDQLQYHVWPHQW
%XVLQHVVOHWWHU 3HUVRQDOLQYHVWPHQW
7H[W ,QYHVWPHQW
1HZVSDSHULWHPV 0RELXVH[WHQGVKLVLQIOXHQFHLQ0RVFRZ
 ,QYHVWRUVVWLOOGUDZQWR,QGLD
 *OREDOLQYHVWPHQWEDQNVHHNLQJEDQNLQJOLFHQFH
8VHRI(QJOLVK 86(QJOLVK

/HVVRQ6WRFNPDUNHW 
7H[WV 8.PDUNHWVLQVHFXULWLHV
 6KDUHSULFHLQGLFHV
5DGLRUHSRUW 2QWKHVWRFNPDUNHWV

 YLL
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

1HZVSDSHULWHPV 1LNNHLGURSVEHORZDIWHU6 3
VFUHGLWZDUQLQJ
 6HOORIIOHDYHV)RRWVLHLQUHG
 6ZLVVSHDNVQHHGUHFRQTXHULQJ
8VHRI(QJOLVK $EEUHYLDWLRQV

/HVVRQ&RPPRGLW\PDUNHWV 
5DGLRUHSRUW 2QWKHFRPPRGLW\PDUNHW
7H[W 6SRWPDUNHWDQGTXRWDWLRQV
1HZVSDSHULWHPV *ROGLPSRUWVWR-DSDQVKRZVKDUSLQFUHDVH
 &RPPHQWVIURP23(&KHOSOLIWIXWXUHVSULFHV
8VHRI(QJOLVK ,GLRPVDQGIL[HGH[SUHVVLRQV²JHQHUDO

/HVVRQ)RUHLJQH[FKDQJHPDUNHWVDQGFXUUHQFLHV 
7H[W 0DUNHWDQGUDWHV
5DGLRUHSRUW )URPWKHFXUUHQF\PDUNHWV
1HZVSDSHULWHP 7KHVWURQJHUHXURWRGD\
$QQRWDWLRQ 0RQHWDU\3ROLF\LQWKH(XUR$UHD
8VHRI(QJOLVK ,GLRPVFRQQHFWHGZLWKSUREOHPDWLFVLWXDWLRQV

/HVVRQ*RYHUQPHQWDQGEXGJHW 
6SHHFK 7KHUROHRIJRYHUQPHQW
7H[W 8.JRYHUQPHQWEXGJHW
1HZVSDSHULWHPV 6FHSWLFLVPRYHU%XVKYLHZRQ86GHILFLW
 %DWWOHVDKHDGRYHU)UHQFKEXGJHW
8VHRI(QJOLVK 3URYHUEV

.H\WRVRPHH[HUFLVHV 
5XVVLDQ(QJOLVKYRFDEXODU\RIHFRQRPLFWHUPV 


 YLLL
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

¬ÙÊÔÂÔÇÍà



³ÂÀÆÀÅÌÛÅÑÒÓÄÅÍÒÛ
Ï·nitvn wvxviqn ©(QJOLVK RQ (FRQRPLFVª wénltjotj·ntv ls¹
xzylntzvk ërvtvuq·nxrq} kyovk q {jrysznzvk Æ rtqmn
wénlxzjksnt€ xsnlyíqn znu€ ©êrvtvuqrj rjr tjyrjª
©êrvtvuqrj q ërvtvuqxz€ª ©è€trq q wévqokvlxzkvª
©fwévx q wénlsv ntqnª ©è€tvr zéyljª ©­vxyljéxzkntt€p
iíl nzª ©bntmq q |nt€ª ©Çjwqzjsvksv ntq¹ q qtknxzq
|qqª ©Òqw€ rvuwjtqpª ©Íéqi€sª ©Ëjsvmqª ©Èqé q q
é€trqªqlé
Æju wénlxzvqz wvéjivzjz x éjotvviéjot€uq ërvtvuq·n
xrquq znrxzjuq êzv jttvzj|qq r ojéyin t€u y·nitqrju
xzjzqqoërvtvuq·nxrq}ët|qrsvwnlqpqxsvkjénpxzjzqqo
jtmsqpxrq}qjunéqrjtxrq}mjonzq yétjsvklnsvk€nwqx
ujlqjsvmqxvvintq¹oky·jqnkéjlqvqznsnë{qén
êzqznrxz€wvuvmyzkjusy·¡nojwvutqzvxtvkt€nërvtv
uq·nxrqn znéuqt€ tjy·qzx¹ ·qzjz lnsvkyí wénxxy xsy¡jz
ërvtvuq·nxrqn tvkvxzq vixy ljz tnrvzvé€n wév{nxxqvtjs
t€nkvwévx€tjjtmsqpxrvu¹o€rn
Ìisnm·qz qoy·ntqn ¹o€rj kju wvuvmyz xsvkjét€n wv¹x
tntq¹ {vtnzq·nxrqn méjuujzq·nxrqn q snrxq·nxrqn
ywéj tntq¹ ² knl vrvt·qk ¡rvsy k€ ·zvzv y n yxwnsq
oji€z Ënrvzvé€n  xknlntq¹ iylyz tjknétvn ls¹ kjx
tvk€uqqwvsnot€uq
Êxwvsoynu€n k rtqmn éqxytrq x}nu€ lqjméjuu€
¡jé qtnxrvsrvv qk¹zëzvzxsv t€py·nit€pwév|nxx
nsjí kju yxwn}vk k y·nin q qtznénxtvp éjivz€ k iy
lynu

,ZLVKDOOWKHEHVWLQ\RXUVWXGLHVDQGYHU\LQWHUHVWLQJZRUNLQIXWXUH
/HW\RXUIXWXUHEHSURVSHURXVDQGKDSS\WRR



 L[
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»


³ÂÀÆÀÅÌÛÅÏÐÅÏÎÄÀÂÀÒÅËÈ

Íén ln ·nu tj·jz ojtqujzx¹ wv ëzvuy y·nitvuy wvxviqí
wévknlqzntnivs¡yíinxnlyxkj¡quqxzylntzjuqwvvltvuy
qo wnék€} uvtvsvmq·nxrq} znrxzvk êzv ljxz kju kvouv 
tvxzvwénlnsqzxrjrvmvyévrjsy·¡ntj·jz
Íénlwvsjmjnzx¹ ·zv tj éjivzy x rj l€u znrxzvu q ywéj 
tntq¹uqrtnuytnvi}vlquvvrvsvvltvmvjrjlnuq·nxrvmv·jxj
qsq ¡nxz jrjlnuq·nxrq} ·jxvk tj yévr qsq vrvsv  jrjln
uq·nxrq}·jxvktjkxny·nitvnwvxviqn
èjivzj tjl rj l€u zqwvu znrxzvk xzévqzx¹ wvéjotvuy
Çvtn·tj¹ |ns éjivz€ tjl lqjsvmvu ² yuntqn xvxzjks¹z
jtjsvmq·t€p lqjsvm wéq éjivzn tjl ërvtvuq·nxrqu znr
xzvu rvtn·tj¹ |ns ² k€éjivzjz yuntqn ·qzjz wnénkv
lqz q réjzrv qosjmjz xytvxz wév·qzjttvmv yxztv q
wqxunttv èjivzj tjl mjonzt€uq xzjz¹uq lvs tj wvxsy
 qzéjokqzqítjk€rjyuntq¹·qzjzk€iqéjzmsjktvnlj
kjz jlnrkjzt€p wnénkvl vzlnst€} tjqivsnn otj·qu€}
wénlsv ntqp·qzjzqwvtqujzojmvsvkrqxzjznp
Íéqéjivzntjlméjuujzqrvpxsnlynzvméjtq·qzx¹{ytr
|qvtjst€u wéqt|qwvu vzivéj ujznéqjsj wénlsv nttvmv
jkzvévu²knlvi~¹zkxntnkvouv tv
Ìiéjzqznktqujtqntj{vtnzq·nxrqnywéj tntq¹rlqj
svmjuquvtvsvmq·nxrquvzé€krjuyxztvpén·qêzqywéj 
tntq¹ ©vzéjijz€kjízª tjqivsnn zéylt€n okyrq qtzvtj|qí
q éqzu én·q wvst€n q xvréjntt€n {véu€ q lé zéyltv
xzq
Énrxq·nxrqnywéj tntq¹vzéjijz€kjíztjqivsnnzqwq·
t€nnlqtq|€én·qÌiqpvi~nusnrxqrqxvxzjks¹nzvrvsv
nlqtq|vinmvqznéuqtvsvmq·nxrvmv}jéjrznéj
èn·nk€n ywéj tntq¹ tjwéjksnt€ tj éjokqzqn tjk€rvk
lqjsvmq·nxrvp q uvtvsvmq·nxrvp én·q x qxwvsovkjtqnu
yrjojtt€}rvtxzéyr|qpqén·nk€}viéjo|vkkwénlsjmjnu€}
rvuuytqrjzqkt€} xqzyj|q¹} i€zvkvp q wév{nxxqvtjstvp
rvuuytqrj|qq
djtquj¹x xv xzylntzjuq wv ëzvuy y·nitvuy wvxviqí
qxwvsoypznqléymqnwvxviq¹wvvini€zvkvpznujzqrn

f¬‘nknsnkj

 [
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

/HVVRQ

 <RXDUHDVWXGHQW
RIHFRQRPLFV
&RQYHUVDWLRQ 7HDFKHUDQGVWXGHQWV
7H[WV $GDP6PLWK
 (FRQRPLFV
 (FRQRPLFVUHDGLQJURRP
$QQRWDWLRQV (FRQRPLFVRI1HWZRUNV,QGXVWULHV
 (QWHUWDLQPHQW,QGXVWU\(FRQRPLFV
*UDPPDU5HYLVLRQ 7KH3UHVHQW,QGHILQLWH7HQVH
7KH3DVW,QGHILQLWH7HQVH
7KH$FWLYHDQGWKH3DVVLYH9RLFH
:RUGIRUPDWLRQ 6XIIL[HVRIQRXQV


&RQYHUVDWLRQ7HDFKHUDQGVWXGHQWV
7HDFKHU *RRGPRUQLQJ\RXQJPHQ
6WXGHQWV *RRGPRUQLQJ
7HDFKHU ,
P\RXUWHDFKHURI(QJOLVK0\QDPHLV6YHWODQD$O
H[DQGURYQD$QGZKDWDUH\RXUQDPHVSOHDVH"
6WXGHQW 0\QDPHLV3HWHU1RYLNRY
6WXGHQW $QG,DP0LNH3LORY

7HDFKHU 9HU\ JRRG $UH \RX KDSS\ WKDW \RX DUH VWXGHQWV RI
HFRQRPLFVQRZ"
6WXGHQWV <HVZHDUH
6WXGHQW $VWRPH,
PYHU\KDSS\WREHDVWXGHQWRIWKLV8QLYHU
VLW\:KHQ,ILQLVKHGVFKRRO,ZDQWHGWRHQWHUWKLVSDU
WLFXODU8QLYHUVLW\DQGQRRWKHU
7HDFKHU %\WKHZD\GLG\RXVWXG\HFRQRPLFVDWVFKRRO"
6WXGHQW 1R,GLGQ
W,VWXGLHGRQO\WKHHFRQRP\RI5XVVLD
6WXGHQW %XWZHVWXGLHGWKHHFRQRP\RI*UHDW%ULWDLQWRR
7HDFKHU :DVLWDQRUGLQDU\RUVSHFLDOL]HGVFKRRO"

 
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

6WXGHQW ,WZDVDVSHFLDOL]HGVFKRRO:HVWXGLHGDIHZVXEMHFWV
LQ(QJOLVK
7HDFKHU 9HU\ JRRG 1RZ OHW
V VWDUW RXU ILUVW (QJOLVK OHVVRQ DW
WKH8QLYHUVLW\

'R\RXNQRZWKHVHZRUGV"
HFRQRPLFV 7<3(G1ZJKI3GO9 ërvtvuqrj tjyrj 
(FRQRPLFV LV DQ  êrvtvuqrj²kj tj¹tjy
LPSRUWDQWVFLHQFH rj
WRILQLVKVFKRRO  vrvt·qz¡rvsy
WRHQWHUDXQLYHUVLW\ 7<FQ(J3ZR1(O3P39 wvxzywqzkqtxzq
zyzytqknéxqznz
WRJUDGXDWHIURPD 7Z2N'@FQA3P9 ojrvt·qzqtxzq
XQLYHUVLW\ zyzytqknéxqznz
XQGHUJUDGXDWH 7Z6J@1Z2N'@FQ1P9 xzjé¡nryéxtqr
SRVWJUDGXDWH 7<LKQOPZ2N'@FQ1P9 jxwqéjtz
HFRQRP\ 73ZGKJ1I39 ërvtvuqrj xzéjt€uq
éj 
VXEMHFW 7ZO6>@!1GP9 wénlunz
:KDW VXEMHFWV DUH  Çjrqnwénlunz€k€qoy·j
\RXVWXG\LQJ" sq"

:RUNRQWKHZRUGV
 5HDGWKHVHZRUGVSD\LQJDWWHQWLRQWRWKHVRXQGV
%5' %'
ZH ZKDW WKLV WKHHFRQRP\
ZKHQ ZDQW WKHVH WKHXQLYHUVLW\
ZD\ ZDQWV WKDW DWWKHXQLYHUVLW\
ZDV ZDQWHG WKRVH E\WKHZD\
ZK\ ZD\V WKHP RQWKHZD\
ZLOO ZHUH WKHLU WKHFRXQWU\
ZKHUH ZHHN WKH LQWKHFRXQWU\
   


 
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

 5HDGWKHVHZRUGVSD\LQJDWWHQWLRQWRWKHVWUHVV
<HFRZQRPLFV HZFRQRPLVW <HFRZQRPLFDOO\
HZFRQRP\ <HFRZQRPLF WRHZFRQRPL]H
HZFRQRPLHV <HFRZQRPLFDO HZFRQRPL]HU


1RWHÏljéntqnvi€·tvxzjkqzx¹wnénlyljét€uxsvmvu

 &KRRVHWKHFRUUHFWZRUG
,DPDVWXGHQWRI HFRQRP\HFRQRPLFV QRZ
$WVFKRRO,GLGQ
WVWXG\WKH HFRQRP\HFRQRPLFV RI*UHDW%ULWDLQ
,KRSHKH
OOPDNHDJRRG HFRQRPLVWHFRQRP\ 
7KHUHDUHPDQ\ HFRQRPLFHFRQRPLFDO SUREOHPVLQWKHZRUOG
7KLVFDULVYHU\ HFRQRPLFHFRQRPLFDO 
,WU\WRVSHQGPRQH\DQGWLPH HFRQRPLFDOHFRQRPLFDOO\ 
7KLVFDU HFRQRPL]HHFRQRPL]HV IXHO

*UDPPDU5HYLVLRQ7KHYHUEWREH
3UHVHQW,QGHILQLWH 3DVW,QGHILQLWH
Ïzknélqznstj¹{véuj
,DP« :HDUH« ,ZDV« :HZHUH«
6KHLV« <RXDUH« +HZDV« <RXZHUH«
+HLV« 7KH\DUH« 6KHZDV« 7KH\ZHUH«
,WLV« ,WZDV«
Ævwévxqznstj¹{véuj
$P,«" $UHZH«" :DV,«" :HUHZH«"
,VKH«" $UH\RX«" :DVKH«" :HUH\RX«"
,VVKH«" $UHWKH\«" :DVVKH«" :HUHWKH\«"
,VLW«" :DVLW«"

Ìzéq|jznstj¹{véuj
,DPQRW« :HDUHQRW« ,ZDVQRW« :HZHUHQRW«
+HLVQRW« <RXDUHQRW« +HZDVQRW« <RXZHUHQRW«
6KHLVQRW« 7KH\DUHQRW« 6KHZDVQRW« 7KH\ZHUHQRW«
,WLVQRW« ,WZDVQRW«


 
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

 &KRRVHWKHFRUUHFWIRUP
, DPLV DVWXGHQWQRZ
:H LVDUH DOOVWXGHQWVQRZ
+H DPLV DVWXGHQWRIPDWKHPDWLFV
,V$UH VKHDPDWKHPDWLFLDQ"
6KH ZDVZHUH DVWXGHQWRIWKLVFROOHJH
+H LVDP QRW(QJOLVK
7KH\ ZDVZHUH LQ/RQGRQDWWKDWWLPH
:DVZHUH KHLQ/RQGRQWRRDWWKDWWLPH"

*UDPPDU5HYLVLRQ7KH3UHVHQWDQG3DVW,QGHILQLWH
7HQVHVRIRWKHUYHUEV
3UHVHQW,QGHILQLWH 3DVW,QGHILQLWH
Ïzknélqznstj¹{véuj
,VWXG\« :HVWXG\« ,VWXGLHG« :HVWXGLHG«
 <RXVWXG\«  <RXVWXGLHG«
+HVWXGLHV« 7KH\VWXG\« 6KHVWXGLHG« 7KH\VWXGLHG«
6KHVWXGLHV« +HVWXGLHG«
Ævwévxqznstj¹{véuj
'R,VWXG\«" 'RZHVWXG\«" 'LG,VWXG\«" 'LGZHVWXG\«"
 'R\RXVWXG\«"  'LG\RXVWXG\«"
'RHVKHVWXG\«" 'RWKH\VWXG\«" 'LGKHVWXG\«" 'LGWKH\VWXG\«"
'RHVVKHVWXG\«" 'LGVKHVWXG\«"
Ìzéq|jznstj¹{véuj
,GRQRWVWXG\« :HGRQRWVWXG\« ,GLGQRWVWXG\« :HGLGQRWVWXG\«
 <RXGRQRWVWXG\«  <RXGLGQRWVWXG\«
+HGRHVQRWVWXG\« 7KH\GRQRWVWXG\« +HGLGQRWVWXG\« 7KH\GLGQRWVWXG\«
6KHGRHVQRWVWXG\«  6KHGLGQRWVWXG\«

 &KRRVHWKHFRUUHFWIRUP
+H OLNHOLNHV (QJOLVK
7KH\DOO OLNHOLNHV (QJOLVK
6KH GRQRWGRHVQRW VSHDN(QJOLVK
'LG\RX VWXG\VWXGLHG *HUPDQDWVFKRRO"
6KHGLGQRW VWXG\VWXGLHG )UHQFKDWWKHXQLYHUVLW\
,GLGQRW OLNHOLNHG PDWKHPDWLFV
$WVFKRRO,GLGQRW VWXG\VWXGLHG WKHHFRQRP\RI*UHDW%ULWDLQ

 
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

+DYHDQRWKHUORRNDWWKHFRQYHUVDWLRQDQG«
 $QVZHUWKHVHTXHVWLRQV
:KDWLVWKHQDPHRIWKHWHDFKHU"
:KDWDUHWKHQDPHVRIWKHVWXGHQWV"
+RZPDQ\VWXGHQWVGR\RXWKLQNWKHUHDUHLQWKHJURXS"
$UHWKH\DOOKDSS\WREHVWXGHQWVRIHFRQRPLFV"
:KDWVFKRROVGLGWKH\ILQLVK"
'LGWKH\VWXG\HFRQRPLFVDWVFKRRO"
:KDWHFRQRPLHVGLGWKH\VWXG\"

 *LYH(QJOLVKHTXLYDOHQWVIURPWKHFRQYHUVDWLRQ
Çvmlj ¹ vrvt·qs ¡rvsy ¹ }vzns wvxzywqz qunttv k ëzvz
ytqknéxqznzqtqkrjrvpléymvp
În lywév·quk€qoy·jsqërvtvuqryk¡rvsn"
êzvi€sjvi€·tj¹qsqxwn|¡rvsj"
΀qoy·jsqtnxrvsrvwénlunzvktjéyxxrvu¹o€rn
¬znwnétj·tnutj¡wnék€pyévrjtmsqpxrvmv¹o€rj
 (QDFWWKHDERYHFRQYHUVDWLRQDQGDVLPLODURQH
 :ULWHKDOIDSDJHDERXW\RXUVHOI

7H[W$GDP6PLWK
$GDP6PLWKZDVDJUHDWVFLHQWLVWZKRPDGHH[WUDRUGLQDU\FRQWUL
EXWLRQVLQHFRQRPLFV
+HZDVERUQLQLQ.LUNFDOG\DVPDOOILVKLQJWRZQQHDU(G
LQEXUJK 6FRWODQG +LV IDWKHU ZDV D FXVWRPV RIILFHU +H GLHG EHIRUH
KLVVRQZDVERUQ
$WWKHDJHRI$GDP6PLWKEHFDPHD3URIHVVRURI/RJLFVDWWKH
8QLYHUVLW\ RI *ODVJRZ ,W ZDV KLV ILUVW DFDGHPLF DSSRLQWPHQW 6RPH
WLPH ODWHU KH EHFDPH D WXWRU WR D ZHDOWK\ 6FRWWLVK GXNH 7KHQ KH
UHFHLYHG D JUDQW RI …D \HDU ,W ZDV D YHU\ ELJ VXP WLPHV WKH
DYHUDJHLQFRPHDWWKDWWLPH
:LWKWKHILQDQFLDOVHFXULW\RIKLVJUDQW6PLWKGHYRWHG\HDUVWR
ZULWLQJKLVZRUNZKLFKIRXQGHGHFRQRPLFVFLHQFH,WVIXOOWLWOHZDV$Q
,QTXLU\ LQWR WKH 1DWXUH DQG &DXVHV RI WKH :HDOWK RI 1DWLRQV ,W ZDV
SXEOLVKHGZLWKJUHDWVXFFHVVLQ
$GDP6PLWKPDGHHFRQRPLFVDVFLHQFH7KLV6FRWWLVKHFRQRPLVWLVRIWHQ
UHJDUGHGDVWKHIRXQGHURISROLWLFDOHFRQRP\WRR

 
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

'R\RXNQRZWKHVHZRUGV"
WRPDNHDFRQWULEXWLRQ  ktvxqzkrsjlkv·zv
WRLQVPWK sqiv
FXVWRPV 7ZG6OP1IV9 zjuv t¹
WRXQGHUJRFXVWRPV  wévpzq zjuv ntt€p
IRUPDOLWLHV lvxuvzé
FXVWRPVRIILFHU  zjuv nttqr
DSSRLQWPHQW 71ZLK3JPI1JP9  tjotj·ntqn
   lnsvkj¹kxzén·j
WRPDNHDQDSSRLQWPHQW  lvmvkvéqzx¹vkxzén·n
WXWRU 7ZPFQ(P19 wénwvljkjzns ² éy
rvkvlqznséjivz€xv
xzylntzjuq k ytqkné
xqznzn qtxzqzyzn rvs
snl n 
ZHDOWK 7SAH9 ivmjzxzkv
ZHDOWK\ 7ZSAH39 ivmjz€p
V\QULFK  xqtivmjz€p
DQWSRRU  jtzinlt€p
DYHUDJH 7Z'R1N3 9 xénltqp xénltn
jéq{unzq·nxrqp
LQFRPH 7Z34G6I9 lv}vl
VHFXULW\ 7O1ZGFQ1N3P39  vinxwn·ntqn
   inovwjxtvxz
WRGHYRWHVPWKWRVPE  wvxk¹jz ·zvsqiv
rvuysqiv
ZRUNRIDUWV  wévqoknlntqn qxryx
xzkj
WRIRXQG  vxtvk€kjz
WLWOH   tjokjtqnojmvsvkvr
   wéjkvxvixzknttvxzq
   lvs tvxzokjtqn
HQTXLU\ LQTXLU\ RILQWR 73JZGS=31N39 qxxsnlvkjtqn ·nmv
VPWK sqiv
HQTXLU\ LQTXLU\  IRU  ojwévxtj·zvsqiv
VPWK

 
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

FDXVH  wéq·qtj
QDWLRQ  tjévltj|q¹
WRSXEOLVK  vwyisqrvk€kjz
VXFFHVV 7O1GZOAO9 yxwn}
WRUHJDUG  x·qzjz
+H LV UHJDUGHG DV WKH  Ìt x·qzjnzx¹ jkzv
DXWKRURIWKLVWKHRU\ évuëzvpznvéqq

*UDPPDU5HYLVLRQ7KHWKUHHIRUPVRIVRPH
LUUHJXODUYHUEV
,QILQLWLYH 3DVW,QGHILQLWH 3DUWLFLSOH,,
WRPDNH PDGH PDGH
WREHFRPH EHFDPH EHFRPH
WRFRPH FDPH FRPH
WRZULWH ZURWH ZULWWHQ
WRUHDG UHDG UHDG
WRWHDFK WDXJKW WDXJKW

8VHWKHYHUEVLQEUDFNHWVLQWKH3DVW,QGHILQLWH7HQVH
+H WRPDNH JUHDWFRQWULEXWLRQVLQHFRQRPLFV
+H WRZULWH DQH[WUDRUGLQDU\ZRUNDQG WRSXEOLVK LWLQ
+H WREHFRPH WKHIRXQGHURISROLWLFDOHFRQRP\
, WRUHDG VRPHWKLQJDERXWWKLVVFLHQWLVWDWVFKRROLQ5XVVLDQ

*UDPPDU5HYLVLRQ7KH3DVVLYH9RLFH
7KH$FWLYH9RLFH 7KH3DVVLYH9RLFH
:HUHJDUGKLPWKHIRXQGHU +HLVUHJDUGHGDVWKHIRXQGHURISROLWLFDO
RISROLWLFDOHFRQRP\ HFRQRP\

+HSXEOLVKHGKLVZRUNLQ +LVZRUNZDVSXEOLVKHGLQ
7KHWHDFKHUDVNHGWKHVWXGHQWV 7KHVWXGHQWVZHUHDVNHGDIHZTXHVWLRQV
DIHZTXHVWLRQV

 
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

7UDQVODWHLQWR5XVVLDQ
$IHZSUREOHPVZHUHGLVFXVVHG
7ZRGLDORJXHVZHUHHQDFWHGDWWKHOHVVRQ
\HDUVZHUHGHYRWHGWRZULWLQJWKLVZRUN
7KXVHFRQRPLFVFLHQFHZDVIRXQGHG
$ORWRITXHVWLRQVDUHDVNHGDQGDQVZHUHGDWWKHOHVVRQV

8VHWKHFRUUHFWDUWLFOH DDQWKH 
$GDP6PLWKZDV«JUHDWVFLHQWLVW
+HZDVERUQLQVPDOOILVKLQJWRZQLQ6FRWODQG
6FRWODQGLVSDUWRI*UHDW%ULWDLQ
$GDP6PLWK
VIDWKHUZDVFXVWRPVRIILFHU
$WDJHRI$GDP6PLWKEHFDPH3URIHVVRURI/RJLFV
6RPHWLPHODWHUKHEHFDPHWXWRUWRZHDOWK\SHUVRQ
6RPHWLPHODWHUKHUHFHLYHGJUDQWRI…D\HDU
JUDQWKHOSHGKLPWRZULWHYHU\LPSRUWDQWZRUN
ZRUNZDVSXEOLVKHGLQ
$GDP6PLWKPDGHHFRQRPLFVVFLHQFH
+HLVULJKWO\FRQVLGHUHGIRXQGHURISROLWLFDOHFRQRP\

:RUGIRUPDWLRQ6XIIL[HVRIQRXQV
5HDGDQGWUDQVODWHWKHZRUGVKDYLQJRQHDQGWKHVDPHVWHP
XQGHUOLQHWKHVXIIL[HVRIQRXQV
VFLHQFH²VFLHQWLVW WRFRQWULEXWH²FRQWULEXWRU
DFDGHP\²DFDGHPLFLDQ WRIRXQG²IRXQGHU
ILQDQFH²ILQDQFLHU WRUHDG²UHDGHU
SK\VLFV²SK\VLFLVW WRWUDQVODWH²WUDQVODWRU
1RWHVWHP²rvént
SK\VLFLDQ²kéj·znéjwnkz

 7UDQVODWHWKHZRUGVDQGZULWHWKRVHIURPZKLFKWKH\DUH
IRUPHG
HFRQRPLVW LQWHUSUHWHU IRXQGHU
PDWKHPDWLFLDQ WHDFKHU SK\VLFLDQ
 
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

HFRORJLVW VSHDNHU SK\VLFLVW


KLVWRULDQ ZULWHU RIILFHU

&RPELQHWKHVHSDLUVRIVHQWHQFHVZLWKWKHKHOS
RIWKHFRQMXQFWLRQZKROLNHWKLV
'DYLG5LFDUGRZDVDJUHDWVFLHQWLVW+HPDGHH[WUDRUGLQDU\FRQ
WULEXWLRQV LQ HFRQRPLFV = 'DYLG 5LFDUGR ZDV D JUHDW VFLHQWLVW
ZKRPDGHH[WUDRUGLQDU\FRQWULEXWLRQVLQHFRQRPLFV
  .DUO 0DU[ ZDV D *HUPDQ SKLORVRSKHU HFRQRPLVW DQG VRFLDO
WKHRULVW+HPDGHELJFRQWULEXWLRQVLQHFRQRPLFVDQGSROLWLFV
  $ULVWRWOH ZDV D *UHHN SKLORVRSKHU +H PDGH JUHDW FRQWULEX
WLRQVLQHWKLFVDQGSROLWLFV
  $OEHUW (LQVWHLQ ZDV D IDPRXV $PHULFDQ SK\VLFLVW ERUQ LQ
*HUPDQ\+HIRUPXODWHGWKHWKHRU\RIUHODWLYLW\
  $UFKLPHGHV ZDV D JUHDW PDWKHPDWLFLDQ +H OLYHG LQ
²%&

+DYHDQRWKHUORRNDWWKHWH[WDQG«
$QVZHUWKHVHTXHVWLRQV
:KHQDQGZKHUHZDV$GDP6PLWKERUQ"
:KRZDVKLVIDWKHU"
:KDWZDV$GDP6PLWK
VILUVWDFDGHPLFDSSRLQWPHQW"
'LGKHEHFRPHDWXWRUWKHQ"
+RZELJZDVWKHJUDQWKHUHFHLYHGVRPHWLPHODWHU"
:KDWZRUNGLG$GDP6PLWKGRZLWKWKHVXSSRUWRIWKHJUDQW"

5HSHDWZKDWWKHWH[WVDLGDERXW$GDP6PLWK

6D\ZKDW\RXNQRZDERXW5XVVLDQHFRQRPLVWV
.RQGUDWMHYDQG&KD\DQRY:ULWHKDOIDSDJH
DERXWRQHRIWKHP

 
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

7H[W(FRQRPLFV
(FRQRPLFVLVDVRFLDOVFLHQFHVWXG\LQJHFRQRP\/LNHWKHQDWXUDO
VFLHQFHVDQGRWKHUVRFLDOVFLHQFHVHFRQRPLFVDWWHPSWVWRILQGODZVRU
SULQFLSOHV
(FRQRPLFVWULHVWRILQGODZVRUSULQFLSOHVE\EXLOGLQJPRGHOV7KH
SUHGLFWLRQV RI WKH PRGHOV IRUP WKH EDVLV RI HFRQRPLF WKHRULHV 7KHQ
WKHSUHGLFWLRQVRIWKHPRGHOVDUHFRPSDUHGZLWKWKHIDFWVRIWKHUHDO
ZRUOG
7KH ILJXUH EHORZ VKRZV WKH LQWHUUHODWLRQV EHWZHHQ PRGHOV WKHR
ULHVDQGUHDOLW\
02'(/

0DNH
DVVXPSWLRQV 02'(/
0DNH
'HGXFH DVVXPSWLRQV
LPSOLFD
WLRQV 'HGXFH
LPSOLFDWLRQV

7+(
25<

0DNH DUHLQ
SUHGLFW 3UHGLFWLRQV IDFWV
LRQV K
FRQIOLFWZLW 
7HVW DUHLQ
SUHGLFWL 3UHGLFWLRQV LWKIDFWV
Z 
RQV DJUHHPHQW

5($/,7<
)DFWVREVHUYDWLRQV
RIHFRQRPLF
SKHQRPHQDWR
EHH[SODLQHG


 
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

'R\RXNQRZWKHVHZRUGV"
ILJXUH 7ZB3219  éqxytvr
 |q{éj
WRDWWHPSW 71ZPAILP9 w€zjzx¹
OLNH  rjr wéqxéjktntqq 
/LNHKLVIDWKHUKHLVD  Çjr q vzn| vt y·n
VFLHQWLVW t€p
WRILQG IRXQGIRXQG   tj}vlqz
ODZ 7HK(9 ojrvt
SUHGLFWLRQ  wénlxrjojtqn wév
mtvo
EDVLV 7Z>A3O3O9 ijoj
SOEDVHV 7Z>A3O3V9 ut· 
WR FRPSDUH VPWK ZLWK  xéjktqkjz ·zvsqiv
VPWK x·nusqiv
LQWHUUHODWLRQ 7<3JP1N3ZHA3J9 xvvztv¡ntqn kojq
uvxk¹o
DVVXPSWLRQ 71ZO6ILJ9 wénlwvsv ntqn
WRGHGXFH 7@1Z@FQ(O9 k€kvlqz ojrsí·n
tqn xsnlxzkqn {vé
uysy 
LPSOLFDWLRQ 7<3ILH3ZGA3J9 xu€xsotj·ntqn
REVHUYDWLRQ  tjisílntqn
SKHQRPHQRQ 7B1ZJKI3J1J9 ¹ksntqn
SOSKHQRPHQD 7B1ZJKI3J19 
WRH[SODLQVPWKWRVPE  vi~¹xt¹z ·zvsqiv
rvuysqiv

5HYLVH*UDPPDU
&KRRVHWKHFRUUHFWIRUPRIWKHYHUEVLQEUDFNHWV
(FRQRPLFV DWWHPSWDWWHPSWV WRILQGODZVRUSULQFLSOHV
(FRQRPLVWV EXLOGEXLOGV PRGHOV
7KHSUHGLFWLRQVRIWKHPRGHOV IRUPIRUPV WKHEDVLVRIHFRQRPLF
WKHRULHV
7KH ILJXUH VKRZ VKRZV  WKH LQWHUUHODWLRQ EHWZHHQ PRGHOV WKHR
ULHVDQGUHDOLW\

 
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

(FRQRPLVWV PDNHPDNHV DVVXPSWLRQVDQGSUHGLFWLRQV


'R'RHV WKH\GHGXFHLPSOLFDWLRQV"
'R'RHV WKH\WHVWSUHGLFWLRQV"
5HDOIDFWVRIWHQ FRQWUDGLFWFRQWUDGLFWV WKHWKHRU\
/HRQLG.DQWDURYLWFK EHLV DIDPRXV5XVVLDQHFRQRPLVW

 &RPELQHWZRVHQWHQFHVE\XVLQJWKHLQJIRUPVDVLQWKHH[
DPSOH
(FRQRPLFVLVDVRFLDOVFLHQFH,WVWXGLHVHFRQRP\=
(FRQRPLFVLVDVRFLDOVFLHQFHVWXG\LQJHFRQRP\
 (FRQRPLFVLVDVFLHQFH,WDWWHPSWVWRILQGHFRQRPLFODZV
 (FRQRPLVWVPDNHSUHGLFWLRQV7KH\IRUPWKHEDVLVRIHFRQRPLFWKHRULHV
 7KHUHLVDILJXUH,WVKRZVWKHLQWHUUHODWLRQVEHWZHHQPRGHOVWKHR
ULHVDQGUHDOLW\
 ,WLVDWH[W,WVSHDNVDERXWHFRQRPLFV
 ,WLVDERRN,WVSHDNVDERXWVRPHLQWHUHVWLQJREVHUYDWLRQV

:RUNRQWKHZRUGV
5HDGDQGWUDQVODWHWKHVHZRUGVSD\LQJDWWHQWLRQWRWKHVXI
IL[HV
WRLPSO\²LPSOLFDWLRQ
WRH[SODLQ²H[SODQDWLRQ
WRSXEOLVK²SXEOLFDWLRQ
WRVSHFLDOL]H²VSHFLDOL]DWLRQ
WRSUHGLFW²SUHGLFWLRQ WRIRXQG²IRXQGDWLRQ
WRREVHUYH²REVHUYDWLRQ WRFRQWULEXWH²FRQWULEXWLRQ
WRDVVXPH²DVVXPSWLRQ WRGHYRWH²GHYRWLRQ

:ULWH WKH YHUEV IURP ZKLFK WKHVH QRXQV DUH IRUPHG DQG
WUDQVODWHWKHP
LPSOLFDWLRQ BBBBBBBBBBBBBBBBB LQWHUUHODWLRQ BBBBBBBBBBBBBBBB
H[SODQDWLRQ BBBBBBBBBBBBBBBB GHGXFWLRQ BBBBBBBBBBBBBBBB
SXEOLFDWLRQ BBBBBBBBBBBBBBBBB FRQYHUVDWLRQBBBBBBBBBBBBBBBB
VSHFLDOL]DWLRQBBBBBBBBBBBBBBBB FRUUHFWLRQBBBBBBBBBBBBBBBBBB

 
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

+DYHDQRWKHUORRNDWWKHWH[WDQG«
7UDQVODWHWKHWH[WLQWR5XVVLDQ
$QVZHUWKHVHTXHVWLRQVRQWKHILJXUH
  :KDWDUHWKHWKUHHFRPSRQHQWVRIWKHILJXUH"
  +RZDUHUHDOIDFWVVWXGLHG"
  :KDWLVWKHUROHRISUHGLFWLRQVLQWKHRULHV"
  +RZDUHWKHRULHVDQGPRGHOVLQWHUUHODWHG"
  :KDWGRWKHDUURZV xzénsrq VKRZ"
  :DVLWGLIILFXOWWRDQVZHUWKHTXHVWLRQV"
  :KDWTXHVWLRQZDVWKHPRVWGLIILFXOWWRDQVZHU"

7H[W(FRQRPLFVUHDGLQJURRP
9LVLW WKH ZHEVLWH RI &DPEULGJH 8QLYHUVLW\ 3UHVV DW KWWSXN
FDPEULGJHRUJHFRQRPLFVIHDWXUHVUHDGLW DQG EURZVH WKH IXOO WH[W RI
UHFHQW KLJKOLJKWV IURP WKH &DPEULGJH (FRQRPLFV OLVW $PRQJ WKH
ERRNVDUHWH[WERRNVRQHFRQRPHWULFVDQGILQDQFHKLJKOLJKWVRQEXVL
QHVVKLVWRU\PDMRUFRQWULEXWLRQVWRSXEOLFHFRQRPLFVDQGWKHZRUNV
RQ WKH WKHRU\ RI WKH ILUP H[FKDQJH UDWHV LQWHUQDWLRQDO HFRQRPLFV
SROLWLFDO HFRQRP\ HFRQRPLFV DQG SKLORVRSK\ UHJLRQDO HFRQRPLFV
SXEOLFFKRLFHWD[WUDGHDQGVRFLDOVHFXULW\
&DPEULGJH 8QLYHUVLW\ 3UHVV LV WKH SULQWLQJ DQG SXEOLVKLQJ KRXVH
RIWKH8QLYHUVLW\RI&DPEULGJHDQGLVWKHROGHVWSUHVVLQWKHZRUOG
,W LV D FKDULWDEOH HQWHUSULVH UHTXLUHG E\ 8QLYHUVLW\ 6WDWXWH WR GHYRWH
LWVHOIWRSULQWLQJDQGSXEOLVKLQJLQWKHIXUWKHUDQFHRIWKHDFTXLVLWLRQ
DGYDQFHPHQW FRQVHUYDWLRQ DQG GLVVHPLQDWLRQ RI NQRZOHGJH LQ DOO
VXEMHFWVWRWKHDGYDQFHPHQWRIHGXFDWLRQOHDUQLQJDQGUHVHDUFK

'R\RXNQRZWKHVHZRUGV"
IHDWXUH 7ZB3"19 ·nézj wéqotjr ivs¡j¹
mjonztj¹xzjz¹
DFTXLVLWLRQ 7<'GS3ZV3J9 wéqviénzntqn
GLVVHPLQDWLRQ 7@3<OAI3ZJA3J9 éjxwévxzéjtntqn éjxxnq
kjtqn
VWDWXWH 7ZOP'PFQ(P9 yxzjkxzjzyz

 
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

FKDULWDEOH 7Z"'N1P1>H9 isjmvzkvéqznst€p


PDMRU 7ZIA3 19 msjkt€p

:RUNRQWKHZRUGV
 7UDQVFULEHDQGWUDQVODWHWKHVHZRUGV
WD[ SXEOLF KLJKOLJKW
OLVW WRSULQW UHJLRQDO
WKHRU\ WREURZVH SKLORVRSK\

 7UDQVODWH WKH ZRUGV DQG ZULWH WKRVH IURP ZKLFK WKH\ DUH
IRUPHG
GHYRWLRQ  VHFXULW\  NQRZOHGJH 
IXUWKHUDQFH  FKRLFH  DGYDQFHPHQW 
DFTXLVLWLRQ  HFRQRPLFV  HGXFDWLRQ 
FRQWULEXWLRQ  SROLWLFV  WUDQVODWLRQ 

0DWFKWKHWHUPVDQGWKHLUGHILQLWLRQV
ILQDQFHSXEOLFHFRQRPLFVHFRQRPHWULFV
SKLORVRSK\SROLWLFDOHFRQRP\VRFLDOVHFXULW\

  WKHGHVFLSOLQHZLWKLQHFRQRPLFVWKDWDWWHPSWVWRPHDVXUHDQG
HVWLPDWH VWDWLVWLFDOO\ WKH UHODWLRQVKLS EHWZHHQ WZR RU PRUH
HFRQRPLFYDULDEOHV BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
  FRQWURODQGPDQDJHPHQWRIWKHPRQH\JRRGVDQGVHUYLFHVRI
DVRFLHW\ BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
  FRQGLWLRQRIDFRXQWU\DVWRPDWHULDOSURVSHULW\RILWVSRSXOD
WLRQBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
  VFLHQFHRI WKHPDQDJHPHQWRI HVSHFLDOO\SXEOLF PRQH\ 
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 
  WKH VHDUFK IRU NQRZOHGJH HVSHFLDOO\ WKH QDWXUH DQG PHDQLQJ
RIH[LVWHQFHBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
  JRYHUQPHQW SURYLVLRQV IRU KHOSLQJ SHRSOH ZKR DUH XQHP
SOR\HGLOOGLVDEOHGHWFBBBBBBBBBBBBBBBBBBBBBBBBBBBBB

 
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

 0DUNZLWKDWLFN ' WKHPHDQLQJVLQZKLFKWKHVHZRUGVDUH


XVHGLQWKHWH[W
KLJKOLJKWV  ¹érvnvxknntqn
 kj t€néjivz€{jrz€uvuntz€
FRQWULEXWLRQ  xvlnpxzkqn
 krsjl
 wv nézkvkjtqn
 xzjz¹ ls¹mjonz€ yétjsj 
 xvzéyltq·nxzkv kmjonzn 
 tjsvmrvtzéqiy|q¹
ZRUNV   ojkvl € 
 éjivz€ tjwqxjtt€nqoljtt€n 
UDWH  znuw
 lvs¹
 ryéx
WUDGH  zvémvks¹
 ojt¹zqnwév{nxxq¹énunxsv
VXEMHFW  znujxí nz
 wénlunzlqx|qwsqtj
 xyi~nrz·nsvknr
 wvlljtt€p

 &KRRVHWKHFRUUHFWSUHSRVLWLRQDQGWUDQVODWHWKHVHQWHQFHV
RQLQRI
6WXGHQWV DUH HQFRXUDJHG WR YLVLW WKH ZHEVLWH DQG WR EURZVH WKH
WH[WV«UHFHQWSXEOLFDWLRQV«HFRQRPLFVDQGUHODWHGGLVFLSOLQHV
7KHSXEOLVKHUVRIIHUWKHOLVWRIUHFHQWZRUNV«YDULRXVVXEMHFWV
'RWKH\DOVRSXEOLVKERRNV«KXPDQLWLHV"
+HRIWHQPDNHVUHSRUWV«WKHODWHVWQHZV«WKHZRUOG
<HVWHUGD\KHVSRNH«WKHODWHVWGHYHORSPHQWV«$VLD
7KLVLVWKHDUWLFOH«WKHODWHVWHYHQWV«8UXJZD\
$ORWRIDUWLFOHV«WKLVSUREOHPDUHSXEOLVKHGUHJXODUO\«RXUSUHVV

 7UDQVODWHLQWR(QJOLVK
Ìtj·jxzvwnénkvlqzéjosq·t€nznrxz€wvërvtvuq·nxrvpznv
éqq

 
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

Ìti€sk·néjtjsnr|qqwvërvtvunzéqrn"
êzjsnr|q¹i€sjwvtjsvmju"
Ìtwénwvljnzun lytjévltyíqénmqvtjstyíërvtvuqry
êzq ujznéqjs€ wvxk¹nt€ én{véuju k xv|qjstvu vinxwn
·ntqq
Îvxrvkxrvn qoljznsxzkv ìËÊÒÊ k€wyxrjnz y·nitqrq wv
ërvtvuqrnq{qtjtxjuls¹xzylntzvk


$QQRWDWLRQRIWKHERRN(FRQRPLFV
RI1HWZRUN,QGXVWULHV
2]6K\
8QLYHUVLW\RI+DLID,VUDHO

7KLV ERRN LQWURGXFHV XSSHUOHYHO XQGHU
JUDGXDWHV JUDGXDWH VWXGHQWV DQG UHVHDUFKHUV
WR WKH ODWHVW GHYHORSPHQWV LQ QHWZRUN HFR
QRPLFV RQH RI WKH IDVWHVWJURZLQJ ILHOGV LQ
DOOLQGXVWULDORUJDQL]DWLRQ1HWZRUNLQGXVWULHV
LQFOXGHWKH,QWHUQHWHPDLOWHOHSKRQ\FRP
SXWHUKDUGZDUHDQGVRIWZDUHPXVLFDQGYLGHR
SOD\HUV DQG VHUYLFH RSHUDWLRQV LQ WKH EDQN
LQJOHJDODQGDLUOLQHLQGXVWULHVDPRQJPDQ\
RWKHUV 9LUWXDOO\ QR FDOFXOXV LV XVHG LQ WKH
WH[W DQG HDFK FKDSWHU HQGV ZLWK D VHULHV RI
H[HUFLVHVDQGVHOHFWHGUHIHUHQFHV7KHWH[WPD\EHXVHGIRUERWKRQH
DQGWZRVHPLQDUFRXUVHV
N )LUVWWH[WERRNRQWKHHFRQRPLFVRIQHWZRUNLQGXVWULHV
N 7KHZULWLQJLVFOHDUWKHVFRSHLVZLGHDQGWKHH[DPSOHVZLOO
HQJDJHVWXGHQWV
&RQWHQWV  ,QWURGXFWLRQ  7KH KDUGZDUH LQGXVWU\  7KH VRIW
ZDUH LQGXVWU\  7HFKQRORJ\ DGYDQFH DQG VWDQGDUGL]DWLRQ  7HOH
FRPPXQLFDWLRQ%URDGFDVWLQJ0DUNHWVIRULQIRUPDWLRQ%DQNV
DQG PRQH\  7KH DLUOLQH LQGXVWU\ VRFLDO LQWHUDFWLRQ  2WKHU QHW
ZRUNV$SSHQGLFHV$1RUPDOIRUPJDPHV%([WHQVLYHIRUPJDPHV




 
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

'R\RXNQRZWKHVHZRUGV"
QHWZRUN  xnzx}nuj|nw
UHVHDUFKHU  qxxsnlvkjzns
VFRSH  ujx¡zji éjouj} kvouv 
tvxzqwénlns€
FDOFXOXV 7ZG'HGFQH1O9 qx·qxsntqn
UHIHUHQFH 7ZNABN1JO9 xx€srj xwéjkrj ywvuqtj
tqn
énrvuntlj|q¹

7UDQVFULEHDQGWUDQVODWHWKHVHZRUGV
LQGXVWU\ BBBBBBBBBBBBBBBBBBB D VHULHVBBBBBBBBBBBBBBBBBB
ILHOG BBBBBBBBBBBBBBBBBBBBBB FRQWHQWV BBBBBBBBBBBBBBBBBB
XQGHUJUDGXDWH BBBBBBBBBBBBBBB DSSHQGL[ BBBBBBBBBBBBBBBBB
YLUWXDOO\ BBBBBBBBBBBBBBBBBBB DSSHQGLFHV BBBBBBBBBBBBBBBB

 7UDQVODWHWKHWHUPVLQWR5XVVLDQ
QHWZRUNLQGXVWULHV FRPSXWHUKDUGZDUH
QHWZRUNHFRQRPLFV FRPSXWHUVRIWZDUH
EDQNLQJ LQGXVWU\  QRUPDOIRUPJDPHV
OHJDOLQGXVWU\ H[WHQVLYHIRUPJDPHV
DLUOLQHLQGXVWU\ JUDGXDWHVWXGHQWV

 7UDQVODWHWKHVHQWHQFHVLQWR(QJOLVK
èjivzj otjrvuqz xzylntzvk x wvxsnltquq lvxzq ntq¹uq k
ëzvpvzéjxsqërvtvuqrq
êzvi€xzévéjxzyj¹vzéjxsërvtvuqrq
êzj vzéjxs wévqokvlxzkj krsí·jnz xju€n éjotvviéjot€n
xénlxzkjxk¹oq
Æznrxzntnqxwvsovkjt€tqrjrqnujznujzq·nxrqnéjx·nz€

D 7UDQVODWHWKHDERYHDQQRWDWLRQLQWR5XVVLDQ
E:ULWH D VKRUW VXPPDU\ RI ZKDW \RX NQRZ DERXW WKH
HFRQRPLFVRI QHWZRUNLQGXVWULHV


 
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

$QQRWDWLRQRIWKHERRNWRWUDQVODWH
(QWHUWDLQPHQW,QGXVWU\(FRQRPLFV
$JXLGHIRUILQDQFLDODQDO\VLV
)LIWKHGLWLRQ
+DUROG/9RJHO

7KH HQWHUWDLQPHQW LQGXVWU\ LV RQH RI
WKH ODUJHVW VHFWRUV RI WKH 8QLWHG 6WDWHV
HFRQRP\ DQG IDVW EHFRPLQJ RQH RI WKH
PRVW SURPLQHQW JOREDOO\ DV ZHOO +DUROG
/9RJHO H[DPLQHV WKH EXVLQHVV HFRQRP
LFV RI WKH PDMRU HQWHUWDLQPHQW HQWHU
SULVHV PRYLHV WHOHYLVLRQ DQG FDEOH SUR
JUDPPLQJ PXVLF EURDGFDVWLQJ FDVLQR
ZDJHULQJ DQG JDPEOLQJ VSRUWV SXEOLVK
LQJ SHUIRUPLQJ DUWV WKHPH SDUNV DQG
WR\V 7KLV HGLWLRQ LQFRUSRUDWHV D IXOO
FKDSWHURQWKH,QWHUQHWFRYHULQJWKHZHE
VRSHUDWLRQDOIHDWXUHVUHYH
QXHVRXUFHVDQGWKHQHW
VUROHDVDQDJHQWRIFKDQJH2WKHUH[SDQGHG
IHDWXUHV LQFOXGH VHFWLRQV RQ LQGXVWULDO VWUXFWXUH PHWKRGV DQG FRP
SDUDWLYHSULFHWUHQGV7KHUHVXOWLVDFRPSUHKHQVLYHXSWRGDWHUHIHU
HQFH JXLGH RQ WKH HFRQRPLFV ILQDQFLQJ SURGXFWLRQ DQG PDUNHWLQJ
RI HQWHUWDLQPHQW LQ WKH 86 DQG RYHUVHDV ,QYHVWRUV EXVLQHVV H[HFX
WLYHV DFFRXQWDQWV ODZ\HUV DUWV DGPLQLVWUDWRUV DQG JHQHUDO UHDGHUV
ZLOO ILQG WKDW WKH ERRN RIIHUV DQ LQYDOXDEOH JXLGH WR KRZ HQWHUWDLQ
PHQWLQGXVWULHVRSHUDWH


D :ULWHRXWDOOWKHZRUGVDVVRFLDWHGZLWKHFRQRPLFVIURP
WKHOHVVRQ

E :ULWHDQDQQRWDWLRQRI/HVVRQ2QH




 
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

/HVVRQ

 (FRQRPLFV
DQGHFRQRP\
&RQYHUVDWLRQ 7HDFKHUDQGVWXGHQWV
7H[WV 0LFURHFRQRPLFVDQGPDFURHFRQRPLFV
 *'3DQG*13
$QQRWDWLRQ 7RSLFVLQPLFURHFRQRPLFV
1HZVSDSHULWHPV 8.*'3
 $VLDQFRQVXPHUVXSEHDWRQHFRQRPLF
SURVSHFWV
*UDPPDU5HYLVLRQ 7KH)XWXUH,QGHILQLWH7HQVH
:RUGIRUPDWLRQ 3UHIL[HVRIQRXQV


&RQYHUVDWLRQ7HDFKHUDQGVWXGHQWV
7HDFKHU /HW
V VWDUW RXU VHFRQG OHVVRQ %\ WKH ZD\ KRZ PDQ\
OHFWXUHVRQHFRQRPLFVGR\RXKDYHZHHNO\"
6WXGHQW 7KLVWHUPZHVKDOOKDYHWKUHHOHFWXUHVDZHHNRQHFR
QRPLFVDQGUHODWHGVXEMHFWV
7HDFKHU 9HU\ JRRG , KRSH WKHQ \RXZLOOHDVLO\XQGHUVWDQGDOO
WKHWH[WVZHVKDOOVWXG\
6WXGHQW 6KDOOZHVSHDNRQO\RQHFRQRPLFVDWRXUOHVVRQV"
7HDFKHU 2KQR(YHU\PRQWKZHVKDOOKDYHWKUHHRUIRXUOHV
VRQVRQHYHU\GD\(QJOLVK
6WXGHQW ,W LV D YHU\ JRRG WKLQJ $QG PD\ , DVN \RX DQRWKHU
TXHVWLRQ"
7HDFKHU :K\FHUWDLQO\
6WXGHQW :KDWNLQGRIWH[WVVKDOOZHVWXG\"
7HDFKHU 0RVWO\WKH\DUHH[WUDFWVIURPYDULRXVRULJLQDOVRXUFHV
,QPDQ\FDVHVWKH\DUHVOLJKWO\DGDSWHG
6WXGHQW 6KDOOZHUHDGQHZVSDSHUV"
7HDFKHU :HOO \RX VHH VRPH WH[WV ZHUH ERUURZHG IURP
WKH )LQDQFLDO 7LPHV 7KH 7LPHV DQG 7KH (FRQRPLVW

 
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

6R , KRSH LW ZLOO KHOS \RX WR UHDG (QJOLVK SUHVV ,Q
IXWXUH ZH PD\ GLVFXVV WKH QHZVSDSHU UHSRUWV RQ WKH
EXVLQHVVQHZV\RXZLOOFKRRVHIRU\RXUVHOYHV

'R\RXNQRZWKHVHZRUGV"
ZHHNO\DGY  tjén· n ntnlnstv
ktnlnsí
DGM  wéqsjm n ntnlns
t€p
Q  xy n ntnlnstqr
 yétjsmjonzj 
WHUP   xnunxzé
 xévr
 yxsvkqn
8VXDOO\WKHUHDUH  Æy·nitvumvlykjtm
WKUHHRUIRXUWHUPVLQ sqpxrq} ¡rvsj} q
(QJOLVKVFKRROVDQG ytqknéxqznzj} zéq
XQLYHUVLWLHVGXULQJDQ ·nz€énxnunxzéj
DFDGHPLF\HDU
UHODWHG 7N3ZHA3P3@9 xk¹ojtt€p
évlxzkntt€p
YDULRXV 7ZR&1N31O9 éjosq·t€p
V\QGLIIHUHQW  
RULJLQDO 71ZN3 JH9 wnékvtj·jst€p
wvlsqtt€p véqmq
tjst€p
LQWKHRULJLQDO  kvéqmqtjsn
VOLJKW 7OH=3P9 tnotj·qznst€p
snmrqp
VRXUFH 7OK(O9 qxzv·tqr
WRERUURZ 7Z>KNKQ9 ojquxzkvkjz
UHSRUW 7N3ZLK(P9 vz·nz xvvintqn
lvrsjl
QHZV  tvkvxztvkvxzq
:KDW
VWKHQHZV"  Çjrqn tvkvxzq"ïzv
tvkvmv"
WRFKRRVH FKRVH 7"Q(V"KQV"KQVJ9 k€iqéjz
FKRVHQ 

 
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

:RUNRQWKHZRUGV
 5HDGWKHVHZRUGVSD\LQJDWWHQWLRQWRWKHVRXQGV
7%9 WKHZD\²E\WKHZD\²WKHWH[W²DOOWKHWH[WV²WKHUHIHU
HQFH²7KH7LPHV²WKH)LQDQFLDO7LPHV²7KH(FRQRPLVW²
WKH UHSRUW ² WKH QHZVSDSHU UHSRUW ² WKH QHZV ² WKH EXVLQHVV
QHZV²WKLVWHUP²WKLVOHVVRQ²WKLVWDVN²WKLVQHZV²WKLV
UHSRUW²DQRWKHUZD\²DQRWKHUTXHVWLRQ²DQRWKHUERRN
WKUHH²WKUHHOHFWXUHV²WKUHHWH[WV²PRQWK²WKUHHPRQWKV
79 ² DQRWKHU PRQWK ² WKLV PRQWK ² WKLQJ ² DQRWKHU WKLQJ ²
WKLVWKLQJ²WKDWWKLQJ
WRKDYH²YHU\JRRG²DYHU\JRRGWKLQJ²HYHU\GD\²HYH
7R9 U\GD\(QJOLVK²YDULRXV²YDULRXVVRXUFHV²YDULRXVVXEMHFWV
²\RXUVHOI²\RXUVHOYHV

 5HDGWKHIROORZLQJSD\LQJDWWHQWLRQWRWKHZRUGVVWUHVVHG
D?YHU\?JRRG?WKLQJ WKH?OHVVRQ DWWKH?OHVVRQ
DYHU\JRRGOHVVRQ WKHVWXGHQW LQWKHQHZVSDSHU
DYHU\JRRGVWXGHQW WKHWHDFKHU LQWKHUHSRUW
DYHU\JRRGWHDFKHU WKHUHIHUHQFH GXULQJWKLVPRQWK
®
,WLVRXU?VHFRQG OHVVRQ
®
?/HW¶V?VWDUWRXU?VHFRQG OHVVRQ
®
:HVKDOO?KDYH?WKUHH?OHFWXUHVD?ZHHNRQHFR QRPLFV
®
:HVKDOO?KDYH?WZR?(QJOLVK?OHVVRQVD ZHHN
1RWH$UWLFOHVSUHSRVLWLRQVSHUVRQDODQGSRVVHVVLYHSURQRXQVDX[LOLDU\YHUEVWKH
YHUEVWREHDQGWRKDYHLQDIILUPDWLYHVHQWHQFHVDUHXVXDOO\XQVWUHVVHG

 &KRRVHWKHFRUUHFWZRUG
$ORWRISHRSOH HPSOR\DUHHPSOR\HG LQWKLVLQGXVWU\
(PSOR\PHQW8QHPSOR\PHQW LVXQIRUWXQDWHO\JURZLQJLQWKHFRXQWU\
7KUHH\RXQJ HPSOR\VHPSOR\HHV WRRNSDUWLQWKHH[SHULPHQW
7KH HPSOR\HPSOR\HU JDYHDQLQWHUYLHZWRDMRXUQDOLVWODVWZHHN

 
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

*UDPPDU5HYLVLRQ7KH)XWXUH,QGHILQLWH7HQVH
Ïzknélqznstj¹{véuj
,VKDOOEHDQHFRQRPLVW :HVKDOOEHHFRQRPLVWV
,VKDOOUHDGWKHWH[W :HVKDOOUHDGWKHWH[WQRZ
<RXZLOOEHHFRQRPLVWV
<RXZLOOUHDGWKHWH[WQRZ
+HZLOOEHDQHFRQRPLVW 7KH\ZLOOEHHFRQRPLVWV
+HZLOOUHDGWKHWH[WQRZ 7KH\ZLOOUHDGWKHWH[WQRZ
6KHZLOOEHDQHFRQRPLVW
6KHZLOOUHDGWKHWH[WQRZ


Ævwévxqznstj¹{véuj
6KDOO,EHDQHFRQRPLVW" 6KDOOZHEHHFRQRPLVWV"
6KDOO,UHDGWKHWH[WQRZ" 6KDOOZHUHDGWKHWH[WQRZ"
:LOO\RXEHHFRQRPLVWV"
:LOO\RXUHDGWKHWH[WQRZ"
:LOOKHEHDQHFRQRPLVW" :LOOWKH\EHHFRQRPLVWV"
:LOOKHUHDGWKHWH[WQRZ" :LOOWKH\UHDGWKHWH[WQRZ"
:LOOVKHEHDQHFRQRPLVW" 
:LOOVKHUHDGWKHWH[WQRZ" 

Ìzéq|jznstj¹{véuj
,VKDOOQRWVKDQ¶WEHDQHFRQRPLVW :HVKDOOQRWVKDQ¶WEH
HFRQRPLVWV
,VKDOOQRWVKDQ¶WUHDGWKHWH[WQRZ :HVKDOOQRWVKDQµWUHDGWKHWH[W
<RXZLOOQRWZRQ¶WEHHFRQRPLVWV
<RXZLOOQRWZRQ¶WUHDGWKHWH[WQRZ
+HZLOOQRWZRQ¶WEHDQHFRQRPLVW 7KH\ZLOOQRWZRQ¶WEH
HFRQRPLVWV
+HZLOOQRWZRQ¶WUHDGWKHWH[W 7KH\ZLOOQRWZRQ¶WUHDGWKH
QRZ WH[W
6KHZLOOQRWZRQ¶WEHDQHFRQRPLVW 
6KHZLOOQRWZRQ¶WUHDGWKHWH[W
QRZ



 
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

1RWH$X[LOLDU\YHUEVLQTXHVWLRQVDQGFRQWUDFWLYHDX[LOLDU\YHUEVLQQHJDWLYHVHQ
WHQFHVDUHXVXDOO\VWUHVVHG
­
Z:LOO\RXEHDQH FRQRPLVW"
®
,ZVKDQ¶WEHDQH FRQRPLVW
*HQHUDOTXHVWLRQVDUHSURQRXQFHGZLWKWKHULVLQJWRQH
­
Z6KDOO,ZUHDGWKH WH[W"
6SHFLDOTXHVWLRQVDUHSURQRXQFHGZLWKWKHIDOOLQJWRQH
®
Z:KHQVKDOOZHZUHDGWKH WH[W"

 5HDG DQG WUDQVODWH WKH VHQWHQFHV SD\LQJ DWWHQWLRQ WR WKH


LQWRQDWLRQ
?6KDOO ZH ?VSHDN ?RQO\ RQ ?:K\ VKDOO ZH ?VSHDN ?RQO\ RQ
­ ®
HFR QRPLFV" HFR QRPLFV"
6KDOOZHVWXG\HYHU\GD\(QJOLVK" :KRZLOOVWXG\HYHU\GD\(QJOLVK"
6KDOOZHZULWH(QJOLVKWRR" :KHQVKDOOZHZULWH(QJOLVK"
0D\,DVN\RXDQRWKHUTXHVWLRQ" +RZPDQ\TXHVWLRQVPD\,DVN"
'RHVKHVSHDN(QJOLVK" +RZRIWHQGRHVKHVSHDN(QJOLVK"

:RUGIRUPDWLRQ3UHIL[HVRIQRXQV
 5HDGDQGWUDQVODWHWKHQRXQVXQGHUOLQHWKHSUHIL[HV
WKHHPSOR\HG²WKHXQHPSOR\HG YDOXDWLRQ²GHYDOXDWLRQ
UHDOLW\²XQUHDOLW\ LQIODWLRQ²GHIODWLRQ
LPSRUWDQFH²XQLPSRUWDQFH RUJDQL]DWLRQ²GLVRUJDQL]DWLRQ
VHFXULW\²LQVHFXULW\ XQGHUVWDQGLQJ²PLVXQGHUVWDQGLQJ

 7UDQVODWH WKH QRXQV DQG ZULWH WKRVH IURP ZKLFK WKH\ DUH
IRUPHG
XQHPSOR\PHQW BBBBBBBBBBBBB GHUHJXODWLRQ BBBBBBBBBBBBBBB
LQGLIIHUHQFHBBBBBBBBBBBBBBBB GLVDGYDQWDJH BBBBBBBBBBBBBBB
PLVLQIRUPDWLRQ BBBBBBBBBBBBB GLVHQJDJHPHQW BBBBBBBBBBBBB
PLVWUXVWBBBBBBBBBBBBBBBBBBB LQDELOLW\ BBBBBBBBBBBBBBBBBB

 
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

:RUNRQWKHZRUGV
 )RUPDVPDQ\QRXQVDV\RXFDQIURPWKHYHUEVDQGWUDQV
ODWHWKHP
WRHPSOR\²HPSOR\PHQW²XQHPSOR\PHQW²WKHHPSOR\HG²
WKHXQHPSOR\HG²HPSOR\HU²HPSOR\HH
WRUHJXODWHBBBBBBBBBBBBBBBBB WRFRQVXPH BBBBBBBBBBBBBBBB
WRDFWBBBBBBBBBBBBBBBBBBBBB WRJRYHUQBBBBBBBBBBBBBBBBBB
WRSURGXFHBBBBBBBBBBBBBBBBB WRHDUQ BBBBBBBBBBBBBBBBBBB

 7UDQVODWHLQWR(QJOLVK
Æëzvuxnunxzénytjxzéqsnr|qqktnlnsíwvërvtvuqrn
Òvmljk€}vév¡vwvpunznkxnjtmsqpxrqnznrxz€
΀ xnmvlt¹ iylnu mvkvéqz zvsrv v uqévkvp ërvtvuqrn
qsqërvtvuqrnèvxxqq"
Çj l€p unx¹| y tjx iylnz zéq·nz€én yévrj jtmsqpxrvmv
¹o€rj
²Çjrqnznrxz€u€iylnu·qzjz"
²΀iylnu·qzjzxzjzqwvërvtvuqrnqojtmsqpxrq}mj
onzq yétjsvk

+DYHDQRWKHUORRNDWWKHFRQYHUVDWLRQDQG«
 5HSHDW
  WKHTXHVWLRQRIWKHWHDFKHU
  DOOWKHTXHVWLRQVRIWKHVWXGHQWV

6XPXSZKDWWKHWHDFKHUVDLGDERXWWKHLUIXWXUHZRUNDWWKH
OHVVRQV

(QDFWWKHFRQYHUVDWLRQ
$QVZHUWKHVHTXHVWLRQV
  :KDWZRUNGR\RXGRDWWKHOHVVRQV"
  :KDWRWKHUZRUNGR\RXWKLQN\RXZLOOGRDWWKHOHVVRQV"
  :KDWNLQGRIZRUNGR\RXOLNHGRLQJDWWKHOHVVRQV"

 
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

7H[W0LFURHFRQRPLFVDQGPDFURHFRQRPLFV
(FRQRPLFV DVDVFLHQFHFRQVLVWV RIWZRGLVFLSOLQHVWKDW LVRIPL
FURHFRQRPLFVDQGPDFURHFRQRPLFV
0LFURHFRQRPLFV LV WKH EUDQFK RI HFRQRPLFV WKDW VWXGLHV LQGLYLGXDO
SURGXFHUV FRQVXPHUV RU PDUNHWV 0LFURHFRQRPLFV DOVR VWXGLHV KRZ
JRYHUQPHQWDFWLYLWLHVVXFKDVUHJXODWLRQVDQGWD[HVDIIHFWLQGLYLGXDOPDU
NHWV%HVLGHVPLFURHFRQRPLFVWULHVWRXQGHUVWDQGZKDWIDFWRUVDIIHFWWKH
SULFHVZDJHVDQGHDUQLQJV
0DFURHFRQRPLFVLVWKHEUDQFKRIHFRQRPLFVWKDWVWXGLHVWKHHFRQRP\
DVDZKROH,WWULHVWRXQGHUVWDQGWKHSLFWXUHDVDZKROHUDWKHUWKDQVPDOO
SDUWVRILW,QSDUWLFXODULWVWXGLHVWKHRYHUDOOYDOXHVRIRXWSXWRIXQ
HPSOR\PHQWDQGRILQIODWLRQ

'R\RXNQRZWKHVHZRUGV"
WRFRQVLVWRIVPWK  xvxzv¹zqo·nmvsqiv
GLVFLSOLQH 7Z@3O3LH3J9 lqx|qwsqtj
V\QVXEMHFW  
LH /DW  WKDWLV  zn
EUDQFK 7>N=(J"9 vzéjxs knzk vzlnsntqn
{qsqjs
SURGXFHU 7LN1Z@FQ(O19 wévqokvlqzns qomvzvkq
zns
FRQVXPHU 7G1JZOFQ(I19 wvzéniqzns
PDUNHW 7ZI=(G3P9 é€tvr
RQWKHPDUNHW  tjé€trn
JRYHUQPHQW 7Z26R1JI1JP9 wéjkqznsxzkv
UHJXODWLRQ 7<NA2FQZHA3J9  wéjkqsv
 énmysqévkjtqn
WD[  tjsvm
WR OHY\ D WD[ RQ  yxzjtvkqz tjsvm tj ·zv
VPWK sqiv
WRSD\DWD[  ywsjzqztjsvm
+RZ PXFK LQFRPH  Çjrvpwvlv}vlt€ptjsvmvt
WD[ GLG KH SD\ ODVW ywsjzqskwév¡svumvly"
\HDU"
WRDIIHFWVPEVPWK 71ZBAGP9 lnpxzkvkjz tj ojlnkjz
rvmv·zvsqiv

 
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

SULFH  |ntj
ZDJHV 7ZSA3 3V9 ojéjivztj¹wsjzj éjiv·q} 
VDODU\  ojéjivztj¹ wsjzj xsy j
q} 
WRHDUQ 71(J9 ojéjijz€kjzwvsy·jz
HDUQLQJV  ojéjivzvr wéqi€s lv
}vl €  wvxzywsntq¹ k€
éy·rj
LQSDUWLFXODU 7L1ZP3GFQH19 k·jxztvxzqkvxvinttvxzq
RYHUDOO  viqpwvst€p
YDOXH 7ZR'HFQ(9 |nttvxzxzvquvxz
RXWSXW    k€wyxr
 wévlyr|q¹
 wévqokvlqznstvxz

:RUNRQWKHZRUGV
 :ULWH WKH YHUEV IURP ZKLFK WKHVH QRXQV DUH IRUPHG DQG
WUDQVODWHWKHP
SURGXFHU BBBBBBBBBBBBBBBBBBB H[SRUWHU BBBBBBBBBBBBBBBBBB
FRQVXPHUBBBBBBBBBBBBBBBBBBB LPSRUWHU BBBBBBBBBBBBBBBBBB
PDQXIDFWXUHUBBBBBBBBBBBBBBBB H[SRUWV BBBBBBBBBBBBBBBBBBB
PDQDJHUBBBBBBBBBBBBBBBBBBBB LPSRUWV BBBBBBBBBBBBBBBBBBB
HPSOR\HUBBBBBBBBBBBBBBBBBBB SURGXFW BBBBBBBBBBBBBBBBBBB

 7UDQVODWH WKHVH VHQWHQFHV LQWR 5XVVLDQ SD\LQJ DWWHQWLRQ WR


WKHXVHRIWKHZRUGWRDIIHFW
7KHVHUHJXODWLRQVDIIHFWLQGLYLGXDOPDUNHWV
%HVLGHVWD[HVDIIHFWLQGLYLGXDOPDUNHWV
0DQ\IDFWRUVDIIHFWWKHSULFHVZDJHVDQGHDUQLQJV
:HDWKHUFRQGLWLRQVDIIHFWHGWKHSULFHRIPDQ\DJULFXOWXUDOSURGXFH

5HYLVH*UDPPDU
&KRRVHWKHFRUUHFWDUWLFOHV
(FRQRPLFVDV DWKH VFLHQFHFRQVLVWVRIWZRGLVFLSOLQHV
0LFURHFRQRPLFV DV D WKH  EUDQFK RI HFRQRPLFV VWXGLHV SURGX
FHUVFRQVXPHUVRUPDUNHWV

 
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

0LFURHFRQRPLFV DV D WKH  EUDQFK RI HFRQRPLFV VWXGLHV KRZ


JRYHUQPHQWDFWLYLWLHVDIIHFWLQGLYLGXDOPDUNHWV
0LFURHFRQRPLFVDV DWKH EUDQFKRIHFRQRPLFVDWWHPSWVWRXQ
GHUVWDQGZKDWIDFWRUVDIIHFWWKHSULFHVZDJHVDQGHDUQLQJV
0DFURHFRQRPLFVDV DWKH EUDQFKRIHFRQRPLFVVWXGLHVWKHHFRQRP\
DVDZKROH
0DFURHFRQRPLFV DV D WKH  EUDQFK RI HFRQRPLFV VWXGLHV WKH
RYHUDOOYDOXHVRIRXWSXWXQHPSOR\PHQWDQGLQIODWLRQ

+DYHDQRWKHUORRNDWWKHWH[WDQG«
 7UDQVODWHWKHGHILQLWLRQVRIHDFKWHUPLQWR5XVVLDQ
 5HSHDWZKDWWKHWH[WVD\VDERXW
  PLFURHFRQRPLFV
  PDFURHFRQRPLFV

$QQRWDWLRQRIWKHERRN7RSLFVLQPLFURHFRQRPLFV
,QGXVWULDORUJDQL]DWLRQDXFWLRQVDQGLQFHQWLYHV
(OPDU:ROIVHWWHU
+XPEROGW8QLYHUVLWDW]X%HUOLQ

7KLV WH[W LQ PLFURHFRQRPLFV IRFXVHV RQ WKH VWUDWHJLF DQDO\VLV RI
PDUNHWV XQGHU LPSHUIHFW FRPSHWLWLRQ LQFRPSOHWH LQIRUPDWLRQ DQG
LQFHQWLYHV 3DUW , RI WKH ERRN FRYHUV LPSHUIHFW FRPSHWLWLRQ IURP
PRQRSRO\DQGUHJXODWLRQWRWKHVWUDWHJLFDQDO\VLVRIROLJRSROLVWLFPDU
NHWV 3DUW ,, H[SODLQV WKH DQDO\WLFV RI ULVN VXSSOHPHQWHG ZLWK D
YDULHW\ RI DSSOLFDWLRQV IURP GLIIHUHQW DUHDV LQ HFRQRPLFV 3DUW ,,,
IRFXVHV RQ PDUNHWV DQG LQFHQWLYHV XQGHU LQFRPSOHWH LQIRUPDWLRQ
LQFOXGLQJ D FRPSUHKHQVLYH LQWURGXFWLRQ WR WKH WKHRU\ RI DXFWLRQV
ZKLFKSOD\VDQLPSRUWDQWUROHLQPRGHUQHFRQRPLFV
(DFK FKDSWHU LQWURGXFHV WKH FRUH LVVXHV LQ DQ DFFHVVLEOH IDVKLRQ
DQG WKHQ LQYHVWLJDWHV VSHFLDOL]HG WKHPHV (DFK DOVR RIIHUV VHOI
FRQWDLQHGH[SODQDWLRQVDQGSURRIV7KHRQO\SUHUHTXLVLWHVDUHDEDVLF
NQRZOHGJHRIFDOFXOXVDQGIDPLOLDULW\ZLWKLQWHUPHGLDWHXQGHUJUDGX
DWHPLFURHFRQRPLFV7KHWH[WVFDQEHXVHGDVDWH[WERRNLQGLIIHUHQW
FRXUVHVIRUVHQLRUXQGHUJUDGXDWHRUILUVW\HDUJUDGXDWHVWXGHQWV

 
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

'R\RXNQRZWKHVHZRUGV"
WRVXSSOHPHQW 7ZO6LH3I1JP9 wvwvst¹zlvijks¹z
DSSOLFDWLRQ  wéquntntqnoj¹ksntqn
DUHD 7Z&1N319 visjxz éjpvt wsvjl
wévxzéjtxzkv
FRPSUHKHQVLYH 7<GKILN3ZDAJO3R9 qx·néw€kjíqp kxnxzv
évttqp
FRUH  xyzxnél|nkqtj|ntzé
LVVXH 7Z3FQ(Z3OFQ(9  kvwévxwévisnuj
 k€wyxrqoljtqn
DFFHVVLEOH 71GZOAO1>H9 lvxzywt€p
SUHUHTXLVLWH 7<LN3(ZNAGS3V3P9 wénlwvx€srj

:RUNRQWKHZRUGV
 5HDGDQGWUDQVODWHWKHZRUGV
DXFWLRQ LQGXVWULDO IK@ANJ
LQFHQWLYH VWUDWHJLF PATP
DQDO\VLV ROLJRSROLVWLF ?KQNOA
DQDO\WLFV EDVLF KNC=JEVAN
IDPLOLDULW\ VHQLRU EJ@QOPNU

 5HDG DQG WUDQVODWH WKHVH ZRUGV ZULWH WKRVH IURP ZKLFK
WKH\DUHIRUPHG
LPSHUIHFWLRQBBBBBBBBBBBBBBB XQIDPLOLDULW\ BBBBBBBBBBBBBBBB
LQFRPSOHWLRQBBBBBBBBBBBBBBB PLVLQIRUPDWLRQ BBBBBBBBBBBBBB
LQYDULHW\ BBBBBBBBBBBBBBBBBB GHUHJXODWLRQ BBBBBBBBBBBBBBBB

 0DWFKWKH(QJOLVKDQG5XVVLDQHTXLYDOHQWV
WRSLFWKHPH wénlunzlqx|qwsqtj
VXEMHFW znujwénlunzvixy lntq¹
VXEMHFWPDWWHU wénlunzknvi~nrz
REMHFW znujxvlné jtqnwénlunzvixy lntq¹
DUHD kvwévxwévisnujk€wyxrqoljtqn
LVVXH visjxz otjtqp wsvjlwévxzéjtxzkv

 
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

 7UDQVODWHLQWR(QJOLVKXVLQJWKHFRQVWUXFWLRQDQGWKHZRUGV
VSHFLILHG
Æéjivznvxtvktvnktqujtqnylns¹nzx¹ WRIRFXV jtjsqoy
é€trvk
7KHZRUNIRFXVHVRQWKHDQDO\VLVRIPDUNHWV
Æwnékvp·jxzqrtqmqvxknjízx¹ WRFRYHU éjosq·t€n{vé
u€rvtryént|qq
Ævkzvévp·jxzqvi~¹xt¹nzx¹ WRH[SODLQ ·zvzjrvnjtjsqoéqxrvk
Æ zénznp ·jxzq ktqujtqn xvxénlvzv·qkjnzx¹ WR IRFXV  tj
wévisnuné€trvkqkvouv tvxz¹}q}éjokqzq¹
Æjttvzj|qqqxwvsoynzx¹ WRXVH utvmvxwn|qjst€}znéuqtvk
Æznrxznmvkvéqzx¹ WRVSHDN viv·ntkj tvpwévisnun
Ærtqmnywvu¹tyz€ WRPHQWLRQ éjosq·t€nqxxsnlvkjznsq

D 7UDQVODWHWKHIROORZLQJSUHVHQWDWLRQ

$Q(PSHULFDOO\%DVHG0LFURHFRQRPLFV
+HUEHUW$6LPRQ
&DUQHJLH0HOORQ8QLYHUVLW\3HQQV\OYDQLD
%HVWVHOOLQJ DXWKRU DQG 1REHO /DXUHDWH 3URIHVVRU +HUEHUW 6LPRQ
WUDFHVWKHGHYHORSPHQWDQGIXWXUHRIHFRQRPLFV

E 6D\ZKDW\RXNQRZDERXW+HUEHUW$6LPRQ
F &KRRVH D WH[W LQ 5XVVLDQ(QJOLVK RQ PLFURHFRQRPLFV DQG
ZULWHLWVDQQRWDWLRQ

7H[W*'3DQG*13
*URVV'RPHVWLF3URGXFW *'3 LVWKHWRWDOPRQH\YDOXHRIDOOIL
QDOJRRGVDQGVHUYLFHVSURGXFHGLQDQHFRQRP\RYHUDRQH\HDUSH
ULRG*URVVGRPHVWLFSURGXFWFDQEHPHDVXUHGLQWKUHHZD\V
D WKHVXPRIWKHYDOXHDGGHGE\HDFKLQGXVWU\LQSURGXFLQJWKH
\HDU¶VRXWSXW WKHRXWSXWPHWKRG 
E WKHVXPRIIDFWRULQFRPHVUHFHLYHGIURPSURGXFLQJWKH\HDU¶V
RXWSXW WKHLQFRPHPHWKRG 
F WKH VXP RI H[SHQGLWXUHV RQ WKH \HDU¶V GRPHVWLF RXWSXW RI
JRRGVDQGVHUYLFHV WKHH[SHQGLWXUHPHWKRG 
*URVV1DWLRQDO3URGXFW *13 LVWKHWRWDOPRQH\YDOXHRIDOOIL
QDOJRRGVDQGVHUYLFHVSURGXFHGLQDQHFRQRP\RYHUDRQH\HDUSH
ULRG SOXV QHW SURSHUW\ LQFRPH IURP DEURDG LQWHUHVW UHQW GLYLGHQGV

 
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

DQG SURILWV  *13 LV DQ LPSRUWDQW PHDVXUH RI D FRXQWU\¶V JHQHUDO
HFRQRPLFSURVSHULW\+HUHLVDFRPSDULVRQRIFRXQWULHV¶JHQHUDOHFR
QRPLFZHOOEHLQJIRURQHRIWKHUHFHQW\HDUV

'HYHORSHGFRXQWULHV *13 LQ86PLOOLRQV 
8. 
*HUPDQ\ 
-DSDQ 
86$ 
'HYHORSLQJFRXQWULHV 
6RPDOLD 
0R]DPELTXH 
1HSDO 
,QGLD 

:RUNRQWKHZRUGV
D 7UDQVODWHLQWR(QJOLVK
kjsvkvptj|qvtjst€pwévlyrz lv}vlxzvquvxz|nttvxz
kjsvkvpktyzénttqpwévlyrz éjx}vl€
zvkjé k€wyxr mvzvkvpwévlyr|qq 
yxsymq wéqi€s

E 7UDQVODWHLQWR5XVVLDQ
WKHRXWSXWPHWKRG
WKHLQFRPHPHWKRG
WKHH[SHQGLWXUHPHWKRG

 0DWFKWKH(QJOLVKDQG5XVVLDQHTXLYDOHQWV
JURVV viqpxyuujét€pwvst€pénoyszqéyíqp
GRPHVWLF éjokqkjíqpx¹
ILQDO éjokqz€p
WRWDO vrvt·jznst€prvtn·t€p
QHW ivs¡vpréywt€pvi~nuqxz€pxyuujét€p
JHQHUDO ktyzénttqpvzn·nxzkntt€punxzt€p
GHYHORSHG ·qxz€pinok€·nzvkinotjsvmvk
GHYHORSLQJ viqpkxnviqpmntnéjst€pvi€·t€p
msjkt€p

 
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

 :ULWHDQGUHDGWKHVHQWHQFHV
8.*13ZDVQLQHKXQGUHGVHYHQW\ILYHWKRXVDQGWZRKXQGUHGPLOOLRQ
GROODUVWKDW\HDU

-DSDQ 0R]DPELTXH
86$ ,QGLD

 $QVZHUWKHVHTXHVWLRQV
  :KLFKFRXQWU\KDGWKHKLJKHVW*13WKDW\HDU"
  :KLFKRIWKHPUDQWKHORZHVW*13WKHQ"
  :KDWZDVWKH\HDUWR\RXUPLQG"
  ,VWKH*13RIDFRXQWU\DOZD\VKLJKHUWKDQWKH*'3"
  :KDWPDNHVWKHGLIIHUHQFH"
  :KLFKRIWKHWKUHHPHWKRGVLVPRVWRIWHQDSSOLHGWRPHDVXUH
*'3DVIDUDV\RXNQRZ"

1HZVSDSHULWHP8.*'3

8. *'3 ² UHYLVHG ILJXUHV IRU WKH
VHFRQG TXDUWHU VKRZ DQQXDO JURZWK RI
SHUFHQW
2Q WKH VXUIDFH WKH *'3 GRZQ
JUDGH IURP D SUHOLPLQDU\ SHU FHQW
JURZWK UDWH WKURZV XS ZRUU\LQJ TXHV
WLRQVDERXWWKHPDQXIDFWXULQJUHFRYHU\
0RVW RI WKH GRZQJUDGH UHVXOWV IURP ORZHUWKDQH[SHFWHG LQGXVWULDO
RXWSXWLQ-XQH%XWWKDWZDVSUREDEO\FDXVHGE\WKHMXELOHHKROLGD\V
,Q-XQH8.H[SRUWVIHOOSHUFHQWSRVVLEO\UHIOHFWLQJDOXUFKGRZQ
ZDUGLQWKHJOREDOHFRQRP\$QGUHWDLOVDOHVLQ-XO\UHPDLQHGWHSLG
%XWPDQXIDFWXULQJFRQILGHQFH²ZKLOHVWLOOWLPLG²LVLPSURYLQJDQG
KDV VKRZQ WKH ILUVW SRVLWLYH TXDUWHUO\ ULVH VLQFH WKH HQG RI  ,Q
WKH VOXJJLVK JOREDO FRQWH[W WKHVH DUH QRW WUHQGV WR EH GLVPLVVHG
OLJKWO\

'R\RXNQRZWKHVHZRUGV"
DQQXDO 7Z'JFQ1H9 mvlvkvp
GRZQJUDGH  xtq ntqnwvtq ntqn

 
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

SUHOLPLQDU\ 7LN1ZH3I3J1N39 wénlkjéqznst€p


UHFRYHU\ 7N3ZG6R1N39 v qksntqn wvl~nu kvxxzj
tvksntqn
OXUFK 7H1("9 rént
UHWDLO 7N3ZPA3H9 évotq·t€p
VOXJJLVK  ojxzvpt€p }jéjrznéqoyíqpx¹
vzxyzxzkqnu ërvtvuq·nxrvp jrzqk
tvxzq 

:RUNRQWKHZRUGV
 0DWFKWKHDQWRQ\PVDQGWUDQVODWHWKHP
SUHOLPLQDU\ G\QDPLF
UHWDLO XSZDUG
VOXJJLVK XSJUDGH
GRZQJUDGH ILQDO
GRZQZDUG GHFOLQH
JURZWK DWWKHERWWRP
RQWKHVXUIDFH ZKROHVDOH

 :ULWHRXWWKHZRUGVXQGHUWKHVHWZRFDWHJRULHV
HFRQRPLFUHFRYHU\ HFRQRPLFVORZGRZQ
JURZWK WRIDOO
WRULVH WREHWLPLG
WRLPSURYH WRUHPDLQWHSLG
« «

 0DWFKWKH(QJOLVKDQG5XVVLDQHTXLYDOHQWV
GRZQIDOO wvtq jz
GRZQWUHQG xwjllnsvkvpjrzqktvxzq
GRZQWXUQ wvtq jznst€p
GRZQZDUG wjlntqn
GRZQWRZQ lnsvkj¹·jxzmvévlj
GRZQJUDGLQJ wnénkvltjuntnnrkjsq{q|qévkjttyíéjivzy
WRGRZQJUDGH zntlnt|q¹rwvtq ntqí


 
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

 5HDGDQGWUDQVODWHWKHIROORZLQJ
WRVKRZDQQXDOJURZWKRI
WRVKRZDQQXDOJURZWKRIRQHSRLQWWZRSHUFHQW

DSUHOLPLQDU\JURZWKUDWH DSUHOLPLQDU\JURZWKUDWH
WRIDOO E\  WRIDOO E\ 
WRULVH E\  WRULVH E\ 

 7UDQVODWHLQWR(QJOLVK
Ívxsnltqn|q{é€wvrjo€kjízévxzÆËÍtj
Ëj wnék€p koms¹l ëzj |q{éj wv xéjktntqí x v qljnuvp
|q{évpk€o€kjnzvwénlnsnttyízénkvmy
Ævouv tvxz v qksntq¹ k x{nén wévqokvlxzkj k€o€kjnz
xnénot€nxvutntq¹
Ëvkxnzjrqwvsv ntqnkx{nénwévqokvlxzkjysy·¡jnzx¹
Ëj{vtnvinmvxtq ntq¹lnsvkvpjrzqktvxzqkmsvijstvp
ërvtvuqrnëzytnivs¡yíwvk€¡jznstyízntlnt|qítnso¹tn
wéqknzxzkvkjz

 :ULWH D VKRUW VXPPDU\ RI WKH QHZVSDSHU LWHP LQ WKUHH RU
IRXUVHQWHQFHV 

1HZVSDSHULWHPWRWUDQVODWH$VLDQFRQVXPHUV
XSEHDWRQHFRQRPLFSURVSHFWV

&RQVXPHUV LQ &KLQD .RUHD DQG 7KDLODQG DQG DFURVV PXFK RI
$VLDUHPDLQVXUSULVLQJO\XSEHDWDERXWHFRQRPLFSURVSHFWVDFFRUGLQJ
WR D FRQVXPHU FRQILGHQFH VXUYH\ UHOHDVHG \HVWHUGD\ E\ 0DVWHU&DUG
,QWHUQDWLRQDO
7KHELDQQXDOVXUYH\RIDERXWSHRSOHDFURVV$VLDFRQGXFWHG
LQ-XQHIRXQGWKDWSHRSOHLQPDQ\$VLDQFRXQWULHV²QRWDEO\.RUHD
DQG7KDLODQGZKLFKDUHFXUUHQWO\HQMR\LQJDZLGHVSUHDGERRP²DUH
FRQILGHQW RI WKHLU HFRQRPLF SURVSHFWV LQ WKH QH[W VL[ PRQWKV 7KH
VXUYH\VXJJHVWVWKDWFRQVXPHUFRQILGHQFHDQGGRPHVWLFFRQVXPSWLRQ
LQ$VLDFRXOGSURYHPRUHUHVLOLHQWWRDVORZGRZQLQWKH86WKDQLQ
WKHSDVW

 
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

1LQHFRXQWULHVLQ$VLDVKRZHG?SRVLWLYHVHQWLPHQWVFRUHV?LQFOXG
LQJ UDWLQJV RI LQ .RUHD LQ 0DOD\VLD DQG LQ 7KDLODQG
&KLQD
VVFRUHRILVDGURSIURPLWVKLJKHVWHYHUVFRUHRIVL[
PRQWKV DJR EXW FRQVXPHU FRQILGHQFH LQ WKH SRSXORXV QDWLRQ UH
PDLQHGVWURQJ
=HURLVWKHPRVWSHVVLPLVWLFZKLOHLVQHXWUDODQGWKHPRVW
RSWLPLVWLF
7KHSLFWXUHLVJORRPLHULQ-DSDQDQG+RQJ.RQJ-DSDQ
VUDWLQJ
RIIXWXUHHFRQRPLFSURVSHFWVZDVZKLOH+RQJ.RQJVFRUHG
7KHDXWKRUVVDLGWKLVZDVDIXQFWLRQRIWKHLUPXFKKLJKHUOLYLQJVWDQ
GDUGVWKDQWKHUHVWRI$VLD




D :ULWHDQHVVD\RQRQHRIWKHIROORZLQJWRSLFVXVLQJWKH
WH[WVRIWKHOHVVRQDQGRWKHU(QJOLVK5XVVLDQVRXUFHV
  5XVVLD¶VUDWLQJRIIXWXUHHFRQRPLFSURVSHFWV
  :KDWLVDFRQVXPHUFRQILGHQFHVXUYH\"
  /LYLQJVWDQGDUGVLQ$VLDQFRXQWULHV

E 0DNHDSUHVHQWDWLRQRI\RXUHVVD\

F :ULWHDIHZTXHVWLRQV\RXUDXGLHQFHPD\DVN\RX

G :ULWH\RXUDQVZHUVWRWKRVHTXHVWLRQV





 
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

/HVVRQ

 6DOHV
DQGSURGXFWV
1HZVSDSHULWHPV 7KH7LPHVSXOOVHYHQIXUWKHUDKHDG
 *UHHQVKRSSHUVDUHJURZLQJLQQXPEHU
 5HFRUGLQGXVWU\WXUQVILUHRQLQGLYLG
XDOSLUDF\
&RQYHUVDWLRQ 7HDFKHUDQGVWXGHQWV
7H[WV 5HWDLOHUVDQGZKROHVDOHUV
 3URGXFWOLIHF\FOH
*UDPPDU5HYLVLRQ 7KH3UHVHQW3HUIHFW7HQVH
7KH3UHVHQW&RQWLQXRXV7HQVH
$UWLFOHV
:RUGIRUPDWLRQ &RQYHUVLRQ



1HZVSDSHULWHP7KH7LPHVSXOOVHYHQIXUWKHU
DKHDG
7KH 7LPHV LV WKH PRVW VXFFHVVIXO QDWLRQDO QHZVSDSHU LQ %ULWDLQ
$YHUDJHGDLO\VDOHVKDYHULVHQE\PRUHWKDQVLQFHWKHZHHN
GD\ SULFH ZDV UHGXFHG WR S LQ 6HSWHPEHU DQ LQFUHDVH RI SHU
FHQWLQVL[PRQWKV
6DOHV LQ -DQXDU\ ZHUH XS E\ FRPSDUHG ZLWK 'HFHPEHU
7KDW VXFFHVV FRQWLQXHG ODVW PRQWK ZKHQ VDOHV LQFUHDVHG E\ DQRWKHU
²DJDLQVWDGURSRIIRUWKH'DLO\7HOHJUDSK
7KH 7LPHV LV QRZ DKHDG RI 7KH *XDUGLDQ DQG
DKHDGRI7KH,QGHSHQGHQWZKLFKQRZVHOOVIHZHUFRSLHVWKDQ
DQ\RWKHUQDWLRQDOGDLO\DQGZDVRYHUWDNHQODVWPRQWKE\WKH)LQDQ
FLDO7LPHV
$WSRQ6DWXUGD\VSOHVVWKDQWKH'DLO\7HOHJUDSK7KH7LPHV
LVWKHEHVWYDOXHZLWKWKHEHVWZULWLQJRIDQ\TXDOLW\SDSHU


 
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

'R\RXNQRZWKHVHZRUGV"
WRSXOO 7LQH9 z¹tyztjz¹mqkjz
WRSXOOGRZQ  ywéjolt¹z
WRSXOORXW  vzrjojzx¹vzy·jxzq¹
IXUWKHU 7ZB1(%19 ljsnn
DKHDG 71ZDA@9 kwnénlkwnénlq
DKHDGRIVPEVPWK  kwnénlqrvmv·nmvsqiv
VDOHV  wévlj jwévlj q
WRULVH URVHULVHQ   wvltqujzx¹
WRUHGXFH 7N3Z@FQ(O9 xvréjjzyunt¡jz
S SHQQ\SHQFH  wntxwntx€
SHUFHQW  wév|ntz
GURS  wjlntqn
RYHUWDNH RYHUWRRN  lvmtjz
RYHUWDNHQ 
TXDOLW\ 7ZGSKH3P39 rvsq·nxzkv

*UDPPDU5HYLVLRQ7KH3UHVHQW3HUIHFW7HQVH
Ïzknélqznstj¹{véuj
,KDYHUHDGLW :HKDYHUHDGLW
<RXKDYHUHDGLW
+HKDVUHDGLW 7KH\KDYHUHDGLW
6KHKDVUHDGLW
Ævwévxqznstj¹{véuj
+DYH\RXUHDGLW"
Ìzéq|jznstj¹{véuj
,KDYHQRWUHDGLW

 7UDQVODWHLQWR5XVVLDQ
:HKDYHVWXGLHGWZROHVVRQV
+DYH\RXUHDGWRGD\
VSDSHUV"
+DYH\RXHYHUUHDGWKH)LQDQFLDO7LPHV"
7KHVDOHVKDYHLQFUHDVHGVLJQLILFDQWO\WKLV\HDU

 
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

7KHVDOHVKDYHJRQHXSIRUWKHODVWIHZ\HDUV
$YHUDJHZHHNO\VDOHVRIWKLVPDJD]LQHKDYHGURSSHGGUDPDWLFDOO\
7KHSURGXFWLRQKDVEHHQXSVLQFHWKHYHU\EHJLQQLQJRIWKLV\HDU

 0DNHWKHIROORZLQJVHQWHQFHVSDVVLYHOLNHWKLV
:HKDYHGLVFXVVHGWZRSUREOHPV
7ZRSUREOHPVKDYHEHHQGLVFXVVHG
7KH\KDYHLQFUHDVHGSURGXFWLRQVLQFHWKHEHJLQQLQJRIWKH\HDU
7KHFRPSDQ\KDVLQFUHDVHGWKHSURGXFWLRQ
7ZR(XURSHDQFRXQWULHVKDYHGHFUHDVHGWKHRXWSXW
7KLVFDUWHOKDVQRWGHFUHDVHGWKHRXWSXW
7KH\KDYHSURGXFHGWZRQHZPRGHOVWKLV\HDU

 7UDQVODWHLQWR(QJOLVK
êzvwvxsnlt¹¹uvlnsÌtjéjoéjivzjtjkwév¡svumvly
Æëzvumvlywévlj qtnyknsq·qsqx
²Æwvxsnltnnkénu¹xwévxtjëzvzzvkjéotj·qznstvk€évx
²¬|nt€xtqoqsqx"
²gnt€rxv jsntqítnxtqoqsqx
ƀkqlnsqlqjméjuuyÆËÍèvxxqqojwvxsnltqnzéqmvlj"
Æ ërvtvuqrn xzéjt€ wévqov¡sq vwénlnsntt€n wvoqzqkt€n
qountntq¹

$UWLFOHV
Ijk`_`f`hhvd[kmcefw 7KH'HILQLWH$UWLFOH 
Ïwvzénis¹nzx¹vi€·tvxtjokjtq¹uqmjonzq yétjsvk

7KH7LPHV7KH7ULEXQH
Ëv k tjokjtq¹} tnrvzvé€} mjonz q  yétjsvk vwénlnsntt€p jé
zqrsuv nzi€zvwynt
)LQDQFLDO7LPHV1HZVZHHN
Íéq ywvuqtjtqq  n ëzq} mjonz q  yétjsvk jézqrs ywvzénis¹
nzx¹tvwq¡nzx¹xujsntrvpiyrk€
,KDYHQ
WUHDGWKH)LQDQFLDO7LPHVWRGD\\HW

 
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

 5HDGWKHIROORZLQJWLWOHVRIQHZVSDSHUVDQGPDJD]LQHV6D\
ZKLFK DUH (QJOLVK DQG ZKLFK DUH $PHULFDQ SD\LQJ DWWHQ
WLRQWRWKHDUWLFOHV 
7KH7LPHV 0RUQLQJ6WDU
)LQDQFLDO7LPHV 7KH,QGHSHQGHQW
7KH(FRQRPLVW 7KH1HZ<RUN7LPHV
'DLO\7HOHJUDSK 7KH2EVHUYHU
7KH*XDUGLDQ 7KH7ULEXQH
%XVLQHVV:HHN 7KH:DVKLQJWRQ3RVW
6XQGD\0LUURU 'DLO\([SUHVV
'DLO\0LUURU 'DLO\0DLO

:RUGIRUPDWLRQ&RQYHUVLRQ
Çvtknéxq¹ FRQYHUVLRQ ²vlqtqoxju€}éjxwévxzéjtntt€}
xwvxvivkxsvkvviéjovkjtq¹kjtmsqpxrvu¹o€rn
WRULVH²ULVH
wvltqujzx¹²wvl~nu
WRIDOO²IDOO
wjljz²wjlntqn

 :ULWHWKHFRUUHVSRQGLQJQRXQVDQGWUDQVODWHWKHZRUGVLQWR
5XVVLDQ
WRGURS BBBBBBBBBBBBBBBBBBB WRIRUP BBBBBBBBBBBBBBBBBBB
WRFDXVHBBBBBBBBBBBBBBBBBBB WRIXQFWLRQ BBBBBBBBBBBBBBBB
WRUHVXOWBBBBBBBBBBBBBBBBBBB WRILQLVKBBBBBBBBBBBBBBBBBBB
WRJXLGHBBBBBBBBBBBBBBBBBBB WRVWDUW BBBBBBBBBBBBBBBBBBB
WRUHSRUW BBBBBBBBBBBBBBBBBB WRTXHVWLRQ BBBBBBBBBBBBBBBB

 7UDQVODWHLQWR(QJOLVK
v|ntrj BBBBBBBBBBBBBBBBBBB v|ntqkjz BBBBBBBBBBBBBBBBB
{qtjtx€ BBBBBBBBBBBBBBBBB {qtjtxqévkjz BBBBBBBBBBBBB
é€tvrBBBBBBBBBBBBBBBBBBBB énjsqovk€kjztjé€trn BBBBB
jyr|qvt BBBBBBBBBBBBBBBBBB wévljkjzxjyr|qvtjBBBBBBBB
viovéBBBBBBBBBBBBBBBBBBBBB vivoénkjz BBBBBBBBBBBBBBBB
k€wyxr BBBBBBBBBBBBBBBBBBB k€wyxrjz BBBBBBBBBBBBBBBBB

 
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

zvémvks¹BBBBBBBBBBBBBBBBBB zvémvkjzBBBBBBBBBBBBBBBBBB
qoljtqnBBBBBBBBBBBBBBBBBBB qoljkjzBBBBBBBBBBBBBBBBBBB

 5HDG WKHVH ZRUGV IRUPHG E\ PHDQV RI FRQYHUVLRQ ZLWK D


FKDQJHRIWKHVWUHVVWUDQVODWHWKHZRUGV
WRLQ?FUHDVH²?LQFUHDVH WRSUR?GXFH²?SURGXFH
WRGH?FUHDVH²?GHFUHDVH WRWUDQV?SRUW²?WUDQVSRUW
WRH[?SRUW²?H[SRUW WRSUH?VHQW²?SUHVHQW
WRLP?SRUW²?LPSRUW WRFRQ?GXFW²?FRQGXFW

 0DUN WKH VWUHVV LQ WKH ZRUGV LQ LWDOLFV UHDG DQG WUDQVODWH
WKHVHQWHQFHV
7KHVDOHVKDYHQRWLQFUHDVHGWKLV\HDU
7KHVDOHVDUHRQDQLQFUHDVH
7KHLQFUHDVHLVQRWYHU\ELJWKRXJK
7KHSURGXFWLRQKDVGHFUHDVHGIRUWKHODVWWZR\HDUV
0DQ\HFRQRPLFQHZVSDSHUVVSRNHDERXWWKHGHFUHDVHLQH[SRUWV
1RERG\VWDWHGWKHUHDVRQRIWKLVGUDPDWLFGHFUHDVH
&RIIHHLPSRUWVKDYHLQFUHDVHGWKLV\HDU

 0DNHVHQWHQFHVSD\LQJDWWHQWLRQWRWKHSUHSRVLWLRQV
WRULVH 
WRIDOO E\«
WREHUHGXFHG WR«
DQLQFUHDVH 
DMXPS
DIDOO RI«
DGURS 
DGHFOLQH 

+DYHDQRWKHUORRNDWWKHQHZVSDSHULWHPDQG«
 :ULWH RXW DOO WKH VHQWHQFHV ZKLFK WHVWLI\ WR WKH VXFFHVV RI
7KH7LPHV
 'LYLGH HDFK FRPSOH[ DQG FRPSRXQG VHQWHQFH LQWR VLPSOH
RQHV
 7UDQVODWHWKHORQJHVWVLPSOHVHQWHQFHLQWR5XVVLDQ
 
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

 6D\ZKDWWKLVFDUWRRQVKRZV

&RQYHUVDWLRQ7HDFKHUDQGVWXGHQWV
7HDFKHU %\WKHZD\GR\RXVRPHWLPHVUHDG(QJOLVKQHZVSDSHUV"
6WXGHQW )UDQNO\ VSHDNLQJ , UHDG RQO\ WKH 0RVFRZ 7LPHV IRU P\
(QJOLVKOHVVRQVDWVFKRRO
6WXGHQW %XW,KDYHORRNHGWKURXJKDIHZ(QJOLVKQHZVSDSHUVP\
EURWKHU EURXJKW IURP 1HZ <RUN +H LV GRLQJ VRPH UH
VHDUFKZRUNDWRQHRIWKH$PHULFDQ8QLYHUVLWLHV
6WXGHQW ,KDYHDOVRUHDGDIHZQHZVSDSHUVLQ(QJOLVK7KH\ZHUH
(QJOLVK QHZVSDSHUV ,I ,
P QRW PLVWDNHQ WKH\ ZHUH WKH
)LQDQFLDO 7LPHV , ERXJKW WKHP DW WKH QHZVSDSHU VWDOOV
QHDUWKHFORVHVWXQGHUJURXQGVWDWLRQ
7HDFKHU $QGKDYH\RXHYHUUHDG7KH7LPHV"
6WXGHQW ,KDYHQHYHUVHHQWKLVQHZVSDSHUDWRXUVWDOOV
6WXGHQW 1HLWKHUKDYH,
7HDFKHU %XWLVLWDYHU\SRSXODUQHZVSDSHULQ(QJODQG"
6WXGHQW -XGJLQJE\WKLVLWHPLWUHDOO\LV
7HDFKHU $QGZKDWLGHDVUHODWLQJWRHFRQRPLFVGRHVLWLOOXVWUDWH
WR\RXUPLQG"

 
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

6WXGHQW ,WVHHPVWRPHLWLPSOLHVWKHLGHDWKDWLIDJRRGDQHZV
SDSHULQWKLVFDVHLVSRSXODUWKHGHPDQGIRULWLVJURZLQJ
6WXGHQW %HVLGHV WKH SULFH IRU VXFK D JRRG FDQ EH UHGXFHG WR DW
WUDFWPRUHUHDGHUVDQGPDLQWDLQWKHGHPDQG
6WXGHQW $QGWKHILJXUHVVKRZWKDWWKHVDOHVUHYHQXHRIWKH)LQDQ
FLDO7LPHVLVJURZLQJWRSXWLWLQWRVFLHQWLILFWHUPV

'R\RXNQRZWKHVHZRUGV"
UHVHDUFK 7N3ZO1("9 qxxsnlvkjtqnqoy·ntqn
WRMXGJH 7 6 9 xylqz
WRUHODWH 7N3ZHA3P9 vztvxqz
DJRRG  zvkjé rjrtjy·tj¹rjznmvéq¹ 
JRRGV  zvkjé € 
GHPDQG  xwévx
WRJURZ JUHZ  éjxzqyknsq·qkjzx¹
JURZQ 
WRPDLQWDLQ 7I1JZPA3J9 wvllné qkjzxv}éjt¹z
UHYHQXH 7ZNAR1JFQ(9 lv}vl € qxzv·tqrlv}vlj
UHYHQXHV  mvxyljéxzkntt€n lv}vl€
lv}vlt€nxzjzq

*UDPPDU5HYLVLRQ7KH3UHVHQW&RQWLQXRXV
7HQVH
Ïzknélqznstj¹{véuj
,DPVSHDNLQJ(QJOLVK :HDUHVSHDNLQJ(QJOLVK
<RXDUHVSHDNLQJ(QJOLVK
+HLVVSHDNLQJ(QJOLVK 7KH\DUHVSHDNLQJ(QJOLVK
6KHLVVSHDNLQJ(QJOLVK

Ævwévxqznstj¹{véuj
$UHWKHSULFHVULVLQJ"

Ìzéq|jznstj¹{véuj
7KHSULFHVDUHQRWULVLQJ


 
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

 7UDQVODWHLQWR(QJOLVK
gnt€tjëzvzzvkjééjxzyzkxzéjtj}ckévwnpxrvmvfvíoj"
Çjrx·qzjnzjkzvéëzvpxzjzq|nt€wvxzv¹ttvxtq jízx¹
fyl¹wvëzvpqt{véuj|qqwévqokvlxzkvi€xzévéjxznz
ƀqoy·jnznkrvssnl nërvtvuqrynkévwnpxrq}xzéjt"
Çjryíërvtvuq·nxryíznuyk€xnp·jxqoy·jnzn"

 0DNHWKHIROORZLQJVHQWHQFHVSDVVLYHOLNHWKLV
7KH\DUHPDLQWDLQLQJWKHGHPDQG=
7KHGHPDQGLVEHLQJPDLQWDLQHG
7KH\DUHULVLQJSULFHV
:HDUHGRLQJVRPHUHVHDUFKZRUNQRZ
7KHFRPSDQ\LVVWHDGLO\LQFUHDVLQJWKHLUVDOHVUHYHQXH
7KHH[SHUWVDUHGLVFXVVLQJWKLVSUREOHPQRZ
:HDUHFRPSDULQJWKHVHWZRILJXUHV
7KHVWXGHQWVDUHSUHSDULQJUHSRUWVIRUWRPRUURZ

$UWLFOHV
 :ULWHVLPLODUSKUDVHV
(QJOLVK²WKH(QJOLVKODQJXDJH²+HLVOHDUQLQJ(QJOLVK
+HLVUHDGLQJWKHVHDUWLFOHVLQ(QJOLVK
6FRWWLVK )UHQFK
:HOVK *HUPDQ
,ULVK 6SDQLVK
,WLVDQ(QJOLVKQHZVSDSHU²,WLV\HVWHUGD\
VQHZVSDSHU²
7KHQHZVSDSHUVDLGVR
(QJOLVKMRXUQDO ,WDOLDQQHZVSDSHU
(QJOLVKPDJD]LQH 3RUWXJXHVHPDJD]LQH
$VLDQQHZVSDSHU -DSDQHVHMRXUQDO

 7UDQVODWHLQWR(QJOLVK
êzvojéyin tvnqoljtqn
ƀ·qzjnznk·néj¡tqptvunémjonz€©êrvtvuqrjq qotª"
Æ yétjsnvzun·jnzx¹·zvnmvkrsjlkërvtvuqryotj·qznsnt
¬kzvéxzjzqwq¡nz·zvnmvx·qzjízvxtvkjznsnuëzvpznvéqq
Æxzjznvi~¹xt¹ízx¹vxtvkt€nwéq·qt€ëzvmv¹ksntq¹
 
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

6WXG\VHQWHQFHSDWWHUQV
²,KDYHQHYHUVHHQWKLVQHZVSDSHU
²1HLWKHUKDYH,

 7UDQVODWHWKHIROORZLQJSDLUVRIWKHVHQWHQFHVLQWR5XVVLDQ
DQGPDNHDIHZVLPLODURQHV
,KDYHQHYHUUHDGWKLVQHZVSDSHU
²1HLWKHUKDYH,
,GLGQRWUHDGDQ\QHZVSDSHUV\HVWHUGD\
²1HLWKHUGLG,
,VKDOOQRWUHDGWKLVERRN
²1HLWKHUVKDOO,
,KDYHQ
WFRPSOHWHGWKHZRUN
²1HLWKHUKDYH,
,FDQQRWVSHDN)UHQFK
²1HLWKHUFDQ,
,VKDQ
WEHDEOHWROHDUQWKHVHWHUPV
²1HLWKHUVKDOO,

:RUNRQWKHZRUGV
WRGR²WRPDNH

 0DNHVHQWHQFHVZLWKWKHVHZRUGFRPELQDWLRQV
 ZRUN  SURJUHVV
 UHVHDUFKZRUN  DUHSRUW
WUDQVODWLRQ DPLVWDNH
WRGR WRPDNH
DQH[HUFLVH DQDO\VLV
OHVVRQV DFKDQJH
KRPHZRUN DWUDQVIHURIIXQGV

 7UDQVODWHLQWR(QJOLVK
²ƀy nxlnsjsqkxíéjivzy"
²Ënz¹lyují·zvkxnxlnsjízvsrvtjxsnlyínptnlnsn
²¬rjryíéjivzyk€k€wvst¹nznxnp·jx"

 
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

² ‰ lnsjí wnénkvl v·nt ivs¡vp xzjzq wv uqrévërvtv


uqrnxjtmsqpxrvmvtjéyxxrqpËvwnénkvlqlnzv·ntunlsnt
tv¹tn}v·ylnsjzv¡qivr

+DYHDQRWKHUORRNDWWKHFRQYHUVDWLRQDQG«
 $QVZHUWKHVHTXHVWLRQV
  $ERXWZKDWGLGWKHWHDFKHUDQGVWXGHQWVVSHDN"
  :KDWGLGWKHVWXGHQWVVD\DERXWUHDGLQJQHZVSDSHUV"
  :KDWGLGWKH\VD\DERXWWKHSRSXODULW\RI7KH7LPHV"
  :LWK ZKDW HFRQRPLF QRWLRQ GLG WKH\ FRQQHFW WKH SRSXODULW\
RIWKHQHZVSDSHU"

 5HDGWKHTXHVWLRQVSD\LQJDWWHQWLRQWRWKHLQWRQDWLRQ
­
'R\RXVRPHWLPHVUHDG(QJOLVK QHZVSDSHUV"
­
+DYH\RXHYHUUHDG7KH 7LPHV"
­
,VLWDYHU\SRSXODUQHZVSDSHULQ (QJODQG"
®
:KDWLGHDVGRHVLW LOOXVWUDWH"

 5HDGWKHIROORZLQJSD\LQJDWWHQWLRQWRWKHVRXQG>"@
IUDQNO\VSHDNLQJ UHODWLQJWRHFRQRPLFV
MXGJLQJE\WKLVLWHP WKHGHPDQGLVJURZLQJ
KHLVGRLQJVRPHZRUN WKHVDOHVUHYHQXHLVJURZLQJ

 D 5HDGDOOWKHVHQWHQFHVWKHVWXGHQWVVDLGLQWKDWFRQYHUVDWLRQ
E (QDFWDVLPLODUFRQYHUVDWLRQ

 7UDQVODWH WKH GHVFULSWLRQ RI DQ HFRQRPLF WHUP DQG JXHVV
ZKDWWKHWHUPLV
« ² LV WKH LQFRPH JHQHUDWHG IURP WKH VDOH RI JRRGV DQG VHUYLFHV ,W
GHSHQGVXSRQWKHYROXPHRIDSURGXFWVROGDQGWKHSULFHRIWKHSURGXFW

7HUPV VDOHVWD[
  VDOHVUHYHQXH
  VDOHVUHSUHVHQWDWLYH

 
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

7H[W5HWDLOHUVDQGZKROHVDOHUV
$OO WKH ILUPV FDQ EH JURXSHG LQWR ZKROHVDOHUV DQG UHWDLOHUV 7KH
ILJXUHEHORZVKRZVKRZWKH\ILWLQWRWKHYDULRXVVWDJHVLQWKHSURGXF
WLRQRIFKRFRODWH
7KH ZKROHVDOHU EX\V JRRGV LQ EXON IURP SURGXFHUV DQG VHOOV WKHP LQ
VPDOOTXDQWLWLHVWRUHWDLOHUV,QGRLQJVRKHKHOSVSURGXFWLRQUHOLHYHVPDQX
IDFWXUHUVDQGUHWDLOHUVRIWKHULVNRIDIDOOLQGHPDQGHJIDVKLRQFKDQJHV
7KHKROGLQJRIVWRFNVLVLQLWVHOIDYDOXDEOHHFRQRPLFIXQFWLRQHYHQLQJRXW
SULFHVUHVXOWLQJIURPWHPSRUDU\FKDQJHVLQGHPDQGDQGVXSSO\
3URGXFHUV
0DUV  5RZQ  &DGEXU\  7HUU\
WUHH
      
      
  :+2/(6$/(5  
      
      
-RQHV  6PLWK  %URZQ  *UHHQ
 5HWDLOHUV

'R\RXNQRZWKHVHZRUGV"
UHWDLOHU 7N3ZPA3H19 évotq·t€pzvémvkn|
$UHWDLOHULVD  èvotq·t€p zvémvkn| ²
WUDGHVPDQZKRVHOOV ëzv zvémvkn| zvkjévu k
E\UHWDLO évotq|y
ZKROHVDOHU 7ZDKQH<OA3H19 vwzvk€pzvémvkn|
WRILW  xvvzknzxzkvkjz mvlqz
x¹
WREX\ ERXJKW 7>=3>K(P9 wvrywjz
ERXJKW 
WRVHOO VROGVROG   wévljkjz
LQEXON  myézvutjkjsvukujxxn
TXDQWLW\ 7ZGSKJP3P39 rvsq·nxzkv
WRUHOLHYHVPERI 7N3ZH3(R9 vxkviv ljz rvmvsqiv
VPWK vz·nmvsqiv

 
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

VXSSO\ 7O1ZLH=39 wénlsv ntqn


VXSSOLHV  ojwjx € 
WRKROG KHOGKHOG   lné jzwévkvlqz
VWRFNV  ojwjx€
WHPSRUDU\ 7ZPAIL1N1N39 kénuntt€p

:RUNRQWKHZRUGVDQGSDWWHUQV
5HDGWKHVHJURXSVRIZRUGVDQGWUDQVODWHWKHPLQWR5XVVLDQ
WRVHOO²VHOOHU²VDOH²VDOHV²VDOHVPDQ
ZKROHVDOH ² ZKROHVDOHV ² ZKROHVDOH EXVLQHVV ² ZKROHVDOH SULFH
²ZKROHVDOHGHDOHU²ZKROHVDOHU
UHWDLOEXVLQHVV²UHWDLOSULFH²UHWDLOGHDOHU²UHWDLOHU

 &RPELQHWZRVHQWHQFHVXVLQJDQGLQGRLQJVRDVLQWKHH[
DPSOH
7KHZKROHVDOHUEX\VJRRGVLQEXON,WKHOSVSURGXFWLRQ=
7KHZKROHVDOHUEX\VJRRGVLQEXONDQGLQGRLQJVRKHKHOSV
SURGXFWLRQ

  7KHZKROHVDOHUEX\VJRRGVLQEXON,WUHOLHYHVWKHPDQXIDFWXUHU
RIYDULRXVULVNV
  7KHZKROHVDOHUVHOOVJRRGVLQVPDOOTXDQWLWLHVWRUHWDLOHUV,WKHOSV
UHWDLOEXVLQHVV
  7KHZKROHVDOHUVHOOVJRRGVLQVPDOOTXDQWLWLHVWRUHWDLOHUV,WUH
OLHYHVWKHUHWDLOHURIYDULRXVULVNV

 0DNH VHQWHQFHV DQG WUDQVODWH WKHP LQWR 5XVVLDQ SD\LQJ


DWWHQWLRQWRWKHZRUGWRUHVXOW
 LQGHPDQG
LQVXSSO\
,WUHVXOWHGIURP LQEXVLQHVV
WKHFKDQJHV RQWKHPDUNHW
DWWKHH[FKDQJH
 KLJKHUSULFHV
,WUHVXOWHGLQ KLJKHUUDWHVRIXQHPSOR\PHQW
EHWWHUZRUNLQJFRQGLWLRQV
GLYHUVLILHGH[SRUWV

 
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

5HYLVH*UDPPDU

 ,QVHUWWKHFRUUHFWDUWLFOHV
7KHKROGLQJRIVWRFNVLV«YDOXDEOHIXQFWLRQ
7KLVILUPLVZKROHVDOHU
7KLVFRPSDQ\LVUHWDLOHU
7KH\VSHFLDOL]HLQUHWDLOEXVLQHVV
7KHLU UHWDLO EXVLQHVV LV DVVRFLDWHG ZLWK WKH ULVN RI   IDOO LQ GH
PDQG
,WLVYDOXDEOHIXQFWLRQHYHQLQJRXWSULFHV
,WLVYDOXDEOHIXQFWLRQPLQLPL]LQJULVNV

+DYHDQRWKHUORRNDWWKHWH[WDQG«
 :ULWHGRZQDIHZVKRUWVHQWHQFHVGHILQLQJWKHWHUPZKROH
VDOHUDQGWUDQVODWHWKHPLQWR5XVVLDQ

 &RPSDUH\RXUGHILQLWLRQZLWKWKHIROORZLQJRQH
:KROHVDOHUV ² LQWHUPHGLDULHV EHWZHHQ SURGXFHUV DQG UHWDLOHUV
7KHPDLQIXQFWLRQVRIZKROHVDOHUVDUHEUHDNLQJEXON EX\LQJLQODUJH
SDFNDJHVDQGVHOOLQJLQVPDOOHURQHV ZDUHKRXVLQJGHOLYHU\DQGWKH
SURYLVLRQRIFUHGLW

 $QVZHUWKHVHTXHVWLRQVEDVHGRQWKHILJXUH
  ,VWKHQDPHRIWKHZKROHVDOHUJLYHQLQWKHILJXUH"
  $UH0DUV&DGEXU\DQGWKHRWKHUVSURGXFLQJFRPSDQLHV"
  +DYH\RXPHWWKHLUQDPHVHDUOLHU"
  :KDWGR\RXNQRZDERXWWKHPLIDQ\WKLQJ"
  :KRDUHWKHUHWDLOHUVRIFKRFRODWH"
  $UHWKHVHWKHSURSHUQDPHVRIWKHUHWDLOHUV"
  'R\RXWKLQNWKH\VHOORQO\FKRFRODWHLQWKHLUVKRSV"


 
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

7H[W3URGXFWOLIHF\FOH



$VWKHDERYHILJXUHVKRZVSURGXFWOLIHF\FOHFRQVLVWVRIIRXUPDLQ
SKDVHV
D SURGXFW ODXQFKLQWURGXFWLRQ ZKLFK IROORZV WKH VXFFHVVIXO GH
YHORSPHQWRIDQHZSURGXFWDQGLWVQDWLRQDOODXQFK
E SURGXFWJURZWKSKDVHZKHUHWKHSURGXFWJDLQVPDUNHWDFFHS
WDQFHDQGVDOHVJURZUDSLGO\DVWKHSURGXFWUHDFKHVWKHPDVV
PDUNHW
F SURGXFW PDWXULW\VDWXUDWLRQ ZKHUH VDOHV DUH ODUJHO\ OLPLWHG WR
UHSHDWSXUFKDVHVE\H[LVWLQJFXVWRPHUV
G SURGXFW GHFOLQH ZKHUH VDOHV EHJLQ WR GHFOLQH DV FRQVXPHU
WDVWHVFKDQJHRUVXSHULRUSURGXFWVDUHODXQFKHG
0RVWFRPSDQLHVPDUNHWDQXPEHURIGLIIHUHQWSURGXFWVDQGPXVW
IRUPXODWHDSURGXFWUDQJHVWUDWHJ\SURYLGLQJIRUDUHJXODWHGSURFHVV
RI QHZ SURGXFW ODXQFKHV :KLOH ROGHU SURGXFWV OLNH $ LQ WKH ILJXUH
UHDFKPDWXULW\QHZSURGXFWVOLNH%DUHJURZLQJ



'R\RXNQRZWKHVHZRUGV"
ODXQFK 7HK(J"9 k€wyxr zvkjéjtjé€tvr 
UDSLGO\  i€xzév
PDWXULW\ 7I1ZPFQ(N3P39 oénsvxzojkné¡nttvxz
SXUFKDVH 7ZL1("1O9 wvrywrj

 
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

WRGHFOLQH  wjljzxvréjjzx¹
WRSURYLGHIRUVPWK  wénlyxujzéqkjz·zvsqiv

:RUNRQWKHZRUGV
 5HDGDQGWUDQVODWHWKHVHZRUGV
F\FOH VDWXUDWLRQ LQWURGXFWLRQ
ILJXUH VWUDWHJ\ VXFFHVVIXOO
SKDVH VXSHULRU QDWLRQDO
SURGXFW LQIHULRU FXVWRPHU

 :ULWHDQGWUDQVODWHWKHFRUUHVSRQGLQJYHUEV
ODXQFK LQWURGXFWLRQ PDWXULW\
SXUFKDVH GHYHORSPHQW PDUNHW
GHFOLQH H[LVWHQFH WUDGH

 7UDQVODWHLQWR5XVVLDQ
WRJDLQPDUNHWDFFHSWDQFH DFWLYHPDUNHW
WRUHDFKWKHPDVVPDUNHW EODFNPDUNHW
WRPDUNHWSURGXFWV KRPHPDUNHW

 +DYHDORRNDWWKHDERYHWH[WDQGWUDQVODWHLQWR(QJOLVK
vinxwn·qkjzénmysqéynu€pwév|nxx
k€éjijz€kjzxzéjznmqívéqntzqéy¹xtjk€wyxrjnuyíwév
lyr|qí
qxw€z€kjz vwénlnsntt€n vméjtq·ntq¹ qooj zvmv ·zv wv
rywrq lnsjízx¹ y n xsv qk¡qux¹ r zvuy uvuntzy rvtzqtmnt
zvuwvrywjznsnp
xsnlvkjzojyxwn¡t€uxvoljtqnutvkvmvwévlyrzj

 7UDQVODWHWKHODVWSDUDJUDSKRIWKHWH[W

 
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

1HZVSDSHULWHP*UHHQVKRSSHUVDUHJURZLQJ
LQQXPEHU
:KHQ3KLOLSVSURGXFHGLWVILUVWHFRIULHQGO\OLJKWEXOELWKDGKLJK
KRSHV IRU WKH SURGXFW ZKRVH WHFKQRORJ\ PHDQW LW XVHG SHU FHQW
OHVVHQHUJ\WKDQLQFDQGHVFHQWEXOEV6DOHVIDLOHGWRWDNHRIIKRZHYHU
XQWLOWKH&DOLIRUQLDQHQHUJ\FULVLVKLW
7KH FRPSDQ\ UHGHVLJQHG WKH SURGXFW ² ZLWK D VWDQGDUG VFUHZ
EDVHDQGDWUDGLWLRQDOJODVVEXOEVKDSHLQVWHDGRIXQRUWKRGR[ORRNLQJ
WXEHV,WFKDQJHGWKHQDPHIURP(DUWKOLJKWWR0DUDWKRQDQGSOD\HG
GRZQ WKH HQYLURQPHQWDOO\ IULHQGO\ DVSHFWV RI WKH EXOE VWUHVVLQJ LWV
ORQJHUOLIH6DOHVWRRNRIILPPHGLDWHO\
7KH VWRU\ VKHGV OLJKW RQ FRQVXPHU DWWLWXGHV WR HQYLURQPHQWDOO\
IULHQGO\SURGXFWV:KLOHJUHHQVKRSSHUVDUHJURZLQJLQQXPEHUWKH\
UHPDLQDQLFKHRI\RXQJHUDIIOXHQWEX\HUV0RVWDUHQRWSUHSDUHGWR
EX\JUHHQSURGXFWVXQOHVVWKH\DUHVXSHULRUDQGFKHDSHU&RQVXPHUV
DUH PRUH LQIOXHQFHG E\ WKH LPDJH WKH\ KDYH RI FRPSDQLHV WKDQ WKH
LQGLYLGXDOJRRGVWKH\EX\
$ 86 PDUNHW UHVHDUFK FRPSDQ\ IRXQG WKDW RQO\ SHU FHQW RI
SDUWLFLSDQWVKDGUHFHQWO\ERXJKWDSURGXFWEHFDXVHWKHODEHOFODLPHG
LWZDVHQYLURQPHQWDOO\VDIHRUELRGHJUDGDEOH

1RWH EXOE²sjuwv·rj
 VFUHZ²kqtz

 +DYHDORRNDWWKHLWHPDQGWUDQVODWHLQWR(QJOLVK
Ìi~nuwévlj tnyknsq·qsx¹
Ìi~nuwévlj xéjoyyknsq·qsx¹
èjoéjoqsx¹ëtnémnzq·nxrqpréqoqx
Çvuwjtq¹qountqsjlqojptëzvmvzvkjéj
Çvsq·nxzkv wvzéniqznsnp ërvsvmq·nxrq ·qxz€} vkvnp q
{éyrzvkéjxznz
Ëj wvzéniqznsnp ivs¡n ksq¹nz tjquntvkjtqn rvuwjtqq
qomvzvkqzns¹
vztv¡ntqnwvzéniqzns¹rërvsvmq·nxrq·qxz€uwévlyrzju
utvmv·qxsntt€nwvrywjznsq

 &KRRVHRQHSDUDJUDSKRIWKHLWHPZKLFK\RXILQGPRVWLP
SRUWDQWDQGWUDQVODWHLWLQWR(QJOLVK-XVWLI\\RXUFKRLFH

 
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»


1HZVSDSHULWHP5HFRUGLQGXVWU\WXUQVILUH
RQLQGLYLGXDOSLUDF\
7KH86UHFRUGLQJLQGXVWU\VWUXJJOLQJWRFRPEDWGHFOLQLQJPXVLF
VDOHVLVFRQVLGHULQJOHJDODFWLRQDJDLQVWLQGLYLGXDOVZKRLQWHQWLRQDOO\
DOORZPDVVFRS\LQJRIPXVLFIURPWKHLUFRPSXWHUV
8QWLO QRZ WKH 5HFRUGLQJ ,QGXVWU\ $VVRFLDWLRQ RI $PHULFD
5,$$  ZKLFK UHSUHVHQWV WKH FRPSDQLHV UHVSRQVLEOH IRU SHU FHQW
RIDOOVRXQGUHFRUGLQJVVROGLQWKH86KDVFRQFHQWUDWHGRQ
SHHUWR
SHHU
 VHUYLFHV VXFK DV 1DSVWHU DQG $XGLRJDOD[\ WKDW DOORZ ILOH
VZDSSLQJ
%XWWKH5,$$LVQRZFDQYDVVLQJLWVPHPEHUVWRVHHLIWKHUHLVDQ
DSSHWLWH WR ILOH VXLWV DJDLQVW LQGLYLGXDOV ZKR RIIHU WKH ODUJHVW ERDUGV
RIVRQJVRQSHHUWRSHHUVHUYLFHV
$W WKH VDPH WLPH WKH 5,$$ LV FDPSDLJQLQJ IRU WKH 'HSDUWPHQW
RI -XVWLFH WR GR PRUH WR FUDFN GRZQ RQ WKRVH ZKR RIIHU ODUJH
DPRXQWV RI PXVLF RQ SRSXODU SHHUWRSHHU QHWZRUNV VXFK DV 0RU
SKHXVZKLFKKDYHILOOHGWKHYRLGOHIWE\WKHFORVXUHRI1DSVWHU

D 5HWHOOWKHLWHP
E $QVZHUWKHVHTXHVWLRQV
  :KDW GR \RX NQRZ DERXW WKH FRPSDQLHV PHQWLRQHG LQ WKH
LWHP"
  :KDWLVWKHLGHDRISHHUWRSHHUVHUYLFHV"
  'RHV5XVVLDUHFRUGLQJLQGXVWU\IDFHSLUDF\SUREOHPV"
  :KDWLVEHLQJGRQHWRFRPEDWWKHSUREOHP"
  $UHGHFOLQLQJVDOHVDWWKHERWWRPRIWKHSUREOHP"

F /RRNWKURXJKWKHPDWHULDORIWKLVOHVVRQDQGZULWHDQHVVD\
:KDWHIIRUWVGRFRPSDQLHVPDNHWRFRPEDWGHFOLQLQJVDOHV"

 
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

/HVVRQ

 3HRSOH
DQGHFRQRP\
'LDORJXH $VWRFNEURNHU
$QQRWDWLRQ (FRQRPLFVDQG&XOWXUH
7H[WV 7KHHFRQRP\
 (FRQRPLFDFWLYLW\DQGEXVLQHVVF\FOH
 (FRQRPLFPDQ
1HZVSDSHULWHP (XUR]RQHHFRQRPLFJURZWKWRVORZLQ
VHFRQGKDOI
*UDPPDU5HYLVLRQ 7KH3DVW3HUIHFW7HQVH
 0RGDOYHUEV
 7KH3DVW&RQWLQXRXV7HQVH
 $UWLFOHV
:RUGIRUPDWLRQ 6XIIL[HVRIDGMHFWLYHV


'LDORJXH;VWRFNEURNHU
2QFHDWDQLQIRUPDOSDUW\WZRSRVWJUDGXDWHV $DQG% ZKRKDGQRW
PHW IRU UDWKHU D ORQJ WLPH ZHUH VSHDNLQJ DERXW WKHLU XQLYHUVLW\ PDWHV
DQGIULHQGV
$ )UHGLVUHPDUNDEOH7KHUHLVQ
WPXFKKHGRHVQ
WNQRZ
% ,WKLQNLW
VKLVQDWXUDOFXULRVLW\+HZDQWVWRNQRZHYHU\
WKLQJ +H GRHVQ
W MXVW VFUDWFK WKH VXUIDFH HLWKHU +H
UHDOO\JHWVWRWKHERWWRPRIWKLQJV
$ 'R\RXNQRZZKDWKHH[SODLQHGWRPHWRGD\"7KHLQV
DQGRXWVRIWKHVWRFNPDUNHW+HNQRZVDOODERXW:DOO
6WUHHW²DOOWKHVHVWRFNVVKDUHVVWRFNH[FKDQJHTXRWD
WLRQVDQGZKDWQRW
% ,VKHDVWRFNEURNHU"
$ ,I,
PQRWPLVWDNHQKHLV
% , KDYH WR FRQIHVV VRPHWKLQJ , GLGQ
W WKLQN PXFK RI
)UHGDWILUVW

 
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

$ ,XQGHUVWDQG+H
VYHU\TXLHW+HGRHVQ
WPDNHDJRRG
ILUVWLPSUHVVLRQ%XWKHJURZVRQ\RXDIWHUDZKLOH
% +H
V D IDU FU\ IURP KLV EURWKHU 3HWH WDONV DOO WKH WLPH
DQGGRHVQ
WVD\DQ\WKLQJHLWKHU
$ 7KHUHDUHWRRPDQ\3HWHVLQWKHZRUOG
% $QGQRWHQRXJK)UHGV

'R\RXNQRZWKHVHZRUGV"
VWRFNEURNHU 7ZOPKG<>NKQG19 {vtlvk€piévrné ·snt {vt
lvkvp iqé q ojtqujíqpx¹
vwnéj|q¹uqwvwvéy·ntqírsqnt
zvkqojrvuqxxqvttvnkvotjméj 
lntqn 
PDWH  zvkjéqxvryéxtqr
FXULRVLW\ 7<GFQ1N3ZKO3P39 síivw€zxzkv
WR VFUDWFK WKH  vztvxqzx¹ r ·nuysqiv
VXUIDFH wvkné}tvxztv
ERWWRP  ltvxyz
WRJHWWRWKH  lvpzq lv xyzq kvwévxj
ERWWRPRI wvt¹z·zvr·nuy
WKLQJV
WKHLQVDQGRXWV  kxnlnzjsqqwvlévitvxzq
VWRFNPDUNHW  {vtlvk€pé€tvr
VWRFNV  jr|qvtnét€prjwqzjs
VKDUHV  jr|qq
H[FKDQJH 73GOZ"A3J 9 iqé j
DW WKH H[  tjiqé n
FKDQJH
VWRFNH[FKDQJH  {vtlvkj¹iqé j
FRPPRGLW\ H[  zvkjétj¹iqé j
FKDQJH
TXRWDWLRQ 7GS1QZPA3J9 rvzqévkrj |nt€ ryéxj
xzjkrq 
WRJURZRQVPE  téjkqzx¹ kxn ivs¡n q
ivs¡n
D IDU FU\ IURP  ivs¡j¹ éjotq|j x« ljsn
VPWKVPE rvtn«

 
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

*UDPPDU5HYLVLRQ7KH3DVW3HUIHFW7HQVH
Ïzknélqznstj¹{véuj
,KDGUHDGLW  :HKDGUHDGLW
 <RXKDGUHDGLW 
+HKDGUHDGLW  7KH\KDGUHDGLW
6KHKDGUHDGLW  

Ævwévxqznstj¹{véuj
+DG\RXUHDGLW"

Ìzéq|jznstj¹{véuj
,KDGQRWUHDGLW

 7UDQVODWHLQWR5XVVLDQ
7KHSULFHVKDGGHFUHDVHGE\WKDWWLPH
7KH\ GLG QRW LQFUHDVH VDOHV EHFDXVH WKH SURGXFWLRQ KDG GURSSHG
E\SHUFHQW
:HPDQDJHGWRPDLQWDLQWKHGHPDQGDVZHKDGVWXGLHGWKHPDU
NHWWKRURXJKO\
7KHUHYHQXHJUHZDVWKHH[SRUWVKDGLQFUHDVHGVLJQLILFDQWO\
,ZDQWHGWRUHDGWKLVMRXUQDO,KDGQHYHUUHDGDQ$PHULFDQMRXU
QDORUPDJD]LQH
,SODQQHGWRYLVLWWKLVWRZQODVW-XQH,KDGQHYHUEHHQWKHUHEHIRUH

 7UDQVODWHLQWR(QJOLVK
êrxwvézëzq}zvkjévkkvoévxzjrrjrxwévxénorvyknsq·qsx¹
Ìwzvkqrq }vznsq yknsq·qz ojrywrq Æxn ojwjx€ r ëzvuy
kénuntqvtqy nwévljsq
Ê} évotq·tj¹ zvémvks¹ xvréjzqsjx qooj zvmv ·zv vtq oj
ré€sqxju€pivs¡vpujmjoqt
djwjx€yunt¡qsqxzjrrjrkxnrvtzéjrz€i€sqk€wvstnt€
Íén ln ·nu wnénkvlqz ivs¡yí xzjzí wv ërvtvuqrn vt
rywqstnxrvsrvtvk€}xsvkjénpwvëzvpznujzqrn

 8VHWKHULJKWYHUELQ3DVW3HUIHFW3DVVLYHDQGWUDQVODWHWKH
VHQWHQFHV

 
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

7KH\VROGWKLVFDUZKHQDOOWKHRWKHUFDUV« 
:H GLVFXVVHG WKLV SUREOHP ZKHQ WKH SURGXFWLRQ WRVHWWOH
SUREOHP« WRRUJDQL]H
:HODXQFKHGWKHSURGXFWRQWKLVPDUNHWZKHQSURSHU WRH[SRUW
DGYHUWLVLQJ« WRVHOORXW
WRSUHSDUH
:HGLGQ
WNQRZZKDWWRGR1RERRNRQWKLVLVVXH«
WRSXEOLVK
,FRXOGQ
WEX\WKLVPDJD]LQHLW« 
,KHOSHGKLPZLWKWKHGRFXPHQWV7KH\«E\WKDWWLPH



:RUNRQWKHZRUGV
 zv nzjr n 
WRR  HLWKHU
kyzknélqznst€}q  kvzéq|jznst€}
kvwévxqznst€} wénlsv ntq¹}
wénlsv ntq¹}

 8VHWRRRUHLWKHUDQGWUDQVODWHWKHVHVHQWHQFHV
,OLNHWKLVILOP«
,KDYHQ
WGRQHWKLVH[HUFLVH«
7KH\SURYLGHGIRUDUHJXODWHGSURFHVVRIQHZSURGXFWODXQFKHV«
6DOHVKDGEHJXQWRGHFOLQH«
6DOHVJUHZUDSLGO\DVWKHSURGXFWKDGUHDFKHGWKHPDVVPDUNHW«
0RVWFRQVXPHUVDUHQRWSUHSDUHGWREX\WKHVHJRRGV«
7KHODEHOGLGQRWVD\WKHSURGXFWZDVELRGHJUDGDEOH«

 7UDQVODWHLQWR(QJOLVK
êzjmjonzjzv nwqxjsjvwévqokvlxzknwqéjzxrq}okyrvojwqxnp
Çvuwjtq¹ zjr n k€wyxzqsj ivs¡vn rvsq·nxzkv rvuwjrz
lqxrvk
Ìtqzv ni€sqtnlvkvst€rj·nxzkvuwvxzjksnttvmvzvkjéj
΀zv ntnxuvmsqxlnsjzëzvzwnénkvl
‰zv ntqrvmljtni€kjsjkëzq}unxzj}


 
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»


 HQRXJK 
HQRXJKWLPH  FOHYHUHQRXJK
wnénlxynxzkq  ZHOOHQRXJK
znst€uq  wvxsnwéqsjmjzns
t€}qtjén·qp

 7UDQVODWHLQWR5XVVLDQ
$YHUDJHGDLO\VDOHVZHUHQRWKLJKHQRXJK
7KHLQFUHDVHRISURGXFWLRQZDVQRWELJHQRXJKHLWKHU
7KHUHWDLOHUVGLGWKHLUEXVLQHVVLQWKHUHJLRQZHOOHQRXJK
:HKDGHQRXJKLQIRUPDWLRQRQWKLVUHVHDUFKZRUNRIWKHVFLHQWLVWV
7KHUHDUHHQRXJKUHDGHUVLQWHUHVWHGLQWKLVNLQGRIERRNV
7KHQHZVSDSHUKDGEHHQSRSXODUHQRXJKEHIRUHWKHEHJLQQLQJRI
WKLVFHQWXU\

 7UDQVODWHLQWR(QJOLVK
Ìtqk€évkt¹sq|nt€lvxzjzv·tvi€xzév
djkvlqunslvxzjzv·tvojwjxvkx€é¹qwvsy{jiéqrjzvk
bqjméjuuji€sjlvxzjzv·tv·nzrvpqwvt¹ztvp
Ê} xzéjznmq¹ wvknlntq¹ tj é€trn i€sj lvxzjzv·tv vivxtv
kjtj
Çvuwjtq¹ qountqsj lqojpt xkvnmv tvkvmv wévlyrzj lvxzj
zv·tvi€xzév

 0DWFKWKH(QJOLVKDQG5XVVLDQHTXLYDOHQWV
VWRFNEURNHU jmntz wv vwnéj|q¹u x tnlkq quv
xzí
IRUHLJQH[FKDQJHEURNHU ujrsnétjlntn tvué€trn
JUDLQEURNHU jmntz wv wvrywrn q wévlj n qtv
xzéjttvpkjsíz€
LQVXUDQFHEURNHU iévrné{vtlvkvpiqé q
PRQH\EURNHU iévrnéwvwévlj nqwvrywrnonétj
UHDOHVWDWHEURNHU ujrsnéwv{éj}zvkjtqíxylvk
VKLSSLQJEURNHU xzéj}vkvpujrsné


 
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

 &RPSOHWHWKHVHQWHQFHVE\XVLQJWKHZRUGVIURPWKHGLDORJXH
)UHGH[SODLQHGWRPHWKHRIWKHVWRFNPDUNHW
+HNQRZVDOODERXW:DOO6WUHHW²DOOWKHVHDQGZKDWQRW
,I,
PQRWPLVWDNHQKHLVD
+HLVUHPDUNDEOH7KHUHLVQ
WPXFK
+HMXVWGRHVQ
WVFUDWFK
+HZDQWVWRJHWWR
,WKLQNLW
VDOVRKLVQDWXUDO

 5HDGWKHVHSKUDVHVSD\LQJDWWHQWLRQWRWKHVRXQG>U@
WKHUHLVQ
WPXFK WKHUHDUHWRRPDQ\ DIWHUDZKLOH
WKHUHLVQRZRUG WKHUHDUHDIHZ DIWHU$SULO
WKHUHLVDSUREOHP WKHUHDUHQRSHRSOH EHIRUH$SULO
WKHUHLVDJRRGLGHD WKHUHDUHQRWPDQ\SHRSOH EHIRUHH[DPV

 5HDGWKHVHVHQWHQFHVSD\LQJDWWHQWLRQWRWKHLQWRQDWLRQ
­ ®
'R\RXNQRZZKDWKH VDLG" +RZKDGKHGRQH WKDW"
'R\RXNQRZKRZKHH[SODLQHGLW" :KRVSRNHEHIRUH$QQ"
,VKHDVWRFNEURNHUWRR" :KHQGLGWKHWZRVSHDN"
$UHWKHUHDQ\TXHVWLRQV" $ERXWZKDWGLGWKH\VSHDN"

 5HSHDWZKDWFRPSOLPHQWVWKHWZRIULHQGVSDLGWR)UHG
D :ULWHRXWWKHVHQWHQFHVZKLFKWKHIULHQGVVDLGDERXW
  )UHG
VZHDNSRLQWV
  KLVEURWKHU

E (QDFWWKHGLDORJXHRIWKHWZRIULHQGV

F $QVZHUWKHVHTXHVWLRQV
  'LG\RXOLNHWKHWDONRIWKHWZRIULHQGV"
  'LGWKH\VRXQGOLNHWZRFKDWWHUER[HV"
  :K\GR\RXWKLQNWKH\VSRNHVRORQJDERXW)UHG"
  +DYH\RXPHWSHRSOHOLNHKLP"
  'R \RX NQRZ DQ\ VWRFNEURNHUV RU SHRSOH ZRUNLQJ DW H[
FKDQJHVSHUVRQDOO\"
  :KDWGR\RXWKLQNDERXWWKHLUZRUN"

 
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

$QQRWDWLRQRIWKHERRN(FRQRPLFVDQG&XOWXUH
'DYLG7KURVE\
0DFTXDULH8QLYHUVLW\6\GQH\

,Q DQ LQFUHDVLQJO\ JOREDOLVHG ZRUOG HFR
QRPLF DQG FXOWXUDO LPSHUDWLYHV FDQ EH VHHQ
DV WZR RI WKH PRVW SRZHUIXO IRUFHV VKDSLQJ
KXPDQ EHKDYLRXU 7KLV ERRN FRQVLGHUV WKH
UHODWLRQVKLS EHWZHHQ HFRQRPLFV DQG FXOWXUH
ERWKDVDUHDVRILQWHOOHFWXDOGLVFRXUVHDQGDV
V\VWHPVRIVRFLDORUJDQLVDWLRQ
$GRSWLQJDEURDGGHILQLWLRQRIFXOWXUHLW
H[SORUHVWKHHFRQRPLFGLPHQVLRQVRIFXOWXUH
DQG WKH FXOWXUDO FRQWH[W RI HFRQRPLFV 7KH
ERRNLVEXLOWRQDIRXQGDWLRQRIYDOXHWKHRU\
GHYHORSLQJWKHWZLQQRWLRQVRIHFRQRPLFDQG
FXOWXUDO YDOXH DV XQGHUO\LQJ SULQFLSOHV IRU LQWHJUDWLQJ WKH WZR ILHOGV
,GHDVRIFXOWXUDOFDSLWDODQGVXVWDLQDELOLW\DUHGLVFXVVHGHVSHFLDOO\DV
PHDQVRIDQDO\VLQJWKHSDUWLFXODUSUREOHPVRIFXOWXUDOKHULWDJHGUDZ
LQJ SDUDOOHOV ZLWK WKH WUHDWPHQW RI QDWXUDO FDSLWDO LQ HFRORJLFDO HFR
QRPLFV
7KH ERRN JRHV RQ WR GLVFXVV WKH HFRQRPLFV RI FUHDWLYLW\ LQ WKH
SURGXFWLRQ RI FXOWXUDO JRRGV DQG VHUYLFHV FXOWXUH LQ HFRQRPLF
GHYHORSPHQWWKHFXOWXUDOLQGXVWULHVDQGFXOWXUDOSROLF\

:KDWDSOHDVXUHWRUHDGDQHFRQRPLFDQDO\VLVRIFXOWXUHDQGFXO
WXUDO FULWLTXH RI HFRQRPLFV E\ D ZHOOWUDLQHG WKRURXJKO\ FXOWXUHG
HFRQRPLVW7KLVLVDERRNZHDOORXJKWWRUHDG
0DUN%ODXJ8QLYHUVLW\RI$PVWHUGDP

'R\RXNQRZWKHVHZRUGV"
EHKDYLRXU 7>3ZDA3RF19 wvknlntqn
GLVFRXUVH 7@3OZGK(O9 éjxxy lntqn snr|q¹
lvrsjlén·
GLPHQVLRQ 7@3ZIAJJ9 qounéntqn
WRVXVWDLQ 7O1ZOPA3J9 k€lné qkjz wvlrénw
s¹z
KHULWDJH 7ZDAN3P1 9 tjxsnlqn

 
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

*UDPPDU5HYLVLRQ0RGDOYHUEV
FDQ uv·yunz  7KH ERRN FDQ EH ERXJKW LQ DQ\
VKRS
PD\ uv· qunz éjoén¡n 6KHPD\JRVKRSSLQJWRPRUURZ
tqnkvouv tvxz 
PXVW i€zlvs t€u ,PXVWKHOSKHU
VKDOO i€z lvs t€u  yxzj 7KHVKRSSHUVVKDOOOHDYHSDUFHOV
tvksntt€u  LQWKHFHOOV
VKRXOG i€z lvs t€uénrv <RXVKRXOGZDLWIRUPHRXWVLGH
untlynu€u 
RXJKW i€z lvs t€u  tj <RX RXJKW WR EX\ DQG UHDG WKLV
xzv¹znstv énrvunt ERRN
lynu€u 

 5HDGDQGWUDQVODWHWKHVHQWHQFHV
7KHQHJRWLDWLRQVPD\VWDUWQH[WZHHNLQWKHFDSLWDORI6ZHGHQ
+H FDQ VSHDN D IHZ UDUH IRUHLJQ ODQJXDJHV EXW KH FDQ
W ZULWH LQ
WKHVHODQJXDJHV
:HVKRXOGEHYHU\FDUHIXOLQXVLQJLGLRPDWLFH[SUHVVLRQV
6KDOO,WUDQVODWHWKHWH[WQRZ"
0D\,FRPHLQ"
,PXVWZRUNDVKDUGDV,FDQ
7KHZHDWKHUPD\FKDQJHWRPRUURZ

 7UDQVODWHWKHVHQWHQFHVXVLQJWKHYHUEPD\
Ævouv tv|nt€wvk€x¹zx¹nxsqnkéviylnzéjxzq
Ævouv tvxwévxtjëzqzvkjé€kvoéjxznzrrvt|ymvlj
Ëj iqé n uvmyz wévqovpzq xnénot€n qountntq¹ iyrkjstv
ojkzéj
Çvzqévkrqëzq}jr|qpuvmyzzjr nqountqzx¹
êzvkvouv tvxrj nzx¹tj{vtlvk€}é€trj}kléymq}xzéjtj}

 5HDGDQGFRPSOHWHWKHVHQWHQFHVWKHZD\\RXOLNH
<RXVKRXOGOHDUQWKHWHUPV« +HFDQVSHDN«
,RXJKWWRUHDG« 7KH\VKRXOGGLVFXVV«
,PXVWZRUN« 6KHRXJKWWRGR«


 
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

:RUGIRUPDWLRQ6XIIL[HVRIDGMHFWLYHV
FXOWXUHDO FXOWXUDO
HFRQRP\LF HFRQRPLF
SRZHUIXO SRZHUIXO
YDOXHDEOH YDOXDEOH

 7UDQVODWH WKH DGMHFWLYHV DQG ZULWH WKH ZRUGV IURP ZKLFK
WKH\DUHIRUPHG
UHPDUNDEOH YDULDEOH VXLWDEOH
FKDQJHDEOH SURILWDEOH FRXQWDEOH
H[FKDQJHDEOH PDUNHWDEOH IDVKLRQDEOH
XQGHUVWDQGDEOH UHDGDEOH FKDULWDEOH

 )RUP DGMHFWLYHV ZLWK WKH KHOS RI WKH VXIIL[HV DQG WUDQVODWH
WKHDGMHFWLYHV
DO LYHWLYH HQWDQW
HQYLURQPHQW WRUHODWH WRGLIIHU
LQGXVWU\ WRFRPSUHKHQG WRREVHUYH
JRYHUQPHQW TXDOLW\ HVH
IRUP TXDQWLW\ &KLQD
QDWLRQ UHVXOW -DSDQ

 7UDQVODWH WKH DGMHFWLYHV XQGHUOLQH WKH VXIIL[HV DQG DGG


QRXQVZLWKZKLFKWKHVHDGMHFWLYHVFDQEHXVHG
LQWHOOHFWXDO VLJQLILFDQW VFLHQWLILF PHDQLQJIXO
VRFLHWDO WKHRUHWLFDO DFDGHPLF FDUHIXO
SURGXFWLYH SHUPLVVLEOH VXFFHVVIXO SOHQWLIXO
YROXQWDU\ FXVWRPDU\ EHDXWLIXO WDFWIXO

+DYHDQRWKHUORRNDWWKHDQQRWDWLRQDQG«
 7UDQVODWHWKHVHZRUGFRPELQDWLRQVLQWR(QJOLVK
uqé k rvzvévu wév|nxx msvijsqoj|qq qlnz kxn xqstnn q
xqstnn
xju€nuvt€nxqs€
wvknlntqn·nsvknrj
kojquvvztv¡ntq¹un lyërvtvuqrvpqryszyévp
 
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

x{néjqtznssnrzyjstvmvu€¡sntq¹
wéqt¹z¡qévrvnzvsrvkjtqnznéuqtj
wvt¹zqn|nttvxzq

 7UDQVODWHWKHORQJHVWSDUDJUDSKLQWR5XVVLDQ

 $QVZHUWKHTXHVWLRQV
  'RHVWKLVERRNVHHPLQWHUHVWLQJWR\RX"
  :KRSUDLVHGWKLVERRNKLJKO\"
  :KDWGRWKHIROORZLQJWHUPVPHDQ"
N FXOWXUDOJRRGVDQGVHUYLFHV
N FXOWXUDOLQGXVWULHV
N FXOWXUDOSROLF\

7H[W7KHHFRQRP\
7KHZRUGVWKHHFRQRP\DUHZRUGVZHKHDURUUHDGDOPRVWHYHU\GD\
)RU H[DPSOH ZH PD\ EH WROG WKDW WKH ZRUOG HFRQRP\ LV
LQ WKH GRO
GUXPV
RUµWKH(XURSHDQHFRQRP\LVPDNLQJOLWWOHSURJUHVVRXWRIUHFHV
VLRQ¶ RU µWKH 8. HFRQRP\ LV EHJLQQLQJ WR UHFRYHU¶ RU µWKH 6FRWWLVK
HFRQRP\KDVKHOGXSUHODWLYHO\ZHOOGXULQJWKHUHFHQWUHFHVVLRQ¶
%XWZKDWLVPHDQWE\WKHHFRQRP\":KDWLVDQHFRQRP\":KDW
KDSSHQVLQRQH"+RZGRHVDQHFRQRP\ZRUN"
7KH HFRQRP\ LV D VRFLDO PHFKDQLVP ZKLFK DQVZHUV WKHVH WKUHH
TXHVWLRQV 7KH HFRQRP\ PHDQV D V\VWHP IRU WKH PDQDJHPHQW XVH
DQG FRQWURO RI WKH PRQH\ JRRGV DQG RWKHU UHVRXUFHV RI D FRXQWU\
FRPPXQLW\RUKRXVHKROG

'R\RXNQRZWKHVHZRUGV"
LQWKHGROGUXPV 7Z@KH@N1IV9 kywjlrnkxvxzv¹tqqojxzv¹
UHFHVVLRQ 7N3ZOAJ9 xwjl
WRUHFRYHU 7N3ZG6R19 v qks¹zx¹k€olvéjksqkjz
WRKROGXSZHOO  wvrjojz xni¹ x }vév¡np xzv
évt€k€xzv¹zxv}éjt¹zxkvq
wvoq|qq
FRQWURO 7G1JZPNKQH9 ywéjksntqn énmysqévkjtqn
rvtzévs

 
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

FRPPXQLW\ 7G1ZIFQ(J3P39  qznsq vzlnstvmv éjpvtj


unxztvxzqviqtj
KRXVHKROG  xnu¹lvuj¡tnn}vo¹pxzkv

*UDPPDU5HYLVLRQ7KH3DVW&RQWLQXRXV7HQVH
Ïzknélqznstj¹{véuj
,ZDVUHDGLQJLW  :HZHUHUHDGLQJLW
 <RXZHUHUHDGLQJLW 
+HZDVUHDGLQJLW  7KH\ZHUHUHDGLQJLW
6KHZDVUHDGLQJLW  

Ævwévxqznstj¹{véuj
:HUH\RXUHDGLQJLW"

Ìzéq|jznstj¹{véuj
,ZDVQRWUHDGLQJDQ\WKLQJ

 8VH WKH YHUEV LQ 3DVW &RQWLQXRXV DQG WUDQVODWH WKH VHQ
WHQFHV
, WRZULWH VRPHWKLQJZKHQKHFDPHLQ
:KLOHKH WRVWXG\ WKHWDEOHWKHRWKHUVWXGHQWV WRGLVFXVV WKHJUDSK
:KDWKH WRGR ZKHQ\RXUHWXUQHGKRPH"
:KDWUXOHVWKHWHDFKHU WRH[SODLQ ZKHQWKHEHOOUDQJ"
:KHQWKH\ WREXLOG WKLVIDFWRU\WKH\IRXQGVRPHVWUDQJHUHOLFV
+H FDPH WR /RQGRQ LQ 0D\ $W WKDW WLPH KLV FROOHDJXHV WR GH
OLYHU OHFWXUHVLQ*ODVJRZ8QLYHUVLW\
0DQXIDFWXULQJ ILJXUHV WRLPSURYH  DQG KDG VKRZQ WKH ILUVW SRVL
WLYHTXDUWHUO\ULVHVLQFHWKHHQGRI

 7UDQVODWHLQWR(QJOLVK
Çvt{nént|q¹tj·jsjxlnrjié¹mvljÆëzvkénu¹vtq
ojrjt·qkjsqéjivzytjlv·ntkj tvpwévisnuvp
Ìtojivsnsrvmljnmvrvssnmqmvzvkqsqlvrsjlwvénoyszj
zjuqxxsnlvkjtqp
Æv kénu¹ nmv éjivz€ k ëzvp xzéjtn ivs¡qtxzkv xnrzvévk
ërvtvuqrqxzéjt€i€svtjwvl~nun WRHQMR\DZLGHVSUHDGERRP 

 
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

Ïévknt  qotq tjxnsntq¹ xzéjt djwjltvp ckévw€ wvxzv¹t


tvévx
èvxxq¹yknsq·qkjsjërxwvézx€é¹kéjosq·t€nénmqvt€uqéj

$UWLFOHV
 5HDGWKHZRUGFRPELQDWLRQVSD\LQJDWWHQWLRQWRWKHDUWLFOHV
DQGXVHWKHPLQVHQWHQFHVRI\RXURZQ
WKH8.HFRQRP\ WREHRXWRIUHFHVVLRQ
WKH6FRWWLVKHFRQRP\ WREHLQWKHGROGUXPV
WKH(XURSHDQHFRQRP\ WR PDNH OLWWOH SURJUHVV RXW RI
WKHZRUOGHFRQRP\ UHFHVVLRQ
WKH5XVVLDQHFRQRP\ WRHQMR\DZLGHVSUHDGERRP

6WXG\VHQWHQFHSDWWHUQV
 &RPELQH WZR VHQWHQFHV DV LQ WKH H[DPSOH DQG WUDQVODWH
WKHPLQWR5XVVLDQ
7KHHFRQRP\LVDVRFLDOPHFKDQLVP7KLVPHFKDQLVPDQVZHUVWKH
WKUHH TXHVWLRQV= 7KH HFRQRP\ LV D VRFLDO PHFKDQLVP DQVZHULQJ
WKHWKUHHTXHVWLRQV
  7KHHFRQRP\LVDV\VWHP7KLVV\VWHPFRYHUVWKHPDQDJHPHQW
XVHDQGFRQWURORIYDULRXVUHVRXUFHV
  7KHHFRQRP\PHDQVDV\VWHP7KHV\VWHPPDQDJHVDQGFRQWUROV
UHVRXUFHVRIDFRXQWU\FRPPXQLW\RUKRXVHKROGV
  (FRQRPLF DQG FXOWXUDO LPSHUDWLYHV FDQ EH VHHQ DV WZR RI WKH
PRVWSRZHUIXOIRUFHV7KHVHIRUFHGVVKDSHKXPDQEHKDYLRXU
  7KHHQWHUWDLQPHQWLQGXVWU\LVDYHU\ODUJHVHFWRU,WEHFRPHVRQH
RIWKHPRVWSURPLQHQWJOREDOO\DVZHOO
  5HFRUG LQGXVWU\ WXUQV ILUH RQ LQGLYLGXDO SLUDF\ 7KLV SLUDF\
FDXVHVGHFOLQLQJPXVLFVDOHV

+DYHDQRWKHUORRNDWWKHWH[WDQG«
D 5HDGDQGWUDQVODWHWKHWLWOHVVSHDNLQJDERXW
  WKHZRUOGHFRQRP\
  WKH(XURSHDQHFRQRP\
  WKH8.HFRQRP\
  WKH6FRWWLVKHFRQRP\

 
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

E $QVZHUWKHVHTXHVWLRQV
  :KDWLVPHDQWE\WKHHFRQRP\"
  :KDWLVDQHFRQRP\"
  :KDWKDSSHQVLQDQHFRQRP\"
  +RZGRHVDQHFRQRP\ZRUN"

 &RPSOHWHWKHVHQWHQFHVE\XVLQJWKHZRUGVIURPWKHWH[W
7KHHFRQRP\LVDVRFLDOZKLFKDQVZHUVWKHVHWKUHHTXHVWLRQV
7KHHFRQRP\PHDQVDV\VWHPIRUWKHRIWKHPRQH\JRRGVDQG
RWKHUUHVRXUFHVRI

 7UDQVODWHWKHGHILQLWLRQRIWKHWHUPWKHHFRQRP\JLYHQDWWKH
HQGRIWKHWH[W

1HZVSDSHULWHP(XUR]RQHHFRQRPLFJURZWK
WRVORZLQVHFRQGKDOI
(XUR]RQHHFRQRPLFJURZWKLVOLNHO\WRHDVHLQWKHVHFRQGKDOIRI
WKLV \HDU DIWHU D EHWWHU SHUIRUPDQFH LQ WKH ILUVW TXDUWHU WKDQ RIILFLDO
VWDWLVWLFV VXJJHVW DFFRUGLQJ WR D JURZWK LQGLFDWRU SURGXFHG IRU WKH
)LQDQFLDO7LPHV)7'HXWVFKODQGDQG/HV(FKRV
7KH LQGLFDWRU FRPSLOHG E\ D FRQVRUWLXP RI (XURSHDQ HFRQRPLF
UHVHDUFK LQVWLWXWHV HVWLPDWHV WKDW \HDURQ\HDU JURVV GRPHVWLF SURGXFW
*'3  JURZWK ZLOO EH SHU FHQW LQ WKH WKLUG TXDUWHU DQG SHU
FHQWLQWKHIRXUWK
2YHUDOODQQXDOJURZWKWKLV\HDULVOLNHO\WREHDERXWSHUFHQW
DWWKHXSSHUHQGRIWKH(XURSHDQ&HQWUDO%DQN
VIRUHFDVWV
7KH PDLQ VXUSULVH LQ WKH FRQVRUWLXP
V UHSRUW FDPH IURP LWV HVWL
PDWH RI *'3 JURZWK LQ WKH ILUVW TXDUWHU RI WKLV \HDU $FFRUGLQJ WR
(XURVWDW WKH (XURSHDQ 8QLRQ
V VWDWLVWLFDO DJHQF\ WKH QDWLRQ HX
UR]RQHJUHZDWDTXDUWHURQTXDUWHUUDWHRISHUFHQWIURP-DQXDU\
WR0DUFK%XWDFFRUGLQJWRWKHFRQVRUWLXP
VLQGLFDWRUJURZWKLQWKLV
SHULRGZDVVXEVWDQWLDOO\VWURQJHU
6HDVRQDOO\DGMXVWHGXQHPSOR\PHQWLQWKHHXUR]RQHURVHWRSHU
FHQWLQ-XQHIURPSHUFHQWLQ0D\(XURVWDWVDLG\HVWHUGD\

 
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

'R\RXNQRZWKHVHZRUGV"
WRVXJJHVW 7O1Z AOP9  wénlsjmjz
 mvkvéqzvvotj·jz
DFFRUGLQJWR  xvmsjxtvkxvvzknzxzkqqx
wvxsvkjuwvutntqí
wvxvvintqí
WRHVWLPDWH 7ZAOP3IA3P9 v|ntqkjzljkjzv|ntry
WRIRUHFDVW 7ZBK(G=(OP9 wévmtvoqévkjz
UDWH  éjounéznuwwév|ntzxzjkrj
DWDUDWHRI  kéjounénwvwvxzjkrn
VXEVWDQWLDOO\ 7O1>ZOP'JH39 otj·qznstv
VHDVRQDOO\DG  xy·nzvuxnovtt€}rvsnijtqp
MXVWHG

:RUNRQWKHZRUGV
 7UDQVODWH WKH DGMHFWLYHV DQG ZULWH WKH ZRUGV IURP ZKLFK
WKH\DUHIRUPHG
RIILFLDO XSSHU VXEVWDQWLDO
ILQDQFLDO (XURSHDQ VHDVRQDO
DQQXDO $VLDQ VWDWLVWLFDO

 5HDG DQG WUDQVODWH WKH VHQWHQFHV SD\LQJ DWWHQWLRQ WR WKH
YHUEQRXQHVWLPDWH
7KH LQVWLWXWH HVWLPDWHV WKDW WKH *'3 JURZWK ZLOO EH SHU FHQW
RQHSRLQWHLJKWSHUFHQW 
([SHUWVZHUHVXUSULVHGE\WKHHVWLPDWHRI*'3JURZWKLQWKHILUVW
TXDUWHU
7KHILUPHVWLPDWHGWKHFRVWRIWKHZRUNDW RQHKXQGUHG
DQGHLJKW\WKRXVDQGGROODUV 
:HHVWLPDWHWKDWLWZRXOGWDNHWKUHHPRQWKVWRILQLVKWKHZRUN
7KHFRQWUDFWRUVFRXOGQRWJLYHDURXJKHVWLPDWHRIWKHFRVW
7KHEXLOGHUVGLGQRWH[FHHGWKHLUHVWLPDWH
7KH\HVWLPDWHKLVLQFRPHDWDERXW…


 
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

 &RPELQH WZR VHQWHQFHV XVLQJ WKH ZRUGV DFFRUGLQJ WR DV LQ
WKHH[DPSOHDQGWUDQVODWHWKHVHQWHQFHV
*URZWK LQ WKLV SHULRG ZDV VXEVWDQWLDOO\ VWURQJHU 7KH FRQVRU
WLXP
VLQGLFDWRUVKRZHGLW
*URZWKLQWKLVSHULRGZDVVXEVWDQWLDOO\VWURQJHUDFFRUGLQJWRWKH
FRQVRUWLXP
VLQGLFDWRU
  7KH (XUR]RQH HFRQRP\ KDV JURZQ WKLV \HDU 7KH JURZWK
LQGLFDWRUVKRZHGLW
  *'3JURZWKZLOOEHSHUFHQW7KH)LQDQFLDO7LPHVVDLGVR
  2YHUDOO DQQXDO JURZWK ZLOO EH DERXW SHU FHQW 7KH (XUR
SHDQ&HQWUDO%DQNDXWKRULWLHVVWDWHGWKDW
  7KH(XUR]RQHJUHZDWDUDWHRISHUFHQWIURP-DQXDU\WR
0DUFK(XURVWDWGHFODUHGWKDW
  8QHPSOR\PHQW URVH WR SHU FHQW LQ -XQH (XURVWDW SXE
OLVKHGWKLVILJXUH
  7KHQXPEHURISHRSOHRXWRIZRUNLQWKH8.LVP7KH
UHFHQWUHSRUWRI'HSDUWPHQWRI(PSOR\PHQWVWDWHGWKDW

 7UDQVODWHLQWR(QJOLVK
Çjr xvvijnz uqtqxznéxzkv zéylj q ojt¹zvxzq rvsq·nxzkv
inoéjivzt€}kjkmyxznyknsq·qsvxtj
Ív xvvintq¹u ckévwnpxrvmv xzjzqxzq·nxrvmv jmntzxzkj
évxzÆËÍckévovt€kwév¡svurkjézjsnxvxzjkqs
Çjr oj¹kqs éyrvkvlqzns jmntzxzkj wv xéjktntqí x wénl€
lyqurkjézjsvuwvrjojznsqtnqountqsqx
Çjr xvvijsvx k lvrsjln véqntzqévkv·tj¹ xyuuj wévnrzj
xvxzjks¹nzustlvssjévk

6WXG\VHQWHQFHSDWWHUQV
 7UDQVODWH WKH VHQWHQFHV SD\LQJ DWWHQWLRQ WR WKH VHQWHQFH
SDWWHUQ
7KHJURZWKLVOLNHO\WRHDVH
Ænév¹ztvévxztnxrvsrvyunt¡qzx¹

7KHHFRQRPLFJURZWKLVOLNHO\WRVORZGRZQ
7KHDQQXDOJURZWKLVOLNHO\WREHDERXWSHUFHQW
7KHHFRQRP\LVOLNHO\WRUHFRYHUVRRQ

 
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

$FFRUGLQJ WR WKH QHZVSDSHU DQRWKHU FULVLV LV OLNHO\ WR KLW WKH
FRPPXQLW\
7KH\DUHOLNHO\WRVWDUWSURGXFLQJDQHZPRGHOQH[WTXDUWHU
6DOHV DUH OLNHO\ WR JURZ VXEVWDQWLDOO\ DFFRUGLQJ WR WKH LQGXVWU\
VSRNHVPDQ
+HLVOLNHO\WRFRPHYHU\VRRQ
Ænév¹ztvvtqvwyisqryízëzqxzjzqxzq·nxrqnljtt€nkxsn
lyínutvunén yétjsj
Ænév¹ztvmvlvkvpvz·nziylnzy·qz€kjzxnovtt€nwvwéjkrq
Ænév¹ztv wéjkqznsxzkv wénlsv qz tvk€n uné€ ls¹ xvréj
ntq¹inoéjivzq|€
 :ULWH WKHVH WLWOHV DV IXOO VHQWHQFHV SD\LQJ DWWHQWLRQ WR WKH
IDFWWKDWDUWLFOHVSUHSRVLWLRQVSDUWVRISUHGLFDWHVDQGRWKHU
DX[LOLDU\ZRUGVDUHRIWHQPLVVLQJLQWLWOHV
(XUR]RQH HFRQRPLF JURZWK WR VORZ LQ VHFRQG KDOI  7KH
(XUR]RQH HFRQRPLF JURZWK LV OLNHO\ WR VORZ GRZQ LQ WKH
VHFRQGKDOIRIWKH\HDU

  5HFRUGLQGXVWU\WXUQVILUHRQLQGLYLGXDOSLUDF\
  *UHHQVKRSSHUVDUHJURZLQJLQQXPEHU
  6ZHGLVKHFRQRP\IORXULVKHV
  6WURQJJURZWKLQVLJKWDW5HHG
  -REVDQGSULFHVGDWDFKHHU86
  3UHVVXUHRQ)LDWFKLHIDVMREVJR
  9ROYRUHSRUWVHDUQLQJVXS

+DYHDQRWKHUORRNDWWKHQHZVSDSHULWHPDQG«
D $QVZHUWKHVHTXHVWLRQV
  :KDWLV(XURVWDW"
  +RZPDQ\FRXQWULHVPDGHWKH(XUR]RQHDWWKDWWLPH"
  :KDWQHZVSDSHUVSURGXFHGWKHJURZWKLQGLFDWRUPHQWLRQHGLQ
WKHLWHP"
  +RZPDQ\LQGLFDWRUVGLGWKHLWHPFRPSDUH"
  :KDWZHUHWKHXQHPSOR\PHQWILJXUHVIRUWKH(XUR]RQH"
  ,QKRZPDQ\VHQWHQFHVZRXOG\RXVXPXSWKHLQIRUPDWLRQ"

E 6XPLWXS

 
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

7H[W(FRQRPLFDFWLYLW\DQGEXVLQHVVF\FOH



7KHEXVLQHVVF\FOHVKRZVIOXFWXDWLRQVLQWKHOHYHORIHFRQRPLFDF
WLYLW\DOWHUQDWLQJEHWZHHQSHULRGRIGHSUHVVLRQDQGERRPFRQGLWLRQV
7KHEXVLQHVVF\FOHLVFKDUDFWHULVHGE\IRXUSKDVHV
D GHSUHVVLRQ D SHULRG RI UDSLGO\ IDOOLQJ DJJUHJDWH GHPDQG DF
FRPSDQLHGE\YHU\ORZOHYHOVRIRXWSXWDQGKHDY\XQHPSOR\
PHQW
E UHFRYHU\DQXSWXUQLQDJJUHJDWHGHPDQGDFFRPSDQLHGE\ULV
LQJRXWSXWDQGDUHGXFWLRQLQXQHPSOR\PHQW
F ERRPDJJUHJDWHGHPDQGUHDFKHVDQGWKHQH[FHHGVVXEVWDQWLDO
RXWSXW OHYHOV DV WKH SHDN RI WKH F\FOH DQG IXOO HPSOR\PHQW
DUHUHDFKHG
G UHFHVVLRQWKHERRPFRPHVWRDQHQGDQGLVIROORZHGE\UH
FHVVLRQ $JJUHJDWH GHPDQG IDOOV EULQJLQJ ZLWK LWIDOOVLQRXW
SXWDQGHPSOR\PHQW

'R\RXNQRZWKHVHZRUGV"
IOXFWXDWLRQ 7<BH6GPFQZA3J9 rvsnijtqn
OHYHO 7HARH9 yévknt
DJJUHJDWH 7Z'2N32A3P9 xvkvrywt€p xyuujé
t€p
LQWKHDJJUHJDWH  kxvkvrywtvxzq
WRH[FHHG 73GZO3(@9 wénk€¡jz
  

 
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

5HYLVH*UDPPDU
 8VH WKH YHUEV LQ 3UHVHQW ,QGHILQLWH $FWLYH RU 3DVVLYH DQG
WUDQVODWHWKHVHQWHQFHV
7KHGLDJUDP WRVKRZ IOXFWXDWLRQVLQWKHOHYHORIHFRQRPLFDFWLYLW\
7KHEXVLQHVVF\FOH WRDOWHUQDWH EHWZHHQGHSUHVVLRQDQGERRP
,W WRFKDUDFWULVH E\IRXUVWDJHV
'HSUHVVLRQXVXDOO\ WRDFFRPSDQ\ E\ORZRXWSXWDQGXQHPSOR\PHQW
,QERRPFRQGLWLRQVDJJUHJDWHGHPDQG WRH[FHHG VXEVWDQWLDORXW
SXWOHYHO
'XULQJWKLVSHULRGIXOOHPSOR\PHQW WRUHDFK 

 7UDQVODWHLQWR(QJOLVK
èvxz xyuujétvmv xwévxj xvwévkv ljnzx¹ yknsq·ntqnu vi~n
ujwévqokvlxzkj
Ì qksntqn ërvtvuqrq xvwévkv ljnzx¹ xvréjntqnu inoéj
ivzq|€
Íéqxwjlnlnsvkvpjrzqktvxzqévxzërvtvuqrqwénréjjnzx¹
djwvl~nuvuërvtvuq·nxrvpjrzqktvxzqxsnlynzxwjl
fvkvrywt€pxwévxwjljnz

:RUNRQWKHZRUGV
 0DNHDIHZVHQWHQFHVRI\RXURZQXVLQJWKHIROORZLQJZRUG
FRPELQDWLRQV
LQWKHDJJUHJDWH LQJHQHUDO
LQWKHRULJLQDO LQPDQ\FDVHV
LQWKHVLQJXODU LQWKLVSDUWLFXODUFDVH
LQWKHSOXUDO LQDQ\FDVH

 0DWFKDQGWUDQVODWHWKHDQWRQ\PV
GHSUHVVLRQ UHFRYHU\
UHFHVVLRQ ERRP
DJJUHJDWH ULVH
XSWXUQ LQGLYLGXDO
ORZ SDUWLDO
KHDY\ IDOOLQJ
ULVLQJ LQFUHDVH

 
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

UHGXFWLRQ GRZQWXUQ
IXOO KLJK
IDOO OLJKWVRPH
UHFRYHU\ UHFHVVLRQ

7H[WWRWUDQVODWH(FRQRPLFPDQ
7KHUH LV DQ DVVXPSWLRQ LQ HFRQRPLF WKHRU\ WKDW LQGLYLGXDOV DFW
UDWLRQDOO\LQVSHFLI\LQJWKHLUREMHFWLYHVDQGWKHQWDNHGHFLVLRQVZKLFK
DUHFRQVLVWHQWZLWKWKRVHREMHFWLYHV7KXVWKHEXVLQHVVPDQZLOOVHWD
JRDO RI SURILW PD[LPL]DWLRQ DQG ZLOO DGMXVW KLV RXWSXW DQG SULFH WR
DFKLHYH KLV JRDO 7KH FRQVXPHU ZLOO WU\ WR PD[LPL]H KLV XWLOLW\ RU
VDWLVIDFWLRQDQGZLOOGHWHUPLQHKLVSXUFKDVHVLQWKHOLJKWRIKLVWDVWHV
IRUSURGXFWVDQGWKHUHODWLYHSULFHVRIWKRVHSURGXFWV+HUHLVDQLO
OXVWUDWLRQRIUDWLRQDOFRQVXPHUFKRLFH


7KH JUDSK GHPRQVWUDWHV ZK\ D FRQVXPHU
V LQGLIIHUHQFH FXUYHV
FDQQRWFURVV,QGLIIHUHQFHFXUYHV,,DQG,,VKRZDFRQVXPHU
VSUHI
HUHQFHEHWZHHQWZRSURGXFWV;DQG<
3RLQW$RQLQGLIIHUHQFHFXUYH,,UHSUHVHQWVDKLJKHUOHYHORIVDWLV
IDFWLRQWRWKHFRQVXPHUWKDQSRLQW%RQLQGLIIHUHQFHFXUYH,,EH
FDXVHSRLQW$UHSUHVHQWVPRUHRIERWKSURGXFWVWKDQSRLQW%
<HWSRLQW&OLHVRQERWKFXUYHV7KLVVXJJHVWVWKDWWKHFRQVXPHUZLOO
SUHIHUWKHFRPELQDWLRQRIJRRGVLQGLFDWHGE\SRLQW$WRWKHFRPELQDWLRQ
UHSUHVHQWHGE\SRLQW%DQGZLOOUHJDUGWKHPDVHTXDODWSRLQW&
,IWKHFRQVXPHULVUDWLRQDOVXFKDQLQFRQVLVWHQWVHWRISUHIHUHQFHV
ZRXOGQRWDULVHWKXVLQGLIIHUHQFHFXUYHVGRQRWLQWHUVHFW

 
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

/HVVRQ

 0DUNHWV
DQGSURGXFWLRQ
'LDORJXH 6HOOLQJFDUV
1HZVSDSHULWHPV 7R\RWDSURILWVERRVWHGE\ZHDN\HQDQG
VWURQJVDOHV
 ,QWKHLQGXVWU\ELRVSKHUHRQO\WKH
VWURQJHVWVXUYLYH
 + 0PDUNHWFRQGLWLRQVLPSURYLQJ
7H[W 0DUNHWVFKHPD
 
$QQRWDWLRQ )URP6LOLFRQ9DOOH\WR6LQJDSRUH
 
*UDPPDU 3DUWLFLSOH,
 7KH5XOHVRIWKH6HTXHQFHRI7HQVHV
 $WWULEXWHV
:RUGIRUPDWLRQ 3UHIL[HVRIDGMHFWLYHV


'LDORJXH6HOOLQJFDUV
$Q(QJOLVK\RXQJODG\ / KDVFRPHWRWKHSUHPLVHVRIDFDUGHDOHU
7KHVDOHVPDQ 6 LVFRPLQJXSWRWKHODG\
6 $UH\RXLQWHUHVWHGLQD3HXJHRW"
/ 2K\HV0\KXVEDQGVD\V,FRXOGEX\DFDUIRUP\RZQXVH,
WKLQN,OLNH3HXJHRWV0\IULHQGKDVERXJKWRQHUHFHQWO\DQG
VKHVLPSO\DGRUHVLW
6 :HKDYHDIDQWDVWLFGHDOIRU\RXRQWKH3HXJHRWUDQJH
/ 0D\,VHHRQH"
6 )ROORZPHSOHDVH«+HUHLWLV,WZDVGHOLYHUHGRQO\WKHGD\
EHIRUH\HVWHUGD\
/ 2K,OLNHLW,UHPHPEHUP\KXVEDQGPHQWLRQLQJWKHV
6 :KHQ\RXEX\D3HXJHRWIURPXVQRWRQO\ZLOO\RXJHW D
JUHDWSULFHIRU\RXUROGFDUEXW ²ZRXOG\RXEHOLHYHLW²ZH
 
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

JXDUDQWHH WR H[FKDQJH LW ZLWKLQ PRQWKV DQG FUHGLW WKH


RULJLQDOSULFH\RXSDLG
/ $QGQRGHSUHFLDWLRQ"
6 1RGHSUHFLDWLRQZKDWVRHYHU
/ 2K,
OOVSHDNWRP\KXVEDQGDQG,KRSH,
OOWDNHLW&RXOG,
WHOHSKRQH\RXLI,KDYHVRPHTXHVWLRQV"
6 1DWXUDOO\
/ :KDW
VWKHSKRQHQXPEHU"
6 +HUHLVWKHFDUG
/ 7KDQN\RX
6 <RXDUHPRUHWKDQZHOFRPH

'R\RXNQRZWKHVHZRUGV"
SUHPLVHV 7ZLNAI3O3V9 wvunntqnwvunn
tq¹ xwéqsnmjíquq
y·jxzrjuqonusq 
GHDO  xlnsrjxvmsj¡ntqn
UDQJH  x{néjvisjxzju
wsqzyljlqjwjovt
WRFUHGLWDQDPRXQW  wnénknxzqxyuuyrv
WRVPEWRVPE
VDF uysqivtj·np
FRXQW sqivx·nz
GHSUHFLDWLRQ 7@3<LN3(3ZA3J9 xtq ntqnxzvquvxzq
xrqlrjtjqotvx
juvézqoj|q¹qotj
¡qkjtqn

:RUNRQWKHZRUGV
 5HDGDQGWUDQVODWHWKHVHZRUGV
WRGHDO²GHDO²WRPDNHDGHDO²GHDOHU²UHWDLOGHDOHU²
ZKROHVDOHGHDOHU²GHDOLQJ²GHDOLQJV²GHDOLQJURRP²GHDOLQJ
RSHUDWLRQV

 5HDG DQG WUDQVODWH WKH ZRUGV VD\ KRZ WKH QRXQV DUH
IRUPHG
WRFUHGLW²FUHGLW WRGHSUHFLDWH²GHSUHFLDWLRQ
WRJXDUDQWHH²JXDUDQWHH WRDGRUH²DGRUDWLRQ

 
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

WRH[FKDQJH²H[FKDQJH WRVHOO²VDOH
WRLQWHUHVW²LQWHUHVW WRWKLQN²WKRXJKW
WRXVH>]@²XVH>V@ WREHOLHYH²EHOLHI
WRPHQWLRQ²PHQWLRQ WRVSHDN²VSHHFK

 6D\ZKDWSDUWVRIVSHHFKWKHZRUGVLQLWDOLFVDUH
:HKDYHDIDQWDVWLFGHDOIRU\RX
0RVWSUREDEO\WKH\GHDOLQQHZDQGVHFRQGKDQGFDUV
7KH\JXDUDQWHHWRH[FKDQJHWKHFDUZLWKLQPRQWKV
,GRQ
WNQRZZKDWJXDUDQWHHLVXVXDOO\JUDQWHGLQVLPLODUFDVHV
7KHVDOHVPDQVD\VWKH\FUHGLWWKHRULJLQDOSULFHSDLGLIWKHFDULV
H[FKDQJHG
7KHVDOHVPDQPHQWLRQVWKHWHUPVRIH[FKDQJH

5HYLVH*UDPPDU
 &KDQJHWKHVHVHQWHQFHVWRPDNHWKHPVKRUWHURPLWWLQJ
WKHFRQMXQFWLRQZKLFKDVLQWKHH[DPSOH

:HVKDOOFUHGLWWKHRULJLQDOSULFHZKLFK\RXSDLG=
:HVKDOOFUHGLWWKHRULJLQDOSULFH\RXSDLG

+HVKRZHGWKHODG\WKHFDUZKLFKWKH\KDGUHFHLYHGWKHGD\EHIRUH
+H UHFRPPHQGHG KHU EX\LQJ D 3HXJHRW ZKLFK WKH\ FRXOG H[
FKDQJHZLWKLQPRQWKV
7KHODG\KDGDQROGFDUZKLFKVKHFRXOGVHOO
3HXJHRWZDVWKHPDNHZKLFKWKHODG\DGRUHG
,WZDVWKH3HXJHRWUDQJHZKLFKKHUKXVEDQGKDGPHQWLRQHG
DVIDUDVWKHODG\UHPHPEHUHG

 7UDQVODWHLQWR5XVVLDQSD\LQJDWWHQWLRQWRWKH5XOHVRIWKH
6HTXHQFHRI7HQVHV
$V VRRQ DV WKH VDOHVPDQ FDPH XS WR KHU VKH VDLG VKH ZDV LQWHU
HVWHGLQD3HXJHRW
6KH VDLG KHU IULHQG KDG ERXJKW D 3HXJHRW VRPH WLPH EHIRUH DQG
DGRUHGLW

 
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

7KHQVKHVDLGKHUKXVEDQGUHFRPPHQGHGKHUEX\LQJD3HXJHRW
7RP\PLQGWKHODG\SUDFWLFDOO\VDLGVKHZRXOGEX\D3HXJHRW
6KHDOVRDGGHGVKHZRXOGWHOHSKRQHLIVKHKDGVRPHTXHVWLRQV

*UDPPDU5HYLVLRQ7KH5XOHVRIWKH6HTXHQFH
RI7HQVHV
'LUHFW6SHHFK ,QGLUHFW6SHHFK
wé¹uj¹én·  rvxknttj¹én· 
,DPDVWXGHQWKHVDLG +HVDLGKHZDVDVWXGHQW
, KDYH SDVVHG DOO WKH H[DPV KH +H VDLG KH KDG SDVVHG DOO WKH
VDLG H[DPV
,¶OOEHDQHFRQRPLVWKHDGGHG +H DGGHG KH ZRXOG EH DQ
HFRQRPLVW
:LOO\RXEHDQHFRQRPLVWWRR"KH +H DVNHG LI , ZRXOG EH DQ
DVNHG HFRQRPLVWWRR
:KHQ ZLOO \RX JUDGXDWH IURP WKH 7KHQKHLQTXLUHGZKHQ,ZRXOG
8QLYHUVLW\"KHLQTXLUHG JUDGXDWHIURPWKH8QLYHUVLW\

cxsqkmsjktvuwénlsv ntqqmsjmvsywvzénis¹nzx¹kwév¡nl
¡nukénuntq VDLGDVNHGZRQGHUHGDQVZHUHGUHSOLHGFRQILUPHG
GHQLHG «  zv k lvwvstqznstvu wéqljzv·tvu wénlsv ntqq
vzkn·jínu tj kvwévx ©·zv"ª msjmvs zjr n ywvzénis¹nzx¹ k
vltvuqowév¡nl¡q}kénunt

 7UDQVODWHLQWR(QJOLVK
Íénwvljkjznsxwévxqsmvzvk€squ€rërojuntywvërvtv
uq·nxrvpznvéqq
Întnl néxrjojs·zvxrqlrjtjqotvxxvxzjks¹nz
Ìtqtnotjsqrjrvki€slqjwjovt|nt
­jonz€ xvvijsq ·zv tjrjtytn i€s wvlwqxjt nn vlqt
rvtzéjrzxëzvprvuwjtqnp
Æxzjzni€svxrjojtv·zvkxk¹oqxëzquqxvi€zq¹uqxzéj
tniylnzwénlvxzjksntlvwvstqznst€prénlqz


 
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

 &RPSOHWHWKHVHVHQWHQFHV
7KHQHZVSDSHUVDLGWKHUDWHRIXQHPSOR\PHQW«
7KHDXWKRUHPSKDVL]HGWKDWRIILFLDOILJXUHVRI«
:HNQHZWKDWWKHVWRFNPDUNHW«
7KHJUDSKVKRZHGWKDWZKROHVDOHVKDG«
0HGLDH[SHUWVEHOLHYHGWKDWHOHFWURQLFV«
2QHRIWKHVWXGHQWVH[SODLQHGWKDW«

+DYHDQRWKHUORRNDWWKHGLDORJXHDQG«
 5HDGWKHIROORZLQJSD\LQJDWWHQWLRQWRWKHVRXQGV>V@DQG
>]@
P\KXVEDQGVD\VVR IROORZPHSOHDVH
IRUP\RZQXVH KHUHLWLV
P\IULHQGKDVERXJKWRQH LWZDVGHOLYHUHG\HVWHUGD\
UHFHQWO\ LWZDVVROG\HVWHUGD\
VKHVLPSO\DGRUHVLW \RXJHWDJUHDWSULFH

 5HDGWKHVHQWHQFHVSD\LQJDWWHQWLRQWRWKHLQWRQDWLRQ
­ ®
$UH\RXLQWHUHVWHGLQD3HX JHRW" :KDW
VWKHSKRQH QXPEHU"
­ ®
0D\,VHH RQH" :KDWGR\RX WKLQNRILW"
&RXOG,WHOHSKRQH\RXLI,KDYHVRPH ®
:KHUHPD\, VHHLW"
­ ®
TXHVWLRQV" +RZ PXFKLVLW"
­ ®
$QGQRGHSUHFL DWLRQ" :KDWDUHWKHJXDUDQ WHHV"

D )LQGWKH(QJOLVKHTXLYDOHQWVLQWKHGLDORJXH
²‰lvs tjiyly·zvzvojwsjzqzwéqkvokéjznjkzvuviqs¹"
²Ënzwsjzqztq·nmvtnty tv

E 5HSHDWDOOWKHVHQWHQFHV
ZKLFKWKHODG\VDLG
ZKLFKWKHVDOHVPDQVDLG

F (QDFWWKHGLDORJXH
 
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

1HZVSDSHULWHP7R\RWDSURILWVERRVWHGE\
ZHDN\HQDQGVWURQJVDOHV
7R\RWD0RWRUWKHZRUOG
VWKLUGODUJHVWFDUPDNHU\HVWHUGD\UHSRUWHG
WKDW LWV ILUVWTXDUWHU RSHUDWLQJ SURILWV LQFUHDVHG E\ PRUH WKDQ D WKLUG
ERRVWHGE\DZHDN\HQDQGVWURQJVDOHVRIOX[XU\YHKLFOHVLQWKH86
7KH ILUVW TXDUWHUO\ UHVXOWV LQ WKH FRPSDQ\
V \HDU KLVWRU\
VKRZHG D SHU FHQW LQFUHDVH LQ RSHUDWLQJ SURILWV WR <EQ
EQ GXULQJWKHWKUHHPRQWKVWRWKHHQGRI-XQH
7KHGHFLVLRQWRPRYHWRTXDUWHUO\UHSRUWVV\VWHPUHIOHFWV7R\RWD
VGHVLUH
WR EULQJ LWV DFFRXQWLQJ LQ OLQH ZLWK 86 FRUSRUDWH SUDFWLFH FRPPHQVXUDWH
ZLWKLWVVWDWXVDVDIXOO\JOREDOLVHG-DSDQHVHLQGXVWULDOFRPSDQ\
7KH VWURQJ ILUVW TXDUWHU SHUIRUPDQFH ZDV DWWULEXWHG WR WKH
FRPELQHG HIIHFWV RI KHDOWK\ 86 VDOHV RI OX[XU\ PRGHOV VXFK DV LWV
/H[XV VDORRQ WKH EHQHILWV RI D VRIW \HQ DQG WKH FRPSDQ\
V FRVW
FXWWLQJSURJUDPPH
7R\RWD VDLG LWV PDUNHW VKDUH LQ -DSDQ IRU WKH ILUVW TXDUWHU ZDV
SHU FHQW H[FOXGLQJ PLQLYHKLFOHV D GHFUHDVH LQ WHUPV RI XQLW
VDOHVRIXQLWV
7KH FRPSDQ\
V GHFOLQLQJ SRSXODULW\ LQ WKH IDFH RI VWLII
FRPSHWLWLRQ LQ -DSDQ LV RQH RI WKH PDLQ FKDOOHQJHV LW IDFHV LQ WKH
FRPLQJPRQWKV
2YHUVHDVVDOHVLQFUHDVHGSHUFHQWWRPXQLWVPRVWRIWKHP
LQWKH86(XURSHDQVDOHVURVHE\XQLWV
7RWDO VDOHV IRU WKH SHULRG ZHUH P YHKLFOHV DQ LQFUHDVH RI
SHUFHQWFRPSDUHGZLWKHVWLPDWHVIRUWKHVDPHSHULRGODVW\HDU


'R\RXNQRZWKHVHZRUGV"
WRERRVW  wvltqujzwvk€¡jz
RSHUDWLQJSURILW  wéqi€svzwévqokvlxz
knttvpln¹znstvxzq
YHKLFOH  wnénkvov·tvnxénlxzkv
jkzvuviqskjmvtwv
kvorjqzl 
FRPPHQVXUDWH 7G1ZIAJ1N1P9 xvvzknzxzkntt€pxv
éjounéntt€p
WRH[FOXGH 73GZOGHQ(@9 qxrsí·jz

 
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

VWLII  xqst€prénwrqpyx
zvp·qk€p
FKDOOHQJH  k€ovkxsv tj¹ojlj·j
wévisnuj

*UDPPDU3DUWLFLSOH,
Æjtmsqpxrvu¹o€rnlkjkqljwéq·jxzqpwéq·jxzqntjxzv¹nmv
kénuntq 3DUWLFLSOH, qwéq·jxzqnwév¡nl¡nmvkénuntq 3DUWLFLSOH,, 
3DUWLFLSOH ,viéjoynzx¹xwvuvívrvt·jtq¹LQJlvijks¹n
uvmvrqt{qtqzqkyino·jxzq|€WR
WRRSHUDWH²RSHUDWLQJ
WREHJLQ²EHJLQQLQJ
WRFRS\²FRS\LQJ
Æ wénlsv ntqq 3DUWLFLSOH , uv nz k€wvst¹z xsnlyíqn
{ytr|qq
N ·jxzqxrjoynuvmv
 7KHSULFHVDUHLQFUHDVLQJ
N vwénlnsntq¹
 7KH\VSRNHDERXWLQFUHDVLQJSULFHV
N vixzv¹znsxzkjkénuntq ·jxzvxxvíojuqZKHQZKLOH 
7KH\ GLYHUVLILHG WKH SURGXFWLRQ LQFUHDVLQJ WKH SULFHV IRU
PDQ\SURGXFWV
7KHFRPSDQ\PDGHDIHZFRQWUDFWVZKHQYLVLWLQJWKLV$IULFDQ
FRXQWU\
Ëj éyxxrqp ¹o€r 3DUWLFLSOH,wnénkvlqzx¹rjrmsjmvswéqsj
mjznstvnlnnwéq·jxzqnxynxzkqznstvn xwénlsvmvu 

 5HDG WKH VHQWHQFHV DQG XQGHUOLQH 3DUWLFLSOHV , WUDQVODWH
WKHVHQWHQFHV
,WVPDUNHWVKDUHZDVSHUFHQWH[FOXGLQJPLQLYHKLFOHV
7KHFRPSDQ\
VGHFOLQLQJSRSXODULW\LVRQHRIWKHPDLQFKDOOHQJHV
7R\RWDIDFHVWKHVHFKDOOHQJHVLQWKHFRPLQJPRQWKV
7KH VWURQJ SHUIRUPDQFH ZDV DWWULEXWHG WR WKH FRPSDQ\
V FRVW
FXWWLQJSURJUDPPHDQGRWKHUIDFWRUV
,QDQLQFUHDVLQJO\JOREDOLVHGZRUOGHFRQRPLFLPSHUDWLYHVFDQEH
VHHQDVDPRVWSRZHUIXOIRUFHVKDSLQJKXPDQEHKDYLRXU
$GRSWLQJDEURDGGHILQLWLRQRIFXOWXUHWKHZRUNH[SORUHVWKHHFR
QRPLFGLPHQVLRQVRIFXOWXUH
 
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

 7UDQVODWHLQWR(QJOLVKXVLQJ3DUWLFLSOHV,
Íéq wvxnntqq rvuwjtqq vtq viéjzqsq ktqujtqn tj tvk€n
wévqokvlxzkntt€nwvunntq¹
djrsí·j¹xlnsryvtqwvxzjkqsqkvwévxvmjéjtzq¹}
­vkvé¹vxtq ntqqxzvquvxzqvivéylvkjtq¹vtqtntjo€kj
sqtqrjrq}|q{é
Íénlxzjkqznsq {qéu€ vzunzqsq yknsq·qkjíqpx¹ jxxvézq
untzwévlyr|qq
Înt¹íqnx¹ ërvtvuq·nxrqn yxsvkq¹ k€okjsq qountntq¹
xwévxjtjé€trn

$UWLFOHV
DSHUFHQWLQFUHDVH
DWKLUW\ILYHSRLQWIRXUSHUFHQWLQFUHDVH

 5HDGDQGWUDQVODWHLQWR5XVVLDQ
DSHUFHQWGHFUHDVH DSHUFHQWVKDUHRIWKHPDUNHW
DSHUFHQWULVH DSHUFHQWGLVFRXQWRIIWKHSULFHV
DSHUFHQWGURS DWKLUW\GD\GHOD\LQWKHGHOLYHULHV
DSHUFHQWIDOO DWHQURRPKRXVH

 8VHWKH,QGHILQLWH$UWLFOHZKHUHQHFHVVDU\
7KH ILUVW TXDUWHUO\ UHVXOWV VKRZHG « SHU FHQW LQFUHDVH LQ
RSHUDWLQJSURILWV
7KHRSHUDWLQJSURILWVLQFUHDVHGE\«SHUFHQW
7KHLQFUHDVHZDV«SHUFHQW
3ULFHVDUH«SHUFHQWXSWKLVPRQWKDFFRUGLQJWRWKH)LQDQ
FLDO7LPHV
7KHULVHRI«SHUFHQWLVDUHFRUGILJXUHWKLVPRQWK
3URGXFWLRQ WKLV PRQWK LV UXQQLQJ «SHU FHQW DERYH ODVW
PRQWK
2XWSXWRIFDUVLQWKH8.FRQWLQXHVWRULVHVWHDGLO\«LQFUHDVHRI
SHUFHQWH[FHHGVODVWPRQWKILJXUHV
2XWSXWIRUH[SRUWFRQWLQXHGWRFOLPEZLWK«SHUFHQWULVHWR


 
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

 7UDQVODWHLQWR(QJOLVK
Ïknsq·ntqnojzéjzxvxzjkqsv
fwn|qjsqxz€ mvkvéqsq vi yknsq·ntqq ërxwvézj xzéjt€ tj

Ëj xvknjtqq i€sv vzun·ntv ·zv évxz wévlj  tj  i€s
énoyszjzvuivs¡vpénrsjutvprjuwjtqq
Ënvi}vlquvi€svlviqzx¹xvréjntq¹éjx}vlvk}vz¹i€tj

3UHSRVLWLRQV
 0DNH D IHZ VHQWHQFHV SD\LQJ DWWHQWLRQ WR WKH SUHSRVLWLRQV
DQGWUDQVODWHWKHPLQWR5XVVLDQ

2XWSXWURVH E\ WKUHHSHUFHQWWRVHYHQW\IRXU
WKRXVDQGIRXUKXQGUHGDQGWZHQW\IRXU

H[SRUWVWRIDOOSHUFHQW
LPSRUWVWRULVHSHUFHQW
DXWRPRELOHSURGXFWLRQWRULVHSHUFHQW
FURFNHU\VDOHVWRIDOOSHUFHQW
OLQHQVDOHVWRLQFUHDVHSHUFHQW
XQHPSOR\PHQWUDWHWRIDOOSHUFHQW

+DYHDQRWKHUORRNDWWKHQHZVSDSHU
LWHPDQG«

D :ULWHRXWWKHSULQFLSDOFODXVHVIURPWKHILUVW
WKUHHVHQWHQFHVOLNHWKLV
7R\RWD0RWRU\HVWHUGD\UHSRUWHGWKDW«

 E 8QGHUOLQH VXEMHFWV DQG SUHGLFDWHV LQ WKH UHPDLQLQJ


SULQFLSDOFODXVHV

 F 7UDQVODWHWKHILUVWDQGWKHODVWVHQWHQFHV


 
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

 G $QVZHUWKHVHTXHVWLRQV
  +RZ LV WKH FRPSDQ\ RI 7R\RWD 0RWRUV FKDUDFWHULVHG LQ WKH
QHZVSDSHU"
  :KDWDUHWKHRWKHUWZRODUJHVWFDUPDNHUVLQWKHZRUOG"
  :KDWLVWKHVLWXDWLRQRQWKHFDUPDUNHWQRZ"

H 7UDQVODWHLQWR(QJOLVK
Æxzjznmvkvéqzx¹vxqstvprvtryént|qqtjëzvué€trn
bvs¹ ëzvp rvuwjtqq tj ktyzénttnu é€trn ‰wvtqq xvxzjk
s¹sjtnx·qzj¹uqtqjkzvuviqsnp
Íéqi€svzwévqokvlxzknttvpln¹znstvxzqyknsq·qsjxiv
snn·nutjzénz
Íéqi€s kvoévxsj k énoyszjzn vxsjisntq¹ qnt€ q yxwn¡
t€}wévlj jkzvuviqsnprsjxxjsírxkf‘¬


I 7UDQVODWH WKHVH VHQWHQFHV LQWR 5XVVLDQ DQG VD\ ZKDW \RX


VHHLQWKHFDUWRRQ
,Q 7RN\R WKH SUHVVXUH RQ VSDFH
LV VR JUHDW WKDW LQ VRPH UHVLGHQWLDO
QHLJKERXUKRRGV D SDUNLQJ VSDFH
FRVWV …D PRQWK 7R HFRQRPL]H
RQ WKLV H[SHQVLYH VSDFH ² DQG WR
ORZHU WKH FRVW RI FDU RZQHUVKLS DQG
KHQFH ERRVW WKH VDOH RI FDUV ² FDU
SURGXFHUV KDYH GHYHORSHG D SDUNLQJ
PDFKLQH WKDW HQDEOHV WZR FDUV WR
RFFXS\WKHVSDFHRIRQH










 
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

7H[W0DUNHWVFKHPD
0DUNHWVWUXFWXUH²FRQGXFW²SHUIRUPDQFHVFKHPDLVDQDQDO\WL
FDOIUDPHZRUNWRLQYHVWLJDWHWKHRSHUDWLRQRIPDUNHWSURFHVVHV
0DUNHWFRQGXFW
)LUPREMHFWLYHV
3ULFLQJSURGXFW
GLIIHUHQWLDWLRQSROLFLHV
,QWHUILUPFRRUGLQDWLRQ

0DUNHWVWUXFWXUH
'HJUHHRIVHOOHURU 0DUNHWVWUXFWXUH
EX\HUFRQFHQWUDWLRQ 3URGXFWLYHHIILFLHQF\
3URGXFWFKDUDFWHU 'LVWULEXWLYHHIILFLHQF\
 KRPRJHQHRXV $OORFDWLYHHIILFLHQF\
GLIIHUHQWLDWLRQ 7HFKQRORJLFDO
&RQGLWLRQRIHQWU\ SURJUHVVLYHQHVV
9HUWLFDOLQWHJUDWLRQ 3URGXFWSHUIRUPDQFH
'LYHUVLILFDWLRQ

3XEOLFSROLF\
&RPSHWLWLRQSROLF\
,QGXVWULDOSROLF\

0DUNHWV DUH XOWLPDWHO\ MXGJHG LQ WHUPV RI WKHLU HFRQRPLF SHU
IRUPDQFHWKDWLVKRZZHOOWKH\KDYHFRQWULEXWHGWRWKHDFKLHYHPHQW
RI RSWLPDO HFRQRPLF HIILFLHQF\ 0DUNHW SHUIRUPDQFH LV GHWHUPLQHG
IXQGDPHQWDOO\E\WKHLQWHUDFWLRQRIPDUNHWVWUXFWXUHDQGPDUNHWFRQ
GXFW 7KH VFKHPD DWWHPSWV WR LGHQWLI\ WKRVH VWUXFWXUDO DQG FRQGXFW
SDUDPHWHUVZKLFKKDYHDVWUDWHJLFLQIOXHQFHRQPDUNHWSHUIRUPDQFH

7KH VFKHPD LV XVHIXO WR SXEOLFSROLF\ PDNHUV WR LPSURYH PDUNHW
SHUIRUPDQFH 6XFK PHDVXUHV FDQ RSHUDWH RQ PDUNHW VWUXFWXUH IRU
H[DPSOHWRSURKLELWPHUJHUVZKLFKLQFUHDVHPDUNHWFRQFHQWUDWLRQRU
WRHQFRXUDJHPHUJHUVLQLQGXVWULHVVXIIHULQJH[FHVVFDSDFLW\$OWHUQD
WLYHO\ VXFK PHDVXUHV PD\ RSHUDWH RQ PDUNHW FRQGXFW IRU H[DPSOH
WR HOLPLQDWH H[FHVV SURILWV LI SULFHIL[LQJ DJUHHPHQWV EHWZHHQ ILUPV
DUH SURKLELWHG $GGLWLRQDOO\ WKH DXWKRULWLHV PD\ RSHUDWH GLUHFWO\ RQ
PDUNHWSHUIRUPDQFHDQGUHJXODWHWKHSULFHVFKDUJHGE\PRQRSROLVWLF
VXSSOLHUV

 
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

'R\RXNQRZWKHVHZRUGV"
FRQGXFW 7ZGKJ@6GP9 wvknlntqn knlntqn
éyrvkvlxzkv
WRFRQGXFW 7G1JZ@6GP9 xvwévkv ljz éyrvkv
lqz
IUDPHZRUN  xzéyrzyéjéjurq
WRIUDPH  xvoljkjzxzévqz
HIILFLHQF\ 73ZB31JO39 ë{{nrzqktvxz wévqo
kvlqznstvxz
DOORFDWLRQ  éjxwénlnsntqn jxxqmtv
kjtqn
WRSURKLELW 7LN1ZD3>3P9 ojwénjz
PHUJHU  wvmsvntqnxsq¹tqn
WRHQFRXUDJH 73JZG6N3 9 wvvé¹zwvllné qkjz
WRVHHN VRXJKWVRXJKW   qxrjzéjoyotjkjz
WRHOLPLQDWH 73ZH3I3JA3P9 yxzéjt¹z

 5HDGDQGWUDQVODWHWKHVHZRUGVXQGHUOLQHWKHVXIIL[HV
RIQRXQVDQGDGMHFWLYHV
VWUXFWXUH DQDO\WLFDO WRLQYHVWLJDWH
VFKHPD XOWLPDWH WRMXGJH
SHUIRUPDQFH XOWLPDWHO\ WRFRQWULEXWH
RSHUDWLRQ RSWLPDO WRGHWHUPLQH
SURFHVV IXQGDPHQWDO WRLQWHUDFW
DFKLHYHPHQW IXQGDPHQWDOO\ WRLGHQWLI\

 7UDQVODWH WKH DGMHFWLYHV ZULWH WKH ZRUGV IURP ZKLFK WKH\
DUHIRUPHGDQGDGGQRXQVZLWKZKLFKWKHVHDGMHFWLYHVFDQ
EHXVHG
VWUXFWXUDOBBBBBBBBBBBBBBBBBB DOWHUQDWLYH BBBBBBBBBBBBBBBBB
VWUDWHJLFBBBBBBBBBBBBBBBBBBB DGGLWLRQDO BBBBBBBBBBBBBBBBB
XVHIXO BBBBBBBBBBBBBBBBBBBB PRQRSROLVWLF BBBBBBBBBBBBBBB
H[FHVV BBBBBBBBBBBBBBBBBBBB DQDO\WLFDO BBBBBBBBBBBBBBBBBB

 
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

*UDPPDU$WWULEXWHV
Æ wénlsv ntqq k {ytr|qq vwénlnsntq¹ uvmyz ywvzénis¹zx¹
xsnlyíqn·jxzqén·q

wnénlvwénlns¹nu€uxynxzkqznst€u

wéqsjmjznstvn DQDO\WLFDO IUDPHZRUN HFRQRPLF SHU


IRUPDQFH
wvé¹lrvkvn·qxsqznstvn WKHILUVWTXHVWLRQWKHWKLUGOLQH
léymvnxynxzkqznstvn PDUNHW SHUIRUPDQFH FRQGXFW SD
UDPHWHUV
wéq·jxzqn, GHFOLQLQJVDOHVLQFUHDVLQJSULFHV
 
wvxsnvwénlns¹nuvmvxynxzkqznstvmv
rvsq·nxzknttvn·qxsqzns /HVVRQ([HUFLVH
tvn
léymvnxynxzkqznstvnx DFKLHYHPHQWRIHIILFLHQF\
wénlsvmvu
wéq·jxzqnxwv¹xtqznst€ LQGXVWULHVVXIIHULQJH[FHVVFDSDFLW\
uqxsvkjuq
 
cxsqwnénlvwénlns¹nu€uxynxzkqznst€uxzvqztnxrvsrv
léymq} xynxzkqznst€} k évsq vwénlnsntq¹ wnénkvl zjrvmv
xv·nzjtq¹ vi€·tv tj·qtjnzx¹ x wvxsnltnmv vwénlns¹nuvmv xy
nxzkqznstvmv
DPDUNHWUHVHDUFKFRPSDQ\
rvuwjtq¹ojtqujíj¹x¹qxxsnlvkjtqnué€trj


 8QGHUOLQHWKHDWWULEXWHVDQGWUDQVODWHWKHVHZRUGFRPELQD
WLRQV
FDUGHDOHU WKHILUVWTXDUWHUO\UHVXOWV
RULJLQDOSULFH LQFUHDVHLQRSHUDWLQJSURILWV
WKHZRUOG
VWKLUGODUJHVWFDUPDNHU HQYLURQPHQWDOO\IULHQGO\SURGXFWV
LWVILUVWTXDUWHURSHUDWLQJSURILWV SURGXFWUDQJHVWUDWHJ\
VWURQJVDOHVRIOX[XU\YHKLFOHV FKDQJHVLQGHPDQGDQGVXSSO\

 
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

+DYHDQRWKHUORRNDWWKHWH[WDQG«
D 8QGHUOLQHDWWULEXWHVDQGQRXQVWKH\UHODWHWR
WUDQVODWHWKHZRUGFRPELQDWLRQVLQWR5XVVLDQ
 E 7UDQVODWHLQWR(QJOLVK
uvtvwvst€nwvxzjkqrq
wvxzjkqrquvtvwvsqxz€
xzéjznmq·nxrvnksq¹tqntjxvxzv¹tqné€trj
xvmsj¡ntq¹ {qrxqéyíqn tj vwénlnsnttvn kénu¹ vwénln
snttyí|nty
vzéjxsq wévu€¡snttvxzq k rvzvé€} tjisíljnzx¹ qoi€zvr
wévqokvlxzkntt€}uvtvxznp
x}nuj kojquvlnpxzkq¹ xzéyrzyé€ wvknlntq¹ q xvxzv¹tq¹
é€trj

F 7UDQVODWHWKHWH[WLQWR5XVVLDQ


1HZVSDSHULWHP,QWKHLQGXVWU\ELRVSKHUH
RQO\WKHVWURQJHVWVXUYLYH
&OXVWHUV LV D WHUP JLYHQ WR JHRJUDSKLFDO DUHDV LQ ZKLFK D ODUJH
QXPEHU RI FRPSDQLHV ZRUNLQJ LQ WKH VDPH LQGXVWU\ RU VHFWRU KDYH
FRQFHQWUDWHG 7KH\ DUH D FRPPRQ IHDWXUH RI DFWLYH DQG KHDOWK\
HFRQRPLHV
([DPSOHVLQFOXGH6LOLFRQ9DOOH\LQ&DOLIRUQLDWKHKLJKWHFKQRORJ\
DQG ELRWHFKQRORJ\ FRQFHUQV DURXQG &DPEULGJH LQ WKH 8. DQG WKH
DHURVSDFHDQGHQJLQHHULQJFRPSDQLHVDURXQG7RXORXVHLQ)UDQFH
&RPSDQLHVLQDFOXVWHUDUHORFNHGWRJHWKHULQDNLQGRILQWHUGHSHQG
HQFH OLNH RUJDQLVPV LQ D ELRVSKHUH 7KH\ FRPSHWH IRU PDUNHW VKDUH
HPSOR\HHVDQGUHVRXUFHV7KH\DOVRUHO\RQHDFKRWKHU$FWLQJWRJHWKHU
WKH\JHQHUDWHVNLOOVDQGNQRZOHGJHRIWKHLUSDUWLFXODUVHFWRUWKDWIRUPD
NLQGRIFULWLFDOPDVVRQZKLFKDOOWKHPHPEHUVFDQGUDZ

&OXVWHUVRIWHQEHJLQZLWKDVLQJOHFRPSDQ\6LOLFRQ9DOOH\
VWHFK
QRORJ\ FOXVWHUIDPRXVO\EHJDQZLWK+HZOHWW3DFNDUG7KHVHVXFFHVV
IXOFRPSDQLHVJHQHUDWHWDOHQWHGPDQDJHUVDQGHQWUHSUHQHXUVZKRLQ
WLPHOHDYHWRVHWXSQHZFRQFHUQV$VWKHVHJURZVNLOOHGHPSOR\HHV
EHJLQWRPLJUDWHEHWZHHQEXVLQHVVHVVHHNLQJWKHEHVWRSSRUWXQLWLHV

 
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

7KHUHDUHUHDOO\RQO\WZRZD\VWRVXUYLYHLQDFOXVWHUHQYLURQPHQW
ORQJWHUPWRJURZFRQWLQXRXVO\LQWRWKHELJJHVWILVKLQWKHSRQGRU
WR GHYHORS VHOIGHSHQGHQW V\VWHPV DQGPRYHRXWUHORFDWLQJWRDUH
JLRQZKHUHFRPSHWLWLRQZLOOEHOHVVYLJRURXV7KHIRUPHUVWUDWHJ\ZDV
DGRSWHGE\/DUU\(OOLVRQDW2UDFOHZKRVDZHDUO\WKDWWKHRQO\ZD\
WR ZLQ LQ 6LOLFRQ 9DOOH\ ZDV WR EHFRPH ELJ 7KH ODWWHU SDWK ZDV
SXUVXHG E\ %LOO *DWHV DQG 3DXO $OOHQ DW 0LFURVRIW WKH\ SUHIHUUHG
LQGHSHQGHQFHDQGPRYHGWRWKH3DFLILFQRUWKZHVW
&OXVWHUVDUHRIWHQIDYRXUHGE\SROLWLFLDQVDQGHFRQRPLFSODQQHUV
ZKRVHHRSSRUWXQLWLHVIRURYHUDOOSURVSHULW\%XWZRUNLQJLQDFOXVWHU
LV QRW IRU WKH IDLQWKHDUWHG 7KH\ RIIHU OLWWOH VHFXULW\ DQG IHZ VDIHW\
QHWV$VLQDELRVSKHUHRQO\WKHVWURQJVXUYLYH


'R\RXNQRZWKHVHZRUGV"
WRVXUYLYH 7O1ZR=3R9 wnén qz k€lné jz
vxzjzx¹k qk€}
FOXVWHU  wy·vrmévolméywwj
HQWUHSUHQHXU 7<DJPN1LN1ZJ1(9 wénlwéqtqujzns
YLJRURXV 7ZR321N1O9 xqst€pëtnémq·t€p
IRUPHU  wnék€p qolky}k€¡n
ywvu¹tyz€} i€k¡qp
ODWWHU  wvxsnltqp qo lky}
k€¡nywvu¹tyz€} 

:RUGIRUPDWLRQ3UHIL[HVRIDGMHFWLYHV
KHDOWK\²XQKHDOWK\
GHSHQGHQW²LQGHSHQGHQW
PDWXUH²LPPDWXUH
OHJDO²LOOHJDO
UHVSRQVLEOH²LUUHVSRQVLEOH
VDWLVILHG²GLVVDWLVILHG
DQQXDO²ELDQQXDO
GHSHQGHQW²LQWHUGHSHQGHQW


 
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

 8QGHUOLQHSUHIL[HVDQGWUDQVODWHWKHDGMHFWLYHV
LQWHUDFWLYH LPSUREDEOH XQPDQDJHDEOH LPSHUIHFW
LUUDWLRQDO XQPLVWDNDEOH LQDFFHVVLEOH XQEHOLHYDEOH
LPPHDVXUDEOH ELOLQJXDO XQDFFHSWDEOH GLVDJUHHDEOH

 )RUP DGMHFWLYHV DQG FKRRVH QRXQV ZLWK ZKLFK WKH\ FDQ EH
XVHGWUDQVODWHWKHZRUGFRPELQDWLRQV\RXZLOOJHW
XQ LQ ZD\ PHDVXUH
QDWXUDO VHFXUH FRXQWU\ LQYLWDWLRQ
FKDQJHDEOH FRQVLVWHQW ZHDWKHU FRQGXFW
ZHDOWK\ IRUPDO VPLOHV SROLF\
VNLOOHG GLUHFW ZRUNHU SURILW
UHDO GLIIHUHQW SHRSOH SODQ

 5HDGDQGWUDQVODWHWKHVHQRXQVZULWHWKHZRUGVIURPZKLFK
WKH\DUHIRUPHG
VXUYLYDO FRPSHWLWLRQ HPSOR\HH
FRQFHQWUDWLRQ VXFFHVV PDQDJHU
ORFN PLJUDWLRQ SROLWLFLDQ
VKDUH GHYHORSPHQW HFRORJLVW
RUJDQLVP UHORFDWLRQ VFLHQWLVW
JHQHUDWLRQ SUHIHUHQFH DFWRU
NQRZOHGJH SURVSHULW\ DFWUHVV

:RUNRQWKHZRUGV
 0DWFKWKHV\QRQ\PVDQGWUDQVODWHWKHPLQWR5XVVLDQ
IRUPHU VHFRQG SURVSHURXV ZHDN
ODWWHU WRWDO IDLQW VXFFHVVIXO
RYHUDOO ILUVW YLJRURXV VWURQJ

 8VHWKHULJKWSUHSRVLWLRQVDQGWUDQVODWHWKHVHQWHQFHV
&OXVWHUVRIWHQEHJLQ«DVLQJOHFRPSDQ\ IRU
7KHQ«WKLVJHRJUDSKLFDODUHDDORWRIRWKHUFRPSDQLHV
ZRUNLQJLQWKHVDPHLQGXVWU\VWDUWFRQFHQWUDWLQJ RQ

 
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

&RPSDQLHV«DFOXVWHUDUHORFNHGWRJHWKHU«DNLQGRI ZLWK
LQWHUGHSHQGHQFH
7KH\ DUH FRPSHWLQJ «PDUNHW VKDUH UHO\LQJ « HDFK EHWZHHQ
RWKHUDWWKHVDPHWLPH LQ
(YHU\ERG\NQRZVWKDW6LOLFRQ9DOOH\
VWHFKQRORJ\FOXV
WHUEHJDQ«+HZOHWW3DFNDUG WR
6RRQVNLOOHGHPSOR\HHVEHJLQWRPLJUDWH«EXVLQHVVHV RI
(QWUHSUHQHXUV UHORFDWH « D UHJLRQ ZKHUH FRPSHWLWLRQ
LQWR
ZLOOEHOHVVYLJRURXV

5HYLVH*UDPPDU
DORWRIDJUHDWGHDORI xqx·qxs¹nu€uqqtn
qx·qxs¹nu€uq xynxz
kqznst€uq 
DJUHDWODUJHQXPEHURI x qx·qxs¹nu€uq xy
nxzkqznst€uq 

 8VH RQH RI WKH DERYH H[SUHVVLRQV SD\LQJ DWWHQWLRQ WR WKH
DUWLFOHVDQGWUDQVODWHWKHVHQWHQFHVLQWR5XVVLDQ
8VXDOO\«FRPSDQLHVZRUNLQJLQWKHVDPHLQGXVWU\RUVHFWRUFRQ
FHQWUDWHLQFOXVWHUV
«H[SHUWVDUHHPSOR\HGKHUH
7KH\JHQHUDWH«WDOHQWHGPDQDJHUVDQGHQWUHSUHQHXUV
7KH\JHQHUDWHVNLOOVDQG«NQRZOHGJHRIWKHLUSDUWLFXODUVHFWRU
7KH FRPSDQ\ H[SRUWV « YHKLFOHV WR YDULRXV FRXQWULHV RI WKH
ZRUOG
«FRIIHHKDVEHHQH[SRUWHGWRWKH(XURSHDQFRXQWULHVWKLV\HDU
«SHRSOHVWDUWWREX\SURGXFWVZKLFKDUHHQYLURQPHQWDOO\VDIHRU
ELRGHJUDGDEOH

 7UDQVODWHLQWR(QJOLVK
tvk€}rvt|nétvk  otjtqp
{qéu  éjivz€
sílnp  yxqsqp
utvmv xzéjt utvmv xénlxzk
zvkjéj lntnm
unzjssj xknlntqp
w¡ntq|€ tvkvxznp

 
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

 8QGHUOLQH3DUWLFLSOHV,ZULWHLQZKDWIXQFWLRQ
DWWULEXWHDGYHUELDOPRGLILHUSDUWRIDSUHGLFDWH 
WKH\DUHXVHGDQGWUDQVODWHWKHVHQWHQFHV
&OXVWHUV LV D WHUP PHDQLQJ JHRJUDSKLFDO DUHDV LQ ZKLFK D ODUJH
QXPEHU RI FRPSDQLHV ZRUNLQJ LQ WKH VDPH LQGXVWU\ RU VHFWRU KDYH
FRQFHQWUDWHG
$V FOXVWHUV JURZ VNLOOHG HPSOR\HHV EHJLQ WR PLJUDWH EHWZHHQ
EXVLQHVVHVVHHNLQJWKHEHVWRSSRUWXQLWLHV
7KH\FDQGHYHORSVHOIGHSHQGHQWV\VWHPVDQGPRYHRXWUHORFDW
LQJWRDUHJLRQZKHUHFRPSHWLWLRQZLOOEHOHVVYLJRURXV
7KH86UHFRUGLQJLQGXVWU\VWUXJJOLQJWRFRPEDWGHFOLQLQJPXVLF
VDOHVLVFRQVLGHULQJOHJDODFWLRQ
$WWKHVDPHWLPHWKH5HFRUGLQJ,QGXVWU\$VVRFLDWLRQRI$PHULFD
LV FDPSDLJQLQJ IRU WKH 'HSDUWPHQW RI -XVWLFH WR GR PRUH WR FUDFN
GRZQRQWKRVHSLUDWHV

 7UDQVODWHLQWR(QJOLVKREVHUYLQJWKH5XOHVRIWKH6HTXHQFH
RI7HQVHV
Ìt xrjojs ·zv ·qzjs utvmv xzjznp v tvkvu ërvtvuq·nxrvu
viéjovkjtqq
­jonz€ wqxjsq ·zv wévqov¡sv xsq¹tqn lky} réywt€} rvu
wjtqp
Ìtq vzunzqsq ·zv tvk€p rvt|nét qunnz ivs¡qn kvouv 
tvxzqls¹yxwn¡tvpln¹znstvxzqtjuqévkvué€trn
Íéjkqznsxzkv tjln¹svx ·zv ëzvz tvk€p wévu€¡sntt€p
éjpvtwéqksn·nzutvmq}rkjsq{q|qévkjtt€}éjiv·q}
΀otjsq·zvkëzvprvtryéntztvpivéink€ qkyzzvsrv
xju€nxqst€n

+DYHDQRWKHUORRNDWWKHQHZVSDSHU
LWHPDQG«
D $QVZHUWKHVHTXHVWLRQV
  :KDWLVDFOXVWHU"
  :KDWFOXVWHUVLQWKH86WKH8.DQG)UDQFHGLGWKHQHZVSD
SHUPHQWLRQ"
  +RZGRFOXVWHUVEHJLQ"
  :KDWDUHWKHWZRDOWHUQDWLYHVIRUFOXVWHUVWRGHYHORS"
  'RFOXVWHUVRIIHUVHFXULW\WRDOO"

 
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

E 5HWHOOWKHLWHP

$QQRWDWLRQRIWKHERRN)URP6LOLFRQ9DOOH\
WR6LQJDSRUH
/RFDWLRQDQG&RPSHWLWLYH$GYDQWDJHLQWKH+DUG'LVN
'ULYH,QGXVWU\
'DYLG*0F.HQGULFN
8QLYHUVLW\RI&DOLIRUQLD

'HYHORSPHQWV LQ WKH JOREDO HFRQRP\ RYHU WKH ODVW WZR GHFDGHV
KDYH GUDPDWLFDOO\ LQFUHDVHG WKH DYDLODELOLW\ RI LQGXVWULDO LQYHVWPHQW
VLWHV DQG ORZHUHG WKH FRVW RI UHORFDWLQJ FRUH DFWLYLWLHV %XW KRZ
VKRXOG WKHVH GHYHORSPHQWV EH H[SORLWHG IRU FRPSHWLWLYH DGYDQWDJH"
)LUPVIDFHFRPSHWLQJSUHVVXUHVVFDOHHFRQRPLHVDQGWKHDGYDQWDJHV
RISUR[LPLW\SXVKWKHPWRFRQFHQWUDWHDFWLYLWLHVLQRQHRURQO\DIHZ
ORFDWLRQV ZKLOH ORZ ZDJHV DQG QHZ PDUNHWV LQYLWH GLVSHUVDO DFURVV
VHYHUDOFRXQWULHV
7KLV ERRN H[DPLQHV KRZ ORFDWLRQ GHFLVLRQV KDYH FRQWULEXWHG WR
WKH JOREDO GRPLQDQFH RI 86 ILUPV LQ WKH KDUG GLVN GULYH LQGXVWU\
ZLWK UHVHDUFK DQG GHYHORSPHQW ORFDWHG SULQFLSDOO\ LQ &DOLIRUQLD DQG
PDQXIDFWXULQJ EDVHG LQ 6RXWKHDVW $VLD SDUWLFXODUO\ LQ 6LQJDSRUH
7KDLODQGDQG0DOD\VLD%H\RQGWKHSDUWLFXODUVRIWKHKDUGGLVNGULYH
LQGXVWU\ WKH DXWKRUV SUHVHQW QHZ SHUVSHFWLYHV RQ WKH VRXUFHV RI
LQGXVWULDOOHDGHUVKLSWKHVWUDWHJLFEHKDYLRXURIPXOWLQDWLRQDOFRUSRUD
WLRQV WKH JHRJUDSKLF HYROXWLRQ RI LQGXVWU\ DQG WKH FUHDWLRQ DQG
HQGXUDQFHRILQGXVWULDOFOXVWHUV
0DQ\ JRYHUQPHQWV DUH DWWHPSWLQJ WR SURGXFH WKHLU RZQ 6LOLFRQ
$OOH\6LOLFRQ*OHQRU6LOLFRQ)HQ
7KH VSHFLDO FKDUDFWHU RI WKH UHJLRQ LV QRW WR EH IRXQG LQ
WHFKQRORJLFDOEUHDNWKURXJKEXWUDWKHULQWKHDELOLW\WRWXUQLGHDVLQWR
SURGXFWVWKURXJKWKHVZLIWIRUPDWLRQRIQHZILUPV8QGHUSLQQLQJWKLV
DELOLW\DUHVHYHQNH\IDFWRUVDIDYRXUDEOHUHJXODWRU\HQYLURQPHQWWKH
IUHH FLUFXODWLRQ RI LGHDV D KLJKTXDOLW\ DQG PRELOH ZRUNIRUFH DQ
RSHQEXVLQHVVHQYLURQPHQWWKHH[LVWHQFHRIUHVHDUFKXQLYHUVLWLHVDQG
LQVWLWXWLRQVDKLJKTXDOLW\RIOLIHDQGDEXVLQHVVLQIUDVWUXFWXUHZKLFK
FDQ VXSSO\ H[SHUWLVH LQ ILQDQFH ODZ DFFRXQWLQJ KHDGKXQWLQJ
PDUNHWLQJDQGHTXLSPHQWSURYLVLRQ


 
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

'R\RXNQRZWKHVHZRUGV"
DGYDQWDJH 71@ZR=(JP3 9 wénquynxzkv
SUR[LPLW\ 7LN1ZGO3I3P39 isqovxz
WRSXVK 7LQ9 tj qujz wévzjsrqkjz
lkqmjz
HQGXUDQFH 73JZ@FQ1N1JO9 k€tvxsqkvxzxzvprvxz
WRXQGHUSLQ  wvllné qkjzwvlrénws¹z

:RUNRQWKHZRUGV
 0DWFKWKH(QJOLVKDQG5XVVLDQHTXLYDOHQWV
VFDOHHFRQRPLHV ojéjivztj¹wsjzj
ORFDWLRQ ërvtvuq¹viyxsvksnttj¹évxzvuujx¡zjij
ZDJHV wévqokvlxzkj
GLVSHUVDO mvxwvlxzkvksq¹tqnwénvisjljtqn
GRPLQDQFH éjxxnqkjtqnéjxxénlvzv·ntqn
UHVHDUFK éjokqzqnéjoéjivzrj
GHYHORSPHQW qxxsnlvkjtqn
GHYHORSPHQWV unxzvtj}v lntqn
PDQXIDFWXULQJ xvi€zq¹
EUHDNWKURXJK wévé€k¡jmkwnénl
wévqokvlxzkv viéjijz€kjíj¹ wévu€¡
snttvxz

 8VHWKHULJKWZRUGDQGWUDQVODWHWKHVHQWHQFHV
'HYHORSPHQWV LQ WKH JOREDO HFRQRP\ RYHU WKH ODVW ORFDWLRQ
WZR«KDYHLQFUHDVHGWKHQXPEHURILQGXVWULDOLQYHVWPHQW
VLWHV DFWLYLWLHV
$ IHZ IDFWRUV SXVK WKHP WR FRQFHQWUDWH « LQ RQH RU
GHFDGH
RQO\DIHZORFDWLRQV
7KLVERRNH[DPLQHVKRZORFDWLRQ«FRQWULEXWHWRWKH EHKDY
JOREDOGRPLQDQFHRI86ILUPVLQWKLVLQGXVWU\ LRXU
0DQXIDFWXULQJ LQ WKH KDUG GLVN GULYH « LV EDVHG LQ
LQGXVWU\
6RXWKHDVW$VLD
7KHDXWKRUVSUHVHQWQHZSHUVSHFWLYHVRQWKHVWUDWHJLF GHFLVLRQV
«RIPXOWLQDWLRQDOFRUSRUDWLRQV
DGYDQWDJH

 
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

 7UDQVODWHLQWR(QJOLVK
vxtvktj¹jrzqktvxz otj·qznstvyknsq·qzx¹
xvi€zq¹ wénlsjmjzvw€zqotjtq¹
ëkvsí|q¹ëzvpvzéjxsq vinxwn·qkjzvivéylvkjtqn
kvotqrtvkntqnqk€ qkjtqn wénlxzjks¹ztvk€nwnéxwnrzqk€
zn}tq·nxrqpwévé€k w€zjzx¹xvoljkjz
i€xzévnxvoljtqn wéqmsj¡jzwvvé¹z
i€xzé€pévxz vinxwn·qkjzrvmvsqivvivéylv
wénquynxzkv kjtqnu

5HYLVH*UDPPDU

 8QGHUOLQH3DUWLFLSOHV,DQGWUDQVODWHWKHVHQWHQFHV
7KLVWHQGHQF\ORZHUHGWKHFRVWRIUHORFDWLQJFRUHDFWLYLWLHV
7KHUHDUHVHYHQNH\IDFWRUVXQGHUSLQQLQJWKLVDELOLW\
0DQ\JRYHUQPHQWVDUHDWWHPSWLQJWRSURGXFHWKHLURZQ6LOLFRQV
)LUPVIDFHFRPSHWLQJSUHVVXUHV
7KHUHDUHDIHZILUPVFRPSHWLQJIRUWKHVHFRQWUDFWV

 8VH WKH YHUEV LQ 3UHVHQW 3HUIHFW DQG WUDQVODWH WKH VHQ
WHQFHV
&KDQJHVDQGGHYHORSPHQWVLQWKHJOREDOHFRQRP\IRUWKHODVWWZR
GHFDGHV WRORZHU WKHFRVWRIUHORFDWLQJFRUHDFWLYLWLHV
7KH\ WRFUHDWH DIHZLQGXVWULDOFOXVWHUVWKLVFHQWXU\
7KHSURGXFWLRQ WRLQFUHDVH GUDPDWLFDOO\
7KHFRVWRIUHORFDWLQJFRUHDFWLYLWLHV WRORZHU VLJQLILFDQWO\

+DYHDQRWKHUORRNDWWKHDQQRWDWLRQDQG«

D 8QGHUOLQHWKHVHQWHQFHZKLFKVHHPVPRVWLPSRUWDQW
WR\RXDQGWUDQVODWHLW
E 6D\ LI \RX ZRXOG UHDG WKLV ERRN RU QRW DQG JLYH \RXU
UHDVRQVIRUWKDW

 
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

1HZVSDSHULWHPWRWUDQVODWH+ 0PDUNHW
FRQGLWLRQVLPSURYLQJ
+HQQHV  0DXULW] WKH LQWHUQDWLRQDO IDVKLRQ UHWDLOHU \HVWHUGD\
UHSRUWHGVWURQJHUWKDQH[SHFWHGVDOHVJURZWKLQ-XO\DQGVDLGPDUNHW
FRQGLWLRQVZHUHLPSURYLQJLQLWV86VWRUHV
6DOHVLQ-XO\ZHUHSHUFHQWDERYHWKHVDPHPRQWKD\HDUHDU
OLHU DQG DOWKRXJK WKH FRPSDQ\ GLGQ
W UHOHDVH OLNHIRUOLNH ILJXUHV LW
VDLG WKDW LW KDG RQO\ LQFUHDVHG WKH QXPEHU RI VWRUHV E\ SHU FHQW
GXULQJWKHSHULRG
7KHFRPSDQ\DOVRVDLGLWGLGQRWH[SHFWDQ\PDWHULDOLPSDFWIURP
WKHIORRGVLQ(XURSH²$XVWULDDQG*HUPDQ\DFFRXQWIRUPRUHWKDQ
DWKLUGRIVDOHV²ZKLFKKDGFORVHGVRPHVWRUHV
/HLI 3HUVVRQ FKLHI ILQDQFLDO RIILFHU VDLG WKH VDOHV LQFUHDVH KDG
EHHQ EURDGO\ WKH VDPH DFURVV PRVW FRXQWULHV 7KH JURXS KDV PRUH
WKDQVWRUHVLQ(XURSHDQGWKH86
,Q WKH SDVW \HDU WKH FRPSDQ\ KDV ZRUNHG WR FXW LQYHQWRULHV WR
UHGXFHWKHQHHGIRUGLVFRXQWHGVDOHV:HKDYHSUREDEO\KDGWKHULJKW
JDUPHQWV LQ WKH VKRSV DQG ZH KDYH EHHQ DEOH WR GLVSOD\ WKHP ZHOO
:HKDYHQRWKDGDORWRIROGJDUPHQWVDURXQGDQGWKLVJLYHVWKHQHZ
LWHPDEHWWHUYLVLELOLW\0U3HUVVRQVDLG
+ 0HQWHUHGWKH86PDUNHWLQ0DUFKDQGKDVVWUXJJOHG
ZLWKFRVWVDQGORZHUWKDQH[SHFWHGVDOHV0U3HUVVRQVDLGJURZWKLQ
WKH ILUVW KDOI KDG EHHQ D OLWWOH ELW VORZHU WKDQ LQ WKH UHVW RI WKH
JURXSEXWWKDWLWZDVJHWWLQJEHWWHUDOOWKHWLPH
(DUOLHUWKLV\HDUWKHFRPSDQ\VDLGLWZDVKDOYLQJWKHSDFHRILWV
86 H[SDQVLRQ LQ RUGHU WR IRFXV RQ H[LVWLQJ VWRUHV ,W QRZ KDV LQ
WKH86DQGLVH[SHFWHGWRRSHQDQRWKHUHLJKWRUQLQHEHIRUHWKHHQG
RIWKH\HDU
6DJUD 0DFHLUD GH 5RVHQ DQDO\VW DW -3 0RUJDQ VDLG +  0
W\SLFDOO\ RXWSHUIRUPV KLJKHUSULFHG ULYDOV LQ ZHDN PDUNHW FRQGLWLRQV
DVVKRSSHUVVHHNFKHDSHUSXUFKDVHV

 :ULWHDQHVVD\RQRQHRIWKHVHWRSLFVXVLQJWKHPDWHULDORI
WKHOHVVRQDQGRWKHU(QJOLVK5XVVLDQVRXUFHV
  0DUNHWVFKHPDDQGFRQGLWLRQV
  *URZLQJSURGXFWLRQDQGFOXVWHUV
  3URGXFLQJDQGVHOOLQJFDUV


 
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

/HVVRQ

 3ULFHV
DQGPRQH\
/HFWXUH 3ULFHHODVWLFLW\
7H[W 3ULFHVXSSRUW
1HZVSDSHULWHPV 1.RUHDIRUFHGWROLIWIRRGSULFHV
VKDUSO\
 5HQHZHGIXQGEX\LQJSXVKHVJROG
KLJKHU
%XVLQHVVOHWWHU 5HJUHWWLQJSULFHLQFUHDVH
 
$QQRWDWLRQ %LPHWDOOLVP
*UDPPDU 7KH*HUXQG
 7DJTXHVWLRQV
 *HQHUDOQHJDWLYHTXHVWLRQV
 LIZKHQFODXVHV
 7KH3UHVHQW3HUIHFW&RQWLQXRXV7HQVH
:RUGIRUPDWLRQ 6XIIL[HVDQGSUHIL[HVRIYHUEV


/HFWXUH3ULFHHODVWLFLW\
*RRGPRUQLQJHYHU\RQH7RGD\ZH
UHJRLQJWRLQYHVWLJDWHWKHSULFHHODV
WLFLW\RIGHPDQGIRUIRRWEDOOWLFNHWV/HW
VVWDUWE\ORRNLQJDWWKHWDEOH

7KHSULFHHODVWLFLW\RIGHPDQGIRUIRRWEDOOWLFNHWV
     
3ULFH 4XDQWLW\RIWLFNHWVGHPDQGHG 3ULFHHODVWLFLW\RIGH
…WLFNHW  WKRXVDQGVJDPH  PDQG
  B
  
  
  
  
  

 
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

1RZKDYHDORRNDWFROXPQRQH$V\RXFDQVHHWKLVVKRZVSULFH
FXWV RI WZR SRXQGV ILIW\ %\ FRQVLGHULQJ WKH HIIHFWV WKH HIIHFWV RI
SULFHFXWVRIWZRSRXQGVILIW\ZHFDQFDOFXODWHWKHSULFHHODVWLFLW\RI
GHPDQGDWHDFKSULFH7KHSULFHLVVKRZQLQFROXPQWKUHH%XWKRZ
KDYH ZH FDOFXODWHG WKLV" /HW PH H[SODLQ /HW
V DV DQ H[DPSOH WDNH
WKH SULFH RI WHQ SRXQGV ZKLFK \RX FDQ VHH LQ WKH WDEOH $V \RX FDQ
VHHWKHUHLVDFRUUHVSRQGLQJTXDQWLW\RIWZHQW\WKRXVDQGWLFNHWVGH
PDQGHG +DYH \RX DOO JRW WKDW" *RRG /HW
V FRQVLGHU D SULFH FXW WR
VHYHQSRXQGVILIW\7KHUHLVDSULFHFKDQJHKHUHRIPLQXVWZHQW\ILYH
SHUFHQWLVQ
WWKHUH")URPWHQSRXQGVWRVHYHQSRXQGVILIW\
1RZ ORRN DW WKH FRUUHVSRQGLQJ FKDQJH LQ WKH TXDQWLW\ RI WLFNHWV
GHPDQGHG LQ WKH QH[W FROXPQ FROXPQ WZR 7KH FKDQJH LQ WKH
TXDQWLW\ GHPDQGHG LV D KXQGUHG SHU FHQW LVQ
W LW" )URP WZHQW\
WKRXVDQGWLFNHWVWRIRUW\WKRXVDQGWLFNHWV,
OOSDXVHIRUDPRPHQWVR
\RXFDQORRNDWWKDW
$OOULJKW"1RZWKHUHLVDKXQGUHGSHUFHQWFKDQJHDQGDWZHQW\
ILYHSHUFHQWFKDQJHLQSULFH2."6RZHGLYLGHDKXQGUHGE\PLQXV
WZHQW\ ILYH ZKLFK JLYHV WKH DQVZHU PLQXV IRXU 6R ZH VD\ WKH GH
PDQG HODVWLFLW\ DW WHQ SRXQGV LV PLQXV IRXU 7KLV VLJQ" +DYHQ
W \RX
FRPHDFURVVLWEHIRUH",WPHDQVGLYLGHGE\
1RZ \RX FDOFXODWH HODVWLFLWLHV LQ WKH VDPH ZD\ WKDW LV GLYLGLQJ
E\ SHUFHQWDJH FKDQJH LQ TXDQWLW\ E\ WKH FRUUHVSRQGLQJ SHUFHQWDJH
FKDQJHLQSULFH%\GLYLGLQJWKHSHUFHQWDJHFKDQJHLQTXDQWLW\E\WKH
FRUUHVSRQGLQJSHUFHQWDJHFKDQJHLQSULFH
1RWLFHRQHWKLQJKHUHLQWKHWDEOH7KDWLVWKDWZHEHJLQIURPWKH
SULFH RI WZHOYH SRXQGV ILIW\ WKH GHPDQG HODVWLFLW\ LV PLQXV LQILQLW\
:K\ LV WKLV VR" $Q\ VXJJHVWLRQV" :HOO LW
V VLPSO\ EHFDXVH WKH SHU
FHQWDJHFKDQJHORRNVOLNHWKLV'R\RXVHHQRZ"$Q\SRVLWLYHQXPEHU
GLYLGHGE\]HUR\LHOGVSOXVLQILQLW\1RZZKHQZHWKHQGLYLGHE\WKH
PLQXVWZHQW\SHUFHQWFKDQJHLQSULFHWKDW
VIURPWZHOYHSRXQGVILIW\
WRWHQSRXQGVZHREWDLQJHWPLQXVLQILQLW\DVWKHGHPDQGHODVWLFLW\
DWWKLVSULFH

'R\RXNQRZWKHVHZRUGV"
HODVWLFLW\ 7<AH1ZOP3O3P39 ësjxzq·tvxz
WRLQYHVWLJDWH 73JZRAOP32A3P9 qxxsnlvkjzqoy·jzéjxxsnlvkjz
WRFRQVLGHU 7G1JZO3@19 éjxxujzéqkjzx·qzjzy·qz€kjz
WRGLYLGH 7@3ZR=3@9 lnsqz
LQILQLW\ 7EJZB3J3P39 inxrvtn·tvxz
WR\LHOG  wévqokvlqzljkjz

 
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

\LHOG 7F3(H@9 lv}vl lv}vltvxz yév jp rvsq


·nxzkv wévqoknlnttvmv wévlyrzj
k€}vl
WRREWDLQ 71>ZPA3J9 wvsy·jz

*UDPPDU7KH*HUXQG
­néytlqp ² {véuj }jéjrznétj¹ ls¹ jtmsqpxrvmv ¹o€rj tv vzxyzxz
kyíj¹kéyxxrvu¹o€rn
­néytlqp rjr q wéq·jxzqn , viéjoynzx¹ x wvuví vrvt·jtq¹ LQJ
lvijks¹nuvmvrqt{qtqzqkyino·jxzq|€WR
Ìxtvkt€n{ytr|qqmnéytlq¹kwénlsv ntqq
  ·jxzxrjoynuvmvwvxsnmsjmvsvkWRVWDUWWREHJLQWRFRQWLQXHWRJR
RQWRVWRS+HVWDUWHGUHDGLQJWKLVERRN\HVWHUGD\
  vwénlnsntqnxwénlsvmjuqRIIRU6KHNQRZVWKHVHUXOHVRIUHDGLQJ
  vixzv¹znsxzkvxwénlsvmjuqDIWHUEHIRUHE\$IWHUUHDGLQJDIHZ
ERRNVRQWKLVWRSLFVKHZURWHDYHU\JRRGHVVD\
  wvlsn jnn:ULWLQJLVHVVHQWLDOIRUXV
  lvwvstntqnwvxsnmsjmvsvkWROLNHWRHQMR\WRSUHIHUWRGLVOLNH
WRKDWHWRVXJJHVWWRDOORZ,OLNHVSHDNLQJ(QJOLVK
Ëjéyxxrqp¹o€rmnéytlqpuv nzwnénkvlqzx¹qt{qtqzqkvuxynxz
kqznst€ulnnwéq·jxzqnuwéqljzv·t€uwénlsv ntqnu

 5HDG WKH VHQWHQFHV XQGHUOLQH WKH *HUXQGV DQG WUDQVODWH


WKHVHVHQWHQFHV
/HW¶VVWDUWE\ORRNLQJDWWKLVWDEOH
%\FRQVLGHULQJWKHHIIHFWVRISULFHFXWVZHFDQFDOFXODWHWKHSULFH
HODVWLFLW\
7KH DXWKRU VSRNH DERXW WKH SULQFLSOHV IRU LQWHUJUDWLQJ HFRQRPLF
DQGFXOWXUDOYDOXHV
6RPHLQGLYLGXDOVLQWHQWLRQDOO\DOORZPDVVFRS\LQJRIPXVLFIURP
WKHLUFRPSXWHUV
&DPEULGJH8QLYHUVLW\3UHVVGHYRWHVLWVHOIWRSULQWLQJDQGSXEOLVK
LQJOLWHUDWXUHRQYDULRXVVXEMHFWVIRUVWXGHQWVDQGUHVHDUFKHUV
8QGHUVWDQGLQJ WKH GLIIHUHQFH EHWZHHQ WKH *HUXQGV DQG 3DUWLFL
SOHV,ZLOOKHOS\RXWRXQGHUVWDQGWKHVWUXFWXUHDQGKHQFHWKHPHDQ
LQJRIWKHVHQWHQFH

 
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

 8VH WKH *HUXQGV RI WKH ULJKW YHUEV DQG WUDQVODWH WKH VHQ
WHQFHV
7KHUHDUHPDQ\ZD\VRI«*UDPPDUUXOHV WRVPRNH
,¶PJODGKHJDYHXS«FLJDUHWWHV WREX\
:HNQHZWKH\ZHUHLQWHUHVWHGLQ«WKHVHJRRGVIURP
WROHDUQ
ZKROHVDOHUV
WRVD\
,REMHFWWR\RXU«WKHUH
+HNHSWVLOHQWIRUIHDURI«FULWLFLVHG WREH
+HOHIWZLWKRXW«JRRGE\H WRJR

 0DNHZRUGFRPELQDWLRQVDQGWUDQVODWHWKHPLQWR5XVVLDQ
)RUGWRH[SRUWFDUV=)RUG¶VSROLF\RIH[SRUWLQJFDUV
*HQHUDO0RWRUVWRH[SRUWFDUV
3URFWHUDQG*DPEOHWRH[SRUWFRVPHWLFV
0LFURVRIWWRVHOOFRPSXWHUVRIWZDUH
%RVxKWRVHOOKRXVHKROGJRRGV
7HIDOWRVHOOHOHFWULFDODSSOLDQFHV

 7UDQVODWHLQWR(QJOLVKXVLQJ*HUXQGV
Ìtqqxrjsqwyzqysy·¡ntq¹xvzéyltq·nxzkjxëzvpxzéjtvp
Çvmljvtqtj·jsqqoy·jzërvtvuq·nxryíznvéqí"
ƀotjnznunzvlwvsy·ntq¹ëzq}ljtt€}"
Ìtq vwyisqrvkjsq ëzy xzjzí wvxsn zvmv rjr i€sq qxxsnlv
kjt€kxntnvi}vlqu€nyxsvkq¹
Çvuwjtq¹tj·jsjk€wyxrjzëzqlqxrqlnx¹zsnztjojl

7DJTXHVWLRQV
<RXNQRZWKLVGRQ¶W\RX"
<RXGRQ¶WNQRZWKLVGR\RX"
7KHUHLVDTXHVWLRQLVQ¶WWKHUH"
7KHUHDUHQRTXHVWLRQVDUHWKHUH"

 5HDG SD\LQJ DWWHQWLRQ WR WKH LQWRQDWLRQ DQG WUDQVODWH WKH


VHQWHQFHV
® ­
7KHUHLVDSULFHFKDQJH KHUH LVQ¶WWKHUH"
® ­
7KHFKDQJHLVDKXQGUHGSHU FHQW LVQ¶WLW"
<RXKDYHQ¶WUHDGWKHWH[WKDYH\RX"
 
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

<RXFDQHDVLO\PDNHWKHVHFDOFXODWLRQVFDQ¶W\RX"
7KH\KDYHQRWFRPSOHWHGWKHLQYHVWLJDWLRQKDYHWKH\"
7KHFRPSDQ\ZLOOXVHWKLVPHWKRGZRQ¶WLW"
+HKDVQ¶WZULWWHQDQHVVD\KDVKH"
6KHSDVVHGKHUH[DP\HVWHUGD\GLGQ¶WVKH"

 7UDQVODWHLQWR(QJOLVK
êzvojrsí·qznstj¹·jxzsnr|qqtnzjrsq"
Énrzvé²wév{nxxvéÎvxrvkxrvmvytqknéxqznzjlj"
êzvsnr|q¹ls¹xzylntzvkqoy·jíq}ërvtvuqryzéyljknlzjr"
ƀ  n tn i€sq tj snr|qq wv ërvtvuq·nxrvuy jtjsqoy knl
ëzvzjr"
ƀqlnznxnp·jxtjxnuqtjéwvërvtvuqrn{qéu€lj"

*HQHUDOQHJDWLYHTXHVWLRQV
+DYHQ¶W\RXFRPHDFURVVWKLVEHIRUH"
èjoknk€tnkxzén·jsqxéjtnnxëzqu"
 7UDQVODWHWKHVHQWHQFHVSD\LQJDWWHQWLRQWRWKLVGLIIHUHQFH
+DYH\RXUHDGWKLVLWHP" ƀ tn ·qzjsqëzyxzjzí"
+DYHQ¶W\RXUHDGWKLVLWHP" èjoknk€tn·qzjsqëzyxzjzí"
ƀtnojwqxjsqëzq|q{é€"
èjoknk€tnqoy·jsqëzyznuy"
ƀtnwvutqzntjokjtq¹ëzvprtqmq"
ƀtnuvmsqi€utnwvuv·wnénknxzqëzvzznrxzwvujrév
ërvtvuqrn"
èjokn k€ tn otjnzn quntq ëzvmv y·ntvmv" Ìt vwyisqrvkjs
utvmvrtqmwvërvtvuqrn

 7UDQVODWH WKHVH TXHVWLRQV PDNH WKHP QHJDWLYH DQG WUDQV


ODWHWKHPDJDLQ
+DYH\RXUHDGWKLVSDUWRIWKHOHFWXUH"
'LG\RXGR\RXUKRPHZRUN\HVWHUGD\"
$UHWKHUHDQ\PLVWDNHV"
$UH\RXJRLQJWRWKHWKHDWUHWRPRUURZ"
'R\RXOLNHWUDYHOLQJLQ5XVVLD"
+DYH\RXVWDUWHGUHDGLQJWKHERRNKHJDYH\RX\HVWHUGD\"
+DYH\RXFRPHDFURVVWKHWHUPµHODVWLFLW\¶EHIRUH"

 
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

6WXG\VHQWHQFHSDWWHUQV
OHWXVGRVPWK  ljkjpznxlnsjnu·zvsqiv
OHWVPEGRVPWK wvokvsqzéjoén¡qzrvuysqiv
xlnsjz·zvsqiv

 7UDQVODWHLQWR5XVVLDQ
/HWPHH[SODLQWKLV
/HW¶VWDNHWKHSULFHRIWHQSRXQGVDVDQH[DPSOH
/HW¶VFRQVLGHUDSULFHFXWWRVHYHQSRXQGVILIW\ SHQFH 
/HW PH UHSHDW WKDW DQ\ SRVLWLYH QXPEHU GLYLGHG E\ ]HUR \LHOGV
SOXVLQILQLW\
/HWPHUHPLQG\RXWKDWWKHZRUG\LHOGFDQEHXVHGERWKDVDYHUE
DQGDVDQRXQ
/HW¶VUHPHPEHUDIHZRWKHUZRUGVZKLFKFDQEHXVHGWKHVDPHZD\

 6D\LQZKDWVLWXDWLRQVDSHUVRQFDQVD\WKHIROORZLQJ
/HWPHLQWURGXFHP\VHOI /HWPHUHSHDWWKLVUXOH
/HWPHDQVZHU\RXUTXHVWLRQV /HW¶VVXPLWXS
/HWPHKHOS\RX /HW¶VKDYHDORRNDWWKLVWDEOH

 7UDQVODWHLQWR(QJOLVK
bjkjpznwvxuvzéqutjwnékyírvsvtryëzvpzjisq|€
Ívxuvzéqu ·zv wévqx}vlqz rvmlj |ntj yunt¡jnzx¹ tj
{ytzj
bjkjpznéjxxuvzéquyunt¡ntqn|nt€lv{ytzvk
èjoén¡qznutnwéqknxzqléymvpwéquné

:RUNRQWKHZRUGV
3HUFHQW SHUFHQW ²SHUFHQWDJH
RQHSHUFHQW WKHSHUFHQWDJH
RQHSRLQWILYHSHUFHQW ZKDWSHUFHQWDJH

 8VH WKH ULJKW ZRUG HLWKHU SHU FHQW RU WKH SHUFHQWDJH UHDG
DQGWUDQVODWHWKHVHQWHQFHV
7KHUHLVDSULFHFKDQJHKHUHRIPLQXVWZHQW\ILYH«
7KHFKDQJHLQWKHTXDQWLW\GHPDQGHGLVDKXQGUHG«

 
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

7KHUHLVDKXQGUHG«FKDQJH
:LOO\RXUHSHDW«SOHDVH
,DPVRUU\,GRQ¶WNQRZ«
:KDWLV«RIWKHFKDQJH"
'LYLGHWKLVQXPEHUE\WKHPLQXVWZHQW\«FKDQJHLQSULFH
:KDW«RIKLVLQFRPHLVSDLGDVLQFRPHWD["

 7UDQVODWHLQWR(QJOLVK
gntjqolnsq¹yunt¡jnzx¹tj
‰tnotjítjxrvsrvwév|ntzvkk€évxsq|nt€tjëzvzzv
kjékwév¡svumvly
èjoén¡qzn utn tjokjz ëzvz wév|ntz ‰ lyují k€ xvmsjxq
znxxvutvp
Ìtqy nvwénlnsqsqwév|ntzlv}vljtnzjrsq"
Íév|ntzuv tvéjxx·qzjzwvëzvp{véuysn

6D\LQJµ¶RKQRXJKW]HURQLOORYH
RK DIWHUDGHFLPDOSRLQW  ILYHSRLQWRKWKUHH
LQWHOHSKRQHQXPEHUV  VL[VHYHQRKRQHWZRHLJKW
LQKRWHOURRPQXPEHUV 5RRP URRPWZRRKVL[
LQEXVQXPEHUV 1R QXPEHUVHYHQRKRQH
LQ\HDUV  QLQHWHHQRKILYH
 WZRWKRXVDQGDQGWKUHH
QRXJKW EHIRUHWKHGHFLPDOSRLQW  QRXJKWSRLQWILYH
]HUR IRUWKHQXPEHU  WKHQXPEHU]HUR
IRUWHPSHUDWXUH G& ILYHGHJUHHVEHORZ]HUR
QLO LQIRRWEDOOVFRUHV  ILYHQLO
ORYH LQWHQQLVVFRUHV  ILIWHHQORYH

 5HDGRXWORXGWKHIROORZLQJ
7KHSULFHHODVWLFLW\RIGHPDQGIRUIRRWEDOOWLFNHWVLV
7KHSULFHHODVWLFLW\IRUIRRWEDOOWLFNHWVLV
7KHLQFUHDVHLQSURGXFWLRQDPRXQWHGWR
7KHGLIIHUHQFHZDV
7KHH[DFWILJXUHLV
7KH\DUHLQ5RRPQRZ
,W¶VGHJUHHVEHORZWRGD\

 
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

7KDWGD\LWZDVGHJUHHVDERYH
7KHVFRUHZDVWR-XYHQWXV
6KHZRQWZHQW\ORYH

+DYHDQRWKHUORRNDWWKHWH[WRIWKH
OHFWXUHDQG«
D 5HDGWKHILUVWWZRSDUDJUDSKVSD\LQJDWWHQWLRQ
WRWKHLQWRQDWLRQ
E 8QGHUOLQHWKHSUHGLFDWHVLQWKHVHQWHQFHVRIWKHRWKHUWZR
SDUDJUDSKVDQGVD\LQZKDWWHQVHVWKHYHUEVDUHXVHG
 F 7UDQVODWHWKHODVWWZRSDUDJUDSKVLQWR5XVVLDQ

7H[W3ULFHVXSSRUW
3ULFH VXSSRUW LV D PHDQV RI VXSSRUWLQJ WKH LQFRPHV RI FHUWDLQ
SURGXFHUVE\DGPLQLVWUDWLYHO\PDLQWDLQLQJWKHSULFHVRIWKHLUSURGXFWV
DERYH PDUNHW SULFH ,Q PDQ\ FRXQWULHV SULFH VXSSRUW V\VWHPV DUH
XVHG VSHFLILFDOO\ WR DVVLVW WKH DJULFXOWXUDO VHFWRU E\ HQVXULQJ DQ DGH
TXDWHOHYHORIWRWDOIDUPLQFRPHV,QWKHILJXUHEHORZWKHHTXLOLEULXP
PDUNHWSULFHLV2$
SULFH VXSSO\
&
% )

$
'

2 + * TXDQLW\

,IWKLVSULFHLVFRQVLGHUHGWRRORZWRDGHTXDWHO\UHPXQHUDWHIDUP
HUV WKH JRYHUQPHQW ZLOO VHW D VXSSRUW SULFH VD\ 2% DW ZKLFK LW LV
SUHSDUHG WR EX\ XS DQ\ XQVROG RXWSXW $W WKH VXSSRUW SULFH RI 2%
WKHJRYHUQPHQWLVWKHQFRPPLWWHGWRDFTXLULQJWKHXQVROGRXWSXWRI
&)DWDWRWDOFRVWHTXDOWRWKHVKDGHGDUHD&)*+7KHPDLQSURE
OHPV ZLWK WKH SULFH VXSSRUW PHWKRG DUH WKDW LW SHQDOL]HV FRQVXPHUV
DQGUHVXOWVLQZDVWHIXORYHUSURGXFWLRQ7KHSULFHVXSSRUWPHWKRGLV
XVHGDVWKHEDVLVRIWKHFRPPRQDJULFXOWXUDOSROLF\RIWKH(XURSHDQ
8QLRQFRXQWULHV

 
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

'R\RXNQRZWKHVHZRUGV"
VXSSRUW  wvllné rj
WRHQVXUH 73JZQ19 vinxwn·qkjz mjéjtzqév
kjzéy·jzx¹
WRLQVXUH$P  
WRUHPXQHUDWH  kvotjméj ljz vwsj·qkjz
rvuwntxqévkjz
WRFRPPLW  iéjztjxni¹vi¹ojznsxzkv
WRDFTXLUH 71ZGS=319 wéqviénzjz
WRVKDGH  ojznt¹z¡zéq}vkjz
ZDVWHIXO  éjxzv·qznst€p

*UDPPDU5HYLVLRQLIZKHQFODXVHV
,I\RXUHDGWKHWH[W\RXZLOOJHWWKHDQVZHU
:KHQ,UHDGWKHWH[W,VKDOOWDNHVRPHQRWHV

 8QGHUOLQHLIDQGZKHQFODXVHVDQGWUDQVODWHWKHVHQWHQFHV
,I WKH SULFH LV FRQVLGHUHG WRR ORZ WKH JRYHUQPHQW ZLOO VHW D
VXSSRUWSULFH
,I,XQGHUVWDQGWKHOHFWXUH,ZLOOFHUWDLQO\WDNHSURSHUQRWHV
:KHQ WKH\ UHPXQHUDWH DOO WKH H[SHQVHV WKH\ ZLOO VWDUW SURGXFLQJ
DQRWKHUPRGHO
,IKHDFTXLUHVVXIILFLHQWNQRZOHGJHKHZLOOVWDUWUHVHDUFKZRUN
$V VRRQ DV KH FRPHV KH ZLOO VHQG XV DOO WKH QHFHVVDU\
LQIRUPDWLRQ
+HZLOOVWXG\WKHSUREOHPWKRURXJKO\EHIRUHKHPDNHVDUHSRUW

 8VHWKHYHUEVLQ3UHVHQW,QGHILQLWHRU)XWXUH,QGHILQLWHDQG
WUDQVODWHWKHVHQWHQFHV
,IWKHSURGXFHUV WRDVN WKHJRYHUQPHQWIRUKHOSPRVWSUREDEO\
WKH\ WRJHW LW
7KH\ WRWXUQ WRWKHJRYHUQPHQWDXWKRULWLHVLIWKH\ QRWWRHQVXUH 
DQDGHTXDWHOHYHORILQFRPH
%HIRUHKH WRVWDUW GRLQJWKLVH[HUFLVHKH WRUHIUHVK WKHUXOHV
, WRWHOHSKRQH \RXDVVRRQDV, WRJHW KRPH
:H WR GLVFXVV  WKLV WRSLF DIWHU ZH WR FROOHFW  DOO WKH QHFHVVDU\
PDWHULDOV
,I WKH VFLHQWLVW WR JHW  DQ LQYLWDWLRQ KH WR SDUWLFLSDWH  LQ WKH
FRQIHUHQFH

 
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

 7UDQVODWHLQWR(QJOLVK
bv}vl€ rvuwjtqq kvoéjxzyz nxsq tnvi}vlqu€n uné€ iylyz
wéqt¹z€kzn·ntqnlky}unx¹|nk
cxsqk€wvxuvzéqzntjoj¡zéq}vkjtt€prkjléjztjméj{qrn
k€snmrvvzknzqzntjëzvzkvwévx
Ðnéuné€ wvsy·jz {qtjtxvkyí wvllné ry wvxsn zvmv rjr
wéjkqznsxzkvwéqunzxvvzknzxzkyínnén¡ntqn

 8QGHUOLQHWKH*HUXQGVDQGWUDQVODWHWKHVHQWHQFHV
3ULFHVXSSRUWLVDPHDQVRIVXSSRUWLQJIDUPHUV
7KHJRYHUQPHQWVXSSRUWVSURGXFHUVE\DGPLQLVWUDWLYHO\PDLQWDLQ
LQJWKHSULFHV
,QWKHVHFDVHVWKHJRYHUQPHQWLVFRPPLWWHGWRDFTXLULQJWKHXQ
VROGRXWSXW
7KHUHDUHVRPHRWKHUZD\VRIVXSSRUWLQJSURGXFHUV
7KH\DUHFHUWDLQO\LQWHUHVWHGLQJHWWLQJSULFHVXSSRUW
7KHJRYHUQPHQWVXJJHVWHGUHFRQVLGHULQJWKLVSURSRVDO

 8QGHUOLQHWKHDWWULEXWHVDQGWUDQVODWHWKHVHZRUGFRPELQD
WLRQV
SULFHVXSSRUWV\VWHP SULFHHODVWLFLW\RIGHPDQG
SULFHVXSSRUWPHWKRG SULFHFXWV
DGHTXDWHOHYHORILQFRPHV DWZHQW\ILYHSHUFHQWFKDQJHLQSULFH
(XURSHDQ8QLRQFRXQWULHV FRUUHVSRQGLQJSHUFHQWDJHFKDQJH

:RUGIRUPDWLRQ6XIIL[HVDQGSUHIL[HVRIYHUEV
VXIIL[HV SUHIL[HV
SHQDO²WRSHQDOL]H WRRUGHU²WRUHRUGHU
VSHFLDO²WRVSHFLI\ WROHDG²WRPLVOHDG
PXOWLSOH²WRPXOWLSO\ WREHOLHYH²WRGLVEHOLHYH
  WRORFN²WRXQORFN
  WRSD\²WRRYHUSD\
  WREDVH²WRGHEDVH
  ODUJH²WRHQODUJH

 
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

D 7UDQVODWH WKH YHUEV DQG ZULWH WKH ZRUGV IURP ZKLFK
WKH\DUHIRUPHG
WRILQDOL]H WRWHVWLI\ WRSXULI\ WRSHUVRQLI\
WRFULWLFL]H WRFHUWLI\ WRVLPSOLI\ WRPRGLI\


E )RUPDQGWUDQVODWHYHUEV
UH PLV GLV XQ
WRZULWH WRLQWHUSUHW WRVDWLVI\ WRPDVN
WRUHDG WRVSHOO WRRUJDQL]H WRQHUYH
WRRSHQ WRSURQRXQFH WRTXDOLI\ WROHDVK
WRFRQVWUXFW WRXQGHUVWDQG WRUHJDUG WRGR

RYHU GH HQ
WRHVWLPDWH WRJUDGH FRXUDJH
WRFRPH WRQDWLRQDOLVH OLVW
WRFURZG WRFODVVLI\ ULFK
WRWD[ WRFRGH VXUH

:RUNRQWKHZRUGV
 7UDQVODWHWKHQRXQVDQGZULWHWKHFRUUHVSRQGLQJYHUEV
PDLQWHQDQFH SHQDOW\ VSHFLILFDWLRQ
UHPXQHUDWLRQ ZDVWHV DVVLVWDQFH
FRPPLWPHQW VXSSRUW FRQVLGHUDWLRQ
DFTXLVLWLRQ SURGXFWLRQ VKDGH

 0DWFKDQGWUDQVODWHWKHV\QRQ\PV
WRDFTXLUH WRKHOS WRHQVXUH WRWUDGH
WRDVVLVW WRNHHS WRFRPPLW WRORVH
WRSHQDOL]H WRREWDLQ WRZDVWH WRJXDUDQWHH
WRPDLQWDLQ WRSXQLVK WRPDUNHW WRREOLJH

 0DWFKWKH(QJOLVKDQG5XVVLDQHTXLYDOHQWV
SULFHHODVWLFLW\ wvzvsvr|nt
SULFHFHLOLQJV qtlnrx|nt
SULFHGLVFULPLQDWLRQ |ntvkj¹ësjxzq·tvxz

 
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

SULFHIL[LQJ |ntvkj¹lqxréquqtj|q¹
SULFHIOH[LELOLW\ |ntvkvnsqlnéxzkv
SULFHLQGH[ {qrxqévkjtqn|nt€
SULFHOHDGHUVKLS xzjiqstvxz|nt
SULFHOHYHO yévknt|nt
SULFHVWDELOLW\ |ntvkj¹mqirvxz

+DYHDQRWKHUORRNDWWKHWH[WDQG«
D 7UDQVODWHWKHWH[WLQWR5XVVLDQ
E 6D\LQ\RXURZQZRUGVZKDWWKHLGHDRISULFHVXSSRUWLV
F 'HVFULEHWKHJUDSK

1HZVSDSHULWHP1.RUHDIRUFHGWROLIWIRRG
SULFHVVKDUSO\
&KURQLF VKRUWDJHV KDYH IRUFHG 1RUWK .RUHD WR LPSOHPHQW XQ
SUHFHGHQWHG LQFUHDVHV LQ IRRG SULFHV DQG ZDJHV 6RXWK .RUHD
V FHQ
WUDOEDQNVDLG\HVWHUGD\ZDUQLQJWKDWSULFHVFRXOGFOLPEHYHQKLJKHU
5HXWHUVUHSRUWVIURP6HRXO

5LFHSULFHVLQFRPPXQLVW1RUWK.RUHDMXPSHGIROGLQ-XO\DV
UDWLRQ FRXSRQV XVHG IRU GHFDGHV ZHUH VFUDSSHG DQG WKH JRYHUQPHQW
ERRVWHGSULFHVFORVHUWROHYHOVVHHQRQLWVEODFNPDUNHW
7KLVLVDILUVWVWHSWRZDUGVDGRSWLQJDPDUNHWHFRQRP\WKH%DQN
RI .RUHD VDLG LQ DUHSRUW6HRXO
VPRVWIRUPDODVVHVVPHQW\HWRIWKH
1RUWK
VHFRQRPLFUHIRUPV
,WDGGHGWKDWFKURQLFVXSSO\VKRUWDJHVKDGIRUFHGWKH3\RQJ\DQJWR
UDLVH SULFHV LQ LWV FHQWUDOO\ SODQQHG HFRQRP\ DQG WKDW WKH WUHQG ZRXOG
FRQWLQXH,I1RUWK.RUHDGLGQRWIXOO\OLEHUDOL]HSULFHVLWVHIIRUWVWRSUR
YLGHUDWLRQVWRLWVSHRSOHZRXOGPHHWZLWKIXUWKHUGLVWRUWLRQV
$81RIILFLDOZKRYLVLWHGWKH1RUWKWKLVPRQWKVDLGWKDWHIIRUWV
WR PRYH SULFHV FORVHU WR WKRVH RQ WKH EODFN PDUNHW FRXOG KHOS WKH
FRXQWU\WRZDUGVHOIVXIILFLHQF\
6WUHHW YHQGRUV KDYH DSSHDUHG IRU WKH ILUVW WLPH LQ D ORQJ ZKLOH
DQG ORFDO SHRSOH FHUWDLQO\ XQGHUVWDQG WKH YDOXH RI D GROODU HFRQR
PLVW0LNH1HZWRQZURWHDIWHUDUHFHQWWULSWR3\RQJ\DQJ


 
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

'R\RXNQRZWKHVHZRUGV"
VKRUWDJH  tn}kjzrjln{q|qz
WRLPSOHPHQW 7Z3ILH3IAJP9 k€wvst¹zvxynxzks¹z
WRZDUQ  wénlywén ljz
UDWLRQ  éj|qvtwévlvkvsxzkqn
WRVFUDS  vzljkjztjxsvuk€iéjx€kjz
DVVHVVPHQW 71ZOAOI1JP9  v|ntrj
   visv ntqnxyuujvisv ntq¹
WUHQG  zntlnt|q¹tjwéjksntqn
GLVWRUWLRQ  qxrj ntqnqxréqksntqn
VXIILFLHQF\ 7O1ZB3JO39 lvxzjzv·tvxz
YHQGRU  wévljkn|

:RUNRQWKHZRUGV
D 5HDGDQGWUDQVODWHWKHZRUGV
FRXSRQ WRDVVHVV
UHIRUP WROLEHUDOL]H
FKURQLF XQSUHFHGHQWHG

E 7UDQVODWHLQWR(QJOLVK
wvxzv¹tt€pln{q|qz
inxwén|nlntztvnyknsq·ntqn|nt
|nt€tjéqxyknsq·qsqxkw¹zéjo
rywvt€qxwvsovkjk¡qnx¹lnx¹zqsnzq¹uq
yknsq·qz|nt€lvyévkt¹isqorvmvryévktítj·nétvué€trn
xjuj¹v{q|qjstj¹v|ntrjquníj¹x¹tjljtt€puvuntz
ërvtvuq·nxrj¹xjuvxzv¹znstvxzxzéjt€

 0DNH\RXURZQVHQWHQFHVZLWKWKHVHZRUGFRPELQDWLRQV
 WRLQFUHDVH  ILJXUHV
 WRMXPS  UDWLRQV
 WRFOLPE  LQIRUPDWLRQ
IROG WROLIWVPWK WRSURYLGH DGYLFH
 WRERRVWVPWK  IRRG
 WRGHFUHDVH  YHKLFOHV
 WRGURS  HTXLSPHQW

 
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

 GLIILFXOWLHV
WRPHHWZLWK KDUGVKLSV
GLVWRUWLRQV
 DFFLGHQWV

WRUDLVH UDLVHGUDLVHG ²WRULVH URVHULVHQ 
 SULFHV SULFHV DUHULVLQJ
WRUDLVH WDULIIV WKHVXQ LVULVLQJ
DVKLS WKHPRRQ KDVULVHQ
KRSHV WKHVPRNH URVH

5HYLVH*UDPPDU
D 6D\ LI WKH ZRUGV LQ LWDOLFV DUH *HUXQGV RU 3DUWLFLSOHV ,
DQGWUDQVODWHWKHVHQWHQFHV
7KH EDQN VSRNH DERXW WKH VKRUWDJHV ZDUQLQJ WKDW SULFHV FRXOG
FOLPEHYHQKLJKHU
7KLVLVWKHILUVWVWHSWRZDUGVDGRSWLQJDPDUNHWHFRQRP\
,WUDLVHGWKHSULFHVEULQJLQJWKHPWRDKLJKSRVVLEOHOHYHO
%\OLEHUDOL]LQJSULFHVWKH\LPSURYHGWKHHFRQRPLFVLWXDWLRQLQVLGH
WKHFRXQWU\

E 5HDG WKH VHQWHQFHV XQGHUOLQH WKH SUHGLFDWHV VD\ LI WKH


YHUEVDUHXVHGLQ$FWLYHRU3DVVLYH9RLFHDQGWUDQVODWHWKH
VHQWHQFHV
5DWLRQFRXSRQVZHUHVFUDSSHGVRPHWLPHDJR
7KLV VLWXDWLRQ KDV IRUFHG 1RUWK .RUHD WR LPSOHPHQW XQSUHFH
GHQWHGLQFUHDVHV
7KH\ZHUHIRUFHGWRUDLVHWKHSULFHV
7KHSULFHVZHUHUDLVHGIROG
7KHJRYHUQPHQWERRVWHGWKHSULFHV
+HDGGHGWKDWWKHWUHQGZRXOGFRQWLQXH

+DYHDQRWKHUORRNDWWKHQHZVSDSHULWHPDQG«
 *LYHH[WHQVLYHDQVZHUV
  :K\GLGWKHJRYHUQPHQWRI1RUWK.RUHDUDLVHIRRGSULFHV"
  :KDWUDWLRQVGLGWKHLWHPPHQWLRQ"

 
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

  :KDWWUHQGGLGWKLVGHFLVLRQLQLWLDWH"
  'LGWKHJRYHUQPHQWSODQWROLEHUDOL]HSULFHV"
  ,QZKDWFRQQHFWLRQZHUHVWUHHWYHQGRUVPHQWLRQHG"
  :KDWZDVWKHRSLQLRQRIWKH86RIILFLDO"

%XVLQHVVOHWWHU5HJUHWWLQJSULFHLQFUHDVH

'HDU&XVWRPHU
6WHDGLO\ ULVLQJ SULFHV RYHU WKH SDVW IHZ \HDUV KDYH EHHQ D PDWWHU
RIFRPPRQH[SHULHQFHDQGLWZLOOFRPHDVQRVXUSULVHWR\RXWKDWRXU
RZQFRVWVKDYHFRQWLQXHGWRULVHZLWKWKLVJHQHUDOWUHQG
,QFUHDVLQJZRUOGGHPDQGKDVEHHQDQLPSRUWDQWIDFWRULQUDLVLQJ
WKH SULFHV RI RXU LPSRUWHG UDZ PDWHULDOV $ UHFHQW QDWLRQDO ZDJH
DZDUGKDVDGGHGWRRXUODERXUFRVWVZKLFKKDYHEHHQLQFUHDVHGVWLOO
IXUWKHUE\FRQVWDQWO\LQFUHDVLQJRYHUKHDGV
8QWLOQRZZHKDYHEHHQDEOHWRDEVRUEULVLQJFRVWVE\HFRQRPLHV
LQRWKHUDUHDV:HQRZILQGWKDWZHFDQQRORQJHUGRVRDQGWKHUH
IRUHLQFUHDVHVLQRXUSULFHVDUHXQDYRLGDEOH7KHQHZSULFHVZLOOWDNH
HIIHFWIURP2FWREHUDQGUHYLVHGSULFHOLVWVDUHQRZEHLQJSUHSDUHG
7KHVHVKRXOGEHUHDG\ZLWKLQWKHQH[WWZRZHHNVDQGFRSLHVZLOOEH
VHQWWR\RX
:HDUHVRUU\WKDWWKHVHLQFUHDVHVKDYHEHHQPDGHQHFHVVDU\EXW
FDQDVVXUH\RXWKDWWKH\ZLOOQRWDPRXQWWRDQDYHUDJHRIPRUHWKDQ
DERXW$VJHQHUDOSULFHVKDYHULVHQE\QHDUO\VLQFHRXUSUH
YLRXVSULFHOLVWZHKRSH\RXZLOOQRWIHHOWKDWRXULQFUHDVHVDUHXQ
UHDVRQDEOH
<RXUVIDLWKIXOO\«

'R\RXNQRZWKHVHZRUGV"
FRVW V    éjx}vl€qolné rqojzéjz€
   xninxzvquvxz
UDZPDWHULDOV 7NK(9 x€én
DZDUG 71ZSK(@9  tjméjljwénuq¹
   k€lj·jojrjoj
   mvxyljéxzkntt€pojrjo

 
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

ODERXUFRVWV  ojzéjz€tjéjiv·yíxqsy
ODERUFRVWV $P   
RYHUKHDGV  tjrsjlt€néjx}vl€
WRWDNHHIIHFW  kxzywjzkxqsy
WRUHYLVH 7N3ZR=3V9 wévkné¹z wnénxujzéqkjz
qxwéjks¹z
WRDVVXUH 71ZQ19 ykné¹zmjéjtzqévkjz
WRDPRXQWWR  xvxzjks¹z xyuuy 

:RUNRQWKHZRUGV
D 7UDQVODWHWKHVHZRUGVLQWR(QJOLVK
wvxzv¹ttvéjxzyqn|nt€ kj t€p{jrzvé
kvoéjxzjíqp xwévx tj uqévkvu tnqoin t€préqoqx
é€trn kj¡qqolné rq
tj¡qxvixzkntt€nojzéjz€ wnénxuvzéntt€n|nt€
vij¹zntlnt|q¹ kxénltnuivsnn
quwvézqéynuvnx€én tnljktqp

E 7UDQVODWH WKH ZRUGV DQG ZULWH WKRVH IURP ZKLFK WKH\ DUH
IRUPHG
XQUHDVRQDEOH HIIHFWLYH SUHSDUDWLRQ
XQDYRLGDEOH QDWLRQDO UHYLVLRQ
XQH[SHFWHG LQWHUQDWLRQDO DVVXUDQFH

F 0DWFKWKH(QJOLVKDQG5XVVLDQHTXLYDOHQWV
FRVWV yknsq·ntqnojéwsjz
ZDJHDZDUG ojzéjz€tjéjiv·yíxqsy
ODERXUFRVWV yunt¡ntqn
RYHUKHDGV yknsq·ntqn
DPRXQW xninxzvquvxz
LQFUHDVH tjrsjlt€néjx}vl€
GHFUHDVH xyuuj


 
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

5HYLVH*UDPPDU
D 8QGHUOLQHDWWULEXWHVVWDWHZKDWSDUWVRIVSHHFKWKH\DUH
DQGWUDQVODWHWKHVHZRUGFRPELQDWLRQV
VWHDGLO\LQFUHDVLQJSULFHV ULVLQJFRVWV
LQFUHDVLQJZRUOGGHPDQG UHYLVHGSULFHOLVW
FRQVWDQWO\LQFUHDVLQJRYHUKHDGV SUHYLRXVSULFHOLVW

E 6WDWHWKHWHQVHDQGYRLFHIRUPVRIYHUEVLQLWDOLlVDQGWUDQV
ODWHWKHVHQWHQFHV
7KHVHSULFHVKDYHEHHQDPDWWHURIFRPPRQH[SHULHQFH
,WZLOOFRPHDVQRVXUSULVH
2XURZQFRVWVKDYHFRQWLQXHGWRULVHZLWKWKLVJHQHUDOWUHQG
8QWLOQRZZHKDYHEHHQDEOHWRDEVRUEULVLQJFRVWV
5HYLVHGSULFHOLVWVDUHQRZEHLQJSUHSDUHG
&RSLHVZLOOEHVHQWWR\RX
:HDUHVRUU\WKDWWKHVHLQFUHDVHVKDYHEHHQPDGHQHFHVVDU\
*HQHUDOSULFHVKDYHULVHQE\QHDUO\

F 7UDQVODWHWKHVHQWHQFHVSD\LQJDWWHQWLRQWRWKH5XOHVRIWKH
6HTXHQFHRI7HQVHV
Ðqéujxvvijsj·zvx¹tkjé¹vtjwvk€xqz|nt€
Íévqokvlqznsqwvl·nérqkjsq·zvwvk€¡ntqn|ntk€okjtvé¹
lvuwéq·qt
Ìtqmvkvéqsq·zvlsqznstvnkénu¹xzjéjsqxqoinmjzëzvmv
Ívrywjznsyotjs·zvmvzvk¹zx¹xwqxrqwnénxuvzéntt€}|nt
Ìtqwvtqujsq·zvkxn|nt€kvoéjxzyz
Çvuwjtq¹xvviqsjxkvqulqsnéju·zvwénréjjnzk€wyxr
ëzvpuvlnsq

+DYHDQRWKHUORRNDWWKHOHWWHUDQG«
D 8QGHUOLQHDQGWUDQVODWHWKHVHQWHQFHZKLFKVHHPV
WKHPRVWLPSRUWDQWWR\RX
 E :ULWHRXWWKHUHDVRQVIRUWKHSULFHLQFUHDVH
 F :ULWHRXWWKHZRUGVDQGVHQWHQFHVVKRZLQJWKDW
WKHZULWHUWULHGWREHYHU\WDFWIXO
 
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

1HZVSDSHULWHP5HQHZHGIXQGEX\LQJSXVKHV
JROGKLJKHU
*ROGZDVDWUR\RXQFHDW/RQGRQEHQFKPDUNDIWHUQRRQIL[
LQJLWVVWURQJHVWVLQFH-XO\DQGDERYH7XHVGD\
VDIWHUQRRQIL[
*ROGKDVEHHQODQJXLVKLQJLQUHFHQWZHHNV7KHPDUNHWEXLOWXSD
ORQJ SRVLWLRQ LQ WKH PHWDO ² WKH KLJKHVW VLQFH  ² EXW LQ -XQH
SURILWWDNLQJVHWLQ
<HVWHUGD\WKHIXQGVVHHPHGWREHVKRZLQJPRUHLQWHUHVWLQJROG
DJDLQ
7KHUHZDVJRRGIXQGEX\LQJDQGWKH
SULFHPRYHGWKURXJKZKLFKLVLWV
GD\ PRYLQJ DYHUDJH ,Q GRLQJ VR ZH
WKLQN LW WULJJHUHG VKRUW FRYHULQJ 7KDW
FRXOG EH ZKDW WRRN LW DV KLJK DV DW
RQH SRLQW VDLG 5RVV 1RUPDQ PHWDOV
DQDO\VW
+H DGGHG WKDW EHWWHU UDLQIDOO LQ ,QGLD
PLJKWLPSURYHWKHRXWORRNIRUWKHKDUYHVW
DQGWKHUHIRUHLQFUHDVHLQFRPHDYDLODEOHWR
EX\ JROG ,QGLD LV WKH ODUJHVW JROG FRQ
VXPHU



'R\RXNQRZWKHVHZRUGV"
IXQG  ojwjxénonék{vtl
IXQGV  {vtl€ xénlxzkj rjwq
zjs
WUR\RXQFH  zévpxrj¹yt|q¹ m 
RXQFH  yt|q¹ m 
EHQFK  ijoj kxzjzqxzqrn 
PDUNEHQFKPDUN
IL[LQJ  yxzjtvksntqn{qrxj|q¹
WRODQJXLVK 7ZH'42S39 xsjinzyunt¡jzx¹
ORQJSRVLWLRQ  iqé  vi¹ojznsxz
kjwvoq|q¹wvxév·t€u
xlnsrjuwéqqméntj

 
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

wvk€¡ntqn
DQWVKRUWSRVLWLRQ  vi¹ojznsxzkjwvoq|q¹
wvxév·t€uxlnsrju
  wéqqméntjwvtq ntqn
DYHUDJH 7Z'R1N3 9 qtlnrxryéxxénltnn
·qxsv
WRWULJJHU  tj·qtjzk€o€kjz
FRYHULQJ  iqé  wvrywrjls¹
wvré€zq¹vi¹ojznsxzk
  wvxév·t€uxlnsrju
DQDO\VW 7Z'J1H3OP9 ërvtvuqxzjtjsqzqr
KDUYHVW 7ZD=(R3OP9 yév jp

:RUNRQWKHZRUGVDQGUHYLVH*UDPPDU
D 5HDGDQGWUDQVODWHLQWR5XVVLDQ
UHQHZHGIXQGEX\LQJ SURILWWDNLQJ
EHQFKPDUNDIWHUQRRQIL[LQJ JRRGIXQGEX\LQJ
DORQJSRVLWLRQLQWKHPHWDO WRVKRZLQWHUHVW

7KDWFRXOGEHZKDWWRRNLWDVKLJKDVDWRQHSRLQW

E ,QVHUWFRUUHFWSUHSRVLWLRQVUHDGDQGWUDQVODWHWKHVHQWHQFHV
DERYHDWWKURXJKWRLQ
*ROGZDV«/RQGRQEHQFKPDUNDIWHUQRRQIL[LQJ
,WZDV«7XHVGD\
VDIWHUQRRQIL[
*ROGKDVEHHQODQJXLVKLQJ«UHFHQWZHHNV
7KHPDUNHWEXLOWXSDORQJSRVLWLRQ«WKHPHWDO
<HVWHUGD\WKHIXQGVVKRZHGPRUHLQWHUHVW«JROGDJDLQ
7KHSULFHPRYHG«
7KHWUR\RXQFHLVHTXDO«JUDPPHVJUDPV
7KHRUGLQDU\RXQFHLVHTXDO«JUDPPHV

F 7UDQVODWHWKHVHQWHQFHVXVLQJWKHYHUEVLQWKH3UHVHQW3HU
IHFW&RQWLQXRXV7HQVHDVLQWKHH[DPSOH
Ívxsnltqntnxrvsrvtnlns|ntjtjovsvzvwjljnz
*ROGKDVEHHQODQJXLVKLQJLQUHFHQWZHHNV

 
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

gntjtjovsvzvéjxznzy ntnlnsí
Ìtqwévqokvl¹zëzyuvlnsy ntnxrvsrvsnz
Ðqéujwévljnzëzquj¡qt€xm
‰y·yjtmsqpxrqp¹o€rxvxntqm
frvsrvkénuntqvtwnénkvlqzëzyxzjzí"
êrvtvuqxzjtjsqzqr qxwvsoynz k xkvnu qxxsnlvkjtqq ljt
t€nojwvxsnltqnlnx¹zsnz

G 7UDQVODWHWKHVHQWHQFHVSD\LQJDWWHQWLRQWRWKHFRQVWUXFWLRQ
WRVHHPWREHGRLQJVPWK
7KHIXQGVVHHPHGWREHVKRZLQJPRUHLQWHUHVWLQJROGDJDLQ
Çjojsvx·zv{vtl€xtvkjwév¹ks¹ízqtznénxrovsvzy
7KHSULFHVVHHPWREHLQFUHDVLQJ
7KHWUHQGVHHPVWREHFKDQJLQJ
7KHZDVWHIXORYHUSURGXFWLRQVHHPHGWREHJURZLQJIXUWKHU
7KHDQDO\VWVHHPHGWREHVSHDNLQJDERXWRWKHUPDUNHWV

H 7UDQVODWHWKHGHILQLWLRQRIWKHWHUPDQGVD\ZKDWLWLV VKRUW
DJHVKRUWSRVLWLRQVKRUWFRYHULQJ 
« ² 7KH SXUFKDVLQJ RI JRRGV WKDW KDYH EHHQ VROG VKRUW VR WKDW
WKHRSHQSRVLWLRQLVFORVHG$GHDOHULQFRPPRGLWLHVKRSHVWRFRYHU
VKRUWV DW EHORZ WKH VHOOLQJ SULFH LQ RUGHU WR PDNH D SURILW 'HDOHUV
FRYHUWKHLUVKRUWVZKHQWKH\H[SHFWWKHPDUNHWWRWXUQRUZKHQLWKDV
DOUHDG\VWDUWHGWRPRYHXSZDUGV

+DYHDQRWKHUORRNDWWKHQHZVSDSHU
LWHPDQG«
D 6D\ZKDWWKHGLDJUDPVKRZV
 E 7UDQVODWHWKHLWHP
 F $QVZHUWKHVHTXHVWLRQV
  :K\GLGWKHDQDO\VWPHQWLRQ,QGLD"
  :KDWZDVWKHRXWORRNIRUVHOOLQJJROGWR,QGLDQSXUFKDVHUV"

 
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

$QQRWDWLRQRIWKHERRNWRWUDQVODWH
%LPHWDOOLVP
7KLV ERRN SUHVHQWV D KLVWRU\ RI :HVWHUQ
PRQHWDU\V\VWHPVDQGH[SODLQVZK\ELPHWDO
OLVPZDVSUHIHUUHGWRDJROGVWDQGDUGEHIRUH

3URIHVVRU 5HGLVK DUJXHV WKDW WKH WHFK
QRORFLFDO DELOLW\ WR LVVXH ILGXFLDU\ PRQLHV
DQG D FRPPLWPHQW PHFKDQLVP WR SUHYHQW
RSSRUWXQLVWLF JRYHUQPHQWV FKDQJLQJ WKH
UDWLR EHWZHHQ WKH FXUUHQF\ DQG D XQLW RI
JROGZHUH IUHTXHQWO\RYHUORRNHG SUHUHTXL
VLWHVIRUWKHHPHUJHQFHRIWKH&ODVVLFDOJROG
VWDQGDUG 7KH VLPSOLFLW\ RI WKH JROG VWDQ 
GDUGDPRQHWDU\V\VWHPZKHUHWKHUHLVDIL[HGUDWLREHWZHHQDZHLJKW
RIJROGDQGDXQLWRIFXUUHQF\PDNHVLWDQREYLRXVIRFXVIRUGLVFXV
VLRQ RI FRPPRGLW\ PRQH\ V\VWHP DQG IRU FRQWUDVWLQJ ZLWK WRGD\
V
ILDWPRQH\UHTXLUHV

 7UDQVODWHWKHVHWH[WVLQWR(QJOLVK
D Èqunzjssqou ² zqw lntn tvp xqxznu€êzjxqxznujvx
tvkjtjtjlky}unzjssj}²vi€·tvovsvznqxnéniénÌijunzjs
sj¹ks¹ízx¹ojrvtt€uwsjzn t€uxénlxzkvu OHJDOWHQGHU qvi¹
ojznst€ r wéqnuy k tnvméjtq·ntt€} rvsq·nxzkj} fvvztv¡n
tqn un ly q} knxvk€uq rvsq·nxzkjuq {qrxqéynzx¹ k lntn tvp
nlqtq|n
E Ënéjountt€niyuj t€nlntmq ILDWPRQH\ ²lntmqrv
zvé€n mvxyljéxzkv vi~¹kqsv ojrvtt€u wsjzn t€u xénlxzkvu
}vz¹ vtq tn quníz xvixzknttvp xzvquvxzq tn éjountt€ tj
ovsvzv


 
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

/HVVRQ

 7\SHV
RIHFRQRPLHV
,QWHUYLHZ (FRQRPLHVDQGPDQXIDFWXULQJ
7H[WV $OORFDWLRQRISURGXFWVDQGUHVRXUFHV
 3XEOLFDQGSULYDWHVHFWRUVLQWKH8.
1HZVSDSHULWHPV 8.PD\PRYHWRVDYH%ULWLVK(QHUJ\
 %XVKYRZVWR
GRZKDWLWWDNHV
IRU
HFRQRP\
$QQRWDWLRQ %HWZHHQ3ROLWLFVDQG0DUNHWV
*UDPPDU 3DUWLFLSOH,,
 PDQ\³PXFKIHZDIHZ³OLWWOHDOLWWOH
 (TXLYDOHQWVRIPRGDOYHUEV
:RUGIRUPDWLRQ &RPSRXQGV


,QWHUYLHZ(FRQRPLHVDQGPDQXIDFWXULQJ

,QWHUYLHZHU  'HQLV 0LOOV GR \RX DJUHH ZLWK WKH SHRSOH ZKR VD\
WKDWPDQXIDFWXULQJLQGXVWU\ZLOOLQHYLWDEO\GHFOLQHLQ
ZKDWZHFDOOWKHLQGXVWULDOL]HGFRXQWULHV"
'HQLV0LOOV , WKLQN PDQXIDFWXULQJ ZLOO FKDQJH FRQYHUW LWVHOI
7KHUH DUH PDQ\ QHZ SURGXFWV WKDW KDYH WR EH LQ
YHQWHGWRVHUYHQHZQHHGVDQGWKH\FDQEHPDGHLQ
WKH DGYDQFHG FRXQWULHV EHFDXVH LQ IDFW WKH WHFKQRO
RJ\RISURGXFWLRQPHDQV\RXQHHGYHU\OLWWOHODERXU
LQSXW ,¶P KROGLQJ LQ P\ KDQG D VLPSOH SHQ WKDW
%ULWLVK $LUZD\V JLYHV DZD\ WR LWV SDVVHQJHUV ,W LV
PDGH LQ 6ZLW]HUODQG D SHQ D ORZWHFK SURGXFW
PDGHLQ6ZLW]HUODQGZLWKWKHKLJKHVWODERXUFRVWVLQ
WKHHQWLUHZRUOGDQG%ULWLVK$LUZD\VD%ULWLVKFRP
SDQ\ KDYLQJ WR SD\ LQ ORZ YDOXH SRXQGV LV EX\LQJ
IURP6ZLW]HUODQGDPDQXIDFWXUHGSURGXFW1RZZKDW¶V
JRLQJRQKHUH",WVHHPVWRPHWKDWWKH²DQGWKH\DOVR
PDQDJHWRGRLWZLWKWKHLUZDWFKHVWKHIDPRXV6ZDWFK
 
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

PRXV 6ZDWFK ² KDYH VWXPEOHG RQ D QHZ VHFUHW


ZKLFK LV KRZ WR PDNH ORZWHFK SURGXFWV VHOO WKHP
SURILWDEO\ EXW DFWXDOO\ PDNH WKHP LQ D FRXQWU\
ZKHUH LQ WKHRU\ WKHUH VKRXOG EH QR PRUH PDQXIDF
WXULQJ DQG LI \RX ORRN DW DQ\ VXFFHVVIXO HFRQRPLHV
WKHVH GD\V WKH\ DOO KDYH D VWURQJ PDQXIDFWXULQJ
FRPSRQHQW
,QWHUYLHUHU  :KLFKFRXQWULHVDUH\RXWKLQNLQJRI"
'HQLV0LOOV ,¶P WKLQNLQJ RI WKH G\QDPLF $VLDQ HFRQRPLHV DOO
EDVHGRQPDQXIDFWXULQJ,¶PWKLQNLQJLQGHHGRIWKH
8QLWHG 6WDWHV ZKLFK QRZ KDV FUHDWHG IRU H[DPSOH D
QHZ FRPSXWHU KLJKWHFK FRPSXWHU LQGXVWU\ LWV FDU
LQGXVWU\LVFRPLQJULJKWEDFNLQ$PHULFD$PHULFDLV
D JLDQW PDQXIDFWXULQJ HFRQRP\ ZKLFK LV ZK\ LW LV
VWLOO WKH ULFKHVW QDWLRQ LQ WKH ZRUOG VR , DP
H[WUHPHO\ GXELRXV RI WKH WKHRULVWV ZKR VD\ WKDW
PDQXIDFWXULQJ KDV QR IXWXUH LQ WKH DGYDQFHG
LQGXVWULDOL]HGFRXQWULHV

'R\RXNQRZWKHVHZRUGV"
LQHYLWDEO\ 73JZAR3P1>H39 tnqoin tv
WRLQYHQW  qoviénzjz
LQSXW    kkvl kkvlqu€p én
xyéx
  kkvlqu€p {jrzvé wév
qokvlxzkj
    ojzéjz€ tj wévqokvl
  xzkv k jtjsqon
un vzéjxsnkvmvijsjtxj 
ODERXULQSXW  ojzéjz€ zéylj zéylvnu
rvxz
xvzéODERXUFRVWV  ojzéjz€tjéjiv·yíxqsy
HQWLUH 73JZP=319 wvst€p
WRVWXPEOHRQVPWK  ojwqtjzx¹v¡qijzx¹
JLDQW 7 =31JP9 mqmjtzxrqpmévujlt€p
GXELRXV 7Z@FQ(>F1O9 xvutqznst€p


 
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

:RUNRQWKHZRUGV
 5HDGDQGWUDQVODWHWKHVHZRUGV
PDQXIDFWXULQJ 6ZLW]HUODQG
PDQXIDFWXUHG $VLD
SURGXFW $VLDQ
FRPSDQ\ G\QDPLF
WKHRU\ GXELRXV
WRFRQYHUW H[WUHPHO\
DGYDQFHG SURILWDEO\

 7UDQVODWHLQWR(QJOLVKSD\LQJDWWHQWLRQWRWKHVHYHUEV
WRVD\VPWK
WRWHOOVPEVPWK
WRVSHDN DERXWVPWKDODQJXDJHLQDFHUWDLQSODFH
IRUDFHUWDLQSHULRGRIWLPH 
Æ xkvnu lvrsjln vt mvkvéqs vi viéjijz€kjínp wévu€¡
snttvxzq
‰tnotjímlnvtmvkvéqsvwévlyr|qqk€xvrvpzn}tvsvmqq
Ìtxrjojstnxrvsrvxsvkqvwévlyr|qqxtqorquyévktnu
zn}tvsvmqp
Ìtxrjojs yétjsqxzy·zv}v·nzwéqknxzqnnvlqtwéquné
Ëjwénxxrvt{nént|qqmvkvéqsqzvsrvwvjtmsqpxrq
‰lyují·zvvtqmvkvéqsqvrvsvwvsy·jxj
 6WDWH LI WKH ZRUG QHHG LV D YHUE RU QRXQ LQ HDFK FDVH DQG
WUDQVODWHWKHVHQWHQFHV
7KHVHSURGXFWVDUHLQYHQWHGWRVHUYHQHZQHHGV
,Q WKLV FDVH WKH WHFKQRORJ\ RI SURGXFWLRQ PHDQV \RX QHHG YHU\
OLWWOHODERXULQSXW
7KH\GRQRWQHHGWRFRS\WKLVWH[W7KH\QHHGQRWFRS\WKLVWH[W
'R\RXQHHGWRZULWHDQHVVD\"1HHG\RXZULWHDQHVVD\"
7KHUHLVQRQHHGIRU\RXWRWUDQVODWHWKLVWH[W
7KHUHLVDJUHDWQHHGIRUDJRRGERRNRQWKLVVXEMHFW
+HHDUQVHQRXJKWRVDWLVI\KLVQHHGV
ZLOOPHHWKLVLPPHGLDWHQHHGV
'RHVKHQHHGDQ\KHOS"
7KLVFKDSWHUQHHGVUHZULWLQJ
7KHUH
VQRQRWPXFKQHHGIRUDQ[LHW\

 
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

*UDPPDU5HYLVLRQPDQ\³PXFKIHZDIHZ³
OLWWOHDOLWWOH
qx·qxs¹nu€n tnqx·qxs¹nu€n
xynxzkqznst€n xynxzkqznst€n
PDQ\SURGXFWV PXFKHIILFLHQF\
IHZSURGXFWV OLWWOHHIILFLHQF\
DIHZSURGXFWV DOLWWOHHIILFLHQF\

 7UDQVODWHLQWR(QJOLVK
znvéqp ojzéjz€
rvuwvtntzvk ojzéjz€tj
utvmv qtlyxzéqjst€} utvmqn éjiv·yíxqsy
ujsvtn xzéjt tnutvmqn wvzénitvxzq
xrvsrv éjokqz€}xzéjt tnivs¡qn zéyltvxzq
sílnp éjx}vl€
wévlyrzvk yxwn}q
 
tn{zq zéylvnurvxz
yms¹ ivs¡j¹ yxzjsvxz
utvmvujsv qt{véuj|qq tnivs¡j¹ xqsj
éjivz€ ujsj¹ xzvprvxz

(TXLYDOHQWVRIPRGDOYHUEV
FDQ WREHDEOHWR ,KDYHEHHQDEOHWRUHDGWKLVERRN
  «ZDVDEOH«
  «VKDOOEHDEOH«
PXVW WRKDYHWR ,KDYHWRFRPHWRWKH8QLYHUVLW\DW
  «KDG«
  «VKDOOKDYH«
 WREHWR 7KHOHFWXUHLVWRVWDUWDW
  «ZDV«

 5HDG WKH VHQWHQFHV XQGHUOLQH WKH PRGDO YHUEV DQG WKHLU


HTXLYDOHQWVWUDQVODWHWKHVHQWHQFHVLQWR5XVVLDQ
7KHUH DUH PDQ\ QHZ SURGXFWV WKDW KDYH WR EH LQYHQWHG WR VHUYH
QHZQHHGV
7KH\FDQEHPDGHLQWKHDGYDQFHGFRXQWULHV

 
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

%ULWLVK$LUZD\VKDYHWRSD\LQORZYDOXHSRXQGV
7KHUHVKRXOGEHQRPRUHPDQXIDFWXULQJWKHUH
7KH\ KRSH WKH\ ZRXOG EH DEOH WR YLVLW D IHZ DGYDQFHG LQGXVULDO
L]HGFRXQWULHV
7KHFRQIHUHQFHLVWRVWDUWQH[W0RQGD\LQ6ZLW]HUODQG
$OOWKHSDUWLFLSDQWVDUHWREHRIILFLDOO\SUHVHQWHG

 7UDQVODWHLQWR(QJOLVK
Ìtqk€ty lnt€rvtxzjzqévkjzxtq ntqnwévqokvlxzkj
Ï·nt€p xuv nz wévlvs qz xkvq qxxsnlvkjtq¹ nxsq iylyz
xlnsjt€qtknxzq|qqkëzvzwévnrz
Êtznékílvs tvtj·jzx¹k
Êt ntné€ k€ty lnt€ i€sq wéqotjz ivs¡yí zéylvnu
rvxzëzvmvwévnrzj
Çvuwjtq¹xuv nzxvréjzqzojzéjz€tjéjiv·yíxqsy

*UDPPDU3DUWLFLSOH,,
3DUWLFLSOH,, wéq·jxzqn,, viéjoynzx¹xwvuvívrvt·jtq¹
HGlvijks¹nuvmvrqt{qtqzqkywéjkqst€}msjmvsvkino·jxzq|€WR
Ënwéjkqst€nmsjmvs€viéjoyíz3DUWLFLSOH,,tnwvwéjkqsju
3DUWLFLSOH,,²ëzvzénz¹{véujmsjmvsvk
WRRSHUDWH²RSHUDWHG²RSHUDWHG
WREHJLQ²EHJDQ²EHJXQ
WRVSHDN²VSRNH²VSRNHQ
Æwénlsv ntqq3DUWLFLSOH,,uv nzk€wvst¹z{ytr|qq
N ·jxzqxrjoynuvmv
7KHSULFHLVFRQVLGHUHGWRRORZ
7KH\KDYHDOUHDG\VWXGLHGWKHSULFHOLVW
N vwénlnsntq¹
7KH RIIHUHG SULFH LV WRR KLJK Íénlsjmjnuj¹  wénlsv
 nttj¹|ntjv·ntk€xvrj 
7KHSULFHRIIHUHGE\WKHYHQGRUVLVWRRKLJK gntjwénl
sjmjnuj¹wénlsv nttj¹wévljk|vuv·ntk€xvrj 
Ëj éyxxrqp ¹o€r 3DUWLFLSOH ,, wnénkvlqzx¹ msjmvsvu xzéjlj
znst€u wéq·jxzqnu wéqljzv·t€u wénlsv ntqnu wéqsjmj
znst€uxynxzkqznst€uxwénlsvmvuqzl


 
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

 5HDG DQG WUDQVODWH LQWR 5XVVLDQ SD\LQJ DWWHQWLRQ WR WKH


ZRUGVLQLWDOLFV
,WLVDORZWHFKSURGXFWPDGHLQ6ZLW]HUODQG
,WVHHPVWRPHWKH6ZLVVKDYHVWXPEOHGRQDQHZVHFUHW
,
P WKLQNLQJ RI WKH G\QDPLF $VLDQ HFRQRPLHV EDVHG RQ
PDQXIDFWXULQJ
7KH\UDLVHGSULFHVLQLWVFHQWUDOO\SODQQHGHFRQRP\
7KH DXWKRULWLHV UHJXODWH WKH SULFHV FKDUJHG E\ PRQRSROLVWLF VXS
SOLHUV
$Q\SRVLWLYHQXPEHUGLYLGHGE\]HUR\LHOGVSOXVLQILQLW\
+DYHDORRNDWWKHVKDGHGDUHD

 8QGHUOLQH 3DUWLFLSOHV , ZULWH RXW 3DUWLFLSOHV ,, DQG WUDQV


ODWHWKHVHQWHQFHV
7KHUHLVDFRUUHVSRQGLQJTXDQWLW\RIWZHQW\WKRXVDQGWLFNHWVGH
PDQGHG
&KURQLF VKRUWDJHV KDYH IRUFHG 1RUWK .RUHD WR LPSOHPHQW WKHVH
LQFUHDVHV
7KH LQGLFDWRU FRPSLOHG E\ WKH FRQVRUWLXP HVWLPDWHV WKH *'3
JURZWKRI
6DOHVLQFUHDVHGE\FRPSDUHGZLWKHVWLPDWHVIRUWKHVDPHSH
ULRGODVW\HDU
7KH FRPSDQ\ FXW LQYHQWRULHV WR UHGXFH WKH QHHG IRU GLVFRXQWHG
VDOHV
,QFUHDVLQJZRUOGGHPDQGKDVEHHQDQLPSRUWDQWIDFWRU
&DPEULGJH8QLYHUVLW\3UHVVLVDFKDULWDEOHHQWHUSULVHUHTXLUHGE\
8QLYHUVLW\6WDWXWH

 7UDQVODWHLQWR(QJOLVK
zvkjéyrjojtt€pkxwqxrn ojwéj¡qkjnuj¹|ntj
rvsq·nxzkvyrjojttvnkzv·rn¬ wévqoknlntt€péjx·nz
wévlyr|q¹qomvzvksnttj¹ëzvp{qéuvp rvuwíznéqoqévkjtt€p
uvlq{q|qévkjtt€pwéqivé wév|nxx
vwsj·nttj¹xyuuj ojrywsnttvn vivéylv
wnénxuvzénttj¹|ntj kjtqn

 
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

+DYHDQRWKHUORRNDWWKHLQWHUYLHZDQG«
 5HDGWKHIROORZLQJSD\LQJDWWHQWLRQWRWKHVRXQG>@
WRFRQYHUW WRUHWXUQ FHUWDLQ FXUYH
WRVHUYH UHWXUQV YHUWLFDO UHVHDUFK
VHUYLFHV XSWXUQ WRHDUQ PHUJHU
VLU GRZQWXUQ HDUQLQJV HQWUHSUHQHXU

 5HDGWKHVHQWHQFHVSD\LQJDWWHQWLRQWRWKHLQWRQDWLRQ
Ëqx}vl¹qpzvt ® k€éj jnzojrvt·nttvxzqsq
rjznmvéq·tvxzk€xrjo€kjtq¹ywvzénis¹nzx¹zjr
 nkviq}kvwévxj}
Ævx}vl¹qpzvt ­ yrjo€kjnztjtnojrvt·nttvxz
k€xrjo€kjtq¹qsqvzxyzxzkqnrjznmvéq·tvxzq
ywvzénis¹nzx¹zjr nkxwn|qjst€}kvwévxj}

®
,WKLQNPDQXIDFWXULQJZLOO FKDQJHFRQYHUWLW®VHOI
­
'R\RXDJUHHZLWKWKH SHRSOHZKRVD\WKDWPDQXIDFWXULQJLQ
­
GXVWU\ZLOOGH FOLQH"
7KHUH DUH PDQ\ QHZ SURGXFWV WKDW KDYH WR EH LQYHQWHG WR VHUYH
QHZ QHHGV DQG WKH\ FDQ EH PDGH LQ DGYDQFHG FRXQWULHV EHFDXVH LQ
IDFW WKH WHFKQRORJ\ RI SURGXFWLRQ PHDQV \RX QHHG YHU\ OLWWOH ODERXU
LQSXW
,DPH[WUHPHO\GXELRXVRIWKHWKHRULVWVZKRVD\WKDWPDQXIDFWXU
LQJKDVQRIXWXUHLQWKHDGYDQFHGLQGXVWULDOL]HGFRXQWULHV

 5HDGWKHLQWHUYLHZRXWORXG

 6XPXSZKDW'HQLV0LOOVVDLGDERXWPDQXIDFWXULQJLQGXVWU\




 
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»


7H[W$OORFDWLRQRISURGXFWVDQGUHVRXUFHV
7KH SXUH PDUNHW HFRQRP\ ZLWKRXW DQ\ JRYHUQPHQW FRQWURO
ZKDWVRHYHUDOORFDWHVSURGXFWVDQGUHVRXUFHVLQWKHZD\ZKLFKLQWKH
PRVWVLPSOLILHGPDQQHUFDQEHVKRZQE\WKHILJXUHEHORZ

3URGXFWLYHUHVRXUFHV

G )$&725

6X
DQ

35,&(6

SSO\
'H P

6
),506
.(7 +286(+2/'6
$5
0
6XS

G
DQ
352'8&7

HP
SO\

35,&(6 '

*RRGVDQGVHUYLFHV


$V WR WKH FRPPDQG HFRQRP\ SUDFWLFDOO\ VSHDNLQJ LW DOORZV WKH
JRYHUQPHQWWRDFWDVDGLFWDWRU
)RUWXQDWHO\ D FRPPXQLW\ RU D FRXQWU\ GRHV QRW KDYH WR PDNH D
FRPSOHWHFKRLFHEHWZHHQWKHWZRH[WUHPHVWKHPDUNHWHFRQRP\DQG
WKHFRPPDQGHFRQRP\,QVWHDGLWFDQFRPSURPLVHDQGKDYHDPL[HG
HFRQRP\
,Q D PL[HG HFRQRP\ WKUHH TXDUWHUV RI SURGXFWLRQ LVFDUULHGRXWE\
WKHSULYDWHVHFWRUWKURXJKWKHPDUNHWWKRXJKVXEMHFWWRYDU\LQJGHJUHHV
RIJRYHUQPHQWFRQWURO)RUWKHRWKHUTXDUWHUWKHJRYHUQPHQWLVGLUHFWO\
UHVSRQVLEOH WKURXJK WKH SXEOLF VHFWRU 7KXV WKH JRYHUQPHQW LQIOXHQFHV
WKHDOORFDWLRQRIWKHJRRGVDQGVHUYLFHVSURGXFHG
(YHQ LQ WKH 86$ D VWURQJKROG RI IUHH HQWHUSULVH LW KDV EHHQ
IRXQGQHFHVVDU\WRFRQWURORUUHJXODWHQDWLRQDOLQFRPHFRQGLWLRQV
$VWR%ULWDLQWRGD\LWKDVDPL[HGHFRQRP\,QWKHSXEOLFVHFWRU
RI %ULWLVK HFRQRPLF OLIH DUH WKH QDWLRQDOL]HG LQGXVWULHV OLNH FRDO DQG
VWHHO%ULWLVK5DLODQG%2$&,QWKHSULYDWHVHFWRUDUHWKHPDMRULW\RI
WKHQDWLRQ
VLQGXVWULHVERWKODUJHDQGVPDOOIURPJLDQWVOLNH,&,DQG
%3WRVPDOOIDPLO\EXVLQHVVHV


 
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

'R\RXNQRZWKHVHZRUGV"
WRDOORFDWH 7Z'HKQGA3P9 k€lns¹z xyuu€jxxqmtvkjtq¹ 
SXUH  ·qxz€p
ZKDWVRHYHU  rjrvpi€tq
WRDOORZVPEWRGR  wvokvs¹z rvuysqiv lnsjz
VPWK ·zvsqiv
LQVWHDG 73JZOPA@9 kunxzv
VXEMHFWWRVPWK 7ZO6> 1GP9 wéq yxsvkqq xvisílntq¹ ·n
mvsqiv
WRYDU\ 7ZR&1N39 qount¹z x¹ 
WRLQIOXHQFHVPWK 7Z3JBHQ1JO9 vrjo€kjzksq¹tqntj·zvsqiv
VWURQJKROG  vwsvz
IUHH   xkvivlt€p
 inxwsjzt€p
PDMRULW\ 7I1Z KN3P39 ivs¡qtxzkv

:RUGIRUPDWLRQ&RPSRXQGV
QRXQQRXQ QRXQ QHZVSDSHU QHZVSDSHU
QRXQYHUE QRXQ KRXVHWRKROG KRXVHKROG
SUHSRVLWLRQYHUE QRXQ LQWRSXW LQSXW
DGMHFWLYHQRXQ QRXQ VXSHUPDUNHW VXSHUPDUNHW

1RWH&RPSRXQGVDUHXVXDOO\SURQRXQFHGZLWKWKHILUVWSDUW
RIWKHZRUGVWUHVVHG

 7UDQVODWHWKHVHZRUGVDQGZULWHWKRVHZKLFKIRUPHGWKHP
VWURQJKROG ZKDWVRHYHU WH[WERRN
RXWSXW XSWXUQ EXVLQHVVPDQ
EHQFKPDUN GRZQWXUQ XQGHUJUDGXDWH
FDUPDNHU OLIHF\FOH ZHOOEHLQJ
QHWZRUN EURDGFDVWLQJ WHOHFRPPXQLFDWLRQ

 6D\KRZWKHVHZRUGVDUHIRUPHGDQGWUDQVODWHWKHP
DOORFDWLRQ UHJXODWLRQ SULYDWLVDWLRQ DLUZD\V
JRYHUQPHQW FRPPXQLW\ QDWLRQDOLW\ DLUOLQH
GLFWDWRU UHVSRQVLELOLW\ UDLOZD\ RYHUVHDV

 
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

5HYLVH*UDPPDU
 &ODVVLI\WKHVHZRUGVLQWRWZRFROXPQV3DUWLFLSOH,DQG3DU
WLFLSOH,,DQGWUDQVODWHWKHP
DOORFDWHG VLPSOLILHG PL[LQJ UHJXODWLQJ
VSHDNLQJ PDNLQJ YDU\LQJ QDWLRQDOL]HG
VKRZLQJ FRPSURPLVHG LQIOXHQFHG FRQWUROOHG

 7UDQVODWHLQWR(QJOLVK
k€wvst¹nu€nyxsymq wéjrzq·nxrqmvkvé¹
éqxytvrljtt€pkznrxzn vzrévknttvmvkvé¹
xun¡jtt€pzqwërvtvuqrq xsy¡j¹q}
tj|qvtjsqoqévkjtt€n vzéjxsq tjisílj¹ojtquq
wévu€¡snttvxzq qoy·j¹ëzvzkvwévx

 8QGHUOLQHWKHSUHGLFDWHVVWDWHLQZKDWIRUPVWKHYHUEVDUH
XVHGDQGWUDQVODWHWKHVHQWHQFHV
7KHZD\LQZKLFKWKHPDUNHWHFRQRP\DOORFDWHVSURGXFWVDQGUH
VRXUFHVFDQEHVKRZQLQDFHUWDLQILJXUH
$FRXQWU\GRHVQRWKDYHWRPDNHDFRPSOHWHFKRLFHEHWZHHQWKH
WZRH[WUHPHV
$FRXQWU\FDQFRPSURPLVHDQGKDYHDPL[HGHFRQRP\
,W KDV EHHQ IRXQG QHFHVVDU\ WR FRQWURO QDWLRQDO LQFRPH FRQGL
WLRQV
$VWR%ULWDLQWRGD\LWKDVDPL[HGHFRQRP\
7KH\ZHUHQRWDEOHWRDOORFDWHDELJJHUVXPWRHGXFDWLRQDQGVR
FLDOVHFXULW\

+DYHDQRWKHUORRNDWWKHWH[WDQG«
 :ULWH WKH DEEUHYLDWHG QDPHV RI WKH FRPSDQLHV DQG PDWFK
WKH5XVVLDQQRWHVRQWKHP
%ULWLVK 2YHUVHDV $LUZD\V Èéqzjtxrj¹ rvuwjtq¹ zéjtxvrn
&RUSRUDWLRQ jtxrq}kvoly¡t€}xvvintqp
,PSHULDO&KHPLFDO,QGXVWULHV Èéqzjtxrj¹ rvuwjtq¹  nsno
t€}lvévmvxtvkjtjkm


 
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

%ULWLVK3HWUROHXP Çéywtnp¡qp k Ænsqrviéqzjtqq


q djwjltvp ckévwn }quq·nxrqp
rvt|nétvxtvkjtt€pkm
%ULWLVK5DLOZD\V%RDUG Çéywtnp¡j¹ tn{z¹tj¹ rvuwj
tq¹vxtvkjttj¹km

 0DUNWKHULJKWVWDWHPHQWV
BB7KHLWHPVWDUWVZLWKGHVFULELQJWKHPDUNHWHFRQRP\
BB7KHPDUNHWHFRQRP\DOORFDWHVSURGXFWVDQGUHVRXUFHVWKURXJK
WKHPDUNHWZLWKRXWDQ\JRYHUQPHQWFRQWURO
BB7KHQWKHSLFWXUHUHODWLQJWRWKHPL[HGHFRQRP\LVJLYHQ
BB7KHFRPPDQGHFRQRP\LVQRWPHQWLRQHGDWDOO
BB$PL[HGHFRQRP\LVDFRPSURPLVHEHWZHHQWKHWZRH[WUHPHV
BB ,Q D PL[HG HFRQRP\ RQH KDOI RI WKH SURGXFWLRQ LV FDUULHG
WKURXJKWKHPDUNHWZLWKDFHUWDLQJRYHUQPHQWFRQWURO)RUWKHRWKHU
KDOIWKHJRYHUQPHQWLWVHOILVUHVSRQVLEOHWKURXJKWKHSXEOLFVHFWRU

 )LOOLQWKHJDSVZLWKWKHZRUGVIURPWKHWH[W
7KXV WKH JRYHUQPHQW « WKH DOORFDWLRQ RI WKH JRRGV DQG VHUYLFHV
SURGXFHG
(YHQLQWKH86$D«RIIUHHHQWHUSULVHFRQWUROVRU«QDWLRQDO
LQFRPHFRQGLWLRQV
$VWR%ULWDLQWRGD\LWKDVD«HFRQRP\
,QWKHSXEOLFVHFWRURI%ULWDLQDUHWKHQDWLRQDOL]HGLQGXVWULHVOLNH«
,QWKHSULYDWHVHFWRURI%ULWDLQDUHWKH«RIWKHLQGXVWULHV
,Q WKH SULYDWH VHFWRU RI %ULWDLQ DUH ERWK ODUJH DQG VPDOO HQWHU
SULVHVIURPJLDQWVOLNH«WRVPDOO«

 $QVZHUWKHVHTXHVWLRQV
  +RZGRHVWKHPDUNHWHFRQRP\ZRUNMXGJLQJE\WKHILJXUH"
  :KDWDUHWKHIHDWXUHVRIDPL[HGHFRQRP\"
  +RZ DUH WKH 86$ DQG %ULWDLQ FKDUDFWHULVHG LQ WHUPV RI WKH
HFRQRP\"
  :KDWFRXQWULHVLIDQ\KDYHDFRPPDQGHFRQRP\QRZ"



 
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

7H[W3XEOLFDQGSULYDWHVHFWRUVLQWKH8.
$WWKHEHJLQQLQJRIWKHVWKHUHZHUHPDQ\SXEOLFFRUSRUDWLRQVLQWKH
8QLWHG .LQJGRP 7KH\ LQFOXGHG %ULWLVK &RDO %ULWLVK 6WHHO WKH 3RVW 2IILFH
%ULWLVK7HOHFRPWKH%ULWLVK$LUSRUWV$XWKRULWLHV%ULWLVK5DLODQGVRPHRWKHUV
7KH\ ZHUH QDWLRQDOL]HG PRVWO\ E\ /DERXU JRYHUQPHQWV IRU SROLWLFDO
UHDVRQV UHIOHFWLQJ D GHVLUH WR FRQWURO DQG SODQ WKH HFRQRP\ LQ GHWDLO DQG D
EHOLHILQWKH©ULJKWQHVVªRISXEOLFRZQHUVKLSDVDQLGHDO
6RPHFRUSRUDWLRQVEHFDPHSXEOLFWREHUHVFXHGIURPEDQNUXSWF\7KXVWKH
JRYHUQPHQWVVDYHGWKRXVDQGVRIMREVLQWKRVHILUPVVRWKHWD[SD\HUZDVVDYHG
IURPSD\LQJRXWODUJHVXPVWRXQHPSOR\HGSHRSOH
9HU\ PDQ\ SXEOLF FRUSRUDWLRQV ODWHU EHFDPH SULYDWH DJDLQ %XW VRPH
RWKHUVDUHVWLOOSXEOLFO\RZQHG
$VSHFLDOPHQWLRQVKRXOGEHPDGHRI%ULWLVK5DLO5DLOZD\WUDFNVPDNHDQDWXUDO
PRQRSRO\RIWKHVWDWH$WWKHVDPHWLPHGLIIHUHQWFRPSDQLHVDUHDOORZHGWRRSHUDWH
FRPSHWLQJ VHUYLFHV RQ WKH VDPH WUDFNV 7KXV WKHUH LV D QDWXUDO PRQRSRO\ LQ WUDFN
RZQHUVKLSEXWQRWLQRSHUDWLQJWUDLQV
+HUH LV D ILJXUH VKRZLQJ WKH LQWHUUHODWLRQ EHWZHHQ 3DUOLDPHQW DQG WKH WZR
VHFWRUVRIWKHHFRQRP\WKDWLVWKHSXEOLFDQGWKHSULYDWHVHFWRUVLQ*UHDW%ULWDLQ
38%/,&    '<1$0,&
$&&2817$%,/,7< 0$1$*(0(17
    
*29(510(17  38%/,&  35,9$7(
'(3$570(17 &25325$7,21 (17(535,6(
    
)LQDQFH 6WDII 

&LYLO6HUYLFH'HSDUWPHQW

0,1,67(5 0,1,67(5 

75($685< DSSRLQWV  %2$5'2)
',5(&7256
%2$5'
3XEOLF

UHVSRQVLEOH
$FFRXQWV IRUDOOSROLF\ GHFLGHV DSSRLQWHGE\DQG
&RPPLWWHH UHVSRQVLEOHWR
*HQHUDO
SROLF\
6+$5(+2/'(56
 ([SHQGLWXUH
&RPPLWWHH
4XHVWLRQV 3ROLF\ 6WDII )LQDQFH
GHEDWH 3URILWFULWHULRQ
(VWLPDWHV
µEUHDNHYHQ¶FULWHULRQ
$QQXDO5HSRUWDQG &RQVXPHU
VXEMHFWWRQDWLRQDO
3$5/,$0(17 $FFRXQWV VRYHUHLJQW\
FRQVLGHUDWLRQV

6HOHFW&RPPLWWHHRQ1DWLRQDOL]HG
,QGXVWULHV &21680(5&281&,/6

 
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

'R\RXNQRZWKHVHZRUGV"
DXWKRULWLHV 71ZKN1P3V9 ksjxzq
WRUHIOHFW  vzéj jz
WRUHVFXH 7ZNAOGFQ(9 xwjxjzvxkviv ljz
WRVDYH  xwjxjz qoijks¹z ërv
tvuqzvzrsjl€kjz
WRVDYHWLPHPRQH\  ërvtvuqzkénu¹lntmq
JDVHQHUJ\« mjoësnrzévëtnémqí«
WD[SD\HU  tjsvmvwsjznsqr
3DUOLDPHQW  wjésjuntz
SXEOLFDFFRXQWDELOLW\ 71ZG=QJP1Z>3H3P39 vz·nztvxz wnénl mvxyljé
xzkvu
WR H[HUFLVHWR KDYH  vxynxzks¹z vz·nztvxz
SXEOLFDFFRXQWDELOLW\ wnénlmvxyljéxzkvu
SXEOLFFRUSRUDWLRQ  mvxyljéxzknttj¹ rvuwjtq¹
vémjtqovkjttj¹wvxwn|qjstvuy
wéjkqznsxzknttvuy wvxzjtvksn
tqí 
SXEOLFDFFRXQWV  x·nz mvxyljéxzknttvmv
y·én lntq¹
FLYLOVHUYLFH  mvxyljéxzknttj¹xsy ij
7UHDVXU\ 7ZPNA!1N39 Çjotj·npxzkv Îqtqxzné
xzkv{qtjtxvk k¬tmsqq 
H[SHQGLWXUH 73GZOLAJ@3P19 éjx}vl€
WREUHDNHYHQ  vxzjzx¹wéqxkvq}
FULWHULRQ 7GN=3ZPE1N31J9 réqznéqp
SOFULWHULD 7GN=3ZP31N319 
FRXQFLO 7ZG=QJO3H9 xvknz
VKDUHKROGHU  jr|qvtné
VRYHUHLJQW\ 7ZOKRN1JP39 xyknéntqznz

:RUNRQWKHZRUGV
 5HDGDQGWUDQVODWHWKHZRUGV
SXEOLF UHDVRQ EHOLHI
SULYDWH GHVLUH GHSDUWPHQW
EDQNUXSWF\ FRQWURO RZQHUVKLS
FRUSRUDWLRQ GHWDLO LGHDO

 
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

 6D\IURPZKDWZRUGVWKHIROORZLQJRQHVDUHIRUPHG
RZQHUVKLS UHODWLRQVKLS
SURIHVVRUVKLS VFKRODUVKLS
NLQVKLS IULHQGVKLS

 0DNH VHQWHQFHV XVLQJ WKH IROORZLQJ ZRUGV DQG ZRUG FRP
ELQDWLRQV
VWDWH WRSD\
ORFDO WRFROOHFW
WD[HV
LQFRPH WD[HV WROHY\
GLUHFW WROLIW
LQGLUHFW  
YDOXHDGGHG  
WD[SD\HU
WD[FROOHFWRU
WREHWD[IUHH
WREHWD[H[HPSW
WD[H[HPSWLRQ

D *LYHQDPHVRIYDULRXVWUDGHVDVLQWKHH[DPSOH
WRRZQVRPHODQG=7KHPDQZKRRZQVVRPHODQGLVFDOOHGDODQGRZQHU

WRRZQDVKLS WREUHHGSLJV
WRRZQDFDU WRJURZIUXLW
WRRZQDIDFWRU\ WRPDNHVKRHV
WREUHHGKRUVHV WRNHHSDVKRS
WREUHHGFDWWOH WRPLQHIRUFRDO

E 6D\KRZWKHIROORZLQJQDPHVRIWUDGHVDQGSURIHVVLRQVDUH
IRUPHG
VWHHOZRUNHU IDUPHU DFFRXQWDQW
ILVKHUPDQ HOHFWULFLDQ WUDQVODWRU
EXLOGHU WHDFKHU UHWDLOHU
EDQNHU PXVLFLDQ WUHDVXUHU
HFRQRPLVW HQJLQHHU RSHUDWRU
VWHZDUGHVV FXVWRPHU VSRNHVPDQ
PDQDJHU SK\VLRORJLVW PLQHU

 
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

5HYLVH*UDPPDU
 6D\ LQ ZKDWIRUPV WKH YHUEV DUH XVHG LQ WKH IROORZLQJ VHQ
WHQFHV
$ORWRISXEOLFPRQH\KDVEHHQXVHGWRVDYHWKHFRPSDQ\
0DQ\FRPSDQLHVKDYHEHHQVDYHGIURPEDQNUXSWF\
$QDORJRXVPRQRSROLHVKDYHORQJEHHQLQSXEOLFRZQHUVKLS
1DWLRQDOL]DWLRQKDVEHHQXVHGDVDIRUPRIUHJXODWLQJPRQRSROLHV
$IHZPRUHFRPSDQLHVKDYHEHHQWDNHQLQWRSXEOLFRZQHUVKLS
7KLVFRPSDQ\KDVJRQHEDQNUXSWWKLV\HDU
7KHEXVLQHVVKDVEHHQVROGRIIHDUO\WKLVPRQWK

 &RPSOHWH WKH VHQWHQFHV SD\LQJ DWWHQWLRQ WR WKH XVH RI WKH
3DUWLFLSOHV,
7KHLQGXVWU\ZDVQDWLRQDOL]HGUHIOHFWLQJWKHGHVLUHRIWKHJRYHUQ
PHQWWRFRQWURO«
7KHUHLVQRPRQRSRO\LQRSHUDWLQJ«
+HUHLVDILJXUHVKRZLQJ«
,OLNHWKLVSLFWXUHVKRZLQJ«
,OLNHWKLVILOPGHVFULELQJ«
+DYH\RXUHDGWKHDUWLFOHVSRWOLJKWLQJ«
7KHUHLVQRVHQVHLQOHDUQLQJE\KHDUW«

6WXG\VHQWHQFHSDWWHUQV

$VSHFLDOPHQWLRQVKRXOGEHPDGHRIWKLVIDFW

 0DNHDIHZVLPLODUVHQWHQFHVZLWKWKHVHZRUGV
WKHVHILJXUHV  WKLVVFDQGDORXVVWRU\
WKLVJLDQWRIDFRPSDQ\ EDQNUXSWF\
WKLVIDEXORXVVWRU\  WKHLQFUHGLEOHSURILWVRIWKHFRPSDQ\


 
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

+DYHDQRWKHUORRNDWWKHWH[WDQG«
D )LQGWKHWHUPVLQWKHWH[WFRUUHVSRQGLQJWRWKHVHGHILQL
WLRQV
WKHVHFWRUFRPSULVLQJFHQWUDOJRYHUQPHQW
ORFDO DXWKRULWLHV QDWLRQDOL]HG LQGXVWULHV DQG RWKHU SXEOLF FRUSRUD
WLRQV
WKHVHFWRUFRPSULVLQJKRXVHKROGV
XQLQFRUSRUDWHGEXVLQHVVDQGFRPSDQLHV
D FRPSDQ\ ZKLFK FDQ UDLVH SHUPDQHQW FDSLWDO E\ LVVXLQJ VKDUHV WR
WKHJHQHUDOSXEOLF

E 6XPXSZKDWWKHWH[WVDLGDERXW
%ULWLVK5DLO
SXEOLFFRPSDQLHVLQWKH8.

F 6D\ZKDWLQWHUGHSHQGHQFHDQGLQWHUUHODWLRQWKHWDEOHJLYHQ
EHORZWKHWH[WVKRZV

1HZVSDSHULWHP8.PD\PRYHWRVDYH%ULWLVK
(QHUJ\
7KH%ULWLVKJRYHUQPHQWDGPLWWHGIRUWKHILUVWWLPH\HVWHUGD\WKDW
LWLVFRQWHPSODWLQJDQRYHUKDXORIWKH8.
VZKROHVDOHHOHFWULFLW\WUDG
LQJPDUNHWLQRUGHUWRVDYHQXFOHDUSRZHUJLDQW%ULWLVK(QHUJ\IURPD
GHHSHQLQJILQDQFLDOFULVLV
,QFRPPHQWVWKDWDWWUDFWHGLPPHGLDWHFULWLFLVPIURP2IJHPWKH
HOHFWULFLW\ZDWFKGRJ%ULDQ:LOVRQWKHHQHUJ\PLQLVWHUVDLGWKH'H
SDUWPHQW RI 7UDGH DQG ,QGXVWU\ ZDV SUHSDUHG WR FRQVLGHU UHIRUPLQJ
ZKROHVDOH HOHFWULFLW\ WUDGLQJ DUUDQJHPHQWVLQWKH8.LQDIRUWKFRP
LQJSROLF\SDSHU
%ULWLVK (QHUJ\ ZKLFK ZDV IXOO\ SULYDWLVHG VL[ \HDUV DJR LV WKH
GRPLQDQW JHQHUDWRU RI HOHFWULFLW\ LQ WKH 8. IURP QXFOHDU VRXUFHV
%XWWKHFRPSDQ\IDFHVQXPHURXVILQDQFLDOSUREOHPV
,W LV ORVLQJ DURXQG …IRU HYHU\ PHJDZDWW KRXU RI HOHFWULFLW\ LW
VHOOV DQG IDFHV KDYLQJ WR FRPH XS ZLWK …P QH[W \HDU WR SD\ RII
GHEWVDQGFRYHUORVVHV

 
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

2QHUHDVRQIRU%ULWLVK(QHUJ\
VSUREOHPVLVWKDWWKHFRVWRIJHQ
HUDWLQJ HOHFWULFLW\ IURP QXFOHDU SRZHU VWDWLRQV KDV UHPDLQHG KLJK
ZKLOHWKHSULFHRIHOHFWULFLW\LQWKHZKROHVDOHPDUNHWKDVSOXQJHGE\
PRUHWKDQSHUFHQWLQWKHODVWWZR\HDUV
0U:LOVRQ\HVWHUGD\SXWVRPHEODPHIRUWKHFRPSDQ\
VZRHVRQ
WKH LQWURGXFWLRQ PRQWKV DJR RI UHIRUPV DLPHG DW RSHQLQJ XS
FRPSHWLWLRQEHWZHHQJHQHUDWRUVWKHUHE\FXWWLQJGRPHVWLFELOOV
+RZHYHU D VSRNHVPDQ IRU 2IJHP GHIHQGHG WKH SRZHU WUDGLQJ
V\VWHP DQG VDLG JHQHUDWRUV VKRXOG EH DOORZHG WR JR EXVW 7KLV LV D
FRPPHUFLDOPDUNHWDQGDVLQDOOPDUNHWVFRPSDQLHVZLOOIDLO²LW
V
DVVLPSOHDVWKDWKHVDLG

'R\RXNQRZWKHVHZRUGV"
WRPRYH 7IQ(R9  lkqmjz x¹ 
 ktvxqzwénlsv
 ntqn
PRYH  wénlsv ntqn
WRDGPLW 71@ZI3P9  lvwyxrjz
 kwyxrjz
WRFRQWHPSODWH 7ZGKJPAILHA3P9 éjxxujzéqkjzvi
lyu€kjz
RYHUKDXO 7ZKQR1DK(H9 wnénxuvzé zj
znst€pvxuvzé
WUDGLQJPDUNHW    k¹s€p tnjrzqk
t€pé€tvr
   rvuuné·nxrqp
é€tvr
QXFOHDU 7ZJFQ(GH319 ¹lnét€p
DUUDQJHPHQWV 71ZNA3J I1JPO9 uné€unévwéq¹zq¹
WUDGLQJ DUUDQJH  uné€ wv ysy·¡ntqí
PHQWV xvxzv¹tq¹é€trj
WRSD\RIIGHEWV  k€wsj·qkjz wvmj
¡jzlvsmq
WRFRYHUORVVHV 7ZG6R19 wvré€kjzyi€zrq
WRSOXQJH  wvméy jz x¹ 
WR SXW WKH EODPH RQ  vikqt¹z rvmvsqiv
VPE k·nusqiv
ZRH 7SKQ9 wvëz mvén xrvéi
tnx·jxzn

 
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

GRPHVWLFELOO  knrxns vwsj·q


kjnu€p k unxztvp
kjsízn
  ol x·nz oj ësnrzéq·n
xzkv ls¹ ktyzénttq}
wvzéniqznsnp
WRGHIHQG 7@3ZBAJ@9 ojqjz
WRIDLO  wvznéwnz tnylj·y
wévkjsqzx¹

5HYLVH*UDPPDU
D 7UDQVODWHWKHIROORZLQJSD\LQJDWWHQWLRQWRDUWLFOHV
DQGPDNHVHQWHQFHVRI\RXURZQXVLQJWKHVHZRUGV
WKH%ULWLVK$PHULFDQ)UHQFK*RYHUQPHQW
%ULWLVK(QHUJ\)RUG)LDW

wéjkqznsxzkvèvxxqpxrvp ©èntvª
Ðnlnéj|qq ©Òvpvzjª
wéjkqznsxzkvÆnsqrviéqzjtqq ©Îjrbvtjslxª
wéjkqznsxzkvf‘¬ ©Èéqzq¡Ínzévsqyuª
wéjkqznsxzkvÊzjsqq ©Èéqzq¡èëpsª

E 8QGHUOLQHDWWULEXWHVDQGWUDQVODWHWKHVHZRUGFRPELQDWLRQV
SD\LQJDWWHQWLRQWRWKHEDVLFQRXQV
WKH8.
VZKROHVDOHHOHFWULFLW\WUDGLQJPDUNHW
ZKROHVDOHHOHFWULFLW\WUDGLQJDUUDQJHPHQWV
QXFOHDUSRZHUJLDQW%ULWLVK(QHUJ\
WKHSRZHUWUDGLQJV\VWHP
WKH8.HQHUJ\VHFWRU

F 7UDQVODWHLQWR(QJOLVKXVLQJ3DUWLFLSOHV,RU3DUWLFLSOHV,,
k¹s€ptnjrzqkt€pé€tvr
ymsyis¹íqpx¹{qtjtxvk€préqoqx
éjxxujzéqkjzkvwévxvén{véuj}
uné€wvysy·¡ntqíxvxzv¹tq¹é€trj

 
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

wvlmvzjksqkjnu€p lvryuntz rvzvé€p vwénlnsqz wvsqzqry


mvxyljéxzkj
rvuwjtq¹wéqkjzqoqévkjttj¹¡nxzsnztjojl

G 8QGHUOLQHWKH3DUWLFLSOHVDQGWUDQVODWHWKHVHQWHQFHV
7KH 'HSDUWPHQW RI 7UDGH DQG ,QGXVWU\ LV SUHSDUHG WR FRQVLGHU
UHIRUPLQJZKROHVDOHHOHFWULFLW\WUDGLQJDUUDQJHPHQWVLQWKH8.
%ULWLVK(QHUJ\IDFHVKDYLQJWRFRPHXSZLWK…PQH[W\HDUWR
SD\RIIGHEWVDQGFRYHUORVVHV
7KHFRVWRIJHQHUDWLQJHOHFWULFLW\IURPQXFOHDUSRZHUVWDWLRQVKDV
UHPDLQHGKLJK
+HVSRNHDERXWWKHUHIRUPVDLPHGDWRSHQLQJXSFRPSHWLWLRQEH
WZHHQJHQHUDWRUVWKHUHE\FXWWLQJGRPHVWLFELOOV

:RUNRQWKHZRUGV
D 5HDGDQGWUDQVODWHWKHZRUGV
FULVLV FULWLFLVP QXPHURXV
FULVHV IRUWKFRPLQJ KRZHYHU
JLDQW GRPLQDQW VSRNHVPDQ
FRPPHQW JHQHUDWRU ZDWFKGRJ
WRFRPPHQW HOHFWULFLW\ V\VWHP

E 0DWFKWKHV\QRQ\PV
WRFRQWHPSODWH WRVXJJHVW GRPHVWLF SULQFLSDO
WRSOXQJH WRVDYH GRPLQDQW H[WUHPH
WRPRYH WRVHOO QXPHURXV QDWXUDO
WRDGPLW WRLPSURYH KLJK PDQ\
WRUHVFXH WRFRQVLGHU FRPPHUFLDO LQODQG
WRUHIRUP WRGHFUHDVH VLPSOH KDUG
WRWUDGH WRDJUHH GLIILFXOW WUDGLQJ




 
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

+DYHDQRWKHUORRNDWWKHQHZVSDSHU
LWHPDQG«
D 7UDQVODWHWKHLWHP
 E :ULWHH[WHQVLYHUHSOLHV
  :KDWFULVLVZDV%ULWLVK(QHUJ\VXIIHULQJ"
  :KRSODQQHGVRPHDUUDQJHPHQWVWRVDYH%ULWLVK(QHUJ\"

$QQRWDWLRQRIWKHERRN
%HWZHHQ3ROLWLFVDQG0DUNHWV
)LUPVFRPSHWLWLRQDQGLQVWLWXWLRQDOFKDQJHLQ3RVW0DR&KLQD
<LPLQ/LQ
+RQJ.RQJ8QLYHUVLW\RI6FLHQFHDQG7HFKQRORJ\

%HWZHHQ3ROLWLFVDQG0DUNHWVH[DPLQHVKRZWKHGHFOLQHRIFHQWUDO
SODQQLQJZDVUHODWHGWRWKHULVHRIWZRPDUNHWVDQHFRQRPLFPDUNHW
IRU WKH H[FKDQJH RI SURGXFWV DQG IDFWRUV DQG D SROLWLFDO PDUNHW IRU
WKH GLYHUVLRQ WR SULYDWH LQWHUHVWV RI VWDWH DVVHWV DQG DXWKRULWLHV /LQ
UHYHDOV WKHLU FRQFXUUHQW GHYHORSPHQW WKURXJK DQ DFFRXQW RI KRZ
LQGXVWULDOILUPVFRPSHWHGWKHLUZD\RXWRIWKHSODQWKURXJKH[FKDQJH
UHODWLRQVZLWKRQHDQRWKHUDQGZLWKVWDWHDJHQWV
+H DUJXHV WKDW WKH WZR PDUNHWV ZHUH PXWXDOO\ DFFRPPRGDWLQJ
WKDW WKH SROLWLFDO PDUNHW JUHZ DOVR IURP D GHFD\ RI WKH VWDWHV VHOI
PRQLWRULQJFDSDFLW\DQGWKDWHFRQRPLFIDFWRUVFRPSHWLWLRQIRUVSH
FLDO IDYRXUV IURP VWDWH DJHQWV FRQVWLWXWHG D PDMRU GULYLQJ IRUFH RI
HFRQRPLF LQVWLWXWLRQDO FKDQJH 7KH ILQGLQJV SUHVHQWHG LQ WKH ERRN
LOOXVWUDWH WKDW FRQFUHWH PDUNHWV IRU SURGXFWV DQG IDFWRUV QHHG QRW
PLPLF µWKH LQYLVLEOH KDQG¶ QRU LV WKHUH D OLQHDU FRUUHODWLRQ EHWZHHQ
WKHLUH[SDQVLRQDQGWKHULVHRIDOHJDOUDWLRQDOVWDWH

7UDQVODWHWKHVHZRUGVUHIHUULQJWRDGLFWLRQDU\
LIQHFHVVDU\
GLYHUVLRQ BBBBBBBBBBBBBBBB PXWXDOO\BBBBBBBBBBBBBBBBB
DVVHWV BBBBBBBBBBBBBBBBBB WRDFFRPPRGDWHBBBBBBBBBBB
WRUHYHDOBBBBBBBBBBBBBBBB GHFD\ BBBBBBBBBBBBBBBBBBB
FRQFXUUHQW BBBBBBBBBBBBBB FDSDFLW\ BBBBBBBBBBBBBBBBB

 
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

:RUNRQWKHZRUGV
D 0DWFKWKH(QJOLVKDQG5XVVLDQHTXLYDOHQWV
ULVH ksjxzq DFFRXQW uvtvxz
GHFOLQH xvvztv¡ntqn GHFD\ x·nzvz·nz
GLYHUVLRQ évxz FDSDFLW\ éjx¡qéntqn
DVVHWV vzksn·ntqn IDYRXU éjxwjl
DXWKRULWLHV xtq ntqn ILQGLQJV k€kvl€
FRUUHODWLRQ jrzqk€ H[SDQVLRQ vlviéntqn

E :ULWH DV PDQ\ ZRUGV ZLWK WKH VDPH URRW DV \RX FDQ DQG
WUDQVODWHWKHPLQWR5XVVLDQ
WRFRPSHWH²FRPSHWLWRU²FRPSHWLWLRQ²FRPSHWLQJ
WRLQVWLWXWH WRSODQ WRH[FKDQJH WRDXWKRUL]H
WRFKDQJH WRUHODWH WRSURGXFH WRGHYHORS
WRH[DPLQH WRULVH WRGLYHUW WRDFFRPPRGDWH
WRGHFOLQH WRPDUNHW WRLQWHUHVW WRFRQVWLWXWH

l 7UDQVODWHLQWR(QJOLVK
yunt¡ntqn|ntzéjsqovkjttvmvwsjtqévkjtq¹
viuntwévlyr|qnpq{jrzvéjuqwévqokvlxzkj
qtznénx€·jxztvmviqotnxj
mvxyljéxzkntt€njrzqk€
mvxyljéxzkntt€nvémjtqoj|qq
wévqx}vl¹qnqountntq¹
xzénusntqnwvsy·qzvxvi€nsmvz€
vxtvktj¹lkq yj¹xqsj
k€kvl€wénlxzjksntt€nkrtqmn

G 8QGHUOLQHWKHVHQWHQFHZKLFKVHHPVPRVWLPSRUWDQWWR\RX
DQGWUDQVODWHLW

 
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

1HZVSDSHULWHP%XVKYRZVWR¶GRZKDWLWWDNHV·
IRUHFRQRP\
3UHVLGHQW *HRUJH :%XVK WRRN KLV PHVVDJH RQ WKH HFRQRP\ WR WKH
0LGZHVW \HVWHUGD\ WHOOLQJ D :LVFRQVLQ DXGLHQFH KH ZRXOG GR ZKDWHYHU LW
WRRNWRHQVXUHWKHHFRQRP\UHPDLQHGVWURQJ
0U%XVKVRXJKWWRVWULNHDSRVLWLYHQRWHDFNQRZOHGJLQJWKDWFRUSRUDWHVFDQ
GDOVDQGPDUNHWWXUEXOHQFHKDGOHGWRDOLWWOHVKDNLQJLQRXUFRQILGHQFHEXWKH
VDLGWKHIXQGDPHQWDOVWUHQJWKRIWKHHFRQRP\RXWZHLJKHGWKHFKDOOHQJHV
0U %XVK VDLG KH OHIW 7XHVGD\¶V HFRQRPLF IRUXP LQ :DFR 7H[DV
FRQILGHQW DERXW RXU HFRQRPLF IXWXUH EXW QRW FRQWHQW ZLWK WKH SURJUHVV
ZH¶UHPDNLQJ
6WUHVVLQJWKHQHHGIRUUHVSRQVLELOLW\LQ&RQJUHVVDWDWLPHZKHQWKHZDU
RQWHUURUDQGWKHUHFHVVLRQKDGOHGWRGHILFLWV0U%XVKVDLGH[FHVVLYHZRXOG
EHDGUDJRQJURZWK
+HFODLPHGKHKDGWULHGWRKHOSRQ7XHVGD\E\UHIXVLQJWRUHOHDVHEQ
ü EQ  LQ HPHUJHQF\ FDVK GHPDQGHG E\ &RQJUHVV IRU KRPHODQG VHFXULW\ EH
FDXVHPRVWRILWKDGEHHQHDUPDUNHGIRURWKHUSXUSRVHV
2Q WKH GD\ WKH GHDGOLQH IRU FKLHI H[HFXWLYHV WR FHUWLI\ WKHLU ILQDQFLDO
VWDWHPHQWV 0U %XVK VDLG KH KDG EHHQ GLVDSSRLQWHG LQ WKH SHUIRUPDQFH RI
VRPH ZKRP KH GHVFULEHG DV OLDUV ZKR KDG IXGJHG WKH ERRNV DQG VKDNHQ
FRQILGHQFH LQ WKH HFRQRP\ +H VDLG FRUSRUDWH UHIRUPV VHQW D VWURQJ VLJQDO
WRSRWHQWLDOZURQJGRHUV

D :ULWHRXWDQGWUDQVODWHWKHZRUGV\RXFRQVLGHUNH\ZRUGV
 E $QVZHUWKHVHTXHVWLRQV
  :KHUHGLG3UHVLGHQW*HRUJH:%XVKVSHDNDFFRUGLQJWRWKH
QHZVSDSHU"
  :KDWZDVWKHPDLQLGHDRIKLVVSHHFK"
  :KDWQHJDWLYHIDFWVGLGKHDGPLW"
  :K\GLGWKH3UHVLGHQWPHQWLRQWKHZDURQWHUURU"
  :K\ ZDV &RQJUHVV GLVVDWLVILHG ZLWK WKH 3UHVLGHQW¶V GHFLVLRQ
DERXWWKHHPHUJHQF\H[SHQGLWXUHV"
  :KRZDVPHDQWE\
FKLHIH[HFXWLYHV
"
  :KRPGLGWKH3UHVLGHQWPHDQE\
OLDUV
DQG
ZURQJGRHUV
"

F 5HWHOOWKHQHZVSDSHULWHP

G :ULWH DQ HVVD\ RQ WKH WRSLF


6RPH FRQFXUUHQW SUREOHPV RI
PDUNHWHFRQRPLHV
PDNLQJXVHRIWKLVOHVVRQDQGRWKHU(QJ
OLVK5XVVLDQVRXUFHV
 
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

/HVVRQ

 7KHWUDQVLWLRQDO
HFRQRP\
'LDORJXH $ERXWDOHFWXUHRQ+XQJDU\
7H[W 7KH5XVVLDQ)HGHUDWLRQ
$QQRWDWLRQV 7KH9DQLVKLQJ5RXEOH
 %XLOGLQJFDSLWDOLVP
 7KH1HZ5XVVLD
1HZVSDSHULWHPV 3ULYDWLVDWLRQLQGRXEW
 5XVVLDQVPRRW0XUPDQVNRLOH[SRUW
WHUPLQDO
 %UXVVHOVDLGIRU<XJRVODYLD
*UDPPDU 7KH,QILQLWLYH
 7KH$GYHUE
 7KHGHJUHHVRIFRPSDULVRQ


'LDORJXH$ERXWDOHFWXUHRQ+XQJDU\
7ZR $PHULFDQ VFKRODUV DUH VSHDNLQJ LQ WKH 'HDQ
V URRP DIWHU WKHLU
WXWRULDOFODVVHV
$ ,DOZD\VELWHRIIPRUHWKDQ,FDQFKHZ,DJUHHGWRVSHDN
DWWKHFOXEQH[W0RQGD\1RZ,ZRQ
WEHDEOHWRGRLW
% :K\QRW":KDWKDSSHQHG"
$ ,
PJRLQJWR'HQYHUWKDWGD\,IRUJRWDOODERXWLW,GRQ
W
KDYH WKH KHDUW WR WHOO WKH FOXE QRZ ,W
V WKH VHFRQG WLPH
,
YHGRQHWKLV
% %\ WKH ZD\ RQ ZKDW H[DFWO\ ZHUH \RX WR VSHDN DW WKH
FOXE"
$ 2K DV \RX NQRZ , UHWXUQHG IURP +XQJDU\ VRPH WLPH
DJR ZKHUH , VWXGLHG WKH ODWHVW WUHQGV RI WKHLU HFRQRPLF
GHYHORSPHQW $QG , ZDQWHG WR VKDUH P\ REVHUYDWLRQV
DQDO\VLV DQG VRPH SUHGLFWLRQV WRR 1RZ WKDW , FDQ
W
FRPH,GRQ
WNQRZKRZ,FDQVDYHIDFH

 
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

% 'RQ
WZRUU\DERXWLW7KH\
GKDYHWRVHDUFKKLJKDQGORZ
WRILQGDEHWWHUVSHDNHU$QGWKH\NQRZLW
$ 7KDQN \RX %XW , GRXEW WKDW ,
P VXUH WKH\
G SUHIHU
VRPHRQHZKRNHHSVKLVZRUG
% )RUJHWLW7KH\NQRZ\RX
UHQRWOHDGLQJWKHPRQ7KH\
OO
DVN\RXDJDLQ,
PVXUH,W
VKDUGO\SRVVLEOHWKH\
OOEHDEOH
WRKDYHDUHSODFHPHQW,
PVXUHWKH\DUHLQWHUHVWHGLQWKH
WRSLF%XWGRQ
WIDLOWKHPDJDLQ

'R\RXNQRZWKHVHZRUGV"
WRPL[  xun¡qkjz
PL[HG  xun¡jtt€péjotvévl
t€p
VFKRODU  y·nt€p
GHDQ 7@3(J9 lnrjt
WXWRULDOFODVVHV 7PFQ(ZP5(N31H9 y·nit€nwéjrzq·nxrqn
ojt¹zq¹
WR ELWH RII PRUH WKDQ  ko¹zx¹ojtnwvxqstvn
RQHFDQFKHZ 7"Q(9 lnsvwnénv|ntqzxkvq
xqs€
QRW WR KDYH WKH KHDUW  tnqunzxunsvxzq
WRGRVPWK xlnsjz·zvsqiv
QRZWKDW  znwnérvmlj
WRVDYHIDFH  xwjxzqénwyzj|qí
qoin jzwvovéj
WRVHDUFKKLJKDQGORZ 7O1("9 qxrjzwvkxíly
QRWWROHDGVPERQ  tnyu€¡snttvwvlknx
zqrvmvsqiv
LWLVKDUGO\SRVVLEOH  ujsvknév¹ztv
UHSODFHPHQW  ojuntj

:RUNRQWKHZRUGV
 5HDGDQGWUDQVODWHWKHVHZRUGVSD\LQJDWWHQWLRQWRWKHVXI
IL[PHQW
WRUHSODFH²UHSODFHPHQW WRPDQDJH²PDQDJHPHQW
WRGHYHORS²GHYHORSPHQW WRVWDWH²VWDWHPHQW

 
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

WRUHFUXLW²UHFUXLWPHQW WRIXOILO²IXOILOPHQW
WRSRVWSRQH²SRVWSRQPHQW WRVKLS²VKLSPHQW
WRUHWLUH²UHWLUHPHQW WRSD\²SD\PHQW

 5HDGDQGWUDQVODWHWKHVHZRUGVKDYLQJWKHVDPHVWHP
WRVKDUH²VKDUH²VWRFNVDQGVKDUHV²VKDUHKROGHU²
VKDUHKROGHUV
PHHWLQJ
WRGRXEW²GRXEW²GRXEWIXO²GRXEWIXOO\²GRXEWOHVV
WRIDLO²IDLO²IDLOLQJ²IDLOXUH
WRSUHIHU²SUHIHUUHG²SUHIHUHQFH

 0DWFKWKHVHZRUGVKDYLQJWKHRSSRVLWHPHDQLQJ
QH[W OHVV
WRIRUJHW ZRUVH
H[DFWO\ LPSRVVLEOH
KLJK XQDEOH
PRUH ORZ
EHWWHU ODVW
SRVVLEOH WRUHPHPEHU
DEOH DSSUR[LPDWHO\

 5HDGWKHVHZRUGVLQWKHVLQJXODUDQGLQWKHSOXUDO
DQDO\VLV²DQDO\VHV PDQ²PHQ
FULVLV²FULVHV ZRPDQ²ZRPHQ
KRXVH²KRXVHV FKLOG²FKLOGUHQ
SKHQRPHQRQ²SKHQRPHQD ZLIH²ZLYHV
FULWHULRQ²FULWHULD IRRW²IHHW

 &RPELQH WZR VHQWHQFHV ZLWK WKH KHOS RI WKH FRQMXQFWLRQ


ZKHUHOLNHWKLV
, UHWXUQHG IURP +XQJDU\ VRPH WLPH DJR , VWXGLHG WKH ODWHVW
WUHQGVRIWKHLUHFRQRPLFGHYHORSPHQW=,UHWXUQHGIURP+XQJDU\
VLPH WLPH DJRZKHUH , VWXGLHG WKH ODWHVW WUHQGV RI WKHLU HFRQRPLF
GHYHORSPHQW

  +H UHWXUQHG IURP 3RODQG ODVW ZHHN +H UHDG D IHZ OHFWXUHV
WKHUH
 
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

  +HZHQWWR/RQGRQODVWPRQWK+HSDUWLFLSDWHGLQDVHPLQDU
WKHUH
  :HZHQWWR1HZ<RUNODVW\HDU:HYLVLWHGWKH1HZ<RUN6WRFN
([FKDQJH
  7KH SULPH PLQLVWHU YLVLWHG WKH H[KLELWLRQ LQ 3UDJXH +H VSRNH
DERXWIXUWKHUFRRSHUDWLRQEHWZHHQRXUFRXQWULHV
  :H VSHQW D IHZ KRXUV DW D FRPSDQ\ :H VSRNH ZLWK (QJOLVK
OHDGLQJHFRQRPLVWV
  1RWORQJDJR,DWWHQGHGDOHFWXUHRQHWKLFV,KHDUGDORWRILQWH
UHVWLQJWKLQJV
  <HVWHUGD\,UHDGDQHZPDJD]LQH,IRXQGDORWRILQWHUHVWLQJLQ
IRUPDWLRQWKHUH

 &RPELQH WZR VHQWHQFHV XVLQJ WKH HPSKDWLF EHJLQQLQJ QRZ


WKDWOLNHWKLV
,FDQ
WFRPH,GRQ
WNQRZKRZ,FDQVDYHIDFH=1RZWKDW,
FDQ
WFRPH,GRQ
WNQRZKRZ,FDQVDYHIDFH

  ,FDQ
WFRPH,GRQ
WNQRZZKDWWRGR
  ,
POHDYLQJWRZQ,FDQ
WJRWRWKHFOXE
  ,IDLOWKHP7KH\ZLOOQHYHULQYLWHPHDJDLQ
  ,FDQ
WNHHSP\ZRUG7KH\ZRXOGSUHIHUVRPHRQHHOVH
  ,
POHDUQLQJHFRQRPLFV,VWDUWOLNLQJLW
  ,
YHVWDUWHGUHDGLQJ(QJOLVKQHZVSDSHUV,OHDUQPDQ\ZRUGV
  ,OLVWHQWRUDGLRSURJUDPPHVLQ(QJOLVK,
YHVWDUWHGXQGHUVWDQG
LQJ(QJOLVKVSHHFKEHWWHU

5HYLVH*UDPPDU
 8VHWKHYHUEVLQWKH3UHVHQW3HUIHFW7HQVHDQGVD\ZK\LWLV
QHFHVVDU\WRXVHWKLVSDUWLFXODUWHQVHLQWKHVHVHQWHQFHV
,WLVWKHVHFRQGWLPH, WRGR WKLV
, WRIDLO WKHPRQFH
,EHOLHYHKH WRUHDG PDQ\OHFWXUHVRIWKLVNLQG
%XWLWVHHPVWRPHKHQRW WRUHDG DOHFWXUHRQWKHVLWXDWLRQLQ
+XQJDU\\HW

 
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

7KH\ WRLQFUHDVH SURGXFWLRQSHUFHQWWKLVPRQWKDVFRPSDUHG


ZLWKWKHVDPHPRQWKODVW\HDU
7KHSULFHV WRJRXS VLJQLILFDQWO\VLQFHWKHEHJLQQLQJRIWKH\HDU
:H WRKDYH WZRVHPLQDUVWKLVZHHN

 +DYHDORRNDWWKLVWLPHWDEOHIRUWKH(FRQRPLFVGHSDUWPHQW
DWD8QLYHUVLW\,PDJLQHWKDWQRZWKHWLPHLVR
FORFNRQ
WKH 7KXUVGD\ DIWHUQRRQ 6D\ ZKDW KDV DOUHDG\ KDSSHQHG
DQGZKDWKDVQRWKDSSHQHG\HW

 0RQGD\ 7XHVGD\ :HGQHVGD\ 7KXUVGD\ )ULGD\
 3URI-RQHV 3URI-RQHV 0U5REHUWV /  0U5REHUWV 0U5REHUWV
/  6  /  6 
0DFURHFR
0DFUR 0DFUR QRPLFV 1RUPDWLYH 0DFUR
HFRQRPLFV HFRQRPLFV HFRQRPLFV HFRQRPLFV
 0U6PLWK 3URI-RQHV 0U5REHUWV /  3URI-RQHV 0U6PLWK
/  7  6  7 
,QIODWLRQ
3RVLWLYH 0DFUR 0DFUR 7KHRULHVRI
HFRQRPLFV HFRQRPLFV HFRQRPLFV .H\QHV
 0U6PLWK 0U6PLWK 0U6PLWK 0U5REHUWV 3URI-RQHV
/  /  /  6  7 
7RROVRI 7KHRULHVRI ,QIODWLRQ 1RUPDWLYH 0LFUR
HFRQRPLF .H\QHV HFRQRPLFV HFRQRPLFV
DQDO\VLV
   0U6PLWK 0U6PLWK 0U6PLWK
6  7  7 
3RVLWLYH
HFRQRPLFV 3RVLWLYH 7RROVRI
HFRQRPLFV HFRQRPLF
DQDO\VLV
/ OHFWXUH6 VHPLQDU7 WXWRULDO


 
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

 7UDQVODWH WKHVH VHQWHQFHV LQWR (QJOLVK XVLQJ WKH PRGDO


HTXLYDOHQWWREH ZDVZHUHWRGRVRPHWKLQJ 
²Ì·nurvtrénztvk€lvs t€i€sqmvkvéqzkrsyin"
²‰lvs nti€smvkvéqzviërvtvuq·nxrvuwvsv ntqqÆntméqq
²Çzvlvs nti€swéqxyzxzkvkjz"
²‰tnotjírzvlvs nti€swéqxyzxzkvkjz
Æ·néjytjxlvs t€i€sqi€zzéqsnr|qq
Ìtlvs nti€sojrvt·qzlvrsjltjwév¡svptnlnsnÒjrvk
i€snmvwsjt
êzqxzéjt€lvs t€i€sqwvlwqxjzxvmsj¡ntqnkÍjéq n

 7UDQVODWH WKHVH VHQWHQFHV LQWR 5XVVLDQ SD\LQJ DWWHQWLRQ WR


WKHPRGDOHTXLYDOHQWKDYHWR
7KH\ZRXOGKDYHWRVHDUFKKLJKDQGORZWRILQGDEHWWHUVSHDNHU
7KH\KDGWRVHDUFKKLJKDQGORZWRILQGDEHWWHUOHFWXUHU
7KH\KDGWRVHDUFKIRUDUHSODFHPHQW
<RXZLOOKDYHWRNHHS\RXUZRUG7KRXJK,XQGHUVWDQGLWLVQH[W
WRLPSRVVLEOH
7KHJRYHUQPHQWKDGWRLQWURGXFHWKLVODZWRFXUEXQHPSOR\PHQW
7KH\ KDG WR LQFUHDVH WKH SULFH E\ SHU FHQW WR PDLQWDLQ WKH
SURILW
7R HFRQRPL]H RQ WKH HOHFWULFLW\ WKH\ KDYH WR UHGXFH WKH ZRUNLQJ
KRXUV

+DYHDQRWKHUORRNDWWKHGLDORJXHDQG«
D $QVZHUWKHVHTXHVWLRQV
  :KHUHZDVRQHRIWKHVFKRODUVWRVSHDNWKHQH[W0RQGD\"
  2QZKDWWRSLFZDVKHWRVSHDN"
  :K\FRXOG¶WKHJRDQGVSHDNDWWKHFOXEWKDWGD\"
  :KDWZDVKLVFROOHDJXH
VUHDFWLRQ"
  +RZGR\RXWKLQNWKHFOXEZRXOGUHDFW"

E :ULWH GRZQ IURP WKH GLDORJXH DOO WKH HPSKDWLF ZRUGV \RX
OLNHG

 
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

F 5HDGWKHVHVHQWHQFHVSD\LQJDWWHQWLRQWRWKHVWUHVV

7KHZRUGVVWUHVVHG
QRXQVYHUEVDGMHFWLYHVDGYHUEVQXPHUDOV

7KHZRUGVZKLFKDUHXVXDOO\QRWVWUHVVHG
SHUVRQDODQGSRVVHVVLYHSURQRXQVDX[LOLDU\YHUEV
DUWLFOHVSUHSRVLWLRQV

®
,DZJUHHGWRZVSHDNDWWKHZFOXEZQH[W 0RQGD\
1RZ,ZRQ
WEHDEOHWRGRLW
,
PJRLQJWR'HQYHUWKDWGD\
,IRUJRWDOODERXWLW
,W
VWKHVHFRQGWLPH,
YHGRQHWKLV
2QZKDWH[DFWO\ZHUH\RXWRVSHDNDWWKHFOXE"
:K\QRW"
:KDWKDSSHQHG"

G (QDFWWKHGLDORJXH


7H[W7KH5XVVLDQ)HGHUDWLRQ
+HUHDUHDIHZH[WUDFWVIURPWKHERRNOHWGLVWULEXWHGDPRQJWKHSDU
WLFLSDQWVRIWKHVHPLQDU7UDGH)LQDQFHLQWKH7UDQVLWLRQDO(FRQRP\RI
WKH)HGHUDWLRQRI5XVVLDKHOGLQ/RQGRQLQ'HFHPEHU

6FHQDULRLQWKHEHJLQQLQJ
+LJKLQGXVWULDOFDSDFLW\
$EVHQFHRIZRUNLQJFDSLWDO
©9LROHQWªSULYDWLVDWLRQSURFHVV
+LJKGRPHVWLFLQWHUHVWUDWHV
/RZDYDLODELOLW\RIFUHGLW
+LJKLQIODWLRQ
,QWHUFRUSRUDWHLQGHEWHGQHVV


 
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»


7KHWRWDORIDUUHDUVLQLQGXVWU\ 5WU
WUDQVSRUWDWLRQFRQVWUXFWLRQ RI*'3
DQGDJULFXOWXUH LQ 
$UUHDUVFODLPV RZHG E\ QRQ 5WU
VWDWHVHFWRU 
$UUHDUVOLDELOLWLHV 5WU

7UDGHILQDQFHILUVWVWDJH
3UHH[SRUWILQDQFHDQGOLPLWHGDPRXQWVRILPSRUWILQDQFH
6KRUWWHUPEXWIDYRXUDEOHFRQGLWLRQVYLVDYLVRWKHUWUDGHGVHFXULWLHV
%DQNJXDUDQWHHV
6WDQGDUGGRFXPHQWDWLRQ
/RZFRUSRUDWHLQGHEWHGQHVV

7UDGHILQDQFHVHFRQGVWDJH
3UHH[SRUWILQDQFHRQDQDPHOHQGLQJEDVLV
,PSRUWILQDQFHDYDLODEOHIRUODUJHUDPRXQWV
([SRUWILQDQFHVWDUWVPRYLQJLQ
7HQRU LQFUHDVHV DQG PDUJLQV FRPH XQGHU SUHVVXUH IURP FDSLWDO PDUNHWV
LVVXHV
'RFXPHQWDWLRQ UHTXLUHPHQWV LQFUHDVH DV WUDQVDFWLRQV EHFRPH PRUH
FRPSOLFDWHG
&RUSRUDWHVSUHSDUHIRUHTXLW\LVVXHV

7UDGHILQDQFHEULGJLQJWKHJDSV
5XVVLDQ FRUSRUDWHV DPELWLRQV DUH H[FHHGLQJ WKH FXUUHQW OHJDO DQG
DGPLQLVWUDWLYHLQIUDVWUXFWXUH
/DFNRIWUDQVSDUHQF\DQGLQIRUPDWLRQMHRSDUGLVHVSRWHQWLDOIRUFRUSRUDWHV
WRUDLVHILQDQFHLQWKHRZQQDPH
0DQ\5HSXEOLFVDQGRWKHUDGPLQLVWUDWLYHHQWLWLHVDUHQRZVWDUWLQJWRSOD\
DQLPSRUWDQWUROHLQUDLVLQJWUDGHILQDQFLQJWRVXSSRUWWKHLURZQODUJHSURMHFWV
3UDFWLFDO LPSRVVLELOLW\ RI KDYLQJ H[WHUQDO HVFURZ DFFRXQWV DQG WKH VWULFW
UHTXLUHPHQWWRUHSDWULDWHDWOHDVWRIWKHYDOXHRIWKHJRRGVH[SRUWHG
7KH5XVVLDQFRPPHUFLDOEDQNLQJV\VWHPFDQEHWKHNH\WRLQWHUPHGLDWH
PDQ\RIWKHFROODWHUDODQGFRUSRUDWHVHFXULW\UHTXLUHPHQWV
&HQWUDO%DQNUHJXODWLRQVPXVWEHPRUHIOH[LEOH
6\QGLFDWHG WUDGH FUHGLWV DUH EHFRPLQJ WKH QRUP WR FRPSO\ ZLWK WKH
LQFUHDVLQJ QRPLQDO DPRXQW RI WKH IDFLOLWLHV DQG WR RYHUFRPH &HQWUDO %DQN
UHVWULFLWLRQV
&UHGLW GHULYDWLYHV DQG GHIDXOW RSWLRQV ILQG OLPLWHG DSSOLFDWLRQ LQ WUDGH
FUHGLWV

 
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

'R\RXNQRZWKHVHZRUGV"
DUUHDUV 71ZN31V9 ojlvs nttvxz
WREHLQDUUHDUV  qunzojlvs nttvxzq
WRRZH 7KQ9 i€zlvs t€u
7KH\ RZH XV D ELJ  Ìtq lvs t€ tju ivs¡yí
VXP xyuuy
,RZHLWWRKLP  êzqu¹vi¹ojtnuy
RZLQJWRKLP«  isjmvljé¹nuy«
OLDELOLWLHV 7<H=31Z>3H3P3V9 vi¹ojznsxzkv ojlvs nt
tvxzwjxxqk wéjkj¹xzvévtj
iy}mjsznéxrvmvijsjtxj 
DQWDVVHWV  
IDYRXUDEOH 7ZBA3R1N1>H9 isjmvwéq¹zt€p
IDYRXUDEOH EDODQFH  wvsv qznstvnxjslv
RIWUDGH zvémvkvmvijsjtxj
IDYRXUDEOH EDODQFH  wvsv qznstvnxjslv
RISD\PHQWV wsjzn tvmvijsjtxj
YLVDYLV {é    léymwévzqkléymjtj
wévzqk
 kvztv¡ntqqwvvz
tv¡ntqí
WHQRU 7ZPAJ19 k€xvrqp
WUDQVDFWLRQ 7PN'JZV'GJ9 xlnsrjvwnéj|q¹
FRPSOLFDWHG 7ZGKILH3GA3P3@9 xsv t€p
HTXLW\LVVXH 7ZAGS1P39 k€wyxrjr|qp
HTXLWLHV RUGLQDU\  jr|qq
VKDUHV
DGPLQLVWUDWLYH 71@ZI3J3OPN1P3R9 jluqtqxzéjzqkt€p
LQIUDVWUXFWXUH 7Z3JBN1<OPN6GP19 qt{éjxzéyrzyéj lvévmq
xk¹ozéjtxwvézviéjovkj
tqnoléjkvv}éjtntqn 
WUDQVSDUHQF\ 7PN'JOZL'N1JO39 wévoéj·tvxz¹xtvxz
WRMHRSDUGLVH 7Z AL1@=3V9 ymév jz


 
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

HQWLW\ 7ZAJP3P39 íéqlq·nxrvn sq|v xjuv


xzv¹znstj¹ vémjtqoj|q¹
rvuwjtq¹«
H[WHUQDO 73GOZP1(JH9 ktn¡tqp
DQWLQWHUQDO  ktyzénttqp
HVFURZDFFRXQW 7ZAOGNKQ9 x·nz k ijtrn tj rvzvévu
isvrqéyízx¹xénlxzkjtjwvryw
ry zvkjéj k rj·nxzkn mjéjtzqq
ojkné¡ntq¹ zvkjévviunttvp
vwnéj|qq 
WRLQWHUPHGLDWH 7<3JP1I3@3ZA3P9 i€zwvxénltqrvu
FROODWHUDO 7GKZH'P1N1H9 vinxwn·ntqn rénlqzj |nt
t€n iyujmq q léymj¹ xvixzknt
tvxz 
FRPSO\ 7G1IZLH=39 xwéjks¹zx¹k€wvst¹z
WR FRPSO\ ZLWK D  k€wvst¹zwévxiy
UHTXHVW
IDFLOLWLHV 7B1ZO3H3P3V9 olrénlqz€xxyl€
WRRYHUFRPH 7ZKQR1G6I9 wénvlvsnkjz
GHULYDWLYH 7@1ZN3R1P3R9 wévqokvltvn
FUHGLWGHULYDWLYHV  rénlqz€ q q} wévqokvl
t€n
GHIDXOW 7@3ZBK(HP9 tnk€wvstntqn yxsvkqp
rénlqztvmv xvmsj¡ntq¹
tnwsjzn 
RSWLRQ 7KLJ9 vw|qvtwéjkvk€ivéj

,QFUHDVH\RXUYRFDEXODU\
 6D\IURPZKDWZRUGVWKHIROORZLQJQRXQVDUHIRUPHG
LQGHEWHGQHVV SULYDWLVDWLRQ
OLDELOLW\ DYDLODELOLW\
WUDQVSRUWDWLRQ GRFXPHQWDWLRQ
SDUWLFLSDQW UHTXLUHPHQW
WUDQVDFWLRQ WUDQVSDUHQF\

 
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

 0DWFKWKH(QJOLVKDQG5XVVLDQHTXLYDOHQWV
DUUHDUV ojlvs nttvxz
JDS vinxwn·ntqnrénlqzj
HQWLW\ |ntt€niyujmq
FROODWHUDO wévqokvlt€n
HVFURZDFFRXQW tnwsjzn 
VHFXULWLHV wéjkvk€ivéj
GHULYDWLYHV éjounjzjr|qq
RSWLRQ qo€xrqkjzxénlxzkj
WRUDLVHILQDQFH vzxzjkjtqn
WRGLVWULEXWHVWRFN íéqlq·nxrvnsq|v
WRMHRSDUGLVH ymév jz

 0DWFKWKHZRUGVZKLFKDUHFORVHLQWKHLUPHDQLQJ
DUUHDUV VXP
DPRXQW OLDELOLWLHV
FUHGLW RUGLQDU\VKDUH
WUDQVDFWLRQ ORDQ
HTXLW\ GHDO
GHIDXOW UHVWULFWHG
JDS GHILFLW
OLPLWHG SUHVHQW
FXUUHQW QRQSD\PHQW

 0DWFKWKHZRUGVZKLFKDUHRSSRVLWHLQWKHLUPHDQLQJ
IDYRXUDEOH WRIDFLOLWDWH
H[WHUQDO WRERUURZ
DEVHQFH VXEVWDQGDUG
SD\PHQW VLPSOH
WRMHRSDUGLVH IL[HG
HQWLW\ ORZ
KLJK LQGLYLGXDO
VWDQGDUG XQIDYRXUDEOH
FRPSOLFDWHG LQWHUQDO
IOH[LEOH SUHVHQFH
WROHQG QRQSD\PHQW

 
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

5HYLVH*UDPPDU
 8QGHUOLQH WKH3DUWLFLSOHV DQG WUDQVODWH WKH ZRUG FRPELQD
WLRQVLQWR(QJOLVK
ERRNOHWGLVWULEXWHGDPRQJWKHSDUWLFLSDQWV
WKHVHPLQDUKHOGLQ/RQGRQ
WKHJRRGVH[SRUWHG
DUUHDUVRZHGE\QRQVWDWHVHFWRU
WKHFRUSRUDWHERQGVLVVXHG
WUDGHILQDQFHEULGJLQJWKHJDSV
WRSOD\DQLPSRUWDQWUROHLQUDLVLQJWUDGHILQDQFLQJ
LPSRVVLELOLW\RIKDYLQJHVFURZDFFRXQWV

+DYHDQRWKHUORRNDWWKHWH[WDQG«
D 7UDQVODWHWKHVHH[WUDFWVLQWR5XVVLDQ
E 6D\
  ZKLFKSDUWZDVPRVWGLIILFXOWWRWUDQVODWH
  ZKDWWHUPVZHUHGLIILFXOWWRUHPHPEHU

F 7UDQVODWHLQWR(QJOLVK
wévxz€njr|qq rvéwvéjzqktj¹ojlvs nttvxz
rvéwvéjzqkt€njr|qq wjxxqk
visqmj|qq wvzénitvxzq
k€wyxrjr|qpqvisqmj|qp xlnsrq
wév|ntzt€nxzjkrq wévqokvlxzkntt€n uvtv
ymév jz xzq
{qtjtxqévkjtqnquwvézj wéqkjzqoj|q¹
qo€xrqkjzxénlxzkj íéqlq·nxrvnsq|v
wénvlvsnkjzvméjtq·ntq¹ zvémvks¹

 
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

$QQRWDWLRQRIWKHERRN
7KH9DQLVKLQJ5RXEOH
 %DUWHUQHWZRUNVDQGQRQPRQHWDU\WUDQVDFWLRQV  
LQSRVW6RYLHWVRFLHWLHV
 (GLWHGE\3DXO6HDEULJKW
 8QLYHUVLW\RI7RXORXVH
2QHRIWKHPRVWUHPDUNDEOHDVSHFWVRIWKH
WUDQVLWLRQSURFHVVLQWKHIRUPHU6RYLHW8QLRQ
KDVEHHQWKHH[WHQWWRZKLFKWKHHFRQRP\KDV
HIIHFWLYHO\ EHFRPH GHPRQHWDUL]HG LQ UHFHQW
\HDUV$WWKHWLPHRI5XVVLD¶VILQDQFLDOFULVLVRI
LW ZDV HVWLPDWHG WKDW XS WR  RI
LQGXVWULDO RXWSXW ZDV EHLQJ H[FKDQJHG IRU
EDUWHU 7KLV ERRN SURYLGHV DQ DFFHVVLEOH DQG
DXWKRULWDWLYH DQDO\VLV RI EDUWHU LQ WKH IRUPHU
6RYLHW8QLRQDGGUHVVLQJVXFKTXHVWLRQVDV
N :KDW KDV EURXJKW DERXW WKLV GH
PRQHWDUL]DWLRQDQGZK\KDYHZHQRWVHHQWKHVDPHSKHQRPH
QRQRQDZLGHVSUHDGVFDOHLQFHQWUDODQGHDVWHUQ(XURSH"
N 'RHVWKHQDWXUHRIGHPRQHWDUL]DWLRQFDVWOLJKWRQZKDWXQGHU
SLQVPRQHWDU\WUDQVDFWLRQVLQLQGXVWULDOVRFLHWLHV"
N :KDWDUHWKHFRQVHTXHQFHVIRURXWSXWDQGJURZWK"
N 6KRXOGWKHVWDWHLQWHUIHUHDQGKRZ"
N 'RHV WKH QHWZRUN FKDUDFWHU RI PDQ\ QRQPRQHWDU\ WUDQVDF
WLRQV KDYH LPSOLFDWLRQV IRU WKH UROH DQG YDOXH RI VRFLDO QHW
ZRUNVLQFRPSOH[PRGHUQVRFLHWLHV"

'R\RXNQRZWKHVHZRUGV"
WRYDQLVK 7ZR'J39 qx·nojz
UHPDUNDEOH 7N3ZI=(G1>H9 ojun·jznst€p k€
ljíqpx¹
H[WHQW 73GOZPAJP9 xznwnt
WRZKDWH[WHQW  lvrjrvpxznwntq
WRSURYLGH  vinxwn·qkjz wén
lvxzjks¹z
VFDOH  ujx¡zjiéjouné
RQDZLGHVSUHDGVFDOH  k¡qévrvuujx¡zjin

 
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

FRQVHTXHQFH 7ZGKJO3GS1JO9 wvxsnlxzkqn


WRLQWHUIHUH 7<3JP1ZB319 kun¡qkjzx¹un¡jz


*UDPPDU5HYLVLRQ7KH$GYHUE
DGMHFWLYHO\ DGYHUE
 KLJK²KLJKO\
 TXLFN²TXLFNO\
UHPDUNDEOH²UHPDUNDEO\
 ([FHSWLRQV
JRRG²ZHOO ORQJ²ORQJ
PXFK²PXFK HDUO\²HDUO\
OLWWOH²OLWWOH KDUG²KDUG utvmvywvétv 
ODWH²ODWH KDUGO\ nlkj 
 

 )RUPDQGWUDQVODWHDGYHUEV
HIIHFWLYH HFRQRPLFDO WRWDO IRUPDO
UHFHQW SRVVLEOH TXLFN QDWXUDO
DXWKRULWDWLYH SUREDEOH VORZ LQGHSHQGHQW
H[DFW KLJK HDUO\ LPPHGLDWH
JRRG ORZ PXFK ORQJ

 8VHWKHULJKWZRUGDQGWUDQVODWHWKHVHQWHQFHV
7KH HFRQRP\ HIIHFWLYHHIIHFWLYHO\  EHFRPH GHPRQHWDUL]HG IRU
VRPHWLPH
7KH DQDO\VLV ZDV TXLWH DFFHVVLEOH DQG DXWKRULWDWLYH  DXWKRULWD
WLYHO\ 
7KHLQGXVWULDORXWSXWZDVUDWKHU KLJKKLJKO\ 
7KH\ SUHYLRXVSUHYLRXVO\ DFFHSWHGRXUVXJJHVWLRQV
7KHGHOHJDWLRQ WKRURXJKWKRURXJKO\ GLVFXVVHGWKHWRSLF
:K\ZHUHWKH\YHU\ FDUHIXOFDUHIXOO\ "
'LGWKH\FRQVLGHUWKHPDWWHUYHU\ FDUHIXOFDUHIXOO\ "


 
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

 7UDQVODWHLQWR(QJOLVK
otj·qznstv ¡qévrv tnwvxénlxzknttv
zv·tv }vév¡v msyivrv
wéqisqoqznstv {jrzq·nxrq rvuuné·nxrq

*UDPPDU5HYLVLRQ7KHGHJUHHVRIFRPSDULVRQ
RIDGMHFWLYHVDQGDGYHUEV
TXLFN²TXLFNHU²TXLFNHVW FRQVLGHUDEOH ² PRUH FRQVLGHUDEOH
²PRVWFRQVLGHUDEOH
TXLFNO\²TXLFNHU²TXLFNHVW FRQVLGHUDEO\ ² PRUH FRQVLGHUDEO\
²PRVWFRQVLGHUDEO\
([FHSWLRQV
JRRG²EHWWHU²EHVW PDQ\²PRUH²PRVW
PXFK²PRUH²PRVW ZHOO²EHWWHU²EHVW
OLWWOH²OHVV²OHDVW EDG²ZRUVH²ZRUVW
 
 
 

 7UDQVODWHLQWR(QJOLVK
xju€plvévmvp i€xzénnkxnmv xju€pkj t€p
xju€pln¡nk€p i€xzénn ivsnnwvl}vl¹qp
ivsnnk€mvlt€p ivsnnunlsnttv sy·¡n
xju€p tjwé¹ nt ivsnnk€mvltv }y n
t€p ivsnnzv·t€p zv·tnn

 7UDQVODWH WKH VHQWHQFHV XVLQJ DSSURSULDWH ZRUG FRPELQD


WLRQV

Ìt vzknzqs tj kvwévx€ ivsnn wvlévitv ·nu PRVWRIDOO
léymqn
Îtn ivs¡n kxnmv wvtéjkqsvx wnékvn k€ OHDVWRIDOO
xzywsntqn
Ëju wvrjojsvx ·zv vt mvkvéqs xsq¡rvu WRRPXFK
utvmvviëzvpwévisnun

 
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

êzq kvwévx€ ivsnn kj t€ q sy·¡n u€ q} PXFKPRUH


vixylquxnp·jx LPSRUWDQW
΀unt¡nkxnmvv qljsqkun¡jznsxzkjxv PXFKOHVV
xzvévt€ëzq}ksjxznp H[SHQVLYH
Òvkjé€wénlsv ntt€nqzjs¹txrvp{qéuvp LQDPRUH
i€sqtnutvmvln¡nksn GHWDLOHGZD\

+DYHDQRWKHUORRNDWWKHDQQRWDWLRQDQG«
D 5HDGDQGWUDQVODWHWKHVHZRUGV
DVSHFW SKHQRPHQRQ GHPRQHWDUL]HG
SURFHVV SKHQRPHQD ILQDQFLDO
FULVLV GHPRQLWDUL]DWLRQ DFFHVVLEOH
FULVHV VRFLHW\ DXWKRULWDWLYH
DQDO\VLV WRXQGHUSLQ IRUPHU
DQDO\VHV WRFDVWOLJKW ZLGHVSUHDG

E $QVZHUWKHVHTXHVWLRQV
  :KHQGR\RXWKLQNWKLVERRNZDVSXEOLVKHG"
  +DVWKHHFRQRPLFVLWXDWLRQVFKDQJHGLQ5XVVLDVLQFHWKHQ"
  $UH EDUWHU WUDQVDFWLRQV SUDFWLVHG RQ D ZLGH VFDOH DQ\ZKHUH
QRZ"
  :K\GR\RXWKLQNWKHDXWKRURIWKHERRNFKRRVHWKLVWLWOH"

F 7UDQVODWHWKHDQQRWDWLRQRIWKHERRN

1HZVSDSHULWHP3ULYDWLVDWLRQLQGRXEW
7KHSULYDWLVDWLRQRI8QLSHWUROWKH&]HFKSHWURFKHPLFDOVDQGUH
ILQHU\JURXSZDVWKURZQLQWRGRXEW\HVWHUGD\ZKHQ$JURIHUWLWVLQ
WHQGHG SXUFKDVHU LQVLVWHG RQ D UHQHJRWLDWLRQ RI WKH VDOH FRQWUDFW
V
FRQGLWLRQV
7KH &]HFK SULYDWHO\ KHOG DJURFKHPLFDOV JURXS ZRQ D WHQGHU IRU
WKHJRYHUQPHQW
VSHUFHQWVWDNHLQ8QLSHWUROODVW'HFHPEHUZKHQ
LWELG¼P%XWDQWLPRQRSRO\SURFHHGLQJVZHUHGHOD\HGIRUPRQWKV
DV $JURIHUW IDLOHG WR VXSSO\ UHTXHVWHG GRFXPHQWDWLRQ SURPSWLQJ
VSHFXODWLRQLWKDGORVWLQWHUHVW

 
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

1RZ $JURIHUW ZDQWV WR FRPSOHWH WKH WUDQVDFWLRQ LQ FRQFHUW ZLWK
3.12UOHQWKH3ROLVKUHILQHU\JURXSWKURXJKDMRLQWYHQWXUHHYHQ
WKRXJK$JURIHUWKDGZRQWKHRULJLQDOWHQGHURQLWVRZQ
$JURIHUW DOVR ZDQWV FKDQJHV LQ WKH VDOH FRQWUDFW
V FRQGLWLRQV EH
FDXVH RI XQVWDEOH VXSSO\ UHODWLRQV EHWZHHQ 8QLSHWURO
V SHU FHQW
RZQHG UHILQHU\ VXEVLGLDU\ &HVND 5DILQHUVND DQG LWV SHWURFKHPLFDOV
DUP &KHPRSHWURO 7KH VDOH FRQWUDFW VLJQHG DW WKH VWDUW RI WKH \HDU
EHWZHHQ $JURIHUW DQG WKH 1DWLRQDO 3URSHUW\ )XQG LQFOXGHV KHDY\
SHQDOWLHVLIVXSSOLHVDUHQRWPDLQWDLQHGIRUHLJKW\HDUV
$QGUHM %DELV $JURIHUW JHQHUDO GLUHFWRU VDLG KH ZDV XQZLOOLQJ WR
FRPSOHWH WKH GHDO XQGHU WKH FXUUHQW FRQGLWLRQV 7KH QDWXUH RI WKH
WUDQVDFWLRQKDVFKDQJHGVLQFHZHILUVWPDGHWKHELGKHVDLG
/RQJWHUP VXSSO\ DJUHHPHQW EHWZHHQ &KHVND 5DILQHUVND DQG
&KHPRSHWURO ZHUH QRW UHQHZHG DIWHU WKHLU H[SLU\ DW WKH HQG RI ODVW
\HDU6XSSOLHVDUHEHLQJPDGHRQWKHEDVLVRIPRQWKO\FRQWUDFWV
%XW D GLVSXWH RYHU SULFHV EHWZHHQ 8QLSHWURO DQG VKDUHKROGHUV
RZQLQJWKHRWKHUSHUFHQWRI&HVND5DILQHUVNDOHGWRDWHPSRUDU\
IUHH]HLQVXSSOLHVWR&KHPRSHWUROLQ0D\
$)XQGVRXUFHVDLG,WZRXOGEHDQH[WUHPHO\FRPSOLFDWHGSURF
HVV WR FKDQJH WKH FRQGLWLRQV WKH VDOH FRQWUDFW KDV DOUHDG\ EHHQ
VLJQHGDQGWKHSULYDWLVDWLRQDSSURYHGE\WKHJRYHUQPHQW

'R\RXNQRZWKHVHZRUGV"
UHILQHU\ 7N3ZB=3J1N39 v·qxzqznst€pojkvl
WRLQVLVW 73JZO3OP9 tjxzjqkjz
VWDNH  lvs¹·jxzy·jxzqn
xzjkrj
WRELG ELGELG   wénlsjmjz|nty
ELG  wénlsv ntqn|nt€wénl
sv nttj¹wvrywjznsnu
|ntj
SURFHHGLQJV 7LN1ZO3(@34V9 wvxzywrqlnpxzkq¹lnsj
WRGHOD\ 7@3ZHA39 ojlné qkjz
MRLQWYHQWXUH 7Z K3JPZRAJ"19 xvkunxztvnwénlwéq¹zqn
VXEVLGLDU\ 7O=>ZO3@F1N39 lv·nét¹¹rvuwjtq¹{q
sqjs
H[SLU\  vrvt·jtqnqxzn·ntqn
xévrj

 
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

*UDPPDU7KH,QILQLWLYH
Æ jtmsqpxrvu ¹o€rn qt{qtqzqk msjmvsvk xvvzknzxzkynz tnvwénlnsnt
tvp{véunmsjmvsvkkéyxxrvu¹o€rnÇjrwéjkqsvqt{qtqzqkywvz
énis¹nzx¹x·jxzq|npWR
Êt{qtqzqkuv nzqunzxsnlyíqn{véu€
$FWLYH,QILQLWLYHWRZULWHWRSUHSDUH
3DVVLYH,QILQLWLYHWREHZULWWHQWREHSUHSDUHG
&RQWLQXRXV,QILQLWLYHWREHZULWLQJWREHSUHSDULQJ
3HUIHFW,QILQLWLYHWRKDYHZULWWHQWRKDYHSUHSDUHG
Êt{qtqzqkk€wvst¹nzkwénlsv ntqqxsnlyíqnvxtvkt€n{ytr|qq
  ·jxzqxrjoynuvmv
N wvxsnmsjmvsvkWRVWDUWWREHJLQWRFRQWLQXH uv nzzjr nywvz
énis¹zx¹mnéytlqpinoqountntq¹otj·ntqp 

7KH\VWDUWHGWRQHJRWLDWHWKHFRQWUDFWODVW0RQGD\

N wvxsnmsjmvsvkWRILQLVKWRVWRS QRWHWRVWRSWRGRVPWK²vxzj
tvkqzx¹ ·zvi€ xlnsjz ·zvsqiv WR VWRS GRLQJ VPWK ² wnénxzjz
lnsjz·zvsqiv 
+HVWRSSHGWRUHDGWKHDG
+HVWRSSHGUHDGLQJDGV
N wvxsn uvljst€} msjmvsvk PXVWFDQPD\VKRXOG GR VPWK
RXJKWWRKDYHWREHWREHDEOHWRGRVPWK
<RXPXVWVHHWKLVILOPE\DOOPHDQV

  wé¹uvmv lvwvstntq¹ wvxsn msjmvsvk WR ZDQW WR QHHG WR SODQ WR
GHFLGHWRRIIHUWRUHIXVHWRKRSHWRWU\WRIRUJHW QRWHWRKRSHWRGRVPWK WR
KRSHGRVPWK 
,ZDQWHGWRKDYHDKROLGD\LQ-XO\
,KRSHG WR JRWR&\SUXVWKDWVXPPHU
  vixzv¹znsxzkj|nsq
+HFDPHWR5XVVLDWRGHOLYHUDIHZOHFWXUHVDWWKH8QLYHUVLW\
  vwénlnsntq¹
,W
VDJRRGERRNWRUHDG êzv}vév¡j¹rtqmj
rvzvéyíty tvwév·qzjz 

Ëj éyxxrqp ¹o€r qt{qtqzqk wnénkvlqzx¹ tnvwénlnsnttvp {véuvp


msjmvsjqsqwéqljzv·t€uwénlsv ntqnu


 
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

 8QGHUOLQH WKH ,QILQLWLYHV DQG WUDQVODWH WKH VHQWHQFHV LQWR


5XVVLDQ
$JURIHUWIDLOHGWRVXSSO\UHTXHVWHGGRFXPHQWDWLRQ
1RZ $JURIHUW ZDQWV WR FRPSOHWH WKH WUDQVDFWLRQ LQ FRQFHUW ZLWK
WKH3ROLVKUHILQHU\JURXS
$QGUHM%DELVVDLGKHZDVXQZLOOLQJWRFRPSOHWHWKHGHDOXQGHUWKH
FXUUHQWFRQGLWLRQV
,WZRXOGEHDQH[WUHPHO\FRPSOLFDWHGSURFHVVWRFKDQJHWKHFRQ
GLWLRQV
/DFN RI WUDQVSDUHQF\ DQG LQIRUPDWLRQ MHRSDUGLVHV SRWHQWLDO IRU
FRUSRUDWHVWRUDLVHILQDQFHLQWKHLURZQQDPH
0DQ\HQWLWLHVDUHQRZVWDUWLQJWRSOD\DQLPSRUWDQWUROHLQUDLVLQJ
WUDGHILQDQFLQJWRVXSSRUWWKHLURZQODUJHSURMHFWV

 8VHWKHSDUWLFOHWRZKHUHQHFHVVDU\WUDQVODWHWKHVHQWHQFHV
,DJUHHG«VSHDNDWWKHFOXEQH[W0RQGD\
,DOZD\VELWHRIIPRUHWKDQ,FDQ«FKHZ
1RZ,ZRQ
WEHDEOH«GRLW
,GRQ
WKDYHWKHKHDUW«WHOOWKHFOXEQRZ
2QZKDWH[DFWO\ZHUH\RX«VSHDNDWWKHFOXE"
,ZDQWHG«VKDUHP\REVHUYDWLRQV
1RZWKDW,FDQ
W«FRPH,GRQ
WNQRZKRZ,FDQ«VDYHIDFH
7KH\ZRXOGKDYH«VHDUFKKLJKDQGORZ«ILQGDEHWWHUVSHDNHU
,W
VKDUGO\SRVVLEOHWKH\
OOEHDEOH«KDYHDUHSODFHPHQW

 7UDQVODWHLQWR(QJOLVK
Ìtmvkvéqsvtnvi}vlquvxzqjr|qvtqévkjzëzvwénlwéq¹zqn
Íénlxzjkqzns rvuwjtqq xvviqs v wéjkqsj} rvzvé€n tn
vi}vlquvxvisíljz
Íévqokvlqznstnuvmxvmsjxqzx¹qountqzyxsvkq¹wvxzjkrq
Ìtqtnxuvmsq WRIDLO wénlxzjkqzlvryuntzj|qíkvkénu¹
΀v·nt}vznsqwnénxuvzénzëzvzkvwévx

+DYHDQRWKHUORRNDWWKHQHZVSDSHULWHPDQG«
D 8QGHUOLQH WKH EDVLF QRXQV DQG WUDQVODWH WKHVH ZRUG
FRPELQDWLRQV
WKH&]HFKSHWURFKHPLFDOVDQGUHILQHU\JURXS
WKH&]HFKSULYDWHO\KHOGDJURFKHPLFDOVJURXS

 
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

8QLSHWURO
VSHUFHQWRZQHGUHILQHU\VXEVLGLDU\&HVND5DILQHUVND
WKHJRYHUQPHQW
VSHUFHQWVWDNH
WKHVDOHFRQWUDFW
VFRQGLWLRQV
XQVWDEOHVXSSO\UHODWLRQV
WKH1DWLRQDO3URSHUW\)XQG
E 7UDQVODWHLQWR(QJOLVK
vxynxzkqzxlnsrykunxznxwvsxrquwjéztnévu
kkqlnxvkunxztvmvwénlwéq¹zq¹
xjuvxzv¹znstvk€qméjzzntlné
tnxzjiqst€nwvxzjkrq
xnénot€n¡zéj{t€nxjtr|qq
vxynxzks¹z wvxzjkrq tj yxzjtvksnttvu yévktn k zn·ntqn
tnxrvsrq}snz
xvmsj¡ntqn tn i€sv kvovitvksntv wvxsn zvmv rjr xévr nmv
lnpxzkq¹qxznr
F :ULWHDVXPPDU\RIWKLVLWHPLQDIHZVHQWHQFHV

$QQRWDWLRQRIWKHERRN%XLOGLQJ&DSLWDOLVP
0DUNHWVDQGJRYHUQPHQWLQ5XVVLDDQGWUDQVLWLRQDOHFRQRPLHV
$QGHUV$VOXQG
&DUQHJLH(QGRZPHQWIRU,QWHUQDWLRQDO3HDFH
:DVKLQJWRQ'&
7KLV LV WKH PRVW FRPSUHKHQVLYH HPSLULFDO DQDO\VLV RI WKH HFR
QRPLFWUDQVIRUPDWLRQRIWKHIRUPHU6RYLHWEORFGXULQJWKHILUVWGHF
DGHDIWHUFRPPXQLVP,WGHEXQNVPDQ\P\WKVVHHLQJWUDQVLWLRQDVD
VWUXJJOHEHWZHHQUDGLFDOUHIRUPHUVDQGWKRVHWKULYLQJRQUHQWVHHNLQJ
3HRSOHKDYHJDLQHGIURPIDVWDQGFRPSUHKHQVLYHUHIRUPVEXWVHYHUDO
FRXQWULHVKDYHJRWWHQVWXFNLQFRUUXSWLRQ
(FRQRPLF GHFOLQH DQG VRFLDO KD]DUGV KDYH EHHQ JUHDWO\ H[DJJHU
DWHG VLQFH SHRSOH KDYH IRUJRWWHQ KRZ DZIXO FRPPXQLVP ZDV 6ZLIW
OLEHUDOL]DWLRQ RI SULFHV DQG IRUHLJQ WUDGH DV ZHOO DV UDSLG DQG SUR
IRXQG ILVFDO DGMXVWPHQW KDYH EHHQ YLWDO IRU JURZWK LQVWLWXWLRQDO UH
IRUPVOHJDOLW\DQGJUHDWHUHTXLW\
3ULYDWL]DWLRQ KDV EHHQ EHQHILFLDO DQG LWV HIIHFWV ZLOO JURZ RYHU
WLPH7KHPDLQSUREOHPKDVEHHQWKHFRQWLQXDWLRQRIXQUHJXODWHGDQG
XELTXLWRXVVWDWHDSSDUDWXVHVOLYLQJRQFRUUXSWLRQZKLOHQRFRXQWU\KDV
VXIIHUHGIURPWRRUDGLFDOUHIRUPV:KHUHPDOSUDFWLFHVRIWKHHOLWHFDQ
EHFKHFNHGPDUNHWUHIRUPVDQGGHPRFUDF\KDYHSURFHHGHGWRJHWKHU

 
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

:RUNRQWKHZRUGV
D 7UDQVODWHWKHZRUGVUHIHUULQJWRDGLFWLRQDU\
LIQHFHVVDU\
HQGRZPHQW WRH[DJJHUDWH
WRWKULYH XELTXLWRXV
WRJDLQ PDOSUDFWLFH
KD]DUG WRSURFHHG

E 7UDQVODWHWKHIROORZLQJLQWR(QJOLVK
éjokn¹zuq{ xzénuqznstj¹sqinéjsqoj|q¹
éjlqrjst€pén{véujzvé i€xzévnqwvstvn{qtjtxvkvn
wvmé¹otyzkrvééyw|qq énmysqévkjtqn
ërvtvuq·nxrqpxwjl én{véu€mvxyljéxzkntt€}
ivs¡j¹xwéjknlsqkvxz qtxzqzyzvk

F 0DNHVHQWHQFHVRI\RXURZQXVLQJWKHVHZRUG
FRPELQDWLRQV
 DQDO\VLV   WUDQVLWLRQ
 UHIRUP   DTXDUUHO
DFRPSUHKHQVLYH UHYLHZ  WRVHHN VKHOWHU
 VFKRRO   VDIHW\
 GHVFULSWLRQ   IRUWXQH

G 7UDQVODWHWKHDQQRWDWLRQLQWR5XVVLDQ

1HZVSDSHULWHP5XVVLDQVPRRW0XUPDQVN
RLOH[SRUWWHUPLQDO
<XNRV 5XVVLD
V VHFRQG ODUJHVW RLO FRPSDQ\ PLJKW MRLQ WRS SUR
GXFHU/XNRLOLQEXLOGLQJDPDMRUH[SRUWWHUPLQDOLQ0XUPDQVNRQWKH
%DUHQWV6HDDLPHGDWERRVWLQJVXSSO\WRWKH86
0LNKDLO.KRGRUNRYVN\KHDGRI<XNRVZKLFKPDGH5XVVLD
VILUVW
GLUHFW VKLSPHQW RI FUXGH RLO WR WKH 86 LQ -XQH VDLG /XNRLO
V SODQ
FRXOGLQFUHDVHVXSSOLHVDFURVVWKH$WODQWLFDQGKHOSHDVHWKHFURZGHG
 
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

%RVSKRUXV VWUDLWV FXUUHQWO\ KDQGOLQJ WKH EXON RI 5XVVLD


V FUXGH H[
SRUWVVKLSSHGIURPWKH%ODFN6HD
5XVVLD H[SRUWV XS WR P EDUUHOV D GD\ EG  RI FUXGH WR ZRUOG
PDUNHWV,WVRLORXWSXWLVERRPLQJIRUWKHIRXUWKFRQVHFXWLYH\HDUDQG
0RVFRZ QHHGV WR EXLOG QHZ H[SRUW URXWHV DV LWV RZQ GRPHVWLF FRQ
VXPSWLRQLVEDUHO\LQFUHDVLQJ
7KH86KDVVDLG5XVVLD
VERRPLQJRXWSXWFRXOGKHOSFXVKLRQRLO
PDUNHWV DJDLQVW YRODWLOH VXSSOLHV IURP 2SHF SURGXFHUV LQ WKH SUDFWL
FDOO\WXUEXOHQW0LGGOH(DVW
/XNRLO UDLVHG WKH LGHD RI D P EG WHUPLQDO LQ 0XUPDQVN IRU
PHUO\D6RYLHWHUDPLOLWDU\EDVHGXULQJD5XVVLD86VXPPLWLQ0D\
%XW DQDO\VWV TXHVWLRQHG WKH SODQ VD\LQJ WKH RXWOHW ZRXOG UHTXLUH
EXLOGLQJDKXJHQHZSLSHOLQH
0U .KRGRUNRYVN\
V FRPPHQWV JLYH WKH LGHD D VLJQLILFDQW ERRVW
VLQFH<XNRVLVVHHQE\PDUNHWDQDO\VWVDVRQHRI5XVVLD
VPRVWSUDJ
PDWLFDQGG\QDPLFRLOFRPSDQLHV

D )LQGWKHHTXLYDOHQWVLQWKHWH[W
vixy ljz kvwévx v xzévqznsxzkn znéuqtjsj k Îyéujtxrn
ls¹ërxwvézjtn{zq
tn{zx€én|
xzévqztvk€nzéjtxwvézt€nsqtqqls¹ërxwvézj
ktyzénttnnwvzénisntqnyknsq·qkjnzx¹v·nttnotj·qznstv
ojqzqztn{z¹tvpé€tvrwéqtnxzjiqst€}wvxzjkrj}tn{
zqxzéjtjuqÌÍcÇ
viéjijz€kjzwévwyxrjzivs¡yí·jxzërxwvézt€}wvxzjkvr
wénlsv qzqlní
xzjkqzwsjtwvlxvutntqn

E 6WDWHZKDWSDUWVRIVSHHFKWKHZRUGVLQLWDOLFVDUHDQGWUDQV
ODWHWKHVHQWHQFHV
<XNRV PLJKW MRLQ /XNRLO LQ EXLOGLQJ D PDMRU H[SRUW WHUPLQDO LQ
0XUPDQVNDLPHGDWERRVWLQJVXSSO\WRWKH86
/XNRLO
VSODQFRXOGKHOSHDVHWKHFURZGHG%RVSKRUXVVWUDLWVFXUUHQWO\
KDQGOLQJWKHEXONRI5XVVLD
VFUXGHH[SRUWVVKLSSHGIURPWKH%ODFN6HD

 
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

5XVVLD
VERRPLQJRXWSXWFRXOGFXVKLRQRLOPDUNHWVDJDLQVWYRODWLOH
VXSSOLHVIURP2SHFSURGXFHUV
$QDO\VWV TXHVWLRQHG WKH SODQ VD\LQJ WKH RXWOHW ZRXOG UHTXLUH
EXLOGLQJDKXJHQHZSLSHOLQH

F ,QVHUWDUWLFOHVZKHUHQHFHVVDU\
«%DUHQWV6HD «5LYHU9ROJD
«$WODQWLF2FHDQ «5LYHU7KDPHV
«%RVSKRUXVVWUDLWV «5LYHU1HYD
«*XOI6WUHDP «/DGRJD/DNH
«%ULWLVK&KDQQHO «2QWDULR

G $QVZHUWKHVHTXHVWLRQV
  :KDWWHUPLQDOGLG<XNRVDQG/XNRLOSODQWREXLOG"
  :KDWZDVWKHRSLQLRQRIDQDO\VWVDERXWWKHSODQ"
  :KDW LV WKH SURJUHVV RI WKH FRQVWUXFWLRQ DW SUHVHQW DV IDU DV \RX
NQRZ"
  +RZGLGWKHQHZVSDSHUFKDUDFWHULVH/XNRLODQG<XNRV"
  :KDW GLG WKH QHZVSDSHU VD\ DERXW RLO H[SRUWV IURP 5XVVLD
DQGLWVGRPHVWLFRLOPDUNHW"
  ,QZKDWFRQQHFWLRQZDV0LGGOH(DVWPHQWLRQHG"
  :KDW LV WKH DFURQ\P IRU WKH 2UJDQLVDWLRQ RI 3HWUROHXP
([SRUWLQJ&RXQWULHV"

1HZVSDSHULWHPWRUHWHOO%UXVVHOVDLGIRU
<XJRVODYLD
7KH(XURSHDQ&RPPLVVLRQVDLG\HVWHUGD\LWSODQVWRJLYHDQDG
GLWLRQDO ¼P WR <XJRVODYLD DQG LVVXHG D IDYRXUDEOH DVVHVVPHQW RI
%HOJUDGH
VXVHRISULRUGRQDWLRQV
7KH SDFNDJH ¼P RI ZKLFK ZRXOG EH UHOHDVHG LQ WKH IRUP RI
JUDQWVUHTXLUHVDSSURYDOE\WKH(XURSHDQ3DUOLDPHQW
7KLV ZHHN <XJRVODYLD UHFHLYHG WKH WKLUG DQG ILQDO WUDQFKH RI D
¼P(8SDFNDJHWDUJHWLQJNH\HFRQRPLFUHIRUPV²SXEOLFH[SHQ
GLWXUH FRQWURO WD[ SROLF\ DQG DGPLQLVWUDWLYH UHIRUP EDQNLQJ VHFWRU
UHVWUXFWXULQJDQGSULYDWHVHFWRUGHYHORSPHQW

 
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

$QQRWDWLRQRIWKHERRNWRWUDQVODWH
7KH1HZ5XVVLD
7UDQVLWLRQJRQHDZU\
(GLWHGE\/DZUHQFH.OHLQ
8QLYHUVLW\RI3HQQV\OYDQLD
)RUHZRUGE\0LNKDLO*RUEDFKHY

7KLV ERRN GHOLYHUV DQ XQSRSXODU PHVVDJH WKH :HVW KDV SOD\HG D
SLYRWDO UROH LQ WKH 5XVVLDQ HFRQRPLF GLVDVWHU RI WKH V :HVWHUQ
DGYLVRUV LQFOXGLQJ WKH ,QWHUQDWLRQDO 0RQHWDU\ )XQG DQG WKH 86
7UHDVXU\ DSSOLHG D QDUURZ FRQFHSWLRQ RI HFRQRPLFV WKDW SXVKHG
5XVVLDDIWHUPRUHWKDQVHYHQW\\HDUVRIFRPPXQLVPWRZDUGDQRWKHU
IDLOHG XWRSLD 7KH WZHQW\ VL[ FRQWULEXWLRQV WR WKLV ERRN DUH GLYLGHG
LQWRWKUHHSDUWVWKHRU\HYLGHQFHDQGSROLF\3DUW2QHGLUHFWO\FKDO
OHQJHVRUWKRGR[HFRQRPLFWKHRU\IRUREVFXULQJWKHQHFHVVDU\UROHRI
JRYHUQPHQW LQ FUHDWLQJ DQG VXVWDLQLQJ D PDUNHW V\VWHP DQG IHDWXUHV
HVVD\V E\ WKUHH 1REHO ODXUHDWHV LQ HFRQRPLFV ² .HQQHWK -$UURZ
/DZUHQFH5.OHLQDQG-DPHV7RELQ3DUW7ZRGHVFULEHVWKHGLPHQ
VLRQV RI WKH HFRQRPLF FULVLV LQ 5XVVLD DQG SUHVHQWV D 5XVVLDQ SHU
VSHFWLYH RQ WKH IDLOXUH RI VKRFN WKHUDS\ 3DUW 7KUHH SUHVHQWV SROLF\
UHFRPPHQGDWLRQV ZLWK VSHFLDO DWWHQWLRQ JLYHQ WR LPSURYLQJ WKH LQ
WHJULW\DQGDGPLQLVWUDWLYHFRPSHWHQFHRIWKH5XVVLDQJRYHUQPHQW

1RZULWLQJRURUDWRU\LQKLVWRU\KDVEHHQPRUHUHSOHWHZLWKEDG
DGYLFHWKDQWKDWJLYHQ5XVVLDLQWKHODVWGHFDGH+HUHIRUDFKDQJH
LVVRPHWKLQJYHU\JRRG²WKHEHVWLQIDFWWKDWWUXO\FRPSHWHQWDQG
UHVSRQVLEOH $PHULFDQ DQG 5XVVLDQ VFKRODUV KDYH WR RIIHU , VWURQJO\
UHFRPPHQGLW

-RKQ.HQQHWK*DOEUDLWK

 :ULWHDQHVVD\RQRQHRIWKHIROORZLQJWRSLFVPDNLQJXVHRI
WKH PDWHULDO RI WKLV OHVVRQ DQG RWKHU (QJOLVK5XVVLDQ
VRXUFHV
7KHFXUUHQWHFRQRPLFVLWXDWLRQLQWKHFRXQWULHVRI(DVWHUQ(XURSH
(FRQRPLF UHIRUPV LQ 5XVVLD LQ WKH VHFRQG GHFDGH RI SROLWLFDO
WUDQVIRUPDWLRQ
7KHILUVWGHFDGHRIHFRQRPLFUHIRUPVLQWKHIRUPHU6RYLHW8QLRQ

 
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

/HVVRQ

 
3URGXFWLRQ
6SHHFK 7KHTXDOLW\RIWKHJRRGVSURGXFHG
7H[WV 3URGXFWLRQIXQFWLRQ
 3URGXFWLRQSRVVLELOLW\ERXQGDU\
)LJXUH /RFDWLRQRISURGXFWLRQ
%XVLQHVVOHWWHU ,QGXVWULDODQGRIILFHDFFRPPRGDWLRQ
1HZVSDSHULWHP 0,0+ROGLQJVWRERRVWFRDOSURGXF
WLRQ
*UDPPDU5HYLVLRQ 2EMHFWFODXVHV
 $WWULEXWLYHFODXVHV
 7KHSURQRXQRQH


6SHHFK7KHTXDOLW\RIWKHJRRGVSURGXFHG
,¶P$ODQ6HYHUQ,¶PWKH4XDOLW\0DQDJHUDW$FDPDQGP\UH
VSRQVLELOLWLHVDUHH[DFWO\WKDWIRUWKHTXDOLW\RIWKHSURGXFWWKHTXDO
LW\RIWKHVHUYLFHVDQGWKHTXDOLW\RIDOOLQWHUIDFHVZKLFKLQYROYHWKH
FXVWRPHUDQGRXUFXVWRPHUV
7KHZRUGµTXDOLW\¶LVDYHU\HDV\RQHWKDWVOLSVRIIWKHWRQJXHLW¶V
TXLWHHDV\WRVD\EXWLWPHDQVDQDZIXOORWRIWKLQJV,KDYHDGHSDUW
PHQW RI WKUHH SHRSOH EXW LQ HVVHQFH HYHU\ERG\ LQ WKH FRPSDQ\
ZRUNVIRUPHEHFDXVHHYHU\ERG\ZRUNVIRUWKHZRUGµTXDOLW\¶4XDOLW\
VWDUWV DQG PXVW VWDUW ZLWK WKH FRQFHSWLRQ RI HYHU\WKLQJ DQG JRHV
WKURXJKHYHU\GHSDUWPHQWZLWKLQWKHFRPSDQ\<RXFDQ¶WSDFNTXDO
LW\ LQWR D ER[ DW WKH HQG RI WKH OLQH <RX KDYH WR LPSODQW LW DW WKH
VWDUW RI WKH SURFHVV DQG LW NQRFNV RQ WKURXJK HYHU\ SURFHVV XQWLO LW
JRHV LQWR D ER[ LQWR \RXU KRPH LQWR \RXU OLYLQJ URRP DQG \RX
VZLWFKLWRQDQG\RX¶UHDKDSS\SHUVRQ
7KH WZR DVSHFWV RI TXDOLW\ DUH WKDW ZH PXVW UHSURGXFH PXVW
VRUU\ GHVLJQ WR UHSURGXFH H[FHOOHQW KLIL HTXLSPHQW DQG WKDW PXVW
EH D GHVLJQ ZKLFK KDV JRW TXDOLW\ EXLOW LQWR LW LQ WHUPV RI WKH SHU
IRUPDQFH RI WKH SURGXFW EXW DOVR PXVW KDYH WKH DELOLW\ WR EH SUR
GXFHG LQ YROXPH (U QRZ WKDW PHDQV WKH GHVLJQHUV KDYH WR KDYH
 
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

UHVWUDLQWVSXWRQWKHPDQGWKDWUHVWUDLQWPHDQVWKDWWKH\PXVWZRUN
WR TXDOLW\ VWDQGDUGV WR HQVXUH WKDW WKHLU GHVLJQV DUH UHSURGXFLEOH LQ
YROXPH 7KH\ PXVW GHVLJQ IRU PDQXIDFWXUH 7KDW¶V RQH SDUW RI WKH
TXDOLW\DVSHFW
7KHQWKHGHVLJQHUVKDQGWKHLQIRUPDWLRQRQWRWKHPDQXIDFWXULQJ
GHSDUWPHQWV :H KDYH WR WKHQ LPSODQW LQWR RXU VXSSOLHUV DQG RXU
PDQXIDFWXULQJ SHRSOH WKH TXDOLW\ VWDQGDUGV ZKLFK ZLOO DFKLHYH RXU
DLPRXUJRDOV6RRXUPHVVDJHVSUHDGVWKHQIURPRXUGHVLJQHUVLQWR
RXUPDQXIDFWXUHUVDQGRXUVXEFRQWUDFWRUVZKRPDNHWKHPHWDOZRUN
ZKRPDNHWKHSULQWHGFLUFXLWERDUGVHWFHWF
4XDOLW\LVDYHU\ZHOOZRUQZRUGDQGLQWKLVEXVLQHVVFHUWDLQO\LQ
$UFDPEXVLQHVVLWLVDQRQJRLQJDFWLYLW\ZLWKLQWKHFRPSDQ\DQGLW¶V
FDOOHG7407RWDO4XDOLW\0DQDJHPHQW:HLPSURYHRXUTXDOLW\RQ
DGDLO\ZHHNO\PRQWKO\\HDUO\EDVLV6RZHQHYHUVWRSUHILQLQJWKH
SURFHVV $QG ZH GRQ¶W NQRZ ZKDW WKH XOWLPDWH TXDOLW\ LV , GRQ¶W
NQRZZKHQZH¶UHJRLQJWRDUULYHWKHUH

'R\RXNQRZWKHVHZRUGV"
WRLQYROYH 73JZRKQHR9  kvksnrjzojzéjmq
kjz
  kvokvlqz k xznwnt
ujz 
WRLQYROYHWKHULJKWV  ojzéjmqkjz ·qsqiv
RIVPE wéjkj
LQYROYHG  ojwyzjtt€pxsv t€p
LQYROYHGLQGHEW  ojwyzjk¡qpx¹klvsmj}
LQYROYHPHQW   znxt€nxk¹oq
 ojzéyltqznstvn wv
sv ntqn lntn tvn oj
zéyltntqn
WRVOLS  xrvsoqz
WRVOLSRII  k€xrvsotyzxv
xrvsotyz
DVOLSRIWKHWRQJXH  vmvkvérj
DVOLSRIWKHSHQ  vwqxrj
WRLPSODQW  tjxj ljzktnlé¹z
WRVZLWFKRQ  krsí·jz
WRVZLWFKRII  k€rsí·jz
UHVWUDLQW  xzévmvxzxlné jttvxz
WRDFKLHYH 71Z"3(R9 lvxzqmjz

 
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

WRVSUHDG  wévxzqéjzx¹ éjxwév


xzéjt¹zx¹
FLUFXLW 7ZO1(G3P9 |nwrvtzyéx}nuj
XOWLPDWH  rvtn·t€p

*UDPPDU5HYLVLRQ2EMHFWFODXVHV
'LUHFWZRUGRUGHU 7KH 5XOHV RI WKH 6HTXHQFH RI
7HQVHVGLUHFWZRUGRUGHU
,NQRZZKDWKLVQDPHLV ,NQHZZKDWKLVQDPHZDV
,GRQ
WNQRZZKDWKLVQDPHLV ,GLGQ
WNQRZZKDWKLVQDPHZDV
'R\RXNQRZZKDWKLVQDPHLV" 'LG\RXNQRZZKDWKLVQDPHZDV"

 8QGHUOLQH WKH REMHFW FODXVHV UHDG DQG WUDQVODWH WKHVH VHQ


WHQFHV
:HGRQ
WNQRZZKDWWKHXOWLPDWHTXDOLW\LV
$W WKH WLPH RI 5XVVLD
V ILQDQFLDO FULVLV RI LW ZDV HVWLPDWHG
WKDWXSWRRILQGXVWULDORXWSXWZDVEHLQJH[FKDQJHGIRUEDUWHU
7KH\VD\ WKDW PDQXIDFWXULQJLQGXVWU\ZLOOLQHYLWDEO\GHFOLQH
+HDVNHGWKHUHSUHVHQWDWLYHLIWKHFRPSDQ\KDGEHHQSULYDWLVHG
+HZDQWHGWRNQRZZKHQWKHOHFWXUHZRXOGEHGHOLYHUHG
,LQTXLUHGZKDWKHPHDQWE\
DSRWHQWLDOZURQJGRHU


 8VH WKH YHUEV LQ WKH ULJKW IRUPV DQG WUDQVODWH WKH VHQ
WHQFHV
+HLQTXLUHGZKDWUHVXOWV WRREWDLQ 
7KH\GLGQRWNQRZKRZPDQ\FXVWRPHUV WRLQYROYH 
7KH SDUWLFLSDQWV RI WKH FRQIHUHQFH DVNHG WKH OHFWXUHU LI WKH DLP
WRDFKLHYH 
:HGLGQ
WNQRZZKHQWKHDQDO\VWV WRFRPSOHWH WKHDQDO\VLV
7KH VWXGHQW DVNHG WKH WXWRU KRZ

 WR SURQRXQFH  EHIRUH WKH
GHFLPDOSRLQW
1RERG\NQHZKRZWKHSULFHV WRFKDQJH E\WKDWWLPH

 7UDQVODWHLQWR(QJOLVK
Ìtxwévxqstjxrvsrvwév|ntzvkqountqsqx|nt€
‰tnotjíwv·nuytqrzvtnvzknzqstjëzvzkvwévx

 
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

Ìtq xwévxqsq rvmlj wéjkqznsxzkv fnknétvp Çvénq wvk€


xqsv|nt€tjwévlyrz€wqzjtq¹
yétjsqxz€ }vznsq yotjz rvmlj iylyz vwyisqrvkjt€ ëzq
xzjzqxzq·nxrqnljtt€n

7KHSURQRXQRQH
,QHHGDSHQ+DYH\RXJRWRQH" DSHQ 
²,VWKHUHDERRNVKRSQHDUKHUH"
²<HVWKHUH
VRQHDWWKHHQGRIWKLVVWUHHW DERRNVKRS 
:KLFKERRNLV\RXUV"7KLVRQHRUWKDWRQH" ERRN 
,GRQ
WOLNHWKLVWH[WEXW,OLNHWKHRQH V ZHGLVFXVVHG\HVWHUGD\ WH[WWH[WV 
²:KLFKWRSLFKDYH\RXFKRVHQ"
²7KHODVWRQH WRSLF 
,KDYHORVWP\GLFWLRQDU\,PXVWEX\DQHZRQH GLFWLRQDU\ 

 :ULWH WKH ZRUGV VXEVWLWXWHG E\ WKH SURQRXQ RQH LQ HDFK
FDVHUHDGDQGWUDQVODWHWKHVHQWHQFHV
7KHZRUG
TXDOLW\
LVDYHU\HDV\RQH
&RPSOHWHWKLVVHQWHQFHDQGWKHRWKHURQHV
7UDQVODWHWKLVZRUGDQGWKHRQHV\RXVHHDWWKHERWWRPRIWKHSDJH
<RXPD\XVHWKLVLWHPDQGWKHRQHSXEOLVKHGE\7KH(FRQRPLVW
7KLVWH[WLVPXFKPRUHGLIILFXOWWKDQWKHRQHZHWUDQVODWHGODVWZHHN
7KLVTXHVWLRQLVFOHDUEXWWKHRQHVKHDVNHGLVQRW
²,VWKHJUDSKTXLWHXQGHUVWDQGDEOH"
²:KLFKRQHGR\RXPHDQ"

 7UDQVODWHLQWR(QJOLVK
êzj xzjz¹ ls¹ wnénkvlj otj·qznstv zéyltnn ·nu zj rvzv
éyíu€·qzjsqk·néj
‰wév·qzjsëzvzviovésqznéjzyé€qzvz·zvvwyisqrvkjtkmj
onzn©êrvtvuqrjq qotª
Ìtvzknzqstjkxnkvwévx€révunwvxsnltnmv
êzvz rvuwízné v·nt xzjéntrqp j kvz zvz xju€p xvkén
untt€p
Æëzvpzjisq|nërvtvuq·nxrqnwvrjojznsqivsnnzv·t€n·nu
kzvp

 
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

6WXG\VHQWHQFHSDWWHUQV
WREHJRLQJWRGRVPWK
xviqéjzx¹xlnsjz·zvsqiv

 5HDGWKHVHQWHQFHVDQGWUDQVODWHLQWR5XVVLDQ
:HDUHJRLQJWRGLVFXVVWKLVSUREOHPWRPRUURZ
7KH\DUHJRLQJWRDUUDQJHDFRQIHUHQFHRQWKLVWRSLFQH[WZHHN
0\IULHQGVDUHJRLQJRQDQH[SHGLWLRQWR6LEHULDQH[WVXPPHU
7KH\ DUH JRLQJ WR YLVLW D IHZ ROG 5XVVLDQ YLOODJHV ORFDWHG RQ WKH
EDQNVRIWKH5LYHU/HQD
+H LV JRLQJ WR PDNH D UHSRUW RQ WKLV VXEMHFW DW WKH V\PSRVLXP
ZKLFKZLOOEHKHOGLQ.LHY
, GRQ
W NQRZ ZKHQ ZH DUH JRLQJ WR DFKLHYH WKLV KLJKHVW OHYHO RI
TXDOLW\

 7UDQVODWHLQWR5XVVLDQ
Íéjkqznsxzkvxviqéjnzx¹vixy ljzkvwévxviqtknxzq|q¹}
tjojxnljtqqkvkzvétqr
Ìtxviqéjnzx¹k€xzywqztjrvt{nént|qqwvkvwévxjuwév
qokvlxzkjësnrzévëtnémqq
Ìtq xviqéjízx¹ mvkvéqz v wéqkjzqoj|qq ëzvmv rvuiqtjzj
tjxvknjtqqkuqtqxznéxzkntnzjrsq"
΀wévxqsqyotjzmlniylnzwév}vlqzëzjn nmvltj¹rvt
{nént|q¹

:RUNRQWKHZRUGV
D 8VHWKHDSSURSULDWHZRUGDQGWUDQVODWHWKHVHQWHQFHV
7KHTXDOLW\RIWKHSURGXFWDQGWKHTXDOLW\RIWKH 
VHUYLFHV«WKHFXVWRPHUDQGRXUFXVWRPHUVWRR

7KHFRXQWU\ZDVGHHSO\«LQGHEW
,WGLGQ
W«WKHVRYHUHLJQULJKWVRIDQ\ERG\ LQYROYHPHQW
7KHDQDO\VWVFRQVLGHUHGWKHV\VWHPZDVYHU\«
WRLQYROYH


 
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

-XGJLQJE\WKHWLWOHWKHLWHPVSRNHDERXWQHZ« LQYROYH
RIWKHFRPSDQ\
LQYROYHG
7KHUHZDVLQGHSWK«RIWKH)UHQFKFRPSDQ\ZLWKD
IHZ,WDOLDQRQHV
7KH H[SHUWV GLG QRW DGYLVH WKH PDQDJHU « KLP
VHOILQXQQHFHVVDU\H[SHQVHV
7KHZDU«DJUHDWLQFUHDVHLQWKHQDWLRQDOGHEW

E 0DNHVHQWHQFHVXVLQJWKHVHZRUGV
DORWRIPRQH\ 
ELJVXPVRIPRQH\
DORWRISHRSOH
ZDVZHUHLQYROYHG
DIHZEDQNV
DIHZFRPSDQLHV
DIHZFRXQWULHV

F 7UDQVODWHLQWR(QJOLVK
Æ wévnrzn i€sv ojlnpxzkvkjtv tnxrvsrv réywt€} qtv
xzéjtt€}{qéu
êzq tnwévlyujtt€n lnpxzkq¹ xvoljsq ls¹ rvuwjtqq ivs
¡qnwévisnu€
Èqotnxwsjt rvuwjtqq i€s v·nt wévlyujtt€u tv xsv 
t€u
cmvvi~¹xtntqni€svv·ntojwyzjtt€u
êzvlnsvv·ntxsv tvnqojwyzjttvn

 7UDQVODWHWKHVHQWHQFHVSD\LQJDWWHQWLRQWRWKHZRUG
WRHQVXUH
7KH\ PXVW ZRUN WR TXDOLW\ VWDQGDUGV WR HQVXUH WKDW WKHLU GHVLJQV
DUHUHSURGXFLEOHLQYROXPH
7KHDXWKRULWLHVSURPLVHGWRHQVXUHWKHLULQGHSHQGHQFH
7KHGRFXPHQWVHQVXUHGWRWKHPWKHDXWKRULW\WKH\QHHGHG
7KH KHDG RI WKH GHSDUWPHQW FRXOGQ
W HQVXUH KLP D JRRG SRVW LQ
WKHQHDUIXWXUH
,FDQ
WHQVXUHWKDWKHZLOOEHWKHUHLQWLPH

 
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

 0DNH VHQWHQFHV RI \RXU RZQ XVLQJ WKHVH ZRUG FRPELQD
WLRQV
 DQDLP  DSURFHVV
 DJRDO  RLO
WRDFKLHYH DWDUJHW WRUHILQH VXJDU
 DSXUSRVH  DODQJXDJH
 VXFFHVV  VSHHFK

 0DWFKWKH(QJOLVKDQG5XVVLDQHTXLYDOHQWV
WRUHVWUDLQ éjxwévxzéjt¹zx¹ PDQXIDFWXUHU wévljkn|
WRVOLS xlné qkjz VXEFRQWUDFWRU wvrywjzns
WRVSUHDG qx·nojz FXVWRPHU wvxzjkqr
WRPHDQ tjxj ljz VXSSOLHU qomvzvkqzns
WRLPSODQW xu¹m·jz YHQGRU xyiwvlé¹l·qr
WRYDQLVK vixy ljz SXUFKDVHU ojrjo·qrrsqntz
WRFXVKLRQ xrvsoqz VHOOHU 
WRPRRW éjxwévxzéjt¹zx¹ EX\HU 

+DYHDQRWKHUORRNDWWKHWH[WRIWKHVSHHFKDQG«
D :ULWHLWVVXPPDU\LQRUVHQWHQFHV
E 7UDQVODWHLQWR(QJOLVK
êzvsnr|q¹i€sjwvxk¹ntjkvwévxjuywéjksntq¹rj·nxzkvu
Íénwvljkjzns éjxxrjojs ·zv qln¹ ywéjksntq¹ rj·nxzkvu
k€wyxrjnuvp wévlyr|qq ojévlqsjx k ‰wvtqq Æ ëzvp xzéjtn q
xnp·jxxynxzkyízréy rqrj·nxzkj
ƀ otjnzn ·zv ëzj qln¹ éjokqkjsjx k ‰wvtqq k zn·ntqn
snzwvxsnÆzvévpuqévkvpkvpt€"
‰tnotjs·zvk}mvlj}ëzjqln¹i€sjojznuojquxzkvkjtj
f‘¬
Æ ‰wvtqq ëzj qln¹ tjo€kjnzx¹ ³wvxzv¹tt€u xvkné¡ntxzkv
kjtqnu´qsq?NDLVHQ?

 
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

7H[W3URGXFWLRQIXQFWLRQ
3URGXFWLRQ IXQFWLRQ LV D IXQFWLRQ WKDW VKRZV IRU D JLYHQ VWDWH RI
WHFKQRORJLFDO NQRZOHGJH WKH UHODWLRQVKLS EHWZHHQ SK\VLFDO TXDQWLWLHV
RIIDFWRULQSXWVDQGWKHSK\VLFDOTXDQWLWLHVRIRXWSXWLQYROYHGLQSUR
GXFLQJDJRRGRUVHUYLFH6LQFHWKHTXDQWLW\RIRXWSXWGHSHQGVXSRQ
WKHTXDQWLWLHVRILQSXWVXVHGWKHUHODWLRQVKLSFDQEHGHSLFWHGLQWKH
IRUPRIIXQFWLRQDOQRWDWLRQ
4 I ,,«,Q 
ZKHUH4²RXWSXWRIDSURGXFWDQG,,HWFDUHTXDQWLWLHVRIWKH
YDULRXVIDFWRULQSXWVHWFXVHGLQSURGXFLQJWKDWRXWSXW
,WLVLPSRUWDQWWRHPSKDVL]HWKDWIDFWRULQSXWVFDQEHFRPELQHGLQD
QXPEHU RI GLIIHUHQW ZD\V WR SURGXFH WKH VDPH DPRXQW RI RXWSXW 2QH
PHWKRGZKLFKLVWHFKQLFDOO\WKHPRVWHIILFLHQWLVWKHRQHZKLFKXVHVWKH
RQO\VPDOODPRXQWVRIODERXUZKLOHDQRWKHUPHWKRGPD\HPSOR\ODUJH
TXDQWLWLHV RI ODERXU DQG RQO\ D OLWWOH FDSLWDO ,Q SK\VLFDO WHUPV WKH
PHWKRGZKLFKLVWHFKQLFDOO\WKHPRVWHIILFLHQWLVWKHRQHZKLFKXVHVWKH
IHZHVWLQSXWV(FRQRPLVWVKRZHYHUDUHPRUHFRQFHUQHGZLWKWKHFRVWV
DVSHFWVRIWKHLQSXWRXWSXWUHODWLRQVKLSVSHFLILFDOO\WKHOHDVWFRVWO\ZD\
RI SURGXFLQJ D JLYHQ RXWSXW 6XFK UHODWLRQVKLSV FDQ EH DQDO\VHG XVLQJ
LVRTXDQWFXUYHVLVRTXDQWPDSVDQGSURFHVVUD\V

'R\RXNQRZWKHVHZRUGV"
WRGHSHQGRQXSRQVPWK 7@3ZLAJ@9 ojkqxnzvz·nmvsqiv
WRGHSLFW 7@3ZL3GP9 qoviéj jzvwqx€kjz
QRWDWLRQ  ojwqxqoviéj ntqn
yxsvkt€uqotjrjuq
|q{éjuqiyrkjuq
SKRQHWLFQRWDWLRQ 7BKQZJAP3G9 zéjtxréqw|q¹
WRFRPELQH  xvnlqt¹z
WHUPV  k€éj ntq¹¹o€rxwvxvi
k€éj ntq¹yxsvkq¹
VSHFLILFDOO\ 7OL3ZO3B3G1H39 xwn|qjstv vxvinttv
k·jxztvxzq
LVRTXDQW FXUYH   qovrkjtzj qovrkjtztj¹
réqkj¹ réqkj¹ éjkt€}
rvsq·nxzk
PDS  rjézj
UD\  sy·

 
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

*UDPPDU5HYLVLRQ$WWULEXWLYHFODXVHV
,WLVWKHIXQFWLRQWKDWZKLFKVKRZVWKLVUHODWLRQVKLS
,WLVWKHIXQFWLRQ WKDWZKLFK ZHGLVFXVVHG\HVWHUGD\
+HLVWKHHFRQRPLVWZKRWKDWZRUNHGDWWKLVSUREOHP
+HLVWKHHFRQRPLVW ZKRWKDW ZHVSRNHDERXW\HVWHUGD\
1RWH 7KHFRQMXQFWLRQVZKRWKDWZKLFKFDQEHRPLWWHGLIWKH\DUHQRW
VXEMHFWVLQDWWULEXWLYHFODXVHV

 8QGHUOLQH WKH DWWULEXWLYH FODXVHV UHDG DQG WUDQVODWH WKH


VHQWHQFHV
,WLVWKHPHWKRGZKLFKLVWHFKQLFDOO\WKHPRVWHIILFLHQW
2QHRIWKHPRVWUHPDUNDEOHDVSHFWVRIWKHWUDQVLWLRQSURFHVVKDV
EHHQWKHH[WHQWWRZKLFKWKHHFRQRP\KDVEHFRPHGHPRQHWDUL]HG 
+HLVWKHKHDGRI<XNRVZKLFKPDGH5XVVLD
VILUVWGLUHFWVKLSPHQW
RIFUXGHRLOWRWKH86
,DJUHHZLWKWKHSHRSOHZKRVD\WKDWPDQXIDFWXULQJLQGXVWU\ZLOO
LQHYLWDEO\GHFOLQH
7KDWPXVWEHDGHVLJQZKLFKKDVJRWTXDOLW\EXLOWLQWRLW
:HKDYHWRLPSODQWLQWRRXUVXSSOLHUVWKHTXDOLW\VWDQGDUGVZKLFK
ZLOODFKLHYHRXUDLP
2XUPHVVDJHVSUHDGVLQWRRXUVXEFRQWUDFWRUVZKRPDNHWKHPHWDO
ZRUN
/DVW\HDU,YLVLWHGWKHWRZQZKHUH,ZDVERUQ

 3XW WKH FRQMXQFWLRQV LQ EUDFNHWV LI LW LV FRUUHFW WR RPLW
WKHP
(YHU\WKLQJWKDWWKH\VDLGZDVFRUUHFW
'R\RXNQRZDQ\RQHZKRVSHDNV,WDOLDQ"
7KHZRPDQZKR,ZDVVLWWLQJQH[WWRWDONHGDOOWKHWLPH
6KHZRUNVIRUDFRPSDQ\ZKLFKPDNHVZDVKLQJPDFKLQHV
+DYH\RXIRXQGWKHNH\WKDW\RXORVW"
,JDYHKHUDOOWKHPRQH\WKDW,KDG
7KHSHRSOHZKRZHPHWDWWKHRIILFHZHUHYHU\IULHQGO\
,VWKLVWKHSODFHZKHUH\RXZHUHODVW\HDU"

 
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

 0DNHDIHZVHQWHQFHVOLNHWKLV
,WZDVWKHZRUVWILOP WKDW ,KDYHHYHUVHHQ

ZRUVW ILOP WRVHH


EHVW SHUIRUPDQFH WRUHDG
ORQJHVW ERRN WRYLVLW
PRVWLQWHUHVWLQJ VWRU\ WRKDYH
GXOOHVW WRZQ WRGR
ELJJHVW SODFH WRXVH

 7UDQVODWHLQWR(QJOLVK
êzvxju€pxsv t€pkvwévxrvzvé€pu€rvmljsqivvixy ljsq
Íévisnuj v rvzvévp u€ mvkvéqsq tj wév¡svp tnlnsn
v·ntqtznénxtj¹
²Ҁotjn¡xzylntzjrvzvé€pk€xzywjsk·néjtjxnuqtjén"
² bj otjí êzv Ínzévk x zénznmv ryéxj ërvtvuq·nxrvmv
{jrysznzj
²Òninwvtéjkqsvxnmvk€xzywsntqn"
²Çvtn·tvljÌtvi€svv·ntjrzyjst€uqqtznénxt€u

 8QGHUOLQH3DUWLFLSOHV,,,DQG*HUXQGVVWDWHZKDWSDUWVRI
VHQWHQFHVWKH\DUHDQGWUDQVODWHWKHVHQWHQFHV
,WLVWKHIXQFWLRQVKRZLQJWKHUHODWLRQVKLSEHWZHHQSK\VLFDOTXDQWLWLHV
,W VKRZV WKH UHODWLRQVKLS EHWZHHQ WKH WZR TXDQWLWLHV LQYROYHG LQ
SURGXFLQJDJRRGRUVHUYLFH
,WGHSHQGVRQWKHTXDQWLWLHVRILQSXWVXVHG
7KH\DUHTXDQWLWLHVXVHGLQSURGXFLQJWKDWRXWSXW
6XFKUHODWLRQVKLSVFDQEHDQDO\VHGXVLQJLVRTXDQWV
7KHGHVLJQHUVKDYHWRKDYHUHVWUDLQWVSXWRQWKHP
:HQHYHUVWRSUHILQLQJWKHSURFHVV

+DYHDQRWKHUORRNDWWKHWH[WRIWKHVSHHFKDQG«
D 7UDQVODWHWKHVHZRUGVLQWR(QJOLVK
rvsq·nxzkv vztv¡ntqn
rj·nxzkv éjkntxzkv

 
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

réqkj¹éjkt€}rvsq·nxzk xyuuj
wévqokvlxzkntt€p {jrzvé éjiv·j¹xqsj
kkvlkkvlqu€pénxyéx {ytr|q¹
k€wyxr wévlyr|qq  wévqokvlquvn
zvkjé€qyxsymq wévqokvlxzknttj¹{ytr|q¹
ojt¹zvxz

E 7UDQVODWHWKHWH[W

F 7UDQVODWHWKHIROORZLQJGHILQLWLRQDQGVD\LI\RXOLNHLWEHW
WHUWKDQWKHRQHJLYHQLQWKHWH[W
7KH SURGXFWLRQ IXQFWLRQ VKRZV WKH PD[LPXP RXWSXW WKDW FDQ EH
SURGXFHGLQDJLYHQSHULRGIURPVSHFLILHGLQSXWVLQWKHH[LVWLQJVWDWH
RI WHFKQLFDO NQRZOHGJH 7KH IXQFWLRQ LV XVXDOO\ H[SUHVVHG LQ PDWKH
PDWLFDO WHUPV 7KH IXQFWLRQ PD\ H[KLELW FRQVWDQW LQFUHDVLQJ RU GL
PLQLVKLQJUHWXUQVWRVFDOH



)LJXUH/RFDWLRQRISURGXFWLRQ
7KH ILJXUH EHORZ VKRZV WKH YDULRXV IDFWRUV LQIOXHQFLQJ WKH ORFD
WLRQRISURGXFWLRQRUVLWLQJRIDEXVLQHVV

&KHDSXQVNLOOHG

*RYHUQPHQW  ODERXU


:HLJKW 3HULVKDEOH
5$: IUDJLOHEXON\
ORVWLQ 0$5.(7
0$7(5,$/6 ILQLVKHG
SURGXFLQJ  SURGXFW


1RQHFRQRPLF
IDFWRUVHJ
 3UHIHUHQFHVRIORFDOLW\
FKDQFHLQHUWLD
 1HDUQHVVWR E\GLUHFWRUVDQGNH\
VLPLODUILUPV ZRUNHUV



 
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

'R\RXNQRZWKHVHZRUGV"
ORFDWLRQ 7HKQZGA3J9 unxzvéjxwvsv ntqn
unxzvtj}v lntqn
WRVLWH  éjounjzéjxwvsjmjz
VLWLQJ  éjounntqn
ZHLJKW 7SA3P9 knxz¹ nxz
SHULVKDEOH  i€xzévwvéz¹qpx¹
IUDJLOH 7ZIN' =3H9 }éywrqpiíqpx¹svurqp
EXON\  mévuvolrqp

:RUNRQWKHZRUGV
D 5HDG DQG WUDQVODWH WKHVH ZRUGV SD\LQJ DWWHQWLRQ WRWKH
VXIIL[\DQGLWVYDULDQWV
IRUPDO²IRUPDOLW\ ORFDO²ORFDOLW\
RULJLQDO²RULJLQDOLW\ UHODWLYH²UHODWLYLW\
LQGLYLGXDO²LQGLYLGXDOLW\ SURSHU²SURSHUW\
SRVVLEOH²SRVVLELOLW\ WRFHOHEUDWH²FHOHEULW\
GLIILFXOW²GLIILFXOW\ WRFRQWLQXH²FRQWLQXLW\

E 8QGHUOLQHWKHVXIIL[HVUHDGDQGWUDQVODWHWKHVHZRUGV
SUHIHUHQFH UHIHUHQFH
LQGHSHQGHQFH H[LVWHQFH
UHVLGHQFH YLROHQFH
UHPHPEHUHQFH PDLQWHQDQFH
DFFRUGDQFH DOORZDQFH
DEXQGDQFH SUHGRPLQDQFH

F )RUP WKH ZRUGV XVLQJ WKH VXIIL[ QHVV UHDG DQG WUDQVODWH
WKHP
QHDUQHVV QHDUQHVV
QHZ GLUHFW
ULJKW EULJKW
ILW XVHIXO
ZDWFKIXO FORVH

 
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

 0DWFKWKHZRUGVKDYLQJWKHRSSRVLWHPHDQLQJ
QHDU XQVNLOOHG
UDZPDWHULDOV H[SHQVLYH
WRORVH ILQLVKHGSURGXFWV
VLPLODU WRJDLQ
FKHDS IDUIURP
VNLOOHG GLIIHUHQW

D 0DWFKWKHZRUGVZKLFKDUHYHU\FORVHLQWKHLUPHDQLQJ
SURGXFLQJ JRRGV
SURGXFWV LQH[SHQVLYH
ILUP VLWLQJ
ORFDWLRQ PDQXIDFWXULQJ
FKHDS FRPSDQ\

E *LYH D IHZ H[DPSOHV ZLWK WKHVH ZRUGV ZKLFK SUDFWLFDOO\


PHDQWKHVDPH
JRRGV FRPPRGLW\
FRPPRGLWLHV SURGXFWV
SURGXFH DJRRG

+DYHDQRWKHUORRNDWWKHILJXUHDQG«
D $QVZHUWKHVHTXHVWLRQV
  :KDWIDFWRUVGLGWKHILJXUHVKRZ"
  :KLFKRIWKHVHIDFWRUVDUHPRVWLPSRUWDQWWR\RXUPLQG"
  :KDWLVWKHUROHRIWKHJRYHUQPHQW"
  )RUZKRPGR\RXWKLQNDOOWKHVHIDFWRUVDUHRILPSRUWDQFH"
  :KHQDUHWKH\DOOYHU\DWWHQWLYHO\FRQVLGHUHG"

E 7U\WRGUDZDVLPLODUILJXUHDQGVD\
ZKDWLWVDGYDQWDJHVDUH

 
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

%XVLQHVVOHWWHU,QGXVWULDODQGRIILFH
DFFRPPRGDWLRQ

*HQWOHPHQ
, DP SOHDVHG WR UHSRUW WKDW ZH KDYH IRXQG VXLWDEOH
EXLOGLQJV IRU ORZ FRVW LQGXVWULDO DQG RIILFH DFFRPPRGDWLRQ
7KHVLWHLV'HODZDUH&RUSRUDWH3DUNLQ7UHQWRQ1-
7UHQWRQLVWKH6WDWH&DSLWDORI1HZ-HUVH\ZLWKD
SRSXODWLRQ RI  ,W LV PLGZD\ EHWZHHQ 3KLODGHO
SKLD DQG 1HZ <RUN &LW\ RQ WKH EDQNV RI WKH 'HODZDUH
5LYHUDQGDOVRZHOOVLWHGIRUFRPPXQLFDWLRQVE\WUXFNRU
DXWRPRELOHZLWKPDMRUPDUNHWVLQWKH86$DQG&DQDGD
2YHU  RI WKH WRWDO SRSXODWLRQ RI ERWK WKH 86$ DQG
&DQDGD DUH ZLWKLQ PLOHV RYHU PLOOLRQ SHRSOH  ³ WKH
PRVWH[WHQVLYHFRQVXPHUPDUNHWLQWKH:HVWHUQ+HPLVSKHUH
$OWKRXJKWKHFRPSHWLWLRQKHUHLVYHU\ILHUFHWKHSRWHQWLDOLV
HQRUPRXV%HVLGHVWKHVWDWHRI1HZ-HUVH\RIIHUVVRPHWD[
DGYDQWDJHV $QG JUDQWV DUH DYDLODEOH IRU VHWWLQJ XS D QHZ
SODQWDQGWUDLQLQJVWDII
$ZDLWLQJ\RXUIXUWKHULQVWUXFWLRQV
7UXO\\RXUV
«

'R\RXNQRZWKHVHZRUGV"
DFFRPPRGDWLRQ 71<GKI1Z@A3J9 éjounntqnyxzévpxzkv
VWDWH   mvxyljéxzkv ¡zjz
H[WHQVLYH 73GOZPAJO3R9 vi¡qét€pwévxzéjtt€p
KHPLVSKHUH 7ZDAI3<OB319 wvsy¡jéqn
DOWKRXJK 7K(HZ%KQ9 }vz¹
V\QWKRXJK  

 
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

ILHUFH 7B31O9 vxzé€pxqst€p


HQRUPRXV 71ZJK(I1O9 vmévut€p
DYDLODEOH 71ZRA3H1>H9 lvxzywt€p quníqpx¹ k
tjsq·qq
WRVHWXS  vxtvkjzvémjtqovkjz
V\QWRIRXQG  
WRHVWDEOLVK  
WRWUDLQ  wvlmvzjksqkjzviy·jz
VWDII  wnéxvtjs
WRDZDLWVPWK 71ZSA3P9 v qljz
V\Q WR ZDLW IRU  
VPWKVPE

:RUNRQWKHZRUGV
D 7UDQVODWH WKHVH DGMHFWLYHV DQG ZULWH WKH ZRUGV IURP
ZKLFKWKH\DUHIRUPHG
LQGXVWULDO H[WHQVLYH DGYDQWDJHRXV
LQHUWLDO FRPSHWLWLYH YDULRXV
HVVHQWLDO SURGXFWLYH EXON\
RIILFLDO LQIRUPDWLYH GLIIHUHQW

E )RUPDGMHFWLYHVLQVWHDGRIDWWULEXWLYHFODXVHVOLNHWKLVDQG
WUDQVODWHWKHP
ZKLFKFDQVXLWXV²VXLWDEOH
ZKLFKFDQFKDQJH ZKLFKFDQEHXVHG
ZKLFKFDQYDU\ ZKLFKFDQQRWEHXVHG
ZKLFKFDQSHULVK ZKLFKFDQEHH[FXVHG
ZKLFKFDQEHPDUNHWHG ZKLFKPDNHVSURILW
ZKLFKFDQEHHDVLO\UHDG ZKLFKKDVYDOXH

F 6D\ KRZ WKHVHFRPSRXQG DGMHFWLYHV DUH IRUPHG DQG WUDQV


ODWHWKHP
ZHOOVLWHG ZHOOFRQGXFWHG ZHOONQRZQ
ZHOOSUHSDUHG ZHOOEDODQFHG ZHOOLQIRUPHG
ZHOOGRQH ZHOOFRQQHFWHG LOOWLPHG

 
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

LOODGYLVHG LOOWHPSHUHG LOOIDWHG


LOODIIHFWHG LOOEUHG LOOMXGJHG

5HYLVH*UDPPDU
D 0DNHWZRVHQWHQFHVDVLQWKHH[DPSOHSD\LQJDWWHQWLRQ
WRWKHDUWLFOHV
FLW\PDQXIDFWXULQJ=,W
VDELJFLW\ZLWKDSRSXODWLRQ
RI7KHSRSXODWLRQLVPRVWO\HQJDJHGLQPDQXIDFWXULQJ

FLW\VWHHOLQGXVWU\ FLW\ZDWFKPDNLQJ
FLW\WH[WLOHLQGXVWU\ WRZQKDQGLFUDIW
FLW\FDUPDNLQJ UHJLRQDJULFXOWXUH
FLW\VKLSEXLOGLQJ SODFHILVKLQJ

E 7UDQVODWH WKHVH SDLUV RI VHQWHQFHV DV LQ WKH H[DPSOH 3D\
DWWHQWLRQWRWKHXVHRIDUWLFOHV
,WLVDPRVWH[WHQVLYHPDUNHW²êzvv·ntivs¡vpé€tvr
,W LV WKH PRVW H[WHQVLYH PDUNHW LQ WKH UHJLRQ ² êzv xju€p
ivs¡vpé€tvrkénmqvtn

  ,WLVDPRVWH[WHQVLYHFRQVXPHUPDUNHW,WLVWKHPRVWH[WHQVLYH
FRQVXPHUPDUNHWLQWKH:HVWHUQ+HPLVSKHUH
  7KH\YLVLWHGDPRVWKLJKO\SRSXODWHGDUHD7KH\YLVLWHGWKHPRVW
KLJKO\SRSXODWHGDUHDLQWKHUHSXEOLF
  ,WLVDQHDVLHVWGLDJUDP,WLVWKHHDVLHVWGLDJUDPZHKDYHKDG
  ,W LV D PRVW LQWHUHVWLQJ ERRN ,W LV WKH PRVW LQWHUHVWLQJ ERRN ,
KDYHHYHUUHDG

F 0DNH VHQWHQFHV ZLWK WKHVH H[SUHVVLRQV ZKHUHQR DUWLFOH LV


XVHG
E\WUXFN E\DXWRPRELOH
E\FDU E\EXV
E\WD[L E\SRVW
E\H[SUHVVPDLO E\WHOHJUDSK
E\WHOHSKRQH E\ID[

 
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

 &KDQJHWKHVHVHQWHQFHVE\XVLQJ*HUXQGVOLNHWKLV
*UDQWVDUHDYDLODEOHIRUWKRVHZKRZLVKWRVHWXSDQHZSODQW=
*UDQWVDUHDYDLODEOHIRUVHWWLQJXSDQHZSODQW

*UDQWVDUHDYDLODEOHIRUWKRVHZKRDUHSODQQLQJWRWUDLQVWDII
*UDQWVDUHDYDLODEOHIRUWKRVHZKRZLVKWROHDUQWKLVUDUHODQJXDJH
*UDQWVDUHDYDLODEOHIRUWKRVHZKRZDQWWRGRWKLVUHVHDUFKZRUN
*UDQWVDUHRIIHUHGWRWKRVHZKRDUHHDJHUWRPDNHWKHVHH[SHULPHQWV
8QIRUWXQDWHO\QRKHOSLVRIIHUHGWRWKRVHZKRDUHSUHSDUHGWRGR
WKLVZRUN

+DYHDQRWKHUORRNDWWKHWH[WDQG«
 5HDGWKHVHZRUGV
6WDWH &DSLWDO &KLHIFLWLHVLQWKHVWDWH
'HODZDUH 'RYHU 6PHUQD:LOPLQJWRQ
1HZ-HUVH\ 7UHQWRQ 1HZDUN-HUVH\&LW\
1HZ<RUN $OEDQ\ 1HZ<RUN%XIIDOR5RFKHVWHU
3HQQV\OYDQLD +DUULVEXUJ 3KLODGHOSKLD3LWWVEXUJK

D $QVZHUWKHVHTXHVWLRQV
  :KRGR\RXWKLQNZURWHWKLVOHWWHU"
  :KDWDVVLJQPHQWKDGKHEHHQJLYHQ"
  :KDWSODFHGLGKHUHFRPPHQG"
  :KDWDGYDQWDJHVRIWKHSODFHGLGKHGHVFULEH"

E &RPSOHWHWKHVHQWHQFHVE\XVLQJWKHZRUGVIURPWKHWH[W
+HIRXQGVXLWDEOHEXLOGLQJVIRUORZFRVWLQGXVWULDODQGRIILFH«
7KHVLWHZDV'HODZDUH&RUSRUDWLRQ3DUNLQ«
7UHQWRQLVWKH6WDWH&DSLWDORI1HZ-HUVH\ZLWK«
,WLVPLGZD\EHWZHHQ«DQGZHOOVLWHGIRU«
,WLVWKHPRVWH[WHQVLYHFRQVXPHUPDUNHW«
$OWKRXJKWKHFRPSHWLWLRQVHHPHGYHU\«WKHSRWHQWLDOZDV«
%HVLGHVWKHVWDWHRI1-RIIHUHGVRPH«
$QGJUDQWVZHUHDYDLODEOHIRU«

 
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

F 6XPXSWKHDGYDQWDJHVRIWKLVORFDWLRQ

G ,PDJLQHDEXVLQHVVPDQKDVERXJKWDQRIILFHLQDQ(QJOLVK
WRZQ+HVD\VLWLVZHOOORFDWHG'HVFULEHWKHORFDWLRQ

1HZVSDSHULWHP0,0+ROGLQJVWRERRVWFRDO
SURGXFWLRQ
0,0 +ROGLQJV WKH GLYHUVLILHG $XVWUDOLDQ PLQLQJ JURXS LV WR
FDSLWDOLVH RQ WKH VWURQJ SHUIRPDQFH RI LWV FRDO EXVLQHVV E\ DOPRVW
GRXEOLQJWKHGLYLVLRQ¶VSURGXFWLRQRYHUWKHQH[WILYH\HDUV
7KH%ULVEDQHEDVHGJURXSVDLGLWDLPHGWROLIWFRDOSURGXFWLRQIURP
PODVW\HDUWRPWRQQHVE\E\LQFUHDVLQJRXWSXWIURPH[LVW
LQJRSHUDWLRQVDQGGHYHORSLQJWZRQHZPLQHV$GHFLVLRQRQZKHWKHUWR
SURFHHGZLWKWKHFRPPHUFLDOGHYHORSPHQWRID5ROOHVWRQPLQHZRXOGEH
WDNHQLQWKHVHFRQGKDOIRIWKHSUHVHQWILQDQFLDO\HDULWDGGHG
+LJKHU$XVWUDOLDQGROODUSULFHVDQGLQFUHDVHGSURGXFWLRQERRVWHG
WKHJURXS¶VFRDOGLYLVLRQ¶VRSHUDWLQJHDUQLQJVSHUFHQWWR$P
86P  LQ WKH \HDU WR -XQH 7KLV KHOSHG JHQHUDWH D SHU FHQW
LQFUHDVHLQRSHUDWLQJSURILWVWR$PDKHDGRIH[SHFWDWLRQV
+RZHYHU QHW SURILWV IHOO SHU FHQW WR $P GXH WR D $P
ZULWHGRZQ DJDLQVW WZR (XURSHDQ ]LQF VPHOWHUV DQG D $P ORVV
GXHWRFXUUHQF\KHGJLQJ

'R\RXNQRZWKHVHZRUGV"
PLQLQJ 7ZI=3J349 mvétvlvi€kjíj¹ wévu€¡
snttvxz
PLQH  ¡j}zj
WRGRXEOH 7@6>H9 ylkjqkjz x¹ 
WRDLP  xzénuqzx¹
WR DLP DW GRLQJ  xzénuqzx¹xlnsjz·zvsqiv
VPWK
WR DLP WR GR  
VPWK
WROLIW   wvltqujz |nt€ 
  vzunt¹z xtqujz vméj
tq·ntq¹ojwénz 
QHWSURILW  ·qxzj¹wéqi€s

 
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

ZULWH GRZQ ZULWH   wvtq ntqn|nt€


GRZQ   ·jxzq·tvn xwqxjtqn oj
lvs nttvxzq 
KHGJLQJ 7ZDA 349 }nl qévkjtqn xzéj}vkjtqn
vzwvzné

:RUNRQWKHZRUGV
 0DWFKDQGWUDQVODWHWKHV\QRQ\PV
WROLIW WRGURS RXWSXW DFKLHYHPHQW
WRGRXEOH WRJRRQ SHUIRUPDQFH PRQH\
WRDLP WRERRVW GLYLVLRQ SURGXFWLRQ
WRGHYHORS WRPDNHWZLFH HDUQLQJV ZDVWH
WRSURFHHG WRWDUJHW ORVV UHWXUQ
WRIDOO WRSURJUHVV FXUUHQF\ VHFWLRQ

 7UDQVODWHLQWR(QJOLVKXVLQJWKLVSDWWHUQ
%ULVEDQHEDVHGJURXS méywwj tj}vl¹j¹x¹ k Èéqx
inptn
SULYDWHO\RZQHGHQWHUSULVH ·jxztvnwénlwéq¹zqn

·jxzt€pojkvl {qéujtj}vl¹j¹x¹kÎns
·jxzt€pv·qxzqznst€pojkvl iyétn
·jxzt€n¡j}z€ vémjtqoj|q¹xv¡zji
·jxzt€pujmjoqt rkjézqévpkˁíevérn
·jxztj¹xnzujmjoqtvk xvíowénlwéqtqujznsnpx|nt
·jxzt€nxjuvsnz€ zévukÒéntzvtn

 7UDQVODWHLQWR(QJOLVKSD\LQJDWWHQWLRQWRWKHVHZRUGV
KLJKHUSULFHV wvk€¡ntqn|ntivsnnk€xv
rqn|nt€
IXUWKHUSULFHLQFUHDVH ljstnp¡nnwvk€¡ntqn|nt

wvk€¡ntqn zjéq{vk tj ësnrzév ljstnp¡nnwvtq ntqn|nt
ëtnémqí otj·qznstvn wvk€¡ntqn
wvtq ntqnlv}vlvktjxnsntq¹ viunttvmvryéxj
wvk€¡ntqn tjsvmvk tj ërxwvéz tnotj·qznstvnwvk€¡ntqn
tyíwévlyr|qí tnivs¡vnqountntqn

 
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

qméjtjwvtq ntqnxzjkvr ojunztvn wvtq ntqn kjsíz


wvk€¡ntqnk€wyxrjwévlyr|qq tvmvryéxj

5HYLVH*UDPPDU
 :ULWH ZKDW SDUWV RI VSHHFK WKH ZRUGV LQ LWDOLFV DUH DQG
WUDQVODWHWKHVHQWHQFHV
0,0+ROGLQJVLVJRLQJWRERRVWFRDOSURGXFWLRQ
0,0 +ROGLQJV LV WR FDSLWDOLVH RQ WKH VWURQJ SHUIRUPDQFH RI LWV
FRDOEXVLQHVV
7KH\DUHSODQQLQJWRGRVRE\DOPRVWGRXEOLQJWKHSURGXFWLRQ
7KLVKHOSHGJHQHUDWHDSHUFHQWLQFUHDVH
7KHJURXSVDLGLWDLPHGWROLIWFRDOSURGXFWLRQ
7KHVSRNHVPDQDGGHGWKDWWKH\SODQQHGWRDFKLHYHLWE\GHYHORS
LQJWZRQHZPLQHV

 7UDQVODWHLQWR(QJOLVKREVHUYLQJWKH5XOHVRIWKH6HTXHQFH
RI7HQVHV
Æxzjznvzun·jsvx·zvvtqwsjtqévkjsqyknsq·qzwévqo
kvlxzkv
Æmjonznxvvijsvx·zv·qxz€nlv}vl€}vslqtmjtnxrvsrv
xvréjzqsqx
Ælvrsjlnyrjo€kjsvx·zvlv}vl€vzwévqokvlxzknttvpln¹
znstvxzqxvréjzqsqxtj

+DYHDQRWKHUORRNDWWKHQHZVSDSHULWHPDQG«
D $QVZHUWKHVHTXHVWLRQV
  &DQ\RXVXJJHVWZKDWWKHOHWWHUV0,0VWDQGIRU"
  :KDWLV0,0+ROGLQJV"
  :KDWZHUHWKHLUSODQVDERXWFRDOSURGXFWLRQ"
  7KDQNVWRZKDWGLGWKHKROGLQJFRPSDQ\LQFUHDVHWKHLUHDUQLQJV"
  'LGWKH\HTXDOO\LQFUHDVHWKHLUQHWSURILW"

E 7UDQVODWHWKHLWHPLQWR5XVVLDQ
F 7UDQVODWHLQWR(QJOLVK
Ðqtjtxvk€p mvl ² iíl nzt€p mvl êzv wnéqvl k  unx¹
|nk tj rvzvé€p xvxzjks¹nzx¹ mvxyljéxzkntt€p iíl nz vt uv

 
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

 nz xvkwjljz qsq tn xvkwjljz x rjsntljét€u mvlvu Æ Ænsq


rviéqzjtqq vt tj·qtjnzx¹ jwéns¹ q lsqzx¹ wv ujézj xsn
lyínmvmvljkf‘¬{qtjtxvk€pmvl²ëzvwnéqvlxvrz¹i
é¹wvxntz¹ié¹

7H[W3URGXFWLRQSRVVLELOLW\ERXQGDU\
3URGXFWLRQSRVVLELOLW\ERXQGDU\RUWUDQVIRUPDWLRQFXUYHLOOXVWDWHV
WKH HFRQRPLF SUREOHP RI VFDUFLW\ LQ SURGXFWLRQ 7KH SURGXFWLRQ
SRVVLELOLW\ ERXQGDU\ VKRZV WKH PD[LPXP DPRXQW RI JRRGV DQG VHU
YLFHV WKDW FDQ EH SURGXFHG E\ DQ HFRQRP\ DW D JLYHQ SRLQW LQ WLPH
ZLWKDYDLODEOHUHVRXUFHVDQGWHFKQRORJ\
7KHILJXUHEHORZVKRZVDSURGXFWLRQSRVVLELOLW\ERXQGDU\IRUPR
WRUFDUVDQGKRVSLWDOVDVVXPLQJWKDWDOOUHVRXUFHVDUHIXOO\HPSOR\HG
LQWKHPRVWHIILFLHQWZD\


3RLQW $ UHSUHVHQWVWKHPD[LPXPSURGXFWLRQRIPRWRUFDUVLIQR
KRVSLWDOV DUH SURGXFHG ZKLOH SRLQW % UHSUHVHQWV WKH PD[LPXP SUR
GXFWLRQ RI KRVSLWDOV LI QR PRWRU FDUV DUH SURGXFHG $W DQ\ SRLQW
DORQJWKHERXQGDU\VXFKDV&WKHUHLVDWUDGHRIIEHWZHHQWKHWZR
JRRGV 0RWRU FDU SURGXFWLRQ FDQ EH H[SDQGHG RQO\ E\ WDNLQJ UH
VRXUFHVDZD\IURPWKHSURGXFWLRQRIKRVSLWDOV
7KH SRLQW ODEHOOHG 8 LQGLFDWHV XQHPSOR\PHQW 0RUH RI ERWK
JRRGVFDQEHSURGXFHGDVLGOHUHVRXUFHVDUHHPSOR\HGXSWRWKHOLPLW
VHW E\ WKH SURGXFWLRQ SRVVLELOLW\ ERXQGDU\ 7KH EURNHQ OLQH $%
VKRZV KRZ WKH SURGXFWLRQ SRVVLELOLW\ ERXQGDU\ WHQGV WR PRYH RXW
ZDUGVRYHUWLPHDVDUHVXOWRIORQJWHUPHFRQRPLFJURZWKZKLFKLQ
FUHDVHV SRWHQWLDO RXWSXW +RZ IDU RXWZDUG WKH ERXQGDU\ PRYHV DQG
KRZTXLFNO\GHSHQGVXSRQWKHUDWHRIHFRQRPLFJURZWK

 
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

D 7UDQVODWHWKHVHZRUGVUHIHUULQJWRDGLFWLRQDU\
LIQHFHVVDU\
ERXQGDU\ WRODEHO XQHPSOR\PHQW
VFDUFLW\ WRLQGLFDWH SRLQW
WRDVVXPH LGOH ORQJWHUP
WUDGHRII WRWHQG KRVSLWDO

E 0DWFKWKH(QJOLVKDQG5XVVLDQHTXLYDOHQWV
SRVVLELOLW\ rvsq·nxzkv DYDLODEOH ë{{nrzqkt€p
DPRXQW jsznétjzqkj DERYH réjzrvxév·t€p
JURZWK méjtq|j HIILFLHQW lvsmvxév·t€p
ERXQGDU\ évxz SRWHQWLDO quníqpx¹
WUDGHRII réqkj¹ ORQJWHUP k€¡nyrjojtt€p
FXUYH kvouv tvxz VKRUWWHUP wvznt|qjst€p

l 7UDQVODWHWKHWH[WLQWR5XVVLDQ
G 0DWFKWKHHTXLYDOHQWV 
WUDQVIRUPDWLRQFXUYH réqkj¹wévqokvlqznstvxzq
LVRTXDQWFXUYH réqkj¹xwévxj
FRQVXPSWLRQFXUYH réqkj¹wvzénisntq¹
FRVWFXUYH réqkj¹éjxwénlnsntq¹
GHPDQGFXUYH réqkj¹éjkt€}rvsq·nxzk
GLVWULEXWLRQFXUYH réqkj¹xzvquvxzqréqkj¹ojzéjz
FXUYHRIRXWSXW réqkj¹zéjtx{véuj|qq

H 7UDQVODWHLQWR(QJOLVK
méjtq|jwévqokvlxzkntt€}kvouv tvxznp
ërvtvuq·nxrqnwévisnu€xk¹ojtt€nx«
ujrxqujstvnrvsq·nxzkv
wénlwvsjmj¹lvwyxrj¹·zv«
tjqivsnnë{{nrzqktv
xkvivlt€nénxyéx€
lvsmvxév·t€përvtvuq·nxrqpévxz

I :ULWHDVKRUWHVVD\RQRQHRIWKHWRSLFV
  3URGXFWLRQDQGHFRQRPHWULFV
  6RPHSUREOHPVLQSURGXFWLRQ
  3URGXFWLRQDQGTXDOLW\
 
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

/HVVRQ

 
&RPSDQLHV
'LDORJXH $MRELQWHUYLHZ
%XVLQHVVOHWWHU 2IIHULQJDQDJHQF\
7H[W $Q$SSOHDGD\
1HZVSDSHULWHPV ,.($IRXQGHUHQGVXQFHUWDLQW\E\VD\
LQJVRQVZLOOWDNHRYHU
 &RPSDQLHV
ELJJHUWKDQPDQ\QDWLRQV

$QQRWDWLRQ 7KH(QWUHSUHQHXUVKLS'\QDPLFV
*UDPPDU &RQGLWLRQDOV
 7KH$EVROXWH3DUWLFLSLDO&RQVWUXFWLRQ
 7KHZRUGRWKHU
 7KHZRUGZKLFK


'LDORJXH$MRELQWHUYLHZ
+HUH LV D SDUW RI DQ LQWHUYLHZ EHWZHHQ D 3HUVRQQHO 0DQDJHU 30 
DQGD\RXQJJLUO $QQ ZKRZDQWHGWREHHPSOR\HGE\WKHFRPSDQ\
30 *RRGPRUQLQJ0LVV«
$QQ 0LVV-RKQHV
30 0LVV -RKQHV \HV ULJKW +L 8P \RX
G OLNH WR MRLQ RXU
WHDP,JDWKHU
$QQ <HV,ZRXOG
30 7KDW
V YHU\ JRRG ,
G OLNH WR NQRZ D OLWWOH ELW DERXW \RX
3HUKDSV\RXFRXOGWHOOPHDOLWWOHELWDERXW\RXUHGXFDWLRQ
$QQ 2K\HVULJKW:HOO,OHIWVFKRRODWDQGIRUWKHILUVWWZR
\HDUV,ZHQWWR*LEVRQV\RXPLJKWNQRZWKHPWKH\
UHDQ
HQJLQHHULQJILUP$QGDIWHUWKDW,ZDQWHGWRGRDFRXUVH
VR,GLGDRQH\HDUIXOOWLPH3$FRXUVHDQGZHQWEDFNWR
*LEVRQV , ZDV 3$ WR WKH ([SRUW 'LUHFWRU , VWD\HG WKHUH
IRUWZR\HDUVDQGWKHQPRYHGRQWRP\SUHVHQWFRPSDQ\
7KDW
V(XURSD0DUNHWLQJ0U$GDLUWKHPDUNHWLQJGLUHF
WRURIIHUHGPHDMREEHFDXVH*LEVRQVKDGZRUNHGTXLWHD

 
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

ORW ZLWK (XURSD 0DUNHWLQJ $QG ,


YH EHHQ ZLWK WKHP IRU
WKUHH\HDUV,ILUVWZRUNHGZLWKWKH0DUNHWLQJ'LUHFWRUDQG
QRZ,
PZLWKWKH6DOHV'LUHFWRU
30 7KDW
V DOO YHU\ LQWHUHVWLQJ 0LVV -RQHV $QG ZKDW GLG \RX
HQMR\ PRVW DW VFKRRO" :KDW ZDV WKH FRXUVH WKDW \RX HQ
MR\HGPRVW"
$QQ $K« IRUHLJQ ODQJXDJHV , OLNHG EHVW :H GLG )UHQFK DQG
*HUPDQ<HV
30 0KP$QGDUH\RXTXLWHIOXHQWLQWKRVHQRZ"
$QQ <HV D ELW UXVW\ QRZ EXW REYLRXVO\ WKH PRUH WUDYHO , FDQ
GR WKH PRUH , FDQ XVH P\ ODQJXDJHV DQG ,
G OLNH WR OHDUQ
DQRWKHUODQJXDJH,
GOLNHWRDGG,WDOLDQDVZHOO
30 ,WDOLDQ"
$QQ <HV
30 9HU\JRRGYHU\JRRGWKDWPLJKWEHYHU\XVHIXO1RZWHOO
PHDOLWWOHELWDERXWWKHZRUN\RX
UHGRLQJDWSUHVHQW
$QQ :HOO(XURSD0DUNHWLQJLVDPDUNHWLQJDQGSXEOLFUHODWLRQV
FRPSDQ\DQGWKH\GRFRQVXOWDQF\ZRUNIRUFRPSDQLHVRSH
UDWLQJLQWKH8.DQG(XURSHDQPDUNHWV2XUFOLHQWVFRPH
IURP DOO RYHU WKH ZRUOG :H GHDO ZLWK VRPH RI WKHP E\
SRVW EXW PRVW RI WKHP FRPH WR RXU RIILFHV DQG DW OHDVW
RQFHGXULQJDSURMHFW,DVVLVWWKHVDOHVGLUHFWRUE\DUUDQJ
LQJWKHVHYLVLWVVHWWLQJXSPHHWLQJVDQGSUHVHQWDWLRQVDQG,
GHDOZLWKKHUFRUUHVSRQGHQFH
30 ,W VRXQGV DV LI \RX
UH YHU\ KDSS\ WKHUH 0LVV -RQHV ,
P
FXULRXVZK\\RX
GOLNHWROHDYHWKHPDQGMRLQRXUFRPSDQ\
$QQ :HOO,NQRZWKHUHSXWDWLRQRI$QJOR(XURSHDQDQGLWKDV
DYHU\JRRGUHSXWDWLRQ$QG,IHHOWKDW,ZRXOGKDYHPRUH
VFRSHDQGRSSRUWXQLW\LQ\RXUFRPSDQ\DQGWKDWWKHZRUN
ZLOOEHPRUHFKDOOHQJLQJIRUPH,PLJKWEHDEOHWRSRVVL
EO\ WUDYHO DQG XVH P\ ODQJXDJHV EHFDXVH DW WKH PRPHQW
PRVW RI P\ ZRUN LV UDWKHU URXWLQH VHFUHWDULDOW\SH ZRUN
DQG,OLNHWKHLGHDRIPRUHFKDOOHQJHVLQP\OLIHUHDOO\«

'R\RXNQRZWKHVHZRUGV"
SHUVRQQHO 7<L1(O1ZJAH9 ¡zjzwnéxvtjs
V\QVWDII  
WHDP  rvujtlj
WRJDWKHU   xviqéjz
   wvtqujz
SHUKDSV 7L1ZD'LO9 kvouv tv

 
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

IXOOWLPH  wvst€péjiv·qplnt
DQWSDUWWLPH  
3$ 3HUVRQDO$VVLVWDQW  xnrénzjéwvuvtqr
WRPRYHRQWR  wnén}vlqzk
IOXHQW 7BHQ(1JP9 xkvivlt€p
UXVW\  ojwyntt€poji€z€p
REYLRXVO\ 7ZK>R31OH39 v·nkqltv
FXULRXV 7ZGFQ1N31O9 síivw€zt€p
FKDOOHQJLQJ  iévxjíqpk€ovk

*UDPPDU&RQGLWLRQDOV
3UHVHQW ,I,NQHZ(QJOLVK,ZRXOGJHWWKLVMRE
 ,I,ZHUH\RX,ZRXOGVWDUWOHDUQLQJ(QJOLVK

3DVW ,I WKH\ KDG GHFLGHG WR RIIHU WKH MRE WR PH WKH\
ZRXOGKDYHFRQWDFWHGPHORQJDJR

 5HDGDQGWUDQVODWHWKHVHQWHQFHV
,I,FRXOG,ZRXOGMRLQ\RXUWHDP
,I,FRXOG,ZRXOGKDYHMRLQHG\RXUWHDPODVW\HDU
,I \RX MRLQHG XV IRU WKH WULS WR WKLV 8QLYHUVLW\ , ZRXOG EH YHU\
KDSS\
,I \RX KDG MRLQHG XV IRU WKH WULS WR WKH XQLYHUVLW\ ODVW PRQWK ,
ZRXOGKDYHEHHQYHU\KDSS\
,I,ZHUHWKHUHQRZ,ZRXOGDVNKLPYHU\PDQ\TXHVWLRQV
, ZRXOG KDYH WROG KLP DERXW P\ HGXFDWLRQ LI KH KDG DVNHG PH
WKHVHTXHVWLRQV
7KH\ZRXOGKDYHGRQHWKLVFRXUVHLIWKH\KDGKDGHQRXJKPRQH\
WRSD\IRULW
:HZRXOGEHYHU\JODGWRVHH\RXWRPRUURZ

 0DNH VHQWHQFHV DV LQ WKH H[DPSOH DQG WUDQVODWH WKHP LQWR
5XVVLDQ
WRKDYHPRUHVFRSH\RXUFRPSDQ\=,ZRXOGKDYHPRUHVFRSH
LQ\RXUFRPSDQ\

WRKDYHPRUHVFRSHXQLYHUVLW\
WRKDYHPRUHRSSRUWXQLW\ILUP
WRKDYHPRUHFKDOOHQJHVLQVWLWXWH

 
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

WRGRPRUHFKDOOHQJLQJZRUNODERUDWRU\
WRPDNHPRUHSURJUHVVSODQW
WRLPSURYHP\(QJOLVK7UDYHO&HQWUH
WRLQFUHDVHP\YRFDEXODU\6WXGHQWV
&OXE

 &RPSOHWHWKHVHQWHQFHVWKHZD\\RXOLNH
,I,ZHUH\RX,ZRXOG«
,I,KDGQRWHQWHUHGWKH8QLYHUVLW\,ZRXOGKDYH«
,IKHKDGDWWHQGHGDOOWKHOHFWXUHV«
,IVKHFRXOGVSHDN)UHQFK«
,I,KDGPRUHVSDUHWLPH«
7KH\ZRXOGKDYHJRQHRQDVWXG\LQJWRXUWR«
+HZRXOGDFFHSWWKHDSSRLQWPHQW«

 7UDQVODWHLQWR(QJOLVK
cxsqi€¹ivs¡notjsviëzvpwévisnun¹i€kjurvtn·
tvwvuvm
΀ i€ wvxnzqsq ëzy un lytjévltyí k€xzjkry nxsq i€ y
tjxi€svwéqmsj¡ntqn
yétjsqxz€i€ojljsqëzvzkvwévxuqtqxzéy{qtjtxvknx
sqi€vtwéq¡nstjwénxxrvt{nént|qí
Ìtji€wnén¡sjtjëzy{qéuynxsqi€otjsjtnun|rqp¹o€r
cxsqi€utnwénlsv qsqëzyéjivzy¹i€xéjoyxvmsjxqsjx
Ëvutnwénlsv qsqxvkxnutnqtznénxtyíéjivzy

*UDPPDU7KHZRUGRWKHU
DQRWKHUQRXQLQWKHVLQJXODU 0D\,DVN\RXDQRWKHUTXHVWLRQ"
 nnvlqtrjrvpzvléymvp 

WKHRWKHUQRXQLQWKHVLQJXODU 7KH ILUVW TXHVWLRQ LV HDV\ EXW WKH


RWKHU TXHVWLRQRQH LVQRW
 léymvpqolky} 

WKHRWKHUQRXQLQWKHSOXUDO 7KH ILUVW TXHVWLRQ LV HDV\ EXW WKH


RWKHUTXHVWLRQVRQHVDUHQRW
RUWKHRWKHUV 
 vxzjst€n 

RWKHUQRXQLQWKHSOXUDO +H DQVZHUHG P\ TXHVWLRQ DQG D


IHZRWKHUTXHVWLRQV RURWKHUV 
 léymqn 

 
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

 8VHWKHULJKWZRUGDQGWUDQVODWHWKHVHQWHQFHV
, FDQQRW VD\ , OLNH *HUPDQ ,
G OLNH WR OHDUQ DQRWKHUWKH RWKHU 
(XURSHDQODQJXDJH
<HVWHUGD\WKH\VKRZHGWZR(QJOLVKILOPV2QHZDVDERXWWKH6HF
RQG :RUOG :DU DQG DQRWKHUWKH RWKHU  ZDV GHYRWHG WR WKH FXUUHQW
HYHQWVLQ%ULWDLQ
+DYH DQRWKHUWKHRWKHU ORRNDWWKLVQHZVSDSHULWHP
7KHUH DUH D IHZ LWHPV RQ WKH WRSLF 5HDG WKH ILUVW DQG WUDQVODWH
RWKHUVWKHRWKHUV 
+H KDV UHDG WKH SRHPV RI 3XVKNLQ /HUPRQWRY DQG D IHZ
RWKHURWKHUV 5XVVLDQSRHWVLQWKHRULJLQDO

 7UDQVODWHLQWR(QJOLVK
Ìt}vznsxtj·jsjwnénpzqtjléymyíéjivzytvwvzvuwnén
lyujs
ƀ}vzqzny·qznnrjrvptqiyl¹o€r"
Ìtq wvxnzqsq ujérnzqtmvkyí rvtxjszqtmvkyí énrsjutyí
rvuwjtqqqtnrvzvé€nléymqn
Íjéztné€ vixylqsq xzvquvxz wévnrzj xévrq xzévqznsxzkj
qléymqnkj t€nkvwévx€

 6D\LIWKHYHUEVDUHXVHGLQWKH$FWLYHRU3DVVLYH9RLFHDQG
WUDQVODWHWKHVHQWHQFHV
$QQZDQWHGWREHHPSOR\HGE\WKLVSDUWLFXODUFRPSDQ\
0RVWSUREDEO\WKHFRPSDQ\ZDVUDWKHUELJDQGLWHPSOR\HGPDQ\
SHRSOH
,GRQ
WWKLQNVKHZLOOJHWDMREKHUH
7KH3HUVRQQHO0DQDJHULQWHUYLHZHGKHUIRUUDWKHUDORQJWLPH
,WVHHPVWRPH$QQZDVLQWHUYLHZHGIRUDQHQGOHVVWLPH
'R\RXOLNHWREHLQWHUYLHZHG"
+DYH\RXHYHUEHHQLQWHUYLHZHG"

 8VH3DUWLFLSOHV,WRPDNHWKHZRUGFRPELQDWLRQVPRUHRIIL
FLDODQGWUDQVODWHLQWR5XVVLDQ
FRPSDQLHVZKLFKRSHUDWHLQWKH86$=FRPSDQLHVRSHUDWLQJLQWKH86$
FRPSDQLHVZKLFKRSHUDWHRQWKLVPDUNHW

 
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

FRPSDQLHVZKLFKGHDOZLWKWKH8.
FRPSDQLHVZKLFKGHDOLQJROG
WUXVWZKLFKGHDOVLQVHFXULWLHV
EUDQFKZKLFKGHDOVLQWKLVUHJLRQ
DIILOLDWHZKLFKGHDOVLQH[SRUWLQJRLO
SDUHQWFRPSDQ\ZKLFKFRQWUROVWKHPRQH\IORZ

6WXG\WKHSDWWHUQ
WRDVVLVWVRPHERG\E\GRLQJVRPHWKLQJ

 0DNHVHQWHQFHVDVLQWKHH[DPSOH

WRDUUDQJHWKHVHYLVLWV=,DVVLVWWKHPE\DUUDQJLQJWKHVHYLVLWV

WRVHWXSYLVLWV WRPDNHWHOHSKRQHFDOOV
WRVHWXSSUHVHQWDWLRQV WRSUHSDUHEXVLQHVVYLVLWV
WRGHDOZLWKFRUUHVSRQGHQFH WRPDNHWUDYHODUUDQJHPHQWV
WRGUDZGLDJUDPV WRSULQWDOOWKHPDWHULDOV

+DYHDQRWKHUORRNDWWKHGLDORJXHDQG«
D 5HDGWKHIROORZLQJSD\LQJDWWHQWLRQWRWKHVRXQGV
>@DQG>"@
7KDW
VYHU\JRRG 7KH\GRFRQVXOWDQF\ZRUN
7KDW
V(XURSD0DUNHWLQJ 7KH\FRPHIURPDOORYHUWKHZRUOG
7KDW
VDOOYHU\LQWHUHVWLQJ 7KHUHSXWDWLRQLVYHU\JRRG
7KDWPLJKWEHYHU\XVHIXO 7KHZRUNZLOOEHPRUHFKDOOHQJLQJ
7KH\
UHDQHQJLQHHULQJILUP IRUPH

E 5HDGWKHVHQWHQFHVSD\LQJDWWHQWLRQWRWKHLQWRQDWLRQ
­ ® ,ILUVWZRUNHGZLWKWKH
:HOO,OHIWVFKRRODWHLJK WHHQ
­ ­
$QGDIWHU WKDW,ZDQWHGWRGR 0DUNHWLQJ 'L UHFWRU  DQG QRZ
® ®
D FRXUVH ,
PZLWKWKH 6DOHV'LUHFWRU

 
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

­ :KDW IRUHLJQ ODQJXDJHV FDQ \RX


0U $GDLU WKH PDUNHWLQJ GL UHF
®
® VSHDN"
WRURIIHUHGPHD MRE
­ :KDW ZDV WKH FRXUVH WKDW \RX
$UH\RXTXLWHIOXHQWLQ )UHQFK"
®
 HQMR\HG PRVW"

F 5HDGWKHGLDORJXH

D )LQGWKHWHUPVLQWKHGLDORJXHZKLFKPHDQWKHIROORZLQJ
DQXPEHURISHUVRQVXQLWHGIRUEXVLQHVVRUFRPPHUFH
DSHUVRQZKRGLUHFWVWKHDIIDLUVRIDEXVLQHVVFRPSDQ\
DSHUVRQZKRFRQWUROVDEXVLQHVV
E &DQ\RXH[SODLQWKHIROORZLQJ
DQHQJLQHHULQJILUP
DPDUNHWLQJFRPSDQ\
DSXEOLFUHODWLRQVFRPSDQ\
F +DYHDORRNDWWKHFDUWRRQDQGVD\ZKDW\RXVHHLQLW


 
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

%XVLQHVVOHWWHU2IIHULQJDQDJHQF\
+HUHLVDOHWWHURIDQ(QJOLVKFRPSDQ\RIIHULQJDQDJHQF\WRD*HU
PDQFRPSDQ\

*UDVVPDQQ$*
/LQGHQZHJ
'%HUOLQ
2FWREHU
'HDU6LUV
<RXUFRPSDQ\ZDVUHFRPPHQGHGWRXVE\WKH*HUPDQ&KDPEHU
RI&RPPHUFHLQ/RQGRQZKRVDLG\RXPLJKWEHLQWHUHVWHGLQUHSUH
VHQWLQJRXUSRUFHODLQPDQXIDFWXULQJFRPSDQ\LQ\RXUFRXQWU\
:HKDYHDQXPEHURIDJHQFLHVLQRWKHU(XURSHDQFRXQWULHVZKR
UHFHLYHSURGXFWVRQDSSURYDOWKHQVHOOWKHPRQDVL[SHUFHQWFRP
PLVVLRQRQH[ZRUNVSULFHV7KHVHDUHVROHDJHQFLHVZKLFKPHDQVWKDW
RQO\ZHVXSSO\WKHPDQGWKH\UHSUHVHQWRQO\XVLQWKLVOLQH
*HQHUDOO\ WKHLU FXVWRPHUV VHWWOH DOO DFFRXQWV ZLWK XV WKHQ ZH
VXSSO\WKHPGLUHFWRQLQYRLFHVUHFHLYHGIURPWKHDJHQW
,QPRVWFDVHVZHRIIHUDWULDODJHQF\IRURQH\HDUDQGLIWKHUH
VXOWVDUHJRRGZHH[WHQGWKHDJHQF\RQDIXUWKHUWZR\HDUFRQWUDFW
:HZRXOGRIIHU\RXVXSSRUWWKURXJKDGYHUWLVLQJEURFKXUHVDQGOHDI
OHWVLQ*HUPDQWKHFRVWRIWKLVEHLQJVKDUHGEHWZHHQXV
2XU PDUNHW UHVHDUFKHUV WHOO XV WKHUH LV DQ LQFUHDVLQJ GHPDQG IRU
RXUOLQHRISURGXFWVLQ\RXUFRXQWU\VRLWZLOOQRWEHGLIILFXOWWRVHOO
RXUZDUHV
,I\RXZRXOGEHLQWHUHVWHGLQDQDJHQF\RIWKLVW\SHZHFDQVHQG
\RX D VWDQGDUG DJUHHPHQW JLYLQJ \RX PRUH GHWDLOV RI RXU WHUPV
0HDQZKLOHZHDUHHQFORVLQJRXUFXUUHQWFDWDORJXH
<RXUVVLQFHUHO\
3.LQJ
*HQHUDO0DQDJHU

'R\RXNQRZWKHVHZRUGV"
DJHQF\ 7ZA3 1JO39 jmntzxzkv wénlxzj
kqznsxzkv wvxénl
tq·nxzkv
FKDPEHURIFRPPHUFH  zvémvkj¹wjsjzj
WRUHSUHVHQW  wénlxzjks¹z

 
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

DSSURYDO 71ZLNQ(RH9 vlviéntqn


H[ZRUNVSULFHV  |nt€ {éjtrv ojkvl
|ntj krsí·jnz zvsrv
xzvquvxz zvkjéj ino
zéjtxwvézt€}qléymq}
éjx}vlvk oj wénlnsjuq
ojkvljqomvzvkqzns¹ 
VROH  qxrsí·qznst€p
uvtvwvst€p
OLQH  jxxvézquntz
FXVWRPHU 7ZG6OP1I19 wvrywjzns
WRVHWWOHDFFRXQWVZLWKVPE  ÇÈÆÀ¿ºÆ¼ÀÊÔÆÇøÊË
LQYRLFH 7Z3JRK3O9 x·nz
WRVKDUH  lnsqzéjolns¹z
ZDUHV  zvkjéqolnsq¹
WRHQFORVH 73JZGHKQV9 wéqsjmjz

*UDPPDU7KH$EVROXWH3DUWLFLSLDO&RQVWUXFWLRQ
 ;\lifymhvdjkcr[lmhvdi\ikim 
¬ixvsízt€p wéq·jxzt€p vivévz viéjoynzx¹ x wvuví xy
nxzkqznstvmvqwéq·jxzq¹,
:HZRXOGRIIHU\RXVXSSRUWWKURXJKDGYHUWLVLQJ
WKHFRVWRIWKLVEHLQJVKDUHGEHWZHHQXV
΀ uvmsq i€ wénlsv qz xkvn y·jxzqn k énrsjun éjolnsqk x kjuq
éjx}vl€tjénrsjuy 
¬ixvsízt€pwéq·jxzt€pvivévzwnénkvlqzx¹tjéyxxrqp¹o€r
 lnnwéq·jxzt€uvivévzvu
 wéqljzv·t€uwénlsv ntqnuwéq·qt€qsqkénuntq xwvuv
íxvíovkzjrrjrwvzvuy·zvwvxrvsrywvxsnzvmvrjrqlé
 xjuvxzv¹znst€uwénlsv ntqnu
Íéq·jxzqn , k}vl¹nn k jixvsízt€p wéq·jxzt€p vivévz
uv nzi€z
wévxz€u
:H ZRXOG RIIHU\RXVXSSRUWWKURXJKDGYHUWLVLQJRXUWZRFRPSDQLHV
VKDULQJWKHFRVW
΀ uvmsq i€ wénlsv qz xkvn y·jxzqn k énrsjun q tj¡q {qéu€
wvlnsqsqi€un lyxvivpéjx}vl€tjénrsjuy 
wné{nrzt€u
:HVXSSRUWHGWKHPWKURXJKDGYHUWLVLQJRXUFRPSDQ\KDYLQJVKDUHG
WKHFRVWVZLWKDOORIRXUDJHQWVSUHYLRXVO\

 
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

 8QGHUOLQHWKH$EVROXWH3DUWLFLSLDO&RQVWUXFWLRQVUHDGDQG
WUDQVODWHWKHVHQWHQFHV
7KH &KDPEHU RI &RPPHUFH JLYLQJ WKH LQIRUPDWLRQ WKH (QJOLVK
FRPSDQ\VHQWDQRIIHUWRWKH*HUPDQFRPSDQ\
7KHFRPSDQ\DFFHSWHGWKHRIIHUZLWKWKHSULFHVIRUVLPLODUZDUHV
KDYLQJLQFUHDVHGVLJQLILFDQWO\RQWKHLUPDUNHW
:LWKWKHSULFHVEHLQJYHU\KLJKWKHFRPSDQ\PDQDJHGWRVHOOWKH
JRRGVDWDYHU\JRRGSURILW
7KHGHVLJQHUVKDYLQJFRPSOHWHGWKHZRUNWKHFRQVWUXFWRUVVWDUWHG
GHOLYHULQJVSHFLDOHTXLSPHQWWRWKHVLWH
7KH\ GLVFXVVHG WKH WHUPV RI GHOLYHU\ ZLWK WKH FRPSDQ\ KDYLQJ
DJUHHGWRUHFRQVLGHUWKHSULFH
7KH\VHQWWKHFRPSDQ\DQLQYRLFHWKHILUVWORWKDYLQJEHHQVHQW
WKHSUHYLRXVZHHN

7KHZRUGZKLFK
  
Ævwévxqznst€n Íéqljzv·t€n wénlsv Íéqljzv·t€n
wénlsv ntq¹ wéq  ntq¹ vztvx¹qnx¹ r wénlsv ntq¹
yxsvkqq vméjtq·nt xynxzkqznstvuy vztvx¹qnx¹ rv
tvmvk€ivéj  kxnuy msjktvuy
wénlsv ntqí

:KLFK WH[W GR \RX 5HDGWKHWH[WZKLFKVHHPV +HKDVUHDGDOOWKH


OLNHEHWWHU" PRUHLQWHUHVWLQJWR\RX WH[WV ZKLFK LV YHU\
Çjrvp qo ëzq} znr Íév·qzjpzn znrxz rvzv LPSRUWDQW
xzvk kju téjkqzx¹ é€p kju rj nzx¹ ivsnn Ìt wév·qzjs kxn
ivs¡n"  qtznénxt€u  znrxz€ ·zv v·nt
5HDG WKH WH[W ZKLFK  ZH kj tv 
WUDQVODWHG DW WKH SUHYLRXV 
OHVVRQSOHDVH
Íév·qzjpzn znrxz rvzv
é€p u€ wnénkvlqsq tj
wév¡svuyévrn 


 
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

 5HDGDQGWUDQVODWHWKHVHQWHQFHV
7KHVH DUH VROH DJHQFLHV ZKLFK PHDQV WKDW RQO\ ZH VXSSO\ WKHP
$QGWKH\UHSUHVHQWRQO\XVLQWKLVOLQH
:KLFKRIWKHWZRFRPSDQLHVVHHPVPRUHUHOLDEOHWR\RX"
7KH\ FRQWDFWHG WKH FRPSDQ\ ZKLFKWKDW KDG EHHQ UHFRPPHQGHG
E\WKH*HUPDQ&KDPEHURI&RPPHUFH
7KH (QJOLVK FRPSDQ\ KDG D QXPEHU RI DJHQFLHV LQ RWKHU FRXQ
WULHVZKLFKZKRUHFHLYHGWKHLUSURGXFWVRQDSSURYDO
6RPHDJHQFLHVUHFHLYHJRRGVIURPWKHLUSULQFLSDOVRQFRPPLVVLRQ
ZKLFKLVUDWKHUSRSXODU
$ )UHQFK FRPSDQ\ RIIHUHG DQ DJHQF\ RQ D FRQVLJQPHQW EDVLV
ZKLFKGLGQRWVXLWWKHDJHQW

 7UDQVODWHLQWR(QJOLVK
΀ wvsy·qsq kxí lvryuntzj|qí tj éyxxrvu ¹o€rn ·zv
wéq¹ztvylqkqsvtjx
Ðqéuj xvmsjxqsjx éjolnsqz ëzq éjx}vl€ x lvknéqznsnu
SULQFLSDO ·zvi€svkwvstnnxznxzknttv
Ìtqwvsy·qsqwqxuvrrvzvévuyi€swéqsv nttvk€prj
zjsvmq}wévlyr|qq

 8VHFRUUHFWDUWLFOHVZKHUHQHFHVVDU\DQGWUDQVODWHWKHVHQ
WHQFHV
7KH FRPSDQ\ ZDV UHFRPPHQGHG E\ « *HUPDQ &KDPEHU RI
&RPPHUFH
:HGRQRWNQRZ«QDPHRI«(QJOLVKFRPSDQ\
0U.LQJLV«*HQHUDO0DQDJHURI«FRPSDQ\
«(QJOLVKFRPSDQ\KDV«QXPEHURIDJHQFLHVLQ«RWKHU(XUR
SHDQFRXQWULHV
7KHVHDJHQFLHVUHFHLYHSURGXFWVRQ«DSSURYDO
7KHQ WKH\ VHOO « SURGXFWV RQ « VL[ SHU FHQW FRPPLVVLRQ RQ «
H[ZRUNVSULFHV
,Q«PRVWFDVHVWKH\RIIHUHG«WULDODJHQF\IRURQH\HDU
,I«UHVXOWVZHUHJRRGWKH\H[WHQGHG«DJHQF\RQ«IXUWKHUWZR
\HDUFRQWUDFW

 
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

:RUNRQWKHZRUGV
WRRIIHU WRVXJJHVW WRSURSRVH
wénlsjmjz·zvsqiv wénlsjmjzrjryí wénlsjmjz·zvsqiv
rvtrénztvn  sqivqlní  tjv{q|qjstvu
yévktn 
+HRIIHUHGKLVKHOS +HVXJJHVWHGDWULSWR 7KH FRXQWU\ SURSRVHG
+HRIIHUHGWRKHOSXV WKHFRXQWU\ DYHU\JRRGSURMHFW
+H VXJJHVWHG JRLQJ WR 7KH\SURSRVHGWRPHHW
WKHFRXQWU\ QH[WPRQWK
+H VXJJHVWHG WKDW ZH
VKRXOG  JR WR WKH
FRXQWU\

 5HDGDQGWUDQVODWHLQWR5XVVLDQ
7KH(QJOLVKSULQFLSDOVRIIHUHGDQDJHQF\WRD*HUPDQFRPSDQ\
7KH\RIIHUHGDVROHDJHQF\
7KH\VXJJHVWHGWKDWWKHDGYHUWLVLQJH[SHQVHVVKRXOGEHVKDUHG
7KH SULQFLSDOV RIIHUHG D VL[ SHU FHQW FRPPLVVLRQ RQ H[ZRUNV
SULFHV
0RVW SUREDEO\ WKH &KDPEHU RI &RPPHUFH KDG RIIHUHGSURSRVHG
DOLVWRISURVSHFWLYHDJHQWV
7KHFRPSDQ\RIIHUHGKLPWKHKRXVHIRU…
+LVZLIHVXJJHVWHGWKDWWKH\ VKRXOG VHHWKHKRXVHWKHQH[WGD\

 7UDQVODWHLQWR(QJOLVK
Ðqtjtxvk€p untnl né wénlsv qs wvlmvzvkqz q vixylqz
wévnrzlvmvkvéjk·nzkném
Ìtwénlsv qsvixylqzëzvzkvwévxkxnukunxzn
Îtnwénlsv qsqxlnsjzviové tvkqtvrërvtvuq·nxrvpsq
znéjzyé€
Ìtwénlsv qsxkvíwvuvkëzvuzéyltvulnsn
‰wénlsv qsnpwvuv·qvtjxéjlvxzíwéqt¹sj uvíwv
uv

 &KRRVHWKHULJKWYHUEDQGXVHLWLQWKHFRUUHFWIRUP
WRVD\WRWHOOWRVSHDN
7KH RIILFLDOV RI WKH &KDPEHU RI &RPPHUFH « WKH (QJOLVK FRP
SDQ\WKDWDIHZFRPSDQLHVPLJKWEHLQWHUHVWHGLQUHSUHVHQWLQJWKHP

 
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

7KH(QJOLVKFRPSDQ\«WKH\KDGDIHZVROHDJHQFLHV
,WDOVR«WKHLUFXVWRPHUVVHWWOHGDOODFFRXQWVGLUHFWO\ZLWKWKHP
'LGWKH\«WKHSURVSHFWLYH*HUPDQDJHQWVWKH\ZRXOGVKDUHWKH
DGYHUWLVLQJH[SHQVHV"
7KHLUPDUNHWUHVHDUFKHUV«WKHPWKHUHZDVDQLQFUHDVLQJGHPDQG
IRUWKH(QJOLVKSURGXFWVRQWKH*HUPDQPDUNHW
&DQ\RX«ZKDWWKHUHSO\RIWKH*HUPDQFRPSDQ\ZLOOEH"
:HKDYHQRW«DERXWLW

+DYHDQRWKHUORRNDWWKHOHWWHUDQG«
D 6XPXSWKHRIIHUWKH(QJOLVKFRPSDQ\PDGH
 E :ULWHDUHSO\LQWKHQDPHRIWKH*HUPDQFRPSDQ\


7H[W$Q$SSOHDGD\
,Q  $QLWD 5RGGLFN WRRN RXW D *%3ORDQ DQG RSHQHG
WKH ILUVW %RG\ 6KRS 7ZHOYH \HDUV ODWHU VKH RSHQHG WKH QG %RG\
6KRS DQG ZDV ODXQFKLQJ LQWR WKH 8QLWHG 6WDWHV %\ WKHQ VKH KDG
VWRUHVLQPDQ\FRXQWULHVDQGUDQDQHPSLUHZLWKDQDQQXDOWXUQRYHU
RI …PLOOLRQ +HU FKDLQ RI QDWXUDO FRVPHWLFV VWRUHV KDV FUHDWHG
RYHUMREVLQWKH8QLWHG.LQJGRPDQGPDQ\PRUHRYHUVHDV
$QRWKHUVSHFWDFXODUJURZWKVWRU\LVWKDWRI$SSOH&RPSXWHU$SSOH
EHJDQLWVOLIHZLWK6WHYHQ-REVDQG6WHSKHQ:R]QLDNWZRVWXGHQWVDW
6WDQIRUG8QLYHUVLW\LQWKH8QLWHG6WDWHVZKRZRUNHGLQDJDUDJH
7KH\ERXJKWDIHZFRPSRQHQWVDQGSURGXFHGWKHZRUOG
VILUVWFRP
PHUFLDOO\ VXFFHVVIXO SHUVRQDO FRPSXWHU WKH $SSOH )URP WKDW PRGHVW
VWDUW$SSOH&RPSXWHUKDVJURZQLQWRDJLDQW7ZRWKLUGVRIDOOILUPVDUH
RSHUDWHGE\WKHLURZQHUVDV%RG\6KRSDQG$SSOHRQFHZHUH
%XW FRPSDQLHV OLNH %RG\ 6KRS DQG $SSOH WRGD\ DFFRXQW IRU
DERXWSHUFHQWRIDOOEXVLQHVVVDOHV

'R\RXNQRZWKHVHZRUGV"
ORDQ 7HKQJ9 ojnuxxyljrénlqz
ERG\ 7Z>K@39  znsv
 vémjtqoj|q¹

 
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

WRUXQDQHPSLUH 7ZAIL=319 ksjlnzquwnéqnp


WXUQRYHU 7ZP1(J<KQR19 zvkjévvivévz
FKDLQ 7"A3J9 |nw
RYHUVHDV 7<KQR1ZO3(V9 ojuvénuojméjtq|np
VSHFWDFXODU 7OLAGZP'GFQH19 ¹érqpoj}kjz€kjíqp
JDUDJH 7Z2'N=(!9  intovrvsvtrj
 mjéj 
PRGHVW 7ZIK@3OP9 xrévut€p
WRDFFRXQWIRUSHUFHQW 71ZG=QJP9 xvxzjks¹z«

,QFUHDVH\RXUYRFDEXODU\
 )RUPQRXQVZLWKWKHKHOSRIWKHVXIIL[HURU
WRRZQ WRFRPSXWH
WRZRUN WREX\
WRRSHUDWH WRPDQDJH
WRLQVWUXFW WRVHOO
WRSURGXFH WRFRQWUDFW
WRUHSRUW WRLQIRUP

 0DWFKWKHZRUGVKDYLQJWKHRSSRVLWHPHDQLQJ
RYHU WREX\
WRODXQFK XQGHU
WRVHOO WRZLWKGUDZ
WRFUHDWH WRNLOO
WRWDNH WRFORVH
WRRSHQ WRUHWXUQ
QDWXUDO IHZ
ILUVW PDQPDGH
PDQ\ ODVW

 0DWFKWKHZRUGVZKLFKDUHYHU\FORVHLQWKHLUPHDQLQJ
VWRUHV SHWURODQGVHUYLFHVWDWLRQ
MRE FUHGLW
ORDQ ZRUN

 
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

FRPSRQHQW SURSULHWRU
RZQHU SDUW
JDUDJH VKRS
VSHFWDFXODUVWRU\ WRJHWLQWRDFRXQWU\
WRODXQFKLQWRDFRXQWU\ WRERUURZVRPHPRQH\
WRWDNHRXWDORDQ RYHUVHDV
WRUXQDQHPSLUH DVWRU\DWWUDFWLQJSXEOLFDWWHQWLRQ
LQRWKHUFRXQWULHV WRKDYHDQHPSLUH

 )RUPZRUGFRPELQDWLRQVZLWKWKHDWWULEXWHFKDLQOLNHWKLV
DQGWUDQVODWHWKHPLQWR5XVVLDQ
EDQNV=DFKDLQEDQN


VWRUHV VKRHVKRSV
GHSDUWPHQWVWRUHV MHZHOOHUV
GUXJVWRUHV WUDYHODJHQWV

 :ULWHDQGWUDQVODWHZRUGFRPELQDWLRQVZLWKWKHYHUEWRUXQ
0DNHDIHZVHQWHQFHVZLWKWKHVHZRUGFRPELQDWLRQV
 DQHPSLUH
 DQLQGXVWU\
 DFRPSDQ\
 DILUP
WRUXQ DVWRUH
 DVKRS
 DIDFWRU\
 DODXQGU\
DEDNHU\

 )LQGWKHWHUPVLQWKHWH[WZKLFKGHVFULEHRUPHDQWKHIRO
ORZLQJ
N DVXPRIPRQH\OHQW
N DQXPEHURIVWRUHVRZQHGRUFRQWUROOHGE\WKHVDPHFRPSDQ\
N DWRWDOVDOHVUHYHQXH



 
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

 5HDGWKHVHZRUGVDQGZRUGFRPELQDWLRQV0DNHDIHZVHQ
WHQFHVZLWKWKHP
ORDQ²ORDQDJUHHPHQW²WRJUDQWDORDQ²WRSURYLGHDORDQ²
WRWDNHRXWDORDQ²WRJHWDORDQ²WRDSSO\IRUDORDQ
WRJURZ²JURZLQJGHPDQG²JURZWK²WRJURZE\«WR«
WRRSHUDWH²RSHUDWLRQ²RSHUDWRU²WRXURSHUDWRU

 0DNHVHQWHQFHVDVLQWKHH[DPSOH
WKHVHFRPSDQLHVRIDOOVDOHV=7KHVHFRPSDQLHVDFFRXQW
IRURIDOOVDOHV

WKLVFKDLQRIVWRUHVRIDOOVDOHV
WKLVLQGXVWU\RIDOOH[SRUWVUHYHQXHV
WKLVVHFWRURIDOOH[SRUWVILJXUHV
DJULFXOWXUHRIWKHUHYHQXHV
VWHHOLQGXVWU\RIWKH\HDUILJXUHV
PLQLQJLQGXVWU\RIWKHH[SHQVHV

 &KDQJHWKHVHVHQWHQFHVSD\LQJDWWHQWLRQWRWKHZRUGVODWHU
DQGLQDVLQWKHH[DPSOH
7KHSURGXFWLRQLQFUHDVHG\HDUVODWHU=7KHSURGXFWLRQZLOO
LQFUHDVHLQ\HDUV

7KHWXUQRYHUGHFUHDVHG\HDUVODWHU
7KHRXWSXWGLPLQLVKHGD\HDUODWHU
([SRUWVZHQWXSWZR\HDUVODWHU
,PSRUWVVORZHGD\HDUODWHU
7KHPDQXIDFWXULQJLQGXVWU\JUHZ\HDUVODWHU
7KHPLQLQJLQGXVWU\ZDVSUDFWLFDOO\GHVWUR\HG\HDUVODWHU
7KHRXWSXWRIWH[WLOHVMXPSHGD\HDUODWHU

+DYHDQRWKHUORRNDWWKHWH[WDQG«
D $QVZHUWKHVHTXHVWLRQV
  :KR ZDV $QLWD 5RGGLFN DQG ZKDW ZDV KHU VXFFHVV LQ EXVL
QHVV"
  +RZGLG$SSOH&RPSXWHUJURZ"
  $UHWKH\JLDQWVWRGD\"

 
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

  :KDWLVWKHVKDUHRIVXFKJLDQWVLQEXVLQHVVVDOHVLQWKH86$"
  'R\RXWKLQNWKHVHILJXUHVDUHWKHODWHVW"

E *LYHDQRWKHUH[DPSOHRIDELJFRPSDQ\DQGVD\KRZLWKDV
JURZQLQWRDJLDQW

F $JUHHRUGLVDJUHH
7KHUH DUH PRUH JLDQW FRPSDQLHV WKDQ VPDOO EXVLQHVVHV LQ RXU
FRXQWU\
,WLVEHWWHUWRZRUNIRUDELJFRPSDQ\WKDQWRUXQ\RXURZQVPDOO
EXVLQHVV
$ SDUHQW FRPSDQ\ H[HUFLVHV FRQWURO RYHU RQH RU PRUH VXEVLGLDU\
HQWHUSULVHV
$VXEVLGLDU\LVRIWHQFDOOHGDGDXJKWHUFRPSDQ\

G +DYH D ORRN DW WKH FDULFDWXUH EHORZ DQG DQVZHU WKH TXHV
WLRQVZKLFKIROORZ

:H¶UHDSDUHQWFRPSDQ\
:ROSHU²QRWWREHFRQIXVHG
ZLWK\RXUUHDOSDUHQWV



  :KRGR\RXWKLQNWKHJHQWOHPDQVLWWLQJLQWKHDUPFKDLULV"
  $QGZKRLVWKHRWKHUJHQWOHPDQ"
  'R\RXWKLQNWKLV\RXQJHUPDQLVDVNLQJIRUVRPHWKLQJ"
  :KDWFRXOGLWEH"
  :KDWLVWKHUHDFWLRQRIWKHROGHUJHQWOHPDQ"
  :K\LVKHVRDQJU\DQGIXULRXV"
  :KDWGR\RXNQRZDERXWSDUHQWFRPSDQLHV"


 
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

1HZVSDSHULWHP,.($IRXQGHUHQGVXQFHUWDLQW\
E\VD\LQJVRQVZLOOWDNHRYHU
,QJYDU.DPSUDGWKH\HDUROGIRXQGHURI,.($VD\VKLVWKUHH
VRQVDUHVHWWRWDNHRYHUKLVJOREDOIXUQLWXUHUHWDLOLQJHPSLUHHQGLQJ
XQFHUWDLQW\DERXWWKHVXFFHVVLRQ
7KH\ ZLOO WDNH FKDUJH RI D JURXS RI FRPSDQLHV ZKLFK KDYH EHHQ
YDOXHG DW XS WR ¼EQ 0U .DPSUDG LV UDQNHG DV WKH ZRUOG¶V WK
ULFKHVWSHUVRQE\WKH86PDJD]LQH)RUEHVZLWKDQHVWLPDWHGSHUVRQDO
ZHDOWKRIEQ ¼EQ 
,QDUDUHLQWHUYLHZ0U.DPSUDGVDLGLWZDVOLNHO\WKDWKLVHOGHVW
VRQ 3HWHU  ZRXOG WDNH RYHU IURP KLP DV FKDLUPDQ RI WKH 'XWFK
IRXQGDWLRQDWWKHFHQWUHRIWKH,.($HPSLUH+HGHVFULEHGWKHSRVL
WLRQZKLFKKHKDVRFFXSLHGVLQFHDVWKHPRVWSRZHUIXOLQWKH
JURXS
-RQDVKDVDJUHHGWRWDNHFKDUJHRIWKHJURXS¶VKXJHSURGXFW
UDQJHFXUUHQWO\UXQQLQJGLIIHUHQWLWHPV7KHUROHRI0DWWKLDV
 LV VWLOO XQFHUWDLQ EXW 0U .DPSUDG GHVFULEHG KLP DV D SRVVLEOH
VXFFHVVRU WR $QGHUV 'DKOYLJ ,.($ SUHVLGHQW %RWK 3HWHU DQG 0DW
WKLDVZRXOGKDYHRSHUDWLRQDOUROHVZLWKLQWKHJURXSKHVWUHVVHG
$VNHG LI KH ZRXOG HYHU IXOO\ ZLWKGUDZ IURP WKH EXVLQHVV 0U
.DPSUDG UHSOLHV , GRXEW LW ,I \RX VWRS ZRUNLQJ \RX PXVW KDYH
VRPHRWKHUYHU\VWURQJLQWHUHVWVRWKHUZLVH\RXZLOOGLHZLWKLQRQHRU
WZR\HDUV
0U .DPSUDG VDLG KH H[SHFWHG ,.($ ZRXOG DW OHDVW GRXEOH LQ
VL]H LQ WKH QH[W \HDUV IURP LWV FXUUHQW VWRUHV LQ FRXQWULHV
0RVWRIWKHH[SDQVLRQZLOOWDNHSODFHLQH[LVWLQJPDUNHWVZLWK-DSDQ
DQG3RUWXJDODVWKHRQO\QHZPDUNHWV7KHUHZRXOGEHDELJIRFXVRQ
&KLQDDQG5XVVLD
0U .DPSUDG VDLG ,.($ KDG VWRRG XS WR WKH LQWHUQDWLRQDO HFR
QRPLF GRZQWXUQ EHWWHU WKDQ KH KDG H[SHFWHG %XW KH DGPLWWHG WKDW
WKH SULYDWHO\ RZQHG JURXS ZRXOG QRW DFKLHYH LWV WDUJHW RI OLIWLQJ WKH
WXUQRYHU RI LWV H[LVWLQJ VWRUHV E\ SHU FHQW LQ WKH \HDU WR $XJXVW
7KHWXUQRYHURIWKH,NHDVWRUHVLQWKH\HDUWR$XJXVWZDV
¼EQ,.($GRHVQRWGLVFORVHLWVSURILW

 
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

'R\RXNQRZWKHVHZRUGV"
WREHVHWWRGRVPWK  én¡qzx¹ xlnsjz
·zvsqiv
WRWDNHRYHU  wéqtqujz lvs 
tvxz vzléymvmv
VXFFHVVLRQ 7O1GZOAJ9 wvxsnlvkjznstvxz
wénnuxzknttvxz
WRVXFFHHG 7O1GZO3(@9 xsnlvkjz oj xun
t¹z
WRWDNHFKDUJHRI  wéqtqujz vi¹ojt
VPWK tvxzqwv
WRUDQN  ojtqujz rjrvn
sqivunxzv
UDUH  énlrqp
KXJH  vmévut€p
UDQJH  lqjwjovt x{néj
visjxz
WR ZLWKGUDZ ZLWK 7S3%Z@NK( S3%Z@NQ(  y}vlqz
GUHZZLWKGUDZQ  S3%Z@NK(J9  qo€ujz
WRVWDQGXSWRVPWK  xunsv kxzén·jz
i€ztjk€xvzn

5HYLVH*UDPPDU
D 8QGHUOLQH WKH EDVLF QRXQV DQG WUDQVODWH WKHVH ZRUG
FRPELQDWLRQV
JOREDOIXUQLWXUHUHWDLOLQJHPSLUH
WKH,.($HPSLUH
DQHVWLPDWHGSHUVRQDOZHDOWKRIEQ
WKHJURXS
VKXJHSURGXFWUDQJH
WKHSULYDWHO\RZQHGJURXS
DQRWKHUVSHFWDFXODUJURZWKVWRU\
WKHZRUOG
VILUVWFRPPHUFLDOO\VXFFHVVIXOSHUVRQDOFRPSXWHU
QDWXUDOFRVPHWLFVVWRUHV

 
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

E 6WDWHWKHIRUPVRIWKHYHUEVDQGWUDQVODWHWKHVHQWHQFHV
7KH 6ZHGLVK PDJQDWH VDLG KLV VRQV ZRXOG WDNH RYHU IURP KLP LQ
WKHYHU\QHDUIXWXUH
$VNHG LI KH ZRXOG HYHU ZLWKGUDZ KH UHSOLHG KH ZRXOG QHYHU IXOO\
ZLWKGUDZ
+HKRSHGKLVEXVLQHVVZRXOGDWOHDVWGRXEOHYHU\VRRQ
1RERG\NQHZZKHQKHZRXOGPDNHDQRIILFLDODQQRXQFHPHQW
,I,NQHZVRPHRWKHUGHWDLOV,ZRXOGWHOO\RX
,IKHFRXOGUHDG(QJOLVKKHZRXOGFHUWDLQO\UHDG(QJOLVKQHZVSD
SHUV
,I WKHUH ZHUH (QJOLVK QHZVSDSHUV VROG QHDUE\ , ZRXOG EX\ VRPH
UHJXODUO\

:RUNRQWKHZRUGV
D :ULWHDVPDQ\ZRUGVKDYLQJWKHVDPHVWHPVDVSRVVLEOH
DQGWUDQVODWHWKHP
WRVXFFHHG²VXFFHVVLRQ²VXFFHVVRU²VXFFHVVLYH

WRIRXQG WRYDOXH WRVWUHVV
WRDFKLHYH WRHVWLPDWH WRZLWKGUDZ
WRFORVH WRGHVFULEH WRLQWHUHVW
WRH[SDQG WRRFFXS\ WRH[LVW

E 0DWFKDQGWUDQVODWHWKHV\QRQ\PV
KXJH ULFK SRVVLEOH FRPSOHWH
FHUWDLQ VWURQJ YDULRXV VXFFHHGLQJ
YDOXDEOH ELJ FXUUHQW SUREDEOH
ZHDOWK\ VXUH IXOO GLIIHUHQW
SRZHUIXO GHDU VXFFHVVLYH SUHVHQW

F 0DNHVKRUWVHQWHQFHVZLWKWKHVHZRUGFRPELQDWLRQV
 WKHVHILJXUHV  WKHSURILW
 WKHLQIRUPDWLRQ  WKHIDFW
WRGRXEWLW LIKHZRXOGZLWKGUDZ WRGLVFORVH WKHQDPH
 LIKHZRXOGHYHUVWRSZRUNLQJ  WKHDGGUHVV
 ,ILWZRXOGUDLQVRRQ  WKHVHFUHW

 
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

+DYHDQRWKHUORRNDWWKHQHZVSDSHULWHPDQG«
D ,QVHUWWKHDSSURSULDWHZRUGVDQGWUDQVODWHWKHVHQWHQFHV
DWRIIURPLQDV

7KH\ZLOOWDNHFKDUJH«DIHZFRPSDQLHV
7KHVHFRPSDQLHVZHUHYDOXHG«XSWRü EQ
+HLVUDQNHG«WKHZRUOG
VWKULFKHVWSHUVRQ
+HZDQWHGKLVHOGHVWVRQWRWDNHRYHU«FKDLUPDQRIWKH'XWFK
IRXQGDWLRQ
+HGHVFULEHGKLV\RXQJHUVRQ«DSRVVLEOHVXFFHVVRUWRWKHSUHVHQW
,.($3UHVLGHQW
0RVW SUREDEO\ ERWK « HOGHU VRQV ZLOO KDYH RSHUDWLRQDO UROHV
ZLWKLQWKHJURXS
:KHQ KH ZDV DVNHG LI KH ZRXOG HYHU IXOO\ ZLWKGUDZ « WKH EXVL
QHVVKHDQVZHUHGQR
+HVDLGKHH[SHFWHG,.($WRGRXEOH«VL]HLQWKHQH[WIHZ\HDUV

E 5HDGWKHVHILJXUHV
ü EQ   
EQ   
ü EQ   

F $QVZHUWKHVHTXHVWLRQV
  :KHQGR\RXWKLQNWKLVLWHPZDVZULWWHQ"
  :KDWKDVFKDQJHGVLQFHWKHQLQWKH,.($HPSLUH"
  $UHWKHUHPDQ\HPSLUHVOLNH,.($"
  'RWKH\SXEOLVKWKHLUILQDQFLDOILJXUHVDQ\ZKHUH"

G 5HWHOOWKHQHZVSDSHULWHP

 
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

$QQRWDWLRQRIWKHERRN7KH(QWUHSUHQHXUVKLS
'\QDPLFV
7KHRULJLQVRIHQWUHSUHQHXUVKLSDQGLWVUROHLQLQGXVWU\
UHYROXWLRQ
(GLWHGE\.D\H6FKRRQKRYHQ
8QLYHUVLW\RI&DOLIRUQLD,UYLQH

7KLVYROXPHXVHVWKHSHUVSHFWLYHRIRUJDQL]DWLRQVWXGLHVWRDQVZHU
WZRPDMRUTXHVWLRQVDERXWHQWUHSUHQHXUVKLS)LUVWZKDWDUHWKHFRQ
GLWLRQV WKDW SURPSW WKH IRXQGLQJ RI ODUJH QXPEHUV RI QHZ RUJDQLVD
WLRQV RU HQWLUHO\ QHZ LQGXVWULHV" 6HFRQG ZKDW DUH WKH UHDO DQG LP
SRUWDQWHIIHFWVRIVXFKHQWUHSUHQHXULDODFWLYLWLHVRQH[LVWLQJLQGXVWULHV
HFRQRPLHVDQGVRFLHWLHV"7KHFRQWULEXWRUVH[SORUHWKHPHQWDOPRGHOV
WKDW IRXQGHUV RI QHZ FRPSDQLHV EULQJ ZLWK WKHP IURP SUHYLRXV H[
SHULHQFHV WKH JHQHVLV RI WKHLU LGHDVQRWRQO\IURPWKHFRPSDQLHVLQ
ZKLFK WKH\ ZRUN EXW IURP WKH VXUURXQGLQJ RUJDQLVDWLRQDO FRPPXQL
WLHV DQG WKHLPSRUWDQFHRIORFDODQGULJLRQDOG\QDPLFVLQQXUWXULQJ
LQQRYDWLYH FRPPXQLWLHV 7KH VHFRQG SDUW RI WKH ERRN H[SORUHV WKH
UROHRIHQWUHSUQHXULDODFWLYLW\LQWKHWUDQVIRUPDWLRQFRQWH[WVDQGWKH
HYROXWLRQRILQGXVWULHVIRFXVLQJRQWKHSURFHVVHVHQWUHSUHQHXUVXVHWR
OHJLWLPDWH QHZ RUJDQLVDWLRQDO SRSXODWLRQV DQG WKH FROODWHUDO LQGXV
WULHV WKDW EXLOG XS DURXQG VXFK SRSXODWLRQV DLGLQJ WKH GHYHORSPHQW
RIQHZFRPSDQLHV

'R\RXNQRZWKHVHZRUGV"
WRSURPSW   k€o€kjz
   wvlxrjo€kjz
   xy{sqévkjz
WRH[LVW 732ZV3OP9 xynxzkvkjz
H[LVWLQJ  xynxzkyíqp
WRH[SORUH 73GZOLHK(9 qxxsnlvkjz
H[SHULHQFH 73GZOL31N31JO9 vw€z
H[SHULHQFHV  otjtq¹
WRQXUWXUH 7ZJ1("19 kvxwqz€kjz k€éj
qkjzwqzjz
FROODWHUDO 7GKZH'P1N1H9 kzvévxznwntt€p
WRDLG  wvuvmjz


 
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

D 5HDGDQGWUDQVODWHWKHVHZRUGV
HQWUHSUHQHXUVKLS BBBBBBBBBBBBB SHUVSHFWLYH BBBBBBBBBBBBBBBB
G\QDPLFVBBBBBBBBBBBBBBBBBBB RUJDQL]DWLRQ BBBBBBBBBBBBBBB
RULJLQ BBBBBBBBBBBBBBBBBBBBB FRQGLWLRQ BBBBBBBBBBBBBBBBBB
UROH BBBBBBBBBBBBBBBBBBBBBBB HIIHFW BBBBBBBBBBBBBBBBBBBBB
LQGXVWU\BBBBBBBBBBBBBBBBBBBB PRGHO BBBBBBBBBBBBBBBBBBBB
UHYROXWLRQ BBBBBBBBBBBBBBBBBB JHQHVLV BBBBBBBBBBBBBBBBBBBB
YROXPH BBBBBBBBBBBBBBBBBBBB LQQRYDWLYH BBBBBBBBBBBBBBBBB

E 6WDWHZKDWSDUWVRIVSHHFKWKHZRUGVLQLWDOLFVDUHDQG
WUDQVODWHWKHVHQWHQFHV
:KDWDUHWKHHIIHFWVRIHQWUHSUHQHXULDODFWLYLWLHVRQH[LVWLQJLQGXVWULHV"
7KH FRQWULEXWRUV H[SORUH WKH JHQHVLV RI WKHLU LGHDV IURP WKH VXU
URXQGLQJRUJDQLVDWLRQDOFRPPXQLWLHV
7KH\DOVRH[SORUHG\QDPLFVLQQXUWXULQJLQQRYDWLYHFRPPXQLWLHV
7KH ERRN H[SORUHV WKH HYROXWLRQ RI LQGXVWULHV IRFXVLQJ RQ WKHVH
SURFHVVHV
7KH\VWXG\WKHFROODWHUDOLQGXVWULHVDLGLQJWKHGHYHORSPHQWRIQHZ
FRPSDQLHV

F 7UDQVODWHLQWR(QJOLVK
wénlwéqtqujzns ujs€piqotnx
wénlwéqtqujznsxrqp jixvsíztvtvk€nvzéjxsq
wénlwéqtqujznsxzkv kzvévxznwntt€nvzéjxsq
vxtvktvpkvwévx xynxzkyíqnvzéjxsq
ivs¡vnrvsq·nxzkv tjrvwsntt€notjtq¹
qttvkj|qvttvn wénlwéqtquj wénlwéqtqujznsxrj¹ ln¹zns
znsxzkv tvxz

G 7UDQVODWHWKHDQQRWDWLRQ
H 8QGHUOLQH WKH VHQWHQFH RI WKH RULJLQDO WH[W ZKLFK VHHPV
PRVWLPSRUWDQWWR\RX

 
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

1HZVSDSHULWHP&RPSDQLHV
ELJJHUWKDQPDQ\
QDWLRQV

7ZHQW\QLQHRIWKHZRUOG
VELJJHVWHFRQRPLFHQWLWLHVDUHPXO
WLQDWLRQDOFRPSDQLHVDFFRUGLQJWRWKH8QLWHG1DWLRQV&RQIHUHQFHRQ
7UDGHDQG'HYHORSPHQW 81&7$' 7KHILHOGLVOHGE\WKH86HQ
HUJ\JURXS([[RQZKLFKLVODUJHUWKDQDOOEXWQDWLRQDOHFRQRPLHV
7KHDFWLYLWLHVRIWKHELJJHVWFRPSDQLHVPHDVXUHGRQWKHEDVLV
RIYDOXHDGGHG²WKH\DUGVWLFNXVHGWRFDOFXODWHFRXQWULHV
JURVVGR
PHVWLFSURGXFW²DFFRXQWHGIRUSHUFHQWRIZRUOG*'3LQ
XSIURPSHUFHQWLQ81&7$'VDLG
([[RQ ZLWK HVWLPDWHG YDOXHDGGHG RI EQ ü EQ  ZDV
DERXW WKH VDPH VL]H DV WKH HFRQRP\ RI 3DNLVWDQ DQG ODUJHU WKDQ
3HUX
V ZKLOH )RUG 'DLPOHU &KU\VOHU *HQHUDO (OHFWULF DQG 7R\RWD
ZHUHDOOFRPSDUDEOHLQVL]HWRWKHHFRQRP\RI1LJHULD
3KLOLS0RUULVWKHWREDFFRJURXSZDVRQDSDUZLWK7XQLVLD6OR
YDNLDDQG*XDWHPDODZKLOH%3:DO0DUW,%0DQG9RONVZDJHQDOO
UDQNHG LQ VL]H EHWZHHQ /LE\D DQG &XED *OD[R6PLWK.OLQH DQG %7
WKHVPDOOHVWRIWKHWRSPXOWLQDWLRQDOVZHUHHTXDOLQVL]HWR6\ULD
$QWLJOREDOLVDWLRQSURWHVWHUVKDYHRIWHQFRPSODLQHGWKDWPXOWLQD
WLRQDO FRPSDQLHV DUH ZHDOWKLHU DQG PRUH SRZHUIXO WKDQ WKH HFRQR
PLHVRIPDQ\FRXQWULHVLQZKLFKWKH\GREXVLQHVV
3URWHVWHUV VD\ WKH DOOHJHG LPEDODQFH SXWV VPDOO FRXQWULHV DW D
GLVDGYDQWDJH LQ LQWHUQDWLRQDO WUDGH DQG DUJXH VWULFW JOREDO UXOHV DUH
QHHGHGWRJRYHUQVXFKFRPSDQLHV
FRQGXFW
81&7$'VDLGLWVPHDVXUHVVKRZHGWKHHFRQRPLFLPSRUWDQFHRI
WKH ELJJHVW PXOWLQDWLRQDOV UHODWLYH WR QDWLRQDO HFRQRPLHV KDG
JURZQ LQ WKH SDVW GHFDGH DOWKRXJK WKH SRVLWLRQ RI WKH ODUJHVW
FRPSDQLHVKDGUHFHGHGVOLJKWO\RYHUWKHVDPHSHULRG

D 7UDQVODWHWKHVHZRUGVUHIHUULQJWRDGLFWLRQDU\
LIQHFHVVDU\
WRPHDVXUH HFRQRPLFHQWLWLHV
DPHDVXUH WKH\DUGVWULFN
YDOXHDGGHG WRDOOHJH
RQDSDU VWULFW
WRFRPSODLQ WRUHFHGH

 
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

E )LQGWKH(QJOLVKHTXLYDOHQWVLQWKHWH[W
wvljtt€u81&7$' xéjktqu€wvéjounéy
lvijksnttj¹xzvquvxz éjkt€wvéjounéy
xvxzjks¹z tjvltvuyévktnx«
lvijksnttj¹xzvquvxzrvzv jtzqmsvijsqxz€
évpxvxzjks¹nz« tnxijsjtxqévkjttvxz

F 7UDQVODWHWKHLWHP

G :ULWH DQ HVVD\ RQ RQH RI WKH WRSLFV XVLQJ WKH WH[WV RI WKH
OHVVRQDQGRWKHU(QJOLVK5XVVLDQVRXUFHV
  0XOWLQDWLRQDOFRPSDQLHV
  *OREDOLVDWLRQ
  $QWLJOREDOLVDWLRQSURWHVWV
  0RGHUQZRUOGHFRQRPLFV
D 'UDZDGLDJUDPVKRZLQJYDULRXVW\SHVRIFRPSDQLHV
ZKLFKH[LVWLQWKHZRUOG
E 0DNHDQRUDOUHSRUWXVLQJ\RXUGLDJUDPIRULOOXVWUDWLRQ

F :ULWH TXHVWLRQV ZKLFK WKH DXGLHQFH PD\ DVN \RX DERXW


FRPSDQLHVLQ5XVVLD

G :ULWH\RXUDQVZHUVWRWKHDERYHTXHVWLRQV



 
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

/HVVRQ

 3HRSOH
DQGODERXU
&RQYHUVDWLRQ /DERXUFRQGLWLRQV
7H[WV 7KHVRXUFHVRIHFRQRPLFKHDOWK
 7KRPDV0DOWXV
 /DERXUPDUNHW
$QQRWDWLRQV :RUN(PSOR\PHQWDQG6RFLHW\
 7KH$PHULFDQ:RUNSODFH
*UDPPDU5HYLVLRQ ,QGHILQLWH3URQRXQVDQG$GYHUEV
&RPSOH[2EMHFW



&RQYHUVDWLRQ/DERXUFRQGLWLRQV
$IHZRIILFHH[HFXWLYHVDUHWDONLQJLQDUDWKHULQIRUPDODWPRVSKHUH
²,W
VTXLWHFOHDUWKDWRXURIILFHLVPXFKWRRRYHUFURZGHGKHUH
LQWKHFLW\FHQWUH:HRXJKWWRPRYHVRPHRIWKHGHSDUWPHQWV
RXWRIWRZQ
²<RX NQRZ WKDW
V H[DFWO\ ZKDW , WKLQN :KDW
V PRUH ZK\
GRQ
W ZH PRYH WKH ZKROH RIILFH DQG VDYH UHQW DW WKH VDPH
WLPH"
² ,FDQVHHZKDW\RXPHDQEXWWKLQNRIWKHSUREOHPRIWUDQV
SRUW+RZZRXOGRXUVWDIIJHWWRZRUN"
² 1RZWKDW
VMXVWZKDW,ZDVWKLQNLQJ1RWHYHU\RQHKDVDFDU
\RXNQRZ
²:HOO,GRQ
WWKLQNLW
VDJRRGLGHDHLWKHU2XUFXVWRPHUVKDYH
JRWXVHGWRXVEHLQJKHUH,IZHPRYHZH
OOORVHEXVLQHVV
²:HOOP\RSLQLRQIRUZKDWLW
VZRUWKLVWKDWPRYLQJVRPHRI
RXUVWDIIRXWRIWKHFLW\ZRXOGPHDQPRUHVSDFHIRUWKHRWK
HUV
²0PWKDW
VDJRRGSRLQWDQGZHZRXOGDOVRNHHSRXURIILFHLQ
WKHFLW\IRURXUFXVWRPHUV
²,DJUHHHQWLUHO\%XWZK\GRQ
WZHVWD\ZKHUHZHDUH"

 
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

'R\RXNQRZWKHVHZRUGV"
H[HFXWLYH 732ZVAGFQP3R9 lvs tvxztvnsq|véyrvkv
lqznsjluqtqxzéjzvé
RYHUFURZGHG  wnénwvstntt€p
H[DFWO\ 732ZV'GPH39 zv·tvxzévmvjrryéjztv
UHQW   jéntltj¹ wsjzj rkjé
zqétj¹ wsjzj  tjnu
wévrjz wsjzjojwévrjz
WRUHQW  vzljkjzkjéntlytjwévrjz
WRORVH ORVWORVW   zné¹z
RSLQLRQ 71ZL3JF1J9 utntqn
LQP\RSLQLRQ  wvuvnuywvuvnuyutntqí
V\QWRP\PLQG  
IRUZKDWLW
VZRUWK  nxsq vtv |nttv ls¹ kjx
éjom 
VSDFH  wévxzéjtxzkv unxzv wsv
jl
SRLQW  zv·rj wytrz uvuntz kv
wévx
7KHUH LV QR SRLQW  Ën qunnz xu€xsj lnsjz
LQGRLQJWKDW ëzv

*UDPPDU,QGHILQLWH3URQRXQVDQG$GYHUEV
Ïzknélqznstvnwénlsv ntqn
VRPH VRPHWKLQJ VRPHERG\ VRPHRQH VRPHZKHUH
:HRXJKWWRPRYHVRPHRIWKHGHSDUWPHQWVRXWRIWRZQ
Ævwévxqznstvnwénlsv ntqn
DQ\ DQ\WKLQJ DQ\ERG\ DQ\RQH DQ\ZKHUH
'LGWKH\PRYHDQ\GHSDUWPHQWV"
Ìzéq|jznstvnwénlsv ntqn
QR QRWKLQJ QRERG\ QRQH QRZKHUH
7KH\PRYHGQRGHSDUWPHQWV
èjosq·t€nwénlsv ntq¹
HYHU\ HYHU\WKLQJ HYHU\ERG\ HYHU\RQH HYHU\ZKHUH
7KH\PHHWHYHU\GD\

 
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

 8VH WKH DSSURSULDWH ZRUG LQ VRPH FDVHV WZR YDULDQWV DUH
SRVVLEOH DQGWUDQVODWHWKHVHQWHQFHV
0RVWSUREDEO\«RIWKHLURIILFHVZHUHUHDOO\RYHUFURZGHG
6KHVDLGWKHUHZHUH«SUREOHPVRIWUDQVSRUW
+DYH\RXJRW«SUREOHPV"
7KHUHZDV«SRLQWLQGLVFXVVLQJWKLVPDWWHULQWKHDEVHQFHRIWKH
JHQHUDOPDQDJHU
«HPSOR\HHVZRUNHGSDUWWLPHDWWKLVSODQWLQVXPPHUWLPH
'R«VWXGHQWVRIKLVJURXSVSHDNIOXHQW)UHQFK"
,I,ZHUH\RX,ZRXOGDVNKLP«TXHVWLRQV
6KHKDVQRWJRW«TXHVWLRQV

 7UDQVODWHLQWR(QJOLVK
Ëqrzvtnotjnz·zvlnsjzljs¡n
‰tqmlntnuvmtjpzqy·nitqrqoknxztvmvjtmsqpxrvmvërvtvuq
xzjb nrj®jékn¹©fvkénunttj¹ërvtvuqrjª
Ìt tq·nmv tn otjs vi ëzvu uvtvwvstvu jmntzxrvu xvmsj
¡ntqq
‰ lyují ·zv kxn otjíz otj·ntqn ëzvmv znéuqtj Ívuvnuy
ëzv©lvijksnttj¹xzvquvxzª
Ìtqwénlsv qsqvixylqzkxnwvo n
Æxnotjsq·zvytq}tni€svvw€zjkëzvpvisjxzq
Ív·nuytqrzvtnxuvmvzknzqztjëzvzsnmrqpkvwévx"

 5HDGSD\LQJDWWHQWLRQWRWKHDUWLFOHVXVHGZLWKWKHZRUGVLQ
LWDOLFVDQGWUDQVODWHWKHVHQWHQFHV
7KHRIILFHLVORFDWHGLQWKHFHQWUHRIWKHWRZQ
:RXOG\RXUDWKHUOLYHLQDWRZQRULQWKHFRXQWU\"
6RPHRIWKHPZDQWHGWRPRYHWKHRIILFHVRXWRIWRZQ
6KHZHQWWRWRZQWRGRVRPHVKRSSLQJ
,
PJRLQJGRZQWRZQWKLVDIWHUQRRQ
+HLVVSHQGLQJWKHZHHNHQGLQWRZQ
0U*UHHQLVQRWLQWRZQLVRXWRIWRZQ
6KH
VLQWRZQWRGD\


 
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

 7UDQVODWHWKHVHQWHQFHVSD\LQJDWWHQWLRQWRWKHXVHRIWHQVHV
,IZHPRYHZH
OOORVHEXVLQHVV
cxsq jéntltj¹ wsjzj xzjtnz v·nt k€xvrvp vtq wnénnlyz k
léymvnwvunntqn
cxsq {qéuj tn én¡qz wévisnuy x zéjtxwvézvu wvrywjzns
tnwvlwq¡nzlvmvkvé
cxsq {qéuj tn xvmsjxqzx¹ x ëzquq yxsvkq¹uq vtj uv nz
wvzné¹ztnxrvsrvlqsnévk
‘zjz xvzéyltqrvk iylnz yknsq·nt nxsq yknsq·qzx¹ vi~nu
éjivz€

 6WDWHWKHIRUPVRIWKHYHUEVDQGWUDQVODWHWKHVHQWHQFHV
+RZZRXOGRXUVWDIIJHWWRZRUNLQWKLVFDVH"
:HZRXOGNHHSRXURIILFHLQWKHFLW\IRURXUFXVWRPHUV
7KDWZRXOGPHDQPRUHVSDFHIRUWKHRWKHUV
,ZRXOGDJUHHWRPRYHRXWRIWRZQ
,ZRXOGUDWKHUVWD\DWKRPH
,
GOLNHWRVD\DIHZZRUGVDERXWWKDWMRELQWHUYLHZ
:RXOG\RXOLNHWRKDYHDFXSRIFRIIHH"

:RUNRQWKHZRUGV
 5HDGWKHZRUGVSD\LQJDWWHQWLRQWRWKHGLIIHUHQFHLQVSHOO
LQJDQGWUDQVODWHWKHP
%ULWLVK(QJOLVK $PHULFDQ(QJOLVK
FHQWUH FHQWHU
WKHDWUH WKHDWHU
ODERXU ODERU
IDYRXU IDYRU
FRORXU FRORU
RUJDQLVH RUJDQL]H
VSHFLDOLVH VSHFLDOL]H
DSRORJLVH DSRORJL]H
WUDYHOOHG WUDYHOHG
FDQFHOOHG FDQFHOHG


 
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

 0DNHVHQWHQFHV
7KHRIILFHLVPXFKWRRRYHUFURZGHG 7KLVWRSLFLVPXFKWRRGLIILFXOW
EXVHV VWRU\ORQJ
WUDLQV VXPELJ
VWUHHWV FRVWVKLJK
VKRSSLQJFHQWUH FRPSHQVDWLRQVPDOO
 GLVFXVVLQJ«  EHLQJKHUH
UHDGLQJ« DVNLQJ«
7KHUHLVQRSRLQWLQ :HJRWXVHGWR
ZULWLQJ« DFFHSWLQJ«
VSHDNLQJ« FRPSODLQLQJ«

 7UDQVODWHLQWR(QJOLVK
Ìtqwéqk€rsqén¡jzkxnkvwévx€kxnprvujtlvp
Ívuvnuytni€svxu€xsjxwvéqzxtquq
‰i€tnxzjsxtquqxwvéqz
ƀotjnzn·zvkxnlvévmqi€sqwnénré€z€"
Ìtxnp·jxtj}vlqzx¹kmvévln"

 0DWFK WKH (QJOLVK DQG 5XVVLDQ HTXLYDOHQWV XVH WKHP LQ


VKRUWVHQWHQFHV
FDSLWDOL]HGUHQW tjzyéjstj¹éntzjéntzjwévlyrzjuq
ODERXUUHQW ·qxzj¹éntzj
ODQGUHQW rjwqzjsqoqévkjttj¹éntzj
PD[LPXPUHQW uvtvwvstj¹éntzj
PLQLQJUHQW vzéjivzv·tj¹éntzj
PRQH\UHQW onunstj¹éntzj
PRQRSRO\UHQW ujrxqujstj¹éntzj
QDWXUDOUHQW éntzjxéyltqrvk
SXUHUHQW lntn tj¹éntzj

+DYHDQRWKHUORRNDWWKHFRQYHUVDWLRQDQG«
D 5HDGWKHVHZRUGFRPELQDWLRQVSD\LQJDWWHQWLRQ
WRWKHOHWWHUUSURQRXQFHGDV>U@
RXUÎRIILFH>=QNZKBEO@ KHUHÎLQWKHFLW\ IRUÎRXUFXVWRPHUV
RXUÎRSLQLRQ KHUHÎLQWKHRIILFH IRUÎRXUSHRSOH

 
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

WKHLUÎRIIHU KHUHÎLQWKHEXLOGLQJ IRUÎXV


WKHLUÎLGHD KHUHÎDWKRPH IRUÎHYHU\ERG\

E 5HDGWKHVHQWHQFHVSD\LQJDWWHQWLRQWRWKHLQWRQDWLRQ
­
:K\GRQ
WZHPRYHWKHZKROH RIILFHDQGVDYHUHQWDWWKHVDPH
®
WLPH"
+RZZRXOGRXUVWDIIJHWWRZRUN"
:K\GRQ
WZHVWD\ZKHUHZHDUH"
:HOOP\RSLQLRQIRUZKDWLW
VZRUWKLVWKDWPRYLQJVRPHRIRXU
VWDIIZRXOGPHDQPRUHVSDFHIRUWKHRWKHUV
0\RSLQLRQIRUZKDWLW
VZRUWKLVWKDWLWLVQHFHVVDU\

F 5HDGWKHFRQYHUVDWLRQ

7H[W7KHVRXUFHVRIHFRQRPLFKHDOWK
,QQHZWHFKQRORJLHVZHUHEHLQJLQYHQWHGDQGDSSOLHGWRWKH
PDQXIDFWXUHRIFRWWRQDQGZRROLURQWUDQVSRUWDWLRQDQGDJULFXOWXUH
LQZKDWFDPHWREHFDOOHGWKH,QGXVWULDO5HYROXWLRQ
$GDP6PLWKZDVNHHQO\LQWHUHVWHGLQWKHVHHYHQWV+HZDQWHGWR
XQGHUVWDQGWKHVRXUFHVRIHFRQRPLFZHDOWKDQGKHEURXJKWKLVDFXWH
SRZHUVRIREVHUYDWLRQDQGDEVWUDFWLRQWREHDURQWKLVTXHVWLRQ
+LVDQVZHUZDV
²7KHGLYLVLRQRIODERXU
²)UHHGRPHVWLFDQGLQWHUQDWLRQDOPDUNHWV
6PLWKLGHQWLILHGWKHGLYLVLRQRIODERXUDVWKHVRXUFHRIWKHJUHDW
HVWLPSURYHPHQWLQWKHSURGXFWLYHSRZHUVRIODERXU7KHGLYLVLRQRI
ODERXU EHFDPH HYHQ PRUH SURGXFWLYH ZKHQ DSSOLHG WR FUHDWLQJ QHZ
WHFKQRORJLHV
6FLHQWLVWVDQGHQJLQHHUVWUDLQHGLQH[WUHPHO\QDUURZILHOGVEHFDPH
VSHFLDOLVWV DW LQYHQWLQJ 7KHLU SRZHUIXO VNLOOV VSHHGHG WKH DGYDQFH RI
WHFKQRORJ\ 0DFKLQHV VWDUWHG SHUIRUPLQJ UHSHWLWLYH RSHUDWLRQV IDVWHU
DQGPRUHDFFXUDWHO\WKDQSHRSOH
%XWVDLG6PLWKWKHIUXLWVRIWKHGLYLVLRQRIODERXUDUHOLPLWHG
E\WKHH[WHQWRIWKHPDUNHW7RPDNHWKHPDUNHWDVODUJHDVSRVVLEOH
WKHUH PXVW EH QR LPSHGLPHQWV WR IUHH WUDGH ERWK ZLWKLQ D FRXQWU\
DQGDPRQJFRXQWULHV
6PLWKDUJXHGWKDWZKHQHDFKSHUVRQPDNHVWKHEHVWSRVVLEOHHFR
QRPLFFKRLFHEDVHGRQVHOILQWHUHVWWKDWFKRLFHOHDGVDVLIE\DQLQYLVLEOH
KDQGWRWKHEHVWRXWFRPHIRUVRFLHW\DVDZKROH

 
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

'R\RXNQRZWKHVHZRUGV"
KHDOWK 7DAH9 olvévkn
WRDSSO\ 71ZLH=39 wéqunt¹z
NHHQ  vxzé€p énorqp ivs
¡vp
NHHQFRPSHWLWLRQ  vxzéj¹rvtryént|q¹
NHHQLQWHUHVW  ivs¡vp vxzé€p qt
znénx
HYHQW 73ZRAJP9 xvi€zqn
DFXWH 71ZGFQ(P9 vxzé€p wévtq|jzns
t€p
DFXWHKHDULQJ  vxzé€pxsy}
WRVSHHG  yxrvé¹z
WRSHUIRUP 7L1ZB5(I9 k€wvst¹z
IDVW  i€xzé€p
DFFXUDWHO\ 7Z'GFQN1PH39 zv·tv
LPSHGLPHQW 73IZLA@3I1JP9 wénw¹zxzkqnwvun}j
WRDUJXH 7Z=(2FQ(9 xwvéqzkvoéj jz
LQYLVLEOH 73JZR3V3>H9 tnkqlqu€p
LQYLVLEOHHDUQLQJV  wvxzywsntq¹ vz tnkq
lqu€}xzjznpërxwvézj
LQYLVLEOHH[SRUWV  tnkqlqu€n xzjzq ërx
wvézj
LQYLVLEOHLPSRUWV  tnkqlqu€n xzjzq qu
wvézj
LQYLVLEOHVXSSO\  tnkqlqu€n ojwjx€ ktn
rvuuné·nxrq}rjtjsvk 
RXWFRPH 7Z=QPG6I9 k€}vl qx}vl énoys
zjz

,QFUHDVH\RXUYRFDEXODU\
D 6D\IURPZKDWYHUEVWKHIROORZLQJDGMHFWLYHVDUHIRUPHG
SURGXFWLYHBBBBBBBBBBBBBBBBBB UHSHWLWLYHBBBBBBBBBBBBBBBBBBB
DFFXPXODWLYHBBBBBBBBBBBBBBBB SUHYHQWLYH BBBBBBBBBBBBBBBBBB
 
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

GLVFULPLQDWLYH BBBBBBBBBBBBBBB LPSUHVVLYH BBBBBBBBBBBBBBBBB


FRRSHUDWLYH BBBBBBBBBBBBBBBBB FUHDWLYH BBBBBBBBBBBBBBBBBBBB
H[WHQVLYH BBBBBBBBBBBBBBBBBBB WDONDWLYHBBBBBBBBBBBBBBBBBBBB

E )RUPDGMHFWLYHVZLWKWKHKHOSRIWKHVXIIL[IXOOLNHWKLV
SRZHUIXO SRZHUIXO

PHDQLQJ BBBBBBBBBBBBBBBBBBB ULJKW BBBBBBBBBBBBBBBBBBBBB


IDLWKBBBBBBBBBBBBBBBBBBBBBBB ZDWFK BBBBBBBBBBBBBBBBBBBB
XVHBBBBBBBBBBBBBBBBBBBBBBBB IUXLW BBBBBBBBBBBBBBBBBBBBB

F )RUPDGYHUEVZLWKWKHKHOSRIWKHVXIIL[O\OLNHWKLV
SRZHUIXOO\ SRZHUIXOO\
PHDQLQJIXO NHHQ DFFXUDWH
DFWLYH WHFKQRORJLFDO JUHDW
VHULRXV SULPLWLYH VLPSOH
DWWHQWLYH ORFDO QHDU
HQWLUH OHJDO QDWXUDO

D 0DWFKWKHZRUGVZKLFKDUHYHU\FORVHLQWKHLUPHDQLQJ
NHHQ EDUULHU
DFFXWH VKDUS
ODUJH ZRUN
ODERXU ELJ
RXWFRPH GHHS
LPSHGLPHQW UHVXOW
PDQXIDFWXUH WRFUHDWH
HYHQW SURGXFWLRQ
WRLQYHQW GHYHORSPHQW

E 0DWFKWKHZRUGVKDYLQJWKHRSSRVLWHPHDQLQJ
DGYDQFH LQWHUQDWLRQDO
TXHVWLRQ DQVZHU
GRPHVWLF QRQSURGXFWLYH

 
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

SURGXFWLYH UHJUHVV
OLPLWHG WRILQLVK
DFXWH ZHDN
WRVWDUW WRPLVXQGHUVWDQG
WRXQGHUVWDQG XQOLPLWHG

5HYLVH*UDPPDU
 &RPSOHWHWKHIROORZLQJSKUDVHVDVLQWKHWH[W3D\DWWHQWLRQ
WRWKHXVHRIWKH'HILQLWH$UWLFOH
WKHGLYLVLRQRI«=WKHGLYLVLRQRIODERXU

WKHSURGXFWLYHSRZHUVRI« WKHPDQXIDFWXUHRI«
WKHVRXUFHVRI«  WKHDGYDQFHRI«
WKHH[WHQWRI«  WKHSUREOHPRI«

 )RUP WZR 'HJUHHV RI &RPSDULVRQ RI WKH IROORZLQJ DGMHF
WLYHVDQGDGYHUEVDVLQWKHH[DPSOH
TXLFN²TXLFNHU² LPSRUWDQW²PRUHLPSRUWDQW²
TXLFNHVW PRVWLPSRUWDQW

IDVW BBBBBBBBBBBBBBBBBBBBBBB JUHDWBBBBBBBBBBBBBBBBBBBB
VORZBBBBBBBBBBBBBBBBBBBBBBB H[SHQVLYH BBBBBBBBBBBBBBBB
SURGXFWLYHBBBBBBBBBBBBBBBBBB DFFXUDWHO\BBBBBBBBBBBBBBBB
ODUJH BBBBBBBBBBBBBBBBBBBBBB QDUURZ BBBBBBBBBBBBBBBBBB
SRZHUIXO BBBBBBBBBBBBBBBBBBB ZLGHBBBBBBBBBBBBBBBBBBBB

 0DNHDQGWUDQVODWHVHQWHQFHV3D\DWWHQWLRQWRWKHXVH
RI3DVW&RQWLQXRXV3DVVLYH
 ZHUHEHLQJLQYHQWHG
QHZWHFKQRORJLHV ZHUHEHLQJDSSOLHG
QHZPHWKRGV ZHUHEHLQJWUDQVODWHG
YDULRXVTXHVWLRQV ZHUHEHLQJXVHG
QXPHURXVTXHVWLRQV ZHUHEHLQJDVNHG
YHU\KLJKSULFHV ZHUHEHLQJDQVZHUHG
 ZHUHEHLQJTXRWHG

 
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

 &KDQJH WKH VHQWHQFHV DV LQ WKH H[DPSOH WR PDNH WKHP
VKRUWHU3D\DWWHQWLRQWRWKHXVHRIWKHLQJIRUPV
7KHGLYLVLRQRIODERXUEHFDPHHYHQPRUHSURGXFWLYHZKHQDSSOLHG
WRWKHFUHDWLRQRIQHZWHFKQRORJLHV=7KHGLYLVLRQRIODERXUEH
FDPH HYHQ PRUH SURGXFWLYH ZKHQ DSSOLHG WR FUHDWLQJ QHZ WHFK
QRORJLHV

7KLVPHWKRGEHFDPHPRUHSURGXFWLYHZKHQDSSOLHGWRWKHFUHD
WLRQRIQHZPDFKLQHV
7KH TXHVWLRQ EHFDPH FOHDUHU ZKHQ DSSOLHG WR WKH GLVFXVVLRQ RI
HFRQRPLFPDWWHUV
7KLV *UDPPDU UXOH EHFDPH PRUH XQGHUVWDQGDEOH ZKHQ XVHG LQ
WKHWUDQVODWLRQRIWKLVWH[W
7KHLU GHFLVLRQ EHFDPH PRUH XQGHUVWDQGDEOH ZKHQ PDGH IRU WKH
FKDQJHRIWKHSULFH
7KHLU GHFLVLRQ EHFDPH PRUH XQGHUVWDQGDEOH ZKHQ PDGH IRU WKH
LQFUHDVHRIWKHSULFH
7KHLUGHFLVLRQEHFDPHOHVVXQGHUVWDQGDEOHZKHQPDGHIRUWKHGH
FUHDVHRIWKHSULFH

 0DNHVHQWHQFHVDVLQWKHH[DPSOH3D\DWWHQWLRQWRWKHXVH
RIWKH3DVW3DUWLFLSOHVDQGWKHLQJIRUPV
(QJLQHHUVWUDLQHGLQH[WUHPHO\QDUURZILHOGV
EHFDPHVSHFLDOLVWVDWLQYHQWLQJ

VFLHQWLVWVWRWUDLQLQH[WUHPHO\QDUURZILHOGVWRLQYHQW
VWXGHQWVWRWUDLQLQWKLVZD\WRWUDQVODWH
VWXGHQWVWRWUDLQLQWKLVODERUDWRU\WRLQWHUSUHW
ZRUNHUVWRWUDLQDWWKH6HOOHUVSODQWWRPDQXIDFWXUH
ZRUNHUVWRWUDLQDWWKLVIDFWRU\WRSURGXFH
VHFUHWDULHVWRWUDLQDWWKLV&HQWUHWRPDNHEXVLQHVVFRQWDFWV
DFFRXQWDQWVWRWUDLQDWWKLV6FKRROWRPDNHLQWHUQDWLRQDOSD\PHQWV

 &RPSOHWH WKHVH VHQWHQFHV 3D\ DWWHQWLRQ WR WKH XVH RI WKH
PRGDOYHUEPXVW
7KHUHPXVWEHQRLPSHGLPHQWV«
7KHUHPXVWEHQREDUULHUV«

 
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

7KHUHPXVWEHQRTXHVWLRQV«
7KHUHPXVWEHQRGRXEWV«
7KHUHPXVWEHQRPLVWDNHV«
7KHUHPXVWEHQRUHDVRQV«
7KHUHPXVWEHQRKHVLWDWLRQ«

+DYHDQRWKHUORRNDWWKHWH[WDQG«
D )LQG WKH ZRUGV LQ WKH WH[W ZKLFK GHVFULEH RU PHDQ WKH
IROORZLQJ
  DPDUNHWZLWKLQDFRXQWU\
  DPDUNHWDPRQJFRXQWULHV
  D PDUNHW LQ ZKLFK SULFH DQG RXWSXW DUH GHWHUPLQHG E\ WKH DF
WLRQV RI EX\HUV DQG VHOOHUV ZLWKRXW DQ\ RXWVLGH UHVWULFWLRQ RU
UHJXODWLRQ

E 7UDQVODWHWKHVHVHQWHQFHV
1HZ WHFKQRORJLHV ZHUH EHLQJ LQYHQWHG DQG DSSOLHG WR LQGXVWU\
WUDQVSRUWDWLRQ DQG DJULFXOWXUH LQ ZKDW FDPH WR EH FDOOHG WKH ,Q
GXVWULDO5HYROXWLRQ
$QGKHEURXJKWKLVDFXWHSRZHUVRIREVHUYDWLRQWREHDURQWKLVTXHV
WLRQ
:KHQ HDFK SHUVRQ PDNHV WKH EHVW SRVVLEOH HFRQRPLF FKRLFH EDVHG
RQVHOILQWHUHVWWKDWFKRLFHOHDGVWRWKHEHVWRXWFRPHIRUVRFLHW\DVD
ZKROH

F :ULWH RXW DOO WKH VHQWHQFHV GHILQLQJ WKH WHUP GLYLVLRQ RI
ODERXU7UDQVODWHWKHPLQWR5XVVLDQ

G $JUHHRUGLVDJUHH
  ,WLVYHU\HDV\WRGHILQHPRVWHFRQRPLFWHUPV
  7KHUH DUH PDQ\ VSHFLDOL]HG GLFWLRQDULHV RQ HFRQRPLFV DYDLO
DEOH
  2QH DQG WKH VDPH WHUP LV LQWHUSUHWHG LQ HYHU\ GLFWLRQDU\ LQ
WKHVDPHZD\



 
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»


7H[W7KRPDV0DOWKXV
7KRPDV 0DOWXV ²  ZDV DQ (QJOLVK FOHUJ\PDQ ZKRVH
SHVVLPLVWLFLGHDVRQSRSXODWLRQJURZWKZHUHSXEOLVKHGLQKLV(VVD\RQ
WKH3ULQFLSOHRI3RSXODWLRQDVLW$IIHFWVWKH)XWXUH,PSURYHPHQWRI6RFL
HW\  0DOWKXVDUJXHGWKDWODQGLVILQLWHDQGWKDWLWVSURGXFWLYLW\
FDQ DW EHVW LQFUHDVH RQO\ DULWKPHWLFDOO\     HWF  ZKLOH
SRSXODWLRQ LQFUHDVHV JHRPHWULFDOO\     HWF  VR WKDW WKH LQ
FUHDVH LQ SRSXODWLRQ WHQGV WR RXWUXQ WKH LQFUHDVH LQ IRRG VXSSO\
&RQVHTXHQWO\PRVWSHRSOHZRXOGEHFRQGHPQHGWROLYHLQPLVHU\DQG
SRYHUW\ZLWKZDUVHSLGHPLFVDQGIDPLQHVVHUYLQJWRVORZWKHJURZWK
RISRSXODWLRQ
0DOWKXV¶V JORRP\ YLHZ RI SRSXODWLRQ JURZWK FRQWUDVWHG VKDUSO\
ZLWK WKH RSWLPLVWLF YLHZV DERXW ORQJWHUP HFRQRPLF GHYHORSPHQW
KHOG E\ KLV FRQWHPSRUDULHV DQG FRQWULEXWHG WR WKH EHOLHI WKDW HFR
QRPLFVZDVWKHµGLVPDOVFLHQFH¶7KRXJK0DOWKXVGLGQRWIRUHVHHWKH
GUDPDWLF LPSURYHPHQWV RI DJULFXOWXUDO WHFKQLTXHV ZKLFK KDYH RF
FXUUHGQRUWKHWHQGHQF\IRUSRSXODWLRQJURZWKWRVORZLQLQGXVWULDO
L]HG FRXQWULHV KLV LGHDV VWLOO FDXVH FRQFHUQ HVSHFLDOO\ LQ GHYHORSLQJ
FRXQWULHV

'R\RXNQRZWKHVHZRUGV"
WRLPSURYH 73IZLNQ(R9 ysy·¡jz x¹  xvkné
¡ntxzkvkjz x¹ 
ILQLWH 7ZB=3J=3P9 vméjtq·ntt€p quní
qpwénlns
WRRXWUXQ  wnénmtjzvwnénlqz
FRQVHTXHQWO\ 7ZGKJO3GS1JPH39 xsnlvkjznstv
WRFRQGHPQ 7G1JZ@AI9 vxy ljz wéqmvkjéq
kjz
PLVHU\ 7ZI3V1N39 tqnzj
SRYHUW\ 7ZLKR1P39 inltvxz
IDPLQH 7ZB'I3J9 mvsvl
JORRP\  uéj·t€p
VKDUS  vxzé€p

 
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

FRQWHPSRUDU\DGM 7G1JZPAIL1N1N39 xvkénuntt€p


Q  xvkénunttqr
GLVPDO 7Z@3OI1H9 uéj·t€p yt€s€p
wn·jst€p
V\QJORRP\  
WR IRUHVHH IRUHVDZ 7BK(ZO39 wénlkqlnz
IRUHVHHQ 
WRRFFXU 71ZG1(9 xsy·jzx¹wévqx}vlqz
FRQFHUQ 7G1JZO1(J9 inxwvrvpxzkv vojiv
·nttvxz

*UDPPDU5HYLVLRQ&RPSOH[2EMHFW

7KH\H[SHFWHGWKHFRPSDQ\WRFRPHWRWKHFRQIHUHQFH

 WRH[SHFW 
 WRZDQW 
 ZRXOGOLNH
VPEWRGRVPWK
 WRDVN
 WRIRUHVHH
 WRHQDEOH

1RERG\FRXOGPDNHWKHPFRPHWRWKHFRQIHUHQFH

 WRPDNH 
 WROHW
VPEGRVPWK
 WRVHH
 WRKHDU

:HVDZWKHPFRPLQJLQWRWKHURRP

 WRVHH
VPEGRLQJVPWK
 WRKHDU


 
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

 8QGHUOLQH WKH &RPSOH[ 2EMHFWV DQG WUDQVODWH WKH VHQ


WHQFHV
0DOWKXV GLG QRW IRUHVHH WKH WHQGHQF\ WR VORZ LQ LQGXVWULDOL]HG
FRXQWULHV
+HZDQWHGHYHU\ERG\WRDJUHHWKDWWKHODQGLVILQLWH
7KHFKDLUPDQOHWDIHZRWKHUSDUWLFLSDQWVRIWKHFRQIHUHQFHWDNH
WKHIORRU
+LV LQWHUIHUHQFH HQDEOHG WKH SDUWLFLSDQWV WR FRPH WR DQ DJUHH
PHQW
,GLGQRWH[SHFW\RXWRUHPHPEHUDOOWKHVHGDWHV
,VDZKHUUHDGLQJWKLVOHVVRQ
,PDGHKHUUHZULWHWKHH[HUFLVH

 7UDQVODWHLQWR(QJOLVK
Ìt }vzns ·zvi€ u€ wvt¹sq ëzy xsv tyí ërvtvuq·nxryí
rvt|nw|qí
Êxxsnlvkjtq¹ y·ntvmv wvokvsqsq wvstvxzí éjxré€z xv
lné jtqnëzvmvwvt¹zq¹
Îvlq{qrj|q¹ vivéylvkjtq¹ wvokvsqsj yknsq·qz wévqokv
lqznstvxzzéyljtj
èvxz|ntojxzjkqsq}tnxrvsrvxvréjzqzwévqokvlxzkv

 6WDWHZKDWFRQVWUXFWLRQVSDUWVRIVSHHFKWKHZRUGVLQLWDOLFV
DUHDQGWUDQVODWHWKHVHQWHQFHV
0RVW SHRSOH ZRXOG EH FRQGHPQHG WR OLYH LQ SRYHUW\ ZLWK ZDUV
HSLGHPLFVDQGIDPLQHVWRVORZWKHJURZWKRISRSXODWLRQ
+HDUJXHGWKDWODQG
VSURGXFWLYLW\FDQDWEHVWLQFUHDVHRQO\DULWK
PHWLFDOO\
7KH LQFUHDVH LQ SRSXODWLRQ WHQGV WR RXWUXQ WKH LQFUHDVH LQ IRRG
VXSSO\
+LV JORRP\ YLHZV FRQWUDVWHG VKDUSO\ ZLWK WKH RSWLPLVWLF YLHZV
KHOGE\KLVFRQWHPSRUDULHV
+LVLGHDVVWLOOFDXVHFRQFHUQ
7KHFRQIHUHQFHLVWREHKHOGQH[WPRQWK
<RXKDYHQRFDXVHIRUFRPSODLQW
'RHVWKLVFRQFHUQPH"

 
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

 8QGHUOLQHWKHEDVLFQRXQVDQGWUDQVODWHWKHZRUGFRPELQD
WLRQV
SRSXODWLRQJURZWK PRQH\JURZWK
IRRGVXSSO\ MREJURZWK
0DOWKXV
VJORRP\YLHZ IDFWRUVXSSO\
ODQGSURGXFWLYLW\ ODERXUSURGXFWLYLW\

:RUNRQWKHZRUGV
 :ULWH WKH ZRUGV IURP ZKLFK WKHVH FRPSRXQGVDUHIRUPHG
WUDQVODWHWKHPDQGZULWHDIHZRWKHUVLPLODUFRPSRXQGV
FOHUJ\PDQ RYHUSRSXODWLRQ WRRXWUXQ
FKDLUPDQ XQGHUHVWLPDWLRQ WRRYHUWDNH
ZKROHVDOHU RXWFRPH WRRYHUFURZG

 7UDQVODWHLQWR(QJOLVK
tjévlvtjxnsntqn ojunls¹zznuw€évxzj
kjéq{unzq·nxrvpwévménxxqq tjxnsntq¹
k mnvunzéq·nxrvp wévménxxqq lvsmvxév·tvn ërvtvuq·nxrvn
ysy·¡ntqn qotqvinxzkj éjokqzqn
 

 0DWFK WKH (QJOLVK DQG 5XVVLDQ HTXLYDOHQWV DQG PDNH VHQ
WHQFHVXVLQJWKHYHUEV
WRDUJXH k€o€kjz WRWHQG ktvxqzkrsjl
WRFDXVH wévqx}vlqz WRRXWUXQ vxy ljz
WRFRQFHUQ lvrjo€kjz WRFRQGHPQ wnénmtjz
WRDIIHFW rjxjzx¹ WRFRQWUDVW qunzzntlnt|qí
WRRFFXU ksq¹z WRFRQWULEXWH rvtzéjxzqévkjz

 
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

 :ULWHDVPDQ\ZRUGFRPELQDWLRQVDV\RXFDQPDWFKLQJWKH
ULJKWZRUGV
SHVVLPLVWLF YLHZ DIIHFWLRQ
RSWLPLVWLF RSLQLRQ DIIDLU
GUDPDWLF ZRUG VWRU\
UDUH UHPDUN ILOP
VKDUS DJUHHPHQW SOD\
GLVPDO FULWLFLVP VRXQG

 :ULWHDIHZVHQWHQFHVRI\RXURZQXVLQJWKHVHZRUGV
FRQVHTXHQWO\BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
DWEHVW BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
DWZRUVWBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
LIWKHZRUVWFRPHVWRWKHZRUVW BBBBBBBBBBBBBBBBBBBBBBBBBBBBB

+DYHDQRWKHUORRNDWWKHWH[WDQG«
D 7UDQVODWHWKHWH[W
E :ULWH DQ HVVD\ &RQWULEXWLRQV RI 7KRPDV 0DOWXV DQG $GDP
6PLWKLQWRHFRQRPLFV

$QQRWDWLRQRIWKHMRXUQDO:RUN(PSOR\PHQW
DQG6RFLHW\
(GLWRU7KHR1LFKROV
&DUGLII8QLYHUVLW\
3XEOLVKHG IRU WKH %ULWLVK 6RFLRORJLFDO $VVRFLD
WLRQFHOHEUDWLQJLWVWKDQQLYHUVDU\LQ
1RZ LQ LWV ILIWHHQWK \HDU RI SXEOLFDWLRQ :RUN (PSOR\PHQW DQG
6RFLHW\KDVDQHVWDEOLVKHGLQWHUQDWLRQDOUHSXWDWLRQ$QRIILFLDOMRXUQDO
RIWKH%ULWLVK6RFLRORJLFDO$VVRFLDWLRQ:RUN(PSOR\PHQWDQG6RFLHW\
DQDO\VHVDOOIRUPVRIZRUNDQGWKHLUUHODWLRQWRZLGHUVRFLDOSURFHVVHV
DQG VWUXFWXUHV DQG WR TXDOLW\ RI OLIH ,W HPEUDFHV WKH VWXG\ RI WKH
ODERXU SURFHVV LQGXVWULDO UHODWLRQV FKDQJHV LQ ODERXU PDUNHWV DQG
WKH JHQGHU DQG GRPHVWLF GLYLVLRQV RI ODERXU ,W VXSSRUWV FRQWHPSR
UDU\ KLVWRULFDO DQG FRPSDUDWLYH VWXGLHV DQG ERWK TXDOLWDWLYH DQG
TXDQWLWDWLYH PHWKRGRORJLHV 5HFHQW LVVXHV H[HPSOLI\ LWV LQWHUQDWLRQDO
VFRSH ZLWK FRQWULEXWRUV IURP 6FDQGLQDYLD 1RUWK $PHULFD $XVWUDO
DVLD &KLQD DQG ,QGLD DV ZHOO DV )UDQFH ,WDO\ +XQJDU\ 7XUNH\
,VUDHO6RXWK$PHULFDDQGWKH8QLWHG.LQJGRP

 
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

'R\RXUHPHPEHUWKHVHZRUGV"
WRFHOHEUDWH 7ZOAH3>NA3P9 wéjoltvkjz
DQQLYHUVDU\ 7Z'J3ZR1(O1N39 mvlvkqtj
WRHPEUDFH 73IZ>NA3O9  v}kjz€kjz krsí
 ·jz vitqujz
JHQGHU  évlwvs
LVVXH 7Z3FQ(Z3OFQ(9  kvwévxwévisnuj
   k€wyxrtvuné
WRH[HPSOLI\ 732ZVAILH3B=39  wéqkvlqzwéquné
   xsy qzwéqunévu

:RUNRQWKHZRUGV
D 5HDGDQGWUDQVODWHWKHZRUGV
VRFLHW\ UHODWLRQ QRUWK
DVVRFLDWLRQ GLYLVLRQ VRXWK
SXEOLFDWLRQ PHWKRGRORJ\ &KLQD
UHSXWDWLRQ 6FDQGLQDYLD +XQJDU\

E 7UDQVODWHWKHWZRLQWHUSUHWDWLRQVRIWKHWHUP$XVWUDODVLD
  WKHWHUPLVJHQHUDOO\XVHGWRUHIHUWR$XVWUDOLD1HZ=HDODQG
1HZ*XLQHDDQGWKHDGMDFHQWLVODQGJURXSV
  WKH WHUP PD\ DOVR UHIHU WR 2FHDQLD 0HODQHVLD 0LFURQHVLD
3RO\QHVLD 

F 7UDQVODWHLQWR(QJOLVK
ywév·qk¡j¹x¹un lytjévltj¹énwyzj|q¹
v{q|qjst€p yétjs
ivsnn¡qévrqpxv|qjst€pwév|nxx
wév|nxxéjokqzq¹wévqokvlqznst€}xqs
é€tvrzéylj
vztv¡ntq¹ un ly jluqtqxzéj|qnp q éjiv·quq k wévu€¡
snttvxzq
xéjktqznst€pjtjsqo
un lytjévlt€pujx¡zji

 
Copyright ОАО «ЦКБ «БИБКОМ» & ООО «Aгентство Kнига-Cервис»

G 0DNHDIHZVHQWHQFHVZLWKWKHVHZRUGV
KLVWRULF HYHQW KLVWRULFDO HYHQW
qxzvéq·n VSHHFK qxzvéq·n QRYHOSOD\ILOPSDLQWLQJ
xrqpkj  WLPHV xrqpxk¹ VWXGLHV
t€p  PRPHQW ojtt€pqsq PHWKRGRILQYHVWLJDWLRQ
GD\ vztvx¹qp
x¹rénjs
tvpqxzv
éqq 

+DYHDQRWKHUORRNDWWKHDQQRWDWLRQDQG«
D $QVZHUWKHVHTXHVWLRQV
  ,V :RUN (PSOR\PHQW DQG 6RFLHW\ D ERRN PDJD]LQH RU MRXU
QDO"
  :KRFRQWULEXWHGWKHLUHVVD\VDUWLFOHVDQGRWKHUZRUNVWRWKLV
SXEOLFDWLRQ"
  :KHQGLGWKHILUVWLVVXHFRPHRXW"
  :KRLVLWVVSRQVRU"
  +DYH\RXUHDGWKLVRUDQ\RWKHUVLPLODUMRXUQDO"
  :KHUHGRHV\RXULQWHUHVWOLH"
  ,VWKHUHDVLPLODUMRXUQDOSXEOLVKHGLQ5XVVLD"

E 0DUNWKHPHDQLQJLQZKLFKWKHVHZRUGVDUHXVHG
LQLWWKHDQQRWDWLRQ
ZRUN éjivzj LVVXH kvwévxwévisnuj
 wévqoknlntqn  k€wyxrtvuné

FRQWHPSRUDU\ xvkénuntt€p WRH[HPSOLI\ wéqkvlqzwéquné
 xvkénunttqr  xsy qzwéqunévu

F 7UDQVODWHWKHDQQRWDWLRQLQWR5XVVLDQ
G 7UDQVODWH WKH GHILQLWLRQV RI RQH DQG WKH VDPH WHUP DQG
JXHVVZKDW