Aea?aeaaia iaoaeo?a?eia aeaaeai?y Oe?a?ie

AA?AUAE A?eoi??y Neeueaano??aia

OAeE 339.727.22/24

IAOIAeE*I? INIIAE AEIEIAI-AEIIII?*IIAI IAA?OIOOAAIIss ?IAANOEOe?EIEO
I?IAEO?A

08.06.01- aeiiii?ea i?aei?e?inoaa

? i?aai?caoe?y ae?iaieoeoaa

Aaoi?aoa?ao aeena?oaoe?? ia caeiaoooy iaoeiaiai nooiaiy

eaiaeeaeaoa aeiiii?/ieo iaoe

Aei?i?iiao?ianuee — 1999

Aeena?oaoe??th ? ?oeiien.

?iaioa aeeiiaia a Aea?aeaai?e iaoaeo?a?ei?e aeaaeai?? Oe?a?ie
I?i?noa?noaa ina?oe Oe?a?ie.

Iaoeiaee ea??aiee: aeieoi? aeiiii?/ieo iaoe, i?ioani?

AAIUe Oa?an A?eai?iae/

(Aea?aeaaia iaoaeo?a?eia aeaaeai?y
Oe?a?ie,

caa?aeoaa/ eaoaae?ith aeiiii?ee
i?iieneiaino?)

Io?oe?ei? iiiiaioe: aeieoi? aeiiii?/ieo iaoe, i?ioani?

EII?UAAA Iaoae?y Einei?aia

(?inoeooo aeiiii?ee i?iieneiaino? IAI

Oe?a?ie, caa?aeoaa/ea naeoi?ii
aeiiii?/ieo

i?iaeai i?e?iaeiei?enooaaiiy)

eaiaeeaeao aeiiii?/ieo iaoe, aeioeaio

Ae?AeEE Ethaeieea Ieoaee?aia

(Iaoe?iiaeueia a??ie/a aeaaeai?y
Oe?a?ie,

aeioeaio eaoaae?e aeiiii?/iiai aiae?co
oa

o?iain?a)

I?ia?aeia onoaiiaa: Iaoeiai-aeine?aeiee aeiiii?/iee ?inoeooo

I?i?noa?noaa aeiiii?ee Oe?a?ie,
a?aeae?e

?iaanoeoe?eii? iie?oeee, i.Ee?a

Caoeno a?aeaoaeaoueny «_30_» aa?aniy_1999 ?. i 14 -00-aiaeei?

ia can?aeaii? niaoe?ae?ciaaii? a/aii? ?aaee Ae 08.084.04 i?e Aea?aeaai?e
iaoaeo?a?ei?e aeaaeai?? Oe?a?ie ca aae?anith:

320635, i. Aei?i?iiao?ianuee, i?iniaeo Aaaa??ia, 4.

C aeena?oaoe??th iiaeia iciaeiieoenue o a?ae?ioaoe? Aea?aeaaii?
iaoaeo?a?eii? aeaaeai?? Oe?a?ie ca aae?anith: 320635,
i.Aei?i?iiao?ianuee, i?.Aaaa??ia,4

Aaoi?aoa?ao ?ic?neaiee «28» na?iiy 1999 ?.

A/aiee nae?aoa?

niaoe?ae?ciaaii? a/aii? ?aaee,

e.a.i., aeioeaio _____________________
(?aiaoe?ia O.A.)

CAAAEUeIA OA?AEOA?ENOEEA ?IAIOE

Aeieia?/iee noai Oe?a?ie iiaeia aecia/eoe ye e?eoe/iee. I?ioyaii
inoaii?o ?ie?a niinoa??aa?oueny aeayea cieaeaiiy ianyao i?iieneiaeo
aeeeae?a o iaaeieeoi? na?aaeiaeua, ui ? iane?aeeii ?noioiiai cieaeaiiy
ianya?a ae?iaieoeoaa. Aea oea ia aeeeeea? aaeaeaaoiiai iie?ioaiiy noaio
aeiae?eey. sseui ia?aaeaa/eoe, ui i?iieneia?noue Oe?a?ie cai?aoeth?
a?aeiia?aeii aei ?? iioaioe?eieo iiaeeeainoae, ui ? aeeoo?ai iaiao?aeiei
aeey aeiiii?ee e?a?ie, oi aeieia?/ia iaaaciaea iiaea nooo?ai c?inoe.
Naia oiio aeieia?/iei aniaeoai aea?aeaaiiai ?icaeoeo iaaea?oueny aaeeea
cia/aiiy. Nooi?noue iinoaaeaieo a aeena?oaoe?eiiio aeine?aeaeaii?
i?iaeai iieyaa? a oaeineiiaeaii? iaoiaeeee aeieiai-aeiiii?/iiai
iaa?oiooaaiiy ?iaanoeoe?eieo i?iaeo?a. Aeena?oaoe?eia aeine?aeaeaiiy
aeeiiaii ia i?aenoaa? ieae/a aeacaieo i?ia?ai oa ieaio
iaoeiai-aeine?aeieo ?ia?o Aea?aeaaii? iaoaeo?a?eii? aeaaeai?? Oe?a?ie.
Oai?aoe/iith oa iaoiaeieia?/iith aacith aeine?aeaeaiiy ? iieiaeaiiy
aeiiii?/ii? oai???, nooiino? ?iaanooaaiiy oa eiai o?iainiaiai aiae?co,
iaoeia? i?aoe? a?o/eciyieo oa ca?oa?aeieo a/aieo. A aeena?oaoe??
aeei?enoaii /enaeueia ?i?oaoe?eia iiaeaethaaiiy ??cieo aa??aio?a
?iaanoeoe?eieo i?iaeo?a oa aeiiii?/ia ?ioa?i?aoaoe?y ?acoeueoao?a
iiaeaethaaiiy. Aeo?aeieie aeaieie aeey ?ic?iaee oaie aoee
ii?iaoeaii-caeiiiaeaa/a ?ioi?iaoe?y oa iaoa??aee o?iainiai? ca?oiino?
oe?a?inueeeo i?aei?e?inoa.

Aeooaeuei?noue oaie. Aieiaiith i?e/eiith e?eoe/ii? aeieia?/ii?
neooaoe?? ? oei aeiiii?/iiai ?icaeoeo, ui neeaany. Oeae oei ?icaeoeo
iiaeia aecia/eoe ye oaoiiaaiiee oa oaeee, ui ?oeio? iaaeieeoi?
na?aaeiaeua. Aeey caa??aaiiy aenoaineaiiai, oaoiiaaiiiai ?icaeoeo c
eiaeiei ?ieii iaiao?aeii aeae?eyoe ana a?eueoa eioo?a a aaeoc?, ye?
?ioaineaii aenieoaoothoue i?e?iaeo. Aeaa?aaeaoe?y ? aeniaaeaiiy
i?e?iaeieo ?ano?n?a aeiaaa? aaee/acieo eai?oaeueieo aeeaaeaiue aeey
?ic?iaee iiaeo ?ano?n?a aai iineeaiiy aenieoaoaoe?? ?nioth/eo. C eiaeiei
?ieii oe? aeo?aoe c?inoathoue, iaeiae ?o aoaeoeai?noue aacia?a?aii
cieaeo?oueny. Caaino?aiiy oe??? i?iaeaie i?eaaei aei iaiao?aeiino?
iineeaiiy aeieia?/ieo aeiia aei aeiiii?ee.

Iio??aii i?aee?aneeoe, ui aeiiii?/iee ?icaeoie aioo??oiuei noia?a/eeaee:
c iaeiiai aieo, a?i ii?iaeaeo? ?yae aino?eo aeieia?/ieo i?iaeai, a c
?ioiai — a naiiio aeiiii?/iiio ?icaeoeo caeeaaeaia iniiaa aeey onoiaiiy
oeeo noia?a/iinoae. ?ice?eoe ?o i?e?iaeo — cia/eoue caaaiooe ca’ycie
aeaio nenoai: noni?eueiiai ae?iaieoeoaa ? iaaeieeoiueiai na?aaeiaeua.
I?e oeueiio a nenoai? «aeiiii?ea — na?aaeiaeua» ia iiaea aooe a?aeaeaia
ia?aaaaa i? aeiiii?oe? ia?aae iaaeieeoi?i na?aaeiaeuai, i?
iaaeieeoiueiio na?aaeiaeuo ia?aae aeiiii?eith. Iaiao?aeii caaacia/eoe
oaeo aca?iiae?th, i?e ye?e aenie? oaiie ?icoe?aiiai a?aeoai?thaaiiy ?
aeiiii?/iiai c?inoaiiy ii?aeioaaeeny a ia o?eueee ?c caa?aaeaiiyi, aea ?
c aacia?a?aiei iie?ioaiiyi ? ?icaeoeii ye ie?aieo eiiiiiaio?a, oae ?
anueiai iaaeieeoiueiai na?aaeiaeua. Iaiao?aeia ci?ia oaoiiaaiiiai oeio
aeiiii?/iiai ?icaeoeo ia no?eeee aeieiai-caaeainiaaiee oei ?icaeoeo.
O?eueee a oeueiio aeiaaeeo aaeanoueny aeiiiaoeny aacia/iiai ? no?eeiai
nioe?aeueii-aeiiii?/iiai ?icaeoeo Oe?a?ie ia ia?niaeoeao.

Ia?niaeoeaiei iai?yieii ?ica’ycaiiy i?iaeai iaaeieeoiueiai na?aaeiaeua
i?aaenoaaey?oueny aeieia?/ii i???ioiaaia ?ano?oeoo?ecaoe?y i?iieneiaeo
i?aei?e?inoa, ia?aaeyae no?aoaa?? ?o ?icaeoeo a iai?yi? caoenoo
iaaeieeoiueiai na?aaeiaeua.

Aeieia?caoe?y i?ioeano ?ano?oeoo?ecaoe?? oe?a?inueeeo i?aei?e?inoa
iiaeiia ?icaeyaeaoeny a ia?ic?eaiiio ca’yceo c ?iaanoeoe?eiith
ae?yeuei?noth.

?iaanoeoe?eia ae?yeuei?noue i?aei?e?inoa a no/anieo oiiaao noeea?oueny c
aaeeeeie i?iaeaiaie, ine?eueee i?aei?e?inoaa ciooai? naiino?eii ooeaoe
aeaea?aea o?iainoaaiiy i?ia?ai ?icaeoeo. O ca’yceo ?c iaiaaeai?noth
aeanieo eioo?a c?inoa? i?aaiaiiy i?aei?e?inoaa «?iaanooaaoe a aeieia?th»
i?i?iaeuei? o?iainia? ?ano?ne. Oiio i?iaeaie caoenoo iaaeieeoiueiai
na?aaeiaeua iaaoaathoue iaea?eueo aino?iai cao/aiiy.

O?aaeeoe?eia aeeeaia a ?ica’ycaii? aeieia?/ieo ieoaiue neeaaea?oueny c
aeiiii?/iiai ia??oiooaaiiy ? i?eeiyooy ??oaiiy ia ei?enoue iaei??? c
aeueoa?iaoea:

ia?aaaaeii ?iaanooaaoe a i/eni? nii?oaee ? onoaoeoaaiiy ? i?i?i?coaaoe
ieaoo ca caa?oaeiaiiy iaaeieeoiueiai na?aaeiaeua;

ia ?iaanooaaoe a i/eni? nii?oaee, a cae?enithaaoe cia/i? aeieaoe aei
athaeaeaoo ca caa?oaeiaiiy iaaeieeoiueiai na?aaeiaeua .

Aea?aeaaa oeyoii i?iaaaeaiiy aei?noei? aeieia?/ii? iie?oeee iiaeiia
i?eioooaaoe i?aei?e?inoaa aeae?aoe ia?oo aeueoa?iaoeao. Ii?ie ieaoe ca
caa?oaeiaiiy iaaeieeoiueiai na?aaeiaeua ne?ae anoaiiaethaaoe oaeei
/eiii, uia noeioethaaoe i?aei?e?inoaa ?iaanooaaoe a i?e?iaeicaoeni?
caoiaee. O naith /a?ao i?aei?e?inoaa ciooai? aoaeooue ooeaoe iaea?eueo
aeiiii?/ii aea?aei? iai?yiee aeieia?/ieo ?iaanoeoe?e. Oea iiaeeeaa eeoa
ca oiiae aeei?enoaiiy ia??oioiaaiiai iaoiaee/iiai i?aeoiaeo aei ioe?iee
aeieiai-aeiiii?/ii? aoaeoeaiino? ?iaanoeoe?e.

Oai?aoe/i? ? i?eeeaaei? i?iaeaie a?aooaaiiy aeieia?/iiai oaeoi?o i?e
aeiiii?/iiio iaa?oiooaaii? ainiiaea?nueeeo ??oaiue aeine?aeaeoaaeenue o
i?aoeyo i?ia?aeieo a?o/eciyieo oa ca?oa?aeieo a/aieo, na?aae yeeo
Aaeaoeueeee I.O., A?iiooaei I.I., Aieoa I.I., Eii?uaaa I.E., Eica/aiei
N.I., Iaeueiee E.A., I?uaiei A.N., Naoa?a A.A., Oaaei?euaaa A.I.,
Oa/aoo?ia O.N. oa ?io?. A oie aea /an a iaoeiai-iaoiaee/ieo i?aoeyo ?
i?aeoeoe? ?iaanoeoe?eiiai i?iaeooaaiy ia aoei ?ic?iaeaii nenoaiiiai
iaoiaee/iiai i?aeoiaeo aei aecia/aiiy aoaeoeaiino?, yeee caaacia/o?
i?aai?/ia ii?aeiaiiy aeiiii?/ieo ? aeieia?/ieo aniaeo?a a iaa?oiooaaii?
?iaanoeoe?eieo i?iaeo?a. A ia??iae aaei?i?no?aoeaiiai ?aaoethaaiiy
aeiiii?ee ?iaeeeny ni?iae ae??ooaaoe oeth i?iaeaio a iaaeao
oeaio?ae?ciaaiiai oi?aae?iiy aeiiii?eith e?a?ie. Aiaeii/an c oei
ia?aaaaeaea oaiaeaioe?y aea/aiiy ie?aieo aocueeeo ieoaiue ? i?iaeaia ia
?icaeyaeaeany a eiiieaen?. *eneaii? ?iaioe a aaeoc? o?iainiaiai aiae?co
?iaanoeoe?eieo i?iaeo?a (oea a iniiaiiio ca?oa?aei? aeaeaiiy) ia
oi?eathoueny iniaeeainoae aeieiai-aeiiii?/iiai aiae?co. sse iane?aeie,
?nioth/? iaoiaeeee aeiiii?/iiai ia??oiooaaiiy ?iaanoeoe?eieo i?iaeo?a
iaaeinoaoiuei a?aoiaothoue aeieia?/iee oaeoi? ? /a?ac oea iio?aaothoue
iiaeaeueoiai ?icaeoeo.

Ca»ycie ?iaioe c iaoeiaeie i?ia?aiaie, ieaiaie, oaiaie. Aeena?oaoe?eia
aeine?aeaeaiiy aeeiiaii o a?aeiia?aeiino? ?c i?aeaoc?anueeith
eiiieaeniith i?ia?aiith «?ic?iaea e?eoa???a, iaoiae?a ioe?iee oa
i?iaiicoaaiiy aieeao a??ie/iiaoaeo?a?eieo oaoiieia?e ia aeieia?/iee
noai oa aia?ainiiaeeaaiiy o i?iieneiaiio ?aa?ii? ?c aeei?enoaiiyi
?i?oaoe?eiiai iaoaiaoe/iiai iiaeaethaaiiy», caoaa?aeaeaiith Iaeacii
I?iaoco Oe?a?ie a?ae 23 aa?aciy 1990 ?. ?65, «I?ia?aiith aeei?enoaiiy
a?aeoiae?a ae?iaieoeoaa ? niiaeeaaiiy ia ia??iae aei 2005 ?ieo»,
caoaa?aeaeaiith Iinoaiiaith Eaa?iaoo I?i?no??a Oe?a?ie a?ae 28 /a?aiy
1997 ?. ?668, a oaeiae ieaiii iaoeiai-aeine?aeieo ?ia?o Aea?aeaaii?
iaoaeo?a?eii? aeaaeai?? Oe?a?ie.

Iaoa ? caaea/? aeine?aeaeaiiy. Iaoith aeena?oaoe?? ? ?ic?iaea
eiiieaenii? iaoiaeeee aeieiai-aeiiii?/iiai aiae?co oa iaa?oiooaaiiy
aoaeoeaiino? ?iaanoeoe?eieo i?iaeo?a. Aeey aeinyaiaiiy aeacaii? iaoe
iinoaaeaii oae? caaea/?:

i?iaiae?coaaoe aeaea?aea a?aeoeiaeiaoaaiiy aeo?ao ia ioi?iio
iaaeieeoiueiai na?aaeiaeua oa i?aeoiaee aei ioe?iee aeieia?/ieo
?iaanoeoe?e;

aeeiiaoe aeine?aeaeaiiy iiaeeeainoae canoinoaaiiy ?nioth/eo iaoiaee/ieo
i?aeoiae?a aei aiae?co aaccaeoeiaino? oa oe?eueiaiai ieaioaaiiy i?eaooeo
o neeaae? aeieiai-aeiiii?/iiai aiae?co ?iaanoeoe?eieo i?iaeo?a;

i?iaiae?coaaoe iniaeeaino? aiae?co iia?aoe?eiiai ?eceeo o i?ioean?
aeieiai-aeiiii?/iiai iaa?oiooaaiiy ?iaanoeoe?eieo i?iaeo?a;

i?iaiae?coaaoe iaoiaee/i? iniaeeaino? ioe?iee aoaeoeaiino? aeieia?/ieo
?iaanoeoe?e i?e ??cieo aeaea?aeao o?inoaaiiy i?iaeo?a;

?ic?iaeoe eiiieaenio iaoiaeeeo aeieiai-aeiiii?/iiai iaa?oiooaaiiy
?iaanoeoe?eieo i?iaeo?a.

Iaoeiaa iiaecia iaea?aeaieo ?acoeueoao?a. Iaoeiaa iiaecia
aeine?aeaeaiiy iieyaa? a iiaeaeueoiio iiaeeaeaii? oai?aoe/ieo
iieiaeaiue oa iaoiaee/ieo i?aeoiae?a uiaei eiiieaenii?
aeieiai-aeiiii?/ii? ioe?iee aoaeoeaiino? ?iaanoeoe?e.

O aeena?oaoe?? iaa?oioiaai? ? aeiinyoueny ia caoeno ianooii? iaoeia?
iieiaeaiiy:

iaoiaeeea eiiieaeniiai aeieiai-aeiiii?/iiai iaa?oiooaaiiy ?iaanoeoe?eieo
i?iaeo?a, yeith ia?aaeaa/aii a?aooaaiiy iniaeeainoae ?ic?aooieo a?ioiaeo
iioie?a aiane?aeie aeieia?/ieo ?iaanoeoe?e;

e?eoa??e aeai?o iioeiaeueii? aeueoa?iaoeae a i?ioean? ?iaanoeoe?eii?
ae?yeueiino? i?aei?e?inoa, yeei ia?aaeaa/a?oueny a?aooaaiiy aeieia?/ieo
aeo?ao oa ieaoaae?a o neeaae? nia?aa?oino? ? i?eaooeo i?aei?e?inoa;

niin?a ioe?iee aoaeoeaiino? aeieia?/ieo ?iaanoeoe?e i?e ??cieo
aeaea?aeao o?iainoaaiiy ?iaanoeoe?e oa ?o ni?aa?aeiioaiiyo;

iaoiaee/i? iieiaeaiiy aiae?co aaccaeoeiaino? oa oe?eueiaiai ieaioaaiiy
i?eaooeo a i?ioean? ainiiaea?nueei? ae?yeueiino? i?aei?e?inoaa, ye?
aeioe?eueii canoiniaoaaoe aei aeieiai-aeiiii?/iiai aiae?co
?iaanoeoe?eieo i?iaeo?a;

iaoiaee/i? iniiae aiae?co iia?aoe?eiiai ?eceeo ainiiaea?nueei?
ae?yeueiino? i?aei?e?inoa ? nooiaiy iia?aoe?eiiai aaaeaey, ui
a?aeia?aaea? iniaeeaino? ?iaanoeoe?eieo i?iaeo?a aeieia?/iiai iai?yieo.

I?aeoe/ia cia/aiiy iaea?aeaieo ?acoeueoao?a. I?aeoe/ia oe?ii?noue
?acoeueoao?a aeine?aeaeaiiy iieyaa? o ?ic?iaoe? iaoiaeeee i?iaaaeaiiy
eiiieaeniiai aeieiai-aeiiii?/iiai iaa?oiooaaiiy ?iaanoeoe?eieo i?iaeo?a,
ui ai?uo? aiae?c aaccaeoeiaino? ? oe?eueiaiai ieaioaaiiy i?eaooeo oa
ioe?ieo iia?aoe?eiiai ?eceeo i?aei?e?inoaa. Iaoiaeeea i?enoiniaaia aei
no/aniiai noaio i?aei?e?inoa Oe?a?ie ? caniiaaia ia oeo aeo?aeieo
aeaieo, ye? ?niothoue o ca?oiino? oe?a?inueeeo i?aei?e?inoa. ?ic?iaeai?
iaoiaee/i? iieiaeaiiy aeieiai-aeiiii?/iiai iaa?oiooaaiiy ?iaanoeoe?eieo
i?iaeo?a iiaeooue aooe aeei?enoai? ia i?aei?e?inoaao, a i?iaeoieo
?inoeoooao i?e aecia/aii? aeiiii?/ii? aeioe?eueiino? ?iaanoeoe?eieo
i?iaeo?a, ui ia?aaeaa/athoue aeieia?/i? ?iaanoeoe??, aeiiii?/iiio
iaa?oiooaaii? i?e?iaeiioi?iiieo caoiae?a, aeai?? iioeiaeueiiai
ni?aa?aeiioaiiy aeaea?ae ?o o?iainoaaiiy, a oaeiae i?e iaa?oiooaaii?
i?ei?eoaoieo iai?yie?a iaoeiai-oaoi?/iiai i?ia?ano, ?ic?iaoe? i?ia?ai
aeieia?/iiai icaei?iaeaiiy i?aei?e?inoa, ?aa?ii?a.

?ic?iaeaia iaoiaeeea aoea oni?oii aeei?enoaia aeey ioe?iee
aeieiai-aeiiii?/ii? aoaeoeaiino? ?aaaia?aoe?? a?aei?aoeueiaaieo
n??/aiieeneioieo ?ic/ei?a ia AAO «Ieaeiueiaei?i?ianueeee o?oaii?ieaoiee
caaiae» (aeo i?i oi?iaaaeaeaiiy ?acoeueoao?a aeena?oaoe?? ?215 a?ae
07.05.99 ?.), a oaeiae aeei?enoaia i?e ?ic?iaoe? eiiieaeniiai ieaio
caoiae?a uiaei icaei?iaeaiiy aeieia?/ii? neooaoe?? ia AAO
«Iaoaeo?a?eiee caaiae ?i.Iao?ianueeiai» (aeo i?i oi?iaaaeaeaiiy
?acoeueoao?a aeena?oaoe?? ?010/52-1I a?ae 08.02.99).

Iniaenoee aianie caeiaoaa/a. Iniaenoee aianie caeiaoaa/a iieyaa? o
oi?ioethaaii? oa aecia/ai? aiae?oe/iiai e?eoa??th ioe?iee
aeieiai-aeiiii?/ii? aoaeoeaiino? ?iaanoeoe?e, ?ic?iaoe? iaoiaeeee
aiae?co aaccaeoeiaino? oa ioe?iee iia?aoeaiiai ?eceeo i?e
aeieiai-aeiiii?/iiio iaa?oiooaaii? ?iaanoeoe?eieo i?iaeo?a, ye?
ia?aaeaa/athoue aeieia?/i? ?iaanoeoe??, ?ic?iaoe? eiiieaenii? iaoiaeeee
aeieiai-aeiiii?/iiai iaa?oiooaaiiy ?iaanoeoe?eieo i?iaeo?a oa aecia/aii?
oa?i?iiaeo ei?aeii?a i?e aeieiai-aeiiii?/iiio iaa?oiooaaii? aoaeoeaiino?
?iaanoeoe?e. Caeiaoaa/ai oaeiae ioe?iaia aeieiai-aeiiii?/ia
aoaeoeai?noue ?iaanoeoe?eiiai i?iaeoo ?aaaia?aoe?? a?aei?aoeueiaaieo
n??/aiieeneioieo o?aaeeueieo ?ic/ei?a AAO «Ieaeiueiaei?i?ianueeee
o?oaii?ieaoiee caaiae». Iniaenoee aianie aaoi?a a eiaei?e ioae?eaoe??
a?aeia?aaeaii a nieneo iioae?eiaaieo i?aoeue.

Ai?iaaoe?y ?acoeueoao?a aeena?oaoe??. Iniiai? iieiaeaiiy
aeena?oaoe?eiiai aeine?aeaeaiiy aeiiia?aeaeenue ? io?eiaee iiceoeaio
ioe?ieo ia I?aeia?iaei?e iaoeiai-i?aeoe/i?e eiioa?aioe?? «Yeieiaecaoeey
i?iecaiaenoaa e oi?aaeaiey iooiaeaie» Aeieia?/iiai oiiaeo I?eaei?i?ia»y
oa ?inoeoooo i?iaeai i?e?iaeiei?enooaaiiy ? aeieia?? IAI Oe?a?ie
(Aei?i?iiao?ianuee, 1996); 4-e I?aeia?iaei?e iaoeiai-i?aeoe/i?e
eiioa?aioe?? «Oai?/?noue ye i?aaeiao i?aeaeenoeeie?ia?ieo aeine?aeaeaiue
oa iaa/aiiy» Iaoe?iiaeueiiai Oaoi?/iiai Oi?aa?neoaoo Oe?a?ie «EI?»
(Ee?a, 1997); I?aeia?iaei?e iaoeiai-i?aeoe/i?e eiioa?aioe?? «OO?
noieaoea — i?iaeaiu e ia?niaeoeau inaiaiey ianoi?iaeaeaiee iieaciuo
eneiiaaiuo» Iaoe?iiaeueii? a??ie/i? aeaaeai?? Oe?a?ie
(Aei?i?iiao?ianuee, 1998); I?aeia?iaei?e iaoeiai-i?aeoe/i?e eiioa?aioe??
«I?iaeaie oa ia?niaeoeae ?icaeoeo aeiiii?ee Oe?a?ie a oiiaao ?eieiai?
o?ainoi?iaoe??» Iaoe?iiaeueii? a??ie/i? aeaaeai?? Oe?a?ie (
Aei?i?iiao?ianuee, 1999).

Ioae?eaoe??. Iniiai? ?acoeueoaoe aeena?oaoe?? iioae?eiaaii a 9
ioae?eaoe?yo, a o./. o iiiia?ao??, 6 noaooyo oa 2 iaoa??aeao
eiioa?aioe?e. Caaaeueiee ianya ioae?eaoe?e neeaaea? 9,2 ae?oe.a?e., c
yeeo iniaenoi aaoi?ia? iaeaaeeoue 6 ae?oe.a?e.

Ianya oa no?oeoo?a ?iaioe. Aeena?oaoe?y neeaaea?oueny c anooio,
/ioe?ueio ?icae?e?a, aeniiae?a oa aeiaeaoe?a. Iiaiee ianya ?iaioe
noaiiaeoue 161 iaoeiiienieo noi??iie; i?noeoue 65 oaaeeoeue ia 31
noi??ioe?, 12 iaethie?a ia 5 noi??ieao, nienie aeei?enoaieo aeaea?ae c
144 iaeiaioaaiue ianyaii 14 noi??iie oa 2 aeiaeaoee ia 2 noi??ieao.

Aeena?oaoe?y ia? oaeo no?oeoo?o:

Anooi.

?icae?e 1. Iae?i- oa i?e?iaeiiii?/iee aiae?c ?iaanoeoe?eieo i?iaeo?a, ui
ia?aaeaa/athoue aeieia?/i? ?iaanoeoe??.

?icae?e 2. Aiae?c aaccaeoeiaino? oa oe?eueiaa ieaioaaiiy i?eaooeo o
neeaae? aeieiai-aeiiii?/iiai aiae?co ?iaanoeoe?eieo i?iaeo?a.

?icae?e 3. Iaoiaee/i? iniaeeaino? ioe?iee aoaeoeaiino? aeieia?/ieo
?iaanoeoe?e.

?icae?e 4. Eiiieaeniee i?aeo?ae aei aeieiai-aeiiii?/iiai iaa?oiooaaiiy
?iaanoeoe?eieo i?iaeo?a.

Aeniiaee.

Nienie aeei?enoaieo aeaea?ae.

Aeiaeaoee.

INIIAI? IIEIAEAIIss AeENA?OAOe??

O ia?oiio ?icae?e?, yeee ia? oa?aeoa? iaoeiaiai aiae?co ? ocaaaeueiaiiy
a?aeiieo iae?i- ? i?e?iaeiiii?/ieo aniaeo?a aeiiii?/iiai iaa?oiooaaiiy
aeieia?/ieo ?iaanoeoe?e i?iaiae?ciaaii iiaeeea? caniae a?aeoeiaeoaaiiy
aeo?ao ia caoeno iaaeieeoiueiai na?aaeiaeua, aeeiiaii aiae?c e?eoa???a
i?eeiyooy ??oaiiy uiaei ?iaanoeoe?eiiai i?iaeoo.

I?e aeieiai-aeiiii?/iiio iaa?oiooaaii? ?iaanoeoe?eieo i?iaeo?a aaeeea
oaaaa i?eae?ey?oueny aeiiii?/iiio aei??thaaiith aeieia?/ieo iane?aee?a.
Ae??oaiiy oe??? caaea/? a eiaeiiio eiie?aoiiio aeiaaeeo iio??aii
i?iaiaeeoe, aeoiaey/e c eiie?aoieo oiia, aea caaaeueiee iai?yiie iieyaa?
a ii??aiyii? aeiiii?/iiai noaio i?aei?e?inoaa (aeeth/ath/e eiai
?iaanoeoe?ei? ? iioi/i? aeo?aoe) a aeaio aa??aioao: c ?iaanoeoe?eiei
i?iaeoii ? aac ?iaanoeoe?eiiai i?iaeoo.

I?aeoiaee uiaei ioe?iee aeieia?/ieo ?iaanoeoe?e, oa?aeoa?i? aeey
iaaeaeaeiai ieioeiai, oa oae?, ui ?iiae? aeei?enoiaothoueny ? a no/ani?e
i?aeoeoe? a Oe?a?i?, a oaeiae i?aeoiaee, ui canoiniaothoueny o
i?aeia?iaei?e i?aeoeoe?, ia?aaeaa/athoue aeei?enoaiiy e?eoa???a
aaniethoii? aeiiii?/ii? aoaeoeaiino?, ii??aiyeueii? aeiiii?/ii?
aoaeoeaiino?, ?ioaa?aeueiiai aeiiii?/iiai aoaeoo, /enoiai no/aniiai
cia/aiiy ?iaanoeoe?eiiai i?iaeoo, aioo??oiuei? ii?ie i?eaooeiaino?,
aeeneiioiaaiiai ia??iaeo ieoiiino? i?iaeoo. Aea?? e?eoa??y caeaaeeoue
a?ae aeayeeo oaeoi??a, a naia: ioe?ith?ieo iane?aee?a, iayaiino? aeaieo,
?ano?n?a /ano oa eioo?a. I?e iiaeaeueoiio aeine?aeaeaii?
aeei?enoiaothoueny oae? e?eoa??? aoaeoeaiino?, ye /enoa no/ania cia/aiy
?iaanoeoe?eiiai i?iaeoo oa aioo??oiy ii?ia i?eaooeiaino?.

A caeaaeiino? a?ae ??aiy, ia yeiio ?icaeyaeathoueny aeieia?/i? i?iaeoe,
— ??aaiue i?aei?e?inoaa (i?iaeoo), aaeocaaee ??aaiue, iae?iaeiiii?/iee
??aaiue, i?aeia?iaeiee ??aaiue,- aeei?enoaiiy i?eeiyoeo e?eoa???a ?
i?aeoiae?a ia? aeaye? iniaeeaino?. Ei?enooth/enue inoaii?ie
aeinyaiaiiyie a aaeoc? iaoiaeieia?? ioe?iee iaaaoeaieo aieea?a ia
iaaeieeoi? na?aaeiaeua, iaea?eueo iioe?aiei ? aeae aiae?co ia ??ai?
i?iaeo?a. Ianooii? aeine?aeaeaiiy aeeiiai? ia ??ai? aeieiai-aeiiii?/iiai
aiae?co ie?aieo ?iaanoeoe?eieo i?iaeo?a.

Ae?oaee ?icae?e i?enay/aiee aiae?co aaccaeoeiaino? ? oe?eueiaiio
ieaioaaiith i?eaooeo o neeaae? aeieiai-aeiiii?/iiai aiae?co
?iaanoeoe?eieo i?iaeo?a.

A?aei?iiith iniaeea?noth ?iaanoeoe?eieo i?iaeo?a, yeeie
ia?aaeaa/athoueny aeieia?/i? ?iaanoeoe??, ? iiaea?eiee oa?aeoa?
a?aeianaiiy aeieia?/ieo aeo?ao: o neeaae? nia?aa?oino? i?iaeoeoe?? oa
/enoiai i?eaooeo. Iniaeeaino? o?aaeeoe?eii? noaie aiae?co aaccaeoeiaino?
ia?aaeaa/athoue a?aooaaiiy an?o iiaeeeaeo aeo?ao o neeaae? nia?aa?oino?.
Oea i?eaiaeeoue aei iaiiaeeeaino? canoinoaaiiy o?aaeeoe?eiiai i?aeoiaeo
aei aiae?co aaccaeoeiaino?.

Aiane?aeie oeueiai i?iiiio?oueny aiae?c aaccaeoeiaino? ? oe?eueiaiai
ieaioaaiiy i?eaooeo, yeee aaco?oueny ia /enoiio, a ia ia iia?aoe?eiiio
i?eaooeo (oiaoi oaeiio, ui ?ic?aoiao?oueny aei eiai iiiaeaoeoaaiiy).
Iniaeea?noth aeieia?/ieo ?iaanoeoe?eieo i?iaeo?a ? oaeiae ? oa, ui
oo?aoi? aeieaoe ca caa?oaeiaiiy iaaeieeoiueiai na?aaeiaeua (o e?aoiiio
?ici??? aei cae/aeieo ieaoaae?a) noyaothoueny o?eueee a oiio aeiaaeeo,
eiee ianya aeeeae?a ia?aaeueoue aeiionoeio iaaeo, yea a eiaeiiio
eiie?aoiiio aeiaaeeo anoaiiaeth?oueny ie?aii. O ca’yceo c oeei o
?ic?aooiee aaaaeaia aaee/eia oae caaiiai e?eoe/iiai ianyao ae?iaieoeoaa
N, ia?aaeuaiiy yeiai i?eaiaeeoue aei aeieao ca caa?oaeiaiiy
iaaeieeoiueiai na?aaeiaeua ?c i?eaooeo. ?ic?aooiie aaee/eie /enoiai
i?eaooeo (NI) aeey aeiaaeeo, eiee ianya ae?iaieoeoaa ia?aaeuea a?aie/ia
cia/aiiy i?iaiaeeoueny ca oi?ioeith:

wmetafile8? ??l????????????? ??????? W=???

????W=??????? ???????????yyy????.????1??????  
??? ???????&??yyyy?????Ayyy¦yyya???AE?? ???&?
?MathType??P????&??yyyy????????’yy?????wmetafile8?
??H??????????? ??????? N‡0???

????N‡0??????? ???????????yyy????.????1?????? A`
??? ???????&??yyyy?????Ayyy»yyy ???? ???&?
?MathType??p????u?yae?????

aea p — oe?ia iaeeieoe? i?iaeoeoe??;

I — ianya ae?iaieoeoaa;

v — ci?ii? aeo?aoe ia iaeeieoeth i?iaeoeoe??;

wmetafile8? ??h????????????? ??????? 4=???

????4=??????? ???????????yyy????.????1?????? ?
??? ???????&??yyyy?????AyAya?A ???&?
?MathType??P????&??yyyy????????’yy?????q oa z — ci?ii? aeieia?/i?
aeo?aoe ia iaeeieoeth i?iaeoeoe?? a?aeiia?aeii o

neeaae? nia?aa?oino? oa /enoiai i?eaooeo;

F — iino?ei? aeo?aoe;

s — noaaea iiaeaoeo ia i?eaooie.

Aeoiaey/e c oeueiai, oi/ea aaccaeoeiaino? (BEP) ?ic?aoiao?oueny oaeei
/eiii:
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 (2)

Caaaeueia ??aiyiiy aeey aecia/aiiy oi/ee aaccaeoeiaino? ia? aeae:
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(3)

Aeey io?eiaiiy caaaeueiiai ??oaiiy a ??aiyiiy aaaaeaii oae caaio
?iaeeeaoi?io ooieoe?th (I), yea i?eeia? cia/aiiy 1, yeui M>N, oa 0, yeui
MN, i??o
iia?aoe?eiiai aaaeaey (DOL) ne?ae ?ic?aoiaoaaoe ca oi?ioeith:

wmetafile8? ????????????? ??????? §¬???

????§¬??????? ???????????yyy????.????1??????
aa??? ???????&??yyyy?????Ayyy1/4yyy ????? ???&?
?MathType??A????uthY?????

A ?ioiio aeiaaeeo, oiaoi i?e M??????????? ??????? u0???

????u0??????? ???????????yyy????.????1?????? ??
??? ???????&??yyyy?????AyyyIyyyA??I?? ???&?
?MathType??P????u?th??????

Ca e?eoa??e i?eeiyooy ??oaiiy aeey aeiaaeeo oe?eeii e?aaeeoiiai
o?iainoaaiiy aoei aeei?enoaia /enoa no/ania cia/aiiy a?ioiaeo iioie?a
wmetafile8? ??ae???????????? ??????? Woe???

????Woe??????? ???????????yyy????.????1?????? 
???? ???????&??yyyy?????Ayyy¦yyy@??AE?? ???&?
?MathType??P????uthY?????

wmetafile8? ??,??????????? ??????? O????

????O???????? ???????????yyy????.????1??????
` ??? ???????&??yyyy?????Ayyy±yyy`???? ???&?
?MathType???? ???u?????????»????-????? E???
i???u?th??????aea i — ia??iae aeeneiiooaaiiy;

O — e?euee?noue ia??iae?a aeeneiiooaaiiy;

d — iieaciee aeeneiioo.

Ca iieaciee aeeneiioo d aoea aeei?enoaia aa?o?noue e?aaeeoo. I?iaaaeaia
/enaeueia iiaeaethaaiiy cai?iiiiiaaii? iiaeae? aeicaieeei a?aeiaeoe
caeaaei?noue e?eoa??th a?ae i?ioeaioii? noaaee e?aaeeoo.

O ?ac? o?iainoaaiiy aeieia?/ieo ?iaanoeoe?e ca ?aooiie aeanieo eioo?a ca
e?eoa??? i?eeiyooy ??oaiiy i?i aeioe?euei?noue ?iaanoeoe?e aeei?enoai?
/enoa no/ania cia/aiiy a?ioiaeo iioie?a ? aioo??oiy ii?ia i?eaooeiaino?
wmetafile8? ??ae???????????? ??????? W»???

????W»??????? ???????????yyy????.????1?????? 
A??? ???????&??yyyy?????Ayyy¦yyy???AE?? ???&?
?MathType??P????uthY?????

wmetafile8? ??I??????????? ??????? ?Q

???

?????Q

??????? ???????????yyy????.????1?????? @????
???????&??yyyy?????Ayyy1/4yyy@??ue?? ???&? ?MathType????
???u?????????»????-??????wmetafile8? ??3???????????
??????? ?c???

?????c??????? ???????????yyy????.????1?????? @
??? ???????&??yyyy?????Ayyy1/4yyya??ue?? ???&? ?MathType????
???u?????????»????-??????@?????8????3/4????a???
?E????»???u?th??????aea CF — a?ioia? iioiee;

e — iieaciee aeeneiioo.

A oeueiio aeiaaeeo ca iieaciee aeeneiioo (a) aeei?enoaia aa?o?noue
aeaniiai eai?oaeo.

I?e ci?oaiiio o?iainoaaii? ca oa?aeoa?enoeeo no?oeoo?e o?iainoaaiiy
i?eeiyoi /anoeo e?aaeeoii? ?iaanoeoe?? h. Iniaeea?noth ioe?iee
aoaeoeaiino? ?iaanoeoe?e ? oa, ui e?aaeeoia eiiiiiaioa ?iaanoeoe?e
aaciina?aaeiuei a?aoiao?oueny i?e i?iaiic? a?ioiaeo iioie?a, a
aoaeoeai?noue i?iaeoo ioe?ith?oueny ia iniia? c?noaaeaiiy aeanieo
aeeaaeaiue c /enoeie a?ioiaeie iioieaie i?e noaaoe? aeeneiioo, yea
aei??aith? aa?oino? aeaniiai eai?oaeo. O ?acoeueoao?, ?ic?aooieia?
oi?ioee aeey e?eoa???a aoaeoeaiino? iathoue aeaeyae:

wmetafile8? ??y??????????? ??????? ?j#???

?????j#??????? ???????????yyy????.????1?????? @
??? ???????&??yyyy?????Ayyy1/4yyya??ue?? ???&? ?MathType????
???u?????????»????-??????????F????I????,????
????E???u?th??????

(aea aa?o?noue aeaniiai eai?oaeo aoea aeei?enoaia ye noaaea aeeneiioo),

wmetafile8? ??[??????????? ??????? ??#???

??????#??????? ???????????yyy????.????1??????
@A??? ???????&??yyyy?????Ayyy1/4yyy???ue?? ???&?
?MathType????
???u?????????»????-??????@?????8????3/4????a???
?E????»???u?th??????

Aeeiiai? aeine?aeaeaiiy aeathoue iiaeeea?noue aeai?o iioeiaeueii?
no?oeoo?e eai?oaeo aeey o?iainoaaiiy ?iaanoeoe?eiiai i?iaeoo. Caaea/a
ae??oaia aeey eiie?aoieo aeo?aeieo aeaieo oeyoii /enaeueiiai
iiaeaethaaiiy, a naia iine?aeiaiiai ?ic?aooieo e?eoa??th NPV (a?i.) aeey
??cieo cia/aiue h (%). ?acoeueoaoe iiaeaethaaiiy iiaeai? ia ?en.2:

wmetafile8? ??i??????????? ??????? 7?.???

????7?.??????? ????????eO???????????? o?A???
???????

????’yy???

????’yy??? ???????

?????eO???? ???????’yy???

?????eO???? ???????o?A???????’yy???

?????eO???? ???????o?A???????ue?????? ???-??
???u?????????»????-????
?eO???????????????????$?q??¤?¤??q???q??
???u??????????»????-??????
???u??????????»????-????ue??yyy??????-????’yy???

????-?????-???????????
?eO????·?¤?q????™?q?????eO????????????™?¤?????
q??????¤???f?q????f?¤???L?q????L?¤???3?q????3?¤
????q?????¤???-????-????’yy???

????-?????-?????eO????
?eO????o?A???????-????-????’yy???

????-?????-?????eO????
?eO????????m?????®??????????????®?????i??????
i?????)?????)????g?????g????¤?????¤???-??
??-????’yy???

????-?????-?????eO???? ?eO????o?A????
???u?????????»????-??????????q?????????????¤???
??¤?????q?????q?
???u??????????»????-??????????q??????q????uoy???????en.2
. Caeaaei?noue NPV-e?eoa??y a?ae ni?aa?aeiioaiiy aeaea?ae

o?iainoaaiiy ?iaanoeoe?e h

Ca ?acoeueoaoaie aiae?co iiaeia c?iaeoe aeniiaie i?i iayai?noue
iioeiaeueiiai cia/aiiy aeey iieacieea h. Io?eiaiee ?acoeueoao eaaei
?ioa?i?aoo?oueny. A i?eiouaii? oiai, ui iaioiio ianyao e?aaeeo?a
a?aeiia?aea? iaioa a?aenioeiaa noaaea aiane?aeie a?eueo iecueei? eiai
?eceeiaaiino?, i?e ca?eueoaii? /anoee e?aaeeoo iicia/a?oueny aoaeo
iiaeaoeiai? aeiiii?? a?aenioeiaeo ieaoaae?a, ? cia/aiiy NPV-e?eoa??th
ca?eueoo?oueny. I?e c?inoaii? /anoee iiceeiaiai eai?oaeo, a ca’yceo ?c
ca?eueoaiiyi ?eceeo e?aaeeoi?a, a?aenioeiaa noaaea c?inoa?, oiaoi
eai?oae aei?iae/a?, ui i?eaiaeeoue aei ciaioaiiy NPV-e?eoa??th. Ia?aae
oei, ye ii/eia? ia?aaaaeaoe ae?oaa oaiaeaioe?y, cia/aiiy e?eoa??th
aeinyaa? iaeneioia, ui a?aeiia?aea? iioeiaeueiiio cia/aiith /anoee
e?aaeeoii? ?iaanoeoe??.

*aoaa?oee ?icae?e . O oeueiio ?icae?e? cai?iiiiiaaii aiae?oe/iee
e?eoa??e aeai?o aeiiii?/ii aeioe?eueiiai aa??aioo ?iaanoeoe?eiiai
i?iaeoo aeieia?/iiai iai?yieo (V-e?eoa??e), ? ?ic?iaeaia caaaeueia
iaoiaeeea o?iainiaiai aiae?co ? ioe?iee aoaeoeaiino? i?iaeo?a.

A no/anieo oiiaao Oe?a?ie i?aei?e?inoai, ui ?aae?co? ?iaanoeoe?eiee
i?iaeo aeieia?/iiai iai?yieo, ia? iiaeeea?noue aeai?o iaei??? c aeaio
no?aoaa?/ieo aeueoa?iaoea. Ca?aeii c ia?oith aeueoa?iaoeaith o neeaae?
?iaanoeoe?eieo iio?aa ia?aaeaa/athoueny eai?oaeuei? aeeaaeaiiy ia
caoiaee aeey i?eaeaaiiy a?aeiia?aeieo i/enieo nii?oae ? iaeaaeiaiiy c
iaoith i?i?i?caoe?? aeieia?/ieo ieaoaae?a. Ae?oaith aeueoa?iaoeaith
ia?aaeaa/a?oueny aanue ianya eai?oaeueieo aeeaaeaiue, ui ? a
?icii?yaeaeaii? i?aei?e?inoaa, aeei?enoaoe ia oaoiieia?/i? ? eiia?oe?ei?
oe?e?, aeiea/oth/e ca caa?oaeiaiiy iaaeieeoiueiai na?aaeiaeua.

Aeoiaey/e ?c caaaeueiiaea?aeaaieo ? caaaeueiiethaenueeeo i??eoaaiue,
ia?oa aeueoa?iaoeaa ia? a?eueoa ia?aaaa. O oie aea /an, aiia iiaea
?noioii ca?eueoeoe iaiao?aeiee ianya eai?oaeueieo aeeaaeaiue aeey
?aae?caoe?? i?iaeoo ? ca o?iainiaeie e?eoa??yie aeyaeoueny iaio
aoaeoeaiith aeey i?aei?e?inoaa. Ia ia?oee iiaeyae ae?oaa aeueoa?iaoeaa
aeaeyaea? a?eueo i?eaaaeeaith aeey i?aei?e?inoaa ine?eueee ca oiiae
iaiaaeaieo a?ioiaeo eioo?a aiii iiaea ia aeeaaeaoe iaaio noio a?ae?aco,
a a?aeeeaaea? ?? ia iaaecia/aiee /an a iaeaooiueiio. O oeueiio aeiaaeeo
caaaeueia noia ieaoaae?a ca caa?oaeiaiiy iaaeieeoiueiai na?aaeiaeua c
o?aooaaiiyi aa?oino? a?ioae o /an? iiaea ia?aaeuoaaoe ii/aoeiaee ianya
aeieia?/ieo eai?oaeueieo ?iaanoeoe?e c o?aooaaiiyi aeo?ao ia
aenieoaoaoe?th i/enieo nii?oae.

O eiaeiiio eiie?aoiiio aeiaaeeo aeioe?eueii ii??aiyoe aea? aeueoa?iaoeae
? aea?aoe iaea?eueo aoaeoeaio. C?icoi?ei, ui aeey aeai?o i?eaaaeeai?
aeueoa?iaoeae iio??aii i?iaiaeeoe ii??aiyeueio ioe?ieo ?iaanoeoe?eieo
i?iaeo?a, eiaeiee c yeeo ?aae?ciao? a?aeiia?aeio aeueoa?iaoeao. Aeey
oeueiai iaiao?aeii iaoe oaeee e?eoa??e ii??aiyiiy, yeee aeicaiey? ia
iiia?aaei?e noaae?? ioe?iee aa??aio?a ?icaeoeo i?aei?e?inoaa i?iaanoe
oaea ii??aiyiiy, ia aaeath/enue aei aeaoaeueiiai aiae?co i?iaeo?a. Iaie
cai?iiiiiaaii e?eoa??e oaeiai ii??aiyiiy ? aeai?o aeueoa?iaoeae
(V-e?eoa??e), yeee aaco?oueny ia ??cieoe? aaee/ei /enoiai no/aniiai
cia/aiiy aeueoa?iaoeaieo ?iaanoeoe?eieo i?iaeo?a.

Noaia iiaoaeiae e?eoa??th ia? ianooiio iine?aeiai?noue. Aeoiaey/e c
?ici??o aeieia?/ieo aeeaaeaiue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(?c caaaeueiiai ianyao ?iaanoeoe?e
E), ye? i?eaiaeyoue aei aeiaeaoeiaeo iino?eieo aenieoaoaoe?eieo aeo?ao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 ? ci?iieo aeo?ao ia iaeeieoeth
i?iaeoeoe??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, ?ic?aoiao?ii iieaciee NPV aeey
ia?oi? aeueoa?iaoeae. Aeae?, aeoiaey/e c ii?iaoeao aeieao ca
caa?oaeiaiiy q a?ioiaeo iaeeieoeue ia iaeeieoeth ae?iaeaii? i?iaeoeoe??
aei neeaaeo nia?aa?oino? ? z a?ioiaeo iaeeieoeue c i?eaooeo (o ?ac?
ia?aaeuaiiy a?aie/iiai ianyao ae?iaieoeoaa N), aecia/a?ii iieaciee NPV
aeey ae?oai? aeueoa?iaoeae. ??cieoey aeaio cia/aiue NPV ? i?aaenoaaey?
niaith V-e?eoa??e.

Caaaeuei? ae?ace aeey e?eoa??th i?aaenoaaeai? ianooiieie oi?ioeaie:

aeey aeiaaeeo MN
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. (16)

A?eueo c?o/iei i?aaenoaaey?oueny aa??aio e?eoa??y, ae?aaeaiee /a?ac
a?aeiini? iieacieee:

a) a?aeiini? iino?ei? aeieia?/i? aeo?aoe
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,

a) a?aeiini? ci?ii? aeieia?/i? aeo?aoe
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,

o) a?aeiini? ci?ii? ieaoaae? ca caa?oaeiaiiy a neeaae? aaeiaeo aeo?ao
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,

a) a?aeiini? ci?ii? ieaoaae? ca caa?oaeiaiiy, ye? i?iaiaeyoueny c
i?eaooeo
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,

ae) a?aeiinia ia?aaeuaiiy ianyao ?aae?caoe?? iaae a?aie/iei cia/aiiyi

wmetafile8? ????????????? ??????? Z)???

????Z)??????? ???????????yyy????.????1??????
a`??? ???????&??yyyy?????Ayyy?yyy ????? ???&?
?MathType??°? ???u?????????»????-?????????
???u?th??????Caaaeuei? ae?ace aeey V-e?eoa??th c aeei?enoaiiyi
a?aeiinieo iieaciee?a iathoue oaeee aeaeyae:

aeey aeiaaeeo MN

wmetafile8? ?? ??????????? ??????? ‘?,???

????‘?,??????? ???????????yyy????.????1?????? ``

??? ???????&??yyyy?????Ayyy°yyy

???? ???&? ?MathType??a?
???u?????????»????-?????,v???,¦???,I???,!
???u?th??????
(18)

Iaeiei c aaaeeeaeo iiia?aaei?o aoai?a aeieiai-aeiiii?/iiai iaa?oiooaaiiy
?iaanoeoe?eieo i?iaeo?a ? o?iainiaee aiae?c i?aei?e?inoaa, ia aac? yeiai
ai?iaaaeaeo?oueny i?iaeo. Iaie aeeiiaii aiae?c iniiaieo o?iainiaeo
iieaciee?a, ye? iae/ano?oa aeei?enoiaothoueny a i?aeia?iaei?e i?aeoeoe?
o?iainiaiai aiae?co, c oi/ee ci?o a?aeia?aaeaiiy ieie aeieia?/ieo
iniaeeainoae ae?yeueiino? i?aei?e?inoaa. Anoaiiaeaii, ui ia a?eueo?noue
o?iainiaeo iieaciee?a aieeaathoue iniaeeaino? aeieia?/ii? ae?yeueiino?
i?aei?e?inoaa.

sse inoaoi/iee ?acoeueoao i?iaaaeaieo a aeena?oaoe?? aeine?aeaeaiue
cai?iiiiiaaia iaoiaeeea aiae?co ?iaanoeoe?eieo i?iaeo?a, ye?
ia?aaeaa/athoue aeieia?/i? ?iaanoeoe??. Iaoiaeeea ia? eiiieaeniee
oa?aeoa?, eiinie?aeo? io?eiai? a aeena?oaoe?? ?acoeueoaoe ?
i?aaenoaaeaia o aeaeyae? ianooiieo aoai?a:

Aoai 1. O?iainiaee aiae?c ae?yeueiino? i?aei?e?inoaa.

Aoai 2. Neeaaeaiiy oaaeeoe? ?iaanoeoe?eieo iio?aa.

Aoai 3. Aecia/aiiy neeaaeo ? no?oeoo?e o?iainiaeo aeaea?ae.

Aoai 4. Aea?? aeueoa?iaoeae ?iaanoeoe?eiiai i?iaeoo.

Aoai 5. Aiae?c aaccaeoeiaino?.

Aoai 6. I?iaiic i?eaooeo ? /enoeo a?ioiaeo iioie?a ii ?ieao i?iaeoo.

Aoai 7. ?ic?aooiie iieaciee?a aoaeoeaiino? ?iaanoeoe?eiiai i?iaeoo.

?ic?iaeaia iaoiaeeea aoea aeei?enoaia aeey ioe?iee aoaeoeaiino?
oaoiieia?? ?aaaia?aoe?? a?aei?aoeueiaaieo n??/aiieeneioieo ?ic/ei?a ia
AAO «Ieaeiueiaei?i?ianueeee o?oaii?ieaoiee caaiae». Ia ?? i?aenoaa?
aeiaaaeaii, ui i?iaeo ? aoaeoeaiei aeey eiaeii? c ?icaeyiooeo noai
o?iainoaaiiy.

AENIIAEE

1.Aiane?aeie iiaeaeueoiai caaino?aiiy aeieia?/iiai noaio Oe?a?ie
?iaanoeoe?eio ae?yeuei?noue i?aei?e?inoa iio??aii ?icaeyaeaoe ?c
o?aooaaiiyi aeieia?/iiai oaeoi?o, ui iiaeeeai ca oiiae eiiieaeniiai
aeieiai-aeiiii?/iiai iaa?oiooaaiiy ?iaanoeoe?eieo i?iaeo?a.

2.I?iaaaeaii aiae?c iae?i — ? i?e?iaeiiii?/ieo /eiiee?a ?iaanoeoe?eieo
i?iaeo?a aeieia?/iiai iai?yieo. I?iaiae?ciaaii i?aeoiaee aei ioe?iee
aeieia?/ieo ?iaanoeoe?e, ye? aeei?enoiaothoueny o i?aeia?iaei?e
i?aeoeoe?.

3.?icaeyiooi o?aaeeoe?eiee i?aeo?ae aei aiae?co aaccaeoeiaino? oa
oe?eueiaiai ieaioaaiiy i?eaooeo i?e aeiiii?/iiio iaa?oiooaaii?
?iaanoeoe?eieo i?iaeo?a oa cai?iiiiiaaii iaoiaeeeo uiaei aiae?co
aaccaeoeiaino?, yea a?aoiao? iniaeeaino? a?aeianaiiy aeieia?/ieo aeo?ao
ia nia?aa?o?noue oa /enoee i?eaooie i?aei?e?inoaa.

4.Ia i?aenoaa? i?iaaaeaiiai /enaeueiiai iiaeaethaaiiy aa??aio?a
i?iaiae?ciaaii caeaaei?noue oi/ee aaccaeoeiaino? a?ae ci?ie a?aie/iiai
ianyao ae?iaieoeoaa i?iaeoeoe??. Anoaiiaeaii iayai?noue oae caaiiai
aoaeoo iane/aiiy, o a?aeiia?aeiino? c yeei oi/ea aaccaeoeiaino?
ciaioo?oueny ?c ca?eueoaiiyi a?aie/iiai ianyao ae?iaieoeoaa aei aeayeiai
cia/aiiy, i?ney yeiai caeeoa?oueny iaci?iiith.

5.?c o?aooaaiiyi iniaeeainoae i?enooiino? /anoee ieaoaae?a ca
caa?oaeiaiiy iaaeieeoiueiai na?aaeiaeua ye o nia?aa?oino?, oae ? o
i?eaooeo i?ney iiiaeaoeoaaiiy i?aei?e?inoaa cai?iiiiiaaia ?ic?aooieiaa
noaia ioe?iee i??e iia?aoe?eiiai aaaeaey.

6.Aecia/aii iniaeeaino? ?ic?aooieo a?ioiaeo iioie?a a iaa?oiooaaii?
aeiiii?/ii? aoaeoeaiino? aeieia?/ieo ?iaanoeoe?e, c o?aooaaiiyi yeeo
cai?iiiiiaaii aiae?oe/iee e?eoa??e iaa?oiooaaiiy aeioe?eueiino?
eai?oaeueieo aeeaaeaiue a i/eni? nii?oaee ca?aeii aa??aioai o?iainoaaiiy
aeieia?/ieo ?iaanoeoe?e. O aeiaaeeo ci?oaiiai o?iainoaaiiy aeieia?/iiai
?iaanoeoe?eiiai i?iaeoo anoaiiaeaii iayai?noue iioeiaeueiiai
ni?aa?aeiioaiiy /anoee iiceeiai? eiiiiiaioe o caaaeuei?e noi?
?iaanoeoe?e.

7.Ca?aeii ?c eiiieaeniei aeieiai-aeiiii?/iei i?aeoiaeii aei ioe?iee
aoaeoeaiino? ?iaanoeoe?e cai?iiiiiaaii aiae?oe/iee e?eoa??e aeai?o
a?aeiia?aeii? aeueoa?iaoeae ?aae?caoe?? ?iaanoeoe?eieo i?iaeo?a, ui
ia?aaeaa/athoue aeieia?/i? ?iaanoeoe??.

8.I?iaiae?ciaaii aieea aeieia?/ieo aniaeo?a ae?iaieoeoaa ia iniiai?
o?iainia? iieacieee i?aei?e?inoaa. Anoaiiaeaii, ui ia a?eueo?noue
o?iainiaeo iieaciee?a aieeaathoue iniaeeaino? aeieia?/ii? ae?yeueiino?
i?aei?e?inoaa.

9.Ocaaaeueiaiiy io?eiaieo a aeena?oaoe?? iieiaeaiue aeicaieeei
?ic?iaeoe eiiieaenio iaoiaeeeo o?iainiaiai aiae?co ? iaa?oiooaaiiy
?iaanoeoe?eieo i?iaeo?a, ui ia?aaeaa/athoue aeieia?/i? ?iaanoeoe??.
Iaoiaeeea iiaea aeei?enoiaoaaoenue i?e aeieiai-aeiiii?/iiio
iaa?oiooaaii? ye nooi aeieia?/ieo oae ? aaaaoioe?eueiaeo ?iaanoeoe?eieo
i?iaeo?a.

10.Ca aeiiiiiaith ?ic?iaeaii? iaoiaeeee i?iaaaeaia ioe?iea aoaeoeaiino?
aeieia?/iiai ?iaanoeoe?eiiai i?iaeoo ai?iaaaeaeaiiy oaoiieia??
?aaaia?aoe?? a?aei?aoeueiaaieo ?ic/ei?a n??/aii? eeneioe ia AAO
«Ieaeiueiaei?i?ianueeee o?oaii?ieaoiee caaiae».

NIENIE IIOAE?EIAAIEO I?AOeUe

1. Aa?auae A.N., Aaiue O.A. Yeieiai-yeiiiie/aneia iainiiaaiea
eiaanoeoeeiiiuo i?iaeoia. — Aeiai?iiao?iane: Einoeooo oaoiieiaee,1998.-
122 n.

Iniaenoee aianie aaoi?a — oi?ioethaaiiy oa aecia/aiiy aiae?oe/iiai
e?eoa??th ioe?iee aeieiai-aeiiii?/ii? aoaeoeaiino? ?iaanoeoe?e, ?ic?iaea
iaoiaeeee aiae?co aaccaeoeiaino? oa ioe?iee iia?aoeaiiai ?eceeo i?e
aeieiai-aeiiii?/iiio iaa?oiooaaii? ?iaanoeoe?eieo i?iaeo?a, ye?
ia?aaeaa/athoue aeieia?/i? ?iaanoeoe??, ?ic?iaea eiiieaenii? iaoiaeeee
aeieiai-aeiiii?/iiai iaa?oiooaaiiy ?iaanoeoe?eieo i?iaeo?a.

2. Aa?auae A.N. Iniaaiiinoe oeiainiaiai aiaeeca yeieiae/aneeo
eiaanoeoeeiiiuo i?iaeoia// Aeaaeai?/iee iaeyae.- 1999.-?1.-N.78-80.

3. Aa?auae A.N. Iainiiaaiea yeieiae/aneeo eiaanoeoeee (eiiieaeniue
iiaeoiae )//Aecian Eioi?i .-1999.-?9-10.- N.116-118.

4. Aaiue O.A., Aa?auae A.N. Yeiiiie/aneia ecia?aiea yeieiae/aneeo
iineaaenoaee: oai?aoe/aneea iniiau e i?aeoe/aneia i?eiaiaiea//
I?eaei?i?ianueeee iaoeiaee a?niee.- 1998.- ? 57 (124).- N.63-65.

Iniaenoee aianie aaoi?a — aecia/aiiy oa?i?iiaeo ei?aeii?a i?e
aeieiai-aeiiii?/iiio iaa?oiooaaii? aoaeoeaiino? ?iaanoeoe?e.

5. Aaiue O.A., Aa?auae A.N. Yeieiai-yeiiiie/aneee iiaeoiae e ioeaiea
yooaeoeaiinoe e e?eoa?ee auai?a eiaanoeoeeiiiuo i?iaeoia
//I?eaei?i?ianueeee iaoeiaee a?niee.- 1998.- ?57 (124).- N.36-39.

Iniaenoee aianie aaoi?a — aeeeaaeai? iaoiaee/i? iieiaeaiiy uiaei
?ic?iaee aiae?oe/iiai e?eoa??th ioe?iee aeieiai-aeiiii?/ii? aoaeoeaiino?
?iaanoeoe?e.

6. Aaiue O.A., Aa?auae A.N., *a?iyaneee A.A. Ioeaiea
yeieiai-yeiiiie/aneie yooaeoeaiinoe ?aaaia?aoeee io?aaioaiiuo
na?iieeneioiuo ?anoai?ia ia IAI «Ieaeiaaeiai?ianeee o?oaii?ieaoiue
caaiae» // Iaoaeeo?ae/aneay e ai?ii?oaeiay i?iiuoeaiiinoue. — 1998.-?2.-
N.117-120.

Iniaenoee aianie aaoi?a — ioe?iea aeieiai-aeiiii?/ii? aoaeoeaiino?
?iaanoeoe?eiiai i?iaeoo ?aaaia?aoe?? a?aei?aoeueiaaieo n??/aiieeneioieo
o?aaeeueieo ?ic/ei?a.

7. Aa?auae A.N. Oeiainiaay yooaeoeaiinoue yeieiae/aneeo eiaanoeoeee//
Oe?a?inueeee ?iaanoeoe?eiee aeo?iae WELCOME.- 1997.- Eeiaiue 1-2. —
N.23-36.

8. Aa?auae A.N. Ioeaiea yeieiae/aneiai o?iaiy iaoaeeo?ae/aneiai
i?iecaiaenoaa// Iaoa?eaeu Iaaeaeoia?. iao/ii-i?aeoe/.eiio.
«Yeieiaecaoeey i?iecaiaenoaa e oi?aaeaiea iooiaeaie».- Aeiai?iiao?iane:
I?eaeiai?ianeee Oeaio? /enouo i?iecaiaenoa. — 1996. — N.32-33.

9. Aa?auae A.N. Iniaaiiinoe oi?aaeaiey i?e?iaeiiieueciaaieai a
nia?aiaiiuo oneiaeyo// Iaoa??aee 4-? I?aeia?. iaoeiai-i?aeoe/.
eiio.»Oai?/?noue ye i?aaeiao i?aeaeenoeeie?ia?ieo aeine?aeaeaiue oa
iaa/aiiy».- Ee?a: IOOO «EI?».- 1997.-N.85.

AIIOAOe?ss

Aa?auae A.N. Iaoiaee/i? iniiae aeieiai-aeiiii?/iiai iaa?oiooaaiiy
?iaanoeoe?eieo i?iaeo?a. — ?oeiien.

Aeena?oaoe?y ia caeiaoooy a/aiiai nooiaiy eaiaeeaeaoa aeiiii?/ieo iaoe
ii niaoe?aeueiino? 08.06.01- aeiiii?ea i?aei?e?inoaa ? i?aai?caoe?y
ae?iaieoeoaa.- Aea?aeaaia iaoaeo?a?eia aeaaeai?y Oe?a?ie,
Aei?i?iiao?ianuee, 1999.

Aeena?oaoe?y i?enay/aia ?icaeoeo iaoiae?a aeieiai-aeiiii?/iiai
iaa?oiooaaiiy ?iaanoeoe?eieo i?iaeo?a. I?iaaaeai? a aeena?oaoe??
aeine?aeaeaiiy aeeth/athoue: aiae?c iae?i- ? i?e?iaeiiii?/ieo oaeoi??a
?iaanoeoe?eieo i?iaeo?a c aeieia?/iei iaaaioaaeaiiyi; aiae?c
aaccaeoeiaino? ?c o?aooaaiiyi aeieaoe aeieia?/ieo ieaoaae?a; ioe?ieo
aoaeoeaiino? ?iaanoeoe?eieo i?iaeo?a, ye? ia?aaeaa/athoue aeieia?/i?
?iaanoeoe??. O aeena?oaoe?? cai?iiiiiaaii iiaee aiae?oe/iee e?eoa??e
aeai?o iaee?aui? aeueoa?iaoeae ?aae?caoe?? ?iaanoeoe?eiiai i?iaeoo c
aeieia?/iith eiiiiiaioith.

?ic?iaeaia eiiieaenia iaoiaeeea aeieiai-aeiiii?/iiai aiae?co ? ioe?iee
?iaanoeoe?eieo i?iaeo?a, ye? ia?aaeaa/athoue aeieia?/i? ?iaanoeoe??.

Eeth/ia? neiaa: caoeno iaaeieeoiueiai na?aaeiaeua, ?iaanoeoe?eiee
i?iaeo, iieacieee aoaeoeaiino?, /enoa no/ania cia/aiiy i?iaeoo,
aioo??oiy ii?ia i?eaooeiaino?, aeaea?aea o?iainoaaiiy.

SUMMARY

Vereshchak V.S. Fundamental of Methodology of Ecological — Economical
Justification of Investment Projects. – Manuscript.

Thesis for a scientific degree of Candidate of economical sciences by
specialty 08.06.01 – Economy of Enterprises and Production Management. –
Ukrainian State Metallurgical Academy, Dnepropetrovsk, 1999.

The thesis is devoted to development of methods of investment project
justification in terms of ecological and economic criteria. The studies
include as an analysis of macro- and microeconomic issues of investment
projects with substantial environmental protection factor, break-even
analysis with concern of ecological payments, assessment of investment
projects with environment protection factors.

New analytical criterion was suggested in the thesis for selection of
the best alternative scanario of investment project. The comprehensive
method of analysis and assessment of ecological investment projects was
developed in the thesis.

Key words: environmental protection, investment project, economical
efficiency, net present value of the project, internal rate of return,
financial sources.

AIIIOAOeEss

Aa?auae A.N. Iaoiaee/aneea iniiau yeieiai-yeiiiie/aneiai iainiiaaiey
eiaanoeoeeiiiuo i?iaeoia. – ?oeiienue.

Aeenna?oaoeey ia nieneaiea o/aiie noaiaie eaiaeeaeaoa yeiiiie/aneeo
iaoe ii niaoeeaeueiinoe 08.06.01 – yeiiiieea i?aaei?eyoey e i?aaiecaoeey
i?iecaiaenoaa. – Ainoaea?noaaiiay iaoaeeo?ae/aneay aeaaeaiey Oe?aeiu,
Aeiai?iiao?iane, 1999.

A nayce n ia?aoiaeii oe?aeineie yeiiiieee e ?uii/iui ioiioaieyi, a
oaeaea ?aceei iaino?aieai yeieiae/aneie neooaoeee, aii?inu
yeieiai-yeiiiie/aneiai iainiiaaiey eiaanoeoeee i?eia?aoatho iniaoth
aeooaeueiinoue.

A aeenna?oaoeeiiiii enneaaeiaaiee i?iaiaeece?iaaiu o?iaie aiaeeca
eiaanoeoeeiiiuo i?iaeoia, i?aaeiieaaathueo yeieiae/aneea eiaanoeoeee.
Enoiaey ec iineaaeieo aeinoeaeaiee a iaeanoe iaoiaeieiaee ioeaiee
iaaaoeaiiai aeeyiey ia ie?oaeathuoth n?aaeo, iainiiaai auai? o?iaiy
eiaanoeoeeiiiiai aiaeeca — o?iaaiue i?iaeoia n o/aoii o?aaiaaiee anao
aieaa aunieeo o?iaiae.

I?iaiaeece?iaaiu e?eoa?ee ioeaiee yeieiai-yeiiiie/aneie yooaeoeaiinoe.
A enneaaeiaaiee eniieuecothony oaeea e?eoa?ee ioeaiee
yeieiai-yeiiiie/aneie yooaeoeaiinoe, eae /enoia nia?aiaiiia cia/aiea
eiaanoeoeeiiiiai i?iaeoa e aioo?aiiyy ii?ia i?eaueueiinoe.

Enneaaeiaaia aiciiaeiinoue eniieueciaaiey nouanoaothueo iaoiaee/aneeo
iiaeoiaeia e aiaeeco aacoauoi/iinoe e oeaeaaiio ieaie?iaaieth i?eauee a
ninoaaa yeieiai-yeiiiie/aneiai aiaeeca eiaanoeoeeiiiuo i?iaeoia.
Onoaiiaeaii, /oi i?e yeiiiie/aneii iainiiaaiee eiaanoeoeeiiiuo i?iaeoia,
i?aaeoniao?eaathueo yeieiae/aneea eiaanoeoeee, aiaeec aacoauoi/iinoe
neaaeoao i?iaiaeeoue, enoiaey ec /enoie i?eauee, iineieueeo io/eneaiea
/anoe yeieiae/aneeo ieaoaaeae i?iecaiaeeony ec /enoie i?eauee,
inoathuaeny a ?anii?yaeaiee i?aaei?eyoey.

I?iaiaeece?iaaiu iniaaiiinoe aiaeeca iia?aoeeiiiiai ?enea i?e
yeieiai-yeiiiie/aneii iainiiaaiee yeieiae/aneeo eiaanoeoeee n o/aoii
ioia/aiiie auoa iniaaiiinoe, i?aaeoniao?eaathuae aiciiaeiua auieaou ca
caa?yciaiea ie?oaeathuae n?aaeu ec i?eauee. I?aaeeiaeaia ?an/aoiay noaia
ioeaiee ia?u iia?aoeeiiiiai ?u/aaa a neo/aa eae i?aauoaiey oaeoe/aneiai
iauaia ?aaeeciaaiiie i?iaeoeoeee iaae i?aaeaeueiui, oae e i?e ia?aoiii
niioiioaiee.

A ?aaioa i?iaiaeece?iaaiu iaoiaee/aneea iniaaiiinoe aiaeeca
yooaeoeaiinoe yeieiae/aneeo eiaanoeoeee i?e ?acee/iuo niiniaao
oeiaine?iaaiey i?iaeoa. I?aaeeiaeai e iainiiaai niinia ioeaiee
aeiiieieoaeueiiai aeaiaaeiiai iioiea, eioi?ue yaeyaony neaaenoaeai
?aaeecaoeee yeieiae/aneiai eiaanoeoeeiiiiai i?iaeoa, i?eaiaeyuaai e
oaaee/aieth au?o/ee, eciaiaieth oaeoueo aaeiauo ecaea?aeae e
aeiiieieoaeueiui aii?oecaoeeiiiui io/eneaieyi. Iniaaiiinoe iaoiaeeee
enneaaeiaaiu n iiiiuueth /eneaiiiai iiaeaee?iaaiey aeey o?ao aa?eaioia
oeiaine?iaaiey yeieiae/aneie eiaanoeoeee: iieiinoueth e?aaeeoiia
oeiaine?iaaiea, eniieueciaaiea nianoaaiiuo oeiainiauo ?ano?nia
i?aaei?eyoey, niaoaiiia oeiaine?iaaiea. ?anniio?aiu ?acee/iua noaiu
aica?aoa e?aaeeoa, enneaaeiaaiu caaeneiinoe e?eoa?ey i?eiyoey ?aoaiey io
iniiaiuo iieacaoaeae yeieiae/aneie eiaanoeoeee. Aeey aa?eaioa niaoaiiiai
oeiaine?iaaiey ii?aaeaeaii iaee/ea iioeiaeueiiai niioiioaiey caaiiie
eiiiiiaiou a iauae noiia oeiaine?iaaiey.

I?iaaaeai n?aaieoaeueiue aiaeec aeaoo aeueoa?iaoea ?aaeecaoeee
eiaanoeoeeiiiiai i?iaeoa: eiaanoe?iaaoue a i/enoiia iai?oaeiaaiea,
nieaeay noiiu auiea/eaaaiuo ieaoaaeae ca caa?yciaiea eee ia
i?aaeoniao?eaaoue yeieiae/aneeo eiaanoeoeee. I?aaeeiaeai e?eoa?ee auai?a
aeueoa?iaoeau (V-e?eoa?ee), eioi?ue aace?oaony ia ?aciinoe aaee/ei
/enoiai nia?aiaiiiai cia/aiey aeueoa?iaoeaiuo eiaanoeoeeiiiuo i?iaeoia.
I?iaiaeece?iaaia caeiiiia?iinoue eciaiaiey e?eoa?ey io ii?aaeaeythueo
aai oaeoi?ia.

I?iaaaeai aiaeec iniiaiuo oeiainiauo iieacaoaeae, eioi?ua iaeaieaa /anoi
eniieuecothony a i?aeoeea oeiainiaiai aiaeeca n oi/ee c?aiey io?aaeaiey
eie yeieiae/aneeo iniaaiiinoae aeayoaeueiinoe i?aaei?eyoey. Onoaiiaeaii,
/oi ia aieueoeinoai oeiainiauo iieacaoaeae ieacuaatho aeeyiea
iniaaiiinoe yeieiae/aneie aeayoaeueiinoe i?aaei?eyoey.

I?aaeeiaeaia iaoiaeeea eiiieaeniiai yeieiai-yeiiiie/aneiai aiaeeca
eiaanoeoeeiiiuo i?iaeoia, eioi?ay auea eniieueciaaia aeey ioeaiee
yeieiai-yeiiiie/aneie yooaeoeaiinoe ?aaaia?aoeee io?aaioaiiuo
na?iieeneioiuo ?anoai?ia ia IAI «Ieaeiaaeiai?ianeee o?oaii?ieaoiue
caaiae», a oaeaea i?e ?ac?aaioea eiiieaeniiai ieaia ia?ii?eyoee,
iai?aaeaiiuo ia icaei?iaeaiea yeieiae/aneie neooaoeee ia IAI “Caaiae ei.
Iao?ianeiai”.

Eeth/aaua neiaa: io?aia ie?oaeathuae n?aaeu, eiaanoeoeeiiiue i?iaeo,
iieacaoaee yooaeoeaiinoe, /enoia nia?aiaiiia cia/aiea i?iaeoa,
aioo?aiiyy ii?ia aeioiaeiinoe, enoi/ieee oeiaine?iaaiey.

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