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Oeiainiaay aeaaeaiey

i?e I?aaeoaeuenoaa ?O

Einoeooo ia?aiiaeaioiaee e iiauoaiey

eaaeeoeeaoeee eaae?ia ii

oeiainiai-aaieianeei niaoeeaeueiinoyi

AeEIEIIIAss ?AAIOA

Oaia: Eiiia?/aneee e?aaeeo

?oeiaiaeeoaeue: Ia?oaaeia E. ss.

Neooaoaeue: xxxxxxxxxxxxxxxxxxx

Iineaa

1995 a.

Niaea?aeaiea ?aaiou

I. Eiiia?/aneee e?aaeeo, aai nouiinoue………………………

1. Iiiyoea eiiia?/aneiai e?aaeeoa e iaoaieci ?an/aoia…

2. ?acaeoea eiiia?/aneiai e?aaeeoa……………………………….

3. Eiiia?/aneee e?aaeeo ia nia?aiaiiii yoaia……………..

II. Aaenaeue eae eino?oiaio eiiia?/aneiai e?aaeeoa………

1. Iauay oa?aeoa?enoeea aaenaeae……………………………….

2. Iniiaiua iiiyoey aaenaeueiiai ia?auaiey………………

3. Ia?aaiaeiie
aaenaeue………………………………………………..

4.
Eiaeinnaiaio……………………………………………………
……..

5. Aeoeaio ia?aaiaeiiai
aaenaey……………………………………

6.
Aaaeue…………………………………………………………
………….

7. Iiiaeanoaaiiinoue yecaiiey?ia aaenaey e aai eiiee…

8. I?ioeaaeo?a ieaoaaea ii
aaenaeth……………………………….

9. I?ioano
aaenaey………………………………………………………

III.
Oi?oaoe?iaaiea……………………………………………….

IV. Iaoiaeu o/aoa aaenaeae e au/eneaiey, naycaiiua n
ieie…………………………………………………………..
…….

1. I?yiie e aeioiaeiue
o/ao………………………………………..

2. Au/eneaiey iiieiaeueiie noieiinoe aaenaeae, iiaeeaaeaueo
oi?oaoe?iaaieth………………………………………….

3. ?an/ao o/eouaaaiie noieiinoe aeieaiaiai iaycaoaeuenoaa.

4. Oi?ioea
aeeneiioa……………………………………………………..

5. Oi?ioea i?eaeeceoaeueiiai aeeneiioa………………………….

6. ?an/ao i?aaeiieaaaaiiai aeioiaea io naeaeee……………………

7. *enoue
aeioiae………………………………………………………..
….

8. Aeaoaee i?aaeeueii ioeaiaiiie naeaeee………………………….

V. Nienie
eeoa?aoo?u……………………………………………….

I. EIIIA?*ANEEE E?AAeEO, AAI NOUIINOUe

1. Iiiyoea eiiia?/aneiai e?aaeeoa e iaoaieci ?an/aoia

Eiiia?/aneee e?aaeeo iiaeii ioa?aeoa?eciaaoue eae e?aaeeo,
i?aaeinoaaeyaiue a oiaa?iie oi?ia i?iaeaaoeaie iieoiaoaeyi a aeaea
ion?i/ee ieaoaaea ca i?iaeaiiua oiaa?u. Ii i?aaeinoaaeyaony iiae
iaycaoaeuenoaa aeieaeieea (iieoiaoaey) iiaaneoue a ii?aaeaeaiiue n?ie
eae noiio iniiaiiai aeieaa, oae e ia/eneyaiua i?ioeaiou.

I?eiaiaiea eiiia?/aneiai e?aaeeoa o?aaoao iaee/ey o i?iaeaaoea
aeinoaoi/iiai ?aca?aiiai eaieoaea ia neo/ae caiaaeeaiey iinooieaiee io
aeieaeieeia.

Auaeaeytho iyoue iniiaiuo niiniaia i?aaeinoaaeaiey eiiia?/aneiai
e?aaeeoa:

aaenaeueiue niinia;

ioe?uoue n/ao;

neeaeea i?e oneiaee iieaou a ii?aaeaeaiiue n?ie;

naciiiue e?aaeeo;

eiineaiaoeey.

I?e aaenaeueiii niiniaa iinea iinoaaee oiaa?ia i?iaeaaaoe aunoaaeyao
o?aooo ia iieoiaoaey, eioi?ue, iieo/ea eiiia?/aneea aeieoiaiou,
aeoeaiooao aa, o.a. aeaao niaeanea ia iieaoo a oeacaiiue ia iae n?ie.

Ae?oaie niinia – neeaeea i?e oneiaee iieaou a ii?aaeaeaiiue n?ie. Yoio
niinia i?aaeoniao?eaaao oneiaea, /oi anee ieaoaae aoaeao i?iecaaaeai
iieoiaoaeai a oa/aiea iaiai?aiiiai a eiio?aeoa ia?eiaea iinea auienee
n/aoa, oi ec oeaiu aoaeao au/oaia neeaeea. A i?ioeaiii neo/aa, any noiia
aeieaeia auoue auiea/aia a onoaiiaeaiiue n?ie.

Niaeanii aeiaiai?o ia ioe?uoii n/aoa, iaeiaaeaeu i?eiyoiio iaaeie
noi?iiaie, iieoiaoaeue iiaeao aeaeaoue ia?eiaee/aneea caeoiee aac
ia?auaiey ca e?aaeeoii a eaaeaeii ioaeaeueiii neo/aa. Iau/iue ii?yaeie
inouanoaeaiey naeaeee oaeia: eiaaea iieoiaoaeue caeacuaaao oiaa?, ii
iaiaaeeaiii ioa?oaeaaony, a ieaoaae ca iaai i?iecaiaeeony a
onoaiiaeaiiua n?iee iinea iieo/aiey n/aoa.

Naciiiue e?aaeeo iau/ii i?eiaiyaony a i?iecaiaenoaa ea?ooae, noaaie?ia e
ae?oaeo ecaeaeee ianniaiai iio?aaeaiey. Yoio niinia ?ac?aoaao ?icie/iui
oi?aiaoeai iieoiaoue oiaa?u a oa/aiea anaai aiaea n oeaeueth
i?aaiecaoeee iaiaoiaeeiuo caiania ia?aae ieeii naciiiuo i?iaeaae e
iicaieyao ion?i/eoue ieaoaae i?iecaiaeeoaeth aei eiioea ?ani?iaeaaee.
Iai?eia?, i?iecaiaeeoaee ea?ooae ?ac?aoatho oi?aiaoeai caeoiaoue ea?ooee
ca ianeieueei ianyoeaa aei ?iaeaeanoaa, a ieaoeoue ca oiaa? – a
yiaa?a-oaa?aea. Aeaaiia i?aeiouanoai i?e yoii niiniaa

– aiciiaeiinoue auionea i?iaeoeoeee aac aeiiieieoaeueiuo ?anoiaeia ia
neeaaee?iaaiea, o?aiaiea e o.ae.

Eiineaiaoeey – niinia, i?e eioi?ii ?icie/iue oi?aiaaoe iiaeao i?inoi
iieo/eoue oiaa?ii-iaoa?eaeueiua oeaiiinoe aac iaycaoaeuenoaa. Anee
oiaa?u aoaeoo i?iaeaiu, oi aoaeao inouanoaeai e ieaoaae i?iecaiaeeoaeth,
a anee iao, oi ?icie/iue oi?aiaaoe iiaeao aa?iooue oiaa? i?iecaiaeeoaeth
aac auieaou iaonoieee. Eiineaiaoeey iau/ii i?eiaiyaony i?e ?aaeecaoeee
iiauo, iaoeie/iuo oiaa?ia, ni?in ia eioi?ua o?oaeii i?aaeiieiaeeoue.
I?eia?ii iiaeao neoaeeoue i?aeoeea i?iecaiaenoaa e i?iaeaaee iiauo
o/aaieeia aeey einoeoooia. Eieaiecaeaoaee iinueatho naie eieae a
einoeoooneea iaaaceiu n oneiaeai eo aica?aoa, anee iie ia aoaeoo
eoieaiu.

Naii niaie ?acoiaaony, /oi ethaie ec yoeo niiniaia iiaeao auoue iaeaieaa
yooaeoeaiui a eiie?aoiuo ?uii/iuo oneiaeyo. Auai? iaeaieaa yooaeoeaiiai
niiniaa – aeaaiay caaea/a e?aaeeoiie iieeoeee eaaeaeie ei?ii?aoeee.

I?iaeaaea oiaa?ia a e?aaeeo noaea iau/iui niiniaii aaaeaiey aeae aeey
i?iiuoeaiiuo eiiiaiee, i?aaeeiaeaiea e?aaeeoiuo oneoa yaeyaony i?oaeeai
eiieo?aioeee i?e i?eaea/aiee eeeaioia. Ec-ca yoie oaiaeaioeee .e
oaaee/aieth iieoiee a e?aaeeo ana aieaa ino?ie noaiiaeony aeeeaiia
oaa?aeie eee naiaiaeiie e?aaeeoiie iieeoeee. Eceeoia oaa?aeua oneiaey
iiaoo ioioaiooue iieoiaoaeae, a i/aiue naiaiaeiua – niinianoaiaaoue ia
oieueei aieueoiio iauaio i?iaeaaee oiaa?a, ii e ieieiaeueiiio ia?aoiiio
i?eoieo eaieoaea ec-ca iaiieaou aeieaia a n?ie e aieueoeo ?anoiaeia,
naycaiiuo n “auoeaaieai” aeieaa. Aeaaiay caaea/a ei?ii?aoeee a yoie
iaeanoe – i?aaeeueiia oi?aaeaiea naiei inoaoeii aeaaeoi?neie
caaeieaeaiiinoe a niioaaonoaee n ?acia?ii iaeeaeaaiie ?aaeecaoeee
oiaa?iie i?iaeoeoeee. *ai auno?aa iai?a/eaaaony inoaoie aeaaeoi?neie
caaeieaeaiiinoe ii aeaiiiio iauaio i?iaeaaee oiaa?ia, oai ei?i/a oeeee
e?oaiiai?ioa iaee/iuo n?aaenoa ei?ii?aoeee e, neaaeiaaoaeueii, auoa
eeeaeaeiinoue oe?iu (o.a. aa niiniaiinoue naiaa?aiaiii iiaaoaoue naie
aeieaiaua iaycaoaeuenoaa).

Ei?ii?aoeey aeieaeia iinoiyiii ia?aniao?eaaoue naith e?aaeeoioth
iieeoeeo ec-ca eciaiaiey ?uii/iuo oneiaee. E?aaeeoiay iieeoeea ninoieo
ec iaueo iai?aaeaiee i?eiyoey ?aoaiee ii auai?o iaaeaaeiiai caaiueea,
iauaia e n?iea e?aaeeoa. Yoe iai?aaeaiey, a aeaeueiaeoai, ?aaeecothony
ieaaeoei oi?aaeai/aneei aiia?aoii aeey i?eiyoey aaeaaeiaaiuo ?aoaiee.
Iai?eia?, a niioaaonoaea n i?iaiaeeiie e?aaeeoiie iieeoeeie ei?ii?aoeey
iiaeao i?aaeinoaaeoue i?aai ieaaeoaio iaiaaeaea?o e?aaeeoiaaoue eeeaioia
a i?aaeaeao 50 oun. aeieea?ia. Neaaeiaaoaeueii, eeeaio, ioaeaeathueeny a
aieueoae noiia e?aaeeoa, neaaeai aei 200 oun. aeieea?ia, aeieaeai aoaeao
iieo/eoue niaeanea noa?oaai iaiaaeaea?a, a nauoa 200 oun. aeieea?ia –
iaeia?aiea e?aaeeoiiai eiieoaoa. Yoe i?ioeaaeo?u aeieaeiu auoue /aoei
ii?aaeaeaiu, /oiau eeeaioai ia iaaei ‘ auei aeaeaoue i?ioiaeaeaiey
naiaai aeaea ii einoaioeeyi.

Noaia N 1 .iieacuaaao iniiaioth aeie-noaio, io?aaeathuoth
iineaaeiaaoaeueiinoue e?aaeeoiie iieeoeee e acaeiinaycue aa yoaiia.

Noaia N 1

E?AAeEOIAss IIEEOEEA

E?AAeEOIUA ONEIAEss

?AOAIEA I I?AAeINOAAEAIEE E?AAeEOA

EIIO

NEIEUeEI

EIIO?IEUe CA NOAOUessIE AAEAINA

IA?ANIIO? E?AAeEOIIE IIEEOEEE II IA?A IAIAOIAeEIINOE

NIIOAAONOAOAO EE NINOIssIEA NOAOAE AAEAINA E?AAeEOIIE IIEEOEEA

IAIAOIAeEII I?IAIAEECE?IAAOUe I?EAUEUeIINOUe ECIAIAIEE E?AAeEOIUO
ONEIAEE EEE E?AAeEOIIAI ?AOAIEss

Eae iieacuaaao noaia, i?ioeann ia/eiaaony n ii?aaeaeaiey e?aaeeoiie
iieeoeee. A aeaeueiaeoai, ana ?aoaiey i?eieiathony a niioaaonoaee n aa
niaea?aeaieai. Iinea i?aaeinoaaeaiey e?aaeeoa neaaeothuei aaaeiui
aeaenoaeai yaeyaony eiio?ieue ca i?in?i/aiiie caaeieaeaiiinoueth,
io?aaeaiiie a aaeaina ii noaoueyi aeaaeoi?neie caaeieaeaiiinoe. Yoio
eiio?ieue iicaieyao ii?aaeaeeoue noaiaiue niioaaonoaey i?eiyouo ?aoaiee
e?aaeeoiie iieeoeea oe?iu. Aeaaea anee yoi niioaaonoaea ia ia?ooaii,
ia?eiaee/aneay ioeaiea e?aaeeoiuo ?aoaiee iicaieyao ?aaoee?iaaoue eo a
caaeneiinoe io oaeouae aeaeiaie neooaoeee.

Oaia?ue ?anniio?ei iiae?iaiaa eaaeaeoth noaaeeth i?aaeinoaaeaiey
eiiia?/aneiai e?aaeeoa.

Oi?aaeaiea e?aaeeoiie iieeoeeie au?aaeaao iauoth no?aoaaeth ?acaeoey
ei?ii?aoeee. N aa iiiiuueth ia no?aiyony onoaiiaeoue eiie?aoiua niiniau
aeinoeaeaiey oeaeae, a eeoue oi?ie?otho “ea?ean”, no?oeoo?o
?aeiiaiaeaoeee e iniiaiuo iai?aaeaiee auiieiaiey /anoiuo aeaeiauo
iia?aoeee. Ia iniiaa yoiai “ea?eana” ?ac?aaaouaaaony iaoiaeeea
i?iaaaeaiey aaeaaeiaaiuo ia?ii?eyoee, iai?aaeaiiuo ia aeinoeaeaiea
oeaeae e?aaeeoiie iieeoeee.

E?aaeeoiay iieeoeea ei?ii?aoeee, oaeei ia?acii, ii?aaeaeyao oeaee
e?aaeeoiiai oi?aaeaiey. Iia aeieaeia /aoei iieacaoue iaia?aiey oe?iu
auoue aeoeaiie a i?aaeinoaaeaiee eiiia?/aneiai e?aaeeoa, /oi aeaao
aiciiaeiinoue ?acei eciaieoue e?aaeeoioth iieeoeeo a caaeneiinoe io
eiiuthieoo?u ?uiea eee auoue eiina?aaoeaiie a oneiaeyo i?aaeinoaaeaiey
e?aaeeoa eaaeaeiio eeeaioo.

E?aaeeoiua oneiaey, i?aaeeaaaaiua iieoiaoaeth, ii?aaeaeytho a?aiy,
eiathuaany a ?anii?yaeaiee eeeaioa aei auieaou aeieaa. Iau/ii iiae
e?aaeeoiui ia?eiaeii iiieiatho a?aiy, ?acaeaeythuaa aeaoo auienee n/aoa
e aeaoo aai iieaou. A eiio?aeoa yoi a?aiy iaicia/aaony eae “iaooi 30”
eee “iaooi 90”. Yoi icia/aao, /oi ianooieaieth aeaou ieaoaaea
i?aaeoanoaotho 30 eee 90 aeiae. Ei?ii?aoeey iiaeao i?aaeeiaeeoue
o/aoioth neeaeeo, o.a. i?ioeaio, eioi?ue eeeaio iiaeao au/eoaoue ec
oeaiu n/aoa, anee ieaoaae inouanoaeyaony a onoaiiaeaiiue o/aoiue n?ie. A
yoii neo/aa e?aaeeoiua oneiaey iaicia/athony, iai?eia?, eae “2/10, iaooi
30” *enei 2 icia/aao 2% neeaeee io noiiu n/aoa, anee ieaoaae inouanoaeai
a oa/aiea 10 aeiae ni aeiy auienee n/aoa. A i?ioeaiii neo/aa, ieaoaae
aeieaeai auoue i?iecaaaeai a oa/aiea 30 aeiae. I?aaeeaaay neeaeeo,
ei?ii?aoeey aioiaa ioeacaoueny io 2% oeaiu oiaa?a aeey onei?aiey
iinooieaiey iaee/iiai ieaoaaea. E?iia oiai, oae eae neeaeea yaeyaony
aeia?iaieueiie, iia iiaeao i?eaea/ue iiauo eeeaioia n ei?ioeei
aeaiaaeiui oeeeeii, ?ann/eouaathueo iieo/eoue i?eaueue ca n/ao neeaeee
io oeaiu naeaeee.

I?eiyoea ?aoaiey i i?aaeinoaaeaiee e?aaeeoa eiaao aeaa noi?iiu. Ia?aay –
iaaei ee i?aaeinoaaeyoue e?aaeeo iioaioeeaeueiiio eeeaioo. A yoii neo/aa
iaiaoiaeeii caiyoueny e?aaeeoiui aiaeecii. Aoi?ay noi?iia – anee ?aoaiea
i i?aaeinoaaeaiee e?aaeeoa i?eiyoi, aeieaeai ee auoue onoaiiaeai eeieo e
anee aea, oi eaeie?

E?aaeeoiue aiaeec – yoi i?ioeann i?eiyoey ?aoaiey i i?aaeinoaaeaiee eee
ia i?aaeinoaaeaiee eiiia?/aneiai e?aaeeoa aeaiiiio iioaioeeaeueiiio
eeeaioo. I?e e?aaeeoiii aiaeeca nia/aea iaaei auynieoue aeaeaiea e
aiciiaeiinoue eeeaioa ieaoeoue ca eoieaiiua oiaa?u eee ieacaiiua aio
oneoae. Eiaeeaeaeoaeueiua oa?aeoa?enoeee eeeaioa, eco/aaiua i?e
e?aaeeoiii aiaeeca, iieo/eee aea?aiiiia iacaaiea “5N” e?aaeeoa”:

customer’s character (oa?aeoa? eeeaioa)

capacity to pay (ieaoaaeaniiniaiinoue)

collateral (iaania/aiea)

capital (eaieoae)

current business condition (oaeouaa aeaeiaia iieiaeaiea).

Eco/aiea oa?aeoa?a eeeaioa iiiiaaao ii?aaeaeeoue aai aeaeaiea ieaoeoue.
*oiau iieo/eoue yoo eioi?iaoeeth iiaeii i?aaieciaaoue ee/ioth ano?a/o n
eeeaioii iaeiiai ec iaiaaeaea?ia oe?iu eee cai?ineoue ni?aaeo a
?acee/iuo ainoaea?noaaiiuo eee /anoiuo yeiiiie/aneeo o/?aaeaeaieyo,
iaycaoaeueii aeeth/ay aaie eeeaioa. Ii?aaeaeaiea ieaoaaeaniiniaiinoe
eeeaioa, aai ?aaeueiiai eaieoaea e iaania/aiey nnoaeu aeeth/aao a naay
i?aaeaea anaai aiaeec oeiainiauo io/aoia (aaeainia) , i?aaeinoaaeaiiuo
eeeaioii eee ioeoeeaeueii iioaeeeiaaiiuo. Ninoiyiea anae yeiiiieee oiaea
iiaeao ea?aoue naith ?ieue. Oae, anee a yeiiiieea iaaethaeaaony niaae,
oi oe?ia iiaeao naaa iicaieeoue i?aaeinoaaeaiea eeoue ia?aie/aiiiai
/enea e?aaeeoia.

E?iia oeiainiauo io/aoia eeeaioa eiathony ae?oaea iiiai/eneaiiua
enoi/ieee eioi?iaoeee, aeinooiiua aeey eniieueciaaiey i?e aiaeeca.
Aaiee, ae?oaea oe?iu, i?aaeinoaaeyaoea e?aaeeou eeeaioo, ianoiua
e?aaeeoiua i?aaiecaoeee, iau/ii aoiaeyuea a ninoaa Iaoeeiiaeueiuo
annioeeaoeee e?aaeeoiiai oi?aaeaiey NOA, eee aiaeiae/iua i?aaiecaoeee a
ae?oaeo no?aiao i?aaeinoaaeytho, eae i?aaeei, iaeaieaa iauoth
eioi?iaoeeth, oae eae aeaoaee e?aaeeoiuo niaeaoaiee ninoaaeytho
eiiia?/aneoth oaeio e io?aiythony caeiiii.

Oe?iei eniieuecoaiui enoi/ieeii eioi?iaoeee a NOA neoaeeo oe?ia Dun and
Bradstreet. (D.A.). Iia niaaaeaao eioi?iaoeeae i i?aaeiieaaaaiie
ioeaii/iie oeiainiaie neea iioaioeeaeueiiai eeeaioa, aeaeaao neiaeioth
e?aaeeoioth yenia?oeco. D.A. iaieiaao eiiaiaeo aiaeeoeeia, eioi?ua
iinauatho oe?iu ii ii?aaeaeaiiiio a?aoeeo e ninoaaeytho aeieeaaeu n
i/aiue iiae?iaiie eioi?iaoeeae. Aeey iio?aaeoaeae yoie eioi?iaoeee iniai
aaaeiu naaaeaiey i i?aaeuaeoueo ieaoaaeao, oeiainiaii iieiaeaiee,
oeacaiiua a naiaeiuo oeiainiauo io/aoao eeeaioia. Aeieeaae ioia/aao
ethaoth oaeouoth ioeoeeaeueioth i?iaeaio eeeaioa e aai e?aoeoth
enoi?eth. Oaeei ia?acii, aeieeaae D.A. noae noaiaea?oiui enoi/ieeii
eioi?iaoeee, iaiaoiaeeiie aeey i?eiyoey ?aoaiey i i?aaeinoaaeaiee e
?acia?ao e?aaeeoa.

Ioaeii iniai iiae/a?eiooue, /oi a oa/aiea anaai i?ioeanna aiaeeca
enneaaeiaaiea e?aaeeoiniiniaiinoe eeeaioa aucaaii ia oieueei
iaiaoiaeeiinoueth i?eiyoey ia? i?aaeinoi?iaeiinoe io i?aaeinoaaeaiey
e?aaeeoa iaiaaeaaeiiio eeeaioo, ii a ?aaiie ia?a e aeaeaieai oe?iu
ieacaoue iaeneioi e?aaeeoiuo oneoa oaaaeaaiiio iieoiaoaeth. A ?aaiie
noaiaie ieioei n/eoaaony ?aoaiea i e?aaeeoiaaiee ia caneoaeeaathueo
yoiai eeeaioia e ?aoaiea ia i?aaeinoaaeyoue e?aaeeo eeeaioo, eioi?ue
aa?aioe?iaaiii caieaoeo. A iaieo neo/ayo i?iaeaaaoe ianao oauoee.

Ei?ii?aoeey eaeao ia ii?aaeaeaiiua ?anoiaeu aeey i?aaeio?aiaiey naay io
ioeai/iuo e?aaeeoiuo ?aoaiee. Oaeea ?anoiaeu aeeth/atho a naay ca?ieaoo
e aiii?a?u ca eiinoeueoaoeee niaoeeaeenoia, iieaoo e?aaeeoiuo
aeieeaaeia, anooieoaeueiua e /eaineea aciinu a e?aaeeoiua annioeeaoeee.
Ei?ii?aoeey, oaeaea, aeieaeia ianoe e aioo?aiiea ?anoiaeu aeey
inouanoaeaiey ea/anoaaiiiai e?aaeeoiiai aiaeeca, ?ac?aaioee iaoiaeee e
iaoa?eaeueii-oaoie/aneiai iaania/aiey aiaeeca.

I?aaeae e?aaeeoa – iaeneiaeueiue iauai e?aaeeoa, eioi?ue aoaeao
i?aaeinoaaeai eeeaioo aaeeiia?aiaiii. Yoio iauai iau/ii onoaiaaeeaaaony
ia ioiineoaeueii ieceii o?iaia aeey iiauo, iaciaeiiuo eeeaioia e, caoai,
iiaeieiaaony ia iniiaa iieiaeeoaeueiie i?aeoeee ieaoaaeae e iio?aaiinoae
eeeaioa. E?aaeeoiua eeieou (i?aaeaeu) ia aeieaeiu auoue noaaeeueiuie, a
anaaaea neoaeeoue iauaeoii ia?aniio?a, iniiaaiiiai ia iiuoa e eciaiaiee
oneiaee ?uiea. Onoaiaaeeaay e?aaeeoiue eeieo, oe?ia iooaeeeaaaony io
eioi?iaoeee, iieo/aiiie a ?acoeueoaoa e?aaeeoiiai aiaeeca e noiiu
ieaie?oaiuo caeoiie eeeaioaie.

?anniio?ei i?eia?. I?aaenoaaueoa, /oi iioaioeeaeueiue eeeaio ia?auaaony
ca e?aaeeoii. E?aaeeoi? auyniyao, /oi eeeaio eiaao oi?ioaa oeiainiaia
iieiaeaiea, e /oi ii niae?aaony iieoiaoue aaeaaiaeii iaoa?eaeia ia 360,0
oun. aeieea?ia. Iniiauaaynue ia yoie eioi?iaoeee e i?eiyoii e?aaeeoiii
?aoaiee “iaooi CI”, e?aaeeoi? iiaeao onoaiiaeoue ia/aeueiue eeieo
i?eaeeceoaeueii 30,0 oun. aeieea?ia a ianyoe (o.a. 360,0 oun. aeieea?ia
a aiae). Eeeaio aeieaeai aoaeao iieaoeoue caeoiee i?ioeiai ianyoea
ia?aae oai, eae aunoaaeoue iiaoth e?aaeeoioth cayaeo. Iinea i?aeoeee
ianeieueeeo ianyoeaa ?aaiou n eeeaioii e?aaeeoi? iiaeao iiaeiyoue
e?aaeeoiue eeieo e ?ac?aoeoue eeeaioo auoue aieaa naiaiaeiui a
e?aaeeoiuo cayaeao, anee aai ieaoaaee iinooiatho a niioaaonoaee n
a?aoeeii.

Iaeioi?ua iaiaaeaea?u noaayo e?aaeeoiue eeieo a caaeneiinoue io
nianoaaiiiai eaieoaea eeeaioa. Iai?eia?, e?aaeeoiue eeieo iiaeao auoue
onoaiiaeai eae ii?aaeaeaiiue i?ioeaio io nianoaaiiiai eaieoaea
iieoiaoaey (iai?eia? 5 eee 10%). Ia?yaeo n nianoaaiiui e iai?ioiue
eaieoae iiaeao auoue eniieueciaai aeey onoaiiaeaiey eeieoa. Iiiaea
iaiaaeaea?u aeaaea i?aaeii/eoatho iniiauaaoueny ia iai?ioiii eaieoaea,
oae eae ii aieaa oanii naycai n ieaoaaeaniiniaiinoueth eeeaioa.

I/aiue aaaeiie i?iaeaiie yaeyaony ioeaiea iineaaenoaee eciaiaiey
e?aaeeoiie iieeoeee. I?aaeaea, /ai ei?ii?aoeey iaiyao naith e?aaeeoioth
iieeoeeo, aa niaoeeaeenou aeieaeiu onoaiiaeoue naycue i?aaeiieaaaaiuo
eciaiaiee n nia?aiaiiui iauaiii i?eoiea eaieoaea ei?ii?aoeee. Eciaiaiea
e?aaeeoiie iieeoeee iau/ii naycaii n eieaaaieyie iauaiia i?iaeaaee,
i?iii?oeee aeiee eeeaioia, aa?oueo aeaiaaeiua neeaeee, a?aiaie
aeaiaaeiuo iinooieaiee e eiaeaena eciaiythuaeny naaanoieiinoe
ioiineoaeueii iauaia i?iaeaiiuo oiaa?ia. *oiau iiiyoue, eae ioeaieoue
aeinoieinoaa i?aaeiieaaaaiuo eciaiaiee e?aaeeoiie iieeoeee ei?ii?aoeee,
?anniio?ei iaeei i?eia?.

Aeiionoei, /oi iaiaaeaea? eiiiaiee “Delta” ?anniao?eaaao ineaaeaiea
(eeaa?aeecaoeeth) oneiaee e?aaeeoa n “1/10 iaooi 60” aei “iaooi 100”. A
?acoeueoaoa yoiai ieaie?oaony oaaee/aiea i?iaeaaee ia 5% io oaeouae
aeiaaiie i?iaeaaee, ?aaiie 200,0 oun. aeieea?ia eae ?acoeueoao aaaaeaiey
iiaie iieeoeee.

Aeioiaeu io iaiin?aaenoaaiiiai i?iecaiaenoaa ninoaaeytho 70% anao
aeioiaeia oe?iu. Niaeanii noa?ie iieeoeea 25% eeeaioia aa?oo neeaeeo, a
75% ieaoyo ia 60-ue aeaiue. E?aaeeoiua ?anoiaeu, ninoaaeythuea 0,5% io
anae e?aaeeoiie i?iaeaaee, aeieaeiu ii ieaiai aic?anoe aei 1 “/i ii
iiaie iieeoeea. Yoi i?iecieaeao ec-ca oiai, /oi aieaa aeeeiiue
e?aaeeoiue ia?eiae “iaooi 100” i?eaea/ao iiiai aeiiieieoaeueiuo
eeeaioia. Noieiinoue eaieoaea eiiiaiee, eee n?aaeiyy aiaeiaay
i?ioeaioiay noaaea, ninoaaeyao 9 “/i . Naaaeai ana yoe aeaiiua aeey
oaeianoaa a oaaeeoeo N 1

Oaaeeoea N 1

IA?AIAIIUA AAEE*EIU NEIAIEU NOA?Ass IIEEOEEA IIAAss IIEEOEEA

Aaeaaeiaaiay i?iaeaaea

?ino i?iaeaaee ec-ca eciaiaiey iieeoeee

Aeaiaaeiay neeaeea

Aeiey eeeaioia, aa?oueo neeaeeo

E?aaeeoiue ia?eiae (aeiae)

Eueaioiue ia?eiae (aeiae)

% oaeoi? aeeneiioe?oaiie noieiinoe

O?iaaiue e?aaeeoiuo ?anoiaeia

Noieiinoue eaieoaea

(aaeaaeiaaiue eiaeaen – 0,09 / 360 )

Iaiin?aaenoaaiiia i?iecaiaenoai S

g

d

p

cp

dp

PVIF

exp

K

V 200oun.$

1%

25%

60

10

0,5%

0,025%

70%

5%

0

100

0

1%

0,025%

70%

Nouiinoue caaea/e ninoieo a oii, /oiau au/eneeoue /enooth
aeeneiioe?iaaiioth noieiinoue i?eoiea eaieoaea (?V) .eioi?ay i?e ioeaiea
?aioaaaeueiinoe eiaanoeoeee ninoaaeo noiio iaeeaeaaiiai a aoaeouai
aeioiaea ieion i?ioeaio ia eaieoae eae “eiiiainaoeey ca iaeeaeaiea”.
Niaeanii noa?ie iieeoeea, /enoay ?V ?aaia ?V iinooieaiee eaieoaea,
iieo/aiiuo io eeeaioia, iieuecothueony neeaeeie, iethn ?V iinooieaiee
eaieoaea io eeeaioia, ieaoyueo /a?ac eiaeiie. *enoay ?V ii?aaeaeyaony
iooai au/eoaiey iaiin?aaenoaaiii i?iecaiaenoaaiiuo ?anoiaeia, aeiioneay,
/oi yoe ?anoiaeu auee auiea/aiu a iiiaio i?iaeaaee:

?V. – S x ? x (1-d) x PVIF(k,DP) + S x (1-?) x PVIF(k,CP) – S x ao? x
PVIF(k,CP) =

= $200000 x 0.25 x (1 – 0,1) x 0.997503 + $200000 x (1 – 0,25) x

x 0.985113 – $200000 x 0,005 x 0,985113 = $196158

*enoay ?V. = ?V. – S x V = $196158 – $200000 x 0.07 – $56158

Oi anoue, aeey caaeaiiiai iauaia aeiaaiie i?iaeaaee a 200,0 oun.
aeieea?ia aeeneiioe?oaiay noieiinoue iinooieaiee eaieoaea niaeanii
noa?ie iieeoeea ?aaia 196,158 oun. aeieea?ia. Iaiin?aaenoaaiii
i?iecaiaenoaaiiua ?anoiaeu ninoaayo 140,0 oun. aeieea?ia, a /enoay
aeeneiioe?oaiay noieiinoue – 56,158 oun. aeieea?ia.

Noaia N 2 iiaeao iiii/ue iuneaiii i?aaenoaaeoue caaea/o n yoeie
ia?aiaiiuie, iiiauaiiuie ia inue a?aiaie iinooieaiey aeaiaaeiuo
n?aaenoa:

Noaia N 2

iaiin?aaenoaaiii aeaiueae,
caiea/aiiua a i?iecaiaenoaaiiua
ea/anoaa e?aaeeoiuo ?anoiaeu (S x V)
?anoiaeia (S x ao?)

(
( a?aiy

(((((((((((((((((((((((((((((((((((((((

( (

aeaiaaeiua iinooieaiey aeaiaaeiua iinooieaiey

io eeeaioia, iieuecoth- io eeeaioia aac
neeaeee

ueony neeaeeie(S x (1-P)) (S x ? x (1-d))

Oaia?ue ?anniio?ei aeeneiioe?oaioth noieiinoue iiaie e?aaeeoiie
iieeoeee. Ianiio?y ia oi, /oi iaaeay e?aaeeoiay iieeoeea oaaee/eaaao
iauai i?iaeaaee ia 5%, iaecaanoii aoaeao ee aeeneiioe?oaiay noieiinoue
aeaiaaeiuo iinooieaiee auoa eee ieaea iioiio, /oi aieaa aunieea
e?aaeeoiua ?anoiaeu e aieueoee e?aaeeoiue ia?eiae iiaoo eiiiaine?iaaoue
yoi oaaee/aiea.

?V.. – S x (1+g) x ? x (1-d) x ?VIF(k,?) + S x (1+g) x (1-?) x
?VIF(k.N?)

– S x (1+g) x ao? x PVIF(k,N?) =

$200000 x (1+0,05) x 0 x (1-0) x 1 + $200000 x (1+0,05) x (1-0) x
0,9753130 –

– $200000 x (1 + 0,05) x 0,01 x 0,9753130 – $202767

*enoay ?V.. – ?V.. – S x (1+g) x V – $202767 – $200000 x (1+0,05) x 0.7
= $55767

Oi anoue, aeeneiioe?oaiay noieiinoue aeaiaaeiuo iinooieaiee i?e iiaie
iieeoeea ninoaaeo 202,767 oun. aeieea?ia, a iaiin?aaenoaaiii
i?iecaiaenoaaiiua ?anoiaeu oaaee/aony aei 147,0 oun. aeieea?ia ec-ca
oaaee/aiey iauaia i?iaeaaee. A eoiaa /enoay aeeneiioe?oaiay noieiinoue
?aaia 55,767 oun. aeieea?ia, /oi ia 391 aeieea? iaiueoa, /ai i?e noa?ie
iieeoeea.

Yoa iiaeaeue /enoie aeeneiioe?iaaiiie noieiinoe aeey aiaeeca auaiae io
eciaiaiey e?aaeeoiuo oneiaee eniieuecoao aaeaaeiaaiua oaeoi?u
aeeneiioe?oaiie noieiinoe (?VIF). Aaee/eia eo caaeneo io eciaiaiey
eiee/anoaa aeiae e?aaeeoiiai ia?eiaea e eieaaaiey aiaeiauo i?ioeaioiuo
noaaie. Oi?ioea ?an/aoa ?VIF oaeiaa:

1

?VIF(aaeaaeiaa.) = ((((((((((((((, aaea

1+ (aiaeiaay % noaaea)/360

n – /enei aeiae, iaiaoiaeeiuo aeey iieo/aiey anao aeaiaaeiuo iinooieaiee
ii naeaeea.

A iaoai i?eia?a aeaia aiaeiaay i?ioeaioiay noaaea 9% e e?aaeeoiue
ia?eiae aeeeiie a 60 aeiae. Aeeneiioe?oaiay noieiinoue a aeieea?ao,
iieo/aiiay io iaeiiai ec eeeaioia ?aaia:

1

?VIF(aaeaaeiaa.) = ((((((( =0,985113

1+ 0,09/360

Aeey oaeianoaa aaeaaeiaaiuo ?an/aoia oaeoi?ia aeeneiioe?oaiie noieiinoe
a e?aaeeoiie neoaeaa oe?iu, eae i?aaeei, ninoaaeyaony oaaeeoea, eioi?oth
oi?iuaiii iiaeii i?aaenoaaeoue neaaeothuei ia?acii:

Oaaeeoea N 2

/enei aeiae aiaeiaay i?ioeaioiay noaaea

e?aaeeoiiai ia?eiaea 7% 8% 9% 10%

30 aeiae

60 aeiae

90 aeiae

120 aeiae 0,99149

0.98841

0,98266

0.97695 0,99336

0,98676

0,98021

0,97369 0,99253

0,99171

0,98511

0,98348 0,97776

0,97532

0,97045

0.96724

A iaoeo oneiaeyo “iaooi 60” e 9% aiaeiauo, PVIF = 0,98511 . Ec
i?eaaaeaiiiai aiaeeca neaaeoao auaiae, /oi, oae eae /enoay
aeeneiioe?oaiay noieiinoue noa?ie iieeoeee aieueoa, /ai ii iiaie, oi
eciaiaiea oneiaee n “1/10 iaooi 60” ia “iaooi 100” ia ii?aaaeaii. Iiaay
iieeoeea ia aeaao aeinoaoi/iiai i?e?inoa i?iaeaaee, iie?uaathuaai
caiaaeeaiea aeaiaaeiuo iinooieaiee, aeiiieieoaeueiua e?aaeeoiua ?anoiaeu
e aeiiieieoaeueiua iaiin?aaenoaaiii i?iecaiaenoaaiiua ?anoiaeu (nu?uea,
yia?aey, iieooaa?eeaou).

A iaoai i?eia?a oa?aeoa?iie /a?oie yaeyaony iacaaeneiinoue i?eiyoey
?aoaiey io noiiu oaeoueo aaeaaeiaaiuo i?iaeaae. Aaaeii eeoue aa
eciaiaiea e naycaiiua n yoei eciaiaiey ae?oaeo iieacaoaeae.

Eae oieueei ei?ii?aoeey ia/eiaao i?aaeinoaaeyoue e?aaeeo naiaio eeeaioo,
iaiaaeaea?, ioaaonoaaiiue ca aeaiioth naeaeeo, iaycai ouaoaeueii
eiio?iee?iaaoue eoiae aeaaeoi?neie caaeieaeaiiinoe. Anee au ei?ii?aoeey
eiaea anaai iaeiiai eeeaioa, yoi auei au i/aiue i?inoie caaea/ae. Ii ia
i?aeoeea oeie/iay aieueoay ei?ii?aoeey iiaeao eiaoue ouny/e eeeaioia.
Iaaiciiaeii eiio?iee?iaaoue eaaeaeue eiaeeaeaeoaeueiue n/ao, a iiyoiio
nenoaia aeieaeia auoue ?acaeoa oae, /oiau aeaoue iaiaaeaea?o
aiciiaeiinoue au/eneeoue niioaaonoaea inoaoea aeaaeoi?neie
caaeieaeaiiinoe e?aaeeoiui oneiaeyi ei?ii?aoeee.

Nouanoaotho o?e iniiaiua iaoiaea, eniieuecoaiua iaiaaeaea?aie ia
i?aeoeea a eiio?iea ca inoaoeaie aeaaeoi?neie caaeieaeaiiinoe:

1) a?aoee noa?aiey;

2) aeie iaiiea/aiiuo i?iaeaae;

3) iao?eoea inoaoeia.

?anniio?ei eniieueciaaiea yoeo iaoiaeia ia i?eia?a aiaeeca oi?aaeaiey
eiiiaiee.

Eiiiaiey iioaeeeiaaea neaaeothuea iauaiu aaeaiany/iuo i?iaeaae
iineaaeieo naie ianyoeaa:

Oaaeeoea N 3

ianyoeu iauai i?iaeaae (iei.$)

iae

ethiue

etheue

aaaono

naioya?ue

ieoya?ue

iiya?ue 9

7

5

4

6

9

13

Ia?aue iaoiae – a?aoee noa?aiey – iieacuaaao i?iii?oeeth iaiiea/aiiuo
ieaoaaeae ii a?aiaiiiio i?eciaeo.

Ii iieacuaaao, eae aeieai aeaaeoi?neay caaeieaeaiiinoue auea
iaiiea/aiiie. Any aeaaeoi?neay caaeieaeaiiinoue eeeaioia aeaeeony ii
ii?aaeaeaiiui a?aiaiiui ia?eiaeai: io 0 aei 30 aeiae, io 30 aei 60, io
60 aei 90 e o.ae. a caaeneiinoe io oneiaee i?aaeinoaaeaiey e?aaeeoa.
A?aoee noa?aiey aeey Bergerak Plastics Inc. iieacai a oaaeeoea 2.4.

Oaaeeoea N 4

ianyoe iauay noiia aeaaeoi?neie caaeieaeaiiinoe

a iei.$ % 0 -30 aeiae

a iei.$ % 31- 60 aeiae

a iei.$ %

aaaono

naioya?ue

ieoya?ue

iiya?ue

3.7 100

5,2 100

7,8 100

11,3 100 3.2 86.49

4.8 92.31

7.2 92.31

10,4 92.04 0.5 13.51

0.4 7.69

0.6 7.69

0.9 7.96

Aeiey a i?ioeaioao n/eoaaony iooai aeaeaiey noiiu a $ aeaaeoi?neie
caaeieaeaiiinoe eaaeaeie a?aiaiiie a?oiiu a aeaiiue ianyoe ia iauoth
noiio aeaaeoi?neie caaeieaeaiiinoe yoiai aea ianyoea. *ai aieueoa aeiey
aeaaeoi?neie caaeieaeaiiinoe eaoaai?ee 0-30, oai auno?aa
iai?a/eaaaiinoue anae noiiu aeaaeoi?neie caaeieaeaiiinoe. Oae eae yoa
aeiey oaaee/eeanue ca 4 ianyoea n 86,49% aei 92,04%, n?aaeiaa a?aiy
inoaoea aeaaeoi?neie caaeieaeaiiinoe oiaiueoaaony.

Aoi?ie iaoiae – aeie iaiiea/aiiuo i?iaeaae (AeII) . Yoio iieacaoaeue
au/eneyaony iooai aeaeaiey noiiu aeaaeoi?neie caaeieaeaiiinoe a $ a
eiioea aiaeece?oaiiai ia?eiaea (ianyoe, aiae) ia o?iaaiue aaeaaeiaaiuo
i?iaeaae. Yoe aaeaaeiaaiua i?iaeaaee ?ann/eouaathony iooai aeaeaiey anae
noiiu aiaeiauo i?iaeaae ia eiee/anoai aeiae a aiaeo (360).

Iaeiaei aeey yooaeoeaiiai eiio?iey ca aeaaeoi?neie caaeieaeaiiinoueth
iaiaaeaea? ia iiaeao aeaeaoue oeeo?u eiioea aiaea. Aeey aioo?aiieo
eiio?ieueiuo oeaeae ii ?ann/eouaaao iany/iue eee eaa?oaeueiue
iieacaoaeue AeII, eniieuecoy n?aaeithth noiio aaeaaeiaaiuo i?iaeaae,
?ann/eoaiioth ca iineaaeiee eaa?oae (90). Oaaeeoea 2.5 iieacuaaao ?an/ao
iany/iiai iieacaoaey AeII aeey Bergerak Plastics Inc.

Oaaeeoea N 5

ia?aiaiiua iieacaoaee aaaono naioya?ue ieoya?ue iiya?ue

1. Inoaoie aeaaeoi?neie caaeieaeaiiinoe ia eiiaoe ianyoea a iei. $)

2. Iauay noiia i?iaeaaee ca oaeouee ianyoe e aei i?aaeuaeoueo (a iei. $)

3. N?aaeiaaeiaaiay i?iaeaaea [(2):90]

4. AeII (a aeiyo) [(1):(3)] 3,7

16

0,178

28.8

5.2

15

0,167

31,2

7,8

19

0,211

36,9 11,3

28

0,311

36,4

Ii aeaiiui oaaeeoeu aeeiaieea AeII naeaeaoaeuenoaoao, /oi iaiaaeaea?
o?aoeo ana aieueoa a?aiaie ia oi, /oiau nia?aoue n?aaeithth au?o/eo ii
n/aoai. Oae, iai?eia?, a aaaonoa n?aaeiee n/ao aue iiea/ai a oa/aiee 21
aeiy, a a iiya?a – oaea a oa/aiee 37 aeiae, oi anoue oaiaeaioeey yaii
iaaaoeaiay.

Iaoiae iao?eoeu inoaoeia aeaaeoi?neie caaeieaeaiiinoe eiaao
ii?aaeaeaiiia i?aeiouanoai ia?aae iaoiaeaie a?aoeea noa?aiey e AeII,
eioi?ia caeeth/aaony a oii, /oi yoio iaoiae auyniyao ioiioaiea inoaoeia
iaiiea/aiiie aeaaeoi?neie caaeieaeaiiinoe e noiia i?iaeaaee a e?aaeeo,
eioi?ay eo aucaaea.

Oaaeeoea N 6 iieacuaaao oaeoth iao?eoeo aeiee inoaoeia aeaaeoi?neie
caaeieaeaiiinoe Bergerak Plastics Inc.

Oaaeeoea N 6

ianyoe i?iaeaaee a e?aaeeo noiia i?iaeaaee iei.$ aaaono iei.$ %
naioya?ue iei.$ ieoya?ue iei.$ iiya?ue iei.$

aaaono

naioya?ue

ieoya?ue

iiya?ue 4

6

9

13 3,2 80

4,8 80

7,2 80

10,4 80 0,4 10

0,6 10

0,9 10

Oaaeeoea N 6 iieacuaaao iaiiea/aiiua inoaoee a iei. $, e eae iie
ioiinyony e niioaaonoaothuei iany/iui e?aaeeoiui i?iaeaaeai. Yoa
iao?eoea iiaeao auoue iino?iaia i?yii ec aeaiiuo a?aoeea noa?aiey (ni.
oaae. N 4). Iai?eia?, a aaaonoa i?iaeaaea a e?aaeeo ninoaaeea 4,0 iei.).
Eiia/iue inoaoie aeaaeoi?neie caaeieaeaiiinoe eaoaai?ee I – 30 aeiae ii
oaaeeoea N 4 aue 3,2 iei. $. Yoa aeaaeoi?neay caaeieaeaiiinoue
ia?aciaaeanue io i?iaeaaee n i?aaeinoaaeaieai eiiia?/aneiai e?aaeeoa a
aaaonoa. A eiioea aaaonoa ana inoaoee aeaaeoi?neie caaeieaeaiiinoe,
aicieeoae a ethea, i?aaunyo n?ie 30 aeiae e aoaeoo ioiineoueny e
eaoaai?ee 31 – 60 aeiae. Aeiey inoaoeia ia ianyoe i?iaeaaee (a aeaiiii
neo/aa a aaaonoa) ninoaaeo 80% ( 3,2 : 4).

Enoiaey ec aaaonoianeeo i?iaeaae, aeiey inoaoeia aeaaeoi?neie
caaeieaeaiiinoe oiaea iiaeao auoue iaeaeaia. Niiaa aa?iainy e oaaeeoea N
4 e aicueiai oeeo?o ec ae?oaie eaoaai?ee ca naioya?ue (31-60). Yoi
inoaoie, nicaeaiiue i?iaeaaeae a e?aaeeo aua a aaaonoa, ii ii
iauaeoeaiui i?e/eiai ia?aianaiiue ia naioya?ue. Aica?auaynue e oaaeeoea
N6, ioia/aai, /oi aeiey aaaonoianeeo inoaoeia /a?ac ianyoe iinea
i?iaeaaee ninoaaeea 10 %, oi anoue 0,4 iei. $ : 4,0 iei. aeiee.

Iao?eoea aeiee inoaoeia noaaeeueia. A yoi icia/aao, /oi i?aeoeea
aceiaiey aeaaeoi?neie caaeieaeaiiinoe ia eciaieeanue. I?e/eia
eaaeouaainy i?ioeai?a/eai ianiioaaonoaey iaoiaeia a?aoeea noa?aiey,
en/eneaiey AeII e iao?eoeu aeiee inoaoeia caeeth/aaony a oii, /oi ia?aua
aeaa niiniaa i/aiue /oanoaeoaeueiu e ninoiyieth oi?aiaee e i?aeoeea
ieaoaaeae eeeaioia.

N aaaonoa aei iiya?y iauai i?iaeaaee i?iaeoeoeee eiiiaiee oaaee/eeny,
/oi aucaaei aic?anoaiea aeiee iieiaeuo eaoaai?ee a a?aoeea noa?aiey
ec-ca aieueoaai iauaia oaeoueo i?iaeaae ii n?aaiaieth n eaaeaeui
i?aaeoanoaothuei ianyoeai. Oaeei ia?acii, oaaee/aiea i?iaeaaee oiaa?a
iiaeao i?eaanoe e oiio, /oi niioiioaiea aeaaeoi?neie caaeieaeaiiinoe ii
a?aiaie i?ineaiaeece?oao ia oeo/oaiee e?aaeeoiie ea?oeiu eiiiaiee,
eiaaea ia i?aeoeea aa iao.

Oaaee/aiea i?iaeaaee iiaeao aucaaoue e ?ino iieacaoaey AeII, oae eae
aieueoea oaeouea i?iaeaaee auciaoo oi, /oi inoaoee aeaaeoi?neie
caaeieaeaiiinoe aoaeoo ioiineoaeueii aieueoeie, a n?aaeiaaeiaaiua
i?iaeaaee aoaeoo ioiineoaeueii ieceeie ec-ca iaiueoeo i?iaeaae a
i?aaeoanoaothuee ia?eiae. Oaeei ia?acii, ?ino i?iaeaaee iiaeao
canoaaeoue iieacaoaeue AeII neaiaeece?iaaoue oooaeoaiea e?aaeeoiiai
ninoiyiey eiiiaiee, a ia i?aeoeea yoiai ia aoaeao.

Iao?eoea aea aeiee inoaoeia aeaaeoi?neie caaeieaeaiiinoe ia iiaeaa?aeaia
aeeyieth eciaiaiey iauaia i?iaeaaee, oae eae iaiiea/aiiua inoaoee
ioiinyony oieueei e e?aaeeoiie i?iaeaaea, aucaaaoae yoio inoaoie.

Auaiae, eioi?ue aeieaeai auoue naeaeai iinea aiaeeca ninoiyiey
i?aaeinoaaeaiey eiiia?/aneiai e?aaeeoa e inoaoeia aeaaeoi?neie
caaeieaeaiiinoe a neo/aa n Bergerak Plastics Inc. neaaeothuee: i?aeoeea
i?aaeinoaaeaiey e?aaeeoa inoaeanue noaaeeueiie ca /aou?aoiany/iue
ia?eiae n aaaonoa ii iiya?ue. Oaeei ia?acii, aiaeec oneiaee
i?aaeinoaaeaiey eiiia?/aneiai e?aaeeoa e eo eciaiaiee iai?aaeai ia
ioeaieo aicieeathuae i?e yoii nenoaiu ?an/aoia e, a ia?aoth i/a?aaeue,
e?aaeeoiuo e eiiia?/aneeo ?eneia.

Aaaeiui yeaiaioii anae nenoaiu ia?ii?eyoee ii eiiia?/aneiio
e?aaeeoiaaieth yaeyaony i?ioeaaeo?a iieo/aiey aeaiaa ii n/aoai,
iiaeeaaeauei iieaoa. Niaoeeaeenou a yoie iaeanoe niaaootho ia iicaeiaa,
/ai ca 10 aeiae aei n?iea ieaoaaea iineaoue eeeaioo ienueii. Oaeia
iineaiea iiaeao auoue ioia/aoaii e ia neaaeothuai n/aoa. A ienueia
iaiiieiaaony /enei e aeiey inoaoeia, iiaeeaaeaueo iieaoa.

Anee inoaoie inoaaony iaiiea/aiiui a n?ie, oi iieacii naycaoueny eee
ee/ii ano?aoeoueny n eeeaioii, /oiau oi/ii auynieoue i?e/eio
i?aaiia?ooaiey. Eae iiaeii nei?aa iaaei iiiyoue, ia aucaaia ee
caaea?aeea ieaoaaea i?iaeaiaie, naycaiiuie n iinoaaeie oiaa?a (ea/anoai,
anni?oeiaio e o.ae.), nii?iuie aii?inaie ii i?aaeinoaaeaiiui ieaoaaeiui
aeieoiaioai eee oeiainiauie o?oaeiinoyie eeeaioa.

Ioaeii ana a?aiy eiaoue a aeaeo, /oi i?ioeann nai?a n?aaenoa iiaeao
aei?iai iaieoenue i?iaeaaoeo eae ec-ca i?yiuo ?anoiaeia n iei naycaiiuo,
oae e ec-ca enii?/aiiuo ioiioaiee n eeeaioaie. Oai ia iaiaa, aeey oiai,
/oiau i?aaeioa?aoeoue iaiainiiaaiiia caoyaeaaiea aeaiaaeiiai oeeeea e
naanoe e ioeth o?iaaiue iania?aiiuo n?aaenoa n iineaaeothuei nienaieai
ni n/aoia aaciaaeaaeiuo aeieaia, iaiaaeaea?o iaiaoiaeeia oaa?aeinoue e
oeaaeiie?iaea.

Eioa?aniay neooaoeey aicieeaao, eiaaea eeeaio, iieuecothueeny neeaeeie,
iaiaeeaeaiii ia ieaoeo a eueaioiue ia?eiae. A oaeii neo/aa ia aoaeao
ioeaeie ia o/eouaaoue neeaeeo a n/aoa e aeaeaoue ieaoaaea ia anth noiio
n/aoa. Iiaeii aeaaea, anee yoi aaeeie/iue neo/ae, a eeeaio i/aiue
nieeaeiue, e aiana ia ia?aoeoue ia yoi aieiaiea e ia ii?oeoue ioiioaiee.
Iaeaieaa aea aeaeei iooai ?aoaiey i?iaeaiu iaiieo/aiiuo neeaeie aoaeao
?ac?aoaiea eeeaioo nio?aieoue neeaeeo aeaaea a neo/aa ianaiaa?aiaiiiai
ieaoaaea a eueaioiii ia?eiaea, anee eeeaio niaeaneony ia aein?i/ioth
iieaoo neaaeothuaai n/aoa. Eaaeeoeoee?iaaiiua iaiaaeaea?u anaaaea euoo
iooe oaeiaeaoai?aiey iio?aaiinoae a e?aaeeoa naieo eeeaioia, aeinoeaay
nianoaaiiua oeaee e auiieiyy iaycaiiinoe ii iiaeaea?aeaieth i?eoiea
aeaiaaeiuo n?aaenoa.

2. ?acaeoea eiiia?/aneiai e?aaeeoa

A eiioea 19 aaea iniiaiie oi?iie oeiaine?iaaiey aiaoiaoi?aiauo naeaeie
neoaeeee eiino?aiiua iaeeaaoeeiiiua caeiu, ?aciauaaiua i?aaeoaeuenoaaie,
ioieoeeiaeeoaoaie e e?oiiuie oe?iaie ia ?uieao /anoiuo eaieoaeia ae?oaeo
“aiaaouo no?ai”. A oneiaeyo naiaiaeiiai aeaeaeaiey eaieoaeia e
aani?aiyonoaaiiiai) iaiaia aaetho ia cieioi oaeea caeiu auee i/aiue
oaeiaiui n?aaenoaii aeey aiaoiaoi?aiaiai oeiaine?iaaiey. N?iee oaeeo
caeiia aeinoeaaee 10-15 eao e aieaa. I?yiua e?aaeeou aeieain?i/iiai
oa?aeoa?a /anoiuo oe?i auee oiua nei?aa eneeth/aieai, /ai i?aaeeii.
Iniiaiay ianna aiaoiaoi?aiauo naeaeie inouanoaeyeanue ia aaca
e?aoein?i/iuo e?aaeeoia aaieia, aeoeaioiuo eee o/aoiuo aeiiia (ni
n?ieaie ia aieaa 1 aiaea, a iau/ii a i?aaeaeao 3-6 ianyoeaa) .

Ie?iaie yeiiiie/aneee e?ecen 1929-1933 a.a. i?eaae e ia?aie/aieth
aiciiaeiinoae eniieueciaaiey “eeanne/aneeo” n?aaenoa oeiaine?iaaiey
iaaeaeoia?iaeiuo oi?aiauo iia?aoeee e ?aceiio oooaeoaieth iieiaeaiey ia
ie?iaii ?uiea. E?ecen aeae oie/ie aeey ?acaeoey n?aaeian?i/iuo
aaieianeeo e eiiia?/aneeo (oe?iaiiuo) e?aaeeoia. Eiaiii a yoio ia?eiae
iaiaoeeenue aeaa iniiaiua iniaaiiinoe nicaeaaaaiuo nenoai oeiaine?iaaiey
yenii?oa, eioi?ua a aeaeueiaeoai, aeaaiui ia?acii n ia/aea 50- o aiaeia,
noaee iniaaiii /aoeeie. Nenoaia yenii?oiiai oeiaine?iaaiey NOA noaea
?acaeaaoueny a iniiaiii ii eeiee i?aaeinoaaeaiey eiino?aiiui caaiueeai
i?yiuo ainoaea?noaaiiuo e?aaeeoia. Iniiaiie oi?iie oaeiai oeiaine?iaaiey
a no?aiao Caiaaeiie Aa?iiu noaee oe?iaiiua e?aaeeou.

Cia/aiea oe?iaiiuo e?aaeeoia noaei aic?anoaoue n?aco iinea ia?aie
ie?iaie aieiu. Iaeiaei eeoue iinea e?ecena 1929- 1933 a. a. yoe e?aaeeou
noaee iaeiei ec iniiaiuo n?aaenoa oeiaine?iaaiey yenii?oa. I?e yoii,
anee ?aiueoa oe?iaiiua e?aaeeou eniieueciaaeenue eneeth/eoaeueii aeey
e?aoein?i/iiai e?aaeeoiaaiey yenii?oiuo iinoaaie, oi iinoaiaiii noa?a eo
aeeyiey ?anoe?eeanue. Ana /aua eo noaee i?eiaiyoue i?e oeiaine?iaaiee
naeaeie, o?aaothueo aeieain?i/iuo caeiia.

Iaaeaeoia?iaeiay oi?aiaey aieioue aei ia/aea aoi?ie ie?iaie aieiu oae e
ia niiaea aueoe ec ninoiyiey e?ecena, /oi neacaeinue ia aaniethoiii
?acia?a e?aaeeoiuo iia?aoeee oaeiai ?iaea. Aieia aea i?aeoe/anee
ia?aeeciaaea iaaeaeoia?iaeiue e?aaeeoiue ?uiie.

A iineaaiaiiua aiaeu eiino?aiiua iaeeaaoeeiiiua caeiu, ?aciauaaiua ia
?uiea /anoiuo eaieoaeia, oae e ia ainnoaiiaeee naiae ?iee. Ei ia niaio
i?eoee i?yiua ainoaea?noaaiiua e oe?iaiiua e?aaeeou. Ia?yaeo n ieie
nouanoaaiioth ?ieue noaee ea?aoue e?aaeeou iaaeaeoia?iaeiuo i?aaiecaoeee
e aaieianeea e?aaeeou.

Aeaaiie oeaeueth i?aaeinoaaeaiey oe?iaiiuo e aaieianeeo e?aaeeoia a yoi
a?aiy auei nicaeaiea aeaaii?eyoiuo i?aaeiinueie aeey ?inoa aia?eeaineeo
eiaanoeoeee ca a?aieoeae. Iai?aaeaiea e?aaeeoa aieioue aei ia/aea 50-o
aiaeia auei i?aaeaeueii noaaeeueiui – io NOA no?aiai Caiaaeiie Aa?iiu e
ssiiiee.

Ia/aei 50-o aiaeia oa?aeoa?eciaaeinue oai, /oi ia?auaiea
caiaaeiiaa?iiaeneeo no?ai e eniieueciaaieth iaaeaeoia?iaeiiai e?aaeeoa
aeey oeaeae aiaoiayeiiiie/aneiai ?acaeoey noaiiaeony ana aieaa aeoeaiui,
iauaa iai?aaeaiea aeaeaeaiey iaaeaeoia?iaeiuo e?aaeeoia eciaieeinue a
noi?iio ?acaeaathueony no?ai “o?aoueaai ie?a” e, iaeiiaoe oai, /oi
?acieoea nenoai aiaoiaoi?aiaiai e?aaeeoiaaiey o NOA, n iaeiie noi?iiu, e
o aieueoeinoaa caiaaeiiaa?iiaeneeo no?ai – n ae?oaie, noaiiaeony ana
aieaa ii?aaeaeaiiie.

Ainnoaiiaeaiea e aeaeueiaeoaa ?anoe?aiea iioaioeeaea caiaaeiiaa?iiaeneeo
no?ai, iinoaiaiiia ineaaeaiea ni?ina ia aeieea? ai iiiaii niinianoaiaaee
oiio, /oi, a oeaeii, ?ieue aeieain?i/iiai iaaeaeoia?iaeiiai e?aaeeoa (a
oai aieaa ainoaea?noaaiiuo noaneaeee) eae n?aaenoaa oi?ne?iaaiey
yenii?oa oiaa?ia a yoe no?aiu noaea nieaeaoueny. I?e i?iaeaaeao iaoei e
iai?oaeiaaiey a caiaaeiiaa?iiaeneea no?aiu ?aoathuoth ?ieue noaee
ea?aoue ii?iaeueiua n?aaenoaa eiieo?aioeee: oeaia, ea/anoai
ecaioiaeaiey, eiino?oeoeaiua iniaaiiinoe, n?iee iinoaaee e o.ae.

?acei nie?aoeeny i?eoie a Aa?iio aia?eeaineiai ainoaea?noaaiiiai
eaieoaea a aeaea e?aaeeoia e noaneaeee e, iai?ioea, auno?i au?in iauai
i?yiuo eaieoaeiaeiaeaiee aia?eeaineeo OIE.

Ia iaiaa na?ueaciua eciaiaiey i?ienoiaeeee e ai aiaoiae oi?aiaea. Oaea n
eiioea 40-o e iniaaiii a ia/aea 50-o aiaeia ia ?uiea iaino?yaony
eiieo?aioiay ai?ueaa iaaeaeo iinoaaueeaie. “?uiie i?iaeaaoeia” ana aieaa
i?aa?auaeny a “?uiie iieoiaoaeae”.

Ia?yaeo ni cia/eoaeueiui ?anoe?aieai yenii?oa ec NOA e Aiaeee auno?i
aic?anoaea eiieo?aioeey ni noi?iiu iiiaeo caiaaeiiaa?iiaeneeo no?ai e
ssiiiee, eioi?ua e yoiio a?aiaie, caaa?oea a iniiaiii ainnoaiiaeaiea
naiae yeiiiieee (aeiaiaiiue iauai i?iiuoeaiiiai i?iecaiaenoaa a no?aiao
Caiaaeiie Aa?iiu aue aeinoeaioo a 1948 a.), ia oieueei oaeiaeaoai?yee ca
n/ao ioa/anoaaiiiai i?iecaiaenoaa cia/eoaeueioth /anoue naiaai ni?ina ia
iaoeiu e iai?oaeiaaiea, ii e auno?i ?acaeaaee yenii?o. E ia/aeo 50-o
aiaeia i?iaeaia nauoa iaoei e iai?oaeiaaiey noiyea ni anae ino?ioie oaea
ia?aae anaie ?acaeouie no?aiaie-yenii?oa?aie. Yoa i?iaeaia oieeaea eo ia
iienee iiauo ?uieia.

A oneiaeyo ino?ie iaoaaoee aaethoiuo n?aaenoa iiiaea ?acaeaathueany
no?aiu auee auioaeaeaiu aaanoe aeanoeea eiii?oiua ia?aie/aiey, eioi?ua
einioeenue a ia?aoth i/a?aaeue iio?aaeoaeueneeo oiaa?ia e, a
cia/eoaeueiie ia?a, iaoei e iai?oaeiaaiey. A ?yaea neo/aaa eiii?o iaoei
e iai?oaeiaaiey aeiioneaeny eeoue i?e ii?aaeaeaiiuo oneiaeyo. A
/anoiinoe, iiiaea ?acaeaathueany no?aiu noaee ianoaeaaoue ia oii, /oiau
nai yenii?oa? ecuneeaae n?aaenoaa aeey oeiaine?iaaiey naieo iinoaaie. A
oneiaeyo, eiaaea yenii?oiua e?aaeeou ia?aaeei auee aaeeinoaaiiui
aiciiaeiui enoi/ieeii oeiaine?iaaiey caeoiie iaoei e iai?oaeiaaiey aeey
eiii?oa?ia, iineaaeiea niaeaoaeenue aeaaea iieoiaoue aieaa aei?iaia
iai?oaeiaaiea, ii iaycaoaeueii a e?aaeeo, ?ann/eouaay, /oi ?ann?i/ea
ieaoaaea iicaieeo ei i?eia?anoe iai?oaeiaaiea n ieieiaeueiuie
ia?aiia/aeueiuie cao?aoaie e iieaoeoue eae noieiinoue naiiai
iai?oaeiaaiey, oae e i?ioeaiou, e ae?oaea ?anoiaeu, naycaiiua n
iieo/aieai e?aaeeoa, ec aeioiaeia io yenieoaoaoeee yoiai iai?oaeiaaiey.

Oaeei ia?acii, aiciiaeiinoe nauoa iaoei e iai?oaeiaaiey a ?acaeaathueany
no?aiu ia?aaeei caaenaea io niiniaiinoae yenii?oa?ia i?eaea/ue n?aaenoaa
aeey oeiaine?iaaiey ia ii?aaeaeaiiuo oneiaeyo naieo iinoaaie.

Nenoaiu oeiaine?iaaiey yenii?oa ?acaeaaeenue a niioaaonoaee n ?aiaa
iaicia/eaoaeny oaiaeaioeeae ii aia?eeaineiio e aa?iiaeneiio iooe.

Aeey aia?eeaineeo yenii?oa?ia i?iaeaiu e?aaeeoiaaiey naieo
aiaoiaoi?aiauo iinoaaie ?aoaeenue a iniiaiii iooai ?anoe?aiey oaea
nouanoaiaaaoaai aiia?aoa ainoaea?noaaiiiai oeiaine?iaaiey. Yoa nenoaia a
NOA ana aieaa ia?aeeth/aeanue a 50-a aiaeu ia oi?ne?iaaiea nauoa oiaa?ia
a ?acaeaathueany no?aiu o?aoueaai ie?a. Auno?uie oaiiaie ?inee eae
i?yiua ainoaea?noaaiiua e?aaeeou, oae e ainoaea?noaaiiua noaneaeee. ?ino
auaica eaieoaea a oi?ia i?yiuo eiaanoeoeee a eiino?aiiua aei/a?iea e
oeeeaeueiua i?aaei?eyoey a yoio ia?eiae oaeaea a cia/eoaeueiie noaiaie
niinianoaiaae yenii?oo iaoei e iai?oaeiaaiey ec NOA. Aeiey aia?eeaineeo
iinoaaie, inouanoaeyaoeony a ?aieao e?aaeeoia IA??, oioy e
oiaiueoeeanue, ii auea ii-i?aaeiaio aaeeea.

I?iaeaia oeiaine?iaaiey yenii?oa aeey caiaaeiiaa?iiaeneeo no?ai eiaea a
iineaaiaiiua aiaeu iniaaiii aieueoia cia/aiea, oae eae eo
iaoeiino?ieoaeueiay i?iiuoeaiiinoue a ai?acaei aieueoae noaiaie, /ai
aia?eeaineay, caaenaea io nauoa ia aiaoieo ?uieao aiiaua e ia ?uieao
?acaeaathueony no?ai, a /anoiinoe. A oi aea a?aiy oe?iu yoeo no?ai a
ai?acaei iaiueoae noaiaie iiaee eniieueciaaoue aeey oi?ne?iaaiey naiaai
nauoa oaeea oi?iu oeiaine?iaaiey yenii?oa, eae i?yiua eiaanoeoeee a
caa?aie/iua i?aaei?eyoey, e?aaeeou IA??, caeiu, ?aciauaaiua ia ?uiea
/anoiith eaieoaeia, e o.ae.

A ioee/ea io NOA aieueoeinoai caiaaeiiaa?iiaeneeo no?ai ia oei ii iooe
nicaeaiey nenoaiu oeiaine?iaaiey yenii?oa n iiiiuueth i?yiuo
ainoaea?noaaiiuo e?aaeeoia e noaneaeee. Aaeeinoaaiiui eneeth/aieai
yaeeanue O?aioeey, oe?iei eniieueciaaaoay aeey i?iaeaeaeaiey naiaai
oiaa?iiai yenii?oa (a ia?aoth i/a?aaeue, a no?aiu O?aioeocneiai
niiauanoaa) yoe n?aaenoaa. A Aiaeee, Aaeueaee, Aieeaiaeee i?aeoeea
i?yiiai ainoaea?noaaiiiai e?aaeeoiaaiey e noaneaee?iaaiey yenii?oa
(iai?aaeyaiiai, aeaaiui ia?acii, a naie eieiiee e caaeneiua no?aiu)
inouanoaeyeanue a ia?aie/aiiuo ianooaaao. A O?A, Eoaeee, Aano?ee,
Oaaeoea?ee oaeie i?aeoeee ia auei, ii nouanoao, aieioue aei eiioea
50-aiaeia.

Iniiaiie, a a iaeioi?uo neo/ayo (eae, iai?eia?, a O?A) aaeeinoaaiiie,
oi?iie e?aaeeoiaaiey yenii?oa iaoei e iai?oaeiaaiey noaee a
caiaaeiiaa?iiaeneeo no?aiao n?aaeian?i/iua oe?iaiiua e?aaeeou
iinoaaueeia. Nianoaaiii “oe?iaiiuie” eo iacaaoue iiaeii n i/aiue
aieueoeie aeiiouaieyie, oi/iaa, yoi e?aaeeo iinoaaueea, eioi?ue
i?aaenoaaeyao niaie naiaia?acioth oi?io n?aueaaiey, iiaeeoeeaoeee
eiiia?/aneiai e aaieianeiai yenii?oiiai e?aaeeoa.

E?aaeeo iinoaaueea aeaeeony ia 2 yoaia. Ia ia?aii yoaia yoi /enoi
eiiia?/aneee e?aaeeo yenii?oa?a eiii?oa?o. Aoi?ie yoai – o?ainoi?iaoeey
eiiia?/aneiai e?aaeeoa a aaieianeee iooai o/aoa aaenaeae, i?eiaiaiey
eeceiaa, oaeoi?eiaa.

I?aaeoaeuenoaa caiaaeiiaa?iiaeneeo no?ai anaia?ii iiiu?yee oaeoth
i?aeoeeo, iineieueeo a yoii neo/aa a iaeneiaeueiie noaiaie
eniieueciaaeny /anoiue (e i?iiuoeaiiue, e aaieianeee) eaieoae,
aeinoeaaeanue noii?ioeaioiay “naycaiiinoue” auaica eaieoaea n oiaa?iuie
iinoaaeaie, e n?ie auaica eaieoaea a oaeie oi?ia aue n?aaieoaeueii
iaaaeee. ?ino cia/aiey n?aaeian?i/iuo e?aaeeoia i?ienoiaeee ia?aeeaeueii
n ?anoouae iiuueth aa?iiaeneie i?iiuoeaiiinoe.

?anniio?ei iiae?iaiaa iaoaieci e?aaeeoa iinoaaueea. Ia ia?aii yoaia –
yoi, ii nouanoao, i?aaeinoaaeaiea iinoaaueeaie iieoiaoaeyi i?aaa
iiea/eaaoue oiaa?u a ?ann?i/eo, oi anoue yenii?oa? io naiaai eiaie
oeiaine?oao iieoiaoaey. Ana ?an/aou, naycaiiua n i?aaeinoaaeaieai e
iiaaoaieai oaee) e?aaeeoia, inouanoaeythony iaiin?aaenoaaiii iaaeaeo
iinoaaueeaie e iieoiaoaeyie. E?aaeeo ia yoii yoaia ioee/aaony eeoue oai,
/oi o yenii?oa?a ca?aiaa iiaeaioiaeai iaoaieci ?aoeiaine?iaaiey.

Aoi?ie yoai – iaiin?aaenoaaiiia ?aoeiaine?iaaiea. I?aaeinoaaeaiea
e?aaeeoia eiino?aiiui iieoiaoaeyi noaaeei oe?iu-yenii?oa?u ia?aae
iaiaoiaeeiinoueth a naith i/a?aaeue naiinoiyoaeueii ecuneeaaoue
n?aaenoaa aeey inouanoaeaiey iiaeiaiuo iia?aoeee. A aieueoeinoaa neo/aaa
?acia?u n?aaenoa oe?i-yenii?oa?ia iaaeinoaoi/iu aeey oiai, /oiau iie
iiaee ana naie iia?aoeee oeiaine?iaaoue ec nianoaaiiuo ?ano?nia.
E?aaeeoiaaiea yenii?oa ca n/ao nianoaaiiu n?aaenoa aeinooiii iaeaieaa
e?oiiui OIE, ii e o ieo oaeay i?aeoeea iaaea ?ani?ino?aiyoueny eeoue ia
ioaeaeueiua eiio?aeou.

Iniiaiui enoi/ieeii caaiiuo n?aaenoa i?e oeiaine?iaaiee n?aaeian?i/iuo
iia?aoeee oe?i-yenii?oa?ia yaeythony aaiee. Ii?aaeaeeoue, a eaeie ia?a
ioaeaeueiua oe?iu-yenii?oa?u caaenyo io aaieia i?e oeiaine?iaaiee naieo
iinoaaueeia, ia i?aaenoaaeyaony aiciiaeiui. Yoa caaeneiinoue ?acee/ia ia
oieueei a ioaeaeueiuo no?aiao, ii e o ?acee/iuo oe?i iaeiie e oie aea
no?aiu. Aieueoa oiai, aeaaea o iaeieo e oao aea oe?i iia iiaeao
eciaiyoueny ni a?aiaiai io iaeiiai eiio?aeoa e ae?oaiio.

Oe?iu-yenii?oa?u iau/ii ouaoaeueii ne?uaatho enoi/ieee e oneiaey
iieo/aiey n?aaenoa, eniieuecoaiuo eie aeey oeiaine?iaaiey yenii?oa. Oai
ia iaiaa ?acee/iua einaaiiua iieacaoaee, a /anoiinoe noaiaiue iie?uoey
e?aaeeoiie naeaeee ainoaea?noaaiiie aa?aioeae, aeatho iniiaaiea
iieaaaoue, /oi aeiey o/anoey aaieia a ?aoeiaine?iaaiee n?aaeian?i/iuo
iia?aoeee yenii?oa?ia ninoaaeyao aieueoae /anoueth io aeaoo o?aoae aei
/aou?ao iyouo e?aaeeooaiie noiiu naeaeee. Oaeei ia?acii, iniiaiui
enoi/ieeii n?aaenoa, i?eaeaeaaiuo iinoaaueeaie aeey n?aaeian?i/iiai
oeiaine?iaaiey naiaai yenii?oa, yaeythony e?aaeeou aaieia, a naie
oe?iaiiua e?aaeeou, ii nooe, i?aaenoaaeytho niaie oe?iaiii-aaieianeea
e?aaeeou.

Oe?iaiiua e?aaeeou, eae oaea ioia/aeinue auoa, auee ecaanoiu aua aei
aoi?ie ie?iaie aieiu. Iaeiaei a oi a?aiy eo iauai aue ian?aaieii
iaiueoa, a n?iee – cia/eoaeueii ei?i/a. Iiyoiio i?aaenoaaeaiea oaeeo
e?aaeeoia eiino?aiiui iieoiaoaeyi ia nicaeaaaei iniauo o?oaeiinoae aeey
iinoaaueeia. Iieiaeaiea nouanoaaiii eciaieeinue a iineaaiaiiua aiaeu.
Aic?inoaa aaniethoiia e ioiineoaeueiia cia/aiea oe?iaiiuo e?aaeeoia eae
n?aaenoaa oeiaine?iaaiey yenii?oa, aaconeiaii, iio?aaiaaei ia?ano?ieee
aiia?aoa oeiaine?iaaiey yenii?oa, i?eniiniaeaiey aai e iiaui oneiaeyi.
Yoi einioeinue eae naieo oe?i-yenii?oa?ia, oae e naycaiiuo n ieie
aaieia.

O/anoea aaieia a n?aaeian?i/iii oeiaine?iaaiee yenii?oa a iineaaiaiiua
aiaeu a iaiaoiaeeiuo, ?acei aic?inoeo ?acia?ao cao?oaeiyeinue o?aiy
iniiaiuie i?e/eiaie: cia/eoaeueiuie ?eneaie, naycaiiuie n oaeeie
iia?aoeeyie; ia?aie/aiiinoueth naiaiaeiuo ?ano?nia o /anoiuo aaieia;
aiyciueth aaieia iiaei?aaoue eeeaeaeiinoue naieo aeoeaia a nayce n
oaeeeiaieai n?ieia yenii?oiuo e?aaeeoia, n iaeiie noi?iiu, e
niaoeeoe/iinoueth oa?aeoa?a eo eaieoaea, aace?othuaainy a iniiaiii ia
e?aoein?i/iuo aeaiiceoao – n ae?oaie. Ana yoe i?iaeaiu ia iiaee auoue
?ac?aoaiu neeaie oieueei /anoiuo i?aaei?eieiaoaeae. Iiyoiio a oao
neo/ayo, aaea yoi auei iaiaoiaeeii, iiiiiieee i?ecaaee ia iiiiuue
ainoaea?noai.

Iniiaiuie i?eioeeiaie o/anoey ainoaea?noaa a n?aaeian?i/iii
oeiaine?iaaiee yenii?oa yaeythony ainoaea?noaaiiia no?aoiaaiea yenii?oa
a oi?ia auaea/e aa?aioee ii yenii?oiui e?aaeeoai (i?aeoeea, iieo/eaoay a
caiaaeiiaa?iiaeneeo no?aiao aeiaieueii oe?ieia ?acaeoea aua aei aoi?ie
ie?iaie aieiu, ii noa?a aeaenoaey eioi?ie oiaaea ia?aie/eaaeanue,
aeaaiui ia?acii, e?aoein?i/iuie e?aaeeoaie) e nicaeaiea aeiiieieoaeueiuo
nenoai oeiaine?iaaiey e ?aoeiaine?iaaiey yenii?oa.

Oioy oaeea nenoaiu eniieueciaaeenue aeey oi?ne?iaaiey oi?aiaee iaaeaeo
?acaeouie no?aiaie , iniiaiie oeaeueth eo aeayoaeueiinoe ana aea auei
?acaeoea oi?aiaee n ?acaeaathueieny no?aiaie. Iiyaeaiea nenoai
ainoaea?noaaiiiai o/anoey a n?aaeian?i/iii e?aaeeoiaaiee yenii?oa
ioiineony eae ?ac e oiio ia?eiaeo, eiaaea ?acaeoua eaieoaeenoe/aneea
no?aiu ia/eiatho ana aieaa eioa?aniaaoueny ?uieaie nauoa a
?acaeaathueony no?aiao.

A ia/aea 1950 aiaea caiaaeiiaa?iaineee aaie “Aaie aeie/a? eaiaea?”
auaeaeee “ia?ao/aoiue oiiae” a noiia 100 iei.aeieea?ia a ?anii?yaeaiea
aaiea “E?aaeeoaiooaeueo oth? aeaea?aooaao” aeey oeiaine?iaaiey oe?iaiiuo
e?aaeeoia ia n?ie aei 4-o eao. A ia?oa 1950 aiaea ai O?aioeee auea
i?aaieciaaia nenoaia oeiaine?iaaiey oe?iaiiuo e?aaeeoia ia n?ie io 2-o
aei 5-e eao, eioi?ay iniiauaaeanue ia nouanoaiaaaoeo nenoaiao
n?aaeian?i/iiai oeiaine?iaaiey iia?aoeee ianoiiai ?uiea. A ieoya?a 1950
aiaea aaeueaeeneee ainoaea?noaaiiue aaie “Yinoeoth aea ?ayneiio y aea
aa?aioa” auaeaeee 800 iei. aaeuea. o?aieia aeey oeiaine?iaaiey oe?iaiiuo
e?aaeeoia ia n?ie aei 5-oe eao. A aeaeaa?a 1950 aiaea yiiineia
i?aaeoaeuenoai nicaeaei Yenii?oiue aaie ssiiiee aeey oeiaine?iaaiey
oe?iaiiuo e?aaeeoia ia n?ie io 6-oe ianyoeaa aei 5-oe eao. A 1952 aiaeo
Aiaeey oaeeeieea iaeneiaeueiue n?ie yenii?oiuo e?aaeeoia i?e naeaeeao n
iieoiaoaeyie, ia aoiaeeaoeie a noa?eeiaiaoth ciio, aei C-o eao, a a
neo/ayo oae iacuaaaiiai “yenii?oa a iaoeeiiaeueiuo eioa?anao” – aei 4-5
eao. Aei yoiai e?aaeeou iieoiaoaeyi ianoa?eeiaiaie ciiu n?ieii aieaa 6
ianyoeaa iiaeeaaeaee iaeia?aieth Eiienneae ii eiio?ieth ca eiino?aiiie
aaethoie, i?e/ai iieiaeia eiio?aeoiie noieiinoe aeieaeia auea
auiea/eaaoueny iieoiaoaeai ia iaiaa, /ai /a?ac 6 ianyoeaa, a aoi?ay
iieiaeia – a oa/aiea 2-o eao. A Eoaeee nenoaia oeiaine?iaaiey yenii?oiuo
e?aaeeoia auea aaaaeaia a aeaeaa?a 1953 aiaea.

A yoio ia?eiae ai iiiaeo no?aiao aiciaiiaeytho naith aeayoaeueiinoue
?ai?aaieciaaiiua aeey inouanoaeaiey n?aaeian?i/iuo iia?aoeee einoeooou
ii no?aoiaaieth yenii?oiuo e?aaeeoia.

?ino cia/aiey e?aaeeoa a iaaeaeoia?iaeiuo yeiiiie/aneeo ioiioaieyo
?acaeouo no?ai n ?acaeaathueieny aucuaaeny ia oieueei oi?ne?iaaieai
nauoa oiaa?ia, ii e aiciiaeiinoueth iiaiai i?eeiaeaiey eaieoaea.

Oaeei ia?acii, aei eiioea 50-o aiaeia iaoaai noieaoey eiiia?/aneee
e?aaeeo i?eiaiyeny cia/eoaeueii /aua, /ai ana ae?oaea aeaeu
iaaeaeoia?iaeiiai e?aaeeoa. Ii noae iniiaiui eino?oiaioii
aiaoiaoi?aiaiai e?aaeeoiaaiey, iniaaiii a yenii?oiii e?aaeeoiaaiee no?ai
Caiaaeiie Aa?iiu.

N eiioea 50-o e ia/aea 60-o aiaeia ?acei aic?inei cia/aiea
iaaeaeoia?iaeiiai e?aaeeoa eae noeioeyoi?a ?acaeoey aiaoiayeiiiie/aneeo
naycae: eiaiii a yoio ia?eiae iniaaiii oaaee/eeny aai iauai, aua aieaa
?anoe?eeenue noa?a eniieueciaaiey e?aaeeoia e e?oa no?ai,
i?aaeinoaaeythueo yoe e?aaeeou. Caiaoiua eciaiaiey i?iecioee a oneiaeyo
i?aaeinoaaeaiey e?aaeeoia, iniaaiii a niunea n?ieia. Nouanoaaiiua
eciaiaiey i?aoa?iaee oi?iu e aeaeu e?aaeeoiaaiey eae a oeaeii, oae e o
ioaeaeueiuo no?ai. Ana yoe iniaaiiinoe acaeiiiaoneiaeaiu. A /anoiinoe,
iauee ?ino iauaia i?aaeinoaaeaiiuo e?aaeeoia aucaae iaino?aiea
“e?aaeeoiie aieiu”, /oi io?aceeinue ia oneiaeyo i?aaeinoaaeaiey
e?aaeeoia. A eciaiaiea iineaaeieo ( eae e nai ?ino iauaia e?aaeeoia )
iio?aaiaaei eciaiaiey oi?i e?aaeeoiaaiey e ia?ano?ieee nenoai
oeiaine?iaaiey yenii?oa. Iiaua naeaeae a e?aaeeoiie noa?a yaeeenue
neaaenoaeai eciaiaiee, i?ienoaaeoeo a yoe aiaeu ia ie?iaii ?uiea.

?acei oaaee/eaoayny aeeni?iii?oeey iaaeaeo caiaaeeythueiny ?inoii ni?ina
ia oiaa?u e nio?aiythueiny auno?ui ?inoii i?iecaiaenoaaiiuo
aiciiaeiinoae i?iiuoeaiiinoe iio?aaiaaea iiaeaea?aeaiey eiiuthieoo?u ia
?uiea aeiiieieoaeueiuie “acaaae?eaathueie” n?aaenoaaie. A ?yaea no?ai
auee i?eiyou ia?u ii noeioee?iaaieth /anoiuo eaieoaeiaeiaeaiee a
yeiiiieeo, ia?yaeo n yoei aic?inoaa aieiaiea oaeaeyeinue oi?ne?iaaieth
yenii?oa.

?anoouea niaoeeaeecaoeey e eiiia?e?iaaiea i?iecaiaenoaa a ?aieao
iaaeaeoia?iaeiiai ?acaeaeaiey o?oaea o?aaotho iaeneiaeueiiai ?acaeoey
aiaoiae oi?aiaee. A aieueoeinoaa ?acaeouo no?ai iaoeiino?iaiea, ii
nouanoao, i?aa?aoeeinue a “yenii?oioth io?aneue ” i?iiuoeaiiinoe.
Ioa?ocea i?iaeoeoeee ioaeaeueiuie io?aneyie iaoeiino?iaiey ia yenii?o
iiae/an aeaaea aieueoa, /ai ia aioo?aiiee ?uiie. Iiyaeeny oeaeue ?yae
aeiiieieoaeueiuo oaeoi?ia, cao?oaeiythueo ?acaeoea iaaeaeoia?iaeiie
oi?aiaee, a neaaeiaaoaeueii e o?aaothueo iiaiai oi?ne?iaaiey yenii?oa.
Yoi i?aaeaea anaai ?anoouay ?aaeiiaeueiay yeiiiie/aneay eioaa?aoeey
no?ai, a oaeaea aaaaeaiea ana aieaa aeanoeeo eiii?oiuo ia?aie/aiee a
nayce n oooaeoaieai aaethoiiai iieiaeaiey iiiaeo no?ai (a iniiaiii
?acaeaathueony) e o.ae. A yoe aiaeu /?acau/aeii ?anoe?eeny a?naiae
n?aaenoa oi?ne?iaaiey nauoa. Caiaaeiiaa?iiaeneea yenii?oa?u (a
/anoiinoe, oe?iu O?A) ana aieaa oa?yee oeaiiaua i?aeiouanoaa, eioi?ua
iie eiaee ia?aae yenii?oa?aie NOA (a nayce n aieaa auno?ui ?inoii
ecaea?aeae i?iecaiaenoaa e, a ia?aoth i/a?aaeue, iiieiaeueiie ca?aaioiie
ieaou), /oi niinianoaiaaei ?acaeoeth aiaoeaiiauo n?aaenoa eiieo?aioeee.

?aoathuoth ?ieue a ea/anoaa n?aaenoaa oi?ne?iaaiey nauoa iaoei e
iai?oaeiaaiey e ae?oaeo eiaanoeoeeiiiuo oiaa?ia nio?aiee ca niaie
iaaeaeoia?iaeiue e?aaeeo. Ia?aeeaeueii n ?inoii ni?ina ia e?aaeeou ia
ie?iaii ?uiea ?inee aiciiaeiinoe eo i?aaeeiaeaiey (iniaaiii a
caiaaeiiaa?iiaeneeo no?aiao).

A oeaeii ?ino cia/aiey iaaeaeoia?iaeiiai e?aaeeoa ai aiaoiayeiiiie/aneeo
ioiioaieyo a yoe aiaeu, eae e ?aiueoa, aue naycai a ia?aoth i/a?aaeue n
iaino?aieai o?oaeiinoae nauoa ia ?uiea ?acaeaathueony no?ai. Aneaaenoaea
aaethoii-oeiainiauo cao?oaeiaiee ?acaeaathueany no?aiu auee auioaeaeaiu
aua aieaa nie?aoeoue anneaiiaaiey ec nianoaaiiuo aaethoiuo ?ano?nia aeey
eiii?oa iaoei e iai?oaeiaaiey, ioaeaa i?aaeii/oaiea eiii?oo i?aaeiaoia
ia?aie iaiaoiaeeiinoe, i?iaeiaieuenoaey, nu?uey, cai/anoae aeey ooa
aeaenoaiaaaoeo i?aaei?eyoee e o.ae. ?ieue eiino?aiiiai oeiaine?iaaiey
iinoaaie iaoei e iai?oaeiaaiey a yoe no?aiu, oaeei ia?acii, nouanoaaiii
aic?inea. Aieueoa oiai, cia/eoaeueii ?anoe?eeny e?oa iinoaaie, i?e
inouanoaeaiee eioi?uo iieoiaoaee noaee ana /aua o?aaiaaoue io
yenii?oa?ia i?aaeinoaaeaiey e?aaeeoia. Ia?yaeo n oeiaine?iaaieai
aei?iainoiyuaai e neiaeiiai iai?oaeiaaiey, a oaeaea e?oiiuo ia?oee
iaoei, /anoi noaee e?aaeeoiaaoueny ia aeeeoaeueiua n?iee iinoaaee
ioaeaeueiuo iaoei i?iiuoeaiiiai iacia/aiey, iinoaaee auoiauo iaoei e
aeaaea cai/anoae e oceia iaoei (aeaaiui ia?acii aeey iineaaeothuae
nai?ee) , oaeia?aiee e i?iaeiaieuenoaey.

Ana yoi aucaaei iaiaoiaeeiinoue ia?ano?ieee nenoai oeiaine?iaaiey
yenii?oa, a neaaeiaaoaeueii, e oi?i e?aaeeoia e a NOA, e a Caiaaeiie
Aa?iia.

Aei oao ii?, iiea ?acaeaathueany no?aiu oaeiaeaoai?yeenue
n?aaeian?i/iuie e?aaeeoaie, caiaaeiiaa?iiaeneea oe?iu iiaee oniaoii
eiieo?e?iaaoue n aia?eeaineeie yenii?oa?aie ianiio?y ia oi, /oi n?iee
aia?eeaineeo e?aaeeoia, aeinoeaaaoea 10-15 eao e aieaa, ca/anooth
iaiiiai i?aauoaee n?iee oe?iaiiuo e?aaeeoia caiaaeiiaa?iiaeneeo
iinoaaueeia. Ii, ii auoaeceiaeaiiui i?e/eiai, yoe oe?iu auee auioaeaeaiu
a oeaeyo nio?aiaiey ?uieia nauoa eaeoe ia cia/eoaeueiia oaeeeiaiea
n?ieia e?aaeeoia.

?anoe?eeanue i?aeoeea i?aaeinoaaeaiey caiaaeiiaa?iiaeneeie iinoaaueeaie
e?aaeeoia ia n?iee, i?aauoathuea 5 eao (iaeneiaeueiue n?ie,
onoaiiaeaiiue a 1953 a. ” Aa?ineei nithcii no?aoiaueeia”). I?e/ai, anee
a 50-o aiaeao yoi aeaeaeinue iaeaaaeueii, i?e iiiiue oeiaie, oi oaia?ue,
a 60-o aiaeao n?iee oe?iaiiuo e?aaeeoia a 7-8 eao noaee ii?iaeueiui
yaeaieai. I?e yoii ana /aua i?aaeinoaaeyeenue e?aaeeou aei 10 eao e
aieaa. Ca 60-67 aiaeu noiia oe?iaiiuo e?aaeeoia n?ieii aieaa 5 eao
au?inea i?eaioe?iai/ii a 5 ?ac. Ai iiiaeo no?aiao auee i?eiyou
iinoaiiaeaiey, eaeouea a ?ac?ac n ?aeiiaiaeaoeeyie ” Aa?ineiai nithca”.
Nicaeaiiay a ?aieao AYN nenoaia eii?aeeiaoeee i?aeoeee i?aaeinoaaeaiey
yenii?oiuo e?aaeeoia ia ia?aie/eea eo n?iee, a eeoue iio?aaiaaea
aeaniinoe a i?aaeinoaaeaiee e?aaeeoia ia n?ie aieaa 5 eao e a neo/aa
iaiaoiaeeiinoe i?iaaaeaiey niioaaonoaothueo eiinoeueoaoeee.

Nenoaia oeiaine?iaaiey yenii?oa n iiiiuueth eiiia?/aneeo e?aaeeoia
eiaiii a yoe aiaeu ia niiaea ?aoeoue i?iaeaio aeieain?i/iiai
oeiaine?iaaiey yenii?oiuo iinoaaie eae a ioiioaiee iauaia oaeiai
oeiaine?iaaiey, oae e a ioiioaiee oneiaee i?aaeinoaaeaiey e?aaeeoia. Yoi
auei naycaii n oai, /oi iiaeiaiay nenoaia e?aaeeoiaaiey a iniiaa naiae
iie?aeanue i?e iiaeeecaoeee n?aaenoa aeey ?aoeiaine?iaaiey ia /anoioth
aaieianeoth nenoaio, i?aaeinoaaeyaooth a eo/oai neo/aa n?aaeian?i/iua
e?aaeeou. E?iia oiai, noieiinoue oaeeo e?aaeeoia auea aeiaieueii
aieueoie. Aeeth/aiea /anoe aa a oeaio iinoaaee n oeaeueth oiaiueoaiey
i?ioeaioiie noaaee ia anaaaea auei aiciiaeiui e oeaeaniia?aciui.
Iiyoiio, eiaiii ia?aae caiaaeiiaa?iiaeneeie no?aiaie anoaea i?iaeaia
nicaeaiey niaoeeaeece?iaaiiuo nenoai aeieain?i/iiai e?aaeeoiaaiey
aiaoieo iia?aoeee n ?acaeaathueieny no?aiaie.

A eiioea 60-o aiaeia aeey oaeeeiaiey n?ieia oe?iaiiuo e?aaeeoia noaea
i?eiaiyoueny i?aeoeea ” eiiaeie?iaaiiiai ” oeiaine?iaaiey, i?e eioi?ie
/anoiua aaiee aa?oo ia naay oeiaine?iaaiea naeaeee a oa/aiea ia?auo eao
aeaenoaey e?aaeeoiiai niaeaoaiey, a ae?oaea e?aaeeoiua einoeooou –
iaiin?aaenoaaiii iiaeeeth/athony e e?aaeeoiie iia?aoeee a iineaaeothuea
aiaeu. Iau/ii /anoiua aaiee oeiaine?iaaee oe?iaiiua e?aaeeou ia n?ie aei
4-5 eao iinea iinoaaee, a ainoaea?noaaiiua – ia iineaaeothuea 5-7 eao e
aieaa (O?A ).

A oeaeii, nenoaiu aeieain?i/iiai e?aaeeoiaaiey a caiaaeiiaa?iiaeneeo
no?aiao a eiioea 60-o aiaeia ?acaeaaeenue ii iooe ?acaeoey i?yiiai
ainoaea?noaaiiiai e?aaeeoiaaiey eiino?aiiuo iieoiaoaeae e
i?aaeinoaaeaiey oeiainiauo e?aaeeoia.

Iniiaiui enoi/ieeii n?aaenoa aeey i?aaeinoaaeaiey oeiainiauo e?aaeeoia
neoaeee /anoiue eaieoae. Aa?aioee ii oeiainiaui e?aaeeoai auaeaaaeenue
oae aea, eae e ii eiiia?/aneei. Ii nouanoaiaaee e nouanoaaiiua ioee/ey.
Naie oe?iu- yenii?oa?u iau/ii ia o/anoaiaaee naieie n?aaenoaaie a
oeiaine?iaaiee naeaeie. Iie, ii nouanoao, eeoue iieo/aee aeaiaaeiue
yeaeaaeaio ii naiei iinoaaeai iaee/iuie.

?anoe?aiea i?aeoeee aeieain?i/iiai e?aaeeoiaaiey yenii?oa ec
caiaaeiiaa?iiaeneeo no?ai canoaaeei a naith i/a?aaeue NOA ia oieueei
oaaee/eoue iauai oaeeo e?aaeeoia, i?aaeinoaaeyaoeony a iniiaiii
?acaeaathueiny no?aiai, ii e naeaeaoue oneiaey i?aaeinoaaeaiey oaeeo
e?aaeeoia (a ia?aoth i/a?aaeue eo n?iee e noieiinoue) aieaa i?eaieaiuie
aeey iieoiaoaeae.

Oaeei ia?acii, nouanoaiaaaoaa aei ia/aea 60-o aiaeia /aoeia
?aca?aie/aiea a nenoaiao e?aaeeoiaaiey yenii?oa a ?acaeaathueany no?aiu
ec NOA e Caiaaeiie Aa?iiu e eiioeo 60-o aiaeia i?aeoe/anee naeaaeeeinue.

Iaeaieaa auno?uie oaiiaie a 60-a aiaeu ?inee i?yiua ainoaea?noaaiiua
e?aaeeou. N 1961 ii 1967 a. n?aaeiaaiaeiaay noiia oaeeo e?aaeeoia
aic?inea aieaa /ai a 2 ?aca ii n?aaiaieth ni n?aaeiaaiaeiaie noiiie eo a
oa/aiea i?aaeuaeouaai iyoeeaoey (56- 60 aa.). Iaeiaei iinea ?aceiai
nea/ea ia ?oaaaea 50-60-o aiaeia iie ?inee n?aaieoaeueii oia?aiiuie
oaiiaie. Ei iacia/eoaeueii onooiaee ii oaiiai ?inoa e?aaeeou
iaaeaeoia?iaeiuo i?aaiecaoeee.

Aieaa oia?aiiuie oaiiaie ?in iauai /anoiuo (eiiia?/aneeo e aaieianeeo)
e?aaeeoia. Niaeanii aeaiiui IA??, aeaoe?iaaiiui 1967 a.,
caaeieaeaiiinoue ?acaeaathueony no?ai ii oe?iaiiui e?aaeeoai a eiioea
1955 a. ninoaaeea ieiei 8 ie?ae.aeiee., a oii /enea ii e?aaeeoai,
iieo/aiiui iiae aa?aioeth i?aaeoaeuenoa yoeo no?ai – 6 ie?ae.aeiee. Ii
i?eaioe?iai/iui iiaen/aoai ia iniiaa noaoenoe/aneeo aeaiiuo IYN? e
Eiieoaoa niaeaenoaey ?acaeoeth, ?ieue ioaeaeueiuo aeaeia
iaaeaeoia?iaeiuo e?aaeeoia n 1956 ii 1967 aa. eciaiyeanue neaaeothuei
ia?acii (eniieueciaaiiay /anoue a ie?ae.aeiee.):

1956 1960
1965 1967

AEAeU E?AAeEOA $ % $ %
$ % $ %

iaaeaeoia?iaeiue e?aaeeo(anaai) 2,43 100 3.59 100
6,55 100 8,24 100

– oe?iaiiua e?aaeeou* 1,30 61,7 2,00 55,7
2,90 44.3 3,8 6,1

– i?yiua ainoaea?noaaiiua 0.75 30,8 1,25 34,8
2,83 43.2 3,4 40,9

– e?aaeeou iaaeaeoia?iaeiuo

i?aaiecaoeee 0,18 7,4 0,34
9,5 0,82 12,5 1,1 13,0

*-iiaen/aou i?eaioe?iai/iua

Ioiineoaeueiia cia/aiea /anoiuo e?aaeeoia ( iniiaioth ianno eioi?uo
ninoaaeytho oe?iaiiua e?aaeeou ) a oeaeii oiaiueoeeinue, ii ia?aainoaa
iie ia onooieee.

*oi eanaaony ?acaeoey iaaeaeoia?iaeiiai e?aaeeoa a ioiioaieyo iaaeaeo
?acaeouie no?aiaie, oi aai ?ieue caiaoii ineaaea. Oiaiueoaiea i?eoiea
aia?eeaineeo e?aaeeoia a Caiaaeioth Aa?iio i?ienoiaeeei ca n/ao i?yiuo
ainoaea?noaaiiuo e?aaeeoia n i?ae?auaieai aeayoaeueiinoe ?acee/iuo
i?ia?aii e ieaiia iiiiue. ?ino i?eoiea /anoiuo eaieoaeia (aaieianeeo e
oe?iaiiuo) ia iia eiiiaine?iaaoue oaeia nie?auaiea iauaia
ainoaea?noaaiiuo e?aaeeoia.

Iaeiia?aiaiii n yoei oe?aieeenue e?aaeeoiua nayce iaaeaeo
caiaaeiiaa?iiaeneeie no?aiaie. Eneeth/eoaeueioth ?ieue i?e yoii ea?aee
/anoiua e?aaeeou. I?aaeinoaaeaiea ainoaea?noaaiiuo e?aaeeoia
?ani?ino?aiaiey ia iieo/eei. Eeoue a ioaeaeueiuo neo/ayo oaeea e?aaeeou
eniieuecothony aeey oeiaine?iaaiey yenii?oiuo iinoaaie aiaiiie oaoieee.

Iaiaoiaeeiinoue e?aaeeoiaaiey iia?aoeee iaaeaeo i?iiuoeaiii ?acaeouie
no?aiaie auea aucaaia ianeieueei eiuie i?e/eiaie, /ai a neo/aa n
?acaeaathueieny. Aaethoiua i?iaeaiu, aaethoiia ?aaoee?iaaiea iinea
eiioea 50-o aa. ea?aee caeanue aoi?inoaiaiioth ?ieue eee aiiaua ia eiaee
cia/aiey. Ia?aie/aiea a ioiioaiee oneiaee i?aaeinoaaeaiey e?aaeeoia ni
noi?iiu ainoaea?noaaiiuo i?aaiecaoeee a oi?aiaea iaaeaeo ?acaeouie
no?aiaie oiaea ii nouanoao ia eiaee ianoa. Oneiaey ieaoaaea, eae
i?aaeei, ?aaoee?iaaeenue eneeth/eoaeueii yenii?oa?ii e eiii?oa?ii.
Iiyoiio, iniiaiie i?e/eiie eniieueciaaiey eiino?aiiuo e?aaeeoia yaeyaony
/enoi eiiia?/aneay auaiaea, no?aieaiea iieo/eoue caaiiua n?aaenoaa ia
iaeaieaa auaiaeiuo oneiaeyo.

Aiciiaeiinoue iieo/aiey e?oiiuo caeiia o ianoiuo aaieia eee ia ?uiea
nnoaeiuo eaieoaeia (iooai ?aciauaiey iaeeaaoeee) na?ueacii ia?aie/eaaea
?ieue iaaeaeoia?iaeiiai e?aaeeoa eae n?aaenoaa oeiaine?iaaiey eiii?oa
oe?iaie a ?acaeouo no?aiao.

Iaeaieueoaa ?ani?ino?aiaiea iieo/eee oe?iaiiua e?aaeeou, eniieuecoaiua
aeey oeiaine?iaaiea yenii?oa. Iaeiaei ia?aaeei iie ia iiin?aaenoaiaaee
oiaa?iua iinoaaee, a i?aaeinoaaeyeenue aeey oeiaine?iaaiey eiino?aiiuo
i?aaei?eyoee, a aeayoaeueiinoe eioi?uo caeioa?aniaai e?aaeeoi?. A 60-o
aa. oaeay i?aeoeea i?eia?aea iniaue ?aciao a Eoaeee, aaea e?aaeeou
eiino?aiiuo eiiiaiee naiei aei/a?iei i?aaei?eyoeyi ia n?ie aieaa 5 eao
iiaee i?aaeinoaaeyoueny aac i?aaeaa?eoaeueiiai ?ac?aoaiey eacia/aenoaa e
ieienoa?noaa aiaoiae oi?aiaee.

Oe?iaiiua e?aaeeou i?aaeinoaaeyeenue, a ia?aoth i/a?aaeue, iieoiaoaeyi
no?ai n aunieie noieiinoueth e?aaeeoa ( ssiiiey, Eoaeey e ae?.), ii auee
neo/ae e yenii?oiie i?iaeaaee iaoei e iai?oaeiaaiey a e?aaeeo e a O?A,
Aiaeeth e NOA.

A eiioea 60-o aa. ?ieue oe?iaiiuo e?aaeeoia eae n?aaenoaa oi?ne?iaaiey
nauoa ia ?uiea ?acaeouo no?ai aic?inea. Iieo/eaoay aieueoia ?acaeoea
i?aeoeea i?iaeaaee a ?ann?i/eo auoiauo iaoei e i?iecaiaenoaaiiith
iai?oaeiaaiey ia aioo?aiiai ?uiea yoeo no?ai canoaaeea e eiino?aiiuo
iinoaaueeia i?eaaaiooue e iae.

Caiaaeiiaa?iiaeneea oe?iu i?aaeinoaaeyee e?aaeeou ia oa aea n?iee, /oi e
ia aeaiaaeiii ?uiea no?aiu eiii?oa?a. E?aaeeou i?e i?iaeaaea noaieia,
a?ociauo iaoei, neeaaeneiai iai?oaeiaaiey, no?ieoaeueiuo iaoei
i?aaeinoaaeyeenue iau/ii ia 2-3 aiaea. Iaeiaei eiino?aiiua iinoaaueee
iiaee aeaaaoue e?aaeeou e ia aieaa aeeeoaeueiua n?iee. Iaeaieaa aeaeoth
iieeoeeo a yoii ieaia i?iaiaeeee oe?iu O?A. Iai?eia?, i?e i?iaeaaea
noaieia ia aioo?aiiai ?uiea iaaieueoea e n?aaeiea eoaeueyineea oe?iu
iieo/aee ?ann?i/eo ieaoaaea aei 2-3 eao. Oe?iu aea O?A iinoaaeyee a
Eoaeeth noaiee a e?aaeeo ia n?ie io 2 aei 5 eao, a a ia?eiae niaaea
eiiuthieoo?u a 1964-65 aa. aeaaea ia n?ie aei 10 eao.

Oe?iu-iinoaaueee oee ia i?aaeinoaaeaiea e?aaeeoia eiino?aiiui
iieoiaoaeyi iiae/an aeaaea n aieueoae caaeieaeaiiinoueth, /ai aaiee
no?aiu-eiii?oa?a. A naith i/a?aaeue, oe?iu-eiii?oa?u oaeaea
i?aaeii/eoaee ia?auaoueny ca e?aaeeoaie e yenii?oa?ai, o.e. oneiaey auee
auaiaeiaa, a aicieeaaoay caaeieaeaiiinoue ia eeoaea eo aiciiaeiinoe
iieo/aoue e?aaeeou o ianoiuo aaieia. Oe?iu-e?aaeeoi?u iieo/aee nnoaeu ia
yenii?oiua ioaeaeu o naieo aaieia, eae i?aaeei, ii eueaioiui noaaeai, a
eo e?aaeeoiua iia?aoeee aa?aioe?iaaeenue io ?acee/iuo ?eneia
ainoaea?noaaiiuie no?aoiauie eiiiaieyie.

Anoanoaaiii, /oi ino?ay eiieo?aioiay ai?ueaa n iiiiuueth yenii?oiuo
e?aaeeoia eiaea ianoi i?e i?iaeaaea oao aeaeia oiaa?ia, ia ?uiea eioi?uo
iaaethaeaeanue iniaaiii ieioay eiiuthieoo?a.

Aeaaea a NOA i?aaenoaaeaiea i?yiuo i?aaeoaeuenoaaiiuo e?aaeeoia e i?yiuo
e?aaeeoia ainoaea?noaaiiuo e?aaeeoi-oeiainiauo i?aaiecaoeee aeey
oeiaine?iaaiey yenii?oa a eiioea 60-o aiaeia ?acei nie?aoeeinue.
Nie?auaiea oaeeo iia?aoeee Yenii?oii-Eiii?oiui aaieii nii?iaiaeaeaeinue
?anoe?aieai i?aeoeee i?aaeinoaaeaiey aia?eeaineeie yenii?oa?aie
oe?iaiiuo e?aaeeoia.

3. Eiiia?/aneee e?aaeeo ia nia?aiaiiii yoaia

A ia/aea 70-o aiaeia eiiia?/aneia e?aaeeoiaaiea ana aua inoaaaeinue
aeaaiui oeiainiaui eino?oiaioii nauoa i?iaeoeoeee a iioiaii caaia.
Iaeiaei naienoaaiiay eiiia?/aneiio e?aaeeoo oa?ica ia?ooaiey oeaiiie
ieaoaaeiie caaeneiinoe a i?ioeanna eoiee-i?iaeaaee oiaa?a aeaeaea
ae?oaea aeaeu e?aaeeoiaaiey aiaoiae oi?aiaee ana aieaa
i?aaeii/oeoaeueiuie.

A nia?aiaiiii ie?a eueaeiay aeiey eiiia?/aneiai e?aaeeoa i?eoiaeeony ia
e?oiiaeoea OIE, eioi?ua eiatho iaeaieaa aeaaii?eyoiua oneiaey
?aaeecaoeee oiaa?ia e iieo/aiey i?e/eoathueony ieaoaaeae. Neea oaeeo OIE
ninoieo a eo niiniaiinoe inouanoaeyoue oe?ieee auai? aa?eaioia
oaeoe/aneie iieeoeee ii ioiioaieth e aeieaeieeai e ioeaieaaoue
iioaioeeaeueiua aiciiaeiinoe iieoiaoaeae a aieaa ?aiiai iieo/aiee
oeiainiauo ?ano?nia /a?ac eeanne/aneee iaoiae o/aoa e caeiaa aaenaeae e
ae?oaea aieaa nia?aiaiiua oi?iu aaieianeiai ?aoeiaine?iaaiey
eiiia?/aneiai e?aaeeoa.

A ianoiyuaa a?aiy i?aiaeaaeathuae ia ?uiea noaiiaeony oaiaeaioeey e
oaeeeiaieth n?ieia ?aaeecaoeee oiaa?ia, i?e/ai ia oieueei a oacao
e?ecena e aeai?annee, ii e ai a?aiy iaeeaeaiey e iiaeuaia. Anee a
i?ioeii aaea iaaethaeaeinue onei?aiea ?aaeecaoeee oiaa?ia (iai?eia?,
n?aaeiee n?ie o/aoa aaenaeae a oea?neie ?innee nie?aoeeny ni 156 aeiae a
1870-1874 aa. aei 92 aeiae a 1905-1909 aa. (aiaeiae/iua oaiaeaioeee
iaaethaeaeenue e a ae?oaeo no?aiao), e aieioue aei 70-o aiaeia oeie/iui
n?ieii o/aoa aaenaey auee 3 ianyoea), oi nae/an iieo/atho ?acaeoea aieaa
aeeeoaeueiua n?iee o/aoa aaenaeae aei 120-170 aeiae.

Ia?yaeo n ?acaeoeai i?yiie i?iaeaaee i?iaeoeoeee aa eiia/iiio
iio?aaeoaeth iaiin?aaenoaaiiui i?iecaiaeeoaeai aic?anoaao cia/aiea
iioiauo iin?aaeieeia, ‘ /oi niinianoaoao iaeiieaieth aieueoeo oiaa?iuo
caiania a ?acee/iuo oi?aiauo caaiueyo.

A iineaaeiaa a?aiy onei?aiii ?acaeaaaony oi?aiaey iio?aaeoaeueneeie
oiaa?aie, eioi?ay ana aieueoa aeeyao ia oi?aiaeth a oeaeii, ia
i?iecaiaenoaaiiue i?ioeann e ia ?acaeoea ea?aeeiaeueiuo naycae iaaeaeo
i?iecaiaeeoaeyie e iio?aaeoaeyie. ?acei aic?in oiaa?iiai?io iaaeaeo
eiiiaieyie, aoiaeyueie a ninoaa iaeiie OIE.

Ana yoi ai iiiaii i?aaeii?aaeaeeei o?iaaiue e oi?iu ?acaeoey e?aaeeoa ai
aiaoiae oi?aiaea a 80-a aiaeu.

A iineaaeiaa a?aiy ana aieueoa e aieueoa noaiiaeony caiaoiui
ainoaea?noaaiiia noaneaee?iaaiea yenii?oa. I?aaeoaeuenoaa ?acaeouo no?ai
noaee /aua e a aieueoeo iauaiao iai?aaeyoue ia yoe oeaee /anoue
iiaeeeciaaiiuo o iaeiaiieaoaeueueeia a athaeaeao n?aaenoa aeey oeo/oaiey
ieaoaaeiiai aaeaina no?aiu, iiaeaea?aeaiey o?iaiy caiyoinoe e
yeiiiie/aneie aeoeaiinoe a yenii?oiuo io?aneyo i?iiuoeaiiinoe.

Iineieueeo yenii?oiua e?aaeeou a ia?aoth i/a?aaeue o?aaotho iaee/ey
aieueoeo aeaiaaeiuo oiiaeia, ainoaea?noai no?aieony niyoue n naay /anoue
a?aiaie ii eo aeeoioeyoeee e i?eaeaeaao iniiaioth ianno iaiaoiaeeiuo
?ano?nia n /anoiuo ?uieia eaieoaea, a nianoaaiiua athaeaeaoiua n?aaenoaa
iai?aaeyao oieueei ia aeiaaaeaiea oneiaee i?aaeinoaaeaiey aiaoiaoi?aiauo
e?aaeeoia aei eiieo?aioiniiniaiiai o?iaiy, iiieaeay i?ioeaioiua noaaee
ii iei e oaaee/eaay ia?eiae e?aaeeoiaaiey. Niioaaonoaaiii, /ai aieueoa
oneiaey i?aaeinoaaeaiey aiaoiaoi?aiauo e?aaeeoia ioee/athony io
nouanoaothueo ia aioo?aiiai ?uiea eaieoaea, oai auoa ?anoiaeu
i?aaeoaeuenoaa. Oai?aoe/anee i?e oaeie nenoaia noaneaee?iaaiey yenii?oa
ainoaea?noai niiniaii cia/eoaeueii “io?uaaoue” oneiaey naieo e?aaeeoia
io ?uii/iuo, ii ia i?aeoeea aai aiciiaeiinoe a yoii ioiioaiee ia
aaca?aie/iu. Yoi auioaeaeaao ?acaeoua no?aiu eneaoue eiii?iiennu a
aeaiiie iaeanoe, o.a. ii?aaeaeyoue ?aiee acaeiiniaeaniaaiiuo oneiaee
ainoaea?noaaiiiai oeiaine?iaaiey aiaoiae oi?aiaee.

Aaniie 1978 a. no?aiu-/eaiu IYN?, e?iia Oo?oeee e Eneaiaeee, iiaeienaee
niaeaoaiea ia oieoeeaoeee yenii?oiuo e?aaeeoia, iacuaaaiia /aua
Eiinainonii ii yenii?oiui e?aaeeoai. Yoi niaeaoaiea iai?aaeaii ia
oieoeeaoeeth aaaeiaeoeo oneiaee ainoaea?noaaiiuo yenii?oiuo e?aaeeoia:
n?ieia, ieieiaeueiiai ?acia?a i?ioeaioiie noaaee, aeiee iie?uoey
eueaioiie nnoaeie noieiinoe eiio?aeoa eee ieieiaeueiiai ?acia?a iaee/iuo
ieaoaaeae, e?oaa iiaeiaaeathueo iiae iaai oiaa?ia e oneoa. Ana yoe
oneiaey ?aaoey?ii ia?aniao?eaathony.

?ino aeiee ainoaea?noaaiiiai e?aaeeoiaaiey yenii?oa ii n?aaiaieth n
/anoiui aucaai iaiueoae auaiaeiinoueth iineaaeiaai. Yoa n?aaieoaeueiay
iaauaiaeiinoue caeeth/aaony ia oieueei a ?uii/iii o?iaia i?ioeaioiie
noaaee, ii e a iaiueoai ?acia?a e?aaeeoa, ionoonoaee aaoiiaoecia a aai
iieo/aiee. E?iia oiai, ?acaeoea ia iaaeaeoia?iaeiii nnoaeiii ?uiea
oaiaeaioeee i?aaeinoaaeaiey caeiia ii “ieaaathuei” noaaeai cia/eoaeueii
cao?oaeiyao ioeaieo iauae noieiinoe caeia aeey aeieaeieea, o.e. o?iaaiue
i?ioeaioa ca?aiaa iaecaanoai.

Iaeiaei a 80-a aiaeu iaeiia?aiaiii n auno?ui ?acaeoeai ainoaea?noaaiiiai
i?yiiai aaieianeiai e?aaeeoiaaiey i?ienoiaeeo e oaaee/aiea iauaia
eiiia?/aneiai e?aaeeoiaaiey e naycaiiiai n iei einaaiiiai aaieianeiai
e?aaeeoa, oioy e ai?acaei iaiueoeie oaiiaie. ?ino ie?iaiai
aiaoiaoi?aiaiai iai?ioa (aeiey yenii?oa a ie?iaii AAI iiaeiyeanue n 12%
a 1960 a. aei 22 % a 1980 a.), oaeeeiaiea a?aiaie ?aaeecaoeee oiaa?ia,
oaaee/aiea /enea iin?aaeieeia, oi?ne?iaaiea (a oii /enea e
ainoaea?noaii) i?iecaiaenoaa e ?aaeecaoeee oiaa?ia – ana yoi i?eaaei e
iaiaoiaeeiinoe aeey oe?i oaaee/aiey iauaia i?iaeaae oiaa?ia a e?aaeeo.

Eae oaea ioia/aeinue auoa, a ia?aie iieiaeia XX aaea i?e aaniethoiii
?inoa iauaia eiiia?/aneiai e?aaeeoiaaiey, aai aeiey a iiin?aaenoaiaaiee
aiaoiaoi?aiauo i?iaeaae eiaea oaiaeaioeeth e nieaeaieth. Iaeia ec i?e/ei
yoiai i?ioeanna, i?iaeieaeathuaainy e iiiuia, caeeth/aeinue a
oi?ie?iaaiee ana aieueoaai /enea iiiiiieee e oe?aieaiee eo iiceoeee a
yeiiiieea, /oi niinianoaiaaei ?inoo i?iaeaae oiaa?ia eiia/iiio
iio?aaeoaeth, ieioy iioiauo iin?aaeieeia. E?iia oiai, eciaiaiea ?iee
aaieia icia/aei, a /anoiinoe, e nieaeaiea aeiee einaaiiiai aaieianeiai
e?aaeeoiaaiey ii n?aaiaieth n i?yiui.

Nouanoaoao aioo?aiiyy i?ioeai?a/eainoue ?acaeoey eiiia?/aneiai
e?aaeeoiaaiey, eioi?ay iaoneiaeaia oai, /oi iii, n iaeiie noi?iiu,
aace?oaony ia aeaeaeaiee oiaa?ia e ii?aaeaeaii ei, a n ae?oaie noi?iiu,
yaeyaony iaeiie ec oi?i e?aaeeoa aiiaua e io?aaeaao iauaa ninoiyiea aai
?acaeoey.

Eiiia?/aneee e?aaeeo naiui oaniui ia?acii naycai n aaieianeei – aaiee
i?iecaiaeyo aeoeaio, o/ao, ia?ao/ao eiiia?/aneeo aaenaeae, i?eieiatho eo
a caeia. Iineieueeo ca eaaeaeui oaeei aaenaeai noiyo ii?aaeaeaiiua
oiaa?u, i?iaeaaea eioi?uo iicaieyao iiaaneoue iaycaoaeuenoaa ii iaio, oi
yoe iia?aoeee n aaenaeyie n/eoathony aeey aaieia iaeaieaa aaciianiuie e
eeeaeaeiuie.

Iieo/eee ?acaeoea e aaenaey ia aace?othueany ia oi?aiauo naeaeeao –
oeiainiaua aaenaey, ieaoaeueueeaie ii eioi?ui aunooiatho aaiee, a oaeaea
“ae?oaeaneea” aaenaey, acaeiii aunoaaeyaiua i?aaei?eieiaoaeyie ae?oa ia
ae?oaa n oeaeueth iieo/aiey aaieianeeo nnoae.

Oaeei ia?acii, aaenaeth ia anaaaea i?ioeainoiyo ?aaeueiua oiaa?u, /oi
/anoi i?eaiaeeo e na?ueaciui cao?oaeiaieyi i?e i?aa?auaiee aai a
aeaiueae.

A ia?eiae yeiiiie/aneiai e?ecena 1929-1933 aiaeia e iineaaeothuae
aeai?annee /aoaa?oue anao aaie?ionoa i?iecioea aneaaenoaea
iaieaoaaeaniiniaiinoe aaenaeaaeaoaey eee aa?aioe?iaaaoaai aai aaiea.

A ianoiyuaa a?aiy i?iaeaia iieo/aiey aeaiaa ii aaenaeyi ia oieueei ia
ineaaea, ii, iai?ioea, cia/eoaeueii aic?inea. Iniaaiii aeooaeueiie noaea
i?iaeaia caaea?aeee aica?aoa n?aaenoa ii aaenaeth. Ii ioeaieai
niaoeeaeenoia, ii/oe eaaeaeue iyoue aaenaeue iiaaoaaony n
ianiaethaeaieai n?ieia. Ana yoi caiaaeeyao ii?iaeueiue e?oaiiai?io
eaieoaea, iiaeao iiaei?aaoue aeiaa?ea e ei?ii?aoeee e nieceoue aa
eiieo?aioiniiniaiinoue. A nayce n yoei aic?anoaao aieiaiea ei?ii?aoeee e
aii?inai i?aaiecaoeee eiiia?/aneiai e?aaeeoa. Iniaaiii aeoeaiu a yoie
iaeanoe OIE.

Ao?aeoaciua yeiiiienou auaeaeytho neaaeothuea iniiaiua ninoaaeythuea
?aaeecaoeee: oneiaey i?aaeinoaaeaiey eiiia?/aneiai e?aaeeoa (eiee/anoai
aa?aioia, n?iea) , iaoiaeu ieaoaaea (oi?iu ?an/aoia, iieaoa /anoyie eee
oeaeeeii e o.ae.), aiciiaeiinoue ioeeiiaiey iauaia oiaa?ia a eaaeaeie
ia?oee io caeacaiiiai eiee/anoaa. Yoe yeaiaiou ai iiiaii ii?aaeaeytho
i?aaiecaoeeth iaoaiecia eiiia?/aneith e?aaeeoiaaiey.

A 70-o theao a e?oiiuo OIE iiyaeeenue niaoeeaeueiua ioaeaeu,
caieiathueany eiiia?/aneei e?aaeeoiaaieai, ?oeiaiaeeoaee yoeo ioaeaeia
noaee aoiaeeoue a niaaou oi?aaeythueo. Ia?aiia/aeueii iniiaiie caaea/ae
yoeo ioaeaeia aue nai? ieaoaaeae, i?e/eoathueony ii aaenaeyi. A
aeaeueiaeoai eo ooieoeee ?anoe?eeenue e noaee ioaaouaaoue:

i?aaiecaoeeth aicaeaenoaey ia iioaioeeaeueiuo iaieaoaeueueeia;

eco/aiea ieaoaaeaniiniaiinoe eeeaioia;

?ac?aaioeo iiauo oi?i eiiia?/aneiai e?aaeeoa e ieaoaaeae.

Yoe ioaeaeu oanii nio?oaeie/atho n aaieaie, ?aaioathueie n aaenaeyie,
i?eiaaeeaaeaueie OIE. Iai?eia?, o “American Steel” a ioaeaea
eiiia?/aneiai e?aaeeoa ?aaioatho aaieianeea neoaeauea, nicaeaia
ea?oioaea aaenaeae, niaaeeiaiiay yeaeo?iiiuie eaiaeaie nayce n
aaieianeei eiiiuethoa?ii; i?aaeinoaaeaiea aaieianeiai e?aaeeoa iiae
aaenaeue i?ienoiaeeo i?aeoe/anee aaoiiaoe/anee, a ?acoeueoaoa aeaiiue
ioaeae OIE n?anoaaony n aaieii.

Aaee a 60-o aiaeao OIE oaeaeyee iaei aieiaiey ?aaeecaoeee oiaa?ia, oi n
1973 a. iieiaeaiea ?acei eciaieeinue. Ii oeaeie a?oiia oiaa?ia (iaooue,
aac, oeaiaio, eioa e ae?.) ni?in noae a oa/aiea aeeeoaeueiiai a?aiaie
i?aauoaoue i?aaeeiaeaiea, a ii ae?oaei oiaa?ai (aaoiiiaeee, /a?iua
iaoaeeu, noaea e ae?.) eiaei ianoi i?ioeaiiieiaeiia yaeaiea. Ana yoi
iaeiaeeei cia/eoaeueiue ioia/aoie ia ?acaeoea eiiia?/aneiai e?aaeeoa e
iiaaaeaiea eiio?aaaioia i?e caeeth/aiee oi?aiauo naeaeie. Iniiaiui
aeaeaieai iinoaaueeia noaei onei?aiea n?iea iieo/aiey ieaoaaea. Iaee/ea
aaenaey a ii?ooaea ei?ii?aoeee ioithaeue ia aa?aioe?iaaei iieo/aiea
aeaiaaeiuo n?aaenoa, a a neo/aa eo iieo/aiey – aiciauaiea cao?ao ia
i?iecaiaenoai ec-ca eioeyoeeiiiiai i?ioeanna. Iniaaiii ino?i aeaiiay
i?iaeaia cao?aaeaaea yenii?oiua iinoaaee ec-ca ?aceeo aaethoiuo
eieaaaiee.

O OIE a 80-a aiaeu i?iecioee na?ueaciua no?oeoo?iua naeaeae a ninoaaa
?ano?nia, oi?iao iiaeeecaoeee n?aaenoa e iai?aaeaieyo eo eniieueciaaiey.
Ii?aaeaeythuae oaiaeaioeeae a yoeo eciaiaieyo noaiiaeony aic?anoaiea
?iee aaieianeeo e?aaeeoia a aeaeaeaiee i?iiuoeaiiiai eaieoaea,
iinoaiaiiia auoaniaiea e caiaia eie eiiia?/aneiai e?aaeeoa. A iniiaa
aeaiiie oaiaeaioeee iaoiaeyony iauea iai?aaeaiey ?acaeoey aaieianeiai
e?aaeeoiaaiey (oaaee/aiea iauaia, iiyaeaiea iiauo iai?aaeaiee e
iaoaieciia e?aaeeoiuo aeiaeaiee), a oaeaea i?ienoiaeyuee iuia ia?aoiae
io i?aeiouanoaaiii einaaiiiai e i?yiiio aaieianeiio e?aaeeoiaaieth. Anee
aua 20 eao iacaae aeaaiie oi?iie e?aaeeoiaaiey aiaoiaoi?aiaie
aeayoaeueiinoe OIE aue e?aaeeo iinoaaueea, oi iuia ii cia/eoaeueii
onooiee naie iiceoeee e?aaeeoo iieoiaoaeth e ae?oaei oi?iai i?yiiai
aaieianeiai oeiaine?iaaiey. Ii ioeaiea Einoeoooa iaaeaeoia?iaeiuo
enneaaeiaaiee (O?A), niioiioaiea caaeieaeaiiinoe ii eiiia?/aneiio e
i?yiiio aaieianeiio e?aaeeoiaaieth aiaoiaoi?aiauo naeaeie e?oiiaeoeo
caiaaeiiaa?iiaeneeo OIE ninoaaeyei:

(a % %)

Aiaeu caaeieaeaiiinoue ii i?yiiio aaieianeiio e?aaeeoiaaieth
Caaeieaeaiiinoue ii eiiia?/aneiio e?aaeeoo

1958

1969

1975

1979

1984

1986-88 33,5

37.5

57.8

62,0

67,0

75.0 66,5

62.5

43,0

38,0

33,0

23,0

A iniiaa ia?aoiaea io einaaiiiai e i?yiiio aaieianeiio e?aaeeoiaaieth
iaoiaeyony neaaeothuea i?ioeannu:

?acaeoea e oe?aieaiea naycae OIE n OIA;

oaaee/aiea caaeieaeaiiinoe OIE;

e?oiiua no?oeoo?iua eciaiaiey a i?iecaiaenoaa, i?ienoiaeyuea iiae
aicaeaenoaeai nia?aiaiiie IO?.

A ianoiyuaa a?aiy i?aaiia?ii aiai?eoue i iiaie oaca a ?acaeoee ni?ina ia
aaieianeea e?aaeeou, oa?aeoa?iuie /a?oaie eioi?ie yaeythony:

?aceia oaaee/aiea ni?ina;

?anoe?aiea iai?aaeaiee eniieueciaaiey aaieianeiai e?aaeeoa;

cia/eoaeueiia ?aciiia?acea aai oi?i.

Aaiee a oneiaeyo iinoiyiiuo ia?ooaiee ieaoaaeiie aeenoeeieeiu noaee ia
oieueei ?an/aoiuie oeaio?aie, o/eouaathueie aaenaey, ii e naiaia?aciuie
a?aeo?aie, ?aaoee?othueie nii?u ii eo iieaoa. Iie noaee aeaaiuie
iinoaaueeaie eioi?iaoeee i oeiainiaii ninoiyiee eiio?aaaioia OIE.
Iiauoaiiue ni?in eiaiii ia aaieianeee e?aaeeo ni noi?iiu OIE ii?aaeaeai
oaeaea eo iio?aaiinoyie a oi?ne?iaaiee i?iecaiaenoaa e ?aaeecaoeee
oiaa?ia e a neoiea eiio?ieueiuo iaeaoia aeoeee ae?oaeo eiiiaiee. Ana yoi
iiaeaeei ca niaie oe?aieaiea iiauo, i/aiue oaniuo aeaeiauo naycae
iaaeaeo OIE e OIA, eioi?ua a cia/eoaeueiie ia?a ia?aianaiu e ia
e?aaeeoiaaiea aiaoiae oi?aiaee.

Oaeei ia?acii, iiaeii i?ineaaeeoue oaiaeaioeeth ia?aeeaeueiiai ?acaeoey
eiiia?/aneiai e aaieianeiai e?aaeeoiaaiey aiaoiae oi?aiaee. Yoa
oaiaeaioeey caeeth/aaony a iinoaiaiiii, iaaeeaiiii, ii onoie/eaii
auoaniaiee aaieianeei e?aaeeoii eiiia?/aneiai ec yoie noa?u. Ii yoi ia
icia/aao, /oi eiiia?/aneea oi?iu e?aaeeoiaaiey ooee a i?ioeia. E
naaiaeiy eiiia?/aneee aaieianeee e?aaeeo ana aua ninoaaeytho
naiaia?aciue neiaeic.

II. AAENAEUe EAE EINO?OIAIO EIIIA?*ANEIAI E?AAeEOA

1. Iauay oa?aeoa?enoeea aaenaeae

Aaenaeue – yoi ?aciiaeaeiinoue aeieaiaiai iaycaoaeuenoaa, ninoaaeaiiiai
a no?iai ii?aaeaeaiiie oi?ia, aeathuaai aannii?iia i?aai o?aaiaaoue
oieaou iaicia/aiiie a aaenaea noiiu ii enoa/aiee n?iea, ia eioi?ue ii
auienai.

Aaenaeue –

yoi no?iai oi?iaeueiue aeieoiaio, e ionoonoaea ethaiai ec iaycaoaeueiuo
?aeaeceoia aeaeaao aai iaaeaenoaeoaeueiui;

yoi aaconeiaiia aeaiaaeiia iaycaoaeuenoai, o.e. i?eeac aai iieaoeoue e
i?eiyoea iaycaoaeuenoa ia iieaoa ia iiaoo auoue ia?aie/aiu ieeaeeie
oneiaeyie;

yoi aano?aeoiia iaycaoaeuenoai, o.e. a aai oaenoa ia aeiioneathony
ieeaeea nnueee ia iniiaaiea aai auaea/e.

I?aaeiaoii aaenaeueiiai iaycaoaeuenoaa iiaoo auoue oieueei aeaiueae.

Iniiaie aaenaeueiie naeaeee yaeyaony eiiia?/aneee e?aaeeo,
i?aaeinoaaeyaiue i?aaei?eyoeyie ae?oa ae?oao, ieioy aaie. Ioi?ieaiea
oaeiai e?aaeeoa aaenaeai eiaao ?yae i?aeiouanoa ia?aae, iai?eia?,
e?aaeeoiui aeiaiai?ii. Ai-ia?auo, aaenaeue iiaeeai. Ii e?aaeeoiiio
aeiaiai?o i?aaiecaoeey, auaeaaoay caai, iau/ii ia iiaeao o?aaiaaoue aai
aica?aoa ?aiueoa iaoneiaeaiiiai n?iea. Aaenaeue aea yaeyaony oeaiiie
aoiaaie, e aai a neo/aa iaiaoiaeeiinoe iiaeii i?iaeaoue ia oiiaeiaii
?uiea eee caeiaeeoue a aaie. Ai-aoi?uo, aaenaeue – yoi aano?aeoiia
aeieaiaia iaycaoaeuenoai, ia naycaiiia n eiie?aoiuie oneiaeyie naeaeee,
iiyoiio n aai iiiiuueth oaeiaii i?iecaiaeeoue acaeiica/ao
caaeieaeaiiinoae iaaeaeo i?aaei?eyoeyie. A-o?aoueeo, nouanoaothueie
ii?iaoeaiuie aeoaie [1] i?aaei?eyoeyi i?aaeienuaaaony ia?aioi?ieoue
i?in?i/aiioth e?aaeeoi?neoth caaeieaeaiiinoue a aeaea oeiainiauo
aaenaeae. I?e yoii iniiaaieai aeey aannii?iiai acuneaiey caaeieaeaiiinoe
ii iinoaaeai oiaa?ia e ieacaiiui oneoaai, a oaeaea iaania/aieai
aaieianeeo nnoae ia iieaoo oiaa?ii-iaoa?eaeueiuo oeaiiinoae aeieaeiu
yaeyoueny oieueei ieaoaaeiua iaycaoaeuenoaa n oeene?iaaiiuie n?ieaie
ieaoaaea, a oii /enea ioi?ieaiiua oiaa?iuie aaenaeyie.

?inney i?eaea?aeeaaaony “Aaeeiiia?aciiai aaenaeueiiai caeiia”, i?eiyoiai
a 1930 aiaeo a AEaiaaa. Ana iia?aoeee n aaenaeyie ?aaeaiaioe?othony
“Iieiaeaieai i ia?aaiaeiii e i?inoii aaenaea”, i?eiyoii OeEE e NIE
Nithca NNN? a 1937 aiaeo, aeaenoaea eioi?iai auei iiaeoaa?aeaeaii
Iinoaiiaeaieai I?aceaeeoia AN ?NON? io 24 ethiy 1991 a. [2].

E?iia yoiai, ia?auaiea aaenaeae ?aaoee?oaony “?aeiiaiaeaoeeyie ii
eniieueciaaieth aaenaeae a oicyenoaaiiii iai?ioa” Oeaio?aeueiiai aaiea
?O [3], “A?aiaiiuie iniiaiuie iieiaeaieyie ii ia?ao/aoo aaenaeae
i?aaei?eyoee Aaieii ?innee” [4] e ae?oaeie caeiiiaeaoaeueiuie aeoaie.

Aaenaey yaeythony oeaiiuie aoiaaaie. Eo ii?aaeaeaiea aeaaony a
A?aaeaeaineii eiaeaena ?O [5] e no. 35 “Iniia a?aaeaeaineiai
caeiiiaeaoaeuenoaa Nithca NN?” [6], a Caeii ?O “I aeaiaaeiie nenoaia ?O”
(no. 13) n/eoaao aaenaeue ieaoaaeiui aeieoiaioii, eniieuecoaiui a
aaciaee/iuo ?an/aoao.

A iaeioi?uo no?aiao, a iniiaiii n aiaei-aia?eeaineei i?aaii, aeaenoaotho
ii?iaoeaiua aeou, ioee/iua io AEaiaaneiai niaeaoaiey. E?iia oiai,
nouanoaotho no?aiu, /uea aaenaeueiia caeiiiaeaoaeuenoai ia niioaaonoaoao
ie Aaeeiiia?aciiio aaenaeueiiio caeiio, ie aiaei-aia?eeaineiio i?aao.

Aaenaeue aeieaeai auoue ninoaaeai a ienueiaiiie oi?ia eeai ia
niaoeeaeueiii aaenaeueiii aeaiea, eeai ia i?inoii eenoa aoiaae n
iaycaoaeueiui niaethaeaieai anao ?aeaeceoia.

Aaenaeue iiaeao auoue ninoaaeai ia ethaii ycuea, ii neaaeoao o/eouaaoue,
/oi Aaie ?innee i?eieiaao e o/aoo aaenaey i?aaei?eyoee-?aceaeaioia,
iaienaiiua oieueei ia ?onneii ycuea [4].

2. Iniiaiua iiiyoey aaenaeueiiai ia?auaiey

Aaenaey auaatho i?inoua e ia?aaiaeiua.

I?inoie aaenaeue (niei-aaenaeue) auienuaaaony e iiaeienuaaaony
aeieaeieeii e niaea?aeeo aai aaconeiaiia iaycaoaeuenoai oieaoeoue
e?aaeeoi?o ii?aaeaeaiioth noiio a iaoneiaeaiiue n?ie e a ii?aaeaeaiiii
ianoa.

Ia?aaiaeiie aaenaeue (o?aooa) auienuaaao e iiaeienuaaao e?aaeeoi?
(o?annaio). Ii niaea?aeeo i?eeac aeieaeieeo (o?annaoo) iieaoeoue a
oeacaiiue n?ie iaicia/aiioth a aaenaea noiio o?aoueaio eeoeo
(?aieoaioo).

Ia?aaiaeiie aaenaeue eae oaeiaie ia eiaao neeu caeiiiiai ieaoaaeiiai
n?aaenoaa, a yaeyaony eeoue i?aaenoaaeoaeai aeaenoaeoaeueiuo aeaiaa,
iiyoiio a i?aeoeea i?eiyoi, /oi aeieaeiee-o?annao iaycai ienueiaiii
iiaeoaa?aeeoue naia niaeanea i?iecaanoe ieaoaae ii aaenaeth a
iaicia/aiiue n?ie, o.a. niaa?oeoue aeoeaio o?aoou. Aeoeaio niaa?oaaony a
aeaea iaaeiene ia eeoeaaie noi?iia aaenaey.

Aeoeaio o?aoou iiaeao auoue iauei eee ia?aie/aiiui. Ieeaeea ae?oaea
ia?aie/eoaeueiua caiene a oaenoa o?aoou ia ?ac?aoaiu, iioiio /oi aeoeaio
aeieaeai auoue i?inoui e ie/ai ia iaoneiaeaiiui. *anoe/iue
(ia?aie/aiiue) aeoeaio -yoi ienueiaiiia niaeanea aeieaeieea iieaoeoue
oieueei /anoue noiiu, oeacaiiie ia o?aooa.

Aa?aioeae ieaoaaeae ii o?aooai e i?inoui aaenaeyi yaeyaony eo
aaaee?iaaiea (iiaeoaa?aeaeaiea) aaieaie. Aaaeue icia/aao aa?aioeth
ieaoaaea ii aaenaeth ni noi?iiu aaiea, anee aeieaeiee ia auiieiee a n?ie
iaycaoaeuenoa ii aaenaeth. Aaaeue aeaaony ia eeoeaaie noi?iia aaenaey.

Aaenaeue aunooiaao oaeaea a ea/anoaa iai?ioiiai aeieoiaioa. Yoi
icia/aao, /oi ia?aaea/a aaenaey ae?oaiio eeoeo inouanoaeyaony aeey
eiaiiuo aaenaeae iooai ia?aaeaoi/iie iaaeiene (eiaeinnaiaioa). Oaeay
iaaeienue noaaeony ia iai?ioiie noi?iia aaenaey e iiaeienuaaaony
eiaeinnaioii, o.a. eeoeii, naeaeaaoei ia?aaeaoi/ioth iaaeienue.
Eiaeinnaiaio aeieaeai auoue aaconeiaiui, iiyoiio ana ia?aie/eoaeueiua
oneiaey, aianaiiua a iaai, n/eoathony iaaeaenoaeoaeueiuie. Iin?aaenoaii
ia?aaeaoi/iie iaaeiene eiaeinnaio ia?aaeaao ae?oaiio eeoeo, a iieueco
eioi?iai naeaeaia iaaeienue, ana i?aaa, o?aaiaaiey e ?enee ii aaenaeth.

Aaenaey iiaoo o/eouaaoueny aaieaie. Nooue yoie iia?aoeee ninoieo a oii,
/oi aaenaeaaea?aeaoaeue ia?aaeaao (i?iaeaao) aaenaey aaieo ii
eiaeinnaiaioo aei ianooieaiey n?iea ieaoaaea e iieo/aao ca yoi
aaenaeueioth noiio ca au/aoii i?ioeaioa, i?e/eoathuaainy aaieo. Yoio
i?ioeaio iacuaaaony o/aoiui i?ioeaioii, eee aeeneiioii. A naith
i/a?aaeue eiiia?/aneea aaiee iiaoo ia?ao/anoue aaenaey i?aaei?eyoee a
ae?oaeo e?aaeeoiuo o/?aaeaeaieyo eee a Aaiea ?innee [4].

Ie naie aaenaey, ie eo ia?aaea/a a ianoiyuee iiiaio ia iaeaaathony
aa?aiaui nai?ii*. Aianoi iaai ii iia?aoeeyi n ia?aaiaeiuie aaenaeyie
aa?aony iaeia ia iia?aoeee n oeaiiuie aoiaaaie ii noaaea 0,3% io noiiu
aaenaey. Iia?aoeee n i?inouie aaenaeyie ia iaeaaathony yoei iaeiaii.

E?iia aeaeaiey ia aeaeu – i?inoua e ia?aaiaeiua, ?acee/atho ianeieueei
oi?i aaenaeae: oiaa?iua, oeiainiaua, aaieianeea, aeaieiaua, ae?oaeaneea,
a?iiciaua, iaania/eoaeueneea.

Oiaa?iua (eee eiiia?/aneea) aaenaey eniieuecothony ai acaeiiioiioaieyo
iieoiaoaey e i?iaeaaoea a ?aaeueiuo naeaeeao n iinoaaeie i?iaeoeoeee eee
oneoa.

Oeiainiaua aaenaey eiatho a naiae iniiaa nnoaeo, auaeaaaaioth
i?aaei?eyoeai ca n/ao eiathueony naiaiaeiuo n?aaenoa ae?oaiio
i?aaei?eyoeth. Niaeanii Oeaco I?aceaeaioa ?O ? 1662 [1] e oeiainiaui
ioianaiu oaeaea aaenaey, ioi?ieythuea i?in?i/aiioth e?aaeeoi?neoth
caaeieaeaiiinoue i?aaei?eyoee.

A iineaaeiaa a?aiy a ?innee oe?ieia ?ani?ino?aiaiea iieo/eee aaieianeea
aaenaey. Iie oaeinoiaa?ytho, /oi i?aaei?eyoea aianei a aaie aeaiiceo a
noiia, oeacaiiie a aaenaea. Aaie iaycoaony iiaaneoue oaeie aaenaeue i?e
i?aaeuyaeaiee aai e iieaoa a oeacaiiue n?ie. I?e yoii ia aaenaeue
ia/eneyaony ii?aaeaeaiiue i?ioeaioiue aeioiae. A aeaiiii neo/aa aaenaeue
oaeoe/anee auiieiyao ?ieue aeaiiceoiiai na?oeoeeaoa.

?aeoa-aaenaeue, eee eiaiiie aaenaeue ia iiaeao eiaeinne?iaaoueny.

A aeaieiaii aaenaea iieoiaoaeue aeoeaiooao ionoie oi?ioey? aaenaey,
eioi?ue a aeaeueiaeoai aoaeao caiieiai i?iaeaaoeii. Oaeay neooaoeey
aiciiaeia, eiaaea a oiaea ia?aaiai?ia ia onoaiiaeaiu ieii/aoaeueiay
oeaia oiaa?a (eee iia iiaeao eciaieoueny a ?acoeueoaoa aeinoaaee) e n?ie
iinoaaee. Anoanoaaiii, /oi oaeie aaenaeue iiaeao auoue auienai oieueei
noi?iiaie, aeiaa?ythueie ae?oa ae?oao, eai i?e aianaiee a iaai noiiu,
ioee/iie io niaeaniaaiiie n ieaoaeueueeii, iineaaeiee ana ?aaii aoaeao
auioaeaeai aa caieaoeoue.

Ae?oaeaneea aaenaey auaeathony ethaeueie, aaconeiaii aeiaa?ythueie ae?oa
ae?oao. I?e yoii iaeii eeoei a oeaeyo iiiiue i?aaei?eyoeth,
eniuouaathuaio oeiainiaua o?oaeiinoe, aeoeaiooai aai aaenaeue aeey oiai,
/oiau iineaaeiaa eeai ?anieaoeeinue ni naieie aeieaeieeaie, eeai o/ei
aai a aaiea. I?aaeiieaaaaony, /oi auienaaoee aaenaeue a aeaeueiaeoai
ecuuao n?aaenoaa, /oiau naiiio iiaaneoue aai.

A?iiciaue aaenaeue – yoi aaenaeue, ia eiathuee ?aaeueiiai iaania/aiey,
auienaiiue ia auiuoeaiiia eeoei. Aeioiae ii oaeiio aaenaeth iioaiieee
iieo/atho iooai o/aoa aai a aaiea. A?iiciaua aaenaey iiaoo auienuaaoueny
e ia ?aaeueiua oe?iu. I?e yoii aeaa oe?iu iaiaieaathony aaenaeyie e
o/eouaatho eo a ?aciuo aaieao. Ia?aae n?ieii iiaaoaiey ia?auo aaenaeae
iie aiiaue auienuaatho aaenaey ae?oa ia ae?oaa e n iiiiuueth eo o/aoa
iuoathony iiaaneoue noa?oth nnoaeo.

A ?innee a?iiciaua e ae?oaeaneea aaenaey cai?auaiu [3].

Iaania/eoaeueneee aaenaeue auienuaaaony aeey iaania/aiey nnoaeu
iaiaaeaaeiiai caaiueea. Ii o?aieony ia aeaiiie?iaaiiii n/aoa caaiueea e
ia i?aaeiacia/aaony aeey aeaeueiaeoaai iai?ioa. Anee ieaoaae niaa?oaaony
a n?ie, oi aaenaeue iiaaoaaony, anee iao – oi aeieaeieeo i?aaeuyaeythony
i?aoaicee.

3. Ia?aaiaeiie aaenaeue

A iia?aoeeyo n ia?aaiaeiui aaenaeai o/anoaotho o?e noi?iiu: o?annaio
(e?aaeeoi?), o?annao (aeieaeiee) e iieo/aoaeue ieaoaaea (?aieoaio).
Iaeaieaa oeie/iay noaia eniieueciaaiey yoiai aaenaey, eiaaea
i?aaei?eyoea-iinoaauee aa?ao iiae naith i?iecaiaenoaaiioth
aeayoaeueiinoue nnoaeo a aaiea e iiaaoaao aa n iiiiuueth ieaoaaeae ia
eiy aaiea io naieo iieoiaoaeae, o.a. ia?aaiaeiie aaenaeue iiaaoaao aeaa
e?aaeeoa: o?annaoa o?annaioo e o?annaioa ?aieoaioo. Yoa noaia iicaieyao
aaieo eiio?iee?iaaoue oeaeaaia eniieueciaaiea e?aaeeoa.

A ia?aaiaeiii aaenaea o?annao iinea aeoeaioa o?aoou eiaao i?yiia
iaycaoaeuenoai ia?aae ?aieoaioii. O?annaio aea ianao oneiaioth
ioaaonoaaiiinoue. Ii iaycoaony caieaoeoue aaenaeueioth noiio, anee
o?annao ia aeoeaioiaae aaenaeue, aeoeaioiaae, ii ia caieaoee eee aiiaua
ioeacaeny ieaoeoue. Anoanoaaiii, /oi aeey aicieeiiaaiey iaycaoaeuenoa ii
ia?aaiaeiiio aaenaeth ?aieoaio aeieaeai aia?aiy i?aaenoaaeoue aai e
aeoeaioo e ieaoaaeo, o.e. iaauiieiaiea yoeo oneiaee iiaeao auoue
ioianaii e aai aeia.

Ia?aaiaeiie aaenaeue aeieaeai niaea?aeaoue neaaeothuea ?aeaeceou
[2]:

iaeiaiiaaiea “aaenaeue”, aeeth/aiiia a oaeno aeieoiaioa e au?aaeaiiia ia
aai ycuea;

i?inoia e ie/ai ia iaoneiaeaiiia i?aaeeiaeaiea oieaoeoue ii?aaeaeaiioth
noiio aeaiaa;

iaeiaiiaaiea e aae?an aeieaeieea (o?annaoa);

oeacaiea n?iea ieaoaaea;

oeacaiea ianoa ieaoaaea;

iaeiaiiaaiea iieo/aoaey ieaoaaea (?aieoaioa), eioi?iio eee ii i?eeaco
eioi?iai aeieaeai auoue niaa?oai ieaoaae;

oeacaiea aeaou e ianoa ninoaaeaiey aaenaey;

iiaeienue aaenaeaaeaoaey (o?annaioa).

Aeieoiaio aac eaeiai-eeai ec yoeo ?aeaeceoia ia eiaao neeu ia?aaiaeiiai
aaenaey*.

?acaa?ai eo iiae?iaiaa.

1. Aaenaeueiua iaoee. *oiau ioee/eoue aaenaeue io ?iaenoaaiiuo aio
aeieoiaioia, iaiaoiaeeii i?aaeaea anaai aai iaicia/eoue neiaii
“aaenaeue”. Ia eiino?aiiuo ycueao yoi neiai ieoaony neaaeothuei ia?acii:
“Bill of Exchange” (aiae.); “Lettre de chage” (o?aioe.); “Letra de
Cambio” (eni.); “Wechsel” (iai.). Ii iaeiiai yoiai neiaa iaaeinoaoi/ii,
o.e. ethaiio ae?oaiio aeieoiaioo a yoii neo/aa iiaeii caaeiei /eneii
i?eaeaoue oi?io aaenaey. A naiii oaenoa aeieaeiu niaea?aeaoueny neiaa:
”Caieaoeoa ii yoiio aaenaeth a iieueco…” eee “… ieaoeoa i?ioea yoiai
ia?aaiaeiiai aaenaey i?eeaco…”.

2. Aaenaeueiay noiia. Eae oaea ioia/aeinue a ?acaeaea 1, aaenaeue – yoi
aano?aeoiia iaycaoaeuenoai iieaoeoue ii?aaeaeaiioth noiio aeaiaa.

Aeey aaenaeaaea?aeaoaey niaa?oaiii aac?acee/ii, eaeay naeaeea eaaeaea a
iniiaa ioiioaiee i?iaeaaoea e iieoiaoaey. Iiyoiio aaenaeueiay noiia ia
iiaeao nii?iaiaeaeaoueny eaeeie-eeai nnueeaie ia iaycaoaeuenoaa ii
naeaeea. Anee iie nouanoaotho, oi aeieoiaio oa?yao neeo aaenaey**.

Aaenaeueiay noiia aeieaeia auoue oi/ii oeacaia a oaenoa aaenaey
i?iienueth eee oeeo?aie. A neo/aa ?aciiaeanee iaaeaeo noiiie, oeacaiiie
oeeo?aie e i?iienueth, aa?iie n/eoaaony noiia, oeacaiiay i?iienueth.
Anee a aaenaea i?enoonoaoao ianeieueei noii, oi ii n/eoaaony auienaiiui
ia iaiueooth.

A ia?aaiaeiii aaenaea, eioi?ue iiaeeaaeeo iieaoa n?ieii ii i?aaeuyaeaiee
eee ai noieueei-oi a?aiaie io i?aaeuyaeaiey, ia aaenaeueioth noiio iiaoo
ia/eneyoueny i?ioeaiou. A aaenaeyo n oeene?iaaiiie aeaoie ieaoaaea yoi
oneiaea n/eoaaony ia iaienaiiui.

I?ioeaioiay noaaea aeieaeia auoue oeacaia a aaenaea, a i?ioeaiii neo/aa
iia oiaea n/eoaaony ia iaienaiiie. I?ioeaiou ?ann/eouaathony ni aeiy
ninoaaeaiey ia?aaiaeiiai aaenaey, anee ia oeacaia ae?oaay aeaoa.

A aaenaeyo n ae?oaeie aeaoaie ieaoaaea i?ioeaiou iiaoo aeeth/aoueny
iaiin?aaenoaaiii a aaenaeueioth noiio.

I?e ia?aoiaea aaenaey io iaeiiai aeaaeaeueoea e ae?oaiio ae?iaeaiea
aaenaeueiie noiiu ia aeiioneaaony.

3. Iaeiaiiaaiea e aae?an ieaoaeueueea. Iau/ii ii oeacuaaaony neaaa aieco
aaenaey. Ieaoaeueueeii iiaeao auoue e th?eaee/aneia, e oece/aneia eeoei.

4. N?ie ieaoaaea. ?acee/atho neaaeothuea n?iee ieaoaaea:

a) ii i?aaeuyaeaiee. Ieaoaae aeieaeai auoue i?iecaaaeai i?e
i?aaeuyaeaiee aaenaey, /oi iaiaa?eaaaony o?acie: “Iieaoeoa ii
i?aaeuyaeaiee”. A aaenaea iiaoo auoue iaiai?aiu iaeneiaeueiua e
ieieiaeueiua n?iee i?aaeuyaeaiey, iai?eia? “ii i?aaeuyaeaiee, ii ia
iicaeiaa 20 ethey 1995 a.”. Anee yoiai ia oeacaii, oi ii iiaeao auoue
i?aaeuyaeai e iieaoa oieueei a oa/aiea aiaea ni aeiy aunoaaeaiey.

I?e i?in?i/ea yoiai n?iea aeaaeaeaoe aaenaey oa?yao i?aai ia o?aaiaaiea
ieaoaaea.

N?ie i?aaeuyaeaiey aaenaey iiaeao auoue nie?auai aai iieo/aoaeyie ii
eiaeinnaiaioo. Aaenaeaaeaoaeue oaeaea iiaeao onoaiiaeoue, /oi aaenaeue
iiaeao auoue i?aaeuyaeai e ieaoaaeo ia ?aiaa ii?aaeaeaiiie aeaou. A yoii
neo/aa n?ie aeey i?aaeuyaeaiey ion/eouaaaony ia/eiay n yoie aeaou;

a) ai noieueei-oi a?aiaie io i?aaeuyaeaiey (aaenaeue “aviso”).

Caienue a oaenoa aaenaey a yoii neo/aa eiaao aeae: “Ieaoeoa /a?ac (/enei
aeiae) iinea i?aaeuyaeaiey”. Aeiai i?aaeuyaeaiey n/eoaaony aeaoa ioiaoee
ieaoaeueueea ia aaenaea i niaeanee ia iieaoo (oaeoe/aneee aeoeaio
o?aoou) eee aeaoa i?ioanoa ii yoiio iiaiaeo. Anee eiia ia iaiai?aii a
aaenaea, oi aiaeiae/ii ioieoo a) n?ie io ninoaaeaiey aei iieaou ia
aeieaeai i?aauoaoue iaeiiai aiaea, o.a. i?aaeuyaeaiea aai aeieaeii
o/eouaaoue, /oi aeaoa iieaou aeieaeia i?eoiaeeoueny ia aiaeiaie io?acie
ni aeiy ninoaaeaiey. Iai?eia?, aaenaeue n iieaoie /a?ac aeaa ianyoea ni
aeiy i?aaenoaaeaiey, ninoaaeaiiue 1 naioya?y 1994 a. aeieaeai auoue
i?aaenoaaeai e iieaoa ia iicaea 1 ethey 1995 a.;

a) ai noieueei-oi a?aiaie io ninoaaeaiey (aaenaeue “a dato”).

Ion/ao a?aiaie ia/eiaaony ni neaaeothuaai aeiy iinea aeaou ninoaaeaiey
aaenaey. N?ie ieaoaaea n/eoaaony ianooieaoei a iineaaeiee aeaiue,
oeacaiiue a aaenaea, a ia ia neaaeothuee iinea iaai. Anee n?ie ieaoaaea
ii?aaeaeyaony ianyoeaie io aeaou ninoaaeaiey, oi ii ianooiaao a oi /enei
iineaaeiaai ianyoea, eioi?ia niioaaonoaoao /eneo iaienaiey aaenaey, a
anee oaeiai /enea iao, oi a iineaaeiaa /enei yoiai ianyoea. Anee n?ie
ieaoaaea iacia/ai ia ia/aei, na?aaeeio, eiiaoe ianyoea, oi iiae yoei
iiae?acoiaaathony ia?aia, iyoiaaeoeaoia e iineaaeiaa /enei ianyoea.
O?acu, niioaaonoaothuea oneiaeth ieaoaaea ai noieueei-oi a?aiaie io
ninoaaeaiey, eiatho aeae: “Iieaoeoa aaenaeue /a?ac 3 ianyoea” eee “N?ie
2 ianyoea ni aeiy aunoaaeaiey”;

ae) n?ie ieaoaaea – ia?aai/ee aeaiue. Ieaoaae ii oaeiio aaenaeth iiaeao
auoue iio?aaiaai a ia?aue neaaeothuee ?aai/ee aeaiue.

Anee a aaenaea eaeie-eeai n?ie ieaoaaea ia oeacai, oi ii n/eoaaony
niaeanii “Iieiaeaieth i ia?aaiaeiii e i?inoii aaenaea” (i.1.2) aaenaeai
ia i?aaeuyaeoaey. Iaeiaei niaeanii ?aeiiaiaeaoeeyi Oeaio?aeueiiai aaiea
?O [3] oaeie aaenaeue n/eoaaony iaaeaenoaeoaeueiui.

N?ie ieaoaaea aeieaeai auoue aaeeiui. Cai?auaaony aunoaaeyoue aaenaey n
iieaoie a iineaaeiaaoaeueiua n?iee, o.a., iai?eia? n iieaoie 30 000
?oaeae 1 ethiy 1994 a. e 50 000 ?oaeae 1 aaaonoa 1994 a.

N?ie ieaoaaea ia iiaeao auoue iaoneiaeai eaeeie-eeai oneiaeyie oeia
auiieiaieai iaycaoaeuenoa ii aeiaiai?o, ?ani?iaeaaeae oiaa?a e o.i.*

5. Ianoi ieaoaaea. Ianoi ieaoaaea aeieaeii auoue oeacaii ia aaenaea.

Yoi aaaeiue ?aeaeceo ia?aaiaeiiai aaenaey, o.e. ii iaio ia aeieaeiee
yaeyaony n ieaoaaeii e e?aaeeoi?o, a e?aaeeoi? nai yaeyaony ca ieaoaaeii
e aeieaeieeo.

Anee eiia ia iaiai?aii, oi ianoii ieaoaaea iau/ii n/eoaaony ianoi
iaoiaeaeaiey ieaoaeueueea. E?iia yoiai, a aaenaea iiaeao auoue oeacai
aaie, aaea aeieaeai auoue i?iecaaaeai ieaoaae.

I?e ionoonoaee oeacaiey ianoa ieaoaaea oaeiaui n/eoaaony
ianoiiaoiaeaeaiey ieaoaeueueea.

Aaenaeue n/eoaaony iaaeaenoaeoaeueiui, anee ia iai oeacaii ianeieueei
iano ieaoaaea. I?e ionoonoaee oeacaiey a aaenaea e ianoa ieaoaaea, e
ianoa iaoiaeaeaiey ieaoaeueueea ii oaeaea n/eoaaony iaaeaenoaeoaeueiui.

6. Iaeiaiiaaiea iieo/aoaey ieaoaaea. Iau/ii ia aaenaea ieoaony: “Ieaoeoa
… i?eeaco (iaeiaiiaaiea ?aieoaioa)”. I?e yoii oeacuaaaony eiie?aoiia
eeoei. Anee ieaoaae i?iecaiaeeony ia eeoei, eioi?ia auaeaei ia?aaiaeiie
aaenaeue, o.a. aaenaeaaeaoaey, oi ia iai ieoaony: “Ieaoeoa a iith
iieueco” eee “Ieaoeoa ii iaoaio i?eeaco”.

Aunoaaeaiea aaenaeae ia i?aaeuyaeoaey ia aeiioneaaony.

7. Oeacaiea aeaou e ianoa ninoaaeaiey aaenaey. Ianoi iaoiaeaeaiey
aaenaeaaeaoaey e ianoi ninoaaeaiey aaenaey iiaoo ia niaiaaeaoue. Anee
ianoi ninoaaeaiey ia oeacaii, ei n/eoaaony ianoiiaoiaeaeaiey o?annaioa.
Anee e yoiai a aaenaea iao, oi ii n/eoaaony iaaeaenoaeoaeueiui. Ianoii
ninoaaeaiey ia iiaoo auoue iaeioi?ua aaia?aoe/aneea ioieou, iai?eia?
“*aeyaeineay iaeanoue” eee aiaeiae/iua. Anee a aaenaea iaia?aiii oeacaii
ia oi ianoi, aaea ii a aeaenoaeoaeueiinoe aue ninoaaeai, a ae?oaia, oi
ii ia oa?yao aaenaeueiie neeu.

Oeacaiea a?aiaie ninoaaeaiey aaenaey iaiaoiaeeii aeey oiai, /oiau
ii?aaeaeeoue a neo/aa aicieeiiaaiey nii?a, aue ee aaenaeaaeaoaeue a
iiiaio auaea/e aaenaey aeaaniiniaai eee iia ee aiiaua i?eieiaoue ia naay
aaenaeueiua iaycaoaeuenoaa. Aeaoa ninoaaeaiey ea?aao aaaeioth ?ieue a
aaenaeyo ni n?ieii iieaou “ai noieueei-oi a?aiaie io ninoaaeaiey”, “ii
i?aaeuyaeaiee”, “ai noieueei-oi a?aiaie io i?aaeuyaeaiey”. Aaenaey n
ia?aaeueiuie aeaoaie ninoaaeaiey n/eoathony iaaeaenoaeoaeueiuie.

8. Iiaeienue aaenaeaaeaoaey. Ia?aae iiaeienueth o?annaioa oeacuaathony
aai iieiia iaeiaiiaaiea e ianoiiaoiaeaeaiey. Yoe aeaiiua iiaeii aiineoue
oeiia?aoneei niiniaii eee n iiiiuueth ooaiia. Iiaeienue aea o?annaioa
aeaeaaony ?oeiieniui iooai. Aac iaa aaenaeue n/eoaaony
iaaeaenoaeoaeueiui. Anee aaenaeue aunoaaeyaony i?aaei?eyoeai, oi ii
iiaeienuaaaony aeaoiy eeoeaie, aece?othueie aeaiaaeiua aeieoiaiou, eee
ae?oaeie eeoeaie ii aeiaa?aiiinoe.

O?annaio, iinoaaea iiaeienue ia aaenaea, aa?ao ia naay ioaaonoaaiiinoue
ca i?eai aaenaey e iieaoa e ca aai iieaoo. Iaeiaei ii iiaeao neiaeeoue n
naay ioaaonoaaiiinoue ca aeoeaio, naeaeaa ioiaoeo “Aac iaycaoaeuenoa”
eee “Aac aa?aioee”. Ioaaonoaaiiinoue ieaoaaea a neo/aa iaiieaou aaenaey
aeieaeieeii ii niyoue n naay ia iiaeao.

Anee ia ia?aaiaeiii aaenaea eiathony iiaeiene iiaeaeaeueiua eee
ianouanoaothueo eeoe, oi iiaeiene ae?oaeo eeoe inoathony
aeaenoaeoaeueiuie e oaeie aaenaeue ia n/eoaaony aaoiiaoe/anee
iaaeaenoaeoaeueiui.

Iacia/aiea ieaoaeueueeii ii aaenaeth eaeiai-eeai o?aoueaai eeoea
(iai?eia? aaiea) iacuaaaony aeiieoeeeyoeeae, a oaeie aaenaeue –
aeiieoeeee?iaaiiui. Aiaoiei i?eciaeii oaeeo aaenaeae neoaeeo iaaeienue:
“ieaoaae a … aaiea” iiae iiaeienueth ieaoaeueueea. Aaie iiea/eaaao
aaenaeue, oieueei anee ieaoaeueuee aian a aaie aaenaeueioth noiio eee ia
n/aoa eeeaioa, eioi?ue auaeae ii?o/aiea ia iieaoo aaenaey, eiaaony
aeinoaoi/iay noiia. A i?ioeaiii neo/aa aaie ioeacuaaao a ieaoaaea e
aaenaeue ii?ioanoiauaaaony.

Aaiee ca iieaoo aaenaeae noi?iiieo ieaoaeueueeia iau/ii aa?oo
iaaieueooth eiienneth, ni naieo eeeaioia ieaoa ia aceiaaony.

4. Eiaeinnaiaio

A ?acaeaea 2 auea aeaia e?aoeay oa?aeoa?enoeea eiaeinnaiaioa. Nooue aai
ninoieo a oii, /oi ia iai?ioiie noi?iia aaenaey eee aeiaaai/iii eenoa
(aeiiaea) aeaeaaony ia?aaeaoi/iay iaaeienue, iin?aaenoaii eioi?ie
ae?oaiio eeoeo aianoa n aaenaeai ia?aaeaaony i?aai iieo/aiey ieaoaaea.

Eeoei, ia?aaeathuaa aaenaeue ii eiaeinnaiaioo, iacuaaaony eiaeinnaioii,
a iieo/eaoaa – eiaeinnaoii. Aeaenoaea ia?aaea/e aaenaey iacuaaaony
eiaeinne?iaaieai eee eiaeinnaoeeae.

Eiaeinnaiaio iiaeao auoue niaa?oai a iieueco ethaiai eeoea, a oii /enea
aeaaea a iieueco ieaoaeueueea eee aaenaeaaeaoaey. Ii aeieaeai auoue
i?inoui e ie/ai ia iaoneiaeaiiui. *anoe/iue eiaeinnaiaio, o.a. ia?aaea/a
oieueei /anoe noiiu aaenaey, ia aeiioneaaony.

Eiaeinnaio ioaa/aao ca aeoeaio e ieaoaae. Ii iiaeao niyoue n naay
ioaaonoaaiiinoue iooai iaaeiene “Aac iai?ioa ia iaiy”, oioy oaeay
iaaeienue, ianiiiaiii, nieceo eioa?an e oaeiio aaenaeth o iineaaeothueo
aai i?eia?aoaoaeae.

Eiaeinnaio iiaeao cai?aoeoue iiaue eiaeinnaiaio iaiai?eie “Ia i?eeaco”
eee “Ieaoeoa oieueei …”. A oaeii neo/aa ii ia ianao ioaaonoaaiiinoe
ia?aae neaaeothueie eiaeinnaoaie, anee ii ana-oaee aue naeaeai.

Ia?aaeaoi/iua iaaeiene iau/ii eiatho aeae: “Ieaoeoa i?eeaco …” eee
“Aianoi iaiy oieaoeoa …”. Ia?aaeaoi/iay iaaeienue aeieaeia auoue
nianoaaiii?o/ii iiaeienaia eiaeinnaioii, inoaeueiua aa yeaiaiou iiaoo
auoue aini?iecaaaeaiu iaoaie/aneei iooai. Ca/a?eiooua eiaeinnaiaiou
n/eoathony iaiaienaiiuie.

Eiaeinnaiaiou auaatho neaaeothueo aeaeia:

a) aeaieiaue eiaeinnaiaio. A yoie ia?aaeaoi/iie iaaeiene ia oeacuaaaony,
ii i?eeaco eaeiai eeoea iaiaoiaeeii niaa?oeoue ieaoaae, ii iia
iiaeienuaaaony eiaeinnaioii. Oaeie aaenaeue n/eoaaony aunoaaeaiiui ia
i?aaeuyaeoaey, e aai iiaeii ia?aaeaoue ae?oaiio eeoeo iooai i?inoiai
a?o/aiey. Aeaieiaue eiaeinnaiaio iiaeii i?aa?aoeoue a iieiue (ni.
ieaea), naeaeaa iaaeienue, ii i?eeaco eaeiai eeoea neaaeoao niaa?oeoue
ieaoaae. Neeo aeaieiaiai eiaeinnaiaioa eiaao eiaeinnaiaio ia
i?aaeuyaeoaey, iau/ii au?aaeaaiue neiaaie “Ieaoeoa i?aaeuyaeoaeth naai
aaenaey …”;

a) eiaiiie (iieiue) eiaeinnaiaio. A yoii neo/aa a ia?aaeaoi/iie iaaeiene
oeacuaaaony eiy eee iaeiaiiaaiea eiaeinnaoa. I?e iieo/aiee aaenaey ii
iieiiio eiaeinnaiaioo iaiaoiaeeii i?iaa?eoue iai?a?uaiinoue
ia?aaeaoi/iuo iaaeienae;

a) i?aii?o/eoaeueiue (eieanniaue) eiaeinnaiaio. Oaeay ia?aaeaoi/iay
iaaeienue aeaeaaony aea?aeaoaeai aaenaey i?e ia?aaea/a yoiai aeieoiaioa
aaieo n i?inueaie iieo/eoue ii iaio ieaoaae. Iia aeeth/aao a naay
iaaeienue: “Aaethoa e iieo/aieth”, “Ia eieanni”, “Aeiaa?yth iieo/eoue”
eee aiaeiae/ioth. Iieo/aoaeue aaenaey ii i?aii?o/eoaeueiiio
eiaeinnaiaioo ia noaiiaeony aai nianoaaiieeii. Eiaeinnaiaio oieueei
oiieiiii/eaaao aai iieo/eoue aeaiueae, ii?ioanoiaaoue aaenaeue a neo/aa
iaiieo/aiey ieaoaaea, oaaaeiieoue i?aaeoanoaothueo iaaeienaoaeae i
iaiinooieaiee ieaoaaea e o.ae. Aeaeueiaeoea eiaeinnaiaiou ia oaeii
aaenaea iiaoo auoue oieueei oaeaea i?aii?o/eoaeueiuie.

Anee aaenaeue ia?aaeaaony a caeia, oi ia?aaeaoi/iay iaaeienue niaea?aeeo
iaiai?eo “Aaethoa a caeia”, “Aaethoa a iaania/aiea” eee aiaeiae/iua.
Aaenaeaaea?aeaoaeue oaeiai aaenaey iiaeao inouanoaeyoue ana i?aaa,
auoaeathuea ec ia?aaiaeiiai aaenaey, ii ia?aaeaaaoue aai iiaeao oieueei
ii i?aii?o/eoaeueiiio eiaeinnaiaioo.

Eiaeinnaiaio, niaa?oaiiue iinea n?iea ieaoaaea, eiaao oa aea
iineaaenoaey, /oi e i?aaeoanoaothuee eiaeinnaiaio.

Eiaeinnaiaio neaaeoao ioee/aoue io oeannee, ia?aaeaoi/iie iaaeiene a
eiaiiuo aeieoiaioao (n iiiiuueth oeannee ia?aaeathony aeaiiceoiua e
naa?aaaoaeueiua na?oeoeeaou). E.A.Aoeiiaa* i?eaiaeeo neaaeothuea
?acee/ey:

a) a ?acoeueoaoa niaa?oaiey eiaeinnaiaioa eiaeinnaio i?eieiaao ia naay
ioaaonoaaiiinoue ia?aae anyeei iineaaeothuei aaenaeaaea?aeaoaeai (anee a
oaeno ia?aaeaoi/iie iaaeiene ia aeeth/aia niaoeeaeueiay iaiai?ea). I?e
oeannee onooiathuee naie i?aaa ioaa/aao eeoue ca eo aeaenoaeoaeueiinoue,
ii ia ca inouanoaeiinoue;

a) oeanney yaeyaony aeaoonoi?iiiei aeiaiai?ii iaaeaeo onooiathuei e
i?eia?aoathuei i?aai. Eiaeinnaiaio aea i?aaenoaaeyao niaie
iaeiinoi?iiithth naeaeeo, niaa?oaaioth onooiathuei naie i?aaa ii
aaenaeth;

a) aaenaeueiia caeiiiaeaoaeuenoai aeiioneaao niaa?oaiea aeaieiaiai eee
i?aaeuyaeoaeueneiai eiaeinnaiaioa. Oeanney aea iiaeao auoue oieueei
eiaiiie;

a) eiaeinnaiaio i?aaeiieaaaao iieioth e aaconeiaioth ia?aaea/o i?aa ii
aaenaeth. I?e oeannee ia?aaea/a i?aa iiaeao auoue niaa?oaia iiae
oneiaeai eee /anoe/ii;

ae) eiaeinnaiaio aeieaeai auoue niaa?oai ia aeaiea aaenaey eee
aeiaaai/iii eenoa – aeiiaea. Oeanney iiaeao auoue niaa?oaia eae ia naiii
aeieoiaioa, oae e ioaeaeueiui aeiaiai?ii.

N iiiiuueth oeannee ia?aaeathony aaenaey iinea i?ioanoa a iaieaoaaea eee
iinea enoa/aiey n?iea, onoaiiaeaiiiai aeey niaa?oaiey i?ioanoa.

5. Aeoeaio ia?aaiaeiiai aaenaey

?acaa?ai iiae?iaiaa i?ioeaaeo?o aeoeaioa o?aoou. Eae oaea oiiieiaeinue,
aeieaeiee ii ia?aaiaeiiio aaenaeth aeieaeai aeaoue niaeanea ia iieaoo
o?aoou iooai aa aeoeaioa. Aeoeaio ioia/aaony a eaaie /anoe eeoeaaie
noi?iiu aaenaey e au?aaeaaony neiaaie: “Aeoeaioiaai”, eee “I?eiyo”, eee
“Caiea/o”, eee aiaeiae/iuie ii niuneo, n iaycaoaeueiui i?inoaaeaieai
iiaeiene ieaoaeueueea. I?inoay iiaeienue ieaoaeueueea oaeaea iaicia/aao
aeoeaio aaenaey.

I?aaeuyaeaiea aaenaey e aeoeaioo iiaeao auoue i?iecaaaeaii ai anyeia
a?aiy, ia/eiay ni aeiy auaea/e e eii/ay iiiaioii ianooieaiey ieaoaaea.
Aaenaeue iiaeao auoue i?aaeuyaeai e aeoeaioo e aeoeaioiaai aeaaea iinea
ianooieaiey n?iea ieaoaaea, e aeieaeiee ioaa/aao ii iaio oae aea, eae
anee au ii i?eiye aaenaeue aei n?iea.

O?annao ai?aaa o?aaiaaoue i?aaeuyaeaiey aio aaenaey aoi?e/ii /a?ac
aeaiue iinea ia?aiai i?aaeuyaeaiey. Anee iinea yoiai n?iea ia iineaaeoao
i?eiyoey, oi aaenaeue n/eoaaony ia i?eiyoui. Aeieaeiee ia ai?aaa
o?aaiaaoue inoaaeaiey o naay aaenaey aeey aeoeaioa.

O?annao iiaeao auoue ecaauai i i?aaenoiyuai i?aaeuyaeaiee aaenaey e
aeoeaioo niaoeeaeueiui ienueiii o?annaioa, iacuaaaiui “oaaaeiieoaeueiui
ienueiii”, eee aaeci. Iau/ii a iai oeacuaathony iiae?iaiinoe i auaeaiiii
aaenaea: ianoi e a?aiy auaea/e, aaenaeueiay noiia, n?ie, eiy ia?aiai
i?eia?aoaoaey, ianoi ieaoaaea, a oaeaea aii?inu ?an/aoia o?annaioa e
o?annaoa.

O?annao iiaeao iaiai?eoue eiie?aoiue n?ie i?aaeuyaeaiey aaenaey e
aeoeaioo, iai?eia? ia ?aiueoa ii?aaeaeaiiiai n?iea. Ia?aaiaeiua aaenaey
n iieaoie a ii?aaeaeaiiue aeaiue io i?aaeuyaeaiey aeieaeiu auoue
i?aaenoaaeaiu e aeoeaioo a oa/aiea aiaea ni aeiy eo auaea/e. A yoii
neo/aa aeoeaio aeieaeai auoue aeaoe?iaai.

Aeoeaio aeieaeai auoue i?inoui e ie/ai ia iaoneiaeaiiui, ii ii iiaeao
auoue /anoe/iui – oi anoue aeieaeiee niaeanai iieaoeoue oieueei /anoue
noiiu. Iiaeao aicieeiooue oaeay neooaoeey, eiaaea aeieaeiee iinoaaee
aeoeaio, a caoai, aei aica?auaiey aaenaey, aai ca/a?eioe. A yoii neo/aa
n/eoaaony, /oi a aeoeaioa auei ioeacaii.

Eaeiaa ?ieue aeoeaioa a ?aaeueiuo naeaeeao? I?aaeaea anaai aeoeaio
ea?aao ?ieue ii?aaeaeaiiie aa?aioee io i?aaeuyaeaiey ia i?aaiia?iuo
o?aaiaaiee ii auiieiaieth oneiaee o?aoou.

Anee aeieaeiee n/eoaao, /oi iaycaoaeuenoai ii aaenaeth ia auoaeaao ec
aai ioiioaiee n e?aaeeoi?ii, oi ii iiaeao aai ia aeoeaioiaaoue.

N ae?oaie noi?iiu, iinoaauee, ioi?aaeyy iieo/aoaeth oiaa?, aianoa n
oiaa?i-ioa?oci/iuie aeieoiaioaie ia?aaeaao a aaie e o?aooo.

Iieoiaoaeue oiaa?a ia iieo/eo aeieoiaioia, a neaaeiaaoaeueii, e nai
oiaa?, iiea ia aeoeaiooao aa.

Aeoeaio o?aoou iiaeao niaa?oeoue e aaie. Oaeie aeoeaio iacuaaaony
aaieianeei e i?eiaiyaony a iniiaiii aeey aein?i/iiai o/aoa aaenaey.
Iaeiaei aaiee ca naie aeoeaio aa?oo aunieoth eiienneth, iiyoiio ii ia
iaoae oe?ieiai ?ani?ino?aiaiey. Aaieianeee aeoeaio iaycaoaeai oieueei
i?e ?an/aoao n ?ann?i/eie ieaoaaea a oi?ia aeieoiaioaeueiiai
aee?aaeeoeaa.

Anee aaenaeue aunoaaeai ia nieeaeiua oe?iu, a ieaoaaeaniiniaiinoe
eioi?uo ia niiiaaathony, oi, eae i?aaeei, aaenaeaaea?aeaoaeue ia
i?eaaaaao e aeoeaioo.

6. Aaaeue

Aianoi aaieianeiai aeoeaioa aieaa oaeiaii aaaee?iaaiea
(iiaeoaa?aeaeaiea) aaenaey aaieaie. Aaaeue aunooiaao eae aaenaeueiia
ii?o/eoaeuenoai, a ioiioaiee eioi?iai i?eiaiyaony aaenaeueiia i?aai.

Yoi ii?o/eoaeuenoai icia/aao aa?aioeth iieiiai eee /anoe/iiai ieaoaaea
ii o?aooa, anee aeieaeiee ia auiieiee a n?ie naie iaycaoaeuenoaa. Aaaeue
aeaaony ia eeoeaaie noi?iia aaenaey e au?aaeaaony neiaaie: “N/eoaoue ca
aaaeue” eee anyeie ae?oaie aiaeiae/iie o?acie e iiaeienuaaaony
aaaeenoii. Aaaeue aeaaony ca ethaia ioaaonoaaiiia ii aaenaeth eeoei,
iiyoiio aaaeeno aeieaeai oeacaoue, ca eiai ii aeaao ii?o/eoaeuenoai. I?e
ionoonoaee oaeiai oeacaiey aaaeue n/eoaaony auaeaiiui ca aaenaeaaeaoaey,
o.a. ia ca aeieaeieea, a ca e?aaeeoi?a.

Aaaeeno e eeoei, ca eioi?ia ii ii?o/aaony, ianoo nieeaea?ioth
ioaaonoaaiiinoue. Iieaoea aaenaeue, aaaeeno i?eia?aoaao i?aai ia?aoiiai
o?aaiaaiey e oiio, ca eiai ii auaeae ii?o/eoaeuenoai, a oaeaea e oai,
eoi iaycai ia?aae yoei eeoeii.

7. Iiiaeanoaaiiinoue yecaiiey?ia aaenaey e aai eiiee

A i?aeoeea ia?aaiaeiua aaenaee auienuaathony a ianeieueeeo
oiaeaeanoaaiiuo yecaiiey?ao. Yoe yecaiiey?u aeieaeiu auoue niaaaeaiu
iineaaeiaaoaeueiuie iiia?aie, aeeth/aiiuie a nai oaeno aeieoiaioa, a
i?ioeaiii neo/aa eaaeaeue yecaiiey? ?anniao?eaaaony eae ioaeaeueiue
aaenaeue. Ia?aue yecaiiey? aaenaey iaoeony eae i?eia-aaenaeue, aoi?ie –
eae naeoiaea-aaenaeue e o.ae. I?e yoii aeaaiia ioee/ea yecaiiey?ia
aaenaey, iai?eia? io eiiee, ninoieo a oii, /oi iiaeiene ia eaaeaeii ec
ieo aeieaeiu auoue iiaeeeiiuie.

Ana yecaiiey?u ninoaaeytho aaeeiue aaenaeue, ii eaaeaeue ec ieo iiaeao
ia?auaoueny ioaeaeueii io ae?oaiai. Iiiaeanoaaiiinoue aaenaeae
iaiaoiaeeia aeey oiai, /oiau iaeei yecaiiey? iineaoue aeey aeoeaioa, a
ae?oaie iaiaaeeaiii ionoeoue a iai?io. Ieaoaeueuee aeieaeai
aeoeaioiaaoue oieueei iaeei yecaiiey? aaenaey, a i?ioeaiii neo/aa aio
i?eaeaony ieaoeoue ii anai yecaiiey?ai. Iinea aeoeaioa ii iaycai
ia?aaeaoue naie yecaiiey? aea?aeaoaeth aoi?iai yecaiiey?a o?aoou,
iiyoiio i?e eiaeinnaiaioao ia aoi?uo yecaiiey?ao oeacuaaaony, aaea
iaoiaeeony ia?aue. E iieaoa i?aaeuyaeyaony ia?aue yecaiiey?,
aeoeaioiaaiiue ieaoaeueueeii, e aai iieaoa iiaaoaao ana ae?oaea
yecaiiey?u.

Anee oneiaey aaenaey iiae?acoiaaatho aeoeaioiaaiea ieaoaeueueeii anao
yecaiiey?ia, oi eniieuecoaony iaiai?ea i?eia?ii n oaeei oaenoii:
“Caieaoeoue i?ioea aoi?iai yecaiiey?a (ia?aue ia iiea/eaaaony)”.

Aiaeiae/iui ia?acii nieiathony eiiee n aaenaey. Eiiey aeieaeia a
oi/iinoe aini?iecaiaeeoue i?eaeiae n eiaeinnaiaioaie e ni anaie ae?oaeie
ioiaoeaie, eioi?ua ia iai iaoiaeyony. Iiaeeeiiinoe iiaeienae ia eiieyo
ia o?aaoaony, e iie ia ioia?othony. Eiiey iiaeao eiaeinne?iaaoueny e
aaaee?iaaoueny, ii a iae aeieaeii auoue oeacaii, aaea iaoiaeeony ia?aue
yecaiiey?. Aeaaeaeaoe ia?aiai yecaiiey?a aeieaeai a?o/eoue aai
aea?aeaoaeth eiiee, eai oieueei ia?aue aeoeaioiaaiiue yecaiiey? aaenaey
i?aaeuyaeyaony e iieaoa.

8. I?ioeaaeo?a ieaoaaea ii aaenaeth

Eae oaea ioia/aeinue, i?e en/eneaiee n?iea iiaaoaiey aaenaey ia
o/eouaaaony aeaiue, a eioi?ue ii auienai, e, anee aeaoa ieaoaaea
i?eoiaeeony ia ia?aai/ee aeaiue, oi ii iiea/eaaaony a neaaeothuee
?aai/ee aeaiue.

Aaenaey i?aaeuyaeythony e iieaoa, anee ia iaiai?aii eiia, a ianoa
iaoiaeaeaiey ieaoaeueueea. I?e yoii ii iiaeao auoue i?aaenoaaeai e
iieaoa a aeaiue ieaoaaea eee a oa/aiea ?aai/aai a?aiaie aeaoo
iineaaeothueo aeiae.

Ieaoaae ii aaenaeth aeieaeai neaaeiaaoue iaiaaeeaiii ca i?aaeuyaeaieai.
Ion?i/ea ieaoaaea aiciiaeia oieueei i?e aicieeiiaaiee ianoiyoaeuenoa
iai?aiaeieeiie neeu, iaee/ea eioi?uo aeieaeii auoue iiaeoaa?aeaeaii
eiiiaoaioiui i?aaiii.

Iieaoa aaenaey iiaeao i?iecaiaeeoueny iaee/iui eee aaciaee/iui iooai.
I?e yoii ieaoaeueuee iiaeao iio?aaiaaoue aa?iooue aio o?aooo n ?anieneie
i iieo/aiee ieaoaaea.

Aeieaeiee iiaeao iieaoeoue oieueei /anoue naieo iaycaoaeuenoa, e
i?aaeuyaeoaeue aaenaey iaycai i?eiyoue yoo noiio. A yoii neo/aa ia
aaenaea aeaeaaony ioiaoea i ieaoaaea e inoaaoaeny noiia, e
i?aaeuyaeoaeue aaenaey iiaeao iiaeaoue i?ioano ia aeieaeieea.

I?aaeuyaeaiea aaenaey aei n?iea ia iaycuaaao aeieaeieea iiea/eaaoue aai,
oioy ii e iiaeao i?aaeoniio?aoue aiciiaeiinoue oaeie iieaou. N ae?oaie
noi?iiu, aaenaeaaea?aeaoaeue ia iiaeao auoue i?eioaeaeai i?eiyoue
ieaoaae aei enoa/aiey n?iea aaenaey, ii, anee ii aia?aiy ia yaeony ca
ieaoaaeii, aeieaeiee iiaeao ?acianoeoue noiio ieaoaaea ca aai n/ao ia
aeaiiceo a eiiiaoaioiii i?aaia aeanoe. I?ieiiaaoeey, o.a. ia?aianaiea
n?iea ieaoaaea, ia aeiioneaaony, e anee noi?iiu ana-oaee aeiaiai?eeenue
ia yoii, oi iaiaoiaeeii aunoaaeoue iiaue aaenaeue ia i?aaeieo oneiaeyo
ia iiaue n?ie.

Aaenaeue iiaeao eniieueciaaoueny a ?an/aoao iaaeaeo eiio?aaaioaie,
iaoiaeyueieny a ?aciuo no?aiao e eniieuecothueo ?aciua aaethou.

Aeaiaaeioth noiio iaycaoaeuenoa iaeuecy au?aaeaoue ia aaenaea a aeaoo
eee aieaa aaethoao. Anee aea ii oneiaeyi eiio?aeoa ieaoaae
inouanoaeyaony a ?aciuo aaethoao, oi ia eaaeaeoth ec ieo ninoaaeyaony
ioaeaeueiue aaenaeue.

Eae i?aaeei, aaenaeue auienuaaaony a aaethoa no?aiu, aaea aeieaeai auoue
niaa?oai ieaoaae. Ii aaethoa ieaoaaea ii aaenaeth iiaeao e ia
niaiaaeaoue n aaethoie, a eioi?ie ii auienai. A yoii neo/aa iaiaoiaeeii
a oaenoa oeacaoue eo?n ia?an/aoa aaetho. Anee oaeiai oeacaiey iao, oi ca
eo?n i?eieiatho ioeoeeaeueiia niioiioaiea aaetho, aeaenoaothuaa a ianoa
e ia aeaiue ieaoaaea.

Aaenaeaaeaoaeue iiaeao i?eiaieoue iaiai?eo “yooaeoeaiiai ieaoaaea”, o.a.
ieaoaaea a aaethoa o?aoueae no?aiu.

Aaenaeue iiaeao auoue ia i?eiyo e ieaoaaeo eee aeoeaioo a neaaeothueo
neo/ayo:

a) anee ii oeacaiiiio aae?ano iaaiciiaeii iouneaoue ieaoaeueueea;

a) nia?oe ieaoaeueueea (aeey oece/aneiai eeoea);

a) ianinoiyoaeueiinoe ieaoaeueueea;

a) anee a aaenaea oeacaii “ia aeoeaioiaai”, “ia i?eiyo” e o.i.;

ae) anee caienue ia aeoeaioa ieaaeaony ca/a?eiooie.

9. I?ioano aaenaey

Enee a ia ieaoaaea eee iaaeoeaioa aaenaeae ?anniao?eaathony noaeaaiuie
i?aaiaie, oieueei anee iie auee iaaeeaaeauei ia?acii ii?ioanoiaaiu.
I?aai aaenaeueiiai i?ioanoa iiyaeyaony oiaaea, eiaaea auei niaa?oaii
ioeoeeaeueii oaeinoiaa?aiiia o?aaiaaiea ieaoaaea, aeoeaioa,
aeaoe?iaaiey, e iie ia auee iieo/aiu. Aeey niaa?oaiey i?ioanoa
aaenaeaaea?aeaoaeue eee aai oiieiiii/aiiia eeoei aeieaeiu i?aaeuyaeoue
aaenaeue a iioa?eaeueioth eiioi?o ii ianoo iaoiaeaeaiey ieaoaeueueea eee
aaiea (aeiieieoeeee?iaaiiue aaenaeue).

I?e i?ioanoa a iaieaoaaea aaenaeue aeieaeai auoue i?aaeuyaeai a
iioa?eaeueioth eiioi?o ia iicaeiaa 12 /ania neaaeothuaai iinea enoa/aiey
aeaou ieaoaaea aeiy, a a iaaeoeaioa – a oa/aiea n?iea i?aaeuyaeaiey e
aeoeaioo. A neo/aa enoa/aiey yoiai n?iea aaenaeaaea?aeaoaeue oa?yao naie
i?aaa i?ioea eiaeinnaioia, aaenaeaaeaoaey e ae?oaeo iaycaiiuo eeoe, ca
eneeth/aieai aeoeaioaioa* .

Iioa?eaeueiay eiioi?a aeieaeia aunoaaeoue i?ioano aeieaeieeo a oa/aiea
aeaoo ?aai/eo aeiae iinea n?iea iieaou aaenaey. Anee aaenaeue
ii?ioanoiauaaaony ii iaaeoeaioo, oi i?ioano ii iaieaoaaeo e
i?aaeuyaeaiea e ieaoaaeo oaea ia o?aaothony. Iioa?eaeueiay eiioi?a
ioi?ieyao i?ioano ii onoaiiaeaiiie oi?ia, aeaeaao caienue a ?aano?a e
ioiaoeo ia naiii aaenaea. I?e yoii aceiaaony ainoaea?noaaiiay iioeeia a
?acia?a 5% io iaiiea/aiiie noiiu aaenaey (Caeii ?O “I ainoaea?noaaiiie
iioeeia”, no.3).

A neo/aa ioeoeeaeueiiai iauyaeaiey ieaoaeueueea aaie?ioii iiaeii
ia?auaoueny n eneii a noae aac iioa?eaeueiiai ii?ioanoiauaaiey aaenaey.

N?iee i?aaeuyaeaiey ia?aaiaeiiai aaenaey e ieaoaaeo e i?ioanoo iiaoo
auoue oaaee/aiu ia a?aiy aeaenoaey ianoiyoaeuenoa iai?aiaeieeiie neeu,
ia eanathueony ee/ii aaenaeaaea?aeaoaey. A oa/aiea /aou?ao ?aai/eo aeiae
iinea niaa?oaiey i?ioanoa aaenaeaaea?aeaoaeue aeieaeai ecaanoeoue ia
yoii naiaai eiaeinnaioa e aaenaeaaeaoaey. Eaaeaeue iineaaeothuee
eiaeinnaio a oa/aiea aeaoo ?aai/eo aeiae, neaaeothueo ca aeiai iieo/aiey
ecaauaiey, niiauaao naiaio i?aaeoanoaaiieeo e iaeiia?aiaiii aaaeenoo,
anee ii ii?o/aaony ca yoiai eiaeinnaioa. Iaiinueea ecaauaiey ia eeoaao
aaenaeueiuo i?aa aaenaeaaea?aeaoaey.

Ene iiaeao auoue i?aaeuyaeai aei ianooieaiey n?iea ieaoaaea ii
neaaeothuei i?e/eiai:

a) eiae ianoi /anoe/iue eee iieiue ioeac a aeoeaioa;

a) a neo/aa ianinoiyoaeueiinoe ieaoaeueueea iacaaeneii io oiai,
aeoeaioiaae ii aaenaeue eee iao; a neo/aa i?ae?auaiey ei ieaoaaeae,
aeaaea anee yoi ianoiyoaeuenoai ia auei onoaiiaeaii noaeii; a neo/aa
aac?acoeueoaoiiai ia?auaiey acuneaiey ia aai eiouanoai.

Anee i?ioano niaa?oai naiaa?aiaiii, oi ianooiatho neaaeothuea
iineaaenoaey:

a) i?aaiu noaea ai?aaa i?eieiaoue e ?anniio?aieth oaeea aaenaey e
auaeaaaoue ii iei ?aoaiey;

a) ianooiaao ioaaonoaaiiinoue iaaeienaoaeae aaenaey e o?annaioa. Ana yoe
eeoea, ca eneeth/aieai eiaeinnaioia, iiiaoeaoeo “Aac iai?ioa ia iaiy”,
ianoo nieeaea?ioth ioaaonoaaiiinoue, e aaenaeaaea?aeaoaeue ai?aaa
i?aaeuyaeoue ene ethaiio ec ieo eee anai aianoa. Oaeei ia?acii aicieeaao
i?aai iieaou aaenaey a ii?yaeea ?aa?anna, o.a. ia?aoiiai o?aaiaaiey e
i?aaeuaeouei eiaeinnaioai, aaaeenoai, aaenaeaaeaoaeth;

a) aaenaeaaea?aeaoaeue ai?aaa o?aaiaaoue ii eneo aieueooth noiio, /ai
oeacaii a aaenaea. Noiia oaaee/eaaaony ia:

6% aiaeiauo ia/eiay ni n?iea ieaoaaea ii aaenaeth ii aeaiue
oaeiaeaoai?aiey i?aoaicee;

iaith ia/eiay ni aeiy n?iea ieaoaaea ii aeaiue aeaenoaeoaeueiiai
iieo/aiey aeaiaa;

ecaea?aeee, naycaiiua n i?ioanoii.

A Iieiaeaiee i i?inoii e ia?aaiaeiii aaenaea oeacaia iaiy a ?acia?a 3%,
iaeiaei ia oeacaii, a aiaeiaii eee aeiaaiii en/eneaiee. A
?aeiiaiaeaoeeyo Oeaio?aeueiiai aaiea ?O iaiy aa?aony a aiaeiaii
en/eneaiee. Iaeiaei E.A.Ao?aiiaa n/eoaao, /oi neiai “iaiy” iaicia/aao
iai?a?uaii oaeouoth naieoeeth, ia/eneyaioth a i?ioeaioiii ioiioaiee e
noiia aeieaa ca eaaeaeue aeaiue i?in?i/ee, iiyoiio aa neaaeoao
?anniao?eaaoue a aeiaaiii en/eneaiee.

Aaenaeaaeaoaeue, eiaeinnaio eee aaaeeno iiaoo aeeth/aoue a aaenaeue
iaiai?eo “iai?io aac ecaea?aeae”, “aac i?ioanoa” eee aiaeiae/ioth.

Yoa iaiai?ea inaiaiaeaeaao aaenaeaaea?aeaoaey io niaa?oaiey aeey
inouanoaeaiey aai i?aaa ?aa?anna i?ioanoa a iaaeoeaioa eee a iaieaoaaea.
(Oi anoue aaenaeaaea?aeaoaeue iiaeao n?aco aea ia?auaoueny n eneii a
noae aac ii?ioanoiauaaiey aaenaey a iioa?eaeueiie eiioi?a e oieaou 5%
iioeeiu io noiiu aaenaey.) Iaeiaei iia ia inaiaiaeaeaao aai ie io
i?aaeuyaeaiey aaenaey a onoaiiaeaiiua n?iee, ie io iinueee oaaaeiieaiey.
Anee iaiai?ea aeeth/aia aaenaeaaeaoaeai, oi iia eiaao neeo a ioiioaiee
anao eeoe, iiaeienaaoeo aaenaeue. Anee aa iinoaaeo eiaeinnaio eee
aaaeeno, oi iia eiaao neeo eeoue a ioiioaiee eo.

Anee, ianiio?y ia aeeth/aiioth aaenaeaaeaoaeai iaiai?eo, aea?aeaoaeue
aaenaey niaa?oaao i?ioano, oi ecaea?aeee i?ioanoa eaaeao ia iai.

Anee ene i?aaeuyaeyaony aei ianooieaiey n?iea ieaoaaea, oi ec
aaenaeueiie noiiu oaea?aeeaaaony o/aoiue i?ioeaio, ?ann/eouaaaiue ii
ioeoeeaeueiie aaieianeie o/aoiie noaaea a ianoa iaoiaeaeaiey
aaenaeaaea?aeaoaey ia aeaiue i?aaeuyaeaiey enea.

Anee aaenaeaaea?aeaoaeue oaeiaeaoai?ee naie ene e iaeiiio ec
eiaeinnaioia, oi iineaaeiee iiaeao, a naith i/a?aaeue, oaeaea
i?aaeuyaeoue ene, ii oieueei e i?aaeoanoaothuei eiaeinnaioai, o.e.
neaaeothuea ca iei iaaeienaoaee ia?anoatho ianoe ioaaonoaaiiinoue ii
yoiio aaenaeth.

I?e yoii ii a naie ene aeeth/aao iiieii oiea/aiiie noiiu i?ioeaiou ia
iaa e iiianaiiua ecaea?aeee.

Aaenaeaaea?aeaoaeue eiaao i?aai ia?auaiey a noae ii ii?ioanoiaaiiiio
aaenaeth a oa/aiea n?iea aaenaeueiie aeaaiinoe. Ene e aeoeaioaioo iiaeao
auoue i?aaeuyaeai a oa/aiea 3 eao, e aaenaeaaeaoaeyi e ii ia?aaiaeiiio e
ii i?inoiio aaenaeth, a oaeaea e eiaeinnaioai – a oa/aiea 1 aiaea; enee
iaaeaeo eiaeinnaioaie i?aaeuyaeythony a oa/aiea 6 ianyoeaa.

III. OI?OAOE?IAAIEA

A nia?aiaiiie i?aeoeea eiiia?/aneee e?aaeeo a /enoii aeaea i?aeoe/anee
ia ano?a/aaony, ii aoiaeeo a eaoaai?eth einaaiiiai aaieianeiai
oeiaine?iaaiey a ea/anoaa aa ia/aeueiie ninoaaiie /anoe. Naiui
?ani?ino?aiaiiui iaoiaeii ?aoeiaine?iaaiey eiiia?/aneiai e?aaeeoa
yaeyaony oi?oaoe?iaaiea.

Oi?oaoe?iaaiea – oa?iei, iau/ii oiio?aaeyaiue aeey iaicia/aiey iieoiee
iaycaoaeuenoa, iiaaoaiea eioi?uo i?eoiaeeony ia eaeia-eeai a?aiy a
aoaeouai e eioi?ua aicieeatho a i?ioeanna iinoaaee oiaa?ia e oneoa
(aieueoae /anoueth yenii?oiuo iia?aoeee) aac iai?ioa ia ethaiai
i?aaeuaeouaai aeieaeieea. Neiai “a forfait” o?aioeocneiai
i?ienoiaeaeaiey e au?aaeaao ioeac io i?aa, /oi ninoaaeyao naioth nooue
iia?aoeee ii oi?oaoe?iaaieth.

I?e oi?oaoe?iaaiee i?iaeaaaoe o?aaiaaiey, iiaouaai i?eiyoue, iai?eia?,
oi?io ia?aaiaeiiai aaenaey, caueuaao naay io ethaiai ?aa?anna
aeeth/aieai neia “aac iai?ioa” a eiaeinnaiaio. I?iaeaaoeii
oi?oaoe?oaiiai aaenaey iau/ii yaeyaony yenii?oa?; ii aeoeaiooao aai a
ea/anoaa ieaoaaea ca oiaa?u e oneoae e no?aieony ia?aaeaoue ana ?enee e
ioaaonoaaiiinoue ca eieanne?iaaiea oi?oaoa?o (o.a. aaieo, o/eouaathuaio
aaenaey) a iaiai ia iaiaaeeaiioth iieaoo iaee/iuie aeaiueaaie.

Iau/ii oi?oaoe?iaaieth iiaeeaaeao oi?aiaua o?aoou eee i?inoua aaenaey,
oioy oai?aoe/anee caaeieaeaiiinoue a ethaie oi?ia iiaea au auoue
oi?oaoe?iaaia. Iaiaa oiio?aaeoaeueiua oi?iu aeeth/atho aee?aaeeoea e
auoaeathuea ec iaai ion?i/aiiua ieaoaaee. I?aiaeaaeaiea i?inouo e
ia?aaiaeiuo aaenaeae iauyniyaony eo oiio?aaeaieai a ea/anoaa
eino?oiaioia oi?aiaiai oeiaine?iaaiey a oa/aiea aeeeoaeueiiai a?aiaie e
naienoaaiiie ei iia?aoeeiiiie i?inoioa.

Ieii/aoaeueiue auai? oiai eee eiiai ieaoaaeiiai n?aaenoaa a
iaaeaeoia?iaeiuo oi?aiauo e e?aaeeoiuo naeaeeao caaeneo io
iiiai/eneaiiuo th?eaee/aneeo, yeiiiie/aneeo e iieeoe/aneeo niia?aaeaiee,
/oi ia iicaieyao au?aaioaoue eaeia-eeai iauaa i?aaeei.

Anee eiii?oa? ia yaeyaony ia?aieeanniui caaiueeii, iieuecothueiny
ianiiiaiiie ?aiooaoeeae, ethaay oi?oaoe?oaiay caaeieaeaiiinoue
iaycaoaeueii aeieaeia auoue aa?aioe?iaaia a oi?ia aaaey eee aaconeiaiie
e aaciocuaiie aaieianeie aa?aioee, i?eaieaiie aeey oi?oaoa?a.

Auiieiaiea yoiai oneiaey iniaaiii aaaeii, anee ?anniao?eaaoue naeaeeo
iiae oaeii c?aiey aa iaia?aoeiinoe, o.e. a neo/aa iaieaoaaea ni noi?iiu
aeieaeieea, oi?oaoa? eae ia naith aaeeinoaaiioth aa?aioeth iiaeao
iieiaeeoueny oieueei ia yoo oi?io aaieianeie aa?aioee.

Oi?oaoe?iaaiea – iaeaieaa /anoi i?eiaiyaiay e aaaeiay ec n?aaeian?i/iuo
naeaeie, iineieueeo ioaaouaaao n?ie io 6 ianyoeaa aei 5-6 eao. Iaeiaei
eaaeaeue oi?oaoa? onoaiaaeeaaao naie a?aiaiiua ?aiee, enoiaey, aeaaiui
ia?acii, ec ?uii/iuo oneiaee aeey ii?aaeaeaiiie naeaeee.

I?e oi?oaoe?iaaiee iieoiea aaenaeae inouanoaeyaony ca au/aoii
(aeeneiioii) i?ioeaioia aaainii ca aanue n?ie e?aaeeoa. Yenii?oa?, oaeei
ia?acii, oaeoe/anee i?aa?auaao naith e?aaeeoioth iia?aoeeth ii oi?aiaie
naeaeea a iia?aoeeth n iaee/iinoueth. A yoii neo/aa ii ioaa/aao
aaeeinoaaiii eeoue ca oaeiaeaoai?eoaeueiia ecaioiaeaiea e iinoaaeo
oiaa?ia e i?aaeeueiia ioi?ieaiea aeieoiaioia ii iaycaoaeuenoaai. Yoi
iineaaeiaa ianoiyoaeuenoai aianoa n iaee/eai oeene?iaaiiie i?ioeaioiie
noaaee, aceiaaiie ca anth iia?aoeeth a naiii aa ia/aea, aeaeaao
oi?oaoe?iaaiea aiieia i?eaieaiie oneoaie aeey yenii?oa?a e ioiineoaeueii
iaaei?iaie aeueoa?iaoeaie ae?oaei nia?aiaiiui oi?iai eiiia?/aneiai
?aoeiaine?iaaiey.

Aicieeiiaaiea ?uiea oi?oaoe?iaaiey ii?aaeaeaii eciaiaieyie a no?oeoo?a
ie?iaie yeiiiieee, i?ienoaaeoeie a eiioea 50-o – ia/aea 60-o aiaeia,
eiaaea ?uiie i?iaeaaoea oiaa?ia i?iecaiaenoaaiiiai iacia/aiey iinoaiaiii
i?aia?aciauaaeny a ?uiie iieoiaoaey yoeo oiaa?ia. Cia/eoaeueiia ?acaeoea
iaaeaeoia?iaeiie oi?aiaee nii?iaiaeaeaeinue oneeeaathuaeny oaiaeaioeeae
?inoa o?aaiaaiee eiii?oa?ia i?iaeeeoue n?ie o?aaeeoeeiiiiai
90-180-aeiaaiiai eiiia?/aneiai e?aaeeoa. Yoi a?aiy oa?aeoa?ecoaony
nieaeaieai o?iaiy oaiiaeaiiiai i?ioeainoiyiey, ia?aciaaaoaainy
aneaaenoaea iineaaiaiiie aeai?annee e oieiaeiie aieiu. Aic?iaeaeaiea
oi?aiauo ioiioaiee iaaeaeo no?aiaie Caiaaeiie e Ainoi/iie Aa?iiu e
aic?anoathuay cia/eiinoue a ie?iaie oi?aiaea no?ai Acee, Ao?eee e
Eaoeineie Aia?eee nicaeaee iiiaeanoai oeiainiauo o?oaeiinoae, a ia?aoth
i/a?aaeue caiaaeiiaa?iiaeneeo yenii?oa?ia. Aieaa oiai, iiyaeaiea yoeo
iiauo ?uieia i?eoeinue ia a?aiy, eiaaea ia?aiaieoaeueiua eiaanoeoeeiiiua
iaycaoaeuenoaa yenii?oe?othueo oe?i i?aiyonoaiaaee oeiaine?iaaieth eie
n?aaeian?i/iuo e?aaeeoia iinoaaueea ca n/ao nianoaaiiuo n?aaenoa, a
nouanoaothuea aaiee auee ia a ninoiyiee i?aaeeiaeeoue oneoae,
iaeeaeaaiua yenii?oa?aie. Oaeei ia?acii, oi?oaoe?iaaiiua n?aaenoaa
iiyaeeenue a ioaao ia iaoaeiaeaoai?aiiue e iinoiyiii ?anoouee ni?in ia
iaaeaeoia?iaeiua e?aaeeou.

Ieiia?ii n?aaee e?oiiaeoeo aaieia, aeaenoaothueo ia ?uiea oi?oaoe?iaaiey
noae E?aaeeo Noec, a Oaaeoea?ey – ia?aui e?oiiui aaieianeei oeaio?ii
oi?oaoe?iaaiey.

Anei?a noaei i/aaeaeiui, /oi oi?oaoe?iaaiea – auno?i ?acaeaathuayny
io?aneue, o?aaothuay nicaeaiey a ?aieao o?aaeeoeeiiiie ooieoeeiiaeueiie
no?oeoo?u aaiea niaoeeaeueiiai iiae?acaeaeaiey. A aeiiieiaiea e
?anoouaio iauaio naeaeie aicieeea iaiaoiaeeiinoue a ?anoe?aiee
aeayoaeueiinoe a ae?oaeo iai?aaeaieyo e i?aaeeiaeaieth oneoa ii
oeiaine?iaaieth aia i?aaeaeia aaieianeie i?aeoeee. Iiyoiio n 1965 a.
i?enooieea e inouanoaeaieth iia?aoeee ia?aay niaoeeaeece?iaaiiay
i?aaiecaoeey, caieiathuayny eneeth/eoaeueii oi?oaoe?iaaieai – eiiiaiey
Finanz AG, Zurich, oeeeae e?oiiaeoaai oaaeoea?neiai aaiea.

Ia?aainoai Oaaeoea?ee a oi?oaoe?iaaiee ia i?aacieaeaii aei neo ii?, oioy
iia?aoeee ii oi?oaoe?iaaieth ?ani?ino?aieeenue e ia ae?oaea oeiainiaua
oeaio?u Caiaaeiie Aa?iiu.

I?e eiiia?/aneii e?aaeeoiaaiee aiaoiaoi?aiaie naeaeee o yenii?oa?a
aicieeaao oeaeay nenoaia ?eneia, eioi?ua yenii?oa? aa?ao ia naay. A yoo
nenoaio o?aaeeoeeiiii aeeth/athony eiiia?/aneea, aaethoiua, iieeoe/aneea
?enee, naycaiiua n ia?aaiaeii aaetho ec no?aiu a no?aio. Eiiia?/aneea
?enee naycaiu n ianiiniaiinoueth eee iaaeaeaieai aeieaeieea eee aa?aioa
ieaoeoue. Oa?ica iaauiieiaiey iaycaoaeuenoaa iaecaaaeii aea/ao ca niaie
iaiaoiaeeiinoue a eaaeaeii eiie?aoiii neo/aa ioeaiee e?aaeeoiniiniaiinoe
eiii?oa?a eee aa?aioe?othuaai aaiea. Eiiia?/aneee ?ene, naycaiiue n
iaauiieiaieai iaycaoaeuenoaa ainoaea?noaaiiie i?aaiecaoeee, ioiineony e
eaoaai?ee iieeoe/aneeo ?eneia. E?iia ieo, e yoie eaoaai?ee ioiinyony
ae?oaea /?acau/aeiua ia?u ainoaea?noaa: iieeoe/aneea eiioeeeou (aieia,
?aaiethoeey, eioa?aaioeey eee a?aaeaeaineea aieiaiey), eioi?ua iiaoo
i?e/eieoue yenii?oa?o iioa?e.

E /eneo iaeaieaa na?ueaciuo ?eneia ioiinyony ?enee, naycaiiua n
inouanoaeaieai ieaoaaeae a eiino?aiiie aaethoa. I?e ia?aaiaea aaethou
iieoiaoaey a aaethoo i?iaeaaoea ieaaathuea eo?nu eiino?aiiuo aaetho
iiaoo i?eaanoe e cia/eoaeueiiio eciaiaieth noieiinoe i?eia?aoaiiuo ii
eiio?aeoo oiaa?ia, a noaei auoue, e e iioa?yi aeey yenii?oa?a.

?enee ia?aaiaea aucaaiu iau/ii ianiiniaiinoueth eee iaaeaeaieai
ainoaea?noaa eee ae?oaiai niaoeeaeece?iaaiiiai i?aaia inouanoaeyoue
ieaoaaee a aaethoa eiio?aeoa,, a oaeaea n aaaaeaieai ii?aoi?ey ia
ia?aaiae ieaoaaeae a aaethoa ca a?aieoeo.

Ana yoe aeaeu ?eneia i?eiaieiu e e oi?oaoe?iaaieth, o.e. o/eouaay
aaenaey, oi?oaoa? aa?ao ia naay aac i?aaa ?aa?anna ana ?enee yenii?oa?a.
Iiyoiio i?e oi?oaoe?iaaiee iaiaoiaeeii niaethaeaoue iniiaiua i?aaeea
no?aoiaaiey io ?eneia.

I?e no?aoiaaiee io eiiia?/aneeo ?eneia, yenii?oa? aeieaeai neaaeeoue ca
oai, /oiau caaiuee i?eiaaeeaaeae e ia?aieeanniie eiiiaiee, oioy a
aieueoeinoaa neo/aaa o?aaiaaiey yenii?oa?a iie?uaathony aaaeai eee
aa?aioeae aaiea no?aiu aeieaeieea. Aieueoeinoai oi?oaoe?othueo eiiiaiee
i?eieiatho ia naay iaycaoaeuenoaa oieueei a ia?eiae aiciiaeiiai aeey
oi?oaoa?a aicieeiiaaiey ?eneia.

Iie?uoea ?enea ia?aaiaea aaetho ec no?aiu a no?aio inouanoaeyaony
oi?oaoa?ii. Aei caeeth/aiey oi?oaoiie naeaeee eiaiii ii ii?aaeaeyao
niiniaiinoue no?aiu eiii?oa?a auiieiyoue naie aaethoiua iaycaoaeuenoaa.
I?e iie?uoee aaethoiuo ?eneia aieueoeinoai oi?oaoe?othueo eiiiaiee
iieoiatho oieueei a ii?aaeaeaiiuo aaethoao, eioi?ua, enoiaey ec ni?ina
ia yoo aaethoo, iiaeii aani?aiyonoaaiii e auno?i ?aoeiaine?iaaoue. E
oaeei aaethoai i?aaeaea anaai ioiinyony aeieea?u NOA, ia?ee O?A e
oaaeoea?neea o?aiee.

Oi?oaoe?iaaiea eae iaoiae ?aoeiaine?iaaiey eiiia?/aneiai e?aaeeoa
i?aaenoaaeyao aeey yenii?oa?a e i?aeiouanoaa, e iaaeinoaoee. E
i?aeiouanoaai iiaeii ioianoe:

oi?iuaiea aaeainiaiai niioiioaiey aiciiaeiuo iaycaoaeuenoa;

oeo/oaiea ninoiyiey eeeaeaeiinoe (yoe aeaa i?aeiouanoaa aaaeiu a neo/aa
?anoouae caaeieaeaiiinoe yenii?oa?a);

oiaiueoaiea aiciiaeiinoe iioa?ue, naycaiiuo eeoue n /anoe/iui
ainoaea?noaaiiui eee /anoiui no?aoiaaieai e aiciiaeiuo cao?oaeiaiee n
eeeaeaeiinoueth, iaecaaaeiuo a ia?eiae i?aaeuyaeaiey cano?aoiaaiiuo
?aiaa o?aaiaaiee;

ionoonoaea ?eneia, naycaiiuo a eieaaaieai i?ioeaioiuo noaaie;

ionoonoaea ?eneia, naycaiiuo n eo?niauie eieaaaieyie aaetho e n
eciaiaieai oeiainiaiai iieiaeaiey aeieaeieea;

ionoonoaea ?eneia e cao?ao, naycaiiuo n aeayoaeueiinoueth e?aaeeoiuo
i?aaiia e acuneaieai aeaiaa ii aaenaeyi e ae?oaei ieaoaaeiui
aeieoiaioai.

Iaaeinoaoee aeey yenii?oa?a naiaeyony e aiciiaeiui ioiineoaeueii aieaa
aunieei ?anoiaeai ii ia?aaea/a ?eneia oi?oaoa?o. ?acoiaaony, i?eaaaay e
oi?oaoe?iaaieth, oe?ia-yenii?oa? enoiaeeo ec no?aoaae/aneeo
niia?aaeaiee, a n yoie oi/ee c?aiey oi?oaoe?iaaiea iiaeao ieacaoueny ae
i/aiue auaiaeiui.

Aiaeece?oy aeaaiua oneiaey naeaeee oi?oaoe?iaaiey, iniiaiia aieiaiea
neaaeoao oaeaeeoue iaoaiecio iiaaoaiey, aaethoa, aeeneiioe?iaaieth,
aeaeai oi?oaoe?oaiuo aeieoiaioia, aeaeai aaieianeie aa?aioee e
aeiiieieoaeueiui oneiaeyi.

Ii?iaeueiui oneiaeai e?aaeeoa yaeyaony ?aaoey?iia iiaaoaiea aai /anoyie.
?enee e?aaeeoi?a oiaiueoathony a ?acoeueoaoa nie?auaiey n?aaeiaai n?iea.
Oai, aaea caaeieaeaiiinoue aunooiaao a oi?ia i?inoiai eee ia?aaiaeiiai
aaenaeae, yoi aeinoeaaaony aunoaaeaieai ?yaea aaenaeae ia ii?aaeaeaiiue
n?ie, iau/ii ia n?ie aei 6 ianyoeaa. Neaaeiaaoaeueii, i?e oi?oaoe?iaaiee
ia n?ie aei 5 eao iiaeii iia?e?iaaoue n 10 i?inouie aaenaeyie,
auienaiiuie ia iaeeiaeiaoth noiio e eaaeaeue ia n?ie 6 ianyoeaa iinea
i/a?aaeiie ioa?ocee oiaa?a, iineaaeiaaoaeueii.

Aeieaiaua ?anienee e aaenaey auienuaathony, eae i?aaeei, a aeieea?ao
NOA, ia?eao O?A e oaaeoea?neeo o?aieao, oioy o/anoue aaenaeue iiaeii a
i?eioeeia a ethaie aaethoa. Ia i?aeoeea oi?oaoa?u ii/oe anaaaea
eniieuecotho yoe o?e aaethou a neeo eo iianaianoiiai oiaeaeaiey ia
aa?i?uieao e /oiau ecaaaeaoue cao?oaeiaiee n i?iaaaeaieai iia?aoeee a
ae?oaeo aaethoao. Aieaa oiai, iineieueeo noieiinoue iia?aoeee ii
oi?oaoe?iaaieth ii?aaeaeyaony, aeaaiui ia?acii, iniiaiuie cao?aoaie
oi?oaoa?a, ?enee, naycaiiua ni neaauie eee ianoaaeeueiuie aaethoaie,
/?acau/aeii oaei?iaeaee au oaeea iia?aoeee. ?acoiaaony, aaaeii, /oiau
ieaoaaee inouanoaeyeenue a naiaiaeii eiiaa?oe?oaiie aaethoa. Aeey
iaania/aiey yoiai aeieaiaua ?anienee eee aaenaey anaaaea aeeth/atho yoo
iieacioth iaiai?eo, eiaaea iie au?aaeaiu a aaethoa, eiie, /ai aaethoa
ianoa ieaoaaea.

O/ao ( aeeneiioe?iaaiea ) , o.a. oaea?aeaiea niaeaniaaiiie neeaeee ca
niioaaonoaothuee ia?eiae n iiieiaeueiie noiiu aaenaey, eiaao ianoi iinea
oiai, eae oi?oaoa? iieo/ee aaenaey. A ?acoeueoaoa aeeneiioe?iaaiey
yenii?oa? iieo/aao ca o/oaiiue aaenaeue ii?aaeaeaiioth noiio iaee/iuo
aeaiaa. N oi/ee c?aiey yenii?oa?a iia?aoeey ia yoii caaa?oaia,
iineieueeo ii oaea iieo/ee iieaoo ca iinoaaeaiiua oiaa?u iieiinoueth, e,
ii oneiaeyi niaeaoaiey n oi?oaoa?ii, caeeth/aiiay n iei naeaeea ia?aoiie
neeu ia eiaao. Iia?aoeee ii oi?oaoe?iaaieth ?aaeei niaa?oathony ii
ieaaathuei o/aoiui noaaeai.

Eae oaea oiiieiaeinue auoa, ia?iiiia eiee/anoai iaycaoaeuenoa,
iiaeeaaeaueo oi?oaoe?iaaieth, i?eieiatho oi?io eeai i?inouo aaenaeae,
eeai ia?aaiaeiuo aaenaeae, aunoaaeaiiuo ia aeieaeieea aaiaoeoeea?ii e
aeoeaioiaaiiuo aeieaeieeii. Neaaeothuea aeaa niia?aaeaiey ii?aaeaeeee
i?aiaeaaeaiea yoeo oi?i aeieaiauo aeieoiaioia:

– ecaanoiinoue, o.e. yoe aeaeu iaycaoaeuenoa a oiaeo ai anai ie?a ni
n?aaeieo aaeia. Iiiaieaoiee iiuo a ia?auaiee n oaeiai ?iaea aeieoiaioaie
aaaeao a cia/eoaeueiiio iaeaa/aieth iauaiey o/anoaothueo noi?ii e, eae
i?aaeei, niinianoaoao auno?iio e aani?aiyonoaaiiiio inouanoaeaieth
iia?aoeee;

– niaeaniaaiiay ia iaaeaeoia?iaeiii o?iaia i?aaiaay iniiaa, caeiaeaiiay
Iaaeaeoia?iaeiie eiiaaioeeae i eiiia?/aneeo aaenaeyo, i?eiyoie
AEaiaaneie eiioa?aioeeae a 1930 a. Yoa eiiaaioeey – /aoeee eiaeaen
i?aeoe/aneeo aeaenoaee. Oioy eiiaaioeey iiaeienaia eeoue
i?aaenoaaeoaeyie no?ai-o/anoieeia, iia ?ac?aaioaea i?eioeeiu, iicaeiaa
aini?eiyoua caeiiiaeaoaeuenoaii aieueoeinoaa oi?aothueo ainoaea?noa.

Ae?oaeie e?aaeeoiuie aeieoiaioaie, oaeaea i?eaiaeiuie aeey
oi?oaoe?iaaiey, yaeythony n/aoa aeaaeoi?ia e ion?i/aiiua iaycaoaeuenoaa
ii aee?aaeeoeao. Iie aieaa eee iaiaa iioiaee, noaey ii neiaeiinoe yoeo
iia?aoeee. Eo inouanoaeaiea o?aaoao io o/anoieeia oi?ioae
inaaaeiieaiiinoe ii th?eaee/aneie e aeaeiaie i?aeoeea, i?eiaiyaiie a
no?aia aeieaeieea. Iaa aeaea aeieaiauo aeieoiaioia i?aaeiieaaatho
iaiaoiaeeiinoue iieiiai eceiaeaiey anao oneiaee. Aieaa oiai, ana n?iee
iiaaoaiey iauaaeeiaiu a aaeeiii aeieoiaioa, aunoaaeaiiii a iieueco
aaiaoeoeea?a e /anoi iaia?aaiaeeiii aac niaoeeaeueiiai ?ac?aoaiey
aeieaeieea. Yoi aucuaaao iiiai/eneaiiua i?aaiaua e iia?aoeeiiiua
neiaeiinoe e, eae i?aaeei, nieaeaao i?eaeaeaoaeueiinoue aeey oi?oaoa?ia
oaeeo aeieoiaioia eae aeaaeoi?neea n/aoa e aee?aaeeoeaiua
iaycaoaeuenoaa, oioy e ia eneeth/aao aiciiaeiinoe i?iaaaeaiey n ieie
iia?aoeee ii oi?oaoe?iaaieth.

Aica?auaynue e aeaoi iaeaieaa ?ani?ino?aiaiiui aeaeai iaaioeee?oaiuo
aeieoiaioia, neaaeoao ioiaoeoue, /oi i?e oi?oaoe?iaaiee iaaeaeo i?inouie
e ia?aaiaeiuie aaenaeyie nouanoaoao n th?eaee/aneie oi/ee c?aiey
?acee/ea eioa?ania o/anoieeia. Yoi ioiineony e iaiai?ea “aac iai?ioa” e
io?aaeaaony a Iaaeaeoia?iaeiie eiiaaioeee i eiiia?/aneeo aaenaeyo,
onoaiaaeeaathuae, /oi eiaeinnaio i?inoiai aaenaey iaeaaeaao caeiiiui
i?aaii inaiaiaeeoueny io ethaiai iaycaoaeuenoaa ia iniiaaiee iaiai?ee ia
ionoonoaee ia?aoiiai o?aaiaaiey a aai eiaeinnaiaioa. A neo/aa
ia?aaiaeiiai aaenaey e?aaeeoi? aunooiaao eae aaenaeaaeaoaeue e iioiio, n
oi/ee c?aiey i?aaa, anaaaea ioaaonoaaiai, aacioiineoaeueii e oiio,
iaieoao ee ii ia aaenaea eaeia-eeai eneeth/athuaa yoi i?aaeei
?anii?yaeaiea. Ia i?aeoeea yoi nicaeaao ianeieueei i?iaeai.

Iineieueeo o?annaio iau/ii oaeiaeaoai?yaony ienueiaiiui iaycaoaeuenoaii
oi?oaoa?a ia i?aaei?eieiaoue aeaenoaee i?ioea iaai a neo/aa iaieaoaaea,
noaiiaeony oai ia iaiaa nouanoaaiiui, /oiau yenii?oa? eiae aeaei n
oi?oaoa?aie, iaeaaeathueie iacaiyoiaiiie ?aiooaoeeae, ia eioi?uo iiaeii
iieiaeeoueny, /oi iie auiieiyo oneiaey niaeaoaiey. Eiaiii ii yoie
i?e/eia yenii?oa?u a ea/anoaa ieaoaaeiuo aeieoiaioia i?aaeii/eoatho
i?inoua aaenaey, eaa/a iicaieythuea inouanoaeoue ia?aaiae ?enea.

I?inoua eee ia?aaiaeiua aaenaey, aeoeaiooaiua i?e oi?oaoe?iaaiee ii/oe
anaaaea nii?iaiaeaeathony aaieianeei no?aoiaaieai a aeaea iau/iie
aa?aioee eee aaaey. Aa?aioii, eae i?aaeei, aunooiaao aeaenoaothuee ia
iaaeaeoia?iaeiii ?uiea e ecaanoiue oi?oaoa?o aaie, yaeythueeny
?aceaeaioii a no?aia eiii?oa?a e niiniaiue iiaeoaa?aeeoue
ieaoaaeaniiniaiinoue eiii?oa?a. Oaeay aa?aioey aaaeia ia oieueei aeey
oiaiueoaiey ?enea oi?oaoa?a, ii oaeaea aeey oiai, /oiau i?e
iaiaoiaeeiinoe eiaoue aiciiaeiinoue ia?ao/aoa iaycaoaeuenoa ia aoi?e/iuo
?uieao nnoaeiuo aoiaa. Aa?aioee e aaaee a nouiinoe i?inou: iaa aeaea a
eo i?inoaeoae oi?ia aunooiatho eae iaauaiea ieaoeoue iaeoth noiio ia
ii?aaeaeaiioth aeaoo a neo/aa iaieaoaaea enoiaeiiai aeieaeieea.
I?eiaiaiea a ea/anoaa iaania/aiey iaycaoaeuenoa “ath?aoaooa”
(ii?o/eoaeuenoaa) ianeieueei neiaeiaa.

I?e auaea/a aa?aioee iaauaiea i?eieiaao oi?io iiaeienaiiiai aa?aioii
naiinoiyoaeueiiai aeieoiaioa, iieiinoueth eceaaathuaai eanathueany
naeaeee oneiaey. Aaaeii, /oiau a aa?aioee niaoeeaeueii auee oeacaiu ia
oieueei iieiay noiia, ii e eaaeaeue n?ie ieaoaaea e i?eoiaeyuayny ia yoo
aeaoo noiia iiaaoaiey, iineieueeo eiaiii ia iniiaa yoeo aeaiiuo
?ann/eouaathony cao?aou ia aeeneiioe?iaaiea. Aieaa oiai, aa?aioey
aeieaeia auoue iieiinoueth o?ainoa?aaaeueiie, /oi iiae?acoiaaaaony naii
niaie, anee aa?aioey ia niaea?aeeo eiiai. Iaeiiaoe, nouanoaaiii, /oiau
aa?aioey auea ioaea/aiiie, o.a. auea iieiinoueth iainiaeaia io iniiaiie
naeaeee. Eiiaaea ia i?aeoeea auaeatho aa?aioee, iieaaaynue ia
yeiiiie/aneia iieiaeaiea eiii?oa?a, ii oi?oaoa?, eae i?aaeei, ianoaeaaao
ia /enouo aaciocuaiuo e aaconeiaiuo iaycaoaeuenoaao aa?aioe?othuaai
aaiea eee i?aaeii/eoaao eoieoue aeieoiaiou aac iai?ioa ia yenii?oa?a, ii
oieueei a oii neo/aa, anee ii auiieiaiee iniiaiiai eiio?aeoa
aa?aioe?othuee aaie iauyaeo caaeieaeaiiinoue aaconeiaiie. Aaaeue a
iaaeaeoia?iaeiie i?aeoeea iiaeii ?anniao?eaaoue eae aaciocuaioth e
aaconeiaioth aa?aioeth ia iieaoa ia ii?aaeaeaiioth aeaoo, auaeaaaaioth
aa?aioii, eae anee au ii nai aue aeieaeieeii. Yoi iaeaieaa iiaeoiaeyuay
e i?aaeii/oeoaeueiay oi?ia no?aoiaaiey aeey oi?oaoa?a.

Aaaeue auienuaaaony i?yii ia eaaeaeii aaenaea eee o?aooa, aeey /aai ia
ieo aeinoaoi/ii naeaeaoue iaaeienue “?aa aval’ e iiaeienaoueny iiae iae
(ia ia?aaiaeiii aaenaea iaaei oeacaoue oaeaea iaeiaiiaaiea enoiaeiiai
aeieaeieea, a iieueco eioi?iai i?iecaaaeai aaaeue). I?inoioa e yniinoue
aaaey aianoa n i?enouae aio iainiaeaiiinoueth e o?ainoa?aaaeueiinoueth
iicaieyao ecaaaeaoue iiiaeanoaa ineiaeiaiee, naycaiiuo n
i?aaeinoaaeaieai aa?aioee. Eiaiii ii yoie i?e/eia i?e no?aoiaaiee
oi?oaoe?iaaiey aaaeth eae oi?ia aa?aioee e ieacuaaaony i?aaeii/oaiea.
Iaeiaei neaaeoao eiaoue a aeaeo, /oi caeiiiaeaoaeuenoaii iaeioi?uo no?ai
aaaeue ia i?eciaaony.

Ath?aoaoo (ii?o/eoaeuenoai) – iauyaeaiea iaycaoaeuenoaa, i?eaycaiiiai e
ii?aaeaeaiiiio eiio?aeoo. Ii i?e/eia caaeneiinoe io i?aaiaiai
iainiiaaiey ieaeaneaaeothuaai eiio?aeoa yoa oi?ia aa?aioee i?e
oi?oaoe?iaaiee iaiaa oiio?aaeoaeueia. Eae i?aaeei, oi?oaoa? i?aiaa?aaaao
iaiaoiaeeiinoueth i?iaa?ee caeiiiinoe anaaiciiaeiuo aeieoiaioia,
aeoeaiooy ath?aoaoo oieueei iinea iiaeoaa?aeaeaiey i oii, /oi iinoaaea
oiaa?ia niioaaonoaothuei ia?acii caaa?oaia. Yoi ianoiyoaeuenoai a
cia/eoaeueiie ia?a nie?auaao noa?o i?eiaiaiey aeaiiie oi?iu aa?aioee. A
aeiiieiaiea e auoaeceiaeaiiiio, oi?oaoa? iau/ii o?aaoao io
aa?aioe?othuaai aaiea iiaeoaa?aeeoue ionoonoaea o iaai eiio?-
o?aaiaaiee, iaeciaiiinoue noii e n?ieia, niaeanea ia ia?aaea/o i?aa e
o?aaiaaiee iiaiio aeaaeaeueoeo, a oaeaea iiaeoaa?aeeoue, /oi aaieianeee
ath?aoaoo aeaenoaoao aaconeiaii e aaciocuaii. Oaeia anaioaaouaathuaa
iiaeoaa?aeaeaiea cia/eoaeueii ia?aie/eaaao i?eiaiaiea ath?aoaooa e
niinianoaoao oiio, /oi oi?oaoe?iaaiiue ath?aoaoo noaiiaeony iau/iie
aa?aioeae, o.a. iainiaeaiiui iaycaoaeuenoaii eniieiaiey, ieeiei ia?acii
ia naycaiiui n iniiaiie iia?aoeeae.

*anoi caeioa?aniaaiiua yenii?oa?u ia?auathony e oi?oaoa?o ia naiii
?aiiai yoaia naeaeee. Yenii?oa?, aoaeo/e ca/anooth ia a ninoiyiee
naiinoiyoaeueii i?aaeeiaeeoue eiii?oa?o n?aaeian?i/iue e?aaeeo, caaeieai
aei caeeth/aiey yenii?oiiai eiio?aeoa caoi/ao auynieoue, eiaaony ee a
i?eioeeia aiciiaeiinoue i?aaiecaoeee oi?oaoe?iaaiiiai oeiaine?iaaiey ia
iie?uoea ?anoiaeia ii yenii?oo. N ae?oaie noi?iiu, oi?oaoa?, iaciaeiiue
ni anaie iaiaoiaeeiuie iiae?iaiinoyie, ia a ninoiyiee aoaeao naeaeaoue
ieii/aoaeueiia i?aaeeiaeaiea, ii aianoi yoiai niiaueo, aiciiaeii eee iao
oaeia oeiaine?iaaiea e iaciaao i?eaeeceoaeueiua o/aoiua noaaee. Aneaae
ca yoei yenii?oa? niiaeao ia yoie iniiaa i?iaeieaeeoue ia?aaiai?u e,
anee iaiaoiaeeii, niaeaniaaoue ?anoiaeu ii aiciiaeiiio oi?oaoe?iaaieth
aai aeaaeoi?neie caaeieaeaiiinoe. Iaeiiaoe, oi?oaoa? aeaeaao yenii?oa?o
i?aaeeiaeaiea, iaycoynue i?aaeinoaaeoue iaiaoiaeeiua n?aaenoaa ii
oeene?iaaiiie noaaea, oioy i?aaeaea /ai yoi i?aaeeiaeaiea i?eieiaaony
yenii?oa?ii, iiaeao i?ieoe eaeia-oi a?aiy. Yoio iioeeiiiue ia?eiae
(ia?eiae auai?a), a oa/aiea eioi?iai ia aceiaaony ieeaeie eiiennee,
iau/ii ia i?aauoaao 48 /ania. Aiciiaeai e aieaa aeeeoaeueiue (aei 1-3
ianyoeaa) ia?eiae iioeeiia, ii a yoii neo/aa oaea?aeeaaaony iioeeiiiay
eiienney .

Ai?acaei aieaa aaaeai i?iiaaeooie a?aiaie io niaeaoaiey i iieoiea
aaenaeae aei oaeoe/aneie iinoaaee, iineieueeo iiaeaioiaea oeiaine?iaaiey
iau/ii i?ioiaeeo io ioa?ocee oiaa?ia. A oa/aiea yoiai ia?eiaea oi?oaoa?
naycai aeiaiai?aiiinoueth oi?oaoe?iaaoue iaycaoaeuenoaa ii oeene?iaaiiie
noaaea ia aanue n?ie eee aieioue aei onoaiiaeaiiie aeaou, a oi a?aiy eae
yenii?oa? iaycai i?aaenoaaeoue niaeaniaaiiua aeieoiaiou. Yenii?oa?
iiaeao aeeoioee?iaaoue eiio?aeo n oi?oaoa?ii oieueei ii acaeiiiio
niaeaney n iei, iieaoea i?e yoii i?e/eoathuothny oi?oaoa?o iaonoieeo.

Iniiauaaynue ia auoaeceiaeaiiii iiaeii naeaeaoue auaiae i oii, /oi
oi?oaoe?iaaiea neoaeeo iaeaieaa th?eaee/anee ?ac?aaioaiiui niiniaii
?aoeiaine?iaaiey aiaoiaoi?aiaiai eiiia?/aneiai e?aaeeoa. I?aeiouanoaa
oi?oaoe?iaaiey aeey yenii?oa?a, naycaiu a ia?aoth i/a?aaeue n iieiui
ia?aianaieai aaethoiuo, eiiia?/aneeo, iieeoe/aneeo, ia?aaiaeiuo e
ae?oaeo aeaeia ?eneia ia oi?oaoa?a (aaie), aeaeatho oi?oaoe?iaaiea
iaeaieaa i?aaeii/oeoaeueiui aeey i?iaeaaoea.

VI. IAOIAeU O*AOA AAENAEAE E AU*ENEAIEss, NAssCAIIUA N IEIE

1. I?yiie e aeioiaeiue o/ao

?annoaeaeay i aeeneiioe?iaaiee, i?aaeaea anaai iaaei auynieoue ?acieoeo
iaaeaeo oa?ieiaie “i?yiie o/ao” (“straight discount”) e “aeioiaeiue
o/ao” (“discount to yield”) . I?eaaaeai i?inoie i?eia?. I?yiay o/aoiay
noaaea 10% ii aaenaeth ia 1 iei. aeiee. ninoaaeyao 100 oun. aeiee.,
inoaaeyy o/oaiioth noiio ?aaiie 900 oun. aeiee. Anee aaenaeue iiaaoaaony
a oa/aiea 1 aiaea, oi aeioiae ninoaaeo 100/900, eee 11,11 % aiaeiauo,
iiaaoaaiuo aaeaaiaeii (eee iaiiiai iaiueoee i?ioeaio, anee noaaea
auiea/eaaaony /aua, iai?eia?, ?ac a iieaiaea eee ?ac a eaa?oae). Oaeei
ia?acii, i?yiie aeeneiio 10% iiaeii ii?aaeaeeoue eae “o/ao ii o/aoiie
noaaea, niioaaonoaothuae aeioiaeo a noiia 11,11 %, auiea/eaaaiiio
aaeaaiaeii”, eee aua i?iua eae “o/ao n aeioiaeii 11,11%, auiea/eaaaiui
aaeaaiaeii”. Ia i?aeoeea, eiia/ii, “o/ao n aeioiaeii” /aua i?eiaiyaony
oaie, eoi caieiaaony oi?oaoe?iaaieai, o.e. aeioiae eee i?ioeaioiay
noaaea yaeythony aaaeiui oaeoi?ii. Iaaeaeo oai, ec-ca oiai, /oi eiiaaea
oa?iei “i?yiie o/ao” oiaea i?eiaiyaony, aaaeii i?e ianoaeaeaiee naeaeee
ooi/ieoue, eaeie oa?iei eiaaony a aeaeo.

2. Au/eneaiea iiieiaeueiie noieiinoe aaenaeae, iiaeeaaeaueo
oi?oaoe?iaaieth

Anee eiii?oa? e yenii?oa? niaeaneeenue, /oi ieaoaae ca oiaa?u eee oneoae
aoaeao inouanoaeai iooai auienee n?aaeian?i/iuo aeieaiauo
iaycaoaeuenoa, yenii?oa?o iaiaoiaeeii onoaiiaeoue iiieiaeueioth
noieiinoue yoeo aaenaeae. Caaea/a naiaeeony e aii?ino onoaiiaeaiey
niioiioaiey i?ioeaioa ca e?aaeeo e i?iaeaaeiie oeaiu. Iaaeaeo oai,
niiniau onoaiiaeaiey yoiai niioiioaiey iiaoo iaiyoueny. ?anniio?ei
i?eia?, aaea ana iyoue aaenaeae eiiieaeoa, e?iia iineaaeiaai, eiatho
?acioth iiieiaeueioth noieiinoue iauae noiiie 1550,0 oun. ooio. no.
Noieiinoue oiaa?a 994,0 oun. ooio. no., a i?ioeaio, auiea/eaaaiue
aaeaaiaeii, ninoaaeyao 16,5. Yoe aea aaciaua aeaiiua (noieiinoue e
i?ioeaio) iiaoo au?aaeaoueny iiiaeie niiniaaie, ia?acoy ?aciua a?aoeee
ieaoaaea. Ieaea ?anniio?aiu o?e i?inouo iaoiaea.

A. Oeaia i?iaeaaee aeaeeony ia 5 ?aaiuo /anoae a 198,8 oun. ooio. no. E
eaaeaeie /anoe aeiaaaeyaony i?ioeaio ia noiio iaiiea/aiiie
caaeieaeaiiinoe.

Oaaeeoea 1

?an/ao iiieiaeueiie noieiinoe aaenaeae aeey oi?oaoe?iaaiey

( a ooio. no.)

oeaia i?iaeaaee ooio. no. Noaaea 16,5% ia iaiiea/aiioth noiio aeieaa
Iiieiaeueiay noieiinoue aaenaeae N?ie iiaaoaiey a eiioea

198800

198800

198800

198800

198800 164010*

131208**

98406

65604

32802 362810

330008

297206

264404

231602 1 aiaea

2 aiaea

3 aiaea

4 aiaea

5 aiaea

994000 492030 1486030

* 16,5% o 994000

** 16,5% x ( 994000 – 198800 )

A. Oeaia i?iaeaaee aeaeeony ia 5 ?aaiuo /anoae a 198,8 oun. ooio. no., e
i?ioeaio ia/eneyaony ia eaaeaeoth /anoue ia aanue n?ie aeieaiaiai
iaycaoaeuenoaa, a aceiaaony aaeaaiaeii.

Oaaeeoea 2

?an/ao iiieiaeueiie noieiinoe aaenaeae aeey oi?oaoe?iaaiey

( a ooio. no.)

Oeaia i?iaeaaee Noaaea 16,5% ia n?ie aaenaey Iiieiaeueiay noieiinoue
aaenaeae N?ie iiaaoaiey a eiioea aiaea

198800

198800

198800

198800

198800 32802

71016

115536

167403

227826 231602*

269816**

314336

366203

426626 1 aiaea

2 aiaea

3 aiaea

4 aiaea

5 aiaea

994800 1608583

* 198800 o ( 1+ 0.165 )2

** 198800 o ( 1+0.165 )n, o.a. i?ioeaio aeaoo eao io 198800,0 n/eoaaony
ii oi?ioea auiea/eaaaiiai i?ioeaioa FV – FV o (1+ ? /100), aaea FV –
noiia aaenaey aoaeouay. ?V-noiia aaenaey a ianoiyuai, ?-i?ioeaio,
n-/enei ia?eiaeia.

A. Aaenaey n ?aaiie iiieiaeueiie noieiinoueth, ?ann/eoaiiie ii oi?ioea 1
i?eaeeceoaeueiuo noii aaeaaiaeiuo ieaoaaeae.

A iaoai i?eia?a n?aaeiee n?ie aaenaeae – 3 aiaea, neaaeiaaoaeueii 16,5%
aiaeiauo io 994000 ooio. no. ninoaaeo 492030. Eaaeaeue ec 5 aaenaeae
aoaeao eiaoue, oaeei ia?acii, iiieiaeueioth noieiinoue

(994000 + 492030) : 5 = 297206,

a iauay iiieiaeueiay noieiinoue ninoaaeo 1486030 ooio. no. Eiia/ii, yoio
iaoiae ?an/aoia ec-ca naiae i?eaeeaeaiiinoe ia iiaeao i?eiineoue oi/iue
aeioiae a 16,5%, e ?acieoea iiaeao auoue cia/eoaeueiie.

Iaiaoiaeeii iiae/a?eiooue, /oi ?aciua eoiaiaua noiiu, auiea/eaaaiua
eiii?oa?ii a niioaaonoaee n aua?aiiui iaoiaeii, ia oae oae aaaeiu naie
ii naaa. A yoeo ?aciuo iaoiaeao nouanoaoao ?aciue ii?yaeie iieaou,
eaaeaeue ec eioi?uo iiaeao auoue i?aaeii/oeoaeueiui i?e ii?aaeaeaiiuo
ianoiyoaeuenoaao (iai?eia?, i?e i?eoiea iaee/iinoe o eiii?oa?a), ii
eaaeaeue iaoiae i?aaeiacia/ai aeey ii?aaeaeaiey aeaenoaeoaeueiiai,
?aaiiai aeioiaea, a ?aaiua noiiu ieaoaaea i?inoi io?aaeatho ?acieoeo a
noiiao e iaiiea/aiiuo ia?eiaeao nouanoaothueo aaenaeae.

3. ?an/ao o/eouaaaiie noieiinoe aeieaiaiai iaycaoaeuenoaa

Anee o/aoiua oneiaey oi?oaoe?iaaiey e i?ioeaio, aeeth/aiiue a oeaio
ieaoaaeiiai o?aaiaaiey yenii?oa?a, iaeeiaeiau, oi oi?oaoa? a
auoaoeacaiiii i?eia?a aoaeao o/eouaaoue aaenaey ia 994000. Eiia/ii, ia
i?aeoeea oi?oaoa? /anoi noaeeeaaaony n aaenaeyie eee o?aooaie,
iiaeeaaeaueie oi?oaoe?iaaieth, eioi?ua ii ?aiaa ia eioe?iaae e ia
i?ioeaioiue yeaiaio eioi?uo ii, oaeei ia?acii, ia iia iiaeeyoue. N oi/ee
c?aiey yenii?oa?a yoio iaaeinoaoie ia ?iaeaeaao i?iaeai: anee o/aoiua
oneiaey oi?oaoa?a aeeth/atho iaiueoee i?ioeaio, /ai i?ioeaio, oeacaiiue
a oeaia n/aoa-oaeoo?u e, oaeei ia?acii, a iaai?a oi?oaoe?oaiuo aaenaeae,
eee anee oeaia i?iaeaiiiai oiaa?a ca au/aoii i?ioeaioa aeaao
aeinoaoi/iue caian, /oiau iie?uoue i?ioeaio oi?oaoa?a, i?aauoathuee
i?ioeaio eiii?oa?a ii eiiia?/aneiio e?aaeeoo, oiaaea i?ioeaio,
oiea/eaaaiue yenii?oa?ii oi?oaoa?o, e i?ioeaio, iieo/aaiue ei aea io
eiii?oa?a, ia naycaiu iaiin?aaenoaaiii. Oae eee eia/a, ii yoi ia
einiaony eioa?ania oi?oaoa?a. Ii i?inoi aeieaeai ?ann/eoaoue o/aoioth
noieiinoue iaai?a aaenaeae, eioi?oth aio i?aaeeaaatho eoieoue, n o/aoii
i?ioeaioa, eioi?ue ii aioia i?aaeeiaeeoue.

4. Oi?ioea aeeneiioa

Oeaia o/eouaaaiiai aaenaey iieo/aaony iooai o/aoa iiieiaeueiie noieiinoe
aaenaey ii i?ioeaioiie noaaea (aeioiae, a ia i?yiie o/ao), onoaiiaeaiiie
aeey ii?aaeaeaiiuo oneiaee, eniieuecoy aeeneiioiue oaeoi?, en/eneyaiue
ii oi?ioea :

100

Z= ((((((((( , aaea

d x X

100+ (((((()

N

Z – aeeneiioiue oaeoi?,

N – /enei aeiae a aiaeo, onoaiiaeaiiia aeey aeaiiiai aeaea iia?aoeee

(aeey naeaeie a aa?iaaethoao – 360 aeiae ),

d – i?ioeaio,

X – aeaenoaeoaeueiia /enei aeiae a aiaeo.

Eiaaea o/eouaaaony oieueei /anoue aiaea, oi?ioea i?eia?aoaao aeae:

100

Z= ((((((((( , aaea

d x (S + G)

100+ (((((((()

N

S – /enei aeiae n iiiaioa iieoiee aei n?iea iiaaoaiey (eiaaea aaenaeue
aeieaeai auoue iiaaoai a noaaioo eee aine?anaiuea, eee a i?acaeie/iue
aeaiue, n?ie iiaaoaiey i?iaeeaaaaony aei neaaeothuaai ?aai/aai aeiy),

G – /enei aeiae yoie ion?i/ee.

Anee ia?eiae iaaeaeo iieoieie e n?ieii iiaaoaiey i?aauoaao 365 aeiae e
i?ioeaio aeieaeai auoue en/eneai ia aiaeiaie aaca, ia?eiae iaaei
?acaeoue ia 365 aeiae e ia aeiiieieoaeueiue ia?eiae e i?eiaieoue iaa
auoaoeacaiiua oi?ioeu.

Eo/oa anaai yoi i?iaeaiiino?e?iaaoue ia i?inoii i?eia?a. Eaeoth oeaio
oi?oaoa? caieaoeo ca neaaeothuoth o?aooo?

Iiieiaeueiay noieiinoue, aeiee.

Aeaoa iiaaoaiey

Aeaoa iieoiee

Aeiae a aiaeo

*enei aeiae ion?i/ee

I?ioeaio

Aaca iiaaoaiey

Ia?eiae iaaeaeo iieoieie

e n?ieii iiaaoaiey, aeiae 1000

31 ieoya?y 1985 a.

1 aaaonoa 1984 a.

360

3

10,5625

aaeaaiaeii

456

Nia/aea ii niioaaonoaothuae oi?ioea aeey ia?auo 365 aeiae:

100

Z1= (((((((((((( = 0,90327

10.5625 x 365

100+ (((((((()

360

Yoi – o/eouaaaiay noieiinoue aaenaey ca 12 ianyoeaa, ?aaiay 903,27
aeiee. (1000 aeiee. o 0,90327).

Caoai i?eiaiei ae?oaoth oi?ioeo e inoaaoaiony ia?eiaeo:

100

Z2= (((((((((((((( = 0,97316

10,5625 x (91 + 3)

100+ (((((((((()

360

Iaeiiaoe ioianai yoio aoi?ie aeeneiioiue oaeoi? e i?aaeaa?eoaeueii
en/eneaiiie noieiinoe:

903,27 aeiee. o 0,97316 = 879,02 aeiee.,

noiia, eioi?oth oi?oaoa? caieaoeo a ea/anoaa o/oaiiie noieiinoe.

A yoii i?eia?a iiaaoaiea i?iecaiaeeeinue aaeaaiaeii. Anee iiaaoaiea
aoaeao, iai?eia?, iieoaiaeiaui, oi oiaaea O iaaei ?acaeaeeoue ia 2
iieoaiaeey, a S – niioaaonoaaiii ?acaeoue, /oiau io?aceoue ethaie
iieoaiaeiaie ia?eiae

(1.08.84 – 1.02.85 = 184 aeiy, a 1.02.85 – 1.08.85 = 181 aeiae).

A yoii i?eia?a a ia?aii ia?eiaea

100

Z1= (((((((((((( = 0,94878, a neaaeiaaoaeueii

10.5625 x 184

100+ (((((((()

360

o/eouaaaiay noieiinoue ninoaaeo 948,78 aeiee. (1000 o 0,94878).

Au/eneaiea o/eouaaaiie noieiinoe aoi?iai iieoaiaeey:

100

Z2= (((((((((((((( = 0,94957

10,5625 x 181

100+ (((((((((()

360

Aeeneiioiue oaeoi? aoi?iai ia?eiaea ii ioiioaieth e 948,48 aeiee.
ninoaaeo 900,94 aeiee.

Aeeneiioiue oaeoi? ia o?aoee ia?eiae, eiia/ii, 0,97316 (o. e. iaiueoa,
/ai iieoaiaeea, e, oaeei ia?acii, iacaaenei io iieoaiaee/iiai ii?yaeea
iiaaoaiey). Ioiiny yoi e 900,94 aeiee. iieo/ei 876,76 aeiee., /oi
neoaeeo oeaiie, eioi?oth i?aaeeiaeeo oi?oaoa?.

5. Oi?ioea i?eaeeceoaeueiiai aeeneiioa

Auoaoiiiyiooay oi?ioea iiaeao auoue eaaei i?eiaieia i?e eniieueciaaiee
nia?aiaiiiai yeaeo?iiiiai iai?oaeiaaiey e niioaaonoaothuae i?ia?aiiu
aeaaea i?e ?aaioa n aieueoei eiee/anoaii aaenaeae. Iaaeaeo oai,
nouanoaoao aieaa i?inoie iaoiae i?eaeeceoaeueiiai au/eneaiey aeeneiioa
“Ae” ii oi?ioea:

V x (S + G) d

Ae = (((((( x (, aaea

100 N

V – iiieiaeueiay noieiinoue aaenaey,

S – iauaa /enei aeiae n iieoiee aaenaeae ai eo iiaaoaiey,

G – /enei aeiae ion?i/ee,

d – noaaea i?ioeaioa,

N – aaciaia eiee/anoai aeiae a aiaeo.

A i?aaeuaeouai i?eia?a

1000 x (456 + 3) 10,5625

Ae = ((((((((( x (((( = aeiee., o. a.

100 360

oi?oaoa? aoaeao eioe?iaaoue aaenaeue ii oeaia 1000 – 134,67 = 865,33
aeiee. Ianiio?y ia naith iaoi/iinoue, yoio iaoiae /anoi i?eiaiyaony
oi?oaoa?aie, o.e. n eo oi/ee c?aiey iaeaaeaao oai aeinoieinoaii, /oi
ianeieueei caauoaao ?aaeueioth noiio aeeneiioa.

6. ?an/ao i?aaeiieaaaaiiai aeioiaea io naeaeee

*anoi auaaao, /oi oi?oaoa?, iniaaiii oio, eioi?ue ?aaioaao ia aoi?e/iii
?uiea, iieo/aao i?aaeeiaeaiea eoieoue aaenaeue ia aeaiioth noiio. Iau/ii
aai ia?aie ?aaeoeeae auaaao aeaeaiea auynieoue i?aaeiieaaaaiue aeioiae
yoiai aaenaey. I?e iaee/ee niioaaonoaothuaai eiiiuethoa?a e i?ia?aiiu
yoi i?inoi. I?e eo ionoonoaee eo/oa anaai iiaen/eoaoue i?yiie aeeneiio
io iiieiaeueiie noieiinoe, eioi?oth i?aaenoaaeyao i?iaeaaeiay oeaia.
Anee yoi iaaiciiaeii, eniieuecoaony neaaeothuay oi?ioea aeey iieo/aiey
i?eaeeceoaeueiiai cia/aiey, oioy, /ai aeieueoa inoaaoeeny aei iiaaoaiey
ia?eiae, oai iaiaa oi/iu yoe cia/aiey, o.e. oi?ioea eniieuecoao iaoiae
i?inoiai i?ioeaioa aianoi neiaeiiai i?ioeaioa:

(R – P) N

Aeioiae = ((((((( x (((((( , aaea

P (S + G)

R – iiieiaeueiay noieiinoue aaenaey,

? – iieoiiay noieiinoue aaenaey,

I, N, S, G – icia/atho oi aea, /oi e auoa.

Yoa oi?ioea iiaeao auoue i?eniiniaeaia aeey iaai?a aaenaeae neaaeothuei
ia?acii. Ii yoi aua aieueoaa i?eaeeaeaiea, e i?aaeuaeouaa
i?aaeoi?aaeaeaiea i iaoi/iinoe caeanue aua aieaa oianoii:

(Iauay iiieiaeueiay noieiinoue – Iauay oeaia
iieoiee) o 100

Aeioiae = (((((((((((((((((((((((((((((((

Iauay oeaia iieoiee o N?aaeiaacaaoaiiue n?ie
iiaaoaiey aaenaeae

7. *enoue aeioiae

Noaey ii aiaoiaio aeaeo, en/eneeoue /enoue aeioiae naeaeee i?inoi.
Iai?eia?, anee oeaiiay aoiaaa eoieaia ia oneiaeyo 13,5 aiaeiauo, a
ecaea?aeee oi?oaoa?a ii caeinoaiaaieth n?aaenoa aeey oeiaine?iaaiey
naeaeee ninoaaeo 11,75 % aiaeiauo, /enoue aeioiae aoaeao 1,75%. A
aeaenoaeoaeueiinoe aea oi?oaoa?u ?aaeei n?aaieaatho oneiaey aaenaeae e
enoi/ieeia oeiaine?iaaiey eo iieoiee n aieueoie oi/iinoueth a /anoe aeao
iiaaoaiey, a neaaeiaaoaeueii, oaeiai ?iaea ?an/ao aaeeinoaaiii aiciiaeai
ia i?aeoeea. Eiaaea aea n?aaiaiea aeaeaaony n aieueoie noaiaiueth
oi/iinoe, ieaoaaee ii nnoaeai iiaoo auoue i?eniiniaeaiu e
eniieueciaaieth anao iaee/iuo aeaiaa a caaeneiinoe io n?iea iiaaoaiey
anao aaenaeae iaeaoa, a aeaenoaeoaeueiue /enoue aeioiae iiaeao auoue
ianeieueei auoa ?an/aoiiai. I?e/eia a oii, /oi i?eoie iaee/iinoe io
naeaeee aaoiiaoe/anee iio?aaeyaony: ae?oaeie neiaaie, /enoue aeioiae
?aeiaanoe?oaony a oeaeyo nie?auaiey caeinoaiaaiee, eioi?ua aneaaenoaea
yoiai oiaiueoathony auno?aa, /ai iaiiaaoaiiua aoiaae.

8. Aeaoaee i?aaeeueii ioeaiaiiie naeaeee

A neaaeothuai i?eia?a iieoiea oeaiiie aoiaae eiaea ianoi 27 yiaa?y 1984
a. Ana aeie ion?i/ee auee aeiaaaeaiu e a?aiaie iiaaoaiey, eioi?ia auei
onoaiiaeaii aeey aaenaeae, n?ie iiaaoaiey eioi?uo i?eoiaeeony ia
auoiaeiua aeie. Iauay iiieiaeueiay noieiinoue aaenaeae ninoaaeea
8.817.085,10 aeiee., iiaeeaaeaueo iiaaoaieth a oa/aiea 5 eao aeanyoueth
iieoaiaeiauie aciinaie. Aeioiae aaenaeae – 13,5 % aiaeiauo – iiaaoaaony
aaeaaiaeii e oeiaine?oaony ca n/ao nnoaeu n i?ioeaioiie noaaeie 11,75,
auiea/eaaaiie aaeaaiaeii. I?eoie iaee/iinoe i?e yoie naeaeea iieacai a
oaaeeoea 3.

Oaaeeoea 3

I?eoie iaee/iinoe i?e i?aaeeueii ioeaiaiiie naeaeee

aeaoa iiaaoaiey aeie iiieiaeueiay noieiinoue aaenaeae o/oaiiua aaenaey
ii 13% aiaeiauo nnoaeiue aaeain noaaea ii iieo/aiiie nnoaea 11,75%
aiaeiauo aaeain iniiaiie e i?ioeaioiie caaeieaeaiiinoe iiaaoaiea
iniiaiiai aeieaa e i?ioeaioia

(1) (2) (3) (4) (5) (6)

27.01.84

19.07.84

18.01.85

18.07.85

18.01.86

18.07.86

18.01.87

18.07.87

18.01.88

18.07.88

18.01.89 –

174

183

181

184

181

184

181

184

182

185 –

1.004.373,83

977.114,87

949.855,91

922.596,95

895.337,98

868.079,02

840.820,06

813.561,10

786.302,14

759.043,24 –

942.852,69

861.748,31

784.596,53

715.705,11

650.523,43

592.336,71

537.361,17

488.300,14

441.862,40

400.463,84 6.415.750,33

5.465.351,25

5.125.063,66

4.228.191,71

3.807.927,42

2.962.792,79

2.446.710,01

1.653.036,37

1.037.483,77

295.271,12

– –

53.974,75

636.827,28

52.983,96

502.332,66

50.203,35

351.996,24

47.146,42

198.008,50

44.089,49

35.368,97 8.388.681,95

7.384.308,12

6.407.193,25

5.457.337,34

4.534.740,39

3.639.402,41

2.771.323,39

1.930.503,33

1.116.942,23

336.640,09

– –

1.004.373,03

977.114,87

949.855,91

922.596,95

895.337,98

868.079,02

840.820,06

813.561,10

786.302,14

330.640,09

EOIAI:174 8.817.085,10 6.415.750,33 – 1.072.031,62 – 8.388.681,95

(7)

(8)

(9)

Iiyniaiey e Oaaeeoea 3

A?aoa (1) io?aaeaao ca?aiaa ?ann/eoaiioth iiieiaeueioth noieiinoue
aaenaeae. A?aoa (2) iieacuaaao /enooth noieiinoue iinea aeeneiioe?iaaiey
ii noaaea 13,5 aiaeiauo io aeioiaea, aceiaaiuo aaeaaiaeii. Oi?ioea, ii
eioi?ie iieo/aiu cia/aiey yoie oaaeeoeu, oeacaia auoa. Iai?eia?, oeaia
aaenaey n o?aoueei n?ieii iiaaoaiey, ianooiathuei iinea 538 aeiae n
aeaou iieoiee, au/eneaia oae, eae oeacaii ieaea.

Aeeneiioiue oaeoi? ia?aiai iieiiai aiaea ?aaai:

100

Z1= (((((((((((( = 0,87960

13,5 x 365

100+ (((((((()

360

I?e oiiiaeaiee Z1 ia iiieiaeueioth noieiinoue aaenaey (949.855,91
aeiee.) iieo/aaony 835.497,23 aeiee.

Aeeneiioiue oaeoi? ia inoaaoothny /anoue ia?eiaea (538 – 365 = 173
aeiy):

100

Z2= (((((((((((((( = 0,93908

13,5 x 173

100+ ((((((((()

360

Oiiiaeay Z2 ia o/oaiioth noieiinoue aaenaey ia eiiaoe ia?aiai iieiiai
aiaea (835.497.23 aeiee.), iieo/ei 784.596,53.

*enei, noiyuaa a a?aoa (3) ca 27.01.84, e eoiaiaay noiia (7) iieacuaatho
noiio o/oaiiuo noieiinoae aaenaeae, i?aaenoaaeythueo niaie nnoaeo aeey
oeiaine?iaaiey iieoiee anao aaenaeae. Cia/aiey a?aou (3) ca ae?oaea
aeaou iieacuaatho inoaoie nnoaeu.

A?aoa (4) io?aaeaao i?ioeaio, aceiaaiue aaeaaiaeii io iaiiea/aiiiai
inoaoea nnoaeu, e?iia oao neo/aaa, eiaaea /anoue oieaou aeieaa
iiaaoaaony iaaeaeo aeaoaie aceiaiey i?ioeaioa. A iineaaeiai neo/aa
auiea/eaaaony eeoue /anoue iniiaiiai aeieaa.

Iai?eia?, i?ioeaio ia?aiai aaenaey ni n?ieii iiaaoaiey 174 aeiy iinea
iieoiee au/eneyaony oae. Auieaoa iniiaiiai aeieaa inouanoaeyaony iooai
o/aoa aaenaey ii auoaoeacaiiie oi?ioea (ii aianoi nnoaeiiai i?ioeaioa
eniieuecoaony o/aoiue aeioiaeiue i?ioeaio) n o/aoii /enea aeiae,
i?ioaaeoeo n aeaou iieoiee.

Oaeei ia?acii, aeeneiioiue oaeoi? ?aaai:

100

(((((((((((((( = 0,4626

11,75 x 174

100+ ((((((((()

360

Yoi /enei oiiiaeaaony ia iiieiaeueioth noieiinoue aaenaey (1.004.73,83
aeiee.) e iieo/aaony 959,399,06 aeiee. Auiea/eaaaiue i?ioeaio ninoaaeo
iiieiaeueioth noieiinoue – iiaaoaiea iniiaiiai aeieaa.

1.004.373.83

– 950.399.08

53.974,75 aeiee.

A yoii i?eia?a ia?aue i?ioeaioiue ia?eiae caeai/eaaaony 18 yiaa?y 1985
a. e niioaaonoaoao 357 (174 + 183) aeiyi iinea iieoiee. I?ioeaio
?ann/eouaaaia neaaeothuei ia?acii:

*enei aeiae

iineaaeiae auieaou % Iaiiea/aiiue Aiaeiaay

% = (((((((((((( o inoaoie nnoaeu o %-iay noaaea

360

Iiaenoaaea /enea iaoaai i?eia?a, iieo/ei

357 11,75

% = ((( o 5.465.351,25 o (((( = 636.827,28 aeiee.

360 100

Noiia iiaaoaiey iniiaiiai aeieaa a aeaiue oieaou i?ioeaioa ninoaaeo
iiieiaeueioth noieiinoue aaenaey aac i?ioeaioa, ?ann/eoaiiiai auoa.

Au/eneaiey i?ioeaioa i?eiaiythony i?e /a?aaeiaaiee n?ieia aeey iieo/aiey
iauae noiiu i?ioeaioa (8).

A?aoa (5) oaaeeoeu ia 7.01.84 e noiia (9) io?aaeatho iauee iauai aeaiaa
aeey oieaou anaai aeieaa (e iniiaiie noiiu e i?ioeaioia) , o.a. (7) +
(8) = (9). A?aoa (5) naieie cia/aieyie, niioaaonoaothueie ae?oaei
aeaoai, io?aaeaao inoaoie – iaiiea/aiioth /anoue iniiaiiai aeieaa e
i?ioeaioa iinea au/eoaiey au?o/ee io iiaaoaaiuo aaenaeae ia yoe aeaou,
oeacaiiie a a?aoa (1) e i?aaeiacia/aia aeey ae?oaeo au/eneaiee.

A?aoa (6) iieacuaaao, /oi noiia iiieiaeueiie noieiinoe iiaaoaaiiai
aaenaey niioaaonoaoao noiia nieaeaiey anaai aeieaa. Iieo/aaony, /oi
oieueei iineaaeiee aaenaeue i?eiineo aeaiaaeioth i?eaueue – ana aeioiaeu
i?aaeoanoaothueo aaenaeae eaeoo ia iiaaoaiea aeieaa.

I?aeiouanoaii oaeiai iaoiaea oeiaine?iaaiey yaeyaony oi, /oi nnoaea
iiaaoaaony eae iiaeii nei?aa, e aeaiaaeiay i?eaueue iieo/aia aac
ion?i/ee aeey eciaiaiey i?ioeaioiuo noaaie. E?iia oiai, iao iooiea
eaieoaea ia eaeie-eeai noaaeee naeaeee.

Aicieeaao aii?in ia ii?aaeaeaiee aeaenoaeoaeueiiai iieiiai aeioiaea io
yoie i?aaeeueii ioeaiaiiie naeaeee. Aai iiaeii ?aoeoue aeaoiy iaoiaeaie:

1. I?ioeaioiay i?eaueue iieo/aaony iooai au/eoaiey iauae noiiu o/oaiiuo
aaenaeae ec noiiu iiieiaeueiuo noieiinoae aaenaeae. A iaoai i?eia?a:

8.817.085,10

– 6.415.750.33

2.401.334,77 aeiee.

Caoai au/eoaaony noiia auiea/aiiuo i?ioeaioia ii nnoaea:

1.972.931,62. I?ioeaioiay i?eaueue ?aaia 428.403,15 aeiee.

Iinea yoiai iiaen/eouaaai n?aaeiaacaaoaiioth i?iaeieaeeoaeueiinoue
ia?eiaea iiaaoaiey iaoaai iaai?a aaenaeae. A iaoai i?eia?a yoi 948,8
aeiae eee 2,6356 eao (ia aaca 360-oe aeiaaiiai aiaea).

*oiau iieo/eoue aeioiae, iaaei ?acaeaeeoue i?ioeaioioth i?eaueue ia
noiio o/oaiiuo aaenaeae e ?acaeaeeoue ?acoeueoao ia n?aaeiaacaaoaiioth
i?iaeieaeeoaeueiinoue ia?eiaea iiaaoaiey.

428.403,15 100

Aeioiae = (((((( o (((( = 2,5335 % aiaeiauo.

6.415.750,33 2,6356

2. A?aoa /enoiai i?eoiea aeaiaaeiuo n?aaenoa a oaaeeoea 4 iieo/aaony
neaaeothuei ia?acii. A ioeaaii ia?eiaea – yoi noiia, iiaeeaaeauay
aica?aoo, ?aaiay noiia o/oaiiuo noieiinoae aaenaeae. Yoi /enei oaeaea
?aaii noiia iieo/aiiie nnoaeu. Aeey ia?eiaeia n ia?aiai ii aeanyoue
oeacaiiua cia/aiey ?aaiu iiieiaeueiie noieiinoe eaaeaeiai iiaaoaaiiai
aaenaey ca au/aoii ia/eneaiiiai nnoaeiiai i?ioeaioa ia eaaeaeoth aeaoo e
neoaeao aeey aica?aoa ” aeiaeaiee “.

Oaaeeoea 4

*enei aeiae caaeieaeaiiinoe Iieoaiaeiaua ia?eiaeu *enoue i?eoie
aeaiaaeiuo n?aaenoa

174

357

538

722

903

1087

1268

1452

1634

1819 0

1

2

3

4

5

6

7

8

9

10 6.415.750.33

– 950.399,08

340.287,59

896.871,95

420.264,29

845.134,63

516.082,78

793.673,64

615.552.60

742.212,65

723.674,27

428.403,15

?ann/eouaay aioo?aiiea eiyooeoeeaiou aeioiaea, iieo/ei neaaeothuea
?acoeueoaou:

i?ioeaio ia ia?eiae – 1,1909

iiieiaeueiay i?ioeaioiay noaaea -2,3819

oaeoe/aneay i?ioeaioiay noaaea -2,3960

Ioee/ea yoiai iaoiaea io ?an/aoa aeioiaea ii ia?aiio iaoiaeo
caeeth/aaony a oii, /oi ii iniiaai ia aeaenoaeoaeueiii i?eoiea
aeaiaaeiuo n?aaenoa a oa/aiea iia?aoeee e ia onoaiaaeeaaao aeioiae ia
iniiaa iauaai /enoiai aeioiaea naa?o n?aaeiaai n?iea aeecie aaenaey.
Yoio aoi?ie iaoiae iaaei i?eiaiyoue oiaaea, eiaaea o?aaoaony oi/iay
ioeaiea aeioiaea. I/aiue aaaeii ioiaoeoue (eae yoi oaea auei naeaeaii
?aiaa) , /oi aeaenoaeoaeueiue /enoue aeioiae oaeie naeaeee
i?eaeeceoaeueii ?aaai 2,4 % aiaeiauo, a ia 1,75 % , eae iiaeao
iieo/eoueny i?e au/eoaiee ec o/aoiie noaaee a 13,5 % nnoaeiiai i?ioeaioa
11,75 %. Iaaei iiae/a?eiooue, /oi aieueoeinoai naeaeie oi?oaoe?iaaiey ia
oo?oaeaeatho naay oaeeie ?an/aoaie /enoiai aeioiaea.

NIENIE EEOA?AOO?U

1. Ii?iaoeaiua aeieoiaiou:

– “Ia oeo/oaiee ?an/aoia a oicyenoaa e iiauoaiee ioaaonoaaiiinoe ca eo
naiaa?aiaiiia i?iaaaeaiea”. Oeac I?aceaeaioa ?O io 19 iiya?y 1993 a. ?
1662

– “I i?eiaiaiee aaenaey a oicyenoaaiiii iai?ioa ?NON?”. Iinoaiiaeaiea
I?aceaeeoia Aa?oiaiiai Niaaoa ?NON? io 24 ethiy 1991 a. ? 1451-1

– “I aaieianeeo iia?aoeeyo n aaenaeyie”. Ienueii Oeaio?aeueiia Aaiea ?O
io 9 naioya?y 1991 a. ? 14-3/3

– “I a?aiaiiuo iniiaiuo iieiaeaieyo ii ia?ao/aoo aaenaeae i?aaei?eyoee
Aaieii ?innee”. Ienueii OeA ?O io 4 ieoya?y 1994 a. ? 183-94

– A?aaeaeaineee eiaeaen ?O (i?eiyo Oaaea?aeueiui nia?aieai ?O io 30
iiya?y 1994 a. ? 51-O3) (ecaea/aiey)

– “Iniiau a?aaeaeaineiai caeiiiaeaoaeuenoaa Nithca NN? e ?anioaeee”. io
31 iay 1994 a. ? 2211-1 (ecaea/aiey

2. Aaieianeia aeaei. Ni?aai/iia iiniaea. Iiae ?aae. TH.A.Aaae/aaie. I.
“Yeiiiieea” 1994 a.

3. E.A.Aoeiiaa. “Aaieianeia i?aai”. Ecaeaoaeuenoai “AAE”. I. 1994 a.

4. Aaieianeee ii?ooaeue – 1. Iineaa. Niieioye. 1994 a.

5. Oiiaeiaue ii?ooaeue. Iineaa. Niieioye. 1994 a.

6. Oeiainiaay aacaoa. ? 43, 1994 a.

7. Oeiainiai-e?aaeeoiue neiaa?ue. I. “Oeiainu e noaoenoeea”. 1994 a.

8. N.A.Aeaenaiae?ia, O.E.Ioaa/aa. “E?aaeeoiua n?aaenoaa ia?auaiey e
ieaoaaea”. I. “Oaeo”. 1991 a.

9. A.A.Naeeaaieei. Oaoieea e?aaeeoiaaiey. E. “Eiiia?aoeey”. 1926 a.

10. A.N.Aieuineee. E?aaeeo a oneiaeyo nia?aiaiiiai eaieoaeecia. I.
“Oeiainu e noaoenoeea”. 1991 a.

11. I.Eiaai. Eiiia?/aneea aaiee e i?aaei?eyoey. ?an/aoiua e e?aaeeoiua
acaeiiioiioaiey. Auione o?aoee. 1992 a. Oeaio? aeaeiaie eioi?iaoeee
aacaou “Yeiiiieea e aeeciue”.

12. I.I.Aaeyeia. Aaenaeue eae aaaeiaeoaa ieaoaaeiia n?aaenoai. I.
“O?ainoa?o”. 1992 a.

* Aa?aiaue nai? ia aaenaey nio?aiai a aieueoeinoaa eaieoaeenoe/aneeo
no?ai. Ia iai?ioioth noi?iio aaenaey iaeeaeaaaony ia?ea, eioi?ay n?aco
aea iiaaoaaony. Anee nai? ia iiea/ai i?e ninoaaeaiee aaenaey, oi aai
aeieaeai iieaoeoue iineaaeothuee i?eia?aoaoaeue, a i?ioeaiii neo/aa
iiaeao auoue i?einoaiiaeaia ?aaeecaoeey i?aa ii aaenaeth. A NOA, Aiaeee,
Oaaoeee aa?aiaue nai? n aaenaeae ia aceiaaony.

* Ii aiaei-aia?eeaineiio i?aao ia?aaiaeiie aaenaeue aeieaeai
niaea?aeaoue: aaconeiaiue i?eeac oieaoeoue ii?aaeaeaiioth aeaiaaeioth
noiio, n?ie ieaoaaea, iaeiaiiaaiea ieaoaeueueea, iaeiaiiaaiea iieo/aoaey
eee oeacaiea ia oi, /oi aaenaeue iiea/eaaaony i?aaeuyaeoaeth, iiaeienue
aaenaeaaeaoaey-o?annaioa. Oaeei ia?acii, aiaei-aia?eeaineia i?aai
aeiioneaao ionoonoaea a aaenaea aaenaeueiie iaoee, aeaou, ianoa
aunoaaeaiey aaenaey eee ianoa ieaoaaea.

** A niioaaonoaee n caeiiiaeaoaeuenoaii NOA e Aaeeeia?eoaiee ethaua
aiaoiaoi?aiaua ?an/aou ioi?ieythony i?e iiiiue aaenaeae. I?e yoii
aaenaeue ia n/eoaaony aano?aeoiui iaycaoaeuenoaii e a iai oeacuaaaony,
ia iniiaa eaeiai eiio?aeoa ii aue auienai.

* Aiaei-aia?eeaineia i?aai iaiaa aeanoiei ?aaoee?oao n?iee ieaoaaea.
N?ie iieaou ii aaenaeth iiaeao ion/eouaaoueny io a?aiaie ianooieaiey
ii?aaeaeaiiiai niauoey, n?ie eioi?iai iiaeao auoue ia ii?aaeaeai.

* Aoeiiaa E.A. “Aaieianeia i?aai”. I. Ecaeaoaeuenoai “AAE”, 1994 a.

* Ii aiaeeeneiio i?aao i?ioano i?ioea iaieaoaaea ii eiino?aiiiio
aaenaeth aeieaeai auoue niaa?oai a oio aea aeaiue, eiaaea aaenaeue
iiaeeaaeae iieaoa, ii iaaue iiea/ai. Ii aia?eeaineiio i?aao ii iiaeao
auoue ii?ioanoiaai a oa/aiea o?ao ?aai/eo aeiae, a aeey aaieia – a oio
aea ?aai/ee aeaiue.

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