Добавил:
Опубликованный материал нарушает ваши авторские права? Сообщите нам.
Вуз: Предмет: Файл:
Скачиваний:
3
Добавлен:
15.05.2023
Размер:
5.61 Mб
Скачать

46.

1+916<0=53= <57A1=553Q 4:Q:4:< M653@6=A?/ <:91:?6@3, ?</M655J@3 ? 91/@J@3 560:>6@3. ' <=4=533 +916<0=53/ 9:N035 3 68H3M:< 56Q:4/A?/ 8:?<=55J= 560:>3.

2%@., 56913@=1: Internal Revenue Code (460== — IRC). § 453 (d) (2).

<:@, 3M462A?/ %07KF:E <57A1=553Q 4:Q:4:< 40/ 16MV/?5=53/ M68:5:46A=0O5JQ 9:0:K=53E, ?:4=1K6P3Q?/ < -:4=8?= <57A1=553Q 4:Q:4:<1.

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

#6 9168A38= 16M>1653D=53= 35?A178H3E 56 5:1@6A3<5J= 3 @=A:43D=?83= 9135H39360O5:>: M56D=53/ 5= 3@==A. "Q :F/M6A=0O5:?AO 3 5=:FQ:43@:?AO 40/ 1=>7031:<653/ 560:>:<JQ :A5:N=53E 913M56=A?/ ?746@3, 8:A:1J= :FV/<0/2A 3Q 21343D=?83 53DA:K5J@3 (5=4=E?A<3A=0O5J@3) 03NO < ?07D6= 5=?::A<=A?A<3/ F78<=, 47Q7 3 H=03 560:>:<:>: M68:563. '91:D=@, 913 16??@:A1=533 4=06 3 913@=5=533 5:1@J 560:>:<:>: M68:56 ?74 < F:0ON=E ?A=9=53 178:<:4?A<7=A?/ ?<:3@ 9:53@653=@ 56@=1=53E M68:5:46A=0/, D=@ 16MV/?5=53/@3 RA:E 5:1@J, ?:4=1K6P3@3?/ < 35?A178H3/Q -6M56D=E?A<6. &4568: 40/ 560:>:906A=0OP386 M56D=53= 68A:<, 9135/AJQ -6M56D=E?A<:@, A1745: 9=1=:H=53AO, :?:F=55: < ?</M3 ? 5603D3=@ 7 53Q 86D=?A<6 :F16A5:E ?30J. '91:D=@, 35?A178H3/ @:K=A 91=47?@6A13<6AO < ?<:=@ A=8?A= 9:0:K=53= :F :A?7A?A<33 7 5== :F16A5:E ?30J 303 M681=90/AO 91=4=0J 913@=5=53/ RA:>: 916<3064.

#61/47 ? 5:1@6A3<5J@3 3 @=A:43D=?83@3 35?A178H3/@3 -6M56D=E?A<6 <6K572 1:0O < 1=>7031:<6533 560:>:<JQ :A5:N=53E 3>162A «-,&.&'';& )'*+,$58))» (Temporary Regulations) 3 «#,&7:0F0&.;& )'*+,$58))» (Proposed Regulations). &53 91=4?A6<0/2A ?:F:E <34 68A:<, 3M46<6=@JQ -6M56D=E?A<:@ ? H=0O2 :M568:@0=53/ 560:>:906A=0OP38:< ? =>: 9:M3H3=E < :A5:N=533 A=Q 303 35JQ 6?9=8A:< 560:>::F0:K=53/. ): 91:N=?A<33 :91=4=0=55:>: <1=@=53, < A=D=53= 8:A:1:>: 65603M317=A?/ R;;=8A3<5:?AO 91=47?@:A1=55JQ < RA3Q 35?A178H3/Q 91=493?653E, :53 ?A65:</A?/ 9:?A:/55: 4=E?A- <72P3@3 68A6@3 -6M56D=E?A<6 (Final Regulations).

%07KF6 <57A1=553Q 4:Q:4:< 97F0387=A A68K= 916<306, 16MV/?5/2P3= 9:1/4:8 913@=5=53/ 560:>:<JQ M68:5:< 913@=53A=0O5:

%@.: IRC. § 7805. ' 4655:@ 9616>16;= 16?81J<6=A?/ 56M56D=53=, <34J 3 9135H39J 4=E?A<3/ 916<30 3 35?A178H3E, 3M46<6=@JQ %07KF:E <57A1=553Q 4:Q:4:<.

2 %@.: Fulman v. United States, 34 U.S. 525 (1978).

%@., 56913@=1. National Muffler Dealers Ass' n v: United States, 440 U.S. 472 (1979).

4 %@.: IRC ?A6AO/ 7805 (b): «%=81=A61O (4:0K5:?A5:= 03H: -6M56D=E?A<6. — B. O.) @:K=A :91=4=0/AO ?<:3@ 91=493?653=@ 91=4=0J 5=913@=5=53/ 916<306 :F16A5:E ?30J < :A5:N=533 35?A178H3E 303 35JQ 68A:<, :A5:?/P3Q?/ 8 M68:56@, 1=>703172P3@ <57A1=553E 4:Q:4».

30 - 9677

466 2&J#%= VII. 6)1&1?"0"-G$&0"0>% )1?B)BEB> J& $EI%V"F

8 8:581=A5J@ 560:>:<<N 916<::A5:N=53/@. GA3 16MV/?5=53/ 91=4?A6<0/2A ?:F:E 35A=1=? 91=K4= <?=>: 40/ 560:>:906A=0OP38:<, 8:A:1J=, A683@ :F16M:@, @:>7A :M568:@3AO?/ ? A:08:<653=@ %07K- F:E <57A1=553Q 4:Q:4:< 4=E?A<72P=>: 560:>:<:>: M68:5:46A=0O?A<6 913@=53A=0O5: 8 8:581=A5J@ :F?A:/A=0O?A<6@, <:M53862P3@ < ?</M3 ? 3?D3?0=53=@ 3 <M3@653=@ 560:>:<. )13 RA:@ %07KF6 <57A1=553Q 4:Q:4:< 5= 5=?=A :F/M6A=0O?A<6 ?0=4:<6AO < ?<:=E 460O5=EN=E 4=/A=0O5:?A3 :97F038:<655J@ 16MV/?5=53/@ 3 46K= @:K=A :A 53Q :A86M6AO?/. %74 16??@6A13<6=A RA3 916<306 868 74:F5JE 3 9:0=M5JE :13=5A31 913 16??@:A1=533 560:>:<JQ ?9:1:<, 5: 5= 913M56=A M6 53@3 868:>:-03F: 5:1@6A3<5:>: 86D=?A<6.

§ 3. 8?1"01>% 0)#> 1&="D"0

#60:>3 < M617F=K5JQ >:?7461?A<6Q 806??3;3H3172A?/ 9: 16M03D5J@ 913M5686@.

'M6<3?3@:?A3 :A >:?7461?A<=55:>: :1>656, < 16?9:1/K=53= 8:A:1:>: 9:?A796=A 560:>:<JE 906A=K, 560:>3 4=0/A?/ 56 H=5A160O5J= 3 @=?A5J=.

W&'+,0:?';& (>:?7461?A<=55J=) 560:>3 <M3@62A?/ H=5A160O5J@ 916<3A=0O?A<:@ 56 A=113A:133 <?=E ?A165J 3 56916<0/2A?/ < >:?7461?A<=55JE F24K=A. (&*+';& 560:>3 <M3@62A?/ @=?A5J@3 :1>656@3 <06?A3 56 :>1653D=55:E A=113A:133 3 56916<0/2A?/ < @=?A5JE F24K=A.

'M6<3?3@:?A3 :A H=0=E 3Q 3?9:0OM:<653/ 560:>3 9:416M4=0/ -2A?/ 56 :FP3= 3 H=0=<J=.

E/%)& 560:>3 91=4?A6<0/2A ?:F:E 563F:0== @5:>:D3?0=55JE <34 560:>:<, <M3@6=@JQ < F24K=AJ 16M03D5JQ 71:<5=E 3 16?Q:47=@JQ 56 1=603M6H32 16M03D5JQ ;758H3E >:?7461?A<6. W&:&-;& 560:- >3 <M3@62A?/ < ?9=H360O5J= ;:54J 3 16?Q:472A?/ 56 1=603M6H32 :91=4=0=55JQ 91:>16@@ (56913@=1 8:5V258A715JE 560:> < !*C, «?:H360O5J=» 560:>3 < >:?7461?A<6Q—D0=56Q (%).

' M6<3?3@:?A3 :A :FV=8A6 :F0:K=53/ 560:>3 9:416M4=0/2A?/ 56 91/@J= 3 8:?<=55J=.

C,2.;& 560:>3 7?A656<03<62A?/ 5=9:?1=4?A<=55: 56 3@7P=?A<: 303 4:Q:4 560:>:906A=0OP386 3 9:416M4=0/2A?/ 56 1=60O5J= 3 03D5J= 560:>3. 3&0:?';.) 56MJ<62A?/ 560:>3, <M3@6=@J= ? 1=- 60O5:>: 3@7P=?A<6 56 :?5:<= 8646?A16 F=M 7D=A6 4=E?A<3A=0O5:>: 4:Q:46 906A=0OP386 (56913@=1 9:M=@=0O5JE, 9:4:@:<:E, 91:@J?0:<JE 560:>3). T)9';.) 56MJ<62A?/ 560:>3, 7906D3<6=@J= 560:>:906A=0OP38:@ ? 7D=A:@ =>: 4=E?A<3A=0O5:>: 4:Q:46 M6 7D3AJ<6=@JE 560:>:<JE 9=13:4 (56913@=1 9:4:Q:45JE 560:> ? ;3M3D=?83Q 03H; 8:19:16H3:55JE 560:>; 560:> 56 9131:?A 8693A606; 560:> 56 3@7P=?A<:, 9=1=Q:4/P== < 9:1/48= 56?0=4:<653/ 3 461=53/, 3 41.). N"*-&'';& 560:>3 7?A656<03<62A?/ 56 A:<61J 3 7?07>3 < ;:1@= ;38?31:<655:>: 7<=03D=53/ 3Q

H=5J. S68:5:46A=0O?A<: M617F=K5JQ ?A165 91=47?@6A13<6=A 4<6 :?5:<5JQ <346 8:?<=55JQ 560:>:< 68H3MJ 3 A6@:K=55J= 9:N035J.

I58)1; 91=4?A6<0/2A ?:F:E 560:>3 56 A:<61J 3 7?07>3 D6?A5JQ

1

<=&0& 22. 8?1"0> 1&="D"0"D" G$&0&

467

91=4913/A3E, <802D6=@J= < H=57 A:<616 (7?07>3). ): ?9:?:F7 3?D3?0=53/ 3 <M3@653/ :53 9:416M4=0/2A?/ 56 753<=1?60O5J= 68H3MJ (560:> ? :F:1:A6, 560:> 56 4:F6<0=5572 ?A:3@:?AO) 3 3543<34760O5J= 68H3MJ 56 :A4=0O5J= <34J A:<61:< (93<:, <35: 3 A.4.).

O0."K&'';& #"<:)'; 91=4?A6<0/2A ?:F:E 8:?<=55J= 560:>3, 7?A656<03<6=@J= 56 3@9:1A5J=, R8?9:1A5J= 3 A165M3A5J= A:<61J'. ): ?<:3@ H=0/@ A6@:K=55J= 9:N035J 9:416M4=0/2A?/ 56 ;3?- 860O5J=, 91:A=8H3:53?A?83=, 65A34=@935>:<J= 3 91=;=1=5H360O5J=. ): ?A6<86@ A6@:K=55J= 9:N035J 806??3;3H3172A?/ 56 ?9=H3;3D=?83=, 64<60:15J= 3 ?@=N655J=.

S#&8)G)9&*5)& 9:N035J 7?A656<03<62A?/ < ;38?31:<655:E ?7@@= 56 =4353H7 A:<616 3 <M3@62A?/ < :?5:<5:@ ? ?J1O=<JQ ' 3 91:4:<:0O?A<=55JQ A:<61:<. I7-0:",';& 9:N035J 7?A656<03<62A?/ < ;:1@= 91:H=5A6 8 H=5= A:<616 3 <M3@62A?/ 91=3@7P=?A<=55: ? >:A:<JQ 3M4=03E.

"M 913<=4=55JQ <JN= 806??3;386H3E 4=0=53= 560:>:< 56 91/@J= 3 8:?<=55J=, H=5A160O5J= 3 @=?A5J= 563F:0== M56D3@: 40/ 7/?5=53/ 916<:<JQ :?5:< 560:>:<JQ ?3?A=@ 8:581=A5JQ >:?7461?A<. GA: ?</M65: ? A=@, DA: 806??3;386H3/ 560:>:< < M6<3?3@:?A3 :A :FV=8A6 :F0:K=53/ 3 9:1/486 7906AJ 46=A 563F:0== 9:05:= 91=4?A6<0=53= : 560:>:<:@ F1=@=53, 8:A:1:= <:M06>6=A 56 560:>:906A=0OP38:< >:?7461?A<:. *6<5:= 560:>::F0:K=53= < ?::A<=A?A<33 ? <:M@:K5:?A/@3 560:>:906A=0OP386, ?916<=403<:= 560:>::F0:K=53=, — RA3 3 417>3= 9135H39J 560:>:<:>: 916<6 3 560:>:<:E 9:03A383 563F:0== 9:05: 16?81J<62A?/ D=1=M 65603M 91/@JQ 3 8:?<=55JQ 560:>:<, 9:05JE 7D=A 8:A:1JQ 3 :91=4=0/=A 1=60O5:= 560:>:<:= F1=@/.

,0/ 560:>:906A=0OP38:< 8:?<=55J= 560:>3 @=5== D7<?A<3A=0O5J ? A:D83 M1=53/ 91:H=471J :AD7K4=53/ ?:F?A<=55:?A3, 5=K=03 560:>3, 7906D3<6=@J= «7 3?A:D5386» 303 97A=@ 9:46D3 4=80616H33 : 4:Q:46Q. -6K4:= >:?7461?A<:, 3?Q:4/ 3M R8:5:@3D=?83Q 1=603E 3 ?<:=>: 9:53@653/ R;;=8A3<5:?A3 ?:H360O5:E 9:03A383, :91=4=0/=A 4:02 91/@JQ 3 8:?<=55JQ 560:>:< < 56H3:560O5:E 560:>:<:E ?3?A=@=. ' :453Q ?A1656Q, 56913@=1 <: !165H33, "A6033, "1065433, C1=H33 3 "?96533, 91=49:DA=53= :A46=A?/ 8:?<=55J@ 560:>6@, < 417>3Q >:?7461?A<6Q, < D6?A5:?A3

<C:0065433, ,6533, X28?=@F71>= 3 $<?A133, 91=:F06462A 91/@J= 560:>3. )13@=15: 16<5:= ?::A5:N=53= 91/@JQ 3 8:?<=55JQ 560:>:< @:K5: <?A1=A3AO < !350/5433 3 !*C.

,=0=53= 560:>:< 56 H=5A160O5J= 3 @=?A5J= 9:M<:0/=A 7/?53AO 916<:<J= 3 R8:5:@3D=?83= 9135H39J '0:"F"-"F" G&7&,0:)1.0, R;;=8A3<5:?AO 8:A:1JQ /<0/=A?/ 7?0:<3=@ 916<:<:>: <M63@:4=E?A<3/ >:?7461?A<=55JQ :1>65:< 16M03D5JQ 71:<5=E 3 :F=?9=D3<6=A 5:1@60O5:= ;758H3:531:<653= >:?7461?A<6 < H=0:@.

#60:>:<6/ ?3?A=@6 5=M6<3?3@: :A <JF1655:E 806??3;386H33 ?:?A:3A 3M :FP3Q 40/ <?=Q >:?7461?A< <34:< 560:>:< 3 A=Q, 8:A:1J= ?:?A6<0/2A 56H3:560O572 ?9=H3;387 3 ?7P=?A<72A 03F:

<?307 A1643H33, 03F: < ?307 :?:F=55:?A=E R8:5:@383 ?A165J. " =?03 :?64-

468 2&J#%= VII. 6)1&1?"0"-G$&0"0>% )1?B)BEB> J& $EI%V"F

5:<5J= <34J 560:>:< < >:?7461?A<6Q 913@=15: :43568:<J, A: 4:0/ 9:?A790=53E :A 86K4:>: 3M 53Q < ?A178A71= :F/M6A=0O5JQ 906A=K=E M6@=A5: :A03D6=A?/. I68, 56913@=1, < '=038:F13A6533 «?:H360O5J=» :AD3?0=53/ ?:?A6<0/2A D7AO F:0ON= 18% < ''), 6 <: !165H33 <M5:?J < ;:54J ?:H360O5:>: 56M56D=53/ 91=<JN62A 43% < <60:<:@ <57A1=55=@ 91:478A=. % 417>:E ?A:1:5J, 4:0/ 8:19:16H3:5-

5:>: 560:>6 < '=038:F13A6533 ?:?A6<0/=A F:0== 10%, 6 <: !165H33 — @=5== 6%.

' 86D=?A<= :?5:<5JQ <34:< H=5A160O5JQ 560:>:< M68:5:46A=0O?A<: M681=90/=A 9:4:Q:45JE 560:> ? ;3M3D=?83Q 03H, 560:> 56 913FJ0O 21343D=?83Q 03H, 560:> 56 9131:?A 8693A606, 560:> 56 56?0=4?A<: 3 461=53=, 560:> 56 4:F6<0=5572 ?A:3@:?AO 3 417>3= 68H3MJ. -6K4JE 3M RA3Q 560:>:< 3@==A ?<:3 :?:F=55:?A3 916<:<:>: 1=>7031:<653/.

8$A$K$A,&N ,-5$I ? G6C601?=6K 56B

#60:> 7906D3<6=A?/ ? ?:<:8795:>: 4:Q:46, 9:07D6=@:>: ;3M3D=?83@ 03H:@ < A=D=53= ;3565?:<:>: 303 860=54615:>: >:46.

):4:Q:45JE 560:> <M3@6=A?/ 9168A3D=?83 <: <?=Q ?A1656Q. &A03D3/ < :A4=0O5JQ >:?7461?A<6Q, 868 916<30:, ?</M65J ? :?:F=55:?A/@3 :91=4=0=53/ 5=8:A:1JQ R0=@=5A:< 560:>6.

#60:>::F06>6=@6/ F6M6 ?8064J<6=A?/ 3M 16M03D5JQ <34:< 4:Q:4:< ;3M3D=?83Q 03H. I1643H3:55: == ?:?A6<0/2A M616F:A56/ 906A6, 9=5?33, 4:Q:4J :A 91=491353@6A=0O?8:E 4=/A=0O5:?A3 3 4:Q:4J, 9:07D6=@J= :A 3?9:0OM:<653/ 5=4<3K3@:E ?:F?A<=55:?A3. )13 RA:@ < >:?7461?A<6Q ?7P=?A<7=A 5=@60: 16M03D3E, ?</M655JQ ? :91=4=0=53=@ 417>3Q <34:< 4:Q:4:<, 9:40=K6P3Q 560:>::F0:K=532. #6913@=1, 560:>:<6/ ?07KF6 "1065433 7D3AJ<6=A 913 :91=4=0=533 :FP=>: >:4:<:>: 4:Q:46 560:>:906A=0OP386 4:9:053A=0O5J= (?<=1Q :?5:<5:E M616F:A5:E 906AJ) 4:Q:4J :A 91=@3E 303 913<30=>3E. ' ,6533 3 "?96533 < 560:>::F06>6=@72 F6M7 <802D62A?/ <M5:?J 9: ?A16Q:<6532 K3M53. ' !350/5433 < :A03D33 :A F:0ON35?A<6 >:?7461?A< 4:Q:4J :A 43<34=54:<, 91:H=5A:< 9: <80646@ < F6586Q 3 9: >:?7461?A<=55J@ H=55J@ F7@6>6@ 5= 7D3AJ<62A?/ 913 :91=4=0=533 F6MJ :F0:K=53/ 9:4:Q:45J@ 560:>:@. ' .=0O>33, X28?=@F71>=, C:0065433, !165H33, '=038:F13A6533, %[$, [<=H33 3 !350/5433 <J906AJ 9: F:0=M53 <802D62A?/ < 560:>::F06>6=@JE 4:Q:4, 6 < C=1@6533, "1065433, ):1A7>6033 3 "?96533 —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

%7FV=8A6@3 560:>::F0:K=53/ /<0/2A?/ ;3M3D=?83= 03H6. (?03

<=&0& 22. 8?1"0> 1&="D"0"D" G$&0&

469

;3M3D=?8:= 03H: ?:?A:3A < F168=, A: <:M@:K5J 4<6 9:4Q:46 8 560:>::F0:K=532 ?=@O3: <:-9=1<JQ, ?:<:8795:= 560:>::F0:K=53=, 913 8:A:1:@ 560:> 74=1K3<6=A?/ ? :FV=435=55:>: 4:Q:46 ?7917>:<, <:- <A:1JQ, 16M4=0O5:= 560:>::F0:K=53=, 913 8:A:1:@ 560:> 7906D3<6=A?/ 86K4J@ 3M ?7917>:<. #6913@=1, < %[$, C=1@6533 3 "1065433 ;3M3D=?83= 03H6, ?:?A:/P3= < F168=, <916<= ?6@:?A:/A=0O5: :91=4=03AO ?Q=@7, 9: 8:A:1:E :53 F747A 7906D3<6AO 9:4:Q:45JE 560:>. ' '=038:F13A6533 «?:<:8795JE 9:4Q:4» 8 3?D3?0=532 3 7906A= 9:4:Q:45:>: 560:>6 913@=5/=A?/ 868 :FP== 916<30:, J: 913 RA:@ ?7917>3 @:>7A <:?9:0OM:<6AO?/ 3 3543<34760O5J@ (16M4=0O5J@) 560:>:<J@ :F0:K=53=@.

': @5:>3Q =<1:9=E?83Q ?A1656Q 91=49:DA=53= :A46=A?/ 3543<34760O5:@7 9:4Q:47 8 560:>::F0:K=532 D0=5:< ?=@O3 ([<=H3/, ,653/, !350/543/, #34=10654J, $<?A13/, "A603/, C1=H3/).

%A6<83 9:4:Q:45:>: 560:>6 9:?A1:=5J, 868 916<30:, 9: ?0:K5:E 91:>1=??33, :4568: < 1/4= >:?7461?A< :5 <M3@6=A?/ 56 :?5:<= 9135H396 91:9:1H3:560O5:?A3. '=03D356 560:>:<:E ?A6<83 8:0=F0=A?/ < M6<3?3@:?A3 :A ?A165J 3 @=5/=A?/ ? 7D=A:@ 560:>:<JQ ?834:8, 91=4:?A6<0/=@JQ 560:>:906A=0OP386@. ' M6<3?3@:?A3 :A ?=@=E5:>: 9:0:K=53/ 560:>:906A=0OP386 ?A6<83 560:>6 43;;=1=5H3172A?/. #6913@=1, < '=038:F13A6533 ? 7D=A:@ :?5:<5JQ 5=?A65461A5JQ 560:>:<JQ ?834:8 (16?Q:4:<, ?</M655JQ ? 16F:A:E, 91:H=5A:<, <J906D3<6=@JQ M6 81=43A 56 9:87987 4:@6, 3 A.4.) 40/ :435:8:>: 560:>:906A=0OP386 ?A6<86 9:4:Q:45:>: 560:>6 9:DA3 56 3% <JN=, D=@ 40/ ?7917K=?8:E 961J. ' "1065433 ? 7D=A:@ 16?Q:4:<, ?</M655JQ ? 16F:A:E, <M5:?:< 56 ?A16Q:<653= K3M53 3 56 @=43H35?8:= ?A16Q:<653=, 40/ :435:8:>: 560:>:906A=0OP386 ?A6<86 560:>6 <4<:= F:0ON=, D=@ 40/ ?7917K=?8:E 961J. ' "A6033 ? 7D=A:@ :?5:<5JQ 5=?A65461A5JQ 560:>:<JQ ?834:8 (91:H=5A5JQ <J906A, <M5:?:< 56 ?A16Q:<653= K3M53 3 @=43H35?83Q 16?Q:4:<) 40/ :435:8:>: 560:>:906A=0OP386 ?A6<86 9:4:Q:45:>: 560:>6 56 2%—2,5% <JN=, D=@ 40/ ?7917K=?8:E 961J. ': !165H33 ? 7D=A:@ 91:H=5A:< 9: M6E@6@, F06>:A<:13A=0O5JQ <M5:?:< 3 16?Q:4:<, ?</M655JQ ? ?:4=1K653=@ 4:0>6, 40/ :435:8:>: 560:>:906A=0OP386 ?A6<86 560:>6, 913@=5/=@6/ 8 4:Q:47, 56 7% <JN=, D=@ 40/ ?7917K=?8:E 961J. ' [<=H33 ? 7D=A:@ :?5:<5JQ 5=?A65461A5JQ 560:>:<JQ ?834:8 (16?Q:4:<, ?</M655JQ ? 16F:A:E, 91:H=5A:< 9: M6E@6@, <M5:?:< 56 9=5?3:55:= :F=?9=D=53= 3 56 ?A16Q:<653= K3M53) 40/ :435:8:>: 560:>:906A=0OP386 ?A6<86 56 8% <JN=, D=@ 40/ ?=@=E5:E 961J. I683@ :F16M:@, 9168A3D=?83 <: <?=Q ?A1656Q ?A6<86 9:4:Q:45:>: 560:>6 40/ :435:83Q 560:>:906A=0OP38:< <JN=, D=@ 40/ ?7917K=?83Q 961. )13 RA:@ 16M03D3/ <=03D35J ?A6<:8 < >:?7461?A<6Q 4:?A3>62A 4<64H6A3 3 F:0== 91:H=5A:<. I68:E 9:4Q:4 8 :91=4=0=532 16M@=1:< 560:>:<:>: F1=@=53 :F7?0:<0=5 4=@:>16;3D=?8:E 3 ?:H360O5:-

R8:5:@3D=?8:E 9:03A38:E, 91:<:43@:E < 86K4:@ >:?7461?A<=.

):1/4:8 7906AJ 9:4:Q:45:>: 560:>6 :91=4=0/=A?/ 4<7@/ :?5:<5J@3 ?9:?:F6@3: F=M5603D5J@ 3 4=80616H3:55J@.

470 2&J#%= VII. 6)1&1?"0"-G$&0"0>% )1?B)BEB> J& $EI%V"F

,=80616H3:55JE ?9:?:F 7906AJ 560:>6 91=4?A6<0/=A ?:F:E 56916<0=53= < 560:>:<J= :1>65J 4=80616H33 : 4:Q:46Q, 9:07D=55JQ M6 3?A=8N3E ;3565?:<JE (560:>:<JE) >:4. ,=80616H32 M69:05/2A 56=@5J= 16F:A5383, 9:07D62P3= ?<=1Q M616F:A5:E 906AJ 4:9:053A=0O5J= 4:Q:4J, 3 ;3M3D=?83= 03H6, 5= M653@62P3=?/ 56=@5J@ A174:@, 6 9:07D62P3= 4:Q:4 3M 35JQ 3?A:D538:<.

.=M5603D5JE ?9:?:F 7906AJ 560:>6 91=4?A6<0/=A ?:F:E 74=1K653= F7Q>60A=13=E 91=4913/A3/ (:1>653M6H33) D6?A3 <J906D3<6=@:>: 4:Q:46. ,:Q:4 @:K=A FJAO < ;:1@= M616F:A5:E 906AJ, 43<34=5- 4:<, 91:H=5A:< 9: <80646@, <J906A 9: 6<A:1?83@ 916<6@ 3 A.4. )13 F=M5603D5:E ;:1@= 7906AJ 9:4:Q:45:>: 560:>6, 35:>46 56MJ<6=@:E «74=1K653=@ 7 3?A:D5386», < 560:>:<J= 916<::A5:N=53/ <?A7962A A13 ?7FV=8A6: 560:>:<J= :1>65J, 560:>:906A=0OP38 3 ?9=H360O5JE 9:?1=4538, ;758H33 8:A:1:>: @:K=A <J9:05/AO 03F: 91=4913/A3= (:1>653M6H3/), 74=1K3<62P== 560:>3 ? M616F:A5:E 906AJ, 03F: F658, 74=1K3<62P3E 560:>3 ? 91:H=5A:< 9: <80646@, 03F: 35<=?A3H3:556/ 8:@9653/, 74=1K3<62P6/ 560:>3 ? <J906D3<6=@JQ 43<34=54:<.

' F:0ON35?A<= >:?7461?A< 560:> ? 4:Q:4:< 56=@5JQ 16F:A538:< <M3@6=A?/ 16F:A:46A=0/@3 (D=1=M F7Q>60A=132). "?802D=53= ?:?A6<0/2A !165H3/ 3 [<=EH613/.

%1:83 7906AJ 560:>6 7?A656<03<62A?/ < M6<3?3@:?A3 :A ?9:?:F6 =>: 7906AJ. ,=80616H33 : 4:Q:46Q M6 91:N=4N3E >:4 9:462A?/ < ;3565?:<J= :1>65J < 56D60= 5:<:>: 560:>:<:>: >:46, 6 7906A6 560:>6 F=M5603D5J@ ?9:?:F:@ :?7P=?A<0/=A?/ =K=@=?/D5: (913 9:07D=533 M616F:A5:E 906AJ) 303 9: ;68A7 9:07D=53/ 43<34=54:< 3 417>3Q <J906A 9: 35J@ 3?A:D5386@ 4:Q:4:<.

#60:>:<J= 0O>:AJ 5=?@:A1/ 56 86D=?A<: ;6870OA6A3<5:?A3 M653@62A <6K5=EN== @=?A: < ?A178A71= 560:>6, 9:A:@7 DA: F=M 3Q 16??@:A1=53/ :91=4=03AO 1=60O5:= 560:>:<:= F1=@/ 5=<:M@:K5:. S68:5:46A=0O?A<: M617F=K5JQ ?A165 91=47?@6A13<6=A 560:>:<J= 0O>:AJ ? 7D=A:@ <:M16?A6, ?=@=E5:>: 9:0:K=53/, 91:;=??3:560O5:E 4=/A=0O5:?A3 3 H=0=E 91:3M<:43@JQ 560:>:906A=0OP38:@ 16?Q:4:<. • #63F:0== 16?91:?A165=55JE <34 560:>:<JQ 0O>:A ?:?A6<0/2A 560:>:<J= ?83483, 8:A:1J= 9:416M4=0/2A?/ 56 ?A65461A5J= 3 5=?A65461A5J=1. '

- *+0'70,+';. ?83486@ :A5:?/A?/: 5=:F06>6=@JE @353@7@, «?=@=E5J= ?83483», «?83483 56 3K43<=5H=<», :F0:K=53= 9: 570=<:E ?A6<8= 3 560:>:<JE 81=43A. )13 RA:@ ?0=47=A 3@=AO < <347, DA: < :453Q 3 A=Q K= >:?7461?A<6Q @:>7A 913@=5/AO?/ :45:<1=@=55: 16M03D5J= ;:1@J 560:>:<JQ 0O>:A, 56913@=1 '&"/:0F0&.;4 .)').$., :M56D62P3E :?<:F:K4=53= :A 560:>::F0:K=53/ @353@60O5JQ

1 S+0'70,+';& 560:>:<J= ?83483 — RA: 560:>:<J= 0O>:AJ (?83483), <=03D356 8:A:1JQ '& "/$*:"-:&'0 ;68A3D=?83@3 16?Q:46@3 560:>:906A=0OP386. Q&*+0'70,+';& 560:>:<J= ?83483 — RA: 560:>:<J= 0O>:AJ (?83483), <=03D356 8:A:1JQ 10-)*)+ :A ?7@@J ;68A3D=?83 91:3M<=4=55JQ 560:>:906A=0OP38:@ 16?Q:4:<.

<=&0& 22. 8?1"0> 1&="D"0"D" G$&0&

4:Q:4:< < 16M@=1=, :91=4=0/=@:@ M68:5:@, 91=4:?A6<0/=A?/ <?=@ 560:>:906A=0OP386@, 5=M6<3?3@: :A 3Q ?=@=E5:>: 9:0:K=53/ 303 5603D3/ 3K43<=5H=<. GA:A <34 560:>:<JQ 0O>:A 91=47?@6A13<6=A?/ M68:5:46A=0O?A<:@ F:0ON35?A<6 >:?7461?A<. ' A: <1=@/ 868 «*&.&4';& *5)75)» 91=4:?A6<0/2A?/ 560:>:906A=0OP386@ < M6<3?3@:?A3 :A 3Q ?=@=E5:>: ?A6A7?6. )13 RA:@ 3?9:0OM72A?/ 16M03D5J= ?Q=@J 560:>::F0:K=53/. #6913@=1, < ):1A7>6033 3 #:1<=>33 4:Q:4J D0=5:< ?=@O3 :F06>62A?/ 560:>:@ 9: 16M5J@ N8606@, 6 < C=1@6533 3 "1065433 3?9:0OM7=A?/ ?3?A=@6 16M4=0=53/ 4:Q:4:<, 913 8:A:1:E 4:Q:4 ?7917>:< 4=03A?/ 9:1:<57 3 < :A5:N=533 5=>: 91=47?@:A1=56 ?::A<=A?A<72P6/ 560:>:<6/ ?A6<86, 9:M<:0/2P6/ ?53M3AO 560:>:<:= F1=@/. «S5)75) '0 )K7)-&'8&-» 91=4?A6<0/2A ?:F:E 0O>:AJ 56- 0:>:906A=0OP386@, 3@=2P3@ 4=A=E, 56Q:4/P3Q?/ 56 3K43<=533, 3 417>3Q 3K43<=5H=< — D0=5:< ?=@O3. «E/:"K&')& #" '$:&-"4 *+0-5&» 7?A656<03<6=A?/ < :A5:N=533 :91=4=0=55:E >1799J 4:Q:4:< 3 ;68A3D=?83 :M56D6=A :?<:F:K4=53= :A 560:>6. I686/ 0O>:A6 91=47?@6A13<6=A?/ M68:5:46A=0O?A<:@ $<?A133, !*C, .=0O>33, X28?=@F71>6, !165H33, !350/5433 3 C1=H33.

Q0:"F"-;4 5,&7)+, 91=4?A6<0/2P3E ?:F:E ?7@@7, 56 8:A:172 7@=5ON6=A?/ <=03D356 560:>6, 6 5= <=03D356 :F06>6=@:>: 560:>:@ 4:Q:46, A68K= 3@==A :?:F=55:?A3 ?<:=>: 913@=5=53/ < 16M5JQ >:?7- 461?A<6Q. #6913@=1, < ,6533, [<=H33 3 $<?A133 560:>:<J= 81=43AJ 91=4:?A6<0/2A?/ ?7917>6@, 6 <

.=0O>33, C1=H33, "?96533 3 "A6033 :53 91=4:?A6<0/2A?/ 5= A:0O8: ?7917>6@, 5: 3 ?=@O/@, 3@=2P3@ 56 3K43<=533 4=A=E. %7P=?A<72A 3 35J= :?5:<653/ 91=4:?A6<0=53/ 560:>:<JQ 81=43A:<, :91=4=0/=@J= M68:5:46A=0O?A<:@ >:?7461?A<.

Q&*+0'70,+';& ?83483 7?A656<03<62A?/ < :A5:N=533 <M5:?:< < 91:;?:2MJ, 16?Q:4:<, ?</M655JQ ? 91:3M<:4?A<=55:E 4=/A=0O5:?AO2, :?5:<5JQ @=43H35?83Q 16?Q:4:<, 91:H=5A:<, <J906D3<6=@JQ 9: M6E@6@ 303 M6 81=43A 56 9:87987 4:@6, 16?Q:4:< 56 F06>:A<:13A=0O5J= H=03 3 A.4.

#6913@=1, < !*C, "A6033, "?96533, #:1<=>33, !350/5433 3 %[$ -1'"*; - #,"G*">1; 9:05:?AO2 8:@9=5?3172A?/ 97A=@ 91=4:?A6<0=53/ 560:>:<:E ?83483; < ):1A7>6033, [<=H33 3 ,6533 91=47?@6A13<6=A?/ D6?A3D56/ 8:@9=5?6H3/; <: !165H33, "1065433, .=0O>33, C1=H33, [<=EH6133 3

]9:533 560:>:<J= ?83483 56 ?7@@J, 7906D=55J= < 86D=?A<= 91:;?:2M5JQ <M5:?:<, 5= 16?91:- ?A165/2A?/.

#6H3:560O5:= M68:5:46A=0O?A<: 9:-16M5:@7 :91=4=0/=A 0O>:AJ 9: ,0*="70., *-210'';. * #,")1-"7*+-&''"4 7&2+&:?'"*+?>. #6913@=1, < !*C, [<=EH6133, $<?A133 3 X28?=@F71>= :53 7?A656<03<62A?/ < ;:1@= 16M:<:E ?83483 < :A5:N=533 D6?A3 16?Q:4:<; < .=0O>33, '=038:F13A6533, "1065433, "A6033 3 ,6533 ?83483 )1=4:?A6<0/2A?/ < ?7@@= 9:05:E <=03D35J A683Q 16?Q:4:<; 6 < %[$, $<?A133, "?96533 3 "A6033 0O>:A6 9: 91:3M<:4?A<=55J@ 16?Q:46@ @:K=A 7?A656<03<6AO?/ < ;:1@= 560:>:<:>: 81=43A6 56 D6?AO <60:<:>: 4:Q:46.

I

472 2&J#%= VII. 6)1&1?"0"-G$&0"0>% )1?B)BEB> J& $EI%V"F_____

&?5:<653=@ 40/ 9:07D=53/ 0O>:A 9: 9:4:Q:45:@7 560:>7 @:>7A FJAO 3 "*'"-';& .&7)8)'*5)& ,0*="7;. #6913@=1* < !*C 3 C1=H33 40/ 53Q 7?A65:<0=56 9:056/ 560:>:<6/ ?83486, < !350/5433 M68:5 :91=4=0/=A 91=4=0 @=43H35?83Q 16?Q:4:<, ?<=1Q 8:A:1:>: 0O>:A6 5= 4=E?A<7=A, 6 < '=038:F13A6533 3 [<=H33 560:>:<J= ?83483 <::FP= 5= 16?91:?A165/2A?/ 56 RA:A <34 16?Q:4:< 560:>:906A=0OP38:<.

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

.=0O>33, !165H33, ,6533, ):1A7>6033 3 !*C :53 7D3AJ<62A?/ 913 56D3?0=533 560:>6 03NO < ?07D6= 91=<JN=53/ 91=4=0O5:>: 16M@=16 0O>:AJ.

*6M7@==A?/, 913<=4=55JE <JN= 9=1=D=5O 560:>:<JQ 0O>:A 5= /<0/=A?/ 3?D=19J<62P3@. S68:5:46A=0O?A<: @5:>3Q >:?7461?A< 91=47?@6A13<6=A 3 417>3= 0O>:AJ 9: <M5:?6@ 56 ?:H360O5J= 57K4J, 0O>:AJ 40/ 03H 9:K30:>: <:M16?A6, 0O>:AJ 9: 4:Q:46@ :A ?46D3 < 61=547 5=4<3K3@:?A3, 0O>:AJ 9: 4:Q:46@ ;=1@=1:< 3 @=083Q A:1>:<H=<, 0O>:AJ 9: 43<34=546@ :A 68H3E 16M03D5JQ 8:@9653E 3 A.4. %:H360O5:= >:?7461?A<:, 46K= =?03 :5: 5= 91:<:M>06N=5: A68:<J@ < 8:5?A3A7H33, 91:<:43A ?<:2 ?:H360O572 9:03A387, 68A3<5: 3?9:0OM7/ ?A:0O <6K5JE ;3565?:<JE 35?A17@=5A, 868 560:>:<J= 0O>:AJ. )13 RA:@ ?0=47=A :A@=A3AO, DA: @5:>::F16M3= <34:< 0O>:A, ?:?A6<0/2P== ?30O572 ?A:1:57 56H3:560O5:>: M68:5:46A=0O?A<6, ?A65:<3A?/ ?=1O=M5:E 91:F0=@:E 913 @=K47561:45:@ 560:>::F0:K=533.

(-5$I ,- 9%6*&5H L%6A601?=6K 56B

#60:> 56 913FJ0O 21343D=?83Q 03H 7?A65:<0=5 9168A3D=?83 <: <?=Q ?A1656Q 3 /<0/=A?/ :453@ 3M 563F:0== <6K5JQ 3?A:D538:< F24K=A5JQ 4:Q:4:<. *6M03D3/ 916<:>: 1=>7031:<653/ 560:>6 < :A- 4=0O5JQ >:?7461?A<6Q, 868 916<30:, ?</M65J ? :?:F=55:?A/@3 :91=4=0=53/ 5=8:A:1JQ =>:

R0=@=5A:<.

S$/P&5+0.) '0:"F""/:"K&')2 /<0/2A?/ 21343D=?83= 03H6, ?:M4655J= < ;:1@= 8:19:16H3E (8:@9653E ? :>1653D=55:E :A<=A?A<=55:?AO2) 3 :13=5A31:<655J= < ?<:=E 4=/A=0O5:?A3 56 9:07D=53=

<=&0& 22. 8?1"0> 1&="D"0"D" G$&0&

473

913FJ031. ):RA:@7 9:4:Q:45JE 560:> ? 21343D=?83Q 03H 356D= 56MJ<62A 9:4:Q:45J@ 560:>:@ ? 8:19:16H3E 303 5",#",08)"'';. '0:"F"..

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

906A=0OP386@3 8:19:16H3:55:>: 560:>6.

B1343D=?83= 03H6 :F06>62A?/ 9:4:Q:45J@ 560:>:@ 5=M6<3?3@: :A A:>:, /<0/2A?/ :53 1=M34=5A6@32 4655:>: >:?7461?A<6 303 5=A. )13 RA:@ :53 5=?7A 16M03D5:= 560:>:<:= F1=@/ 56 A=113A:133 4655:>: >:?7461?A<6, 9:?8:0O87 < :?5:<7 3?D3?0=53/ 3Q 560:>::F06>6=@:E F6MJ 9:0:K=5J 16M5J= 9135H39J.

Q0:"F""/:0F0&.02 /010 :91=4=0/=A?/ < ?::A<=A?A<33 ? 9135H39:@ 9)*+"F" 7"="70. "M <60:<:>: 4:Q:46, 9:07D=55:>: 21343D=?83@ 03H:@, <JD3A62A?/ 16?Q:4J, 9=1=D=5O 8:A:1JQ 7?A656<03<6=A?/ M68:5:46A=0O?A<:@. - 53@, < D6?A5:?A3, :A5:?/A?/ @6A=1360O5J= M6A16AJ, ?</M655J= ? 91:3M<:4?A<=55:E 4=/A=0O5:?AO2, :AD3?0=53/ < 6@:1A3M6H3:55J= ;:54J, 16?Q:4J 56 M616F:A572 906A7, M6A16AJ 56 1=806@7 3 A.4.

,0/ :91=4=0=53/ F6MJ 560:>::F0:K=53/ <6K5:= M56D=53= 3@==A 9135H39 A=113A:1360O5:?A3 3 1=M34=5A?A<6. ' ?::A<=A?A<33 ? 9135H39:@ A=113A:1360O5:?A3 560:>::F0:K=532 < >:?7461?A<= 9:40=K6A 03NO A= 4:Q:4J 21343D=?83Q 03H, 8:A:1J= 9:07D=5J 56 =>: A=113A:133.

%::A<=A?A<=55:, 4:Q:4J, 9:07D=55J= <5= 91=4=0:< 4655:>: >:?7461?A<6, 5= <802D62A?/ < 560:>::F06>6=@72 F6M7 9:4:Q:45:>: 560:>6. )135H39 1=M34=5A?A<6 :M56D6=A, DA: 560:> 7906D3- <6=A?/ <5= M6<3?3@:?A3 :A @=?A6 9:07D=53/ 913FJ03 < >:?7461?A<=, 1=M34=5A:@ 8:A:1:>: /<0/=A?/ 21343D=?8:= 03H:.

' >:?7461?A<6Q, @5:>3= 8:@96533 8:A:1JQ 3@=2A A165?56H3:560O5JE Q6168A=1 3 9:07D62A M56D3A=0O572 D6?AO 913FJ03 M6 17F=-

1 B1343D=?83= 03H6 ? :>1653D=55:E :A<=A?A<=55:?AO2 :A03D62A?/ :A 7D6?A538:< 8:@@=1D=?8:E 4=/A=0O5:?A3 ? 9:05:E :A<=A?A<=55:?AO2 A=@, DA: :A<=D62A 9: ?<:3@ :F/M6A=0O?A<6@, < A:@ D3?0= 3 560:>:<J@, 5= <?=@ ?<:3@ 4:?A:/53=@ (<802D6/ 4<3K3@:= 3 5=4<3K3@:= 3@7P=?A<: ?=@O3), 6 03NO < :FV=@= ?1=4?A< (8693A60:<), 9135640=K6P3Q 8:@96533. I=1@35 «8:19:16H3/» 91:3?Q:43A :A 65>03E?8:>: A=1@356 corporation — 68H3:5=15:= :FP=?A<: ? :>1653D=55:E :A- <=A?A<=55:?AO2.

3&1)7&'+*+-"RA: :435 3M 813A=13=< :91=4=0=53/ :A5:N=53/ 21343D=?8:>: 03H6 8 560:>:<:E 213?438H33 >:?7461?A<6, ?:?A:/P3E < A:@, DA: ,&1)7&'+". 913M56=A?/ 21343D=?8:= 03H:, H=5A1 ;68A3D=?8:>: 178:<:4?A<6 8:A:1:>: 16?9:06>6=A?/ 56 A=113A:133 4655:>: >:?7461?A<6. )13 RA:@ ?0=47=A 3@=AO < <347, DA: 916<306 :91=4=0=53/ 1=M34=5A?A<6 < M68:5:46A=0O?A<= 16M5JQ ?A165 3@=2A M56D3A=0O5J= :A03D3/.

474 2&J#%= VII. 6)1&1?"0"-G$&0"0>% )1?B)BEB> J& $EI%V"F_____

K:@, < :?5:<5:@ 9134=1K3<62A?/ 9135H396 1=M34=5A?A<6. )13 RA:@ 913 5=:FQ:43@:?A3 5= :A86MJ<62A?/ 3 :A 913@=5=53/ 916<306 A=113A:1360O5:?A3. I68:= ?:D=A653= :F:3Q 9135H39:< @:K5: <?A1=A3AO, 56913@=1, < M68:5:46A=0O?A<= %[$, '=038:F13A6533 3 !*C.

' ?A178A71= 8:19:16H3:55:>: 560:>6 :?:FJE 35A=1=? ? A:D83 M1=53/ ?16<5=53/ 560:>:<JQ M68:5:< 91=4?A6<0/=A #",27"5 &F" )*9)*:&')2.

S68:5:46A=0O?A<: M617F=K5JQ >:?7461?A< M681=90/=A 16M03D5J= 9:4Q:4J 8 :F0:K=532 913FJ03 21343D=?83Q 03H, :4568: <?= 3Q 16M5::F16M3= @:K5: ?<=?A3 8 5=?8:0O83@ :?5:<5J@ ?Q=@6@. #6913- @=1, < %[$, [<=EH6133, .=0O>33, C:0065433, X28?=@F71>= 3 [<=H33 91=47?@6A13<6=A?/ 9:05:= :F0:K=53= 913FJ03, A.=. 913FJ0O 8:@96533 :F06>6=A?/ 8:19:16H3:55J@ 560:>:@, 6 M6A=@ 9:07D3<N3= D6?AO 913FJ03 68H3:5=1J 7906D3<62A ? 5== 03D5JE 9:4:Q:45JE 560:>. ' 417>3Q >:?7461?A<6Q ? H=0O2 3MF=K653/ 4<:E5:>: 560:>::F0:K=53/ 91=47?@6A13<6=A?/ 7@=5ON=53= :F0:K=53/ 913FJ03 56 71:<5= 68H3:5=1:<. GA6 ?Q=@6 1=603M7=A?/ 4<7@/ ?9:?:F6@3. #6913@=1, < '=038:F13A6533, "1065433 3 !165H33 ?7@@J 560:>6, 7906D=55:>: 8:19:16H3=E, D6?A3D5: M6D3AJ<62A?/ 913 :91=4=0=533 ?:<:8795:>: :F06>6=@:>: 03D5:>: 4:Q:46, D6?AO2 8:A:1:>: /<0/2A?/ 43<34=54J, 9:07D=55J= 68H3:5=1:@ RA:E 8:19:16H33; 6 < -6564=, $<?A133, ,6533 3 ]9:533 5=M6<3?3@: :A 7906AJ 8:19:16H3:55:>: 560:>6 8:@9653E 7?A656<03<6=A?/ D6?A3D5:= :?<:F:K4=53= :A 560:>6 43<34=54:<, 9:07D=55JQ 68H3:5=1:@. ' !350/5433, !*C, "?96533 3 ):1A7>6033 M68:5 91=47?@6A13<6=A <:M@:K5:?AO 7@=5ON=53/ 560:>::F0:K=53/ 56 71:<5= 8:@96533. )13 RA:E ?Q=@= 913FJ0O 8:@96533 4=03A?/ 56 16?91=4=0/=@72 3 5=16?91=4=0/=@72. ,0/ 16?91=4=0/=@:E ?1=43 68H3:5=1:< < ;:1@= 43<34=54:< 913FJ03 7?A656<03<62A?/ 03F: F:0== 53M83= ?A6<83 560:>6 (!*C, ):1A7>603/), 03F: D6?A3D5:= :?<:F:K4=53= :A 560:>6 (!350/543/, "?9653/). ' 5=8:A:1JQ ?A1656Q 9168A387=A?/ 9:05:= :?<:F:K4=53= :A 560:>6 16?91=4=0/=@:E 913FJ03 303 56 71:<5= 8:@96533, 868 RA: 3@==A @=?A: < C1=H33, 303 56 71:<5= 68H3:5=1:<, 868 RA: ?4=065: < "A6033. )13 RA:@ ?0=47=A 3@=AO < <347, DA: 56H3:560O5:= M68:5:46A=0O?A<: @:K=A 91=47?@6A13<6AO ?:D=A653= ?9:?:F:< 3?D3?0=53/ 8:19:16H3:5- 5:>: 560:>6 3 <:M@:K5:?AO 913@=5=53/ 16M5JQ ?Q=@ < M6<3?3@:?A3 :A 8:581=A5JQ H=0=E 560:>:<:E 9:03A383.

Q0:"F"-;& :?F"+; /<0/2A?/ ;6870OA6A3<5J@, 5: :D=5O <6K5J@ R0=@=5A:@ 560:>6, 913 9:@:P3 8:A:1:>: >:?7461?A<: 1=N6=A <:91:?J ?<:=E R8:5:@3D=?8:E 9:03A383. &9=1317/ 560:>:<J@3 0O>:A6@3, >:?7461?A<: <:M4=E?A<7=A 56 7D6?A538:< R8:5:@3D=?83Q :A5:N=53E A683@ :F16M:@, DA:FJ ?A3@7031:<6AO A= <34J R8:5:@3D=?8:E 4=/A=0O5:?A3 3 < A=Q ?=8A:16Q R8:5:@3D=?8:E K3M53, 8:A:1J= ? A:D83 M1=53/ >:?7461?A<6 57K462A?/ < 4:9:053A=0O5JQ 35<=?A3H3/Q.

#60:>:<:= M68:5:46A=0O?A<: 91=47?@6A13<6=A :FN315JE 9=1=D=5O 560:>:<JQ 0O>:A, ?1=43 8:A:1JQ @:K5: <J4=03AO 7?A65:<0=53=

<=&0& 22. 8?1"0> 1&="D"0"D" G$&0&

475

5:1@ 7?8:1=55:E 6@:1A3M6H33, 560:>:<J= 81=43AJ 3 :A?1:D83 7906AJ 560:>:<.

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

E+*,"950 $#:0+; '0:"F0 91=4?A6<0/=A ?:F:E 0O>:A7, 91=4:?A6<0/=@72 56 :91=4=0=55JE ?1:8 (:A :45:>: >:46 4: 5=?8:0O83Q 0=A) ? H=0O2 ?:M4653/ F06>:913/A5JQ R8:5:@3D=?83Q 7?0:<3E 40/ 16M<3A3/ :91=4=0=55JQ <34:< 91:3M<:4?A<6 303 35:E R8:5:@3D=?8:E 4=/A=0O5:?A3. #6913@=1, <: !165H33 :A?1:D86 560:>:<:>: 906A=K6 91=4:?A6<0/=A?/ 913 1=:1>653M6H33 8:@96533, 6 < '=038:F13A6533 A686/ 0O>:A6 91=47?@6A13<6=A?/ < :A5:N=533 5=8:A:1JQ 4:Q:4:<, 9:07D=55JQ M6 17F=K:@.

#6H3:560O5:= M68:5:46A=0O?A<: 91=47?@6A13<6=A @5:>3= 417>3= <34J 0O>:A 9: 8:19:16H3:55:@7 560:>7, 56916<0=55J= 56 ?A3@7031:<653= 7D6?A3/ 91=4913/A3E 3 :1>653M6H3E < 1=603M6H33 >:?7461- ?A<=55JQ ?:H360O5:-R8:5:@3D=?83Q 91:>16@@.

(-5$I ,- 9%6%$?# =-96#-5-

)131:?A 8693A606 :F06>6=A?/ 560:>:@ < F:0ON35?A<= R8:5:@3D=?83 16M<3AJQ ?A165. ' :A03D3= :A %[$, >4= :F0:K=53= 9131:?A6 8693A606 1=>70317=A?/ M68:5:46A=0O?A<:@ : 9:4:Q:45:@ 560:>=, <: @5:>3Q =<1:9=E?83Q >:?7461?A<6Q, 56913@=1 < !*C, $<?A133, #3-

1 J'-&*+)8)"'';4 '0:"F"-;4 5,&7)+ (investment tax credit) 91=4?A6<0/=A ?:F:E <JD=A 3M ?7@@J 56D3?0=55:>: 560:>6 D6?A3 (91:H=5A6) 303 <?=E ?7@@J 35<=?A3H3E, :?7P=?A<0=55JQ < RA:@ >:47.

L0,$/&K';4 '0:"F"-;4 5,&7)+ (foreign tax credit) 91=4?A6<0/=A ?:F:E <JD=A 560:>:<, 7906D=55JQ M6 17F=K:@, 3M ?7@@J 560:>6, 3?D3?0=55:>: < ?A165=, 1=M34=5A:@ 8:A:1:E /<0/=A?/ 560:>:906A=0OP38.

N,&7)+ 7:2 *+).$:),"-0')2 10'2+"*+) (employment tax credit) 91=4?A6<0/=A ?:F:E <JD=A 3M ?7@@J 560:>6 D6?A3 ?1=4?A<, 56916<0/=@JQ 560:>:906A=0OP38:@ 40/ ;3565?31:<653/ 91:>16@@ :F=?9=D=53/ M65/A:?A3

476 2&J#%= VII. 6)1&1?"0"-G$&0"0>% )1?B)BEB> J& $EI%V"F

4=106546Q, .=0O>33, '=038:F13A6533, "1065433, ,6533, ):1A7>6033 3 C1=H33, 4=E?A<7=A ?6@:?A:/A=0O5JE 560:> 56 9131:?A 8693A606.

&?:F=55:?A3 =>: <M3@653/ :91=4=0/2A?/ 56H3:560O5J@ M68:5:46A=0O?A<:@ 86K4:>: >:?7461?A<6 3 ?</M65J ? ?::A<=A?A<72P3@ 1=>7031:<653=@ R0=@=5A:< 560:>6.

S$/P&5+0.) 560:>6 56 9131:?A 8693A606 @:>7A FJAO ;3M3D=?83= 3 21343D=?83= 03H6, 03F: A:0O8: ;3M3D=?83= 03H6, 303 A:0O8: 21343D=?83= 03H6. %::A<=A?A<=55:, 7 03H, 5= /<0/2P3Q?/ ?7FV=8A6@3 4655:>: 560:>6, 4:Q:4 < ;:1@= 9131:?A6 8693A606 7D3AJ<6=A?/ 913 7906A= 9:4:Q:45:>: 560:>6.

#6913@=1, < "1065433 ?7FV=8A6@3 560:>6 56 9131:?A 8693A606 /<0/2A?/ ;3M3D=?83= 03H6. !3M3D=?83= 03H6 — 1=M34=5AJ 7906D3<62A 4655JE 560:> ?: <?=Q <34:< 68A3<:<, < :A5:N=533 8:A:1JQ 3@=0 @=?A: 9131:?A 8693A606. + 5=1=M34=5A:< :F/M6A=0O?A<6 9: 560:>7 56 9131:?A 8693A606 <:M53862A 03NO 9: :>- 1653D=55:@7 9=1=D52 68A3<:<, < D6?A5:?A3 A683Q, 868 M=@0/ 3 ?A1:=53/ 56 A=113A:133 >:?7461?A<6, <M3@62P=>: 560:>, 68A3<J, :A5:?/P3=?/ 8 4:FJD= 3 16M16F:A8= 9:0=M5JQ 3?8:96=@JQ, 3 5=8:A:1J= 417>3= <34J 3@7P=?A<6, 9=1=D3?0=55J= < M68:5=.

Q0:"F""/:0F0&.$> /01$ 9131:?A6 8693A606 ?:?A6<0/=A 4:Q:4 < <34= 16M53HJ @=K47 H=5:E 9:87983 3 91:46K3 3@7P=?A<6 (M=@03, ?A1:=53E, H=55JQ F7@6> 3 41.) M6 <JD=A:@ 16?Q:4:<, 9:5=?=55JQ 56 =>: ?:4=1K653=. )13 5603D33 :FP=>: 9:4Q:46 8 :91=4=0=532 560:>::F06>6=@:E F6MJ M68:5:46A=0O?A<: 86K4:>: >:?7461?A<6 7?A656<03<6=A ?<:3 :?:F=55:?A3.

S+0-5) '0:"F0 <61O3172A?/ :A 10 4: 50% < M6<3?3@:?A3 :A ?A165J, 9=13:46 <064=53/ 3 <346 68A3<:<, < :A5:N=533 8:A:1JQ 3@=0 @=?A: 9131:?A 8693A606. #6913@=1, < "1065433 ?A6<86 560:>6 8:0=F0=A?/ :A

30 4: 50%.

C",27"5 "/:"K&')2 560:>:@ 56 9131:?A 8693A606 ?16<53@ ? ?::A<=A?A<72P3@3 91=493?653/@3 < :A5:N=533 9:4:Q:45:>: 560:>6. #60:>:906A=0OP38 M69:05/=A 4=80616H32 9: 560:>7 56 9131:?A 8693A606 3 56916<0/=A == 8 ?1:87, 786M655:@7 < M68:5:46A=0O?A<=, < 560:>:<J= :1>65J. #60:> 7906D3<6=A?/ 4<7@/ D6?A/@3: 6<65?:<JE 906A=K 3 :8:5D6A=0O5JE 906A=K 9:?0= 91:<=183 16?D=A:< 560:>:<:E 35?9=8H3=E.

Q0:"F"-;& :?F"+; 9:M<:0/2A < M6<3?3@:?A3 :A <=03D35J 4:Q:4:< 3 <34:< 68A3<:< ?53M3AO ;3565?:<:= F1=@/ 7906D3<62P3Q 560:> 56 9131:?A 8693A606. %1=43 :FP=>: 9=1=D5/ 0O>:A @:K5: <J4=03AO 5=:F06>6=@J= 68A3<J, 5=:F06>6=@JE @353@7@ 3 03D5J= <JD=AJ.

#=:F06>6=@J= 68A3<J 91=4?A6<0/2A ?:F:E A= <34J 3@7P=?A<6, 9131:?A 8693A606 < :A5:N=533 8:A:1JQ 5= :F06>6=A?/ 4655J@ 560:>:@. #6913@=1 >:?7461?A<=55J= H=55J= F7@6>3, H=55J= F7@6>3 @=?A5JQ :1>65:< <06?A3, H=55J= F7@6>3, <J97N=55J= :91=4=0=55J@3 < M68:5= :1>653M6H3/@3 3 7D1=K4=53/@3, 3 A.4. #=:F06>6=@JE @353@7@ :M56D6=A, DA: 9131:?A 8693A606 < :A5:N=533 3@7P=?A<6, ?A:3@:?AO 8:A:1:>: 5= 91=<JN6=A :91=4=0=55:E < M68:5= ?7@@J, 4655J@ 560:>:@ 5= :F06>6=A?/. #6913@=1, < "1065433 913-

<=&0& 22. 8?1"0> 1&="D"0"D" G$&0&

1:?A 8693A606 :A 3@7P=?A<6, ?A:3@:?AO 8:A:1:>: 5= F:0== 2 AJ?. ;75A., 5= 9:40=K3A 560:>::F0:K=532. X3D5J= <JD=AJ 91=4?A6<0/2A ?:F:E 3?802D=53= 3M 560:>::F06>6=@:E F6MJ 9131:?A6 8693A606 8:581=A5:E ?7@@J, :91=4=0=55:E M68:5:@.

GA3 3 417>3= <34J 560:>:<JQ 0O>:A 3?9:0OM72A?/ < >:?7461?A<6Q 40/ 1=N=53/ <:91:?:< <57A1=55=E R8:5:@3D=?8:E 9:03A383. +?A656<03<6/ 0O>:AJ, >:?7461?A<6 ?A1=@/A?/ ?:M46AO 563F:0== F06>:913/A5J= 7?0:<3/ 40/ 56H3:560O5:>: 8693A606 3 35:?A1655JQ 35<=?A:1:<.

(-5$I ? ,-?51A?#"- 6 ,-5$I ? A-%1,6N

#60:>3 ? 56?0=4?A<6 3 461=53E /<0/2A?/ 91/@J@3 560:>6@3, <M3@6=@J@3 ? 3@7P=?A<6, 9=1=Q:4/P=>: 8 5:<:@7 ?:F?A<=55387 < <34= 56?0=4?A<6 303 4616.

' F:0ON35?A<= >:?7461?A< :53 4=E?A<7=A 868 4<6 ?6@:?A:/A=0O5JQ <346 560:>6, 3@=2P3Q 913 RA:@ @5:>: :FP=>: < 9:1/48= 3Q 916<:<:>: 1=>7031:<653/. &4568: < 5=8:A:1JQ ?A1656Q, 56913@=1 <: !165H33, !*C, "?96533, [<=H33 3 "A6033, M68:5:46A=0O?A<: 7?A656<03<6=A =435JE 560:> ? 56?0=4?A<6 3 461=53E.

&A03D3/ < :A4=0O5JQ >:?7461?A<6Q, 868 916<30:, ?</M65J ? :?:F=55:?A/@3 :91=4=0=53/ 5=8:A:1JQ R0=@=5A:< 4655:>: 560:>6.

S$/P&5+0.) 560:>::F0:K=53/ /<0/2A?/ ;3M3D=?83= 3 21343D=?83= 03H6. S68:5:46A=0O?A<: 16M4=0/=A 56?0=4538:< 56 5=?8:0O8: 806??:< < M6<3?3@:?A3 :A ?A=9=53 1:4?A<6 3 7?A656<03<6=A 40/ 86K4:>: 806??6 ?<:3 560:>:<J= ?A6<83, 3?Q:4/ 3M 9135H396: D=@ @=5ON= ?A=9=5O 1:4?A<6, A=@ <JN= 560:>:<6/ ?A6<86.

B1343D=?83= 03H6 <J?A7962A < 86D=?A<= ?7FV=8A:< 560:>::F0:K=53/, 868 916<30:, < ?07D6= 9=1=Q:46 3@7P=?A<6 16M03D5J@ ;:546@ 303 F06>:A<:13A=0O5J@ :1>653M6H3/@. ' F:0ON35?A<= >:?7461?A< 3@7P=?A<:, 9=1=Q:4/P== < 9:1/48= 56?0=4:<653/ 8 A68:@7 <347 21343D=?83Q 03H, 03F: 5= :F06>6=A?/ 560:>6@3 56 56?0=4?A<: 3 461=53/, 03F: 560:>::F0:K=53= :?7P=?A<0/=A?/ 56 0O>:A5JQ 7?0:<3/Q. Q0:"F""/:0F0&."4 /01"4 /<0/=A?/ ?A:3@:?AO 4<3K3@:>: 3 5=4<3K3@:>: 3@7P=?A<6, 9:07D=55:>: < 1=M70OA6A= 9=1=Q:46 916<6 ?:F?A<=55:?A3 :A 56?0=4:46A=0/ 303 4613A=0/ 8 56?0=45387 303 9:07D62P=@7 461. #60:>:@ :F06>6=A?/ 03F: ?A:3@:?AO <?=>: 3@7P=?A<6, 868 RA: 3@==A @=?A: < %[$ 3 '=038:F13A6533, 03F: 4:0/ 86K4:>: 9:07D6A=0/ 3@7P=?A<6, 868 RA: 7?A65:<0=5: <: !165H33, .=0O>33 3 !*C. #61/47 ? :FP3@3 9:4Q:46@3 < 56H3:560O5:@ 916<= 86K4:>: >:?7461?A<6 ?:4=1K6A?/ ?<:3 :?:F=55:?A3 :91=4=0=53/ 560:>::F06>6=@:E F6MJ. #6913@=1, < "A6033, =?03 < 56?0=4?A<: <?A7962A 5=?8:0O8: 03H, 560:> 16?91=4=0/=A?/ @=K47 53@3 91:9:1H3:560O5: 3Q 4:0= < 56?0=47=@:@ 3@7P=?A<=. "@==A M56D=53= 3 @=?A: 91:K3<653/ 56?0=4:46A=0/ 303 4613A=0/. (?03 7@=1N3E 303 4613A=0O 9:?A:/55: 91:K3<603 < "A6033, A: 560:> <MJ?83<6=A?/ ?: <?=>: 3@7P=?A<6 3 9=1=4655JQ 916<, 46K= =?03 :53 56Q:4/A?/ M6 >1653H=E. (?03 56 @:@=5A :A81JA3/ 56?0=4?A<6 303 68A6 461=53/ 7@=1-

478 2&J#%= VII. 6)1&1?"0"-G$&0"0>% )1?B)BEB> J& $EI%V"F_____

N3E 303 4613A=0O 5= 3@=03 @=?A6 K3A=0O?A<6 < "A6033, A: 560:> <M3@6=A?/ A:0O8: ? 3@7P=?A<6, 56Q:4/P=>:?/ 56 A=113A:133 "A6033. ' RA:E ?</M3 M68:5:46A=0O 9=1=D3?0/=A <34J 3@7P=?A<6 3 3@7P=?A<=55JQ 916<, 8:A:1J= 16??@6A13<62A?/ 868 56Q:4/P3=?/ 56 A=113A:133 "A60O/5?8:E *=?97F0383. #6913@=1 68H33 :FP=?A< (A:<613P=?A<), 7D1=K4=55JQ < "A6033; 81=43AJ, <J4655J= 9:4 >6165A33 3@7P=?A<6, 56Q:4/P=>:?/ < "A6033, 3 A.4. ' !*C F6M7 560:>::F0:K=53/ M68:5:46A=0O 9:416M4=0/=A 56 D=AJ1= 86A=>:133: 6) ?:F?A<=55:?AO, :F1=A6=@6/ 56 :?5:<= 9=1=Q:46 ?::A<=A?A<72P3Q 3@7P=?A<=55JQ 916< < 1=M70OA6A= ?@=1A3; F) ?:F?A<=55:?AO, 9:07D6=@6/ 913 9=1=46D= < 461; <) ?1=4?A<6 ;:54:<, ?:M4655JQ < 35A=1=?6Q :45:E 303 5=?8:0O8: ?=@=E; >) ?1=4?A<6 40/ H=0=<:>: ;3565- ?31:<653/. "5A=1=?5: :A@=A3AO, DA: 560:>:<JE M68:5 !*C ?817970=M5: 9=1=D3?0/=A F:0== 10 <34:< :9=16H3E, 8<603;3H317=@JQ 868 «461=53=», 913 A:@, DA: C=1@65?8:= >16K465?8:= 70:K=53= (CC+) 4:?A6A:D5: 9:41:F5: 1=>06@=5A317=A RA:A <34 >16K465?8:-916<:<:E ?4=083. I68:E 9:4Q:4 <JM<65 5=:FQ:43@:?AO2 ?<=?A3 8 @353@7@7 <:M@:K5:?AO 3MF=K653/ 560:>::F0:K=53/ 3@7P=?A<6 97A=@ =>: 9=1=16?91=4=0=53/ @=K47 5=?8:0O83@3 03H6@3.

S+0-5) 560:>::F0:K=53/ 3@7P=?A<6, 9=1=Q:4/P=>: < 9:1/48= 56?0=4:<653/ 3 461=53/, 7?A656<03<62A?/ 9: ?0:K5:E 91:>1=??33 43;;=1=5H31:<655:, < M6<3?3@:?A3 :A 86A=>:133

56?0=4538:<. ' H=0:@ 9: 4655:@7 560:>7 ?A6<83 56Q:4/A?/ 56 71:<5= 50—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

(-5$I ,- A$*-"51,,+L ?#$6E$?#H ((S7)

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

<=&0& 22. 8?1"0> 1&="D"0"D" G$&0&

479

&A03D3/ #,% < :A4=0O5JQ >:?7461?A<6Q, 868 916<30:, ?</M65J ? :?:F=55:?A/@3 :91=4=0=53/ 5=8:A:1JQ =>: R0=@=5A:<.

S$/P&5+0.) 560:>::F0:K=53/ @:>7A FJAO ;3M3D=?83= 3 21343D=?83= 03H6, :?7P=?A<0/2P3= 8:@@=1D=?872 4=/A=0O5:?AO 3 :91=4=0/=@J= < 86D=?A<= 906A=0OP38:< ?::A<=A?A<72P3@ 560:>:<J@ M68:5:@. %7FV=8A6@3 560:>6 56 4:F6<0=5572 ?A:3@:?AO @:>7A <J?A796AO 868 D6?A5J= 21343D=?83= 03H6, A68 3 >:?7461?A<=55J= :1>65J, >:?7461?A<=55J= 8:@96533, @=?A5J= :1>65J <06?A3 3 417>3= :1>653M6H33, ?:M4655J= 56 :?5:<= 97F03D5:-916<:<:>: 68A6, 5: :?7P=?A<0/2P3= 8:@@=1D=?83= :9=16H33 9: 91:46K= A:<61:< 3 7?07>. '*

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

#60:> 56 4:F6<0=5572 ?A:3@:?AO :A03D6=A?/ :A 417>:>: @5:>:?A79=5D6A:>: 560:>6 — 560:>6 ? :F:1:A6. #60:>:<:E F6M:E @5:>:?A79=5D6A:>: 560:>6 ? :F:1:A6 /<0/=A?/ <60:<6/ ?A:3@:?AO A:<616 56 86K4:E ?A6433 =>: 4<3K=53/ :A 91:3M<:43A=0/ 8 9:A1=F3A=02. I683@ :F16M:@, 560:> 5686903<6=A?/ 56 86K4:E ?A6433 4<3K=53/ A:<616. )13 :91=4=0=533 560:>:<:E F6MJ #,% 7D3AJ<6=A?/ 03NO 4:F6<0=556/ ?A:3@:?AO 3 91=47?@6A13<6=A?/ <JD=A 3M «5:<:>:» #,% 560:>6 56 4:F6<0=5572 ?A:3@:?AO, 7906D=55:>: 56 <?=Q 91=4J47P3Q ?A643/Q 91:Q:K4=53/ A:<616 (A.=. 165== 7906D=55JQ #,%).

C",27"5 )*9)*:&')2 560:>6 :?7P=?A<0/=A?/ 56 :?5:<= 91/@:>: 6443A3<5:>:1 @=A:46, 8:?<=55:>: 6443A3<5:>: @=A:46, @=A:46 91/@:>: <JD3A653/ 3 8:?<=55:>: @=A:46 <JD3A653/.

#63F:0ON== 913@=5=53= 3@==A D=A<=1AJE, M6D=A5JE @=A:4 9: ?D=A6@, 9:?8:0O87 :5 563F:0== «91:M16D=5» 40/ 91:<=183 3 9:M<:0/=A 3?9:0OM:<6AO 43;;=1=5H31:<65572 ?A6<87 560:>6. S68:5:46A=0O?A<: 91=47?@6A13<6=A 5=?8:0O8: <34:< *+0-"5 '0:"F0 56 4:F6<0=5572 ?A:3@:?AO: ?A65461A572, 9:53K=5572 3 9:<JN=5572 ?A6<87. ):53K=556/ ?A6<86, 868 916<30:, 7?A656<03<6=A?/ < :A5:N=533 A:<61:< (7?07>) 9:<JN=55:>: ?:H360O5:>: M56D=53/, 56913@=1 91:4:<:0O?A<=55JQ A:<61:<, @=43H35?83Q 7?07> 3 A.4.

Q0:"F"-;& :?F"+; 56Q:4/A ?<:= <J16K=53= < 7?A65:<0=533 9:53K=55:E ?A6<83 303 < 9:05:@ :?<:F:K4=533 :A 560:>6. &?<:F:K4=532 :A 560:>6 9:40=K3A 03NO 4:F6<0=556/ ?A:3@:?AO 56 ?A6433 9=1=Q:46 A:<616 (7?07>3) 8 8:5=D5:@7 9:A1=F3A=02.

0/AO).

I=1@35 «6443A3<5JE» 91:3?Q:43A :A 65>03E?8:>: >06>:06 to add (4:F6<-.).

480 2&J#%= VII. 6)1&1?"0"-G$&0"0>% )1?B)BEB> J& $EI%V"F_____

&FJD5: :A #,% :?<:F:K462A?/ :?5:<5J= <34J 91:4:<:0O?A<3/, N8:0O5J= A:<61J 3 7?07>3, 7?07>3 <16D=E, A165?9:1A5J= 7?07>3, >6M=AJ, 1643:<=P653= 3 A.4.

&?<:F:K4=53= :A 560:>6 56 4:F6<0=5572 ?A:3@:?AO :?7P=?A<0/=A?/ < ;:1@= 5=7?A65:<0=53/ ?A6<83 560:>6 303 7?A65:<0=53/ 570=<:E ?A6<83 560:>6. *6M03D3= M6802D6=A?/ < A:@, DA: 9:?0=453E 91:46<=H A:<616 (7?07>3) @:K=A A1=F:<6AO 8:@9=5?6H33 A:E D6?A3 ?A:3@:?A3 A:<616 (7?07>3), 8:A:172 :5 5= 9=1=8064J<6=A 56 9:8796A=0/ < H=5= A:<616 < ?307 570=<:E ?A6<83 #,%. #70=<6/ ?A6<86 913@=5/=A?/ < >:?7461?A<6Q — D0=56Q (% < :A5:N=533 R8?9:1A317=@JQ A:<61:<.

L=?A: #,% < ?3?A=@= ;3565?31:<653/ >:?7461?A<=55:>: F24K=A6 M6<3?3A :A 91:<:43@:E < ?A165= 560:>:<:E 9:03A383. &4568: 46K= < A=Q >:?7461?A<6Q, >4= 560:>:<J= :F/M6A=0O?A<6 16?91=4=0/2A?/ 913@=15: :43568:<: @=K47 8:?<=55J@3 3 91/@J@3 560:>6@3, 56 4:02 #,% 913Q:43A?/ M6@=A56/ D6?AO F24K=A5JQ 9:?A790=53E :A 8:?<=55:>: 560:>::F0:K=53/. ' >:?7461?A<6Q (<1:9=E?8:>: %:2M6 86D=?A<: 3?A:D5386 ?3?A=@J «?:F?A<=55JQ 1=?71?:<» ?A6<3A #,% < :?:F:= 9:0:K=53=, 9:?8:0O87 916<:<:= 1=>7031:<653= ?3?A=@::F16M72P3Q 560:>:< :?7P=?A<0/=A?/ 91=3@7P=?A<=55: 5:1@6@3 916<6 (%. " Q:A/ RA:A 3?A:D538 ;3565?31:<653/ =<1:9=E?8:>: F24K=A6 569:05/=A?/ 03NO M6 ?D=A =435:E 91:H=5A5:E 564F6<83 8 56H3:560O5:@7 560:>7, A=@ 5= @=5== <?= =>: R0=@=5AJ ?:?A6<0/2A 91=4@=A M68:5:A<:1D=?A<6 (%. GA3@ :FV/?5/=A?/ A:, DA: < 916<:<:@ 1=>7031:<6533 #,% >:?7461?A< — D0=5:< %::FP=?A< 9:DA3 5= :?A60:?O ?=1O=M5JQ 16M03D3E, 9:?8:0O87 :?5:<5J= <:91:?J >61@:53M6H33 56H3:560O5:>: M68:5:46A=0O?A<6 56 ?=>:45/N53E 4=5O 9168A3D=?83 1=N=5J.

%16<53@:= 9:0:K=53= ?0:K30:?O < >:?7461?A<6Q — D0=56Q (% 3 < :A5:N=533 3543<34760O5JQ 68H3M:< 56 :A4=0O5J= <34J A:<61:<. (<1:9=E?83= %::FP=?A<6 9135/03 ?=132 431=8A3<, 8:A:1J= >61@:53M31:<603 56H3:560O5:= M68:5:46A=0O?A<: :F 68H3M6Q 56 A6F68, 608:>:0O 3 @35=160O5J= @6?06, 7?A65:<3< :FP3E 9:4Q:4 8 1=>7031:<6532 :?5:<5JQ R0=@=5A:< RA3Q 560:>:<.

' 560:>:<JQ ?3?A=@6Q >:?7461?A< — D0=5:< (% 560:> 56 4:F6<0=5572 ?A:3@:?AO, 3543<34760O5J= 68H3MJ 3 A6@:K=55J= 9:N035J 91=4?A6<0/2A ?:F:E A= <34J :F/M6A=0O5JQ 906A=K=E, 1=>7031:<653= 8:A:1JQ :?7P=?A<0/=A?/ 56 :?5:<= 5:1@ 916<6 (%, 3@90=-@=5A31:<655JQ < 56H3:560O5JE 916<:9:1/4:8.

§ 4. 8B0%B?B0%11"?BC J& 1&="D"0>% G$&0"1&$EO%1)A

': <?=Q >:?7461?A<6Q 91=47?@6A13<6=A?/ :F/M655:?AO >16K465 7906D3<6AO 560:>3. GA: — =?A=?A<=55:, 9:?8:0O87 560:>3 ?:?A6<0/2A :?5:<572 D6?AO >:?7461?A<=55:>: F24K=A6. ': @5:>3Q ?A1656Q 91/@J= 560:>3, 5=9:?1=4?A<=55: 7906D3<6=@J= ;3M3D=?83@3 3 21343D=?83@3 03H6@3, 9135:?/A F:0== 9:0:<35J >:?7461?A<=55JQ 4:Q:4:<. )13 RA:@ A68K= =?A=?A<=55: 3 A:, DA: >16K465= 5= 02F/A 906A3AO 560:>3, ?D3A6/, DA: >:?7461?A<: 460=8: 5= <?=>46 R;;=8A3<5:

<=&0& 22. 8?1"0> 1&="D"0"D" G$&0&

481

3?9:0OM7=A 9:07D6=@J= ;3565?:<J= ?1=4?A<6 40/ :?7P=?A<0=53/ ?<:3Q ?:H360O5:-R8:5:@3D=?83Q 3 35JQ 91:>16@@. (?AO 3 417>3= 913D35J, 9: 8:A:1J@ >16K465= 5= 02F/A 906A3AO 560:>3, 5: 4=062A RA:, 9:53@6/ 3Q 5=:FQ:43@:?AO 40/ 5:1@60O5:>: ;758H3:531:<653/ >:?7461?A<6 3 K3M53 >16K465?8:>: :FP=?A<6.

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

)1=K4= <?=>: ?0=47=A :91=4=03AO?/ ? 813A=13=@ 16M>1653D=53/ 64@353?A16A3<5:E 3 7>:0:<5:E :A<=A?A<=55:?A3. +K= M4=?O <:M5386=A 9=1<6/ ?0:K5:?AO. ,=0: < A:@, DA: 9135/AJE < :A=D=?A<=55:E 5678= 3 9:5/A5JE 1:??3E?8:@7 213?A7 813A=13E *+&') "/%&*+-&''"4 "#0*'"*+) #,"+)-"#,0-'"F" 7&2')2 < M69645:=<1:9=E?8:E 916<:<:E 4:8A135= 5= 913M56=A?/ 868 :A03D3A=0O5JE 913M568 16M>1653D=53/ <34:< 916<:<:E :A<=A?A<=55:?A3. ' ?A1656Q (<1:9J 3 %[$ A683@ 813A=13=@ /<0/=A?/ -":2 105"'"70+&:2:

=?03 ?658H33 M6 916<:5617N=53= 91=47?@:A1=5J < 7>:0:<5:@ M68:5=, A: RA: :M56D6=A 5603D3= 7>:0:<5:E :A<=A?A<=55:?A3;

=?03 ?658H33 7?A65:<0=5J < 64@353?A16A3<5:@ M68:5=, A: RA: :M56D6=A 64@353?A16A3<572 :A<=A?A<=55:?AO M6 916<:5617N=53=.

&4568: < 1/4= =<1:9=E?83Q >:?7461?A<, < D6?A5:?A3 < '=038:F13A6533, !165H33 3 "A6033, ?658H33 M6 :?5:<5J= 560:>:<J= 916<:5617N=53/ 7?A65:<0=5J 5= < 64@353?A16A3<5:@ 303 7>:0:<5:@ M68:5:46A=0O?A<=, 6 < ?9=H360O5JQ 560:>:<JQ M68:56Q. ' RA:@ ?07D6= :?5:<5:E 813A=13E 16M>1653D=53/ 7>:0:<5:E 3 64@353?A16A3<5:E :A<=A?A<=55:?A3 913@=5/=A?/ :9:?1=4:<655:, D=1=M ?16<5=53= ?71:<:?A3 ?658H3E M6 916<:5617N=53=:

=?03 560:>:<JE M68:5 91=47?@6A13<6=A 61=?A 56 ?1:8 @=5ON= @353@60O5:>: ?1:86 03N=53/ ?<:F:4J,

7?A65:<0=55:>: +-, A: 1=DO 34=A :F 07.)')*+,0+)-'"4 "+-&+*+-&''"*+);

=?03 M68:5 7?A656<03<6=A NA16;, 16M@=1 8:A:1:>: 53K= @353@60O5:>: NA16;6, 91=47?@:A1=55:>: +-, A: RA: A68K= :M56D6=A 07.)')*+,0+)-'$> "+-&+*+-&''"*+?.

*6M03D3= 7>:0:<5:>: 3 64@353?A16A3<5:>: NA16;6 @:K5: 91:<:43AO 3 9: 417>:@7 813A=132, — < M6<3?3@:?A3 :A >:?7461?A<=55:>: > :1>656, 5606>62P=>: NA16;. %::A<=A?A<=55:, 64@353?A16A3<5JE NA16; 7?A656<03<6=A?/ 64@353?A16A3<5J@3 :1>656@3, 6 7>:0:<5JE — I A:0O8: ?74:@.

I683@ :F16M:@, < 4:8A135= 91:<:43A?/ 16M>1653D=53= 64@353-

icApaA3<5oE 3 7>:0:<5:E :A<=A?A<=55:?A3 M6 560:>:<J= 916<:5617N=53/. &4568: 03NO 65603M M68:5:46A=0O?A<6 M617F=K5JQ >:?7-31 - 9677

482 2&J#%= VII. 6)1&1?"0"-G$&0"0>% )1?B)BEB> J& $EI%V"F_____

461?A< @:K=A 46AO 8:581=A5J= 913@=1J 1=N=53/ RA:>: <:91:?6 3 :91=4=03AO :?5:<5J= <34J 91:A3<:916<5JQ 4=/53E, 8<603;3H317=@JQ < M68:5= 868 560:>:<J= 916<:5617N=53/.