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">;I8=0 ?>25@E=>AB=>3> A;>O 2>4K, 2 :>B>@> A>E@0=O5BAO 40;L=89 ?>@O4>: ;5:C;, A>AB02;O5B ( 0,5d> (20 <:;I8=0 G0AB8G=> C?>@O4>G5==>3> ?>25@E=>AB=>3> A;>O :0?;8 2>4K ( 0,5D> (30 <:;I8=K ?>25@E=>AB=KE A;>52 4;O ?;>A:>9 ?>25@E=>AB8 8 :0?;8 A>AB02;ONB >:.11 <:< 8 16 <:>B25BAB25==>. @8 C1K20=88 d 8 D, 7=0G5=85 48M;5:B@8G5A:>9 ?@>=8F05AB8 2>4K 2 ?@545;5 AB@59 : 48M;5:B@8G5A:>9 ?@>=8F05AB8 (; ;L40 2 53> =081>;55 @0A?@>AB@0=5==>9 :@8AB0;;8G5A:>9 48D8:0F88 I: (min ( (;. @8 d  , D  =5 B>;L:> 48M;5:B@8G5A:0O ?@>=8F05ABL, => 8 C45;L=0O B5?;>5ABL !2, 65B ?@81;860BLAO : ?0@0<5B@09 D07K. ".:. C45;L=0O B5?;>5ABL 2>4K 2 2 @070 ?@52KH05B C45;L=CN B5?;>5ABL ;L40, 875AB8 2>4K ?@8 ?5@5E>45 87 684:>3> A>AB>O=8O 1 2 G0AB8G=> C?>@O4>G5==>5, ?>4>1=>5 ;L4C A>AB>O=85 2, A>?@>2>6405BAO 7=0G8B5;L=K2K45;5=85;8G5AB2> B5?;0, 2K45;ONI55AO ?@8 2>71C645=88 @01>G53> B5;0, 7028A8B >B B5?;>BK D07>2>3> ?5@5E>40 8 I=>AB8, @0AA582059 2 2>45 ?@8 55 AB@C:BC@8@>20=88: Q = Q871 + (Q, (2) 345 Q871  B5?;>B0 ?5@5E>40 1 ( 2, 0 (Q  :>;8G5AB2> B5?;0, ?>;CG5==>3> @01>G8< 2 @57C;LB0B5 ?@O3> ?@5>1@07>20=8O @01>BK 2 B5?;>BC. >;8G5AB2> B5?;0 Q871, 2K45;ONI53>AO 2 2>45 ?@8 2KA2>1>645=88 55 2=CB@5==59 M=5@388, 6=> ?>;CG8BL, CG8BK20O 8=B5=A82=>ABL :028B0F88, AB5?5=L @07;8G8O 1>9 ;O@=KE B5?;>5AB59 2>4K 2 A2>1>4=>20==>AB>O=8OE, =0G0;L=CN B54K: Q871 = k1m / ( (C21  C22) ( T1  T ?; ) (3) , 345: C21 8 C22  C45;L=K5 B5?;>5AB8 ?@8 ?>AB>O==>1>4=>9 2>4K 1 8 :028B8@CNI59 2>4K 2 D075 2, A>>B25BAB25==>. C22 C4>1=> ?@54AB028BL 2 2845 C22 = k2C; , 345: k2  :>=AB0=B0, E0@0:B5@87CNI0O AB5?5=L >B;8G8O B5?;>5AB8 C22 G0AB8G=> C?>@O4>G5==>9 D07K 2>4K 2 >B B5?;>5AB8 C; :@8AB0;;>3@0D8G5A:8 C?>@O4>G5==>9 D07K 2>4K 2 B25@4>AB>O=88; 1 ( k2 MDD8F85=B AB@C:BC@8@>20=8O 2>4K, 2K720==>3> :028B0F859(20O ?0@F80;L=0O 4>;O G0AB8G=> C?>@O4>G5==>9 D07K 2 2 0:B828@>20==>9 2>45), k1 = m2 / (m1 + m2), 0 < k1 ( 1; m  20==>9 2>4K; T1 8 T ?;  B54K, ?>ABC?0NI59 2 , 8 B>G:0 ?;02;5=8O ;L40, A>>B25BAB25==>; ( = 18,015  ;O@=0O 4K.  A;CG05 ?>;=>3> AB@C:BC@8@>20=8O k1 = k2 = 1, Q871 = km ( T1  T ?; ), 345 k  ?>AB>O==0O, k ( 2,1 ( 103 6/(:3. ".>., ?@8 :028B0F88 4>AB8305BAO 871KB>G=>5 B5?;>2K45;5=85 Q871. $8=8H=0O B5G53> B5;0 A>AB02;O5B: "2 = "1 + Q871 / (m % C2). !@02=8B5;L=0O >F5=:0 :>;8G5AB20 B5?;0, M:2820;5=B=>3> @01>B5 0:B820F88, 8 B5?;0, ?>B@51=>3> 4;O =03@520=8O 2>4K 2 C:070==KE B572>;O5B A45;0BL 2K2>4 > =0;8G88 4>?>;=8B5;L=>3> B5?;>2K45;5=8O 2 ?@>F5AA5 AB@C:BC@8@>20=8O. 2 !8AB56=> 2K45;8BL B@8 >A=>2=K5 @07=>284=>AB8 : AB0B8G5A:85 B0=35=F80;L=K5 AB0B8G5A:85 0:A80;L=K5 48=0<8G5A:85.  AB0B8G5A:8B=>AOBAO , =5 A>45@60I85 ?>4286=KE 45B0;59. 07=>284=>AB8 8E @07;8G0NBAO ?> E0@0:B5@C 22>40 ?>B>:0 2 @01>GCN :0<5@C.  48=0<8G5A:8B=>AOBAO , 2 :>B>@KE 0:B820F8O @01>G53> B5;0 ?@>8AE>48B ?>4286=K@0<8. -;5<5=B03>  A;C60B 7028E@8B5;L 1, @01>G0O 28E@520O :04=K@7=>5 CAB@>9AB2> 4 (@8A.1). =>340  4>?>;=8B5;L=> A>45@68B ?5@5?CA:=CN  ?>42>48B ?>B>: E>;>4=>9 2>4K 87 =0A>A0 =0 ?5@8D5@8N F8;8=4@8G5A:>9 28E@52>9 :0<5@K.  :0B>: 70:@CG8205BAO 8 42865BAO : >A52>4=>B>@K@78BAO A?5F80;L=K9AB2>F5AA5 28E@52>3> 42865=8O 8 B>@65=8O 684:>ABL 2 @01>G59 :04=>3> ?0B@C1:0 2KE>48B 3>@OG0O 2>40. '0ABL 3>@OG59 2>4K 4;O ?>2KH5=8O MDD5:B82=>AB8 @01>BK  65B >B2>48BLAO A 53> 2KE>40 =0 2E>4 G5@57 ?5@5?CA:=CN I5 CAB@>5= AB0B8G5A:89  A 0:A80;L=K4>B>:0 684:>AB8. A=>2=K<8 M;5<5=B03> =03@520B5;O A;C60B @01>G0O :04=K9AB2> 3 A 2KE>4=K< 4 (A340  4>?>;=8B5;L=> A>45@68B BC@1C;870B>@ 5. !C60NI55 CAB@>9AB2> (480D@03?;>, 4@>AA5;L, D8;L5@0 8 B.?.) B0:>3>  >1KG=> ?@54AB02;O5B A>1>9 CAB0=>2;5==CN 2 @01>G59 :0@>4:C A >B25@AB85<.   B@5BL59 3@C??K  48=07459AB285 =0 @01>G55 B5;> ?@>872>4OB @>B>@K, :0: ?@028;>, :8=5G=8:> <5=B0 (A@ 65AB:> A848B =0 ?@82>4=>9 @01>G59 :09 2E>4=K4=K< 5 ?0B@C1:0@7=K9AB2>40G5 2> 2E>4=>9 ?0B@C1>:  E>;>4=>9 2>4K, ?>A;54=OO 70:@CG8205BAO 2@0I0NI8@>@O5BAO, 0:B828@C5BAO 8 =03@5205BAO. -B> ?@>8AE>48B 2 ?@>F5AA5 42865=8O 2 AB>@>=C =5?>4286=>3> B>@7=>3> CAB@>9AB20, =0 :>B>@>B>: 70B>@?>;=8B5;L=> 0:B828@C5BAO 8 =03@5205BAO. '5@57 2KE>4=>9 ?0B@C1>: 3>@OG0O 2>40 ?>40QBAO : ?>B@518B5;N.  MB>B=>A8BAO 8 02B>@A:0O 384@>8284=>ABL , > :>B>@>9 1C45B A:070=> 2 :>=F5 AB0BL8 :0: >1 >4=>;55 ?5@A?5:B82=KE . 5AB@O =0 >BACBAB285 ?>4286=KE G0AB59 8 =87:CN AB>8ABL AB0B8G5A:8E =03@520B5;59, 48=0;55 ?5@A?5:B82=K, ?>A:>;L:C >15A?5G820NB 7=0G8B5;L=> 1>;LHCN MDD5:B82=>ABL. 3. -DD5:B82=>ABL >;8G5AB2> B5?;0, 2K45;ONI55AO ?@8 AB@C:BC@8@>20=88 2>4K, 7028A8B >B B5?;>BK D07>2>3> ?5@5E>40 8 I=>AB8, @0AA582059 2 2>45 ?@8 55 0:B820F88: Q = Q871 + (Q, (2) 345 Q871  B5?;>B0 ?5@5E>40 1 ( 2, 0 (Q  :>;8G5AB2> B5?;0, ?>;CG5==>3> 2>4>9 2 @57C;LB0B5 ?@O3> ?@5>1@07>20=8O @01>BK 2 B5?;>BC. 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A;CG05 ?>;=>3> AB@C:BC@8@>20=8O ( k1 = k2 = 1), 2K@065=85 (4) ?@8AB>O==0O, k ( 2,1 ( 103 6/(:3.  7028A8AB8 >B =0G0;L=>9 B5<?5@0BC@K, B54K =0 2KE>45 =03@520B5;O 2 8450;L=>;6=0 A>AB02;OBL "2 = "1 + Q871 / m ( C2. "0:81@07>?8A0==K5 B5?;>2K5 MDD5:BK ?>72>;ONB ?>;CG8BL 2 @01>G59 :0<5@5  25AL5 4>?>;=8B5;L=>5 B5?;>2K45;5=85 Q871. =>N @07@01>B0=0 ?@8=F8?80;L=> =>20O @07=>284=>ABL  (A @>B>@=K@>9, ?@82>489 B5:CI8G8<), AG85 :0;>65=K =0 ?5@8D5@88 ?5@2>3> @>B>@0, O2;ONI53>AO 0:B82=>9 384@>BC@18=>9. 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ACI5AB2;5=85 87>1@5B5=8O.  ?0@>2>B;5 @01>G55 B5;> ?@>:0G820NB ?8B0B5;L=KA>=> ?@>4C:B>2 A3>@0=8O B>?;820 =03@5205B @01>G55 B5;> 4> B5. 7 M:>=>G55 B5;> =0?@02;ONB 2 7>=C :028B0F8>==>3> 8 2>;=>2>3> 2>7459AB28O, =0?@8@. 0728B0O :028B0F8O 2 @01>G51H8@=K5 ?>25@E=>AB8 @0745;0 D07 (2 :064>< AB8 A>45@68BAO ?>@O4:0 105 ?0@>307>2KE ?C7K@L:>2 A> A@54=8< 480:>;> 10 <:<). @5==>3> ?C7K@L:0 >G5=L , ?@>F5AA 53> :>;;0?A0 ?@>8AE>48B 048010B8G5A:8. >MB>2 402;5=85 65B ?>2KH0BLAO 4> 25;8G8=K 108 0 , 0 B5 104 ! [43]. @>8AE>48B 2KA2>1>645=85 2=CB@5==59 M=5@388 @01>G53> B5;0, 2 @57C;LB0B5 G53> ?>A;54=55 A:0G:>>1@07=> 70:8?05B[10]. @8 MB>3> =0A>A0 =0 35=5@0F8N :028B0F88 8 2>;= =5A>?>AB028 <5=LH5, G51>645==0O 2=CB@5==OO M=5@38O @01>G53> B5;0 (2 D>@BK). A?>;L7>20=85. 01>G55 B5;> ?@>:0G8205BAO ?8B0B5;L=KA>@, =03=5B0OAL 2 ?0B@C1>: 4 8 2K?CA:0OAL 87 ?0B@C1:0 5. 01>G55 B5;> 2=CB@8 :>@?CA0 1 ?>?0405B 2 7028E@8B5;8 11 H5AB8 @01>G8E :0<5@ 10.  :0G55 B5;> @0745;O5BAO =0 >B45;L=K5 70:@CG5==K5 ?>B>:8, 82K5 =0?@O65=8O 8 >1;0AB8 @07@K20 A?;>H=>AB8.  @57C;LB0B5 >1@07CNBAO 3>G8A;5==K5 :028B0F8>==K5 :025@=K, AE;>?K20=85 :>B>@KE ?@82>48B : 35=5@8@>20=8N C;LB@072C:>2KE :>;510=89. >A;54=85 2K7K20NB 2B>@8G=CN :028B0F8N (;028=>>1@07=K9 ?@>F5AA A ?>;>68B5;L=>9 >1@0B=>9 A2O7LN). 84@>C40@=K5 2>;=K A>740NB 2 @01>G5?5@52K5 45D>@<0F88, 87 D878G5A:85 A2>9AB20, GB> ?>2KH05B 8=B5=A82=>ABL B5E=>;>38G5A:8E ?@>F5AA>2 2 @01>G5@AB8) 8;8 A 53> 8A?>;L7>20=85@A>15 ?> ?.1, ?>4>3@52 ?8B0B5;L=>9 2>4K >BE>4OI8<8 3070=> B5, ?>A;54CNI55 =0?@02;5=85 5Q 2 70O2;5==K9 35=5@0B>@, 0 87 =53> - 2 7>=C ?>42>40 2=5H=59 B5?;>BK, >15A?5G8205B A25@EAC<2KH5=85  :>B;0 ?@8 =5A>?>AB028 3> =0A>A0 =0 ?@>B0;:820=85 2>4K G5@57 35=5@0B>@. @O5 2;8O=85 ?8B0B5;L=KE =0A>A>2 ?0@>2KE :>B;>2 =0 =03@52 @01>G53> B5;0 =5 >?8A0=> 2 ?0B5=B=KE 8 ;8B5@0BC@=KE 8AB>G=8:0E. ".>, A?>A>1 ?> ?.1 D>@<C;K O2=K1@07>2=O B5E=8:8 8 40QB 1>;LH>9 M:>=>A:>;L:C ?>2KH5=85  :>B;>2 M:2820;5=B=> A=865=8N @0AE>40 B>?;820, 0 B5?;>2K45;5=85 2A5E @50;87>20==KE 4> A8E ?>@ 02B>=><=KE  <5=LH5, G54=>3> :@C?=>3> ?@>3> :>B;0. %>BO 8 8725AB=K 02B>=>==>3> B8?0, =>: 0) 4;O 48=03>2 =5>1E>48Q4 20;>2 @>B>@>2, 0 B0:65 25;8:> 384@02;8G5A:>5 A>?@>B82;5=85 8 20O MDD5:B82=>ABL AB0B8G5A:8E . >MB>38 =5?@83>4=K 4;O 4>AB865=8O 70O2;O53> B5E=8G5A:>3> @57C;LB0B0 ?@8 A>29 @01>B5 A> HB0B=K<8 ?8B0B5;L=KA0B;>2; 1) 70O2;O55 CAB@>9AB2> ?@>872>48B :>20==>5 (:028B0F8>==>-2>;=>2>5 2>7459AB285) =0 @01>G55 B5;>, >15A?5G820NI55 :>;8G5AB25==> 1>;LH89 53> =03@52 ?@8 @02=>9 A 0=0;>30B@51;O59 I=>AB8. AB>G=8:8 8=D>@35=5@0B>@ 8 CAB@>9AB2> 4;O =03@520 684:>AB8. 0B5=B RU 2045715. 2."5?;>35=5@0B>@ >@;>20. 0O2:0 RU ! 200110 5711/06, 2001 3. 3."5?;>35=5@0B>@ :028B0F8>==>3> B8?0. 0O2:0 RU 99110396/06 4.84@>48=0==K9 B5?;>35=5@0B>@. 0O2:0 RU 99110779/06, 2001 3. 5."5?;>35=5@0B>@ 384@02;8G5A:89. 0O2:0 RU 2000129736/06. 6. "5?;>35=5@0B>@ 8 CAB@>9AB2> 4;O =03@520 684:>AB8. 0B5=B RU 2132517, 1999 3. 7. "5@35=5@8@CNI0O CAB0=>2:0. 0B5=B RU 2190162, 2001 3. 8. 84@>48=09AB2> 4;O =03@520 684:>AB8. 0B5=B RU 2171435, 2000 3. 10..$. $C@2. K45;5=85 B5?;0 ?@8 872>3> @02=>25A8O 2 AB@C5 2>4K.  A1. $C=401;57=0=8O, B>35=5@0B>@ 8 CAB@>9AB2> 4;O =03@520 684:>AB8. 0O2:0 RU 96124293106. 12. "5@35=5@0B>@. 0B5=B RU 2177591, 2000 3. 13.0B5=B !( ! 4333796, 1982 3. 14.8E@520O A8AB5B>?;5=8O. 0B5=B RU 2089795, 1997 3. 15.#AB0=>2:0 4;O =03@520 684:>AB8 8 B5?;>35=5@0B>@. 0B5=B RU 2135903. 16. "5?;>35=5@0B>@. 0O2:0 RU 98105105/06, 1999 3. 17. !?>A>1 =03@520 684:>AB8. 0B5=B RU 2262046, 2005.10.10. 18. #AB@>9AB2> 4;O =03@520 684:>AB8. 0B5=B RU 2162571, 2000 3. 19."5?;>35=5@0B>@ AB@C9=>3> 459AB28O ">@. 0B5=B RU 2096694, 1997 3. 20.028B0F8>==> - @>B>@=K9 B5?;>35=5@0B>@. 0B5=B RU 2258875, 2005 3. 21. 028B0F8>==K9 B5?;>2>9 35=5@0B>@. 0B5=B RU 2131094, 1999 3. 22. !?>A>1 B5?;>2K45;5=8O 2 684:>AB8 8 CAB@>9AB2> 4;O 53> >ACI5AB2;5=8O. 0B5=B RU 2177121, 1999 3. 23.84@>48=0==K9 0??0@0B. 0O2:0 RU 98114517/06, 2000 3. 24.028B0B>@ 384@>48=03> B8?0. 0O2:0 RU 99113709/06, 2003 3. 25.028B0B>@ 4;O B5?;>2K45;5=8O 2 684:>AB8. 0O2:0 RU 97118384/06, 19993. 26. !?>A>1 ?>;CG5=8O B5?;0. 0B5=B RU 2165054, 2000 3. 27. 0=852 .$. 8 4@., >;=>20O B5E=>;>38O 2 AB@>5=88. - @>1;5<K AB@>5=8O 8 =04Q6=>AB8 71C645=85 :>;510=89 2 684:8E A@540E 384@>48=0<8G5A:8@0G=8:. =65=5@=K9 6C@=0;, 20043., !12, AB@. 19-24. 29. 09:>2.. 8E@52K5 384@02;8G5A:85 AB@>5=85, 1981, A.100-111. 30. 028B0F8>==>-28E@52>9 B5?;>35=5@0B>@. 0B5=B RU 2235950, 20043. - ?@>B>B8? 31. 2B>=><=0O A8AB5B>?;5=8O 4;O 740=8O. 0B5=B RU 2162990, 20013. 32. 028B0F8>==K9 M=5@3>?@5>1@07>20B5;L. 0B5=B RU 2224957, 20043. 33."5?;>35=5@0B>@ :028B0F8>==>-28E@52>3> B8?0. 0O2:0 RU 99110397/06, 2001 3. 34."5?;>35=5@0B>@ ?@82>4=>9 :028B0F8>==K9. 0O2:0 RU 99110538/06, 2003 35. 57>=0=A=K9 =0A>A-B5?;>35=5@0B>@. 0B5=B RU 2142604, 1999 3. 36.!?>A>1 =03@520=8O 684:>AB8 8 CAB@>9AB2> 4;O 53> >ACI5AB2;5=8O. 0O2:0 RU 96104366/06, 1998 3. 37.028B0F8>==>-28E@52>9 B5?;>35=5@0B>@. 0O2:0 RU 2002119773/06, 20033. 38. >B>@=K9 =0A>A-B5?;>35=5@0B>@. 0B5=B RU 2159901, 2000 3. 39.0A>A-B5?;>35=5@0B>@. 0B5=B RU 2160417, 2000 3. 40.!?>A>1 ?>;CG5=8O M=5@388. 0B5=B RU 2054604, 1996 3. 41.!?>A> 775 k800i -4361 portofino