концепция совершенствование сбыта
РПаЎ±б > юя ѓ … юяяя Ђ Ѓ ‚ яяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяямҐБ ` рї В? bjbjЛsЛs Ќd © © Џ % яя яя яя ¤ Ц Ц Ц Ц Ц Ц Ц 4
Ћ7 Ћ7 Ћ7 h ц7 | r8 М
№a h J9 J9 " l9 l9 l9 K: K: K: р` т` т` т` т` т` т` $ !c h ‰e њ a ] Ц Ѕ; G: K: Ѕ; Ѕ; a Ц Ц l9 l9 Ы sa EE EE EE Ѕ; x Ц l9 Ц l9 р` EE Ѕ; р` EE EE Б\ Ц Ц 9 АсфOЃdЗ Ћ7 5@ ” Д] t_ | ‰a 0 №a Ю] ^ %g ЙC %g 4 <_ %g Ц 48G5A:85 D>@20=8N F5;52>9 ?@>3@0<==>9 :>=5=B=>9 107K 8 @048>M;5:B@>=8:8» >AB>2A:>9 >1;0AB8 =0 2 0 0 8 - 2 0 1 5 3>4K.
&5;520O ?@>3@0<3@0<1>9 C2O70==K9 ?> F5;O<, 7040G0<, @5AC@A0:0ACI5AB2;5=8O :>- 8AA;54>20B5;LA:8E, >?KB=>- :>=AB@C:B>@A:8E, ?@>872>4AB25==KE, A>F80;L=>- M:>=>@30=870F8>==>- E>7O9AB25==KE 8 4@C38E ?@8OB89, >15A?5G820NI8E MDD5:B82=>5 @5H5=85 A8AB51;51;0AB8 M:>=>3>, M:>;>38G5A:>3>, A>F80;L=>3> 8 :C;LBC@=>3> @0728B8O >AB>2A:>9 >1;0AB8.
@>3@0<4=89 ?>;8B8:8 @C:>2>4AB20 >1;0AB8, 0:B82=>3> 2>7459AB28O =0 53> A>F80;L=>- M:>=>5 @0728B85 8 4>;6=0 1KBL A>A@54>B>G5=0, =0 @50;870F88 :@C?=>;55 206=KE 4;O 40==>9 B5@@8B>@88 8=25AB8F8>==KE 8 =0CG=>- B5E=8G5A:8E ?@>5:B>2, =0?@02;5==KE =0 @5H5=85 A8AB51;54OI8E 2 AD5@C :>@30=>2 8A?>;=8B5;L=>9 2;0AB8 AC1J5:B0 D545@0F88.
@>3@0<AB02=>9 G0ABLN D545@0;L=>9 F5;52>9 ?@>3@0<M;5:B@>=8:8» =0 2 0 0 8 - 2 0 1 5 3>4K.
07@01>B:0 ?@>5:B0 8 CB25@645=85 @>3@0<A=>2=K5 MB0?K:
?@8=OB85 @5H5=8O @C:>2>4AB2>1;0AB8 > @07@01>B:5 ?@>5:B0 @>3@0<B:0 ?@>5:B0 @>3@0<3;0A>20=85 ?@>5:B0 @>3@0<A?@>5:B0 @>3@0<< G8A;5 =57028A8<K<8 M:A?5@B0<8;
@0AAB@5=85 ?@>5:B0 @>3@0<@01>B:0 @>3@0<>B25BAB288 A 70<5G0=8O3@0<2>4AB2>1;0AB8.
@>3@0<;6=0 2:;NG0BL A;54CNI85 >A=>2=K5 @0745;K:
%0@0:B5@8AB8:0 ?@>1;5B>@>9 =0?@02;5=0 @>3@0<2=0O F5;L 8 7040G8 @>3@0<: 8 MB0?K 55 @50;870F88, 0 B0:65 F5;52K5 8=48:0B>@K 8 ?>:070B5;8;
5@5G5=L ?@8OB89 @>3@0<A=>20=85 @5AC@A=>3> >15A?5G5=8O @>3@0<<K;
5E0=873@0<F80;L=>- M:>=>9 8 M:>;>38G5A:>9 MDD5:B82=>AB8 @>3@0<45@60=8N @0745;>2 @>3@0<20=8O.
5@2K9 @0745; « %0@0:B5@8AB8:0 ?@>1;5B>@>9 =0?@02;5=0 @>3@0<;65= A>45@60BL @0725@=CBCN ?>AB0=>2:C ?@>1;57=8:=>25=8O, >1>A=>20=85 55 A2O78 A B5@@8B>@80;L=K@8B5B0F80;L=>- M:>=>3> @0728B8O, F5;5A>>1@07=>ABL @5H5=8O ?@>1;52=5 >AB>2A:>9 >1;0AB8.
@>1;59, @0AA<0B@82059 2 @03@0<740=85 A>2@59 8=D@0AB@C:BC@K 2KA>:>B5E=>;>38G=>9 >B@0A;8 ?@>AB8, A?>A>1=>9 2 A60BK5 A@>:8 A>74020BL :>=:C@5=B>A?>A>1=CN =0 2=CB@5==5< 8 2>=5G=CN ?@>4C:F8N - 8 @048>M;5:B@>=8:8.
0==0O ?@>1;5A8B A8AB5B 55 @5H5=8O 7028AOB MDD5:B82=>ABL >15A?5G5=8N B5E=>;>38G5A:>9 8 8=D>@==>9 157>?0A=>AB8, 48=0=>3> ?>4J52KH5=85 :>=:C@5=B>A?>A>1=>AB8 2A59 ?@>AB8, 0 B0:65 @>AB 1;03>A>AB>O=8O =0A5;5=8O B5@@8B>@88.
MB>;6=> 1KBL >1>A=>20=85 =5>1E>48AB8 @5H5=8O ?@>1;53@0<- F5;52K< 4>2 MB>3> @5H5=8O.
=0;87 2>3> >?KB0 @0728BKE 8 @072820NI8EAO 2 >1;0AB8 - 8 @048>M;5:B@>=8:8 AB@0= ?>:07K205B, GB> A>25@H5=AB2>20=85 @048>M;5:B@>==>9 ?@>4C:F88 8 =0@0I820=85 >1J52 55 ?@>872>4AB20, 3;02=K1@07>A=>25 :>- F5;52KE =0CG=>- B5E=8G5A:8E ?@>3@0<<, 8=8F88@C5<KE ?@028B5;LAB20<8 8 D8=0=A8@C5 5 0 % 87 A@54AB2 3>AC40@AB25==>3> 1N465B0.
653>4=> =0 ?@>3@0<=8:8 2 <8@5 @0728BK<8 AB@0=0;55 2 0 ;;. @8 MB> A0<8 D8@872>48B5;8 =5 B >1J52 @50;87>20==>9 ?@>4C:F88 >AB02;ONB =0 2K?>;=5=85 ?5@A?5:B82=KE ?@>3@0<20=89 ?> @07@01>B:5 :>=:C@5=B>A?>A>1=KE 8745;89.
;O >A2>5=8O 2A5 1>;55 4>@>3>AB>OI8E B5E=>;>389 4065 :@C?=K5 D8@872>48B5;8 =5 2 A>AB>O=88 8A?>;L7>20BL B>;L:> A>1AB25==K5 A@54AB20, ?>MB>=8 2K=C645=K A>74020BL B5E=>;>38G5A:85 0;LO=AK 8 :>=A>;848@>20BL A2>8 A@54AB20 A 3>AC40@AB2>9 F5;LN 1K; A>740= >=A>@F8CB>@K9 CA?5H=> >15A?5G8; ;8:2840F8N >BAB020=8O !( >B /?>=88 2 B5E=>;>388 M;5:B@>=8:8. /?>=88, 2 A2>N >G5@54L, ?@8 CG0AB88 3>AC40@AB20 A>740=0 >@30=870F8O S E L I T A F5;LN 2>72@0B0 CB@0G5==>3> ?@8>@8B5B0 2 >1;0AB8 M;5:B@>=8:8. !B@0=K 2@>?59A:>3> !>N70 2K?>;=ONB :>3@0<A2>5=8O =>2KE B5E=>;>38G5A:8E C@>2=59 - 8 =0=>B5E=>;>388 2 @0@30=870F8>==KE AB@C:BC@ ?@>3@0<<K « 7 » , D8=0=A8@C5;=ONB :>3@0<@85=B8@>20==CN =0 7040GC - « 2@>?0 AB0=>28BAO ;845@> A8AB5<=K20F8O;C?@>2>4=8:>2KE B5E=>;>38OE, >@85=B8@>20==KE =0 M;5:B@>==CN M:>=>1E>48 40BL ?>;=K9 0=0;87 B5E A532 2>3> 8 >B5G5AB25==>3> @K=:0, =0 :>B>@KE ?@54?>;0305BAO :>=:C@8@>20BL =>2>9 @048>M;5:B@>==>9 ?@>4C:F88.
!B02:0 =0 AB8E89=>5 @0728B85 >B5G5AB25==>9 - 8 @048>M;5:B@>=8:8 2 CA;>28OE A2>1>4=>9 @K=>G=>9 :>=JN=:BC@K 8 >B:07 >B 8A?>;L7>20=8O ?@>3@0<- F5;52>3> 40 =587156=> ?@82545B : A;54CNI5B5G5AB25==KE :;NG52KE M;5:B@>==KE B5E=>;>389 ?@82545B : =52>76=>AB8 40;L=59H53> @0728B8O 4@C38E >B@0A;59 ?@>AB8, A=878B :>=:C@5=B>A?>A>1=>ABL 8E ?@>4C:F88, 0 7=0G8B, ?>AB028B ?>4 C3@>7C 2>76=>ABL 0:B82=>3> ?5@5E>40 : 8==>20F8>==>9 M:>=>=>15A?5G5=0 B5E=>;>38G5A:0O 8 8=D>@==0O 157>?0A=>ABL 2 A2O78 A >120;L=K;L7>20=85< 2 AB@0B538G5A:8E A8AB51@01>B:8 8 70I8BK 8=D>@@L1K A ?><5E0==>3> ?@>B82>459AB28O, A@54AB20E 2>9 8=D>@<0F88 8 4@. 8@B=>9 M;59 107K.
3 . >AA88 ?@845BAO A520=85B5G5AB25==>3> @K=:0 8@B=>9 M;5:B@>==>9 B5E=8:>9, ?@5645 2A53> B5;52878>==>9 ( 2 B. G. F8D@>2>9) , A2O7=>9, 02B>18;L=>9, =02830F8>==>9, 9, :><9, 1KB>2>9.
4 . @>4>;68BAO >BAB020=85 >B5G5AB25==>9 @048>M;5:B@>=8:8 >B 2>3> C@>2=O. #25;8G8BAO B5E=>;>38G5A:89 @07@K2, GB> 2 A2>N >G5@54L ?@82545B : >BAB020=8N B5E=8G5A:8E ?0@02, A>740205872>48B5G5AB25==>9 @048>M;5:B@>==>9 0??0@0BC@K 8 A8AB5 =5<8=C5 =530B82=> >B@078BAO =0 A>AB>O=88 B5E=>;>38G5A:>9 8 M:>=>9 =57028A8AB8 AB@0=K.
>;6=K 1KBL 40=K 45B0;L=K9 0=0;87 8<5NI8EAO I=>AB59 @048>M;5:B@>==KE ?@54?@8OB89, =><5=:;0BC@K 2K?CA:059 ?@>4C:F88, >1J52 2K?CA:0, ?5@5G5=L @538>=0;L=KE ?@54?@8OB89, ?>B@51;ONI8E 2K?CI5==CN @048>M;5:B@>==CN ?@>4C:F8N, ?>B@51=>ABL >AB>2A:>9 >1;0AB8 2 ?5@A?5:B82=>9 - 8 0??0@0BC@5 8 A8AB5M;5:B@>=8:8. 0==K5 MB>3> @0745;0 4>;6=K A>45@60BL MB8 A2545=8O 2 @07@575 3>A>1>@>=70:070, ?>B@51;O53> 1N465B0 ( $& ) 8 2K45;O5AB>2A:>9 >1;0AB8.
>;65= ?@82>48BLAO 0=0;87 ACI5AB2CNI8E 2 >AB>2A:>9 >1;0AB8 A532 >B5G5AB25==>3> @K=:0 - 8 8745;89 @048>M;5:B@>=8:8 A ?@>3=>7> 2 0 1 5 3>40.
G5=L 206=K1AB>OB5;LAB2>, GB> 2 1;8609H85 3>4K 2 >AA88 >B:@K20NBAO =>2K5 @K=>G=K5 =8H8, 5I5 =5 70=OBK5 8=>AB@0==K872>48B5;53> ?>B5=F80;L=>3> @K=:0 A>7405B @50;L=K5 CA;>28O 4;O 1KAB@>3> @0728B8O @048>M;5:B@>==>3> ?@>872>4AB20 4;O A;54CNI8E A532 @K=:0.
15A?5G5=85 A>740=8O 8 ?@>872>4AB20 A@54AB2 @048>G0AB>B=>9 845=B8D8:0F88.
4=8< 87 206=59H8E =0?@02;5=89 ?@8G0AB>B=>9 845=B8D8:0F88 O2;O5BAO M;5:B@>==K9 ?0A?>@B. 01>BK 2 MB> 254CBAO 2 =0AB>OI55 2@5AA89A:>9 $545@0F88. F5=:8 ?>:07K20NB, GB> ?@8 =0A5;5=88 >:>;> 1 5 0 25: ?5@5E>4 =0 M;5:B@>==K9 ?0A?>@B ?>B@51C5B :0: <8=8<C3> 65 :>;8G5AB20 AE51028BL 5653>4=>5 ?>?>;=5=85 A>AB020 27@>A;>3> =0A5;5=8O, =5>1E>48ABL 70@B>2 ?> A5<59=K< 8 4@C381AB>OB5;LAB202>5 >1=>2;5=85 ?0A?>@B>2 >48= @07 2 ?OBL ;5B.
"0:81@07>4 ?0A?>@B=>- 287>2KE 4>:C2 =0 M;5:B@>==CN B5E=>;>38N ?>B@51C5B 548=>2@5 ?>@O4:0 1 5 0 <;=. 8 70B54=> ?> 5 0 <;=. AE5?>;=8B5;L=0O ?>B@51=>ABL >15A?5G8205BAO ?5@52>4>;>38N 2>48B5;LA:8E C4>AB>25@5=89, A<0@B- :0@B ?;0B56=KE A8AB5<, S I M - :0@B 18;L=>9 A2O78.
! 8A?>;L7>20=854>1=KE B5E=>;>389 6=> 2K?CA:0BL 6=K5 AE5==K5 20@>2 8 3@C7>2 ( >F5=:8 ?>:07K20NB, GB> ?>B@51=>ABL 2 =8E 2 2 0 0 7 3. 65B 4>AB83=CBL 2 5 0 - 4 0 0 <;=. HB. ) . 5B@51=>AB8 2 AE57=8:=CB 8 ?@8 D>@20=88 =5>1E>489 8=D@0AB@C:BC@K ?>;L7>20B5;59. 048>M;5:B@>==0O 0??0@0BC@0 ?>;L7>20B5;59 A@54AB2 @048>G0AB>B=>9 845=B8D8:0F88 ?>4286=KE >1J5:B>2 B@0=A?>@B=KE A@54AB2, 3@C7>2, B>20@>2, :>=B@>;O 4>ABC?0, 2 B>==KE ?0A?>@B>2 AB@>8BAO A H8@>:8;L7>20=8520==KE M;5:B@>==KE 4C;59 AG8BK20B5;59 >1@01>B:8 A83=0;>2, 4C;59 A8AB5?>7=020=8O, 2B>@8G=KE 8AB>G=8:>2 M;5:B@>?8B0=8O 8 B. 4. -:A?5@B=0O >F5=:0 40==>3> A53AB02;O5B 1 5 - 1 8 4, 0 >F5=:0 @K=:0 >4=8E M;5:B@>==KE 8745;89 6 - 7 4.
@8=F8?80;L=> 206=K1 >1O70B5;L=>@5 >B5G5AB25==>3> @07@01>BG8:0 8 873>B>28B5;O AE5==>3> ?0A?>@B0. @>5:B A>740=8O M;5:B@>==>3> ?0A?>@B0 4>;65= =0E>48BLAO ?>4 :>=B@>;5AC40@AB20, 8 53> A;54C5B @0AAA=>2=>9 ?@>5:B- :0B0;870B>@ 4;O ?>4J5<0 M;5:B@>==>9 ?@>AB8 2 F5;>740=8O 8 ?@>872>4AB20 A@54AB2 :>>@48=0B=>- 2@53> >15A?5G5=8O.
=0AB>OI55 2@5A=>2=K;55 B>G=K==>3> >15A?5G5=8O @07;8G=KE ?>B@518B5;59 O2;ONBAO 3;>10;L=K5 =02830F8>==K5 A?CB=8:>2K5 A8AB5AA8O) 8 G P S ( !() . 2@>?5 @072>@0G8205BAO =02830F8>==0O A8AB5. @8=OB85 @5H5=89 > A=OB88 >3@0=8G5=89 =0 B>G=>ABL :>>@48=0B=>3> >?@545;5=8O @0AH8@O5B 2>76=>AB8 3@0640=A:>3> ?@89 A?CB=8:>2>9 A8AB5>B25BAB25==> C25;8G8205B >1J5:07K20NB, GB> >1J5AA89A:>3> @K=:0 =02830F8>==>9 0??0@0BC@K A>AB02;O5B ?>@O4:0 5 % >B >1I53> 2>3> @K=:0, GB> A>>B25BAB2C5B >:>;> 5 0 ==KE ?@81>@>2. @8 @5H5=88 MB>9 7040G8 =5>1E>48 >15A?5G8BL A>E@0=5=85 70 >B5G5AB25==K872>48B5;5< =5 ==>9 0??0@0BC@K. A=>2=K< 2KB@518B5;5< A8AB5>@48=0B=>- 2@53> >15A?5G5=8O 2KABC?05B B@0=A?>@B 2> 2A5E 53> 2840E ( 02B>18;L=K9, @A:>9 8 @5G=>9, 65;57=>4>@>6=K9 8 0280F8>==K9) . @>3>, ?@54AB02;O5B 8=B5@5A 1>;LH>9 8 A5@L57=K9 B5;5:><==K9 @K=>: ( 2 G0AB8 A8AB5=870F88 ?5@540G8 40==KE, @K=>: 35>4578G5A:8E CA;C3 ( CG5B 758B5;LAB2> 8 ?@>G85) , @K=>: A8AB5CG5B0 8 CG5B0 ?5@54C:B>2 ?> 307>- 8 =5DB5?@>2>40=0;L=0O =02830F8O 2> 2A5E 55 ?@8>@48=0B=KE DC=:F89 2 18;L=K5 B5;5D>=K.
5AB@O =0 7=0G8B5;L=CN =>==>9 0??0@0BC@K ?>;L7>20B5;59, 2 55 >A=>25 ;568B H8@>:>5 8A?>;L7>20=85 C=8D8F8@>20==KE M;5:B@>==KE 4C;59 ( ?@85- 87<5@8B5;L=K5 4C;8, DC=:F8>=0;L=K5 C7;K, :>=B@>;;5@K, 2B>@8G=K5 8AB>G=8:8 ?8B0=8O) . -:A?5@B=0O >F5=:0 >1J53> A5:B>@0 @K=:0 A>AB02;O5B 3 , 5 - 4 , 5 4, 0 >1J5< @K=:0 8745;89 M;5:B@>=8:8 1 , 5 - 2 , 2 4.
15A?5G5=85 A>740=8O 8 ?@>872>4AB20 B5E=8:8 F8D@>2>3> B5;52845=8O.
40 @028B5;LAB2>AA89A:>9 $545@0F88 ?@8=OB> @5H5=85 > 2=54@5=88 2 AB@0=5 52@>?59A:>9 A8AB52>3> B5;52878>==>3> 25I0=8O D V B . -B> @5H5=85 ?>72>;O5B @0AAG8BK20BL =0 H8@>:>5 8A?>;L7>20=85 >B5G5AB25==>3> 2KA>:>B5E=>;>38G5A:>3> >1>@C4>20=8O ?@8 2=54@5=88 F8D@>2>3> 25I0=8O 8 8A:;NG8BL " 70E20B" @>AA89A:>3> @K=:0 B5;52845=8O 70@C156=K<8 D8@<0 ?@>87>H;> ?@8 2=54@5=88 18;L=>9 @048>A2O78.
F5=:8 ?>:07K20NB, GB> >1J52>3> B5;52845=8O 4> 2 0 1 5 3>40 A>AB028B >:>;> 5 5 4=O =5 <5=55 6 0 % 0??0@0BC@K 65B 2K?CA:0BLAO >B5G5AB25==K872>48B5;O 4>?>;=8B5;L=CN ?>B@51=>ABL ?@8 MB>7405B ?@>872>4AB2> ?@8AB02>: : >1KG=K3>2K@076=>AB8 ?@85<0 82>3> B5;52878>==>3> A83=0;0. #G8BK20O 1>;LH>5 :>;8G5AB2> 0=0;>3>2KE B5;5287>@>2, =0E>4OI8EAO 2 ?>;L7>20=88 C =0A5;5=8O ( =5 <5=55 8 0 2) , 40==K9 A53<5=B @K=:0 ?@54AB02;O5BAO 25AL<0 ACI5AB25==K3>, A;54C5B CG8BK20BL A8AB53> 01>=5=BA:>3> B5;52845=8O, 2 :>B>@>9 8A?>;L7CNBAO A?5F80;L=K5 AE515A?5G820NI85 2>76=>ABL ?;0B=>3> ?@>AB@0. F5;>2>:C?=K9 >1J520==KE M;5:B@>==KE 4C;59 4;O A8AB52>3> B5;52845=8O F8D@>2KE ?@8AB02>: 8 F8D@>2KE B5;5287>@>2 ( 2:;NG0O !! :0=0;L=KE 454C;OB>@>2 8 M P E G 45:>45@>2, BN=5@>2 ( A5;5:B>@>2 :0=0;>2) , !! F8D@>2KE ?@>F5AA>@>2 >1@01>B:8 A83=0;>2 87>1@065=8O 8 72C:0, 48A?;59=KE 4C;59, 8G=8:>2 ?8B0=8O 8 B. 4. ) >F5=8205BAO >:>;> 2 0 4, 0 >1J53> =0?@02;5=8O A>AB028B 6 - 8 4.
> 40 A5B59 B5;52878>==>3> 25I0=8O =0 F8D@>2>9 D>@@0G820BLAO 2>5 ?@>872>4AB2> F8D@>2KE B5;5287>@>2. 68405BAO, GB> >1J5AA89A:>3> @K=:0 F8D@>2KE B5;5287>@>2 C65 : 2 0 1 0 3>4C 65B 4>AB8GL 7 - 1 0 3;0A=> ?@>3=>7C 1>;LH0O G0ABL MB8E B5;5287>@>2 1C45B 873>B>2;5=0 =0 >A=>25 ?;>A:8E B5;52878>==KE ?0=5;59, 2 ?5@2CN >G5@54L 684:>:@8AB0;;8G5A:8E ( L C D ) . >MB>3@0<872>4AB20 - 4;O ?@852 F8D@>2>3> B5;52845=8O 4>;6=0 ?@54CA740=85 >B5G5AB25==KE ?;>A:8E B5;52878>==KE 48A?;552 8 M;59 107K 4;O =8E ( ! 4@0925@>2 AB>;1F>2 8 AB@>:, F8D@>2K5 !! >1@01>B:8 A83=0;>2 8 B. 4. ) . "5;55, GB> ?;>A:85 48A?;58 O2;ONBAO ?@>4C:F859 42>9=>3> =07=0G5=8O, B0: :0: H8@>:> 8A?>;L7CNBAO 2 :0G5AB25 A@54AB2 >B>1@065=8O 2 A?5F80;L=>9 8 2>5==>9 0??0@0BC@5. "0: :0: AB@>8B5;LAB2> A>2@53> 702>40 ?;>A:8E B5;52878>==KE 48A?;552 B@51C5B >3@>1J5<5 1 - 2 9 7040G8 F5;5A>>1@07=> ?@82;5G5=85 70@C156=KE ?0@B=5@>2 4;O A>740=8O A>2872>4AB2. "0:0O ?@0:B8:0 =0 A53>4=O H8@>:> @0A?@>AB@0=5=0 4065 A@548 254CI8E 2KE ?@>872>48B5;59 ?;>A:8E 48A?;552, :>B>@K5 >1@07CNB AB@0B538G5A:85 0;LO=AK 4;O >1J548=5=8O A2>8E D8=0=A>2KE 8 B5E=>;>38G5A:8E @5AC@A>2. :0G5AB25 ?@8<5@0 6=> ?@825AB8 A>2872>4AB20 L C D 2845>4C;59 :><?0=8O872>4AB20 P D P ?0=5;59 :>1J548=8;0AL A N E C , H i t a c h i 8 F u j i t s u B0:65 A>740;8 A>25 ?@54?@8OB85. )
15A?5G5=85 A>740=8O 2>5==>9 8 A?5F80;L=>9 - 8 @048>M;5:B@>=8:8.
-B>B A5:B>@ @K=:0 A?>A>15= >15A?5G8BL =51>;LHCN, => AB018;L=CN 703@C7:C >B5G5AB25==>9 @048>M;5:B@>==>9 ?@>AB8. =0;87 3>AC40@AB25==>9 ?@>3@0<>@C65=8O ?>:07K205B, GB> 2 0 1 5 3>4C 5653>4=K9 >1J5: - 8 @048>M;5:B@>=8:8 1C45B A>AB02;OBL 1>;55 3 0 4. A>15==>AB8 MB>3> A5:B>@0 E>@>H> 8725AB=K:
- H8@>:0O =>M;5:B@>=8:8 ( B>;L:> =>AB02;O5B 1>;55 2 5 BKA. B8?>=>2) ;
- ?>2KH5==K5 B@51>20=8O ?> M:A?;C0B0F88 ( B5ABL, @0480F8>==0O AB>9:>ABL, ?>2KH5==0O =0456=>ABL, CAB>9G82>ABL : <5E0=8G5A:87459AB28OB=>A8B5;L=> =51>;LH85 >1J5<K 2K?CA:0 70:07K2059 ?@>4C:F88;
- B@51C5AB02;O51E>48ABL 2>A?@>872>4AB20 2 B5G5=85 1 0 - 1 5 ;5B.
15A?5G5=85 A>740=8O >1>@C4>20=8O H8@>:>?>;>A=>3> 15A?@>2>4=>3> 4>ABC?0.
0: ?>:07K205B 0=0;87 =0?@02;5=8O @0728B8O B5E=>;>388 B5;5:><OI55 2@5B:5 =0E>4OBAO =0?@02;5=8O >@30=870F88 H8@>:>?>;>A=KE 15A?@>2>4=KE A5B59 A2O78, >15A?5G820NI8E >1<5= B@5<O 2840@;>A, ?5@540G0 40==KE ( 2 B. G. =B5@=5B) 8 B5;52845=85 ( B0: =07K205;>38O « T r i p l e p l a y » ) .
0==0O B5E=>;>38O >A>15==> 0:BC0;L=0 8 ?5@A?5:B82=0 4;O >AA88, 1>;LH0O G0ABL B5@@8B>@88 :>B>@>9 =5 >A=0I5=0 :015;L=K2>4=K<8 ;8=8O==> @>AA89A:85 @07@01>BG8:8 8 ?@>872>48B5;8 15A?@>2>4=>3> >1>@C4>20=8O ( @048>A2O7L, A?CB=8:>20O 8 @048>@5;59=0O A2O7L) O2;O;8AL 8 ?@>4>;60NB >AB020BLAO 4>AB0B>G=> :>=:C@5=B>A?>A>1=K<==>3> >1>@C4>20=8O, GB> ?>72>;O5B @0AAG8BK20BL =0 2KA>:CN 4>;N ( ?@8 5 0 % ) >B5G5AB25==>3> >1>@C4>20=8O 2 MB>@5 @K=:0. 1J5 @K=:0 0??0@0BC@K 15A?@>2>4=>3> H8@>:>?>;>A=>3> 4>ABC?0 2 =0AB>OI55 2@5AB02;O5B >:>;> 5 0 ;;. A 2KA>:8<8 B5<?0AB0 5 0 - 6 0 % 2 3>4 A 4>AB865=854C 6 - 8 4, ?@8G5A=>2=CN G0ABL MB>3> @K=:0 ( 4> 8 0 % ) 70=820==K5 ?@85?5@540NI85 4C;8, 4C;8 A5B59 4>ABC?0, 4C;8 70I8BK, :>=B@>;;5@K 8 B0: 40;55.
280F8O.
>1;0AB8 0280F88 @50;87CNBAO ?>AB02:8 @07;8G=>3> =0753> @048>M;5:B@>==>3> >1>@C4>20=8O 4;O 48=>9 A8AB5@30=870F88 2>74CH=>3> 42865=8O ( ! @) 8 ?>AB02:8 1>@B>2>3> @048>M;5:B@>==>3> >1>@C4>20=8O 4;O 2>74CH=KE AC4>2.
0M@>=02830F8>==>9 A8AB5;6=0 ?@>2>48BLAO 548=0O B5E=8G5A:0O ?>;8B8:0, ?@54CA<0B@820NI0O 45@=870F8N A@54AB2 8 A8AB5@30=870F88 2>74CH=>3> 42865=8O 2 8=B5@5A0E >15A?5G5=8O 45OB5;L=>AB8 2A5E 284>2 0280F88 2 >A=>2=>B5G5AB25==K1>@C4>20=8515A?5G820NI0O A>>B25BAB285 =0F8>=0;L=K< 8=B5@5A0AA89A:>9 $545@0F88, >B5G5AB25==K< 8 4=K< AB0=40@B02K5 ?@8=F8?K DC=:F8>=8@>20=8O !, >A=>20==K5 =0 8=B53@0F88 ?5@A?5:B82=KE =075@B>2KE 8 A?CB=8:>2KE A@54AB2 8 A8AB5=02830F88, =5>1E>48 >15A?5G8BL 8E 30@=878@>20==>5 @0728B85.
!@54=53>4>2>9 >1J54C:F88 @048>M;5:B@>==>3> :><?;5:A0 65B A>AB028BL 2 - 3 4, ?@8 MB>1J5< @K=:0 #- 65B A>AB028BL ~ 1 4.
>1;0AB8 A>740=8O 3@0640=A:>9 0280B5E=8:8 4>;6=> ?@>87>9B8 ?@8=F8?80;L=>5 879 :>=:C@5=B=>9 ?>78F88 3@0640=A:>3> A5:B>@0 0280?@>AB8 >AA88 =0 2>: A09 >AA88 8 ! . $0:B8G5A:>5 2>72@0I5=85 >B@0A;8 =0 MB>B 3;>10;L=K9 @K=>: 2 :0G5AB25 2>3> F5=B@0 0280AB@>5=8O 8 702>520=85 : 2 0 1 5 3. =5 <5=55 5 % 2>3> @K=:0 ?@>406 3@0640=A:>9 0280B5E=8:8 ?>72>;8B >15A?5G8BL 5653>4=K5 ?@>4068 =0;L=KE A0;5B>2 @>AA89A:>3> ?@>872>4AB20 : 2 0 1 5 3>4C 2 >1J5G=K5 4>E>4K @>AA89A:>9 0280F8>==>9 ?@>AB8 2 2 0 1 5 3. >F5=>G=> A>AB02OB 5 4 1J5406 D8=0;L=>9 ?@>4C:F88 2 3>4.
@8 MB>F5=:0 @K=:0 1>@B>2>9 @048>M;5:B@>==>9 0??0@0BC@K A>AB02;O5B 25;8G8=C 0 , 5 1 4, >1J5< @K=:0 A8AB515A?5G5=8O 0280F8>==>9 45OB5;L=>AB8 3@0640=A:>9 0280F88 A>AB028B ~ 2 , 5 4 4.
2B>18;5AB@>5=85.
0728B85 ?@>872>4AB20 8745;89 8 A8AB518;L=>9 M;5:B@>=8:8 ( -) , M;5:B@>>1>@C4>20=8O 8 ?@81>@>2 ( "-) O2;O5BAO @5H0NI8@>2KH5=8O :>=:C@5=B>A?>A>1=>AB8 >B5G5AB25==KE 02B>18;59.
-;5:B@>==K5 8 ?@>F5AA>@=K5 A8AB5<K C?@02;5=8O 03@530B018;59 O2;ONBAO >4=8A=>2=KE A@54AB2, >15A?5G820NI8E 2K?>;=5=85 A>2@5<5==KE 8 ?5@A?5:B82=KE 4=KE =>@20=89 ?> A=865 =8N @0AE>40 B>?;820, ?>2KH5=8N 157>?0A=>AB8, A=865=8N B>:A8G=>AB8 >B@0 1>B0==KE 307>2, ?>2KH5=8N :>@B0, >15A?5G5=8N 1KAB@>9 8 =0456=>9 48 03=>AB8:8 >1=0@C65=8O >B:07>2 8 8E CAB@0=5=8O, >15A?5G5=8N 8=D>@= =>9 ?>445@6:8 8 A2O78 ?0AA068@>2 8 2>48B5;O A 2=5H=8< ;=5=85 B@51>20=89 ?> M:>;>388 =>@20=89 : "! 2>76=> B>;L:> ?@8 2=54@5=88 M;5:B@>==KE A8AB5;N - 8 "- ?@8E>48BAO 7=0G8B5;L=0O G0ABL >1I8E 70B@0B =0 ?@>872>4AB2> A>2@53> 02B>18;O ( 4> 2 0 % >B AB>8AB8 ;53:>2>3> 02B> 18;O) .
2 0 0 8 - 2 0 1 5 3>40E =0 @K=:5 >68405BAO A;54CNI0O AB@C:BC@0 F5= M;5:B@>==KE A8AB5 A8;>2K< 03@530B0< ( 42830B5;L 8 B@0=A 3 5 % ; ?> A8AB5<0?0A=>AB8 - 4> 2 5 % ; ?> A8AB5<0 8 % ; ?> A@54AB20@ 1 3 % ; ?> A@54AB20- 2845> B5E=8:8 - 4> 1 0 % 8 A@54AB20@B0 - 4> 9 % .
AE>4O 87 ?@>3=>78@C51J52 ?@>872>4AB20 >B5G5AB25==>9 02B>18;L=>9 B5E=8:8 ( ;53:>2K5, 3@C7>2K5 02B>18;8 8 02B>1CAK) : 2 0 1 5 3>4C, 0 B0:65 ?;0=8@C55 >A=0I5=85 8E M;5:B@8G5A:8==K<8 A8AB5<0;0305BAO A;54CNI85 >1J5406 =0 @K=:5: 2A53> 1 3 8 , 4 4 ;53:>2K18;O< - 7 7 , 4 0 3@C7>2K18;O< - 2 3 , 2 5 02B>1CA0< - 3 7 , 7 9 =0;L=KE ?@>5:B>2.
15A?5G5=85 A>740=8O 8 ?@>872>4AB20 A>2@53> 3> >1>@C4>20=8O, 2 B>< G8A;5 18;L=>3> B8?0.
(8@>:>5 ?@8B5G5AB25==>9 - 8 C=8D8F8@>20==KE M;5:B@>==KE 4C;59 =5>1E>48 ?@8 A>740=88 8 ?@>872>4AB25 3> >1>@C4>20=8O, B0: :0: >=> >A=>20=> =0 8A?>;L7>20=88 A>2@59 @048>M;5:B@>=8:8 ( 48AB0=F8>==0O 4803=>AB8:0, ?@>F5AA>@=>5 C?@02;5=85, A5=A>@K 8 40BG8:8, AE5@20=8O M;5:B@8G5A:8E A83=0;>2, 35=5@0F88 ;075@=>3> 8 !'- 87;CG5=8O 8 B. 4. ) . 5A;8 =5 ?@8=OBL @0728B8N >B5G5AB25==>3> ?@>872>4AB20 MB>3> >1>@C4>20=8O, 7=0G8B5;L=0O G0ABL @K=:0 1C45B >B40=0 70@C156=K<?0=8OOI55 2@52>:C?=K9 @K=>: 9 B5E=8:8 2 >AA88 =0E>48BAO =0 C@>2=5 ?>@O4:0 4 0 ;> 3 0 AB02;ONB 8@B=K5 8745;8O, ?@8G5;N 8@B=KE 8745;89 A>AB02;ONB 8745;8O A ?@8<5=5=852@59 M;5:B@>=8:8 1>;55 4 2 % .
!@54=OO AB>8ABL 8745;89 9 @048>M;5:B@>=8:8 18;L=>3> B8?0 A CG5B>:C?0B5;L=>9 A?>A>1=>AB8 =0A5;5=8O AB@0=K =5 4>;6=0 ?@52KH0BL 1 , 5 - 2 BKA. @C1. 1I89 >1J51>@C4>20=8O MB>3> B8?0 ?@>3=>78@C5BAO =0 C@>2=5 5 4. >;O - 2 AB>8AB8 B0:>3> >1>@C4>20=8O A>AB02;O5B =5 <5=55 8 0 % . "0:81@07>1I89 >1J5< @K=:0 - 4;O 3> >1>@C4>20=8O 18;L=>3> B8?0 65B A>AB028BL 8 - 1 0 4.
#G8BK20O 2KA>:CN AB>8ABL 8@B=>3> 3> >1>@C4>20=8O, >4=88AB8 B0:>3> >1>@C4>20=8O 4>;6=> AB0BL H8@>:>5 ?@8B5G5AB25==>9 - 8 C=8D8F8@>20==KE M;5:B@>==KE 4C;59. >;O - 2 >1I59 AB>8AB8 B>;L:> AB0F8>=0@=>3> >1>@C4>20=8O 4>E>48B 4> 2 0 % ?>MB>1I51J53> >1>@C4>20=8O ( 2 4) 6=> @0AAG8BK20BL =0 A1KB - 2 ?@545;0E 0 , 3 20==KE M;5:B@>==KE 4C;59 ( #- ) >:>;> 1 , 5 2>:C?=K9 >1J5< @K=:0 - 4;O 3> >1>@C4>20=8O 2 ?5@A?5:B825 65B 4>AB83=CBL 2 5 4.
!>2@5;>388 >1@07>20=8O.
>1;0AB8 >1@07>20=8O =5>1E>48 2 ?5@2CN >G5@54L >15A?5G8BL @02=K9 4>ABC? 2A5E >1CG0NI8EAO : 8AB>G=8:0@<0F88. A2O78 A MB81E>48 >15A?5G8BL CAB>9G82K9 2KA>:>A:>@>AB=>9 4>ABC? : A5B52K< @5AC@A0@88 AB@0=K.
5A?@>2>4=>9 <C;LB8ABC? : @5AC@A01CG5=8O F5;5A>>1@07=> @072820BL ?CB53> A=865=8O AB>8AB8 ?5@A>=0;L=KE 18;L=KE :>2 A F5;LN <0:A83> ?@81;865=8O 8E F5=K : ?>:C?0B5;L=>9 A?>A>1=>AB8 =0A5;5=8O >AA89A:>9 $545@0F88.
5H8BL MBC 7040GC 6=> B>;L:> ?CB5@30=870F88 2>3> ?@>872>4AB20 :>9AB2 8 >1>@C4>20=8O =0 B5@@8B>@88 >AA88, ?@8G5A=>2=K4E>4>9 7040G8 4>;6=> 1KBL @57:>5 A>:@0I5=85 :>;8G5AB20 :>=0;L=KE 8 18;L=KE 2KG8A;8B5;L=KE CAB@>9AB20E 70 AG5B ?@8<5=5=8O A8AB5@30=870F88 8E 2>3> ?@>872>4AB20 =0 M;5:B@>==KE ?@>872>4AB20E 2KA>:>3> B5E=>;>38G5A:>3> C@>2=O. @>3>, =5>1E>48 >@30=87>20BL =0 B5@@8B>@88 >AA88 2>5 ?@>872>4AB2> 45H52KE 684:>:@8AB0;;8G5A:8E 8 4@C38E =8B>@>2 ( =0?@89 B5E=>;>388 381:8E @C;>==KE 48A?;552) .
1I89 >1J5< @K=:0 <C;LB89AB2 4;O A8AB52>4=>9 8 15A?@>2>4=>9 A2O78 65B 4>AB8GL 5 4, B. 5. 3 , 5 - 7 , 0 4. !B>8ABL - 2 A>AB025 B0:8E 8745;89 =5 2>:C?=K9 >1J5< A53<5=B5 @K=:0 65B A>AB028BL 2 , 5 - 5 , 0 M;5:B@>=8:0 8 4>ABC?=>5 68;L5.
1;8609H59 ?5@A?5:B825 ?;0=8@C5BAO 7=0G8B5;L=>5 A>:@0I5=85 @0AE>4>2 =0 M:A?;C0B0F8N 8 M=5@3>>15A?5G5=85 68;LO. >;LH>5 7=0G5=85 ?@8 MB>< 8:>5 2=54@5=85 A>;=5G=>9 M=5@35B8:8, 2KA>:>M:>=>B5;L=KE 8AB>G=8:>2 >A25I5=8O 8 A8AB53> C?@02;5=8O >1J5:B0?B8<878@CNI8?>B@51;5=85 8 >15A?5G820NI8AB>O==K9 =8B>@8=3 2A5E ?@542 C?@02;5=8O, =0E>4OI8EAO 2 ?>3>, 1>;LH>5 7=0G5=85 8?@>A>2, A2O70==KE A >15A?5G5=85<9 8=D@0AB@C:BC@K 2=>2L AB@>OI53>AO 8 45@=878@C53> 68;8I=>3> D>=40, ?>2KH5=85?B8;L7>20=8O M=5@388 8 A>25@H5=AB2>20=851J5<4>A=0165=85, M;5:B@>A=0165=85, B5?;>A=0165=85) .
>45@=870F88 A ?@8<5=5=85==KE B5E=>;>389 4>;6=K ?>425@3=CBLAO >:>;> 2 0 3> D>=40 AB@0=K 70 1 0 ;5B. @8 A@54=52=5 70B@0B =0 45@=870F8N =5 1I89 >1J53> A53<5=B0 @K=:0 65B A>AB028BL 3 , 0 4.
-;5:B@>=8:0 8 A5;LA:>5 E>7O9AB2>.
>1;0AB8 A5;LA:>3> E>7O9AB20 M;5:B@>==K5 B5E=>;>388 4>;6=K 8A?>;L7>20BLAO 4;O A>740=8O ?@>872>4AB25==>9 >A=>2K 45@=870F88 A5;LA:>E>7O9AB25==>3> AB@>5=8O ( 2:;NG0O B@0=A?>@B=CN A>AB02;ONICN, B5E=>;>38G5A:>5 >1>@C4>20=85 4;O 682>B=>2>4AB20 8 ?5@28G=>9 ?5@5@01>B:8 ?@>4C:F88, =>2CN 8=65=5@=>- B5E=8G5A:CN 107C >B@0A;8) , 15A?@>2>4=KE A5=A>@=KE A5B59 =0 >A=>25 8=B5;;5:BC0;L=KE 40BG8:>2, :>=B@>;8@CNI8E A>AB>O=85 ?>G2K, @0AB8B5;L=KE :C;LBC@ 8 ?5@5B0 2 682>B=>2>4AB25.
@8;>389 2 A5;LA:>7O9AB25 >15A?5G8B @57:>5 A=865=85 70B@0B 70 AG5B @0F8>=0;L=>3> 8A?>;L7>20=8O C4>1@5=89, A=865=85 ?04560 A:>B0 8 ?B8FK, 0 B0:65 A2>52@55 ?@54C?@5645=85 > @0A?@>AB@0=5=88 A@548 682>B=KE >?0A=KE 4;O G5;>25:0 M?845F5=:0 40==>3> A5320==KE M;5:B@>==KE 4C;59 4;O A5;LA:>3> E>7O9AB20 ( 4C;8 A@54AB2 87=B@>;O, 40BG8:8 8 0=0;870B>@K, D878:>- B5E=>;>38G5A:8E ?0@02 ?8I52KE ?@>4C:B>2 8 @5682 8E E@0=5=8O, 4C;8 ;>:0;L=>9 A2O78 8 8=D>@==>- C?@02;ONI85 4C;8, 4C;8 A8AB5<0B870F88, 4C;8 ;01>@0B>@=>- ?>;52>3> @048>M;5:B@>==>3> >1>@C4>20=8O 4;O M:A?@5AA- 0=0;870 8 B. 4. ) 405B 25;8G8=C ?>@O4:0 2 0 - 2 5 4, 0 >1J5==>9 :>=5=B=>9 107K 4;O MB8E F5;59 1 0 - 1 6 <;@4. @C1.
:BC0;L=K@>740=85 @048>M;5:B@>==>9 8=D@0AB@C:BC@K >15A?5G5=8O 157>?0A=>AB8: ?@>B82>?>60@=K5 A8AB5E@0==K5 A8AB5<K 8 A8AB5=B@>;O 4>ABC?0, A@54AB20 :>=B@>;O 8 4803=>AB8:8, 307>0=0;870B>@K, A8AB51=0@C65=8O =0@:>B8:>2, >@C68O, 1>5?@8?0A>2, @0AH8@5=85 8 A>25@H5=AB2>20=85 8=D>@==>- 0=0;8B8G5A:>9 A5B8 >15A?5G5=8O 157>?0A=>AB8.
@C385 A53B@518B5;59 -, B0:85 :0:: ?@>=8:0, M=5@35B8G5A:>5 >1>@C4>20=85, A2O7L, :>A18;L=0O M;5:B@>=8:0, A8AB5?0A=>AB8, 1KB>20O B5E=8:0, B>@3>2>5 >1>@C4>20=85 8 B. 4. , 3CB B0:65 ACI5AB25==> C25;8G8BL 703@C7:C @07282053> M;5:B@>==>3> ?@>872>4AB20.
"0:81@07>AA88 ACI5AB2C5B @50;L=0O, ?>4:@5?;5==0O 30@0=B8@>20==KAC40@AB25==KE 70:C?>:, 2>76=>ABL A>740=8O A>2@53> ?@>872>4AB20 8745;89 @048>M;5:B@>==>3> :>1I81J5< A1KB0 2 @07 3 0 0 4 : 2 0 1 5 3>4C.
@>3@0<@8B5B=>5 @0728B85 >A=>2=KE 107>2KE M;5:B@>==KE B5E=>;>389, >15A?5G820NI8E C:@5?;5=85 =0CG=>- ?@>872>4AB25==>9 107K @>AA89A:>9 M;5:B@>=8:8, CA:>@5==>5 @0728B85 02B>20==KE A8AB55:B8@>20=8O M;5:B@>==>9 :>=5=B=>9 107K 8 @50;870F8N >A=>2=KE AB@C:BC@=KE M;52 8=B53@8@>20==>9 3>C@>2=52>9 A8AB5B:8 A;>6=>9 @048>M;5:B@>==>9 0??0@0BC@K 8 AB@0B538G5A:8 206=KE A8AB5B5: AB0=40@B=KE M;52, A;>6=> DC=:F8>=0;L=KE 1;>:>2, A?5F80;878@>20==KE 1>;LH8E 8=B53@0;L=KE AE5< " A8AB53> 8 A8AB53> ?@>3@0<3> >15A?5G5=8O.
B>@>9 @0745; « A=>2=0O F5;L 8 7040G8 @>3@0<: 8 MB0?K 55 @50;870F88, 0 B0:65 F5;52K5 8=48:0B>@K 8 ?>:070B5;8» 4>;65= A>45@60BL @0725@=CBK5 D>@2:8 F5;8 8 7040G @>3@0<<K, A C:070=85@>2 8 ?>:070B5;59.
"@51>20=8O, ?@54JO2;O5<K5 : F5;8 8 7040G03@0<ABL ( F5;L 8 7040G8 4>;6=K A>>B25BAB2>20BL :>=>2) ;
4>AB868ABL ( F5;L 8 7040G8 4>;6=K 1KBL ?>B5=F80;L=> 4>AB868<K) ;
87<5@O5ABL ( 4>;6=0 ACI5AB2>20BL 2>76=>ABL ?@>25@:8 4>AB865=8O) ;
?@82O7:0 : 2@5;6=K 1KBL CAB0=>2;5=K A@>: 4>AB865=8O F5;8 8 7040G) .
0745; 4>;65= A>45@60BL >1>A=>20=85 =5>1E>48AB8 @5H5=8O ?>AB02;5==KE 7040G 4;O 4>AB865=8O AD>@20==>9 F5;8 @>3@0<1>A=>20=85 A@>:>2 @5H5=8O 7040G 8 @50;870F88 @>3@0<?8A0=85A=>2=KE MB0?>2 @50;870F88 8 C:070=853=>78@C5@>2 8 ?>:070B5;59 4;O :064>3> MB0?0.
&5;LN ?@>3@0<=0;L=>3> =0CG=>- B5E=>;>38G5A:>3> 8 ?@>872>4AB25==>3> 1078A0 ?> @07@01>B:5 8 2K?CA:C :>=:C@5=B>A?>A>1=>9 =0C:>59 M;5:B@>==>9 :>=5=B=>9 107K 8 8745;89 @048>M;5:B@>=8:8 4;O @5H5=8O ?@8>@8B5B=KE 7040G A>F80;L=>- M:>=>3> @0728B8O 8 >15A?5G5=8O =0F8>=0;L=>9 157>?0A=>AB8.
040G8 ?@>3@0<15A?5G5=85 AB@0B538G5A:8 7=0G8<KE A8AB5B5G5AB25==KE @048>M;5:B@>==KE A@54AB2 8 A8AB5AA89A:>9 M;5:B@>==>9 :>=5=B=>9 107>9 B@51C53> B5E=8G5A:>3> C@>2=O;
- @07@01>B:0 107>2KE ?@>;>389 8 107>2KE :>=AB@C:F89 @048>M;5:B@>==KE :>=5=B>2 8 ?@81>@>2;
- B5E=8G5A:>5 ?5@52>>@C65=85 ?@54?@8OB89 8 >@30=870F89 @048>M;5:B@>==>3> :>A=>25 ?5@54>2KE B5E=>;>389;
- A>740=85 =0CG=>- B5E=8G5A:>3> 7045;0 ?> ?5@A?5:B82=K;>38O=AB@C:F8O==KE :>=5=B>2, C=8D8F8@>20==KE C7;>2 8 1;>:>2 @048>M;5:B@>==>9 0??0@0BC@K 2 >15A?5G5=88 @>AA89A:>9 ?@>4C:F88 8 AB@0B538G5A:8 7=0G8<KE A8AB5?5@560NI55 @0728B85 25@B8:0;L=> 8=B53@8@>20==KE A8AB520==>3> ?@>5:B8@>20=8O A;>6=KE M;5:B@>==KE :>=5=B>2, 0??0@0BC@K 8 A8AB5AB865=8O 2>3> C@>2=O.
@57C;LB0B5 @50;870F88 ?@>3@0<;0305BAO A>740=85 A>2@59 B5E=>;>38G5A:>9 107K 8 45@=870F8O ?@>3> ?@>872>4AB20 M;5:B@>==>9 :>=5=B=>9 107K, @048>M;5:B@>==KE 1;>:>2 8 C7;>2 0??0@0BC@K, =5>1E>48B:8 8 ?@>872>4AB20 2KA>:>B5E=>;>38G=>9 =0C:>59 ?@>4C:F88 2>3> C@>2=O 2 >1разделы
уличный барбекю
центральный детский мир
спецобувь оптом
отчетность пбоюл
отчетность пбоюл
отчетность пбоюл
имплантат
очистка подогреватель
зеркало babyliss
корпоративный обслуживание
электрический прочность
шампанский заказ
обзвон
сушильный машина asko
рассылка база данный
штендеры
юр.адрес
беременность род
сенсорный дисплей
огнезащитный покрытие
геомаш-центр
аденома предстательный железа
концепция совершенствование сбыта