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n o c o 6 ~ i co CPOKOM HcnonneHm cablwe 12 MecRqeB nocne OKoHranMR ronOBoro OTreTnoro nepMoaa, B

KOTO~OM ~ ~ ~ O T H M K M BblnonHMnM TpyAoeble ( S ) ~ H K ~ M M , 06ecner~eatoul~e npaeo Ha nonyrenne so3narpawen~i a 6y~yLLp3M (hanee - c p o ~ HcnonHenm ceblue 12 Mecnuee nocne oKonranw roAoBoro OTqeTnoro nep~oga);

cnoco6bl BeAeHMR Gyxran~epc~oro yreTa 06bemoe OCHOBH~IX CpegcTa, HeMaTepLnanbnblx ak-meoe, HeABMXMMOCTM, BpeMeHHO HeM~fl0Jlb3yeM0~ B OCHOBHO~ ,QeRTeflbHOCTM, nOJlrOCPO'IHblX aKTMBOB, npe~na3naqennblx AnR npoaaxn, 3anacoe, cpenc-re TpyAa M npeAMeToe TpyAa, nonyrennblx no noroeopaM oTcTyrInoro, sanora, na3naren~e K O T O P ~ I X ne onpe~eneno;

n o p ~ ~ o ~ npoeeaetim ~ n e e n ~ a p ~ s a q ~ ~ a u m o e M 0 6 ~ 3 a ~ e n b c ~ ~ ; Bblaenen creT nnR yre-ra elcnaaoe yracTHMKoe B MMyuecTBo O ~ L ~ ~ C T B ~ c o r p a ~ ~ r e ~ ~ o i i

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~ 0 3 ~ a r p a ~ e ~ L l g P ~ ~ O T H M K ~ M , 06~3aTeJlb~TB no BblnnaTe ~03~arpaX,1~e~Mfi P ~ ~ O T H M K ~ M fl0 OKOHrBHMM

T ~ ~ A O B O ~ AeRTenbHOCTM, OrpaHMreHHblX (~)MKcMPY~M~~MM nnaTeXaMM, 06R3aTeflb~TB (~pe60BaHMfi) no BblIlnaTe flOnrOCpOqHblX ~03t iarpaXAe~M~ P ~ ~ O T H H K ~ M n0 OKOHraHMM T P Y A O B O ~ AeRTenbHOCTM, He orpannrentiblx (PMKCMPY~M~IMM nnaTexaMM, 0 6 ~ 3 a ~ e n b c ~ ~ (Tpe600a~MR) no BblnnaTe npowx Aonrocpornblx ~03~arpaX,Qe~Mfi ~ ~ ~ O T H M K ~ M M 06~13aTenb~T~ no BblflnaTe BblXOAHblX ~ O C O ~ M ~ , a TaWe An9 YMeHblLleHMR (yeen~renm) 06~3aTenb~TB ( y e e n ~ r e n ~ ~ (YM~H~LLI~HMFI) ~ p e 6 0 ~ a n ~ R ) no eblnnaTe aonrocpowblx ~03~arpaH(n,eHMi ~ ~ ~ O T H M K ~ M no OKOHraHMM T P Y ~ O B O ~ ~ AeRTenbHOCTM npM IlepeOUeHKe;

n p ~ n u ~ n b l M n o p ~ p o ~ onpeAeneHw ~oxoaoe M pacxohoe, oTpaxaeMblx B 6 y x r a n ~ e p c ~ o ~ yreTe Ha creTax no yreTy (S)~nancosoro pe3ynb~a~a TeKyuero roaa, M nporero coeoKynnoro noxoha, oTpaxaeMoro B

G y x r a n ~ e p c ~ o ~ yqe-re Ha creTax no yreTy ~06aeornoro KanMrana, 3a ~cKnwetiMeM aMMccMoHHoro ,qoxo,qa, e TereHMe OTreTHoro.

5.1.2 @ M H ~ H C O B ~ I ~ BKTMBbI, OueHHBaeMble fl0 ~ f l p a I 3 e ~ H B O h CTOHMOCTH rlepe3 flpH6blnb H y 6 b l ~ 0 K

01.04.201 5 2 365 126

4 880 013

3 767 230

632 414

2 331 279

10 208 832

01.01.201 6 2 741 029

5 694 271

4 912 536

846 966

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je mbrcn.rax poccudc~ux py6neii)

Aenemnble cpencrea Cpe~crea KpeAuTnblx op ran~~a l (~A B Uen~panbno~ 6 a ~ ~ e P o c c ~ l c ~ o l Oe~epaummn - -

3a ebivemo~ 06~3arnenb~b1x pesepeoe Koppecnonflenrc~~e cclera e KpeAmnblx O ~ ~ ~ H L I ~ ~ ~ H R X

Pocc~Rc~of i @ ~ A ~ P ~ L ~ ~ H , C P ~ A C T B ~ B MHpHHrOBblX KpeAMTHblX O ~ ~ ~ H M ~ ~ L ( M R X P@ Koppecnon~en~c~mne cclera B KpeAuTtiblx opran~3aquflx B H H ~ I X

crpanax H ~ o r o fienexnble cpeac~sa u HX ~ K B H B ~ J ~ ~ H T ~ I

01.04.2016 2 188 345

5 732 957

4 854 739

4 150 685

3 657 652

15 729 639

C n p a s e ~ n u s a ~ CTOMMOCT~ - TO cyuua, Ha KOTOPYH) MOXHO 06MeHflTb amHB nnH nocpeAcTBoM KOTOPOR MOXHO yperynMpoBaTb

06fl3aTenb~TB0 npU COBepWeHHH CAenKM Ha PblHOllHblX YCnOBMRX Memy XOpOWO OCBeAOMneHHblMH, He3aBMCHMblMH CTOPOHBMH,

,qe i c~ey lo lqu~u na ~ 0 6 p o ~ o n b n o ~ ocnose, TO ecTb 3T0 Uena, KoTopaR 6blna 6b1 nonyclena npH npoAaxe a n m a , M n M ynnaclena npvl

npoAaxe 0 6 m a ~ e n b c ~ s a n p ~ npoeeAenMu 06b1woA onepaUHol Menqy yqacTnnKaMM pblnKa Ha AaTy oqenwn.

npm nepBonaqanbnoM OTpaxenw B ycleTe no cnpaee~nMeoR CTOHMOCTH O ~ ~ H H B ~ O T C F I UenHble 6y~ark1, HMelouvlecfl 6 nanHwH

Ann npoAaxM, a TaloKe uennble 6y~art4, KoTopble npn nepeonaqanbnord n p ~ ~ n a n ~ ~ onpeAenmTcn KaK oUennsaeMble no c n p a e e ~ n ~ ~ o A

CTOMMOCTM l t e p e ~ npM6blnb HnM Y ~ ~ I T O K M He noAnexauMe n e p e w a c c ~ @ ~ ~ a ~ ~ l r ~3 ~ ~ H H O R KaTeropw. Uennb~e 6 y ~ a r ~ oTnocRTcR B

Aannylo KaTeropMo s cnyqae, ecnw oueHKa ~@@ercr~snocrm ynpaenenhg TaKHMM UennbIMM 6yMaraMH OUenmaeTcR Ha ocnoBanMM

cnpaseAnneoR CTOHMOCTM.

Cnpaeemn~af l ' CTOHMOCTb

06f l3a~enbCT~a

101 754

Ha AaTy OUeHKM 6 a H ~ AOnXeH MMeTb BO3MO)KHOCTb AOCTyna Ha PblHOK, HO npH 3TOM tie o 6 ~ 3 a n 6blTb C ~ O C O ~ H ~ I M K np0naXe

UeIiH0lii 6 y ~ a r u Ha AaTy OUeHKM, ~ 1 ~ 0 6 b l 6blTb CnOC06~bl~ OUeHUTb CnpaBeAnHBylo CTOHMOCTb Ha OCHOBe UeHbl C 3TOrO PbIHKa. TO eCTb

UeHnble 6 y ~ a r ~ , nepeflannble 6e3 npeKpaueHtm ~ P M J H ~ H M R no cAenKaM na ~ o ~ s p a ~ n o i r ocnose, 3a6no~~posannb1e AnR nponaxlr Hnu 0 6 p e ~ e n e ~ n b l e 0 6 m a ~ e n b c ~ s a ~ ~ 1 , nepeouenMsaloTcR na 0 6 ~ 4 ~ ~ ocnoeanwix.

Cnpaeewnsa~ CTOHMOCTb

aKTHBa

137 350

2. Mepapxnn HCXWHLIX aannblx wn onpenenennfl n PacKpblTnfl cnpaeemueoii CTOHMOCTH @ n ~ a ~ c o e b I x HticTpyMenToe

6 a n ~ ~ c n o n b ~ y e ~ cnenylouylo HepapxMlo H C X O ~ ~ H ~ I X Aannblx An9 onpeAeneHm M PacKpblTm cnpaBeAnHBOR CTOMMOCTM @HHaHc08blx UHCTPYMeHTOB B 3aBMCMMOCTH OT MeTOAMK OUeHKU:

Yp0Be~b 1: KOTHpyeMble ( H ~ C K O ~ ~ ~ K T M ~ O B ~ H H ~ I ~ ) UeHbI Ha aKTMBHblX PblnKaX Anfl HAeHTH'IHblX ah7klBOB MnH 06~13aTenb~~B. K ~a6nlo~aeMblM UCXOAHblM AanHblM 1 YPOBHR OTHOCFITCR npRMble KOTMPOBKM fl0 MAeHTHqHblM @ H H ~ H C O B ~ I M HHCTPYMBHTBM, nOnYqeHHble C

OCHOBHOrO alCTHBHOrO PbIHKa.

Yposenb 2: MeToAuKu, B K O T O P ~ ~ X Bce BBoAnble AaHHble, c y u e c ~ s e n ~ o s n u ~ l o u ~ e Ha cnpaseAnusyro CTOUMOCT~, FIMR~~TCR npmo HnH Koceenno n a 6 n l o ~ a e ~ b l ~ ~ Ha OTKP~ITOM pblHKe. K UCXOAH~IM AannblM 2 Yposn~ OTHOCRTCR Aannble:

npRMble KOTHPOBKH no HAeHTMqHblM @ H H ~ H C O B ~ I M HHCTPYMBHTBM, flOnY'4eHHble C OCHOBHOTO PblHKa (npH YCnOBllH H e ~ 0 6 n l o ~ e ~ H f l

KpHTepHR ak-rHBnoCTM na AaTy onpeAeneHMfl cnpaeefln~soR CTOMMOCTH):

HHAHKaTUEHble KOTHPOBKM no HAeHTM'iHblM C#HH~HCOB~IM HHCTPYMeHTaM ( KOTHPOBKM, 06bflBneH~ble ~ P O K ~ ~ ~ M M , AunepaMu, ynpaennlouHMM, B TOM wcne aApecHble no ~anpocy 6an~a)

pacqeTnble ~ e x a n n ~ ~ b ~ onpeAenennfl cnpaeefin~eol CTOMMOCTH, OcnoBannble na ~ a 6 n l o A a e ~ b l x AaHnbIx ammnoro PblHKa no U$leHTMqHblM @MH~HCOB~IM MHCTpyMeHTaM, He FlBnRIolqMeCR KOTlrPYeMblMH UeHaMM AnR @HH~HCOBO~O HHCTPYMBHTB: npOUeHTHble

cTasKn M KpMBbte AOXOAHOCTM, ~a6nro~aeubre Ha cranpapTHbtx KoTupyeMbtx un-repsanax; n o ~ p a 3 y ~ e e a e ~ b l e BonaTunbnocTu;

KpeAuTHble cnpsnbl H Apyrafl yMecTHafl ~ n @ o p ~ a q ~ n ,

Ypoeenb 3: MeronHKH, B KOTOP~IX ~ C n o n b ~ y t c ) ~ ~ ~ BBoAnble Aannble, cyuecTsenno snwlouHe na cnpaeennmyto CTOMMOCT~, ne

ocnoeblealouHecn na Aannblx, n a 6 n l o ~ a e ~ b l x na OTKP~ITOM PblHKe.

pacrleTnble M ~ X ~ H M J M ~ I onpedenenm cnpaeennwsoh CTOMMOCTH, He ~ c n o n b ~ y l o u ~ e pblnowble n a 6 n l o ~ a e ~ b 1 e Ir(cxofiHble

Aannble.

He~a6nlo~aeMble HCXOAHble AaHHble AnH OUeHKM cnpaaennneoR CTOHMOCTH @MHBHCOBO~O HHCTpYMeHTa MCflOnb3YloTCfl ~ ~ H K O M q

TeX CnY'-IaRX, KOrAa 1ia6nlo~aeMble HCXOAHble AaHHble HeAOCTynHbl H COAepXaT AOIly~eHMR 0 PHCKe, flpHCylqeM MeTOAy OUeHKM H PHCKe, npUCyUeM MCXOAHblM AaHHbIM AnR MeTOAa OUeHKU, BKnlo'-IaR AOnYlqeHMR Y'4aCTHUKOB PbltiKa.

PCIHKH, Ha KOTOPblX MCXOAHble AaHHble MOrF 6 b 1 ~ b 1ia6ntO~ae~bl~M, BKnloqatOT ~ U P K M , PblHKH AMnepOB, PblHKH 6po~epoe H PblHKM

c ortioi.ueHuRMM r~npuHuHnan-npunUMnannn.

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MHOCTpaHHaR BanloTa 1 137 350 101 754 893 216 1 296 697

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nOHMXaeT CnpaBeAnHBylo CTOHMOCTb A 0 HH3LUerO YPOBHR H3 K o M ~ H H ~ ~ M H .

6 a H ~ HCnOnb3yeT MeTOAbI OUeHKH, KOTOPble COOTBeTCTBYloT O ~ C T O R T ~ ~ ~ C T B ~ M M A n n KOTOPblX AOCTYnHbl H a A n e X a U H e AaHHble

AnR OUeHKM c n p a B e ~ n H B 0 R CTOHMOCTH, MaKCHMH3HPYlouHe HCllOnb30BaHHe COOTBeTCTBYMUHX H a 6 n K ) A a e M b l ~ MCXOAHblX AaHHblX H

MHHHMH3MpyIO~Ue HCnOnb30BaHMe H e H a 6 n t O f l a e M b l ~ HCXOAHblX AaHHblX.

A K T H B H ~ I ~ ~ PblHOK - PblHOK, Ha KOTOPOM OnepaUHM C @ H H ~ H C O B ~ I M H aKTMBaMH COBepWalOTCR C A O C T ~ T O C ~ H O ~ ~ I I ~ c T O T O ~ ~ H O ~ ~ ~ M O M ,

M I I H @ O P M ~ ~ H R O ~ ~ H ~ X ~ ~ ~ ~ O C T ~ B ~ F I ~ T C R Ha ~ O C T O R H H O ~ ~ O C H O B ~ .

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c n p a B e ~ n H e o A CTOHMOCTU @ H H ~ H C O B O ~ O a m H B a 3a a ~ a n u 3 ~ p y e ~ b l f i n e p H o A BpeMeHH (~ecf iu) KonHclecTBo cnenor H e M e H e e nRTH,

a T a m e , ecnw c p e ~ n e ~ e c ~ c l t i b ~ i 0 6 b e M T o p r o e (sa nocnednv l f i ~ s a p ~ a n ) n p e a b l w a e r o 6 b e ~ s n o x e ~ ~ h B AaHHblf i @ H H ~ H C O B ~ I ~

a u u B , n p ~ o 6 p e ~ e ~ ~ b l f i c u e n b a p e a n ~ 3 a q n ~ B ~ p a ~ ~ o c p o q ~ o R n e p c n e n M s e ( - o q e n n e a e ~ b ~ e no c n p a e e ~ n ~ e o i CTOHMOCTH 11epe3

n p ~ 6 b 1 n b H Y ~ ~ I T O K , , M qna npo~axa>>), B TOM c n y q a e cnpaeeAnMBaR CTOHMOCT~ @ M H ~ H C O B O ~ ~ amwa onpeAenReTcR KaK

CpeAHeB3BeUeHHaR CTOHMOCTb, PaCKpblBaeMaR OpraHM3aTOpOM TOprOB, 6 e 3 KOPPeKTHPOBOK. &lfl 2-r0 H 3-r0 YpOBHFl aKTMBHOCTH

CpeAHeB3BeUeHHaR CTOHMOCTb @ H H ~ H C O B O ~ O alCTHBa KOppeKTHpYeTCR C nOMOUblo K O ~ @ @ H L ~ ~ ~ H T O B , OTpaXPloLl&4X pblH0qHblR

PHCK H PUCK nMKBMAHOCTH, B COOTBeTCTBUM CO CTeneHblo aKTHBHOCTIl PblHKa H PaCCclHTaHHblX COrnaCHO ~ P H ~ O M ~ H M K ) 1 K Aa t inoR

M ~ T O A M K ~ .

Ann B H e 6 H p X e B b l ~ T o p r o e b l x n n o U a A o K P~ IHOK ~ P M ~ H ~ ~ T C R 1 -o i cTeneHM a u m H o c T H , e c n H Ha AaTY O n p e A e n e n m

c n p a e e ~ n ~ ~ o R CTOMMOCTM @ H n a ~ c o ~ o r o a n m a 3 a a ~ a n ~ 3 ~ p y e ~ b l h n e p H o A BpeMeHH ( M ~ C R U ) UeHa MID M e n R n a c b tie M e t i e e 5 pas, a TaKXe, eCnH ~ K 0 p p e K T H p 0 B a ~ t i b l A Ha BOnaTlnnbHOCTb 0 6 b e M 3aRBOK H a nOKYnKY @ M H ~ H C O B O ~ O aKTHBa 3 a MeCRU n p e B b l U a e T

0 6 b e M B f l 0 ~ e H H f i B ~ a H H b l $ @ H H ~ H C O B ~ I ~ BKTHB, n p H 0 6 p e ~ e H H b l f i C U e n b l o PeanH3aUMH B K P ~ T K O C P O ' ~ H O ~ IlepCneKTHBe

( - o ~ e n ~ s a e ~ b ~ e no cnpaee~nmeofi CTOHMOCTH clepes n p H 6 b l n b H ~ ~ ~ I T O K , , H qnsl n p o ~ a x w ~ ) , B TOM c n y q a e cnpaeennmasr CTOMMOCTb @ M H ~ H C O B O ~ O BKTHBa OnpeAenReTCR KaK nOCneAHRR UeHa MID 6 e 3 KOppeKTMpOBOK. E c n H PblHOK He YAOBneTBOpReT

AaHHblM KPMTePHRM, CTOMMOCTb @ M H ~ H C O B O ~ O BKTMBB. OnpeAeneHnaR no UeHe MID, KOppeKTHpyeTCR C nOMOlJ4blo

K O ~ @ @ M ~ M ~ H T O B , OTpaXaloUHX pblH0'lHblfi PMCK H PHCK nMKBHAHOCTH, B COOTBeTCTBMH CO CTeneHblo aKTHBHOCTH PblHKa H

PaCCqHTaHHblX COrnaCHO n p H n 0 X e H H l o 1 K A ~ H H O R M ~ T O A H K ~ .

pasnmqa M e w y qenaMM cnpoca M n p e A n o x e t i H n c o c T a e n n e T 6onee 10% no Aat i t ib lM Uennb lM 6 y ~ a r a M ,

P~IHOK, H a KOTOPOM 6 a n ~ 06b lc ln0 OCYUeCTBnfleT OnepaUHH no n p O A a X e AaHHblX @ k I H a t i ~ O B b l ~ HHCTPYMeHTOB H Ha ~ 0 ~ 0 p b l f i HMeeT

np f lM0h AOCTyn Ha AaTy OUeHKH, RBnReTCR OCHOBHblM PblHKOM B UenRX OnpeAeneHHf l c n p a e e , q n ~ e o f i CTOHMOCTM @ H H ~ H C O B ~ I X

LnticTpyMetiToB H oueHKa no c n p a e e ~ n ~ B o f i CTOHMOCTH npeAcTaBnRer c o 6 o R U e n y H a TOM pblnKe ( H ~ ~ ~ B H C H M O OT Toro , RBnReTcR nu TaKaR uena nanpmylo ~ a 6 n l o ~ a e ~ o h HnH o n p e A e n u e T c R c u l c n o n b 3 0 e a ~ ~ e ~ A p y r o r o MeToAa O U ~ H K M ) , A a x e ecnv l UeHa Ha HHOM pblHKe

n o T e H u u a n b n o 6onee Bb l roAna H a A a T y ouet iKH.

L(eHa Ha OCHOBHOM aKTUBHOM PblHKe, HCnOnb3yeMaR ,4nR OUeHKH c n p a ~ e ~ n l l 0 0 a CTOHMOCTH UeHHblX 6 y ~ a r , He KOppeKTHpyeTCR Ha BenlnclMHy saTpaT no cdenlte.

5.1. E c n ~ CAenKH n0KynKH-IlpOAaXH C U ~ H H O ~ 6y~aroA AaHHOrO BblnyCKa 0 6 b 1 4 ~ 0 COBepLUaloTCR ~ ~ H K O M H a MOCKOBCKOR

b p x e - OCHOBHOR pblHOK, TO npMMeHReTCR MeTOAHKa OnpeAeneHlnR c n p a e e ~ n ~ s o f i CTOHMOCTH UeHHblX 6 y ~ a r no c p e ~ n e e 3 s e u e ~ ~ o R qene eAMtimubl @ u ~ a n c o e o r o Ht icTpyMenTa ( C p e A H e s ~ B e ~ e H t i o A q e H e uen~oh 6 y ~ a r ~ ) B o c H o e n o M p e x m e Toproe .

C n p a e e ~ n u s a ~ CTOUMOCT~ OnpeAenueTcR no @opMyne:

C n p a e e ~ n ~ s a ~ CTOMMOCT~ = CTOMMOCT~ qennoii 6 y ~ a r ~ + Ha~onnennblfi Kyno~HblA AOXOA, rAe:

- CTOMMOCT~ ~ ~ H H O U 6 y ~ a r ~ - C P ~ ~ ~ H ~ B ~ B ~ W ~ H H ~ R CTOMMOCTb ~ ~ H H O R 6 y ~ a r ~ no AaHHbIM, paCKPblBaeMblM o p r a n ~ s a ~ o p o ~ TOPrOBnM Ha AaTy onpeAenenu8 cnpaee~nueoR CTOMMOCTM, c ycleToM oqenoclnoro cH~xeHMu.

- Ha~onnennb~A KY~OHHCIR A O X O ~ - Benwquna naKonnennoro Kynonnoro AoxoAa (B TOM c l~cne no q e n n b ~ ~ 6 y ~ a r a ~ c

nnaBaOlqeh ~ynonnofi C T ~ B K O A : no UeHnblM 6yMaraM C aMop~L43aqMeR AOnra, no qeHHblM 6yMaraM C @HKCHPOB~HH~~M KYnOHHblM AOXOAOM) Ha AaTy OnpeAeneHHR ~tlpaBe~nMB0h CTOUMOCTM nPUHMMaeTCR no AaHHblM, ~aCK~blBaeMblM Moc~oec~oR 6 ~ p x e R na pblnKe qennblx 6 y ~ a r Ha AaTy OnpeAenenMR c n p a a e ~ n ~ ~ o h CTOMMOCTM B COOTBeTCTBMM C

YCnOBMRMM BblnyCKa (6blnnaTbl AOXOAa no ueIiIi0ir B y ~ a r e ) , OnpeAenReMblMM 3MMTeHTOM uennoR 6 y M a r ~

~ P M OTC~TCTBMH P ~ C K P ~ I T O R MH@OPM~UHM o c p e ~ n e e s ~ e w e n n o ~ qene qennoi 6 y ~ a r n , c n o x ~ e w e ? ~ ~ na MOCKOBCKOR 6Mpxe (MHOR T O ~ ~ O Q O ~ nnolqaaue) no &~HHOR uennofi 6 y ~ a r e na AaTy onpeAenenMR cnpaee~nueofi CTOMMOCTM, Anu onpeAenenMn CTOHMOCTM qennofi 6 y ~ a r u 6 a n ~ npunuMaeT c p e ~ n e ~ s ~ e w e n n y r o qeny qenofi 6 y ~ a r ~ no AaHnblM Moc~oec~oA 611pxU Ha AaTy 6nMxafiWMx ToproB, COCTORBWHXCR AO AHR OnpeAenenuR cnpase~nueoh CTOMMOCTM, ecnM TOprM no ~ T O A qennoR 6yMar.e nPOBOAMnHCb Ha MOCKOBCKOR Slrpxe XOTR 6b1 OAMH pas B T e r e n ~ e nocneanero KaneHAapnoro MecRqa AO AaTbl onpeflenenw c n p a s e ~ n ~ a o A CTOHMOCTM qennoi 6 y ~ a r ~ .

B cnyclae ecnvl cAenKu c qennou 6 y ~ a r o f i 06b1clno cosepwaK)TcR ~ ~ H K O M Ha wnoR O P ~ ~ H M ~ O B ~ H H O ~ TOP~OBOR nnouaAKe ( B ~ p x e ) , noprrAou onpeAenenmn c n p a e e ~ n ~ s o f i CTOMMOCTM qennofi 6yMarM na OcnoBanMu n a 6 n o ~ a e ~ b l x HCXOAH~IX

AaHHblX nepBoro n ~ 6 o sToporo ypoenn (KOTMPOBOK) ananorwen MeToALnKe onpeAenenmn c n p a e e ~ n ~ ~ o i CTOMMOCTM Ha AaliHblX Moc~oec~oA ~ M P X M .

B KaclecTse op ran~3a~opa ToprosnM, snaclenu~ MnTepeana qen KoToporo ~ c n o n b s y ~ ~ c f l Ann OnpeAeneHMR cpe~ne~seewennoR qetibl qennoR 6yMarM npM ocyuecTBnenlnfi cAenoK no n o ~ y n ~ e / n p o ~ a x e qennblx 6yMar, MoxeT 6blTb Bbl6pah'a n06afl MHaR TOprOBaR nnOl4aAKa. Ha KOTOPO~ ~ B H K 06blcl~O OCylqeCTBnReT CAenKM C AaHHblM KOHKPeTHblM @MH~HCOB~IM aKTUBOM ( A ~ H H ~ I M BblnYCKOM UeHHblX 6 y ~ a r ) . 6 KacleCTEe KOTMPOBKM, M C ~ ~ O ~ ~ ~ Y ~ M O G ~ B H K O M AnR OueHKM cnpaee~nmok CTOMMOCTM uennblx 6 y ~ a r , npMnMMaeTcR CpeAnflR qena cnpoca M npeanoxenw, pacKpbleaeMaR OpraHM3aTOPOM TOPrOBnM. ~ P M OTCYTCTBHM paCKPblTOR H H @ O P M ~ ~ M Y I 0 qeHe CnpOCa M npefinOxeHMR, B KacleCTBe KOTMpOBKM. MCnOnb3ye~0~ 6 a n ~ o M AnR OueHKM ~npaBe~nllE30fi CTOMMOCTM, npMHMMaeTCR KOTMpOBKa LAST, PaCKpblTaR op ranusa~opo~ ToproenM na AaTy ouenKM c n p a ~ e ~ n ~ ~ o R CTOHMOCTM.

An8 qennoR 6yMarM OnpeAenueTcR CTeneHb aKTMBnocm pbInKa, B CooTBeTcTaHM c KOTOPOR c p e ~ ~ e s s s e ~ e n n a ~ Uena MoxeT 6blTb CKoppetcrupoBatia c ycleToM ouenoclnoro CnMxenMR, PaccclHTannoro cornacno n p ~ n o x e n ~ o 1 . C n p a ~ e A n ~ ~ a u CTOMMOCT~ ilennblx 6 y ~ a r oqenHsaeTcR KaK p e s y n b ~ a ~ n p o ~ s e e ~ e n ~ ~ c ~ o p p e ~ r c p o e a ~ n o R qenbl uennofi 6yMarM na KonHrecTeo, yAepmMeaeMoe ~ ~ H K O M , c ycleToM noMMnana.

B cnyclae, ecnm P~IHOK Ha AaTy OnpeAenenMR c n p a ~ e ~ n ~ s o R CTOMMOCTM He CooTaeTcTByeT KPMTeptIflM anMBnoro pblnKa, AaHHble OTHOCRTCH K ~a6nk3~aeMblM AaHHblM 2 YPOBHR.

5.2. EcnM CAenKM flOKyflKM-npOAa~H C U ~ H H O U 6y~aroA AaHHOrO BblnyCKa 06blclti0 COBepWaloTCR ~IHKOM Ha B H ~ ~ H P X ~ B O M PblHKe nOCPeACTBOM CMCTeMbl ~ ~ ~ K T P o H H o ~ ~ TOPrOBnM q€?HHbIMM 6yMara~M 6 n y ~ 6 e p r (Bloomberg) Professional - OCHOBHO~ PblHOK, npHMeHFleTCR MeTOAUKa OflpeAeneHMR cnpaee~nueo i CTOMMOCTH UeHHblX 6 y ~ a r Ha OCHOEatiMU n a 6 n l o ~ a e ~ b l x aannblx na e n e 6 ~ p x e s o ~ pbtnKe. B KaclecTBe KOTMPOBKM, H C ~ O ~ ~ ~ Y ~ M O A Ann onpenenenMn cnpaee~n~soR CTOMMOCTM uennoR 6 y ~ a r ~ , npHHHMaeTCR KOTMpOEKa MID no AaHHblM TOprOBOR CMCTeMbl 6 n y ~ 6 e p r (Bloomberg) no UToraM AHR.

C n p a e e ~ n ~ e a ~ CTOHMOCT~, onpenenennan no A ~ H H O R MeTOAMKe ~ T H ~ C M T C R ~ ~ H K O M K B~ICOKOMY yposnlo HaAeXHOCTM, &aHHble, Ha OCHOBaHMM KOTOpblX OnpeAenReTCR CllpaBeAnMBaR CTOMMOCTb - K ~a6nlo~aeMblM MCXO&HblM AaHHbIM YPOBHR 1, KOppeKTHpOBKa K K O T Y I P Y ~ M O ~ UeHe He npOWJBOAHTCR, npM YCnOBMM, clT0 PblHOK YAOBneTBOpReT KpMTepMflM aKTMBHOr0 PblHKa.

CnpaeeAnMeaR CTOMMOCT~ qennblx 6 y ~ a r (amulea) oqennsaeTcR KaK p e s y n b ~ a ~ n p o ~ s ~ e ~ e n l n ~ qenbl MID na ~ a n n y o UeHHYIO 6 y ~ a r y Ha KOJlMcleCTBO, y,qepXMBaeMOe ~ B H K O M , C YWTOM HOMMHana.

C n p a a e ~ n ~ s a ~ CToMMocrb B AannoM cnyclae OnpeAenneTcR no @ o p ~ y n e :

CnpaBeL(n~Bafl CTOMMOCTb = CTOMMOCT~ qe~ I i0 f i 6yMarM + HaK~nnet i~blR K Y ~ O H H ~ I R AOXO.4, rAe - CTOMMOCT~ U~HHOR 6YMarM - CpeAHRfl UeHa (KOTHPOBK~ MID) PaCKpblTaR M H @ O ~ M ~ ~ H O H H ~ I M areHTCTBOM Bloomberg

no MTOraM AHR. - Ha~onnennb~f i ~ y n o ~ n b ~ f i ~ O X O A - Benwuna naKonnennoro Kynonnoro AoxoAa (s TOM w c n e no q e n n b ~ ~ 6 y ~ a r a ~ c

nna~alolqefi KYnOHHOR C T ~ B K O ~ ~ : no UeHHblM 6 y ~ a r a M C aM0pTM3aqMeh AOnra, no qeHHblM 6yMaraM C @ M K C M ~ O B ~ H H ~ I M KYnOHHblM AOXOAOM) Ha AaTY OnpeAeneHUR C ~ ~ ~ B ~ A ~ M B O A CTOMMOCTM. ~ P M H H M ~ ~ T C R n0 AaHHbIM, PaCKpblBaeMblM H H @ O ~ M ~ ~ H O H H ~ I M arenTcmoM Bloomberg no MToraM AHR Ha pblnKe uennblx 6 y ~ a r Ha AaTy OnpeAenenm ~npa~e.4nMB0fi CTOMMOCTH B COOTBeTCTBMH C YCJlOBMRMM BblnyCKa (BblflnaTbl AOXOAa no ueliliofi 6 y ~ a r e ) , OnpeAenReMblMM 3MMTeHTOM ~ B H H O A 6 y ~ a r ~ .

~ P M OTCYTCTBMM M H @ O P M ~ ~ M H 0 KOTMPOBKe MID P ~ C K P ~ I T O ~ ~ M H @ O P M ~ ~ H O H H ~ I M areHTCTBOM 6 n y ~ 6 e p r (Bloomberg) no ~ a n n o l uennoA 6 y ~ a r e na AaTy OnpeAenenMR c n p a s e ~ n ~ a o R CTOMMOCTM, Ann onpeaenenm CTonMocTM qennoR 6 y ~ a r ~ 6 a ~ K nPMHMMaeT IlOCneAHOlo KOTMPOBKY MID PaCKPblTYK) H H @ O P M ~ ~ H O H H ~ I M areHTCTBOM Bloomberg 6 TeqeHMe nocneAnero Kanenaapnoro Mecflua AO ,qaTbl onpeAeneHw cnpaee,qnMeofi C~OMMOCTH AannoR ~ e n n o f i 6 y ~ a r ~ .

Ann ~ ~ H H O G 6yMarM OnpeAenReTCR CTeneHb ahTMBHOCTM PbIHKa, B COOTBBTCTBMH C KOTOPOR KOTMPOBKB MID MOXBT 6blTb cKoppeKTlnpoeana c ycleToM oqenoqnoro cnuxenufl, paccclMTannoro cornacno l lpwnoxen~m 1. C n p a e e ~ n ~ e a ~ CTOMMOCT~ qennblx 6 y ~ a r OuenMsaeTcn KaK p e s y n b ~ a ~ npovlsse~enul~ c ~ o p p e ~ ~ p o s a n n o i n uenbl qennofi 6 y ~ a r ~ Ha KonMrecTeo, y4epxMsaeMoe ~ ~ H K O M

5.3. EcnM Ha AaTy OnpeAeneHMR CnpaBe,4nMBOR CTOMMOCTM B KacleCTBe KOTMPOBKU MCilOnb3YeTCR MHAMKaTMBHaR KOTHpOBKa M

/MnM Ha AaTy OflpeAeneHMfl CflpaBe~nUB~fi CTOMMOCTM PblHOK He COOTBeTCTBYeT KPMTePMRM aKTWBHOCTH TO MCXOAHble AanHble Ann onpeAenenw cnpaeeAn~eoA CTOMMOCTM, OTHOCRTCR K n a 6 n o ~ a e ~ b 1 ~ M C X O ~ H ~ I M AaHHblM YPOBHR 2.

Ecnvl Ha AaTy OnPeAeneHMR CnpaBeAnM60~ CTOMMOCTM U ~ H H O ~ ~ 6yMarM MH@OPM~L(MR 0 KOTMpOBKaX MH@OPM~UMOHH~IM arenTcTeoM Bloomberg He 6blna pacKpblTa B TerenMe nocneAnero Mecnqa, B KaqecTse KOTM~OBKM Anfi oqenKu c n p a e e ~ n ~ ~ o A CTOMMOCTM ucnonbsye~c~ cpe~nee3ee~uenna~1 qena npe~n0xeHLIR o noKynKe qennoR 6 y ~ a r ~ , 06bnsnennan ~ P O K ~ ~ ~ M M , AMnepaMM M (MnM) YflpaBnRloWMMM Ha pblHKe qeHHbIX 6yMar. 6 Cnyclae OTCYTCTBMR TaKMX

KOTHPOBOK, LlCnOnb3YloTCR KOTUPOBKU Ha nOKynKy, aAPeCOBaHHble KaK HeOrpaHHqeHHOMY, TaK H OrPaHMqeHHOMY KPyry nUq,

B TOM qucne 6 a n ~ y no ero sanpocy ( P ~ I H O K npunq~nan-npunuunan). npu TOM KonuqecTBo oprann3auuR (na pblnKe

np~nq~nan-npvrnqunan), O ~ ~ R B H B U H X yra3annb1e KOTHPOBKH, McnonbsyeMble Ann onpeaenenufl KoTvpoeKH qennoR

6 y ~ a r u . Aonxno 6 b l ~ b ne Menee Tpex. K o ~ u p o a ~ a , n c n o n b 3 y e ~ a ~ Ann oqenuu qennblx 6 y ~ a r no c n p a e e ~ n ~ ~ o R

CTOHMOCTM, OnpeAenReTcR nyTeM onpeAenenuR cpeAnel qenb~ npe~noxenulh na n o ~ y n ~ y qennblx 6 y ~ a r ,

npeAocTaenennblx no sanpocy 6a1iK.3.

C n p a e e ~ n ~ s a ~ CTOUMOCT~, OnpeAenennaR no ~aHnoR MeToAuKe, OTHOCMTCR ~ B H K O M K B~ICOKOMY YPOBHO HaAexnocTH,

AaHHble, Ha OCHOBaHHH KOTOPblX OnpeAenReTCfl CflpaBeAnHBaR CTOUMOCTb - K tia6nlo~aeMblM HCXOAHblM AaHHbIM YPOBHR

2, nOATBepweHHblM PblHKOM, KOppeKTUpOBKa K O T U ~ Y ~ M O R qeHbI flPOH3BOAHTCR nyTeM OnpeAeneHUR CpeAneA qBHbI

npeAnoxen~R Ha n o ~ y n ~ y qennblx B y ~ a r , npeAocTaaneHHblx no sanpocy 6 a ~ K a ( n ~ 6 o a~pecoeannoi4 HeorpanwennoMy

Kpyry n ~ q ) , a Tawe c noMoublo K O ~ @ @ M ~ U ~ H T ~ KoppemupoBKH Ha P ~ I H O ~ H ~ I A PHCK, cornacno flpunoxenulo 1 K ~ a n n o l M e T o ~ u ~ e . C n p a a e ~ n ~ s a ~ CTOHMOCT~ uennblx 6 y ~ a r ( a ~ r u s a ) oqenHsaeTcR KaK p e s y n b ~ a ~ n p o u 3 s e ~ e n ~ ~

CKOPP~KTUPOB~HHO~ K O T U P Y ~ M O ~ ~ 4eHbl Ha AaHHYM QeHHYlo 6y~ar-y Ha KOnMLceCTBO, YAepXHBaeMOe ~ B H K O M .

5.4. B cnyrae OTC~TCTBUR 0 6 p a u e n ~ ~ L \ ~ H H O R ~ Y M ~ T U Ha p b w e (OTC~TCTBHR P L I H O ~ H ~ I X KOTUPOBOK), oqenKa cnpaseAnusou CTOHMOCTH L(~HHoA 6 y ~ a r u npOH38OAHTCR C nOMOublo MeTOAa 0ueHKH q COOTBeTCTBHM C AOXOAHblM nOAXOAOM (M~TOA

AHCKOHTMpOBaHHR AeHeXHblX ~OTOKOB) H OflpeAenReTCR PaCL(eTHblM nyTeM.

P a c r e ~ ~ a n qena n e o 6 p a u a t o ~ e R c ~ AonrosoR qennol 6 y ~ a r H onpeAenReTcR S ~ H K O M KaK qena uennoR 6 y ~ a r ~ , paCC'4HTaHHaR no MeTOAy AHCKOHTHpOBaHUR AeHeXHblX nOTOKOB Ha AaTy OnpeAeneHMR CnpaBe~nHB0~ CTOMMOCTU uennoR 6 y ~ a r ~ no cneaymueR a o p ~ y n e :

P - pacreTnaR Ljena 0 6 n ~ r a q n ~ ;

Nj - cyMMa nna-reHa j -o l r a c w CTOUMOCTM 06nuraquu;

B - 6asa narncnenufl npoqenToe q Banme, B KOTOPOR Bblpamen HoMHHan 06n~raqm~, cornacno KonBenqnlrl

C O O T B ~ T C T B ~ ~ ~ ~ ~ ~ ~ BanloTbl;

Ouen~a cnpaee~nusou CTOUMOCTM Aonesblx uennblx 6 y ~ a r MoxeT 6 b 1 ~ b npu3nana naAexnoR, ecnn ~ ~ a n a 3 o n , B KOTOPOM

HaXOARTCR PaCqeTHble OUeHKH cflpaEIe~nH~0A CTOHMOCTH ( I ~ P O U ~ B ~ A ~ H H ~ I ~ Ha OCHOBe TBKHX MeTOAOB KBK, HanpMMep, pb~nornb~A, AOXOAH~IU ~ O A X O A ~ I , HnH Apyrux M~TOAOB), RBnReTcR necyuecTsennblM (B npeAenax 10%). Ecnu ~ ~ a n a ~ o n , B

KOTOPOM HaXOARTCR PaCqeThble OUOHKH cnpaeennuleoR CTOHMOCTH, RBnReTCR CYU\eCTBeHHblM (6onee lo%), Aonesble

UeHHble 6yMarU O~eHHBaloTCR no C ~ ~ ~ C T O U M O C T U .

He~a6nloAaeMble UCXOAHble AaHHble MC~OnbJYloTCR ~ ~ H K O M AJlR 04eHKH cnpaBe~nHB0R CTOMMOCTM L(eHHbIX 6 y ~ a r B TeX

cnyranx, KorAa cooTBeTcTByloqne na6nlofiaeMble ucxoAnble Aannble neaocrynnbl, npM pa3pewenuu CuTyauufi, B KOTOP~IX

OTCyTCTByeT PblHOrHaR aKTMBHOCTb AnR A ~ H H O ~ ~ U ~ H H O G 6 y ~ a r ~ Ha AaTY OUBHKM. Uenb 0qeHKM n0 c n p a ~ e ~ n l l ~ o ~ CTOHMOCTH OCTaeTCR B OnpeAeneHHH Uelibl BblXOAa uennoR 6yMarH C flO3UuUH 6aHKa KaK y'4aCTHHKa PbIHKP, K O T O P ~ I R yAepxneaeT aKTuB.

6. M e ~ 0 a b l onpeaenennn cnpaeemneon CTOHMOCTH npn ouenre fl@kl npn onpeaenenuu cnpase~nneo l CTOHMOCTH IlOM ~ B H K OcnoBblBaeTcR Ha ~~H@OPM~L(HM, nonyrae~on c PbIHKa, RBnRto~erocR

AnR AaIiHOrO flaw BKTMBHbIM.

Ecnln PblHOK A n R AaHHOrO n @ M RBnReTCR HeaKTMBHblM, 6aHK OnpeAenReT CflpaBeAnMByk3 CTOMMOCTb l l@M HCXOAR M3

npe~O~~aBnReM0f i 6 p o ~ e p a ~ n M MHblMM Cy6bewaM~ pbIHKa H H @ O ~ M ~ L \ H M 0 UeHaX (KOTMPOBK~X), CTOMMOCTM IlQM, COnOCTaBMMblX

C OL\eHHBaeMblM l l @ M .

flpH OTCyrCTBMU ~ ~ ~ ~ A O C T ~ B ~ R ~ M O R 6 p o ~ e p a ~ u M MHblMM ~y6beKTaMM PblHKa HH@OPM~L\MM 0 L\eHaX ( K O T M ~ O B K ~ X ) , CTOMMOCTH

fl@M, COnOCTaBMMblX C Ol\eHMBaeMblM fl@M, 6 a ~ ~ paCCqMTblBaeT CflpaBeAnHByk3 CTOMMOCTb AaHHOrO n@M n0 MeTOAy

AMCKOHTMPOBaHMfl UeHbl.

- AaTbl McnonHenMR (pacqe~oe) n @ M oTnMqaoTcu tie 6onee qeu Ha 15 KanenAapHblx ~ n e u

Kypc M H O C T ~ ~ H H O R sanloTt.1 K p o c c ~ R c ~ o ~ y py6nlo ( ~ p y r o l HHOCTP~HHOA ~ a n l o ~ e ) , ~ c n o n b ~ y e ~ b l l Ann onpefienenuu p a c q e ~ n o l ,~HCKOHTMPOB~HHOA qetibl s a n ~ o ~ ~ o r o @opeap~noro Aoroeopa ( ~ o n ~ p a w a ) , npMtiMMaeTcR paetiblM ~ H ~ ~ ~ H M K J o@~~\Hanbnoro

Kypca, ycTaHoenetiHoro ~ ~ H K O M POCCMM Ha Aary pacqeTa nepeoqeHKu cpornoA caenKu;

Ar - roAoeafl cTaewa AOXOAHOCTM no p y 6 n f l ~ ( s a n a ~ e nnaTexa no @ o p e a p ~ ( ~ o ~ y Aorosopy (KOHTP~KTY)). PaccwTannaR Ha

OCHOBaHMM CTaBKM flpeAnOXeHHR Ha MOCKOBCKOM AeHeXHOM PblHKe (MosPrime);

Ecnu A n R UeHHblX 6 y ~ a r OCHOBHblM PblHKOM RBnfleTCR OpMHM30BaHHaR TOprOBafl IInOLqaAKa Mb ( M O C K O B C K ~ H Eupxa) , aKTMBHOCTb PblHKa W MeTOA PaCYeTa 0UeHO.IHOrO CHMXeHMR OnpeAeJlReTCR

cneAymquMu KpuTepuRMu.

1-tl CTeneHb aKTuBHocTu npucRauBae-rcR P ~ I H K Y , ecnM H a AaTy onpeAeneHm c n p a ~ e , q n u ~ o G CTOMMOCTM:

3a a ~ a n u 3 u p y e ~ b 1 ~ nepMo8 speMeHu (I ~ a n e ~ ~ a p ~ b ~ i i ~ e c n q ) c q e ~ ~ o 2 Gy~ai-02 coBepweao He MeHee 5 caenoK; C ~ ~ A H ~ M ~ C R ' ~ H ~ I ~ o 6 a e ~ C A e n O K 3a n0~ne~HMfi KBapTan (V1) H e HMXe o6heMa B ~ O X ~ H U ~ ~ R

U e H H y K I G y ~ a r y B n0p~cjIene 6 a H ~ a (V) v 5 v1 A K T M B H O C T ~ PblHKa AOCTaTOVHa Anfl npOAaXU 6yMarM O ~ % ~ M O M (V) no c ~ ~ A H ~ B ~ B ~ U I ~ H H O ~

G u ~ x ~ B o ~ ~ Ge3 KOPpeKTMPOBOK.

P = PI , rde P - qeea, npuMeHHeMaR Ann onpeAeneHMR c n p a s e ~ n w ~ o f i CTOMMOCTM ~ ~ H H O G 6 y ~ a r ~ . P I - ~peflHeB3BeLUeHHafl UeHa 6 y ~ a r u H a Mb 3a I I O C ~ ~ A H M ~ ~ 0 p r o ~ b l G ~ e ~ b .

2-tl CTeneHb aKTMBHocTu npncsauBaeTca P ~ I H K Y , ecnu Ha AaTy onpe8eneHm c n p a s e ~ n u ~ o i i CTOMMOCTM:

3a a~anM3Mpye~blfi nepMOA BpeMeHM (1 ~ a n e ~ ~ a p ~ b l f i M ~ C H Q ) C Q ~ H H O G GyMaroG C O B ~ ~ L U ~ H O H e

MeHee 5 caejlorc; V l < V I V c p ;

V l i V m a x r ~ e VCP= - , Vl-tlax - Ma~cMManbHblfi M ~ C R ' I H ~ I U 0 6 - b e ~ 3a KBapTan. -

n p M A ~ H H O ~ ~ aKTMBHOCTM P b l H K a n p M M e H R e T C R K O p p e K T M p O B K a q e H b l H a K O ~ @ @ M ~ M ~ H T

IIHKBUAHOCTM (k-liq) 0 n p e f l e n R e M b l f i B COOTBeTCTBMM C A a H H b l M I I P M J l O X e H M e M :

P = P I * k-liq Ecnu H a A a T y O n p e A e n e H M R ~ l l p a ~ e ~ n M L 3 0 f i CTOMMOCTM @ M H ~ H C O B O ~ O a K T M B a 3a ~ H ~ ~ M ~ M P Y ~ M ~ I G n e p M O A B p e M e H M (1 K a n e ~ f l a p H h ~ f i M C C R ~ ) a K T M B H O C T h P b l H K a O ~ ~ ~ H H ~ O B ~ H H O ~ ~ n n O q a A K M (ME) H e

Y A O B n e T B O p R e T K P M T e P M R M 1 -0k M 2-0G C T e n C H M aKTMBHOCTM, T O A n R O n p e A e J I e H M R aKTMBHOCTM

P b l H K a A O n O n H M T e f l b H O Y Y U T b l B a e T C R a K T M B H O C T b B H ~ ~ W P X C B O I - 0 P ~ I H K ~ .

1 - R C T e n e H b aKTMBHOCTM I l p M C B a M B a e T C R P b I H K Y , e C n M H a A a T y O l I p e A e n e H U R ~ n p a B e ~ n M ~ 0 f i

CTOCIMOCTM:

3a a ~ a J I M 3 M p y e ~ h l G n e p M O A B p e M e H M (1 ~ a n e ~ ~ a p ~ b l f i M ~ C R ~ ) C q e H H 0 h 6y~a r0 f i H a 6wpxe c o s e p u r e H a XOTR 6b1 o w a c A e n K a .

3a a ~ a n u 3 u p y e ~ b r f i nepuoA n p e M e H u (1 ~ a n e ~ n a p ~ b ~ h ~ e c n q ) q e H a M I D q e ~ ~ o i i 6 y ~ a r ~ H a

~ ~ e 6 w p x e ~ o f i n n o q a A K e b n y ~ 6 e p r (Bloomberg) M e H R n a c b H e M e H e e 5 pa3; c y M M a c p e n H e M e c R r H o r o o6aena V1 H a 6wpxe M o 6 a e ~ a V2 * p H a ~ ~ e 6 w p m e ~ o E i n n o q a A K e H e

H M X e o 6 a e ~ a O T K P ~ I T O ~ ~ n03ML[MM IT0 @ M H ~ H C O B O M Y M H C T P Y M e H T Y (V): V s V l + V 2 * p V2 = CV2j , I-ne V2j - C y M M a 3a M e C R q C p e A H e f l H e B H b l X 0 6 - b e w o e 3 a R B O K H a C A e n K y 1-r0 (I= l . . . n ) K O H T p a r e H T a

M3 CnMCKa H a A e X H b l X K O H T p a r e H T O B , O n p e A e n e H H b l X ~ ~ H K O M ;

- K O ~ @ @ M ~ M ~ H T B O n a T M n b H O C T M 06 'be~a 3 a R B O K O T H a A e X H b l X K O H T p a r e H T O B B T e Y e H M e

M e c R q a .

A ~ H onpeaenetiug c n p a s e ~ n u ~ o i i q e H b 1 ~ c n o n b s y e ~ c ~ c p e ~ ~ e ~ 3 ~ e u r e ~ ~ a n q e H a M E c YYeTOM

I loHMmaIQLqef i K O p p e K T M p O B K M C Y q e T O M Y P O B H R KOTMPOBOK B H ~ ~ M P X ~ B O ~ ~ n n O U ( a A K H E n y ~ 6 e p r (Bloomberg) no @ o p ~ y n c :

P2 P = P I * min { 1 ; 0,5*( 1 + - ) ),

P1 I'Ae P2 - C p e A H e B 3 B e L U e H H a S l no o 6 h e ~ y K O T M p O B K a ( 3 a R ~ ~ a H a ~ O K Y ~ K Y ) H a B H ~ ~ U ~ ? K ~ B O G

n n O q a A K M O T H a A e X H b I X KOHTPaI 'CHTOB H a A a T y O n p e A e n e H M R ~ I l p a B e f i n M B ~ f i CTOMMOCTM.

2 - R C T e n e H b aKTMBHOCTM n p M C B a M B a e T C R P b l H K Y , e C n M H a A a T Y O n p e A e n e H M R C n p a B e ~ n M B o h

CTOMMOCTM:

3a a ~ a n M 3 M p y e M b l 8 n e p M o A B p e M e H M (1 K a n e ~ ~ a p ~ b l G M ~ C R ~ ) C q e ~ H 0 f i Gy~arofi H a 6 u p ~ e c o a e p u r e H a XOTR 6 b 1 o n H a c d e n t t a .

3a a H a f l M 3 M p y t 2 M b l f i I l e p M O A B p e M e H M (1 K a J l e H ~ a p H b l A M e c R q ) q e H a M I D q e ~ H 0 f i 6 y ~ a r ~ H a

~ ~ e 6 w p x e ~ o l i n n o q a ~ ~ e ( 6 n y ~ 6 e p r (Bloomberg)) M e H R n a c b ~e ~ e ~ e e 5 pa3; v 1 + v 2 * p < v 1 v c p + v 2

Anx O n p e A e n e H M R ~ I l p a B e f l n M B ~ f i U e H b l M C n O n b 3 y c T C n C p e A H e B 3 F I e I U e H H a R q e H a M 6 C Y q e T O M

n o ~ w m a r o ~ e f i K O P p e K T M p O B K M C Y q e T O M Y P O B H R K O T M p O R O K ~ ~ e 6 ~ p x e ~ o i i n n o q a ~ ~ u ( 6 n y ~ 6 e p r (Bloomberg)) U K O ~ @ @ M L [ M ~ H T ~ JIMKBMAHOCTM k-liq no @ o p ~ y n e :

P = P l * min { 1 ; 0.5 * k-liq * ( l+ E , } P 1

3 - R C T e n e H b a K T U B H O C T M 6 ~ p x e ~ o r o P b l H K a (Mb) n p M C B a M B a e T C R P b I H K Y B O C T a n b H b l X C n Y q a R X n p M

B b I n O n H e H M H KPCITePCIR: H a n a T Y O n p e A e n e H M R ~ n p a ~ e f l n M B 0 f i CTOMMOCTM @ M H ~ H C O B O ~ O a K T M B a 3a a H a n M 3 M p y e M b l f i n e p H O & B p e M e H M (1 ~ a n e ~ ~ a p ~ b l k M ~ C R ~ ) C q e H H 0 f i 6 y ~ a r o f i C o B e p W e H a XOTR 6 b 1

o A H a c A e n K a H a 6upxe ( M E ) . a.) Ann o n p e A e n e H u R c n p a ~ e ~ n w ~ o t i q e H b r u c n o n b s y e ~ c n C ~ ~ A H ~ B ~ B ~ L U ~ H H ~ R q e H a M 6 c y q e ~ o ~

n 0 H ~ X a l o ~ e ~ K O P p e K T M P O B K M Y P O B H R K O T U P O B O K ~ ~ e 6 M p X e B o f i n n O 4 a A K M ( 6 n y ~ 6 e p r (Bloomberg)), KOTMPOBOK 6 p o ~ e p 0 ~ M K O ~ @ @ W ~ U ~ H T ~ J IHKBHAHOCTM k-liq no @ o p ~ y n e :

ZCPl . K:.' P = P l * m i n { l ; k - l i q t ( K 1 + -

PI 1

PI rAe 6 ~ p m e ~ b l e A a H H b l e (ME): P I - C p e A H e B 3 B e L U e H H a R U e H a M6, V l = V m i n - ~ p e f l H e M e ~ R 9 H b l f i 0 6 x e ~ CAeJ lOK H a ME,

B H e 6 M p ~ e B b l e A a H H b I e ( 6 n y ~ 6 e p r (Bloomberg)):

A e H b ,

V2 - o 6 a e ~ 3 a R B O K R 6 n y ~ 6 e p r ( 6 n y ~ 6 e p r Bloomberg) 3a M e c R q ,

42 = x N j - K O n - B O ~ ~ € ! f i K O T M p O B a H M R ( O ~ H O B J I ~ H U R 3 a R B O K H a n 0 ~ y n ~ y ) 3a M e C R q J - b l M

K O H T p a r e H T O M M 3 C n M C K a H a A e X H b l X K O H T P a r e H T O B .

W2 - K a q e C T B O A a H H b l X 6 n y ~ 6 e p r (Bloomberg) ,J&l~~ble OT 6 p o ~ e p 0 ~ : P3 - c p e ~ ~ e a p ~ + ~ e ~ ~ q e c ~ a ~ K O T M ~ O B K ~ o r 3 6 p o ~ e p o a , V 3 = C V 3 j , r,qe V 3 j - o 6 a e ~ ~ ~ R B K M H a n o K y n K y j-ro Gpo~epa , Q3 - KOn-BO K 0 T M P Y H ) U M X 6 y ~ a r y 6 p o ~ e p 0 ~ W3 - K a ' i e C T B O f l a H H b l X KOTMPOBOK 6 p o ~ e p o ~ .

b.) n p u OTCYTCTBHR q e H h 1 OT 6 p o ~ e p o ~ B nepuoA M e m a y s a ~ n m q e ~ n e ~ c A e n K w no 6 y ~ a r e n p a c q e T a M u no c A e n K e ( P 3 = 0 ) , Anrc o n p e A e n e H M R c n p a s e ~ n ~ ~ o t i q e H b r ~ c n o n b s y e ~ c ~ ~ C p e f i H e B 3 B e m C H H a R q e H a M E C Y q e T O M n 0 ~ M x a H ) q e f i K O P P e K T M P O B K M :

P = P 1 * k-liq * R rAe R - K O ~ @ ~ $ U ~ W ~ H T K O P P e K T M P O B K M H a p b l ~ o ' i ~ b l f i PMCK, P a C C ' i M T b l B a e T C R K a K

C p e A H e B 3 B e U I e H H O e M 3 M e H e H M C q e H b l 06n~rarlwfi B f l o p ~ @ e f l e n p M CTpeCCOBOM M 3 M e H e H M M

AOXOAHOCTM.

1.3. E C ~ M A n R q e H H b l X 6 y ~ a r OCHOBHblM P b I H K O M R B n R e T C R B ~ e 6 k i p ~ e B a R T O p r O B a R I I n O q a A K a

(Bloomberg), a K T M B H O C T b P b l H K a M MCTOA p a c q e T a O [ ( e H O V H O r O C H M X e H M R O n p e f l e n R e T C R

C A e f l y W q M M M K P M T e P M R M M .

1-II C T e n e H b aKTMBHOCTM n p M C B a M B a e T C R P b l H K Y , e C n M H a A a T y O n p e A e n e H M R ~ f l p a F J e ~ f l M B 0 f i

CTOMMOCTM:

1. 3a a ~ a J l U 3 M p y e M b 1 f i n e p M O A B p e M e H M (1 ~ a n e ~ f i a p ~ b l f i M C C R ~ ) q e H a M I D Y ~ H H o ~ ~ 6y~ark-f ~ e ~ ~ n a c b ~e ~ e ~ e e 5 pas;

2. C Y M M ~ P H ~ I G 3a M e C R U 0 6 - b e ~ e X e A H e B H b l X 3 a R B O K H a C A e J l K y (V2), C K O P P ~ K T U P O B ~ H H ~ I ~ ~ H a

K O ~ @ @ M ~ U ~ H T B O n a T U n b H O C T M 06 'be~a 3 a R B O K (p) H e H M X e 0 6 - b e ~ a B J I o X ~ H W ~ ~ B q e H H Y W 6 y M a r y

B n o p ~ @ e n e 6 a ~ ~ a (V). v 5 v 2 * p , V2 = CV2j, r f l e V2j - C y M M a 3a M C C R q C P e A H e f l H e R H b l X O ~ % ~ M O B 3 a R B O K H a C A e n K y J - r 0 (I= l . . .n) K O H T p a r e H T a

M3 CnMCKa H a A e X H b l X K O H T P a T e H T O B , O f l p e , l J e J l e H H b l X E ~ H K O M ; - K O ~ @ @ M ~ M ~ H T B 0 f l a T M n b H O C T I - I 06 'be~a 3 a R B O K O T H a A e X H b l X K O H T P a r e H T O B . B T e ' i e H M e

M e c R q a .

A K T M B H O C T ~ P b l H K a A O C T a T O ' i H a A n n n p o A a m M 6 y M a r M o 6 a e ~ o ~ (V) n0 q e H e M I D 6e3 KOppt?KTMPOBOK.

P = Pm, rAe Pm - q e H a M I D B 6 n y ~ 6 e p r (Bloomberg). 2-R C T e n e H b aKTMBHOCTM n p M C B a M B a e T C R P b l H K Y n p M YCnOBMM:

1. 3a a ~ a J l M 3 M p y e M b l f i I I e p M O A B p e M e H M (1 K a J I e ~ f l a p ~ b l f i M ~ c R ~ ) q e H a M I D ~ { ~ H H O G 6 y ~ a r ~ M e H R n a C b H e M e H e e 5 pa3;

2. C Y M M ~ P H ~ I ~ ~ 38 M e C R U 06 'be~ e X e A H e B H b l X 3 a R B O K H a C A e J l K y (V2) H e H M X e 0 6 ' b e M a B J ~ O X ~ H U ~ ~ B

~ C H H Y K I 6 y ~ a r y B n o p ~ @ e n e 6 a ~ ~ a (V). v 2 * p < v s v 2 . n p M A ~ H H O ~ aKTMBHOCTM P h l H K a n p M M e H R e T C R K O P P e K T U P O B K a q e H b I H a K O ~ ~ @ M ~ U ~ H T

JIUKBMAHOCTM (k-liq): P = Pm * k-liq

3-R C T e n e H b aKTMBHOCTM n p U C B a M B a e T C R p b l H K Y B O C T a n b H b l X C n Y ' i a R X n p U YCIIOBMM, q T O

OTCYTCTBYeT a K T M B H O C T b H a 6 M p x e ~ o h I I n O W a A K e M 6 ( M o c ~ o s c ~ o f i Gwpme) n p M HanM' iMM q e H b l M I D f i n y M 6 e p r (Bloomberg). a.) A n R o n p e A e n e H M R c n p a ~ e n n w ~ o f i q e H b l M C ~ O ~ ~ ~ Y I O T C R q e H h l M I D 6 n y ~ 6 e p r (Bloomberg) c

Y' ieTOM 1 7 0 ~ M ~ a K I ~ e f i K O P P e K T U P O B K M H a C p e A H e B 3 B e L U e H H Y K l q e H y O T 6 p o ~ e p 0 B no @ o p ~ y n e :

P 3 v K 3 P = Pm * min { 1 ; k - l i q * ( K 2 + - ) ) rfle i = 2,3

P ' Ki = 'b'sQk"'x K O ~ @ @ M ~ M ~ H T K a q e C T B a k-r0 M C T O q H M K a A a H H b l X , k=1,2,3.

y.'k-Qk.l'l% Pi - c p e ~ ~ e s 3 s e r n e ~ ~ a ~ q e H a , Vi - o 6 h e ~ , Qi - on-BO KOTMPOBOK, Wi - K a q e c T B o i-ro MCTOVHMKa A a H H blX.

b.) r l p M OTCYTCTBMR q e H b l O T ~ P O K C P O B B n e p M 0 , l J M e X A y 3 a K n K I q e H M e M C A e n K M no 6 y ~ a r e U

p a c q e T a M u no c A e n K e ( P 3 = 0 ) , o n p c A e n e H u R c n p a ~ e ~ n u ~ o i i q e H b l ~ c n o n b s y e ~ c ~ q e H a M I D f i n y ~ 6 e p r (Bloomberg) C Y Y e T O M n 0 ~ M x a K l q e f i K O p p e K T M p O B K M :

P = Pm * k-liq * R n p M P3=0 (B C n y V a e OTCYTCTBMR q e H b l O T ~ P O K ~ P O B B I I e p M O A M e X n y 3 a K f l H ) V e H M e M C A e n K M M

p a c q e T a M u no c ~ e n ~ e ) .

me R - K O ~ @ @ U I ~ U ~ H T K O P P e K T M P O B K M H a p b l ~ ~ q ~ b l f i PMCK, p a C C ' 4 M T b l B a e T C R K a K

c p e ~ ~ e a 3 ~ e l . u e ~ ~ o e M ~ M ~ H ~ H M ~ q e H h 1 06nuraquii B n o p ~ @ e n e npu c T p e c c o e o M M ~ M ~ H ~ H M M

AOXOAHOCTM.

1.4. H e a ~ ~ u B H b l i i P ~ I H O K O n p e A e n R e T c f i npw ycnosuu: H a A a T y o n p e A e n e H u R c n p a s e ~ n u ~ o f i CTOMMOCTM

@ U ~ I ~ H C O B O ~ O aKTL4Ba 3a a ~ a n u 3 M p y e M b l f i n e p M O A B p e M e H M (1 ~ a f l e ~ ~ a p H b 1 ~ M ~ C H I ~ ) : - A n H q e H H b I X 6 y ~ a r C O C H O B H b l M P b l H K O M M 6 (MOCKOBCKAH 6MPXA) H e C O B e p W e H a HM O A H a

c A e n K a H a 6upxe (ME) - A n R U e H H b l x 6 y ~ a r c O C H O B H ~ I M P ~ I H K O M H a ~ ~ e 6 u p x e e o i i n n o q a ~ ~ e Bloomberg q c H a M I D

q e H H 0 f i 6 y ~ a 1 - u H e M e H H n a C b .

A n f l c n p a s e ~ n u ~ o i i q e ~ b l M C ~ O ~ ~ ~ Y H ) T C R C P ~ A H H R q e ~ a K O T U ~ O B O K OT 3 G p o ~ e p o ~ no 3anpocy 6 a ~ ~ a c y q e ~ o ~ n o ~ u x a m q e i i K O ~ ~ C K T U ~ O B K M H a q e H y , o ~ p a x a m u e f i p b 1 ~ 0 q ~ b l i i PMCK M PUCK

IIMKBMAHOCTH,:

P = P 3 * k-liq * R r A e R - K O ~ @ @ M ~ M ~ H T K O P P e K T M P O B K M H a p b l ~ ~ q ~ b l f i PMCK, P a C C ' 4 M T b l B a e T C H K a K C p e A H e B 3 B e l L l e H H O e

M 3 M e H e H M e L ( e H b l 0 6 ~ 1 M ~ a ~ M ~ B n o p ~ @ n e n p M C T p e C C O B O M M 3 M e H e H H H AOXOAHOCTM.

2 . 1 . P a c s e T K O ~ @ @ H ~ H ~ H T ~ k-liq. K o ~ @ @ M ~ M ~ H T nMKBMAHOCTM p a C C q M T b l B a e T C R AnFI T p e X T M n O B 6 y ~ a r , AJIR K O T O P b I X a K T M B H O C T b

P b l H K a O n p e A e n R e T C R no o 6 a e ~ a ~ C A ~ J I O K / K O T U ~ O B O K :

1. M E , 2 . 6 n y ~ 6 e p r (Bloomberg), 3. M 6 c y q e ' r o M ~ ~ H H ~ I X B 6 n y ~ 6 e p r (Bloomberg).

~ [ P M O q e H K e a K T M B H O C T M 2 Y P O B H R , A n R K O T O p O r O O q e H O q H O e C H M X e H M e O n p e A e n R e T C H

K O ~ @ @ M ~ M ~ H T O M IIMKBMAHOCTM, B b l n O n H R e T C R Y C n O B U e , q T O 0 6 a e M B nop~@C.ne 6 a ~ ~ a (V) H e

n p e B b l L L I a e T M a K C M M a n b H O e 3 ~ a z l e H M e o 6 - b e ~ a T O ~ ~ O B H a C O O T B e T C T B Y K l q e M P b l H K e :

1. v1 < v s vcp , 2 . V 2 * p c V s V 2 , 3. V l + V 2 * p < v < VcpcV2

C p e ~ ~ e e COOTHOLLIeHMe n p O M e X J J T K a A O I I y C T M M O r O 3 H a q e H M R K M a K C M M a n b H O M y B 0 3 M O X H O M Y

3 H a q e H U F 0 , O n p e A e n R e T C R o 6 a e ~ 6 y ~ a r , A n H n p 0 A a X U K O T O p b l X B 0 3 M O X H O ~ O H ~ A O ~ U T ~ C R

A O n O n H M T e n b H O e C H M X e H M e q e H b 1 H a A%, rAe A%- M a K C M M a n b H O e C H M X e H M e q e H b l A n R

r a p a ~ ~ u p o s a ~ ~ o G n p o ~ a x u . K O ~ @ @ M ~ U ~ H T IIMKRMAHOCTM O n P e A e n R e T C R K a K M M H M M a J l b H O e M 3 P a C C ' I M T a H H b I X A n R BCeX T p e X

T U n O B P b I H K a COOTHOLLIeHMe n p O M e X y T K a A O n y C T M M O r O 3 H a Y e H M R K M a K C M M a n b H O M Y B 0 3 M O X H O M Y

3 H a Y e H M H ) .

K O ~ @ @ U ~ M ~ H T JIMKBMAHOCTM Y M e H b L U a e T 6 w p ~ e ~ y m / ~ ~ e 6 ~ p ~ e ~ y m q e H y H a C T O n b K O , YTO I l P M

npoAaxe n p e A n o n a r a e M o r o o 6 a e ~ a 6 y ~ a r no C H u x e H H b I M U e H a M , C ~ ~ A H ~ B ~ B ~ L L I ~ H H ~ R q e H a

I I p O A a X U 6 y ~ e ~ H e H M X C ~ u ~ X ~ B O ~ / B H ~ ~ M ~ X ~ B O ~ U e H b I , Y M H O X ~ H H O ~ ~ H a K O ~ @ @ M ~ M ~ H T

nMKBMAHOCTM.

2 . 2 . P a c s e T K O ~ @ @ U ~ H ~ H T ~ p. K o ~ @ @ M ~ M ~ H T O n p e A e J l R e T C R , MCXOAR M3 C p e A H e r O ~ o n e 6 a ~ u ~ 0 6 - b e ~ o ~ B ~ e 6 M p X e ~ b l ~ KOTMPOBOK

6 n y ~ 6 e p r (Bloomberg). K o ~ @ @ M ~ M ~ H T n e p e c M a T p u B a e T c R p e r y n R p H o (pa3 B K B a p T a n , nonyro~we) unu npu M ~ M ~ H ~ H M M 0 6 h e ~ a ~ n o x e ~ u f i B n o p r @ e n b ~ ~ H H ~ I X 6 y ~ a r 6onee q e ~ H a 10%.

2 . 3 . C ~ H C O K HafleHcHbIX KOHTpaTeHTOB.

C ~ M C O K H a A e X H b I X K O H T p a r e H T O B n p e A n a r a e l ' C R K a 3 ~ a q e f i c ~ B o M , O C H O B b I B a R C b H a Mel 'OAMKe

O n p C A C n e H M R H a A e X H b l X K O H T p a r e H T O B 6 n y ~ 6 e p r (Bloomberg) M H a U H @ O P M ~ ~ M M , q T O n p M

06parrle~uu K K O H T p a r e H T y , O H A ~ ~ ~ C T B U T ~ ~ ~ H O C O B e p W M T n O K y n K y 6 y ~ a r u 3 a R B n e H H O r O o 6 a e ~ a . C ~ M C O K Y T B e p X A a e T C R KYAn M p e r y n R p H o n e p e c M a T p u s a e T c f l (pas B K s a p T a n , n o n y r o ~ u e ) wnu npw M ~ M ~ H ~ H M U 0 6 a e ~ a B J I o X ~ H M ~ B n o p ~ @ e n b ~ ~ H H ~ I X ~ Y M B T 6onec Y e M H a 10%. A O I I O ~ H M T ~ ~ ~ H O K CnMCKY H a A e X H b I X K O H T p a T e H T O B A O ~ ~ B I I R H ) T C R K O H T p a r e H T b l B T O P O ~ K a T e r O P M M

H a A e X H O C T M n O n y Y e H M R A O n O n H U T e n b H b l X A a H H b l X no B a n l o T H b l M q e H H b l M ~ Y M ~ I - a ~ . C I I M C O K

K O H T p a r C H T O R BTOPOG K a T e r O P M M H a A e X H O C T M T a K X e I I p e A n a r a e T C R K ~ ~ H ~ Y ~ ~ ~ c T B o M M

Y T B e p X A a e T C R H a KYArI.

M C T O ~ H M K M A a H H hIX OlJeHMBaEO'rCR 6 a J I b ~ b l ~ M e T O A O M no 12 K P U T e P M R M , M A n R K a X A O r O M C T O q H M K a

P a C C q U T b l B a e T C R K O n - B O 6 a J I 0 ~ Oi , rfle i - i-f i MCTOqHMK A a H H b l X .

1. M6 2. L n y ~ 6 e p r (Bloomberg) 3. G p o ~ e p b l

Bec K a X A O r O M C T O Y H U K a Wi P a C C Y M T b I B a e T C R no (Iop~yJle:

M6 2 2 0,69 6 n y ~ 6 e p r (Bloomberg) 7 0,22

2.6. O q e ~ ~ a Bid/Ask cnpena. A n R O q e H K M a K T M B H O C T M P b l H K a H ~ O ~ X O A U M O Y q M T b l B a T b P a 3 H M q Y M e X A y q e H a M M C n p O C a M

n p e A n o x e H u s a K T M B a .

B M e T O A M K e A ~ ~ ~ C T B Y ~ T n P e A n O J I O X e H M e , q T O ~ a ~ ~ b l f i n O K a 3 a T e J I b Y q T e H B A P Y r M X l l a p a M e T p a X

M C n O n b ? y e M b l X f l n R O q e H K M a K T U B H O C T M P b I H K a 6 y ~ a r M : C p e n H e B 3 B e U l e H H a R q e H a M L / q e ~ a mid, 0 6 a e M b l C A ~ J I O K / K O T M P O R O K , K O ~ - B O C A ~ J I O K / K O T U P O B O K .

P e r y n R p ~ 0 (pa? B I I o J I ~ o A ~ ) I l p M n p O B e f l e H M M O q e H K M K a q e C T B a A a H H b I X M M e T O A O B , P a C C q M T b l B a e T C R

K O p p e J l R q M R C n p e A O B q e H 6 y ~ a r M C T e I I e H U a K T M B H O C T M P b l H K B . ~ P M K O p p e n R q U M k= 0,75 I I O K a 3 a T e J l M I lPM3HaEOTCR f l O C T a T O V H O 3aBMCMMblMI1 , M I I p e A n O J l O X e H M e R B n R e T C R B e P H b I M . ~ P M k<0,75 n e p e c M a T p u B a e T c R M e T o A u K a o u e H K M c n p a ~ e ~ n u ~ o t i CTOMMOCTM.

Ypoaenb AanHux

M M B 6 L 5 v c p < V

M L 5 V > VZ + Vcp P3tO 3 rrrncHban~swocru 1 P=P1°mln(l;k-llq'(Kl+ (z(Pi .Kl))/Pl)),r~e i=Z,3 " " " O < Q 1 < 5 -

Vrp c V M L 5 V > V l + Vcn P3=0 3 c r r n c ~ b a m e ~ o c r * P = P l S k 1iq.R

I I

OaonHoii pumow

M M B B I Q 1 . 0 YPOBEHb 2 1 - H @ a r n w b ~ k ~ b l ~ o ~ 1 P = P 3 ' k I l a b R 1

Q l 2 5

YPOBEHb 1

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03.05.201 7

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30.01.201 7

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22.04.2019

01.10.2026 ----- 01.03.2033

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25.04.2018

16.04.2024

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05.10.2017

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27.09.201 8

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5,125

8,446

6,605

8,146

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11.04.2018

15.03.201 7

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25.07.201 8

~~~~~-

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8,446

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3,984

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13.02.201 8

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02.04.201 9

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02.04.201 9

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18.07.201 6

27.12.2017

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29.05.2018

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3,914

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4,451

3,723

3,035

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