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<=-/;D:57
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9>FG6=G9@QBCFGQ <4 B4M=A 9;98B96BPA %=G4B=9A vvvvvvvvvvvvvvvvvvvv q|
#4M= DEC8H?GP D=G4B=T vvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvv qo
$FBC6BP9 DEC8H?GP D=G4B=T
FGCE=T DM9B=KPvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvv FGCE=T E=F4vvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvv FGCE=T FC=vvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvv d
%CGE95BCFGQ 6 8C546?4Jvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvv c
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.9FGQ RG4DC6 DECK9FF4 D=G4B=T vvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvv %=G4B=9?@9G?= vvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvv d
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4:-D2:-?;8H7;18K <;112=375 15>?=5.HJ?;=;/GNLD5
;>/2F2:5K <=;1@7?;/GNLDa :-:2 <=21:-4:-D2:- 18K
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?CGCE4T B9C5JC8=A4 G959 8@T GC7C\LGC5P89@=GQFT
DEC8H?K=9> GNLD= FGEC=GQ F6C> 5=<B9Fv'L=G4>
97C F6C=A DHG96C8=G9@9A\DC?CGCECAH GP=<HL49MQ
DEC8H?K=S DC A9E9 ECFG4 54<P?@=9BGC6v
'qoc_ 7C84 GNLD =<A9BT9G;=<B= @S89>?
@HLM9AH\= B4 F97C8BTMB=> 89BQ AP T6@T9AFT
C5N9DE=<B4BBPA= @=89E4A= 6 C5@4FG= =BBC64K=>
= G9JBC@C7=>v A9T D9E6C?@4FFBHS DEC8H?K=S\
?CGCE4T H8C6@9G6CET9G DCGE95BCFG= @S89>\@97?C
DCBTGQ\DCL9AH CB4 <46C964@4 8C69E=9 @S89> =
DC@Q<H9GFT E9DHG4K=9> fDECFGCiB4DECFGC F4AC>
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4B=A4TFQ 5=<B9FCA GNLD\GP 6F9784 AC;9MQ
5PGQ H69E9B\LGC DEC8H?K=T GNLD126>?/@2?T
%CDH@TEBCFGQ DEC8H?K== GNLDT6@T9GFT E9<H@Qi
G4GCA L9FGBC> E45CGP\4 B9 4?G=6BC> E9?@4APv
#4 6FS B4MH DEC8H?K=S 89>FG6H9G 74E4BG=T
6C<6E4G4 89B97v $B4 FHN9FG6H9G 8@T GC7C\LGC5P
DC889E;4GQ G95T = G6C=J?@=9BGC6\BC AP8HA49A\
LGC CB4 G959 B9 DCB48C5=GFTv 6CG DCL9AH[
Y#4M=<69FGBP> 6C 6F9AA=E9 )L9BP> FC69G 6C<7i
@46@T9G E4<E45CG?H = =FF@98C64B=9 DEC8H?K==
GNLDv
Y %EC8H?K=T GNLDDEC=<6C8=GFT 6 FCCG69GFG6==
F 6PFM=A= FG4B84EG4A=?4L9FG64 = F =FDC@Q<C64i
B=9A GC@Q?C @HLM97C FPEQTv
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DEC69E?9?4L9FG64 B4 6F9J FG48=TJ DEC=<6C8FG64v
Y!S5C9 E9M9B=9\CGBCF=G9@QBC DEC=<6C8FG64\
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DE=B=A49GFT F GCL?= <E9B=T 59<CD4FBCFG= 8@T
C?EH;4SN9> FE98Pv
PFC?C9?4L9FG6C DEC8H?K== DCAC749G G959 DE=i
6@9?4GQ = FCJE4BTGQ?@=9BGC6v"BC7=9?@=9BGP
GNLD CFG4SGFT?@=9BG4A= B4 6FS;=<BQ\=
B9E98?C DEC8H?K=T GNLD D9E9849GFT CG DC?Ci
@9B=T?DC?C@9B=Sv %EC8H?K=T GNLD T6@T9GFT
G69E8C> CFBC6C> 8@T 54<P?@=9BGC6\89@4SN=J
<4?4<P DCFGCTBBCv 1GC 89@49G GNLD F4AC> DCDHi
@TEBC> 6C<AC;BCFGQS 5=<B9F4 6C 6F9A A=E9v
) G6C=J?@=9BGC6 9FGQ 6C<AC;BCFGQ 6P5=E4GQ
=< FCG9B DEC8H?GC6?4;8P> 89BQv#4M4 <484L4`
DCACLQ =A 6P5E4GQ DEC8H?K=S6PFC?C7C?4L9FG64\
?CGCE4T G4?;9 59<CD4FB4 8@T C?EH;4SN9> FE98Pv
"P DE98@4749A 4FFCEG=A9BG DEC8H?K==\?CGCEC>
GP AC;9MQ 7CE8=GQFTv
C8 <4 7C8CA GNLDDE98@4749G E4<HABP9 E9M9
i
B=T[ B489;BP9\RII9?G=6BP9\59<CD4FBP9 8@T
C?EH;4SN9> FE98P DEC8H?GP 6PFM97C?4L9FG64v
"P DE98@4749A <4F@H;=64SNHS 8C69E=T
DEC8H?K=S\?CGCE4T FGC=G HD@4L9BBPJ <4 B99
89B97v $GE4;4SN4T 8C@7CFECLBHS E45CGH E48=
<8CEC6QT = DECK69G4B=T\B4M4 @=B=T DEC8H?K==
`RGC F9?E9G B4M97C 8C@7C@9G=T 6 RGC> =B8HFGE==\
DC869E;9BBC> F=@QBC>?CB?HE9BK==v#4M4FFCi
EG=A9BG DEC8H?K== FCFGC=G =<[
Y 5F2/GB 1;.-/;7O?CGCEP9 DC889E;=64SG
G6C9 CDG=A4@QBC9 <8CEC6Q9v
Y =;1@7C55 <;@B;1@ <4 8CACA 8@T N48TN97C
CGBCM9B=T?C?EH;4SN9> FE989\DC DE=BK=DH
fA9BQM9 8C<4`A9BQM9 6E98BC9 6C<89>FG6=9gv
Y 2=5K NldiZa[MP <;@B;1@ 4- 7;326 <=218-0-2?
<8CEC6Q9 =?E4FCGH B4 8C@7Cv
Y =;0=-99G7;:?=;8K 69F4 8@T <8CEC6QT = DE9i
?E4FBC7C F4ACLH6FG6=Tv
1GCG FDE46CLB=?DC DEC8H?K== FC<84B FD9K=4@Qi
BC 8@T GC7C\LGC5P DCACLQ G959 8CFG=LQ HFD9J4v
B9A FC89E;=GFT ABC7C DC@9<BC> =BICEA4K==\
?CGCEHS @97?C B4>G= = =FDC@Q<C64GQv $D=F4B=9
?4;8C7C DEC8H?G4 FCFGC=G =< 86HJ L4FG9>`
f CECG?=9 I4?GPg = 5C@99 DC8EC5BC> fFGCE==
DEC8H?G4g\?CGCEP9 FC89E;4G B9C5JC8=AHS 8@T
?@=9BG4 =BICEA4K=S\f?CECG?=9 I4?GPg`RGC
?E4G?C9 CD=F4B=9 DEC8H?G4`=<C5E4;9B=9\RG=i
?9G?4\I4?GP DC A4E?9G=B7H = =FF@98C64B=TA\
B4<B4L9B=9 = CFC5P9 F6C>FG64v
fFGCE=T DEC8H?G4g i RGC DC8EC5BP> CGL9Gv
$B FC89E;=G =FGCE=L9F?HSFDE46?H C DEC8H?K==\
B4HLBHS = G9JB=L9F?HS =BICEA4K=S\FCFG46
DEC8H?G4\DCACNQ 6 A4E?9G=B79 = 8EH7HS =BICi
EA4K=S 8@T?@=9BG4vv
-GC RGC FDE46CLB=?C<B4L49G 8@T G95Tw (P B9
8C@;9B 5PGQ R?FD9EGCA DC DEC8H?K==\LGC5P DCi
FGEC=GQ F6C> 5=<B9F GNLDv 1GCG 5H?@9G FC89E;=G
6F9\LGC G959 BH;BC <B4GQ C DEC8H?K== GNLDv"P
H69E9BP\LGC RGC DCAC;9G G959 FC<84GQ B489;BHS
54<H 8C@7CFECLBPJ?@=9BGC6\LGC FG4@C CG@=L=i
G9@QBPA <B4?CA 5=<B9F4 GNLD 6C 6F9A A=E9v
9@49A H84L=a
:-7;9H?2>HN <=;1@7C5K
GNLD:-/>J354:HT
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6989B=9 RUS}{vqq
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GNLD:-@7-:57;01-:2 ><5?a
CA4B84 =FF@98C64G9@9> = E4<E45CGL=?C6 GNLD
DC 6F9AH A=EH E45CG49G?EH7@P9 FHG?=\8@T GC7C\
LGC5PC59FD9L=GQ G95T F4AC> @HLM9> DEC8H?K=9>
6 A=E9v EH7@P9 FHG?=?GCiGC 789iGC =<HL49G =89S
BC6C7C DEC8H?G4 GNLD\DEC6C8=G @45CE4GCEBP9
G9FGP\LGC5P DEC69E=GQ 59<CD4FBCFGQ\L=FGCGH =
RII9?G=6BCFGQ FPEQT\=@= E4<E454GP649G =BBC64i
K=CBBP9 G9JBC@C7==\?CGCEP9 5H8HG =FDC@Q<C64BP
8@T FC<84B=T DEC8H?GC6\?CGCEP9 89>FG6=G9@QBC
=<A9BTG;=<B= @S89>?@HLM9AHv
!D2:G6 >;/2?GNLD0-=-:?5=@2?
/G>;7;2 7-D2>?/;<=;1@7C55a
'97C8BT B4H?4 E4<6=649GFT 5PFGE99\L9A?C784i@=5C
E4BQM9v BC784 5P649G GEH8BC DCFD964GQ <4 6F9A=
B4HLBPA= CG?EPG=TA= = FH8=GQ C GCA\CFBC6Pi
64SGFT @= BC6P9 DEC8H?GP B4 E94@QBPJ B4HLBPJ
<B4B=TJv )L9BP> FC69G GNLD sSABt 849G B9C5JCi
8=AHSD9EFD9?G=6H\DC<6C@TSNHSCG89@=GQ I4?GP
CG 6P8HA?=v 1G4 7EHDD4 G4@4BG@=6PJ HL9BPJ\
G9JBC@C7C6 = DECI9FF=CB4@C6 6 C5@4FG= DEC8H?i
K==`CFBC6B4T DE=L=B4 GC7C\LGC B4M4 HB=?4@Qi
B4T DEC8H?K=T DEC8C@;49G H89E;=64GQ @=8=i
EHSN=9 DC<=K== B4 A=EC6CA EPB?9v )L4FGB=?=
SAB T6@TSGFT @HLM=A= FD9K=4@=FG4A= 6 F6C9>
C5@4FG=`G4?=J 6P84SN=JFT\DE984BBPJ = B9Hi
FG4BBC E45CG4SN=J @S89> 5C@QM9 B=789 B9 B4>G=a
'@98HT DE=A9EH DE=EC8P= =A9T =BICEA4K=S\
8CFGHDBHSGC@Q?C R?FD9EG4A\SAB GNLDFCJE4BT9G
@=8=EHSN=9 DC<=K== 6 E4<E45CG?9 BC6PJ DEC8Hi
?GC6v SAB DCFGCTBBC F@98=G <4 DCF@98B=A= B4Hi
LBPA= 8CFG=;9B=TA= = =FDC@Q<H9G =J B4 DE4?G=?9
8@T GC7C\LGC5P[
Y DE98F?4<4GQ = CK9B=GQ CD4FBCFG= 8@T <8CEC6QT\
F?CGCEPA= AP FG4@?=649AFT F97C8BT = AC;9A
FGC@?BHGQFT 6 5H8HN9Av
Y
'C<8464GQ BC6P9 DEC8H?GP\LGC5PH8C6@9G6CE=GQ
89>FG6=G9@QBP9 DCGE95BCFG= @S89>v
Y'@H;=GQ 4?G=6BPA E9FHEFCA = DCAC74GQ GNLD
CFG464GQFT D9E6PA 6 C5@4FG= B4HLBC7C =
G9JBC@C7=L9F?C7C E4<6=G=Tv
Y 4E4BG=EC64GQ DE96CFJC8BC9?4L9FG6C =
59<CD4FBCFGQ DEC8H?K==v
-@7- 4-?/;59.54:2>;9
GNLD
-D2>?/;<=;1@7C55 7-7 =24@8H?-?<2=21;/GB 5>>82Y
1;/-:56 5?2B:;8;056a
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C?GCE 4EH7= DC@HL=@4 FG9D9BQ 54?4@46E4 7HA4B=i
G4EBPJ B4H?DC 5=C@C7==\R?C@C7== = <4N=G9 C?EHi
;4SN9> FE98P6 4FF4EF?CA?C@@98;9\FG9D9BQ A47=i
FGE4 9FG9FG69BBPJ B4H?DC D=G4B=SL9@C69?4`6
C@HA5=>F?CA HB=69EF=G9G9 = FG9D9BQ 8C?GCE4 I=@Ci
FCIF?=J B4H?DC B4H?9 C D=G4B==`6 4@=ICEB=>i
F?CA HB=69EF=G9G9 9E?@=v C?GCE 4EH7= T6@T9GFT
L@9BCA FC69G4 DE='G9BICE8F?CA HB=69EF=G9G9\
8=D@CA=EC64BBPA FD9K=4@=FGCA DC D=G4B=SsCvNvSt
A9E=?4BF?C7C C@@98;4 %=G4B=Tv $B4 DC@HL=@4
FG=D9B8=S"9;8HB4EC8BC7C =BFG=GHG4 C5E4<C64B=T\
FG=D9B8=S#9><9E4'GRBICE8F?C7C HB=69EF=G9G4 =
=FF@98C64G9@QF?HSFG=D9B8=SDC R?FD9E=A9BG4@QBCi
AH D=G4B=S#4K=CB4@QBC7C =BFG=GHG4 <8CEC6QTv
FF@98C64B=T C?GCE4 4EH7= 5P@= CDH5@=?C64BP6C
ABC7=J B4HLBPJ;HEB4@4Jv $B4 F6C5C8BC 7C6CE=G DCi
4B7@=>F?=\=FD4BF?= = =G4@QTBF?=v @47C84ET RGCAH
CB4 =A99G ABC7CL=F@9BBP9?CBG4?GP6 A=EC6PJ B4HLi
BPJ?EH74J = F CFC5PA RBGH<=4<ACA CGBCF=GFT?698Hi
N9> EC@= )L9BC7C FC69G4 GNLD6 A9;8HB4EC8BCA
C5A9B9 BC64GCEF?=A= =FF@98C64B=TA= 6 C5@4FG=
D=G4B=Tv
4B=A4TFQ =FF@98C64G9@QF?C> E45CGC> 6 HB=69EF=i
G9G9\8C?GCE 4EH7= FD9K=4@=<=EC64@4FQ B4 D=G4G9@Qi
BPJ 69N9FG64J\CFC59BBC B4 GCA <B4L9B==\?CGCEC9
=A9SG DECG9=BP= 6=G4A=BP\B4DE=A9E IC@=964T
?=F@CG4\8@T ECFG4 = E4<6=G=Tv (9D9EQ 6 F6C=J =FF@98Ci
64B=TJ CB4 DE=A9BT9G RG= CG?EPG=Tv qoo| 7C8H CB4
5P@4 6P5E4B4 6 CE74B=<4K=CBBP>?CA=G9G EHDDP
6<4=AC89>FG6=T DC E4FG=G9@QBPA I9BC@4A`A9;8Hi
B4EC8BC> 7EHDDP=FF@98C64G9@9> E4FG=G9@QBPJ D=G4i
G9@QBPJ 69N9FG6\=BG9E9FP?CGCEC> B4DE46@9BPB4
=FF@98C64B=9 I9BC@QBPJ FCFG46@TSN=J E4FG9B=>
sG4?=9?4?I@46CBC=8P= =FCI@46CBC=8Pt = =J 6C<i
89>FG6=9 B4 <8CEC6Q9 L9@C69?4v @T GNLDEH?C6C8i
FG6C 8C?GCE4 4EH7= 6 89@9 E4<E45CG?= BC6PJ DEC8H?i
GC6 B96C<AC;BC D9E9CK9B=GQv
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C?GCE +HD9E DC@HL=@ FG9D9BQ 54?4@46E4 9FG9FG69Bi
BPJ B4H?DC 5=C@C7==\J=A== = A4G9A4G=?9 6
)B=69EFG=G9G9'G=69B4 *v $FG=B4 6 (9J4F9 = FG9D9BQ
8C?GCE4 I=@CFCIF?=J B4H?DC 5=CJ=A== = D=G4B=S6
(9J4FF?CA HB=69EF=G9G9 AVMv ?4L9FG69 8C?GCE4 CB
<4B=A4@FT =FF@98C64B=TA= 6 BFG=GHG9 5=CA98=K=Bi
F?=J =FF@98C64B=> DE= )B=69EF=G9G9 MG4G4 (9J4F =
DE9DC8464@ 6 FE98B9> = 6PFM9> M?C@9v C?GCE +HD9E
DE=B=A4@ HL4FG=9 6 =FF@98C64B=TJ 6=G4A=BC6\7CEi
ACBC6\@=D=8C6 = 4A=BC?=F@CG = 6PDHFG=@ 5C@QMC9
?C@=L9FG6C B4HLBPJ DH5@=?4K=>v
C?GCE +HD9E DE=6BCF=G 6 GNLD7@H5C?=9 <B4B=T
C F@C;BC> FE989?@9G?= L9@C69?4 = 7CETL=> RBGH<=4<A
6 89@9 <4N=GP<8CEC6QT = 5=C@C7=L9F?C> K9@CFGBCFG=
RGC>?@9GCLBC> FE98Pv GNLDDC@4749GFT B4 8C?GCE4
+HD9E4 6 6CDECF9 C GCA\?4??4;8P> DEC8H?G 5H89G
E947=EC64GQ 6 CE74B=<A9\= 6 6CDECF9 CK9B?= BC6PJ
DEC8H?GC6 6?CBG9?FG9 DEC6C8=APJ =FF@98C64B=>v 4?
=<69FGBP> FC<84G9@Q DEC8H?GC6\8C?GCE +HD9E =<HL49G\
?4?D=G4G9@QBP9 69N9FG64 =< B4GHE4@QBPJ DEC8H?GC6
D=G4B=T 89>FG6HSG 6A9FG9\C59FD9L=64T D=G4B=9?@9i
GC?\<4N=N4T = 6CFFG4B46@=64T =J\=?4?D=N96P9
8C546?= AC7HG C59FD9L=GQ CDG=A4@QBC9 D=G4B=9 B4
?@9GCLBCA HEC6B9v F6C9A FGE9A@9B==?H@HLM9B=S
<8CEC6QT = H69@=L9B=SDEC8C@;=G9@QBCFG=;=<B=
L9@C69?4 8C?GCE +HD9E 6PFGHD49G F @9?K=TA= DC
6F9AH A=EH = 849G DH5@=?9?CB?E9GBP9 E4<OTFB9B=T\
LGC5PCB4 AC7@4 DE=B=A4GQ 6<69M4BBP9 E9M9B=T
CGBCF=G9@QBC F6C97C <8CEC6QT = D=G4B=Tv
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6
a ;CB"=@@9E\E45CG46M=> 6 DECM@CA =B;9B9ECA 6
'=@=?CBC6C> 8C@=B9\<4B=A49G DCFG 6=K9iDE9<=89BG4
GNLDDC B4H?9 = G9JB=?9v 7C B4HLBP> = G9JB=L9i
F?=> CDPG CJ64GP649G 5C@99 @9G E45CGP6 DEC=<i
6C8FG69\6 CG9L9FG69BBPJ = A9;8HB4EC8BPJ E4<E45CGi
?4J\=FF@98C64B=TJ = A4E?9G=B79 DEC8H?GC6 8@T
GNLDv @47C84ET HF=@=TA ;CB4"=@@9E4 5C@99 c
DEC8H?GC6 DCFG46@TSGFT DCLG= 6 c FGE4Bv $B FD9K=4i
@=<=EH9GFT B4 8C@7CFECLBCA D@4B=EC64B==\E9M9i
B== DEC5@9A = CK9B?9 DE=5P@QBCFG= DEC8H?GC6 H;9
B4 FG48== D@4B=EC64B=Tv 4G9A CB FCDEC6C;849G DECi
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DE=TG=T T6@T9GFT DE=BK=D[ 89@4GQ GC\LGC DE46=@QBCv
1GCG DE=BK=D @9;=G 6 CFBC69 @S5C7C DE=B=A49AC7C
E9M9B=T\?CGCEC9 <4GE47=649G?@=9BG4\8=FGE=5QSGCE4\
DE98DE=TG=9 = R?C@C7=Sv %E=BK=D f89@4GQ GC\LGC
DE46=@QBCg 74E4BG=EH9G\LGC?4;8P> D@4B=EH9AP>\
E4<E454GP649AP> = DCFG46@T9AP>?CAD4B=9> GNLD
DEC8H?G =A99G F4AC9 6PFC?C9?4L9FG6Cv
?85D52 jN
;>:;/2:-E5B <=;1@7?;/R <=5=;1- 5:-@7-
'C<8464T B4M= B489;BP9 = RII9?G=6BP9 DEC8H?GP\
AP =FJC8=A =< DE98B4L9EG4B=> DE=EC8Pv -4FGC H;9
C8BC7C RGC7C 8CFG4GCLBC\LGC5PCG@=L=GQ B4F CG B4M=J
?CB?HE9BGC6v ECA9 GC7C\?4;8P> DEC8H?G GNLD
CD=E49GFT B4 C5M=EBP9 B4HLBP9 =FF@98C64B=Tv"P
CK9B=649A 6F9 =<69FGBP9 B4HLBP9 4E7HA9BGP[ CG GE4i
8=K=CBBC> B4EC8BC> A98=K=BP 8C F4APJ DCF@98B=J
B4HLBPJ E9<H@QG4GC6 A9;8HB4EC8BPJ\B9<46=F=APJ
8EH7 CG 8EH74\?@=B=L9F?=J =FDPG4B=>v @T FC<84B=T
BC6PJ\RII9?G=6BPJ DEC8H?GC6 AP FCL9G49A F4AC9
@HLM99\LGC AC7HG DE98@C;=GQ B4H?4 = DE=EC84v
?85D52 VN
-E!D2:G6 >;/2?R 78-124H 4:-:56 5
@/82D2::;>?5 128;9
)L9BP> FC69G GNLD sSZj^njbjZ A]jypx Bpax]\SABt
FCFGC=G =< 7EHDDP 6P84SN=JFT HL9BPJ\8C?GCEC6 B4H?
= FD9K=4@=FGC6 DC D=G4B=S\4?G=6BC E45CG4SN=J 6
D=N96C> DECAPM@9BBCFG=v"BC7=9 DE98DE=TG=T @=5C
6CC5N9 B9 =A9SG B=?4?=J HL9BPJ FC69GB=?C6\@=5C RG=
FC69GB=?= DE=B=A4SG F@=M?CA B9<B4L=G9@QBC9 HL4FG=9
6 E4<E45CG?4J BC6PJ DEC8H?GC6v -@9BP )L9BC7C FC69G4
GNLDDC@Q<HSGFT 5C@QM=A H64;9B=9A 6 F6C9> C5@4FG=v
B=A L4FGC C5E4N4SGFT <4 FC69GCA = EH?C6C8FG6CA
=FF@98C64G9@=\DE46=G9@QFG64 = DECAPM@9BBCFGQv
)L9BP> FC69G DCFGCTBBC HL4FG6H9G 6 FCGBTJ =FF@98Ci
64G9@QF?=J DEC9?GC6\6 E9<H@QG4G9?CGCEPJ FC<84SGFT
D9E6C?@4FFBP9 = 89>FG69BBP9 DEC8H?GPv 1G4 CDPGB4T
= 4?G=6BC E45CG4SN4T 7EHDD4 T6@T9GFT F9E8K96=BC>
<46=8BC7C DC@C;9B=T GNLD\?4?@=89E4 6 C5@4FG=
=BBC64K=> DEC8H?GC6v
?85D52 UN
G=H2N >-9;2 7-D2>?/2::;2O -:2 >-9;2 12E2/;2
'PEQ9 FHN9FG6H9G 6 E4<BCA 6=89\=A99G E4<@=LBP9
F6C>FG64 = CL9BQ E4<BP9 K9BPv $G 6P5CE4 FPEQT <46=F=G
?4L9FG6C = K9B4?CB9LBC7C DEC8H?G4v -GC5P 74E4BG=i
EC64GQ F6C=A?@=9BG4A 6PFC?C9?4L9FG6C\GNLD
6P5=E49G GC@Q?C F4AC9 @HLM99 FPEQ9v A9BBC DCRGCAH
AP =<69FGBP?4?DEC=<6C8=G9@= DEC8H?GC6 F4AC7C
6PFC?C7C?4L9FG64\4 B9 DC F4AC> B=<?C> K9B9v 89@9
DC@HL9B=T\?CBK9BGE4K== = =FDC@Q<C64B=T ABC7=J
6=8C6 FPEQT GNLD T6@T9GFT BC64GCECAv BC784 AP
D9E6PA= 6 A=E9 DE98@4749A G9 =@= =BP9 DEC8H?GPv 1GC
?4F49GFT\B4DE=A9E\Caxp^npj] Cpmrl^v#4A= E4<E4i
5CG4B4 G4?;9 G4?4T BC64T G9JBC@C7=T\?4?\B4DE=A9E\
59<?=F@CEC8BC9 <4?HDCE=64B=9?4DFH@ 8@T <4N=GP
DEC8H?G4v
?85D52 fN
G:2/2=59 >8;/-9 Y 9G<=;/2=K29 >-95T
GNLD DEC69ET9G?4L9FG6C?4;8C> D4EG== FPEQTv
#9<46=F=AC CG GC7C\B4F?C@Q?C H64;49A DCFG46N=?\
?4;84T DCFG46?4 DECJC8=G?4E4BG=B 8C DEC69E?= C8BC>
DCEK== B4 F=@H = L=FGCGHv F@= FPEQ9 CG69L49G GE95Ci
64B=TA GNLD??4L9FG6H\CBC CGDE46@T9GFT FB4L4@4
B4 F?@48v#4 RGCA 97C DEC69E?4 B9 <4?4BL=649GFTv"P
4B4@=<=EH9A G4?;9 = 7CGC6P9 DEC8H?GP sI9EA9BGP\
6=G4A=BP\E4FG=G9@QBP9 D=G4G9@QBP9 69N9FG64 = Gv
8vt FC7@4FBC FGEC7=A BCEA4A )L9BC7C FC69G4\LGC5P
H598=GQFT 6 GCA\LGC CB= CG69L4SG GCLBPA B4HLBPA
= E97@4A9BG=EHSN=A?E=G9E=TA\B9C5JC8=APA 8@T
DEC84;= DEC8H?GC6 6C 6F9A A=E9\=@= DE96CFJC8TG
?85D52 7-D2>?/- GNLD
$(!, ,'( GNLD
6989B=9 RUS}{vqq
11
=Jv'DCACNQSF@C;BPJ A9GC8C6 AP DEC69ET9A 6E9AT
E4FG6CE9B=T = EH<EHM9B=T G45@9GC?\FG45=@QBCFGQ\
L=FGCGH\F=@H\5=C@C7=L9F?HSHF6CT9ACFGQ\<4D4J\6?HF
= Gv8v"PDE96CFJC8=A E97@4A9BG=EHSN=9 GE95C64B=T\
DC869E74T B4M= DEC8H?GP 84@QB9>M=A DEC69E?4A\
L4FGC DEC6C8=APA =FF@98C64G9@TA= =< HB=69EF=G9GC6\
7CFH84EFG69BBPJ CE74BC6 = L4FGBPJ @45CE4GCE=>\E45Ci
G4SN=J B4?CBGE4?GBC> CFBC69v
?85D52 eN
-9G2/G>;752 >?-:1=?G540;?;/82:5K/;?=->85
%EC=<6C8FG69BBP9 FG4B84EGP GNLD 6F9784 6PM9\L9A
GC7C GE95H9G <4?CBv#4DE=A9E\B4M9 DEC=<6C8FG6C 6
'
. =A99G @=K9B<=S B4 =<7CGC6@9B=9 @9?4EFG6\JCGT
AP= B9 DEC=<6C8=A @9?4EFG69BBP9 FE98FG64v!=K9B<=T
6P84B4 )DE46@9B=9A DC D=N96PA DEC8H?G4A = @9?4i
EFG64A sFpp] an] Dxe A]mjnjyxajpn\FDAt = C<B4L49G\
LGC?4;8P> 4FD9?G B4M9> 89TG9@QBCFG= CG?EPG 8@T
DEC69E?= 6 @S5C9 6E9AT B4 FCCG69GFG6=9 f8C5ECFCi
69FGBC> @45CE4GCEBC> DE4?G=?9g = f8C5ECFC69FGBC>
DEC=<6C8FG69BBC> DE4?G=?9g 59< DE98HDE9;89B=Tv
+CGT <4?CB = B9 GE95H9G GC7C\LGC5P DEC=<6C8=G9@=
D=G4G9@QBPJ 8C546C?6PDC@BT@=;9FG?=9 GE95C64B=T\
DE98OT6@T9AP9?=<7CGC6=G9@TA @9?4EFG69BBPJ FE98FG6\
AP8C5EC6C@QBC DC869E749AFT G4?=A DEC69E?4A\LGC5P
74E4BG=EC64GQ 6PDHF?F4APJ?4L9FG69BBPJ DEC8H?GC6 =
FCJE4B=GQ 8C69E=9?@=9BGC6v"P =A99A RGH @=K9B<=S
H;9 5C@99 qc @9Gv#4M6ECD9>F?=> G9JB=L9F?=> K9BGE
CG69L49G G4?=A;9 6PFC?=A FG4B84EG4Av
?85D52 QN
/2=B>;/=292::;2;.;=@1;/-:52 18K =-4=-.;?;7 5
5>>821;/-:56
) GNLD =A99GFT =F?@SL=G9@QBC9\F69EJFC6E9A9BBC9
C5CEH8C64B=9 8@T =FF@98C64B=> = E4<E45CGC?DECi
8H?GC6 B4 86HJ?CBG=B9BG4Jv#4M'969EC4A9E=?4BF?=>
=FF@98C64G9@QF?=> K9BGE = F69EJFC6E9A9BBP>
6ECD9>F?=> G9JB=L9F?=> K9BGE C5CEH8C64BP 6PFCi
?CG9JBC@C7=LBPA= =BFGEHA9BG4A=\DC<6C@TSN=A=
E4<E454GP64GQ B489;BP9 = RII9?G=6BP9 DEC8H?GPv
ECA9 GC7C\GNLD C8C5E9B4?4?fDEC=<6C8=G9@Q CE=i
7=B4@QBC7C C5CEH8C64B=Tg\LGC 849G DE98DE=TG=S
DE46C E4<E454GP64GQ = =<7CG46@=64GQ F6C9 FC5FG69BBC9
FD9K=4@=<=EC64BBC9 DEC=<6C8FG69BBC9 C5CEH8C64B=9v
@47C84ET RGCAH GNLD AC;9G 5PFGEC 6B98ETGQ BC6P9
DEC8H?GP = G9JB=?Hv
?85D52\N
<G?:G2?2B:575
GNLD 6F9784 DE=6@9?49G @S89> F 6PFC?C>?64@=I=i
?4K=9>v ECA9 DE9FG=;BPJ = H64;49APJ )L9BC7C
FC69G4 = F9A=EBC> B4HLBC> F9G=\6 GNLD 9FGQ 6PFCi
?C?64@=I=K=EC64BB4T 7EHDD4 FD9K=4@=FGC6 @45CE4Bi
GC6v'DCACNQS F@C;B9>M=J =BFGEHA9BGC6 = DECK9i
8HE RGCG CDPGBP> D9EFCB4@ CFHN9FG6@T9G?CBGEC@Q <4
?4L9FG6CA = C59FD9L=649G 74E4BG==v $B= DE=A9BTSG
F6C= B4HLBP9 = DEC=<6C8FG69BBP9 <B4B=T 8@T DCFGCi
TBBPJ E4<E45CGC?BC6PJ\@HLM=J DEC8H?GC6 = A9GC8C6
DEC=<6C8FG64v
?85D52 ]mN
;80;2 8512=>?/;:- =G:72O <;1/2=32::;9 32>?7;6
7;:7@=2:C55
#
4 A=EC6CA EPB?9 FHN9FG6H9G;9FG?4T?CB?HE9BK=T =
6P;P64SG GC@Q?C F=@QB9>M=9v %E98DE=TG=T DE=JC8TG
= HJC8TG\E98?C <4?E9D@TTFQ B4 EPB?9v GNLD\FHN9i
F
G6HSN4T F qoc_ 7C84\T6@T9GFT E98?=A =F?@SL9B=9Av
"P B9 DECFGC 6P;=@= i AP DECK69G49Aa GNLD iFE98=
D9E6PJ 6 F6C9> CGE4F@=\= B4A DPG4SGFT DC8E4;4GQ
8
EH7=9v C5EC9 =AT GNLD CD=E49GFT B4 ET8 G9JB=L9i
F?=J HFD9JC6 = GCG I4?G\LGC AP L4FGC D9E6PA= 6PJCi
8=@= B4 EPBC?F BC6PA= DEC8H?G4A=v +CECM=A DE=i
A9ECA AC;9G F@H;=GQ 6P84BBP> D4G9BGBPA 5SEC
'C98=B9BBC7C CEC@96FG64 D4G9BG U{dc\<4N=i
N4SN=> HB=?4@QBP> = R?F?@S<=6BP> DEC8H?G
Caxp^npj] Cpmrl^\DE=C5E9FG=?CGCEP> AC;BC GC@Q?C
H GNLDv 1GC 98=BFG69BBP> 6 A=E9?4ECG=BC=8BP>
DE9D4E4G\LQT ICEAH@4 <4N=N9B4 <4?CBCAa
;8;35?2>H:- GNLD5:-E5:-123:G2
<=;1@7?G5:-D5:-6?2 <2=><27?5/:G6
.54:2>T
#4M4 E45CG4 K9@=?CA B4DE46@9B4 B4 @=89EFG6C 6C
6B98E9B== DEC8H?GC6 = FC<84B=9 RG4@CBC6?4L9FG64
8@T DECAPM@9BBCFG=v"P H59;89BP 6 GCA\LGC B4M=
DEC8H?GP = 6 84@QB9>M9A 5H8HG FDCFC5FG6C64GQ DC<=i
G=6BPA =<A9B9B=TA 6;=<B= L9@C69?4v C8 <4 7C8CA 6P
AC;9G9 E4FFL=GP64GQ B4?4L9FG69BBP9 DEC8H?GPGNLDa
1958-1963
1958-1963
Y *CEAH@4 IV\D9E6CB4L4@QB4T L9GPE9JI4?GCEB4T
D=G4G9@QB4T 8C546?4v
Y %9E6P9 B4 EPB?9 F DECG9=BC6PA= 8C546?4A=v
Y )B=?4@QBP> DECK9FF DC@HL9B=T 5PFGECE4FG6Ci
E=AC7C DECG9=B4v
1964-1968
1964-1968
Y =G4A=B 6 DEC8H?G4J 8@T HJC84 <4?C;9>v
Y %ECG9=BC64T 8C546?4\6?@SL4SN4T 6F9 4A=BC?=F@CGP\B9C5JC8=AP9 L9@C69?Hv
1969-1973
1969-1973
Y %CFGEC9B DEC=<6C8FGi
69BBP> K9J = BC64T
@45CE4GCE=T GNLD
Naxal Fpxmlayv
Y CBK9BGE=EC64BBP9\5=C@C7=L9F?= E4<@474i
SN=9FT ACSN=9 FE98FG64v
1974-1978
1974-1978
Y#4 DE98DE=TG=9 DE=JC8=G 8C?GCE EGHE
*HEFG\FC<849GFT )L9BP> FC69G sSABtv
Y B4L=G9@QBC9 E4FM=E9B=9 @45CE4GCE== =
DEC=<6C8FG69BBC7C K9J4 sBC64T A=?EC5=C@Ci
7=L9F?4T @45CE4GCE=T\5C@99 FGEC7=>?CBGEC@Q
?4L9FG64 = Gv8vtv
1979-1983
1979-1983
Y#C64T F=FG9A4 I=@QGE4K== 6C8Pv
* %)(:(*#,' )'%*,%&/# &/# 6989B=9 RUS}{vqq
12
2B5 <@?5N
2B:5D2>756 @><2BO <2=/G2
:- =G:72
>-9;0;:-D-8- >/;26 12K?28H:;>?5/]\UQ
0;1@ GNLD128-8- >?-/7@:- 7-D2>?/2::G2
<=;1@7?G5 5::;/-C55a -/>2 <=;E21E52
0;1GI?;;?85D52 GNLD<=5/28;7 >;41-Y
:5J>;?2:<2=/;78->>:GB <=;1@7?;/a 532
>821@2?><5>;7:27;?;=GB?2B:5D2>75B
@><2B;/GNLD5 <=;1@7?;/O 7;?;=G2 9G
<2=/G95/G<@>?585:- =G:;7a *?;1-827;
:2 <;8:G6 ><5>;7O;:1-2?<=21>?-/82:52
85EH;:27;?;=GB/-3:GB/2B-BO 7;?;=G2
9G5><;8H4@2918K 5492=2:5K >?-.58H:;0;
@><2B-O <;4/;85/E20;GNLD>?-?H:-123:;6
5 @/-3-29;6/;/>29 95=2 A5=9;6a
* %)(:(*#,' )'%*,%&/# &/# 6989B=9 RUS}{vqq
13
1984-1988
1984-1988
Y Alp^ V^xa Ply`DECEP6 6 DEC=<6C8FG69 8C546C?\
FC89E;4N=J 4@C9v
Y BG=C?F=84BG M=EC?C7C FD9?GE4 Tpeax]
sBPB9 B^aeax]t CG 8C?GCE4 EGHE4 *9EFG4v
Y =EBP9?=F@CGP @CFCF96C7C;=E4 Om^eai
66C8TG BC6P9 FG4B84EGP L=FGCGP DEC8H?G4v
Y C?GCE *E98 +HD9E\;CB"=@@9E\8C?GCE
!4F@C'CAC8Q= = 8C?GCE CE8CB#QSR@@ DE=FCi
98=BTSGFT 6?4L9FG69 B4HLBPJ FC69GB=?C6 GNLDv
Y'AZj]prhjly Cpmrl^ 66C8=GFT fG9JBC@C7=T
48E9FBC> 8CFG46?=g sACRt 8@T?4DFH@ =< G69E8C7C
;9@4G=B4\FCFGCTN=J =< 86HJ L4FG9>`FC69EM9Bi
BC BC64T?CBK9DK=T 4K=8CI=@C6C> 8C546?=v
Y qo_{ 7C8H =FF@98C64B=9
(9J4FF?C7C HB=69EF=G9G4
V"DC?4<P649G\
LGC?CBK9BGE4G
<@4?C6 Tx^i^ni^n
FG=AH@=EH9G
ECFG\E4<6=G=9 = RII9?G=6BC9 =FDC@Q<C64B=9
D=G4G9@QBPJ 69N9FG6v
Y"9;8H GNLD=#4K=CB4@QBC> A98=K=BF?C>
5=5@=CG9?C> HFG4B46@=649GFT?CADQSG9EB4T
F6T<Qv
1989-1993
1989-1993
Y Caxp^npj] Cpmrl^ FG4BC6=GFT D9E6C> =
98=BFG69BBC> 8C546?C>\DE98@474SN9> DC@BP>
B45CE?4ECG=BC=8C6\FC89E;4N=JFT 6 DCEK==
IEH?GC6 = C6CN9>v
Y GNLDi 98=BFG69BBC9 DE98DE=TG=9 F9G96C7C
A4E?9G=B74\??CGCECAH C5E4G=@4FQ F DECFQ5C>
DE98FG46=GQ F6C= CG?EPG=T sCaxp^npj] Cpmrl^t
#QSiCE?F?4T 4?489A=T B4H?v
Y
C?GCE E=4BB4 4EH7= = 8C?GCE R6=8.9D9E8
FG4BC6TGFT L@9B4A= )L9BC7C FC69G4v
1994-1997
1994-1997
Y FF@98C64B=T Caxp^npj] Cpmrl^\DEC6989BBP9
"=B=FG9EFG6CA F9@QF?C7C JC<T>FG64'.=
HL9BPA= B9F?C@Q?=J HB=69EF=G9GC6\DH5@=?Hi
S
GFT 6 Am^xjZan Jpxnal pb CljnjZal Nxjjpn =
8EH7=J;HEB4@4Jv 1G= =FF@98C64B=T DC?4<P64SG\
LGC Caxp^npj] Cpmrl^ DC6PM49G FC89E;4B=9
?4ECG=BC=8C6 6?EC6= = H@HLM4GQ =AAHBBHS
<4N=GH\4 G4?;9 <4N=N4GQ JC@9FG9E=B @=DCDECi
G9=BC6 B=<?C>
D@CGBCFG= =?@9GCLBP9 @=D=8P
CG C?=F@9B=Tv
Y Flapnpj] Cpmrl^\BC64T E4FG6CE=A4T 6 6C89
4BG=C?F=84BGB4T 8C546?4 =< IEH?GC6\C6CN9>
= <9@9BC7C L4T\FG4BC6=GFT
D9E6C>
I@46CBC=8BC>
8C546?C> B4 CFBC69
B4GHE4@QBPJ
DEC8H?GC6 D=G4B=Tv
Y CxZjb^xpy Ply
DE98@4749G E4FG=G9@QBP9
D=G4G9@QBP9 69N9FG64 =<
?E9FGCK69GBPJ E4FG9B=>
= 8EH7=9 DC@9<BP9
=B7E98=9BGPv
Y AZj]prhjly Ply 54@4BF=EH9G DC@9<BHS
A=?ECI@CEH 6;9@H8CLBCi?=M9LBC> F=FG9A9v
Y %EC8H?K=T DC HJC8H <4?C;9> NxjanZ^
sFC89E;4N=9 ACR\6=G4A=BP \'\\<9@9BP>
L4> = RJ=B4K9St<4A9GBC HA9BQM4SG ACEN=BP
= F?@48?=v
Y (9FG=EC64B=9 B4 @S8TJ DC?4<4@C\LGC NxjanZ^
R^n^jne Anjpj]an Tx^am^n HF?CET9G
89>FG6=9 4BG=C?F=84BGC6 = <4N=N49G?C;H CG
6C<89>FG6=T F6C5C8BPJ E48=?4@C6 = UVi@HL9>v
1999-
1999-
H
H
аши
аши
дни
дни
)L9BP9 SAB = GlpXal SZj^nZ^ N^pxk DE98FG46@TSG
DEC7E4AAH?CBGEC@T 69F4 GR
Cpnxpl\G9FGP
?CGCEC> 8C?4<4@=\LGC CB4 DCAC749G CE74B=<AH
8CFG=LQ = FCJE4B=GQ <8CEC6P> 69Fv %ECM98M=>
?@=B=L9F?=9 =FF@9i
8C64B=T GR
Cpnxpl\
89>FG6=G9@QBC?CBi
GEC@=EH9G 7@=?9A=i
L9F?HS E94?K=S\LGC
A4?F=A=<=EH9G F;=i
74B=9;=E4\F6C8=G?
A=B=AHAH CG?@48Pi
649B=9;=E4 = D9E9i
DEC7E4AA=EH9G
CE74B=<A\DE=6=64T
DE=6PL?= <8CEC6C7C
D=G4B=T B4 6FS;=<BQv
#,# %(#3
6989B=9 RUS}{vqq
14
G215?2O D?;.G35?HO 585 35/2?2O
D?;.G2>?Hc
fP i GC\LGC 6P 98=G9g i RGC B9 GC@Q?C 7ECA?4T
IE4<4\RGC 45FC@SGB4T DE4684v %C@9<BP9 F6C>i
FG64 B9?CGCEPJ D=G4G9@QBPJ 69N9FG6 =<69FGBP
H;9 F?4A9BBC7C 69?4v'9>L4F\6 69?=BICEA4i
K=CBBPJ G9JBC@C7=>\<B4L9B=9 D=G4B=T
B4FGC@Q?C JCECMC =<69FGBC = B4HLBC 8C?4<4BC\
LGC DE4?G=L9F?=?4;84T?EHDB4T <8E46CCJE4B=i
G9@QB4T CE74B=<4K=T 6 A=E9 6P849G F6C= E9?Ci
A9B84K== CGBCF=G9@QBC DE46=@QBC7C D=G4B=Tv
(CLBC 8C?4<4B4 F6T<Q A9;8H D=G4B=9A =?E9Di
?=A <8CEC6Q9Av
f#9C5JC8=AC D9E9B4DE46=GQ B4M9 C5N9i
FG69BBC9 6B=A=B=9 CG 5CEQ5P F B98CFG4G?CA
D=G4B=T?DCB=A4B=S GC7C\?4?C9 LH8C AC;9G
FCG6CE=GQ DE46=@QBC9 D=G4B=T 8@T DE98HDE9;i
89B=T 5C@9<B9>g\`D=M9G 6 F6C9>?B=79 f#C6P9
E9?CA9B84K== 8@T <8CEC6QT;9BN=BPg S N@c
PY@Z<YJR^JPN CPY WPM@NXZ H@aL^HT 8C?GCE 9EB48=B
+=@=\5P6M4T 8=E9?GCECA#4K=CB4@QBC7C
=BFG=GHG4 <8CEC6QT'.v f,9BBCFGQ D=G4B=T?4?
CDE4684BBC9 B4DE46@9B=9 6 B4H?9 5C@QM9 B9
AC;9G DC869E74GQFT FCAB9B=TAgv
%=G4G9@QBP9 69N9FG64 = 8C546?=\?CGCEP9 AP
DCGE95@T9A\FCFG46@TSG B4MH 8=9GHv DCF@98B=9
7C8P H59;89B=9 6 GCA\LGC F54@4BF=EC64BB4T
D=N4 T6@T9GFT CFBC6C> JCECM97C <8CEC6QT\DE=i
69@C?E96C@SK== 6 CGBCM9B== @S89>?6CDECFH
C D=G4B==v 8648K4GCA 69?9 fB4FGCTN9>g D=N9>
FL=G4@=FQ ATFC\?4EGCI9@Q = F4@4Gv 5H8HN9A
D=N4\DCi6=8=ACAH\5H89G 5C@99 FE98=<9ABCi
ACEF?C> = 4<=4GF?C>\Gv 9v 5C@99 6979G4E=4BF?C>\
F B=<?=A FC89E;4B=9A;=E4 = FC@= = 5C@QM=A
?C@=L9FG6CA 6C@C?CBv A9T 5C@QM=> <4D4F <B4B=>
C <8CEC6Q9 = D=G4B==\AP FGE9A=AFT G9D9EQ 9FGQ
G4?\LGC5P 5PGQ <8CEC6PA=v $8B4?C @S8= FGC@9i
G=TA= =BGH=G=6BC 8C748P64@=FQ C DC@9<BPJ
F6C>FG64J B9?CGCEPJ D=N96PJ DEC8H?GC6v N9
"C@Q9E 6 F9AB48K4GCA 69?9 F?4<4@[ f#H;BC 9FGQ\
LGC5P;=GQ\4 B9;=GQ\LGC5P 9FGQgv
5?-:52 782?;7 R;>:;/- 41;=;/HK
%E=FGHD4T?FGEC=G9@QFG6H 8CA4 F6C9> A9LGP\
L9@C69?B4L=B49G F DECLBC7C IHB84A9BG4 =
=FDC@Q<H9G <4G9A F4AP> @HLM=> A4G9E=4@ 8@T
DC@BC7C <469EM9B=T DEC9?G4v 4?@48?4 B4 6FS
;=<BQ IHB84A9BG4?E9D?C7C <8CEC6QT G4?;9
GE95H9G?4L9FG69BBC7C A4G9E=4@4v @9G?=`RGC
FGEC=G9@QBP9?4AB= CE74B=<A4\=?4;84T =< {
A=@=4E8C6 6PFC?C FD9K=4@=<=EC64BBPJ?@9GC?
L9@C69L9F?C7C CE74B=<A4 BH;849GFT 6 L=FGCA
6C<8HJ9\L=FGC> 6C89 = B9C5JC8=APJ D=G4G9@QBPJ
6
9N9FG64J[ H7@96C84J\@=D=84J\FG9EC@4J\DECG9=i
B4J\A=B9E4@4J\I9EA9BG4J\6=G4A=B4J = DC8C5i
BPJ =A I4?GCE4J sB4DE=A9E\I=GCBHGE=9BG4Jtv
+CECM4T CFBC6B4T D=N4 = B4GHE4@QBP9 8C546?=
C59FD9L=64SG GC DE46=@QBC9 D=G4B=9\?CGCEC9
<4?@48P649G IHB84A9BG?E9D?C7C <8CEC6QTv
5?-:52/85K2?:- 41;=;/H2 5/
:->?;KF29O 5/.@1@F29
%=N4 T6@T9GFT =FGCLB=?CA GC7C FPEQ96C7C
A4G9E=4@4\6?CGCECA CE74B=<A BH;849GFT 8@T
6PDC@B9B=T F6C=J 9;98B96BPJ IHB?K=>v &45CG4
?@9GC?B9DE9EP6B4 = F@C;B4v FL4FGQS\?@9G?=
6PDC@BTSG 99 46GCA4G=L9F?=\59< B4M9> DCACN=v
Е $)-.!))*% )4!% *:#))*-.79:':!.-:-)"!)$!
8.$1 -'*")61> $)($3!-&$1 -$-.!( +$.)$!(
6-4!* &3!-. ':!-+!,!*%)*%,*.6 *,)$#(U
1GC 64;B4T <484L4\G4??4?A=@@=4E8P?@9GC?
C5E4<HSGFT\E4<EHM4SGFT = <4A9BTSGFT?4;8P>
89BQv 4 F9AQ @9G 5C@QM=BFG6C B4M=J?@9GC?\
?ECA9?@9GC?AC<74 = CL9BQ FD9K=I=L9F?=J
7E4BH@TEBPJ?@9GC?\DC@BCFGQS C5BC6@TSGFTv
%EC8C@;=G9@QBCFGQ;=<B=?E4FBPJ?EC6TBPJ
G9@9K 8C =J H84@9B=T =<?EC6CC5E4N9B=T = E4<i
EHM9B=T FCFG46@T9G GC@Q?C L9GPE9 A9FTK4v L9@C69L9F?CA CE74B=<A9 FC89E;=GFT C?C@C c
A=@=4E8C6?E4FBPJ?EC6TBPJ G9@9K\DCRGCAH
GE95C64B=T?D=G4B=S 8@T DCFGCTBBC> <4A9BP
RG=J?@9GC??C@CFF4@QBPa#9?CGCEP9?@9G?=\?4?
B4DE=A9E?@9G?= ECGC6C> DC@CFG= =?=M9LB=?4\
<4A9BTSGFT 9N9 5PFGE99[?4;8P> 89BQa
ECA9 GC7C\H E4<BPJ?@9GC?= G?4B9> 9FGQ F6C=
CFC59BBP9 DCGE95BCFG= 6 D=G4B==v @9G?4A @97i
?=J\B4DE=A9E\6=G4A=B4'GE95H9GFT 5C@QM9\L9A
ABC7=A 8EH7=J?@9G?4A\4?@9G?=\FCFG46@TSN=9
7@4<BHSG?4BQ\BH;84SGFT 6 5C@QM9A?C@=L9FG69
?4ECG=BC=8BPJ D=G4G9@QBPJ 69N9FG6 E4FG=G9@Qi
BC7C DEC=FJC;89B=Tv %CFGHD@9B=9 6 CE74B=<A
D=G4G9@QBPJ 69N9FG6 F D=N9> = 8C546?4A= 8C@;i
BC DE96PM4GQ DCGE95BCFGQ 6C =<59;4B=9 6C<B=?i
BC69B=T F=ADGCAC6 B98CFG4GCLBCFG=v
98B4T D=G4G9@QBPA= 69N9FG64A= D=N4 CGE=i
K4G9@QBC F?4<P649GFT B4 <8CEC6Q9v 4ECG=BC=8P
`TE?=9 E4FG=G9@QBP9 D=7A9BGP\C?E4M=64SN=9
DCA=8CEP 6?E4FBP>\ACE?C6Q 6 CE4B;96P> =
GP?6H 6;9@GP> K69G4 i?E4>B9 64;BP 8@T E45CGP
B9?CGCEPJ?@9GC??EC6=\<4N=N4SN=J CE74B=<A
CG B4D489B=> A=?EC5C6v FF@98C64B=T DC?4<4@=\
LGC 598B4T?4ECG=BC=84A= D=N4 HJH8M49G
=AAHBBHS<4N=GHv B4C5CECG\=AAHBB4T <4N=i
G4 H?E9D@T9GFT DE= HDCGE95@9B== 5C74GC>?4ECi
:-D2:52 <5?-:5K
#,# %(#3
6989B=9 RUS}{vqq
15
G=BC=84A= D=N=v %C8C5BPA;9 C5E4<CA 6=G4A=B
'= K=B?AC7HG HF?CE=GQ 6P<8CEC6@9B=9 DCF@9
DECFGH8BPJ <45C@964B=>v 4;9?E4G?C6E9A9BBP>
B
98CFG4GC?D=G4G9@QBPJ 69N9FG6 CGL9G@=6C DECTi
6@T9G F95T\B4DE=A9E\6 6=89 FB=;9B=T RB9E7== H
@S89>\LQT D=N4 FC89E;=G F@=M?CA A4@C 6=G4i
A=B4 =@=;9@9<4v
;824:H:2 K/8K2?>K:254.23:G9
><@?:57;9 >?-=2:5K
"BC7=9 79ECBGC@C7= sFD9K=4@=FGP DC FG4E9B=St
B9 FL=G4SG\LGC 5C@9<BQ = 59FF=@=9 T6@TSGFT
B9=<59;BPA= DE= FG4E9B==v $B= FL=G4SG\LGC
DEC;=GQ 5C@99 8C@7HS<8CEC6HS;=<BQ AC;BC\E4i
<HABC F54@4BF=EC646 D=G4B=9\86=;9B=9 = CG8PJv
#4L4@C D@CJC7C <8CEC6QT L4FGC <4?@48P649GFT
H;9 6 89GFG69\?C784 ABC7=9 89G= = DC8ECFG?=
DCGE95@TSG D=NH\DC869E7MHSFT <B4L=G9@QBC>
C5E45CG?9 = FC89E;4NHS ABC7C;=E4\FC@= =
F4J4E4v CFG=7BH6 8648K4G=@9GBC7C 6C<E4FG4\
5C@QM=BFG6C =< B=J H;9 B9 G4?<8CEC6P\?4?
8C@;BP 5P@= 5P 5PGQ\DCF?C@Q?H B9 86=74SGFT
8CFG4GCLBC ABC7C =@= 98TG D=NH\FC89E;4NHS
F@=M?CA A4@C 4BG=C?F=84BGC6 = 8EH7=J D=G4i
G9@QBPJ 69N9FG6v GE=8K4GQ @9G\6 F4ACA 4?G=6i
BCA 6 F9A9>BC>;=<B= =?4EQ9E9 6C<E4FG9\CB=
L4FGC B9 B4JC8TG 6E9A9B= 8@T E97H@TEBPJ <4BTi
G=> I=<?H@QGHEC> = 8CFG4GCLBC7C FB4v FCEC?
@9G CB= B4DET;9BP\=FGCN9BP =@= =A9SG =<5Pi
GCLBP> 69F =<i<4 DCFGCTBBC7C FGE9FF4\D@CJC7C
D=G4B=T = B98CFG4GCLBC> DC86=;BCFG=v DTG=i
89FTG=@9GB9A 6C<E4FG9 B4L=B49G 8464GQ C F959
<B4GQ 5C@QM=BFG6C 5C@9<B9>v ) ABC7=J;9BN=B\
B4DE=A9E\DCT6@TSGFT DE=<B4?= CFG9CDCEC<4\=
ABC7=9 @S8= C5C=J DC@C6 B4L=B4SG DE=B=A4GQ
@9?4EFG64 CG GC7C =@= =BC7C <45C@964B=Tv
8;.-8H:-K <2=><27?5/- >92=?:;>?5N
<8;B;2 <5?-:52:-B;15?>/;5B 32=?/
<;/>J1@
%C 84BBPA F9A=EBC> CE74B=<4K== <8E46CCJi
E4B9B=T FE98BTT DEC8C@;=G9@QBCFGQ;=<B= 6
B4=A9B99 E4<6=GPJ FGE4B4J A=E4 FCFG46@T9G d
7C84 DC FGE46B9B=SF {_ 7C84A= 6 F4APJ E4<6=GPJ
FGE4B4Jv'E98BTT DEC8C@;=G9@QBCFGQ;=<B= 6
A=E9 FCFG46@T9G DCLG= |c @9Gv
#
9 <46=F=AC CG 6C<E4FG4 54@4BF A9;8H D=G4B=i
9A\86=;9B=9A = CG8PJCA T6@T9GFT FHN9FG69BBC>
FCFG46@TSN9> L4FGQS<8CEC6QT\;=<B9FDCFC5BCFG=
= 8C@7C@9G=Tv#C JCECM99 D=G4B=9`RGC B9 GC@Q?C
DC@9<B4T D=N4\FC89E;4N4T B9C5JC8=AP9 H7@9i
6
C8P\@=D=8P\FG9EC@P\DECG9=BP\6=G4A=BP =
F6T<4BBP9 F B=A= D=G4G9@QBP9 I4?GCEPsI=GCi
BHGE=9BGPt\A=B9E4@P\RB<=APv $BC 8C@;BC
8464GQ CE74B=<AH G9 69N9FG64\?CGCEP9 GCG AC;9G
=FDC@Q<C64GQv )DCGE95@TT D=NH\AP 8C@;BP
DCAB=GQ\LGC?@9G?4A = G?4BTA BH;BP D=G4i
G9@QBP9 69N9FG64\?CGCEP9 CB= AC7HG HF6C=GQv
#;=;E-K <5F- 2F2:2 0-=-:?5=@2?
B;=;E22 <5?-:52
%=N4 8C@;B4 DEC>G= M9FGQ FG48=>[ DCGE95@9B=9
D=N= sDC@9<B4T 984t\D=N964E9B=9 sA9J4B=L9F?C9
=<A9@QL9B=9 D=N= 6C EGH = D9E964E=64B=9 6
;9@H8?9t\45FCE5K=T sDCFGHD@9B=9 D=G4G9@QBPJ
69N9FG6 =<?=M9LB=?4 6 F=FG9AH?EC6CC5E4N9B=Tt\
?EC6CC5E4N9B=9 s8CFG46?4 D=G4G9@QBPJ 69N9FG6
?EC6QS??@9G?4At\C5E4N9B=9 = HF6C9B=9 s8CFG46?4
D=G4G9@QBPJ 69N9FG6 = =J HF6C9i
B=9 6?@9G?4Jt = H84@9B=9 CGJC8C6
sH84@9B=9 DEC8H?GC6 C5A9B4
69N9FG6 =<?@9GC?tv (C@Q?C?C784
6PDC@BTSGFT 6F9 RG= IHB?K==\
D=N4 849G CE74B=<AH B9C5JC8=AC9
9AH D=G4B=9v %CRGCAH F4A4 DC F959
DC@9<B4T D=N4 9N9 B9 T6@T9GFT
74E4BG=9> D=G4B=Tv"9;8H G9A\
DC@9<B4T D=N4 C5E4<H9G IHB84i
A9BG\B4?CGCEP> CD=E4SGFT B4M9
<8CEC6Q9 =;=<B9FDCFC5BCFGQv
(( ) T
'((!0#$'(0 #- %$'##$ %.
6989B=9 RUS}{vqq
16
;85D2>?/;<5?-?28H:GB/2F2>?/b
-4:;;.=-452 <5F5 S
<?59-8H:;2 <5?-:52 b
354:2><;>;.:;>?H
f'4A4T 5C@QM4T <484L4 6 6CDECF9 C <8CEC6Q9
F97C8BT`RGC B4>G= FDCFC5 H69@=L9B=T?C@=L9i
FG64 = E4<BCC5E4<=T D=G4G9@QBPJ 69N9FG6 6 D=N9
59< DC6PM9B=T DCGE95@9B=T?4@CE=>g\i 7C6CE=@
8C?GCE *E98 +HD9E\L@9B )L9BC7C FC69G4 GNLDv
,9@QS T6@T9GFT DCFGHD@9B=9 F D=N9> 8CFG4GCLi
BC7C?C@=L9FG64 = E4<BCC5E4<=T D=G4G9@QBPJ
69N9FG6v
;85D2>/?;<5?-?28H:GB/2F2>?/
P@C 5P @HLM9 6F97C\9F@= 5P B4M4 D=N4 FC89Ei
;4@4 A4@C?4@CE=> = ABC7C D=G4G9@QBPJ 69N9FG6v
#4 DE4?G=?9;9 AP DC@HL49A F@=M?CA ABC7C
?4@CE=> = F@=M?CA A4@C D=G4G9@QBPJ 69N9FG6v
%CGE95@TT G4?HS D=NH\?4??4EGCI9@Q IE=\AP
@=M49A F95T 5C74GC> D=G4G9@QBPA= 69N9FG64A=
?4EGCI9@QBC>?C;HEP = FO9849A B4E9<4BBHS\
C5;4E9BBHS = FC@9BHS A4FFH\FCFGCTNHS DCLG=
GC@Q?C =<?E4JA4@4v $5E45CG4BB4T G4?=A FDCFCi
5CA D=N4 598B4 D=G4G9@QBPA= 69N9FG64A=\
FC89E;=G ABC7C?4@CE=> = B9 849G GC7C E4<BCi
C5E4<=T DC@9<BPJ 69N9FG6\?CGCEC9 DE=FHGFG6H9G
6?4EGCI9@9v
-4:;;.=-452 <5?-:5K
"PF@Q C B9C5JC8=ACFG= E4<BCC5E4<=GQ D=G4B=9
B9 BC64\BC DE=C5E9G49G 6F9 5C@QM99 <B4L9B=9v
F@= C8BC DC?C@9B=9 4A9E=?4BK96 6PECF@C 6
H59;89B==\LGC CFBC6C> DE46=@QBC7C D=G4B=T
T6@T9GFT fGE9JE4<C6C9 D=G4B=9g\GC F@98HSN99
DC?C@9B=9;=@C F FC<B4B9A 64;BCFG= fL9GPE9J
7EHDDgv %C<;9\7C6CET C E4<BCC5E4<== D=G4B=T\
FG4@= =FDC@Q<C64GQ DCBTG=9 D=E4A=8P D=G4B=Tv
3DCB== 8@T CDG=A4@QBC7C <8CEC6QT E9?CA9Bi
8H9GFT HDCGE95@TGQ 6 D=NH E4<@=LBPJ DECi
8H?GC6 D=G4B=T?4;8P> 89BQv
FC;4@9B=S\ABC7=9 =< B4F DE=6P?4SG?C8i
BCC5E4<BC> 8=9G9\?C784 6 D=NH =<C 8BT 6 89BQ
HDCGE95@T9GFT 8C6C@QBC C7E4B=L9BBC9?C@=L=i
FG6C DEC8H?GC6 D=G4B=T sB4DE=A9E\?4;8P> 89BQ
G9;9 F4AP9?H?HEH<BP9 J@CDQT B4 <46GE4?tv (4?4T
DE=6PL?4 FB=;49G E4<BCC5E4<=9v $B4 AC;9G 6P<i
64GQ B98CFG4GC?B9?CGCEPJ D=G4G9@QBPJ 69N9FG6
6 CE74B=<A9 = G9A F4APA CGE=K4G9@QBC F?4<4GQFT
B4 E4<BCC5E4<== D=N=v
"
BC7=9 B9 DC@HL4SG 64;BP9 D=G4G9@QBP9
69N9FG64 =A9BBC DCGCAH\LGC =J D=G4B=9 DE9i
6E4G=@CFQ 6 DE=6PL?Hv#4DE=A9E\<B4L=G9@QB4T
L4FGQ B4F9@9B=T B9 DC@HL49G 4BG=C?F=84BGBHS
<4N=GH\?CGCEHS 84SG T7C8P\G4??4?B=?C784
B9 9FG T7C8v @HLM9A F@HL49 B9?CGCEP9 FO984SG
=BC784 B9ABC7C 64E9BQTv 37C8P;9 T6@TSGFT
5C74G9>M=A =FGCLB=?CA DC@9<BPJ I=GCBHGE=i
9BGC6 i I@46CBC=8C6v (C;9 F4AC9 AC;BC F?4<4GQ
= C 8EH7=J DC@9<BPJ D=G4G9@QBPJ 69N9FG64J\
?CGCEP9 B9 DC@HL49G GCG\?GC 9FG C8BCC5E4<BHS
D=NHv
G4:-29O:;/>2 =-/:;2159:2
?@ <5F@
f9@4>G9\?4?T 7C6CES\4 B9?4?T 89@4Sg`G4?
AC;BC 5P@C 5P CJ4E4?G9E=<C64GQ D=G4B=9 @S89>
6C 6F9A A=E9v F9A =<69FGBC\LGC BH;BC 9FGQ
DC@9<BHSD=NH\= 6F9iG4?= L4FGC @S8= 6P5=E4SG
D=NH D@CJHSv
$DECFP DC?4<P64SG\LGC 5C@QM=BFG6H 4A9E=i
?4BK96 =<69FGBP 6CF9AQ DE=BK=DC6 D=G4B=T\
CDE989@9BBPJ 6 qo_o 7C8H#4K=CB4@QBC> 4?489i
A=9> B4H?'.[
Y
)A9BQM=GQ DCGE95@9B=9;=E4 8C u=@= A9B99
CG C5N97C?C@=L9FG64?4@CE=>v
Y $7E4B=L=GQ DCGE95@9B=9 B4FPN9BBPJ;=EC6
8C A9B99 quCG?C@=L9FG64?4@CE=>v
Y %CGE95@TGQ A9B99 A7 JC@9FG9E=B4 6 89BQv
Y'O984GQ A=B=AHA DTGQ DCEK=> IEH?GC6 =
C6CN9>?4;8P> 89BQv
Y )69@=L=GQ DCGE95@9B=9 F@C;BPJ H7@96C8C6\
FO984T M9FGQ =@= 5C@99 DCEK=> J@954\<9EBC6PJ
= <9@9B= 6 89BQv
Y )A9E9BBC DCGE95@TGQ 59@?=
Y )A9BQM=GQ DCGE95@9B=9 FC@=
Y %CGE95@TGQ E9?CA9B8H9AHSFHGCLBHSBCEAH
?4@QK=Tv
#C B9FACGET B4 B4MH @HLMHS CF698CA@9BBCFGQ
6 6CDECF9 C D=G4B==\B4M4 D=N4 B9 H@HLM=@4FQv
%EC6989BBC9 6 qooq 7C8H =FF@98C64B=9\6?CGCECA
FE46B=64@CFQ D=G4B=9 4A9E=?4BK96 <4 GE= 89FTi
G=@9G=T\DC?4<4@C\LGC GC@Q?C A9B99 cuCDECi
M9BBPJ DCGE95@T@= <8CEC6HSD=NHv DCF?C@Q?H
6F9 5C@QM9 FGE4B D9E9JC8TG 6?4G97CE=SE4<6=GPJ\
789 C5PLB4 C5E45CG4BB4T\;=EB4T\FC89E;4N4T
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(CLBC G4?;9\?4?= 6=G4A=BP\I=GCBHGE=9BGP
sE4FG=G9@QBP9 D=G4G9@QBP9 69N9FG64t F6T<4BP F
D=N9> = B9C5JC8=AP8@T CDG=A4@QBC7C <8CEC6QTv
$B= 6?@SL4SG[?4ECG=BC=8P =< ACE?C6=\DCA=i
8CEC6\MD=B4G4 = 8Evz I@46CBC=8P =< 6=BC7E484\
T7C8\L4T =?E9FGCK69GBPJ FC98=B9B=> =< 5EC?i
?C@=\5ESFF9@QF?C>?4DHFGP = 8Evz FC89E;4N=9
F9EH FC98=B9B=T =< L9FBC?4 = @H?4z A=?CDC@=F4i
J4E=8P =< 4@CRz =FCI@46CBP =< FC96PJ 5C5C6`
FD=FC?AC;BC DEC8C@;4GQ 8C@7Cv 4 DCF@98B=9
89FTG=@9G=T HL9BP9 B4L4@= CFC<B464GQ ABC7=9
DE9=AHN9FG64 I=GCBHGE=9BGC6v#9?CGCEP9 I=GCi
BHGE=9BGP\B4DE=A9E\T6@TSGFT F=@QBPA= 4BG=C?i
F=84BG4A=v
EH7=9 H69@=L=64SG DEC=<6C8FG6C
I9EA9BGC6\B9>GE4@=<HSN=J CD4FBP9 69N9FG64v
5:2=-8G
"=B9E4@P G4?;9
64;BP 8@T BCEA4@Qi
BC> E45CGPCE74B=<i
A4\
?4?= 6=G4A=BPv
$B= FCFG46@TSG dicu
69F4 G9@4 = DE=FHGi
FG6HSG 6 CE74B=<A9
6 5C@QM=J?C@=L9i
FG64J 6 6=89 G4?=J
A4?ECA=B9E4@C6\
?4??4@QK=>\J@CE=B\ICFICE\?4@=>\A47B=>\
B4GE=> = F9E4\=@= 6 A4@PJ?C@=L9FG64J 6 6=89
G4?=J A=?ECA=B9E4@C6\?4?JECA\A98Q\IGCE\
>C8\;9@9<C\A4E74B9K\AC@=589B\F9@9B = K=B?v
"=B9E4@P T6@TSGFT 64;BPA FGEC=G9@QBPA
A4G9E=4@CA 8@T?CFGBC> A4FFP\<H5C6\AT7?=J
!082/;1G
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6989B=9 RUS}{vqq
31
G?4B9>\APMK\?EC6TBPJ = B9E6BPJ?@9GC?=
B9C5JC8=AP 8@T APM9LBC> E94?K==\D9E984L=
=ADH@QFC6 6 B9E6BC> F=FG9A9\D=N964E9B=T\
C
5A9B4 69N9FG6 = DEC=<6C8FG64 7CEACBC6 =
4BG=G9@v $B= E97H@=EHSG 54@4BF 6C8P\?=F@CG\
N9@CL9> = 8EH7=J 5=C@C7=L9F?= 64;BPJ 69N9FG6
6 CE74B=<A9 = 6JC8TG\?4?64;BP9?CADCB9BGP\6
B4MH I9EA9BGBHS F=FG9AHv
+
CGT 6F9 A=B9E4@P DEC=FJC8TG =< DCL6P =
7CEBC> DCEC8P\B9?CGCEP9 =< B=J F6T<4BP F
;=6PA= CE74B=<A4A=v B4M9> D=N9 9FGQ = G9\
= 8EH7=9 A=B9E4@Pv $8B4?C CE74B=<A HF64=649G
A=B9E4@P B9 59< GEH84v 4?H;9 F?4<4BC\6=G4i
A=BP = A=B9E4@P 89>FG6HSG @HLM9 6?CA5=B4i
K==\L9A DC CG89@QBCFG=v <89FQ GC;9 DE96Pi
M4SN=9 &'#?C@=L9FG64 AC7HG 5PGQ B9C5JC8=AP
8@T CDG=A4@QBC7C <8CEC6QTv
5<51G5
>?2=;8G
!=D=8P = FG9EC@P`
RGC;=EP\6PDC@i
BTSN=9 CL9BQ 64;i
BP9 IHB?K==v $B=
84SG RB9E7=S =
FC89E;4G E4FG6CE=i
AP9 6;=E4J 6=G4i
A=BP = ABC7C I=GCi
BHGE=9BGC6v *CFIC@=D=8P T6@TSGFT FGEH?GHEi
BPA=?CADCB9BG4A= A9A5E4B?@9GC?\RAH@Q74i
GCEC6 = DE98M9FG69BB=?4 4K9G=@JC@=B4\64;BC7C
D9E984GL=?4 B9DE9EP6BPJ =ADH@QFC6v EH7=9 @=D=i
8P
\B4DE=A9E CA974i = CA974i|\?CBGEC@=EHSG
6CFD4@=G9@QBP9 DECK9FFP = B9C5JC8=AP 8@T
E4<6=G=T AC<74v'G9EC@PT6@TSGFT 6=8CA @=D=8C6
= 6?@SL4SG DE98M9FG69BB=?C6 B9?CGCEPJ 7CEi
ACBC6\JC@9FG9E=B s?CADCB9BG A9A5E4BP;=6CGi
BC>?@9G?=t = DE98M9FG69BB=?4 6=G4A=B4 Dv
!=D=8P= FG9EC@PC5E4<HSG 6A9FG9 7@46BHSL4FGQ
86HJ F@C96\C?EH;4SN=J?4;8HS?@9G?H CE74i
B=<A4v $B= T6@TSGFT CFC5C 64;BPA=?CADCB9Bi
G4A=;=EBPJ G?4B9> B9E6BC> F=FG9APv
9< F54@4BF=EC64BBC7C HEC6BT @=D=8C6 =
FG9EC@C6?@9G?= AC7HG B98CDC@HL4GQ D=G4B=9\LGC
AC;9G DE=69FG=?=J =FGCN9B=Sv!=D=8P = FG9i
EC@P =7E4SG <B4L=G9@QBHS EC@Q 6 HF6C9B==
?@9G?4A= D=G4B=Tv F@=?@9G?= B9 AC7HG 4FF=i
A=@=EC64GQ 6F9 B9C5JC8=AC9 =A D=G4B=9\?C@=i
L9FG6C D=G4G9@QBC7C 69N9FG64 B9 DCAC;9Gv
#9F54@4BF=EC64BBP> HEC69BQ @=D=8C6 = FG9EC@C6
AC;9G <4GCEAC<=GQ IHB?K=SRB8C?E=BBPJ;9@9<\
LGC DE=6989G?84@QB9>M9AH =FGCN9B=Sv
M9A5E4B4A 6F9J?@9GC?B9C5JC8=AP;=EP\BC
B9 6F9;=EP C8=B4?C6Pv FGQ DC@9<BP9;=EP =
6E98BP9;=EPv#4FPN9BBP9;=EP\FC89E;4i
N=9FT\B4DE=A9E\6 7C6T8=B9 = F@=6CLBCA A4F@9\
`A9B99 7=5?=> FGEC=G9@QBP> A4G9E=4@ 8@T?@9i
GC?\L9A G4?=9 B9B4FPN9BBP9;=EP\?4?\B4DE=i
A9E\C@=6?C6C9 A4F@C =;=EBP9?=F@CGP CA974iv
"BC7=9 HL9BP9 FL=G4SG\LGC A9A5E4B9\DCFGEC9Bi
B
C> =< 5C@99 7=5?C7C A4G9E=4@4\@97L9 FCJE4B=GQ
F6CS R@4FG=LBCFGQ = FCCG69GFG69BBC F6CS FDCi
FC5BCFGQ DECDHF?4GQ 6?@9G?H DC@9<BP9 FH5FG4Bi
K== = DE97E4;84GQ DHGQ 6E98BPAv
->7;8H7;<=;D:G4/2:HK
/-E26 C2<5 354:5c
C@QM=BFG6C E45CG4SN=J F D=G4B=9A\69ECTGBC\
AC7@= 5P <469E=GQ\LGC 9F@= 5P H B4F 5P@C 6E9AT
D@4B=EC64GQ\7CGC6=GQ = DC@BCK9BBC 9FGQ GE= E4<4
6 89BQ\GC AP\DCi6=8=ACAH\AC7@= 5P H8C6@9i
G6CE=GQ DCGE95BCFG=?E9D?C> fK9D=;=<B=gv
%EC5@9A4 FCFGC=G 6 GCA\LGC A4@C H?C7C 9FGQ
8CFG4GCLBC <B4B=> = 6E9A9B=\= DCRGCAH AP B9
<B49A\B4F?C@Q?C?E9D?= B4M= <69BQT fK9D=
;=<B=gv"=@@=CBP@S89> H8C6@9G6CETSG DCGE95i
BCFGQ
6 D=G4G9@QBPJ 69N9FG64J DHG9A 8C546C?v
#9FACGET B4 JCECM=9 B4A9E9B=T <69BQT
B4M9> fK9D=;=<B=g F@459SG =<i<4 DEC59@C6 6
D=G4B==v %E46=@QBC 6P5E4BBP9 8C546?= AC7HG
6CFDC@B=GQ RG= DEC59@Pv %EC8H?GP GNLD GN4i
G9@QBC E4<E454GP64@=FQ\LGC5P H?E9D=GQ 6F9
<69BQT fK9D=;=<B=g = F89@4GQ 64F <8CEC6PA =
F=@QBPAv %EC8H?GP GNLD CD=E4SGFT B4 ABC7Ci
@9GB=9 B4HLBP9 =FF@98C64B=T = E4<E45CG?= =
T6@TSGFT B4=@HLM=A FDCFC5CA C59FD9L=GQ F959
?E9DCFGQ <69BQ96 fK9D=;=<B=gv %=G4G9@QBP9
8C546?= GNLD`RGC B9 DECFGC 6=G4A=BP =
A=B9E4@P\4 F54@4BF=EC64BBP9 D=G4G9@QBP9
69N9FG64\?CGCEP9 H?E9DTG 64M9 <8CEC6Q9v
!082/;1G
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:-2?2 85/GO D29;?85D-2?>K <5F-
;?<5?-:5Kc
'@C6C fD=G4B=9g L4FGC 4FFCK==EH9GFT F DC@9<BC>
D=N9>v#C 6 89>FG6=G9@QBCFG= DC@9<B4T D=N4`
@=MQ L4FGQ D=G4B=Tv @9G?= GC@Q?C GC784 DC@Hi
L4SG DC@Q<H CG JCECM97C D=G4B=T\?C784 D=N4
E4FN9D@T9GFT B4 8CFG4GCLBC A4@P9 8@T 45FCE5K==
L4FG=KPv 1G= L4FG=KP D=G4G9@QBPJ 69N9FG6
8C@;BP <4G9A DCFGHD=GQ 6 CE74B=<A\45FCE5=ECi
64GQFT?@9G?4A= = HL4FG6C64GQ 6 C5A9B9 69N9FG6v
4;BP9 D=G4G9@QBP9 69N9FG64 HF64=64SGFT?@9i
GCLBPA A9J4B=<ACA\4 CGJC8PH84@TSGFTv =@0595
>8;/-95O <5F- R I?;?;O D?;9G2159O - <5?-:52
R?;O D?;A-7?5D2>75 <;>?@<-2?/:-E5 782?75
5?7-:5a
)L9BCA FC69G9 GNLD JCECMC DCB=A4SG RGH
E4<B=KHv %=G4G9@QBP9 69N9FG64 DECJC8TG L9E9<
M9FGQ E4<@=LBPJ RG4DC6 6 GC 6E9AT\?4?CE74B=<A
E45CG49G B48 G9A\LGC5P FB458=GQ D=G4B=9A?4;i
8HS?@9G?Hv @T A4?F=A4@QBC7C DCFGHD@9B=T
D=G4B=T 6C 69FQ CE74B=<A\DECJC;89B=9?4;8C7C
=< RG=J RG4DC6 8C@;BC 5PGQ RII9?G=6BPAv 4;9
B95C@QMC> F5C> B4?4?CAiGC RG4D9 AC;9G HA9BQi
M=GQ 6C<AC;BCFGQ CDG=A4@QBC7C <8CEC6QTv
)L=GP64T RGC\)L9BP> FC69G GNLDE4<E454GP64@
?4;8HSD=G4G9@QBHS8C546?H G4?\LGC5P DC889Ei
;4GQ C8=B =@= B9F?C@Q?C =< RG=J 64;BPJ RG4DC6\=
?@9G?= AC7@= 5P DC@HL4GQ B9C5JC8=AC9 =A F54i
@4BF=EC64BBC9 D=G4B=9v
52?-
+CECM4T 8=9G4 i RGC D9E64T FGHD9BQ 6
FB45;9B== CE74B=<A4 DE46=@QBC DC8C5i
E4BBPA=
D=G4G9@QBPA= 69N9FG64A=\
B9C5JC8=APA= 8@T JCECM97C <8CEC6QTv
=9G4 FCFGC=G =< D=N=\;=8?CFG= = 8C546C?\
?CGCEP9 AP DCGE95@T9A?4;8P> 89BQv
#4M4 8=9G4 L4FGC B9 FC6D4849G F =894@QBPA
D=G4B=9Av %=G4G9@QBP9 8C546?= GNLDDE=<64BP
DC6PF=GQ?4L9FG6C C5N97C D=G4B=T G4?\LGC5P
B9C5JC8=AP9 8@T JCECM97C <8CEC6QT CFBC6BP9
D=G4G9@QBP9 69N9FG64 5P@= DC8 EH?C> 6 8CFG4i
GCLBCA = F54@4BF=EC64BBCA?C@=L9FG69?4;8P>
89BQv C546?= 6 <B4L=G9@QBC> FG9D9B= AC7HG
<4DC@B=GQ DEC59@P 6 D=G4B==v
5F2/-=2:52
%=N964E9B=9 B4L=B49GFT F;964B=T
= 6?@SL49G C5E45CG?H D=N=?=F@Ci
G4A= = I9EA9BG4A=v 1GC DECK9FF\
DE=?CGCECA 6FT D=N4 E4FN9D@T9GFT
B4 DECFGP9 FCFG46BP9 L4FG=\?CGCEP9 CE74B=<A
A
C;9G =FDC@Q<C64GQ 8@T DC@HL9B=T RB9E7== =
C5E4<C64B=T?@9GC?= G?4B9>v!=D=8P\DECG9=BP
= H7@96C8P E4FN9D@TSGFT B4;=EBP9?=F@CGP\
4A=BC?=F@CGP = DECFGC> F4J4Ev
4;8P> DEC8H?G GNLD FCFG46@9B G4?\LGC5P
AC7 @97?C = DC@BCFGQS D9E964E=64GQFTv B4M=
DEC8H?GP 6JC8TG FD9K=4@QBP9 =B7E98=9BGP[
I9EA9BGP =@= D=G4G9@QBP9 69N9FG64\H@HLM4Si
N=9 D=N964E9B=9v ECA9 GC7C\B4M= G45@9G?=
@97?C E4FG6CE=AP = DCRGCAH @97L9 D9E964E=i
64SGFTv
.>;=.C5K
5FCE5K=T`RGC DECK9FF\DE=?CGCi
ECA DEC8H?GP D=N964E9B=T i DECi
FGC> F4J4E\4A=BC?=F@CGP\;=EBP9
?=F@CGP\6=G4A=BP\A=B9E4@P\
I=GCBHGE=9BGP = 8Ev`DECJC8TG
L9E9< FG9B?=?=M9LB=?4 = DCFGHD4SG B9DCFE98i
FG69BBC 6 F=FG9AH?EC6CC5E4N9B=Tv!=D=8P;9
= E4FG6CE=AP9 6 @=D=84J D=G4G9@QBP9 69N9FG64
DCFGHD4SG 6 F=FG9AH?EC6CC5E4N9B=T L9E9< @=Ai
I4G=L9F?HSF=FG9AHv
4;8P> DEC8H?G GNLD@97?C 45FCE5=EH9GFT =
8CFG46@T9G 6 F=FG9AH?EC6CC5E4N9B=T B9C5JC8=i
AP9 D=G4G9@QBP9 69N9FG64\?CGCEP9 <4G9A DCFGHi
D4SG 6C 6F9?@9G?= CE74B=<A4v
.=-F2:52
'=FG9A4?EC6CC5E4N9B=T 8CFG4i
6@T9G 45FCE5=EC64BBP9 D=G4G9@Qi
BP9
69N9FG64?C 6F9A?@9G?4A
CE74B=<A4v C<AC;BC\AP DE4i
6=@QBC D=G49AFT\JCECMC D9E9i
64E=649A D=NH = 45FCE5=EH9A D=G4G9@QBP9
69N9FG64\BC 9F@= B4EHM9B4 F=FG9A4?EC6CC5E4i
N9B=T\D=G4G9@QBP9 69N9FG64 AC7HG B9 DCD484GQ
DC B4<B4L9B=Sv
)L9BP> FC69G GNLD CG849G F959 CGL9G 6?E=i
G=L9F?C> EC@=\?CGCEHS =7E49G F=FG9A4?EC6Ci
C5E4N9B=T 6 DC@HL9B==?@9G?4A= D=G4B=Tv
%=G4G9@QBP9 8C546?= FCFG46@9BP =A G4?\LGC5P
CB= DC889E;=64@= CDG=A4@QBHS E45CGH CE74i
B=<A4v
&2>?H I?-<;/<=;C2>>- <5?-:5K
ДИЕТ
ОБР ЩЕНИЕ И
УСВОЕНИЕ
ПИЩЕВРЕНИЕ
КЛЕТК
УДЛ ЕНИЕ
ОТХОДОВ
Б
С
О
Р
Б
Ц
И
Я
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!>/;2:52
)F6C9B=9 i 89@=?4GBP> DECK9FF
DECJC;89B=T D=G4G9@QBPJ 69N9FG6
L9E9< A9A5E4BH\C?EH;4SNHS
?
4;8HS;=6HS?@9G?Hv @T GC7C\
LGC5P?@9G?= CE74B=<A4 AC7@=
E4FG=\6CFFG4B46@=64GQFT = C5BC6@TGQFT\B9C5JCi
8=AC DE46=@QBC9 HF6C9B=9v 1GCG DECK9FF GE95H9G
<8CEC6QT?@9G?= = CFC59BBC 99 A9A5E4BPv"BC7=9
=FF@98C64G9@= FL=G4SG\LGC CE74BP = G?4B= FG4i
E9SG GC784\?C784?@9G?= E4<EHM4SGFT 5PFGE99\
L9A CE74B=<A HFD9649G =J 6CFFG4B46@=64GQv %E4i
6=@QBC9 HF6C9B=9 D=G4G9@QBPJ 69N9FG6;=<B9Bi
BC 64;BC 8@T 6CFFG4BC6@9B=T?@9GC?v
GNLD 6?@SL49G;=<B9BBC 64;BP9 @=D=8P =
FG9EC@P 6 F6C= ICEAH@P 8@T DC889E;4B=T FDCi
FC5BCFG=?@9GC?HF64=64GQ D=G4G9@QBP9 69N9FG64v
<69FGB4T DC7C6CE?4 f6Pi GC\LGC 6P98=G9g AC;9G
5PGQ 5C@99 DE46=@QBC FICEAH@=EC64B4?4?f6P
`GC\LGC 64M=?@9G?= FDCFC5BP HF6C=GQgv
!1-82:52;?B;1;/
%CF@98B=> RG4D DECK9FF4 D=G4B=T
`RGC RII9?G=6BC9 H84@9B=9 =<
CE74B=<A4 CGJC8C6v )84@9B=9 CGJCi
8
C6 B4L=B49GFT B4?@9GCLBCA HEC6B9
= <4?4BL=649GFT 6C ABC7=J 8EH7=J
4?G=6BPJ <CB4J C5A9B4 69N9FG6`?C;9\DCL?4J\
@:7?=J = DETAC>?=M?9v 4;BC\LGC5P=A9@C A9FGC
DC@BC9 = E97H@TEBC9 H84@9B=9 CGJC8C6 =< CE74i
B=<A4v
%EC8H?GP GNLD FCFG46@9BP G4?\LGC5P DCACi
74GQ?@9G?4A = CE74B=<AH 9FG9FG69BBPA = RII9?i
G=6BPA C5E4<CA H84@TGQ CGJC8Pv
(CLBC G4?;9\?4?6F9 DCGE95@T9AP9 CE74B=<ACA
D=G4G9@QBP9 69N9FG64 =FDC@Q<HSGFT 6?CA5=B4K==
8EH7 F 8EH7CA\G4?= M9FGQ RG4DC6 DECK9FF4 D=G4i
B=T F6T<4BP A9;8H FC5C>v 4;8P> =< B=J 6@=T9G
B4 8EH7C>v F9 DEC8H?GP GNLD FCFG46@9BP G4?\
LGC5P\DCFG46@TT B9C5JC8=AP9 D=G4G9@QBP9 69N9i
FG64\
8464GQ CDG=A4@QBHSDC889E;?H C8BCAH =@=
B9F?C@Q?=A =< M9FG= RG4DC6 DECK9FF4 D=G4B=Tv
&
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G41;=;/G:->?;8H7;O:->7;8H7;
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