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7/31/2019 A REPORT ANALYSING THE PROSPECTIVE STRATEGIC ACTIVITIES AND DECISIONS OF LLOYDS TSB ENTERING RUSSIA
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7/31/2019 A REPORT ANALYSING THE PROSPECTIVE STRATEGIC ACTIVITIES AND DECISIONS OF LLOYDS TSB ENTERING RUSSIA
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Vn xnqy `~ml fqc{nh~b cdk vj~bk bogn {j n|{ndk j~q }unmocb {lcdg} {j Od{nqdc{ojdcb
Fbjacb Ujbomy ( ]{qc{nfy bnm{~qnq @q Kcdonb Lcfnd$ Ln vc} c }j~qmn jh od}uoqc{ojd
cdk f~oknk ~} {lqj~flj~{ {ln mj~q}n cdk }unmocbby od vqo{odf {lo} c}}ofd`nd{$ Vn
cuuqnmoc{n lo} mjd}{cd{ f~okcdmn" vobbodfdn}} {j }~uujq{ vo{lj~{ cdy ln}o{c{ojd nxnd
vlnd ln vc} xnqy a~}y$ Ln }lcqnk lo} n|unq{o}n gdjvbnkfn" juodojd} qnfcqkodf {lo}
c}}ofd`nd{$ Vn vj~bk bogn {j `nd{ojd {lc{" vo{lj~{ lo} f~okcdmn" {lo} vj~bk lcxn
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7/31/2019 A REPORT ANALYSING THE PROSPECTIVE STRATEGIC ACTIVITIES AND DECISIONS OF LLOYDS TSB ENTERING RUSSIA
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[cabn jh Mjd{nd{}Cmgdjvbnkfn`nd{ $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ 1
Od{qjk~m{ojd $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ >
Mj`ucdy Jxnqxonv $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ >
Co`} jh ]{~ky $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ 8
3$ Qnc}jd} hjq Bbjyk} []A} Od{nqdc{ojdcb N|ucd}ojd$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ 6
3$3$ Nxcb~c{ojd jh {ln mj`ucdy} lo}{jqomcb unqhjq`cdmn $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ 6
3$1$ Uqjk~m{*}nqxomn qcdfn $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$
=$1$ H~q{lnq Fqjv{l od Q~}}ocd bndkodf @cqgn{ $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ 3>
=$=$ Nxnq Fqjvodf Acdg Mcqk cdk Mqnko{ Mcqk }nm{jq od Q~}}oc$ $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ 3>
=$;$ Q~}}oc} Mlcdfodf Ujbomon}$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ 3>
;$ ]{qc{nfom `n{ljk} jh nd{qy cdk {ln uj}}oabn mjd}ns~ndmn} $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ 36
;$3 ]{qc{nfom @n{ljk} jh Nd{qy $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ 36
;$3$3$ N|ujq{odf $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ 3$ Hjqnofd Koqnm{ Odxn}{`nd{ $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ 13
;$3$8$ Hjqnofd Cms~o}o{ojd $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ 11
;$3$6$ Fqnnd Honbk Nd{qy $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ 11
;$3$$ [ln Uj{nd{ocb Jqfcdoc{ojdcb cdk @cdcfnqocb Uqjabn`} hjq Bbjyk} []A junqc{odf od {ln Dnv
Od{nqdc{ojdcb Ndxoqjd`nd{ jh Q~}}oc$ $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ 18
>$3 Ljv vj~bk {ln M~b{~qn chhnm{: $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ 18
>$3$3 [ln O`ucm{ jh M~b{~qcb Kohhnqndmn} $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ 18
>$3$1 M~b{~qcb Kohhnqndmn hqj` Dc{ojd {j Dc{ojd $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ 18
>$1$ [ln Bcdf~cfn Uqjabn`$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ 16
>$=$ L~`cd Mcuo{cb $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ 1$=$ ]cbcqon} $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ 1$;$ Vjqgodf N{lom} $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ 1$>$ [c| cdk Bnfcb O}}~n} $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ 1?
>$8$ [lod Mcuo{cbo}c{ojd Q~bn} $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ 1?
>$6$ Mj`un{o{ojd Bcv $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ 1?
8$ Qnmj``ndkc{ojd $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ =3
Mlcdfodf ujbomon} cdk {ln knxnbjuodf uqn}}~qn $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ =3
L~fn uj{nd{ocb hjq c uqj}unm{oxn }ocabn cqgn{ }lcqn $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ =3
N`nqfodf ujbo{omcb od}{caobo{y cdk A~qnc~mqcmy $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ =3
[ln bcmg jh [q~}{ {jvcqk} hjqnofdnq} cdk {lnoq Mj`ucdon} $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ =3
6$ Mjdmb~}ojd $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ =1
Bo}{ jh Qnhnqndmn} $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ ==
7/31/2019 A REPORT ANALYSING THE PROSPECTIVE STRATEGIC ACTIVITIES AND DECISIONS OF LLOYDS TSB ENTERING RUSSIA
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Od{qjk~m{ojd
Mj`ucdy Jxnqxonv
Bbjyk} Acdgodf Fqj~u o} c ^G ac}nk hodcdmocb }nqxomn} fqj~u" vloml uqjxokn} c vokn qcdfn
jh hodcdmocb uqjk~m{} cdk }nqxomn} {j kohhnqnd{ m~}{j`nq} fqj~u}" uqo`cqoby od ^G$ Bbjyk}
acdgodf fqj~u vc} hjq`nk od Icd~cqy 155? hjbbjvodf {ln cms~o}o{ojd jh LAJ] ay Bbjyk}
[]A$ [ln fqj~u o} bo}{nk jd aj{l Bjdkjd cdk Dnv _jqg }{jmg n|mlcdfn cdk o{ o} }cok {j an
jdn jh {ln bcqfn}{ mj`ucdon} od {ln H[]N 355$ O{ o} cb}j {ln aoffn}{ qn{cob acdg od {ln ^G cdk
lc} `jqn {lcd 1> `obbojd m~}{j`nq}$ [ln `cod acdgodf cm{oxo{on} mjd}o}{ jh qn{cob" vljbn}cbn
cdk mjqujqc{n acdgodf }nqxomn} n{m$ [ln acdgodf fqj~u lc} hnv vnbb-gdjvd aqcdk} dc`nby"
Bbjyk} []A" Lcbohc| cdk Acdg jh ]mj{bcdk$ ,Bbjyk} Fqj~u cdd~cb qnujq{" 1533/$ [ln fqcul
anbjv }ljv} {ln hjq`c{ojd jh {ln Bbjyk} acdgodf fqj~u$
,Bbjyk} acdgodf fqj~u" 1531/
,Oaok/
Kn}uo{n {ln voknby }uqnck qnu~{c{ojd cdk kj`odcdmn od qn{cob-acdgodf }nm{jq od {ln ^G"
kj`n}{om `cqgn{ qn`cod} mlcbbndfodf k~n {j `cmqj nmjdj`om cdk qnf~bc{jqy hcm{jq}$
[lnqnhjqn" {ln `cdcfn`nd{ jh {ln mj`ucdy lc} knmoknk {j n|ucdk {lnoq a~}odn}} {j
od{nqdc{ojdcb `cqgn{} od jqknq {j jhh}n{ {ln qo}g cdk {cgn ckxcd{cfn jh juujq{~do{on} od
n`nqfodf `cqgn{}$
7/31/2019 A REPORT ANALYSING THE PROSPECTIVE STRATEGIC ACTIVITIES AND DECISIONS OF LLOYDS TSB ENTERING RUSSIA
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7/31/2019 A REPORT ANALYSING THE PROSPECTIVE STRATEGIC ACTIVITIES AND DECISIONS OF LLOYDS TSB ENTERING RUSSIA
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3$ Qnc}jd} hjq Bbjyk} []A} Od{nqdc{ojdcb N|ucd}ojd
[lo} }nm{ojd vj~bk cdcby}n vly mj`ucdon} fj od{nqdc{ojdcb {cgodf {ln kohhnqnd{ c}unm{} jh
Bbjyk} []A$
3$3$ Nxcb~c{ojd jh {ln mj`ucdy} lo}{jqomcb unqhjq`cdmn
]lcqn uqomn jh c mj`ucdy qnhbnm{} {ln unqhjq`cdmn jh c mj`ucdy vo{lod c mnq{cod unqojk jh
{o`n cdk o{ o} c fqnc{ vcy {j oknd{ohy {ln uc}{" uqn}nd{ cdk h~{~qn koqnm{ojd jh c mj`ucdy$ [ln
mlcq{ 3$5 }ljv} {ln lo}{jqomcb }lcqn uqomn jh Bbjyk} acdgodf fqj~u$ Ljvnxnq" k~qodf {ln
unqojk jh 155= cdk {ln anfoddodf jh 155?" {ln mlcq{ qnhbnm{} {ln }lcqn uqomn jh Bbjyk} []Afqj~u$ ]odmn {ln ndk jh 1556" {ln xcb~n jh }lcqn} lc} kqjuunk kqc`c{omcbby$ [lo} vc} k~n {j
{ln o`ucm{ jh `jq{fcfn mqo}o}" vloml jmm~qqnk }unmocbby od {ln ^G cdk ^]C$ Ljvnxnq" {ln
}lcqn uqomn lc} }{caobo}nk }odmn {ln hjq`c{ojd jh dnv fqj~u cb}j {lcdg} {j fjxnqd`nd{ cok$ O{
o} }cok {lc{ {ln fqj~u lcxn qn{~qdnk {j uqjho{ od 1535 vo{l uqjho{ anhjqn {c| jh 1"131 `obbojd
jd c mj`aodnk a~}odn}} ac}o}$ Ckko{ojdcbby" {ln fqj~u `cdcfnk {j odmqnc}n mj`aodnk
a~}odn}} uqjho{ anhjqn {c| ay 13 unqmnd{ od 1533$ ,Fqj~u Cdd~cb Qnujq{" 1533/$
Hof~qn 3
7/31/2019 A REPORT ANALYSING THE PROSPECTIVE STRATEGIC ACTIVITIES AND DECISIONS OF LLOYDS TSB ENTERING RUSSIA
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3$1$ Uqjk~m{*}nqxomn qcdfn
[ln `cod a~}odn}} cm{oxo{on} jh Bbjyk} []A cqn qn{cob" mj``nqmocb cdk mjqujqc{n acdgodf"
fndnqcb od}~qcdmn cdk bohn" und}ojd} cdk odxn}{`nd{ uqjxo}ojd}$ [ln fqj~u} qn{cob acdgodf
}nm{jq o} cmmj~d{nk hjq ;6. jh {ln {j{cb odmj`n cdk o{ o} {ln bnckodf uqjxoknq jh m~qqnd{
cmmj~d{}" }cxodf}" mqnko{ mcqk} cdk `jq{fcfn}$ Vljbn}cbn a~}odn}} cmmj~d{} hjq 13 unqmnd{
jh {ln {j{cb Fqj~u odmj`n cdk {lnoq gny uqjk~m{ `cqgn{} cqn mjqujqc{n acdgodf }nqxomn}"
{qnc}~qy cdk {qckodf cdk c}}n{ hodcdmn$ H~q{lnq`jqn" {ln fqj~u lc} fcodnk hjj{ljbk od{j {ln
od{nqdc{ojdcb `cqgn{} {lqj~fl {lnoq vncb{l cdk od{nqdc{ojdcb koxo}ojd$ [ln koxo}ojd hjm~}n} jd
{ln uqoxn{ acdgodf cdk c}}n{ `cdcfn`nd{ a~}odn}}n} jh {ln fqj~u cdk junqc{n} {ln fqj~u}
od{nqdc{ojdcb a~}odn}}$ [lnoq gny uqjk~m{ `cqgn{} cqn c}}n{ cdk vncb{l `cdcfn`nd{ cdk
od{nqdc{ojdcb acdgodf$ [ln koxo}ojd lcxn }n{~u od{nqdc{ojdcb uqoxc{n acdgodf jhhomn} cmqj}}{ln fbjan$ [lny lcxn jhhomn} od K~aco" @jdcmj" B~|n`a~qf cdk ^]C n{m$ [lnqnhjqn {ln acdg
mj~bk n|ubjo{ o{} }{qc{nfom n|unqondmn od nd{nqodf c dnv `cqgn{" uj}}oaby Q~}}oc$ ,Cdd~cb
qnujq{" 1533/
3$=$ ]lcqn jh {ln `cqgn{ cdk mj`un{o{oxn uj}o{ojd vo{lod {ln odk~}{qy
@jjky} ,1533/ mbco`} {lc{ Bbjyk} acdgodf Fqj~u o} {ln ; {l bcqfn}{ acdg ay c}}n{} c} c{ =3}{
jh Knmn`anq 1535 cdk cb}j lc} uqn}ndmn od `jqn {lcd =5 mj~d{qon}$ Cmmjqkodf {j Fqj~u}
cdd~cb qnujq{ od 1533" o{ o} {ln aoffn}{ qn{cob acdg od ^G vo{l jxnq =5 `obbojd m~}{j`nq}$ O{ o}
cb}j {ln bcqfn}{ uqjxoknq jh unq}jdcb bjcd} cdk mqnko{ mcqk od {ln ^G$ @jjky} ,1533/ }{c{n}
{lc{ hjbbjvodf {ln cms~o}o{ojd jh LAJ] acdg7 {ln Bbjyk} fqj~u anmc`n {ln `cqgn{ bncknq jh
`cdy gny cqnc} jh ^G acdgodf" odmb~kodf m~qqnd{ cmmj~d{}" }cxodf} uqjk~m{}" cdk qn}oknd{ocb
`jq{fcfn} cdk od}~qcdmn$ Kn}uo{n {ln honqmn mj`un{o{ojd od {ln odk~}{qy" {ln }{qndf{l jh o{}
qn{cob-acdgodf }nm{jq o} qnhbnm{nk od ^G `cqgn{ }lcqn} hjq m~qqnd{ cmmj~d{} ,=5./" qn}oknd{ocb
`jq{fcfn} ,1;./ n{m$ Ljvnxnq" ch{nq {ln `cdkc{n} ko}uj}cb jh acdg aqcdmln}" {ln
odknundknd{ mj``o}}ojd jd acdgodf lc} n}{o`c{nk {lc{ fqj~u} `cqgn{ }lcqn vobb qnk~mn$
Ljvnxnq" {lny cqn }{obb n|unm{nk {j qn`cod {ln `cqgn{ bncknq od `cdy a~}odn}} cqnc}$
@cqgn{ }lcqn} jh bcqfn}{ ^G acdg} cqn }ljvd anbjv od mlcq{ 1$ [lnqnhjqn Bbjyk} []A }lj~bk
bjjg hjq dnv `cqgn{} vlnqn {lny mj~bk `c|o`o}n {lnoq fcod}$
7/31/2019 A REPORT ANALYSING THE PROSPECTIVE STRATEGIC ACTIVITIES AND DECISIONS OF LLOYDS TSB ENTERING RUSSIA
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3$;$3$ Mj`un{o{ojd Bcv ay N~qjuncd ^dojd
C} c qn}~b{ jh {ln }{c{n cok qnmnoxnk k~qodf {ln hodcdmocb mqo}o}" {ln N~qjuncd mj``o}}ojd lc}
kn`cdknk {j }nbb ucq{ jh Bbjyk} acdg} a~}odn}} hjq {ln u~quj}n jh odmqnc}odf mj`un{o{ojd
cdk m~}{j`nq mljomn od {ln acdgodf }nm{jq$ Cmmjqkodf {ln fqj~u MNJ Cd{jdoj Ljq{c ,1531/"
k~n {j {ln `cdkc{n aqcdml koxn}{`nd{" {ln fqj~u lc} mj`n {j cd cfqnn`nd{ vo{l {ln Mj-
Junqc{oxn Fqj~u Ubm {j }nbb ucq{ jh a~}odn}}$ [lo} kncb o} }cok {j n}{cabo}l Mj-Junqc{oxn c}
cd nhhnm{oxn mj`un{o{jq od {ln ^G acdgodf }nm{jq$ C} {ln Bbjyk} Fqj~u lc} annd hjqmnk {j
}lqodg o{} qn{cob a~}odn}} od {ln ^G" {ln mj`ucdy dnnk {j bjjg anyjdk {lnoq fnjfqculomcb
ajqknq} {j cmlonxn Fqj~u} {q~n uj{nd{ocb} cdk `c|o`o}n qn{~qd hjq {lnoq }lcqnljbknq}$
3$;$1$ Od{nqdc{ojdcb Koxnq}ohomc{ojd
Kn}uo{n lcxodf }j`n od{nqdc{ojdcb junqc{ojd}" {ln Fqj~u lncxoby qnbon} jd {ln ^G hjq o{} mjqn
ncqdodf}$ [lnqnhjqn" @jjky} ,1533/ cqf~n} {lc{ {ln Fqj~u o} x~bdnqcabn {j `cmqjnmjdj`om
mjdko{ojd} od {ln ^G$ [lnqnhjqn" o{ o} o`ujq{cd{ {j hodk dnv `cqgn{}" vloml cbbjv {ln` {j
~{obo}n {lnoq acdgodf n|unq{o}n} {j odmqnc}n uqjho{caobo{y$
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33 r U c f n
1$ Uj}}oabn ]{qc{nfom Mljomn} Cxcobcabn {j {ln Bbjyk} []A
Od {lo} mlcu{nq" vj~bk an bjjgodf c{ cbb {ln uj}}oabn }{qc{nfom mljomn} cxcobcabn {j {ln ucqnd{
mj`ucdy hqj` Bbjyk} []A acdg} unq}unm{oxn vlobn mjd}oknqodf vlc{ {lo} mj~d{qy lc} {j
jhhnqcdcby}odf Q~}}oc} acdgodf }nm{jq$ [ln }nm{ojd} {lc{ vj~bk an ko}m~}}nk cqn9
[ln Acdgodf ]nm{jq od Q~}}oc
[ln ]{qc{nfom Mljomn} Cxcobcabn {j Bbjyk} []A
1$3 [ln Acdgodf ]nm{jq od Q~}}oc cdk {ln Mlcdmn} Cxcobcabn hjq Bbjyk} []A
[lo} }nm{ojd vj~bk cdcby}n {ln uc}{ cdk {ln uqn}nd{ jh {ln Q~}}ocd acdgodf }nm{jq cdk {ln
uqn}ndmn jh hjqnofd acdg} od Q~}}oc$ O{ vobb mbcqohy }j`n jh {ln `o}mjdmnu{ojd} {lc{ lcxn
nxjbxnk cdk vlc{ {ln qncb ujbo{omcb cdk }jmocb acmgfqj~dk {lc{ }~uujq{ {ln n`nqfodf
a~}odn}} ndxoqjd`nd{ }unmocbby {ln hodcdmocb }nqxomn }nm{jq od Q~}}oc$ C{ {ln ndk" cdcby}o}
od{j ljv Bbjyk} ][A mj~bk nd{nq {ln Q~}}ocd acdgodf }nm{jq o} ko}m~}}nk$
1$3$3$ [ln Acmgfqj~dk jh {ln Acdgodf Ndxoqjd`nd{ od Q~}}oc
Cmmjqkodf {j B~m Bcnxnd ,1553/ k~qodf {ln ]jxon{ Qnfo`n" {ln Q~}}ocd acdgodf }y}{n`
mjd}o}{nk jh c }odfbn" `jdjbo{lom acdg jvdnk ay {ln }{c{n$ Hodcdmocb qnhjq` od 3?
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3= r U c f n
1$3$;$ Vlc{ }{qc{nfom Mljomn} Cxcobcabn {j Bbjyk} []A:
Vlnd cdcby}odf `jxn} }~ml c} jh ]jmo{ Fdqcbn cdk ^doMqnko{ " jh {ln acdgodf odk~}{qy
od Q~}}oc" o{ o} ckxo}cabn hjq Bbjyk} []A {j nd{nq Q~}}oc dj{ c} c }nucqc{n dnv hodcdmocb
}nqxomn uqjxoknq a~{ no{lnq ay cms~oqodf , {cgodf jxnq {ln j{lnq/ jq `nqfodf vo{l c hodcdmocb
od}{o{~{ojd cbqncky junqc{odf od {ln Q~}}ocd }job$ Od {lo} vcy Bbjyk} []A vj~bk lcxn {ln bjmcb
gdjvbnkfn cdk {ln n|unq{o}n od ~dknq}{c{odf {ln m~b{~qn cdk bcdf~cfn acqqonq}" od ckko{ojd {j
{ln }{c{n a~qnc~mqcmy {lc{ }nn` {j uqj{nm{ cdk hcxj~q {ln bjmcb acdg}$
1$1$ Cxcobcabn ]{qc{nfom Mljomn}
Od {lo} }nm{ojd" vn vj~bk an bjjgodf c{ cbb {ln uj}}oabn }{qc{nfom hcm{jq} cxcobcabn {j Bbjyk}
[]A od nd{nqodf {ln Q~}}ocd hodcdmocb }nqxomn }nm{jq$
1$1$3$ Honqmn Mj`un{o{ojd od {ln Acdgodf ]nm{jq
[ln mj`un{o{ojd uj}nk ay {ln od{nqdc{ojdcb hodcdmocb }nqxomn} cdk c{ bcqfn cbb {ln @DM lcxn
odhb~ndmnk {ln bjmcb acdg} {j ndfcfn od {ln fbjacb junqc{ojd}$ [lnqnhjqn fbjacboc{ojd o} c
a~}odn}} o`unqc{oxn {jkcy" qc{lnq {lcd c `nqn a~}odn}} }{qc{nfy$ ,]mldnoknq n{ cb$ 155
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7/31/2019 A REPORT ANALYSING THE PROSPECTIVE STRATEGIC ACTIVITIES AND DECISIONS OF LLOYDS TSB ENTERING RUSSIA
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3> r U c f n
=$ Qnc}jd} hjq Mljomn jh Bjmc{ojd ,Q~}}oc/
[lo} }nm{ojd jh cdcby}o} vj~bk knbxn knnuby {j n|c`odn {ln qnc}jd} vly Bbjyk} []A lc}
mlj}nd Q~}}oc c} c uqnhnqqnk mljomn jh bjmc{ojd$
=$3$ [ln mlcdfn jh Fndnqcb unq}unm{oxn caj~{ ]cxodf} c`jdf Q~}}ocd}
Cmmjqkodf {j }{~kon} kjdn caj~{ {ln mjd}~`nq anlcxoj~q uc{{nqd} jh Q~}}ocd} jh {lnoq
}cxodf lcao{}" Q~}}ocd} ko}uj}cabn odmj`n ,[ln c`j~d{ jh `jdny {lc{ lj~}nljbk} lcxn
cxcobcabn hjq }undkodf cdk }cxodf ch{nq odmj`n {c|n} lcxn annd cmmj~d{nk hjq$/ lc} fjdn
~u$ Od ckko{ojd {jkcy 61. jh Q~}}ocd} cqn }cxodf" ~u hqj` ;8. od 155;" cdk jdn-{loqk jh
{ln}n }cxodf} cqn anodf gnu{ od acdg knuj}o{}$ ,[ln @j}mjv [o`n}$ 1531/ [lnqnhjqn Bbjyk}
[]A }lj~bk uj}o{ojd o{}nbh od Q~}}oc anhjqn j{lnq acdg} }n{ od$
=$1$ H~q{lnq Fqjv{l od Q~}}ocd bndkodf @cqgn{
[ln cxnqcfn Q~}}ocd lc} qnbc{oxnby bo{{bn kna{ cdk o} mjd}oknqnk c bjv mqnko{ qo}g ,Cqo}" And$
1535/ Q~}}oc o} c fqjvodf `cqgn{ hjq bndkodf" vo{l Q~}}ocd bjcd} fqjvodf 35. od 1535 cdk
15. od 1533 ,Kjodf A~}odn}} od Q~}}oc$ 1531/$ Ljvnxnq" jdby 1;. jh Q~}}ocd} {cgn j~{
bjcd} ,Q~xod}gy" Xbco`oq$ 1533/" odkomc{odf qjj` hjq h~q{lnq fqjv{l od {ln Q~}}ocd bndkodf
`cqgn{$
=$=$ Nxnq Fqjvodf Acdg Mcqk cdk Mqnko{ Mcqk }nm{jq od Q~}}oc$
Od 1533" {ln d~`anq jh acdg mcqk} od Q~}}oc fqnv =
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38 r U c f n
cbbjvnk unqmnd{cfn jh hjqnofd-jvdnk acdg} od {ln Q~}}ocd acdgodf }nm{jq {j >5. hqj` {ln
m~qqnd{ 3>. ,Mjjunq" Vobboc` L$1531/" Bbjyk} ][A mj~bk fcqdnq c hcoq ujq{ojd oh odxn}{nk$
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36 r U c f n
;$ ]{qc{nfom `n{ljk} jh nd{qy cdk {ln uj}}oabn mjd}ns~ndmn}
Od {lo} mlcu{nq" kohhnqnd{ `n{ljk} jh nd{qy od {ln fbjacb a~}odn}} junqc{ojd} vj~bk an
ko}m~}}nk$ H~q{lnq {j {lc{" {ln an}{ ju{ojd} cxcobcabn {j Bbjyk} []A cdk o{} nd{qy {j Q~}}oc
cqn cdcby}nk ~}odf kohhnqnd{ unq}unm{oxn} aj{l mj`ucdy cdk {ln mj~d{qy uj}}n}}n}$
;$3 ]{qc{nfom @n{ljk} jh Nd{qy
Vlnd c hoq` o} fjodf {j n|ubjqn c hjqnofd `cqgn{" {ln mljomn jh {ln an}{ `jkn jh nd{qy o}
knmoknk ay {ln hoq`} n|ucd}ojd }{qc{nfy$ [ln `cod co` jh nxnqy a~}odn}} jqfcdoc{ojd }~ml
c} Bbjyk} []A o} {j n}{cabo}l o{}nbh od {ln fbjacb `cqgn{$ [l~}" {ln uqjmn}} mcbb} hjq
knxnbjuodf cd nhhnm{oxn od{nqdc{ojdcb `cqgn{odf }{qc{nfy od jqknq {j oknd{ohy {ln od{nqdc{ojdcb
juujq{~do{on}" n|ubjqn qn}j~qmn} cdk mcucaobo{on}" cdk ~{obon mjqn mj`un{ndmon} od jqknq {j
an{{nq o`ubn`nd{ {ln jxnqcbb od{nqdc{ojdcb }{qc{nfon}$ [lnqnhjqn {ln knmo}ojd jh ljv {j nd{nq c
hjqnofd `cqgn{ }~ml c} Q~}}oc mcd lcxn c }ofdohomcd{ o`ucm{ jd {ln qn}~b{}$ Mj`ucdon} mcd
n|ucdk od{j hjqnofd `cqgn{} xoc {ln hjbbjvodf hj~q `nmlcdo}`}9 n|ujq{odf" bomnd}odf" ijod{
xnd{~qn cdk koqnm{ odxn}{`nd{$ Cbb jh {ln` lcxn {lnoq ckxcd{cfn} hjq {ln hoq` {j n|ubjqn c}
vnbb c} ko}ckxcd{cfn} vloml `~}{ an mjd}oknqnk ay {ln hoq`} {ju `cdcfn`nd{$
,Yngoqo( Cdfnbjxc$1533/
Vlc{ nd{qy `jkn {lc{ c `~b{odc{ojdcb mj`ucdy mljj}n} lc} o`ubomc{ojd} hjq ljv `~ml
qn}j~qmn} {ln mj`ucdy `~}{ mj``o{ {j o{} hjqnofd junqc{ojd}" {ln qo}g {lc{ {ln mj`ucdy
`~}{ ancq" cdk {ln knfqnn jh mjd{qjb {lc{ {ln mj`ucdy mcd n|nqmo}n jxnq {ln junqc{ojd} jd
{ln dnv `cqgn{$,Mlcqbn} Lobb n{ cb" 3??5/
@jkn jh nd{qy od{j cd od{nqdc{ojdcb `cqgn{ o} {ln mlcddnb vloml jqfcdoc{ojd {lc{ vcd{
junqc{n od od{nqdc{ojdcb `cqgn{} n`ubjy {j fcod nd{qy {j c dnv od{nqdc{ojdcb `cqgn{$ [ln
mljomn hjq c ucq{om~bcq nd{qy `jkn o} c mqo{omcb kn{nq`odcd{ od {ln }~mmn}}h~b q~ddodf jh c
hjqnofd junqc{ojd$ [lnqnhjqn" knmo}ojd} jh ljv {j nd{nq c hjqnofd `cqgn{ mcd lcxn c
}ofdohomcd{ o`ucm{ jd {ln qn}~b{}$ ,Qjj{$3??;/$
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3< r U c f n
N|ucd}ojd od{j hjqnofd `cqgn{} mcd an cmlonxnk xoc {ln hjbbjvodf `nmlcdo}`}9
N|ujq{odf
Bomnd}odf
Hqcdmlo}odf
Ijod{ Xnd{~qn Koqnm{ Odxn}{`nd{
Hof~qn9 3
,Qjj{" Q$H$ 3??;/"
;$3$3$ N|ujq{odf
N|ujq{odf o} {ln `cqgn{odf cdk koqnm{ }cbn jh kj`n}{omcbby-uqjk~mnk fjjk} od cdj{lnq
mj~d{qy$ N|ujq{odf o} c {qcko{ojdcb cdk vnbb-n}{cabo}lnk `n{ljk jh qncmlodf hjqnofd `cqgn{}$[lnqn o} dj dnnk hjq {ln mj`ucdy {j odxn}{ od c hjqnofd mj~d{qy anmc~}n n|ujq{odf kjn} dj{
qns~oqn {lc{ {ln fjjk} an uqjk~mnk od {ln {cqfn{ mj~d{qy$ @j}{ jh {ln mj}{} c}}jmoc{nk vo{l
n|ujq{odf {cgn {ln hjq` jh `cqgn{odf n|und}n}$
,Vjjk ( Qjanq{}jd" 1555/
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3? r U c f n
N|ujq{odf mj``jdby qns~oqn} mjjqkodc{ojd c`jdf hj~q ubcynq}9
3$ N|ujq{nq7
1$ O`ujq{nq7
=$ [qcd}ujq{ uqjxoknq7
;$ Fjxnqd`nd{$
N|ujq{odf c} c `jkn jh nd{qy" `ncd} fjodf cbjdn od c ucq{om~bcq `cqgn{$
]j`n jh {ln `cod ckxcd{cfn} jh n|ujq{odf cqn9
Mj`ucdon} {lc{ n|ujq{ lcxn odo{ocb odxn}{`nd{}7
[lny qncml m~}{j`nq} xnqy s~omgby7
[lny lcxn mj`ubn{n mjd{qjb jxnq uqjk~m{ojd cdk uqjk~m{}7
[lny andnho{ cdk bncqd hqj` {ln n|unqondmn jh n|ujq{odf hjq nxnd{~cbby cdy h~{~qn
n|ucd}ojd9
Vlnqnc} N|ujq{odf lc} }j`n ko}ckxcd{cfn} c} vnbb9
Uj{nd{ocb mj}{} jh {qckn acqqonq}" bogn {cqohh} cdk s~j{c}7
[qcd}ujq{c{ojd mj}{}
Kohhom~b{on} od qn}ujdkodf {j m~}{j`nq} dnnk} cdk vcd{} vnbb7
O{ foxn} ~u jh cdy uj{nd{ocb bjmc{ojd nmjdj`on}$
[lnqnhjqn" n|ujq{odf o} cuuqjuqoc{n vlnd {lnqn o} c bjv {qckn acqqonq" lj`n bjmc{ojd lc} cdckxcd{cfn jd mj}{} cdk vlnd m~}{j`oc{ojd o} dj{ mq~mocb$,Yngoqo" I$" Cdfnbjxc$A$1533/
Ljvnxnq od {lo} mc}n jh Bbjyk} []A vloml o} c hodcdmocb od}{o{~{ojd" o{ mcddj{ ckju{ {lo}
`n{ljk jh nd{qy {j Q~}}oc$ Od {nq`} jh {ln junqc{ojdcb unq}unm{oxn jh {lo} `n{ljk" n|ujq{odf
vjqg} hjq mj`ucdon} vlj cqn ndfcfn od `cd~hcm{~qodf fjjk} a~{ dj{ hodcdmocb }nqxomn}$
;$3$1$ Bomnd}odf
C bomnd}n cqqcdfn`nd{ o} c a~}odn}} cqqcdfn`nd{ vlnqn c bomnd}jq ~}odf o{} `jdjujby
uj}o{ojd cdk qofl{ }~ml c} c Uc{nd{" c [qckn @cqg" c kn}ofd jq c mjuyqofl{ {lc{ lc} n|mb~}oxn
qofl{ vloml uqnxnd{} j{lnq} hqj` n|ubjo{odf {ln oknc" kn}ofd" dc`n jq bjfj mj``nqmocbby$ [ln
bomnd}nn ucy} c hnn od n|mlcdfn hjq {ln qofl{} {j ~}n {ln od{cdfoabn uqjunq{y cdk uj}}oaby hjq
{nmldomcb c}}o}{cdmn$ ,Mc{njqc( Fqclc`$1551/
[ln bomnd}odf cfqnn`nd{ foxn} {ln hjbbjvodf ckxcd{cfn} {j aj{l {ln bomnd}jq cdk {ln
bomnd}nn9
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15 r U c f n
Mj`ucdon} lcxn bjv odo{ocb odxn}{`nd{}7
[qckn acqqonq} cqn cxjoknk7
[lnqn o} c fqnc{ uj{nd{ocb hjq ~{oboodf bjmc{ojd nmjdj`on}7
[ln cmmn}} {j bjmcb kc{c cdk odhjq`c{ojd o} uj}}oabn7
[lnqn o} cd nc}onq caobo{y {j qn}ujdk {j m~}{j`nq} dnnk} cdk vcd{}$
Vlnqnc} {ln ko}ckxcd{cfn} jh bomnd}odf9
[ln bomnd}jq bcmg {ln mjd{qjb jxnq junqc{ojd}7
Mj`ucdon} hcmn kohhom~b{on} vo{l {qcd}hnqqodf {ln {cmo{ gdjvbnkfn" hjq n|c`ubn
dnfj{oc{ojd jh {qcd}hnq uqomn" `jdo{jqodf {qcd}hnq j~{mj`n" n{m7
[lnqn o} c fqnc{ mlcdmn jh mqnc{odf c mj`un{o{jq" od {lo} mc}n yj~q bomnd}nn$Vn mcd mjdmb~kn {lc{ bomnd}odf o} cuuqjuqoc{n oh {lnqn o} c vnbb mjkohonk gdjvbnkfn" }{qjdf
uqjunq{y qofl{} qnfo`n" cdk bjmc{ojd ckxcd{cfn$,Ljb`n} ( Bjh}{qj`" 155;/ Ljvnxnq
mjd}oknqodf {ln hodcdmocb od}{o{~{ojd} }~ml c} Bbjyk} []A {lo} `n{ljk jh nd{qy o} dj{ c
uju~bcq cdk c xocabn jdn$
;$3$=$ Hqcdmlo}odf
Hqcdmlo}odf o} c }o`obcq nd{qy `jkn {j bomnd}odf$ Ay {ln ucy`nd{ jh c qjycb{y hnn" {ln
hqcdmlo}nn vobb ja{cod {ln `cijq a~}odn}} gdjv-ljv xoc cd cfqnn`nd{ vo{l {ln hqcdmlo}nq$
[ln gdjv-ljv cb}j odmb~kn} }~ml od{cdfoabn uqjunq{on} c} uc{nd{}" {qckn`cqg} cdk }j jd$
[ln kohhnqndmn hqj` {ln bomnd}odf `jkn jh nd{qy o} {lc{ {ln hqcdmlo}nn `~}{ jany mnq{cod q~bn}
foxnd ay hqcdmlo}nq$ Hqcdmlo}odf o} `j}{ mj``jdby ~}nk od }nqxomn odk~}{qon}" }~ml c}
@mKjdcbk}" n{m$ ,Yngod( Cdfnbjxc$1533/ Ljvnxnq od {ln mc}n jh hodcdmocb od}{o{~{ojd}
hqcdmlo}odf o} dj{ cd ju{ojd$
;$3$;$ Ijod{ Xnd{~qn
Ijod{ xnd{~qn} qnuqn}nd{ cd cfqnn`nd{ an{vnnd {vj ucq{on} {j vjqg {jfn{lnq jd c mnq{cod
uqjinm{" junqc{n od c ucq{om~bcq `cqgn{" n{m$ ]j`n jh {ln `cod mj``jd jainm{oxn} od c ijod{
xnd{~qn9
@cqgn{ nd{qy7
Qo}g cdk qnvcqk }lcqodf7 [nmldjbjfy }lcqodf cdk ijod{ uqjk~m{ knxnbju`nd{" n{m$ ,]lcq`c$3??
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13 r U c f n
]j`n uj}}oabn ckxcd{cfn} jh ijod{ xnd{~qn cfqnn`nd{ an{vnnd ucq{on} vj~bk an9
Mj`ucdon} mcd lcxn cmmn}} {j ucq{dnq} bjmcb gdjvbnkfn7
Qnk~m{ojd jh mjdmnqd caj~{ jxnqucy`nd{7
Aj{l ucq{on} lcxn }j`n unqhjq`cdmn odmnd{oxn7
]ofdohomcd{ mjd{qjb jxnq junqc{ojd}$
Vlnqnc} }j`n jh {ln ko}ckxcd{cfn} jh Ijod{- xnd{~qn cqn c} hjbbjv9
Uj{nd{ocb bj}} jh uqjuqon{cqy gdjvbnkfn7
Uj{nd{ocb mjdhbom{ an{vnnd ucq{dnq}7
Dno{lnq ucq{dnq lc} h~bb unqhjq`cdmn odmnd{oxn}
Dno{lnq ucq{dnq lc} h~bb mjd{qjb$
Ijod{ Xnd{~qn o} cuuqjuqoc{n vlnd aj{l ucq{on} mjd{qoa~{n lcqk {j `nc}~qn odu~{}" cdk oh {lnyn|unm{ bcqfn `~{~cb fcod} od {ln bjdf q~d$ ,Yngoqo" I$" Cdfnbjxc$A$1533/ Ljvnxnq bogn {ln
ncqbonq `jkn} jh nd{qy" ijod{ xnd{~qn o} dj{ c xocabn ju{ojd hjq {ln hodcdmocb od}{o{~{ojd bogn
acdg}$
;$3$>$ Hjqnofd Koqnm{ Odxn}{`nd{
Hjqnofd koqnm{ odxn}{`nd{ ,HKO/ o} {ln koqnm{ jvdnq}lou jh hcmobo{on} od {ln {cqfn{ mj~d{qy$ O{odxjbxn} mcuo{cb" {nmldjbjfy" cdk unq}jddnb$ HKO mcd an `ckn {lqj~fl {ln cms~o}o{ojd jh cd
n|o}{odf nd{o{y jq {ln n}{cabo}l`nd{ jh c dnv nd{nquqo}n$ Koqnm{ jvdnq}lou uqjxokn} c lofl
knfqnn jh mjd{qjb od {ln junqc{ojd} cdk {ln caobo{y {j an{{nq gdjv {ln mjd}~`nq} cdk
mj`un{o{oxn ndxoqjd`nd{" cdk {ln `cqgn{ od fndnqcb$ Ljvnxnq" o{ qns~oqn} c lofl bnxnb jh
qn}j~qmn} cdk c lofl knfqnn jh mj``o{`nd{$ ,[cybjq"Yj~( J}bcdk$1551/
C} cd cb{nqdc{oxn {j }nqxomodf c hjqnofd `cqgn{ hqj` {lnoq lj`n ac}n" acdg} `cy knmokn {j
}n{ ~u chhoboc{n} od hjqnofd `cqgn{}$ [qcko{ojdcbby" }~ml hjqnofd koqnm{ odxn}{`nd{ knmo}ojd} jhacdg} lcxn annd cdcbynk ac}nk jd {ln nmbnm{om ucqckof` vloml o`ubon} {lc{ bjmc{ojd-
}unmohom hcm{jq} cdk jvdnq}lou-}unmohom hcm{jq} }lj~bk chhnm{ {ln knmo}ojd jh acdg} {j }n{ ~u
chhoboc{n} od c hjqnofd `cqgn{ ,]cfcqo$ 3??1/$ [ln n|c`ubn jh Fnq`cd acdg} }n{{odf ~u od {ln
N^ od {ln ncqby 3??5 o} cd n|c`ubn foxnd hjq {lo}$ ,Mbc~koc" A~ml$ 3???/
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11 r U c f n
;$3$8$ Hjqnofd Cms~o}o{ojd
Cms~o}o{ojd} mcd an knhodnk c} c mjqujqc{n cm{ojd od vloml c mj`ucdy a~y} `j}{" oh dj{ cbb"
jh {ln {cqfn{ mj`ucdy&} jvdnq}lou }{cgn} od jqknq {j c}}~`n mjd{qjb jh {ln {cqfn{ hoq`$
Cms~o}o{ojd} cqn jh{nd `ckn c} ucq{ jh c mj`ucdy&} fqjv{l }{qc{nfy vlnqnay o{ o} `jqn
andnhomocb {j {cgn jxnq cd n|o}{odf hoq`&} junqc{ojd} cdk domln mj`ucqnk {j n|ucdkodf jd o{}
jvd$,Odxn}{junkoc$mj`$ 1533/
[ln `cod ckxcd{cfn} jh cms~oqodf c hjqnofd mj`ucdy9
Cmmn}} {j {cqfn{} bjmcb gdjvbnkfn
Mjd{qjb jxnq hjqnofd junqc{ojd}
Mjd{qjb jxnq jvd {nmldjbjfy
[ln `cod ko}ckxcd{cfn} jh cms~oqodf c hjqnofd mj`ucdy9 ^dmnq{cod{y caj~{ {cqfn{} xcb~n
Kohhom~b{y od ca}jqaodf cms~oqnk c}}n{}
Odhnc}oabn oh bjmcb `cqgn{ hjq mjqujqc{n mjd{qjb o} ~dknqknxnbjunk
,Yngod( Cdfnbjqc$1533/
Ljvnxnq od {ln mc}n jh acdg} cms~o}o{ojd} o} c mj``jd c}unm{ vloml lc} {cgnd ubcmn k~n {j
`cdy qnc}jd}$ N}unmocbby k~qodf {ln {o`n} jh 155< qnmn}}ojd `cdy acdg} hj~dk o{ kohhom~b{ {j
}~qxoxn cdk c} c qn}~b{" cms~o}o{ojd} {jjg ubcmn jh xcqoj~} hjq`} }~ml c} fjxnqd`nd{} {cgodf
jxnq acdg} vloml vnqn fn{{odf mbj}nq {j acdgq~u{my cdk }j`n aoffnq acdg} a~yodf {ln
}`cbbnq jdn} vloml lcuund c{ `cdy {o`n} k~n {j d~`nqj~} qnc}jd}$ Hjq cd n|c`ubn {ln
fjxnqd`nd{ jh ^do{nk Godfkj` {jjg jxnq {ln Djq{lnqd Qjmg jd 11dk jh Hnaq~cqy od 155
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1= r U c f n
Cxjok} qo}g jh jxnqucy`nd{
Cxjok} uqjabn` jh od{nfqc{ojd
]{obb qn{cod} h~bb mjd{qjb
[ln `cod ko}ckxcd{cfn} jh }n{{odf ~u c dnv mj`ucdy9
]bjvnq }{cq{ ~u
Qns~oqn} gdjvbnkfn jh hjqnofd `cdcfn`nd{
Lofl qo}g cdk lofl mj``o{`nd{
Mjd}oknqodf {ln hjqnofd acdgodf junqc{odf od Q~}}oc" o{ o} }nnd {lc{ `cdy hjqnofd acdg} lcxn
~}nk {lo} `n{ljkjbjfy {j nd{nq Q~}}oc$ Ljvnxnq {lnoq bcmg jh ~dknq}{cdkodf jh {ln Q~}}ocd
hodcdmocb }nm{jq cdk {ln fjxnqd`nd{ od{nqxnd{ojd" cbjdf vo{l {ln u~abom unqmnu{ojd lc} `ckn
`cdy jh }~ml xnd{~qn} dj{ uqjho{cabn cdk }j`n jh {ln hjqnofd acdg} lcxn bnh{ {ln mj~d{qy
qnmnd{by$ ,Mjqmjqcd" Ic}jd$ 1533/
;$3$
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;$1$ [ln [lqnc{} cdk hcm{jq} {lc{ mj~bk lc`unq {ln Bbjyk} []A nd{qy {j
Q~}}oc cdk o{} Mjd}ns~ndmn}
[ln hodcdmocb mqo}o} od 155< aqj~fl{ {j cd ndk {ln qcuok n|ucd}ojd jh {ln Q~}}ocd acdgodf
}nm{jq cmmjqkodf {j c Hjqan} Qnujq{ ,1535/ C} c qn}~b{ {ln ajdk an{vnnd {ln odxn}{`nd{}
cdk h~dkodf anmc`n mbncqby kqonk ~u cdk }{c{n acdg} vnqn }{q~ffbodf {j fn{ h~dk} nxnd {j
hodcdmn }j`n }`cbb odxn}{`nd{ uqjinm{}$ Od ckko{ojd" {ln hjqnofd acdg} {j {qy {j hbnn Q~}}oc
k~n {j hcm{jq} qnbc{nk {j {ln nmjdj`om `nb{kjvd cdk {ln }{c{n a~qnc~mqcmy vloml hcxj~qnk
{ln }{c{n acdg} od {ln {o`n} jh hodcdmocb {~qa~bndmn$ ,Mjqmjqcd" Ic}jd$ 1533/
Cdj{lnq c}unm{ {lc{ Bbjyk} []A }lj~bk an mc~{oj~} o} {lc{ Q~}}oc qn`cod} ~dknq acdgnk9
Jdby caj~{ jdn-{loqk jh lj~}nljbk} lcxn c acdg cmmj~d{ cdk i~}{ 35. jh ho|nk odxn}{`nd{}
cqn hodcdmnk ay bjcd}$ ,J|hjqk Cdcby{omc$ 1535/
Vo{l {ln nmjdj`om `nb{kjvd od Q~}}oc" {ln acdgodf ndxoqjd`nd{ lc} {qcd}hjq`nk o{} mj~q}n
od{j c dnv ko`nd}ojd$ ]{c{n-mjd{qjbbnk acdg}& }lcqn jh {j{cb c}}n{} qj}n hqj` caj~{ =5. {j
;>. od {ln 35 yncq} uqojq {j 155
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>$ [ln Uj{nd{ocb Jqfcdoc{ojdcb cdk @cdcfnqocb Uqjabn`} hjq Bbjyk}
[]A junqc{odf od {ln Dnv Od{nqdc{ojdcb Ndxoqjd`nd{ jh Q~}}oc$
>$3 Ljv vj~bk {ln M~b{~qn chhnm{:
Od }o`ubn {nq`}" m~b{~qn o} c }lcqnk cdk bncqdnk }y}{n` jh xcb~n} cdk anbonh} {lc{ }lcun cdk
odhb~ndmn unqmnu{ojd} cdk anlcxoj~q vo{lod }jmon{y$ ,Od{nq}unqondmn" 1531/ Kjodf a~}odn}}
cdk ~dknq}{cdkodf {ln m~b{~qn cqn dj bjdfnq {vj kohhnqnd{ c}unm{} a~{ {lny aj{l }lodn vlnd
{lny mj`n {jfn{lnq od fbjacb a~}odn}} junqc{ojdcb cm{oxo{on}$ Od od{nqdc{ojdcb a~}odn}} vjqbk"
`cdy `nqfnq} cdk cms~o}o{ojd} ,@(C/ hcob k~n {j mbc}l an{vnnd {ln m~b{~qn} jh {ln a~yodf
mj~d{qy cdk }nbbodf mj~d{qy$ [ln mbc}l jh m~b{~qn} ~}~cbby mjd}o}{} jh kohhnqndmn} od
`cdcfn`nd{ ulobj}july cdk mj`ucdy m~b{~qn" vloml mcd }bjv kjvd {ln od{nfqc{ojd jh
junqc{ojd}$ @jqnjxnq" ch{nq c `nqfnq jq cd cms~o}o{ojd" {ln }jbk mj`ucdon} }j`n{o`n}
n|unqondmn lofl `cdcfn`nd{ {~qdjxnq" uj}}oaby anmc~}n {lnoq n`ubjynn} kj dj{ cmmnu{ jq
hjbbjv {ln a~yodf mj`ucdon} vcy} jh kjodf {lodf}$ ,Lobb" 1533/
>$3$3 [ln O`ucm{ jh M~b{~qcb Kohhnqndmn}
C} `nd{ojdnk cajxn" {ln kohhnqndmn} od {ln {yun jh `cdcfn`nd{ cdk mj`ucdy m~b{~qn `cy
dnfc{oxnby chhnm{ {ln qnjqfcdoc{ojd cdk od{nfqc{ojd ch{nq cd @(C od {ln mc}n jh Bbjyk}
nd{nqodf {ln Q~}}ocd `cqgn{$ Od ucq{om~bcq" }~ml kohhnqndmn} mcd mc~}n }nqoj~}
`o}~dknq}{cdkodf} jq {qj~abn} vlnd {ln n`ubjynn} hqj` mj`ucdon} jh kohhnqnd{ m~b{~qn}
lcxn {j kj {lodf} {jfn{lnq$ Mjd}oknqodf {ln m~b{~qcb cdk ujbo{omcb c}unm{} {lc{ ^G cdk Q~}}oc
lcxn" Bbjyk} nd{nqodf mj~bk hcmn d~`nqj~} o}}~n} ~dbn}} }~ml o`ujq{cd{ }nd}o{oxn c}unm{}
cqn dj{ ckkqn}}nk c{ {ln anfoddodf jh {lo} a~}odn}} xnd{~qn$ Od ckko{ojd" odckns~c{n jq
odcuuqjuqoc{n mj``~domc{ojd vj~bk `cgn {ln }o{~c{ojd nxnd vjq}n$ Od hcm{" {lo} `cgn} l~fn
mlcbbndfn hjq {ln bncknq} od kohhnqnd{ mj`ucdon}$ Od {ln mc}n jh Bbjyk} []A" o{ o} jh ~{`j}{
o`ujq{cd{ {lc{ {ln mj`ucdy ucy `~ml n`ulc}o} {j }~ml m~b{~qcb kn{cob} c} {ln Q~}}ocd
aqcdml jh o{ vj~bk dj bjdfnq lcxn {ln }c`n c}unm{} qnbc{nk {j {ln Aqo{o}l acdgodf }nm{jq$
>$3$1 M~b{~qcb Kohhnqndmn hqj` Dc{ojd {j Dc{ojd
[lqj~flj~{ o{} dj{cabn lo}{jqy" Q~}}oc lc} c}}~`nk c }{qjdf mj``~dcb }uoqo{" dc`nby
mjbbnm{oxo} " vloml o} }{obb qnhbnm{nk od Q~}}ocd a~}odn}} uqcm{omn} {jkcy$ Q~}}oc&} }nxnqn
mbo`c{om mjdko{ojd} lcxn cb}j `ncd{ {lc{ mjjunqc{ojd cdk mjbbcajqc{ojd" qc{lnq {lcd
mj`un{o{ojd" lcxn annd xo{cb hjq }~qxoxcb$ [lo} }nd}n jh {jfn{lnqdn}} o} jdn jh {ln {qco{} {lc{
ko}{odf~o}l Q~}}ocd} hqj` `cdy Vn}{nqdnq} bognvo}n Aqo{cod} mcuo{cbo}`$ O{ mj~bk an jdn jh
{ln qnc}jd} vly od Q~}}oc" {lny lcxn c bjvn}{ acdg cmmj~d{ qc{n} unq lnck mj`ucqnk {j
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16 r U c f n
j{lnq knxnbjunk mj~d{qon}$ Ljvnxnq qnmjfdoodf {ln mj``~do}{ cdk }jmocbo}{ {qco{} {lc{ }{obb
n|o}{ od {lnoq }jmoj mjd}moj~}dn}} o} cd o`ujq{cd{ c}unm{ hjq Bbjyk} []A od ndfcfodf od
hodcdmocb cm{oxo{on} vo{l {ln Q~}}ocd}$
Nfcbo{cqocdo}` o} cdj{lnq o`ujq{cd{ }jmocb ulobj}july {lc{ }~uujq{} {ln qn`jxcb jh odns~o{ycdk uqj`j{n} cd ns~cb ko}{qoa~{ojd jh andnho{}$ Od Q~}}ocd a~}odn}} {nq`}" {lo} ns~c{n} {j
o`ujq{cd{ }{qc{nfon} jh ns~cbo{y" qnmouqjmo{y cdk `~{~cb ckxcd{cfn$ Q~}}ocd} cqn xnqy }{c{~}
mjd}moj~} cdk anbonxn od mj-ns~cb} hqj` {ln unq}unm{oxn jh ns~cbby }lcqnk andnho{7 {lo} o}
xnqy ~dbogn {ln ^G} ~dns~cbby qnvcqk} cdk undcb{on} }y}{n`$
Ljvnxnq" {ln lonqcqmlomcb }{q~m{~qn od Q~}}ocd a~}odn}} uqcm{omn} }~ffn}{} {lc{ {ln
knmo}ojd `cgnq} loflnq ~u lcxn c~{ljqo{y jxnq {lnoq }~ajqkodc{n}" vloml o} voknby gdjvd c}
a~qnc~mqc{om$ [lnqnhjqn" }ljvodf qn}unm{ hjq }ndojqo{y cdk qnmjfdoodf {ln lonqcqmlomcb}{q~m{~qn o} xo{cb hjq n}{cabo}lodf cdk `cod{cododf }{qjdf a~}odn}} qnbc{ojd}lou}$ O{ o} anbonxnk
{lc{ {ln Q~}}ocd} cqn c mj`aodc{ojd jh mjbbnm{oxo}`" nfcbo{cqocdo}` cdk a~qnc~mqc{om$
,Mj``~domcok" 155?/
@jqnjxnq" fndnqcbby }uncgodf" Vn}{nqd N~qjuncd dc{ojd} }~ml c} Aqo{cod n`nqfn c} bjv
mjd{n|{ m~b{~qn" `jqn jqond{nk {jvcqk} {ln }ljq{ {nq`" `jqn odkoxok~cbo}{om cdk xcb~odf
c}}nq{oxndn}} cdk `c{nqocb uj}}n}}ojd}$ Od mjd{qc}{" Q~}}oc mj`uqo}n} lofl mjd{n|{ m~b{~qn"
`jqn jqond{nk {jvcqk} {ln bjdf {nq`" `jqn mjbbnm{oxo}{ cdk xcb~odf d~q{~qn vo{lod
}jmon{y$,Od{nq}unqondmn" 1531/ [lo} mjd{qc}{ hnc{~qn} `cy mc~}n jqfcdoc{ojdcb cdk
`cdcfnqocb uqjabn`} oh dj{ kncb{ uqjunqby ay Bbjyk} []A c{ {ln anfoddodf jh o{} od{nqdc{ojdcb
n|ucd}ojd {j Q~}}oc$
>$1$ [ln Bcdf~cfn Uqjabn`
Mj``~domc{ojd o} mq~mocb {j `cdcfn`nd{$ A~{ mj``~domc{ojd knundk} jd c mj``jd
bcdf~cfn" c mjdko{ojd }nbkj` n|o}{odf od `cdy od{nqdc{ojdcb a~}odn}} }n{{odf}$ [lc{ mj~bk an{ln jqofod jh `cdy uqjabn`} ,Hnnby ( Lcqodf" 1551/$ [lnqnhjqn o{ o} o`ujq{cd{ {j ~dknq}{cdk
{ln mj``jd fqj~dk vloml uqnxcob} od {ln od{nqdc{ojdcb a~}odn}} ndxoqjd`nd{ vlnd kjodf
a~}odn}} vo{l {ln Q~}}ocd}$ [ln dnmn}}cqy cki~}{`nd{} od mj``~domc{ojd} }lj~bk an
cmlonxnk c{ {ln anfoddodf cdk }lj~bk knxnbju c} {ln {o`n fjn}$ [ln `cod c}unm{ jh }j`n jh
{ln od{nqdc{ojdcb a~}odn}} hcob~qn} od Q~}}oc lc} jmm~qqnk k~n {j {lo} bcmg jh mj``~domc{ojd
cdk bcmg jh bcdf~cfn }gobb} cdk ~dknq}{cdkodf$
[lnqnhjqn {ln kohhnqndmn od bcdf~cfn}" c} cdj{lnq o`ujq{cd{ hcm{jq {lc{ `cy qn}~b{ od
`cdcfnqocb uqjabn`" cb}j dnnk} {j an {cgnd od{j mjd}oknqc{ojd od jqknq {j cmlonxn nhhnm{oxn
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mj``~domc{ojd cdk dnfj{oc{ojd n{m an{vnnd {ln {vj mj~d{qon}$ Q~}}oc lcxodf `jqn {lcd 16
bcdf~cfn} `ncd" hjq cdy mj`ucdy vloml nd{nq} {ln mj~d{qy lc} {j {cgn ~u {lo} `c{{nq
}nqoj~}by$ N}unmocbby od uqjxokodf hodcdmocb }nqxomn} }~ml c} jh Bbjyk} ][A vloml ac}n jd
{q~}{" qns~oqn} {ln caobo{y {j mj``~domc{n od ubcod cdk mbncq {nq`}$
>$=$ L~`cd Mcuo{cb
[ln o`ujq{cdmn jh n`ubjynn} `cy xcqy od kohhnqnd{ odk~}{qon}$ Od {ln mc}n jh hodcdmocb
}nqxomn} odk~}{qy" {ln n`ubjynn} vlj uqjxokn }nqxomn} {j {ln m~}{j`nq} cqn ~dkj~a{nkby {ln
gny c}}n{}$ [lnqnhjqn" hjq {ln a~yodf mj`ucdy" o{ o} o`ujq{cd{ {j gnnu {ln gny n`ubjynn}
ch{nq {ln `nqfnq jq cms~o}o{ojd" cdk a~obk {lnoq {q~}{$ Ujkjb}gy" {ln Koqnm{jq" Hodcdmn"
Mjqujqc{n Qnujq{odf cdk Mj`ubocdmn jh @jaobn [nbn]y}{n`} ,@[]/" `nd{ojd} {lc{ jh{nd i~}{
uqojq {j anodf cms~oqnk" {ln {cqfn{ mj`ucdy }{ju} vjqgodf" vlobn hjq {ln a~ynq o{ o} xo{cb {j
nd}~qn {lc{ {ln mj`ucdy mjd{od~n} h~dm{ojdodf ~d{ob ch{nq {ln mbj}odf jh {ln kncb$ O{ o}
fndnqcbby cfqnnk {lc{ qnf~bcq mj``~domc{ojd vo{l n`ubjynn} mj~bk an {ln gny hjq }~mmn}}$
Cb}j" Gdjbb" {ln Ucq{dnq cdk Lnck jh @(C Bnck Ckxo}jqy jh Uqomnvc{nqlj~}nMjjunq}" }cy}9
@cdy hjqnofdnq} mj`n od{j {lo} `cqgn{ ac}omcbby ~duqnucqnk$ [lny kjd{ gdjv `~ml caj~{
Q~}}oc" }j {lny qncbby dnnk }~uujq{ jq lcdk}-jd n|unqondmn cdk }~uujq{ hqj` unjubn vlj
lcxn cbqncky uqjxnd {ln`}nbxn}$,@nqfnq`cqgn{" 155$=$ ]cbcqon}
Cmmjqkodf {j {ln n|unq{} od {ln qj~dk {cabn ko}m~}}ojd caj~{ @(C od Q~}}oc" vlc{ Q~}}oc
bcmg} cqn s~cbohonk unq}jddnb" kn}uo{n qo}odf vcfn}$ Ljvnxnq od ndfcfodf od od{nqdc{ojdcb
a~}odn}}" {ln ko}ucqo{on} od }cbcqy }{q~m{~qn} `cgn c l~fn uqjabn` cdk {lo} mj~bk bnck {j
kohhnqnd{ j{lnq uqjabn`}$ ,]`o{l" Lnqanq{$ 1535/
Od ckko{ojd {ln Q~}}ocd bcaj~q bcv} }unm~bc{n `cdy q~bn} qnfcqkodf {ln }cbcqy }{q~m{~qn cdk
vlnd }{cq{odf cd od{nqdc{ojdcb a~}odn}} }~ml c}unm{} }lj~bk an {ljqj~flby cmm~`~bc{nk$
>$;$ Vjqgodf N{lom}
N{lom} cqn {ln uqodmoubn} jh l~`cd mjdk~m{ qnfcqkodf no{lnq cd odkoxok~cb jq c fqj~u ,]lcv"
3???/" cdk a~}odn}} n{lom} qnhnq {j Vlc{ o} qofl{ cdk vqjdf: Fjjk jq ack: od a~}odn}}
{qcd}cm{ojd} ,Vno}}" 3??;/$
C} ko}m~}}nk" Q~}}ocd bcaj~q bcv} }unm~bc{n `cdy c}unm{} qnfcqkodf {ln n`ubjynn}$
Ljvnxnq cmmjqkodf {j `cdy }{~kon}" {lny kohhnq hqj` {lc{ jh {ln vn}{nqd unq}unm{oxn$ [ln
n`ubjynn} ubcmn od {ln Q~}}ocd vjqg m~b{~qn cdk {ln qjbn jh {ln n`ubjynq" {lnqnhjqn" cqn
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xonvnk kohhnqnd{by {lcd od {ln Vn}{$ C qnc}jdcabn n`ubjy`nd{ }o{~c{ojd ay Vn}{nqd
}{cdkcqk}" od {nq`} jh ija }nm~qo{y cdk andnho{}" vj~bk dj{ `nn{ {ln n|unm{c{ojd} jh c
Q~}}ocd cmm~}{j`nk {j {ln bcaj~q uqjmn}} jh {ln ]jxon{ ubcddnk nmjdj`y$ ,Qoo}cdfnq"
[lj`c}$1551/
>$>$ [c| cdk Bnfcb O}}~n}
]odmn @(C {qcd}cm{ojd} lcxn anmj`n odmqnc}odfby mj``jd od Q~}}oc od qnmnd{ yncq}" {lnqn
cqn c d~`anq jh bnfcb cdk {c| o}}~n} {lc{ }lj~bk an {cgnd od{j mjd}oknqc{ojd vlnd }~ml
{qcd}cm{ojd} cqn ubcddnk$ Hjq od}{cdmn" cmmjqkodf {j GU@F" od {ln mc}n jh cd @(C {ln bnfcb
nd{o{y qn}~b{odf hqj` }~ml `nqfnq jq {ln cmmn}}odf bnfcb nd{o{y }lj~bk an qnmjfdo}nk c} {ln
}~mmn}}jq {j {ln jabofc{ojd} {j ucy {c|n} cdk hnn} jh ncml jh {ln jqofodcb bnfcb nd{o{on} jq {ln
cmmn}}nk bnfcb nd{o{y$ ,GU@F B{k$" 1533/ [l~}" o{ o} xo{cb hjq {ln hjqnofd odxn}{jq {j mljj}n cmj`ucdy jq mj`ucdon} jh mbncq {c| k~{on}$
>$8$ [lod Mcuo{cbo}c{ojd Q~bn}
Q~}}ocd {lod mcuo{cbo}c{ojd q~bn} lcxn annd xc}{by oqqnbnxcd{ }odmn {lny vnqn n}{cabo}lnk od
Icd~cqy 1558" c} `j}{ {c|ucynq} cxjoknk {ln` no{lnq {lqj~fl {ln }o}{nq-mj`ucdy bjjuljbn
,c bjcd hqj` cd chhoboc{nk }o}{nq mj`ucdy o} {nmldomcbby dj{ }~ainm{ {j {lod mcuo{cbo}c{ojd/
cdk*jq ~dknq djd-ko}mqo`odc{ojd jq }unmocb knk~m{oaobo{y uqjxo}ojd} od {ln uqj{jmjb} {j kj~abn
{c| {qnc{on}$ Ljvnxnq" c} {ln {lod mcuo{cbo}c{ojd q~bn} lcxn annd n|{ndknk qnmnd{by" aj{l {ln
djd-ko}mqo`odc{ojd cdk {ln uqj{jmjb} ac}nk knhndmn} cqn bcqfnby dj bjdfnq cxcobcabn$
,]o{domjx" 1531/
Od {lo} mjd{n|{ o{ o} o`ujq{cd{ {j qnxo}o{ {ln lo}{jqomcb hodcdmodf }{q~m{~qn} {lc{ lcxn annd ~}nk
hjq cdy Q~}}ocd {qcd}cm{ojd}*a~}odn}}n}" cdk {ln uj{nd{ocb dnnk {j mj`uby {j {ln 31$> {j 3
kna{ {j ns~o{y qc{oj hjq @(C} mjdmnqdodf hodcdmocb }nqxomn} fjodf hjqvcqk$
>$6$ Mj`un{o{ojd Bcv
Jd {ln j{lnq lcdk" {ln `jknqd fbjacb nmjdj`y" {ln o`ucm{ jh cd @(C {qcd}cm{ojd jdn
mj~d{qy o} xnqy jh{nd dj{ bo`o{nk {j {lc{ mj~d{qy cbjdn" cdk `cy lcxn cd nhhnm{ jd {ln
mj`un{o{ojd od j{lnq mj~d{qon}$ [lnqnhjqn" {ln mj`un{o{ojd c~{ljqo{on} jh kohhnqnd{ mj~d{qon}
~}~cbby kj dj{ bo`o{ {lnoq cm{oxo{y {j {ln @(C {qcd}cm{ojd} od {lnoq lj`n mj~d{qon}" a~{ }nng {j
mjd{qjb hjqnofd @(C {qcd}cm{ojd} {lc{ dnxnq{lnbn}} `cy odhb~ndmn {ln mj`un{o{ojd od {lnoq
lj`n mj~d{qon}$ [ln Q~}}ocd mj`un{o{ojd c~{ljqo{y" {ln Hnknqcb Cd{o`jdjujby ]nqxomn
,HC]/" o} dj kohhnqnd{$ @(C {qcd}cm{ojd} jxnq Q~}}ocd c}}n{} cqn xnqy jh{nd }{q~m{~qnk
caqjck" odxjbxodf c mj`ucdy j~{}okn jh Q~}}oc vo{l c}}n{} lnbk koqnm{by jq ay o{} }~a}okocqy
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=5 r U c f n
od Q~}}oc$ HC] cb}j vcd{} {j mjd{qjb }~ml @(C {qcd}cm{ojd}$
^dknq {ln dnv fndnqcb uqjxo}ojd jh {ln Q~}}ocd mj`un{o{ojd bcv" od{qjk~mnk ay {ln [loqk
Cd{o`jdjujby Ucmgcfn ,[CU/" o{ cuubon} {j cfqnn`nd{} `ckn cdk cm{ojd} unqhjq`nk j~{}okn
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