Upload
others
View
8
Download
0
Embed Size (px)
Citation preview
�65(':(9(.291,�6536.,�63,6,�2�.26298
0RQDKLZD�-HILPLMD��.QH]�/D]DU��.QHJLZD�0LOLFD��9XN�%UDQNRYL`��5DYDQLaNL
PRQDVL��'DYLG��-HOHQD�%DO^L`��$QGRQLMH�5DIDLO�(SDNWLW��'HVSRW�6WHIDQ
/D]DUHYL`��1DMVWDULML�VUSVNL�]DSLVL�R�.RVRYX
02021$1$+,+,::$ -$ -((),0,),0,--$$
��
3UHGJRYRU QDSLVDR 0LODQ .D^DQLQ
.1(=.1(= /$/$==$$55
��
3UHGJRYRU QDSLVDOD 0LOLFD *UNRYL`
.1(*,.1(*,::$0,/,$0,/,&&$s$s002121$+$+,,::$ (9$ (9**(1,-$(1,-$
����
3UHGJRYRU QDSLVDOD 0LOLFD *UNRYL`
98. %98. %55$1$1..29,@29,@
����
3UHGJRYRU QDSLVDOD 0LOLFD *UNRYL`
55$$9$1,9$1,AA$1,1$1,1 I
����
3UHGJRYRU QDSLVDR ?RU_H 7ULIXQRYL`
55$$9$1,9$1,AA$1,1$1,1 II
����
3UHGJRYRU QDSLVDR ?RU_H 7ULIXQRYL`
55$$9$1,9$1,AA$1,1$1,1 III
����
3UHGJRYRU QDSLVDOD -HOND 5H_HS
1(1(332=2=11$7,$7, 55$$99$1,A$1,1$1,A$1,1
����
3UHGJRYRU QDSLVDR ?RU_H 7ULIXQRYL`
'$9,''$9,'
����
3UHGJRYRU QDSLVDOD -HOND 5H_HS
'(6'(6323277 6677(()$1)$1 /$=/$=$5($5(99,@,@
����
3UHGJRYRU QDSLVDR 0LODQ .D^DQLQ
-(/(-(/(11$$ %%$$//>>,,`̀
����
3UHGJRYRU QDSLVDR ?RU_H 6S� 5DGRMLaL`
$1'21,$1'21,--(( 5$5$)$,/ (3)$,/ (3$$..77,7,7
����
3UHGJRYRU QDSLVDR ?RU_H 7ULIXQRYL`
1$-1$-6767$5,-, 6$5,-, 65536., =36., =$$33,,6,6, =$=$3,6, 23,6, 2 ..226629296.6.2020 %%22--88
����
3UHGJRYRU QDSLVDOD 0LOND ,YL`
0RQDKLZD�-HILPLMD
3UHGJRYRU�QDSLVDR�0LODQ�.D^DQLQ
3RVOHGZD�GHFHQLMD�XIV
�YHND�GROD]L�X�QDMLPSUHVLYQLMH�L�QDMRULJLQDOQLMH�PRPHQWH�VUSVNH
VUHGZRYHNRYQH�NZLCHYQRVWL��6SLVL�QLVX��RSVHCQL��DOL�VX�PQRJREURMQL��D�QLVX�WROLNR�ERJDWL
VDGUCLQRP�NROLNR�L]UD]RP��2VWDMX`L�X�YHUVNRM�DWPRVIHUL��RQL�VX�SUHWHCQR�LVWRULMVNRJ�L
YLWH^NRJ�NDUDNWHUD�s�ZLKRYD�FHQWUDOQD�WHPD�MH�.RVRYVND�ELWND��ZLKRYD�JODYQD�OLaQRVW�NQH]
/D]DU��1DVOHGQLN�1HPDZL`D��NQH]�/D]DU�MH�X�NZLCHYQRVWL�YL^H�UD]OLaLW�RG�ZLK�QR�ZLPD
VOLaDQ��,�RQ�MH�VYHWLWHT��DOL�QH�MHGLQR�]ERJ�SRERCQRVWL�L�PRUDOQRJ�CLYRWD��QHJR��SUH�VYHJD
GUXJRJ��]ERJ�KHURMVNH�VPUWL�]D�]HPTX�L�KUL^`DQVWYR��3RJRWRYR�VH�NQH]�/D]DU�UD]OLNXMH�RG
VYHWLWHT¼�NRML�VX�VH�SURVODYLOL�NDR�LVSRVQLFL�s�RQ�VH�QH�ERUL�VD�]OLP�GXVLPD�QHJR�VD
LQRYHUFLPD��3REHGQLN�MH�L�RQ��DOL�QD�RVREHQ�QDaLQ��2Q�QLMH�GRELR�%LWNX�QD�.RVRYX��NDR�^WR�VX
6WHIDQ�'HaDQVNL�L�'X^DQ�GRELOL�%LWNX�NRG�9HOEXCGD��QLWL�MH�RQ�WULMXPIDWRU�NRML�MH�RVYRMLR
QRYH�]HPTH�L�]DGRELR�YHOLN�SOHQ��.DR�QLMHGDQ�1HPDZL`��RQ�MH�RG�QHSULMDWHTD�XKYD`HQ�L
SRJXETHQ��$OL��L]JXELY^L�]HPDTVNR�FDUVWYR��RQ�MH��PRUDOQR�QHSREHGLY��]DGRELR�QHEHVNR�L��CLY
QD�GUXJRP�VYHWX��ERUL�VH�SURWLY�SRURETLYDaD�ZHJRYH�]HPTH�L�]OLK�EH]ERCQLND�
'UXNaLML�SR�WHPDPD��JODYQL�NZLCHYQL�VSLVL�WH�GHNDGH�GUXNaLML�VX�L�SR�RVQRYQRP�UDVSRORCHZX�
2QR�MH�GXERNR�WUDJLaQR��(PRWLYQL�HOHPHQWL�SUHWHCX�QDG�LQWHOHNWXDOQLP��QDFLRQDOQL�PRWLYL
VWRMH�L]QDG�RS^WHTXGVNLK��SDWULRWVND�DWPRVIHUD�MH�]DCDUHQD�GR�XVLMDZD��0RWLYL�VX�QH�PRCH
ELWL�DNWXHOQLML�s�SLVFL�JRYRUH�R�OLaQRVWLPD�NRMH�VX�L�VDPL�]QDOL�L�R�GRJD_DMLPD�NRMH�VX�L�VDPL
SUHCLYHOL��%H]�RE]LUD�QD�VYRMH�VDVWDYTDaH��CLYRWRSLVL��SRKYDOH�L�SULaH�R�NQH]X�/D]DUX�QLVX
FUNYHQL�VSLVL��QL�CLWLMD��YH`�SRERCQH�KURQLNH�VD�SUL]YXNRP�YLWH^NLK�SHVDPD��3RGMHGQDNR
]DGLUX`L�X�CLYRW�QDURGD�L�SRMHGLQFD��RQH�VX�VDYUHPHQH�VOX^DRFH�SRWUHVDOH�QH�VDPR
SULSRYHGDaNL�L�SHVQLaNL��QHJR�L�HJ]LVWHQFLMDOQR��L�WR�QLMH�QDMPDZL�UD]ORJ�^WR�VX�NQH]�/D]DU�L
.RVRYVND�ELWND�GRELOL�PLWVNR�REHOHCMH�L�SUH^OL�X�OHJHQGX�
,�SURVWRUQR�L�YUHPHQVNL��SLVFL�X�WRPH�UD]GRETX�VX�NRPSDNWQLML�QR�X�UDQLMLP��'R�WDGD��RQL�VX
CLYHOL�L�UDGLOL�SUHWHCQR�SR�PDQDVWLULPD�X�6YHWRM�*RUL��VDG��RQL�JRWRYR�VYL�CLYH�L�SL^X�SR
PDQDVWLULPD�L�JUDGRYLPD�SR�6UELML��1LVX�VYL�QL�DQRQLPQL��8]�SLVFH�NRML�VX�X�QDXFL�GRELOL
LPH�5DYDQLaDQL�s�SRG�SUHWSRVWDYNRP�GD�VX�ELOL�UDYDQLaNL�PRQDVL�s�LPD�LK�NRML�VX�SR]QDWL�L
SR�LPHQX�L�SR�DNWLYQRVWL�X�CLYRWX��0H_X�SUYLPD�SR�YUHPHQX�s�L�QH�VDPR�SR�ZHPX�s�GROD]L
GHVSRWLFD�-HOHQD��ERTH�SR]QDWD�SR�PRQD^NRP�LPHQX�-HILPLMD��L�SDWULMDUK�'DQLOR�III
��,�NDR
OLaQRVWL�L�NDR�SLVFL��RQL�VX�LVWR�WROLNR�WXPDaL�VYHWRYQRJ�NROLNR�GXKRYQRJ�CLYRWD��L�LVWR
WROLNR�SUHGVWDYQLFL�NZLCHYQRVWL�NROLNR�FUNYHQRJ�L�YODVWHRVNRJ�GUX^WYD�
'HVSRWLFD�-HOHQD��UR_HQD�RNR��������N`L�`HVDUD�9RLKQH��FDUHYRJD�EUDWXaHGD��NRML�MH�X�LVWRaQRM
0DNHGRQLML�GRELR�QD�XSUDYX�REODVW�'UDPH��LPDOD�MH�VYH�XVORYH�]D�GREUR�YDVSLWDZH�s�GD�QDXaL
aLWDWL�L�SLVDWL�VUSVNL�L�JUaNL��UDGLWL�XPHWQLaNL�YH]��NUHWDWL�VH�X�NUXJX�YL]DQWLMVNH�L�VUSVNH
YODVWHOH�L�FUNYHQLK�TXGL��SUDWLWL�VYHWRYQH�L�FUNYHQH�GRJD_DMH�NRG�QDV�L�X�VYHWX�
���
�1HPD
GLUHNWQLK�L]YRUD�L]�NRMLK�EL�VH�PRJOR�VD]QDWL�NRMH�MH�NZLJH�GUCDOD�X�VYRMRM�NX`L��NRMH�LNRQH�
NDNDY�QDNLW��NDNDY�QDPH^WDM��,]�NRQFHSWD�]DSLVD�QD�MHGQRP�UXNRSLVX�VYHWRVDYVNRJ�1RPRNDQRQD
YLVL�VH�GD�MH��NDG�MH�ELOD�YH`�XGDWD��SRUXaLOD�]D�VHEH�3VDOWLU�
���
�NZLJX�EH]�NRMH��YHURYDWQR��QLMH
ELOD�QLMHGQD�YODVWHRVND�SRURGLFD��,]�GUXJRJ�MHGQRJ�]DSLVD�s�RYDM�SXW��YDTGD��ZHQRJ�s�L]OD]LOR
EL�GD�MH�]QDOD�GREUR�JUaNL�
���
�8�QHGRVWDWNX�GUXJRJ��GLUHNWQRJ�VYHGRaDQVWYD��R�ZHQRM
REUD]RYDQRVWL�L�WDOHQWLPD�VYHGRaH�WHNVWRYL�NRMH�MH�VDVWDYLOD�L�XPHWQLaNL�SUHGPHWL�NRMH�MH
SRUXaLYDOD�LOL�LK�VDPD�UDGLOD�
���
1DMVWDULML�WHNVW�-HOHQLQ�XJUDYLUDQ�MH�X�SR]OD`HQH�VUHEUQH�SORaLFH�QD�VDVYLP�PDORP�GLSWLKX���
FP�� x
��FP�����NRML�MH�XNUD^HQ�ELVHURP�L�GUDJLP�NDPHZHP�s�LNRQLFL�NRMRP�MH�VHUVNL�PLWURSROLW
7HRGRVLMH�GDULYDR�QD�NU^WHZX�ZHQRJ�PDORJ�VLQD�
���
�8GDWD�]D�GHVSRWD�8JTH^X�0UZDYaHYL`D��NRML
MH�]D�SRVOHGZLK�JRGLQD�FDUD�8UR^D�YODGDR�6HUVNRP�GUCDYRP��-HOHQD�MH�LPDOD�VLQD�NRML�MH�XEU]R
SR�UR_HZX�XPUR�L�VDKUDZHQ�ELR�X�+LODQGDUX��X�LVWRP�JUREX�VD�VYRMLP�GHGRP�SR�PDWHUL�9RLKQRP�
>DTX`L�QD�JURE�VLQRYTHY�LNRQLFX��GHVSRWLFD�-HOHQD�MH�QD�VSRTD^ZLP�ZHQLP�VWUDQDPD�GDOD�X
PHWDOX�XUH]DWL�]DSLV��1DVWDR�L]PH_X�������L�������]DSLV�MH�SXQ�NROLNR�EROD�L�PXGURVWL�WROLNR
QHCQRJ�RVH`DZD��2Q�MH�NUDWDN�L�VDCHW�s�QLMH�ELOR�QL�SURVWRUD�]D�GXJR�SULaDZH��6D�UHaLPD
SXQLP�KYDOH�GHVSRWLFD�VDPR�NDCH�RG�NRJD�MRM�MH�VLQ�GRELR�WX�LNRQLFX�L�V�SXQR�VNUX^HQRVWL�VH
SUHSRUXaXMH�%RJX���8GRVWRML��*RVSRGH�+ULVWH��L�WL��SUHaLVWD�%RJRPDWL��L�PHQH�MDGQX���PROL�VH
RQD���GD�VH�VYDJGD�EULQHP�]D�UD]OXaHZH�GX^H�PRMH��NRMH�XJOHGDK�QD�RQLPD�NRML�VX�PH�URGLOL�L�QD
UR_HQRP�RG�PHQH�PODGHQFX���1H�]DERUDYTDMX`L�URGLWHTH��RQD�VYRMH�PLVOL�XSX`XMH�VYRPH�XPUORP
VLQX��NRJD�QH�PRCH�GD�SUHCDOL�s��]D�NRMLP�CDORVW���NDCH�RQD���QHSUHVWDQR�JRUL�X�VUFX�PRPH���,
VH`D�VH�VYLK�PDWHUD���SR�RELaDMX�PDWHUZHP�SREH_HQD��TXEDYTX�SUHPD�GHWHWX����-HOHQLQD�PROLWYD
QLMH�NRQYHQFLRQDOQD�DSVWUDNWQD�PROLWYD�NDNYLK�VX�SXQH�ELRJUDILMH�VUHGZRYHNRYQLK�VYHWLWHTD�
RQD�MH�OLaQD�L�NRQNUHWQD��8�ZRM�QLMH�UHa�R�PLVWLaQRM�TXEDYL�SUHPD�ERCDQVWYX�LOL�VYHWLWHTX�
QHJR�R�]HPDTVNRM�YH]L�GHFH�L�URGLWHTD��0ODGD�PDWL�VH�LVSRYHGD�GD��SRUHG�VYH�VYRMH�YHUH��QH�PRCH
GD�QH�CDOL�]D�GHWHWRP��L�SUL]QDMH�GD�MH��NDR�L�X�VYLK�PDWHUD��RG�ZH�MDaD�CDORVW�]D�XPUOLP��8�VWDURM
VUSVNRM�NZLCHYQRVWL�MH�WR�SUYL�SXW�GD�MHGQD�CHQD�RWYRUHQR�L�GLUHNWQR�JRYRUL�R�PDWHULQVNRP
RVH`DZX�L�R�VYRPH�GHWHWX��.ROLNR�QD�KUL^`DQVNX�LVSRYHVW��WROLNR�WDM�]DSLV�OLaL�QD�DQWLaNL
SRPHQ�XJUDYLUDQ�QD�QDGJUREQRM�SORaL�
'HVSRWLFD�-HOHQD��SRVOH�8JTH^LQH�SRJLELMH�L�JXETHZD�GHVSRWRYLQH���������PRUDOD�MH�QDSXVWLWL
6HU�L�CLYRW�YODGDUNH��%H]�RFD��EH]�PDWHUH��EH]�PXCD��EH]�VLQD��RQD�VH��X�VYRMRM�GYDGHVHW�GUXJRM
JRGLQL��]DPRQD^LOD�L�VNORQLOD�X�.UX^HYDF�QD�GYRU�NQH]D�/D]DUD�L�NQHJLZH�0LOLFH�NRMD�MH��NDR
L�RQD��ELOD�RG�NUYL�1HPDZL`D��$NR�QH�VUH`QD��GRMXaHUD^ZD�GHVSRWLFD�-HOHQD��VDGD�PRQDKLZD
-HILPLMD��CLYHOD�MH�NRG�ZLK�PLUQD�EOL]X�GYDGHVHW�JRGLQD��3RVOH�.RVRYVNH�ELWNH��X�NRMRM�MH�L�NQH]
/D]DU�SRJLQXR��SRQRYR�VX�GR^OL�WH^NL�GDQL��.QHJLZD�0LOLFD��]DPRQD^HQD��VD�LPHQRP
-HYJHQLMD��LPDOD�MH��]D�PDOROHWVWYD�VYRJ�VLQD�6WHIDQD��GD�XSUDYTD�]HPTRP�X�VORCHQLP�L�PXaQLP
SULOLNDPD��AHWUQDHVW�JRGLQD�POD_D�RG�ZH�L�GYDGHVHW�SHW�JRGLQD�VWDULMD�RG�6WHIDQD��-HILPLMD��R
NRMRM�MHGDQ�ELRJUDI�NDCH�GD�MH�ELOD�PXGUD�
���
�SRND]DOD�VH�NDR�QH]DPHQTLY�VDUDGQLN��.RQVWDQWLQ
)LOR]RI�MH�]DEHOHCLR�NDNR�VX��X�SUROH`H�������-HYJHQLMD�L�-HILPLMD�L^OH�X�6HU�VXOWDQX�%DMD]LWX
s�X�RQDM�LVWL�6HU�X�NRPH�MH�-HILPLMD�SUH�WULGHVHW�JRGLQD�ELOD�GHVSRWLFD��L�RQRPH�LVWRPH
%DMD]LWX�NRML�MH�GDR�SRJXELWL�NQH]D�/D]DUD�s�GD�RSUDYGDMX�NQH]D�6WHIDQD�]ERJ�NOHYHWH�GD�MH
VXOWDQX�SRVWDR�QHYHUDQ��L�NDNR�VX�WX�PLVLMX�GREUR�L]YU^LOH�L�KUDEUR�VH�SRQHOH�
���
�3R�SRYUDWNX�V
SXWD��ZLK�GYH�VX�CLYHOH��QHNR�YUHPH�X�PDQDVWLUX�#XSDZHYFX������r�������SUHGDQH�GUCDYQLP�L
XPHWQLaNLP�SRVORYLPD��1D�GHVQRM�REDOL�#XSDZHYDaNH�UHNH��QD�YLVRUDYQL�L]QDG�VHOD
#XSDZHYFD��X�/HYaX��L�GDQDV�VH�YLGH�RVWDFL�XWYU_HQRJ�PDQDVWLUDrGYRUFD�s�]LGRYL�RaXYDQL�GR
GHVHW�PHWDUD�YLVLQH��WUL�NXOH�L�UX^HYLQH�FUNYH�s�X�NRPH�VX�ZLK�GYH�ERUDYLOH�NDG�MH�-HYJHQLMD
QDGJOHGDOD�SRGL]DZH�PDQDVWLUD�4XERVWLZH�D�-HILPLMD�X]HOD�X�UDG�]DYHVX�]D�FDUVNH�GYHUL�X
%RJRURGLaLQRM�FUNYL�X�+LODQGDUX�
���
�1D�WRM�LPSR]DQWQRM�]DYHVL�RG�WH^NRJ�VYLOHQRJ�FUYHQRJ
DWODVD����P��� x
��P������QD�NRPH�MH�V�YHOLNLP�PDMVWRUVWYRP�L]YH]HQD�]ODWQRP�L�VUHEURP�CLFRP
NRPSR]LFLMD�QD�NRMRM�+ULVWRV�X�DUKLMHUHMVNRM�RGHCGL�VOXCL�VOXCEX�VD�VY��9DVLOLMHP�9HOLNLP�L
VY��-RYDQRP�=ODWRXVWLP��SDGD�X�RaL�GD�MH�QD�MHGQRP�VYLWNX�RGDEUDQ�QDWSLV�X�NRPH�VWRML�GD�QH
WUHED�GD�VH�SULEOLCL�SULaH^`X�RQDM�NRML�MH�YH]DQ�SORWVNL�SRKRWDPD�L�VODVWLPD�
���
�7HNVW�L]YH]HQ
SUL�GQX�]DYHVH��NRML�VH�RELaQR�FLWLUD�NDR�-HILPLMLQ��OHS�MH��DOL�QH�L�RULJLQDODQ��2G�ZHJD
SULSDGD�-HILPLML�VDPR�UHaHQLFD�X�NRMRM�VH�QDYRGL�NR�SULODCH�]DYHVX��VNRUR�VDY�RVWDOL�WHNVW�MH
SR]DMPLFD�L]�PROLWDYD�NRMH�VH�aLWDMX�SUHG�SULaH^`H��D�NRMH�VX�VDVWDYLOL�6LPHRQ�1RYL�%RJRVORY�
6LPHRQ�0HWDIUDVW�L�VY��-RYDQ�=ODWRXVWL��=DYHVD�X�+LODQGDUX�]QDaDMQLMD�MH�]D�VUSVNX�XPHWQLaNX
LVWRULMX�QHJR�]D�NZLCHYQX�
2G�YHOLNH�NZLCHYQH�YUHGQRVWL�MH�WHNVW�NRML�MH�-HILPLMD�L]YH]OD��VUHGLQRP�������QD�SRNURYX�]D
`LYRW�VD�PR^WLPD�NQH]D�/D]DUD�X�5DYDQLFL�
����
�1DVXSURW�GHNRUDWLYQRM�UDVNR^L�L�CLYRSLVQRVWL
]DYHVH�]D�FDUVNH�GYHUL�X�+LODQGDUX��SRNURY�]D�`LYRW�NQH]D�/D]DUD��RG�FUYHQRJ�DWODVD�WDNR_H
�YHOLaLQH�0,99 x 0,69
���XPHWQLaNL�MH�NUDMZH�MHGQRVWDYDQ��OL^HQ�VYDNH�ILJXUDOQH�NRPSR]LFLMH��RQ
VH�VDVWRML�VDPR�RG�QDWSLVD�aLMD�VX�NUXSQD�VORYD�L]YH]HQD�]ODWQLP�NRQFHP�L�XRNYLUHQD�ERUGLURP
VD�PLWRYLPD�OR]LFH�L�OL^`D��7HNVW�MH�NROLNR�L]UD]LWR�URGRTXELY�WROLNR�L]UD]LWR�SHVQLaNL�
8ND]DY^L�QD�YUOLQH�NQH]D�/D]DUD�NDR�aRYHND�L�YODGDUD��X]�GLYTHZH�ZHJRYRM�KUDEURVWL�GD�L]D_H�X
VXVUHW�QHSULMDWHTX�ZHJRYH�]HPTH�L�KUL^`DQVNH�FUNYH��UDGLMH�VSUHPDQ�GD�SRJLQH�QR�GD�VH�SUHGD�
-HILPLMD�PX�XSX`XMH�GXJX�L�VWUDVQX�PROEX�]D�SRPR`���3UHNORQL�NROHQD�SUHG�*RVSRGRP�NRML�WH�MH
YHQaDR�YHQFHP�PXaHQL^WYD���REUD`D�PX�VH�RQD��]DEULQXWD�]D�ZHJRYX�GHFX�L�]D�ZLKRYX�L�VYRMX
]HPTX���PROL�GD�SUDYRVODYQD�YHUD�KUL^`DQVND�QHRVNXGQR�VWRML�X�RWDaDVWYX�WYRPH��PROL�GD
SREHGQLN�%RJ�SREHGX�G¼�TXETHQLP�WL�aHGLPD��NQH]X�6WHIDQX�L�9XNX���8�QDNORQRVWL�NRMX�VX
LPDOL�VUHGZRYHNRYQL�TXGL�]D�VDERUH��]D�YHOLNH�VNXSLQH��]D�PDVH��-HILPLMD�SURGXCDYD���6DEHUL
]ERU�VYRMLK�VDEHVHGQLND��VYHWLK�PXaHQLND��L�VD�VYLPD�VH�SRPROL�%RJX�NRML�WH�MH�SURVODYLR���'D�QH
EL�ELOR�QHMDVQR`H��RQD�SUHFL]LUD�GD�6UELML�WUHED�SRPR`�VYHWLK�UDWQLND�L�YRMQLND���,]YHVWL
?RU_D��SRNUHQL�'LPLWULMD��XEHGL�7RGRUD��X]PL�0HUNXULMD�L�3URNRSLMD��L�aHWUGHVHW�PXaHQLND
VHYDVWLMVNLK�QH�RVWDYL������GR_L�QD�SRPR`�QD^X��JGH�GD�VL���6QHELYDMX`L�VH�SUHG�VYHWLWHTHP�^WR
PX�SULQRVL�RYDNR�PDOL�GDU��-HILPLMD�VH�VD�]DKYDOQR^`X�VH`D�NDNR�MX�MH�RQ�VYHVUGQR�SULPLR�QD
VYRP�GYRUX���2��PLOL�PRM�JRVSRGLQH�L�VYHWL�PXaHQLaH������WHOHVQR�WX_X�PHQH�PH_X�WX_LP�LVKUDQLR
VL�L]RELOQR���NDCH�RQD�L��XYHUHQD�GD�VH�QLMH�SRVOH�ZHJRYH�VPUWL�UDVWDOD�RG�ZHJD��]DYU^DYD���$
VDGD�GYRVWUXNR�PROLP��GD�PH�LVKUDQL^�L�GD�XWL^D^�EXUX�TXWX�GX^H�L�WHOD�PRJD���2QD�VH�QH
REUD`D��NDR�X�SUYD�VYRMD�GYD�]DSLVD��,VXVX�+ULVWX��QHJR�VYHWLWHTX�NRJD�MH�]QDOD�L�X�aLMRM
SRURGLFL�SURGXCXMH�GD�CLYL��L�XWROLNR�VX�ZHQH�UHaL�GLUTLYLMH�L�LQWLPQLMH��8�-HILPLMLQRM
PROLWYL�]HPDTVNL�VYHW�QLMH�PDZH�SULVXWDQ�QR�QHEHVNL��QLWL�SORWVND�RVH`DZD�SUH`XWDQD�SUL
SRPHQX�GXKRYQLK��1D�]DYHVL�X�+LODQGDUX��R�SRKRWL�L�VODVWLPD�JRYRUL�VH�XRS^WHQR��NDR
RVRELQDPD�VYLK�TXGL��X�]DSLVX�QD�/D]DUHYX�SRNURYX��-HILPLMD��JRYRUH`L�R�VHEL��PROL�%RJD�s
RQD��CHQD�L��X]�WR��PRQDKLZD�s�GD�XWL^D�EXUX��QH�VDPR�GX^H��QHJR�L�WHOD�ZHQRJ��,DNR�L]UD]LWR
LVSRYHGQRJ�WRQD��]DSLV�MH�SXQ�GRVWRMDQVWYD�L�JRVSRGVWYHQRVWL��]DMHGQR�V�SRVOHGZRP�UHaHQLFRP�
NRMD�MH�VOLaQD�SRWSLVX�QD�SLVPX���-HILPLMD�XVUGQR�SULQRVL�RYR�WHEL��VYHWL���6�UD]ORJRP�MH
-HILPLMLQ�]DSLV�QD�SRNURYX�NQH]D�/D]DUD�RGXYHN�XEUDMDQ�X�QDMOHS^H�WHNVWRYH�VUSVNH
NZLCHYQRVWL��L�QH�VDPR�VUHGZHJ�YHND�
3RVOHGZL�]DSLV�R�VHEL�-HILPLMD�MH�RVWDYLOD�QD�MHGQRM�SOD^WDQLFL�UD_HQRM�RNR�������L��YHURYDWQR�
QDPHZHQRM�QHNRP�PDQDVWLUX�X�LVWRaQRM�0DNHGRQLML��JGH�MH�ELOD�VDKUDZHQD�PDWL�ZHQD��QH�]QD�VH
NRMLP�SXWHP��SOD^WDQLFD�MH�V�YUHPHQRP�GRVSHOD�X�PDQDVWLU�3XWQX�X�5XPXQLML��JGH�VH�L�VDG
QDOD]L�
����
�7DM�SUHNUDVQL�UDG��YHOLaLQH�1,70 m x 1,11 m
���RG�QDMUDVNR^QLMLK�X�LVWRULML�VUSVNH
SULPHZHQH�XPHWQRVWL��L]YHGHQ�X�LVWRP�SUHILZHQRP�VHQ]LWLYQRP�VWLOX�X�NRPH�L�IUHVNH�X�5HVDYL
L�.DOHQL`X��UD_HQ�MH�X�YUHPH�NDG�VH�-HILPLML�EOLCLOD�VWDURVW�s�SUH^OD�MH�ELOD�SHGHVHW�JRGLQD
s�L��VSUHPDMX`L�VH�]D�VPUW��SULPLOD�X�PRQD^WYX�YHOLNX�VKLPQX�L�X]HOD�LPH�(YSUDNVLMD��1D
VYLOHQRM�WNDQLQL��QD�NRMRM�MH�]ODWQLP�L�VUHEUQLP�NRQFHP�L]YH]HQ�OLN�PUWYRJ�+ULVWD�VD�]ERURP
DQ_HOD��L]YHGHQ�MH��SR�VUHGLQL��QD�JUaNRP��]DSLV�aLMH�VX�UHaL�X]HWH�L]�SHVDPD�NRMH�VH�SRMH�QD�9HOLNL
3HWDN�L�9HOLNX�6XERWX�s�SODa�0DWHUH�%RCLMH�QDG�PUWYLP�VLQRP���2�XCDVQRJ�L�QHRELaQRJ
SUL]RUD������]ERU�DQ_HOD�SUHVWUD^L�VH�JOHGDMX`L�WH�XEURMHQD�X�PUWYH����,�L]ERU�WHPH�L�VWLKRYL�GDMX
UD]ORJD�SRPL^TDWL�GD�MH�SOD^WHQLFD�QDVWDOD�L]�VH`DZD�-HILPLMLQRJ�QD�ZHQRJ�VLQD�QD�aLMHP
JUREX�QLMH�ELOD�L�QD�NRML�QLMH�PRJOD�RWL`L��MHU�MH�CHQDPD�]DEUDZHQ�SULVWXS�X�6YHWX�*RUX��3UL
GQX�SOD^WDQLFH�MH�GUXJL�]DSLV�s�WDNR_H�QD�JUaNRP�s�NRML��SUHYHGHQ��JODVL���3RPHQL��*RVSRGH�
GX^H�UDED�VYRMLK�`HVDULFH�-HILPLMH�PRQDKLZH�V�N`HUMX�ZHQRP�FDULFRP�VUSVNRP�(YSUDNVLMRP
PRQDKLZRP���.UDWDN�L�GRNXPHQWDUDQ��QDWSLV�VDGUCL�VDPR�PRQD^ND�LPHQD�PDWHUH�L�N`HUL�L
ZLKRYH�WLWXOH�L]�SURIDQRJ�CLYRWD��9L^H�QHJR�QD�aLWDZH��QDWSLV�SR]LYD�QD�UD]PL^TDZH�R
OLaQRVWLPD�NRMH�VH�X�ZHPX�SRPLZX��UD]GYRMHQH�YUHPHQRP�L�CLYRWRP�NROLNR�XGDTHQH�JHRJUDIVNLP
SURVWRURP��8VNRUR�MH�XPUOD�L�-HILPLMDr(YSUDNVLMD��SULEOLCQR�NDG�L�-HYJHQLMD��RNR������
%ULQXOD�VH�R�PQRJLP�JURERYLPD��]D�ZHQ�VH�QH�]QD�
=DSLVL�-HILPLMLQL�s�QD�LNRQLFL��QD�]DYHVL��QD�SRNURYX�s�QLVX�GUXJR�GR�PROLWYH�QDVWDOH�X
RGUH_HQLP�PRPHQWLPD�L�VD�RGUH_HQRP�QDPHQRP��.DR�L�GUXJH��ZHQH�PROLWYH�VX�VDVWDYTHQH�X�SUYRP
OLFX��X�REOLNX�GLUHNWQRJ�REUD`DZD�ERCDQVNRM�LOL�VYHWLWHTVNRM�OLaQRVWL��L�WR�MH�ZLKRYD�SUYD
FUWD�NRMD�LP�GDMH�WRQ�VUGDaQRVWL�L�LQWLPQRVWL��'UXJD�MH�FUWD�^WR�VX�X�ZLPD�VDGUCDQD��QH
DSVWUDNWQD�RVH`DZD�L�PRUDOQD�UD]PL^TDZD��QHJR�WXJD�L�ERO��OLaQD�SDWZD��VWUDKRYDZD�]D�VHEH�L
EOLCZH��]D�FHR�MHGDQ�QDURG��VDRS^WHQD�UHaLPD�NUDMZH�SURVWLP�L�NUDMZH�X]EXGTLYLP��3UYD�QD^D
CHQD�]D�NRMX�]QDPR�GD�MH�SLVDOD��SLVDOD�MH�QH�R�QHNRP�LOL�QHaHP��QHJR�R�VHEL��L�aLQLOD�WR�QD
L]UD]LWR�LVSRYHGDQ�L�QHSRVUHGDQ�QDaLQ�
,PD�UD]ORJD�YHURYDWL�GD�VX�PROLWYH�QH�VDPR�VDVWDYTHQH�X�]DSLVLPD�L�X�VYHWDaNLP�ELRJUDILMDPD�
QHJR�GD�VX�SRVWRMDOH�L�NDR�]DVHEDQ�URG�NZLCHYQL��=D�WR�VYHGRaL�L�MHGQD�UHWND
�,VSRYHGQD�PROLWYD
�
]D�NRMX�VH�PLVOL�GD�MH�QDVWDOD�X�GUXJRM�SRORYLQL�XIV
�YHND
����
�L�L]JOHGD�NDR�]DOXWDOD�X�VUSVNX
NZLCHYQRVW��'XJD��PRQRWRQD��VQDCQD��VNRUR�VXURYD��RQD�VH�SR�PQRJR�aHPX�UD]OLNXMH�RG�GUXJLK
NZLCHYQLK�WHNVWRYD��8�ZRM�QHPD�QLaHJ�LVWRULMVNRJ�L�QLaHJ�QDUDWLYQRJ��QHPD�QLaHJD�X�ZRM�QL
QDFLRQDOQRJ��QL�LQGLYLGXDOQRJ��:X�JRYRUL�DQRQLP�X�SUYRP�OLFX�NDR�OLaQX�LVSRYHVW��DOL�WR
QLMH�PROLWYD�VDPR�ZHJD�MHGQRJ��QHJR�VYDNRJ�aRYHND��RQD�MH�L�RS^WHTXGVND�L�RS^WHKUL^`DQVND�
,]X]HWQD�SR�PLVOLPD�L�RVH`DZLPD��
,VSRYHGQD�PROLWYD
�MH��EH]�RE]LUD�QD�L]YRUH�L]�NRMLK�MH�N�QDPD
GR^OD��QDURaLWR�]DQLPTLYD�]ERJ�UDVNR^QRJ�MH]LND�L�ZHJRYH�PX]LNDOQRVWL��.DGD�VH�VWDQX�UH_DWL
LPHQLFH�MHGQDNRJ�LOL�VOLaQRJ�JODVQRJ�]DYU^HWND�s�]DYLVW��QHQDYLVW��UHYQRVW��MDURVW��VNXSRVW�
OHQRVW��VODERVW��TXWRVW��EXMHVW��XQRVW��SUD]QRVW��JRUGRVW��PU]RVW�s�D�RGPDK�SRWRP�UHWNH
MHGQRVORCQH�UHaL�s�NOLa��SOL^W��JQHY��VYDU��ERM��VPHK�s�L�QH�PDZH�]YXaQH�UHaL�RG�GYD�VORJD�s
WDWED��VYDGD��REDGD��RELGD��YUDCGD��s�XLVWLQX�VPR�QD�YUKXQFX�JODVRYQRJ�MH]LaNRJ�L]UD]D��2Q�VH�
^WR�GDTH��VYH�YL^H�^LUL��REXKYDWDMX`L�aLWDYH�UHaHQLFH���0QRJDCGL�PQRJLK�XNRULO�MHVDP�
PQRJDCGL�PQRJLK�SRKXOLO�MHVDP��PQRJDCGL�PQRJLK�]ORVORYLO�MHVDP��PQRJDCGL�PQRJLK��VDEOD]QLO
MHVDP��PQRJDCGL�PQRJLK�RVNUELO�MHVDP���'D�QDYHGH�L�GUXJH�JUHKH��SRVOH�VYLK�NRMH�MH�L]UH_DR�
JUH^QLN�LK�QDOD]L�MR^�RVDPGHVHW��NRML�SRUDCDYDMX�NROLNR�EURMHP�WROLNR�RULJLQDOQR^`X
DWULEXWD��8�UDVNR^QLP�RQRPDWRSHMDPD�WRJD�JRYRUD�LPD�L�PLVWLaQH�RPD_LMDQRVWL�SRMPRYLPD�L
]DQRVQH�PX]LNDOQRVWL�UHaQLND�
%HOH^NH
��/��0LUNRYL`��
0RQDKLZD�-HILPLMD���+UL^`DQVNL�CLYRW���I
��������VWU�����r��������r��������r
�����?��6S��5DGRMLaL`��6WDUL�VUSVNL�NZLCHYQLFL
��%HRJUDG��������VU����r����LVWL�
5D]YRMQL�OXN
VWDUH�VUSVNH�NZLCHYQRVWL
��1RYL�6DG��������VWU����������r����
��4��6WRMDQRYL`��
6WDUL�VUSVNL�]DSLVL�L�QDWSLVL
��I
��%HRJUDG��������VWU������EU�������L�����
��/��0LUNRYL`��
&UNYHQL�XPHWQLaNL�YH]
��%HRJUDG��������VWU����r���
��2GVXVWYR�OLaQH�SRWYUGH�GD�VX�YH]RYL�ZHQR�GHOR�QLMH�GRYRTDQ�UD]ORJ�GD�VH�SRUHNQH�-HILPLMLQR
DXWRUVWYR��NDR�^WR�aLQL�'REULOD�6WRMDQRYL`��
8PHWQLaNL�YH]�X�6UELML�RG�XIII
�GR�XIV
�YHND
�
%HRJUDG��������VWU����r���
��4��6WRMDQRYL`��
QDY��GHOR
��VWU����r����EU�������SUHYRG�?��6S��5DGRMLaL`��
$QWRORJLMD�VWDUH�VUSVNH
NZLCHYQRVWL
��%HRJUDG��������VWU�����
��,��,YDQRY��
�%ØOJDUVNL�VWDULQL�L]Ø�0DNHGRQLÀ��6RILMD��������VWU������
��6WDUH�VUSVNH�ELRJUDILMH�XV
�L�XVI
�YHND
��SUHYHR�/��0LUNRYL`��%HRJUDG��������VWU�����
��
$UKHROR^NL�VSRPHQLFL�L�QDOD]L^WD�X�6UELML
��II
��%HRJUDG��������VWU�����
��2EMDYLR�L�SUHYHR�/��0LUNRYL`��
&UNYHQL�XPHWQLaNL�YH]
��%HRJUDG��������VWU����r����ERTL�SUHYRG
?��6S��5DGRMLaL`��
$QWRORJLMD�VWDUH�VUSVNH�NZLCHYQRVWL
��%HRJUDG��������VWU����r���
���2SLV��RULJLQDOQL�WHNVW��SUHYRG�L�UHSURGXNFLMD�/��0LUNRYL`D��
QDY��GHOR
��VWU����r���L�WDEO�XIII
����
���/��0LUNRYL`��
QDY��GHOR
��VWU����r���L�WDEO��V
����?��6S��5DGRMLaL`��
6WDUL�VUSVNL�NZLCHYQLFL
�
%HRJUDG��������VWU�����
���?��7ULIXQRYL`��
7UDJRP�VWDUH�VUSVNH�REUHGQH�PHORGLMH
���.ZLCHYQRVW���XXXIV
���������r������r
�����VD�WHNVWRP�RULJLQDOD�X�SULORJX�L�VD�OLWHUDWXURP�
.QH]�/D]DU
3UHGJRYRU�QDSLVDOD�0LOLFD�*UNRYL`
3URSDVW�MDNH�GUCDYH�1HPDZL`D�L�SURGRU�7XUDND�X�REODVWL�VUSVNH�VUHGZRYHNRYQH�GUCDYH
VWYRULOL�VX�QRYX�VOLNX�GUCDYQRJ�GUX^WYHQRJ�L�NXOWXUQRJ�CLYRWD�QD�EDONDQVNRP�SURVWRUX�
1RYD�0RUDYVND�6UELMD�QD�aLMH�MH�aHOR�GR^DR�NQH]�/D]DU�QDVWDYLOD�MH�YL^H�QHJR�GUXJH�VUSVNH
REODVWL�GD�QHJXMH�WUDGLFLMX�XPHWQLaNRJ�L�NZLCHYQRJ�UDGD�aLML�VX�WHPHTL�ELOL�X�GUCDYL
1HPDZL`D�
.QH]�/D]DU�MH�ELR�VLQ�3ULSFD��ORJRWHWD�GYRUVNH�NDQFHODULMH�VUSVNRJ�FDUD�6WHIDQD�'X^DQD�
]DSRYHGQLND�FDUVNH�VXYR]HPQH�YRMVNH�L�XWLFDMQH�OLaQRVWL�X�FUNYHQLP�NUXJRYLPD��0ODGL�/D]DU
UDVWX`L�X�RaHYRP�NUXJX�PRJDR�MH�GREUR�GD�QDXaL�NDNR�VH�XSUDYTD�GUCDYRP�L�NDNR�VH�X�GYRUVNRM
NDQFHODULML�SL^X�SRYHTH��SLVPD�L�NZLJH��9DVSLWDZH�L�REUD]RYDZH�NRMH�MH�PRJDR�GD�VWHNQH�QD
QDM]QDaDMQLMHP�PHVWX�YHRPD�PX�MH�NRULVWLOR�NDGD�MH�GR^DR�QD�aHOQR�PHVWR�X�VUSVNRM�GUCDYL�
#HQLGERP�VD�0LOLFRP��L]�URGD�1HPDZL`D��YH]DR�VH�]D�OR]X�VWDUH�GLQDVWLMH��:HQR�L]X]HWQR
SRUHNOR�REH]EHGLOR�PX�MH�MR^�YH`L�XJOHG�
���
3RGL]DZHP�.UX^HYFD�L�5DYDQLFH�XaYUVWLR�MH�WHPHTH�VYRMH�QRYH�GUCDYH�
8�WR�YUHPH�VD�MXJD�VX��SUHG�7XUFLPD��VWL]DOH�XJOHGQH�OLaQRVWL�WDGD^ZHJ�SUDYRVODYQRJ�VYHWD
QRVH`L�VD�VRERP�YUHGQH�WYRUHYLQH�XPHWQRVWL�L�OLWHUDWXUH��1D�ZHJRYRP�GYRUX�L�X�ZHJRYLP
]DGXCELQDPD�QDOD]LOL�VX�XWRaL^WH�PRQDVL��XPHWQLFL��SROLWLaDUL��YHOLND^L��6D�ZLPD�MH�VWLJOD
L�GHVSRWLFD�-HOHQD�s�PRQDKLZD�-HILPLMD��N`HU�`HVDUD�9RMLKQH�L�CHQD�GHVSRWD�8JTH^H��NRMD�MH
SRVOH�0DULaNH�ELWNH�RVWDOD�L�EH]�SRURGLFH�L�EH]�GHVSRWRYLQH�
1HPD�VXPZH��NQH]�/D]DU�MH�RG�UDQH�PODGRVWL��V�RE]LURP�QD�SRORCDM�VYRJD�RFD��ELR�X�GRGLUX�VD
VYLP�WHNRYLQDPD�VWDUH�VUSVNH�GUCDYH��7DODV�L]EHJOLFD�V�MXJD�VDEUDR�VH�X�ZHJRYRM�RNROLQL��QD
GYRUX�L�X�GUCDYL��7X�VX�VH�VOHJOH�L]X]HWQH�GXKRYQH�YUHGQRVWL�SUDYRVODYQH�EDONDQVNH
FLYLOL]DFLMH��7R�MH�VYH�XVORYLOR�GD�PX�X]RU�SRVWDQH�6UELMD�L]�YUHPHQD�FDUVWYD��L�X�SROLWLaNRP�L
X�GXKRYQRP�SRJOHGX�
2G�ZHJD�QLMH�VDaXYDQR�QLMHGQR�NZLCHYQR�GHOR�SD�VH�QH�PRCH�QL�]QDWL�GD�OL�VH�L�RQ��SRSXW�PQRJLK
L]�ZHJRYH�QDMEOLCH�RNROLQH��EDYLR�NZLCHYQLP�UDGRP��0H_XWLP��GR�GDQD^ZLK�GDQD�aXYDMX�VH
ZHJRYH�SRYHTH�SLVDQH�SR�X]RUX�QD�GDURYQLFH�UDQLMLK�YODGDUD�
3RYHTH�VUSVNLK�VUHGZRYHNRYQLK�YODGDUD��SRUHG�WRJD�^WR�VX�SUDYQL�VSLVL��LPDMX�X�VHEL�L
HOHPHQWH�NZLCHYQRVWL��0QRJH�SRYHTH�L]GDYDQH�PDQDVWLULPD�X�XYRGQRP�GHOX�LPDMX�DUHQJX��NRMD�MH
SUHYDVKRGQR�OLWHUDUQL�WHNVW��7L�WHNVWRYL�VX�SLVDQL�X�SUYRP�OLFX��X�ZLPD�MH�GDWD�GXKRYQD
SRGORJD�SUDYQRPH�aLQX��.D]LYDZH�MH�QDMaH^`H�SRHWVNL�LQWRQLUDQR��SRUHG�SRERCQLK�L
ERJRVORYVNLK�UHPLQLVFHQFLMD�LPD�GRVWD�L�DXWRELRJUDIVNLK�HOHPHQDWD��2YDNYH�DUHQJH�VH�XRaDYDMX
X�SUYLP�VUSVNLP�SRYHTDPD��1DMVWDULMD�DUHQJD�MH�X�KLODQGDUVNRM�SRYHTL�YHOLNRJ�CXSDQD�6WHIDQD
1HPDZH�
���
�8�'HaDQVNRM�KULVRYXTL�VH��X�SRaHWQRP�GHOX��QDOD]L�RS^LUQD�DUHQJD�X�NRMRM�MH
L]ORCHQD�WHROR^ND�VDGUCLQD�NDR�RVQRYD�]D�NWLWRURYR�GHOR��2VLP�QDGDKQXWRJ�WHROR^NRJ
ND]LYDZD��RYGH�MH�PQRJR�HOHPHQDWD�SUDYH�DXWRELRJUDILMH�
���
,VWLQD�MH�GD�VX�SRYHTH��SLVPD��WHVWDPHQWH�L�GUXJD�SUDYQD�DNWD�SLVDOL�]D�WR�RVSRVRETHQL�SLVDUL�
SR�YH`�GRVWD�SR]QDWLP�REUDVFLPD��DOL�NDGD�MH�SLVDQD�DUHQJD��X�YHOLNRM�YH`LQL�VOXaDMHYD
GDURGDYDF�MH�PRUDR�XWLFDWL�QD�ZHQX�VDGUCLQX��1HPRJX`H�MH�GD�`H�YODGDU�SUHSXVWLWL�VYRPH
SLVDUX�GD�RYDM�VDP�SR�VYRMRM�YRTL�RGDELUD�RQR�^WR�MH�NTXaQR�]D�VDPRJ�YODGDUD�
.DR�L�SUHWKRGQLFL��L�NQH]�/D]DU�MH�L]GDYDR�SRYHTH�X�NRMLPD�VH�QD�SRaHWNX�QDOD]H�DUHQJH��1D
CDORVW��GRVWD�VX�NUDWNH�L�X�RGQRVX�QD�UDQLMH�SRPHQXWH�PQRJR�MH�VLURPD^QLMH��DOL�XSUNRV�WRPH�RQH
SRND]XMX�GXKRYQR�VWDZH�X�NRPH�VH�QDOD]LR�/D]DU�X�YUHPH�NDGD�MH�GRCLYTDYDR�SREHGH�L�MDaDR
GUCDYX�
9UKXQDF�ZHJRYH�SROLWLNH�MH�L]PLUHZH�&DULJUDGVNH�SDWULMDU^LMH�L�VUSVNH�FUNYH��7R�MH�ELR�XVORY
GD�VH�SRGLJQH�XJOHG�GUCDYH�L�ZHQRJ�YODGDUD�X�RaLPD�FHORJ�SUDYRVODYQRJ�VYHWD�L�VUSVWYD��3R
X]RUX�L�X�VNODGX�VD�WUDGLFLMRP�SUHWKRGQLND��GL]DR�MH�PDQDVWLUH��,]JUDGZD�KUDPD�9DYHGHZD
SUHVYHWH�%RJRURGLFH��PDQDVWLUD�*RUZDND�QD�0ODYL�SURGXCHWDN�MH�]DSRaHWLK�SRVORYD�UDQLMLK
YODGDUD��3R�RELaDMX��L]GDMH�GDURYQLFX�NDR�SRWYUGX�R�SRNORQX�
���
�3RVOH�SRGL]DZD�*RUZDND�QD
0ODYL��SRGLJDR�MH�5DYDQLFX��D�NDR�GDU�QRYRSRGLJQXWRP�PDQDVWLUX�GDR�SRYHTX�
���
1DMNDUDNWHULVWLaQLML�GHR�ZHQ��DXWRELRJUDIVNRJ�NDUDNWHUD��MHVWH�/D]DUHYR�VDRS^WDYDZH�GD�MH
PQRJD�5DYDQLFL�GDURYDQD�LPDZD�NXSLR��'DNOH��QL�RG�NRJD�QLMH�QL�X]HR�QL�RWHR�
8�SRYHTL
���
�NRMRP�GDUXMH�EROQLFX�KLODQGDUVNX�JRYRUL�R�GRODVNX�NLU�*HUDVLPD�QD�ZHJRY�GYRU��GD
JD�RSRPHQH�GD�X�EROQLFL�X�+LODQGDUX�OHCH�EROQL�NRMLPD�MH�SRWUHEQD�SRPR`��,]�DXWRELRJUDIVNRJ
GHOD�SRYHTH��X�NRPH�L]QRVL�UD]ORJH�]D�GDYDZH�SULORJD�EROQLFL��NDUDNWHULVWLaQD�MH�PLVDR�
�3R^WR�VDP�L�MD�YLGHR�GD�]HPDTVNR�ERJDWVWYR�QL^WD�QLMH�NRULVWLOR�JRVSRGDULPD�NRML�VX�ELOL
SUH�QDV��MHU�VH�RG�ZLK�X]HOR�L�GUXJLPD�SUHGDOR��D�QDGDMX�VH�GD�SULPH�VDPR�RG�RQRJD�^WR�VX�%RJX
SUHGDOL���'HYHW�JRGLQD�SUH�.RVRYVNH�ELWNH�NQH]�/D]DU�MH�LVWDNDR�VYRMH�RSUHGHTHZH�]D�FDUVWYR
QHEHVNR��2�QHEHVNRP�FDUVWYX�L�RSUHGHTHZX�]D�ZHJD�JRYRUH�VSLVL�R�NQH]X�QDVWDOL�SRVOH�SRJLELMH�
DOL�RYGH�MH�MDVDQ�VWDY�VDPRJD�NQH]D��0RJX`H�MH�GD�VH�R�WRPH�YH`�UDQLMH�JRYRULOR�L�GD�VX�RQL�NRML�VX
WR�SLVDOL�R�ZHPX�aXOL�MR^�SUH�.RVRYVNH�ELWNH�RG�ZHJD�VDPRJ�
%LWND�QD�.RVRYX�QLMH�ELOD�VDPR�RGPHUDYDZH�VQDJD�GYD�YODGDUD��QHJR�QH^WR�PQRJR�YL^H��0RJOR�VH
VYH�WR�]DYU^LWL�L�QD�GUXJL�QDaLQ��SUHGDMRP��PROERP�]D�PLU��PROERP�]D�PLORVW��L�VO��2YDNR�NDNR
MH�UH^HQR��VDVYLP�MH�X�VNODGX�V�PLVOLPD�NRMH�VX�JD�SUDWLOH�GRN�MH�UD]PL^TDR�R�GDUX�]D�EROQLFX
KLODQGDUVNX��1L�QDURGQL�SHYDa�QLMH�L]QHYHULR�SRUXNX�L]UHaHQX�X�SRYHTL���]HPDTVNR�MH�]D�PDOHQD
FDUVWYR���8�5DYDQLaNRM�SRYHTL��PDGD�QH�L]OD]L�L]�RNYLUD�^DEORQD��SRVWRML�MR^�MHGQR�YDCQR
PHVWR���WDNR�L�MD�X�+ULVWD�%RJD�EODJRYHUQL�NQH]�/D]DU�VOHGLP�EODJRaDVWLYH�FDUHYH�NRML�VX�ELOL
SUH�PHQH���-DVQR�MH�L]UHaHQR�GD�CHOL�GD�SRVWXSD�SR�XJOHGX�QD�VUSVNH�YODGDUH�UDQLMLK�YUHPHQD�
VYRMH�GXKRYQH�SUHWNH�
,]�NZLCHYQLK�GHORYD�SRYHTD��PDGD�PDOLK�SR�RELPX��YLGL�VH�GD�QLMH�SLVDU�VDP�VWYDUDR�SUDYQL
DNW�QHJR�MH�NQH]�LVWDNDR�QHNH�VYRMH�NTXaQH�PLVOL��EH]�RE]LUD�QD�WR�^WR�VX�RQH�RGHQXWH�X
SUHSR]QDWTLYX�IRUPX��7R�VX��GDWL�SUHGQRVW�FDUVWYX�QHEHVNRP��MHU�]HPDTVNR�MH�SURSDGTLYR�L
SULYUHPHQR��L�CLYHWL�VOHGH`L�GHOD�L�VWUHPTHZD�RQLK�NRML�VX�VDEUDOL�L�X]GLJOL�VUSVNX�]HPTX�
%HOH^NH�
��.RQVWDQWLQ�-LUHaHN��
,VWRULMD�6UED
��%HRJUDG��������VWU������
��Fr. Miklosich, Monumenta Serbica,
%Ha��1858, IX
��VWU���r��
��3DYOH�,YL`�L�0LOLFD�*UNRYL`��
'HaDQVNH�KULVRYXTH
��1RYL�6DG��������VWU�����r����
��Fr Miklosich,
�
1DY��GHOR��CLXXXIV
��VWU�����r����
��Fr Miklosich
��1DY��GHOR
��CLXXXVI
��VWU�����r����
��R. P. Louis Petit et B. Korablev, Actes de Chilandar
��3HWURJUDG������������VWU�����r����
.QHJLZD�0LOLFD�s�PRQDKLZD�(YJHQLMD
3UHGJRYRU�QDSLVDOD�0LOLFD�*UNRYL`
.QHJLZD�0LOLFD��`HUND�NQH]D�9UDWND��MHGQRJ�RG�XJOHGQLK�YRMVNRYR_D�FDUD�6WHIDQD�'X^DQD�
SRWRPND�NUDTD�9XNDQD��1HPDZLQRJ�QDMVWDULMHJ�VLQD��XGDOD�VH�]D�NQH]D�/D]DUD�RNR�������JRGLQH�
���
/D]DU�MH�VWYRULR�MDNX�0RUDYVNX�6UELMX��D�0LOLFD�MH�ELOD�MHGDQ�RG�VWXERYD�NQHCHYRJ�GYRUD�L�QRYH
GUCDYH��8�ZHQ�L�/D]DUHY�GRP�L]�MXCQLK�NUDMHYD�VX��SUHG�WXUVNRP�VLORP�EHCH`L��VWL]DOL�XaHQL
PRQDVL��NZLCHYQLFL��VOLNDUL��JUDGLWHTL��UD]ED^WLZHQR�SOHPVWYR�L�PQRJL�GUXJL�JXELWQLFL�X
VXNREX�VD�7XUFLPD��7DNR�MH�QD�GYRUX�L�RNR�FUNYH�VWYRUHQ�VQDCDQ�NXOWXUQL�NUXJ�NRML�MH�SRVWDR
MDND�ED]D�]D�QDSUHGDN�0RUDYVNH�6UELMH��2YH�RNROQRVWL�VX�QDURaLWR�XWLFDOH�QD�UD]YRMQL�SXW
/D]DUHYH�L�0LOLaLQH�GHFH��7R�VH�MDVQR�RJOHGD�X�NZLCHYQLP�UDGRYLPD�GHVSRWD�6WHIDQD�L�ZHJRYH
VHVWUH�-HOHQH�
3RVOH�.RVRYVNH�ELWNH�6UELMX�VX��V�MHGQH�VWUDQH��SULWLVNDOL�7XUFL�V�%DMD]LWRP��D��V�GUXJH��NUDT
6LJLVPXQG��1DVWDOR�MH�WH^NR�YUHPH�L�]D�QDURG�L�]D�YODGDUVNX�NX`X��0LOLFD�NDR�KUDEUD�YODGDUND
L�PXGDU�GUCDYQLN��SRQHOD�MH�QDMWHCL�WHUHW�RNR�SRGL]DZD�SDOH�VUSVNH�NQHCHYLQH��1D�.RVRYX�MH
SOHPVWYR�ELOR�VDWUYHQR��SRNR^HQD�QDGD�VUSVNRJ�URGD��D�JODYQL�WHUHW�VX�WDGD�PRUDOH�SUHX]HWL
CHQH��1LMH�VOXaDMQR�^WR�VX��NDR�QLNDGD�UDQLMH��X�MHGQRP�NUDWNRP�UD]GRETX�X�VUSVNRM
VUHGZRYHNRYQRM�NZLCHYQRVWL��SROLWLFL�L�NXOWXUL�QD�VFHQL�WUL�CHQH�s�PRQDKLZD�-HILPLMD�
NQHJLZD�0LOLFD�L�ZHQD�N`HU�-HOHQD��XGDWD�X�%DO^L`H��2G�VYLK�ZLK�QLMH�RVWDR�WUDJ�VDPR�X
LVWRULML��YLGTLYR�MH�L�ZLKRYR�SULVXVWYR�X�NXOWXUL�L�NZLCHYQRVWL�
2G�NQHJLZH�0LOLFH�RVWDOR�MH�VHGDP�GRNXPHQDWD�SUDYQRJ�NDUDNWHUD�
���
�DOL�X�ZLPD�LPD�L
OLWHUDUQLK�HOHPHQDWD��PH_X�ZLPD�MH�QDURaLWR�]QDaDMQD�'HaDQVND�SRYHTD��2YD�VUSVND�YODGDUND
SRVHWLOD�MH�NUDMHP�aHWUQDHVWRJ�YHND��QDMYHURYDWQLMH�������JRGLQH��PDQDVWLU�'HaDQH�X�0HWRKLML�
7RP�SULOLNRP�]DWHNOD�MH�FDUVNL�PDQDVWLU�X�CDORVQRP�VWDZX��^WR�MH�UH]XOWDW�VXNRED�L�QHEULJH
REODVQLK�JRVSRGDUD��D�L�QDMH]GH�7XUDND�NRML�VX�JD�SOHQLOL��3RUHG�SRNORQD�NRMH�MH�GRQHOD
PDQDVWLUX��L]GDOD�MH�L�SRYHTX�NRMRP�PDQDVWLUX�YUD`D�RWHWD�VHOD�L�GDUXMH�QRYD�
���
�3RYHTD�MH
SLVDQD�X�WUDGLFLML�SRYHTD�L]�YUHPHQD�1HPDZL`D�L�LPD�QDMYL^H�OLWHUDUQLK�HOHPHQDWD�RG�VYLK
VOLaQLK�WHNVWRYD�WRJD�YUHPHQD��8�WRP�WHNVWX�LPD�L�GRVWD�DXWRELRJUDIVNLK�HOHPHQDWD��QD�SULPHU�
�'R^DY^L�X�PDQDVWLU�X�RELWHT�VYHWRJD�NUDTD�6WHIDQD�8UR^D�7UH`HJ��L�XJOHGDY^L�NUDVQR�PHVWR
L�SULNODGQR�PRQD^NRP�SUHELYDZX��YLGHK�XLVWLQX�WXCDQ�SUL]RU���1DMOHS^H�PHVWR�MH�PROLWYD
L]UHaHQD�WRP�SULOLNRP��3R�OHSRWL�L�SR�VWLOX�EOLVND�MH�ND]LYDZX�PRQDKLZH�-HILPLMH�
�8PLORVUGL�VH�SUHPD�PRMLP�JUHVLPD��XNUHSL�PRMD�aHGD�X�GREURM�YHUL�L�X�YHGULP�GDQLPD��GD�X
EODJRaDVWLMX�SRVOXCH�WHEL��%RJX�VYRPH��NDR�JRVSRGLQ�L�URGLWHT�ZLKRY��VYHWRSRaLY^L�NQH]��
8�]ERUQLNX�V�SRaHWND�SHWQDHVWRJ�YHND��YHURYDWQR�L]��������X�NRPH�VH�QDOD]L�6ORYR�TXEDYL
GHVSRWD�6WHIDQD�/D]DUHYL`D��QDOD]L�VH�L�3RKYDOD�NQH]X�/D]DUX��0QRJL�LVWUDCLYDaL�VX�VPDWUDOL
GD�VX�6ORYR�TXEDYL�L�3RKYDOD�NQH]X�/D]DUX�DXWRJUDI�GHVSRWD�6WHIDQD��?RU_H�6S��5DGRMLaL`
VPDWUD�GD�MH�3RKYDOX�NQH]X�/D]DUX�VDVWDYLOD�NQHJLZD�0LOLFD�
���
�-HGLQL�SUREOHP�MH��SR�ZHPX�
MHGDQ�SDUWLFLS�NRML�VH�MDYTD�X�PX^NRP�URGX��D�QH�X�CHQVNRP��2YR�RQ�VPDWUD�SLVDUVNRP�RPD^NRP�
9HUXMH�GD�MH�WHNVW�GHOR�NQHJLZH�0LOLFH�D�GD�JD�MH�X�]ERUQLN�VDPR�SUHSLVDR�GHVSRW�6WHIDQ�
6WRMDQ�1RYDNRYL`�MH�YHURYDR�GD�MH�RYD�SRKYDOD�QDVWDOD�XEU]R�SRVOH�.RVRYVNRJ�ERMD�L�GD�MH
ND]LYDQD�YH`�QD�9LGRYGDQ�������JRGLQH�
?RU_H�7ULIXQRYL`�VH�QH�VODCH�V�PL^THZHP�?RU_D�6S��5DGRMLaL`D�GD�MH�DXWRU�RYRJ�SRKYDOQRJ
VORYD�NQHJLZD�0LOLFD��1D�RVQRYX�DQDOL]H�VWLOVNLK�RVREHQRVWL�]DNTXaLR�MH�GD�MH�WR�GHOR�QHNRJ
GUXJRJ�SLVFD�D�GD�SRPHQXWL�SDUWLFLS�QLMH�QLNDNYD�SLVDUVND�RPD^ND��7HNVW�MH�DQDOL]LUDR
SRUHGH`L�JD�VD�'HaDQVNRP�SRYHTRP��NRMX�MH�0LOLFD�GDOD�'HaDQLPD�
���
7HNVW�SRKYDOQRJ�VORYD�NQH]X�/D]DUX�MH�YDSDM�GD�VH�SRPRJQH�UDVWXUHQRP�VUSVNRP�QDURGX�L
UDVWRaHQRM�]HPTL��7H^NR�MH�XWYUGLWL�NR�MH�]DLVWD�QDSLVDR�RYX�SRKYDOX��8�WR�YUHPH�X�0RUDYVNRM
6UELML�ELOR�MH�PQRJR�XaHQLK�L�WDOHQWRYDQLK�TXGL�VDNXSTHQLK�RNR�GYRUD�L�RNR�FUNYH��6YLPD
ZLPD�MH�SRJLELMD�NQH]D�/D]DUD�ELOD�WH^ND�UDQD�D�VXGELQD�QDURGD�WH^NR�SLWDZH��$OL�DNR�VH�X]PH
X�RE]LU�GD�MH�PRQDKLZD�-HILPLMD�QDSLVDOD�L�L]YH]OD�SRKYDOQR�VORYR�NQH]X�/D]DUX��QHPD�VXPZH�GD
MH�L�NQHJLZD�0LOLFD�VURaLOD�QHNX�WXCEDOLFX�GD�LVNDCH�VYH�RQR�^WR�VH�QDOD]L�X�SRPHQXWRM
SRKYDOL��7H^NR�MH�XWYUGLWL�GD�OL�MH�WR�ED^�RYDM�WHNVW��DOL�X�WHJREQLP�GDQLPD�SRVOH�.RVRYVNH
ELWNH�L]JRYDUDOD�MH�RQD�VOLaQH�L�MR^�SRWUHVQLMH�LVSRYHVWL�
%HOH^NH�
��.RQVWDQWLQ�-LUHaHN��
,VWRULMD�6UED
��%HRJUDG��������VWU������
��3HWDU�?RU_L`��
,VWRULMD�VUSVNH�`LULOLFH
��%HRJUDG��VWU������
��3DYOH�,YL`��0LOLFD�*UNRYL`��
'HaDQVNH�KULVRYXTH
��1RYL�6DG��������VWU�����r����
��?RU_H�6S��5DGRMLaL`��
6WDUD�VUSVND�NZLCHYQRVW
��%HRJUDG��������VWU������
��?RU_H�7ULIXQRYL`��
6USVNL�VUHGZRYHNRYQL�VSLVL�R�NQH]X�/D]DUX�L�NRVRYVNRP�ERMX
��.UX^HYDF�MCML, XVIII
��VWU�����r����
9XN�%UDQNRYL`
3UHGJRYRU�QDSLVDOD�0LOLFD�*UNRYL`
9XN�%UDQNRYL`��PR`QL�VUSVNL�IHXGDODF�L]�GUXJH�SRORYLQH�aHWUQDHVWRJ�YHND��ELR�MH�VLQ�%UDQND
0ODGHQRYL`D��VHYDVWRNUDWRUD�L]�2KULGD��L�XQXN�YRMYRGH�0ODGHQD��aLMD�MH�ED^WLQD�ELOD�'UHQLFD
QD�.RVRYX�
*ODYQD�REODVW�9XND�%UDQNRYL`D�SURVWLUDOD�VH�QD�WHULWRULML�GDQD^ZHJ�.RVRYD��V�3UL^WLQRP�X
FHQWUX��:HJRYD�REODVW�LPDOD�MH�YDCDQ�SRORCDM�L�X�GUCDYL�QHPDZL`D��RVWDOD�MH�YHRPD�]QDaDMQD�L
SRVOH�SURSDVWL�FDUVWYD�
���
�.RVRYVND�ELWND�������RGLJUDOD�VH�XSUDYR�X�RYRM�REODVWL�
3UH�.RVRYVNH�ELWNH�9XN�MH�ELR�X�YHRPD�GREULP�RGQRVLPD�VD�NQH]RP�/D]DURP��D�X�MHGQRP�]DSLVX�L]
���������VDRS^WHQR�MH�GD�VX��X�MHGLQVWYX�SREH_LYDOL�QHSULMDWHTH�VYRMH���%LR�MH�RCHZHQ�ZHJRYRP
QDMVWDULMRP�`HUNRP�0DURP��^WR�MH�MR^�MHGQD�SRWYUGD�ZLKRYLK�GREULK�RGQRVD��8�WRP�EUDNX
UR_HQD�VX�WUL�VLQD��*UJXU��?XUD_�L�/D]DU��2QL�VX�NDVQLMH�ELOL�MHGLQL�QDVWDYTDaL�L�QDVOHGQLFL�L
/D]DUHYH�L�9XNRYH�GUCDYH�
8�YUHPH�ZHJRYH�YODGDYLQH�X�VUSVNLP�REODVWLPD�NRMLPD�MH�XSUDYTDR�QHJRYDQ�MH�GXKRYQL�CLYRW�
XPHWQRVW�L�SLVPHQRVW��R�aHPX�VYHGRaH�PQRJL�L]YRUL��8�RNROLQL�3H`L��'HaDQD�L�3UL]UHQD�CLYHOL
VX�PQRJL�PRQDVL�SXVWLZDFL�
���
�8�REODVWL�%UDQNRYL`D�UDGLR�MH�GDURYLWL�NZLCHYQLN��SH`NL
HSLVNRS�0DUNR��1HNROLNR�JRGLQD�SUH�.RVRYVNH�ELWNH�9XN�%UDQNRYL`�MH�QDUXaLR�GD�VH�SUHSL^H
+DPDUWRORYD�KURQLND�X�PDQDVWLUX�+LODQGDUX�
8�RYRM�PR`QRM�SRURGLFL�SRVWRMDOH�VX�WUDGLFLRQDOQH�YH]H�VD�VYHWRJRUVNLP�PDQDVWLULPD�SD�QHPD
VXPZH�GD�MH�WDGD^ZD�NZLCHYQRVW�ODNR�QDOD]LOD�SXW�RG�6YHWH�*RUH�GR�9XNRYRJ�GYRUD��9XNRY�EUDW
5DGRZD�ELR�VH�]DPRQD^LR�X�+LODQGDUX�L�GRELR�LPH�5RPDQ��D�NDVQLMH��SULOLNRP�SULPDZD�YHOLNH
VKLPH��X]HR�MH�QRYR�LPH�*HUDVLP��1D�GYRUX�L�X�PDQDVWLULPD�X�REODVWL�NQH]D�/D]DUD�QDVWDYTHQD�MH
WDNR_H�WUDGLFLMD�1HPDZL`D�L�GXK�6YHWH�*RUH��0DUD��9XNRYD�CHQD��RGUDVOD�MH�X�WRM�VUHGLQL�SD�MH
SRWSXQR�UD]XPTLYR�^WR�MH�X�VYRPH�GRPX�L�NRG�VYRMH�GHFH�QDVWDYLOD�GD�QHJXMH�VYH�RQR�^WR�MH
SRQHOD�L]�URGLWHTVNH�NX`H�
1HPD�SRGDWDND�GD�VH�9XN�EDYLR�NZLCHYQLP�UDGRP��DOL�GR�GDQDV�MH�V�ZHJRYLP�LPHQRP�SRYH]LYDQR
VHGDP�GRNXPHQDWD��REMDYTLYDQLK�X�FHOLQL�LOL�IUDJPHQWDUQR�
���
�2G�WRJD�aHWLUL�VX�GRQDWRUVNH
SRYHTH��L�VYH�VH�RGQRVH�QD�+LODQGDU��GYH�JRYRUH�R�XRELaDMHQLP�SRYODVWLFDPD�'XEURYDaNRM
UHSXEOLFL��L�MHGQR�MH�SLVPR�NRMLP�PROL�'XEURYaDQH�GD�LVSODWH�VWRQVNL�GRKRGDN��^WR�VX�ELOL
GXCQL�GD�SOD`DMX�PDQDVWLUX�VY��$UKDQJHOD�X�-HUXVDOLPX�
1DMUDQLMX�SRYHTX�MH�L]GDR��VD�EUDWRP�*UJXURP��PDQDVWLUX�+LODQGDUX�������JRGLQH��6OHGH`RP
SRYHTRP�GDR�MH�QRYH�SRVHGH�PDQDVWLUX�+LODQGDUX��XYH`DYDMX`L�WLPH�KLODQGDUVNL�PHWRK��^WR�JD�MH
UDQLMH�SULORCLR��VSRUD]XPQR�VD�EUDWRP�*UJXURP��SULOLNRP�GRODVND�ZLKRYRJ�QDMVWDULMHJ�EUDWD�
VYHWRJRUVNRJ�PRQDKD�5RPDQD��9H`�������JRGLQH�L]�+LODQGDUD�SRQRYR�MH�X�6UELMX�VWLJDR�ZHJRY
EUDW��VDGD�YHOLNRVKLPQLN�*HUDVLP��L]DVODQLN�KLODQGDUVNRJ�VDERUD��GD�PROL�GD�VH�PDQDVWLUX�GD
`HOLMD�X�6NRSTX��7RP�SULOLNRP�9XNRYD�GDUHCTLYRVW�MH�ELOD�YH`D�RG�]DKWHYD�SD�MH�+LODQGDUX
SULORCLR�PDQDVWLU�6YHWRJ�*HRUJLMD��]DGXCELQX�NUDTD�0LOXWLQD��VD�YHOLNLP�SRVHGRP�NRML�MH�X
WR�YUHPH�SULSDGDR�PDQDVWLUX��'HVHW�JRGLQD�NDVQLMH��GDNOH�����MDQXDUD�������JRGLQH��X�3UL^WLQL�
L]GDR�MH�SRYHTX�'XEURYaDQLPD�NRMRP�SRWYU_XMH�XRELaDMHQH�SRYODVWLFH�NRMH�VX�5HSXEOLFL�VYHWRJ
9ODKD�GDYDOL�VUSVNL�YODGDUL�
3RVOH�.RVRYVNH�ELWNH�SUYL�VX�PX�VH�REUDWLOL�'XEURYaDQL��7R�MH�ELOR�YUHPH�NDGD�VX�VUSVNL
NUDMHYL�ELOL�R]ELTQR�XJURCHQL�SD�VX�XVSRVWDYTDZHP�YH]D�VD�9XNRP�KWHOL�GD�REH]EHGH�VYRMD
UDQLMD�SUDYD�
0DQDVWLUX�+LODQGDUX�GDR�MH�SRYHTX�����QRYHPEUD�������JRGLQH��X�3UL^WLQL��7RP�SRYHTRP�VH
REDYH]DR�GD�SOD`D�GDQDN�VXOWDQX��SR^WR�MH�VD�7XUFLPD�VNORSLR�PLU��6YD�9XNRYD�QDGDZD�GD�`H
VDaXYDWL�VORERGX�ELOD�VX�SRNRSDQD�]DNTXaLYDZHP�PLUD�L�SULKYDWDZHP�YD]DOVNRJ�RGQRVD�SUHPD
VXOWDQX�%DMD]LWX��%LOD�VX�WR�WH^ND�L�QHVUH`QD�YUHPHQD��NDNR�]D�9XND�WDNR�L�]D�PDQDVWLU
+LODQGDU��2YRJD�SXWD�EUDWX�QLMH�GR^DR�VWDUDF�*HUDVLP��SRWRPDN�%UDQNRYL`D��QHJR�NLU
*HUYDVLMH��3RVOH�.RVRYVNH�ELWNH�QDVWDOD�MH�L�SRYHTD�+LODQGDUX�]D�*RUZX�L�'RZX�*DGLPTX�QD
.RVRYX�
8�RYLP�SRYHTDPD�LPD�]QDaDMQLK�DXWRELRJUDIVNLK�SRGDWDND��$NR�VH�XSRUHGH�GRNXPHQWD�SUH�L
SRVOH�.RVRYVNH�ELWNH��PRCH�VH�]DNTXaLWL�GD�SRVWRML�]QDWQD�UD]OLND�X�9XNRYRP�GUCDZX��3UH
ELWNH�RQ�MH�VDPRXYHUHQL�IHXGDODF�NRML�VLJXUQRP�UXNRP�GDUXMH��REH`DYD��QDGD�VH��3RVOH�ELWNH��VYH
RGL^H�SRUD]RP��QD�VYDNRP�NRUDNX�RVH`DZH�QHPR`L�L�QHVLJXUQRVWL��8�SRYHTL�'XEURYQLNX��L]
������JRGLQH��QD�SULPHU��9XN�LVWLaH�GD�LPD�WHULWRULMDOQH�DVSLUDFLMH�X�SRJOHGX�SULPRUVNLK
WUJRYD�NRML�VX�SULSDGDOL�SUYRM�JRVSRGL�VUSVNRM�L�FDUX�6WHIDQX��D�X�SRYHTL�]D�*DGLPTX�QH�VDPR
GD�YL^H�QH�PLVOL�QD�RVYDMDZH�QRYLK�SUHGHOD��YH`�YL^H�QLMH�XYHUHQ�QL�GD�`H�SRVHG�RVWDWL�X
YODVQL^WYX�SRURGLFH�%UDQNRYL`��1HVLJXUQRVW�SRND]XMH�L�OHNVLND�NRMX�NRULVWL��2G�WULGHVHWDN
HSLWHWD�NRMH�MH�XSRWUHELR��SHW�SXWD�X�SRPHQXWRM�SRYHTL�]D�*DGLPTX�QDLOD]LPR�QD�SULGHY
VWUD^DQ��VWUD^QD�UHa��VWUD^DQ�RWDF��VWUD^QD�0DULMD��VWUD^DQ�VLOD]DN��VWUD^QL�VXG���'R�WDNYRJ
VKYDWDZD�PRJDR�MH�GD�JD�GRYHGH�WUDJLaDQ�LVKRG�.RVRYVNRJ�ERMD��7D�ELWND�ELOD�MH�VOLND�VXGELQH
SRURGLFH�%UDQNRYL`��DOL�L�VUSVNRJ�QDURGD�X�FHOLQL��9XNX�%UDQNRYL`X�MH�QDURGQR�SUHGDZH
GRGHOLOR�XORJX�NULYFD�]D�SRUD]�QD�.RVRYX��L�SHaDW�QDURGQRJ�L]GDMQLND��0H_XWLP��LVWRULMVNL
L]YRUL�NRML�VX�QDVWDOL�QDNRQ�VDPH�ELWNH��QL^WD�R�WRPH�QH�JRYRUH��'RN�VH�QH�QD_H�SRX]GDQR
VYHGRaDQVWYR�R�ZHJRYRP�L]GDMVWYX��RQ�QD�VXGX�LVWRULMH�PRUD�ELWL�X�NUXJX�aDVQH�VUSVNH�YODVWHOH
NRMD�MH��NROLNR�MH�ELOR�X�ZHQRM�PR`L��aLQLOD�GD�VH�VDaXYD�EL`H�VUSVNRJ�QDURGD�
%HOH^NH�
��.RQVWDQWLQ�-LUHaHN��
,VWRULMD�6UED
��%HRJUDG��������VWU������
��0RPaLOR�6SUHPL`��
%UDQNRYL`L�s�REODVQL�JRVSRGDUL�.RVRYD
��6YHWL�NQH]�/D]DU��6SRPHQLFD�R
^HVWRM�VWRJRGL^ZLFL�.RVRYVNRJ�ERMD�����r������%HRJUDG��������VWU�����r����
��0LOLFD�*UNRYL`��
+ULVRYXTD�9XND�%UDQNRYL`D�+LODQGDUX
���3ULOR]L�]D�NZLCHYQRVW��MH]LN�
LVWRULMX�L�IRONORU���������XLIII
���r���VWU����r���
5DYDQLaDQLQ�I
3UHGJRYRU�QDSLVDR�?RU_H�7ULIXQRYL`
7XUFL�VX�SRVHNOL�NQH]D�/D]DUD�QD�.RVRYX�3RTX���������MXQD�������JRGLQH��,]YRUL�SRX]GDQR
VYHGRaH�GD�MH�NQH]�ELR�SRNRSDQ�X�0LWURSROLMVNRM�FUNYL�X�3UL^WLQL��2YGH�MH�SRaLYDR��YHURYDWQR�
WUL�JRGLQH��RG�������NDGD�MH�SUHQHVHQ�X�VYRMX�]DGXCELQX��PDQDVWLU�5DYDQLFX��9H`�RYGH��X
3UL^WLQL��NRMD�MH�OHCDOD�QD�UXEX�REODVWL�9XND�%UDQNRYL`D��PRJOL�VX�GD�QDVWDQX�SUYL
NZLCHYQRrERJRVOXCEHQL�SRNX^DML��NRML�`H�XVNRUR�QD`L�VYRMH�PHVWR�X�VNORSX�SR]QDWLK�QDP�VSLVD�
3UYD��GUXJD�SD��PRCGD��L�WUH`D�JRGL^ZLFD�X]�NQHCHY�JURE�X�0LWURSROLMVNRM�FUNYL�X�3UL^WLQL
ELOD�MH�VYDNDNR�REHOHCDYDQD�YH`�SRVWRMH`LP�ERJRVOXCHZHP�]D�RYDNYH�SULOLNH��7DGD�VX�VH
YHURYDWQR��UD_DOH��L�SUYH�VWURIH�]D�ERJRVOXCEHQR�VODYTHZH�XVSRPHQH�QD�PXaHQLaNL�SRJXETHQRJ
NQH]D��7HOR�NQH]D�/D]DUD�GXJR�MH�L�VYHaDQR�SUHQR^HQR�L]�3UL^WLQH�X�GDOHNL�PDQDVWLU�5DYDQLFX�
2YDM�GRJD_DM��NDNR�QDP�VD�YL^H�SRMHGLQRVWL�SULSRYHGD�SDWULMDUK�'DQLOR�III
��UDVSODPVDR�MH�X
VUSVNRP�QDURGX�MR^�YH`H�^WRYDZH�PXaHQLaNL�SRJXETHQRJ�JRVSRGDUD�L�ZHJRYRJ�ERJRTXELYRJ
SRGYLJD�
3UHQR^HZHP�/D]DUHYRJ�WHOD�X�5DYDQLFX�VQDCL�VH�^WRYDZH�VDGD�YH`�VYHWRJD�NQH]D��DOL�VH
RWYDUDMX�L�SXWHYL�NZLCHYQRJ�XREOLaDYDZD�ZHJRYRJ�OLND��7DNR�MH�X�UDVSRQX�RG�WUL�GHFHQLMH�SRVOH
.RVRYVNRJ�ERMD�QDVWDOR�GHVHW�VSLVD�UD]QLK�CDQURYD�QD�VUSVNRKUYDWVNRP�MH]LNX�
���
�8EU]R�SRVOH
SUHQRVD�QDSLVDQR�MH�
#LWLMH�VYHWRJD�NQH]D�/D]DUD
��'YH�VWYDUQH�SRMHGLQRVWL�L]�WHNVWD�MDVQR
RPH_XMX�YUHPH�QDVWDQND��SRVOH�������NDGD�VH�NQHJLZD�0LOLFD�]DPRQD^LOD�L�NDR�PDORVKLPQLFD
X]HOD�LPH�-HYJHQLMD�D�SUH����DYJXVWD�������JRGLQH��NDGD�MH�L]JRUHOD�5DYDQLFD��8�QHNROLNR�VUSVNLK
OHWRSLVD�QDURaLWR�VH�LVWLaH�GD�MH�X�RYR�YUHPH�L]JRUHOD�]DGXCELQD�NQH]D�/D]DUD�
���
�1HSRWSLVDQL�L
QHSR]QDWL�SLVDF�
#LWLMD
��YLGL�VH��GREUR�SR]QDMH�PDQDVWLU�5DYDQLFX��WH�QD�QHNROLNR�PHVWD
QHSRVUHGQR�L�VD�SRMHGLQRVWLPD�RSLVXMH�KUDP��VDGUCDM�CLYRWRSLVD�L�PDQDVWLUVNL�JUDG��2YDM
QHSR]QDWL�5DYDQLaDQLQ��YHURYDWQR�L�PDQDVWLUVNL�VDEUDW��QH�EL�SUH`XWDR�SXVWR^HZH�L
VSDTLYDZH�NQHCHYH�]DGXCELQH�
1HSR]QDWL�5DYDQLaDQLQ�MH�VDVWDYLR�
#LWLMH
�NDR�X�WR�YUHPH�YH`�RGRPD`HQ�CDQU�VWL^QRJ
VLQDNVDUVNRJ��SUROR^NRJ��CLWLMD��1D�%DONDQX�MH�X�WUH`RM�aHWYUWLQL�XIV
�YHND�ELR�SUHYHGHQ�VD
JUaNRJ�QD�VORYHQVNL�6LQDNVDU��3URORJ��VD�VWLKRYLPD�LVSUHG�NUD`LK�CLWLMD�SUHGYL_HQLK�]D
aLWDZH�WRNRP�aLWDYH�FUNYHQH�JRGLQH�
���
�1D^�SLVDF�MH��YHURYDWQR��]DPLVOLR�GD�VH�
#LWLMH
�XJUDGL�X
YH`�SRVWRMH`L�RELPQL�6LQDNVDU�SRG�����MXQRP��R�aHPX�VYHGRaL�L�VDP�QDVORY���0HVHFD�MXQLMD����
SDPHW�VYHWDJR�YHOLNRPXaHQLND�NQH]D�/D]DUD����7DNR�
#LWLMH�VYHWRJD�NQH]D�/D]DUD
�QDOD]LPR�X
VNORSX�6LQDNVDUD��3URORJD��VD�VWUDQLP�L�QHNLP�GRPD`LP�VYHWLWHTLPD�NRML�VX��X^OL��SUH
VYHWRJD�NQH]D�
���
�
#LWLMH
��PH_XWLP��aH^`H�XOD]L�X�VDVWDY�
6OXCEH�VYHWRP�NQH]X�/D]DUX
��SRVOH�^HVWH
SHVPH�NDQRQD��L]D�NRQGDND�L�LNRVD�
���
�1DVWDQDN�
6OXCEH
�SUDWLOR�MH�VDVWDYTDZH�LOL�WHN
VDVWDYTHQR�
#LWLMH
��.DGD�MH�
6OXCED
�GRELOD�NRQDaQL�REOLN��RWYRULOD�VH�PRJX`QRVW�VORERGQRJ
XJUD_LYDZD�VLQDNVDUVNRJ�CLWLMD��SD�L�NDNYRJ�GUXJRJ�VORYD�R�VYHWRP�NQH]X�/D]DUX�
3UH�VWR�GYDGHVHW�JRGLQD�SUYL�MH�6WRMDQ�1RYDNRYL`�REMDYLR�MHGDQ�VUSVNRVORYHQVNL�SUHSLV�
#LWLMD
VYHWRJD�NQH]D�/D]DUD
�
���
�2YR�1RYDNRYL`HYR�L]GDZH�RGPDK�MH�SRVWDOR�QH]DRELOD]QL�L]YRU�X
UDVSODPVDQLP�SROHPLNDPD�RNR�SUHORPQLK�GRJD_DMD�VUSVNH�VUHGZRYHNRYQH�LVWRULMH��6�
1RYDNRYL`�VH�RGOXaLR�]D�SUHSLV�
#LWLMD
�NRML�MH�QD^DR�X�VNORSX�
6OXCEH�VYHWRP�NQH]X�/D]DUX
�
]ERUQLND�VUSVNH�UHGDNFLMH�L]�XVII
�YHND�1DURGQH�ELEOLRWHNH�X�%HRJUDGX��EURM�����,]GDYDa�VH
GUCDR�QDaHOD�NDR�L�X�VYRMLP�UDQLMLP�L]GDZLPD��VNUD`HQLFH�MH�UD]UH^DYDR�EH]�]DJUDGD��XYHR�MH
VDYUHPHQX�LQWHUSXQNFLMX�L�YHOLND�L�PDOD�VORYD��7HNVW�MH�GREUR�SUHQHR��NDNR�MH�WR�SRND]DOR�QRYLMH
SURXaDYDZH��DOL�MH�]DQHPDULR�XYRG�X�
#LWLMH
��6LQDNVDUVND�VWL^QD�CLWLMD�RELaQR�LPDMX�QD
SRaHWNX�QDVORY�VD�GDWXPRP�VSRPHQD��SD�SRVOH�WRJD�WUL�VWLKD�UD]QH�GXCLQH�s�SUYL�L�GUXJL�VDPR
R]QDaHQL�QD�SRaHWNX�QD]LYRP��VWLK���.DGD�MH�SRaHWNRP�RYRJD�YHND�4XERPLU�6WRMDQRYL`�RSLVLYDR
]ELUNX�UXNRSLVD�1DURGQH�ELEOLRWHNH�X�%HRJUDGX�REXKYDWLR�MH�L�]ERUQLN�EURM�����L]�NRMHJ�MH�6�
1RYDNRYL`�^WDPSDR�
#LWLMH
��,�4��6WRMDQRYL`�VWDYTD�RYDM�]ERUQLN�X�XVII
�YHN�L�X�RNYLUX�
6OXCEH
RGUH_XMH�PHVWR�QD^HJ�
#LWLMD
��1DVORY�L�VWLKRYH�LVSUHG�
#LWLMD
�GRQHR�MH�X�FHOLQL�
�0HVHFD�MXQLMD�����SDPHW�VYHWDJR�L�YHOLNRPXaHQLND�NQH]D�/D]DUD�
-DNRCH�GUHYTH�LQRJGD�YD]JODVL�+ULVWRV�/D]DUD�RW�PUWYLK�
6LFH�L�WHEH�YD]YD�JODJRTH��/D]DUH��JUHGL�ND�PQH��VD�PQRMX�YLWDM�YD�FDUVWYLML�PRMHP�
*ODYD�1RYDJR�/D]DUD�RWVHaHQD�ELVW�YD�����MDYH�MDNR�EODJRaDVWLMD�UDGL��
���
.RG�4��6WRMDQRYL`D�QH�QDOD]LPR�R]QDNH��VWDULK��LVSUHG��-DNRCH��L��6LFH���0RCGD�VX�RYH�R]QDNH
ELOH�LVSLVDQH�QD�EHOLQDPD�VD�VWUDQH��NDR�VNUD`HQLFH�RG�
V�
L�QDWSLVDQRJ�
K��
NDNDY�MH��LQDaH�ELR
RELaDM�X�VWL^QLP�VLQDNVDUVNLP�CLWLMLPD�
���
3UH�GYDGHVHWDN�JRGLQD�EDYLOL�VPR�VH�RGQRVRP�1RYDNRYL`HYRJ�L]GDZD�SUHPD�YH`HP�EURMX�GUXJLK
SUHSLVD��3RUH_HZD�VX�SRND]DOD�GD�MH�WHNVW�L]�UXNRSLVD�1DURGQH�ELEOLRWHNH�EURM����GREDU�SUHSLV�
D�1RYDNRYL`HYR�L]GDZH�SRX]GDQR�
���
�'D�ELVPR�RaLJOHGQR�XND]DOL�QD�PHVWR�SUHSLVD�1DURGQH
ELEOLRWHNH�EURM�����RGDEUDOL�VPR�MHGDQ�RG�QDMVWDULMLK�SUHSLVD�
#LWLMD
�X�UXNRSLVX�PDQDVWLUD
'HaDQD�EURM�����NRML�GRQRVLPR�X�RYRP�QD^HP�L]GDZX��7R�MH�0LQHM�]D�MXQ��SUHPD�YRGHQLP�]QDFLPD
YH`L�GHR�UXNRSLVD�L]�YUHPHQD�RNR�������JRGLQH��
6OXCED�VYHWRP�NQH]X�/D]DUX
����Dr��E��XPHWQXWD
MH�aLWDY�YHN�NDVQLMH��SUHPD�YRGHQLP�]QDFLPD�RVDPGHVHWLK�JRGLQD�XV
�YHND��
#LWLMH�VYHWRJD�NQH]D
/D]DUD
�XJUD_HQR�MH�X�
6OXCEX
�JGH�PX�MH�PHVWR�s�SRVOH�^HVWH�SHVPH�NDQRQD��L]D�NRQGDND�L�LNRVD�
1RYDNRYL`HY�WHNVW�MH�YUOR�VOLaDQ�GHaDQVNRP��5D]OLNH�VH�PRJX�]DQHPDULWL��1D�MHGQRP�PHVWX�VH
UDGL�R�]DPHQL�UHaL��D�X�GYD�VOXaDMD�R�SUR^LUHZX�
1RYDNRYL`HYR�L]GDZH��VWUDQD���������UHG�RGR]JR��SRVOH��URCGHQLMHP��X�GHaDQVNRP�SUHSLVX�VOHGL
SUR^LUHZH�s��L�YD]UD^WHQLMH��
1RYDNRYL`HYR�L]GDZH��VWUDQD����������UHG�RGR]JR��XPHVWR��GXKD��X�GHaDQVNRP�SUHSLVX�s
�+ULVWD��
1RYDNRYL`HYR�L]GDZH��VWUDQD���������UHG�RGR]GR��L]D��GREURGHWHT��X�GHaDQVNRP�SUHSLVX�VOHGL
SUR^LUHZH�s��Q�L�MH^WH�SULORCL�N�GREURGHWHTL�L�LQX�GREURGHWHT��
8�RaHNLYDZX�NULWLaQRJ�L]GDZD�VYLK�VSLVD�R�NQH]X�/D]DUX��VPDWUDOL�VPR�GD�`H�ELWL�NRULVQR�GD�VH
X�L]YRUQRM�YHOLaLQL�������IRWRWLSVNL�SUHQHVH�1RYDNRYL`HYR�L]GDZH�
#LWLMD
��,VSLWXMX`L
PH_XVREQH�RGQRVH�SUHSLVD��XYLGHOL�VPR�VH�GD�MH�RYDM�WHNVW�
#LWLMD
�YDTDQ�L�WDaDQ��8]�WR�
1RYDNRYL`HYR�MHGLQR�GR�VDGD�L]GDZH�
#LWLMD
�YH`�GYDQDHVW�GHFHQLMD�MH�SULVXWQR�X�QDXFL��WH�`H�L
GDTH�NRULVWLWL�]D�SURYHUX�VWDULMLK�LVWUDCLYDZD��DOL�`H�L�SRGVWLFDWL�QRYR��NULWLaNR�L]GDZH�
'HaDQVNL�SUHSLV�NRML�GRQRVLPR�X�NZL]L�WUHED�GD�XSRWSXQL�QD^X�SUHGVWDYX�R�WHNVWX�
#LWLMD
�
����
#LWLMH
�VPR�SUHYHOL�SUHPD�1RYDNRYL`HYRP�L]GDZX�
1D^�QHSR]QDWL�SLVDF��NDR�L�GUXJL�VUSVNL�VUHGZRYHNRYQL�NZLCHYQLFL��VORERGQR�SUHQRVL�UHaL
L]�ELEOLMVNLK�NZLJD��'RVORYQR�WR�aLQL�X�WUL�VOXaDMD��,QDaH��aH^`H�MH�VDPR�SRGVWDNQXW�PHVWLPD
L]�ELEOLMVNLK�NZLJD�
����
#LWLMH
�LGH�X�UHG�QDMVWDULMLK�VUSVNLK�L�VWUDQLK�FHORYLWLK�VSLVD�R�YUHPHQX�.RVRYVNRJ�ERMD�
1DVWDOR�MH�X�YUHPHQVNRP�UDVSRQX�RG�aHWLUL�GR�GHYHW�JRGLQD�SRVOH�SRJLELMH�NQH]D�/D]DUD�L�MHGQH
RG�^HVW�JRGLQD�RVOH�SUHQRVD�PR^WLMX�VYHWRJD�NQH]D�L]�3UL^WLQH�X�PDQDVWLU�5DYDQLFX��6DPR
#LWLMH
�RWNULYD�QHSR]QDWRJ�QDP�SLVFD�NDR�GREURJ�SR]QDYDRFD�SURVWRUD�L�YUHPHQD�NQH]D�/D]DUD�
3RUHG�]QDaDMQLK�YHVWL�L]�CLYRWD�L�YODGDYLQH�/D]DUD�+UHEHTDQRYL`D��QD�SULPHU��VUH`HPR�L
MHGLQVWYHQH�SRMHGLQRVWL�R�PDQDVWLUX�5DYDQLFL�JODYQL�KUDP��CLYRSLV��JUDG��EROQLFD��VXVHGQL
KUDP���7X�VX��QDUDYQR��L�SRPHQL�R�.RVRYVNRP�ERMX��NRML�VH�QLVX�XWRSLOL�X�RS^WD�PHVWD
SULSRYHGDZD�R�VXNREX��7DNR�MH�NQH]�XRaL�ERMD�ND]LYDR�UHa��VORYR��VYLP�YRMQLFLPD�L�YODVWHOL
��YRMHP�L�YODVWHORP����6XOWDQ�0XUDW�L�NQH]�/D]DU�XELMHQL�VX�X�ERMX��3LVDF�LGH�L�GDTH�RG�RYH
YHVWL��WH�EHOHCL�SRGUREQRVW�NDNR�MH�NQH]�/D]DU�ELR�RSNRTHQ���REVWXST^H�MHJR���L�XKYD`HQ
��MHP^H�MHJR���VD�PQR^WYRP�YODVWHOH��7DGD�VX�YODVWHOL�L�NQH]X�RGVHNOL�JODYH��5HWNR�MH�L�GUDJRFHQR
RQR�PHVWR�R�0LWURSROLMVNRM�FUNYL��VYDNDNR�X�3UL^WLQL��X�NRMRM�MH�SRJUHEHQ�SRVHaHQL�NQH]�
.UDWNR�DOL�YHURGRVWRMQR�SLVDF�QDP�VDRS^WDYD�L�R�SUHQRVX�PR^WLMX�NQH]D�/D]DUD��=DGUCDYDMX`L
VH�VDPR�QD�SRMPRYLPD�L�SRPHQLPD�VDPRGU^FD��VUSVNRJ�SUHVWROD��REUHGD�NUXQLVDZD�NQH]D�/D]DUD
L�FDUVWYRYDZD��9ODGLPLU�0R^LQ�MH�RVYHWOLR�MHGDQ�]QDaDMQL�LVWRULMVNL�VORM�
#LWLMD
�L�SRND]DR
ZHJRYX�L]YRUQRVW�QD�PQRJLP�PHVWLPD�
����
2ELTH�LVWRULMVNLK�SRGDWDND�QD�PDORP�SURVWRUX�
#LWLMD
�QLMH�XJX^LOR�L�VYDNX
NZLCHYQRXPHWQLaNX�YUHGQRVW�VSLVD��1HSR]QDWL�SLVDF�GREUR�SR]QDMH�CDQU�VLQDNVDUVNRJ�CLWLMD�L
XVNOD_XMH�JODYQH�LVWRULMVNH�SRGDWNH�VD�XPHWQLaNLP�SULSRYHGDZHP��7DNR��SRVOH�ND]LYDZD�R
/D]DUHYRP�VWXSDZX�QD�VUSVNL�SUHVWR��JUDGL�QHNROLNR�SHVQLaNRrUHWRUVNLK�FHOLQD�R�NQHCHYRP
PRUDOQRP�OLNX�
����
�^WR�NDR�VWLKLUH�SUHWKRGH�L]ODJDZX�R�PDQDVWLUX�5DYDQLFL��>LUL�RSLV
PDQDVWLUD�5DYDQLFH�QLMH�LVSXZHQ�VDPR�GUDJRFHQLP�PDWHULMDOQLP�L�LVWRULMVNLP�SRGDFLPD��YH`�MH
L�VOLND��GRGX^H�VNURPQD��HVWHWLaNLK�VKYDWDZD�QD^HJ�SLVFD��3ULSRYHGDaNL�RGHTDN�R�.RVRYVNRP
ERMX�JUD_HQ�MH�VUD]PHUQR�L�VD�GREUR�ELUDQLP�SRMHGLQRVWLPD��NDNYH�VX�/D]DUHYD�EHVHGD�LOL�VDP
RSLV�ELWNH�X�QHNROLNR�L]UD]LWLK�SRWH]D��^WR�VH�VYH�RSHW�VPLUXMH�NUDWNLP�VWLKLUVNLP
XRS^WDYDZHP�L�SRJOHGRP���%LR�MH�SRGUDCDWHT����L�,�YHOLNL�PXaHQLN�������7R�MH�ELR�L�GREDU�XYRG
]D�VPLUHQR�]DYU^QR�ND]LYDZH�R�SUHQRVX�PR^WLMX�X�PDQDVWLU�5DYDQLFX�
#LWLMH�VYHWRJD�NQH]D�/D]DUD
�QLMH�VDPR�GUDJRFHQ�LVWRULMVNL�L]YRU��YH`�MH�XMHGQR�L�VYHGRaDQVWYR�R
NUHWDZX�VUSVNH�XPHWQLaNH�SUR]H�SUH�^HVW�YHNRYD�
%HOH^NH�
��.ZLCHYQRLVWRULMVNL�SUHJOHG�RYLK�VSLVD�L�ELEOLRJUDILMD�ZLKRYLK�L]GDZD��?��7ULIXQRYL`�
6USVNL�VUHGZRYHNRYQL�VSLVL�R�NQH]X�/D]DUX�L�NRVRYVNRP�ERMX�
�.UX^HYDF�������?��7ULIXQRYL`�
6PUW�L�OHSRWD�X�VUSVNLP�VUHGZRYHNRYQLP�VSLVLPD�R�NQH]X�/D]DUX�L�NRVRYVNRP�ERMX
��0DQDVWLU
5DYDQLFD��6SRPHQLFD�R�^HVWRM�VWRJRGL^ZLFL�.RVRYVNRJ�ERMD�����r������%HRJUDG��������VWU�����r
�����?��7ULIXQRYL`��,��>SDGLMHU��
6OXCED�VYHWRP�NQH]X�/D]DUX
��6YHWL�NQH]�/D]DU��6SRPHQLFD�R
^HVWRM�VWRJRGL^ZLFL�.RVRYVNRJ�ERMD�����r������%HRJUDG�������L]GDZH�6USVNH�SUDYRVODYQH
FUNYH��
��
6WDUL�VUSVNL�URGRVORYL�L�OHWRSLVL�
�6UHGLR�LK�4XE��6WRMDQRYL`��6U��.DUORYFL�������VWU�����r
����
��V. 0R^LQ��6ODYHQVND�UHGDNFLMD�3URORJD�.RQVWDQWLQD�0RNLVLMVNRJ�X�VYMHWORVWL�YL]DQWLMVNR¤VODYHQVNLK
RGQRVD�;,,¤;,,,�YLMHND��Zbornik Historijskog instituta Jugoslavenske akademije znanosti i umjetnosti, II,Zagreb, 1955,
�VWU����r���
��1HNROLNR�WDNYLK�VLQDNVDUD�QDYHGHQR�X��?��7ULIXQRYL`��
6USVNL�VUHGZRYHNRYQL�VSLVL
��VWU����r
����2YRP�SRSLVX�PRJOR�EL�VH�SULGRGDWL�MR^�VLQDNVDUD��SURORJD���NDR�^WR�MH��UHFLPR��RQDM�L]
PDQDVWLUD�*UDERYFD�3URORJ�������JRGLQH��VDGD�X�6USVNRM�SUDYRVODYQRM�FUNYHQRXPHWQLaNRM
]ELUFL�X�6HQWDQGUHML��EURM�����
��3UHJOHG�WDNYLK�SUHSLVD�X��?��7ULIXQRYL`��
6USVNL�VUHGZRYHNRYQL�VSLVL
��VWU����r���
��
1H^WR�R�NQH]X�/D]DUX
��3R�UXNRSLVX�XVII
�YLMHND�VSUHPLR�]D�^WDPSX�6WRMDQ�1RYDNRYL`�
�*ODVQLN�6USVNRJ�XaHQRJ�GUX^WYD���������XXI
��VWU�����r����
��4��6WRMDQRYL`��
.DWDORJ�1DURGQH�ELEOLRWHNH�X�%HRJUDGX
��IV
�
5XNRSLVL�L�VWDUH�^WDPSDQH�NZLJH
�
%HRJUDG��������EURM�����������6USVNRVORYHQVNL�WHNVW�^WDPSDQ�VWDURVORYHQVNRP�D]EXNRP
SUHQRVLPR�SR�aLWDZX��X�IRQHWVNRM�WUDQVNULSFLML��L�VDYUHPHQLP�SLVPRP��1D�SRaHWNX����VWLKD�NRG
4��6WRMDQRYL`D�MH��D^WH���7R�MH�LOL�SRJUH^QR�6WRMDQRYL`HYR�aLWDZH�LOL�JUH^ND�SUHSLVLYDaD�
2YX�JUH^NX�VPR�LVSUDYLOL�L�XPHVWR��D^WH��GRQRVLPR�LVSUDYQR��VLFH���NDNR�MH�X�VYLP�GUXJLP
SUHSLVLPD�
��3RUHGLOL�VPR�XYRGQL��VWL^QL�GHR�L]�1DURGQH�ELEOLRWHNH�EURM�����VD�QHNROLNR�GUXJLK�SUHSLVD
�PDQDVWLU�'HaDQL�EURM�����+LODQGDU������6YHWD�7URMLFD�NRG�3THYDTD������*UDERYDF�s
6HQWDQGUHMD������=QDaDMQLMLK�UD]OLND�JRWRYR�L�GD�QHPD�
��?��7ULIXQRYL`��
6USVNL�VUHGZRYHNRYQL�VSLVL
��VWU����r����
���
#LWLMH�VYHWRJD�NQH]D�/D]DUD
�X�VNORSX�
VOXCEH
�X�UXNRSLVX�PDQDVWLUD�'HaDQD�EURM����QDOD]L�VH
QD�VWUDQLFDPD���Dr��D��,]YRUQD�YHOLaLQD�VWUDQLFD�����r����PP��PRUDOD�MH�PDOR�GD�VH�VPDZL�]D
SRWUHEH�RYRJ�L]GDZD�
���%LEOLMVND�PHVWD�RYDNYRJ�SRUHNOD�X�QDSRPHQDPD�R]QDaDYDPR�VNUD`HQLFRP�XSRU���r�XSRUHGLWL��
=DKYDTXMHPR�0ODGRPLUX�7RGRURYL`X�NRML�MH�X�
#LWLMX
�RGUHGLR�VYD�ELEOLMVND�PHVWD�
���9��0R^LQ��
6DPRGUCDYQL�6WHIDQ�NQH]�/D]DU�L�WUDGLFLMD�QHPDZL`NRJ�VXYHUHQLWHWD�RG�0DULFH
GR�.RVRYD
��R�.QH]X�/D]DUX��1DXaQL�VNXS�X�.UX^HYFX�������%HRJUDG��������VWU����r���
���7R�VX�SDVXVL���%HMD^H�NURWDN����3UHG�DUKLMHUHMLPD����2SDGQXWH�MH�^WLWLR����1DJH�MH�]DJUHYDR��
�6YLPD�MH�ELR�VYH����*UDGRYH�L�FUNYH��
5DYDQLaDQLQ�II
3UHGJRYRU�QDSLVDR�?RU_H�7ULIXQRYL`
�RGORPDN�
I
-HGQR�RG�QDMVWDULMLK�GHOD�R�.QH]X�/D]DUX�XSR]QDOL�VPR�WHN�X�QRYLMH�YUHPH��7DNR�MH�3UROR^NLP
CLWLMHP�NQH]D�/D]DUD��EDU�]D�VDGD��]DYU^HQ�MHGDQ�NUXJ�RG�GHVHW�QDMVWDULMLK�QD^LK�GHOD�R�NQH]X
/D]DUX�L�.RVRYVNRM�ELFL��QDVWDOLK�X�WULGHVHWRJRGL^ZHP�YUHPHQVNRP�UDVSRQX��3UROR^NR�CLWLMH
NQH]D�/D]DUD�QD^DR�MH�X�MHGQRP�UXNRSLVX�?RU_H�6S��5DGRMLaL`�]D�YUHPH�VYRJ�ERUDYND�X�PDQDVWLUX
+LODQGDUX��QRYHPEUD�L�GHFHPEUD�������JRGLQH���3UYD�REDYH^WHZD�R�VYRP�SURQDODVNX�GDR�MH�XEU]R
SRVOH�SRYUDWND�L]�+LODQGDUD���3URORJ�RG�PDUWD�GR�DYJXVWD�EU�������YRGHQL�]QDN�L]�������JRG��
VDGUCL�3RKYDOX�NQH]X�/D]DUX�VD�VWLKRYLPD��VO�����
���
�7R�MH�GRVDG�QHSR]QDWL�VSLV�VWDUH�VUSVNH
NZLCHYQRVWL��8�QDVORYX�VH�LVWLaH�GD�VH�X�3RKYDOL�QH�VODYL�VDPR�NQH]�/D]DU��YH`�VYL�RQL�NRML�VX�V
ZLP�L]JLQXOL��PQRCVWYR�WLVX^W��3RKYDOX�MH�RaHYLGQR�SLVDR�QHNL�PRQDK�X�PDQDVWLUX�5DYDQLFL�
,]�YUHPHQD�MH�RGPDK�SRVOH�.RVRYVNH�ELWNH��MHU�VH�X�ZRM�R�ELFL�JRYRUL�NDR�R�SREHGL�VUSVNRM��7R�MH
ELOD�VYHWOD�SREHGD��7XUVNRPH�DPLUX�RGVHaHQD�MH�PUVND�JODYD��D�SRJXETHQL�VX�L�PQRJL�ZHJRYL
TXGL��6WLKRYL�VH�QDOD]H�LVSUHG�L�L]D�3RKYDOH��2QL�VX�REHOHCHQL�NDR�VWLKRYL��QH�VDPR�SR]QDWRP
VNUD`HQLFRP�
VK
�YH`�L�FHORP�UHaL��VWLKRYH��VWLK���
���
�3RVOH�WUL�JRGLQH�?��6S��5DGRMLaL`�MH�REMDYLR
VUSVNRVORYHQVNL�RULJLQDO��XYRGQX�VWXGLMX�L�aHWLUL�IRWRJUDIVND�VQLPND�X�SULORJX�
���
�,�RYRP
SULOLNRP�SRQRYLR�MH�VYRMD�SUYD�REDYH^WHZD�R�UXNRSLVX�L�SUHSLVX�
.DGD�VPR�DYJXVWD�PHVHFD�������JRGLQH�ERUDYLOL�X�+LODQGDUX��SUHJOHGDOL�VPR��SRUHG�RVWDOLK��L
UXNRSLV�EURM������7RP�SULOLNRP�VPR�QDaLQLOL�VYRM�SUHSLV�3UROR^NRJ�CLWLMD��SUHPD�NRPH�VPR
REMDYLOL�VORERGDQ�SUHQRV�QD�VDYUHPHQL�MH]LN�
���
�'RFQLMH�MH�?��6S��5DGRMLaL`�GHOR�SUHYHR�X�FHOLQL
L�GDR�EHOH^NX�R�SLVFX�
���
�6NRUR�MH�QHNLP�VSRMHP�WUDQVOLWHUDFLMH�L�IRQHWVNH�WUDQVNULSFLMH
REMDYLR��VWLKRYH��LVSUHG�3UROR^NRJ�CLWLMD�
?��6S��5DGRMLaL`�MH�CHOHR�VYRMLP�L]GDZHP�^WR�YL^H�GD�QDJRYHVWL�VOLNX�RULJLQDOQRJ�WHNVWD��6DP
MH�REMDVQLR�QDaLQ�L]GDYDZD���6NUD`HQLFH�VX�UD]UH^HQH��DOL�WDNR�GD�VH�X�]DJUDGDPD�QDOD]H�RQD
VORYD�NRMD�VX�SUL�VNUD`LYDZX�ELOD�L]RVWDYTHQD��3UDYRSLVQL�]QDFL�VX�]DGUCDQL��SD�VX�]ERJ�WRJD
WDaNH�L�]DSHWH�QD�RQLP�PHVWLPD�QD�NRMLPD�VX�X�UXNRSLVX�/LaQD�LPHQD�VH�^WDPSDMX�V�YHOLNLP
SRaHWQLP�VORYRP��
���
3UROR^NR�CLWLMH�QLMH�GHOR�YHOLNRJ�RELPD��GYH�L�SR�^WDPSDQH�VWUDQLFH��1R��VD�JOHGL^WD
NZLCHYQH�NRPSR]LFLMH�GHOR�MH�QHXRELaDMHQR�L�]DQLPTLYR��,VSUHG�L�L]D�RVQRYQRJ�SULSRYHGDaNRJ
�CLWLMQRJ��GHOD�QDOD]H�VH�UHGRYL�VD�R]QDNRP��VWLK���1D]RYLPR�LK�s�XYRGQL�L�]DYU^QL��VWLKRYL��
8�XYRGQLP��VWLKRYLPD��SLVDF�YL^H�ND]XMH�QHJR�^WR�SHYD�NDNR�MH�/D]DU�EODJRaDVWLYRJ�NRUHQD
QDMEODJRaDVWLYLML�L]GDQDN��5HYQR^`X�MH�UHYQRYDR�L�SRGYLJRP�VH�SRGYL]DR�]D�RWDaDVWYR��1LMH
GRSXVWL�RGD�]YHU��0XUDW��7XUFL��XQL^WL�VWDGR��/D]DU�EHVHGQLaNLP�UHaLPD�YHOL�GD�`H�SUH�NUY�GD
SUROLMH�QHJR�GD�VH�SRNRUL�$JDUX��VDPR�`H�]D�+ULVWD�GX^X�GD�SRORCL��3HWQDHVWRJ��GDQD�X�MXQX�
XELOL�VX�PDaHP�/D]DUD�L��PQRJR�PQRCDVWYR�WLVX`D��ZHJRYLK�YRMQLND�
3RVOH�RS^WHJ�VWDYD�L]�XYRGQLK��VWLKRYD��SLVDF�VH�X�VDPRP�CLWLMQRP�GHOX�REUD`D�VYH^WHQRP�L
aDVQRP�VDERUX��WH�LP�SULSRYHGD�R�VDPRP�aLQX�VWUDGDZD��7H�JRGLQH��LVPDLO`DQVNL�DPLU���NDR�ODY
L�QHaDVWLYL��VD�PQR^WYRP�QDURGD�NUHQXR�MH�QD�/D]DUD��.QH]�VH�QLMH�XSOD^LR�MHU�VH�XNUHSLR�YHURP
X�+ULVWD�L�LPDR�WRSOH�PROLWYDQLNH�VYHWRJ�6LPHRQD�L�VYHWRJD�6DYX��6YL�UDWQLFL��RJUD_HQL
VUSVNLP�VYHFLPD��VD�'DYLGRYLP�UHaLPD�X�VUFX�RGUCH�NUDWNX�KULVWRTXELYX�EHVHGX��SRVOH�NRMH�VX
NUHQXOL�X�VUHWDZH�]ORaDVWLYLPD�L�DPLUX�RGVHNOL�JODYX�L�PQR^WYX�ZHJRYLK��7DGD�/D]DUD�L
PQR^WYR�YRMQLND�+ULVWX��SUHGVWDYL^H��
8�]DYU^QLP��VWLKRYLPD���NRML�VX�QHXRELaDMHQL�L]D�SUROR^NLK�CLWLMD��SLVDF�SR]LYD�9ODGLNX�GD
SULPL�VYHaDVQX�RELWHT�5DYDQLFX�RG�/D]DUD�L�RG�RQLK�NRML�X�ZRM�VOXCH��/D]DUHYR�WHOR�SRORCHQR
MH�X�RYRM�RELWHTL��1D�NUDMX�SLVDF�PROL�VSDVHZH�]D�5DYDQLFX�L�RQH�NRML�X�ZRM�VOXCH�
%HOH^NH�
��'HOR�NDR�NZLCHYQD�YUVWD�QLMH�SRKYDOD��YH`�SUROR^NR�CLWLMH��R�aHPX�`HPR�NDVQLMH�JRYRULWL�
��?��6S��5DGRMLaL`��
6WDUH�VUSVNH�SRYHTH�L�UXNRSLVQH�NZLJH�X�+LODQGDUX
���$UKLYLVW���������II
����
VWU������VOLND���
��?��6S��5DGRMLaL`��
3RKYDOD�NQH]X�/D]DUX�VD�VWLKRYLPD
���,VWRULMVNL�aDVRSLV���������V
��VWU�����r
����
��9LGHWL�aDVRSLV��'HOR���������IV
�����VWU�����r�����8�SURSUDWQRP�WHNVWX�GDOL�VPR�MR^�QHNH
SRGDWNH�R�L]JOHGX�UXNRSLVD��9LGHWL�L�SROHPLaNH�QDSLVH�0��3DQL`Dr6XUHSD�L�QD^���'HOR��������IV
�����VWU�����r����
��?��6S��5DGRMLaL`��
$QWRORJLMD�VWDUH�VUSVNH�NZLCHYQRVWL
��%HRJUDG��������VWU�����r��������r����
��?��6S��5DGRMLaL`��
3RaHWDN�NRVRYVNH�OHJHQGH
���/HWRSLV�0DWLFH�VUSVNH�����������������VWU����r���
��?��6S��5DGRMLaL`��
3RKYDOD�NQH]X�/D]DUX�VD�VWLKRYLPD
��VWU�������8SRUH_XMX`L�IRWRNRSLMH�VD
L]GDZHP�QD^OL�VPR�GYD�SURSXVWD��5HG����s�VWRML��aRYHNRTXEQR���
$QWRORJLMD
��������UHG����s
LVSUHG��YHVHOLMH��WUHED�SUHGORJ��Y��
5DYDQLaDQLQ�III
3UHGJRYRU�QDSLVDOD�-HOND�5H_HS
3RVOH�ELWNH�QD�.RVRYX�������]DSUDYR�SRVOH�SURJOD^HZD�NQH]D�/D]DUD�]D�VYHFD����������QDVWDOL�VX
L�QDMVWDULML�WHNVWRYL�R�NQH]X�/D]DUX�L�.RVRYVNRP�ERMX��8�YUHPHQVNRP�UD]PDNX�RG�WULGHVHWDN
JRGLQD��RG�GHYHGHVHWLK�JRGLQD�XIV
�YHND�SD�GR�GYDGHVHWLK�JRGLQD�XV
�YHND��QDSLVDQR�MH�GHVHW�
GRVDGD�SR]QDWLK�VSLVD��2QL�aLQH�SUYL�WHPDWVNL�FHORYLW�NUXJ�WHNVWRYD��L�QDVWDOL�VX�]D�SRWUHEH
VWYDUDZD�L�QHJRYDZD�NXOWD�SRJLQXORP�NQH]X�/D]DUX��.UDMHP�XIV
�YHND�SLVDOL�VX��WUL�QHSR]QDWD
5DYDQLaDQLQD��5DYDQLaDQLQ�I
��5DYDQLaDQLQ�II
�L�5DYDQLaDQLQ�III
���
��L�'DQLOR�0OD_L��GRN�VX�X�XV
YHNX�SLVDOL�-HILPLMD��'DYLG��NQHJLZD�0LOLFD��GHVSRW�6WHIDQ�/D]DUHYL`�L�$QGRQLMH�5DIDLO
(SDNWLW��
6ORYR�R�NQH]X�/D]DUX
�5DYDQLaDQLQD�III
�VSDGD�PH_X�QDMVWDULMH�WHNVWRYH�L��SR�PL^THZX
?RU_D�6S��5DGRMLaL`D�
���
�YUHPH�VDVWDYTDZD�
6ORYD
�MH�L]PH_X�������L�������JRGLQH�
3L^X`L�R�NQH]X�/D]DUX�L�YHOLaDMX`L�JD��SLVDF�L]QRVL���QH�PDOD�a\GD�YDVÁ�LVSO�QR�VLKÁ
WUÁEODCHQQDJR�L�YHOLNDJR�NQH]D�/D]DUD�SDPHWÁ�L�VWUDGDQÍD�YDPÁ�Y�]YHVWLWL�KR~���HGYD�ER
D~H�L�PQ¢JÁÌe�L�YHOLNÄe�QDVÁ�SRY�VWL�Y�]GYLJQ�WL�PRJRXWÁ�N��CLWÎD�LVSUDYOeQÍ\��L
SU�GODJDHWÁ�VH�RXER�QDPÁ�VORYR�SURaLWD\~ÎKÁ�UDGL�SRO]L��D�QH�PRXCD�UDGL�UDGL�SRKYDOÄ�
���
.QH]�/D]DU�MH�ELR�VLQ�EODJRURGQLK�L�EODJRaDVWLYLK�URGLWHTD���%�H�RXER�EODCHQQÄL�V�L�PRXCÁ
EODJRU¢GQLKÁ�L�EODJRaÁVWLYÁKÁ�URGLWHOÎL�VÁLQÁ�L�SUDYHGQDJR�/D]DUD�L�GU�JD�+ULVWRYD
W�]RLPHQVWYR�¢WÁ�URGLWHOÎL�LPH�LP�e��L�VRXSU�CQLF��SRePÁ��L�VÄQRY¢PÁ�L�G�~HUHPÁ
¢WDFÁ�EÄYÁ����
%LR�MH�VDPRGUCDF�FHORM�VUSVNRM�]HPTL�L�aLQLR�MH�PQRJD�GREUD�GHOD���L�UD]OLaQLÄKÁ�UDGL
GREURG�WHOÎL��Y�VHe�VU�EVNÄe�]HPOe�VDPRGU�CÁFÁ�EÄVWÁ��L�PQ¢JÄe�VYHWÄe�L�GRXKRYQÄe
PRXCH�N��¢NU�POeQÌ\�CL]QL�VYRHe�QDVWDYQLNÄ�VHEH�L�V�Y�WQLNÄ�LP�^H��L�PQ^JD�O�WD�Y�
EODJRGÁQÁVWYÄ�SUREDCGDH�LQRNÄKÁ�O\EH��QL~ÎLKÁ�PLORXH��VWDUÄKÁ�fNR�URGLWHOe�SRaLW�H
VU�GQÎKÁ�fNR�EUDWÎ\��\QÄKÁ�fNR�VÄQRYL��
5DYDQLaDQLQ�SL^H�L�R�/D]DUHYLP�GREULP�GHOLPD���FU�NYL�REQDYOfH��LQÄe�CH�¢WÁ�RVQRYDQÎD
Y�]GYL]DH��L�PQ¢JÄe�WYRUH�PLORVWÄQe�L�EHVaLVOÁQÄe����
8�
6ORYX
�VH�RSLVXMH�SURGRU�7XUDND��QDSDG�0XUDWD�QD�/D]DUD���Y�VWDYL�ER�YHOLNDJR�]�OR
JRUNDDJR�Y�VHJR�H]ÄND�WRXUÁaÁVNDJR�DPLU��PRXUDWÁ�LPH�LPRX~D��LCH�PQ¢JÄ�SRNRULYÁ�H]ÄNÄ�
L�V��Y�V�PL�LPL�SUÎLGH�QD�QDVÁ��fUR�]�OR�GÄKDH�L�P\W��VYHUHSR�UÄNDH�QD�EODCHQQDJR�VHJR
PRXCD��
?RU_H�6S��5DGRMLaL`�MH�SULPHWLR
���
�GD�VH�5DYDQLaDQLQ�III
�UD]OLNXMH�RG�5DYDQLaDQLQD�I
�SR�WRPH
^WR�QH�QD]LYD�7XUNH�3HUVLMDQFLPD��.QH]�/D]DU�SUHG�ELWNX�GUCL�EHVHGX�VYRMLP�YRMQLFLPD��EUDWÎH�L�aHGD��ERO^H�eVWÁ�QDPÁ�GD�HGLQÁ�JUREÁ�Y�V�KÁ�Y�NRXS��SUÎLPHWÁ�QDVÁ��QHCH�]U�WL
URGLWHOe�L�V�URGQLNÄ�QD^H�Y��WRXCGRX\��Q��fNR�CH�VODGNÄLKÁ�QDVODGLK¢PÁ��VLFH�L
QRXCGQÄKÁ�QH�¢WE�JQHP��Q��SRORCLPÁ�GRX^��VYR\�]D�GU�JÄ�VYRe�fNR�CH�UHaH�JRVSRGÁ�m
9RMQLFL�SULKYDWDMX�/D]DUHY�SR]LY�X�ELWNX�L�VSUHPQL�VX�GD�SR_X�]D�ZLP���¢QL�CH�Y�VL�Y�N�S�
¢WY�~D^H��JRWRYÄ�HVPÄ�QHSU�VORX^DWL�SRYHO�QÎD�WYRHJR��Q��L�PQ¢CDL^D�SRNDCHPÁ�¢WÁ
LKÁ�CH�UHNO�HVL����
8SRUH_XMX`L�
6ORYR
�VD�
3UROR^NLP�CLWLMHP�NQH]D�/D]DUD
��?RU_H�7ULIXQRYL`�MH�XRaLR�QHNROLNR
VOLaQLK�PHVWD��SD�WDNR�NDCH�GD�L�MHGDQ�L�GUXJL�SLVDF�QDYRGH�UHaL�/D]DUHYH�EHVHGH�L��KRUVNR�
ND]LYDZH�VUSVNLK�UDWQLND�
���
�3R�7ULIXQRYL`X��RGJRYDUDMX`L�RGORPFL�VH�QH�SULEOLCDYDMX�PQRJR
VYRMRP�VDGUCLQRP��DOL�VX�SLVFL�EOLVNL�VUHGVWYLPD�ND]LYDZD�X�RED�GHOD�/D]DU�EHVHGL�SUHG�ELWNX
L�RNXSTHQL�UDWQLFL��KRUVNL�RGJRYDUDMX��
���
5DWQLaNX�EHVHGX�NQH]D�/D]DUD�L��KRUVNR��RGJRYDUDZH�YRMQLND�QDOD]LPR�X�MR^�MHGQRP�NRVRYVNRP
VSLVX��X�
6ORYX�R�NQH]X�/D]DUX
�'DQLOD�0OD_HJ��%HVHGD�NQH]D�/D]DUD�X�GHOX�SDWULMDUKD�'DQLOD�QH
UD]OLNXMH�VH�RG�SRPHQXWH�GYH�EHVHGH�VDPR�SR�WRPH�^WR�VX�RQH�NUD`H�L�VDCHWLMH��YH`�L�SR�GUXJLP
YUHGQRVWLPD��,]XaDYDMX`L�'DQLORY�WHNVW
���
�XRaLOL�VPR�X�ZHPX�MHGDQ�HOHPHQDW�NRVRYVNH�OHJHQGH�
/D]DUHYR�VYHVQR�RSUHGHTHZH�]D�FDUVWYR�QHEHVNR��.QH]�MH�SUHG�ELWNX�X�GHOLPD�GD�OL�GD�VH
RSUHGHOL�]D�FDUVWYR�]HPDTVNR�LOL�]D�FDUVWYR�QHEHVNR��L�RSUHGHTXMH�VH�]D�FDUVWYR�QHEHVNR���%RTH
MH�QDPD�X�SRGYLJX�VPUW��QHJROL�VD�VWLGRP�CLYRW�����9RMQLFL�SULKYDWDMX�ZHJRY�SR]LY�X�ELWNX��PDGD
WDM�SR]LY�]QDaL�L�VPUW��L�RGJRYDUDMX�PX��SRUHG�RVWDORJ����8PULPR�GD�VYDJGD�CLYL�EXGHPR����,GHMD
R�/D]DUHYRP�VYHVQRP�RSUHGHTHZX�]D�FDUVWYR�QHEHVNR�SULVXWQD�MH�L�X�'DQLORYRP�RSLVX�SUHQRVD
/D]DUHYLK�PR^WLMX�L]�FUNYH�9D]QHVHZD�X�3UL^WLQL�X�5DYDQLFX��2GJRYDUDMX`L�QD�0LOLaLQR
MDGLNRYDZH�L�WXJRYDZH�^WR�MH�SRJLQXR��NQH]�/D]DU��NDR�RGJRYDUD��GD�MH�RGPHULR�QHEHVNH�L�]HPQH
ERMHYH�RSUHGHOLR�VH�]D�QHEHVNH���9LGHK�GRZH�ERMHYH�L�L]EURMDK�JRUZH�SRaDVWL��9LGHK�PDaHYH�L
SRPL^TDK�QD�JRUZH�YHQFH��2aHNLYDK�VPUW��L�QD�EHVPUWQRVW�SRPL^TDK���/D]DUHYH�UHaL�X�SHVPL
�3URSDVW�FDUVWYD�VUSVNRJ���9XN��II
��LPDMX�LVWL�VPLVDR��1HPD�VXPZH�GD�MH�RYD�LGHMD�R�RSUHGHTHZX
NQH]D�/D]DUD�]D�QHEHVNR�FDUVWYR�SUHQHWD�L]�SLVDQRJ��'DQLORYRJ�VSLVD��L�X�XVPHQR�SUHGDZH��WH�MH
YUHPHQRP�L�WR��X�OHJHQGL��SRUHG�L]GDMH�9XND�%UDQNRYL`D��QDYR_HQR�NDR�MHGDQ�RG�UD]ORJD�]D^WR�MH
ELWND�QD�.RVRYX�L]JXETHQD�
���
2�XWLFDMX�KURQLNH�*HRUJLMD�+DPDUWROD�L�.RQVWDQWLQD�0DQDVD��
$OHNVDQGULGH
�L�
,VWRULMH
-XGHMVNH�YRMQH
�QD�SLVFH�NRVRYVNLK�VSLVD��SLVDR�MH�?RU_H�7ULIXQRYL`�
���
�GRND]XMX`L�GD�VX
0DQDVRYD�L�)ODYLMHYD�YL_HZD�UDWQLK�VWUDKRYD�L�VWUDGDZD�SULYODaLOD�SLVFH���6X^WLQVNL�QRY
PRWLY�VXGELQVNRJ�ERMD�L�PXaHQLaNH�SRJLELMH�YODGDUD�X�ZHPX�SRNUHQXR�MH�QD^H�SLVFH�L�QD�QRYD
NZLCHYQD�UH^HZD��
����
1H�PRCH�ELWL�VXPZH�GD�MH�NQH]�/D]DU�GUCDR�EHVHGX�SUHG�SROD]DN�X�ELWNX��DOL�RQD�VLJXUQR�QLMH
ELOD�NDR�EHVHGD�X�'DQLORYRP�
6ORYX
���'DQLOR�MH��X�VWYDUL��LVWRULaDU�L�SROLWLaDU�SRVWNRVRYVNRJ
D�SHVQLN�SUHWNRVRYVNRJ�GRED��,PDMX`L�X�YLGX�XPHWQLaNL�SULVWXS�GRJD_DMLPD��]DWLP�VORCHQRVW
OLWXUJLMVNRrGUDPVNRJ�WHNVWD��ELOR�EL�VXYL^H�WUDCLWL�DXWHQWLaQH�NQHCHYH�UHaL�X�GHOX
SDWULMDUKD�'DQLOD��
����
6FHQD�SRODVND�QD�.RVRYR�L�/D]DUHY�JRYRU�YRMQLFLPD�X�VSLVNX�5DYDQLaDQLQD�III
�QHPD�RQX
GUDPDWLaQRVW�NRMX�SRVHGXMH�RGJRYDUDMX`H�PHVWR�X�
6ORYX
�'DQLOD�0OD_HJ��7HNVW�NRML�VOHGL�X�VSLVX
5DYDQLaDQLQD�III
�RGOLNXMH�VH�CLYRSLVQR^`X��3R^WR�VX�VH�SULaHVWLOL�L�L]TXELOL��NQH]�/D]DU�L
YRMQLFL�SROD]H�QD�PQRJRTXWRJ�YRMLQVWYD�QDaHOQLND��QD�0XUDWD��8�WHNVWX�VH�NDCH�GD�MH�ELWND�ELODmQD�Q�NR|PÁ�]�OR�YHOLF��SROLl�
��DOL�VH�QH�SRPLZH�GD�MH�WR�.RVRYR��3LVDF�GDMH�SRGDWNH�R
YHOLaLQL�REH�YRMVNH��m�L�Y�H�RERLKÁ�SO�NÁ�YHOLNÁ�]�O^��]�O^��VLKÁ�RXER�PL^CGH��U
������
WÄVRX~Á��Y��^Q�KÁ�CH�H]ÄNÁ�QH�P�Qe��T ��(300) WÄVRX~Ál�
��
,�GRN�SLVDF�
3UROR^NRJ�CLWLMD�NQH]D�/D]DUD
�SRPLZH�VDPR��PQRCDVWYR�WLVX`D��L��PQRJR
PQRCDVWYR���SLVDF�
6ORYD�R�NQH]X�/D]DUX
�QDYRGL�L�EURM�XaHVQLND������L�����WLVX`D���8�QDXFL�MH
YH`�]DSDCHQR�GD�MH�QD�VUSVNRM�VWUDQL�ELOR��������LOL��������D�QD�WXUVNRM�RNR��������LOL���������WH
MH�EURM�RG���������L���������SUHXYHOLaDQ��D��SLVDF�VH�NUH`H�GR�SHVQLaNH�IDQWD]LMH��
����
�6OLND
VDPRJD�ERMD�X�
6ORYX
�MH�YUOR�LPSUHVLYQD��mL�aWR�E�H�E�KÁWÁ�Q�NÄL�L�WRXWÁQÁ�QHVND]DQÁQÁ
VOÄ^DD^H�VH��aORY�FL�Y�SÎDK���NRQÄ�YÄVNDDK��RURXCÎD�]Y�NÁ�WYRUDK���VWU�OÄ
�O�WHK�
VO�QFH�]DVWRXSD\~H��WU�VNRYH�^JQÁQQÄL�WU�VNDDK��]HPOLf�YHOPL�ERXaD^D^H��Y�]GRXKÁ
JU�P�^H��L�fNR�CH�GÄPRPÁ�PUDaQRPÁ�REYLEDD^H�VH��L�ERLQVWYD�^WÁ�RER\G��GURXJÁ�QD�GU�JD
QDVNDND\~H��V�EWH~D�VH�RURXCÎD�L�]HPO\�R]DUD\~DD��U�NÄ�CH�NU�YHL�^W�Y�VRXG���L�PQ^JD
Y�VRXG��WU�SÎD��fNR�CH�QD�CHWY��NODVRYRPÁ��VLFH�YRLQ^PÁ��QD�]HPO\�^WÁ�RVWUÄKÁ�RURXCÎL
SDGD\~ÎLPÁ��L�SROe^QR�fNR�CH�H]HUR�Q�NRe�NU�HL�SUROLWÎHPÁ�REDJUHQR�]UH^H�VH��l
,]�VOLNRYLWRJ�RSLVD�ERML^WD�X�
6ORYX
�PRCH�VH�]DNTXaLWL�GD�VH�YHOLND�EXND��WXWDZ��JUPTDYLQD�L
SUDVDN�PRJDR�aXWL�VD�.RVRYD��8�QDXFL�MH�QHMHGQDNR�SLVDQR�R�XSRWUHEL�WRSRYD�X�.RVRYVNRM�ELFL�
QR�L]YHVQR�MH�SR�RSLVX��aDN�L�DNR�VH�X]PH�X�RE]LU�L�SHVQLaND�YL]LMD�ELWNH��GD�MH�SLVDF�PDNDU
L]GDOHND�PRJDR�aXWL�VWUD^QX�EXNX��3R�.RVRYX�MH�WHNOD�NUY�NDR�UHND��YRMQLFL�VX�SDGDOL�NDR�QD
CHWYL�NODVRYL��ELOR�MH�WROLNR�NUYL�RGDVYXG�GD�MH�FHOR�SRTH�ELOR�RFUYHZHQR��7DNYR�.RVRYR
PRJDR�MH�GRCLYHWL�L�VDP�SLVDF�LOL�MH�R�WRPH�aXR�RG�SUHCLYHOLK��RG�RaHYLGDFD��D�SR]QDWR�MH�GD�MH�X
ELFL�ELOR�YUOR�PQRJR�CUWDYD��L�WR�QD�REH�VWUDQH��L�QD�VUSVNRM�L�QD�WXUVNRM�VWUDQL��5DYDQLaDQLQIII
�SULaD�SRWRP�GD�EODJRaDVWLYRP��EODCHQRP��VDPRGUCDYQRP�L�YHOLNRP�NQH]X�/D]DUX�JODYX
RGVHNR^H�L�PQRCDVWYR�EODJRURGQLK�L�EODJRYHUQLK�KUL^`DQD�SRKYDWDY^L�WDGD�SRJXEL^H��m�L
Y�VL�NRXSLR�Y�LF�PÁ�RXY�]R^H�VHm
�
%ODCHQRJD�L�QRYRJD�/D]DUD�WHOR�mV��PQ^JR\�aDVWÎ\�Y��FU�NYL�SRJUHEHm
�
3URGLUDZH�7XUDND�SRVOH�ELWNH�WDNR_H�MH�RSLVDQR�CLYRSLVQR��mfNR�CH�PDOR�SRCGDY^H��SDN�fNR
CH�SaHOÄ�SURVÄSD^H�VH��L�Y�VRX�]HPO\�QD^X�SURWHNR^H��QH�ER�Y�H�NÁ�WRP��NRJR
Y�]EUDQf\~D�W�PÁ����l
�
5DYDQLaDQLQ�III
�NDCH�GD�QH�EL�]OR�NRMH�QH�VWYRUL^H��GR_R^H�QH]QDER^FL��RVNUQDYL^H�FUNYH�
SRORCL^H�WHOD�SWLFDPD�]D�KUDQX��mSO�WL�SU�SRGRELÄLKÁ�WYRLKÁ�]Y�UHPÁ�]HPOÁQÄPÁ��QH
RNU�VWÁ�ÎHURVDOLPD�W�NPR�L��SR�YVHL�]HPOL�VHL��L�Y�H�SODaÁ�L�ULGDQÎH�QH�P�Qe�SU�YDJR
YLG�WLm�
-HGQH�NODKX�D�GUXJH�RGYR_DKX�X�URSVWYR�X�VYRMX�]HPTX��3LVDF�NDCH��UD]GYDMDQL�L�UDVSURGDYDQL
ELVPR�SR�ZLKRYRM�]HPTL��PDWL�]ERJ�aHGD�SODND^H��RWDF�JRUNR�ULGD^H��EUDW�EUDWD�REXKYDWLY^L
VX]H�TXWH�SUROLYD^H��VHVWUH�EUD`X�L�EUD`D�VHVWUH��JOHGDMX`L�NDNR�LK�RGYRGH��UXNH�RNR�YUDWD
VSOHWR^H�L�CDORVQR�NULaDKX��2YDM�VWUDYLaDQ�SULND]�VWUDGDZD�RQ�]DYU^DYD�UHaLPD��m^�]HPOe
UDVWRXSLY^L�VH�CLYÄ�SUÎPÄ�Y�V�KÁ�QDVÁ����m
�
8�
6ORYX
�VH�SULaD�GD�EODJRaDVWLYL�NQH]�6WHIDQ��mL�JRVSRGLQÁ�Y�V�PÁ�6U�EOePÁ�EÄVWÁm
��VD
9XNRP��VYRMLP�EUDWRP��L�VD�PDMNRP��JRVSR_RP�-HYJHQLMRP��L�VD�VDYHWRP�VYHWLK�SDWULMDUKD��RGQRVQR
VDERURP��RGOXaLOL�VX�GD�RWYRUH�NQHCHY�JURE�L�SUHQHVX�/D]DUHYR�WHOR��$QDOL]LUDMX`L�
6ORYR
7ULIXQRYL`�MH�SRND]DR�GD�VX�LQLFLMDWRUL�]D�SUHQRV�/D]DUHYLK�PR^WLMX�ELOL�6WHIDQ�VD�9XNRP�
PDMNRP�L�SDWULMDUKRYLP�VDERURP��D�WR��LVWRYUHPHQR��SRWYU_XMH�L�SDWULMDUKRYR�XaH^`H�X
SULSUHPDPD�L�SUHQRVX�
/D]DUHYH�PR^WL�VDaHNXMH�X�5DYDQLFL�0LOLFD�VD�VYRMD�GYD�VLQD��SODaH�L�WXCL��SDGD�QD�/D]DUHYR
WHOR�L�PQRJR�aDVDND�L]YDQ�XPD�EL��'UDJXWLQ�.RVWL`
����
�MH�GR^DR�GR�]DNTXaND�GD�X�0LOLaLQRP
RSODNLYDZX�NQH]D�/D]DUD�LPD��MDVQLK�WUDJRYD�SDUDIUD]LUDZD�QHNLK�VWLKRYD�L]�aXYHQH�WUL
VWDWLMH�^WR�VH�QD�9HOLNX�VXERWX�SHYDMX�SRG�LPHQRP�3ODaD�ERJRPDWHUH�QDG�+ULVWRP���3RVWRMH
L]YHVQH�VOLaQRVWL�L]PH_X�RYRJD�GHOD�L�
6ORYD�R�NQH]X�/D]DUX
�����������'DQLOD�0OD_HJ��2ED�SLVFD
RSLVXMX�L�SUHQRV�/D]DUHYLK�PR^WLMX�X�5DYDQLFX��D�RERMLFD�VX�SULVXWQL�L�XaHVWYXMX�X�WRPH
SUHQRVX��8�QDXFL�VH�SUHWSRVWDYTD�GD�MH�5DYDQLaDQLQ�III
�SLVDR�SRG�XWLFDMHP��D�PRCGD�L�SR�QDORJX
SDWULMDUKD�'DQLOD��8�RED�WHNVWD�VH�NDCH�GD�NQHJLZD�0LOLFD�SDGD�QD�/D]DUHYR�WHOR�L�ELYD�X
QHVYHVWL�L]YHVQR�YUHPH��$QGRQLMH�5DIDLO�(SDNWLW�WDNR_H�SUHQRVL�VFHQX�VDaHNLYDZD�PR^WLMX�
?RU_H�6S��5DGRMLaL`�XND]XMH�QD�VOLaQRVW�RYRJD�GHWDTD�L]�'DQLORYRJ�WHNVWD�L�VSLVD
5DYDQLaDQLQD�III
�VD�QDURGQRP�SHVPRP��&DU�/D]DU�L�FDULFD�0LOLFD���X�NRMRM�0LOLFD�PROL�VYRMX
EUD`X��VYH�UHGRP��GD�QH�LGX�X�ERM�GD�EL�LPDOD�EUDWD�RG�]DNOHWYH��L�NDGD�MRM�QLMHGDQ�QH�LVSXZDYD
CHTX��RQD��SDGH�QD�NDPHQ�VWXGHQL��RQD�SDGH��SDN�VH�REH]QDQL���5DGRMLaL`�SULPH`XMH�GD�VH�X�SHVPL
WR�GH^DYD�XRaL�ELWNH�D�X�SRKYDODPD�SRVOH�ZH���.QH]�/D]DU�L�NRVRYVNL�MXQDFL�X�SHVPL�VX�X
ERUEHQRP�]DQRVX��D�WHOR�/D]DUHYR�X�3RKYDODPD�SULND]XMX�QDMMDVQLMH�L�QDMMH]RYLWLMH�X�^WD�VH�WDM
]DQRV�SUHWYRULR��
����
�%H]�SUHWHQ]LMD�GD�GRND]XMHPR�YH]X�QDURGQH�SHVPH�VD�SRPHQXWLP�NRVRYVNLP
VSLVLPD��QH�PRCHPR�D�GD�QH�SRWYUGLPR�SRVWRMDZH�VOLaQRVWL�X�MHGQRP�GHWDTX��X�SDGX�NQHJLZH
0LOLFH�X�QHVYHVW��,]YHVQR�MH�GD�LP�MH�WDM�GHWDT�]DMHGQLaNL�
3LVDF�
6ORYD
�SULVXVWYRYDR�MH�SUHQRVX�/D]DUHYRJ�WHOD��7R�VH�MDVQR�PRCH�]DNTXaLWL�QH�VDPR�SR
RSLVX�SUHQRVD�YH`�L�SR�ZHJRYRP�LVND]X��mVÎD��ER�]UH�D]Á�ELYDHPDl�
3R�WHNVWX�VH�YLGL�GD�MH�SLVDF�ELR�RaHYLGDF�SUHQRVD��GD�MH�CLYHR�X�PDQDVWLUX�5DYDQLFL�L
SULSDGDR�MH�NUXJX�SLVDFD�NRML�VX�SRVOH�VPUWL�NQH]D�/D]DUD�L�SRVOH�ZHJRYRJ�SURJOD^HZD�]D�VYHFD
SLVDOL�R�VYHWRP�NQH]X��,�
6ORYR
�5DYDQLaDQLQD�III
��NDR�L�RVWDOL�NXOWQL�VSLVL��GRSULQRVLOR�MH
QHJRYDZX�NXOWD�L�VODYTHZX�SRJLQXORJ�VUSVNRJ�NQH]D�QD�.RVRYX��8�QDXFL�VX�RYL�NXOWXUQL�VSLVL
RFHZHQL�NDR�OR^L�L�QHSRWSXQL�WHNVWRYL�MHU�GDMX�PDOR�SRGDWDND�R�VDPRP�GRJD_DMX��0H_XWLP�
�]DOXGQR�MH�WUDCLWL�LVWRULMVNR�GHOR�X�NXOWQLP�VSLVLPD�aLML�DXWRUL�SR�SULURGL�CDQUD�]D�NRML�VX
VH�RSUHGHOLOL�WHCH�ND�DSVWUDKRYDZX�L�VYHVQR�]DQHPDUXMX�SRGDWDN��
����
�3LVFL�RYLK�WHNVWRYD�QHPDMX
SUHWHQ]LMD�GD�GRJD_DM�SUDWH�RaLPD�KURQLaDUD��GD�EHOHCH�GHWDT��GD�RSLVXMX�WRJ�ELWNH��:LKRYD
QDPHUD�MH�GUXJDaLMD�L�QDPHQD�ZLKRYLK�VSLVD�MH�GD�SURVODYH�L�YHOLaDMX�OLaQRVW�R�NRMRM�SL^X��8
NXOWQLP�VSLVLPD�V�NUDMD�XIV
�L�SRaHWND�XV
�YHND�LQVLVWLUD�VH�QD�PXaHQLaNRM�VPUWL�NQH]D�/D]DUD�
WH�VH�WDNR�VWYDUD�NXOW�PXaHQLND�/D]DUD��NRML�`H�VH�YUHPHQRP�WUDQVIRUPLVDWL�X�NXOW�MXQDND
/D]DUD��NDNR�X�SUHGDZX�WDNR�L�X�GUXJRP�WHPDWVNL�FHORYLWRP�NUXJX�WHNVWRYD��X�
#LWLMX�NQH]D
/D]DUD��3ULaL�R�ERMX�NRVRYVNRP
��V�NUDMD�XVII
�L�SRaHWND�XVIII
�YHND��,VWDNQXWR�MH�GD�NXOWQL�VSLVL
LPDMX�GYRMDNX��VX^WLQVNL�UD]OLaLWX�L]YRUQX�YUHGQRVW��]D�GRJD_DMH�NRMH�RSLVXMH��D�]DWLP�]D�YUHPH
NDGD�QDVWDMX��RGQRVQR�NDGD�GHOXMX�
����
�1HRVSRUQR�MH�GD�
6ORYR
�5DYDQLaDQLQD�III
��NDR�L�RVWDOL
NRVRYVNL�VSLVL��LPD�YHOLNX�OLWHUDUQX�YUHGQRVW�
%HOH^NH�
��?RU_H�6S��5DGRMLaL`�RYH�SLVFH�QD]LYD�5DYDQLaDQLQ�I
��5DYDQLaDQLQ�II
�L�5DYDQLaDQLQ�III
��GRN�LK
?RU_H�7ULIXQRYL`�SRPLZH�NDR�QHSR]QDWH�SLVFH��RGQRVQR�QHSR]QDWH�5DYDQLaDQLQH�
��?RU_H�6S��5DGRMLaL`��
$QWRORJLMD�VWDUH�VUSVNH�NZLCHYQRVWL
��%HRJUDG��������������3RaHWDN
NRVRYVNH�OHJHQGH���
/HWRSLV�0DWLFH�VUSVNH
��������VWU�������������
��&LWDWL�L]�
6ORYD
�X]HWL�VX�L]�WHNVWD�$OHNVH�9XNRPDQRYL`D��UXNRSLV�MH�REMDYTHQ�X�NZL]L�?RU_D
7ULIXQRYL`D�
3ULPHUL�L]�VWDUH�VUSVNH�NZLCHYQRVWL
��%HRJUDG��������VWU����r���
��?RU_H�6S��5DGRMLaL`��
$QWRORJLMD
��VWU������
��?RU_H�7ULIXQRYL`��
QDY��GHOR
��VWU������
��
,VWR
��VWU�����r����
��-HOND�5H_HS��
3ULaD�R�ERMX�NRVRYVNRP
��=UHZDQLQ��������VWU�������L�GDTH�
��2S^LUQLMH�R�WRPH�SLVDOL�VPR�X�NZL]L�
3ULaD�R�ERMX�NRVRYVNRP��5D]YLWDN�NRVRYVNH�OHJHQGH
�
%HRJUDG��������L�GU�
��
1DY��GHOR
��VWU�������L�GDTH�
���
,VWR
��VWU�����r����
���5DGH�0LKDTaL`��
/D]DU�+UHEHTDQRYL`
��LVWRULMD�s�NXOW�s�SUHGDZH��%HRJUDG��������VWU������
���?RU_H�7ULIXQRYL`��
QDY��GHOR
��VWU������
���'UDJXWLQ�.RVWL`��
6WDURVW�QDURGQRJ�SHVQL^WYD�QD^HJ
���-XCQRVORYHQVNL�ILORORJ���������XII
�
VWU����r������r���
���?RU_H�6S��5DGRMLaL`��
QDY��GHOR
��VWU������
���5DGH�0LKDTaL`��
QDY��GHOR
��VWU������
���
,VWR
��VWU������
1HSR]QDWL�5DYDQLaDQLQ
3UHGJRYRU�QDSLVDR�?RU_H�7ULIXQRYL`
6OXCED�NQH]X�/D]DUX
�MR^�QLMH�SRWSXQR�GDWLUDQD��9UHPH�ZHQD�QDVWDQND�EOLCH�MH�RGUHGLR�?RU_H
6S��5DGRMLaL`�
���
�,VWR�OLFH��NRMH�RQ�QD]LYD�5DYDQLaDQLQ�I
��VDVWDYLOR�MH�L�
6OXCEX
�L�VLQDNVDUVNR
CLWLMH��3LVDZH�
6OXCEH
�PRUDOR�MH�ELWL��RGPDK�SRVOH�SUHQRVD�/D]DUHYLK�PR^WLMX��YHURYDWQR�X
MHVHQ���������2YRP�]DNTXaNX�YRGL�?��6S��5DGRMLaL`D�aLZHQLFD�^WR�VH�X�
6OXCEL
��VODYL�NQH]
/D]DU�NDR�SREHGQLN�QDG�0XUDWRP���7R�MH��SR�ZHJRYRP�PL^THZX��VWDULMD�FUWD��L]�YUHPHQD�NDGD�VH
VPDWUDOR�GD�7XUFL�X�VWYDUL�QLVX�RGQHOL�SREHGX�
���
�5DGRMLaL`HYD�PHULOD�VX�QHGRYRTQD�]D
RGUH_LYDZH�VWDURVWL�
6OXCEH
��/D]DU�QLMH�SREHGLR�0XUDWD�X�YRMQRP��VWUDWHJLMVNRP�VPLVOX�
1DSURWLY��/D]DU�MH�PDWHULMDOQD�CUWYD�QHSULMDWHTD��^WR�VH�SURYODaL�NUR]�FHOX�
6OXCEX
�
/D]DUH��MH]LaDVNLK�CH�QD^DVWYLM�QHSUDYHGQRMH�]DNRTHQLMH�SUHWUSHO�MHVL���.�VHGDOHQ��
���
/D]DUH���UDQL�PQRJL�L�JODYQRMH�RWVHaHQLMH�SUHWUSHO�MHVL���II
�.����3����7��
/D]DU�MH�X�
6OXCEL
�GXKRYQL�SREHGQLN��L�CUWYD�QD�ERMQRP�SRTX��.QH]�VH�ERUL�VD�VPU`X��VD
QHaDVWLYLP�VLODPD�L�SUHGVWDYQLFLPD�6RWRQH��8�RYRP�VDPR�
QHRUXCDQRP
�ERMX�RQ�SREH_XMH�L�VYL
VUSVNL�UDWQLFL�SRVWDQX�SREHGQLFL��7DNR�.RVRYR�SRTH�SRVWDMH�PHVWR�GXKRYQRJ�
DJRQD
�X�NRPH
SREH_XMH�NQH]�VD�VYRMLP�UDWQLFLPD��,�LQDaH��GXKRYQL�VPLVDR�CLYRWD�L�VPUWL�QDMYL^H�MH�LVWDNQXW
X�VOXCEDPD��QDMSRWSXQLMLP�NXOWQLP�GHOLPD��.QH]�/D]DU�MH��NDR�L�GUXJL�MXQDFL�VOXCEL��YL^H�X
GXKRYQRrSHVQLaNRP�YL_HZX�QHJR�^WR�MH�VDWNDQ�RG�LVWRULMVNLK�L�VWYDUQLK�SRGDWDND��8�VOXCEL
SRVWRML�MHGDQ�SRYHVQLaDUVNL�GHR�s�VLQDNVDUVNR�CLWLMH��NRMH�VH�aLWD�SRVOH�^HVWH�SHVPH�NDQRQD�
L]D�NRQGDND�L�LNRVD��6DPD�VOXCED��PH_XWLP��VYRMRP�VX^WLQRP�L�LGHMRP�QLMH�SULSRYHGDaNR��YH`
SRHWVNR�GHOR��7DNR�MH�L�NQH]�/D]DU�SREHGQLN�X�RaLPD�SHVQLND�NRML�WUDCL�GXKRYQH�X]PDKH�VYRJD
MXQDND��2YDNDY�SREHGQLN�QLMH�/D]DU�VDPR�X�
6OXCEL
��YH`�L�X�GUXJLP�VSLVLPD��-HILPLMD��QD�SULPHU�
X�RS^WHP�]D]LYX�/D]DUD�L�]DQRVX�VYRMH�GX^H��NDCH���,�]PLMD�XELO�MHVL�����-R^�MH�,ODULRQ�5XYDUDF
WXPDaLR�GD�VH�RYH�UHaL��QH�PRJX�X]HWL�X�EXNYDOQRP�VPLVOX��
���
3UDYLOQR�GDWLUDZH�
6OXCEH
�ELOR�MH�GR�VDGD�QHPRJX`H�]ERJ�OR^HJ�L]GDZD��,VSLWLYDaLPD�MH
6OXCED
�ELOD�SR]QDWD��XJODYQRP��SR�MHGLQRP�ZHQRP��UXVNRVORYHQVNRP�L]GDZX�X�6UETDNX�
���
�1D
SXWX�RG�VUSVNRVORYHQVNRJ�GR�UXVNRVORYHQVNRJ�REOLND�
6OXCED
�MH�GRCLYHOD�L]YHVQH�L]PHQH��NRMH�VX
]DWYRULOH�SXW�LVSLWLYDaLPD��8�6UETDNX�QH�SRVWRML�]D�QDV�MHGDQ�YUOR�YDCDQ�SRMDP�
GHVSRWD
�L
GHVSRWRYLQH
��8�VYLP�VUSVNRVORYHQVNLP�SUHSLVLPD�
6OXCEH�NQH]X�/D]DUX
��NRMH�VPR�LPDOL�X
UXNDPD��QDOD]H�VH�WUL�VWURIH�NRMH�VX�VH�X�UXVNRVORYHQVNRP�L]GDZX�REH]YUHPHQLOH�
����,CH�YVD�SULYHGL�RW�QDELWLMD�Y�ELWLMH��LCH�RW�GHYL�QHLVNXVRPXCQLMH��QDV�UDGL�YDSO^W�VH�
,VPDLOD�YUDJD�SRNRUL�ERUH^WDJR�QDV��
GHVSRWX�QD^HPX
�SREHGX�GDUXM�PROEDPL�WYRMHJR�/D]DUD��L
URCG^HMH�WH�VORYR�%RCMH���II
�.����3��ERJRURGLaDQ��
�,CH�YVMD�SULYHGL�RW�QHELWLMD�Y�ELWLMH��LCH�RW�GMHYL�QHLVNXVRPXCQLMD�QDV�UDGL�YRSOR^a�VMD�
,VPDLOD�YUDJD�SRNRUL�ERUMX^aDJR�QDV��
FDUHP�QD^LP
�SREMHGX�GDUXMD�PROEDPL�WYRMHJR�/D]DUMD�L
URCG^LMD�WMD�VORYH�ERCLM���6UETDN��������
����0DODJR�L�KXGDJR�PRTHQLMD�QD^HJR�QH�SUH]UL�PROLP�WH�CLWHTX�YL^ZDJR�FDUVWYLMD�/D]DUH��Q
SUL]LUDM�QD�VYRMH�VWDGR��MDNR�SUL�CLYRWH��L�SR�VPUWL��L�VPLUHQLMH�LVSURVL�
GHVSRWX�QD^HPX
��L
KYDOH^WLP�WH���I K, 8 P, 3 T).
�0DODJR�L�KXGDJR�PRTHQLMD�QD^HJR�QH�SUH]UL�PROLP�WMD��CLWHTX�YL^DJR�FDUVWYLMD�/D]DUH��QR
SUL]LUDM�QD�WYRMH�VWDGR�MDNRCH�SUL�CLYRWMH�L�SR�VPHUWL��L�VPLUHQLMH�LVSURVL�
FDUMX�QD^HPX
�L
KYDTD^aLP�WMD���6UETDN��������
����8NUDVLY�GX^X�VYRMX�ERCDVWYDQLPL�OHSRWDPL��NUVQRPX�VORYX�VODYDQ�SUHGVWRML^L��YD
GU]QRYHQL�PQR]H��VHJR�UDGL�PROLP�WH��VYL^H�QDV�SHYFH�VYRMH�QD]LUDM�PLORVWLYQR��
GHVSRWX�QD^HPX
SREHGLWHTQDMD�QD�VDSRVWDWL��LVSURVL��MDNR�GD�WH�XEODCDMHP���I
�.����3����7��
�8NUDVLY�GX^X�WYRMX�ERCDVWYHQLPL�OHSRWDPL��NUDVQRPX�VORYX�VODYHQ�SUHGVWRML^L��YR
GHU]QRYHQLM�PQR]MH��VHJR�UDGL�PROLP�WMD�VYL^H�QDV�SMHYFL�WYRML�QD]LUDM�PLORVWLYQR��
FDUMX
QD^HPX
�SREMHGLWHTQDMD�QD�VXSRVWDWL�LVSURVL��MDNR�GD�WMD�XEODCDMHP���6UETDN��������
6USVNRVORYHQVNL�SUHSLVL��NDNR�WR�SRND]XMX�QDYHGHQH�VWURIH��SULPLaX�QDV�SUDYRM�JUDQLFL
SRVWDQND�
6OXCEH
��=DPHQH�QD]LYD�
GHVSRW
�L]YU^HQH�VX�X�GXKX�RS^WLK�PHVWD��9H`�X�QD^HP�SUHYRGX
0LQHMD�
NQH]
�L�
FDU
�VH�X�]D]LYQLP�GHORYLPD�SRMDYTXMX�NDR�RS^WD�PHVWD��8�VUSVNLP�NZLCHYQLP
GHOLPD�SUH�SURJOD^HZD�'X^DQRYRJ�FDUVWYD�QD^L�YODGDUL�VH�QD]LYDMX�
FDUHYL
��SD�RWXGD�QDOD]LPR
L�
FDUVWYR
�L�
FDUHYDWL
��6YHWL�6DYD��QD�SULPHU��SL^H�NDNR�%RJ�SRVWDYL�1HPDZX��FDUVWYRYDWL�YVHMX
6USVNRMX�]HPTHMX���6WHIDQ�3UYRYHQaDQL�YHOL�]D�VYRJD�RFD�GD�MH��URGD�FDUVND�VLQ���D�ZHJRYD
YODGDYLQD�s�FDUHYDZH��6OLaQR�ND]XMH�L�'RPHQWLMDQ��1HPDZLQD�L�6WHIDQRYD�YODGDYLQD�MH
FDUHYDZH��D�ZLKRYD�GUCDYD�s�FDUVWYR��7HRGRVLMH�NDCH�]D�VYHWRJD�6DYX�GD��VLQ�MHVW�FDUD
VUSVNDJR���.RG�DUKLHSLVNRSD�'DQLOD�II
�VYL�SUHWKRGQL�YODGDUL�VX�FDUHYL�
���
�3ULUH_LYDa
UXVNRVORYHQVNRJ�WHNVWD��SUHPD�WRPH��QD�RVQRYX�WUDGLFLMH�0LQHMD�L�VUSVNLK�NZLCHYQLK�GHOD�
]DPHQLR�MH�L]YRUQR�
GHVSRW
�QD]LYRP�
FDU
�
1D]LY�
GHVSRW
��NROLNR�QDP�MH�SR]QDWR��QH�SRMDYTXMH�VH�X�VWDULP�VSLVLPD��SD�RWXGD�L�X�
6OXCEL
NQH]X�/D]DUX
��NDR�RS^WH�PHVWR��5Ha�LPD�VWYDUQH�LVWRULMVNH�RVQRYH�
0ROED�]D�GHVSRWRYR�VSDVHZH�RG�,VPDLO`DQD�s�XSX`XMH�QDV�SURYHUDYDZX�SR]DGLQH�aLWDYRJD
WHNVWD�
8EU]R�SRVOH�ELWNH�NRG�$QJRUH������MXQD�������NQH]�6WHIDQ�MH�NDR�EHJXQDF�GRVSHR�X�&DULJUDG��JGH
MH�RG�FDUD�-RYDQD�VIII
�SULPLR�WLWXOX�GHVSRWD��7DGD�MH�SRaHR�ZHJRY�VXNRE�VD�7XUFLPD
�,VPDLO`DQLPD���3ULOLNRP�SRYUDWND�X�]HPTX��NRG�7ULSRTD�EOL]X�*UDaDQLFH��SRWXNDR�MH
%UDQNRYL`H�L�6XOHMPDQRYH�WUXSH������QRYHPEUD��������1HSULMDWHTVWYR�VD�7XUFLPD�WUDMD`H�VYH�GR
NUDMD�������NDGD�VH�6WHIDQ�L]PLULR�VD�VHVWUL`HP�?XU_HP�L�VD�6XOHMPDQRP��7DGD�MH�XVSRVWDYTHQ
GREDU�RGQRV�VD�7XUFLPD��SR^WR�VH��YH`�X�SUROH`H�������GHVSRW�6WHIDQ�]DX]LPD�]D�LVSODWX�QHNLK
GXEURYDaNLK�GXJRYD�7XUFLPD�QD�ZHJRYRM�WHULWRULML��
���
=D]LYL�]D�SRPR`�GHVSRWX�X�SRPHQXWLP�VWURIDPD�PRJX�VH�RGQRVLWL�QD�GYRJRGL^ZH�UD]GRETH
6WHIDQRYLK�VXNRED�VD�7XUFLPD��8�RYLP�QHYRTQLP�YUHPHQLPD�
6OXCED
�MH�PRJOD�GD�GRELMH�SRWSXQ�L
FHORYLW�REOLN��ALZHQLFD�SR]QLMHJ�REUD]RYDZD�FHORYLWH�
6OXCEH
�L�]D]LY�]D�SRPR`�
GHVSRWX
�X
UDWQLP�GDQLPD�s�SRPHUD�SRVWDQDN�aLWDYRJ�GHOD�]D�GYDQDHVW�RG�aHWUQDHVW�JRGLQD�RG�YUHPHQD
SUHQRVD�/D]DUHYLK�PR^WLMX�X�5DYDQLFX�
/D]DU�VH�VYRMRP�PXaHQLaNRP�VPU`X�VDP�SRVYHWLR�
���
�3RVWDR�MH�VYHWL�YHURYDWQR�L�EH]�]YDQLaQRJ
NDQRQVNRJ�VDERUD��R�aHPX�NRG�QDV�X�VUHGZHP�YHNX�LPDPR�YUOR�PDOR�SRGDWDND��6D�^LUHZHP�L
XVSLZDZHP�NXOWD�MDaDOR�MH�L�SHVQLaNR�YL_HZH�NQH]D�/D]DUD��0XaHQLaNL�OLN�/D]DUHY�GRVWLJDR�MH
YUKXQDF�X�
6OXCEL
��8�SHVQLaNRP�L]QR^HZX�/D]DU�VH�RQHEHVLR�NDR�VYDNL�PXaHQLN��WH�MH�NDR
SREHGQLN�VWXSLR�X�QHEHVND�QDVHTD��JGH�MH��QHWTHQRVWL�YHQDF�SULPLR��RG�*RVSRGD�
%HOH^NH�
��?��6S��5DGRMLaL`��
$QWRORJLMD�VWDUH�VUSVNH�NZLCHYQRVWL
��%HRJUDG��������VWU�����r����L�
3RaHWDN
NRVRYVNH�OHJHQGH
���/HWRSLV�0DWLFH�VUSVNH�����������������VWU�����
��?��6S��5DGRMLaL`��
3RKYDOD�NQH]X�/D]DUX�VD�VWLKRYLPD��MHGDQ�GRVDG�QHSR]QDW�VSLV�V�NUDMD�XIV
YHND�
���,VWRULMVNL�aDVRSLV�������r������V
��VWU������L�'��.RVWL`��
6WDURVW�HSVNRJ�SHVQL^WYD
QD^HJ�
��-XCQRVORYHQVNL�ILORORJ���������XII
��VWU�����
��7HNVW�QDYRGLPR�SUHPD�UXNRSLVX�0X]HMD�VUSVNH�SUDYRVODYQH�FUNYH�X�%HRJUDGX�������X�QD^HP
SRSLVX�EURM�������1H�QDYRGLPR�VWUDQLFH��YH`�QD]LYH�VWURID�LOL�OLWXUJLMVNLK�FHOLQD��0%�s�PDOD
YHaHUZD��I, II, III
�NUXJ���99�s�YHOLND�YHaHUZD��-�s�MXWUHZD��.�s�NDQRQ��I
�L�II
���3�s�SHVPD��7�s
WURSDU�
��,��5XYDUDF��
2�NQH]X�/D]DUX
���6WUDCLORYR���������IV
��VWU������
��
3UDYLOD�PROHEQDMD�VYMDWLK�VHUEVNLK�SURVYHWLWHTHM
��5LPQLN��������'XJR�L]GDZH�������X
9HQHFLML��3UH^WDPSDR�L�PLWURSROLW�0LKDLOR�X�VYRM�6UETDN��%HRJUDG��������
��9��0R^LQ��
6USVNR�FDUVWYR
���+UL^`DQVNR�GHOR���������V
�����VWU�����r����
��-LUHaHNr5DGRQL`��
,VWRULMD�6UED
��I
��%HRJUDG��������VWU������������*��2VWURJRUVNL��
,VWRULMD
9L]DQWLMH
��%HRJUDG��������VWU�������6��0��@LUNRYL`��
'RSXQH�L�REMD^ZHZD
�NZL]L�6��1RYDNRYL`D
6UEL�L�7XUFL�XIV
�L�XV
�YHND
��%HRJUDG��6.=��NZ�����r�����������VWU������
��/��0LUNRYL`��
8YU^WHZH�GHVSRWD�6WHYDQD�/D]DUHYL`D�X�UHG�VYHWLWHTD
���%RJRVORYTH���������II, 3,str. 166.
'DYLG
3UHGJRYRU�QDSLVDOD�-HOND�5H_HS
'DYLG�MH�SLVDF�V�NUDMD�XIV
�L�SRaHWND�XV
�YHND��QDVWDYTDa�L�SUHUD_LYDa�
#LWLMD�L�CLWHTVWYD
NUDTHYD�L�FDUHYD�VUSVNLK
��W]Y��VWDULMHJ�VUSVNRJ�OHWRSLVD���NRML�MH�VDVWDYLR�QHSR]QDWL�NZLCHYQLN
X�RVPRM�GHFHQLML�XIV
�YHND��8�GUXJRM�SRORYLQL�������RQ�SL^H�WHNVW�R�NQH]X�/D]DUX���7R�MH�ZHJRY
RULJLQDODQ�VDVWDY��
���
�1D�SRaHWNX�.RSRULZVNRJ�OHWRSLVD��V�NUDMD�XIV
�YHND��VWRML���#LWLMH�L
CLWHTVWYR�NUDT�L�FDUHM�VUSVNLK��NRML�SR�NRP�LOL�NROLNR�FDUVWYRYD���GRN�X�3H`NRP�SL^H
�#LWLMD�L�QDaHOVWYD�VUEVNLK�JRVSRG��NRML�SR�NLP�NROLNR�FDUVWYRYD����1HSR]QDWL�SLVDF�MH
QH]QDWQR�SUHUDGLR�L�SUHSLVDR�SUHGORCDN�.RSRULZVNRJ�WHNVWD�L�QDVWDYLR�VYRMLP�aODQNRP�R
NQH]X�/D]DUX��GXCLP�RG�VYLK�GUXJLK�aODQDND��
���
?RU_H�6S��5DGRMLaL`�SRPLZH�'DYLGD�NDR�SUHSLVLYDaD
���
�D�SRWRP�L�NDR�SLVFD�V�NUDMD�XIV
�L
SRaHWND�XV
�YHND�
���
�GRN�?RU_H�7ULIXQRYL`�QD�RVQRYX�YRGHQLK�]QDNRYD�L�SLVPD�RVQRYQRJ�WHNVWD
SUHWSRVWDYTD�GD�'DYLG��QLMH�SUHSLVLYDa��D�MR^�PDZH�VDVWDYTDa�
#LWLMD�L�QDaHOVWYD�VUSVNLK
JRVSRG
�L�
2�SDWULMDUVHK�]HPTH�VUEVNLMH
�
���
�YH`�VPDWUD�GD�MH�PRJDR�ELWL�YODVQLN�UXNRSLVD��LOL�VH
UXNRSLV�QDOD]LR�X�ZHJRYLP�UXNDPD�
7HNVW�
#LWLMD�L�CLWHTVWYD
�GROD]L�GR�������L�QD�ZHJD�VH�QDGRYH]XMH�
#LWLMH�L�QDaHOVWYR�NQH]D
/D]DUD
��WH�VH�NDCH�GD��SRVOH�VYLK�RYLK�SULPD�QDaHOVWYR�EODJRaDVWLYL�NQH]�/D]DU��QL�VLQ�QL�XQXN
NRJD�SOHPHQD�SUH_H�UHaHQLK�FDUHYD����
���
�3LVDF�XND]XMH�QD�XJOHGQR�/D]DUHYR�SRUHNOR���5RGLWHTL
WRJD�EHMDKX�YHOPRCH��QR�SUYL�X�SDODWL�FDUVNRM�SUH_H�UHaHQLK�FDUHYD��L�SR�GRVWRMDQVWYX
SR^WRYDQL�L�RQL�NRML�YODGDMX������QR�LVWLaH�YLVRNR�SRUHNOR�NQHJLZH�0LOLFH���$�CHQD�WRJD�RG
VDPH�NUYL�FDUVNH���/D]DU�MH��SR�'DYLGX��ELR��PXC�EODJ��NURWDN��VPHUDQ�L�RGYL^H��NDR�^WR�VH�L
SRND]XMH�SUHPQRJD�VPHUQRVW�WRJD���'R^DY^L�QD��GUCDYQL�SUHVWR�FDUHYD�SUYLK���/D]DU�VH�QLMH
SRCXULR�GD�VH�SURJODVL�]D�FDUD�LOL�NUDTD�LOL�GHVSRWD��YH`�MH�GR�VPUWL�QRVLR��LPH�ERJRP�L�FDUHP
ZHPX�SUYR�GDQR���2Q�QLMH�KWHR��L]PHQLWL�NQHCHYVNR�QD]LYDZH���DOL�VH��QLaLP�PDZH�QH�SRND]D��RG
VYRMLK�SUHWKRGQLND��NUDTHYD�L�FDUHYD��8�
#LWLMX
�VH�QDYRGH�NQHCHYH�YUOLQH���LQRNH�MH�TXELR�
VWDUH�SR^WRYDR��PODGH�KUDQLR��VLURWH�VDCDTHYDR���SULaD�VH�R�ZHJRYLP�GREULP�GHOLPD�L
PLORVWLZDPD��R�SRGL]DZX�FUNYH�9D]QHVHZX�+ULVWD�X�3HWUXVX��QD�UHFL�]YDQRM�5DYDQLFD�
/HWRSLVDF�NDCH�GD�/D]DU�URGL�GYD�VLQD��6WHIDQD��NRML�MH�GHVSRW��L�9XND�
2�SURGRUX�7XUDND�L�QDSDGX�FDUD�0XUDWD�QD�NQH]D�/D]DUD��'DYLG�GDMH�WDaQH�SRGDWNH��1D�NQH]D
/D]DUD��XVWDMH�FHORJ�LVWRND�FDU��RG�VLQRYD�,]PDLTHYLK��0XUDW�LPH�LPDMX`L��L�VYX�JUaNX�L
EXJDUVNX�]HPTX�X]HY^L��QD�RYRJD�GROD]L��EH]EURMQR�PQR^WYR�YRGH`L�VD�VRERP�����9ODGDMX`L�X
0DORM�$]LML�NUDMHP�XIV
�YHND��7XUFL�VX�SURGLUDOL�ND�%DONDQX�RVYDMDMX`L�PQRJH�JUaNH�L�EXJDUVNH
NUDMHYH���,�ERM�PH_X�RERMLPD�EL��L�X�ERMX�WRP�QHaDVWLYL�QDVLOQLN�SDGD�RG�PDaD�SRVUHG�UD]ERMD��L
WHORP�L�GX^RP��V�PQRCLQRP�VYRMLK�ERJXSURWLYQLK�YRMQLND��$�RVWDMH�WRJD�VLQ�MHGDQ���3LVDF�SUDWL
VWYDUQL�WRN�ELWNH��0XUDWRYX�SRJLELMX�X�WRNX��ELWNH��D�EHOHCL�L�SRGDWDN�GD�RVWDMH�CLY�MHGDQ
0XUDWRY�VLQ��%DMD]LW��
8�'DYLGRYRP�RSLVX�.RVRYVNH�ELWNH�QDM]DQLPTLYLMH�MH�ZHJRYR�UD]PL^TDZH�R�LVKRGX�ELWNH�L
SRJLELML�/D]DUHYRM���,�QD�NUDMX�ERMD�WRJD�s�QH�]QDP�LVWLQLWR�UH`L�R�RYRP��GD�OL�MH�L]GDQ�NLP�RG
¤VYRMLK�KUDZHQLND��LOL�MH�QDSURWLY�RYR�VXG�ERCML�NRML�VH�]EL�QDG�ZLP���3RNX^DYDMX`L�GD�QD_H
RGJRYRU�QD�SLWDZH�NRMH�VDP�VHEL�SRVWDYTD��SLVDF�MH�X�QHGRXPLFL�L�GLOHPL�X�WRP�WUDCHZX�X]URND
�L]PH_X�RYR]HPDTVNLK�L�ERCDQVNLK�aLQLODFD�s��KUDZHQLMD��L��VXGD�%RCLMHJ���,PDMX`L�X�YLGX
aLZHQLFX�GD�OHWRSLVDF�SUDWL�CLYRW�VYRJ�MXQDND��7ULIXQRYL`X�VH�aLQL�GD�VH�RQ�]DQLPD�]D�X]URNH
/D]DUHYH�SRJLELMH�D�QH�]D�JXELWDN�.RVRYVNRJ�ERMD�XRS^WH���2YR�OLaQR�SL^aHYR�SLWDZH�LPD�YL^H
LQWRQDFLMX�QHGRXPLFH�L�]EXZHQRVWL��
���
�6XGELQVNRP�SUHGRGUH_HQR^`X�REMD^ZDYDOL�VX�VH
GRJD_DML�X�VUHGZHP�YHNX��D�ND]QRP�ERCLMRP�WXPDaLOH�VX�VH�SRVOHGLFH�L�NDWDVWURIH��6WRJD�L�RYD
'DYLGRYD�GLOHPD�QLMH�QHRELaQD��ADN�L�GD�MH�SLVDF�YL^H�]DLQWHUHVRYDQ�]D�VPUW�NQH]D�/D]DUD
QHJROL�]D�LVKRG�ELWNH��X�VUHGZRYHNRYQLP�VSLVLPD�R�NQH]X�/D]DUX�D�SRJRWRYR�X�NRVRYVNRM�OHJHQGL�
WR�MH�SRYH]DQR��3R�OHJHQGL��9XNRYD�L]GDMD�NQH]D�/D]DUD�GRYHOD�MH�GR�SRUD]D�6UED�L�SURSDVWL
VUSVNH�GUCDYH��=DWR�MH�]D�SUD`HZH�UD]YRMD�NRVRYVNH�OHJHQGH�LQWHUHVDQWQD�GLOHPD�OHWRSLVFD
'DYLGD��3UYL�SXW�VH�X�ZHJRYRP�WHNVWX�SRPLZH�L]GDMD��QR�YL^H�X�VOXWZL��QHRGUH_HQR�L�NDR�MHGQD
RG�PRJX`QRVWL��'DYLG�MH�X�GLOHPL�GD�OL�MH�L]GDMD�LOL�VXG�ERCLML�X]URN�/D]DUHYH�VPUWL�L�SRUD]D�
&LWLUDQD�UHaHQLFD�L]�
#LWLMD
�YHRPD�MH�YDCQD�]D�SUD`HZH�UD]YLWND�PRWLYD�L]GDMH��JODYQRJD
PRWLYD�NRVRYVNH�OHJHQGH��9UHPHQRP��XVPHQR�SUHGDZH�MH�VYH�YL^H�SURGLUDOR�X�VWDUH�WHNVWRYH��SD�L
SRPHQXWD�UHaHQLFD�L]�RYRJD��
3H`NRJ�OHWRSLVD
��GUXJDaLMH�JODVL�X�NDVQLMLP�SUHSLVLPD��X
6WXGHQLaNRP
�L�
&HWLZVNRP�OHWRSLVX
��7DNR�VH�X�
6WXGHQLaNRP
�NDCH��c�,��LCH�V��QLP��^YÄ
Y�^ÁGÁ^H�Y�VSULH^H�EODCHQQÄ�L�NRQFÁ��Q�FÎL�CH�VWUDKD�OL�UDGL�LOL�QHY�UÎD�UDGL�VYRHJR
E�JRX�VH�H^Hl
�&HWLZVNL�OHWRSLV�MH�X�RYRP�GHOX�MR^�RS^LUQLML��c
,Á�LCH�^ÁG^H�VÁ�QLPÁ
EODCHQQÄ�L�YÁVSÎH^H�NRQÁFÁ��Q�FÎL�CH�VWUDKD�UDGL�LOL�QHY�UÎD�UDGL�E�J��e^H�VH��0�C�E^
Q�NWR�EODJRURGÁQÁ�HJRCH�^EOÁJDK��]DYLG�^HL�L�QHY�Uk�QD�P�QLDK��NÁ�EODJRaÁVWLYRP���DEÎH
YU�PH�SRGREQR�^EU�WÁ���VWUÁPL�VH�NÁ�VDPRP��QDaHOQLN��fNR�^E�]DH��(JGD�CH�EOL]Á�EÄVWÁ�
DEÎH�RSOÁaaHW�VH�L�YÁQL]L�PÁaÁ�Y�WRJR�VDPDJR�JUÁGDJR�L�VWUD^QDJR�LVVPRGUÁCFD��7��CH�L
VDPÁ���QLKÁ�SDGDHW��ERJ��WDNR�SRS�VWLY^���fNR�GD�YHOLNÄ�L�VÁ�P�aHQÎD�Y�LF�PÁ��YH]HW�VH
L�LCH�VÁ�QLP��%ODCHQQÄ�LCH�NRQÁFÁ�SRVWL]DHWÁ��V�aHQÍHPÁ�JODYQÄPÁ�
�,�GRN�'DYLG�X�
3H`NRP
OHWRSLVX
�X�GLOHPL�GD�OL�MH�X]URN�VPUWL�NQH]D�/D]DUD�L�SRUD]D�QD�.RVRYX�L]GDMD�LOL�VXG�ERCLML��X
NDVQLMLP�SUHSLVLPD�VYRJD�OHWRSLVD��X�
6WXGHQLaNRP
�L�
&HWLZVNRP
��NRML�LGH�GR��������GHFLGLUDQR
VH�JRYRUL�R�L]GDML�L�EHNVWYX�VUSVNLK�aHWD�VD�.RVRYD��-HGLQL�RG�RYD�WUL�OHWRSLVD��
&HWLZVNL
�
SRPLZH�0LOR^HY�SRGYLJ��QH�ND]XMX`L�LPH�ZHJRYR��,]YHVQR�MH�GD�MH�WDM�GHR�SUHX]HW�L]�
#LWLMD
GHVSRWD�6WHIDQD�/D]DUHYL`D
�RG�.RQVWDQWLQD�)LOR]RID���DOL�MH�VNUD`HQ�WDNR�GD�VH�]DYU^HWDN��RG
ERJRX�WDNR�SRSRXVWLY^RX��RYGH�RGQRVL�QD�WRJD�PXCD��GRN�VH�SR�
#LWLMX
�WR�RGQRVL�QD�NQH]D
/D]DUD��
����
3L^X`L�R�SRVWHSHQRP�VWYDUDZX�NRVRYVNH�OHJHQGH�JRYRULOL�VPR�R�
3H`NRP�OHWRSLVX
�
����
�SD�WDNR�L�R
UD]OLNDPD�L]PH_X�WUL�OHWRSLVD��
3H`NRJ��6WXGHQLaNRJ
�L�
&HWLZVNRJ
�
����
��3R�PL^THZX�4XEH
6WRMDQRYL`D��
6WXGHQLaNL
�WHNVW�MH�QDVWDR�X�GUXJRM�aHWYUWLQL�XV
�YHND��GRN�MH�
&HWLZVNL
�SUR^LUHQ
L�SURGXCHZH�MH�
6WXGHQLaNRJ
�GR�������L��QLMH�QHPRJX`H�GD�MH�RNR�WH�JRGLQH�L�RYD�SUHUDGD
L]YU^HQD��
����
�3LVDF�
6WXGHQLaNRJ
�QLMH�ELR�VDYUHPHQLN�GRJD_DMD��R�SRPUDaHZX�SL^H�SR�SULaDZX�D
GUXJDaLML�MH�L�RGHTDN�R�SUHQRVX�/D]DUHYLK�PR^WLMX��8�
&HWLZVNRP
�VH�QDEUDMD�PDZH��MH]LND��NRML
VX�ELOL�VD�0XUDWRP�QD�.RVRYX�QR�X�GUXJD�GYD�OHWRSLVD�
3LVDF�
#LWLMD�L�QDaHOVWYD
�SULaD�NDNR�VLQ�0XUDWRY�X]LPD�/D]DUD�L��SRVOH�PQRJR�PXND�VDP�aDVQX
L�SRERCQX�JODYX�ZHPX�RGVHaH���-HGLQR�VH�X�RYRP�NRVRYVNRP�VSLVX�NDCH�GD�MH�VDP�%DMD]LW�/D]DUX
RGVHNDR�JODYX���SLVDF�MH�KWHR�GD�X]GLJQH�VFHQX�WLPH�^WR�MH�L]YU^HZH�ND]QH�SULSLVDR�VDPRPH
%DMD]LWX��
����
�3RVOH�WRJD��SR�OHWRSLVX��%DMD]LW�NDR�SRGUXaQLNH��SRWaLZHQH��X]LPD�VYH�
'DYLG�SL^H�R�SRPUDaHZX�VXQFD��NRMH�VH�GRJRGLOR�WUL�JRGLQH�SUH�ERMD���������NDR�R�SUHG]QDNX�L
VOXWZL�QHVUH`H�NRMD�MH�]DGHVLOD�NQH]D�/D]DUD�RG�7XUDND���3UH�VPUWL�WRJD�QD�WUL�JRGLQH�VXQFH�X
WDPX�VH�SURPHQL��GD�VH�L�]YH]GH�X�SRGQH�SRMDYL^H�L�PHVHF�X�NUYL��SRND]XMX`L�EHGX�NRMD�`H�ELWL�RG
VLQRYD�,]PDLTHYLK���8�QD^LP�VUHGZRYHNRYQLP�VSLVLPD�SRPLZX�VH�aXGHVQD�QHEHVND�]QDPHZD
NRMD�VX�SUHWKRGLOD�YLGRYGDQVNRP�VXNREX��NRVPLaNH�SRMDYH�NRMH�VX�VOXWLOH�QHVUH`X��3R�5DGHWX
0LKDTaL`X�
����
��RYL�VWDUL�PRWLYL�QLVX�SUHQHWL�L]�6YHWRJ�SLVPD�GLUHNWQR��YH`�VX�VH�^LULOL
SUHNR�RPLTHQLK�DSRNULIQLK�WHNVWRYD�R�SURSDVWL�VYHWD��7DNR�MH�L�SLVFX�
#LWLMD�L�QDaHOVWYD
SRPUDaHZH�VXQFD�SUHG�.RVRYVNX�ELWNX�SRVOXCLOR�NDR�]ORVOXWQR�SUHGVND]DZH�/D]DUHYH�VPUWL�L
NRVRYVNH�NDWDVWURIH�
=DSDCHQR�MH�YH`�
����
�GD�SLVDF�RYRJD�VSLVD�QDYRGL�������������NDR�JRGLQX�NDGD�MH��X�JUDGX�NRML�VH
QDOD]L�WDPR�SRJUHEHQR�����WHOR��/D]DUHYR��GRN�GUXJL�VSLVL�SRPLZX�VDPR�GDQ�L�PHVHF��D�X�
1DWSLVX
QD�PUDPRUQRP�VWXEX
�MH�]DEHOHCHQ�L�LQGLNW������L�GDQ��XWRUDN��
8�
#LWLMX
�VH�NDCH�GD�QDaHOVWYR�SULPDMX�/D]DUHYL�VLQRYL��GHVSRW�6WHIDQ�MH�VDPR�SRPHQXW�D
9XNRYR�LPH�MH�LVSX^WHQR��'DYLG�SRPLZH�L�6WHIDQRYX�PDMNX�0LOLFX��6�SR]QDYDZHP�SL^H�R
SUHQRVX�/D]DUHYLK�PR^WLMX�X�5DYDQLFX�D�EHOHCL�L�JRGLQX�SUHQRVD��������������JRGLQD�MH�SR
VWDURP�UDaXQDZX�SRaLZDOD����VHSWHPEUD��
'DYLG�X�
3H`NRP�OHWRSLVX
�SL^H�R�/D]DUHYRP�SRUHNOX�L�XJOHGX��R�SURGRUX�7XUDND�L�ELFL�QD
.RVRYX��R�XELVWYX�FDUD�0XUDWD�L�VPUWL�NQH]D�/D]DUD��R�QHEHVNLP�]QDPHZLPD�NRMD�SUDWH�NQHCHYX
VPUW��6PUW�NQH]D�/D]DUD�OHWRSLVFL�VPDWUDMX�SUHNUHWQLFRP�X�VUSVNRM�SUR^ORVWL�WH�QLMH�VOXaDMQR
^WR�VH�ZHJRYRP�SRJLELMRP�QD�.RVRYX�L�SUHQRVRP�PR^WLMX��]DYU^DYDMX�3H`NL�L�6WXGHQLaNL
OHWRSLV��
����
7XPDaHZH�LVKRGD�ELWNH��SRUD]D�QD�.RVRYX�L�VPUWL�NQH]D�/D]DUD�X�
3H`NRP�OHWRSLVX
��D�SRJRWRYR
SRPLZDZH�L]GDMH�NDR�PRJX`HJ�X]URND��LPD�]QDaDMD�]D�SUD`HZH�UD]YLWND�PRWLYD�L]GDMH��'DYLG�R
L]GDML�JRYRUL�QHRGUH_HQR�L�YL^H�X�VOXWZL��9UHPHQRP��NUDMHP�XV
�YHND��PRWLY�MH�YH]DQ�]D�JUXSX
TXGL�X�
7XUVNRM�KURQLFL
�.RQVWDQWLQD�0LKDLORYL`D�L]�2VWURYLFH��3R�.RQVWDQWLQX��MHGQL�VX
ELOL�SULMDWHTL�NQH]X�/D]DUX�L�RQL�VX�VH�KUDEUR�ERULOL��GRN�VX�GUXJL�ELWNX�VDPR�SRVPDWUDOL�
GLYLOL�VH�DOL�X�ELFL�QLVX�XaHVWYRYDOL��,�]ERJ�WH�QHYHUH�L�QHVORJH�ELWND�MH�L]JXETHQD��GDNOH�]ERJ
QHUDYQRSUDYQRJ�XaHVWYRYDZD��.UDMHP�XV
�L�SRaHWNRP�XVI
�YHND�X�GHOX�QHSR]QDWRJ�'XEURYaDQLQD�
'DOPDWLQFD�LOL�3HUD^WDQLQD��WDOLMDQVNRJ�SUHYRGLRFD�-RYDQD�'XNH��PRWLY�L]GDMH�VH�YH]XMH�]D
MHGQX�OLaQRVW��]D�'UDJRVDYD�3ULEaL`D��3ULEL^L`D��3UREL^WLWRYL`D���D�9ODWNR�9OD_HYL`�MH�
NDCH�VH��SREHJDR�VD�.RVRYD��7HN�VH�X�
.UDTHYVWYX�6ORYHQD
�0DYUD�2UELQD��3H]DUR��������PRWLY
L]GDMH�YH]XMH�]D�LPH�9XND�%UDQNRYL`D��VD�.RVRYD�MH�SREHJDR�7YUWNRY�YRMYRGD�9ODWNR�9XNRYL`�
����
�2
9XNX�%UDQNRYL`X�NDR�L]GDMQLNX�JRYRUL�VH�WHN�GYHVWD�JRGLQD�SRVOH�ELWNH��'YD�YHND�VX�SUR^OD�RG
'DYLGRYRJ�YL_HZD�L�WXPDaHZD�/D]DUHYH�VPUWL�L�NRVRYVNH�NDWDVWURIH�L�ZHJRYRJ�SRPHQD�L]GDMH�SD
GR�GHFLGLUDQH�WYUGZH�0DYUD�2UELQD��1HPD�VXPZH�GD�2UELQ�EHOHCL�XVPHQR�SUHGDZH�R�WRPH��RQ�X
VYRP�GHOX�EHOHCL�SUHGDZH�X�]DYU^QRP�REOLNX��8VPHQR�SUHGDZH�R�.RVRYVNRP�ERMX�VDaXYDOD�MH
3ULaD�R�ERMX�NRVRYVNRP
��NUDM�XVII
�LOL�SRaHWDN�XVIII
�YHND��L�X�ZRM�GROD]L�GR�VSDMDZD�GYD�JODYQD
PRWLYD�NRVRYVNH�OHJHQGH��PRWLYD�L]GDMH�L�PRWLYD�MXQD^WYD��7HNVW�R�NQH]X�/D]DUX��SD�L�.RVRYVNRM
ELFL��X�
3H`NRP�OHWRSLVX
�LPD�LVWRULMVNX�YUHGQRVW��GRSULQRVL�VWYDUDZX�L�QHJRYDZX�NXOWD�NQH]D
/D]DUD��DOL�MH�LVWR�WDNR�YDCDQ�L�]D�VDJOHGDYDZH�SRVWHSHQRJ�QDVWDQND�JODYQRJ�PRWLYD�NRVRYVNH
OHJHQGH��PRWLYD�L]GDMH�
%HOH^NH�
��?RU_H�6S��5DGRMLaL`��
$QWRORJLMD�VWDUH�VUSVNH�NZLCHYQRVWL
��%HRJUDG��������VWU������
��?RU_H�7ULIXQRYL`��
6USVNL�VUHGZRYHNRYQL�VSLVL�R�NQH]X�/D]DUX�L�NRVRYVNRP�ERMX
��.UX^HYDF�
������VWU�������?RU_H�7ULIXQRYL`��SUHPD�QDVORYX�aLWDYRJ�GHOD��aODQDN�R�NQH]X�/D]DUX�QD]LYD
#LWLMH�L�QDaHOVWYR�NQH]D�/D]DUD
��WH�`HPR�X�VYRP�L]ODJDZX�SUHX]HWL�RYDM�QDVORY�
��?RU_H�6S��5DGRMLaL`��
6WDUD�VUSVND�NZLCHYQRVW�XIV
�L�XVII
�YHND
��%HRJUDG��������VWU����r���
��?RU_H�6S��5DGRMLaL`��
$QWRORJLMD
��VWU�����������
��?RU_H�7ULIXQRYL`��
QDY��GHOR
��VWU������
��&LWDWL�L]�
#LWLMD�L�QDaHOVWYD
�X]HWL�VX�L]�WHNVWD�REMDYTHQRJ�X�
$QWRORJLML�VWDUH�VUSVNH
NZLCHYQRVWL
��?��6S��5DGRMLaL`D��VWU�����r����
��?RU_H�7ULIXQRYL`��
QDY��GHOR
��VWU������
��4XED�6WRMDQRYL`��
6WDUL�VUSVNL�URGRVORYL�L�OHWRSLVL
��%HRJUDG�s�6U��.DUORYFL��������VU�����
��
,VWR
�
���
,VWR
��QDS����
���-HOND�5H_HS��
3ULaD�R�ERMX�NRVRYVNRP
��=UHZDQLQ��������VWU�����r����
���
,VWR
��VWU������
���4XED�6WRMDQRYL`��
QDY��GHOR
��SUHGJRYRU��VWU��XXXIX
�
���?RU_H�7ULIXQRYL`��
QDY��GHOR
��VWU������
���5DGH�0LKDTaL`��
-XQDFL�NRVRYVNH�OHJHQGH
��SRJODYTH��9HUVNL�NRUHQL���%HRJUDG��������VWU������L
GDTH�
���?RU_H�7ULIXQRYL`��
QDY��GHOR
��VWU�����r����
���?RU_H�0LKDTaL`��
/D]DU�+UHEHTDQRYL`
��LVWRULMDrNXOWrSUHGDZH��%HRJUDG�������VWU������
���2S^LUQLMH�VPR�R�WRPH�SLVDOL�X�UDGRYLPD�L�NZLJDPD��
0RWLY�L]GDMH�QD�.RVRYX�X
EXJDU^WLFDPD
��*RGL^ZDN�)LOR]RIVNRJ�IDNXOWHWD�X�1RYRP�6DGX��������XII/1
��VWU�����r����
3ULaD�R�ERMX�NRVRYVNRP
��=UHZDQLQ��������
,]GDMD�L�VORERGD��PRWLY�L]GDMH�QD�.RVRYX
��.RVRYR�X
XVPHQRM�L�VUHGZRYHNRYQRM�NZLCHYQRVWL��=ERUQLN�UDGRYD��.UX^HYDF��������VWU����r����
0LOR^
2ELOL`��3ULaD�R�ERMX�NRVRYVNRP
��3RTD��PDMrMXQL�������VWU�����r�����Die Erzählung und dieVolkslieder von der Schlacht auf dem Amselfeld, Z. Salw., Berlin, 34 (1989) 1, str. 64–72; Razvitakkosovske legende, Beograd, 1990, i dr.
'HVSRW�6WHIDQ�/D]DUHYL`
3UHGJRYRU�QDSLVDR�0LODQ�.D^DQLQ
2G�VYLK�QD^LK�SLVDFD�L]�VUHGZHJ�YHND��QLaLML�CLYRW�QLMH�WDNR�SR]QDW�L�QLaLMD�OLaQRVW�WDNR
MDVQD�NDR�GHVSRWD�6WHIDQD��9ODGDODF�L]UD]LWR�UDWQLaNLK�L�YLWH^NLK�FUWD��YRMVNRYR_D�NRML�MH
XaHVWYRYDR�X�YL^H�ELWDND�QHJR�LMHGDQ�ZHJRY�SUHWKRGQLN�QD�SUHVWROX��QHPLORVUGQL�RUJDQL]DWRU
GUCDYQH�YODVWL�L�XPH^QL�HNVSORDWDWRU�VUHEUQLK�UXGQLND��RQ�MH�QDSRUHGR�V�WLPH�ELR�YHOLNL
]QDODF�XPHWQRVWL��SDVLRQLUDQL�TXELWHT�NZLJH�L�GDURYLW�SLVDF��#LYH`L�SUHNR�SHGHVHW�L
YODGDMX`L�SUHNR�WULGHVHW�JRGLQD��LPDR�MH�PRJX`QRVWL�L�YUHPHQD�s�PXGDU�LVWR�WROLNR�NROLNR
VUH`DQ�s�GD�VH�REHOHCL�NDR�MHGDQ�RG�QDMVSRVREQLMLK�YODGDODFD�L�QDMXPQLMLK�TXGL�X�LVWRULML
6UED�
6LORYLWH�SURWLYXUHaQRVWL�X�SRQD^DZX�GHVSRWD�6WHIDQD�QLVX�GUXJR�GR�SRVOHGLFD
QHSRNROHETLYH�SRVWRMDQRVWL�ZHJRYLK�FLTHYD��RQDNR�NDR�^WR�VX�ZHJRYL�VSLVL�SRGMHGQDNR
UH]XOWDW�ZHJRYRJ�GDUD�L�ZHJRYH�NXOWXUH��1D�5RYLQDPD��ERULR�VH�SURWLYX�YOD^NRJ�YRMYRGH�0LUaH�
GD�PX�SRVOH�EXGH�SULMDWHT��D�NRG�1LNRSRTD�SURWLY�NUDTD�=LJPXQGD��GD�PX�SRWRP�EXGH�YD]DO��NDR
JRG�^WR�MH�X�%LFL�NRG�$QJRUH�PRUDR�ELWL�QD�VWUDQL�7XUDND��NRMLPD�MH�L�GRWDG�ELR�QDMYH`L
SURWLYQLN��6D�ERML^WD�QD�NRPH�VX�RVWDYLOL�JODYH�NUDT�0DUNR�0UZDYaHYL`�L�NQH]�.RQVWDQWLQ
'UDJD^��L]L^DR�MH�CLY��L]L^DR�MH�CLY�L�L]�%LWNH�NRG�$QJRUH��X�NRMRM�MH�VXOWDQ�%DMD]LW�ELR
]DURETHQ��QH�]QD�VH�QL�GD�MH�NDG�ELNR�UDZHQ��1DVOHGLY^L�SRVOH�.RVRYVNRJ�ERMD�SRTXTDQX
GUCDYX��NRMRP�MH�VSUYD�XSUDYTDR�VDPR�NDR�MHGDQ�RG�aODQRYD�SRURGLaQRJ�VDYHWD�SRVWHSHQR�MH
SULJUDELR�VYX�YODVW�X�VYRMH�UXNH�L�SRVWDYLR�JUDQLFH�VYRMRM�]HPTL�RG�'XQDYD�L�7LPRND�GR
6NDGDUVNRJ�MH]HUD�L�-DGUDQVNRJ�PRUD��7R�^WR�MH�XPHR�ELWL�QDJDR�X�RGOXNDPD�L�VXURY�X
SRVWXSFLPD�QLMH�PX�VPHWDOR�GD�VWYRUL�RG�VHEH�PRGHO�REUD]RYDQRJ�aRYHND��8�SRVOHGZRM�GHFHQLMLXIV
�L�X�SUYRM�XV
�YHND�GHVSRW�6WHIDQ�/D]DUHYL`�MH�FHQWUDOQD�OLaQRVW�QH�VDPR�YRMQRJ�L�GUCDYQRJ�
QHJR�L�NZLCHYQRJ�L�XPHWQLaNRJ�CLYRWD�X�QDV�
6UHGZRYHNRYQL�CLYRWRSLVFL��NDG�VX�KWHOL�XND]DWL�QD�YUOLQH�QD^LK�YODGDUD��QDYRGLOL�VX
ZLKRYX�KUDEURVW��SUDYHGQRVW�L�SRERCQRVW��GHVSRW�6WHIDQ�/D]DUHYL`�MH�MHGLQL�PH_X�ZLPD�]D�NRJD
ZHJRY�ELRJUDI�NDCH�GD�MH�XaHQ�
���
�6XYUHPHQL�MHGDQ�SLVDF��PRQDK�'RVLWHM��WYUGL�GD�MH�GHVSRW�YROHR
NZLJH�NDR�QLMHGDQ�RG�YODGDODFD�L�RG�YHOLND^D�
���
�'UXJL�MHGDQ�SLVDF��SUHYRGLODF�VWDUR]DYHWQLK
NZLJD�R�FDUHYLPD��QDSRPLZX`L�GD�LK�MH�SUHYRGLR�]D�GHVSRWD�6WHIDQD��NDCH�R�ZHPX��VDY
UD]GUDJDQ��GD�MH�X�GDURYLPD�L�PLORVWLZL�GUXJL�.LU��X�L]YUVQRP�JRYRUX�0DQDVLMD��X�TXEDYL�NR
]QDZX�VOLaDQ�SUHPXGURP�6RORPRQX��X�WUDCHZX�VWDULK�L�QRYLK�VSLVD�UDYDQ�RQRPH�3WRORPHMX�NRML
MH�SRVOH�VPUWL�$OHNVDQGUD�)LOLSRYRJ�XSUDYTDR�(JLSWRP�
���
�3UHYRGLODF�PRQDK�-DNRY��X�VYRPH
]DSLVX�QD�>HVWRGQHYX�-RYDQD�=ODWRXVWRJ��QD]LYD�GHVSRWD�6WHIDQD�PXGULP�
���
�D�SUHUD_LYDa
=RQDULQH�
6YHWVNH�KURQLNH
��PRQDK�*ULJRULMH��WYUGL�GD�VH�GHVSRW�6WHIDQ�/D]DUHYL`��LDNR�MH
YODGDR�]HPTRP�L�]DSRYHGDR�YRMVNRP��WDNR�VWDUDR�R�NZLJDPD�NDR�GD�QLNDNYLK�GUXJLK�EULJD�QLMH
LPDR�
���
�2VWDOR�MH�RG�GUXJLK�QH]DSLVDQR��DOL�VH�]QD�GD�GHVSRW�6WHIDQ�QLMH�ELR�VDPR�aLWDa��QL�VDPR
SR]QDYDODF�L�SURSDJDWRU�NZLCHYQRVWL��NRML�MH�GDYDR�SUHSLVLYDWL�L�SUHYRGLWL�NZLJH��YH`�GD�MH�L
VDP�SLVDR��6DVWDYLR�MH�
3RKYDOQR�VORYR�NQH]X�/D]DUX��1DWSLV�QD�PUDPRUQRP�VWXEX�QD�.RVRYX
�L
6ORYR�TXEDYL
��WUL�L]UD]LWR�SRHWVND�VSLVD��NRMD�VX�XQHOD�X�QD^X�VUHGZRYHNRYQX�NZLCHYQRVW
NROLNR�QRYH�WHPH�L�LGHMH�WROLNR�QRYD�RVH`DZD�L�QRY�VWLO�
1HPD�ERTHJ�VYHGRaDQVWYD�RG�OLaQRVWL�6WHIDQD�/D]DUHYL`D�GD�QH�WUHED�SUHFHZLYDWL�XORJX�L
]QDaDM�6YHWH�*RUH�X�IRUPLUDZX�UHSUH]HQWDQDWD�QD^H�VUHGZRYHNRYQH�NXOWXUH��QLWL�SRWFHZLYDWL
XGHR�VYHWRYQLK�TXGL�X�SRVWDQNX�NZLCHYQLK�VSLVD�L�XPHWQLaNLK�GHOD��'HVSRW�6WHIDQ�MH�GRELR
YDVSLWDZH�L�REUD]RYDZH�QH�X�WX_LQL��QHJR�X�VYRMRM�]HPTL��X�URGLWHTVNRM�NX`L�L�X�GUX^WYX�NRMH�JD
MH�RNUXCDYDOR��6HP�VUSVNRVORYHQVNRJ��QD�NRMHP�MH�aLWDR�L�SLVDR��]QDR�MH�JUaNL��V�NRMHJ�MH�SUHYRGLR�
D�GUCH`L�QD�VYRPH�GYRUX��]ERJ�VYRMLK�LPDZD�X�0D_DUVNRM�L�VYRMLK�RGQRVD�VD�HYURSVNLP
YODGDULPD��ODWLQVNX�NDQFHODULMX��VYDNDNR�MH�ODWLQVNL�L�UD]XPHYDR��=QDZD�QLMH�FUSHR�VDPR�L]
NZLJD��QHJR�L�LVNXVWYD��9UOR�PODG��RQ�MH��QHNL�SXW�V�PDORP�SUDWZRP��QHNL�SXW�VD�YHOLNRP�YRMVNRP�
MD^X`L�QD�NRZX��SUH^DR�VYH�EDONDQVNH�]HPTH��0DOX�$]LMX�L�3DQRQVNX�QL]LMX��L�SORYLR�EURGRP
SR�-HJHMVNRP��-RQVNRP�L�-DGUDQVNRP�PRUX��1LMHGDQ�QD^�GUCDYQL�XSUDYTDa�L]�VUHGZHJ�YHND�QLMH
YLGHR�WROLNH�]HPTH�L�JUDGRYH�L�XSR]QDR�WROLNH�YODGDUH��YHOLND^H�L�FUNYHQH�SUHODWH�NDR�RQ�
,�X�VWDURM�L�X�PRGHUQRM�LVWRULRJUDILML��NDG�VH�JRYRUL�R�GHVSRWRYLP�NUHWDZLPD�L�R�ZHJRYLP
VXVUHWLPD�VD�VWUDQLP�YODGDULPD��RELaQR�VH�XND]XMH�QD�ZLKRYH�SROLWLaNH�L�YRMQLaNH�UD]JRYRUH�
QD�UDWRYDZD�L�QD�JR]EH��,PDOD�VX�ZLKRYD�SR]QDQVWYD�L�GUXJLK�YLGRYD��1D^DY^L�VH�X�VWUDQRP
VYHWX��GHVSRW�6WHIDQ�MH��QHVXPZLYR��UD]PDWUDR�L�YODGDODaNL�GYRU�QD�NRMHP�MH�ELR��XPHWQLaND
GHOD��ELEOLRWHNX�L�QDPH^WDM�X�WRPH�GYRUX��L�SRUH_LYDR�LK�VD�VYRMLP�s�VUHGZRYHNRYQL�YODGDUL�L
YHOLND^L�QLVX�VH�WDNPLaLOL�VDPR�X�PR`L�L�ERJDWVWYX��QHJR�L�X�FLYLOL]RYDQRP�CLYRWX��.DG�VH��SR
SRYUDWNX�L]�%LWNH�NRG�$QJRUH��GHVSRW�6WHIDQ�]DGUCDR�X�&DULJUDGX��RQ�MH��GRELY^L�RG�FDUD
-RYDQD�V
�GHVSRWVNX�WLWXOX�L�LVSURVLY^L�VHVWUX�FDULaLQX��N`HU�JRVSRGDUD�0LWLOHQH�
?HQRYTDQLQD�)UDQaHVND�II
�*DWDOX]LMD��SRVWDR�SULMDWHT�YODGDUVNLK�NX`D�WUDGLFLRQDOQR�YLVRNH
NXOWXUH��)UDSDQWQD�MH�VOLaQRVW�L]PH_X�GHVSRWD�6WHIDQD�L�ZHJRYRJ�VDYUHPHQLND�FDUD�0DQRMOD�II
�����r�������2CHZHQ�N`HUMX�VUSVNRJ�YHOLND^D�.RQVWDQWLQD�'UDJD^D��FDU�0DQRMOR�II
�MH�ELR�MHGDQ
RG�SRVOHGZLK�L�QDM]QDWQLMLK�YL]DQWLMVNLK�SLVDFD��aRYHN�YHOLNH�LQWHOLJHQFLMH�L�PRUDOQH�YUOLQH�
NRML�VH�LQWHUHVRYDR�ERJRVORYVNLP�SLWDZLPD��QDSLVDR�YL^H�UHWRUVNLK�UDVSUDYD�L�s�^WR
QDURaLWR�YDTD�QDJODVLWL�SUL�SRUH_HZX�GHVSRWD�6WHIDQD�V�ZLPH�s�ELR�SURSDJDWRU�KXPDQL]PD�L
]D^WLWQLN�KXPDQLVWD�
���
��6OLaDQ�EH^H�XSR]QDR�VOLaQRJD���NDCH�ELRJUDI�GHVSRWRY�JRYRUH`L�R
ZHJRYX�SULMDWHTVWYX�VD�FDUHP�0DQRMORP�
��D�
�1D�GUXJRM�VWUDQL��X�0D_DUVNRM��NRMX�MH�aHVWR
SRVH`LYDR��GHVSRW�6WHIDQ�MH�LPDR�PRJX`QRVWL�GD�RVPRWUL�JUD_HYLQH��VNXOSWXUH��VOLNH��QDaLQ
CLYRWD��SRQD^DZD�L�RGHYDZD�X�NUDTHYLP�GYRUFLPD�X�%XGLPX�L�7DWL��JGH�VX��]D�YODGH�NUDTD
=LJPXQGD��ELOL�]DSRVOHQL�XPHWQLFL�L]�,WDOLMH�L�)UDQFXVNH�
���
�,PDR�MH�GHVSRW�SULOLNH�GD�VH�WX
VUHWQH�L�V�QHPDaNLP��aH^NLP�L�SRTVNLP�YHOLND^LPD��V�ZLKRYLP�CHQDPD�L�N`HULPD��L�GD�YLGL�L
aXMH�RG�ZLK�NDNR�CLYH��1H�EL�RGJRYDUDOR�QL�ZHJRYRP�UDGR]QDORP�NDUDNWHUX�QL�ZHJRYRM�PR`L
XVYDMDZD�GD�VH�QLMH�WLPH�NRULVWLR��8�SRQD^DZX�L�GUCDZX�GHVSRWD�6WHIDQD�LPD�QH�VDPR
YL]DQWLMVNRJ�VDPRGU^FD��QHJR�L�LWDOLMDQVNRJ�NQH]D�
1H�PRCH�VH�UH`L�GD�VH�QH�]QD�^WD�MH�GHVSRW�aLWDR��2�ZHJRYRM�OHNWLUL�QHPDOR�VYHGRaH�VSLVL
XQHVHQL�X�]ERUQLN�NRML�MH�SLVDQ�]D�ZHJD��GHOLPLaQR�L�ZHJRYRP�UXNRP�
���
�$QWRORJLMVNRJ�NDUDNWHUD�
]ERUQLN�MH�VDGUCDYDR��X]�ERJRVORYVNH�L�SRXaQH�VSLVH��ILOR]RIVND�UD]PDWUDZD��SRHWLaQH�WHNVWRYH
L�SULSRYHWNH�V�UHPLQLVFHQFLMDPD�L]�DQWLaNRJ�VYHWD��3RLPHQLaQR�QDYHGHQL�X�]ERUQLNX�VX�VH
QDOD]LOL�NUDWNL�WHNVWRYL�VY��'LRQLVLMD�$UHRSDJLWD��VY��.LULOD�$OHNVDQGULMVNRJ��VY��-RYDQD
=ODWRXVWRJ��VY��9DVLOLMD��DSRNULIQL�VSLV�R�WRPH�NDNR�VX�MHOLQVND�L�SHUVLMVND�SURURaDQVWYD
SURURNRYDOD�R�+ULVWX��L�NDNR�MH�L]JLQXOR�SOHPH�9HQLPLMDQRYR��UD]QD�SLWDZD�L�RGJRYRUL�R
KUL^`DQVNRM�YHUL�L�UD]PL^TDZD�R�WRPH�^WD�MH�UD]XP��^WD�PLVDR��^WD�ILOR]RILMD��L�NDNR
UD]XPHWL�PLVDR��QH�VXGLWH��GD�YDP�VH�QH�VXGL��SULSRYHWND�R�TXEDYL�$VHQHWH�L�-RVLID��RGJRYRU
*ULJRULMD�%RJRVORYD�)LODULMX�QD�ZHJRYR�SLWDZH�NDNR�PX�MH�X�YUHPHQX�X�NRMHP�CLYL��WX�VX�L�GYD
VSLVD�GHVSRWRYD��
3RKYDOQR�VORYR�NQH]X�/D]DUX
�L�
6ORYR�TXEDYL
��2aHYLGQR�ERJDW�L�UD]QRYUVWDQ�
]ERUQLN�MH�VDGUCDYDR�WHNVWRYH�NROLNR�SULYODaQH�SR�VDGUCLQL�WROLNR�GREUR�QDSLVDQH�
2�GHVSRWRYRM�ELEOLRWHFL��NRMD�MH�PRUDOD�EURMLWL�YL^H�GHVHWLQD�NZLJD��PH_X�ZLPD�L�WDNYLK�NRMH
VX�ELOH�XNUD^HQH�PLQLMDWXUDPD��VOLaQR�MHYDQ_HTX�X�NRMHP�MH�X�ZHJRYR�YUHPH�UDGLR�PLQLMDWXUH
5DGRVODY
���
�L�NRMH�VH�VDG�QDOD]L�X�3XEOLaQRM�ELEOLRWHFL�X�/HZLQJUDGX�L�SVDOWLUX�NRML�MH
LOXPLQLUDR�QHSR]QDWL�PLQLMDWXULVW�]D�GHVSRWD�?XU_D�%UDQNRYL`D�L�NRML�VH�VDGD�aXYD�X
'UCDYQRM�ELEOLRWHFL�X�0LQKHQX
����
�s�GDQDV�VH�]QD�VDPR�WROLNR�GD�VH�X�ZRM�QDOD]LOD�
/HVWYLFD
-RYDQD�/HVWYLaQLND�
����
�NRMD�MH�ELOD�SR]QDWD�YH`�NUDTX�6WHIDQX�3UYRYHQaDQRPH��L�7HRILODNWRYR
7XPDaHZH�MHYDQ_HTD
��NRMH�MH�GDOD�SUHYHVWL�V�JUaNRJ�FDULFD�VUSVND�-HOHQD�
����
�ALQL�VH�GD�MH�GHVSRW
6WHIDQ�LPDR�QDURaLWX�QDNORQRVW�SUHPD�NZLJDPD�LVWRULMVNH�VDGUCLQH��VXGH`L�YH`�SR�WRPH�^WR�MH
PRQDKX�*ULJRULMX�SRVODR�X�6YHWX�*RUX�UDQLMH�SUHYHGHQX�=RQDULQX�
6YHWVNX�KURQLNX
����
�GD�MH
SRQRYR�UHGLJXMH��D�PRQDKX�'RVLWHMX�GD�MH�SRQRYR�SUHSL^H��L�^WR�MH��QD�GHVSRWRYX�LQLFLMDWLYX�
SUHYHGHQ�VSLV�
2�EXGX`LP�YUHPHQLPD
��NRML�VH�SULSLVXMH�YL]DQWLMVNRP�FDUX�/DYX�0XGURP�
����
�1H
PRCH�ELWL�VXPZH�GD�MH�GHVSRW�SR]QDYDR�L�YLWH^NH�SHVPH�L�URPDQH��aLMLK�HOHPHQDWD�LPD�X�ZHJRYRP
6ORYX�TXEDYL
�L��QDURaLWR�X�
1DWSLVX�QD�PUDPRUQRP�VWXEX�QD�.RVRYX
��%H]�YLWH^NH�SRH]LMH�
YLWH^NLK�SULaD�L�LJDUD�QLMH�SUROD]LR�CLYRW�QL�QD�MHGQRP�HYURSVNRP�VUHGZRYHNRYQRP�GYRUX�
'HVSRW�6WHIDQ�/D]DUHYL`�MH��SRVOH�3UYRYHQaDQRJ�NUDTD��SUYL�QD^�YODGDU�SLVDF��,VWLQD�
RSUDYGDQR�MH�XYHUHZH�GD�VX�NUDT�6WHIDQ�'HaDQVNL�L�FDU�'X^DQ�XaHVWYRYDOL�X�VDVWDYTDZX�XYRGD
X�VYRMH�SRYHTH�DXWRELRJUDIVNRJ�NDUDNWHUD��PRCGD�L�GLNWLUDOL�RQD�PHVWD�QD�NRMLPD�VH�JRYRUL�R
ZLKRYX�CLYRWX��DOL��]D�ZLK�NDR�QL�]D�GUXJH�YODGDUH��QH�]QD�VH�GD�VX�VDVWDYTDOL�SRVHEQH�VSLVH�SR
NRMLPD�EL�VH�PRJOL�V�SUDYRP�XYUVWLWL�X�SLVFH��'HVSRW�6WHIDQ�MH�VOLaDQ�3UYRYHQaDQRP�NUDTX�L
SR�GUXJLP�FUWDPD��RERMLFD�VX��VDYODGDY^L�YHOLNH�WH^NR`H�SR�VWXSDZX�QD�SUHVWR��XaYUVWLOL
GUCDYX�L�REH]EHGLOL�MRM�GXJ�SHULRG�PLUD��JUDQLFH�ZLKRYLK�GUCDYD�VX�ELOH�VNRUR�LVWH���L�MHGDQ�L
GUXJL�MH�ELR�YHOLN�SULMDWHT�NZLJH��L�MHGDQ�L�GUXJL�MH�SLVDR��SUYL�MH�VWYDUDR�NXOW�1HPDZLQ��GUXJL
NXOW�/D]DUHY��8�SLVDZX�VX�UD]OLaLWL��-DYTDMX`L�VH�X�NZLCHYQRVWL�WDaQR�GYD�YHND�SRVOH�NUDTD
6WHIDQD�3UYRYHQaDQRJ��GHVSRW�6WHIDQ�/D]DUHYL`�SULSDGD�QH�VDPR�QRYRP�YUHPHQX��QHJR�L�QRYRP
GUX^WYX�s�X�ZLK�VX�QH�VDPR�WHPH�GUXJH��QHJR�L�GUXJH�PLVOL��L�GUXJD�RVH`DZD�
6YH�VYRMH�VSLVH�GHVSRW�6WHIDQ�MH�QDSLVDR�X�SUYRM�GHFHQLML�VYRJD�GHVSRWVWYD��L]PH_X�������L�������X
YUHPH�X�NRMH�MH�X]HR�GD�JUDGL�L�VYRMX�PRQXPHQWDOQX�]DGXCELQX�5HVDYX��'HFHQLMD�MH�VYD�X�]QDNX
WXUVNRJ�SRUD]D�NRG�$QJRUH�L�QDSUHWND�6UELMH��L�GHVSRW�6WHIDQ��X]HY^L�GD�SL^H��aLQL�WR�V�FLTHP
GD�JORULILNXMH�NQH]D�/D]DUD��L]D]RYH�PUCZX�SURWLY�7XUDND�L�SRGLJQH�VDPRSRX]GDZH�X�VYRMLK
TXGL�s�L�aLQL�WR�VD�VWUD^`X�L�XEHGTLYR^`X�NRMLPD�X�QD^RM�NZLCHYQRVWL�QHPD�PQRJR�UDYQLK�
3RKYDOQR�VORYR�NQH]X�/D]DUX
����
�s�QDMUDQLML�GHVSRWRY�NZLCHYQL�VDVWDY�s�JRYRUHQR�MH�R
9LGRYGDQX�X�9D]QHVHQVNRM�FUNYL�X�5DYDQLFL��9LGL�VH�WR�L]�VDPRJ�VSLVD��X�NRPH�EHVHGQLN�SR]LYD
YHUQH�GD�GR_X�QD�SUD]QLN��YH`L�RG�VYLK�SUD]QLND���QD��PXaHQLNRY�GDQ���L�X�NRPH�VH�RQ�RYDNR
REUD`D�VYHWLWHTX�QDG�aLMLP�JURERP�JRYRUL���3RJOHGDM�V�YLVLQH�L�YLGL�VDEUDQD�aHGD�WYRMD�X�KUDPX
RYRP���%HVHGQLNRYH�DOX]LMH�QD�WXUVNL�SRUD]�L�ZHJRYR�WULMXPIDOQR�RVH`DZH�QHGYRVPLVOHQR
XWYU_XMX�YUHPH�NDG�MH�VSLV�VDVWDYTHQ��SRVOH�%LWNH�NRG�$QJRUH�L�GHVSRWRYRJ�XaYU^`HZD�QD
SUHVWROX��������LOL�������JRGLQH�
����
.RQFLSLUDQR�X�SUYRP�OLFX��
3RKYDOQR�VORYR�NQH]X�/D]DUX
�MH�QHVXPZLYR�VDVWDYLR�L�JRYRULR
GHVSRW�6WHIDQ��'D�MH�WR�ZHJRY�VDVWDY��L]YHVWDQ�]QDN�MH�YH`�X�WRPH�^WR�MH�VSLV�GR^DR�GR�QDV�X
]ERUQLNX�X�NRPH�MH�ELOR�GHVSRWRYR�
6ORYR�TXEDYL
�R�NRPH�YH`LQD�QDXaQLND�PLVOL�GD�MH�ELR
GHVSRWRY�DXWRJUDI�
����
�,]PH_X�RED�VSLVD�LPD�VOLaQRVWL�s�X�VH`DZX��X�UHaQLNX��X�VWLOX��QDURaLWR
VH�SULPH`XMH�LVWRYHWQR�LQWHUHVRYDZH�]D�SULURGX��%HVHGQLN�
3RKYDOQRJ�VORYD
��NDR�REODNRP�SR
YLVLQL�QR^HQ���SURVODYTD��VYLK�OHWZLK�SUD]QLND�SUD]QLN���NDG�VXQFH�OXaH�VYRMH�SURVWLUH�L�NDG
YHWUL�YHMX��D�SLVDF�
6ORYD�TXEDYL
�GLYL�VH�SWLaMHP�OHWX��OL^`X�X�JRUL�L�JODVRYLPD�X�YD]GXKX���(YR
GDQDV�L�PHQL�L�VYRM�]HPTL�]DVLMD�SUROH`H�SULMDWQD�PLULVD���VWRML�X�
3RKYDOQRP�VORYX
��D�X�
6ORYX
TXEDYL
����/HWR�L�SUROH`H�*RVSRG�VD]GD�����]HPDTVNH�GDURQRVH�RG�FYHWRYD�SULMDWQD�PLULVD���,
GUXJH�DQDORJLMH�LGX�X�SULORJ�SULSLVLYDZX�WRJD�VSLVD�DXWRUVWYX�GHVSRWD�6WHIDQD�/D]DUHYL`D�
2EUD`DMX`L�VH�NQH]X�/D]DUX��EHVHGQLN�NDCH�R�VHEL�X�
3RKYDOQRP�VORYX
���3R_RVPR�NUR]�RJDZ�L
YRGX���D�GHVSRW�6WHIDQ��X�VYRMRM�SRYHTL�PDQDVWLUX�0LOH^HYL���0QRJR�SXWD�VSDVHQ�ELK�QD�PRUX�L
QD�VXYX���8�
3RKYDOQRP�VORYX
�7XUaLQ�MH��TXWH�L�VYLUHSH�ODYLFH�TXWR�L�RGEDaHQR�^WHQH���D�X
1DWSLVX�QD�VWXEX�QD�.RVRYX
��]D�NRML�MH�WH^NR�VXPZDWL�GD�JD�MH�GHVSRW�VDVWDYLR��NQH]�/D]DU�L
ZHJRYL�YRMQLFL��SREH_XMX`L�0XUDWD�L�ZHJRYD�VLQD��XQL^WDYDMX��VDWDQLQ�SRURG�L�JXMLQ��^WHQH
ODYRYR�L�YDVLOLVNRYR���9L^H�RG�WLK�SRGXGDUQRVWL�s�RQH�VH�PQRJX�QD`L�L�L]PH_X�GYD�UD]QD�SLVFD
s�R�GHVSRWRYRP�DXWRUVWYX�VYHGRaH�L]MDYH�X�VDPRP�VSLVX��.R�EL�GUXJL�QHJR�GHVSRW�6WHIDQ�PRJDR
XSX`LYDWL�NQH]X�/D]DUX�UHaL�NRMLPD�EHVHGQLN�DOXGLUD�QD�VYRMX�ERUEX�V�7XUFLPD�L�VXSDUQLFLPD�
�=DERGL�VWUHOH�L]R^WUHQH�X�VUFD�ZLKRYD��NRMH�]D�PHQH�L]R^WUL^H��EH]DNRQL���6DPR�GHVSRW
6WHIDQ�MH�PRJDR�PROLWL�VYHWLWHTD�]D�PLU�L�VORJX�X�VYRMRM�SRURGLFL�L�GUCDYL��JRYRUH`L���6DEHUL
PL�aHGD�UDVWRaHQD��NRMD�]DYL^`X�YUD]L�RG�PHQH�RWUJR^H���,�VDPR�QHNR�NR�MH�YODGDU�L�NR�VH�ERUL
PRJDR�MH�UH`L�R�TXGLPD�X�VYRMRM�]HPTL�L�R�VHEL���3URJQDM�RG�ZLK�EH]DNRQH�YDUYDUH��'D�QH
SUHVWDQH^�GD�VH�ERUL^�V�ZLPD�]D�PHQH�L�]D�VWDGR�PRMH���'D�MHGDQ�VUHGZRYHNRYQL�YODGDU�VDVWDYTD
L�GUCL�JRYRU�QDG�JURERP�MHGQRJ�aODQD�VYRMH�SRURGLFH�QLMH�QHSR]QDW�VOXaDM��6DYUHPHQLN�L
SULMDWHT�GHVSRWD�6WHIDQD�/D]DUHYL`D�YL]DQWLMVNL�FDU�0DQRMOR�II
�QDSLVDR�MH��SULEOLCQR�X�LVWR
YUHPH���������QDGJUREQR�VORYR�VYRPH�EUDWX�7HRGRUX��GHVSRWX�3HORSRQH]D
�����
1L�MHGLQL�QL�SUYL�VSLV�R�NQH]X�/D]DUX��GHVSRWRYR�
3RKYDOQR�VORYR
�VH�UD]OLNXMH�RG�VYLK�ZLK��8
ZHPX�QHPD�QL�PQRJLK��QL�NRQNUHWQR�QDYHGHQLK�LVWRULMVNLK�PRPHQDWD�L�LPHQD��NDR�X�VDVWDYX
SDWULMDUKD�'DQLOD�III
��QLWL�VX�X�ZHPX�RSLVDQH�.RVRYVND�ELWND�L�VFHQH�NRMH�VX�SRVOH�ZH�QDVWDOH�X
]HPTL��NDR�X�VSLVX�QHSR]QDWRJ�5DYDQLaDQLQD��'HVSRWRYR�VORYR�MH�WDaQR�RQR�^WR�PX�NDCH�QDVORY�
3RKYDOQR�VORYR�VYHWRPH�L�PQRJRPXaHQLNX�+ULVWRYX�/D]DUX
�s�SHVQLaNL�VSLV�L]UD]LWR
JORULILNDWRUVNRJD�NDUDNWHUD��X�NRMHP�VX�aLZHQLFH�]DPHZHQH�DOX]LMDPD�L�VLPYROLPD��L�X�NRMHP�VH
QH�JRYRUL�X�ELRJUDIVNRP�L�QDUDWLYQRP��QHJR�KLPQLaNRP�REOLNX��1H�VDPR�R�HPRWLYQRVWL��QHJR�L
SR�VWLOX��RQR�MH�EOLVNR�WHNVWRYLPD�FUNYHQH�SRH]LMH��VOXCEDPD�QDSLVDQLP�X�aDVW�6UED�VYHWLWHTD�
LQYRNDFLMD�ZHQRJ�EHVHGQLND�MH�LVWD�NDR�X�SRMDFD�FUNYHQLK�VOXCEL��3R�JORULILNDWRUVNLP�L
UHWRUVNLP�RVRELQDPD��GHVSRWRYR�
3RKYDOQR�VORYR
�QLMH�EH]�VOLaQRVWL�VD�SRKYDODPD�L
CLYRWRSLVLPD�VUSVNLK�VYHWLWHTD�X�XIII
�L�XIV
�YHNX��$OL�VX�UD]OLNH�MR^�YH`H��-HGQD�RG�ZLK�MH�YH`
X�WRPH�^WR�VX�UDQLMH�SRKYDOH�ELOH�VDVWDYQL�GHR�CLYRWRSLVD�L�RELaQR�VH�QDOD]H�QD�NUDMX�ZHJRYRP�
'HVSRWRY�VSLV�MH�QH]DYLVQD��SRVHEQD�FHOLQD��JRWRYR�MHGDQ�QRYL�URG�NZLCHYQL�
.RQFLSLUDQR�X�REOLNX�EHVHGH�X�KUDPX�JRYRUHQH�SUHG�YHOLND^LPD�L�VYH^WHQVWYRP��GHVSRWRYR
3RKYDOQR�VORYR�NQH]X�/D]DUX
�SRaLZH�YHOLaDZHP�VYHaHYRJ�SUD]QLND��GDQD�NRML��SR�EHVHGQLNX�
QHPD�ORNDOQL�QL�QDFLRQDODQ��QHJR�NRVPLaNL�]QDaDM���'DQDV�VXQFH�VYRMH�]UDNH�SURVWLUH�L�R]DUDYD
VYHJD�VYHWD�NUDMHYH���8ND]XMX`L�QD�YHOLaLQX�GDQD��X�NRPH�QDOD]L�UD]ORJ�]D�UDGRVW��D�QH�]D�CDORVW�
EHVHGQLN�SR]LYD�YHUQH�GD�VH�RNXSH�X�FUNYL���'R_LWH��RVYH`HQL�VDERUH�L�YDV�URGH�]HPTH�VUSVNH��GDQ
YHVHTD�NRML�`H�QDVWXSLWL�VODYLPR���8�VYHWLWHTHYRM�]DGXCELQL�5DYDQLFL��NRMD�VH�L�VDPD�UDGXMH
VODYTX��EHVHGQLN�VH�REUD`D�SUYR�SULVXWQLPD���,]�WDPH�QD�VYHWORVW�SUH^DY^L����SUL]RYLPR
PXaHQLND��GR_L��R�/D]DUH��GR_L���3RGVH`DMX`L�LK�GD�JRYRUL�X�]OH�GDQH��NDG�QHSULMDWHT�QDSDGD�QD
]HPTX�VUSVNX��EHVHGQLN�]DKYDTXMH�NQH]X�/D]DUX�^WR�MH�XYHN�aXYDR�VYRM�QDURG�RG�EHGH��QDSDVWL�
PUCZH�L�JQHYD�VXQDURGQLND�L�LQRSOHPHQLND��L�SUL]LYD�JD�X�SRPR`���'R_L�QDP�QHYLGTLYR�L
VWDQL�SR�VUHGL�QDV�����GD�QH�EXGHPR�RYFH�NRMH�QHPDMX�SDVWLUD����GD�QDV�QH�SUHGD^�SDVWLUX�NRMHJD�QH
]QDPR���$SRVWURILUDMX`L�SRWRP�NUVW��aLMRP�MH�SRPR`X�NQH]�/D]DU�RGQHR�SREHGX�QDG�7XUFLPD��GD
SRPRJQH�RQRP�NRML�VDGD�FDUXMH�EHVHGQLN�SUHOD]L�X�DSRWHR]X�NQH]D�PXaHQLND���5DGXM�VH��R�/D]DUH
NUVWRQRVQL����VODYH`L�JD�NDR�SREHGQLND�
6YHaDQL�SR]LY�QD�SUD]QRYDZH�L�VYHaDQR�VODYTHZH�VYHWLWHTD�aLQL�SUYL�GHR�GHVSRWRYRJ
3RKYDOQRJ�VORYD�NQH]X�/D]DUX
��'UXJL�GHR�aLQL�HSL]RGD�VD�$JDURP�
����
�,�NDR�LGHMD�L�NDR�QDaLQ
ND]LYDZD��HSL]RGD�MH�L]X]HWQD��2QD�MH�VYD�X�GLMDORJX�s�X�GLMDORJX�L]PH_X�EHVHGQLND�L�$JDUH�L
L]PH_X�$JDUH�L�_DYROD���2�$JDUR��YLGL^�OL�PXaHQLND�JGH�VWRML�SR�VUHGL�QDV�L�SUD]QLaQR�V�QDPD
OLNXMH"��$JDUD�NDCH�GD�VH�RQD�VXGDULOD��DOL�VH�QLMH�PRJOD�ERULWL�V�ZLPH��'D�MH�]QDOD�GD�`H�VH�RQ
XEURMDWL�X�VLQRYH�%RCMH��QH�EL�MRM�QL�QD�XP�GR^OR�GD�VH�XSXVWL�V�ZLP�X�ERUEX�s�QL�X�SXVWLZX�VH
QH`H�PR`L�VDNULWL�RG�ZHJD��?DYR�aXY^L�^WD�$JDUD�JRYRUL�,VPDLOX��XSOD^L�VH���$YDM�PHQL�
JRVSRGR�PRMD��^WR�YDV�YLGLP�WDNR�CDORVQH"��SLWD�LK�_DYR��NRPH�QL�VDPRP�QLMH�ODNR���8�YHOLNRP
VDP�VWUDKX�GDQDV��L�YHOLND�PH�EULJD�REX]HOD���SUL]QDMH�RQ��DOL�KUDEUL�L�ZLK�L�VHEH���5HFLWH�PL
EU]R��L�MD�`X�YDP�RODN^DWL�WHUHW��4XWR�PL�RUXCMH�X_H�X�VUFH��L�QH�PRJX�YDV�JOHGDWL�WDNR�VHWQH��
8]GDKQXY^L��$JDUD�RGJRYDUD�_DYROX���$YDM�PHQL��JRVSRGLQH�PRM��7H^NR�MH�ELOR�PHQL�L
MHGQRURGQRP�VLQX�PRMHP�QH�aXWL�WYRM�VODWNL�JODV��L�WYRM�aDVQL�REUD]�QH�XJOHGDWL����=QD^�OL�GD�VH
RQDM�]ORGMHM�XEUDMD�X�VLQRYH�%RCMH"����-D�EHCLP�L�QH�]QDP�JGH�`H�PH�VWL`L��MDGQLFX���,]JXELY�YHUX�X
_DYROD��$JDUD�PX�SUHEDFXMH�GD�MX�MH�SUHYDULR�JRYRUH`L�MRM�GD�`H�RQD�VD�VLQRP�SREHGLWL�/D]DUD�s
SREHGL�/D]DU�ZLK���3RVWDGRVPR�SRGVPHK�L�SUH]LU�QDURGD���NDCH�RQD��QH�YLGH`L�NDNR�QL�JGH�GD�VH
VSDVX��6YH�GRN�MH�JOHGDOD�QD�/D]DUD�NDR�QD�RELaQRJ�aRYHND��ERULOD�VH�V�ZLPH��DOL�VDG�QH�PRCH�GD
JOHGD�X�ZHJD��NDR�^WR�VH�QH�PRCH�JOHGDWL�X�XCDUHQX�SH`��6OHSLPD�YLG�GDMH��SD�NDNR�GD�ZX�QH
SURQD_H�VYRMLP�RaLPD"�=DURETHQLNH�RVORED_D��SD�NDNR�GD�ZX�QH�]DUREL"��1H�ERMWH�VH��JRVSRGR
PRMD���KUDEUL�_DYR�$JDUX�L�,VPDLOD���3ULaHNDMWH�PDOR�GD�RGHP�GR�ZHJD��GD�YLGLP�GD�OL�MH�LVWLQD
^WR�JRYRULWH���-R^�L�_DYR�X�UHaL�ELR��NDG�VH�SRMDYL�VYHWL�PXaHQLN�/D]DU�V�WLVX`DPD�WLVX`¼
DQ_HOD�L�V�PQR^WYRP�PXaHQLND��JRYRUH`L���'D�L^aH]QH�QHaDVWLYL�L�QH�YLGL�VODYH�*RVSRGZH��
%RUH`L�VH�V�PXaHQLNRP��VPUW�MH�ELOD�SREH_HQD��L�,VPDLO�RGVWXSLR�SUHG�/D]DURP�VYHWLWHTHP�X
QHEHVNRP�FDUVWYX�
'UDPDWLaQD�FUWD��L]UD]LWD�X�UD]JRYRUX�$JDULQX�V�_DYRORP��MR^�MH�YL^H�QDJOD^HQD�X�SRVOHGZHP
GHOX�VORYD��X�NRPH�EHVHGQLN�YRGL�GLMDORJ�VD�VOX^DRFLPD�L�VYHWLWHTHP��2EUD`DMX`L�VH
YHOLND^LPD�L�VYH^WHQVWYX��EHVHGQLN�VH�SLWD�QDG�PR^WLPD�/D]DUHYLP���.R�MH�RYDM"�*RYRULWH�X
X^L�PRMH���,�VDP�GDMH�RGJRYRU��SLWDZHP���'D�OL�MH�RYDM�NRJD�L]�]DYLVWL�KWHGR^H�QHSULMDWHTL
VUX^LWL�L�VYHWORVW�PRJD�YLGD�NDR�WDPQLFRP�PUDaQLP�WDPQLFDPD�GUCDWL�L�QH�PRJR^H"��=QDMX`L
GD�VYHWLWHT�QLMH�VUX^HQ�L�GD�`H�PX�VH�QD`L�X�SRPR`L��EHVHGQLN�PX�VH�REUD`D�NDR�CLYRP���3ULPL
RUXCMH�L�XVWDQL�L�QH�]DNDVQL����'R_L��RVYHWL�PH�NUYTX�VYRMRP��3UL_L��SDGDZX�PRPH�SRWSRUR��
6LJXUDQ�GD�`H�PX�VH�RGD]YDWL�L�GD�`H�V�ZLPH�SREHGLWL��EHVHGQLN�PX��UDGRVWDQ��NOLaH���5DGXM�VH�
PRMH�RNR�NRMH�QLNDGD�QH�VSDYD�����5DGXM�VH��NULQH�NRML�QDP�MH�RG�WUZD�]DVLMDR��YRMQLFLPD�RUXCMH
QHSREHGLPR���,�NDR�GD�QLMH�VYH�UHNDR��L�NDR�GD�QH�PRCH�QD`L�GRVWD�UHaL��QD�NUDMX�GRGDMH���1HPD
SRKYDOH�NRMH�QLVL�GRVWRMDQ���,��VDY�LVFUSHQ��]DYU^DYD���8P�L]QHPRJDYD����
(IHNWQR�SR�LGHMDPD��SR�SDWHWLaQRM�UHWRULaQRVWL��GHVSRWRYR�
3RKYDOQR�VORYR�NQH]X�/D]DUX
�MH�WR�L
SR�GUDPDWLaQRVWL�L�SHVQLaNRP�ND]LYDZX��0LVWLaQD�VFHQD�X�NRMRM�$JDUD�L�_DYR�YRGH�GLMDORJ�
QHSRVUHGDQ�QDaLQ�QD�NRML�VH�EHVHGQLN�REUD`D�SULVXWQLPD�L�VYHWLWHTX��X]YL^HQRVW�PLVOL�L
VWUDVQRVW�RVH`DZD�VWDYTDMX�RYDM�GHVSRWRY�QDSLV�X�QDMX]EXGTLYLMH�L�QDMRULJLQDOQLMH�WHNVWRYH
VUSVNH�SUR]H�
1DWSLV�QD�PUDPRUQRP�VWXEX�QD�.RVRYX
��VDaXYDQ�X�SUHSLVX�XQHVHQRP�X�MHGDQ�UXNRSLV�V�NUDMD�XVI
YHND�
����
�VDVWDYTHQ�MH�X�SUROH`H�LOL�OHWR�������X�VYDNRP�VOXaDMX�SRVOH�%LWNH�NRG�$QJRUH��NDGD
7XUFL�QLVX�YODGDOL�RYLP�NUDMHP��SR�PL^THZX�YH`LQH�QDXaQLND��WUHED�GD�JD�MH�VDVWDYLR�GHVSRW
6WHIDQ�
����
�1DWSLV��NUDWDN�s�NDR�^WR�L�SULOLaL�QDWSLVX�QD�VSRPHQLNX
����
�s�QHRELaDQ�L
SULYODaDQ�MH�YH`�VYRMLP�REOLNRP��XPHVWR�SLVFD��X�ZHPX�VH�aLWDRFX��NDR�DQWURSRPRUIQR�EL`H�
REUD`D�VDP�VWXE���ARYHaH�NRML�VWXSD^�QD�VUSVNX�]HPTX��ELR�WL�GR^TDN�LOL�VL�RGDYGH��NR�VL�GD�VL�
NDGD�GR_H^�QD�SRTH�RYR�NRMH�VH�]RYH�.RVRYR�L�YLGL^�GD�MH�FHOR�SXQR�NRVWLMX�PUWYLK��D�V�ZLPH�L
NDPHQX�SULURGX��PHQH����NDNR�XVSUDYQR�VWRMLP��GD�QH�SUR_H^���2VWDMX`L�X�GLUHNWQRP�NRQWDNWX�V
SUROD]QLNRP��VWXE�QDVWDYTD�JRYRULWL�L�JRYRUL�MR^�LQWLPQLMH��^WR�VDPR�SRMDaDYD�ZHJRY�XWLVDN
QD�QDPHUQLND���3UL_L�L�SULEOLCL�VH�PHQL��R�TXETHQL��L�UD]PRWUL�UHaL�NRMH�WL�SULQRVLP���.RMH
UHaL"�*ODV�VH�PHZD�L�SRVWDMH�GXERNR�LQWRQLUDQ���2YGH�MH�QHNDGD�ELR�YHOLNL�VDPRGUCDF��aXGR
]HPDTVNR�L�YODGDU�VUSVNL��SR�LPHQX�/D]DU��NQH]�YHOLNL���5H_DMX�VH�VDG�NQHCHYH�YUOLQH�NDR
YODGDUD�L�aRYHND��XND]XMH�VH�QD�YHOLNL�SRGYLJ�ZHJRY�L�ZHJRYH�YRMVNH���6ORCQR��PQRJREURMQR
PQR^WYR��]DMHGQR�V�GREULP�L�YHOLNLP�JRVSRGLQRP��KUDEURP�GX^RP�L�QDMWYU_RP�YHURP��
XVWUHPL^H�VH�QD�QHSULMDWHTD����L�XPUWYLY^L�GLYTHJ�]YHUD�L�YHOLNRJ�SURWLYQLND���GD��SULPH
YHQDF�PXaHQL^WYD�L�SRVWDQX�XaHQLFL�QHEHVNRJD�FDUVWYD���1LMH�VH�PRJOR�V�PDZH�UHaL�SUHGVWDYLWL
MHGDQ�VWXE�X�SRTX��RFUWDWL�X�QDWSLVX�MHGDQ�YODGDU�L�VDERUFL�ZHJRYL�X�ELFL��QL�GRaDUDWL�VDPD
ELWND�L�ZHQ�WUDJLaQL�VYU^HWDN�
>WR�SUYR�SULYODaL�SDCZX�X�JRYRUX�NRVRYVNRJ�VWXED��WR�MH�SUL]YXN�DQWLaNH�WUDGLFLMH��YLGTLYH�X
ZHPX�RG�SUYH�UHaHQLFH���ARYHaH�NRML�VWXSD^�QD�VUSVNX�]HPTX�����7RJD�SUL]YXND�LPD�L�QD�NUDMX
QDWSLVD���6YH�RYR�UHaHQR�VYU^L�VH�X�������JRGLQL���X�SHWQDHVWL�GDQ�PHVHFD�MXQD��X�XWRUDN��X�^HVWL
LOL�VHGPL�aDV��QH�]QDP��%RJ�]QD���8�DQWLaNRM�WUDGLFLML�MH�XRS^WH�LGHMD�GD�VH�SRGLJQH�VSRPHQLN�X
SRTX�JGH�VH�YRGLOD�ELWND�L�GD�VH�QD�ZHPX�XUHCH�QDWSLV�R�MXQDFLPD�NRML�VX�X�ZRM�L]JLQXOL��'R
VUHGLQH�XIV
�YHND��DQWLaNH�WUDGLFLMH�VX�XOD]LOH�X�VUSVNX�NZLCHYQRVW��SUHWHCQR�LOL�LVNTXaLYR�
SRVUHGVWYRP�YL]DQWLMVNLK�VSLVD��YHURYDWQR��]D�YODGH�GHVSRWD�6WHIDQD��QD^L�SLVFL�VX�QHVXPZLYR
GLUHNWQR�SR]QDYDOL�DQWLaNX�NZLCHYQRVW��6YHWRJRUVNL�PRQDK�*ULJRULMH�WUDJDR�MH�]D�+HURGRWRP�
D�.RQVWDQWLQ�)LOR]RI�JD�L�aLWDR�
����
�QHPD�SUHSUHND�PRJX`QRVWL�GD�GHVSRW�6WHIDQ�/D]DUHYL`
aLWD�X�RULJLQDOX�DQWLaNH�JUaNH�SLVFH�
,PD�MR^�MHGDQ�RVREHQ�SUL]YXN�X�
1DWSLVX�QD�PUDPRUQRP�VWXEX�QD�.RVRYX
��2Q�GROD]L�RG�HOHPHQDWD
YLWH^NH�SRH]LMH��NRML�VX�YL^H�QR�SULPHWQL�QD�RQRPH�PHVWX�JGH�VH�JRYRUL�R�NRVRYVNLP�MXQDFLPD�
>WD�VH�NDCH�R�ZLPD"��0XCHYL�GREUL��PXCHYL�KUDEUL��PXCHYL�XLVWLQX�X�UHaL�L�QD�GHOX��NRML�VH
NDR�]YH]GH�VYHWOH�EOLVWDMX��NDR�]HPTD�FYHWL`LPD�SUHL^DUDQL��RGHYHQL�]ODWRP��L�NDPHZHP�GUDJLP
XNUD^HQL���2aHYLGQR�L�VDP�YLWH]��VDVWDYTDa�QDWSLVD�VH�QDMYL^H�GLYL�VUSVNRM�NRZLFL�NRMD�MH
X^OD�X�.RVRYVNX�ELWNX���9HRPD�PQRJL�NRZL�RGDEUDQL�L�VD�]ODWQLP�VHGOLPD���NDCH�RQ�L��NDR�GD�QH
PRCH�GD�RGYRML�RaL�RG�ZLK��LQVLVWLUD���9HRPD�GLYQL�L�NUDVQL�MDKDaL�ZLKRYL��
'XK�L�IUD]HRORJLMD�YLWH^NH�SRH]LMH�X�QDWSLVX�ELOL�VX�SRYRG�]D�]DNTXaDN�GD�
.RVRYVNL�QDWSLV
QLMH�GUXJR�GR�YDULMDQWD�XVPHQH�IHXGDOQH�SHVPH�SHYDQH�QD�GYRUX��L�GD�MH�GHVSRW�6WHIDQ�VDPR
UHGLJRYDR�QDWSLV��QH�L�QDSLVDR�
����
�7YUGH`L�WR�]DERUDYLOR�VH�GD�HOHPHQDWD�YLWH^NH�SHVPH�LPD�X
QDWSLVX�VDPR�X�UHGRYLPD�X�NRMLPD�VH�SRPLZX�NRZDQLFL��6YL�RVWDOL�HOHPHQWL�VSLVD�SRaLZX�L]
GUXJLK�L]YRUD��.RQFHSFLMD�QDWSLVD��SRPHQXOL�VPR��DQWLaND�MH��0LVDRQL�L�RVH`DMQL�IRQ�ZHJRY
UHOLJLR]DQ�MH�SR�VKYDWDZX�PXaHQL^WYD�L�QHEHVNRJ�FDUVWYD��5HaQLaNL��QDWSLV�MH��QD�MHGQRP�PHVWX�
YL^H�QHJR�EOL]DN�FUNYHQRP�SHVQL^WYX��5H`L�R�NQH]X�/D]DUX�GD�MH��EODJRaDVWLMD�QHSRNROHETLYL
VWXE��ERJRSR]QDYDZD�SXaLQD�L�PXGURVWL�GXELQD��SODPHQL�XP�L�WX_LQLPD�]D^WLWQLN��KUDQLWHT
JODGQLP�L�VLURPD^QLP�VDCDTHZH��QHYLQLP�PLORVU_H�L�XWH^LWHT��s�WR�YL^H�SULOLaL�FUNYHQRM
VOXCEL�QR�YLWH^NRP�SHYDZX�QD�GYRUX�
AYUVWR�NRPSRQRYDQ�L�GREUR�VPL^THQ��
1DWSLV�QD�PUDPRUQRP�VWXEX�QD�.RVRYX
�QL�SR�LQVSLUDFLML
QL�SR�L]YRULPD�QLMH�MHGQRVWDYDQ��3RaLZX`L�NDR�DQWLaNL�QDWSLV��RQ�VH�SURGXCDYD�NDR�FUNYHQD
SHVPD��GD�SUH_H�X�RGMHN�YLWH^NRJ�HSD�L�]DYU^L�VH��SRQRYR��NDR�QDWSLV�QD�DQWLaNRP�VSRPHQLNX�
9H`�L�SR�WRPH��RQ�aLQL�RVREHQ��RULJLQDODQ�NZLCHYQL�VDVWDY��aLML�]QDaDM�L�OHSRWX�QH�WUHED
XPDZLYDWL�]ERJ�ZHJRYLK�L]YRUD�s�XWLFDMLPD�L�SR]DMPLFDPD�X�NZLCHYQRVWL�QH�YDTD�GDYDWL�YH`X
YDCQRVW�QHJR�^WR�MH�X�RGUH_HQRP�VOXaDMX�RQL�LPDMX��.RG�QDV�MH�X�VUHGZHP�YHNX�PDOR�VSLVD�NRML�EL
ELOL�VDYU^HQLML�SR�REOLNX�L�L]X]HWQLML�SR�L]UD]X�RG�
.RVRYVNRJ�QDWSLVD
�
1HPD�PHVWD�QL�UDVSUDYTDZX�GD�OL�QDWSLV�SULSDGD�SUR]L�LOL�SRH]LML��.DR�^WR�MH�SRJUH^ND
L]MHGQDaLYDWL�UHOLJLR]QR�L�FUNYHQR�SHVQL^WYR��WDNR�MH�]DEOXGD�LGHQWLILNRYDWL�SRH]LMX�VD
VWLKRYLPD��
1DWSLV�QD�PUDPRUQRP�VWXEX�QD�.RVRYX�
MH�GXERNR�SHVQLaNL�VSLV��L�RQ�MH�WDNDY�QH�]ERJ
VWLKRYD�L�VOLNRYD�s�NRMLK�X�ZHPX�QHPD�s�QHJR�SR�VYRMRM�LGHMQRM�L�RVH`DMQRM�VX^WLQL�L�SR�QDaLQX
ND]LYDZD��6DYU^HQLK�SURSRUFLMD��ULWPLaNLK�UHaHQLFD��GRVWRMDQVWYHQLK�VXEOLPQLK�PLVOL�L
SUHJRUHOLK�RVH`DZD��JRYRUHQ�NROLNR�PX]LNDOQLP�WROLNR�PLUQLP�JODVRP��RQ�MH�XPHWQLaNR�GHOR
SUYRJ�UHGD��NRMH�MH�L�WHKQLaNL�L�UHaHQLaNL�XLVWLQX�XJUDYLUDQR�X�PUDPRUX�QD�NRMHPX�MH�ELOR
LVSLVDQR�
3RVOHGZL�GHVSRWRY�VSLV��
6ORYR�TXEDYL
�
����
�VDVWDYTHQ�������LPD�REOLN�SRVORYLFH��YHRPD
UDVSURVWUDZHQ�L�X�9L]DQWLML�L�X�=DSDGQRM�(YURSL��6YRMX�SRVODQLFX�MH�GHVSRW�6WHIDQ�XSXWLR
EUDWX�9XNX�L�ZHJRYLP�SULVWDOLFDPD�
����
�V�NRMLP�MH�YL^H�SXWD�ELR�X�VXNREX�L�YL^H�SXWD�VH�PLULR�
7R�QH`H�ELWL�MHGLQL�GHVSRWRY�VSLV�WH�YUVWH��3UHG�WHNVWRP�VH�QDOD]LR�NUDWDN�SULVWXS��QHND�YUVWD
SUHGJRYRUD��SR�NRPH�VH�]DNTXaLYDOR�GD�VH�KWHOR��PRCH�ELWL��QH�RVWDWL�SUL�WRPH�MHGQRP�WHNVWX�
QHJR�PX�NRML�MR^�GRGDWL�
����
3RVODQLFD�QLMH�PDOD��VDVWRML�VH�RG�GHVHW�VWURID��RG�NRMLK�VYDND�LPD�GUXJL�EURM�VWLKRYD��D�VWLKRYL
GUXJL�EURM�VORJRYD��$NURVWLK�NRML�SRYH]XMH�VWURIH�ND]XMH�QDWSLV�VSLVD��
6ORYR�TXEDYL
��SUYH�GYH
UHaL�NRMLP�SRaLZH�SUYD�VWURID�VDGUCH�LPH�DXWRURYR��GHVSRW�6WHIDQ��7R�MH�GREUR�VPL^THQ�WHNVW�
RaHYLGQR�GXJR�UD_HQ�L�VYH�GUXJR�QHJR�LPSURYL]RYDQ�
1DVWDOD�X�WUHQXWNX�NDG�MH�GHVSRW�YHURYDR�GD�PRCH�CLYHWL�X�TXEDYL�V�EUDWRP�9XNRP��SHVPD�MH
YHGUD��L�YH`�SR�WRPH�MHGQRP�LGH�X�L]X]HWQH�VDVWDYH�QD^H�VWDUH�NZLCHYQRVWL��X�NRMRM�YODGD�NUDMZH
R]ELTQD�DWPRVIHUD��9HGULQX�DXWRURYX�SRMDaDYD�ZHJRYR�VODYTHZH�SULURGH�L�SR]QDYDZH�PODGL`D
L�GHYRMDND�QD�TXEDY��7D�GYD�PRWLYD��PRWLY�aXOQH�L�PRWLY�GXKRYQH�TXEDYL��aXMX�VH�NDR�GXHW�NUR]
FHOX�SHVPX��NROLNR�QD�GLVNUHWDQ�WROLNR�QD�LPSUHVLYDQ�QDaLQ�
6OLaQR�SVDOPRSHYFX�'DYLGX��DXWRU�VH�UDGXMH�^WR�MH�%RJ�VWYRULR�OHWR�L�SUROH`H�L��X�ZLPD��PQRJH
OHSRWH��GDR�SWLFDPD�EU]R�L�SXQR�YHVHTD�SUHOHWDZH��JRUDPD�OL^`H��OXJRYLPD�SURVWUDQVWYD�L
SRTVNH�^LULQH��YD]GXKX�GD�VH�SR�ZHPX�UDVSURVWLUX�XPLOQL�JODVRYL��]HPTL�PLULVQH�FYHWRYH�L
]HOHQLOR���0ODGL`L�L�GHYRMNH��N�TXEDYL�SULNODGQL��TXEDY�X]TXELWH���NOLaH�RQ��GD�RGPDK�GRGD�s
NDR�^WR�L�SULOLaL�VUHGZRYHNRYQRP�SLVFX�s��QR�SUDYR�L�QH]D]RUQR��GD��QHNDNR�PODGL`VWYR�L
GHYRMD^WYR�SRYUHGLY^L����ERCDQVWYR�QH�QHJRGXMH���-HU�VYD�GLYQD�GHOD�ERCMD��QDSRPLZH�SLVDF�
SUHYD]LOD]L�TXEDY��X�NRMRM�MH�%RJ��8�TXEDYL�QHPD�ODCL��RQD�PRCH�QDGPD^LWL�VYDNX�YUOLQX��=DWR
RQ�RQRJD�NRPH�^DTH�SRVODQLFX�L�SRGVH`D�NDNR�VX�ELOL�]DMHGQR�L�EOL]X�WHORP�L�GXKRP��SD�LK�JRUH
L�UHNH�UD]GYRMLOH��$OL�VDG���MR^�GD�VH�VNXSLPR��MR^�GD�VH�XJOHGDPR��MR^�X�TXEDYL�GD�VH
VMHGLQLPR��
'YH�RVRELQH�aLQH�RYX�SHVPX�RULJLQDOQRP�L�QRYRP�X�QD^RM�VUHGZRYHNRYQRM�NZLCHYQRVWL�
RVH`DZH�SULURGH�L�PLVDR�R�aXOQRM�TXEDYL��6HQ]XDOQLP�HOHPHQWLPD�L�VYHWRYQLP�WRQRP�RQD�MH
GDOHNR�ERJDWLMD�RG�VDVWDYD�PRQDKLZH�-HILPLMH�X�NRMLPD�VH�VDPR�SRPLZH�EXUD�WHOD�L�GX^H�L�VD
VHWRP�JRYRUL�R�SREHGL�PDWHULQVNH�TXEDYL��'HVSRW�6WHIDQ�MH�QD^�SUYL�SLVDF�NRML�VODYL�SULURGX
L�NRML�MH�QH�SULND]XMH�VLPEROLaQR��YH`�UHDOQR��&DPEODNRYR�RSLVLYDZH�'HaDQD��QDVWDOR�L]�aLVWRJ
SRVPDWUDZD��WRSRJUDIVNR�MH��JHRJUDIVNR��DUKLWHNWRQVNR��VNRUR�QDXaQR��X�GHVSRWD�6WHIDQD
RVQLYDZH�SULURGH�SRWLaH�L]�OLaQLK�RVH`DZD��L�RQR�MH�VXEMHNWLYQR��VHQ]LWLYQR��SHVQLaNR��X
GHVSRWRYRP�
6ORYX�TXEDYL
�SUYL�SXW�MH�X�QD^RM�VUHGZRYHNRYQRM�NZLCHYQRVWL�V�YHOLNRP�VORERGRP
L�SROHWRP�RSHYDQD�UDGRVW�RG�SULURGH�L�TXEDYL��VOLaQR�SHVPDPD�X�]DSDGQRHYURSVNLK�KXPDQLVWD�
6ORYR�TXEDYL
�QLMH�MHGLQL�QDSLV�X�NRPH�GHVSRW�6WHIDQ�JRYRUL�GLUHNWQR�R�VHEL��2Q�WR�aLQL�L�X
QHNLP�VYRMLP�SRYHTDPD��aLML�VH�XYRGL�RGOLNXMX�DXWRELRJUDIVNLP�PRPHQWLPD�L�LVSRYHGQLP
WRQRP��6OXaDM�MH�XWROLNR�SULPHWQLML�^WR�WDNYLK�WYRUHYLQD�L��QHNL�SXW��SHVQLaNLK�VWDYRYD�QHPD�X
SRYHTDPD�NQH]D�/D]DUD�L�^WR�VX�YL^H�QHJR�UHWNL�X�SRYHTDPD�RQRYUHPHQLK�GLQDVWD��5DQLMH�
QHSRVUHGQLK�L�LQWLPQLK�OLaQLK�VDRS^WHZD�ELOR�MH�VDPR�X�QHNROLNLP�SRYHTDPD�NUDTD�6WHIDQD
'HaDQVNRJ�L�FDUD�'X^DQD��,�X�WRPH�SRJOHGX�GHVSRW�6WHIDQ�/D]DUHYL`�QDVWDYTD�WUDGLFLMX
&DUVWYD�
$XWRELRJUDIVNL�LVND]L�X�SRYHTDPD�GHVSRWD�6WHIDQD�s�NDR�L�X�SRYHTDPD�YODGDODFD�L]�NX`H
1HPDZL`D�s�]DVQLYDMX�VH�QD�GYH�LGHMH��QHRSKRGQH�]D�DILUPDFLMX�YODGDUD��SRJRWRYX�L]�MHGQH�QRYH
GLQDVWLMH��QD�LGHML�OHJLWLPQRVWL�ZHJRYH�YODGH�L�QD�LGHML�ZHJRYH�GUCDYQH�VDPRVWDOQRVWL��3UYD
PLVDR�MH�L]UDCHQD�VD�RVH`DZHP�SRQRVD�GUCDYQRJD�XSUDYTDaD�]ERJ�ZHJRYLK�SUHGDND��GUXJD�VD
RVH`DZHP�WULMXPID�YODGDUD�NRML�VH�RVORERGLR�7XUDND�
����
�3ULURGQR��VYH�SRYHTH�GHVSRWRYH�X
NRMLPD�MH�QDJOD^HQ�DXWRELRJUDIVNL�NDUDNWHU�QDVWDOH�VX�SRVOH�WXUVNRJ�SRUD]D�NRG�$QJRUH�������,
VYH�VX�RQH�UD]OLaLWH�SR�YLVLQL�LVSRYHGQRJ�WRQD��-HGQD��L]GDWD�������PRQDKLZL�(YSUDNVLML�s
QHNDGDZRM�GHVSRWLFL�-HOHQL��GRVNRUD�PRQDKLZL�-HILPLML�s�LPD�VNRUR�IDPLOLMDUQX�DWPRVIHUX�
7X�GHVSRW�NDCH�NDNR�VH��SUH�GRQR^HZD�RGOXNH�NRMRP�GDMH�VYRMRM�UR_DFL�MHGQR�VHOR�GD�JD�GDUXMH
+LODQGDUX��VDYHWRYDR�R�WRPH�V�PDMNRP�L�YODVWHORP�L�NDNR�MH�SUL�WRPH�L^DR�]D�SULPHURP�NRML�VX
PX�SRND]DOL�VYHWD�JRVSRGD�NWLWRUL��FDUHYL�L�NUDTHYL�L�JRVSRGD�VUSVND��GRGDMX`L�s�WDG�MR^�X
QDGL�GD�`H�LPDWL�GHFH�s�NDNR�SUHGYL_D�PH_X�VYRMLP�PRJX`LP�QDVOHGQLFLPD��SRUHG�EUDWD��MR^�L
VLQD�
����
,]UD]LWLMH�L�QHSRVUHGQLMH�MH�LVSRYHGQR�ND]LYDZH�X�GHVSRWRYRM�SRYHTL�PDQDVWLUX�+LODQGDUX�
WDNR_H�L]�������8�XYRGX�ZHQRP��GHVSRW�VH�QH�VDPR�VH`D�XRS^WHQR��VYHWH�JRVSRGH�L�NWLWRUD
VUSVNLK���QHJR�L�SRLPHQLaQR���VYHWRJD�6LPHRQD��VDPRGU^FD�VUSVNRJD�L�PLURWRaFD��L�6DYH�
VYHWRJD�YHOLNRJ�DUKLHSLVNRSD�VUSVNRJ���GD�L]MDYL���0ROLWYDPD�ZLKRYLP�PQRJR�SXWD�VSDVHQ�ELK
QD�PRUX�L�QD�VXKX��X�UDWRYLPD�L�UD]QLP�QHYRTDPD�L�QDMH]GDPD�LQRSOHPHQLND��SD�L�MDGQX�GX^X
PRMX�RG�YUDWD�VPUWQLK�YUDWL^H��L�PROLWYDPD�ZLKRYLP�RG�WYRUFD�L�YODGLNH�VYRJD�SR�GUXJL�SXW
CLYRW�GDURYD�PL�VH��
����
�3RVOH�WROLNLK�ERMHYD�L�OXNDYLK�]DPNL�X�UR_HQRM�VYRMRM�]HPTL�L�QD�UD]QLP
NUDMHYLPD�VYHWD��L]�NRMLK�MH�L]QHR�JODYX�L�YUDWLR�VH�NX`L�QHSRYUH_HQ��GHVSRW�6WHIDQ�MH�]DLVWD
LPDR�UD]ORJD�GD�WDNR�PLVOL�R�VYRP�CLYRWX�
1DMRS^LUQLMH�L�QDMXEHGTLYLMH�JRYRUL�R�VHEL�GHVSRW�6WHIDQ�X�MHGQRM�GUXJRM�VYRMRM�SRYHTL
PDQDVWLUX�+LODQGDUX��L]�LVWH�������JRGLQH��1DSRPHQXY^L�GD�MH�PLOR^`X�ERCMRP�L�]DX]LPDZHP
%RJRURGLaLQLP�L�s�NDR�SRWRPDN�1HPDZLQ�s�PROLWYDPD�VYRMLK�VYHWLK�SUDURGLWHTD�6LPHRQD�L
6DYH��SRVWDR�JRVSRGLQ�VYLP�6UELPD�L�3RGXQDYTX��RQ�YL^H�SHVQLaNL�QR�aLZHQLaNL�RFUWDYD
VYRMX�VXGELQX���2G�PODGL`VNRJD�PL�X]UDVWD��NDCH�RQ��X�PQRJD�]ORTXWD�L�QHSRGQR^TLYD
LVNX^HZD��^WD�YL^H�L�VPUWQD��SX^WHQ�ELK����L�RG�VYLK�L]EDYL�PH�*RVSRG��L�MR^�L]EDYTD���6DY�X
VOLNRYLWRP�JRYRUX��RQ�VH�LVSRYHGD�NDNR�VH�XYHN�X]GDR�X�VYRJD�RFD��X�NQH]D�/D]DUD��NRML�PX�MH
VOXCLR�]D�SULPHU���8�WDPQLP�RQLP�REODFLPD��N�VXQaDQLP�QDMVYHWOLMLP�]UDFLPD��YUOLQDPD�
NDCHP��RFD�PRJD�L�JRVSRGLQD�VYHWRJD�PL�NQH]D��MHGYD�L�V�PXNRP�XSLUDK�RaL�MD�L�RQL�NRML�VX�X
YODVWL�PRMRM���$OXGLUDMX`L�QD�SRUD]H�XQXWUD^ZLK�L�VSRTD^ZLK�QHSULMDWHTD�L�QD�VUH`QH
SURPHQH�NRMH�VX�QDVWDOH��RQ�SURGXCXMH���$�VDGD��VNURYL^WD�YHOLNH�EODJRVWL�%RCMH�RWYRUL^H�QDP
VH��L�VPLULVPR�VH��L�SRaLQXVPR��L�REODFL�WDPQL�UD]L_R^H�VH��L�]DVMD�QDP�VXQFH��
����
�.DR�L�RELaQR
X�RYDNYLP�SULOLNDPD��X�XYRGX�RYH�SRYHTH�QL^WD�QLMH�QDYHGHQR�RWYRUHQR�L�L]ULaLWR��DOL�MH�VYLP
aLWDRFLPD�L�VOX^DRFLPD�WHNVWD�ELOR�MDVQR�QD�^WD�VH�X�ZHPX�PLVOL�L�R�aHPX�JRYRUL�
,�X�SRYHTL�UXPXQVNRP�PDQDVWLUX�7LVPHQX�L�9RGLFL��������GHVSRW�6WHIDQ�XND]XMH�VD�UDGR^`X�QD
SRQRYR�]DGRELMHQX�VORERGX�VYRMH�]HPTH��6�YHGULQRP�NRMD�VH�QLMH�RVH`DOD�X�QDV�X�SLVDQLP
VDVWDYLPD�YL^H�RG�aHWYUW�YHND��GHVSRW�WX�NDCH�NDNR�MH�%RJ��NRML�SUHYRGL�VYRMH�TXGH��RG�WHVQR`H�QD
SURVWUDQVWYR��L�RG�QHPR`L�X�VLOX��L�RG�WXJH�QD�YHVHTH���SURYHR�L�ZHJD��RG�SRNRUQRVWL�QD�VORERGX
L�RG�PDZHJ�SUHVWROD�QD�QDMYL^L���,]MDYLY^L�WR�NDR�X�X]EX_HZX��RQ�SRWRP�PLUQR�SUHOD]L�QD
SUDYQH�RGUHGEH�VYRMH�SRYHTH�s�WHPSHUDWXUD�WHNVWD�VH�L]QHQDGD�L�SRWSXQR�PHZD��3RVOH
DXWRELRJUDIVNH�LVSRYHVWL��SXQH�RVH`DMQRVWL�L�SRHWVNLK�PLVOL��VOHGL�SDUDJUDI�NRML�QDV�RGYRGL�X
VYDNLGDZL�CLYRW��2Q�JODVL���$NR�NR�SREHJQH�L]�]HPTH�FDUVWYD�PL�X�8JDUVNX�]HPTX�LOL�X
%XJDUVNX��LOL�PRM�aRYHN�LOL�PRMHJD�YODVWHOLQD��SD�RVWDQH�WDPR�WUL�JRGLQH��LOL�GYH��LOL�MHGQX��L
XVKWH�VH�YUDWLWL�X�QDSUHG�QDYHGHQD�VHOD�FUNYHQD��VORERGQR�GD�PX�MH�GR`L�VHP�RYLK�NULYLFD��DNR�MH
^WR�FDUVWYR�PL�QDSDNRVWLR��LOL�YODVWHOLQD�SRNUDR��LOL�ELR�XELFD��LOL�VYH^WHQRNUDGTLYDF��LOL
URE�NXSTHQ�QD�LPDZX��LOL�NUDGTLYDF�GHYRMNH��WDNYRP�VH�VORERGD�QH�GDMH�SR�SLVDQRP��
����
�.DR�L�X
PQRJLP�VUHGZRYHNRYQLP�SRYHTDPD�L�SLVPLPD��X�RYRM�GHVSRWRYRM�SRYHTL�VPHZXMX�VH�SHVQLaNL
PRPHQWL�V�SUR]DLaQLP��LVWR�RQDNR�NDR�^WR�VX�VH�X�VUHGZRYHNRYQRP�CLYRWX�VPHZLYDOL�VXURY
SRVWXSDN�L�PLORVWLZD��QDJUDGD�L�ND]QD�
2VH`DMQL�OLaQL�WRQ�MDYTD�VH�QDSRUHGR�VD�KODGQLP�SUDYQLaNLP�GHILQLFLMDPD�L�X�GHVSRWRYRP
=DNRQX�R�UXGQLFLPD
�s�GHVSRW�6WHIDQ�/D]DUHYL`�L�X�WRPH�OLaL�QD�FDUD�'X^DQD��NRML�MH
QDMRSVHCQLMX�VYRMX�LVSRYHVW�L]QHR�X�XYRGX�VYRJD�
=DNRQLND
��'HVSRW�WX�L]ODCH�NDNR�MH
�JRVSRGVWYRYDR�X�]HPTL�VYRJD�RWDaDVWYD���SD�7XUFL�QDSDOL�QD�ZHJD�L�SRNRULOL�ZHJRYX�]HPTX��WH
RQ�PRUDR�SR`L�WXUVNRP�VXOWDQX�GD�VH�V�ZLPH�VSRUD]XPH���,�SRPR`X�%RCMRP�L�SUHaLVWH
%RJRPDWHUH��L�VYHWRJ�6LPHRQD�L�6DYH��L�VYHWRSRaLY^HJ�PRJD�URGLWHTD�NQH]D�/D]DUD�PROLWYDPD��
NDCH�RQ��QH�SULSLVXMX`L�VHEL�XVSHK���RVORERGLK�VYX�]HPTX�L�JUDGRYH�RWDaDVWYD�PL����,�SRYUDWLK
VH�X�]HPTX�VYRMX�L�GR_RK�X�VYRM�JUDG�1RYR�%UGR���6D�RVH`DZHP�]D�VDERUH�L�]D�PDVH�NRMH�VX�LPDOL
VUHGZRYHNRYQL�YODGDUL��GHVSRW�QDVWDYTD���,�VDEUD�VH�VDY�VDERU�JUDGVNL��L�SRLVND^H�RG
JRVSRGVWYD�PL�GD�LP�XaLQLP�]DNRQ�R�UXGQLFLPD��^WR�VX�LPDOL�]D�SUYH�JRVSRGH�L�VYHWRSRaLY^HJ
PL�JRVSRGLQD�URGLWHTD�NQH]D�/D]DUD��,�*RVSRGVWYR�PL�VDYHWRYD�VH�V�YODVWHORP�L�]DSRYHGL�GD�VH
QD_X����aRYHND�GREUD��RG�GUXJLK�PHVWD�NRMD�UXGX�LPDMX��GD�LP�XaLQLP�]DNRQ�NDNR�MH�L�SUYR
ELOR��
����
�=DNRQVNL�SDUDJUDIL�VH�UH_DMX�WHN�SRVOH�WH�L]MDYH��NRMD�LPD�GRVWRMDQVWYR�L�QHSRVUHGQRVW
OLaQRJ�YODGDRaHYRJ�JRYRUD�
9L^H�MH�QHJR�YHURYDWQR�GD�QLMH�EH]�DXWRELRJUDIVNRJ�UHIOHNVD�QL�
2GJRYRU�)LODJULMX�*ULJRULMD
%RJRVORYD
��NUDWDN�DOL�YHRPD�NDUDNWHULVWLaDQ�WHNVW�XQHVHQ�X�LVWL�]ERUQLN�X�NRML�VX�XYU^WHQL
GHVSRWRYR�
3RKYDOQR�VORYR�NQH]X�/D]DUX
�L�
6ORYR�TXEDYL
��6DGUCDM�WRJD�WHNVWD�s�GDYQR�MH�UHaHQR
s�PRJDR�VH�GREUR�VODJDWL�VD�VWDZHP�VUSVNLK�VWYDUL�RQRJ�GRED�
����
�s�GHVSRW�6WHIDQ�MH�PRJDR
YLGHWL�X�ZHPX�VOLNX�VYRMH�VXGELQH�L�VYRJD�YUHPHQD��1D�SLWDZH�NDNR�PX�MH��*ULJRULMH�%RJRVORY
RGJRYDUD�)LODJULMX���9HRPD�JRUNR�L�EROQR��9DVLOLMD�QHPDP��.HVDULMD�OL^LK�VH��GXKRYQRJ�PL�L
WHOHVQRJ�EUDWD��2WDF�PRM�L�PDWL�PRMD�RVWDYL^H�PH���7R�VH�PRJOR�SULPHQLWL�L�QD�GHVSRWD�6WHIDQD�
NDR�JRWRYR�L�VYH�RQR�^WR�VH�QDYRGL�SRWRP���7HOR�WXCQR�CLYL��VWDURVW�YL^H�JODYH��X�WXJDPD
VSOHWRYL��X�SRVORYLPD�QDYDOD��GUXJRYL�QHYHUQL��FUNYD�EH]�SDVWLUD��L^aH]H�GREURWD��REQDCL�VH
]ORED��SXWHYL�QR`X��VYH`H�QHPD��+ULVWRV�VSDYD���8�WRPH�WUHQXWNX�ZHJRYD�CLYRWD�GHVSRWX�6WHIDQX
MH�XLVWLQX�ELOR�WH^NR��LDNR�JD�QLVX�QDSDGDOL�7XUFL��ELR�MH�X�]DYDGL�V�EUDWRP�9XNRP��RWDF�L�PDWL
VX�PX�ELOL�PUWYL��XPUOD�MH�ELOD�L�ZHJRYD�UR_DND�-HILPLMD��XPUR�L�SDWULMDUK�'DQLOR�III
��WDNR_H
ZHJRY�SULMDWHT�L��PRCGD��VURGQLN��VDP�GHVSRW�MH�ELR�EROHVWDQ�L�s�X�SLVPX�RG����QRYHPEUD������
s�GXEURYDaNL�NQH]�JD�L]YH^WDYD�GD�PX�VH�QD�ZHJRY�]DKWHY�^DTH�OHNDU�
����
�.DR�L�PRGHUQL�
VUHGZRYHNRYQL�VSLVL�QLVX�L]UHWND�VYHGRaDQVWYR�R�GX^HYQRP�UDVSRORCHZX�SLVFD�L�aLWDRFD�
8]LPD�VH�GD�MH�GHVSRWRY��LOL�GD�MH�ZHJRYRP�LQLFLMDWLYRP�QDVWDR��L�DGDSWLUDQL�SUHYRG�V�JUaNRJ
SHVPH�
2�EXGX`LP�YUHPHQLPD
��aLMHJ�VH�RULJLQDOD�SRVWDQDN�VWDYTD�RG�XII
�GR�XIV
�YHND��D�VUSVNL
SUHYRG�SRVOH�������D�SUH�������JRGLQH�
����
�6DGUCLQD�WH�aXGQRYDWH�SHVPH�MH�VYD�X�DOHJRULMDPD�L
DOX]LMDPD��NRMH�VX�VH�X�UD]QR�YUHPH�WXPDaLOH�QD�UD]QH�QDaLQH��0LVOL�VH�GD�MH�VWYRU�NRML�SUHVNDaH
WUDS�L�SDGD�X�WUDS�7XUaLQ�NRML�SUHVNDaH�PRUH�L�SDGD�X�ZHJD��WUHEDOR�EL�GD�EXGH�7XUaLQ�L�YHOLNL
CGUHEDF��YLQR�s�NUY�X�NRMRM�VH�RQ�GDYL��ZLYH�s�FDUVWYR��D�YXN�s�DQWLKULVW��3HVPD�MH�WH^NR
UD]XPTLYD�L�X�ZRM�NDR�GD�LPD�FUQRJ�KXPRUD�
'XKRYQD�DWPRVIHUD�MH�X�VSLVLPD�L�X�OHNWLUL�GHVSRWD�6WHIDQD�/D]DUHYL`D�VYXG�SULVXWQD��DOL�RQD
QLXNROLNR�QLMH�L]UD]LWR�ERJRVORYVND��QLWL�MH�RQ�LPDOR�FUNYHQL�SLVDF��8�RVQRYL��
6ORYR�TXEDYL
L�
1DWSLV�QD�PUDPRUQRP�VWXEX�QD�.RVRYX
�VX�VYHWRYQL�VSLVL��X�YHOLNRM�PHUL�MH�VYHWRYQRJ�IRQD�L
3RKYDOQR�VORYR�NQH]X�/D]DUX
��1LVX�GUXNaLML�QL�SUHYRGL�]D�NRMH�VH�PLVOL�GD�LK�MH�UDGLR�GHVSRW
6WHIDQ�LOL�VX�ELOL�UD_HQL�]D�ZHJD��
3ULSRYHWND�R�$VHQHWL
�MH�SULSRYHWND�R�TXEDYL��WXPDaHZD
7HRGRUD�.LUVNRJ�6RORPRQRYH�
3HVPH�QDG�SHVPDPD
�VX�WXPDaHZD�TXEDYQH�SHVPH��6YHWRYQRJ�VX
NDUDNWHUD�L�
2GJRYRU�)LODJULMX�*ULJRULMD�%RJRVORYD
�L�
2�EXGX`LP�YUHPHQLPD
�/DYD�0XGURJ��,
3ULaD�R�VY��(SLIDQLMX
�s�X�LVWRP�]ERUQLNX�X�NRPH�VX�VH�QDOD]LOL�GHVSRWRYL�VSLVL�s�VD�VYRMLP
PRWLYRP�R�QHPDZX�SUDYGH��X�RVQRYL�VYRMRM�MH�VYHWRYQD�L�PRUDOLVWLaND��1DSRVOHWNX�s�LOL�X
SUYRP�UHGX�s�LQWHUHVRYDZH�GHVSRWRYR�]D�SURIDQX�NZLCHYQRVW�SRND]XMH�L�QRYR�UHGLJRYDZH
=RQDULQH�
6YHWVNH�KURQLNH
��L]YHGHQR�SR�ZHJRYRM�CHTL��1L�X�MHGQRP�UDQLMHP�UD]GRETX�QD^H
VUHGZRYHNRYQH�NZLCHYQRVWL�QLMH�QDVWDOR�WROLNR�VSLVD�SURIDQRJ�NDUDNWHUD�LOL�V�SURIDQLP
DNFHQWLPD�NDR�X�GRED�GHVSRWD�6WHIDQD�
,]UD]LWLMH�QHJR�GRWDG��QD^D�NZLCHYQRVW�VH�XND]XMH�X�SRVOHGZRM�GHFHQLML�XIV
�L�X�SUYRM�XV
�YHND�X
GYD�UD]OLaLWD�YLGD��1D�MHGQRM�VWUDQL�VX�NRQ]HUYDWLYQL�FUNYHQL�SLVFL��HSLVNRS�0DUNR��X�3H`L��L
LJXPDQ�&DPEODN��X�'HaDQLPD��VD�VYRMLP�NXOWRP�PRQD^WYD�L�SUDYRVODYQH�FUNYH��L�VYRMLP
WUDGLFLRQDOQLP�LGHMDPD�L�NRQYHQFLRQDOQLP�VWLORP��1D�GUXJRM�VWUDQL�VX�GYRUVNL�SLVFL��GHVSRW
6WHIDQ��PRQDKLZD�-HILPLMD��SDWULMDUK�'DQLOR�III
�L�DQRQLPQL�UDYDQLaNL�PRQDVL��V�NXOWRP�NQH]D
/D]DUD�L�DILUPDFLMRP�VYHWRYQH�YODVWL�L�YLWH^WYD��2YL�GUXJL�VX�L]UD]LWR�QDFLRQDOQL�SLVFL�
NRML�QH�JORULILNXMX��PROaDOQL^WYR��YH`�MXQD^WYR��L�PDWHULQVWYR��QH�GHYLaDQVWYR��L�SULURGX�L
TXEDY��QH�DVNH]X��6WUXMH�WHNX�QDSRUHGR�L�X�LVWR�YUHPH��SUYD�NDR�EUDQLODF�KHVLKD]PD��NRML�VH
SRYODaL��GUXJD�NDR�YHVQLN�KXPDQL]PD��NRML�MH�QD�YLGLNX�
3UHREUDCDML�QD^H�NZLCHYQRVWL�QD�L]PDNX�VUHGZHJ�YHND�QLVX�QDVWDOL��WUHED�OL�UH`L�
VWYDUDOD^WYRP�MHGQH�OLaQRVWL��QHJR�FHOH�MHGQH�JHQHUDFLMH��,�QLVX�VH�SRMDYLOL�VDPR�X
NZLCHYQRVWL��QHJR�L�X�XPHWQRVWL�L�X�TXGVNLP�RGQRVLPD�L�RELaDMLPD��(OHPHQWL�VYHWRYQRJ�CLYRWD
L�RVH`DZH�SULURGH��WDNR�VQDCQL�L�UHDOQL�X�GHVSRWRYRP�
6ORYX�TXEDYL
�L�X�
1DWSLVX�QD�PUDPRUQRP
VWXEX�QD�.RVRYX
��GR^OL�VX�GR�L]UD]D�L�QD�IUHVNDPD�X�GHVSRWRYRM�5HVDYL��1D�]LGX�WH�FUNYH��NULQ�X
UXFL�VY��7ULIXQD�MH�NDR�X]DEUDQ��KUWRYL�QD�LOXVWUDFLML�*R]EH�ERJDWD^HYH�NDR�CLYL��RUXCMH�L
NRVWLPL�QD�UDWQLFLPD�NDR�GD�VX�UDWQLFL�SR]LUDOL�VOLNDUX��8�QH�PDORM�JUXSL�SLVDFD�L
SUHYRGLODFD��GHVSRW�6WHIDQ�/D]DUHYL`�MH�VDPR�QDMMDVQLMH�RGUH_HQD�L�QDMaYU^`H�RSUHGHTHQD
NZLCHYQD�OLaQRVW��6YD�WUL�ZHJRYD�RULJLQDOQD�VSLVD�VX�L]UD]LWR�SHVQLaND�L�SDWULRWVND��L�VYD
WUL�VX��SR�SRUXNDPD��SUHWHCQR�VYHWRYQD��8�ZHJD�QLVX�RVREHQL�VDPR�PLVOL�L�RVH`DZD��QHJR�L
DNFHQW�JRYRUD��.RMH�OL�UD]OLNH�L]PH_X�]YXaQRVWL�L�VWUDVQRVWL�ZHJRYRJ�JODVD�L�EODJRVWL�L
LGLOLaQRVWL�7HRGRVLMHYH�SUH�VWRWLQX�JRGLQD��.ROLNR�SUHGVWDYQLN�MHGQH�WUDGLFLRQDOQH
NZLCHYQRVWL�GHVSRW�6WHIDQ�/D]DUHYL`�MH�LVWR�WROLNR�L]UD]LW�QRYDWRU��X�aLMLP�VSLVLPD�VH
RWNULYDMX�NRQWXUH�MHGQRJ�QRYRJ�YHND�
%HOH^NH�
1
.RQVWDQWLQ�)LOR]RI��
#LYRW�GHVSRWD�6WHIDQD��X�6WDULP�VUSVNLP�ELRJUDILMDPD�XV
L�XVII
�YHND
�
3UHYHR�/��0LUNRYL`��%HRJUDG��������VWU�����
��4��6WRMDQRYL`��
6WDUL�VUSVNL�]DSLVL�L�QDWSLVL
�I
��%HRJUDG��������VWU����r����EU������
��
1DY��GHOR�
�I
��VWU������EU������
��
1DY��GHOR
��I
��VWU������EU������
��
1DY��GHOR
��III
��VWU����r����EU�������
���L. Bréhier, La civilisation byzantine
��3DUL]��������VWU������L�����
�D�.RQVWDQWLQ�)LOR]RI��
QDY��GHOR
��VWU�����
��A Kempis, Les beaux–arts en Hongrie
��%XGLPSH^WD��������VWU�����
��=ERUQLN�VH�aXYDR�X�1DURGQRM�ELEOLRWHFL�X�%HRJUDGX�GR����DSULOD�������NDG�MH�L]JRUHR��,]�ZHJD
MH�REMDYLR�?��'DQLaL`�X��*ODVQLNX�'UX^WYD�VUSVNH�VORYHVQRVWL���������XI
��VWU������GHVSRWRYR
�6ORYR�TXEDYL���D�X�LVWRPH�
*ODVQLNX
��������XIII
��VWU�����r�����3RKYDOQR�VORYR�NQH]X�/D]DUX��
&HR�=ERUQLN�MH�RSLVDR�L�]QDWDQ�GHR�ZHJRY�REMDYLR�6W��1RYDNRYL`��Srpskoslovenski zbornik izvremena despota Stefana Lazareviüa
��6WDULQH��-$=8��������IX
��VWU���r����,VWL�WHNVWRYL��L]X]HY^L
6ORYR�TXEDYL
��QDOD]H�VH�L�X�MHGQRP�UXNRSLVQRP�]ERUQLNX�L]�XV
�YHND�X�PDQDVWLUX�.UX^HGROX��6�
3HWNRYL`��
2SLV�UXNRSLVD�PDQDVWLUD�.UX^HGROD
��6UHPVNL�.DUORYFL��������EU������
��2�ZLPD�MH�SLVDR�9��-��?XUL`�X��=RJUDIX��������II
��VWU����r���
���-R^�XYHN�MH�MHGLQD�VWXGLMD�R�PLQLMDWXUDPD�X�WRPH�SVDOWLUX�J. Strygowsky, Die Miniaturen desserbischen Psalters
��%Ha�������
���4��6WRMDQRYL`��
QDY��GHOR
��I
��VWU������EU������
���
1DY��GHOR
��VWU������EU�������L�III
��VWU������EU�������
���
1DY��GHOR
��III
��VWU����r����EU��������VI
��VWU������EU��������
���?��6S��5DGRMLaL`��
7YRUFL�L�GHOD�VWDUH�VUSVNH�NZLCHYQRVWL
��7LWRJUDG��������VWU�����r����
���2EMDYLR�?��'DQLaL`�X��*ODVQLNX�'UX^WYD�VUSVNH�VORYHVQRVWL���������XIII
��VWU�����r����
SUH^WDPSDQR��L]RVWDYLY^L�HSL]RGX�R�$JDUL��6W��1RYDNRYL`��
3ULPHUL�NZLCHYQRVWL�L�MH]LND
VWDURJD�L�VUSVNRVORYHQVNRJD
��%HRJUDG��������VWU�����r�����SRaHWDN�VSLVD�SUHYHR�0��%D^L`��
,]
VWDUH�VUSVNH�NZLCHYQRVWL
��%HRJUDG��������VWU�����r�����NUDM�VSLVD�SUHYHR�?��6S��5DGRMLaL`�
$QWRORJLMD�VWDUH�VUSVNH�NZLCHYQRVWL
��%HRJUDG��������VWU�����r�����RED�SUHYRGLRFD�L]RVWDYLOL
HSL]RGX�R�$JDUL��
���?��6S��5DGRMLaL`��
7YRUFL�L�GHOD����
�7LWRJUDG�������VWU�������?RU_H�7ULIXQRYL`��
6USVNL
VUHGZRYHNRYQL�VSLVL�R�NQH]X�/D]DUX�L�.RVRYVNRP�ERMX
��.UX^HYDF��������VWU������
���?��'DQLaL`��6W��1RYDNRYL`��
QDY��GHOR�
���K. Krumbacher, Geschichte der byzantinische Literatur
��0LQKHQ��������VWU������
���3R�MHGQRP�DSRNULIX��URELZD�$JDUD��(JLS`DQND��URGLOD�MH�$YUDPX�VLQD�,VPDLOD��RG�NRJD
SRWLaX�7XUFL��RWXGD�X�QD^LP�VWDULP�VSLVLPD�7XUFL�VH�QD]LYDMX�$JDUHQL��$JDUMDQL��,VPDLO`DQL�
���6WXE�RGDYQR�QH�SRVWRML�
���?��6S��5DGRMLaL`��
QDY��GHOR
��VWU�����r��������r�����LVWL��
5D]YRMQL�OXN�VWDUH�VUSVNH
NZLCHYQRVWL
��1RYL�6DG��������VWU�����r�����/��0LUNRYL`��
>WD�]QDaL�PUDPRUQL�VWXE�SRGLJQXW�QD
PHVWX�.RVRYVNH�ELWNH�L�^WD�NDCH�QDWSLV�QD�RYRP�VWXEX
���=ERUQLN�0DWLFH�VUSVNH�]D�NZLCHYQRVW
L�MH]LN���������IX–X
��VWU����r����?��7ULIXQRYL`��
QDY��GHOR
��VWU�����r����
���3RVOHGZH�L]GDZH�RULJLQDOQRJ�WHNVWD��?��6S��5DGRMLaL`��
5D]YRMQL�OXN�VWDUH�VUSVNH
NZLCHYQRVWL
��1RYL�6DG��������VWU�����r�����3UHYRG��?��6S��5DGRMLaL`��
$QWRORJLMD
�����VWU�����r���
�GRVORYDQ�L�V�JUH^NDPD���/��0LUNRYL`��X��=ERUQLNX�0DWLFH�VUSVNH�]D�NZLCHYQRVW�L�MH]LN�������IX–X
��VWU���r����PDZH�GRVORYDQ��DOL�WDNR_H�V�JUH^NDPD��L�6��0DWL`�X�LVWRP��=ERUQLNX��������XVI
����VWU���r���VORERGDQ�L�SRQDURGZHQ��
���5��0DUL`��
7UDJRYL�JUaNLK�LVWRULaDUD�X�GHOLPD�.RQVWDQWLQD�)LOR]RID
���*ODV���6$18�������
�����VWU����r����'��3DYORYL`��
(OHPHQWL�KXPDQL]PD�X�VUSVNRM�NZLCHYQRVWL�XV
�YHND
���3ULOR]L�]D
NZLCHYQRVW��LVWRULMX��MH]LN�L�IRONORU���������XXIX
���r���VWU���r���
���6��0DWL`��
7UH`L�SULORJ�R�'DQLORYRP��6ORYX��
��=ERUQLN�0DWLFH�VUSVNH�]D�NZLCHYQRVW�L
MH]LN���������XVI
�����VWU�����
���3RVOHGZH�L]GDZH�RULJLQDOQRJ�WHNVWD�?��6S��5DGRMLaL`D��
5D]YRMQL�OXN����
�1RYL�6DG��������VWU�
���r�����RG�LVWRJD��SUHYRG�X�ZHJRYRM�
$QWRORJLML
�����VWU�����r����
���?��6S��5DGRMLaL`��
7YRUFL�L�GHOD
�����7LWRJUDG��������VWU�������L�����
���6W��1RYDNRYL`��X�"Starinama" JAZU
��������IX
��VWU����
���0��.D^DQLQ��
5HVDYD�GHVSRWD�6WHIDQD
���=RJUDI�����������
���$��6RORYMHY��
2GDEUDQL�VSRPHQLFL�VUSVNRJ�SUDYD
��%HRJUDG��������VWU�����r����
���Fr. Miklosich, Monumenta serbica,
%Ha��������VWU�����r����
���1DY��GHOR��VWU�����r����
���6W��1RYDNRYL`��
=DNRQVNL�VSRPHQLFL
��%HRJUDG��������VWU������
���1��5DGRMLaL`��
=DNRQ�R�UXGQLFLPD�GHVSRWD�6WHIDQD�/D]DUHYL`D
��%HRJUDG��������VWU�����
34 6W��1RYDNRYL`��6USVNR¤VORYHQVNL�]ERUQLN�L]�YUHPHQD�GHVSRWD�6WHIDQD�/D]DUHYL`D���6WDULQH��-$=8�������,;��
VWU������SUHYHR�?��6S��5DGRMLaL`��
7YRUFL�L�GHOD
�����7LWRJUDG��3RGJRULFD���������VWU�����r
����
���6W��1RYDNRYL`��
QDY��GHOR
��VWU����
���4��6WRMDQRYL`��
6WDUH�VUSVNH�SRYHTH�L�SLVPD
��I
��%HRJUDG��������VWU�����r����
���1DMQRYLMH�L]GDZH��V�NRPHQWDURP��?��6S��5DGRMLaL`��
5D]YRMQL�OXN���
��1RYL�6DG��������VWU�����r
����
-HOHQD�%DO^L`
3UHGJRYRU�QDSLVDR�?RU_H�6S��5DGRMLaL`
5R_HQD�MH�RNR�������JRGLQH�NDR�WUH`D�N`L�VWDYLOFD�/D]DUD��GRFQLMHJ�VUSVNRJD�NQH]D��6WDYLODF�MH
GYRUVNR�]YDZH��:HPX�MH�ELOD�SRYHUHQD�EULJD�R�LVKUDQL�YODGDUD�L�FHORJD�GYRUD��6D�VYRMRP�CHQRP
0LOLFRP��NRMD�MH�ELOD�L]�SRURGLFH�1HPDZL`D��/D]DU�MH�CLYHR�SRUHG�FDUD�6WHIDQD��D�SRVOH�SRUHG
FDUD�8UR^D��7DNR�MH�PDOD�-HOHQD��NRMD�MH�QRVLOD�LPH�SUYH�VUSVNH�FDULFH��UDQR�GHWLZVWYR�SURYHOD
QD�FDUVNRPH�GYRUX��2GUDVOD�MH�X�.UX^HYFX��X�SUHVWRQLFL�VUSVNH�NQHCHYLQH�NRMD�MH�VWYRUHQD�SRVOH
NRQDaQRJ�UDVSDGD�FDUVWYD�
*ODYQL�ZHQ�YDVSLWDa�ELOD�MH��QDUDYQR��ZHQD�PDMND�0LOLFD��]D�NRMX�VWDUL�VUSVNL�NZLCHYQLN
.RQVWDQWLQ�)LOR]RI�ND]XMH�GD�MH�ELOD��GRVWRVORYQD�L�YHOHPXGUHQD����PXCDVWYHQD�CHQD���NRMD�MH
ELOD�XSX`HQD��X�VYHWVNH�VWYDUL�X�NRMLPD�MH�aRYHN�X�QHGRXPLFL��L�NRMD�MH�XPHOD�GD�GDMH�PXGUH�VDYHWH
NDR�2GLVHM��'UXJL�VWDUL�VUSVNL�NZLCHYQLN��*ULJRULMH�&DPEODN��]D�0LOLFX�MH�UHNDR�GD��PQRJH
SUHYDVKRGL���L�GHODWQR^`X�L�YUOLQDPD��X�SUHPXGURVWL�L�R^WURXPTX��
7H�&DPEODNRYH�SRKYDOQH�UHaL�RGQRVH�VH�L�QD�PRQDKLZX�-HILPLMX��XGRYLFX��YHOLNRJ�L
QDMKUDEULMHJ�GHVSRWD��8JTH^H��NRMD�MH��NDR�0LOLaLQD�VURGQLFD��CLYHOD�QD�GYRUX�X�.UX^HYFX�
6NORQLOD�VH�WDPR�PRCGD�YH`�NUDMHP�������JRGLQH��RGPDK�SRVOH�SRJLELMH�VYRJD�PXCD�L�]DX]LPDZD
6HUVNH�GHVSRWRYLQH�RG�VWUDQH�*UND��3RX]GDQR�MH�CLYHOD�X�.UX^HYFX�SRVOH�������JRG���SRVOH
XODVND�7XUDND�X�6HU��QHNDGD^ZX�GHVSRWRYX�SUHVWRQLFX��1D�WDM�EL�QDaLQ�SRUHG�-HOHQH�ELOD�L
-HILPLMD��L�WR�LOL�RG�-HOHQLQH�WUH`H�JRGLQH�LOL�RG�SHWQDHVWH��8�SUYRP�VOXaDMX�-HOHQD�EL�VH
GXKRYQR�IRUPLUDOD�SRG�-HILPLMLQLP�XWLFDMHP��D�X�GUXJRP�-HILPLMD�EL�VH�QD^OD�-HOHQL�X�GRED
NDG�VH�VHEL�L�VYRMRM�RNROLQL�VWDYTDMX�PQRJD�L�WH^ND�SLWDZD�
7UHED�QDYHVWL�^WD�]D�-HILPLMX�SL^H�.RQVWDQWLQ�)LOR]RI��SD�GD�VH�GR_H�GR�WDaQRJ�]DNTXaND�^WD
MH�-HILPLMLQR�SULVXVWYR�X�NUX^HYDaNRP�GYRUX�]QDaLOR�]D�YDVSLWDZH�/D]DUHYH�L�0LOLaLQH
QHRELaQR�GDURYLWH�GHFH��-HILPLMD�MH��SR�.RQVWDQWLQX���X�PQRJLP�JRYRULPD�L�VWYDULPD
QDMPXGULMD��L�ELOD�MH�0LOLFL��NDR�NXOD�QHND�L�SRPR`���'HFD�VX�MH�YROHOD��2��ZHQRM�YHOLNRM
TXEDYL�L�XVUGLMX��JRYRULR�MH�GHVSRW�6WHIDQ�������JRG���X�GRED�NDG�MH�-HILPLMD�ELOD�X]HOD
QDMVWURCH�PRQD^NH�]DYHWH��NDG�MH�SRVWDOD�GHVSRWLFD�-HYSUDNVLMD�
-HOHQD�MH�UDVOD�VD�VHVWUDPD�L�EUD`RP��6DPR�VH�QDMVWDULMD�VHVWUD�0DUD�XGDOD�GRN�MH�-HOHQD�ELOD
MR^�GHWH��RG���JRGLQD���'UDJDQD��QH^WR�VWDULMD�RG�-HOHQH��XGDOD�VH�X�%XJDUVNX�JRGLQX�GDQD�SUH
-HOHQLQH�SUYH�XGDMH��7RGRUD��NRMD�MH�ELOD�QH^WR�POD_D��RVWDYLOD�MH�URGLWHTVNL�GRP�SRVOH�-HOHQH�
3RVWDOD�MH�EDQLFD�SUYR�PDaYDQVND��D�]DWLP�KUYDWVNRrGDOPDWLQVND��2OLYHUD��NRMD�`H�SRVOH�.RVRYD
RWL`L�X�%DMD]LWRY�KDUHP��URGLOD�VH�SHW�GR�^HVW�JRGLQD�SRVOH�-HOHQH��D�EUD`D��VYD�WURMLFD
�6WHIDQ��9XN�L�'REULYRMH���ELOL�VX�POD_L�L�RG�2OLYHUH��7DNR�MH�6WHIDQ��GRFQLML�NQH]�L�GHVSRW�
LPDR�VYHJD�RNR����JRG��NDG�VH�-HOHQD�XGDOD�]D�?XU_D�II
�6WUDFLPLURYL`D�%DO^L`D���VDPRGUCDYQRJ
JRVSRGLQD�VYH�]HWVNH�L�SRPRUVNH�]HPTH���RNR�������
6D�?XU_HP�MH�-HOHQD�SURYHOD�X�EUDNX�RNR�VHGDPQDHVW�JRGLQD��2Q�MH�ZX�QH�VDPR�YROHR��YH`�L�FHQLR�
6PDWUDR�MH�GD�MRM�PRCH�GD�SRYHUDYD�GLSORPDWVNH�PLVLMH��8�QHRELaQR�WH^NRM�VLWXDFLML�SRVOH
WXUVNH�SREHGH�NRG�1LNRSRTD��������WUHEDOR�MH�GD�-HOHQD��X�?XU_HYR�LPH��YRGL�SUHJRYRUH�VD
6DQGDTHP�+UDQL`HP��7DGD�QLMH�QL�VOXWLOD�GD�`H�VH�SRVOH�?XU_HYH�VPUWL�SUHXGDWL�]D�6DQGDTD��L
WR�VYDNDNR�L]�EULJH�GD�REH]EHGL�GUCDYX�?XU_HYRP�L�VYRPH�VLQX��%DO^L�III
��8�QDXFL�MH�L]QHWR
PL^THZH�GD�X�?XU_X�6WUDFLPLURYL`X�WUHED�YLGHWL�6WUDKLQL`D�EDQD�QDURGQLK�SHVDPD��-HOHQD
EL��SR�WRPH��ELOD�CHQD�NRMD�VH�X�RGVXGQRP�WUHQXWNX�RSUHGHTXMH�QH�]D�PXCD��YH`�]D�aRYHND�NRML�MH
PXCHYTHYH�GYRUH�SRKDUDR�L�ZX�]DURELR��,VWRULMVNL�SRGDFL�SULND]XMX�-HOHQX�VDVYLP�GUXNaLMH�
2QD�MH�ELOD�GRVWRMQD�N`L��PXCDVWYHQH�CHQH��NQHJLZH�0LOLFH�
.DR�NQHJLZD�0LOLFD�SRVOH�SRJLELMH�NQH]D�/D]DUD�QD�.RVRYX��WDNR�MH�L�-HOHQD�SRVOH�?XU_HYH
VPUWL��������SULKYDWLOD�XSUDYX�]HPTH�X�VYRMH�UXNH��6DPR�MH�0LOLFD�WHCLOD�GD�RVLJXUD�PLU
VUSVNRM�NQHCHYLQL��D�-HOHQD�MH�=HWX�XYXNOD�X�UDW�V�9HQHFLMRP��%LOD�MH�RSDVDQ�SURWLYQLN�POHWDaNL
NDG�MH�REH`DQD�QDJUDGD�RG�����GR������GXNDWD�RQLPD�NRML�0OHaDQLPD��%DO^X�L�PDWHU�ZHJRYX�CLYH
X�UXNH����SUHGDGX���8�WRNX�WRJ�UDWRYDZD�6DQGDT�+UDQL`��-HOHQLQ�EXGX`L�PXC��QLMH�QL�QDMPDZH
]DX]LPDR�EODJRQDNORQR�GUCDZH��1DM]DG�MH�GR^OR�GR�PLUD��DOL�SRG�MHGQLP�XVORYRP��GD�VH�%DO^DIII
�OLaQR�SRMDYL�X�9HQHFLML��3RVHEQLP�GRNXPHQWRP�VYHaDQR�MH�GDWD�JDUDQFLMD�R�ZHJRYRM
EH]EHGQRVWL��ADN�MH�L�WDODF�REH`DQ��.DR�EULCQD�PDWL�-HOHQD�QLMH�LSDN�KWHOD�GD�SXVWL�VYRJD�VLQD
MHGLQFD��3R^OD�MH�VDPD�X�9HQHFLMX��3RaHWNRP�DYJXVWD�������JRG��VWDOD�MH�SUHG�GXCGD�L�L]MDYLOD�GD
MH�]D�VYH�RQD�NULYD��D�QH�ZHQ�VLQ��7H�VX�UHaL�RVWDYLOH�GXERN�XWLVDN�QD�GXCGD�L�QD�POHWDaNX
JRVSRGX��,�RQL�VX�-HOHQL�XND]DOL��PQRJH�SRaDVWL���NDNR�MH�]DEHOHCLR�POHWDaNL�KURQLaDU��
=D�6DQGDTD�+UDQL`D�-HOHQD�VH�XGDOD�������JRG��.DR�ZHJRYD�CHQD�SRMDYLOD�VH�LGX`H�JRGLQH�V�ZLP
QD�GYRUX�X�%XGLPX���QD�VDERUX�]DSDGQLK�NUDTHYD�L�GUXJH�JRVSRGH���SR�UHaLPD�.RQVWDQWLQD
)LOR]RID���7X�VX�ELOL�NUDTHYL�XJDUVNL�L�SRTVNL��D�]DWLP����KHUFHJD�L�NQH]RYD�����JURID����
GUXJLK�IHXGDODFD��QH�UDaXQDMX`L�XJDUVNH���QDM]DG������YLWH]RYD�VD������SUDWLODFD��3RYHOL�VX�VD
VRERP��������NRZD��6HP�IHXGDOQH�JRVSRGH�L]�HYURSVNLK�]HPDTD��GR^OL�VX�7DWDUL��0RQJROL��L
7XUFL��2G�QD^LK�TXGL�QD�WRPH�VDERUX�VX�X]HOL�XaH^`D�MR^�L�RYL�IHXGDOFL��GHVSRW�6WHIDQ�
ERVDQVNL�NUDT�2VWRMD��NQH]�.DUOR�.XUMDNRYL`��GYD�NQH]D�%DERQL`D��,YDQ�0RURYL`��KHUFHJ
+UYRMH��NQH]�3DYOH�5DGHQRYL`��1D�VMDMQLP�YLWH^NLP�LJUDPD�LVWDNOL�VX�VH�ERVDQVNL�YLWH]RYL�
3RTVNL�OHWRSLVDF�'OXJR^�SL^H���6DQGDT�YRMYRGD�ERVDQVNL�L�NUDT�+UYRMH�XaLQL^H�X�SULVXVWYX
VYRMLK�CHQD�WX�VODYX�RVRELWR�VYHaDQRP��MHU�VH�ZLKRYL�YLWH]RYL��YLVRNL�L�SOHPHQLWD�VWDVD��KUDEUR
L�MXQDaNL�QD�PHJGDQX�SRQH^H���$�PH_X�IHXGDOFLPD�-HOHQLQ�EUDW��GHVSRW�6WHIDQ���QDMVYHWOLML
SUHG�VYLPD�L�YL^H�RG�VYLK�YLGLP�EH^H��NDR�PHVHF�SRVUHG�]YH]GD��L�L]�GDOHND�YLGLP�EH^H
VYDNRPH���7DNR�EDU�WYUGL�.RQVWDQWLQ�)LOR]RI��/LNRYL�XaHVQLND�WRJD�VDERUD��ZLK�aHWUGHVHWDN�
L]JOHGD�GD�VH�QDOD]H�SUHGVWDYTHQL�X�YHOLNRP�SROLKURPQRP�UHTHIX��5DM�L�SDNDR�SRG
%RJRURGLaQLP�SOD^WRP���NRML�MH�L]UD_HQ�X�FUNYL�QD�3WXMVNRM�*RUL�NRG�3WXMD��0RCGD�MH�PH_X
ZLPD�L�-HOHQLQ�OLN�
*RG��������'XEURYaDQL�VX�X�VYRPH�JUDGX�SULUHGLOL�VYHaDQ�GRaHN�6DQGDTX�+UDQL`X�L�-HOHQL�
,]JOHGD�GD�VH�'XEURYQLN�-HOHQL�YHRPD�GRSDR��3RVOH�VPUWL�6DQGDTHYH��������CHOHOD�MH�GD�VH
VWDOQR�QDVWDQL�X�'XEURYQLNX�L�GD�QHJGH�L]YDQ�JUDGVNLK�]LGLQD�VD]LGD�FUNYLFX�VHEL�]D�JURE��'R
WRJD�QLMH�GR^OR��'XEURYaDQL�VX�VH�SR]LYDOL�GD�MH�]D�]LGDZH�FUNYH�SRWUHEQR�SDSLQR�RGREUHZH�
.DG�QLMH�PRJOD�NUDM�'XEURYQLND��-HOHQD�VH�RGOXaLOD�GD�SRGLJQH�FUNYX�VHEL�]D�JURE�X�=HWL��X
VYRMRM�QHNDGD^ZRM�GUCDYL��,]DEUDOD�MH�*RULFX��%UH]RYLFX��%H^NX���RVWUYR�X�6NDGDUVNRP�MH]HUX�
L�WX�������JRG��SRGLJOD�%RJRURGLaLQX�FUNYX��8�QDWSLVX�VHEH�QD]LYD��SRGUXCLMHP�JRVSRGLQD
?XU_D�6WUDFLPLURYL`D���
'XKRYQLN�-HOHQLQ�ELR�MH�1LNRQ�-HUXVDOLPDF��6�ZLP�VH�GRSLVLYDOD���2WSLVDQLMH�ERJRTXEQR�
XSX`HQR�MH�WRPH�1LNRQX��%LR�MH�SR�SRUHNOX�9L]DQWLQDF��0OD_L�RG�-HOHQH��UR_HQ�MH�RNR�������JRG�
,]PH_X�������L�������JRG��SURSXWRYDR�MH�3DOHVWLQX��ELR�X�-HUXVDOLPX��QD�6LQDMX��X�(JLSWX��7R
VYRMH�SXWRYDZH�MH�RSLVLYDR��L�WR�]ERJ�-HOHQH��GD�MH�EOLCH�REDYHVWL�R�WLP�NUDMHYLPD�NRML�VX�MH
YHRPD�LQWHUHVRYDOL��1LNRQ�SL^H�VUSVNRVORYHQVNL��DOL�V�YUHPHQD�QD�YUHPH�XSRWUHETDYD�JUaNH
L]UD]H��NRMH�SL^H�`LULOLFRP�RQDNR�NDNR�VH�L]JRYDUDMX��2GDWOH�PRCHPR�]DNTXaLWL�GD�MH�-HOHQD
]QDOD�LOL�EDU�UD]XPHYDOD�JUaNL�
2G�1LNRQD�QDP�VH�VDaXYDR�MHGDQ�UXNRSLVQL�VUSVNRVORYHQVNL�=ERUQLN�L]����������JRG��8�ZHPX�MH
>HVWRGQHYQLN
�L�UD]QL�GUXJL�WHNVWRYL��YHRPD�SULYODaQL�]D�PRQDKH�NRML�VX�VH�RGDYDOL��EH]POYLMX�
s�KHVLKLML��`XWDZX���1D�NUDMX�WRJD�=ERUQLND�VX�FUNYHQL�WHNVWRYL�QD�JUaNRP��=D�-HOHQX�MH
VDVWDYLR�GUXJL�MHGDQ�VUSVNRVORYHQVNL�=ERUQLN����������JRG��8QHR�MH�VYRMX�SUHSLVNX�V�-HOHQRP��GYD
ZHQD�L�WUL�VYRMD�SLVPD���VYRMD�L]ODJDZD�R�1HPDZL`LPD�NDR�-HOHQLQRP��SOHPHQX���]DWLP�CLYRW
6LPHRQD�1HPDZH�SR�6WHIDQX�3UYRYHQaDQRP��WR�MH�GUXJL�SR]QDWL�UXNRSLV�RYRJ�SLVFD��L�SR
7HRGRVLMX��6DYLQ�CLYRW��SR�7HRGRVLMX���UD]QH�PRQD^NH�SURSLVH��aODQNH�L]�NRVPRJUDILMH�L
SRPHQXWL�VYRM�SXWRSLV��-HOHQD�MH�WDM�=ERUQLN�SULORCLOD�VYRMRM�FUNYL�X�*RULFL�
8PUOD�MH�SRaHWNRP�������JRG��1D�QHNROLNR�PHVHFL�SUH�-HOHQLQH�VPUWL��X�QRYHPEUX�������JRG�
VDVWDYTHQ�MH�ZHQ�WHVWDPHQW��3LVDR�JD�MH�ZHQ�GXKRYQLN�1LNDQGDU��VWDUDF�MHUXVDOLPVNL��7R�MH
VYDNDNR�1LNRQ��NRML�MH�X�PH_XYUHPHQX�X]HR�QDMVWURCH�PRQD^NH�]DYHWH�L�GRELR�LPH�1LNDQGDU�
7HVWDPHQW�MH�SLVDQ�X�*RULaDQLPD�X�*RUZRM�=HWL�
>WR�VH�WLaH�1LNDQGUD��RQ�MH�SR�VYRM�SULOLFL�SRVWDR�NDOX_HU�X�PDQDVWLUX�VY��1LNROH�QD�9UDZLQL
�X�6NDGDUVNRP�MH]HUX���WX�MH�]DX]LPDR�SRORCDMH�LJXPDQD�L�SURLJXPDQD��GRCLYHR�MH�GXERNX�VWDURVW
L�XPUR�SRVOH�������JRG�
?RU_H�6S��5DGRMLaL`
$QGRQLMH�5DIDLO�(SDNWLW
3UHGJRYRU�QDSLVDR�?RU_H�7ULIXQRYL`
,PH�$QGRQLMD�5DIDLOD�SR]QDWR�MH�QDXFL�aLWDYR�VWROH`H��3DYOH�-��>DIDULN�SUYL�JD�MH�XQHR�X
VYRMX�
,VWRULMX
���(SDNWLW�$QWRQ�5DIDLO��CLYHR�������JRG��SRG�SDWULMDUKRP�'DOPDFLMH�1LNRORP
L�VDP�MH�SR]QDW�NDR�VDVWDYTDa�MHGQH�QHXNXVQH�SRKYDOH�NQH]X�/D]DUX���5D]OLNXMH�VH�PRQDK�5DIDLO�L]
PDQDVWLUD�.DVWDPRQLWD��XPUR�������0RQWI��%LEO��������
���
�8�LVWRM�NZL]L�3��-��>DIDULN�MH�RSLVDR
L�UXVNRVORYHQVNL�UXNRSLV�L]�������JRGLQH�
���
�NRML��SRUHG�RVWDORJ��VDGUCL�$QGRQLMHY�VSLV��2YRP
SULOLNRP�MH�MR^�VWURCH�RVXGLR�
9U^H�PLVOQL
��JRYRUH`L�GD�MH�WR��FHQWR�PLOR]YXaQLK�IUD]D�
PXVWUD�L]YH^WDaHQLK�QHSULURGQRVWL�L�aXGRYL^QRVWL�X�PL^THZX�L�VWLOX��
���
3RVOH�QHNROLNR�JRGLQD�-HYJHQLMH�*ROXELQVNL�SRQDYTD�>DIDULNRYH�UHaL�L�XQRVL�$QGRQLMD�X�VYRM
SUHJOHG�VWDUH�VUSVNH�NZLCHYQRVWL��PD^WDMX`L�SUL�WRPH�R�SL^aHYRM�QDFLRQDOQRVWL���>DIDULN���
JRYRUL�R�QHNRP�(SDNWLWX�$QWRQX�5DIDLOX��NRML�MH�RNR�������QDSLVDR�OR^H��SORKRH��SRKYDOQR
VORYR�NQH]X�/D]DUX��DOL�RQ��YHURYDWQR��URGRP�QLMH�ELR�6UELQ��YH`�+UYDW��
���
2GORPDN�NRML�MH�REMDYLR�$��)��*LTIHUGLQJ
���
�SUYL�MH�,ODULRQ�5XYDUDF�YH]DR�]D�$QGRQLMHYR�LPH�
8�*LTIHUGLQJRYRP�SUHSLVX�QH�QDOD]L�VH�$QGRQLMHYR�LPH��1R��,��5XYDUDF�MH�LPDR�X�UXNDPD
UXVNRVORYHQVNL�SUHSLV�L]�������JRGLQH��WH�MH�L]�]DSLVD�PRJDR�GD�VH�XSR]QD�L�VD�$QGRQLMHYLP
LPHQRP�L�YUHPHQRP�SLVDZD�
9U^L�PLVOQLK
�
���
�6YRM�SURQDOD]DN�VDRS^WLR�MH��NDVQLMH��4XERPLUX
6WRMDQRYL`X��NRML�MH�L]GDYDR�X�FHOLQL�*LTIHUGLQJRY�SUHSLV���3R�VDRS^WHZX�J��5XYDUFD�RYD
SRKYDOD�QDOD]L�VH�L�X�MHGQRP�NDUORYDaNRP�UXNRSLVX�]DMHGQR�VD�'DQLORP��L�QD�ZRM�LPD�]DEHOHCHQR
L�LPH�SLVFD�
$QWRQLMH�5DIDLO�(SLNWLW
����L�EL`H��L�DNR�MH�UXVNH�UHGDNFLMH��WHNVW�ERTH�RaXYDQ��
���
6WRMDQ�1RYDNRYL`�VH�NRULVWLR�$QGRQLMHYLP�GHORP�NDR�LVWRULMVNLP�L]YRURP�SULOLNRP�SLVDZD
VYRMH�PRQRJUDILMH�
6UEL�L�7XUFL
��,DNR�MH��NDR�L�,��5XYDUDF��VWURJR�RFHQLR�NZLCHYQH�YUHGQRVWL�
QDODCHZHP�LVWRULMVNLK�SRGDWDND�SRND]DR�MH�EOLVNRVW�
9U^L�PLVOQLK
�YUHPHQX�.RVRYVNH�ELWNH��1H
]QDMX`L��RaLJOHGQR��QL�]D�$QGRQLMHYR�LPH�QL�]D�ZHJRY�]DSLV��NRML�LQDaH��WDaQR�GDWLUD�SRVWDQDN
GHOD��6��1RYDNRYL`�MH�SULEOLCQR�WDaQR�RGUHGLR�YUHPH�SLVDZD�
9U^L�PLVOQLK
��2Q�YHOL�GD�MH
SLVDF��VXYUHPHQLN��L�NRML�MH�]D�WX�SULOLNX�VYRMX�SRKYDOX�L�SLVDR��
���
AXGQRYDWR�MH�GD�6WDQRMH�6WDQRMHYL`�QLMH�]QDR�]D�5XYDUaHY�QDOD]DN�DXWRUD�
9U^L�PLVOQLK
��,�SRVOH
QHVXPZLYLK�aLZHQLFD�GD�MH�$QGRQLMH�DXWRU�GHOD��6��6WDQRMHYL`�MH�WYUGLR�NDNR�MH�WRERCH
.RQVWDQWLQ�)LOR]RI��EH]�VXPZH��VDVWDYLR�
9U^H�PLVOQL
�
���
�6NRUR�aHWLUL�GHFHQLMH�NDVQLMH�6�
6WDQRMHYL`��VDGD�X]�VDUDGZX�VD�'X^DQRP�*OXPFHP��YRGL�
9U^H�PLVOQL
�RSHW�NDR�.RQVWDQWLQRYR
GHOR�
����
�$XWRU�GHOD�QLMH�SR]QDW�QL�9ODGLPLUX�.DaDQRYVNRP��NRML�MH�SRQRYR�L]GDR�
9U^H
PLVOQL
�
����
1HSRX]GDQL�3DQWD�6UH`NRYL`�]QD�]D�$QGRQLMHYR�LPH��DOL�JD�QD]LYD�HSLVNRSRP��QH�QDYRGH`L�NDNR
MH�GR^DR�GR�WRJD�
����
4XERPLU�6WRMDQRYL`��SR�SUHSLVX�'LPLWULMD�5XYDUFD��REMDYTXMH�$QGRQLMHY�]DSLV�L]
UXVNRVORYHQVNRJ�]ERUQLND�L]�������JRGLQH��,DNR�QLMH�REMDYTHQ�X�FHOLQL��L�RGORPDN�]DSLVD�GDYDR
MH�VYH�aLZHQLFH�R�YUHPHQX�SLVDZD�L�LPH�DXWRUD�
����
'UDJXWLQ�.RVWL`�VH�PDOR�]DGUCDYDR�QD�$QGRQLMHYRP�GHOX��DOL�MH�SUYL��NROLNR�QDP�MH�SR]QDWR�
SRWUDCLR�VOLaQRVWL�L]PH_X�
9U^L�PLVOQLK
�L�GUXJLK�NRVRYVNLK�VSLVD�
����
?RU_H�6S��5DGRMLaL`�MH�X�YL^H�PDKRYD�SLVDR�R�$QGRQLMX�5DIDLOX�L�SUHYRGLR�RGORPNH�L]�ZHJRYRJ
GHOD��9H`�SUYRP�SULOLNRP�SRNX^DR�MH�GD�LGHQWLILNXMH�QD^HJ�$QGRQLMD�VD�GUXJLP�SUHSLVLYDaLPD
LVWRJD�LPHQD��3UHWSRVWDYTDR�MH�GD�VX�$QGRQLMH�5DIDLO�L�QHNL�NLU�$QWRQLMH�VD�6YHWH�*RUH
SUHYRGLODF�-RYDQD�=ODWRXVWRJ��s�LVWR�OLFH�
����
�aHJD�VH�GUCDR�L�NDVQLMH�
����
�8VNRUR�MH�?��6S�
5DGRMLaL`�QDaLQLR�LVSUDYNX�L�QD^DR�SUDYX�OLaQRVW�SUHYRGLRFD�NLU�$QWRQLMD�
����
3UYL�MH�'UDJXWLQ�.RVWL`�VNUHQXR�SDCZX�QD�WUL�VOLaQD�PHVWD�NRG�$QGRQLMD�L�X�GUXJLP
NRVRYVNLP�VSLVLPD��6OLaQRVWL�MH�QD^DR�VD�GHORP�SDWULMDUKD�'DQLOD�III
�L�
6ORYRP�R�NQH]X�/D]DUX
QHSR]QDWRJ�SLVFD�
����
�2G�.RVWL`HYLK�QDOD]D�SROD]LR�MH��NDVQLMH��?RU_H�6S��5DGRMLaL`��6XGH`L�SR
XSRWUHEL�LVWLK�YODVWLWLK�LPHQD�SUHWSRVWDYTDR�MH��GD�MH�$QGRQLMH�5DIDLO�ELR�SRG�QHVXPZLYLP
XWLFDMHP�FUNYHQH�SHVPH��6OXCEH�/D]DUHYH��
����
�,VSLWLYDOL�VPR�SHVQLaND�VUHGVWYD�QDYHGHQLK�GHOD
L�YLGHOL�VPR�GD�LPD�GRVWD�VLPEROD�NRML�VX�]DMHGQLaNL�'DQLOX�III
��QHSR]QDWRP�SLVFX�
6ORYD�R
NQH]X�/D]DUX
�L�$QGRQLMX�5DIDLOX��,PD�NRG�$QGRQLMD�VLPEROD�NRMH�QDOD]LPR�VDPR�MR^�X�
6ORYX
QHSR]QDWRJ�SLVFD��ELVHU��GLMDGHPD��-RVLI��NRUDET��PRUH��SaHOD��VNURYL^WH�L�VHQ��0DZL�EURM
$QGRQLMHYLK�VLPEROD�QDOD]LPR�NRG�'DQLOD�III
��GUHYR��NZLJD��POQLMD��RGHCGD��SODPHQ�L�VWUHOD�
6XGH`L�SR�QHNLP�VLPEROLPD��$QGRQLMH�MH�aLWDR�L�
3RKYDOQR�VORYR�R�NQH]X�/D]DUX
��^WR�QH�LVWLaX
QL�'��.RVWL`�QL�?��6S��5DGRMLaL`��7DNR�VDPR�NRG�$QGRQLMD�L�QHSR]QDWRJ�SLVFD�QDOD]LPR�X
VOLaQRM�NZLCHYQRM�XSRWUHEL�s�CHQLK��RNR��VHW�L�WDPD��6OLaQLK�YUHGQRVWL�VLPEROD�
NULQD
aLWDPR�L�NRG�'DQLOD�III
��MHGDQSXW��L�X�
3RKYDOQRP�VORYX
��WUL�SXWD��
1HNROLNR�VLPEROD�]DMHGQLaND�VX�$QGRQLMX�L�SLVFLPD�
6ORYD�R�NQH]X�/D]DUX
�L�
3RKYDOQRJ�VORYD
NQH]X�/D]DUX
��OXaD��REODN��SULVWDQL^WH�L�VOQFH��6OLaQRVW�MH��PH_XWLP��QDMXRaTLYLMD�NRG
$QGRQLMD�L�QHSR]QDWRJ�SLVFD�
3RKYDOQRJ�VORYD
��3RWRZL��QD�SULPHU��NDCH�GD�MH�/D]DU��WLKRMH
SULVWDQL^WH��
����
�D��$QGRQLMH�s��WLKRMH�CLWLMD�NRUDETX�SULVWDQL^WH��������6LPERO�
VYHWD
�VYHWORVWL���NRML�QDOD]LPR�VDPR�NRG�'DQLOD�III
��QHSR]QDWLK�SLVDFD�
6ORYD
�L�
3RKYDOQRJ�VORYD
�L
NRG�$QGRQLMD�s�JRYRUL�QDMERTH�R�LQVSLUDWRUQRM�EOLVNRVWL�RYD�GYD�GHOD�
����
$QGRQLMH�MH��SUHPD�WRPH��PRJDR��SRUHG�'DQLOD�III
�L�
6ORYD�R�NQH]X�/D]DUX
�QHSR]QDWRJ�SLVFD�
SR]QDYDWL�L�
3RKYDOQR�VORYR�NQH]X�/D]DUX
��1L�X�MHGQRP�VOXaDMX�QH�UDGL�VH�R�SUHSLVLYDZX�UHGRYD�
$QGRQLMH�MH�YL^H�ELR�aLWDODF�RYD�WUL�GHOD��aLMH�VH�VLPEROLNH��SULOLNRP�SLVDZD��
VH`DR
�
(SDNWLWRY�WDOHQDW��GUXJL�SRJOHGL�QD�SRHWVNR�VWYDUDZH�L�SHVQLaNR�L]UDCDYDZH�s�VDaXYDOL�VX
L]YRUQRVW�
9U^L�PLVOQLK�NQH]X�/D]DUX�
%HOH^NH�
��P. J. Schaffarik, Geschichte der serbischen Schriftthums
��3DU��������VWU������
��9LGHWL�X�I
�SRJODYTX�JODYH�R�
#LWLMX�NQH]D�/D]DUD
�EURM������
��3��-��>DIDULN��
QDY��GHOR
��VWU�����r����
��*ROXELQVNL
\
��
.UDWNL
\�RaHUN×�LVWRULL�SUDYRVODYQÙKØ��FHUNYH\��%ROJDUVNR\��VHUEVNR\
�
L
UXPÙQVNR\�LOL�PROGRYDOD^VNR\�
�
0RVNYD��������VWU������
��$��)��*LO×IHUGLQJ×��%RVQLÀ��VWU�����r����
��,��5XYDUDF��
2�NQH]X�/D]DUX
��1RYL�6DG��������VWU���r��
���6SRPHQLN��6$18��III
��,VSUDYNH�L�GRSXQH�
��6��1RYDNRYL`��
6UEL�L�7XUFL�XIV
�L�XV
�YHND
��%HRJUDG��NZ�����r�����VWU������
��6��6WDQRMHYL`, 'LH�%LRJUDSKLH�6WHIDQ�/D]DUHYLFV�YRQ�.RQVWDQWLQ�GHP�3KLORVRSKHQ�DOV�*HVFKLFKWVTXHOOH,"Archiv für slavische Philologie",
�������XVIII
��VWU������
���6��6WDQRMHYL`�s�'��*OXPDF��
6Y��3LVPR�X�QD^LP�VWDULP�VSRPHQLFLPD
��6$18��%HRJUDG�������
VWU������
���9��9��.DaDQRYVNL\��,VWRULÀ�6HUELL�
���3��6UH`NRYL`��
3UHJOHG�LVWRULMVNLK�L]YRUD�R�NQH]X�/D]DUX�L�.UDTHYL`X�0DUNX
���6SRPHQLN��
6$18��������XXXVI
��VWU�����
���4��6WRMDQRYL`��
6WDUL�VUSVNL�]DSLVL�L�QDWSLVL
��III
��6$18��%HRJUDG��������VWU����r���
���'��.RVWL`��
6WDURVW�QDURGQRJ�HSVNRJ�SHVQL^WYD�QD^HJ
��-XCQRVORYHQVNL�ILORORJ���������XII
�
VWU����r���
���?��6S��5DGRMLaL`��
6WDUL�VUSVNL�NZLCHYQLFL
�XVI–XVII
�YHND�
��%HRJUDG��������VWU����r���
���?��6S��5DGRMLaL`��$QGRQLMH�5DIDLO
��(QFLNORSHGLMD�-XJRVODYLMH��I
��=DJUHE��������VWU�����
���?��6S��5DGRMLaL`��
$QWRORJLMD�VWDUH�VUSVNH�NZLCHYQRVWL
��%HRJUDG��������VWU�������2�$QGRQLMX
YLGHWL�MR^�VOHGH`H�UDGRYH��?��6S��5DGRMLaL`��
3RKYDOD�NQH]X�/D]DUX�VD�VWLKRYLPD
���,VWRULVNL
aDVRSLV���������V
��VWU�������Drei Byzantiner, alt–serbische Schriftsteller des 15. Jahrhunderts, Akten desXI internationalen Byzantinisten–Kongresses
������0LQKHQ��������VU�����r�����
5D]YRMQL�OXN�VWDUH
VUSVNH�NZLCHYQRVWL
��1RYL�6DG��������VWU�����r����
���'��.RVWL`��
6WDURVW
��VWU����r���
���?��6S��5DGRMLaL`��
3RKYDOD�NQH]X�/D]DUX�VD�VWLKRYLPD
��VWU�������
$QWRORJLMD
��VWU�����������
5D]YRMQL�OXN
��VWU�����r����
���?��'DQLaL`��
3RKYDOD�NQH]X�/D]DUX
���*ODVQLN���'66��������XIII
��VWU������
���2�VLPEROLFL�SRVHEQR�UDVSUDYTDPR�X�SUYRM�L�GUXJRM�JODYL�GUXJRJD�GHOD�
1DMVWDULML�VUSVNL�]DSLVL�]DSLVL�R�.RVRYVNRP�ERMX
3UHGJRYRU�QDSLVDOD�0LOND�,YL`
1D�GDQ����DSULOD�������JRGLQH��X�UD]RUHQRM�1DURGQRM�ELEOLRWHFL��SURSDOD�VX��SRUHG�WROLNLK
GUXJLK�UXNRSLVD��L�RYD�GYD��MHGDQ�
$SRVWRO
��SLVDQ�QD�SHUJDPHQWX�XII/XIII
�L�XIII/XIV
�YHND�
���
�L
'LRSWUD
�0LKDLOD�3VHOD��VD�NRMRP�VH�X�LVWRP�SRYH]X�QD^DR�L��OLVW�RG�GUXJH�QHNH�NZLJH��
���
�1D
VWUDQLFDPD�
$SRVWROD
��NDR�L�QD�WRP�X�
'LRSWUX
�QDNQDGQR�XEDaHQRP�OLVWX��ELOR�MH�]DSLVD�R�UD]QLP
VWYDULPD��L]PH_X�RVWDORJ��L�R�.RVRYVNRP�ERMX�
,]�SHUD�L]YHVQRJ�%RCLGDUD��NRML�VH�WUXGLR�RNR�
$SRVWROD
��SRWLaX�RYH�UHaL����
d3LVD�%RCLGDUÁ
VL\�NQLJ��EJ�GÁQÁ�EODJRaÁVWLYDJR�NQH]D�/D]DUD�NÁGÁQR�GRJH�FDUÁ�ÏDPRXUDWÁ�QD�6LWÁQLF��L
EL^H�ER�L��P�H�V�H�FD�\QD�Ì��G�Á�QÁ�QD�%RVRYH��l
:HJRYD�MH�L�VOHGH`D�]DEHOH^ND��cGD�]QD^Á
eUH�GRGH�FDUÁ�QD�6LWÁQLF��L�ED^D�,EUDLQÁ�VÁFDUÁPÁ�'RKDWRYLND�VWHJÁ�QRVHNLl�
�
���
1L�SUYR�QL�GUXJR�QDYHGHQR�VDRS^WHZH�QH�XNTXaXMH�SRPHQ�R�SRJLELML�ELOR�NRMHJ�RG�GYD�YODGDUD�
SD�MH�ORJLaQR�SUHWSRVWDYLWL�GD��GRN�MH�]DSLVLYDR��%RCLGDU�MR^�XYHN�QLMH�ELR�REDYH^WHQ�R�LVKRGX
ELWNH��0RCGD�aDN�RQD�X�WRP�WUHQXWNX�L�QLMH�ELOD�]DYU^HQD"�7X�MH��X�VWYDUL��VDPR�MHGQR�VLJXUQR�
QD^�MH�L]YHVWLODF�ELR�QDaLVWR�V�WLP�GD�VH�UDGL�R�GRJD_DMX�aLML�]QDaDM�]DYUH_XMH�SLVPHQRJ�WUDJD�
=DSLV�QD�QDNQDGQR�XPHWQXWRP�OLVWX�
'LRSWUH
�ELR�MH�WROLNR�R^WH`HQ�GD�MH�SULOLNRP�REMDYTLYDZD
RVWDYTHQ�VD�PHVWLPLaQLP�SUD]QLQDPD��=ERJ�WH�RNUZHQRVWL�WHNVWD�QH�VPHPR�WYUGLWL��PD�NROLNR
QDP�VH�aLQLOR�YHURYDWQLP��GD�MH�ZHJRY�DXWRU�WDPR�VSRPHQXWR�VYH^WHQR�OLFH�aLMH�MH�QHaLWNR
LVSLVDQR�LPH�4XERPLU�.RYDaHYL`�SURaLWDR�NDR�1RYDN�
���
�D�4XERPLU�6WRMDQRYL`�NDR�,YDQ�
���
(YR�WRJD�]DSLVD�
���
c����JÁ�JU�^QL�SRS�1RYDNÁ��GD�e�Y�GRPR�YVDNRPX������NROLND�W�JD�EH^H�SR�]HPOL�NDGL�VH��EL
NQH]D����Y�OLNL�FDUÁ�W�UVNL��l
ALQL VH� EDU QD SUYL SRJOHG� NDR GD� ]D UD]OLNX RG RQRJ SUHWKRGQRJ� RYDM
WHNVW VYRGL ND]LYDZH R
.RVRYVNRP ERMX XSUDYR QD YHVW R SRJLELML VUSVNRJ YODGDUD� 1R s GD OL MH WR ED^ ]DLVWD WDNR"
8�SULQFLSX��PRJOR�EL�ELWL��8�WRP�VOXaDMX��RQR�
YHOLNL�FDU�WXUVNL
�QH�VSDGD�X�LVWX�UHaHQLFX�X�NRMX
XEL�VH�NQH]
��QHJR�X�QHNX�QDUHGQX��QDPD�GDQDV�SRWSXQR�QHGRNXaLYX��
8EL�VH
�QRVL�SUL�WRP�SDVLYQR
]QDaHZH��EL�XELMHQ���V�WDNYLP�VH�]QDaHZHP�MDYTD��QD�SULPHU��SUH]HQWVNL�REOLN�
XELMH�VH
�� ��EXGH
XELMHQ��
���
�X�VOHGH`RM�RGUHGEL�'X^DQRYRJ�
=DNRQLND
��cL�JGH�VH�QDLGH�RXEÎLVWYR�^Q]L�NRLQR�ERXGH
]DUkYDOÁ�ERL�GD�eVW�NULYÁ�DNR�VH�L��EÎHl���
��
��3UL�WDNYRP�WXPDaHZX�REOLND�
XEL�VH
��UHa�
WXJD
�NRMX
RYDM�]DSLV�SRPLZH��VDVYLP�MH�QD�PHVWX�VD�GDQDV�MRM�VYRMVWYHQRP�VHPDQWLNRP�
$OL�s�QLWL�VH�
WXJD
�X�VWDURP�VUSVNRP�MH]LNX�XSRWUHETDYDOD�LVNTXaLYR�X�VPLVOX��CDORVW���QLWL
MH�L]UD]�
XEL�VH
�UHGRYQR�IXQNFLRQLVDR�NDR�SDVLYQD�IRUPD�JODJROD�
XELWL
��
WXJRP
�VX�TXGL
LPHQRYDOL�X]QHPLUHQRVW��QHVSRNRMVWYR��
��
�D�JODJRO�
XELWL
�XGUXCLYDOL�VD�
VH
�GD�EL�LVND]DOL
]QDaHZH��SRELWL�VH����SRWX`L�VH��
����
$NR�VH�SRG�
XEL�VH
��X�]DSLVX�R�NRMHP�MH�RYGH�UHa��SRGUD]XPHYDOD�LQIRUPDFLMD��SREL�VH���RQGD�MH�X]
NQH]D��/D]DUD��PRUDR�ELWL�R]QDaHQ�L�ZHJRY�SDUWQHU�X�YU^HZX�GDWH�X]DMDPQR�SRYUDWQH�UDGZH��WM�
�
RQDM�VD�NRMLP�VH�NQH]�SRELR��NDR�^WR�MH�WR�XaLZHQR�X�RGQRVX�QD�FDUD�6HOLPD�X�VOHGH`HP�SULPHUX�c�EL�VH�FDUÁ�VHOÎP�VR�NR]OL�YD^Ll
�
����
� ��SREL�VH�FDU�6HOLP�VD�^LLWLPD����=DU�QH�EL�ELOR�PRJX`H
SUHWSRVWDYLWL�GD�VX�RQH�LQDaH�QLNXG�SULVWDOH�UHaL�
YHOLNL�FDU�WXUVNL
�VOXCLOH�XSUDYR
LGHQWLILNRYDZX�WDNYRJ�SDUWQHUD"
1HGRYRTQR�XSX`HQL�X�VLQWDNVX�VWDURJ�VUSVNRJ�MH]LND�SRCXULOL�EL��QDMYHURYDWQLMH��VD�RGUHaQLP
RGJRYRURP��REUD]ODCX`L�JD�aLZHQLFRP�GD�WLP�UHaLPD�QHGRVWDMH�RGJRYDUDMX`D�JUDPDWLaND�R]QDND
SDUWQHUVWYD�s�REOLN�LQVWUXPHQWDOD�V�SUHGORJRP�
V
��0H_XWLP��QHNDGD��]D�UD]OLNX�RG�GDQDV��SDGHC
GUX^WYD�WX�QLMH�ELR�MHGLQL�L]ERU��X�RE]LU�MH�GROD]LOD�L�NRQVWUXNFLMD�QRPLQDWLYD�V
NRSXODWLYQLP�YH]QLNRP��7DNR��UHFLPR��JODJRO�
XPLULWL�VH
��NRML�MH�X�VWDURP�MH]LNX�ELR�X]DMDPQR
SRYUDWQRJ�NDUDNWHUD�]QDaH`L��SRPLULWL�VH���X�VOHGH`LP�SULPHULPD�GRELMD�XSUDYR�WDNYX
QRPLQDWLYQX�NRQVWUXNFLMX�]D�GRSXQX��cRXPLUL�VH�0HKPHGÁ�FDUÁ�L�GHVSRWÁ�/D]DUÁl
�
����
�
�SRPLUL�VH�0HKPHG�FDU�V�GHVSRWRP�/D]DURP����L�WR�OHWR�XPLUL�VH�FDU�L�GXCG��-HGQRP�UHaMX��QHPD
QLNDNYH�SUHSUHNH�WRPH�GD�VH�SRVOHGZL�GHR�QD^HJD�]DSLVD�]DPLVOL�X�RYDNYRM�UHNRQVWUXNFLML
�UHNRQVWUXLVDQH�GHORYH�VWDYTDP�X�XJODVWX�]DJUDGX���c���GD�e�Y�GRPR�YVDNRPRXgaORY�Nq��NROLND
WR�JD�EH^H�SR�]HPOL�NDGL�VH��EL�NQH]Á�g/D]DUÁ�Lq�Y�OLNL�FDUÁ�W�UVNLl�
�8NROLNR�EL�RYDNYD
UHNRQVWUXNFLMD�ELOD�WDaQD��UHa�
WXJD
�EL�RYGH�LPDOD�RQR�]QDaHZH�NRMH�MRM�'DQLaL`�SULGDMH��Y�
QDSRPHQX�����X]QHPLUHQRVW��QHVSRNRMVWYR��VWUHSZD��ODWLQVNL�angor
��
1D�
'LRSWUL
�0LKDLOD�3VHOD�ELR�MH�MR^�MHGDQ�]DSLV�X�NRMHP�VH�L]UD]RP�
WXJD
�VDVYLP�RaLJOHGQR�QLMH
VDRS^WDYDOR�R�CDORVWL��YH`�R�QHVSRNRMVWYX��6DGUCLQD�WRJD�]DSLVD�JODVL��c^�NROLND��W��JD
EH^H�SR�]HPOL�]D�NQH]D�/D�]D�UD�GR�ED��
�
����
��1D�RVQRYX�VDaXYDQLK�L]YRUD�PRCH�VH�]DNTXaLWL
GD�7XUFL�QLVX�LPDOL�XVSHKD�X�ERUEDPD�SURWLY�NQH]D�/D]DUD�X�YUHPHQX�L]PH_X�PDULaNH�L�NRVRYVNH
ELWNH���NRQVWDWRYDR�MH�LVWRULaDU�5DGH�0LKDTaL`�
����
�GRSXZXMX`L�VYRMX�L]MDYX�RYRP�QDSRPHQRP�
�1HPD�UD]ORJD�GD�VH�VSRTQLP�QDSDGLPD�WXPDaL�MHGDQ�VDYUHPHQL�]DSLV��2�NROLND�WXJD�EH^H�SR
]HPTL�]D�NQH]D�/D]DUD�GRED���4��6WRMDQRYL`��
=DSLVL�L�QDWSLVL
�I
������EU�������
����
�'DNOH��QHPLU�VH
ELR�XVHOLR�X�VUSVNL�QDURG�RQGD^ZHJ�YUHPHQD�QH�WROLNR�]ERJ�VDPLK�7XUDND�NROLNR���EH]�VXPZH�
]ERJ�RS^WH�QHL]YHVQRVWL�NRMX�MH�QRVLOD�VRERP�HSRKD�UDVSDGD�'X^DQRYRJ�FDUVWYD�
2YDM�L�SUHWKRGQR�UD]PDWUDQL�]DSLV�YHRPD�VX�VOLaQL�SR�YDSDMX�QD�NRML�VH��X�VX^WLQL��VYRGH�
5D]OLNXMX�VH��PH_XWLP��ELWQR�SR�WRPH�^WR�MHGDQ�SRPLZH�ELWNX�NDR�QHSRVUHGDQ�X]URN�VYHRS^WH
VWUHSZH��D�GUXJL�NDR�GD�L�QH�]QD�]D�ZX��MDGLNXMH�RQDNR�QDaHOQR��7R�YHURYDWQR�XSX`XMH�QD
KURQROR^NL�SRUHGDN�s�WDM�GUXJL�MH�SUHWKRGLR�SR�SRVWDZX�RQRP�SUYRP�
8�%RCLGDUHYLP�EHOH^NDPD�s�QL�SRPHQD�R�WX]L��2Q�MH��L]JOHGD��ELR�RaHYLGDF�QDLODVND�7XUDND�QD
6LWQLFX��RSLVXMH�NDNR�VH�VWHJ�SURQRVLR����SD�MH��JRWRYR�YDQ�VHEH�RG�VQDCQLK�XWLVDND��SRCXULR�GD
SHURP�VYRMLP�REMDYL�SRWRPVWYX�YHOLNL�YLGRYGDQVNL�GRJD_DM��$NR�MH�L�SODPVDOD�X�ZHPX
X]QHPLUHQRVW��VYHWOXFDOD�MH�L]YHVQR�L�QDGD��MR^�JD�QLMH�ELOR�SRUD]LOR�VD]QDZH�R�LVKRGX�ELWNH�
'D�MHVWH��]DU�QH�EL�MDXNQXR"
6YL�RYL�]DSLVL��PD�NROLNR�NUDWNL��QHSRWSXQL�L�QHSRSXZLYL�ELOL��QD^H�VX�L]X]HWQR�NXOWXUQR
EODJR�]DWR�^WR�SUHQRVH�DXWHQWLaQH�SRUXNH�VDYUHPHQLND�RS�]ORNREQRM�VOXWZL�NRMD�MH
SULWLVNLYDOD�QDURG�SUHG�VXGZL�aDV�QD^H�SURSDVWL�
3URSDVW��UHNRVPR�YH`��QLMH�PLPRL^OD�QL�VDPH�]DSLVH��L�RQL�VX�L]JLQXOL�X�MHGQRP�RG�VWUD^QLK
WUHQRYD�VXURYH�QDP�LVWRULMH��>WR�QD^H�SDP`HZH�GDQDV�LSDN�SRKRGL�YHOLND�QDURGQD�VWUHSZD
/D]DUHYRJ�GRED��]DVOXJD�MH�RQH�QHNROLFLQH�NXOWXUQLK�SRVOHQLND�NRML�]DSLVH�QD�YUHPH�REMDYL^H�
VSDVDYDMX`L�WLPH�SRWRPVWYX�EDU�RGMHN�SUHGDaNLK�X]GDKD��=D�ZLKRY�WUXG��]D�VSDVLODaNL�SRGYLJ�s
QHND�LP�MH�VODYD�L�KYDOD�
%HOH^NH�
��9��6YHWR]DU�0DWL`��
2SLV�UXNRSLVD�1DURGQH�ELEOLRWHNH
��3RV��L]G��6$1��CXCI
��%HRJUDG�������
VWU������EU�����
��4XERPLU�.RYDaHYL`��
%HOH^NH�L�QDWSLVL
���*ODVQLN�6USVNRJ�XaHQRJ�GUX^WYD���NZ������%HRJUDG�
������VWU�������EU�����
��6YHWR]DU�0DWL`��
QDY��GHOR
��VWU������EU�����
��9��4XERPLU�.RYDaHYL`��
QDY��GHOR
��VWU�������EU�����
��*RGLQH�������REMDYTXMX`L�RYDM�]DSLV�X�VYRMLP�
6WDULP�VUSVNLP�]DSLVLPD�L�QDWSLVLPD
�
6WRMDQRYL`�]DGUCDYD�LPH�
1RYDN
��Y��4XE��6WRMDQRYL`��
6WDUL�VUSVNL�]DSLVL�L�QDWSLVL
��I
��%HRJUDG�
������VWU������EU��������0H_XWLP��YH`�������RQ�XSR]RUDYD���0HVWR�SRS�1RYDNÁ
�WUHED�aLWDWL�SRS
,YDQÁ
��4XERPLU�6WRMDQRYL`��
.DWDORJ�1DURGQH�ELEOLRWHNH�X�%HRJUDGX�IV
��5XNRSLVL�L�VWDUH
^WDPSDQH�NZLJH
��%HRJUDG��������VWU�������EU�������/�����E���,VWR�XSR]RUHZH�6WRMDQRYL`�SRQDYTD�L
X�NZL]L�
6WDULK�VUSVNLK�]DSLVD�L�QDWSLVD
�NRMD�MH�REMDYTHQD�������JRGLQH���3RSUDYL��SRS�,YDQÁ
��D
QH��1RYDNÁ
����4XE��6WRMDQRYL`��
6WDUL�VUSVNL�]DSLVL�L�QDWSLVL
��IV
��%HRJUDG��������VWU������EU�
������
��2YGH�VH�RQ�SUHQRVL�X�RQRP�YLGX�X�NRMHP�JD�MH�6WRMDQRYL`�REMDYLR�X�
6WDULP�VUSVNLP�]DSLVLPD�L
QDWSLVLPD
��I
�
��7DNYH�SDVLYQH�IRUPH�VD�
VH
�ELOH�VX�X�VWDURP�MH]LNX�]QDWQR�aH^`H�X�XSRWUHEL�QHJR�GDQDV�s�Y��R
WRPH�,UHQD�*ULFNDW��
$NWXHOQL�MH]LaNL�L�WHNVWROR^NL�SUREOHPL�X�VWDULP�VUSVNLP�`LULOVNLP
VSRPHQLFLPD
��%HRJUDG��������VWU������
��
=DNRQLN�FDUD�6WHIDQD�'X^DQD
��NZ��I
��6$18��%HRJUDG��������QD�VWU������
��8�VYRPH�
5MHaQLNX�L]�NZLCHYQLK�VWDULQD�VUSVNLK
��%HRJUDG��������'DQLaL`�RGUHGQLFX�
WXJD
REMD^ZDYD�ODWLQVNRP�UHaMX�angor
��QDYRGH`L�SUL�WRP�SULPHU�X�NRMHP�MH�
WXJD
�XGUXCHQD�V�UHaMX
ERMD]DQ
��YHOL\�WRXJRX�L�ERf]LÁ�SULHKÁ��
�^WR�aLQL�REMD^ZHZH�YHURGRVWRMQLP��EXGX`L�GD�VX�VH�X
VWDURP�MH]LNX��UDGL�YH`H�HNVSUHVLYQRVWL��UHaL�VURGQRJ�]QDaHZD�aH^`H�WDNR�SRYH]LYDOH�X
MHGLQVWYHQX�VLQWDNVLaNX�FHOLQX��XS���UHFLPR��QH�VDPR�
WXJD�L�ERMD]DQ
�QHJR�L�
SODa�L�ULGDZH
�X
MH]LNX�VY��6DYH�s�?RU_H�7ULIXQRYL`��7RPLVODY�-RYDQRYL`��4LTDQD�-XKDV��
$]EXaQL�SRND]DWHT
UHaL�X�VSLVLPD�VYHWRJD�6DYH
���$UKHRJUDIVNL�SULOR]L������%HRJUDG��������SRG�RGUHGQLFDPD�
WXJD
�L
SODa
���6NRN��XRVWDORP��QDSRPLZH�GD��V�HWLPROR^NH�WDaNH�JOHGL^WD�SRVPDWUDQR��QD^D�GDQD^ZD
UHa�
WXJD
��SRND]XMH�VHPDQWLaNL�SULMHQRV�GXKRYQH�QDSHWRVWL�X�QDSHWRVW�X�CDORVWL���Petar Skok,(WLPRORJLMVNL�UMHaQLN�KUYDWVNRJD�LOL�VUSVNRJD�MH]LND,
�NZ��III
��=DJUHE��������QD�VWU��������GRN�9XN�X�VYRP
6USVNRP�UMHaQLNX
�X]�RYX�RGUHGQLFX�QDYRGL�L]UD]��WXJD�PH�MH��es schaudert mich, cohoresco
��
���8�9XNRYRP�
6USVNRP�UMHaQLNX
��RGUHGQLFD�
XELWL�VH
�SRG����VWRML�SRGDWDN�R�WRPH�GD�VH�JODJRORP
XELWL�VH
�LVND]LYDOR�L�]QDaHZH�"zusammenstossen, congredi"
��8RVWDORP��L�UHa�
XELWL
�EH]�
VH
�LPDOD�MH
QHNDGD�^LUH�VHPDQWLaNH�PRJX`QRVWL�QHJR�GDQDV��SRG�ZRP�VH�PRJOD�UD]XPHWL�L�LQIRUPDFLMD
�SRWX`L����QDQHWL�SRUD]�QD�ERMQRP�SRTX��s�XS��UHFLPR�RXEL^H�$UDYOJDQ��L�0LVLUDQH���FDUD
%DÌD]LWD�YRLVN��QDVYRHL�]HPOL
��4XERPLU�6WRMDQRYL`��
6WDUL�VUSVNL�URGRVORYL�L�OHWRSLVL
�
=ERUQLN�]D�LVWRULMX��MH]LN�L�NZLCHYQRVW�VUSVNRJ�QDURGD��XVI
��6UHPVNL�.DUORYFL��������QD�VWU�
������'D�MH�
XELWL
�X�VWDURP�VUSVNRP�MH]LNX�PRJOR�R]QDaDYDWL�L�"cladem inferre"
��NRQVWDWRYDR�MH
?XUD�'DQLaL`�MR^�X�
5MHaQLNX�L]�NZLCHYQLK�VWDULQD�VUSVNLK
��SRG�WRP�RGUHGQLFRP���QDYRGH`L�
PH_XWLP��NDR�SRWYUGX�VDPR�MHGDQ�SULPHU��X]�QDSRPHQX�GD�GUXJLK�QLMH�QD^DR��"cladem inferre,
�VDPR
QD�MHGQRP�PMHVWX��R�EÎHQÁ�%ÄVWÁ�$QÁNRXOÁl�
���4XE��6WRMDQRYL`��
6WDUL�VUSVNL�URGRVORYL�L�OHWRSLVL
��QD�VWU������
���3DYHO�-RVHI�âDID�LN��PamáWNX�G�HYQLKR�SLVHPQLFWYL�-LKRVORYDQXY�
�3UDJ��������QD�VWU�����
���4XE��6WRMDQRYL`��
6WDUL�VUSVNL�]DSLVL�L�QDWSLVL
��III
��%HRJUDG��������QD�VWU�����
���4XE��6WRMDQRYL`��
6WDUL�VUSVNL�]DSLVL�L�QDWSLVL
��I
��QD�VWU������,VWL�]DSLV�X�L]GDZX�4XE�
.RYDaHYL`D��
%HOH^NH�L�QDWSLVL��
QD�VWU������
�
LPD�MHGQR
]D
�L�LVSUHG�UHaL�
/D]DUD
��]D�NQH]D�]D
/D�]D�UD�GR�ED�
15
5DGH�0LKDTaL`��
.RVRYVND�ELWND
��,VWRULMD�VUSVNRJ�QDURGD��II
��'RED�ERUEL�]D�RaXYDZH�L
REQRYX�GUCDYH������r�������%HRJUDG��������QD�VWU�����
���5DGH�0LKDTaL`��
QDY��GHOR
��VWU������QDS�����