The de Wit Collection of Medieval Coins

137.
AUKTION
THE DE WIT COLLECTION

OF MEDIEVAL COINS PART III
11. März 2008

Steigenberger Hotel Remarque Osnabrück
Natruper-Tor-Wall 1
Hotel-Telefon +49 (0)5 41 60 96 633
Hotel-Fax +49 (0)5 41 60 96 634
(nur während der Auktion/only during the auction/
uniquement pendant la vente/solamente durante
l'asta/solamente durante la subasta/только во
время аукциона)
ZEITPLAN AUKTIONEN 136 - 139

AUKTION 136 Montag, den 10. März 2008
ANTIKE MÜNZEN DER INSEL KRETA 10.00 Uhr - 13.00 Uhr
DIE SAMMLUNG DR. BURKHARD TRAEGER Nr. 1 bis Nr. 616
MÜNZEN AUS DER WELT DER ANTIKE 14.00 Uhr - 19.00 Uhr
Nr. 617 bis Nr. 1652
AUKTION 137 Dienstag, den 11. März 2008
THE DE WIT COLLECTION 9.30 Uhr - 13.00 Uhr
OF MEDIEVAL COINS PART III Nr. 3035 bis Nr. 3852
14.00 Uhr - 15.30 Uhr
Nr. 3853 bis Nr. 4256
AUKTION 138 15.30 Uhr - 19.00 Uhr
ITALIEN UND VATIKAN Nr. 4501 bis Nr. 5102
ITALIEN UND VATIKAN Mittwoch, den 12. März 2008
MÜNZEN UND MEDAILLEN 9.30 Uhr - 13.00 Uhr
AUS MITTELALTER UND NEUZEIT Nr. 5103 bis Nr. 5983
SPEZIALSAMMLUNG WIED 14.00 Uhr - 20.00 Uhr
Nr. 5984 bis Nr. 7318
AUKTION 139 Donnerstag, den 13. März 2008
GOLDPRÄGUNGEN 9.30 Uhr - 13.00 Uhr
Nr. 7501 bis Nr. 8294
RUSSISCHE MÜNZEN UND MEDAILLEN 14.00 Uhr - 19.00 Uhr
IN GOLD UND SILBER Nr. 8295 bis Nr. 9014
DEUTSCHE MÜNZEN AB 1871 Freitag, den 14. März 2008
9.30 Uhr - 13.00 Uhr
Nr. 9101 bis Nr. 9839
Detaillierter Zeitplan siehe Seite 5 Detailed timetable view page 5

Besichtigungen siehe Seite 9 Viewing of auction good view page 9
Horaire détaillé voir page 5 Calendario dettagliato veda pagina 5

Exposition des monnaies voir page 9 Esposizione veda pagina 9
Sehr geehrte Kundin,
sehr geehrter Kunde und Münzfreund,
ich freue mich, daß Sie bereits heute, 4 Wochen vor unserer
nächsten Auktion, die neuen Kataloge erhalten haben und
wünsche Ihnen viel Freude bei der Lektüre unseres
Auktionsangebotes.
Wir wurden oft gebeten, den Ablauf einer Auktion etwas näher
zu beschreiben, diesem Wunsch kommen wir gerne nach. Am
Ende dieses Kataloges finden Sie die Rubrik: “Wie biete ich
richtig“, die Ihnen als Ratgeber zur erfolgreichen Teilnahme an
unseren Auktionen dienen soll.
Sollten Sie darüber hinaus Fragen zum Auktionsablauf haben,
helfen wir Ihnen auch gerne persönlich weiter.
Die Mitarbeiterinnen unserer Kundenbetreuung stellen wir Ihnen
auf der nächsten Seite vor.
Mit herzlichen Grüßen aus Osnabrück,
Ihr Fritz Rudolf Künker
UNSERE ADRESSE Fritz Rudolf Künker GmbH & Co. KG

OUR ADDRESS Gutenbergstr. 23 · 49076 Osnabrück
Telefon/Phone: +49 (0)5 41-96 20 20
Fax: +49 (0)5 41-96 20 222
Gebührenfrei: 0800-58 36 537
E-Mail: service@kuenker.de
Internet: www.kuenker.de
Montag-Donnerstag 9.00 - 17.00 Uhr
Freitag 9.00 - 15.30 Uhr
Sonnabend nach Vereinbarung
Außerhalb unserer Geschäftszeit steht unseren Kunden ein
automatischer Anrufbeantworter zur Verfügung.
Monday-Thursday 9.00 a. m. to 5.00 p. m.
Friday 9.00 a. m. to 3.30 p. m.
Saturday by prior appointment
Answering machine available after opening hours.
WWW.KUENKER.DE Auf unserer Internetseite haben Sie die Möglichkeit

WWW.KUENKER.COM • die Abbildungen zu vergrößern
• Ihre Gebote direkt abzugeben
• die Ergebnisse der Auktionen abzurufen
On our website you have the possibility
• to zoom all images
• to place your bids
to view all auction results
AUKTIONSHOTEL Steigenberger Hotel Remarque, Natruper-Tor-Wall 1,

AUCTION LOCATION 49076 Osnabrück
Telefon/Phone: +49 (0)5 41-60 96 633
Fax: +49 (0)5 41-60 96 634
Mitglied im Verband der Deutschen
Münzenhändler e. V.
Associaton Internationale des Numismates
Professionnels (AINP)
2
UNSERE KUNDENBETREUUNG STEHT IHNEN GERNE ZUR VERFÜGUNG
Die Maxime unseres Teams lautet: Nur wenn Sie als Kunde zufrieden sind, sind wir es auch! Geben Sie uns Ihre Auktions-
gebote zu treuen Händen, wir sorgen dafür, daß sie korrekt ausgeführt werden. Auch wenn Sie sich von Teilen oder Ihrer
gesamten Sammlung trennen möchten, sind wir Ihre ersten Ansprechpartner. Beachten Sie dazu bitte auch die Hinweise für
Einlieferer auf der folgenden Seite bzw. im hinteren Teil des Kataloges.
WIR FREUEN UNS AUF IHRE AUKTIONSGEBOTE UND EINLIEFERUNGEN!
Ulrich Künker Gisela Thomas Alexandra Elflein

Leitung Kundenbetreuung Prokuristin English, Français, Italiano
ulrich.kuenker@kuenker.de gisela.thomas@kuenker.de alexandra.elflein@kuenker.de
Marion Künker Sonia Russo Barbara Westmeyer

Deutsch, English Italiano, Español, English, Français Deutschsprachige Kundenbetreuung
marion.kuenker@kuenker.de sonia.russo@kuenker.de barbara.westmeyer@kuenker.de
Bettina Schweitzer Anastasija Koepsell Nadine Zuber

Deutsch, Svenska Russian, Deutsch Deutsch, English
bettina.schweitzer@kuenker.de anastasija.koepsell@kuenker.de nadine.zuber@kuenker.de
SO ERREICHEN SIE UNS

GEBÜHRENFREI (AUS DEUTSCHLAND) 0800 / 5836537 (0800 / KUENKER)
TELEFON +49 (0) 541/ 96 20 20
FAX +49 (0) 541/ 96 20 222
INTERNET www.kuenker.de
EMAIL service@kuenker.de
WAS IST ZUR ERFOLGREICHEN AUKTIONSTEILNAHME BESONDERS WICHTIG?

Ihr schriftlicher Auftrag sollte möglichst frühzeitig eintreffen, spätestens einen Tag vor der Auktion.
•
• Wenn Sie telefonisch an der Auktion teilnehmen möchten, bedarf das unserer vorherigen Genehmigung. Bitte teilen Sie uns
diesen Wunsch daher mindestens 48 Stunden vor der Versteigerung mit. Nähere Informationen zum telefonischen Bieten
finden Sie auf den folgenden Seiten.
• Beachten Sie bitte auch die Hinweise „Wie biete ich richtig“ im hinteren Teil des Kataloges.
• Gerne können Sie Ihre Gebote auch online abgeben. Unter www.kuenker.de bieten wir den gesamten Auktionskatalog
online an.
• Bei Fragen rufen Sie uns an, unsere Kundenbetreuung freut sich auf Ihren Anruf!
3
WICHTIGE HINWEISE IMPORTANT INFORMATION
FÜR UNSERE EINLIEFERER FOR OUR CONSIGNERS
1. Unser Expertenteam garantiert Ihnen eine fachgerechte Bearbeitung der von 1. Our team of specialists guarantees an expert treatment of the consigned
Ihnen eingelieferten Stücke. items.
2. Die Schätzpreise werden von uns aufgrund unserer hervorragenden 2. The estimates are carefully established by us due to our excellent know-
Marktkenntnisse sorgfältig festgelegt. Die Stücke werden zu 80% der im ledge of the market. Bidding for the items is then started at 80 % of the
Katalog angegebenen Schätzpreise ausgerufen. Durch diese Regelung werden estimate price stated in the catalogue. This arrangement protects you as a
Sie als Einlieferer geschützt. Für nicht verkaufte Objekte werden keine consigner. Unsold items incur no fees.
Gebühren erhoben. 3. The standard offered in our catalogue is of the highest quality, and is reco-
3. Der Standard unserer Kataloge ist von hoher Qualität und findet internatio- gnised internationally. We have one of the best clientele lists worldwide.
nale Anerkennung. Wir haben eine der besten Kundendateien, die es 4. You as a consigner also profit from the individual consultation offered to
weltweit gibt. our customers.
4, Von der individuellen Betreuung unserer Kunden profitieren auch Sie als 5. As a consigner, you receive the auction proceeds within 45 days of the
Einlieferer. close of auction. Special arrangements can be made following discussion.
5. Als Einlieferer erhalten Sie Ihren Auktionserlös innerhalb von 45 Tagen 6. For consignments with a value over € 2.500,-- we may bear the
nach der Auktion. Sonderregelungen sind nach Absprache möglich. transportation costs. For deliveries over € 25.000,-- we may personally
6. Auf Wunsch kann Ihre Einlieferung bei Ihnen zuhause abgeholt werden. Ab collect the items at an arranged place after prior consultation. Upon
€ 2.500,-- Einlieferungssumme übernehmen wir die Kosten, ab € 25.000,-- consultation, the shipping of your goods could be covered by our insurance.
können wir Ihre Einlieferungen unter Umständen und nach Absprache auch 7. Not all coins are suited to be registered as individual items. Trust in our
an einem vereinbarten Ort persönlich entgegennehmen. Selbstverständlich expert´s experience as they carefully combine less-valuable coins into
ist Ihr Versteigerungsgut durch uns versichert. interesting lots.
7. Nicht alle Münzen eignen sich, als Einzelstücke aufgenommen zu werden. 8. The valuation price of your delivery should be at least € 1.000,--.
Vertrauen Sie auf die Erfahrung unserer Experten, die niedrigpreisige 9. Your delivery is confirmed in writing immediately on receipt. At least five
Münzen liebevoll zu interessanten Lots zusammenstellen. weeks before the auction, you receive an exact list of your objects with the
8. Der Schätzwert Ihrer Einlieferung sollte mindestens € 1.000,-- betragen. relevant catalogue numbers.
9. Ihre Einlieferung wird Ihnen sofort bei Übernahme durch ein Protokoll quit- 10. Within a week of the close of auction, you receive a list with the results in
tiert. Spätestens fünf Wochen vor der Auktion erhalten Sie eine genaue order to see what prices were reached for each individual lot.
Auflistung Ihrer Objekte mit den dazugehörenden Katalognummern. 11. Profit from our position as a leading coin dealer. If you have any questions,
10. Innerhalb einer Woche nach der Auktion erhalten Sie bereits die please contact our customer service team on +49 (0)541 – 96 20 20.
Ergebnisliste und können alle erzielten Preise feststellen. 12. Would you like to receive copies of our contracts for consigner, without
11. Profitieren Sie von der Anziehungskraft eines führenden Unternehmens. making any commitment? Do you have any other questions? Our customer
Bitte wenden Sie sich bei Fragen an unseren Kundenservice unter 0541 – service team will be pleased to help you – please call on +49 (0)541 – 96
96 20 20 oder gebührenfrei unter 0800 – 5 83 65 37. 20 20.
12. Unsere Verträge für Einlieferungen können Sie unverbindlich anfordern.
Haben Sie noch Fragen? Wir freuen uns auf Ihren Anruf. Telefon:
0541 – 96 20 20 oder gebührenfrei unter 0800 5 83 65 37.
RENSEIGNEMENTS IMPORTANTS INFORMAZIONI PER I

A L'ATTENTION DES VENDEURS NOSTRI DEPOSITANTI
1. Notre équipe d’experts garantit une prise en charge compétente des pièces 1. Il nostro team di esperti assicura un trattamento accurato dei pezzi che ci
que vous nous confiez. avete inviato.
2. Notre excellente connaissance du marché nous permet de fixer soigneuse- 2. Eseguiamo valutazioni finalizzate alla vendita. I prezzi di stima sono frutto
ment les prix estimés. Les pièces seront mises aux enchères à un prix della nostra eccezionale conoscenza del mercato e della nostra attenta
représentant 80% du prix estimé indiqué dans le catalogue. Cette régle- valutazione. La base dásta ammonta all´80% del prezzo di stima indicato
mentation vous protège en tant que vendeur. Aucuns frais ne seront préle- sul catalogo. Non si addebitano spese per gli oggetti invenduti.
vés sur les pièces invendues. 3. I nostri cataloghi sono di alta qualità e sono riconosciuti a livello interna-
3. Nos catalogues ont un niveau qualitatif élevé, reconnu au plan international. zionale. I nostri clienti sono fra i migliori al mondo.
Nous disposons d’un des meilleurs fichiers clients du monde. 4. Come depositanti potete beneficiare dell’assistenza riservata a ciascuno dei
4. En tant que vendeur, vous profiterez vous aussi du suivi personnalisé que nostri clienti.
nous offrons à nos clients. 5. Come depositanti riceverete gli importi realizzati all’asta entro 45 giorni dal
5. Le vendeur recevra le produit de la vente dans les 45 jours qui suivront les termine della stessa. Si possono concordare condizioni particolari.
enchères. Des dispositions spéciales pourront être prises sur accord préalable. 6. A partire da un controvalore degli oggetti di € 2.500,--i costi del trasporto
6. Nous prendrons en charge les frais déxpédition des pièces dont le montant sono a nostro carico, mentre a partire da un controvalore di € 25.000 gli
sera supérieur à € 2.500,--: Si leur montant est supérieur à € 25.000,--, lún oggetti possono essere ritirati personalmente da un nostro incaricato ad un
de nos employés se poudra charger de prendre la livraison à un lieu posto concordato. Naturalmente il trasporto dei vostri oggetti puó essere
concordée. En concertation, notre assurance couvrira tous les risques. assicurato tramite la nostra assicurazione.
7. Les pièces de monnaie ne se prêtent pas toutes à une vente individuelle. 7. Non tutte le monete possono essere negoziate singolarmente. Fidatevi
Faites confiance à l’expérience de nos spécialistes qui se chargeront avec dellésperienza dei nostri esperti, che raggruppano le monete non molto
plaisir de rassembler les pièces bon marché de manière à constituer des lots preziose in lotti di sicuro interesse.
intéressants. 8. Il valore stimato degli oggetti depositati deve ammontare ad almeno
8. La valeur estimée des pièces fournies devrait s’élever à un minimum de € 1.000,--.
€ 1.000,--. 9. Nel momento in cui gli oggetti sono presi in consegna, viene rilasciata una
9. Au moment de la prise en charge, vous recevrez un détail des pièces ricevuta numerata. Riceverete un elenco preciso degli oggetti che avete
fournies. Au plus tard cinq semaines avant la vente aux enchères, vous depositato con i relativi numeri di catalogo al massimo cinque settimane
recevrez une liste exacte de vos pièces avec les numéros de catalogue prima dell’asta.
correspondants. 10. Riceverete l’elenco degli oggetti aggiudicati entro una settimana dalla
10. Dans la semaine qui suivra la vente aux enchères, vous recevrez déjà la chiusura dell’asta. Potrete cosi verificare i prezzi realizzati.
liste de ses résultats et pourrez prendre connaissance des prix obtenus. 11. Approfittate della capacità di un leader di mercato per aumentare il valore dei
11. Profitez de l’attrait du leader du marché. Pour tout renseignement, vostri oggetti. Se avete delle domande, rimaniamo a vostra disposizione per
veuillez-vous adresser à notre service clientèle: +49 (0)541 – 96 20 20. qualsiasi necessità. Rivolgetevi alla nostra consulenza ai clienti diretta al
12. Vous pouvez demander sans engagement de votre part nos contrats de dépôt numero +49 (0)541-91 20 20.
de pièces? Vous avez d’autres questions? Nous seront heureuses 12. Volete ricevere i nostri contratti senza impegno? Avete altre domande? Potete
de vous répondre au +49 (0)541 – 96 20 20. contattarci al numero +49 (0)541-96 20 20.
4
DETAILLIERTER ZEITPLAN AUKTIONEN 136-139
AUKTION 136 Montag, den 10. März 2008

ANTIKE MÜNZEN DER INSEL KRETA 10.00 Uhr - 13.00 Uhr
DIE SAMMLUNG DR. BURKHARD TRAEGER Nr. 1 bis Nr. 616
MÜNZEN AUS DER WELT DER ANTIKE Sammlung Kreta, Kelten, Griechen: Hispania - Kreta
14.00 Uhr - 19.00 Uhr
Nr. 617 bis Nr. 1652
Griechen: Kykladen - Lots Griechen, Römer,
Völkerwanderung, Byzantinische Münzen, Kreuzfahrer,
Orientalen
AUKTION 137 Dienstag, den 11. März 2008

THE DE WIT COLLECTION 9.30 Uhr - 13.00 Uhr
OF MEDIEVAL COINS PART III Nr. 3035 bis Nr. 3852
England, Irland, Schottland - Italien
14.00 Uhr - 15.30 Uhr
Nr. 3853 bis Nr. 4256
Balkan - Gewichte
AUKTION 138 15.30 Uhr - 19.00 Uhr
ITALIEN UND VATIKAN Nr. 4501 bis Nr. 5102
Aquileia - Lucca
ITALIEN UND VATIKAN Mittwoch, den 12. März 2008

MÜNZEN UND MEDAILLEN 9.30 Uhr - 13.00 Uhr
AUS MITTELALTER UND NEUZEIT Nr. 5103 bis Nr. 5983
SPEZIALSAMMLUNG WIED Mailand - Lots Italien, Europa, Übersee
14.00 Uhr - 20.00 Uhr
Nr. 5984 bis Nr. 7318
Habsburgische Erblande, Deutsche Münzen und
Medaillen mit der Spezialsammlung Wied,
Sammlung Sedisvakanz, Medaillen, Papiergeld,
Münzgefäße, Numismatische Literatur
AUKTION 139 Donnerstag, den 13. März 2008

GOLDPRÄGUNGEN 9.30 Uhr - 13.00 Uhr
Nr. 7501 bis Nr. 8294
RUSSISCHE MÜNZEN UND MEDAILLEN 14.00 Uhr - 19.00 Uhr
IN GOLD UND SILBER Nr. 8295 bis Nr. 9014
DEUTSCHE MÜNZEN AB 1871 Freitag, den 14. März 2008

9.30 Uhr - 13.00 Uhr
Nr. 9101 bis Nr. 9839
5
LIST OF CONTENTS AUCTION 137
No. Page
THE DE WIT COLLECTION OF
MEDIEVAL COINS PART III 3035 - 4256 13 - 434
England, Ireland and Scotland 3035 - 3374 13 - 101
England 3035 - 3302 13 - 81
Mercia 3035 - 3043 13 - 16
East Anglia 3044 - 3047 16 - 17
Viking Invaders 3048 - 3052 18 - 19
Kent 3053 - 19
Canterbury 3054 - 3055 20
Wessex 3056 - 3059 21 - 22
Kings of all England 3060 - 3302 22 - 81
Ireland 3303 - 3336 82 - 90
Scotland 3337 - 3374 90 - 101
Spain 3375 - 3518 102 - 137
Governors 3375 - 3378 102 - 103
Emirate 3379 - 3387 103 - 105
Caliphat 3388 - 3401 106 - 109
Almoravides 3402 - 3408 110 - 111
Almohades 3409 - 3412 111 - 112
Kings of Granada 3413 - 3414 112
Castile and León 3415 - 3417 113
León 3418 - 3419 114
Castile 3420 - 3423 114 - 115
Castile and León 3424 - 3476 115 - 127
County of Barcelona 3477 127
County of Empuries 3478 128
County of Urgell 3479 - 3481 128
Navarra and Aragón 3482 - 3484 129
Navarra 3485 130
Catalona-Aragonese 3486 - 3504 130 - 134
Mallorca 3505 - 3507 134
Arbeca 3508 135
Gerona 3509 135
Reyes Católicos 3510 - 3518 135 - 137
Portugal 3519 - 3539 137 - 144
Italy 3540 - 3852 146 - 260
Kingdom Italy 3540 - 3541 146
Milano 3542 - 3569 149 - 164
Pavia 3570 - 3575 165 - 166
Savoia 3576 - 3584 167 - 169
Torino 3585 170
Asti 3586 170
Monferrato (Casale) 3587 - 3588 171
Genova 3589 - 3592 173
Como 3593 174
Bergamo 3594 175
Brescia 3595 175
Piacenza 3596 176
6
No. Page
Italy (Continuation)
Cremona 3597 176
Parma 3598 177
Reggio nell’Emilia 3599 177
Modena 3600 178
Bologna 3601 - 3604 179
Ravenna 3605 - 3606 180
Verona 3607 - 3611 181
Trento 3612 182
Mantua 3613 182
Ferrara 3614 - 3617 183 - 184
Padova 3618 - 3621 184 - 185
Venezia 3622 - 3654 186 - 195
Aquileia 3655 - 3673 196 - 200
Trieste 3674 - 3676 201
Firenze 3677 - 3689 205 - 208
Lucca 3690 - 3693 209 - 210
Pisa 3694 - 3697 210 - 211
Siena 3698 - 3700 212 - 213
Volterra 3701 213
Arezzo 3702 213
Rimini 3703 214
Pesaro 3704 214
Ancona 3705 - 3708 215 - 216
Urbino 3709 216
Fossombrone 3710 217
Gubbio 3711 - 3712 217
Perugia 3713 - 3716 218
Camerino 3717 219
Macerata 3718 - 3719 219 - 220
Recanati 3720 - 3721 220
Roma 3722 - 3757 222 - 235
Gaeta 3758 235
Capua 3759 236
Napoli 3760 - 3773 236 - 240
Aquila 3774 - 3776 241
Sulmona 3777 242
Salerno 3778 - 3780 242 - 243
Counts / Dukes of Puglia 3781 244
Arabs in Sicily 3782 - 3786 244 - 245
Normans in Sicily 3787 - 3814 246 - 251
Hohenstaufen in Sicily and South-Italy 3815 - 3837 252 - 256
Charles I. d’Angiò in Sicily and South-Italy 3838 - 3842 257 - 258
Kingdom Aragon in Sicily and South-Italy 3843 - 3851 258 - 260
Villa della Chiesa (Sardegna) 3852 260
Balkan 3853 - 3903 262 - 284
Slavonia 3853 - 3857 262
Croatia 3858 - 3859 263
Dalmatia 3860 - 3870 265 - 267
Spalato 3860 265
7
No. Page
Balkan (Continuation)
Ragusa 3861 - 3865 265 - 266
Cattaro 3866 - 3869 266 - 267
Ulcinj 3870 267
Serbia / Raska 3871 - 3891 272 - 278
Bosnia 3892 - 3895 280 - 281
Serbia 3896 - 3902 281 - 283
Skutari 3903 284
Countries around the Black Sea 3904 - 3958 287 - 307
Bulgaria 3904 - 3918 287 - 291
Banat Severin 3919 292
Wallachia 3920 - 3931 292 - 295
Moldavia 3932 - 3936 295 - 296
Trebizond 3937 - 3948 297 - 301
Georgia 3949 - 3955 303 - 306
Tmutarakan 3956 306
Caffa 3957 - 3958 307
Countries around the Aegean Sea 3959 - 3991 308 - 318
Latin empire 3959 308
Nicaea 3960 - 3965 309 - 310
Principality of Achaia 3966 - 3977 311 - 314
Barony / Duchy Athens 3978 - 3981 314 - 315
Possessions of Naples in Greece and on the
Ionic Islands 3982 - 3983 315 - 316
Chios 3984 - 3989 316 - 318
Phokaea 3990 318
Levantine Imitations 3991 318
Rhodes and Cyprus 3992 - 4017 319 - 330
Knights Hospitallers on Rhodes 3992 - 4004 319 - 325
Cyprus 4005 - 4017 326 - 330
Asia Minor / Cilician Armenia 4018 - 4044 332 - 341
Rum Seljuks 4045 - 4059 343 - 346
Middle East 4060 - 4125 348 - 380
County of Edessa 4073 - 4074 358 - 359
Principality of Antioch 4075 - 4095 360 - 366
County of Tripoli 4096 - 4102 367 - 369
Kingdom of Jerusalem 4103 - 4117 371 - 376
Lordships of the Latin Kingdom Jerusalem 4118 - 4120 378 - 379
Acre 4121 - 4123 379 - 380
Ottoman Empire 4124 - 4125 380
Turkoman Coins 4126 - 4183 382 - 405
Artuquiden 4126 - 4171 382 - 399
Artuquids of Hisn Kayfa and Amid 4126 - 4133 382 - 385
Artuquids of Mardin 4134 - 4171 386 - 399
Zengiden of Mosul 4172 - 4175 400 - 402
Mammelukken in Mosul 4176 402
Zengids Atabegs of Sinjar 4177 - 4178 403
Zengids Atabegs of Al-Jazira 4179 - 4180 404
Ayyubiden in Mayafarikin 4181 - 4183 405
8
No. Page
Jetons / Counting Pennies / Tokens 4184 - 4228 408 - 422
France 4184 - 4200 408 - 413
Germany 4201 413
England 4202 414
Burgundian Netherlands 4203 - 4213 414 - 418
Tokens 4214 - 4228 419 - 422
English Tokens 4215 - 4228 419 - 422
Prototype Token 4215 419
Beaded border pictoral Token 4216 420
Pictoral Tokens: The main series 4217 - 4225 420 - 421
Transitional Token 4226 422
Cross and pellet Token 4227 422
“Boy Bishop” Token 4228 422
Weights 4229 - 4256 423 - 434
Byzantium 4229 - 4234 423 - 424
France 4235 - 4247 425 - 427
Burgundian Netherlands 4248 - 4251 429 - 433
Italy 4252 - 4256 433 - 434
The General Index of the de Wit collection you will find at the end of this Auction catalogue.
___________________________
BESICHTIGUNG ON VIEW
Besichtigung des Auktionsgutes in unseren The coins are on view at our premises in
Geschäftsräumen, Gutenbergstr. 23, 49076 49076 Osnabrueck, Gutenbergstr. 23, from
Osnabrück, ab dem 11. Februar 2008, nach February 11th 2008, by prior appointment:
vorheriger telefonischer Vereinbarung unter +49 (0)541 96 20 20.
+49 (0)5 41 96 20 20.
EXPOSITION ESPOSIZIONE
Les monnaies seront visibles à partir du Tutti i lotti sono visionabili a partire dal
11 Février 2008, Gutenbergstr. 23, 49076 11 Febbraio 2008 presso la nostra sede,
Osnabrück, sur rendez-vous téléphonique Gutenbergstr. 23, 49076 Osnabrück previo
+49 (0)541 96 20 20. appuntamento telefonico +49 (0)541 96 20
20.
EXPOSICIÓN ПРОСМОТР АУКЦИОННЫХ

ЛОТОВ
Con cita previa +49 (0)541 96 20 20 podrá Просмотр аукционных лотов проходит с
ver todos los lotes el 11 de febrero de 2008 en 11 февраля 2008 года в нашем офисе
nuestras oficinas en 49076 Osnabrück, по телефонной договоренности +49 (0)541
Gutenbergstr. 23. 96 20 20 по адресу: Gutenbergstr. 23, 49076
Osnabrück.
9
WICHTIGE HINWEISE FÜR UNSERE IMPORTANT INFORMATION ON
TELEFONBIETER TELEPHONE BIDDING
Wenn Sie telefonisch mitbieten möchten, bitten wir Sie If you wish to participate in the auction as a telephone
aus organisatorischen Gründen, uns diesen Wunsch bis bidder, please inform us at least 48 hours in advance as we
spätestens 48 Stunden vor der Versteigerung schriftlich have to approve and schedule all calls. To register for
mitzuteilen. Voraussetzung für ein telefonisches Mitbieten telephone bidding, we require that you submit at least the
ist, daß Sie mindestens den Schätzpreis bieten. estimate as written bid in addition to being called.
Telefonisches Bieten ist erst ab einem Schätzpreis von Telephone bidding is accepted on lot numbers with
ca. 500 Euro pro Los möglich. estimates starting at 500 Euro.
Bitte beachten Sie, daß wir keinerlei Haftung übernehmen, We do not assume liability should the telephone line be
falls die telefonische Verbindung während der Auktion interrupted or not be achieved.
nicht zustande kommt.
Please call +49 541 96 20 20 for more information or to
Sollten Sie Fragen zu der telefonischen Teilnahme an register for telephone bidding. During the auction you will
unseren Auktionen haben, können Sie uns vor der Auktion be able to reach us at the telephone number indicated on
unter +49 (0)5 41 96 20 20 oder 0800 5836 537 page 1.
(gebührenfrei) anrufen. Während der Auktion erreichen
Sie uns unter der auf der ersten Seite angegebenen
Telefonnummer.
INFORMATIONS POUR LA INFORMAZIONI PER LA

PARTICIPATION PAR TELEPHONE PARTECIPAZIONE TELEFONICA
Si vous désirez participer par téléphone à nos ventes aux Se desiderate la partecipazione telefonica in diretta durante
enchères, veuillez vous mettre en relation avec Alexandra lásta, siete pregati di chiamare la Signorina Sonia Russo al
Elflein au moins 48 heures avant la vente au numéro numero diretto +49 541 96 20 245 come minimo 48 ore
+49 541 96 20 233. Pendant la vente aux enchères nous prima dellásta e di inviarci la vostra offerta, la quale deve
vous prions d'appeler le numéro indiqué sur page no. 1 de ammontare come minimo al prezzo di stima anche per
ce catalogue. iscritto.
Une participation téléphonique à la vente sera possible à la Accettiamo una partecipazione telefonica in diretta
condition que vous nous fassiez parvenir aussi votre ordre durante lásta per oggetti il cui prezzo di stima ammonta
par écrit. Cet ordre devra être au moins égal au minimum come minimo ai 500 Euro.
au prix d’estimation et concerner un lot estimé au moins
500 Euros. Non assumeremo nessuna responsabilità se la linea
telefonica è occupata o se non siete raggiungibili.
Nous déclinons toute responsabilité dans le cas où la
communication téléphonique serait interrompue, ou bien
ne pourrait être établie.
INFORMACIONES DE COMO ВАЖНАЯ ИНФОРМАЦИЯ ДЛЯ

PARTICIPAR POR TELÉFONO УЧАСТИЯ ПО ТЕЛЕФОНУ
Si quiere participar por teléfono en la subasta por favor se Для участия в торгах по телефону просим Вас
ponga en contacto anteriormente con la señora Sonia связаться с нами не позднее 48 часов до начала
Russo +49 541 96 20 245 y envienos las pujas tambien аукциона. Условием проведения телефонных торгов
por escrito por lo menos 48 oras antes de la subasta. является письменное подтверждение ставки, равной
как минимум стартовой цене.
Autorizamos una participación por teléfono solamente
Участие в телефонных торгах возможно только для
para lotes cuyos precio de estima es por lo menos 500 лотов со стартовой ценой свыше 500 евро.
Euro.
Для получения дополнительной информации и
No asumimos la responsabilidad si la conexión telefónica регистрации на аукционе звоните Анастасии Кепселль
se interumpa sin previsión o si está comunicando. до аукциона по телефону +49 541 96 20 268 и во время
аукциона по телефону, указанному на первой странице
каталога.
10
PREFACE
The preface of the auction catalogue 121 describes how I came to collect medieval coins. That
really leaves me with one thing to explain in the catalogue of the third and last part of my
collection, namely, what led me to give up collecting coins.
The main reason is obvious: age! When I started toying around with the idea of selling the
collection in 2004, I soon found I wanted to add to the coins a short text elucidating their historical
setting and the many short comments that had accumulated in my forty years of collecting - often
during the most lively conversations and discussions with numismatists and historians. I
immediately set about composing an initial text sample which I sent to the Künker company to be
reviewed. It took Messrs Künker, Kirsch and myself only one meeting to decide to shape the entire
catalogue along the lines of this first sample and to have it translated into English.
This was the beginning of a close cooperation with the Künker company and its employees, which
led to numerous significant additions and new ideas. The result of this cooperation, which has
been most constructive, now lies before you in the form of three handsome catalogues. I hope the
result of our work will spur a deep interest in medieval numismatics and inspire further research
into the subject. I am very grateful to the Künker company which proved willing to publish the
part of my sceatta collection that had already been sold to the Fitzwilliam Museum in Cambridge
in a fourth individual volume, complete with my historical comments. This catalogue will be
mailed to you upon demand.
I would like to take this opportunity to thank the many people, whom I cannot name individually
here, but without whose advice and support the realisation of these collection catalogues would not
have been possible. Thanks to all the scientists, dealers and collectors, who have supported me
with their comments and research. Thanks to Fritz Rudolf Künker, Arne Kirsch, Dr Sebastian
Steinbach and the other staff for their extensive work on the collection. Thanks also to the
translator of the historical commentaries, Robert Weir, and Wilfried Danner, who did an excellent
job on the layout of the catalogue. Not least, I would like to thank all the readers of the catalogues,
whose positive reactions on the two preceding parts spurred me on to do just as good a job on the
third.
After the third and last auction, when all my coins will once again have been scattered across the
world, the one thing remaining will be the memory of all those nice years of collecting and the
many interesting people accompanying me along the way. I hope the new owners share my
fascination with these 1,000 years of European coinage and I hope they will enjoy their objects for
a long time to come.
Rotterdam, December 2007
G. W. de Wit
11
INTRODUCTION
At the Synod of Clermont from 18 to 28 November 1095 Pope Urban II called for an armed
pilgrimage to the Holy Land, a speech that would thunder on well into the thirteenth century,
prompting thousands of crusaders to take up the cross. The only exception were the knights of the
Iberian peninsula, who had their hands full (re)conquering the territory of present-day Spain on the
Muslims during the seven-and-a-half-century-long Reconquista. Many a crusade army counted
famous personalities among its midst, Staufer emperor Frederick I for one or English king Richard
the Lionhearted for another. The consequences of the crusades would be immense for medieval
Europe: the crusades eventually wore down the Byzantine Empire, they caused the Italian city
states of Genoa and Venice to grow fabulously wealthy and become sea powers of significance in
the Mediterranean, they saw the founding of the short-lived crusader states in Palestine and in the
Christian knights’ orders that they sparked a substantially better organised and disciplined warrior
elite established itself. Yet, the most important aftereffect of these armed pilgrimages without any
doubt was the heightened cultural exchange between the Orient and the Occident.
Despite the enduring atrocities of these wars, mutual understanding also grew, leading the main
Frankish chronicler of the First Crusade to comment: “For we, who were occidentals, have now
become orientals. [...] Words of different languages have now become common property to the
extent of no nationality being foreign anymore, mutual trust uniting those who do not know each
other’s origins” (Fulcher of Chartres, Historia Hierosolymitana, book III, chapter XXXVII). Even
if Fulcher’s judgment was too optimistic, as the future was to show, it aptly reflects the
rapprochement of Christendom and Islam at the turn of the 11th century.
As did the previous parts, the third part of the De Wit collection connects the westernmost part of
medieval Europe to its east, following almost the same route English crusaders took to the Holy
Land. Our numismatic journey starts in 8th century England at the coinage of its kings and, via the
Iberian peninsula, deeply marred by the Reconquista, we are lead to the cities and states of Italy
that had grown fabulously wealthy through trade. Italy, incidentally, is also the origin of the very
first coin Professor De Wit purchased: a Salut d’Or of Charles of Anjou (1266-1278) from Naples,
which he bought in Amsterdam in 1965 – the beginning of the present collection and at the same
time part of the last catalogue. From here, the trail continues, across the Balkan, along the Black
Sea down to the Aegean and then out to Rhodes and Cyprus. The coinage of the ephemeral
crusader states and the Turkmen mark our destination. In what one might call an aside to the
collection, the 90 reckoning counters and the weights offer a deeper insight into medieval trading.
At the end of this journey coinages and issues of both Christian and Islamic rulers and dynasties
will have been considered along with the ways in which they influenced each other.
We are once more proud to present the collector’s extensive historical commentaries on the
individual items, the period of their minting and the persons behind the fabrics. All pieces are
again shown enlarged by a factor 1.5, if not marked otherwise. At the end of the catalogue there is
an comprehensive general index with key words from all three parts of the collection. It also
contains a register of errata of the previous parts, I and II.
We hope you enjoy reading the third part and its historical commentaries and wish you the best of
luck with bidding!
Fritz Rudolf Künker Arne Kirsch Dr. Sebastian Steinbach
-•-
Auf Wunsch von Herrn Professor de Wit haben wir uns entschlossen, den Katalog seiner
Sammlung in englischer Sprache zu verfassen. Wir verbinden damit die Hoffnung, ein
internationales Publikum interessierter Sammler mittelalterlicher Münzen und Erforscher der
Numismatik des Mittelalters ansprechen zu können. Für die damit verbundenen Schwierigkeiten
für unsere deutschsprachigen Kunden bitten wir erneut um Verständnis. Unser Team steht Ihnen
selbstverständlich mit Rat und Hilfe bei Unklarheiten oder Verständnisproblemen zur Verfügung.
12
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CWEVKQP8GEEJK

5EGCVVC#4QUGVVG $'0 0#

TWPGU4%TQUU 9+. 4'&
TWPGU0QTVJ5GCD[
CIT 45NKIJVN[EQTTQFGFCNOQUVGZVTGOGN[HKPG
6TKVQP0GY;QTM#WEVKQP
PQ
/##FKGU#144VQIGVJGT%
$/HQWPFCV$CTJCO5WHHQNM
'Z,QJP,QTFCPEQNNGEVKQP
'Z%CRVCKP2GVGT#TPQV%QNGEQNNGEVKQP
$WEMNCPF&KZCPF9QQFPQ
'#&/70&

2GPP[#1OGICKPVJGHQTOQHC.CVKPETQUU '#&/80&4':#04%TQUUYKVJQPGRGNNGVKP

GCEJCPING 68+%)#/100QTVJ5GCD[IT 45OCNNHNCPETCEMXGT[HKPG
5RKPM.QPFQP
17
VIKING INVADERS - NORTHUMBRIA
8+-+0)+08#&'45
6JG GCTNKGUV TGEQTFGF TCKF KP VJG YGUV KU VJG RNWPFGTKPI CPF FGUVTWEVKQP KP QH VJG EJWTEJ CPF
OQPCUVGT[ QH .KPFGUHCTPG 5KOKNCT 0QTYGIKCP TCKFU VQQM RNCEG KP QP VJG OQPCUVGT[ QH /QPM
YGCTOQWVJCPFKPQPVJGOQPCUVGT[QH5V%QNWODCPKP+QPC6JGPGZVKPHKNVTCVKQPDGICPKPYKVJ
C&CPKUJTCKFQPVJGOQWVJQHVJG6JCOGU&WTKPIVJGPGZVVJKTV[[GCTUVJGUGCUUCWNVUEQPVKPWGFYKVJ
XCT[KPITGUWNVUHQTVJG0QTVJGTPGTU6JGKUNCPFUQH6JCPGVCPF5JGRR[YGTGEQOOQPN[WUGFCUDCUGUHQT
VJGUG CVVCEMU HTQO JKU ECOR QP 6JCPGV VJG &CPKUJ EJKGHVCKP 4QTKM RNWPFGTGF DQVJ %CPVGTDWT[ CPF
.QPFQPCDQWV6JGPGZV[GCTJGYCUFGHGCVGFD[-KPI#GVJGNYWNHQH9GUUGZ+PVJG8KMKPI
CVVCEMUYGTGKPVGPUKHKGFVJG[YGTGNCWPEJGFKPCOQTGPQTVJGTN[FKTGEVKQPCPFEGPVTGFQP'CUV#PINKC
6JKU YCU VJG UVCTVKPI RQKPV QH CP CVVCEM D[ C WPKVGF JGCVJGP CTO[ NGF D[ VJG VJTGG UQPU QH 4CIPCT
.QFDTQM+XCTVJG$QPGNGUU7DDGCPF*CNHFCP6JGKTCTO[VWTPGFVQYCTFU0QTVJWODTKCCPFECRVWTGF
;QTMQP0QXGODGT+PKVKPXCFGF/GTEKCCPFVQQM0QVVKPIJCOCHVGTYJKEJVJG/GTEKCPURCKF
&CPGIGNF CPF VJG 8KMKPIU TGVKTGF VQ ;QTM (TQO JGTG VJG CTO[ RTQEGGFGF UQWVJGCUVYCTFU VQYCTFU
2GVGTDQTQWIJCPF'N[ECRVWTKPICPFMKNNKPI-KPI'FOWPFQH'CUV#PINKC+PVJG'PINKUJFGHGCVGF
VJG 8KMKPIU CV VJG $CVVNG QH #UJFQYP DWV VJG XKEVQT[ YCU R[TTJKE CU #GVJGNTGF FKGF CPF NQUUGU YGTG
ITGCVQPVJG'PINKUJUKFG*KUUWEEGUUQT#NHTGFUQWIJVVQICKPVKOGCPFRCKFVJG8KMKPIUQHH6QYCTFU
VJG GPF QH VJG UGXGPVKGU VJG 8KMKPIU UGRCTCVGF VJGKT HQTEGU QPG RCTV WPFGT *CNHFCP OQXGF KPVQ
0QTVJWODTKCDCUGFKVUGNHKP;QTMCPFDGICPVQEQNQPKUGVJGTGIKQP6JGTGOCKPKPIRCTVQHVJG8KMKPI
HQTEGU UGV WR JGCFSWCTVGTU CV %CODTKFIG CPF HTQO VJGTG TGUWOGF CUUCWNVU QP 9GUUGZ +P #NHTGF
FGHGCVGFVJG&CPGUFGEKUKXKN[CV'FKPIVQP
$TQPFUVGF6JGEQKPUECPDGENCUUKHKGFKPVYQOCKPITQWRU
VJQUGUVTWEMD[VJG&CPGUCPFVJQUGUVTWEMD[VJG*KDGTPQ0QTUMMKPIUQH;QTM#RCTVHTQOVJQUGVJGTG
YCU C UOCNN VJKTF ITQWR QH KOKVCVKQPU QH #NHTGFŉU EQKPCIG 6JG &CPKUJ EQKPU OKIJV DG UWDFKXKFGF KP
#PINKCPCPF0QTVJWODTKCP
;QTM
#0).+#

5CKPV 'CFOWPF /GOQTKCN%QKPCIG

ECEC#+PEGPVTG#DGVYGGPFQVVGFEKTENGU 5%
'#&/80& 4'
TGVTQITCFG 4 5JQTV ETQUU RCVV¾G 6'401858&#
TGVTQITCFG 0QTVJ
5GCD[IT 'ZVTGOGN[HKPG
/ÒP\\GPVTWO-ÌNP
1HVJGOQPG[GTUŉPCOGUOGPVKQPGFKP0QTVJPQPGTGUGODNGVJGVGZVCVJCPF
0146*7/$4+#
;14-

'DTCKEG%KXKVCU#5OCNNETQUURCVV¾GYKVJCRGNNGVKPVYQCPINGU '$+#+J%'%+64%086

CV VJG GPF QH VJG NKODU QH C NCTIG ETQUU RCVV¾G VJG UOCNN ETQUU RCVV¾G YKVJ C RGNNGV KP GCEJ CPING
$GVYGGP%0864':0QTVJ5GCD[IT 8GT[HKPGVQGZVTGOGN[HKPG
5EJWNOCP# FCO#WEVKQP
PQ
'Z5EJWNOCP#OUVGTFCO#WEVKQP
6JGVGZVUUJQWNFTGCF'$4#+%'%+8+6#5QH'$4#+%'%+8
+PVGTUGEVKQPDGVYGGP8CPF%CPFDGVYGGP4CPF6VJTGGRGNNGVUKPCVTKCPING
18
KENT

%WPPGVVK#5OCNNETQUURCVV¾GYKVJCRGNNGVKPVYQCPINGU %80B0'6B6+B4%086CVVJG

GPFQHVJGNKODUQHCRCVTKCTEJCNETQUUYKVJCRGNNGVKPGCEJCPINGQHVJGUOCNNETQUU$GVYGGP%086D
4D'DD:D0QTVJ5GCD[IT 8GT[HKPGVQGZVTGOGN[HKPG
5RKPM.QPFQP
%HVJGEQOOGPVYKVJ

%WPPGVVK#5OCNNETQUURCVV¾GYKVJCRGNNGVKPVYQCPINGU %800'66+4%086CVVJGGPF

QHVJGNKODUQHCRCVTKCTEJCNETQUUYKVJCRGNNGVKPGCEJCPINGQHVJGUOCNNETQUU$GVYGGP%086B4'
:0QTVJ5GCD[IT &CTMRCVKPCXGT[HKPG
%HVJGEQOOGPVYKVJ

/KTCDKNKC(GEKV#5OCNNETQUURCVV¾GYKVJRGNNGVKPVYQCPINGU 0&#&4+#+('%64+PVYQNKPGU

ETQUUDGVYGGP&05&514':0QTVJ5GCD[IT 4&QWDNGUVTWEMXGT[HKPG
5RKPM.QPFQP
'Z%WGTFCNG
'Z5RKPM#WEVKQPPQPQ

.5/(&&14#
KKUCOGFKGUCU5%$+#UJOQNGCP
6JGTGXGTUGVGZVKUCPCDDTGXKCVKQPQH&QOK0W5&GW51OPKRQVGPU4':
6JG.QTF)QF#NOKIJV[
KU-KPI
-'06
1HHCYCUQXGTNQTFQXGT-GPV2GPPKGUCTGMPQYPHTQO*GCDGTJVFCVGF9JGP1HHCFKGFKPC
TGXQNVYCUNGFD[CPCRQUVCVGENGTM'CFDGTJV2TCGP%QGPYWNHQH/GTEKCUYKHVN[UWDFWGFVJGTGDGNUCPF
OCFGJKUDTQVJGT%WVJTGFMKPIQH-GPV1PEGCICKP-GPVJCFDGEQOGCRTQXKPEGQH/GTEKC0QVJKPIKU
MPQYPQH$CNFTGFGZEGRVVJCVJGWUWTRGF-GPVTWNGUJQTVN[DGHQTGYJGP#GVJGNYWNHUGPVD[JKU
HCVJGT 'EIDGTJV QH 9GUUGZ NGF C NCTIG CTO[ KPVQ -GPV CPF FTQXG $CNFTGF CETQUU VJG 6JCOGU 6JWU
-GPVŉUKPFGRGPFGPVJKUVQT[GPFGF
%76*4'&

2GPP[%CPVGTDWT[!5KIGDGTJV#&KCFGOGFDWUVT %8&4'&4':%#064%TQUURQOO¾G

YKVJYGFIGUKPCPINGU 5+)'$'4*6+/10'6#0QTVJ5GCD[IT
'ZVTGOGN[TCTG(NCPETCEMQVJGTYKUGXGT[HKPG
5RKPM.QPFQP
19
CANTERBURY
%#06'4$74;
/GTEKCEQPVTQNNGFVJGCTEJDKUJQRUQH%CPVGTDWT[CPFVJGTGHQTGVJGPCOGQHKVUQXGTNQTFYCUKPFKECVGFQP
%CPVGTDWT[ EQKPCIG 6JWU CTEJDKUJQRU ,CGPDGTJV
CPF #GVJGNJGCTF
KPENWFGF VJG
PCOGU QH /GTEKCP MKPIU 1HHC CPF %QGPYWNH QP VJGKT EQKPU 1P #GVJGNJGCTFŉU FGOKUG /C[
9WNHTGF JKU CTEJFGCEQP CUUWOGF QHHKEG 6JG PGY CTEJDKUJQR FKF CYC[ YKVJ PCOKPI VJG /GTEKCP
QXGTNQTF QP JKU EQKPU CPF KPUVGCF KPVTQFWEGF VJG VQPUWTGF DWUV 2NGIOWPF
YCU VJG NCUV
CTEJDKUJQRVQUVTKMGEQKPKPFGRGPFGPVN[
#'6*'.*'#4&

2GPP[YKVJ1HHCCUQXGTNQTF#+PVJTGGNKPGU#'&+.*'#4&#4%'2+4+PVJTGGNKPGU/
1((#4':0QTVJ5GCD[IT 44'FIGDTGCMUXGT[HKPG
5RKPM.QPFQP
PFKUUWGYKVJ1HHCCU1XGTNQTF

(TQO0%PQ
'Z&%JKEMEQNNGEVKQP
$NWPV
%'1.016*

2GPP[ )TQWR +++ $KCTPYWNH # 6QPUWTGF DWUV HCEKPI %'1.016* #4%*+'2 4 /QPG[GTU
PCOGQPCPFDGVYGGPVJGNKODUQHCETQUU $+#408.(/10'6#0QTVJ5GCD[IT
'ZVTGOGN[TCTG#VVTCEVKXGURGEKOGPYKVJPKEGVQPKPIGZVTGOGN[HKPG
5RKPM.QPFQP
'Z%CTN[QP$TKVVQPEQNNGEVKQP

'Z.QEMGVV+EQNNGEVKQP

)TQWR+++EC
#PCOGKPVYQRGTRGPFKEWNCTCTOUQHQPGETQUUKUUGGPKP9GUUGZCUYGNN
UGGPQUCPF.CVGTVJKUV[RG
YQWNFCNUQGOGTIGQPVJGEQPVKPGPV
UGGWPFGT*QNNCPFPQCPFWPFGT7RRGT.QTTCKPGPQ
20
WESSEX
9'55':
6JGHKTUVRGPPKGUYGTGUVTWEMD[$GQTJVTKEKP9GUUGZ*GJCFCTKXCNYJQO1HHCJGNRGFJKOVQFTKXG
CYC[ $GQTJVTKE YGFFGF C FCWIJVGT QH 1HHCŉU CPF WPFGT JKU TWNG 9GUUGZ YCU FGRGPFGPV QP /GTEKC
7RQP$GQTJVTKEŉUFGCVJJKUNQPIVKOGHQG'EIDGTJVCUEGPFGFVQVJGVJTQPG*GGUVCDNKUJGFCTWNGOWEJ
OQTGKPFGRGPFGPVQH/GTEKCCPFUGPVCPCTO[VQ-GPVKP6JWUJGICKPGFEQPVTQNQHVJG%CPVGTDWT[
CPF .QPFQP OKPVU 'EIDGTJV YCU UWEEGGFGF D[ JKU UQP #GVJGNYWNH KP *KU OCKP HGCV YCU VJG
EQPSWGUVQHVJG8KMKPIUKPYJQRTKQTVQVJCVJCFUVQTOGFDQVJ.QPFQPCPF%CPVGTDWT['PRCUUCPV
JGFTQXG$GTVYWNHQH/GTEKCCYC[7RQPTGVWTPKPIHTQOCRKNITKOCIGVQ4QOGYJKEJJGJCFUGVQWVQP
KPJGYCUPQNQPIGTTGEQIPKUGFCUMKPI6QRTGXGPVOCVVGTUEQOKPIVQCJGCFJGCESWKGUEGFKPC
FKXKUKQPQHJKUFQOKPKQPU9GUUGZHGNNVQJKUUQP#GVJGNDCNFYJKNG#GVJGNYWNHJKOUGNHTGVCKPGFVJGTGUV
QH 5QWVJ'CUV 'PINCPF #GVJGNDGTJV #GVJGNYWNHŉU UGEQPF UQP UWEEGGFGF VQ JKU HCVJGTU FKOKPKUJGF
MKPIFQOCVJKUFGCVJKP9JGPHKTUVUQP#GVJGNDCNFFKGFKP9GUUGZECOGWPFGTJKUTWNGCPFVJG
9GUV5CZQPMKPIFQOYCUTGWPKVGF7PFGTVJGTGKIPQHVJGVJKTFDTQVJGT#GVJGNTGFVJG8KMKPIUKPXCFGF
#GVJGNTGFURGPVOQUVQHJKUTGKIPDCVVNKPIVJG8KMKPIUUWRRQTVGFD[JKUDTQVJGT#NHTGF1PJKUFGOKUG
#GVJGNTGFŉU EJKNFTGP YGTG VQQ [QWPI VQ GZGEWVG VJG RQYGTHWN TWNG VJCV YCU UQ FGURGTCVGN[ PGGFGF VQ
YKVJUVCPF VJG KPEGUUCPVN[ TCKFKPI 8KMKPIU 6JWU #NHTGF CUEGPFGF VQ VJG VJTQPG +PKVKCNN[ 9GUUGZ NQUV
CPFYCUHQTEGFVQRC[VJG8KMKPIUQHHDWVD[VJGVCDNGUJCFVWTPGFCPFJGFGHGCVGFVJG8KMKPIUCV
'FKPIVQP .QPFQP YCU VCMGP KP CPF DGECOG VJG EGPVTG QH QRRQUKVKQP CICKPUV VJG GPGO[ 9JGP
#NHTGFFKGFKPJKUUQP'FYCTFŉUUWEEGUUKQPYCUEQPVGUVGFD[JKUEQWUKP#GVJGNYQNF6JGNCVVGTHNGF
CPFLQKPGFVJG&CPGUKP0QTVJWODTKCKP'FYCTFFGXCUVCVGF'CUV#PINKCCUCTGVCNKCVKQPHQTCTCKFQP
9GUUGZ#DCVVNGGPUWGFNQUVD[9GUUGZ6JG&CPGUOCTEJGFKPVQ/GTEKCDWVGXGPVWCNN[YGTGFGHGCVGF
CV6GVVGPJCNN'FYCTFYQWNFMGGRGPICIKPIVJG&CPGUCPFD[VJGVKOGQHJKUFGCVJKPCNNTGIKQPU
UQWVJQHVJG*WODGTYGTGHKTON[KP9GUUGZJCPFU
#'6*'.97.(

2GPP[2JCUG'VJGNPQVJ#$CTGJGCFGFDWUVT #'6*'.88.(4':4/QPG[GTUPCOGQP

CPFDGVYGGPVJGNKODUQHCDGCFGFETQUU '6*'.016*/10'6#0QTVJ5GCD[IT
45OCNNGFIGFGHGEVPKEGRQTVTCKVXGT[HKPGVQGZVTGOGN[HKPG
5RKPM.QPFQP
2JCUGEOCLQTKV[QTCNN%CPVGTDWT[OKPV
#'6*'.$'4*6

2GPP[ /CPKPE # $CTGJGCFGF DWUV T #'6*'.$'#4*6 4': 4 /QPG[GTU PCOG QP CPF
DGVYGGPVJGNKODUQHCDGCFGFETQUU /#0+0%/10'6#0QTVJ5GCD[IT
440KEGRQTVTCKVCNOQUVGZVTGOGN[HKPG
'NUGP$TWUUGN
(TQONKUVPQ
1RGPETQUUV[RGEC
21
KINGS OF ALL ENGLAND

#.(4'&

2GPP[(QWT%QKPCIG.QPFQP#GVJGNUVCP#5OCNNETQUURCVV¾G#'.(4'&4':4/QPG[GTU
PCOG KP VYQ NKPGU VJTGG RGNNGVU DGVYGGP CPF C RGNNGV CDQXG GPF DGPGCVJ #'6*'. 56#0 0QTVJ
5GCD[IT 48GT[HKPG
5RKPM.QPFQP
VJEQKPCIGEC
)WPVJTWO%CPVGTDWT['FYCTFVJG'NFGTV[RG
.QPFQPEC
'&9#4&VJG'.&'4

2GPP[6YQ.KPG'CFYWNH#5OCNNETQUURCVV¾G '#&88'#4&4':4/QPG[GTUPCOGKPVYQ
NKPGUDGVYGGPVJTGGETQUUGUCDQXGPCPFDGPGCVJVJTGGRGNNGVUKPCVTKCPING'#&8.(/10QTVJ
5GCD[IT 'ZVTGOGN[HKPG
5RKPM.QPFQP
-+0)51(#..'0).#0&
1P 5GRVGODGT #GVJGNUVCP YCU ETQYPGF MKPI CV -KPIUVQP *KU TWNG GZVGPFGF QXGT 9GUUGZ CPF
RTGUWOCDN[QXGT/GTEKCVJCPMUVQVJGUWEEGUUHWNECORCKIPKPIQHJKUHCVJGT*GFTQXGVJG8KMKPIMKPI
#PNCHQWVQH;QTMDWVJGYCUNGUUUWEEGUUHWNKPJKUFGCNKPIUYKVJ5EQVNCPF+VKUHCKTVQUVCVGVJCVCVVJG
VKOGQHJKUFGCVJKPJGJCFŋJGNFVQIGVJGTCEQORQUKVGUVCVGYJKEJGODTCEGFOQUVQHRTGUGPVFC[
'PINCPFŌ
0QTVJ1HITGCVKPVGTGUVKUVJGEQKPCIGNCYGPCEVGFCV)TCVGN[FWTKPI#GVJGNUVCPŉUTGKIPŋ9G
FGENCTGőVJCVVJGTGUJCNNDGQPGEQKPCIGVJTQWIJQWVVJGMKPIŉUFQOKPKQPUCPFVJGTGUJCNNDGPQOKPVKPI
GZEGRV KP C RQTV #PF KH C OKPKUVGT DG EQPXKEVGF QH UVTKMKPI DCF OQPG[ VJG JCPF YKVJ YJKEJ JG YCU
IWKNV[UJCNNDGEWVQHHCPFUGVWRQPVJGOKPVUOKVJ[Ō6JGUVCVWVGCNUQIKXGUVJGSWQVCQHOQPG[GTUHQT
GCEJDWTJ
0QTVJ+R#GVJGNUVCPYCUUWEEGGFGFD[JKUDTQVJGT'CFOWPF
&WTKPIJKU
TGKIPVJG&CPGUDTKGHN[TGGUVCDNKUJGFVJGKTMKPIFQOKP;QTM*GKPVWTPYCUUWEEGGFGFD[JKUDTQVJGT
'CFTGF
YJQ FTQXG 'TKE ŋ$NQQFCZGŌ
FKGF QWV QH 0QTVJWODTKC 1P 'CFTGFŉU FGCVJ KP
VJG VJTQPG RCUUGF VQ 'CFYKI GNFGUV UQP QH 'CFOWPF DWV VJG /GTEKCPU CPF 0QTVJWODTKCPU
TGPQWPEGFVJGKTCNNGIKCPEGVQJKOKPHCXQWTQHJKU[QWPIGTDTQVJGT'CFICTKP1P'CFTGFŉUFGCVJKP
'CFICTTWNGFKP9GUUGZCNUQ'CFICTŉUTGKIPKUOCTMGFD[VJGITCPVKPIQHCWVQPQO[VQVJG&CPKUJ
KPJCDKVCPVU QH GCUVGTP 'PINCPF 'CFICT JCF VYQ UQPU 'FYCTF D[ JKU HKTUV YKHG CPF #GVJGNTGF D[ JKU
UGEQPFYKHG#GNHVJTKVJ'FYCTFDGECOGMKPIDWVVJGEQWPVT[YCUFKXKFGF1P/CTEJ'FYCTF
YCUXKUKVKPIJKUDTQVJGTKP&QTUGVYJGPJGYCUCVVCEMGFD[UQOGQH#GVJGNTGFŉUTGVCKPGTUCPFOWTFGTGF
*GYCUNCVGTTGXGTGFCUCUCKPVCPFOCTV[T#GVJGNTGFŉUTGKIPYCUCVWTPKPIRQKPVHQTYJKNGVJG&CPKUJ
KPHNWGPEG ITGY CPF DGICP VQ FQOKPCVG CV VJG UCOG VKOG VJG VKGU GUVCDNKUJGF YKVJ (TCPEG VQQM QP
ITQYKPI UKIPKHKECPEG HQT VJG HWVWTG 6JG MKPI JKOUGNH NGF VJG YC[ KP VJKU VCMKPI HQT JKU YKHG 'OOC

#GNHIKHW VJG FCWIJVGT QH 4KEJCTF ++ &WMG QH 0QTOCPF[ VJG ITGCV ITCPFUQP QH VJG HKTUV &WMG QH
0QTOCPF[4QNHQT4QNNGVJG8KMKPI
UGGWPFGT0QTOCPF[

%H CNUQ VJG 'PINKUJ VQMGPU KP VJG EJCRVGT ,GVQPU
PQ CPF VJG 'PINKUJ EQKPU KP QWT

ECVCNQIWGPQHH
'#&4'&

6YQ.KPG9WNHUVCP#5OCNNETQUURCVV¾G'#&4'&4':4/QPG[GTUPCOGKPVYQNKPGUFKXKFGF
D[VJTGGETQUUGUCDQXGCPFDGNQYCTQUGVVG88.(560/10QTVJ5GCD[IT
5RKPM.QPFQP
5OCNNHNCPFGHGEVXGT[HKPG

1XGTUVTWEMQPCEQKPQH#GVJGNUVCP
22
'#&)#4

7PFGT'CFICTVJGEQKPCIGYCUTGHQTOGF+PKVYCUFGETGGFVJCVKPHWVWTGVJGEQKPUUJQWNFDGCT
PQVQPN[VJGPCOGQHVJGOQPG[GTDWVCNUQVJGRNCEGQHOKPVKPI+PHCEVHTQOVJKUFCVG'PINCPFYCUVQ
DGNKVGTCNN[EQXGTGFKPOKPVUPQOQTGVJCPOKNGUCRCTVŋ1WTENCKOKUVJCVCPGVYQTMQHOKPVUYCU
RCTVQHVJGRNCPQHVJGTGHQTOQHCPFVJCVKVYCUVJGKPVGPVKQPVJCVOGPUJQWNFPQVJCXGVQVTCXGNCP
WPTGCUQPCDNG FKUVCPEG KP QTFGT VQ TGCEJ C OKPVŌ
&QNNG[ CPF /GVECNH UGG HKI +++ 9G HKPF UKOKNCT
TGIWNCVKQPUKP(TKGUNCPF
UGGWPFGT(TKGUNCPF

6YQ NKPG *GTKIGT # 5OCNN ETQUU RCVV¾G '#&)#4 4': + 4 /QPG[GTU PCOG KP VYQ NKPGU
FKXKFGFD[VJTGGETQUUGUCDQXGCPFDGNQYCVTGHQKN*'4+)'4/0QTVJ5GCD[IT
5OCNNUETCVEJGUCNOQUVGZVTGOGN[HKPG
5RKPM.QPFQP
2TGTGHQTO
#'6*'.4'&++

6JGTGKIPQH#GVJGNTGF
ECNNGFŋVJG7PTGCF[ŌYCUVTQWDNGFD[KPEGUUCPVTCKFUHTQO5ECPFKPCXKCYJKEJ
KPVJGGPFNGFVQVJGEQPSWGUVQH'PINCPFD[VJG&CPGU-GPVCPF9GUUGZYGTGTCKFGFKPCPFVJG
&CPGU U[UVGOCVKECNN[ RNWPFGTGF 5QWVJ 'PINCPF 1P 0QXGODGT
5V $TKEGŉU FC[ #GVJGNTGF
QTFGTGFVJGOWTFGTQHCNN&CPGUCPFCOQPIVJGUNCWIJVGTGFYCU)TWPPJKNFFCWIJVGTQH-KPI5YG[PQH
&GPOCTM#UCTGUWNVCNN'PINCPFUWHHGTGFHTQO&CPKUJTCKFUQHUVGCFKN[KPETGCUKPIHGTQEKV[+P
VJG[YGTGDQWIJVQHHQPN[CHVGTCRC[OGPVQHRQWPFUQHUKNXGT6JGPGZV[GCT5YG[PTGVWTPGFVQ
'PINCPF CPF #GVJGNTGF NGHV HQT 0QTOCPF[ QPN[ VQ TGVWTP CHVGT 5YG[PŉU FGCVJ QP (GDTWCT[
5YG[PŉU[QWPIGTUQP%PWVNGHV'PINCPFDWVTGVWTPGFVQ9GUUGZVJGPGZV[GCT#GVJGNTGFFKGF#RTKN
CPFYCUUWEEGGFGFD[JKUGNFGUVUWTXKXKPIUQP'FOWPF+TQPUKFG*GEQPVKPWGFVJGUVTWIINGCICKPUV
%PWV DWV OCFG NKVVNG JGCFYC[ CPF YJKNG JG YCU TGEQIPKUGF CU MKPI UQWVJ QH VJG 6JCOGU %PWV JGNF
UYC[KPVJGPQTVJ6JGFGCFNQEMYCUDTQMGPQPN[D[VJGFGCVJQH'FOWPFKP0QXGODGTCPF%PWV
DGECOGMKPIQHCNN'PINCPF6JGEQKPURTQFWEGFFWTKPI#GVJGNTGFŉUTGKIPCTGQHHKPGSWCNKV[CPFHCNNKPVQ
UGXGTCNFKUVKPEVV[RGUYJKEJUGGOVQDGEJCPIGFTQWIJN[GXGT[UKZ[GCTU&QNNG[KUQHVJGQRKPKQPVJCVVJG
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5RKPM.QPFQP
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23
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%CODTKFIG#GNHTKE# #'&'.4#'&4':#0).1:4 #'.(4+%/1)4#06IT

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24
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0QTVJ5GCD[

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26
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27
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6QIGVJGT YKVJ JKU HCVJGT 5YG[P (QTMDGCTF %PWV NGF VJG KPXCUKQP QH 'PINCPF KP #HVGT 5YG[PŉU
FGCVJ%PWVYCURTQENCKOGFMKPIQHCNN'PINCPFD[VJG&CPKUJHNGGV6JG'PINKUJJQYGXGTFKUUGPVGF
CPFECNNGFWRQP#GVJGNTGFVQTGVWTPHTQOJKUGZKNG%PWVYKVJFTGYVQ&GPOCTMDWVTGVWTPGFUYKHVN[KP
VQGPHQTEGJKUENCKO*KUEQPSWGUVUJQYGXGTYQWNFPŉVNCUVCPFCHVGT#GVJGNTGFŉUFGOKUG%PWVJCF
VQ FGCN YKVJ VJG HQTOGTŉU UQP 'CFOWPF
UGG WPFGT #GVJGNTGF 1P 'CFOWPFŉU FGCVJ KP %PWV

DGECOGMKPIQHCNN'PINCPF6JWUDGICPVJG#PINQ&CPKUJRGTKQF
#HVGT #GVJGNTGF JCF FKGF %PWV OCTTKGF JKU YKFQY 'OOC C OCPQGWXTG KPVGPFGF VQ RTGXGPV CP[
KPVGTXGPVKQPD[JGTDTQVJGT4KEJCTF++&WMGQH0QTOCPF[
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JCFPQKUUWG

#NVJQWIJ%PWVTWNGFQXGTVJG0QTVJ5GC'ORKTGJGENGCTN[TGICTFGF'PINCPFCUVJGJGCTVQHJKUGORKTG
CPF JG JCF #PINQ5CZQP EWUVQOU RTGXCKN KP IQXGTPKPI KV 6JG QPG KPPQXCVKQP YCU VJG CRRQKPVOGPV QH
GCTNU OQUVN[ QH 5ECPFKPCXKCP QTKIKP 5VKNN VJG OQUV RQYGTHWN QH CNN )QFYKP QH 9GUUGZ YCU #PINQ
5CZQP

%PWVŉUEQKPCIGDGICPKPYKVJCPGYV[RGŋ5[ODQNKECNN[JGYCUUJQYPQPVJGEQKPUYGCTKPIVJG
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FGUKIPYGTGRTGUGPVVJGFKGEWVVGTYCURGTOKVVGFEQPUKFGTCDNGNCVKVWFGKPVJGFGVCKNQHEQORQUKVKQP6JG
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0QTVJ
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$CVJ#GVJGNUVCP# %0864':#0).148/4 '&'56#010$#&IT

#NOQUVGZVTGOGN[HKPG
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PQ
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5RKPM.QPFQP
5OCNNSWCVTGHQKNCPFV[RKECN'CUV#PINKC5V[NGDWUV
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$CNFYKP.QPFQP
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5RKPM.QPFQP
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36

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PQ

6CWPVQP#GNHUKIG# %0864':#0).148/4 '.(5+)6#068IT

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'NUGP$TWUUGN#WEVKQP
PQ
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6JGVHQTF#GNHYKI# %0864':#0).1:4 #'&2+)/1+&'1IT

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PQ

6JGVHQTF)QFOCP# %0864':#0).1:4 )1&/#0/1&'1&IT

0KEGRQTVTCKVXGT[HKPGVQGZVTGOGN[HKPG
'NUGP$TWUUGN#WEVKQP
PQ
6JGVHQTF.GQHYKPG# %0864':#0).148/4 .'1(2+0'/1&'1&IT

'NUGP$TWUUGN#WEVKQP
PQ

6JGVHQTF.KHKPE# %0864':#0).14 .+(+0%10&'1IT

)QQFRQTVTCKVXGT[HKPG
'NUGP$TWUUGN#WEVKQP
PQ
6JGVHQTF5RTWPV# %0864':#0).1484 52480610&'1IT

'ZVTGOGN[HKPG
'NUGP$TWUUGN#WEVKQP
PQ
38

9KPEJGUVGT5KDQFG# %0864':#0).1484 5+$1&#102+0%5IT

40KEG2CVKPCCNOQUVGZVTGOGN[HKPG
5RKPM.QPFQP
9QTEJGUVGT#GNHYQNF# %0864':#0).144 #.(21.&102+IT

445OCNNFQWDNGUVTWEMXGT[HKPG
*QTPWPI-QRGPJCIGP#WEVKQP
PQC
*KNF
5[NN%QR
9QTEJGUVGTUV[NG

;QTM%QNITKO# %0864':#0).144 %1.)4+//1'1(IT

0KEGRQTVTCKVCNKVVNGYGCMN[UVTWEMCVVJGGFIGQVJGTYKUGGZVTGOGN[HKPGYKVJPKEGRCVKPC
5RKPM.QPFQP
;QTM&CJHKP# %0864':#0).1484 &#*(+0/1'1IT 'ZVTGOGN[HKPG

5RKPM.QPFQP

;QTM(TKVJEQN# %0864':#0).1484 (4+&1./1'1+IT 8GT[HKPG

'NUGP$TWUUGN#WEVKQP
PQ
;QTM5VKTEQN# %0864':#0).1484 56+4%1./1'1+IT

'NUGP$TWUUGN#WEVKQP
PQ
39
2QKPVGF*GNOGV

#$WUVNYGCTKPIRQKPVGFJGNOGVKPHTQPVUEGRVTG45JQTVETQUUXQKFGFNKODUWPKVGFCVDCUGD[VYQ
EKENGUKPEGPVTGCRGNNGVKPGCEJCPINGCDTQMGPCPPWNGVGPENQUKPICRGNNGV
0QTVJ5GCD[

&QTEJGUVGT5YGVC# %0864 ':#04 52'610&14 % '56IT

4$GPVYGCMN[UVTWEMCVVJGGFIGDWVPKEGRQTVTCKVXGT[HKPG
PQ
6[RG+++E4*/&QNNG[,+PIQNF5QOGVJQWIJVUQPVJGGPITCXKPIQHVJGFKGUHQTVJG'PINKUJ%QKPCIGE
%QOOGPVCVKQPGUR
*KNF

.KPEQNP#GIGNOCGT# %0864':#0)4 #')'./#'410.+0%IT

5EJWNOCP#OUVGTFCO
6[RG+++E4*/&QNNG[,+PIQNF5QOGVJQWIJVUQPVJGGPITCXKPIQHVJGFKGUHQTVJG'PINKUJ%QKPCIGE
%QOOGPVCVKQPGUR
*KNF
.QPFQP9[PUVCP# %0864+%:4 2;056#010.80IT

5NKIJVGN[DGPVQVJGTYKUGXGT[HKPG
5RKPM.QPFQP
6[RG++E4*/&QNNG[,+PIQNF5QOGVJQWIJVUQPVJGGPITCXKPIQHVJGFKGUHQTVJG'PINKUJ%QKPCIGE
%QOOGPVCVKQPGUR
*KNF
MPQYUQHURGEKOGPUHTQO2WPUVCP

.QPFQP.GQHUVCP# %0864''::4 .'1(56#010.70IT 8GT[HKPG

4CWEJ9KGP#WEVKQP
PQ
6JGVHQTF'CFYKPG# %086':#0)4 '#&2+0'/1&'1IT

4'ZVTGOGN[HKPG
6[RG+4*/&QNNG[,+PIQNF5QOGVJQWIJVUQPVJGGPITCXKPIQHVJGFKGUHQTVJG'PINKUJ%QKPCIGE
%QOOGPVCVKQPGUR
*KNF
40
5JQTV%TQUU

#&KCFGOGFDWUVNUEGRVTGYKVJNKUJGCFKPHTQPV45JQTVETQUUXQKFGFKPEGPVTGCEKTENGGPENQUKPIC
RGNNGV0QTVJ5GCD[

&QXGT.GQHYKPG# %0864'%:4 .'1(2+0'10&1(4IT 8GT[HKPG

.CP\/ÒPEJGP#WEVKQP
PQ

*WPVKPIFQP#GNHICT# %0864'%:4 #'.()#410*806IT

46TCEGUQHGPETWUVCVKQPXGT[HKPGVQGZVTGOGN[HKPG
/ÒP\\GPVTWO-ÌNP
.QPFQP#GVJYGF# %0864'4 #'&2'&10.80&IT 8GT[HKPG

5RKPM.QPFQP
/QPG[GTPQVKP0QTVJ
*#41.&+

%PWV JCF KPVGPFGF JKU UQP *CTVJCEPWV D[ JKU YKHG 'OOC VQ UWEEGGF JKO KP 'PINCPF CU YGNN CU KP
&GPOCTM +P &GPOCTM JG FKF DWV 'PINCPF YCU FKXKFGF # ITQWR QH UQWVJGTP PQDNGU NGF D[ )QFYKP
YKUJGF*CTVJCEPWVVQCEEGFGVQVJGVJTQPGDWVVJGGCTNUKPVJGOKFFNGCPFPQTVJQHVJGEQWPVT[NGFD[
.GQHTKERTGHGTTGF*CTQNF%PWVŉUUQPD[#GNHIKHW+PCEQORTQOKUG'OOCCEVGFCUTGIGPVKP9GUUGZ
QP*CTVJCEPWVŉUDGJCNHCPFVJGTGUVYGPVVQ*CTQNF
1PGQHVJGEQKPUQH*CTQNFŉUTGKIPKP'PINCPF
OKPWU9GUUGZYCUVJG,GYGN%TQUUV[RG#U*CTVJCEPWV
FKF PQV EQOG VQ 'PINCPF JKU RQUKVKQP YGCMGPGF CPF *CTQNF DGECOG MKPI QH CNN 'PINCPF KP
RTQORVKPI'OOCVQHNGGVQ(NCPFGTU*CTQNFEJQUGCPGYV[RGVJGŋ(NGWTFGNKUŌV[RG*GFKGFQP
/CTEJCPF*CTVJCEPWVYCUTGSWGUVGFVQEQOGVQ'PINCPFCUMKPI
,GYGNN%TQUU
URTKPICWVWOP

.QPFQP$TKJVOCGT#&KCFGOGFDWUVN *#41.&4':4%TQUUEQORQUGFQHHQWTQXCNUWPKVGF

CVVJGKTDCUKUD[VYQEKTENGUGPENQUKPICRGNNGV $4+*6/#'410.80&0QTVJ5GCD[
IT 49GCMN[UVTWEMXGT[HKPG
/ÒP\\GPVTWO-ÌNP
41
(NGWTFGNKU

#&KCFGOGFDWUVNKPCTOQWTKPHTQPVCUJKGNFCPFUEGRVTG4.QPIETQUUXQKFGFNKODUWPKVGFCVVJGKT
DCUGUD[CEKTENGGPENQUKPICRGNNGVKPGCEJCPINGHNGWTFGNKUDGVYGGPVYQRGNNGVU
0QTVJ5GCD[

.QPFQP#GNHTKE# *#41.&4'%:4 #'.(4+%10.80IT

/KPQTHNCPETCEMVTCEGUQHXGTFKITKUXGT[HKPG
9#)&QTVOWPF#WEVKQP
PQ

.CPECUVGT!'CYKPG# *#41.&4''&:4+PGCEJCPINGVTGHQKNQHRGNNGVU '#2+0'10

.#0&0QTVJ5GCD[IT 5OCNNHNCPETCEMXGT[HKPG
/ÒP\\GPVTWO-ÌNP
6QO[OKPFVJGOKPVKPFKECVKQPECPQPN[DGTGCFCU.#0&YJKEJYQWNFTGHGTVQ.CPECUVGTDWV*KNFGDTCPFMPQYU
QHPQUWEJV[RGHQT.CPECUVGT
*QYGXGT VJKU OQPG[GT KU MPQYP HQT .GYGU D[ VJG PCOG QH 'CFYKPG YJKEJ KU UWRRQTVGF D[ VJG ECTF
CEEQORCP[KPIVJKUEQKPDWVKPVJCVECUGVJGEQKPUJQWNFJCXGTGCF.#';'
*KNF
*#46*#%076

6JG'PINKUJKPXKVCVKQPQH*CTVJCEPWVVQTGVWTPVQ'PIGNCPFCUMKPIYCUCTCVJGTJCNHJGCTVGFQDUGTXKPIQH
JGTGFKVCT[EWUVQOCPFUQQPTGITGVVGF7RQPCTTKXCNJGTCKUGFVCZGUVQRC[QHHJKUHNGGV
*CTVJCEPWVYCUMKPIQPN[HQTCDTKGHRGTKQFCPFYJGPJGFKGFFWTKPICYGFFKPIQP,WPGJGYCU
UWEEGGFGFD['FYCTF
VJG%QPHGUUQTVJGQPN[TGOCKPKPIUQPQH#GVJGNTGFŉUCPFVJG#PINQ&CPKUJ
KPVGTNWFGGPFGF
#TOCPFUEGRVTG
LWPGLWPG

9CTYKEM.GQHYKPG#&KCFGOGFDWUVNYKVJUEGRVTGKPNJCPF %0864'%:#41XGTUJQTV

ETQUUXQKFGFSWCFTKNCVGTCNYKVJRGNNGVCVGCEJCPINGCPFKPEGPVTG .'12++102#'4+00QTVJ
5GCD[IT 445NKIJVGN[DGPVXGT[HKPG
PQ
*KNF
6JKU EQKP KU UVTWEM YKVJ VJG PCOG QH ŋ%PWVŌ +V WUGF VQ DG EQPUKFGTGF C RQUVJWOQWU KUUWG QH %PWVŉU DWV PQY VJG
KPUETKRVKQPKUCEEGRVGFCUCPCDDTGXKCVKQPQH*CTVJCEPWVCPFVJGEQKPKUIKXGPVQVJCVMKPI
5GG0%R
42
'&9#4&VJG%10('5514

&WTKPI 'FYCTFŉU HKTUV [GCTU QH IQXGTPOGPV )QFYKP ECWUGF JKO C ITGCV FGCN QH VTQWDNG +P
'FYCTF OCTTKGF 'FKVJ )QFYKPŉU FCWIJVGT CPF ITCPVGF VJG NCVVGTŉU DQVJ UQPU GCTNFQO 0GXGTVJGNGUU
'FYCTFGZKNGF)QFYKPKP
6JG RQNKVKEU QH 'FYCTF YJQ JCF URGPV JKU [GCT GZKNG YKVJ VJG 0QTOCPU CEVKXGN[ HCXQWTGF VJG
0QTOCPU QXGT VJG 5ECPFKPCXKCPU CPF ITCPVGF VJGO HKPCPEKCN RTKXKNGIGU *GPEG C NQV QH (TGPEJ PQDNGU
GPVGTGFVJGEQWPVT[QHYJKEJ4QDGTVQH,WOK½IGUDGECOGCTEJDKUJQRQH%CPVGTDWT[
+P)QFYKPTGVWTPGFCPFJKUHQTOGTTKIJVUYGTGHWNN[TGKPUVCVGFCPFVJG0QTOCPUJCFVQHNGGVJG
EQWPVT[ QPG QH VJGO 4QDGTV QH ,WOK½IGU )QFYKP FKGF KP CPF JKU UQP *CTQNF KPJGTKVGF JKU
CWVJQTKV[
#U 'FYCTFŉU OCTTKCIG YCU YKVJQWV KUUWG VJG UGCTEJ HQT C UWEEGUUQT YCU KPUVKICVGF KP
WPUWEEGUUHWNN[VJQWIJCPF'FYCTFGPHQTEGFJKUFGEKUKQPVJCV9KNNKCO&WMGQH0QTOCPF[DGJKU
UWEEGUUQTD[UGPFKPI#TEJDKUJQR4QDGTVVQ(TCPEGVQPQVKH[JKUKPVGPFGFUWEEGUUQT.CVGT*CTQNFYQWNF
ENCKO VJG VJTQPG 6JG .GZKMQP FGU /KVVGNCNVGTU EQOOGPVU CU HQNNQYU ŋ6JG CVVKVWFG 'FYCTF CFQRVGF
VQYCTFU'CTN*CTQNFŉUOKUUKQPVQ0QTOCPF[
QTTGOCKPUWPENGCTCUFQGUYJGVJGT'FYCTF
QPJKUFGCVJDGFFGUKIPCVGF*CTQNFVQDGJKUJGKTQTOGTGN[GPVTWUVGFJKUMKPIFQOKPVJGGCTNŉUJCPFUUQ
VJCVJGOKIJVRTGUGTXGKVWPVKN&WMG9KNNKCOECOGVQENCKOJKUTKIJVUŌ6JKUKUFGRKEVGFKPVJG$C[GWZ
VCRGUVT[
HQN

&GURKVG 9KNNKCOŉU ENCKO QH DGKPI VJG TKIJVHWN JGKT VQ 'FYCTFŉU VJTQPG KV YQWNF DG *CTQNF UQP QH
)QFYKPYJQUWEEGGFGF'FYCTFCVJKUFGCVJQP,CPWCT[
1P(GDTWCT['FYCTFYCUECPQPKUGFD[2QRG#NGZCPFGT++'FYCTFYCUVJGNCUVQHVJGCPEKGPV
*QWUGQH9GUUGZVJGNKPGCIGQHYJKEJIQGUDCEMVQ%GTFKE
1PEQKPCIGWRVQCRRTQZ'FYCTFKUFGRKEVGFDGCTFNGUUCHVGTVJCVJGCRRGCTUDGCTFGF
2CEZ

9KNVQP #GNHUVCP # &KCFGOGF DWUV N UEGRVTG KP HTQPV '&2#4& 4'%: 4 .QPI ETQUU XQKFGF
YKVJ EKTENG KP EGPVTG CPF GCEJ NKOD GPFKPI KP C ETGUEGPV 2#%: KP CPINGU #'.56#0 10 2+.
0QTVJ5GCD[IT 5NKIJVN[DGPVXGT[HKPG
PQ
*KNF
6JGOQPG[GTQHVJKUV[RGKUWPKFGPVKHKGFVQFCVG
4CFKCVGUOCNNETQUU

;QTM 5EWNC # $WUV N YGCTKPI TCFKCVG ETQYP #:&2'2 4': 4 5OCNN ETQUU RCVV¾G TKPI KP HKGNF
5%8.##100'1'(4+0QTVJ5GCD[IT #NOQUVGZVTGOGN[HKPG
9KPVGT&ÒUUGNFQTH#WEVKQP
PQ
4KPIKPHKGNFQPQDXGTUGPQVOGPVKQPGFKP0QTVJ
6JGVGZVQPVJGQDXGTUGUJQWNFTGCF'&9'4&
43
6TGHQKN3WCFTKNCVGTCN

.QPFQP#GNHYKI#&KCFGOGFDWUVNUEGRVTGYKVJNKUKPHTQPV '&2#4&441XGTUJQTVETQUU
XQKFGF SWCFTKNCVGTCN QTPCOGPV YKVJ VJTGG RGNNGVU CV GCEJ CPING CPF QPG KP EGPVTG #'.(2+) 10
.80&0QTVJ5GCD[IT 8GT[HKPGVQGZVTGOGN[HKPG
5RKPM.QPFQP
5OCNN(NCP

.QPFQP )QNVUKIG # &KCFGOGF DWUV N '&2#4& 4': 4 5JQTV ETQUU XQKFGF )1.&5+' 10
.800QTVJ5GCD[IT 0KEGVQPKPIXGT[HKPG
5RKPM.QPFQP
'ZRCPFKPI%TQUU
NKIJV

.GYGU'CFYCTF#&KCFGOGFDWUVNUEGRVTGYKVJCVTGHQKNJGCFKPHTQPV '&2#4&4':4
5JQTV ETQUU XQKFGF YKVJ GZRCPFKPI NKODU LQKPGF CV VJG DCUG QH VYQ EKTENGU '&2'4& 10 .#'2'
0QTVJ5GCD[IT 6TCEGUQHXGTFKITKUGZVTGOGN[HKPG
/ÒP\GPWPF/GFCKNNGP$CUGN#WEVKQP
PQ
'ZRCPFKPI%TQUU
JGCX[

.KPEQNP 1VJITKO # &KCFGOGF DWUV N UEGRVTG YKVJ C VTGHQKN JGCF KP HTQPV '&2'4& 4': 4
5JQTVETQUUXQKFGFYKVJGZRCPFKPINKODULQKPGFCVVJGDCUGQHVYQEKTENGU 1&)4+/10.+0%1.
0QTVJ5GCD[IT &CTMRCVKPCCPFPKEGRQTVTCKVXGT[HKPG
5EJWNOCP#OUVGTFCO
44
2QKPVGF*GNOGV

#$GCTFGFDWUVTYGCTKPIRQKPVGFJGNOGVCPFJQNFKPIKPTKIJVJCPFCUEGRVTGYKVJCETQUURCVV¾G4
5JQTVETQUUXQKFGFGCEJNKODVGTOKPCVKPIKPVJTGGETGUEGPVUKPEGPVTGCPCPPWNGV0QTVJ5GCD[

;QTM.GQHPQVJ# '&2'4&4':4 .'1(016*10'1('42IT

0KEGRCVKPCXGT[HKPG
5EJWNOCP#OUVGTFCO
;QTM.GQHPQVJ# '&2'4&4':4 .'1(016*10'1('42IT
0KEGRCVKPCXGT[HKPG
*CNN$TKIJVQP
5QXGTGKIP'CINGU

*GTGHQTF#GIGNTKE#-KPIETQYPGFCPFPQVDGCTFGFUGCVGFQPVJTQPGHCEKPIKPTJCPFCNQPIUEGRVTG
CPFKPNCPQTD '#&2#4&4':#0).145JQTVETQUUXQKFGFYKVJCDKTFKPGCEJCPING #'
)'.4+%10*'40QTVJ5GCD[IT
445OCNNHNCPETCEMUQPVJGTGXGTUGXGT[HKPG
5RKPM.QPFQP
6JKUV[RGYCUKPVTQFWEGFCV/KEJCGNOCU6JGQDXGTUGKUPQVCVTWGŋUQXGTGKIPŌV[RGVJGCXGTUKQPQHVJGJGCF
DGKPIHQTGKIPVQCVTWG/CLGUVCUDWVVJKUKUCFGVCKNYJKEJRGTJCRUECPDGQXGTNQQMGFKPVJGKPVGTGUVQHKPVGNNKIKDKNKV[
6JGDKTFUQPVJGTGXGTUGCTGGCINGU5GG4*/&QNNG[('NOQTG,QPGU#PGYUWIIGUVKQPEQPEGTPKPIVJGUQ
ECNNGFŋ/CTVNGVUŌKPVJGŋ#TOUQH5V'FYCTFŌRKP#PINQ5CZQP%QKPU*KUVQTKECN5VWFKGURTGUGPVGF6Q5KT
(TCPM5VGPVQP
*COOGT%TQUU

#%TQYPGFDWUVTDGCTFGFYKVJUEGRVTGKPHTQPV45JQTVXQKFGFETQUUYKVJGCEJNKODVGTOKPCVKPIKP
CPKPEWTXGFUGIOGPVQHCEKTENG+PQPGSWCTVGTCTKPI0QTVJ5GCD[

.GYGU1UYQNF# #&2#44&4':4 1521.&10.'2'IT

/KPQTHNCPETCEMXGT[HKPG
5EJWNOCP#OUVGTFCO
#WMVKQP*.
0QTKPICU
;QTM1VJDGTP# '&2#'4&4:4 16*$'4010'1(4IT 8GT[HKPG

$QWIJV
&GMMGTEQNNGEVKQP
PQ
45

$WUVHCEKPI5OCNNETQUU

.QPFQP#GNHYCTF#$GCTFGFCPFETQYPGFDWUVHCEKPI'#&2#4&4':#0
1DXGTUGKPKVKCNETQUU
QOKVVGF45OCNNETQUURCVV¾G #'.(2#4&10.80&0QTVJ5GCD[IT
#NOQUVGZVTGOGN[HKPG
5RKPM.QPFQP

2[TCOKFU

$GFHQTF9WNHYKI#$GCTFGFCPFETQYPGFDWUVTUEGRVTGKPHTQPV'&2#4&4':#45JQTVETQUU
XQKFGFKPGCEJCPINGCR[TCOKFURTKPIKPIHTQOVJGKPPGTEKTENGCPFVGTOKPCVKPIKPCRGNNGV 28.(2+)
10$'&0QTVJ5GCD[IT 44/CIPKHKEGPVRQTVTCKVGZVTGOGN[HKPG
5RKPM.QPFQP
'Z.QEMGVVEQNNGEVKQP

'Z$CIUJCYGEQNNGEVKQP
2QUUKDN[WPKSWGQHVJGV[RGQHVJKUOKPV
*#41.&++

*CTQNF YCU KOOGFKCVGN[ EQPHTQPVGF D[ VJG MKPI QH 0QTYC[ YJQUG KPXCUKQP JG HQWIJV QHH #PQVJGT
KPXCUKQP KP VJG UQWVJ CV 2GXGPUG[ $C[ YJGTG &WMG 9KNNKCO QH 0QTOCPF[ NCPFGF YCU UWEEGUUHWN
JQYGXGT*CTQNFGXGPVWCNN[YCUMKNNGFKPDCVVNGJGFKGFQHJKUYQWPFUCHVGTDGKPIJKVD[CPCTTQYCVVJG
$CVVNGQH*CUVKPIUQP1EVQDGT
5QNG
LCPWCT[QEVQDGT
#%TQYPGFJGCFNUEGRVTGKPHTQPV4#ETQUUHKGNFCPFDGVYGGPVYQNKPGU2#:
0QTVJ5GCD[

.GYGU1UYQNF# *#41.&4':#0)4 1<21.&10.'2''IT

44&CTMRCVKPCFQWDNGUVTWEMQPVJGTGXGTUGQVJGTYKUGXGT[HKPG YKVJPKEGRQTVTCKV
5RKPM.QPFQP

'ZJKDKVGFKP2CTKUKP
.QPFQP9WNHYCTF# *#41.&4':#0).42#:YTQPIUKFGWR 28.(2#4&10.80
IT 448GT[HKPGVQGZVTGOGN[HKPG
5RKPM.QPFQP

'Z%CTN[QP$TKVVQPEQNNGEVKQP
'Z9JGGNGTEQNNGEVKQP
'Z&TCDDNGEQNNGEVKQP
'Z%QNNQPEQNNGEVKQP
'ZJKDKVGFKP2CTKUKP
46
#0).1014/#02'4+1&
9+..+#/+

#HVGTCHGYHGGDNGCVVGORVUCVTGUKUVCPEG'PINKUJPQDKNKV[ECOGQWVVQVJGCFXCPEKPIFWMGQH0QTOCPF[
CPFUWDOKVVGF9KNNKCOYCUETQYPGFQP%JTKUVOCU&C[#HGYKPUWTTGEVKQPUVJGNCUVEQPXWNUKQPU
QHQRRQUKVKQPYGTGUYKHVN[UWDFWGF
9JGTGCU 'PINKUJ EQKPCIG YCU GZEGNNGPVN[ QTICPKUGF CPF KVU EQKPU OCPWHCEVWTGF D[ GZRGTV FKGUKPMGTU
EQPVKPGPVCNEQKPCIGCPF0QTOCPF[ŉUKPRCTVKEWNCTYCUQHRQQTSWCNKV[UGGPQ
2CTV+
9KNNKCO + JCF DGGP FWMG QH 0QTOCPF[ UKPEG 7PFGT JKO 'PINCPF JCF ENQUG VKGU YKVJ (TCPEG
KPKVKCNN[ YKVJ 0QTOCPF[ NCVGT EJKGHN[ YKVJ #SWKVCKPG $WV CNUQ VJG UOCNNGT EQWPVKGU RNC[GF UKIPKHKECPV
RCTVUCPFKPVJGGPFVJGYJQNGQH(TCPEGJCFDGEQOGVKGFVQ'PINCPF
9KNNKCO EQPUKFGTGF JKOUGNH VJG KOOGFKCVG UWEEGUUQT QH 'FYCTF CPF 'PINCPF EQPUGSWGPVN[ WPFGTYGPV
NKVVNGEJCPIG+PEWTTGPE[VJGRQWPFYCUUVCPFCTFKUGFNC[KPIVJGDCUKUHQTVJGRQWPFUVGTNKPI
5JQTVN[DGHQTGJGFKGF9KNNKCOCRRQKPVGFJKUQNFGUVUQP4QDGTV%QWTVQKUGCUFWMGQH0QTOCPF[CPFJKU
UGEQPF UQP 9KNNKCO
++ 4WHWU UWEEGGFGF CU MKPI QH 'PINCPF 6JG VJKTF UQP
*GPT[ + YCU OGTGN[
ITCPVGFCPCNNQYCPEG
2TQHKNG%TQUU(NGWT[
!

9KPEJGUVGT#PFGTDQFC#&KCFGOGFDWUVNUEGRVTGKPHTQPV 2+..'845' #04%TQUUHNGWT[

YKVJCPPWNGVKPEGPVTG #0&'4$1&' 102++u0QTVJ5GCD[IT 48GT[HKPG
(KPP-GPFCN
(TQONKUVPQ
0QTVJOGPVKQPUCUNGIGPFQPVJGQDXGTUG9+..'/854':
+QH#
$QPPGV
!

9CNNKPIHQTF$TKJVOCGT#%TQYPGFDWUVHCEKPIYKVJVYQHKNNGVUCVGCEJUKFGQHJGCF 2+..'/85

4':#4%TQUUXQKFGFYKVJCPPWNGVKPEGPVTGRGNNGVDGVYGGPVYQETGUEGPVUCVGPFQHGCEJNKODRKNGKP
GCEJCPING $4+*6/#'4102#..0QTVJ5GCD[IT
#VVTCEVKXGRCVKPGCPFGZVTCQTFKPCT[YGNNUVTWEMGZVTGOGN[HKPG
5RKPM.QPFQP
6YQUEGRVTGU
!

.QPFQP$NCEUWP#%TQYPGFDWUVHCEKPIVQNCUEGRVTGRCVV¾GVQTCUEGRVTGDQVQPP¾G 2+..'/

4':#04%TQUUHNGWT[YKVJCPPWNGVKPEGPVTGQXGTUCNVKTGDQVQPP¾G $.#%58010.80QTVJ
5GCD[IT 0KEGRCVKPCXGT[HKPG
5RKPM.QPFQP
(TQO0%PQ
47
6YQ5VCTU
!

.QPFQP )QFYKPG # %TQYPGF DWUV DGVYGGP VYQ UVCTU 2+..'./ 4': #0 4 %TQUU DQVQPP¾G
QXGTSWCFTKNCVGTCNYKVJKPXWTXGFUKFGUCPPWNGVKPEGPVTG )1&2+0'10.80&0QTVJ5GCD[
IT #NOQUVGZVTGOGN[HKPG
PQ
'Z$KTFEQNNGEVKQP

2CZU
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9KPEJGUVGT#GUVCP#%TQYPGFDWUVHCEKPIVQTCUEGRVTG%TQYP 2+..'./4':4%TQUU

RCVV¾GKPGCEJCPINGCPCPPWNGVEQPVCKPKPIQPGNGVVGTQHVJGYQTF2#:5 +'56#0102+0%0QTVJ
5GCD[IT /CIPKHKEGPVRCVKPCGZVTGOGN[HKPG
5RKPM.QPFQP
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'XGPKH9KNNKCO+YCUUWEEGGFGFD[JKUUGEQPFUQP9KNNKCO++KP'PINCPFCPFHKTUVDQTP4QDGTV%QWTVQKUG
DGECOGFWMGQH0QTOCPF[VJGFKXKUKQPFKFPQVOGCPVJCVVJG#PINQ0QTOCPDQPFYCUDTQMGPGPVKTGN[
+PCPKPUWTTGEVKQPCICKPUV9KNNKCOCKOGFCVDTKPIKPIDQVJNCPFUWPFGT4QDGTVYCUWPUWEEGUUHWN
6JTGG [GCTU NCVGT 9KNNKCO YGPV VQ 0QTOCPF[ CPF VJG DTQVJGTU TGCEJGF CP CITGGOGPV VJCV VJG[ YQWNF
JGPEGHQTVJ LQKPVN[ TWNG 0QTOCPF[ 4QDGTV NGHV VQ VCMG RCTV KP VJG (KTUV %TWUCFG KP RNGFIKPI JKU
FWEJ[VQ9KNNKCOHQTCRC[OGPVQHOCTMU
9KNNKCOFKFPQVDGCTVJGFWECNVKVNG
9KNNKCOYCUMKNNGFYJKNGJWPVKPIKP0GY(QTGUVKP
2TQHKNG
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%CPVGTDWT[#JIGOWPF#%TQYPGFDWUVTJQNFKPICUYQTF 8+..'/4':4%TQUURCVV¾GYKVJ

CPPWNGV KP EGPVTG QXGT ETQUU HNGWT[ #*)'/80& 10 %06 0QTVJ 5GCD[ IT
5RKPM.QPFQP
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'Z&QWDNGFC[EQNNGEVKQP

48
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7RQP 9KNNKCOŉU FGCVJ *GPT[ VJG [QWPIGUV UQP QH 9KNNKCO + WUWTRGF VJG 'PINKUJ VJTQPG +P
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6TGCV[QH#NVQP+PVJGUCOG[GCT*GPT[
NCPFGFKP0QTOCPF[CPFVQQMJKUDTQVJGT4QDGTVECRVKXGKPVJG$CVVNGQH6KPEJGDTCK
*GCPPGZGF
0QTOCPF[GXGPVWCNN[VCMKPIVJGFWECNVKVNG
*GPT[ŉUQPN[UQP9KNNKCOYJQKPJCFDGGPCRRQKPVGFNKGIGHQT0QTOCPF[D[VJG(TGPEJETQYP
FTQYPGF VJCV UCOG [GCT *GPT[ CNUQ JCF C FCWIJVGT /CVJKNFG
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CPFUJGTGVWTPGFVQUGEWTGVJGUWEEGUUKQPKP0QTOCPF[VJCVYCUJGTŉUD[JGTKVCIG+PUJGOCTTKGF
%QWPV)GQHHTG[QH#PLQW
PCOGF2NCPVCIGPGVCPCOGIKXGPVQVJGNKPGCIGUVCTVGFD[VJGHWVWTG*GPT[
++#HGWFQXGTVJG'PINKUJVJTQPGDGVYGGPVJGJQWUGU#PLQWCPF$NQKUGPUWGF
6JG EQKPU QH *GPT[ + UJQYGF GZVTGOGN[ RQQT YQTMOCPUJKR CPF VJG[ UVGCFKN[ ITGY YQTUG +P
SWCNKV[JCFFGVQTKCVGFVQUWEJCPGZVGPVVJCVVJG#PINQ5CZQP%JTQPKENGUC[UŋVJGRGPP[YCUUQDCFVJCV
VJG OCP YJQJCFCVCOCTMGVCRQWPFEQWNFD[PQOGCPUDW[VJGTGYKVJVYGNXGRGPP[YQTVJŌ&TCUVKE
OGCUWTGUYGTGVCMGPDWVVJGUKVWCVKQPFKFPQVKORTQXG/QTGQXGT5VGRJGPŉUCIGYCUFCYPKPI
&QWDNGKPUETKRVKQP
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5QWVJYCTM #NHICT # %TQYPGF DWUV N YKVJ UEGRVTG DGHQTG DWUV C SWCVTGHQKN J'04 4 &QWDNG
KPUETKRVKQPDGVYGGPVJTGGDGCFGFEKTENGUVJGQWVGTKPUETKRVKQPFKXKFGFD[HQWTSWCVTGHQKNUKPEKTENGUKP
EGPVTGETQUURCVV¾G #.()#41 05862840QTVJ5GCD[IT
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5RKPM.QPFQP
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5COGFKGUCU/CEMU[NN
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0QTVJ5GCD[IT 4&CTMRCVKPCYGCMN[UVTWEMXGT[HKPG
5RKPM.QPFQP
3WCFTKNCVGTCNQP%TQUU(NGWT[

%CTNKUNG'TGDCNF#%TQYPGFDWUVHCEKPIJGCFVJTGGSWCVGTUNUEGRVTGKPTJCPF*'04+%854
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PQ
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49
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#%TQYPGFDWUVHCEKPI *'04+%85#0).4%TQUUHNGWT[YKVJCPPWNGVKPEGPVTG (4'5#
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ŋ6JG YGKIJV CV KU NQY VJG OCLQTKV[ HCNN DGVYGGP CDQWV CPF IT DWV TGOCKPU RQUUKDNG HQT CP
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PQUGPUG(4'5#KUPQVCTGEQTFGFOQPG[GTŉUPCOGCPF54!#6#FQGUPQVUWIIGUVGXGPCEQTTWRVKQPQHCMPQYPQT
NKMGN[OKPVPCOG#NNVJCV+HGGNEQPHKFGPVCDQWVKUVJCVVJKUKUCEQPVGORQTCT[
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TGICNEQKPŌ
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56'2*'0

7RQP*GPT[ŉUFGCVJ5VGRJGPQH$NQKUUGK\GFVJG'PINKUJVJTQPG*GYCUVJGUQPQH5VGRJGP++QH$NQKU
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++

(TQO/CVJKNFGCEVKXGN[GPICIGFKPVJGDCVVNG5VGRJGPNQUVKPCPFYCU
UJQTVN[MGRVECRVKXG
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NGCXG'PINCPF

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6TGCV[
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6JGUGVTQWDNGFVKOGUCTGTGHNGEVGFKPEQKPCIG(QTUGXGTCN[GCTUVJGTGYCUYJCVOKIJVDGECNNGFCFWCN
OQPCTEJ[6JG#PIGXKPRCTV[
YKVJ/CVJKNFGCPFNCVGTJGTUQP&WMG*GPT[YCUKPEQPVTQNQHCNCTIG
RCTVQHVJGEQWPVT[KPENWFKPIPGCTN[VJGYJQNGQHVJGYGUVGTPJCNH6JKUNKOKVGFVJGMKPIŉUOKPVUVQVJG
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UGGVJGOCRKP0QTVJRCTV+
R
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9CVHQTF
EC
#%TQYPGFDWUVTJQNFKPIUEGRVTGKPTKIJVJCPF4%TQUUOQNKPGYKVJCHNGWTKPGCEJCPING
0QTVJ5GCD[

.KPEQNP4CWNH#(0'4 4#8.(10.+0%1.IT 49GCMN[UVTWEMXGT[HKPG

0WOKUOCVKEC9KGP#WEVKQP
PQ
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5CTVV-[OGJQCTF#UVJKURNCEGKUKP.KPEQNPUJKTGKVYCUPCVWTCNN[KPEQKPUQHVJGNQECNOKPV#NCTIGITQWRQH
VJKUEQKPUYGTGCESWKTGFD[VJG$/KPVQQNCVGQHEQWTUGVQDGKPENWFGFKPVJG$/ECVCNQIWG6JKUEQKPTGCFU
ENGCTN[ 4#8.(
10 .+0 6JG OKPV UKIPCVWTG KU PQV UQ ENGCT CU VJG OQP[GTU PCOGDWVKVKUOQTGVJGPEGTVCKP
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PQ
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50
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6JG CEEGUUKQP QH*GPT[++DTQWIJVCDQWVVJGŋ#PIGXKP'ORKTGŌVJCVUVTGVEJGFHTQO+TGNCPFVQ#PLQW
CPF/CKPGKP(TCPEG*KUOCTTKCIGVQ'NGCPQTJGKTGUUQH#SWKVCKPGKPJCFCNTGCF[OCFGJKONQTF
QH VJG 9GUV (TCPMKUJ 4GCNO HTQO VJG 2[TGPGGU VQ 2QKVQW KP VJG 0QTVJ CPF #WXGTIPG KP VJG 'CUV *G
EGFGFJKUVKVNGUQHFWMGQH#SWKVCKPGCPFEQWPVQH2QKVQWVQJKUUQP4KEJCTFKPYJQOJGJQYGXGT
HQTEGF VQ UWTTGPFGT VJG UCOG VKVNGU VQ 'NGCPQT KP +P JG CESWKTGF EQPVTQN QH $TKVVCP[ *G
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%TQUUCPFETQUUNGVU
6GCND[V[RG

#%TQYPGFDWUVHCEKPIYGCTKPICTOQWTCPFOCPVNGYKVJUEGRVTGKPTKIJVJCPF4.CTIGETQUURQVGPV
YKVJUOCNNETQUURQVGPVKPGCEJCPINGKPEGPVTGCUOCNNETQUUKPUCNVKTG
6JKUKUUWGKUEQOOQPN[MPQYPCUVJG6GCND[V[RGCUCXCUVJQCTFQHCDQWVEQKPUYCUHQWPFCV
6GCND[KP.KPEQNPUJKTGKP

$WUV%%CPVGTDWT[9KNNGO# *'04+4#4 2+..#/10%#060QTVJ5GCD[

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5RKPM.QPFQP
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9 +..'./
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5JQTV%TQUU
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MKPIKPVJCVRGTKQFCFQRVGFVJGVKVNG*'+04+%854':6JGFGUKIPGTQHVJGPGYEQKPUYCUVJG(TGPEJ
IQNFUOKVJ2JKNKR#KOGTQH6QWTU6JGPGYFGUKIPYKVJKVUKNNOQFGNNGFRQTVTCKVOCTMGFCV[RGYJKEJYCU
QPN[UWKVCDNGHQTFKXKUKQPKPVQJCNXGUCPFSWCTVGTUHQTUOCNNEJCPIG
6JGTGKUCUVGCF[FGENKPGKPVJGYQTMOCPUJKRQHVJGEQKPUFQYPVQVJGGPFQHVJGKUUWGKP
$TQQMG

%NCUUD.QPFQP1UDGT#%TQYPGFDWUVHCEKPIYKVJUEGRVTG*'04+%854':45JQTVETQUU
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8GT[HKPG
5RKPM.QPFQP
%NCUU
51
4+%*#4&+

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VQVJGGPVKTGFQOKPKQP(QT#SWKVCKPGUGGWPFGT*GPT[++
4KEJCTF+YJQVQQMWRVJGETQUUKPVJG6JKTF%TWUCFGCPFYQWNFRNC[CXKVCNTQNGKPKVKUDGVVGTMPQYP
CU4KEJCTFVJG.KQPJGCTVGF4KEJCTFEJCPIGFPQVJKPIKP'PINKUJEQKPCIGDWVJGFKFUVTKMGEQKPKPOCP[
QHJKUQVJGTNCPFUCU2QKVQW
UGGPQCPF#SWKVCKPG
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5JQTV%TQUU

%NCUU .QPFQP 4KECTF # %TQYPGF DWUV HCEKPI YKVJ UEGRVTG *'04+%85 4': 4 5JQTV ETQUU
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5RKPM.QPFQP
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4KEJCTFFKGFJGKTNGUUCPFVJWUVJGNCUVUQPQH*GPTK++,QJPECOGVQRQYGT6JGTGYGTGPQOQPGVCT[
KPPQXCVKQPUWPFGT,QJPVJQWIJJKUTGKIPKUOCTMGFD[VYQETWEKCNOCVVGTU
(TGPEJMKPI2JKNKR++#WIWUVTGEQIPKUGF,QJPŉU
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VJG QRRQTVWPKV[
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#SWKVCKPGDWVIGQITCHKECNN[WPURGEKHKGF*GPEGHQTVJ,QJPYCUMPQYPCUŋ,QJP.CEMNCPFŌ
6JGNQUUQHVJG0QTVJGTP(TGPEJVGTTKVQTKGUKPEQODKPGFYKVJVJGHQTOQHIQXGTPOGPVCRRNKGFKP
VJG ŋ#PIGXKP 'ORKTGŌ YGTG VJG KOOGFKCVG ECWUG QH VJG /CIPC %JCTVC KP # NQV QH OQPG[ YCU
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CNKUVQHENCWUGUVQVCMGECTGQHVJGUGKUUWGUVJGŋ#TVKENGUQHVJG$CTQPUŌYJKEJCEVWCNN[JGNFOWEJVGZV
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KPVTQFWEVKQPYCURWVQHHCPFKVYCUPŉVWPVKNVJCVVJGHKPCNCOGPFGFFQEWOGPVYQWNFDGCEEGRVGF
%QKPCIGTGOCKPGFWPEJCPIGFWPFGT,QJP
5JQTV%TQUU

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%NCUU D .QPFQP 4GPGT # *'04+%85 4': 4 4'0'4 10 .80& 0QTVJ5GCD[
IT 8GT[HKPG
5RKPM.QPFQP
4*7&&.#0/+06
5JQTV%TQUU

%NCUU++5KOQPF#%TQYPGFDWUVHCEKPIYKVJUEGRVTG *'+04+%854':45JQTVETQUUXQKFGF

YKVJ SWCVTGHQKN KP GCEJ CPING 5+/10& 10 48.# 0QTVJ 5GCD[ XCT IT
PQ
%NCUU++ECRTG
4JWFFNCPNKGUOKNGUYGUVQH%JGUVGT6JGTGYCUCECUVNGQPVJG4KXGT%NY[FYJKEJHGNNKPVQVJGJCPFUQH1YCKP
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*'04;+++

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JGCTVCPFUGPV5KOQPQH/QPVHQTVKPVQGZKNG
VJGNCVVGTUVTQXGVQYKPVJG'CTNFQOQH.GKEGUVGTDCEMCPF
OCTTKGF*GPT[ŉUUKUVGTDWVDGVTC[GFJKONCVGT#HVGTJKUFGHGCVCV.GYGUKP
$CTQPKCNOQXGOGPV
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TGUVQTGFPQTOCNKV[KPVJGMKPIFQO

*GPT[JCFEGFGF#SWKVCKPGVQJKUUQP'FYCTFKP
5JQTV%TQUU
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%NCUU .QPFQP +NIGT # *'04+%854':4 +.)'410.80&%0QTVJ5GCD[
#IT (KPGVQXGT[HKPG
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PQ
53

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5RKPM.QPFQP
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6JGUJQTVETQUUEQKPCIGJCFENQUGFYKVJQPN[VYQTQ[CNOKPVU.QPFQPCPF%CPVGTDWT[DQVJYGTGKPVJGJCPFQHC
UKPINGOQPG[GT0KEJQNCVJG5V#NDCPQ
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CP GPF VQ VJG CDWUG QH ENKRRKPI VJG ETQUU QP VJG TGXGTUG YCU GZVGPFGF VQ VJG GFIGU QH VJG EQKPU CPF

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VJGOQPGVCT[U[UVGO
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#%TQYPGFJGCFHCEKPI4.QPIETQUUXQKFGFYKVJVJTGGRGNNGVUKPGCEJCPINGETGUEGPVYKVJUVCT

%NCUUD.QPFQP#*'04+%854':#0)4.+'6'4%+.100QTVJ5GCD[IT
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5GCD[IT #NKVVNGYGCMN[UVTWEMKPRCTVUXGT[HKPG
5RKPM.QPFQP
1DXGTUG0QTVJTGXGTUG0QTVJ

%NCUU9KPEJGUVGT0KEQNG#*'04+%854':6'4%+40+%1.'109+0%0QTVJ
5GCD[IT &QWDNGUVTWEMQPVJGTGXGTUGXGT[HKPG
PQ
'Z*QCTF*CCTNQQ

%NCUU
54

%NCUU0QTVJCORVQP.WECU#*'04+%854':6'4%+4.8%#510014*0QTVJ
5GCD[IT (KPGVQXGT[HKPG
PQ
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%NCUUC.QPFQP0KEQNG#*'04+%854':+++40+%1.'10.70&0QTVJ5GCD[
IT #NKVVNGQHHEGPVTGXGT[HKPG
'NUGP$TWUUGN
0WODGTUCPFCTGRTGUWOCDN[HTQOVJGUCOGEQNNGEVKQP5GG0,/C[JGY6YQRCTEGNUQH5VGTNKPIUQP
VJG$TWUUGNU/CTMGVKP0%R
%NCUU

%NCUU CD ;QTM 6QOCU # *'04+%85 4': +++ 4 61/#5 10 '8'49 0QTVJ
5GCD[IT #NOQUVXGT[HKPG
PQ
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%NCUU CD .KPEQNP 4KEJCTF # *'04+%85 4': +++ 4 4+%#4& 10 .+0) 0QTVJ
5GCD[IT +TTGIWNCTHNCPHKPGVQXGT[HKPG
PQ
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%NCUU D %CPVGTDWT[ )KNGDGTV # *'04+%85 4': +++ 4 )+.$'46 10 %#0 0QTVJ
5GCD[IT &CTMRCVKPCCNKVVNGYGCMN[UVTWEMCVVJGGFIGXGT[HKPG
*WK\KPIC$GPPGMQO

%NCUUD9KNVQP9KNNGO#+*'04+%854':+++ 49+..'/109+.60QTVJ5GCD[
IT 5OCNNHNCPCPFCNKVVNGYGCMN[UVTWEMCNOQUVXGT[HKPG
PQ
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55

%NCUU D 5JTGYUDWT[ 4KECTF # *'04+%85 4': +++ 4 4+%#4& 10 5415 0QTVJ
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%NCUUD0QTYKEJ*WIG#*'04+%854':+++ 4*8)'100149+<0QTVJ5GCD[
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PQ
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%NCUU D 0GYECUVNG 4QIGT # *'04+%85 4': +++ 4 41)'4 10 0'9'% 0QTVJ
5GCD[IT #NKVVNGYGCMN[UVTWEMQPVJGGFIGXGT[HKPG
PQ
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%NCUUD$TKUVQN'NKU#*'04+%854':+++ 4'.+510$485610QTVJ5GCD[
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%NCUUD.KPEQNP9KNNGO#*'04+%854':+++ 49+..'/10.+0%0QTVJ5GCD[
IT 0KEGRCVKPCKTTGIWNCTHNCPXGT[HKPG
5RKPM.QPFQP

%NCUUE9KNVQP+QP#*'04+%854':+++ 4+10109+.61010QTVJ5GCD[
IT (NCPFGHGEVCPFCNKVVNGYGCMN[UVTWEMXGT[HKPG
PQ
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56

%NCUUE9KNVQP*WIG#*'04+%854':+++ 4*8)'109+.6100QTVJ
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%NCUUE.QPFQP0KEQNG#*'04+%854':+++40+%1.'10.80&0QTVJ5GCD[
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5EJWNOCP#OUVGTFCO

%NCUU E %CPVGTDWT[ 0KEQNG # *'04+%85 4': +++ 4 0+%1.' 10 %#06 0QTVJ
5GCD[IT (NCPFGHGEVXGT[HKPG
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.QPI%TQUUYKVJUEGRVTG
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%NCUUC.QPFQP0KEQNG#*'04+%85Q4':+++ 40+%1.'10.80&0QTVJ5GCD[
IT 4#NKVVNGYGCMN[UVTWEMQVJGTYKUGXGT[HKPG
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%NCUU

%NCUU D .QPFQP 0KEQNG # *'04+%85 Q 4': +++ 4 0+%1.' 10 .80& 0QTVJ
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%NCUUC.QPFQP4KECTF#*'04+%854':+++ 44+%# &10.80&0QTVJ5GCD[
IT %NGCPGFXGT[HKPG
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6[RG
6[RGJCUPQKPKVKCNOCTMFQGUJCXGCNKUVKRRGFUEGRVTG

%NCUUD.QPFQP*GPTK#*'04+%854':+++ 4*'04+10.80&'0QTVJ5GCD[
IT 8GT[HKPG
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%NCUU D %CPVGTDWT[ )KNGDGTV # *'04+%85 4': +++ 4 )+.$'4 10 %#06 0QTVJ
5GCD[IT &CTMVQPGUOCNNHNCPXGT[HKPG
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%NCUUD$WT[5V'FOWPFU4CPFWNH#*'04+%854':+++ 44#0&8.(105 '&0QTVJ
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PQ
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0QNKUVKRRGFUEGRVTGDWVCPQTFKPCT[QPG

%NCUUD.QPFQP4KECTF#*'04+%854':+++44+%#4&10.80&0QTVJ5GCD[
IT &QWDNGUVTWEMXGT[HKPG
/ÒP\\GPVTWO-ÌNP
0QTOCNUEGRVTG

%NCUU E %CPVGTDWT[ 9KNNGO # *'04+%85 4': +++ 4 9+..'/ 10 %#06 0QTVJ
5GCD[IT 'PFQHVJGHNCPXGT[HKPG
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'ZJQCTF*CCTNQQ!
5ERGVTGYKVJNKUQPVQR
58

%NCUUE.QPFQP9KNNGO#*'04+%854':+++ 49+..'/10.80&0QTVJ5GCD[
IT 8GT[HKPG
0GGTNCPFKC-CORGTXGGP
*CUVQDGJQCTF*CCTNQQ
*CTFN[CNKUVQRRGFUEGRVTG

%NCUUE&WTJCO4KECTF#*'04+%854':+++ 44+%#4&10&84*0QTVJ5GCD[
IT 5OCNNHNCPETCEMCNOQUVXGT[HKPG
PQ
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%NCUUE.QPFQP4GPCWF#*'04+%854':+++ 44'0#8&10.80&0QTVJ5GCD[
IT 0KEGRCVKPCXGT[HKPG
5RKPM.QPFQP

%NCUUI.QPFQP4GPCWF#*'04+%854':+++ 44'+08&10.80&0QTVJ5GCD[
IT 8GT[HKPG
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'ZJQCTF*CCTNQQ!
59
'&9#4&+

'FYCTF+YCUVJGUQPQH*GPT[+++CPF'NGCPQT*GOCTTKGF'NGCPQTQH%CUVKNGKP2TQDNGOUYKVJ
VJG$CTQPUDGICPGXGPDGHQTGJGCEEGFGFVQVJGVJTQPG
UGGWPFGT*GPT[+++DWVJGGXGPVWCNN[OCPCIGF
VQ UVCDKNKUG VJG UKVWCVKQP +P JG VQQM WR VJG ETQUU QP VJG .CUV %TWUCFG VQIGVJGT YKVJ .QWKU VJG
5CKPVQH(TCPEGCPFCUJGTGOCKPGFKP#SWKVCKPGHQTCYJKNGJKUEQTQPCVKQPFKFPŉVVCMGRNCEGWPVKN

*KUGPVKTGTGKIPKUOCTMGFD[YCTTKPI+P2JKNKR+8QH(TCPEGFGENCTGFJKURQUUGUUKQPQH#SWKVCKPG
XQKF'FYCTFCVVGORVGFVQHQTIGCNNKCPEGUYJGTGXGTJGEQWNFVQTGXGTUGVJKUFGEKUKQP)WKFQQH(NCPFGTU
(NQTKU 8 QH *QNNCPF 4CKPCNF QH )WGNFGTU ,QJP ++ QH $TCDCPV -KPI #FQNH QH 0CUUCW KP )GTOCP[
5KGIHTKGFCTEJDKUJQRQH%QNQIPGGVE*GFKFPŉVUWEEGGFJQYGXGTCPFJCFVQCITGGVQRGCEGKPKP
2CTKU

'FYCTFECTTKGFVJTQWIJPWOGTQWUEJCPIGUDWVJKUTGKIPUWHHGTGFCNQVHTQOTKQVUKPUVKICVGFD[COQPI
QVJGTUVJGEJWTEJ.CEMQHOQPG[YCUEJTQPKECNCPFYJGP'FYCTFFKGFKPJGNGHVCPKPECRCDNG
UQPHCEKPICPCD[UUCNFGDVCPFCPWPHKPKUJGFYCT

+P JG KPVTQFWEGF C PGY OQPGVCT[ U[UVGO VJCV HQTOGF VJG RTGNWFG VQ VJG FGHKPKVKXG U[UVGO VJCV
'FYCTF+++YQWNFGUVCDNKUJ
.QPI%TQUUYKVJUEGRVTG
#%TQYPGFJGCFHCEKPIYKVJUEGRVTGKPTJCPF4.QPIETQUUXQKFGFYKVJVJTGGRGNNGVUKPGCEJCPING

%NCUU $WT[ 5V 'FOWPFU ,QJP # *'04+%85 4': +++ 4 +1* 10 5'& 0QTVJ
/ÒP\\GPVTWO-ÌNP
%NCUU

%NCUU .QPFQP 2JKNKRR # *'04+%85 4': +++ 4 2J'.+2 10 .80& 0QTVJ 5GCD[
IT 4#NKVVNGYGCMN[UVTWEMCVVJGGFIGXGT[HKPG
5RKPM.QPFQP
%QKPCIG KP VJG PCOG QH *GPT[ +++
ENCUU 0GY RQTVTCKV QH HKPG UV[NGYKVJETQYPCPFUKFGEWTNUTGUGODNKPIVJQUG
VQVJGPGZVKUUWG
%NCUU
#HVGT C NQPI WUG QH VJG UJQTVNQPI ETQUU RGPP[ VJG %QWPEKN JCF VQ HKPF OGCUWTGU HQT KORTQXKPI VJG
EQKPCIGCPFGURGEKCNN[CICKPUVVJGFCPIGTQHENKRRKPI+PVJG[GCTUOWEJKUJGCTFQHENKRRKPI
CPF QH RTQUGEWVKQPU QH VJG ,GYU YJQ YGTG OCFG UECRGIQCVU HQT VJG RWDNKE KPFKIPCVKQP CV VJG DCF
EQPFKVKQPVJGEQKPYCUKP

+P#WIWUVCPGYEQKPYCUQTFGTGF6JGYGKIJVYCUTGFWEGFHTQOITVQIT6JGOKPVU
YGTGRWVWPFGTCPGYQTICPKUCVKQPKPYJKEJVJGOCUVGTYQTMGTNCVGTGPVKVNGF/CUVGTQHVJG/KPVWPKVGF
KP JKU RGTUQP VJG TGURQPUKDKNKV[ HQTOGTN[ FKXKFGF COQPI VJG OCP[ OQPG[GTU 6JG OQPG[GTŉU PCOG
VJGTGHQTGFKUCRRGCTGFHTQOVJGEQKPYKVJQPGGZEGRVKQP
UGGPQ#NQPIYKVJVJGPGYU[UVGOVJG
ITQCV
RGPEGCPFVJGHCTVJKPI
RGPEGYGTGKPVTQFWEGF+PVJGJCNHRGPP[YCUCFFGF

6JG VGZV
WPVKN 'FYCTF ++ TGCFU '&9 4': #0). &05 *;$ 6JTQWIJQWV VJKU RGTKQF PGKVJGT
#SWKVCKPGPQTCP[QVJGT(TGPEJRQUUGUUKQPYGTGKPENWFGFQPEQKPU
2GPP[
#%TQYPGFDWUVHCEKPI4.QPIETQUURCVV¾GYKVJVJTGGRGNNGVUKPGCEJCPING

%NCUU+E.QPFQP# '&94':#0).&05*;$4%+8+6#5.10&100QTVJ5GCD[
IT 9GNNUVTWEMCPFXGT[HKPG
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6JGPWODGTUCPFCTGHTQOCJQCTFPGCT$QTFGCWZ
%NCUU/C[VQ&GE
60

%NCUU+E.QPFQP# '&94':#0).&05*;$4%+8+6#5.10&100QTVJ5GCD[

IT 8GT[HKPG
*GP\GP#OGTQPIGP
(TQONKUVHGDTWCT[OCTEJPQ
%NCUU+F.QPFQP# '&94 #0).&05*;$4%+8+6#5.10&100QTVJ5GCD[
IT %NGCPGFCNOQUVXGT[HKPG
.GQRCTFF 1T2CTKU

%NCUU ++D %CPVGTDWT[ # '&9 4 #0). &05 *;$ 4 %+8+6#5 %#0614 0QTVJ
5GCD[IT 0KEGRCVKPCXGT[HKPG
5RKPM.QPFQP
(TQO0%PQ*5
'Z5JWVVNGYQQFEQNNGEVKQP
%NCUULCPWCT[OC[
%NCUU+8G.QPFQP# '&94 #0).&05*;$4%+8+6#5.10&100QTVJ5GCD[
IT %NGCPGFHKPGVQXGT[HKPG
.GQRCTFF 1T2CTKU

*CNHRGPP[%NCUU+++E.QPFQP# '&94#0).&05*;$4%+8+6#5.10&100QTVJ

5GCD[IT &CTMRCVKPCCPFUNKIJVN[EQTTQFGFXGT[HKPG
5RKPM.QPFQP
%NCUU
%NCUU+++F.QPFQP# '&94 #0). &05*;$4%+8+6#5.10&100QTVJ5GCD[
IT (NCPFGHGEVCVVJGGFIGCNOQUVXGT[HKPG
5RKPM.QPFQP
61

%NCUU+++G0GYECUVNGQP6[PG# '&94 #0).&05*;$48+..#018%#564+0QTVJ

*QNNGOCP'PUEJGFG
%NCUU+++
NQPIPCTTQYHCEG
(CTVJKPI%NCUU+++I.QPFQP# '4#0).+'4.10&10+'05+50QTVJ5GCD[

IT 4GXGTUGCNKVVNGQHHEGPVTGXGT[HKPGVQGZVTGOGN[HKPG
5RKPM.QPFQP

%NCUU+8$WT[5V'FOWPFU4QDGTVVJG.CJCNGKG#'&94#0).&05*;$441$'466*'
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.GQRCTFF 1T2CTKU
%NCUU+8
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'FOWPFYJQHQTCYJKNGUVTWEMRGPPKGUYKVJJKUOQPG[GTŉUPCOG4QDGTVVJG*CFNGKG
$TQQMG
%NCUU+8C.QPFQP# '&94 #0). &05*;$4%+8+6#5.10&100QTVJ5GCD[

IT 8GT[HKPG
5RKPM.QPFQP

%NCUU+:D-KPIUVQPWRQP*WNN# '&94 #0).&05*;$48+..-;0)'56100QTVJ

5GCD[IT 4(KPG
*GP\GP#OGTQPIGP
%NCUU+:
%NCUU+:D-KPIUVQPWRQP*WNN# '&94 #0).&05*;$48+.. -;0)'56100QTVJ

5GCD[IT 4(KPGVQXGT[HKPG
*QNNGOCP'PUEJGFG
62

%NCUU:D.QPFQP# '&9#44#0).&05*;$4%+8+6#5.10&100QTVJ5GCD[

IT (NCPETCEMCNOQUVXGT[HKPG
*WK\KPIC&GNHV
%NCUU:
%NCUU:E.QPFQP# '&9#4 #0).&05*;$4%+8+6#5.10&100QTVJ5GCD[

IT 8GT[HKPG
5EJWNOCP#OUVGTFCO
'Z5EJWNOCP#OUVGTFCO#WEVKQP0T

%NCUU : %CPVGTDWT[ # '&9# 4 #0). &05 *;$ 4 %+8+6#5 %#0614 0QTVJ
*QNNGOCP'PUEJGFG
%NCUU:F.QPFQP# '&9#4#0).&05*;$4%+8+6#5.10&100QTVJ5GCD[

IT 8GT[HKPG
5RKPM.QPFQP

*CNHRGPP[#'&9#4&'05+54':4%+8+6#5.10&105GCD[XCTIT

4(KPGVQXGT[HKPG
5RKPM.QPFQP
'Z*WNN&QEM*QCTF($CPMU6JGJQCTFHTQOVJG#NDGTV&QEM.QEM2WV
EH$0,:::8+RPQ
6JG#NDGTV&QEM*QCTF)WNNKUQH5GRVGODGTCPFEQPVCKPGFURGEKOGPU
QHYJKEJCVNGCUVKPOWUGC
6JKUKUPQ
GZ$CPMU6JG$CPM URKGEGUECOGHTQOCRTKXCVGEQNNGEVKQPCV-GVVGTKPI0QTVJCPVUKPXKC,
5OKVJQH5VQPGICVG%QKPU;QTM
0QKUKNNWUVTCVGFQPRN::+
0QKUCPCN[UGFD[/GVECNH
UGGCRRGPFKZ$QHCTVKENGOGPVKQPGFCDQXGUKNXGTEQRRGTCPF
NGCF
6JGCWVJGPVKEKV[QHVJKUJQCTFYCUNQPIFQWDVGF[GV/GVECNHŉUCPCN[UKURTQXGUKVUIGPWKPGPGUU
63
'&9#4&++

'FYCTFYCUVJGQPN[UWTXKXKPIUQPHTQOVJGOCTTKCIGQH'FYCTF+VQ'NGQPQTGQH%CUVKNG*GYGFFGF
+UCDGNNCFCWIJVGTQH2JKNKRRG+8QH(TCPEGKP6JGOCTTKCIGRTQXGFWPJCRR[RTQORVKPI+UCDGNNC
VQ CNN[ YKVJ 'FYCTFŉU CFXGTUCTKGU KP 2CTKU COQPI VJGO 4QIGT /QTVKOGT *KU NCPFKPI CV *CTYKEJ KP
SWKEMN[UGCNGF'FYCTFŉUHCVG*GYCUECRVWTGFCPFFGRQUGFKPHCXQWTQHJKUUQP'FYCTF+++
D[
+UCDGNNCCPFOWTFGTGFKPCV$GTMGNG[%CUVNGQPQTFGTUQH4QIGT/QTVKOGTCPF+UCDGNNC

%NCUU :+8 .QPFQP # '&9#4 4 #0). &05 *;$ 4 %+8+6#5 .10&10 0QTVJ
5GCD[IT &CTMRCVKPCXGT[HKPG
5RKPM.QPFQP
'&9#4&+++

'FYCTF+++UQPQH'FYCTF++CPF+UCDGNNCYCUYGFFGFVQ2JKNKRRC
FCWIJVGTQH9KNNKCO+++QH*QNNCPF
CPF*CKPCWV(TQOVJKUOCTTKCIG'FYCTFVJG$NCEM2TKPEGYCUDQTP
9JGPVJG$NCEM2TKPEGUWEEGGFGFJKUHCVJGTKPFGHCEVQRQYGTTGOCKPGFKPVJGJCPFUQHJKUOQVJGT
+UCDGNNC CPF 4QIGT /QTVKOGT HQT CPQVJGT HQWT [GCTU #NVJQWIJ VJG (TGPEJ KPVGTXGPVKQP KP VJG 5EQVVKUJ
UWEEGUUKQPCN OCVVGT YCU VJG KOOGFKCVG TGCUQP HQT VJG *WPFTGF ;GCTUŉ 9CT
VJG UVTWIING HQT
UWRTGOCE[QXGT#SWKVCKPGYCUVJGWPFGTN[KPIITQWPFHQTKV'FYCTFCVVGORVGFVQUQNXGVJKURTQDNGOD[
CUUGTVKPIJKUENCKOVQVJG(TGPEJVJTQPGKP#NVJQWIJ'FYCTFEQWNFEQWPVQPOCUUKXGUWRRQTVJG
FKFPŉV CEJKGXG JKU IQCN CPF VJG GPQTOQWU COQWPVU QH OQPG[ VJCV JKU GPFGCXQWTU JCF EQUVGF DTQWIJV
'PINCPFQPVJGDTKPMQHCEQPUVKVWVKQPCNETKUKUKP$WV'FYCTFQXGTECOG
+PJGEQPSWGTGFVJG(TGPEJQHH5NWKU1P(GDTWCT[JGJCFJKOUGNHRTQENCKOGFō-KPIQH
'PINCPFCPF(TCPEGŌKP)JGPVCPFEJCPIGFJKUCTOUHTQOVJCVVKOGQPVJG[YGTGJCNH'PINKUJCPFJCNH
(TGPEJ *G EQPSWGTGF $TKVVCP[ VJQWIJ VJG FGEKUKXG DNQY YQWNFPŉV DG FGCNV WPVKN YKVJ VJG
EQPSWGUVQH0QTOCPF[
%T¾E[CPF%CNCKU+PVJG(TGPEJMKPI,QJPHGNNKPVQ'PINKUJECRVKXKV[1P
/C[ VJG 6TGCV[ QH $T¾VKIP[ YCU UKIPGF CPF KV YCU TCVKHKGF QP 1EVQDGT VJCV UCOG [GCT KP
%CNCKU+PKV'FYCTFEGFGFJKUENCKOUVQVJG(TGPEJVJTQPGKPGZEJCPIGHQT(TGPEJVGTTKVQT[+P
VJG(TGPEJTGECRVWTGFNCTIGRCTVUQHVJGTGNKPSWKUJGFVGTTKVQT[COQPIYJKEJCUWDUVCPVKCNRCTVQH
#SWKVCKPG
6JQWIJ'FYCTF+KPVTQFWEGFVJGPGYOQPGVCT[U[UVGOYKVJKVUUGXGTCNFGPQOKPCVKQPUEQKPCIGVQQMKVU
HKPCNUJCRGWPFGT'FYCTF+++CPFYQWNFTGOCKPWPEJCPIGFHQTCNQPIRGTKQFVQEQOG6JGRQNKVKEUQH
'FYCTF +++ RTQXKFGF C UQWPF DCUG HQT VJG EQWPVT[ JG ETGCVGF UGRCTCVG CUUGODNKGU VJCV QH VJG NQYGT
PQDKNKV[ CPF VJG EKVKGU
*QWUG QH %QOOQPU VJCV EJQUG VJGKT QYP EJCKTOCP
URGCMGT KP CPF VJG
CUUGODN[ QH VJG DCTQPU CPF RTGNCVGU VJG QNF OCIPC EWTKC
*QWUG QH .QTFU #PF C VJKTF UGRCTCVG
CUUGODN[QHVJGNQYGTENGTI[YCUGUVCDNKUJGFYJKEJYCUFKUUQNXGFKP
+PKVKCNN[JGOCPCIGFVQOCKPVCKPCENQUGTGNCVKQPUJKRYKVJJKURGQRNG
KPJGHQWPFGFVJG1TFGTQH
VJG )CTVGT DWV VQYCTFU VJG GPF QH JKU TGKIP JG DGECOG OQTG CPF OQTG FGVCEJGF CPF VGPUKQPU CTQUG
DGVYGGPEQWTVCPFEQWPVT['FYCTFITGYUGPKNGCPFGXGPVWCNN[CPKORGCEJOGPVRTQEGFWTGYCUUVCTVGF
CICKPUVJKO
6JGHKTUVEQKPCIG
CPFVJGUGEQPFEQKPCIG
HQNNQYVJGQNFRCVVGTPUGVD['FYCTF+
CPF++
RGPP[JCNHRGPP[CPFHCTVJKPI
5GEQPFEQKPCIG

*CNHRGPP[.QPFQP#%TQYPGFDWUVHCEKPI'&9#4&#0)4.QPIETQUURCVV¾GYKVJVJTGG

RGNNGVUKPGCEJCPING.10&10%+8+6#50QTVJ5GCD[IT
+TTGIWNCTHNCPHKPGVQXGT[HKPG
*GP\GP#OGTQPIGP
64

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VJTGGRGNNGVUKPGCEJCPING%+8+6#5.10&100QTVJ5GCD[IT
(KPGVQXGT[HKPG
/ÒNNGT5QNKPIGP#WEVKQP
PQ
6JKTFEQKPCIG

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YGTGKPVTQFWEGF'CEJQHVJGNCUVVJTGGJCUKVUQYPWPEJCPIKPIDKDNKECNRJTCUGQPVJGTGXGTUG

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R#VQVCNQHEQKPUECOGWRKPVJKUJQCTFCOQPIVJGOPQDNGUCPF
T[CNU

1H VJGUG PQDNGU QPN[ HQWT YGTG QTKIKPCN VJG TGOCKPKPI YGTG KOKVCVKQPU
VJG QTKIKPCNU UJQYGF UKIPU QH YGCT
HTQOWUGYJGTGCUVJGKOKVCVKQPUUJQYGFJCTFN[CP[YGCTYJKEJRQKPVUVQCOWEJNCVGTFCVGHQTVJGKOKVCVKQPU
6JG 5GTQQUMGTMG JQCTF YCU DWTKGF CTQWPF CPF VJG YGNNRTGUGTXGF UVCVG QH VJG KOKVCVKQPU KPFKECVGU VJCV VJG[
YGTGUVTWEMNQPICHVGTVJGQTKIKPCNPQDNGU+PVJKUTGURGEV8CP)GNFGTPQVGUVJGHQNNQYKPI
R

ŋ6JKUUJGFUPGYNKIJVQPVJGSWGUVKQPQHEQPVKPGPVCNKOKVCVKQPUQHVJG'PINKUJEQKPUYJCVVTCPURKTGUKPRCTVKEWNCTKU
VJCV VJG UEQRG QH VJKU RJGPQOGPQP YCU XGT[ OWEJ NCTIGT VJCP JCF DGGP CUUWOGF WPVKN PQY DCUGF QP VJG TGNCVKXGN[
HGYRKGEGUTGLGEVGFCUEQWPVGTHGKVUD['PINKUJEQNNGEVQTU6JGPWODGTUKPVJKUJQCTFKPFKECVGVJCVVJGITGCVGTRCTVKP
VJG COQWPV QH PQDNGU EKTEWNCVKPI KP VJG 0GVJGTNCPFU JCF DGGP TGEGPV CFFKVKQPU 7PHQTVWPCVGN[ QNFGT JQCTF
FGUETKRVKQPUJCTFN[KHCVCNNVCMGKPVQCEEQWPVVJGUGUWDVKNGFKHHGTGPEGUUQVJCVVJGTGNCVKXGPWODGTUQHQTKIKPCNUCPF
KOKVCVKQPU CTG DG[QPF XGTKHKECVKQP 6JGTG JQYGXGT KU PQ GXKFGPEG UWRRQTVKPI CP QEEWTTGPEG QH VJGUG KOKVCVKQPU KP
GCTNKGTJQCTFUYJKEJLWUVKHKGUVJGEQPENWUKQPVJCVVJGOCPWHCEVWTGQHEQWPVGTHGKVPQDNGUCPFTQUGPQDNGUYCUURCVKQ
VGORQTCNN[NKOKVGFVQVJGRGTKQFDGVYGGPCPFCPFVJGPQTVJGTP0GVJGTNCPFUCPFYCUENQUGN[EQPPGEVGFVQ
EQPVGORQTCTKN[ OCPWHCEVWTGF KOKVCVKQPU YJKEJ YGTG FKUVKPEVN[ CPF QHHKEKCNN[ OCTMGF CU PGY 9JCV UGGOU RGEWNKCT
HKPCNN[KUHCEVVJCVVJGKOKVCVKQPUYGTGD[PQOGCPUKPHGTKQTVQVJGQTKIKPCNUEQPVTCT[VJGKTYGKIJVKUWUWUCNN[JKIJGT
VJCPVJCVQHVJGQTKIKPCNUYJKEJUJQYITGCVGTYGCT#VVJGVKOGQHVJGKTCEVWCNWUGPQDQF[EQPUKFGTGFVJGKOKVCVKQPU
QH NGUUGT XCNWG *QYGXGT VJG CWVJQTKVKGU VJCV UWRGTXKUGF OQPGVCT[ CHHCKTU CV VJG VKOG FKF MPQY VJCV HQTGKIP EQKPU
YGTGDGKPIKOKVCVGFKP)QTKPEJGOCPFGNUGYJGTGCPFOGCUWTGUYGTGVCMGPVQENQUGVJGOKPV$WVVJGEKTEWNCVKQPQH
UWEJ PWODGTU QH KOKVCVKQPU CRRCTGPVN[ FKF PQV CVVTCEV CP[ CVVGPVKQP DGECWUG PGKVJGT VJG IGPGTCN OKPV OCUVGTU PQT
RTQHGUUKQPCN OQPG[ EJCPIGTU PQVKEGF C FTQR KP KPVTKPUKECN XCNWG YJKEJ YQWNF YKVJQWV C FQWDVJCXGNGFVQCENQUGT
KPXGUVKICVKQPCPFRTQJKDKVKXGQTFGTUŌ

*QYVQVGNNVJGFKHHGTGPEGDGVYGGPQTKIKPCNPQDNGUCPFKOKVCVKQPU!
6JGHCEGUQPKOKVCVKQPUCTGDTQCFGT

+PVJGQDXGTUGNGIGPF(4#0%KUTGRNCEGFYKVJ(4#0CPF*;$YKVJ*;+PVJGTGXGTUGVGZV+%*QHVGPDGEQOGU+
CPF+..148/VWTPUKPVQ+..14
6JGPQUCPFENGCTN[KNNWUVTCVGVJGUGFKHHGTGPEGUYKVJVJGGZEGRVKQPQH+%*
72

(NGOKUJKOKVCVKXGEQKPCIG
VJEGPVWT[0QDNG.QPFQP#%TQYPGFMKPIUVCPFKPIHCEKPIKPCUJKR
YKVJ VJG CTOU QH 'PINCPF CPF (TCPEG *'04+% ð &+ D )4# D 4': D #0). D < D (4#0 D
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CPINGU ð +*% #86 Q 64#05+'05 Q 2'4 Q /'&+8/ Q +..14 +$#6 0QTVJ
KOKVCVKQP
5GCD[IT 6TCEGUQHGPETWUVCVKQPXGT[HKPG
$QWIJV
&GMMGTEQNNGEVKQP
$QWIJV5EJWNOCP#OUVGTFCOFF
6JTGGNKUCPFVYQNGQRCTFUQPVJGUKFGQHVJGUJKR
6JKU EQKP KU CP KOKVCVKQP QH VJG PQDNG QH *GPT[ 8+ &WTKPI VJG VJ EGPVWT[ CPF NCVGT VJG PQDNG YCU QH
UWEJ RQRWNCTKV[ QP VJG EQPVKPGPV VJCV KOKVCVKQPU CRRGCTGF DGHQTG NQPI 6JTGG V[RGU QH VJGUG KOKVCVKQPU ECP DG
FKUVKPIWKUJGF

*CNHPQDNG.QPFQP#%TQYPGFMKPIUVCPFKPIHCEKPIKPCUJKRYKVJVJGCTOUQH'PINCPFCPF(TCPEG
*'04+%~&+~)4#~4':~#0).~<~(4#0%~4(NQTKCVGFETQUUKPVTGUUWTGQHGKIJVCTEJGU
YKVJ*KPEGPVTGETQYPUCPFNGQRCTFUKPVJGCPINGUQPGUOCNNNKUKPVJGUGEQPFCPINGNKU&1/+0'~0'
Q+0Q(8414'Q681Q#4)8#5Q/'(D0QTVJ5GCD[IT
8GT[HKPG
PQ

)TQCV%CNCKU#%TQYPGFJGCFHCEKPIDGVYGGPVYQCPPWNGVU *'04+%”&+”)4#”4':”#0).

Z<Z(4#0%4.QPIETQUURCVV¾GYKVJVJTGGRGNNGVUKPGCEJCPINGCPFQPGCPPWNGVKPVJGPFCPFTF
CPINGUVYQEQPEGPVTKEEKTENGUYKVJPCOGQHOKPVKPVJGKPPGTEKTENG8+..#”%#.+5+5” 2158+Q
&'8/”#&+8614'”/'8/0QTVJ5GCD[IT
5NKIJVGN[KTTGIWNCTHNCPCPFCNKVVNGYGCMN[UVTWEMQVJGTYKUGXGT[HKPGVQGZVTGOGN[HKPG
5EJWNOCP#OUVGTFCO
6JGOKPVQH%CNCKUGZKUVGFHKTUVDGVYGGPCPFCPFYCUTGQRGPGFDGVYGGPCPF
73

*CNHITQCV.QPFQP#%TQYPGFJGCFHCEKPI *'04+% ”&+”)4#”4':”#0).”<”(44

.QPIETQUURCVV¾GYKVJVJTGGRGNNGVUKPVJGCPINGUVYQEQPEGPVTKEEKTENGUYKVJPCOGQHOKPVKPVJGKPPGT
EKTENG %+8+6#5 ” .10&10 ” 2158+ Q &'8/ ” #&+86 14' ” / ” 0QTVJ 5GCD[
IT 6TCEGUQHGPETWUVCVKQPXGT[HKPG
5RKPM.QPFQP
(TQO0%PQ*5
'Z%CTVGTEQNNGEVKQP
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#PPWNGVKUUWGOOETQUU+PQPG
*CNHITQCV %CNCKU # %TQYPGF JGCF HCEKPI DGVYGGP VYQ CPPWNGVU *'04+% ” &+ ” )4# ” 4': ”
#0).”<”(4.QPIETQUURCVV¾GYKVJVJTGGRGNNGVUKPGCEJCPINGCPFQPGCPPWNGVKPVJGPFCPFTF
CPINGUVYQEQPEGPVTKEEKTENGUYKVJPCOGQHOKPVKPVJGKPPGTEKTENG8+..#”%#.+5 ” 2158+Q
&'8/”#&+8614'Z/'8/0QTVJ5GCD[IT 8GT[HKPG
5RKPM.QPFQP

2GPP[.QPFQP#%TQYPGFJGCFHCEKPI *'04+%85”4':”#0).+'4.QPIETQUURCVV¾GYKVJ

VJTGGRGNNGVUKPGCEJCPINGCPFQPGCPPWNGVKPVJGPFCPFTFCPINGU%+8+6#5”.10&10”0QTVJ
5GCD[IT 5NKIJVGN[EQTTQFGFXGT[HKPG
5RKPM.QPFQP
(TQO0%PQ*5
#PPWNGVKUUWG
2GPP[%CNCKU#%TQYPGFJGCFHCEKPIDGVYGGPVYQCPPWNGVU *'04+%85”4':”#0).+'4
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%#.+5”0QTVJ5GCD[IT #NOQUVXGT[HKPG
5RKPM.QPFQP
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%H9JKVVQPC

*CNHRGPP[ %CNCKU # %TQYPGF JGCF HCEKPI DGVYGGP VYQ CPPWNGVU *'04+% ” 4': ” #0). 4
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%#.+5”0QTVJ5GCD[IT 8GT[HKPG
5RKPM.QPFQP
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74

(CTVJKPI.QPFQP
.GCH2GNNGV+UUWG#%TQYPGFJGCFHCEKPIDGVYGGPVYQRGNNGVUNGCHQPDTGCUV
*'04+% 4': #0). 4 .QPI ETQUU YKVJ VJTGG RGNNGVU KP GCEJ CPING %+8+6#5 .10&10 0QTVJ
5GCD[IT 44#NOQUVXGT[HKPG
5RKPM.QPFQP
(TQO0%PQ

)TQCV.QPFQP#%TQYPGFJGCFHCEKPI *'04+%Z&+)4#Z4':Z#0).+Z<(4#0%4

.QPIETQUURCVV¾GYKVJVJTGGRGNNGVUKPGCEJCPINGVYQEQPEGPVTKEEKTENGUYKVJPCOGQHOKPVKPVJGKPPGT
EKTENG%+8+6#5.10&102158+&'8/#&+8614'/'8/0QTVJ5GCD[IT
49GCMN[UVTWEMCNOQUVXGT[HKPG
9KPVGT&ÒUUGNFQTH#WEVKQP
PQ
7POCTMGF
*175'1(;14-
'&9#4&+8HKTUVTGKIP

#HVGT 4KEJCTF JCF YQP VJG $CVVNG CV 0QTVJCORVQP
JG ENCKOGF MKPIUJKR 6JG RCTNKCOGPV
JQYGXGT CEMPQYNGFIGF *GPT[ 8+ VQ JQNF VJG UVTQPIGUV ENCKO CRRQKPVKPI 4KEJCTF UWEEGUUQT +P VJCV
UCOG[GCT4KEJCTFRGTKUJGFCV9CMGHKGNF
6JG;QTMKUVUMGRV.QPFQPQEEWRKGFCPFRTQENCKOGF4KEJCTFŉUUQP'FYCTFMKPI
'XGT[QPGNQ[CN
VQ*GPT[8+YCUFGUKIPCVGFCVTCKVQTCPF*GPT[8+CPF/CTICTGVHNGFVQ5EQVNCPF
5QOG QH *GPT[ŉU NQ[CNU TGCUUGODNGF KP (TCPEG CPF YKVJ VJG DCEMKPI QH .QWKU :+ VJG[ NCPFGF CP
KPXCUKQPHQTEGQPVJGUJQTGUQH'PINCPFKP6JKUNGFVQCPQVJGTDGKVUJQTVNKXGFTGKIPQH*GPT[8+

'FYCTFHNGFVQ(NCPFGTUCEEQORCPKGFD[JKUDTQVJGT4KEJCTFYJQCNUQJGNRGFJKOTGVWTP
VQ'PINCPF+P'FYCTFFGHGCVGF/CTICTGVPGCT6YGMGUDWT[VCMKPIEQPVTQNQPEGCICKP*GPT[8+
YCUOWTFGTGFCPFVJG*QWUGQH.CPECUVGTGPFGF
*GCX[EQKPCIG

*CNHRGPP[.QPFQP#%TQYPGFJGCFHCEKPIDGVYGGPVYKEGVJTGGRGNNGVUÃ'&9#4&&+)4#
4':4.QPIETQUURCVV¾GYKVJVJTGGRGNNGVUKPGCEJCPING%+8+6#5.10&100QTVJ5GCD[
IT 8GT[HKPG
5RKPM.QPFQP
(TQO0%
'Z9JKVVQPEQNNGEVKQP
KNN2NV[RG++
'Z.QEMGVV
75

.KIJVEQKPCIG
4[CNQT4QUG0QDNG.QPFQP#%TQYPGFMKPIUVCPFKPIHCEKPIKPCUJKRYKVJVJGCTOUQH'PINCPFCPF
(TCPEGCPFHNCIYKVJ''&9#4&&+)4#ã4':ã#0).ã<ã(4#0%ãã&05ã+ã$ã4
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2'4/'&+7/ã+..148/+ã$#6ã0QTVJ5GCD[IT
PQ

6JTGGNKUCPFVYQNGQRCTFUQPVJGUKFGQHVJGUJKR
6JGT[CNKUVJGPQDNGYKVJVJGCFFKVKQPQH'FYCTFŉURGTUQPCNDCFIGVJGTQUGCPFVJGUWPCPFYKVJVJGHNCIYKVJVJG
'QH'FYCTFKPKV4[CNEQKPCIGEQOOGPEGFKPCPFVJGYGKIJVVJGQTGVKECNN[KUIT
6JGT[CNVQQYCUKOKVCVGF6JGUGKOKVCVKQPUYGTGGZVGPUKXGN[FKUEWUUGFD[#6JQORUQP%QPVKPGPVCN+OKVCVKQPUQH
VJGTQUGPQDNGQH'FYCTF+8
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R*GFKUVKPIWKUJGUVJGHQNNQYKPIEJCTCEVGTKUVKEUCDTQCFGT
JGCFWPVKF[NGVVGTKPI

VJGUG GZCORNGU QH KOKVCVKQPU YGTG VCMGP HTQO 6JQORUQP R ITQWR C NQPIGT UYQTF
YJKEJ ETGCVGU C
TGEVCPINGCTQWPFVJGJGCFCPFCPQRGPDQVVQOUKFG
6JQORUQP ENCUUKHKGU KPVQ VJTGG ITQWRU IKXKPI VJG HQNNQYKPI RGTKQFU QH QTKIKP ITQWR + CPF NCVGT YKVJQWV
OGPVKQPKPICOKPVITQWR++YKVJ)QTKPEJGOHQTVJGOKPVCPFITQWR+++YKVJ%WNGODQTIHQT
VJGOKPV
VJKUNCUVV[RGJCFCFKHHGTGPVNGIGPF
6JGJQCTF5GTQQUMGTMGEQPVCKPGFT[CNUCOQPIYJKEJKOKVCVKQPU
)QTKPEJGOKOKVCVKQPUYKVJVJGCTOUQH
#TMGN6JGUGYGTGCNUQJKIJSWCNKV[KOKVCVKQPUCUQRRQUGFVQVJGQTKIKPCNUNGCFKPIVQCEQKPCIGUVCTVKPICVVJGGPF
QHVJGVJEGPVWT[
CVNGCUVQPGQHVJGUGKOKVCVKQPUYCUHTQOVJG1OOGNCPFOKPVQH#RRKPIGFCO
+PO[QRKPKQPVJKUEQKPKUPQKOKVCVKQPCNVQWIJKVKUPQVENGCTKPCNNFGVCKNU

)TQCV .QPFQP # %TQYPGF JGCF HCEKPI DGVYGGP VYQ SWCVTGHQKNU CPF QP DTGCUV SWCVTGHQKN ñ
'&9#4&ã&+)4#ã4':ã#0).'ã<ã(4#0%4.QPIETQUURCVV¾GYKVJVJTGGRGNNGVUKP
GCEJCPINGVYQEQPEGPVTKEEKTENGUYKVJPCOGQHOKPVKPVJGKPPGTEKTENG%+8+6#5.10&102158+
&'8/ã#&+8614'/'8/0QTVJ5GCD[IT
5OCNNHNCPXGT[HKPGVQGZVTGOGN[HKPG
%QKPUCPF#PV.QPFQP
76

)TQCV .QPFQP # %TQYPGF JGCF HCEKPI DGVYGGP VYQ SWCVTGHQKNU CPF QP DTGCUV SWCVTGHQKN ñ
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GCEJCPINGVYQEQPEGPVTKEEKTENGUYKVJPCOGQHOKPVKPVJGKPPGTEKTENG%+8+6#5.10&10Z2158+
&'8/ã#&+8614'/'8/0QTVJ5GCD[IT 5OCNNHNCPHKPGVQXGT[HKPG
%QKPUCPF#PV.QPFQP
%QPVTCT[VQPQVJGQDXGTUGVTGHQKNKUQEECUKQPCNN[TGRNCEGFYKVJCUOCNNETQUU

*CNHITQCV %CPVGTDWT[ # %TQYPGF JGCF HCEKPI QXGT MPQV RCNN '&9#4& &+ )4# 4': #0). <
(4#4.QPIETQUURCVV¾GYKVJVJTGGRGNNGVUKPGCEJCPINGVYQEQPEGPVTKEEKTENGUYKVJPCOGQHOKPVKP
VJGKPPGTEKTENG%+8+6#5%#06142158+&'8/#&+8614'/'8/0QTVJ5GCD[
IT 5OCNNHNCPCNOQUVXGT[HKPG
'RKUEQRCNEQKPCIG
'&9#4&+8UGEQPFTGKIP

*CNHCPIGN # 5V /KEJCGN UNC[KPI FTCIQP YKVJ ETQUUNCPEG '&9#4& &'+ )4# 4': #0). 4
5JKR YKVJ VJG CTOU QH 'PINCPF CPF (TCPEG WPFGT ETQUU CPF DGVYGGP ' CPF TQUG ” 1 ” ” %48: ó
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5RKPM.QPFQP
4GXGTUGVGZV*CKN1%TQUUQWTQPN[JQRG
6JGQDXGTUGKPKVKCNOCTMKPFKECVGUCRTQXKPEKCNOKPV
77
4+%*#4&+++

;QWPIGUVUQPQH4KEJCTFŉU&WMGQH;QTM*GDGECOG&WMGQH)NQWEGUVGTCHVGTJKUDTQVJGT'FYCTF+8
YCUETQYPGFMKPI9JGP'FYCTF+8FKGFKPJGJCFCITGCVFGCNQHVTQWDNGCUEGPFKPIVQVJGVJTQPG
'XGPVWCNN[JGUWEEGGFGF*GOGVJKUGPFQPVJGDCVVNGHKGNFQH$QUYQTVJYJGTGJGNQUVVQ*GPT[6WFQT

)TQCV .QPFQP # %TQYPGF JGCF HCEKPI DQCT 4+%#4& &+ )4# 4': #0). < (4#0% 4
.QPIETQUURCVV¾GYKVJVJTGGRGNNGVUKPGCEJCPINGVYQEQPEGPVTKEEKTENGUYKVJPCOGQHOKPVKPVJGKPPGT
EKTENG%+8+6#5.10&10DQCT2158+&'8/#&+8614'/'8/0QTVJ5GCD[
IT 44(NCPETCEMXGT[HKPG
5RKPM.QPFQP
.QQMWRKP0%PQCPFKP0%PQ DQVJCTGQPVJGECTF
*175'67&14
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6JG *QWUG QH 6WFQT UVGOU HTQO 9CNGU 6JKU HCOKN[ VQQM QP VJG #PINQ5CZQP PCOG 6WFQT CHVGT VJG
OCTTKCIGQH1YGPCR/CTGFWFFCR6WFWTVQ%CVJCTKPGFCWIJVGTQH%JCTNGU8+QH(TCPEGCPFYKFQYQH
*GPT[8QH'PINCPF
HTQOVJG*QWUGQH.CPECUVGT
*G YCU VJG RQUVJWOQWU UQP QH 'CFOWPF 'CTN QH 4KEJOQPF CPF /CTICTGV
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OCTTKGF 'NK\CDGVJ QH ;QTM
VJG QNFGUV FCWIJVGT QH 'FYCTF +8 VJG OCTTKCIG CUUWTKPI JKO QH ;QTMKUV
UWRRQTVGXGPVQVJGGZVGPVQHDGKPIITCPVGFVJGUWRRQTVQHVJGGZKNGF;QTMKUVUKP9KVJVJGCKFQH
VJG(TGPEJJGOCPCIGFVQFGHGCVCPFMKNN4KEJCTF+++PGCT$QUYQTVJVJTGGYGGMUNCVGT+VVQQMJKONQPI
VQUWOOQPIGPGTCNTGEQIPKVKQPHQTJKUCEEGUUKQP6JGVQVCNFGXCUVCVKQPQHVJGCTO[QHVJTQPGRTGVGPFGT
.CODGTV5KOPGN
KUTGICTFGFCUVJGHKPCNDCVVNGKPVJG9CTUQHVJG4QUGU
*GPT[OCKPVCKPGFHTKGPFN[VKGUYKVJ(TCPEG

#PIGN # 5V /KEJCGN UNC[KPI FTCIQP YKVJ ETQUUNCPEG CTTQY *'04+% „ ð &' )4# Z 4':
#0).Z<Z(4#Z45JKRYKVJVJGCTOUQH'PINCPFCPF(TCPEGWPFGTETQUUCPFDGVYGGP*CPFTQUG
CTTQY 2'4 ¢ %48%%% 68# 5#.86 Z 015 ¢ :2% Z 4'+& ¢ (D 0QTVJ
5GCD[IT 6TCEGUQHCRTGUUWTGXGT[HKPG
5RKPM.QPFQP
(TQO0%PQ
6JGHWNNQDXGTUGVGZVTGCFU2GTETWEGOVWCOUCNXCPQU%JTKUVKG4GFGORVQT$[6J[ETQUUUCXGWU1%JTKUVQWT
4GFGGOGT
#PIGNENCUU8
6JGFGUKIPQH5V/KEJCGNUNC[KPIVJGFTCIQPQPVJGQDXGTUGCPFVJGUJKRDGCTKPICETQUUQPVJGTGXGTUGECWUGFKV
VQDGWUGFD[VJG6WFQTCPF5VWCTVOQPCTEJUCUCVCNKUOCPVQDGIKXGPVQVJGUKEMYJQOVJG[JCFVQWEJGFHQTVJG
MKPIŉUGXKN
0QTVJ
78

)TQCV.QPFQP#%TQYPGFJGCFHCEKPIè*'04+% Z&+ Z)4# Z4':Z#). Z<Z(4 4

.QPIETQUUYKVJVJTGGRGNNGVUKPGCEJCPINGVYQEQPEGPVTKEEKTENGUYKVJPCOGQHOKPVKPVJGKPPGTEKTENG
%+8+6#5”.10&10 2158+&'8 Z#&+8614'Z/'80QTVJE5GCD[IT
#NKVVNGYGCMN[UVTWEMKPRCTVUXGT[HKPG
$QWIJV
&GMMGTEQNNGEVKQP
%TQYPYKVJVYQCTEJGUWPLGYGNNGF(CEKPI%NCUU++

)TQCV.QPFQP#%TQYPGFJGCFHCEKPI*'04+% ^&+ ^)4# ^4':^#). ^<^(4 4

.QPIETQUUYKVJVJTGGRGNNGVUKPGCEJCPINGVYQEQPEGPVTKEEKTENGUYKVJPCOGQHOKPVKPVJGKPPGTEKTENG
ó %+8+6#5 ó ó .10&10 ó, 2158+ &'8/ #&+8614' /'8/ 0QTVJ C 5GCD[
CIT 48GT[HKPGVQGZVTGOGN[HKPG
5RKPM.QPFQP
(TQO0%PQ
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(CEKPIENCUU+++C

*CNHITQCV%CPVGTDWT[#%TQYPGFJGCFHCEKPIVQP*'04+%&+)4#4':#0).<(44.QPI
ETQUU YKVJ VJTGG RGNNGVU KP GCEJ CPING VYQ EQPEGPVTKE EKTENGU YKVJ PCOG QH OKPV KP VJG KPPGT EKTENG
%+8+6#5 %#0614 VQP 2158+ &'8/ #&+8614' /'8 0QTVJ 5GCD[ IT
/ÒP\ICNGTKG/ÒPEJGP#WEVKQP
PQ
+PKVKCNOCTMVQP
79

*CNHITQCV;QTM#%TQYPGFJGCFHCEKPIDGVYGGPVYQMG[UOCTVNGV*'04+%&+)4#4':#0)<
(44.QPIETQUUYKVJVJTGGRGNNGVUKPGCEJCPINGVYQEQPEGPVTKEEKTENGUYKVJPCOGQHOKPVKPVJGKPPGT
EKTENG%+8+6#5'$14#%+OCTVNGV2158+&'8#&+8614/'80QTVJ5GCD[IT
(KPGVQXGT[HKPG
(KPP-GPFCN
(TQONKUVPQ
+PKVKCNOCTMOCTVNGV
'RKUEQRCNOKPVV[RGYKVJCTEJDKUJQR5CXCIG
!
0QVTGUUWTG

2GPP[UQXGTGKIP;QTM#-KPIUGCVGFQPVJTQPGHCEKPIYKVJUEGRVTGCPFQTD*'04+%ã&+ã)4#
ã 4': ã #0 4 #TOU QH 'PINCPF CPF (TCPEG QP NQPI ETQUU CPF DGVYGGP VYQ MG[U %+8+6#5
'$14#%+0QTVJ5GCD[IT #NOQUVXGT[HKPG
(KPP-GPFCN
(TQONKUVPQ
9KVJVJGCTEJDKUJQRQH4QVJGTJCO
1PGRKNCTVQVJTQPGVTGHQKNUVQRU

2GPP[UQXGTGKIP&WTJCO#-KPIUGCVGFQPVJTQPGHCEKPIYKVJUEGRVTGCPFQTD*'04+%&+)4#
4':4#TOUQH'PINCPFCPF(TCPEGQPNQPIETQUUCPFDGVYGGP&CPF5%+8+6#5&+4*#/0QTVJ
5GCD[IT 8GT[HKPG
5RKPM.QPFQP
9KVJDKUJQR,QJP5JGTYQQF

)TQCV.QPFQP#%TQYPGFDWUVTCTTQY*'04+%Z8++Z&+Z)4#Z4':Z#).Z<Z(4
#TOUQH'PINCPFCPF(TCPEGQPNQPIETQUUCTTQY2158+F&'8ZZ#&+8614'Z/'80QTVJ
5GCD[IT 45OCNNUETCVEJGUQPVJGTGXGTUGXGT[HKPG
5RKPM.QPFQP
(QO0%PQ
4GIWNCTKUUWG
6TKRNGDCPFVQETQYP
6JKU EQKP OCTMU VJG GPF QH VJG /KFFNG #IGU CPF VJG DGIKPPKPI QH VJG 4GPCKUUCPEG 6JG DWUV KP RTQHKNG JCU DGGP
GPITCXGFD[#NGZCPFGTQH$TWIUCN+VEQPUVKVWVGUVJGHKTUVHKPGRQTVTCKVUKPEG1HHC
80

*CNHITQCV%CPVGTDWT[#%TYQPGFDWUVTOCTVNGV*'04+%Z8++Z&+Z)4#Z4':Z#).Z<Z
4#TOUQH'PINCPFCPF(TCPEGQPNQPIETQUUOCTVNGV2158+&'8Z#&+861'Z/'80QTVJ
5GCD[IT 48GT[HKPG
.CP\/ÒPEJGP#WEVKQP
PQ
-KPICPF#TEJDKUJQR9CTJCOLQKPVN[!

&QWDNGDCPFVQETQYP

*CNHITQCV;QTM#ETQYPGFDWUVTOCTVNGV*'04+%Z8++Z&+Z)4#Z4':Z#).Z<Z4
#TOUQH'PINCPFCPF(TCPEGQPNQPIETQUUCPFDGVYGGPVYQMG[UOCTVNGV2158+&'8Z#&+8614'Z
/'80QTVJ5GCD[IT 48GT[HKPG
*'04;8+++

2GPP[UQXGTGKIP&WTJCO#-KPIUGCVGFQPVJTQPGHCEKPIYKVJUEGRVTG*Z&Z)Z415#Z5+'

Z 52+# 4 #TOU QH 'PINCPF CPF (TCPEG QP NQPI ETQUU CPF DGVYGGP % CPF&%+8+6#5&84*#/
0QTVJ5GCD[IT 8GT[HKPG
9KVJDKUJQR%WVJDGTV6WPUVCNN
!
5GEQPFEQKPCIG
6GZVQDXGTUG*
'04+%85&
'+)
4#6+#415#5+'52+#
4QUGYKVJQWVCVJQTP
6JKUEQKPTGRTGUGPVUCHCKVJHWNEQR[QHVJGEQKPUQH*GPT[8++
81
IRELAND
+4'.#0&
(QTCNNVJGKPHNWGPEGVJG0QTYGIKCPUCPF'PINKUJJCFQPKV+TGNCPFŉUJKUVQT[KUFKUVKPEVN[CP+TKUJCHHCKT
CPCURGEVVJCVKUVQVCNN[WPTGHNGEVGFD[EQKPCIGJQYGXGT

5V2CVTKEMKU+TGNCPFŉURCVTQPUCKPV#DFWEVGFHTQO'PINCPFCVC[QWPICIGJGTGVWTPGFVQ'PINKUJUQKN
CHVGTCNQPIRGTKQFQHECRVKXKV[KP+TGNCPF+PCXKUKQPJGTGEGKXGFJKUECNNKPIVQIQCPFGXCPIGNKUGVJG
EQWPVT[QHJKUCDFWEVQTU+PJGYCUDKUJQRQH+TGNCPFEQPEGPVTCVKPIJKUGPFGCXQWTUQPVJGPQTVJGCUV
CPFVJGYGUVQH+TGNCPFKP.GKPUVGTVJGIQURGNYCURTGCEJGFD[VJG)CWN2CNNCFKWU

+PCPFCNUQCHVGTVJKURGTKQFHKXGMKPIFQOUOCFGWRVJGOCKPRCTVQH+TGNCPF7NUVGT.GKPUVGT/WPUVGT
%QPPCEJVCPF/KFG6JG[YGTGNCTIGN[DWKNVQPNQECNTGNKIKQPU'XGPVWCNN[CFKXKUKQPKPVQOQTGNQECNN[
HWPEVKQPKPICTGCUYQWNFVCMGVJGKTRNCEG9KVJKPVJKUFKXKUKQPF[PCUVKGU
MKPIFQOUGOGTIGFVJCVYQWNF
UJCRG+TKUJJKUVQT[

+P VJG PQTVJ VJG OKIJV[ *QWUG QH 7Ã 0¾KNN TWNGF QRRQUGF D[ VJG F[PCUVKGU QH 7Ã &ÐPNCKPIG CPF 7Ã
%¾PPUGNCKIVJCVJGNFUYC[KPVJGUQWVJ#TQWPFVJGPQTVJGOGTIGFXKEVQTKQWUHTQOVJGGPUWKPIENCUJ
CPF7Ã0¾KNNRTQENCKOGFJKOUGNHJKIJMKPIHKGTEGN[EQPVGUVGFKPRCTVKEWNCTD[/WPUVGT

6JG DCVVNG DGVYGGP PQTVJ CPF UQWVJ ICKPGF C PGY HCEVQT KP YJGP 0QTYGIKCP XKMKPIU NCPFGF KP
+TGNCPF6JG[GUVCDNKUJGFVJGOUGNXGUOCKPN[KP&WDNKP.KOGTKEM9CVGTHQTFCPF9GZHQTF

6JGKPHNWGPEGQHVJGUG8KMKPIUYCUEQPVTCT[VQDGNKGHUJGNFGCTNKGTD[JKUVQTKCPUTGNCVKXGN[UOCNN1PG
QHVJGUECTEGGHHGEVUYCUVJCVVJGVGTTKVQT[QEEWRKGFD[VJG8KMKPIUFTQXGCYGFIGKPDGVYGGPVJGYCTTKPI
PQTVJCPFUQWVJRCTVKGU6JGDCVVNGPGXGTEGCUGFJQYGXGT+PVJGPKPVJEGPVWT[VJGKPHNWGPEGQHVJG7Ã
0¾KNNUYCPGF6JGKTRNCEGYCUVCMGPD[VJG.GKPUVGT1UTCKIG&[PCUV[KPVJGVJEGPVWT[6JGQHHKEGQH
JKIJMKPITGIWNCTN[EJCPIGFJCPFUHTQOVJGPQP

&GTOQV/CE/WTTQWIJ
ŎYCUGXGPVWCNN[FGHGCVGFD[VJG7Ã%QPEJQD±KTUHTQO%QPPCEJV/CE
/WTTQWIJ HNGF VQ 'PINCPF CPF UQWIJV RTQVGEVKQP YKVJ VJG 'PINKUJ MKPI *GPT[ ++ *GPT[ KPVGTXGPGF KP
CPFEJCPIGFVJGEQWTUGQH+TKUJJKUVQT[

9JGPKPVJG8KMKPIUUGVVNGFCNQPIVJG+TKUJGCUVEQCUVVJG[VTKGFVQRWUJVJTQWIJKPVQVJGKPNCPF
6JQWIJVJG+TKUJEQPSWGTGFVJGOKPKVYQWNFPŉVDGNQPIDGHQTGVJG0QTYGIKCPMKPIUTGVWTPGF6JG[
GUVCDNKUJGF VJGOUGNXGU OCKPN[ KP &WDNKP #HVGT 5KJVTKE QVJGTU HQNNQYGF QPGQHVJGO1NCH5KJVTKEUUQP
YJQ YCU XCPSWKUJGF KP PGCT 6CTC *KU UQP 5KJVTKE +++ KU VJG HKTUV MKPI VQ CRRGCT QP EQKPU 6JG
0QTYGIKCPU YGTG EQPXGTVGF VQ %JTKUVKCPKV[ CPF RTQXGF C EQQRGTCVKXG OKPQTKV[ VQYCTFU VJG MKPIU QH
+TGNCPF

6JCVVJGUGXGTCN+TKUJMKPIUPGXGTUVTWEMVJGKTQYPEQKPOC[DGECNNGFRGEWNKCT6JQWIJVJG0QTYGIKCPU
JCXGDGGPUCKFVQJCXGGPEQWPVGTGFCEKXKNKUCVKQPFGXQKFQHOQPG[WRQPNCPFKPIQPVJGKUNCPFVJKUECP
JCTFN[ DG VCMGP UGTKQWUN[ 6JGTG YCU RTGUWOCDN[ C OQFGUV WUG QH 'PINKUJ EQKPU #V CP[ TCVG VJG
0QTYGIKCP MKPIU UVCTVGF CP KPFGRGPFGPV EQKPCIG KP VYQ EGPVWTKGU CHVGT VJGKT KPXCUKQP 1TKIKPCNN[
UVTWEM GZRNKEKVN[ YKVJ VJGKT PCOGU VJGKT EQKPU ITCFWCNN[ DGECOG OQTG KPFKUVKPEV &GUKIPU FTGY QP
'PINKUJEWTTGPE[DWVUQQPVQQMQPCOQTG+TKUJCRRGCTCPEG

5VCTVKPIEQKPUYGTGUVTWEMKPVJGPCOGQHVJG'PINKUJMKPI
CU&QOKPWUVJGKTFGUKIPCHVGT'PINKUJ
GZCORNG6JGEKTENGCTQWPFVJGGHHKI[YCUTGRNCEGFYKVJCVTKCPINGEJCTCEVGTKUVKECNHQT+TGNCPFCPFNCVGT
KOKVCVGFQPVJGEQPVKPGPV1PVJGXQKFGFETQUUV[RGUVJGVTKCPINGUVCPFUDCUGFQYPCPFQPVJGNQPIETQUU

RGPPKGUKVUVCPFUQPKVURQKPV
6JG ITQCV YCU KPVTQFWEGF XGT[ NCVG CTQWPF
VJG 'PINKUJ ITQCV JCF CNTGCF[ DGGP KPVTQFWEGF KP
ECWUGFD[VJGNQPIKPVGTGIPWOKPYJKEJRTCEVKECNN[PQEQKPUYGTGUVTWEM

)QNFEQKPUYGTGPGXGTKUUWGFKP+TGNCPF
*+$'4010145'

6JGHKTUVEQKPYCUHCUJKQPGFCHVGTVJGŋ%TXZŌQH#GVJGNTGF++
UVTWEMKPVJGRGTKQF
CPGZCEVKOKVCVKQP6JGPUQOGQVJGTV[RGUYGTGKOKVCVGFCUYGNN.QPIETQUU
JGNOGV

CPFUOCNNETQUU
YJKNGVJGV[RGSWCVTGHQKNQH%PWV
YCUCNUQEQRKGF#NN
VJGUGV[RGUYGTGGZCEVEQRKGUQHVJGEQTTGURQPFKPI'PINKUJEQKPU
+VUGGOURGEWNKCTVJCVVJGNQPIETQUUV[RGYCUHWTVJGTKOKVCVGFKVUDWUVDGEQOKPIV[RKECNN[+TKUJ2JCUG+

VJGNQPIETQUUOWUVJCXGQXGTNCRRGFRJCUG++VJCVQHVJGJGNOGVD[CEQPUKFGTCDNGRGTKQFQHVKOG
6JGEQKPUKP5KJVTKEŉUPCOGKPXCTKCDN[TGCF5+*64+%4':&;(.+/15KJVTKEMKPIQH&WDNKP
&WDNKP
KUKP+TKUJ&7$*.+00CPFKP0QTYGIKCP&;(.+04

2GPP[ 2JCUG + &WDNKP # $CTGJGCFGF DWUV N KP HTQPV CUEGRVTG <+6+4&;(.+/145JQTV
ETQUUXQKFGFYKVJ%48:KPVJGCPINGU '1.'10&+(.+/'H&(5GCD[IT
44#NKVVNGYGCMN[UVTWEMCVVJGGFIGXGT[HKPG
5RKPM.QPFQP
(TQO0%PQ
%HCNUQ0%PQ
5COGFKGUCU5%$+
7NUVGT
6JGOQPG[GT'1.'
KVOKIJVDG'1. KUWPMPQYPHQT'PINCPFGXGP*KNFGDTCPFFQGUPŉVMPQYQHJKO
82
IRELAND

2GPP[2JCUG&WDNKP#$CTGJGCFGFDWUVN 5+*64+%4':&;(.+04.QPIETQUUXQKFGF

YKVJ GCEJ NKOD VGTOKPCVKPI KP VJTGG ETGUEGPVU (;' 4'/0 0/ &;(.+ &( 5GCD[
9#)&QTVOWPF#WEVKQP
PQ
*+$'4010145'

6JG HKTUV EQKPU QH RJCUG ++ UJQY VJG NQPI ETQUU RQTVTCKV KP +TKUJ UV[NG DWV UVKNN ENGCTN[ KPFKECVG 5KJVTKE
NCVGTKPVJGUCOGRJCUGKVFKUCRRGCTU6JGYGKIJVKPVJKURJCUGKUTGOCTMCDN[NQYGTVJCPVJCVKPRJCUG+

2GPP[ 2JCUG ++ &WDNKP # +TKUJ DWUV N DGJKPF C ETQUU ++064+ 4': +(0 4 .QPI ETQUU
XQKFGFYKVJGCEJNKODVGTOKPCVKPIKPVJTGGETGUEGPVUKPGCEJCPINGCUOCNNRGNNGV (;'+40!++/1
+'+6&(5GCD[IT 4#NOQUVXGT[HKPG
45EJWNOCP.CTGP#WEVKQP
PQ
2GPP[ 2JCUG ++ &WDNKP # +TKUJ DWUV N DGJKPF C ETQUKGT +064%4': +&+(0+ 4 .QPI ETQUU
XQKFGFYKVJGCEJNKODVGTOKPCVKPIKPVJTGGETGUEGPVUKPGCEJCPINGCRGNNGV 0+4+00/1&(0&(
5GCD[#IT 48GT[HKPGVQGZVTGOGN[HKPG
5RKPM.QPFQP
(TQO0%PQ
*+$'4010145'

2GPP[ 2JCUG +++ # +TKUJ DWUV N ++(+6+'&+1+' 4 .QPI ETQUU XQKFGF YKVJ GCEJ NKOD
VGTOKPCVKPIKPVJTGGETGUEGPVUKPVYQCPINGUCJCPF +++++1+ +++%+.&(5GCD[IT
40KEGRCVKPCGZVTGOGN[HKPG
/CTUJCNN(KGNFU%JKECIQ
2GPP[2JCUG+++#+TKUJDWUVNHQWTRQKPVUKPPGEM +++6+04++&++2+'4.QPIETQUUXQKFGFYKVJ

GCEJNKODVGTOKPCVKPIKPVJTGGETGUEGPVUKPQPGCPINGCJCPFKPCPQVJGT5KPVYQQVJGTUCRGNNGV +++
2+2+0(0+&++&(5GCD[IT 'ZVTGOGN[HKPGCPFRGTHGEVRKGEGYKVJPKEGRCVKPC
5RKPM.QPFQP
(TQO0%PQ
(TQOVJGUCOGFKGUCU&QNNG[!
83
IRELAND
*+$'4010145'

2GPP[6[RG+8#*GNOGVGFDWUVHCEKPIYKVJVTKRNGUVTCPFOQWUVCEJGUETCVEJGFFKG 0+('0+10

&+++8( 4 .QPI ETQUU XQKFGF YKVJ GCEJ NKOD VGTOKPCVKPI KP VJTGG ETGUEGPVU KP CPINGU ETQUU VYQ
RGNNGVUJCPFCPFVJTGGRGNNGVU00000000&(5GCD[IT
44#NKVVNGYGCMN[UVTWEMCVVJGGFIGXGT[HKPG
5RKPM.QPFQP
(TQO0%PQ
*+$'4010145'

2GPP[ 2JCUG 8 # %TQYPGF DWUV HCEKPI YKVJ RGNNGVU GKVJGT UKFG 4 .QPI ETQUU XQKFGF &(
5GCD[XCTIT 'ZVTGOGN[TCTG5OCNNHNCPFGHGEVXGT[HKPG
5RKPM.QPFQP
(TQO0%PQ
#VNGCUVQPGSWCFTCPVQHVJGTGXGTUG&+0KUNGIKDNG6JGTGHQTG&WDNKPJCUVQDGVJGOKPV
0%UC[UFGTKXGFHTQO9KNNKCO+6YQ5VCTUV[RG9CUPŉVKVOQTGQHCEQR[QH'FYCTFVJG%QPHGUUQTŉUEQKPU!$WUV
HCEKPIUOCNNETQUUV[RG0QTVJ

2GPP[2JCUG8#%TWFGDWUVHCEKPIYKVJNQPIDGCTF48QKFGFNQPIETQUU5KPVYQSWCTVGTUJCPF
KPQPGCPPWNGVYKVJEWTXGKPCPQVJGT&(5GCD[IT 449GCMN[UVTWEMXGT[HKPG
5RKPM.QPFQP
(TQO0%PQ
'Z8GEEJK.QPFQP#WEVKQP
PQ
*+$'4010145'

2GPP[2JCUG8+#8GT[ETWFGDWUVNETQUKGTVQN48QKFGFNQPIETQUU%TQUKGTYKVJHQWTRGNNGVU
KPVYQSWCTVGTUQPGRGNNGVKPQVJGTU&(5GCD[IT 48GT[HKPG
5RKPM.QPFQP
(TQO0%PQ
2GPP[2JCUG8+#8GT[ETWFGDWUVNETQUKGTVQN48QKFGFNQPIETQUUETQUKGTYKVJHQWTRGNNGVUKP
VYQSWCTVGTUQPGRGNNGVKPQVJGTU&(5GCD[IT 48GT[HKPG
84
IRELAND

2GPP[2JCUG8+#8GT[ETWFGDWUVNETQUKGTVQN48QKFGFNQPIETQUU%TQUKGTYKVJHQWTRGNNGVUKP
VYQSWCTVGTUQPGRGNNGVKPQVJGTU&(5GCD[IT
4(NCPETCEMCPFVTCEGUQHGPETWUVCVKQPCNOQUVXGT[HKPG
5RKPM.QPFQP
(TQO0%PQ
,1*0CU.QTF

#U CHVGT &GTOQV /CE /WTTQWIJ JCF HNGF PQDKNKV[ HTQO 'PINCPF CPF 9CNGU UVQQF RQKUGF VQ HKNN VJG
XCEWWO *GPT[ ++ QH 'PINCPF JCF VQ CEV #V VJG EQPITGUU QH1ZHQTFJGJCFVJG.QTFUJKRQXGT
+TGNCPFFGXQNXGWRQPJKUUQP,QJP,QJPWUGFCITCFWCNCRRTQCEJVQICKPEQPVTQNQXGT+TGNCPFDWVJCF
VJG ITGCVGUV FKHHKEWNV[ FQKPI UQ 6JWU %QPPCEJV FKFPŉV EQOG WPFGT JKU UYC[ WPVKN DGVYGGP CPF
+P JKU GZRCPUKQPU ECOG VQ C JCNV 6JG +TKUJ VWTPGF VQ VJG 5EQVU HQT CKF KP TGUKUVKPI VJG
'PINKUJ6JGGCTNQH7NUVGTKPRCTVKEWNCTRNC[GFCUKIPKHKECPVRCTVYJKEJQHHGTURTQQHHQTVJGKPFGRGPFGPV
UVCVWUQH7NUVGT
,QJPKUFGUKIPCVGF&QOKPWUQPJKUEQKPUDQVJKPVJGRGTKQFDGHQTGJKU'PINKUJMKPIUJKRCPFCHVGT6JG
UCOGVKVNGYCUDQTPGD[CNNJKUUWEEGUUQTU*GPEGVJGWUWCNFKUVKPEVKQPDGVYGGP,QJPCU.QTFCPF,QJP
CU-KPIKUPQVOCFGCUVJGNCVVGTVKVNGYCUUQNGN['PINKUJ
6JG+TKUJPQTVJG0QTYGIKCPUKP&WDNKPECNNGFVJGOUGNXGUMKPICPFVJG'PINKUJCNYC[UWUGF&QOKPWU

*CNH2GPP[ &WDNKP 0QTOCP # &KCFGOGF JGCF HCEKPI +1*#00'5 &1/ 4 8QKFGF ETQUU
RQVGPVCPPWNGVUKPCPINGU 014/#010&88%&(5GCD[IT
#NOQUVXGT[HKPG
5RKPM.QPFQP

2GPP[&WDNKP4QDGTF#%TQYPGFDWUVKPVTKCPINGJCPFJQNFKPIUEGRVGT+1*#00'54'::4
5WPOQQPCPFVJTGGUVCTUKPVTKCPING41$'4&10&+8'&(5GCD[IT
5RKPM.QPFQP 0KEGRCVKPCGZVTGOGN[HKPG

(TQO0%PQ

*CNH2GPP[&WDNKP4QDGTF#%TQYPGFDWUVKPVTKCPINGKPVYQCPINGUCUVCT+1*#04':4
%TQUUOQQPCPFUVCTUKPVTKCPING41$'4&10&&(5GCD[IT 8GT[HKPG
5RKPM.QPFQP
(TQO0%PQ
85
IRELAND
*'04;+++

*GPT[+++JCFPQTGHGTGPEGUVQ+TGNCPFUVTWEMQPJKUEQKPU
QVJGTVJCPKPFKECVKQPQHVJGOKPV*KU+TKUJ
EQKPUUJQYVJGUCOGVKVNGCUJKU'PINKUJ4':+++

2GPP[)TQWR+&WDNKP4KECTF#%TQYPGFJGCFHCEKPIKPFQWDNGVTKCPINGJCPFJQNFKPIUEGRVTG
EKPSWGHQKNVQTKIJV*'04+%854':+++48QKFGFNQPIETQUURQOO¾GRGNNGVUKPCPINGU4+%#4&10
&+0'&(5GCD[IT 8GT[HKPG
'NUGP$TWUUGN
2TGUWOCDN[HTQOVJGJQCTF$TWUUGNU4WGF #UUCWV
(TQONKUVDPQ
IT
2GPP[)TQWR+&WDNKP4KECTF#%TQYPGFJGCFHCEKPIKPFQWDNGVTKCPINGJCPFJQNFKPIUEGRVTG
'NUGP$TWUUGN
(TQONKUVDPQ
IT

2GPP[ )TQWR + &WDNKP &CXKF # %TQYPGF JGCF HCEKPI KP FQWDNG VTKCPING JCPF JQNFKPI UEGRVTG
EKPSWGHQKNVQTKIJV*'04+%854':+++48QKFGFNQPIETQUURQOO¾GRGNNGVUKPCPINGU&#8+10
'8'.+0&(5GCD[IT 8GT[HKPG
'NUGP$TWUUGN
(TQONKUVDPQ
IT
2GPP[ )TQWR + &WDNKP &CXKF # %TQYPGF JGCF HCEKPI KP UKPING VTKCPING JCPF JQNFKPI UEGRVTG
EKPSWGHQKNVQTKIJV*'04+%854':+++48QKFGFNQPIETQUURQOO¾GRGNNGVUKPCPINGU&#8+10
&;8'.+&(5GCD[IT /CIPKHKEGPVRQTVTCKVGZVTGOGN[HKPG
(TCPEJGUEJK$TWUUGN

2GPP[ )TQWR ++ &WDNKP 4KECTF # %TQYPGF JGCF HCKPI KP UKPING VTKCPING JCPF JQNFKPI UEGRVTG
PQ
(TQOJQCTF*CCTNQQ

86
IRELAND
'&9#4&+

1PJKU+TKUJEQKPU'FYCTF+DGCTUVJGVKVNG&QOKPWU*[DGTPKGCRCTVHTQOJKU'PINKUJVKVNGU6JGPCOG
QHVJGOQPG[GTFKUCRRGCTUUQNGKPFKECVKQPKU%KXKVCU&WDNKP
QTQVJGTOKPVU

2GPP[5GEQPFEQKPCIG
#&WDNKP#%TQYPGFDWUVKPVTKCPINGVTGHQKNQHRGNNGVUQPDTGCUV'&94
#0).&05*;$4.QPIETQUURCVV¾GYKVJVJTGGRGNNGVUKPGCEJCPING%+8+6#5&8$.+0'&(
5GCD[IT 8GT[HKPG
5RKPM.QPFQP

2GPP[5GEQPFEQKPCIG
$&WDNKP#%TQYPGFDWUVKPVTKCPINGVTGHQKNQHRGNNGVUQPDTGCUV'&9
4#0).&05*;$4.QPIETQUURCVV¾GYKVJVJTGGRGNNGVUKPGCEJCPING%+8+6#5&8$.+0'&(
5GCD[IT 8GT[HKPG
5RKPM.QPFQP

*CNH2GPP[&WDNKP#%TQYPGFDWUVKPVTKCPING'&94#0).&05*;$4.QPIETQUURCVV¾GYKVJ
VJTGGRGNNGVUKPGCEJCPING%+8+6#5&8$.+0'&(5GCD[IT
5RKPM.QPFQP
(TQO0%PQ
'&9#4&+8

$GVYGGPCPFVJGTGKUCICRKPIPWOKUOCVKEXQKF+PVJKURGTKQFQPN[CHGYEQKPUYGTGUVTWEM
+TGNCPFGZRGTKGPEGFCRGTKQFQHJCTUJFGENKPG6JG5EQVUNGFD['FYCTFDTQVJGTQH4QDGTVVJG$TWEG
-KPIQH5EQVNCPFKPXCFGFVJGEQWPVT[CPF'PINKUJKPHNWGPEGYCPGF6JGHCOKNKGU1ŉ%QPPQTKP%QPPCEJV
CPF1ŉ0GKNNKP7NUVGTETGCVGFVJGKTQYPQXGTNQTFUJKRU

)TQCV%TQYP
(KTUV6[RG&WDNKP#.CTIGETQYPKPVTGUUWTGQHPKPGCTEUYKVJRGNNGVUCVRQKPVU4
.QPIETQUURCVV¾GYKVJVJTGGRGNNGVUKPGCEJCPINGCPFQPGCPPWNGVKPVJGUVCPFVJCPINGU%+8+6#5”
&8$.+0+'”&(5GCD[IT 40KEGRCVKPCXGT[HKPG
5RKPM.QPFQP
87
IRELAND

%QRRGTJCNHHCTVJKPI#%TQYPš2#6š4+-4%TQUURCVV¾G&(5GCD[IT

5RKPM.QPFQP 44#NKVVNGQHHEGPVTGXGT[HKPG

(TQO0%PQ

%QRRGTHCTVJKPI#/KVTGF5CKPVŉUJGCFHCEKPIUWPCPFTQUG2#64+%+854%TQUUYKVJTQUGCPFUWP
KPCNVGTPCVGCPINGU5ó#ó.ó8ó#ó6ó1ó4&(5GCD[IT 44(KPGVQXGT[HKPG
5RKPM.QPFQP
(TQO0%PQ
$QVJVJGQDXGTUGVGZVCPFVJCVQPVJGTGXGTUGCTGTGVTQITCFG

)TQCV*GCX[KUUWG&WDNKP#$WUVKPVTGUUWTGRGNNGVUKPQPGQTVJTGGNQYGTURCPFTGNUQHVTGUUWTG

'&9#4&85”&'+)4#&05*;$'40+4.QPIETQUURCVV¾GYKVJVJTGGRGNNGVUKPGCEJCPING
%+8+6#5”&8$.+0+'” 2158+&'8/”#&+8614'”/'8/”&(5GCD[IT
8GT[HKPG
5RKPM.QPFQP
0Q9QPVJGDTGCUV
.GIGPFTGXGTUG2158+&'8/#&+86148//'8/+JCXGOCFGVJG.QTFO[JGNRGT
2U

)TQCV.KIJVKUUWG9CVGTHQTF#$WUVKPVTGUUWTGTQUGVVGUD[PGEM)QPDTGCUV '&9#4&85”

&'+)4#&05*;$'40+4.QPIETQUURCVV¾GYKVJVJTGGRGNNGVUKPGCEJCPINGCPFQPGUOCNN
ETQUUKPVJGUVCPFVJCPINGU%+8+6#59#6'4(14& 2158+&'8/”#&+86148”/'8/
&(5IT 8GT[HKPG
PQ
88
IRELAND

2GPP[9CVGTHQTF#%TQYPGFDWUVHCEKPICPPWNGVUD[PGEM4.QPIETQUURCVV¾GYKVJVJTGGRGNNGVUKP
GCEJCPINGCPFSWCVTGHQKNKPEGPVTGQHETQUU&(5GCD[#IT #NOQUVXGT[HKPG
5RKPM.QPFQP
*'04;8++

6JTGG%TQYPU%QKPCIGEC

)TQCV*GPT[8++'CTN[6JTGG%TQYPUKUUWGU
##TOUQH'PINCPFCPF(TCPEGQXGTNQPI
ETQUU&1/+085*;$'40+'46JTGGETQYPUQXGTNQPIETQUU&1/+085*;$'40+'&(
5GCD[IT 4+TTGIWNCTHNCPCPFYGCMN[UVTWEMXGT[HKPG
5RKPM.QPFQP
(TQO0%PQ

)TQCV )GTCNFKPG KUUWG #WIWUV 1EVQDGT

! # (KV\IGTCNF CTOU FKXKFKPI 4Q[CN CTOU 4':
#0).+' (4# 4 6JTGG ETQYPU J DGNQY YKVJKP VTGUUWTG Q &1/ Q +08 Q 5 *+$'40+' Q &(
#5GCD[IT 48GT[HKPG
5RKPM.QPFQP
(TQO0%PQ
)GTCNF'CTNQH-KNFCTG

.CVGRQTVTCKVKUUWG

)TQCVV[RG+C&WDNKP#$TQCFJGCFHCEKPICTEJGFETQYPDWUVDTGCMURNCKPVTGUUWTGW*'04+6*'
)4# #0) 4 .QPIETQUURCVV¾GYKVJVJTGGRGNNGVUKPGCEJCPING%+8+6#5&8$++0+'2158+
&'8/#&+8614'/'8/&(5GCD[IT 9GCMN[UVTWEMXGT[HKPG
5RKPM.QPFQP
(TQO0%PQ
'Z/KNNGPPKCNEQNNGEVKQP
$QWIJV'5\CWGTEC
89
SCOTLAND

)TQCV V[RG ++F &WDNKP # $TQCF JGCF HCEKPI QRGP ETQYP PQ VTGUUWTG ETQUUGU D[ ETQYP
*'04+%85 )4#%+# 4': #0+ 4 .QPI ETQUU RCVV¾G YKVJ VJTGG RGNNGVU KP GCEJ CPING 5+8+6#5
&8$.0+'2158+&'8/#&+8614'//'8/&(5GCD[IT
9GCMN[UVTWEMKPRCTVUOKPQTHNCPETCEMXGT[HKPG
5RKPM.QPFQP
(TQO0%PQ

)TQCV6[RG+++&WDNKP#$TQCFJGCFHCEKPIQRGPHNCVETQYPPQVTGUUWTG*'04+%85)4#%+#
4': #1 *;$ 4 .QPI ETQUU RCVV¾G YKVJ VJTGG RGNNGVU KP GCEJ CPING %+8+6#5 &8$.+0 2158+
&'8/#&+8614'//'8/&(5GCD[IT 8GT[HKPG
PQ
5%16.#0&
5EQVNCPFŉU JKUVQT[ KU TGCNN[ VJCV QH QPIQKPI DCVVNG YKVJ 'PINCPF UQOGVJKPI VJCV KU JCTFN[ TGHNGEVGF KP
5EQVVKUJEQKPCIG9JCVFQGUUJQYCTGVJGKPVGTTWRVKQPUKPKVUOKPVKPIFWTKPIKPVGTTGIPKYJGPC5EQVVKUJ
MKPIYCUJGNFECRVKXGD[VJG'PINKUJQTFWTKPIVJGEGCUGFQRGTCVKQPQHOKPVUQEEWRKGFD[VJG'PINKUJ

6JGMKPIFQO5EQVNCPFGOGTIGFCTQWPFYJGPVJGMKPIFQOUQHVJG2KEVUCPF&±N4KCVCYGTGWPKVGF
4Q[CNNKPGCIGEQOOGPEGFYKVJ-GPPGVJ+/CE#NRKPCPFFGXQNXGFQPDTQVJGTUEQWUKPUGVEWPVKN

+P VJG MKPIFQO %WODGTNCPF YCU CFFGF CHVGT VJG RTQXKPEG .QVJKCP JCF DGGP LQKPGF KP CRRTQZ
6JWU VJG JGCTV QH 5EQVNCPF YCU UJCRGF /CNEQNO ++
DGECOG KVU HKTUV UQXGTGKIP 6JG
OCTTKCIG QH JKU ITCPFUQP /CNEQNO +++ VQ 5V /CTICTGV
VJG FCWIJVGT QH 'FYCTF VJG %QPHGUUQTŉU JCNH
DTQVJGT EQKPEKFGF YKVJ VJG 0QTOCP EQPSWGUV QH 'PIGNCPF 9JGP /CNEQNO FKGF KP PQDKNKV[
FGOCPFGF VJCV VJG QTKIKPCN RTQEGFWTG QH UWEEGUUKQP
DTQVJGTU EQWUKPU GVE DG TGKPUVCVGF 6JWU VJG
VJTGGUQPUQH/CNEQNO+++'FICT#NGZCPFGT+CPF&CXKF+DGECOGUWDQTFKPCVGVQVJG'PINKUJMKPIU
9KNNKCO++CPF*GPT[+9JGPKP*GPT[+FKGF&CXKFUGK\GFVJGQRRQTVWPKV[VQUJTWIQHH'PINKUJ
CWVJQTKV[CPFTGENCKO%WODGTNCPF

5EQVVKUJ OKPVKPI DGICP HCKTN[ NCVG &CXKF + KP UVTWEM HKTUV EQKP FWTKPI VJG FC[U QH 'PINKUJ MKPI
5VGRJGP&CXKFŉUHKTUVEQKPU
VJGTGCTGUQOGEQKPUMPQYPVQDGUVTWEMD[/CKPCTFCTQWPFUGG8
5OCTV6JGEQKPUQH5V#PFTGYU%JDGCTITGCVTGUGODNCPEGVQ5VGRJGPŉU9CVHQTFV[RG
&#8+&+

&CXKFŉUOCTTKCIGVQ/CVKNFCGCTPGFJKOVJGGCTNFQOQH0QTVJCORVQPCPFVJGJQPQWTQH*WPVKPIFQP*KU
UKUVGTYCUOCTTKGFVQ*GPT[+QH'PINCPF&CXKFCPFJKUUWEEGUUQTUKPVTQFWEGFCU[UVGOQHEQWPVKGUKP
5EQVNCPF
DGVYGGPCPFVJGTGYGTGKPVQVCN6JGTGYCUPQFGHCEVQECRKVCNDWVVJGOCKP
EKVKGUYGTG'FKPDWTIJ4QZDWTIJ5VKTNKPI2GTVJCPF#DGTFGGP

2GPP[2GTKQF&
CHVGT'FKPDWTIJ#%TQYPGFDWUVTYKVJUEGRVTG4%TQUUOQNKPGCPFHNGWT
FGNKU8#85GCD[IT 44#NKVVNGQHHEGPVTGCPFYGCMN[UVTWEMHKPGVQXGT[HKPG
5RKPM.QPFQP
(TQO0%PQ
%HCNUQ(KPPNKUVPQ
2GTKQF&
5VGYCTV)TQWR+8C#HVGTFGCVJQH&CXKFCPF'CTN*GPT[
90
SCOTLAND
9+..+#/+VJG.KQP

9KNNKCOQYGFJKUGRKVJGVŋVJG.KQPŌVQVJGHCEVVJCVJGTGRNCEGFVJGFTCIQPKPVJGCTOUQH5EQVNCPFYKVJ
CNKQPTCORCPV9KNNKCOVJG.KQPŉUTGKIPKUFQOKPCVGFD[CFKURWVGQXGTVJGCWVJQTKV[KP0QTVJWODTKC
%WODGTNCPFCPF9GUVOQTGNCPF+PLWUVCU9KNNKCOYCUCDQWVVQITCPV0QTVJWODTKCHWNNRQYGTU
JGYCUECRVWTGFCPFUWDLGEVGFVQVJGJWOKNKCVKQPQHJCXKPIVQCEMPQYNGFIGVJGUW\GTCKPV[QH'PINCPFCPF
*GPT[ ++ CU JKU HGWFCN NQTF +P VJG UVCVG QH HGWFCN FGRGPFCPE[ YCU CPPWNNGF DTQWIJV CDQWV D[
COQPIQVJGTVJKPIUCRC[OGPVQHOGTEU
VQ4KEJCTF6JG.KQPJGCTVGFYJQPGGFGFVJGOQPG[VQ
HKPCPEG JKU ETWUCFG 6JG DQTFGT DGVYGGP 'PINCPF CPF 5EQVNCPF CU NCKF FQYP KP VJG 6TGCV[ QH ;QTM

TGOCKPUVQFCVG
5GEQPFEQKPCIG

2GPP[ENCUU'FKPDWTIJ#FCO#%TQYPGFDWUVNYKVJUEGRVTGUEGRVTGJGCFETQUUQHHQWTRGNNGVU
'4'%8/8#14%TQUURCVV¾GETGUEGPVGPENQUKPIRGNNGVKPGCEJCPINGQHETQUU #&#/10
'&'0'$85GCD[IT 449GNNUVTWEMRQTVTCKVYGCMN[UVTWEMCVVJGGFIGXGT[HKPG
5RKPM.QPFQP
(TQO0%PQ
6JKTFEQKPCIGRQUVJWOQWUKUUWG

2GPP[#%TQYPGFDWUVNYKVJUEGRVTG45JQTVXQKFGFETQUUUVCTUKPCPINGU *7'9#.6'4

5GCD[IT 9GCMN[UVTWEMXGT[HKPG
5RKPM.QPFQP
2GPP[#%TQYPGFDWUVTYKVJUEGRVTG45JQTVXQKFGFETQUUUVCTUKPCPINGU *7'9#.6'4E
5GCD[IT 8GT[HKPG
PQ
#.':#0&'4+++

6JGTGKIPQH#NGZCPFGT+++UCYUQOGQHVJGTKEJGUVOKPVKPIKP5EQVVKUJJKUVQT[6JGVTCPUKVKQPHTQOVJG
XQKFGFETQUUVQVJGNQPIETQUUVQQMRNCEGFWTKPIJKUTGKIPCTQWPF
KP'PINCPFVJGNQPIETQUUYCU
KPVTQFWEGFKPWPFGT'FYCTF+
(KTUVEQKPCIG

2GPP[ ENCUU + )NCUIQY 9CNVGT # (KNNGVGF JGCF T YKVJ UEGRVTG #.':#0&'4 4': 4 .QPI
XQKFGFETQUUYKVJUVCTUKPCPINGU9#.6'4102+%85GCD[IT 48GT[HKPG
'NUGP$TWUUGN
(TQONKUVDPQ
&QGU2+%8
QH2+%+OKPVGFKP)NCUIQY!
91
SCOTLAND

2GPP[ ENCUU + 2GTVJ +QP %QTKP # (KNNGVGF JGCF T YKVJ UEGRVTG #.':#0&'4 4': 4 .QPI
XQKFGFETQUUYKVJUVCTUKPCPINGU+10%14+01025GCD[IT 8GT[HKPG
5RKPM.QPFQP
(TQO0%PQ
'Z4[CP
2GPP[ENCUU++$GTYKEM9KNNGO#%TQYPGFDWUVTYKVJUEGRVTG#.':#0&'44':4.QPI
XQKFGFETQUUYKVJUVCTUKPCPINGU9+..'/10$'45GCD[IT +TTGIWNCTHNCPXGT[HKPG
'NUGP$TWUUGN
(TQONKUVDPQ

2GPP[ENCUU++2GTVJ+QP%QTKP#%TQYPGFDWUVTYKVJUEGRVTG#.':#0&'44':4.QPI
XQKFGFETQUUYKVJUVCTUKPCPINGU+10%1102'45GCD[IT
5RKPM.QPFQP
(TQO0%PQ
2GPP[ENCUU+++#DGTFGGP#NKUCPFGT#%TQYPGFDWUVNYKVJUEGRVTG#.':#0&'44':4.QPI
XQKFGFETQUUYKVJUVCTUKPCPINGU#.+5#010#5GCD[IT
/KPQTHNCPETCEMCPFCNKVVNGQHEGPVTGQVJGTYKUGXGT[HKPG
'NUGP$TWUUGN
(TQODPQ

2GPP[ENCUU+++&WOHTKGU9CNVGT#%TQYPGFDWUVNYKVJUEGRVTG#.':#0&'44':4.QPI
XQKFGFETQUUYKVJUVCTUKPCPINGU9#.6'410&805GCD[IT 48GT[HKPG
5RKPM.QPFQP
(TQO0%PQ
'Z.QEMGVV
'Z&WPFGG
+PECV&WPFGG6JGTGKUUQOGSWGUVKQPCUVQVJGKFGPVKV[QHVJGOKPV
92
SCOTLAND

2GPP[ENCUU++++PXGTPGUU)GHTCK#%TQYPGFDWUVNYKVJUEGRVTG#.':#0&'44':4.QPI
XQKFGFETQUUYKVJUVCTUKPCPINGU)'(4#+0810+5GCD[IT
4#NKVVNGQHHEGPVTGXGT[HKPG
PQ
'ZJQCTF*CCTNQQ

2GPP[ENCUU+++4QZDWTIJ#PFTGX#%TQYPGFDWUVNYKVJUEGRVTG#.':#0&'44':4.QPI
XQKFGFETQUUYKVJUVCTUKPCPINGU#0&4'81045GCD[IT #NOQUVXGT[HKPG
'NUGP$TWUUGN
(TQONKUVDPQ

2GPP[ ENCUU +++ 5VKTNKPI *GPTK # %TQYPGF DWUV N YKVJ UEGRVTG #.':#0&'4 4': 4 .QPI
XQKFGFETQUUYKVJUVCTUKPCPINGU*'04+%10564'5GCD[IT 48GT[HKPG
'NUGP$TWUUGN
(TQONKUVDPQ
2GPP[ENCUU+++'FKPDWTIJ#NGZCPFGT#%TQYPGFDWUVNYKVJUEGRVTG#.':#0&'44':4
.QPIXQKFGFETQUUYKVJUVCTUKPCPINGU#.':10'&'05GCD[IT
#NKVVNGQHHEGPVTGXGT[HKPG
'NUGP$TWUUGN
(TQONKUVDPQ
5GEQPFEQKPCIG
EC

2GPP[ # %TQYPGF DWUV N YKVJ UEGRVTG #.':#0&'4 &'+ )4# 4 .QPI ETQUU RCVV¾G UVCT KP
CPINGU4':5%16148/ 5GCD[IT &CTMRCVKPCCNOQUVGZVTGOGN[HKPG
6QFGTK(NQTGPEG
%NCUU$
93
SCOTLAND

2GPP[#%TQYPGFDWUVNYKVJUEGRVTG #.':#0&'4&'+)4#4.QPIETQUURCVV¾GUVCTKP

CPINGU4':5%16148/ 5GCD[IT 8GT[HKPG
4CWEJ9KGP#WEVKQP
PQ
,1*0$#..+1.

#V JKU FGOKUG KP #NGZCPFGT +++ JCF PQ OCNG JGKTU 6JWU VJTGG[GCTQNF /CTICTGV YCU ETQYPGF
YKVJVJGEQPUGPVQHPQDKNKV[5JGYCUVJGFCWIJVGTQH/CTICTGV
UJGKPVWTPVJGFCWIJVGTQH#NGZCPFGT
+++ CPF 0QTYGIKCP MKPI 'KTKM ++ 0QDKNKV[ UKIPGF C VTGCV[ YKVJ -KPI 'FYCTF + QH 'PIGNCPF KP
UVCVKPIVJCV/CTICTGV
/CKFQH0QTYC[YCUVQYGFVJGUQPQH'FYCTF+'FYCTF++;GVKPVJGUCOG
[GCT C UJKR ECTT[KPI VJG RTQOKUGF EJKNFSWGGP JQOG HTQO 0QTYC[ YGPV FQYP KP C UVQTO QHH VJG
1TMPG[UNGCXKPIPQUWTXKXQTU/CTICTGVYCUOGTGN[UGXGP[GCTUQNF'FYCTF+EJQQUKPIHTQOUGXGTCN
RTGVGPFGTUDGUVQYGFVJGETQYPWRQP,QJP$CNNKQN
5GEQPFEQKPCIG
,QJP$CNNKQNŉUEQTQPCVKQPTGKIPKVGFVJGYCTYKVJVJG'PINKUJCPFVJG5EQVUHQTIGFCRCEVYKVJ2JKNKR+8QH
(TCPEG
DGIKPPKPI QH VJG ŋ#WNF #NNKCPEGŌ RTQORVKPI 'FYCTF VQ KPXCFG 5EQVNCPF CPF JCXG $CNNKQN
UWTTGPFGTJKUCWVJQTKV[

2GPP[ # %TQYPGF DWUV N YKVJ UEGRVTG +1*#00'5 &'+ )4# 4 .QPI ETQUU RCVV¾G UVCT KP
CPINGU4':5%16148/ 5GCD[IT 49GNNUVTWEMXGT[HKPG
5RKPM.QPFQP#WEVKQP
PQ
#HVGT$CNNKQNYCUVQRRNGFUGXGTCNŋ9CTUQH+PFGRGPFGPEGŌGPUWGF6JCVVJG'PINKUJFGURKVGPWOGTQWU
ECORCKIPU KPVQ 5EQVVKUJ VGTTKVQT[ PGXGT OCPCIGF VQ QEEWR[ KV KU GURGEKCNN[ QYGF VQ VJG WPYCPKPI
RWIPCEKV[QH9KNNKCO9CNNCEGCPF4QDGTVVJG$TWEG
41$'46+$47%'

$QVJ ,QJP $CNNKQN CPF 4QDGTV VJG $TWEG YGTG FGUEGPFCPVU QH &CXKF + #HVGT VJG FGCVJ QH 'FYCTF +
'FYCTF ++ EQPVKPWGF DCVVNKPI VJG 5EQVU WPVKN YJGP 4QDGTV VJG $TWEG FGHGCVGF VJG 'PINKUJ PGCT
$CPPQEMDWTPCPF5EQVNCPFYCUCEMPQYNGFIGFCPKPFGRGPFGPVMKPIFQO
4QDGTVVJG$TWEGOQUVNKMGN[FKFPQVUVTKMGEQKPDGHQTG

2GPP[#%TQYPGFDWUVNYKVJUEGRVTG 41$'4685&'+)4#4.QPIETQUURCVV¾GUVCTKP

CPINGU5%16148/4': 5GCD[IT 448GT[HKPG
5RKPM.QPFQP
94
SCOTLAND
&#8+&++

9JGP &CXKF $TWEG KP UWEEGGFGF JKU HCVJGT CU &CXKF ++ JG YCU QPN[ HKXG [GCTU QH CIG # [GCT
GCTNKGT JG JCF YGFFGF ,QCP QH VJG 6QYGT UKUVGT QH 'FYCTF +++
VJG EQWRNG YGTG TGUR CPF [GCTU
QNF+P'FYCTF+++YGPVQPCPQVJGTECORCKIPCICKPUVVJG5EQVUFGHGCVKPIVJGOCV*CNKFQP*KNN
&CXKF++HNGFVQ(TCPEGYJGTGJGTGOCKPGFVJTQWIJQWVJKUOKPQTKV[DKFKPIJKUVKOG1PEGQHCIG

JG KPXCFGF 'PINCPF DWV JG NQUV VJG $CVVNG CV 0GXKNNG %TQUU
PGCT &WTJCO CPF YCU VCMGP ECRVKXG
'FYCTF+++HCKNGFVQECRKVCNKUGQPVJKUUWEEGUUFWGVQVJGHKGTEGTGUKUVCPEGD[VJG5EQVVKUJRGQRNGCPFJCF
VQ CESWKGUEG VQ VJG 6TGCV[ QH $GTYKEM KP YJKEJ GPCDNGF VJG TGVWTP QH &CXKF ++ HQT C TCPUQO QH
OCTMU
&CXKFJCFPQOCNGKUUWGCPFWRQPJKUFGCVJVJGQNFF[PCUV[DGECOGGZVKPEV
7PFGT&CXKF++VJGITQCVYCUHKTUVKUUWGFUVCTVKPICEQR[QHVJGITQCVQH'FYCTF+++KPVTQFWEGF
UKZ[GCTUGCTNKGT
(KTUVEQKPCIG

2GPP[ # %TQYPGF DWUV N YKVJ UEGRVTG &#8+& &'+ )4#%+# 4 .QPIETQUURCVV¾GUVCTKP
CPINGU4':5%166148/5GCD[IT 8GT[HKPG
5RKPM.QPFQP
(TQO0%PQ
'Z4%$
UJQWNFPŉVVJKUDG4%.!

(CTVJKPI#%TQYPGFDWUVNYKVJUEGRVTG /10'6#4')+5&4.QPIETQUURCVV¾GUVCTKPCPINGU

#8+&5%16145GCD[IT 'ZVTGOGN[TCTG8GT[HKPG
5RKPM.QPFQP
(TQO0%PQ
4GOCTMTGXGTUGVJGTGKUUQOGVJKPI
#!DGVYGGPVJG1CPFVJG6QH5%1614WPOGPVKQPGFKPVJGFGUETKRVKQP
5GEQPFEQKPCIG

)TQCVENCUU#'FKPDWTIJ#%TQYPGFDWUVNDTGCMKPIRNCKPVTGUUWTG &#8+&Z&'+Z)4#Z

4': Z 5%16148/ 4 .QPI ETQUU RCVV¾G UVCT KP CPINGU 8+..# '&+0$84)* &05 Z
26'%614/5(.+$#614/55GCD[IT 8GT[HKPG
5RKPM.QPFQP
(TQO0%PQ
.GIGPF &1/+085 2416'%614 /'85 '6 .+$'4#614 /'85 6JG .QTF KU O[ RTQVGEVQT CPF O[
FGNKXGTGT
2U
6JGZQPVJGTGXGTUG
DGVYGGP&05CPF26'%614KUCDQXGCETGUEGPV
95
SCOTLAND

)TQCV ENCUU % 'FKPDWTIJ # %TQYPGF DWUV N DTGCMKPI RNCKP VTGUUWTG &#8+& &'+ ¢ )4#
4': 5%16148/4.QPIETQUURCVV¾GUVCTKPCPINGUKPQPGCPING&8+..#'&+0$84)*
&05 26'%614/5 ( .+$#614/55GCD[IT
+TTGIWNCTHNCPCPFYGCMN[UVTWEMXGT[HKPG
5RKPM.QPFQP
QPTGXGTUG
DGVYGGP&05CPF26'%614KU CDQXGCETGUEGPV
2TGUWOCDN[HTQOVJGUCOGNQVCU
ECTFDGCTUVJGUCOGJCPFYTKVKPI

)TQCV ENCUU & 'FKPDWTIJ # %TQYPGF DWUV N DTGCMKPI RNCKP VTGUUWTG &#8+& ¢ &'+ ¢ )4# ¢
4': ¢ 5%16148/ 4 .QPI ETQUU RCVV¾G UVCT KP CPINGU 8+..# '&+0$84)* &05
26'%614/5 ( .+$#61/55GCD[IT 'FIGHCWNVUQVJGTYKUGXGT[HKPG
5RKPM.QPFQP
QPTGXGTUG
DGVYGGP&05CPF26'%614KU CDQXGCETGUEGPV

*CNH ITQCV 'FKPDWTIJ # %TQYPGF DWUV N DTGCMKPI RNCKP VTGUUWTG &#8+& &'+ )4#
4': 5%16148/ 4 .QPI ETQUU RCVV¾G UVCT KP CPINGU 8+..# '&+0$84)* &05
2416'%614/'85¢5GCD[IT 0KEGRQTVTCKVKTTGIWNCTHNCPCNOQUVGZVTGOGN[HKPG
)NGPFKPKPI.QPFQP#WEVKQP PQ
'Z9KNNGUEQNNGEVKQP

6JGRUCNOVGZVKUUJQTVGPGFVQŋ)QFKUO[FGHGPFGTŌ
96
SCOTLAND
41$'46++

#VVJGFGOKUGQH&CXKFVJGETQYPFGXQNXGFQPVJGJGTGFKVCT[5VGYCTVVKVNG6JWU4QDGTV++UQPQHVJG
QNFGUVFCWIJVGTQH4QDGTV+/CTLQTKG$TWEGCPF9CNVGTVJGVJ*KIJ5VGYCTVCEEGFGFVQVJGVJTQPG6JG
5VGYCTVF[PCUV[YQWNFTGKIP5EQVNCPFWPVKN
#OQPIJKIJPQDKNKV[4QDGTV++TGKIPGFCURTKOWUKPVGTRCTGUCUFKFJKUUWEEGUUQT4QDGTV+++PGKVJGT
GXGTJGNFTQ[CNUVCVWTG

)TQCV2GTVJ#%TQYPGFDWUVNDTGCMKPIRNCKPVTGUUWTG 41$'4685 &'+ )4# 4':

5%16146/4.QPIETQUURCVV¾GUVCTKPCPINGU8+..#&'2'46*: &05 26'%614/5
( .+$#614/55GCD[IT 9GNNUVTWEMCPFTCTGKPVJKUEQPFKVKQPXGT[HKPG
5RKPM.QPFQP
(TQO0%PQ
6JG QPVJGTGXGTUG
DGVYGGP&05CPF26'%614KUCDQXGCETGUEGPV
0% OGPVKQPU 1DXGTUG DWUV DCUGF QP VJG UV[NG QH VJG &CXKF ++ KPVGTOGFKCVG JGCF ITQCVU #PGZEGNNGPVURGEKOGPQH
VJKUXCTKGV[CPFTCTGKPVJKUWPENKRRGFUVCVG(TQOVJGUCOGFKGUCU50%PQ

2GPP[2GTVJ#%TQYPGFDWUVNYKVJUEGRVTG 41$'4685 4': 5%16144.QPIETQUU

RCVV¾GUVCTKPCPINGU8+..#&'2'46*Z5GCD[IT
5RKPM.QPFQP
41$'46+++

6JGQNFGUVUQPQH4QDGTV++YCUPCOGF,QJP'CTNQH%CTTKEM[GVJGCFQRVGFVJGPCOGQH4QDGTV+++
#P CEEKFGPV JCF TGPFGTGF JKO VQVCNN[ FKUCDNGF CPF IQXGTPOGPV NC[ KP JKU DTQVJGTŉU JCPFU 4QDGTV
5VGYCTV&WMGQH#NDCP[
4QDGTV+++KPVTQFWEGFVJGHKTUVIQNFEQKPU
*GCX[EQKPCIG

)TQCVHKTUVKUUWG'FKPDWTIJ#%TQYPGFHCEKPIDWUVKPUGXGPCTEVTGUUWTG 41$'4685ð&'+ð

)4#ð4':ð5%16148/4.QPIETQUURCVV¾GRGNNGVUKPCPINGU8+..#ð'&+0$74)*ð
&05ð26'%614/5(.+$#614/55GCD[IT #NOQUVXGT[HKPG
5RKPM.QPFQP
97
SCOTLAND

)TQCVUGEQPFKUUWG2GTVJ#%TQYPGFHCEKPIDWUVKPUGXGPCTEVTGUUWTG 41$'4685 &'+

)4# 4':¢5%16148/4.QPIETQUURCVV¾GRGNNGVUKPCPINGU8+..¢ #¢&'¢2'46*:
&05¢2¢6'%614/5¢(¢.+$#614/55GCD[IT
(NCPETCEMCPFFQWDNGUVTWEMXGT[HKPG
5RKPM.QPFQP

)TQCVUGEQPFKUUWG2GTVJ#%TQYPGFHCEKPIDWUVKPUGXGPCTEVTGUUWTG 41$'4685¢&'+)4#

¢4':¢5%16148/4.QPIETQUURCVV¾GRGNNGVUKPCPINGU8+..#¢&'2'46* &05¢(¢
6'61$¢/5¢(.+&#6155GCD[IT 'FIGEJKRRGFXGT[HKPG
5RKPM.QPFQP
6JGFKCOGVGTKUUOCNNGTVJCPWUWCNCPFVJG2UCNOVGZVKUCNKVVNGDKVICTDNGF
,#/'5+

#HVGT[GCTUQHECRVKXKV[
,COGU+KPUVKVWVGFCUQNKFMKPIUJKR+PJGYGFFGF,CPGVFG
$GCWHQTVCPFYCUOWTFGTGFKP

&GO[V[RG+++#.KQPTCORCPVNKPNQUGPIGñ+#%1$85„&'+)4#%+#„4':545V#PFTGYU
ETQUU DGVYGGP VYQ NKU KP JGZCIQP HNGWT[ SWCVTGHQKN KP CPINGU NCTIG SWCVTGHQKNU YKVJ UOCNN RGNNGVU KP
EGPVTG 5#.88/ð(#%2128.8/„688/J(D5GCD[IT
5RKPM.QPFQP
.GIGPF5#.88/(#%2128.8/688/&1/+0'1.QTFUCXG6J[RGQRNG
2U
98
SCOTLAND
,#/'5++

#VVJGOWTFGTQHJKUHCVJGT,COGU+,COGU++YCUQPN[UGXGP[GCTUQNF*GYCUETQYPGFKPCPF
YGFFGF/CTKCQH)WGNFGTU
FCWIJVGTQH#TPQNF&WMGQH)WGNFGTUKP#PWPHQTVWPCVGUVTQMGQH
HCVGNGFVQJKUFGCVJKOOGFKCVGN[CHVGTJGJCFYQPVJG$CVVNGQH4QZDWTIJ

&GO[V[RG+8D#.KQPTCORCPVNKPNQUGPIGñ+#%1$85”&'+”)4#%+#”4':”5%45V
#PFTGYU ETQUU DGVYGGP VYQ NKU KP JGZCIQP HNGWT[ SWCVTGHQKN KP CPINGU NCTIG SWCVTGHQKNU YKVJ NCTIG
RGNNGVUKPEGPVTG 5#.88/„(#%2128.8/688/&PQ(D5GCD[IT
5EJWNOCP#OUVGTFCO
48GT[HKPG

5V#PFTGYURGPP[
#1TDVKNVGFFQYPYCTFU +#%1$85¢&'+¢)4#¢4':4
.CVKPETQUUKPSWCVTGHQKN Q%48:Q2'..+61+''5+/5GCD[IT
4/KPQTFQWDNGUVTWEMCNOQUVXGT[HKPG
'NUGP$TWUUGN
(TQONKUVDPQ
.GIGPF %48: 2'..+6 1/0' %4+/'0 6JG ETQUU FTKXGU CYC[ CNN UKP
(TQO C HQWTVJ EGPVWT[ J[OP D[
2TWFGPVKWU
+P C HKPF YCU OCFG CV %TQUUTCIWGN #DDG[ KP #[TUJKTG YJKEJ KPENWFGF OCP[ URGEKOGPU QH ,COGU +++ CPF +8
6JG RGPPKGU CTG ENGCTN[ QH GEENGUKCUVKECN KPURKTCVKQP +P CFFKVKQP VQ VJG FGXKEG QH VJG QTD VJG TGXGTUG NGIGPF KU VJG
QRGPKPI NKPG QH CP GXGPKPI J[OP D[ 2TWFGPVKWU +V YCU VJGP UWIIGUVGF VJCV KV YCU CP GEENGUKCUVKECN KUUWG QH VJCV
CDDG[6JGNCVGTCVVTKDWVKQPVQ$KUJQR-GPPGF[QH5V#PFTGYUKUHCTOQTGRNCWUKDNGDGECWUGVJGQDXGTUGV[RGKUVJG
UCOGCUQPVJGCTOUQH5V5CNXCVQT U%QNNGIGVJGTGHQWPFGFD[$KUJQR-GPPGF[KPCPFVJGDKUJQRTKEFKFJCXG
EQKPCIG TKIJVU +V KU PQY VJQWIJV OQTG NKMGN[ VJCV VJG[ YGTG TGICN QTUGOKTGICNKUUWGURGTJCRURCTVQHVJGŋ$CNEM
OQPG[ŌFGOQPGVK\GFCVNCWFGTKPCUCTGUWNVQHCTGXQNVCICKPUV,COGU+++#UCIGPGTCNTWNGVJGUGEQKPUJCXG
PQKPFKECVKQPQHVJGEQWPVT[QHQTKIKPKPVJGNGIGPFDWVQPGURGEKOGPQHVJGŋRGPP[ŌKUMPQYPYJKEJTGCFU4':5
6JGEWTTGPE[XCNWGKUWPEGTVCKP
5GG&WPFGGECVCNQIWGCPF85OCTV6JGEQKPUQH5V#PFTGYUEJCRVGT8+

5V #PFTGYU RGPP[ # 1TD VKNVGF FQYPYCTFU +#%1$85 ¢ &'+ ¢ 4': )4# 4 .CVKP ETQUU KP
SWCVTGHQKN %48:Q2'..+6Q1+'Q)4+/5GCD[IT
4+TTGIWNCTHNCPCPFUETCVEJGUCNOQUVXGT[HKPG
0GGTNCPFKC-CORGTXGGP
99
SCOTLAND

5V#PFTGYURGPP[#1TDVKNVGFFQYPYCTFUTQUGVVGKPEGPVTGQHQTD +#%1$85¢&'+¢)4#¢4'

4.CVKPETQUUKPSWCVTGHQKN %48:2'..61+%4++5GCD[IT 48GT[HKPG
6QFGTK(NQTGPEG

5V #PFTGYU RGPP[ # 1TD VKNVGF FQYPYCTFU -#41.85 ¢ &'+ ¢ )4# ¢ 4' 4 .CVKP ETQUU KP
SWCVTGHQKN %48:¢2'..+6¢1'¢%45GCD[XCTIT 4(KPGVQXGT[HKPG
*GP\GP#OGTQPIGP
+UUWGFD[
!$KUJQR-GPPGF[QH5V#PFTGYU
2TGXKQWUN[MPQYPCUŋ%TQUTCIWGNŌRGPPKGU
0QTOCNN[KVYQWNFTGCF+#%1$85DWVVJKUURGEKOGPENGCTN[UJQYU-#41.85
6JKUKUCEQWPVGTHGKVHTQOCRGTKQFQHYJKEJHGYCTGMPQYP#NNMPQYPURGEKOGPUYGTGHQWPFQPVJGEQPVKPGPVPQV
QPGKP'PINCPF5GGCTVKENGD[/WTT[CPF0GTQOKP4$0
R
,#/'5+++

+PQPCUEGPFKPIVQVJGVJTQPG,COGU+++YCU[GCTUQNF0KPG[GCTUNCVGTJGYQWNFYGF/CTICTGV
QH&GPOCTM*GYCUCYC[YCTFOCPCPFOCFGPWOGTQWUGPGOKGU5VKNNJGYCUVJGHKTUVVQUVTKMGCEQKP
YKVJCŋTGCNŌRQTVTCKV

)TQCV ENCUU 8+

# %TQYPGF DWUV VJTGGSWCVGTU N KP UWTEQCV CPF CTOQWT CPPWNGV QP
KPPGT EKTENG +#%1$85 „ &'+ „ )4#%+# „ 4': „ %1648 4 .QPI ETQUU RCVV¾G ETQYPU CPF
RGNNGVUYKVJCPPWNGVUDGVYGGPKPCNVGTPCVGCPINGUQHETQUU 8+.„.#'„Z&+0„$48) &+05Q
2416'14/'6)4#61Q5GCD[IT 45OCNNHNCPCNOQUVXGT[HKPG
5RKPM.QPFQP
6JGRQTVCKVQHVJKUEQKP
CPFVJGPGZVKUWPFQWDVN[CVTWGNKMGPGUUQH,COGU+++CPFCTGOCTMCDNGGCTN[KPUVCPEGQH
4GPCKUUCPEGEQKPRQTVTCKVWTG
100
SCOTLAND

*CNH)TQCV ENCUU 8+ # %TQYPGF DWUV VJTGGSWCVGTU N KP UWTEQCV CPF CTOQWT +#%1$85Q&+'Q
)4#%+#4':4.QPIETQUURCVV¾GETQYPUCPFRGNNGVUYKVJCPPWNGVUDGVYGGPKPCNVGTPCVGCPINGUQH
ETQUU 8+.Q#'&Q+0$Q84) &05Q2416Q'%6'4/'85Q5GCD[IT
440KEGRQTVTCKVIQQFXGT[HKPG
$QYGTU4WFF[
5RKPM#WEVKQPPQ
'Z-GTOCEM(QTFEQNNGEVKQP

'Z4KEJCTFUQPEQNNGEVKQP
'Z/WTFQEJEQNNGEVKQP

'Z$GCTOCPEQNNGEVKQP
'Z.QEMGVVEQNNGEVKQP

'Z&WPFGGEQNNGEVKQP

,#/'58

,COGU+8KPVJGYCMGQHCPKPUWTIGPE[QHVJGPQDNGUCUEGPFGFVQVJGVJTQPGKPCPFTGUVQTGFVJG
UKIPKHKECPEGQHMKPIUJKR

6JQWIJDGVYGGPCPFTGCNRGCEGYKVJ'PINCPFYCUPGXGTTGCEJGFVJGTGYGTGNQPIRGTKQFUQH
CTOKUVKEG#PFVJG5EQVUEQWNFCNYC[UTGN[QPVJG(TGPEJ

,COGU+8YGFFGF/CTICTGV6WFQTFCWIJVGTQH*GPT[8++KPWPFGTRKPPKPICRGCEGDGVYGGPVJG
'PINKUJCPFVJG5EQVUVJCVYQWNFNCUV

2NCEM
# 5JKGNF KP VTGUUWTG ETQYPU CDQXG CPF CV UKFGU ñ +#%1$85 &'+ )4# 4':
5%16148/4(NQTKCVGFETQUUHQWTEJGGYKVJRNCKPUCNVKTGKPEGPVTGETQYPUCPFUCNVKTGUKPCNVGTPCVG
CPINGUQHETQUUOWNNGVKPEGPVTG8+..#&']'&+0$74)5GCD[IT
5OCNNHNCPFGHGEVCNOQUVXGT[HKPG
101
SPAIN - GOVERNORS
52#+0
)18'40145
6JG /KFFNG #IGU YGTG GPVKTGN[ FQOKPCVGF D[ VJG YCT QH VJG %JTKUVKCP PCVKQPU CICKPUV VJG /QQTU
VJG
4GEQPSWKUVC#NVJQWIJVJG#TCDUJCFKPKVKCNN[VCMGPVJGYJQNGQHVJG5RCPKUJ2GPKPUWNCCPFCITGCVFGCN
QH(TCPEGCHVGTFGHGCVKPIVJG8KUKIQVJUVJG[TGVTGCVGFKPVQVJGOCKPRCTVQH5RCKPCPFCRCTVQH5QWVJGTP
(TCPEGCHVGTKPVJG/QQTKUJCTOKGUWPFGTGOKT#DFCT4CJOCPYGTGEQPSWGTGFD[%JCTNGU/CTVGN
CVVJG$CVVNGQH6QWTU

+PVJGEQWTUGQHVJGEGPVWTKGUVJGTGYCUCITCFWCNRTQITGUUKPVQVJG#TCDVGTTKVQTKGUQH.GQPCPF%CUVKNG
CU YGNN CU KPVQ #TCIÉP 6JGKT VGTTKVQTKGU UVGCFKN[ FYKPFNGF WPVKN GXGPVWCNN[ VJGKT NCUV UVTQPIJQNF
)TCPCFCHGNNKP

+PVJKUUCOGRGTKQFVJGNCPFUKPVJG2[TGPGGUCPF%CVCNQPKCOGTIGFKPVQVJGMKPIFQOQH#TCIÉPVJCVKP
VJGGPFUVTGVEJGFVQ5QWVJGTP(TCPEGVJG5QWVJQH+VCN[CPF)TGGEG

6JKU 4GEQPSWKUVC VJG TGNGPVNGUU DCVVNKPI DGVYGGP /WUNKOU CPF %JTKUVKCPU KU TGHNGEVGF KP 5RCKPŉU
EQKPCIG

6JGDQPFDGVYGGP+UCDGNNCQH%CUVKNK±CPF(GTFKPCPFQH#TCIÉPKPNCKFVJGHQWPFCVKQPUHQTCWPKVGF
5RCKPQTTCVJGTHQTCYQTNFGORKTG

+PVTQFWEVKQPVQVJG+PUETKRVKQPU

)QNFEQKPCIG

6JGGCTN[FKPCTUDGCTVJGUKORNGKPUETKRVKQPŋ/WJCOOCFKUVJG/GUUGPIGTQH#NNCJŌCPFVJGOKPVFCVG
$GVYGGP CPF #* VJG DCUOCNCJ
ŋ+PVJG0COGQH#NNCJVJG%QORCUUKQPCVGVJG/GTEKHWNŌ
EQORNGVGUVJGNGIGPF9JGPIQNFCRRGCTUCICKP[GCTUNCVGTKPVJGEQKPCIGQH#DFCN4CJOCP+++QH
VJG7OC[[CFUVJGKPUETKRVKQPKUEJCPIGFVQVJGFGENCTCVKQPQHHCKVJ
ŋ6JGTGKUPQ)QFDWV#NNCJ*GKU
1PGŌYKVJVJGRJTCUGŋ6JGTGKUPQRCTVPGTYKVJ*KOŌ1PVJGTGXGTUGVJGPCOGCPFVKVNGQHVJG%CNKRJ
KUOGPVKQPGF/KPVFCVGHQTOWNCCPFOKPVCTGCNYC[UPCOGFQPVJGEQKPU

5KNXGTEQKPCIG

9KVJ OKPQT FKHHGTGPEGU VJG NGIGPFU QH VJG UKNXGT EQKPU CTG CNYC[U VJG UCOG 6JG HKTUV RCTV QH VJG
FGENCTCVKQP QH HCKVJ
ŋ6JGTG KU PQ )QF DWV #NNCJ *G KU 1PGŌ VJGP CNN QH 3WTŉCP %:++
ŋ*G KU )QF
CNQPG )QF VJG 'VGTPCN *G DGIGVVGVJ PQV CPF *G KU PQV DGIQVVGP CPF VJGTG KU PQPG NKMG WPVQ *KOŌ
/KPVFCVGHQTOWNCOKPVCPFVJG%CNKRJŉUPCOGCPFVKVNGCTGCNYC[URTGUGPVQPVJGEQKPU

6JG QPN[ OKPV PCOG QP VJG EQKPCIG FQYP VQ VJG [GCT #* KU VJCV QH CN#PFCNWU OGCPKPI
ŋ#PFCNWUKCŌ QT UKORN[ ŋ5RCKPŌ # EGTVCKP EKV[ ECPPQV DG UKIPKHKGF CNOQUV WPKXGTUCNN[ KV JCU DGGP
CEEGRVGFVQDG%QTFQDC
EHVJGEQKPUHTQO+HTKSK[CJŌ#HTKECŌ3C[TCYCPCPF/CIJTKD

6JGCDQXGJCUDGGPVCMGPHTQO/KNGU)%6JG%QKPCIGQH6JG7OC[[CFUQH5RCKP8QN0GY;QTM
(QTHWTVJGTGZRNCPCVKQPUUGGVJGTGWPFGTR
/QPGFCUEQPQPUETKREKQPGUTGNKIKQUCUUQNCOGPVG

)TQWR++
#UVJGGTCQHVJG8KUKIQVJUECOGVQCPGPF0QTVJ#HTKECP#TCDUUGK\GFVJGQRRQTVWPKV[CPFCFXCPEGF
HWTVJGT VQ 5RCKP RQUKPI C VJTGCV VQ VJG TGUV QH 9GUVGTP 'WTQRG 6JG IQXGTPQT QH 6CPIKGTU 6CTKS DGP
<K[CFUCKNGFCETQUU)KDTCNVCT5VTCKV
&LGDGN6CTKM)KDTCNVCTKP#RTKNCPFFGHGCVGFVJG8KUKIQVJ
4QFGTKECV:GTGUFGNC(TQPVGTCKP,WPG+VYQWNFVCMGVJG/QQTUCFGECFGVQEQPSWGT5RCKPGPVKTGN[

7PVKN5RCKPHGNNFKTGEVN[WPFGTVJG%CNKRJQH$CIJFCF+VYCUTWNGFD[IQXGTPQTU
)QDGTPCFQTGU
YJQKUUWGFEQKPU
(GNWUQPCOQFGUVUECNG

(GNWU$QVJUKFGUCTCDKCPNGIGPF(++EIT (KPGVQXGT[HKPG

2NKGIQ5GXKNNC#WEVKQPPQ
102
SPAIN - EMIRATE

(GNWU # 2GPVCNRJCICOOCCPFUVTKRGQXGTGCEJQVJGTCTCDKCPNGIGPFT4#TCDKCPNGIGPF(+++C

IT 8GT[HKPG

(GNWU#5VCTQXGTUVTKRGVYQXGTVKECNNKPGUN45VCT#TCDKCPNGIGPFCDQXG(+:IT

8GT[HKPG
(GNWU # *GCF T YKVJ JGNOGV 4 #TCDKCP NGIGPF 01 &+15 5+01 &+1 51.1 '. 01
%1/2#0'412#4#'.(:+8IT 48GT[HKPG
2NKGIQ5GXKNNC
(TQONKUVFGEGODGT PQ
/KPVKPIQHVJGHKTUVGRQEJQHVJGCTCDKCPKPXCUKQP
5VTCPIGYKVJVJKUHWNN[NGIKDNGNGIGPF
'/+4#6'
#$&#.4#*/#0+
#*#&
+P YKVJ VJG /WUNKO GORKTG RCTVKVKQPGF 5RCKP DGECOG CP KPFGRGPFGPV 7OOC[CF GOKTCVG 6JKU
YQWNFNCUVWPVKN$[VJGP#DFCT4CJOCPYCUGOKT+VUKIPCNKUGFVJGDGIKPPKPIQHCRGTKQFQHITGCV
RTQURGTKV[
1OG[[CJUFGCNCPFCNWU

&KTJGO#N#PFCNWU#*
#&%%/KNGU8IT
%NGCPGFURGEKOGPXGT[HKPG
*+5*#/+
#*#&

&KTJGO#N#PFCNWU#*
#&%%/KNGU8IT
'FIGHCWNVUXGT[HKPG
103
SPAIN - EMIRATE
#.*#-#/+
#*#&

&KTJGO#N#PFCNWU#*
#&%%/KNGUIT
5OCNNHNCPVTCEGUQHGPETWUVCVKQPXGT[HKPG
*QNNGOCP'PUEJGFG

&KTJGO#N#PFCNWU#*
#&%%/KNGUIT
0KEGRCVKPCXGT[HKPG
(TQONKUV

&KTJGO#N#PFCNWU#*
#&%%/KNGUIT
4GXGTUGCNKVVNGQHHEGPVTGVTCEGUQHGPETWUVCVKQPXGT[HKPG
*QNNGOCP'PUEJGFG

&KTJGO$QVJUKFGUCTCDKCPNGIGPFIT 9GNNUVTWEMCPFCNOQUVGZVTGOGN[HKPGURGEKOGP

$CVCXKCFGP*CCI
104
SPAIN - EMIRATE
#$&#.4#*/#0++
#*#&

&KTJGO#N#PFCNWU#*
#&%%/KNGUIT
*QNNGOCP'PUEJGFG
/7*#//#&+
#*#&

&KTJGO#N#PFCNWU#*
#&%%/KNGUIT
*QNNGOCP'PUEJGFG
#$&7..#*
#*#&

(GNWU$QVJUKFGUCTCDKCPNGIGPF%%/KNGUE8IT

&GEGPVGTGFCNOQUVXGT[HKPG
105
SPAIN - CALIPHAT
%#.+2*#6
#$&#.4#*/#0+++
#*#&
+PVJGECNKRJCVGOGTIGU#DFCT4CJOCPDGKPIKVUHKTUVECNKRJ
JGJCFDGGPGOKTWRVQVJGP#DFCT
4CJOCPKUVJGOQUVKORQTVCPVUQXGTGKIPQHJKUVKOG*GCFFGFUGXGTCNPGYVGTTKVQTKGUVQJKUTGCNOCU
COQPIQVJGTU%GWVC
CPF(G\
DQVJVGTTKVQTKGUKP0QTVJ#HTKEC

&WG VQ YCTHCTG QP VYQ HTQPVU 5RCKP CPF 0QTVJ #HTKEC YGCMGPKPI ITCFWCNN[ UGV KP 0QPGVJGNGUU
GURGEKCNN[ OKPKUVGT CN/CPUWT WPFGT VJG HGGDNG TGKIP QH *KZGO +++ EQOOCPFGF ITGCV TGURGEV CU YGNN
YKVJVJGUOCNNGTEJTKUVKCPUQXGTGKIPUKPVJGPQTVJQH5RCKP
JGVGORQTCTKN[GXGPJGNFVJGEKVKGUQH.GÉP
CPF 5CPVKCIQ FG %QORQUVGNC CU YKVJ VJG FGNGICVGU QH 'ORGTQT 1VVQ + YJQ UVC[GF CV VJG EQWTV KP
%ÉTFQDCKP

$WVVJKUEQWNFPŉVRTGXGPV*KZGO+++DGKPITGRGNNGFHTQO%ÉTFQDCGXGPVWCNN[5OCNNMKPIFQOUGOGTIGF
GXGT[YJGTG VJG UQECNNGF VCKHCU 6JGUG YGTG EQPUVCPVN[ CV YCT YKVJ GCEJ QVJGT YJKEJ UGXGTGN[
YGCMGPGFTGUKUVCPEG*QYGXGTEKXKNKUCVKQPCPFGEQPQO[DNQUUQOGFWPFGTVJGVCKHCU
%CNKHCUQOG[[CJU

&KTJGO#N#PFCNWU#*
#&%%/KNGUD8IT

&KTJGO /GFKPC #\\CJTC #*

#& %% /KNGU 8 IT
9GCMN[UVTWEMCVVJGGFIGCNOQUVXGT[HKPG
2NKGIQ5GXKNNC
6JKUEQKPYCUKPCDQQM#PKPENWFGFEJCTVDCTGN[NGIKDNGUCKF8#OPQVCDUQNWVGN[RQUKVKXG
#.*#-#/++
#*#&

&KTJGO/GFKPC#\\CJTC#*
#&%%/KNGU8IT
9GCMN[UVTWEMHKPGVQXGT[HKPG
106
SPAIN - CALIPHAT
*+5*#/++
*#&

&KTJGO#N#PFCNWU#*
#&%%/KNGU8IT
&QWDNGUVTWEMXGT[HKPGVQGZVTGOGN[HKPG

&KTJGO#N#PFCNWU#*
#&%%/KNGU8IT
5NKIJVN[DGPVCNOQUVGZVTGOGN[HKPG
2NKGIQ5GXKNNC#WEVKQPPQC

&KTJGO#N#PFCNWU#*
#&%%/KNGU8IT

&KTJGO#N#PFCNWU#*
#&%%/KNGU[XCTIT
6TCEGUQHXGTFKITKUCNOQUVGZVTGOGN[HKPG
(TQONKUV
107
SPAIN - CALIPHAT

&KTJGO#N#PFCNWU#*
#&%%/KNGUKIT
5OCNNHNCPETCEMCNOQUVXGT[HKPG
(TQONKUV
/7*#//#&++
#*#&

&KTJGO#N#PFCNWU#*
#&%%/KNGUV8IT
57.#;/#0
#*#&

&KTJGO #N #PFCNWU #*

#& %% /KNGU HHH 8 IT
5NKIJVN[DGPVXGT[HKPGVQGZVTGOGN[HKPG
#.37#5+/
#*#&

&KTJGO#N#PFCNWU#*
#&8IT
108
SPAIN - CALIPHAT
;#*;#DGP#.+
#*#&
%CNKHCUJCOOWFÃGU

&KTJGO/CFKPbV5CDVCJ#*
#&8IT 48GT[HKPG
-KPIUQH6CKHCU

+&4+5++#.#.+
#*#&

&KTJGO/CNCIC#*
#&/KNGUIT
+TTGIWNCTHNCPUNKIJVGN[EQTTQFGFCPFVTCEGUQHXGTFKITKUXGT[HKPG
/CNCICCPF%GWVC
(TQONKUV
/1*#/'&#./16#/+&
#*#&

&KPCT5GXKNNC8IT +TTGIWNCTHNCPCPFCNKVVNGYGCMN[UVTWEMCVVJGGFIGXGT[HKPG

109
SPAIN - ALMORAVIDES
#./14#8+&'5
#.DKP;7557(
#*#&
6JG TGUKUVCPEG CICKPUV CFXCPEKPI MKPIFQOU HTQO VJG PQTVJ YCU UGXGTGN[ TGFWEGF D[ VJG 6CKHCU[UVGO
CNNQYKPI #NHQPUQ 8+
VQ TGRGN VJG /WUNKOU DCEM VQ VJG 6CLQ CPF 6QNGFQ
JG EQPUGSWGPVN[
RTQENCKOGFJKOUGNH6QNGVCPKKORGTKKTGZGVOCIPKHKEWUVTKWORJCVQT
6JKU RTQXQMGF C FGXCUVCVKPI TGCEVKQP HTQO VJG /WUNKOU 6JG 6CKHC OQPCTEJU ECNNGF WRQP VJG
#NOQTCXKFGUCDGNNKIGTGPVRGQRNGHTQO0QTVJGTP#HTKEC6JG#NOQTCXKFGUHQTEGHWNN[TGKPUVKVWVGFWPKV[
CPF#NHQPUQUWHHGTGFWNVKOCVGFGHGCVKPCV5CITCULC5VKNNVJG6CLQDQTFGTTGOCKPGF
6JG0QTVJ#HTKECPYCTOQPIGTUFKFUQOGYJCVCFLWUVVQVJGTGHKPGFEWNVWTGQHVJG5RCPKUJ/WUNKOUDWV
YGTGIGPGTCNN[EQPVGOPGF+VYCUPQTGCNUWTRTKUGVJCVCUUQQPCUVJGHKTUVJCNHQHVJGVJEGPVWT[VJG[
NQUVCWVJQTKV[CPF5RCKPYCUQPEGCICKPUECVVGTGFKPVQVCKHCU
+P#HTKECCPF#N#PFCNWU

&KPCT(G\#*
#&%%*C\CTF8IT
5OCNNHNCPFGHGEVXGT[HKPGVQGZVTGOGN[HKPG
-WTRH·N\KUEJG/ÒP\JCPFNWPI/CPPJGKO#WEVKQP
PQ
+PVJGPCOGQHVJGRTKPEG

&KPCT(G\#*
#&%%*C\CTFIT 8GT[HKPG
PQ
+PVJGPCOGQHVJGRTKPEG

3WKTCVGPQOKPVCPFPQFCVG%%*C\CTF8IT

6TCEGUQHGPETWUVCVKQPGZVTGOGN[HKPG
2NKGIQ5GXKNNC
(TQONKUVFGEGODGTPQ
6#5*(+0DKP#.
#*#&
3WKTCVGPQOKPVCPFPQFCVG%%*C\CTF8IT
5NKIJVN[EQTTQFGFGZVTGOGN[HKPG
110
SPAIN - ALMOHADES

+5*#3DKP#.
#*#&
3WKTCVGPQOKPVCPFPQFCVG%%*C\CTF8IT 8GT[HKPG
6CKHCU#NOQTCXKFGU

*#0&+0DKP/1*#//'&
#*#&

3WKTCVG%QTFQDC8IT 8GT[HKPG
;#*;##$'0)#0+;#

3WKTCVG%QTFQDC#*
*C\CTF8IT
44(NCPFGHGEVXGT[HKPG
%CPŉVHKPFKVKP88NKUVGFWPFGTCPQPKOC
UGGR
'ZRNCPCVKQP2NKGIQKPGOCKN
6JG#DGP)CPK[CHCOKN[NQ[CNVQYCTFUVJG#NOQTCXKFGUHQWIJVVJGTGDGNU6JG[UVTWEMEQKPKP%QTFQDC)TCPCFC
CPF NCVGT QP KP /CNNQTEC YJGTG VJG[ YGTG KP #NN EQKPU QH VJKU HCOKN[ UJQY VJG UCOG NGIGPF 1J &KQU 6GP
RKGFCF FG NQU RTKPEKRGU FG NQU OWUWNOCPGU JKLQU FG 6CUHKP 6JGKT EQKPU FQPŉV DGCT CP[ PCOG CU VJG[ RNGFIGF
NQ[CNV[VQVJG#NOQTCXKFGU
#./1*#&'5
#$7/1*#//'&
#*#&
*KUVQT[PQYTGRGCVGFKVUGNH5QQPVJG6CKHCUECNNGFWRQPCPQVJGT/QTTQECPUGEVVJCVQHVJG#NOQJCFU
6JG[QEEWRKGF5GXKNNGKPCPFYGTGUQQPCEMPQYNGFIGFD[VJGQVJGTU

#HVGT #NHQPU 8+++ QH %CUVKNG UWHHGTGF TGPGYGF FGHGCV CICKPUV VJG #NOQJCFU KP VJG UKVWCVKQP JCF
FCTMGPGFHQTVJG%JTKUVKCPYQTNF6JGXKEVQTKQWU#NOQJCFUDQPFGFYKVJ0CXCTTCCPF.GÉPCICKPUVCNN
TWNGU QH %JTKUVKCP UQNKFCTKV[ %CUVKNG UGGOGF NQUV 7PKV[ YCU PQY OQTG VJCP GXGT RCTCOQWPV +V YCU
RTKOCTKN[TGUVQTGFD[4QFTKIQ,KOGPG\FG4CFCVJGCTEJDKUJQRQH6QNGFQ*GWPKVGF%CUVKNG#TCIQP
CPF 0CXCTTC CPF ECNNGF WRQP HQTGKIP CNNKGU YJKNG 2QRG +PPQEGPV +++ UWOOQPGF C ETWUCFG CICKPUV VJG
#NOQJCFU # XCUV CTO[ EQPSWGTGF VJG /WUNKOU CV .CU 0CXCU FG 6QNQUC QP VJG VJ QH ,WN[ +V

RWUJGFQPVQ)WCFCNSWKXKT
$[PQYVJG#NOQJCFTWNGJCFFKUKPVGITCVGFPQVQPN[KP5RCKPDWVCNUQKP#HTKEC(QTVJGVJKTFCPFNCUV
VKOG PQY TGUVTKEVGF VQ VJG 5QWVJ UOCNN TGCNOU CTQUG
)TCPCFC /WTEKC 5GXKNNG CPF 8CNGPEKC
)TCFWCNN[VJG[YQWNFUWTTGPFGTVQVJG0QTVJVJG4GEQPSWKUVCDGKPIEQORNGVGF

&KPCT PQ OKPV

CHVGT #* %% *C\CTF /KVEJKPGT 8 IT
8GT[HKPG
PQ
111
SPAIN - KINGS OF GRANADA
#$7*#(57/#4
#*#&

&QWDNG&KPCT/CFKPbV5CDVCJ
CHVGT#*$/%8%%*C\CTF8
5EJWNOCP#OUVGTFCO
6GZVHTQO)CD0WO$CTEPQ.CUFQDNCUCNOQJCFGUUQPCPVGEGFGPVGFGNCUFQDNCUECUVGNNCPGU
#010;/175

4GEVCPIWNCT&KTJGO5GXKNNC%%*C\CTF8IT 'ZVTGOGN[HKPG
6CKHCU#NOQJCFGU

/75#KDP/#*(7<
#*#&

4GEVCPIWNCT&KTJGO8)IT 449GCMN[UVTWEMCVVJGGFIGXGT[HKPG

+P8KXGU6CKHCU#NOQJCFGPCPF#DGP/CJHQVQHVJG#NICTDG
-+0)5QH)4#0#&#
1H/QQTKUJ5RCKPUQNGN[VJG0CUTKFTGCNOKP)TCPCFCOCPCIGFVQWRJQNFKVUTWNGHQTCUWDUVCPVKCNVKOG
6JCVVJG[EQWNFJCXGUWTXKXGFVJCVNQPIKUQYGFVQVJGKTUWDVNGFKRNQOCVKEOCPQGWXTKPIUQOGVKOGUEQ
QRGTCVKPIYKVJVJG5WNVCPQH/QTQEEQUQOGVKOGULQKPKPIHQTEGUYKVJ%CUVKNGŉUMKPI6JWU5RCKPŉUJKIJ
#TCDKEEWNVWTGYCURTGUGTXGF
#010;/175

4GEVCPIWNCT&KTJGO)TCPCFC$QVJUKFGUCTCDKCPNGIGPF8IT (NCPETCEMHKPG
+PVJGECVCNQIWGYCUVJGTGHGTGPEG/G
4GEVCPIWNCT&KTJGO)TCPCFC$QVJUKFGUCTCDKCPNGIGPF8IT 445OCNNJQNGHKPG

112
SPAIN - CASTILE and LEÓN
%#56+.'CPF.'¡0
+P VJG VJ EGPVWT[ VJG EQWPV[ QH %CUVKNG TCRKFN[ FGXGNQRGF KPKVKCNN[ WPFGT VJG TWNG QH .GÉP +P
%QWPV (GTP±P )QP\±NG\ QH %CUVKNG UGK\GF KPFGRGPFGPE[ HQT JKU VGTTKVQT[ 6JG UGEQPF JCNH QH VJG VJ
EGPVWT[ UCY VJG TKUG QH %CUVKNG VQ C NGCFKPI HQTEG EWNOKPCVKPI KP VJG ECRVWTG QH .GÉP D[ (GTPCPFQ +

YJQCFXCPEGFCUHCTKPVQ0CXCTTCCU5CPVCPFGT0QEQKPUCTGMPQYPHTQOVJKURGTKQF

#V(GTPCPFQŉUFGCVJVJGFQOKPKQPYCUFKXKFGFCOQPIJKUVJTGGUQPU5CPEJQTGEGKXGF%CUVKNG#NHQPUQ
.GÉP CPF )CTEKC TGEGKXGF VJG VGTTKVQTKGU DGVYGGP )CNKEKC CPF 2QTVWICN
OCTMKPI VJG GOGTIGPEG QH VJG
UVCVGQH2QTVWICNTGHGTVQŋ2QTVWICNŌ5QQPCHVGTVJCVEQPVGPVKQPCTQUGDGVYGGP5CPEJQCPF#NHQPUQ
#NHQPUQGOGTIKPICUTWNGTQH%CUVKNGCPF.GÉP(KTUVMPQYPEQKPUCTGHTQOVJGRGTKQFCHVGTVJKUWPKQP

#NVJQWIJCNQPIVKOGWPFGTCIGOQPCTEJCHVGTEQOKPIQHCIG#NHQPUQ8++XGT[UWEEGUUHWNN[ECORCKIPGF
CICKPUVVJG/QQTUCUYJGPJGUGK\GF#NOGTÃC+PJGRTQENCKOGFJKOUGNHŋ'ORGTQTQH5RCKPŌ
#.(10518+

&KPGTQ 6QNGFQ # %TQUU #0(85 4': 4 %JTKUVQITCO CNRJC CPF QOGIC KP VYQ CPINGU
61.'681#$%%IT 6TCEGUQHXGTFKITKUXGT[HKPG
*KTUEJ5VQEMJQNO
#.(1051+QH#4#)10

&KPGTQ6QNGFQ#*GCFN#0(854':4%TQUUYKVJUVCTKPVJGUVCPFVJCPINGU 61..'6#

#$%%IT &CTMRCVKPCXGT[HKPG
PQ

1DQNQ6QNGFQ#*GCFN#0(854':4%TQUUYKVJUVCTKPVJGPFCPFTFCPINGU 61..'6#

#$%%IT &CTMITGGPRCVKPCXGT[HKPG
113
.'¡0
#NHQPUQŉU FGOKUG KP NGHV VJG TGCNO VQ JKU UQPU FKXKFKPI KV DGVYGGP 5CPEJQ KP %CUVKNG CPF
(GTFKPCPFQKP.GÉP1PEGCICKPVJGVGTTKVQTKGUYGTGUGRCTCVGF

2CTVKEWNCTN[ WPFGT #NHQPUQ +:
VJGTG YCU C EQPUVCPV UVCVG QH YCT YKVJ %CUVKNG YKVJ .GÉP
ITCXGN[ YGCMGPGF D[ VJG NQUU QH 2QTVWICN CPF VJG XKTVWCN KPFGRGPFGPEG QH )CNKEKC WPFGT #TEJDKUJQR
&KGIQ)GNOKTG\QH%QORQUVGNC

9JGP#NHQPUQ+:FKGFKP.GÉPYCUTGWPKVGFYKVJ%CUVKNG#NHQPUQYCUYGFFGFVQ$GTGPIWGNCC
FCWIJVGTQH'PTKEQ+QH%CUVKNG6JGEQODKPCVKQP%CUVKNG.GÉPYQWNFPQYVQNCUVHQTIQQF

#.(1051+:

&KPGTQ 5CNCOCPEC
! # .QPI ETQUU YKVJ VJG NKODU GPFKPI KP RGNNGVU CPF UECNNQRU KP VJG CPINGU
#.(105 4':4.KQPT'KPHTQPVCPFETQUUDGJKPF.'1#$XCT%%IT
2NKGIQ5GXKNNC#WEVKQPPQ %QTTQFGFCPFKTTGIWNCTHNCPXGT[HKPG

1DQNQ.GQP
!#%TQUUYKVJQPGUVCTKPGCEJCPING#0(105 4':4.KQPT.'1#$
%%IT 44'FIGDTGCMUHKPG
%#56+.'
5CPEJQFKGFCHVGTQPG[GCT6JGUWDUGSWGPVIQXGTPOGPVQH#NHQPUQ8+++YCUCDTWRVN[DTQWIJVVQCPGPF
D[ JKU KPECTEGTCVKQP D[ VJG .CTC F[PCUV[ 0QV WPVKN EQWNF JG GUECRG HTQO JKU ECRVKXKV[ WUKPI
QWVUKFG JGNR 0QT #NHQPUQ 8+++ PGKVJGT 'PTKEQ + JCF CVVCKPGF VJGKT IQCNUYKVJTGURGEVVQVJG/WUNKOU
0QPGVJGNGUUVJKPIUYGTGNQQMKPIRTQURGTQWUD[VJGVKOG(GTPCPFQ+++UQPQH$GTGPIWGNCCPF#NHQPUQ
+:QH.GÉPECOGVQRQYGTKP*KUCWVJQTKV[KPETGCUGFYKVJVJGFGOKUGQHJKUHCVJGTYJKEJGCTPGF
JKOVJGVKVNGQH-KPIQH.GÉP
#.(10518+++

/QTCDGVKPQ6QNGFQ#&#2TÃPEKRGFGNQUECVÉNKEQU#NHQPUQJKLQFG5CPEJQC[ÐFGNG&KQU
[RTQV¾LCNG1PVJGGFIG(WGCEWPCFQGUVGFKPCTGP6QNGFQGNCPQFGNCGTC5CHCTF4$GVYGGP
ETQUU CPF #.( +O±P FG NC KINGUKC FGN /GUKCU GN 2CRC FG 4QOC NC )TCPFG 1P VJG GFIG 'P GN
PQODTGFGN2CFTG[FGN'URKTKVW5CPVQGNSWGETG[GTC[HWGTCDCWVK\CFQUGUCNXCTG#$%%
(DIT 4#NOQUVGZVTGOGN[HKPG
(TCPMHWTVGT/ÒP\JCPFNWPI#WEVKQP
PQ
114

1DQNQ6QNGFQ#*GCFT#0(854':4%TQYPGFJGCFT61.'68.##$%%EH
IT 4&CTMRCVKPCHKPG

&KPGTQ %WGPEC

! # %TQUU Q #0(85 Q 4': Q 4 $WUV N QXGT ECUVNG DGVYGGP UVCT CPF %
%#56'.##$%%
EHCPFIT 4'ZVTGOGN[HKPG
#0'$CTEGNQPC#WEVKQPPQ

&KPGTQ1ECÇC
!#%TQYPGFDWUVN#0(854':4%CUVNGDGVYGGPUVCTCPF1%#56'.##$
%%IT 6TCEGUQHXGTFKITKUXGT[HKPG
%#56+.'CPF.'¡0
6JG HKTUV MKPI QH VJG WPKVGF %CUVKNG CPF .GÉP YCU (GTPCPFQ +++ *G XCUVN[ EQPVTKDWVGF VQ VJG
PGCT
EQORNGVKQPQHVJG4GEQPSWKUVC+PVJGGPFQPN[)TCPCFCTGOCKPGF/QQTKUJCPFYQWNFUVC[UQWPVKN

6JWUHQWTTGIKQPUTGOCKPGFQPVJG+DGTKCP2GPKPUWNCVJGVYQOQUVKORQTVCPVDGKPI%CUVKNGCPF#TCIÉP

VJGHKTUVD[HCTNCTIGT#TCIQPCOWEJTKEJGTTGIKQPCPFVJGP0CXCTTCCPF2QTVWICN

6JGQPIQKPIDCVVNGDGVYGGPVJGFKHHGTGPVHTCEVKQPUTGKIPKVGFYJGP2GFTQ+
YCUEQPHTQPVGF
YKVJ'PTKEQQH6TCUVCOCTCKNNGIKVKOCVGUQPQH#NHQPUQ:+CPF.GQPQTFG)W\O±P'XGPVWCNN['PTKEQ
OWTFGTU2GFTQCV/QPVKGNKPCPFUWEEGGFUJKOUVCTVKPIVJGJQWUGQH6TCUVCOCTG

7PFGT'PTKEQ+8
ITGCVEQPHWUKQPTGKIPGF'PTKEQYCUEJKNFNGUU*GYCUUWEEGGFGFD[JKU
UKUVGT +UCDGNNC ,QCP ++ QH #TCIÉP OCPCIGF VQ YGF JKU UQP (GTFKPCPF VQ +UCDGNNG KP ENGCTKPI VJG
YC[HQTQPG5RCKP
('40#0&1+++

&KPGTQ.GÉP#%TQUUYKVJQPGNKUKPGCEJCPING /10'6#.')+10+541TPCOGPVGFVTKFGPV

YKVJVJGNKODUGPFKPIKPQPGETQUUCPFVYQTKPIU#$%%IT 8GT[HKPG
PQ
115
#.(1051:

&KPGTQ%WGPEC#+PUKZNKPGU#.(105854':%#56'..''6.')+10+546YQNKQPU
CPFVYQECUVNGUETGUEGPVNCDQXG#$%%IT 8GT[HKPG
(TGNKP5V2CWNGP(GPQWKNNGV

1DQNQPQOKPV#+PUKZNKPGU#.(105854':%#56'..''6.')+10+546YQNKQPU
CPFVYQECUVNGU#$%%a
EHIT 4/KPQTHNCPETCEMXGT[HKPG

2GRKQP$WTIQU#%CUVNGQXGT$ #.(4':H%#56'..'4.KQPN H'6.')+10+5#$

%%IT 8GT[HKPG

2GRKQP 5GXKNNC # %CUVNG QXGT 5 DGVYGGP VYQ RGNNGVU H #.( 4': %#56'..' H 4 .KQP N
H'6H.')+10+5H#$%%IT (NCPETCEMHKPGVQXGT[HKPG

0QXGP.GÉP#%CUVNGQXGT. /10'6#%#56'..'4.KQPNKPUKZHQKN '6.')+10+5

#$%%IT &CTMRCVKPCCNKVVNGYGCMN[UVTWEMCVVJGGFIGXGT[HKPG
PQ
116

0QXGP5GXKNNC#%CUVNGQXGT5 /10'6#%#56'..'4.KQPNKPUKZHQKN H'6.')+10+5

#$IT 6TCEGUQHXGTFKITKUQVJGTYKUGXGT[HKPGVQGZVTGOGN[HKPG
PQ

/CTCXGFK2TKGVQPQOKPV#%CUVNG #.(4':%#56'.4.KQPT '6.')+10+5#$

%%IT &CTMRCVKPCVTCEGUQHXGTFKITKUXGT[HKPG
/ÒP\\GPVTWO-ÌNP
1DQNQPQOKPV#%CUVNGYKVJKPUSWCTG%#56'..'4.KQPYKVJKPUSWCTG.')+10+5#$
%%IT #NOQUVXGT[HKPG
2NKGIQ5GXKNNC
+0(#06'&10'04+37'

2GRKQPXKNC#%CUVNGQXGT# '4':%#56'..'4.KQPN '6.')+10+5#$

%%IT (KPG
*ÌJP.GKR\KI#WEVKQP
PQ
5#0%*1+8

%QTPCFQ$WTIQU#%TQYPGFDWUVN5#0%++4':4%CUVNGDGVYGGP$CPFUVCT %#56'..'

.')+10+5#$%%IT /CIPKHKEGPVRQTVTCKVCNOQUVGZVTGOGN[HKPG
&GNOQPVG$TWUUGN
117

%QTPCFQ %QTWÇC # %TQYPGF DWUV N 5#0%++ 4': 4 %CUVNG DGVYGGP UVCT CPF UECNNQR
%#56'..'.')+10+5#$%%IT 6TCEGUQHGPETWUVCVKQPXGT[HKPG
PQ
%QTPCFQ%WGPEC#%TQYPGFDWUVN5#0%++4':4%CUVNGDGVYGGPDQYNCPFUVCT%#56'..'
.')+10+5#$%%IT 6TCEGUQHGPETWUVCVKQPXGT[HKPG
&KXGTUGP
'Z&GMMGTEQNNGEVKQP

5GKUGP$WTIQU#%TQYPGFDWUVN 5#0%++4':4%TQUUYKVJUVCTKPVJGUVCPF$KPVJGVJ

CPINGU %#56'..''.')+10+5#$%%IT
6TCEGUQHGPETWUVCVKQPQVJGTYKUGXGT[HKPG
5GKUGP .GÉP # %TQYPGF JGCF N 5#0%++ 4': 4 %TQUU YKVJ UVCT KPVJGUVCPF.KPVJGVJ
CPINGU %#56'..''.')+10+5#$%%IT (KPG

('40#0&1+8

2GRKQP5GIQXKC#%CUVNGQXGTVJTGGRGNNGVU (4':%#56'..'4.KQPN '6.')+10+5
#$%%IT +TTGIWNCTHNCPCPFUOCNNHNCPETCEMUXGT[HKPG
(TCPEGUEJK$TWUUGN
#.(1051:+

%QTPCFQ 6QNGFQ # %TQYPGF DWUV N #.(105 4': 4 %CUVNG YKVJ 6 KP RQTVCN %#56'..' '6
.')+10+5#$%%IT (NCPETCEMFCTM2CVKPCXGT[HKPG
118

%QTPCFQ %QTWÇC # %TQYPGF DWUV N #.(10585 Q 4': 4 %CUVNG QXGT UECNNQR %#56'.'
.')+15#$%%IT #NKVVNGYGCMN[UVTWEMCVVJGGFIGXGT[HKPG
2NCVV2CTKU

0QXGP $WTIQU # %CUVNG YKVJKPUSWCTGQXGT$ #4':%#56'..'4.KQPTCORCPVNYKVJKP

USWCTG '6.')+10+5$#$%%IT #NOQUVGZVTGOGN[HKPG
/ÒP\\GPVTWO-ÌNP
6JG$CVVJGGPFQHVJGTGXGTUGNGIGPFKUPQVOGPVKQPGFKP#$

0QXGP6QNGFQ#%CUVNGYKVJKPUSWCTG6KPRQTVCN #4':%#56'.'4.KQPTCORCPVNYKVJKP

USWCTG '6.')+10+5#$%%IT
5NKIJVN[EQTTQFGFOKPQTHNCPETCEMXGT[HKPG
0WO2NKGIQ5GXKNNC
2'&41+

&QDNC
OCTCX 5GXKNNC # %TQYPGF DWUV N 2'6485 &'+ )4#6+# 4': %#56'..'
'.')+10+5 4 %TQUU YKVJ VYQ NKQPU CPF VYQ ECUVNGU KP VJG CPINGU 5 KP VJG VJ CPING 2'6485
&'+)4#6+#4':%#56'..''.')+10+5#$%%(DIT
/KPQTHNCPFGHGEVQPVJGQDXGTUGPKEGRQTVTCKVCNOQUVGZVTGOGN[HKPG
5EJWNOCP#OUVGTFCO
119

4GCN 5GXKNNC # #TOU KP SWCVTGHQKN YKVJ VJTGG TKPIU CPF QPG 5 KP VJG CPINGU 2'6485 4':
%#56'..''.')+10+542WPFGTETQYP &1/+085/+%*+#&+8 614'6')1
&+52+%+#/+0+/+%15/'15#$%%IT
0KEGRCVKPCYGNNUVTWEMCPFGZVTGOGN[HKPGURGEKOGP
5RKPM.QPFQP

4GCN 5GXKNNC #%CUVNGKPSWCVTGHQKNQXGT5 2'64854':%#56'..''42WPFGT

ETQYP &1/+085/+%*+#&+8614#$%%IT 5NKIJVN[DGPVXGT[HKPG
'NUGP$TWUUGN#WEVKQP
PQ

/CTCXGFKU 5GXKNNC %CUVNG KP UKZHQKN QXGT 5 ¢ 2'6485 G &'+ G )4#%+# G 4': G %#56'..' G
.')+10+ 4 .KQP TCORCPV N KP UKZHQKN ¢ 2'6485 ¢ &'+ ¢ )4#%+# ¢ 4': ¢ %#56'..' ¢
.')+10+5#$%%IT +TTGIWNCTHNCPCPFCNKVVNGYGCMN[UVTWEMXGT[HKPG
2NKGIQ5GXKNNC

/CTCXGFKU5GXKNNC#%CUVNGKPUKZHQKNQXGT5 2'64854':%#56'..''.')+10+54

.KQP TCORCPV N KP UKZHQKN 2'6485 4': %#56'..' '.')+10+5 #$ %%
IT 5NKIJVN[DGPVXGT[HKPG
2NKGIQ5GXKNNC
120

%QTPCFQ $WTIQU # %TQYPGF DWUV HCEKPI 2'6485 4': 4 $ WPFGT %CUVNG 2'6485 4':
%#56'.#$%%IT 5NKIJVN[EQTTQFGFXGT[HKPG
PQ
'04+37'++

4GCN6QNGFQ##TOUKPSWCVTGHQKNYKVJVJTGGTQUGVVGUCPFQPG6KPVJGCPINGU '04+%854':

%#56'..' '.')+10+5 4 '0 WPFGT ETQYP &1/+085 /+%*+ #&+8614 '6 ')1
&+52+%+#/+0+/+%15/'15#$%%IT 'ZVTGOGN[HKPG
5EJWNOCP#OUVGTFCO
'Z/ÌYGUEQNNGEVKQP

4GCN5GXKNNC#%CUVNGQXGT5KPSWCVTGHQKN '04+%854':%#56'..'4'0WPFGTETQYP

&1/+085/+%*+#&+8614G#$%%aIT 6TCEGUQHXGTFKITKUXGT[HKPG
+++
%TW\CFQ$WTIQU#%TQYPGFDWUVN$CPFTQUGVVGDGJKPF '04+%854':%#56'..'4.CVKP

ETQUU YKVJ 0 4 + KP VJG CPINGU 04+%85 4': %#56'..' #$ %% IT
%QTTQFGFHKPG
04+UJQWNFDG'04+

%QTPCFQ6QNGFQ#$WUVN'04+%854':46WPFGT%CUVNG%#56'..''.')+10+5#$
%%IT &CTMVQPGXGT[HKPG
PQ
121
,7#0+

4GCN$WTIQU##TOUKPSWCVTGHQKNYKVJHQWTTQUGVVGUCPFQPG$KPVJGCPINGU +1*#0+5&'+”

)4'%+#”4':”%#56'..'4+1*0WPFGTETQYP &1/+085”/+%*+#&+8614”'6')1
&+52+%+#/”+0+/+%15”/'15”#$%%IT
0KEGFCTMVQPGCNOQUVGZVTGOGN[HKPG
+++
+P//*%WPFGT,WCP++

4GCN5GXKNNC#5WPFGTECUVNG +1*#0+54':%#564+70WPFGTETQYP +1*#0+5
4':.')+1#$%%IT 'ZVTGOGN[HKPG
+++

$NCPECFGN#IPWU&GK6QNGFQ#;WPFGTETQYPCPFDGVYGGP6CPF1%#6#G/80&+6G/+5G0
40KODCVGNCODYKVJETQUURGNNGVKPHTQPV#)085&'+38+61.+52#$%%
IT 6TGCVGFYKVJ\CRQPXGT[HKPG
+++

$NCPECFGN#IPWU&GK5GXKNNC#;WPFGTETQYP2'%#6#/80&+/+5'440KODCVGNCOD
YKVJETQUU5KPHTQPV#)085&'+38+61.+5#$%%IT
5NKIJVN[EQTTQFGFHKPGVQXGT[HKPG
+++
%QTPCFQ 5GIQXKC # %TQYPGF JGCF N +1* #0'5 4 %CUVNG DGVYGGP 5 CPF ' 4':
%#56'..'#$%%IT 8GT[HKPG
5RKPM.QPFQP
122
'04+37'+++

4GCN 5GXKNNC # #TOU KP SWCVTGHQKN YKVJ VJTGG UVCTU CPF QP 5 KP VJG CPINGU '04+%85 &'+
)4#%+# 4': %#56' 4 '0 WPFGT ETQYP &1/+085 /+%*+ #&+8614 ')1 &
+52+%+#/+0+/+%15/#$%%IT (NCPFGHGEVQPVJGGFIGXGT[HKPG
2NKGIQ5GXKNNC#WEVKQP
PQ

$NCPEC$WTIQU#$WPFGTECUVNGKPUKZHQKN '04+%85&'+)4#%+#4':4.KQPTCORCPVN

KPUKZHQKN '04+%85&'+)4#%+#4':#$%%IT 8GT[HKPG
0WO2NKGIQ5GXKNNC

$NCPEC%WGPEC#$QYNWPFGTECUVNGKPUKZHQKN '04+%85&'+)4#%+#44.KQPTCORCPV

NKPUKZHQKN '04+%85&'+)4#%+#4#$%%IT (KPGVQXGT[HKPG
0WO2NKGIQ5GXKNNC

$NCPEC6QNGFQ#6WPFGTECUVNGKPUKZHQKN '04+%85&'+)4#%+#4':4.KQPTCORCPVN

KPUKZHQKN '04+%85&'+)4#%+#4':#$%%IT
0WO2NKGIQ5GXKNNC 5OCNNHNCPETCEMXGT[HKPG
123
,7#0++

&QDNC FG NC $CPFC 5GXKNNC # 5JKGNF YKVJ DCPF QP KV VYQ NKQPŉU JGCFU CV VJG GPF QH VJG DCPF
+1*#0'5&'+)4#%+#4':.')+10+54%TQUUYKVJVYQECUVNGUCPFVYQNKQPUKPVJGCPINGU
5QPVQRQHVJGETQUU +1*#0'5&'+)4#%+#4':%#56'..'#$%%
(DIT #NKVVNGYGCMN[UVTWEMXGT[HKPGURGEKOGPQPDTQCFHNCP

%QTPCFQ6QNGFQ#%TQYPGFJGCFNYKVJVYQTQUGVVGUQXGTVJGETQYP+1*#0'5&'+)4#46
WPFGTECUVNG+1*#0'5&'+)4#%+#$%%IT 8GT[HKPG
2NKGIQ5GXKNNC
(TQONKUVPQXGODGTFGEGODGT PQ
9CUNC[GFVQ,WCP+
6JGTGHGTGPEG#$KUPQVUWTG6JGJGCFDTGCMUVJTQWIJVJGEKTENGQHRGNNGVU
5WEJCEQKPKUKPO[QRKPKQPPQVRQUUKDNGWPFGT,WCP+
'04+37'+8

4GCN5GXKNNC#%TQYPGFDWUVNKPOWNVKNQDG '04+%85Ã%#4685Ã&'+Ã)4#%+#Ã4':Ã%

4#TOUKPOWNVKNQDGQXGT5 '04+%85Ã4':Ã%#56'..'Ã'6.')+10+5#$%%
IT 0KEGRQTVTCKVCPFVQPKPICNOQUVGZVTGOGN[HKPG
5RKPM.QPFQP
124

4GCN5GXKNNC#%TQYPGFJGCFNYKVJHNQYGTKPHTQPV'04+%85%#4685&'+)4#%+#4':4
#TOUKPOWNVKNQDGQXGT5'04+%854':%#56'..''6.')+1#$%%IT
40KEGRQTVTCKVXGT[HKPG
$CVCXKCFGP*CCI

4GCN $WTIQU # '0 WPFGT ETQYP KP OWNVKNQDG '04+%75 4': %#56'..' '64$
WPFGTECUVNGKPOWVNKNQDG '04+%85%#46854':%#56'#$%%IT
448GT[HKPG

4GCN5GXKNNC#*'0WPFGTETQYP:258+0%+6:254')0#6:24#TOUKPOWNVKNQDGWPFGT5
'04+%85&'+)4#%+#4':#$%%IT
+TTGIWNCTHNCPCPFCNKVVNGYGCMN[UVTWEMCVVJGGFIGXGT[HKPG
$CVCXKCFGP*CCI

%WCTVKNNQ%WGPEC#%TQYPGFDWUVHCEKPIDQYNN '04+%85”%#4685”4':”4%CUVNGKP

OWNVKNQDGQXGTDQYN '04+%85”4':”%#56'..'”'.#$%%IT (KPG
+++
2QUUKDN[KP//*%WPFGTDNCPEC
125

%WCTVKNNQ,CGP#%TQYPGFDWUVHCEKPI '04+%85G%#4685G&'+G)4#%+#G44%CUVNGQXGT

+#'0 KP OWNVKNQDG '04+%85 G &'+ G )4#%+# G 4': G %#5 #$ %% IT
#NOQUVXGT[HKPG
)CNCTKGFGU/QPPCKGU0GY1TNGCPU#WEVKQPPQ

%WCTVKNNQ$WTIQU#%TQYPGFJGCFHCEKPI '04+%8538#4685&'+)4%CUVNGQXGT

$ '04+%854':%#56+..'#$%%IT
5OCNNHNCPETCEMHKPGVQXGT[HKPG
$CVCXKCFGP*CCI

$NCPEC6QNGFQ#%CUVNGQXGT6KPUKZHQKN '04+%85&'+)4#%+#4':4.KQPTCORCPV

KPUKZHQKN '04+%85&'+)4#%+#4':#$%%IT
5NKIJVGN[EQTTQFGFXGT[HKPG
2NKGIQ5GXKNNC
.GIGPFPQVCUKP#$

$NCPEC 6QNGFQ # %CUVNG QXGT 6 KP USWCTG '04+%85 &'+)4#%+#4.KQPTCORCPVNKP
USWCTG '04+%85&'+)4#%+#$%%IT +TTGIWNCTHNCPXGT[HKPG
2NKGIQ5GXKNNC
$NCPEC%WGPEC#%CUVNGKPUSWCTGDGVYGGP%CPFDQYN '04+%85&'+)4#%+#4':4.KQP
TCORCPV N KP USWCTG HQWT RGNNGVU CTQWPF :25 B 8+0%+6 B :25 B 4'0#6 #$ %%
IT +TTGIWNCTHNCPCPFYGCMN[UVTWEMCVVJGGFIGCNOQUVXGT[HKPG
2NKGIQ5GXKNNC
126
SPAIN - COUNTY OF BARCELONA

$NCPEC5GIQXKC#%CUVNGKPUSWCTGQXGTCSWGFWEV '04+%85ó&'+ó)4#%+#ó44%TQYPGF

NKQPTCORCPVN :2%Z8+0%+6Z:25Z4')0#$%%IT
'FIGHCWNVUCPFYGCMN[UVTWEMCVVJGGFIGXGT[HKPG
0WO2NKGIQ5GXKNNC
('4&+0#0&1CPF+5#$'..#

4GCN 6QNGFQ

! # #TOU QH %CUVKNG.GQP WPFGT ETQYP CPF QXGT GCING N 6 WPFGT VJG UJKGNF
('40#0&85 '6 J'.+5#$' 4 %TQYPGF UJKGNF QH #TCIQP DGVYGGP : CPF : &1/+05
/+%0+#/.8614+%%%%6EHIT
5OCNNFQWDNGUVTWEMXGT[HKPGYKVJPKEGRCVKPC
4CWEJ9KGP#WEVKQP
PQ
%1706;QH$#4%'.10#
$CTEGNQPCJQNFUCNQPIJKUVQT[TQOCP8KUKIQVJKE%CTQNKPIKCP/Q\CTCDKE9KNHTGFŋGN8GNNQUQŌ

YCUVJGNCUVMKPIVQDGCRRQKPVGFD[VJG9GUVHTCPEQPKCPMKPI#HVGTVJCVKPFGRGPFGPEGYCUCVVCKPGF
CPFRQYGTYCUVTCPUHGTTGFVJTQWIJJGTKVCIG

5KPEG CDQWV VJG RQYGT QH VJG EQWPVU QH $CTEGNQPC KU XCUV 4COÉP $GTGPIWGT +++
KP
RCTVKEWNCT ITGCVN[ GZVGPFGF JKU FQOKPKQP RCTVU QH 5RCKP DWV CNUQ RCTVU QH (TCPEG NKMG %CTECUUQPG
$G\KGTU CPF 5QWVJGTP 2TQXGPEG
D[ YGFFKPI &WNEKC QH 2TQXGPEG 4COÉP $GTGPIWGT +8

CFFGF#TCIÉP
OCTTKCIGKPYKVJ2GVTQPKNNCSWGGPCPFJGKTGUUVQVJGMKPIFQO#TCIÉP

(TQOVJCVOQOGPVQP#TCIÉPCPF$CTEGNQPCHQTOGFQPGYJQNG
4#/10$'4'0)7'4+8

&KPGTQ#5V[NK\GFJGCFHCEKPI$#4%+01
TGVTQITCFG4%TQUUYKVJQPGTKPIKPGCEJCPINGEKTENGQH
RGNNGVUCTQWPF%%%TWIT 8GT[HKPG
PQ
127
SPAIN - EMPURIES and URGELL
%1706;QH'/274+'5
-PQYPCUFKQEGUGKPVJGVJEGPVWT[KVYCUCPEKNNCT[VQVJGFKQEGUGQH)GTQPCUKPEGVJGDGIKPPKPIQHVJG
VJ EGPVWT[ +V DGECOG C EQWPV[ CV VJG GPF QH VJG VJ EGPVWT[ +P VJG EQWTUG QH VJG VJ EGPVWT[ VJG
EQWPV[ 'ORWTKGU ICKPGF HQTOCN KPFGRGPFGPEG +P VJG VJ EGPVWT[ KV DGECOG HGWFCNN[ UWDQTFKPCVGF VQ
#TCIÉPNQUKPICNNQHKVUUGNHIQXGTPCPEG+PKVYCUCPPGZGFD[#TCIÉP
*7)1+8
QT*7)18

&KPGTQ#.QPIETQUU21%+ 8)145YQTFH%1/'5'/24%%%TWIT

%1706;QH74)'..
7TIGNNQTKIKPCVGFKPCUCRCIWU#VVJGGPFQHVJGVJEGPVWT[KVYCUEQPXGTVGFVQEQWPV[WPFGT
'TOGPIQN +
QH VJG EQOKVCN F[PCUV[ QH $CTEGNQPC 7TIGNN YCU CNYC[U ENQUGN[ CVVCEJGF VQ
$CTEGNQPCCPFJCFVQCEMPQYNGFIGKVUUWRGTKQTKP$CTEGNQPC+PKVKUFGHKPKVKXGN[CPPGZGFD[VJG
MKPIFQOQH#TCIÉPQHYJKEJ$CTEGNQPCYCUCRCTV

/QUVKORQTVCPVEKVKGUYGTG#ITCOWPV
OKPVUKPEGCPF$CNCIWGT
'4/'0)1.:

&KPGTQ #ITCOWPV # %TQUKGT DGVYGGP VYQ DTCPEJGU YKVJRGNNGVU '4/'0)#8&85+4%TQUU
YKVJQPGRGNNGVKPGCEJCPING %1/'584)'..+%%%TWIT
6TCEGUQHXGTFKITKUXGT[HKPG
+8

6'4'5#FG'06'0<#

1DQN
QPGUKFGF$CNCIWGT#%QCVQHCTOU6'4%1/%%%TWIT
44(NCPETCEM(KPG
2'&41

&KPGTQ #ITCOWPV # %TQUKGT DGVYGGP VYQ DTCPEJGU YKVJ RGNNGVU 2'6485 &'+ )4#%+ 4
%TQUUYKVJQPGRGNNGVKPGCEJCPING #%1/'574)'..+%%%TWIT
5RKPM.QPFQP#WEVKQP
PQ
'Z)TCPVNG[
&WRN
'Z$NWPV
128
SPAIN - ARAGON
0#8#44#CPF#4#)¡0
1TKIKPCNN[0CXCTTCCPF#TCIÉPYGTGDQVJKPFGRGPFGPV

0CXCTTCGOGTIGFKPVJGVJEGPVWT[KVUOQUVKORQTVCPVUQXGTGKIPDGKPI5CPEJQ)CTEÃC
YJQ
HQWIJV #DFCN4CJOCP +++ #HVGT CN/CPUQWTŉU FGCVJ VJG /QQTKUJ FCPIGT JCF UWDUKFGF CPF 0CXCTTC
WPFGT5CPEJQ)CTEÃC+++
DGECOGVJGOCKPUVCVGKP0QTVJGTP5RCKP*KUUQP5CPEJQ)CTEÃC
+8
YCUVJGNCUVCWVQPQOQWUUQXGTGKIPQH0CXCTTC

#PQVJGTUQPQH5CPEJQ)CTEÃC+++4COKTQ+
YCUETQYPGFMKPIQH#TCIÉP*KUUQP5CPEJQ
++4COKTG\YCUMKPIQH#TCIÉPHTQOWPVKNHTQOMKPIQH0CXCTTCCUYGNN

7PVKN#TCIÉPCPF0CXCTTCYQWNFTGOCKPQPGMKPIFQO6JGOCKPUQXGTGKIPHTQOVJCVRGTKQFYCU
#NHQPUQ +
$[ OCTTKCIG YKVJ 7TTCEC SWGGP QH %CUVKNG JG CNTGCF[ YCU TWNGT QXGT %CUVKNG
CPF .GÉP #NHQPUQ + XCUVN[ GZVGPFGF JKU RTQRGTVKGU KP 5RCKP
D[ FGHGCVKPI VJG /QQTU CV 5CTCIQUUC KP
CUYGNNCUKP5QWVJGTP(TCPEG*GFKGFJGKTNGUUKP*GNGHVJKUNCPFUVQVJG-PKIJVUQHVJG
*QN[5GRWNEJTGVJG*QURKVCNNGTUCPFVJG6GORNCTU6JKUOGVYKVJJGCX[TGUKUVCPEGCPFPQDKNKV[ENGTI[
CPFVJGKTUWRRQTVGTUEJQUGJKUDTQVJGT4COKTQ+ŋGN/QPIGŌVQDGMKPI*GOCTTKGF#IPGUQH2QKVKGTU
CPF VJGKT FCWIJVGT 2GVTQPKNNC YQWNF D[ OCTTKCIG VQ 4COÉP $GTGPIWGT +8 QH $CTEGNQPC CEEQORNKUJ

WPKVKPI#TCIÉPYKVJ$CTEGNQPC
9KVJ VJG FGOKUG QH /CTVKP +
VJG %CVCNCP F[PCUV[ VJCV JCF TWNGF #TCIÉP UKPEG VJG VJ
EGPVWT[ DGECOG GZVKPEV # UGTKQWU EQPHNKEV CTQUG QP VJG OCVVGT QH UWEEGUUKQP DGKPI TGUQNXGF D[ VJG
CEEQTF QH %CURG KP (GTFKPCPF QH 6TCUVCOCTG QH %CUVKNG KPJGTKVGF VJG MKPIFQO #NVJQWIJ JG
DGNQPIGFVQVJGHCOKN[QHMKPIUQH%CUVKNGJGCUJKUUWEEGUUQTUCEVGFCUCRWTG#TCIQPKCP
5#0%*14#/+4'<

2GTKQFQFGRTGGOKPGPEKCCTCIQPGUC

&KPGTQ #TCIQP # *GCF N H 5#0%+85 4': 4 %TQUU DGVYGGP VYQ DTCPEJGU #4#)10
%%a%TWIT 4+TTGIWNCTHNCPXGT[HKPG
PQ

&KPGTQ #TCIQP # *GCF T 5#0%+85 4': 4 %TQUU DGVYGGP VYQ DTCPEJGU #4#)10 %%
%TWIT 4'FIGHCWNVXGT[HKPG
PQ
2'&41+FG*7'5%#

&KPGTQ #TCIQP # $WUV N H 2'6485 4': 4 %TQUU DGVYGGP VYQ DTCPEJGU #4#)10
%%a%TWIT 4(NCPETCEMHKPGVQXGT[HKPG
129
SPAIN - CATALANO-ARAGONESE
0#8#44#
5#0%*+1GN5#$+1

&KPGTQ 0CXCTTC # $WUV N H 5#0%+85 4': 4 %TQUU DGVYGGP VYQ DTCPEJGU CPF VYQ UVCTU
0#8#4'%%%TWIT 4'FIGDTGCMUCPFKTTGIWNCTHNCPQVJGTYKUGXGT[HKPG
%#6#.#01#4#)10'5'
#HVGTVJGWPKQPQH%CVCNQPKCYKVJ#TCIÉPPGYVGTTKVQTKGUYGTGTGIWNCTN[EQPSWGTGF+P8CNGPEKC
YCUVCMGP#PQVJGTOCKPKPHNWGPEGQP5RCPKUJOKPVYCUVJG$CNGCTKEEWNVWTG(TQOCPEKGPVVKOGUVJG
$CNGCTKE+UNCPFUJCFDGGP/QQTKUJRQUUGUUKQPOWEJVQVJGOCNEQPVGPVQH,CWOG+YJQKPCTOGF
CHNGGVCV6CTTCIQPC2CNOCYCUEQPSWGTGFUYKHVN[DWVRWUJKPIVJTQWIJVQVJGKPNCPFYQWNFVCMGCPQVJGT
VYQ [GCTU +DK\C UWTTGPFGTGF KP DWV /GPQTEC TGOCKPGF C /QQTKUJ UVCVG /CNNQTEC YCU CNNQVVGF
COQPI EQNQPKUVU QH OCKPN[ %CVCNCP FGUEGPV 4QWPF CDQWV VJG $CNGCTGU TGICKPGF KPFGRGPFGPEG
*QYGXGT WPFGT VJG TWNG QH ,CWOG +++ QH /CNNQTEC #TCIÉP RTQXQMGF C TGDGNNKQP CPF EQPSWGTGF VJG
$CNGCTKEVGTTKVQTKGUQPVJGOCKPNCPF6JKUGPCDNGF2GFTQ+8QH#TCIÉPVQUWDFWGVJGGPVKTGMKPIFQOKP
#EQWRD[/CNNQTECŉUETQYPHCKNGFVJGMKPIOGGVKPIJKUHKPCNFGHGCVCVVJG$CVVNGQH.NWEJOCLQT

#.(1051+
++QH#TCIQP

&KPGTQ $CTEGNQPC # %TQUU DGVYGGP VYQ TKPIU $#43+01 4 .QPI ETQUU %+ 8+ 4' : %%
%TWIT &CTMVQPGXGT[HKPGVQGZVTGOGN[HKPG
PQ

1DQNQ$CTEGNQPC#%TQUUDGVYGGPVYQTKPIU$#43+014.QPIETQUU%+8+4':%%
%TWIT 4'FIGHCWNVXGT[HKPG
PQ

&KPGTQ#TCIQP#&KCFGOGFDWUVN#0(154':4$TCPEJYKVJETQUUQPVQR#4#)10%%
%TWIT 4(NCPETCEMXGT[HKPG
130
2'&41+
++QH#TCIQP

1DQNQ $CTEGNQPC # .QPI ETQUU YKVJ QPG TKPI KP GCEJ CPING 2'64 4' : 4 %TQUU
$#43+010#%%%TWIT 48GT[HKPG
PQ
,#+/'+

&KPGTQ$CTEGNQPC#%TQUU+#%1$ 4':45JKGNFQH%CVCNWP[C$#43+01%%%TW

IT &CTMRCVKPCXGT[HKPGVQGZVTGOGN[HKPG
PQ
&KPGTFG&QDNGPE8
&KPGTQ$CTEGNQPC#.QPIETQUUYKVJVYQTKPIUCPFVYKEGVJTGGRGNNGVUKPVJGCPINGU+#%1$ 4':
4*GCFN $#43+01%%%TWIT 'ZVTGOGN[HKPG
$QWTIG[2CTKU
&KPGTFG6GTP8

&KPGTQ 8CNGPEKC # *GCF N +#%1$85 4': 4 .KU YKVJ ETQUU QP VQR 8#.'0%+' %%
%TWIT 8GT[HKPG
&KPGTQ 8CNGPEKC # *GCF N +#%1$85 4': 4 .KU YKVJ ETQUU QP VQR 8#.'0%+' %%
%TWIT (NCPETCEMXGT[HKPGVQGZVTGOGN[HKPG
6QFGTK(NQTGPEG

&KPGTQ#TCIQP#2CVTKCTEJCNETQUU+#%1$854':4*GCFN#4#)10%%%TW
IT 'ZVTGOGN[HKPG
5RKPM.QPFQP
131
#.(1051++
+++QH#TCIQP

%TQCV$CTEGNQPC#%TQYPGFDWUVN #.(1585&'+)4#%+#4':4.QPIETQUUYKVJVYKEG

VJTGGRGNNGVUCPFTKPIUKPVJGCPINGU%+8+6#5$#%J010#%%%TWIT
5RKPM.QPFQP 8GT[HKPGVQGZVTGOGN[HKPG
,#+/'++

%TQCV$CTEGNQPC#%TQYPGFDWUVN+#%1$85&'+)4#%+#4':4.QPIETQUUYKVJVYKEGVJTGG
RGNNGVUCPFTKPIUKPVJGCPINGU%+8+6#5$#4J010#%%%TWIT
$CVCXKCFGP*CCI 0KEGRCVKPCHNCPETCEMXGT[HKPG
#.(1051+++
+8QH#TCIQP

%TQCV $CTEGNQPC # %TQYPGF DWUV N #.(10585 &'+ )4#%+# 4': 4 .QPI ETQUU YKVJ VYKEG
VJTGGRGNNGVUCPFTKPIUKPVJGCPINGU%+8+6#5$#4J010#%%%TWIT
#NOQUVGZVTGOGN[HKPG
$CVCXKCFGP*CCI
2'&41+++
+8QH#TCIQP

(NQTÃ2GTRKIPCP#5V,QJPVJG$CRVKUV5+1*#00'5$4(NGWTFGNKUQH(NQTGPVKPG#4#)
14':2%%%TWa(DIT 5OCNNUETCVEJGUCPFVGUVEWVCVVJGGFIGXGT[HKPG
5RKPM.QPFQP#WEVKQP
PQ
'Z/ÒP\GPWPF/GFCKNNGP$CUGNNKUV
PQ
'Z&TGGUOCPPEQNNGEVKQP++PQ
)CODGTKPK
132

%TQCV$CTEGNQPC#%TQYPGFDWUVN 2'6485¢&'+¢)4#%+#¢4':4.QPIETQUUYKVJVYKEG

VJTGG RGNNGVU CPF TKPIU KP VJG CPINGU %+8+6#5 $#4%J010# %% %TW IT
'ZVTCQTFKPCT[YGNNRTGUGTXGFGZVTGOGN[HKPG
5EJWNOCP#OUVGTFCO
'Z/ÌYGUEQNNGEVKQP
/#46+0+

4GCN8CNGPEKC#%TQYPGFDWUVHCEKPI /#46+0&'+)4#%+#4':#4#4%TQYP

QXGTCTOU 8#.'0%+'/#+14+%#48/5#4%%%TWIT 8GT[HKPG
$CVCXKCFGP*CCI
#.(1051+8
8QH#TCIQP

&KPCUVKC6TCUVCOCTC

%TQCV $CTEGNQPC # %TQYPGF JGCF N 4 .QPI ETQUU YKVJ VYKEG VJTGG RGNNGVU CPF TKPIU KP VJG
CPINGU$#4%#010#%%a%TWIT 4#NOQUVXGT[HKPG
&KPGTQ /GPQTEC # %TQYPGF DWUV N #.(10585 4': 4 #TOU KP SWCVTGHQKN
/+014+%#48/%%%TWIT 6TCEGUQHXGTFKITKUXGT[HKPG
/ÒP\\GPVTWO5QNKPIGP#WEVKQP
PQ
('40#0&1++CPF+5#$'..#
8QH5RCKP
6TCPUKVQ

%TQCV $CTEGNQPC # %TQYPGF DWUV N ('4&+0#0&85 & )4 4 .QPI ETQUU YKVJ VYKEG VJTGG
RGNNGVUCPFTKPIUKPVJGCPINGU%+8+6#5$#4%0010#%%%TWIT
5OCNNUETCVEJGUCNOQUVXGT[HKPG
133
SPAIN - MALLORCA

&WECV8CNGPEKC#6YQETQYPGFDWUVUETQYPDGVYGGPVJGO ('4&+0#0&85Z'.+5#$'6ZZ

55ZKPDQVVQOHKGNF4%TQYPGFUJKGNFQH%CUVKNG.GQPCPF#TCIQP 8#.'0%+'Z/#+14+%#
%%%%6EHCPPQVCVKQP%TW(DIT
49GNNUVTWEMCPFGZVTGOGN[HKPGURGEKOGP
(TCPEGUEJK$TWUUGN
%TWUCHQPVVJKPMUVJCVVJKUEQKPDGNQPIUVQVJGRGTKQFQHVTCPUHQTOCVKQPQVJGTUVJKPMVJCVVJKUKUCNTGCF[VJGRGTKQFQH
VJG4G[GU%CVQNKEQU
/#..14%#
#HVGTVJG/QQTKUJFQOKPCVKQPWPVKN/CNNQTECYCUCRCTVQH%CVCNCPC#TCIÉPWPVKNCPFYQWNF
DGKPFGRGPFGPVCICKPHTQOVQ(TQOVJGPQPKVTGOCKPGFRCTVQH%CVCNCPC#TCIÉP
5#0%*1

&QDNGT/CNNQTEC#%TQYPGFDWUVHCEKPIDGVYGGPVYQUVCTU¢4':¢/#+14+%#4 4.CVKPETQUU

¢ 5#%+85&'+¢)4# %%%TWIT 'ZVTGOGN[HKPG
,#+/'+++

&KPGTQ/CNNQTEC#%TQYPGFJGCFHCEKPI 4':/#+14+%#48/4.CVKPETQUU +#%1$85

&'+)4#%%%TWIT 8GT[HKPG
$CVCXKCFGP*CCI

&KPGTQ/CNNQTEC#%TQYPGFDWUVHCEKPI 4':H/#+14+%#48/4.CVKPETQUU +#%1$85

&'+H)4#H%%%TWIT #NOQUVGZVTGOGN[HKPG
5RKPM.QPFQP
0QVKP%TWUCHQPV
134
SPAIN - ARBECA and GERONA
#4$'%#
#010;/175

5GP[CN#$KTFN46DGVYGGPVJTGGVKOGUVJTGGRGNNGVU%TWIT (KPGVQXGT[HKPG

.C5GNXCFGN%COR
)'410#
%#4.15+

&KPGTQ # %TQYPGF JGCF N %QWPVGTOCTM ) %#41.85 & ) 4 4 %QCV QH CTOU %+8+6#5
)'480&#%%a%TWIT %QKP(KPG%QWPVGTOCTMa8GT[HKPG
0WOKUOCVKUEJG-TKPI4QVVGTFCO
4';'5%#61.+%15
9KVJ VJG QTFKPCPEG QH /GFKPC FGN %CORQ QP VJG VJ QH ,WPG VJG PGY OQPGVCT[ U[UVGO YCU
CFQRVGF +ORQTVCPV YCU VJCV VJG U[UVGOU QH %CUVKNG
WR VQ VJGP OCKPN[ IQNF CPF DKNNQP CPF #TCIÉP

OCKPN[UKNXGTJCFPQYDGGPEQODKPGFWPFGTQPGIGPGTCNU[UVGO

('4&+0#0&CPF+5#$'..'

&QDNC'ZEGNNGPVG5GXKNNC#6YQETQYPGFDWUVUVWTPGFVQGCEJQVJGT5DGVYGGPVJGO:CDQXG

('40#0&85<'.+5#$'6&'+)4#4%TQYPGFUJKGNFQH%CUVKNG.GQPCPF#TCIQPQPGCING
58$8/$4##.#48/6%%6(DIT #VVTCEVKXGURGEKOGPGZVTGOGN[HKPG
5EJWNOCP#OUVGTFCO
'Z/ÌYGUEQNNGEVKQP
834
135
SPAIN - REYES CATOLICOS

/CTCXGFK%WGPEC#%CUVNGKPUKZHQKNDQYN('4&+0#0&85'6'.+5#$'64%TQYPGF

NKQP N KP UKZHQKN DGVYGGP RCVTKCTEJCN ETQUU CPF % DQYN 4': Q '6 4')+0# Q %#6 Q .')
%%6IT 8GT[HKPG
0WO2NKGIQ5GXKNNC

4GCNGU5GXKNNC#%TQYPGFUJKGNFQH%CUVKNG.GQPCPF#TCIQPDGVYGGP5CPFQ++++('40#0&85
Q'6Q'.+5#$'6Q&'+45KZCTTQYUDQWPFGFVQIGVJGTUSWCTGKPHKGNF 4':„'6Q4')+0#Q
%#56Q.')+10Q#4#)10Q)4#%%6IT 5OCNNHNCPXGT[HKPG
6QFGTK(NQTGPEG

4GCN$WTIQU#%TQYPGFUJKGNFQH%CUVKNG.GQPCPF#TCIQP('40#0&85„'6„0'.+5#45KZ
CTTQYU DQWPFGF VQIGVJGT $ KP HKGNF & „ ) „ 4': „ '6 „ 4')+0# „ %#56 „ .')+1 GTOKPG
%%6IT &KGFGHGEVXGT[HKPG
5EJWNOCP#OUVGTFCO

4GCN%WGPEC#%TQYPGFUJKGNFQH%CUVKNG.GQPCPF#TCIQP('40#0&85J'.+5#$6&)4
J 4 (KXG CTTQYU DQWPFGF VQIGVJGT % YKVJ VJTGG RGNNGVU KP HKGNF ã 4': ('4')+0# %#56
.')+10#4#)1J%%6EIT 8GT[HKPG
0WO-TKPI4QVVGTFCO
136
SPAIN - REYES CATOLICOS

4GCN )TCPCFC # %TQYPGF UJKGNF QH %CUVKNG.GQP CPF #TCIQP ('40#0&85 „ '6 *'.+5#$ 4
5GXGPCTTQYUDQWPFGFVQIGVJGT)KPHKGNF 4':„'64')+0#„%#56Q.+)%%6F
IT 'IFGHCWNVXGT[HKPG
5RKPM.QPFQP

4GCN6QNGFQ#%TQYPGFUJKGNFQH%CUVKNG.GQPCPF#TCIQPHKXGRGNNGVUCPF6KPHKGNF('40#0&85
„ '6 „ '.+5#$'6 „ &'+ „ ) 4 5KZ CTTQYU DQWPFGF VQIGVJGT 4': '6 4')+0# %#56
.')+1#4#)15)%%6IT 8GT[HKPG
5RKPM.QPFQP

4GCN6QNGFQ#%TQYPQXGT/6CPFDGVYGGPICTNCPFU 4':Q'64')+0#Q%#56Q.'Q

4 5KZ CTTQYU DQWPFGF VQIGVJGT ('40#0&85 Q '6 Q '.+5#$'6 Q %%6 IT
#NOQUVXGT[HKPG
5RKPM.QPFQP

$NCPEC5GXKNNC#%TQYPGF(DGVYGGP5CPF5 ('40#0&85'6*'.+5#$'64%TQYPGF

;DGVYGGPVYQUVCTU 4':'64')+0#%#56.')%%6IT 8GT[HKPG
(QTVJGRWPEJQH*QNNCPFCPF<GGNCPFQPVJGTGCNRKGEGCUYGNNCUVJGTGCNRKGEG
DQVJ5GXKNNCUGGCVVJG
GPFQH*QNNCPF
WPFGT-NQR2CTV+PQCPF
137
PORTUGAL
21467)#.
9JGP)CTEKCYCUMKPIQH)CNKEKCVJGKUUWGCTQUGCUVQYJQOVJGPQTVJQHRTGUGPVFC[2QTVWICNDGNQPIGF
VQ)CNKEKCQT.¾QP+P)CTEKCFGHGCVGF2QTVWIWGUGPQDKNKV[KPVJG$CVVNGQH2GFTQUQ

)CTEKCŉU DTQVJGT #NHQPUQ 8+ YCU MKPI QH %CUVKNG.¾QP # FGEKUKQP YCU OCFG VJG PQTVJGTP RCTV QH
2QTVWICN YCU VQ EQOG WPFGT HQTGKIP UWRTGOCE[ #NHQPUQ CRRQKPVGF 4C[OWPF QH $WTIWPF[ YJQ YCU
OCTTKGF VQ 7TTCEEC FCWIJVGT QH #NHQPUQ 8+ *G DGECOG EQWPV QH )CNKEKC 2QTVWICN CPF %QKODTC
&GURKVG(TGPEJUWRRQTVJGEQWNFPŉVCUUGTVVJKUENCKOCPFJCFVQUGVVNGHQT)CNKEKC*KURNCEGKP2QTVWICN
CPF%QKODTCYCUVCMGPD[JKUEQWUKP*GPT[QH$WTIWPF[YJQYCUYGFFGFVQ6GTGUCCPKNNGIKVKOCVG
FCWIJVGT QH #NHQPUQ 8+ 6JKU PGY EQWPV[ YCU PCOGF 2QTVWICN CHVGT KVU ECRKVCN 2QTVQ #V #NHQPUQŉU
FGOKUGKPKVDGECOGFGHCEVQKPFGRGPFGPV

9JGP*GPT[FKGF
JKUUQP#HQPUQ*GPTKSWGUYCUPQV[GVQHCIG6GTGUCDGECOGIWCTFKCPHKTUVCU
KPHCPVC CPF NCVGT
CU SWGGP 5JG VJGP EQORGVGF YKVJ JGT JCNHUKUVGT 7TTCEEC SWGGP QH %CUVKNG
.¾QP#HQPUQ*GPTKSWGU
KPEQPUQNKFCVGFKPFGRGPFGPEGD[JKUXKEVQT[CV5CQ/COGFG
PQVHCTHTQO)WKOCTCGUQXGT#NHQPUQ8++QH%CUVKNG%QKODTCVJGPDGECOGECRKVCNQHVJGEQWPVT[

6JGTKXCNT[DGVYGGPDQVJEQWPVTKGURGTUKUVGFWPVKNVJGRGCEGVTGCV[QH6Ð[QP,WN[[GVVKGUYGTG
OCKPVCKPGF #HVGT JG EQPSWGTGF VJG /QQTU KP VJG $CVVNG QH %CORQ1WTKSWG
,WN[ #HQPUQ
*GPTKSWGU RTQENCKOGF JKOUGNH MKPI QH 2QTVWICN WPFGT VJG PCOG #HQPUQ + 6JG RQRG FKF PQV TGEQIPKUG
JKO CPF KV YQWNF VCMG WPVKN VJG RCRCE[ QH #NGZCPFGT +++ KP HQT JKO VQ TGEGKXG RCRCN
CEMPQYNGFIGOGPV#HQPUQHCUJKQPGFJKUEQCVQHCTOUVQTGHNGEVJKUEQPSWGUVQHVJG/QQTKUJUQXGTGKIPU
VJCVJCFEQOOCPFGFJKOUQOWEJTGURGEVHKXGUOCNNGUEWVEJGQPUGCEJHKNNGFYKVJHKXGFQVUKPVJGUJCRG
QHCETQUU+VYQWNFDGEQOGVJGCTOUQH2QTVWICN

21467)#.70&'46*'$74)70&+#05

6JGTGEQPSWKUVCYCUEQOOGPEGFKPVJGOKFFNGQHVJGVJEGPVWT[5CPVCT¾OYCUECRVWTGFKP
YKVJ
HQTGKIP CKF QH VJG (NGOKPIU CPF VJG $TCDCPFGTU COQPI QVJGTU CPF .KUDQP YQWNF UQQPHQNNQY9JGP
)GTCNFQ 5GO 2CXQT VQQM 'XQTC KP JG ECOG KPVQ EQPHNKEV YKVJ .¾QP QT OQTG URGEKHKECNN[ YKVJ
(GTFKPCPFQ++YJQYCUOCTEJKPIHQT$CFCLQ\

+P 5CPEJQ +
XCPSWKUJGF VJG #NOQJCFU PGCT 5CPVCT¾O *G ECRVWTGF C /WUNKOKE
UVTQPIJQNFKPVJG#NICTXGCPFTGUV[NGFJKUVKVNG&GK)TCVKC2QTVWICNKG5KNXKKGV#NICTDK4GZ+PVJG
#NICTXGTGCNOYCUGHHGEVKXGN[CPPGZGFVJTQWIJVJG6TGCV[QH$CFCLQ\VJCV-KPI#NHQPUQ+++

UKIPGFYKVJ%CUVKNG6JGDQTFGTYKVJ%CUVKNGYCUFGVGTOKPGFEQPENWUKXGN[KPVJG6TGCV[QH#NECPKEGUKP
D[ &KPKU + 7PFGT JKO PCXCN GZRCPUKQP EQOOGPEGF CPF JG HQWPFGF VJG WPKXGTUKV[ QH .KUDQP KP
YJKEJYCUUQQPOQXGFVQ%QKODTC

+PTQ[CNVKVNGU2QTVWICNCPFVJG#NICTXGCTGCNYC[UOGPVKQPGFUGRCTCVGN[QPVJGEQKPUQH#NHQPUQ+++HQT
KPUVCPEGDWVCNUQD[5CPEJQ+YJQCNTGCF[DQTGVJGUGVKVNGU
&+0+5+

7PFGT &KPKU GZRCPUKQP D[ UGC DGICP YKVJ VJG CKF QH )GPQGUGUGCHCTGTU6JGCIGQHGZRNQTGTUUGVKP
VJQWIJVJGOCLQTGZRNQTKPIGZRGFKVKQPUYQWNFPQVDGGODCTMGFWRQPWPVKNVJGVJEGPVWT[

&KPJGKTQ#(KXGUJKGNFU#.)#$4++4%TQUUYKVJVYQETGUEGPVUCPFVYQUVCTUKPVJGCPINGU&
4':21468).)QOGUIT (NCPETCEMUCPFVTCEGUQHXGTFKITKUHKPGVQXGT[HKPG
PQ
138
PORTUGAL
&KPKU YCU UWEEGGFGF D[ #NHQPUQ +8

CPF VJGP D[ 2GFTQ +
6JG NCVVGT YCU
CUUCUUKPCVGFCPFJKUUQP(GTFKPCPFQ+
CEEGFGFVQVJGVJTQPGEQPVGUVGFD[VJG6TCUV±OCTG
F[PCUV[ JQYGXGT
QPG QH VJG TGCUQPU 2QTVWICN YCU CNNKGF YKVJ 'PIGNCPF CPF %CUVKNG YKVJ (TCPEG
(KPCNN[ KP #RTKN C VTGCV[ YCU UKIPGF CPF ,WCP + QH %CUVKNG OCTTKGF $GCVTKEG
FCWIJVGT QH
(GTFKPCPFQ JGKTGUU QH 2QTVWICN (GTFKPCPFQŉU FGOKUG RTQORVGF %CUVKNG VQ ENCKO VJG VJTQPG DWV VJG

WRTKUKPIQHRTGXGPVGFVJKU
('40#0&1+

6QTP¿UVJGDWUVQ#(KXGUJKGNFUKPSWCVTGHQKN ('4&+0#0&85&)4':21467)#.4

%TQYPGFDWUVNDGVYGGPETQUUCPF. 5+&05/+*+#+86140106+/'$)QOGU
/ÒP\GPWPF/GFCKNNGP&GWVUEJNCPF#WEVKQP
PQ

4GCN.KUUCDQP#(KXGUJKGNFUKPSWCVTGHQKN (G&G)G4':G21468)#.+'G#.)#4$++'4

(4 WPFGT ETQYP CPF QXGT . ó '%+6 ó %'.80 ó '6'4#/ ó #8:+.+8/ ó /'8/ ó
#&1/+0+ó38+ó()QOGUIT 45OCNNFKGHCWNVCNOQUVGZVTGOGN[HKPG
5RKPM<ÒTKEJ#WEVKQP
PQ

$CTDWFC .KUUCDQP %TQUU YKVJ VJG UJKGNF QH 2QTVWICN KP EGPVTG CPF QPG ECUVNG KP GCEJ CPING
('40#0&85 4': 21468#.+ #.) 4 %TQYPGF JGNOGV . DGJKPF 5+ &05 /+%*+
#+86140106+/)QOGUIT #NKVVNGYGCMN[UVTWEMCVVJGGFIGXGT[HKPG
5RKPM.QPFQP
7PFGTVJG.QH#.)CTKPI
139
PORTUGAL

$CTDWFC .KUUCDQP # %TQUU YKVJ VJG UJKGNF QH 2QTVWICN KP EGPVTG CPF QPG ECUVNG KP GCEJ CPING
('40#0&854':21468)#.+#.)#4%TQYPGFJGNOGV.DGJKPF 5+&05/+%*+
#+86140106+/')QOGUIT #NKVVNGYGCMN[UVTWEMXGT[HKPG
'NUGP$TWUUGN
7PFGTVJG)QH#.)#CTKPI

)TCXG.KUUCDQP#5JKGNFQH2QTVWICNDGVYGGPHQWTECUVNGU('40#0&854':21468)#4
( QP ETQYPGF UJKGNF QP ETQUUGF NCPEGU QXGT . 5+ &0 5 /+ %*+ #+8614 01 )QOGU
IT 46TCEGUQHXGTFKITKUQVJGTYKUGXGT[HKPG
PQ

2KNCTVG .KUUCDQP # (KXG UJKGNFU YKVJ RGNNGV QXGT VJG EGPVTGUJKGNF 5+ & 05 /+%*+ #& 4
%TQYPQXGTETQUU.TCDQXG('40#0&854':21468)QOGUIT 8GT[HKPG
PQ

&KPJGKTQ # %TQUU YKVJ VYQ ETGUEGPVU CPF VYQ UVCTU KP VJG CPINGU ( 4': 21468)#.+ 4
5JKGNFQH2QTVWICN#.)#$$++)QOGUIT &CTMVQPGXGT[HKPG
PQ
140
PORTUGAL
21467)#.70&'46*'*175'#8+<

6JG TGDGNNKQP QH JCF C PCVKQPCN EJCTCEVGT KV YCU JQYGXGT UWRRQTVGF D[ PQDKNKV[ CU C HQTVTKIJV
RTQVGUV CICKPUV VJG 6TCUV±OCTC F[PCUV[ 5JQTVN[ CHVGT VJCV RQYGT YCU WUWTRGF D[ ,QCQ QH #XK\
ITCPFOCUVGTKPVJG1TFGTQH#XK\CDCUVCTFUQPQH2GFTQ+#HVGTJGFKURQUGFQHJKUGPGOKGUVJG%QTVGU
QH%QKODTC
EQWPEKNQHVJGMKPIFQOGNGEVGFJKO-KPI,QCQ+QPVJGVJQH#RTKN*GTGCHHKTOGF
JKUPGYCWVJQTKV[D[FGXCUVCVKPIN[DGCVKPIVJG%CUVKNKCPUQP#WIWUVCV#NLWDCTTQVC

6QEQPUQNKFCVGJKURQUKVKQPCPFVJCVQH2QTVWICNYKVJTGURGEVVQ%CUVKNGJGUKIPGFCVTGCV[YKVJ'PINCPF
QP/C[CV9KPFUQTCPFOCTTKGF2JKNKRRCCFCWIJVGTQHVJGFWMGQH.CPECUVGTŉU

6JGVWTPQHVJGVJEGPVWT[UCYVJGGPFQH2QTVWICNŉUTGEQPSWKUVC0QYGHHQTVUYGTGFKTGEVGFVQYCTFU
QVJGTVCTIGVUVQYCTFUVJGEQPSWGUVQH%GWVC
#NE±EGT%GIWGT
CPF6CPIKGTU
CNNQH
YJKEJ YGTG HQQVJQNFU KP 0QTVJ #HTKEC CPF VQYCTFU VJG GZRNQTCVKQPU
KG VJG EQPSWGUV QH VJG #HTKECP
EQCUV

,1#1+

4GCN FG 5QNFQU .KUUCDQP

. ņ .$ # +*05 WPFGT ETQYP CPF QXGT . UKZ RGNNGVU KP HKGNF
6'4#0'%+6 ó %'484 ó '6 ó #&+8614+8/ ó 0146480 ó 37+ ó ( 4 (KXG UJKGNFU QH
2QTVWICN KP SWCVTGHQKN CPF DGVYGGP . CPF $ +*05 ¢ &'+ ¢ )4# ¢ 4': ¢ 21 ¢ '6 ¢ # )QOGU
IT 5NKIJVGN[EQTTQFGFQVJGTYKUGXGT[HKPG
5EJWNOCP#OUVGTFCO
/QFWNQOKPQT
OO

4GCN2QTVQ#+J05WPFGTETQYPCPFQXGT2KPOWNVKNQDG4KPHKGNF +*05ó&'+ó)4#4':

214'6#4(KXGUJKGNFUQH2QTVWICNCPFHQWTECUVNGU #&+8614+8/ó015648/ó38+
)QOGUIT (NCPETCEMXGT[HKPG
8GEEJK.QPFQP#WEVKQP
PQ

4GCNDTCPEQ.KUUCDQP#(KXGUJKGNFUQH2QTVWICNKPSWCVTGHQKN ('4&+0#0&85ó21ó'6ó

#.)#44;WPFGT%TQYP.Nó')%+'ó%''.)8/ó'6' #&+8614+8/ó0156480ó
38+)QOGUIT %QTTQFGFCNOQUVXGT[HKPG
0WO-TKPI4 FCO
6JGVGZVUCTGCNNDWVKNNGIKDNGCPFFKHHGTHTQOPQ+PVGTRWPEVKQPVJGTGVYQUVCTUQXGTGCEJQVJGTJGTG
141
PORTUGAL

4GCNDTCPEQ2QTVQ#(KXGUJKGNFUQH2QTVWICNKPSWCVTGHQKN +$05&'+)4#4':21'6

4;WPFGT%TQYP2N('%+6%'.8/'6' #&+8614+8/015648/38+)QOGU
IT 5OCNNHNCPXGT[HKPG
*GP\GP#OGTQPIGP
(TQONKUVHGDTOTVPQ

$KNNQP4GCNFG5QNFQU.KUUCDQP#5JKGNFQH2QTVWICNDGVYGGPVYQTQUGVVGU +*05¢&¢)4#¢

4': ¢ 21 ¢ #. 4 %TQUU YKVJ QPG RGNNGVKPCPPWNGV KP GCEJ CPING #&+8614+80 ¢ 0156480
)QOGUIT 4&CTMVQPGXGT[HKPG
PQ
'Z/ÒP\GPWPF/GFCKNNGP#WEVKQP
PQ
$CVJCNFC4GKU
4GCN.KUUCDQP#(KXGUJKGNFUQH2QTVWICNKPSWCVTGHQKN +*05¢&'+¢)4#¢4':¢2144

+*05 WPFGT ETQYP CPF QXGT . HQTW TKPIU KP HKGNF DTCPEJ T CDQXG #&+8614+8/ ¢ 015648
)QOGUIT 6TCEGUQHGPETWUVCVKQPCNOQUVXGT[HKPG
PQ

4GCN'XQTC#5JKGNFQH2QTVWICNDGVYGGP'CPF8 +*05&)4':2144.QPI

ETQUUYKVJQPGTQUGKPGCEJCPING#&+861480)QOGUIT
5OCNNHNCPETCEMCNOQUVXGT[HKPG
PQ
4GCN.KUUCDQP#(KXGUJKGNFUQH2QTVWICN +*05¢&'+¢)4#¢4':4+*05WPFGTETQYP

CPFQXGT. 21468)#..+¢#.)#4)QOGUIT %QTTQFGFHKPG
PQ
142
PORTUGAL

4GCN#5JKGNFQH2QTVWICNDGVYGGPHQWTNKU +*05ó&'+ó)4#ó4':4%TQUUYKVJQPG

RGNNGVKPCPPWNGVKPGCEJCPING 2 1ó)6ó#.)#4$++ó)QOGUIT
&CTM2CVKPCXGT[HKPG
PQ
(TQO VJG DGIKPPKPI QH VJG VJ EGPVWT[ 2QTVWIWGUG GZRCPUKQP UVCTVGF VQ VCMG UJCRG /CFGKTC YCU
TGCEJGF KP VJG #\QTGU KP 4KQ FGN 1TQ KP CNN VJGUG GZRNQTCVKQPU VJG TGUWNV QH VJG
GPFGCXQWTUQH*GPT[VJG5GCHCTGTVJG[QWPIGUVUQPQH,QCQ+
&7#46'

&WCTVGYCUCŋMKPIRJKNQUQRJGTŌ

4GCN2TGVQ.KUUCDQP#'&WPFGTETQYPKPOWNVKNQDGYKVJUOCNN.DGVYGGPVJGO '&8#4&85

4':21464(KXGUJKGNFUQH2QTVWICNCPFHQWTECUVNGU '&8#4&854':2146)QOGU
IT 4&CTMVQPGKTTGIWNCTHNCPCPFYGCMN[UVTWEMHKPGVQXGT[HKPG
$CVCXKCFGP*CCI
#.(10518

#NHQPUQ8HKTUVJCFVQHTGGJKOUGNHQHTGIGPE[DWVJGFKFPQVUWEEGGFKPFKURQUKPIYJQNN[QHVJGOCKP
PQDNGJQWUGVJCVQH$TCICP\C
#HVGTVJGFGOKUGQH2TKPEG*GPT[VJG0CXKICVQT
#NHQPUQ8GPFGCXQWTGFVQGZRNQTGVJGEQCUVQH
#HTKEC+P#NHQPUQ8ICXG(GTPCQ)QOG\QTFGTUVQTGEQPPQKVTGOKNGUQHEQCUVRGT[GCT+P
&KQIQ %CQ TGCEJGF VJG OQWVJ QH VJG %QPIQ $CTVQNQOGW &KC\ EKTEWOPCXKICVGF %CRG QH )QQF
*QRGCPFNCPFGFKP%CNKEWVKP2QTVWICNŉUOQFGTPCIGQHEQNQPKUCVKQPJCFDGIWP
6QYCTFUVJGGPFQHJKUTGKIP
#NHQPUQCVVGORVGFVQWPKVG2QTVWICNCPF%CUVKNGGPOGUJKPIJKOUGNH
KPVJG%CVCNCPUWEEGUUKQPCNYCT*GGXGPJCFVQUGGMTGHWIGKP0CPE[
'XGPVWCNN[JGNQUVVJG
$CVVNGCV#NDWGTCCPFJCFVQCITGGVQRGCEG
#NG±EQXCU5GRVGODGTVJGGPUWKPIVTGCV[ITCPVKPI
2QTVWICNVJG VGTTKVQTKGU QH )WKPGC /CFGKTC VJG #\QTGU CPF VJG %CRG 8GTFGU CPF %CUVKNG VJG %CPCT[
+UNCPFUCPFVJGEQPSWGUVQH)TCPCFC

'URCFKO2QTVQ#*CPFYKVJUYQTFKPSWCVTGHQKN#YKVJVJTGGRGNNGVUNCPF2WPFGTJCPF#.(3&
#1+&52146)#++245JKGNFQH2QTVWICNKPSWCVTGHQKNYKVJQPGRGNNGVKPCPPWNGVKPGCEJCPINGð
#+86148/&1&38+)QOGUIT 5OCNNHNCPXGT[HKPGVQGZVTGOGN[HKPG
PQ
6JKUV[RGFCVGUDCEMVQ#WIWUVCPFEQOOGOQTCVGUVJGHQWPFKPIQHVJG1TFGTQHVJG5YQTFETGCVGFC[GCT
DGHQTGKPVJGCHVGTOCVJQHVJGUWEEGUUHWNGZRGFKVKQPCICKPUVVJG#TCDUKP#HTKEC
143
PORTUGAL
,1#1++

#HVGT,QCQ++JCFFKURQUGFQHVJG$TCICP\CUJGTGUVQTGFEGPVTCNCWVJQTKV[CPFENGCTGFVJGRCVJVQYCTFUC
OQFGTPUVCVG
7PFGTJKUTGKIPVJGNCUVUVTGVEJQH)WKPGCEQCUVYCUEJCTVGF

8KPVGO.KUUCDQP#;WPFGTETQYPCPFDGVYGGP.CPFQ +1*#0'5++42'6#&)

4%TQYPGFUJKGNFQH2QTVWICNDGVYGGPVYQTKPIU +1*#0'5++42'6#&))QOGU
IT 8GT[HKPG
9#)&QTVOWPF#WEVKQP
PQ
&)&QOKPWU)WKPGG
21467)#.70&'46*'*175'$4#)#0<#
HTQO
6JG*QWUG$TCICP\CYCUVJGOQUVKPHNWGPVKCNPQDNGJQWUGQH2QTVWICN+VUNKPGCIGYGPVDCEMVQ,QCQŉU
DCUVCTF UQP #HQPUQ EQWPV QH $CTEGNQU 6JKUF[PCUV[DGECOGKPETGCUKPIN[RQYGTHWN
FWECNFKIPKV[YCU
CVVCKPGF,QCQYCPVGFVQEWTVCKNVJKURQYGTJGJCFVJGJGCFQHVJGTFFWMGQH$CTEGNQU
(GTFKPCPFQ
EWVQHHCPFCNNRQYGTVCMGPHTQOVJKUJQWUG

9KVJVJGFGCVJQH,QCQ++VJG*QWUG#XK\DGECOGGZVKPEV/CPWGNVJGITGCVITCPFUQPQH%QWPV#HQPUQ
QH $CTEGNQU VJG UV FWMG CUEGPFGF VQ VJG VJTQPG 6JG $TCICP\C F[PCUV[ YCU TGJCDKNKVCVGF CPF
(GTFKPCPFQŉUUQP,CKOGDGECOGVJGVJFWMGQH$CTEGNQU

6JGNKPGQH/CPWGNVJG*QWUG$TCICP\CTGKIPGF2QTVWICNWPVKNVJGPVJG5RCPKUJMKPICUEGPFGFVQ
VJGVJTQPGDWVKPVJGVJFWMGQH$CTEGNQUDGECOGVJGPGYMKPIQH2QTVWICN6JGF[PCUV[YQWNF
EQPVKPWGWPVKNYJGP2QTVWICNDGECOGCRWDNKE
/#07'.+

8KPVGO#(KXGUJKGNFUQH2QTVWICN /#08'.242'6#&)4%TQUUYKVJVJGNKODU

GPFKPIKPNKU 2/#08'.242'6#&))QOGUXCTIT
PQ #NOQUVXGT[HKPG

6JGUGCDDTGXKCVGFNGIGPFUCTGPQVOGPVKQPGFD[)QOGU
$[ XKTVWG QH JKU OCP[ GZRNQTCVKQPU CPF TGUWNVKPI EQNQPKUCVKQPU /CPWGN DQTG VJG HQNNQYKPI VKVNGU 4
GZ
21468)#.+' #.
ICTXG %
KVTC 8.
VTC+0#
HTKEC&
QOKPWU)
WKPGG%0%'6*+12+'
#4#$+'2'45+'+
PFKG
5QOGQHVJGUGVKVNGUCRRGCTQPVJGEQKPU
144
ITALY - KINGDOM ITALY
+6#.;
6JGJKUVQT[QH+VCN[KUXGT[FKHHGTGPVHTQOVJCVQHVJGTGUVQH'WTQRG6JTQWIJQWVVJG/KFFNG#IGUVJG
EQWPVT[EQPUKUVGFQHVYQRCTVUVJGPQTVJGTPRCTVYJKEJYCUHQEWUUGFQPVJGPQTVJCPFCUQWVJGTPRCTV
HQEWUUGFQPVJGGCUV+PDGVYGGPYCUVJGGEENGUKCUVKECNUVCVG6JKUFKXKFGYCUETGCVGFYJGP)TGIQT[VJG
)TGCVECNNGF2KRRKPVQJKUCKFVQDTKPIVJGCFXCPEKPI.QODCTFUVQCJCNV6JG.QODCTFUYGTGFGUVTQ[GF
CPFVJGRCTVQH+VCN[PQTVJQH4QOGDGECOGKPEQTRQTCVGFKPVJG%CTQNKPIKCP'ORKTGECWUKPIKVVQDGEQOG
HQEWUUGFQPVJGPQTVJ6JG$[\CPVKPGUJGNFRQYGTKPVJGUQWVJQH+VCN[YJKEJVJWUYCUQTKGPVGFVQYCTFU
VJGGCUV6JKUOCTMGFVJGRQKPVCVYJKEJVJGFGXGNQROGPVQHVJGUGVYQRCTVUFKXGTIGF

6JG0QTVJ

*GTGCUKPVJGNCVVGT[GCTUQHVJG%CTQNKPIKCP'ORKTGCMKPIFQOJCFUVKNNGZKUVGFKPVJGPQTVJVJKURCTVHGNN
VQVJG*QN[4QOCP'ORKTGKPVJGVJEGPVWT[1VVQ+EGOGPVGF1VVQPKCPTWNGCPFJCFJKOUGNHETQYPGF
GORGTQT KP 4QOG TGUVQTKPI %CTQNKPIKCP VTCFKVKQP *QYGXGT VJKU KPHNWGPEG YCPGF DGHQTG NQPI CPF VJG
)GTOCPMKPIUJCFOQTGCPFOQTGFKHHKEWNV[VQUWUVCKPVJGKTCWVJQTKV[5QOGVKOGUVJG[OCPCIGFVQFQUQ
UQOGVKOGUVJG[FKFPQV

9JGPCWVJQTKVKGUFKUCRRGCTGFKPVJGGCTN[VJEGPVWT[FGPK\GPUUVCTVGFVQHQTOEQOOWPGUIQXGTPGFD[
NQECN PQDKNKV[ #U PQDKNKV[ IGPGTCNN[ JCF VTQWDNG IGVVKPI CNQPI COQPI VJGOUGNXGU HTKEVKQP CTQUG
GXGT[YJGTG#NGCFGTYCUWTIGPVN[PGGFGFCPFETGCVGFKPVJGHQTOQHCPGZVGTPCNRQFGUV¯

6JG5VCWHGTUKPVJGHKIWTGQH(TGFGTKEM$CTDCTQUUCCVVGORVGFQPEGCICKPVQTGUVQTGVJGCWVJQTKV[QHVJG
)GTOCPMKPIUDWVJGUWHHGTGFCJWOKNKCVKPIFGHGCVCPFVJG2GCEGQH%QPUVCPEGFGUVTQ[GFYJCVKNNWUKQPU
YGTGNGHV.CVGT(TGFGTKEM++VTKGFVJGUCOGKP'OKNKC4QOCIPCDWVCICKPVQPQGHHGEV

&GPK\GPUCICKPVQQMEQPVTQNQHVJGKTVGTTKVQT[RWVVKPIKPEJCTIGC%CRKVCPQFGN2QRQNQYJQYQWNFQHVGP
DGCPKPHNWGPVKCNHKIWTGCPFFQOKPCVGIQXGTPCPEG(TQOVJKUUKVWCVKQPVJGUKIPQTKCURTQWVGF+VUJGCFVJG
UKIPQTG GHHGEVKXGN[ IQXGTPGF CPF QHVGP YCU HTQO C TGURGEVGF PQDNG HCOKN[ UWEJ CU VJG 8KUEQPVKU VJG
'UVGUVJG%CTTCTCUVJG&G/GFKEKUCPFOCP[QVJGTU

7UWCNN[ C UKIPQTG HTQO CP KPHWGPVKCN EKV[ YQWNF VT[ VQ DGEQOG UKIPQTG KP CPQVJGT EKV[ QH YJKEJ VJG
8KUEQPVKUQH/KNCPKPRCTVKEWNCTYGTGCUJKPKPIGZCORNGECWUKPIXCUVRCTVUQHPQTVJCPFEGPVTCN+VCN[VQ
DGEQOGEQPVTQNNGFD[LWUVCHGYPQDNGJQWUGU*QYGXGT+VCN[ECPPQVDGUCKFVQDGIQXGTPGFEGPVTCNN[KP
VJKURGTKQF

6JGTG YGTG HQWT KORQTVCPV EGPVTGU QH RQYGT KP VJG PQTVJ CPF VJG OKFFNG /KNCP C FWEJ[ WPFGT VJG
8KUEQPVKU CPF VJG 5HQT\CU FQOKPCVKPI NCTIG RCTVU QH +VCN[ 8GPKEG TWNGF D[ KVU QYP EKVK\GPU VJG FQIG
QPN[JQNFKPICEGTGOQPKCNQHHKEG(NQTGPEGTWPD[VJGVKVNGNGUU&G/GFKEKUCPFVJGGEENGUKCUVKECNUVCVG
YJKEJJCFVQOCPQGWXGTVJGUGFCPIGTQWURQNKVKECNYCVGTUCPFKPFQKPIVJKUCNUQJCFVQMGGRCPG[GQPVJG
UQWVJ

6JG5QWVJ

6JG $[\CPVKPGU YGTG HKTUV CVVCEMGF D[ VJG 0QTOCPU YJQ VQQM KORQTVCPV RCTVU QH 5QWVJ +VCN[ COQPI
YJKEJ 5KEKN[ .CVGT ECOG VJG )GTOCP MKPIU YJQ CNYC[U UVTKXGF VQ QYP CNN QH +VCN[ (TGFGTKEM ++
RCTVKEWNCTN[ UQ YKVJQWV OWEJ UWEEGUU JQYGXGT #HVGT VJCV VJG (TGPEJ #PLQWU UVGRRGF KP GXGPVWCNN[

DTKPIKPIVJGETQYPQH5QWVJ+VCN[WPFGTVJGETQYPQH#TCIQP
9JGTGCUVJGPQTVJVQCEGTVCKPGZVGPVUCYKPHNWGPEGQHVJGRGQRNGKPRQNKVKEUVJGUQWVJYCUOCTMGFD[CP
QPIQKPIDCVVNGDGVYGGPPQDNGJQWUGUCUUGGPKPQVJGTRCTVUQH'WTQRGKPVJKURGTKQF

%QKPCIGTGHNGEVUVJGUGFGXGNQROGPVU+PVJGPQTVJCPFEGPVTGQH+VCN[YGKPKVKCNN[UGGEQKPUUVTWEMKPVJG
PCOGQHC)GTOCPMKPIVJGPEQKPUUVTWEMD[EQOWPGU
QPN[KPFKECVKPIVJGOKPVŉUPCOGCPFHKPCNN[VJG
UKIPQTGUYJQYGTGKPFKECVGFQPEQKPUYKVJVJGKTPCOGU
YKVJVJGGZEGRVKQPQH(NQTGPEG

+PVJGUQWVJEQKPUYGTGCNYC[UUVTWEMKPVJGPCOGQHCUQXGTGKIP

-+0)&1/+6#.;

6JG.QODCTFUŉCFXCPEGHWTVJGTKPVQ+VCN[KPVJGyURTQORVGFVJGRQRGUVQECNNQP%JCTNGOCIPG*KU
UQP2KRRKPFGHGCVGF&GUKFGTKWUKPCPF%JCTNGOCIPGRTQENCKOGFJKOUGNHMKPIQHVJG.QODCTFU6JG
%CTQNKPIKCP TGCNO PQY UVTGVEJGF KPVQ +VCN[ WPVKN LWUV UQWVJ QH 4QOG %JCTNGOCIPG CPF 2KRRKP ICXG
YJCVGXGT $[\CPVKPG RQUUGUUKQPU VJG[ JCF EQPSWGTGF KP +VCN[ VQ VJG RQRG VJWU ETGCVKPI C UQOGYJCV
KTTGIWNCT FKUVTKDWVKQP DGUKFG .QODCTF[ 6WUEKC CPF 5RQNGVQ VJGTG YCU VJG 2CVTKOQPKWO 2GVTK
VJG
VGTTKVQT[ CTQWPF 4QOG CPF 6WUECP[ CPF VJG VGTTKVQT[ CTQWPF 4CXGPPC CPF 4QOCIPC YJKEJ VYQ
VGTTKVQTKGU YQWNF TGOCKP EQPPGEVGF D[ C UOCNN EQTTKFQT +V YQWNF TGOCKP VJKU YC[ WPVKN VJG FGCVJ QH
.QWKUVJG2KQWU

(QTVJGRGTKQFYJGP+VCN[YCURCTVQHVJG%CTQNKPIKCP'ORKTGEQKPUUVTWEMKP+VCN[D[%JCTNGOCIPGCPF.QWKUVJG

2KQWUCTGENCUUKHKGFCU%CTQNKPIKCPCPFOGPVKQPGFKP2CTV+
145
ITALY - KINGDOM ITALY
9JGPVJGGORKTGETWODNGFVJG4GIPWO+VCNKEWOTGVCKPGFCFGITGGQHCWVQPQO[KVUECRKVCN2CXKC#UVJG
KORGTKCNVKVNGFGXQNXGFQPVJGQNFGUVUQPQH.QWKUVJG2KQWU.QVJCTKWU+VJGMKPIUQH+VCN[CNUQDQTGVJG
VKVNG QH GORGTQT 6JG OQUV KORQTVCPV MKPI YCU .WFQXKEQ ++
C ITGCVITCPFUQP QH %JCTNGOCIPG YJQ
FGHGPFGF +VCN[ CICKPUV VJG #TCDU 9JGP JG FKGF KP C UWEEGUUKQPCN FKURWVG KIPKVGF KP %CTQNKPIKCP
EKTENGU
YJKEJVQCPKORQTVCPVFGITGGTGXQNXGFCTQWPFVJGKORGTKCNVKVNG6JGRQRGRNC[GFCEGPVTCNTQNG
KPVJKUFKURWVG#HVGTVJG+VCNKCPVJTQPGJCFDGGPQEEWRKGFD[UGXGTCN%CTQNKPIKCPU
COQPIYJQO%JCTNGU
VJG$CNFVJG%CTQNKPIKCPGTCGPFGFWNVKOCVGN[KP

6JGP$GTGPICTKQQH(TKCWN
CUQPQH)KUGNCUKUVGTQH.QVJCTKWU+CPFYGFFGFVQ'DGTJCTFQH(TKCWNCPF
)WKFQQH5RQNGVQECOGVQVJGHQTG$WVVJGRTK\GQHVJGKORGTKCNVKVNGFTGYCPQVJGTRTGVGPFGT#TPWNHQH
%CTKPVJKCYJQYCUMKPIQH'CUV(TCPEKC*KUCFXCPVCIGYCUVJCV2QRG(QTOQUWUJCFECNNGFHQTJKUCKF
KP VJG HGWF DGVYGGP $GTGPICT CPF )WKFQ +P #TPWNH RWUJGF VJTQWIJ VQ 4QOG CPF YCU ETQYPGF
GORGTQTD[VJGRQRGKP(GDTWCT[7RQPJKUEQTQPCVKQPJQYGXGTJGJCFVQTGVWTPVQJKUJQOGNCPF
NGCXKPI VJG VGTTKVQT[ HQT )WKFQŉU UQP .CODGTV VQ VCMG CHVGT YJKEJ KP CV VJG FGOKUG QH .CODGTV
MKPIUJKR FGXQNXGF VQ $GTGPICT 6JG HKTUV YCU MKPI
CPF YCU ETQYPGF GORGTQT KP VJG
UGEQPF YCU EQWPVGTMKPI
)WKFQ VQQ DGECOG GORGTQT KP CPF YCU UWEEGGFGF D[
.CODGTV JKU UQP YJQ YQWNF DG GORGTQT HTQO VQ *KU UWEEGUUQT .QFQXKEQ +++ YQWNF DG
GORGTQTHTQOVQ

*WIQ QH #TNGU VQQM QXGT CHVGT $GTGPICTKQ + FKGF KP VJG HQTOGT CNUQ C FGUEGPFCPV QH .QVJCTKWU +

YJQ JCF ITGCV RQNKVKECN KPHNWGPEG *KU UQP .QVCTKQ ++ EQMKPI HTQO VQ YGFFGF
#FGNJGKF
FCWIJVGT QH 4WFQNH ++ MKPI QH $WTIWPF[ YJQ YQWNF DGEQOG VJG YKHG QH 1VVQ + 6JG
UWEEGUUQTQH$GTGPICTKQ+YCUJKUITCPFUQP$GTGPICTKQ++
*GYQWNFDGFGVJTQPGFKPHCXQWTQH
1VVQ+VJGEQWPVT[GODCTMKPIWRQPCPGPVKTGN[PGYGTC

7PVKN 1VVQ + EQKPU CTG NKUVGF WPFGT -KPIFQO QH +VCN[ 6JGUG EQKPU KOKVCVG VJG HQTO QH %CTQNKPIKCP EQKPU GPVKTGN[

%QKPUHTQOCHVGTVJKURGTKQFCTGNKUVGFWPFGTVJGKTTGURGEVKXGOKPVU
UQOGVKOGUVJGGORGTQTŉUQYPKUUWGUDWVOQTG
QHVGPEQOWPGUOKPVGFŋKPVJGPCOGQHőŌ
%#4.1KN%#.81

&GPKGT /KNCPQ # %TQUU YKVJ QPG RGNNGV KP GCEJ CPING * %#41.85 +/2'4 4 %CTQNKPIKCP
VGORNG :2+56+#0#4%++%+1 $KCIIK XCT %0+ 8 XCT /) /'%

WPURGEKHKGFOKPVIT 440KEGVQPGUOCNNHNCPETCEMQVJGTYKUGGZVTGOGN[HKPGQPDTQCFHNCP
8KPEJQP2CTKU
6JGVGZVKUVJGUCOGCUYKVJ/'%YJQCVVTKDWVGUKVVQ/KNCPCFFKPICSWGUVKQPOCTMJQYGXGT6JG/'%EQKPJCUC
UOCNNGT FKCOGVGT
KPPGT EKTENG VJCP VJG EQKP KP JCPF $KCIIK JCU LWUV QPG %JCTNGU VJG $CNF EQKP
WPFGT /KNCP
$KCIIKDWVVJCVNCEMUVJGKPKVKCN*
$'4'0)#4+1+

&GPCTQ /KNCPQ # %TQUU YKVJ QPG RGNNGV KP GCEJ CPING $'4'0)#4+5 4': 4 %CTQNKPIKCP
VGORNG:2+56+#0#4'.+)+1$KCIIKIT 4'ZVTGOGN[HKPG
6QFGTK(NQTGPEG
$KCIIKJCU4+KPUVGCFQH4':CPF:2+6+#0#4%+1HQTVJGTGXGTUG
146
NORTH AND MIDDLE ITALY
0146*CPF/+&&.'+6#.;
9JGP1VVQ+QEEWRKGF+VCN[CPFYCUETQYPGFGORGTQTD[VJGRQRGKP+VCN[GPVGTGFCPGYGTC%NQUG
VKGUDGVYGGP+VCN[CPFVJG)GTOCP'ORKTGYQWNFFGVGTOKPGVJGRQNKVKECNEQWTUGHQTCXGT[NQPIRGTKQFQH
VKOGCNDGKVOQTGITGCVN[UQKPVJGDGIKPPKPIVJCPNCVGTQP

#HGYEQPFKVKQPUYGTGCVVCEJGFVQVJGEQTQPCVKQPQH1VVQ+VQGORGTQTJGYQWNFJGPEGHQTVJJCXGCUC[
KPVJGEJQKEGQHVJGRQRGCPFVJGOCTITCXGUYQWNFDGUWDQTFKPCVGVQ4QOG

#UVJGGORGTQTUŉKPHNWGPEGYCPGFOCP[EKVKGUYQWNFFGXGNQREQOWPGUWUWCNN[RTGEKRKVCVGFD[PQDKNKV[
YJQ YQWNF VJGP IQXGTP 6JKU NGF VQ HGWFU COQPI VJG OCKP HCOKNKGU $GHQTG NQPI C PGGF HQT CWVJQTKV[
CTQUG CICKP YJKEJ YCU RTQXKFGF D[ CVVTCEVKPI CP GZVGTPCN RQFGUV¯
KPXCTKCDN[ CRRQKPVGF HQT C UJQTV
VKOG

6JGPGZVUVGRYCUVJGETGCVKQPQHCEKV[IQXGTPOGPVQHVJGRGQRNGVJGRQRQNQ#UVJGUGDQFKGUYGTGPQV
ECRCDNG QH GHHKEKGPV IQXGTPCPEG CP GZGEWVKXG YCU UQWIJV KP VJG HQTO QH C ECRKVCPQ FGN RQRQNQ
5QOGVKOGUVJGUGHWPEVKQPCTKGUYQWNFDGEQOGTWNGTU6JGUGHQTOUQHEKV[TWNGCTGV[RKECNHQT+VCN[

6JGFGXGNQROGPVQHOWPKEKRCNCWVQPQO[FQOKPCVGFRQNKVKEUKPVJG*KIJCPF.CVG/KFFNG#IGU$GVYGGP
VJGVJCPFVJEGPVWT[RTQURGTKV[KPETGCUGFCPFEQOWPGUUVCTVGFGOGTIKPIKPOCP[RNCEGUEQKPEKFKPI
YKVJVJGFGCVJQH/CVKNFCQH%CPQUUC
UGGWPFGT6WUEKCKP#EQOWPGYCUETGCVGFYJGPUQOGVJKPI
EJCPIGFGIYJGPCŋEQPUQNGŌYCUKPUVCNNGF/QUVEQOWPGUUCYCUVTWIINGHQTRQYGTDGVYGGPOCKP
EQPVGPFGTUYJKEJVQQMCXCTKGV[QHHQTOU+P+VCN[EKVK\GPT[GPLQ[GFHTGGFQOYJGTGCUVJGRGQRNGQHC
EQPVCFQYQWNFJCXGVQRC[VCZGUVQVJGNQECNUKIPQTKC6JGEQODKPCVKQPQHDGKPIGEENGUKCUVKECNN[JGCFGF
D[DKUJQRU
CUEQPEKXKUPQVCUFQOKPWUYJKEJGPVCKNGFCEQNNGEVKXGFGRGPFGPE[QPVJGGORGTQTVJTQWIJ
VJG DKUJQR
KORGTKCN KOOGFKCE[ CPF VJG HTGGFQO QH VTCFG EKVKGU GPLQ[GF URCYPGF C UVTQPI OWPKEKRCN
EQPUEKQWUPGUUKPVJGKTEKVK\GPU

2QYGT YCU VTCPUHGTTGF HTQO GRKUEQRCE[ VQ EQOOWPCN EKV[ IQXGTPOGPVU CUCOCVVGTQHEQWTUGYKVJQWV
CP[KPVGTHGTGPEGQHVJQUGKPRQYGT0GYNGCFGTUJKREQPUEKQWUN[CFQRVGFVJGRQNKVKECNVGTOEKXKVCU

6JGVTCPUKVKQPHTQOCIGPGTCNCUUGODN[
CTGPIQVQCUOCNNEKTENGQHEQPUKINKQFGETGFGP\CPGEGUUKVCVGF
VJG TGRNCEGOGPV QH VJG EQPUWN YKVJ C RQFGUV¯ 6JG TWNG VJCV JG JCF VQ DG CVVTCEVGF GZVGTPCNN[ YCU
FGVGTOKPGFD[(TGFGTKEM$CTDCTQUUC

+P VJG VJ EGPVWT[ OCP[ EKVKGU FGXGNQRGF C EKVK\GPT[ YKVJ C RQRWNKUVKE EJCTCEVGT YJKEJ GXGPVWCNN[
GXQNXGF VQ VJG RQRQNQ C RQNKVKECN KPUVKVWVKQP UGGMKPIVQCEVKXGN[KPXQNXGDTQCFUVTCVCQHVJGRQRWNCVKQP
6JKUKPVWTPECWUGFCVQRNC[GTVQGOGTIGYKVJKPVJGRQRQNQVJGITCPFKFKRQRQNQ

#VCEGTVCKPRQKPVUGNHIQXGTPGFEQOWPGUYGTGTGRNCEGFD[UKIPQTKCUYJKEJITCFWCNN[CFQRVGFEQOWPG
VCUMU6JWUEQOWPGUJCFGXGPVWCNN[NGFVQVJGVGTTKVQTKCNUWRTGOCE[QHUQXGTGKIPU

6JGVTCPUKVKQPHTQOGRKUEQRCNTWNGVQOWPKEKRCNIQXGTPOGPVRQUGFCHQTOKFCDNGRTQDNGOHQTVJG)GTOCP
GORGTQTU+VVQQMWPVKNVJG2GCEGQH%QPUVCPEGKPVQDTKPIVJKUFGXGNQROGPVVQCJCNV6JKUVTGCV[
UVKRWNCVGFVJGEQPFKVKQPUVJCV(TGFGTKEM$CTDCTQUUCCPFVJG/KNCPNGF.QODCTF.GCIWGKPKP8GPKEG
JCF CITGGF WRQP +V YCU UVKRWNCVGF KP /CTEJ#RTKN QH KP 2KCEGP\C CPF TCVKHKGF D[ (TGFGTKEM
$CTDCTQUUCCPF*GPT[8+
YJQYCUMKPIQH+VCN[QP,WPG(TKGFTKEJ$CTDCTQUUCÒDGTNKGUUFGP
-QOOWPGPFKGKP4QPECINKCDGCPURTWEJVGP4GICNKGPIGIGPGKPGGKPOCNKIGQFGTL·JTNKEJG)GNF\CJNWPI
Y·JTGPFUKEJFKG5V·FVG\WT.GKUVWPIFGU(QFTWODGKLGFGO+VCNKGP\WIXGTRNKEJVGVGP5GKPG5VGNNWPICNU
1DGTJGTT YWTFG PGDGP FGO 6TGWGKF FGT -QOOWPGP FCFWTEJ HGUVIGUEJTKGDGP FCUU FKG HTGK IGY·JNVGP
-QPUWNP XQO MCKUGTNKEJGP 0WPVKWU WPF CNNG HÒPH ,CJTG XQO -CKUGT UGNDUV KPXGUVKGTV YGTFGP OWUUVGP
(TGFGTKEM$CTDCTQUUCVTCPUHGTTGFVQVJGEQOWPGUVJGTGICNKCVJG[JCFPGIQVKCVGFKP4QPECINKCCICKPUVC
UKPING QT C [GCTN[ RC[OGPV YJKNG VJG EKVKGU RNGFIGF VQ RC[ C HQFTWO GCEJ VKOG VJG GORGTQT ECOG VQ
+VCN[#RCTVHTQOVJGQCVJQHNQ[CNV[QHVJGEQOWPGUJKURQUKVKQPCUQXGTNQTFYCUEGOGPVGFD[VJGHCEV
VJCVVJGHTGGN[GNGEVGFEQPUWNUYGTGTGSWKTGFVQDGKPXGUVGFD[VJGKORGTKCNGPXQ[CPFGXGT[HKHVJ[GCTD[
VJGGORGTQTJKOUGNH
.F/

#PQVJGTV[RKECNN[+VCNKCPRJGPQOGPQPKUVJGEQPVTCUVDGVYGGPVJG)WGNHUCPFVJG)JKDGNNKPGU$QVJVGTOU
CTG TGCNN[ QH )GTOCP QTKIKP )WGNH KU +VCNKCP HQT 9GNHCPF)JKDGNNKPGUYCU+VCNKCPHQT9CKDNKPIGPVJG
[QWPIGTDTCPEJQHVJG5CNKCP*QWUG(QTUQOGDQF[DQTPKP(NQTGPEGVJKUFKHHGTGPEGYQWNFPQVJCXGDGGP
XGT[ ENGCT CNVJQWIJ KV YCU XGT[ ENGCT VJCV VJG VYQ VGTOU FGPQVGF VYQ QRRQUKPI HCEVKQPU )WGNHU YGTG
U[PQP[OQWU YKVJ IQQF RCVTKQVKUO )JKDGNNKPGP YGTG CU QRRQUGF VQ VJG )WGNHU UWRRQTVGTU QH VJG
GORGTQTCPFVJGCPVKRQRG

5QOGVKOGUVJGKPHNWGPEGQH4QOGYQWNFDGUKIPKHKECPVUQOGVKOGUKVYQWNFPQV#VVJGKPUVKVWVKQPQHVJG
2CVTKOQPKWO 2GVTK C ITGCV OCP[ EKVKGU HGNN WPFGT 4QOG CWVJQTKV[ 9JGP VJG KPHNWGPEG QH VJG RQRGU
FGETGCUGFOCP[EKVKGUYKVJFTGYHTQOGEENGUKCUVKECNCWVJQTKV[

(QT VJG RGTKQF KP YJKEJ EGTVCKP EKVKGU HGNN WPFGT GEENGUKCUVKECN CWVJQTKV[ VJGKT EQKPU JCXG DGGP KPENWFGF WPFGT

ŋ4QOGŌ

+P VJG VKOG YJGP VJG RQRGU TGUKFGF KP #XKIPQP CVVGORVUYGTGOCFGVQHQTEGCEJCPIG+P2QRG
+PPQEGPV8+CRRQKPVGF%CTFKPCN#NDQTPQ\
CUXKECTQHVJGGEENGUKCUVKECNUVCVG#NDQTPQ\YCU
QH5RCPKUJFGEGPVCPFKPJKUECRCEKVKGUCUCTEJDKUJQRQH6QNGFQCPFEJCPEGNNQTQH%CUVKNKCVJGUWEEGUUQT
QHJKUWPENGDWVYJGP-KPI#NHQPUQ:+FKGFGCTN[JGJCFUQWIJVTGHWIGKP#XKIPQP5QQPJGUWEEGGFGF
KP DTKPIKPI 6WUECP[ DCEM WPFGT 4QOG
DWV JG YCU PQV CU UWEEGUUHWN KP VJG ECUG QH 5RQNGVQ
#PEQPCCPFVJG4QOCIPCFWGVQQRRQUKVKQPPQVCDN[D[VJG8KUEQPVKU*GHNGFVQ#XKIPQPCICKP$GHQTG
JKU FGRCTVWTG JG RTQENCKOGF VJG .KDGT %QPUVKVWVKQ 5CPEVCG /CVTKU 'EENGUKCG
%QPUVKVWVKQPGU
#GIKFKCPCGYJKEJYQWNFTGOCKPGHHGEVKXGWPVKNCPFGUVCDNKUJGFJKOCUCUVCVGUOCP*GVTCXGNNGF
VQ 4QOG QPEG OQTG DWV VJG PGZV CVVGORV VQ DTKPI 4QOCIPC WPFGT 4QOG HCKNGF FWG VQ 7TDCPWU 8+
,WUVDGHQTGJGFKGFJGUWEEGGFGFKPDTKPIKPI#PEQPCWPFGT4QOG

147
ITALY - MILANO
0QTVJ+VCN[HGNNKPVQVJTGGRCTVU

C 6JGPQTVJYGUV

6JG FQOKPCPV EKV[ YCU /KNCP
VQIGVJGT YKVJ 2CXKC 7PFGT VJG 8KUEQPVKU CPF VJG 5HQT\CU /KNCP
JCF VTGOGPFQWU KPHNWGPEG YJKEJ GZVGPFGF VQ DQVJ QVJGT RCTVU 9GUV QH /KNCP YG HKPF 5CXQKC
6QTKPQ #UVK %CUCNG /QPHGTTCVQ CPF )GPQXC VQ VJG PQTVJ GCUV VJGTG YGTG %QOQ $TGUEKC CPF
$GTICOQ

D 6JG'OKNKCTGIKQP

1TKIKPCNN[FQOKPCVGFD[VJG*QWUGQH%CPQUUC
UGGWPFGT6WUEKCNCVGTD[VJG8KUEQPVKU+PVJG
NCVG/KFFNG#IGU'\\GNKPQ
CDCUVCTFUQPQH(TGFGTKEM++RNC[GFCFGUCUVTQWURCTV

2KCEGP\C %TGOQPC 2CTOC 4GIIKQ PGNNŉ'OKNKC /QFGPC CPF $QNQIPC CTG NKUVGF WPFGT 'OKNKC
$GVYGGPDCPFEEQOGU4CXGPPC

E 6JGPQTVJGCUV

6JGVYQOCKPRCTVKGUJGTGYGTGVJGOCTM8GTQPCCPF8GPKEG9GUVQH8GPKEGYGHKPF8GTQPC
6TGPVQ/CPVWC(GTTCTCCPF2CFQXC

#TQWPF8GPKEG8GPKEG#SWKNGKCCPF6TKGUVG

%GPVTCN+VCN[KUFKXKFGFKPVQ

C 6WUECP[

6JGFQOKPCVKPIEKV[KU(NQTGPEG6JKUTGIKQPEQORTKUGU.WEEC2KUC5KGPC8QNVGTTCCPF#TG\\Q

D 6JGEKVKGUEQCNGUEGFKPVQYJCVKUMPQYPCUVJG2GPVCRQNKU

4KOKPK2GUCTQ(CPQ5GPGICNNKCCPF#PEQPC
VJGPQTVJGTPRGPVCRQNKU

7TDKPQ(QUUQODTQPG,GUK%CINKCPF)WDDKQ

C 6JGEKVKGU

2GTWIKC%COGTKPQ/CEGTCVCCPF4GECPCVK

6JGRGPVCRQNKUYCUHQTOGFCTQWPFCHVGTVJGHQWPFCVKQPQHVJG'ZCTEJCVGQH4CXGPPC
HKTUVOGPVKQPGF
KP +V ECOG WPFGT C &WZ 4KOKPK CPF YCU NCVGT FKXKFGF COQPI VJG GEENGUKCUVKECN UVCVG CPF VJG
CTEJDKUJQRQH4CXGPPC

0WOKUOCVKE JKUVQT[ QH PQTVJGTP CPF EGPVTCN +VCN[ KU FQOKPCVGF D[ VJTGG EKVKGU )GPWC (NQTGPEG CPF
8GPKEG )QNFGP EQKPU YGTG HKTUV KUUWGF KP )GPQC HQNNQYGF KP VJCV UCOG [GCT D[ (NQTGPEG 8GPKEG
HQNNQYGFUWKVCNKVVNGNCVGT(NQTGPEGCPF8GPKEGEQKPUKPRCTVKEWNCTJCFITGCVKPHNWGPEGQPKPVGTPCVKQPCN
HKPCPEKCNOCTMGVU(NQTGPEGEQKPCIGOCKPN[KPHNWGPEGFVJGPQTVJ'WTQRGŉUOCKPNCPFYJGTGCU8GPKEGŉU
KPHNWGPEGGZVGPFGFGCUVYCTFVQVJG.GXCPV

0WOKUOCVKE JKUVQT[ TWPU RCTCNNGN VQ RQNKVKECN JKUVQT[ )GPQC OCKPN[ KPHNWGPEGF VJG YGUVGTP RCTV QH VJG
/GFKVGTTCPGCP
NCVGTCNUQVJGGCUVGTPRCTV8GPKEGKVUGCUVGTPRCTVCPF(NQTGPEGVJGOCKPNCPFQH'WTQRG
/KNCPGUGKPHNWGPEGYCUOCKPN[NKOKVGFVQ+VCN[

/+.#01

#ODTQUGYCUHTQOCRTQOKPGPV4QOCPHCOKN[CPFKPJGDGECOG%QPUWNCTKU.KIWTKCGGV#GOKNKCG
JKU UGCV KP /KNCP 9JGP JG VTKGF VQ OGFKCVG KP VJG HGWF DGVYGGP VJG #TKCPU CPF VJG %CVJQNKE %JWTEJ
FWTKPI VJG EQPVTQXGTU[ UWTTQWPFKPI VJG UWEEGUUKQP QH $KUJQR #WZGPVKWU DQVJ RCTVKGU CUMGF JKO VQ
DGEQOGDKUJQRQH/KNCPYJKEJJGYQWNFIQQPVQDGHTQOVQ*GKUEQPUKFGTGFVQDGQPGQHVJG
HQWT ITGCV .CVKP EJWTEJ HCVJGTU *G TGLGEVGF CNN UVCVG KPVGTHGTGPEG KP CHHCKTU QH VJG EJWTEJ *G KU QHVGP
FGRKEVGFYKVJCYJKRU[ODQNKUKPICOGCPUQHFTKXKPICYC[VJGGPGOKGUQHVJGEJWTEJVJG#TKCPU
UGG

WPFGT2CXKC
5V#ODTQUKWU
148
ITALY - MILANO
+P VJG DGIKPPKPI KG HTQO VJG RTKOC TGRWDNKEC KP JG KU RQTVTC[GF KP HWNN QP EQKPU UQOGVKOGU
VQIGVJGT YKVJ VJG UCKPVU 2TQVCUKWU CPF )GTXCUKWU VQ YJQO C DCUKNKEC KU EQPUGETCVGF KP 2CXKC
HQT VJG
JKUVQT[QHDQVJVJGUGUCKPVUUGG$TGKUICW$CUGN.CVGTHTQO(TCPEGUEQ5HQT\CKPYJGPVJGFWMGU
RWVVJGKTRQTVTCKVUQPEQKPUJGKUJQPQWTGFD[CPKPKVKCNU[ODQNKPVJGVGZVIGPGTCNN[C YJKEJEQWNF

DGUWDUVKVWVGFD[JKUGHHKI[
UGGRJQVQ

'TCQHMKPIUCPFGORGTQTU

'XGPDGHQTGVJGNCUV%CTQNKPIKCPYCUMKPIQH+VCN[
$KUJQR#PURGTVQEQPUQNKFCVGFVJGDGPGHKVUQHVJG
(TCPMKUJ GTC JG GUVCDNKUJGF VJG EWUVQF[
QH VJG KTQP ETQYP QH .QODCTF[ YJKEJ ICXG VQ KVU
JQNFGTMKPIUJKRQXGTPQTVJGTP+VCN[VJQWIJWPVKNKVYCUWUWCNN[DGUVQYGFCV2CXKC

+PVJGKPVGTOKVVGPVRGTKQFCPQPIQKPIUVTWIINGTCIGFDGVYGGPVJGDKUJQRCPFVJGMKPIGORGTQTYKVJVJG
GZEGRVKQPQHCUJQTVRGTKQFWPFGT1VVQ+

#V VJG EQTQPCVKQP QH %QPTCF ++ KP 4QOG KP VJG #TEJDKUJQR QH /KNCP YJQ JCF HCXQWTGF JKU
GNGEVKQP CICKPUV VJG EJQKEG QH VJG DKUJQR QH 2CXKC CPF JCF ETQYPGF JKO KP /KNCP CU -KPI QH +VCN[
QDVCKPGFCRCRCNDWNNGUVCDNKUJKPIVJGUWRTGOCE[QHJKUUGGQXGTCNNQVJGTUKP+VCN[YKVJVJGGZEGRVKQPQH
4QOG6GP[GCTUQP$KUJQR'TKDGTVQECNNGFHQTVJGCKFQHVJGRGQRNGKPVJGDCVVNGCICKPUVVJGGORGTQT
6JG RGQRNG ICXG JKO CU VJGKT UVCPFCTF VJG HCOQWU ŋECTTQEEKQŌ QT QZFTCYP ECTTKCIG YKVJ VJG EKV[

DCPPGTYJKEJKPURKTGFNCVGTIGPGTCVKQPUVQGRKEJGTQKUOKPCUKOKNCTUVTWIINGHQTHTGGFQO
+P HQNNQYKPI C TGXQNV VJG RGQRNG DGECOG KPFGRGPFGPV QH VJG DKUJQR CPF C EQOWPG GOGTIGF KP
YJKEJPQDKNKV[YCUQPN[CNNQYGFVQRCTVKEKRCVGKHVJG[CEVGFCUEKVK\GPU6JG.QODCTFEKVKGUYGTGPQY
RTCEVKECNN[KPFGRGPFGPVWRVQVJGCEEGUUKQPVQVJGVJTQPGQH(TGFGTKEM$CTDCTQUUCKP*GFGOCPFGF
VJCV KORGTKCN UWRTGOCE[ DG TGUVQTGF CPF KP UVQQF CV VJG ICVGU QH /KNCP 6JG EKV[ YQWNF GPLQ[ C
DTKGHOQOGPVQHKPFGRGPFGPEGDWV$CTDCTQUUCCRRGCTGFDGHQTGVJGEKV[ICVGUCUGEQPFVKOGCPFTC\GF
FQYPVJGGPVKTGEKV[NGCXKPIVJGEJWTEJGUUVCPFKPI6JGEKVK\GPUYGTGDCPKUJGFVQRNCEGUKPVJGTGIKQP
5Q CU VQ FGHGPF .QODCTF HTGGFQO EKVKGU WPKVGF
.QODCTF .GCIWG CNN GZEGRV 2CXKC +P
(TGFGTKEM CRRGCTGF KP .QODCTF VJG VJKTF VKOG DWV VQ PQ CXCKN 6JG HQNNQYKPI [GCT UCY C RGCEG
PGIQVKCVGFKP8GPKEGDGVYGGPVJGRQRGVJGGORGTQTCPFVJG.QODCTFEQOWPGUEGOGPVGFD[VJG2GCEG
QH%QPUVCPEG
+P(TGFGTKEM++VTKGFQPEGCICKPVQTGUVQTGKORGTKCNUYC[DWVJGVQQHCKNGF
9JGP(TGFGTKEM++FKGFKPVJGEKVK\GPUFGENCTGFVJGŋ(KTUV#ODTQUKCP4GRWDNKEŌ
16610'+++++

&GPCTQ UEQFGNNCVQ # (NQTKCVGF ETQUU YKVJ QPG RGNNGV KP GCEJ CPING 161 +/2'4#614 4
%CTQNKPIKCPVGORNG4'.+8+8++&8$KCIIKIT +TTGIWNCTHNCPXGT[HKPGVQGZVTGOGN[HKPG
(TCPEGUEJK$TWUUGN
'04+%1++

&GPCTQUEQFGNNCVQ#*'4+%0KPHKGNF +/2'4#6144#8) /'&+1.#0+8KP

HKGNF$KCIIKIT 6TCEGUQHXGTFKITKUXGT[HKPG
*WK\KPIC&GNHV
149
ITALY - MILANO

'04+%1++++88

&GPCTQ UEQFGNNCVQ # %TQUU KP EKTEG QH RGNNGVU /'&+1.#08 4 *' 4+% 0 KP HKGNF
+/2'4#614$KCIIKIT /KPQTHNCPETCEMQVJGTYKUGIQQFGZVTGOGN[HKPG
%TKRRC/KNCPQ
#EEQTFKPIVQ2QVVGT
RVJKUKU'PTKEQ8+
+FQPQVVJKPMUQCUVJGUV[NGKUFKHHGTGPV
('&'4+%1+

&GPCTQUEQFGNNCVQ#Ő+Ő2Ő4Ő6ETQUUUJCRGFKPEKTEGQHRGNNGVU (4'&'4+%854 /'
&+1Ő.#08/$GVYGGPVYQVTGHQKNUCPFHQWTRGNNGVU$KCIIKIT
&CTMVQPGQDXGTUGCNKVVNGQHHEGPVTGCNOQUVGZVTGOGN[HKPG
$QWTIG[2CTKU
+246+O2G4C6QT
6JG(KTUV4GRWDNKE

(TKEVKQP KOOGFKCVGN[ CTQUG DGVYGGP VJG EKVK\GPU CPF PQDKNKV[ NKXKPI QWVUKFG VJG EKV[ YCNNU 6JG NCVVGT
QHVGP QH )GTOCP FGUEGPV ECNNGF VJGOUGNXGU )JKDGNNKPGU 6JG EKVK\GPURTGFQOKPCPVN[QH.CVKPFGUEGPV
ECNNGFVJGOUGNXGU)WGNHU6JGEKV[OCIKUVTCVGYCUVJGRQFGUV¯+PCFKURWVGKIPKVGFDGVYGGPVJGVYQ
RCTVKGUQXGTVJGEJQKEGQHVJGRQFGUV¯+PPQDKNKV[JCXKPIDGGPFTKXGPHTQOVJGEKV[VQIGVJGTYKVJ
)JKDGNNKPGU HTQO VJG UWTTQWPFKPI EKVKGU CRRGCTGF CV VJG ICVGU QH /KNCP
VJGKT NGCFGT YCU VJG ETWGN
'\\GNKPQ FC 4QOCPQ DCUVCTF UQP QH (TGFGTKEM ++ 6JG RGQRNG EJQUG /CTVKPQ FGNNC 6QTTG CU ŋ%CRQ
#P\KCPQ G 5KIPQTŌ QH VJG EKV[ '\\GNKPQ NQUV CPF RGTKUJGF KP DCVVNG 6JG RQRG JCXKPI UWRRQTVGF VJG
)WGNHUCUNQPICUVJKUYCUKPJKUQYPKPVGTGUVPQYHGCTGFCPKPFGRGPFGPVRGQRNG6JGTGHQTGJGCRRQKPVGF
1VVQ8KUEQPVKCUDKUJQR
HTQOQPGQHVJGNGCFKPI)JKDGNNKPGHCOKNKGU+P/CTVKPQFGNNC6QTTGFKGF
CPFYCUUWEEGGFGFD[JKUDTQVJGT(KNKRRQYJQJQYGXGTFKGFUJQTVN[CHVGTKPVQDGUWEEGGFGFD[
JKUEQWUKP0CRQNGQPGQH0CRQYJQKPYCUCEMPQYNGFIGFVQDGŋ+ORGTKCN8KECTHQTVJGVGTTKVQT[QH
/KNCPŌD['ORGTQT4WFQNHQH*CDUDWTI1VVQ8KUEQPVKJCFRTGRCTGFGXGT[VJKPIVJQTQWIJN[CPFKP
QWVQHPQYJGTGPQDKNKV[UVTWEM0CRQYCUVCMGPECRVKXGCPFFKGFKP
1VVQ8KUEQPVKJCFCNNVJGRQYGTPQY
KPCUQPQH0CRQVTKGFVQVWTPVJGVKFGDWVYKVJQWVUWEEGUU
+P 1VVQ PQOKPCVGF JKU EQWUKP /CVVGQ 8KUEQPVK %CRQ QH VJG %KV[
KP 4WFQNH QH *CDUDWTI
CEMPQYNGFIGFJKOCU+ORGTKCN8KECT1VVQFKGFKPDWVVJG8KUEQPVKUOCKPVCKPGFCVKIJVITKRQP
RQYGT$WVVJGVCDNGUYQWNFVWTP+P)WKFQFGNNC6QTTGCPFJKUVYQDTQVJGTU
UQPUQH0CRQFTQXG
CYC[ /CVVGQ 8KUEQPVK CPF JKU QNFGUV UQP )CNGC\\Q *KU VYQ DTQVJGTU FKGF NGCXKPI )WKFQ DGJKPF +P
JGDGECOGECRVCKPIGPGTCNQHVJG)WGNHKE.GCIWGCPFKP%CRKVCPQFGN2QRQNQYJKNGKP
JKUEQWUKP%CUUQPGDGECOGCTEJDKUJQRQH/KNCP$WVCUVQTODTGYKPIDGJKPFVJG#NRUYQWNFUQQPEQOG
FTKHVKPIQXGTVJGOQWPVCKPUVJG)GTOCPGORGTQTQPEGCICKPKPVGTXGPGFKP+VCNKCPCHHCKTU
24+/#4'27$$.+%#

#ODTQUKPQ # %TQUU YKVJ ETGUEGPV KP VJG PF CPF TF CPINGU /'&+1.#08 4 'PVJTQPGF 5V
#ODTQUKWU YKVJ ETQUKGT CPF DNGUUKPI JCPF 5%5 Ő #/ ã ã $415+8 $KCIIK XCT IT
/CIPKHKEGPVRCVKPCIQQFGZVTGOGN[HKPG
%TKRRC/KNCPQ
%0+
+P$KCIIKHQWTETGUEGPVUCPFHQWTRGNNGVU
150
ITALY - MILANO
6YQ)GTOCPGORGTQTU*GPT[
'PTKEQ8++CPF.QWKU
.QFQXKEQ

+V YQWNF RTQXG VJG NCUV VKOG VJG )GTOCP GORGTQTU YQWNF KPVGTHGTG *GPT[ 8++ QH .WZGODWTI DGECOG
GORGTQTKPCPFTQFGVQ#UVKKPVQCUUGTVJKUENCKOVQKVCPFCNQPIYKVJKVJKU+VCNKCPENCKOU
/CVVGQ8KUEQPVQKOOGFKCVGN[VTKGFVQTGUVQTGJKUQNFRQUKVKQP*GPT[CTTKXGFKP/KNCPQP&GEGODGT
VQIGVJGTYKVJ/CVVGQCPF)CNGC\\Q1P,CPWCT[JGYCUETQYPGFKPVJG5V#ODTQIKQYKVJ
VJGKTQPETQYPQH.QODCTF[D[VJGJCPFQH%CUUQPGFGNNC6QTTG

6JG 8KUEQPVKU VJGP QTICPKUGF CP KPUWTIGPE[ CICKPUV VJG 6QTTKCPK YJQ YGTG UWDUGSWGPVN[ FTKXGP HTQO
/KNCP+VYQWNFDGVJGGPFQHFGOQETCE[KP/KNCP

/CVVGQCPFJKUUQP)CNGC\\QKOOGFKCVGN[TGVWTPGFVQ/KNCPCPF*GPT[NGPVVJGOVJGKORGTKCNXKECTKCVG
KPTGVWTPHQTCNCTIGUWOQHIQNF6JG8KUEQPVKUPQYJCFCVKIJVITKRQPVJGTGKPUQHRQYGTVJQWIJKV
YQWNFVCMGCPQVJGT[GCTUDGHQTGVJGKTRQYGTYQWNFDGCDUQNWVGRGTUQPKHKGFD[#\\QPG
ITCPFUQPQH
/CVVGQ

+PVJG)WGNHUCICKPDWKNVWROKNKVCT[HQTEGDCEMGFD[VJGRQRGYJQJCFQTFGTGF/CVVGQVQCRRGCT
DGHQTG VJG KPSWKUKVKQP 6JG RCRCN NGICVG YCU QWUVGF D[ /CVVGQŉU UQP /CTEQ DWV /CVVGQ FKGF CPF
)CNGC\\QYCUNGHVDGJKPF6JGRQRGPQYRTGCEJGFCJQN[YCTCICKPUVVJG8KUEQPVKU6JGRQRGŉUCTO[FKF
PQVRTGXCKNCPFVJG8KUEQPVKUYGPVQPVQGPFVJG)WGNHFTGCOUQPEGCPFHQTCNNYKVJVJGCKFQH.QWKU8

6JKU DTQWIJV QP VJG QRRQUKVKQP QH VJG QVJGT )JKDGNNKPG RTKPEGU YJQ HGCTGF 8KUEQPVK JGIGOQP[ 6JG[
KPXKVGF.QWKUVQEQOGCPFDGETQYPGFYJKEJJGCEEGRVGFKPYJGPJGECOGVQ/KNCP#VCDCPSWGV
CPCVVGORVYCUOCFGVQRQKUQPJKOCPFVJG8KUEQPVKUYGTGUWDUGSWGPVN[CTTGUVGF.QWKUVJGPCRRQKPVGFC
IQXGTPQT

6JGGORGTQTTGNGCUGFVJG8KUEQPVKUDWV)CNGC\\QFKGFFWTKPIJKUGZKNGKP.WEEC*KUDTQVJGTU.WEJKPQ
)KQXCPPK5VGHCPQCPF/CTEQCPFJKUUQP#\\QPGCITGGVQRGCEGYKVJVJGGORGTQTCICKPUVRC[OGPVQH
HNQTKPU+P#\\QPGTGEGKXGFVJG+ORGTKCN8KECTKCVG*GUVCIGFCVTKWORJCPVGPVT[KPVQ/KNCP
YKVJVJGCRRTQXCNQHVJGRGQRNG6JGCIGQHVJG8KUEQPVKUFCYPGF
'04+%18++FK.755'/$74)1

)TQUUQ#%TQUUYKVJQPGVTGHQKNKPGCEJCPING *'04+%854':4'PVJTQPGF5V#ODTQUKWU

YKVJETQUKGTCPFDNGUUKPIJCPF/'&+1.#08/$KCIIKIT 48GT[HKPG
PQ
6JKUKUVJGHKTUVKPUVCPEGQHVJGKOCIGQH5V#ODTQIKQQPCVJTQPGUQOGVJKPIVJCVYCUVQDGEQPVKPWGFVJTQWIJQWV
VJG8KUEQPVKTGKIP
151
ITALY - MILANO
6JG8KUEQPVKU

6QYCTFUVJGGPFQHVJGVJEGPVWT[)KCP)CNGC\\QEQOOKUUKQPGFCRGFKITGG6TCEKPIVJGQTKIKPUQH
VJKUHCOKN[DCEMVQVJGEQWPVUQH#PIGTCYJQO)TGIQTVJG)TGCVUWRRQUGFN[ITCPVGFVJGTQ[CNEQWTVUKP
/KNCP/QP\C6TGXKINKQCPF#PIGTCO[VJQNQIKECNHKIWTGUUWEJCU1VVQPGYJQFWTKPIVJG(KTUV%TWUCFG
TGRWVGFN[ MKNNGF C 5CTCEGP MKPI DGHQTG VJG ICVGU QH ,GTWUCNGO VCMKPI JKU UGTRGPV GODNGO CPF CNUQ
)CNXCPQYJQUGUKIPQTKCCPFEQOKVCNFKIPKV[YGTGVCMGPHTQOJKOD[(TGFGTKEM+$CTDCTQUUCHQTJKUTQNG
KPFGHGPFKPI/KNCPCPFYJQYCUFGITCFGFVQXKEGEQOGUXKUEQPVGUJQWNFDGEQPUKFGTGFNGIGPFCT[+P
VJG HKTUV FWMG QH /KNCP QDVCKPGF VJG TGEQIPKVKQP QH JKU PQDNG FGUEGPV CPF VJG EQOKVCN FKIPKV[ QH
#PIGTCHTQO'ORGTQT9GPEGUNCUQPVJGITQWPFUQHVJKURGFKITGG

6JKUHCOKN[RTQDCDN[JCUVQDGNKPMGFVQVJGFKIPKV[QHXKEGEQOGUQEEWTKPIKPVJG/KNCPQH%CTQNKPIKCP
FC[U

6JGCTOUQHVJG8KUEQPVKUKUOCFGWRQHCUPCMGRQUUKDN[VJGEQWPVGTRCTVQHVJGUPCMGQPVJGDCUKNKECQH
5V #ODTQIKQ YJKEJ JGNF C 5CTCEGP KPKVUOQWVJGXGTUKPEGVJG(KTUV%TWUCFG+PUVGCFQHCUPCMGVJG
ETGUVFGRKEVUCFTCIQPVJQWIJVJCVCNUQJCUVJG5CTCEGPKPVJGOQWVJ

6JGRGEWNKCT8KUEQPVKGODNGOQHVJGDTCPFCPFDWEMGVUKPVJGHKGNFYJKEJKUVJQWIJVVQJCXGQTKIKPCVGF
YKVJ)CNGC\\Q++CV2CXKCVJQWIJ+JCXGDGGPWPCDNGVQFKUEQXGTKVUQTKIKPCPFUKIPKHKECPEG
2QVVGTR
#<<10'8+5%106+

$QTPKP(GTTCTCCVVJGEQWTVQH#\\QPG8+++#HVGTJCXKPIJGNFUGXGTCNQHHKEGUJGYCUPQOKPCVGFUKIPQTG
QH%TGOQPCCPFJGFGHGCVGFVJG$QNQIPGUGVJQWIJJGHGNNECRVKXGVQIGVJGTYKVJJKUHCVJGT)CNGC\\Q+

.QWKUVJG$CXCTKCPJCFJCFGPQWIJQHVJG[Q[QRQNKVKEUQHVJG8KUEQPVKU+PJGDGECOGKORGTKCN
XKECTQH/KNCP
HQTYJKEJJGJCFRC[GFHNQTKPUCPFKPŋUKIPQTGIGPGTCNGŌ*GEQPSWGTGFC
ITGCVPWODGTQHEKVKGUCPFFKGFYKVJQWVNGCXKPIOCNGJGKTU
#\\QPGKUVJGHKTUVVQJCXGOKPVGFKPJKUQYPPCOGKP/KNCP
QHVJG[GCTVJCVJGCUUWOGFQHHKEG
VJGTGKUCEQKPVQIGVJGTYKVJ.WFQXKEQ+8OGTGN[KPFKECVKPIJKUPCOGD[VJGNGVVGTU#<
$KCIIK
(KTUVKUUWG

)TQUUQ#(NQTKCVGFETQUUKPSWCVTGHQKN #<18+%'%1/'5 Ő/'&+1.#08/4'PVJTQPGF

5V#ODTQUKWUYKVJETQUKGTCPFDNGUUKPIJCPFH5Ő#/$415+85ŐUPCMGŐ$KCIIK%TKRRC
IT 0KEGRCVKPCYGCMN[UVTWEMXGT[HKPG
5RKPM<ÒTKEJ
#V VJG GPF QH VJG TGXGTUG VGZV KU VJG UPCMG VJG CTOU QH VJG 8KUEQPVKU
LWUV CU QP PQ YJGTG KV CRRGCTU
HTCIOGPVGF
152
ITALY - MILANO

)TQUUQ#(NQTKCVGFETQUUKPSWCVTGHQKN #<18+%'%1/'5 Ő/'&+1.#08/4'PVJTQPGF

5V#ODTQUKWUYKVJETQUKGTCPFDNGUUKPIJCPF5#/$415+85ŐŐUPCMGŐ$KCIIK%TKRRC
IT (NCPETCEMCPFUNKIVJGN[EQTTQFGFXGT[HKPG
PQ
#HVGT#\\QPGJCFFKGFYKVJQWVOCNGKUUWGJKUHCVJGTŉUDTQVJGTU.WEJKPQCPF)KQXCPPKECOGVQVJGHQTG
6QIGVJGT VJG[ YQWNF TWNG /KNCP HQT VGP [GCTU 6JGP .WEJKPQ FKGF CPF )KQXCPPK TWNGF QP CNQPG WPVKN

6JGUGCTGVJGVYQRGTKQFUVQDGFKUVKPIWKUJGFKPEQKPCIGCNUQGZEGRVHQTCV[RGQHYJKEJ.WEJKPQ
JCFUVTWEMGZENWUKXGN[KPJKUQYPPCOG

.WEJKPQ
+P VJG VGP [GCTU QH LQKPV TWNG D[ .WEJKPQ CPF )KQXCPPK VJGTG YCU PQ YCT CPF VJG VGTTKVQT[ VJTKXGF

GEQPQOKECNN[CNNQYKPIGXGT[DQF[VQGPICIGKPRGCEGCDNGCEVKXKVKGU

)KQXCPPK

)KQXCPPKYCUCTEJDKUJQRQH/KNCP*GYCUVJG8KUEQPVKYJQGPUWTGFVJGJGTKVCDKNKV[QHVJGUKIPQTGVKVNG

YJKEJ CNN DWV QDNKVGTCVGF VJG KPHNWGPEG QH VJG EQOWPG *G DQWIJV $QNQIPC CPF )GPWC ECRKVWNCVGF VQ
JKO+PJQYGXGTVJGRNCIWGUVTWEMCPFJCNHVJGRQRWNCVKQPFKGF

*GFKFPQVOCPCIGVQJCXGJKUKNNGIKVKOCVGUQP.GQPCTFQGNGEVGFUWEEGUUQTCPFJKUFGCVJKPNGHVC
XCEWWO VJCV VJG VJTGG UQPU QH JKU DTQVJGT 5VGHCPQ
Ŏ /CVVGQ ++ $GTPCDÈ CPF )CNGC\\Q ++
RTQORVN[HKNNGF
.7%*+01CPF)+18#00+8+5%106+

)TQUUQ#(NQTKCVGFETQUUKPSWCVTGHQKN +10'5<.8%*+0858+%'%1/+6'54'PVJTQPGF

5V #ODTQUKWU YKVJ ETQUKGT CPF DNGUUKPI JCPF 5 #$415+ /'&+1.#08 $KCIIK %TKRRC
IT &CTMRCVKPCKTTGIWNCTHNCPXGT[HKPG
$QWIJV
'Z&GMMGTEQNNGEVKQP
6JKUUVKNNKUCPGZCEVEQR[QH#\\QPGŉUITQUUQ
153
ITALY - MILANO
1H VJG VJTGG DTQVJGTU YJQ UWEEGGFGF )KQXCPPK /CVVGQ UQQP FKGF
$QVJ TGOCKPKPI DTQVJGTU
)CNGC\\Q ++
CPF $GTPCDÈ
UVTWEM EQKP KPFKXKFWCNN[ DWV CNUQ VQIGVJGT

)CNGC\\Q++

+PKVKCNN[)CNGC\\QTGUKFGFQWVUKFG/KNCP7RQPJKUTGVWTPVQVJGEKV[JGYCUKOOGFKCVGN[DCPKUJGFCU

JGRQUGFCVJTGCVVQVJGNGIKVKOCVGUWEEGUUKQPQHJKUWPENG.WEJKPQ*GHQWPFTGHWIGYKVJ#OCFGQ8+QH
5CXQKC
KP6JGPJGHNGFVQ9CCFVNCPF+PJKUWPENG#TEJDKUJQR)KQXCPPK
YJQCVVJCVVKOG
YCUVJGQPN[TGOCKPKPIUKIPQTGQHVJGVQYPECNNGFJKODCEMVQ/KNCP6JCVUCOG[GCT/CVVGQ$GTPCDÈ
CPFJGJKOUGNHYGTGFGGOGFNGIKVKOCVGD[VJGUKIPQTK

#HVGT VJG RQYGTHWN CTEJDKUJQR JCF FKGF KP VJG VGTTKVQTKGU YGTG FKXKFGF 6JG VJTGG DTQVJGTU JCF
FKHHKEWNV[ MGGRKPI VJG YJQNG VGTTKVQT[ VQIGVJGT 6JWU $QNQIPC )GPQC CPF 2CTOC COQPIUV QVJGTU YGTG
NQUVCICKP9JGP/CVVGQFKGF)CNGC\\QNGHV/KNCPVQ$GTPCDÈCPFYKVJFTGYVQ2CXKCYJGTGJGQPVJG
QPGJCPFRTQOQVGFCTVU
COCIPKHKEGPVRCNCEGCPFNKDTCT[DWVQPVJGQVJGTEQPVTKXGFVJGŋ3WCTGUKOCŌ
CFC[RGTKQFQHVQTVWTGYKVJKPVGTTWRVKQPU

(QTVJGEQKPUUVTWEMKP2CXKCD[)CNGC\\Q++UGGWPFGTPQUCPF6JGUGUJGFUQOGNKIJVQP
VJGENQVJKPIQH#ODTQUGQP/KNCPGUGEQKPU
UGGWPFGT#ODTQUG

$GTPCDÈ

$GTPCDÈKPOCTTKGF4GIKPCFCWIJVGTQH/CUVKPQFGNNC5ECNC*GNQXGFJKUYKHGUQOWEJ
UJGDQTG

JKOEJKNFTGPVJCVJGJCFVJG5V/CTKCFGNNC5ECNCDWKNVKPJGTJQPQWT
CHVGTYJKEJVQFC[ŉU6GCVTQ
FGNNC5ECNCYCUPCOGF

*GYCURTGFGUVKPGFVQRWTUWGCPGEENGUKCUVKECNECTGGTDWVJGYCUOQTGFTCYPVQXKQNGPEG6JKUOCFG
JKOCEQPUVCPVFCPIGTHQTJKUWPENG.WEJKPQYJQEQPUGSWGPVN[JCF$GTPCDÈDCPKUJGF+P$GTPCDÈ
YCUCEMPQYNGFIGFVQDGVJGNCYHWNUWEEGUUQTKPVJGUKIPQTKCCNNVJGUCOG+PJGCPFJKUDTQVJGTU
DQWIJV VJG KORGTKCN XKECT HTQO %JCTNGU +8 CPF VJWU CUUWTGF VJGOUGNXGU QH EQPVTQN QXGT VJG EJWTEJ QH
/KNCP9JGP/CVVGQFKGFKP)CNGC\\QYKVJFTGYVQ2CXKC

0QY $GTPCDÈ EQWNF IKXG HWNN TGKP VQ VJG RWTUWKV QH JKU HCXQWTKVG CEVKXKV[ YCTHCTG *G YCIGF OCP[ C
YCT OQUV QH VJG VKOG YKVJQWV CP[ ENGCT QWVEQOG 1P /C[ JG YCU KORTKUQPGF D[ JKU PGRJGY
)KCP)CNGC\\QVJGUQPQHJKUDTQVJGT)CNGC\\Q++CPFFKGFUJQTVN[CHVGT
)#.'#<<1CPF$'40#$ 8+5%106+

2GIKQPG#5PCMGWPFGTKORGTKCNGCINGCPFDGVYGGP$CPF)KPVTGHQKNVJTGGTKPIUKPGCEJCPING

$'40#$15Ő<)#.'#<Ő8+%'%1/+6'54'PVJTQPGF5V#ODTQUKWUYKVJETQUKGTCPFYJKR5
#/$415'2/'&+1.#08$KCIIK%TKRRC$IT
+TTGIWNCTHNCPCPFGFIGHCWNVXGT[HKPG
6QFGTK(NQTGPEG
$KCIIKFQGUPQVIKXG'2DWVCP+CVVJGGPFQH#/$415
6JKU KU VJG HKTUV KPUVCPEG QH 5V #ODTQIKQ DGKPI RQTVTC[GF YKVJ C YJKR JKU VTCFKVKQPCN YGCRQP CICKPUV VJG #TKCPU
KPUVGCF QH C DNGUUKPI JCPF 2QVVGT JQYGXGT YTKVGU PQY KV YCU CRRNKGF VQ JKU NGIGPFCT[ CRRGCTCPEG CV VJG DCVVNG QH
2CTCDKCIQKPD[YJKEJ.WEJKPQYCUGPCDNGFVQEQPUQNKFCVGVJG8KUEQPVKRQYGT
R
$#40#$ 8+5%106+

&GPCTQ#(NQTKCVGFETQUU &1/+085$0#$154 +/2'4+#.+5KPHKGNFDGVYGGPVYQ

UPCMGUCPFHQWTVTGHQKNU$KCIIK%TKRRCIT &CTMRCVKPCXGT[HKPG
6KGVLGP*CODWTI
.GIGPF5KIPQTG$GTPCDÈ+ORGTKCNKU
$KCIIKOGPVKQPU$0$15QT$0#$15
154
ITALY - MILANO
)+#0)#.'#<<18+5%106+

)KCP )CNGC\\Q UQP QH )CNGC\\Q ++ CPF $KCPEC QH 5CXQKC JCF DGGP DGVTQVJGF VQ +UCDGNNC QH 8CNQKU

FCWIJVGTQH,QJP++QH(TCPEGCVCXGT[[QWPICIG9JGP,QJP++NQUVVQ'FYCTF+++QH'PINCPFKP
CV2QKVKGTUJGYCUHQTEGFVQRC[CTCPUQOQHOKNNKQP¾EWCPFEQPUGSWGPVN[YCUKPFKTGPGGFQHOQPG[
)CNGC\\Q RCKF JKO UEWFK HQT VJG OCTTKCIG CPF VJWU CESWKTGF VJG EQWPV[ 8KTVW KP VJG
%JCORCIPG6JKUKUFQEWOGPVGFQPJKUEQKPUCU%QOGU8KTVXVXO
+PJGYGFFGF+UCDGNNCCPFKPUJGICXGJKOCFCWIJVGT8CNGPVKPCCPFVJTGGUQPUVJCVCNNFKGFCV
CPGCTN[CIG+UCDGNNCFKGFKP
#HVGT JKU HCVJGT JCF RCUUGF CYC[ JG TGOCKPGF KP 2CXKC UGGOKPIN[ UWDOKVVKPI VQ VJG FQOKPKQP QH JKU
WPENG$GTPCDÈ+PJGYGFFGF$GTPCDÈŉUFCWIJVGT%CVGTKPC
#UGCTN[CUJGCESWKTGFVJGXKECT[QH9GPEGUNCU++YJKEJWPFGTNKPGUVJGRQQTTGNCVKQPJGJCFYKVJ
$GTPCDÈ1P/C[JGJCF$GTPCDÈCPFDQVJJKUUQPU.WFQXKEQCPF4QFQNHQVJTQYPKPLCKN
)KCP)CNGC\\QUGK\GFEQPVTQNQHVJGVQYPCPFJCFJKOUGNHRTQENCKOGF&QOKPWUIGPGTCNKU6JGPJGVQQM
/QPHGTTCVQCPFCUUWTGFJKOUGNHQHVJGPGWVTCNKV[QHVJG*QWUG5CXQKC*GVJGPWPFGTVQQMCECORCKIPKP
8GPGVQ CPF KP 6WUECP[ UQ CU VQ CVVCKP VJG WNVKOCVG IQCN QH VJG 8KUEQPVKU VQ DG ETQYPGF MKPI QH
.QODCTF[ CPF 6WUEKC +P EQPUVTWEVKQP QH VJG /KNCP ECVJGFTCN CPF VJG %GTVQUC KP 2CXKC YCU
EQOOGPEGF # VTGCV[ YKVJ 8GPKEG GPCDNGF JKO VQ VQRRNG VJG UKIPQTKC QH VJGFGNNC5ECNC*GUQWIJVVQ
HQTIG CP CNNKCPEG YKVJ 5CXQKC CPF (TCPEG CPF VQ VJCV GPF YGFFGF JKU FCWIJVGT 8CNGPVKPC QHH VQ .QWKU
&WMGQH1TN¾CPU
RCTGPVUQHVJGHCOQWURQGV%JCTNGUFŉ1TN¾CPU+PJGVTCXGNNGFVQVJGGORGTQTCPF
PGIQVKCVGFVJGGNGXCVKQPQH/KNCPVQFWEJ[CICKPUVCRC[OGPVHNQTKPUJGJKOUGNHVQDGKVUHKTUV
FWMG *KU NCVGT EQWPVUJKRU QH 2CXKC KP CPF #PINGTC KP YGTG QH UOCNN EQPUGSWGPEG KP
EQORCTKUQP*GCDCPFQPGFJKURNCPQHEQPSWGTKPI)GPQCKPHCXQWTQHVJG(TGPEJMKPIDWVFKFQEEWR[
2KUC2GTWIKC#UUKUKCPF5KGPC6JGUWFFGPFGCVJQH)KCP)CNGC\\QRTGXGPVGFVJGUWTTGPFGTQH(NQTGPEG
VQVJG8KUEQPVKU
+P JKU YKNN JG TCPMGF JKOUGNH CPF JKU HCOKN[ COQPI 'WTQRGŉU ITGCV F[PCUVKGU *KU VYQ UQPU )KQXCPPK
/CTKC
CPF(KNKRRQ/CTKC
UWEEGGFGFEQPUGEWVKXGN[
#UUKIPQTG

5GUKPQ#%TQUUYKVJNKUKPVJGCPINGU Ő)#.'#<Ő%1/'5Ő8+46868/Ő45PCMGDGVYGGP

)CPF< Ő&1/+085Ő/'&+1.#0+Ő%ŉ$KCIIK%TKRRCIT
PQ
4GXGTUGVGZV%QOGUCPF5KIPQTG/GFKQNCPWOGVE
6JGNCUVRCTVQHVJGTGXGTUGVGZV%ŉUVCPFUHQT'6%GVGTC
155
ITALY - MILANO
#UFWEC

)TQUUQ # 5PCMG DGVYGGP ) CPF < KP SWCVTGHQKN QPG HNQYGT KP GCEJ CPING )#.'# Ő < Ő
8+%'%1'5 Ő & Ő /'&+1.#0 Ő <% 4 'PVJTQPGF 5V #ODTQUKWU YKVJ ETQUKGT CPF YJKR Ő 5 Ő
#/$415+8 Ő/'&+1.#0$KCIIK%TKRRC#IT
2NGCUKPIN[VQPGFUOCNNHNCPXGT[HKPG
6QFGTK(NQTGPEG

2GIKQPG#(NQTKCVGFETQUUKPSWCVTGHQKNUPCMG%1/'5Ő8+46868/Ő&Ő/'&+1.#0+Ő% Ő

4 'PVJTQPGF 5V #ODTQUKWU YKVJETQUKGTCPFYJKRŐ5#$415+8 Ő/'&+1.#0$KCIIK
%TKRRCIT 6TCEGUQHGPETWUVCVKQPXGT[HKPG
-WPUVW/ÒP\GP.WICPQ#WEVKQP
PQ

5GUKPQ#*GNOGVYKVJFTCIQPCUQTPCVGETGUVQ%1/'5QQ8+46868/Q4(NQTKCVGFETQUU Q

&/'&+1.#0+ó% Q$KCIIK%TKRRC$IT &CTMRCVKPCKTTGIWNCTHNCPXGT[HKPG
)CNNGTKGFG/QPPCKGU)GP½XG

&GPCTQ#)CPF<WPFGTQOGIC Ő&Ő/'&+1.#0+Ő%ŉ4(NQTKCVGFETQUU Ő%1/'5Ő

8+46868/Ő$KCIIK%TKRRC$IT 46TCEGUQHXGTFKITKUXGT[HKPG
6QFGTK(NQTGPEG
156
ITALY - MILANO
56#/$415+75
#UFKUEWUUGFDGHQTGVJGJGCFQH5V#ODTQUGECPDGUGGPVQTGRNCEGVJGKPKVKCNUU[ODQNCVVJGDGIKPPKPI
QH5HQT\CEQKPCIG

$WV 5V #ODTQUG CRRGCTU QP EQKPCIG DGHQTG VJCV RGTKQF CU YGNN (TQO VJG DGIKPPKPI QH VJG 2TKOC
4GRWDDNKECKPJGKURQTVTC[GFKPHWNNUGCVGFQPCVJTQPGCETQUKGTKPJKUJCPF+PVJGQVJGTJCPF
QPGQHCXCTKGV[QHCVVTKDWVGUEQPUGEWVKXGN[

KPVJG2TKOC4GRWDDNKECRGTKQFNCUVKPIWPVKNVJGVKOGQH)KQXCPPK8KUEQPVK
GPFKPIKPVJGDNGUUKPI
JCPF CPF HTQO VJG VKOG QH )CNGC\\Q CPF $GTPCDÈ
HTQO VQ (KNKRRQ /CTKC 8KUEQPVK
VQ
VJGYJKR

2TKOC4GRWDDNKEC

'PTKEQ8++FK.WUUGODWTIQ

#\\QPG8KUEQPVK

.WEJKPQCPF)KQXCPPK8KUEQPVK

)CNGC\\QCPF$GTPCDÈ8KUEQPVK

)KCP)CNGC\\Q8KUEQPVK
FWEC

(KNKRRQ/CTKC8KUEQPVK

6JGWRRGTTQYUJQYUVJGGHHKIKGUYKVJDNGUUKPIJCPFVJGUGEQPFTQYUJQYUVJQUGYKVJCYJKR

6JG UV[NG XCTKGU CU FQGU EWV QH VJG FKG YJKEJ KU RCTVKEWNCTN[ JCPFUQOG QP VJG EQKP HTQO VJG 2TKOC
4GRWDDNKEC6JGHCEKCNGZRTGUUKQPUCTGWUWCNN[PGWVTCNGZEGRVVQYCTFUVJGGPFYJGTG#ODTQUGKPVJG
QPGDWVNCUVRQTVTCKV
KPVJTGGSWCTVGTNQQMUTCVJGTHQTDKFFKPICPFKPVJGNCUVRKEVWTGUGGOUVQJCXGEQOG
VQVGTOUYKVJOCVVGTU

#PQVJGTTGOCTMCDNGHCEGVQHVJGUGRQTVTCKVUQH5V#ODTQUGKUJKUCVVKTG
157
ITALY - MILANO
1PVJGQNFGUVURGEKOGPUFCVKPIHTQOVJGVKOGDGHQTGVJG2TKOC4GRWDDNKEC5V#ODTQUGKURQTVTC[GF
YGCTKPICRCNNKWO

6JG RCNNKWO JCF DGGP RTGUETKDGF CVVKTG HQT CTEJDKUJQRU UKPEG VJG VJ EGPVWT[ +V YCU QH C NKVWTIKECN EJCTCEVGT ;
UJCRGF
NCVGT6UJCRGFCPFCFQTPGFYKVJUOCNNETQUUGU$GHQTGVJGRCNNKWOYCUEQPXG[GFVQVJGCTEJDKUJQRKVYCU
RWVQPVJGITCXGQH5V2GVGTYJKEJYCUVQGZRTGUUVJGUJCTGQHVJGCTEJDKUJQRUKPRCRCNCWVJQTKV[6JGCTEJDKUJQR

VQDGQTFCKPGFJCFVQIQVQ4QOGVQEQNNGEVVJGRCNNKWOJKOUGNH

#HVGTYCTFUVJGETQUUGUFKUCRRGCTGFNGCXKPIQPN[VJG;
QT6UJCRG6JGPVJKUICTOGPVGXQNXGFKPVQC
ENQCM HCUVGPGF D[ C TQUGVVG 9KVJ TGICTF VQ VJKU 2QVVGT PQVGU VJKU EJCPIG KU HKTUV UGGP QP VJG EQKPU QH
)CNGC\\Q++KP2CXKCYJKEJRQTVTC[5V5KTWU2QVVGTRTGUWOGUVJCV)KCP)CNGC\\QUKORN[EQRKGFVJKUQP
JKU /KNCPGUG EQKPU
R 6JG CFQRVKQP QH VJG UCKPVU 2TQVCUKWU CPF )GTXCUKWU QP /KNCPGUG EQKPCIG
EQPUVKVWVG C UKOKNCT ECUG QH KOKVCVKQP QH 2CXKCP U[ODQNKUO D[ /KNCP
VJGUG UCKPVU YGTG QTKIKPCNN[
TGXGTGPEGFKP2CXKCYJGTGCDCUKNKECYCUEQPUGETCVGFVQVJGO

#HVGTVJGFGCVJQH)KCP)CNGC\\QJKUUQP)KQXCPPK/CTKCUWEEGGFGFWPFGTIWCTFKCPUJKRQHJKUOQVJGT
%CVGTKPC
JG YCU QPN[ [GCTU QNF 6JG HCVJGT JCFCNYC[UVJQWIJVJKUUQPŉUEJCTCEVGTTCVJGTUKPKUVGT
CPF JCF CNTGCF[ CUUKIPGF UQ OCP[ VGTTKVQTKGU VQ JKU UGEQPF UQP (KNKRRQ /CTKC VJCV VJG VGTTKVQT[ QH
)KQXCPPK/CTKCYCUGPVKTGN[JGOOGFKPYJKEJTGSWKTGFVJGVYQDTQVJGTUVQEQQRGTCVG

6JG8KUEQPVKUFQOKPCVGFXCUVRCTVUQH0QTVJ+VCN[TGCUQPHQTOCP[VQMKPFNGHCEVKQPCNEQPVTQXGTU[6JWU
2QRG $QPKHCEG :+ TGVQQM $QNQIPC 2GTWIKC CPF #UUKUK
6JKUYCUVJGUKIPCNOCP[QNF.QODCTF
PQDNG HCOKNKGU JCF DGGP YCKVKPI HQT VJG[ UVCTVGF TGKPHQTEKPI VJGKT RQUKVKQPU UQOGVJKPI KP YJKEJ VJG[
QHVGPUWEEGGFGF

+P%CVGTKPCVTKGFVQFTKXGVJG)JKDGNNKPGUHTQOVJGEKV[DWVKPXCKP5JGHNGFVQ/QP\CVQQTICPKUG
HWTVJGTTGUKUVCPEG5CFN[UJGFKGFDGHQTGNQPIRTGUWOCDN[HTQORQKUQPKPI

)KQXCPPK/CTKCEQWNFFQPQVJKPIVQUVQRVJGFGENKPGQHFWMGUJKR1P/C[)JKDGNNKPGPQDKNKV[
TQUGKPTGXQNVRTGRCTKPIVJGTGVWTPQHVJGJGKTUQH$GTPCDÈ)KQXCPPK/CTKCYCUOWTFGTGF
(+.+221/#4+#8+5%106+

(KNKRRQ/CTKCYCUVJGPFUQPQH)KCP)CNGC\\QCPF%CVGTKPC(KNKRRQ/CTKCYCUTGCNN[CHKIWTGVQDG
RKVKGFCNYC[UKNNCUCEJKNFJGUVCTVGFUWHHGTKPIHTQOOGPVCNFKUVWTDCPEGUCVCNCVGTCIG
*G JCF CNTGCF[ KPJGTKVGF C NCTIG PWODGT QH VGTTKVQTKGU HTQO JKU HCVJGT KP #HVGT JKU DTQVJGT YCU
OWTFGTGFJGOCTTKGFVJGOWEJQNFGT$GCVTKEGFK6GPFC
YKFQYQHQPGQHVJGTGDGNU
#HVGTVJGOWTFGTQHJKUDTQVJGTKPVJGUQPQH$GTPCDÈ#UVQTTGCPFJKUITCPFUQP)KQXCPPK%CTNQJCF
UGK\GFEQPVTQNQXGT/KNCP+PVJGUCOG[GCT(KNKRRQ/CTKCTQFGKPVQ/KNCP)KQXCPPKHNGFVQ'ORGTQT
5KIKUOWPFYJQVJGPYCPVGFVQOQWPVCECORCKIPCICKPUV(KNKRRQ/CTKCYKVJQWVUWEEGUUJQYGXGT+P
(KNKRRQYCUIKXGPDCEMVKVNGCPFGUVCVG+P)GPQCECRKVWNCVGFVQ(KNKRRQ/CTKCDWVQVJGTVJCP
VJCVJKUTGKIPYCUCUVTKPIQHFKHHKEWNVKGU
158
ITALY - MILANO
(KNKRRQ /CTKC JCF C FCWIJVGT YKVJ JKU NQXGT #IPGUG FGN /CKPQ $KCPEC /CTKC 5JG OCTTKGF (KNKRRQŉU
EQOOCPFGTKPEJKGH(TCPEGUEQ5HQT\C*GUGPV(KNKRRQVQ.WEEC9KVJVJGCKFQHVJGRQRG8GPKEGCPF
(NQTGPEGNCWPEJGFCPQHHGPUKXGCICKPUV(KNKRRQGPFKPIKPVJGRGCEGQH(GTTCTCQH
0QYCUGETGVCITGGOGPVYCUOCFGYKVJ4GP¾QH#PLQW
NCVGTYKVJ#NHQPUQQH#TCIQPVQURNKV+VCN[KP
VYQ 0QTVJ CPF %GPVTCN +VCN[
GPFKPI UQWVJ QH $QNQIPC WPFGT VJG 8KUEQPVKU CPF 5QWVJ +VCN[ WPFGT
#NHQPUQ 0CVWTCNN[ 8GPKEG UVTQPIN[ QRRQUGF VJKU EQWTUG QH GXGPVU
(TCPEGUEQ 5HQT\C YCU EQPFQVVKGTG
VJGTG CU FKF (NQTGPEG (KNKRRQŉU UKVWCVKQP UVGCFKN[ FGVGTKQTCVGF DQVJ RQNKVKECN CPF YKVJ TGICTF VQ JKU
JGCNVJ 9JGP /KNCP YCU VJTGCVGPGF (KNKRRQ ECNNGF (TCPEGUEQ 5HQT\C VQ EQOG VQ JKU CKF CPF UCXG VJG
FWEJ[

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4CVVQ/KNCPQ
6JKUEQKPKUOQTGTQ[CNKPCRRGCTCPEGVJCPKVUIQNFGPRTGFGEGUUQTU6JKUYCUVQGZRTGUUVJGRTQURGTKV[QH/KNCP
6JGV[RGKPKVKCNN[JCFCEQWPVGTXCNWGQHUQNFKYJKEJKPETGCUGFVQUQNFKNCVGTKPFKECVKPIKPHNCVKQP
6JGFWMGKUECNNGF#PINWUCHVGTCO[VJKECNCPEGUVQTQHVJG8KUEQPVKGRQP[OQH#PIGTCQP.CIQ/CIIKQTG

)TQUUQ FC FWG UQNFK # %QCV QH CTOU (+.+285 „ /#4+# „ &8: „ /'&+1.#0+ „ % 4
'PVJTQPGF5V#ODTQUKWUYKVJETQUKGTCPFYJKR5#$415+85/'&+1.#0$KCIIK%TKRRC%
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-TKEJGNFQTH5VWVVICTV#WEVKQP
PQ

)TQUUQ FC FWG UQNFK # %QCV QH CTOU WPFGT ETQYP Ő & Ő / Ő (+.+28 /#4+# #0).8 4
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5RKPM<ÒTKEJ
159
ITALY - MILANO
(KNKRRQ /CTKC FKGF QP #WIWUV NGCXKPI PQ OCNG QHHURTKPI 6JWU VJG EQPVGPFGTU NKPGF WR HQT
UWEEGUUKQP (TGFGTKEM +++ #NHQPUQ QH #TCIQP
VJG EJCORKQP QH VJG 8KUEQPVKU (TCPEGUEQ 5HQT\C
CU

DCUVCTFUQPCPFVJGFWMGQH5CXQKC

7PFGT RTGUUWTG QH PGCTN[ CNN /KNCPGUG HCOKNKGU VJG #ODTQUKCP 4GRWDNKE YCU FGENCTGF QP #WIWUV
6TQWDNG KOOGFKCVGN[ CTQUG DQVJ KP VJG EKV[ CPF VJG TGIKQP
VJG GXGTRTGUGPV 8GPGVKCP VJTGCV
)QKPICICKPUVCNQVQHQRRQUKVKQPVJGEKV[OCIKUVTCVGUPQOKPCVGF(TCPEGUEQ5HQT\CVQ%CRKVCPQIGPGTCNG
*G VQQM WR VJG UYQTF CICKPUV 8GPKEG CPF YCU XKEVQTKQWU &WTKPI VJG GPUWKPI RGCEG PGIQVKCVKQPU
(TCPEGUEQŉU KPVGPVKQPU YGTG KORGFGF ECWUKPI JKO VQ FGHGEV *G UVTWEM DCEM YKVJ CP CVVCEM QP /KNCP
6JG EKV[ GZJCWUVGF UVKNN RCTVN[ UWRRQTVGF (TCPEGUEQ CPF QP (GDTWCT[ (TCPEGUEQ YCU

RTQENCKOGFFWMG

6Q FCVG OWEJ KU UVKNN WPENGCT CDQWV VJKU RGTKQF DWV VJCV VJG $QTTQOGQ HCOKN[ YJKEJ EQPVTQNNGF VJG
GPVKTGVTCFGCPFDCPMKPIRNC[GFCEGPVTCNTQNGKUDG[QPFFQWDV

9KVJ(TCPEGUEQ5HQT\CVJG*QWUGQH5HQT\CGOGTIGF+VUQTKIKPCNPCOGYCU#VVGPFQNQ/W\KQ#VVGPFQNQ
YCU FWDDGF 5HQT\C D[ %QPFQVVKGTK #NDGTKEQFC$CTDKCPQ/W\KQJKOUGNH
YCUCNUQCITGCV
EQPFQVVKGTGKPVJGUGTXKEGQHUGXGTCNTWNGTU
OCKPN[KP0CRNGU1PGQHJKUUQPUYCU(TCPEGUEQ

(TCPEGUEQEJQUGCECWVKQWUEQWTUGKPRQNKVKEU
KPEQPVTCUVYKVJJKUDGNNKIGTGPVRCUV*KUEQPPGEVKQPYKVJ
VJG/GFKEKUYCUETWEKCN
VJG[JCFGPCDNGFJKOVQTGVWTPVQ/KNCP(TCPEGUEQUWFFGPN[FKGFKP

#TQWPF YJGP JG YCU CNTGCF[ UKZV[ JG JCF C IQNFGP EQKP UVTWEM
HQNNQYGF NCVGT D[ C UKNXGT
DGCTKPIJKURQTVTCKV#HVGTVJG#WIWUVCNGQH(TGFGTKEM++HTQOCPFVJGEQKPQH%CTNÈFŉ#PIKQHTQO
$CTNGVVCHTQOCTQWPFVJKUYCUCOQPIVJGHKTUV0QTVJ+VCNKCPEQKPUDGCTKPICRQTVTCKV

+PCVKOGYJGP+VCNKCPCTVTQUGVQKVUCRQIGGKVKUPQUWTRTKUGVJCVEQKPUUVCTVGFUJQYKPIRQTVTCKVUHKTUVKP
IQNF CPF CHVGTYCTFUKPUKNXGT2QTVTCKVEQKPUYGTGUVTWEMKP5CXQKC/KNCP(GTTCTC8GPKEGCPF4QOG
COQPI QVJGT RNCEGU 6JGUG RQTVTCKV EQKPU CTG UQOGVKOGU KPFKECVGF YKVJ VGUVQPG DWV CNUQ YKVJ NKTC
HQT
GZCORNG VJG RQTVTCKV EQKP QH (TCPEGUEQ 5HQT\C HTQO CTQWPF YJKEJ KU ECNNGF ŋNKTCŌ UGG $KCIIK

6JGNKTCYCUJQYGXGTCWPKVQHCEEQWPVCVCVKOGYJGPVJGTGYGTGPQJGCXKGTUKNXGTEQKPUTGHGTTKPIVQKV
$QVJVJGNKTCQH(TCPEGUEQ5HQT\CCPFVJCVQH0KEQNÈ6TQP
8GPKEGYGKIJGFQTIT6JGHKTUV
EQKP VQ DG ECNNGF NKTC YCU VJG RQTVTCKV EQKP QH )CNGC\\Q /CTKC 5HQT\C HTQO YGKIJKPI IT
YJKEJYCUKPFKECVGFYKVJŋVGUVQPGQNKTCŌ

#NQPIYKVJVJG5HQT\CUECOGCRGTKQFQHNCTIGTEQKPUYKVJQTYKVJQWVRQTVTCKVUYJKEJFKURNC[GFPCOGU
CPFVKVNGUKPCPCDDTGXKCVGFYC[6JGHQNNQYKPICDDTGXKCVKQPUQEEWT

#0).##0).'#0).'4+'#PIGTCHKGHQPVJG.CIQ/CIIKQTG

#0).8#0).85GRKVJGVQHVJGFWMGUQH/KNCPEQWPVUQH#PIGTC
UVCTVKPIHTQO)KCP)CNGC\\Q8KUEQPVK

&1/+085UKIPQTG

#%#638''6338'CPF

'6%'6%'6'6%+'6GVEGVGTC

+#+#'+#08')GPQXC

/.+/KNCPQ

2#2+'2222+'2CXKC

3+63WKPVWU
HKVJ

%%<%GVEGVGTC
<KP)QVJKEYTKVKPI

+PCFFKVKQPYGUGGVJGPCOGU2CVTWWU)WDGTPCPVGQPEQKPUQH.WFQXKEQ/CTKC5HQT\C

CHVGT%TKRRC.GOQPGVGFK/KNCPQR
160
ITALY - MILANO
)#.'#<<1/#4+#5(14<#

#V VJCV OQOGPV JKU QNFGUV UQP )CNGC\\Q /CTKC YCU HKIJVKPI KP (TCPEG CV VJG UKFG QH .QWKU :+ *G
TGVWTPGFCPFYQWNFTGKIPHQTVYQ[GCTUVQIGVJGTYKVJJKUOQVJGT$KCPEC/CTKC$[JGJCFGPQWIJ
QHJGTFQOKPCPVKPHNWGPEGCPFDCPKUJGFJGTCPFUJGFKGFYKVJKPCHGYOQPVJUKORTKUQPGFKPVJGECUVNG
/GNGIPCPQ+PVJCVUCOG[GCTJGYGFFGF$QPCQH5CXQKC
)CNGC\\Q/CTKCNGFCNKHGQHNWZWT[DWVJGOCFGUWTGJKUEKVK\GPUHCTGFYGNNVQQCPFMGRVCPG[GQPVJG
UGEWTKV[QHVJGUVCVG*KUYCUCECWVKQWURQNKVKEUVJQWIJJGJKOUGNHYCUXGT[CWVJQTKVCTKCP'XGT[VJKPI
GZWFGFCURNGPFQWTPQVUGGPUKPEG4QOCPFC[U7PFGTJKOVJGTGPCKUUCPEGTQUGVQKVUCRQIGG;GVVJKU
CNUQUGCNGFJKUHCVG1P&GEGODGTJGYCUOWTFGTGFKPVJGEJWTEJQH5V5VGHCPQ
+UUWG
)QVJKENGVVGTKPI

6TKNNKPC#)CPF/WPFGTETQYP Ő)<Ő/Ő&8:Ő/'&+Ő8Ő4*GNOGVYKVJFTCIQPCU

QTPCVGETGUVŐ#%Ő+#08'Ő&Ő% $KCIIK%TKRRCIT
&CTMRCVKPCGZVTGOGN[HKPG
(TCPEGUEJK$TWUUGN
+UUWG
4QOCPNGVVGTKPI

6GUVQPG#$WUVTYKVJTKPINKPHKGNFUOCNNJGCFQH5V#ODTQUKWU)#.'#<Ő/Ő5(Ő8+%'%15
Ő &8: Ő /.+ Ő 3+6 4 %QCVQHCTOU UWTOQWPVGF D[ ETQYPGF JGNOGV ETGUVGF YKVJ YKPIGF FTCIQP
EQPUWOKPIOCNGHKIWTGCPFDGVYGGP)CPF/VYQDWEMGVUJCPIKPIHTQODTCPEJCTKUKPIHTQOHNCOGUQP
GKVJGTUKFGQHJGNOGV)<ŐŐ/Ő&Ő22Ő#0).'Ő3Ő%1Ő#%Ő+#08'Ő$%TKRRC
$IT 0KEGVQPGCPFGZRTGUUKXGRQTVTCKVXGT[HKPGVQGZVTGOGN[HKPG
&GNOQPVG$TWUUGN
6JG GZSWKUKVG RQTVTCKV HTQO URTGCF /KNCPŉU HCOG VJTQWIJ VJG EKXKNKUGF YQTNF +V YCU VJG HKTUV OCUVGTRKGEG
%TKUVQHQTQ(QRRC
MPQYPCU%CTCFQUUQJCFOCFGHQTVJG5HQT\CU(QT%CTCFQUUQUGGWPFGT.WFQXKEQ/CTKC5HQT\C
6JGFWECVJCUVYQFKHHGTGPVXCTKCPVUQHVJGRQTVTCKV
UGG2QVVGTR
161
ITALY - MILANO

/G\\Q VGUVQPG # $WUV T UOCNN JGCF QH 5V #ODTQUKWU )#.'#< Ő / Ő 5( Ő 8+%'%15 Ő &8: Ő
/.+Ő3+6 4%QCVQHCTOUWPFGTETQYPCPFDGVYGGPETQYPGF)CPF/UOCNNJGCFQH5V#ODTQUKWU
22Ő#0).'Ő3Ő%1Ő#%Ő+#08'Ő&Ő% $KCIIK%TKRRCIT
40KEGVQPKPIGZVTGOGN[HKPG
&GNOQPVG$TWUUGN

)TQUUQ FC UQNFK # 6JTGG DTCPEJGU CTKUKPI HTQO HNCOGU YKVJ VYQ DWEMGVU UOCNN JGCF QH 5V
#ODTQUKWU )< X / X 5( X 8+%'%15 X &8: X /.+ X 8 X 4 &TCIQP DGVYGGP ETQYPGF ) CPF/
UOCNNJGCFQH5V#ODTQUKWU22X#0).'X3X%1X#%X+#08'X& $KCIIK%TKRRC
IT 0KEGVQPGUNKIJVGN[KTTGIWNCTHNCPCNOQUVGZVTGOGN[HKPG
(TCPEGUEJK$TWUUGN
$KCIIK PCOGU VJKU RKGEG ITQUUQ FC UQNFK YJGTGCU 2QVVGT FGUKIPCVGU KV ITQUUQ FC UQNFK *G GZRNCKPU CU HQNNQYU
6JGEQKPYKVJVJGVJTGGDTCPFUCPFDWEMGVUYGKIJUITQHUKNXGTCPFJCUVJGTGHQTGDGGPCUUWOGFVQDGVJG
)TQUUQFCQHVJKUKUUWGYJKEJYQWNFQVJGTYKUGDGOKUUKPI

5QNFKPQ#%QCVQHCTOUUOCNNJGCFQH5V#ODTQUKWU)Ő/Ő5(Ő8+%'%1Ő&8:Ő/.+Ő8Ő
4%QCVQHCTOUUOCNNJGCFQH5V#ODTQUKWU22Ő#0).'Ő3Ő%1#%Ő+#08'Ő&Ő$KCIIK
%TKRRC$IT 8GT[HKPG
162
ITALY - MILANO
9JGPJKUHCVJGTYCUOWTFGTGFKP)KQXCPPK)CNGC\\Q/CTKCYCULWUV[GCTUQNF#UVTWIINGGPUWGF
YKVJKPVJGHCOKN[DGVYGGPJKUOQVJGT$QPCCPFJKUHCVJGTŉUDTQVJGT.WFQXKEQ/CTKC5HQT\C

#HVGTUQOG[GCTUVJGNCVVGTICKPGFVJGWRRGTJCPF)KQXCPPK)CNGC\\QKPYGFFGF+UCDGNNC
FCWIJVGT
QH#NHQPUQQH#TCIQP7PVKNJGFKGFKPJGUVQQFKPVJGUJCFQYQHJKUWPENG.WFQXKEQ
)+18#00+)#.'#<<1/#4+#CPF.7&18+%1/#4+#5(14<#

#HVGT.WFQXKEQJCFVTKGFKPXCKPVQIGVTKFQHVJGTGIGPVGUU$QPCJGYCUDCPKUJGFVQ2KUC+PJG
YCUITCPVGFVJGFWEJ[QH$CTKKPHKGHD[VJGMKPIQH0CRNGU6JGP.WFQXKEQTGVWTPGFVQ/KNCPIQV$QPC
QWVQHJKUYC[JCFJGTUGETGVCT[DGJGCFGFCPFCUUWOGFIWCTFKCPUJKRQXGT)KQXCPPK)CNGC\\Q
#NNEQKPUQPVJGKTTGXGTUGUKPFKECVG2CVTWWU)QDGTPCPVG
(KTUVKUUWG

6GUVQPG#$WUVTUOCNNJGCFQH5V#ODTQUKWU+1)<Ő/Ő5(Ő8+%'%1/'5&8:/.+5:
4 6YQ JGNOGVU HCEKPI GCEJQVJGT ETGUVGF YKVJ FTCIQP CPF JWOCP HCEG QP FTCIQPŉU PGEM QXGT UJKGNF
UOCNNJGCFQH5V#ODTQUKWUŐŐ.8Ő2#6481ŐŐ)8$'0#06'$KCIIK%TKRRCIT
4(KPGFCTMRCVKPCXGT[HKPGVQGZVTGOGN[HKPG
4CVVQ/KNCPQ
+PVJGTGXGTUGVGZVC$YKVJCNKPGVJTQWIJKV$'

)TQUUQFC5QNFK#*GNOGVETGUVGFYKVJFTCIQPŐ+1)<Ő/Ő5(Ő8+%'%1Ő&8:Ő/.+Ő5(Ő
4 0KODCVG JGCF QH 5V #ODTQUKWU DGVYGGP Ő 5 Ő CPF Ő # Ő Ő .8&18+%1 Ő 2#6481 Ő
)8$'40#06'$KCIIK%TKRRCIT 8GT[HKPGVQGZVTGOGN[HKPG
&GNOQPVG$TWUUGN
163
ITALY - MILANO
5GEQPFKUUWG

6GUVQPG#$WUVTUOCNNJGCFQH5V#ODTQUKWUŐ+1)<Ő/Ő5(Ő8+%'%1Ő&8:Ő/.+Ő5:4
$WUV T UOCNN JGCF QH 5V #ODTQUKWU Ő .8&18+%85 Ő 2#64885 Ő %8$0#05 Ő $KCIIK
%TKRRCIT 45OCNNGFIGHCWNVPKEGVQPKPICNOQUVGZVTGOGN[HKPG
&GNOQPVG$TWUUGN
.7&18+%1/#4+#5(14<#

.WFQXKEQŉURQNKVKEUYGTGDCUGFQPHCOKNKCNCPFRQNKVKECNEQPPGEVKQPU#OQPIUVQVJGTUJGJCFCNNKGFYKVJ
VJGMKPIQH0CRNGUCPFJGYGFFGF$GCVTKEGFŉ'UVGKP
/KNCP PQY UCY C RGTKQF QH ITGCV HNQTGUEGPEG DWV KVU OKNKVCT[ CPF VJG TQ[CN JQWUGJQNF EQUV UQ OWEJ
OQPG[VJCVVCZGUJCFVQDGKPETGCUGFEQPUKFGTCDN[
+PVGTPCVKQPCNN[ .WFQXKEQ QHVGP OKULWFIGF RQNKVKECN UKVWCVKQPU CPF JCF VQ OCMG C PWODGT QH RQNKVKECN
CDQWVHCEGU*GYCUPGXGTVJGNGUUCYCTFGFCFWECNVKVNGD['ORGTQT/CZKOKNKCPKP6JGRGCEGYKVJ
(TCPEGECWUGFCTKHVYKVJ8GPKEG+P.WFQXKEQGXGPUQWIJVVQCNN[YKVJVJG6WTMU
+PVJGUCOG[GCT.QWKU:++QH(TCPEGQEEWRKGF/KNCP.WFQXKEQHNGFVQ+PPUDTWEM*GTGVWTPGFVQ/KNCP
HQTCHGYYGGMUQPN[VQDGFGHGCVGFCICKP*GURGPVVJGNCUVGKIJV[GCTUQHJKUNKHGKPRTKUQP
&WTKPIVJKURGTKQFCTVKP/KNCPVJTKXGFCUPGXGTDGHQTG$TCOCPVG.GQPCTFQGVE

6GUVQPG#$WUVTUOCNNJGCFQH5V#ODTQUKWU.8&18+%85Ő/Ő5(Ő#0).85Ő&8:Ő/.+
45JKGNFWPFGTETQYPDGVYGGPVYQDTCPEJGUYKVJDWEMGVUUOCNNJGCFQH5V#ODTQUKWU22Ő#0).'Ő
3<Ő%1Ő#%Ő+#08'Ő&Ő% $KCIIK%TKRRCIT
40KEGVQPGCVVTCEVKXGRQTVTCKVGZVTGOGN[HKPG
164
ITALY - PAVIA
5EJWNOCP#OUVGTFCO
'Z0KIIGNGTEQNNGEVKQP
6JGDWUVQPVJKUEQKPKUFKGKFGPVKECNYKVJVJCVQPPQYJKEJOGCPUVJCVVJGFKGOWUVJCXGDGGPOCPWHCEVWTGF
DGHQTG 6JG FKG QH VJG OGFCN KU RTGUWOCDN[ CNUQ VJG UCOG 6JKU OGFCN YCU RTQDCDN[ OCPWHCEVWTGF QP VJG
QEECUKQP QH VJG EQPSWGUV QH )GPQC KP 6JG OGFCN YCU OCFG D[ %TKUVQHQTQ %CTCFQUUQ (QRRC DGVVGT MPQYP
WPFGTJKUPCOG%CTCFQUUQ
CRRTQZ*GYCUIQNFUOKVJKP/KNCCPHTQO#HVGTVJGDCPKUJOGPVQH
.WFQXKEQ HTQO /KNCP JG TGOCKPGF KP /KNCP CPF FKF PQV OQXG VQ /CPVWC WPVKN CHVGT YJKEJ JG OQXGF QP VQ
4QOGYJGTGJGHQWPFGFVJG)WKNFQH4QOCP)QNFUOKVJUKP
.GIGPFJCUKVVJCVVJKUDWUVDQVJQPVJGOGFCNCPFQPVJGEQKPUYCUFGUKIPGFD[.GQPCTFQFC8KPEKCPFVJGPUVTWEM
KPOGVCND[%CTCFQUUQ5QNGN[$WTEMJCTFVPQVGUVJCV+PFGT#ODTQUKCPC\W/CKNCPFFCUGPVYGFGTWPXQNNGPFGVGQFGT
XGTYCUEJGPG 2QTVT·V FGU .QFQXKEQ /QTQ ő
KP VJG #ODTQUKCPC QH /KNCP VJG GKVJGT WPHKPKUJGF QT HCFGF
RQTVTCKVQH.WFQXKEQ/QTQ
&GT%KEGTQPGRWDNKUJGFD[-TQPGTXGTNCIR

2#8+#
2CXKC YCU HQWPFGF KP $% CU C 4QOCP OWPKEKRKWO VKEKPWO +V JCF DGGP C OKPV UKPEG NCVG KORGTKCN
FC[U

#HVGTVJGHCNNQH4CXGPPCKP2CXKCECOGVQDGVJGRGTOCPGPVTGUKFGPEGQHVJGEQWTV+P6JGQFGTKEŉU
VKOGKVYCUVJGECRKVCNVQIGVJGTYKVJ8GTQPCKPVJG.QODCTFUECRVWTGFKV-KPI4QVJCTKWU

RNCEGF6KEKPWOCDQXG/KNCP
KPURKVGQHVJGNCVVGTDGKPIVJGOQUVKORQTVCPVEKV[CPFVJWU6KEKPWOYCU
VJG ECRKVCN 2GTEVCTKV OQXGF VJG ECRKVCN VQ /KNCP CPF &GUKFGTKWU KP VWTP VTCPUHGTTGF VJG ECRKVCN VQ VJG
$TGUEKCTGIKQP

6JG HKTUV DKUJQR QH 2CXKC YCU 5V 5KTWU
CRRTQZ *KU TGNKEU YGTG MGRV CV VJG DCUKNKEC QH 5V
)GTXCUKQCPF5V2TQVCUKQ
HQTVJGJKUVQT[QHVJGUGVYQUCKPVUUGGWPFGTPQ$TGKUICW$CUGNUKPEG
VJGVJEGPVWT[(TQOVJGDKUJQRUQH2CXKCYGTGQTFCKPGFD[VJGRQRG

6KEKPWOYCUVJGTGNKIKQWUEGPVTGQHVJG#TKCPU6JGEQPUVTWEVKQPQHVJG5V5CNXCVQTGUGVVJGUGCNQPVJG
VJGFKUEQPVKPWCPEGQH#TKCPKUOCUCUVCVGTGNKIKQP

+PVJGVJEGPVWT[VJGPCOGHQTPQCRRCTGPVTGCUQPYCUEJCPIGFVQ2CRKC#HVGTVJG%CTQNKPIKCPCIG
JCFGPFGFKPVJGTGKIPUQH.CODGTVQH5RQNGVQ*WIQQH#TNGUCPF$GTGPICTUCYVJGUVCVGURKTCNKPVQ
FGENKPG 6JQWIJ TGUKFKPI KP 2CXKC 1VVQ + HCXQWTGF 4CXGPPC 6JG GORTGUUGU #FGNJGKF CPF 6JGQRJCPW
GCEJHQWPFGFCEQPXGPVKP2CXKC+PVJGDKUJQRQH2CXKCCPFVJGCTEJDKUJQRQH/KNCPENCUJGF#HVGT
VJGMKPIUPQNQPIGTTGUKFGFKP2CXKC

(TQOVJGVJEGPVWT[VJGNQTFUQH.QOGNNQYGTGJGTGFKVCT[EQWPVURCNCVKPGCPFVJGHCEVVJCVVJG[FKF
PQV TGUKFG KP 2CXKC ECWUGF C RQYGT XCEWWO +P VJGTG YCU C EQPUWN +P VJG RQRQNQ YGTG
TGRTGUGPVGFD[VJGŋ5QEKGV¯FK55KTQŌ#ITGCVFGCNQHUVTKHGGPUWGF6JGYQTUVETKUKUKP2CXKCECOG
YJGPKPCRRTQZVJG)JKDGNNKPGUYGTGFGHGCVGF+P
VJGFGCVJQH/CPHTGF2CXKCYCUTWNGFD[
/CTITCXG1DGTVQ++2GNCXKEKPQYJQYCUUKIPQTGCPFRQFGUV¯HQTNKHG$GVYGGPCPFRQYGTNC[
KP VJG JCPFU QH /CTITCXG )WINKGNOQ FG /QPHGTTCVQ #V VJG DGIKPPKPI QH VJG VJ EGPVWT[ 2CXKC YCU
EQPVTQNNGFD[(KNKRRQFK.CPIQUEQ#HVGTXCKPCVVGORVUVQTGVCKPKPFGRGPFGPEG2CXKCFGHKPKVKXGN[HGNNVQ
)CNGC\\Q8KUEQPVKQP0QXGODGT
1661+++

&GPCTQ#1661ETQUUUJCRGFKPHKGNFYKVJRGNNGVKPEGPVTG +/2'4#61442#2+#KPHKGNF

YKVJRGNNGVKPEGPVTG 16612+854'$KCIIKIT &CTMRCVKPCXGT[HKPG
'NUGP$TWUUGN
'04+%1+FK$#8+'4#

&GPCTQ#5OCNNETQUUYKVJQPGRGNNGVKPGCEJCPING *'+04+%85+/2 42#2+#QPETQUUJGCFGF

UVCHH$KCIIKIT 48GT[HKPG
&QODTQYUMK/ÒPUVGT
165
ITALY - PAVIA
('&'4+%1++

&GPCTQ#('4+%0KPHKGNF #8%85+85%'42#2+#KPHKGNFYKVJRGNNGVKPEGPVTG

+/2'4#614$KCIIKIT (KPG
9KNNGOU$GPPGMQO
6JGTGXGTUGNGIGPFECPPQVDGTGCFENGCTN[6JGVGZVUVCVGFKUVCMGPHTQO$KCIIK
%1/70'

&QRRKQITQUUQ#5V5KTKWUUVCPFKPIYKVJETQUKGTCPFDNGUUKPIJCPFQPGUVCHHYKVJDQYNQPVQRCVGCEJ
UKFG ETQUU T KP HKGNF 5#0685 5;485 4 2 # 2 + # YKVJ VYQ UVCTU KP EGPVTG +/2'2#614
$KCIIKIT 448GT[HKPG
6QFGTK(NQTGPEG
*GTG5V5KTWUKUUVKNNYGCTKPIVJGRCNNKWOYJKEJJGKUPQVQPVJGEQKPUQH)CNGC\\Q++
HQTVJKUUGGWPFGT#ODTQUG
)#.'#<<1++8+5%106+

2GIKQPG#*GNOGVETGUVGFYKVJFTCIQPQXGTUJKGNFCPFDGVYGGPVYQDTCPEJGUYKVJDWEMGVUCTKUKPIHTQO
HNCOGU KP SWCVTGHQKN )#.'#< 8+%' %1/'5 Ő & Ő /'&+1.#0+ Ő 22 Ő %ŉ 4 'PVJTQPGF 5V
5KTKWUYKVJETQUKGTCPFDNGUUKPIJCPFŐ5Ő5+485óó2#22+#ó$KCIIKIT
*QNNGTUDGTIGT/ÒPEJGP
1PVJKUCPFVJGPGZVEQKP5V5KTWUKUPQNQPIGTYGCTKPIVJGRCNNKWO
UGGWPFGT#ODTQUG

2GIKQPG#*GNOGVETGUVGFYKVJFTCIQPQXGTUJKGNFCPFDGVYGGPVYQDTCPEJGUYKVJDWEMGVUCTKUKPIHTQO
HNCOGU KP SWCVTGHQKN )#.'#< 8+%' %1/'5 Ő & Ő /'&+1.#0+ Ő 22 Ő %ŉ 4 'PVJTQPGF 5V
5KTKWUYKVJETQUKGTCPFDNGUUKPIJCPFŐ5Ő5+485óó2#22+#ó$KCIIKIT
9GCMN[UVTWEMXGT[HKPG
*QNNGOCP'PUEJGFG
$KCIIKRTQXKFGUVJGPCOG2#2+#KPUVGCFQH2#22+#
166
ITALY - SAVOIA
5#81+#
6JG QNFGUV PCOG KU ŋ5CRCWFKCŌ

KP 4QOCP KORGTKCN VKOGU C VGTTKVQT[ KP VJG UQWVJGTP ,WTC CPF CTQWPF
)GPGXC+PVJG$WTIWPFKCPUECOGJGTG6JGVGTTKVQT[GZRCPFGFVQ%JCOD¾T[%NGTI[JWPIQPVQ
VJGPCOGŋ5CDCWFKCŌCPFKP%JCTNGOCIPGŉUVKOGŋ5CDQKCŌYCUWUGF
VJGEQWPVKGU.[QP/CWTKGPPGCPF
)GPGXQKU.CVGTVJKUYQWNFDGEQOGVJGUQWVJGTPRCTVQH*CWVG$QWTIQIPG

+PVJGVJEGPVWT[CEQWPV[GOGTIGF*WODGTV+
KUEQPUKFGTGFVJGRTQIGPKVQTQHVJG*QWUG
QH5CDCWFKC*KUUQPUCOQPIYJQOVJGPCOG#OCFGQCNTGCF[QEEWTGFEQPUQNKFCVGFVJGVGTTKVQT[-KPI
4WFQNH+++QH$WTIWPF[ITCPVGFKVUTWNGTUCPWODGTQHRTKXKNGIGUYJKEJYCUEQPVKPWGFWPFGTVJG5CNKCPU
YJKEJCNNQYGFVJGOVQRTGUUCJGCFKPVQ9CNNKUCPFVJG5WUCXCNNG[

6JG )TGIQTKCP TGHQTOCVKQP VJG +PXGUVKVWTG %QPVTQXGTU[ CPF VJG GZVGPUKQP QH VJG HGWFCN U[UVGO
PGEGUUKVCVGF C TGQTKGPVCVKQP *WODGTV ++
VJWU GUVCDNKUJGF C ŋHGWFCN OQPCTEJ[Ō %QWPV
#OCFGQ+++
RTQOQVGFOQPCUVKENKHGDWVCNUQFKFOWEJVQHWTVJGTVJGEQPUVTWEVKQPQHECUVNGU
6JG5WUCXCNNG[HQTOGFVJGDCUGQHQRGTCVKQPUHTQOYJGTGCPCVVCEMQP6QTKPQYCUOQWPVGF*KUUKUVGT
#FGNCKFGYCUYGFFGFVQ.QWKU8+QH(TCPEG
CPF(TGPEJRQUUGUUKQPUYGTGCESWKTGFEQPUGSWGPVN[
6JGTGYCUCENQUGEQPPGEVKQPVQVJGRQRGYJKEJNGFVQEQPHNKEVYKVJ(TGFGTKEM$CTDCTQUUC

+P*WODGTV+++FKGFYKVJQWVJGKTU6JGPQDNGHGWFCNNQTFUVJQWIJVCEJCPIGQHEQWTUGKORGTCVKXG
YJKEJYCUEQORNGVGFD[6JQOCU+
*KUTGCNOUVTGVEJGFHTQOYGNNKPVQ(TCPEGVQVJGQWVGT
NKOKVUQH2KGOQPVG6JGCTVQHWPKVKPIFKHHGTGPVRQRWNCVKQPITQWRUYCUJQPGFVQRGTHGEVKQPD[VJGEQWPVU
6JGTGYGTGVYQTGUKFGPEGUQPGKP/CWTKGPPGCPFQPGKP2KGOQPVG5WUC+PVJGNCVGVJEGPVWT[VJG
TGUKFGPEGYCUEGPVTCNKUGFKP4KRCKNNGQPVJG.CMG)GPGXC6JGEQWPVUHWPEVKQPGFCUICVGMGGRGTUQHVJG
#NRU

5CXQKCUCYKVUHKPCNINQT[FC[UWPFGT#OCFGQ8+++
+P'ORGTQT5KIKUOWPFGNGXCVGF
JKOVQFWMG*GDTQWIJVVJGEQWPVT[VQVJTKXG#TGENWUGKP4KRCKNNGCU#PVKRQRG(GNKZ8CPFECTFKPCN

DKUJQRQH)GPGXCJGYCUCOQPIVJGOQUVKPHNWGPVKCNUQXGTGKIPUQHJKUVKOG
#HVGT JKU FGCVJ 5CXQKC HGNN XKEVKO VQ EQWTV KPVTKIG +V CNNQYGF (TCPEG VQ UGK\G UKIPKHKECPV RCTVU QH VJG
VGTTKVQT[
9##&6.#0&
#HVGT 6JQOCU + VJG VGTTKVQT[ HGNN CRCTV 5CXQKC + WPFGT #OCFGQ +8 2KGOQPV + WPFGT 6JQOCU ++ CPF
5CXQKC++WPFGT2KGTQ++
#HVGT VJG FGOKUG QH 6JQOCU ++ JKU VGTTKVQT[ HGNN KPVQ 5CXQKC +++ WPFGT #OCFGQ 8 9CCFVNCPF WPFGT
.QFQXKEQ+%CVGTKPCUQNF9CCFVNCPFVQ#OCFGQ8+QH5CXQKCKP
9CCFVNCPFKUKFGPVKECNYKVJVJG5GKIPGWTKG8CWF.WFQXKEQYCUITCPVGFVJGTKIJVQHOKPVHQT0[QP
PGCT
)GPGXCD[4WFQNH6JGDKUJQRUQH)GPGXCCPF.CWUCPPGEQPUGSWGPVN[QRRQUGFVJKUTKIJV
.1&18+%1+FK5#81+'

&GPKGT0[QP#%TQUUYKVJQPGVTGHQKNKPVJGUVCPFQPGRGNNGVKPVJGVJCPINGU .1&18+%85

46GORNGYKVJVTGHQKNKPEGPVTGCPFYCXGFNKPGCVDQVVQO & 5#$#8&+#$QWFGCWIT
'FIGHCWNVCNKVVNGYGCMN[UVTWEMCVVJGGFIGXGT[HKPG
(KPP-GPFCN
'Z,(%JQYPEQNNGEVKQP
0QVKP$KCIIK
1DXGTUGVGZVGPFUYKVJVJTGGFQVUQXGTGCEJQVJGT
167
ITALY - SAVOIA
5#81+#
#/#&'18+++EQPVG

6JKU KU C EQPVKPWCVKQP QH 5CXQKC +++ WPFGT #OCFGQ 8 #OCFGQ 8+++ YCU C ITGCVITGCVITCPFUQP QH
#OCFGQ8*GCUUWOGFQHHKEGCUEQWPVKP+PJGDGECOGFWMGCPFJGUVGRRGFFQYPKP
*GYKVJFTGYVQ4KRCKNNGYJKEJJGNGHVYJGPKPVJGEQWPEKNQH$CUNGWPFGTVJGPCOG(GNKZ8GNGEVGF
JKOCPVKRQRGQRRQUKPI2QRG'WIGPG+8

1DQNQ FK DKCPEJGVVQ 0[QP # %QCV QH CTOU KP SWCVTGHQKN #/'&'85 %1/'5 4 %TQUU
YKVJQPGUOCNNETQUUKPGCEJCPING &'5#$#8&+#$KCIIK%WFC\\QHIT
8GT[HKPG
PQ
#/#&'18+++FWEC

/G\\QITQUUQEJKCDNGUG0[QP#%QCVQHCTOUKPSWCVTGHQKNYKVJETQUUGUKPVJGCPINGU #/'&'85

ETGUEGPV&8:„5#$#8&+'4%TQUUKPSWCVTGHQKN %*#$ „+0„+6#.„/#4„24+0$KCIIK
%WFC\\QDIT 8GT[HKPG
PQ
3WCTVQEJKCDNGUG%JCODGT[#-PQVDGVYGGP('46 #/'&'85óQ&8:Q5#$4%TQUU

+0„+6#.+#„/#4%*+1$KCIIK%W\\CFQCIT
&CTMRCVKPCVTCEGUQHXGTFKITKUXGT[HKPG
%TQUUDQVVQP[ETQUUYKVJCVTGHQKNCVGCEJGPF
8CTKQWUGZRNCPCVKQPUGZKUVHQTVJGNGVVGTU('46
(QTVKVWFQGKWU4JQFWOVGPWKV
#OCFGQ8+%QPVG8GTFGKPFGNKXGTGF4JQFGUQHVJG5CTCEGPU
(QTVKVWFKPKUGVTGNKIKQPKUVKVWNWU
(QTVKVWFGCPFTGNKIKQWUPGUUUKIP
(QGFGTGGVTGNKIKQPGVGPGOCZ
(KFGNKV[CPFTGNKIKQPUJCNNRTGUGTXGWU1PVJGEQKPUQH8KEVQT#OCFGQ+
6QWVTGVQWTPGTCGP(TCPEG
KHTGCFKPCTGVTQITCFGOCPPGT
#NNYKNNTGVWTPVQ(TCPEG
(COC'VGTPKVC4GNKIKQPG6TKQPHQ
(COGGVGTPKV[TGNKIKQPCPFVTKWORJ
(GTVQHVJG.CVKP(GTTG
RQYGTHWN
(TQOECVCNQIWG-ÒPMGT

('46CNUQQEEWTUKP%CUCNG/QPHGTTCVQ
PQ

3WCTVQ UCXQKCTFQ %JCODGT[ # ( ' 4 6 DGVYGGP VYQ FQWDNGF NKPGU #/'&'85 „ &8: „
5#$ 4 %TQUU YKVJKP FQWDNGF USWCTG +0 +6#.+# „ /#4%*+1 $KCIIK %WFC\\Q C
PQ
168
ITALY - SAVOIA

3WCTVQ UCXQKCTFQ %JCODGT[ # ( ' 4 6 DGVYGGP VYQ FQWDNGF NKPGU #/'&'85 „ &8: „
5#$ 4 %TQUU YKVJKP FQWDNGF USWCTG +0 +6#.+# „ /#4%*+1 $KCIIK %WFC\\Q C
PQ

3WCTVQUCXQKCTFQ+XTGC#('46DGVYGGPVYQFQWDNGFNKPGU #/'&'85„&8:„5#$ Q4

%TQUUYKVJKPFQWDNGFUSWCTG +0„+6#.+#„/#4 „240TQUGYKVJURKMGU$KCIIK%WFC\\Q
M
!IT +TTGIWNCTHNCPXGT[HKPGVQGZVTGOGN[HKPG
PQ
#/'&'1+:

#OCFGQ+:YCUVJGITCPFUQPQH#OCFGQ8+++
#OCFGQ8+++JKUUQP.WFQXKEQ
CPFVJGNCVVGTŉUUQP#OCFGQ+:

3WCTVQ # ( ' 4 6 DGVYGGP VYQ FQWDNGF NKPGU #/'&'85 „ &8: „ 5#$ Q 4 %TQUU YKVJKP
FQWDNGFUSWCTG +0„+6#.+#„/#4„240JCPF$KCIIK%WFC\\QCXCTIT
40KEGRCVKPCXGT[HKPG
PQ
%#4.1+

#HVGT VJG FGOKUG QH #OCFGQ +: JKU UQP 2JKNKDGTV CEEGFGF VQ VJG VJTQPG
CHVGT YJQO JKU
DTQVJGT%CTNQ+
UWEEGGFGF6JGOGFKGXCNUQXGTGKIPNKPGQH5CXQKCGPFGFYKVJ%CTNQŉUUQP
%CTNQ++

(QTVGVJV[RG#%QCVQHCTOUDGVYGGPVYQTKPIU -#41.85Ő&8:Ő5#$#+&'14)TGCV-

DGVYGGPHQWTTKPIU 24+0%'25Ő+0Ő+6#.+#$KCIIK%WFC\\QEIT
&CTMVQPGXGT[HKPG
8KPEJQP2CTKU
$QVJ$KCIIKCPF%WFC\\QOGPVKQPCUNGIGPF5$&KPUVGCFQH5#$#+&'1
169
ITALY - TORINO and ASTI

614+01
6QTKPQYCUQTKIKPCNN[C4QOCPEQNQP[
%QNQPKC,WNKC#WIWUVC6CWTKPQTWO6QYCTFUVJGGPFQHVJGVJ
EGPVWT[ KV DGECOG CP KPFGRGPFGPV FKQEGUG +VU HKTUV DKUJQR YCU /CZKOWU
6QTKPQ RNC[GF C
OGFKCVKPITQNGKPVJGEQPHNKEVDGVYGGP6JGQFGTKECPF)WPFQDCNF

#HVGT VJGTG YCU C FWEJ[ 6QTKPQ .QWKUVJG2KQWUVWTPGF6QTKPQKPVQCPKORQTVCPVEGPVTG#TQWPF
6QTKPQYCUVJGEGPVTGQHCOCTM9JGPKP%QPVGUUC#FGNJGKFFKGFVJGOCTMGPFGF+PVJGVJ
EGPVWT[ VJG EKV[ YCU EQPVTQNNGF D[ VJG DKUJQRU
VJG[ JCF DGGP QHHKEKCNN[ CEMPQYNGFIGF D[ (TGFGTKEM
$CTDCTQUUC'RKUEQRCNRQYGTNGHVXKTVWCNN[PQTQQOHQTVJGEQOOWPGVQFGXGNQR6JGEQPUQNGUCNNECOG
HTQOVJGDKUJQRŉUKPPGTEKTENG

#TKHVQEEWTGFYJGP6QTKPQKPLQKPGFVJG.QODCTF.GCIWG
$KUJQR)KCEQOQTGOCKPGFHCKVJHWNVQ
(TGFGTKEM+++PVJGTGYCUCRQFGUV¯YJQUWDFWGFVJGHCOKNKGU5VKNNVJGEQOWPGYCUPQVCDNGVQ
EJGEM VJG CFXCPEG QH 5CXQKC #HVGT JCXKPI DGGP TWNGF D[ %JCTNGU Fŉ#PLQW CPF )WINKGNOQ 8++ QH
/QPHGTTCVQHTQOVQV6QTKPQYCUEQPSWGTGFD[5CXQKCKP

#HVGTVJGFGCVJQH6JQOCU++
UGGCNUQWPFGT5CXQKCVJGVGTTKVQT[QH2KGOQPV++GOGTIGFWPFGT6JQOCU
+++ 6JG NCVVGTŉU UQP (KNKRRQ DGECOG RTKPEG QH #EJCKC VJTQWIJ JKU YKHG +UCDGNNC 2TKPEGUU QH #EJCKC
6JGKTUQP,CEQRQTGEGKXGF2KGOQPVDCEMKPCPFYQWNFDGVJGVKVWNCTRTKPEGQH#EJCKCCUYQWNFJKU
UQPU#OCFGQCPF.WFQXKEQ+UCDGNNCŉUHCVJGT)WKNNCWOG++
CESWKTGFVJGTKIJVQHOKPVKP
(KNKRRQ+UCDGNNCŉUVJKTFJWUDCPFYCUTGNKGXGFQHJKUHGWFCNTKIJVJQYGXGTTGEGKXGFKVDCEMNCVGT
YJGPVJGFCWIJVGTYCKXGFJGTTKIJV

6JG RTKPEGU QH #EJCKC CRRQKPVGF C XKECT KWFGZ +P #OCFGQ 8+ ITCPVGF VJG EKV[ C PWODGT QH
RTKXKNGIGU+P.WFQXKEQQH5CXQKC#EJCKCFKGFYKVJQWVKUUWG6JGOCKPNKPGVJCVQH#OCFGQ8+++
VJGPCPPGZGFVJGFWEJ[QH2KGOQPVVQ5CXQKC

#HVGT VJG OKPV QH 6QTKPQ YCU WUGF D[ VJG FWMGU QH 5CXQKC KU VJG [GCT VJCV #OCFGQ 8+++
KPJGTKVGF2KGOQPV
.7&18+%1VKVWNCTRTKPEGQH#%#+#

3WCTVQ # %TQUU QP DCPF CPF YKVJKP SWCVTGHQKN .8&18+%85 & 5#$#8& 4 %TQUU
24+0%'25#%*#+'61 ó$KCIIKIT 4+TTGIWNCTHNCPXGT[HKPG
6QFGTK(NQTGPEG
$KCIIKRTQXKFGU'% CUVJGGPFQHVJGQDXGTUGVGZVDWVJGTGKVENGCTN[TGCFU61
#56+
7PFGT VJG 4QOCPU VJKU YCU VJG EQNQP[ QH *CUVC +P #UVK YCU YCU OCFG CP GRKUEQRCN UGG
DKUJQR
RCUVQT+VYCUVJGHKTUVEKV[VQDGEQPSWGTGFD[VJG.QODCTFUCHVGTYJKEJKVDGECOGCFWEJ[7PFGTVJG
(TCPMU#UVKYCUVJGEGPVTGQHCEQWPV[

#TQWPFVJGEQWPV[EGCUGFVQGZKUVCPF$KUJQR$TWPKPIYJQJCFTGEGKXGFVJGECUVNGQPVJGJKNNHTQO
*WIQCPF.QVJCTKWUKPYCURWVKPEJCTIG
CEMPQYNGFIGFD[1VVQ+KP

(TQOVQVJGEKVK\GPUKPETGCUKPIN[CESWKTGFRQYGTCPFVJG[HWPEVKQPGFDGUKFGVJGDKUJQR6JKU
YCUCEMPQYNGFIGFD[(TGFGTKEM$CTDCTQUUC

$GHQTGVJGTGYCUCJCTFEQPHTQPVCVKQPYKVJVJGOCTITCXGUQH/QPHGTTCVQ5VKNNVJGEKV[HCKNGFVQ
KPETGCUGKVURQYGT#VVGORVUD[6JQOCUQH5CXQ[GP
CPF%JCTNGUQH#PLQW
VQUWDLWICVGKV
YGTGVJYCTVGF6QYCTFUVJGGPFQHVJGVJEGPVWT[CRQRQNQGOGTIGFWPFGTCECRKVCPQCPFCRQFGUV¯
+P #UVK NQUV KVU KPFGRGPFGPEG CPF UWTTGPFGTGF VQ 4QDGTV QH #PLQW 6JGP VJG VGTTKVQT[ HGNN VQ VJG
OCTITCXGUQH/QPHGTTCVQCPFVQVJG8KUEQPVKU6JGOCTTKCIGQH8CNGPVKPC
FCWIJVGTQH)KCP)CNGC\\Q
CPF&WMG.QWKUQH1TN¾CPUDTQWIJV#UVKWPFGT1TN¾CPUUYC[
%1/70'

&GPCTQ # 4': KP HKGNF Ő %804#&85 ++ 4 %TQUU Ő #56'05+5 Ő $KCIIK 8CTGUK
IT 6TCEGUQHXGTFKITKUXGT[HKPGVQGZVTGOGN[HKPG
170
ITALY - MONFERRATO

%#5#.'/10('44#61
/QPHGTTCVQ KU HKTUV FQEWOGPVGF KP VJG FGGF VQ KVU DGUVQYCN KP D[ $GTGPICT + VQ 5V )KQXCPPK
&QOPCTWOKP2CXKC+P1VVQ+CEMPQYNGFIGFVJGGUVCVGQH/CTITCXG#NGTCOWUKPEQOKVCVW#SWGPUK
5CQPGPUKPGEPQP#UVGPUKGV/QPVKUHGTTCVK.CVGT/QPHGTTCVQYCPFGTGFVQVJGYGUV
VJGECUVNG6WTTKUPGCT
8KNNCFGCVK+VVJGPDGECOGCHKZGFVGTTKVQT[GCUVQH#UVK

1FFQCPF)WINKGNOQ+++CPF+++FGUEGPFGFHTQO/CTITCXG#NGTCOWU7PVKNVJGVGTTKVQT[TGOCKPGF
QPG VJGP VJG 1FFQPG NKPG UGRCTCVGF 6JG PCOG OCTITCXGU QH /QPHGTTCVQ KU HKTUV FQEWOGPVGF WPFGT
4CKPGT
)WINKGNOQ +8 D[ JKU OCTTKCIG VQ ,WFKVJ DGECOG VJG WPENG QH (TGFGTKEM
$CTDCTQUUCYJKEJGNGXCVGFJKOVQJKIJPQDKNKV[*GYCUCUVCNYCTVQH(TGFGTKEMŉUCPFVQQMRCTVKPVJG
PF%TWUCFG5GXGTCNQHJKUEJKNFTGPRNC[GFTQNGUKPETWUCFGTUVCVGURCTVN[VJTQWIJOCTTKCIG

7PFGT$QPKHCEKQ++
VJGUKIJVUYGTGUGVQP+VCN[CICKP*KUUQP)WINKGNOQ8++

YCUCPKORQTVCPVHKIWTGKPVJGVKOGYJGPVJGEQOWPGUYGTGTGRNCEGFD[UKIPQTKCU6JGFGCVJQHJKUUQP
)KQXCPPK+OGCPVVJGGPFQHVJG#NGTCOKEKTGCNO

+TGPG VJG FCWIJVGT QH C UKUVGT QH )KQXCPPK + YCU OCTTKGF VQ VJG $[\CPVKPG GORGTQT #PFTQPKMQU ++
2CNCKQNQIQU 6JGKT UQP 6GQFQTQ+2CNCKQNQIQU
VJGPTQUGVQRQYGT6JGTGYCUCOQOGPVŉU
FTGCO QH DGEQOKPI GORGTQT QH $[\CPVKWO HQT JKO DWV KV VWTPGF QWV VQ DG CP KNNWUKQP CPF JG JCF VQ
UGVVNGHQT/QPHGTTCVQ*GKUVJGHKTUVQPGVQJCXGOKPVGF

*KU UQP )KQXCPPK ++
+
URGPV OQUV QH JKU NKHG YCIKPI YCT HKTUV CPF HQTGOQUV YKVJ VJG
OKIJV[UKIPQTKCUQHVJG5CXQ[UCPFVJG8KUEQPVKUDWVCNUQVJGUOCNNGTQPGU*GTWNGF#UVK8GTEGNNKCPF
0QXCTCHQTCUJQTVRGTKQFQHVKOG#NQPIUGTKGUQHUWEEGUUQTUHQNNQYGFCNNQHVJGOQHNGUUEQPUGSWGPEG

YKVJVJGGZEGRVKQPQH6GQFQTQ++

0QVWPVKNWPFGT)WINKGNOQ8+++
+
YQWNFVJGOCTITCXKCVGDGTGUVQTGFVQKVUQNFUVCPFKPI
JG
YCUUWRRQTVGFD[JKUDTQVJGT%CTFKPCN6JGQFQTQ7PFGTJKO%CUCNGYCUGNGXCVGFVQFKQEGUGD[2QRG
5KZVWU+8+PVJG/KFFNG#IGU%CUCNGYCU%CUCNG5CPVŉ'XCUKQ
CHVGTVJGOQPCUVGT[KVHGNNKPHKGHVQVJG
DKUJQRQH8GTEGNNKCPFNCVGTDGECOGKPFGRGPFGPVCHVGTVJG5VCWHGTUTWNGEJCPIGFJCPFUCHGYVKOGU+P
VJGVJEGPVWT[%CUCNGDGECOGVJGECRKVCNQHVJG2CNCKQNQIQUGUYJQCNUQGUVCDNKUJGFVJGKTEQWTVVJGTG
CHVGT/KNCPGUGGZCORNG&GURKVGJKUVJTGGOCTTKCIGU)WINKGNOQ+JCFPQEJKNFTGPCPFYCUUWEEGGFGFD[
JKUDTQVJGT$QPKHCEKQ
6JGPECOGVJGNCVVGTŉUUQP)WINKGNOQ++
VJG2CNCKQNQIQU
NKPGGPFKPIYKVJVJGFGCVJUQH$QPKHCEKQ++CPF)KCPIKQTIKQCHVGTYJKEJ%CUCNG/QPHGTTCVQFGXQNXGFVQ
VJG)QP\CICU
)+18#00++2#.'1.1)1

)TQUUQ#%TQUU +1*'5Z/#4%*1/16+5#4'CINGNYKVJUJKGNFQH%CUCNGQPDTGCUV

5¢+1*'5¢'8#0)'.+56#¢$KCIIK8CTGUKIT
44+TTGIWNCTHNCPCPFCNKVVNGYGCMN[UVTWEMCVVJGGFIGXGT[HKPG
4CWEJ9KGP#WEVKQP
PQ
6JGTGKUUQOGVJKPIDGHQTG+1*'5KPVJGQDXGTUGVGZV
6JGNCUVRCTVKUFKHHKEWNVVQTGCF%QWNFVJKUDGVJGOKPV!6JGTGYCUOKPVKPIKP%JKXCUUQ#UVKCPF/QPECNXQ
)7).+'./1++2#.'1.1)1

6GUVQPG#$WUVN)8.+'./85/#4/106('464%QCVQHCTOU 5#%4+41+/2

24+0%8+%#22$KCIIK8CTGUKIT 40KEGFCTMVQPGXGT[HKPGVQGZVTGOGN[HKPG
$QWTIG[2CTKU
%0+
171
ITALY - GENOVA
)'018#
)GPQC RTGUWOCDN[ GZKUVGF CU GCTN[ CU VJG VJ EGPVWT[ $% #EEQTFKPI VQ NGIGPF EJTKUVKCPKUCVKQP VQQM
RNCEGKP0GTQŉUFC[UCPFYCUNGFD[VJGUCKPVU0C\CTKWUCPF%GNUWU
HQTVJGJKUVQT[QHVJGUGVYQUCKPVU
UGGPQ#DVGK.QTUEJ6JGFKQEGUGKUFQEWOGPVGFKPVJGVJEGPVWT[KVYCUCUWHHTCICPFKQEGUGVQ
VJGCTEJDKUJQRTKEQH/KNCPWPVKN

&TKXGP D[ 1UVTQIQVJ CPF .QODCTF CFXCPEG OCP[ RGQRNG HNGF VQ )GPQC +P VJGTG YCU C EQOGU
EKXKVCVKU#FGOCTWUYJQUWRRNKGFVTQQRUCPFUJKRUHQTVJGYCTCICKPUVVJG5CTCEGPU#TQWPF)GPQC
DGNQPIGFVQVJGPGYN[HQWPFGFOCTM6WUEKC
UGGWPFGT6WUEKC(TQOVJG1DGTVGPIJKYGTGEQWPVUQH
)GPQC6JGQNFGUVRTKXKNGIGHQTCP[RTGOWPKEKRCNEKV[JCDKVCVQTKDWUKPEKXKVCVG+CPWGPUKUJQYUVJCVVJG
EKV[ UVTQXG VQ UJGF 1DGTVGPIJK TWNG #V VJCV VKOG VJG EKV[ CNTGCF[ RTQXKFGF VJG CTGPC HQT VJG EQPHNKEV
DGVYGGPVJGDKUJQRUCPFVJGXKUEQWPVU
XKEGEQOGUOGODGTUQHVJGQNFWTDCPPQDKNKV[+VUHKTUVXKUEQWPV
YCU +FWU
+FQ CTQWPF 6JG QNFGUV WTDCP PQDKNKV[ EQORTKUGF VJG HCOKNKGU 'ODTKCEK %CUVGNNQ CPF
5RKPQNC%QPHNKEVYKVJVJGDKUJQRUHNCTGFWRTGIWNCTN[2GCEGYCUPQVTGCEJGFWPVKNWPFGT$KUJQR1DGTVQ
YJQ YCU HTQO QPG QH VJG HCOKNKGU YJGP C UGVVNGOGPV FGVGTOKPGF VJG XKUEQWPVU VQ DG XCUUCNU QH VJG

DKUJQRU

#HVGT)GPQCCPF2KUCEQPVTQNNGFVJG6J[TTGPKCP5GCYJGPVJGEKV[VJTKXGFWPFGT/CTITCXG#NDGTVQ
/CNCURKPC
'XGP VJG EQPHNKEVU YKVJ 2KUC QXGT %QTUKEC KP CPF VJG UWRRQTVKPI TQNG KP VJG
5RCPKUJ 4GEQPSWKUVC
YJKEJ YCU VWTPKPI QWV HQT VJG YQTUG HCKNGF VQ UNQY FQYP VJG EKV[ŉU
FGXGNQROGPV

+PVJGVJEGPVWT[CPKORQTVCPVEJCPIGQHEQWTUGYCUOCFGVJGVTCFGOQXGFVQVJG.GXCPV+P
VJGEQORCIPCEQOOWPKUECOGKPVQDGKPI#UUQQPCUCECORCKIPYCUNCWPEJGFWPFGTVJGCWURKEGU
QH VJKU EQORCIPC +V ITGY VQ DG C RQYGTHWN QTICPKUCVKQP PQV WPNKMG VJG EQOWPGU KP QVJGT VQYPU
+PHNWGPEGYCUGZVGPFGFVQVJGEQPVCFQ

%QPHNKEV CTQUG YKVJ 2KUC QXGT VJG KPHNWGPEG KP %QTUKEC +P 2QRG +PPQEGPV ++ FTGY WRQPDQVJUGC
HCTKPIPCVKQPUKPVJGDCVVNGCICKPUV#PCMNGV+++PTGVWTPJGGNGXCVGF)GPQCVQCTEJDKUJQRTKEOWEJVQVJG
EJCITKPQH/KNCP+PVJGTKIJVQHOKPVYCUITCPVGFD[%QPTCF+++PHKPCPEKPIYCUPGGFGF
HQTVJGECORCKIPCICKPUVVJG#NOQTCXKFGU
#NOGTKC#RWDNKENQCPQHUQTVUYCUKUUWGF
ŋ%QORGTCŌHQT
RTKXCVG RGTUQPU YJQ KP TGVWTP RCKF VJG EQOWPG TKIJVU CPF ICDGNNGU
C MKPF QH 8#6 EJCTCEVGTKUVKE QH
)GPQCYJGTGVJGEQOWPGYCURQQTCPFVJGEKVK\GPUYGTGTKEJ

)GPQCHQTVKHKGFKVURQUKVKQPKPVJGEQCUVCNCTGCDWVUVGGTGFENGCTQHVJGEQPHNKEVUKPOCKPNCPF+VCN[6JG
EKV[FKFUWRRN[UJKRUHQTVJGTF%TWUCFG+PCPGZVGTPCNRQFGUV¯YCUEQPVTCEVGFDWVVJGHCOKNKGU

COQPIVJGO5RKPQNC&QTKCGVEPGXGTNQQUGPGFVJGKTITKRQPVJGEQOWPGU6JG[VJGPQDKNGUQEEWRKGF
CNNVJGKORQTVCPVRQUKVKQPUCVVJGGZRGPUGQHVJGYGCNVJ[OGTEJCPVU(TQOVJGTGYCUCRQFGUVCTKCVG
DWV VJG UVTWIING HQT UWRTGOCE[ COQPI VJG PQDKNGU ICVJGTGF KP HQTEG 6JG 5RKPQNCU CPF &QTKCU JCF
KORGTKCN UWRRQTV VJG (KGUEJKU CPF VJG )TKOCNFKU YGTG DCEMGF D[ VJG RQRG #HVGT VJG FGRQUGOGPV QH
(TGFGTKEM++VJGNCVVGTHCEVKQPIQVVJGWRRGTJCPF

+PYKVJVJGGEQPQO[FGENKPKPIRQYGTHGNNVQ%CRKVCPQFGN2QRQNQ)WINKGNOQ$QEECPGITC
WPVKN
*KUOCKPHGCVYCUVJG6TGCV[QH0[ORJCKQPKPYJKEJUGEWTGFVJGVJTQPGHQT/KEJCGN8+++
2CNCKQNQIQUKPTGVWTPHQTC)GPQGUGVTCFGOQPQRQN[KPVJG$NCEM5GCCUYGNNCUEQPVTQNQXGTVTCFGTQWVGU
VQ+PFKCCPF%JKPCKPUVCPVN[ECWUKPIEQPHNKEVYKVJ8GPKEG

#HVGTVJGHCNNQH$QEECPGITCVJG)WGNRJUTWNGFWPVKNCHVGTYJKEJVJG
PGCTN[WPNKOKVGFUYC[YCU
JGNFD[%CRKVCPQFGN2QRQNQ1DGTVQ
&QTKCCPF1DGTVQ
5RKPQNCHQTCRGTKQFQHCNOQUVHKHVGGP[GCTU
6JKUYGCMFQWDNGIQXGTPCPEGYCUVQRRNGFKPD[#TEJDKUJQR,CEQRQFC8QTCIKPG+PRQYGT

WNVKOCVGN[HGNNVQ*GPT[8++
#HVGT C DKVVGT HGWF DGVYGGP (KGUEJK)TKOCNFK QP VJG QPG JCPF CPF 5RKPQNC&QTKC QP VJG QVJGT CP
KPUWTIGPE[QHYGCNVJ[OGTEJCPVURQRQNCTGGPUWGFDTKPIKPI5KOQP$QEECPGITCVQRQYGT9KVJJKOVJG
KPUVKVWVGQHVJGFQIGHQTNKHGDGICP
YJKEJYQWNFNCUVWPVKN

$QEECPGITCJQYGXGTFKFPQVOCPCIGVQTGUQNXGVJGEQPHNKEVU6JG/KNCP8KUEQPVKUYGTGVJGPECNNGFVQ
OGFKCVG)KQXCPPK8KUEQPVKVJGPCUUWOGFVJGQHHKEGQHUKIPQTGHQTYJCVYQWNFVWTPQWVVQDG[GCTU
6JG EQPSWGUVU QH %JKQU
CPF QH DQVJ 2JQMCKC HGNN KP JKU KPEWODGPE[ #HVGT )KQXCPPK 5KOQP
$QEECPGITCTGVWTPGF

6JGPFJCNHQHVJGVJEGPVWT[KUOCTMGFD[XKQNGPVHGWFUDGVYGGPOGTEJCPVHCOKNKGUCPFHCOKNKGUKP
UJKRRKPI 6JG QHHKEG QH FQIG YCU OQPQRQNKUGF D[ VJG #FQTPQ CPF (TGIQUQ HCOKNKGU )GPQC NQUV
KORQTVCPVUVTQPIJQNFUKPVJG.GXCPV)GPQCFGETGCUGFKPKORQTVCPEGFWGVQVJGTKUGQHEKV[UVCVGU/KNCP
CPF(NQTGPEGCPFVQVJGOKIJVQH(TCPEG

(QTGKIPGTUPQYYGTGFQIG%JCTNGU8+QH(TCPEG
+PVJGRGTKQF)KQTIKQ#FQTPQ
YCU FQIG CNNQYKPI PQDKNKV[ VQ CUUWOG QHHKEGU CICKP *KU UWEEGUUQT 6QOCUUQ %CORQHTGIQUQ RTQOQVGF
VJG CTVU DWV YCU HQTEGF VQ YKVJFTCY VQ VJG 5CT\CPC 8KUEQPVKU KP
JG OCFG 5CT\CPC VJG DTKNNKCPV
EGPVTGQHTGPCKUUCPEG6JGPRQYGTHGNNVQ(KNKRRQ/CTKC8KUEQPVK

#HVGT VJG $CVVNG QH 2QP\C
CPF VJG HCNN QH %QPUVCPVKPQRNG KP )GPQC URKTCNNGF KPVQ C FGGR
ETKUKU+PRGQRNGTQUGCICKPUVVJG5HQT\CUFQKPIOWEJVQHWTVJGTYGCMGP)GPQCŉURQUKVKQP
172
ITALY - GENOVA
4'27$$.+%#

&GPCTQ#%TQUUŐ%804#&+4':4%CUVNG Ő+#Ő08Ő#$KCIIK.WPCTFK8CTGUK

IT 'ZVTGOGN[HKPG
5RKPM.QPFQP
4GXGTUGKU,CPWCRQTVQHVJGEKV[
UGG'5R
$GHQTG
CHVGTVJGQDXGTUGKPUETKRVKQPEJCPIGU
6JKUKUPQGZCEVEQR[QH$KCIIKDWVCNCVGTKOKVCVKQP

)TQUUQ FC FGPCTK # %TQUU Ő %804#&+ 4': 4 %CUVNG Ő +# Ő 08 Ő # Ő $KCIIK
.WPCTFKXCT8CTGUKIT 0KEGRCVKPCGZVTGOGN[HKPG
.CWIYKV\$GTNKP
(TQOWPFGT(TGFGTKEM++QPVJGEQKPKU%QPTCF
%#4.18+FK(4#0%+#

2CVCEJKPC#5JKGNFYKVJCTOUQH)GPQXC$CPFNKU -4':(&+#08'84%TQUU

%104#&854':48$KCIIK8CTGUKIT 6TCEGUQHGPETWUVCVKQPXGT[HKPG
6QFGTK(NQTGPEG
%CTNQ8+5KIPQTGFK)GPQXC
)#.'#<<1/#4+#5(14<#

)TQUUQ#%CUVNGYKVJCTOUQHVJG8KUEQPVKCDQXG)Ő5Ő&8:Ő/'&+1.#Ő&Ő+#04%TQUU
%104#&Ő4':Ő41/#01Ő+2$KCIIK8CTGUKIT
/CIPKHKEGPVRCVKPCCNOQUVGZVTGOGN[HKPG
&GNOQPVG$TWUUGN
6JG8KUEQPVKCTOUQPVJGQDXGTUGCNUQUGTXGUCUCPKPKVKCNU[ODQNHQTVJGVGZV
173
ITALY - COMO and BERGAMO
%1/1
6JGQTKIKPCN4QOCPPCOGYCU%QOWOQTEKXKVCU%WOCPC%QOQYCUCPGRKUEQRCNEKV[HTQOVJGFC[UQH
5V (GNKZ YJQ YCU QTFCKPGF D[ $KUJQR #ODTQUG 2QYGT QXGT VJG VQYP EJCPIGF JCPFU DGVYGGP VJG
*GTWNKVJG1UVTQIQVJUVJG$[\CPVKPGUCPFVJG.QODCTFU+PVJGRGTKQFQH)TGIQT[VJG)TGCVCPF$KUJQR
#ITKRRKPWUVJGEKV[DTQMGNQQUGQH4QOGCPF/KNCP#UCTGUWNVQHVJG6JTGG%JCRVGT%QPVTQXGTU[VJG

RCVTKCTEJCVGQH#SWKNGKCYCUCFQRVGFCUKVWCVKQPVJCVYQWNFNCUVWPVKN

6JG6JTGG%JCRVGT%QPVTQXGTU[TGHGTUVQVJGUEJKUODGVYGGPVJGEJWTEJGUQH4QOGCPF%QPUVCPVKPQRNG6JGVGTO
KVUGNH TGHGTU VQ VJTGG NGVVGTU QH VJG DKUJQRU +DCU QH 'FGUUC 6JGQFQTGV QH -[TTJQU CPF 6JGQFQTG QH /QRUWGUVKC
VJG
RTQIGPKVQT QH VJG 0GUVQTKCPU 6JGUG NGVVGTU YGTG FGPQWPEGF KP LWUV CHVGT VJG RCVTKCTEJ QH %QPUVCPVKPQRNG JCF

TGNWEVCPVN[CITGGFVQVJGO

%QOQ YCU CP KORQTVCPV EKV[ FWG VQ KVU NQECVKQP CV C ETQUUTQCFU QH YJKEJ RCTVKEWNCTN[ VJG PQTVJUQWVJ
TQWVGYCUQHITGCVKORQTVCPEGCPFKVUDKUJQRURNC[GFCEGPVTCNTQNGKPRQNKVKEU
COQPIUVQVJGTU'NKDGTVWU
YCU QPG QH VJG GNGEVQTU QH %JCTNGU VJG $CNF VQ MKPI QH +VCN[ 6JG[ CNUQ OGFKCVGF KP VJG +PXGUVKVWTG
%QPVTQXGTU[

(TQO%QOQYCUQTICPKUGFCUCEQOWPGCPFVJGEKV[ECNNGFQP(TGFGTKEM$CTDCTQUUCVQEQOGVQKVU
CKFCICKPUV/KNCP#EQOWPGKUUWGFEQKPKPVJGPCOGQH(TGFGTKEM+
$KCIIKKUGXKFGPEGQHVJKU#

DCNCPEGYCUUVTWEMYKVJ/KNCP
#HVGTVJG5VCWHGTRGTKQFCHGWFKIPKVGFDGVYGGPVJG8KVVCPKCPF4WUECHCOKNKGU#UCTGUWNVVJGEKV[HGNN
VQ6QTTKCPKCPF8KUEQPVKYJQQEEWRKGFVJGQHHKEGUQHRQFGUV¯CPFECRKVCPQCUVJGQHHKEGQHDKUJQRCNKMG

4CKOQPFQ 6QTTKCPK +P VJG GPF (TCPEJKPQ 4WUEC QHHGTGF VJG EKV[ VQ #\\QPG 8KUEQPVK /KNCPGUG TWNG
YQWNFNCUVWPVKNCHVGTYKVJCDTKGHKPVGTTWRVKQPHTQOVQYJGP8KVVCPKCPF4WUECCICKP
JGNFUYC[
(4+'&4+%*++

/G\\Q ITQUUQ # %TQYPGF DWUV N YKVJ NKU CPF DTCPEJ ('&'4+%85 +/2'46 4 'CING N
%8/#085$KCIIK8CTGUKIT 440KEGVQPKPIGZVTGOGN[HKPG
#TUGV0WOOWU/KNCPQ
$KCIIK OGPVKQPU C ETQYPGF GCING DWV VJKU QPG KU PQV ETQYPGF$KCIIKCPFUJQYCPWPETQYPGFGCINGDWV
VJCVKUVQVJGTKIJV
#TGVJGVJTGGŋVYKIUŌVJCVCTGDGKPIJGNFVJGPCKNUQHVJGETQUUQH%JTKUV
CUQPPQQH$TCDCPV!
$'4)#/1
+VU4QOCPPCOGKU$GTIQOWOQT2GTICOWO

6JG FKQEGUG YCU HQWPFGF KP VJG VJ EGPVWT[ D[ 5V #NGZCPFGT #HVGT VJG XKEVQT[ QH %JCTNGOCIPG QXGT
&GUKFGTKWU
$GTICOQDGECOGCEQWPV[
DWVVJG.QODCTFVTCFKVKQPYCUOCKPVCKPGF

$GTICOQ TQUG VQ KORQTVCPEG WPFGT VJG EQWPVU HTQO VJG *QWUG QH VJG )KUGNDGTVKPGU 6JG RQYGT QH VJG
EQWPVUFYKPFNGFKPVJGNCVGVJEGPVWT[CPFYCUHQTVJGOQUVRCTVVTCPUHGTTGFVQVJGDKUJQRU/KNCPCPF
%TGOQPC DGPGHKVGF HTQO VJG RQYGT XCEWWO 6JG UKFG QH VJG GORGTQT YCU EJQUGP KP VJG +PXGUVKVWTG
%QPVTQXGTU[DWVCVVJGU[PQFQH/KNCP
$KUJQR#TPWNHYCUFGRQUGF

+P C EQOWPG QH QNF OKIJV[ HCOKNKGU ECOG KPVQ DGKPI 7PFGT (TGFGTKEM $CTDCTQUUC $GTICOQ
DGNQPIGFVQVJG.QODCTFHGFGTCVKQPQHEKVKGU+PVJGPFJCNHQHVJGVJEGPVWT[VJGEQOWPCNUVTWEVWTG
DTQMGFQYPCPFCPWODGTQHPGYHCEVKQPUECOGVQVJGHQTG+PCRQFGUV¯YCUKPUVCNNGFYJQHCKNGF
VQ TGUQNXG VJG HGWFU JQYGXGT +P (KNKRRQ FGNNC 6QTTG UKIPQTG QH /KNCP YCU EJQUGP RQFGUV¯ QH
$GTICOQ HQT C VGPWTG QH HKHVGGP [GCTU (TQO VJG UKIPQTKC QH $GTICOQ DGNQPIGF VQ VJG UKIPQTKC

HTQOFWEJ[QH/KNCP
QHVJG8KUEQPVKU;GVEGTVCKPHCEVKQPUUQWIJVVQYKPDCEMCWVQPQO[HQT
$GTICOQ#HVGTVJGFGCVJQH)KCP)CNGC\\QKPVJGUKIPQTKCECOGWPFGT2CPFQNHQ/CNCVGUVCHQTC
PWODGTQH[GCTU+PKVTGVWTPGFVQ(KNKRRQ/CTKC8KUEQPVK

6JGTGYCUCNYC[UCEGTVCKPTGNCVKQPYKVJ8GPKEG1P/C[$GTICOQYCUWNVKOCVGN[UWDLWICVGFD[
8GPKEG
174
ITALY - BRESCIA
%1/70'

&GPCTQ KORGTKCNG # &KCFGOGF DWUV T +/2' Ő ('&4+%85 4 'FKHKEG YKVJ VYQ VQYGTU QP
OQWPVCKPVQR2')#/7/$KCIIK8CTGUKIT 8GT[HKPG
)QTP[/QUEJ/ÒPEJGP#WEVKQP
PQ
+PVJGPCOGQH(TGFGTKEM++
5VTWEMHTQOWPVKNVJGDGIKPPKPIQHVJGVJEGPVWT[VJGCIGQHVJGEQOOWPG
#JQTK\QPVCNNKPGTWPUVJTQWIJVJGNGVVGTU2CPF&YJKEJOGCPU2'TGUR&'
$KCIIKRTQXKFGU+/264DWVVJKUEQKPTGCFU+/2
$4'5%+#

$TGUEKCKUCPQNF%GNVKEEKV[$TKZKC+P$%C4QOCPUGVVNGOGPVYCUHQWPFGFJGTG6QYCTFUVJGGPF
QHVJGVJEGPVWT[VJGDKUJQRU(KNCUVTKWUCPF)CWFGPVKWUYQTMGFJGTG+P$TGUEKCYCURKNNCIGFD[VJG
*WPU CPF KP VJG EKV[ YCU VCMGP D[ VJG .QODCTFU YJQ VWTPGF KV KPVQ C FWEJ[ #PUC VJG YKHG QH
&GUKFGTKWU
VJGNCVVGTYCUHTQO$TGUEKCJCFVJGEQPXGPV5V5CNXCVQTGDWKNV

$TGUEKCUWRRQTVGF$GTGPICT+YJQYCUTGNCVGFVQVJG5WRRQPKFHCOKN[HTQO$TGUEKC#VVJGDGIKPPKPIQH
VJGVJEGPVWT[6GFCNFQQH%CPQUUC
VJGITCPFHCVJGTQH$QPKHCEKQQH6WUEKCUGGWPFGT6WUEKCDGECOG
EQWPVQH$TGUEKC

#TQWPFCEQOWPGECOGKPVQDGKPI
EQPUWNGKP0GXGTVJGNGUUNQECNGGRKUEQRCE[TGVCKPGFKVU
CWVJQTKV[ &WTKPI VJG +VCNKCP GZRGFKVKQPU QH (TGFGTKEM $CTDCTQUUC VJG EQOWPG QH $TGUEKC LQKPGF VJG
EQOWPGU QH /KNCP $GTICOQ CPF /CPVWC +P C RQFGUV¯ HTQO /KNCP YCU KPUVCNNGF )WINKGNOQ FG
1UC(TQO$TGUEKCDGNQPIGFVQVJGFQOKPKQPQHVJGFGNNC6QTTGHCOKN[
/KNCP

+P $TGUEKC YCU QEEWRKGF D[ VJG )JKDGNNKPGU NCVGT D[ VJG FGNNC 5ECNC HCOKN[ +P 4QDGTV QH
#PLQW EQPSWGTGF VJG EKV[ HQT VJG )WGNRJU 6Q IGV QWV QH VJG EQPHNKEV DGVYGGP VJG )JKDGNNKPGU CPF VJG
)WGNRJUVJGEKV[UWTTGPFGTGFVQVJGMKPIQH$QJGOKC,QJCPPQH.WZGODQWTI+PKVYCUVCMGPD[
/CUVKPQFGNNC5ECNCKPD[#\\QPG8KUEQPVK(TQOVQWPFGT2CPFQNHQ/CNCVGUVCVJGP
WPFGTVJG8KUEQPVKUCICKPCHVGTYJKEJKVYCUWNVKOCVGN[EQPSWGTGFD[8GPKEGKP
%1/70'

&GPCTQ UEQFGNNCVQ # 2 4 + ETQUUUJCRGF YKVJ RGNNGV KP EGPVTG WPFGT QOGIC (4'&'4+%85 4
%TQUUKPEKTENG $4+Ő5+#$KCIIK8CTGUKIT
'FIGHCWNVCPFYGCMN[UVTWEMXGT[HKPG
*WK\KPIC&GNHV
1NFGUV EQKP QH $TGUEKC 6JG EQOWPG ECOG KPVQ DGKPI KP DWV (TGFGTKEM $CTDCTQUUC FKF PQV ITCPV VJG TKIJV QH
OKPV WPVKN
$KCIIK 'PIGN 5GTWWTG
R RTQXKFG CU VJG [GCT QH ITCPVKPI VJG TKIJV QH OKPV YJKEJ
JQYGXGTKUKORQUUKDNG
24+ QOGICKORGTCVQT
175
ITALY - PIACENZA and CREMONA
2+#%'0<#
5KPEG $% C 4QOCP EQNQP[ WPFGT VJG PCOG QH 2NCEGPVKC &GUVTQ[GF KP VJG NCVG 4QOCP CIG DWV
DTQWIJV DCEM VQ UKIPKHKECPEG WPFGT VJG .QODCTFU
KV NC[ CNQPI VJG RKNITKOCIG TQWVG VQ 4QOG VJG 8KC

(TCPEKIGPC
6JGEKXKVCUYCUIQXGTPGFD[YGCNVJ[OGTEJCPVUVQIGVJGTYKVJVJGDKUJQR+PVJGYCMGQHVJG+PXGUVKVWTG
%QPVTQXGTU[RQYGTYCUVCMGPHTQOVJGDKUJQRCPFCEQOWPGGOGTIGF
%QPPGEVGFVQ/KNCPVJG
EQOWPGJCFVQUWTTGPFGTVQ(TGFGTKEM$CTDCTQUUCKP+PKVLQKPGFVJG.QODCTF.GCIWGCPF
DCVVNG YCU TGUWOGF #HVGT
2GCEG QH %QPUVCPEG VJG EKV[ YCU VQTP D[ KPVGTPCN EQPHNKEV 0QDKNKV[
YJKEJ WPVKN VJCV OQOGPV JCF TWNGF VJG EKV[ HQWPF KVUGNH HCEKPI C PGY UQEKCN QTFGT # RQFGUV¯ YCU
KPUVCNNGF$GVYGGPCPF/KNCPYCULQKPGFKPVJGDCVVNGCICKPUV(TGFGTKEM++

2KCEGP\C YCU C EGPVTG QH DTKUM VTCFG KV PQV QPN[ VTCFGF VJTQWIJ VJG RQTV QH )GPQC KV YCU CNUQ
TGRTGUGPVGFQPVJGHCKTUQHVJG%JCORCIPG6QUGEWTGKVUHKPCPEGUGEVQTVJGEKV[LQKPGFVJG)WGNRJU1PG
QH VJG NCVVGT #NDGTVQ 5EQV
VQ UVCTVGF VJG UKIPQTKC *KU EQPSWGTKPI QH UWTTQWPFKPI VGTTKVQTKGU NGF VQ C
DTWUJYKVJVJG8KUEQPVKU
+VDTQWIJVCPGPFVQVJGEQOWPGGTC6JGEKV[JQYGXGTGPLQ[GFCJKIJ
FGITGGQHCWVQPQO[WPFGTVJG8KUEQPVKU
%1/70'

)TQUUQ#4#%10&+KPHKGNF 4')+55'%80&+4+%Ő#KPHKGNF &'2.#%'0Ő

$KCIIK8CTGUKXCTIT 'ZVTGOGN[HKPG
%TKRRC/KNCPQ
+PVJGPCOGQH%QTTCFQ++
6JGTGXGTUGVGZVUJQWNFDGTGCFCU&'2.#%'0%+#
%4'/10#
(QWPFGF KP $% CU CP QWVRQUV CICKPUV VJG )CWNU 6JG HKTUV DKUJQR YCU ,QJCPPGU OGPVKQPGF KP VJG
U[PQFQH/KNCPKP6JGDKUJQRŉUUWRTGOCE[EQPVKPWGFVQDGVJGTGCNTGCUQPHQTRTQURGTKV[+P
/CVKNFCQH6WUEKCITCPVGFVJTGGTGRTGUGPVCVKXGUQHVJGŋJQOKPGUUŌQH%TGOQPC%TGOCCPFVJGKUNCPFQH
(WNEJGTKCKPHKGH+VHQTOUVJGHKTUVOGPVKQPQHCEQOWPG%TGOQPCYCUNQ[CNVQ(TGFGTKEM$CTDCTQUUC
GCTPKPIVJGEKV[OCP[RTKXKNGIGU+PVJG.QODCTF.GCIWGYCULQKPGF#HVGTVJGRGCEGQH%QPUVCPEG

EQPHNKEV CTQUG YKVJ VJG PGKIJDQWTKPI UVCVGU PQVCDN[ /KNCP YJKEJ JQYGXGT YCU TQWVGF KP
CPF%TGOQPCFTCYKPIWRQPVJGKTCNNKCPEGYKVJ(TGFGTKEM++

+P CP GZVGTPCN RQFGUV¯ YCU RWV KP EJCTIG CP CTTCPIGOGPV VJCV DGECOG FGHKPKVKXG KP 6JG
EQOWPCNG UVTWEVWTG DTQMG FQYP WPFGT 2QFGUV¯ 7DGTVQ 2GNCXKEKPQ
(QNNQYKPI VJG $CVVNG CV
$GPGXGPVWOKPVJG)JKDGNNKPGUYGTGTGRNCEGFYKVJVJG)WGNRJUCUCNNKGUCPFVJG%CXCNECDÈHCOKN[
TQUGVQRQYGT6JGKTJGIGOQP[YQWNFNCUVWPVKNYJGP#\\QPG8KUEQPVKUWDLWICVGFVJGEKV[#HVGT
VJGFGCVJQH)KCP)CNGC\\Q7IQNKPQ%CXCNECDÈCPF%CDTKPQ(QPFWNQ
HQTOGFVJGUKIPQTKC
+P(QPFWNQUQNFVJGEKV[VQ(KNKRRQ/CTKC8KUEQPVKHQTIQNFGPFWECVU
KVYQWNFDGRCTVQHVJG
FQYT[JKUFCWIJVGT/CTKCDTQWIJVYKVJJGTVQJGTOCTTKCIGYKVJ(TCPEGUEQ5HQT\C
%1/70'

)TQUUQ#2Ő4+KPHKGNFWPFGTQOGIC (4'&'4+%854%TQUUYKVJRGNNGVKPVJGUVCPFPF

CPFVKRKPVJGTFCPFVJCPINGU %4'/10#$KCIIK8CTGUKIT
44'ZVTGOGN[HKPG
6JGNGVVGTU24+CTGRCTVQH+/2'4#614
(QTVJKU$KCIIKRTQXKFGU22+YKVJCPQOGICQXGTKV
176
ITALY - PARMA and EMILIA
2#4/#
2CTOC YCU HQWPFGF KP $% +P VJG VJ EGPVWT[ VJGTG YCU C FGENKPG DWV YJGP 4CXGPPC HGNN VQ VJG
1UVTQIQVJU VJG EKV[ HNQWTKUJGF CICKP &WTKPIVJG)QVJKE9CTUCPFWPFGTVJG.QODCTFUITQYVJUNQYGF
FQYPCDKVDWV2CTOCŉURQUKVKQPDGVYGGP.QODCTFKCCPF6WUEKCEQPVKPWGFVQDGQHKORQTVCPEG6JWUVJG
EKV[ECOGWPFGTVJGKPHNWGPEGQHVJG%CPQUUCHCOKN[CPFVJG1DGTVGPIJK+VEJQUGVJGUKFGQHVJGGORGTQT
FWTKPIVJG+PXGUVKVWTG%QPVTQXGTU[
%CFCPWUGXGPDGECOGCPVKRQRGCU*QPQTKWU++
+P0KITQ)TCUUQHTQO/KNCPYCUCRRQKPVGFRQFGUV¯KP2CTOC#HVGTVJG2GCEGQH%QPUVCPEG2CTOC
CNNKGFYKVJ%TGOQPC4GIIKQCPF/QFGPCCICKPUV2KCEGP\C7PFGT(TGFGTKEM++2CTOCFGXQNXGFVQVJG
)WGNRJU CPF C RGTKQF QH HNQTGUEGPEG GPUWGF
+P 2CTOC GUVCDNKUJGF KVU QYP OKPV #
PWODGT QH RTQOKPGPV HCOKNKGU JGNF UYC[ +P VJG RGTKQF WPVKN VJG TGRWDNKE OKPVGF YKVJ VYQ
GZEGRVKQPUCPF+PKVHGNNVQVJG8KUEQPVKUYJQUVC[GFWPVKNGZEGRVHQT
CUOCNNKPVGTTWRVKQPCHVGT
4'27$$.+%#

&GPCTQ#Ő4'Ő:ŐKPHKGNF (+.+2854%CUVNGDGVYGGPVYQRGNNGVU Ő2Ő#Ő4Ő/Ő

#Ő$KCIIK8CTGUKIT 6TCEGUQHXGTFKITKUGZVTGOGN[HKPG
(KPCTVG/KNCPQ#WEVKQP
PQ
+PVJGPCOGQH(KNKRRQFK5XGXKC
2JKNKRQH5YCDKC

4'))+1PGNNŉ'/+.+#

4GIIKQ YCU HQWPFGF D[ VJG 4QOCP EQPUWN / #GOKNKWU .GRKFWU KP $% 6JG HKTUV UKIPU QH
%JTKUVGPFQOFCVGHTQOVJGTFCPFVJGVJEGPVWT[CPFVJGHKTUVDKUJQRYCU(CXGPVKWU
6JGEKV[ŉU
RCVTQPUCKPVKU$KUJQR2TQURGTWU
UQOGVKOGUOKZGFWRYKVJ2TQURGTQH#SWKVCKPG
#HVGT VJG DQQO WPFGT VJG %CTQNKPIKCPU C ECVJGFTCN QXGT VJG ITCXG QH 5V 2TQURGT YCU TC\GF D[ VJG
*WPICTKCPUKP
VJGOQPCUVGT[5V2TQURGTYQWNFDGDWKNVJGTGKP
+P%QPTCF++ITCPVGF$KUJQR6GW\QVJGEQOKVCNVKVNG5QQPVJG%CPQUUCUUGK\GFVJGEQWPV[&WTKPI
VJG+PXGUVKVWTG%QPVTQXGTU[/CVKNFCQH6WUEKCTGRNCEGF$KUJQR)CPFWNHYJQYCUNQ[CNVQVJGGORGTQT
YKVJ #PUGNO QH .WEEC
#HVGT /CVKNFCŉU FGCVJ
VJG EQOWPG ECOG KPVQ DGKPI 6JG
.QODCTF.GCIWGYCULQKPGF+PVJGFQOKPCPVPQDKNKV[YCUQWUVGFCPFCECRKVCPQFGNRQRQNQECOG
KPVJGKTRNCEG+PVJGKPHNWGPVKCNPQDNGHCOKN[FC5G\\QYCUFTKXGPHTQO4GIIKQ
#UCTGCEVKQPQPVJGUWRTGOCE[QHVJGRQRQNQCPWODGTQHPQDNGHCOKNKGUQHHGTGFVJGUKIPQTKCVQ1DK\\Q
Fŉ'UVG VJKU JGTCNFGF VJG FGENKPG QH 4GIIKQ (TQO VQ VJG 8KUEQPVKU VTKGF VQ TGUVQTG QTFGT
'RKFGOKEUCOQPIUVQVJGTURTGXGPVGFVJGOHTQOCEJKGXKPIKV#HVGTVJGFGCVJQH)KCP)CNGC\\Q8KUEQPVK

1VVQDQPG6GT\KCESWKTGFVJGUKIPQTKCDWVUQQPJCFVQDQYVQVJG8KUEQPVKUCPFVJG'UVGU+P
4GIIKQWNVKOCVGN[HGNNVQVJG'UVGU

'4%1.'+Fŉ'56'

)TQUUQ # )TCKP OKNN ¢ *'4%8.'5 ¢ &8: VQMGP 4 $WUV QH 5V 2TQURGTQ HCEKPI VQMGP 5 Ő
24152'4 Ő'25H4')++$KCIIK8CTGUKIT
40KEGRQTVTCKVHNCPFGHGEVXGT[HKPG
$QVJVJGQDXGTUGCPFVJGTGXGTUGVGZVCTGRTGEGFGFQTIKTFGFD[CŋU[ODQNŌ+VUOGCPKPIGUECRGUOG&QGUVJKUJCXG
CP[VJKPIVQFQYKVJVJGHNQWTOKNN!
177
ITALY - MODENA and BOLOGNA
/1&'0#
1TKIKPCNN[ C 4QOCP OWPKEKRKWO /WVKPC %JTKUVGPFQO UQQP ICKPGF HQQVJQNF CPF /QFGPC YCU CP
GRKUEQRCNUGGKPVJGVJEGPVWT[

#VVJGITCXGQH$KUJQR)GOKPKCPWU
ŎYJQYQWNFNCVGTDGTGXGTGPEGFCURCVTQPUCKPVQHVJGEKV[
CNQPIVJG8KC'OKNKCJKUUWEEGUUQT6JGQFQNWUGTGEVGFCECVJGFTCNVJCVYQWNFIQQPVQDGVJGEKV[EGPVTG
%QPSWGTGFD[VJG.QODCTFUVJGEKV[YCUTGDWKNVD[%WPKRGTVKP1VJGT.QODCTFMKPIUCNUQDWKNV
KORQTVCPVDWKNFKPIU

+P /QFGPC TGEGKXGF UKIPKHKECPV RTKXKNGIGU QH .QWKU VJG 2KQWU # HQNNQYGT QH .QWKU VJG 2KQWU
#WVTCOOWUDGECOGEQOGUQH/QFGPC#HVGTVJCVVJGEKV[UWHHGTGFXKQNGPVCVVCEMUQHVJG*WPICTKCPU

6JGDKUJQRUYGTGXGT[RQYGTHWNCPFRNC[GFCEGPVTCNTQNGKPVJG+PXGUVKVWTG%QPVTQXGTU[$KUJQR'TKDGTV

EJQUG VJG UKFG QH VJG GORGTQT VQ TKF JKOUGNH QH VJG KPHNWGPEG QH /CVKNFC QH 6WUEKC YJQ
FQOKPCVGF VJG EQPVCFQ /CVKNFC CVVGPFGF VJG EQOOGPEGOGPV QH YQTM HQT VJG EQPUVTWEVKQP QH VJG
ECVJGFTCNYKVJVJGKORQTVCPVTGNKGHD[9KNKIGNOWU

#HVGT/CVKNFCŉUFGCVJKPCEQOWPGECOGKPVQDGKPI6JGEKV[HQWIJVCNQV
CNUQYKVJ$QNQIPCCPF
GXGPVWCNN[ YCU EGFGF VQ VJG OCTSWKU QH (GTTCTC 1DK\\Q Fŉ'UVG KP $TKGHN[ VJGTG YCU C EKV[
IQXGTPOGPV
DWVCHVGTKPVGTPCNEQPHNKEVVJGEKV[WNVKOCVGN[HGNNVQVJG'UVGUKP
%1/70'

)TQUUQ # ( & Ő % YKVJ VJTGG RGNNGVU CTQWPF +/2'4#614 4 )TGCV / &' /86+0#
$KCIIK8CTGUKXCTIT 'ZVTGOGN[HKPG
6QFGTK(NQTGPEG

$1.1)0#
9JGPVJG$QKKNGHVVJGKTJQOGNCPF)CWNCVVJGDGIKPPKPIQHVJGVJEGPVWT[$%VQOKITCVGGCUVYCTFRCTV
QHVJGOYGPVVQVJGUQWVJCPFUGVVNGFKP$QKQPKC
$QNQIPC+VU.CVKPPCOGKU$QPQPKC

6JKURNCEGVJCVVJG$QKKEJQUGVQUGVVNGJCFDGGPCP'VTWUMKCPUGVVNGOGPVYJKEJVJG[FGUVTQ[GF.CVGTKV
YQWNFEQOGVQDGC4QOCPUGVVNGOGPV

9JGP %JTKUVGPFQO YCU KPVTQFWEGF KU WPMPQYP CU KU VJG RGTKQF QH OCTV[TFQO QH 5V 8KVCNKU CPF 5V
#ITKEQNC

9JGTGCU $QNQIPC UWHHGTGF HTQO VJG )QVJU VJG .QODCTFU HQWPFGF EJWTEJGU VJGTG 1PG QH VJG HKTUV

DKUJQRU5V2GVTQPKWU
NKGUDWTKGFKPVJG$GPGFKEVKPGOQPCUVGT[QH5V5VGHCPQ
%JCTNGOCIPGTGVWTPGF$QNQIPCVQVJG*QN[5GG6JGEKV[ITGYFWTKPIVJGVJCPFVJEGPVWT[6JG
EKV[NC[KPVJGURJGTGQHKPHNWGPEGQHDQVJVJG#TEJDKUJQRTKE4CXGPPCCPFVJG*QWUG%CPQUUC1VVQPKCP
CWVJQTKV[CPFCEQWPVCRRQKPVGFD[VJGMKPIEQWPVGTDCNCPEGFVJGUGHQTEGUDWVCNUQRTGXGPVGFVJGDKUJQR
HTQOJCXKPICP[TGCNKPHNWGPEGQXGTVJGEKV[

6QYCTFU VJG GPF QH VJG VJ EGPVWT[ VYQ DKUJQRU YGTG KPUVKVWVGF
QPG D[ VJG RQRG VJG QVJGT D[ VJG
CPVKRQRG+PVJGVGTTKVQT[UGRCTCVGFHTQO4CXGPPCCPFUWDQTFKPCVGFVQ4QOG

+P C EQOWPG GOGTIGF +V HQTOGF CP CNNKCPEG YKVJ VJG QVJGT EQOWPGU KP VJG 2Q RNCKP IQKPI
CICKPUV VJG RNCPU QH (TGFGTKEM $CTDCTQUUC YJQ YCPVGF VQ TGUVQTG TQ[CN CWVJQTKV[ 6JWU KV LQKPGF VJG
.QODCTF .GCIWG 6JG EQOWPG YCU NGF D[ NQECN PQDKNKV[
YJKEJ YCU VQTP D[ KPVGTPCN FKUCEEQTF
4GRNCEKPIVJGEQPUWNGUYKVJCRQFGUV¯DTQWIJVKPHTQOVJGQWVUKFGFKFPQVKORTQXGVJGUKVWCVKQP+P
VJGIWKNFUCEEGFGFVQEKV[IQXGTPOGPV+PVJGQHHKEGQH%CRKVCPQFGN2QRQNQYCUETGCVGF
CNUQHKNNGF
GZVGTPCNN[

$QNQIPC HQTEGHWNN[ QRRQUGF (TGFGTKEM ++ PQVCDN[ KP VJG $CVVNG QH (QUUCVC
KP YJKEJ 'P\Q

DCUVCTFUQPQH(TGFGTKEM++IQXGTPQTKP'OKNKC4QOCIPCYCUVCMGPECRVKXG
#HVGT VJG FGCVJ QH (TGFGTKEM ++ $QNQIPC PQV QPN[ EQPVTQNNGF /QFGPC DWV CNUQ PGCTN[ CNN VJG EKVKGU QH
4QOCIPC6YQHCOKNKGUYGTGQHEGPVTCNKORQTVCPEG)GTGOGKCPF.CODGTVC\\K
VJGNCVVGTYQWNFNQUGVJG
UVTWIING HQT FQOKPCPEG KP +P CP GXGPV VQQM RNCEG YJKEJ YQWNF JCXG HCTTGCEJKPI
EQPUGSWGPEGU 4WFQNH QH *CDUDWTI UWTTGPFGTGF JKU ENCKOU VQ $QNQIPC CPF 4QOCIPC KP HCXQWT QH VJG
*QN[5GG

6JKUJGTCNFGFCVKOGQHITGCVEQPHWUKQP4QOGQ2GRQNKCVVGORVGFVQVCMGCFXCPVCIGQHVJGVWTOQKNCPF
WUWTRRQYGT1PGQHVJGNGCFGTUQHVJGGPUWKPITGXQNV6CFFGQ2GRQNKUVGRRGFHQTYCTFCPFTGUVQTGFVJG
RGCEG*QYGXGTJKUUQPEQWNFPQVEQPVKPWGVJKUCPFUQNFVJGUKIPQTKCVQ)KQXCPPK8KUEQPVK6JGNCVVGTŉU
TGRTGUGPVCVKXG )KQXCPPK FC 1NGIIKQ UQNF VJG EKV[ VQ VJG RCRCN NGICVG %CTFKPCN #NDQTPQ\
UGG WPFGT
4QOG

+PVJGEQOWPGYCUTGUVQTGFCPFVJGQNFHGWFUVJCVJCFDGGPUOQNFGTKPICNNCNQPIKPUVCPVN[HNCTGF
WR+PVJGGPF)KQXCPPK+$GPVKXQINKQGOGTIGFXKEVQTKQWU*KUHCOKN[TGKIPGFWPVKNHCEKNKVCVGFD[
VJG UWRRQTV QH 8GPKEG /KNCP (NQTGPEG CPF VJG *QN[ 5GG VJWU RTQXKFKPI C DCNCPEG QH RQYGTU KP VJKU
TGIKQPVQYJKEJVJGEKV[YCUQHETWEKCNKORQTVCPEG
178
ITALY - BOLOGNA

4'27$$.+%#

$QNQIPKPQ RKEEQNQ # + 2 4 6 ETQUUUJCRGF YKVJ RGNNGV KP EGPVTG CPF QPG RGNNGV KP GCEJ CPING
'04+%*54)TGCV#YKVJHQWTRGNNGVUCTQWPF $1010+$KCIIK8CTGUKIT
5NKIJVN[QHHEGPVTGGZVTGOGN[HKPG
6QFGTK(NQTGPEG
4'27$$.+%#

$QNQIPKPQ#)TGCV#YKVJHQWTTKPIUCTQWPF Q$1Q01Q0+Q4148/ETQUUUJCRGFKPHKGNF
YKVJTKPIKPEGPVTG /#6'4Q568&+$KCIIK8CTGUKIT
46TCEGUQHGPETWUVCVKQPXGT[HKPGVQGZVTGOGN[HKPG
*WK\KPIC&GNHV
6JKUV[RGQHEQKPYCUUVTWEMFWTKPIVJGTGXQNWVKQPU
'5R
6GZVQDXGTUG$QPQPKCTGXGTUG/CVGTUVWFKQTWO
'5
.GU N¾IGPFGU $QPQPKC FQEGV QW $QPQPKC OCVGT UVWFKQTWO UG OCKPVKGPPGPV ¯ VTCXGTU VQWVGU NGU
T¾XQNWVKQPU RQNKVKSWGU
6JG NGIGPFU $QPQPKC FQEGV QT $QPQPKC OCVGT UVWFKQTWO EQPVKPWGF VJTQWIJQWV VJG RQNKVKECN
TGXQNWVKQPU
6JG RQRGU OKPVGF KP $QNQIPC HTQO VQ (QNNQYKPI VJG RCRCN TGKIP $QNQIPC HGNN VQ (KNKRRQ
/CTKC 8KUEQPVK YJQ OKPVGF KP $QNQIPC WPVKN #HVGT VJCV ECOG VJG UKIPQTGU $GPVKXQINKQ FC 5CPVG
$GPVKXQINKQ
CPF )KQXCPPK ++ $GPVKXQINKQ
6JG EQKPU WPFGT VJGUG VYQ TWNGTU
ECPPQVDGVQNFCRCTV
$'06+81).+1%QPUGTXCVQTK

)TQUUQPG # .KQP YKVJ HNCI UVCPFKPI HCEKPI QXGT UJKGNF QH $GPVKXQINKQ Q $1010+# Q /#6'4 Q
568&+148 Q 4 'PVJTQPGF 5V 2GVTQPKQ YKVJ ETQUKGT CPF OQFGN QH VJG EKV[ 5 2'6410+ &'
$1010+#$KCIIK8CTGUKIT 4&CTMVQPGVTCEGUQHXGTFKITKUXGT[HKPG

)TQUUQ # .KQP YKVJ HNCI UVCPFKPI HCEKPI KP SWCVTGHQKN $1010+ # &1%'6 4 'PVJTQPGF 5V
2GVTQPKQYKVJETQUKGTCPFOQFGNQHVJGEKV[52'6410+&5$KCIIK8CTGUKIT
PQ
179
ITALY - RAVENNA and VERONA
4#8'00#
4CXGPPC YCU CP GRKUEQRCN UGG UKPEG VJG GCTN[ PF EGPVWT[
VJG HKTUV DKUJQR YCU 5V #RQNNKPCTKU 6JG
KORQTVCPEG QH VJG DKUJQRU KP 4CXGPPC KU TGHNGEVGF KP VJG HCEV VJCV $KUJQR 7TUWU DWKNV C ECVJGFTCN
5V
4GUWTTG\KQPGCNUQMPQYPCU$CUKNKEC7TUKCPC
+PVJGNCVGVJEGPVWT[VJG'ZCTEJCVGQH+VCN[YCUGUVCDNKUJGFVQUVCXGQHHVJG.QODCTFU#HVGTVJG[JCF
DGGPFGHGCVGFVJGEKV[YCUTGVWTPGFVQVJG*QN[5GG
9JGP4QOCPIGPGTCN0CTUGUEQPSWGTGF4CXGPPCKPJGIQXGTPGFVJGVGTTKVQT[HQTCRGTKQFQHVKOG+PJKU

RNCEG YCU VCMGP D[ 2TCGHGEVWU 2TCGVQTKQ .QPIKPWU +P KU VJG HKTUV OGPVKQP QH VJG GZCTEJ QH 4CXGPPC
GZCTEJ

εςαςχοξQTKIKPCNN[YCUVJGEQOOCPFGTKPEJKGHQHCNCTIGOKNKVCT[WPKV0CTUWUHQTKPUVCPEGYCUVJGGZCTEJQHVJG
4QOCPU6JGGZCTEJQH4CXGPPCDQTGVJGVKVNGRCVTKEKWUGVGZCTEJWU
+VCNKCG.CVGTVJKUYCUNKOKVGFVQ4CXGPPC
#HVGT VJCV VJG CTEJDKUJQRU JGNF UYC[ QXGT C NCTIG VGTTKVQT[ GZVGPFKPI VQ 'OKNKC
CFFKVKQPCN VGTTKVQTKGU

UVTGVEJKPIHTQO+UVTKCVQ5KEKN[YGTGQYPGF
7PFGT5CNKCPTWNGVJGUEJKUOQHVJGCTEJDKUJQRUQH4CXGPPCCPFVJGCPVKRQRG9KDGTVQEEWTGF7PFGTVJG
5VCWHGTUVJGVGTTKVQT[TGEGKXGFUKIPKHKECPVQHHKEKCNCPFHGWFCNTKIJVU
5JQTVN[ DGHQTG C EQOWPG ECOG KPVQ DGKPI DWV VJG CTEJGRKUEQRCN CWVJQTKV[ QH 4CXGPPC UVKHNGF KVU
EQOWPGŉUITQYVJKPEQORCTKUQPVQQVJGT+VCNKCPEKVKGU#HVGTVJGHCNNQHVJG5VCWHGTU4CXGPPCYCUNQ[CN
VQ4QOG
#010;/175#4%+8'5%18+
VJEGPVWT[

)TQUUQ # 8 2 Ő 5 KP HKGNF #4%+'2+5%1 4 %TQUU YKVJ VJTGG RGNNGVU DQWPFGF D[ NKPG KP VYQ
CPINGUCPFQPGRGNNGVKPVJGQVJGTCPINGU &'4#8'0#$KCIIK8CTGUKIT
0KEGVQPGGZVTGOGN[HKPG
6QFGTK(NQTGPEG

&GPCTQ # 8 2 Ő 5 KP HKGNF #4%+'2+5%14%TQUUYKVJVJTGGRGNNGVUDQWPFGFD[NKPGKPVYQ
CPINGU &'4#8'0#$KCIIK8CTGUKIT 8GT[HKPG
6QFGTK(NQTGPEG
8'410#
8GTQPCYCUCEKV[CNTGCF[WPFGTVJG4QOCPUKVUWHHGTGFWPFGTOKITCVKPIRGQRNGUFWTKPIVJGOKITCVKQP
RGTKQF +P VJG .QODCTF RGTKQF KV DGECOG C FWECVGFWTKPIVJG%CTQNKPIKCPRGTKQF2KRRKPUVC[GFKPVJG
EKV[+VRNC[GFCEGPVTCNTQNGKP$GTGPICTŉUVKOGKPVJGEQPHNKEVDGVYGGP)WKFQCPF.CODGTVQH5RQNGVQ
YJKNG4WFQNH++QH$WTIWPFKCJGNFTGUKFGPEGVJGTG

6JKPIU EJCPIGF PQVCDN[ YJGP KP 1VVQ + CHVGT JKU EQTQPCVKQP KP +VCN[ HQWPFGF VJG OCTM 8GTQPC
6JKUOCTMECOGWPFGTJKUDTQVJGT*GPT[QH$CXCTKC+PVJGFWEJ[QH%CTKPVJKCYCUHQWPFGFCUC
UGRCTCVKQPQH$CXCTKC#RGTUQPCNWPKQPYCUGUVCDNKUJGFDGVYGGPVJKUPGYFWEJ[CPFVJGOCTM8GTQPC
%QPUGEWVKXGN[VJG'RRGPUVGKPGTUCPFVJG<·JTKPIGPHCOKN[TWNGF
UGG$TGKUICW5WPFICW+PVJGU
EQOWPGUECOGKPVQDGKPIKP8GPKEGDWVVJKUHCKNGFVQUVCDKNKUGVJGRQNKVKECNUKVWCVKQPKP.QVJCT+++
ICXGVJGOCTMVQ*GPT[VJG2TQWFWPFGT%QPTCF++CPF(TGFGTKEM$CTDCTQUUC*GTOCPPXQP$CFGPYCU
OCTITCXG QH 8GTQPC CPF CHVGT VJG 2GCEG QH %QPUVCPEG (TGFGTKEM $CTDCTQUUC DGUVQYGF KV QP 1DK\\Q Fŉ
'UVG+PYGHKTUVGPEQWPVGTVJGPCOGŋ/CTEJKC6CTXKUKPCŌCPCOGVJCVYCUCNUQWUGFD[(TGFGTKEM
++YJGPJGYCPVGFVQUVTGPIVJGPJKURQUKVKQPKP0QTVJ+VCN[

#HVGT VJG FGOKUG QH (TGFGTKEM ++ VJG EKV[ EQWPEKN DGECOG GUVCDNKUJGF
CNDGKVVJG'UVGUUVKNNTGVCKPGFVJG
OCTITCXKCNVKVNGQH6TGXKUQFWTKPIVJGPFJCNHQHVJGVJEGPVWT[+PCECRKVCPQFGNRQRQNQYCU
KPUVCNNGFKPVJGHKIWTGQH/CUVKPQ+FGNNC5ECNC+VYQWNFDGVJGUVCTVQHVJG*QWUG5ECNKIGTYJKEJYQWNF
TGKIPWPVKN#HVGTVJGFGCVJQH/CUVKPQ+8GTQPCEJCPIGFKPVQC5KIPQTKCFGKWTGWPFGT/CUVKPQŉU
DTQVJGT#NDGTVQ++VUCYKVUCRQIGGWPFGT%CPITCPFG+
VJGDKIFQIKPVJGRGTKQFYJGPKV
JGNFUYC[QXGT8GPKEG'OKNKCCPF6WUECP[9JGPVJGTGRWDNKEUQH8GPKEGCPF(NQTGPEGYGTGFGHGCVGF
D[ /KNCP 8GTQPC ECOG WPFGT )KCPICNGC\\Q 8KUEQPVK
6JGKT TWNG NCUVGF WPVKN YJGP
(TCPEGUEQ 0QXGNNQ UKIPQTG QH 2CFQXC VQQM 8GTQPC 6JKU YQWNF NCUV QPN[ DTKGHN[ HQT KP VJG
VGTTKVQT[ECOGWPFGTVJGTGRWDNKEQH8GPKEG
180
ITALY - RAVENNA
1661+

&GPCTQ#%TQUU1661+/2'4#6144%TQUU8'410#$KCIIKIT
4+TTGIWNCTRCVKPCXGT[HKPG
8'410#KUYTKVVGPCVVJGVQR8'CVVJGDQVVQO41KPVJGOKFFNGVQYCTFUVJGUKFG0#
('&'4+%1++

&GPCTQRKEEQNQ#.QPIETQUU(4+4%*%+ 4.QPIETQUU8'410#$KCIIKIT

8GT[HKPG
$GTPCTFK6TKGUV
6GZVQPQDXGTUGFKHHKEWNVVQTGCF6JGCDQXGVGZVYCUCFQRVGFHTQO$KCIIK

)TQUUQ#.QPIETQUUYKVJEKTENGKPEGPVTG%+8+%+8+ ó8'ó41ó0#ó4.QPIETQUUYKVJ

EKTENGKPEGPVTG8'410# %+ 8+ %+ 8+$KCIIKIT
0KEGVQPGGZVTGOGN[HKPG
6QFGTK(NQTGPEG
$QVJVJGQDXGTUGCPFVJGTGXGTUGUJQYVYQVTKCPINGUDGVYGGPVJG8CPFVJG+
JGTGKPFKECVGFCU.QQMKPICVVJG
NCTIGT NGVVGT
84 8'4 KP YJKEJ KU GSWCN VQ VJTGG VTKCPINGU #U VJG URCEGU DGVYGGP VJG UOCNNGT NGVVGTU CTG
PCTTQYGT KV KU UCHG VQ CUUWOG VJCV VJGUG VYQ VTKCPINGU UJQWNF KP HCEV JCXG DGGP VJTGG VTKCPINGU VJWU TGCFKPI 8'+
VYKEG

$#461.1/'1CPF#0610+1FGNNC5%#.#

7PFGT$CTVQNQOGQŉUDTQVJGT#PVQPKQ5ECNKIGTUWRTGOCE[GPFGF
3WCVVTKPQ # .CFFGT YKVJ HKXG UVCIGU ó $ 61.1/'85 4 %TQUU ó #0610+85 $KCIIK
IT (NCPETCEMXGT[HKPG
*GP\GP#OGTQPIGP
(TQONKUVPQ
)+#0)#.'#<<18+5%106+

&GPCTQ#)CPF<WPFGTQOGIC Ő&Ő/.+Ő8'410'Ő<% 4(NQTKCVGFETQUU %1/'5
8+46868/$KCIIKIT 45OCNNHNCPETCEMCPFYGCMN[UVTWEMXGT[HKPG
*WK\KPIC&GNHV
7PFGT/KNCPYGUGGCUKOKNCTEQKP
PQVJQWIJYKVJQWV8GTQPC
181
ITALY - TRENTO and MANTUA
64'061
6JGFKQEGUG6TGPVQEQORTKUGFVJG#FKIG8CNNG[HTQO#NCKPVJGUQWVJVQ/GTCPQKPVJGPQTVJRNWUVJG
XCNNG[U DTCPEJKPI QHH VJCV QPG (TQO 6TKFGPVWO KU FQEWOGPVGF CU FKQEGUG %JTKUVKCPKUCVKQP GPFGF

WPFGT8KIKNVJGNCVGTRCVTQPUCKPVQHVJGEKV[(TQOVJGVJEGPVWT[KVYCURCTVQH#SWKNGKC
*GPT[++EGFGFVJGEJWTEJQH6TGPVQVQVJG6TGPVQEQWPV[KP%QPTCF++CFFGFVJGEQWPVKGU8GPQUV[
CPF$QN\CPQ

+PVJG+PXGUVKVWTG%QPVTQXGTU[VJGUKFGQHVJGGORGTQTYCUEJQUGP(TGFGTKEM++HQTDCFG$KUJQR#NFGTKEJ
CNNUGEWNCTCEVKXKVKGUKPCPFCRRQKPVGFCIQXGTPQT

%QWPV /GKPJCTF ++ QH 6KTQN
DTQMG VJG GPUWKPI FGCFNQEM YJGP JG NCTIGN[ VQQM CYC[ VJG
DKUJQRUŉ TKIJVU CPF UQWTEGU QH KPEQOG NKOKVKPI VJGKT RQYGT VQ VJG FKQEGUG (TQO VJG *CDUDWTI
*QWUG TWNGF 6KTQN CPF GZVGPFGF KVU KPHNWGPEG VQ VJG KPXGUVKVWTG QH VJG DKUJQRU QH 6TGPVQ #FFKVKQPCNN[
6TGPVQYCUDGUGVD[VJG5ECNKIGTUCPF8GPKEG+PVJGGCTN[VJEGPVWT[8GPKEGQEEWRKGF4QXGTGVQCPF4KXC
7PFGT (TGFGTKEM $CTDCTQUUC C EQOWPG HQTOGF KP VJG EKV[ DWV JG ETWUJGF KV KP HCXQWT QH VJG DKUJQR
YJQUGCWVJQTKV[QXGTVJGEKV[JCFPGXGTTGCNN[DGGPSWGUVKQPGF
8'5%18+

)TQUUQ # $WUV N Ő'25Ő64+&'06+Ő4 (KPHKGNF Ő+/2'4#614 ó$KCIIK

#TUGV0WOOWU/KNCPQ
/#067#
2TGUWOCDN[CP'VTWUMKCPUGVVNGOGPVQTKIKPCNN[%JTKUVGPFQOYCUKPVTQFWEGFGCTN[/CPVWCUWHHGTGFCNQV
HTQOOKITCVKPIRGQRNGU
VJGOGGVKPIQH#VVKNCCPF2QRG.GQVJG)TGCVQPVJG/KPEKQKP+PVJGVJ
EGPVWT[ KV YCU C $[\CPVKPG UVTQPIJQNF +P CPPGZGF D[ VJG .QODCTFU 'RKUEQRCN EKV[ FWTKPI VJG
%CTQNKPIKCPCIG+PKVUHKTUVEQOGUKU/CPVWG6JGDKUJQRUTGEGKXGF
$GTGPICT1VVQ+++TKIJVUCPF

RTKXKNGIGU
+P/CPVWCECOGWPFGTVJGOCTMQHVJG*QWUG%CPQUUC7PFGTVJKUJQWUGCEGTVCKPRTQURGTKV[YCU
CVVCKPGF'RKUEQRCE[GZVGPFGFKVUKPHNWGPEG

+P NQ[CNV[ YCU UYQTP VQ (TGFGTKEM $CTDCTQUUC 6JG EKV[ DGKPI C OGODGT QH VJG UV .QODCTF
.GCIWG VQQM RCTV KP VJG $CVVNG QH .GIPCPQ
CPF YCU KPFGRGPFGPVN[ TGRTGUGPVGF CV VJG 2GCEG QH
%QPUVCPEG

6QYCTFUVJGFGENKPGQHVJG5VCWHGTUKP+VCN[CITGCVEJCPIGVQQMRNCEG2KPCOQPVG$QPCEQNUKRWUJGFCUKFG
5CODQPKHCEKQCPF#\\Q8++Fŉ'UVG+PJGDGECOGECRKVCPQFGNRQRQNQFK/CPVC

+PVJG$QPCEQNUKUKPVWTPYGTGRWUJGFCUKFGD[.WKIK)QP\CIC
KPVJGUCOG[GCT.QWKUVJG$CXCTKCP
UCPEVKQPGF)QP\CICŉUQXGTNQTFUJKR6JG)QP\CICUECOGHTQONQYGTPQDKNKV[HTQOVJGVKOGQH/CVKNFC
QH6WUEKC
UGGWPFGT/QFGPCCPFJCFDGIWPVJGKTTKUGKPVJGUJCFQYQHVJG$QPCEQNUKU6JG
)QP\CICUYQWNFTWNGWPVKN

+PVJG)QP\CICUDGECOGXCUUCNUVQVJG8KUEQPVKU9JGPCETKUKUUVTWEM/KNCP
WRQPVJGFGCVJQH
)KCP )CNGC\\Q 8KUEQPVK KP VJG )QP\CICU YGTG CDNG VQ GZRCPF VJGKT GUVCVG UWDUVCPVKCNN[ +P
/CPVWCDGECOGCOCTITCXKCVG
CEMPQYNGFIGFD['ORGTQT5KIKUOWPFCPFKPCFWEJ[
D[%JCTNGU8
9JGP VQYCTFU VJG GPF QH VJG VJ EGPVWT[ VJG +VCNKCP DCNCPEG QH RQYGTU HGNN CRCTV CPF VJG (TGPEJ
KPXCFGF(TCPEGUEQ)QP\CIC
HQWIJVVJG(TGPEJCV(QTPQXQQPVJG6CTQ

8'5%18+

&GPCTQUEQFGNNCVQ#%TQUU /#068'4'Ő52WPFGTQOGIC 8+4)+.+85$KCIIK

8CTGUKIT 8GT[HKPGVQGZVTGOGN[HKPG
182
ITALY - FERRARA
('44#4#
(GTTCTCGOGTIGFKPVJGVJEGPVWT[
VJGEQWTUGQHVJG2QDGKPIOQTGVQVJGUQWVJCVVJCVVKOG(GTTCTC
GOGTIGF CV VJG RNCEG YJGTG VYQ UWDUKFKCTKGU OGV VJG NCVVGTFC[ 2QFGNVC ECOG KPVQ DGKPI KP VJG VJ
EGPVWT[+VUPCOGKUHKTUVOGPVKQPGFKPYJGP.QODCTFMKPI&GUKFGTKWURTQOKUGF2QRG5VGHCPQ++VQ
TGVWTPVJGFWECVWU(GTTCTKCG

6JGTGKUPQGXKFGPEGHQTGRKUEQRCE[DGHQTGVJGVJEGPVWT[6JG(GTTCTCDKUJQRUPGXGTCVVCKPGFEQOKVCN
FKIPKV[9JCVKUFQEWOGPVGFKUVJCVKP6G
QFCNFQH%CPQUUCYCUITCPVGFVJGEQWPV[QH(GTTCTCKP
HKGH$KUJQRCPFEKVK\GPUYGTGUWDLWICVGFD[JKUUWEEGUUQT$QPKHCEGQH%CPQUUC
OCTITCXGQH6WUEKCCPF
EQWPV QH (GTTCTC *KU FCWIJVGT /CVJKNFG YCU EQWPVGUU QH (GTTCTC VQQ
6JG
EKVK\GPU QRRQUGF JGT DWV UJG KPIGPWQWUN[ GORNQ[GF (GTTCTCŉU CTEJGPGOKGU 8GPKEG CPF 4CXGPPC VQ
UVTKMGFQYPVJGTGUKUVCPEG

#HVGT/CVJKNFGŉUFGCVJVJGEQOWPGGOGTIGF2QYGTNC[KPVJGJCPFUQHVJGNCTIGNCPFQYPGTUCPFRGVV[
PQDKNKV[ #U VJG EKVK\GPU YGTG KPUKIPKHKECPV HGWFU EJKGHN[ CTQUG DGVYGGP VJG PQDNG HCOKNKGU
#FGNCTFK
5CNKPIWGTTCCPFHTQOVJGUVJCNHQHVJGVJEGPVWT[VJG'UVGU

+P#\\Q8++Fŉ'UVGFGHGCVGFVJG5CNKPIWGTTCUYKVJVJGCKFQH8GPKEG6JGEKV[NQUVVJG2QVTCFGVQ
8GPKEG 1P (GDTWCT[ 1DK\\Q ++ Fŉ'UVG
ITCPFUQP QH #\\Q YCU FGENCTGF UKIPQTG QH VJG EKV[
'UVGJGIGOQP[QXGTVJGEKV[YQWNFNCUVWPVKN
KPVGTTWRVGFVYKEGD[8GPKEGCPF4QDGTVQH
#PLQW
%1/70'
EC

&GPCTQ#(&4%ETQUUUJCRGFKPHKGNFYKVJRGNNGVKPEGPVTGHKXGRGNNGVUCTQWPF +/2'4#6144

%TQUU ('4#4+#$KCIIK8CTGUKIT 48GT[HKPGVQGZVTGOGN[HKPG
6QFGTK(NQTGPEG
+HVJGUGEQOWPGEQKPUYGTGPQVUVTWEMDGHQTGCRRTQZVJKUEQKPOWUVJCXGDGGPUVTWEMKPVJGPCOGQH(TGFGTKEM++
0QUCPFCTGVJGUCOGKOQ6JG%0+PQFKHHGTU%0+CPF%0+
#EEQTFKPIVQ$KCIIKVJGYGKIJVUJQWNFNKGCVITITHQTVJGQDQNG6JGYGKIJVUQHVJGEQKPUKPJCPFNKG
DGVYGGPVJQUGXCNWGU
&GPCTQ#(&4%ETQUUUJCRGFKPHKGNFYKVJRGNNGVKPEGPVTGHKXGRGNNGVUCTQWPF Ő+02'4#614

4%TQUU ('4#4+#$KCIIK8CTGUKIT 45NKIJVGN[EQTTQFGFXGT[HKPG
6JGKPKVKCNETQUUQPVJGTGXGTUGKUCHQTMGFETQUU
0+%1.1+++F '56'

/CTEJGUKPQ#%*+1ETQUUUJCRGFKPHKGNFYKVJRGNNGVKPEGPVTGú0+%*1. Ő/#44)TGCV#

YKVJKPHQWTRGNNGVUüŐ&'Ő('Ő4#Ő4+$KCIIK8CTGUKIT
44&CTMRCVKPCUOCNNUETCVEJQPVJGTGXGTUGXGT[HKPG
183
ITALY - PADOVA
'4%1.'+F '56'

)TQUUGVVQ#4KPIYKVJFKCOQPFŐ*'4%8.85Ő&8:Ő('44#4+#'4%TQYPGFFQWDNGJGCFGF
GCINGüŐ/86+0#'ŐŐ4')++ŐŐ%$KCIIK8CTGUKIT
45NKIJVGN[DGPVHKPGVQXGT[HKPG
*WK\KPIC&GNHV
2#&18#
.GIGPFJCU2CFWCHQWPFGFD[VJG6TQLCP#PVGPQTKP$%

6JG RGTKQF HTQO $%
4QOCP OWPKEKRKWO WPVKN VJG GPF QH VJG PF EGPVWT[ YCU QPG QH DNQQO HQT
2CFQXC&GENKPGUGVKPWPFGT&KQENGVKCP

6JG HKTUV %JTKUVKCP EQOOWPKV[ EQKPEKFGF YKVJ 5V ,WUVKPC F[KPI C OCTV[TŉU FGCVJ QP 1EVQDGT+VU
HKTUVDKUJQRYCU%TKURKPCRRTQZ

+P UWDLWICVGF D[ 6JGQFGTKE KP VCMGP D[ VJG .QODCTFU #HVGT $GTGPICT + JCF TGUVQTGF VJG
EJWTEJŉUQNFRTKXKNGIGU
2CFWCKPDGECOGRCTVQHVJG/CTM8GTQPCHQWPFGFD[1VVQ++P
VJGDKUJQRUQH*GPT[+++TGEGKXGFVJGTKIJVQHOKPV&WTKPIVJGKPXGUVKVWTGEQPVTQXGTU[VJGDKUJQRUVQQM
VJGUKFGQHVJGGORGTQT
FWGVQYJKEJCOQPIUVQVJGTVJKPIU$KUJQR2GVGTYCUFGRQUGFD[2QRG2CUEJCNKU
++CPFTGRNCEGFYKVJ$KUJQR5KPKDCNFWU

+P C EQOWPG ECOG KPVQ DGKPI CPF VJG HKTUV EQPUWNGU CUUWOGF QHHKEG +P VJG EQWTUG QH JKU +VCNKCP
ECORCKIPU (TGFGTKEM $CTDCTQUUC DTQWIJV 2CFWC WPFGT FKTGEVKORGTKCNEQPVTQN+PVJGEKV[LQKPGF
VJG8GTQPGUG.GCIWGCICKPUV(TGFGTKEM$CTDCTQUUCCPFKPCPFKVLQKPGFVJG.QODCTF.GCIWG
6JG HKTUV RQFGUV¯ YCU #NDGTVQ FK 1UC HTQO /KNCP KP6JGRGCEGQH%QPUVCPEGKPJCFOQTG
EQPUGSWGPEGUHQT2CFWCVJCPHQTQVJGTEKVKGU6JGQRRQUKVKQPQHVJGQVJGTEKVKGUOGCPV2CFWCEQWNFJCTFN[
GZRCPF9JGTGCUVJGEQOWPGFKFEWTDVJGRQYGTQHVJGOCIPCVGUVJGKTKPHNWGPEGYCUPQVFKOKPKUJGF+P
VJGWPKXGTUKV[YCUHQWPFGF

(TGFGTKEM ++ VTKGF VQ EWTD VJG RQYGT QH VJG EKVKGU 'XGP VJG .QODCTF .GCIWG EQWNF PQV RTGXGPV
(TKGFTKEJŉUDCUVCTFUQP'\\GNKPQHTQOVCMKPIVJGOCTM
DTKPIKPI8KEGP\C2CFWCCPF6TGXKUQ
WPFGTJKUUYC[+P2CFWCVJGUWRTGOCE[QH'\\GNKPQ
UKPEGYCUGPFGFKPD[C)WGNRJHCEVKQP
NGFD[VJG'UVGU9KVJVJGCKFQH*GPT[8++8GTQPCYCUCDNGVQDTKPIVJGOCTMWPFGTKVUEQPVTQN

#VVJGDGIKPPKPIQHVJGVJEGPVWT[VJG%CTTCTCUYGTGEJCORKQPUQHVJGEQOWPCNU[UVGOQRRQUKPIVJG
&GNNC5ECNCU6JG[OCPCIGFVQGUVCDNKUJCUKIPQTKC
YKVJHKTUVUKIPQTG)KCEQOQ+
ŎCUKVU
ECRKVCPQFGNRQRQNQ2CFWCYCUPGXGTVJGNGUUEQPSWGTGFD[%CPITCPFGFGNNC5ECNCKP9JGTGCUVJG
%CTTCTCUTGVCKPGFVJGKTKORQTVCPVRQUKVKQPVJG&GNNC5ECNCUGZGTVGFTGCNRQYGT

6JG 5ECNKPIGTU CVVCEMGF KOOGFKCVGN[ RTQORVKPI 2CFWC VQ ECNN HQT VJG CRRQKPVOGPV QH C XKECTKU D[
(TGFGTKEM QH #WUVTKC #HVGT VJG 5ECNKPIGTU JCF TWNGF HQT VGP [GCTU 8GPKEG NCWPEJGF CP CVVCEM VJCV
DTQWIJVFQYPVJG&GNNC5ECNCU6JWUVJG%CTTCTCUICKPGFVJGWRRGTJCPFCICKP#HVGTJCXKPIUGRCTCVGF
HTQO8GPKEGKP(TCPEGUEQKN8GEEJKQUQWIJVVQHQWPFCVGTTKVQTKCNUVCVGKP0QTVJ'CUV+VCN[VQPQ
CXCKNJQYGXGT+PVJGEKV[DTKGHN[HGNNVQVJG8GPGVKCPUDWV(TCPEGUEQ0QXGNNCFC%CTTCTCTGVQQM
EQPVTQNQHVJGEKV[CUUQQPCU

#HVGT VJG 8KUEQPVK JCF FKGF KP 2CFWC VWTPGF CICKPUV /KNCP CPF EQPSWGTGF 8GTQPC # [GCT NCVGT
8GPKEGVQQM(TCPEGUEQ0QXGNNCVQIGVJGTYKVJJKUUQPUECRVKXG+VYCUVQDGVJGRTGEWTUQTVQCRGTKQFKP
YJKEJ2CFWCYCUTWNGFD[8GPKEG
4'27$$.+%#

&GPCTQRKEEQNQUEQFGNNCVQ#5VCTYKVJUKZTC[U %+8+6#545VCTYKVJUKZTC[U &'2#&8#

$KCIIKIT (KPGVQXGT[HKPG
5KOQPGVVK(NQTGPEG
184
ITALY - PADOVA
7.4+%1FK8#.5''

)TQUUQCSWKNKPQ#'CINGT ó2#&8#]4')+#]4.QPIETQUUü%+8+6#5$KCIIK

IT 8GT[HKPG
#UVCFGN6KVCPQ#WEVKQP
PQ
7NTKEQFK8CNUGGRTKOQ8KECTKQRGT(TGFGTKEQF #WUVTKC
+#%121++FC%#44#4#

%CTTCTKPQFC5QNFK#'PVJTQPGF5V2TQUFQEKOQYKVJETQUKGTCPFEJWTEJ2TKPHKGNF524

&1%+/854.QPIQTPCOGPVGFETQUU+CPF#KPVJGUVCPFPFCPINGUHQWTTKPIUKPVJGTFCPF
VJCPINGU%+8+62#&$KCIIKIT 4GXGTUGCNKVVNGQHHEGPVTGXGT[HKPG
(4#0%'5%1+FC%#44#4#

%CTTCTKPQ FC 5QNFK 6YQ VTKFGPVU QXGT GCEJQVJGT QTPCOGPVGF D[ HQWT YJGGNU CPF DGVYGGP ( (
(4#0%+5%+&'%#4#4+#45V2TQUFQEKOQUVCPFKPIYKVJETQUKGTCPFDNGUUKPIJCPFDGVYGGP0
+Q52415&1%+/85Q$KCIIKIT 5OCNNGFIGHCWNVXGT[HKPG
$KCIIKRTQXKFGU$<HQTVJGNGVVGTUPGZVVQVJGUCKPVVJKUEQKPJQYGXGTJCU0+
185
ITALY - VENEZIA
8'0'<+#
(TQOVJG4QOCPTGIKQP8GPGVKCUVTGVEJKPIHTQOVJG#NRUVQVJG#FTKCVKE5GCVJGEKV[CPFUWTTQWPFKPI

RTQXKPEGQH8GPKEGITCFWCNN[FGXGNQRGF
2QYGTYCUJGNFD[VJGOCIKUVGTOKNKVWOYJQYCUUWDQTFKPCVGVQVJGGZCTEJQH4CXGPPCYJQKPVWTP
ECOGFKTGEVN[WPFGTVJG$[\CPVKPGGORGTQT

8GPKEGYCUNQ[CNVQ$[\CPVKWO+PVJGTGYCUC&WZ
HTQOYJKEJVJGVGTOFQIGYQWNFDGFGTKXGF
.Q[CNV[VQ$[\CPVKWORTGXCKNGFGXGPYJGPVJG.QODCTFUVQQM4CXGPPC
CPFCHVGTVJGEQPSWGUVQH
VJG.QODCTFTGCNOD[%JCTNGOCIPG
6JG8GPGVKCPURTGHGTTGFCHCTQHHTWNGTQXGTQPGPGCTD[

%JCTNGOCIPGŉU EQTQPCVKQP DTQWIJV CDQWV C EQPHNKEV DGVYGGP VJG $[\CPVKPG GORGTQT CPF VJG YGUVGTP
GORGTQT 6JKU RTQORVGF %JCTNGOCIPG VQ EQPSWGT $[\CPVKPG CTGC KP VJG 8GPGVKCP NCIQQP PQVCDN[ VJG
ECRKVCN 4KCNVQ
NCVVGTFC[ 8GPKEG 6Q TGVTKGXG VJG 8GPGVKCP RQUUGUUKQPU $[\CPVKWO CEMPQYNGFIGF
%JCTNGOCIPGVQDGGORGTQTKPDGKVTGNWEVCPVN[&QIG#IPGNNWU2CTVKEKCEQ
KPRCTVKEWNCTOCFG
CECUGHQTVJG2GCEGQH#CEJGP
GPCDNKPI8GPKEGVQTGOCKPKPVJG$[\CPVKPGURJGTGQHKPHNWGPEG

7PFGTVJKUFQIGŉUUQPVJGTGNKEUQHVJGGXCPIGNKUV5V/CTEYGTGVTCPUHGTTGFHTQO#NGZCPFTKCVQ4KCNVQ

4KXWUCNVWUXGT[PGCTVQVJGFQIGŉUJQWUG6JGFQIGŉURCNCEGYQWNFNCVGTDGDWKNVENQUGVQKV

#U $[\CPVKPG RQYGT FYKPFNGF KP VJG VJ EGPVWT[ CWVQPQO[ FCYPGF HQT 8GPKEG 6JG OCKP QDUVCENG
VQYCTFUCWVQPQO[YCUVJGEQPHNKEVDGVYGGPVJGHCOKN[ENCPUCPFVJGFQIG

#TQWPF VJG ETKVKECN RJCUG YCU QXGT CPF 8GPKEG EQWNF FGXGNQR KPVQ C EKV[ QH TGIKQPCN KORQTVCPEG
8GT[UQQPVJG8GPGVKCPUUVCTVGFNQQMKPIGCUVVQVJG+UNCOKEEQWPVTKGU

7PFGT&QIG2KGVTQ+8%CPFKCPQ
YJQYCUNKPMGFVQJKIJPQDKNKV[KFGCUQPCHGWFCNUQEKGV[
YGTG DQTP # TGXQNV CICKPUV VJG %CPFKCPK HCOKN[ VJYCTVGF VJKU
JCF VJG RGQRNG PQV TKUGP VJG EQP
UGSWGPEGU HQT 8GPKEGŉU HCVG YQWNF JCXG DGGP JWIG #PQVJGT VJTGCV YCU RQUGF D[ VJG PGY )GTOCP
GORGTQTUVJG1VVQPKCPUD[1VVQ++KPRCTVKEWNCTDWVJKURTGOCVWTGFGCVJCXGTVGFHWTVJGTFCPIGT

8GPKEGŉU TGCN TKUG DGICP WPFGT &QIG 2KGVTQ ++ 1TUGQNQ
%NQUG VKGU VQ $[\CPVKWO YGTG
OCKPVCKPGF #HVGT VJG XKEVQT[ QXGT VJG 5CTCEGPU
CPF VJG UWEEGUUHWN ECORCKIP CICKPUV
&CNOCVKC
VJG FQIG PCOGF JKOUGNH &WZ 8GPGVKEQTWO GV &CNOCVKEQTWO 2QYGT JCF KPETGCUGF VQ
UWEJCPGZVGPVVJCV8GPKEGTGKIPGFUWRTGOGKPVJG#FTKCVKE5GC

+PVGTPCNVGPUKQPVQTGCVVJGHCDTKEQH8GPGVKCPTWNGJQYGXGT6JGUQPQH2KGVTQ++1VVQYCUVQRRNGFCPF
VJG UYQTF YCU VCMGP WR CICKPUV 2CVTKCTEJ 2QRRQ QH #SWKNGKC #TQWPF VJG OKFFNG QH VJG VJ EGPVWT[
8GPKEGYCUVJGFQOKPCPVPCXCNHQTEGKPVJGGCUVGTP/GFKVGTTCPGCP6JGITGCVRQYGTQH8GPKEGDGECOG
CRRCTGPVYJGPKP(TGFGTKEM$CTDCTQUUCCPF2QRG#NGZCPFGT+++UKIPGFCPCITGGOGPVKP8GPKEGVJCV
YQWNFGXGPVWCNN[NGCFVQVJG2GCEGQH%QPUVCPEG

7PFGT&QIG2KGVTQ2QNCPK
CŋEQOWPGXGPGEKCTWOŌGOGTIGFYJKEJYCUPGXGTVJGNGUUNGFD[
VJGFQIG*GYCUEJQUGPHQTNKHGCPFYCUVJGU[ODQNQHCDUQNWVGRQYGT+PVJGEQWTUGQHVKOGJQYGXGT
VJKU QHHKEG YQWNF DGEQOG OQTG CPF OQTG U[ODQNKE CPF VJG FQIGŉU CEVKQPU UWDLGEV VQ RWDNKE UETWVKP[
6JGFGHKPKVKQPQHVJGTQNGQHVJGFQIGYCUUGVKPVJGVJEGPVWT[CPYQWNFTGOCKPUQ6JGŋ%QPUKINKQ
FKG5CRKGPVKŌ
NCVGTŋ/CIIKQT%QPUKINKQŌYCUVQIGVJGTYKVJVJGFQIGVJGGZGEWVKXG

6JG (QWTVJ %TWUCFG DTQWIJV CDQWV C OCLQT UVGR KP 8GPKEGŉU FGXGNQROGPV #HVGT VJG %QPUVCPVKPQRNG
OCUUCETG QH 8GPKEG WPFGT &QIG 'PTKEQ &CPFQNQ UGK\GF HKPCPEKCN KPKVKCVKXG CPF EQORGNNGF VJG
ETWUCFGTU VQ VCMG <CFCT CPF NCVGT %QPUVCPVKPQRNG 7PFGT EQXGT QH 8GPKEG VJG .CVKP 'ORKTG ECOG KPVQ
DGKPICHHQTFKPI8GPKEGCNNMKPFUQHHQQVJQNFUKPVJGGCUV+PVJQUGVKOGUVJGFQIGCUUWOGFVJGVKVNGQH

&QOKPCVQTSWCTVGRCTVKUGVFKOKFKGVQVKWUKORGTKK4QOCPKG
+P WPFGT &QIG 2KGVTQ )TCFGPKIQ YJCV YCU MPQYP CU VJG 5GTTCVC FGN /CIIKQT %QPUKINKQ YCU
HQWPFGF+ORQTVCPVHCOKNKGUHTQONQYGTENCUUGUEQWNFPQYCEEGFGVJQWIJPGYITQWRUQHHCOKNKGUYGTG
GZENWFGF+PHCEVRQYGTFGXQNXGFVQCKWTGCTKUVQETCE[
CRRTQZKOCVGN[HCOKNKGU

6JG EKV[ YCU ITCXGN[ UVTWEM D[ VJG RNCIWG KP VQ QHVJGRQRWNCVKQPF[KPI+VYQWNFVCMG
WPVKNHQTVJKPIUVQTGVWTPVQPQTOCN
#010;/175

&GPCTQUEQFGNNCVQ#%TQUUYKVJQPGRGNNGVKPGCEJCPING %4+5685+/2'4 4%CTQNKPIKCPVGORNG

Q8'0'%+#Q$KCIIK)CODGTKPKIT 448GT[HKPG
.CP\/ÒPEJGP#WEVKQP
PQ
+VFQGUPQVGZCEVN[TGCF8GPGEKCDWVVJGTGKUENGCTN[OQTGVJCPVJGNKPGUVJCV$KCIIKTGRQTVU
186
ITALY - VENEZIA
'04+%1+88

&GPCTQUEQFGNNCVQ#%TQUUYKVJQPGRGNNGVKPGCEJCPING '04+%85+/240KODCVGDWUVQH5V

/CTEWUHCEKPI *+4*%*5-/*#$KCIIK)CODGTKPKIT 4'ZVTGOGN[HKPG
#TUGV0WOOWU/KNCPQ
14+1/#.+2+'41

&GPCTQUEQFGNNCVQ#%TQUU 5/#4%854%TQUU #84Ő&8:$KCIIK)CODGTKPK

6QFGTK(NQTGPEG
'04+%1&#0&1.1

1P,WPGCVVJGCIGQH'PTKEQYCUGNGEVGFFQIG*KUOQUVKORQTVCPVFGGFYCUVCMKPIRCTVKP
VJG(QWTVJ%TWUCFG+P#RTKNQHJGCITGGFVQVTCPURQTVVJGETWUCFGTUCETQUUVJG$CNMCP6JGRTKEG
HQTVJGOGPPGGFGFHQTVJKUYCU%QNQIPGUKNXGTOCTMU*GCNUQCEEQWVGTGFCHNGGVQHUJKRUQP
VJG EQPFKVKQP VJCV JG EQWNF MGGR JCNH QH YJCV JG EQPSWGTGF #U VJG ETWUCFGTU EQWNF PQV OGGV VJGKT
HKPCPEKCNQDNKICVKQPU<CFCTKP&CNOCVKCYCUVCMGPCUEQORGPUCVKQP6JKUECWUGFVJG8GPGVKCPUCPFVJG
FQIG VQ DG GZEQOOWPKECVGF +P CPF %QPUVCPVKPQRNG YCU VCMGP CPF VJG .CVKP 'ORKTG YCU
HQWPFGFKPYJKEJ'PTKEQ&CPFQNQYQWNFDGKPUVTWOGPVCN#HVGTJCXKPICESWKTGF%TGVGVQQ'PTKEQFKGF
KP
[GCTUQNFCPFYCUDWTKGFKPVJG*CIKC5QRJKC
*KUUQPUCNUQRNC[GFEGPVTCNTQNGU4CPKGTKCEVGFCUFQIGFWTKPIJKUHCVJGTŉUCDUGPEG8KVCNKEQOOCPFGF
VJGHNGGVCPF(CPVKPQDGECOG.CVKPRCVTKCTEJQH%QPUVCPVKPQRNG

&GPCTQUEQFGNNCVQ#%TQUU 5/#4%854%TQUU '04+%Ő&8:$KCIIK)CODGTKPK

IT 8GT[HKPG
6QFGTK(NQTGPEG
187
ITALY - VENEZIA
&7%#61CPF/#6#2#0
6JGVYQOQUVKORQTVCPV8GPGVKCPEQKPUVJGIQNFGPFWECVQCPFVJGUKNXGTOCVCRCPCTGEJCTCEVGTKUGFD[
VJGFGRKEVKQPQH5V/CTMCPFVJGFQIG1PGCEJEQKPV[RGVJG[CTGVQIGVJGTJQNFKPICDCPPGT

&7%#61
6JG FWECVQ YCU KPVTQFWEGF QP 1EVQDGT WPFGT &QIG )KQXCPPK &CPFQNQ
D[ VJG

)TCPF%QWPEGNYKVJVJGFGUETKRVKQPVCODQPCGVHKPGRGTCWTWOXGNOGNKQTWVGUVHNQTGPWU6JGYGKIJV
YCUIT6JGUEGPGYCUFGTKXGFHTQO$[\CPVKPGGZCORNGU6JGFQIGKUMPGGNKPIDGHQTG5V/CTM
YJQHCEGUVJGXKGYGT5V/CTMKUQPVJGNGHVVJGFQIGKUMPGGNKPIQPVJGTKIJVYKVJVJGDCPPGTRQKPVKPI
TKIJV+P8GPKEGKVUPCOGYCUFWECVQKPVJG.GXCPV\GEEJKPQ

6JKU FGRKEVKQP TGOCKPGF WPEJCPIGF WPVKN #PVQPKQ 8GTPKGT
#HVGT VJKU VKOG 5V /CTM UVKNN
HCEGUVJGXKGYGTDWVJKUJGCFKUDQYGF6JGUV[NGDGEQOGUETWFGT

1PVJGTGXGTUG%JTKUVKPCOCPFQTNCYKVJUVCTUQPVJGNGHVCPFQPVJGTKIJV6JGKPUETKRVKQPTGCFU
5+66+$+%*4+56+&#67537'/674')+5+56'&7%#675
.GVVJKUFWEJ[YJKEJVJQW
TWNGUVDGFGFKECVGFVQVJGG1%JTKUV+PPWOKUOCVKENKVGTCVWTGKVKUEWUVQOCT[VQCUUWOGVJGVGTOFWECV

FWECVQFGTKXGUHTQOVJKURTQXGTD6JKUKUJQYGXGTPQVVJGECUG+XGU)TKGTUQPYTKVG
RVJCVVJG
VGTOFWECVTGHGTUVQVJGUKNXGTOCVCRCP6JGEJTQPKENGQH/CTVKPQFC%CPCNGYTKVVGPFWTKPI&QIG'PTKEQ
&CPFQNQŉUTGKIP
UC[UDGICPVQOCPWHCEVWTGPQDNGUKNXGTEQKPUKP8GPKEGECNNGFFWECVU
YJKEJYGTGEWTTGPVVJTQWIJQWVVJGYQTNFVJCPMUVQKVUSWCNKV[6JKUYCUYTKVVGPDGHQTGVJGFWECVQYCU
EQPEGKXGF 9JGP VJG FWECVQ YCU KPVTQFWEGF KV YCU ECNNGF FWECVK CWTK CU QRRQUGF VQ FWECVK CTIGPVK
.CVGTVJGVGTOFWECVYCUWUGFQPN[HQTVJGIQNFGPFWECVQ

+P8GPKEGKVYCUECNNGFFWECVQKPVJG.GXCPV\GEEJKPQ

/#6#2#0

6JGOCVCRCPYCUKPVTQFWEGFKPWPFGT&QIG'PTKEQ&CPFQNQ
+VUJQYU5V/CTMCPF

VJGFQIGPGZVVQGCEJQVJGTHCEKPIVJGXKGYGTHTQPVCNN[5V/CTMKUQPVJGTKIJVVJGFQIGQPVJGNGHVCPF
VJGDCPPGTYJKEJVJG[CTGVQIGVJGTJQNFKPIKURQKPVKPINGHV%QPVTCT[VQVJGFWECVQVJGOCVCRCPECPDG
UCKFVQJCXGWPFGTIQPGCEGTVCKPFGXGNQROGPV6JGHCEGUDGEQOGUOCNNGT

6JKU KOCIG QH VJG VYQ HKIWTGU HCEKPI VJG XKGYGT YCU OCKPVCKPGF WPVKN WPFGT &QIG #PFTGC %QPVCTKPK

EJCPIGFKVCPFJCFVJGFQIGHCEG5V/CTM

6JGOCVCRCPŉUTGXGTUGKPXCTKCDN[UJQYU%JTKUVUKVVKPIQPCVJTQPGIKTFGFD[VJGNGVVGTU+%:%%JTKUVŉU
HCEGFKUVKPEVN[TGUGODNGUVJGFQIGŉUQPVJGHKTUVHGYV[RGU.CVGTVJKUYCUPQNQPIGTVJGECUG

(TQO&QIG/KEJGNG/QTQUKPK
VJG+%:%YCUTGRNCEGFYKVJVJGNGIGPF6+$+.#85<).14+#

VJG VTCPUKVKQP VQQM RNCEG WPFGT JKO JG UVTWEM VJG V[RG YKVJ +% :% CPF FKTGEVN[ CHVGT VJCV UVTWEM VJG
V[RGYKVJVJGVGZV
188
ITALY - VENEZIA
+#%1216+'21.1

)TQUUQ#5V/CTEWUCPFVJGFQIG&8:DGVYGGPVJGOQ5/8'0'6+Ő+#6'8Ő2Ő.4%JTKUV
QPVJTQPGDGVYGGP+%CPF:%$KCIIK)CODGTKPKIT
(KPGRCVKPCGZVTGOGN[HKPGCPFRGTHGEVRKGEG
.CP\/ÒPEJGP#WEVKQP
PQ
4#0+'41<'01

)TQUUQ # 5V /CTEWU CPF VJG FQIG &8: DGVYGGP VJGO Ő 5 Ő / Ő 8'0'6+ Ő Ő 4#)'01 Ő 4
%JTKUVQPVJTQPGDGVYGGP+%CPF:%$KCIIK)CODGTKPKIT 8GT[HKPG
PQ

$KCPEQ#5V/CTEWUHCEKPI Ő5Ő/#4%85Ő8Ő0Ő4%TQUUYKVJQPGVTKCPINGKPGCEJCPING

Ő4#Ő)'01&8:Ő$KCIIK)CODGTKPKIT
&CTMRCVKPCUOCNNUETCVEJQPVJGTGXGTUGHKPGVQXGT[HKPG
6QFGTK(NQTGPEG
'ZJKDKVGF CV 0CCT ,GTW\CNGO FG FWTG TGKU XCP GGP OKFFGNGGWYUG ITCCH
6Q ,GTWUCNGO VJG FGCT LQWTPG[ QH C
OGFKGXCNEQWPV.GKFGP*KNXGTUWO
.14'0<16+'21.1

2KEEQNQ#%TQUU .#6'Ő&8:4%TQUU 5/#4%85$KCIIK)CODGTKPKIT

48GT[HKPG
6QFGTK(NQTGPEG
%0+
$KCPEQ#5V/CTEWUHCEKPI 5Ő/#4%85Ő8Ő0Ő4%TQUUYKVJQPGRGNNGVKPGCEJCPING

.#6'820Ő&8:$KCIIK)CODGTKPKIT 448GT[HKPG
6QFGTK(NQTGPEG
%0+
189
ITALY - VENEZIA
+#%121%106#4+0+

$KCPEQ#5V/CTEWUHCEKPI 5Ő/#4%85Ő8Ő0Ő4%TQUUYKVJQPGRGNNGVKPGCEJCPING

+# 2#2'Ő&8:$KCIIK)CODGTKPKIT 448GT[HKPG
6QFGTK(NQTGPEG
%0+
)+18#00+&#0&1.1

)TQUUQ # 5V /CTEWU CPF VJG FQIG &8: DGVYGGP VJGO 5 Ő / Ő 8'0'6+ +1 Ő &#0&8. 4
%JTKUVWUQPVJTQPGDGVYGGP+%CPF:%$KCIIK)CODGTKPKIT
0KEGVQPGCNOQUVGZVTGOGN[HKPG
5EJWNOCP#OUVGTFCO

3WCTVCTQNQ#80%'ETQUUUJCRGFKPHKGNFYKVJRGNNGVKPEGPVTGCPFHQWTRGNNGVUCTQWPF Ő+1Ő

&#0&8. &8:4%TQUUYKVJQPGNKUKPGCEJCPING Ő5Ő/#4%85$KCIIK)CODGTKPK
IT 4#NKVVNGQHHEGPVTGCPFEQTTQFGFXGT[HKPG
PQ
$KCIIKKPFKECVGUVJKUCU4DWVVJGYGKIJVQHJKUEQKPKUITYJGTGCUKVKULWUVITJGTG(QTKVUOCVGTKCN
$KCIIKIKXGU/+
OKUVWTCJGTGKVKUKPFKECVGFYKVJDT
DTQP\G
2+'641)4#&'0+)1

&WECVQ#5V/CTEWUCPFVJGFQIG5/8'0'6+&8:2'Ő)4#&10+)14%JTKUVUVCPFKPIKP
OCPFQTNCYKVJDQQMCPFDNGUUKPIJCPFŐ5+6Ő6Z:2'Ő&#6Ő3Ő684')+5Ő+56'Ő&8%#6
$KCIIK(D)CODGTKPKIT
'ZVTCQTFKPCT[YGNNUVTWEMYKVJPKEGRQTVTCKVUOKPQTHNCP
ETCEMCPFHTQOUNKIJVGN[EQTTQFGFFKGUWPEKTEWNCVGF
5EJWNOCP#OUVGTFCO
.GIGPF5+66
+$+Z:2'&#6
853
8'/684')+5+56'&8%#6
85
190
ITALY - VENEZIA

)TQUUQ#5V/CTEWUCPFVJGFQIG&8:DGVYGGPVJGO5Ő/Ő8'0'6+Ő2')4#&10+%14
%JTKUVQPVJTQPGDGVYGGP+%CPF:%$KCIIK)CODGTKPKIT 9GCMN[UVTWEMXGT[HKPG
#TUGV0WOOWU/KNCCP
)+18#00+514#0<1

)TQUUQ#5V/CTEWUCPFVJGFQIG&8:DGVYGGPVJGO5/8'0'6+Ő+1Ő582#06+14%JTKUV
QPVJTQPGDGVYGGP+%CPF:%$KCIIK)CODGTKPKIT 8GT[HKPGVQGZVTGOGN[HKPG
*GP\GP#OGTQPIGP
(TQONKUVPQ
(4#0%'5%1&#0&1.1

)TQUUQ#5V/CTEWUCPFVJGFQIG&8:DGVYGGPVJGO5/8'0'6+(4#&#0&8.14%JTKUV
QPVJTQPGDGVYGGP+%CPF:%$KCIIK)CODGTKPKIT 8GT[HKPG

5QNFKPQ#&QIGMPGGNKPIYKVJDCPPGT (4#Ő&#0&8.1&8:40KODCVGNKQPNYKVJDCPPGT

Ő5Ő/#4%85Ő8'0'6+Ő$KCIIK)CODGTKPKIT 8GT[HKPG
.CP\/ÒPEJGP#WEVKQP
PQ
&KURNC[GF CV 0CCT ,GTW\CNGO FG FWTG TGKU XCP GGP OKFFGNGGWYUG ITCCH
6Q ,GTWUCNGO VJG FGCT LQWTPG[ QH C
OGFKGXCNEQWPV.GKFGP*KNXGTUWO
(KTUVUQNFKPQUVTWEMKP6JGFTCYKPIYCUTGPGYGFWPFGT#PFTGC%QPVCTKPKKP
UGGPQ
4.GQPGRWPVQUQVVQ\CORG

2KEEQNQ#%TQUU (4#&#Ő&8:4%TQUU5Ő/#4%85$KCIIK)CODGTKPKIT

6QFGTK(NQTGPEG
4#NOQUVXGT[HKPG
191
ITALY - VENEZIA
#0&4'#&#0&1.1

6JKUFQIGYCUEJQUGPQP,CPWCT[CUCTGUWNVQHVJGHCEVVJCVVJGGNGEVQTUEQWNFPQVCITGGQPC
DGVVGTFQIG
+PJGVTKGFVQEJGEMVJGRNCIWGGRKFGOKE+PJGYCIGFYCTQP)GPWCCPFHQWIJVKVWPVKNVJG
NKOKVUQOGVJKPIHQTYJKEJJGYCUUGXGTGN[TGRTQXGFD[2GVTCTECCOQPIUVQVJGTU9JCVYKVJCNVGTPCVG
XKEVQT[CPFFGHGCVTGUKUVCPEGGOGTIGFKP8GPKEGVQQ
*GNCKFFQYPPGYTWNGUVJGRWTRQUGQHYJKEJKUIWGUUGFCV%TCEEQRQUGUCTGXQNVQHVJGFQIGCICKPUV
VJGRCVTKEKCPUVCVGKPQTFGTVQCVVCKPCDUQNWVGFQOKPCPEG

/G\\CPKPQ PWQXQ # 5V /CTEWU IKXGU UYQTF VQ VJG FQIG 5/ 8'0' Ő &8: #0&#&8 4 6JG
TKUKPIQH%JTKUV:254'584'5+6$KCIIK)CODGTKPKIT
0KEGVQPGXGT[HKPGVQGZVTGOGN[HKPG
PQ

6JKUOG\\CPKPQPWQXQKUCOQPIVJGOQUVRGEWNKCTEQKPUKPVJG8GPGVKCPUGTKGU
1PVJGQDXGTUG5V/CTEQPVJGNGHVCPFVJGFQIGQPVJGTKIJV
YJKEJKUCNUQVJGQTFGTQPVJGFWECVQ
$QVJ CTG UVCPFKPI CU QP VJG OCVCRCP CPF VJG RQUVWTG QH 5V /CTE KU VJCV QH VJG FWECVQ CHVGT #PVQPKQ
8GPKGT+PEQPVTCUVVQVJGFWECVQCPFVJGOCVCRCPVJGDCPPGTKUTGRNCEGFYKVJCUYQTFJGNFD[DQVJQP
VJKUEQKP
6JGTGXGTUGFGRKEVU%JTKUVŉUTGUUWTGEVKQPHTQOVJGITCXG#WPKSWGUEGPGQPEQKPU
NCVGTVJKUYCUQPEG
TGRGCVGFD[&QIG/KEJGNG5VGPQ
VJGOQUVKORQTVCPVOGODGTQHVJG5VGPQHCOKN[CEQKPQH
YJKEJ$KCIIKUC[UKVYCUUVTWEMHQT8GTQPCQT8KEGP\C
9JCVEQWNFJCXGDGGPVJGTGCUQPHQTUWEJCEQKP!#PFTGC&CPFQNQŉUVKOGYCUOCTMGFD[VYQGXGPVUQWV
QHVJGQTFKPCT[8GPKEGYCUUVTWEMD[VJGRNCIWGKPCPFVQQHVJGRQRWNCVKQPFKGF6JCV
#PFTGC&CPFQNQHKGTEGN[EQODCVVGFVJKUFKUGCUGKUCMPQYPHCEV+P#PFTGC&CPFQNQVQQMWRVJG
UYQTF CICKPUV )GPQC CPF EQPVKPWGF DCVVNKPI VQ VJG XGT[ NKOKV YKVJQWV UWEEGU JQYGXGT 6JG UYQTF
RGTJCRUEQWNFDGVCMGPVQU[ODQNKUGVJGNCVVGTDWVYJCVCDQWVVJGTGUUWTGEVKQPQH%JTKUV!6JKURQKPVUVQ
VJGRNCIWGGRKFGOKE#PFTGCFKFGXGT[VJKPIVQFGHGCVVJKUFKUGCUG
HQTYJKEJVJGUYQTFKUCU[ODQNCPF
8GPKEGYQWNFTKUGCICKPGXGPCHVGTVJKUITGCVVTCIGF[
U[ODQNKUGFD[%JTKUVŉUTGUUWTGEVKQP5VKNNVJKU
KPVGTRTGVCVKQP KU UWDLGEV VQ FQWDV 7PFGT /KEJGNG 5VGPQŉU RTGFGEGUUQT GRKFGOKEU JCF UYGRV CETQUU VJG
EQWPVT[DWVVJGUGGXGPVUCTGPQVOGPVKQPGFWPFGT/KEJGNG5VGPQ*GFKFTKFGCICKPUV)GPQC%QWNFKVDG
VJCVVJGUGEQKPUTGHGTVQVJGDCVVNGYKVJ)GPQCCHVGTCNN!
)+18#00+&1.(+0

5QNFKPQ#&QIGMPGGNKPINYKVJDCPPGT Ő+1*5Ő&'.2*;01Ő&8:4.KQPQH5V/CTEWUN

YKVJ DCPPGT TKPI YKVJ JQQM KP HTQPV Ő5Ő/#4%85Ő8'0'6+$KCIIK)CODGTKPK
IT 'ZVTGOGN[HKPG
$QWIJV
GZ&GMMGTEQNNGEVKQP
2WTEJCUGF5EJWNOCP#OUVGTFCOFF
192
ITALY - VENEZIA

.14'0<1%'.5+

5QNFKPQ # &QIG MPGGNKPI N YKVJ DCPPGT .#84 Ő %'.5+ &8: 4 .KQP QH 5V /CTEWU N YKVJ
DCPPGT Ő5Ő/#4%85Ő8'0'6+$KCIIK)CODGTKPKIT
PQ
/QPG[GTUKIP#
/#4%1%140#41

5QNFKPQ#&QIGMPGGNKPINYKVJDCPPGT /#4% %140#4 &8:4.KQPQH5V/CTEWUNYKVJ
DCPPGT Ő5Ő/#4%85Ő8'0'6+Ő$KCIIK)CODGTKPKIT
*GP\GP#OGTQPIGP
(TQONKUVPQ
#0&4'#%106#4+0+

5QNFKPQ#&QIGMPGGNKPINYKVJDCPPGT(KPHKGNF #0&4 6#4 &8:4.KQPQH5V/CTEWU

YKPIGFYKVJDQQM Ő5Ő/#4%85Z8'0'6+Z$KCIIK)CODGTKPKIT 8GT[HKPG
$GEMGPDCWGT/ÒPEJGP
5KIP((KNKRQ$CTDCTKIQ
%0+
5QNFKPQ#&QIGUVCPFKPINYKVJDCPPGT&KPHKGNF #0&4 6#4 &8:49KPIGFNKQPQH5V
/CTEWU Ő5Ő/#4%85Ő8'0'6+Ő$KCIIK)CODGTKPKIT 'ZVTGOGN[HKPG
%TKRRC/KNCPQ
%0+
#0610+18'0+'4

#PVQPKQYCUVJGOQUVUKIPKHKECPVOGODGTJKUVQTKECNN[QHVJG8GPKGTHCOKN[*GYCUEQOOCPFGTKPEJKGH
QHVJGHNGGVKP%TGVGCPFYCUEJQUGPFQIGCUCEQORTQOKUG5GXGTCNGRKFGOKEUDTQMGQWVFWTKPIJKUTGKIP
CPFVJGTGYCUCECVCUVTQRJKEHNQQFKP

&WECVQ#5V/CTEWUCPFVJGFQIG&8:#061 Ő8'0'4+Ő5Ő/Ő8'0'6+4%JTKUVUVCPFKPI

KPOCPFQTNCYKVJDQQMCPFDNGUUKPIJCPFŐ5+6Ő612'Ő&#6 Ő3 684')+5Ő+56'Ő&8%#6
$KCIIK(D)CODGTKPKIT 9GNNUVTWEMGZVTGOGN[HKPG
$QWIJV
GZ&GMMGTEQNNGEVKQP
5/8GPGVKHTQODQVVQOVQVQR
193
ITALY - VENEZIA

)TQUUQ#5V/CTEWUCPFVJGFQIG&8:Ő5Ő/Ő8'0'6+#0618'0'4+14%JTKUVQPVJTQPG
DGVYGGP+%CPF:%:YKVJTKPIKPHKGNF$KCIIK)CODGTKPKIT 'ZVTGOGN[HKPG
4KPIYKVJCJQQMOKPVOCUVGTUKIPQH/CTEQ$CHHQ
%JTKUVUVKNNDGVYGGP+%:%

)TQUUQ # 5V /CTEWU CPF VJG FQIG DGVYGGP VYQ UVCTU &8: 5/ 8'0'6+ #061 8'0'4+1 4
%JTKUV QP VJTQPG 6+$+ Ő .#85 Ő Ő<Ő).14+#Ő$KCIIK)CODGTKPKIT
&CTMRCVKPCXGT[HKPG
*WK\KPIC&GNHV
4GXGTUGVGZVVQ[QWRTCKUGCPFUCNXCVKQP
%JTKUVPQYIKTFGFD[CVGZV
2CR

)TQUUQ#5V/CTEWUCPFVJGFQIGDGVYGGPVYQUVCTU&8:Ő5Ő/8'0'6+#061Ő8'0'4+1
4%JTKUVQPVJTQPG Ő6+$+Ő.#85ŐŐ<Ő).14+#Ő$KCIIK)CODGTKPKIT
*QNNGOCP'PUEJGFG
0+%1.16410

6TQPQ
.KTC 6TQP # $WUV QH VJG FQIG N š 0+%1.#85 641085 &8: 4 9KPIGF NKQP QH 5V
/CTEWUYKVJDQQM5#0%685/#4%85$KCIIK)CODGTKPKIT
'ZVTCQTFKPCT[YGNNUVTWEMYKVJPKEGRQTVTCKVXGT[HKPG
#GU4WFG%JKCUUQ#WEVKQP
PQ
+P8GPKEGKVYCU0KEQNQ6TQPYJQJCFJKURQTVTCKVUVTWEMQPCUKNXGTCUYGNNCUCDTQP\GEQKP6JKUKPXKGYQHVJG
FQIGŉURQUKVKQPKPIQXGTPCPEGYCUEQPUKFGTGFUQCTTQICPVVJCVJGYCUKOOGFKCVGN[TGNGCUGFHTQOJKUFWVKGUCUFQIG
194
ITALY - VENEZIA

$CICVVKPQ#$WUVQHVJGFQIGN0+%1.#85641085&8:4.KQPQH5V/CTEWUNYKVJDCPPGT
5#0%685/#4%85Ő8Ő$KCIIK)CODGTKPKIT (KPGVQXGT[HKPG
/ÒP\GPWPF/GFCKNNGP
6JGPWODGTUCPFCTGVJGQPN[EQKPUDGCTKPIVJGRQTVTCKVQH0KEQNQ6TQP
)+18#00+/1%'0+)1

/CTEGNNQ # &QIG MPGGNKPI KP HTQPV QH 5V /CTEWU # KP HKGNF &8: +1 /1%'0+)1 Ő Ő 5 Ő / Ő
8'0'6+ 4 %JTKUV QP VJTQPG DGVYGGP +% CPF :% Ő 6+$+ Ő 5 Ő 1.+ ).14+# $KCIIK
)CODGTKPKIT 8GT[HKPG
$QWIJV
GZ&GMMGTEQNNGEVKQP
*GTGVJGFQIGCPF5V/CTEWUVTCFGFRNCEGU
#)156+01$#4$#4+)1

/QEGPKIQ#&QIGMPGGNKPIKPHTQPVQH5V/CTEWU&8:#8)$#4$#&+%15/#4%85Ő8'0'6
4%JTKUVUVCPFKPIYKVJETQUUCPFDNGUUKPIJCPFŐ<Ő#Ő2ŐKPUSWCTGDGNQYŐ6+$+Ő51.+ŐŐ
).14+#Ő$KCIIK)CODGTKPKIT 5NKIJVGN[EQTTQFGFXGT[HKPG
/ÒP\\GPVTWO-ÌNP

5QNFKPQ#5V/CTEWUCPFVJGFQIGŐ5Ő/8Ő#8$#4&8:4%JTKUVUVCPFKPIYKVJETQUUCPF
DNGUUKPIJCPF/&KPUSWCTGDGNQYŐ.#85Ő6+$+51.+$KCIIK)CODGTKPKIT
&CTMRCVKPCXGT[HKPG
.CP\/ÒPEJGP#WEVKQP
PQ
195
ITALY - AQUILEIA
#37+.'+#
6JGQNFPCOGQH#SWKNGKCKU#INGK#INGKCQT#INCTVJGTGCUQPYJ[KVUEQKPUCTGECNNGF#INGKCPU

#SWKNGKCYCUHQWPFGFKP$%#HVGTJCXKPIRNC[GFCTQNGQHMG[KORQTVCPEGKPKVKCNN[#SWKNGKCKP
NQUVCNNUKIKPKHKECPEGYJGPKVYCUEQPSWGTGFCPFFGUVTQ[GFD[#VVKNC

#HVGTVJGU[PQFQH#TNGUKP#SWKNGKCYCUCPGRKUEQRCNEKV[#EEQTFKPIVQNGIGPF5V/CTEWUCPFJKU
CRRTGPVKEG *GTOCIQTCU HQWPFGF VJG EKV[ +P VJG VJ EGPVWT[ KV CESWKTGF OCP[ VGTTKVQTKGU
COQPI VJGO
8GPKEG 6JG RCVTKCTEJCN VKVNG YCU KPUVKVWVGF D[ 2QRG 2GNCIKWU +
6JG 6JTGG%JCRVGT
%QPVTQXGTU[
HQTVJKUVGTOUGGWPFGT%QOQNGFVQCTKHVKPVJGGEENGUKCUVKECNCPFRQNKVKECNWPKQP+P
VJG FKQEGUG $TKZGP YCU NQUV %JCTNGOCIPG UGV VJG PQTVJ DQTFGT KP VJG 4KXGT &TCXC
VJKU KP
EQPPGEVKQPYKVJVJGHQWPFKPIQHVJGFKQEGUGQH5CN\DWTI6JGRCVTKCTEJUOCPCIGFVQCOCUUCUKIPKHKECPV
VGTTKVQT[YJKEJYCURTQVGEVGFD[KOOWPKV[CPFVJGMKPI2CVTKCTEJ2QRRQDWKNVVJGECVJGFTCN

2CVTKCTEJ 5KIGJCTF KP TGEGKXGF VJG EQWPVKGU (TKCWN
YKVJ CVVCEJGF FWECN CWVJQTKV[ +UVTKC CPF
%CTPKQNC 6JG VYQ NCVVGT EQWPVKGU YGTG UQQP NQUV DWV YGTG YQP DCEM WPFGT RCVTKCTEJ 8QNIGTQ

+PCTKIJVQHOKPVCHVGTVJGGZCORNGQHVJG(TKGUCEJGTRHGPPKIGYCUCESWKTGF

#SWKNGKCŉURTQURGTKV[TGCEJGFKVUCRQIGGWPFGT2CVTKCTEJ$GTVJQNFQH#PFGEJU/GTCPKC
YJQ
OQXGFVJGTGUKFGPEGVQ7FKPG)TGIQTQH/QPVGNQPIQ
YCUVJGHKTUV+VCNKCPRCVTKCTEJ

6JG CWVJQTKV[ QH VJG RCVTKCTEJU FYKPFNGF 1PN[ /CTSWCTF QH 4CPFGEM
YCU CDNG VQ CUUGTV
RCVTCKTEJCN RQYGT QPEG OQTG 6JGP %CTPKQNC HGNN VQ *CDUDWTICPFVJG8GPGVKCPQTICPKUCVKQPOQFGNQH
RQYGTYQWNFRTQXGUGOKPCNKPVJGHWTVJGTFGXGNQROGPVQHVJGRCVTKCTEJUVCVG+VYCUTGCNN[LWUVCOCVVGT
QHVKOGDGHQTGVJGVGTTKVQT[YQWNFEQOGWPFGT*CDUDWTIQT8GPKEG

+P VJG 8GPGVKCPU EQPSWGTGF VJG GPVKTG RCVTKCTEJCVG RTQORVKPI 2CVTKCTEJ .QFQXKEQ 6TGXKUCPG

VQ TGPQWPEG JKU YQTNFN[ RQYGTU YKVJ VJG EQPUGPV QH VJG RQRG CICKPUV CP CPPWCN UWO
%QPHNKEV EQPVKPWGF DGVYGGP *CDUDWTI CPF 8GPKEG QXGT VJG QEEWRCVKQP QH VJG QHHKEG QH RCVTKCTEJ
4GEQPEKNKCVKQPYCUPQVDTQWIJVCDQWVWPVKN2QRG$GPGFKEV:+8KPUVGRRGFKPCVVJGKPUVKICVKQPQH
/CTKC6JGTGUKCCPFFKUUQNXGFVJGRCVTKCTEJCVGTGRNCEKPIKVYKVJVYQPGYFKQEGUGU

#SWKNGKCEQKPCIGKPKVKCNN[GOWNCVGFVJG(TKGUCEJRHGPPKIGCFQRVKPICYGKIJVQHDGVYGGPCPFIT
5VCTVKPI YKVJ 9QNHIGT
C FKUJ HQTO YCU EJQUGP YJKEJ YCU EQOOQP KP 0QTVJ +VCN[ CPF
YQWNF DG CFQRVGF KP C NQV QH VJG UWTTQWPFKPI VGTTKVQTKGU 6JG CINGKCPU JCF C NCTIG CTGC QH EKTEWNCVKQP
.CUVUVTWEMKP
24+/+2#64+#4%*+
VJEGPVWT[

&GPCTQ#$WUVHCEKPIYKVJETQUKGT4%JWTEJ$GTPCTFKE$KCIIKIT

4/KPQTHNCPETCEMXGT[HKPG
5EJWNVGP(TCPMHWTV#WEVKQPPQ
6JGTGXGTUGOCVEJGU$GTPCTFKDWVKPVJCVECUGVJGQDXGTUGYQWNFJCXGVQTGCF2#YJKEJKUOKUUKPIJGTG

&GPCTQ # $WUV HCEKPI ETQUKGT N CPF UVCT T 4 %TQUU YKVJ QPG RGNNGV KP GCEJ CPING $GTPCTFK E
$KCIIKIT 46TCEGUQHXGTKFITKUXGT[HKPG
PFJCNXGVJEGPVWT[
&GPCTQ # $WUV HCEKPI ETQUKGT N CPF UVCT T ETQUU CDQXG 4 6JTGG VQYGTU QP CTEJ ETQUUGU CDQXG
$GTPCTFKC$KCIIKIT 48GT[HKPG
PQ
PFJCNXGVJEGPVWT[
196
ITALY - AQUILEIA
)16+(4'&1

&GPCTQEQPNGVVGTG)16+
#$WUVQHVJGRCVTKCTEJHCEKPIYKVJETQUKGTCPFDQQM)16+QP
DQQM#38+.')+#Ő2Ő4%JWTEJYKVJVYQVQYGTU$GTPCTFK$KCIIKIT
449GCMN[UVTWEMCVVJGGFIGCUWUWCNXGT[HKPG
2'..')4+01++

&GPCTQEQPNGVVGTG2+.+
#$WUVQHVJGRCVTKCTEJHCEKPIYKVJETQUKGTCPFDQQM2+.+QPDQQM
#38+.')+#Ő2Ő4%JWTEJYKVJVYQVQYGTU$GTPCTFK$KCIIKIT
440KEGFCTMRCVKPCYGCMN[UVTWEMCVVJGGFIGCUWUWCNXGT[HKPG
81.%*'41

&GPCTQ EQP CSWKNC

! # 2CVTKCTEJ UGCVGF QP VJTQPG YKVJ ETQUU CPF DQQM -'42 81.( 4
0KODCVGGCINGTQPJKNN%+8+6#5Ő#38+.')+#$GTPCTFK$KCIIKIT
44/CIPKHKEGPVFCTMVQPGGZVTGOGN[HKPG
$GTPCTFK6TKGUV
197
ITALY - AQUILEIA
$'461.&1

&GPCTQEQPCSWKNC#2CVTKCTEJUGCVGFQPVJTQPGYKVJETQUUCPFDQQM$'461.&85Ő24'CING
QXGTGFKHKEGYKVJRQTVCN %+8+6#5Ő#38+.')+#$GTPCTFKC$KCIIKIT
44(KPGRCVKPCGZVTGOGN[HKPG
5CPVCOCTKC4QOG
&GPCTQEQPNC$GCVC8GTIKPG#2CVTKCTEJUGCVGFQPVJTQPGYKVJETQUKGTCPFDQQM$'461.&85Ő2
Ő 4 $WUV QH /CTKC YKVJ TCKUGF JCPFU Ő %+8+6#5 Ő #38+.')+# $GTPCTFK C $KCIIK
IT 44#NKVVNGYGCMN[UVTWEMKPRCTVUXGT[HKPGVQGZVTGOGN[HKPG
.CP\/ÒPEJGP#WEVKQP
PQ
(TQO*GNDKPI#WEVKQPPQ
)4')14+1

&GPCTQEQPIKINKQKPEGTEJKQRGTNKPCVQ
#2CVTKCTEJUVCPFKPICPFJQNFKPIDQQMŐ)4')14+ Ő
Ő'.'%685Ő4.KU %+8+6#5#38+.')+#$GTPCTFKD$KCIIKIT
4&CTMVQPKPIHNCPETCEMUXGT[HKPGVQGZVTGOGN[HKPG
.CP\/ÒPEJGP#WEVKQP
PQ
&GPCTQEQPCSWKNC
CHVGT#2CVTKCTEJUGCVGFQPVJTQPGYKVJETQUKGTCPFDQQMŐ)4')14+8 Ő
2#4'CINGNQQMKPITDGVYGGPVYQRGNNGVUŐ#38+Ő.')+#Ő$GTPCTFK$KCIIKIT
-TKEJGNFQTH(TGKDWTI#WEVKQP
PQ
4#+/10&1

&GPCTQ EQP $GCVC 8GTIKPG

# /CTKC UGCVGF YKVJ EJKNF Z 4#+/1 Z 0&8 2# Z 4 'CING
NQQMKPINZ#38+.'ZZ)'05+5Z$GTPCTFK$KCIIKIT 40KEGVQPKPIXGT[HKPG
.CP\/ÒPEJGP#WEVKQP
PQ
198
ITALY - AQUILEIA

&GPCTQ EQP DCUVQPK FGEWUUCVK

VQ # 2CVTKCTEJ UGCVGF QP VJTQPG YKVJ ETQUKGT CPF DQQM
4#+/80&8Ő2#46YQETQUUGFNKU #38+.')'05+5$GTPCTFK$KCIIKIT
4(KPGVQPGXGT[HKPG
)CPU#TPUDGTI
0+%1. FG$1'/+#

&GPCTQEQPKNNGQPG#.KQPQH.WZGODWTI$QJGOKCQ/10'6#ð0+%1.#+Q4(NQTKCVGFETQUU
YKVJSWCVTGHQKNKPEGPVTG 2#6-'ð#38+.')'$GTPCTFKC$KCIIKIT 8GT[HKPG
.CP\/ÒPEJGP#WEVKQP
PQ
(+.+221

&GPCTQ EQP NC UVGOOC # 5JKGNF QH VJG FWMGU QH #NGPEQP (+.+285 ó %#4 &+0#.+5 4 'CING
NQQMKPIN 2#64+/%*#ó#38+.'05+5$GTPCTFKC$KCIIKIT 8GT[HKPG
4CWEJ9KGP#WEVKQP
PQ
)+18#00+FK/14#8+#

&GPCTQ EQP CSWKNC FK /QTCXKC # 'CING NQQMKPI N +1#0'5 ó 2#64+/%# #38+ 5 4 5V
*GTOCIQTCUQPNKQPVJTQPGYKVJHNQTKCVGFUVCHHCPFDNGUUKPIJCPFó5*'4'/#%*14#5Q$GTPCTFK
C$KCIIKIT 8GT[HKPG
4CWEJ9KGP#WEVKQP
PQ
199
ITALY - AQUILEIA

&GPCTQ EQP EKOKGTQ # 5JKGNF QH #SWKNGKC WPFGT JGNOGV DGVYGGP VYQ TQUGVVGU +1#0'5 ó 2
#64+*#4$WUVQH5V*GTOCIQTCUHCEKPI 5#0685ó*'4/#%*14#5$GTPCTFKC$KCIIK
IT 6TCEGUQHXGTKFITKUCPFKTTGIWNCTHNCPXGT[HKPG
#0610+1+%#'6#0+

&GPCTQEQPCSWKNC#5JKGNFWPFGTJGNOGVCPFDGVYGGP#CPF0 #0610+852#64*#4'CING

NQQMKPINó#38ó+.'ó)'0ó5+5$GTPCTFKC$KCIIKIT
6QFGTK(NQTGPEG
#0610+1++2#0%+'4#

5QNFQQFGPCTQ#%QCVQHCTOU #0610+852#64+#4%*4'CINGNQQMKPINó#38ó+.'

)'05+5$GTPCTFKD$KCIIKIT &CTMVQPGXGT[HKPG
*GTKPGM9KGP
3WGUVC OQPGVC ½ UVCVC KOKVCVC FC RCTVG FK 0KEQNÈ 7LNCM TG FK $QUPKC

6JKU EQKP JCU DGGP EQRKGF D[
0KEQNÈ7LNCMMKPIQH$QUPKC

.1&18+%1++

&GPCTQQUQNFQ#%QCVQHCTOU .1&18+%85Q&8:Q#Q6'%*4/CTKCYKVJEJKNF2#/*#

#38+.'$GTPCTFK$KCIIKIT 8GT[HKPG
6QFGTK(NQTGPEG
3WGUVC OQPGVC ½ UVCVC KOKVCVC FC RCTVG FK 0KEQNÈ 7LNCM TG FK $QUPKC

6JKU EQKP JCU DGGP EQRKGF D[
0KEQNÈ7LNCMMKPIQH$QUPKC

200
ITALY - TRIESTE
64+'56'
6TKGUVG UWHHGTGF VJG UCOG HCVG CU VJG FKQEGUGU KP GCUVGTP 8GPKEG CPF +UVTKC VJG HQTOCVKQP QH VJG
GEENGUKCUVKECN RTQXKPEG QH #SWKNGKC VJG 6JTGG%JCRVGT %QPVTQXGTU[
RCTVKEKRCVKQP QH VJG DKUJQRU QH
6TKGUVGKPVJGUEJKUOCVKEU[PQFQH)TCFQTGVWTPVQ4QOCPQTVJQFQZ[
UGGWPFGT%QOQCPPGZCVKQPVQ
VJG 4GIPWO +VCNKCG #HVGT .QVJCKT +++ JCF DGUVQYGF VJG VGTTKVQT[ QP ,QJP VJG DKUJQRU GZGTEKUGF TQ[CN
RTKXKNGIGUKPVJGVQYP$KUJQRUWPFGTVJG1VVQPKCPUCPF5CNKCPUYGTGWUWCNN[QH)GTOCPFGUEGPV6JG[
YGTGWPFGTVJGRCVTKCTEJCVGQH#SWKNGKC

+PCRCTVQHVJGEKVK\GPUQTICPKUGFVJGOUGNXGUKPCEQOWPG+PCVTGCV[YKVJ8GPKEGGPUWGF
YJKEJCNUQCEMPQYNGFIGFRCTVKCNCWVJQTKV[QH8GPKEGQXGT+UVTKC6JGEQOWPGTGEGKXGFNGICNTKIJVUHTQO
VJGDKUJQRU

(QT C DTKGH RGTKQF VJG 4CPHK HCOKN[ YCU UKIPQTG VJGP VJG KPUVKVWVG QH VJG 2QVGUVCU %QPUKNKWO

OGODGTUEQPUQNKFCVGFCV[RGQHEQOWPGVJCVYCUOQTGRTGXCNGPVKPVJG2QRNCKP.KVVNGKUMPQYPCDQWV
IQXGTPCPEG KP VJKU RGTKQF 6JG EKV[ EQWPEKN RGTHQTOGF RQNKVKECN CDQWVHCEGU DGVYGGP 8GPKEG #SWKNGKC
VJG NQTFU QH &WKPQ CPF VJG EQWPVU QH )ÌT\ #HVGT VJG %JKQIIKC 9CT 8GPKEG UWTTGPFGTGF KVU ENCKOU VQ
6TKGUV

+PRQYGTHGNNVQ&WMG.GQRQNF+++QH#WUVTKCYJQJQYGXGTNGHVKPVCEVVJGCWVJQTKV[QHVJGEQOWPG
+PVJGEKV[HGNNVQVJG*CDUDWTI*QWUG
)+8#4&1

&GPCTQ#$KUJQRUGCVGFQPVJTQPGYKVJETQUKGTCPFDQQM )+8#4&85'2+5%124)TGCVVQYGT

DGVYGGP VYQ UOCNNGT VQYGTU QP YCNN YKVJ RQTVCN %+8+6#5 Ő 6'4)'568/ $GTPCTFK 6[RG )
$KCIIKIT
445OCNNUETCVEJGUQPVJGTGXGTUGQVJGTYKUGYGNNUVTWEMCPFGZVTGOGN[HKPGURGEKOGP
5CPVCOCTKC4QOG
.'10#4&1+

&GPCTQ#$KUJQRUGCVGFQPVJTQPGYKVJETQUKGTCPFDQQM.'1#4&85'2Ő45V)KWUVQUVCPFKPI
YKVJRCNONGCHDGVYGGPVYQVQYGTUUVCTT%+8+6#56'4)'5$GTPCTFK6[RG.$KCIIKIT
/ÒP\GPWPF/GFCKNNGP$CUGN 40KEGRCVKPCGZVTGOGN[HKPG

6JGVJTGGFQVUCVVJGDGIKPPKPIQHVJGQDXGTUGVGZVCTGVJGUCOGCUQPVJGHKTUVHKQTKPQF QTQ
#4.10)1FG 8+5)10+

&GPCTQ#$KUJQRUGCVGFQPVJTQPGYKVJETQUKGTCPFDQQM#4.'0)85Ő'2Ő44QUGVVGYKVJGKIJV
NGCHU %+8+6#56'4)'568/$GTPCTFK6[RG#4$KCIIKIT
4'FIGHCWNVXGT[HKPGVQGZVTGOGN[HKPG
$GTPCTFK6TKGUV
6JKUKUTGCNN[CFGPCTQUEQFGNNCVQDWVVJGOCPPGTQHUVTKMKPIJCUCNNDWVGTCUGFCP[VTCEGUQHVJKU+VKUPQVFCOCIGF
201
ITALY - TUSCIA
675%+#
2TKQT VQ &KQENGVKCPŉU TGHQTO VJKU VGTTKVQT[ RTCEVKECNN[ EQTTGURQPFGF VQ HQTOGT 'VTWTKC CPF YCU ECNNGF
6WUEKC +P VJG PF JCNH QH VJG VJ EGPVWT[ VJGTG YCU C 6WUEKC CPPQPCTKC
KG VJG TGIKQP 'OKNKC CPF
6WUEKCWTDKECTKC
VJGTGIKQPUQWVJQH#TPQ

(TQOVQ6WUEKCYCUWPFGTVJG.QODCTFUCUCFWEJ[KVUECRKVCN.WEEC6JGTKUGQH%JTKUVGPFQO
OGCPVVJGEKVKGUDGECOGOQTGKORQTVCPV

+P (TCPMKUJ VKOGU 6WUEKC ITGY KP WPKV[ 6JG EQWPVU QH .WEEC IQXGTPKPI VJG VGTTKVQT[ YGTG ITCPVGF VJG VKVNG
ŋOCTITCXGUQH6WUEKCŌ6JGVGTTKVQT[YCUFKXKFGFKPVQEQWPVKGUOQUVN[TWNGFD[(TCPMKUJPQDNGHCOKNKGU#HVGTVJG

[GCT6WUEKCFGXQNXGFVQVJGNQTFUQH%CPQUUC
6JG RTQIGPKVQT QH VJG %CPQUUC HCOKN[ RTGUWOCDN[ YCU #FCNDGTV #VVQ
PF JCNH QH VJG VJ EGPVWT[ JKU QTKIKPCN
PCOG%CPWUKC*GUVGOOGFHTQOVJGEQWPV[.WEECCUKPFKECVGFD[VJGKTCPEGUVTCNPCOGFGEQOKVCVW.WEGPUK6JG[
OCKPVCKPGFVKGUYKVJ.QVJCKTCPF#FGNJGKFNCVGTYKVJ1VVQ+7PFGTVJGNCVVGTVJGUKORNGXCUUCNVQVJGMKPICPFVJG
DKUJQR QH 4GIIKQ KP 'OKNKC KP VJG PF JCNH QH VJG VJ EGPVWT[ DGECOG VJG EQWPV QH 4GIIKQ /QFGPC CPF /CPVWC
#HVGT JKU FGCVJ KP JKU UQP CPF UWEEGUUQT 6GQFCNF DGECOG OCTITCXG QH (GTTCTC 6GQFCNF YCU OCTTKGF VQ 8KNNKC
CPF LWUV CU JKU HCVJGT UVTQXG VQ GZRCPF JKU GUVCVG *G PQV QPN[ UGK\GF UGEWNCT RQYGT DWV CNUQ URKTKVWCN CWVJQTKV[

OQUVN[D[HQTEG%CPQUUCRQYGTPQYGZVGPFGFVJTQWIJQWVVJG'OKNKCTGIKQP+P6GQFCNFFKGF
*KU UWEEGUUQT $QPKHCEG YCU EQPPGEVGF VQ VJG MKPIU CPF GORGTQTU $QPKHCEG CEEWOWNCVGF RQUUGUUKQPU VJTQWIJ JKU
OCTTKCIGVQ4KEJKNFG+PJGCESWKTGFVJGOCTITCXKCNFKIPKV[QH6WUEKCRTGUWOCDN[KPTGVWTPHQTJKUUWRRQTVQH
VJG MKPIU CPF GORGTQTU $QPKHCEG YCU MKNNGF KP CPF JKU YKFQY $GCVTKEG OCTTKGF )QFHTG[ YKVJ VJG $GCTF QH
7RRGT .QTTCKPG YJQ QRRQUGF VJG GORGTQT +V YCU VJG HKTUV UVGR FQYP VJG RCVJ QHFKUNQ[CNV[VQVJGGORGTQTQHVJG

*QWUG%CPQUUC
$GCVTKEG CPF )QFHTG[ RNC[GF EGPVTCN TQNGU FWTKPI VJG PQOKPCVKQP QH 0KEQNCU ++ CPF #NGZCPFGT ++ $GCVTKEG CPF
/CVKNFCYGTGVJGQPN[PQDNGUKPXQNXGFKPVJG+PXGUVKVWTG%QPVTQXGTU['XGPCHVGT)QFHTG[ŉUFGCVJKP$GCVTKEG

MGRVQPUWRRQTVKPICTGHQTOQHVJGRCRCE[+P$GCVTKEGFKGFCPF/CVKNFCJGTFCWIJVGTTWNGFD[JGTUGNH
+P UJG ITCPVGF RTQVGEVKQP VQ )TGIQT[ 8++ YJGP JG HGNV VJTGCVGPGF D[ VJG CFXCPEKPI *GPT[ +8 6JTQWIJ VJG
OGFKCVKQP QH #DDQV *WIQ QH %NWP[ CPF /CVKNFC JGT FCWIJVGT VJG DCP YCU NKHVGF
YCNM VQ %CPQUUC KP +P
UJG EGFGF JGT GUVCVG KP +VCN[ CPF .QTTCKPG VQ VJG EJWTEJ CPF TGEGKXGF VJGO DCEM KP HKGH 6JG OCTTKCIG QH
/CVKNFC
VQ9GNH8
CTTCPIGFD[7TDCP++KPYQWNFNCUVQPN[GKIJV[GCTUCWPKQPVJCVRQUGFCVJTGCV
VQVJGGORGTQT+PVJGKORGTKCNDCPYCUKORQUGFQPJGT9JGPKVYCUTGXQMGFNCVGTUJGTGPGYGFJGTDGUVQYCN
VQ VJG EJWTEJ KP 9JGP KP *GPT[ +8 YCU ETQYPGF GORGTQT /CVKNFC PQOKPCVGF JKO JGKT VQ JGT GUVCVG
9KVJJGTFQWDNGVGUVCOGPV
RQRGCPFGORGTQTUJGETGCVGFCEQPHNKEVVJCVYQWNFNCUVNQPI
/CVKNFKPGNCPFU+P
/CVKNFCFKGFEJKNFNGUUCPFYCUKPVGTTGFKP2QNKTQPGPGCT/CPVWC
KP7TDCP8+++JCFJGTTGOCKPUVTCPUHGTTGFVQ

4QOGYJGTGUJGNKGUDWTKGFKPVJG5V2GVGTŉU$CUKNKEC
/CVKNFCŉU NCPFU YGTG EQORTKUGF QH KP 'OKNKC /QFGPC 4GIIKQ /CPVWC $TGUEKC %TGOQPC (GTTCTC 2CTOC CPF
8GTQPCKP6WUEKC(NQTGPEG2KUCCPF5KGPC
HQTYJKEJVJTGGVGTTKVQTKGUQPN[CHGYRTKXKNGIGUYGTGJGNFD[JGTRNWU
VGTTKVQTKGU KP .QTTCKPG +P *GPT[ 8 UGK\GF VJG GUVCVG %QPTCF +++
VTKGF VQ UGK\GVJGRQUUGUUKQPUDWV
VJGRQRGTGUKUVGFCPFITCPVGF.QVJCKT+++
CPFJKUUQPKPNCY*GPT[VJG2TQWFVJGGUVCVGKPHKGH
6JG
TKIJVUVQVJGUGNCPFUTGOCKPGFKPKORGTKCNJCPFUWPVKN(TGFGTKEM++TGPWPEKCVGFVJGOKPVJG)QNFGP$WNNQH'IGT+P
VJG OGCPVKOG VJG RTQDNGO JCF UQNXGF KVUGNH CP[YC[ FWG VQ VJG HQTOCVKQP QH EQOWPGU YJKEJ JGNF TGCN RQYGT

/CVKNFC QH 6WUEKC YCU CP KORQTVCPV HKIWTG 1PN[ FCWIJVGT QH /CTITCXG $QPKHCEG QH 6WUEKC
Ŏ *GT OQVJGT
$GCVTKEG C FCWIJVGT QH (TGFGTKEM ++ QH 7RRGT .QTTCKPG TGOCTTKGF
)QFHTG[ ++ QH 7RRGT .QTTCKPG HQTEKPI

/CVKNFCVQYGFVJGUQPDQTPHTQOJGTUVGRHCVJGTŉURTGXKQWUOCTTKCIG)QFHTG[+++VJG*WPEJDCEM

$QPKHCEGQH6WUEKC∞$GCVTKEG∞)QFHTG[++VJG$GCTFGF

/CVJKNFC∞)QFHTG[+++VJG*WPEJDCEM

5JG TGVWTPGF VQ +VCN[ CU GCTN[ CU 5JG YCU C XGT[ GPGTIGVKE DWV CV VJG UCOG VKOG XGT[ RKQWU 5JG CFQRVGF C
OGFKCVKPITQNGDGVYGGP*GPT[+8CPF2QRG)TGIQT[KPVJG+PXGUVKVWTG%QPVTQXGTU[6JGRGPKVGPEGFQPGD[*GPT[+8
KP ,CPWCT[ KU EQOOQPN[ MPQYP CU VJG 9CNM VQ %CPQUUC YJKEJ JG WPFGTVQQM VQ JGT JQOG ECUVNG %CPQUUC

CNKVVNGVQVJGUQWVJYGUVQH4GIIKQPGNNŉ'OKNKC
202
ITALY - FIRENZE
+P VJG NCVG VJ CPF GCTN[ VJ EGPVWT[ VJG EQOWPGU GOGTIGF YJKEJ OGCPV VJG ITCPF PQDNG HCOKNKGU
EQWNF QPN[ GZGTV KPHNWGPEG YKVJKP VJG RGTKHGT[ QH 6WUEKC 6JGUG HCOKNKGU NCVGT YQWNFITCFWCNN[DGEQOG
KPXQNXGFKPVJGEQOWPGU

6JGTGYGTGNCTIGEQOWPGU(NQTGPEG2KUC.WEECCPF5KGPCYJKEJGPUWTGFCEGTVCKPRQNKVKECNDCNCPEG
WPVKNVJGOKFFNGQHVJGVJEGPVWT[6JGKPVTQFWEVKQPQHVJG(NQTKPKP(NQTGPEGKPCPFVJGFGHGCVQH
2KUCD[)GPQCPGCT/GNQTKCKPDCFGVJGHWVWTGUWRTGOCE[QH(NQTGPEG.WEECŉUCVVGORVVQUGEWTG
VJGNGCFKPIRCTVHQTKVUGNHRTQXGFKPXCKP

5NQYN[ DWV UWTGN[ (NQTGPEG CPPGZGF C PWODGT QH EKVKGU #TG\\Q /QPVGRWNEKCPQ 2TCVQ 2KUVQKC 5V
)GOKIPCPQ8QNVGTTCCPFRCTVQH4QOCIPC2TGUUWTGD[/KNCP
VJG8KUEQPVKUHQTEGF(NQTGPEGVQUVGRWR
KVUEQPVTQNQXGTVJGEKVKGU

(+4'0<'

1TKIKPCNN[C4QOCPEQNQP[(NQTGPVKC
6TKDWU5ECRVKC(NQTGPEGYCUCNTGCF[CUK\GCDNGVQYPKPVJGPF
EGPVWT[ CPF %JTKUVKCPKV[ UVCTVGF VQ VCMG UJCRG KP VJG TGIKQP CV CDQWV VJG UCOG VKOG #TQWPF CP
GRKUEQRCNUGGYCUKPUVKVWVGFKVUHKTUVDKUJQR(GNKZ$KUJQR<GPQDKWUYCUQTFCKPGFD[5#ODTQUG

KVUHKTUVEJWTEJYCU5.QTGP\Q

6JGEKV[YCUNCKFKPTWKPUD[6QVKNC%JCTNGOCIPGTGDWKNVKV&WTKPI.QODCTFCPF(TCPMKUJUWRTGOCE[C
EQOGUYCUVJGEKV[OCIKUVTCVG

6JGEKV[DGICPHNQWTKUJKPIKPVJGPFJCNHQHVJGVJEGPVWT[6JG1VVQPKCPUITCPVGFKOOWPKV[CPFVJG
OCTITCXGU QH 6WUEKC HCXQWTGF VJG EKV[ (NQTGPEG JCF C XKDTCPV TGNKIKQWU NKHG
OQPCUVKE QTFGTU TGHQTO
OQXGOGPVU GVE 6JG UVCPEG VCMGP D[ VJG EKV[ KP HCXQWT QH /CVKNFC QH 6WUEKC CPF VJG FGPWPEKCVKQP QH
*GPT[+8RTGUWOCDN[FKFOWEJVQUNQYFQYPRTQITGUU

6JG HKTUV EQOWPG ECOG KPVQ DGKPI KP
VJG [GCT QH /CVKNFCŉU FGCVJ # PQDKNKV[ QH UQTVU GOGTIGF
(NQTGPEG RWTUWGF C RQNKVKEU QH VGTTKVQTKCN GZRCPUKQP CU FKF QVJGT EKVKGU # PGWVTCN UVCPEG YCU CFQRVGF
YKVJTGICTFVQ(TGFGTKEM$CTDCTQUUC+P*GPT[8+CUMKPIQH+VCN[CEMPQYNGFIGFVJGCWVQPQO[QH
(NQTGPEG6JKUYCUVJGUKVWCVKQPCVVJGGPFQHVJGVJEGPVWT[VJGPGZVEGPVWT[JQYGXGTYQWNFUJQYCP
CNVQIGVJGTFKHHGTGPVRKEVWTG

+P EQPUWNCT TWNG YCU TGRNCEGF YKVJ C RQFGUV¯ CV C VKOG YJGP VJGTG CNTGCF[ YCU UQOG CPKOQUKV[
DGVYGGP VJG OCKP PQDNG JQWUGU +P VJKU EWNOKPCVGF KP VJG OWTFGT QP $WQPFGNOQPVG FG
$WQPFGNOQPVK KP VJG CHVGTOCVJ QH YJKEJ VJG )WGNRJ CPF )JKDDGNNKPG HCEVKQPU GOGTIGF %QPHNKEVU
DGVYGGP VJG 5VCWHGTU #PLQWU RQRGU GVE FGVGTOKPGF VJG JKUVQT[ QH (NQTGPEG FWTKPI VJG RGTKQF

9JGTGCUPQDKNKV[JCFFQOKPCVGFVJGEKV[WRVQVJCVOQOGPVCPGYHCEVQTPQYUVCTVGFVQRNC[CTQNG6JG
OCKP(NQTGPVKPGOGTEJCPVUJCFCITGGFVQEQQRGTCVGKPVJG#TVGYJKEJYCUEQORTKUGFQHUGXGTCN
RCTVU#TVGFGN%CODKQ#TVGFGNNC.CPCGVE6JKUCRRTQCEJUCYCSWKEM(NQTGPVKPGTKUGVQOCLQTVTCFG
EGPVTG 6JGUG #TVK ITQYKPIN[ UVTQXG VQ DG TGRTGUGPVGF KP EKV[ TWNG 0QDKNKV[ NQQMGF CUMCPEG CV VJKU
RQNKVKECN U[UVGO
VJG VQVCN EQPUVTWEV QH YJKEJ YCU MPQYP CU 2QRQNQ #TKUVQETCE[ NGPV KVU UVCVWTG HTQO
OKNKVCT[ RQYGT CPF VJG UVTGPIVJU QH VJG 2QRQNQ YGTG HKPCPEG CPF VTCFG 1H EQWTUG VJGUG ITQWRU UQQP
GUVCDNKUJGF EQPPGEVKQPU HTQO YJKEJ VJG )TCPFK VJG 2QVGPVK CPF VJG /CIPCVK URTCPI #NN QVJGTU YGTG
2QRQNCPK

&WTKPI VJG RGTKQF )JKDGNNKPG PQDKNKV[ JCF VJG WRRGT JCPF CPF (TGFGTKEM QH #PVKQEJ C
DCUVCTFUQPQH(TGFGTKEM++TWNGFVJGEKV[CUFKEVCVQT+PCEKV[IQXGTPOGPVYCUGUVCDNKUJGFOCFG

WRQH2QRQNCPKCECRKVCPQFGNRQRQNQCVKVUJGCF
0QY VJGTG YGTG VJG EQOWPG OKNKVWO QH VJG /CIPCVK JGCFGF D[ C RQFGUV¯ CPF C ŋRCTCNNGN EQOOWPGŌ
QH VJG 2QRQNCPK $CPMGTU CPF OGTEJCPVU YGTG TGRTGUGPVGF KP VJG RQRQNCPK EQOOWPG KVU RQYGT
U[ODQNKUGFD[VJGIQNF(NQTKP2TKOCT[IQCNQHVJKUIQXGTPOGPVQH2TKOQ2QRQNQYCUVQRTQOQVGVTCFG
CUIQQFCURQUUKDNG

6JKU CRRTQCEJ YCU VGORQTCTKN[ EWV UJQTV KP YJGP VJG )WGNRJKE (NQTGPVKPGU YGTG FGHGCVGF D[ VJG
)WGNRJKE5KGPGUGKPVJG$CVVNGQH/QPVCRGTVK
YJQYGTGCKFGFD[VJGVTQQRUQH-KPI/CPHTGF0QYC
)JKDGNNKPGTWNGYCUKPUVCNNGFKP(NQTGPEGYJKEJGXGPEQPVGORNCVGFNGXGNNKPIVJGEKV[

#HVGTVJGFGHGCVCPFFGCVJQH/CPHTGFKP
$CVVNGQH$GPGXGPVQVJG)WGNRJ/CIPCVGUTGVWTPGFCPF
VQQM WR VJG DCVVNG CICKPUV VJG )JKDGNNKPGU CICKP 6JTQWIJ OGFKCVKQP D[ %CTFKPCN .CVKPQ RGCEG YCU
TGCEJGF KP 5VKNN VJG UKVWCVKQP YCU HCT HTQO TGUQNXGF CPF KP VJG #TVK /CIIKQTK
CNQPI YKVJ
IQPHCNQPKGTK HQT VJG FKHHGTGPV DWTTQWIJU ECOG KPVQ DGKPI1PEGCICKP2QRQNCPKCWVQPQO[QRRQUGFVJG
OKNKVCT[OCIPCVGU+PVJG)WGNRJ/CIPCVGUUWEEGGFGFKPICKPKPIEQPVTQNQHVJGEKV[DWVOGVYKVJ
QRRQUKVKQP D[ VJG YGCNVJ[ OGTEJCPV )KCPQ FGNNC $GNNC 6JG /CIPCVGU HQWIJV VJG PGY RQNKVKECN U[UVGO
VQQVJ CPF PCKN
UWRRQTVGF D[ $QPKHCEG 8+++ CPF %CTNQ ++ Fŉ#PIKÈ #OQPI VJGUG (NQTGPVKPG /CIPCVG
HCOKNKGUYGTGVJGOQUVKPHNWGPVKCNDCPMGTUQHVJGEWTKC

#VVJGVWTPQHVJGVJEGPVWT[CTKHVQEEWTGFKPVJG)JKDGNNKPGHCEVKQPVJG$KCPEKYJQYGTGMPQYPVQ
UGGMEQORTQOKUGCPFVJG0GTKOCFGWRQHVJGKPGZQTCDNGU6JKPIUEJCPIGFYJGPKPVJG$KCPEK
COQPI VJGO &CPVG YGTG QUVTCEKUGF VJTQWIJ KPVGTXGPVKQP QH %JCTNGU FG 8CNQKU 6JG GHHQTVU QH DNCEM
)WGNRJ%QTUQ&QPCVKVQKPUVKVWVGCUKIPQTKGHCKNGF
[GVUGTXGFVQDTKPICDQWVCPCNNKCPEGDGVYGGP
VJG 2QRQNCPK CPF VJG DNCEM )WGNRJ /CIPCVGU YJKEJ YQWNF TWNG (NQTGPEG HQT PGCTN[ VJG GPVKTG VJ
EGPVWT[)TKGXCPEGUCOQPIOKPQTOGTEJCPVU
CTVKOKPQTKVJGPCTQUGCNQPIYKVJCETKUKUKPHKPCPEG
203
ITALY - FIRENZE
2TCVQ 2KUVQKC #TG\\Q CPF %QTVQPC YGTG UWDOKVVGF KP VJG VJ EGPVWT[
.WEEC CPF 5KGPC TGVCKPGF
CWVQPQO[#TOUJCFVQDGVCMGPWRKPFGHGPUGCICKPUV)KCP)CNGC\\Q8KUEQPVKKIPKVKPIVJG4GXQNVQH
VJG%KQORK

+PVJG#TVK/CIIKQTGYGTGVTCPUHQTOGFKPVQCOWPKEKRCNQNKICTEJ[NGFD[#NDK\\KCPFQVJGTU9JGP
VJGEKV[NQUVCDCVVNGVQ/KNCPKPCPFCPCVVGORVVQEQPSWGT.WEECHCKNGFVJG#NDK\\KYGTGQWUVGF
CPF VJGKT RTKPEKRCN GPGO[ TQUG VQ RQYGT %QUKOQ FG /GFKEK
KN 8GEEJKQ *CXKPI QTKIKPCNN[ DGGP
DCPKUJGFVQ8GPKEGJGTGVWTPGFVQ(NQTGPEGVQGZGTVRGTUQPCNUWRTGOCE[QXGTVJGEKV[UVCVGKP*KU
QHHKEKCN HWPEVKQPU YGTG HGY DWV JG GHHGEVKXGN[ EQPVTQNNGF GXGT[VJKPI %QUKOQ YGPV QP VQ QTKIKPCVG C
F[PCUV[ YJKEJ YQWNF PQV RQUUGUU C UKPING UQXGTGKIP VKVNG DWV YQWNF YKGNF VTGOGPFQWU RQNKVKECN
KPHNWGPEGCPFRNC[CEGPVTCNTQNGKPRTQOQVKPIVJGCTVU*GNGHVCNCUVKPIOCTMQPJKUCIG

*KU ITCPFUQP .QTGP\Q KN /CIPKHKEQ OCKPVCKPGF RGCEG COQPI VJG OCP[ +VCNKCP RQYGTU VJTQWIJ JKU
GZEGNNGPVOGFKCVQT[RQNKVKEU0GXGTVJGNGUUDCFN[OCPCIGFHKPCPEKCNCHHCKTUCPFJKIJVCZGUYQWNFECWUGC
ITGCVFGCNQHOCNEQPVGPVYKVJVJG/GFKEKU

/CP[JCFDGGPYCKVKPIHQTCPQRRQTVWPKV[VQRWV/GFKEKJGIGOQP[VQCPGPFQPEGCPFHQTCNNYJKEJKP
HKPCNN[RTGUGPVGFKVUGNHYJGP.QTGP\QŉUUQP2KGTQJCFVQCESWKGUEGVQVJGFGOCPFUQH%JCTNGU8+++
QH(TCPEG#HVGTVJG/GFKEKUJCFDGGPFTKXGPCYC[QNKICTEJ[YCUTGGUVCDNKUJGFUCXGHQTCDTKGHRGTKQF
HTQOVQYJGPVJGEKV[YCUFQOKPCVGFD[5CXQPCTQNCYJQUGTWNGUJQYGFFKUVKPEVFKEVCVQTKCN
UKIPU .CVGT KP VJG VJ EGPVWT[ VJG /GFKEKU YQWNF TGVWTP HKTUV CU UKIPQTG NCVGT CU
ITCPF FWMG

(+14+01

+PVJGYGUVGTPRCTVQHVJG/GFKVGTTCPGCPVJGFKPCTYCUVJGOQUVEWTTGPVEQKP
5RCKP5QWVJ+VCN[5KEKN[
CPF0QTVJ#HTKECCPFDQVJKP)GPQCCPFKP(NQTGPEGVJGUGEQKPUYGTGNGICNVGPFGT*QYGXGTYJGPKVU
XCNWGUVCTVGFFGVGTKQTCVKPICTGRNCEGOGPVYCUUQWIJV6JG#WIWUVCNGKPVTQFWEGFKPD[(TGFGTKEM++
YKVJKVUYGKIJVQHITFKFPQVRTQXKFGVJGFGCTN[PGGFGFTGNKGH6JWUKVUVQQFVQTGCUQPHQT)GPWCCPF
(NQTGPEG VQ VWTP VQ VJGKT QYP IQNF EQKPU
6JG IGPQXKPQ YCU CNUQ WUGF KP VJG .GXCPV YJGTG KV
OKPINGF YKVJ $[\CPVKPG EQKPCIG CPF $GUCPVGU JQYGXGT VJG VYQ NCVVGT EQKPU YGTG WUGNGUU HQT VTCFG
4GCUQP HQT 8GPKEG VQ ETGCVG KVU QYP IQNF EQKP KP VJG FWECVQ KP 6JG YGKIJVU YGTG XGT[ ENQUG VQ
GCEJQVJGT)GPQC(KTGP\GCPF8GPKEGIT

#U KP )GPQC CPF 8GPKEG CNKMG VJG (NQTGPVKPG (KQTKPQ YCU UVTWEM KP C IQNFCPFCUKNXGTXGTUKQP$QVJ
YGTGQHCXGT[OQFGUVFGUKIPYKVJCNKUCPF,QJPVJG$CRVKUV

(+14+01&ŉ141
#HVGT C IQNF EQKP JCF DGGP KPVTQFWEGF KP KP )GPQC (NQTGPEG HQNNQYGF UWKV VJG UCOG [GCT +V KU
TGIKUVGTGF KP VJG ŋ(KQTKPCKQŌ
/CTEJD[VJGEJTQPKENGT)KQXCPPK8KNNCPKCPFKVUQHHKEKCNKPVJQUG
FC[U YCU )JGTCTFQ )GPVKNG
&CXKFUQJP 5VQTKC FK (KTGP\G RCTV ++ (KTGP\G R # UKORNG
FGUKIPYCUEJQUGPCUJCFDGGPHQTVJG(KQTKPQFŉCTIGPVQ5V,QJPVJG$CRVKUVCPFCNKUHQTVJGTGXGTUG
6JKUHCDTKEYQWNFDGEQPVKPWGFHQTCNQPIVKOGVQEQOGWRVQYJGPVJGUCOGFKGUYGTGUVTWEM

WRQPNCTIGTHNCPU
+V YCU VJG RGTKQF #V VJG DGIKPPKPI QH EQKPCIG EQKPU YGTG PQV UVTWEM YKVJ C RTKX[ OCTM
#HVGTVJCVGXGT[EQKPJCFCRTKX[OCTM6JGQHHKEGQHOKPVOCUVGTYCUTQVCVGFGCEJJCNH[GCTVJWUVJG
RTKX[OCTMURTQXKFGCPGZEGNNGPVOGCPUQHFCVKPIVJGUGEQKPU1TUKPKCNTGCF[RTGUGPVGFCPQXGTXKGYQH
U[ODQNUKPJKUŋ5VQTKCFGNNCOQPGVC4GRWDDNKEC(KQTGPVKPCŌQHYKVJVJGEQTTGURQPFKPIPCOGUQH
VJG OKPVŉU OCUVGTU *G FGTKXGF VJG FCVC HTQO VJG ŋ.KDTQ FK <GEECŌYJKEJUVCTVUKP6JG9KGPGT
-CVCNQI
CPF,QUGRJ
GNCDQTCVGFQPVJKUYQTMEQTTGEVKPICPWODGTQHGTTQTU+VVJGTGHQTG
YCUCDKVFKUCRRQKPVKPIVQUGG1TUKPKŉUQNFUWOOCT[TGCRRGCTKPVJG%0+
5KPEGVJGP1TUKPKŉUNKUV
JCUDGGPCFQRVGFQXGTCPFQXGTCICKPHQTKPUVCPEGD[$KCIIKKPJKUECVCNQIWG/GCPYJKNG+XGU
Ŏ
JCURWVVQIGVJGTCPGPVKTGN[PGYEQTRWUQHYJKEJVJGOCPWUETKRVWPHQTVWPCVGN[JCUPQVDGGPRWDNKUJGF
[GV

6JGFCVCCTGUVCVGFCUHQNNQYUVJG[GCTHQNNQYGFD[C+
RGTKQF/C[0QXGODGTQT++
RGTKQF0QXGODGT
/C[

(+14+01&ŉ#4)'061
,WUV CU KP QVJGT EKVKGU (NQTGPEGŉU (KQTKPQ FŉCTIGPVQ YCU KPVTQFWEGF DGHQTG VJG (KQTKPQ FŉQTQ # PGY
UKNXGTEQKPJCFCNTGCF[DGGPKPVTQFWEGFKP)GPQCKPCVYJKEJVKOGKVYCUCTGRWDNKE2GTOKUUKQP
HQTOKPVKPIYCUITCPVGFKP&GEGODGTQHD['ORGTQT%QPTCF+++VYCUCUKORNGEQKPUJQYKPIC
ECUVNGCPFVJGRNCEGPCOGQPQPGUKFGCPFVJG%CTQNKPIKCPETQUUCNQPIYKVJ%QPTCFŉUPCOGQPVJGQVJGT

+P (NQTGPEG HQNNQYGF VJG )GPQGUG GZCORNG 6JQUG YGTG VJG FC[U QH (NQTGPVKPG CWVQPQO[ 6JG
QDXGTUGVGZVUVCTVUYKVJVJGRNCKP +1*#00'5$HQTTGCUQPUQHUKORNKEKV[NCEMKPIVJG5QH5CPEVWU
CPF VJG RNCEG PCOG QP VJG TGXGTUG .CVGT VJG 5 YCU CFFGF #U GCTN[ CU VJG GHHKI[ QH ,QJP VJG
$CRVKUVYCUTGRNCEGFYKVJVJCVQHCUVCPFKPIUCKPVVJWURTQXKFKPIVJGEQKPYKVJCDGVVGTEQPPGEVKQPVQVJG
(KQTKPQFŉQTQ

,QJP VJG $CRVKUVŉU GHHKI[ KU QH EQWTUG UGGP QP VJG (KQTKPQ FŉCTIGPVQ CPF VJG (KQTKPQ FŉQTQ 1VJGTYKUG
JQYGXGT VJG EQKPU YGTG FKHHGTGPV +V KU PQV WPNKMGN[ VJCV DQVJ VTCEG DCEM VQ VJG OQUCKE QH (TC ,CEQRQ
OKPQTKVCKPVJG$CRVKUVGT[QH(NQTGPEG

204
ITALY - FIRENZE
4'27$$.+%#

(KQTKPQ F CTIGPVQ XGEEJKQ # (NGWTFGNKU QH HNQTGPVKPG (.14'06+# 4 5V ,QJP VJG $CRVKUV
+1*#00'5Ő$Ő$KCIIKIT 8GT[HKPG
6QFGTK(NQTGPEG
6JKUKUVJGHKTUV(KQTKPQF CTIGPVQVJCVFKHHGTUHTQOVJGEQKPURTQFWEGFNCVGTUGGPQCPF6JGYGKIJVKU
EQPUKFGTCDN[JKIJGT
$KCIIKMPQYUQHQPN[CUKPINGPWODGT
CPFFQGUPQVFKUVKPIWKUJDGVYGGPGCTNKGTCPFNCVGTKUUWGUPQTDGVYGGP
+1*#00'5CPF5Ő+1*#00'5

(KQTKPQ F CTIGPVQ # (NGWTFGNKU QH (NQTGPVKPG (.14'06+# 4 5V ,QJP VJG $CRVKUV Ő 5
+1*#00'Ő$Ő$KCIIKIT 'ZVTGOGN[HKPG
6QFGTK(NQTGPEG
(KQTKPQF CTIGPVQVJITQWR

(KQTKPQ F CTIGPVQ # (NGWTFGNKU QH HNQTGPVKPG (.14'06+# 4 5V ,QJP VJG $CRVKUV
+1*#00'5Ő$Ő$KCIIKIT 8GT[HKPG
*GP\GP#OGTQPIGP
(TQONKUVHGDTOTVPQ
205
ITALY - FIRENZE

(KQTKPQF QTQ#(NGWTFGNKUQHHNQTGPVKPG (.14'06+#45V,QJPVJG$CRVKUVJ5+1*#00'5

Ő$Ő$GTPQEEJK$KCIIK(DIT 8GT[HKPG
6QFGTK(NQTGPEG
6JTGGRGNNGVUPQOQPG[GTUKIP6JGHKTUVHKQTKPQF QTQ

(KQTKPQF QTQ#(NGWTFGNKUQHHNQTGPVKPG (.14'06+#45V,QJPVJG$CRVKUV5+1*#00'5

Ő$OQPG[GTŉUUKIP$GTPQEEJK$KCIIK(DIT 'ZVTGOGN[HKPG
$QWIJV
GZ&GMMGTEQNNGEVKQP
/QPG[GT&WEEKQFGINK#NDGTVKFGN)KWFKEG
+

(KQTKPQF QTQ#(NGWTFGNKUQHHNQTGPVKPG (.14'06+#45V,QJPVJG$CRVKUVŐ5+1*#00'5Ő

$OQPG[GTŉUUKIP$GTPQEEJK$KCIIK(DIT 8GT[HKPGVQGZVTGOGN[HKPG
(TCPEGUEJK$TWUUGN
8++5GTKGFCN++5GOGUVTGCN
2TKX[OCTMETQUUYKVJCUSWCTGUVCPFKPIQPKVUEQTPGTQPGCEJGZVTGOKV[
6JKURTKX[OCTMFQGUPQVJCXGCPGPVT[KP$KCIIK

2QRQNKPQ#(NGWTFGNKUQHHNQTGPVKPG (.14'06+#45V,QJPVJG$CRVKUVYKVJETQUUDGVYGGPVYQ

RNCPVU 5+1*#00'5$$KCIIKIT (NCPETCEMXGT[HKPG
(TCPEGUEJK$TWUUGN
2TKX[OCTMTCDDKVŉUJGCF
5VTWEMDGVYGGPCPF
206
ITALY - FIRENZE

)TQUUQ IWGNHQ FC FGPCTK # (NGWTFGNKU QH HNQTGPVKPG &' Ő 6+$+ Ő (.14'4' :25 Ő
(.14'06+#8'4'45V,QJPVJG$CRVKUVUGCVGFYKVJETQUUCPFQTDOQPG[GTŉUUKIPN 5#0685
Ő+1*#00'5Ő$#6+56#$KCIIKIT 8GT[HKPG
5VTWEMHTQO
/KPVOCUVGT)KQXCPPKFK$KEEKFGŉ/GFKEK
+
%0+
6JG/GFKEKPCOGUFQPQVCRRGCTQPEQKPUCUVJG[FQKPQVJGTUKIPQTKGU5VKNNUQOGOGODGTUQHVJKUHCOKN[JCXGNGHV
VJGKTOCTMKPVJGHQTOQHCRTKX[OCTMCUVJGOKPVOCUVGTQH(NQTGPEG

$QVJ VJG HQWPFGT QH VJG /GFKEK DCPM )KQXCPPK FK $KEEK FGŉ/GFKEK
JG HQWPFGF VJG DCPM KP VQIGVJGT YKVJ
$GPGFGVVQFK.KRRCEEKQ
QHVJG$CTFKHCOKN[CPF)GPVKNGFK$CNFCUUCTG$QPKCPFJKUUQP%QUKOQFGŉ/GFKEKYGTG
OKPVOCUVGTQHVJGOKPVQH(NQTGPEG#RCTVHTQOVJGOHKXGQVJGTHCOKN[OGODGTUYGTGOKPVOCUVGT
6JGUGOCTMUOCVEJVJG/GFKEKUŉCTOU6JGFQVUKPVJGCTOUCPFQPVJGOCTMUECPCNUQDGQDUGTXGFKPVJGCTOUQH
VJG#TVKFGK%CODKCVQTK

(KQTKPQF QTQ#(NGWTFGNKUQHHNQTGPVKPGŐ Ő(.14ŐŐ'06+#Ő45V,QJPVJG$CRVKUVŐ5Ő

+1*#00'5Ő$Ő$GTPQEEJK$KCIIK(DIT 8GT[HKPGVQGZVTGOGN[HKPG
(TCPEGUEJK$TWUUGN
2GTKQFQFGNUGEQPFQ(KQTKPQ.CTIQ
++5GOGUVTG#PVQPKQFK.QTGP\QFK#PFTGC/QPVGDWQPK
2TKX[OCTMYKVJCP#UVTWEMQXGTKV

)TQUUQIWGNHQ#(NGWTFGNKUQHHNQTGPVKPGŐ Ő(.14'06+#Ő45V,QJPVJG$CRVKUVOQPG[GTŉU

UKIPNYKVJ.CDQXGŐ5Ő+1#00'5Ő$Ő$KCIIKIT 0KEGVQPGXGT[HKPG
*GP\GP#OGTQPIGP
(TQONKUVPQ
5VTWEMHTQOQP
/QPG[GT.QTGP\Q&CXCP\CVK
++
207
ITALY - FIRENZE


UKIPNYKVJ(CDQXGŐ5Ő+1*#00'5Ő$Ő$KCIIKIT 8GT[HKPG
(TCPEGUEJK$TWUUGN
5VTWEMHTQOQP
5JKGNFYKVJVYQDGPFNGVU(TCPEGUEQ5CUUGVVK
++


UKIPNYKVJ.CDQXGŐ5Ő+1*#00'5Ő$Ő$KCIIKIT &CTMVQPGXGT[HKPG
*QNNGOCP'PUEJGFG
5VTWEMHTQOQP
/QPG[GT.QFQXKEQ/CUK
++

5QNFKPQ # (NGWTFGNKU QH HNQTGPVKPG Ő &' Ő (.14'06+# 4 5V ,QJP VJG $CRVKUV YKVJ ETQUU
OQPG[GTŉUUKIP5Ő+1*#00'5Ő$Ő$KCIIKIT (KPGVQXGT[HKPG
*ÌJP.GKR\KI#WEVKQP
PQ
5VTWEMHTQOQP
/QPG[GTRQUUKDN[)KQTIKQ7IQNKPK
++
208
ITALY - LUCCA
.7%%#
+P4QOCPVKOGU.WEECYCUCRCTVQH'VTWTKC.CVGTQH6WUEKCCPPQPCTKC'CTN[QP%JTKUVKCPKUCVKQPYCU
RTCEVKUGFCPFVJGHKTUVDKUJQRU
COQPIVJGOVJGHCOQWU5(TGFKCPWUJGNFKORQTVCPVRQUKVKQPUKPRQNKVKEU
CPFVJGOKNKVCT[#TQWPF.WEECYCUUGK\GFD[VJG.QODCTFUCPFECOGVQDGOCKPEKV[KPVJGVJTGG
6WUECPFWEJKGU

7PFGTVJG%CTQNKPIKCPUKVDGECOGCFWEJ[6JGPKVHGNNVQVJGOCTITCXGUQH6WUEKC#ICKP.WEECYCUVJG
EGPVTGQHCVGTTKVQT[VJCVGZVGPFGFDG[QPF6WUECP[

7PFGTVJG1VVQPKCPU.WEECŉURQYGTYCPGF#NVJQWIJVJGVGTTKVQT[HQTOCNN[ECOGWPFGTVJGOCTITCXGUQH
6WUEKC
%CPQUUCVJGDGIKPPKPIUQHCEQOWPGECPDGFKUEGTPGFCVVJKUVKOG1PGQHVJGOCKPHKIWTGUYCU
$KUJQR #PUGNO QH $CIIKQ
YJQ GXGP CHVGT JG YCU GNGEVGF VQ 2QRG #NGZCPFGT +++ TGVCKPGF JKU
GRKUEQRCN UGG KP .WEEC 7PFGT JKU UWEEGUUQT JKU EQWUKP #PUGNO ++ VGPUKQPU CTQUG 0GXGTVJGNGUU C
OKIJV[EQOWPGECOGKPVQDGKPIKPVJGGCTN[VJEGPVWT[
RCTVKEKRCVKQPKPETWUCFGUCNNKCPEGYKVJ)GPQC
YCTYKVJ2KUCGVEVJCVGXGPTGUKUVGF(TGFGTKEM$CTDCTQUUCYJQCVVJGKORGTKCNFKGVQH5V)GPGUKQJCF
VQCEMPQYNGFIG.WEECŉUCWVQPQO[

&GURKVG UGXGTG EQPHNKEVU DGVYGGP PQDKNKV[ CPF VJG RQRQNQ VJG VTCPUKVKQP HTQO EQPUWNU VQ RQFGUV¯ CPF
GXGPVWCNN[VQCRQRQNQYGPVTGNCVKXGN[UOQQVJ
OKFFNGQHVJGVJEGPVWT[

#HVGT VJG FGOKUG QH (TGFGTKEM ++ VJG EKV[ LQKPGF VJG )WGNRJU KG VJG UKFG QH VJG RQRG CPF #PLQW YCU
EJQUGP #V VJG GPF QH VJG VJ EGPVWT[ VJG RQRWNCVKQP HGNN KPVQ VYQ RCTVU VJG )JKDGNNKPGU GXGPVWCNN[
ICKPKPIVJGWRRGTJCPF#UCTGUWNV.WEECDTKGHN[HGNNWPFGTVJGUKIPQTGQH2KUC

+P%CUVTWEEKQTQUGVQRQYGTKP.WEECJGHQWPFGFCUKIPQTKGCPFTGEGKXGFCFWECNVKVNGHTQO.QWKU
VJG $CXCTKCP #HVGT JKU FGCVJ KP .WEEC UNKF KPVQ FGENKPG CPF YCU TWNGF D[ UGXGTCN UKIPQTKGU
(NQTGPEG PQY YCU VJG OCKP FCPIGT GXGP OQTG UQ VJCP CTEJGPGO[ 2KUC +P .WEEC UWDLWICVGF VQ
2KUCVJGDGIKPPKPIQHCUWRTGOCE[VJCVYCUVQNCUV[GCTU

.WEECYCUITCPVGFVJGKPFGRGPFGPEGKVUQHKGTEGN[RWTUWGFKPVJTQWIJVJGKPVGTXGPVKQPQH%JCTNGU
+86JGEKV[OCKPVCKPGFVJKURQUKVKQPWRVQ0CRQNGQPŉUVKOG
16610'++

&GPCTQ#/QPQITCOQH1VVQ +*2'4#6144.8Ő%#ŐKPHKGNF 16612+854'$KCIIK

IT #NKVVNGYGCMN[UVTWEMXGT[HKPG
/ÒP\\GPVTWO-ÌNP
'04+%1++++88

&GPCTQ#66
OQPQITCOQH'PTKEQ+/2'4#6144.8Ő%#KPHKGNFQ'04+%85$KCIIK
IT (KPGVQXGT[HKPG
*WK\KPIC&GNHV
209
ITALY - PISA
16610'+8
VJEGPVWT[

)TQUUQ#66
OQPQITCOQH1VVQ+8 Ő16614':4*GCFQH5V8QNVQHCEKPI Ő5Ő
88.6&'.8%#Ő$KCIIKIT 8GT[HKPGVQGZVTGOGN[HKPG
6QFGTK(NQTGPEG
5VTWEMKPVJGPCOGQHGORGTQT1VVQ+8

4'27$$.+%#

2KEEQNQ # . KP HKGNF 1661 Ő +02'4#614 4 %TQYPGF JGCF QH 5V 8QNVQ N 5#0685 Ő
88.685$KCIIKIT #NOQUVXGT[HKPG
9KNNGOU$GPPGMQO
2+5#
2KUCKUQH'VTWUMKCPQTKIKP6JGRQTVYCUQHOCLQTKORQTVCPEGHQTVJG2JQGPKEKCPUCPFVJG)TGGMU6JG
.QODCTFCPF(TCPMKUJCIGOCTMGFCRGTKQFQHUNWORHQT2KUC6JGEKV[YCUFGRGPFGPVQP.WEECCVVJG

DGIKPPKPIQHVJGVJEGPVWT[CPFVQYCTFUKVUGPFJCFITQYPVQDGCPKORQTVCPVEKV[KPVJGOCTM6WUEKC
2KUCNCWPEJGFOCP[PCXCNGZRGFKVKQPUCICKPUV5CTFKPKC0QTVJ#HTKECGVEYJKEJICKPGFVJGOEQPVTQNQH
VJG6J[TTGPKCP5GC

2KUCVQQMRCTVKPVJG(KTUV%TWUCFGKPYJKEJVJGCTEJDKUJQRQH2KUC&CK
ODGTVYCUEJQUGPRCVTKCTEJQH
,GTWUCNGO6JGOCP[EQPSWGUVUOGCPVYGCNVJYCUTCRKFN[COCUUGFCPFOQUVQHVJGITGCVOQPWOGPVCN
DWKNFKPIUYGTGGTGEVGFKPVJKUVKOG6JKUYGCNVJKORGFGFDQVJVJGEQOWPGQH.WEECCPFVJCVQH(NQTGPEG
/QTGQXGTCDKVVGTEQPHNKEVKIPKVGFQXGTUWRTGOCE[CVUGCYKVJ)GPQC

+PVGTPCNN[ ENCUJGU UVCTVGF FQOKPCVKPI FQOGUVKE RQNKVKEU +P C RQFGUV¯ YCU KPUVCNNGF HQNNQYGF KP
D[ QPG CVVTCEVGF HTQO QWVUKFG VJG RQFGUV¯ TGIKOG YCU EGOGPVGF KP +P CP GZVGTPCN
RQFGUV¯ YCU DTQWIJV KP CPGY RTKOCTKN[ VQ RTGXGPV EQORNKECVKQPU DGVYGGP VJG VYQ FQOKPCPV PQDNG
HCEVKQPUQHVJG8KUEQPVKUCPFVJGEQWPVUQH)JGTCTFGUEC

9JGPVJGRQRQNQECOGVQVJGHQTGVJGEKV[ŉUIQXGTPOGPVITGYOQTGCPFOQTGEQORNKECVGFCPFRQYGT
EJCPIGFQXGTHTQOQPGITQWRVQVJGPGZVCVCFK\\[KPIURGGF

2KUC YCU UVTWIINKPI CPF JCF FKHHKEWNVKGU DGCTKPI WR CICKPUV )GPQC CPF 8GPKEG CPF YJCV YCU OQTG
(NQTGPEGŉU RQUKVKQP DGECOG GXGT OQTG KORQTVCPV +P 2KUC FGHKPKVKXGN[ HGNN VQ (NQTGPEG (NQTGPEG
TWNGFYKVJCPKTQPHKUV6JGDWTFGPQHVCZDGECOGXGT[JKIJ#NNHWPEVKQPUYGTGEQPVTQNNGFD[(NQTGPEG
/CP[RTQOKPGPVHCOKNKGUYGTGHQTEGFKPVQGZKNGCPFQVJGTUYGTGGXGPFGRQTVGFVJGDGVVGTRCTVQHVJG
EKVK\GPUHQNNQYKPIUWKVCUCTGUWNV

5VKNN2KUCYQWNFUGGQPGQVJGTOCLQTGXGPVVJGEQWPEKNVJCVYCUVQDTKPICPGPFVQVJGYGUVGTPUEJKUO
YCUEQPXGPGFVJGTGKP

2KUC OCFG IQQF WUG QH VJG +VCNKCP GZRGFKVKQP QH %JCTNGU 8+++ KP YJKEJ YCU RTKOCTKN[ FKTGEVGF
CICKPUV(NQTGPEGVQTGICKPKVUHTGGFQO(NQTGPEGKOOGFKCVGN[OQWPVGFCPQHHGPUKXGDTKPIKPI2KUCVQKVU
MPGGUKP
4'27$$.+%#

)TQUUQ#(KPHKGNF Ő+02'4#614Ő42+5#ETQUUUJCRGFKPHKGNFYKVJRGNNGVKPEGPVTG Ő

%+8+6#5Ő$KCIIKIT 46TCEGUQHGPETWUVCVKQPXGT[HKPGVQGZVTGOGN[HKPG
6QFGTK(NQTGPEG
+PVJGPCOGQHGORGTQT(TKGFTKEJ+$CTDCTQUUC
%C
210
ITALY - PISA

)TQUUQ#(KPHKGNFDGVYGGPHQWTTQUGVVGU +/2'4#614Ő4/CTKCYKVJEJKNFUVCTKPHKGNF 5

/#4& 2+5+5$KCIIKIT 4/CIPKHKEGPVRCVKPCGZVTGOGN[HKPG
5KOQPGVVK(NQTGPEG

$KCPEQ # %TQYPGF GCING N Ő (4 Ő +/2#614 Ő 4 /CTKC YKVJ EJKNF QP VJTQPG 2+ 5'
$QXGPKP/21;$KCIIKIT 8GT[HKPG
*GP\GP#OGTQPIGP
(TQONKUVUGRV PQ
4'27$$.+%#

)TQUUQ OCIIKQTG # %TQYPGF GCING N Ő ('&'4+%85 Ő Ő +/2#614 Ő 4 /CTKC YKVJ EJKNF N
OQPG[GTŉUUKIPŐ26')'Ő8+Ő4Ő)12+5Ő$KCIIKIT 48GT[HKPG
6QFGTK(NQTGPEG
'OKUUKQPKPVJGPCOGQHGORGTQT(TKGFTKEJ++DGVYGGP
%0+
+COPQVUWTGVJCVVJKUKU$KCIIK6JGVGZVOCVEJGUDGVVGTDWVVJCVKUCJCNHITQUUQ
211
ITALY - SIENA
5+'0#
5KGPCYCUC4QOCPEQNQP[KPVJGUVEGPVWT[$%
5GPCXGVWUYCUKVU'VTWUMKCPPCOGCPF5GPC,WNKCKVU
4QOCP

5KGPC YQWNF PQV TKUG VQ CP[ RTQOKPGPEG WPVKN VJG /KFFNG #IGU +P (TCPMKUJVKOGUKVYCUVJGUGCVQHC
EQOGUCPGRKUEQRCNUGGHTQOVJGVJEGPVWT[

5KGPCHKPCNN[CEJKGXGFCWVQPQO[D[RWTUWKPICFKURWVGYKVJVJGDKUJQRQH#TG\\QCUKPUQOCP[6WUECP
EKVKGUCPCNNKCPEGQHVJGDKUJQRVJGXKUEQWPVCPFVJGEKV[EQWPEKNNGFVQVJGGUVCDNKUJOGPVQHCEQOWPG
+PVJGOKFFNGQHVJGVJEGPVWT[VJGEQWPEKNOCPCIGFVQEWTDVJGDKUJQRŉUKPHNWGPEG

+P VJG TKIJV QH OKPV YCU TGEGKXGF CPF VJG 5KGPGUG EWTTGPE[ YCU VQ RNC[ C EGPVTCN TQNG QP VJG
'WTQRGCPOCTMGVU5KGPCJCFCNYC[UEJQUGPVJGGORGTQTŉUUKFGKPVJG+PXGUVKVWTG%QPVTQXGTU[CPFVJG
RQYGT QH KVU EQOWPG KPETGCUGF +VU YGCNVJ
RQUUGUUGF D[ C HGY HCOKNKGU PGGFGF VQ DG RTQVGEVGF #

RQFGUV¯YCUDTQWIJVKP
(NQTGPEGYCU5KGPCŉUCTEJGPGO[
RTGXGPVKPI2QIIKDQPUKCPF/QPVGRWNEKCPQHTQOHCNNKPIWPFGT5KGPGUG
UYC[5KGPCYCUCNNQYGFVQGPJCPEGKVUKPHNWGPEGKPVJG/CTGOOGUCPF)TQUUGVQCUEQORGPUCVKQP

6JGP VJG EKV[ YCU VQTP D[ KPVGTPCN EQPHNKEVU CPF VJG RQRQNQ OQXGF KPVQ VJG XCEWWO KPETGCUKPI KVU
CWVJQTKV[ CPF CRRQKPVKPI CP GZVGTPCN ECRKVCPQFGNRQRQNQVQEQWPVGTDCNCPEGVJGRQFGUV¯(TQOVQ
VJGTGYCUCPCNNKCPEGYKVJ2KUC6JGEKV[UKFGFYKVJ(TGFGTKEM++CPFCHVGTJKUFGOKUGTGOCKPGFVTWG
VQ KVU )JKDGNNKPG EQPXKEVKQP FWTKPI VJG YCT YKVJ (NQTGPEG
YJKEJ YCU UQNGN[ GEQPQOKECNN[ OQVKXCVGF
1P 5GRVGODGT VJG 6WUECP )JKDGNNKPGU YQP CP QXGTYJGNOKPI XKEVQT[ CICKPUV (NQTGPEG KP VJG
$CVVNGQH/QPVCRGTVK

5VCTVKPI KP C ITGCV FGCN QH RTQOKPGPV HCOKNKGU NGHV 5KGPC #PLQW KPHNWGPEG VKRRGF VJG DCNCPEG QH
RQYGTCPF5KGPCDGECOGC)WGNRJVQYP5KGPCYCUIQXGTPGFD[UGNGEVITQWRU+PVJGOCKPHCOKNKGU
TGVWTPGF

(TQOVQVJG3WKPFKEKTWNGFHTQOVQVJG0QXC)QXGTPCVQTK
VJGKTTWNGDTQWIJVVJG
CEMPQYNGFIGOGPVQH(NQTGPVKPGUWRTGOCE[

#RGTKQFQHITGCVDNQQOHQNNQYGFKPVJGVJEGPVWT[RCTVKEWNCTN[KPHKPCPEGCHKGNFKPYJKEJVJGEKV[
QEEWRKGF C RTQOKPGPV RNCEG KP 'WTQRG +VU HNQTGUEGPEG CPF VJG YKUFQO QH KVU NGCFGTU YCU ECRVWTGF KP
#ODTQIKQ.QTGP\GVVKŉUHTGUEQŋ$WQP)QXGTPQŌKPVJG2CNC\\Q2WDNKEC

#TQWPFVJGEKV[UVCTVGFURKTCNNKPIKPVQCFGENKPGDTQWIJVQPD[CHKPCPEKCNETKUKUCPFVJGQWVDTGCMQH
VJGRNCIWG6JGNQYGTENCUUGUTQUGKPOCNEQPVGPVQXGTVJGKTFGUVKVWVGEKTEWOUVCPEGUCPFQXGTVWTPGFVJG
ŋ0QXGŌKPCVVJGVKOGYJGP'ORGTQT%JCTNGU+8YCUXKUKVKPIVJGEKV[

# IQXGTPOGPV QH VJG RGQRNG YCU KPUVCNNGF
&QFKEK YJKEJ NCUVGF WPVKN # TCRKF UWEEGUUKQP QH
RQRWNCTIQXGTPOGPVUVJGPGPUWGF(TQOVQVJGUKIPQTKCYCUVTCPHGTTGFVQVJG8KUEQPVKUCPF
CDUQNWVGKPFGRGPFGPEGYCUTGICKPGFKP9JGP(NQTGPEGVQQM2KUCKPCPFVJWUJCFCESWKTGFC

RQTVVGPUKQPDGVYGGP5KGPCCPF(NQTGPEGCDCVGF
#U VJG 2KEEQNQOKPK HCOKN[ JCF RTQFWEGF C RQRG
2KWU ++ 5KGPC YCU GNGXCVGF VQ
CTEJDKUJQRTKE #HVGT VJG FGCVJQH2KWU++VJGEKV[YCUDG[QPFEQPVTQN6JGP2CPFQNHQ2GVTWEEKUVGRRGF
HQTYCTF
NGCFGT QH VJG ŋ0QXGUEJKŌ YJKEJ ITQWR IQXGTPGF 5KGPC HTQO WPVKN YJGP KV YCU
CPPGZGFVQVJG&WEJ[6WUECP[
4'27$$.+%#
VJEGPVWT[

&GPCTQ#5TGVTQITCFGKPHKGNFDGVYGGPHQWTRGNNGVU5'0#8'6854%TQUU#.(#'6$KCIIK
IT 'FIGHCWNVXGT[HKPG
%TKRRC/KNCPQ
'OKUUKQPDGIKPUVJEGPVWT[

)TQUUQ # 5 KP HKGNF DGVYGGP HQWT RGNNGVU 5'0# 8'685 4 %TQUU #.(# '6 $KCIIK
IT 2NGCUKPIN[VQPGFGZVTGOGN[HKPG
'OKUUKQP
212
ITALY - VOLTERRA and AREZZO

)TQUUQFCUQNFK#5KPQEVQHQKN Ő5'0#Ő8'685%+8+6#5Ő8+410+5Ő4(NQTKCVGFETQUU

KPQEVQHQKN5DGVYGGPVYQETQUUGUŐ#.(#Ő<Ő1Ő24+0%+2+8Ő<Ő(+0+5$KCIIKIT
-WPUVWPF/ÒP\GP.WICPQ 5OCNNCPFKTTGIWNCTHNCPCPFGFIGHCWNVXGT[HKPG

'OKUUKQP
5GIPQ)TGGMNGVVGTYKVJCETQUUDCTUGG%0+
TGICTFKPIPQ

81.6'44#
8QNVGTTCKUQH'VTWUMKCPQTKIKP#UKFGHTQODGKPICEKV[8QNVGTTCYCURTKOCTKN[CFKQEGUGQHKORQTVCPEG
+VUJKUVQT[YCUFGVGTOKPGFVQCITGCVGZVGPVD[VJGDKUJQRUYJQGZGTVGFCEQOKVCNTKIJVQXGTVJGEKV[CPF
KVUJKPVGTNCPFCPFCNUQQYPGFVJGTKIJVQHOKPV

6JG DKUJQRU HQT VJG OQUV RCTV ECOG HTQO VJG 2CPPQEEJKGUEJK HCOKN[ (GWFU TGIWNCTN[ KIPKVGF YKVJ
EQOWPCN KPUVKVWVKQPU KP YJKEJ 6WUECP HCOKNKGU KPVGTXGPGF
FGNNC )JGTCTFGUEC CPF #NFQDTCPFGUEJK CU
YGNNCUVJGUWTTQWPFKPIEKVKGU

6JG $GNHQTVK HCOKN[ CVVGORVGF VQ HQWPF C UKIPQTKG DGVYGGP CPF +P 8QNVGTTC YCU
KPEQTRQTCVGF KP (NQTGPVKPG VGTTKVQT[ YKVJQWV NQUU QH KVU CWVQPQO[ +P 8QNVGTTC YCU FGHKPKVKXGN[
CPPGZGFVQ(NQTGPEG
4#0+'4+FGINK7$'46+0+

)TQUUQ#$KUJQRUVCPFKPIYKVJETQUKGTCPFDNGUUKPIJCPF 4Ő'25Ő&88.6 4%TQUUYKVJUVCT

KPVJGPFCPFTFCPINGU %:'8+614+#Ő04#$KCIIKIT
5CPVCOCTKC4QOG
6GUVEWVCVVJGGFIGXGT[HKPGURGEKOGPYKVJPKEGRCVKPC

#4'<<1
#TG\\Q KU QH 'VTWUMKCP QTKIKP +V DGECOG CP GRKUEQRCN UGG KP VJG VJ EGPVWT[ 6JG ECVJGFTCN YCU
EQPUGETCVGFVQ5V&QPCVWUCNQECNDKUJQRCPFOCTV[T

+PVJGVJCPFVJEGPVWT[VJGEQOWPGVQQMVJGRNCEGQHVJGDKUJQRU6JGTGYCUCNQVQHUVTKHGDGVYGGP
PQDKNKV[CPFVJGRGQRNG

#TG\\QŉU IQNFGP CIG UVCTVGF KP VJG OKFFNG QH VJG VJ EGPVWT[ FWTKPI VJG GRKUEQRCE[ QH )WINKGNOKPQ
FGINK 7DGTVKPK 7DGTVKPK RQNKVKEU DTQWIJV EQPHNKEV YKVJ (NQTGPEG 2GTWIKC CPF 5KGPC WRQP VJG VQYP
EWNOKPCVKPI KP VJG $CVVNG QH %CORCNFKPQ KP YJKEJ YCU NQUV D[ #TG\\Q 6JG EKV[ GZRGTKGPEGF C
FQYPHCNNCHVGTVJKUFGHGCV

6JG EKV[ UVC[GF KP VJG UJCFQY QH (NQTGPEG ;GV (NQTGPEG VTGCVGF VJG EKV[ YKVJ TGURGEV CPF .QTGP\Q KN
/CIPKHKEQOQTGVJCPQPEGFGHGPFGFVJGKPVGTGUVUQH#TG\\Q
4'27$$.+%#
VJVJEGPVWT[

)TQUUQ # %TQUU Ő &' #4+6+1 Ő 4 5V &QPCVQ HCEKPI Ő 5#Ő&10#685Ő$KCIIK
IT 'ZVTGOGN[HKPGURGEKOGPYKVJHKPGRCVKPC
6QFGTK(NQTGPEG
213
ITALY - RIMINI and PESARO

4+/+0+
4KOKPKYCUPCOGFCHVGTVJG4KXGT#TKOKPWU+P$%C4QOCPEQNQP[YCUHQWPFGFVJGTGCPFKVYCUC
FKQEGUG HTQO VJG TF EGPVWT[ KVU HKTUV DKUJQR 5VGOOPKPWU
(QNNQYKPI 1FQCEGT CPF VJG )QVJU
4KOKPK HGNN VQ VJG $[\CPVKPGU C UKVWCVKQP VJCV TGOCKPGF WPEJCPIGF WPVKN VJG (TCPMKUJ GTC (TQO
4KOKPKRGTJCRUCUVJGECRKVCNQHVJG2GPVCRQNKUYCUTWNGFD[CFWMG&WMGUYQWNFTGVCKPRQYGTWRVQ
VJGVJEGPVWT[YJGPEQOKVCNFKIPKV[
EQOGUYCUEQPHGTTGFHQTNKHG
KVNCVGTDGECOGJGTKVCDNGOQUVN[
QPVJGNQECNPQDKNKV[

5KPEG)TGIQT[VJG)TGCV4KOKPKHGNNFKTGEVN[WPFGT4QOGCUQRRQUGFVQVJGCTEJDKUJQRUQH4CXGPPC
YJQ
JQYGXGTJGNFOCP[RQUUGUUKQPUKP4KOKPK6JGEKV[YCUHCKVJHWNVQVJGEJWTEJ

+PVJGVJVJEGPVWT[CEQOWPGFGXGNQRGF+PCEQPUWNGKUHKTUVFQEWOGPVGF
WPVKNCPFKP
C RQFGUV¯ TWNGF 6JG[ RTGUKFGF QXGT VJG EQPUKINKQ ITCPFG KP YJKEJ VJG IWKNFU YQWNF DG
TGRTGUGPVGFD[HQWTECRKVCPKFGNRQRQNQUVCTVKPIKP

+P/CNCVGUVCFC8GTWEEJKQYCURTQENCKOGFUKIPQTGQH4KOKPK+PVJG/CNCVGUVCUTWNGFVJGEKV[
CUFQOKPKWOGVFGHHGPUQTKC*QYGXGT(NQTGPVKPGCPF8GPGVKCPEQPVTQNKPHNWGPEGYCUHGNVGXGTOQTG
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ITALY - ANCONA
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KORGFGFRTQITGUU

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216
ITALY - FOSSOMBRONE and GUBBIO

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6JGHKTUVVTCEGUQH%JTKUVKCPKV[KP)WDDKQCRRGCTKPVJGTFEGPVWT[6JGHKTUVDKUJQR
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HTGGEQOWPG+PVJGVGTTKVQT[UWTTGPFGTGFKVUGNHVQVJGUKIPQTKGQHVJG/QPVGHGNVTGUQHKVUQYPHTGG
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ITALY - PERUGIA
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TGHGTUVQVJGOCTV[TFQOQHC$KUJQR*GTEWNCPWUFWTKPIVJGEQPSWGUVQH2GTWIKCD[6QVKNCKP2GTWIKC
YCURCTVQHVJGGZCTEJCVGQH4CXGPPC

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7PFGT7TDCP8CPCVVGORVYCUWPFGTVCMGPVQGUVCDNKUJCUKIPQTKG5QXGTGKIPV[JQYGXGTTGOCKPGFYKVJ
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218
ITALY - CAMERINO and MACERATA
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CNCTIGRTQXKPEG

#HVGTVJGXKEVQT[QH+PPQEGPV+++KPQXGT/CTSWCTF&WMGQH4QOCIPC%COGTKPQYCUKPEQTRQTCVGF
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6JGRQRGCEMPQYNGFIGFJKOVQDGUKIPQTGCPFVJG8CTCPQHCOKN[YQWNFTWNGQXGT%COGTKPQWPVKN
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8KPEJQP2CTKU

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219
ITALY - RECANATI

3WCVVTKPQ # / KP IQVJKE UETKRV ó Ő # Ő %+ Ő 4# Ő 6# Ő 4 (NQVKCVGF ETQUU ó Ő 5 +8.+#085
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1DXGTUGVGZV/CEKTCVCTGXGTUG5+XNKCPWU
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6JG(TCPMUTGVWTPGF4GECPCVKVQVJGEJWTEJQH4QOG

+PVJGVJEGPVWT[CEQOOWPGECOGKPVQDGKPI6JGEKV[DNQUUQOGFKPVQCVTCFGEGPVTGCPFYCUITCPVGF
VGTTKVQT[D[(TGFGTKEM+++P2QRG)TGIQT[+:HQWPFGFCFKQEGUGKP4GECPCVK+PVJGVJEGPVWT[
VJGEKV[YCUFKXKFGFQXGTVJG)WGNRJ)JKDGNNKPGKUUWG0QVWPVKNVJGVJEGPVWT[YQWNFOCVVGTUUVCDKNKUG

6JGTKIJVQHOKPVYCUITCPVGFD[2QRG$QPKHCEG+:KPDWVYCUPQVGZGEWVGFWPVKNYJGPVJG
EQOOWPGUVCTVGFUVTKMKPIEQKP
4'27$$.+%#VJEGPVWT[

3WCVVTKPQ#'6+KPHKGNüó4'%#0ó4(NQTKCVGFETQUU5(.#8+#0$KCIIKIT
8GT[HKPG
*QNNGTUDGTIGT/ÒPEJGP
#010;/175

/G\\Q DQNQIPKPQ # # KP HKGNF YKVJ VJTGG RGNNGVU CTQWPF Q 5 Q /#4+ Q 4 0 ' 6 1 KP HKGNF
YKVJSWCVTGHQKNKPEGPVTG Q&'4#%#Q$KCIIKIT 2NGCUKPIN[VQPGFXGT[HKPG
#PQP[OQWUOKPVKPIEQOOQPN[CVVTKDWVGFVQ2QRG0KEQNÈ8

$KCIIKŉUECVCNQIWGRTQXKFGU&'4'%#VJGEQKPKPJCPFJQYGXGTTGCFU&'4#%#
220
ITALY - ROMA
41/#
6JGHKTUVOKNNGPPKWO$%YCUOCTMGFD[CPGXGTEJCPIKPIRQNKVKECNCPFKPUVKVWVKQPCNNCPFUECRG5VKNNVJGTG
YCU CP GNGOGPV VJCV TGOCKPGF HWPFCOGPVCNN[ WPEJCPIGF
HTQO CTQWPF VJG FGXGNQROGPV KPVQ C
OWPKEKRCN UQEKGV[ CPF VJG ITQYKPI KORQTVCPEG QH VJG GRKUEQRCN HWPEVKQP 6JG GRKUEQRCN HWPEVKQP
FGXGNQRGFRQNKVKECNN[WPVKNCTQWPF0GXGTVJGNGUUPQDKNKV[CNUQRNC[GFCTQNGKPEKV[IQXGTPOGPV

+PVJGRGTKQFHTQOGCTN[WPVKNVJGRQRGUVTGPIVJGPGFVJG%JTKUVKCPGNGOGPV6JGPQDNGUGPCVQTU
EQPVTQNNKPI VJG HQTGOQUV QHHKEGU JCF VCMGP VJG RNCEG QH VJG TQ[CN EQWTV CPF VJG[ KPKVKCNN[ FGHGPFGF
JGCVJGPEWNVWTG6QYCTFUVJGGPFQHVJGVJEGPVWT[EKV[RTGHGEV5[OOCEJWUUWHHGTGFCFGHGCVCICKPUV
#ODTQUG YJKEJ FKF C NQV VQ URGGF WR EJTKUVKCPKUCVKQP QH VJG OCKP HCOKNKGU #V VJG GPF QH VJG VJ
EGPVWT[VJGRQRGU)GNCUKWUCPF5[OOCEJWUYQPCPKORQTVCPVXKEVQT[QXGTVJGUGPCVGVJWUUGEWTKPIVJG
CFOKPKUVTCVKXGCWVQPQO[QHVJGFKQEGUG

#HVGTVJG)QVJKE9CTU4QOGECOGWPFGTVJGKPHNWGPEGQHVJG$[\CPVKPGGORGTQTKPYJKEJ4QOGYCU
OWEJ NGUU UKIPKHKECPV VJCP %QPUVCPVKPQRNG 6JG .QODCTFU RQUGF C EQPUVCPVVJTGCV6JGQTICPKUCVKQPKP
4QOGFGVGTKQTCVGFVJQWIJ2QRG)TGIQT[VJG)TGCV
YKGNFGFITGCVKPHNWGPEG

6JG RGTKQF UCY 4QOG TGVWTP HWNN[ WPFGT $[\CPVKPG UYC[ 6JGTG YCU PQ CEVWCN EGPVTCN
IQXGTPOGPVKP4QOG6JKUYCUVJGRGTKQFKPYJKEJVJGEKV[ŉUFTKXGHQTCWVQPQO[YCUDQTP4QOGCNNKGF
YKVJCPWODGTQHHQTEGUCICKPUV$[\CPVKWO
KPCICKPUV%QPUVCPU++CPFKPCICKPUV,WUVKPKCP++

+P VJG RGTKQF QH VQ VJG UGEWNCT RQYGT QH VJG RQRG KPETGCUGF PQV QPN[ KP 4QOG DWV CNUQ KP
.CVKWO6JGHKTUVQDLGEVKXGPQYYCUVQUJGF$[\CPVKPGRQYGT+P%GPVTCN+VCN[YCUEQPSWGTGF
D[ VJG .QODCTFU 6JG RQRG ECNNGF 2KRRKP VQ EQOG VQ VJG CKF +V CNNQYGF VJG RQRGU VQ GUVCDNKUJ VJGKT
CWVJQTKV[QXGTVJGTGIKQPUWTTQWPFKPI4QOG
HTQOVQ+PVJGRGTKQFPQDKNKV[UVCTVGFVQ
OCPKHGUV KVUGNH CU 5GPCVWU CPF OCMKPI WUG QH VJG RQRGŉU KPETGCUGF RQYGT UVCTVGF VQ JQNF KORQTVCPV
GEENGUKCUVKECNQHHKEGU6JGPQDNGITQWRU
%QPUQTVKCITGYVQDGCFQOKPCPVRQYGTHCEVQTCUCTGUWNV

6QYCTFUVJGGPFQHVJGVJEGPVWT[VJG4QOCPIQXGTPOGPVUNKFKPVQCETKUKUCNNQYKPIVJGEKV[ŉUPQDKNKV[
VQKPETGCUGVJGKTRQYGT5VCTVKPICVVJGGPFQHVJGVJEGPVWT[CPFVJTQWIJQWVVJGVJPQDKNKV[DGECOG
JKIJGT KP UVCVWU VJCP VJG RQRG
PQDKNKV[ RCRCE[ 6YQ HCOKNKGU WUWTRGF CNN RQYGT 6JGQRJ[NCEV CPF
#NDGTKE+VYCUVJGVKOGQHVJGENWPGCUGPUKETGHQTO

6JKU GPFGF KP YJGP 1VVQ + TGUVQTGF VJG RQRG VQ JKU QTKIKPCN UVCVWU QP VJG EQPFKVKQP QH C ENQUG
EQQRGTCVKQP 6JKU EQQRGTCVKQP YCU RTQPQWPEGF 4GPQXCVKQ +ORGTKK 4QOCPQTWO WPFGT 1VVQ +++ VJG
UQXGTGKIPOQXKPIKPVQCRGTOCPGPVTGUKFGPEGQPVJG2CNCVKPCVG

+P VJG VJ EGPVWT[ GEENGUKCUVKECN GEQPQOKE CPF RQNKVKECN RQYGT YCU JGNF D[ VJG EWTKC 6JG EQWPVU QH
6WUEKCTWNGF4QOGHQT[GCTUFWTKPIVJGHKTUVJCNHQHVJGVJEGPVWT[RTQFWEKPIVJTGGRQRGU+PVJG
PF JCNH QH VJCV EGPVWT[ VJKU JGIGOQP[ GPFGF CPF C WPKQP DGVYGGP PQDKNKV[ CPF RGQRNG RTGXGPVGF
KORGTKCNKPVGTXGPVKQPKPŋ4QOCPCHHCKTUŌ

#RTQEGUUQHTGHQTOYKVJKPPQDKNKV[DGICPKPVJGVJEGPVWT[#PWODGTQHHCOKNKGUPQYECOGVQVJG
HQTG CPF OWEJ NKMG VJG EQOWPGU KP OCP[ %GPVTCN CPF 0QTVJ +VCNKCP EKVKGU VJG NGUUGT NCPFQYPGTU CPF
PQDKNKV[ OGTIGF VQ HQTO C PGY RQYGT VJG RQRQNQ +P VJG RQRQNQ ETGCVGF C UGPCVG CPF VJG
TGRWDNKE $GUKFGU UGPCVQTU C RCVTKEKWU JGNF GZGEWVKXG RQYGT 0GY NKHG JCF DGGP DTGCVJGF KPVQ VJG
UC[KPI4QOC%CRWV/WPFK
+P YJGP KORGTKCN KPHNWGPEG YCU NKOKVGF VQ CRRQKPVKPI C RTGHGEV VJG 4QOCPU CITGGF YKVJ 2QRG
%NGOGPV +++ VJCV JG YQWNF JQNF QXGTNQTFUJKR KP TGVWTP HQT YJKEJ JG YQWNF JCXG VQ CEMPQYNGFIG VJG
EKVKGUŉCWVQPQO[
+PPQEGPV+++
UVTGPIVJGPGFCDUQNWVGRCRCNCWVJQTKV[VJG)TGIQTKCPPQVKQPQHRCRCNVJGQETCE[
JCXKPIDGEQOGTGCNKV[(TQOVJCVOQOGPVQPUGPCVQTUJCFVQDGEJQUGPHTQOVJGOCKP4QOCPHCOKNKGU
CPFJCFVQUYGCTNQ[CNV[VQVJGŋ*QN[4QOCP%JWTEJŌ

6JGEKV[ENCUJGFYKVJ(TGFGTKEM++6JKURCXGFVJGYC[VQYCTFUEQOWPCNCWVQPQO[YJKEJYCUKPUVKVWVGF
CHVGT 6JGP 5GPCVQT $TCPECNGQPG FGINK #PFCNÈ YJQ YCU PQV HTQO 4QOG CRRGCTGF *G YCU C

RQRWNCTTWNGTYJQJCFVJGJQWUGUQHQRRQUKPIPQDNGHCOKNKGUNGXGNNGF
/QPG[HNQYGFVQYCTFU4QOGHTQOCETQUUVJGGPVKTG%JTKUVKCPYQTNFCPFVJGOQUVKPHNWGPVKCNF[PCUVKGU
TGCRGFCPKORQTVCPVRCTVQHVJGDGPGHKVU6JGEQOWPGURQUKVKQPYCPGF6JGHQTGOQUVHCOKNKGUQEEWRKGF
VJGOCKPQHHKEGUKPVJGECTFKPCNŉUEQNNGIGCPFKHVJG[EQWNFJGNRKVVJG*QN[5GGKVUGNH

%GTVCKP TCPMU EQWNF DG FKUVKPIWKUJGF COQPI VJG OQUV KORQTVCPV HCOKNKGU 6JGTG YGTG DCTQPCNU
#PPKDCNFK %QNQPPC %QPVK 1TUKPK 5CXGNNK CPF %CGVCPK CRCTV HTQO YJKEJ VJGTG YGTG C PWODGT QH
EQPUKFGTCDN[NGUUGTHCOKNKGU
#VVJGGPFQHVJGVJEGPVWT[VJGRQRGUDGICPVQVTCPUHGT%JTKUVKCP4QOGKPVQVJGKTTGUKFGPEG
VJGUGG
YCU OQXGF HTQO VJG .CVGTCP VQ VJG 8CVKECP $QPKHCEG 8+++
%CGVCPK KPVTQFWEGF VJG HKTUV ,WDKNGG KP
+VYQWNFRTQXGVQDGJKUCRQIGGVJQWIJFKUKNNWUKQPOGPVNC[CTQWPFVJGEQTPGT$QPKHCEG8+++YCU
FGHGCVGFD[VJG(TGPEJYJQJCFCNNKGFYKVJJKUGPGO[%QNQPPCCPFYCUHQTEGFVQHNGGVQ#XKIPQP

%QKPUUJQWNFDGENCUUKHKGFCUHQNNQYGF

(TCPMKUJ+VCNKCPQT)GTOCPGORGTQTU

5GPCVQ4QOCPQ
CPQP[OQWU
PCOGF
KPENHCOKN[
FWECVQ
WPVKNCHVGTKPVJGPCOGQHCRQRG

221
ITALY - ROMA
&GPCTKCPVKSWQTGU
.'10'+8.16#4+1

&GPCTQ#.'12#/QPQITCO Ő5%5Ő2'64854'2+/QPQITCORGNNGVCDQXGCPFQXGTVYQ

RGNNGVU *.16*#4+85$KCIIK/WPVQPK8CT+
+/2/QPQITCOIT
-WPUVWPF/ÒP\GP.WICPQ 448GT[HKPG
#EEQTFKPIVQ$KCIIKKVUJQWNFTGCF'2+JQYGXGT+TGCF*2+
PQV+/2KPCP[ECUGPQQH$KCIIK+VJKPMKVHKVU
DGECWUGVJGQTKIKPCNTGHGTGPEGYCU/WPVQPK
+H$KCIIKKUEQTTGEVKVKU4
)+18#00+8+++.7&18+%1++

&GPCTQ #+1*#05/QPQITCO 5%52'6495441/#/QPQITCO .9&199+%95+2

$KCIIK/WPVQPKIT 446TCEGUQHXGTFKITKUXGT[HKPG
8GEEJK.QPFQP#WEVKQP
PQ
56'(#018++#401.(1

&GPCTQ # 56'2*#085/QPQITCO 5%5 2'6495 4 41/#/QPQITCO RGNNGV CDQXG
#401.(95/2$KCIIK/WPVQPKIT
5RKPM<ÒTKEJ
)+18#00++:.#/$'461

&GPCTQ # +1*#05/QPQITCO .#069'46 +/2 4 $WUV QH 5V 2GVTWU N 5%5 2'6485
$KCIIK/WPVQPKIT 446TCEGUQHGPETWUVCVKQPXGT[HKPG
5RKPM.QPFQP
'Z(TCPMH/ÒP\JCPFNWPI#WEVKQP
PQ
222
ITALY - ROMA
5GPCVQTQOCPQ

$4#0%#.'10'F #0&#.1

)TQUUQ#.KQPN $4#0%#.'1Ő5Ő2Ő3Ő4Ő44QOCQPVJTQPGYKVJQTDCPFRCNONGCH

41/#%#286/80&+$KCIIKIT 40KEGRCVKPCXGT[HKPG
.CP\/ÒPEJGP#WEVKQP
PQ
'Z8QIGNEQNNGEVKQPPQ
5234CRRGCTUQPVJGEQKPU
5GPCVWU2QRWNWUSWG4QOCPWU
PF'/+55+10QH)4155+#010+/+

)TQUUQ#.KQPN 5'0#685Ő2Ő3Ő444QOCQPVJTQPGYKVJQTDCPFRCNONGCH 41/#

%#2 /70&+$KCIIKIT &CTMVQPKPIHNCPETCEMQVJGTYKUGCNOQUVGZVTGOGN[HKPG
6QFGTK(NQTGPEG

/G\\Q ITQUUQ # .KQP T 5'0#685 Ő 2 Ő 3 Ő 4 4 4QOC QP VJTQPG YKVJ QTD CPF RCNO NGCH
41/#%#286/80&+$KCIIKIT 48GT[HKPG
%TKRRC/KNCPQ
+UPQGZCEVOCVEJ$KCIIKJCU%#2 KPUVGCFQH%#286
%TKRRCCVVTKDWVGUVJKUVQUVGOKUUKQP
PQOGPVKQPKP%0+
%#4.1+F #0)+

)TQUUQ#.KQPNWPFGTUJKGNFQH#PLQW -#41.85Ő5Ő2Ő3Ő4Ő44QOCQPVJTQPGYKVJ

QTDCPFRCNONGCH 41/#%#2/80&+$KCIIKIT 44(NCPETCEMXGT[HKPG
6QFGTK(NQTGPEG
223
ITALY - ROMA
5#/2'4+0+#010+/+

/G\\QITQUUQ#5V2CWNWUUVCPFKPIQPEQNWOPYKVJUYQTFCPFDQQM5'0#62128.1445V
2GVTWUUVCPFKPIQPEQNWOPYKVJMG[UCPFDQQM41/#024+%+2'$KCIIKIT
44&CTMRCVKPCUOCNNUETCVEJGUXGT[HKPG
8GEEJK.QPFQP#WEVKQP
PQ
%#5#61#00+$#.&+56'(#0'5%*+
UVJCNHVJEGPVWT[

/G\\Q ITQUUQ # .KQP N YKVJ ETQUU QP DCEM QXGT UJKGNF QH #PPKDCNFK5VGHCPGUEJK 5'0#685 „
2128.85„4„44QOCQPVJTQPGYKVJQTDCPFRCNONGCH 41/#„%#28&„/„ó„$KCIIK
IT 446TCEGUQHGPETWUVCVKQPXGT[HKPG
8GEEJK.QPFQP#WEVKQP
PQ
%#5#61%#'6#0+
UVJCNHVJEGPVWT[

/G\\QITQUUQ#.KQPNQXGTUJKGNFQH%CGVCPK 5'0#685Q2128.85Q4Q44QOCQPVJTQPG

YKVJQTDCPFRCNONGCH 41/#Q%#28&/ó$KCIIKIT
40KEGVQPGXGT[HKPG
5RKPM.QPFQP
224
ITALY - ROMA
'/+55+10'&'.&7%#6141/#01
6JGUGIQNFEQKPUVJGHKTUVQPGUQHVJGKTMKPF4QOGYGTGUVTWEMD[VJGOWPKEKRCNCWVJQTKVKGUKPVJGPCOG
QHVJG4QOCPUGPCVG
YKVJRCRCNCRRTQXCN
%QKPCIGYCUCNYC[UVJQWIJVVQJCXGDGIWPKPVJG[GCTQHVJGRCRCN,WDKNGG*QYGXGTKPCRRTQZ
(NQTGPVKPGOGTEJCPV2GIQNQVVKTGRQTVGFCTQOCPKPGFŉQTQCECTCVKG
4QOCPIQNFEQKPQH
CPFVJTGGSWCTVGTUECTCVUCUQRRQUGFVQVJG5VCVWVKFK/GTECPVKFK4QOCQHQPN[OGPVKQPUUKNXGT
CPFDKNNQPEQKPU6JGKTQTKIKPVJGTGHQTGOWUVNKGDGVYGGPCPF
(KPCPEKCNCHHCKTUQHVJGEWTKCCPFVJGOCP[XKUKVUOCFGCIQNFEQKPQHVJGUCOGXCNWGPGEGUUCT[9J[
YCUVJG8GPGVKCPFWECVQEQRKGF!6JGHKQTKPQFŉQTQYCUPQVCPQRVKQPCUVJG4QOCPOKPVYCUEJGEMGF
CPFCFOKPKUVTCVGFD[(NQTGPVKPGDCPMGTUCPFKOKVCVKQPYCUUVTKEVN[RTQJKDKVGF9KVJVJGHKQTKPQFŉQTQPQV
VQDGEQRKGFVJG8GPGVKCPFWECVQYCUPGZVDGUVCPFVJGOQPG[GTUJCFPQSWCNOUCDQWVGZCEVN[EQR[KPI
KV

6JGQNFGUV
HKTUVV[RGKUCHCKVJHWNKOKVCVKQPQHVJG8GPGVKCPFWECVQ
Ő 6JGPCOGQHVJGFQIGYCUTGRNCEGFYKVJ5V2GVGT
NGHVUKFGHTQOVQRVQDQVVQO
Ő &8:YCUTGRNCEGFD[5'0
HTQOVJGVQRVQVJGDQVVQO
Ő 5/8'0'6
85YCUTGRNCEGFD[#61484$+5
TKIJVUKFGHTQOVQRVQDQVVQOVJWUHQTOKPI
5GPCVQT7TDKU
Ő 6JGPFV[RGKUVJGUCOGCUVJGUVGZEGRVHQT5'0DGKPIXGTVKECNN[KPXGTVGF
Ő 6JGTFV[RGKUVJGUCOGCUVJGPFCRCTVHTQO5V2GVGTVQVJGNGHVKUXGTVKECNN[KPXGTVGF

#FKHHGTGPEGDGVYGGPVJG4QOCPCPFVJG8GPGVKCPFWECVQKUVJCVVJGDCUGQHVJGRQNGVJCVVJGDCPPGTKU
HN[KPIHTQOKP4QOGGPFUKPCTQUGYJGTGCUKVFQGUPQVKP8GPKEG

&WECVQ PF V[RG # 5V 2GVTWU CPF UGPCVQT MPGGNKPI JQNFKPI DCPPGT 5 2'6485 ó 5'0 #614
84$+54%JTKUVKPOCPFQTNCUVCTUNCPFUVCTUTŐ41/#Ő%#286Ő/70&+Ő5234$KCIIK
(DIT 'ZVTGOGN[HKPG
PQ
6JKUKUCEQR[QHVJG8GPGVKCPFWECVQYKVJ5V/CTEQNGHVJKUJGCFDQYGF

&WECVQTFV[RG#5V2GVTWUCPFUGPCVQTMPGGNKPIDGVYGGP22JQNFKPIDCPPGT52'6485#Ő
5'0#61484$+54%JTKUVKPOCPFQTNCUVCTUNCPFUVCTUTŐ41/#Ő%#286Ő/70&+Ő
5234$KCIIK(DIT 'ZVTGOGN[HKPG
PQ
225
ITALY - ROMA
/QPGVGRCRCNG
&WTKPI VJG ŋUGPCVQ TQOCPQŌ RGTKQF

VJG RQRGU FKF PQV UVTKMG EQKP KP 4QOG YKVJ VJG
GZEGRVKQP QH $QPKHCEG 8+++
JG YCU VJG NCUV RQRG VQ UVTKMG EQKP KP 2QPVFG5QTIWGU YJKNG
TGUKFKPIKP4QOG

6QYKVCVVJGDGIKPPKPIQHVJGVJEGPVWT[VJGEJWTEJGUKPETGCUKPIN[CEVGFQPVJGKTQYPKPFGRGPFGPVQH
4QOG YJGTGCU VJG RQRGU UVCWPEJN[ JGNF QP VQ VJGKT ENCKOU VQ YQTNF FQOKPCVKQP 2QRG $QPKHCEG 8+++

QPEG CICKP QRGPN[ CVVGUVGF VQ VJGQETCE[ HQTOWNCVKPI UQ KP VJG DWNN ŋ7PCO 5CPEVCOŌ
9JQGXGT FGENCTGF UGEWNCT RQYGT KPFGRGPFGPV QH URKTKVWCN RQYGT YCU FGGOGF C /CPKEJCGCP RCRCN
UQXGTGKIPV[ GNGXCVGF VQ CP CTVKENG QH DGNKGH 6JG (TGPEJ MKPI YQWNF PQV UVCPF HQT KV CPF JCF CP CTTGUV
YCTTCPV KUUWGF QP $QPKHCEG 1P 5GRVGODGT VJG DCPF QH 5EKCTTC %QNQPPC RGPGVTCVGF VJG RCRCN
TGUKFGPEG#PCIPKCPFVQQM$QPKHCEGRTKUQPGT*GFKGFUJQTVN[CHVGTQP1EVQDGT

6JG RQRG CNUQ GPXKUCIGF CPQVJGT MKPF QH YQTNF FQOKPCVKQP 6JGTG YCU C ENQUG TGNCVKQP DGVYGGP VJG
EWTKC (NQTGPVKPG DCPMGTU VJG 'PINKUJ CPF (TGPEJ ETQYP CPF VJG #PLQWU 9JCV GPUWGF TGUGODNGF CP
CVVGORV VQ EQPSWGT VJG YQTNF VJTQWIJ HKPCPEKCN OGCPU 6JKU NGF 2QRG $QPKHCEG 8+++ VQ FGENCTG VJG
HKPCPEKCNRQYGTVJGHKHVJGNGOGPV
&QTGP+VCNKGPKUEJG9KTVUEJCHUIGUEJKEJVGRCTV+,GPCR

(TGPEJ MKPI 2JKNKR VJG (CKT VJGP VQQM OGCUWTGU VQ KPUVCNN VJG DKUJQR QH $QTFGCWZ CU RQRG 6JG NCVVGT
%NGOGPV 8
YCU VQ YGCM VQ UVCPF WR VQ VJG MKPI *G TGXQMGF VJG DWNN ŋ7PCO 5CPEVCOŌ
VJQWIJ PGXGT NGHV (TCPEG ECRKVWNCVKPI VQ VJG MKPI KP CNN RCRCN CHHCKTU #HVGT UQOG JGUKVCVKQP JG EJQUG
#XKIPQPCUJKUTGUKFGPEGKP*GCPFJKUUWEEGUUQTUKP#XKIPQPYGTGTGCNN[(TGPEJEQWTVDKUJQRU

VJG$CD[NQPKCP%CRVKXKV[

+P #XKIPQP YJKEJ JCF DGGP DQWIJV HTQO ,QCP QH 0CRNGU KP VJG HQNNQYKPI RQRGU TGUKFGF
EQPUGEWVKXGN[%NGOGPV8
,QJP::++
$GPGFKEV:++
%NGOGPV
8+
CPF +PPQEGPV 8+
6JG RCRCN UGG KP 4QOG YCU WPQEEWRKGF FWTKPI VJGUG
[GCTU+PVJG#XKIPQPRGTKQFVJGEJWTEJYCUQTICPKUGFKPCPKPETGCUKPIN[TKIKFOCPPGTRCTVKEWNCTN[UQ
YKVJTGICTFVQOQPG[6JGUGRQNKVKEUUVKTTGFQRRQUKVKQPHTQOCNNUKFGU

6JG ECNN VQ TGUVQTG 4QOG RCRCE[ ITGY NQWFGT
4QOG KVUGNH JCF IQPG HTQO DGKPI ECRWV OWPFK VQ
DGEQOKPICP+VCNKCPRTQXKPEKCNVQYP2QRG7TDCP8
UGGOGFVQDGYKNNKPIVQJGGFVJKUECNN
HQTKPJGNGHVHQT4QOG+VYCUPQVCUWEEGUU'ORGTQT%JCTNGU+8FKFPQVUWRRQTVJKOCPFCXKUKV
QH ,QJP 8 2CNGQNQIQU VQ 4QOG FKF PQV FQ CP[ IQQF OQTGQXGT VJG YCT DGVYGGP (TCPEG CPF 'PINCPF
DTQMGQWVCPGY7TDCPVJGTGHQTGFGEKFGFVQTGVWTPVQ#XKIPQPKP)TGIQT[:+
YGPV

DCEMVQ4QOGUGGOKPIN[GPFKPIVJG$CD[NQPKCP%CRVKXKV[
6JGUKVWCVKQPKP4QOGJQYGXGTTGXGCNGFKVUGNHVQDGGZVTGOGN[XQNCVKNGYJGP)TGIQT[FKGFKPVJG
ECTFKPCNUJWTTKGFN[GNGEVGFVJG#TEJDKUJQRQH$CTKRQRG
7TDCP8+DGHQTGNQPITGITGVVKPIVJGKTJCUV[
CEVKQPCPFEJQQUKPIVJG(TGPEJOCP%NGOGPV8++
KPJKUUVGCFYJQTGVWTPGFVQ#XKIPQP6JG
)TGCV5EJKUOQH9GUVGTP%JTKUVKCPKV[DGICP

9JQJCFDGGPNCYHWNN[EJQUGP!5QOGUQXGTGKIPUUWRRQTVGF7TDCP8+QVJGTU%NGOGPV8++6JTQWIJQWV
EJTKUVGPFQOVJGCHHCKTYCUVJQWIJVQHCUFKUITCEGHWNUQOGVJKPIVQYJKEJCPGPFUJQWNFDGRWVCUUQQPCU

RQUUKDNG$WVYJQEQWNFGZGTVVJGCWVJQTKV[PGGFGFHQTDTQCFEQPUGPUWU!
6JG(TGPEJMKPI%JCTNGU8+OCFGCPCVVGORVDWVVQPQCXCKN9GVJGPUGGVJGHQNNQYKPIRQRGU

+P#XKIPQP%NGOGPV8++
$GPGFKEV:+++

+P4QOG7TDCP8+
$QPKHCEG+:
+PPQEGPV8++
CPF)TGIQT[:++

0GKVJGTUKFGICXGKPCPFKPVJGECTFKPCNUEQPXGPGFVJG%QWPEKNQH2KUC6JG)TCPF/CUVGTQHVJG
QTFGTQH5V,QJPOGFKCVGF
UGG4JQFGUDWVCNQVQHEQWPVTKGUEJCNNGPIGVJGNCYHWNPGUUQHVJKUEQWPEKN
CPFUGPVPQTGRTGUGPVCVKXGU6JGEQWPEKNFGRQUGFDQVJRQRGUCPFCRRQKPVGF#NGZCPFGT8RQRG#HVGTJKU
FGOKUGKPJGYCUUWEEGGFGFD[,QJP::+++
0GKVJGT$GPGFKEV:+++PQT)TGIQT[:++

RCKFCP[JGGFVQVJGUGGFKEVU/QTGQXGT,QJP::+++FKFPQVYCPVVQTGHQTOVJGEJWTEJ
6JGGPUWKPIEJCQUYKVJVJTGGRQRGUYQWNFFTCIQPHQTCHGY[GCTUWPVKNVJG%QWPEKNQH%QPUVCPEGYJGP
VJGUEJKUOYCUHKPCNN[DTQWIJVVQCPGPFVJTQWIJOGFKCVKQPD['ORGTQT5KIKUOWPFKPRCTVKEWNCT,QJP
::+++ YCU FGRQUGF
/C[)TGIQT[:++CDFKECVGFQHJKUQYPHTGGYKNN
LWNKDWVVJG
VGPCEKQWUN[WPYKNNKPI$GPGFKEV:+++TGHWUGFVQ[KGNF*GTGOCKPGFKPQHHKEGWPVKNJGVQQYCUFGRQUGF

,WN[ /CTVKP 8
DGECOG VJG PGY RQRG 6JG KPVGTKO JCF GTQFGF RCRCN CWVJQTKV[
GPQTOQWUN[

0GGFNGUUVQUC[EQKPUYGTGPQVUVTWEMKP4QOGFWTKPI#XKIPQPRCRCE[DWVVJG[YGTGKPQVJGT+VCNKCP
RNCEGU#OQPIUVQVJGTU,QJP::++
OKPVGFKP/CEGTCVC7PVKN
%NGOGPV8+OKPVKPI
YCU FQPG KP 2QPVFG5QTIWGU CHVGT VJCV KP #XKIPQP /WEJ VJG UCOG EQKP YCU UQOGVKOGU UVTWEM KP
#XKIPQPCHVGTVJGOQXGQHVJG*QN[5GGVQ4QOG
)TGIQT[:+

7TDCP8+KP4QOGOKPVGFKP#XKIPQPVJGQVJGTUKP4QOG6JGVYQRQRGUKP#XKIPQPCNUQEQKPGFKP
#XKIPQP CPF DQVJ RQRGU VJCV JCF DGGP EJQUGP D[ VJG %QWPEKN QH 2KUC OKPVGF KP 4QOG $QNQIPC CPF
6CINKCEQ\\Q

(TQO /CTVKP 8
EQKP YCU UVTWEM KP 4QOG #PEQPC #UEQNK $QNQIPC (QNKIPQ /CEGTCVC
4GECPCVQ/CPVWC5RQNGVQ(CPQ8KVGTDQ(GTOQ
.ŉ#SWKNCCPFKP#XKIPQPCUYGNN
QPN[D[/CTVKP
8CPF'WIGPG+8
226
ITALY - ROMA
5'&'8#%#06'

%COGTNGPIQ2KGVTQFK/QPVGDTWPQ

)TQUUQ RCRCTKPQ 8KVGTDQ # $GCTFGF JGCF HCEKPI 5#0%685 2'6485 4 6YQ MG[U
5#0%6852'6485$KCIIKIT
446TCEGUQHXGTKFITKUCPFGFIGDTGCMQVJGTYKUGXGT[HKPG
6QFGTK(NQTGPEG
)+18#00+::++

,CESWGU#TPCWFFŉ'WUGFK%CJQTU

)TQUUQ6QTPGUG2QPVFG5QTIWGU#2QRGQPVJTQPGYKVJUEGRVTGCPFDNGUUKPIJCPF+1*'52#2#
::++ %1/'5 8'0#5+0+ 4 (NQTKCVGF ETQUU #)+/ 6+$+ )4# 1/0+216'05 &'85
$QWFGCW/WPVQPKIT 440KEGRCVKPCCNOQUVGZVTGOGN[HKPG
.CP\/ÒPEJGP#WEVKQP
PQ
2F#
#XKIPQP
)4')14+75:+

2KGTTG4QIGTFG$GCWHQTVFK%J³VGCW/CWOQPV

$QNQIPKPQ#$WUVHCEKPI))22/80& 474$+ ETQUUUJCRGFKPHKGNFYKVJRGNNGVKP

EGPVTG &'41/#$KCIIK/WPVQPKIT &CTMRCVKPCXGT[HKPG
5RKPM.QPFQP
(TQO0%PQ
227
ITALY - ROMA

)TQUUQ#XKIPQP#2QRGQPVJTQPGYKVJETQUUCPFDNGUUKPIJCPFÆ)4')1482280&'%Æ4
6YQETQUUGFMG[U "5#0%685"2'6485"$QWFGCW/WPVQPKIT
45OCNNGFIGETCEMUXGT[HKPG
8KPEJQP2CTKU
2F#
$10+(#%+1+:

2KGVTQ6QOCEGNNKFK0CRQNK

)TQUUQ#2QRGQPVJTQPGYKVJETQUUCPFDNGUUKPIJCPF$10+(#6„22„01085„46YQETQUUGF
MG[Uó5#0%685„"„2'6485UKIPQHVJGOKPVó$KCIIK/WPVQPKIT
5RKPM.QPFQP
(TQO0%PQ
/#46+018

1FFQPG%QNQPPCFK4QOC
/CTVKPQ JCF CNTGCF[ VCMGP RCTV KP VJG %QWPEKN QH 2KUC ,QJP ::+++ CRRQKPVGF JKO NGICVG QH VJG
GEENGUKCUVKECNUVCVG6JWUJGNGFVJGVTKCNCICKPUV,CP*WUKPVJGPCOGQHVJGRQPVKH*GYCUCOQPIVJQUG
YJQVQQMRCTVKPVJG%QWPEKNQH%QPUVCPEGHTQOVJGQWVUGVCPFFWTKPIKVJGUKFGFYKVJ,QJP::+++1P
/C[ JG YKVJFTGY JKU NQ[CNV[ UGXGTKPI VJG VKGU YKVJ ,QJP CPF UVC[GF KP VJG DCEMITQWPF HQT VJG
TGOCKPFGTQHVJGEQWPEKNYJKEJKUYJ[UQOGYGTGUWTRTKUGFVQUGGJKOGNGEVGFQP0QXGODGT
6JG RQRG CPF VJG EWTKC FKF ECTT[ QWV VJG FGEKUKQPU VJCV VJG DKUJQRU JCF CTTKXGF CV KP %QPUVCPEG DWV
CDCPFQPGF CP[ PQVKQP QH TGHQTO 6JG RQRG FKF OCPCIG VQ TGUVQTG VJG EJWTEJ VQ KVU QNF RQUKVKQP CPF
DCNCPEGVJGDWFIGV
9JGPJGGNGXCVGFJKUEQWUKP2TQURGTQVQECTFKPCNKPJGYCUCEEWUGFQHPGRQVKUOOQUVPQVCDN[D[
VJG1TUKPKU

$QNQIPKPQ#$WUVHCEKPIŐ/#46+085348Ő4Ő$Ő+ŐETQUUUJCRGFKPHKGNFYKVJETQYPGF
EQNWOPKPEGPVTG"Ő5#06852'6485Ő$KCIIK/WPVQPKIT
0KEGRQTVTCKVUOCNNHNCPXGT[HKPG
6JGQDXGTUGUJQYUVJGNGIGPFQH$KCIIKDWVVJGNGIGPFQHVJGTGXGTUGKUHTQO$KCIIK
228
ITALY - ROMA
'7)'0+1+8

)CDTKGNG%QPFWNOGTFK8GPG\KC
%COGHTQOC8GPGVKCPOGTEJCPVDCEMITQWPF
%QPFWNOGT#HVGTJKUWPENG#PIGNQ%QTXGTYCUGNGEVGF
RQRGCU)TGIQT[:++JGYCUGORNQ[GFCVVJGEWTKC+PJGDGECOGECTFKPCN*GUVQQFCVJKUWPENGŉU
UKFGFWTKPIVJG9GUVGTP5EJKUOCPFCVVGPFGFVJG%QWPEKNQH%QPUVCPEG
7PFGT /CTVKP 8 JG YCU IQXGTPQT QH VJG OCTM #PEQPC CHVGT VJCV QH $QNQIPC DWV JKU TGNCVKQP YKVJ
/CTVKPYCURQQT*KUGNGEVKQPVQRQRGYCUCEQORTQOKUGDGVYGGP1TUKPKCPF%QNQPPCYJQOQTGQXGT
JCFJKOUKIPVJGECRKVWNCVKQPQHVJGECTFKPCNŉUEQNNGIG
*G OCFG C NQV QH OKUVCMGU CPF QYGF OCP[ QH JKUUWEEGUUGUVQJKUCUUKUVCPVU6JGEQPUQNKFCVKQPQHVJG
GEENGUKCUVKECNUVCVGD[/CTVKP8YCURCTVN[TGXGTUGF+PJGETQYPGF5KIKUOWPFGORGTQTKP4QOG
+PVJGOCTM#PEQPCYCUNQUVVQ(TCPEGUEQ5HQT\CCPFNCVGTVJCV[GCTJGJCFVQHNGGVQ(NQTGPEGCPF
VJGPVQ$QNQIPCCPF(GTTCTC
YJGTGVJGEWTKCCNUQTGUKFGF0QVWPVKNEQWNFJGTGVWTPVQ4QOG*G
FKFPQVUJWPJWOCPKUO

&WECVQ#6KCTCCPFETQUUGFMG[UQXGTUJKGNFQH'WIGPKWUŐ Ő'8)'0+85ŐŐ22Ő38#4685Ő

45V2GVTWUUVCPFKPIYKVJMG[CPFDQQMŐ Ő52'6485ŐŐ#./#Ő41/#Ő$KCIIK(D
C/WPVQPKIT 'FIGHCWNVXGT[HKPGVQGZVTGOGN[HKPG
(TQO#WMVKQPGU$CUGN#WEVKQP
PQ

)TQUUQ#2QRGQPVJTQPGYKVJETQUUCPFDNGUUKPIJCPFŐ"'8)'0+85ŐŐ22Ő37#4685Ő4
6YQETQUUGFMG[UWPFGTUJKGNFQH'WIGPKWU 41/#Ő%#286Ő/80&+Ő5Ő2Ő3Ő4ŐYJKRŐ
$KCIIK/WPVQPKIT
0KEGFCTMVQPGETCEMCPFUOCNNJQNGKPVJGHNCPQVJGTYKUGXGT[HKPGVQGZVTGOGN[HKPG
6JGQDXGTUGVGZVFKHHGTUHTQOYJCV$KCIIKRTQXKFGUKPUVGCFQH22JGJCU2#2#

$QNQIPKPQ(GTOQ#4685KPHKGNFYKVJRGNNGVKPEGPVTG"Q'8)Q22Q38#Q4#KPHKGNF
YKVJHQWTTKPIUCTQWPF"Q8$Q(+4/#0Q$KCIIK/WPVQPKIT
6TCEGUQHXGTFKITKUXGT[HKPG
229
ITALY - ROMA

%CTNKPQ#XKIPQP#2QRGQPVJTQPGYKVJETQUUCPFDNGUUKPIJCPF'7)'0+8522Ő%#4685Ő4
%TQUUGFMG[UUJKGNFCDQXG 5#06852'6485'62#8.85$QWFGCW/WPVQPK
IT (KPGVQPKPIXGT[HKPG
6QFGTK(NQTGPEG
2+1++

'PGC5KNXKQ2KEEQNQOKPKFK%QTUKIPCPQQTC2KGP\C
9CUHTQOCPQNFKORQXGTKUJGF5GPGUGPQDNGHCOKN[QHOGTEJCPVU*GYCUCRTQOKPGPVJWOCPKUVKPJKU
FC[*KUCPVK4QOGUGPVKOGPVUECWUGFJKOVQDGEQOGUGETGVCT[QH#PVKRQRG(GNKZ8
UGGWPFGT5CXQKC
+P JG OGV YKVJ (TGFGTKEM +++ YJQ ETQYPGF JKO KORGTKCN RQGV NCWTGCVG CPF CRRQKPVGF JKO VQ
UGETGVCT[ QH VJG KORGTKCN EJCPEGNNGT[ *G CDCPFQPGF JKU NKDGTCN NKHG HQT C FKRNQOCVKE ECTGGT RGTJCRU
OQVKXCVGFD[CODKVKQP(QNNQYKPIJKUTGEQPEKNKCVKQPYKVJ4QOGKPJGDGECOGDKUJQRQH6TKGUVKP
QH5KGPCKPCPFTQUGVQECTFKPCNUJKRKP'NGEVGFRQRGKP
+PRQNKVKEUJGHCXQWTGF(TCPEGUEQ5HQT\CŉUNKPGQXGTVJCVQH%QUKOQFG/GFKEK*GFKFPQVNQQUGPJKUTGKP
QPVJGGEENGUKCUVKECNUVCVG
EQPHNKEVYKVJ5KIKUOQPFQ/CNCVGUVC*GYCURTQ#PLQWDWVEQPVTC#TCIQP
*G FGPQWPEGF )GQTIG QH 2QFKGDTCF
$QJGOKC CU C JGTGVKE &WTKPI JKU GPVKTG RQPVKHKECE[ JG
EQPVGORNCVGFCETWUCFGCICKPUVVJGEQPSWGUVQH%QPUVCPVKPQRNG+PXCKP
*G YCU QPG QH VJG OQTG CRRGCNKPI RQRGU QH JKU VKOG CPF VJG HCEV VJCV JG YCU RGTEGKXGF CU QTKIKPCN
KPFKECVGUVJCVJGYCUQPGQHVJGHGYVJCVECPDGUCKFVQJCXGEQOGENQUGVQDGKPICPCTEJGV[RKECNGCTN[
TGPCKUUCPEGOCP
$WTEMJCTFV

&WECVQ#6KCTCCPFETQUUGFMG[UQXGTUJKGNFQH2KQŐ 2+85Ő2#2#ŐŐ5'%80&85Ő45V

2GVTWUUVCPFKPIYKVJMG[CPFDQQMŐ 5Ő2'6485ŐŐ#./#Ő41/#Ő$KCIIK(D
/WPVQPKIT 45OCNNHNCPGZVTGOGN[HKPG
(TQO#WEVKQPGU$CUGN#WEVKQP
PQ
230
ITALY - ROMA
2#1.1++

2KGVTQ$CTDQFK8GPG\KC
9CU HTQO C TKEJ 8GPGVKCP OGTEJCPV HCOKN[ 2TGFGUVKPGF D[ JKU WPENG 2QRG 'WIGPG +8 HQT CP
GEENGUKCUVKECNECTGGTDGECOGECTFKPCNKPVJGPDKUJQRQH%GTXKC8KEGP\C2CFQXC7UGFJKUYGCNVJ
VQDGEQOGCRCVTQPQHVJGCTVUCPFJCFVJG2CNC\\Q8GPG\KCEQPUVTWEVGF
#HVGTJKUEQTQPCVKQPJGDGECOGCNKGPCVGFHTQOVJGEQNNGIGQHECTFKPCNU*GGZEQOOWPKECVGF)GQTIGQH
2QFKGDTCF DWV OCKPVCKPGF ENQUG VKGU YKVJ /CVVJKCU %QTXKPWU CPF (TGFGTKEM +++ *G FGETGGF VJCV GXGT[
VJ[GCTYCUVQDGCJQN[[GCTUVCTVKPIYKVJ

&WECVQ#6KCTCCPFETQUUGFMG[UQXGTUJKGNFQH2CQNQŐ2#8.85Ő22óŐŐ5'%80&85Ő4

5V 2GVTWU CPF 5V 2CWNWU UVCPFKPI HCEKPI GCEJQVJGT Ő 52'6485 Ő Ő 5 Ő Ő 2#8.85 Ő Ő 41/# Ő
$KCIIK(D/WPVQPKIT 48GT[HKPG
PQ

)TQUUQ#6KCTCCPFETQUUGFMG[UQXGTUJKGNFQH2CQNQQ2#8.85Ő22óQŐŐQó5'%80&85JQ
4 5V 2GVTWU CPF 5V 2CWNWU UVCPFKPI HCEKPI GCEJQVJGT Q Ő 5 Ő Q 2'6485 Ő Ő 41/# Ő Ő 5 Ő
2#8.85Ő$KCIIK/WPVQPKIT 0KEGRCVKPCXGT[HKPGVQGZVTGOGN[HKPG
PQ
/QPG[GT2KGT2CQNQFGNNC<GEEC

6GT\QFKITQUUQ#PEQPC#6KCTCCPFVYQETQUUGFMG[UQXGTUJKGNFŐ2#8.85Ő22ŐŐ5'%80&85
Ő45V2GVTWUCPF5V2CWNWUUVCPFKPIHCEKPIGCEJQVJGT5Ő2'6485Ő5Ő2#8.85Ő$KCIIK
/WPVQPKIT 0KEGVQPGXGT[HKPGVQGZVTGOGN[HKPG
XF&WUUGP/CCUVTKEJV
$GVYGGPVJGHGGVQH2GVGTCPF2CWNKUCUOCNNEQCVQHCTOUYKVJCPHYKVJCETQUUCDQXGKV
'NWEKFCVKQP KP $KCIIK 3WGUVC OQPGVC KN %0+ NC TKRQTVC RGT NC \GEEC FK 4QOC
PQ EQOG )TQUUGVVQ 2CRCNG
EQPUVGOOCGPFWG#RQUVQNK+PTGCNV¯KNUGIPQFK\GEECTKRQTVCVQCN4½SWGNNQFK(TCPEGUEQ0KEQNCK\GEEJKGTGFK
#PEQPCPGNNCEWKWPKEC\GEECRQPVKHKEKCEQPVTCTKCOGPVGC4QOCG5RQNGVQXGPKXCDCVVWVQKN6GT\QFK)TQUUQ
%0+
TGRQTVUVJKUEQKPVQDGHTQOVJG4QOCPOKPV
PQCUCUOCNN2GVGTŉURGPEGYKVJCEQCVQHCTOUUJQYKPIVYQ
CRQUVNGU6JGOKPVOCTMTGRQTVGFN[QHVJGMKPIKUKPTGCNKV[VJCVQH(TCPEGUEQ0KEQNCKOKPVOCUVGTQH#PEQPCVJKU
GZENWUKXGN[RCRCNOKPVEQPVTCT[VQ4QOGCPF5RQNGVQUVTWEMVJG6GT\Q)TQUUQ
6JGOCTMKUVJGUCOGCUQPPQ5JQWNFVJCVCNUQDGRNCEGFKP#PEQPC!#U[GVUVKNNWPFGT4QOCJQYGXGTPQV
VQDGHQWPFKP$KCIIK
231
ITALY - ROMA

$QNQIPKPQ#PEQPC#6KCTCCPFETQUUGFMG[UQXGTUJKGNFQH2CQNQ2#8.85225'%80&85

4*GCFUQH5V2GVTWUCPF5V2CWNWUHCEKPIGCEJQVJGT52#8.8552'6485$KCIIK
/WPVQPKIT 448GT[HKPGVQGZVTGOGN[HKPG
&QGUPQVCRRGCTKP$KCIIKVJGTGKUCTGHGTGPEGVQ%0+
(QTVJGCTOUDGCTKPICPHUGGPQ
(TCPEGUEK$TWUUGN
#NVJQWIJ+ECPPQVHKPFVJKUEQKPKP$KCIIK+JCXGTGUQTVGFVQRNCEKPIKVKP#PEQPCQPVJGITQWPFUQHKVUOKPVOCTM+V
EQTTGURQPFUYKVJ$KCIIKŉUGNWEKFCVKQPQPR
UGGPQ/WPVQPKCNUQRNCEGUVJKUV[RGWPFGT#PEQPC
5+561+8

(TCPEGUEQ&GNNC4QXGTGFK%GNNG.KIWTG
9CUHTQOCPKORQXGTKUJGFHCOKN[*GYCUUGPVVQC/KPQTKVGOQPCUVGT[CVCPGCTN[CIG$[JGJCF
TKUGPVQDGEQOGKVU/KPKUVGT)GPGTCNCPFJGDGECOGECTFKPCNKP*GNCXKUJN[DGUVQYGFRTKXKNGIGU
WRQPJKUQYPCPFQVJGTOGPFKECPVQTFGTU
5KUVQŉU YCUPQVCTGKIPOCTMGFD[OCP[FGGFUVJQWIJJGFKFFQCNQVHQTJKUHCOKN[COQPIUVQVJGTU
GNGXCVKPI)KWNKCPQFGNNC4QXGTG
NCVGTVQDG2QRG,WNKWU++VQECTFKPCN
+PVJGLWDKNGGJGIGPGTCVGFKPEQOGVJTQWIJVJGUCNGQHKPFWNIGPEGU
VJGRCRCNEQHHGTUPGGFGFVQDG
TGRNGPKUJGF +P C EQWPEKN FKTGEVGF CICKPUV JKO YCU EQPXGPGF KP $CUNG 5MKNHWNN OCPQGWXGTKPI
JGNRGFJKORTGXGPVYQTUG
+P JG CNNQYGF (GTFKPCPF CPF +UCDGNNG QH 5RCKP VQ TGKPVTQFWEG VJG KPSWKUKVKQP
EQPVTQNNGF D[ VJG
UQXGTGKIP +P JG CEMPQYNGFIGF 6JQOCU FG 6QTSWGOCFC VQ DG ITCPF KPSWKUKVQT *G YCU C ITGCV
RCVTQP QH VJG CTVU
5KZVKPG %JCRGN &GURKVG JKU JWODNG QTKIKPU JG NQXGF URNGPFQWT CPF OCIPKHKEGPEG
YJKEJVJGOGFCNVJCVYCUOCFGHQTJKOCVVGUVUVQ

*GHWTVJGTOQTGYCUVJGQPN[RQRGYJQJCFCEQKPUVTWEMYKVJJKUGHHKI[DGHQTG

)TQUUQ#$WUVNQ5+:685Q++++Q2106Q/#:Q84$'Q4'56Qó„46KCTCCPFETQUUGFMG[U
QXGTUJKGNFQ28$.+%#'óŐŐó86+.+6#6+Q$KCIIK/WPVQPKIT
.CP\/ÒPEJGP#WEVKQP
PQ
44&CTMVQPGXGT[HKPGVQGZVTGOGN[HKPG

'Z8QIGNEQNNGEVKQPPQ
232
ITALY - ROMA

)TQUUQ#6KCTCCPFETQUUGFMG[UQXGTUJKGNFQŐ5+:685Ő22óŐQQŐó38#4685JŐQ45V
2GVTWUCPF5V2CWNWUUVCPFKPIHCEKPIGCEJQVJGTŐ5Ő2#8.85ŐQŐ5ŐQŐ2'6485ŐŐ41/#Ő
$KCIIK/WPVQPKIT 5OCNNUETCEJVGUXGT[HKPG
6QFGTK(NQTGPEG
+001%'0<18+++

)KQXCPPK$CVVKUVC%[DQFK)GPQXC
9CU HTQO C )GPQGUG HCOKN[ DWV YCU DTQWIJV WR CV VJG EQWTV KP 0CRNGU *G JCF UGXGTCN EJKNFTGP QH
YJQOVYQYGTGUVKNNCNKXGCVVJGVKOGQHJKUEQTQPCVKQP+PJGDGECOGDKUJQRQH5CXQPCKPQH
/QNHGVVCKPECTFKPCN
#HVGT VJG FGCVJ QH 5KUVQ +8 KP VJG VYQ 4QOCP HCOKNKGU 1TUKPK CPF %QNQPPC RWV WR QRRQUKPI
EQPVGUVQTU # EQPENCXG YCU GNGEVGF VQ GPF VJG FGCFNQEM HTQO YJKEJ +PPQEGP\Q GOGTIGF CU VJG
EQORTQOKUGECPFKFCVG
*GYCUKNNCNQVQHVJGVKOG+PJGRTQOQVGFVJGRGTUGEWVKQPQHYKVEJGUKPCFGIGPGTCVGYC[*G
DGECOGGPOGUJGFKPCPWODGTQHRTQDNGOU
CUKPUGGWPFGT.ŉ#SWKNCHTQOYJKEJRCRCNRQNKVKEU
UGTKQWUN[ UWHHGTGF 6Q RTQXKFG UQOG TGNKGH HQT VJG FGUCUVTQWU HKPCPEKCN UVCVG JG UQWIJV TCRRTQEJGOGPV
YKVJVJG/GFKEKU
COQPIUVQVJGTUJKUUQP(TCPEGUEJGVVQOCTTKGFC/GFKEKCPF)KQXCPPKFG/GFKEKYCU
OCFGECTFKPCN
VJGNCVGT2QRG.GQ8
*GECNNGFKPXCKPHQTCETWUCFGCICKPUVVJG6WTMUCPFKPGXGPVWCNN[CITGGFVQCPKPINQTKQWURGCEG
YKVJ$C[G\KF++6JKURQRGYCUFKUNKMGFHQTJKUPGRQVKUODWVCRRTGEKCVGFHQTJKURCVTQPCIGQHVJGCTVU
4GEGPVN[HCEVUJCXGEQOGVQNKIJVUJQYKPIVJCVJGTGPFGTGFKPXCNWCDNGUGTXKEGUVQVJGWPKHKECVKQPQHVJG
EJWTEJ
CNUQKP0QTVJGTPCPF'CUVGTP'WTQRG

(KQTKPQFKECOGTC#6KCTCCPFVYQETQUUGFMG[UQXGTUJKGNFQ+001%'06+85228+++45V
2GVTWUKPDQCVHKUJKPIQ5#0%685Q2'6485QQ#./#Q41/#$KCIIK(D/WPVQPK
PQ

$QNQIPKPQ#PEQPC#6KCTCCPFVYQETQUUGFMG[UQXGTUJKGNFQ+001%'06+85Ő22Ő8+++45V
2GVTWUKPDQCVHKUJKPIQ5Q2'6485/#4%*+8#$KCIIK/WPVQPKIT
4#NOQUVGZVTGOGN[HKPG
(TCPEGUEJK$TWUUGN
233
ITALY - ROMA

3WCVVTKPQ#6KCTCCPFVYQETQUUGFMG[UQXGTUJKGNFŐ+001%'06+85Ő22Ő8+++4$WUVUQH5V
2GVTWU CPF 5V 2CWNWU DGJKPF VCDNG 5 Q 2#7.75 #./ Q 41/ Q 5 Q 2'6485 Q $KCIIK
/WPVQPKIT 45NKIJVN[EQTTQFGFXGT[HKPG
PQ
2QRG +PPQEGPV 8+++ OKPVGF KP .ŉ#SWKNC DWV CU VJKU EQKP KU TGNCVGF VQ QPG VJCV YCU CNUQ UVTWEM KP .ŉ#SWKNC D[
(GTFKPCPF+VJKUKUNKUVGFWPFGT.ŉ#SWKNCD[YC[QHGZEGRVKQP
#.'55#0&418+

4QFTKIQFG$QT[C[$QT[CFK,CVKXC
1TKIKPCNN[HTQO5RCKPYJGTGVJG$QTIKCHCOKN[JCFDGGPNKXKPIKP$QTLCVQDGRTGEKUGCUOCNNJCONGV
PGCT8CNGPEKCUKPEGVJGVJEGPVWT[6JGCTOUQHVJKUUOCNNVQYPYGTGDQTPGD[DQVJ$QTIKCRQRGU
%CNKZVWU+++CPF#NGZCPFGT8+
#RRQKPVGFECTFKPCND[JKUWPENG%CNKZVWU+++KPXKEGEJCPEGNNQTQHVJG4QOCP%CVJQNKE%JWTEJKP
#NYC[U EJCTCEVGTKUGF CU UGPUKDNG JKIJN[ IKHVGF CPF FKRNQOCVKE $WV QP VJG QVJGT JCPF JG NGF C
VQVCNN[KOOQTCNNKHG
JGJCFEJKNFTGPYKVJCVNGCUVHQWTYQOGPYKVJ8CPQ\\CFG%CVGPGKUJGJCFHQWT
COQPIYJQO%GUCTGCPF.WETGVKC$QTIKC
5KOQPKUVKE OCEJKPCVKQPU JCF NGF VQ #NGUUCPFTQŉU GNGEVKQP VQ RQRG 7PFGT JKO VJG GEENGUKCUVKECN UVCVG
EQORNGVGFKVUEGPVTCNKUCVKQP*GYKVJUVQQF(TGPEJCPF5RCPKUJKPVGTHGTGPEGNCVGTLQKPKPIVJGUGEQWPVTKGU
*KU RQNKVKEU YGTG RTGFQOKPCPVN[ CKOGF CV UV[NKPI JKU VYQ EJKNFTGP %GUCTG CPF .WETGVKC +VCNKCP
4GPCKUUCPEGUQXGTGKIPU7PFGTJKUNGCFGTUJKRVJGŋ#RRCTVCOGPVK$QTIKCŌYGTGETGCVGFKPVJG8CVKECP

)TQUUQ#6KCTCCPFVYQETQUUGFMG[UQXGTUJKGNFQ#.':#0&'4QQ8+Q2106Q/#:Q45V
2GVTWUCPF5V2CWNWUUVCPFKPIHCEKPIGCEJQVJGTTQUGVVGDGVYGGPVJGOQ5QQ2'6485QQ41/#QQ
52#8.85Q$KCIIK/WPVQPKIT 0KEGFCTMVQPGXGT[HKPG
*QNNCPFKC-CORGTXGGP

)TQUUQ#PEQPC#6KCTCCPFVYQETQUUGFMG[UQXGTUJKGNFQ#.':#0&'4QQ8+Q2106Q/#:
Q42GVTWUCPF5V2CWNWUUVCPFKPIHCEKPIGCEJQVJGTQŐ5ŐQQ2'6485QQ52#8.85QQ
/#4%+Q$KCIIK/WPVQPKIT 48GT[HKPG
PQ
&QGUPQVOCVEJ$KCIIKGPVKTGN[6JCVJCU#0%1KPVJGGZGTIWGYJGTGCUVJGEQKPKPJCPFTGCFU/#4%+VJGTG

PQVOGPVKQPGFKP$KCIIK
234
ITALY - GAETA

&QRRKQ SWCVVTKPQ #UEQNK # 6KCTC CPF ETQUUGF MG[U QXGT UJKGNF Q #.':# Q 8+ Q 21 Q /# 4
%CUVNG YKVJ VYQ RQTVCNU CPF VYQ VQYGTU UVCT CPF TQUGVVG DGVYGGP VJGO &' Ő #5%8.1 Ő $KCIIK
/WPVQPKIT 4)TGGPRCVKPCXGT[HKPGVQGZVTGOGN[HKPG
5CPVCOCTKC4QOG
5176*+6#.;
5QWVJ +VCNKCP JKUVQT[ TGXGCNU C EJGSWGTGF RKEVWTG #HVGT )TGGM $[\CPVKPG 5CTCEGP CPF #TCDKE
FQOKPCPEG VJG TGIKQPU 5KEKN[ %CNCDTKC #RWNKC WR VQ )CGVC ECOG WPFGT C UKPING TWNG VJCV QH VJG
0QTOCPU;GVVJGUGVGTTKVQTKGUEQPVKPWGFVQDGFQOKPCVGFD[EJCPIGVJG*QJGPUVCWHGPUVJG#PLQWUCPF
VJG#TCIQPU&WTKPIVJGUGEJCPIGUDWVCNUQKPVJGKPVGTOKVVGPVRGTKQFUVJGRQRGGZGTVGFITGCVKPHNWGPEG
*GTGICTFGFVJGEQWPVT[CUVJG2CVTKOQPKWO2GVTK6JGXCTKQWUTGIKQPUQH5QWVJ+VCN[HQTVJGRWTRQUGQH
VJKUVGZVCTGVCMGPCUCYJQNGKPUQHCTCUVJG[YGTGUWDLGEVVQCEGPVTCNCWVJQTKV[9KVJVJGGZEGRVKQPQH
0CRNGUVJCVPQVYKVJUVCPFKPIKVUNQPIVKOGUWDQTFKPCVGUVCVWUKPVJGMKPIFQO5KEKN[KPVJG#PLQWRGTKQF
UGVQHHQPCPKPFKXKFWCNEQWTUG

)#'6#
)CGVCKPVJGVJEGPVWT[TGUKUVGFVJGKPXCUKQPUQHVJG5CTCEGPU7PFGT&QEKDKNKU
CJGTGFKVCT[
F[PCUV[DGICP
VJG*[RCVKEQORCTCDNGVQVJGTWNGTUQH#OCNHKCPF0CRNGUVJCVVQQMVJGKTTKUGKP
+PVJG*[RCVKF[PCUV[HTGGFKVUGNHHTQOVJG.QODCTFUQXGTGKIPUQH%CRWCDWVKPDGECOGC
HKGH QH VJG 0QTOCP *QWUG QH %CRWC #HVGT 4QIGT ++ JCF DTQWIJV VJG FWEJ[ )CGVC WPFGT VJG MKPIFQO
5KEKN[JGITCPVGF)CGVCVJGUVCVWUQHTQ[CNEKV[KP
/#4+01++

(QNNCTQ#$WUVQH5V'TCUOWUHCEKPI41OGICKPHKGNF#%10'6&8:
TGVTQITCFG$KCIIK
)TKGTUQP6TCXCKPKIT 4%QTTQFGFXGT[HKPG
PQ
5V'TCUOWU
CNUQ5V'NOQYCUCDKUJQRKP#PVKQEJKCYJQYGPVVQVJG.GDCPQPHNGGKPIHTQOVJGRGTUGEWVKQPWPFGT
&KQENGVKCP *G YCU CTTGUVGF WRQP TGVWTP VQ JKU FKQEGUG $WV CP CPIGN OKTCEWNQWUN[ VQQM JKO YGUV VQ 5KTOKWO CPF
CHVGT VJCV VQ (QTOKC KP %CORCPKC YJGTG JG YCU FGENCTGF C OCTV[TKP4GRTGUGPVGFQPHTGUEQUKP5V/CTKCKP
8KC.CVKPC
VJEGPVWT[*KUNGIGPFYCUFGRKEVGFKPRCPGNUUJQYPQPVJGECPFGNCDTCKP)CGVC
VJEGPVWT[
5V'TCUOWUKUVJGRCVTQPUCKPVQHUGCOGPKPVJGYGUVGTP/GFKVGTTCPGCP*KUTGNKEUCTGMGRVKP)CGVC
5GGHWTVJGTWPFGT0QTOCPUKP5KEKN[CPF5QWVJ+VCN[4QIGT++CPFCHVGTVJCV)WINKGNOQ+++
235
ITALY - CAPUA and NAPOLI
%#27#
+PVJGEQWTUGQHVJGVJEGPVWT[C.QODCTFF[PCUV[VQQMKVUTKUGWPFGT.CPFWNH5VCTVKPI#VCPWNH
DQTGCUQXGTGKIPŉUVKVNG6JGKPHNWGPEGQHVJKUF[PCUV[TGCEJGFKVUITGCVGUVJGKIJVWPFGT2CPFWNHQ+

&WTKPIJKUTGKIP2QRG,QJP:+++ITCPVGFVJGEJWTEJQH%CRWCVJGUVCVWUQHOGVTQRQNKVCPEJWTEJ
%CRWC KU UVTQPIN[ EQPPGEVGF YKVJ VJG OQPCUVGT[ QH /QPVG %CUUKPQ 6JG EKV[ YCU VJTGCVGPGF D[ VJG
0QTOCPUHTQO#XGTUCUGVWRD[&WMG5GTIKWU+8QH0CRNGUCUCUVTQPIJQNFCICKPUVVJG.QODCTFU+P
%QWPV4KEJCTF3WCTTGN&TGPIQVYKVJVJGCKFQH#DDQV&GUKFGTKWUQH/QPVG%CUUKPQEQPSWGTGF
%CRWC +P %CRWC YCU OGTIGF KPVQ VJG MKPIFQO 5KEKN[ DWV KVU JKUVQTKECN KPFKXKFWCNKV[ YCU
RTGUGTXGFTGHNGEVGFKPVJGVKVNGUDQTPGD[KVUPQDKNKV[
4+%%#4&1++

(QNNCTQ#%CUVNGYKVJVJTGGVQYGTU %+8+6#5%#28#0#4+PHQWTNKPGU 4+%*#4&24+0

%'25$KCIIK)TKGTUQP6TCXCKPKIT 448GT[HKPG
)QTP[/ÒPEJGP#WEVKQP
PQ
+P'PIGNCPF5GTTWTGVJGUGEQKPKUUCKFVQDGUVTWEMWPFGT4KEECTFQ+
%0+
0#21.+
6JG JGTGFKVCT[ CTEJGRKUEQRCN &WEJ[ 0CRNGU YCU HQWPFGF D[ 5GTIKWU +
6JG 0QTOCPU EQP
SWGTGF VJG NCUV FWMG 5GTIKWU 8++ KP DTKPIKPI 0CRNGU WPFGT VJG MKPIFQO 5KEKN[ 6JKU UKVWCVKQP
TGOCKPGF WPEJCPIGF FWTKPI 0QTOCP VKOGU CPF VJG *QJGPUVCWHGP RGTKQF VJQWIJ 0CRNGU YCU
KPVGTOKVVGPVN[KPFGRGPFGPVHQTUGXGTCNFGECFGUFWTKPIVJGVTCPUKVKQPHTQO0QTOCPFQOKPCPEGVQ*QJGP
UVCWHGPTWNGCPFKPVJGRGTKQFCHVGTVJGFGOKUGQH(GFGTKEQ++KPCPFVJGUWEEGUUKQPD[/CPHTGFKKP
56'(#01++

/G\\Q HQNNCTQ # $WUV QH 5V )GPPCTQ HCEKPI 5%5 +#0 4 %TQUU QP VJTGG UVGRU DGVYGGP 5 CPF 6
$KCIIK)TKGTUQP6TCXCKPK2CPPWVK4KEEKQIT 4(NCPETCEMHKPG
(TQONKUVPQ
5%5+#05%5+#08#4+85
5VGHCPQ++YCUFWMGCPFDKUJQR
236
ITALY - NAPOLI
%*#4.'5+F #0)+

5CNWVQ F QTQ # &KXKFGF UJKGNF QH ,GTWUCNGO(TCPEG ETGUEGPV DGVYGGP VYQ UVCTU CDQXG TQUGDGVYGGP
VYQUVCTUCVGCEJUKFG -#41. Ő&'+ Ő)4# Ő+'4./ Ő5+%+.+' Ő4':4#PPWPEKCVKQPUEGPG
YKVJXCUGQHNKUDGVYGGP/CTKCCPFVJGCPIGN #8' Ő)4#%+# Ő2.'0# Ő&1/+085 Ő6'%8/
$KCIIK(D2CPPWVK4KEEKQIT
45OCNNGFIGHCWNVQVJGTYKUGOCIPKHKEGPVYGNNUVTWEMCPFGZVTGOGN[HKPGVQWPEKTEWNCVGFURGEKOGP
5EJWNOCP#OUVGTFCO
5VTWEM
%QOOGPVCT[KPECV.GW1EVQDGT
6JKU KU QPG QH VJG OQUV DGCWVKHWN QH CNN VJ EGPVWT[ EQKPU CPF KVU FGUKIP YCU ECTTKGF QWV WPFGT VJG RGTUQPCN
UWRGTXKUKQPQH%JCTNGU+JKOUGNH*GGUVCDNKUJGFCPGYOKPVKPVJG%CUVGNFGNN QXQKPWUKPIETCHVUOGPHTQOVJG
QNF OKPVU QH $TKPFKUK CPF /GUUKPC WPFGT VJG FKTGEVKQP QH C (NQTGPVKPG OQPG[GT (TCPEGUEQ (QTOKEC 6JG FKG
GPITCXGTYCU)KQXCPPK(QTVKPQ%JCTNGU+YCUUQOGYJCVWRUGVD[JQYETCORGFVJGNGIGPFYCUDWVJGYCURNGCUGF
D[VJGIGPGTCNFGUKIPGURGEKCNN[D[VJGHCEVVJCVCUJGJCFQTFGTGFVJGFKGCZKUYCUCV
DQVJUKFGUQHVJGEQKP
HCEG WRYCTFU 6JG UVCTU CPF QTPCOGPVU CTQWPF VJG UJKGNF YGTG RNCEGF VJGTG VQ FKUVKPIWKUJ VJG EQKP HTQO VJG
QVJGTYKUGGZCEVN[UKOKNCTECTNKPQVJWURTGXGPVKPIETKOKPCNUHTQORNCVKPIVJGOCPFRCUUKPIVJGOCUIQNFRKGEGU

5CNWVQ F CTIGPVQ # &KXKFGF UJKGNF QH ,GTWUCNGO(TCPEG -#41. Ő +'4. Ő '6 Ő 5+%+. Ő 4':
4#PPWPEKCVKQPUEGPGYKVJXCUGQHNKUDGVYGGP/CTKCCPFVJGCPIGN #8'Ő)4#Ő2.'0#Ő&05Ő
6'%8/$KCIIK2CPPWVK4KEEKQIT 8GT[HKPG
%CIVKRQ%
%*#4.'5++F #0)+

5CNWVQF CTIGPVQ#&KXKFGFUJKGNFQH,GTWUCNGO(TCPEG -#41.Ő5%&Ő+'4.Ő'6Ő5+%+.Ő4':

4#PPWPEKCVKQPUEGPGYKVJXCUGQHNKUDGVYGGP/CTKCCPFVJGCPIGN #8' Ő)4#6+# Ő2.'0# Ő
&05Ő6'%8/$KCIIK2CPPWVK4KEEKQIT 0KEGVQPKPICNOQUVGZVTGOGN[HKPG
PQ
237
ITALY - NAPOLI

)KINKCVQ # -KPI UGCVGF QP VJTQPG HCEKPI YKVJ UEGRVTG CPF QTD -#41. Ő 5%& Ő &'+ Ő )4# Ő
+'4. Ő '6 5+%+. Ő 4': 4 (NQTKCVGF ETQUU *1014 Ő 4')+5 Ő +8&+%+8 Ő &+.+)+6 $KCIIK
2CPPWVK4KEEKQIT 8GT[HKPG
6JGNGIGPFQPVJGTGXGTUGKUVCMGPHTQOCRUCNO

&GPCTQTGICNG#%TQYPGFJGCFHCEKPI -#41.5&%4':4(NQTKCVGFETQUU +'4.

'65+%+.$KCIIK2CPPWVK4KEEKQIT &CTMRCVKPCHNCPETCEMXGT[HKPG
&QODTQYUMK/ÒPUVGT
41$'461F #0)+

)KINKCVQRQUVWOG#-KPIUGCVGFQPVJTQPGHCEKPIYKVJUEGRVTGCPFQTD 41$'46&'+)4#+'4.

'6 5+%+. 4': 4 (NQTKCVGF ETQUU *1014 4')+5 +8&+%+8 &+.+)+6 $KCIIK
2CPPWVK4KEEKQIT 9GCMN[UVTWEMXGT[HKPG
PQ
$KCIIK #PEJG FQRQ NC OQTVG FK 4QDGTVQ Fŉ#PIKÈ PGN K UWQK UWEEGUUQTK EQPVKPWCTQPQ C DCVVGTG CN UWQ PQOG
)KINKCVKFŉCTIGPVQGUUGPFQOQPGVCDGPCEEGVVCFCKOGTECPVKFŉQTKGPVGFCNNCUGEQPFCOGV¯FGN:+8UGEQNQCNNCRTKOC
OGV¯FGN:8.GOQPGVGRQUVWOGCNPQOGFK4QDGTVQUQPQTKEQPQUEKDKNKRGTKNEQPKQRKÏTQ\\QRGT+VQPFKPKFGNNG
NGIIGPFGRKÏNCTIJKGUEJKCEEKCVKGNGNGVVGTGRKÏITQUUG
6JGVGZVQPVJKUQDXGTUGKUNQPIGT
$KCIIKVJCPKPFKECVGFD[$KCIIK
238
ITALY - NAPOLI
#.(1051+Fŉ#4#)10#

%CTNKPQ#5JKGNFQH#TCIQP0CRNGU,GTWUCNGO*WPICT[ #.(10585Q&Q)Q4Q#4Q5Q%Q

8Q(Q4-KPIUGCVGFQPVJTQPGHCEKPIYKVJUEGRVTGCPFQTD5NKPHKGNF &05Q/Q#&+8/Q
'/Q')1Q&Q+Q/Q$KCIIK2CPPWVK4KEEKQGIT
0KEGVQPKPIKTTGIWNCTHNCPXGT[HKPG
%QKPUCPF#PVKSWKVKEU.QPFQP
('4&+0#0&1+F #4#)10#

%QTQPCVQ#%TQUUQXGTUOCNN/ ('4&+0#0&85„&„)„4„5+%+„+'4„804-KPIUGCVGF
QPVJTQPGYKVJUEGRVTGCPFQTDETQYPGFD[ECTFKPCNNDKUJQRT %1410#685„3„.')+6+/'„
%'46#886$KCIIK2CPPWVK4KEEKQDIT 9GNNUVTWEMXGT[HKPGVQGZVTGOGN[HKPG
-WPUVWPF/ÒP\GP.WICPQ#WEVKQP
PQ
/OQPG[GTŉUUKIP

%QTQPCVQ # %TQUU ('4&+0#0&85 Q & Q ) Q 4 Q 5+ Q +'4 Q 80 4 %TQYPGF DWUV T
„ %1410#685 „ 3# „ .')+6+/' „ %'46 $KCIIK 2CPPWVK4KEEKQ
FKHHGTGPV NGIGPF
IT 0KEGVQPKPIXGT[HKPG
'NUGP$TWUUGN#WEVKQP
PQ

%QTQPCVQ#%TQUUQXGT% ('4&+0#0&85„&„)„4Q5+%+.Q+'4Q8Q4%TQYPGFDWUVT

% N KP HKGNF %1410#685 „ 3# Q .')+6+/' „ %'46#8 „ $KCIIK 2CPPWVK4KEEKQ J
IT 5NKIJVGN[EQTTQFGFCPFYGCMN[UVTWEMQVJGTYKUGCNOQUVGZVTGOGN[HKPG
%TKRRC/KNCPQ
%OQPG[GTŉUUKIP
239
ITALY - NAPOLI

%QTQPCVQ # %TQYPGF DWUV T 6 N KP HKGNF ('44#0&85 „ & „ ) „ 4 „ 5+%+.+' „ *+' „ 4 5V
/KEJCGNRKGTEKPIFTCIQPYKVJNCPEG+856#Q68'0&#$KCIIK2CPPWVK4KEEKQEIT
/CIPKHKEGPVVQPGCNOQUVGZVTGOGN[HKPG
/ÒP\\GPVTWO-ÌNP
'Z$GPPGVVEQNNGEVKQPPQ
'Z)TCPVNG[EQNNGEVKQP
6OQPG[GTŉUUKIP

%KPSWKPC#/QWPVCKPQHFKCOQPFUQXGT/ ('4&+0#0&85„&„)„4„54%TQUUYKVJQPG

UOCNNETQUUKPGCEJCPING +%+.+'„+'485#.'/„8$KCIIK2CPPWVK4KEEKQEIT
8GT[HKPG
/OQPG[GTŉUUKIP
#.(1051++F #4#)10#

%QTQPCVQ#5V/KEJCGNRKGTEKPIFTCIQPYKVJNCPEG6NKPHKGNF#.(10585„++„&„)„4„5+%+
„ +' „ 80 4 -KPI UGCVGF QP VJTQPG YKVJ UEGRVTG CPF QTD HCEKPI ETQYPGF D[ ECTFKPCN N DKUJQR T
%1410#8+6„'80:+6„/'„/#085„6„&$KCIIK2CPPWVK4KEEKQCIT
4(NCPETCEMCPFYGCMN[UVTWEMXGT[HKPG
PQ
240
ITALY - AQUILA
#37+.#
.ŉ#SWKNCYCUHQWPFGFKP%QPTCF+8JCFUCPEVKQPGFKVUHQWPFKPICPF2QRG#NGZCPFGT+8OQXGF
VJGGRKUEQRCNUGGHTQO(QTEQPCVQNŉ#SWKNC

Nŉ#SWKNC HQNNQYGF VJG VTGPF QH VJG PQTVJGTP EKVKGU CPF UVTQXG VQ VJG GUVCDNKUJOGPV QH C EQOOWPG
#NVJQWIJ VJG HKTUV CVVGORV YCU WPFGTVCMGP KP VJG EQOWPG YQWNF PQV DG TGCNKUGF WPVKN CHVGT VJG
FGCVJQH(TGFGTKEM++/CPHTGFNCKFVJGEKV[KPTWKPUDWV%CTNQ+Fŉ#PIKÈTGDWKNVKV
6JGEKV[UKFGF
YKVJVJG)WGNRJUCPFVJG#PLQWU6JGIWKNFU
CTVKVQQMQXGTEKV[IQXGTPOGPV2QNKVKECNCWVQPQO[YCU
DWKNV WR WPFGT VJG #TCIQPGUG CPF FGURKVG VJG GHHQTVU (GTFKPCPF + YJQ UQWIJV VQ GUVCDNKUJ CP CDUQNWVG
OQPCTEJ[Nŉ#SWKNCYCUGXGPCDNGVQGZRCPFKVUEQOKVCVWUUVCVWU

#TQWPFFKUEQTFDTQMGQWVDGVYGGPHGWFCNPQDKNKV[KPVJG-KPIFQO0CRNGUQPVJGQPGJCPFCPFVJG
F[PCUV[QHVJG#TCIQPGUGQPVJGQVJGT+PVJG[GCTUVJGEKV[QXGTVN[TQUGCICKPUV(GTFKPCPF+

KP CPF VJG $CTQPG JCF CNTGCF[ VTKGF VQ RTGXGPV JKO HTQO CEEGFKPI VQ VJG VJTQPG 6JG
KOOGFKCVG ECWUG HQT VJKU KPUWTIGPE[ JCF DGGP VJG KPECTEGTCVKQP QH VJG UQPU QH VJG FGEGCUGF EQWPVU QH
0QNCCPF/QPVQTKQ1TUQ1TUKPKCPF2KGVTQ.CNNG%CORQPGUEQ
/C[,WPG6JG$CTQPGVWTPGFVQ
2QRG+PPQEGPVKWU8+++HQTUWRRQTV+P5GRVGODGTCEQORTQOKUGYCUCITGGFQP
KP/KINKÈPKEQ[GV
Nŉ#SWKNCTGDGNNGFVJTQYKPIVJGMKPIŉUUQP(GFGTKEQKPRTKUQP#HVGTVJG$CVVNGQH/QPVQTKQ(GTFKPCPF
OCPCIGFVQFTKXGCYGFIGDGVYGGPVJGRQRGCPFVJG$CTQPG1P5GRVGODGTRGCEGYCUUKIPGF
CPFVJGMKPICEMPQYNGFIGFVJGRQRGŉUQXGTNQTFUJKRQXGTVJGVGTTKVQT[

%QKPCIGEQOOGPEGFKPCPFYKVJVJGGZEGRVKQPQHVJGMKPIUQH0CRNGUYGTGVJGQPN[QPGUVQ
JCXGOKPVGFHQTVJKUVGTTKVQT[
('4&+0#0&1+F #4#)10#

2QRG+PPQEGPV8+++YCUCICKPUVJKUYKNNFTCIIGFKPVQVJGEQPURKTCE[QHVJG$CTQPGCICKPUV(GTFKPCPF+
*GUKFGFYKVJVJG$CTQPGCPFVJWUCICKPUV(GTFKPCPF6JGFKURWVGECWUGFCNQVQHFCOCIGVQRCRCNRQNKVKEU
$QVJ(GTFKPCPF+CPF2QRG+PPQEGPV8+++JCXGOKPVGFKPNŉ#SWKNCKP

%CXCNNQ
(GTFKPCPFQ + # %TQYPGF JGCF T ('4&+0#0&85 4': 4 *QTUG T GCING T KP HKGNF
'38+6#54')0+$KCIIKIT 8GT[HKPG
6QFGTK(NQTGPEG

%CXCNNQ
+PPQEGPVKWU 8+++ # 6KCTC QXGT ETQUUGF MG[U Ő +001%'06+85 Ő 22 Ő 8+++ Ő 4
%TQYPGFGCING#38+.#0#.+$'46#5$KCIIKIT 4)TGGPRCVKPCXGT[HKPG
8GEEJK.QPFQP#WEVKQP
PQ
%#4.18+++FK(4#0%+#

%CXCNNQ # %TQYPGF UJKGNF QH (TCPEG -41.85 Z & Z ) Z4':Z(444%TQUU#38+.#0#
%+8+6#5$KCIIKIT 'FIGHCWNVUXGT[HKPG
PQ
241
ITALY - SULMONA and SALERNO
57./10#
5WNOQPCNKGUKPVJGNŉ#SWKNCRTQXKPEG+VUCPEKGPVPCOGKUŋ5WNOQŌYJKEJUVGOUHTQOCTQWPF$%
YJGP*CPPKDCNTQFGVQ4QOG+PKVDGNQPIGFVQVJG&WEJ[5RQNGVQ

.CVGT5WNOQPCHGNNVQVJG-KPIFQOQH0CRNGUCPFVJGUGMKPIUYGTGVJGQPGUVJCVOKPVGFKP5WNOQPC
%#4.1+++FK&74#<<1

$QNQIPKPQ#$WUVQH5V%GNGUVKPQHCEKPIó5ó2'6485ó2ó45/2'KPHKGNFYKVJTQUGVVGKP
EGPVTGCPFQPGRGNNGVKPGCEJCPINGðó4ó-41.856$KCIIKIT
4&CTMVQPKPIXGT[HKPG
#UVCFGN6KVCPQ#WEVKQP
PQ
5#.'401
)WCKHGT
YCUVJGHKTUVRTKPEGQH5CNGTPQJGYCUHTQOCPQDNGHCOKN[KP$GPGXGPVWO)WCKHGT
JCFHNGFVQ5CNGTPQCHVGTVJGOWTFGTQH5KECTFQKP
UGGWPFGT$GPXGPVWO#HVGTVJCVJGRNC[GFCP
KORQTVCPVTQNGKPVJGFKXKUKQPQH$GPGXGPVWOCPF5CNGTPQWPFGT5KEQPWNHQH$GPGXGPVWO+P)WCKHGT
DGECOGRTKPEGQH5CNGTPQ6JGHQNNQYKPIRGTKQFUCY)WCKHGTNQUGCNQVQHJKUQWVGTGUVCVG+PJKUUQP
DGECOG EQTGIGPV WPFGT VJG PCOG QH )WCKOCT + 9JGP VJG HCVJGT TGVTGCVGF VQ VJG OQPCUVGT[ QH
/QPVG%CUUKPQVJGUQPUWEEGGFGF)WCKOCTKPVWTPYCUUWEEGGFGFD[JKUUQP)WCKOCT++KP6JG
NCVVGTCRRQKPVGFJKUUQP)KUWNHQVQEQTGIGPVKP

7PFGT)WCKOCT++VJGVGTTKVQT[JCFRTQURGTGFDWVWPFGT)KUWNH++OCVVGTUECOGVQCJGCFYJGPJGNQUV
JKURQYGTCPFEQWNFQPN[TGUVQTGKVYKVJVJGCKFQH2CPFWNH++UQPQH2CPFWNHECRQFKHGTTQVJGRTKPEG
QH$GPGXGPVQ%CRWC#HVGT)KUWNHŉUFGCVJ2CPFWNHUWEEGGFGFCPFDGHQTGNQPIOCFGJKUHCVJGTVJGECRQ
FKHGTTQEQTGIGPVVJGNCVVGTVJWUEQPVTQNNKPIVJGYJQNGQH.QODCTF[KHQPN[DTKGHN[

9JGP 2CPFWNHQ ECRQ FK HGTTQ FKGF KP JKU UQP 2CPFWNHQ YCU PQV CDNG VQ RTGXGPV &WMG /CPUQ QH
#OCNHK HTQO EQPSWGTKPI 5CNGTPQ 6JKU QEEWRCVKQP NCUVGF QPN[ VYQ [GCTU HQT KP VJG EKVK\GPU QH
5CNGTPQFTQXGCYC[VJG#OCNHKCPU6JGPCPGYF[PCUV[TQUGVQRQYGTVJCVQH,QJPYJKEJYQWNFTGKIP
WPVKN VJG 0QTOCP EQPSWGUV QH 5CNGTPQ YCU EQPUGEWVKXGN[ TWNGF D[ ,QJP
)WCKOCT +++

)WCKOCT+8
CPF)KUWNH++
+PHQTV[MPKIJVUJCXKPITGVWTPGF
HTQOVJGETWUCFGGPVGTGFVJGUGTXKEGQH)WCKOCT+++)WCKOCT+8FGRNQ[GFVJGUGMPKIJVUVQGZRCPFJKU
VGTTKVQTKGU 6JG HQTGOQUV MPKIJVU YGTG VJG DTQVJGTU *CWVGXKNNG #PQVJGT MPKIJV 4QDGTV )WKUECTF
YGFFGFVQ5KEJGNICKVCUKUVGTQH2TKPEG)KUWNH++UGK\GF5CNGTPQQP&GEGODGTCPF)KUWNHHNGFVQ
4QOG

6JGUWEEGUUQTUQH4QDGTV)WKUECTF4QDGTV$QTUCCPF)WINKGNOQYJQUV[NGFVJGOUGNXGUFWMGQH2WINKC
TGUKFGF KP 5CNGTPQ DWV YJGP 4QIGT ++ YCU FGENCTGF MKPI QH 5KEKN[ KP 2CNGTOQ DGECOG VJG PGY
ECRKVCN;GV5CNGTPQUVKNNTGOCKPGFCPKORQTVCPVEKV[CHVGTVJKU
)+57.(1+

(QNNCTQ#2TKPEGUVCPFKPIHCEKPI)+58.(8524+0%4+PHQWTNKPGU Ő Ő28 Ő.'06#5#

.'401$KCIIK)TKGTUQP6TCXCKPKIT 44&CTMRCVKPCXGT[HKPG
-TKEJGNFQTH(TGKDWTI
(TQO-TKEJGNFQTH(TGKDWTI#WEVKQPPQ
.GIGPF1RWNGPVC5CNGTPQ
6Q%CRGNNK
44
242
ITALY - SALERNO

(QNNCTQ#$WUVHCEKPIYKVJUEGRVTGETGUEGPVTKPHKGNF42GPVCENGYKVJRGNNGVKPEGPVTG$KCIIK

QDXGTUG)TKGTUQP6TCXCKPK
EHHHIT
7PKSWG6TCEGUQHXGTFKITKUCPFKTTGIWNCTHNCPIQQFXGT[HKPGURGEKOGP
'Z6KPQ\\KEQNNGEVKQP
6JKU EQKP
WPKEWO KU FGUETKRVGF D[ )KNKDGTVK KP $QNNGVVKPQ FGN EKTEQNQ PWOKUOCVKEQ PCRQNGVCPQ
$%00 CPF
'DPGT2&GKHQNNCTKFK)KUWNHQ+GFGNNC5EJQNC5CNGTPKKP$%00
RKNNWUVTCVKQP
(QNNQYKPIVJGGZRNCPCVKQPQH2'DPGTFWTKPIVJGRGTKQFUKZV[RGUQHEQKPUJCXGDGGPUVTWEM6JKUQPGKUPQ
CPFKUPQ
6JG UVTCPIG VQMGPU KP VJG CPINGU QH VJG RGPVCENG CTG TGOCKPU QH CP QXGTUVTWEM 6JG QTKIKPCN EQKP UGGO VQ DG
)TKGTUQP6TCXCKPK

6JKUOGCPUVJCVVJGTGKUCPGYCPFWPMPQYPQXGTUVTWEMEJCKPHTQO)TKGTUQP6TCXCKPKPQVQPQ%H6CDNG
KP)TKGTUQP6TCXCKPKR
)+57.(1+2#0&1.(1

(QNNCTQ#6YQHKIWTGUYKVJ
OCNGCPFHGOCNG!U[ODQNUDGVYGGPVJGO4%TQUUYKVJ&'1)4#6+
KPVJGCPINGU$KCIIK)TKGTUQP6TCXCKPKEHIT
44#NKVVNGQHHEGPVTGCPFVTCEGUQHXGTFKITKUHKPG
'Z6KPQ\\KEQNNGEVKQP
2CPFQNHQ%CRQFK(GTTQ
5JQYPKP'DPGTŉUCTVKENGCUPQ2GTKQF
'DPGTKFGPVKHKGUQPGQHVJGRKEVWTGFHKIWTGUCU2CPFWNH+%CRQFK(GTTQ#EQODKPCVKQPYKVJ)KUWNHVJGPUGGOUQWVQH
VJGSWGUVKQPDGECWUG2CPFWNH+%CRQFK(GTTQFKFPQVEQOGVQRQYGTWPVKNCHVGTVJGFGOKUGQH)KUWNHCEEQTFKPIVQ
VJG.F/
5CODQP
243
ITALY - PUGLIA and SICILY
%17065&7-'5QH27).+#
$[\CPVKPG2WINKCYCUVJGFQOKPKQPQHVJG0QTOCPPKEHCOKN[*CWVGXKNNG6JG[UV[NGFVJGOUGNXGUEQWPVU
QH2WINKC6CPETGFJCFUGXGTCNUQPUYJQEQPUGEWVKXGN[DQTGVJKUVKVNG)WINKGNOQ
&TQIQ

*WOHTKGF
CPF 4QDGTV )WKUECTF
+P 4QDGTV )WKUECTF
DGECOGFWMGQH2WINKC
UCPEVKQPGFD[VJGRQRG*GDGSWGCVJGFVJGVKVNGVQJKUUQP4WIIGTQ$QTUC

CPFJKUITCPFUQP)WINKGNOQ
4WIIGTQCPQVJGTQH6CPETGFŉUUQPUEQPSWGTGF5KEKN[

UGGWPFGTVJG0QTOCPUKP5KEKN[CPF+VCN[
)7).+'./1

(TC\KQPGFKHQNNCTQ5CNGTPQ#$WUVQH5V/CVVJGWUDGVYGGP5CPF/4%TQUUYKVJ88&8:KP
VJGCPINGU$KCIIKIT #NKVVNGQHHEGPVTGXGT[HKPG
PQ
%CRGNNK
$KCIIKJCUCYGKIJVQHIT6JGYGKIJVQHVJKUEQKPKU5QKVRGTJCRUKUCYJQNGHQNNKUKPUVGCFQHCRCTVKCN
HQNNKU
EQPVTCT[VQ%CRGNNK
#4#$5+05+%+.;

6JG#INKDKFKYGTGHTQO6WPGUKCVJG[TGUKFGFKP-CKTWCPKP6WPGUKC

6JG YGCMPGUU QH VJG $[\CPVKPGU
GPVKEGF VJG #TCDU VQ ECORCKIP +PVJG#TCDUVQQMVJG
YGUVGTPRCTVYJKEJKPENWFGF2CNGTOQ+P5[TCEWUGHGNNCPFHKPCNN[KP6CQTOKPC

2CNGTOQYCUTWNGFD[IQXGTPQTU
VJCVOCFGWRVJGEQTGQHVJGCEVWCNIQXGTPOGPV6JKUIQXGTPOGPVJCF
CXGT[TGIKQPCNEJCTCEVGTCPFJCFUVTQPIEQPPGEVKQPUVQ0QTVJ#HTKEC

9JGP VJG #TCDU EQPSWGTGF 5KEKN[ KP VJG VJ EGPVWT[ VJG[ KPVTQFWEGF CP GZVGPUKXG IQNF EQKPCIG QH
RTKOCTKN[SWCTVGTFKPCTUYGKIJKPICRRTQZKOCVGN[ITECNNGFTWDC KVCTKŋHTGUJSWCTVGTFKPCTUŌ6JKU
NCUVYQTFVCTKYCUCFQRVGFD[VJGPQP#TCDKEURGCMKPI%JTKUVKCPUQHUQWVJGTP+VCN[VQFGUKIPCVGVJGUG
EQKPU6JGFGPQOKPCVKQPEQPVKPWGFVQDGUVTWEMD[VJG0QTOCPUCPFVJGKTUWEEGUUQTUWPVKN+PVJG
NCVGTVJCPFKPVJGVJEGPVWT[VJGYGKIJVUQHKPFKXKFWCNEQKPUDGECOGJKIJN[GTTCVKEVJG[EQWNFHCNN
CUNQYCUITCPFDGCUJKIJCUIT+PFCKN[NKHGVJKUOGCPVVJCVCRC[OGPVQHVCTKUYQWNFDG
OCFG D[ YGKIJV TCVJGT VJCP D[ WUG QH EQKPU 6JG EQKPU VJGOUGNXGU HWPEVKQPGF CU C HQTO QH GCUKN[
RQTVCDNGDWNNKQPQHVJGEQPUVCPVCNNQ[QHECTCVU
'OKTK#INKDKFK
+$4#*+/++DGK #*/#&

4QD³Ä2CNGTOQ#*
#&$KCIIK5RCJTEIT
4+TTGIWNCTCPFUOCNNHNCPGZVTGOGN[HKPG
PQ
.CI
6JKUEQPUVKVWVGUQPGQHVJGTCTGKPUVCPEGUQHCNGIKDN[FCVGFEQKP
244
ITALY - SICILY
%CNKHHK(CVCOKFK
#./#*&+

4QD³Ä2CNGTOQ:#*
#&$KCIIK5RCJTIT
45OCNNHNCPDWVYGNNUVTWEMCPFGZVTGOGN[HKPGURGEKOGP
PQ
.CI
6JKUVQQKUQPGQHVJGTCTGKPUVCPEGUQHCNGIKDN[FCVGFEQKP
6JKUKUPQVOGPVKQPGFKP5RCJT
JGTG#N/CJFKKUKPFKECVGFYKVJC KGEJGRTQDCDKNOGPVGXKJCDCVVWVQOQPGVC
KP5KEKNKCOCUGP\CEJGKNPQOGFGNN KUQNCHKIWTKUWNNGOQPGVC
#./7 +<<

4QD³Ä2CNGTOQ
5KSKNNÄ[CJ#*
#&$KCIIK(DC5RCJTIT
48GT[HKPG
PQ
'Z)CNGTKGHÒT0WOKUOCVKM&ÒUUGNFQTH#WEVKQP
PQ
#.<#*+4

4QD³Ä2CNGTOQ
5KSKNNÄ[CJ!#*
!#&$KCIIK(D5RCJTIT
5OCNNHNCPXGT[HKPG
5EJWNOCP$WUUWO#WEVKQP
PQ
5RCJTOGPVKQPUVJCVVJGQDCPFTGXGTUGNGIGPFCTGUKOKNCTDWVJGTGKVKUFKHHGTGPV
#./756#05+4

4QD³Ä2CNGTOQ#*
#&$KCIIK5RCJTIT 5OCNNHNCPXGT[HKPG
$4'&2CTKU
245
ITALY - SICILY
014/#05+05+%+.;#0&5176*+6#.;

*QY VJG 0QTOCPU GPFGF KP +VCN[ KU UJTQWFGF KP O[UVGT[
PWOGTQWU NGIGPFU TGEQWPV VJGKT LQWTPG[ VQ
+VCN[6JG[CTTKXGFKPUOCNNKPFGRGPFGPVITQWRUCESWKTGFNCPFCPFUNQYN[DWVUWTGN[UGK\GFRQYGT6JG
YC[CPEKGPV5QWVJ+VCN[YCUQTICPKUGFEGTVCKPN[YCUQHUQOGJGNRVQVJGO6JWUQPGQHVJGCPEGUVQTUQH
VJG 0QTOCP 4CKPWNH DGECOG RTKPEG QH %CRWC CPF $[\CPVKPG #RWNKC YCU VJG FQOCKP QH VJG *CWVGXKNNG
HCOKN[+PVJGOQUVUWEEGUUHWN0QTOCP4QDGTV)WKUECTFYCURCRCNN[CEMPQYNGFIGFVQDGFWMGQH
#RWNKC %CNCDTKC CPF
KH JG OCPCIGF VQ EQPSWGT KV 5KEKN[ +P JG VQQM $CTK VJG NCUV $[\CPVKPG
HQQVJQNFKP+VCN[CPFKPJGVQQMRCTVKPVJGEQPSWGUVQH2CNGTOQ+VUWNVKOCVGEQPSWGTQTJQYGXGT
YQWNFDGJKUDTQVJGT4QIGT+9KVJVJGUGDQVJOGPC0QTOCPF[PCUV[YQWNFTKUGVQRQYGTVJCVYQWNF
TWNGWPVKN
41)'4+

4QIGTŉUKPVGPVKQPUVQJGNRJKUUQPUVQRQYGTKPXCTKQWUTGIKQPUYGTGHTWUVTCVGFD[VJGWPVKOGN[FGCVJUQH
CPWODGTQHVJGOCPFJGOQTGQXGTYCUQDNKIGFVQJCXGJKUGZKUVKPIRQUUGUUKQPUEQPUQNKFCVGFD[RCRCN
CEMPQYNGFIGOGPV
6TGCV[QH/KIPCPQ6YQPGYRTQXKPEGUFKFGOGTIGJQYGXGT&WECVWU#RWNKCGCPF
2TKPEKRCVWU%CRWG

6CTÂ F QTQ /GUUKPC # 6JTGG NKPGU QH MWHKE UETKRV 4 )TGCV 6 DGVYGGP VJTGG RGNNGVU $KCIIK
(DC5RCJTIT 9GCMN[UVTWEMCVVJGGFIGCPFKTTGIWNCTHNCPXGT[HKPG
PQ
'Z)CTTGVVEQNNGEVKQP++$CPM.GW0WOKUOCVKE(KPG#TVU<ÒTKEJPQ
'Z2TKP\2JKNKRRXQP5CEJUGP%QDWTI)QVJCEQNNGEVKQP5EJWNOCP#OUVGTFCO#WEVKQP
5RCJTOGPVKQPUVJGNGIGPFQPVJGQDXGTUGCPFCTQWPFVJG6PQVDGKPINGIKDNG

6TKHQNNCTQ /KNGVQ # 4QIGT QP JQTUG N 41) ' 4+85 %1/'5 4 /CTKC YKVJ EJKNF /#4+#
/#6'4$KCIIKIT 'FIGHCWNVUEQTTQFGFHKPG
$GEMGPDCWGT/ÒPEJGP
'OGTIGFKPVJGVJEGPVWT[KPVJGRGTKQFQHVJG5CTCEGPKPXCUKQPUCUC$[\CPVKPGUGVVNGOGPV4QIGTFG*CWVGXKNNG
KPVWTPGFKVKPVQCEQWPV[6JKU0QTOCPEQWPV[JCFCOKPVKP/KNGVQCOQPIQVJGTRNCEGU#HVGTVJGMKPIFQO
5KEKN[JCFDGGPHQTOGFCPF4QIGT++OQXGFVQ2CNGTOQ/KNGVQYCUCFOKPKUVTCVGFD[CIQXGTPQT

6TKHQNNCTQ/KNGVQ#4QIGTQPJQTUGN 541)4/CFQPPCYKVJEJKNF /#4+#/#6'4

&0+$KCIIKIT 0KEGFCTMRCVKPCXGT[HKPG
-WTRH·N\KUEJG/CPPJGKO#WEVKQP
PQ
246
ITALY - SICILY
41)'4++

4QIGT ++ YCU WPFQWDVGFN[ VJG OQUV UKIPKHKECPV 0QTOCP UQXGTGKIP JG CNQPG YCU CDNG VQ TGUKUV RCRCN
ENCKOU
VJCVYGTGPGXGTYJQNN[CDCPFQPGF
4QIGT ++ YCU ETQYPGF ŋ-KPI QH 5KEKN[Ō ŋ&WMG QH #RWNKCŌ CPF ŋ2TKPEG QH %CRWCŌ KP *KU
EQTQPCVKQPVQMKPIQH4GIPWO5KEKNCGKP5GRVGODGTYCURGTHQTOGFD[VJG#PVKRQRG#PCENGV++6JKU
EQTQPCVKQPYCUPQVCEMPQYNGFIGFD[VJGRQRGPQTD[(TGFGTKEM$CTDCTQUUC
'OKUUKQPKFK4QIGT++%QPVGFK5KEKNKCG&WECFK2WINKC

6CTK /GUUKPC # 6 YKVJ QTPCOGPVGF NKODU MWHKE UETKRV 4 -WHKE UETKRV $KCIIK 5RCJT
PQ

6TKHQNNCTQ /GUUKPC CPF 2CNGTOQ # 4QIGT QP VJTQPG YKVJ ETQUU 4 ++ TKPHKGNF4%JTKUVHCEKPI
DGVYGGP%'CPF558$KCIIK5RCJTIT 6TCEGUQHXGTKFITKUXGT[HKPG
-WTRH·N\KUEJG/CPPJGKO#WEVKQP
PQ
9GKIJVFQGUPQVHKV$KCIIKIT+VŉUUQOGVJKPIDGVYGGPVJGFQRRKQCPFVJGVTKHQNNCTQ

&QRRKQ HQNNCTQ /GUUKPC CPF 2CNGTOQ # $WUV QH %JTKUV HCEKPI DGVYGGP %% CPF 55 4 4QIGT QP
VJTQPGYKVJETQUU$KCIIK5RCJTIT 9GCMN[UVTWEMCNOQUVXGT[HKPG
6QFGTK(NQTGPEG
9GKIJVFQGUPQVHKV$KCIIKIT

&QRRKQHQNNCTQ/GUUKPCCPF2CNGTOQ#4QIGTUVCPFKPIHCEKPIYKVJNCPEGCPFQTD4++NKPHKGNF
4%JTKUVQPVJTQPG$KCIIK5RCJTIT 4(NCPETCEMXGT[HKPG
*QNNGOCP'PUEJGFG
0QKUVJGUCOGDWVVJGYGKIJVQHDQVJFQGUPQVHKV$KCIIKIT
&QRRKQHQNNCTQ/GUUKPCCPF2CNGTOQ#4QIGTUVCPFKPIHCEKPIYKVJNCPEGCPFQTD4++NKPHKGNF
4%JTKUVQPVJTQPG$KCIIK5RCJTIT 46TCEGUQHXGTFKITKUXGT[HKPG
6QFGTK(NQTGPEG
247
ITALY - SICILY

(QNNCTQ/GUUKPCCPF2CNGTOQ#4QIGTUVCPFKPIHCEKPIYKVJNCPEGCPFQTD4++NKPHKGNF4%TQUU
YKVJ+%:%0+-#KPVJGCPINGU$KCIIK5RCJTIT 8GT[HKPG
$CVCXKCFGP*CCI
'OKUUKQPKFQRQNCTKHQTOCFGN

6CTÂF QTQ/GUUKPCCPF2CNGTOQ#6JTGGRGNNGVUYKVJKPEKTENGMWHKEUETKRV4%TQUUDGVYGGP+%

:%CPF0+-#MWHKEUETKRV$KCIIK(D5RCJTIT 5OCNNHNCPXGT[HKPG
$4'&2CTKU

&WECNG 2CNGTOQ # -KPI 4QIGT CPF JKU UQP 4QIGT FWMG QH #RWNKC UVCHH YKVJ ETQUU CV GCEJ GPF
DGVYGGP VJGO DGPGCVJ VJG MKPI 4 4: 5%.5
4QIGTKWU 4GZ 5KEKNKCG DGPGCVJ VJG FWMG 4 & : #2

4QIGTKWU&WZ#RWNKCGCPF#04:
#PPQFGEKOQFGNTGIPQDGVYGGPVJGO4%JTKUVHCEKPI +%
:%4)+0#'640
,GUWU%JTKUVWUTGIPCVKPCGVGTPWO$KCIIK5RCJTIT
45NKIJVGN[EQTTQFGFQVJGTYKUGXGT[HKPGVQGZVTGOGN[HKPG
&QODTQYUMK/ÒPUVGT
&WECNGQPVJGVJ[GCTQHTGKIP

6GT\QFK&WECNG2CNGTOQ#*
#&#-WHKEUETKRV4%TQUUYKVJQPGRGNNGVCVVJG
GPFQHGCEJNKODQPGUVTKRGYKVJRGNNGVKPGCEJCPING 6'4%+#&8%#.+5$KCIIK5RCJT
IT 48GT[HKPG
5RKPM<ÒTKEJ

/G\\QHQNNCTQ$CTK#*
#&#$WUVQH5V0KEQNCWUYKVJITGGMUVQNC#0+-#1
Q#4%KTENGYKVJUVCTMWHKEUETKRV
/CFGKP$CTKKPVJG[GCT$KCIIK5RCJTXCTIT
4(KPGVQXGT[HKPG
PQ
6JGSWQVGQP5RCJTKUPQVEQORNGVGN[UWTGņVJKUEQKPKUUVTWEMKP/GUUKPCCUVJGNGIGPFOGPVKQPU*GTGKVKU$CTK
248
ITALY - SICILY

/G\\Q HQNNCTQ /GUUKPC #*

#& # 5VCT YKVJKP USWCTG YKVJ HQWT NKPGU CTCDKCP
NGIGPF
5VTWEMD[VJGQTFGTQH-KPI4QIGT45VCTYKVJUKZTC[UCPFMWHKENGIGPF
5VTWEMKP/GUUKPCKP
VJG[GCT$KCIIK5RCJTIT )TGGPRCVKPCXGT[HKPG
6QFGTK(NQTGPEG

(TC\KQPG FK HQNNCTQ 5CNGTPQ # (KUJ T DGVYGGP VYQ ETQUUGU 4 45 CPF 4: KP HKGNF $KCIIK
IT &CTMITGGPRCVKPCUOCNNHNCPXGT[HKPG
6QFGTK(NQTGPEG
%CRGNNK
)7).+'./1+

)WINKGNOQŉUTQ[CNVKVNGYCUPQVTGEQIPKUGFD[2QRG*CFTKCP+8GKVJGT+PCFFKVKQP(TGFGTKEM$CTDCTQUUC
CPFVJG$[\CPVKPG'ORGTQT/CPWGN-QOPGPQUGPVGTGFKPVQCPCNNKCPEGVQKPXCFGVJGMKPIFQO5KEKN[
1P,WPG)WINKGNOQCITGGFVQRGCEGYKVJVJGRQRGYJQTGEQIPKUGFJKUMKPIJQQF6JGKPXCUKQP
PGXGTVQQMRNCEG

(TC\KQPGFKHQNNCTQ/GUUKPC#*
#&#4':9KPHKGNFMWHKEUETKRV
/CFGKP
/GUUKPCKPVJG[GCT4/CFQPPCYKVJEJKNF/2Ω;$KCIIK5RCJTIT
9GCMN[UVTWEMCVVJGGFIGCPFVTCEGUQHXGTFKITKUXGT[HKPG
5RKPM.QPFQP

(TC\KQPGFKHQNNCTQ5CNGTPQ#(NQYGTU49:4KPHKGNF$KCIIKIT

)TGGPRCVKPCUNKIJVGN[EQTTQFGFXGT[HKPG
5CPVCOCTKC4QOG
%0+

(TC\KQPGFKHQNNCTQ5CNGTPQ#(NCIYKVJETQUUDGVYGGPVYQUVCTU45VCTDGVYGGPVYQRGNNGVUQXGT)
CPF4$KCIIKIT 0KEGITGGPRCVKPCXGT[HKPG
5CPVCOCTKC4QOG
%0+
249
ITALY - SICILY
)7).+'./1+++

(QNNCTQ)CGVC#%TQUU9&'+)4#4':4%CUVNG%+8+6#5)#+'6#$KCIIKIT

4&CTMRCVKPCYGCMN[UVTWEMCVVJGGFIGXGT[HKPG
-TKEJGNFQTH(TGKDWTI
)7).+'./1++

&WTKPIJKUOKPQTKV[
WPVKN3WGGP/CTICTGVQH0CXCTTCCEVGFCUTGIGPV
)WINKGNOQ ++ FKF PQV JCXG CP[ QHHURTKPI UQ JG CTTCPIGF C OCTTKCIG DGVYGGP %QUVCP\C
FCWIJVGT QH
4QIGT ++ CPF NCUV JGKT QH VJG 0QTOCP F[PCUV[ QH *CWVGXKNNG CPF 'PTKEQ 8+ VJG UQP QH (TGFGTKEM
$CTDCTQUUC6JKUOGVYKVJHKGTEGTGUKUVCPEGD[VJGRQRGYJQEQPUKFGTGFJKOUGNHVJGUWRTGOGUW\GTCKP
QXGTVJGUGVGTTKVQTKGU0QDKNKV[VQQQRRQUGFCPFRTQENCKOGF6CPETGFQH.GEEGCPKNNGIKVKOCVGEQWUKPQH
4QIGT++MKPI9CTGPUWGFDGVYGGP6CPETGFCPF'PTKEQHTQOYJKEJ'PTKEQGOGTIGFXKEVQTKQWUKP

6CTK 2CNGTOQ CPF /GUUKPC #5VCTYKVJUKZTC[UMWHKEUETKRV4%TQUUDGVYGGP+%:%CPF0+

-#MWHKEUETKRV$KCIIK(D5RCJTIT
5OCNNHNCPTGXGTUGQHHEGPVTGXGT[HKPG
/WP\GPWPF/GFCKNNGP&GWVUEJNCPF#WEVKQP
PQ
6TCXCKPK6H

6GT\QFK#RWNKGPUG2CNGTOQCPF/GUUKPC#2CNOVTGGDGVYGGP9CPF4:4-WHKEUETKRVKPHKGNF
6'4%+#28.+'05+5+$KCIIK5RCJTIT
4#NKVVNGQHHEGPVTGQVJGTYKUGXGT[HKPG
&QODTQYUMK/ÒPUVGT

(TC\KQPG FK FKTJGO 2CNGTOQ CPF /GUUKPC # -WHKE UETKRV 4 %TQUU KP HKGNF MWHKE UETKRV $KCIIK
5RCJTIT 48GT[HKPG
250
ITALY - SICILY

6TKHQNNCTQ2CNGTOQCPF/GUUKPC#.KQPŉUJGCF42CNOVTGGYKVJFCVGU$KCIIK5RCJT
IT 6TCEGUQHXGTFKITKUQVJGTYKUGXGT[HKPGVQGZVTGOGN[HKPG
%TKRRC/KNCPQ

(QNNCTQ2CNGTOQCPF/GUUKPC#.KQPŉUJGCF4-WHKEUETKRV$KCIIK5RCJTIT
8GT[HKPG
PQ
5CODPQTO4GR)GP
/G\\QHQNNCTQ/GUUKPC#4':95%:5KPHKGNF 12'4#61+084$'/'55#0'4-WHKE

UETKRV$KCIIK5RCJTIT #NKVVNGQHHEGPVTGXGT[HKPGVQGZVTGOGN[HKPG
&QODTQYUMK/ÒPUVGT

(QNNCTQ5CNGTPQ#)TGCV9WPFGTETGUEGPVCPFVJTGGUVCTUVJTGGRGNNGVUKPHKGNF44:Ő++KPHKGNF
HQWTRGNNGVUCTQWPF$KCIIKIT 8GT[HKPG
6QFGTKP(NQTGPEG
%CRRGNNK

6#0%4'&+

(QNNCTQ2CNGTOQCPF/GUUKPC#4':KPHKGNFDGVYGGPVYQTKPIU 41)'4+854-WHKEUETKRV
$KCIIK5RCJTIT 4GXGTUGCNKVVNGQHHEGPVTGXGT[HKPG
-WPUVWPF/ÒP\GP.WICPQ#WEVKQP
PQ
ŋ%QPKCVQFQRQN CUUWPEKQPGCNVTQPQFK4QIGTRTKOQIGPKVQVJG6CPETGFK
HKPGŌ
6#0%4'&+)7).+'./1+++

(TC\KQPGFKHQNNCTQ5CNGTPQ#$CUMGVYKVJRCNOVTGGDGVYGGP8+CPF614%CUVNGDGVYGGP4:CPF
4:$KCIIKIT 4)TGGPRCVKPCKTTGIWNCTHNCPXGT[HKPG
6QFGTK(NQTGPEG
%CRGNNK
251
ITALY - SICILY
*1*'056#7('0+05+%+.;#0&5176*+6#.;

'04+%18+

FK6GTEGPCTKC2CNGTOQ#-WHKEUETKRV
'PTKEQ%GUCTG#WIWUVQ4 <4':5+%+.
KPHKGNF$KCIIK5RCJTIT 48GT[HKPG
)QTP[/QUEJ#WEVKQP
PQ
ŋ0GN'PTKEQ8+FK5XGXKCHGEGDCVVGTGWPUQNQVKRQFKOQPGVCPGNNC\GEECFK2CNGTOQFQRQFKEJ¾NCEJKWUG
GNCVTCUHGTKCOGUUKPCGC$TKPFKUKŌ
'04+%18+CPF%156#0<#

&GPCTQ/GUUKPCCPF$TKPFKUK#%TQUU '+/2'4#6144'CING%+/2'4#64+:$KCIIK

5RCJTIT 5NKIJVGN[EQTTQFGFXGT[HKPGVQGZVTGOGN[HKPG
6QFGTK(NQTGPEG

&GPCTQ/GUUKPCCPF$TKPFKUK#%TQUUYKVJQPGUVCTKPVJGPFCPFTFCPINGU*'+/2'4#614
4#2WPFGTQOGIC%+/2'4#64+:$KCIIK5RCJTIT
/KPQTGFIGETCEMUCPFUNKIJVGN[EQTTQFGFQVJGTYKUGXGT[HKPGVQGZVTGOGN[HKPG
'04+%18+

6CTÂ F QTQ /GUUKPC CPF $TKPFKUK # %KTENG YKVJ RGNNGV KP EGPVTG CPF MWHKE UETKRV
'PTKEQ %GUCTG
#WIWUVQ4%TQUUDGVYGGP+%:%CPF0+-#$KCIIK(D5RCJTIT
5OCNNHNCPGZVTGOGN[HKPG
5RKPM<ÒTKEJ
'04+%18+CPF('&'4+%1

&GPCTQ/GUUKPCCPF$TKPFKUK#'CINGN '+/2'4#6144%TQYPGFJGCFHCEKPI(4'&'4+%

4':$KCIIK5RCJTIT #NKVVNGYGCMN[UVTWEMCVVJGGFIGXGT[HKPG
6QFGTK(NQTGPEG
252
ITALY - SICILY
('&'4+%1++CPF%156#0<#

'PTKEQFKGFKPNGCXKPIVJGMKPIFQOVQJKUYKHG%QUVCP\CCPFVJGKTUQP(GFGTKEQ++%QUVCP\CFKGF
KP YJGTGWRQP 2QRG +PPQEGPV +++ CUUWOGF TGIGPE[ QXGT VJG MKPIFQO +P (GFGTKEQ ++ JCF
EQOG QH CIG JG JCF JKOUGNH ETQYPGF MKPI KP KP #CEJGP 7UKPI EQPUKFGTCDNG FKRNQOCE[ JG
QXGTECOG VJG RQRGŉU TGUKUVCPEG CICKPUV VJG PGY WPKQP QH VJG MKPIFQO 5KEKN[ CPF VJG )GTOCP 'ORKTG

YJKEJEQORNGVGN[JGOOGFKP4QOG

&GPCTQ # 1TD YKVJ ETQUU DGVYGGP VYQ TKPIU (4'&'4+% 4': 4 %TGUEGPV YKVJ UVCT %
4')+0#$KCIIK5RCJT)TKGTUQP6TCXCKPKIT 'ZVTGOGN[TCTG8GT[HKPG
4CWEJ9KGP#WEVKQP
PQ
'FKVGFD[5KEKNKCCTEJGQNQIKEC(TCPEQF #PIGNQ
+P8GEEJK#WEVKQPPQ'ZVTGOGN[TCTG6TCXCKPKCPF)TKGTUQP6TCXCKPK
+VCN[
(TGFGTKEM++YKVJ%QPUVCPEGQH#TCIQP
+P%CV)QTP[#WEVKQPPQ
VJKUEQKPQEEWTU
VQQCPFVJGCEEQORCP[KPITGOCTMŋ#WHFKG*QEJ\GKVŌQDXKQWUN[VCMGUVJGFGXKEGVQDGCINQDWUETWEKIGT
+P5RCJTVJGPWODGTUHGCVWTGVJG[TGHGTVQVJGYGFFKPIQH(TGFGTKEMCPF%QPUVCPEGKP

/G\\QFGPCTQ#24+WPFGTQOGIC (4'&'4854%TQUUYKVJQPGUVCTKPVJGUVCPFPF

CPINGUNGIGPFDGIKPUYKVJC%$KCIIK5RCJTIT
44)TGGPRCVKPCKTTGIWNCTHNCPXGT[HKPG
9KNNGOU$GPPGMQO
#UKVUQDXGTUGVGZVUVCTVUYKVJC%VJKUEQKPRTGUWOCDN[DGNQPIUVQVJGEQODKPCVKQP(GFGTKEQCPF%QUVCP\C
('&'4+%1++

6CTÂF QTQ/GUUKPCCPF$TKPFKUK#'CINGNYKVJRGNNGVKPHTQPVMWHKEUETKRV4.CVKPETQUUDGVYGGP

QOGICQOGIC+%:%CPF0+-#$KCIIK(D5RCJTIT
5OCNNHNCPCNOQUVGZVTGOGN[HKPG
&QODTQYUMK/ÒPUVGT
5RKPCNNK

6CTÂF QTQ/GUUKPCG$TKPFKUK#4QUGVVG

HKXGRGNNGVUCTQWPFRGNNGVKPEGPVTGMWHKEUETKRV4.CVKP
ETQUUDGVYGGPQOGICQOGIC+%:%CPF0+-#$KCIIK5RCJTIT
'FIGHCWNVUXGT[HKPG
#WMVKQPGU$CUGN#WEVKQP
PQ
5RCJTŋ#FKHHGTGP\CFGNNCOQPGVCEQPWPUQNQINQDGVVQKPEGPVTQNCNGIIGPFCRUGWFQEWHKECKPSWGUVCUGTKG½TKFQVVCC
UGORNKEGUGIPKFGEQTCVKXKKNIKTQOCTIKPCNGFŉCODQKNCVKEQPUKUVG
UGXKUKDKNGKPWPCHKNCFKVTKCPIQNGVVKKPVGTTQVVCKP
CNVQFCUGIOGPVKFKEJGTEJKQ.ŉWNVKOCGOKUUKQPGEQPUGKINQDGVVK½UVCVCCDDQPFCPVKUUKOCŌ
253
ITALY - SICILY

)TQUUQF CTIGPVQ#%TQYPGFJGCFT (4+&'4+%85++45OCNNETQUUYKVJNKPGCPFVJTGGRGNNGVU

KPGCEJCPING41/+'24#8)$KCIIK5RCJTIT
'ZVTGOGN[TCTG/CIPKHKEGPVRCVKPCCNOQUVGZVTGOGN[HKPG
(TCPEGUEJK$TWUUGN
+PVJGCWEVKQPECVCNQIWG8GEEJK
PQCPF5GRVGODGTVJKUEQKPKUNKUVGFWPFGTPQCNQPIYKVJ
VJGHQNNQYKPIFGUETKRVKQP)TQUUQF CTIGPVQI6GUVCEQTQPCVQCFKPEGTEJKQNKPGCTGCPFNGIIGPFCGUVGTPC
(4+&+4+%85++%TQEGRCVGPVCEQPVTGINQDGVVKCVTKCPIQNQPGINKURC\KVWVVQKPEGTEJKQGNGIGPFCGUVGTPC 41/
+'24#8)
EH5RRGTNQUVKNQFKDWUVQ%QPQUEKWVQKPRQEJKGUGORNCTK
2GT NQ UVKNG G KN TKVTCVVQ RQVTGDDG VTCVVCTUK FK WPC OQPGVC EQPKCVC FGNNC \GEEC FK $TKPFKUK FGUVKPCVC CN OGTECVQ FGN
0QTFKPHCVVKKNRGUQEQTTKURQPFGCNN KPEKTECCSWGNNQFGQITQUUKFGK%QOWPKFGN0QTF+VCNKC

&GPCTQ/GUUKPC
!#%TQUUYKVJTQUGVVGKPVJGPFCPFTFCPINGU J(J+2'4#6144
%TQYPGFJGCFN +'4.J5+%+.J4':$KCIIK5RCJTIT
6TCEGUQHGPETWUVCVKQPYGCMN[UVTWEMCNOQUVXGT[HKPG
4CWEJ9KGP#WEVKQP
PQ
9KVJVKVNGMKPIQH,GTWUCNGO
&GPCTQ$TKPFKUK#%TQUU (+/2'4#6144)TGCV(KPHKGNF 4+'45. '65+%+.

$KCIIK5RCJTIT %QTTQFGFHKPGVQXGT[HKPG
PQ

&GPCTQ/GUUKPCCPF$TKPFKUK#*GCFT (41/+24ŉ5'2#8)ŉ4'CING

T 4+'45.ŉ'65+%ŉ$KCIIK
#&5RCJT
#&IT
&CTMITGGPCPFDTQYPRCVKPCXGT[HKPGVQGZVTGOGN[HKPG
6QFGTK(NQTGPEG
&GPCTQ/GUUKPCCPF$TKPFKUK#+24WPFGTVYQCTEU (41/#0148/4%TQUUYKVJ

QPGETGUEGPVKPGCEJCPING +'45.'65+%+.4$KCIIK5RCJTIT
'FIGDTGCMUEQTTQFGFXGT[HKPG
254
ITALY - SICILY

/G\\QFGPCTQ/GUUKPCCPF$TKPFKUK#+2WPFGTQOGIC (41/#0148/4a%TQUU

4+'4. '65+%. $KCIIK5RCJTIT +TTGIWNCTHNCPCPFGFIGHCWNVUXGT[HKPG
$GEMGPDCWGT/ÒPEJGP
&GPCTQ$TKPFKUK#(4WPFGTQOGIC 41/+/245'2#8)4%TQUU 4+'45. '6
5+%+. a$KCIIK5RCJTIT &CTMRCVKPCXGT[HKPG
*QNNGOCP'PUEJGFG
/7*#//#&KDP #$$#&

&KTJGO#-WHKEUETKRV4-WHKEUETKRV$KCIIKIT 44%QTTQFGFHKPGVQXGT[HKPG

4CWEJ9KGP#WEVKQP
PQ
%HF #PIGNQ5VWFKR
%H5EJYGK\GT/ÒP\DN·VVGT,WNK5#DD
(TCPEQFŉ#PIGNQ
.QPICHVGTVJG5CTCEGPUJCFDGGPDGCVGPUOCNNITQWRUUVKNNJKFQWVKPVJGOQWPVCKPUQH5KEKN[CUUCWNVKPIVJGEKVKGU
(GFGTKEQ EQPUGSWGPVN[ UVCTVGF C YCT CICKPUV VJGUG ICPIU CDQWV YJKEJ NKVVNG KU MPQYP +P VJG UWOOGT QH VJG
OCKPHQTVTGUUQH,CVQYCUVCMGP6JG'OKT+DPŉ#DDCFEQPUGSWGPVN[UJGFCNNJQRGQHXKEVQT[*GCRRGCTGFDGHQTGVQ
(GFGTKEQ VQ CUM HQT OGTE[ (GFGTKEQ JQYGXGT VQQM JKU URWTU CPF UNCUJGF QRGP +DPŉ#DDCFŉ DQF[ UQ DCFN[ VJCV JG
JCFVQDGFTCIIGFCYC[#YGGMNCVGTJGYCUJCPIGF(TQO'-CPVQTQYKE\-CKUGT(TKGFTKEJFGT<YGKVGR
6JGUEGPGYKVJ+DPŉ#DDCFKUTGEQWPVGFD[#DW#N(CFC[N
UGG-CPVQTQYKE\XQNWOGR
%144#&1+

9JGP (GFGTKEQ ++ FKGF KP JG DGSWGCVJGF JKU UQP %QTTCFQ +
YJQ YCU CNUQ JGKT VQ VJG )GTOCP
'ORKTG-QPTCFYKVJVJGMKPIFQO5KEKN[#PKOQUKV[CICKPUVVJG5VCWHGTUEQPFQPGFD[VJGRQRGFKFPŉV
UWDUKFG WPVKN C UWDUVCPVKCN RGTKQF QH VKOG JCF RCUUGF %QTTCFQ FKGF CHVGT C HGY [GCTU KP CPF JKU
MKPIFQO 5KEKN[ FGXQNXGF QP JKU UQP %QTTCFQ ++
%QTTCFKPQ $GTVJQNF QH *QJGPDWTI YCU VJG CEVKPI
TGIGPV

&GPCTQ/GUUKPC#%TQUU %104#&8544:NKICVWTGFKPHKGNF +'4ŉ'65+%+.ŉ

$KCIIK5RCJTIT &CTMRCVKPCXGT[HKPG
&QODTQYUMK/ÒPUVGT

&GPCTQ/GUUKPC#%14KPHKGNF +'485#.'/4%TQUU'65+%+. 4':$KCIIK

5RCJTIT 5NKIJVGN[EQTTQFGFXGT[HKPG
'NUGP$TWUUGN
(TQONKUVPQ
255
ITALY - SICILY
%104#&1++

&GPCTQ/GUUKPC#%DGVYGGPVYQRGNNGVUCPFWPFGTQOGICKPHKGNF 5'%80&+'4.ŉ4%TQUU

YKVJHQWTRGNNGVUKPVJGPFCPFTFCPINGU '65+%+.+'4':$KCIIK5RCJTIT
44#NKVVNGQHHEGPVTGCPFYGCMN[UVTWEMCNOQUVXGT[HKPG
4CWEJ9KGP#WEVKQP
PQ
5RCJTOGPVKQPUVJTGGRGNNGVUKPVJGCPINGUQPVJGTGXGTUG
/#0(4'&+

6JGOKPQTKV[QH%QTTCFKPQGPVKEGFVJGRQRGVQQPEGCICKPCVVGORVVQUGK\GVJGVJTQPG%QPUGSWGPVN[VJG
KNNGIKVKOCVGUQP
YJQNCVGTYQWNFDGNGIKVKOKUGFQH(GFGTKEQ++/CPHTGFKQP#WIWUVKP2CNGTOQ
YCUETQYPGFMKPIQH5KEKN[
#NVJQWIJVJGIQXGTPOGPVQH/CPHTGF
YCUUQWPFKVEQWNFPQVRTGXGPVVJGRQRGŉUGPFGCXQWTU
VQDTKPIVJGTGIKQPWPFGTJKUFKTGEVUYC[

&GPCTQ $TKPFKUK

! # #DGVYGGPVYQTKPIU /#;0(4+&854%TQUUYKVJQPGUVCTKPGCEJ
CPING 4':5+%+.+'$KCIIK5RCJTIT
PQ
+TTGIWNCTHNCPCPFOKPQTGFIGDTGCMXGT[HKPG

5RCJTSWGUVKQPUKHVJG#QPVJGQDXGTUGEQWNFOGCP#RWNKC!
$KCIIK/#0(4+&85

&GPCTQ /GUUKPC # %TQUU /#80(4'&85 4 5 DGVYGGP VYQ RGNNGVU 4': 5+%+.+'
$KCIIK5RCJTIT 49GCMN[UVTWEMKPRCTVUQVJGTYKUGXGT[HKPG
5RCJTOGPVKQPUCPQVJGTNGIGPFQPVJGTGXGTUG

&GPCTQ/CPHTGFQPKC
#)QVJKE/WPFGTQOGIC /#;0(4+& 46YQETQUUGUQXGT
GCEJQVJGT 4':5+%+.+'$KCIIK5RCJTIT
45OCNNCPFKTTGIWNCTHNCPXGT[HKPG
-ÌNPGT/ÒP\MCDKPGVV-ÌNP
256
ITALY - SICILY
%*#4.'5+&ŉ#0)+
+05+%+.;#0&5176*+6#.;
5VCTVGFKP#PLQWCPF/CKPG
%JCTNGU+CESWKTGFVJG2TQXGPEGVJTQWIJJKUOCTTKCIGYKVJ$GCVTKEG

2QRG+PPQEGPV+8YJQYCUNQQMKPIHQTUQOGDQF[VQUWEEGGFVJG5VCWHGTUCNTGCF[CRRTQCEJGF%JCTNGU+
KP
JKUOCKPCKOYCUPQVVQDGEKTEWOXGPVGFCICKPCUYCUVJGECUGYKVJVJG*QJGPUVCWHGPU0QV
WPVKN YCU CP CITGGOGPV TGCEJGF WPFGT RQRG %NGOGPU +8 %JCTNGU + TGEGKXGF 5KEKN[ KP HKGH HQT C
ITGCV UWO 1P VJG VJ QH ,CPWCT[ JG YCU ETQYPGF MKPI 1P (GDTWCT[ JG XCPSWKUJGF
/CPHTGFKKPVJG$CVVNGQH$GPGXGPVQ

6JTQWIJ JKU CESWKUKVKQP QH VJG TKIJVU QH /CTKC QH #PVKQEJKC KP %JCTNGU + YCU GPVKVNGF VQ ECNN
JKOUGNHMKPIQH,GTWUCNGO
YJKEJYCUTGCNN[CHQTOCNKV[

+P%JCTNGU+KPVGTXGPGFKPVJGGNGEVKQPQHVJGRQRGCPF/CTVKP+8YCUEJQUGP7PFGTJKO%JCTNGU
EQNNCDQTCVGFYKVJ8GPKEGVQRTGRCTGCPCVVCEMQPVJG$[\CPVKPGGORGTQT/KEJCGN8+++2CNCGQNQIWU6JG
RNCPYCUVJYCTVGFD[VJG5KEKNKCP8GURGTU
/CTEJ6JKUTGDGNNKQPQP5KEKN[CICKPUV%JCTNGU+
UVCTVGFQP/CTEJKP2CNGTOQKPKVVJG5KEKNKCPURTQVGUVGFCICKPUV%JCTNGUŉVCZRQNKVKEUVJGOQXG
QH VJG ECRKVCN HTQO 2CNGTOQ VQ 0CRNGU CPF VJG HCEV VJCV OKNKVCT[ RQYGT YCU JGNF GZENWUKXGN[ D[ VJG
7NVTCOQPVCPK

2QRG /CTVKP +8 YJQ OCKPVCKPGF ENQUG VKGU YKVJ %JCTNGU + EQPFGOPGF VJG TGDGNNKQP DWV CV VJG UCOG
VKOGVWTPGFVQ2KGVTQQH#TCIQP
YGFFGFVQ%QUVCP\CFCWIJVGTQHVJG5VCWHGT/CPHTGFK

2KGVTQ YCPVGF VQ EQPSWGT 5KEKN[ HTQO #HTKEC 9JGP JG JCF JKOUGNH RTQENCKOGF MKPI 2QRG /CTVKP +8
GZEQOOWPKECVGF JKO CPF FGENCTGF JKU CWVJQTKV[ XQKF *QYGXGT 2KGVTQŉU CFOKTCN 4QIGT QH .CWTKC
UWDUGSWGPVN[FGHGCVGFVJG0CRQNKVCPHNGGVQHH0CRNGU
CPFVQQM%JCTNGU++ECRVKXG

2KGVTQVQQYCUPQVCEEGRVGFKP5KEKN[*KUFGCVJQP0QXGODGTTGUQNXGFVJGUKVWCVKQP(QTVJG
KPHCPV )KCEQOQ C UGRCTCVG MKPIFQO 5KEKN[ YCU GUVCDNKUJGF GPCDNKPI #TCIQP QHHKEKCNN[ UVKNN WPFGT
KPVGTFKEVVQPGIQVKCVGYKVJ0CRNGU#HVGT#NHQPUQŉUFGOKUG
)KCEQOQJGNFDQVJMKPIFQOUCICKP
+PVJG6TGCV[QH#PCIPK
5KEKN[YCUEGFGFVQVJGEJWTEJKPGZEJCPIGHQT5CTFKPKCCPF%QTUKEC
%*#4.'5+F #0)+

&GPCTQ/GUUKPCCPF$TKPFKUK#-DGVYGGPVYQNKUCPFVYQUVTKRGU &'+)4#4':5+%+. 4

.QPIETQUUYKVJQPGNKUKPGCEJCPING &8%#28.24+%%#2$KCIIK5RCJTIT
445OCNNHNCPETCEMCPFUNKIJVGN[EQTTQFGFQVJGTYKUGGZVTGOGN[HKPG
/ÒP\\GPVTWO5QNKPIGP#WEVKQPPQ

&GPCTQ/GUUKPCCPF$TKPFKUK#(QWTNKU -#41. &'+)4#4.QPIETQUU4':5+%+.+'

$KCIIK5RCJTIT +TTGIWNCTHNCPXGT[HKPG
PQ

&GPCTQ /GUUKPC CPF $TKPFKUK # 6JTGG NKU -#41. &'+ )4# 4 .CVKP ETQUU DGVYGGP VYQ
RGNNGVU 4':5+%+.+'$KCIIK5RCJTIT +TTGIWNCTHNCPXGT[HKPG
PQ
257
ITALY - SICILY

&GPCTQ/GUUKPCCPF$TKPFKUK#.KUQXGTETGUEGPV -&'+)4#4':5+%+.+'4%TQUU

YKVJQPGNKUCVVJGGPFQHGCEJNKOD&8%#28. '624+%%#2$KCIIK5RCJTIT
5NKIJVGN[EQTTQFGFYGCMN[UVTWEMXGT[HKPG
-TKEJGNFQTH(TGKDWTI
5RCJTŋ+NIKINKQCNFKUQRTCFGNNCNWPCHCNECVCCNNWFGCNNCXKVVQTKCFGN4GUWINKKPHGFGNKUKTKVKGPGDCVVWVQSWGUVQVKRQC
/GUUKPCCNTKVQTPQFK%JCTNGU+FGNNCURGFK\KQPGEQPVTQ6WPKUKŌ

&GPCTQ$TKPFKUK#%TQUUYKVJQPGRGNNGVCVVJGGPFQHGCEJNKODCPFQPGUOCNNETQUUKPGCEJ
CPING
ETQUUQH,GTWUCNGO -&'+)4#4':+'45+%45JKGNFYKVJVJTGGNKU &8%#2. '6
24+0%%#2$KCIIK5RCJTIT 45OCNNHNCPXGT[HKPG
PQ
-+0)&1/#4#)10
+05+%+.;#0&5176*+6#.;
2+'641CPF%156#0<#

2KGTTGCNG/GUUKPC#%TQYPGFGCINGKPQEVQHQKNYKVJQPGTKPIKPGCEJCPING%156#J&'+J)4#J
#4#)J5+%+.J4')+#45JKGNFQH#TCIQPKPQEVQHQKNYKVJQPGTKPIKPGCEJCPING J2J&'+J
)4#J#4#)10J5+%+.J4':$KCIIK5RCJTIT /CIPKHKEGPVVQPGGZVTGOGN[HKPG
%TKRRC/KNCPQ
)+#%1/1

2KGTTGCNG/GUUKPC#%TQYPGFGCINGKPQEVQHQKNYKVJQPGTKPIKPGCEJCPING J+#J&'+J)4#J

#4)10 J 5+%. 4': J 4 5JKGNF QH #TCIQP KP QEVQHQKN YKVJ QPG TKPI KP GCEJ CPING J #% J
$#4%*+010'J%1/'5J$KCIIK5RCJTIT
#NKVVNGYGCMN[UVTWEMCVVJGGFIGCNOQUVGZVTGOGN[HKPG
5EJYGK\GTKUEJG$CPMXGTGKP$CUGN#WEVKQP
PQ
'Z5QNGT%CDQVEQNNGEVKQP
258
ITALY - SICILY

2KGTTGCNG/GUUKPC#%TQYPGFGCINGKPQEVQHQKNYKVJQPGTKPIKPGCEJCPING J+#J&'+J)4#J

#4)10 J 5+%. 4': J 4 5JKGNF QH #TCIQP KP QEVQHQKN YKVJ QPG TKPI KP GCEJ CPING J #% J
$#4%*+010'J%1/'5J$KCIIK5RCJTIT 8GT[HKPG
/ÒP\\GPVTWO-ÌNP
2+'641++

2KGTTGCNG /GUUKPC # %TQYPGF GCING KP QEVQHQKN YKVJ QPG TKPI KP GCEJ CPING G 2'6485 G
5'%80&8545JKGNFQH#TCIQPKPQEVQHQKNYKVJQPGTKPIKPGCEJCPINGETQUUCDQXGCPFDGVYGGPVYQ
UVCTU G&'+G)4#G4':5+%+.+'$KCIIK5RCJTIT
PQ

('&'4+%1KN5'/2.+%'

2KGTTGCNG/GUUKPC#%TQYPGFGCINGKPQEVQHQKNYKVJQPGTKPIKPGCEJCPING (4+&'4+%85&'+

)4#4':5+%+.'45JKGNFQH#TCIQPKPQEVQHQKNYKVJQPGTKPIKPGCEJCPINGETQYPCDQXGCPF
DGVYGGP)CPF/ #%J#6*'0#4J<J0'12#64+'J&8:J$KCIIK5RCJTIT
5OCNNHNCPGZVTGOGN[HKPG
PQ

2KGTTGCNG /GUUKPC # %TQYPGF GCING KP QEVQHQKN YKVJ QPG TKPI KP GCEJ CPING (4+&+%85 „ & „
)4#„4':545JKGNFQH#TCIQPKPQEVQHQKNYKVJQPGTKPIKPGCEJCPINGCDQXGETQYPCPF2N
#%„#6'0#4„<„0'12&8:$KCIIK5RCJTIT 5OCNNHNCPGZVTGOGN[HKPG
*GP\GP#OGTQPIGP
(TQONKUVPQX PQ
259
ITALY - SICILY

&GPCTQ/GUUKPC#%TQYPGFJGCFQHCPCPIGNHCEKPI (4+&'4+%85&'+4.QPIETQUUYKVJQPG

/KPVJGPFCPFQPGTQUGVVGKPVJGQVJGTCPINGU )4#4':$KCIIK5RCJTHHIT
4+TTGIWNCTHNCPYGCMN[UVTWEMHKPGVQXGT[HKPG
#.(1051+

&GPCTQ /GUUKPC # %TQYPGF GCING #.(105 & )4 4 5JKGNF QH #TCIQP DGVYGGP 2 CPF +
ˆ4':5+%+.+'$KCIIK5RCJTIT +TTGIWNCTHNCPXGT[HKPG
)+18#00+++

&GPCTQ /GUUKPC # %TQYPGF GCING +1*#00'5 &'+ ) 4 5JKGNF QH #TCIQP WPFGT /
%ˆ 4':5+%+.+'#+$KCIIK5RCJTIT 6TCEGUQHXGTFKITKUCNOQUVXGT[HKPG
$4'&2CTKU
8+..#&'..#%*+'5#

5#4&')0#
2+'641+++Fŉ#4#)10#

4GCNG#5JKGNFQH#TCIQPDGVYGGPHKXGTQUGVVGUCPFGKIJVRGNNGVUKPQEVQHQKNYKVJQPGTKPIKPGCEJCPING
2'6485#4#)108/'65#4&+0+'4':4%TQUUYKVJQPGTQUGVVGDGVYGGPVYQRGNNGVUKPGCEJ
CPINGCPFQPGTKPICVVJGGPFQHGCEJNKODKPQEVQHQKNYKVJQPGTKPIKPGCEJCPING (146+68&1'6
.#85/'#&1/+085$KCIIKIT 0KEGVQPGLWUVKHKGFGZVTGOGN[HKPG
5CPVCOCTKC4QOG
260
BALKAN - SLAVONIA
$#.-#0
6JGJKUVQT[QHVJG$CNMCPRGPKPUWNCKUEJCTCEVGTKUGFD[EQPUVCPVN[TGEWTTKPIHTCIOGPVCVKQPVJGDQTFGTU
QH VJG UVCVGU GXGTEJCPIKPI 6JG OCKP UVCVGU YGTG 5NQXGPKC%TQCVKC KP VJG PQTVJ VJG &CNOCVKCP EKVKGU
CNQPI VJG #FTKCVKE EQCUV 5GTDKC KP VJG EGPVTG
C OCTIKPCN PQVG KU CRRTQRTKCVG KP VJKU ECUG 5GTDKC
EQORTKUGU&WMNLCQT<GVC*WO
6GTTC%JGNO*GT\GIQXKPC4CUMC$QUPKCCPF5TGOCOQPIQVJGT
VGTTKVQTKGU +P PWOKUOCVKE NKVGTCVWTG 5GTDKC CPF 4CUMC CTG RGTEGKXGF CU QPG CPF VJG UCOG *GTG GCEJ
VGTTKVQT[KUNQQMGFCVKPFKXKFWCNN[
CUFGUETKDGFKP,QXCPQXKECPCRRTQCEJVJCVCNUQUVCPFUWRVQETKVKECN
GZCOKPCVKQPYJGPKVEQOGUVQGRKUEQRCNUVTWEVWTGKVYCUHQTKPUVCPEGVJGQTVJQFQZEJWTEJQH5GTDKC
$WNICTKC9CNNCEJKCCPF/QNFCXKCQPVJG$NCEM5GC6JGTGYCUUKIPKHKECPVGZVGTPCNKPHNWGPEG5NQXGPKC
%TQCVKCUVQQFWPFGTKPHNWGPEGQH*WPICT[VJG&CNOCVKCPEKVKGUWPFGTVJCVQH8GPKEG5GTDKCWPFGTVJCV
QH*WPICT[CPF8GPKEGCUYGNNCUQHVJG$[\CPVKPGUYJGTGCUVJGUVCVGUGPXKTQPKPIVJG$NCEM5GCYGTG
OCKPN[ KPHNWGPEGF D[ $[\CPVKWO 1VJGT GZVGTPCN HQTEGU RNC[KPI C TQNG YGTG VJG 6WTMU
YJQ YQWNF
GXGPVWCNN[ EQPSWGT VJG YJQNG QH VJG $CNMCPU VJG /QPIQNKCPU
RCTVKEWNCTN[ KP VJG UVCVGU DQTFGTKPI VJG
$NCEM5GCCPF$QPKHCEGQH/QPHGTTCV
6JTQWIJQWVVJG$CNMCPUCPFKP5GTDKCKPRCTVKEWNCTHCOKNKGUFQOKPCVGFRQNKVKEU

5.#810+#
6JGPCOGFGTKXGUHTQOVJG*WPICTKCPŋUNCXGEQWPVT[Ō#HVGTVJGRGTKQFQHUNCXGT[CRQYGTDNQEHQTOGF
WPFGT .LWFGXKV 2QUCXUMK CPF $TCUNCX KP VJG VJ EGPVWT[ 5VCMGF ENCKOU VQ %TQCVKC YJKEJ YCU CNUQ
KORQTVCPV HQT *WPICT[ YGTG DCUGF QP JGTGFKVCT[ TKIJVU +P VJG FKQEGUG <CITGD YCU HQWPFGF
4Q[CN RQYGT FYKPFNGF FWG VQ RTKXKNGIGU ITCPVGF VQ PQDKNKV[ CPF VJG ECVJGFTCN EJCRVGT +P VJG VJ
EGPVWT[5NCXQPKCCPFRCTVUQH&CNOCVKCECOGWPFGT%TQCVKC
+PVJGFC[UQH$GNC+++5NQXGPKCYCUCRRQKPVGFKVUQYPDCPOCTMKPI5NQXGPKCŉUGPJCPEGFUVCVWUYJKEJ
YCUWPFGTNKPGFD[KVTGEGKXKPIVJGTKIJVQHOKPV

+PKVKCNN[CDCP
*WPICTKCPD±PYCUCFKIPKVCT[KPVJG%TQCVKCPU[UVGOCPFNCVGTDGECOGCFGRWV[QHVJG*WPICTKCP
MKPIKP%TQCVKC&CNOCVKC5NQXGPKC6JGDCPYCUCRQYGTHWNOCPYJQUGEWTGFHTGGRCUUCIGVQUGCHQT*WPICT[
COQPIQVJGTVJKPIU

6JGTGNCVKQPDGVYGGP5NQXGPKCCPF%TQCVKC&CNOCVKCITGYENQUGTKPVJGVJEGPVWT[YJGPCUQPQT
DTQVJGTQHVJG*WPICTKCPMKPIWUWCNN[JGNFUYC[QXGTVJGUGVGTTKVQTKGUCUFWZ+P&WMG%QNQOCPKU
OGPVKQPGFCUUWEJ5VCTVKPIKPVJGTGYCUCDCPHQT%TQCVKC&CNOCVKCCPFQPGHQT5NQXGPKC+P
DQVJVGTTKVQTKGUYGTGDTQWIJVWPFGTCUKPINGDCP
5NQXGPKCUVTWEMEQKPKPFGRGPFGPVN[HTQOVQ

VCMGPHTQO4GPILGQ%QTRWUFGTOKVVGNCNVGTNKEJGP/ÒP\GPXQP-TQCVKGP5NCXQPKGP&CNCOVKGPWPF$QUPKGP)TC\
6JKUOCRKNNWUVTCVGUVJGUKIPKHKECPEG5NQXGPKC%TQCVKCCPF&CNOCVKCJCFHQT*WPICT[ŉUHTGGRCUUCIGVQ
UGC
261
BALKAN - SLAVONIA
$'.#+8

/CTFGTFGPCT # /CTVGP N DGVYGGP VYQ UVCTU /10'6# 4')+5 2 5%.#810+# 4 2CVTKCTEJCN
ETQUU DGVYGGP UWP CPF OQQP YKVJ RGNNGVKPCPPWNGV DGVYGGP VYQ NKU CPF VYQ ETQYPGF JGCFU HCEKPI
GCEJQVJGTVJTGGRGNNGVUKPCPPWNGVUKPHKGNF4GPILGQIT
/KPQTHNCPETCEMUXGT[HKPGVQGZVTGOGN[HKPG
.CP\/ÒPEJGP#WEVKQP
PQ
2YKVJCJQTK\QPVCNFCUJ
/KOKEC
-KPI$GNC+8
&WMG5VGHCP
CPF$CP5VGHCP)WVMGNGF

++#DCTV5KINKVYQNKU
/CTFGTFGPCT # /CTVGP N DGVYGGP VYQ UVCTU /10'6# Ő 4')+5 2 5%.#10+# # 4
2CVTKCTEJCN ETQUU DGVYGGP UWP CPF OQQP YKVJ RGNNGVKPCPPWNGV DGVYGGP VYQ DKTFU CPF VYQ ETQYPGF
JGCFUHCEKPIGCEJQVJGT4GPILGQIT 0KEGVQPGCNOQUVGZVTGOGN[HKPG
PQ
-KPI$GNC+8&WMG$GNC
$CP*GKPTKEJXQP)ÒUUKPI

2YKVJJQTK\QPVCNFCUJ
6JG#FQGUPQVCRRGCTKP4GPILGQ
5VGHCP8

/CTFGTFGPCT#/CTVGPNDGVYGGPVYQUVCTU /10'6#4')+525%.#10+#42CVTKCTEJCNETQUU

DGVYGGP UWP CPF OQQP YKVJ RGNNGVKPCPPWNGV VYQ QOGIC VYQ ETQUUUVCHHU DGVYGGP 5 4 CPF VYQ
ETQYPGFJGCFUHCEKPIGCEJQVJGT4GPILGQIT 8GT[HKPG
*GTKPGM9KGP
-KPI5VGHCP8
$CP,QCEJKO2GEVCTK

2YKVJJQTK\QPVCNFCUJ
/CTFGTFGPCT # /CTVGP N DGVYGGP VYQ UVCTU /10'6# ã 4')+5 ã 5%.#10+ ã # ã 4
2CVTKCTEJCNETQUUDGVYGGPUWPCPFOQQPYKVJENQXGTVYQQOGICVYQETQUUUVCHHUDGVYGGP54CPF
VYQETQYPGFJGCFUHCEKPIGCEJQVJGT4GPILGQIT 8GT[HKPGVQGZVTGOGN[HKPG
4CWEJ9KGP#WEVKQP
PQ
-KPI5VGHCP8
$CP,QCEJKO2GEVCTK

.#&+5.#75+8

/CTFGTFGPCT#/CTVGPNDGVYGGPVYQUVCTU /10'6#4')+525%.#810+#ã42CVTKCTEJCN

ETQUUDGVYGGPUWPCPFOQQPYKVJENQXGTVYQQOGICVYQNKUDGVYGGP.4CPFVYQETQYPGFJGCFU
HCEKPIGCEJQVJGT4GPILGQIT 0KEGVQPGGZVTGOGN[HKPG
PQ
2YKVJJQTK\QPVCNFCUJ
4GPILGQTGHGTUVQCŋMPQURGŌ
DWF
262
BALKAN - CROATIA
6YQHCEGU
#NN /CTFGTFGPCTG
NKVGTCNN[ ŋOCTVGP FGPCTKKŌ C 5NCXQPKE FGPCTKWU UJQY VYQ UOCNN JGCFU HCEKPI GCEJ
QVJGT6JGTGKUPQEGTVCKPV[CUVQYJQVJG[CTG/CTVGPFGPCTKKYGTGUVTWEMHTQOVQ
YJGPVJG
FGUKIPEJCPIGFUQOGVKOGUUVKNNHGCVWTKPIUOCNNJGCFUVJQWIJQPN[QXGTVJGETQUU

#NVJQWIJVJGUV[NGQHVJGUOCNNJGCFUFKFEJCPIGUQOGYJCVFWTKPIVJKUEGPVWT[VJGFKGUCRRGCTVQJCXG
DGGPWUGFWPCNVGTGFHQTCNQPIRGTKQFQHVKOG
$QVJUOCNNJGCFUCTGETQYPGF6QCNNCRRGCTCPEGUVJGHKIWTGURQTVTC[GFCTGPQVCEQWRNG[GVUJQWNFVJG[
DGVJGNGHVHKIWTGKPO[QRKPKQPYQWNFJCXGVQDGVJGYQOCP

%41#6+#

1VJGT VJCP VJCV %TQCVKC YCU 5NCXKE NKVVNG KU MPQYP CDQWV KVU VJ CPF VJ EGPVWT[ JKUVQT[ 9CPKPI
(TCPMKUJ CPF $[\CPVKPG RQYGT NGHV C ICR VJCV *WPICT[ CPF $WNICTKC YGTG SWKEM VQ HKNN 6QOKUNCX

CRRTQZ QRRQUGF VJKU %TQCVKC ITGY VQ DG C UKIPKHKECPV HQTEG WPFGT JKO *G KU VJGTGHQTG
EQPUKFGTGFVJGHQWPFGTQHVJG%TQCVKCPTGCNO
#HVGT6QOKUNCXCRGTKQFQHFGENKPGCPFKPVGTPCNUVTWIINGGPUWGF6JGTGKIPQH&T\KNCXUCYCUJQTVNKXGF
RGTKQFQHDNQQO+PVJGVJEGPVWT[5NCXQPKCCPFRCTVUQH&CNOCVKCECOGWPFGT%TQCVKC2QRG)TGIQT[
8++ITCPVGF<XQPKOKT
TQ[CNFKIPKV[
<XQPKOKTŉOCTTKCIGVQVJG*WPICTKCPMKPIŉUFCWIJVGT;GNGPCJCFPQKUUWG;GNGPCŉUDTQVJGT.CFKUNCWU
+ VJGP CUUGTVGF JKU ENCKOU VQ VJG %TQCVKCP VJTQPG # *WPICTKCP CTO[ FGHGCVGF -KPI 2GVCT KP
YJGTGWRQP.CFKUNCWUCEEGFGF%QNQOCPJCFJKOUGNHETQYPGFMKPIQH%TQCVKCKP*GUWDLGEVGFVJG
PQTVJGTP&CNOCVKCPEKVKGUKP
6JG 4GIPWO %TQCVKG &CNOCVKG GV 5NCXQPKG YCU DTQWIJV WPFGT C RGTUQPCN WPKQP YKVJ *WPICT[ +VU
TGNCVKXGKPFGRGPFGPEGVQQMVJGUJCRGQHCDCPWUCFWMGQTTGRTGUGPVCVKXGQHVJGMKPI
YKVJJKUQYPTKIJV
QHOKPVCOQPIUVQVJGTU

1DQN # %TQYPGF JGCF HCEKPI QXGT RCVTKCTEJCN ETQUU CPF DGVYGGP VYQ VQYGTU 4 9KPIGF DGCUV YKVJ
JWOCPŉUJGCF%0**WU\±T4GPILGQIT 4'ZVTGOGN[HKPG
'NUGP$TWUUGN#WEVKQP
PQ

1DQN#.CVKPETQUUDGVYGGPVYQUOCNNJGCFUHCEKPI4#PKOCNT%0**WU\±T4GPILGQ
IT 8GT[HKPG
4CWEJ9KGP#WEVKQP
PQ
# PWODGT QH EQKPU JCXG DGGP NKUVGF WPFGT *WPICT[ VJCV 4GVJ[ ENCUUKHKGU WPFGT *WPICT[ DWV 4GPILGQ RWVU WPFGT
%TQCVKC6JG[CTGVJGHQNNQYKPI

%0* 4GPILGQ
%0* 4GPILGQ
%0* 4GPILGQ CPF

%0*4GPILGQ
%0*4GPILGQCPF
%0*4GPILGQ
6Q FCVG VJGTG KU PQ EGTVCKPV[ CU VQ YJGVJGT VJG[ UJQWNF DG CVVTKDWVGF VQ *WPICT[ QT %TQCVKC
PGKVJGT 4¾VJ[ PQT
4GPILGQRTQXKFGCPUYGTUKPVJKUTGURGEV
263
BALKAN - DALMATIA
&#./#6+#
&CNOCVKCQTKIKPCNN[YCUC4QOCPRTQXKPEGKVUECRKVCN5CNQPC
PGCT5RCNCVQ

6JGTKUGQH%JTKUVKCPKV[EQOOGPEGFKOOGFKCVGN[CHVGTCPFEWNOKPCVGFWPFGT$KUJQR*GU[EJKWUQH
5QNKP
#TKCPKUOCPFVJG6JTGG%JCRVGT%QPVTQXGTU[TGUWNVGFKPCEQPHNKEVDGVYGGPVJKUVGTTKVQT[QP
VJGQPGJCPFCPFVJGRQRGCPF'ORGTQT,WUVKPKCPQPVJGQVJGT

+P$[\CPVKPGVKOGU&CNOCVKCEQPUKUVGFQHEQCUVCNEKVKGUCPFVJGEQCUVCNUVTKR+VGPEQORCUUGF
HTQOVQRVQ

DQVVQOQPVJGOCR

+CFGTC<CFCT<CTC

#ETWXKWO%CVVCTQ-QVQT

6TCLWTKWO6TQIKT6TCÏ

$WVWC$WFXC

5RCNCVWO5RCNCVQ5RNKV

#PVKDCTKU$CT

&WDTQXPKE4CIWUC

7NEKPKWO7NEKPL

5EWVCTK
PQYCFC[U5JMQFÀTYJKEJNKGUKPNCPFCPFYJGTGVJG$CNUKEHCOKN[RNC[GFCPKORQTVCPVTQNGKU
NKUVGFWPFGT5GTDKC

6JGHCOKNKGUQH4CUMCCNUQRNC[GFCTQNGKPVJGCDQXGOGPVKQPGFRNCEGUDWVUKPEGQVJGTRCTVKGUYGTGCNUQ
KPXQNXGFVJG[CTGNKUVGFCU&CNOCVKCPEQCUVCNRNCEGU

+PVJGVJEGPVWT[4CIWUCNGHV&CNOCVKCCPFKPVJGVJCPFVJEGPVWTKGUVJGEKVKGUOQTGQTNGUUITGY
KPFGRGPFGPV 6JG DKUJQR QH 5RCNCVQ DGECOG OGVTQRQNKVCP QH &CNOCVKC JKU EJWTEJ VJWU UWEEGGFKPI VJG
CRQUVQNKEEJWTEJQH5CNQPC

&QIG2KGVTQ++1TUGQNQ
YCUVJGHKTUVVQCVVGORVV[KPI&CNOCVKCVQ8GPKEG&CNOCVKCJQYGXGT
TGEQIPKUGF$[\CPVKPGTWNGCPFRNCEGFVJGGORGTQTCDQXGVJGFQIG0GXGTVJGNGUUVJGFQIGECNNGFJKOUGNH
FWZ8GPGVKCTWOGV&CNOCVKEQTWO

# EQOOWPG GOGTIGF KP OQUV EKVKGU
UGG WPFGT +VCN[ UQOG QH YJKEJ TQUG VQ EKXKVCU 6JG JKIJGUV
CWVJQTKV[YCUWUWCNN[CRTKQTOQUVN[HTQOCRCVTKEKCPHCOKN[

&CNOCVKC HGNN KPVQ &CNOCVKC UWRGTKQT
0QTVJ CPF %GPVTCN &CNOCVKC CPF &CNOCVKC KPHGTKQT
UVTGVEJKPI
HTQO &WDTQXPKM VQ $CT &WTKPI VJG HQNNQYKPI RGTKQF OCP[ QH VJG GPXKTQPKPI EQWPVTKGU CVVCEMGF
&CNOCVKC +P HQT KPUVCPEG *WPICT[ OCPCIGF VQ CPPGZ <CFCT 6TQIKT CPF 5RCNCVQ CPF -KPI
%QNQOCPEQPUGSWGPVN[RTQENCKOGFJKOUGNHŋMKPIQH%TQCVKCCPF&CNOCVKCŌ6JGRTKQTYCUTGRNCEGFD[C
EQOGU(QT8GPKEGVJKUOGCPVITGCVFCPIGT%CORCKIPUYGTGWPFGTVCMGPCPFVJG8GPGVKCPUDTQWIJVC
HGYEKVKGUWPFGTVJGKTTWNG(TQOVQVJG$[\CPVKPGUOCPCIGFVQTGUVQTGVJGKTRQYGT#HVGT
/CPWGN FKGF KP -KPI $GNC +++ QH *WPICT[ CESWKTGF &CNOCVKC DWV UGXGTCN QH KVU EKVKGU TGUKUVGF
7PFGT&QIG'PTKEQ&CPFQNQ8GPKEGYCUCDNGVQWNVKOCVGN[EGOGPVKVUUYC[QXGT&CNOCVKC
UVQTOKPIQH
<CFCT

+P VJG VJ EGPVWT[ VJG EKVKGU YGPV VJGKT QYP YC[ *WPICT[ŉU YGCMPGUUGU DGECOG RCKPHWNN[ QDXKQWU
FWTKPIVJGKPXCUKQPQHVJG/QPIQNUYJQFGXCUVCVGF%TQCVKCCOQPIUVQVJGTUCPFRWUJGFVJTQWIJCUHCTCU
VJG#FTKCVKE5GC

(QTVJG#PLQWHCOKN[VJGEQPPGEVKQPDGVYGGP0CRNGUCPF*WPICT[YCUXKVCN6JGTGKIPQH.QWKU+QH
#PLQW UCY EQPHNKEV YKVJ 8GPKEG OQUV PQVCDN[ CP KPUWTIGPE[ KP <CFCT +P VJG 2GCEGQH<CFCT8GPKEG
UWTTGPFGTGF&CNOCVKCCPFVJGFQIGTGPQWPEGFJKUVKVNGFWZ&CNOCVKCGGV%TQCVKCG#NUQVJG8GPGVKCPU
YGTGPQNQPIGTGPVKVNGFVQWUGVJGRQTVU

#HVGTVJGUVTWIINGHQTVJGVJTQPGKP*WPICT[.CFKUNCWUJCFJKOUGNHETQYPGFKPKP<CFCTCHVGTFWG
EQPUKFGTCVKQP 6JG EKVKGU ITGY GXGT OQTG KPFGRGPFGPV WPFGT *WPICTKCP TWNG
6JG[ HGNN
WPFGTVJGUYC[QHCRQFGUV¯QTCEQOGU+PUQOGEKVKGUVJGTGYCUCECRKVCPQFGNRQRQNQ
GIKP5RCNCVQ
KP+P.CFKUNCWUUQNFUGXGTCNQHVJG&CNOCVKCPEKVKGUVQ8GPKEGHQTVJGUWOQHFWECVU
5QOGQVJGTEKVKGULQKPGFQHVJGKTQYPHTGGYKNN

52#.#61
52.+6

+VUCPEKGPVPCOGKU#URCNCVJQUQT5RCNCVWO
5RCNCVQKU+VCNKCP

#TQWPF'ORGTQT&KQENGVKCPJCFCRCNCEGDWKNVJGTGKPYJKEJVQURGPFJKUQNFCIG.CVGTKVYQWNF
DGEQOG VJG EGPVTG QH VJG EKV[ YJGP 5QNKP YCU OQXGF VQ VJG CTGC CTQWPF VJG RCNCEG KP )QVJKE FC[U
6QIGVJGT YKVJ <CFCT CPF 6TQIKT 5RCNCVQ DGECOG VJG TGNKIKQWU EWNVWTCN CPF GEQPQOKE EGPVTG HQT VJG
%TQCVKCPJKPVGTNCPF6JGGEENGUKCUVKECNRTQXKPEG5RCNCVQECOGKPVQGZKUVGPEGKP

7PFGT VJG $[\CPVKPGU VJG EKV[ RQUUGUUGF C ITGCV FGITGG QH CWVQPQO[ +V YCU CFOKPKUVTCVGF D[ C RTKQT
GNGEVGFD[VJGWRRGTUVTCVWOQHEKVK\GPU

(TQO 5RCNCVQ ECOG WPFGT VJG *WPICTKCP%TQCVKCP RTKPEGU
VJG *WPICTKCP MKPIU KP RCTVKEWNCT
YCPVGFVQJCXGCUC[KPVJGCRRQKPVOGPVQHVJGCTEJDKUJQR+PVJQUGFC[UVJGEKVK\GPUYGTGQTICPKUGFKP
CEQOOWPG
UGGWPFGT+VCN[

264
BALKAN - RAGUSA
%+6;
(TQOVQKVYCUTWNGFD[VJG$[\CPVKPGU

(TQOVJGDGIKPPKPIQHVJGVJEGPVWT[%TQCVKCPOCIPCVGUYGTGEQOGU+PCRQFGUV¯HTQO#PEQPC
YCUCRRQKPVGFVQUQNXGKPVGTPCNRTQDNGOU

+PVJGEKV[UWDOKVVGFKVUGNHVQ8GPGVKCPIWCTFKCPUJKR8GPKEGCRRQKPVGFCEQOGUYJQYCUVQCEVCU
VJG NGCFGT QH VJG EQOOWPG CPF TGRTGUGPVCVKXG QH VJG FQIGCVVJGUCOGVKOG#VVJG2GCEGQH<CFCTKP
8GPKEGUWTTGPFGTGF5RCNCVQVQ.QWKU+-KPIQH*WPICT[%TQCVKC#HVGTJKUFGCVJKPVJGTWNG
QXGT VJG EKV[ RCUUGF VQ -KPI 6XTVMQU + QH $QUPKC KP &WTKPI VJG [GCTU VJG $QUPKCP
OCIPCVG*TXQLG8WM*TXCVKPKEYCUEQOGU

+P5RCNCVQTGVWTPGFVQ8GPKEGYJGTGKVYQWNFTGOCKPWPVKN

$CICVVKPQ6[RG#Ő52#.#6+085Ő4%TQUUKPFQWDNGFEKTENGQPVJGGFIGHQWTVKOGU+
DGVYGGPVYQRGNNGVUCPFVYQUVCTU4GPILGQIT 4'ZVTGOGN[HKPG
.CP\/ÒPEJGP#WEVKQP
PQ
'PFVJEGPVWT[+#DCTV
XCTKGV[
6JKUEQKPOWUVVJGTGHQTGUVGOHTQOVJGFC[UQHVJG%TQCVKCPOCIPCVGU
5VQEMGTV&QDTKPKU
YJQFGUETKDGFVJKUEQKPCUV[RG
4#)75#
+VU .CVKP PCOG KU 4CIWUKWO &WDTQXPKM KP 5NCXKE
FGTKXGF HTQO FWDTCXC OGCPKPI QCM HQTGUV YJKEJ
TGHGTUVQVJGYQQFUQPVJGOQWPVCKP5TFL5V5GTIKWU

+PVJGVJEGPVWT[FWTKPIVJG)QVJKEYCTU'ORGTQT,WUVKPKCPDWKNVCECUVNGJGTG+PVJG#TCDU
VTKGFVQEQPSWGTVJGEKV[YJKEJYCUFGRNQ[GFD[VJG$[\CPVKPGHNGGV

#TQWPFVJG[GCTVJGFKQEGUG4CIWUCYCUFKUEQPPGEVGFHTQOVJGGEENGUKCUVKECNRTQXKPEGQH5RCNCVQ
+PVJGVJEGPVWT[4CIWUCDGECOGVJGEGPVTGQH&CNOCVKC5WRGTKQT$[\CPVKPGUWRTGOCE[NCUVGFWPVKN
YJGPVJGVGTTKVQT[HGNNVQ8GPKEG

#VVJGDGIKPPKPIQHVJGVJEGPVWT[CEQOOWPGGOGTIGFCPFKVUUVCVWVGUYQWNFDGOCKPVCKPGFCNQPIVKOG
+P8GPKEGYCUHQTEGFVQEGFG4CIWUCCPF&CNOCVKCVQ.QWKU+QH*WPICT[9JGTGCUCNNQVJGTEKVKGU
TGVWTPGFVQ8GPKEGKP4CIWUCDGECOGCPKPFGRGPFGPVTGRWDNKEKP
VTKDWVCT[VQ*WPICT[WPVKN
%+6;

)TQUUQ # 0KODCVG 5V $NCUKWU YKVJ ETQUKGT CPF DNGUUKPI JCPF Ő 5 Ő $.#5+8 5 Ő 4#)85++ 4
%JTKUVUVCPFKPIKPOCPFQTNCYKVJDQQMCPFDNGUUKPIJCPFDGVYGGP+%CPF:%4GPILGQIT
PQ 8GT[HKPG
UVV[RG8#DCTV
6JG%JTKUVKPCOCPFQTNCDTKPIUVQOKPFVJG8GPGVKCPFWECVU

)TQUUQ#0KODCVG5V$NCUKWUYKVJETQUKGTCPFDNGUUKPIJCPFŐ5$.#5+85Ő4#)85++Ő4%JTKUV
UVCPFKPIKPOCPFQTNCYKVJDQQMCPFDNGUUKPIJCPFDGVYGGP+%CPF:%4GPILGQIT
$GEMGPDCWGT/ÒPEJGP (NCPFGHGEVUXGT[HKPG

UVV[RG8#DCTV
265
BALKAN - CATTARO

(QNNCTQ # $WUV YKVJ JGNOGV CPF TQOCP VQIC N DTCPEJ YKVJ NKU T KPHKGNF&1/+0#%+14%CUVNG
YKVJITGCVVQYGTKPEGPVTGDGVYGGP4CPF#4GPILGQIT
46TCEGUQHXGTFKITKUQVJGTYKUGIQQFXGT[HKPG
.CP\/ÒPEJGP#WEVKQP
PQ
UVV[RG+8#DCTV

/KOKEC

(QNNCTQ#.CWTGCVGFDWUVN/10'6#ŐŐ4#)85+4%KV[XKGYYKVJVJTGGVQYGTU%+8+6#5ŐŐ
4#)85+4GPILGQIT 8GT[HKPG
4CWEJ9KGP#WEVKQP
PQ
PFV[RG8+#DCTV

(QNNCTQ # .CWTGCVGF DWUV N /10'6# 4#)85++ 4 %KV[XKGY YKVJ VJTGG VQYGTU %+8+6#5
4#)85++4GPILGQIT )TGGPRCVKPCXGT[HKPG
'NUGP$TWUUGN
(TQONKUVPQ
PFV[RG8+++#DCTV

%#66#41
+VU.CVKPPCOGKU%CVCTWO%CVVCTQKP+VCNKCP

(KTUV OGPVKQPGF KP VJG VJ EGPVWT[
)GQITCRJWU 4CXGPPC +P C DKUJQR ,QJP QH %CVVCTQ KU
OGPVKQPGF6JGFKQEGUGDGNQPIGFVQVJGEJWTEJQH4QOGCPFUVQQFWPFGTVJGGEENGUKCUVKECNRTQXKPEGQH
$CTKHTQO

7R WPVKN %CVVCTQ YCU WPFGT $[\CPVKPG CFOKPKUVTCVKQP DWV VJGP KV YCU EQPSWGTGF D[ 5VGHCP
0GOCPLKEKQH4CUMC

#UKPVJGQVJGTRNCEGUKP&CNOCVKCCEQOOWPGGOGTIGFJGTGUQOGVJKPIKPYJKEJ%CVVCTQGPLQ[GFCHCT
TGCEJKPI CWVQPQO[ #HVGT KV CNVGTPCVGN[ UVQQF WPFGT *WPICT[ $QUPKC 8GPKEG CPF VJG $CNUKEK
(TQOKVYCUWPFGT8GPGVKCPTWNG

6JG ECVJGFTCN 5V 6T[RJQP YCU EQPUGETCVGF KP +V YCU QH $[\CPVKPG FGUKIP DWKNV D[ .QODCTF
EQPUVTWEVQTU
70&'4*70)#4+#047.'
.7&9+)+QH#0,17

)TQUUQ # -KPI QP VJTQPG YKVJ UEGRVTG CPF ETQUU Ő .1&18+%85 Ő Ő 4': Ő 80)#4+ Ő 4 5V
6TKHQPKWUKPOCPFQTNCYKVJETQUUCPFRCNONGCHŐ5Ő64+2*10ŐŐŐ%#6#4'05+Ő%0*D
,QXCPQXKE*WU\±TDIT 4'ZVTGOGN[HKPG
/ÒP\\GPVTWO-ÌNP
266
BALKAN - ULCINJ

)TQUUQ # -KPI QP VJTQPG YKVJ UEGRVTG DGVYGGP UKZ NKU Ő .1&18+%85 4 Ő 80)#4+' Ő 4 5V
6TKHQPKWU UVCPFKPI VJTGG UVCTU N CPF HQWT UVCTU T Ő 5 Ő 64+(10 Ő Ã Ő %#/#4#0 %0* F
,QXCPQXKE*WU\±TEIT 9GCMN[UVTWEMXGT[HKPG
PQ
5VQEMGTVR
6JGUVCTUYKVJKPVJGOCPFQTNCUJQYVJGUCOGEQPUVGNNCVKQPCUKPVJGECUGQH8GPKEG
70&'48'0'6+#047.'

(QNNCTQ#.KQPQH5V/CTEWUYKVJDQQMQXGTUJKGNFŐ5/#4%85ŐŐ8'0'68545V6TKHQPKWU
YKVJRCNONGCHCPFECUVNGYKVJHNCI564+(10%#6#4+,QXCPQXKE
EHIT
(NCPETCEMXGT[HKPG
/ÒP\GPCWMVKQP'UUGP#WEVKQP
PQ
6JKUV[RGFQGUPQVHGCVWTGKP,QXCPQXKE6JGQDXGTUGCTOUCTGFKHHGTGPVCPFKVUTGXGTUGUJQYUPQYTKVKPI
5GG.CP\#WEVKQP
PQ
(QNNCTQ # .KQP QH 5V /CTEWU KP USWCTG QXGT UJKGNF 5 / 8 CTQWPF 4 5V 6TKHQPKWU UVCPFKPI YKVJ
UVCHHECUVNGTŐ5Ő64+(10ŐŐ%#6#4+,QXCPQXKE5VIT 8GT[HKPG
PQ
5V-5VQEMGTV0<9KGPRCPFGCTNKGTFCVG
DGHQTG0<R
#HVGT
<5TGVVQTG<CEEJCTKC5CNQOQP

7.%+0,
7NEKPLYCUHQWPFGFD[VJG)TGGMUCPFNCVGTEQPSWGTGFD[VJG4QOCPUKPVJGVJEGPVWT[KVDGECOGRCTV
QHVJG<GVCVGTTKVQT[#VVJGVWTPQHVJGVJEGPVWT[KVYCUCRCTVQH4CUMCCNQPIYKVJ<GVC+PKV
YCU VCMGP D[ 5VGHCP .C\CTGXKE &WMG QH CNN 5GTDKCP %QWPVTKGU +P KV YCU EQPSWGTGF D[ 8GPKEG
'XGPVWCNN[VJG6WTMUUGK\GFKV

(QNNCTWU # 2TKPEG QP VJTQPG 84 1 5+85 4 5V /CTKC UVCPFKPI DGVYGGP . CPF 6 5' /#4+#
,QXCPQXKEIT 44'ZVTCQTFKPCT[YGNNUVTWEMURGEKOGPXGT[HKPG
'NUGP$TWUUGN#WEVKQP
PQ
6JGNGVVGTU.6FQPQVHGCVWTGQPVJGEQKPKP,QXCPQXKE
YJGTGCU.2FQ
6JGPCOGQHVJGOKPVKUPQVKPFKECVGFQPVJGEQKPQPN[VJGRCVTQPUCKPVQHVJGEKV[5V/CT[#UVJGEKV[QH&TKXCUV
JCUVJGUCOGRCVTQPUCKPVVJGTGECPDGPQEGTVCKPV[CUVQYJGVJGTVJKUEQKPKUHTQO7NEKPLQTHTQO&TKXCUV
6JGMKPIKUETQYPGFJKUDGCTFGFJGCFDTKPIUVQOKPFVJGEQKPQH%CVVCTQ
PQ6JGNKQPUCTGGZSWKUKVGN[EWV
QP VJKU URGEKOGP
VJGKT SWCNKV[ OWEJ JKIJGT VJCP QP %CVVCTQ EQKPU UGG CNUQ VJG GZRNCPCVKQP QP VJG NKQPŉU VJTQPG
WPFGT#CEJGP
6JGMKPIKUPQVJQNFKPICP[VJKPIKPJKUTKIJVJCPFKP,QXCPQXKEJGKUJQNFKPICINQDWUETWEKIGT
267
BALKAN - SERBIA
5'4$+#
6JGPCOG5GTDKCFGTKXGUHTQOVJGPCOGQHCPCPEKGPV5NCXKEVTKDGVJG5GTDU
UQWVJGTPUNCXGU+VYCU
NQECVGFDGVYGGP%TQCVKCCPF$WNICTKC
+PVJGOKFFNGQHVJGVJEGPVWT[CVJTGG[GCTYCTYCUHQWIJVDGVYGGP$WNICTKCCPFCPWPMPQYPTWNGT
*GYCUUWEEGGFGFD[VJTGGTWNGTUQHYJQOYGQPN[MPQYVJGPCOGU8KUGNCX4CFQUNCXCPF2TQUKIQ+P
VJG PF JCNH QH VJG VJ EGPVWT[ VJG KPJGTKVCPEG YCU FKXKFGF COQPI VJG UQPU QH 8NCUVKOKT /WVKOKT
5VTQLKOKTCPF)QLPKM/WVKOKTQWUVGFJKUDTQVJGTU*KUUQP2TKDKUNCX
KPVWTPYCUFTKXGPQWVD[
VJGUQPQHJKUDTQVJGT2GVGT)QLPKMQXKE
+P *WPICT[ GZVGPFGF KVU FQOKPKQP QXGT 5NQXGPKC CPF %TQCVKC WR VQ VJG EQCUV 6JG YGUVGTP
RCTV ECOG WPFGT VJG DCPWU QH $QUPKC
*WPICTKCP TWNG VJG GCUVGTP RCTV ECOG WPFGT VJG )TCPF <WRCP

$[\CPVKPGTWNG
#VVJGGPFQHVJGVJEGPVWT[VJGEGPVTGOQXGFVQVJGKPNCPFYJGP)TCPF<WRCP8WMCP+

NCWPEJGFCPCVVCEMCICKPUVVJG$[\CPVKPGVGTTKVQTKGU#VTGCV[YCUCITGGFYKVJ*WPICT[DWV$[\CPVKPG
FQOKPKQP YCU OCKPVCKPGF 'ORGTQT /CPWGN + %QOPGPQU FGRQUGF CPF CRRQKPVGF VJG )TCPF <WRCP CV
YKNN
5GXGTCN HGWFCN RTKPEGU VJGP TWNGF HTQO COQPI YJQO 5VGHCP 0GOCPLKEK
HKPCNN[ GOGTIGF
XKEVQTKQWU5VGHCP0GOCPLKEKDGECOGVJGUQXGTGKIPQH4CUMCVJGQVJGTHCOKNKGUJGNFUYC[QXGTUOCNNGT
CTGCU#NVJGUGVGTTKVQTKGUVQIGVJGTOCFGWR5GTDKC
6JGUJCRGQH5GTDKCJCUEJCPIGFUWDUVCPVKCNN[VJTQWIJVJGCIGUCUKNNWUVTCVGFD[VJGOCRUWPFGTPGCVJ
5GTDKCCTQWPF
$CNMCP5VCVGUCTQWPF
268
BALKAN - SERBIA
$CNMCP5VCVGUCTQWPF
$CNMCP5VCVGUCTQWPF
269
BALKAN - SERBIA
$CNMCP5VCVGUCTQWPF
#NNOCRUVCMGPHTQO,QXCPQXKE/5GTDKCP/GFKGXCN%QKPU$GNITCF
4#5-#

5VGHCP0GOCPLKEKDGECOG)TCPF<WRCPQH4CUMCCRCTVQH5GTDKC*GYCUHTQOVJG0GOCPLKEKHCOKN[
VJCVVQQMKVUPCOGHTQOVJG)TCPF<WRCP5VGHCP0GOCPLKEK
6JGTGNCVKQPUJKRQHJKUHCVJGT
<CXKFCYKVJ$CP$QTKU
UGGWPFGT$QUPKCTGOCKPUWPENGCT
6JGTQ[CN0GOCPLKEKNKPGEQOOGPEGFYKVJ5VGHCPVJG(KTUVETQYPGF
6JGNKPGGPFGFKP

7PVKN 5VGHCP 0GOCPLKEK YCU EQORGNNGF VQ DG NQ[CN VQ $[\CPVKWO DWV WRQP /CPWGNŉU FGOKUG JG
ECRVWTGFRCTVUQH$WNICTKCCPF/CEGFQPKC*GUWRRQTVGF(TGFGTKEM$CTDCTQUUCYKVJVTQQRUCPFKP
NQUV VQ 'ORGTQT +UCCE ++ CV /QTCXC KP DWV JGNF QP VQ VJG EQPSWGTGF VGTTKVQTKGU QH -QUQXQ CPF
&KQMNGC
+P5VGHCP0GOCPLKEKPQOKPCVGFJKUUGEQPFUQP5VGHCP
UQPKPNCYQHVJG$[\CPVKPGGORGTQTVQDG
JKU UWEEGUUQT
DGECWUG JKU QNFGUV UQP YCU IQXGTPQT KP &KQENGC JQNFKPI C TQ[CN VKVNG
&GURKVGCNNVJGVWTOQKNCTQWPFVJG[GCT5VGHCPOCPCIGFVQTGVCKPJKUTGCNOCPFYCUETQYPGFMKPI
D[VJGRCRCNNGICVGKP
5VGHCPVJGHKTUVETQYPGF*GDGIQVVJTGGUQPU5VGHCP4CFKUNCX

5VGHCP 8NCFKUNCX
UQPKPNCY CPF RTQV¾I¾ QH VJG $WNICTKCP %\CT +XCP ++ #UGP CPF
HKPCNN[5VGHCP7TQU
YJQYQWNFUWDUVCPVKCNN[GZRCPFVJGVGTTKVQT[VQYCTFUVJGPQTVJCPFVJG
UQWVJ
5VGHCP 7TQU JCF VYQ UQPU 5VGHCP &TCIWVKP
CPF 5VGHCP 7TQU ++ /KNWVKP

&TCIWVKPJCFQWUVGFJKUHCVJGTDWVYCUKPECRCDNGQHTWNKPIJKOUGNHFWGVQCJWPVKPICEEKFGPV6JWUJKU
DTQVJGTDGECOGTGIGPV5WEEGUUKQPEQPVKPWGFVQDGEQPVGUVGF'XGPVWCNN[/KNWVKPŉUUQP5VGHCP7TQU+++
&GECPUMK
RTGXCKNGF;GVJKUYQWNFRTQXGCTGKIPDGUGVD[VTQWDNGU
*GYCUFGRQUGFD[JKUUQP5VGHCP&WUCP
6JGNCVVGTJCFJKOUGNHETQYPGFGORGTQT
E\CTKP
CHVGT JG JCF GNGXCVGF VJG CTEJDKUJQR VQ RCVTKCEJ *G DQWPFNGUUN[ CFOKTGF VJG $[\CPVKPGU CPF
FGUKIPGF4CUMCCHVGT$[\CPVKWOGZCORNG
KPENWFKPIVJGEQWTV
7PFGTJKUUWEEGUUQT%\CT5VGHCP7TQU
OCP[QHVJGEQPSWGTGFVGTTKVQTKGUYGTGNQUVCICKP+P
CFFKVKQP OCP[ QVJGTU DGECOG KPFGRGPFGPV JGPEGHQTVJ TWNGF D[ C IQXGTPQT +P HCEV VJG EQWPVT[ JCF
CNTGCF[UVCTVGFFKUUQNXKPIFWTKPIJKUTGKIP6JGUUCNKCDGECOGKPFGRGPFGPV'RKTWUCPF#NDCPKCTGEGKXGF
CWVQPQO[8WMCUKPDGECOGMKPIQHEGPVTCN/CEGFQPKC6QIGVJGTYKVJVJGFGURQV7INLGUCJGWPFGTVQQMC
ECORCKIP CICKPUV VJG GXGTITQYKPI VJTGCV RQUGF D[ VJG 6WTMU VQ VJG HTCIOGPVGF VGTTKVQT[ 6JG[ YGTG
DQVJMKNNGFKPDCVVNG
270
BALKAN - SERBIA
+PVJGOCKPNKPGQHVJG0GOCPLKFUGPFGFDTKPIKPI6XTVMQ+QH$QUPKCVQVJGEGPVTGUVCIG6QIGVJGT
YKVJ2TKPEG.C\CT*TGDGNLCPQXKEJGFGHGCVGFVJGOKIJV[UQXGTGKIP0KMQNC#NVQOCPQXKE6JGYGUVGTPCPF
UQWVJGTPVGTTKVQTKGUVQTGNQQUGHTQO4CUMCCPFYGTGWPKVGFYKVJ$QUPKC6JG[EQPUVKVWVGFVJGEQTGQHVJG
-QUCECHCOKN[FQOKPKQP
+P6XTVMQ+UWEEGGFKPI&TCIWVKPJCFJKOUGNHETQYPGFYKVJVJGFQWDNGETQYP*KUENQUGUVCNN[
YCUCNUQJKUFKTGEVQRRQUKVG.C\CTCPKORQTVCPVOCPYJQOCKPVCKPGFENQUGTGNCVKQPUYKVJVJG5GTDKCP
EJWTEJ#HVGT5VGHCP6XTVMQ+CPF5VGHCP.C\CTKPVGTXGPGFKP*WPICT[CPFUWRRQTVGFVJG#PLQWU
DTC\GPN[UVCPFKPIWRVQVJG6WTMU+PVJGDCVVNGQH-QUQXQQP,WPGVJ.C\CTCPFJKUUQPKPNCY
8WM $TCPMQXKE VQIGVJGT YKVJ VJG $QUPKCP VTQQRU HCEGF VJG 6WTMU .C\CT RGTKUJGF CPF 8WM DGECOG C
XCUUCNVQVJG6WTMU
#HVGT VJG 6WTMU JCF VCMGP $WNICTKC CPF /CEGFQPKC VJG QPN[ VGTTKVQTKGU NGHV YGTG VJQUG QH 5VGHCP
.C\CTGXKEVJG$CNUKEHCOKN[CPF8WM$TCPMQXKE
+PNCVG5VGHCPDGECOGCXCUUCNQH-KPI5KIKUOWPF*GNCVGTTGEQPEKNGFYKVJJKUEQWUKP&LWTCFLCPF
CRRQKPVGFJKOJKUUWEEGUUQT6JGNCUVQHVJG$CNUKEU$CNUC+++
CEQWUKPQH5VGHCPDGSWGCVJGFJKUNCPFU
VQ5VGHCPKP6JGTGOCKPKPINCPFCNUQHGNNVQJKO
GZEGRVVJGEQCUVCNEKVKGUVJCVYGTGWPFGT8GPGVKCP
TWNG
6JG ECRKVCN QH VJG NCUV TGOCKPKPI UVCVG YCU $GNITCFGHTQO5OGFGTGXQ9JGP5KIKUOWPFFKGFKP
5GTDKC YCU QEEWRKGF HQT VJG HKTUV VKOG
+P VTQWDNGU CICKP CTQUG YKVJ 8GPKEG CPF
$QUPKC 6JG UKVWCVKQP ITGY OQTG CPF OQTG RTGECTKQWU 'XGPVWCNN[ KP VJG GPVKTG TGIKQP YCU
QEEWRKGFD[VJG6WTMU
5OGFGTGXQYCUFQOKPCVGFD[FGURQVUUQOGVKOGDWVHCVGEQWNFPQVDGTGXGTUGFCPFKPVJG[VQQNGHV
5OGFGTGXQ

56'(#07415+

5VGHCP 7TQU + YCU MKPI QH 4CUMC *G YCU VJG [QWPIGUV UQP QH 5VGHCP VJG (KTUV%TQYPGF CPF #PC
&CPFQNQ*GYCUOCTTKGFVQ;GNGPCHTQO#PLQWNKPGCIG+PVJQUGFC[U*WPICT[RNC[GFCEGPVTCNTQNG
$GNC +8 CPF 5VGHCP 8 YJKEJ KU YJ[ JG CTTCPIGF HQT JKU UQP &TCIWVKP VQ YGF -CVCNKPC FCWIJVGT QH
5VGHCP8#PCVVGORVVQEQWRNGJKUQVJGTUQPVQC$[\CPVKPGRTKPEGUUHCKNGF
6JGCTEJKXGUQH&WDTQXPKMUJQYVJCVVJKU5VGHCPUVTWEMEQKP$[HCKVJHWNN[EQR[KPIVJG8GPGVKCPOCVCRCP
OO JG UQWIJV VQ GUVCDNKUJ C EQKP URGEKHKECNN[ HQT &WDTQXPKE VJCV YQWNF RTQOQVG
VTCFGYKVJ8GPKEG6JGVKVNGYQWNFJCXGVQDG5VGHCPWUKPVJCVECUG#UVJGGZKUVGPEGQHUWEJCEQKPKUPQV
DCEMGF D[ JQCTFU ,CPCPQXKE ENCUUKHKGU VJKU EQKP WPFGT 5VGHCPŉU UQP &TCIWVKP
UGG PQ VJG
FKHHGTGPEGUYKVJVJGOCVCRCPDGKPICETQYP
YJKEJECPPQVDGTGEQIPKUGFCPFVJGFKHHGTGPVUV[NGQHVJG
MKPIŉUUVGOOC

%QORCTKUQPQHVJGUGVYQEQKPUUJQYUVJCVVJGFGUKIPKUVJGUCOG6QVJGNGHVVJGFQIG5V/CTEQVQVJG
TKIJV VJG 5VGHCP5 6JG UQXGTGKIP KU DCTGJGCFGF KP DQVJ ECUGU 6JGKT CVVKTG KU RTCEVKECNN[ VJG UCOG
$QVJ EQKPU JCXG C DCPPGT 1P VJG ITQWPFU QH VJGUG UKOKNCTKVKGU VJG 4CUMC EQKP YQWNF JCXG VQ DG
CVVTKDWVGFVQ5VGHCP7TQU+KPO[QRKPKQP*GTWNGFKPCVKOGVJCVDGUVHKVUVJGRGTKQFQHTGKIPQH&QIG
4CPKGTQ<GPQ6JGNCVVGTYCUQPGQHVJGOQTGUKIPKHKECPVFQIGUQH8GPKEG#HVGTJCXKPIDGGPRQFGUV¯KP
$QNQIPC KP JG TQUG VQ CTO[ EQOOCPFGT CICKPUV <CFCT KP GZCEVN[ QPG [GCT RTKQT VQ VJG
CEEGUUKQPQH5VGHCP7TQU+6JGTGHQTGYGJCXGEJQUGPVQNKUVVJKUEQKPWPFGT5VGHCP7TQU+
271
BALKAN - SERBIA

&KPCT # 5VGHCP N CPF 5V 5VGHCPWU T JQNFKPI HNCI VQIGVJGT 56'(#08 4': Ő 556'(#08 4
%JTKUVQPVJTQPGDGVYGGP+%CPF:%,QXCPQXKEIT
9GCMN[UVTWEMKPRCTVUGZVTGOGN[HKPG
4CWEJ9KGP#WEVKQP
PQ
.L,
(CKVJHWN EQR[ QH VJG 8GPGVKCP OCVCRCP 6JG YGKIJV RTCEVKECNN[ HCNNU YKVJKP VJG TCPIG #EEQTFKPI VQ
,QXCPQXKE5VGHCPUJQWNFDGCTCETQYPDWVKVECPPQVDGTGEQIPKUGFQPCP[EQKP
VJGUCOGIQGUHQTVJKUURGEKOGP
5VGHCP4CFQUNCXMKPIQH4CUMCDGVYGGPCPFYCUMPQYPVQJCXGOKPVGFVJQWIJGZENWUKXGN[
CHVGT$[\CPVKPGGZCORNG9JCVYGCTGFGCNKPIYKVJJGTGKUCPKOKVCVKQPQHVJG8GPGVKCPOCVCRCP+VKU
GXKFGPV VJCV C EQWPVT[ VJCV EQRKGU QVJGT EQWPVTKGUŉ EQKPCIG HQT TGCUQPU QH VTCFG YKNN GXGPVWCNN[ UVTKXG
VQYCTFUKVUQYPEQKPCIG#VVJCVOQOGPVKPVKOG8GPKEGYCUVJGOCKPVTCFGRCTVPGTHQT4CUMCYJKEJ
YQWNF JCXG OCFG HWTVJGT WUG QH C V[RG UWEJ CU VJG OCVCRCP QPN[ TGCUQPCDNG 9JCV YGTG VJG
EJCTCEVGTKUVKEU WUGF VQ GZRTGUU CP QYP KFGPVKV[! 'ZEJCPIKPI VJG DCPPGT HQT C RCVTKCTEJCN ETQUU

KPEKFGPVCNN[ RCVTKCTEJU FKF PQV CRRGCT KP 5GTDKC WPVKN FGRKEVKPI C ETQYPGF MKPI GZEJCPIKPI
5VGHCPHQT7TQU
8TQUKWUCPFNCUVN[TGRNCEKPI.CVKPNGIGPFYKVJFQOGUVKEE[TKNNKEYTKVKPI%QPUGSWGPVN[
VJGHQNNQYKPIV[RGUUJQWNFJCXGGOGTIGF

6[RGDCPPGTPQETQYP5VGHCPCPF

6[RGDCPPGTPQETQYP8TQUKWU

6[RGDCPPGTETQYP8TQUKWU

6[RGDCPPGTPQETQYP9KVJ5VGHCPYKVJ8TQUKWU

6JKUEQNNGEVKQPHWTVJGTHGCVWTGUETQUUETQYP8TQUKWUUGGPQ

6JKUEJTQPQNQIKECNQTFGTQHV[RGUFQGUPQVGPVKTGN[EQPEWTYKVJYJCV,QXCPQXKERTQXKFGUUQOGVKOGUVJG

DCPPGTYCUTGXGTVGFVQCHVGTVJGETQUUJCFDGGPKPVTQFWEGF
0QVWPVKN/KNWVKPYQWNFCPGYV[RGDGEKTEWNCVGF,QXCPQXKE
KPEKFGPVCNN[CUKOKNCTPGYV[RGJCF
CNTGCF[DGGPWUGFD[&TCIWVKPHQTVJGUWDFKUVTKEV5TGO
,QXCPQXKECPF
PQYJKEJPQY
DQTGVJGPCVKXGNCPIWCIG
56'(#0&4#)76+0

-KPIQH4CUMC4WNGTQH5TGO
&TCIWVKP TQUG VQ RQYGT VJTQWIJ C EQWR CICKPUV JKU HCVJGT KP YJKEJ JG YCU CKFGF D[ 5VGRJCP 8 JKU
HCVJGTKPNCY &TCIWVKPŉU TGKIP YCU QPN[ DTKGH CU C JWPVKPI CEEKFGPV FKUCDNGF JKO VQ TWNG *G YCU
YGFFGFVQ-CVCTKPCCFCWIJVGTQH5VGRJCP8QH*WPICT[+P&TCIWVKPTGEGKXGFVJG5TGOFKUVTKEVQH
.CFKUNCWU+8YJKEJGHHGEVKXGN[OCFGJKOCXCUUCNQH*WPICT[
+P VJG *WPICTKCP VJTQPG RTGVGPFGT #PFTGCU +++ ICXG VJG DTQVJGT QH &TCIWVKP 8NCFKUNCX
*GT\GIQXKPC YJKEJ YCU VJGP MPQYP CU 5NCXQPKC $GHQTG JG FKGF &TCIWVKP EGFGF CFOKPKUVTCVKQP QXGT
5TGOVQJKUUQP8NCFKUNCX
&TCIWVKPKPVTQFWEGFCPGYV[RGQPJKUEQR[QHVJGOCVCRCPJGTGRNCEGFVJGDCPPGT
YJKEJHGCVWTGFQP
VJGOCVCRCPYKVJCETQUUQH.QTTCKPG
ŋFQWDNGETQUUŌ

&KPCT5TGO#2TKPEGUVCPFKPIYKVJETQUUVYQUOCNNETQUUGUNKPHKGNFCPFQPGUOCNNETQUUTKPHKGNF
%6'Ô# È#ÁXΠ14%JTKUVQPVJTQPGDGVYGGP+%CPF:%,QXCPQXKEIT 48GT[HKPG
&QODTQYUMK/ÒPUVGT
.L,+
#EEQTFKPIVQ,QXCPQXKEVJGNGIGPFUJQWNFTGCF%6'Φ#2#ÁÜ:%1
5VGHCPMKPI%JTKUV
6JKU EQKP YCU UVTWEM D[ 5VGHCP &TCIWVKP CU IQXGTPQT QH 5TGO 6JG V[RG YCU PGY CPF VJG 5GTDKCP5NCXKE NCPIWCIG
YCUWUGFVQUKIPKH[VJCV5TGOYCUPQVCRTQXKPEGQH*WPICT[DWVVJGQTVJQFQZNCPFQHVJG5GTDKCPRGQRNG6JGVGZV
KPFKECVGUVJCVQPN[)QFYCUCDQXGJKOKGVJCVJGYCURQNKVKECNN[KPFGRGPFGPV5VTWEMKPVJGGCTN[VJEGPVWT[
272
BALKAN - SERBIA
56'(#07415++/+.76+0

/KNWVKP CPPGZGF OCP[ $[\CPVKPG EKVKGU CPF KPEQTRQTCVGF VJGO KPVQ 4CUMC *KU HQWT OCTTKCIGU YGTG
UQNGN[RQNKVKECNN[OQVKXCVGF*KUPFOCTTKCIGYCUVQ;GNKUCXGVCCFCWIJVGTQH5VGHCP8CPFCUKUVGTQH
-CVCNKPCVJGYKHGQHJKUDTQVJGT&TCIWVKP
9JGP*WPICT[YCUJGCFGFKPVQCPGEQPQOKEETKUGUJGYGFFGF#PCFCWIJVGTQHVJG$WNICTKCPMKPI+V
YQWNFLWUVDGVJGRTGEWTUQTVQJKUYGFFKPIKPYKVJ5KOQPKFCVJG[GCTQNFFCWIJVGTQH'ORGTQT
#PFTQPKEWU++&TCIWVKPYCURTKOCTKN[HQEWUUGFQP*WPICT[JKUDTQVJGT/KNWVKPOCKPN[QP$[\CPVKWO
6JGDTQVJGTUEQQRGTCVGFRCTVKEWNCTN[WPFGTVJGKPHNWGPEGQHVJGKTOQVJGT;GNGPC#HVGT&TCIWVKPFKGFKP
/KNWVKPVQQMEGTVCKPRCTVUQH&TCIWVKPŉUFQOKPKQPKP4CUMC
VJGKTEQWUKP8NCFKUNCXYCUKPRTKUQP
6JGTGYCUCNQVQHURGEWNCVKQPQPVJGUWEEGUUKQPQH/KNWVKP/KNWVKPŉUUQP5VGHCPYCUTGIGPVKP<GVC*G
HQWIJVJKUHCVJGTDWVNQUVCPFYCUUWDUGSWGPVN[GZKNGFVQ%QPUVCPVKPQRNG
CPFDNKPFGF
6JG 0GOCPLKE F[PCUV[ EQWTV YCU CV 0GTQFKONLG /KNWVKP JCF OCP[ TGNKIKQWU DWKNFKPIU GTGEVGF

OQPCUVGTKGUEJWTEJGUGVEHQTYJKEJJGPGGFGFCITGCVFGCNQHOQPG[%QPUGSWGPVN[VJGYGKIJVQHVJG
EQKPUVGCFKN[FGETGCUGF
HTQOVQIT

&KPCT#2TKPEGCPF5V5VGHCPWUUVCPFKPIJQNFKPIHNCI8415+854':Ő5Ő56'(#0854%JTKUV
QPVJTQPGDGVYGGP+%CPF:%,QXCPQXKEIT 0KEGVQPKPIXGT[HKPG
'NUGP$TWUUGN#WEVKQP
PQ
.L,+

&KPCT # %TQYPGF RTKPEG CPF 5V 5VGHCPWU UVCPFKPI JQNFKPI RCVTKCTEJCN ETQUU DGVYGGP VJGO
84155+854':5561(804%JTKUVQPVJTQPGDGVYGGP+%:%CPF24,QXCPQXKEIT
5EJWNOCP#OUVGTFCO
.L,+
6JG+%:%KUTGPFGTGFKPCURGEKCNYC[

6JG TGHGTGPEG ,QXCPQXKE KU PQV GPVKTGN[ CEEWTCVG 6JKU URGEKOGP JCU 8TQUUKWU URGNNGF YKVJ C FQWDNG 5 CPF VJG
EQODKPCVKQP 2 4 KU PQV KP ,QXCPQXKE #FFKVKQPCNN[ 7TQU KU YGCTKPI C ETQYP YJKEJ JG KU PQV KP ,QXCPQXKE
VJQWIJ JG KU KP ,QXCPQXKE DWV VJCV JCU UQOGVJKPI FKHHGTGPV QP DQVJ UKFGU QH %JTKUV 6JG YGKIJVOQUVTGUGODNGU
,QXCPQXKE
6JG UV[NG QH VJKU EQKP KU CNVQIGVJGT FKHHGTGPV HTQO VJCV QH ,QXCPQXKE YJKEJ KU V[RKECNN[ 8GPGVKCP 6JKU QPG KU
OQTG$[\CPVKPG
273
BALKAN - SERBIA
56'(#07415+++&'%#05-+

5VGHCPYCU/KNWVKPŉUQNFGUVUQP*GYCUIQXGTPQTQH<GVC+PJGVTKGFVQVQRRNGJKUHCVJGT/KNWVKP
VJGPOCTEJGFHWTVJGTVQYCTFU5MCFCT
<GVCŉUECRKVCNCPFFGHGCVGFJKUUQPGZKNGFJKOVQ%QPUVCPVKPQRNG
CHVGTJCXKPIJKODNKPFGF+PJGCUMGFVQDGITCPVGFRGTOKUUKQPVQTGVWTPVQVJGEQWTVKP4CUMC
+P RTKPEKRNG VJTGG HKIWTGU EQPVGPFGF VQ UWEEGGF /KNWVKP 5VGHCP -QPUVCPVKP
CV VJCV VKOG IQXGTPQT QH
<GVC CPF 8NCFKUNCX ++ 5VGHCP FGHGCVGF -QPUVCPVKP
Ŏ CPF 8NCFKUNCX WUGF VJG GPUWKPI EJCQU VQ
GXGPVWCNN[HNGGVQ*WPICT[6JGUGEQPHNKEVUKP4CUMCRGTOKVVGFVJG$QUPKCPDCP5VGHCP++-QVTQOCPKEVQ
UGK\GUGXGTCNRCTVUQH4CUMC
COQPIVJGO*WO
+P VJG DCVVNG CICKPUV $WNICTKC CPF VJG $[\CPVKPGU 5VGHCP FGHGCVGF $WNICTKC RTQORVKPI $[\CPVKWO VQ
CDCPFQPHWTVJGTCEVKQPCICKPUV4CUMC
5VGHCPYCUOCTTKGFVQ/CTKC2CNCGQNQIQU*KUUKUVGT#PCYGFFGF/KEJCGN5KUOCP
E\CTQH$WNICTKC+V
YCUVQJKUHCVJGTŉUITGCVUCVKUHCEVKQPVJCV5VGHCPŉUUQP+XCP5VGHCPCEEGFGFVQVJG$WNICTKCPVJTQPG
DGKV
HQTQPN[C[GCTWPVKN6JGCTKUVQETCE[JCFDGGPFKUKNNWUKQPGFD[JKURGCEGHWNCRRTQCEJ*GYCU
VJTQYPKPVQLCKNCPFF[KPIQP&GEGODGT*GYCUECPQPKUGFD[VJGQTVJQFQZEJWTEJQH5GTDKC
5VGHCPYCPVGFVQTGVWTPVQVJGQNFEQKPCIGUVCPFCTFQHITDWVDGHQTGNQPIVJGYGKIJVHGNNDCEMVQ
IT

&KPCT#-KPIQPVJTQPGYKVJETQUUCPFUYQTFQPJKUMPGGU %6'Φ#0D-2##D

5VGHCPMKPI4
%JTKUVQPVJTQPGDGVYGGP+%CPF:%,QXCPQXKEIT 8GT[HKPG
4CWEJ9KGP#WEVKQP
PQ
.L,+
&GECPUMK UVCTVGF YKVJ C EQKP
,QXCPQXKE QH IT YJKEJ OGCPV C TGVWTP VQ VJG QNF UVCPFCTF 6JKU CVVGORV
HCKNGF JQYGXGT 6JG VGZV OCVEJGU ,QXCPQXKE DWV VJG YGKIJV KU OWEJ VQQ JKIJ KV YQWNF TCVJGT KPFKECVG
,QXCPQXKE
6JGMKPIKUYGCTKPIJKUJCKTNQPI

&KPCT#-KPIQPVJTQPGYKVJETQUUCPFUYQTFQPJKUMPGGU 56'(#04':4%JTKUVQPVJTQPG

DGVYGGP+%:%CPF0),QXCPQXKEIT 0KEGVQPKPIXGT[HKPG
&QODTQYUMK/ÒPUVGT
.L,+
6JKUJCU.CVKPYTKVKPICUQRRQUGFVQVJGRTGXKQWUEQKPYJKEJJCUE[TKNNKEYTKVKPI
6JGMKPIKUYGCTKPIJKUJCKTUJQTV
274
BALKAN - SERBIA
56'(#07415+8&75#0

-KPI%\CT
#HVGT VJG HCKNGF EQWR QH JG URGPV VJG TGOCKPFGT QH JKU [QWVJ CV VJG $[\CPVKPG EQWTV KP
%QPUVCPVKPQRNG6QRTGRCTGJKOHQTQHHKEGJGYCUGPVTWUVGFYKVJIQXGTPKPI<GVC&WUCPYCUYGNEQOGF
HQT JKU OKNKVCT[ UMKNNU CU VJG CTKUVQETCE[ QH 4CUMC YGTG FKUEQPVGPV YKVJ VJG RGCEGHWN TWNG QH JKU HCVJGT
5VGHCP&WUCPFKFPQVNGVCTKUVQETCE[FQYPJGFQWDNGFJKUVGTTKVQT[CVVJGGZRGPUGQH$[\CPVKWO
*G ETGCVGF VJG RQUKVKQP QH RCVTKCTEJ QH 5GTDKC
YKVJ VJG CRRTQXCN QH VJG RCVTKCTEJ QH $WNICTKC VJG
CTEJDKUJQR QH 1JTKF CPF VJG OQPMU QH #VJQU 6JKU CRRQKPVOGPV YCU PQV TGEGKXGF YGNN D[ VJG )TGGM
RCVTKCTEJQPGQHVJGTGCUQPUVJCV&WUCPYCUPGXGTECPQPKUGF
1P#RTKN&WUCPYCUETQYPGFE\CTKP5MQRLGD[VJGHKTUV5GTDKCPRCVTKCTEJ;QCPKMK[GCPFVJG
$WNICTKCPRCVTKCTEJ5KOGQP&WUCPYCUYGFFGFVQ*GNGPCUKUVGTQHVJG$WNICTKCPE\CT#NGZCPFGT#P
GZEGRVKQPVJKUYCUPQVCRQNKVKECNN[OQVKXCVGFOCTTKCIG
&KHHKEWNVKGUYKVJ$QUPKCYGTGTGUQNXGF
COQPIUVQVJGTUD[EGFKPI*WOVQ$QUPKC6JG6WTMUOGCPYJKNG
RQUGFVJGNCTIGUVVJTGCVJQYGXGTKPVJGOKFUVQHQTICPKUKPIFGHGPEGU&WUCPUWFFGPN[FKGF
*KUEQKPUCTGQHIQQFSWCNKV[VJGYGKIJVFGETGCUGFHTQOVQIT*GKPVTQFWEGFVJGJCNHFKPCT

VQITCOQPIUVQVJGTU&WUCPŉUEQKPCIGEKTEWNCVGFKP$WNICTKCCUQHHKEKCNOQPG[&WUCPKUVJG
UQXGTGKIPYJQJCFVJGOQUVEQKPV[RGUOCPWHCEVWTGF

&KPCT#*GNOGVNETGUVGFYKVJHNQYGT56'(#085&'+)4#Ő4':4%JTKUVQPVJTQPGDGVYGGP
VYQETQYPGFJGCFUHCEKPICPF+%:%,QXCPQXKEIT
+TTGIWNCTHNCPCPFYGCMN[UVTWEMKPRCTVUQVJGTYKUGXGT[HKPG
'NUGP$TWUUGN#WEVKQP
PQ
.WDL,+
6JGJGNOGVYKVJHNQYGTKUVJGCTOUQHVJG0GOCPLKEKHCOKN[

&KPCT#%TQYPGFE\CTUVCPFKPIYKVJETQUUVYQCPIGNUDGPGCVJJKUJGCF%ΦD<2
5VGHCP%\CT4
%JTKUVQPVJTQPGDGVYGGP+%CPF:%,QXCPQXKEIT
0KEGVQPKPIXGT[HKPGVQGZVTGOGN[HKPGURGEKOGP
&QODTQYUMK/ÒPUVGT
.L,+
275
BALKAN - SERBIA
#PIGNETQYPKPIVJGE\CT

&KPCT#%TQYPGFE\CTUVCPFKPIYKVJETQUUVYQCPIGNUDGPGCVJJKUJGCF%ΦD<2
5VGHCP%\CT4
%JTKUVQPVJTQPGDGVYGGP+%CPF:%,QXCPQXKE
!IT 5NKIJVN[QHHEGPVTGXGT[HKPG
4CWEJ9KGP#WEVKQP
PQ
.LWD,+
+PEQPVTCUVVQPQVJKUJCUCΦKPUVGCFQHCNKU
6JG JGCF UJQYU C EQWTUGT UV[NG VJCP
KV OQTG TGUGODNGU ,QXCPQXKE DWV VJCV JCU NGVVGTU PGZV VQ %JTKUVWU
YJKEJVJKUJCUPQV6JGYGKIJVKUNQY
6JKUUV[NGQHVJKUEQKPFQGUPQVHKVVJGUGTKGU,QXCPQXKEVQXGT[YGNN
&KPCT#%TQYPGF%\CTQPJQTUGDCEMTYKVJETQUUDGVYGGP%ΦD<2
5VGHCP%\CT4$WUVQH%JTKUV
YKVJDNGUUKPIJCPFCPFRCTEJOGPVDGVYGGP+%:%CPF01,QXCPQXKEIT
+TTGIWNCTHNCPGZVTGOGN[HKPG
PQ
.L,+
*QTUGYCNMKPI
%HVJGGZRNCPCVKQPQHVJGKNNWUVTCVKQPQHJQTUGUQPOGFKGXCNEQKP2CTV++R

&KPCT#%TQYPGF%\CTQPJQTUGDCEMTYKVJETQUUDGVYGGP%ΦD<2
5VGHCP%\CT$WUVQH%JTKUV
YKVJDNGUUKPIJCPFCPFRCTEJOGPVDGVYGGP+%:%CPF01,QXCPQXKEIT
0KEGVQPKPIYGCMN[UVTWEMCVVJGGFIGCPFCNKVVNGQHHEGPVTGXGT[HKPG
&QODTQYUMK/ÒPUVGT
.L,+
6JGHKTUVNGVVGTQH01KUPQVEQORNGVGN[XKUKDNGQPVJKU+OQVJGTGKUPQ0
,QXCPQXKEUWIIGUVUVJGRQUUKDKNKV[QHC6
&KPCT#5VGHCPCPF*GNGPCUVCPFKPIJQNFKPIRCVTKCTEJCNETQUUDGVYGGPVJGO+21456(#'.+#+2#

%\CT5VGHCP*GNGPC%\CTKPC4%JTKUVUVCPFKPIKPOCPFQTNCYKVJDQQMCPFDNGUUKPIJCPFDGVYGP+%
:%,QXCPQXKEIT 9GCMN[UVTWEMCVVJGGFIGQVJGTYKUGXGT[HKPG
*KTUEJ/ÒPEJGP
.L,+

&KPCT#5VGHCPCPF*GNGPCUVCPFKPIJQNFKPIRCVTKCTEJCNETQUUDGVYGGPVJGO%ΦD<2
5VGHCP%\CT
4%JTKUVQPVJTQPG,QXCPQXKEIT 8GT[HKPG
PQ
.L,+
276
BALKAN - SERBIA

&KPCT#5VGHCPCPF*GNGPCUVCPFKPIYKVJUEGRVTGJQNFKPIRCVTKCTEJCNETQUUDGVYGGPVJGO%ΦD<2

5VGHCP%\CT4%JTKUVQPVJTQPGDGVYGGP+%:%,QXCPQXKEIT 4#NOQUVXGT[HKPG
PQ
.WDL,+
6JKU%ΦD<2ECPDGHQWPFKP,QXCPQXKE
[GVPQVQPVJGCEEQORCP[KPIFTCYKPI+VKUPQVQPVJKUEQKPGKVJGT6JKU
FQGUJCXGCP'CPFC2QPVJGTGXGTUG
RQUUKDN[<2
&KPCT#5VGHCPCPF*GNGPCUGCVGFYKVJUEGRVTGUEGRVTGYKVJNKUQPVQRDGVYGGPVJGO4%JTKUVQP
VJTQPGDGVYGGPDKTF
!CPFNKU,QXCPQXKEIT 4#NOQUVXGT[HKPG
.CP\/ÒPEJGP#WEVKQP
PQ
.L
,QXCPQXKEJCUCŋFGGTŌCUCPCEEQORCP[KPIUKIPQPVJGNGHVQHVJGTGXGTUGDWVKVJCUOQTGNKMGPGUUVQCDKTF
5VGHCPKUPQVETQYPGF$GVYGGPVJGKTNGIUVYQNGVVGTU226JGUEGRVGTJCUCXGT[FKUVKPEVHQTO

&KPCT # 6YQ ETQYPGF RGTUQPU UGCVGFHCEKPIGCEJQVJGTYKVJUEGRVTGUVCHHYKVJETGUEGPVDGVYGGP

VJGO4%JTKUVQPVJTQPGDGVYGGP+%:%,QXCPQXKEIT 448GT[HKPG
.CP\)TC\
.L,+
,QXCPQXKERTQXKFGUCYGKIJVQHIT
#P*QPVJGEJGUVQH%JTKUV
56'(#074158

6JGQPN[UQPQH&WUCP7TQU8CUUWOGFTWNGQXGT4CUMC#PKPGZRGTKGPEGFUQXGTGKIPYQWNFKPXCTKCDN[
DGCVVCEMGFCPFUWEJYCUCNUQ7TQUŉUHCVGVJKUVKOGD[VJG$[\CPVKPGUUQOGUWTTQWPFKPITGIKQPUDWV
EJKGHN[QVJGTHCOKNKGU6JGUGKPRCTVKEWNCTYQWNFECWUG7TQUŉUFQOKPKQPVQETWODNGHWTVJGTCPFHWTVJGT
*KUWPENG5KOGQPKPGXGPECNNGFCPCUUGODN[QHPQDNGUKPQTFGTVQUGK\GRQYGT5KOGQPRTQENCKOGF
JKOUGNHE\CTKP-QVQT
6JG RNCIWG QH UGXGTGN[ TGFWEGF VJG PWODGT QH NGCFGTU CPF C PGY IGPGTCVKQP ECOG VQ VJG HQTG
6JWU
<GVCWPFGTVJG$CNUKEHCOKN[
5GTWPFGTVJGFGURQV,QJCPPGU7INLGUC/TPLCXEGXKE
6GTTKVQTKGUCTQWPFVJG4KXGT/QTCXCWPFGT.C\CT2TKDKEGXKE*TGDGNLCPPQXKE
GVEYGTGHQTOGF
+P4CUMC7INLGUCŉUQNFGTDTQVJGT8WMCUKPTGKIPGF/CP[QHVJGUGTWNGTUOKPVGFKPFGRGPFGPVN[
7TQU8RGTKUJGFKPDCVVNGPGCTVJG4KXGT/CTKECQP&GEGODGTQPN[[GCTUQHCIG

&KPCT#%\CTQPVJTQPGHCEKPIYKVJUEGRVTGDGVYGGP81++D;2D4*GNOGVTYKVJETGUV8415+85
+/2'4#614,QXCPQXKEIT 8GT[HKPGVQGZVTGOGN[HKPG
'NUGP$TWUUGN#WEVKQP
PQ
.WDL,+
277
BALKAN - SERBIA

&KPCT#%\CTQPVJTQPGYKVJETQUU81++D;2D4*GNOGVNYKVJETGUV8415+85+/2'4#614
,QXCPQXKEIT 8GT[HKPGVQGZVTGOGN[HKPG
.CP\/ÒPEJGP#WEVKQP
PQ
.L,+

&KPCT#%\CTCPF%\CTKPCUVCPFKPIUVCHHYKVJETQUUDGVYGGPVJGO8129D<2D
5VGHCP%\CT4
%JTKUVUVCPFKPIYKVJDQQMCPFDNGUUKPIJCPFDGVYGGPUKZUVCTUCPF+%:%,QXCPQXKEIT
8GT[HKPG
)QTP[/ÒPEJGP
.L,+
1ŐQP%JTKUVŉURGFGUVCN

&KPCT#%\CTCPF%\CTKPCUVCPFKPIUVCHHYKVJETQUUDGVYGGPVJGO8129D<2D
5VGHCP%\CT4
%JTKUVUVCPFKPIYKVJDQQMCPFDNGUUKPIJCPFDGVYGGPUKZUVCTUCPF+%:%,QXCPQXKEIT
8GT[HKPG
/ÒP\\GPVTWO-ÌNP
.L
1+++QP%JTKUVŉURGFGUVCN
6JGUKFGUJQYKPI%JTKUVKUEWVEQWTUGTVJCPQPPQ
/TPLCXEGXKEF[PCUV[
87-#5+0/40,#8%'8+%

&KPCT#$Á:#Á#ÁΛÃ1$Ü20**-2ØÜ4%JTKUVQPVJTQPGDGVYGGP+%:%CPF%0
,QXCPQXKEIT 9GCMN[UVTWEMKPRCTVUQVJGTYKUGXGT[HKPG
6QFGTK(NQTGPEG
.L,+
278
BALKAN - BOSNIA
$150+#
$QUPKCKUHKTUVOGPVKQPGFKPVJGVJEGPVWT[6JGNCPFŋ$QUQPCŌYCUCUOCNNRCTVQHNCVVGTFC[$QUPKC
6JG KPFGRGPFGPV FGXGNQROGPV QH $QUPKC UVCTVU KP YJGP VJG GCUVGTP RCTVU QH 5GTDKC HCNN VQ
$[\CPVKWO (TQO VJG KPHNWGPEG QH *WPICT[ EQWNF DG HGNV RCTVKEWNCTN[ YJGP %TQCVKC CPF VJG
&CNOCVKCPEKVKGUYGTGDTQWIJVWPFGT*WPICT[-KPI$GNC++ITCPVGFJKUOKPQTUQPVJGŋ$QUPKCPFWEJ[Ō
KPHKGHKP

6JG HKTUV MPQYP DCP QH $QUPKC KU $QTKE
UGG CNUQ WPFGT 5GTDKC KPVTQFWEVKQP YJQ YCU C
XCUUCN QH VJG *WPICTKCP MKPI *G YCU C RTQVGI¾ QH 5VGRJCP +8 CPF CHVGT VJG NCVVGTŉU FGOKUG YCU
EQPUGSWGPVN[TGNKGXGFQHJKUQHHKEG(TQOVJGVGTTKVQT[UVQQFWPFGT$[\CPVKWO(QNNQYKPIVJGFGCVJ
QH'ORGTQT/CPWGN+-QOPGMQU$CP-WNKP
DGECOGXCUUCNQHVJG*WPICTKCPMKPI

+P VJG VJ EGPVWT[ VJG DQTFGTU QH VQFC[ŉU $QUPKC VQQM UJCRG 'EENGUKCUVKECNN[ VJG VGTTKVQT[ YCU PQV
FGRGPFGPVQPVJGCTEJDKUJQRTKE1EJTKF1TKIKPCNN[KVJCFDGGPWPFGTVJGCTEJDKUJQRTKE5RCNCVQCPFKPVJG
VJEGPVWT[VJGFKQEGUGYCUCUWHHTCICPFKQEGUGQHVJGCTEJDKUJQRTKE4CIWUC1P#RTKNJGTGU[
YCUTGPQWPEGFCPF4QOGYCUCEMPQYNGFIGFVQDGVJGEGPVTGQH%JTKUVKCPKV[0GXGTVJGNGUU$QUPKCYQWNF
GPEQWPVGTJGTGU[CUUQQPCUVYQFGEGPPKCNCVGTYJGPJGTGVKEUYGTGIKXGPUCPEVWCT[
CVVJGVWTPQHVJG
VJEGPVWT[VJGFWCNKUVKEJGTGU[QHVJG$QIQOKNUYQWNFDGHCNN$QUPKC6JKUJGTGU[YQWNFEQPVKPWGVQ

RNC[CEGPVTCNTQNGKP$QUPKC

6JQWIJCHVGTVJG/QPIQNTCKFU-KPI$GNC+8UGK\GFRQYGTCPFVJGUGGQHVJG.CVKPDKUJQRQH$QUPKCNC[
KP&LCMQXQKP5NQXGPKC*GTGVKEUYGTGPQYQOPKRQVGPVKP$QUPKC+PVJGPFJCNHQHVJGVJEGPVWT[VJG
PQTVJ UGEGFGF 6JG UQWVJ YCU FQOKPCVGF D[ VYQ HCOKNKGU VJG RTKPEGU QH $TKDKT CPF VJG -QVTQOCPKEU
YJQYQWNFPQVTGEQPEKNGWPVKN

6JG -QVTQOCPEK HCOKN[ QH )GTOCP QTKIKPU YGTG VJG TWNKPI F[PCUV[ QH $QUPKC 6JGKT RTQIGPKVQT YCU
%QVTQOCPPQ)QVQQT%QVTQOCPPQ6GFGUEQ6JGDCPMKPIUKPEGYCUGNGEVGFD[VJGFKGVCNVJQWIJ
QPN[D[VJGOGODGTUQHVJG-QVTQOCPEKF[PCUV[9KVJVJGFGCVJQH5VGHCP1UVQLCCPFJKUEJKNFTGPKPVJG
PFJCNHQHVJGVJEGPVWT[VJGF[PCUV[DGECOGGZVKPEV

9JGP %JCTNGU 4QDGTV #PLQW KP YCPVGF VQ GUVCDNKUJ JKU FQOKPKQP QXGT $QUPKC JG UVCTVGF C
U[UVGOCVKEYCTHCTGCICKPUVVJGKPFGRGPFGPVUQXGTGKIPU/NCFGP++
$TKDKTHCOKN[TYCUFGHGCVGFKP
CPF 5VLGRCP ++
-QVTQOCPKEK HCOKN[ CEMPQYNGFIGF VJG MKPIŉU FQOKPKQP YJKEJ CNNQYGF JKO VQ
UWDUVCPVKCNN[GZRCPFJKUVGTTKVQT[KPFQKPIUQJGFGHGCVGFVJG5GTDKCPPQDNG$TCPKXQLGXKEKHCOKN[YJKEJ
YQWNFNGCFVQCNCUVKPIHGWFYKVJ5GTDKC

5VLGRCP++YCUUWEEGGFGFD[JKUEQWUKP6XTVMQ+4GNCVKQPUYKVJ*WPICT[DGECOGWPUGVVNGFFGURKVGVJG
HCEV VJCV VJG FCWIJVGT QH 5VLGRCP ++ 'NKUCDGVJ YCU VJG YKHG QH -KPI .QWKU + .CVGT 6XTVMQ TGEQPEKNGF
YKVJ VJG *WPICTKCP MKPI *G OCPCIGF VQ ITGCVN[ GZRCPF JKU VGTTKVQT[ CPF KP VJG CWVWOP QH JG
TGEGKXGFVJGŋFQWDNGETQYPŌQH5GTDKCCPF$QUPKCVJG*WPICTKCPMKPIVJGTGD[VGUVKH[KPIJKUCRRTQXCN

#HVGT.QWKU+FKGFKP6XTVMQCICKPGZRCPFGFJKUVGTTKVQT[D[UWDLGEVKPICRCTVQH%TQCVKCCPFCHGY
&CNOCVKCPEKVKGU+PJGFGHGCVGFVJG6WTMUCV$KNGEC

+P6XTVMQFKGFCPFYCUUWEEGGFGFCUMKPID[JKUTGNCVKXG5VGHCP&CDKUC
6JGNCVVGTFKF
PQV OCPCIG VQ YKVJUVCPF -KPI 5KIKUOWPF CPF JCF VQ TGNKPSWKUJ RCTV QH %TQCVKC CPF &CNOCVKC #HVGT
5VGHCP &CDKUCŉU FGCVJ 5KIKUOWPF YCU ETQYPGF MKPI QH $QUPKC 1RRQUKVKQP YCU UQ ITGCV JQYGXGT VJCV
5KIKUOWPF YCU HQTEGF VQ CITGG VQ C EQORTQOKUG &CDKUCŉU YKFQY ;GNGPC YQWNF VGORQTCTKN[ JQNF VJG
VJTQPG
$GECWUG QH VTQWDNG KP *WPICT[ 5VGHCP 1UVQ[C
QH VJG
-QVTQOCPKEK HCOKN[ YCU GNGEVGF MKPI *G EQPVKPWGF VJG RQNKVKEU QH 6XTVMQ + CPF DGECOG CP KORQTVCPV
HKIWTGCNUQYKVJTGURGEVVQ#PLQWENCKOU*QYGXGTYJGP1UVQ[CVWTPGFVQ5KIKUOWPFJGYCUFGRQUGF
*KUUWEEGUUQT6XTVMQ++UQPQH6XTVMQ+EQPVKPWGFCPVK*WPICTKCPRQNKVKEU5KIUKOWPFFGHGCVGF
$QUPKCPPQDKNKV[CPF5VGHCP1UVQ[CTGVWTPGF

6JG EQWPVT[ VJGP HGNN CRCTV KPVQ VJTGG FWEJKGU YKVJ VJG MKPI TGVCKPKPI JKU QHHKEG %QQRGTCVKQP YCU
KORGTCVKXGHQTVJG6WTMUYGTGCHQTOKFCDNGFCPIGT&GURKVGKVUHTCIOGPVCVKQPVJGEQWPVT[RTQURGTGF
YJKEJCNNQYGF6XTVMQ++
VQTGUVQTGJKUCWVJQTKV[

7PFGT 5VLGRCP 6QOCU
VJG UKVWCVKQP CNVGTGF FTCOCVKECNN[ #TQWPF VJG OKFFNG QH VJG VJ
EGPVWT[$QUPKCYCUGHHGEVKXGN[TWNGFD[VJGMKPICPFVJGFWMG
VJGTGYCUQPN[QPGFWMGNGHVD[VJGP
#NVJQWIJVJGMKPIYCUVJGFWMGŉUUQPKPNCYVJG[YGTGGPGOKGU
VJGMKPIYCUUWRRQTVGFD[*WPICT[
VJG&WMGD[VJG6WTMU6QOCURGTUGEWVGFJGTGVKEUYJKEJGHHGEVKXGN[NGFVQVJGFQYPHCNNQHVJGEJWTEJ

+P 5GTDKC YCU EQPSWGTGF D[ VJG 6WTMU 6JG NCUV $QUPKCP MKPI 5VLGRCP 6QOCUKXKE

TGEQPEKNGFYKVJ&WMG5VLGRCP8WMEKE-QUCEC*QYGXGTKPVJGKTWPKQPYCUPQVUVTQPIGPQWIJVQ
TGUKUV/GJOGF++
279
BALKAN - BOSNIA
56'(#06846-1+

6XTVMQ+-QVTQOCPKE$CPQH$QUPKC
-KPIQH4CUMCCPF$QUPKC

&KPCT#$CPUVCPFKPIYKVJUYQTFCPFETQUU6846%1$#0+$150'4%JTKUVUVCPFKPIKPOCPFQTNC
YKVJDQQMCPFDNGUUKPIJCPFDGVYGGP+%:%TQUGN,QXCPQXKE4GPILGQIT
45NKIJVN[FQWDNGUVTWEMQPVJGTGXGTUGQVJGTYKUGIQQFXGT[HKPG
.CP\/ÒPEJGP#WEVKQP
PQ
.LWD,
56'(#06846-1++
CPF

)TQU # *GNOGV N QXGT UJKGNF CPF DGVYGGP 4 6 &05 Ő 68#46%1 Ő 4': Ő $150' Ő 4 5V
)TGIQTKWUUVCPFKPIYKVJETQUKGTŐ5Ő)4')14+85Ő0#5#5'085,QXCPQXKE4GPILGQ
IT (NCPETCEMYGCMN[UVTWEMKPRCTVUXGT[HKPG
)QTP[/ÒPEJGP#WEVKQP
PQ
5V)TGIQT[)TGIQTKWUQH0C\KCP\G
.L,
6JGCTOUQPVJGEQKPCTGVJGCTOUQHVJG-QVTQOCPKEHCOKN[+PVJGCTOUC6
56'(#061/#5

)TQU#*GNOGVNQXGTUJKGNFCPFDGVYGGP61CPFVYQUVCTU&0561/#54':$150'45V
)TGIQTKWUUVCPFKPIYKVJUVCHH6TKPHKGNFŐ5Ő)4')14+0#<'05+5,QXCPQXKE4GPILGQ
IT 5OCNNHNCPETCEMXGT[HKPG
5RKPM.QPFQP
.L,
,QXCPQXKEKPFKECVGUVJKUCU4GPILGQ
+PVJGCTOUCETQYP
280
BALKAN - SERBIA
56'(#061/#5+8+%

5VLGRCP6QOCUGXKE-QVTQOCPKE&GURQV-KPI

&KPCT # *GNOGV N QXGT UJKGNF CPF DGVYGGP 4 CPF UVCT 56'(#0 Ő %4#). 4 5V )TGIQTKWU
UVCPFKPIYKVJETQUKGTCPFDNGUUKPIJCPF5)4')14+Ő2#2',QXCPQXKE4GPILGQIT
'ZVTGOGN[HKPG
/ÒP\ICNGTKG/ÒPEJGP
(TQONKUVPQ
.L,
+PVJGCTOUCETQYP
5'4$+#
6JGHCNNQHVJG4CUMCGORKTGJCFPQEQPUGSWGPEGUHQTVJG5GTDKCPQTVJQFQZEJWTEJ

.C\CTHTQOVJG*TGDGNLCPQXKEHCOKN[EQPUKFGTGFJKOUGNHVJGJGKTQHVJG0GOCPLKEK
JGYCUYGFFGFVQ
VJGFCWIJVGTQH<WRCP8TCVMQ0GOCPLKEK*KUHCVJGT2TKDKCEYCUEJCPEGNNQTQH%\CT&WUCP

6JG NCPF YCU KP C VWTOQKN CPF RGCEG YCU PGGFGF DCFN[ 6JG PGY RCVTKCTEJ ,GHTGO
QH
#VJQU VQQM QPG UVGR KP VJKU FKTGEVKQP *G YCU TGEQIPKUGF D[ VJG )TGGM RCVTKCTEJ EQPVTCT[ VQ JKU
RTGFGEGUUQT 6JG CPPQWPEGOGPV QH JKU PGY PCOG 5VGHCP .C\CT KP YKVJ VJG HWNN CRRTQXCN QH VJG
RCVTKCTEJJGTCNFGFCRGTKQFQHUVCDKNKV[
*QWUGQH*TGDGNLCPQXKE
56'(#0.#<#424+$+%'8+%*4'$'.,#018+%

#U.C\CTEQPUKFGTGFJKOUGNHQH0GOCPLKEKNKPGCIGJGECNNGFJKOUGNH5VGHCP.C\CTHTQO*GYCU
FKUVTKEVOCUVGTCPFVQIGVJGTYKVJPQDKNKV[QRRQUGFVJGDTQVJGTU/TPLCXEKXKE
6JG6WTMURQUGFCUGTKQWUVJTGCVYJKEJRTQORVGF.C\CTCPFVJGDCPQH$QUPKC6XTVMQ-QVTQOCPKECU
YGNN CU VJG E\CT QH 8KFKP
UGG WPFGT $WNICTKC VQ TGEQIPKUG VJG FQOKPKQP QH *WPICTKCP MKPI .QWKU +
9JGPJGFKGFKPVJGPQDKNKV[PQNQPIGTYCPVGFVQEQQRGTCVG+PVJGGPF.C\CTCEEGRVGFVJGHCEV
VJCVJGYCU5KIKUOWPFŉUXCUUCN*KUUQPKPNCY8WE$TCPMQXKEHQTOGFCVJTGCVDWV6XTVMQYCUSWKEMVQ
UGPFJGNR
6JGKOOKPGPEGQHPGYDCVVNGYCUENGCT6JG6WTMUNGFD[/WTCVCFXCPEGFVQ-QUQXQCPFQP5V8KVWU
FC[
,WPG
,WPG)TGIQTKCPECNGPFCTVJGDCVVNGDTQMGNQQUGKPCNNKVUHKGTEGPGUU'CTN[QPKP
VJGDCVVNG/KNQU1DKNKEMKNNGF/WTCV(QTCNNVJGEQPHWUKQPVJKUGCTN[UWEEGUUECWUGFKVFKFPQVVWTPVJG
VCDNGUHQTVJGQWVPWODGTGF5GTDUYJQYQWNFNQUGVJGDCVVNG.C\CTYCUGZGEWVGF6JGTGYCUPQXKEVQT
GHHGEVKXGN[%QPUGSWGPEGUHQT5GTDKCYGTGFGUCUVTQWU
6JG5GTDKCPQTVJQFQZEJWTEJYQWNFNCVGTECPQPKUG.C\CT

&KPCT#-KPIUVCPFKPIYKVJETQUUα-0'ÇÜ+Λ#Ç2ÜŐ+
2TKPEG.C\CT4%JTKUVQPVJTQPGDGVYGGP
NKUCPF),QXCPQXKEIT 49GCMN[UVTWEMKPRCTVUXGT[HKPG
PQ
.LWD,+
6JGVGZVQPVJKUEQKPHKVUVJGRJQVQITCRJVQO[OKPFDWVKVFQGUPQVOCVEJVJGVGZVKP,QXCPQXKE6JG+CVVJGGPFQH
VJGQDXGTUGVGZV
UGG,QXCPQXKEKUTGRNCEGFYKVJCP'QPVJGEQKPKPJCPF
281
BALKAN - SERBIA
56'(#0.#<#4'8+%*4'$'.,#018+%

&WMG&GURQV
.C\CTŉUQNFGUVUQP5VGHCPYCUQPN[[GCTUQNFCVVJGVKOGQHVJGDCVVNGQH-QUQXQ)QXGTPCPEGQHVJG
EQWPVT[YCUVTCPUHGTTGFVQJKUOQVJGT/KNKEC6JGRQNKVKEUQHJGTUQPUKPNCY8WM$TCPEQXKECPF&WTF
$CNUKEFKFPQVJCTOQPKUGYKVJVJCVQHVJG.C\CTGXKEHCOKN[6JGJGKTUQH.C\CTUGVVNGFHQTVJGRQUKVKQPQH
XCUUCNQHVJG6WTMU
VJG[QWPIGUVFCWIJVGT1NKXGTCYCUYGFFGFVQ5WNVCP$C[G\KF+9JGP5VGHCPVWTPGF
VQ*WPICT[/KNKECOCPCIGFVQCRRGCUGVJG6WTMU
+P VJG DCVVNG QH #PIQTC 5VGHCP LQKPGF TCPMU YKVJ VJG 6WTMU
PQV HCT HTQO RTGUGPVFC[ #PMCTC 5VGHCP
VJGPCTTCPIGFVQOCTT[;GNGPC)WVKNW\KYJKEJGCTPGFJKOVJGVKVNGQHFGURQV6JGPVJG$TCPEQXKEHCOKN[
VJYCTVGFJKUTGVWTPVQVJGEQWPVT[QHVJG.C\CTGXKEHCOKN[6JGQPGHCOKN[YCUUWRRQTVGFD[*WPICT[
CPFVJGQVJGTD[5WNGKOCP5VGHCPYJQJCFTGNKGFQP*WPICT[TGEGKXGFVJG/CEXCTGIKQPVJGEKV[QH
$GNITCFGCPFVJGTKEJOKPGUQH5TGDTPKEC
;GVFKHHKEWNVKGUDGICPVQKPETGCUG+PJGJCFVQTGNKPSWKUJQPGJCNHVQJKUDTQVJGT8WMWRQPYJQUG
FGOKUG&WTFDGECOGXCUUCNQH5VGHCP5VGHCPFKGFKP
*KU OQVJGT /KNKEC UKIPGF CP CITGGOGPV YKVJ VJG IQXGTPOGPV QH 0QXQ $TFQ %QKPU YGTG VQ DG UVTWEM
DGCTKPICP+VCNKCPNGIGPF%QPVG.C\CTQŉUGHHKI[QPVJGQDXGTUGCPFPQXQOQPVGOQPGVCCTIGPVCQPVJG
TGXGTUG.CVGTVJGEQKPUYQWNFUJQY%QPVG5VGHCPQ

&KPCT # *GCF QH %JTKUV HCEKPI KP EKTENG QH RGNNGVU 810 4 *GNOGV N YKVJ VYQ JQTPU
%01,QXCPQXKEIT 44GXGTUGCNKVVNGQHHEGPVTGXGT[HKPG
PQ
.LXCT,+
6JGJGNOGVCFQTPGFYKVJVYQQZŉUJQTPUKUVJGCTOUQH.C\CTGXKE
6JG VJTGG VGZVU QP VJG VJTGGURGEKOGPUOGPVKQPGFKP,QXCPQXKEFKHHGTCOQPIVJGOUGNXGUDWVCNUQHTQOVJGVGZVQP
VJGEQKPKPJCPF

&KPCT#$GVYGGPVYQNKUCPFVYQUVCTU#'%Ï16Ü
&GURQV4%JTKUVQPVJTQPGYKVJDQQMCPF
DNGUUKPIJCPFDGVYGGP+%:%,QXCPQXKEIT 6TCEGUQHXGTFKITKUCNOQUVXGT[HKPG
4CWEJ9KGP#WEVKQP
PQ
.L,+
*QWUGQH$TCPEQXKE
87-$4#0-18+%

/CUVGTQH-QUQXQ

&KPCT # (KIWTG UVCPFKPI YKVJ HNCI F $ΛD-D $ΛD-D 4 %JTKUV QP VJTQPG ,QXCPQXKE
IT 8GT[HKPG
PQ
.L,+
282
BALKAN - SERBIA
&,74&,87-18+%$4#0-18+%

/CUVGTQH-QUQXQ&GURQVQH4CUMC
#HVGTUQOGUMKTOKUJKPI5VGHCPVTCPUHGTTGFVJGUWRTGOGEQOOCPFQXGTVJG5GTDKCPVTQQRUVQ&WTF#HVGT
VJG NCVVGTŉU UGEQPF OCTTKCIG VQ ;GTKPC %CPVCEW\GPG KP 5VGHCP PQOKPCVGF JKO VQ DG JKU JGKT *G
TWNGFVJGEQWPVT[CHVGT5VGHCPFKGFCPFEGFGF$GNITCFGVQ*WPICT[*GHQWPFGF5OGFGTGXQCUVJGPGY
EGPVTGQHIQXGTPOGPV'ORGTQT,QJP8+++2CNCGQNQIQUCRRQKPVGFJKOFGURQV
&GENKPG ITCFWCNN[ UGV KP WPVKN KP CHVGT C DTKGH RGTKQF QH IQXGTPOGPV QH JKU DQVJ UQPU .C\CT CPF
5VGHCPVJGGPFECOG

&KPCT # /QPQITCO DGVYGGP VYQ NKU CPF VJTGG UVCTU 4 /QPQITCO DGVYGGP VYQ NKU CPF VJTGG UVCTU
,QXCPQXKEIT
4#NKVVNGQHHEGPVTGCPFOKPQTHNCPETCEMQVJGTYKUGXGT[HKPGVQGZVTGOGN[HKPG
*GP\GP#OGTQPIGP
(TQONKUVPQ
*#
.L,+

&KPCT 5OGFGTGXQ # %TQYPGF RTKPEG UVCPFKPI HCEKPI YKVJ UYQTF CPF QTD #'%Ï16Ü Ã¬2ÜÃÜ

&GURQV)GQTIK4.KQPN%/#2$1
5OGFGTGXQ,QXCPQXKEIT
4CWEJ9KGP#WEVKQP
PQ
.L,+
6JGNKQPRCUUCPVVQVJGNGHVKUVJGCTOUQHVJG$TCPEQXKEHCOKN[

&KPCT5OGFGTGXQ#%TQYPGFRTKPEGQPVJTQPGYKVJUYQTFCPFQTD#'%Ï16ÜÃÞÐÜÃÜ
&GURQV
)GQTIK4.KQPN%/#2$1
5OGFGTGXQ,QXCPQXKEIT
'NUGP$TWUUGN#WEVKQP
PQ
.WDL,+
283
BALKAN - SKUTARI
5-76#4+
+VU.CVKPPCOGKU5EWVCTWO5EWVCTKKP+VCNKCPCPFKVYCUECNNGF5MCFCTD[VJG5GTDU

6JG OGFKGXCN UGVVNGOGPV YCU GUVCDNKUJGF CV UQOG FKUVCPEGHTQOVJGQNF4QOCPUGVVNGOGPV+VYCUHKTUV
TGEQTFGFGEENGUKCUVKECNN[KPCPFCRCTVQHVJGECVJQNKECTEJDKUJQRTKE$CTHTQO
#PVKXCTK

5EWVCTKKPKVKCNN[YCURCTVQHVJG$[\CPVKPGGORKTGCPFKPKVHGNNWPFGT<GVC6JGPKVTGVWTPGFWPFGT
$[\CPVKPGUWRTGOCE[
'ORGTQT/CPWGN+(TQOVQKVECOGWPFGT4CUMCCHVGTYJKEJKVYCU
TGECRVWTGF D[ VJG $[\CPVKPGU
/KEJCGN + &WECU (TQO WPFGT VJG $CNUCU CPF HTQO WPFGT
8GPKEG+P8GPKEGJCFVQCDCPFQP5EWVCTKVQ/GJOGF++

6JG$CNUCUYGTGCP#NDCPKCP5NCXKEF[PCUV[QHUQXGTGKIPU#VVJGVKOGQH5VGHCP&WUCPŉUFGOKUGVJG[
QYPGFVJGTGIKQPCTQWPF$CNG\QPVJGGCUVUJQTGQHVJG5EWVCTKNCMG+P$CNUCVJG'NFGTDGSWGCVJGF
VQJKUUQPUVJGVGTTKVQT[QH<GVCCPFVJGEQCUVHTQO$WFXCWRVQ$CTYKVJ5EWVCTKCUECRKVCN'ZRCPUKQP
GHHQTVU VQYCTFU VJG UQWVJ YGTG OGV YKVJ QRRQUKVKQP D[ VJG 6JQRKC
6JG 6JQRKC YGTG C PQDNG
JQWUG HTQO %GPVTCN #NDCPKC 6JG[ YGTG TGNCVGF VQ VJG $CNUCU
-CTN 6JQRKC YCUYGFFGFVQ8QLUCXCC
FCWIJVGTQH$CNUC+)GQTIG+CESWKTGF2TK\TGPCPF$QUPKC$CNUC++5QXGTGKIPQH#NDCPKCCESWKTGF
#XNQPCCPF$GTCVD[YC[QHOCTTKCIG6JG6JQRKCFGHGCVGFJKOCV5CXVCKP&WGVQCVVCEMUD[VJG
1VVQOCPUCPFKPVGTPCNPQDKNKV[RTQXQMGFTGXQNVU)GQTIG++KPYCUHQTEGFVQEGFG5EWVCTKYJKEJ
YCUJKUOCKPVGTTKVQT[VQ8GPKEG#VVGORVUD[$CNUC+++
VQVCMGJKUQNFRQUKVKQPD[HQTEG
HCKNGF
/CUVGTUQHVJGFKUVTKEVQH<GVC
$#.5%*#+++

6JG*QWUG$CNUKE

)TQUUQ#*GNOGVETGUVGFYKVJYQNXGŉUJGCFQXGTUJKGNFYKVJYQNXGŐ&Ő)14)+Ő4($#.)#4
5V.CWTGPVKWUUVCPFKPIYKVJEGPUGT5Ő.#84'0%+85Ő/Ő,QXCPQXKEIT
44'FIGHCWNVXGT[HKPG
#GU4WFG#WEVKQP
PQ
.L,+
2CIGQH,QXCPQXKEUJQYUVJKUEQKPWPFGTPQYKVJVJGVGZVU#Ő$#.5)14)+4Ő5.#84'0%+85
%17064+'5#66*'$.#%-5'#
$QTFGTKPIQPVJG$NCEM5GCVJGVJTGGQVJGTEQWPVTKGUQHVJG$CNMCP$WNICTKC9CNNCEJKCCPF/QNFCXKC
284
BALKAN - BULGARIA
1HVJGUGVJTGGEQWPVTKGU$WNICTKCYCUD[HCTVJGOQUVKORQTVCPV6JKUEQWPVT[GPICIGFKPDCVVNGYKVJVJG
$[\CPVKPGUKPRCTVKEWNCTYKVJXCT[KPIFGITGGUQHUWEEGUU

$QVJ QVJGT EQWPVTKGU YGTG PQV QPN[ OWEJ UOCNNGT VJGKT TGURGEVKXG TQNGU KP JKUVQT[ YGTG OWEJ NGUU
UKIPKHKECPV 6JG[ EJKGHN[ DQTFGTGF QP *WPICT[ DWV YGTG CNUQ RNCIWGF D[ VJG /QPIQNU RCTVKEWNCTN[
/QNFCXKC

6JG $CPCVG 5GXGTKP QEEWRKGF C URGEKCN RNCEG KV NC[ KP VJG &CPWDG -PGG CPF YCU UKVWCVGF OQUV
UVTCVGIKECNN[

$7.)#4+#

$WNICTKCECOGKPVQGZKUVGPEGKPVJGRGTKQFDGVYGGPVJGVJCPFVJGVJEGPVWT[YJGPVJTGGGVJPKEITQWRU
EQCNGUEGF VJG 6JTCEKCPU VJG 5NCXKE CPF VJG 2TQVQ$WNICTKCPU 6JG VGTTKVQT[ TQWIJN[ GPEQORCUUGF
CPEKGPV/QGUKC5E[VJKCCPF6JTCEG

#NVJQWIJ$WNICTKCDQTFGTGFQPCNQVQHEQWPVTKGUKVUJKUVQT[YCUFQOKPCVGFD[DQVJVJGWPKQPCPFVJG
DCVVNGU YKVJ $[\CPVKWO #P KORQTVCPV HCEVQT KP VJKU CODKXCNGPV TGNCVKQP YCU VJCV $WNICTKC KPXCTKCDN[
FKTGEVGFKVUGZRCPUKXGGHHQTVUUQWVJYCTFYJGTGCUVJG$[\CPVKPGUSWKVGUKORN[YCPVGFVQFGUVTQ[$WNICTKC
KPVGTPCN CPF GZVGTPCN VTQWDNG OQUVN[ VJYCTVKPI $[\CPVKWOŉU RNCPU #U C TGUWNV $WNICTKCŉU DQTFGTU
UJKHVGFCITGCVFGCNKPVJGEQWTUGQHVKOG

6CMGPHTQOVJG)TQUUGT*KUVQTKUEJGT9GNVCVNCU/ÒPEJGPR
285
BALKAN - BULGARIA
6JGUQXGTGKIP-TWOCHKIWTGQHUKIPKHKECPEGKP$WNICTKCŉUJKUVQT[KPECRVWTGFVJGHQTVTGUU5GTFKEC

VQFC[ŉU5QHKCWRQPYJKEJ$[\CPVKWOQHHGTGFJKOC[GCTVTGCV[

6JGPGZVKORQTVCPVUVGRYCUVJGEQPXGTUKQPQHVJGUQXGTGKIPCPFJKURGQRNGVQ$[\CPVKPG%JTKUVKCPKV[KP
6JKU YCU VJG VKOG QH $QTKU *KU UQP 8NCFKOKT YCPVGF VQ TGVWTP VQ JGCVJGPFQO DWV JKU HCVJGT

RTGXGPVGFVJKUD[PQOKPCVKPIJKUUGEQPFUQP5KOGQPCUJKUUWEEGUUQT
6JGJKUVQT[QH$WNICTKCCHVGT$QTKUOC[DGFKXKFGFKPVQVJGHQNNQYKPIRGTKQFU

6JGRGTKQFQH5KOGQPVQ

6JGRGTKQFQH5COWGNVQ

$WNICTKCCUC$[\CPVKPGRTQXKPEG

PF$WNICTKCPGORKTGVQ

6JGHGWFCNRTKPEKRCNKVKGUVQ

6WTMKUJQEEWRCVKQPHTQO

6JGRGTKQFQH5KOGQPVQ

5KOGQPYCUVJGRTKPEGCPFHTQOE\CTQH$WNICTKC
*GYCUDQTPVQ$QTKUCPF/CTKC*G
TGEGKXGF C VJGQNQIKECN GFWECVKQP #HVGT JCXKPI QWUVGF JKU DTQVJGT 8NCFKOKT 4CUCVG KP JG YCU
RTQENCKOGFUQXGTGKIPQH$WNICTKCKPVJGPGYECRKVCN2TGUNCX*GEQPSWGTGFVGTTKVQTKGUCVVJGGZRGPUGQH
$[\CPVKWO *KU WNVKOCVG IQCN YCU VQ VCMG %QPUVCPVKPQRNG WUWTR VJG VJTQPG CPF CESWKTG VJG VKVNG CPF
TKIJVUQHDCUKNGWU

'ORGTQT%QPUVCPVKPG8++2QTRJ[TQIGPPGVQUYCURTGUGPVN[HQTEGFVQTGNKPSWKUJJKUETQYPVQ5KOGQPCPF
RGTOKV VJG OCTTKCIG QH JKU FCWIJVGT VQ VJG ŋUOCNN GORGTQTŌ 'ORTGUU <QG JQYGXGT VJYCTVGF VJG
GUVCDNKUJOGPV QH C $WNICTKCP$[\CPVKPG F[PCUV[ 6JG $[\CPVKPG RGQRNG YCU HQTEGF VQ CEMPQYNGFIG
5KOGQPCUDCUKNGWU
KPVJGCHVGTOCVJQHVJGDCVVNGQH#FTKCPQRNG

5KOGQPMGRVRWTUWKPIVJGETGCVKQPQHC)TGCV$[\CPVKPG$WNICTKCP'ORKTGCPFKPCPVKEKRCVKQPQHKVJGJCF
JKOUGNH RTQENCKOGF ŋ$CUKNGWU QH 4JQOCKQKŌ
4JQOCKQK NKVGTCNN[ 4QOCPU YJKEJ JCF EQOG VQ UKIPKH[
%JTKUVKCP )TGGM YCU YJCV VJG $[\CPVKPGU NKXKPI KP VJG PGY 4QOG QH %QPUVCPVKPQRNG ECNNGF
VJGOUGNXGU;GVJGHCKNGFVQVCMG%QPUVCPVKPQRNGCPFVJGRGCEGQHOGCPVCPGPFVQJKUCURKTCVKQPU

*GVJGPVWTPGFVQ4QOG$WVD[VJGVKOGVJGRCRCNNGICVGJCFTGCEJGF2TGUNCXKPVQETQYP5KOGQP
CPFGNGXCVGVJGJGCFQHVJG$WNICTKCPEJWTEJVQRCVTKCTEJ5KOGQPJCFRCUUGFCYC[

6JG$WNICTKCPEJWTEJJCFDGGPUWDUKFKCT[VQVJGRCVTKCTEJQH%QPUVCPVKPQRNGUKPEG$WNICTKCJCFC
)TGGMCTEJDKUJQRCPFNKVWTI[CPFUGTOQPUYGTGEQPFWEVGFKP)TGGM6JG5NCXKECNRJCDGVYCUKPVTQFWEGF
D[ %QPUVCPVKPG +P %\CT 5KOGQP FKF PQV YCKV HQT VJG RGTOKUUKQP QH %QPUVCPVKPQRNG VQ GNGXCVG VQ
RCVTKCTEJ VJG CTEJDKUJQR QH $WNICTKC YJQ TGUKFGF KP 2TGUNCX
YJKEJ %QPUVCPVKPQRNG YQWNF PQV
CEMPQYNGFIGWPVKN6JGEQWPVT[RTQURGTGFWPFGT5KOGQP

5KOGQPŉU UQP TGEGKXGF VJG VKVNG DCUKNGWU JG OCFG RGCEG YKVJ $[\CPVKWO CPF OCTTKGF C $[\CPVKPG
RTKPUGU +P C RGTKQF QH FKHHKEWNVKGU DGICP HQT $WNICTKC #V VJG KPUVKICVKQP QH $[\CPVKWO 2TKPEG
5XLCVQUNCXQH-KGXEQPSWGTGFVJGPQTVJGTPRCTVQH$WNICTKCWRQPYJKEJVJG$[\CPVKPGUVQQM2TGUNCXKP
(GWFCNRTKPEKRCNKVKGUGOGTIGFCPFVJGECRKVCNEJCPIGFUGXGTCNVKOGU+PVJGGPF5COWGNHTQOQPG
QHVJGHGWFCNUQXGTGKIPVKGUYQWNFTGKIPUWRTGOG

6JGRGTKQFQH5COWGNVQ

5COWGNYCUVJGUQPQH%QOKVWU0KEQNC6JGECRKVCNQHJKUTGCNOYCU1JTKFJKUTGUKFGPE[2TGURC#U
OKNKVCT[ UWRTGOG EQOOCPFGT JG GHHGEVKXGN[ TWNGF FWTKPI VJG TGKIP QH 4QOCPQU5KOGQP
CPF

WRQPVJGNCVVGTŉUFGCVJKPYCUETQYPGFE\CT
*GEQPSWGTGFOCP[VGTTKVQTKGUEJKGHN[QPVJG$CNMCPQPGQHVJGO<GVC6JCPMUVQVJGUGEQPSWGUVUVJG
$WNICTKCPGORKTGCVVJGVWTPQHVJGVJEGPVWT[GPEQORCUUGFOQUVQHVJG$CNMCP+VVQQMWPVKNVJGTGKIP
QH 'ORGTQT $CUKNGKQU ++ CV VJG DGIKPPKPI QH VJG VJ EGPVWT[ VQ JCNV $WNICTKCP CFXCPEG 7RQP JKU
FGHGCVGFKP5COWGNHNGF$CUKNGKQUJCFVJG$WNICTKCPUKPJKUECRVKXKV[DNKPFGFDWVHQTGXGT[
VJOCPYJQYCUCNNQYGFVQMGGRQPGG[GKPQTFGTVQGUEQTVVJGQVJGTUDCEMVQVJGTGUKFGPEG2TGURC
CPF5COWGNFKGFQHCJGCTVCVVCEMWRQPVJGUKIJVQHVJKUCVTQEKV[

$WNICTKCCU$[\CPVKPGRTQXKPEG

+PVJGTGOCKPKPIVGTTKVQTKGUHGNNVQ'ORGTQT$CUKNGKQU++YJQCESWKTGFVJGGRKVJGVŋ$WNICTQMVQPQUŌ

$WNICT5NC[GT7PFGTVJGUWEEGUUQTUQH$CUKNGKQU++VJGRGQRNGŉUUKVWCVKQPITGYYQTUG

9JGPVJGNCPFJCFTGEQXGTGFHTQOVJGETKUKUKPCUVTQPIUQXGTGKIPYCUPGGFGFCPFHQWPFKP$QFKP
UQPQHVJG5GTDKCPRTKPEGCPFJKUYKHG<GVCCPFJGYCURTQENCKOGFŋ$WNICTKCP%\CTŌKP2TK\TGP9JGP
VJG 0QTOCPU EQPSWGTGF 6JGUUCNQPKMK KP VJG DTQVJGTU 2GVGT CPF #UGP
QH $WNICTKCP%WOCPKCP
FGUEGPVVQQMCFXCPVCIGQHVJGUKVWCVKQP#PKPUWTIGPE[GPUWGFYJKEJ+UCCE++#PIGNQUFKFPQVOCPCIGVQ
UWRRTGUUCPFJGYCUEQORGNNGFVQCEMPQYNGFIGVJGFGKWTGUQXGTGKIPV[QH$WNICTKCCUCTGUWNV

286
BALKAN - BULGARIA
PF$WNICTKCPGORKTGVQ

+P#NGZKQU+++FGRQUGFJKUDTQVJGT+UCCE++%\CT#UGP+YCUMKNNGFCPF2GVGTYCUCUUCUUKPCVGFC

[GCTNCVGT

6JGKT[QWPIGTDTQVJGT-CNQ[CPUWEEGGFGFCPFJGYQWNFDGEQOGCPKORQTVCPVTWNGT+PVJG.CVKP
GORKTGGOGTIGFVQYJKEJ-CNQ[CPUQWIJVTGNCVKQPUDWVVQPQGHHGEV*GFGHGCVGF'ORGTQT$CNFYKPKP
VJGDCVVNGQH#FTKCPQRNGVCMKPIJKORTKUQPGT

#HVGTVJGFGOKUGQH-CNQ[CP
ECOGVJGUQPQH#UGP++XCP#UGP++
$WNICTKCŉURQYGT
PQYUVTQPIN[KPETGCUGFVJGEQWPVT[TKUKPIVQCRTGFQOKPCPVRQUKVKQPKPUQWVJGCUV'WTQRGYKVJTGICTFVQ
UK\GRQNKVKECNUKIPKHKECPEGCPFOKNKVCT[RQYGT

#HVGT VJG FGCVJ QH +XCP #UGP ++ C RGTKQF QH EQPHWUKQP CPF YCT CICKP HQNNQYGF 6JG EQWPVT[ YCU CNUQ
FGUVCDKNKUGFD[VJG/QPIQNVJTGCVYJQVQQMRCTVUQH0QTVJGTP$WNICTKCKP%QNQOCP#UGPTGKIPGF
QPN[ DTKGHN[ CPF YCU UWEEGGFGF D[ JKU OKPQT JCNHDTQVJGT /KEJCGN ++ #UGP
WPFGT VJG
IWCTFKCPUJKRQHJKUOQVJGT+TGPG$WNICTKCYCUKOOGFKCVGN[DGUGVHTQOCNNUKFGUGXGPD[6JGQFQTWU++
.CUMCTKU
QH0KECGCYJQYCUOCTTKGFVQVJGFCWIJVGTQH+XCP++#UGP/KEJCKN8+++2CNCKQNQIQU
YJQ
JCFTGECRVWTGF%QPUVCPVKPQRNGKPUVTWEMPGYDNQYUVQVJG$WNICTUYJKNGVJG/QPIQNUYGTGNC[KPI
VJGEQWPVT[KPTWKPU+P6UCMCVJGUQPQHVJG6CVCTMJCP0QICLGXGPJCFJKOUGNHRTQENCKOGFTWNGT
QH$WNICTKCKP6WTPQXQ*GYCUOWTFGTGFC[GCTNCVGT

6JGP6JGQFQT5XGVQUNCX
TQUGVQVJGVJTQPGYJQVQQMWRQPJKOUGNHVJGHQTOKFCDNGVCUMQH
TGRCKTKPIVJGEQWPVT[

6JGHGWFCNRTKPEKRCNKVKGUVQ

+PVJGPQTVJQHVJGEQWPVT[/KEJCGN5KUOCPJCFOGCPYJKNGUGEGFGFJKUVGTTKVQT[HTQOVJGEQWPVT[CPF

DGEQOGCPKPFGRGPFGPVFGURQVKP8KFKP#HVGTVJGPF$WNICTKCP%WOCPKCPF[PCUV[GPFGFYJGPVJGUQP
QH 6JGQFQT 5YGVQUNCX FKGF /KEJCGN 5KUOCP DGECOG %\CT
*G ECOG KPVQ EQPHNKEV YKVJ
5VGHCP&GECPUMKQH4CUMC6QRTGXGPVHWTVJGTVTQWDNGYKVJ$[\CPVKWO5KUOCPHQTIGFCPCNNKCPEGYKVJVJG
$[\CPVKPGGORGTQTCICKPUV&GECPUMK+P&GECPUMKHKPCNN[GOGTIGFXKEVQTKQWUCPF5KUOCPRGTKUJGF
+P%\CT+XCP#NGZCPFGT
TQUGVQRQYGTKP6WTPQXQCPF5VGHCP&WUCPKP4CUMC6JG[
YGTGTGNCVGFD[OCTTKCIG

'ZVGTPCN RQNKVKEU YGTG XGT[RGCEGHWNHQT$WNICTKCFWTKPIVJKURGTKQFDWVKPVGTPCNN[VJKPIUYGTGPQV#
UQP +XCP 5VTCEKOKT YCU DQTP QH VJG UV OCTTKCIGQH+XCP#NGZCPFGTVQVJG9CNNCEJKCP6JGQFQTYJQ
CTQWPF TGEGKXGF VJG PQTVJ YGUVQH$WNICTKC
8KFKP+PVJGE\CTŉUPFOCTTKCIGVJGLGYKUJ5CTCJ

DGIQVJKOCUQP+XCP5KUOCPYJQTGOCKPGFKP6WTPQXQCUJKUUWEEGUUQTCRRCTGPV
+PVJGDGIKPPKPIQHVJGPFJCNHQHVJGVJEGPVWT[VJGVGTTKVQT[YCUFKXKFGFVJTGGYC[U

Ő5QXGTGKIPV[6WTPQXQ

Ő5QXGTGKIPV[8KFKP

Ő.QECNUQXGTGKIPVKGUQHVJGRTKPEGU$CNKMCPF&QDTQVKV\CKP5E[VJKC/KPQT
+P +XCP #NGZCPFGT FKGF
DGVYGGP CPF VJG 6WTMU JCF QDVCKPGF C HKTO HQQVJQNF KP
$WNICTKCCPFYCUUWEEGGFGFD[JKUUQP+XCP5KUOCP
+PQTFGTVQCRRGCUGVJG1VVQOCPUJG
OCTTKGFJKUUKUVGT6COCTC/CTCQHHVQ5WNVCP/WTCF+

6WTMKUJQEEWRCVKQPHTQO

6JG 6WTMU EQPVKPWGF VJGKT CFXCPEG +P 5TGFGV\
5QHKC YCU VCMGP +P VJG 5GTDU YGTG

FGHKPKVKXGN[ FGHGCVGF D[ VJG 6WTMU KP VJG $CVVNG QH -QUQXQ +P VJG 6WTMU UVQQF CUUGODNGF CV VJG
ICVGUQHVJGECRKVCN6WTPQXQ#HVGTVJTGGOQPVJUQHUKGIGVJGEKV[YCUVCMGPRKNNCIGFVJGRCVTKCTEJYCU
FTKXGPCYC[CPF$Q[CTUYGTGMKNNGF
#5'0+

#UGP YCU QH $WNICTKCP%WOCPKCP FGUEGPV *KU HCOKN[ŉU VGTTKVQT[ YCU EJKGHN[ NQECVGF KP VJG 6WTPQXQ
TGIKQP6QIGVJGTYKVJJKUDTQVJGTJGQTICPKUGFCPKPUWTIGPE[CICKPUVVJG$[\CPVKPGU
+PJG
DGECOGE\CTCPFYCUOWTFGTGFKP
#UGPYCUVJGHKTUV$WNICTKCPE\CTVQOKPV.LWDKEOGPVKQPUVYQEQKPUQH5KOGQPŉU
6CD+PQUCPF
*QYGXGT VJG[ CRRGCT VQ DG QH #UGP 'PIGN 5GTTWTG
R CVVTKDWVG C EQKP VQ C EGTVCKP 5GTOQP
IQXGTPQTQHVJGHQTVTGUU

&KPCT#%\CTCPFE\CTKPCUVCPFKPIHCEKPIYKVJDCPPGTDGVYGGPVJGO4%JTKUVQPVJTQPGYKVJVYQ
DNGUUKPIJCPFUDGVYGGP+%:%.LWDKVUEJXCTIT
9GCMN[UVTWEMKPRCTVUCNOQUVGZVTGOGN[HKPG
*QNNGOCP'PUEJGFG
6JGDCPPGTDTKPIUVQOKPF8GPKEGEQKPCIGDWVDQVJHKIWTGUCTGTGPFGTGFKPCUV[NGVJCVKUV[RKECNN[$[\CPVKPG
287
BALKAN - BULGARIA

&KPCT#%\CTCPFE\CTKPCUVCPFKPIHCEKPIYKVJDCPPGTDGVYGGPVJGO4%JTKUVQPVJTQPGYKVJVYQ
DNGUUKPIJCPFUDGVYGGP+%:%.LWDKVUEJIT #NOQUVGZVTGOGN[HKPG
&QODTQYUMK/ÒPUVGT
6JGU[ODQNUQPVJGTGXGTUGFKHHGTHTQOVJQUGQPPQ
+/+6#6+1051($;<#06+0'64#%*;5+00146*6*4#%+#

+P 'ORGTQT +UCCE YCU FGHGCVGF D[ VJG $WNICTU KP VJG OQWPVCKPU QH VJG $CNMCP 6JWU VJG
$[\CPVKPGUNQUVEQPVTQNQHVJG6JTCEKCP2NCKP+PVJG$[\CPVKPGUCICKPUWHHGTGFFGHGCVVJKUVKOGCV
#TECFKQRQNKUVJGNQYGTRCTVQHVJG6JTCEKCP2NCKP+PVJG$WNICTUHQNNQYGFWRD[NCWPEJKPI
CVVCEMUKPVJGNQYGT5VTWOC
+P VJG OGCPVKOG KPVGTPCN VTQWDNG JCF CTKUGP KP VJG 5VTWOC 8CNNG[ CPF KP 4JQFQRG +P 'ORGTQT
#NGZKWUTQFGCICKPUV&QDTQOKU%JT[UQUC9CNCEJD[QTKIKPYJQJCFVCMGPVJGOCKPHQTVTGUU5VTWOKVUC
6JG$[\CPVKPGUNQUVCPF%JT[UQUOCPCIGFVQQEEWR[HWTVJGTXKVCNHQTVTGUUGUCNQPIVJGOCKPVTCPUKVTQWVG
0QV WPVKN FKF #NGZKWU UWEEGGF KP FTKXKPI %JT[UQU CYC[ CPF DTKPIKPI VJG TGIKQP DCEM WPFGT
$WNICTKCPTWNG
$WNICTKCPWUWTRGT+XCPMQYJQGXGPECNNGFJKOUGNH#NGZKWUUWHHGTGFVJGUCOGHCVG+P'ORGTQT
#NGZKWUFGHGCVGFCPFGZRGNNGFJKO#VJKTFVJQTPKP#NGZKWUŉUUKFG,QJP5R[TKFQPCMGUHCTGFVJGUCOG
*GYCUFTKXGPCYC[KP
+V KU GZVTGOGN[ FKHHKEWNV VQ KPVGTRTGV VJGUG RQNKVKECN FGXGNQROGPVU KP VJG 5VTWOCCPF8CFCT8CNNG[UVJG
6JTCEKCP 2NCKP CPF 4JQFQRG CNQPI PWOKUOCVKECN NKPGU 7PFQWDVGFN[ VJG[ JCXG VQ DG XKGYGF KP VJG
EQPVGZVQHVJG6JKTF%TWUCFGKP#FFKVKQPCNN[VJGUGVGTTKVQTKGUCNNNC[CNQPICOCLQTVTCFGTQWVG
%QKPUVJCVYGTGEQRKGUQHKORGTKCN$[\CPVKPGVTCEJ[UYGTGOCPWHCEVWTGFKPVJG8CTFCT5VTWOC4JQFQRG
TGIKQP*GPF[ENCUUKHKGUVJGOCUHQNNQYU
6[RG#UVTWEMFWTKPIVJGRGTKQFKVYCURTGUWOCDN[VJGQPN[V[RGKPEKTEWNCVKQPKPCRGTKQF
FWTKPIYJKEJVCZCVKQPCPFVTCFGYGTGTGNCVKXGN[PQTOCNCPFVJGRQRWNCVKQPECPDGGZRGEVGFVQJCXGDGGP
OQXKPI UQWVJ CPF FWTKPI YJKEJ VJG 8CTFCT5VTWOC4JQFQRG TGIKQP VJTQWIJ YJKEJ VJG OCKP TQWVGU
HTQOVJGKPPGTVQVJGQWVGT$CNMCPUTCPGZRGTKGPEGFRGCEGHWN
QTTGNCVKXGN[RGCEGHWNVKOGU

6[RG$UVTWEMFWTKPIVJGRGTKQFCRRTQZKOCVGN[RTGUWOCDN[EQKPEKFKPIYKVJVJGJGKIJVQHVJG
TGXQNVUQH%JT[UQU
+XCPM#NGZKWU
CPF5R[TKFQPCMGU
YJKEJOWUVJCXG
FKUEQWTCIGFRGQRNGVQOKITCVGKPVJGKTFKTGEVKQPCPFGHHGEVKXGN[OGCPVVJGUGTQWVGUYGTGENQUGF
6[RG%UVTWEMCTQWPFVJGRGTKQFURCPPKPIVJGVKOGHTQOVJGQWVUGVQHVJG(QWTVJ%TWUCFG
WPVKN KVU CHVGTOCVJ CPF KP RCTVKEWNCT QH VJG EQPVKPWCN CPF KOOGPUGN[ FKUTWRVKPI EQPHNKEVU DGVYGGP VJG
.CVKPUCPF$WNICTKCPUKPVJG6JTCEKCP2NCKP
6JGUG KOKVCVKQPU ECP DG TGEQIPKUGF D[ VJGKT UK\G CPF UV[NG CPF VJG[ WUWCNN[ GZJKDKV ETCEMU UWUVCKPGF
FWTKPIUVTKMKPI(QTVJGOKPV5TGFPC)QTCQT$GTQKC
5VCTC<CIQTC
+PVJGFC[UQH+XCP++#UGP
PQEQKPUYGTGUVTWEMKPVJGPCOGQHCTGKIPKPI$WNICTKCPE\CT
JQYGXGT-CNQ[CPJCFDGGPITCPVGFVJGTKIJVQHOKPVD[2QRG+PPQEGPV+++KP

+/+6#6+10/#07'.+
6;2'#

6TCEJ[#%JTKUVQPVJTQPGYKVJDQQMCPFDGVYGGPVYQUVCTU+%:%4'ORGTQTNYKVJ
UEGRVTGCPFQTDETQYPGFD[/CTKC/2Θ8KPHKGNF/Λ0γ*Λ∆ε%Π16*GPF[IT
4(NCPETCEMCPFJQNGXGT[HKPG
'NUGP$TWUUGN
6JGPQUVJTQWIJCTGCNNHTQOQPGJQCTF+PVJKUJQCTFKOKVCVKQPUQHYJKEJCTGV[RG#
PQ
V[RG$CPFQHV[RG%6[RG#CU/CPWGN+VJEQKPCIGXCT%
%H)TCHH7PGPUGODNGFGVTCEJCGFGDKNNQPFG:++G:+++GUK½ENGU(TCRRGUD[\CPVKPGUQHHKEKGNNGUGVKOKVCVKQPUDWNICTGU
288
BALKAN - BULGARIA
+/+6#6+10+5##%++
6;2'$

6TCEJ[#/CTKCQPVJTQPGJQNFKPI%JTKUV/2Θ84'ORGTQTUVCPFKPIYKVJETQUUCPF
CPGZKMCMKC+%ΛΛ-+1%∆ε%Π16*%*GPF[IT 46TCEGUQHXGTFKITKUXGT[HKPG
'NUGP$TWUUGN
6[RG$CU+UCCEXCT#

6TCEJ[ # /CTKC QP VJTQPG JQNFKPI %JTKUV 4 'ORGTQT UVCPFKPI YKVJ ETQUU CPF
CPGZKMCMKC-##KPHKGNF*GPF[IT 41DXGTUGPQVXKUKDNGXGT[HKPG
'NUGPņ$TWUUGN
6JGNGVVGTU-##OC[UKIPKH[VJKUEQKPYCUUVTWEMKPVJGPCOGQH-CNQ[CP
UGG*GPF[R
+/+6#6+10#.':+5+++
6;2'%

6TCEJ[ # %JTKUV YKVJ UETQNN KP JCPF DGVYGGP +% :% 4 'ORGTQT UVCPFKPI YKVJ 5V
%QPUVCPVKPQTDDGVYGGPVJGO*GPF[IT 8GT[HKPG
'NUGP$TWUUGN
6[RG%CU#NGZKWU+++XCT++
289
BALKAN - BULGARIA
$7.)#4+#
(QNNQYKPI CP KPVGTTWRVKQP HTQO VQ /KEJCGN #UGP UVTWEM EQKP CICKP *G VJGP EJQUG VJG
V[RKECNN[8GPGVKCPOCVCRCP6JG&8:YCUTGRNCEGFYKVJ+Ω
/+%*#'.++#5'0

*G YCU VJG UQP QH +XCP ++ #UGP
HTQO VJG NCVVGTŉU VJKTF OCTTKCIG VQ +TKPG CPF UWEEGUUQT VQ JKU JCNH
DTQVJGT%QNQOCPVJQWIJWPFGTIWCTFKCPUJKRQHJKUOQVJGT
*GHQWIJVYKVJ$[\CPVKWOCITGCVFGCNDWVVJGRGCEGQHTGUVQTGFVJGQNFUKVWCVKQPVQCNNKPVGPVUCPF
RWTRQUGU

&KPCT#5CKPVIKXGUDCPPGTVQ/KEJCGN#UGP+ΩDGVYGGPVJGO/+%*#'.#5'0Z4%JTKUVQP
VJTQPGDGVYGGP+%:%/GVECNH2NIT 'ZVTGOGN[HKPG
PQ
6JGQDXGTUGHKIWTGQHHGTKPIVJGDCPPGTKUKV%JTKUVQTCPQVJGTUCKPV!#PFKHUQYJQ!
6*'1&1459'615.#8

6JGQFQT5YGVQUNCXYCUVJGUQPQH)GQTIKQ+6GTVGT*GURGPVJKUEJKNFJQQFCUCJQUVCIGCVVJG$[\CPVKPG
EQWTVCPFYKVJVJG)QNFGP*QTFG
7RQPJKUTGVWTPJGOCPCIGFVQCEEGFGVQVJGVJTQPGYKVJVJGCKFQHUQOGQHVJG6WTPQXQ$Q[CTU#
XKEVQT[QXGTVJG$[\CPVKPGUCNNQYGFJKOVQTGUVQTGUWRTGOCE[QXGT0QTVJ6JTCEG*GOCKPVCKPGFENQUG
VKGUYKVJVJG)QNFGP*QTFGVJG$[\CPVKPGUCPF4CUMC6JGECRKVCNYCU6WTPQXQ
*GRTQOQVGFVTCFGYKVJ8GPKEGCPF)GPWCKPRCTVKEWNCT6JGFKUEQXGT[QHUKNXGTOKPGUCNNQYGFJKOGVQ
KPETGCUGEQKPRTQFWEVKQP

)TQUUQ#%\CTUVCPFKPIYKVJETQUU58'615.#8%#4$8.)#41/
KPE[TKNNKEUETKRV4%JTKUVQP
VJTQPGDGVYGGP+%:%.LWDKVUEJIT
0KEGRCVKPCUOCNNHNCPFGHGEVXGT[HKPGVQGZVTGOGN[HKPG
&QODTQYUMK/ÒPUVGT
6JGV[RKECNUV[NGKUPGKVJGT$[\CPVKPGPQT8GPGVKCPDWVKPFGRGPFGPV
8+&+0

+8#0564#%+/+4

*GYCURTGXGPVGFHTQOUWEEGGFKPID[+XCP5KUOCP#TQWPFJGYCUEGFGFVJGHGWFCNRTKPEKRCNKV[
8KFKP+P8KFKPYCUQEEWRKGFD[.QWKU+QH*WPICT[CPF+XCP5VTCEKOKTYCUDCPKUJGFVQ%TQCVKC
+P +XCP 5VTCEKOK TGECRVWTGF JKU VGTTKVQT[ YKVJ VJG CKF QH VJG UQXGTGKIPU QH 9CNNCEJKC #HVGT VJG
FGCVJQHJKUHCVJGTJGUGEGFGF8KFKPHTQOVJGECRKVCN6WTPQXQYJGTG+XCP5KUOCPTGUKFGF
9JGP5KIKUOWPFŉUCTO[QHETWUCFGTUJCFTGCEJGFVJGICVGUQH8KFKPKPVJG[HQWPFVJGOQRGPGF
D[VJGEKV[ŉUEKVK\GPUYJQVJWUUQWIJVVQHTGGVJGOUGNXGUQHVJG6WTMU6JCVUCOG[GCT$WNICTKCCPF
VJGTGHQTG8KFKPHGNNVQVJG6WTMUHQTIQQF+XCP5VTCEKOKTYCUFGRQTVGFVQ$WTUC

)TQUUQ # %\CT UVCPFKPI YKVJ ETQUU DGVYGGP 9 CPF 2 4 /CTKC YKVJ TCKUGF JCPFU CPF EJKNF KP
HTQPV.LWDKVUEJIT (NCPETCEMUXGT[HKPG
PQ
290
BALKAN - BULGARIA

)TQUUQ # %\CT UVCPFKPI 9 T 4 /CTKC YKVJ TCKUGF JCPFU CPF EJKNF KP HTQPV .LWDKVUEJ
IT (NCPETCEMCPFYGCMN[UVTWEMCNOQUVXGT[HKPG
&QODTQYUMK/ÒPUVGT

)TQUUQ#0KODCVG%\CTQPVJTQPGYKVJNKUCPFUVCHH4$WUVQH%JTKUVYKVJDNGUUKPIJCPFCPFDQQM

DGVYGGP+%:%.LWDKVUEJIT 6TCEGUQHXGTFKITKUXGT[HKPGVQGZVTGOGN[HKPG
4CWEJ9KGP#WEVKQP
PQ
%\CTYKVJCPKODWUPQVRQUUKDNG
KVOQTGTGUGODNGUCFCIIGTDQVJVJGYC[KPYJKEJVJGQDLGEVKUJGNFCPFVJGRQUKVKQPQHVJGJCPFEQPHKTOVJKU

)TQUUQ#0KODCVG%\CTQPVJTQPGYKVJNKUCPFUVCHH4$WUVQH%JTKUVYKVJDNGUUKPIJCPFCPFDQQM
DGVYGGP+%:%.LWDKVUEJIT 8GT[HKPG
PQ
)TQUUQ#0KODCVG%\CTQPVJTQPGYKVJNKUCPFUVCHHCZGDGNQY4$WUVQH%JTKUVYKVJDNGUUKPIJCPF
CPFDQQMDGVYGGP+%:%.LWDKVUEJIT 4GXGTUGQHHEGPVTGXGT[HKPG
PQ

CPFDQQMDGVYGGP+%:%.LWDKVUEJIT +TTGIWNCTHNCPCPFVTCEGUQHXGTFKITKUXGT[HKPG
PQ
CPFDQQMDGVYGGP+%:%.LWDKVUEJIT 8GT[HKPG
PQ
291
BANAT SEVERIN - WALLACHIA
$#0#65'8'4+0
.KGU KP VJG NQYGT MPGG QH VJG &CPWDG 4KXGT (KTUV OGPVKQPGF KP 6JKU DCPCVG YJKEJ YCU VQ
HQTVKH[VJGDQTFGTQYGFKVUPCOGVQVJG&CPWDGHQTVTGUU5GXGTKP

#HVGTFTKXKPICYC[VJG6GWVQPKE1TFGT,WPKQT-KPI$GNC+8
&WMGQH6TCPU[NXCPKCCUUWOGFVJGVKVNGQH
MKPIQH%WOCPKC*GEJQUGCYGNNGUVCDNKUJGFOGVJQFJGCRRQKPVGFCDCPWUYJQOJGGPVTWUVGFYKVJ
VJGFGHGPEG
CRRTQZ

;GVJKUOGCUWTGUHCKNGFVQEJGEM/QPIQNCFXCPEG6JGTGHQTG$GNC+8GPNKUVGFVJG1TFGTQH5V,QJPVQ
VCMG WRQP VJGO VJG VCUM QH FGHGPFKPI VJG EQWPVT[ 6JG[ YQWNF FQ UQ WPVKN 6JGP FKURWVG CTQUG
DGVYGGP VJG RTKPEGU QH 9CNNCEJKC QP VJG QPG JCPF CPF VJG DCPWU QH 5GXGTKP QP VJG QVJGT +P
5KIKUOWPFCICKPVWTPGFVQVJG1TFGTDWVVJG[FKFPQVCEJKGXGCP[VJKPI6JGDCPWUŉUNWEMEJCPIGFKPVJG
RGTUQPQH5GXGTKP,QJCP*WP[CFKYJQO-KPI#NDGTV++JCFEQOOKUUKQPGFVQQTICPKUGFGHGPEGUCICKPUV
VJG6WTMU
0+%1.#'4'&9+6<

$CP#$CPUVCPFKPIHCEKPIYKVJVYQETQUUGU/10#4%TQYPGFUJKGNF/10'6#
TGVTQITCFG
$.1IT 44&CTMRCVKPCHNCPJQNGCNOQUVXGT[HKPG
PQ
9#..#%*+#
#NVJQWIJVJGRTKPEKRCNKV[9CNNCEJKCUVTQXGVQYCTFUKPFGRGPFGPEG
4CFWNPGITW9QFKPGUVCDNKUJGF
VJGVGTTKVQT[ŉUKPFGRGPFGPEGQH$WNICTKCHQTOQUVQHKVUJKUVQT[KVTGOCKPGFVTKDWVCT[VQ*WPICT[
WPVKN
VJGGPFQHVJGVJEGPVWT[CPFHTQOVQVJG1VVQOCP'ORKTG

6JG RTKPEKRCNKV[ QH 9CNNCEJKC YCU ETGCVGF KP VJG PF JCNH QH VJG VJ EGPVWT[
VJG %WOCPU YGPV VQ
*WPICT[ YJKEJ JCF DGGP DTQWIJV VQ KVU MPGGU FWTKPI VJG /QPIQN TCKFU QH 6JG HKTUV RTKPEG
#NGZCPFGT$CUCTCD
YCUŋITGCVXQKXQFCPFHQWPFGTQHVJGPGYUVCVGŌ*KUHCVJGT6WJQOKT

CRRTQZYCUTGURQPUKDNGHQTVJGCEVWCNETGCVKQPQHVJKUUVCVGYJKEJJCFVCMGPRNCEGKP
YJGP *WPICT[ŉU #TRCF F[PCUV[ JCF GPFGF +P 1NF 5NCXKE XQKXQF YCU XQUGXQFC YJKEJ OGCPV
EQOOCPFGTKPEJKGHQHVJGCTO[6JGITGCVXQKXQFCNUQEQOOCPFGFVJG$Q[CTU

5WEEGUUKQPYCUPQVCTTCPIGF*KUQNFGUVUQP8NCFKUNCX+
UWEEGGFGFJKOKP6TCPUCNRKPCHVGT
YJKEJJKUDTQVJGT4CFW+
VQQMQXGT
8.#&+5.#8+

8NCFKUNCX+RTKPEGQH6TCPUCNRKPGYCUYGFFGFVQ%JGTCVC+P.QWKU+QH*WPICT[CUUQXGTGKIP
NQTF QH VJG RTKPEKRCNKV[ FGOCPFGF VJCV 8NCFKUNCX UYGCT CP QCVJ QH HGCNV[ YJKEJ JG FKF KP +P
.QWKUVQQMVJG9GUVDWNICTKCP$CPCVGQH8KFKPCPFWPKVGFKVYKVJVJG$CPCVGQH5GXGTKP
8NCFKUNCXMGRVENQUGVKGUYKVJJKUDCPKUJGFDTQVJGTKPNCY+XCP5VTC\KOKTQH8KFKP+P+XCPYCU
UWDLGEVGFD[VJG6WTMUYJGTGWRQP.QWKUKORQUGFCDCPQPVJGNWETCVKXGUCNVVTCFG
8NCFKUNCX YCU VJG HKTUV VQ UVTKMG EQKP YJKEJ JG DGICP KP *G RTQOQVGF VJG QTVJQFQZ EJWTEJ
VQNGTCVGFVJG%CVJQNKEUDWVFKFPQVTGURQPFVQVJGECNNHQTEQPXGTUKQPQH2QRG7TDCP8
8NCFKUNCX+KUVJGHKTUV9CNNCEJKCPRTKPEGVQJCXGOKPVGF

&KPCT #*GNOGVNYKVJGCINGQPKV 64#05#.2+04(NQTKCVGFETQUUYKVJQPGTQUGVVGKPGCEJ

CPING /10'#/.#&'5#+91&+$.1IT 8GT[HKPG
PQ
6JGTGXGTUGVGZVUJQWNFDGTGCF/10'#/.#&'5#+91&+
9CKYQFG
292
WALLACHIA

&KPCT#*GNOGVNYKVJGCINGQPKV 64#05+#.2+04(NQTKCVGFETQUUYKVJQPGTQUGVVGKPGCEJ

CPING /10'#/.#&8591+&'+$.1IT 8GT[HKPG
&QODTQYUMK/ÒPUVGT

&KPCT # *GNOGV N YKVJ GCING QP KV 64#05# .2+0+ 4 5JKGNF / .#&+<.#+ 9#+91&
$.1IT 5NKIJVN[ENGCPGFXGT[HKPG
&QODTQYUMK/ÒPUVGT
6JKUKUPQVVJGGZCEVUCOGVGZVCUIKXGPD['PIGN5GTTWTG
R
4#&7+

*GVQQHQWIJVQXGTHGWFCNFGRGPFGPEGYKVJ.QWKU+QH*WPICT[CUYGNNCUQXGTVJGFKURWVGFVGTTKVQTKGU

$CPCVGQH5GXGTKP
4CFW C DTQVJGT QH 8NCFKUNCX + YCU YGFFGF VQ %CNKPKEJKC *G RTQOQVGF VJG QTVJQFQZ EJWTEJ
CNUQ KP
5GTDKCCPFVJGCTVU1YKPIVQJKUOWNVKRNGYQTMUJGYCUEQPUKFGTGFVJGHQWPFGTQHVJGF[PCUV[HTQO
VJGVJEGPVWT[WPVKNVJGVJEGPVWT[*GJCFVYQUQPUYJQDQVJUWEEGGFGFJKO&CP+

CPF/KTEGC+VJG'NFGT

(TQO4CFW+VJG5NCXKECNRJCDGVYCUWUGFGZENWUKXGN[

&WECVKOWPVGPK#*GNOGVNYKVJGCINGQPKVUPCMGNKPHKGNF 0&4(NQTKCVGFETQUUYKVJVJTGG

RGNNGVUKPNKPGKPGCEJCPING$.1IT 45OCNNHNCPETCEMUXGT[HKPGVQGZVTGOGN[HKPG
&QODTQYUMK/ÒPUVGT

&KPCT#*GNOGVNYKVJGCINGQPKVETQUUQHHQWTRGNNGVUKPHTQPV45JKGNFUOCNNRGNNGVCDQXG$.1
IT 48GT[HKPG
PQ
6JGETQUUHNGWT[YCUGZEJCPIGFYKVJCEQCVQHCTOUGSWKXCNGPVVQVJCVQH/QNFCXKC
UCOGRGTKQFCU2GVTW/WUCV
293
WALLACHIA
/+4%'#%'.$#64+0

9JGP JG UWEEGGFGF JKU UVGRDTQVJGT C UVTWIING HQT VJG VJTQPG DGICP DGVYGGP VJG ŋ&CPGUVKŌ CPF VJG
ŋ&TCEWNGUVKŌ
+P VJG 1VVQOCPU TGCEJGF VJG &CPWDG /KTEGC QRRQUGF VJGO 9CNNCEJKC TGVCKPKPI KPVGTPCN
CWVQPQO[ CNDGKV VTKDWVCT[ VQ VJG 1VVQOCPU 6JG VGPUG TGNCVKQP YKVJ *WPICT[ NGF VQ C PWODGT QH
CNNKCPEGUYKVJ8NCFKUNCX++,CIKGNNQCICKPUV'ORGTQT5KIKUOWPFYKVJ*WPICT[CICKPUVVJG6WTMU
/KTEGCYCUCUVTQPINGCFGTCPFJKUTGKIPFKFOWEJVQHWTVJGTVTCFG

&WECVKOWPVGPK#*GNOGVNYKVJGCINGQPKV +%45JKGNF +88#+805$.1

!
IT &CTMRCVKPCCNOQUVXGT[HKPG
&QODTQYUMK/ÒPUVGT
&WECVKOWPVGPK#2TKPEGUVCPFKPIYKVJNCPEGCPFQTD4*GNOGVNYKVJGCINGQPKVQXGTUJKGNF$.1
IT #NKVVNGQHHEGPVTGCPFVTCEGUQHXGTFKITKUXGT[HKPG
4KVVGT&ÒUUGNFQTH
(TQONKUVPQ

IT 0KEGVQPKPIHNCPETCEMXGT[HKPG
5-#$GTP
.WUEJCP
IT (NCPETCEMXGT[HKPG
PQ

&WECVKOWPVGPK2TKPEGUVCPFKPIYKVJNCPEGCPFQTD4*GNOGVNYKVJGCINGQPKVQXGTUJKGNF$.1
IT 8GT[HKPG
4KVVGT&ÒUUGNFQTH
(TQONKUVPQ
294
MOLDAVIA

IT 8GT[HKPG
PQ
/+*#'.+

/KJCGNYCUCUQPQH/KTEGCVJG'NFGT*GJCFRTGUWOCDN[DGGPEQTGIGPVUKPEGQT/KJCGN
EJQUG VJG UKFG QH *WPICT[ JKU EQWUKP &CP
NCVGT &CP ++ EJQUG $[\CPVKWO CPF NCVGT VJG 1VVQOCPU
/KJCGN RGTKUJGF KP C DCVVNG CICKPUV &CP RCTV QH VJG YCT QXGT FQOKPKQP KP VJG .QYGT &CPWDG TGIKQP
DGVYGGPVJG1VVQOCPUCPFVJG*WPICTKCPUKPYJKEJYJQGXGTJGNFVJGHQTVTGUU5GXGTKPJGNFCFGEKUKXG
CFXCPVCIG

&WECVKOWPVGPK#2TKPEGUVCPFKPIYKVJNCPEGQXGTUJQWNFGTCPFQTD4*GNOGVNYKVJGCINGQPKVQXGT
UJKGNF$.1EHIT 48GT[HKPG
PQ
/1.&#8+#
#TQWPF RQYGTHWN HCOKNKGU
-PGUGP KP /CTOCTQUJ KPKVKCVGF ECORCKIPU VQ FTKXG DCEM VJG )QNFGP
*QTFGWUKPI$WMQXKPCCUCDCUG&QEWOGPVCVKQPQHVJKURGTKQFKUXGT[RQQT

$QIFCPQH%WJGC
KUEQPUKFGTGFVQDGVJGHKTUVRTKPEGQH/QNFCXKC*GYQWNFHQWPFVJGXQKXQF
F[PCUV[ QHVJG/WUCVKP6JGVGTTKVQT[YCUGZRCPFGFCOQPIUVQVJGTUKPD[UQWVJGTP$GUUCTCDKC
YJKEJJCFDGNQPIGFVQVJG)QNFGP*QTFGWPVKNVJGP

#TQWPFVJGTGYGTGVJTGGDTQVJGTU2GVTW/WUCV5VGRJCP+CPF4QOCP
VJGTGKUUQOGFQWDVCUVQ
VJG NCVVGT CEVWCNN[ DGKPI C DTQVJGT 6JG[ TGKIPGF EQPUGEWVKXGN[ WPVKN 6JGP ECOG VJG UQPU QH
4QOCP#NGZCPFTW+5VGHCP++CPFDCUVCTFUQP$QIFCP++6JGUGTKGUENQUGUYKVJVJGUQPQH$QIFCP++
5VGHCP++

+P VJG RTKPEGU DQTG VJG VKVNG FWE VGTTCG /QNFCXKCG 6JG[ YGTG CUUKUVGF D[ C EQWPEKN QH )TGCV
$Q[CTU6JGECRKVCNYCU$CKC5KTGVCPFHTQOQP5WEGCXC

+P4QOCP+ENCKOGFVJGVKVNGTWNGTŋHTQOVJGOQWPVCKPUVQVJGUGCŌ6JGDQTFGTYKVJ9CNNCEJKCYCU
HQTOGF D[ VJG 4KXGT /KNEQ 6JGTG YCU C UVCVG QH EQPUVCPV EQPHNKEV YKVJ VJG UWTTQWPFKPI EQWPVTKGU QH
.KVJWCPKCVJG6GWVQPKE1TFGTCPF*WPICT[QHYJKEJVJG/QNFCXKCPTWNGTUYGTGXCUUCNU6JGTGWUWCNN[
YCU VTKDWVG VQ RC[ #NVJQWIJ 5VGHCP VJG )TGCV OCFG UQOG CVVGORVU VQ UJTWI QHH VJKU DWTFGP JG
GXGPVWCNN[HQWPFJKOUGNHVTKDWVCT[VQVJG1VVQOCPU6JGNCVVGTQEEWRKGFUQWVJGTP$GUUCTCDKCKP

+P/QNFCXKCVJGHKTUVRTKPEGVQOKPVKU$QIFCP+*GOKPVGFKP5WE\CYCKOKVCVKPICMYCTVPKMQH%CUKOKT
VJG)TGCVQH2QNCPF
UGG'PIGN5GTTWTGR
2'647/75#6

&KPCT#$WNNŉUJGCFYKVJUVCTDGVYGGPVJGJQTPUETGUEGPVNCPFTQUGVVGT 5+/2'6$+ó91+81

45JKGNFNCPFCDQXGNKU 5+/1.&#8+'05+5$.1IT 8GT[HKPG
PQ
6JGEQCVQHCTOUQH/QNFCXKCKUVJGJGCFQHCPDWNNWPFGTCUVCT
UQOGVKOGUYKVJCUWPQTCTQUGWPFGTKV
6JGNGIGPFUVCTVUYKVJ5+
QH5KIKNNWOCPFVJGPTGCFU/1.&#8+#
295
MOLDAVIA

&KPCT#$WNNŉUJGCFYKVJUVCTDGVYGGPVJGJQTPUETGUEGPVNCPFTQUGVVGT 5/+2'6$+ó91+81

45JKGNFYKVJRGNNGVCDQXG 5+/1.&#8+005+5$.1HHIT
PQ
5KOKNCTVQPQVJGJGCFQHVJGDWNNKUNGUUDTQCF6JGUVCTQXGTVJGJGCFOQTGTGUGODNGUCTQUGVVGQPVJGEQKP
KPJCPF
#.':#0&47EGN$70

&KPCT#$WNNŉUJGCFYKVJUVCTDGVYGGPVJGJQTPUTQUGVVGNCPFETGUEGPVT45JKGNFDWNNŉUJGCF
DGVYGGPTQUGVVGCPFETGEGPVCDQXG6T$.1IT 6TCEGUQHEQTTQUKQPQVJGTYKUGXGT[HKPG
&QODTQYUMK/ÒPUVGT
$1)&#0++

&KPCT#$WNNŉUJGCFYKVJUVCTDGVYGGPVJGJQTPUETGUEGPVNCPFTQUGVVGT %88'#/81+%

45JKGNF0CDQXGCPF+T 9&8+'05+$.1IT
&QODTQYUMK/ÒPUVGT
56'(#0%'./#4'

&KPCT # $WNNŉU JGCF YKVJ UVCT DGVYGGP VJG JQTPU ETGUEGPV N CPF TQUGVVG T /10'6#
/1.&#8+'45JKGNF 56'(#08581+'81&*$.1IT 5OCNNHNCPXGT[HKPG
&QODTQYUMK/ÒPUVGT
6JGXCNWGCOQWPVGFVQJCNHCFKPCTYKVJVJGYGKIJVQHCYJQNGQPG
6JGNGIGPFKUKP.CVKP
296
TREBIZOND
#4170&6*'$.#%-5'#
64'$+<10&
+VKUYKFGN[VJQWIJVVJCV6TGDK\QPFKUQPGQHVJGPWOGTQWUPGYUVCVGUHQWPFGFKPVJGCHVGTOCVJQHVJGHCNN
QH%QPUVCPVKPQRNG6JKUKUPQVVTWGKPVJGUVTKEVGUVUGPUGCNVJQWIJVJGTGKUUQOGEQPPGEVKQPDGVYGGPVJGUG
VYQQEEWTGPEGU

+P$[\CPVKPGGORGTQT#PFTQPKEQU+YCUMKNNGF+UCCE++#PIGNQUCEEGFGFVQVJGVJTQPGCPFQTFGTGF
#PFTQPKEQUŉUGPVKTGHCOKN[VQDGMKNNGF$QVJ#PFTQPKEQUŉUUQPU/CPWGNCPF,QJPKPFGGFUWHHGTGFVJKU
HCVGDWVYKVJVJGCKFQH3WGGP6ŉCOCTQH)GQTIKCJKUFCWIJVGT6JCOCTOCPCIGFVQHNGGVQ-QNEJKUCPF
VCMG DQVJ /CPWGNŉU UQPU #NGZKQU CPF &CXKF YKVJ JGT # UOCNN TGVKPWG CNUQ HGCTKPI HQT VJGKT NKXGU
CEEQORCPKGFJGT$QVJDQ[UITGYWRKP6TGDK\QPF

9JGPKPVJGETWUCFGTUVQQM%QPUVCPVKPQRNG6JGQFQT.CUMCTKUHNGFVQ0KECGCCPF/KEJCGN#PIGNQU
VQ6JGUUCNQPKECCPF'RKTWU6JGGNFGTQH#PFTQPKEQUŉUUQPU#NGZKQUOCFGWUGQHVJGGPUWKPIEJCQUCPF
EQPSWGTGF2QPVWUCPF2CRJNCIQPKCCPFFGENCTGFVJG'ORKTGQH6TGDK\QPFYJKEJYQWNFNCUVWPVKN

WPFGTVJGTWNGQHJKUHCOKN[
$GHQTGNQPI#NGZKQUQH6TGDK\QPFJCFVQTGNKPSWKUJRCTVUQH2CRJNCIQPKCVQ0KECGCCPFVJGRTKPEKRCNKV[
5KPQRGVQVJGUWNVCPQH+EQPKWO*KUUWEEGUUQT#PFTQPKEQU+YQWNFEQPSWGTCNCTIGRCTVQHVJG%TKOGC

%QKPCIGKP6TGDK\QPFECPDGFKXKFGFKPVQVYQRGTKQFUVJGRGTKQFWPVKN,QJP++CPFVJGRGTKQFCHVGTVJCV
%QKPU HTQO VJG HKTUV RGTKQF RQTVTC[ VJG GORGTQT CPF 5V 'WIGPKWU
C )TGGM UCKPV YJQ YCU VJG RCVTQP
UCKPVQH6TGDK\QPFUVCPFKPICPKOKVCVKQPQH$[\CPVKPGEQKPU6JGEQKPUVCPFCTFYCUKPNKPGYKVJVJCVQH
VJGFKTJGOU7PFGT#NGZKQU++KGCHVGTCIGPGTCNOQPGVCT[TGHQTOYCUECTTKGFVJTQWIJEQKPCIG
PQYFKURNC[KPIVJGGORGTQTCPF5V'WIGPKWUQPJQTUGDCEM+PVJGEQWTUGQHVKOGVJGYGKIJVITCFWCNN[
FKOKPKUJGF
/#07'.+

#HVGT VJG FGCVJ QH ,QJP + KP JKU OKPQT UQP ,QJCPPKMQU YCU UWEEGUUQT CRRCTGPV *QYGXGT VJG
NCVVGTŉU WPENG /CPWGN DTQVJGT QH ,QJP + UGPV JKO VQ C OQPCUVGT[ CPF WUWTRGF VJG VJTQPG .KVVNG KU
FQEWOGPVGFQH/CPWGNŉUNKHGQVJGTVJCPVJCVJGFKGFKP/CPWGNOCTTKGFVJTGGVKOGU
CHVGTCHCKNGF
CVVGORVVQYKPVJGJCPFQHVJGFCWIJVGTQHVJG(TGPEJMKPI.QWKU+:4WUWFCP
KUUWG6JGQFQTC-[TKC
#PPC
KUUWG#PFTQPKMQUCPF-[TKC+TGPG5[TCECGPC
KUUWG)GTIKQUCPF,QJP#NNHQWTEJKNFTGPYQWNF
DGEQOGGORGTQT
/CPWGN JCF VQ FGHGPF VJG UVCVG CICKPUV VJG /QPIQNU KP RCTVKEWNCT YJQ JCF CNTGCF[ FGUVTQ[GF VJG
UWTTQWPFKPIEQWPVTKGU)GQTIKC#TOGPKCCPF+EQPKWO

#URGT#/CPWGNUVCPFKPIYKVJNCDCTWOCPFUETQNNETQYPGFD[JCPFQH)QFTN*0+#T1-
*45V'WIGPKWUUVCPFKPIN1#)+1T'8)'0+14GVQYUMK5GCTIT
0KEGVQPKPIXGT[HKPGURGEKOGP
#JNUVTQO5VQEMJQNO#WEVKQP
PQ

#URGT#/CPWGNUVCPFKPIYKVJNCDCTWOCPFUETQNNETQYPGFD[JCPFQH)QFTN*0#T1-*
45V'WIGPKWUUVCPFKPIN1#)+1T'8)'0+4GVQYUMK5GCTIT
&KGCPFHNCPFGHGEVUQVJGTYKUGGZVTGOGN[HKPG
*QNNGOCP'PEJGFG
297
TREBIZOND

#URGT#/CPWGNUVCPFKPIYKVJNCDCTWOCPFUETQNNETQYPGFD[JCPFQH)QFTHQWTRGNNGVUCVVJGUVCHH
QH VJG NCDCTWO N * 0 # T 1 - * 4 5V 'WIGPKWU UVCPFKPI N 1 # )+ 1 T '8 )' 0+ 1
4GVQYUMK5GCTIT 'FIGHCWNVUXGT[HKPG
*QNNGOCP'PUEJGFG

,1*#00'5++

9JGP JKU DTQVJGT )GQTIKQU YCU VCMGP ECRVKXG KP ,QJP ++ UGK\GF RQYGT CPF UGV JKU UKIJVU QP
%QPUVCPVKPQRNG*GVQQMCPCTO[VQVJGEKV[QPN[VQTGVWTPYKVJVJGVJKTFFCWIJVGTQH'ORGTQT/KEJCGN
'WFQZKCCUJKUYKHG
&WTKPI,QJPŉUCDUGPEG&CXKFMKPIQH)GQTIKCVTKGFVQEQPSWGT6TGDK\QPFDWV6JGQFQTCRTGXGPVGFJKO
CPFEQPVKPWGFVQGZGTVCWVJQTKV[HQTCUNQPICUJGTDTQVJGTYCUCYC[/CP[CVVCEMUD[VJG6WTMOGPHTQO
%CRRCFQEKCYQWNFHQNNQY

#URGT#,QJCPPGUUVCPFKPIYKVJNCDCTWOCPFQTDETQYPGFD[JCPFQH)QFTN+91-*0T0
1%45V'WIGPKWUUVCPFKPIYKVJETQUUN#KPEKTENG'8)T'0+14GVQYUMK5GCT
IT 0KEGVQPKPIXGT[HKPG
0/$#OUVGTFCO

#URGT#,QJCPPGUUVCPFKPIYKVJNCDCTWOCPFQTDETQYPGFD[JCPFQH)QFTN+9Q-Q*0T1
%45V'WIGPKWUUVCPFKPIYKVJETQUUN#KPEKTENG'8)'T0+1%4GVQYUMK5GCT
IT 8GT[HKPG
5-#<ÒTKEJ
298
TREBIZOND

%QRRGT#,QJCPPGUUVCPFKPIYKVJUEGRVTGCPFQTDN+9TQ-Q45V'WIGPKWUYKVJETQUUN0
1%T#KPEKTENG'8)'4GVQYUMK5GCTIT 8GT[HKPG
*QNNGOCP'PUEJGFG
5CDCVKGT CVVTKDWVGU VJKU VQ ,QJP +++
4GVQYUMK QP VJG QVJGT JCPF RWVU WPFGT ,QJP ++ YJKEJ YG JCXG
EJQUGPVQHQNNQY
#.':+15++

#V VJG FGCVJ QH JKU HCVJGT #NGZKQU YCU QPN[ [GCTU QNF CPF VJG $[\CPVKPG GORGTQT #PFTQPKMQU ++

DTQVJGTQHJKUOQVJGTDGECOGIWCTFKCP#PFTQPKMQUYCPVGFOQTGRQYGTQXGT6TGDK\QPF*GVTKGFVQ
CEJKGXGVJKUD[CTTCPIKPIHQT#NGZKQUVQOCTT[VJGFCWIJVGTQHC$[\CPVKPGRQVGPVCVGJQYGXGTJGYCU
VJYCTVGF*GGXGPVWCNN[OCTTKGFCP+DGTKCPRTKPEGUU
#6WTMOGPCVVCEMQP-GTCUWPVVJGUVCVGŉUUGEQPFEKV[YCUHGPFGFQHH6JG)GPQGUGVQQYGTGTGRGNNGF

VJG[FGOCPFGFHTGGFQOQHVQNNKP6TGDK\QPF#NGZKQUYCUNGUUUWEEGUUHWNHKIJVKPIQHHVJGDWEECPGGTUQH
VJGOWUNKORKTCVGUVCVGUQH5KPQRGCPF5COUWP

#URGT#'ORGTQTYKVJUEGRVTGQPJQTUGDCEMTN#'CPFT/0NKUWPFGTVJGJQTUG45V'WIGPKWU
YKVJ ETQUU QP JQTUGDCEM N # KP EKTENG '8 ) CPF T 0 Q NKU WPFGT JQTUG 4GVQYUMK 5GCT
IT 40KEGVQPKPIGFIGHCWNVXGT[HKPG
4CWEJ9KGP#WEVKQP
PQ
#0&410+%75+++

6JGEQWPVT[YCUPQYFQOKPCVGFD[VJGHGWFDGVYGGPVYQHCEVKQPUVJG5EJQNCTKQK
VJGPQDNGHCOKN[VJCV
JCF EQOG CNQPI HTQO %QPUVCPVKPQRNG KP CPF VJG #O[V\CTCPVQK
QNF 6TGDK\QPF PQDKNKV[ +P VJG
EQWTUGQHVJGHGWFVJGHCEVKQPUDGECOGOQTGCPFOQTGCWVQPQOQWUNGCXKPIVJGGORGTQTYKVJFGHCEVQ
TWNGQXGTVJGEKVKGUQH6TGDK\QPFCPF-GTC\WPV
CNQPIYKVJVJGCVVCEJGFXKNNCIGU

#URGT##PFTQPKEWUYKVJUEGRVTGQPJQTUGDCEMTT/+45V'WIGPKWUYKVJETQUUQPJQTUGDCEMT
N#KPEKTENG'8T04GVQYUMK5GCTIT 9GCMN[UVTWEMGFIGHCWNVXGT[HKPG
*GP\GP#OGTQPIGP
(TQONKUVUGRV PQ
299
TREBIZOND
6JG TGKIP QH /CPWGN VJG UQP QH #PFTQPKMQU +++ CU C OKPQT NCUVGF LWUV GKIJV OQPVJU 6JG [QWPIGT
DTQVJGTQH#PFTQPKMQU+++$CUKNKQUUGK\GFRQYGTCPFJKUHKTUVCEVQHUVCVGYCUVQJCXG/CPWGNDGJGCFGF
#UQVJGTOGODGTUQHVJG-QOPGPQUHCOKN[JCFCNTGCF[DGGPMKNNGF$CUKNKQUHGCTGFHQTJKUNKHGCPFHNGF
VQ%QPUVCPVKPQRNG*GVJGPYCUECNNGFDCEMVQ6TGDK\QPFD[VJG5EJQNCTKQKHCOKN[

$CUKNKQUYGFFGFQPG+TGPGFCWIJVGTQHVJG$[\CPVKPGGORGTQT9KVJQWVIQKPIVJTQWIJVJGVTQWDNGQHC
FKXQTEGJGOCTTKGFCPQVJGT+TGPG
HTQO6TGDK\QPFYJGPDGHQTGNQPIJGYCURQKUQPGF
CHVGTHCVJGTKPI
VYQEJKNFTGPYKVJJKUPGYYKHGRTGUWOCDN[CVVJGKPUVKICVKQPQHJKUHKTUVYKHG

#HVGT$CUKNKQUFKGF+TGPGDGECOG
$[\CPVKPGGORTGUU5JGUGPVVJGQVJGT+TGPGKPGZKNGVQ%QPUVCPVKPQRNG
CNQPIYKVJJGTDQVJUQPU+TGPGHCEGFCOWNVKVWFGQHRTQDNGOUKP6TGDK\QPFCPFTGSWGUVGFVJCVJGTHCVJGT
VJG$[\CPVKPGGORGTQTEQOGVQ6TGDK\QPFDWVVJGOGUUCIGPGXGTTGCEJGFJKO6JGUKUVGTQH$CUKNKQU
#PPCVQQMCFXCPVCIGQHVJKUUKVWCVKQPCPFUGK\GFVJGVJTQPG6JQWIJGXGPYKVJ+TGPGYJQJCFTGVWTPGF
VQ%QPUVCPVKPQRNGQWVQHJGTYC[#PPCUWEEWODGFVQVJGYCTTKPIHCEVKQPU6JGPVJGRCTVKGUWPKVGFKP
CPGHHQTVVQIGV/KEJCGNŉUUQP,QJPDCEMHTQO%QPUVCPVKPQRNG6JKUYCUCEJKGXGFKP

,QJP+++
YCUPQVVJGOCPYJQYQWNFTGUVQTGQTFGTGKVJGT6JKUYCUOWEJVQVJGFKUEQPVGPV
QHVJGXCUUCNUYJQVJGPVQQMKVWRQPVJGOUGNXGUVQNKDGTCVG,QJPŉUHCVJGT/KEJCGNYJKEJVJG[UWEEGGFGF
KPFQKPIKPHTGGKPIJKOHTQOJKURTKUQPKP.KOPKC
/+%*#'.

/KEJCGNJCFDGGPHQTEGFVQRTQOKUGVJGXCUUCNUFGHCEVQRQYGTKPTGVWTPHQTVJGKTNKDGTCVKPIJKO6JG
RGQRNGYQWNFPQVUGVVNGHQTVJKUCPFEKXKNYCTDTQMGQWV6JGRGQRNGGOGTIGFXKEVQTKQWUCPFKORTKUQPGF
ŋ/GICU&WZŌ0KEGVCUVJGXCUUCNNGCFGT/KEJCGNJQYGXGTEQWNFPQVJCPFNGVJGRQYGTTGVWTPGFVQJKO
CPFVJGEQWPVT[URKTCNNGFKPVQFGENKPG
6JGXCUUCNUYKVJFTGYVQVJGKTECUVNGU+PVJGRNCIWGGTCFKECVGFQPGHKHVJQHVJGRQRWNCVKQPCPFVJG
)GPQGUG QEEWRKGF -GTCUWPV 6JG GPVKTG EQCUV YCU RKNNCIGF +P TGVWTP HQT RGCEG /KEJCGN ICXG VJG
)GPQGUGVJGHQTVTGUU.GQPVQECUVTQP+P/KEJCGNYCUHQTEGFVQTGNGCUGŋ/GICU&WZŌ0KEGVCUYJQ
FKFPQVVJKPMVYKEGCPFFGRQUGFVJGYGCMTWNGT

#URGT'ORGTQTYKVJUEGRVTGQPJQTUGDCEMTT/45V'WIGPKWUYKVJETQUUQPJQTUGDCEMTN)
KPEKTENGT04GVQYUMK5GCTIT 9GCMN[UVTWEMKPRCTVUXGT[HKPGVQGZVTGOGN[HKPG
*GP\GP#OGTQPIGP
(TQONKUVLCP PQ
#.':+15+++

#NGZKQU+++YCUVJGUQPQH$CUKNKQUCPFVJG6TCRG\WPV+TGPG#VJKUCEEGUUKQPJGYCUVYGNXG[GCTUQNF
CPFJKUOQVJGTYCUCRRQKPVGFTGIGPV#VCUMHQTYJKEJUJGRTQXGFOWEJVQQYGCM7RQPJKUEQOKPIQH
CIG#NGZKQUVTKGFVQTGUVQTGCWVJQTKV[YJKEJJGJCFFKHHKEWNV[CEJKGXKPI*GVJGPVWTPGFVQOCTTKCIGUQ
CU VQ CUUGTV JKU RQYGT OCTT[KPI QHH JKU UKUVGTU CPF FCWIJVGTU VQ CNN VJG PQDNG JQWUGU DGVYGGP
%QUVCPVKPQRNGCPF6KHNKU

#URGT # 'ORGTQT YKVJ UEGRVTG QP JQTUGDCEM T N #' T *0 4 5V 'WIGPKWU YKVJ ETQUU QP
JQTUGDCEMTN'8)T*0VQMGPWPFGTJQTUG4GVQYUMK5GCTIT
4CWEJ9KGP#WEVKQP
PQ
300
TREBIZOND
#NGZKQU+++YCUUWEEGGFGFD[JKUQPN[UQP/KEJCGN+++&WTKPIVJGNCVVGTŉUTGKIPCHGWFKIPKVGFDGVYGGP
6KOWT CPF $C[C\GV KP VJG EQWTUG QH YJKEJ VJG UOCNN 6TGDK\QPF DGECOG FGRGPFGPV QP 6KOWT 6JGP
)GQTI8++QH)GQTIKCEJCUGFCYC[VJG6CVCTUYKPPKPI6TGDK\QPFDCEMKVUKPFGRGPFGPEG
#.':+15+8

5QQP VJG 6WTMOGP CFXCPEGF VQ 6TGDK\QPF #NGZKU FKF PQV OCPCIG VQ UVQR VJGO CPF YCU HQTEGF VQ
CRRGCUG5WNVCP&LGJCO5JCJD[QHHGTKPIJKOVJGJCPFQHJKUFCWIJVGT
*QYGXGT DGHQTG NQPI PGY FCPIGT NQQOGF QP VJG JQTK\QP #OWTCV ++ QH C 6WTMKUJ RGQRNG # NCTIG
CTOCFCICVJGTGFQHH6TGDK\QPFGŉUEQCUVDWVCUVQTOFGUVTQ[GFVJGGPVKTGHNGGV
*KUQNFGUVUQP-CNQ,QJPHQTEGFCEQWRD[VJTQYKPIJKURCTGPVUKPLCKN6JGXCUUCNUKOOGFKCVGN[HTGGF
VJGO6JGVTGCEJGTQWUUQPHNGFVQ)GQTIKCYJGTGJGOCTTKGFVJGFCWIJVGTQHVJGMKPI
;GV JG YCPVGF DCEM YJCV JG EQPUKFGTGF JKU *G VTCXGNGF HTQO 6KHNKU VQ -CHHC YJGTG JG GPNKUVGF VYQ
UJKRUOCPPGFD[)GPQGUGCFXGPVWTGTU6JG[TGCEJGF6TGDK\QPFYJGTGJGMKNNGFJKUHCVJGT

#URGT#'ORGTQTYKVJUEGRVTGQPJQTUGDCEMT45V'WIGPKWUYKVJETQUUQPJQTUGDCEMT4GVQYUMK
5GCTIT 5OCNNHNCPGFIGDTGCMXGT[HKPG
'NUGP$TWUUGN
,1*#00'5+8

6JG6WTMOGPKPXCFGFFKTGEVN[CHVGTJGJCFCEEGFGF*KUCTO[CPFHNGGVRCNGFDGUKFGVJGKPXCFKPIHQTEGU
DWVVJGEKV[YCNNUYKVJUVQQFVJGKPXCFGTU
6JG 1VVQOCPU HQTOGF C NCTIGT FCPIGT #OWTGV JCF NGHV VJG UOCNN EQWPVT[ KP RGCEG CHVGT JG JCF DGGP
FGHGCVGF*KUUQP/QJCOOGF++JQYGXGTEQPSWGTGF%QPUVCPVKPQRNGRWVVKPICPGPFVQVJG$[\CPVKPG
GORKTG*GQTFGTGF2CUJC%JGVKTQH#OCUKCJVQVCMGVJGNCUV)TGGMUVCVG+PVJGHCEGQHJKUGPGOKGU,QJP
CDCPFQPGF CP[ JQRGU QH YKPPKPI CPF JG QHHGTGF VJG UWNVCP UW\GTCKPV[ YKVJ C RC[OGPV QH IQNF
RKGEGU6JGUWNVCPCEEGRVGFDWVTCKUGFVJGCOQWPVVQRKGEGU
6Q GPF VJKU UKVWCVKQP CU UQQP CU RQUUKDNG ,QJP UQWIJV CNNKCPEG YKVJ JKU PGKIJDQWTKPI UVCVGU 5KPQRG
)GQTIKC +DGTKC DWV RCTVKEWNCTN[ YKVJ VJG OKIJV[ 5WNVCP 7UCP*CUUCP QH VJG 9JKVG *QTFG *G FKGF
FWTKPIPGIQVKCVKQPUYKVJVJGNCVVGT
*GNGHVCHQWT[GCTQNFUQP,QJPŉUDTQVJGT&CXKFCEVGFCUIWCTFKCP$WVKP/QJCOOGFUGPVCHNGGV
VQ 6TGDK\QPF &CXKF YCU CNNQYGF VQ YKVJFTCY CPF VJG EKV[ YCU URCTGF 6JG XCUUCNU FKF PQVHCTGYGNN
VJG[YGTGGKVJGTOWTFGTGFQTOCFGUNCXGUCPFHQTEGFVQTGEQIPKUG+UNCO
'KIJV[GCTUCHVGTVJGHCNNQH%QPUVCPVKPQRNGVJGNCUVUVTQPIJQNF6TGDK\QPFYCUNQUV

#URGT#'ORGTQTYKVJUEGRVTGQPJQTUGDCEMT+QOGICQ*4*8$45V'WIGPKWUYKVJETQUUQP
JQTUGDCEMTCTTQYWPFGTJQTUG'8)%%+4GVQYUMK5GCTIT
'ZVTGOGN[TCTG9GCMN[UVTWEMHKPGVQXGT[HKPG
$GEMGPDCWGT/ÒPEJGP
1HVJGITGCVGUVTCTKV[
UGGCNUQECVQH.CP\/ÒPEJGP
301
GEORGIA
)'14)+#
)GQTIKCYCUCNYC[UCEQWPVT[QHUVTCVGIKEKORQTVCPEG+VYCUOCFGWRQHCOWNVKVWFGQHOKPQTUVCVGU
%JTKUVKCPKV[YCUKPVTQFWEGFGCTN[#TOGPKCOCFGKVKVUUVCVGTGNKIKQPKPHQTDKFFKPIRCICPEWNVU6JG
U[PQFQH0KEGCGFQEWOGPVU%JTKUVKCPKV[DGKPIQTICPKUGFCUGCTN[CUKP9GUV)GQTIKC9GUV)GQTIKC
YCU WPFGT $[\CPVKPG KPHNWGPEG -KPI /KTKCP KPVTQFWEGF %JTKUVKCPKV[ KP +DGTKC
'CUV )GQTIKC ECRKVCN
-CTVNKKP

-KPI9CEJVCPI)QTICUCN
HQWIJVVJG2GTUKCPUDCEMCPFHQWPFGFVJGPGYECRKVCN6DKNKUK
JQV
URTKPI*GWPKHKGFVJG'CUVCPF9GUV)GQTIKCPEJWTEJ6JGJGCFYCUCECVJQNKEQUYJQYCUGSWKXCNGPV
VQVJG'CUV4QOCPRCVTKCTEJ'CUV)GQTIKCPMKPIUJKRYCUCDQNKUJGFKP

+PVJG#TCDUECOGVJG[HQWPFGFVJGGOKTCVG6DKNKUKKPVJGVJEGPVWT[YJKEJYQWNFNCUVWPVKN
+PVJGHKTUVMKPIYCUETQYPGF$[\CPVKWOGZGTVGFCUVTQPIKPHNWGPEG

+P9GUV)GQTIKC$[\CPVKPGOQPG[YCUWUGFKP'CUV)GQTIKC5CUUCPKFKEFTCEJOU
VJGNCVVGTYGTGKUUWGF
KPCPCNVGTGFXGTUKQPVJGJQN[HNCOGQPVJGHKTGCNVCTJCXKPIDGGPTGRNCEGFYKVJCETQUU

+P'CUV)GQTIKCYCUVCMGPCPFVJGPGZV[GCTU)GQTIKCYCUTWNGFD[CP#TCDKEGOKTCEVKPIHQT
VJG7OOC[[CFUQH&COCUEWUCPFVJGKTUWEEGUUQTUVJG#DDCUUKFUQH$CIFCF

#HVGTVJGGPFQHVJG#DDCUUKFKEGOKTCVGUGXGTCNUOCNNUVCVGUGOGTIGF#TQWPFVJG[GCT$CITCV+++

OCPCIGF VQ WPKVG )GQTIKC KP C RGCEGHWN OCPPGT $CITCV KU VJG RTQIGPKVQT QH VJG $CITCVKF
F[PCUV[YJKEJYQWNFNGCF)GQTIKCVQITGCVRQYGT

5VKNN VJGTG YCU EQPVKPWCNVWIIKPICVVJGUGCOUQHVJKUWPKV[PQVNGCUVD[$[\CPVKWO9JGPVJG5GNLWMU
JGCFGFD[#NR#TUNCPKPFGHGCVGFVJG$[\CPVKPGUCV/CP\KMGTVVJGRCVJVQYCTFUTGCNWPKV[JCFDGGP
ENGCTGF

7PFGT&CXKF+8VJGEQWPVT[GODCTMGFQPCEQWTUGQHITGCVEJCPIG*GFGHGCVGFVJG5GNLWMUKPCPF
DCPKUJGFVJGGOKTUHTQO6DKNKUK*GWPKVGF)GQTIKCYKVJ#TOGPKC&CXKF+8NGHVCNCTIG%JTKUVKCPTGCNO
GSWCNVQVJG5VCWHGTGORKTGQH(TGFGTKEM++

6JGEQWPVT[RTQURGTGFRCTVKEWNCTN[WPFGT&CXKF+
JKUUQP)GQTI+++
CPFJKU
ITCPFFCWIJVGT6ŉCOCT

)GPIJKU -JCPŉU /QPIQNU ECUV ENQWFU QXGT VJG TGKIPU QH )KQTIK +8
CPF 4WUWFCP

6JG[RKNNCIGFNCTIGRCTVUQH'CUV)GQTIKCKPCPFUWDUGSWGPVN[CVVCEMGF6DKNKUK3WGGP
4WUWFCP HNGF VQ -WVCKUK VJG ECRKVCN QH +OGTGVK KP 9GUV )GQTIKC 9JGP VJG QEEWRKGTU NQUV QPG QH VJG
DCVVNGU 4WUWFCP RWUJGF VJTQWIJ VQ 6DKNKUK TGVCMKPI VJG EKV[ KP #HVGT TGIWNCT OKPVKPI YCU
VCMGPWRCICKP

(TQOVJG/QPIQNUKPXCFGFVJGEQWPVT[CPFQEEWRKGF'CUV)GQTIKCCPF#TOGPKC'XGPVWCNN[KP
4WUWFCP ECRKVWNCVGF VQ 3WGGP 6ÌTGIGPG
QPG QH )GPIJKU -JCPŉU FCWIJVGTUKPNCY
YKFQY QH VJG )TGCV -JCP ¤IGFGK 6JKU ECRKVWNCVKQP CPF VJG TCKFU D[ 6KOWT DTQWIJV VJG EQWPVT[VQKVU
MPGGU+VQPEGCICKPHGNNCRCTVKPVQUOCNNUVCVGU
PQVVQDGTGWPKVGFWPVKN)GQTI8KPVJGVJEGPVWT[

+PVJGVJEGPVWT[)GQTIKCYCUEQPUKFGTGFCWPKVGFUVCVGFGLWTGFGHCEVQ9GUV)GQTIKCEQPUVKVWVGFC
MKPIFQOKPKVUQYPTKIJVYKVJQYPEQKPCIGDCUGFQP6TGDK\QPFOQPG[
6ŉ#/#4

+P6ŉCOCTUWEEGGFGFJGTHCVJGT)GQTIG+83WGGP6ŉCOCTYCUVJGOQUVEQNQWTHWNQHVJG)GQTIKCP
TWNGTU *GT IQXGTPOGPV YQWNF DG VJG NCUV QH VJG ŋ)QNFGP #IGŌ #TV CPF EWNVWTG TQUG VQ VJGKT CRQIGG

+TCPKCPCPF$[\CPVKPGKPHNWGPEGUEQORNGOGPVGFVJGKPPCVG)GQTIKCPEJCTCEVGTQHVJGCTVCPFVJGEWNVWTG
NGCXKPIKVKPVCEV/CP[OCPWUETKRVUYGTGRTQFWEGFKPRCTVKEWNCT
6ŉCOCTŉUHKTUVOCTTKCIGYCUVQ)KQTIK
;WT[QHVJG$QIQN[WDUMQ[HCOKN[HTQO5W\FCN#HVGTVJGFKXQTEG
UJGTGOCTTKGF&CXKF5QUNCPHTQOVJGMKPIFQOQH1UUGVKCKP#VVJGVKOGQH6ŉCOCTŉUFGCVJKP
)GQTIKCJCFTGCEJGFKVUITGCVGUVGZVGPV
&GURKVGVJGJKIJEWNVWTGQHVJKUŋ)QNFGP#IGŌEQKPCIGYCUXGT[RTKOKVKXG%QKPUYGTGOCFGQHEQRRGT
UJCRGF KTTGIWNCTN[ CPF JCF C OCTMGF XCNWG ENGCTN[ CDQXG VJCV QH VJG OGVCN
UQECNNGF -TGFKVOÒP\GP
ETGFKV EQKPU NKVGTCNN[ 1PN[ QPG EQRRGT V[RG UVCPFU QWV KP DGCWV[
UGG PQ 6JG EQKPU HTQO VJKU
RGTKQFDGCTVJGPCOGUQH6ŉCOCTCPF&CXKF
$QTPQHVJKUOCTTKCIGYGTG-KPI)GQTIK.CUJC
CPF3WGGP4WUWFCP

3WGGP6ŉCOCTOCKPVCKPGFENQUGVKGUYKVJVJG6TGDK\QPF'ORKTG

%TGFKVEQKPUJCFCJKIJGTOCTMGFXCNWGVJCPYCUEQXGTGFD[VJGKTCEVWCNOGVCNNKEXCNWG/CP[QHVJGUG
EQKPUYGTGUVTWEMYKVJVJGYQTFŋFKTJGOŌOKPVKPINQTFUVJWUVT[KPIVQRCUUVJGOCUUKNXGTOQPG[
6JGTG JCF CEVWCNN[ DGGP C NCEM QH UKNXGT HQT C NQPI VKOG KP VJKU TGIKQP YJKEJ JCF RTGUWOCDN[ CNYC[U
DGGPEQXGTGFD[KORQTVUHTQO4WUUKCCUQWTEGVJCVJCFJQYGXGTFTKGFWR#PQVJGTVJGQT[JCUKVVJCV
)GQTIKCŉUQYPTGUQWTEGUTCPNQY&KOKPKUJGFUKNXGTRTQFWEVKQP
UKNXGTRTQFWEVKQPKPVJG%CWECUWUFKF
PQVFGETGCUGWPVKNNCVGTCPFKVNCUVGFHQTCRRTQZKOCVGN[[GCTUKUPQVFQEWOGPVGF6JGETGFKVEQKPU
JCFPQGEQPQOKEEQPUGSWGPEGUVJGTGYCUPQKPHNCVKQP.CVGTOCP[NCTIGTEQRRGTEQKPUYGTGOQNVGPVQ
DGTGWUGF
302
GEORGIA

%TGFKVEQKP#/QPQITCOQH6ŉOCTQTPCOGPVGFCTCDGUSWGUCTQWPFNGIGPFKPMJWVUYKPUETKRV+06*'
0#/'1()1&9#5/#&'6*'564+-+0)1(6*+55+.8'42+'%'+06*'-ŉ1410+-10
KG #& 4 +P CTCDKE UETKRV 6*' )4'#6 37''0 ).14; 1( 6*' 914.& #0&
(#+6* 6#/#4 &#7)*6'4 1( )'14)+ %*#/2+10 1( 6*' /'55+#5 /#; )1&
+0%4'#5'
*'4 8+%614+'5 .GIGPF /#; )1& +0%4'#5' *'4 ).14; #0& .'06*'0
*'4 5*#&19 #0& 564'0)6*'0 *'4 $'0'(+%'0%' 6YQ EQWPVGTUVCORU C )GQTIKCP
GEENGUKCUVKECN OCLWUEWNG NGVVGT & YKVJ C FQV KP EGPVTG CPF D C RCTV QH VJG EKRJGT QH 3WGGP 4WUWFCP
CRRNKGFFWTKPIJGTTGKIP
.CPIIT 48GT[HKPG
)QTP[/QUEJ#WEVKQP
PQ
6JGQDXGTUGUJQYUCETQUUYKVJHQWTFQVUYKVJCP.PGZVVQKV+OQVJKUOGCPUYGCTGFGCNKPIYKVJVJG[GCT
6JGTGCTGVYQMPQYP[GCTUCPF6JG#05EQNNGEVKQPHGCVWTGULWUVQPGURGEKOGPHTQOVJG[GCT
6JG TWFG HCDTKE KU UKOKNCT VQ VJCV QH UQOG QH VJG 5JKTXCPUJCJU CPF MKPIU QH 3CTCDCIJŉU EQRRGTU QH VJG NCVG VJ
CPFGCTN[VJEGPVWTKGU+VOC[DGVJCVUQOGQHVJKUKTTGIWNCTEQRRGTUYGTGUVTWEMWPFGT)GQTIKCPUWRGTXKUKQPKPVJG
OKPVUQHVJGUGNQECNKVKGUYJKEJYGTGWPFGTOQTGQTNGUUFKTGEV)GQTIKCPUW\GTCKPV[CVVJKURGTKQF
.CPIR

%QRRGT # 5[ODQN KP EGPVTG TGUGODNKPI C OKNKVCT[ UVCPFCTF QT ETQUUDQY DGVYGGP 6 COCT
&CXKV KPVJGCPINGU'$
EQTQPCVKQP[GCT#&EQWPVGTUVCORCVDQVVQO
2CEJQOQXPQ
.CPI E 4 (QWT NKPGU CTCDKE UETKRV 37''0 1( 37''05 ).14; 1( 6*' 914.& #0&
(#+6*6ŉ/#4&#7)*6'41()'14)+%*#/2+101(6*'/'55+#*.CPIIT
(NCPETCEMCPFYGCMN[UVTWEMCVVJGGFIGQVJGTYKUGXGT[HKPG
5RKPM<ÒTKEJ#WEVKQP
PQ
'#2CEJQOQX/QPGV[)TW\KK6KHNKU
303
GEORGIA
(TQOWPVKNVJG[ECOGWPFGT2GTUKCPFQOKPKQPVJG)GQTIKCPUWUGFFCVGUQPVJGKTEQKPUDCUGFQPVJG
UQECNNGFŋ2CUEJCNE[ENGŌ

6JKUKUCFCVKPIU[UVGODCUGFQPVJGFCVGQHVJG%TGCVKQPDGKPI/CTEJ$%
6JG2CUEJCN%[ENG
YCUFGUKIPGFVQDTKPIVJGFCVGQH'CUVGTDCEMVQVJGUCOGFC[FCVGCPFOQQPRJCUGGXGT[[GCTU+V
YCUVJGRTQFWEVQHVJG/GVQPKENWPCTE[ENGQHPKPGVGGP[GCTUCPFVJGUQNCTE[ENGQHVYGPV[GKIJV[GCTU
Z(TQOVJCVGRQEJCNFCVGVJG[TGEMQPGFKP[GCTE[ENGUUQVJCVKH;GCTQHVJGHKTUV
E[ENGDGICPKP$%VJGP;GCTQHVJGVJKTVGGPVJE[ENGDGICPQP/CTEJ#&CPF;GCTQH
VJGHQWTVGGPVJE[ENGQPOCTEJ#&

1PVJGEQKPUVJGFCVGKP-JWVUWTKNGVVGTPWOGTCNUYQWNFTGCFCUHQNNQYU-HQT-QTQPKMQPKQT[GCTVJGP
VJG FCVG TGCFKPI HTQO NGHV VQ TKIJV 6JKU U[UVGO QH [GCT E[ENGU MPQYP CU VJG -QTQPKMQPK QT
%JTQPKEQPYCUHKTUVOGPVKQPGFKP)GQTIKCP.KVGTCVWTGKP#&+VYCURQUUKDN[KPVTQFWEGFKP)GQTIKC

D[5[TKCP%JTKUVKCPU
(QTFCVGUHTQO')VQ')CFFVQQDVCKPVJGEQTTGURQPFKPI#&[GCTUHTQOVQ
6JGDGIKPPKPIQHVJG')[GCTHGNNQP/CTEJQHVJG#&[GCTVJWUQDVCKPGF

6CMGPHTQO5YGGP[,16YGHDQGT46GORWUKP0WOOWU0WOKUOCVKECN+PVGTPCVKQPCNXQN+
R
4757&#0

$QVKPCVK # $WUV QH %JTKUV HCEKPI YKVJ DQQM CPF DNGUUKPI JCPF DGVYGGP +% :% +P IGQTIKCP
UETKRV+06*'0#/'1()1&9#55647%-+06*'-ŉ1410+-10'$
#&4
%KTENGU+P)GQTIKCPUETKRV450
4WUWFCPKPVJGEGPVTG37''01(37''05).14;1(6*'
914.& #0& (#+6* 4757&#0 &#7)*6'4 1( 6ŉ#/#4 %*#/2+10 1( 6*' /'55+#*
.CPIIT 44#NKVVNGQHHEGPVTGQVJGTYKUGIQQFXGT[HKPG
$CVCXKCFGP*CCI
6JGRKEVWTGQH%JTKUVOCVEJGUVJGPQOKUOCQHVJG$[\CPVKPGGORGTQT0KEGRJQTWU+++$QVCPKCVGU
*GPEG
VJGPCOG$QVKPCVK
6JGTGXGTUGVGZVFQGUPQVGPVKTGN[OCVEJ.CPIŉU
'#56)'14)+#
#VVJGGPFQHJGTNKHGUJGFKGFKP4WUWFCPUGPVJGTUQP&CXKFVQ-CTCMQTWOVQRC[JQOCIG+P
VJGOGCPVKOGVJG/QPIQNUFGHGCVGF4WUWFCPŉUUQPKPNCYVJG5GNLWMUWNVCPQH+EQPKWO

+P*WNCIWECOGVQ2GTUKC*GFKUNKMGF&CXKFYJQEQPUGSWGPVN[HNGFVQ-ŉWVŉCKUCPFHQWPFGFCP
CWVQPQOQWUMKPIFQOKP9GUV)GQTIKC

+P )TGCV -JCP /ÌPIMG FKGF*KUDTQVJGT*WNCIWYJQNGFVJG/QPIQNUKP2GTUKC/GUQRQVCOKC
CPF CDWVVKPI VGTTKVQTKGU UVCTVGF VJG F[PCUV[ QH VJG +N-JCPKF 6JG ECRKVCN YCU VQ DG /CTCIJC KP
#\GTDCKLCP

(TQOVQ'CUV)GQTIKCYCUCXCUUCNQHVJGMJCPTGUKFKPIKP+TCPVQYJQOVTKDWVGJCFVQDG
RC[GFCPFVTQQRUJCFVQDGUWRRNKGF6JGPWODGTQH)GQTIKCPUVJCVYGTGMKNNGFKPVJG+NMJCPŉUUGTXKEG
YCU UQ NCTIG VJCV VJG RQRWNCVKQP FTQRRGF CPF VJG GEQPQO[ UVCIPCVGF &GOGVTKWU ++

RGTUQPCNN[VTCXGNNGFVQVJG+NMJCPEQWTVVQRTGXGPVJKUEQWPVT[HTQOURKTCNNKPIHWTVJGTFQYPKPVQFGENKPG
7PHQTVWPCVGN[JGYCUMKNNGFKPVJGRTQEGUU

6JG/QPIQNUFKFPQVKPVGTHGTGKPVJGTGNKIKQWUCHHCKTUQHVJG)GQTIKCPU(TQOVQVJGMJCPHQT
KPUVCPEGJCFJKUEQKPUUVTWEMYKVJVJG%JTKUVKCPRTQXGTDKPVJGPCOGQHVJGHCVJGTVJGUQPCPFVJGJQN[
IJQUVVJGQPN[IQFCPFC%JTKUVKCPETQUU
304
GEORGIA

2'4+1&1(6*'/10)1.+.-*#0+&5

*7.#)7

&KTJGO #*
! 6KHNKU # 6*'4' +5 01 )1& $76 #..#* #.10' *' *#5 01
#551%+#6' 4 *GZCITCO YKVJ 6*' 3#ŉ#0 6*' ,756 .CPI
RN +8 #NDWO
)QTP[/QUEJ#WEVKQP
PQ
-CCPPKMK6[RG+
6JGQDXGTUGJCUCFCVGGKVJGTQT

*WNCIWYCUCITCPFUQPQH)GPIJKU-JCPCP&CXKF7NWIJ

*WNCIWŉU PCOG KU PQV OGPVKQPGF +P URKVG QH VJG RTCEVKECNN[ KPFGRGPFGPV UVCVWU QH *WNCIW CPF JKU NKPG VJG EQKPU
EQPVKPWGF HQT VJG VKOG DGKPI VQ CEMPQYNGFIG VJG UWRTGOG QXGTNQTFUJKR QH VJG )TGCV -JCP -JWDKNC[ CV &CKFW 6JG
HQTOWNC ŉ3CŉCP CNŊ#FKNŉ QP VJG EQKPU QH *WNCIW CU #DCIJC TGHGTU PQV VQ VJG +N-JCPU VJGOUGNXGU DWV VQ -JWDKNC[

.CPIR
#$#3#
CPF&+/+64+++

6QYCTFU #DCIJCŉU EQPEKNKCVQT[ CVVKVWFG VQYCTFU VJG )GQTIKCP EJTKUVKCP RQRWNCVKQP KU TGHNGEVGF KP
VJGEQKPCIG#UKUYGNNMPQYP#DCIJCUQWIJVCNNKCPEGYKVJ9GUVGTP%JTKUVGPFQOCICKPUVVJG/WUNKO
RQYGTU6JG)GQTIKCPEJTQPKENGTUURGCMKPHCXQWTCDNGVGTOUQHJKUVTGCVOGPVVQVJG%JTKUVKCPUKPVJG+N
-JCPKFFQOKPKQPU
.CPIR
&KTJGO 6KHNKU # +P /QPIQNKCPWKIWTKE UETKRV 1( 6*' -*#)#0 +0 6*' 0#/' $;
#$#)*#5647%-4%JTKUVKCPNGIGPFKP#TCDKEUETKRV+06*'0#/'1(6*'(#6*'4#0&
6*'510#0&6*'52+4+6*1.;)1&10'YKVJUOCNNNCVKPETQUU.CPI
RN#NDWO
)QTP[/QUEJ#WEVKQP
PQ
&KTJGOYKVJ[GCTCPFOQPVJ4CDKŉ++
LWNK
#4)*70
CPF&+/+64+++

&KOKVTKJCFCDCPFQPGFVJGECWUGQH#JOCFKPVKOGVQOCMGJKURGCEGYKVJVJGXKEVQTKQWU#TIJWP*G
YCUCENQUGHTKGPFQH#TIJWPŉURQYGTHWNOKPKUVGT$WMC[&KOKVTKŉUFCWIJVGTDGKPIOCTTKGFVQ$WMC[ŉU
UQP+PJQYGXGT$WMC[YCUFKUITCEGFCPFGZGEWVGF#TIJWPVJTGCVGPGFVQTCXCIG)GQTIKCCUC
TGRTKUCN HQT &KOKVTKŉU CNNGIGF EQORNKEKV[ KP $WMC[ŉU KPVTKIWGU 6Q UCXG JKU RGQRNG &KOKVTK XQNWPVCT[
UWTTGPFGTGFVQ#TIJWPYJQVQTVWTGFCPFGZGEWVGFJKO
*KUFGXQVKQPGCTPGFJKOVJGVKVNGQHŋ6ŉCXFCFGDWNKŌVJG5GNH5CETKHKEGFQT&GXQVGF
&KOKVTK YCU UWEEGGFGF QP VJG 'CUV )GQTIKCP VJTQPG D[ 9CMJVCPI ++
UQP QH MKPI &CXKF
0CTKPQH+OGTGVŉK#TIJWPFKGFRTQDCDN[RQKUQPGFQP/CTEJ
.CPIR

&KTJGO6KHNKU#+PWKIWTKECTCDKCPUETKRV1(6*'-*#)#0+06*'0#/'$;#4)*70
5647%- #4)*70 4 %JTKUVKCP NGIGPF KP #TCDKE UETKRV +0 6*' 0#/' 1( 6*' (#6*'4
#0&6*'510#0&6*'52+4+6*1.;)1&10'YKVJUOCNNNCVKPETQUU.CPI
RN
#NDWOIT 49GCMN[UVTWEMXGT[HKPG
)QTP[/QUEJ#WEVKQP
PQ
&KTJGOYKVJ[GCTCPFOQPVJ&JKNŉN*KLLC
,CPWCT[
/KPVOQPVJCPF[GCTCTGQWVUKFGVJGUSWCTG
305
TMUTARAKAN
9'56)'14)+#
9JKNG VJG +N-JCPU JGNF 'CUVGTP )GQTIKC KP UWDLGEVKQP &CXKF 0CTKP CPF JKU RQUVGTKV[ OCKPVCKPGF C
RTGECTKQWU KPFGRGPFGPEG CU OQPCTEJU QH +OGTGVŉK ŋVJG NCPF QP VJG HCT UKFGŌ QH VJG .KMJK *KNNU YJKEJ
FKXKFG GCUVGTP HTQO YGUVGTP )GQTIKC 6JGKT TGCNO UQQP DGICP VQ DTGCM WR VJG RTKPEGU QH /KPITGNKC
)WTKCCPF#DMJC\KCIKXKPITGKIPVQVJGKTUGRCTCVKUVCODKVKQPU#DQWV)GQTIKVJG$TKNNKCPVDTQWIJV
YGUVGTP)GQTIKCWPFGTJKUCWVJQTKV[
.CPIR
%QKPUQH6TGDK\QPFCNYC[UCDWPFCPVN[EKTEWNCVGFKP)GQTIKC6JG[YGTGECNNGFŋ-KTOCPGWNKŌTGHGTTKPI
VQ -[T /CPWGN 6TGDK\QPFŉU HKTUV GORGTQT +P VJG NCVG VJ EGPVWT[ JQYGXGT 6TGDK\QPF EQKPU YGTG
KOKVCVGFKP)GQTIKC6JG[YGTGEQRKGUQHVJGEQKPUQH,QJP++
+VKUQFFVJCVVJGRQTVCKVQH
5V'WIGPKWUYQWNFDGEQRKGFCUJKUTQNGKUHWNHKNNGFD[5V)GQTIGKP)GQTIKC
1PRCIGQHJKUDQQM4GVQYUMKFGUETKDGUKOKVCVKQPUQH6TGDK\QPFEQKPUKP)GQTIKCQHV[RG$
UGCNQH
5CNQOQPWODGTU6JGQPN[FKHHGTGPEGKUVJCVVJG[UJQY5V'WIGPKWUYKVJCPWODGTQHFQVUQP
JKU EJGUV YJKEJ KU PQV VJG ECUG JGTG 6JG EQKP KP JCPF CFFKVKQPCNN[ ENGCTN[ UJQYU JKU JCPF YJKEJ
4GVQYUMKŉUFQPQV
.CPI FKUVKPIWKUJGU CP ŋGCTN[ RJCUG QH FGITCFCVKQPŌ
NCVG VJ VJ EGPVWT[ CPF C ŋNCVG RJCUG QH
FGITCFCVKQPŌ
VJVJEGPVWT[6JKUEQKPDGNQPIUVQVJGGCTN[RJCUGCPFOQUVTGUGODNGU.CPI

2N+:+VVQQJCUCFKHHGTGPVPWODGTQHFQVUQPVJGEJGUV
LWUVCU4GVQYUMKŉU
-+4/#0'7+.+6ŉ'6ŉ4+

&GPKGTGPFQHVJGVJEGPVWT[#,QJCPPGU++UVCPFKPIYKVJETQUUCPFUYQTF
!ETQYPGFD[VJGJCPF
QH)QFUVCTQH5CNQOQPTKPHKGNFN-1*0T045V'WIGPKWUYKVJETQUUN#KPEKTENG'8T
)KPEKTENG'+01.CPI
RNIT 49GCMN[UVTWEMXGT[HKPG
$CVCXKCFGP*CCI
+VJCUVQDGDQTPKPOKPFVJCVVJGEWNVQH5V'WIGPKWUYCUNQECNCPFRCTVKEWNCTVQ6TGDK\QPFCPFSWKVGWPHCOKNKCTKP
)GQTIKC+P)GQTIKCPOGFKGXCNKEQPQITCRJ[5V)GQTIGKUQOPKRTGUGPV*GKUPQVCNYC[UUJQYPQPJQTUGDCEMQHVGP
JGCRRGCTUHWNNHCEGJQNFKPICNCPEG+HCNQPIETQUUDGUWDUVKVWVGFHQTVJGNCPEGJKUGHHKI[KUPQVWPNKMGVJCVQH5V
'WIGPKWUQPVJGCURGTU
RCTCFQZKECNN[5V'WIGPKWUCNUQJCFJKUGSWGUVTKCPRJCUGYJGP#NGZKWU++QH6TGDK\QPFCPF
JKUUWEEGUUQTUVQQMVQDGKPITGRTGUGPVGFQPJQTUGDCEMCHVGTVJGHCOKNKCT#PCVQNKCPRCVVGTP5V'WIGPKWUKPU[ORCVJ[
CNUQVQQMVQJQTUGUQPVJGTGXGTUGQHVJGEQKPCIG#PKEQPQHVJGHQWTVGGPVJEGPVWT[HTQOVJGEJWTEJQH5WLWPCKP
/KPITGNKCUJQYU5V)GQTIGUVCPFKPIHCEKPIYKVJJKUPCOGKPUETKDGFKP)TGGMVJWU1#Γ+1%Γε12Γ+1%

.CPIR
6/76#4#-#0
2TKPEKRCNKV[QPVJGRGPKPUWNCQH6COCPŉ
QPVJGPQTVJUJQTGQHVJG$NCEM5GC

#HVGTVJG*WPUJCFYTGCMGFVQVCNJCXQEQPVJGEKV[KPVJGVJEGPVWT[6WTMUCPF-JCUCTUTGDWKNVKVKPVJGVJ
+PVJG-JCUCTUVQQMKV#UKVYCUKPJCDKVGFD[RGQRNGHTQOCNNYCNMUQHNKHGCPFJCFDGGPOCFGCP
CTEJGRKUEQRCNUGG6OWVCTCMCPGZRGTKGPEGFITGCVRTQURGTKV[WPFGT/UVKUNCXCDTQVJGTQH;CTQUNCX+QH-KGX
#VVCEMU D[ VJG %WOCPU KP VJG VJ EGPVWT[ ECWUGF 6OWVCTCMCP VQ VQ DGEQOG CNKGPCVGF HTQO VJG QVJGT
QNF4WUUKCPRTKPEKRCNKVKGU

6OWVCTCMCPYCUVGORQTCTKN[TWPD[VJG$[\CPVKPGU&WTKPIVJGVJCPFVJEGPVWT[KVYCURCTVQHVJG
TGCNOQHVJG)QNFGP*QTFG
/56+5.#88.#&+/+418+6%*

UVJCNHQHVJGVJEGPVWT[#6YQDWUVUHCEKPIDGVYGGPVJGOETQUUQPVJTGGUVGRU4)GQOGVTKECN
VQMGPUYJKEJUWIIGUVCNGIGPF)QNGPMQIT
44/KPQTHNCPETCEMCPFCNKVVNGYGCMN[UVTWEMQVJGTYKUGXGT[HKPG
'NUGP$TWUUGN#WEVKQP
PQ
+OKVCVKQPQHVJGOKNKCTGUKQPQH$CUKNKWU++CPF%QPUVCPVKPG8+++
+VJKPMVJGTGXGTUGFQGUKPFGGFUJQYYTKVKPI
UGG)QTP[/QUEJ#WEVKQPPQCPF
306
CAFFA
%#((#
%CHHCJCFDGGPCMPQYPVTCFGEGPVTGUKPEGCPVKSWKV[+VUTKUGJQYGXGTFKFPQVDGIKPWPVKNVJG)GPQGUG
UGVVNGFVJGTGKPHQTYJKEJVJG[JCFQDVCKPGFRGTOKUUKQPD[VJGMJCPQHVJG)QNFGP*QTFG

+PVJG8GPGVKCPUNCKFUKGIGVQ%CHHCKPVJGVTQQRUQH-JCP6QJVWFKFCPFVJG)GPQGUGNGHVVJG
EKV[CHVGTJCXKPIUGVKVQPHKTG

+PVJGPGY-JCP¤\DGMCESWKGUEGFVJGKTTGVWTP6JG)GPQGUGVJGPRTQEGGFGFVQEQPUVTWEVCPGY
EKV[CNQPICRNCPQNQIKECNEQPEGRVYJKEJCNNQYGFVJGOVQFGHGPFKVUWEEGUUHWNN[CICKPUV)CPK$GIŉU6CVCT
YCTTKQTUKPCPFKP

%QPEGRVUJQYGXGTEQWNFPQVMGGRVJGRNCIWGQWVUKFGVJGEKV[YCNNUVJGDGNGCIWGTGTUJCXKPIDTQWIJVKVVQ
VJGEKV[YJGPEGKVUVCTVGFKVUFGXCUVCVKPIEQWTUGVJTQWIJ'WTQRGKP

#HVGTVJGHKIJVKPIDGVYGGPVJG8GPGVKCPUCPFVJG)GPQGUGJCFGPFGFKPVJGRQYGTQH%CHHC
UWTIGF CPF KV UQQP EQPVTQNNGF VJG GPVKTG $NCEM 5GC %CHHC DGECOG VJG FKUVTKDWVKQP EGPVTG HQT VJG VCTIGV
RQTVU 6CPC CPF 6TGDK\QPF #RCTV HTQO IQQFU UNCXGU YGTG VTCFGF VQQ 6JG EKV[ŉU RTQURGTKV[ YCU UQQP
VJTGCVGPGFD[VJGHQTC[UQH6KOWTCPFD[CITQYKPIWPTGUVCOQPIKVURGQRNGKP
VJGYGCNVJQH
VJG OGTEJCPVU UVQQF KP UVCTM EQPVTCUV YKVJ VJG RQXGTV[ QH VJG RGQRNG 'PUWKPI KPUWTIGPEKGU YGTG
UWRRQTVGFD[-JCP*CIIK)KTC[QHVJG%TKOGCP6CVCTUYJQHQTEGFVJGEKV[VQDGEQOGVTKDWVCT[KP

+P)GPQCFGEKFGFVQVTCPUHGTGXGT[VJKPIVQVJG%CUCFK)KQTIKQ+PVJGEKV[RCKFVTKDWVGVQ
5WNVCP/QJCOOGF++CPFKP%CHHCHKPCNN[ECRKVWNCVGFVQVJG1VVQOCPHQTEGU

%CHHCNC[QPVJG-TKOCPFKUMPQYPVQFC[CU(GQFQUK[C

&GPCT # 6COIC U[ODQN YKVJKP USWCTG 4 %CUVNG QH )GPWC YKVJ RGNNGV KP EGPVTG YKVJKP USWCTG
5EJNWODGTIGTEH2N:8++IT 49GCMN[UVTWEMXGT[HKPG
PQ
5EJNWODGTIGTKUVJGQPN[URGEKOGPHGCVWTKPICUSWCTGDWVKVUVGZVFQGUPQVOCVEJVJCVQHVJGEQKPKPJCPF

&GPCT#6COICU[ODQNWPFGTRGNNGVMWHKEUETKRV4%CUVNGQH)GPWCYKVJTKPIKPEGPVTG Q%Q

%#('Q:'5EJNWODGTIGTEH2N:8++IT
4+TTGIWNCTHNCPCPFCNKVVNGYGCMN[UVTWEMCVVJGGFIGXGT[HKPG
PQ
6JGNCUVRCTVQHVJG.CVKPNGIGPFKU;;CEEQTFKPIVQ5EJNWODGTIGT
307
LATIN EMPIRE
#4170&6*'#')'#05'#
.#6+0'/2+4'
6JG CPPGZCVKQP QH %QPUVCPVKPQRNG D[ VJG ETWUCFGTU QH VJG HQWTVJ ETWUCFG OGCPV VJG EQNNCRUG QH VJG
$[\CPVKPG'ORKTGUJCVVGTKPIVJG4QOCPQGEWOGPGKPVQCEQPINQOGTCVGQH.CVKPCPF)TGGMUVCVGUYJKEJ
KPEGUUCPVN[HQWIJVGCEJQVJGTCPFVJWUURKTCNNGFKPVQCFGRGPFGPEGQPVJGYGUVGTPGEQPQOKERQYGTU

/CP[FKHHGTGPVGXGPVUNGFWRVQVJKUUKVWCVKQPHKTUVN[OCP['WTQRGCPF[PCUVKGUENCKOGFVJG$[\CPVKPG
VJTQPG VJGKT ENCKOU DCEMGF WR YKVJ OCTKVCN EQPPGEVKQPU YKVJ $[\CPVKPG F[PCUVKG UGEQPFN[ OCP[
OGTEJCPVPCVKQPUCUHQTKPUVCPEG8GPKEGHGNVVJGKTRTKXKNGIGUYGTGVJTGCVGPGF

2QRG +PPQEGPV +++ JCF ECNNGF HQT VJG VJ ETWUCFG CPF RTKOCTKN[ (TGPEJ CPF (NGOKUJ PQDNGU JCF
TGURQPFGF $GHQTG NQPI VJGTG YCU C UJQTVCIG QH OQPG[ YJKEJ GPJCPEGF 8GPGVKCP RQYGT CPF ITCXGN[
TGFWEGF VJG RQRGŉU KPHNWGPEG #HVGT VJG NGCFGT QH VJG ETWUCFG 6JGQDCNF QH %JCORCIPG JCF FKGF
$QPKHCEG+QH/QPHGTTCVYCURWVKPEJCTIG

+P TGVWTP HQT C UWDUVCPVKCN UWO QH OQPG[ VJG 8GPGVKCPU JCF FGENCTGF VJGOUGNXGU YKNNKPI VQ HGTT[ VJG
ETWUCFGTU VQ VJG QVJGT UKFG DWV VJG[ JCF CPQVJGT EQPFKVKQP VJCV VJG ETWUCFGTU VCMG <CFCT YJKEJ YCU
*WPICTKCP VGTTKVQT[ 6JKU RTQORVGF $[\CPVKWOŉU VJTQPG RTGVGPFGT #NGZKQU #PIGNQU VQ VTCXGN VQ <CFCT
6JGUQPQH$[\CPVKPGGORGTQT+UCCE++YCPVGFVQGPNKUVVJGCKFQHVJGETWUCFGTUVQFGRQUG#NGZKQU+++
YJQJCFQXGTVJTQYPJKUHCVJGTHQTYJKEJJGQHHGTGFCTGYCTFQHUKNXGTOCTMU
JCNHQHKVVQIQ
VQVJG8GPGVKCPUVJGQVJGTJCNHVQVJGETWUCFGTUVJGUWDOKUUKQPQH$[\CPVKPGRCVTKCTEJCVGVQ4QOGCPF
VJGJGNRQHVJG$[\CPVKPGUKPNKDGTCVKPIVJG*QN[.CPF6JGVYQRCTVKGUCEEGRVGF#NGZKQUŉUDKFCPFQP
,WN[VJGETWUCFGTUNGFD[$QPKHCEGQH/QPHGTTCVUVQQFCVVJGICVGUQH%QPUVCPVKPQRNG1P,WN[
VJG[UVQTOGFVJGEKV[CPFGZGEWVGFVJGQXGTVJTQYCUCTTCPIGF*QYGXGTVJKPIUUQQPVQQMCVWTPHQTVJG
YQTUG CPF QP #RTKN VJG EKV[ YCU QEEWRKGF CPF RKNNCIGF
VJG RTQEGGFU YGTG WUGF VQ RC[ VJG
8GPGVKCPFGDVU

6JG .CVKP 'ORKTG YCU KPUVKVWVGF CPF $CNFYKP QH (NCPFGTU YCU EJQUGP KVU HKTUV GORGTQT YJKNG 6QOCUQ
/QTQUKPKYCUCRRQKPVGFRCVTKCTEJ)TGGEGFGXQNXGFQPVJGETWUCFGTUCPFVJG$[\CPVKPGUYKVJFTGYVQC
HGY PGYN[ HQWPFGF RGTKRJGTCN UVCVGU 'RKTQU 6JGUUCNQPKEC 0KECGC CPF 6TGDK\QPF 6JG 8GPGVKCPU JCF
JCFCUKIPKHKECPVRCTVKPEQPSWGTKPIVJGNCPFUCPFVJGTGHQTG8GPKEGDGECOGVJGFQOKPCPVHQTEGKPVJG
TGIKQP *QYGXGT VJG 8GPGVKCPU FKF PQV JCXG GPQWIJ VTQQRU VQ ECRVWTG CPF MGGR QEEWRKGF CNN VJGUG
VGTTKVQTKGU YJKEJ NGHV VJG 2GNQRQPPGUCP FQQT YKFG QRGP HQT )GQHHTQ[ FG 8KNNGJCTFQWKP *G VQQM VJG
YJQNGQHVJGRGPKPUWNCVJWUETGCVKPIQPGQHVJGUCVVGNKVGUVCVGUCTQWPFVJG.CVKP'ORKTG#OQPIVJGUG
PGYUVCVGU$WNICTKCCPF0KECGCYQWNFRNC[VJGMG[TQNGU6JGGZRCPFKPIFTKXGQHVJGRTKPEGUQH'RKTQU
YCUJCNVGFD[VJG$WNICTKCPUKPPGCT-NQMQVPKEC+P0KECGCVQQM/CEGFQPKCCPF6JTCEGHTQO
VJG$WNICTKCPU0KECGCVJGPFGHGCVGFVJGFGURQVQH'RKTQUCPF)GQHHTQ[FG8KNNGJCTFQWKPCPFVJWUJCF
ENGCTGF VJG RCVJ VQYCTFU %QPUVCPVKPQRNG 1P #WIWUV /KEJCGN 8+++ 2CNCKQNQIQU TQFG KPVQ VJG
EKV[VJG.CVKP'ORKTGJCFEQOGVQCPGPF
,'#0FG$4+'00'

#URGT#$WUVQH%JTKUVHCEKPIDGVYGGP+%CPF:%4#TEJCPIGN/KEJCGNYKVJQTDHCEKPIDGVYGGP:#
CPF/#&1%2NIT &CTMRCVKPCHNCPETCEMXGT[HKPG
PQ
(QTVJGFCVGUGG&1%
6[RG2
KUMPQYPVQQEEWTQXGTUVTWEMD[/CPWGN&WECU 6[RG#
CEVJWUIKXKPIKVCVGTOKPWUCPVG
SWGOQHCPFRTQDCDN[FCVKPIKVVQPQVVQQNQPIDGHQTGVJCVDTCEMGVHQTKVJCUFKUVKPEVCHHKPKVKGUYKVJ6[RG
1KPRCTVKEWNCT+H/CPWGN U6[RG#UVCPFUCVCUPQYUWIIGUVGFVJGPVJGECUGDGEQOGUCNNVJGUVTQPIGT
3WQVGYKVJ6[RG1
6JGRQUUKDKNKV[VJCVVJGTGKUJGTGCEQKPCIGHQTQTQHVJGRGTKQFQH
TCVJGTVJCPUKORN[QH,QJPQH$TKGPPGUJQWNF
VJGTGHQTGPQVCVCNNDGGZENWFGF%GTVCKPN[CFGITGGQHEQPUKUVGPVFGNKDGTCVKQPUGGOURTGUGPV
308
NICAEA
0+%#'#
0KECGC
VQFC[ŉU+\PKMNC[CNQPIVJGOCKPRKNITKOTQWVGVQVJG*QN[.CPF

+PKVHGNNKPVQ5GNLWMJCPFUYJQHQWPFGFVJGKTECRKVCNVJGTG+P0KECGCYCUECRVWTGFD[VJG
ETWUCFGTU #HVGT VJG HCNN QH %QPUVCPVKPQRNG KP KV DGECOG VJG TGUKFGPEG QH VJG $[\CPVKPG GORGTQTU

.CUMCTKUCPFQHVJG$[\CPVKPGRCVTKCTEJWRVQ

0KECGCVJWUDGECOGCUVTQPIJQNFCICKPUVVJG.CVKP'ORKTG6JGHKTUVGORGTQTQH0KECGCYCU6JGQFQT+
.CUMCTKU C UQPKPNCY QH 'ORGTQT #NGZQU +++ #PIGNQU *CXKPI DGGP ETQYPGF KP JG YCU
CEMPQYNGFIGFD[OQUV$[\CPVKPGUFGURKVGVJGVGTTKVQT[DGKPIGPEQORCUUGFD[VJG.CVKP'ORKTGCPFVJG
5GNLWMU #HVGT 6JGQFQTŉU FGCVJ KP JKU UQPKPNCY ,QJP +++ 8CVCV\GU UWEEGGFGF *G EJGEMGF VJG
RTQITGUUQHVJG.CVKP'ORKTGCPFTGCEJGFCPCITGGOGPVYKVJVJG5GNLWMUDWVJKUOCKPCFXGTUCT[YCUVJG
TWNGTQH'RKTQU6JGNCVVGTYCUFGHGCVGFD[VJG$WNICTKCPUKPCV-NQMQVPKEC6JGPKP0KECGC
ECRVWTGF /CEGFQPKC CPF 6JTCEG HTQO VJG $WNICTKCPU UWDUGSWGPVN[ FGHGCVGF DQVJ VJG FGURQV QH 'RKTQU
CPF)GQHHTQ[FG8KNNGJCTFQWKPCPFJCFVJWUENGCTGFVJGRCVJVQYCTFUTGECRVWTKPI%QPUVCPVKPQRNG1P
#WIWUV /KEJCGN 8+++ 2CNCKQNQIQU OCTEJGF JKU HQTEGU KPVQ VJG EKV[ CPF VTCPUHGTTGF VJG UGCV QH JKU
IQXGTPOGPVHTQO0KECGCVQ%QPUVCPVKPQRNG
,1*#00'5+++&7-#58#6#6<'5

*[RGTRGTQP/CIPGUKC#%JTKUVQPVJTQPGDGVYGGP+%CPF:%4'ORGTQTNYKVJNCDCTWOETQYPGF
D[8KTIKPPKODCVGT&1%+85GCTIT 9GNNUVTWEMHCEGUXGT[HKPG
*ÌJP.GKR\KI#WEVKQP
PQ
)TKGTUQP$[\CPVKPG%QKPCIG

*[RGTR[TQP/CIPGUKC#%JTKUVQPVJTQPGDGVYGGP+%CPF:%4'ORGTQTNYKVJNCDCTWOETQYPGF
D[8KTIKPPKODCVGT&1%+8EH5GCTIT
&QWDNGUVTWEMQPVJGQDXGTUGTGXGTUGGZVTGOGN[HKPGUVTWEM
*GP\GP#OGTQPIGP
(TQONKUVPQ
6JGU[ODQNDGVYGGP/CTKCŉUJGCFCPFVJCVQHVJGGORGTQTQPPQFKHHGTUHTQOVJCVQPPQ

6GVCTVGTQP /CIPGUKC 6[RG % # 0KODCVG DWUV QH 5V )GQTIG HCEKPI YKVJ URGCT CPF UJKGNF 4
'ORGTQTUVCPFKPIHCEKPIYKVJNCDCTWOCPFCPGZKMCMKC&1%+85GCTIT 8GT[HKPG
.CP\)TC\
309
NICAEA

6GVCTVGTQP /CIPGUKC 6[RG % # 0KODCVG DWUV QH 5V )GQTIG HCEKPI YKVJ URGCT CPF UJKGNF 4
'ORGTQTUVCPFKPIHCEKPIYKVJNCDCTWOCPFCPGZKMCMKC&1%+85GCTIT 8GT[HKPG
*GP\GP#OGTQPIGP
(TQONKUVPQ
70%'46#+0+557'5

6GVCTVGTQP#,GYGNNGFETQUUYKVJ+%:%KPVJGCPINGU46YQLGYGNNGF$ŉUDCEMVQDCEM&1%
+85GCTIT 1DXGTUGCNKVVNGQHHEGPVTGQVJGTYKUGXGT[HKPGVQGZVTGOGN[HKPG
#WHJ·WUGT/ÒPEJGP#WEVKQP
PQ
%C

6GVCTVGTQP#(NQTKCVGFETQUU4*CNHNGPIVJHKIWTGQH5V6JGQFQTG&1%+85GCTIT
#NKVVNGQHHEGPVTGXGT[HKPG
*GP\GP#OGTQPIGP
(TQONKUVPQ
310
ACHAIA
24+0%+2#.+6;QH#%*#+#
#EJCKC YJKEJ GPEQORCUUGF VJG 2GNGRQPPGUQU QDXKQWUN[ JCF C TKEJ )TGGM JKUVQT[ VJGP HGNN VQ VJG
4QOCPU JCF CP KORQTVCPV %JTKUVKCP EGPVTG KP -QTKPVJG CPF NCVGT UVKNN YQWNF DG KPEQTRQTCVGF KPVQ VJG
$[\CPVKPG'ORKTG&GURKVG#TCDKCP$WNICTKCPCPF0QTOCPPKETCKFU#EJCKCYCURTQURGTQWUYJKEJYCU

RCTVKEWNCTN[FWGVQKVUDTKUMVTCFGYKVJ8GPKEG
6JKUGPFGFKPYJGP%QPUVCPVKPQRNGYCUVCMGPD[VJGMPKIJVUQHVJGVJETWUCFG+PVJGCHVGTOCVJ
#EJCKC YCU CUUKIPGF VQ VJG 8GPGVKCPU YJQ JQYGXGT JCF VQQ NKVVNG OCPRQYGT VQ QEEWR[ VJG EQWPVT[
RTQORVKPI $QPKHCEG FG /QPVHGTTCV )GQHHTQ[ FG 8KNNGJCTFQWKP CPF )WKNNCWOG FG %JCORNKVVG VQ
KOOGFKCVNG[ NGCR KPVQ VJG XCEWWO
+P 2QRG +PPQEGPV +++ PQOKPCVGF VJG NCVVGT RTKPEGRU
VQVKWU#EJCKGRTQXKPEKCG#HVGTJKO)GQHHTQ[+FG8KNNGJCTFQWKPYQWNFTKUGVQVJGVJTQPG

7PVKNVJGRTKPEKRCNKV[YCUIQXGTPGFD[VJG8KNNGJCTFQWKPUVJGPD[VJG#PLQWUWPVKNKPKVKCNN[
CUXCUUCNUCPFVJGPCICKPD[VJG8KNNGJCTFQWKPUYJQYGTGTGNCVGFVQVJG#PLQWUCPFCHVGTVJCVD[OCP[
QVJGTU WPVKN VJG VGTTKVQT[ HKPCNN[ HGNN VQ VJG 6WTMU KP 6JG VGTTKVQT[ YCU GZRCPFGF RCTVN[ D[
ECRVWTKPIQNFHQTVTGUUGURCTVN[D[HQWPFKPIPGYEKVKGUCOQPIYJKEJ%NCTGPVKC

6JKPIU CEVWCNN[ UVCTVGF EJCPIKPI CU GCTN[ CU YJGP )WKNNCWOG ++ YCU VCMGP ECRVKXG D[ 'ORGTQT
/KEJCGN 8+++ KP VJG DCVVNG QH 2GNCIQPKC *G OCPCIGF VQ DW[ JKOUGNH QWV DWV CV VJG GZRGPUG QH OWEJ
VGTTKVQT[ 6JG (TCPMU VTKGF VQ YKP KV DCEM DWV VQ PQ CXCKN 6JKU ECWUGF CP GPQTOQWU FGDV VQ VJG
#EEKCKWQNKCHCOKN[QHDCPMGTUYJKEJVJWUCESWKTGFCNCTIGUVCMGKP#EJCKC
CPFNCVGTKP#VJGPUVQQ

#EJCKCŉUTGUKUVCPEGYCUYQTPVJKPD[VJGTGRGCVGFTCKFUQHCPWODGTQHRCTVKGU6JGGZRCPUKQPKUVRQNKVKEU
QHVJG$[\CPVKPG/QTGCRCTVKEWNCTN[DQTGJGCX[QPVJGEQWPVT[6JGTGHQTGCPQHHGTYCUOCFGVQ8GPKEG
KPUWTTGPFGTKPICWVQPQO[KPTGVWTPHQTRTQVGEVKQPVQDGTGRGCVGFKPYJGPCPQHHGTYCUOCFG
VQVJG$[\CPVKPG'ORGTQT,QJP8+

6JGEQKPUQH#EJCKCCTGYKVJQWVGZEGRVKQPHCKVJHWNEQRKGUQHVJG(TGPEJFGPKGTVQWTPQKU
9+..+#/++QH8+..'*#4&17+0

9CUITCPVGFVJGTKIJVQHOKPVKPD[VJG(TGPEJMKPI.QWKU+:+PJKUVGTTKVQT[DGECOGCHKGH
VQ0CRNGU

&GPKGT %QTKPVJG # %TQUU Ő ) 24#0%' #%* 4 %CUVNG Ő %.#4'06+# /GVECNH

8CTKGV[)8IT +TTGIWNCTGFIGXGT[HKPG
PQ
.GIGPF)WKNNCWOG2TKPEG#EJCKG
6JG+KP24+0%'NQQMUOQTGNKMGCP#YKVJQWVJQTK\QPVCNNKPG
%*#4.'5+QH#0,17

&GPKGT%QTKPVJG!#%TQUU Ő-Ő4Ő24+0% #%J4%CUVNGŐ Ő%.#4'06+# /GVECNH

8CTKGV[-#IT 5NKIJVN[EQTTQFGFXGT[HKPG
,CESWKGT-GJN
(TQONKUVPQ
.GIGPF-#41.854':24+0%'#%*#+'
#)/CNNQ[+(2TGUVQP#,5GNVOCP%QKPUQHVJG%TWUCFGT5VCVGU0GY;QTMPQ
311
ACHAIA
%*#4.'5++QH#0,17

&GPKGT%NCTGPV\C#%TQUU -Ő4Ő24+0% #%*4%CUVNGZ&'%.#4'06+#Z/GVECNH

8CTKGV[-#IT 6TCEGUQHXGTFKITKUXGT[HKPG
PQ
+V KU CNUQ RQUUKDNG VJCV VJKU EQKP JCU VQ DG CVVTKDWVGF VQ %JCTNGU +
5VTKMKPIN[ VJKU EQKP KU CNOQUV
JGCXKGTVJCPPQ
(TQOVJKUEQKPQPVJGWUWCN%.#4'06+#YCUEJCPIGFVQ&'%.#4'06+#CPFVJGZVGTOKPCNUYGTGEJCPIGFVQ
VYQZŉUQXGTGCEJQVJGT
/GVECNHFQGUPQVFKUVKPIWKUJDGVYGGP%JCTNGU+CPF%JCTNGU++
(.14'06QH*#+0#76

&GPKGT%NCTGPV\C#%TQUU (.14'05Ő2#%*Z4%CUVNG&'%.#4'0%+#/GVECNH

8CTKGV[(!IT &CTMRCVKPCXGT[HKPG
PQ
6JGOCTMUCTGPQVENGCTN[XKUKDNG6JGKTUGGOVQDGQPN[CRGNNGVCVVJGGPFQHVJGNGIGPFQPVJGQDCPFTGXGTUG
+5#$'..'QH8+..'*#4&17+0

&GPKGT%NCTGPV\C#%TQUU ;5#$'..#Ő2Ő#%*4%CUVNG&'%.#4'0%+# /GVECNH

8CTKGV[;IT (NCPETCEMCPFGFIGHCWNVUXGT[HKPG
$CVCXKCFGP*CCI
2*+.+2QH5#81;

&GPKGT%NCTGPV\C#%TQUU Ő2*5Ő& 5#$Ő2Ő#%*'Ő4%CUVNGQXGTUVCTYKVJTC[U

&'%.#4'0%+# /GVECNH
8CTKGV[25IT 8GT[HKPG
$CVCXKCFGP*CCI
.GIGPF2*+.+2285&8:5#$#8&+#24+0%'25#%*#+'
312
ACHAIA
2*+.+2QH6#4#061

&GPKGT%NCTGPV\C#%TQUU 2* 5#%* 6#4&44%CUVNG & %.#4'0%+#/GVECNH

8CTKGV[26IT 8GT[HKPG
*QNNGOCP'PUEJGFG
.GIGPF2*+.+2285
24+0%'25#%*#+'6#4'06'&'5216'541/#0+'
.17+5QH$74)70&;

&GPKGT#%TQUU .1&18+% Ő& Ő$ Ő2Ő#%*'#%CUVNG &'%.#4'06+#/GVECNH
IT 448GT[HKPG
8GEEJK.QPFQP#WEVKQP
PQ
.GIGPF.1&18+%85&'$84)80&+#24+0%'25#%*#+'
/#*#76QH*#+0#76

&GPKGT %NCTGPV\C # %TQUU /#*#86#Ő2Ő#%*4%CUVNGYKVJCPPWNGVNCPFRNCPVDGNQY

&'%.#4'0%+#/GVECNHIT 5OCNNHNCPETCEMXGT[HKPG
$CVCXKCFGP*CCI
,1*0QH)4#8+0#

&GPKGT %NCTGPV\C # %TQUU Ő+1*5Ő2Ő#%*'4%CUVNG&'%.#4'0%+#/GVECNH

8CTKGV[)!IT (NCPETCEMUXGT[HKPG

&WECV %NCTGPV\C # &QIG MPGGNKPI KP HTQPV QH5V/CTEWU#<$4&#0&8&8:5/8'0'6+4

%JTKUV KP OCPFQTNC HQWT UVCTU N CPF HKXG UVCTU T 5+6 6 :2% &#6 36 + 4')+5 +56' &8%+
(TKGFDGTIC)CODGTKPK/GVECNH5EJNWODGTIGTEH2N:++IT
9GNNUVTWEMURGEKOGPCNOQUVGZVTGOGN[HKPG
5EJNWODGTIGTJCU#<$4&#0&8KPUVGCFQH$4 &-
+OKVCVKQPQHC8GPGVKCPFWECVQH#PFTGC&CPFQNQ
CEQPVGORQTCT[QH4QDGTVQH#PLQW
313
ATHENS
41$'46QH#0,17
6#4'06'

)TQUUQ%NCTGPV\C#&QIGCPF5V/CTEWUUVCPFKPICPFJQNFKPIDCPPGT:#&#0&8.1&8:5/
8'0'6+4%JTKUVQPVJTQPGDGVYGGP+%CPF:%)CODGTKPK/GVECNH5EJNWODGTIGTEH2N
:++IT 48GT[HKPGVQGZVTGOGN[HKPG
.CP\/ÒPEJGP#WEVKQP
PQ
$#410;&7%*;#6*'05
9KVJKPVJGEQPUVTWEVQHVJG.CVKP'ORKTG#VJGPUJCFKPKVKCNN[DGGPCDCTQP[CPFNCVGTQPCFWEJ[+V
YCU IQXGTPGF D[ VJG HCOKN[ &G NC 4QEJG
VJG %CVCNCPU
CPF VJG (NQTGPVKPG
#EEKCKWQNK
EQPUGEWVKXGN[

1VVQ FG NC 4QEJG TGEGKXGF VJG VKVNG &QOKPWU #VJGPCTWO CPF DGECOG C XCUUCN QH VJG MKPIFQO
6JGUUCNQPKEC
JGCNUQQYPGFCPWODGTQHVQYPU
#TIQUCPF0CWRNKCKPVJGRTKPEKRCNKV[QH#EJCKC

*KUITCPFUQP)WKFQ+
KPVTCXGNNGFVQ(TCPEGVQTGUQNXGVJGFKURWVGYKVJVJGRTKPEGUQH
#EJCKCCVYJKEJQEECUKQPJGYCUGNGXCVGFVQFWMGQH#VJGPUD[.QWKUVJG5CKPV*KUUQP)WKNNCWOG+

KUVJGHKTUVVQKPFKECVGVJKUVKVNGQPJKUEQKPU6JGKTRTGHGTTGFTGUKFGPEGYCU6JGDGU

&WTKPI VJG $CVVNG QH -GRJKUUQU QP /CTEJ C EQORCP[ QH %CVCNCP RKTCVGU WPFGT )WCNVKGT + QH
$TKGPPG UGK\GF VJG VGTTKVQT[ &GURKVG KVU PWOGTQWU EQPPGEVKQPU YKVJ VJG ETQYP QH #TCIQP COQPIUV
QVJGTUVJGFWEJ[ITCFWCNN[UNKFKPVQFGENKPG

0GTKQ #EEKCKWQNQ .QTF QH %QTKPVJ VQQM CFXCPVCIG QHVJKUFGXGNQROGPVCPFWUWTRGFRQYGTQP/C[
+PVJGFWEJ[YCUWNVKOCVGN[CPPGZGFD[VJG6WTMU

6JGEQKPUECPDGFKXKFGFKPFGPKGTUCPFQDQNGU0QVD[YGKIJVDWVD[UK\G6JGFGPKGT6QWTPQKUYJKEJ
YCU(TGPEJCPFYGKIJGFITYCUKPVTQFWEGFWPFGT.QWKU8++++:
UGGPQ#UVJGEQKPUHTQO
#VJGPUNKUVGFJGTGJQXGTCTQWPFVJGUCOGYGKIJVYGJCXGENCUUKHKGFVJGOCUFGPKGTU
)7+&1+FGNC41%*'

)WKFQ YCU C EQWUKP QH 1VVQ FG NC 4QEJG CPF YGFFGF VQ C EQWUKP QH )WKNNCWOG FG 8KNNGJCTFQWKP *G
TGUKFGFKP6JGDGU+PJGITCPVGFVJG)GPQGUGUKIPKHKECPVRTKXKNGIGU

&GPKGT6JGDG#%CUVNGQH)GPWC Ő&05Ő#6*'0Ő4%TQUU Ő6*'$Ő%+8+Ő/GVECNH

IT +TTGIWNCTHNCPCUWUWCNQVJGTYKUGXGT[HKPG
6QFGTK(NQTGPEG
6JG )GPQGUG ECUVNG RKEVWTGF D[ VJG EQKP LWUVKHKGU VJG SWGUVKQP CU VQ YJGVJGT VJG TKIJV QH OKPV JCF DGGP COQPI VJG
RTKXKNGIGUITCPVGFVQVJG)GPQGUG
)7+..#7/'+FGNC41%*'

)WKNNCWOG YCU VJG UGEQPF UQP QH )WKFQ +
QH ,GCP +
VJG HKTUVDQTP UQP PQ EQKPU CTG
MPQYP/GVECNHFQGUPQVFKUVKPIWKUJDGVYGGP)WKNNCWOG+CPF)WKFQ++
UGGPQU

&GPKGT6JGDG#%TQUU„ „)„&8:Ő#6'0'54%CUVNG„ „6*'$'„%+8+5/GVECNH

8CTKGV[)46[RGIT (KPGVQXGT[HKPG
*QNNGOCP'PUEJGFG
6JKUEQKPKUCFKTGEVKOKVCVKQPQHVJG(TGPEJFGPKGT6QWTPQKU
314
NAPLES
)7+&1++FGNC41%*'

#U)WKFQYCUPQV[GVQHCIGYJGPJKUDTQVJGT,GCPFKGFJGYCURWVKPVJGEWUVQF[QHJKUOQVJGT*¾N½PG
Fŉ#PIG5JGYGFFGF*WIWGUFG$TKGPPGKPVJWUEGFKPITGIGPE[VQJKO

&GPKGT6JGDG#%TQUUYKVJQPGVTGHQKNKPGCEJCPING )8+16&8:#6*4%CUVNGYKVJVJTGG

VQYGTU 6*'$'%+8+5/GVECNH
6[RGIT
+TTGIWNCTHNCPCPFYGCMN[UVTWEMCVVJGGFIGXGT[HKPG
6QFGTK(NQTGPEG
6JKUEQKPYCUUVTWEMFWTKPIVJGTGIGPE[QH*WIWGUFG$TKGPPG
)XKQVKUVJGPCOGQH[QWPI)W[
4GXGTUGVGZVSWCVTGHQKNCTQWPFVJGUVCTVKPIETQUU
6JGTGKUPQENCTKV[CUVQYJCVVJGECUVNGYKVJVJGVJTGGVQYGTUYJKEJYJQNN[FGXKCVGUHTQOVJGUV[NKUGF6QWTUFGPKGT
ECUVNGUKIPKHKGU

&GPKGT 6JGDG # %TQUU Ő )8+ Ő &8: #6'0'5 4 %CUVNG 6*'$ #*+ %+8+5
/GVECNH
8CTKGV[IIT 5OCNNGFIGDTGCMXGT[HKPG
6QFGTK(NQTGPEG
5EJNWODGTIGT
2N :+++ KU VJQTQWIJN[ EQPXKPEGF VJCV VJKU EQKP UJQWNF DG RNCEGF KP VJG RGTKQF YJKEJ
OCMGUKVCEQKPQH)W[++
2155'55+1051(0#2.'5+0)4''%'
#0&106*'+10+%+5.#0&5
6JGUG CTG FGPKGTU VQWTPQKU UVTWEM KP .GRCPVQ D[ 2JKNKRRG FG 6CTGPVG 6JGUG EQKPU YGTG UVTWEM DGHQTG
VJG[GCTYJGP2JKNKRRGFG6CTGPVGOCTTKGF6JCOCTFŉ#PIGJGKTGUUQH.GRCPVQ

9JQJGNFVJGUVTCVGIKECNN[UKVWCVGFEKV[QH.GRCPVQJGNFCEEGUUVQVJG)WNHQH%QTKPVJ#UCTGUWNVVJG
EKV[ EJCPIGF JCPFU OQTG VJCP QPEG KP VJG EQWTUG QH JKUVQT[ #HVGT KV YCU RCTV QH VJG 'RKTQVG
'ORKTG CPF HTQO KV YCU VGORQTCTKN[ JGNF D[ VJG #PLQWU +P VJG VJ EGPVWT[ KV DGNQPIGF VQ VJG
FQOKPKQPQHVJG#NDCPKCPUQXGTGKIPUYCUJGNFHQTUQOGVKOGD[VJG%CVCNCP%QORCP[
UGG#VJGPUCPF
UWDUGSWGPVN[D[VJG1TFGTQH5V,QJP8GPKEGHKTON[VCMKPIJQNFQHKVKP#HVGTUWHHGTKPIHWTVJGT
CVVCEMUCPFRKNNCIKPI.GRCPVQHKPCNN[HGNNVQ1VVQOCPTWNGT$C[G\KFKP
2*+.+22'&'6#4'06'

&GPKGT.GRCPVQ#%TQUU ð2*5Ő26#4&'52ð4%CUVNG 0'2#06+%+8+5/GVECNH

8CTKGV[EIT 9GCMN[UVTWEMKPRCTVUXGT[HKPG
PQ
.GIGPF2*+.+228524+0%'256#4#06+&'5216
315
CHIOS

&GPKGT.GRCPVQ#%TQUU ð2*5Ő26#4&'524%CUVNG 0'2#06+%+8+5/GVECNH

IT 8GT[HKPG
-TKEJGNFQTH(TGKDWTI
/GVECNHMPQYUQPN[QHCPQDXGTUGNGIGPFUVCTVKPICPFGPFKPIYKVJCNKU
%*+15
.KVVNGKUMPQYPQHVJG%JKQUQHNCVGCPVKSWKV[CPFVJG$[\CPVKPGGTC
+PVJGVJEGPVWT[KVYCUC$[\CPVKPGHQTVTGUUCPFVJGHCOQWUOQPCUVGT[QH0GC/QPKYCUHQWPFGF
VJGTG +P VJG $[\CPVKPGU ENGCTGF VJG RCVJ HQT VJG 8GPGVKCPU YJQ JQYGXGT YQWNF PQV UWEEGGF KP
UGK\KPI%JKQU
CPF&WTKPIVJGVJETWUCFG%JKQUDGECOGCRCTVQHVJG.CVKP'ORKTGDWV
DGHQTGNQPIVJGKUNCPFYCUCPPGZGFD['ORGTQT,QJP+++&WMCUVJG$[\CPVKPGTWNGTQH6JGUUCNQPKEKKP

+PVJG6TGCV[QH0[ORJCKQPEGFGF%JKQUVQVJG)GPQGUGYJQYQWNFWUGKVCUCRNCEGQHVTCFG+P
$GPGFGVVQ <CEECTKC YJQ CNTGCF[ YCU NQTF QH 2JQMCGC CESWKTGF %JKQU HTQO #PFTQPKMQU ++ 6JG
NCVVGT EGFGF VJG VGTTKVQT[ KP C DKF VQ ETGCVG C FGHGPUKXG DWHHGT CICKPUV VJG 6WTMU HQT $GPGFGVVQ KV
EQPUVKVWVGFCRQTVQHVTCPUKVHQTVJGCNWOVTCFG
9JGP$GPGFGVVQUVGRRGFFQYPKPJKUUQP2CNGQNQIQUWEEGGFGFJKO#HVGTVJCVECOG$GPGFGVVQ++
CPF/CTVKPQ6JGKUNCPFVJGPDGECOGC.CVKPRTKPEKRCNKV[CPFVTKGFVQUJGF$[\CPVKPGUQXGTGKIPV[DWV
KPUVGCF%JKQUECOGWPFGT$[\CPVKWOKP
/CTVKPQVTKGFVQTGECRVWTGVJGKUNCPFDWVVQPQGHHGEV+PC)GPQGUGHNGGVEQOOCPFGFD[5KOQPG
8KIPQUQ YCU OQTG UWEEGUUHWN CPF VJG $[\CPVKPGU UWTTGPFGTGF # RTKXCVG GPFGCXQWT KP RTKPEKRNG VJKU
ECORCKIPYCUUWRRQTVGFD[VJG)GPQGUGEQOOWPKV[6JGUGRTKXCVGN[QYPGFUJKRRKPIEQORCPKGUYGPVQP
VQIQXGTP%JKQUWPFGTVJGPCOGQH/CQPC+P/CQPCCFQRVGFCHTKGPFN[UVCPEGVQYCTFUVJG6WTMU
KP C DKF VQ RNCECVG COQPI QVJGT VJKPIU D[ QRRQUKPI )QXGTPQT $QWEKECWV YJQ JCF DGGP UGPV D[ VJG
)GPQGUGKP
(TQO VJG GCTN[ VJ EGPVWT[ QP VJG EKV[ YCU QDNKIGF VQ RC[ VTKDWVG VQ VJG 1VVQOCPU YJQ EQPVKPWCNN[
TCKUGFVJGCOQWPV+PC6WTMKUJHNGGVECRVWTGF%JKQUGPFKPI[GCTUQH)GPQGUGTWNG
7RVQCTQWPFVJGFWECVQH8GPKEGYCUKOKVCVGF
ECNNGF\GEEJKPQKPVJG.GXCPVKPENWFKPIVJGPCOG
QHVJGFQIG
WUWCNN[KPCEQTTWRVGFHQTO
(TQO\GEEJKPQUYGTGUVTWEMKPVJGPCOGQHVJGFQIGQH)GPWC6JGFQIGYCUPQVKPFKECVGFD[JKU
PCOG DWV D[ VJG VGTO &WZ +CPXG #HVGT VJG 8KUEQPVKU UGK\GF )GPQC (KNKRRQ /CTKC 8KUEQPVK UVTWEM
\GEEJKPQUTGRNCEKPI5V/CTEWUYKVJ5V2GVGT
CUYCUFQPGKP4QOGJQYGXGTTGVCKPKPIVJGKOCIG5V
/CTEWUCPFVJGFQIG*GCNUQFKFPQVKPENWFGJKUPCOGTGHGTTKPIQPN[VQ&WZ/GFKQNCPWO
#HVGTVJGFQIGQH)GPQC6QOOCUUQFK%CORQHTGIQUQCNUQUVTWEM\GEEJKPQUPQYDGCTKPIJKUQYP
PCOG
8GPGVKCPKOKVCVKQPUDGCTVJGUCOGNGIGPFCUVJG8GPGVKCPFWECVU5+66:2'&#63684')+5+56'
&8%#6
5KV6KDK%JTKUVK&CVWU3WGO6W4GIKU+UVG&WECVWU
6JGKOKVCVKQPUQHVJG8GPGVKCPFWECVKPVJG#GIGCPCTGCJCXGDGGPGZVGPUKXGN[FGUETKDGFD[$4$GNN

KPCPWPRWDNKUJGFOCPWUETKRV6JG%NCUUKECN0WOKUOCVKE4GXKGY::8++
TGHGTUVQVJKURCRGT+V
CNUQFGUETKDGUCPWODGTQHKOKVCVKQPUYJKEJJQYGXGTCNNUKIPKHKECPVN[FKHHGTHTQOVJGV[RGUNKUVGFJGTG
/#10#
HTQOQP

<GEEJKPQ#&QIGMPGGNKPIKPHTQPVQH5V/CTEWU#4618'0'4+&8:5/8'0'6+4%JTKUVKP
OCPFQTNCUVCTUNCPFUVCTUT5+66:2'&#63Ő15+5Ő6'&8%#(DE)CODGTKPK
5EJNWODGTIGTEH2N:+8IT 4'ZVTGOGN[HKPG
9#)&QTOWPF#WEVKQP
PQ
5EJNWODGTIGT RN :+8 FGUETKDGU CP KOKVCVKQP QH VJG 8GPGVKCP FQIG #PVQPKQ 8GTPKGT
YKVJ VJG VGZV
#0618'0'1CPFHQTKVUTGXGTUG5+66:2'&6#2+486')+5+56'&8%#6
316
CHIOS

<GEEJKPQ#&QIGMPGGNKPIKPHTQPVQH5V/CTEWU#0618'0'1&8:508'0'6+4%JTKUVKP
OCPFQTNCUVCTUNCPFUVCTUTŐ5+66:2'&#6$6ŐŐ61+5+5'&8%#5(DE)CODGTKPK
5EJNWODGTIGTEH2N:+8IT 4'ZVTGOGN[HKPG
9#)&QTOWPF#WEVKQP
PQ
(+.+221/#4+#8+5%106+

<GEEJKPQ#&QIGMPGGNKPIKPHTQPVQH5V/CTEWUŐ&/'&+1.#0+&8:52'64854%JTKUVKP
OCPFQTNC UVCTU N CPF UVCTU T Ő 5+6 Ő 6 :2' &#6 368 4')+5 56' &8%#6 Ő (D
)CODGTKPK5EJNWODGTIGT2N:+8IT 8GT[HKPG
6QFGTK(NQTGPEG
#NVJQWIJ5EJNWODGTIGTPQVGUVJCVVJKUV[RGKUŋCUUG\DCTDCTGGVFGVT½UOCWXCKUCNNKCIGŌ
TCVJGTDCTDCTKECPFQHXGT[
RQQTCNNQ[VJKUEQKPUJQYUHKPGYQTMOCPUJKRCPFKVUVGZVKUHWNN[NGIKDNG
61//#551FK%#/21(4')151

<GEEJKPQ#&QIGMPGGNKPIKPHTQPVQH5V/CTEWU*Ő5#8.+&*Ő&8:Ő6Ő&##&Ő%Ő+14
%JTKUVKPOCPFQTNCUVCTUNCPFUVCTUTŐ5+6Ő6Ő:2Ő'&#63Ő684')+5+56'&Ő6Ő
(D)CODGTKPK
EH.WPCTFKIT 8GT[HKPGVQGZVTGOGN[HKPG
4CWEJ9KGP

<GEEJKPQ#&QIGMPGGNKPIKPHTQPVQH5V/CTEWU&05&#6.&8:4%JTKUVKPOCPFQTNCUVCTU
NCPFUVCTUTŐ#5+1Ő6:Ő4'Ő&#6Ő'6Ő4')+5+56Ő'Ő&86(D)CODGTQPK
EH
.WPCTFKIT 'ZVTGOGN[HKPG
4CWEJ9KGP
6JG:QH&XZKUQHCPCNVQIGVJGTFGXKCPVHQTO
6JGNGHVRCTVQHVJGQDXGTUGNGIGPFKUCNOQUVKNNGIKDNG
317
PHOKAEA
.14'0<1)+756+0+#0+$#0%#

/QPPCKG FG $KNNQP # %CUVNG DGVYGGP . CPF + WPFGT GCING %+8+6#5 ” %*++ 4 %TQUU
%104#&85”4':”4”5EJNWODGTIGT2N:+8IT 448GT[HKPG
5-#<ÒTKEJ
.QTGP\Q)KWUVKPKCPK$CPECYCURQFGUV¯KP
2TQOKUKPVGTRTGVGFVJGNGVVGTU.+CUUKIPKH[KPI.QTGP\Q)KWUVKPKCPK
2*1-#'#
2JQMCGCKUCRQTVKPVJG)WNHQH5O[TPCHQWPFGFKPVJGVJEGPVWT[$%

+P #NGZKQU ITCPVGF VJG 8GPGVKCPU VTCFG RTKXKNGIGU &WTKPI VJG RGTKQF KV RTQXKFGF C
HQQVJQNFHQTVJG6WTMKUJGOKT<CEJCU+P2JQMCGCUVCTVGFVQRTQURGTYJGP/KEJCGN8+++CICKPUVC
VTKDWVG EGFGF KV VQ VJG DTQVJGTU $GPGFGVVQ CPF /CPWGNG <CEECTKC YJQ WUGF KV VQ GZRQTV CNWO 6JG
DTQVJGTUHQWPFGF0GY2JQMCGCCVVJGVWTPQHVJGVJEGPVWT[VQRTQVGEVVJGKTRQUUGUUKQP1NF2JQMCGC
YCUJGPEGHQTVJIQXGTPGFD[#PFTGQNQ%CVVCPGQ

+PDQVJRCTVUYGTGTGWPKVGFWPFGT$[\CPVKPGTWNG+P2JQMCGCYCUEQPSWGTGFD[VJG)GPQGUG
5KOQPG8KIPQUQ

.CVGT2JQMCGCYQWNFDGJGNFDTKGHN[D[VJG$[\CPVKPGUCPFD[VJG/CQPCQH%JKQU+P2JQKMCGC
YCUFGHKPKVKXGN[NQUVVQVJG6WTMU
#010;/175

<GEEJKPQ#&QIGMPGGNKPIKPHTQPVQH5V/CTEWU#*&-&#*&8+1&8:5/8'0'6+4%JTKUVKP
OCPFQTNC UVCTU N CPF UVCTU T Ő 5+6 6 :2' &#6 Ő 1 Ő 6# :5+ 5+56' &8%#6 (D
)CODGTKPKEH
#PFTGQNQ%CVVCPGQFGNNC8QNVC.WPCTFK/GVECNHIT
+OKVCVKQP QH #PFTGC &CPFQNQ
6JKU EQKP YCU OQUV NKMGN[ UVTWEM FWTKPI 2JQMCGCŉU RGTKQF QH )GPQGUG
IQXGTPCPEG
HTQOCNVJQWIJ%JKQUCVVJGVKOGUVTWEM\GEEJKPQUDGCTKPIVJGPCOGQH#PVQPKQ8GTPKGT

.'8#06+0'+/+6#6+105
#010;/175

<GEEJKPQEC#&QIGMPGGNKPIKPHTQPVQH5V/CTEWU#%14&#10+%1&8:5/8'0'6+
4%JTKUVKPOCPFQTNCUVCTUNCPFUVCTUTŐ5+66:2'&#63684')+5*%38Ő%#6IT
5OCNNHNCPXGT[HKPG
9#)&QTVOWPF#WEVKQP
PQ
+OKVCVKQPQH#PFTGC&CPFQNQ

318
RHODES
4*1&'5%;2475
-0+)*65*152+6#..'45104*1&'5
6JGQTFGTQTKIKPCVGFKPVJGJQURKVCNQH5V,QJPKP,GTWUCNGOKP
UGGWPFGT-KPIFQOQH,GTWUCNGO
4KEJVGTTKVQTKGUFGXQNXGFWRQPVJGQTFGTDQVJKPVJG.CVKPGCUVCPFKP9GUVGTP'WTQRG6JGTWNGQHVJG
QTFGT ECOG KPVQ GZKUVGPEG CTQWPF RTGUWOCDN[ WPFGT KVU HKTUV OCUVGT )GTJCTF +VU OGODGTU
XGPGTCVGFVJGŋ*QN[2QQTŌCPFECNNGFVJGOUGNXGUVJGUGTXCPVUQHVJGRQQTQH%JTKUV

$GUKFGUVJGDTCPEJVJCVGPICIGFKPJQURKVCNYQTMCOKNKVCT[DTCPEJCTQUGCTQWPFRGTJCRUWPFGT
VJG KPHNWGPEG QH VJG 6GORNCTU KP QTFGT VQ DG CDNG VQ UWRRQTV VJG -KPIFQO QH ,GTWUCNGO /KNKVCT[
CEVKXKVKGUDGECOGITQYKPIN[KORQTVCPVCVVJGGZRGPUGQHVJGYQTMKPJQURKVCNU(TQOMPKIJVUVQQM
RTGEGFGPEG QXGT RTKGUVU VQ VJG GZVGPV GXGP VJCV C TWNG YCU UVKRWNCVGF KP GPVKVNKPI QPN[ MPKIJVU VQ
CUUWOGVJGQHHKEGQHOCUVGT

6JG QTFGT YCU UVTWEVWTGF KPVGTPCVKQPCNN[ CPF NQECNN[ QTICPKUGF KP VQPIWGU CPF EQOOCPFGTKGU
GXGT[YJGTG6JGEJCRVGTQEEWRKGFCEGPVTCNRNCEGCPFVJGRTKQTUEQPXGPGFTGIWNCTN[

,GTWUCNGOHQTOGFVJGJGCFSWCTVGTUQHVJGQTFGTWRWPVKNYJGPKVYCUNQUVVQ5CNCFKP#HVGTVJCVVJG
MPKIJVUOQXGFVQ#ETG9JGPVJKUEKV[VQQYCUNQUVKPVJGMPKIJVUYGPVVQ.KOCUUQNQP%[RTWU
+PVJGQTFGTNCWPEJGFCPKPXCUKQPQH4JQFGUCPFKPVJGJGCFSWCTVGTUYGTGGUVCDNKUJGFVJGTG
7RQP CTTKXCN QP 4JQFGU KP VJG HKTUV ITCPFOCUVGT YCU (QWNSWGU 8KNNGTGV QH YJQO PQ EQKPU CTG
MPQYP6JGPGZVITCPFOCUVGT*GNKQPFG8KNNGPGWXGUVCTVGFUVTKMKPIIKINKCVKKOKVCVKQPUQHVJGIKINKCVKQH
%JCTNGU++QH#PLQWKP0CRNGU6JGQDXGTUGQHCIKINKCVKV[RKECNN[UJQYUCITCPFOCUVGTMPGGNKPIDGHQTG
VJGRCVTKCTEJCNETQUUYKVJVJTGGUVGRUNGCFKPIWRVQKV
WUWCNN[CNUQYKVJCEQCVQHCTOUUVCTVKPIYKVJVJCV
QH4QIGTFG2KPUCPFCNGVVGTCETQUUQPVJGENQCM6JGTGXGTUGJCUCETQUUHNGWT[YKVJVJGCTOUQHVJG
1TFGT QH 5V ,QJP CV KVU QWVGT GFIGU 6JG TGXGTUG VGZV PQTOCNN[ KU *QURKVCNKU 5CPEVK ,QJCPPGU

*KGTQUQN[OKVCPK%QPXGPVCU4JQFK
6JGKUNCPFYCUDWKNVKPVQQPGQHVJGUVTQPIGUVHQTVTGUUGUKP'WTQRGCPFVJGQTFGTCNUQJGNFRTQRGTV[QP
VJG OCKP NCPF UWEJ CU 5O[TPC
CPF /QTGC
VGORQTCTKN[ +P VJG QTFGT CESWKTGF VJG
UGSWGUVGTGFIQQFUQHVJG6GORNCTU6JGOCUVGTUQHVJGQTFGTDGJCXGFNKMGUQXGTGKIPUCPFDQTGVJGVKVNG
QHITCPFOCUVGTHTQO

6JG 4JQFGU JKUVQT[ QH VJG QTFGT KU OCTMGF D[ ITGCV KPVGTPCVKQPCNKUCVKQP YKVJ VJG CEEQORCP[KPI
RTQDNGOUVJGGPQTOQWUYGCNVJVJCVECOGYKVJITGCVRQYGTCPFKPHNWGPEGUVTWIINGYKVJVJGRQRGUDWV
CDQXGCNNCEQPUVCPVUVCVGQHYCTYKVJVJGWPUVQRRCDNG6WTMUYJQOVJG[YQWNFGXGPVWCNN[DGFGHGCVGF

D[
$GVYGGPCPFVJG/CONWMUCVVCEMGF4JQFGUHQNNQYGFKPD[VJG1VVQOCPUYJQNCKFUKGIG
VQVJGHQTVTGUUGXGPVWCNN[ECRVWTKPIKVKP6JGQTFGTVJGPOQXGFVQ/CNVC
*'.+10QH8+..'0'78'

*GNKQPFG8KNNGPGWXGYCUCEJGXCNKGTCPFITCPFRTKGWTQH5V)KNNGU*KUCRRQKPVOGPVYCUGPFQTUGFD[
VJGRQRG*KURQQTJGCNVJHQTEGFJKOVQTGOCKPQP'WTQRGŉUOCKPNCPFHQTCNQPIRGTKQFYJKEJFKFPQV
DGPGHKVVJGUKVWCVKQPQP4JQFGU6JG6WTMUTGIWNCTN[CVVCEMGFDWVYJGP&G8KNNGPGWXGHKPCNN[UGVHQQV
QP4JQFGUKPJGQTICPKUGFCHHCKTUSWKEMN[+PCRCRCNHNGGVCKFGFD[VJG*QURKVCNNGTU8GPKEG
CPFVJGMKPIQH%[RTWUCVVCEMGFVJGYGCNVJ[EKV[QH5O[TPC
QH1OCT$GI'OKTFŉ#ÅFKP+PVJG
NQYGTEKV[YCUUWTTGPFGTGFVQVJG*QURKVCNNGTUVJGWRRGTEKV[UVC[KPIKP6WTMKUJJCPFU

)KINKCVQ#)TCPFOCUVGTMPGGNKPIKPHTQPVQHETQUU (4 '.+10& 8+.#018#& +)4#/4

4 1TPCOGPVGF ETQUU 1526# 5 +1*5 +4.0+ 36+ 41&+ /GVECNH
5EJNWODGTIGT+:IT 46TCEGUQHGPETWUVCVKQPCNOQUVGZVTGOGN[HKPG
&GNOQPVG$TWUUGN
6JGITCPFOCUVGTHCEGUVJGXKGYGTYGCTKPICUJQTVDGCTF6QYCTFUVJGGPFQH&G8KNNGPGWXGŉUVGPWTGVJKUEJCPIGU
JGNQQMUCVVJGETQUUYGCTKPICNQPIDGCTF
CUYQWNFDGWUWCNKPVJGVKOGVQEQOGCHVGTVJKURGTKQF
319
RHODES
&+'7&100QH)1<10

9CUHTQOQNF.CPIWGFQENKPGCIG*GKUMPQYPKPVJG%JTKUVKCPYQTNFHQTJKUUVTWIINGYKVJCPGPQTOQWU
OQPUVGT C ETQEQFKNG VJCV JCF DGGP VGTTQTKUKPI 4JQFGU HQT C NQPI VKOG 1P JKU VQOD KV UC[U %KIKUV
XCKPSWGWTFWFTCIQP
*GTGTGUVUVJGXCPSWKUJGTQHVJGFTCIQPCHTGUEQFGRKEVKPIVJKUUVQT[UVKNNECPDG
UGGPKPCJQWUGQP4JQFGU
*GHQWIJVVJG6WTMUCICKPCPFKPVJGKTYCTCICKPUV'I[RVECOGVQVJGCKFQHVJG#TOGPKCPUKP

)KINKCVQ#)TCPFOCUVGTMPGGNKPIKPHTQPVQHETQUU (4&'1&#6&)15101&+)4#

/4 4 1TPCOGPVGF ETQUU 152+6#+ +1*+5 +4.0+ 36 41&+ /GVECNH
5EJNWODGTIGT+:IT 445OCNNUETCVEJGUXGT[HKPG
PQ
2+'44'FG%140'+..#0

9CUITCPFRTKGWTQH5V)KNNGUMPKIJVQHVJGVQPIWGQHVJG2TQXGPEG&WTKPIJKUUJQTVTGKIPVJGTGYCU
UQOGHTKEVKQPDGVYGGPVJGQTFGTCPF2QRG+PPQEGPV8+CUVQVJG1TFGTŉUEQHHGTUYJKEJYGTGHKNNGFVQVJG
DTKO#UVJGEJWTEJYCUDGKPIHQTEGFKPVQTGVTGCVD[VJG/WUNKOU
QP/QTGCCOQPIUVQVJGTUVJGRQRG
FGETGGFVJCVVJGQTFGTNGCXG4JQFGUVQGUVCDNKUJKVUGNHKP5[TKC*GOQTGQXGTYCPVGFCPGYEJCRVGTKP
(TCPEG$GHQTGJGYCUCDNGVQTGCNKUGVJKUVJGITCPFOCUVGTFKGF

)KINKCVQ#)TCPFOCUVGTMPGGNKPIKPHTQPVQHETQUU (2'6485& %140+..#01&+)4#

/ 4 1TPCOGPVGF ETQUU 152+6# 5 +1*+5 +4.0+ 36 41&+ /GVECNH
5EJNWODGTIGT+:IT 448GT[HKPG
&GNOQPVG$TWUUGN
320
RHODES
41)'4FG2+05

(TQO QNF 2TQXGPEG NKPGCIG 6JG RQRG JGNF QP VQ JKU FGOCPFU VTCPUHGT VQ 2CNGUVKPG CPF C EJCRVGT KP
(TCPEG&WGKPRCTVKEWNCTVQ/QTGCPFGXGNQROGPVUVJGRQRGGXGPVWCNN[TGHTCKPGFHTQOJKURNCPU&WTKPI
VJGTGKIPQH4QIGTFG2KPUVJGRNCIWGDGHGNNVJGGCUVCPF4JQFGU6JGGPUWKPIHCOKPGECWUGF4QIGTVQ
UGNNCNNJKURQUUGUUKQPUCPFGXGPVWCNN[CNNVJGUKNXGTCPFQVJGTQDLGEVUKPVJGRCNCEG
4QIGTFGXKUGFPGYUVCVWVGUHQTVJGQTFGT

)KINKCVQ#)TCPFOCUVGTMPGGNKPIKPHTQPVQHETQUURKPGEQPGDGJKPFJKO (41)+'4+85Q&Q

2+0+$85 Q & Q )4# / 4 1TPCOGPVGF ETQUU 152+6#+ 5 +1*+5 +4.0+ Q 36 41&+
/GVECNH5EJNWODGTIGT2N+:IT 'ZVTGOGN[HKPG
PQ
4#;/10&$'4#0)'4

*GVQQYCUHTQOVJG2TQXGPEGHTQOCHCOKN[VJCVJCFDTQWIJVHQTVJOCP[MPKIJVUQHVJGQTFGT7PFGT
4C[OQPF VJG URNGPFQWT QH HQTOGT VKOGU YCU TGUVQTGF VJG UVCVWU QH VJG MPKIJVU JCXKPI UKIPKHKECPVN[
FGETGCUGFUKPEG&G)Q\QP
6QIGVJGTYKVJ2GVGT+QH%[RTWUVJGMPKIJVUNCWPEJGFCPCVVCEMQP#NGZCPFTKCVJGJQOGRQTVQHOWUNKOU
CPFRKTCVGU#NGZCPFTKCCPFVJGHNGGVYGTGFGXCUVCVGFDWVGXGT[QPGTGVWTPGFVQ%[RTWUCPF4JQFQU6JG
UWNVCPQH'I[RVGCVVCEMGF4JQFGUCUCTGRGTEWUUKQPVQPQGHHGEVJQYGXGT

)KINKCVQ # )TCPFOCUVGT MPGGNKPI KP HTQPV QH ETQUU UJKGNF DGJKPF JKO ( 4#+/80&85
$'4'0)#4++ & ) / 4 1TPCOGPVGF ETQUU 152+6#+ 5 +1*5 +4.0+ 165$41&+
/GVECNH5EJNWODGTIGT2N:IT
5NKIJVGN[EQTTQFGFCPFYGCMN[UVTWEMCVVJGGFIGXGT[HKPG
*GUU.W\GTP
5JKGNFQH)TCPFOCUVGTTKPHKGNF
%H-·UVPGT
PQ
321
RHODES
41$'46FG,7+..;

.QTFQH,WKNN[CPFQH%NC[GPGCT/GCWZJGYCUCEMPQYNGFIGFD[2QRG)TGIQT[:+KP#XKIPQP$CVVNG
YKVJVJG6WTMUCICKPVJKUVKOGYKVJ#OWTCVUQPQH1TMJCPDWVGXGT[DKVCUVGTTKDNGCUWPFGT$GTCPIGT
4JQFGUYCUCICKPTGKPHQTEGF

)KINKCVQ # )TCPFOCUVGT MPGGNKPI KP HTQPV QH ETQUU UJKGNF DGJKPF JKO ( „ 41$'+4685 „ &
)8.+#%1„&„)#/41TPCOGPVGFETQUU 152+6.5+145+4.+0+1654/GVECNH
5EJNWODGTIGT2N:IT 4#NKVVNGYGCMN[UVTWEMCVVJGGFIGXGT[HKPG
PQ
)TCPFOCUVGTDGHQTGJKUQYPCTOUWPFGTVJGETQUUCDNQQOQTTQUG
6JGPWODGTUCTGCNNHTQOVJGUCOGJQCTF
&GT(WPFYWTFGXQTTGKEJNKEJ,CJTGPKPFGT0·JGXQP+\OKTIGOCEJVWPFMCOWPOKVVGNDCTXÌNNKIKP/ÒPEJGPGT
$GUKV\ &CTCWU UKPF 5VÒEM XGTUEJKGFGPGT 8CTKCPVG XGTUVGKIGTV
6JG JQCTF YCU HQWPF PGCT +\OKT YGNN QXGT VGP
[GCTU CIQ CPF YCU KOOGFKCVGN[ CESWKTGF D[ C RCTV[ HTQO /WPKEJ RKGEGU KP C PWODGT QH XCTKGVKGU YGTG
CWEVKQPGFQHH
PQVGQH)-CUVPGTFCVGF,WPG6JGJQCTFURCPUVJGRGTKQFHTQO4QIGTFG2KPUVQ2JKNKDGTV
FG0CKNNCE
,7#0('40#0&'<& *'4'&+#

(TQOCPGUVGGOGFHCOKN[HTQO#TCIQP+P(TCPEGJGHQWIJVCVVJGUKFGQH-KPI2JKNKRRG8+PGCT%T¾E[
+P 2QRG )TGIQT[ 8+ FGEKFGF VQ VTCPUHGT JKU UGG VQ 4QOG YJGTG JG RTQENCKOGF ,GCP(GTFKPCPF
ITCPFOCUVGT
*G HQWIJV CICKPUV VJG 6WTMU KP )TGGEG CPF YCU ECRVWTGF KP #NDCPKC KP 6JG UEJKUO DGVYGGP
%NGOGPEG 8++ CPF 7TDCP 8+ QEEWTGF CTQWPF VJKU UCOG VKOG *GTGFKC CTTKXGF KP 4JQFQU CPF VQIGVJGT
YKVJUGXGTCNMPKIJVUDCEMGF#PVKRQRG%NGOGPEG8+QVJGTMPKIJVUEJQUGUKFGUYKVJ7TDCP8+CPFYCPVGF
VJGRTKQTQH%CRWC4KECTFQ%CTCEEKQNQCUVJGKTITCPFOCUVGTFKXKFKPIVJGQTFGTKPCUKOKNCTTKHV*GTKFKC
FKGFKP#XKIPQPKP

)KINKCVQ#)TCPFOCUVGTMPGGNKPIKPHTQPVQHETQUUECUVNGDGJKPFJKOJGCTVYKVJETQUUWPFGTETQUU

(+1*('4#0&+
!4)/152+6.41TPCOGPVGFETQUU 1526#
!5+*+536
41&+/GVECNH5EJNWODGTIGT2N:IT 4%TWFGFKGUXGT[HKPG
PQ
5OCNNECUVNGCUCRCTVQHVJGCTOUDGJKPFVJGITCPFOCUVGTWPFGTVJGETQUUCJGCTVYKVJCETQUUQPKVKPVJGJGCTVC
ETQUUYKVJVYQFQVU6JGECUVNGKUQPGQHVJGVYQICVGUQH4JQFGU
322
RHODES

)KINKCVQ#)TCPFOCUVGTMPGGNKPIKPHTQPVQHETQUUECUVNGDGJKPFJKO (+1*#('4#0&+&'

/152+6. 4 1TPCOGPVGF ETQUU 1526# 5 +1*+5 .0+ 361&+ /GVECNH
5EJNWODGTIGT2N:IT 46TCEGUQHGPETWUVCVKQPXGT[HKPG
PQ
5OCNNECUVNGCUCRCTVQHVJGCTOUDGJKPFVJGITCPFOCUVGTWPFGTVJGETQUUC)
2*+.+$'46FG0#+..#%

+P 4KECTFQ %CTCEKQNQ JCF CNTGCF[ RCUUGF CYC[ CPF 2QRG $QPKHCEG +: CPPWNNGF CNN PQOKPCVKQPU
0CKNNCEITCPFRTKGWTQH#SWKVCKPGIQVCNNVJGXQVGUKPVJGGNGEVKQPHQTCPGYITCPFOCUVGT$GHQTGNQPI
6WTMKUJFCPIGTNQQOGFRGTUQPKHKGFD[VJGVGTTKDNGUWNVCP$C[G\KF*GVJTGCVGPGF)TGGEGVJG5GTDUVJG
$WNICTKCPU CPF GXGP VJG *WPICTKCPU 0CKNNCE YCU CUMGF VQ LQKP TCPMU YKVJ VJG %JTKUVKCP VTQQRU KP
*WPICT[ 6JG %JTKUVKCPU YGPV KPVQ DCVVNG WPFCWPVGF DWV YGTG FGXCUVCVKPIN[ FGHGCVGF QP 5GRVGODGT
CV0KEQRQNKU6JGITCPFOCUVGTCPFVJGMKPIQH*WPICT[GUECRGFD[DQCVCETQUUVJG&CPWDG4KXGT
0CKNNCEYGPVDCEMVQ4JQFGU
$C[G\KFYCUVJGITGCVEQPSWGTGTQH%JTKUVKCP'WTQRG[GVWRQPJKUTGVWTPVQ#UKC/KPQTJGYCUVCMGP
RTKUQPGTD[VJGHCOGF6COGTNCP6JGNCVVGTCNUQVQQM5O[TPCVJGVGTTKVQT[DGKPINQUVHQTVJGQTFGT
6JGP 6JGQFQTWU 2CNGQNQIWU FGURQV QH /KUKVJTC DTQVJGT QH 'ORGTQT /CPWGN CUMGF VJG QTFGT VQEGFG
%QTKPVJG5RCTVCCPFQVJGTHQTVKHKGFRNCEGUQPVJG2GNQRQPPGUQUVQJKOCICKPUVRC[OGPV0CKNN[CEEGRVGF
DWV5RCTVCRTGHGTTGFVJGUWRTGOCE[QHVJGQTFGTCPFQDLGEVGFVQVJGCITGGOGPV0GXGTVJGNGUUVJGOQPG[
HNQYGF KPVQ VJG EQHHGTU QH VJG QTFGT YJKEJ YCU PQY CV VJG CRQIGG QH KVU RQYGT JCXKPI QDVCKPGF
GPQTOQWU TKEJGU CPF KPHNWGPEG 6JG QTFGTŉU ITCPFOCUVGT OGFKCVGF GXGT[YJGTG CNUQ CV VJG EQWPEKN QH
2KUCKPYJGTGVJGITGCVUEJKUODGVYGGP)TGIQT[:++CPF$GPGFKEV:+++YCUOGPFGFCPF#NGZCPFGT
8 YCU GNGEVGF RQRG +P TGVWTP VJG PGY RQRG CRRQKPVGF VJG ITCPFOCUVGT VQ ITCPFOCUVGTIGPGTCN QH VJG
QTFGT+P0CKNNCEECOGDCEMVQ4JQFGUCHVGTCUVC[KP'WTQRGQH[GCTU
%QPVTCT[ VQ PQTOCN IKINKCVK VJKU EQKP UJQYU VJG ITCPFOCUVGT JQNFKPI VJG ETQUU
UGG PQ KP
RCTVKEWNCTYJKEJGXGPUJQYUJKONQQMKPIWRYCTFU6JGENQCMCNUQFKHHGTUHTQOVJGPQTOCNIKINKCVK

)KINKCVQ#)TCPFOCUVGTMPGGNKPIKPHTQPVQHETQUUUJKGNFDGJKPFJKO (4'(+.+$'4685+5

4 1TPCOGPVGF ETQUU 2+6#. +1#*#5 +*4./ /GVECNH 5EJNWODGTIGT 2N :
IT 4%TWFGFKGUUOCNNHNCPETCEMYGCMN[UVTWEMCNOQUVXGT[HKPG
PQ
)TCPFOCUVGTDGHQTGJKUQYPCTOUPQNGVVGTWPFGTVJGETQUU
323
RHODES

)KINKCVQ # )TCPFOCUVGT MPGGNKPI KP HTQPV QH ETQUU UJKGNF DGJKPF JKO # WPFGT ETQUU ( 2*+$
.*#%1/)4+1541TPCOGPVGFETQUU 152+6#.5
!+1#*15+14.//GVECNH
5EJNWODGTIGT2N:IT 4(KPGVQPKPICVVJGGFIGYGCMN[UVTWEMXGT[HKPG
PQ
)TCPFOCUVGTDGHQTGJKUQYPCTOUWPFGTVJGETQUUCP#

)KINKCVQITQWR##)TCPFOCUVGTMPGGNKPIKPHTQPVQHETQUUUJKGNFDGJKPFJKO#WPFGTETQUU (

2*+$1/#)+564+1541TPCOGPVGFETQUU +5#
!*6#%415'(#
$'//GVECNH5EJNWODGTIGT2N:IT
445OCNNHNCPETCEMCPFYGCMN[UVTWEMKPRCTVUXGT[HKPG
PQ
)TCPFOCUVGTDGHQTGJKUQYPCTOUWPFGTVJGETQUUCP#
+5CPVC%TQEG(CXG#OGP
!/GKP*GKNKI-TGW\UGKOKTIGPGKIV#OGP
!/[JQN[ETQUUHCXQWTOG#OGP
324
RHODES

)KINKCVQ ITQWR $ # )TCPFOCUVGT MPGGNKPI KP HTQPV QH ETQUU UJKGNF DGJKPF JKO (4'
(+.+$'4685 /#+5/ 4 1TPCOGPVGF ETQUU 5#06# %41%' #86# /' /GVECNH
5EJNWODGTIGT:IT 44&QWDNGUVTWEMPKEGVQPGHKPGVQXGT[HKPG
-CUVPGT/ÒPEJGP
)TCPFOCUVGTDGHQTGJKUQYPCTOUPQNGVVGTWPFGTVJGETQUU

5CPVC%TQEG#WVC/G*QN[%TQUUJGNROG
-·UVPGTŉUECVCNQIWGRTQXKFGUVJGHQNNQYKPIGNWEKFCVKQPYKVJVJGPWODGTUCPF
#NNGUNKGIVPCJGFKGUG)KINKCVKCNU0QVOÒP\GPCP\WUGJGP&CHÒTIKDVGUGKPGPIWVGP)TWPF+P5O[TPCDGHCPFUKEJUGKV

UGG VJG GNWEKFCVKQP YKVJ *GNKQP FG 8KNNGPGWXG GKPG DGFGWVGPFG ,QJCPPKVGTHGUVWPI OKV ITQGT $GUCV\WPI
DGNCIGTVG WPF GTQDGTVG 6COGTNCP
6KOWT .GPM FKGUG (GUVWPI WPF VÌVGVG FKG $GUCV\WPI UQYGKV UKG KP UGKPG
*·PFGHKGN0WTYGPKIG4KVVGTMQPPVGPGPVMQOOGPWPFUKEJCWHFKG\WUR·VCPIGMQOOGPFGEJTKUVNKEJG(NQVVGTGVVGP
0QVOÒP\GP\GKIGPQHV#PTWHWPIGPFGTIÌVVNKEJGP/CEJVICP\·JPNKEJYKGKOXQTNKGIGPFGP(CNN5QURTKEJVXKGNFCHÒT
FKGUG)KINKCVKCNU0QVOÒP\GPCP\WUGJGPFKGY·JTGPFFGT$GNCIGTWPIFGT<KVCFGNNGXQP5O[TPCFWTEJFKGDGNCIGTVGP
,QJCPPKVGTIGRT·IVYWTFGP

'XGT[VJKPIRQKPVUVQYCTFUVJGUG)KINKCVKDGKPIQDUKFKQPCNEQKPU6JGTGKUCIQQFTGCUQPHQTVJCV5KPEG
VJG
*QURKVCNNGTUJCFJCFCOCLQTHQTVTGUUKP5O[TPCYJKEJJGNFCITGCVPWODGTQHVTQQRU+P6COGTNCP
6KOWT
.GPM NCKF UKGIG VQ VJKU HQTVTGUU ECRVWTKPI KV CPF MKNNKPI CNN VJG VTQQRU VJCV FKF PQV OCPCIG VQ GUECRG 1PN[ C HGY
MPKIJVU FKF VJG[ YGPV QWV VQ UGC YJGTG VJG[ YGTG OGV D[ VJG %JTKUVKCP HNGGV YJKEJ JCF PQV OCFG KV KP VKOG
1DUKFKQPCN EQKPU QHVGP FGRKEV KPXQECVKQPU QH FKXKPG RQYGTU CPF UWEJ KU VJG ECUG YKVJ VJG EQKP KP JCPF 6JWU
EKTEWOUVCPEGU UWIIGUV VJGUG )KINKCVK EQPUVKVWVG QDUKFKQPCN EQKPU UVTWEM D[ *QURKVCNNGTU DGUKGIGF KP VJG EKVCFGN QH
5O[TPC
#061+0'(.78+#0

1H%CVCNCPFGUEGPV#VVJGOQOGPVQHJKUCRRQKPVOGPVCHHCKTUXGTIGFQPCUVCVGQHETKUKU/CJQOGVUQP
QH $C[G\KF JCF UGV JKU UKIJVU QP CNN VJG KUNCPFUKPVJGCTEJKRGNCIQ*GFGUVTQ[GFGXGT[VJKPIVJGQTFGT
RQUUGUUGFQP%[RTWUCPFYCURTGRCTKPIVQOQWPVCFGEKUKXGCVVCEMQP4JQFGU
6JGEJCRVGTYCU
ECNNGFVQEQPXGPGKP
VJGRQUUGUUKQPUQP%[RTWUJCFDGGPNQUVOCP[EQOOCPFGTKGUKP(TCPEGJCF
DGGPFGXCUVCVGFFWTKPIVJGYCTYKVJVJG'PINKUJCPFVJGUKVWCVKQPKP$QJGOKCYCUGSWCNN[DCFFWGVQVJG
*WUUKVG 9CT 'XGPVWCNN[ VJG KPXCUKQP YCU ECNNGF QHH CPF VJG MPKIJVU YGTG CDNG VQ TGRNGPKUJ VJGKT
GZEJGSWGT
0QVWPVKNVJGTGKIPQH(NWXKCPŉUUQPYQWNFVJGCVVCEMQP4JQFGUDGNCWPEJGF

)KINKCVQ # )TCPFOCUVGT MPGGNKPI KP HTQPV QH ETQUU UJKGNF CPF ) DGJKPF JKO ( #0610+85
(.88+#0 )4#//#5641&+41TPCOGPVGFETQUU 152+6#.+55+1*+5+4.+0+&+
41&+/GVECNH5EJNWODGTIGT2N:IT
44#NKVVNGQHHEGPVTGCPFYGCMN[UVTWEMXGT[HKPG
*CWEM#WHJ·WUGT/WPEJGP#WEVKQP
PQ
)TCPFOCUVGTDGHQTGJKUQYPCTOUWPFGTVJGETQUUC)
325
CYPRUS
%;2475
%[RTWUYCUUVTCVGIKECNN[XKVCNCPFDGNQPIGFVQCPWODGTQHTGCNOUKPVJGEQWTUGQHVKOG%QPUGEWVKXGN[
4QOCPU$[\CPVKPGUCPF#TCDUYQWNFRNC[CEGPVTCNTQNGQPVJGKUNCPF7PFGT'ORGTQT$CUKNGKQU+

%[RTWUECOGWPFGT$[\CPVKPGTWNGCPFGXGPYGPVQPVQDGEQOGC$[\CPVKPGRTQXKPEG

+PVJGVJEGPVWT[VJG2KUCPU#PVKQEJ#TOGPKCCPF6TKRQNKUCVVCEMGFVJGKUNCPF$[XKTVWGQHCVTGCV[
QHYKVJVJG$[\CPVKPGUVJG8GPGVKCPUQYPGFUGVVNGOGPVUQP%[RTWU+P+UCCE-QOPGPQUC
ENQUGTGNCVKXGQHVJG$[\CPVKPGGORGTQTUGK\GFRQYGTCPFFGENCTGF%[RTWUKPFGRGPFGPV#HVGTJG
CUUWOGFTQ[CNFKIPKV[

+P KP VJG EQWTUG QH VJG TF ETWUCFG 4KEJCTF VJG .KQPJGCTVGF VQQM %[RTWU
FGHGCVKPI +UCCE
-QOPGPQU%[RTWUYQWNFPGXGTDGRCTVQHVJG$[\CPVKPG'ORKTGCICKP6JGVTCPUHGTQH%[RTWUVQVJG
6GORNCTU D[ 4KEJCTF VJG .KQPJGCTVGF OGV YKVJ QRRQUKVKQP *G VJGP PQOKPCVGF )W[ FG .WUKIPCP VJG
FGVJTQPGFMKPIQH,GTWUCNGOCPFEQPHGTTGFUW\GTCKPV[QXGT%[RTWUVQ'ORGTQT*GPT[8+YJQKPVWTP
GNGXCVGFVJGDTQVJGTCPFUWEEGUUQTQH)W[#OCNTKEJVQMKPIQH%[RTWU

6JG OCTTKCIG QH #OCNTKEJ VQ +UCDGNNC QH ,GTWUCNGO KP DTQWIJV CDQWV C VGORQTCT[ WPKQP QH VJG
ETQYPU QH %[RTWU CPF ,GTWUCNGO6JGKTUQP*WIQ+YGFFGF#NKEGQH%JCORCIPGCPFVJWUJKUHCOKN[
+DGNKPTQUGVQRTQOKPGPEG
#OCNTKEJJCFRTGXKQWUN[DGGPOCTTKGFVQ'UEJKXCQH+DGNKP

+PKORGTKCNUW\GTCKPV[YCUCDTQICVGF

#HVGT*WIQ++FKGFVJGETQYPFGXQNXGFVQ*WIQ+++
CUQPQH+UCDGNNC
UKUVGTQH*GPTK+CPF
*GPTKQH#PVKQEJ
C[QWPIGTDTCPEJQHVJGPQDNGJQWUGQH#PVKQEJD[VJGPCOGQH.WUKPCP*GWPKVGF
VJGETQYPUQH%[RTWUCPF,GTWUCNGOKP*KUENCKOVQ,GTWUCNGOYCUEQPVGUVGFD[%JCTNGUQH#PLQW
JQYGXGTVJGUQPQH*WIQ++*GPT[++
OCPCIGFVQWPKVGVJGETQYPUHQTIQQF#HVGTVJGHCNN
QH #ETG CPF 6[TG
VJGVKVNGQHMKPIQH,GTWUCNGOYCUOGTGN[PQOKPCN(COCIWUVCYCUVQDGVJG
ŋUGCVŌQHVJG-KPIFQOQH,GTWUCNGOCPF*WIQJCFJKOUGNHETQYPGFMKPIQH,GTWUCNGOKPVJGECVJGFTCNQH
(COCIWUVC

6JG EKXKN YCT HTQO VQ ECWUGF OCP[ KPVGTPCN ETKUGU +P *GPT[ ++ CP GRKNGRVKE YCU
FGRQUGFD[JKUDTQVJGT#OCNTKEJCPFYCUPQVCDNGVQTGENCKOMKPIUJKRWPVKNJGOWTFGTGF#OCNTKEJ

+P 2GVGT + EQPSWGTGF VJG RQTV QH #PVCN[C CPF UCEMGF #NGZCPFTKC )GPQGUG OGTEJCPVU EQPVKPWCNN[
JCTCUUGFVJGMKPIFQOCPFVJGKTVTQQRUVQQM(COCIWUVCCPFRCTVQHVJGKUNCPFKPEQPVTQNNKPIKVWPVKN
6JGQEEWRCVKQPEQUVVJGMKPIUCNQVQHOQPG[CPFCPWODGTQHPQDNGUCOQPIVJGO-KPI,CEQD++
YGTGJGNFJQUVCIGKP)GPWC

-KPI,CPWUYCUKPUWEJHKPCPEKCNUVTCKVUVJCVJGCWVJQTKUGFRTKXCVGGTKPICICKPUV'I[RV6JKURTQORVGFVJG
UWNVCP QH VJG /CONWMU $CTUDCK VQ QTFGT CP GZRGFKVKQP CICKPUV %[RTWU %[RTWU YCU FGHGCVGF CV
-JKTQMKVKC
CPF VJG /CONWMU YGPV QP VQ VCMG 0KEQUKC #P KPUWTIGPE[ DTQMG QWV 6JG UKVWCVKQP
YQWNFQPN[DGTGUQNXGFD[RC[KPIVJGUWNVCPCUWDUVCPVKCNVTKDWVGECWUKPIVJGHKPCPEKCNFGRGPFGPE[QP
8GPKEGVQHWTVJGTKPETGCUG

6JGPGZVUVGRVQYCTFUTWKPYCUVCMGPYJGPVJGUWNVCPHCKNGFVQCEMPQYNGFIGUWEEGUUKQPD[%JCTNQVVGQH
.WUKIPCP,CPWUŉUDCUVCTFDTQVJGTVJGPWUWTRGFRQYGTOCTT[KPIVJGPQDNG%CVGTKPC%QTPCTQYJQYCU
CFQRVGFD[VJG4GRWDNKEQH8GPKEGCUVJGKTŋFCWIJVGTŌ#HVGT,CEQD++JCFFKGF8GPKEGRTGXGPVGFVJG
OCTTKCIGQH%CVGTKPCVQCP#TCIQPRTKPEG#HVGTJGTOKPQTUQP,CEQD+++
DQTPHTQOVJGOCTTKCIGQH
,CEQD++VQ%CVJGTKPGJCFFKGF%CVGTKPCUVGRRGFFQYPCPFUWTTGPFGTGFVJGKUNCPFVQ8GPKEG
(GDTWCT[
)7;FG.75+)0#0

&GPKGT%NCUU+#2QTVCNYKVJVQYGTUCPFUVCTKPEGPVTG 4':)7+&14%TQUUYKVJRGNNGVKPVJG

UV CPF VJ CPF QPG ETGUEGPV KP VJG PF CPF TF CPINGU &' %+ Q 241 /GVECNH
5EJNWODGTIGT2N8+IT 4&CTMRCVKPCUOCNNHNCPETCEMXGT[HKPG
*QNNGOCP'PUEJGFG
*7)1+

&GPKGT%NCUU+++#%TQUUYKVJQPGETGUEGPVKPVJGUVCPFVJCPFQPGUVCTKPVJGPFCPFTFCPINGU
Ő*8)14':Ő4%CUVNG Ő%;Ő24+Ő/GVECNH5EJNWODGTIGTIT (KPG
9KNNGOU$GPPGMQO
326
CYPRUS
#/#.4+%&'6;4

#VVJGVWTPQHVJGVJEGPVWT[%[RTWUVWTPGFVQVJGITQCV6JG(TGPEJITQUVQWTPQKUTGCEJGF6TKRQNKU
HKTUV6JG%[RTKQVITQCVYCUCNKVVNGJGCXKGTVJCPVJGITQUVQWTPQKU+VECOGKPCYJQNGCPFCJCNHXCTKCPV
ECNNGFITQUITCPFCPFITQURGVKVTGURGEVKXGN[6JGITQCVJCUDGGPTGUGCTEJGFGZVGPUKXGN[D[
/GVECNH CPF 2KVUKNNKFGU
%QTRWU .WUKIPCP %QKPCIG VJG ITQCV KU MPQYP RTKOCTKN[ HTQO VJG
5VCXTQMQPPQWJQCTF
6JGYGKIJVYCUXGT[UVCDNG
ITDWVHTQOUVCTVGFVQFTQR1TKIKPCNN[ITQCVUYGTGUVTWEMKP
0KEQUKCDWVHTQORTQDCDN[CNUQKP(COCIWUVC

6YQRGTKQFUECPDGFKUVKPIWKUJGFKPVJGTGKIPQH*GPT[++&WTKPIVJGRGTKQF*GPT[UVTWEMC
ITQCV VJCV JCF C NKQP QP VJG TGXGTUG CPF YCU QH C JKIJGT YGKIJV IT +P VJG RGTKQF CHVGT C
NKIJVGTXGTUKQP
ITYCUUVTWEMRTGUWOCDN[KP(COCIWUVC

)TQU # .KQP QH %[RTWU YKVJKP VYQ EKTENGU QH NGIGPF %+24+ )$0#61 ' 4'61 #/#.4+%ŉ
6+4'05+5 &1/+085 4 5JKGNF QH ,GTWUCNGO CPF .WUKIPCP +4./ '6 %+24+ 4')+ (+.+8
/GVECNH5EJNWODGTIGTIT 440KEGVQPKPIUOCNNHNCPQVJGTYKUGIQQFXGT[HKPG
'NUGP$TWUUGN
6[RGYKVJQWVVGPFTKNU
6JKUEQKPYCUUVTWEMKPVJGDTKGHRGTKQFDGVYGGP(GDTWCT[CPF,WPGYJKEJOC[KPFKECVGVJCVVJGOKPVKP
(COCIWUVCYCUVCMGPKPVQQRGTCVKQPD[#OCNTKE
5COGV[RGCU5EJNWODGTIGTITQCV
PFV[RG
/GVECNH0KEQUKCOKPV!
*'04+++

)TQUPFRGTKQFG
#-KPIUGCVGFQPVJTQPGYKVJUEGRVTGCPFQTD*'04+4'+&'4
%TQUUQH,GTWUCNGO +'485#. /'&%*+24'/GVECNH5EJNWODGTIGT2N8+IT
5NKIJVN[EQTTQFGFXGT[HKPG
*WK\KPIC&GNHV
6JGETQUURTGEGFKPIVJG*GPTKVGZVKURCTVQHVJGINQDWUETWEKIGT
0QVGVJGHQTOQHVJGETQUUQH,GTWUCNGOYJKEJFGXKCVGUHTQOYJCVNKVGTCVWTGUJQYU
/GVECNHJCUVYQV[RGUNCEMKPICOKPVOCTM'CTN[YKVJYGKIJVCPFITCPFNCVGTYKVJYGKIJVIT6JKU
EQKPNKGUKPVJGOKFFNGHQTPQYYGENCUUKHKGFKVWPFGTNCVGT

327
CYPRUS
*7)1+8

)TQU # -KPI UGCVGF QP VJTQPG YKVJ UEGRVTG CPF QTD $ N KP HKGNF *8)8' 4'+ &' 4 %TQUU QH
,GTWUCNGO +'4#5#. /'&%*+24'/GVECNH5EJNWODGTIGT2N8+IT
&CTMRCVKPCIQQFXGT[HKPG
*QNNGOCP'PUEJGFG
6JKUEQKPJCUVJGHKGNFOCTM$YKVJQWVCPPWNGVCDQXG

)TQURGVKV#-KPIUGCVGFQPVJTQPGYKVJUEGRVTGCPFQTD$WPFGTETQUUNKPHKGNFZ*8)8'4'+
&' 4 %TQUU QH ,GTWUCNGO +'485#. /'& %*+24 /GVECNH 5EJNWODGTIGT 2N 8+
IT 8GT[HKPG
*QNNGOCP'PUEJGFG
6JKUEQKPJCUVJGHKGNFOCTM$ETQUUNGVCDQXG

)TQURGVKV#-KPIUGCVGFQPVJTQPGYKVJUEGRVTGCPFQTD$NKPHKGNF*8)8'4'+4'4%TQUUQH
,GTWUCNGO +'485#. /'&%*+24/GVECNH5EJNWODGTIGT2N8+IT
/ÒP\GPWPF/GFCKNNGP$CUGN &CTMRCVKPCTGXGTUGCNKVVNGQHHEGPVTGXGT[HKPG
2'6'4+

)TQU # -KPI UGCVGFQPVJTQPGYKVJUYQTFCPFQTDUJKGNFTKPHTQPVQHVJTQPG 2+'4'2#4.#

)4#%'&'&+'841+4%TQUUQH,GTWUCNGO &'+'485#.'/'&'%*+24'/GVECNH
5EJNWODGTIGT2N8+IT 44GXGTUGCNKVVNGQHHEGPVTGPKEGRCVKPCGZVTGOGN[HKPG
5RKPM.QPFQP
2GVGT+TGRNCEGUVJGNKUUEGRVTGYKVJCUYQTF
#VVJGETQUUŉUEGPVTGQPVJGTGXGTUGCPZ
VJKUKUVJGQPN[EQKPVJCVHGCVWTGUVJGZ+VTGHGTUVQVJGOKPVKP(COCIWUVC

UGG/GVECNHR
6JGEQKPKUQHOKPWVGETCHVOCPUJKRCPFCUUWEJKUKPCENCUUQHKVUQYP
/GVECNHJCUCPCPPWNGVQPVJGPGEM
328
CYPRUS

)TQURGVKV#-KPIUGCVGFQPVJTQPGYKVJUYQTFCPFQTDUJKGNFTKPHTQPVQHVJTQPGQQ2+'4'41+
Q 4 %TQUU QH ,GTWUCNGO &' +'48<#.'/ ' &' %*+24' /GVECNH 5EJNWODGTIGT 2N
8++IT +TTGIWNCTHNCPXGT[HKPG
5-#$GTP
6JGVJTQPGKUCNYC[UFGRKEVGFKPRGTURGEVKXG6JKUKUPQVVJGECUGJGTG/GVECNHRTQXKFGUVJGUCOG
,1*0++

)TQU#-KPIUGCVGFQPVJTQPGYKVJUYQTFCPFQTD+1*#0'5&'+)4#4%TQUUQH,GTWUCNGO

+*4./Ő'6%+24+4':/GVECNH5EJNWODGTIGT2N8++IT
445OCNNFQWDNGUVTWEMQPVJGTGXGTUGXGT[HKPG
)TQCVHKTUVITQWR.CVKPYTKVKPI
%*#4.166'

,QJP++JCFVYQFCWIJVGTUQHYJQOQPN[%JCTNQVVGUWTXKXGF*GJCFCUQPYKVJCOKUVTGUU/CTKGVVCQH
2CVTCUECNNGF,COGUVJG$CUVCTF
+P%JCTNQVVGOCTTKGF,QJPQH%QKODTC
ŎCPFKP
UJGYCUCEMPQYNGFIGFCUUWEEGUUQTCPFYCUETQYPGFKPVJGUCOG[GCT,COGUEQPVGUVGF%JCTNQVVGŉUUWEEGUUKQP
+P%JCTNQVVGŉUHKCPE¾G.QWKUQH5CXQ[CTTKXGFCPFVJG[OCTTKGFKPVJCVUCOG[GCT6JGPVJGUWNVCP
QH'I[RVKPVGTXGPGFCPF,COGUQEEWRKGFVJGTGUVQHVJGKUNCPFCKFGFD[VJG)GPQGUG+PVJGRQYGT
QH.QWKUCPF%JCTNQVVGJCFFYKPFNGFVQGPEQORCUULWUVVJGECUVNG-[TGPKC5JGHNGFVQ4JQFGU+VCN[CPF
HKPCNN[5CXQKCYJGTGUJGJQRGFVQHKPFVJGUWRRQTVUJGPGGFGFVQENCKOVJGVJTQPGDCEMCICKP+P
UJGNQUVVJGUQPDQTPHTQOJGTOCTTKCIGVQ.QWKU5JGNCVGT
CFQRVGF#NHQPUQH#TCIQP*CXKPI
UGEWTGFVJGUWRRQTVQHVJGUWNVCPUJGUQWIJVVQRWVJGTCFQRVGFUQPQPVJGVJTQPGQH%[RTWUCPFCTTCPIG
JKU OCTTKCIG VQ CP KNNGIKVKOCVG EJKNF QH ,COGU ++ 8GPKEG QRRQUGF VJKU EQWTUG QH GXGPVU CPF %JCTNQVVG
CDCPFQPGFJGTTKIJVUVQ%JCTNGUQH5CXQ[

$GHQTG %JCTNQVVG UVTWEM EQKP KP JGT QYP PCOG CPF .QWKU YQWNF EQPVKPWG VQ FQ UQ KP JKU PCOG
KOOGFKCVGN[CHVGT+PGCTN[EQKPCIGUVQRRGF.QWKUOCKPVCKPGFCXQKFENCKOVQVJGMKPIFQOWPVKNJG
FKGFKP%JCTNQVVGEQPVKPWKPIKVWPVKNUJGFKGFKP
+PVJGRGTKQF,COGUTGKIPGFCU,COGU++

)TQU # %TQYPGF UJKGNF QH ,GTWUCNGO .WUKIPCP %[RTWU CPF #TOGPKC %#4+16# &+ )4#
4')0# 4 %TQUU QH ,GTWUCNGO +'4858.'/ '& %+24 /GVECNH 5EJNWODGTIGT 8++
IT 448GT[HKPG
5RKPM.QPFQP
(TQO0%PQ
'Z5NQEWOEQNNGEVKQP
5QVJGD[OCCTV
2WTEJCUGFHTQO#,5GNVOCPCRTKN
329
CYPRUS
.17+5FG5#81+'

)TQU#-KPIUGCVGFQPVJTQPGYKVJUYQTFCPFQTD.8&18+%85&')4':4%TQUUQH,GTWUCNGO
+'485#.'/%+24+'6#4//GVECNH5EJNWODGTIGTEHRIT
445OCNNHNCPXGT[HKPGVQGZVTGOGN[HKPG
%#6*#4+0'%140#41

%CVJCTKPG%QTPCTQHTQOCPKNNWUVTKQWU8GPGVKCPRCVTKEKCPHCOKN[YCUGPICIGFVQ,COGU++
YJQO
UJG PGXGT JCF UGGP +P 8GPKEG UJG YCU EQPUKFGTGF VJG ŋFCWIJVGT QH 5V /CTMŌ DGCTKPI VJG VKVNG
ŋ%CVJCTKPG8GPGVC3WGGPQH%[RTWUŌ%CVJCTKPGYCUUWRRQUGFVQFKGEJKNFNGUUCPFEQPHGTJGT%[RTKQVKE
VKVNG QP 8GPKEG +P GCTN[ UJG NCPFGF QP %[RTWU EGNGDTCVGF JGT OCTTKCIG KP (COCIWUVC CPF YCU
ETQYPGFKP0KEQUKC,COGU++FKGFKOOGFKCVGN[CHVGTYCTFU5JGYCUJQYGXGTCNTGCF[GZRGEVKPICPFKP
#WIWUVCUQP,COGU+++YCUDQTP*GYCUEJTKUVGPGFDWVFKGFDGHQTGJGVWTPGFQPG
+P 0QXGODGT UJG YCU FGRQUGF D[ 0GCRQNKVCP VTQQRU 8GPGVKCP HQTEGU KOOGFKCVGN[ TGUVQTGF VJG
UKVWCVKQP[GVVJG[YGTGPQVCDNGVQTGUVQTG%CVJCTKPGVQJGTRTGXKQWURQYGT8GPKEGUGPVVYQEQPUKIJKGTK
YJQYGTGVQCEVCNQPIUKFGJGTCEQOOCPFGTKPEJKGHQHVJGCTO[CPFCPQHHKEKCNVQIQXGTPVJGMKPIFQO
CPF%CVJCTKPGŉUTQNGFKOKPKUJGFVQCRWTGN[EGTGOQPKCNCHHCKT
+P (GDTWCT[ QH UJG EQCZGF JGT DTQVJGT )KQTIKQ KPVQ CNNQYKPI JGT VQ YKVJFTCY VQ 8GPKEG CPF
FGPQWPEG VJG VJTQPG 5JG YCU IKXGP VJG TGIKQP QH #UQNQ
RTQXKPEG 6TGXKUQ CU EQPUQNCVKQP %CVJCTKPG
RTQOQVGFVJGCTVUJGTG

)TQU#3WGGPUGCVGFQPVJTQPGDGVYGGP5CPF2YKVJUEGRVTGCPFQTD -#6'4+0#„8'0'6#„

4')+0# 4 %TQUU QH ,GTWUCNGO +'4858.'/ „ %+24+ „ '6 „ #4/'0+# /GVECNH
5EJNWODGTIGTIT 445OCNNHNCPXGT[HKPG
5RKPM.QPFQP
(TQO0%PQ
'Z5NQEWOEQNNGEVKQP
5QVJGD[OCTEJ
2WTEJCUGFHTQO#,5GNVOCPCRTKN
/GVECNHV[RG5VGYCTVV[RG&%QKPUQHECTGHWNYQTMOCPUJKR
330
CILICIAN ARMENIA
#5+#/+014
%+.+%+#0#4/'0+#
#VVJGDGIKPPKPIQHVJGVJEGPVWT[VJGKPHNWGPEGQHVJG$CIFCFECNKHCVGYCPGFYJGPCHGYKPFGRGPFGPV
TWNGTUGOGTIGFKP#TOGPKC6JGHQTGOQUVF[PCUV[YCUVJCVQHVJG$CITCVKFUQH#PKYJQTWNGFQXGTC
MKPIFQOHTQOVQ6JGTWNGTUQH#PKYGTGETQYPGFCUŋMKPIQHMKPIUŌCPFCEMPQYNGFIGFD[
DQVJVJGECNKHQH$CIFCFCPFVJG$[\CPVKPGGORGTQT6JGHGWFCNU[UVGOQDUVTWEVGFHWTVJGTFGXGNQROGPV
QHVJGUGXCUUCNU

$[\CPVKWOJGNFVJGITGCVGTRCTVQH#TOGPKCCPFRWTUWGFCRQNKVKEUQHEQPUVCPVN[VTCPUHGTTKPITWNGTU6JWU
VJG #TOGPKCP MKPI 5GPGMGTKQP YCU VTCPUHGTTGF VQ 5GDCUVKC KP +P VJG 5GNLWMU HQTEGF VJG
#TOGPKCPUVQOQXGVQVJG6CWTWUOQWPVCKPTCPIG+PVJG5GNLWMUEQPSWGTGF#TOGPKCCPFYGPVQP
VQVCMGVJGNCTIGTRCTVQH#UKC/KPQT6JG#TOGPKCPUUWTXKXGFKPVJGOQWPVCKPUQH%KNKEKCYJGTGVJG[
YGTGHTGGQHVJG5GNLWMUDWVNCEMGFVJGRTQVGEVKQPQH$[\CPVKWO

6JG&CPKUJOGPFVQQM5GDCUVKC
VQFC[ŉU5KXCUDTKPIKPICPGPFVQVJG5GPGMGTKOMKPIFQO6JGPECOGC
EGTVCKP4QWRGPYJQENCKOGFVQDGCTGNCVKXGQHVJG$CITCVKFMKPIKP#PK1HVJGOCP[EQPVGPFGTUVJCV
ECOGVQVJGHQTGQPN[4QWRGPOCPCIGFVQHQWPFCF[PCUV[6JG4QWRGPKCPF[PCUV[YQWNFTGKIPQXGT
%KNKEKCHQTENQUGVQ[GCTU

4QWRGP
EQPUQNKFCVGF JKU RQUKVKQP YJKEJ JG YCU QPN[ CDNGVQFQDGECWUGDQVJVJG5GNLWMU
CPFVJG$[\CPVKPGUYGTGGPICIGFKPFGCNKPIYKVJOCVVGTUQPVJGKTTGURGEVKXGJQOGHTQPVU

&WTKPIVJGTGKIPQHJKUUQP)QUFCPVKP
VJG(KTUV%TWUCFGRCUUGFVJTQWIJVJGEQWPVT[CPFVJG
#TOGPKCPUCKFGFVJGETWUCFGTU

6QTQU+
VQQMVGTTKVQTKGUHTQO$[\CPVKWOCPFUWEEGUUHWNN[FGHGPFGFVJGEQWPVT[CICKPUVVJG
5GNLWMU 6QTQU JGNRGF $CNFYKP ++ QH 'FGUUC CICKPUV VJG GOKT QH /QUQGN ,QUEGNKP FG %QWTVGPC[ YJQ
UWEEGGFGF $CNFYKP YCU C DTQVJGTKPNCY QH 6QTQU 6QTQU YCU CNUQ HQTEGF VQ VCMG WR CTOU CICKPUV
6CPETGFYJQYCPVGFVQHQWPFC0QTOCPPKEMKPIFQOKP%KNKEKC

6JGDTQVJGTQH6QTQU.GXQP+
GZRCPFGFVJGVGTTKVQT[VQVJG/GFKVGTTCPGCPDWVHGNNHQWNQH
$QJGOQPF++QH#PVKQEJ$QJGOQPFVJGPGPNKUVGFVJGCKFQH4C[OQPFFGHGCVGF.GXQPDWVUGVJKOHTGG
KPTGVWTPHQTVYQEKVKGU

6JG $[\CPVKPG GORGTQT ,QJP -QOPGPQU VJQWIJV QH %KNKEKC CPF 0QTVJ 5[TKC CU $[\CPVKPG VGTTKVQT[ CPF
OCTEJGFQPVJGOKP.GXQPNQUVCPFVQIGVJGTYKVJJKUYKHGCPFVYQUQPU
4QWRGPCPF6QTQUJG
YCUFGRQTVGFVQ%QPUVCPVKPQRNGYJGTGJGFKGF*KUUQP4QWRGPYCUOWTFGTGFD[VJG$[\CPVKPGUDWVJKU
QVJGT UQP 6QTQU GUECRGF #HVGT CP CDUGPEG QH [GCTU 6QTQU ++ TGVWTPGF VQ %KNKEKC CPF DGECOG OCUVGT

$[\CPVKWOWPFGTVQQMQPGNCUVCVVGORVVQEQPSWGT%KNKEKCCNNKGFYKVJUWNVCP/CUŉFWQH-QP[CDWVVQPQ
CXCKN
6QTQU JCF WPKVGF YKVJ VJG 6GORNCTU 6JGP VJG $[\CPVKPGU RTQOKUGF C ITGCV UWO QH OQPG[ VQ
4CKPCNF QH %JCVKNNQP RTKPEG QH #PVKQEJ KH JG CVVCEMGF 6QTQU *G FGEKFGF CICKPUV KV DGECWUG VJG
$[\CPVKPGUFKFPQVRC[VJGOQPG[6QTQUCPF4CKPCNFVJGPCNNKGFCPFRNWPFGTGF%[RTWU

6QTQUJCFC[QWPIUQP/NGJ
KPVJGEWUVQF[QH$CKN6JQOCUCUUKUVGFD[0WTCN&KPHTQO
#NGRRQ*GHGNNVQGPTKEJKPIJKOUGNHCPFYCUOWTFGTGF

6JGTGWRQP 4QWRGP ++
YCU EJQUGP 5VGRJCPŉU UQP *G RWV CP GPF VQ VJG UW\GTCKPV[ QH
$[\CPVKWO*KUFGEKUKQPVQYKVJFTCYVQCOQPCUVGT[DTQWIJVVQRQYGTJKUDTQVJGT.GXQP++

.'810++
+

.GXQP++YCUVJGOQUVKORQTVCPVOGODGTQHVJG4QWRGPKCPF[PCUV[CPFJGTWNGFCNCTIGCPFKPHNWGPVKCN
EQWPVT[ *G YCU RTKPEG DWV EQXGVGF VJG VKVNG QH MKPI YJKEJ YCU RTQOKUGF VQ JKO D[ (TGFGTKEM
$CTDCTQUUCKPTGVWTPHQTJKUCKFFWTKPIVJGTFETWUCFG0GGFNGUUVQUC[.GXQPYCUXGT[FKUVTGUUGFYJGP
JGNGCTPVQHVJGGORGTQTŉUFTQYPKPI
(TGFGTKEM $CTDCTQUUCŉU UWEEGUUQT *GPT[ 8+ YCU RNCPPKPI C ETWUCFG CPF JCF RTQOKUGF VJG ETQYP VQ
#OCNTKE QH %[RTWU CU YGNN CU VQ .GXQP )QKPI CICKPUV VJG YKNN QH VJG RGQRNG JG CTTCPIGF C
TCRRTQEJGOGPVQHVJG#TOGPKCP0CVKQPCN%JWTEJCPFVJG%CVJQNKE%JWTEJ6JKUNGF2QRG%GNGUVKPG+++VQ
RTQOQVG VJG EQTQPCVKQP QH .GXQP +P 5GRVGODGT QH VJG RCRCN EJCPEGNNQT $KUJQR %QPTCF QH
*KNFGUJGKO ECOG VQ 0KEQUKC CPF ETQYPGF #OCNTKE *GPT[ 8+ FKGF KP,CPWCT[5JQTVN[CHVGTVJCV
%QPTCFQH*KNFGUJGKOCPFRCRCNNGICVG%QPTCFQH9KVVGNUDCEJ#TEJDKUJQRQH/CKP\ECOGVQ6CWTWU
VJG EQTQPCVKQP VCMKPI RNCEG QP ,CPWCT[ 6JG #TOGPKCP %CVJQNKEQU ETQYPGF JKO CPF %QPTCF
DGUVQYGFVJGTQ[CNUEGRVTGQPJKO.GXQPPQYYCUMKPICPFXCUUCNQHVJG)GTOCPMKPICPFJGPEGHQTVJ
TWNGFCU.GXQP+
.GXQP YCIGF YCT KP #PVKQEJ CPF OCPCIGF VQ KPUVCNN JKU ITCPFEQWUKP 4C[OQPF4QWRGP CU RTKPEG QH
#PVKQEJKP*KUNCUVHGY[GCTUUCYOWEJEQPHNKEVYKVJ5WNVCP-CKMCWUQH-QP[C.GXQPYCUHQTEGF
VQCITGGVQCRGCEGVTGCV[YKVJVJGUWNVCPQPVJGNCVVGTŉUVGTOUGPVKTGN[
331
CILICIAN ARMENIA

&QWDNG 6TCO # -KPI UGCVGF QP VJTQPG YKVJ ETQUU CPF NKU .'810
KU -+0) 1( #.. 6*'
#4/'0+#054%TQYPGFNKQPNYKVJRCVTKCTEJCNETQUU$;6*'219'41()1&
JGKUVJGMKPI
$GFQWMKCPIT 4GXGTUGCNKVVNGQHHEGPVTGGZVTGOGN[HKPG
$4'&2CTKU
/GVECNH
0% /C[
RCPF,WPG
RFKUVKPIWKUJGUV[RGUQHFQWDNGVTCOUUVTWEMD[.GXQP
$GFQWMKCP
0WO%JTQPRJCFCPCN[UGFGXGT[V[RGMPQYPWRVQVJGP6JKUEQKPYCURWDNKUJGFKP0%
R+VKUQHVJGPFRJCUG
/GVECNHUV[NG+++6JGTGKUCURGEKOGPKPVJG#UJOQNGCP/WUGWO
UGG/GVECNH
YJKEJKUCFKGFWRNKECVGQHVJGQDXGTUGQHVJKUEQKP
PQ+VEQTTGURQPFUYKVJ$GFQWMKCP6JGEQKPKPJCPF
UJQYUVJGEQODKPCVKQP
6JG YQTF HQT MKPI KU WUWCNN[ CDDTGXKCVGF VQ VMT
VCMCXQT + DGNKGXG VJKU EQKP URGNNU QWV VJG YQTF YJKEJ KU
TGOCTMCDNGCEEQTFKPIVQ/GVECNH

*CNH &QWDNG 6TCO # -KPI UGCVGF QP VJTQPG YKVJ ETQUU CPF NKU .'810 -+0) 1( 6*'
#4/'0+#05 4 %TQYPGF NKQP N YKVJ RCVTKCTEJCN ETQUU $; 6*' 9+.. 1( )1& $GFQWMKCP
IT %QTTQFGFHNCPCNOQUVXGT[HKPG
$4'&2CTKU

%QTQPCVKQP6TCO#-KPIMPGGNKPIKPHTQPVQH%JTKUVDKTFEQOKPIQWVQHENQWFUDGVYGGPVJGOWPFGT
VJGO
,GUWUCPF7
)QF46YQNKQPUDCEMVQDCEMETQUUDGVYGGPVJGOVJTGGRGNNGVUWPFGTVJGO
$GFQWMKCP
XCTIT +TTGIWNCTHNCPXGT[HKPGVQGZVTGOGN[HKPG
/ÒP\\GPVTWO-ÌNP
1PVJGTGXGTUGQH$GFQWMKCPVJGNGIQHVJGETQUUJCUPQFQV
6JGTGKUPQEGTVCKPV[CUVQYJGVJGTVJGVYQQDXGTUGU[ODQNUCTGVQDGKPVGTRTGVGFCU,GUWUCPF)QFVJG[OC[CNUQ
DGUKORNGHKGNFU[ODQNU
6JGEQTQPCVKQPVTCOUYGTGRTQDCDN[CNNUVTWEMKP6JGHKTUVV[RGUUVKNNUJQYCUKPINGNKQPVJGNCVGTQPGUJCXGC
FQWDNGNKQP
COQVKHVJCVYQWNFDGMGRVQP
332
CILICIAN ARMENIA
6JKUV[RGKUCNYC[UTGHGTTGFVQCUŋEQTQPCVKQPVTCOŌ6JGMPGGNKPIMKPIJCUJQYGXGTCNTGCF[DGGPETQYPGFCPFJG
KU RQTVTC[GF MPGGNKPI DGHQTG %JTKUV +U VJKU PQV C FGRKEVKQP QH YJCV VQQM RNCEG CHVGT VJG EQTQPCVKQP YJGP .GXQP
UWDOKVVGFVQ%JTKUV!
6JGDKTFVJCVKUFGUEGPFKPIQHVGPHTQOCJCPFKUCNUQUGGPQPOKPKCVWTGU5GGHQTKPUVCPEGVJGDCRVKUOQH%JTKUVKP
VJGIQURGNDQQMQH'EJOKCF\KPHTQOYJGTGCFQXGKUFGRKEVGF6JGHQTOQHVJGDKTFQPVJKUEQKPJQYGXGTTCKUGU
UQOGFQWDVCUVQKVDGKPICFQXG
6JGJGCFQH%JTKUVUJQYUITGCVTGUGODNCPEGVQVJGETWUCFGTUQHVJCVCIG

6TCO # -KPI UGCVGF QP VJTQPG YKVJ ETQUU CPF NKU UVCT N KP HKGNF 4 6YQ NKQPU DCEM VQDCEMETQUU
DGVYGGPVJGO$GFQWMKCPIT 4GXGTUGCNKVVNGQHHEGPVTGIQQFXGT[HKPG
0-4
6JKUVTCOKUJGCXKGTVJCPVJGJCNHFQWDNGVTCO

6TCO#-KPIUGCVGFQPVJTQPGYKVJETQUUCPFNKU46YQNKQPUDCEMVQDCEMRCVTKCTEJCNETQUUDGVYGGP
VJGO$GFQWMKCPIT 'ZVTGOGN[HKPG
$QPXCNNGV2CTKU
6JGDQFKGUQHVJGNKQPUCTGJGCXKN[DGPVPQY+DGNKGXGVJKUURGEKOGPYKVJVJGJGCXKN[DGPVDQFKGUEQOGUTKIJVCHVGT
VJCVYKVJVJGPGCTN[UVTCKIJVDQFKGU
333
CILICIAN ARMENIA

6CPM5KU#%TQYPGFJGCFQHCNKQPUGXGPRGNNGVUQPETQYP.'810-+0)1(6*'#4/'0+#05
4 2CVTKCTEJCN ETQUU DGVYGGP VYQ UVCTU 5647%- +0 6*' %+6; 1( 5+5 $GFQWMKCP IT
0KEGFCTMRCVKPCCNOQUVGZVTGOGN[HKPG
$CVCXKCFGP*CCI
6JKUKUPQVVJGUCOGJGCFCUVJCVQPVJGEQKPUQH5KEKN[
UGGPQUCPFYJKEJUJQYTGCNNKQPŉUJGCFU+V
UGGOU.GXQPECOGWRYKVJCPQTKIKPCNFGUKIPJGTG

6CPM5KU#%TQYPGFJGCFQHCNKQPUKZRGNNGVUQPETQYP.'810-+0)1(6*'#4/'0+#05
4GXGTUGCNKVVNGQHHEGPVTGXGT[HKPG
$CVCXKCFGP*CCI

6CPM5KU#%TQYPGFJGCFQHCNKQPUKZRGNNGVUQPETQYP.'810-+0)1(6*'#4/'0+#05
0-4
334
CILICIAN ARMENIA
.GXQPJCFLWUVQPGFCWIJVGT<CDGN
[GCTUQHCIG#UWEEGUUKQPCNYCTDTQMGNQQUG,GCPFG$TKGPPG

VJG#TOGPKCPUYCTPGFVJGRQRGVJCV,GCPQH$TKGPPGYCUKPVGTHGTKPIKP%KNKEKCPCHHCKTUCPF4C[OWPF
4QWRGP
FGHGCVGFKPD[%QPUVCDNG)QUFCPVKP

)QUFCPVKP QHHGTGF VJG VJTQPG VQ $QJGOQPF +8 QH #PVKQEJ VQ EQWPVGTDCNCPEG VJG 5WNVCP -CKMQDCF QH
-QP[C2JKNKRVJGUQPQH$QJGOQPF+8QH#PVKQEJ
YJQYCUYGFFGFVQ<CDGNYCPVGFVQ
LQKPVJG#TOGPKCPEJWTEJDWVQPN[VYQ[GCTUCHVGTJGJCFOCTTKGF<CDGNJGPQOKPCVGF.CVKPIQXGTPGTU
CPFUGPVVJGTQ[CNVTGCUWTGUVQJKUHCVJGTKP#PVKQEJ2JKNKRYCUVCMGPRTKUQPGTKPDWVJKUHCVJGT
TGHWUGFVQTGVWTPVJGVTGCUWTGU2JKNKRJCFDGGPMKPIHQTVJTGG[GCTU

)QUFCPVKPPQYYCUVJGTGCNTWNGTCICKP*GYCUHTQOVJGJQWUGQH*GVJWOKFVJGUGEQPFOQUVKORQTVCPV
HCOKN[CHVGTVJG4QWRGPKCPU*GTGEGKXGFVJGUWRRQTVQHVJG%CVJQNKEQUYJKEJJGPGGFGFVQCTTCPIGVJG
YGFFKPI QH JKU UQP *GVQWO VQ <CDGN )QUFCPVKP OCFG RGCEG YKVJ VJG UWTTQWPFKPI EQWPVTKGU CPF

RTQOKUGFVJGUWNVCPKP-QP[CVQUVTKMGDKNKPIWCNEQKPURWTUWCPVVQ.GXQPŉUCITGGOGPVYKVJVJGUWNVCP
6JGUWEEGUUKQPQH.GXQP+VJWUKUCUHQNNQYU<CDGN
2JKNKR
)QUFCPVKP

CPF*GVQWO

*'617/+

6JGCNNKCPEG*GVQWOJCFHQTIGFYKVJVJG/QPIQNKCPURTQVGEVGFJKOCICKPUVVJG5GNLWMUCPFVJG/CONWMU
HTQO'I[RV9JGP-JCP)W[WMFKGF*GVQWOVTCXGNNGFVQ-CTCMQTWOUGGMKPICPCWFKGPEGYKVJVJGPGY
MJCICP/ÌPIMG*GYCURTQOKUGFUWRRQTV
+P VJG UWNVCP QH VJG /CONWMU $CKDCT EQPSWGTGF OCP[ ETWUCFGT EKVKGU CPF VJTGCVGPGF VQ VCMG
%KNKEKC 6JG /CONWMU MKNNGF QPG QH *GVQWOŉU UQPU 6QTQU CPF VQQM VJG QVJGT .GXQP ECRVKXG 6JG
/CONWMUDWTPVOCP[EKVKGUCOQPIVJGO#[CU#FCPC6CTUWUCPF5KU%KNKEKCPGXGTTGCNN[TGEQXGTGF
HTQOVJKUFKUCUVTQWUVWTPQHGXGPVU.GXQPYCUTGNGCUGFKPTGVWTPHQTRTKUQPGTUCPF*GVQWOUGSWGUVGTGF
JKOUGNHKPCOQPCUVGT[
.GXQPUWEEGGFGF

$KNKPIWCN 6TCO

;GCT #* # /QWPVGF MKPI T YKVJ UEGRVTG DGVYGGP ETQUU CPF ETGUEGPV 4
#TCDKCPNGIGPFYKVJNKU$GFQWMKCPIT (TQOUNKIJVGN[EQTTQFGFFKGUXGT[HKPG
$CVCXKCFGP*CCI
'Z$GFQWMKCPEQNNGEVKQP
*'617/+-#+-*754'9

6TCO#%TQYPGFNKQPTYKVJETQUU*'617/-+0)1(6*'#4/'0+#054-KPI*GVQWOCPF
3WGGP<CDGNUVCPFKPIJQNFKPIETQUUUVCTQPUVCHH$;6*'9+..1()1&$GFQWMKCPCIT
*QNNGOCP'PUEJGFG
#NOQUVGZVTGOGN[HKPG

+OQVJGVYQNCUVNGVVGTUCTGOKUUKPIHTQOVJGQDXGTUGVGZV

6TCO#%TQYPGFNKQPTYKVJETQUU*'617/-+0)1(6*'#4/'0+#054-KPI*GVQWOCPF
3WGGP<CDGNUVCPFKPIJQNFKPIETQUU$;6*'9+..1()1&$GFQWMKCPIT 8GT[HKPG
'NUGP$TWUUGN
335
CILICIAN ARMENIA

*CNH6TCO#%TQYPGFNKQPTYKVJETQUU*'617/-+0)1(6*'#4/'0+#054-KPI*GVQWO
CPF 3WGGP <CDGN UVCPFKPI JQNFKPI ETQUU UVCT QP UVCHH $; 6*' 9+.. 1( )1& $GFQWMKCP
IT 4'FIGHCWNVXGT[HKPG
$CVCXKCFGP*CCI

6CPM5KU#-KPIUGCVGFQPVJTQPGYKVJUEGRVTGCPFQTDUVCTNKPHKGNF*'617/-+0)1(6*'
#4/'0+#054%TQUUYKVJQPGUVCTKPGCEJCPINGCPFQPGRGNNGVCVVJGGPFQHGCEJNKOD5647%-+0
6*'%+6;1(5+5$GFQWMKCPIT 5NKIJVN[EQTTQFGFXGT[HKPG
$CVCXKCFGP*CCI

6CPM5KU#-KPIUGCVGFQPVJTQPGYKVJUEGRVTGCPFQTDUVCTNKPHKGNF*'617/-+0)1(6*'
#4/'0+#054%TQUUYKVJQPGUVCTKPGCEJCPINGCPFQPGRGNNGVCVVJGGPFQHGCEJNKOD5647%-+0
6*'%+6;1(5+5$GFQWMKCPXCTIT 4GXGTUGCNKVVNGQHHEGPVTGXGT[HKPG
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#4/'0+#05 4 %TQUU YKVJ QPG UVCT KP GCEJ CPING 5647%- +0 6*' %+6; 1( 5+5 $GFQWMKCP
IT 5ETCVEJCVVJGGFIGENGCPGFXGT[HKPG
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336
CILICIAN ARMENIA

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#4/'0+#054%TQUUYKVJQPGYGFIGKPGCEJCPING5647%-+06*'%+6;1(5+5$GFQWMKCP
IT +TTGIWNCTHNCPTGXGTUGCNKVVNGQHHEGPVTGXGT[HKPG
*QNNGOCP'PUEJGFG
6JGVJTQPGKUCNKQPŉUVJTQPGDWVVJGJGCFUQHVJGNKQPUCTGDCTGN[TGEQIPKUCDNG
.'810++

1P,CPWCT[.GXQPYCUETQYPGF6JGNCPFJCFCNTGCF[DGGPUGXGTGN[FGXCUVCVGFD[VJG/CONWMU
DWVPGXGTVJGNGUUVJG[GPFGCXQWTGFVQFGUVTQ[GXGT[NCUVUJTGFQH%KNKEKC6JWUVJG[CVVCEMGFCICKPDWV
FKF PQVUWEEGGFKPVCMKPI5KU6JGPVJG[EQPHTQPVGFC/QPIQNKCP#TOGPKCPCTO[$CKDCTFKGFUJQTVN[
CHVGTVJCVKP&COCUEWU6JGPGZVVYQ[GCTUCPFCNUQUCYDNQQF[EQPHTQPVCVKQPUDGVYGGPVJG
/CONWMUCPFVJG/QPIQNKCP#TOGPKCPCTO[6JG/QPIQNUJQYGXGTEQWNFPQVJGNRCP[NQPIGTCPFVJWU
.GXQPYCUHQTEGFVQCITGGVQRGCEGYKVJVJG/CONWMUYJKEJRTKOCTKN[OGCPVRC[KPIC[GCTN[VTKDWVG
6JGGPUWKPIRGCEGNCUVGF[GCTUCPFVJGEQWPVT[YCUTGDWKNV#RGTKQFHQNNQYGFKPYJKEJRCTVKEWNCTN[
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337
CILICIAN ARMENIA
#HVGT.GXQP++JCFFKGFCRGTKQFQHVWTOQKNHQNNQYGF.GXQPJCFJCFEJKNFTGPQHYJKEJYGTGCNKXG
CV VJG VKOG QH JKU FGCVJ *KU FCWIJVGT <CDGN YGFFGF C DTQVJGT QH VJG MKPI QH %[RTWU CPF 4KVC YCU
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6Q CUUGTV JKU ENCKO VQ VJG VJTQPG 5ORCF UQWIJV CWFKGPEG YKVJ VJG +NMJCP )JC\CP CPF TGEGKXGF JKU
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)QUFCPVKPYCUVJGPRWVKPEJCTIGQHVJGEQWPVT[

$GHQTGNQPI*GVQWOŉUXKUKQPTGVWTPGFCPFJGYCPVGFVQTWNGJKOUGNHCICKP)QUFCPVKPJQYGXGTYQWNF
PQVUWTTGPFGTRQYGTCPFCHVGTJCXKPITGNGCUGF5ORCFJGRNQVVGFYKVJJKUGNFGTDTQVJGTJQYVQGNKOKPCVG
*GVQWO6JGNCVVGTJCFOGCPYJKNGUGEWTGFVJGCKFQHVJG6GORNCTUCPFVJG*QURKVCNNGTUCPFFGHGCVGFJKU
VYQ TGDGNNKQWU DTQVJGTU CPF UGPV VJGO VQ %QPUVCPVKPQRNG YJGTG VJG[ YQWNF UVC[ WPVKN VJGKT FGCVJ
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6JG+NMJCP)JC\CPJCFEQPXGTVGFVQ+UNCOKPVJGOGCPVKOG*GVQQMWRCTOUCICKPUVVJG/CONWMUYJQ
JCFUGK\GFEQPVTQNQH5[TKCKPVJGTGD[IWCTCPVGGKPIVJGDQTFGTUQH%KNKEKCCPFCNNQYKPI*GVQWOVQ
NGCXG JKU EQWPVT[ VQ JKU UWEEGUUQT .GXQP +++ YKVJQWV DGKPI VQQ EQPEGTPGF CDQWV KVU HWVWTG *G JKOUGNH
EJQUGDCEMJKUQNFOQPCUVKENKHG

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VYQRGNNGVUCPFVYQNGCHU5647%-+06*'%+6;1(5+5$GFQWMKCPIT
6TCEGUQHXGTFKITKUCPFCNKVVNGQHHEGPVTGXGT[HKPG
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JGTGOWEJOQTGQHCFQV

-CTFG\5KU#%TQYPGFJGCFHCEKPI*'617/-+0)1(6*'#4/42CVTKCTEJCNETQUUQPCPEJQT
QTPCOGPV5647%-+06*'%+6;1(5+5$GFQWMKCPIT
7PEGPVGTGFTGXGTUGQVJGTYKUGXGT[HKPG
$CVCXKCFGP*CCI
6JGHCEGJGTGKUHCTOQTGFGVCKNGFVJCPQPPQ
$GFQWMKCPKPFKECVGUVJCVVJGTGUJQWNFDGCUVCTQPGKVJGTUKFGQHVJGJGCF0QVXKUKDNGJGTG
338
CILICIAN ARMENIA
5/2#&

-CTFG\5KU#/QWPVGFMKPITYKVJETQUU5/2#&-+0)1(6*'#4/4%TQUUYKVJQPGNKUQT
FQXGKPGCEJCPINGCPFQPGRGNNGVCVVJGGPFQHGCEJNKOD5647%-+06*'%+6;1(5+5$GFQWMKCP
IT #NOQUVXGT[HKPG
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$GFQWMKCPMPQYUQHGKVJGTCNKUQTCFQXGKPVJGCPINGUQHVJGETQUU*GTGKVCRRGCTUVQDGVJGNKUDWVQPVJGQVJGT
JCPFEQORCTGFVQVJGŋEQTQPCVKQPVTCOŌQH.GXQP+KVEQWNFCNUQDGCFQXG
-CTFG\5KU#/QWPVGFMKPITYKVJETQUU5/2#&-+0)1(6*'#4/4%TQUUYKVJQPGNKUQT
FQXGKPGCEJCPINGCPFQPGRGNNGVCVVJGGPFQHGCEJNKOD5647%-+06*'%+6;1(5+5$GFQWMKCP
IT #NOQUVXGT[HKPG
$CVCXKCFGP*CCI
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%+6;1(5+5$GFQWMKCPIT 446TCEGUQHXGTFKITKUXGT[HKPG
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.'810+++

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KPCOCPWUETKRVHTQOJGYCUCNTGCF[OGPVKQPGFCUMKPI#EEQTFKPIN[JKUEQKPCIGURCPUVJG
RGTKQF
1PVQRQHVJGRQNKVKECNVTQWDNGUECOGVJGTGNKIKQWUVTQWDNGUECWUKPIVJGEQWPVT[VQURNKVKPVQVYQECORU6JG
TQ[CNHCOKN[CFJGTGFVQVJG%JWTEJQH4QOGQYKPIVQVJGKTOCP[NKCKUQPUYKVJVJGETWUCFGTU
OCTTKCIGU
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1PVJGKPUVKICVKQPRGTJCRUQHVJG0CVKQPCNKUVUVJG/QPIQNKCPIGPGTCN2KNCTIJQWKPXKVGFDQVJ*GVQWOCPF
.GXQPHQTCOGGVKPI1P0QXGODGTDQVJYGTGMKNNGF

6CMXQTKP 5KU # /QWPVGF MKPI T YKVJ NKU VJTGG RGNNGVU KP HKGNF .'810 -+0) 1( 6*'
#4/'0+#054.KQPTYKVJETQUURGNNGVDGJKPFJKO5647%-+06*'%+6;1(5+5$GFQWMKCP
IT 8GT[HKPG
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6JGUV[NGQHVJGPGYNKQPKUCNVQIGVJGTFKHHGTGPVHTQOVJGQNFQPG6JGCPKOCNUJQYPTGUGODNGUUQOGVJKPIDGVYGGPC
NKQPCPFCJQTUG
339
CILICIAN ARMENIA
15*+0

1UJKP YCU VJG DTQVJGT QH .GXQP +++ *G KOOGFKCVGN[ FTQXG CYC[ VJG /QPIQNKCP IGPGTCN 1UJKP
RTQENCKOGFJKOUGNHMKPICPFYCUETQYPGFKPVJG5V5QRJKCECVJGFTCNKP6CTUWU
*GJCFVQFGCNYKVJVJGEQPVTQXGTU[DGVYGGPVJG#TOGPKCP%JWTEJCPFVJCVQH4QOGKPRCTVKEWNCT*G
CNYC[UOCPCIGFVQHKPFCEQORTQOKUGUCVKUHCEVQT[VQDQVJRCTVKGU
;GVJGVQQYCUEQPHTQPVGFD[/CONWMCVVCEMU'XGPVWCNN[JGUWEEGGFGFKPFTKXKPIVJG/CONWMUDCEM
CXKEVQT[VJCVJGJKOUGNHJQYGXGTYQWNFPQVNKXGVQUGGJGFKGFQPLWN[

%QTQPCVKQP 6TCO 5KU # -KPI UGCVGF QP VJTQPG YKVJ NKU CPF QTD DNGUUKPI JCPF T CDQXG 15*+0
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%+6;1(5+5$GFQWMKCPXCTIT 0KEGVQPKPIXGT[HKPG
$QPXCNNGV2CTKU
6JGNKQPUQPVJGNKQPŉUVJTQPGJCXGDGGPTGPFGTGFRCTVKEWNCTN[ENGCT$GFQWMKCPRTQXKFGUCHGYPWODGTU
JQYGXGTPQPGQHVJGUGUJQYUVJGRGEWNKCTETQUUGUDGVYGGPVJGNKQPU
1UJKPJCFQPN[QPGUQP.GXQP+8
[GCTUQNFCVVJGVKOG*GVQQYCUJCTCUUGFD[VJG
/CONWMUCPFHKPCNN[CITGGFVQCRGCEGVJCVEQORGNNGFJKOVQRC[C[GCTN[UWOQHVCMXQTKPU

.GXQP +8 OCTTKGF C FCWIJVGT QH 'ORGTQT (TGFGTKEM ++ YJKEJ ECWUGF JKO VQ DGEQOG HQEWUUGF QP VJG
9GUVOWEJVQVJGCPPQ[CPEGQH#N0CUKTYJQXKQNCVKPIVJGCITGGOGPVKPXCFGF%KNKEKC#PGYRGCEG
GPUWGFKPYJKEJ.GXQPJCFVQUWTTGPFGTOCLQTRCTVUQHVJGVGTTKVQT[COQPIVJGOVJGKORQTVCPVRQTVQH
#[CU6JKURGCEGQHECPKPHCEVDGEQPUKFGTGFVJGGPFQHVJG#TOGPKCPMKPIFQO.GXQPYCUMKNNGF
QP#WIWUV

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OQOGPVQH.GXQPŉUFGCVJ)W[YCUKP%QPUVCPVKPQRNGUQVJCVJKUDTQVJGT,QJPCEVGFQPJKUDGJCNH)W[
YCUETQYPGFKP1EVQDGTCPFJKUPCOGHQTVJG#TOGPKCPUYQWNFJGPEGHQTVJDG)QUFCPVKP++*KU
NQXGHQTJKUPGYRGQRNGJCFPQVRCTVKEWNCTN[DGGPFGGRGPGFD[VJGHCEVVJCVJKUOQVJGTCPFVYQDTQVJGTU
JCF DGGP MKNNGF WPFGT .GXQP +8 *G EQPUGSWGPVN[ UWTTQWPFGF JKOUGNH YKVJ C (TGPEJURGCMKPI TGVKPWG
CPF YCU QWVURQMGP CDQWV JKU RTGHGTGPEG QH VJG %JWTEJ QH 4QOG *KU RGQRNG TGSWKVVGF JKU NCEM QH
HQPFPGUUHQTVJGO*GJCFPQVDGGPEJQUGPCPFOCP[HGNVVJCVVJGEQWPVT[VJTGCVGPGFVQNQQUGKVUKFGPVKV[

KGVJG#TOGPKCP0CVKQPCN%JWTEJ*QYFKHHKEWNVVJKPIUTGCNN[YGTGKUTGHNGEVGFD[JKUEQKPUVJG[DGCT
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DTQVJGTCPFJKUVJTGGJWPFTGFUQNFKGTU
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VJGQNFGUVUQPQH$CNFYKPŉU.QTFQH0GIJKT
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.WUKIPCP *G JCF VJG YKHG CPF EJKNFTGP QH )W[ŉU DTQVJGT VJTQYP KP LCKN $WV UJG CPF VJG EJKNFTGP
OCPCIGFVQGUECRGVQVJGEQWTVKP%[RTWU1PGQHVJGEJKNFTGP.GQVYQ[GCTUQNFCVVJGVKOGYQWNFDG
VJG NCUV MKPI QH %KNKEKC #NVJQWIJ VJG RGQRNG YGTG EQPVGPVYKVJVJKUMKPIVJGEQPVTQXGTU[DGVYGGPVJG
VYQ EJWTEJGU EQPVKPWGF #ICKP VJG EQWPVT[ YCU CUUCKNGF HTQO YKVJQWV 5WNVCP #N0CUKT YCU VJG OCKP
HQTEGDGJKPFVJGUGCVVCEMU*KUCTO[NGFD[5C[HCN&KP'OKTQH#NGRRQEQPSWGTGFVJGEKVKGUQH#FCPC
CPF6CTUWUCPFFGUVTQ[GF5KU)QUFCPVKPYCUNGHVYKVJLWUVVJGOQWPVCKPQWUCTGCUQH%KNKEKC6JGMKPIU
QH%[RTWUVJGPCVVGORVGFVQUGK\GEQPVTQNQHVJGEQWPVT[CPFWRQP)QUFCPVKPŉUFGCVJKPCEGTVCKP
.GXQP ECOG HQTYCTF VJCV YG MPQY PGCT VQ PQVJKPI CDQWV *G KU WUWCNN[ TGHGTTGF VQ CU ŋ.GXQP VJG
7UWTRGTŌJGJGNFVJGVJTQPGHQTVYQ[GCTU9J[VJKU.GXQPCDFKECVGFCPFCNNQYGFVJGUQPQH*GVQWOQH
0GIJKTVQDGETQYPGFMKPIQH%KNKEKCWPFGTVJGPCOGQH)QUFCPVKP+8KUWPENGCT
340
CILICIAN ARMENIA
)15&#06+0+8

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RQTV QH #[CU DWV JG HCKNGF 6JG #TOGPKCPU VJGP FGENCTGF VJGOUGNXGU YKNNKPI VQ CEEGRV 2GVGT CU MKPI
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)QUFCPVKPŉUFQOKPKQPJCFD[VJGPFYKPFNGFVQCPCTTQYEQCUVCNUVTGVEJCTQWPF5KUCPF#PC\CTRWU6JG
EKV[QH5KUKVUGNHYCUCNUQNQUV
VQVJGGOKTQH#NGRRQJGQPN[OCPCIGFVQTGVCKPVJGEKVCFGN
6JG QPN[ YC[ QWV YCU VQ LQKP %[RTWU CPF VJG 9GUV CPF VQ HKPF C UWKVCDNG UWEEGUUQT HQT VJG VJTQPG QH
%KNKEKC#FGNGICVKQPVTCXGNNGFVQ.GQVQCUMJKOKHJGYCUYKNNKPIVQUWEEGGFDWVJGTGLGEVGF7RQPVJG
TGVWTPQHVJGFGNGICVKQP)QUFCPVKP+8YCUCUUCUUKPCVGF
#RTKNCPFJKUYKFQYDGECOGTGIGPVGUU
#UGEQPFFGNGICVKQPCUMGFHQT2GVGTŉUCRRTQXCNVQVJGUWEEGUUKQPVQVJG%KNKEKCPVJTQPGD[.GQ2GVGT
EQXGVKPIVJGVJTQPGJKOUGNHTGHWUGF#VVJCVUCOGOQOGPVVJG)GPQGUGCUUCWNVGF%[RTWUMKNNKPI2GVGT
CPF VCMKPI ECRVKXG .GQ #HVGT C TCPUQO YCU RC[GF .GQ TGEGKXGF RGTOKUUKQP VQ UCKN VQ VJG %KNKEKCP
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VQQMCVKP[CTO[VQ5KUYJKEJJGTGCEJGFQP,WN[*GYCUJCKNGFCUVJGPGYMKPIQH%KNKEKC*KU
EQTQPCVKQP CU .GXQP 8 VQQM RNCEG QP 5GRVGODGT EQPFWEVGF D[ C .CVKP DKUJQR CPF VJG
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.'8108

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UWNVCP QH 'I[RV CPF YTQVG C NGVVGT VQ #UJQV CP #TOGPKCP RTKPEG CPF C EQWUKP QH )QUFCPVKP +8
TGSWGUVKPIVJCVJGCTTCPIGCOGGVKPIYKVJVJGUWNVCPQH'I[RV6JGUWNVCPUGPVCPCTO[CPFECRVWTGF5KU
#VHKTUV.GXQPKPVJGEKVCFGNYCUFGVGTOKPGFVQHKIJVQPWPVKNVJGGPFDWVVJGPJCFVQCEMPQYNGFIGVJCV
JKU EJCPEGU QH YKPPKPI YGTG UOCNN CPF UWTTGPFGTGF *G JKU YKHG CPF PQDNGU YGTG ITCPVGF UCHG
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%KNKEKCP#TOGPKC

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341
RUM SELJUKS
47/5'.,7-5
6JGKTPCOGFGTKXGUHTQOVJG6WTMKUJŋDKNCF+4WOŌYJKEJOGCPUVJGNCPFQHVJG4QOCPU
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6JG RTQIGPKVQT QH VJG 4WO 5GNLWMU YCU 5WNCKOCP C FKTGEV FGUEGPFCPV QH VJG HQWPFGT QH VJG 5GNLWMU
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HQWPFGFCRTKPEKRCNKV[KP6JG$[\CPVKPGGORGTQTJCFDGGPECRVWTGFKPVJGDCVVNGCPF5WNCKOCPJCF
UGVJKUUKIJVUQPRNC[KPICRTQOKPGPVTQNGKPUWEEGUUKQP

*KUVQT[JQYGXGTYQWNFVCMGCPQVJGTEQWTUG&WTKPIVJG(KTUVETWUCFG0KECGCYCUNQUVCPFYQWNFTGOCKPKP
$[\CPVKPG JCPFU HQT C XGT[ NQPI VKOG 6JWU VJG 4WO 5GNLWMU JCF NQUV VJG YGUV DWV VJG[ GPEQWPVGTGF
RTQDNGOU KP VJG UQWVJ GCUV CU YGNN YJGTG VJG[ YGTG UJWV QHH HTQO VJG TGUV QH VJG /WUNKO YQTNF D[
'FGUUCCPF#PVKQEJ6JGTGHQTGVJG[VWTPGFVQVJGKPNCPFQH#UKC/KPQTDWVGPGOKGUYGTGVQDGHQWPF
GXGP VJGTG PQVCDN[ VJG &CPKUJOGPFU 9JKNG HKIJVKPI VJKU RGQRNG 5WNCKOCPŉU UQP -KNKFL #TUNCP
RGTKUJGF6JG5GNLWMUYQWNFPQVDGCDNGVQUGEWTGVJGKTVGTTKVQT[WPVKNVJGTGKIPQH-KNKFLŉUUQP/CUWF

YJQTQUGVQRQYGTCHVGTJCXKPIFKURQUGFQHJKUDTQVJGTUYJQUGEWTGFVJGDQTFGTUCPFOCFG-QP[CJKU
ECRKVCN$GUKFGU-QP[C-C[UGTKYCUCEKV[QHKORQTVCPEG

/CUWFŉU UWEEGUUQT -KNKFL #TUNCP ++ EQPVKPWGF JKU YQTM CPF UWDLGEVGF VJG &CPKUJOGPFU *G YCU CNUQ
TGNCVKXGN[UWEGUUHWNHKIJVKPIVJG$[\CPVKPGU+PJKUQNFCIGJGKPETGCUKPIN[DGECOGCRWRRGVQHJKUOCP[
UQPU6JGETWUCFGTUVCMKPIVJGECRKVCN-QP[CKPCFFGFKPUWNVVQKPLWT[+PJGFKGF

*G NGHV C EQWPVT[ VJCV YCU KPCUVCVGQHVQVCNCPCTEJ[5WEEGUUKQPCNYCTGPUWGFCPFGXGPVWCNN[JKUUQP
4WMPCN&KP5WNCKOCPGOGTIGFXKEVQTKQWU*QYGXGT-KNKFL#TUNCP++DGSWGCVJGFQPGRCTVVQJKUDTQVJGT
6WIJTKN5JCJ 'T\GTWO YJKEJ VJG NCVVGT KPFGRGPFGPVN[ TWNGF WPVKN *KU UQP YCU VQRRNGF D[
-CKMQDCFYJQYGPVQPVQUGK\GVJGVGTTKVQT[

#HVGTVJGYCTYKVJVJG)GQTIKCPUJCFIQPGYTQPI4WMPCN&KPFKGFCPFYCUUWEEGGFGFD[JKUDTQVJGT
)JK[CVJ CN&KP
YJQ JCF HQWPF VGORQTCT[ TGHWIG YKVJ VJG $[\CPVKPGU 6JG CEEGUUKQP VQQM RNCEG CV C
VKOGYJGPVJG.CVKP'ORKTGYCUGOGTIKPICPGZEGNNGPVOQOGPVHQT)JK[CVJVQGZRCPFJKUVGTTKVQT[+P
JGVQQMVJGRQTVQH#PVCN[CCPFJKUUWEEGUUQT+\\CN&KP-CKMCWUFKFVJGUCOGYKVJ5KPQRG

QRGPKPIWRVTCFGYKVJVJGYGUV4KEJGUYCUPQYTCRKFN[CESWKTGF6JGRTKPEGUQH0KECGCCPF6TGDK\QPF
CPF VJG MKPI QH %KNKEKCP #TOGPKC RC[GF VTKDWVG GKVJGT XQNWPVCTKN[ QT KPXQNWPVCTKN[ VJG #[[WDKFU KP
DQTFGTTGIKQPUCEMPQYNGFIGFVJGUW\GTCKPV[QHVJG4WO5GNLWMUQPEQKPCIGCPFKPVJGMJWVDC#ITGCV
OCP[RCNCEGUCPFQVJGTDWKNFKPIUYGTGEQPUVTWEVGFCPF#UKC/KPQTGZRGTKGPEGFCPGTCQHURNGPFQWTCPF
YGCNVJCUKVJCFPGXGTUGGPDGHQTG

$WV VJGTG YCU C FQYPUKFG VQ CNN QH VJKU 6JG YGCNVJ CPF VJG NKHG QH NWZWT[ CTQWUGF GPX[ KP VJG NQYGT
ENCUUGU$QVJ-CKMCŉWUCPF-CKMQDCF+YGTGEQORGVGPVUVCVGUOGPDWVKPWPFGT-CKMJWUTCY++YJQ
YCUEQORNGVGN[KPCFGSWCVGVJGEQWPVT[URKTCNNGFKPVQFGENKPG/GCPYJKNGVJG/QPIQNKCPUUVQQFICVJGTGF
CVVJGDQTFGTUQHVJG5GNLWMTGCNO6JGHKTUVUVTQPIJQNFVQHCNNYCUVJGDQTFGTHQTVTGUUQH'T\GTWOCPF
HWTVJGTFGHGCVYCUUWHHGTGFCV-Ì\CFCIJ
GHHGEVKXGN[UGCNKPIVJGHCVGQHVJG5GNLWMU

#NVJQWIJ VJG 5GNLWMU JCF UKIPGF C VTGCV[ YKVJ VJG /QPIQNKCPU YJKEJ KPENWFGF RC[KPI CP GPQTOQWU
VTKDWVG 5GNLWM TKEJGU EQPVKPWGF VQ CNNWTG VJG /QPIQNKCPU YJQ MGRV QP TCKFKPI 6JG UKVWCVKQP YCU
CIITCXCVGFD[VJGUVTWIINGQHVJGUQPUQH-CKMJWUTCYHQTVJGVJTQPG

'XGPVWCNN[WPFGT*WNCIWVJGEQWPVT[YCUFKXKFGFKPVYQ+\\CN&KPCPF4WMPCN&KPGCEJTGEGKXGFC
VGTTKVQT[ CRRQTVKQPGF VQ VJGO D[ -K\KN +TOCM 9JGP +\\ CN&KP KPKVKCVGF EQXGTV PGIQVKCVKQPU YKVJ VJG
/CONWMU ņ VJG /QPIQNKCPŉU CTEJGPGOKGU ņ JG DTQWIJV VJGYTCVJQHVJG/QPIQNKCPUWRQPJKOUGNHCPF
JCFVQHNGGVQ$[\CPVKWO

4WMPCN&KPEQPVKPWGFVQTGKIPCNQPGDWVEQPVTQNYCUGHHGEVKXGN[JGNFD[/WŉKPCD&KP5WNCKOCPYJQ
DQTGVJGVKVNGQH2CTXCPCCPFYCUCPCIGPVQHVJG/QPIQNU6JKU2CTXCPCTGKIPGFUWRTGOGCPFYJQNN[

WPEQPVTQNNGFWPFGTVJGIWKUGQHDGKPITGIGPVQPDGJCNHQH)JK[CVJCN&KP4WMPCN&KPŉUOKPQTUQP
+PVJGOGCPVKOGVJG6WTMUJCFUVCTVGFVQTGUKUVVJG/QPIQNKCPUKP.CTCPFCCPFGNUGYJGTG#PWODGTQH
6WTMKUJ$GIUTGSWGUVGF$CKDCTQHVJG/CONWMUVQUGPFCPCTO[VQ#UKC/KPQTRTQOKUKPIVJCVKVYQWNF
HKPFVJGRGQRNGUWRRQTVKXGQHKVUECWUG$CKDCTJQPQWTGFVJKUTGSWGUVCPFFGHGCVGFVJG/QPIQNKCPUKPC
DNQQF[DCVVNGCV#NDKUVCP
*QYGXGTVJG2CTXCPCCPFVJGUWNVCPMGRVCVCFKUVCPEGCPFVJGRGQRNG
VQQRTQXGFTGNWEVCPVRTQORVKPI$CKDCTVQIQJQOGCPFNGCXGVJGUKVWCVKQPCUKVYCU

6JGP#DCMCCRRGCTGFKP#UKC/KPQTCPFYTGCMGFVGTTKDNGXGPIGCPEGQPVJG6WTMUYJQJCFEQPURKTGF
YKVJVJG/CONWMU6JG2CTXCPCVQQJCFVQRC[YKVJJKUNKHGHQTJKURCUUKXGUVCPEG6JG/QPIQNTGIKOG
PQYITGYOQTGUVTKPIGPVVJG[EQPVTQNNGFVJGHKPCPEGUCPFUVCVKQPGFVTQQRUKPVJGEQWPVT[6JG5GNLWM
UWNVCPUYQWNFEQPVKPWGCTWNGFGXQKFQHTGCNCWVJQTKV[WPVKN

.QECN GOKTU TGIWNCTN[ HGNN HQWN YKVJ VJG VKVWNCT CWVJQTKV[ C UKVWCVKQP VJCV YQWNF GXGPVWCNN[ ECWUG
KPFGRGPFGPVGOKTCVGU
DG[NKMVQGOGTIGQPVJGTWKPUQHVJGQPEGRTQURGTQWU5GNLWMTGCNO6JG/QPIQNU
GHHGEVKXGN[ EQPVTQNNKPI VJG EQWPVT[ CNNQYGF QH VJGUG DG[NKMU VQ GOGTIG WR VQ QH YJKEJ VJG
YGUVGTPOQUVYQWNFFGXGNQRKPVQVJG1VVQOCP'ORKTG
HTQO'PE[ENQRCGFKCQH+UNCO

%QKPCIGUVCTVGFWPFGT/CUWFYCUNKOKVGFCPFUJQYGFCJQTUGOCPVQVJGTKIJVQTCRGTUQPQPCVJTQPG

CHVGT$[\CPVKPGGZCORNGTGURGEVKXGN[$QVJFGUKIPUYGTGEQPVKPWGFDTKGHN[VQDGTGRNCEGFYKVJEQKPU
DGCTKPIQPN[NGIGPF
342
RUM SELJUKS
)*+;#6*CNFKP-#;-*7547KDP-+.+,#45.#0+

6JGRGTKQFKUCVKOGQHEQPHWUKQPYJKEJUCY/WUCFŉUUQPUUVTWIINGHQTFQOKPCPEG1PGQH
VJGOYCU-KNKFL#TUNCPYJQJCFQTKIKPCNN[DGGPGOKTKP-QP[CCPF$QTIJNW

(CNU#/CPQPJQTUGTVYQUVCTUCDQXG4.GIGPF/KVEJKPGTIT

$TQYPRCVKPCKTTGIWNCTHNCPXGT[HKPG
*QNNGOCP'PUEJGFG

(CNU#/CPQPJQTUGT4.GIGPF/KVEJKPGTIT 8GT[HKPG

$CVCXKCFGP*CCI
47-0CNFKP57.';/#0++KDP-+.+,#45.#0

*CFQTKIKPCNN[DGGPGOKTKP6QSCV

(CNU 4GUJV # /QWPVGF OCP T YKVJ PKODWU UVCT KP HKGNF 4 .GIGPF /KVEJKPGT IT
+TTGIWNCTHNCPCPFYGCMN[UVTWEMKPRCTVUXGT[HKPG
&QODTQYUMK/ÒPUVGT
6JGVYQPWODGTUQH/KVEJKPGTTGHGTVQVJGRGTKQF
343
RUM SELJUKS
ň#.#CNFKP-#;-1$#&+KDP-#;-*7547

&KTJGO&WPCLUKT#*$QVJUKFGUNGIGPF/KVEJKPGTEHIT

4CWEJ9KGP#WEVKQP
PQ

&KTJGO-QP[C#*$QVJUKFGUNGIGPF/KVEJKPGTEHIT 'ZVTGOGN[HKPG

4CWEJ9KGP#WEVKQP
PQ

&KTJGO5KYCU#*$QVJUKFGUNGIGPF/KVEJKPGTEHIT 8GT[HKPG

4CWEJ9KGP#WEVKQP
PQ

&KTJGO$QVJUKFGUNGIGPF/KVEJKPGTEHIT

5NKIJVGN[QHHEGPVTGXGT[HKPGVQGZVTGOGN[HKPG
$CVCXKCFGP*CCI

&KTJGO5KYCU$QVUKFGUNGIGPF/KVEJKPGTEHIT 8GT[HKPG
344
RUM SELJUKS
)*+;#6*CNFKP-#;-*7547++KDP-#;-1$#&

&KTJGO5KYCU#.KQPTWPFGTUWPVJTGGUVCTUKPHKGNF4.GIGPF/KVEJKPGTEHIT
PQ
6JGVJTGGPWODGTUQH/KVEJKPGTTGHGTVQVJTGG[GCTU
6JGJKUVQTKCP#DW#N(CTCLGZRNCKPUVJGCRRGCTCPEGQHUWPUVCTUCPFNKQPQPVJGEQKPUQH-C[MJWUTCY++CUHQNNQYU
ŋ6JG UWNVCP CFQRVGF VJG HKIWTG UCKF VQ DG VJG JQTQUEQRG QH JKU DGCWVKHWN )GQTIKCP YKHG QH YJQO JG YCU UQ
GPCOQWTGFVJCVJGYKUJGFVQRWVJGTKOCIGQPJKUEQKPCIGDWVD[VJGRGTUWCUKQPUQHJKUCFXKUGTUJGYCUKPFWEGFVQ
EQPVGPVJKOUGNHYKVJJGTJQTQUEQRGŌ
(QTCPCPCNQIQWUFGUKIPUGGWPFGT#TVWSKFGPPQ
-#;-#975++-+.+,#45.#0+8-#;-1$#&++

&KTJGO 5KYCU #* # .GIGPF UVCT DGVYGGP VYQ RGNNGVU CDQXG 4 .GIGPF /KVEJKPGT
IT 8GT[HKPG
)*+;#6*CNFKP-#;-*7547+++KDP-+.+,#45.#0

&KTJGO/CFKPCV-QP[C#*#.GIGPFKPUKZHQKNQXGTVYQUVCTU4.GIGPF/KVEJKPGT
IT 8GT[HKPG
$CVCXKCFGP*CCI

&KTJGO /CŉFCP .WNWGJ #* # .GIGPF KP UKZHQKN QXGT VYQ TQUGVVGU 4 .GIGPF /KVEJKPGT
$CVCXKCFGP*CCI
345
RUM SELJUKS

&KTJGO#.GIGPFKPUKZHQKNDGVYGGPVYQUVCTU4.GIGPF/KVEJKPGTIT

+TTGIWNCTVQPKPICNOQUVGZVTGOGN[HKPG
$CVCXKCFGP*CCI
/KVEJKPGTFQGUPQVJCXGCV[RGYKVJCUVCTCVVJGVQRCPFQPGCVVJGDQVVQO
6JGPWODGTUCPFCTGNKUVGFWPFGT)JK[CVJCNFKP-C[-JWUTW+++KDP-KNKL#TUNCP
CU
VJGVGZVKUIKTFGFD[CUGZVCHQKNYJKEJKUPQVVJGECUGHQTCP[QHVJGQVJGTU

&KTJGO#.GIGPFKPUKZHQKNWPFGTQTPCOGPVCPFQXGTVYQTQUGVVGU/KVEJKPGTIT

9GCMN[UVTWEMCVVJGGFIGQVJGTYKUGGZVTGOGN[HKPG
$CVCXKCFGP*CCI
/KVEJKPGTFQGUPQVHGCVWTGCV[RGYKVJVYQTQUGUCPFCPQTPCOGPV

&KTJGO#.GIGPFKPUKZHQKN4.GIGPF/KVEJKPGTIT 8GT[HKPG

$CVCXKCFGP*CCI
346
MIDDLE EAST
/+&&.''#56
+PVJGGCTN[/KFFNG#IGUVJG/KFFNG'CUVHQTOGFRCTVQHVJG'CUV4QOCPGORKTGNCVGTQHVJG$[\CPVKPG
GORKTG6JGGORKTGQHVJG5CUUCPKFUYCUUKVWCVGFVQVJGGCUV
.GF D[ -KPI -JQUTCW ++ 2CTXG\ VJG 5CUUCPKF VTQQRU KPXCFGF #UKC /KPQT KP CPF OCPCIGF VQ
GUVCDNKUJ VJGOUGNXGU VJGTG ,GTWUCNGO VQQ YCU ECRVWTGF CPFVJWUVJG[TGCEJGFVJG$QURQTWUKP+P
'I[RV YCU EQPSWGTGF CU YGNN +P VJQUG FC[U *GTCENKWU
YCU GORGTQT QH $[\CPVKWO JG
GXGPVWCNN[EQPSWGTGFVJG2GTUKCPUCV0KPKXGKP6JGFCPIGTJQYGXGTYCUPQV[GVFGHNGEVGF
#NVJQWIJVJG2GTUKCPUJCFEQPSWGTGF;GOGPKPVJG#TCDUKP/GEECCUUWOGFCPGWVTCNCVVKVWFGKP
VJGEQPHNKEVDGVYGGPVJG2GTUKCPUCPFVJG$[\CPVKPGU#TCDKCVJTKXKPIKPVJGUQWVJ
VTCFGJWDEQPUKUVGF
QHVYQUOCNNMKPIFQOUKPVJGPQTVJRTQVGEVQTCVGUQHTGURGEVKXGN[$[\CPVKWOCPF2GTUKC6JGRGTKNFKF
PQVJQYGXGTQTKIKPCVGHTQOVJKUEQPVTCUVDWVHTQOTGNKIKQP
#TCDKCRTCEVKUGFVJG1NF#TCDKETGNKIKQP6JG[DGNKGXGF#NNCJYCUVJGETGCVQTQHJGCXGPCPFGCTVJDWV
FKFPQVYQTUJKRJKO6JGEGPVTCNUCPEVWCT[YCUVJG*QN[/QUSWGYKVJVJG-CŉCDCKP/GEEC/QUSWG
OCUFKKFNKVGTCNN[OGCPUVJGRNCEGYJGTGQPGVJTQYUQPGUGNHVQGCTVJDWVKVKUCNUQVJGRNCEGYJGTGOGP
ICVJGT VQ FKUEWUU IGPGTCN CHHCKTU
ICOK 4GNKIKQP JQYGXGT YCU QH UOCNN EQPUGSWGPEG 5QOG LQKPGF
%JTKUVKCPKV[CPFVJGTGYGTGOCP[,GYU6JGQPGUYJQCDCPFQPGFVJKUGCTN[#TCDKETGNKIKQPYGTGECNNGF
JCPKH
UGGMGTQH)QF/WJCOOCFVQQYCUCJCPKH
#VHKTUVPQVJKPIJKPVGFVQYCTFU/WJCOOCFDGEQOKPIVJG2TQRJGV*GLQKPGFCVTCFKPIEQORCP[

CPFOCTTKGFVJGQYPGT-JCFKLCJ6JG[JCFHQWTEJKNFTGPCPFVJG[QWPIGUV(CVKOCJYJQYCUVQOCTT[
#NK
/WJCOOCFŉUEQWUKPYQWNFDGEQOGVJGHQTGOQVJGTQHJKURTQIGP[
/WJCOOCFYCUDQTPKPVQVJG3WTC[UJVTKDGCPFOQTGURGEKHKECNN[DGNQPIGFVQVJG$CPW*CUJKOENCP
9JGP/WJCOOCFCPPWPEKCVGFVJCV#NNCJVJG)QFQHETGCVKQPFQGUPQVFGOCPFCUEGUKUHTQOJGRGQRNG
DWV C OQTCN CVVKVWFG VQ NKHG VJCV VCMGU KPVQ CEEQWPV VJG NCUV LWFIGOGPV JG ECOG KP EQPHNKEV YKVJ VJG
3WTC[UJ*GVJGPHNGFVQ/GFKPCYJGTGJGDWKNVCOQUSWGDGUKFGJKUJQWUGHCEKPIVJGRTC[GTFKTGEVKQP
QH,GTWUCNGO

6JGFCVGQHVJKUHNKIJVVQ/GFKPCQP,WN[VJKUVJGDGIKPPKPIQH+UNCOKEECNGPFCT6JG/WUNKOU
EQWPVHTQOVJCVFC[WUKPIVJGNWPCTE[ENG6JGOQPVJUJCXGCNVGTPCVGN[CPFFC[UCFFKPIWRVQC
[GCTQHFC[U+PQTFGTVQTWPRCTCNNGNVQVJGNWPCTE[ENGKPVGTECNCT[FC[UOWUVDGCFFGFGXGT[
[GCTU6JKUFC[KUCFFGFCVVJGNCUVOQPVJQHVJG[GCT

6JG+UNCOKEECNGPFCTVJWUJCUOQTG[GCTURGT%JTKUVKCPEGPVWT[QT[GCTRGT
%CNEWNCVKQP ņ#*
6JG/WUNKO[GCTKUCDDTGXKCVGFVQ#*#PPQ*GIKTCG

+P/GFKPCJGEQNNKFGFYKVJVJG,GYUYJQYQWNFPQVTGEQIPKUGJKOCUCRTQRJGV6JKUOCFGJKOFQWDV
VJG YKUFQO QH JKU EJQKEG *G VJGP JGNF WR C ECTCXCP HTQO /GEEC
CPF UGK\GF C XCNWCDNG RTK\G
YJKEJICKPGFJKOVKOGUWRRQTVCPFRQYGT*GVWTPGFCICKPUVVJG,GYUFTQXGVJGOQWVCPFUQOGVKOGU
MKNNGF VJGO 6JKU FGVGTTGF JKU QRRQPGPVU *G UWTXKXGF VJG TGXGPIG QH /GEEC HQT VJG CUUCWNV QP VJG
ECTCXCP *G UYQTG C VTWEG YKVJ /GEEC CPF YCU CNNQYGF VQ XKUKV VJG UCPEVWCTKGU
6JG /GEECPU
TGEQIPKUGF VJG RQYGT CPF KPHNWGPEG JG RQUUGUUGF YKVJ VJKU PGY TGNKIKQP
JQRKPI VQ WUG VJGO VQ VJGKT
CFXCPVCIG#UCTGUWNVJGEJCPIGFVJGRTC[GTFKTGEVKQPHTQO,GTWUCNGOVQ/GEEC*GHQWIJVVJGVTKDGU
VJCVUVKNNUWRRQTVGFVJGQNFTGNKIKQPCPFCVVJGGPFQHJKUNKHGVJGYJQNGQH#TCDKCYCUEQPXGTVGFVQ+UNCO
*KUHTKGPFCPFHCVJGTKPNCY#DW$CMT
YJQICXGJKOJKUFCWIJVGT#KUJCCUFKFVJGPF%CNKRJ7OCT
YKVJ JKU FCWIJVGT *CHUC VQQM QXGT VJG JGNO CU UV %CNKRJ
UWDUVKVWVG HTQO 7PVKN
%CNKRJUYGTGVQTGUKFGKP/GEEC
GCEJQPGF[KPID[OWTFGT
(TQOCTQWPFVJGVGTTKVQT[YCUGZRCPFGFVQYCTFUVJGPQTVJUQOGVJKPIKPYJKEJITCVGHWNWUGYCU
OCFGQHVJGHCEVVJCV2GTUKCPUCPF$[\CPVKPGUCNKMGJCFDGGPYGCMGPGFHTQOVJGKTUVTWIINGCICKPUVGCEJ
QVJGT+P&COCUEWUHGNNVQVJG#TCDUHQNNQYGFD[,GTWUCNGOC[GCTNCVGT5QQPQVJGTEKVKGUKPVJG
/KFFNG 'CUV HQNNQYGF UWKV UWEJ CU #PVKQEJ #NGRRQ CPF 'OGUC /GUQRQVCOKC CPF 'I[RV YGTG
KPEQTRQTCVGFDGVYGGPCPF6JKUITGCVGZRCPUKQPVQQMRNCEGWPFGTVJGPF%CNKRJ7OCTKDPCN
-JCVVCD
6JGUG UWEEGUUGU UJQWNF CV NGCUV KP RCTV DG CUETKDGF VQ VJG TGNKIKQWU HCPCVKUO VJCV
FTQXGVJGUGTWNGTUQP

#OQUSWGYCUGTGEVGFKPGXGT[KORQTVCPVEKV[QHVJGEQPSWGTGFVGTTKVQTKGU7UWCNN[CRNCEGQHVTCFKVKQPCN
EQPUGETCVKQP YCU UGNGEVGF 7OCT +
DWKNV C OQUSWG QP VJG UKVG QH VJG ,GYKUJ VGORNG KP
,GTWUCNGO
KP NCVGT [GCTU FWTKPI VJG 7OC[[CFU VJG &QOG QH VJG 4QEM CPF VJG CNŉ#SUC OQUSWG YGTG
GTGEVGFVJGTG
CNŉ#SUCVJGOQUVTGOQVGCNŉOCULKKFCNŉCSUC+P5WTCCOGPVKQPKUOCFG

ŋ)NQT[DGVQ*KOYJQOCFG*KUUGTXCPVUIQD[PKIJVHTQOVJG5CETGF6GORNG
QH/GEECVQVJGHCTVJGT6GORNG
QH
,GTWUCNGO CPF VJGPEG VQ VJG 6JTQPG QH #NNCJ CEEQORCPKGF D[ VJG #PIGN )CDTKGN YJQUG UWTTQWPFKPIU 9G JCXG
DNGUUGFVJCV9GOKIJVUJQYJKOUQOGQH1WTUKIPU*GCNQPGJGCTUCNNCPFQDUGTXGFCNNŌ
5QOGVCMGVJKUNKVGTCNN[QVJGTUUGGKVCUCXKUKQP

+P&COCUEWUVJG%JTKUVKCPEJWTEJQH,QJPVJG$CRVKUVYCUKPEQTRQTCVGFKPVJGEQORNGZQHVJG7OC[[CF
OQUSWG
347
MIDDLE EAST
6CMGPHTQO6JG2GPIWKP#VNCUQH9QTNF*KUVQT[R
+POCP[VQYPUKPVJGEQPSWGTGFVGTTKVQTKGUVJG%CNKRJUTGUKFKPIKP/GFKPCUVTWEMEQKP+PMGGRKPIYKVJ
VTCFKVKQPVJG%CNKRJUUVTWEMEQKPUYKVJCUVTQPIN[$[\CPVKPGCRRGCTCPEGEQORNGOGPVGFYKVJVJGKTQYP
CVVTKDWVGU
9CNMGT FKUVKPIWKUJGU VJG HQNNQYKPI ,WUVKP ++ CPF 5QRJKC V[RG *GTCENKWU V[RG
YKVJ QT YKVJQWV UQP
U
CPF %QPUVCPU V[RGU YJGTGD[ CV VJG GPF VJG UVTCKIJV / EJCPIGU KP VQ C EQPXGZ / 6JG VGZVU OC[ DG
)TGGMQT.CVKPCUYGNNCU#TCDKE
%CNKRJUKP/GFKPC

(CNU&COCUEWU#6YQHKIWTGUUGCVGFYKVJETQUUDGVYGGPVJGO4/YKVJETQUUQXGTETGUEGPVCDQXG
5 /KPDQVVQOHKGNF9CNMGTIT (KPGVQXGT[HKPG
$CVCXKCFGP*CCI
%TQUUKPJCNHEKTENGRQKPVUVQYCTFU&COCUEWU
6JGVYQUKVVKPIHKIWTGUVJGMPGGUQHYJQOCTGENGCTN[XKUKDNGNQQMOQUVNKMG,WUVKP++CPF5QRJKCDWVVJGURGEKOGPU
KP9CNMGTCTGCNNOWEJNCTIGTCPFJGCXKGT

*CNXGHCNU5E[VJQRQNKU#6YQHKIWTGUUGCVGFYKVJETQUUDGVYGGPVJGO4-ETGUEGPVCDQXGETQUU
T$#+5#0N
5E[VJQRQNKU9CNMGTIT 44(KPG
/ÒP\\GPVTWO-ÌNP
.QYKEM
'CTN[#TCDQ(KIWTGU6[RGU0WO%KTERWPFGTPQRTQXKFGUVJGHQNNQYKPIEQOOGPVQPVJG
QPN[URGEKOGPKPVJG$TKVKUJ/WUGWOŋ6JGOKPVKUTGPFGTGFKP#TCDKEPQV)TGGM6JGETQUUGUJCXGDGGPTGOQXGF
HTQOVJGUEGRVTGUŌ#NCTIGTURGEKOGPGZKUVU
.QYKEMPQCNUQYKVJC-
IT6JKUURGEKOGPKUNKIJVGTCPF
EQTTGURQPFU YKVJ .QYKEM PQ
IT 6JKU NKIJVGT URGEKOGP HKVU KP DGVVGT YKVJ VJG UGTKGU QH #TCDQ$[\CPVKPG
EQKPU6JGFCVGQHVJGŋ,WUVKPCPF5QRJKCŌEQKPUQH5E[VJQRQNKUKUNCTIGN[QRGPVQEQPLGEVWTG9CNMGTFCVGUVJGKUUWGU
VQDWVVJGTGKUPQCDUQNWVGTGCUQPYJ[KVUJQWNFPQVDGGCTNKGTUKPEGVJG#TCDUYGTGKPRQUUGUUKQPQH5[TKCHTQO
QPYCTFU # NCVGT FCVG KU JQYGXGT DQVJ RQUUKDNG CPF RNCWUKDNG KP XKGY QH CP CPCNQIQWU NCTIG EQRRGT KUUWG QH
#DF CN/CNKM
6JG ŋ,WUVKP CPF 5QRJKCŌ EQKPU OC[ JCXG DGGP VJG KOOGFKCVG RTGEWTUQTU QH VJKU KUUWG KP
YJKEJECUGCFCVGQHECYQWNFDGKPQTFGTHQTVJGO
.QYKEM
348
MIDDLE EAST

(CNU &COCUEWU # 'ORGTQT UVCPFKPI YKVJ ETQUU CPF QTD DKTF QXGT 6 N ∆#/#%-1% T

&COCUEWU4/EJTKUVQITCOCDQXGETGUEGPVQXGTNKPGMWHKENGIGPF9CNMGTIT 8GT[HKPG
'NUGP$TWUUGN
%H0,/C[JGY6YQRCTEGNUQH5VGTNKPIUQPVJG$TWUUGNU/CTMGVKP0%R
%C
#++D

(CNU&COCUEWU#'ORGTQTUVCPFKPIYKVJETQUUCPFQTDDKTFQXGT6N4/EJTKUVQITCOCDQXG
ETGUEGPVQXGTNKPGITGGMNGIGPF#01∆#/:6++9CNMGTIT 8GT[HKPG
*QNNGOCP'PUEJGFG
)TGGM.CVKPNGIGPFU

(CNU&COCUEWU#'ORGTQTUVCPFKPIYKVJETQUUCPFQTDNKUQXGT6NΛ%ÔT4/EJTKUVQITCO
CDQXGETGUEGPVQXGTNKPGMWHKENGIGPF9CNMGTIT 8GT[HKPG
/ÒP\\GPVTWO-ÌNP
%C
)TGGMCPF#TCDKENGIGPFU

(CNU$CCNDGM#*GTCENKWUCPFJKUUQPUVCPFKPIHCEKPIYKVJUEGRVTG4/QXGTETGUEGPVQXGTNKPGCPF
WPFGTETQUUNCPFTITGGMNGIGPFKPDQVVQOHKGNFCTCDKENGIGPF9CNMGTIT 8GT[HKPG
'NUGP$TWUUGN
%C
/KZGF#TCDKECPF)TGGMNGIGPFU
$CCNDGM KP 5[TKC WUGF VQ DG ECNNGF *GNKQRQNKU KP 4QOCP FC[U CPF YCU C OKPV $CCNDGMYCUUKVWCVGFKPVJGOKNKVCT[
FKUVTKEVQH&COCUEWU
349
MIDDLE EAST

(CNU 'OGUC # $WUV QH VJG GORGTQT HCEKPI YKVJ QTD -#1#0 N CTCDKE NGIGPF T
)11& +0
'/'5# 4 4QWPF / UVCT CDQXG '/+ N %*% T QXGT #TCDKENGIGPF
'/'5#9CNMGT
5EJWNOCP#OUVGTFCO
%C
'OGUC KU UKVWCVGF KP VJG OKNKVCT[ FKUVTKEV QH VJG UCOG PCOG KP 5[TKC 6JG CPEKGPV PCOG YCU 'OGUC KP #TCDKE KV KU
*KOUQT*WOU

(CNU 'OGUC # $WUV QH VJG GORGTQT HCEKPI YKVJ QTD -#1#0 N CTCDKE NGIGPF T
)11& +0
'/'5# 4 4QWPF / UVCT CDQXG '/+ N %*% T QXGT #TCDKE NGIGPF
)11& 9CNMGT
IT 8GT[HKPG
XF$GTIFGP*CCI
%C
'OGUC KU UKVWCVGF KP VJG OKNKVCT[ FKUVTKEV QH VJG UCOG PCOG KP 5[TKC 6JG CPEKGPV PCOG YCU 'OGUC KP #TCDKE KV KU
*KOUQT*WOU

(CNU&COCUEWU#$WUVQHVJGGORGTQTHCEKPIYKVJETQUUCPFQTD4)TGCV/ETQUUCDQXG#1NCPF
.++TKPDQVVQOHKGNF#/#9CNMGTIT 5NKIJVN[ENGCPGFXGT[HKPG
/ÒP\\GPVTWO-ÌNP
6JKUKUCV[RKECNGHHKI[QH*GTCENKWU
2TQDCDN[WPRWDNKUJGF!

(CNU'OGUC#(KIWTGUVCPFKPIYKVJETQUUCPFQTDUVCTTKPHKGNF44QWPF/YKVJVYQRGNNGVUKPKV
6CDQXG#01N:.++TKPDQVVQOHKGNF'/+9CNMGTIT (NCPETCEMHKPGVQXGT[HKPG
/ÒP\\GPVTWO-ÌNP
1PRNCVG+:D[9CNMGTYGHKPFCPWODGTQHV[RGUYKVJCUVCPFKPIHKIWTGCPFCEQPXGZ/YKVJRQKPVKPKV2TQDCDN[
WPRWDNKUJGF!
350
MIDDLE EAST
+PVJGRQNKVKECNEGPVTGYCUTGNQECVGFVQ&COCUEWUCPFVJGGTCQHVJG7OC[[CFUDGICP#ITGCVFGCN
YCUCFQRVGFHTQOVJG$[\CPVKPGUCPFVJG2GTUKCPU6JGFQOCKPQHTGNKIKQPYCUTCFKECNN[UGRCTCVGFHTQO
RQNKVKEU&COCUEWUDGECOGVJGRQNKVKECNECRKVCN/GFKPCVJGTGNKIKQWUQPG+PEQKPCIGVJGGHHKI[QHVJG
$[\CPVKPGGORGTQTYCUCDCPFQPGFCPFTGRNCEGFYKVJVJCVQHVJG%CNKRJ
%CNKRJUKP&COCUEWU

(CNU/CPDKL#$GCTFGFECNKRJUVCPFKPIYKVJUYQTF4%QNWOPQPVJTGGUVGRU9CNMGTIT
+PVGTGUVKPIKNNWUVTCVKQPXGT[HKPG
2CTV
6JGRQUVWTGQHVJGUVCPFKPI%CNKRJKUVJGQPGFKEVCVGFHQTVJG+OCOFWTKPITGEKVCVKQPQHVJGRWDNKEUGTOQP
-JWVDC
9KVJQWVVJGPCOGQHVJG%CNKRJDWVYKVJVKVNGU
%C
/CPDKLKUUKVWCVGFKPVJG,WPF-KPPCUTKPKP0QTVJ5[TKC/CPIC[WUGFVQDGECNNGF*KGTCRQNKUNCVGT$COD[MGYJKEJ
PCOGUWTXKXGFKP#TCDKE
+P WPFGT VJG 7OC[[CF %CNKRJ #DFCNOCNKM C TGXKUKQP QH VJG OQPGVCT[ U[UVGO VQQM RNCEG (TQO VJG UQNKFWU C
EJCPIG YCU OCFG VQ VJG FKPCT
IT QPG /KVSCN CPF VQ VJG FKTJGO
IT C EQPVKPWCVKQP QH VJG 5CUUCPKF
FTCEJO+PVJGOKFFNGQHVJGVJEGPVWT[VJGFKTJGOYCUDTQWIJVKPCHKZGFTCVGVQVJGFKPCTZOKVSCNZ
IT6JGEQKPUYGTGRWTGN[GRKITCRJKECN
6JGŋDCPQPKOCIGUŌCURTGUETKDGFD[VJG*CFKVJCPFVJGCEEQORCP[KPINGICNYTKVKPIUYCUCDCPVJCVFKUVKPIWKUGJF
UGXGTCNFGITGGUDGVYGGPCNNQYGFCPFEQPFGOPCDNGKPYJKEJUQOGKOCIGUYGTGOQTGQTNGUUCEEGRVCDNGFGRGPFKPI
QP VJG VQRKE VJG RWTRQUGU CPF VJG RNCEG QH EKTEWNCVKQP #EEQTFKPIN[ VJG DCP CRRGCTU VQ JCXG DGGP JGGFGF VQ C
XCT[KPIGZVGPV
HTQO&GPKLUKP&G$GGNFGPCCT
0QXR
$GUKFGU TGNKIKQWU VGZVU VJG FKTJGOU QPN[ UJQY [GCT CPF OKPV (TQO CNUQ VJG PCOGU QH TWNGTU CPF QHHKEKCNU
CRRGCTGF QP VJG EQKPU #RCTV HTQO VJG FKTJGOU HCNWU YGTG UVTWEM YJKEJ JQYGXGT JCXG NQUV VJGKT $[\CPVKPG
EJCTCEVGTVQQ

(CNU6KDGTKCU!CHVGT#$TCPEJYKVJVTCEGUQHCNGIGPFQPDQVJUKFGU9CNMGTIT
'FIGHCWNVHKPG
/ÒP\\GPVTWO-ÌNP
2QUVTGHQTOEQKPCIG
+PCITGCVTGXQNVDTQMGQWVKP5[TKCYJKEJUQQPUYGRVCETQUUVJGGPVKTGTGIKQP(KXG[GCTUNCVGT#DWN#DDCUC
TGNCVKXG QH /WJCOOCF CPF #NK YCU RTQENCKOGF ECNKRJ D[ VJG 5JKCU 6JG 7OC[[CFU YGTG YKRGF QWV EQORNGVGN[

1PN[QPGQHVJGOGUECRGF#DFCT4CJOCPYJQYQWNFGXGPVWCNN[GPFWRKP5RCKP
UGGPQ
351
MIDDLE EAST
6JGPGYDTCPEJVJG#DDCUUKFU
CHVGT#DW#DDCUHQWPFGF$CIFCFKPCPFUGVVNGFVJGTG6JG[NGFC
URNGPFKF EQWTV NKHG YKVJ CNN VJG CEEQORCP[KPI ECDCNU CPF EQVGTKGU /QUV QH VJG %CNKRJU YGTG ETWGN
FGURQVU'ZEGRVKQPUYGTG*CTWPCN4CUJKF
CPF#DWCN/COWP

7PFGT VJG #DDCUUKFU VJG /WUNKO GORKTG YCU UJCRGF KP C PGY OQWNF 6JG UQXGTGKIPU DCUGF VJGKT
CWVJQTKV[QPTGNKIKQPUQVJGGORJCUKUYCUQPVJKUGNGOGPV+VUEJCTCEVGTYCUWPKXGTUCNCPFGPEQORCUUGF
CNNHQNNQYGTUQH+UNCOTGICTFNGUUQHPCVKQPCNKV[2QNKVKEUCPFTGNKIKQPDGECOGCPGPVKV[

+PVJG#DDCUUKFGORKTGHGNNCRCTVKPVQHCEVKQPU
Ő #DDCUUKFUKP$CIFCF9JGTGCUFWTKPIVJGRGTKQFHTQOVJGKPHNWGPEGQHRQNKVKEUJCFDGGP
RTGFQOKPCPVCPFVJG+UNCOYCUOCKPN[CU[UVGOQHDGNKGHUVJGRGTKQFQHYCUOCTMGFD[
RQNKVKECNFKUKPVGITCVKQPVJGKPXCUKQPQHVJG6WTMUCPFVJGETWUCFGU
Ő (CVCOKFUKP%CKTQ
Ő 7OC[[CFUKP%QTFQDC
5RCKPWPVKNHQNNQYGFD[VJG#NOQTCXKFUCPF#NOQJCFU

&WTKPI VJGUG OCP[ [GCTU VJG /KFFNG 'CUV TGOCKPGF TGNCVKXGN[ RGCEGHWN 2KNITKOU HTQO 'WTQRG YGTG
CNNQYGFVQXKUKVVJGJQN[RNCEGU5VTKMKPIKUVJGHCEVVJCV4C[OQPF+8EQWPVQH6QWNQWUGYJQYGPVQPC
RKNITKOCIGVQVJG*QN[.CPFKPYQWNFNGCFVJGCTO[QHVJG(KTUV%TWUCFGC[GCTNCVGT

6*'2'4+1&(41/706+.

+P QTFGT VQ DG CDNG VQ LWFIG VJG UKVWCVKQP KP VJG /KFFNG 'CUV QPG OWUV MPQY VJG JKUVQT[ QH VJG GPVKTG
TGIKQPCPFPQVLWUVVJCVQHVJGETWUCFGTUŉUVCVGU6JGUG.CVKPUVCVGUYGTGCHVGTCNNJGOOGFKPEQORNGVGN[
D[/WUNKOVGTTKVQT[
6JGGHHGEVUUJQYKPPWOKUOCVKEU

6JGUKVWCVKQPDGHQTGVJG(KTUV%TWUCFG

+PVJG#DDCUUKFGORKTGHGNNCRCTVCPFYQWNFHTQOVJGPQPDGEQPHKPGFVQVJG#NGRRQCPF/QUWN
CTGCUCPFVJGNCPFUCTQWPFVJG'WRJTCVGUCPFVJG6KITKUCUYGNNCU2GTUKC#UQHQNFVJG%CNKRJTGUKFGF
KP $CIFCF 6JG RQYGT QH $CIFCF ETWODNGF OQTG CPF OQTG CPF YCU VCMGP WR D[ VJG EQOOCPFGTU
&CPIGTNWTMGFHTQOVYQUKFGUVJGGCUVCPFVJGUQWVJ
(TQOVJGGCUVVJG#DDCUUKFUYGTGEQPHTQPVGFD[VJG5GNLWSUC/KFFNG'CUVGTPF[PCUV[PCOGFCHVGTKVU
HQWPFGT5GNIWSCUGOKNGIGPFCT[HKIWTGQHVGPUKVWCVGFKPVJGVJEGPVWT[#HVGTJKUFGOKUGVJG5GNLWSU
CFXCPEGFVQVJGYGUVCPFEQPSWGTGF2GTUKC5GNLWSŉUITCPFUQP6WITWN
YJQDQTGVJGVKVNGQHŋ$GIŌQP
VJG KPXKVCVKQP QH VJG #DDCUUKF %CNKRJ OCFG JKU GPVTCPEG KPVQ $CIFCF CPF RTGUGPVGF JKOUGNH CU UWNVCP
*KU UQP #NR #TUNCP OCTEJGF CICKPUV VJG %JTKUVKCP UVCVGU QH #TOGPKC CPF )GQTIKC CPF FGHGCVGF VJG
$[\CPVKPGUCV/CP\KMGTVKP
7PFGT#NRŉUUQP/CNKM5JCJVJG5GNLWSGORKTGTGCEJGFKVU\GPKVJ6JGUWNVCPKP$CIFCFYCUTWNKPIHTQO
CHCTCPFVJGCEVWCNRQYGTNC[KPVJGJCPFUQHJKUTGRTGUGPVCVKXGUVJGCVCDGIU
UGGVJGCVCDGIUQH/QUWN
CPF/CTFKP
#VCDGI
NKVGTCNN[ CVC HCVJGT DGI NQTF YCU VJG 6WTMKUJ VKVNG QH VJG RTKPEGŉU VWVQT YKVJ VJG 5GNLWSU +P VJG

HGFGTCN UVCVGU VJG CVCDGIU DGECOG VJG FG HCEVQ JGTGFKVCT[TWNGTU5GG<GPIKFUQH/QUWN

6JG#[[WDKFU
VQQMPGYVJKUQHHKEG(QTVJG/COGNWMUVJGVKVNGŋCVCDGICNŉCUCMKTŌOGCPVXKEGTQ[
YKVJCTKIJVVQVJGVJTQPG6JG
1VVQOCPUMPGYPGKVJGTVJGQHHKEGPQTVJGVKVNG
9JGPVJG%CNKRJCVGTGICKPGFKORQTVCPEGVJG5GNLWSUOQXGFVJGECRKVCNVQ*COCFCP6JGTGVJGKTTGKIP

GPFGFKP
(TQO VJG UQWVJ NQQOGF VJG RGTKN QH VJG (CVCOKFU YJQ JCF HQWPFGF %CKTQ KP YKVJ C ECNKRJ KP
TGUKFGPEGCNUQ
6JG(CVCOKFUHQTOGFCPWNVTCQTVJQFQZHCEVKQPQH+UNCO+PVJGVJEGPVWT[VJG(CVCOKFURWUJGFPQTVJ
CPFEQPSWGTGF2CNGUVKPG
YKVJ,GTWUCNGOCPFITGCVRCTVUQH5[TKC6JG[OQTGQXGTICKPGFEQPVTQNQH
VJGJQN[EKVKGUQH/GEECCPF/GFKPC
#U VJG 5GNLWSU EQPSWGTGF /GUQRQVCOKC 5[TKC CPF #PCVQNKC VJG[ EQNNKFGF YKVJ VJG (CVCOKFU
YJGTGWRQP KP VJG[ VQQM QXGT ,GTWUCNGO #V /CP\KMGTV VJG[ FGHGCVGF VJG $[\CPVKPGU CPF VJWU
RWUJGFVJTQWIJVQVJG$QURQTWU6JG5GNLWSUYGTGEQOOCPFGFD[CUWNVCP
RQYGT
9JGP5WNVCP/CNKM5JCJFKGFKPVJGGORKTGHGNNCRCTVKPVQVJCVQHVJG4WO5GNLWSUKP#PCVQNKCCPF
CPWODGTQHUOCNNGTUVCVGUKP5[TKC
6JWU YCU VJG CRRTQZKOCVG UVCVG QH CHHCKTU VJG HKTUV ETWUCFGTU GPEQWPVGTGF YJGP VJG[ TGCEJGF VJG *QN[
.CPF

6JGEQPFKVKQPUUWTTQWPFKPIVJG(KTUV%TWUCFG

6JGETWUCFGTUHQTOGFHQWTUVCVGUFWTKPIVJG[GCTUVQ
Ő %QWPV['FGUC
Ő 2TKPEKRCNKV[#PVKQEJ
Ő %QWPV[6TKRQNK
Ő -KPIFQO,GTWUCNGO

6JGUG YGTG UKVWCVGF KP TGUR VJG PQTVJ VJGP FQYP CNQPI VJG EQCUV HWTVJGT FQYP CNQPI VJG EQCUV CPF
HKPCNN[ QP VJG NQPI UVTGVEJ VJCV HQTOGF VJG MKPIFQO ,GTWUCNGO +V YQWNF VCMG OCP[ [GCTU DGHQTG VJG
ETWUCFGTUJCFEQPSWGTGFCNNVJGVQYPUCNQPIVJGEQCUVCPFTGCEJGFVJGHWNNGUVGZRCPUGQHVJGKTMKPIFQO
352
MIDDLE EAST
6CMGPHTQO6JG2GPIWKP#VNCUQH9QTNF*KUVQT[R
+PVJGPQTVJCPFGCUVYGHKPFVJGEQOOCPFGTUQHVJG#DDCUUKFUKPVJGUQWVJVJG(CVCOKFU6JGKTOCKP
EKVKGUYGTG#NGRRQ&COCUEWUCPF%CKTQ
6JGVGTTKVQTKGUYQPD[VJGETWUCFGTUQHVGPUWHHGTGFIGPQEKFG+VYCUEQOOKVVGFFWTKPIVJGEQPSWGUVQH
,GTWUCNGO CPF YCU TGRGCVGF KP VJG EQCUVCN EKVKGU 0GXGTVJGNGUU VJG /WUNKOU KP VJG PQTVJ YGTG HQWPF
YKNNKPIVQEQQRGTCVGYKVJVJGETWUCFGTU6JGVJTGCVQHVJG5GNLWSUCPFVJG(CVCOKFUYCUUWEJVJCVGXGP
VJGETWUCFGTUYGTGCFOKVVGFKPVQFKRNQOCE[CPFCHQTOQHEQNNCDQTCVKQPGZKUVGFDGVYGGPVJG#DDCUUKFU
CPFVJGETWUCFGTU

&GXGNQROGPVUDGVYGGPVJG(KTUVCPFVJG5GEQPFETWUCFG

4GNCVKQPUDGVYGGPVJGETWUCFGTUCPFVJG5[TKCPUEJCPIGFYJGP/QUWNCPF#NGRRQYGTGWPKVGFWPFGTVJG
6WTMKUJ UWNVCP <GPIK YJQ GUVCDNKUJGF JKOUGNH KP #NGRRQ KP
DWV TGOCKPGF YKVJKP VJG #DDCUUKF
GORKTG (QTOCNN[ JG RTGCEJGF VJG ,KJCF DWV WUGF KV OCKPN[ VQ LWUVKH[ JKU VGTTKVQTKCN GZRCPUKQP *G
WPFGTVQQMPQVJKPICICKPUVETWUCFGTUVCVGUWPVKNJGEQWNFRTQHKVHTQOVJGCDUGPEGQH,QUEGNKPKP'FGUCCPF
QXGTRQYGTVJGEQWPV[6JKUYCUVJGHKTUVQHVJGHQWTETWUCFGTUUVCVGUVQDGNQUVCPFVJGGXGPVICXGTKUGVQ
VJG5GEQPF%TWUCFG
#HVGT<GPIKŉUFGOKUGKP/QUWNFGXQNXGFWRQPJKUUQP5CKHCF&KPCPF#NGRRQWRQPJKUUQP0WT
CF&KP
0WTCFFKP&COCUEWUVQQMCFKHHGTGPVUVCPF*GTG)QXGTPQT7PWTCITGGFWRQPCPVTWEGYKVJVJG
<GPIKFUICXGJKUFCWIJVGT+UOCFCVVKP%JCVWPKPOCTTKCIGVQ0WTCFFKPCPFKPUQFQKPIYCUTGEQIPKUGF
D[VJGECNKRJUQHDQVJ$CIFCFCPF%CKTQ
353
MIDDLE EAST
+NNCFXKUGF EQPFWEV D[ VJG IQXGTPQT QH $QUTC CPF 5CTMJCPF YQTUGPGF VJG TGNCVKQPU DGVYGGP ,GTWUCNGO
CPF&COCUEWU7PWTYKVJVJGCKFQH0WTCFFKPJCFVQVCMGITGCVRCKPUVQOCUVGTVJGUKVWCVKQP$WVVJGTG
YCUCPQVJGTTGCUQPHQTEQPVTQXGTU[VJGCTO[QHVJG5GEQPF%TWUCFGCVVCEMGF&COCUEWU
7PWT
VJGP GPNKUVGF VJG JGNR QH DQVJ 0WTCFFKP CPF5CKHCF&KPCPFUQVJG5GEQPF%TWUCFGECOGVQCYQGHWN
GPF
0WTCFFKPYCUPQVVQVCMG&COCUEWUWPVKN+PVJGOGCPVKOG$CNFYKP+++JCFVCMGP#UECNQPKP
0WTCFFKPOGCPVVQTGCEVDWVTGEQPUKFGTGF$QVJVJGEQPSWGUVQH#UECNQPCPFVJGWPKQPQH#NGRRQCPF
&COCUEWUJCFUGTKQWUEQPUGSWGPEGU
6JG%CNKRJQH$CIFCF0WTCFFKPCNUQECNNGFNQTFQH'I[RVCVQPEGQTFGTGFVJGEQPSWGUVQH,GTWUCNGO
CICKPFGENCTKPILKJCFCUCEQXGT0WTCFFKPJQYGXGTFKFPQVTGURQPFDWVUYQTGCVTWEGYKVJ$CNFYKP+++
KP CPF GXGP RCKF JKO C VTKDWVG KP +P 0WTCFFKP FGHGCVGF $CNFYKP YKVJQWV HWTVJGT
TGUWNVUHQTVJGUWNVCPQHVJG4WO5GNLWSU-KNKFL#TUNCP++UVQQFCVVJGPQTVJGTPDQTFGTU
+P 0WTCFFKP HGNN UGXGTGN[ KNN 4GXQNVU DTQMG QWV KP 5[TKC DWV 0WTCFFKP TGEQXGTGF *G CVVCEMGF
,GTWUCNGODWVUWHHGTGFFGHGCVCPFVJGPNGVKVTGUV
0QVYKVJUVCPFKPICPGPVKTGN[FKHHGTGPVUKVWCVKQPYCUVJGTGUWNV$CNFYKPPQYHGCTGF0WTCFFKPCPFUGGMGF
UWRRQTV HTQO VJG $[\CPVKPGU *G GPVGTGF KPVQ CP CNNKCPEG YKVJ /CPWGN
YJQUG PKGEG 6JGQFQTC JG
OCTTKGF 1P VJG QVJGTJCPFVJG(CVCOKFUYCPVGFVQTGUKUVVJG.CVKPUCPFNQQMGFHQTUWRRQTVCUYGNN
6JG[CNNKGFYKVJ0WTCFFKP6YQRTKPEKRCNHQTEGUPQYQRRQUGFGCEJQVJGT
6JGUKVWCVKQPKPVJGPQTVJTGOCKPGFKPUGEWTGDGECWUGQHVJGEQPUVCPVVJTGCVQH4WO5GNLWSUDWV0WTCFFKP
EQPSWGTGFCPWODGTQHKORQTVCPVEKVKGU#OCNTKEŉUHGCTPQYYCUVJCV0WTCFFKPYQWNFFKTGEVJKUCVVGPVKQP
VQVJGUQWVJCPFVJG-KPIFQO,GTWUCNGOYQWNFHKPFKVUGNHHKIJVKPIQPVYQHTQPVU0WTCFFKPJQYGXGT
FKFPQVVCTIGVVJGUQWVJ
+PVGTPCNN[VJG(CVCOKFUHCEGFITCXGRTQDNGOU#YGUKT
EQOOCPFGTKPEJKGHCRQUKVKQPQHVJGJKIJGUV
TCPMQHHKEKCVGFWPFGTVJGECNKRJ+PVJQUGFC[UKVYCUVJGQPGG[GF5JKTMWJ6YQQVJGTOGP5JCYCTCPF
&KTIJCO WUWTRGF JKU QHHKEG CPF PQY VJTGGOGGPYGTGUVTKXKPIHQTRQYGT(KTUV5JCYCTJCFVJGWRRGT
JCPFNCVGT5JKTMWJTGCRRGCTGF#OCNTKERNC[GFCPKORQTVCPVTQNGKPVJKUICOG
5JKTMWJ VQQM WR VJG FGHGPUG QH #NGZCPFTKC DWV TGVKTGF VQ NGCXG VJG LQD VQ JKU PGRJGY 5CNCJ CF&KP
;WUWH
5CNCFKP
5JQTVN[ CHVGT 5CNCFKP UWEEGGFGF 5JKTMWJ CPF QP /CTEJ (CVCOKF ECNKRJ CN#FKF CRRQKPVGF
5CNCFKPVQYGUKT5CNCFKPŉUHCVJGT#[[WD5JKTMWJŉUDTQVJGTQDVCKPGFCPKORQTVCPVRQUV*GYCUVQIKXG
JKUPCOGVQVJGF[PCUV[QHVJG#[[WDKFU
+PVJGOGCPVKOGVJGRQUKVKQPQHVJG%CNKRJJCFDGEQOGGXGTYGCMGTCPFKVYCUVJGYGUKTYJQJCFVJG
RQYGT0WTCFFKPJCFMGRVCNQQHQHVJGOCVVGTWPVKN,WPGYJGPJGQTFGTGF5CNCFKPVQUGGVQKVVJCV
VJGUGTOQPUKPVJG'I[RVKCPOQUSWGUDGFGNKXGTGFKPVJGPCOGQHVJG#DDCUUKFTCVJGTVJCPVJG(CVCOKF
%CNKRJ6JKUOGCPVJGYCPVGF'I[RVVQTGVWTPVQ5WPPK+UNCO$[FQKPIUQKPHCEVJGFGOCPFGFVJGGPF
QHVJG(CVCOKF'ORKTG6JKUGPFYCUDTQWIJVPGCTYJGPCN#FKFFKGFQP5GRVGODGT1PVJG
VJQHVJCVOQPVJVJGHKTUV5WPPKUGTOQPYCUFGNKXGTGFKPVJGPCOGQHVJG#DDCUUKF%CNKRJ
6JKUECNKRJVJGPRTQENCKOGF0WTCFFKPQXGTNQTFQH'I[RVCPF5[TKCYJKEJOGCPVVJGTKUGQHCITGCVDQF[
YKVJKP VJG #DDCUUKF 'ORKTG UWTTQWPFKPI VJG -KPIFQO ,GTWUCNGO EQORNGVGN[ 'I[RVŉU TGVWTP VQ VJG
5WPPK +UNCO KU CNUQ GZRTGUUGF KP C EQKP GFKVGF KP FGEGODGT YKVJ QP QPG UKFG VJG PCOG QH VJG
#DDCUUKF%CNKRJCN/WUVCFKCPFQPVJGQVJGTVJCVQH0WTCFFKP
+VUVCPFUVQTGCUQPVJCVKPVJGMKPIQH,GTWUCNGOKPXQNXGFJKOUGNHFGGRN[KPCEQPURKTCE[VQTGXKXG
VJG (CVCOKF 'ORKTG 6JG %JTKUVKCPU YKUJHWNN[ DGNKGXGF 5CNCFKP VQ DG CP KPFGRGPFGPV
HTQO 0WTCFFKP
TWNGTQH'I[RV6JG[FGUETKDGFJKOCU%CNKRJCGVUQNFCPWUYJKEJOGCPUECNKRJCPFYGUKTCVVJGUCOG
VKOG (QT #OCNTKE KP ,GTWUCNGO VJKU YQWNF OGCP CXQKFKPI VJG ENWVEJGU QH 0WTCFFKP DGUKFGU 5CNCFKP
OCKPVCKPGFTGNCVKQPUYKVJ(TGFGTKEM$CTDCTQUUCCRRCTGPVN[KPFGRGPFGPVN[HTQO0WTCFFKP
0WTCFFKPQPVJGQVJGTJCPFHGCTGFVJGRQYGTQH5CNCFKP*GRNCPPGFCPKPXCUKQPQH'I[RVYJKEJYCU
VJYCTVGFD[JKUFGCVJQP/C[VJ
6JG GORKTG JG NGHV YCU GPQTOQWU KV GPEQORCUUGF PQV LWUV 'I[RV CPF 5[TKC DWV UKPEG CNUQ
/GUQRQVCOKC#TOGPKCCPFUQWVJGTP#PCVQNKC0WTCFFKPJCFCNYC[UJCFVYQVCTIGVUVJGEQPSWGUVQHVJG
GORKTGQHVJG4WO5GNLWSUCPFVJGCPPKJKNCVKQPQHVJG-KPIFQO,GTWUCNGO
5QQP CHVGT 0WTCFFKP #OCNTKE FKGF QP ,WN[ VJ *G VQQ JCF RNCPPGF VQ OCTEJ CICKPUV 'I[RV
#OCNTKE YCU UWEEGGFGF D[ $CNFYKP +8 DWV 0WTCFFKPŉU UWEEGUUKQP OGV YKVJ VTQWDNG 6JG QPN[ NGICN
UWEEGUUQTYCUJKUKPHCPVUQPCU5CNKJ5CNCFKPVQQMVJGQRRQTVWPK[VQQEEWR[&COCUEWUCPFICKPEQPVTQN
QH C UWDUVCPVKCN RCTV QH VJG 'ORKTG DWV PQV #NGRRQ 6Q GORJCUKUG JKU ENCKOU JG OCTTKGF 0WTCFFKPŉU
YKFQY+UOCVCFFKP-JCVCT
PQVCU5CNKJŉUOQVJGT
1P 0QXGODGT 5CNCFKP UWHHGTGF CP WPGZRGEVGF CVVCEM D[ $CNFYKP CV 4CONC CPF YCU FGHGCVGF *KU
ENCKOVQKPXKPEKDKNKV[YCUNQUV*GTGXGPIGFJKOUGNHKPDWVFKFPQVOCTEJQP,GTWUCNGO*GVWTPGF
JKUCVVGPVKQPVQVJGGCUVCPFVQQMEQPVTQNQH#NGRRQCPF/QUWN0QYJKUGORKTGEQWNFDGEQORCTGFVQ
0WTCFFKPŉU
6JG VKOG UGGOGF VQ JCXG EQOG VQ OCTEJ CICKPUV ,GTWUCNGO UVKNN JG JGUKVCVGF VJG .CVKPU YGTG XGT[
UVTQPICPFHQTOCNN[VJGVTWEGJCFPQV[GVGZRKTGF9JGPKP&GEGODGT4C[PCNFQH%J³VKNNQPJKU
YQTUV GPGO[ JGNF WR C 5[TKCP'I[RVKCP ECTCXCP 5CNCFKP FGOCPFGF UCVKUHCEVKQP QH )W[ QH .WUKIPCP
6JGTGD[VJGVTWEGYCUDTQMGPCPF5CNCFKPICVJGTGFJKUVTQQRUQPVJG)QNCPJGKIJVU+PVJGUWOOGTQH
VJG.CVKPUUWHHGTGFCFGXCUVCVKPIFGHGCVCV*CVVKPCPFQP1EVQDGTPF,GTWUCNGOYCUVCMGP+P
VJGHQNNQYKPI[GCTCNNEKVKGUKPVJGMKPIFQOYGTGNQUVVQ5CNCFKPYKVJVJGGZEGRVKQPQH6[TWU
354
MIDDLE EAST
6JG6JKTF%TWUCFG

4GCEVKQPU VQ VJG NQUU QH ,GTWUCNGO YGTG JGCVGF 2QRG )TGIQT[ 8+++ ECNNGF HQT C TGPGYGF ETWUCFG QP
1EVQDGTVJVJKUVKOGPQVLWUVD[VJGMPKIJVUCPFVJGRGQRNGDWVD[VJGNGCFGTUQHCNNITGCV'WTQRGCP
PCVKQPU
$WT[KPIVJGKTFKHHGTGPEGU(TGPEJMKPI2JKNKRRG++#NRJQPUGCPFVJG'PINKUJMKPI4KEJCTF.KQPJGCTVVQQM
RCTVKPVJGETWUCFGVJGHQTOGTTGCEJKPI#ETGD[UGCQP#RTKNVJVJGNCVVGTHQNNQYKPIQP,WPGVJ
(TGFGTKEM$CTDCTQUUCNGHV4GIGPUDWTIQP/C[VJCPFOCFGVJGLQWTPG[QXGTNCPFYJKEJ
YQGHWNN[GPFGFKPJKUFGOKUGQP,WPGVJKP#PCVQNKC
5CNCFKPYCUXGT[YQTTKGFCPFNQQMGFCTQWPFHQTCNNKGUDWVEQWNFJCTFN[HKPFCP[*GVJGPFGEKFGFVQHKZ
JKUCVVGPVKQPQP#ETGCPFYCKVHQTVJGCTTKXCNQH(TGFGTKEM$CTDCTQUUC1PN[CUMGNGVQPCTO[TGOCKPGF
UVCVKQPGF KP PQTVJ 5[TKC 6JKU EJQKEG VWTPGF QWV YGNN DGECWUG QH VJG FGCVJ QH VJG )GTOCP GORGTQT
6JGDCVVNGQH#ETGYCUGZVTGOGN[HKGTEG5CNCFKPYCUHQTEGFQPFGHGPUKXGCPFHKPCNN[4KEJCTFVQQM#ETG
6JG /WUNKOU YGTG NQQUKPI JGCTV 6KOG CPF CICKP 5CNCFKP UWHHGTGF FGHGCV DWV 4KEJCTF HCKNGF VQ TGCEJ
,GTWUCNGO1P5GRVGODGTCVTWEGYCUTGCEJGFHQT[GCTUCPFOQPVJUCVTGCV[VJCVEQXGTGFPQV
LWUV,GTWUCNGODWVCNUQ#PVKQEJCPF6TKRQNK,GTWUCNGOUVC[GFWPFGTVJGLWTKUFKEVKQPQH5CNCFKPDWVVJG
%JTKUVKCPUYGTGITCPVGFHTGGRCUUCIGVQVJGVQYPCPFVJGJQN[RNCEGU*CNHC[GCTNCVGT5CNCFKPFKGFQP
/CTEJVJ
#HVGT 5CNCFKPŉU FGOKUG JKU DTQVJGT #DW $CMT VQQM VJG #[[WDKF JGNO 6JG #[[WDKF UQXGTGKIPU CNN
RQUUGUUGF C TGIPCN PCOG HQT #DW $CMT KV YCU CNOCNKM CNŉ#FKN
CNOCNKM VJG MKPI CU QRRQUGF VQ
QVJGTU VJG[ GZRNKEKVN[ ECNNGF VJGOUGNXGU MKPIU #Nŉ#FKN JCF PQ HKZGFTGUKFGPEGDWVVTCXGNNGFDGVYGGP
%CKTQCPF&COCUEWU*GNGHVVJGIQXGTOGPVQHJKUITGCVGORKTGVQJKUVJTGGUQPU
CNOCNKMCN-COKNKP%CKTQ
CNOCNKMCN#UJTCHKP,C\KTCCPF
CNOCNKMCN/WŉC\\COKP5[TKC
6JKUFKXKUKQPYCUXGT[KORQTVCPVHQT,C\KTCKPRCTVKEWNCT*GTGVJGCVCDGIUTWNGFCPFVJG#[[WDKFUYGTG
QXGTNQTFU
UGGWPFGT6WTEQOCPU#Nŉ#FKNFKGFKPCHVGTYJKEJJKUUQPUMGRVVJGUVCVWUSWQYJKEJ
OGCPVVJCVCN-COKNYCUTGICTFGFCUVJGJGCFQHVJGHCOKN[
QPUQOG6WTEQOCPEQKPUVYQQXGTNQTFUCTG
OGPVKQPGF CN-COKN CPF CN#UJTCH UGG PQ HQT GZCORNG 9JGP CN-COKN FKGF KP C
UWEEGUUKQPCN FKURWVG CTQUG YJKEJ GPFGF KP VJG XKEVQT[ QH VJG UQP QH CN-COKN #[[WD TGIPCN PCOG CN
OCNKMCU5CNKJ

(TQOVJG(QWTVJ%TWUCFGVQVJGGPFKP
6JG(QWTVJ%TWUCFGOCFGCTGPGYGFCVVGORVCVTGICKPKPI,GTWUCNGODWVUVTCPFGFCV%QPUVCPVKPQRNG
VJG
.CVKP'ORKTG
+P VJG (KHVJ %TWUCFG VJG #[[WDKFU YGTG CVVCEMGF CPF ,QJP QH $TKGPPG EQPSWGTGF &COKGVVG 5WNVCP CN
-COKNHGNVUQVJTGCVGPGFVJCVJGQHHGTGFVQTGVWTPCNNEQPSWGUVUQH5CNCFKP2CRCNNGICVGECTFKPCN2GNCIKWU
QH#NDCPQYJQCKOGFHQTVJGVQVCNCPPKJKNCVKQPQH+UNCOTGHWUGF#UCTGUWNVQHVJGHCKVJHWNEQQRGTCVKQP
QHVJGVJTGGDTQVJGTUVJGETWUCFGTUYGTGGXGPVWCNN[FGHGCVGF
+P5GRVGODGT(TGFGTKEM++CTTKXGFKP#ETG#VTGCV[YCUUYQTPYKVJVJGUWNVCPQH'I[RV
6TGCV[QH
,CHHC QH (GDTWCT[ YJGTGD[ VJG EKVKGU QH ,GTWUCNGO $GVJNGJGO CPF 0C\CTGVJ ECOG WPFGT VJG
LWTKUFKEVKQPQHVJGETWUCFGTU(TGFGTKEMOCTTKGF+UCDGNNGVJGFCWIJVGTQH,QJPQH$TKGPPGCPFTGEGKXGF
VJGETQYPQHVJG-KPIFQO,GTWUCNGOKP/CTEJKPVJCVVQYP*GYGPVQPVQECRVWTG$GKTWV
YJKEJ
YCUNQUVCICKPKPCPFCEQOWPGYCUGUVCDNKUJGFKP#ETG
&WTKPI VJG [GCTU CPQVJGT ETWUCFG YCU WPFGTVCMGP D[ COQPIUV QVJGTU 6JKDCWNV +8 %QWPV QH
%JCORCIPG (KPCNN[ -KPI .QWKU +: VJG 2KQWU WPFGTVQQM C ETWUCFG DWV UWHHGTGF C ETWUJKPI FGHGCV CV
&COKGVVGKPHCEVCTGRGVKVKQPQHVJGGXGPVU
0QPGVJGNGUU VJKU ETWUCFG VWTPGF QWV VQ JCXG CP WPGZRGEVGF DWV JKIJN[ UKIPKHKECPV GHHGEV &WTKPI VJG
CFXCPEGQH.QWKU+:CU5CNKJYCUCYC[HKIJVKPIJKUWPENGKP5[TKCDWVSWKEMN[TGVWTPGFCPFGPECORGF
CV CN/CUQWTCJ YJGTG JG FKGF QP /C[ &G HCEVQ RQYGT KP 'I[RV TGUVGF YKVJ VJG /COGNWMU
#[DCM CPF $CKDCTU DWV NGICN ITQWPFU HQT CRRQKPVKPI UWNVCP VJG /COGNWM GOKT YGTG NCEMKPI
%QPUGSWGPVN[ CU5CNKJŉU YKFQY 5CICT CN&WTT C UWNVCPC YKVJ VJG TGIPCN PCOG OCNKMCV CN/WUNKOKO
SWGGPQHVJG/WUNKOUTGKIPGF6JGEQPEGRVQHCYQOGPCVVJGVQRYCUJQYGXGTWPCEEGRVCDNGVQVJG
5[TKCP#[[WDKFUYJGTGWRQPVJGOCOGNWMUFGOCPFGFVJCV5CICTOCTT[#[DCMCPFC[GCTQNFRTKPEG
CN#UJTCH/WUCHTQOVJG[GOGPKVGDTCPEJQHVJG#[[WDKFUDGUWNVCP6JKURCXGFVJGYC[HQT#[DCMVQ
FGHKPKVGN[RWUJCUKFGVJG#[[WDKFUKPCPFWUWTRVJGUVCVWUQHUWNVCP
+P5CICTJCF#[DCMMKNNGFDGECWUGHQTRQNKVKECNTGCUQPUJGYCPVGFVQOCTT[VJGFCWIJVGTQHCP
0CUKT;WUWHVJGCVCDGIQH/QUWN
UGGWPFGT6WTEQOCPU#HGYFC[UNCVGTUJGJGTUGNHYCUOWTFGTGF
#[DCM YCU UWEEGGFGF D[ JKU UQP CNOCPUWTŉ#NK DWV HQT C UJQTV RGTKQF QPN[ 6JGP $CKDCTU DGECOG
UWNVCPJGYCUVQDGQPGQHVJGCEVQTUKPVJGHKPCNGZRWNUKQPQHVJGETWUCFGTU
6JG GPF QH VJG ETWUCFGTUŉ XGPVWTG JQYGXGT ECOG HTQO CP WPGZRGEVGF UKFG +P CNTGCF[ VJG

/QPIQNUJCFGUVCDNKUJGFVJGOUGNXGUCVVJGGFIGQHVJG#DDCUUKFGORKTG#UQHVGPKUVJGECUGJGTGVQQC
TGNCVKXGN[UOCNNGXGPVYCUVJGECWUGQHCPGPQTOQWUUJKHV6JGIQXGTPQTQH*YCTK\KPMKNNGFC/QPIQN
GOKUUCT[6JG/QPIQNUKOOGFKCVGN[EQPSWGTGFVJGGORKTGQH*YCTK\KPCPFHQWPFVJGOUGNXGUUVCPFKPICV
VJG DQTFGT QH VJG #DDCUUKF GORKTG #TQWPF VJG -JCICP /ÌPIMG QTFGTGF JKU DTQVJGT *ÒNCIÒ VQ
GZVGPFVJGDQTFGTUQHVJG/QPIQNGORKTGVQVJGYGUV6JGEKV[QH$CIFCFYCUEQPSWGTGFKPCPFVJG
ECNKRJYCUMKNNGF6JG#DDCUUKF'ORKTGYCUHKPKUJGF
UGG*CCTOCPR
355
MIDDLE EAST
#PWPURGEKHKGFTGNCVKXGQHVJGVTKDGQHVJG#DDCUUKFUCN*CMKOGUECRGFCPFYCUTGEGKXGFKP%CKTQD[
$CKDCTU UWNVCP QH VJG /COGNWMU CU ŋUWNVCP QH VJG #DDCUUKFUŌ 6JG F[PCUV[ VJQWIJ QDXKQWUN[ PQV
TGXKXGFVJWUNKXGFQPCUCUJCOECNKRJCVG
6JG /QPIQNU RWUJGF VJTQWIJ CPF EQPSWGTGF #NGRRQ CPF &COCUEWU 6JG /COGNWMU TGEKRTQECVGF D[
OCTEJKPIVQ2CNGUVKPGCPFUYKHVN[EQPSWGTKPI,CHHCCPF#PVKQEJ
6TKRQNKHQNNQYGFKP#RTKN
#ETGKP/C[,WPG6[TWUKP/C[5KFQPCPF$GKTWVKP,WN[CPFHKPCNN[2KNITKOŉU%CUVNG
KP#WIWUV
6JGETWUCFGTUŉGPVGTRTKUGJCFFGHKPKVGN[GPFGF

%1+0#)'+06*'2'4+1&(41/706+.

%QKPCIG TGHNGEVU VJGUG JKUVQTKE GXGPVU 9G YKNN WUG VJG UCOG ENCUUKHKECVKQP CU KP VJG JKUVQTKE UWTXG[

6JGUKVWCVKQPDGHQTGVJG(KTUV%TWUCFG
6JG NCPF YCU EQORNGVGN[ +UNCOKE 6YQ ECNKRJU RNC[GF C TQNG VJG #DDCUUKF ECNKRJ QH $CIFCF CPF VJG
(CVCOKFECNKRJKP%CKTQ6JG[WUGFVJGUCOGEQKPUVJGIQNFGPFKPCTCPFVJGUKNXGTFKTJGODQVJYKVJ
TGNKIKQWUVGZVUCPFVJGPCOGQHVJGECNKRJGZENWUKXGN[

6JGUKVWCVKQPUWTTQWPFKPIVJG(KTUV%TWUCFG
9JGP VJG ETWUCFGTU CTTKXGF VJG[ ECTTKGF 'WTQRGCP OQPG[ YJKEJ VJG[ JCF QDXKQWUN[ PGGFGF HQT VJG
NQPI LQWTPG[ 6JKU OQPG[ HQT VJG OQUV RCTV YCU HTQO VJG EQWPVT[ QH QTKIKP QH VJG UGRCTCVG CTOKGU +V
UGGOUXGT[WPNKMGN[VJCVVJKUOQPG[JCURNC[GFVJGUNKIJVGUVTQNGKPVTCFKPIYKVJVJG/WUNKOU6JGHCEV
VJCVVJGUGEQKPUCTGFWIWRPQYCFC[UKUJCTFN[UWTRTKUKPIOCP[ETWUCFGTUFKGFCPFVJGKTOQPG[YQWNF
JCXGDGGPDWTKGFYKVJVJGO

&GXGNQROGPVUDGVYGGPVJG(KTUVCPFVJG5GEQPF%TWUCFG
6JGETWUCFGTUOWUVUQQPJCXGFGRGPFGFQPVTCFKPIYKVJVJG/WUNKOUCPFJCXGWUGFVJGKTFKTJGOUCPF
FKPCTU6JGPGGFVQUVTKMGEQKPUQHVJGKTQYPECPPQVJCXGDGGPITGCVKVOC[JCXGDGGPJCTFVQKPUVCNN
OKPVUCPFVJG/WUNKOVTCFGTUOC[XGT[YGNNJCXGTGHWUGFVJGHQTGKIPEWTTGPE[
'ZEGRVKQPU YGTG 'FGUC CPF #PVKQEJ 6JGUG NCPFU YGTG HQTOCNN[ HKGHU QH VJG $[\CPVKPG 'ORGTQT UQ
RTGUWOCDN[$[\CPVKPGOQPG[YCUKPEKTEWNCVKQP+PDQVJEQWPVTKGUNCTIGEQRRGTEQKPUYGTGUVTWEMCHVGT
$[\CPVKPG GZCORNG DWV YKVJ VJGKT QYP EJCTCEVGTKUVKEU 'XGPVWCNN[ #PVKQEJ XGPVWTGF VQ UVTKMG KVU QYP
EQKPUVJQWIJUVKNNTGUGODNKPIVJG$[\CPVKPGQPGU
)TCFWCNN[ VJQWIJ EJCPIGU UNKRRGF KP (KTUV ,GTWUCNGO UVCTVGF VQ UVTKMG IQNF EQKPU GZCEVN[ CHVGT VJG
FKPCTU
6JG[KOKVCVGFVJG(CVCOKFFKPCTUYKVJVJGKT+UNCOKENGIGPFUCPFFCVGU+P9GUVGTP
FQEWOGPVUVJGUGEQKPUCTGQHVGPTGHGTTGFVQCUŋDKUCPEKKUCTCEGPCVKŌ
#NQPI YKVJ VJGUG KOKVCVKQPU QTKIKPCN EQKPU CHVGT 'WTQRGCP GZCORNG YGTG UVTWEM KP #PVKQEJ CPF
,GTWUCNGOCPFUQOGYJCVNCVGTKP6TKRQNK6JGETWUCFGTUŉEQKPURTQRGTQTKIKPCVGFCDQWVVJGUCOGVKOGKP
,GTWUCNGO WPFGT $CNFYKP +++
KP #PVKQEJ WPFGT 4C[OQPF QH 2QKVKGTU
CPF KP
6TKRQNK WPFGT 4C[OQPF ++
+P 6TKRQNK $GTVTCO CPF 4C[OQPF + JCF DGGP OKPVKPI VQQ DWV
VJGUGEQKPUYGTGHCKVJHWNEQRKGUQH'WTQRGCP
(TGPEJEQKPU'FGUCJCFVJGPDGGPNQUVCNTGCF[%QKPCIG
KP ,GTWUCNGO GPFGF KP VJG QVJGT OKPVU HQNNQYKPI KP VJG VJ EGPVWT[ 6JG TGCUQP HQT VJKU QYP
EQKPCIGOWUVJCXGDGGPFKHHGTGPVHTQOVJCVHQTPQTOCNEQKPCIGOQUVYGTGUVTWEMKPEQCUVCNTGIKQPUYGTG
VJG VTCFG YCU OCKPN[ YKVJ 'WTQRG 6JG VYQ V[RGU UVTWEM KP ,GTWUCNGO ECPPQV JCXG DGGP WUGF HQT VJKU
RWTRQUG9GOKIJVTCVJGTUGGVJGUGCURTQRCICPFCEQKPUCXKGYVJCVEQTTGURQPFUYKVJVJGKOCIGUWUGF
VJG %JWTEJ QH VJG *QN[ 5GRWNEJTG CPF VJG 6QYGT QH &CXKF 2GTJCRU VJG V[RG YKVJ VJG -PKIJV QH VJG
%TQUUUJQWNFDGKPENWFGFKPVJKUECVGIQT[CUYGNN

(TQOVJG6JKTF%TWUCFGWPVKNVJGGPFKP
6JGKUUWGQHVJGIQNFEQKPU
KOKVCVKQPUQHVJG(CVCOKFFKPCTUEQPVKPWGFKPVQVJGVJKTVGGPVJEGPVWT[DWVKP
CU C TGUWNV QH CP KPVGTXGPVKQP D[ VJG RCRCN NGICVG VQ VJG *QN[ .CPF 1FQ QH %J³VGCWTQWZ VJG
OKPVKPI QH EQKPU YKVJ /WUNKO NGIGPFU UGGOU VQ JCXG EGCUGF (TQO KUUWGU QH KOKVCVKQP FKPCTU
CRRGCTGFDGCTKPI%JTKUVKCPNGIGPFUCPF%JTKUVKCPFCVGUKP#TCDKECPFUQOGQHVJGUGYGTGOCTMGFYKVJ
ETQUUGU QP QPG QT DQVJ UKFGU 1P VJG UJGGT UVTGPIVJ QH PWOKUOCVKE GXKFGPEG JQYGXGT YG UJQWNF DG
LWUVKHKGFKPEQPENWFKPIVJCVUVTKMKPIVJGUGNCVVGTEQKPUYCUCDCPFQPGFD[CVVJGNCVGUV
+PVJGGCTN[VJKTVGGPVJEGPVWT[VJGFKTJCOUQH#NGRRQYGTGEQRKQWUN[KOKVCVGF(TQOQPYCTFUKV
YCU VJG VWTP QH VJG &COCUEWU FKTJCOU QH CN5CNKJ +UOCŉKN
TWNGT QH &COCUEWU KP CPFCICKPHTQO
VQ6JGUGKOKVCVKQPUJCXGCN5CNKJ+UOCŉKNŉUPCOGQPVJGQDXGTUGCPFVJGPCOGQHVJG%CNKRJ
QH$CIFCFCN/WUVCPUKTQPVJGTGXGTUG6JGUGETWUCFGTKOKVCVKQPUYGTGUVTWEMHTQOVQ
+P CPF FKTJCOU YKVJ %JTKUVKCP NGIGPFU KP #TCDKE YGTG UVTWEM D[ VJG %TWUCFGTU +P
KOKVCVKQPFKTJCOUDGCTKPIVJGPCOGUQHCN5CNKJ+UOCŉKNCPFCN/WUVCPUKTDWVCNUQCTGNKIKQWUN[PGWVTCN
KPUETKRVKQPYGTGUVTWEM
#NNQTKIKPCNEQKPCIGGPFGFKPVJGVJEGPVWT[+PVJGMKPIFQO,GTWUCNGOEQKPCIGYCUEQPVKPWGFCHVGT
KP #ETG +P #PVKQEJ EQKPCIG GPFGF CTQWPF CPF KP 6TKRQNK EJCPIGF VQ ITQCV CPF JCNH
ITQCVENGCTN[EQTTGURQPFKPIYKVJVJGEQKPCIGQP%[RTWU
356
MIDDLE EAST
6*'5*#2+0)1(6*'(174%475#&'45ŉ56#6'5

#V VJG GPF QH VJG VJ EGPVWT[ $[\CPVKWO JCF VQ YCVEJ 5GNLWSU CPF 0QTOCPU PKDDNKPI QHH VJGKT
VGTTKVQTKGU+PVJGRQUUGUUKQPUKP+VCN[JCFCNTGCF[DGGPNQUVVQ4QDGTV)WKUECTFKPVJGDCVVNGQH$CTK
CPFPQYVJGFGHGCVKPVJGDCVVNGQH/CP\KMGTVKPGCUV6WTMG[ICXGVJG5GNLWSUVJGEJCPEGVQCFXCPEGKPVQ
$[\CPVKPG CU YGNN CU +UNCOKE VGTTKVQTKGU 6JG[ UGK\GF ,GTWUCNGO HTQO VJG (CVCOKFU CPF KP JCF
RWUJGFHQTYCTFCUHCTCU0KECGC
UGG$QGTCQ/KFFNGCIGURGVUGSS
6JGTGWRQPVJG$[\CPVKPG'ORGTQT#NGZKWU+%QOPGPWUGPNKUVGFVJGJGNRQHVJGRQRGYJQKPVJGU[PQF
QH%NGTOQPF(GTTCPFKPECNNGFHQTCETWUCFGCICKPUV+UNCO6JGEQPEGRVQH*QN[9CTKUEQKPGF
D[5V#WIWUVKPGKPJKUVTGCVKUGQPVJGGUUGPEGQHCLWUVYCT
DGNNWOKWUVWO
6JGTGCTGVJTGGETKVGTKC

6JGYCTOWUVDGYCIGFD[CNGICNCWVJQTKV[
KGGORGTQTQTRQRG
6JGYCTOC[QPN[DGYCIGFCUCTGCEVKQPVQCPWPLWUVCEVKQPD[VJGCFXGTUCT[
6JGYCTOWUVDGECTTKGFD[IQQFKPVGPVKQPUUWEJCUFKXKPGNQXGCPFOGTE[

6JGRQRGŉUECNNOGVYKVJITGCVCEENCKOOCP[VQQMWRVJGETQUU
VCMGWRVJGETQUUOGCPKPIEWVVKPI
QPGŉUENQVJGUKPVQETQUUGUCPFHCUVGPVJGUGVQQPGŉUUJQWNFGTU6JKUYCUDCUGFQP/VőCPFJG
VJCVVCMGVJPQVWRJKUETQUUCPFHQNNQYGVJOGKUPQVYQTVJ[QHOG
%QPUGSWGPVN[ VJG (KTUV %TWUCFG VQQM RNCEG HTQO WPVKN 4GCNKV[ FKF JQYGXGT PQV OGGV
#WIWUVKPGŉUTGSWKTGOGPVU6JGCTO[YCUOCFGWRQHMPKIJVUCPFRGQRNG6JGHQTOGTUCYVJGEJCPEGVQ
GPNCTIGVJGKTVGTTKVQT[UQOGVJKPI'WTQRGEQWNFUECTEGN[QHHGTCPFVJGCTO[VTCORNGFCDQWVRKNNCIKPI
YJCVVJG[EQWNF5QOGQVJGTUJQRGFHQTCPGYVTCFKPIOCTMGV
#UECPDGGZRGEVGFVJGMPKIJVUIQVVJGOQUVCVVGPVKQP6JGTGYGTGHQWTITQWRU

-PKIJVU QH VJG F[PCUV[ QH .QYGT .QTTCKPG 'WUVCEG ++ %QWPV QH $QWNQIPG OCTTKGF VQ +FC QH
.QYGT.QTTCKPGUKUVGTQH)QFHTG[VJG*WPEJDCEM6JG[JCFHQWTEJKNFTGPCOQPIYJKEJ)QFHTG[
QH$QWKNNQP$CNFYKP+CPF/GNKUGPFG)QFHTG[VJG*WPEJDCEMCRRQKPVGF)QFHTG[QH$QWKNNQPVQ
JKU UWEEGUUQT KP )QFHTG[ CU YGNN CU $CNFYKP LQKPGF VJG (KTUV %TWUCFG CU PQVCDNGU 6JKU
ITQWRCKOGFHQTVJGEQWPV['FGUCCPFVJG-KPIFQO,GTWUCNGO

4C[OQPF+8QH5V)KNNGUEQWPVQH6QWNQWUG*GYCUVJGOQUVKORQTVCPVOCPKPUQWVJGTP(TCPEG

UGGWPFGT6QWNQWUG2QRG7TDCPHGNVJGYCUVJGKFGCNOKNKVCT[EQOOCPFGTHQTVJG(KTUV%TWUCFG
CPFUQVJCVKUYJCVJGECOGVQDG6JKUITQWRCKOGFHQT#PVKQEJ

6JG 0QTOCPU HTQO 5KEKN[ 4QDGTV )WKUECTF JCF FGHGCVGF VJG $[\CPVKPGU CNTGCF[ *KU UQP
$QJGOQPF+VQQMRCTVKPVJGHKTUV%TWUCFG6JKUITQWRCKOGFHQT6TKRQNK

*WIJQH.WUKIPCPUVGOOKPIHTQOCPQDNGHCOKN[YJQCRRGCTGFCNTGCF[KPVJGVJEGPVWT[KPVJG
VQYPQH.KEKPKCPWUVQVJGUQWVJYGUVQH2QKVKGTU*WIJ++VJGUQPQHVJGHQWPFGT*WIJ+DWKNVVJG
ECUVNG.WUKIPCPCTQWPF6JKUITQWRFKFPQVCRRGCTKOOGFKCVGN[CHVGTVJGHKTUV%TWUCFGDWV
RNC[GFCPKORQTVCPVTQNGKPVJGPGZVIGPGTCVKQPKP,GTWUCNGOCPFCDQXGCNNQP%[RTWUYJGTGVJG[
YGTGVQTGOCKPCNQPIVKOG

#UCTGUWNVHQWTUOCNNUVCVGUYGTGHQWPFGFCNQPIVJG/GFKVGTTCPGCP
2GTJCRUVQMGPUYGTGFKUVTKDWVGFVQVJGETWUCFGTUUWEJCUVJKUQPG

6QMGP#*GCFQH%JTKUVHCEKPI4%TQUUYKVJQPGUOCNNGTETQUUCVVJGGPFQHGCEJNKODCPFKPGCEJ
CPING
%TQUUQH,GTWUCNGOIT 448GT[HKPG
PQō5ÒFHTCP\ÌUKUEJG¤NOCTMGUQIGPCPPVGT-TGW\HCJTGTRHGPPKIŋ
5RGEKOGP/CEMGPUGP#UVHGNFEQNNGEVKQP
5RGEKOGP2CEJKPIGTEQNNGEVKQP
6JKU RKGEG KU FKHHKEWNV VQ ECVGIQTKUG 5V[NKUVKECNN[ VJG JGCF QH %JTKUV TGUGODNGU VJG QPG QP VJG ŋEQTQPCVKQP VTCOŌ QH
.GXQP+DWVUJQWNFVJGPDGFCVGFCTQWPF
(QWTVJ%TWUCFG6JG,GTWUCNGOETQUUKUOCKPN[HQWPFQP%[RTWU
VJGTGYGTGENQUGVKGUDGVYGGP%[RTWUCPF%KNKEKCP#TOGPKC
2CEJKPIGTYJQEQNNGEVGFOCP[QHVJGUGQDLGEVUTGITGVVCDN[OCFGPQOGPVKQPQHVJKURKGEGKPJKURWDNKECVKQPU
YKVJ
VJCPMUVQ*GTOCPP/CW¾QHVJG)GTOCPKUEJGU0CVKQPCN/WUGWO0WTGODGTI
357
EDESSA
%1706;QH'&'55#
#U C VQYP 'FGUUC YCU CNTGCF[ MPQYP KP CPEKGPV JKUVQT[ #V VJG GPF QH VJG VJ EGPVWT[ 'FGUUC YCU
HKGTEGN[ HQWIJV QXGT D[ /WUNKOU CPF #TOGPKCPU WPVKN KV FGHKPKVKXGN[ HGNN VQ #TOGPKC KP 6JQTQU
JQYGXGTYCUWPFGTJGCX[RTGUUWTGHTQOVJG6WTMKUJ'OKT-KTDQICQH/QUWN*GVJGTGHQTGVWTPGFVQ
$CNFYKPVJGDTQVJGTQH)QFHTG[QH$QWKNNQPYJQJCFUGRCTCVGFHTQOVJGOCKPHQTEGKP%KNKEKCKP
CPFYJQYCUOQXKPIKPVJGFKTGEVKQPQHVJG'WRJTCVGU+P$CNFYKPCTTKXGFKP'FGUUCCPFUGK\GF

RQYGTHTQO6JQTQU
YJQYCUOWTFGTGFUJQTVN[CHVGT
1RGTCVKPI HTQO 5COQUCVC CV VJG 'WRJTCVGU $CNFYKP TGKPUVCVGF NKCKUQPU YKVJ #PVKQEJ 6JWU VJG EQWPV[
'FGUUCECOGKPVQDGKPIYKVJQWVJQYGXGTENGCTN[FGHKPGFDQTFGTUQTCEQJGTGPVRQRWNCVKQP0QVYKVJ
UVCPFKPI KV YCU C RQYGTHWN UVCVG DGKPI VJG DWHHGT DGVYGGP VJG %JTKUVKCP UVCVGU CPF VJG TGIKQPU VQ VJG
PQTVJGCUVQH'FGUUC
+P $CNFYKP DGECOG MKPI QH ,GTWUCNGO CPF JKU EQWUKP $CNFYKP QH $QWTES
$CNFYKP ++ EQWPV QH
'FGUUC #HVGT VJG FGHGCV CV *CTTCP KP $CNFYKP + CPF JKU EQWUKP ,QUEGNKP + QH %QWTVGPC[ YGTG
ECRVWTGFD[VJG6WTMUVQDGTGNGCUGFQPN[CHGY[GCTUNCVGT&WTKPIVJCVVKOG6CPETGFQH#PVKQEJCEVGF
CUTGIGPV#HVGTVJGFGOKUGQH$CNFYKP+KP$CNFYKPQH$QWTES
$CNFYKP++UWEEGGFGFJKOCPF
ITCPVGF,QUEGNKP+VJGHKGHQH'FGUUC+P,QUEGNKPYCUECRVWTGFQPEGOQTGCPF$CNFYKP++CEVGFCU
TGIGPVWPVKNJGVQQYCUECRVWTGFKP#HVGTVJGUGEJCPIGU)QFHTG[VJG/QPMDGECOGTGIGPV6JGP
VJG#TOGPKCPUNKDGTCVGF,QUEGNKPYJQTGENCKOGFJKUHKGH+PJGYCUUWEEGGFGFD[JKUUQP,QUEGNKP
++YJQUGNGCFGTUJKRYCUUQYGCMVJCV'FGUUCHCEGFGXGTITQYKPIFKHHKEWNVKGU

+P VJG VQYP ECOG WPFGT CVVCEM HTQO VJG CVCDGI QH /QUWN 0WTCFFKP <GPIK *G JCF CNN (TCPMU
OWTFGTGF DWV URCTGF 5[TKCP %JTKUVKCPU #TOGPKCPU ,CEQDKVGU CPF )TGGMU 6JG #TOGPKCPU VTKGF VQ
TGKPUVCVG ,QUEGNKP DWV HCKNGF 0WTCFFKPU TGXGPIG YCUVGTTKDNGCNNOGPYGTGMKNNGFQTDCPKUJGFYQOGP
CPFEJKNFTGPYGTGOCFGUNCXGU'FGUUCQPEGUQKORQTVCPVYCUNGHVFGUGTVGFPGXGTVQTGEQXGT

%QWPVUQH'FGUUC

$CNFYKP+
$CNFYKP++
4GIGPV6CPETGF
4GIGPV4KEJCTFQH5CNGTPQ
$CNFYKP++
,QUEGNKP+
4GIGPV)QFHTG[VJG/QPM
,QUEGNKP+
,QUEGNKP++
$#.&9+0++

(QTHWTVJGTKPHQTOCVKQPUGGWPFGT,GTWUCNGO#NNEQKPUQH$CNFYKPCTGEQWPVGTOCTMU

(QNNKU # +P VJTGG NKPGU $#Λ# 8+01 0*

$#.&9+0 %1706 4 %TQUU QP UYQTF CPF
JCOOGT/25/GVECNH5EJNWODGTIGT2N+IT 44(NCPETCEMXGT[HKPG
5RKPM.QPFQP
(TQO0%PQ
'Z5NQEWOEQNNGEVKQP
5QVJGD[OCTEJ
/GVECNHFQGUPQVOGPVKQPUYQTFCPFJCOOGTQPTGXGTUGDWVYGFIGU
,WFIKPIHTQOVJGFGUKIPVJKUKU/GVECNHŉUŋ$CNFYKP++KPVJGRGTKQF
JGCX[HQNNKU2QTVGQWU%NCUUŌDWV
VJGYGKIJVCV/GVECNHKUITCPFITYJGTGCUVJGYGKIJVJGTGKUQPN[IT
358
ANTIOCH

(QNNKU # #TOQWTGF EQWPV YKVJ ETQUU CPF UJKGNF $Λ81 N 4 5OCNN ETQUU $ * # 0 CTQWPF
/25/GVECNH5EJNWODGTIGT2N+IT 44(KPG
5RKPM.QPFQP
(TQO0%PQ
'Z5NQEWOEQNNGEVKQP
5QVJGD[OCTEJ
2WTEJCUGFHTQO22TQVQPQVCTKQU/C[
+P5EJNWODGTIGT+PQVGZVQDXGTUG6GZVQPQDCPFTGXGTUG$#.&9+0
/GVECNH$CNFYKP++CHVGT
24+0%+2#.+6;QH#06+1%*
6JG VQYP QH #PVKQEJ YCU HQWPFGF #% #HVGT VJG EQPSWGUV D[ VJG 4QOCPU KP #% #PVKQEJ
DGECOGVJGECRKVCNQHVJGRTQXKPEGQH5[TKC+VYCUPQVLWUVCPKORQTVCPVRNCEGQHVTCFGDWVCNUQCPEGPVTG
QH%JTKUVKCPKV[$QVJ,QJP%JT[UQUVQOQUCPF0GUVQTKQUYGTG#PVKQEJKCPU#HVGTVJG5[PQFQH%JCNEGFQP

VJG #PVKQEJKCP EJWTEJ URNKV KPVQ OGNMKVGU
)TGGM CPF OQPQRJ[UKVGU
GPFGOKE 6JKU UEJKUO
JGTCNFGFVJGHCNNQH#PVKQEJ
6JGRTKPEKRCNKV[QH#PVKQEJYCUHQWPFGFKPFWTKPIVJG(KTUV%TWUCFGD[$QJGOQPFQH6CTGPVG
KP
/CTE$QJ¾OQPF QH 6CTCPVG YCU RTQENCKOGF RTKPEG QH #PVKQEJ WPFGT VJG PCOG QH $QJGOQPF +

5EJN R $QJGOQPF + CPF $QJGOQPF ++ YGTG ECNNGF UGKIPGWTU Fŉ#PVKQEJG FQOKPK #PVKQEJGPK
$GECWUG#PVKQEJJCFCNYC[UDGGPC%JTKUVKCPUVTQPIJQNFKVDGECOGCPKORQTVCPVVCTIGVHQTVJG/WUNKOU
CHVGTVJGEQPSWGUVD[VJGETWUCFGTU
VJGEQWPVGTETWUCFGU#PVKQEJNQUVCITGCVFGCNQHNCPFVJTQWIJVJGUG
CVVCEMUGURGEKCNN[CHVGTVJGHCNNQH'FGUUC

9JGP5CNCFKPQEEWRKGF'I[RVKPJKUHQEWUUJKHVGFVQVJKUVGTTKVQT[UQVJG$QJGOQPFF[PCUV[YCU
CDNGVQTGKIPKPRGCEGHQTVJGPGZVEGPVWT[
#PVKQEJJCFCNYC[UDGGPDQVJGTGFD[KVURQNKVKECNPGKIJDQWTU6JG$[\CPVKPG'ORKTGCDQXGCNNVTKGFVQ
DTKPI#PVKQEJYKVJKPKVURQYGT+P'ORGTQT,QJP++HQTEGF#PVKQEJVQTGEQIPKUGVJGUW\GTCKPV[QH
$[\CPVKWOCPFC)TGGMRCVTKCTEJYCUCRRQKPVGFKPNKGWQHC.CVKPQPG6JKUVJTGCVYCUVJYCTVGFD[VJG
HCNNQH%QPUVCPVKPQRNGKP
$QJGOQPF +++ JCF VYQ UQPU VJG GNFGUV 4C[OQPF + YJQ DGECOG EQWPV QH 6TKRQNK
YJGP
$QJGOQPF+++VQQMVJCVVQYPKPCPF$QJGOQPF+8YJQUWEEGGFGFJKUHCVJGTKP6JGUQPQH
4C[OQPF4C[OQPF++4QWRGPCNUQRWVKPCENCKO6JGHKTUV[GCTUQHVJGVJEGPVWT[YGTGVJGUVCIG
QHCDKVVGTHKIJVDGVYGGP$QJGOQPF+8CPF4C[OQPF++4QWRGP6JGNCVVGTEQPSWGTGF#PVKQEJKP
DGECOGRTKPEGCPFUVC[GFKPRQYGTWPVKNCHVGTYJKEJ$QJGOQPF+8TGVWTPGF
9JGP #TOGPKC CTQUG CU C MKPIFQO KP VJG DGIKPPKPI QH VJG VJ EGPVWT[ KV NCKF C ENCKO QP #PVKQEJ
.QWKUVJG2KQWUTGEQPEKNGF#TOGPKCYKVJ#PVKQEJ
$QJGOQPF8+5VKNNVJKUFTQXG#PVKQEJKPVQVJGCTOUQH
#TOGPKCCPFVJWUKPVJQUGQHVJG/QPIQNUYJQYGTGICKPKPIOQTGCPFOQTGVGTTKVQT[6JGGPFECOGKP

2TKPEGUQH#PVKQEJ

$QJGOQPF+
4GIGPV6CPETGF
$QJGOQPF +
4GIGPV6TCPETGF
4GIGPV4QIGT
4GIGPV$CNFYKP++
$QJGOQPF++
%QPUVCPEG
4GIGPV$CNFYKP++
4GIGPV(WNEQ
4GIGPV4C[OQPFQH2QKVKGTU
4GIGPV$CNFYKP+++
4GIGPV4C[PCNFQH%J³VKNNQP
$QJGOQPF+++
$QJGOQPF+8
4WRKP
$QJGOQPF+8
$QJGOQPF8
$QJGOQPF8+

+PVJG/COGNWMUQH$CKDCTUVQQMQXGT6JGEQWPVUQH6TKRQNKYGTGRTKPEGUQH#PVKQEJKPPCOGQPN[

NCVGT.WUKIPCPQH%[RTWUENCKOGFVJKUVKVNG
6JGRTKPEKRCNKV[#PVKQEJGZKUVGFHTQOVQ$[\CPVKWOPGXGTICXGWRKVUENCKOUVQVJGVGTTKVQT[
359
ANTIOCH

(QNNKU#$WUVQH%JTKUVHCEKPIDGVYGGP+%CPF:%4%TQUUYKVJQPGRGNNGVCVVJGGPFQHGCEJNKOD
CPF QP UOCNNGT ETQUU HNQTKCVGF QTPCOGPVU KP VJG CPINGU /25 /GVECNH 5EJNWODGTIGT 2N
+
'FGUUC&1%$0IT 449GCMN[UVTWEMCPFCNKVVNGQHHEGPVTGXGT[HKPG
$CVCXKCFGP*CCI
6JKUEQKPWUGFVQDGCUETKDGFVQ$[\CPVKWODWVNCVGTKVDGECOGENGCTVJCVKVDGNQPIUKP#PVKQEJ#NVJQWIJVJGTGCTG
EGTVCKPFGVCKNUYJKEJECPDGCNUQHQWPFQPEQKPUHTQO'FGUUC
6#0%4'&

6CPETGFYCUCETWUCFGTHTQOVJG0QTOCPF[PCUV[*CWVGXKNNG
JGYCUVJGITCPFUQPQH4QDGTV)WKUECTF
*G VQQM RCTV KP VJG (KTUV %TWUCFG WPFGT JKU WPENG $QJGOQPF QH 6CTGPVG *G YCU KPXQNXGF KP VJG
EQPSWGUVQH#PVKQEJ
CPF,GTWUCNGO
*GRQUUGUUGFVJGKORQTVCPV6QYGTQH6CPETGFKPVJG
PQTVJYGUVQH,GTWUCNGO*GRNWPFGTGFVJG#N#SUCOQUSWGCPFVJG%JWTEJQHVJG*QN[5GRWNEJTG
+P JG VQQM QXGT VJG TGIGPE[ QH #PVKQEJ HTQO $QJGOQPF YJQ JCF DGGP VCMGP ECRVKXG 9JGP
$QJGOQPFTGVWTPGF6CPETGFDGECOGTGIGPVQH'FGUUC
5KPEG JG YCU YGFFGF VQ %GEKNKC VJG FCWIJVGT QH -KPI 2JKNKR + QH (TCPEG #HVGT VJG TGVWTP QH
$CNFYKPJGJCFVQTGVWTP'FGUUC$QVJOGPTGEQPEKNGFKPCPFVQIGVJGTEQPSWGTGF6TKRQNKKPVJG
UCOG[GCT

(QNNKUUVV[RG#$WUVQH5V2GVGTYKVJETQUUQ/'621%
5V2GVTWU4+PUKZNKPGU -'$1+
Θ*61∆8Λ1%186#0-2+
.14&*'.2;1745'48#066#0%4'&/25
/GVECNH5EJNWODGTIGT2N++IT 5OCNNHNCPXGT[HKPG
%QKPUCPF#PVKSWKVGU.QPFQP

(QNNKUUVV[RG#$WUVQH5V2GVGTYKVJETQUUQ/'621%
5V2GVTWU4+PUKZNKPGU -'$1+
Θ*61∆8Λ1%186#0-2+
.14&*'.2;1745'48#066#0%4'&/25
/GVECNH5EJNWODGTIGT2N++IT 8GT[HKPG
5EJWNOCP#OUVGTFCO
360
ANTIOCH

(QNNKUPFV[RG#$WUVQHVJGEQWPVHCEKPIYKVJUYQTF -'$16#0-2+4%TQUUYKVJNKPGCVVJG

GPF QH GCEJ NKOD CPF HNQTKCVGF QTPCOGPV CV VJG DCUG +% :% 0+ -# KP VJG CPINGU /25
/GVECNH5EJNWODGTIGT2N++IT #NKVVNGQHHEGPVTGXGT[HKPG
$CVCXKCFGP*CCI

(QNNKUPFV[RG#$WUVQHVJGEQWPVHCEKPIYKVJUYQTF -'$16#0-2+4%TQUUYKVJNKPGCVVJG

GPF QH GCEJ NKOD CPF HNQTKCVGF QTPCOGPV CV VJG DCUG +% :% 0+ -# KP VJG CPINGU /25
/GVECNH5EJNWODGTIGT2N++IT (NCPETCEMCNOQUVXGT[HKPG
5EJWNOCP#OUVGTFCO
6JKUV[RGJCUGZVGPUKXGN[DGGPEQOOGPVGFKP42GUCPV6JGGHHKI[QPVJGEQKPUQH6CPETGFQH#PVKQEJKP0%
R
*GFKUVKPIWKUJGUVJTGGV[RGU6JKUVJGPKUV[RGC
CUKUPQ

(QNNKUTFV[RG#5V2GVTWUUVCPFKPIYKVJETQUUCPFDNGUUKPIJCPF4%TQUUYKVJ&5(6

&1/+0'5#.88/(#%6#0%4'&8/KPVJGCPINGU/25/GVECNH5EJNWODGTIGT
2N8IT 8GT[HKPG
$CVCXKCFGP*CCI

(QNNKUVJV[RG#$WUVQH%JTKUVHCEKPIDGVYGGP+%CPF:%4%TQUUYKVJVJTGGRGNNGVUCVVJGGPFQH
GCEJ NKOD CPF 6# 0- 2 * KP VJG CPINGU /25 /GVECNH 5EJNWODGTIGT 2N ++
IT 6TCEGUQHGPETWUVCVKQPCPFXGTFKITKUHKPG
$CVCXKCFGP*CCI
361
ANTIOCH
41)'44GIGPV

(QNNKU PF V[RG # 0KODCVG /CTKC UVCPFKPI QTCPU 4 +P UKZ NKPGU -ª $1* Θª+6ω%ω
∆18λω2165'2+
.14&*'.2;1745'48#0641)'4/25/GVECNH
5EJNWODGTIGT2N++IT 6TCEGUQHCPQXGTUVTWEMHNCPETCEMHKPGVQXGT[HKPG
$CVCXKCFGP*CCI
6JGTGCTGVTCEGUQHCPQXGTUVTWEMQPVJGQDXGTUGQPCJGCFQH%JTKUV
/GVECNH

(QNNKU # 5V )GQTIG QP JQTUGDCEM T URGCTKPI FTCIQP TKPI N KP HKGNF
VTCEGU QH VJG NGIGPF 1#
Γªω2 4 +P VJTGG NKPGU 216Ç'2 Π2+Γ-Π% %#0
41)'4 24+0%' 1( #06+1%*
/25/GVECNH5EJNWODGTIGT2N++IT +TTGIWNCTHNCPXGT[HKPG
$CVCXKCFGP*CCI
4#;/10&QH21+6+'45

*G YCU VJG UQP QH )WKNNCWOG 8+ %QWPV QH 2QKVQW CPF &WMG QH #SWKVCKPG CPF %QPUVCPEG JGKTGUU QH
#PVKQEJ
#PVKQEJ PGGFGF C UVTQPI NGCFGT CPF 4C[OQPF HKVVGF VJG DKNN #NVJQWIJ JG FGHGCVGF VJG /WUNKOU CV
#NGRRQJGEQWNFPQVHTGG#PVKQEJHTQO$[\CPVKPGENCKOU
6JG 5GEQPF %TWUCFG YCU VJG KFGCN QRRQTVWPKV[ VQ OCTEJ CICKPUV VJG /WUNKOU DWV -KPI .QWKU 8++ QH
(TCPEGHQTDCFGCYCTKP0QTVJ5[TKC6JWU0WTCFFKPYCUCDNGVQKPETGCUGRTGUUWTGQP#PVKQEJ+PVJG
$CVVNGQH+PCD4C[OQPFUWEEWODGF

&GPKGT # $WUV T 4#/80&85 4 %TQUU #06+1%*+' /25 /GVECNH
5EJNWODGTIGT2N++IT 49GCMN[UVTWEMCVVJGGFIGQVJGTYKUGXGT[HKPG
PQ
/GVECNH5OCNNGTDWUVQTJGCF
$1*'/10&+++

6JKUV[RGQHEQKPQH$QJGOQPF+++KUCEQPVKPWCVKQPQHVJQUGQH4C[OQPFQH2QKVKGTU

&GPKGT%NCUU%#$WUVT $1#/80&854%TQUU #06+1%*/25/GVECNH

5EJNWODGTIGT2N++IT &CTMRCVKPCUOCNNHNCPXGT[HKPG
*KTUEJ/ÒPEJGP
'Z*KTUEJ/ÒPEJGP#WEVKQP
PQ
362
ANTIOCH

&GPKGT %NCUU ' # $WUV T $1#/80&75 4 %TQUU #06+ 1 %*+# /25
/GVECNH5EJNWODGTIGTIT &CTMRCVKPCXGT[HKPG
*KTUEJ/ÒPEJGP
'Z*KTUEJ/ÒPEJGP#WEVKQP
PQ

&GPKGT %NCUU ' # $WUV T YKVJ ETGUEGPV QP PGEM $1#/80&85 4 %TQUU #06+1%*+#
/25/GVECNH5EJNWODGTIGT2N++IT 6TCEGUQHGPETWUVCVKQPXGT[HKPG
$CVCXKCFGP*CCI
*'./'6&'0+'4

6JGŋJGNOGVUGTKGUŌUVTGVEJGUQXGTCNQPIRGTKQF

C 6JG HKTUV JCU DGGP UVTWEM D[ 4C[OQPF QH 2QKVKGTU
5EJNWODGTIGT ++ 6JG DWUV VQ VJG TKIJV
YKVJJCNHOQQPCPFUVCT.GIGPF4#+/80&85CPF#06+1%*
D 5COG FGUKIP VQ VJG NGHV DWV JGTG KP VJG PCOG QH $QJGOQPF
5EJNWODGTIGT +++ .GIGPF
$1#/80&85CPF#06+1%*
E 5COG FGUKIP VQ VJG TKIJV CNUQ KP VJG PCOG QH $QJGOQPF
$1#/80&85CPF#06+1%*
F 5COG FGUKIP VQ VJG NGHV KP VJG PCOG QH 4C[OQPF 4QWRGP
482+085CPF#06+1%+++#

4C[OQPFQH2QKVKGTUTGKIPGFHTQOVQUQYGOC[CUUWOGVJCVVJGUGUGTKGUYCUUVCTVGFKPVJG
RGTKQFCPFJCUDGGPEQPVKPWGFWPVKN
/GVECNH
CPFRCPF/25
RFKHHGTGPVKCVGCITGCVPWODGTQHXCTKGVKGU
DCUGFQPVJGFGUKIPCUYGNNCUVJGNGVVGTKPI6JGKOCIGKUV[RKECNHQTVJGYC[CMPKIJVYCUFGRKEVGFCVVJG
VKOG

+PDQVJECUGUCJGNOGVCPFCOCKNEQKHVJCVEQXGTUVJGITGCVGTRCTVQHVJGHCEG6JGETQUUQPVJGJGNOGVCV
VJG*GNOGVV[RGKUQDXKQWUN[VJGUKIPQHVJG-PKIJVQHVJG%TQUUUQOGVJKPIPQVFGRKEVGFKPCP[QVJGT
KOCIG
#V ŋ-KPIFQO ,GTWUCNGOŌ C EQKP KU KPENWFGF VJCV OC[ YGNN DG VJG RTQVQV[RG QH VJKU UGTKGU
HQT C
FGUETKRVKQPUGGVJGTGPQ
363
ANTIOCH
6JGFGUKIPQHVJKUŋRTQVQV[RGŌCPFVJCVQHVJGMPKIJVKP#KZNC%JCRGNNGCTGTGOCTMCDN[UKOKNCT

&GPKGT#*GNOGVGFJGCFNDGVYGGPETGUEGPVCPFUVCTETQUUQPJGNOGV $1#/80&854%TQUU

YKVJETGUEGPVKPVJGPFCPING #06+1%*+#/25
6[RG%NCUU#(/GVECNH
5EJNWODGTIGTEH2N++++++IT #NOQUVGZVTGOGN[HKPG
$GTPCTFK6TKÀUV

&GPKGT#*GNOGVGFJGCFNDGVYGGPETGUEGPVCPFUVCTETQUUQPJGNOGV $1#/80&854%TQUU

YKVJETGUEGPVKPVJGPFCPING #06+1%*+#/25
6[RG%NCUU#(/GVECNH
5EJNWODGTIGTEH2N++++++IT
5OCNNHNCPFGHGEVCVVJGGFIGCPFVTCEGUQHXGTFKITKUXGT[HKPGVQGZVTGOGN[HKPG

&GPKGT#*GNOGVGFJGCFNDGVYGGPETGUEGPVCPFUVCTETQUUQPJGNOGV 186/80&8054%TQUU

YKVJETGUEGPVKPVJGPFCPING#06+1%*+#
TGVTQITCFG/25
6[RG%NCUU#(/GVECNH
5EJNWODGTIGTEH2N++++++IT )TGGPRCVKPCCPFUNKIJVN[EQTTQFGFXGT[HKPG
$QPXCNNGV2CTKU
+PVJGVGZVQPTGXGTUGDGVYGGPVJG+CPF1VJTGGTKPIUKPCVTKCPING
364
ANTIOCH
#06+1%*(4#%6+10#.%1+0#)'
+P#PVKQEJCPWODGTQHV[RGUJCUDGGPUVTWEMQPCUOCNNUECNGYJKEJECPPQVDGCUETKDGFVQCRCTVKEWNCT
RTKPEG
YKVJ VJG GZEGRVKQP QH ITQWR & UGG DGNQY 5EJNWODGTIGT CNTGCF[ PQVGF VJKU CPF /GVECNH
EQPEWTTGF6JGTGCTGUQOGFKHHGTGPEGUTGECRKVWNCVGFKPVJGHQNNQYKPIVCDNGD[/GVECNH

/GVECNH 5EJN2N (GCVWTG 2TKPEG PQEQNN
# ++ 4#/
# +++ )CVGYC[
$ +++ 5VCTETGUEGPV $1#/80&85
% +++ 'FKHKEG! 24+0%'25
% +++ 5
TGVTQITCFG 24+0%'25
& +++ .KU $1#/80&85
' +++ $ $1#/80&85
( +++ *GNOGVDWUV)TKF
( +++ %TQUU)TKF
) +++ *QTUGOCP

5EJNWODGTIGTCUETKDGF#VQ4C[OQPFQH2QKVKGTUQPVJGUVTGPIVJQHVJGHCEVVJCVJGUCY4#/CUCP
CDDTGXKCVKQPQH4#+/80&85
5EJNWODGTIGTCUETKDGF$CPF&VQ$QJGOQPF+++
9GVTCPUHGTTGF(VQ,GTWUCNGODGECWUGVJKUV[RGVQQWTOKPFFQGUPQVHKVKPYKVJVJG#PVKQEJUGTKGU

UGGCNUQVJGYGKIJV

&GPKGT6[RG##+PVJTGGNKPGU#06+1%*+'44#/KPQTPCOGPVCNUV[NGYKVJKPCVTKCPIWNCT
RCVVGTP/25/GVECNH5EJNWODGTIGT2N++IT 48GT[HKPG
$CVCXKCFGP*CCI
6JGYGKIJVCV/GVECNHKUQPN[IT
4#/ JCU DGGP TGCF CU 4C[OQPFWU 6JKU UGGOU KORTQDCDNG 6JG SWGUVKQP TGOCKPU YJCV VJG UKIPKHKECPEG QH VJGUG
ŋVJTGGNGVVGTUŌOC[DG

&GPKGT 6[RG % # #NVCT YKVJ HQWT NGIU EJCNKEG KP EGPVTG ETQUU CDQXG HQWT RGNNGVU KP HKGNF
#06+1%*+' 4 %TQUU YKVJ QPG RGNNGV KP GCEJ CPING 24+0%'25 /25 /GVECNH
5EJNWODGTIGT2N+++IT 4+TTGIWNCTHNCPXGT[HKPG
$CVCXKCFGP*CCI

&GPKGT6[RG%#5DGVYGGPHQWTRGNNGVU 24+0Ő%'254%TQUUYKVJQPGRGNNGVKPUVPFCPF

TF CPINGU CPF ETGUEGPV KP VJ #06+1 Ő *+# /25 /GVECNH 5EJNWODGTIGT
2N+++IT 48GT[HKPGVQGZVTGOGN[HKPG
$CVCXKCFGP*CCI
6JGQDXGTUGKUUKOKNCTVQEQKPUQH/CPHTGFQH5KEKN[
5RCJT6JGTGHQTGVJKUEQKPOC[UVGOHTQOVJG
NCVG.CVKP#PVKQEJ
/ÒP\\GPVTWO
PQ
365
ANTIOCH
.+5&'0+'4
+Pŋ.GVVGTKPIQPEQRRGTEQKPUHTQO#PVKQEJŌ0WO%KTE
RCENCUUKHKECVKQPYCUOCFG
QPVJGUVTGPIVJQHVJGOCVGTKCNVJGPCXCKNCDNG6JGITQWRUVJCVGXQNXGFECPDGEJCTCEVGTKUGFCUHQNNQYU

9G VJGP EQPENWFGF VJCV VJG ITQWRU CPF SWC NGVVGTKPI OWUV EQOG DGHQTG 4C[OQPF QH 2QKVKGTU KG
DGHQTG
KHVJGTGCNETWUCFGTUŉEQKPUJCXGPQVDGGPOKPVGFDGHQTGCTQWPFVJGPVJGUGOWUVUVGO
HTQOVJGRGTKQFQHKOKVCVKQPQH(TGPEJEQKPU6JGNCUVITQWRYQWNFUVGOHTQOVJGRGTKQFQH4C[OQPF
4QWRGP
6JGEKTEWNCVKQPRGTKQFYQWNFVJGPEQPXGTIGYKVJVJG*GNOGVFGPKGT

&GPKGT6[RG&#.KU #06+1%*+#4%TQUU $1'/80&85/25

2JCUG
$QJGOQPF8/GVECNH5EJNWODGTIGTEH2N+++IT (NCPETCEMHKPGVQXGT[HKPG
$CVCXKCFGP*CCI
)TQWR

&GPKGT6[RG&#.KU $1#/80&854%TQUU #06+1%*+#/25C

2JCUG
$QJGOQPF+++/GVECNH5EJNWODGTIGTEH2N+++IT
+TTGIWNCTHNCPCNOQUVXGT[HKPG
$CVCXKCFGP*CCI
)TQWRC
366
TRIPOLI
%1706;QH64+21.+
6TKRQNKYCUHQWPFGFD[VJG2JQGPKEKCPUCPFYCUCPKORQTVCPVUGCRQTV#HVGTVJG#TCDEQPSWGUVKP
VJGTGYCUCOCTMGFFGENKPG#VVJGDGIKPPKPIQHVJGHKTUV%TWUCFGVJGRQTVYCUEQPUKFGTGFKPFKURGPUKDNG
CPF4C[OQPF+8QH6QWNQWUGYJQJCFDGGPCUUKIPGFVJGHQWPFKPIQHVJGEQWPV[6TKRQNKDWKNVCOKIJV[
ECUVNG QP VJG /QPU 2GTGITKPWU 9JGP JG FKGF KP -KPI $CNFYKP ITCPVGF VJG EQWPV[ CU C HKGH QH
,GTWUCNGOVQ4C[OQPFŉUUQP6JWUCPJGTGFKVCT[EQWPV[TGUWNVGF
+PVJGVJEGPVWT[XCTKQWU/WUNKOCVVCEMUYGTGUWHHGTGFKPVJG<GPIKFUKPCPCTO[HTQO
&COCUEWUCPFKP5CNCFKP#HVGTVJGFGOKUGQH4C[OQPF+++VJGEQWPV[ECOGVQVJG[QWPIGUVUQPQH
$QJGOQPF +++ QH #PVKQEJ $QJGOQPF +8 HQT YCPV QH NGICN JGKTU (TQO VJCV OQOGPV 6TKRQNK YCU
IQXGTPGFVQIGVJGTYKVJ#PVKQEJ
+PVJGEQWPV[NQUVVGTTKVQT[D[VJGCVVCEMUQHVJG/COGNWMUWPFGT$CKDCTU9JCVTGOCKPGFYCUVJG
VQYPCPFCPCTTQYUVTKRQHEQCUVNCPF+PVJGF[PCUV[QHEQWPVUYCUFGRQUGF
#EQOWPGYCUVJGPGUVCDNKUJGFWPFGTVJG)GPQCP$CTVJQNQOGY'ODTKCEQNCVGTVQDGEQOGCŋUKIPQTKGŌ
CNVJQWIJ VJGTG TGOCKPGF ENCKOU HTQO .WEKC $QJGOQPFŉU UKUVGT #HVGT VJG EQPSWGUV QH #ETG KP
6TKRQNKYCUFGUVTQ[GF
4#;/10&+8QH56)+..'5

&WTKPIVJG(KTUV%TWUCFGJGYCUVJGHKGTEGUVQRRQPGPVQH#NGZKWUŉUHGCNV[QCVJDWVKPVJGGPFFKFCEEGRV
C OQFGTCVGF XGTUKQP 1P ,WPG JG EQPSWGTGF #PVKQEJ CPF YCU RTGUGPV CV VJG FKUEQXGT[ QH VJG *QN[
.CPEG
,WPG #U EQOOCPFGTKPEJKGH JG WPFGTVQQM VJG OCTEJ QP ,GTWUCNGO QP ,CPWCT[
&WTKPI VJG UKGIG
HTQO WPVKN ,WN[ JG ICKPGF EQPVTQN QH VJG UQWVJGTP EKV[ YCNN CPF
GUVCDNKUJGF JKU VTQWRU QP /QWPV <KQP #V VJG ECRKVWNCVKQP QP ,WN[ JG NQEMGF VJG IQXGTPQT QH VJG
(CVCOKFU KP VJG 6QYGT QH &CXKF *G ICXG VJG /WUNKOU HTGG RCUUCIG VQ #UECNQP *G YCU QHHGTGF VJG
MKPIŉUETQYPQP,WN[DWVRKQWUN[FGENKPGFJGYQWNFPŉVDGMKPIKPVJGEKV[YJGTGVJG5CXKQWT
JCF YQTP VJG ETQYP QH VJQTPU JQRKPI VJCV )QFHTG[ QH $QWKNNQP YQWNF HQNNQY UWKV 9JGP VJG NCVVGT
CEEGRVGFVJGGNGEVKQPVQUGEWNCTTWNGTQHVJGPGY-KPIFQO,GTWUCNGOYKVJQWVVJGVKVNGJGYCUFKUIWUVGF
GPQWIJVQTGVTGCVVQ,GTKEJQCPFVJGPHWTVJGTVQ.CVCMKUYJGPEGJKUVTQWRUTGVWTPGFVQ'WTQRG
*GJKOUGNHYGPVVQ%QPUVCPVKPQRNGVQCRRGCNVQ#NGZKWU+9KVJVJGGORGTQTŉUCUUGPVJGTGVWTPGFVQ5[TKC

DWV YCU VJTQYP KP VJG FWPIGQPU D[ 6CPETGF *G YCU TGNGCUGF YJGP JG RTQOKUGF VQ DWT[ VJG
JCVEJGV0QVYKVJUVCPFKPIJGUGK\GFVJGRQTVQH6QTVQUCKPCPFGTGEVGFVJGECUVNG/QPU2GTGITKPWU
CV6TKRQNK9KVJVJGJGNRQHVJG)GPQGUGJGRTGXGPVGFVJGGZRCPUKQPQH#PVKQEJ*KUFGUEGPFCPVUYGTGVQ
HQWPFVJGEQWPV[6TKRQNK
6JGEQWPVUQH6TKRQNK

$GTVTCO
2QPU
4C[OQPF++
4C[OQPF+++
6TKRQNKVJTQWIJOCTTKCIGVQ#PVKQEJ
$QJGOQPF+8
$QJGOQPF8
$QJGOQPF8+
$QJGOQPF8++
.WE[
2JKNKRQH6QWE[
+P6TKRQNKECOGVQVJG'I[RVKCPU

4#;/10&+++

&GPKGT*QTUGCPF%TQUUV[RG#%TQUUYKVJQPGRGNNGVKPGCEJCPING 4#+/80&85%1/'54
#IPWU&GKNYKVJETQUU%+8+6#564+21.+/25/GVECNH5EJNWODGTIGT2N+8IT
49GCMN[UVTWEMXGT[HKPG
$CVCXKCFGP*CCI
6JKU EQKP KU C EQR[ QH VJG EQKPU QH #NRJQPUG,QTFCP EQWPV QH 6QWNQWUG
6JG KOCIG QP VJG EQKPU QH
6TKRQNK CU YGNN CU QH 5V )KNNGU NQQM OQTG NKMG C JQTUG KP HTQPV QH C ETQUKGT VJCP NKMG VJG #IPWU &GK VJGKT WUWCN
PCOG/WEJECPDGUCKFHQTECNNKPIVJGOŋ*QTUGCPF%TQUUV[RGŌ

6JKUV[RGYCUUVTWEMD[4C[OQPF++
KPVJGRGTKQFQHVJGUQECNNGFŋ5VCTCPF%TGUEGPVV[RGŌ/QUVEQKPU
CTGDCFN[GZGEWVGFCPFJCXGOQUVN[DNWPFGTGFNGIGPFU
6JGJQTUGFQGUJCXGVYQNQPIŋJQTPUŌQPKVUJGCFYJKEJECPDGENGCTN[UGGPQPVJG6TKRQNKV[RG
367
TRIPOLI
4#;/10&+++

&GPKGT5VCTCPF%TGUEGPVV[RG#5VCTYKVJGKIJVTC[UQXGTETGUEGPV %+8+6#564+21.+4%TQUU

YKVJQPGNKUUVCHHCPFRGNNGVKPGCEJCPING/25/GVECNH5EJNWODGTIGT+8IT
&CTMDTQYPRCVKPCXGT[HKPG
$CVCXKCFGP*CCI
6[RGC
/GVECNH
6JGQDXGTUGKUCEQR[QHVJGFGPKGTQH4C[OQPF8+QT8++
HTQOVJG/CTITCXKCVGQH2TQXGPEG
/GVECNHENCUUKHKGUVJKUQPGKPVJGRGTKQFYJGTGCUVJG(TGPEJRTQVQV[RGUVGOUHTQOCNCVGTFCVG
$1*'/10&+8

(CNU%CUVNGV[RG#%CUVNG %+8+6#545V#PFTGYŉUETQUUEKTENGKPEGPVTGETGUEGPVCPFRGNNGV

KPGCEJCPING 642+1.+5/25/GVECNH5EJNWODGTIGT+8IT
9GCMN[UVTWEMCPFVTCEGUQHGPETWUVCVKQPXGT[HKPG
&QODTQYUMK/ÒPUVGT
$1*'/10&8+

)TQU#%TQUUKPSWCVTGHQKN $1'/80&85H%1/'545VCTKPQEVCHQKN %+8+6#5H64+21.+

/25/GVECNH5EJNWODGTIGT2N+8IT 'ZVTGOGN[HKPG
'NUGP$TWUUGN
#NN+ UJCXGCETQUUDCT

*CNH )TQU %TQUU KP SWCVTGHQKN $1'/80&85 H %1/'5 4 5VCT KP QEVCHQKN %+8+6#5 H
64+21.+/25/GVECNH5EJNWODGTIGT+8IT
$CVCXKCFGP*CCI
#NN+ UJCXGCETQUUDCT
368
KINGDOM OF JERUSALEM
$1*'/10&8++

)TQU#%TQUUYKVJKPVYGNXGCTEU 5'26+/85H$1'/80&85H%1/'54%CUVNGYKVJKPVYGNXG

CTEU %+8+6#5 H 64+21.+ H 584+' /25 /GVECNH 5EJNWODGTIGT 2N +8
IT 5OCNNFQWDNGUVTWEMGZVTGOGN[HKPG
6QFGTK(NQTGPEG

*CNH)TQU#%TQUUYKVJKPVYGNXGCTEU 5'26+/85H$1'/80&85H%1/'54%CUVNGYKVJKP

VYGNXG CTEU %+8+6#5 H 64+21.+ H 584+' /25 /GVECNH 5EJNWODGTIGT 2N
+8IT 40KEGFCTMVQPGUETCVEJQPVJGQDXGTUGXGT[HKPG
&GNOQPVG$TWUUGN
-+0)&1/1(,'475#.'/
#HVGT VJG VQYP JCF DGGP EQPSWGTGF D[ VJG 5CUUCPKFU KP JCXKPI DGGP UKGIGF HQT FC[U KV YCU
TGVWTPGF VQ VJG $[\CPVKPGU D[ VTGCV[ KP #U UQQP CU VJG NCVVGT YGTG FGHGCVGF CV ;CTOWS D[
%CNKRJ1OCT6JG#TCDUCITGGFVQNGVVJG,GYUEQOGDCEMVQVJGEKV[SWCTVGTQHVJG9CKNKPI9CNNCPF
RTQEGGFGFVQDWKNFVJG&QOGQHVJG4QEM
KPCUYGNNCUVJGCN#SUCOQUSWG
KPVJGVJEGPVWT[QP
VJG 6GORNG /QWPV +P VJG VQYP ECOG VQ VJG (CVCOKFU KP YJKEJ RGTKQF %CNKRJ CN*CMKO VQQM
OGCUWTGUCICKPUVVJG%JTKUVKCPUCOQPIQVJGTUVJGFGUVTWVKQPQHVJG%JWTEJQHVJG*QN[5GRWNEJTG
YJKEJ
YCUVQDGTGDWKNVKPD[%QPUVCPVKPG/QPQOCEJ+P,GTWUCNGOYCUQEEWRKGFD[VJG5GNLWSU
DWVYCUTGECRVWTGFD[VJG(CVCOKFUKP
1P,WN[VJVJGETWUCFGTUUGK\GF,GTWUCNGONQQVGFVJGEKV[VJG&QOGCPFVJGCN#SUCOQUSWG
0QPEJTKUVKCPU,GYUCPF/WUNKOUYGTGFTKXGPQWV5GRGTCVGSWCTVGTUYGTGCUUKIPGFCOQPIYJKEJQPG
HQTVJG+VCNKCPU
#OCNHKCPU+VDGECOGVJGRNCEGQHVJG-PKIJVU*QURKVCNNGTCPFVJGKTKPHKTOCT[HQTVJG
ECTGQHRKNITKOU
UGGHWTVJGTWPFGT-PKIJVU*QURKVCNNGT6JGJKUVQT[MPQYUVJTGGRGTKQFU

6JG-KPIFQO,GTWUCNGOYKVJVJGVQYP,GTWUCNGO
6JG-KPIFQO,GTWUCNGOYKVJQWVVJGVQYPIQXGTPGFHTQO#ETGQT6[TWU
6JG-KPIFQO,GTWUCNGOUQNGN[CUCVKVNG

6*'-+0)&1/,'475#.'/9+6*6*'6190,'475#.'/

6JGHQWPFKPIQHVJG-KPIFQO,GTWUCNGOVQQMRNCEGQP,WN[PFCYGGMCHVGTVJGEQPSWGUVQHVJGEKV[
6JGEQOOCPFGTUQHVJG(KTUV%TWUCFGQHHGTGFVJGMKPIŉUETQYPVQVJGKTNGCFGT4C[OQPF+8QH5V)KNNGU
EQWPVQH6QWNQWUGCUUQQPQP,WN[*GRKQWUN[FGENKPGFJGYQWNFPŉVDGMKPIKPVJGVQYPYJGTGVJG
5CXKQWT JCF YQTP VJG ETQYP QH VJQTPU JQRKPI VJCV )QFHTG[ QH $QWKNNQP YQWNF HQNNQY UWKV 6JG
EQOOCPFGTUVJGPGNGEVGF)QFHTG[QH$QWKNNQPVQNGCFGTQHVJG-KPIFQO*GCEEGRVGFDWVTGHWUGFVJG
VKVNG QH MKPI VJKU KP EQPVTCUV YKVJ JKU UWEEGUUQT $CNFYKP + YJQ CEEGRVGF VJG ETQYP KP KP
$GVJNGJGO#NNVJKUJCRRGPGFYKVJVJGHWNNCUUGPVQHVJGRQRG0GXGTVJGNGUUVJGTGJCUPGXGTDGGPCP[
FGRGPFGPE[PGKVJGTQP4QOGPQTQPVJGPGYN[KPUVCNNGFRCVTKCTEJCVG
&WTKPI VJG HKTUV [GCTU VJG MKPIU QH ,GTWUCNGO TGUKFGF KP VJG CN#SUC OQUSWG
MPQYP CU 6GORNG
5CNQOQPKUVQOQXGVQVJG6QYGTQH&CXKFVJGTGCHVGT6JGCN#SUCOQUSWGCPFVJGUQWVJGTPRCTVQHVJG
6GORNG/QWPVDGECOGVJGFQOCKPQHVJG6GORNCTU
369
+PVJGMKPIFQOTGCEJGFKVUITGCVGUVGZRCPUGHTQO$GKTWVVQCN&CTWOCNQPIVJG&GCF5GCQPVQVJG
)WNH QH #MCDC #V VKOGU VJG EQWPVU QH 6TKRQNK CPF 'FGUC YGTG RGTUQPCN XCUUCNU QH VJG -KPIU QH
,GTWUCNGO 'XGP VJG RTKPEGU QH #PVKQEJ HQTOCNN[ XCUUCNU QH VJG $[\CPVKPG 'ORKTG CTG QP TGEQTF HQT
JCXKPITGEQIPKUGFVJGUW\GTCKPV[QHVJGMKPIUQH,GTWUCNGO
#HVGTVJGECVCUVTQRJ[QH*CVVKP
VJ,WN[VJGEKV[HGNNVQ5CNCFKPQP1EVQDGTVJCHVGTCUKGIG
QHFC[U*GITCPVGFVJGETWUCFGTUWPJKPFGTGFTGVTGCVVQVJGEQCUVJCFVJG%JTKUVKCPU[ODQNUTGOQXGF
QP VJG 6GORNG /QWPV CPF GODGNNKUJGF VJG &QOG CU YGNN CU VJG OQUSWG ,GYU YGTG TGCFOKVVGF KP
,GTWUCNGO

-KPIUQH,GTWUCNGO

)QFHTG[QH$QWKNNQP

$CNFYKP+
$CNFYKP++
4GIGPV'WUVCEJKWU

$CNFYKP++
(WNEQQH#PLQW
$CNFYKP+++
/GNGUKPFG
#OCNTKE+8
$CNFYKP+8
4GIGPV4C[OQPF+++QH6TKRQNK
$CNFYKP8QH/QPHGTTCV
)W[QH.WUKIPCP

%CRVWTGD[5CNCFKPKP

)1&(4';QH$17+..10
)QFHTG[YCUVJGUGEQPFUQPQH'WUVCEG++%QWPVQH$QWNQIPGCPF+FCQH#TFGPPG
UKUVGTQH)QFHTG[VJG

*WPEJDCEM +P )QFHTG[ VJG $GCTFGF CFQRVGF JKO CU JKU UWEEGUUQT +P *GPT[ +8ITCPVGF
)QFHTG[VJGOCTITCXKCVGQH#PVYGTRCUCHKGHCPFKPJGDGECOGFWMGQH.QYGT.QTTCKPG*GUVTQXG
VQYCTFUCJGTGFKVCT[UVCVWUQHVJGFWEJ[
+PJGVQQMVJGETQUUUVKRWNCVKPIVJCVJGDGTGKPUVCVGFCHVGTJKUTGVWTP)QFHTG[MGRVENQUGTGNCVKQPU
YKVJ*GPT[+8*GJCFCPQVCDNGRQUKVKQPKPVJGETWUCFGYKVJQWVDGKPIFQOKPCPV
)QFHTG[ YCU TKEJ CPF GPLQ[GF OWEJ RTGUVKIG #HVGT JKU DTQVJGT $CNFYKP JCF GUVCDNKUJGF JKOUGNH CV
'FGUC JG EQPVKPWGF VJG OCTEJ QP ,GTWUCNGO 6JGTG JG GPEQWPVGTGF QRRQUKVKQP HTQO 4C[OQPF QH 5V
)KNNGU
#HVGT VJG UGK\WTG QH ,GTWUCNGO JG YCU GNGEVGF CU VJG NGCFGT QH VJG PGY ETWUCFGTŉU UVCVG 7PEGTVCKP KU
YJGVJGTJGDQTGVJGVKVNGQHCFXQECVWU5CPEVK5GRWNETK
&WTKPI JKU UKPING [GCT QH IQXGTPOGPV JG OCKPVCKPGF C UVTKEV RQNKE[ KP EQPSWGTKPI 2CNGUVKPG CPF
HWTPKUJGF VJG HQWPFCVKQPU HQT C HGWFCN UVCVG 1P VJG QVJGT JCPF JG HQTOCNN[ CEEGRVGF VJG HKGH HTQO
&CKODGTVRCVTKCTEJQH,GTWUCNGO

+P&CKODGTVDGECOGDKUJQRCPFKPCTEJDKUQRQH2KUC#HVGTVJGFGOKUGQHVJGRCRCNNGICVGKP
VJG(KTUV%TWUCFG#FJ¾OCTQH/QPVGKN
JGYCUCRRQKPVGFNGICVGD[2QRG7TDCP++CPFUGPVVQ
5[TKC*GQRRQUGF$[\CPVKWOCPFVJGQTVJQFQZEJWTEJ*GECTTKGFQWVCPCVVCEMQP$[\CPVKPG.CVCMKC
CPF CRRQKPVGF .CVKP DKUJQRU KP VJG QTVJQFQZ RCVTKCTEJCVG QH #PVKQEJ *G YCU VJG HQTOCN QXGTNQTF QH
)QFHTG[ QH $QWKNNQP CPF $QJGOQPF 2TKPEG QH #PVKQEJ 6JKU JCF RCTVN[ DGGP CTTCPIGF VQ VJYCTV
$[\CPVKPG ENCKOU VQ RQYGT KP VJG ETWUCFGTU UVCVGU #NN VJKUKTTKVCVGF$CNFYKP+YJQOJGJCFETQYPGF
RGTUQPCNN[KP&CKODGTVVJGPYCUFGRQUGFTGVWTPGFYCUFGRQUGFCICKPCPFFKGFKP

)QFHTG[FKGFKPCPFYCUDWTKGFKPVJG%JWTEJQHVJG*QN[5GRWNEJTGKP,GTWUCNGO1H)QFHTG[PQ
EQKPUCTGMPQYP

$#.&9+0+
$CNFYKP YCU C DTQVJGT QH )QFHTG[ QH $QWKNNQP 6QIGVJGT VJG[ LQKPGF VJG HKTUV %TWUCFG KP *G

DGECOGEQWPVQH'FGUCVJGHKTUV.CVKPUVCVGKPVJG/KFFNG'CUV
#HVGT )QFHTG[ŉU FGOKUG JG YCU QHHGTGF VJG TGIGPE[ QH ,GTWUCNGO *G VJGP NGHV 'FGUC VQ JKU EQWUKP
$CNFYKPQH$QWTES
VJGNCVGT$CNFYKP++
*G QXGTECOG VJG QRRQUKVKQP QH 6CPETGF CPF VJG RCVTKCTEJ &CKODGTV 6JG NCVVGT ETQYPGF JKO QP
&GEGODGTKPVJG%JWTEJQHVJG0CVKXKV[KP$GVJNGJGOCUVJGHKTUVMKPIQH,GTWUCNGO
$CNFYKPOCFGOCP[EQPSWGUVUCOQPIYJKEJ#ETGKP$GKTWVKPCPF5KFQPKPVJGUCOG[GCT
+PVJGGPFVJGVGTTKVQT[TGCEJGFHTQOVJG)QNCP*GKIJVUVQ#MCDC
$CNFYKPFKGFCPFYCUDWTKGFKPVJG%JWTEJQHVJG*QN[5GRWNEJTGKP,GTWUCNGO
370
$#.&9+0++
*GYCUCUQPQH*WIJEQWPVQH4¾VJGN*GVQQCEEQORCPKGFJKUEQWUKPU)QFHTG[CPF$CNFYKPKPVJG

(KTUV%TWUCFGCPFYKVJ)QFHTG[YGPVQPVQ,GTWUCNGO
*G DGECOG EQWPV QH 'FGUC
UGG $CNFYKP + &WTKPI VJG [GCTU JG YCU C ECRVKXG QH VJG
/WUNKOU#HVGTVJGFGOKUGQH$CNFYKP+JGDGECOGMKPIQH,GTWUCNGO*GVJGPCUUKIPGF'FGUCVQJKU
EQWUKP,QUEGNKPQH%QWTVGPC[
6JG -KPIFQO ,GTWUCNGO JCF VQ FGHGPF VJG EQWPVKGU 'FGUC CPF 6TKRQNK CU YGNN CU VJG RTKPEKRCNK[
#PVKQEJ+P,QUEGNKPYCUVCMGPRTKUQPGTD[VJG/WUNKOU$CNFYKPVJGPVQQMQXGTVJGTGIGPE[QH
VJGEQWPV['FGUC
DWVFWTKPIVJGFGHGPEGQH'FGUCYCUVCMGPRTKUQPGTJKOUGNH

&WTKPIVJCVRGTKQFJKUUWDUVKVWGKP,GTWUCNGO'WUVCEGEQPSWGTGF6[TWUYKVJVJGJGNRQHVJG8GPGVKCPU

$CNFYKP EQPUQNKFCVGF VJG MKPIFQO *G GPNCTIGF VJG VGTTKVQT[ CPF OQXGF VJG TQ[CN RCNCEG HTQO VJG
6GORNGQH5QNQOQP
CN#SUCOQUSWGVQVJGRNCEGYJGTGVJGRCNCEGQH*GTQFJCFDGGPPGCTVJG6QYGT
QH&CXKF
$CNFYKPFKGFKPCPFYCUGPVGTTGFKPVJG%JWTEJQHVJG*QN[5GRWNEJTGKP,GTWUCNGO
+VKUUWTRTKUKPIVQHKPFVJCVPGKVJGT$CNFYKP+PQT$CNFYKP++OKPVGFKP,GTWUCNGOYJGTGCUVJG[FKFUQKP
'FGUC
KPVJGKTQYPPCOG0GXGTVJGNGUUIQNFEQKPUYGTGUVTWEMCVCTGNCVKXGN[GCTN[FCVG6JGUGYGTG
KOKVCVKQPUQHVJGEQKPUQHVJG(CVCOKF%CNKRJCN#OKT
6JG[OC[DGTGEQIPKUGFD[CNQYGT
YGKIJVCNQYGTIQNFNGXGNCPFQHVGPCNGUUNGIKDNGVGZV6JGNGXGNQHIQNFHKTUVYCURCTVUIQNFNCVGT
VJKUYCUNQYGTGFVQRTGUWOCDN[KPLWUVDGHQTGVJGHCNNQH,GTWUCNGO6JGUGIQNFEQKPUJCXG
RTQDCDN[DGGPKPVTQFWEGFKP#ETGKP
DWVRQUUKDN[KPKP6[TWU6JGUGIQNFFKPCTUJCXGDGGP
OKPVGFWPVKN
UGGWPFGTFKTJGOU
#VVJGUVCTVVJGVGZVUCTGENGCTN[NGIKDNGVQDGEQOGNGUUUQNCVGTQP

&KPCT$QVJUKFGUCTCDKCPNGIGPF$;/25/GVECNH5EJNWODGTIGT2N8IT
'ZVTGOGN[HKPG
#WMVKQPGU$CUGN#WEVKQP
PQ
6GZVENGCTN[NGIKDNG
+OKVCVKQPQHC(COKFFKPCTUVTWEMKP/KUT

$G\CPV#ETG$QVJUKFGU#TCDKCPNGIGPF/CNNQ[IT 'ZVTGOGN[HKPG

PQ
6GZVNGUUENGCT
371

&GPKGT # *GNOGVGF DWUV T DGVYGGP VYQ RCNO NGCHU ETQUU QP JGNOGV 4 )CVG KP QEVCHQKN YKVJ PKPG
RGNNGVU/25/GVECNH5EJNWODGTIGT2N+++IT
441EVCIQPCNHNCPCNKVVNGQHHEGPVTGXGT[HKPG
PQ
/GVECNHJCUENCUUKHKGFVJKUEQKPCOQPIVJGNKUVQHNGUUHTGSWGPVN[OKPVGFEQKPUKP#PVKQEJ
UGGNKUVKPIVJGTGWPFGTVJG
V[RG(VJKUQPVJGUVTGPIVJQHVJGHCEVVJCVVJGHGYURGEKOGPUMPQYPYGTGHQWPFKP#PVKQEJ+VUGGOUFQWDVHWNVJCV
VJKUEQKPUJQWNFDGNQPIVJGTGKPXKGYQHVJGNQYYGKIJVEQORCTGFVQVJGQVJGTNKUVKPIU
6JGKOCIGQDXGTUGUJQYUCMPKIJVKPVJGWUWCNCVVKTGYKVJCETQUUQPVJGJGNOGVYJKEJENGCTN[UJQYUVJCVVJKUKUC
-PKIJVQHVJG%TQUU$GUKFGVJKUMPKIJVYGUGGVYQRCNOUYJKEJYGTGIGPGTCNN[XKGYGFCUVJGUKIPQHCEQORNGVGF
ETWUCFG6JGITCVKPIQPTGXGTUGJCUCNYC[UDGGPJCTFVQCEEQWPVHQT
/GVECNHJGTGTGHGTUVQVJGIQNFEQKPUYJKEJ
CNNCTGMPQYPKPHTCIOGPVUQPN[
9JCVKHVJKUITCVKPIYCUVQDGVJGJWIGRQTVEWNNKUQHCEKV[ICVG!6JKUEQKPOKIJVVJGPDGCOGOQTKCNVQVJGEQPSWGUV
QH,GTWUCNGO
CPQVJGTQRVKQPYQWNFDGVJCVVJGEQKPEQOOGOOQTCVGUVJGICVGVJCVVJGETWUCFGTUEQPUVTWEVGFCTQWPF
VJGTQEMQPGQHVJGHKPGUVRTGUGTXGFRKGEGUQHOGFKGXCNOGVCNYQTM6JGICVGYCURCTVQHCPGPFGCXQWTVQVTCPUHQTO
VJGKUNCOKETQEMJGYPEJWTEJKPVQC%JTKUVKCPEJWTEJ
0QV UWTRTKUKPIN[ KV OC[ JCXG UGTXGF CU C OQFGN HQT VJG JGNOGV UGTKGU QH #PVKQEJ KV KU C IGPWKPG ETWUCFGTŉU EQKP

ETQUUQPJGNOGVCPFVJGRCNOUJCXGDGGPTGRNCEGFYKVJETGUEGPVOQQPCPFUVCTVQHKPFKOOGFKCVGTGEQIPKVKQPHTQO
VJG/WUNKOU
$#.&9+0+++

$CNFYKP++JCFQPN[FCWIJVGTUQPGQHVJGO/GNKUGPFGOCTTKGFVJG(TGPEJ%QWPV(WNEQ8QH#PLQW
#HVGT VJG FGOKUG QH $CNFYKP ++ VJG OQPCTEJ[ VJWU HGNN VQ (WNEQ 6JGKT UQP $CNFYKP +++ YCU QPN[
[GCTUQNFYJGP(WNEQFKGF#VVJGUVCTVJGHCEGFHKGTEGQRRQUKVKQPHTQOJKUOQVJGTDWVGXGPVWCNN[VJG
FKURWVGYCUUGVVNGFVQJKUCFXCPVCIGKP*GJCFCNTGCF[DGETQYPGFMKPIKP
*GDCVVNGF0WTCFFKPGPVGTGFKPVQVTGCV[YKVJ$[\CPVKWO
CICKPUV0WTCFFKPCPFOCTTKGFVJG$[\CPVKPG
RTKPEGUU6JGQFQTC-QOPGPQUKP
*GXCKPN[CVVCEMGF&COCUEWUCPFKPDGECOGTGIGPVQH#PVKQEJYJKEJJGFGHGPFGF*GQOKVVGFVQ
FGHGPFVJGTGOCKPUQH'FGUCYJKEJVJGPYGTGNQUVHQTIQQF
+PJGHQWPFGFVJGECUVNGQH)C\CYJKEJJGVTCPUHGTTGFVQVJG6GORNCTU+PJGVQQM#UECNQP
VJGNCUV'I[RVKCPUVTQPIJQNFKPVJG*QN[.CPF*GPGXGTEQWNFEQPSWGT0WTCFFKPYJQJGNFJKOKPJKIJ
GUVGGO PGXGTVJGNGUU *G GHHGEVWCVGF VJG TGEQPUVTWEVKQP QH VJG %JWTEJ QH VJG *QN[ 5GRWNEJTG KP
,GTWUCNGO
$CNFYKPFKGFKPCPFYCUDWTKGFKPVJG%JWTEJQHVJG*QN[5GRWNEJTG
6JGEQKPUUJQYKPI$#.&8+0854':WUGFVQDGCVVTKDWVGFVQQPGQTDQVJ
5EJNWODGTIGT0QYCFC[U
VJGIGPGTCNEQPUGPVKUVJCVVJGUGEQKPUOWUVDGCVVTKDWVGFVQ$CNFYKP+++
UGG;XQP/QPPCKGUGVUEGCWZ
FGNŉ1TKGPV.CVKP40
8+++
RCPF$TCF[#HKTOEQPVTKDWVKQPQH.CVKPIQNFEQKPCIG
VQVYGNHVJEGPVWT[,GTWUCNGO#05/QP::+++
R

&GPKGT # %TQUU $#.&8+085 4': 4 6QYGT QH &CXKF &' +'485#.'/ /25
/GVECNH5EJNWODGTIGT2N+++IT 8GT[HKPG
/ÒP\\GPVTWO-ÌNP

1DQNG # %TQUU Q $#.&8+085 4': 4 6QYGT QH &CXKF &' +'485#.'/ /25
/GVECNH5EJNWODGTIGT2N+++IT 4'FIGHCWNVVTCEGUQHXGTFKITKUXGT[HKPG
PQ
372
#/#.4+%*+

&GPKGT # %TQUU YKVJ QPG TKPI KP VYQ CPINGU Ő #/#.4+%85 4': 4 *QN[ 5GRWNEJTG &'
+'485#.'//25/GVECNH5EJNWODGTIGT2N+++CD
RIT 8GT[HKPG
$GTPCTFK6TKGUV
$GNQPIUVQVJGUVITQWR.CTIGUK\G
OOCPFJGCX[YGKIJV
IT
6JG%JWTEJQHVJG*QN[5GRWNEJTGRQUUGUUGFCPQRGPFQOGKPQTFGTVQNGVKPVJG*QN[5RKTKVWPJKPFGTGF
1DQNG # %TQUU YKVJ QPG TKPI KP VYQ CPINGU Q #/#.4+%85 4': 4 *QN[ 5GRWNEJTG &'
+'485#.'//25/GVECNH5EJNWODGTIGT2N+++IT 45OCNNHNCPXGT[HKPG
PQ
$#.&9+0+8
*GYCUVJGUQPQH#OCNTKECPF#IPGUQH%QWTVGPC[
UVOCTTKCIG*GYCUTCKUGFD[9KNNKCOQH6[TWU
6JQWIJUWHHGTKPIQHNGRTCJGYCUCUMKNNHWNEQOOCPFGT+PJGKPHNKEVGFCRCKPHWNFGHGCVQP5CNCFKP
DWVNQUVVJGDCVVNGQH$CPK[CUKP
+PKPETGCUKPIN[KPECRCEKVCVGFD[JKUKNNPGUUJGCRRQKPVGF)W[QH.WUKIPCPTGIGPVQHVJGMKPIFQO
DWVYCUHQTEGFVQVCMGDCEMRQYGTKP#[GCTNCVGTJGJCFVQJCPFQXGTVQ4C[OQPF+++QH6TKRQNK
+PVJGOGCPVKOGJGJCFCPGOKUUCT[QHHGTVJGMKPIFQOVQVJGMKPIUQH'PINCPFCPF(TCPEG

*GFKGFKPCPFYCUDWTKGFKPVJG%JWTEJQHVJG*QN[5GRWNEJTGKP,GTWUCNGO

6JGEQKPUQHVJGMKPIFQO,GTWUCNGOHGCVWTGVYQGFKHKEGU

+PVJG1ZHQTFU[ORQUKWOQPRVJTGGTGPFKVKQPUCTGIKXGPQHVJKUEJWTEJ6JGVQREQTTGURQPFUYKVJ
V[RGC
HKPGUV[NGEQKPCIGHKTUVHQWTV[RGUVJGDQVVQOYKVJV[RGE
FGIGPGTCVGV[RG

+P C OCPWUETKRV HTQO VJG 8CVKECP NKDTCT[
9KNNKCOU -PKIJVU QH VJG %TWUCFGU R YG HKPF C
FTCYKPIVJCVFGRKEVUCNNDWKNFKPIUQHVJGEQORNGZ
373
6Q VJG NGHV VJG FQOG YKVJ QRGP TQQH CDQXG YJKEJ C FQXG CU U[ODQN QH VJG *QN[ 5RKTKV VJGP VJG DGNN
VQYGTVJGPVJGPGYEJWTEJQHVJGETWUCFGTUCPFVJGUVCKTUNGCFKPIVQVJGEJCRGNQH)QNIQVJC
&G 8QIÒ¾ UWIIGUV VJCV VJG EJWTEJ QH VJG4GUWTTGEVKQPCPFVJGETWUCFGTUŉPGYEJQKTEJWTEJYGTGWPVKN
VJGP
NGICNN[UGRCTCVGCNVJQWIJRJ[UKECNN[EQPPGEVGFDWVYGTGCVVJCVFCVGOCFGKPVQCUKPING
NGICNGPVKV[
VJGDCUKNKECQHVJG*QN[5GRWNEJTG*GUWRRQTVUVJKUUWIIGUVKQPHWTVJGTD[CTIWKPIVJCVVJG
JKIJCNVCTYCUOQXGFKP
FG8QIÒ¾'INKUGUFGNC6GTTG5CKPVGR6JGUGEJCPIGU
OC[JGNRVQGZRNCKPYJ[VJG*QN[5GRWNEJTGYCUEJQUGPCUCEQKPV[RGD[#OCNTKE6JG[CNUQUWIIGUV
VJCV EQKPCIG TGHQTO OC[ JCXG DGGPGHHGEVWCVGFCHVGTVJGPGYCTTCPIGOGPVUYGTGOCFGHQTVJGEJWTEJ
KGPQVGCTNKGTVJCP

-+0)&1/,'475#.'/9+6*1766*'%+6;1(,'475#.'/

#HVGT VJG HCNN QH ,GTWUCNGO 5CNCFKP EQPSWGTGF RTCEVKECNN[ CNN QH VJG MKPIFQO #ETG CNUQ HGNN KPVQ JKU

JCPFUDWV6[TWUYCURTGUGTXGF
VJCPMUVQCOCNCFTQKVRQUVRQPGOGPVD[5CNCFKP
+P#ETGYCUTGECRVWTGFD[4KEJCTF.KQPJGCTV
6JKTF%TWUCFG#ETGPQYDGECOGVJGECRKVCNQH

VJGMKPIFQO,GTWUCNGO
-KPIUQH,GTWUCNGOVJGTGCHVGTCTG

*GPT[QH%JCORCIPG

#OCNTKEJQH.WUKIPCP
,QNCPFGQH/QPHGTTCV
,QJPQH$TKGPPG
#ETGJCFDGGPVJGECRKVCNWPFGTVJGHKTUVVYQCU6[TWUYCUWPFGT,QJPQH$TKGPPG+P(TGFGTKEM++

OCTTKGF,QNCPFGQH$TKGPPG,QJPŉUFCWIJVGTYJKEJICXGJKOECWUGVQENCKOVJGETQYPQH,GTWUCNGOP
CVTGCV[YCUUYQTPDGVYGGPJKOCPF5WNVCPCN-COKNYJGTGD[,GTWUCNGOYCUTGVWTPGFGZEGRVKPI
VJG6GORNG/QWPV1P/CTEJVJ(TGFGTKEM++ETQYPGFJKOUGNHMKPIQH,GTWUCNGOKPVJG%JWTEJ
QH VJG *QN[ 5GRWNEJTG *KU MKPIUJKR YCU UJQTVNKXGF KP ,GTWUCNGOYCUEQPSWGTGFD[CPCTO[QH
OGTEGPCTKGUHQTVJG5WNVCPQH'I[RV7PFGTVJGTWNGQHVJG/COGNWMU
,GTWUCNGODGECOGC
TGCN/WUNKOEKV[(TGFGTKEMŉUUQPCPFITCPFUQPVQQUVKNNWUGFVJGVKVNGQH-KPIQH,GTWUCNGO
(TGFGTKEM++

4GIGPV#NKEGQH%JCORCIPG
%QPTCF
4GIGPV*WIQ+MKPIQH%[RTWU
%QPTCFKP
4GIGPV*WIQ+++MKPIQH%[RTWU
#NNVJTGG*QJGPUVCWHGPU(TGFGTKEM%QPTCFCPF%QPTCFKPJCXGWUGFVJGVKVNGō-KPIQH,GTWUCNGOŋQP

VJGKT EQKPU
UGG VJG XCTKQWU EQKPU WPFGT 5KEKN[ CPF 5QWVJGTP +VCN[ &WTKPI VJG TGIGPE[ QH #NKEG QH
%JCORCIPG*WIJ+CUMKPIQH%[RTWUYCUVKVWNCTMKPIQH,GTWUCNGO+UCDGNNCFCWIJVGTQH#NKEGCPF
*WIJ+OCTTKGF*GPT[QH#PVKQEJ6JGKTUQP*WIJ+++CHVGTJKUTGIGPE[DGECOGMKPIQH,GTWUCNGOKP
6[TWU
&WTKPIVJGNCUVRGTKQFVJGETQYPYCUFKURWVGFD[VJG.WUKIPCPUCPFVJG#PLQWU
*WIJ+++

%JCTNGUQH#PLQW
*GPT[++
/CTKGITCPFFCWIJVGTQH/GNWUKPGCUKUVGTQH,QNCPFGQH/QPHGTTCVCPF#NKEGQH%JCORCIPGEGFGFJGT

DKTVJTKIJVVQ%JCTNGUQH#PLQW
7PFGTVJGNCVVGTVYQVJGECRKVCNQPEGOQTGYCU#ETGYJKEJYCUNQUVFGHKPKVKXGN[VQVJG/COGNWMUKP
*'04;%1706QH%*#/2#)0'

9JGP*GPT[VQQMVJGETQUUJGCRRQKPVGF6JGQDCNF+++CUJKUUWEEGUUQT#UCPGRJGYQHVJGMKPIUQH
(TCPEGCUYGNNCU'PINCPFJGYCUITCPVGFEQOOCPFQHVJGUKGIGQH#ETG
+PJGOCTTKGF3WGGP+UCDGNNCQH,GTWUCNGODWVEQPUKFGTKPIVJGENCKOQH)W[QH.WUKIPCPOCFGPQPG
QHJKUQYP&WTKPIJKUTGIGPE[JGRTQHKVGFHTQOVJGVJTGG[GCTVTWEGDGVYGGP.KQPJGCTVCPF5CNCFKP
*GPT[ DCVVNGF #OCNTKE QH .WUKIPCP DWV TGEQPEKNGF CPF JKU GNFGUV FCWIJVGT #NKZ YCU DGVTQVJGF VQ
#OCNTKEŉU UQP *WIJ
VJG HWVWTG MKPI QH %[RTWU *KU UGEQPF FCWIJVGT 2JKNKRRKPC OCTTKGF 'TCTF QH
$TKGPPGKPCPFUQNCKFCENCKOQPVJG%JCORCIPG

2WIGQKUG #ETG # %TQUU YKVJ QPG TKPI KP GCEJ CPING %1/'5 *'04+%85 4 .KU 28)'5
& #%%1*/25/GVECNH5EJNWODGTIGT2N+++IT
4+TTGIWNCTHNCPXGT[HKPG
$CVCXKCFGP*CCI
1PN[EQKPKP(TGPEJ
YKVJ5KFQP
374
,1*0QH$4+'00'

9CUMKPIQH,GTWUCNGOHTQOVQ
KGQHVJGMKPIFQO,GTWUCNGOYKVJQWVVJGEKV[CPFGORGTQT
QHVJG.CVKP'ORKTGHTQOWPVKNJKUFGOKUGKP
*GYCUKPVJGUGTXKEGQH2JKNKR++#WIWUVWUQH(TCPEGYJQFGUVKPGFJKOVQDGEQPUQTVVQ/CTKGJGKTGUU
QHVJGMKPIFQOQH,GTWUCNGO*GYGFFGFJGTQP5GRVGODGTKP#ETGCPFYCUETQYPGFKP6[TWU
QP1EVQDGT
9JGPJKUYKHGFKGFCUUQQPCUJGTGOCTTKGFGUVCDNKUJKPICEQPPGEVKQPYKVJ#TOGPKC
+PCUEQOOCPFGTQHVJG(KHVJ%TWUCFGJGWPUWEEGUHWNN[CVVCEMGFVJG#[[WDKFUQP/QWPV6CDQT
1O/C[JGCFXCPEGFVQ'I[RVCUEQOOCPFGTKPEJKGHQHVJGETWUCFGTUCPFVQQM&COKGVVGQP
0QXGODGT*GRNCPPGFVQKPEQTRQTCVG&COKGVVGKPVQVJGMKPIFQOQH,GTWUCNGODWVVJGRCRCNNGICVG
VJYCTVGFVJKUCVVGORVCPF&COKGVVGYCUVTCPUHGTTGFVQVJGEJWTEJ#UJKUUGEQPFYKHGJCFFKGFCNUQJG
EQWNF PQV UWDUVCPVKCVG JKU ENCKO VQ VJG #TOGPKCP VJTQPG #HVGT VJG HCKNWTG QH VJG (KHVJ %TWUCFG JG
FGEKFGF VQ TGVWTP VQ VJG 9GUV #V VJG EQPHGTGPEG QH (GTGPVKPQ JG CNNKGF YKVJ VJG RQRG CPF 'ORGTQT
(TGFGTKEM ++ 6JKU NGF VQ VJG DGVJTQVJCN QH JKU FCWIJVGT +UCDGNNC CPF (TGFGTKEM ++ 1P 0QXGODGT VJ
VJGOCTTKCIGVQQMRNCEGKP$TKPFKUKYJGTGWRQP(TGFGTKEMKPUVCPVN[ENCKOGFVJGETQYPQH,GTWUCNGO
+PVJGOGCPVKOG,QJPQPCRKNITKOCIGVQ5CPVKCIQJCFOCTTKGF$GTGPICTKCUKUVGTQH(GTFKPCPF+++QH
%CUVKNG(TQOVJKUOCTTKCIG/CTKGYCUDQTPYJQYQWNFOCTT[$CNFYKPQH%QWTVGPC[VJGGNGXGP[GCT
QNFGORGTQTQHVJG.CVKP'ORKTG6JGDCTQPUQHVJG.CVKP'ORKTGKPXKVGF,QJPVQDGTGIGPVGORGTQTCPF
JGYCUETQYPGFKP%QPUVCPVKPQRNGKP*GVQQMITGCVRCKPUVQHGPFQHHCVVCEMUHTQO$WNICTKCCPF
0KECGC*GFKGFKP

&GPKGT#*GCFHCEKPI +1*#00'54':4%TQUUYKVJQPGTKPIKPVYQCPINGU &#/+'6#

/25/GVECNH5EJNWODGTIGT2N::IT
44&CTMRCVKPCUNKIJVN[DGPVXGT[HKPG
PQ
6JKUKUVJGHKTUVEQKPYKVJCEQORNGVGCPFEQTTGEVVGZVNCVGTOCP[JCXGDGGPUVTWEMYKVJUJQTVGTVGZVU
+PVJGHKTUVJCNHQHVJGVJEGPVWT[FKTJGOUVQQYGTGKOKVCVGFD[VJG%JTKUVKCPU#UUQQPCU,WPG

VJQWIJCTGHGTTCNVQ#ETGYCUOCFGDK\CPEKQUUCTCEGPCVQUFGTGIGKNNKWUVGTTCG5KPEGVJGOKFFNGQH
VJG VJ EGPVWT[ YG MPQY
+NKUEJ -TGW\HCJTGT0CEJCJOWPIGP C[[WDKFKUEJGT 5KNDGTOÒP\GP FGT /KVVG
FGU ,CJTJWPFGTVU KP /ÒPUVGTUEJG 0WOKUOCVKUEJG <GKVWPI
R VJCV VJG ETWUCFGTU
CDUQNWVGN[FQOKPCVGFOKPVKPIKP5[TKC6JG'WTQRGCPVTCFGTUKORQTVGFCITGCVFGCNQHUKNXGTVQVJGOKPVU

RTQDCDN[#ETGYKVJYJKEJKOKVCVKQPUOCKPN[QHQPGV[RGQPN[YGTGUVTWEM6JG[CRRCTGPVN[YGTGPQV
EQPVTQNNGFD[VJG+UNCOKETWNGTU
6JG[YGTGCNNGEQRKGUQHVJGFKTJGOUQHVJG#[[WDKFTWNGTKP&COCUEWUCU5CNKJ+UOCŉKNYKVJVJG[GCT
#*

6JGKOKVCVKQPUYGTGTGPFGTGFYKVJVJGHCEVWCNFCVGKP*KITC+PVJKUEJCPIGFDWVQPVJGRTGXKQWU
EQKPUVQQYGQHVGPHKPFUOCNNETQUUGUQPVJGNGVVGTGFGFIGCUCU[ODQNQH%JTKUVGPFQO
+P VJG RCRCN NGICVG 'WFGU QH %J³VGCWTQWZ CTTKXGF KP #ETG VQIGVJGT YKVJ .QWKU +: *G YCU
UECPFCNKUGFVQHKPFVJCV%JTKUVKCPUUVTWEMEQKPUŋDGCTKPIVJGPCOGQH/QJCOGVCPFVJGPWODGTQH[GCTU
HTQO JKU PCVKXKV[
UKEŌ 6JG OQFGN YCU VJGP EJCPIGF C ETQUU YCU KPUGTVGF YKVJ C %JTKUVKCP VGZV KP
#TCDKE6JGFCVKPIVQQDGECOG%JTKUVKCPHTQOVJGRQRGJCXKPIEQPHKTOGFVJGKTHKPFKPIUKPCNGVVGT
VJCVFKFPŉVTGCEJVJG*QN[.CPFWPVKNVJCV[GCT
5QOGVKOGUVJGPCOGQHVJG2TQRJGV/WJCOOCFYCUGZEJCPIGFHQTVJCVQHVJGCTEJCPIGN)CDTKGNCPFVJG
+UNCOKEETGGFYCUGZEJCPIGFHQTVJGWPKXGTUCNŋ+PVJGPCOGQH)QFVJGOGTEKHWNVJGEQORCUUKQPCVGŌ
(TQO VJG[ YGTG RWDNKEKUGF KP EQOOGTEKCN FQEWOGPVU CU DKUCPEKQU UCTCEGPCVQU FG OQPGVC TGIKU
*KGTWUCNGO
6JGKOKVCVKQPFKPCTUCUYGNNCUVJGKOKVCVKQPFKTJGOUYGTGOKPVGFWPVKNYJGPVJG/QPIQNUECOGVQ
QEEWR[VJGUGNCPFU

&KTJGO #ETG # %KTENG YKVJ ETQUU KP EGPVTG NGIGPF KP USWCTG4.GIGPFKPUSWCTG$;
C/25/GVECNH5EJNWODGTIGT2N8IT
45NKIJVN[DGPVCPFYGCMN[UVTWEMKPRCTVUXGT[HKPG
$CVCXKCFGP*CCI
&KTJGOYKVJ%JTKUVKCPKPUETKRVKQPCPFETQUUYKVJNCTIGETQUUKPEKTENG
375

&KTJGO #ETG # 5OCNN ETQUU KP EGPVTG NGIGPF KP USWCTG 4 .GIGPF KP USWCTG $;
/25/GVECNH5EJNWODGTIGT2N8IT
$CVCXKCFGP*CCI
&KTJGOYKVJ%JTKUVKCPKPUETKRVKQPCPFUOCNNETQUU

*CNH &KTJGO #ETG # 5OCNN ETQUU KP EGPVTG NGIGPF KP USWCTG 4 .GIGPF KP USWCTG $;
C/25/GVECNH5EJNWODGTIGTaIT
449GCMN[UVTWEMCVVJGGFIGCPFUETCVEJGUXGT[HKPG
$QPXCNNGV2CTKU
&KTJGO$QVJUKFGUCTCDKCPNGIGPFKPUSWCTG$CVGUV[RG+IT

$CVCXKCFGP*CCI
#FFKVKQPCNUVTQMGVQ&COCUEWUYKVJ+UNCOKEFCVKPI
/KVEJKPGT

&KTJGOYKVJEJTKUVKCPFCVG$QVJUKFGUCTCDKCPNGIGPFKPUSWCTG$CVGUV[RG8IT

&QODTQYUMK/ÒPUVGT
(TQONKUV&QODTQYUMKPQ
#FFKVKQPCNUVTQMGVQ&COCUEWU#*YKVJ%JTKUVKCPFCVKPI
&KTJGO YKVJ HKEVKQWU +UNCOKE FCVKPI #* $QVJ UKFGU CTCDKCP NGIGPF KP USWCTG $CVGU V[RG 8+
&QODTQYUMK/ÒPUVGT
(TQONKUV&QODTQYUMKPQ
#FFKVKQPCNUVTQMGVQ&COCUEWU*YKVJHKEVKVKQWU+UNCOKEFCVKPI#*

376
-+0)&1/,'475#.'/6+67.#4;10.;
CHVGT
1P /C[ VJ #ETG HGNN VQ VJG /COGNWMU YJQ EQPSWGTGF VJG NCUV QWVRQUV QP #WIWUV VJ
*GTGYKVJ VJG MKPIFQO ,GTWUCNGO JCF EQOG VQ CP GPF CPF CNN VJCV YCU NGHV YCU VJG VKVNG ō-KPI QH
,GTWUCNGOŋYKVJPQNCPFVQUWDUVCPVKCVGKV

0GXGTVJGNGUU VJG MKPIU QH %[RTWU WR VQ VJG NCUV %CVJCTKPC %QTPCTQ
MGRV WUKPI VJG VKVNG
6JG#PLQWUFKFVJGUCOG#HVGT%JCTNGU+
%JCTNGU++
4QDGTVQH#PLQW

OGPVKQPGFVJGVKVNGQPVJGKTEQKPU6JGNCUVVQFQUQYCU4GPCVQQH#PLQW
VJGTGCHVGT
VJGETQYPYGPVVQ#TCIQP

.14&5*+25QHVJG.#6+0-KPIFQO,'475#.'/
+VKUPQYENGCTVJCVVJGNQTFUQHQPN[VJTGGNQTFUJKRUKP$GKTWV5KFQPCPF6[TWUFGHKPKVKXGN[KUUWGFVJGKT
QYPEQKPUYGUVGTPUV[NGDKNNQPQTEQRRGTFGPKGTUCPFQDQNGU

+H$CNFYKP++QT+++VJQWIJVKVPGEGUUCT[VQHQTDKFXCUUCN[VQOKPVVJGKTQYPEQKPUKVKUYQTVJCUMKPIVJG
SWGUVKQPYJGVJGTCP[JCFKPHCEVDGGPFQKPIUQ#VHKTUVUKIJV
WPNGUUCICKPUVQWTDGVVGTLWFIGOGPVYG
CEEGRVVJCV$CNFYKP+++ŉUEQPVGORQTCT[)GTCTFQH5KFQPYCUTGURQPUKDNGHQTVJGEQKPYJKEJDGCTUJKU
PCOGXCUUKN[QPN[DGICPVQOKPVVJGKTQYPEQKPUUQOGVYGPV[[GCTUCHVGT$CNFYKP+++ŉUFGCVJ$WVVYQ
HWTVJGTRQUUKDKNKVKGUTGOCKPQRGP
UGG'FDWT[KP1ZHQTF5[ORQUKWOR

$'+476
$GKTWVJCUDGGPMPQYPHTQOVJGPFEGPVWT[$%+P$GKTWVYCUVQVCNN[FGXCUVCVGFD[CPGCTVJSWCMG
CPFCVUWPCOK7PFGT,WUVKPKCPVJGEKV[YCUTGDWKNV

+PKVYCUEQPSWGTGFD[VJG#TCDUKPD[VJG$[\CPVKPGUCPFUJQTVN[CHVGTCICKPD[VJG(CVCOKFU

+V YCU C VJTKXKPI VTCFKPI VQYP YJKEJ YCU UWDLGEVGF D[ $CNFYKP + YKVJ VJG CUUKUVGPEG QH $GTVTCPF QH
6TKRQNKKP6JGEQWPVUQH6TKRQNKVJGTGCHVGTTGOCKPGF.QTFUQH$GKTWV

%QPUGSWGPVN[KPVJG UYGOGGV4C[OQPF+++QH6TKRQNKYJQYCUCRRQKPVGFTGIGPVQHVJGMKPIFQO
D[ VJG CKNKPI $CNFYKP +8
+P VJCV [GCT VJG CFOKPKUVTCVKQP QH VJG MKPIFQO YCU VTCPUHGTTGF VQ
4C[OQPF 5CDKPG EQPUKFGTU VJG HQNNQYKPI EQKP
PQ VQ JCXG DGGP UVTWEM D[ 4C[OQPF KP $GKTWV
YJQYCUVCMKPIVJGTGXGPWGUVQEQORGPUCVGHQTJKUUGTXKEGU
5CDKPG6JG6WTTKV&CXKVEQKPCIGCPFVJG
TGIGPE[ QH 4C[OQPF +++ QH 6TKRQNK
0WO %JTQP
R CPF 6JG %TWUCFGT
ŋ6WTTKV&CXKVŌEQKPCIGCFFGPFWO0WO%JTQP
R
4#;/10&QH64+21.+

#HVGTVJGFGOKUGQH$CNFYKP+84C[OQPF+++QH6TKRQNKYCUTGIGPVQHVJGMKPIFQO,GTWUCNGO$CNFYKP
YCUEJKNFNGUUDWVJKUUKUVGT5[DKNNCDGIQVCEJKNFHTQOJGTHKTUVOCTTKCIGVQ9KNNKCO+8QH/QPHGTTCV
YJQFKGFKP6JKUJGKTYCUVQDGMKPIHTQOWPVKNCU$CNFYKP8
+PCRTGEQPFKVKQPYCUOCFGVQVJGGHHGEVVJCVKH$CNFYKPYQWNFFKGDGHQTGJGYCU4C[OQPF+++
QH 6TKRQNK YQWNF TGOCKP TGIGPV WPVKN VJG UWEEGUUKQP JCF DGGP TWNGF WRQP #HVGT $CNFYKPŉU FGOKUG KP
)W[ QH .WUKIPCP EQPURKTGF YKVJ ,QUEGNKP EQWPV QH 'FGUC VQ QWUV 4C[OQPF 6JG UVTCVGIGO
UWEEGGFGF,QUEGNKPYGPVVQ$GKTWVCPF)W[CEEGFGFVQVJGVJTQPG)W[YCUVJGUGEQPFURQWUGQH5[DKNNC
CPF JCF CNTGCF[ DGEQOG TGIGPV KP 6JG URCTTKPI QH 4C[OQPF CPF )W[ JCF PWOKUOCVKE
TCOKHKECVKQPUPCOGN[VJGRTGUGPEGQHVYQV[RGUQHVJGRGTKQFLWUVDGHQTG
C1PQDXGTUGVJG6QYGTQH&CXKFYKVJ6844+5CPFQPTGXGTUGCUVCTQHTC[UYKVJ&#8+6
D1PQDXGTUGCNUQVJG6QYGTQH&CXKFYKVJ6WTTKUCPFQPTGXGTUGVJGVQODKPVJG%JWTEJQHVJG*QN[
5GRWNEJTGYKVJ5'28.%*48/&1/+0+
6[RGCYJKEJJCUDGGPMPQYPHQTCNQPIVKOGJCUCNYC[UDGGPCVVTKDWVGFVQ)W[QH.WUKIPCPYJQ
YQWNFJCXGUVTWEMVJKUEQKPUJQTVN[DGHQTGVJGECRKVWNCVKQPQH,GTWUCNGO6JG'TPQWNEJTQPKENGTGHGTUVQ
$CNKCPQH+DGNKPCPFVJGRCVTKCTEJŋUVTKRRKPIVJGVQODGFKEWNGQHVJG5GRWNEJTGYJKEJYCUCNNEQXGTGF
YKVJUKNXGTŌVQUVTKMGEQKPUHQTVJGRC[OGPVQHVJGUQNFKGTU
/GVECNHR$WVVJKUV[RGKUPQVUKNXGT
CPFKVKUXGT[FQWDVHWNVJCVCEQKPYCUUVTWEMFWTKPICUKGIG
6[RG D MPQYP HTQO C OQTG TGEGPV FCVG CPF QPN[ KP URGEKOGPU 6JKU EQKP YQWNF JCXG DGGP UVTWEM
WPFGTUJCTGFTGURQPUKDKNKV[QH$CNKCPQH+DGNKPCPF*GTCENKWUŋ6JGP$CNKCPCPFVJGRCVTKCTEJYGPVCPF
JCFVJGVQODGFKEWNGQHVJG5GRWNEJTGYJKEJYCUCNNEQXGTGFKPUKNXGTWPEQXGTGFCPFVJGPVJG[JCFKV
VCMGP CYC[ VQ DG UVTWEM KPVQ OQPG[ VQ IKXG VQ VJG MPKIJVU CPF UGTIGCPVUŌ
/GVECNH R 0QY VJG
EQPUGPVKUVJCVV[RGCDGNQPIUKP$GKTWVCPFV[RGDKP,GTWUCNGO
5CDKPG0WOKUOCVKEKEQPQITCRJ[QH
VJG 6QYGT QH &CXKF CPF VJG *QN[ 5GRWNEJTG #P GOGTIGPE[ EQKPCIG UVTWEM FWTKPI VJG UKGIG QH
,GTWUCNGO0WO%JTQP
R
+PEQPENWUKQPKVKUIQQFVQRQKPVQWVVJCVVJGVYQVQYGTUCTGFKUUKOKNCT
377
SIDON

&GPKGT#6QYGTQH&CXKFDGVYGGPVYQRGNNGVUŐ6Ő8Ő4Ő4Ő+Ő545VCTYKVJGKIJVTC[UŐ&
Ő#Ő8Ő+Ő6/25/GVECNH5EJNWODGTIGT2N+++IT
46TCEGUQHXGTFKITKUCPFYGCMN[UVTWEMCVVJGGFIGXGT[HKPG
$CVCXKCFGP*CCI
$CNFYKPŉU RTQRGT PCOG YCU /QPVHGTTCV 6JKU F[PCUV[ TGUKFGF QP VJG ECUVNG 6WTTKU CV 8KNNCFGCVK
UGG WPFGT +VCN[
%CUCNG/QPHGTTCVQ %QPUGSWGPVN[ 6WTTKU JGTG OC[ JCXG C FQWDNG OGCPKPI 6WTTKU &CXKV CPF VJG ECUVNG 6WTTKU QH
/QPVHGTTCV
5+&10
#NTGCF[KP2JQGPKEKCPFC[U5KFQPYCUCPKORQTVCPVVTCFKPIEGPVTG.CVGTKVECOGWPFGT#TCDTWNG

+PVJGEKV[YCUEQPSWGTGFD[-KPI$CNFYKP+CPFITCPVGFVQVJG(NGOKUJMPKIJV'WUVCEG+)TGPKGT

CUCUGKIPGWTKG#HVGTVJGDCVVNGQH*CVVKPVJGUGKIPGWTQH5KFQP4GIKPCNFYCUCDNGVQGUECRG
VQ6[TWU5KFQPUWTTGPFGTGFVQ5CNCFKPQP,WN[VJ6JGVQYPYCUCPPKJKNCVGF

1P 1EVQDGT VJ VJG EKV[ YCU TGEQPSWGTGF D[ VJG ETWUCFGTU WPFGT *GPT[ +8 QH $TCDCPV 6JG
TGEQPUVTWEVKQPJQYGXGTFKFPQVVCMGRNCEGWPVKNWPFGT(TGFGTKEM++KP#VJKUFGRCTVWTGVJG
GORGTQT CRRQKPVGF JKU HQNNQYGT $CNKCP VQ UGKIPGWT QH 5KFQP VQIGVJGT YKVJ )CTPKGT IQXGTPQT QH
,GTWUCNGO

#HVGTCPWPNWEM[TCKFD[VJGUGKIPGWT,WNKCPVJGVQYPYCUQEEWRKGFCPFRNWPFGTGFD[VJG/QPIQNUKP
6JG[UQNFKVVQVJG6GORNCTUYJQCVVGORVGFVQFGHGPFVJGEKV[CHVGTVJGHCNNQH#ETGQP/C[VJ
DWV QP ,WN[ VJ JCF VQ UWTTGPFGT KV VQ VJG /COGNWMU YJQ EQORNGVGN[ FGOQNKUJGF VJG
UVTQPIJQNF

6JGETWUCFGTUECNNGF5KFQPō5CIKVVCŋ.CVKPHQTCTTQYEQPETGVKUGFCUCJGTCNFKEGODNGOCNUQWUGFQP
EQKPU
$#.+#0

&GPKGT#'FKHKEGYKVJVJTGGRQTVCNU Ő&Ő'Ő5Ő'Ő'Ő6Ő'Ő4%TQUU Ő&Ő'Ő0Ő+Ő

'Ő4Ő/255EJNWODGTIGT2N8IT 445NKIJVGN[EQTTQFGFXGT[HKPG
)NGPFKPKPI.QPFQP#WEVKQPOC[PQ
&KURNC[GF QP 0CCT ,GTW\CNGO FG FWTG TGKU XCP GGP OKFFGNGGWYUG ITCCH .GKFGP *KNXGTUWO
6Q
,GTWUCNGOVJGGZRGPUKXGLQWTPG[QHCOGFKGXCNEQWPV
6JGTG KU UVTQPI GXKFGPEG VJCV VJKU EQKP JCU DGGP UVTWEM UJQTVN[ CHVGT 5KFQP JCF TGVWTPGF VQ %JTKUVKCP UWRGTXKUKQP

+HUQ$CNKCPQH5KFQPVJGUQPQH4C[PCNFYQWNFJCXGDGGPTGURQPUKDNG
$CNKCPYCUCFKUVKPIWKUJGFNC[YGTYJQHQTOWEJQHVJGVKOGHTQOWPVKNJKUFGCVJKPCEVGFCUTGIGPVKP
#ETG UVGGTKPI C FKHHKEWNV EQWTUG KP VJG EQPHNKEV DGVYGGP VJG GORGTQT (TGFGTKEM ++ HCVJGT QH VJG TKIJVHWN DWV CDUGPV
JGKTVQVJGVJTQPGCPFJKUQRRQPGPVUVJG.CVKP5[TKCPDCTQPUCPFVJGNQTFQH$GKTWV
378
TYRUS and ACRE
6;475
6[TWUYCUCVJTKXKPIRQTVKP2JQGPKEKCPFC[U%QPSWGTGFD[VJG#TCDUKPKVDGECOGVJGHNGGVDCUG
QHVJG(CVCOKFU&WTKPIVJG(KTUV%TWUCFGVJGETWUCFGTUDGUKGIGF6[TWUCNTGCF[
DWVEQWNFPQV
EQPSWGTVJGVQYPWPVKN6JGCVVCEMVJGPYCUOCFGD[CPCTO[QHVJGMKPIFQO,GTWUCNGOCPFVJG
EQWPV[6TKRQNKYKVJVJGCUUKUVGPEGQHC8GPGVKCPHNGGV6JGVQYPDGECOGRCTVQHVJGMKPIFQO,GTWUCNGO

DWVVJG8GPGVKCPUMGRVCVJKTFQHVJGTGXGPWGU
2CEVWO9GTCPFK
#HVGTVJGDCVVNGQH*CVVKPKP6[TWUYCUVJGQPN[EQCUVCNEKV[NGHV5CNCFKPVTKGFVQEQPSWGTKVDWV
YCU WPUWEEGUHWN VJCPMU VQ %QPTCF QH /QPVHGTTCV YJQ TGHWUGF VQ CFOKV VJG TGEGPVN[ NKDGTCVGF )W[ QH
.WUKIPCP+P%QPTCFCUUWTGFJKOUGNHQHRQYGTKP6[TWU5KFQPCPF$GKTWVD[CVTGCV[

+P 6[TWU ECOG VQ (TGFGTKEM ++
XKC JKU YKHG +UCDGNNC ++ ,QNCPFG QH ,GTWUCNGO ITCPFFCWIJVGT QH
3WGGP +UCDGNNC CPF JGT EQPUQTV %QPTCF QH /QPVHGTTCV #HVGT VJG FGRCTVWTG QH VJG GORGTQT KP
6[TWU TGOCKPGF WPFGT VJG UWRGTXKUKQP QHJKU$CKWNWU
4KEJCTF(KNCPIKGTK+P6[TWUECOGWPFGT
$CNKCP QH +DGNKP NQTF QH $GKTWV +P KV KU ITCPVGF VQ 2JKNKR QH /QPVHQTV CU HKGH CPF KP -KPI
*WIJ +++ QH %[RTWU CPF ,GTWUCNGO TGEQIPKUGF KV CU C ŋHKGH FG EQPSW¿VGŌ +P KV TGVWTPGF VQ VJG
ETQYPVQDGUGK\GFHQTIQQFD[VJG/WUNKOUQP/C[VJ

+P6[TWUEQKPYCUUVTWEMD[2JKNKRQH/QPVHQTV.QTFQH6[TWU
CPFJKUUQP,QJPNQTFQH
6[TWU CPF 6QTQP
2JKNKR YCU VJG UQP QH )W[ QH /QPVHQTV.QTFQH$GKTWVCPF*GNXKUQH
+DGNKP

+P VJG TGIGPV QH VJG MKPIFQO ,GTWUCNGO -KPI *GPT[ + QH %[RTWU EJCTIGF 2JKNKR YKVJ VJG
CFOKPKUVTCVKQP QH 6[TWU 6JKU YCU EQPHKTOGF KP YJGP MKPI *WIJ +++ QH %[RTWUDGECOGMKPIQH
,GTWUCNGO2JKNKRŉUUQP,QJPOCTTKGFVJGUKUVGTQH*WIJ+++

+PYJGPVJGEQPVTQNQXGT#ETGCPFQVJGTRNCEGUVJTGCVGPGFVQUNKRHTQOJKUJCPFUKVYCU,QJPQH
/QPVHQTVYJQQHHGTGF6[TWUVQ*WIJ+++CUCPQRGTCVKPIDCUGKPJKUUVTWIINGCICKPUV%JCTNGUQH#PLQW

,1*0QH/106(146

&QWDNG &GPKGT FG %WKXTG # %TQUU +1*5 64' 4 6GORNG & ' 5 8 4 /25
5EJNWODGTIGT2N8IT 445OCNNHNCPXGT[HKPG
PQ
&KURNC[GF QP 0CCT ,GTW\CNGO FG FWTG TGKU XCP GGP OKFFGNGGWYUG ITCCH .GKFGP *KNXGTUWO
6Q
,GTWUCNGOVJGGZRGPUKXGLQWTPG[QHCOGFKGXCNEQWPV
5GNVOCP
RTGCFU+QJ5+4'
QVJGTXGTUKQPU+1J5641
6JGUGEQKPUOWUVJCXGDGGPUVTWEMKPCTGNCVKXGN[UJQTVRGTKQF
#%4'
#ETGQTKIKPCNN[YCU+UNCOKECPFYCUEQPSWGTGFD[-KPI$CNFYKP+KP+PKVVGORQTCTKN[HGNN
KPVQ#[[WDKFJCPFU
5CNCFKPDWVVJTQWIJVJGGHHQTVUQH4KEJCTF.KQPJGCTVECOGDCEMVQVJG.CVKPUCPF
TGOCKPGFUQWPVKN
#ETGYCUVJGRQTVQH&COCUEWUCPFCUUWEJEQORGVGFYKVJ#NGZCPFTKC+PJKUVQTKECNEQPVGZVKVYCUC
NCTIG EKV[ #HVGT KVU KORQTVCPEG YCPGF VJTQWIJ CVVCEMU D[ VJG /COGNWMU CPF /QPIQNU 6JG
/COGNWMUFGHKPKVKXGN[EQPSWGTGF#ETGKP
6JG EQKPU UVTWEM KP #ETG JCXG DGGP GPVGTGF CDQXG WPFGT MKPIFQO ,GTWUCNGO 6JGUG NGCFGP EQKPU QT
VQMGPUJCXGRTQDCDN[DGGPUVTWEMKP#ETG

#PQP[OQWU#%TQUUYKVJQPGUOCNNETQUUKPGCEJCPING44KPIYKVJHQWTVTKFGPVUCPFHQWTRGNNGVU
CTQWPF/KVEJKPGTIT 8GT[HKPGVQGZVTGOGN[HKPG
4CWEJ9KGP#WEVKQP
PQ
379
OTTOMAN EMPIRE

#PQP[OQWU#*GCF
!YKVJETQUU47PEGTVCKPVQMGPU/KVEJKPGTIT (KPG
&QTCW$GTNKP
%QWNFVJGKPVGTVYKPGFNGVVGTUHQTO2CZ!
#PQP[OQWU#$WUVHCEKPIYKVJVYQETQUUGU47PEGTVCKPVQMGPU/KVEJKPGTIT

8GT[HKPG
&QTCW$GTNKP
1661/#0'/2+4'
9JGPVJGUWNVCPCVGQHVJG4WO5GNLWSUCPFVJGRQYGTQHVJG+NMJCPUKP9GUVCPF%GPVTCN#PCVQNKCJCF
EQOGVQCPGPFCPWODGTQHUOCNNGTUWNVCPCVGUYCUHQTOGF1PGQHVJGOHQWPFGFD[CEGTVCKP1UOCP
YCURQUKVKQPGFCVVJGDQTFGTKP9GUV6WTMG[+P$WTUCYCUVCMGPCPFOCFGECRKVCNWPVKNVJGGPFQH
VJGVJEGPVWT[+PVJGUQPQH1UOCP1TJCPEQPSWGTGF0KECGC6JGUWNVCPCVGUCNNKGFCPFUWNVCP
1TJCP OCTTKGF 6JGQFQTC VJG FCWIJVGT QH ,QJP 8+ 6JGP VJG &CTFCPGNNGU YGTG ETQUUGF
CPF
'FKTPG
#FTKCPQRNGNCVGTVQDGEQOGVJGECRKVCNYCUEQPSWGTGFKP+PVJGUGEQPFJCNHQHVJG
VJ EGPVWT[ &KOGVQMC YCU VJG TGUKFGPEG CPF HKPCNN[ CHVGT %QPUVCPVKPQRNG YCU VQ DGEQOG VJG
ECRKVCN

6JG 1VVQOCPU RGTUKUVGPVN[ VTKGF VQ GZRCPF VJGKT VGTTKVQT[ # FKUVKPEVKQP UJQWNF DG OCFG DGVYGGP VJG
EQPSWGUVUQPVJG$CNMCPRGPKPUWNCCPFVJQUGKPCPFCTQWPF#UKC/KPQT6JG[FKHHGTITGCVN[

%QPSWGUVUQPVJG$CNMCP

5QQP VJG 1VVQOCPU EQPSWGTGF ITGCV RCTVU QH VJG $CNMCP 6JG[ RQUUGUUGF UMKNHWN OKNKVCT[ EQOOCPFGTU
YJQIQVTKEJTGYCTFU
NCVGTVQDGEQOGHCOKN[RTQRGTV[#HVGTVJGNCPFKPIKPVJG$CNMCPKPCPFVJG
HCNNQH#FTKCPQRNGKPVJG[TGCEJGFVJG#NDCPGUGEQCUVKP5GTDKCCPF$QUPKCYGTGFGHGCVGFKP
VJG DCVVNG QH -QUQXQ
6JG E\CTU QH $WNICTKC CPF 5GTDKC DGECOG XCUUCNU VQ VJG 1VVQOCPU .CVGT
5WNVCP/WTCFDCVVNGF*WPICT[
5KIKUOWPFCPF,QJP*WP[CFK6JGNCVVGTNQUVVJGDCVVNGQH8GTPCKP
CPF VJG UGEQPF DCVVNG QH -QUQXQ KP /WTCF ++ EQPSWGTGF %QPUVCPVKPQRNG KP 5GTDKC YCU
CPPGZGFKPCPFRCTVQH$QUPKCKP/WTCFYCIGFYCTCICKPUV8GPKEGCUYGNN'XGPVWCNN[,QJP
*WP[CFKOCPCIGFVQVWTPVJGVKFGCPFCDTKPICTGNCVKXGN[NCUVKPIGPFVQVJG1VVQOCPEQPSWGUVU

%QPSWGUVUKP#PCVQNKC

5KPEG /WTCF +
VJG 1VVQOCP VGTTKVQT[ KP #PCVQNKC UVGCFKN[ GZRCPFGF 7PFGT $C[G\KF VJG
ITGCVGT RCTV QH VJG #PCVQNKCP RTKPEKRCNKVKGU ECOG WPFGT 1VVQOCP TWNKPI 6JGUG RTKPEGU VJGP UQWIJV
RTQVGEVKQPHTQOVJGNGCFGTQHVJG/QPIQNU6KOWTYJQFGHGCVGFCPFECRVWTGF$C[G\KFCV#PMCTCKP
CPF YGPV QP VQ TGUWTTGEV VJG #PCVQNKCP RTKPEKRCNKVKGU $C[G\KFŉU UQP /GJOGF +
YJQ JCF
DGGPHQTEGFVQHKIJVCDCVVNGHQTVJGUWEEGUUKQPVJGPJCFVQHCEGVJG#PCVQNKCPCTKUVQETCE[YJQHCXQWTGF
VJG UQP QH 6KOWT 5CJTWJ 0QV WPVKN VJG TGKIP QH /WTCF ++
VJG RTKPEKRCNKVKGU EQWNF DG
KPEQTRQTCVGFHQTIQQF/GJOGFDCVVNGF7\WP*CUUCPTWNGTKPGCUV#PCVQNKCCPFRCTVUQH2GTUKC$C[G\KF
VQQDCVVNGFHQTVJGUWEEGUUKQPHQWIJVCICKPUVVJG/COGNWMUCPFYCUEQPHTQPVGFQPEGOQTGYKVJTGXQNVU
KP #PCVQNKC 6JGP CTQWPF ITGCV FCPIGT NWTMGF HTQO VJG GCUV 6JG GORKTG QH VJG 5CHCYKFU YCU
DGKPIGUVCDNKUJGFWPFGTUJGKMJ+UOCŉKN
YJQJCFEQPSWGTGF$CIFCFKP/CP[PQOCFUYJQYGTG
JGCXKN[ CTOGF TGICTFGF JKO CU VJGKT TGNKIKQWU NGCFGT 9JGP VJG UJGKMJŉU HQNNQYGTU VWTPGF CICKPUV VJG
1VVQOCPUKPKVOGCPVVJGGPFHQT$C[G\KF

$#;'<+&+

#MEC'FKTPG$QVJUKFGUCTCDKCPNGIGPF02GTGIT 8GT[HKPG
4CWEJ9KGP#WEVKQP
PQ
/'*/'&++

#MEC'FKTPG$QVJUKFGUCTCDKCPNGIGPF02GTGIT 8GT[HKPG
4CWEJ9KGP#WEVKQP
PQ
380
TURKOMAN COINS
674-1/#0%1+05
+P VJG VJ EGPVWT[ VYQ TGCNOU GOGTIGF KP VJG PQTVJ QH /GUQRQVCOKC CNQPI VJG WRRGT EQWTUGU QH VJG
TKXGTU'WRJTCVGCPF6KITKU6JWUVJGTGCNOUQHVJG#TVWSKFUCPFVJG<GPIKFUECOGKPVQDGKPI$QVJJCXG

RNC[GFEGPVTCNTQNGUKPVJGJKUVQT[QHVJGETWUCFGTUVCVGU
6JG #TVWSKFU NKXGF CNQPI VJG WRRGTOQUV EQWTUG QH VJG 6KITKU KP VJG VQYPU *KUP -C[HC #OKF CPF
/CTFKP6JKUNCUVVQYPRCTVKEWNCTN[YCUQHITGCVKORQTVCPEGCUVJGHQTVTGUUUKVWCVGFJKIJCDQXGKVYCUCNN
DWV WPEQPSWGTCDNG +P VJG VGTTKVQT[ HGNN KPVQ VYQ RCTVU *KUP -C[HC CPF #OKF CV VJG TKXGT CPF
/CTFKPCNKVVNGVQVJGYGUVDGVYGGPVJG'WRJTCVGCPF6KITKUTKXGTU6JKUNCUVTGCNO/CTFKPYQWNFDGQH
EGPVTCNKORQTVCPEG

6JG<GPIKFUNKXGFKP/QUWN
CVVJG6KITKUCPF#NGRRQYJKEJNC[HWTVJGTVQYCTFUVJGEQCUVCPFYGUVQH
VJG'WRJTCVG$QVJVJGUGEKVKGUYGTGQHITGCVKORQTVCPEGVJG[YQWNFCNUQDGFKXKFGFKPKPVQ/QUWN
CPF#NGRRQ+P#NGRRQ0WTCFFKPCRRGCTGFYJQYQWNFIQQPVQRNC[CPKORQTVCPVRCTVKPVJGUVTWIING
YKVJVJGETWUCFGTU

#TGEWTTKPISWGUVKQPYKVJTGICTFVQVJGUG6WTEQOCPEQKPUKUYJ[FQVJG[UJQYKOCIGU!

$QVJVJG#TVWSKFUCPFVJG<GPIKFUYGTGRCTVQHVJG+UNCOYQTNF#YQTNFVJCVJCFIQNFCPFUKNXGTEQKPU
CPFUOCNNDTQP\GV[RGUGZENWUKXGN[6JGUGIGPGTCNN[UJQY3WTŉCPVGZVUCPFNCVGTVJGPCOGQHVJGECNKH
CPFCFCVGYGTGCFFGF*GTGYGCTGFGCNKPIYKVJNCTIGDTQP\GEQKPUCPKOCIGQPQPGUKFGCPFCVGZVQP
VJGQVJGT

6JGUK\GCPFYGKIJVQHVJGUGEQKPUCTGXGT[UKOKNCTVQVJQUGQHVJG$[\CPVKPGHQNNKU

6JG DTQP\G CPQP[OQWU EQKPU
$CUKNKQU ++ CRRTQZ YGTG CNN QH VJG UCOG UK\G CPF YGKIJGF LWUV
WPFGTITCYGKIJVVJCVYQWNFNCVGTKPETGCUG9GGPEQWPVGTUKOKNCTYGKIJVUJGTGUQOGVJKPIHQTYJKEJ
VJGNCVGTFCVGJCUVQDGVCMGPKPVQCEEQWPV

6JWUVJGTGIKQPYJKEJYCUVJGPQTVJRCTVQH/GUQRQVCOKCNQQMGFVQYCTFU$[\CPVKWOYKVJTGURGEVVQ
EQKPCIG6JGUCOGECPDGUCKFQH'FGUUC
YJGTGCNCVGTCPFNKIJVGT$[\CPVKPGV[RGYCUWUGF

6JG VGZVU FKHHGT UKIPKHKECPVN[ HTQO VJQUG UGGP QP PQTOCN #TCD EQKPCIG 6GZVU EQPVCKP GKVJGT C NKUV QH
CPEGUVQTU
C HCOKN[ VTGG QH UQTVU QT VJG PCOGU QH VJG ECNKH QH $CIFCF CPFQT VJG #[[WDKF MKPIU YJQ
YGTGTGEQIPKUGFCUQXGTNQTFU.KUVKPIVJGPCOGUQHCPEGUVQTUKUEWUVQOCT[KP#TCDKCCPFVJGUWTTQWPFKPI
TGIKQPU 0COKPI VJG ECNKH CPFQT VJG #[[WDKF NQTFU YCU VQ UKIPKH[ QP YJQO QPG YCU FGRGPFGPV
0GGFNGUUVQUC[VJKUFKFPQVCRRN[VQPQTOCN#TCDEQKPCIG

$[ HCT VJG OQUV KPVGTGUVKPI CURGEV KU RTGUGPVGF D[ VJG KOCIGU 0WOKUOCVKUVU WUGF VQ VJKPM VJGUG EQKPU
EQPUVKVWVGF KOKVCVKQPU QH )TGGM 4QOCP CPF $[\CPVKPG EQKPU GXGP KH VJGTG YGTG C HGY VJCV FKF PQV HKV
GIVJGHQWTOQWTPKPIHKIWTGUVJGUQXGTGKIPFGECRKVCVKPIUQOGDQF[GVE0QYCFC[UVJGUGKOCIGUCTG
VJQWIJVVQJCXGCUVTQNQIKECNUKIPKHKECPEG#UVTQNQI[RNC[GFCEGPVTCNTQNGKPVJGNKHGKPQNFUQEKGVKGUCPFKU

DQWPFVQJCXGKPHNWGPEGFVJGYC[EQKPUNQQMGF
6JG #TVWSKFU CPF <GPIKFU NKXGF KP 0QTVJ /GUQRQVCOKC C TGIKQP VJCV NC[ QP VJG DQTFGT DGVYGGP VJG
+UNCOCPF%JTKUVKCPYQTNFU

6JG TGIKQP CQTWPF QH /CTFKP COQPIUV QVJGTU YCU GZVTGOGN[ KORQTVCPV HQT JQY GCUVGTP %JTKUVKCPKV[
FGXGNQRGF 6JG 0GUVQTKCP EJWTEJ YCU ENQUGN[ EQPPGEVGF VQ /CTFKP
#TEJDKUJQR,QJPQH/CTFKP
HQWPFGF UGXGTCN OQPCUVGTKGU PGCT /CTFKP +P VJG ,CEQDKPKE RCVTKCTEJCVG QH #OKF YCU OQXGF VQ
/CTFKP

+VCNUQNC[QPVJGDQTFGTDGVYGGPUGXGTCNEQNNKFKPIUWRGTRQYGTU$QVJVJGUGHCEVQTUJCFCPKPHNWGPEGQP
VJGUGURGEKCNEQKPU
381
ARTUQIDS

#4673+&5

6JG#TVWSVTKDGQTKIKPCVGFYKVJCEGTVCKP#OKT#TVWSCPCFXGPVWTGTYJQGXGPVWCNN[GPVGTGFVJGUGTXKEG
QHVJG5GNLWMUWNVCP#NR#TUNCP
1PCEEQWPVQHJKUOKNKVCT[UWEEGUUGUVJGUWNVCPCRRQKPVGFJKO
EQOOCPFGTKPEJKGHQHVJG5GNLWMHQTEGUIWCTFKPIVJGDQTFGTUQHVJGVGTTKVQT[*GYCUMGRVQPD[#NR
#TUNCPŉU UWEEGUUQT /CNKM 5JCJ .CVGT JG LQKPGF HQTEGU YKVJ QPG QH #NR #TUNCPŉU QVJGT UQPU /CNKM
6WVWUJ)QXGTPQTQH&COCUEWU9JGP6WVWUJFKGFKP#TVWSDGECOGIQXGTPQTQH,GTWUCNGOCP
QHHKEGJGYQWNFJQNFVKNNJKUFGCVJKP

#HVGTJKUFGCVJJKUVYQUQPU5WMOCPCPF+N)JC\KVQIGVJGTJGNFVJGQHHKEGWRVQYJGPVJGEKV[YCU
EQPSWGTGF D[ VJG (CVCOKFU $QVJ DTQVJGTU VJGP YKVJFTGY VQ VJG PQTVJGCUV YJGTG VJG[ HQWPFGF VYQ

RTKPEKRCNKVKGU*KUP-C[HCCPF/CTFKP

#4673+&5QH*+50-#;(#CPF#/+&
6JGTWNGTUQXGT*KUP-C[HCYGTGPCOGF5WMOCPK[[CCHVGTVJGKTHQWPFGT+PJGJGNRGFVJG5GNLWMU
VCMG/QUWN+PTGVWTPJGTGEGKXGFHKPCPEKCNUWRRQTVVJGEKV[*KUP-C[HCVJGHQTVTGUU&K[CTDCMT5JQTVN[
CHVGTVJCVJGYCUCNUQIKXGP/CTFKPYJKEJJGNGHVVQJKU[QWPIGTDTQVJGT+N)JC\K

5WMOCP NGHV VYQ UQPU +DTCJKO CPF 4WMP CN&CYNC &CŉFW YJQ TWNGF EQPUGEWVKXGN[ 2CTVKEWNCTN[ VJG
NCVVGTYQWNFTWNGHQTCNQPIRGTKQFQHVKOGVKNN

6JG5WMOCPK[[CDTCPEJJCFTWNGF*KUP-C[HCHQT[GCTUVJG[NCVGTCFFGF#OKF
YJGPVJG[
DGECOGXCUUCNUQHVJG#[[WDKFNQTF5CNCFKP+PWPFGT5CNCFKPŉUEQWUKP#NOCNKMCN-COKN*KUP
-C[HCYCUGXGPVWCNN[CPPGZGFKPVQVJG#[[WDKFTGCNO
(#-*4CN&KP3#4##45.#0

6JGHKTUVQHVJG*KUP-C[HCTWNGTUVQJCXGOKPVGF

$TQP\G#$WUVQH%JTKUVHCEKPIDGVYGGP+%CPF:%4FWTKDCJCFJ³CNFKTJCOHÄC[[³O(CMJTCN
&ÄP3CT³#TUN³PQPVJGGFIGDKP5WMO³PDKP#TVWSDKP&³ ÑF55IT 48GT[HKPG
/ÒP\\GPVTWO-ÌNP
6JGTGKUCNGIGPFCTQWPFVJGPKODWU.CPG2QQNGTGCF'//#01;*Λ
'OOCPWGN5RGPINGTCPF5C[NGUJQYGXGT
MPQYQHPQURGEKOGPYKVJVJKUNGIGPF*GTGVQQCTGNGVVGTUDWVVJG[NQQMPQVJKPINKMGVJGVGZVOGPVKQPGF
#TVWM$/%'FJE

$TQP\G#8KEVQT[TYKVJVCDNGKPUETKDGF816:::KPJCPF8+%614+#%1056#06+0+#8)5+5
KP DQVVQO HKGNF 4 CN/CNKM CN ³ NKO CNň³FKN (CMJT CN&ÄP QP VJG GFIG DKP #TVWS DKP &³ÑF
3CT³TUN³P
6JGYKUGCPFFGUGTXGFMKPIUQPQH#TVWSUQPQH&CYWF3CTC#TUNCP 55IT
382
ARTUQIDS
*QNNGOCP'PUEJGFG
'FJ#TVWM2QQNG
6JKUV[RGKUCEQR[QHVJGUQNKFWUQH%QPUVCPVKPG+HTQOHTQO5KUEKC
GZEGRVHQTVJGNCVVGTŉUQXCNVCDWNCQHYJKEJ
CNUQCDTQP\GKOKVCVKQPGZKUVU.QYKEMUWIIGUVGFŋVJKUV[RGYCURTQDCDN[EJQUGPDGECWUGQHKVUTGUGODNCPEGVQCP
+UNCOKE CPIGN CPF OC[ JCXG DGGP KPVGTRTGVGF CU )CDTKGN DGCTKPI VJG 3WTŉCPŌ 6JKU KU C XGT[ RNCWUKDNG GZRNCPCVKQP
CPFKVCEEQWPVUHQTVJGOQFKHKECVKQPQHVJGTQWPFUJKGNFKPVQCUSWCTGDQQMNKMGVCDNGV

$TQP\G#*#*GCFN.³KN³JCKNN³#NN³J/WJCOOCF4CUÑN#NN³JCN/WUVCPLKFDKNNCJ4/CNKM
CNWOCT³ 3CT³ #TUN³P DKP &³ÑF DKP 5WMO³P DKP #TVWS N YC MJCOUCOK C
CPF T UCPCJ
UKVVÄP
[GCT55IT 'FIGHCWNVIQQFXGT[HKPG
*QNNGOCP'PUEJGFG
6JGQDXGTUGVGZVOGPVKQPUVJG-CNKOCJCPFVJGPCOGQHVJGECNKH#N/WUVCPLKFDKNNCJ
/KVEJKPGT2QQNG'FJ#TVWM
9KVJVJKUEQKPV[RGVJG#TVWSKFUQH*KUP-C[HCCEMPQYNGFIGFVJG#DDCUKF%CNKRJHQTVJGHKTUVVKOGQPVJGKTEQKPCIG
+VKUCNUQVJGHKTUVWUGQHVJG-CNKOCJ
/WUNKORTQHGUUKQPQHHCKVJQP#TVWSKFEQKPCIG
/CNKMCNWOCTC.QTFQHVJG%QOOCPFGTU

$TQP\G#*#$WUVHCEKPINYCUKVVÄPYCMJCOUCOK CTUCPCJKVJPCÄP4/CNKMCNWOCT³

3CT³#TUN³PDKP&³ ÑFDKP5WMO³PDKP#TVWSNCN/WUVCPLKFDKNN³JTCN+O³O55IT
&QWDNGUVTWEMCPFCNKVVNGQHHEGPVTGXGT[HKPGVQGZVTGOGN[HKPG
$CVCXKCFGP*CCI
2QQNG#TVWM
6JKUV[RGKUCFKTGEVKOKVCVKQPQH55+VOGPVKQPUVJG#DCUUKFECNKHCUYGNNKHKPCUQOGYJCVQVJGTCTTCPIGOGPV
383
ARTUQIDS
376$CN&KP57-/#0
++

$TQP\G #* # 0KODCVG DWUV HCEKPI YKVJ UEGRVTG CPF INQDG 5CPCJ CTDC YC VKU ÄP YC
MJCCOUCOK C 4 CN/CNKM CN/CU ÑF 3WVD CN&ÄP 5WMO³P DKP /WJCOOCF DKP 3CT³ N CN0³UKT
COÄTCDQXGCN+O³OTGEJVUCNOW OKPÄPDGNQY#TUN³P55IT 8GT[HKPG
*QNNGOCP'PUEJGFG
2QQNG/KVEJKPGT'FJ
55FGGOVJKUCUEGRVTGKOQKVKUCENWD
6JKUKUVJGTFCPFNCUVV[RGQH3WVDCN&KP5WMOCP6JGTGKUPQTGHGTGPEGVQ#[[WDKFUQXGTGKIPU5CNCFKPJCFFKGF
CPF3WVDNKDGTCVGFJKUVGTTKVQT[KHQPN[VGORQTCTKN[HTQO#[[WDKFUWRTGOCE[3WVDWUGFCPGYCPFRGTUQPCNNCSCD
QP VJKU EQKP CNOCNKM CN/CUŉFW
VJG HQTVWPCVG MKPI RGTJCRU C TGHGTGPEG VQ VJG HCEV VJCV JG JCF UJGFFGF #[[WDKF
TWNG
0#5+4CN&KP/#*/7&

0CUKTUWEEGGFGFJKUDTQVJGT5WMOCPKP*KUP-C[HC

$TQP\GCN*KUP#*#&QWDNGJGCFGFGCINGYKVJCTVWSKFVCOICQPDTGCUVUCPCJ&WTKDC
DK +*KUP4CN/CNKMCN5³NKJ/CJOÑFDKP#TVWSCN/CNKMCN FKN#DÑ$CMTNCN0³UKT#OÄT
CDQXG#N+O³OTCNOW OKPÄP55IT 8GT[HKPG
*QNNGOCP'PUEJGFG
/KVEJKPGT2QQNG'FJC#TVWM
6JKUEQKPKUVJGTF#TVWSKFEQKPVJCVKPFKECVGUVJGOKPVCN*KUP
-C[HC
0CUKTCEEGRVGFVJGQXGTNQTFUJKRQHVJG#[[WDKFUCUYGNNCUQHVJG#DCUUKFU0CUKTCFQRVGFCPGYNCSCDHQTVJKUPGY
V[RGCNOCNKMCN5CNKJ
VJG)QQF-KPICPFCEMPQYNGFIGFVJG#[[WDKFCNŉ#FKN#DW$CMTCUQXGTNQTF
#Nŉ#FKNYCUCDTQVJGTQH5CNCFKPCPFEQPVTQNNGF/C[CHCTKMKP0CUKTUWRRQTVGFVJG#[[WDKFUKPVJGKTUVTWIINGCICKPUV
VJG<GPIKFUCUFKFVJGEQWUKPQH0CUKT#TVWS#TUNCP
/CTFKP
CUJCPFGFFQYPD[CNŉ#FKN
EH55
384
ARTUQIDS

$TQP\G#OKF#*#&QWDNGJGCFGFGCINGYKVJKPSWCVTGHQKNKPPGTCN/CNKMCN5³NKJ0³UKTCN
&ÄPQWVGT/CJOÑFDKP/WJCOOCFDKP3CT³TUN³PDKPTVWS4*GZCITCOKPEGPVGTHKGNFCN/CNKM
CN-³OKNKPVJGVTKCPINGU&WTKDCDKOKFUCPCJUCD CUJCTCUKVVCOK CQWVGTDQY#N+O³OCN0³UKT
#JOCF0³UKTCN&ÄP/CJOÑF55IT 5OCNNHNCPXGT[HKPG
*QNNGOCP'PUEJGFG
/KVEJKPGT2QQNG'FJ#TVWM
*GTG VQQ VJG #[[WDKFU CTG CEMPQYNGFIGF CU QXGTNQTF
CNOCNKM CN-COKN DWV KV NCEMU VJG KUO /QJCOOGF 6JG
UKPIWNCTN[ EQORNGZ NGIGPFU EQORTGJGPUKXG KPHQTOCVKQP QP VJG KUUWKPI TWNGT JKU RGFKITGG VJG OKPVPCOG CPF FCVG
%CNKRJCPF#[[WDKFQXGTNQTFKPUWEJFGVCKNVJCVVJGTWNGTŉUNCSCDCPFKUOCTGIKXGPVYKEG
47-0CN&KP/#9&7&

$TQP\G#OKF#*#&QWDNGJGCFGFGCINGYKVJKPEKTENGKPUSWCTGKPPGT&WTKDCDKOKF
UCPCJQWVGTCNOCNKMCN/CU ÑF4WMPCN&ÄP/CYFÑFDKP/CJOÑFDKP#TVWS4%KYTENG
YKVJKPUSWCTGKPEKTENGCN/CNKMCN-³OKNKPVJGCPINGUCN/CNKMCN#UJTCH/ÑUCQWVGTEKTEG
.³KN³JCKNN³#NN³J/WJCOOCF4CUÑN#NN³JCN+O³OCN0³UKTNKFÄPCNN³J#OÄTCNOW OKPÄP55
IT 49GCMN[UVTWEMCVVJGGFIGXGT[HKPGVQGZVTGOGN[HKPG
*GP\GP#OGTQPIGP
(TQONKUVPQ
/KVEJKPGT2QQNGC'FJ
(QT VJG HKTUV VKOG VYQ #[[WDKF QXGTNQTFU CTG KPFKECVGF CN-COKN YJQ TWNGF 'I[RV CPF JKU DTQVJGT CN#UJTCH /WUC
YJQTWNGF/GUQRQVCOKC
385
ARTUQIDS
#4673+&5QH/#4&+0
6JKUDTCPEJKUECNNGFVJG+N)JC\K[[CDTCPEJCICKPCHVGTVJGHQWPFGTCN)JC\K+PKVKCNN[JGGPVGTGFVJG
UGTXKEGQHVJG5GNLWMUWNVCPCPFUQQPDGECOGUJCJPCJ
JGCFQHRQNKEGQH$CIFCF7RQPVJGFGOKUGQHJKU
DTQVJGTKPJGCESWKTGF/CTFKP+PJGOCPCIGFVQGZRCPFJKUVGTTKVQT[EQPUKFGTCDN[YJGPCHVGT
VJGFGCVJQHVJGNQECNIQXGTPQT#NGRRQHGNNVQJKO*GNGHV#NGRRQVQDGIQXGTPGFD[JKUUQP*WUCOCN
&KP 6KOWTVCUJ #U C VQMGP QH IQQF YKNN VJG 5GNLWM UWNVCP /CJOWF CH CN+TCS ICXG +N)JC\K VJG
/C[CHCTKMKP VGTTKVQT[ YJKEJ TGOCKPGF KP VJG RQUUGUUKQP QH VJG /CTFKP TWNGTU WPVKN KV HGNN VQ 5CNCFKP

+P+N)JC\KŉUUGEQPFUQP5WNCKOCPUWEEGGFGFJKUQNFGTDTQVJGT6KOWTVCUJCUIQXGTPQTQH#NGRRQ
*GHQTIGFCEQPURKTCE[CICKPUVJKUHCVJGTCPFYCUTGRNCEGFD[JKUEQWUKP&KTGEVN[CHVGTYCTFU+N)JC\K
FKGF
*KUGZVGPUKXGUQXGTGKIPV[YCUFKXKFGFCOQPIJKUUQP6KOWTVCUJYJQTGEGKXGF/CTFKPJKU
UQP 5WNCKOCP YJQ YCU IKXGP /C[CHCTKMKP CPF EQWUKP 5WNCKOCP YJQ IQV #NGRRQ +P 6KOWTVCUJ
VQQMEQPVTQNQH#NGRRQCICKPQPN[VQNQUGKVVQ+OCFCN&KP<CPIKKP#VVJGFGCVJQHJKUDTQVJGT
5WNCKOCPJGCNUQCESWKTGF/C[CHCTKMKPCPFYQWNFTWNGVJGYJQNGVGTTKVQT[WPVKNJKUFGCVJKPYJGP
JKUQPN[UQP0CLOCN&KP#NRKUWEEGGFGFJKO
*75#/CN&KP6+/746#5*

6JKUKUVJGHKTUVRTKPEGQH/CTFKPVQJCXGOKPVGF

$TQP\G#$GCTFGFCPFFKCFGOGFDWUVTDCTDCTK\GFNCVKPNGIGPFCTQWPF$KNN³J+KFCTDKJKDK/³TFÄPHÄ
UCPCJVJCNCVJYCCTDC ÄPYCMJCOUCOK C4+PEKTENG6KOWTV³UJKDPN)J³\ÄKDP#TVWSCN/CNKMCN
³FKN4QPFQOCN#OÄTCN ³NKO*WU³OCN&ÄP/CNKMCNWOCT³<CJÄKTCOÄTCNOW OKPÄP55IT
(NCPETCEMUYGCMRCTVUCNOQUVXGT[HKPG
PQ
6JG CVVTKDWVKQP VQ 6KOWVCUJ KU.QYKEMŉU
+NKUEJUGEQPFUVJKUCPFRTQXKFGUCUVJGFCVGJQYGXGT9JGNCP
EQPUKFGTUCOWEJNCVGTRGTKQF
/QPIQNU*GPPGSWKPCFJGTGUVQ.QYKEMŉUTGCFKPICPFVJGFCVGQH6JGRQTVTCKV
KUCTGHGTGPEGVQVJGDTQP\GEQKPQH,WNKCP++

0#,/CN&KP#.2+

$TQP\G#*GCFT4/CNKMCNWOCT³#DÑCN/C\CHHCT#NRÄDKPNDKP#TVWSCDQXGÄN)J³\ÄT
6KOWTV³UJDKP55IT 0KEGRQTVTCKVXGT[HKPG
*QNNGOCP'PUEJGFG
/KVEJKPGT2QQNG'FJ
6JKUKUVJGUCOGV[RGCU55GZEGRVHQT#NRKŉUNCSCD0CLOCN&KPYJKEJKUGPITCXGFQPVJGPGEMQHVJGRQTVTCKV
6JKUKUQHVGPTGICTFGFCUCEQWPVGTOCTMQHJKUHCVJGTŉUEQKPU+VKUJQYGXGTCPGYV[RGHQTYJKEJJGEJQUGCVTWUVGF
FGUKIPCPFQHYJKEJJGUVTWEMVJGQDXGTUGYKVJJKUQYPNCDCS
386
ARTUQIDS

$TQP\G # 6YQ DWUVU HCEKPI GCEJQVJGT CDQXG 0CLO CN&ÄP DGNQY /CNKM &K[³TDCMT 4 /CTKC CPF
$[\CPVKPG GORGTQTUVCPFKPIHCEKPIQPVJGGFIG#DÑCN/W\CHHCT#NRÄDKP6KOWTV³UJDKPN)J³\Ä
DKP#TVWS55IT 4CTGKPVJKUEQPFKVKQPGZVTGOGN[HKPG
*QNNGOCP'PUEJGFG
6JGJGCFUQPVJGQDXGTUGCTGEQRKGUQH)TCVKCPCPF8CNGPVKCP++
2QQNG/KVEJKPGT'FJ
6JKUKUVJGHKTUV/CTFKPEQKPDGCTKPIVJGVKVNG/CNKM&K[CTDCMTCUTWNGTQPVJGFKG
KPVTQFWEGFD[#NRKQP55
CPFCUEQWPVGTOCTM
6JG QDXGTUG KU VJG )GOKPK RTQDCDN[ KPURKTGF D[ 5GNGWMKF EQKP RQTVTCKVWTG CPF VJG TGXGTUG UEGPG KPURKTGF D[ VJG
EQOOQP$[\CPVKPGV[RGQHVJG8KTIKPETQYPKPIVJGGORGTQT
WUGFD[4QOCPWU+++%QPUVCPVKPG:GVEKUGZRNCKPGF
D[ 5RGPINGT CPF 5C[NGU CU TGRTGUGPVKPI 8KTIQ ETQYPKPI /GTEWT[
QT VJG GZCNVCVKQP QH /GTEWT[ 6JKU EQKP V[RG
CRRGCTUVQTGRTGUGPVVJGVYQJQWUGU
QTFQOKEKNGUQHVJGRNCPGV/GTEWT[)GOKPK
VJG&C[*QWUGCPF8KTIQ
VJG
0KIJV*QWUG6JG$[\CPVKPGEQKPUUJQYCINQDWUETWEKIGTVJKUUJQYUCRNCKPINQDWUCUYCUWUWCN
6JGTKIJVQDXGTUGHKIWTGJCUUQOGVJKPIKPJKUOQWVJUGGFGVCKN

$TQP\G#*#/CNGDWUVNCNOCNKMCN³NKOCN³FKN0CLOCN&ÄP/CNKM&K[³TDCMT4$WUVYKVJ
ETQYPHCEKPI#DÑCN/W\CHHCT#NRÄDKP6KOWTV³UJDKPN)J³\ÄDKP#TVWSUCPCJVJCO³PYCMJCOUÄP
YCMJCOUCOK C55IT )QQFXGT[HKPG
PQ
/KVEJKPGT'FJ
UOCNNGTFKCOGVGT2QQNG
+JCXGFGTKXGFVJG[GCTHTQOVJGFKCOGVGTOO
6JKUV[RGKUVJGHKTUVFCVGFEQKPQH0CLOCN&KP#NRK6JKUHKTUVV[RGYCUPQVUVTWEMWPVKN[GCTUCHVGTVJGDGIKPPKPI
QHJKUTGKIP6JGNGIGPFKUWPWUWCNCNOCNKMCNCNKO
6JGYKUGMKPI
1P YGNNRTGUGTXGF URGEKOGPU QPG HKPFU VKP[ YKPIU GZVGPFKPI WRYCTFU HTQO GCEJ UKFG QH VJG VKCTC RQUKVKXGN[
KFGPVKH[KPIVJKUHKIWTGCU/GTEWT[CNDGKVCXGT[ŋ6WTMKUJŌKPVGTRTGVCVKQP6JGHKIWTGQPVJGCXGTUGKUCOCPQPVJG
TGXGTUGCYQOGP
PGEMNCEG
387
ARTUQIDS

$TQP\G #* # 6YQ ETQYPGF JGCFU YKVJ RGNNGV DGVYGGP VJGO CDQXG .³ KN³JC KNNC #NN³J
DGNQY/WJCOOCF4CUÑN#NN³JTCN/WUVCPLKFDKNN³JN#OÄTCNOW OKPÄP4*GCFHCEKPICDQXG0CLO
CN&ÄPN/CNKM&K[³TDCMTDGNQY#NRÄDKPN)J³\ÄTDKP#TVWS55IT 8GT[HKPG
PQ
'FJ
6JGTGCTGVYQV[RGU
CPF

QPV[RGCN/WUVCFK
+VJKPMVJKUKUV[RGKPXKGYQHVJGNGPIJVQHVJGVGZV
6JGHKTUVEQKPVQCEMPQYNGFIGCP#DDCUUKFECNKH6YQUWEEGUUKXGECNKHUCTGKPFKECVGFCN/WUVCPLKF
CPF
CN/WUVCFK
#NRKŉU EQWUKP /CNKM (CMJT CN&KP 3CUC #TUNCP QH *KUP -C[HC CEMPQYNGFIGF VJG ECNKH CN
/WUVCPLKFQPJKUEQKPKPVJGUCOGRGTKQF
556JKUGORJCUKUGUVJGENQUGVKGUDGVYGGPVJG#TVWSKFNQTFUKP*KUP
-C[HCCPFVJGECNKHQH$CIFCF

$TQP\G#*#6YQETQYPGFJGCFUYKVJRGNNGVDGVYGGPVJGOCDQXG.³KN³JCKNNC#NN³JDGNQY
/WJCOOCF4CUÑN#NN³JTCN/WUVCPFÄN#OÄTCNOW OKPÄP4*GCFHCEKPICDQXG0CLOCN&ÄP
N/CNKM&K[³TDCMTDGNQY#NRÄDKPN)J³\ÄTDKP#TVWS55IT (KPGVQXGT[HKPG
$CVCXKCFGP*CCI
+PXKGYQHVJGNGPIVJQHVJGVGZV+VJKPMVJKUKUV[RG
376$CN&KP+N)*#<+++

3WVDQPN[UVTWEMVYQV[RGUQHEQKPPQUCPF

$TQP\G#*GCFTKPUSWCTGCDQXGDKP#NRÄDKPDGNQY6KOWTV³UJDKPNN)J³\ÄTDKP#TVWS4
N)J³\Ä+K/CYN³P³CNO³NKMCN³NKOCN³FKN3WVDCN&ÄP/CNKMCNWOCT³5J³J&K[³TDCMT55
IT 8GT[HKPG
*GP\GP#OGTQPIGP
6JGUGEQPFRCTVQHVJGTGXGTUGNGIGPFUVCTVUYKVJNKOCWNCPC
$GNQPIKPIVQQWT.QTF6JGQDXGTUGKUCEQR[QHC
EQKPQH%QPUVCPVKPG+
ŋő*GJCFJKUKOCIGRQTVTC[GFQPIQNFEQKPUKPUWEJCOCPPGTVJCVJGCRRGCTGFVQDGIC\KPI
HKZGFN[WRYCTFCUKHRTC[KPIVQ)QFŌ
$KUJQR'WUGDKWU
388
ARTUQIDS

$TQP\G#6YQFKCFGOGFDWUVUHCEKPINCIGTHKIWTGN4CN0³UKTNKNFÄP#OÄTCNOW OKPÄP*CFJ³

CNFKTJCO
VCOIJCOCN ÑPOCP[WC[[KTWJÑN0CLOCN&ÄPDKPCDQXG3WVDCN&ÄPDKPT*WU³O
CN&ÄP55IT 8GT[HKPG
$CVCXKCFGP*CCI
6JGTG CTG HQWT FCVGU CPF 6JG[ CTG QP VJG QDXGTUG 55 IKXG VJG HQNNQYKPI GZCORNG UCD YC
UCD KPYCMJCOUCOK C
UGXGPCPFUGXGPV[CPFHKXGJWPFTGF
6JKUKUVJGNCUVEQKPQH/CTFKPRTKQTVQVJG#[[WDKFCVVCEM+VKUVJGHKTUVVKOGVJGPGYECNKHKP$CIFCFCN0CUKTNKŉN
FKP
HTQOKUKPFKECVGF6JGQDXGTUGKOCIGKUPQVCEQR[QHC$[\CPVKPGEQKP
*GTCENKWUCPFUQP
*75#/CN&KP;7.73#45.#0

;WNWS#TUNCPNKVGTCNN[OGCPUŋ$CNF2NWEMGF.KQPŌ

$TQP\G#&KCFGOGFDWUVHCEKPIT*WU³OCN&ÄPN;ÑNWS#TUN³P4*GZCITCO#[[ÑDCN/CNKM
CN0³UKT5CN³JCN&WP[³YCCN&ÄP;ÑUWHDKPOCTIKPCNGNGIGPF&WTKDCUCPCJCJCFVJCO³PKP
MJCOUCOK C55IT 8GT[HKPGVQGZVTGOGN[HKPG
*QNNGOCP'PUEJGFG
/KVEJKPGT
6JGTGCTGUKZFCVGUCPF0QJCUVYQFKHHGTGPVVGZVU
YKVJVJGPCOGQHJKU
HCVJGTCPF
YKVJJKUQYPPCOG6JGVGZVUQHVJTQWIJCTGVJGUCOG6JGPWODGTUCPFKP
VJGEQNNGEVKQPDGNQPIVQVJGUGEQPFITQWR
6JGHKXGNKPGUQHVGZVQPVJGTGXGTUGPCOGVJG#[[WDKFTWNGT5CNCJCN&KP;WUWH5CNCFKP

$TQP\G#&KCFGOGFDWUVHCEKPIT*WU³OCN&ÄPN;ÑNWS#TUN³P4*GZCITCO#[[ÑDCN/CNKM
CN0³UKT5CN³JCN&WP[³YCCN&ÄP;ÑUWHDKPOCTIKPCNGNGIGPF&WTKDCUCPCJCJCFVJCO³PKP
MJCOUCOK C55IT 8GT[HKPG
$CVCXKCFGP*CCI
/KVEJKPGT2QQNG
389
ARTUQIDS

$TQP\G#4QOCPUV[NGDWUVTHCEKPINCPFUOCNNGTETQYPGFDWUVN*WU³OCN&ÄP/CNKM&K[³TDCMT
4CN/CNKMCN0³UKT5CN³JCN&ÄP/WJÄ[[FCYNC#OÄTCNOW OKPÄPNDKP#[[ÑDT;ÑUWH55
IT 8GT[HKPG
$CVCXKCFGP*CCI
'FJ2QQNG
;WNWS#TUNCPPQYWUGUJKUTQ[CNVKVNG/CNKM&K[CTDCMT
CVKVNGVJCVYCUKPVTQFWEGFD[JKUITCPFHCVJGT0CLOCN&KP
#NRK
UGGPQU55

$TQP\G#4QOCPUV[NGDWUVTHCEKPINCPFUOCNNGTETQYPGFDWUVN*WU³OCN&ÄP/CNKM&K[³TDCMT
4CN/CNKMCN0³UKT5CN³JCN&ÄP/WJÄ[[FCYNC#OÄTCNOW OKPÄPNDKP#[[ÑDT;ÑUWH55
IT )TGGPRCVKPCXGT[HKPG
5EJWNOCP#OUVGTFCO
'FJ2QQNG

$TQP\G#/QWTPKPIHKIWTGUWTTQWPFGFD[VJTGGHKIWTGU4CN/CNKMCNFKNCN+O³OCN0³UKTNKN
FÄP #OÄT CNOWOKPÄP 5CÄH CN&KP N DKP #[[ÑD T #DÑ $CMT OCTIKPCNG NGIGPF *WU³O CN&ÄP
OCNKM&K[³TDCMT;ÑNWS#TUN³PDKPN)J³\ÄDKP#TVWSUCPCJVKU YCVJCO³PKPYCMJCOUCOK C55
IT )TGGPRCVKPCXGT[HKPG
5EJWNOCP#OUVGTFCO
6JKUKUVJGV[RGYKVJHKXGNKPGUQHVGZVQPVJGTGXGTUG6JGQVJGTV[RGJCUVJTGGNKPGU
;WNWM #TUNCP VJG ōDCNF NKQPŋ YCU C HCKVJHWN XCUUCN QH 5CNCFKP ='T? HÒJTVG FCU #WHIGDQV UGKPGU 'OKTCVGU KP FGT
5EJNCEJVCPFGP*ÌTPGTPXQP*CVVKPDGIGJTVGGTIGIGPFKG*GTTUEJCHVXQP5CNCFKPU0CEJHQNIGTCNŉ#FKN
CWHYCU\WGKPGTNCPIGP$GNCIGTWPIXQP/CTFKPHÒTJVG
*GNGFJKUGOKTCVGŉUEQPVKPIGPV=QH5CNCFKPŉUCTO[GF?KPVQ
VJG*QTPUQH*CVVKP(TQOJGTGDGNNGFCICKPUVVJGFQOKPKQPQH5CNCFKPŉUUWEEGUUQTCNŉ#FKNYJKEJNGFVQ
VJGUKGIGQH/CTFKP
4WPEKOCPRH
6JGEQPXGPVKQPCNTGCFKPIQHVJKUUEGPGKUVJCVKVFGRKEVUVJGOQWTPKPIHQTVJGFGCVJQH5CNCFKP
VJGV[RGFCVGUHTQO
VJG [GCT QH VJG FGCVJ QH 5CNCFKP +V KU QDXKQWUN[ C OQWTPKPI UEGPG 1VJGT KPVGTRTGVCVKQPU CTG
DCUGF QP C
VGTTCEQVVC XCUG C ITQWR QH HQWT HKIWTGU TGRTGUGPVKPI 2GPGNQRG OQWTPKPI 1F[UUGWU
5EQVV KP 9JKVVKPI

$[\CPVKPG EQKPU ŋ6JTGG YKUG OGP CFQTKPI VJG 8KTIKP CPF VJG %JKNFŌ 55 TGHGT VQ 8KTIQ
YJQ HQT VJG
6WTMOGPYCUVJGŋRWTG8KTIKPŌTCKUGFVQVJGJGCXGPUD[<GWUCHVGTJCPIKPIJGTUGNHKPITKGHQXGTVJGOWTFGTQHJGT
HCVJGT+ECTWU
390
ARTUQIDS

$TQP\G#*#*GNOGVGF6WTMUGCVGFYKVJTCKUGFUYQTFCPFJQNFKPIJGCFKPNJCPFN0WTCN
&ÄP #V³DGI 4 %GPVTCN NGIGPF CN0³UKT NKFÄP #NN³J #OÄT CNOW OKPÄP CTQWPF CN/CNKM CN#H\CN
#NÄYCCN/CNKMCN<³JKT)J³\ÄDKPCN/CNKMCN0³UKT;ÑUWHCTQWPF*WU³OCN&ÄP;ÑNWS#TUNCP/CNKM
&K[³TDCMTDKPN)J³\ÄDKP#TVWSFWTKDCUCPCJUKVVYCVKU ÄPYCMJCOUCOK C55IT
8GT[HKPG
*QNNGOCP'PUEJGFG
/KEJKPGT
6JG TGXGTUG UJQYU VJG PCOG CPF VJG VKVNGU QH VJG #DDCUUKF ECNKH CN0CUKT )KTFGF D[ EQPEGPVTKE EKTENGU VKVNG PCOG
CPFPCUCDQHVJGVYQ#[[WDKFQXGTNQTFUVJGDTQVJGTUCN/CNKMCN#H\CNŉ#NKDQTP;WUWH
#[[WDKFKP&COCUEWUCPF
CN/CNKMCN<CJKT)JC\KDQTP;WUWH
TWNGTQH#NGRRQ$QVJUQPUQH5CNCFKP
9JQKUŋ0WTCN&KP#VCDGIŌ!*GKU0WTCN&KP#TUNCP5JCJ+VJG<GPIKF#VCDGIQH/QUWN
YJKEJYCU
FKUEQXGTGFD[/KVEJKPGTKP9J[VJG#TVWSKF;WNWS#TUNCPQH/CTFKPUJQWNFRWVJKUTKXCNŉUPCOGQPJKUEQKPU
KUPQVCNVQIGVJGTENGCT

6JG UEGPG JCU QHVGP DGGP VJQWIJV VQ RQTVTC[ VJG HCEV VJCV 5CNCFKP RGTUQPCNN[ DGJGCFGF 4CKPCNF QH %J³VKNNQP KP VJG
CHVGTOCVJQHVJG*QTPUQH*CVVKPKP$WVYJ[YQWNFVJKUUEGPGDGUVTWEMQPCP#TVWSKFEQKPVJKTVGGP[GCTUNCVGT!
.CPG2QQNG CNTGCF[ UWIIGUVGF CP CUVTQNQIKECN QTKIKP 6JGTG KU CP #TVWSKF DTQP\G OKTTQT OCFG HQT #TVWS 5JCJ QH
-JCTVRGTVYKVJVJGUCOGUEGPG6JGOKTTQTFGRKEVUVJG\QFKCECPFRNCPGVUKPV[RKECNTGRTGUGPVCVKQPUQHVJGVKOG6JG
HKIWTGKUTKFKPICTCOCTGRTGUGPVCVKQPQHVJGRCNPGVFC[JQWUG#TKGU
.QYKEMUWIIGUVGFVJCVVJGEJQKEGQHOQVKHOC[JCXGDGGPFGVGTOKPGFD[VJGEQPHKIWTCVKQPQHVJGJGCXGPUCVVJGVKOG
VJGKUUWGYCUQTFGTGFCPFVJCVVJGKOCIGUYGTGRCTVQHCEWNVWTCNUVQEMYKVJYJKEJGXGPVJGNGCUVGFWECVGFYQWNF
JCXGDGGPHCOKNKCT

$TQP\G#*#*GNOGVGF6WTMUGCVGFYKVJTCKUGFUYQTFCPFJQNFKPIJGCFKPNJCPFN0WTCN
&ÄP #V³DGI 4 %GPVTCN NGIGPF CN0³UKT NKFÄP #NN³J #OÄT CNOW OKPÄP CTQWPF CN/CNKM CN#H\CN
#NÄYCCN/CNKMCN<³JKT)J³\ÄDKPCN/CNKMCN0³UKT;ÑUWHCTQWPF*WU³OCN&ÄP;ÑNWS#TUNCP/CNKM
&K[³TDCMTDKPN)J³\ÄDKP#TVWSFWTKDCUCPCJUKVVYCVKU ÄPYCMJCOUCOK C55IT
8GT[HKPG
#WHJ·WUGT/ÒPEJGP
391
ARTUQIDS
0#5+4CN&KP#4673#45.#0

#TQWPF#TOGPKCCPFVJGPQTVJQH/GUQRQVCOKCYGTGVJGOQUVVJTGCVGPGF#[[WDKFVGTTKVQTKGU6JCV
YCU YJGTG VJGKT TGCNO DQTFGTGF QP /QPIQNKCP FQOKPKQP 6JG TWNGT QH 2GTUKC VJG -JYCTG\O 5JCJ
)CNCNCN&KP/CPMWDKTVKJCFCNTGCF[DGGPFTKXGPHTQOJKUNCPFUD[VJG/QPIQNKCPU
6Q DG CDNG VQ DGVVGT QRRQUG VJG /QPIQNKCPU VJG #[[WDKF
CN-COKN HQTIGF CP CNNKCPEG YKVJ VJG 4WO
5GNLWMU
-C[MJWDCF 6JKU CNNKCPEG YCU PQV OWEJ QH C WPKV[ JQYGXGT YKVJ KVU KPVGTPCN UVTWIING HQT
UWRTGOCE[QXGT#TOGPKCCPF/GUQRQVCOKC+PCN-COKNFGEKFGFVQFGRQUGVJGWPTGNKCDNGRTKPEGQH
#OKF
&KVCTDCMKT CPF *KUP -C[HC
*CUCPMG[KH YJKEJ OCFG JKO VJG GHHGEVKXG TWNGT QXGT VJGUG
VGTTKVQTKGU+PVJG#[[WDKFUTQFGCICKPUVVJG4WO5GNLWMU

$TQP\G#*#%GPVCWTCTEJGTYKVJDQYFTCIQPGOGTIKPIHTQO%GPVCWTŉUVCKNDK/CTFÄPUCPCJ
VKU YCVKU ÄPYCMJCOUCOK C4CN0CUÄTNKFÄP#NN³J#OÄTCNOW OKPÄPCN/CNKMCNFKN#DÑ$CMT
/CNKM&K[³TDCMT0³UN³PN#TVWS#TTUKTCN&ÄP55IT +TTGIWNCTHNCPXGT[HKPG
$CVCXKCFGP*CCI
/KVEJKPGT2QQNGD
6JG TGXGTUG KPFKECVKQP KU PGY 6JG #[[WDKF QXGTNQTF KU CNŉ#FKN #DW $CMT CPF VJG #TVWSKF TWNGT KU CICKP ECNNGF
/CNKM&K[CTDCMT
6JKUKUVJGHKTUV#TVWSKFQH/CTFKPYJQKPFKECVGUCOKPV
[GCTURTKQTKP6KOWTVCUJ
55PQJCF
CNTGCF[FQPGVJGUCOG
#PGY#[[WDKFQXGTNQTFYCUCEMPQYNGFIGFCNŉ#FKN#DW$CMTVJG#[[WDKFUWNVCPKP%CKTQ6JKUEQKPOWUVJCXG
DGGP UVTWEM KP VJG OKFFNG QH CPF VJGTGHQTG VJG UKGIGQH/CTFKPOWUVJCXGRGTUKUVGFHQTUQOGOQPVJUCHVGTVJG
KPKVKCNCVVCEMD[CN#UJTCH/WUCKPGCTN[DGHQTG#TVWS#TUNCPECRKVWNCVGFCPFQTFGTGFVJKUPGYEQKPCIGUVTWEMKP
CNŉ#FKNŉUPCOG
.CPGRQQNGKFGPVKHKGFVJGQDXGTUGHKIWTGVQDGCEGPVCWTVCMKPIVJGHQTOQHVJG\QFKCEUKIP5CIKVVCTKWU+VKUPQVQPN[
5CIKVVCTKWUDWVCFKUVKPEVN[OGCPKPIHWNHQTOQH5CIKVVCTKWU
6YQFGVCKNUUVCPFQWVKPKORQTVCPEGVJGVCKNQHVJGEGPVCWTVGTOKPCVGUKPVJGJGCFQHVJGFTCIQPCPFVJGEGPVCWTKU
ETQYPGF 6JKU TGHGTU VQ ,WRKVGT KP KVU OCNY FQOKEKNKWO QT FC[ JQTUG 5CIKVVCTKWU 6JG FTCIQPJGCF VCKN KU C
TGOCTMCDNG FGXKEG CPF KU RTQDCDN[ C TGHGTGPEG VQ VJG GENKRUG QH6JGEGPVCWTKVUGNHKUPQVCPWPEQOOQPOQVKH
DWV VJG CFFKVKQP QH C FTCIQPJGCF VCKN KU SWKVG GZVTCQTFKPCT[ CPF EGTVCKPN[ C RTQFWEV QH 'CUVGTP EWNVWTCN KPHNWGPEG
6JKUEQKPCNUQTGRTGUGPVGFVJGRJ[UKECNQDUGTXCVKQPQHCPGENKRUG

$TQP\G#*#%GPVCWTCTEJGTYKVJDQYFTCIQPGOGTIKPIHTQO%GPVCWTŉUVCKNDK/CTFÄPUCPCJ
VKU YCVKU ÄPYCMJCOUCOK C4CN0CUÄTNKFÄP#NN³J#OÄTCNOW OKPÄPCN/CNKMCNFKN#DÑ$CMT
/CNKM&K[³TDCMT0³UN³PN#TVWS#TTUKTCN&ÄP55IT
5OCNNHNCPETCEMUXGT[HKPG
*QNNGOCP'PUEJGFG
2QQNG'FJ/KVEJKPGT
392
ARTUQIDS

$TQP\G/CTFKP#*#/QWPVGFHKIWTGQPNKQPNCN/CNKMCN ³NKOCN ³FKN0³UKTCN&ÄP#TVWS

#TUN³P/CNKM&K[³TDCMT4CN+O³OCN0³UKTNKFÄP#NN³J#OKTCNOW OKPÄPNOK CCDQXGYC
UKVVC T UKVVC OCTIKPCN NGIGPF CNOCNKM CNFKN 5CÄH CN&ÄP #DÑ $CMT KDP #[[ÑD FWTKDC DK/³TFÄP
UCPCJ55IT 8GT[HKPGVQGZVTGOGN[HKPG
*QNNGOCP'PUEJGFG
6JGTGXGTUGRTQXKFGUPCOGCPFVKVNGUQHVJGECNKHCN0CUKTCPFVJGFCVG6JGGFIGKPUETKRVIKXGUVJGPCOGQHVJG
#[[WDKFQXGTNQTFCNŉ#FKNCPFVJGOKPV/CTFKP
0QTOCNN[ VJG QDXGTUG HKIWTG KU UKORN[ EJCTCEVGTKUGF CU ŋC OCP TKFKPI QP C NKQPŌ /KVEJKPGT EQPUKFGTGF C ŋ6WTM
TKFKPI C NKQPŌ CPF *GPPGSWKP C ŋHCNEQPGTő
YKVJ C DKTF QP JKU TKIJV HKUVŌ +V KU PQV ENGCT YJGVJGT VJG HKIWTG KU
JQNFKPIUQOGVJKPIKPJKUJCPF
UQTYJCVKVKU55UGGCNGQRCTFKPUVGCFQHCNKQPQPCYGNNUVTWEMEQKP*GTGVQQVJG
JGCFKURCTVKEWNCTN[GZRTGUUKXG

6JGCPKOCNRKEVWTGFENGCTN[JCUCŋEQNNCTŌYJKEJECPDGVCMGPVQUKIPKH[OCPGUCTIWKPIKPHCXQWTQHCNKQP+HKPF
55ŉUVJGQT[QHC&KQP[UWUEQPUVCPVN[DGKPICEEQORCPKGFD[CNGQRCTFJKIJN[SWGUVKQPCDNG
#NNURGEKOGPUQHVJKUV[RGJCXGVYQCTEUETQUUKPIDGJKPFVJGHKIWTGGKVJGTCTEVGTOKPCVGFD[TKPIU

$TQP\G/CTFKP#*#/QWPVGFHKIWTGQPNKQPNCN/CNKMCN ³NKOCN ³FKN0³UKTCN&ÄP#TVWS

#TUN³P/CNKM&K[³TDCMT4CN+O³OCN0³UKTNKFÄP#NN³J#OKTCNOW OKPÄPNOK CCDQXGYC
UKVVC T UKVVC OCTIKPCN NGIGPF CNOCNKM CNFKN 5CÄH CN&ÄP #DÑ $CMT KDP #[[ÑD FWTKDC DK/³TFÄP
UCPCJ55IT 8GT[HKPG
$CVCXKCFGP*CCI
/KVEJKPGT
393
ARTUQIDS

$TQP\G #*#*GCFN0³UKTCN&WP[³YCCN&ÄP#TVWS#TUN³P/CNKM&K[³TDCMT4#DÑ N

#DD³U#JOCFCN0³UKTNKFÄP#NN³J#OÄTCNOW OKPÄPCN/CNKMCN FKN#DÑ$CMTDKP#[[ÑDN
YCUKVVCOK CTCJCF CUJCTC55IT +TTGIWNCTHNCPXGT[HKPG
5EJWNOCP#OUVGTFCO
6JGJGCFJCU6WTMKUJHGCVWTGU6JGQDXGTUGCICKPUJQYUVJGVGTTKVQTKCNVKVNG/CNKM&K[CTDCMT6JGTGXGTUGVJGECNKH
CN0CUKTCPFVJG#[[WDKFQXGTNQTFCNŉ#FKN#DQXGVJGVGZVKUVJG#TVWSKFVCOIJCDGVYGGPVYQUVCTU
6JGEQKPKUUOCNNGTVJCPPQTOCNCPFECPPQVDGEQPPGEVGFVQCP[URGEKHKEGXGPV)TKGTUQPCPF/QTTKUQPVJQWIJVVJG
JGCFVQDGVJGŋ*GCFQH#TGVJWUCŌDWVVJCVOWUVDGEQPUKFGTGFOGTGURGEWNCVKQP

$TQP\G#*#*GCFT&WTKDCUCPCJVJCO³P
5VTWEMKPVJG[GCTGKIJV CUJCTYCUKVVCOK C

VGGPCPFUKZJWPFTGF4CN/CNKMCN-³OKN/WJCOOCFDKP#[[ÑDCN/CNKMCN/CPUÑT0³UKT
CN&ÄP#TVWS#TUN³PNCN0³UKTCDQXGCN+O³OTNKFÄP#NN³J55IT
*QNNGOCP'PUEJGFG
/KVEJKPGT
55 IKXG VYQ RQUUKDKNKVKGU VJG JGCF HCEGU GKVJGT UNKIJVN[ NGHV QT UNKIJVN[ TKIJV 6JG RKEVWTG KP 55 KU ENGCTN[ C NGHV
URGEKOGP YJGTGCU VJG EQKP KP JCPF KU C ŋTKIJVŌ URGEKOGP %QPVTCT[ VQ VJG JGCFFTGUU QP VJG 55 RKEVWTG VJG
JGCFFTGUU JGTG TGUGODNGU HNCOGU 55 DGNKGXG VJKU VQ UKIPKH[ VJG UWP CU CP CUVTQNQIKECN WPKV[ YJKEJ UGGOU VQ JQNF
VTWGHQTVJGURGEKOGPKPJCPF
6JGTGXGTUGKPFKECVGUVJG#[[WDKFQXGTNQTFCN-COKN/WJCOOCF

$TQP\G #* # 4QOCP UV[NG JGCF T #N/CNKM CN/CPUÑT 0³UKT CN&WP[³ YC CN&ÄP #TVWS
#TUN³P4CN0³UKTNKFÄP#NN³J#OÄTCNOW OKPÄPCN/CNKMCN-³OKN0³UKTCNFÄP/WJCOOCFN
YCUKVVCOK CCDQXG KUJTÄPTFWTKDCUCPCJDGNQYDKP#[[ÑD55IT
)TGGPRCVKPCCNOQUVGZVTGOGN[HKPG
PQ
/KVEJKPGT'FJ2QQNG
5COG#[[WDKFQXGTNQTFCUQPPQ
0WOKUOCVKUVU IGPGTCNN[ DGNKGXG VJG RQTVTCKV KU C EQR[ QH VJCV QH VJG 4QOCP GORGTQT %NCWFKWU DWV 55 RTGHGT
6KDGTKWU6JGJGCFQHPQKUEQPUKFGTCDN[DTQCFGTVJCPVJGUNGPFGTJGCFQHPQ
394
ARTUQIDS

$TQP\G #* # 4QOCP UV[NG JGCF T #N/CNKM CN/CPUÑT 0³UKT CN&WP[³ YC CN&ÄP #TVWS
#TUN³P4CN0³UKTNKFÄP#NN³J#OÄTCNOW OKPÄPCN/CNKMCN-³OKN0³UKTCNFÄP/WJCOOCFN
YCUKVVCOK CCDQXG KUJTÄPTFWTKDCUCPCJDGNQYDKP#[[ÑD55IT 8GT[HKPG
PQ
/KVEJKPGT'FJ2QQNG

&KTJGO&WPC[UKT#*'FJGOIT 9GCMN[UVTWEMCVVJGGFIGXGT[HKPG

&QODTQYUMK/ÒPUVGT
(TQONKUV
PQ
#TVWI#TUNCPCU#[[WDKFXCUUCN
6JGUGFKTJGOUCTGEQRKGUQH#[[WDKFEQKPUCPFRC[JQOCIGVQVJG5GNLWMUWNVCP-C[MWDCF

&KTJGO&WPC[UKT#*'FJGOIT #NKVVNGQHHEGPVTGXGT[HKPG

&QODTQYUMK/ÒPUVGT
(TQONKUV
PQ
#TVWI#TUNCPCU#[[WDDKFXCUUCN
2QQNG
395
ARTUQIDS

$TQP\G #* # 6WTMKUJ HKIWTG UGCVGF HCEKPI DGVYGGP VYQ UVCTU QP USWCTG DGNQY ++8++
8
VCOIJCN0³UKTCN&ÄPT#TVWS#TUN³P4DKNN³JCN+O³OCN/WUVCPUKT#OÄTCNOWOKPÄPCN
/CNKM CN-³OKN /WJCOOCF N YC KUJTÄP YC UKVVCOK C T FWTKDC UCPCJVJCO³P55IT
8GT[HKPG
$CVCXKCFGP*CCI
'FJ
6JGTGXGTUGUJQYUVJGPCOGQHVJGECNKHCN/WUVCPUKTCPFVJG#[[WDKFQXGTNQTFCN-COKN
9KVJJKUNGHVJCPFVJGUGCVGFHKIWTGKUJQNFKPICINQDGKPHTQPVQHJKUEJGUV6JKUKUVJGUCOGUEGPGYGUGGQP
CPFQHVJG#[[WDKFTWNGTKP/C[CHCTKMKPCN#UJTCH/W\CHHCT
CEQPVGORQTCT[QH0CUKTCN&KP#TVWS
#TUNCP
9KVJ TGICTF VQ VJG QTKIKP QH VJKU V[RG 55 PQVG ŋ+P ,CNCN CN&KP VJG GZKNGF
-JYCTC\OUJCJ DGICP CICKP VQ VJTGCVGP VJG #[[WDKFU CPF VJGKT 6WTMQOCP CNNKGU HTQO JKU DCUG KP #TOGPKC 6JG
CNNKGU OQWPVGF C EQWPVGTQHHGPUKXG CPF CHVGT UGXGTCN DCVVNGU FGHGCVGF ,CNCN CN&KP FGEKUKXGN[ NCVG KP #TVWS
#TUNCP UWRRQTVGF VJG #[[WDKFU KP VJKU ETKUKU YJKNG JKU #TVWSKF EQWUKP 4WMP CN&KP /CYFWF TWNGT QH *KUP -C[HC
CPF#OKFOCFGEQOOQPECWUGYKVJVJG-JYCTC\OUJCJ#TVWS#TUNCPOKIJVJCXGKUUWGFVJKUPGYEQKPV[RGUKORN[
VQTGCUUGTVJKUNQ[CNV[VQCN-COKNFWTKPIVJKUVTQWDNGFRGTKQFŌ

$TQP\G #* # 6WTMKUJ HKIWTG UGCVGF HCEKPI DGVYGGP VYQ UVCTU QP USWCTG DGNQY ++8++
8
VCOIJCN0³UKTCN&ÄPT#TVWS#TUN³P4DKNN³JCN+O³OCN/WUVCPUKT#OÄTCNOWOKPÄPCN
/CNKM CN-³OKN /WJCOOCF N YC KUJTÄP YC UKVVCOK C T FWTKDC UCPCJ VJCO³P 55 IT
8GT[HKPG
PQ
'FJ

$TQP\G/CTFKP#*#*GCFHCEKPICN5WNV³PCNOW ³\\CO#N³CN&WP[³YCCN&ÄP-CKSWD³F

3CUÄOCOÄTCNOW OKPÄP4CN+O³OCN/WUVCPUKTDKNN³J#OÄTCNOW OKPÄPCNOCNKMCNOCPUÑT
#TVWSNUCPCJCTDC YCCDQXGFWTKDCDÄ/³TFÄPTVJCN³VJÄPYCUKVVCOK C55IT
5OCNNUETCVEJGUCPFKTTGIWNCTHNCPXGT[HKPG
396
ARTUQIDS
$CVCXKCFGP*CCI
6JGTGCTGVJTGGFCVGUCPF
OQUVCTGQHVJG[GCT

/KVEJKPGT
EQTTOGV2QQNG
EQTTOGV
6JGQDXGTUG3CUKOCOKTCNOWŉOKPKP2CTVPGTQHVJG%QOOCPFGTQHVJG(CKVJHWN1PVJGQTKIKP55UWRRN[VJG
HQNNQYKPI ŋ9KVJ VJKU HKIWTCN EQKP V[RG #TVWS #TUNCP CPPQWPEGF JKU EJCPIG QH CNNGIKCPEG DCEM VQ VJG 4WO 5GNLWSU
CTQWPF %QPVGORQTCT[ RQNKVKECN JKUVQT[ CICKP UWIIGUVU VJG TGCUQP #HVGT C UWEEGUUHWN ECORCKIP CICKPUV VJG
#TVWSKFTWNGTQH*KUP-C[HCCPF#OKFKPVJG#[[WDKFUWPFGTCN-COKNPQYEQPVTQNNGFVJGGPVKTGTGIKQPQH
&K[CTDCMT GZEGRV VJG #TVWSKF MKPIFQO QH /CTFKP 6JGP VQYCTF VJG GPF QH CN-COKNŉU GTUVYJKNG CNN[ ŉ#NC CN
&KP-CKSWDCFVJG4WO5GNLWSKPXCFGF#TOGPKCCPFUGK\GF#[[WDKFVGTTKVQTKGUVJGTG6JKURTQXQMGFHWNNUECNGYCT
DGVYGGP VJG #[[WDKFU CPF VJG 4WO 5GNLWSU KP YJKEJ #TVWS #TUNCP UKFGF YKVJ -CKSWDCF KP VJG JQRG QH RTQVGEVKPI
/CTFKPHTQOCDUQTRVKQPD[CN-COKN6JG#[[WDKFUNQUVVJGYCTYKVJ-CKSWDCFCPFYKVJFTGYVQVJGKTJQOGVGTTKVQT[
GCTN[ KP YJGTGWRQP -CKSWDCF CVVCEMGF PQTVJGTP 5[TKC CPF QEEWRKGF OWEJ QH 'FGUUC *CTCP 6JG #[[WDKFU
EQWPVGTCVVCEMGFTGECRVWTKPIVJGKTNQUVNCPFUCPFVJGPOQXGFCICKPUV/CTFKPVQRWPKUJ#TVWS#TUNCPHQTUWRRQTVKPI
VJGKT GPGO[ 6JG[ YGTG CDQWV VQ YTGUV VJG UVTQPIRQKPV QH &WPC[UKT HTQO #TVWS #TUNCP YJGP VJG[ NGCTPGF QH CP
KPEKRKGPV /QPIQN KPXCUKQP QH VJG ,C\KTC HTQO VJG GCUV 0QV YCPVKPI VQ TKUM EQPHTQPVKPI VJG /QPIQN JQTFG VJG
#[[WDKFUCICKPYKVJFTGYJQOG+VYCUKPVJKUJKUVQTKECNEQPVGZVVJCV#TVWS#TUNCPUQWIJVVJGRTQVGEVKQPQH-CKSWDCF
CPFJCFVJKUPGYEQKPV[RGUVTWEMJQPQTKPIVJG4WO5GNLWSKPHNCVVGTKPIVGTOUŌ

$TQP\G/CTFKP#*#*GCFHCEKPICN5WNV³PCNOW ³\\CO#N³CN&WP[³YCCN&ÄP-CKSWD³F

3CUÄOCOÄTCNOW OKPÄP4CN+O³OCN/WUVCPUKTDKNN³J#OÄTCNOW OKPÄPCNOCNKMCNOCPUÑT
#TVWSNUCPCJCTDC YCCDQXGFWTKDCDÄ/³TFÄPTVJCN³VJÄPYCUKVVCOK C55IT
'FIGHCWNVCNOQUVXGT[HKPG
$CVCXKCFGP*CCI
6JGTGCTGVJTGGFCVGUCPF
OQUVCTGQHVJG[GCT

/KVEJKPGT
EQTTOGV2QQNG
EQTTOGV
.CPG2QQNG VJQWIJV VJG JGCF QP PQU CPF YCU YGCTKPI C FKCFGO *GTG VJG JGCFFTGUU QP PQ KU
ENGCTN[OCFGWRQHVKP[TKPIUYJGTGCUPQUJQYUCJGCFFTGUUEQPUKUVKPIQHNKPGU
0#,/CN&KP)*#<++CN5# +&

+PVJG/QPIQNMJCP*WNCIWFGOCPFGFVJGUWDOKUUKQPQH0CFLOCN&KP)JC\K+5CŉKFRTQORVKPI
VJGNCVVGTVQUGPFJKUUQP/W\CHHCTVQ*WNCIWDWVVQPQCXCKNCU/CTFKPUQQPNC[WPFGTUKGIG6QRWVCP
GPFVQVJGUWHHGTKPIQHJKURGQRNG/W\CHHCTJCFJKUHCVJGTMKNNGF
*WNCIW VJGP TGEQIPKUGF /W\CHHCT CU NQTF QH /CTFKP *KU JGKTU TGEGKXGF VJG GODNGOU QH TQ[CN RQYGT
HTQO/QPIQNKCPJCPFUETQYPCPFRCTCUQNCPFVJGVKVNGCNOCNKMCRRGCTGFQPVJGKTEQKPCIGCUCTGUWNV

&KTJGO/CTFKP#*IT 5NKIJVGN[EQTTQFGFCPFCNKVVNGYGCMN[UVTWEMXGT[HKPG

&QODTQYUMK/ÒPUVGT
0CIOCFFK)C\KCU#[[WDKFXCUUCNQHCU5CNKJ#[[WD
397
ARTUQIDS

&KTJGO/CTFKP#*IT 8GT[HKPG

&QODTQYUMK/ÒPUVGT
(TQONKUV
PQ
0CLOCN&KP)JC\KCUKPFGRGPFGPVTWNGT
<CODCWT0QWXGNNGU%QPVT
&KTJGO/CTFKP#*IT 6TCEGUQHGPETWUVCVKQPYGCMN[UVTWEMKPRCTVUXGT[HKPG
&QODTQYUMK/ÒPUVGT
(TQONKUV
PQ
0CLOCN&KP)JC\KCUXCUUCNQHVJG#[[WDKFCP0CUKT;WUWH

*CNH&KTJGO/CTFKP#*IT 9GCMN[UVTWEMXGT[HKPG

&QODTQYUMK/ÒPUVGT
(TQONKUV
PQ

&KTJGO/CTFKP#*IT +TTGIWNCTHNCPCPFYGCMN[UVTWEMHKPGVQXGT[HKPG

&QODTQYUMK/ÒPUVGT
(TQONKUV
PQ
&KTJGODGCTKPIVJGPCOGQHVJGECNKH
'FJ
&KTJGOIT 'FIGHCWNVCPFQHHEGPVTGXGT[HKPG

&QODTQYUMK/ÒPUVGT
(TQONKUV
PQ
&KTJGOYKVJQWVVJGPCOGQHVJGECNKH
2QQNG
398
ARTUQIDS

(CNU/CTFKP#*#0COGQH%CNKRJCNŉ/WUVCŉUKOKPFQWDNGFUSWCTG4+PJGZCITCO0GLOCN
&KPŉUNGIGPF/KVEJKPGTIT 5OCNNHNCPXGT[HKPG
$CVCXKCFGP*CCI
/KPVCPFFCVGCTQWPF
0#,/CN&KP)*#<+++

(CNU#4QWPFJGCFHCEKPI.³KN³JCKNN³#NN³JYCJFCJWN³UJCTÄMNCJW/WJCOOCF4CUÑN#NN³JUCNNC4
+PEGPVGTHKGNF)J³\ÄCN5WNV³PCNC\CO<KNNW NN³JHÄCN³NCOCN/CNKMCNOCPUÑT0CLOCNFÄP#DÑ
NHCVJNUCPCJVJCO³PTYCUKVVCOK CDGNQYYCVKU ÄP55IT
6TCEGUQHXGTFKITKUCPFGFIGDTGCMUXGT[HKPG
PQ
1PVJGTGXGTUGVJGTQ[CNVKVNG5WNVCPCN#\COKP0CUMJK
6JGOQUVOKIJV[UQXGTGKIPYJKEJYCUPQTOCNN[WUGF
D[ VJG 5GNLWMU +V KU C DKV UKPIWNCT VJCV )JC\K ++ WUGF VJGUG GNGXCVGF VKVNGU CU JG YCU PQ OQTG VJCP C XCUUCN QH VJG
+NMJCP)JC\CP/CJOWFCVVJCVOQOGPV
#NUQ RGEWNKCT CTG VJG QVJGT VGZVU QP VJKU EQKP <KNNW NNCJ HK CNCNCO 6JG UJCFQY QH )QF QP GCTVJ CN/CNKM CN
OCPUWT6JG6TKWORJCPV.QTF#DWNHCVJ(CVJGTQH8KEVQT[
6JG-CNKOCJKPKVUHKTUVKPUVCPEGQPCP#TVWSKFEQKPTGCFU6JGTGKUPQFGKV[DWV)QFJGKUQPG/WJCOOCFKUVJG
#RQUVNGQH)QFOC[)QFŉUDNGUUKPIDGWRQPJKO

5*#/5CN&KP5#.+*

(CNU /CTFKP # 5WP DGVYGGP VYQ NKQPU 4 +P EGPVGT HKGNF HÄ FCWNCV CN5WNV³P CN/CNKM CN5³NKJ
-JCNNCFC#NN³JOWNMCJWT 7OCTDGNQY 7VJO³PN #NÄCDQXG#DÑ$CMT55IT
48GT[HKPG
PQ
6JGTGXGTUGKPFKECVGUVJGPCOGUQHVJGHKTUVHQWTECNKHU#DW$CMTŉ7OCTŉ7VJOCPCUŉ#NK6JKUPGYYQTFKPIYCU
KPVTQFWEGFD[VJG+NMJCPTWNGT#DW5CŉKF$CJCFWT-JCPVQGORJCUK\GJKUCNNGIKCPEGVQVJG5WPPKDTCPEJQH+UNCO
6JGTGCNUQKUCV[RGYKVJCNKQP
YKVJVJGUWPCDQXGKVUGG55+VKUPQVKPEQPEGKXCDNGVJCVVJGPWODGTQHNKQPU
KPFKECVGU VJG XCNWG 9KVJ TGICTF VQ VJKU +NKUEJ DGNKGXGU YG CTG FGCNKPI YKVJ HCNU $WV 55 IKXG CU C
YGKIJVTCPIGHQTVJKUV[RGCPFHQTV[RG6JKUURGEKOGPNKGUGZCEVN[KPDGVYGGP6JGSWGUVKQPKUJQY
CEEWTCVGVJGUGYGKIJVUCTGDGCTKPIKPOKPFVJCVCNNVJGURGEKOGPUUJQYHNCYU
55MPQYQHQPN[HKXGURGEKOGP

,WUVCUVJG5GNLWMEQKPVJG55V[RGUJQYUCUWPQXGTCNKQPRCUUCPVVQVJGNGHV6JGQPN[FKHHGTGPEGKUVJCVVJG
5GNLWMEQKPUJQYUQPN[JCNHVJGUWPCUKHVJGUWPYGTGTKUKPIQXGTVJGNKQPNGQRCTF
6JGRKEVWTGQHPQKUCNUQHQWPFQPYJCVKUMPQYPCUETQUUUVQPGUQT-JCEJMCTHQWPFKP'EJOKCF\KP%TQUU
UVQPGU CTG V[RKECNN[ #TOGPKCP GZRTGUUKQPU QH CTV 6JG[ FCVG DCEM VQ VJG VJ QT VJ EGPVWT[ C RGTKQF YJGP VJKU
VGTTKVQT[ YCU PQ NQPIGT QEEWRKGF D[ VJG#TCDU6JG[CTGECTXGFOGOQTKCNUVQPGUUJQYKPICNCTIGETQUUUQOGVKOGU
YKVJ%JTKUVWRQPKVCPFJKUTGVKPWGUWTTQWPFKPI6JGUVQPGUCTGRNCEGFKPCOCPPGTCUVQECWUGVJGDGJQNFGTVQHCEG
GCUVYCTF.CVGTVJGETQUUGUŉQTPCOGPVCVKQPDGECOGTKEJGT9JGPKPVJGVJEGPVWT[#TOGPKCDGECOGFGRGPFGPVQP
VJGOWUNKOUFKUVKPEVN[+UNCOKEGNGOGPVUUVCTVGFCRRGCTKPIQPVJGUVQPGUYJKEJVJGPFGXGNQRGFKPVQITCXGUVQPGU
399
ARTUQIDS
<'0)+&'0QH/157.

6JKU F[PCUV[ YCU HQWPFGF D[ +OCFCN&KP <CPIK
Ŏ YJQ EQPVTQNNGF DQVJ /QUWN CPF
#NGRRQ#HVGTJGFKGFCTGXQNVGPUWGFQHRGQRNGYJQHCXQWTGF5GNLWMTWNG

+P<CPIKDGSWGCVJGFJKURQUUGUUKQPUVQ

5CKHCF&KP)C\KKP/QUWNCPF

0WTCF&KPKP#NGRRQ

0WTCFFKP YQWNF EQOG VQ DG QPG QH VJG OQUV KORQTVCPV TWNGTU
UGG CV IGPGTCN KPVTQFWEVKQP 9JGP JKU
DTQVJGT3WVDCF&KP/CWFWFFKGFKP0WTCFFKPKPXCFGF/QUWNCPFRTQENCKOGFJKOUGNHECNKHQHVJG
EKV[CPFVJGVGTTKVQT[6JGUQPQHJKUFGEGCUGFDTQVJGT5CKHCN&KPDGECOGCXCUUCNRTKPEG6JG<GPIKF
F[PCUV[GPFGFYKVJVJGFGCVJQH0WTCFFKPKP

+P5CNCFKPCNNKGFYKVJVJGUWNVCPQHVJG4WO5GNLWMU3KNKE#TUNCP++VQEQPHTQPV/QUWN+P
5CNCFKPICKPGFEQPVTQNQXGT#NGRRQCPFKP<GPIKFRTKPEG+\\CF&KP
DTQVJGTCPFUWEEGUUQTQH5CKH
CN&KPCEMPQYNGFIGF5CNCFKPŉUFQOKPKQPQXGT/QUWNYJKEJOGCPVVJGYJQNGQH0WTCFFKPŉUTGCNOJCF
EQOGWPFGT5CNCFKP
376$CN&KP/#9&7&

6JG VGTTKVQT[ YCU FKXKFGF 0WTCFFKP TGEGKXGF #NGRRQ CPF 3WVD CN&KP YCU IKXGP /QUWN DWV JCF VQ
CEMPQYNGFIGJKUDTQVJGTŉUUWRTGOCE[WPVKNJGFKGFKP

$TQP\G #* # $WUV N WPFGT VYQ CPIGNU T MJCOU YC MJCOUÄP
CPF N YC
MJCOUCOK C
CPF4CN/CNKMCNŉ³FKNCN³NKO/CNKMWOCT³CNUJCTSYCCNIJCTD6WIJTKN6GMÄP
#V³DGINDKPSUWPSWTCDQXGDKP<GPIÄT/CYFÑF55IT
'FIGHCWNVCPFCNKVVNGQHHEGPVTGXGT[HKPG
0-4
%QKPUKPFKECVGQPGQHUKZFKHHGTGPVFCVGUCPF6JGTGCTGGXGPNCVGTFCVGUVJTQWIJ

55
6JGJGCFUJQYUFKUVKPEVN[6WTMKUJHGCVWTGU
6JGTGXGTUGVGZVUJCXGVJGHQNNQYKPIOGCPKPICNOCNKMCNŉCFKNCNŉCNKO6JGLWUVCPFYKUGMKPICPFOCNKMWOCTC
CNUJCTS YC CNIJCTD -KPI QH VJG 2TKPEGU QH VJG 'CUV CPF VJG 9GUV 6JKU KU VJG HKTUV KPUVCPEG QH VJKU NCUV VGZV
6WIJTKN6GMKPOGCPU(CNEQP2TKPEGKPVTQFWEGFD[JKUHCVJGT<GPIKQPQPGQHJKUIQNFGPEQKPU
400
ARTUQIDS
9KVJTGICTFVQVJGVYQYKPIGFHKIWTGUCDQXGVJGJGCF55RTQXKFGVJGHQNNQYKPIŋ6JGVYQYKPIGFHKIWTGUYJKEJ
UGTXGF CU JGTCNFU CDQXG VJG UQNCT RGTUQPKHKECVKQP UGGOU UQOGVKOGU TGHGTTGF VQ CU CPIGNU DWV VJKU KU CP QXGTN[
RQRWNCTK\GFFGUETKRVKQP6JGUGHKIWTGUCTGRTKOCTKN[QH2GTUKCPQTKIKPCPFCTGENQUGN[CUUQEKCVGFYKVJVJG5WPŌ6JG
EQKPU QH VJG <GPIKFU YGTG UVTQPIN[ KPHNWGPEGF D[ QTKGPVCN CTV
VJG ENCWUG VJG GCUV CPF VJGYGUVRQKPVVQVJGUCOG
KPHNWGPEG
5#+(CN&KP)*#<+++

$TQP\G CN,C\KTC #* # *GNOGVGF JGCF N .³ KN³JC KNN³ #NN³J /WJCOOCF 4CUÑN #NN³J 4
/CNKMCNWOCT³)J³\ÄDKP/CYFÑFOCTIKPCNNGIGPF$K UOKNN³JFWTKDCDK +,C\ÄTCUCPCMJCOUYC
UCD ÄPYCMJCOUCOK C55IT 4GXGTUGCNKVVNGQHHEGPVTGXGT[HKPG
PQ

$TQP\G CN,C\KTC #* # *GNOGVGF JGCF N .³ KN³JC KNN³ #NN³J /WJCOOCF 4CUÑN #NN³J 4
/CNKMCNWOCT³)J³\ÄDKP/CYFÑFOCTIKPCNNGIGPF$K UOKNN³JFWTKDCDK +,C\ÄTCUCPCMJCOUYC
UCD ÄPYCMJCOUCOK C55IT 9GCMN[UVTWEMKPRCTVUXGT[HKPG
$CVCXKCFGP*CCI
+PVJGRKEVWTGKP55VJGQDXGTUGVGZVGZVGPFUHTQOVJGPGEMVQVJGJGNOGVYJKEJKUVTWGHQTPQ1PVJKUPQ
JQYGXGT VJGVGZVGZVGPFUHTQOVJGEJKPWRVQVJGJGNOGV/QTGQXGTVJGHCEGKUFKHHGTGPVCUKUVJGJCKTRTQVTWFKPI
HTQOWPFGTVJGJGNOGV+YQPFGTYJGVJGTVJGQDXGTUGVGZVQHPQKUFKHHGTGPVHTQOVJCVQPPQ
401
MAMMELUKKEN
0#5+4CN&KP/#*/7&

$TQP\G CN/CYUKN #* # %TQYPGF VWTMKUJ HKIWTG UGCVGF ETQUUNGIIGF YKVJ NCTIG ETGUEGPV
&WTKDC DK +/CYUKN UCPC UCD YC KUJTÄP YC UKVVCOK C 4 CN+O³O .³ KN³JC KNN³ #NN³J /WJCOOCF
4CUÑN #NN³J CNOWUVCPUKT DKNN³J #OÄT CNOW OKPÄP OCTIKPCN NGIGPF 0³UKT CN&WP[³ YC CN&ÄP
#V³DGI/CJOÑFCN/CNKMCN-³OKNCN/CNKMCN#UJTCH55IT #NKVVNGQHHEGPVTGXGT[HKPG
*QNNGOCP'PUEJGFG
6JG TGXGTUG VGZV KU 0CUMJK CPF KPFKECVGU CN+OCO
VJGTGNKIKQWUVKVNGQHVJGECNKHCPFVJGPCOGQHVJGPGY#DCUUKF
ECNKHCN/WUVCPUKTCPFVYQ#[[WDKFQXGTNQTFUCN-COKNCPFCN#UJTCH
6JGQTKIKPUQHVJGKOCIGECPDGVTCEGFDCEMVQ/CJOWFŉUITCPFHCVJGTKP
55KPYJQUGFC[UVJKUJCFDGGPC
RQRWNCTV[RG6JGEQKPKPJCPFUJQYUCPKEGTUV[NGCPFKVUTGNKGHKUJKIJGTVJCP55
/#//'.7--'0KP/157.
$#&4CN&KP.W .W

+P$CFTCN&KP.WŉNWŉEQPUQNKFCVGFJKURQUKVKQP
JGJCFDGGPWUWTRGTKPVJGTGIKQPQH/QUWNDGHQTG
CPFVJWUYCUFGHCEVQTWNGTQHVJG<GPIKFTGCNO
*KUFQOKPKQPYCUVJTGCVGPGFD[JKUTKXCN-WMDWTKQH+TDKNCPFVJGTGYCUQHEQWTUGVJGCNCTOKPIRTGUGPEG
QH/QPIQNKCPUKPVJGPQTVJGCUV-WMDWTKFKGFKPCPF.WŉNWŉWUWTRGFVJGVJTQPG6JG[QWPICVCDGI
0CUKTCN&KP/CJOWFVJGNGIKVKOCVGTWNGTQH/QUWNUQOGJQYXCPKUJGF
UQOGJKUVQTKEUDGNKGXGJGYCU
MKNNGFD[.WŉNWŉ.WŉNWŉVJGPJCFVJGCWFCEKV[VQFGOCPFQHVJGECNKHVJCVJGCEMPQYNGFIGJKOCUTWNGT
QH/QUWNKPCTGRTGUGPVCVKXGQHVJGECNKHKPUVCNNGF.WŉNWŉCUUWNVCPQH/QUWNDGUVQYKPIWRQPJKO
VJGVKVNGQHCN/CNKMCN4CJKO
6JGOGTEKHWNMKPICPFVJGRTKXKNGIGUQHMJWVDCCPFUKMMC
+PVJGHKTUVEQKPYCUUVTWEMUGGPQ#HVGTVJCVQPN[EQKPUYKVJQWVCNGIGPFYQWNFDGUVTWEM
6QYCTFUVJGGPFQHJKUTGKIPKPJGKOKVCVGFVJGEQOOQPV[RG55CPFVJGQPN[QVJGT
EQKPDGCTKPICPKOCIG

$TQP\G CN/CYUKN #* # &KCFGOGF JGCF N KP USWCTG &WTKDC DK +/CY UKN UCPC CJCF YC
VJCNCVJÄPYCUKVVCOK C4CN+O³OCN/WUVCPUKTDKNN³J#OÄTCNOW OKPÄPOCTIKPCNNGIGPF$CFTCN
&WP[³YCCN&ÄP
#VCDGI.W .W CN/CNKMCN-³OKNCN/CNKMCN#UJTCH55IT 8GT[HKPG
'NUGP$TWUUGN
'FJ/KVEJKPGT
6JGTGXGTUGVGZVKU0CUMJKUVCVKPIPCOGCPFVKVNGQHVJGECNKHCN/WUVCPUKT6JGPECOGVJGWUWTRGT/CONWM$CFTCN
&KP.WŉNWŉ
KPKVKCNN[NCEMKPICRQNKVKECNVKVNGNCVGTFKIPKHKGFYKVJVJGVKVNGCVCDGI(KPCNN[VJGVYQ#[[WDKFQXGTNQTFU
CN-COKNCPFCN#UJTCH
6JKUEQKPKUVJGHKTUVVQKPFKECVG.WŉNWŉŉUPCOGCPFKVFGRKEVUJKUCEEGUUKQPQHVJGVJTQPG6JGEQKPUKORN[UVCVGUVJG
CVCDGIVKVNGYJKEJJGYCUPQVDQTPKPVQDWVWUWTRGF
9JGPVJG/QPIQNUVQQM/QUWNVJG[KOKVCVGFVJKUEQKPQH.WŉNWŉUNKIJVN[CNVGTKPIKVUFGUKIP
UGG$/%
402
ZENGIDS
<'0)+&5#6#$')5QH5+0,#4
5KPLCTNKGUYGUVQH/QUWN&WTKPIJKUECORCKIPKPŉ+OCFCN&KP<GPIKEQPSWGTGFVJGVGTTKVQT[HTQO
VJG5GNLWMU+VYQWNFTGOCKPCRTQXKPEGQHVJG<GPIKFUKP/QUWNWPVKN+PVJCV[GCTVJGITCPFUQPQH
<GPIKŉ+OCFCN&KP<GPIK++YCUIKXGPVJGVGTTKVQT[VQIQXGTPKVKPFGRGPFGPVN[*GDWKNVKVKPVQCVTCFG
EGPVTGQHITGCVKORQTVCPEG

6JGVGTTKVQT[GZKUVGFCWVQPQOQWUN[HQTLWUV[GCTUCHVGTVJCVVJG#[[WDKFUCPPGZGFKVCPFKPEQTRQTCVGF
KVKPVQVJGKTTGCNO
376$CN&KP/7*#//#&KDP<'0)+

$TQP\G5KPLCT#*#$WUVNYKVJUEGRVTGCPFUJKGNFVCOIJCKPHTQPV&WTKDCDK5KPL³TUCPC
UKVVCJYCVKU ÄPYCMJCOUCOK C4DKP<GPIÄCN+O³OCN0³UKTNKFÄP#NN³JCN/CNKMCN/CPUÑT
3WVDCN&WP[³YCCN&ÄPVCOIJCDGNQY55IT +TTGIWNCTHNCPXGT[HKPG
*QNNGOCP'PUEJGFG
6JGTGCTGHQWTFCVGUCPF6JG[GCTJCUCVCOIJCDGHQTGVJGDWUV
$QVJPQCPFJCXGCVCOIJCDGHQTGVJGJGCFCPFVJWUCTGHTQO

55VJKPMVJKUKUCPKOKVCVKQPQHCDTQP\GEQKPQH%CTCECNNCHTQO'FCUUC

$TQP\G5KPLCT#*#$WUVNYKVJUEGRVTGCPFUJKGNFVCOIJCKPHTQPV&WTKDCDK5KPL³TUCPC
UKVVCJYCVKU ÄPYCMJCOUCOK C4DKP<GPIÄCN+O³OCN0³UKTNKFÄP#NN³JCN/CNKMCN/CPUÑT
3WVDCN&WP[³YCCN&ÄPVCOIJCDGNQY55IT 6TCEGUQHGPETWUVCVKQPCNOQUVXGT[HKPG
0-4
6JGTGCTGHQWTFCVGUCPF6JG[GCTJCUCVCOIJCDGHQTGVJGDWUV
403
ZENGIDS
<'0)+&5#6#$')5QH#.,#<+4#
,C\KTCV KDP ŉ7OCT UKVWCVGF QP VJG 4KXGT 6KITKU LWUV PQTVJ QH /QUWN YCU C RTQXKPEKCN 5GNLWM EGPVTG
CPPGZGFD[ŉ+OCFCN&KP<GPIK+FWTKPIJKUECORCKIPKP6JGEKV[NC[QPCPCTVKHKEKCNKUNCPFKPVJG
6KITKU
CN,C\KTCVJGKUNCPF

6JGHQWTVJTWNGTQH/QUWN5CKHCN&KP)JC\K++ICXGCN,C\KTCKPVQJKUUQP/WKŉ\\CN&KP5CPLCT
5JCJHQTVJGNCVVGTVQIQXGTPKVKPFGRGPFGPVN[6JWUCPGYVGTTKVQT[GOGTIGFPGZVVQVJCVQH/QUWN1PN[
VJTGGUQXGTGKIPUGXGTTWNGFVJKUVGTTKVQT[+PKVYCUCPPGZGFD[$CFTCF&KP.Wŉ.WQH/QUWNCPF
IQXGTPGFD[JKUUQP+UJCSWPVKNKVYCUNQUVVQVJG/QPIQNKCPUKP
/7 +<<CN&KP5#0,#45*#*

$TQP\G#)TGCVVCOIJCDGVYGGPVYQRGNNGVUCPFYKVJKPOWNVKNQDGCN/CNKMCN/W\CHHCT5CPLCT5J³J
DKP)J³\ÄCN0³UKTÄ4CN+O³OCNC\COCN0³UKTNKFÄP#NN³J#OÄTCNOWOKPÄPNUCPCUKVVCOK C
CDQXGDK +,C\ÄTCJT&WTKDC55IT 4'FIGHCWNVTGXGTUGCNKVVNGQHHEGPVTGXGT[HKPG
6JTGGFCVGUCPF2TGUWOCDN[VJKUKU
CUVJGQVJGTFCVGUJCTFN[GXGTQEEWT
$/%'FJ#TVWM
6JKUPGYV[RGYCUKPVTQFWEGFKP9JCVKUOQUVKPVGTGUVKPIKUVJGPGYWUGQHVJGVGTOCN0CUKTKCVVJGGPFQHVJG
NGIGPFQPVJGQDXGTUG6JKURGTJCRUJKPVUCVVJGHCEVVJCV5CPLCT5JCJEQPUKFGTGFJKOUGNHVQDGQPVJGUKFGQH0CUKT
YJKEJEQWNFOGCPCN0CUKT;WUWHKDP#[[WDVJGDGOQWTPGF5CNCFKPQTOC[DG%CNKHCN0CUKT
6JKUKUVJGJGCXKGUVEQRRGTEQKPQHVJG6WTMOGP
6JGVCOIJCKUVJGKTOQVKHCUVJGHNGWTFGN[UYCUVJCVQH0WTCN&KP/CJOWFQH&COCUEWU6JKUVCOIJCCRRGCTUQP
VJGEQKPUQH5KPLCTVJGPFKUCRRGCTUVQTGCRRGCTWPFGT5CPLCT5JCJ
#. /W C\\CO/#*/7&

$TQP\GCN,C\KTC#*#%TQYPGFHKIWTGHCEKPIJQNFKPIETGUEGPVVCOIJCDGNQYCN/CNKMCN
/W C\\CO/CJOÑFDKP5KPLCT5J³JCN0³UKTK4CN+O³OCN0³UKT+K FÄP#NN³J#OKTCNOW OKPÄPCN
/CNKMCN-³OKN/WJCOOCFCN/CNKMCN#UJTCH/ÑU³N CUJCTCYCUKVVCOK CT&WTKDCDK + ,C\ÄTC
55IT 6TCEGUQHXGTFKITKUHKPGVQXGT[HKPG
*QNNGOCP'PUEJGFG
/KVEJKPGT
6JKUV[RGUJQYUCV[RKECNNKMGPGUUVQ559JGPKPVJKUV[RGQHEQKPYCUCDQWVVQDGKPVTQFWEGFCN#UJTCH
JCFCNTGCF[VCMGPQXGTVJG<GPIKFTGCNOHTQO5KPLCT
UGG55CPFRQYGTQXGT/QUWNJCFFGXQNXGFQP$CFTCN
&KP.WŉNWŉ
UGG556JG/QPIQNKCPUYGTGCVVJGGCUVDQTFGT6JGUGGXGPVUHQTOGFVJGRTGNWFGVQVJGŋ#[[WDKF
%QNV9CTŌ
(QT CN/WŉC\\CO /CJOWF VJG ETGCVKQP QH VJKU V[RG YCU RQKVKECNN[ OQVKXCVGF *G CEMPQYNGFIGF VJG PGY #[[WDKF
UWNVCP CN-COKN CPF JKU [QWPIGT FQOKPCPV DTQVJGT #[[WDKF KP VJG ,C\KTC TGIKQP KPUVGCF QH CN ŉ#FKN #DW $CMT *G
EQPVKPWGF RC[KPI JQOCIG VQ VJG #DCUUKF ECNKH CN0CUKT GORJCUKUKPI VJG EQNNCDQTCVKQP YKVJ VJG #[[WDKFGP CICKPUV
.WŉNWŉCPFVJG/QPIQNKCPU
404
AYYUBIDEN
#;;7$+&'0KP/#;#(#4+-+0
9JGPVJG#[[WDKFUWNVCPCNŉ#FKN#DW$CMTFKGFKPJKUTGCNOYCUFKXKFGFCOQPIJKUVJTGGUQPU
CN-COKN TGEGKXGF 'I[RV
JG YCU EQPUKFGTGF VJG JGCF QH VJG HCOKN[ CN/WŉC\\CO +UC YCU IKXGP
2CNGUVKPGCPFRCTVQH5[TKCKPENWFKPI&COCUEWUCPFCN#UJTCH/WUCIQV0QTVJ5[TKCCPF,C\KTC#NTGCF[
FWTKPIJKUNKHGCNŉ#FKNJCFJCFJKUVJTGGUQPUIQXGTPJKUTGCNO

6JG#[[WDKFRGTKQFKPCN,C\KTCKUVJWUHTQOVQ6JGHKTUVRTKPEGCN0CUKT5CNGJCN&KP;WUWH
KDP#[[WDUVC[GFKP/C[CHCTKMKP*KUDTQVJGTCNŉ#FKNUVTWEMEQKPKP/C[CHCTKMKPKPCPFKP*GTTCP
CPF4QJCKPCPF+PJGTGVWTPGFVQ&COCUEWU

#HVGT JKO ECOG JKU VJTGG UQPU CN#YJCF
CN#UJTCH
CPF CN/W\CHHCT

6JGPVJGUQPQHVJGNCVVGTCN-COKN0CUKTCF&KPYJQTQUGVQRQYGTKPDWVNQUVJKUTGCNO
VQVJG/QPIQNKCPUKP
#.#9*#&CN&KP#;;7$KDPCNŉ#&+.

$TQP\G#*#$WUVHCEKPI4*GZCITCO'FJGOIT
$CVCXKC&GP*CCI
6JKUV[RGFQGUPQVKPFKECVGCP[OKPV+VKUCFKTGEVKOKVCVKQPQHVJGV[RGJKUHCVJGTUVTWEM
'FJ*KUHCVJGTCN
ŉ#FKNYCUUWNVCPQH'I[RVCPF&COCUEWU

/KVEJKPGT IKXGU VYQ V[RGU HTQO VJG [GCT KVU OKPV /C[CHCTKMKP CPF VJG PCOG QH %CNKH CN0CUKT

CPFYJKEJKPFKECVGUPQ[GCTQT0GLOVKVNG
#.#5*4#(/75#/7<#((#4CN&KPKDPCNŉ#&+.

$TQP\G /C[CHCTKMKP #* # (KIWTG HCEKPI JQNFKPI INQDG 4 *GZCITCO 'FJGO
IT 5NKIJVGN[EQTTQFGFXGT[HKPG
&GNOQPVG$TWUUGN
$CNQI/KVEJKPGT$CNQI
%TQUUNGIIGF#VCDGI
6JGEQKPOGPVKQPU%CNKHCN0CUKT
CPFPGZVVQJKOJKUHCVJGT

$TQP\G /C[CHCTKMKP # (KIWTG HCEKPI JQNFKPI INQDG 4 *GZCITCO 'FJGO IT
6TCEGUQHXGTFKITKUCPFKTTGIWNCTHNCPIQQFXGT[HKPG
PQ
1PFGT-CNKGH#N0CUKT

$CNQI/KVEJKPGT
405
JETONS
,'6105
6JGVGTOŋLGVVQPŌKUCODKIWQWU+VOC[FGPQVG

Ő CUOCNNFKUEWUGFKPOCVJGOCVKECNECNEWNCVKQPUQPCTGEMQPKPIVCDNGKPYJKEJECUGKVYCUMPQYP
CUŋTGEMQPKPIEQWPVGTŌ

Ő C RCTVKEWNCT V[RG QH EQKP VJCV YCU WUGF CU C UWDUVKVWVG HQT UOCNN EJCPIG GKVJGT WUGF KP NKOKVGF
EKTEWNCVKQPQTKPECUGUYJGTGVJGCOQWPVQHQHHKEKCNEWTTGPE[KUKPUWHHKEKGPVKPYJKEJECUGVJG[CTG
MPQYPCUŋVQMGPŌ

Ő EJKRUCUWUGFKPECUKPQU
RTGFQOKPCPVN[KP(TGPEJ)GTOCPCPF&WVEJ

$QVJHKTUVOGCPKPIUYKNNDGEQPUKFGTGFKPVJGHQNNQYKPI

4'%-10+0)%1706'4

/CPKUCDNGVQEQWPVUKPEGVKOGKOOGOQTKCNCPFKPVJGEQWTUGQHVKOGCOWNVKVWFGQHPWOGTCNU[UVGOU
ECOG KPVQ DGKPI CU C TGUWNV 6JG FGUKIPU QH VJGUG PWOGTCN U[UVGOU CTG GKVJGT DCUGF QP CUVTQPQOKECN
RTCEVKECN QT HCEVWCN QDUGTXCVKQPU QT QP VJG PWODGT QH HKPIGTU JWOCPU JCXG 0GGFNGUU VQ UC[ EQWPVKPI
CNUQXCTKGUHTQOQPGEWNVWTGVQCPQVJGT

%QWPVKPIYCUQHEQWTUGKOOGFKCVGN[HQNNQYGFD[ECNEWNCVKPIHKTUVVQEQOGYGTGVJGDCUKEEQORWVCVKQPU
CFFKPICPFUWDVTCEVKPI
OWNVKRN[KPICPFFKXKFKPICTGTGCNN[TGRGCVGFCFFKVKQPUQTUWDVTCEVKQPUDWVCNUQ
KPXQNXGF WUKPI HTCEVKQPU 5QQP UQOG PWOGTCN U[UVGOU YGTG HQWPF VQ UWKV VJGUG RWTRQUGU DGVVGT VJCP
QVJGTU

6JGPWOGTCNU[UVGOUQHOQUVWUGVQWUCTG

Ő VJG$CD[NQPKCPPWOGTCNU[UVGOCNUQMPQYPCUVJGUGZCIGUKOCNPWOGTCNU[UVGO

Ő VJG)TGGMPWOGTCNU[UVGO

Ő VJG4QOCPPWOGTCNU[UVGOCPF

Ő VJG#TCDKEPWOGTCNU[UVGOOQTGEQOOQPN[ECNNGFVJGFGEKOCNU[UVGO

6JG$CD[NQPKCPPWOGTCNU[UVGOJCUCUKVUDCUGKGCNNPWODGTUEQPUVKVWVGRQYGTUQHPQVCVKQPKU
CUHQNNQYU

ZZZö

6JG UGZCIGUKOCN PWODGT EQTTGURQPFU VQ JQWT OKPWVGU CPF UGEQPFU C VQVCN QH
UGEQPFUTGRTGUGPVKPIVJGPWODGTFGEKOCNN[

6JG UGZCIGUKOCN U[UVGO UVGOU HTQO 5WOGT YJGTG EQWPVKPI YCU FQPG WUKPI C DCUG U[UVGO
UGG
XF9CGTFGP5EKGPEGCYCMGPKPIR

+P VJG EQWTUG QH VKOG OCP[ CUUWORVKQPU JCXG DGGP OCFG CU VQ YJ[ YCU EJQUGP CU VJG DCUG
(QTOCNGQPK
CPF%CPVQT
HQTKPUVCPEGDGNKGXGFVJCVVJGPWODGTQHFC[UKPC[GCT
JCF
HQTOGFVJGDCUKU
HTQOYJKEJVJGPWODGTQHFGITGGUVQCEKTENG
YGTGVJGPFGTKXGF1VJGTUVJQWIJV
VJG TGCUQP NC[ KP CUVTQPQO[ 'XGPVWCNN[ 0GWIGDCWGT KP RQUKVGF VJCV VJG EJQKEG QH YCU
OGVTQNQIKECNN[OQVKXCVGFKUCUWRGTKQTJKIJN[EQORQUKVGPWODGTKVUFGPQOKPCVQTUDGKPI
+VKUKPHCEVVJGUOCNNGUVKPVGIGTFKXKUKDNGD[CNNKPVGIGTUHTQOVQCPFCU
UWEJYCUQHGZEGNNGPVWUGHQTVTCFG6JKUKUVJGTGCFKPIOQUVEQOOQPN[CEEGRVGFPQYCFC[U1PCUKFG
PQVGVJKURQUUKDKNKV[YCUCNTGCF[UWIIGUVGFD[6J¾QPQH#NGZCPFTKCCPFTGRGCVGFD[9CNNKU

CPF.ÌHNGTKP
UGG+HTCJR

#NVJQWIJVJGUGZCIGUKOCNU[UVGOYCUWUGFKPUEKGPEGCFGEKOCNU[UVGOUGGOUVQJCXGDGGPWUGFCUYGNN
KP$CD[NQPKC+VRTGUWOCDN[YCUKORQTVGFHTQO+PFKCYKVJYJKEJENQUGVKGUYGTGMGRV

6JG )TGGM PWOGTCN U[UVGO JCF DGGP FGTKXGF HTQO VJG JGDTGY PWOGTCN U[UVGO CPF YCU TCVJGT
EQORNKECVGF +VU DCUKU YCU VJG )TGGM NGVVGT CNRJCDGV EQORNGOGPVGF YKVJ VJTGG *GDTGY NGVVGTU :
UVQQFHQTCPFCP/UKIPKHKGF
YCUCP/YKVJCβCDQXGKVCPFUQQP'ZCORNG

/χξδZ

6JKUU[UVGOCNTGCF[GZJKDKVUEGTVCKPCURGEVUQHCFGEKOCNU[UVGO6JGHKTUVPKPGNGVVGTUQHVJGCNRJCDGV
EQTTGURQPFVQVJTQWIJVJGHQNNQYKPIPKPGVQőGVE

5VKNN VJKU PWOGTCN U[UVGO YCU PQV GCU[ VQ YQTM YKVJ CPF KV KP HCEV YCU C UVGR DCEM EQORCTGF VQ VJG
$CD[NQPKCP

+P VJG FC[U QH #NGZCPFGT VJG )TGCV VJG +PFKCP PWOGTCN U[UVGO TGCEJGF YGUVGTP EKXKNKUCVKQP +V YCU
CFQRVGFCPFVJWUVJGHQNNQYKPIU[ODQNUYGTGWUGF

406
JETONS
+ ∆ * : /

%QTTGURQPFKPIVQ

6JKUYQWNFFGXGNQRKPVQVJG4QOCPPWOGTCNU[UVGO

6JG 4QOCP PWOGTCN U[UVGO GNCDQTCVGU QP VJG )TGGM KV KU CNUQ C DCUG U[UVGO 6JG PWODGTU YGTG
CICKPUKIPKHKGFD[NGVVGTU
+ : % /

%QTTGURQPFKPIVQ

6JGPWODGTUKPDGVYGGPYGTGCNUQTGRTGUGPVGFD[NGVVGTUKPVJKUVJG)TGGMU[UVGOYCUCNUQHQNNQYGF

)TGGMPWOGTCNU[UVGO Γ
4QOCPPWOGTCNU[UVGO 8 . &
%QTTGURQPFKPIVQ

.CTIGT PWODGTU YGTG JCTFGT VQ TGRTGUGPV 6JG 4QOCP U[UVGO YQWNF TGOCKP KP WUG WR VQ VJG *KIJ
/KFFNG#IGU
FGURKVGVJG#TCDKEU[UVGODGKPIUWRGTKQT
+PRTKPEKRNGVJG#TCDKEPWOGTCNU[UVGOKUXGT[OWEJNKMGVJG4QOCP+VKUCNUQCDCUGU[UVGODWV
YKVJC\GTQCFFGFCPFNCEMKPIVJGKPVGTXCNU'ZCORNG

Zø Z Z Zö

+VOCMGUTGRTGUGPVKPINCTIGPWODGTUEQORCTCVKXGN[GCU['I:/QT:TGUR%/
QT%
6JG4QOCPPWOGTCNU[UVGOKUXGT[ITCRJKERTGUWOCDN[VJGTGCUQPYJ[KVYCUWUGFUQNQPI6JG#TCDKE
U[UVGO KU OWEJ OQTG CDUVTCEV PWODGTU NCTIG DG[QPF KOCIKPCVKQP ECP DG WUGF YKVJ VJG UCOG GCUG CU
GXGT[FC[QPGU6JWUVJG#TCDKEPWOGTCNU[UVGOKPCUGPUGQRGPGFWRCXKTVWCNYQTNF

6JG UKORNGUV YC[ VQ ECNEWNCVG WUGU VJG JCPFU
HKPIGTU C OGVJQF CNTGCF[ WUGF KP CPEKGPV EKXKNKUCVKQPU
*QYGXGTPWOGTCNU[UVGOUVJCVWUGCDCUGPWODGT
QTQTCP[VJKPIGNUGCNUQQHHGTCPGCU[YC[VQ
ECNEWNCVGD[OGCPUQHYJCVKUMPQYPCUCTGEMQPKPIVCDNGQTCDCEWU.KPGUYGTGFTCYPYKVJVJGDCUG
PWODGTCUTGHGTGPEGDGKPIQT
UQOGVKOGUKPFKECVGFD[NGVVGTUCPFUOCNNEQWPVGTUYGTGRNCEGFQP
VJGUGNKPGU+HCNKPGYCUHWNNKGKHVJGXCNWGQHVJGVQVCNQHEQWPVGTUGSWCNNGFVJGXCNWGQHQPGEQWPVGT
KPVJGNKPGCDQXGKVVJGPVJGEQWPVGTUYGTGUJKHVGFCEEQTFKPIN[+VECPDGFGOQPUVTCVGFOQUVUKORN[YKVJ
GKVJGTVJG4QOCPQT#TCDKEPWOGTCNU[UVGO

+P RTCEVKEG VJG FQVU WUGF YGTG UOCNN FKUEU 6JG NKPGU YGTG FTCYP QP C VCDNG QT C ENQVJ 1VJGT MPQYP
OGVJQFU WUGF VJG URCEGU DGVYGGP VJG NKPGU QT CP CDCEWU
KPVTQFWEGF D[ )GTDGTV QH #WTKNNCE DGVVGT
MPQYPCU2QRG5[NXGUVGT++
+PKVUGNHVJKUOGVJQFUGGOUUKORNG;GVKVDTQWIJVCNQPIUQOGRTQDNGOU+PHKPCPEGRQWPFUUJKNNKPIUCPF
RGPEGYGTGWUGFKPECNEWNCVKQPKORGTKCNOGCUWTGUVJCVFKFPQVIQYGNNYKVJCDCUGU[UVGO6JGTGHQTG
TGEMQPKPIVCDNGUYKVJCFKHHGTGPVCTTCPIGOGPVYGTGOCFGGPCDNKPIVJGWUGQHEQPXGPVKQPCNOGVJQFUQH
ECNEWNCVKQP6JWUTGEMQPKPIVCDNGUYGTGCTTCPIGFKPdUFKPIWKNFGTITQCVU
F
RGPEG KP ETQYP DCV\GP GVE 5QOGVKOGU NGVVGTU YGTG WUGF CU RNCEGJQNFGTU
/ % : PQV
TGNCVGFVQ4QOCPPWOGTCNUVQOCMGTGEMQPKPIGCUKGT
+P VJG /KFFNG #IGU VJG HNCV FKUEU YGTG TGRNCEGF YKVJ QDLGEVU OQTG TGUGODNKPI OGFCNU 6JG[ YGTG
RTGUWOCDN[DTQWIJVCNQPIHTQOETWUCFGUD[+VCNKCPOGTEJCPVU6JG[HKTUVCRRGCTGFKP+VCN[CPFCTQWPF
VJGOKFFNGQHVJGVJEGPVWT[JCFOCFGVJGKTYC[VQ(TCPEG

,GVVQPQTLGVQPKUFGTKXGFHTQOVJG(TGPEJŋLGVGTŌVQVJTQYEQWPVGTUYGTGVJTQYPQPVQVJGTGEMQPKPI
VCDNG $GHQTG ŋLGVGTŌ OGCPV ŋVQ ECNEWNCVGŌ KP (TGPEJ YJKEJ OGCPU KV KU PQV KORTQDCDNG VJG
TGEMQPKPIVCDNGECOGKPVQWUGKP(TCPEGCTQWPF
407
JETONS
+PKVKCNN[ VJG[ YGTG RTGFQOKPCPVN[ WUGF CV VJG EQWTV YJGTG VJGUG TGEMQPKPI EQWPVGTU JGNF VJG UVCVWU QH
EQKPU 6Q CXQKF OKZWRU VJG[ YGTG OCFG QH FKUUKOKNCT OCVGTKCN DTCUU OQUV EQOOQPN[ CPF JCF C
FKHHGTGPVVGZV6GZVUCU#8'/#4+#)4#%+#2.'0#YGTGEQOOQPDWVCNUQŋ+'58+&'.#610Ō

+ CO QH OGUUKPI CPF ŋ+' 0' 2#5 84' #)0'.Ō
+ CO PQV C TGCN CIPGN FŉQT KP QTFGT VQ CXQKF
OKUWPFGTUVCPFKPIU
4QW[GTGP*WEMGTCVVTKDWVGFVJGQNFGUVTGEMQPKPIEQWPVGTVQ$NCPEJGQH%CUVKNG
PFSWCTVGTQHVJGVJ
EGPVWT[
+PVJGEQWTUGQHVJGVJEGPVWT[VJGUGTGEMQPKPIEQWPVGTUECOGKPVQWUGYKVJNQECNCWVJQTKVKGU9JGTGCU
KPKVKCNN[ VJG[ YGTG ENQUGN[ TGNCVGF VQ EQKPCIG NCVGT EQWPVGTU
GI KP $WTIWPFKCP VKOGU UJQYGF OQTG
HTGGFQOQHFGUKIPCPFYGTGUQOGVKOGUGXGPWUGFVQTKFKEWNGEGTVCKPOCVVGTU
6JGUG EQWPVGTU NQUV VJGKT HWPEVKQP YJGP QVJGT OGVJQFU QH ECNEWNCVKQP YGTG KPVTQFWEGF PGXGTVJGNGUU KP
UQOGRCTVUQHVJGYQTNFVJGTGEMQPKPIVCDNGYCUWUGFHQTCNQPIVKOGCHVGTCPFUQOGVKOGUUVKNNKU

6JG XCTKGV[ QH TGEMQPKPI EQWPVGTU KU QXGTYJGNOKPI &GUETKRVKQPU CTG QHVGP UECVVGTGF CPF QH VKOG
KOOGOQTKCN OCMKPI C RTGEKUG CVVTKDWVKQP XGT[ FKHHKEWNV
YJKEJ KU YJ[ + YQWNF NKMG VQVJCPM/CTITGGV
6CUCPF*GTOCP)GTTKVUGP
(4#0%'

,GVQP#'UEWVEJGQPYKVJVJTGGNKURGNNGVUKPHKGNF45ECNG$CTPCTF
+8%QNNGEVKQP4QW[GT
4QW[GT*WEJGTRIT #NOQUVXGT[HKPG
'NUGP$TWUUGN#WEVKQP
PQ
VJEGPVWT[%JCODTGFGUOQPPCKGUFG(TCPEG
6JGUECNGUEQOOQPN[U[ODQNKUGOQPGVCT[KPUVKVWVKQPU
.KV*KUVQKTGFGULGVQPU
$CTPCTFRWVUVJKULGVVQPCUVJGHKTUVKPCUGTKGUQH(TGPEJLGVVQPU6JKULGVVQPEQWNFYGNNGRKVQOKUGVJGVTCPUKVKQPHTQO
FKUEUVQOCTMGFLGVVQPUDGHQTGVJG[YGTGOQFGNGFQPEQKPU

,GVQP FG 6QWTPCK # %J³VGN VQWTPQKU ó )8& Z %%58.5%&)).5 4 %TQUU YKVJ QPG TQUG KP GCEJ
CPINGó5&.5ó8&)8.8&5%%.%QNNGEVKQP4QW[GTIT (NCVUWTHCEGXGT[HKPG
&QODTQYUMK/ÒPUVGT
+VKUCHCEVVJCVVJKURKGEGYCUWUGFHQTECNEWNCVKQPUQPCTGEMQPKPIVCDNGKVKUYQTPUOQQVJHTQOJCXKPIDGGPOQXGF
QXGTVJGVCDNG
VJVJEGPVWT[
$CTPCTF
+8IKXGUCUKOKNCTLGVVQPJQYGXGTYKVJQWVCNGIGPF
6JGVGZVUGGOUYKVJQWVOGCPKPI
408
JETONS

,GVQP#$GCTNQXGTRNCPVYKVJVJTGGHNQYGTU %'56Ő.#/#..'Ő$'564(NQTKCVGFETQUUKP

SWCVTGHQKN 1 # 8 ' $CTPCTF
+8%QNNGEVKQP4QW[GT&WIPKQNNGIT
+TTGIWNCTRCVKPCXGT[HKPG
'NUGP$TWUUGN#WEVKQP
PQ
&WIPKQNNGCVVTKDWVGUVJKUVQ$TWIGU4QW[GTCPFQVJGTUCVVTKDWVGKVVQ(TCPEG(GWGTFCPVDGNKGXGUKVKUCO¾TGCWQHVJG
#DDG[ QH 1WTUECOR KP VJG .CPIWGFQE .QPIR¾TKGT VJKPMU VJCV KP VJG VJ EGPVWT[ VJG EKVK\GPU QH 6QWNQWUG D[
YGCTKPICPCOWNGVRTQVGEVGFVJGOUGNXGUCICKPUVCHGCTUQOGETGCVWTGUWRRQUGFVQDGTQCOKPIVJGUVTGGVUCVPKIJVC
ŋOCNNGDGUVŌ
CDWIDGCT
4GXGTUGUCOGCUVJG4Q[CNFŉQTQH.QWKU8+++
HTQO

,GVQPFG0CXCTTG#5JKGNFQH'XTGWZ0CXCTTCKPUKZHQKNYKVJQPGRGNNGVKPGCEJCPING 2Ő&8.85

0&5 0+5 8&+5 4+5 Ő 4 (NQTKCVGF ETQUU YKVJ NKU KP EGPVTG /+58028 #506+52#+5 $CTPCTF

+8%QNNGEVKQP4QW[GTEH(GWCTFCPVEHIT 8GT[HKPG
5RKPM<ÒTKEJ#WEVKQP
PQ
(TQOCPQNF(TGPEJEQNNGEVKQP
(QTKVUFCVGQHVJGVJVJEGPVWT[CNUQUGG2TCFGNR
+PXKGYQHVJGCTOUVJKULGVQPDGNQPIUVQVJGEQWPVUQH'XTGWZ0CXCTTC
(QTVJGQDXGTUGVGZV$CTPCTFRTQXKFGU2#6'4Ő0156'4Ő38+Ő'5Ő+0Ő%

,GVQPFG6QWTPCK#%J³VGNVQWTPQKUVJTGGNKUKPHKGNF &8+4&84+&84&84+&8+4++4%TQUU

YKVJQPGETQYPKPGCEJCPINGCPFSWCVTGHQKNKPEGPVTGIT 4)TGGPRCVKPCXGT[HKPG
8GEEJK.QPFQP#WEVKQPPQ
2GTKQF2JKNKRRG+8

6JGVGZVUGGOUOGCPKPINGUU&84+8+4+YJKEJKUTGRGCVGFUGXGTCNVKOGUOGCPUUVTQPIUQNKFOGP
409
JETONS

,GVQP6[RGFGTQ[CWZ#-KPIUVCPFKPIKPIQVJKEFCKUYKVJNQPIUEGRVTGUKZRGNNGVUDGNQYJKO&'.#
610'4(NQTKCVGFETQUUKPSWCVTGHQKNYKVJQPGNKUKPGCEJCPINGCPFSWCVTGHQKNKPEGPVTGZ'('ZZ
1%#ZZ45+ZZ%#4Z%QNNGEVKQP4QW[GTEHIT 6TCEGUQHXGTFKITKUXGT[HKPG
5RKPM<ÒTKEJ#WEVKQP
PQ
+OKVCVKQPQHC&GOK4Q[CNF 1TQH%JCTNGU+8

6JGTGXGTUGVGZVUGGOUOGCPKPINGUU

,GVQP #IPWU &GK##IPWU&GKNYKVJETQUU/18610¢58+¢&'¢$4(NQTKCVGFETQUUKP

SWCVTGHQKN 4 # 8 ' $CTPCTF
+8%QNNGEVKQP4QW[GTIT
'ZVTGOGN[HKPG
PQ
VJVJEGPVWT[
6JG QDXGTUG $CTPCTF TGCFU CU $'4 YJKEJ KPFKECVGU $GTT[
OQPPCKG FG $GTT[ (QPGVC[ ŋ6[RG OQP¾VCKTG
RCTVKEWNK½TGOGPV EJGT CWZ (NCOCPFU FQPV KN U[ODQNKUCKV WPG DTCPEJG KORQTVCPVG FG EQOOGTEGŌ
C V[RG QH OQPG[
RCTVKEWNCTN[ GUVGGOGF D[ VJG RGQRNG QH (NCPFGTU YJGTG KV U[ODQNKUGF CP KORQTVCPV DTCPEJ QH KPFWUVT[
VJG YQQN
VTCFG6JGNCODCPFHNCIYGTGVJGRTKPEKRCNDGCTKPIKPVJGEQCVQH4QWGP

,GVQP 6¿VG FG OQTG # .CWTGCVGF JGCF T DTCPEJ YKVJ VJTGG NGCHU KP HTQPV #8' /#4+#
)4#%+#2.'0#&4.KUETQUUYKVJNKUKPEGPVTGCPFQPGETQUUKPGCEJCPING #8 /#
4+ #& $CTPCTF
+8 %QNNGEVKQP 4QW[GT (GWCTFCPV EH H IT
5NKIJVN[EQTTQFGFXGT[HKPG
5RKPM<ÒTKEJ#WEVKQP
PQ
VJVJEGPVWT[
$CTPCTF
R ECNNU KV Cŋ/QQTŉUJGCFŌ+PCHQQVPQVG4QW[GTYTKVGUVJCVJGDGNKGXGUKVVQDGCUQWXGPKTQHVJG
ETWUCFGTU
V[RGUJQYPQPRN+8
(GWCTFCPVFCVGUVJGUGLGVVQPUKPVJGVJVJEGPVWT[KPVJGŋ/CKUQPFW4QKŌ
(GWCTFCPVR
6JGQDXGTUGVGZVOGCPU*CKN/CT[HWNNQHITCEG+VKUHQNNQYGFD[C&YJKEJCNOQUVEGTVCKPN[KUVJGDGIKPPKPIQH
ŋ&QOKPXU 8QDKUEXOŌ OGCPKPI 6JG .QTF KU YKVJ 6JGG 6JG & CV VJG DGIKPPKPI QH VJG UWDUVCPVKCNN[ UJQTVGPGF
TGXGTUGVGZVYQWNFKPVJCVECUGOGCPVJGUCOG
410
JETONS

,GVQP$TGVCIPG#5JKGNFYKVJNKQPKPUKZHQKNñ/ñ/ñ/ñ/ñ/ñ/4(NQTKCVGFETQUU
YKVJ QPG NKQP KP GCEJ CPING CPF NKU KP EGPVTG Q//Q Q//Q Q//Q Q//Q %QNNGEVKQP 4QW[GT
/KVEJIT 45OCNNJQNGKPVJGEGPVTGQHVJGQDXGTUGHKPGVQXGT[HKPG
'NUGP$TWUUGN#WEVKQP
PQ
+PVJG4Q[GTEQNNGEVKQPCVVTKDWVGFVQ1NKXKGTFG%NKUUQPCPF$TGVCIPGŋ6T½UEWTKGWZLGVQPFŉ1NKXKGTFG%NKUUQPCXGE
UGU / T¾R¾V¾GU %ŉGUV UCPU FQWVG FG UC LGWPGUUG .G LGVQP RCTCÄV FG VTCXCKN CPINCKUŌ 1VJGTYKUG CNUQ CVVTKDWVGF VQ
/CVKNFCQH)WGNFGTU

,GVQP %QWTQPPGU # %TQYP KP SWCVTGHQKN YKVJ QPG RGNNGV KP GCEJ CPING 2#4 #/1845 58+
&10'54(NQTKCVGFETQUUKPSWCVTGHQKNVJTGGNGCHUKPGCEJCPING 2#4#/184558+&10'
%QNNGEVKQP4QW[GTEHHHIT 6TCEGUQHXGTFKITKUIQQFXGT[HKPG
5RKPM<ÒTKEJ#WEVKQP
PQ
'Z*QNNUEJGMEQNNGEVKQP9KGP

,GVQP#IPWU&GK##IPWU&GKNYKVJETQUU &'.#61058+018/'4(NQTKCVGFETQUUKP

SWCVTGHQKN &' .#610 58+ 010 &'5 $CTPCTF
+8 %QNNGEVKQP 4QW[GT EH
0GWOCPPIT 0KEGRCVKPCIQQFXGT[HKPG
PQ
$CTPCTFJCUCPQVJGTQDXGTUGVGZVHQTVJGTGXGTUGJGRTQXKFGU018/'5
PWOOWU
VJEGPVWT[

,GVQP#&QNRJKPN #8'/#4+#)4#%+#204(NQTKCVGFETQUUKPSWCVTGHQKNZZZ#ZZ

8ZZ'Z$CTPCTF
8++%QNNGEVKQP4QW[GTIT 6TCEGUQHXGTFKITKUXGT[HKPG
'NUGP$TWUUGN#WEVKQP
PQ
'Z*&EQNNGEVKQP)KDDU
$CTPCTFTGCFU2.'0#KPHWNN
411
JETONS

,GVQP6[RGUHNGWTFGNKU¾U#0KPGNKUKPHKGNFYKVJGKIJVETGUEGPVUQPVJGGFIG #8'/#4+#

)4#%#2.'0#4%TQUUYKVJVYQETQYPUCPFVYQFQNRJKPUKPVJGCPINGU #8#ó/#4+#ó
)4#%+#ó2.'0#%QNNGEVKQP4QW[GTIT 8GT[HKPG
&QODTQYUMK/ÒPUVGT
6JKUKUPQŋ0ÒTPDGTIGT#TDGKVŌQHYJKEJDQVJVJGVGZVCPFVJGUV[NGFKHHGT
) 8CNNKGT 'UUCK UWT NGU LGVQPU FG NC %JCODTG FGU %QORVGU FW &CWRJKP¾ 4GXWG $GNIG FG 0WOKUOCVKSWG :::8+

FQGUPQVMPQYVJKUV[RG

,GVQP#6JTGGEKTENGUYKVJSWCVTGHQKNVJTGGNKUKPHKGNFNCWTGCVGFGFIG4%TQUUYKVJQPGHNQYGTKP
GCEJCPIGN 8+8'ã.'41+ã%QNNGEVKQP4QW[GTEHHHIT
&CTMVQPKPIIQQFXGT[HKPG
*GP\GP#OGTQPIGP
6JGUGLGVVQPUCTGEJCTCEVGTKUGFD[VJGKTVJTGGTKPIUCNKUYKVJKP2TGUWOCDN[OCFGKP6QWTPCK
UGG$CTPCTFR
%QOOQPN[FCVGFVQVJGUGEQPFJCNHQHVJGVJEGPVWT[6JGVJTGGEKTENGUCTGVJGVTCFGOCTMHQTVJGEQRRGTYQTMQH
6QWTPCKKPVJGVJEGPVWT[
(QTVJGIGPGTCNV[RGUGG(GWGTFCPVR

,GVQP # 6JTGG EKTENGU YKVJ SWCVTGHQKN VJTGG NKU KP HKGNF 1 +++#+'4 &'+ +++'+++'061 +++'+ 4
%TQUUYKVJVYQNKUCPFVYQSWCVTGHQKNUKPVJGCPINGU 1+++#6'4&'++++'+++'061++'+%QNNGEVKQP
4QW[GTEHHH(GWCTFCPV0GWOCPPIT (KPGVQXGT[HKPG
5RKPM<ÒTKEJ#WEVKQP
PQ
PFJCNHVJEGPVWT[
6JG UQOGYJCV EJCQVKE QDXGTUG CPF TGXGTUG VGZVU UJQWNF DG TGCF CU 1 /#6'4 &'+ /'/'061 /'+ OGCPKPI
ŋ1/QVJGTQH)QFTGOGODGTOGŌ
412
JETONS

,GVQP#+*5YKVJKPQTPCOGPVó5+%ó01/'0ó&1/+0+54.KUETQUUYKVJVJTGGRGNNGVUKPVJG
CPINGU Z 1 /#6'4 &'+ /'/'061 /' $CTPCTF
8 %QNNGEVKQP 4QW[GT EH R
IT 5NKIJVN[EQTTQFGFHKPGVQXGT[HKPG
5RKPM<ÒTKEJ#WEVKQP
PQ
VJVJEGPVWT[
(QTVJGTGXGTUGVGZV$CTPCTFJCU8+8'.'41+'66&1(+0
6JG LGVQPU DGCTKPI CP +*5 OQPQITCO
,'575 *1/+07/ 5#.8#614 YGTG RTGFQOKPCPVN[ OCPWHCEVWTGF KP VJG
VJCPFVJEGPVWT[KP6QWTPCK&WTKPIVJGHKTUVJCNHQHVJGVJEGPVWT[VJG[HQWPFITGCVWUGKPVJG0GVJGTNCPFUCU
RNCIWGRGPPKGU
6JKUJGCXKN[EKTEWNCVGFV[RGYCUNCVGTCNUQOCPWHCEVWTGFKP0WTGODGTIRTGFQOKPCPVN[HQT(TGPEJGZRQTVU
+VKUSWGUVKQPCDNGVJCVVJGCDDTGXKCVKQP+*5UJQWNFDGKPVGTRTGVGFCUŋ,GUWJQOKPWOUCNXCVQTŌ+HVJGNCUVVJTGGNGVVGTU
CTGEQPPGEVGFYKVJVJGVGZVYGTGCF+0*1%5+)0101/'0&1/+0+OGCPKPI+PVJKUUKIPVJWUKUVJGPCOGQH
VJG.QTF6JG5CUNCUVNGVVGTQH&1/+085UJQWNFPQVJCXGDGGPVJGTGKPVJCVECUG

,GVQP#5JKGNFYKVJVJTGGNKUWPFGTETQYP #8'/#4+#„)4#%+#„*'04.KUETQUUYKVJQPG

TKPIKPGCEJCPINGCPFNKUKPEGPVTG #8#/#4+#„)4#%+#„2.'0GWOCPPEHIT
8GT[HKPG
&QODTQYUMK/ÒPUVGT
VJEGPVWT[
*'0OQUVNKMGN[KUCDNWPFGTGF2.'0VJG2.DGEQOKPICP*FWTKPIVJGEWVVKPIQHVJGFKG
)'4/#0;

,GVQP#'CINGN08480848084808480848484.QPIETQUUYKVJVJTGGRGNNGVUKPGCEJCPING
#&)1&##&+&16#086#/#6+##864#846# IT 'FIGHCWNVXGT[HKPG
&QODTQYUMK/ÒPUVGT
+PXKGYQHVJG084084VGZVVJKUKUHTQO0WTGODGTI
413
JETONS
'0).#0&

)TQCVVQMGP#.QPIETQUUYKVJVJGNKODUGPFKPIKPVJTGGRGNNGVUHKXGRGNNGVUKPGCEJCPINGCPFRGNNGVU
QPVJGGFIG4.QPIETQUUYKVJVJGNKODUGPFKPIKPVJTGGRGNNGVUHKXGRGNNGVUKPGCEJCPINGCPFRGNNGVU
QPVJGGFIG/KVEJGPGTIT +TTGIWNCTHNCPFCTMVQPKPIXGT[HKPGVQGZVTGOGN[HKPG
8GEEJK.QPFQP#WEVKQP
PQ
$74)70&+#00'6*'4.#0&5
2*+.+2VJG$1.&

,GVQP#5JKGNFQH$WTIWPF[Z#8'/#4+#Q)4#%+#4%TQUUYKVJVJGNKODUGPFKPIKPNKUCPF
YKVJKP SWCVTGHQKN # / # / KP VJG CPINGU CPF Ő 1 Ő QP VJG GFIG &WIPKQNNG XCT IT
5ETCVEJQPVJGTGXGTUGKTTGIWNCTVQPKPIXGT[HKPG
*QNNGOCP'PUEJGFG
4GEMQPKPIEQWPVGTUQH2JKNKRVJG$QNF
2JKNKRRGNG*CTFKCTGCOQPIVJGHKTUVOCFGKPVJG0GVJGTNCPFU6JGFGUKIPKU
UVKNNUKORNG1PN[CHVGTVJGKPUVKVWVKQPQHVJG1TFGTQHVJG)QNFGP(NGGEGFKFVJGKOCIGUDGEQOGOQTGKPVGTGUVKPICPF
FGVCKNGF
6JGHQWTTGRGCVGFNGVVGTUQPVJGTGXGTUGOGCP#XG/CTKC#XG/CTKC

,GVQP#5JKGNFYKVJVJTGGNKUHQWTQTPCOGPVUCTQWPF #8'/#4+#ó)4#%+#2.4%TQUUYKVJ

VJGNKODUGPFKPIKPNKUYKVJKPSWCVTGHQKN#8'%QNNGEVKQP4QW[GTEHIT
)TGGPRCVKPCGFIGHCWNVXGT[HKPG
*QNNGOCP'PUEJGFG
+PHKPKVN[OCP[XCTKCVKQPUYGTGUVTWEMQHVJKU%QOOQPN[RNCEGFKPVJGRGTKQFWPFGT2JKNKRVJG$QNFCPF/CTIWGTKVG
QH/CGNG

6JGTGXGTUGETQUUUJQYUVJGUCOGGODGNNKUJOGPVUCUVJGCTOUQPVJGQDXGTUG
414
JETONS
/#4+#QH$74)70&;

,GVQP # 5JKGNF /#:+ „ < „ /#4+#„&8:„<„&7%+554/QPQITCOQH

/CTKCWPFGT &'8„6+/'„'6„/#0&#6#„'+85„1$5'48#%QNNGEVKQP4QW[GT
IT 4'ZVTGOGN[HKPG
PQ
6JGQDXGTUGVGZV/CZKOKNKCPCPF/CT[&WMGCPF&WEJGUU6JGTGXGTUGVGZV
YKVJCP/HQNNQYKPI&GX(GCT)QF
CPFQDUGTXGJKURTC[GTU
/#:+/+.+#0+

,GVQP#/QPMG[WPFGT )'66W&'5W)'0'4#8.:W/#+5646YQFQIUHKIJVKPI

WPFGTVJTGGCTEU &'W.#W/1001+'W&'W(.#0&%QNNGEVKQP4QW[GT&WIPKQNNG
IT 45OCNNHNCPETCEMUHKPGVQXGT[HKPG
&QODTQYUMK/ÒPUVGT
6JKUEQWPVGTTGHNGEVUVJGUKVWCVKQPKP(NCPFGTU(NCPFGTUYCUECWIJVKPCFGCFNQEMDGVYGGPVJG*CDUDWTIHCOKN[CPF
/CZKOKNKCPCPF.QWKU:+
5GGCNUQ.QODCGTVUEQNNNGEVKQP
%QODKPGFQDXGTUGCPFTGXGTUGVGZVU,GVVQPQHVJGOKPVOCUVGTIGPGTCNQH(NCPFGTU

,GVQP # %TQYPGF GCINGUJKGNF DGVYGGP ú 5' Q 815 Q (#+..'5 Q .' Q
4'%1/26'545JKGNFQH#WUVTKC$WTIWPF[KPVTGHQKNYKVJVJTGGGCINGU +%6 Q2 Q.'5Q/45 Q
& 'Q%1/26'5Q'Q*1 %QNNGEVKQP4QW[GT&WIPKQNNGXCTIT 48GT[HKPG
PQ
6JG QDXGTUG VGZV RTGUWOCDN[ OGCPU +H [QW FQ PQV IGV YJCV [QW DCTICKPGF HQT
HCWNV[ ECNEWNCVKQP
YG YKNN
TGECNEWNCVG
415
JETONS
2*+.+2VJG*#0&51/'

,GVQP#5JKGNFWPFGTETGUVGFJGNOGV2J5#4%*+&8:#8564+'$84)80&+'$4#$%+'

<45MGNGVQPYKVJDWPFNGQHCTTQYUCPFEQHHKP 4'%1 &#' 018+55+#68#'6+0
'6 08 01 2 %#8+6&WIPKQNNG(GWGTFCPVIT 48GT[HKPG
&QODTQYUMK/ÒPUVGT
.QODCGTVUEQNNGEVKQP

,GVQP#5JKGNFWPFGTETGUVGFJGNOGV2J5ð&'+ð)4#ð#4%+&ð#85ð&8:ð$)ð%1ð
*1. Z 4 (NQTKCVGF ETQUU YKVJ TQUG KP EGPVTG ó +'66 2184 .# %#/$4' &'5
%1/26'NGNKG&' *1. %QNNGEVKQP4QW[GT&WIPKQNNGIT 4)QQFXGT[HKPG
*QNNGOCP'PUEJGFG
4GXGTUGVGZV6JKUHQTVJGEQWTVQHCWFKVQTUQH*QNNCPF

,GVQP#5JKGNFWPFGTETQYPCPFDGVYGGPVYQ2ŉU¢J#0%¢37'5+8+¢/+%*+¢52105# ¢

#558/'4'¢45JKGNFWPFGTETQYPCPFDGVYGGPVYQ+ŉU')4'55#¢584¢&'5+&'4#05¢
6'¢8+&'4¢'6¢4'22'4+&WIPKQNNGIT 4)QQFXGT[HKPG
*QNNGOCP'PUEJGFG
1DXGTUGVGZV6JKUQPG+CUMGFVQVCMGOGHQTJKUDTKFG4GXGTUGVGZV+JCXGNGHVKPVJGJQRGQHUGGKPICPFHKPFKPI
[QW
DCEMCICKP
KH584KUVCMGPVQDG58/6JKUYQWNFDGUCKFD[CYQOCP,QCP
416
JETONS

,GVQP#5JKGNFWPFGTETQYPCPFDGVYGGPVYQ2ŉU&+.+)+6'+856+%+#38++8&+%#6

6'44ŉ 4 5JKGNF WPFGT ETQYP CPF DGVYGGP VYQ +ŉU &' #$5'06+$85 0+. 0+5+
$108%QNNGEVKQP4QW[GTEHIT 48GT[HKPG
1DXGTUG VGZV 4GURGEV VJG NGICN U[UVGO VJCV JQNFU LWTKUFKEVKQP QXGT [QWT VGTTKVQT[ 4GXGTUG VGZV 1H VJG CDUGPV
PQVJKPIDWVIQQF

,GVQP # (TCP¼QKU QH #PIQWN¿OG CU *GTEWNGU IKXKPI UETQNN YKVJ //1 '06 +'6 VQ
$TCDCPVKC 6'/214# W .'61 W 64+56+# W 0+58 W 6'/2'4# W # W 4 )TGCV # WPFGT
ETQYPDGVYGGPVYQJCPFUCPFQXGTNKQPI+01/0+$854'52+5'(+0'/#001
&WIPKQNNGIT 4/KPQTGFIGHCWNVXGT[HKPGVQGZVTGOGN[HKPG
&QODTQYUMK/ÒPUVGT
.QODCGTVUEQNNGEVKQP
1DXGTUGVGZV6JGVKOGUCTGUCFDGECWUGQHVJGFQYPHCNN6QIGVJGTYKVJVJGTGOCKPFGTKVTGCFU&GCVJCPFTWKPOCMG
VJGUGVKOGUUCFYGGZRGEVDGVVGTQPGUPQVYKVJUVCPFKPI
4GXGTUGVGZV+PGXGT[VJKPICEEQWPVHQTFGCVJ
#PFVJGNGIGPFQPVJGUETQNNCVNGCUVJCU/GOGPVQOQTKYJKEJHKVUVJGQDXGTUGCPFTGXGTUGVGZVU
(QT VJG YCT QH /CZKOKNKCP CICKPUV %JCTNGU QH )WGNFGTU YJQ FGHGPFGF JKU FWEJ[ YKVJ VJG CKF QH VJG (TGPEJ CPF
KPXCFGF$TCDCPV
417
JETONS

8GPWU RGPP[ # 5JKGNF QH #WUVTKC$WTIWPF[ WPFGT ETQYP CPF DGVYGGP NKIJVGTU ñ $04'#/81
$04'#/81 $04'#/81 Q 4 8GPWU UVCPFKPI ñ /#0'$8 /#0'$8 /#0'$8 /#0'$8
/KVEJGPGTIT 8GT[HKPG
-ÌNPGT/ÒP\MCDKPGVV#WEVKQP
PQ
'PFVJDGIKPPKPIVJEGPVWT[
#P QXGTXKGY QH VJG OCP[
UQOGVKOGU KOKVCVGF 8GPWU RGPPKGU KU HQWPF YKVJ 8CP $GGM 4GMGPRGPPKPIGP +++ &G
$GGNFGPCCT8
R
8GPWUKUOQUVN[JQNFKPICDKTFKPJGTTKIJVJCPFDWVQPVJGRKGEGCVJCPFVJGYJQNGDKTFKUUJQYP
6JGDKTFKUCIQQUGU[ODQNQHVJGURQKNGTQHVJGEQWPVT[
&WIPKQNNG RNCEGU VJGUG 8GPWU RGPPKGU KP CPF TGICTFU VJGO CU CP CEEWUCVKQP CICKPUV VJG YKEMGF TGIKOG QH
/CZKOKNKCP
8CP$GGM
&G$GGNFGPCCTRUWOOCTKUGUCUHQNNQYU6JGTGCTGFGECFGUQHTGEMQPKPIEQWPVGTUOCPWHCEVWTGFVQ
UJQY C PCMGF YQOCP CEEQORCPKGF D[ CNN OCPPGT QH CVVTKDWVGU 6JG[ YGTG UVTWEM KP UGXGTCN &WVEJ OKPVU CPF KP
0WTGODGTI CU YGNN 6JG ŋCVVKTGŌ QH VJG YQOCP FGVGTOKPGU VJG OGCPKPI CPF KV KU EQWNF YGNN DG VJCV UQOG LGVQPU
YGTGOGCPVVQEQPXG[COGUUCIGVQVCNN[FKHHGTGPVHTQOQVJGTU+PCUHCTCUVJGVGZVQPVJGLGVQPUKUOGCPKPIHWN+VCMG
VJGO VQ UWRRQTV KVU KOCIG TCVJGT VJCP JCXG C EQPVTCT[ OGCPKPI .CUVN[ QPN[ KP VJG ECUG QH VJG RGPPKGU YKVJ C
EQORNGVGN[ OGCPKPINGUU VGZV OC[ YG FGTKXG VJCV VJG[ CTG YKVJQWV C FQWDV HTQO 0WTGODGTI VJG QTKIKPU QH QVJGT
URGEKOGPN[KPIKPVJCVVQYPKUNGUUNKMGN[DWVPQVKORQUUKDNG
418
TOKENS
61-'05
%*#2+64'/'64121.+6#+0
#RCTVHTQOKVUWUGCUTGEMQPKPIEQWPVGTVJGLGVQPCNUQUGTXGFCUŋUOCNNEJCPIGŌUQOGVJKPIQDUGTXGF
DGHQTGKPDQVJŋEQKPUŌQHVJGCDDG[QH5V#NFGIQPFG
PQUYJKEJYGTGQPN[XCNKFKPCXGT[
NKOKVGFCTGC
6QMGPUYGTGQHVGPKUUWGFD[EJWTEJGUKPQTFGTVQGPCDNGVJGRQQTVQVJWUDW[IQQFUKPVJGKOOGFKCVG
XKEKPKV[6JG[YGTGPQVUGGPCUTGRNCEKPIQHHKEKCNOQPG[
.CVGT VJGUG VQMGPU RCTVKEWNCTN[ KP 'PINCPF YGTG CNUQ WUGF CU C UWDUVKVWVG HQT VJG UOCNNGUV QHHKEKCN
FGPQOKPCVKQPVJGHCTVJKPIVJGTGDGKPICUJQTVCIGQHVJQUG$[VJGPVJGVQMGPUYGTGPQNQPIGTKUUWGFD[
EJWTEJGUDWVTCVJGTD[VJGOKFFNGENCUU

,GVQP#%TQUU %#2+68.8/%#/'4# 4+WPFGTETQYP#8'/#4+#)4#%QNNGEVKQP

4QW[GTIT 'FIGHCWNVHKPGVQXGT[HKPG
&QODTQYUMK/ÒPUVGT
%QNNGEVKQP4QW[GTō%JCRKVTGFG0QVTG&COGFG%CODTCKCKPUKSWGNGUSWCVTGPWO¾TQUUWKXCPVUŋ
'0).+5*61-'05
2TQVQV[RGVQMGPU
6KPRKEVQTKCNV[RGU

%JTQPQNQI['CTN[VJKTVGGPVJEGPVWT[
6Q GORJCUKUG VJCV VQMGPU YGTG PQV QHHKEKCN OQPG[ VJG[ CTG QHVGP TGHGTTGF VQ CU ŋUJKVHQTUGTXKEGŌ KP
'PINCPF
6JG GCTNKGUV OGPVKQP QH NGCFGP VQMGPU KP CP 'PINKUJ RCTNKCOGPVCT[ FQEWOGPV CRRGCTU KP CU CP
KPEKFGPVCNEQOOGPVKPC%QOOQPURGVKVKQPVQ*GPT[+8EQORNCKPKPIQHVJGUJQTVCIGQHJCNHRGPPKGUCPF
HCTVJKPIUYJKEJKVYCUUCKFECWUGFRGQRNGVQWUG
őőKPUQOGRNCEGUVQMGPUQHNGCF
6JG EJWTEJ YCU OCPWHCEVWTGT QH OQUV GCTN[ RGYVGT VQMGPU CPF VJG 2GYVGTGTU OKUVGT[ CU NKMGN[
OCPWHCEVWTGT QH OQUV UWDUGSWGPV NGCFGP VQMGPU (QT VJG RGYVGT VQMGPU OCPWHCEVWTGF D[ VJG %JWTEJ
VJGTGOWUVDGCTGNCVKQPUJKRYKVJVJGTCRKFITQYVJQHRKNITKOCIGUWDUGSWGPVVQVJGOWTFGTQH6JQOCUC
$GEMGVKP2KNITKOCIGUYGTGPQTOCNN[QTICPKUGFGXGPVUTCVJGTVJCPJCRJC\CTFCHHCKTUCPFYKVJVJG
%JWTEJCEVKPICUOCPWHCEVWTGTFKUVTKDWVQTCPFIWCTCPVQTQHVQMGPUKVKUPQVFKHHKEWNVVQEQPEGKXGJQYVJG
WUGQHUWEJRKGEGUNWDTKECVGFVJGGEQPQOKECURGEVUQHVJGLQWTPG[
2TQITGUUKPIVQVJGUGEWNCTNGCFGPVQMGPUQHVJGHQWTVGGPVJEGPVWT[KVKUPQVFKHHKEWNVVQEQPEGKXGJQYC
RTGGZKUVKPI GEENGUKCUVKECN EQPEGRV NKPMGF YKVJ RKNITKOCIG EQWNF JCXG DGGP GZVGPFGF VQ GPEQORCUU C
XCTKGV[ QH HWPEVKQPU KP VJG EQOOGTEKCN URJGTG 6JG QTICPKUGF U[UVGO QH VQMGP OCPWHCEVWTG CPF
FKUVTKDWVKQPUWHHGTGFVTCPUKGPVKPVGTTWRVKQPKPVJGOKFFNG[GCTUQHVJGHQWTVGGPVJEGPVWT[6JGVTCPUKVKQP
HTQOŋRKEVQTKCNŌVQMGPUVQŋIGQOGVTKEŌVQMGPUKUSWKVGENGCTN[RNCEGFKPVJGUCOGRGTKQFCU'FYCTF+++ŉU
UWEEGUUKQPQHEWTTGPE[FGXCNWCVKQPUVJG[GCTCTQWPF
VCMGPHTQO/KVEJKPGTCPF5MKPPGTŉUCTVKENG
KP$0,

#&QWDNGJGCFGFGCING4.Q\GPI[HKGNF/KVEJGPGT2NIT

5RKPM.QPFQP
6JKUKUOCFGQHVJGUCOGOGVCNCUEQPVGORQTCT[RKNITKOCIGCORWNNCG
419
TOKENS
$GCFGFDQTFGTRKEVQTKCNVQMGP
%JTQPQNQI[ EC 2KEVQTCN FGUKIP GPENQUGF D[ C DGCFGF DQTFGT QP VJG QDXGTUG CPF C OQTG
UVCPFCTFKUGFTGXGTUGFGUKIPYKVJQWVDGCFGFDQTFGT

#2GNKECPNJGCFTGXGTVGF4.GVVGT4CPFUOCNNETQUU/KVEJGPGT2NIT

44&CTMVQPKPIGFIGHCWNVXGT[HKPGVQGZVTGOGN[HKPG
5RKPM.QPFQP
2KEVQTKCNVQMGPUVJGOCKPUGTKGU
%JTQPQNQI[ *GPT[ +++ VQ 'FYCTF +
EC 6JG FGUKIPU WUGF QP RKEVQTKCN VQMGPU CTG OQTG
FGEQTCVKXG VJCP KPHQTOCVKXG 5WEJ FGUKIPU CU VJG DKUJQR CPF VJG RKNITKO GXQMG VJQWIJVU QH VJG
%CPVGTDWT[RKNITKOCIGVQ5V6JQOCUCPFOCP[QHVJGUGVQMGPUYGTGRTQDCDN[OCFGWPFGTGEENGUKCUVKECN
CWVJQTKV[ HQT VJG WUG QH RKNITKOU /CP[ QVJGT FGUKIPU CTG EQOOQP JGTCNFKE GODNGOU VJCV UJQWNF
RTQDCDN[PQVDGIKXGPCP[URGEKHKEKPVGTRTGVCVKQP

)QNF # .KU

HKGNF EJGSW[ 4 4QUG ETQUU
RGVCNU /KVEJGPGT # 2N 4 IT
'ZVTGOGN[TCTG8GT[HKPGVQGZVTGOGN[HKPG
5RKPM.QPFQP
5COGQDXGTUGCU$0,
RN
OCKPRKEVQTKCNVQMGPUCPFUCOGTGXGTUGCU$0,
RN
DGCFGFRKEVQTKCN
VQMGPU
CRTKNHQWPFKP6TKR.CPG
-GPV
6JKUVQMGPRTGUWOCDN[YCUOCFGHQTVJGEJWTEJ
6JGPQUVJTQWIJCTGHTQOVJGUCOGEQNNGEVKQPCUKUVJKU

#$KUJQRUGCVGFYKVJETQUKGT4'ZRCPFKPIEQPECXGETQUU/KVEJGPGT2NIT

5RKPM.QPFQP
4'ZVTGOGN[HKPG

(TQO0%PQ
6JGDKUJQRKUUJQYPUGCVGFCPFYKVJCUKPINGRGCMGFOKVTG
##IPWU&GKTYKVJETQUU4'ZRCPFKPIETQUU/KVEJGPGT#2N4IT

5RKPM.QPFQP

(TQO0%PQ

#/QPMG[$GCTUVCPFKPINGCVKPICRRNG45JKGNFEJGXTQPP[/KVEJGPGT2NIT

48GT[HKPG
5RKPM.QPFQP
(TQO0%PQ
420
TOKENS

#2GNKECPTNQPITGXGTVGFPGEMETQUUDGJKPF4'ZRCPFKPIEQPECXGETQUU/KVEJGPGT#2N
4IT 4'ZVTGOGN[HKPG
5RKPM.QPFQP
(TQO0%PQ
2NKUPQVGZCEV
# 2GNKECP T NQPI TGXGTVGF PGEM ETQUU QP DCEM 4 # /KVEJGPGT # 2N 4 IT
45NKIJVN[EQTTQFGFIQQFXGT[HKPG
5RKPM.QPFQP
(TQO0%PQ

#2GNKECPNNQPITGXGTVGFPGEM45JKGNFEJGXTQPP[/KVEJGPGT2NIT

4&CTMVQPKPIOKPQTGFIGHCWNVCPFUNKIJVN[EQTTQFGFIQQFXGT[HKPG
4KVVGT&ÒUUGNFQTH
#2CKTQHEQEMUYKVJETQUUDGVYGGPVJGO44QUGETQUU
RGVCNU/KVEJGPGT2NIT
4/KPQTGFIGHCWNVCNOQUVGZVTGOGN[HKPG
4KVVGT&ÒUUGNFQTH

##YKVJETQUUDGNQY4'ZRCPFKPIETQUUYKVJUEGRVTGKPVYQCTOU/KVEJGPGT#4EH2N
IT 4%QTTQFGFXGT[HKPGVQGZVTGOGN[HKPG
5RKPM.QPFQP
(TQO0%PQ
421
TOKENS
6TCPUKVKQPCNVQMGPU
%JTQPQNQI['FYCTF+++
ECŉU

.GCFVQMGPUQHUOCNNUK\G

#5JKGNFSWCVGTN[
HKGNFEJGSW[45VTCKIJVETQUU
HKGNFXQKF/KVEJGPGT2NIT
&CTMVQPKPIKTTGIWNCTHNCPIQQFXGT[HKPG
5RKPM.QPFQP
(TQO0%PQ
/KFFNGQHVJGVJEGPVWT[
%TQUUCPFRGNNGVVQMGPU

#6JQTPDWUJ4%TQUUYKVJRGNNGVKPEKTENGQHCPINGU/KVEJGPGTIT

5RKPM.QPFQP 'FIGHCWNVCNOQUVGZVTGOGN[HKPG

(TQO0%PQ
ŋ$Q[$KUJQRŌ6QMGP
6JGUGEQKPNKMGRKGEGUCTGHTQO'CUV#PINKC#UGCTN[CU*CKIJRQUKVGFVJGHQNNQYKPIJ[RQVJGUKU
6JGUG RKGEGU RNC[GF C RCTV KP VJG TKVGU CPF EWUVQOU QH VJG ŋ$Q[ $KUJQRŌ ŋ%JKNF $KUJQRŌ QT ŋ5V
0KEJQNCU$KUJQRŌ6JGŋTGKIPŌQHGCEJ[GCTŉU$Q[$KUJQRNCUVGFHTQO5V0KEJQNCUFC[VQ%JKNFGTOCU
QT*QN[+PPQEGPVUYJGPJGRTGCEJGFCUGTOQPCPFTGUKIPGF
6JGQDXGTUGNGIGPFIGPGTCNN[KPXQMGUVJGRTC[GTUQH5V0KEQNCUYJKEJKUWPWUWCNQPEQKPUYJGTGVJG
KOCIG QH C UCKPV KU PQTOCNN[ UKORN[ NCDGNNGF CU UWEJ 6JG TGXGTUGNGIGPFKPENWFGUSWQVCVKQPUHTQOVJG
5ETKRVWTGHTQOCVNGCUVVYQNKVWTIKECNJ[OUKPVJGOGVTGQHCŋRTQUGŌQTUGSWGPEGCPFHTQOVJG)QNFGP
.GIGPF6JGGZCEVTGNGXCPEGKUPQV[GVENGCT
6JGHKTUVKUHTQOVJG#RQECN[RUG
GVFKZKVSWKUGFGDCVKPVJTQPQ'EEGPQXCHCEKQQOPKC$GJQNF+OCMG
CNN VJKPIU PGY 6JG UGEQPF EQOGU HTQO CP CPVKRJQP UWPI CV C XKUKV VQ $WT[ #DDG[ D[ *GPT[ 8+
JQPQWTKPI 5V 'FOWPF DWV CRRNKECDNG CNUQ VQ VJG NKXKPI MKPI #XG TGZ IGPVKU #PINQTWO OKNGU 4GIKU
CPIGNQTWO*CKNMKPIQHVJG'PINKUJ
QT#PINKCPRGQRNGUQNFKGT
QTMPKIJVQHVJG-KPIQH#PIGNU
6JGUGRKGEGUOQUVNKMGN[CTGHTQO'N[CPFQT+RUYKEJ
6JGTGYCUKP$WT[CEQPHTCVGTPKV[QHVYGNXG
ŋ&WUUGŌRTQDCDN[DGKPICPGNKVGQHTKEJDWTIGUUGU+VYCU
FGXQVGFVQ5V0KEJQNCU6JGTGNCVKQPUJKRQHVJGUEJQQN
YJKEJJCFCOQPQRQN[QHVGCEJKPIKPVJGVQYP
CPFVJG*QURKVCNQH5V0KEJQNCUYCUENQUG6JGPCOGUQHDQVJVJGŋ&WUUGŌCPFVJG5V0KEJQNCU)WKNF
CRRGCT QP UQOG RKGEGU QH VJKU UGTKGU YJKEJ OC[ RGTJCRU JCXG DGGP VJG CTEJGV[RG QH VJGO CNN 6JGUG
DQFKGUJCXGJCFCRCTVKPQTICPKUKPIVJGNQECN$Q[$KUJQRYJQGZKUVGFCVNGCUVCUHCTDCEMCU6JG
DQ[ $KUJQR WUGF VJG RKGEGU JG TGEGKXGF CNOU CU YGNN CU IKXKPI VJGO (TQO 5' 4KIQNF 6JG 5V
0KEJQNCUQT$Q[$KUJQR6QMGPU2TQEQHVJG5WHHQNM+PUVKVWVGQH#TEJGQNQI[RCTV
R

)TQCV#$WUVQH5V0KEQNCWUTYKVJETQUKGT 5#0%6'„0+%*1.#'„14#„241014.QPI

ETQUUYKVJVJTGGRGNNGVUKPGCEJCPING#8'4':)'06+5'%%'018#(#%+11/0+#4KIQNF+#

RN+:DIT 448GT[HKPG
*GP\GP#OGTQPIGP
(TQONKUVFGE PQ
422
WEIGHTS
9'+)*65
6JG VTCFG UJKHV HTQO DCTVGT VQ C VTCFG DCUGF QP C OGFKWO QH GZEJCPIG OGCPV C FWTCDNG OCVGTKCN YCU
PGGFGF CU GZEJCPIG )QNF CPF UKNXGT SWCNKHKGF KP RCTVKEWNCT #RCTV HTQO VJG OCVGTKCNU VJG YGKIJV YCU
GUUGPVKCN
+PVJGXGT[DGIKPPKPIVJGGZEJCPIGYCUOGCUWTGFKPYGKIJV
UTCVJGTVJCPKPEWTTGPE[6JGYGKIJVYCU
RTKOCT[
VJWULGYGNT[CPFRKGEGUQHRTGEKQWUOGVCNCTGCNUQHQWPFKPJQCTFU9GKIJVUFKFPQVDGEQOGC
OGCPUQHEQPVTQNWPVKNVJG[YGTGRTQXKFGFYKVJJCNNOCTMU

6JG YGKIJV U[UVGO ENQUGN[ EQTTGNCVGF YKVJ VJG EJQUGP ECNEWNCVKQP U[UVGO UGZCIGUKOCN QT FGEKOCN
UGG
WPFGTTGEMQPKPIEQWPVGTU6JGYGKIJVJCFVQDGOGCUWTGFXGT[RTGEKUGN[CPFKHRQUUKDNGDGHKZGF#
U[UVGO QH EJGEMU YCU WUGF CPF CP[ FGXKCVKQP YCU RWPKUJCDNG D[ NCY 6JG QNFGUV FQEWOGPV DGCTKPI
TGHGTGPEG VQ VJKU KU VJG 1NF 6GUVCOGPV ŋ6JQW UJCNV PQV JCXG KP VJ[ DCI FKXGTU YGKIJVU C ITGCV CPF C
UOCNN6JQWUJCNVPQVJCXGKPVJKPGJQWUGFKXGTUOGCUWTGUCITGCVCPFCUOCNNa$WVVJQWUJCNVJCXGC
RGTHGEVCPFLWUVYGKIJVCRGTHGEVCPFLWUVOGCUWTGUJCNVVJQWJCXGVJCVVJ[FC[UOC[DGNGPIVJGPGFKP
VJGNCPFYJKEJVJG.14&VJ[)QFIKXGVJVJGGŌ
&GWV-KPI,COGU$KDNG6JGHQTOQHVJG
YGKIJVUKUTQWPFTGEVCPIWNCTQTJGZCIQPCN
QT[GVCPQVJGTIGQOGVTKEHQTO+PQVJGTVKOGUCPFEWNVWTGU
YGKIJVUQHVGPJCXGCFGXKCVKPIHQTOGICPKOCNUJCRGU

$;<#06+7/
6JG$[\CPVKPGYGKIJVU[UVGOYCUFGTKXGFHTQOVJG4QOCP+PVJGEQWTUGQHVKOG
KPVJG[GCTUWRVQ
KVUEQPSWGUVD[VJG#TCDUOWNVKRNGCFCRVCVKQPUYGTGPGEGUUCT[
9KVJVJGTGEQIPKVKQPQH%JTKUVGPFQOVJGETQUUPQVQPN[CRRGCTGFQPVJGEQKPUDWVCNUQQPVJGYGKIJVU

$[\CPVKPGYGKIJVU[UVGO

7PEKC#.CVKPETQUUDGVYGGPΓCPF#VYQTQUGVVGU$GPFCNN&ÒTTXCTIT 8GT[HKPG

ΓWPEKC#
VJVJEGPVWT[
423
WEIGHTS

7PEKC#%KTENGDGVYGGPΓCPF#ETQUUCDQXG$GPFCNNEH&ÒTTIT )QQFXGT[HKPG

PQ
ΓWPEKC#

0QOKUOCVC#0CPF$ETQUUKPUSWCTG$GPFCNNEH&ÒTTCPFIT 8GT[HKPG

PQ
00QOKUOC$
VJVJEGPVWT[

0QOKUOC#0YKVJUKZRGNNGVU$GPFCNNIT 8GT[HKPG

*QNNGOCP'PUEJGFG
00QOKUOC
0QOKUOC#0QXGTTKPI$GPFCNNEH&ÒTTIT 8GT[HKPG
*QNNGOCP'PUEJGFG
00QOKUOC
VJVJEGPVWT[

5ETKRWNC
FTCEJOG#6YQHCEGUQXGT5$GPFCNNEHIT
6TCEGUQHXGTFKITKUQVJGTYKUGIQQFXGT[HKPG
PQ
6JGHCEGUCPFVJGEWTXGWPFGTVJGOCTGKPNCKFYKVJUKNXGT
424
WEIGHTS
(4#0%'
#HVGTVJG$[\CPVKPGVKOGVJGYGKIJVUFWGVQVJGNCEMQHIQNFGPEQKPUVQVCNN[FKUUCRRGCTGFHTQOWUGPQV
VQGOGTIGWPVKNVJG'PINCPFQH,QJP
CPF'FYCTF+
YJGTGCUVCDNGOQPGVCT[U[UVGOECOG
KPVQDGKPIRTKQTVQCNNQVJGTEQWPVTKGU

1PVJGEQPVKPGPVEQKPYGKIJVUFKFPQVEQOGKPVQWUGWPVKNVJGVJEGPVWT[&KGWFQPP¾EQPUKFGTUCU
VJG DGIKPPKPI QH VJKU FGXGNQROGPV 6JG EQKP YGKIJVU YGTG MPQYP CU F¾PGTCWZ
VJG YGKIJV HQT VJG
EQWTQPPGTQ[CNGUVCVGUŋNGFGPGTCNŌ6JGUGYGKIJVUJCFCTQWPFQTRQN[IQPCNHQTOCPFQPQPGUKFGDQTG
VJGHCEGQHVJGEQTTGURQPFKPIEQKP

6JGYGKIJVUWPFGTPGCVJJCXGDGGPFGUETKDGFCEEQTFKPIVQ&KGWFQPP¾ŉUŋ/CPWGNFGU2QKFU/QP¾VCKTGUŌ
(KTUV VJG RCIG KU KPFKECVGF YJGTG VJG YGKIJV ECP DG HQWPF PGZV VQ VJCV VJG CEEQTFKPI RCTCITCRJ #
UGRCTCVGGPVT[KPFKECVGUYJGTGVQHKPFVJGKNNWUVTCVKQPQHVJGYGKIJVKPSWGUVKQP

&KGWFQPP¾EQPUKFGTUVJGYGKIJVVJCVEQTTGURQPFUYKVJVJG/CUFŉ1TQH2JKNKRR+8
&WRNGUU[VJG
QNFGUVQPG
.17+5+:

#%J³VGNVQWTPQKU6841085%+&KGWFQPP¾R2N+XCTIT 8GT[HKPG

PQ
'Z.CXCIPGEQNNGEVKQP
)TQUVQWTPQKU&WRNGUU[9GKIJVIT
6JGEJ³VGNVQWTPQKUKUQNFGTVJCPVJGOCUUGFŉQTVJQWIJOCFGQHUKNXGT&KGWFQPP¾VJGTGHQTGRNCEGUVJKUCVVJGGPFQH
VJGRGTKQFQH2JKNKR8+WPFGTVJGVKVNGŋ)TQUVQWTPQKUFG5V.QWKU¯2JKNKRRG8+
#4Ō
(QTKVUNGIGPF&KGWFQPP¾RTQXKFGUPQPG.'&'0'4#.QT21+5&'614&'0

2*+.+22'+8

##IPWU&GKNYKVJETQUU21+5&'.ŉ#0)'.&KGWFQPP¾RC2N+IT (KPG
PQ
'Z.CXCIPGEQNNGEVKQP
#IPGNFŉQT&WRNGUU[9GKIJVIT
%*#4.'5+8

#-KPIUVCPFKPIYKVJNKU21+5&'41#1.&KGWFQPP¾RC2N+XCTIT
'FIGHCWNVXGT[HKPG
PQ
'Z.CXCIPGEQNNGEVKQP
4Q[CNFŉQT&WRNGUU[9GKIJVIT
(QTKVUNGIGPF&KGWFQPP¾RTQXKFGU21+54'#.6JGKNNWUVTCVKQPQP2N+UJQYUCUVCPFKPIMKPIKPC)QVJKEHTCOG
#UCEQPUGSWGPEGVJKUV[RGFQGUPQVHGCVWTGKP&KGWFQPP¾
2*+.+22'8+

#-KPIQPIQVJKEVJTQPGYKVJUJKGNF&KGWFQPP¾RC2N+IT 8GT[HKPG

PQ
'EWFŉQT¯NC%JCKUG&WRNGUU[9GKIJV
425
WEIGHTS

#%TQYPGF#PIGNYKVJETQUUCPFUJKGNF&KGWFQPP¾R2N+IT

(NCPETCEMUXGT[HKPG
-ÌNPGT/ÒP\MCDKPGVV#WEVKQP
PQ
#PIGFŉ1T&WRNGUU[9GKIJVIT
2N+JCUCNKUKPVJGUJKGNF
VJGCWVJQTQHVJGCEEQORCP[KPIVGZVKPFKECVGUVJGRQUUKDKNKVKGUQHGKVJGTQPGQTVJTGGNKU
,'#0NG$10

#/QWPVGFMPKIJVYKVJUYQTFT
21+5&'ó(4#0%ó&KGWFQPP¾RE2N+IT
5OCNNHNCPHKPGVQXGT[HKPG
PQ
'Z.CXCIPGEQNNGEVKQP
(TCPE¯EJGXCN&WRNGUU[9GKIJVIT
%*#4.'58

# $WUV QH VJG MKPI HCEKPI YKVJ UEGRVTG CPF UYQTF DGVYGGP VYQ NKU &KGWFQPP¾ R D 2N +
IT #NOQUVXGT[HKPG
PQ
'Z.CXCIPGEQNNGEVKQP
(TCPE¯RKGF&WRNGUU[9GKIJVIT
%*#4.'58+

#5JKGNFYKVJVJTGGNKUWPFGTETQYP&KGWFQPP¾R#2N++IT 8GT[HKPG

PQ
'Z.CXCIPGEQNNGEVKQP
EW¯NCEQWTQPPG
XKGWZ&WRNGUU[9GKIJVIT
##IPWU&GKNYKVJETQUUHNCIã21+5 &'/186180ó&KGWFQPP¾RC2N++IT

5OCNNHNCPXGT[HKPG
PQ
'Z.CXCIPGEQNNGEVKQP
#PIGNFŉQT&WRNGUU[9GKIJVIT
426
WEIGHTS
%*#4.'58++

# $WUV QH VJG MKPI HCEKPI YKVJ UEGRVTG CPF UYQTF DGVYGGP VYQ NKU &KGWFQPP¾ R F 2N ++
IT (KPG
PQ
'Z.CXCIPGEQNNGEVKQP
4Q[CNFŉQT&WRNGUU[9GKIJVIT
*'04;8+

# .CVKP ETQUU KP QEVQHQKN QXGT J DGVYGGP NKU CPF NGQRCTF UOCNN VTGHQKN WPFGT VJG NKU &KGWFQPP¾ R
C2N++IT 'ZVTGOGN[HKPG
6JKUYGKIJVENGCTN[UJQYUVJGJQH*GPT[8+9JCVUGGOURGEWNKCTKUVJGHCEVVJCVCUOCNNENQXGTECPDGUGGPWPFGT
VJGQPGPGZVVQVJGETQUU
5CNWVFŉQT&WRNGUU[9GKIJVIT

# .CVKP ETQUU KP UKZHQKN QXGT KPXGTVGF 4

4QWGP! CPF DGVYGGP NKU CPF NGQRCTF NKU T CDQXG
&KGWFQPP¾RE2N++IT )QQFXGT[HKPG
PQ
'Z.CXCIPGEQNNGEVKQP
5CNWVFŉQT&WRNGUU[C9GKIJVIT
.17+5:++

#5JKR42QTEWRKPGWPFGTETQYPCPFQXGT2&IT 48GT[HKPG

6JGTGXGTUGVJGRQTEWRKPGRQKPVUVQ.QWKU:++VJG2VQ2CTKU+P(TCPEGPQEQKPYCUGXGTUVTWEMCHVGTVJGGZCORNG
QH VJG 'PINKUJ PQDNG DWV CRRCTGPVN[ VJGKT CDWPFCPV EKTEWNCVKQP VJGTG ECWUGF VJG PGGF HQT C YGKIJV YKVJ YJKEJ VQ
EJGEMYJGVJGTVJGUGPQDNGUYGTGCWVJGPVKE6JGYGKIJVEQTTGURQPFUVQVJCVQHCPQDNG
6JGTGXGTUGKUKNNWUVTCVGFWPFGT&KGWFQPP¾2N:8+
427
WEIGHTS
$74)70&+#00'6*'4.#0&5
6JGEQKPQTFKPCPEGQH
6JGKPXGPVKQPQHOQXCDNGV[RGRTKPVKPIJCFGPCDNGFVJGRQUVKPIQHRNCECTFUKPFKECVKPIYJKEJEQKPUYGTG
IGPWKPG CPF YJKEJ YGTG PQV *QYGXGT FKHHGTGPV OGCPU QH RWDNKECVKQP YGTG PGGFGF HQT FKHHGTGPV
RWTRQUGU %QEMUJCY
.GU VGZVGU OQP¾VCKTGU KORTKO¾U UQWU NG T½IPG FG 2JKNKRRG NG $GCW

RWDNKUJGFKPVJGEQNNGEVKQPQHCTVKENGU8KNNGUFŉKORTKOGTKGGVOQWNKPU¯RCRKGTFW:+8GCW:8+GUK½ENG

EQNNGEVKQP2TQ%KXKVCVGU¾TKGKPQPQRFKUVKPIWKUJGU

6JGQTFKPCPEG

6JKUEQPVCKPGFVJGHWNNVGZVURGEKHKGFPGYV[RGUQHEQKPHKZGFVJGKTTCVGURGEKHKGFYJKEJV[RGUPQ
NQPIGTYGTGEWTTGPVCPFGPFGFYKVJCVCTKHHQHCRRTQXGFEQKPU

6JGVCTKHH

6JKUYCURCTVQHVJGQTFKPCPEG+VQPN[EQPVCKPGFVJGRCTVURGEKH[KPIYJKEJIQNFGPCPFUKNXGTEQKPU
YGTG CRRTQXGF HQT EKTEWNCVKQP VJGKT XCNWG TGNCVGF VQ VJG QYP EWTTGPE[ CPF VJGKT YGKIJV (TQO
VJGTGYCUCPCFFKVKQPCNKPFKECVKQPQHJQYOCP[EQKPUVJGTGYGTGVQCOCTM6JGVCTKHHYCUC

RKGEGQHRCRGTYKVJRTKPVQPQPGUKFGCPFYCUVJGTGHQTGCNUQMPQYPCURNCPQ
6JGŋOCPWGNŌ

#DQQMNGVVJCVCRCTVHTQOCVCTKHHEQPVCKPGFCUWOOCT[QHVJGEQKPUVJCVYGTGQTYGTGPQVXCNKF
CPF VJG RTKEG VJCV VJG[ YQWNF HGVEJ YJGP QHHKEKCNN[ JCPFGF KP PQV RGT RKGEG DWV CEEQTFKPI VQ
YGKIJV 6JG HKTUV OCPWGNU GOGTIGF CTQWPF CPF VJG[ YQWNF TGOCKP WPEJCPIGF WPVKN
CTQWPFVJGPVJG[YGTGTGRNCEGFYKVJOQTGOQFGTPXGTUKQPUYJKEJYQWNFDGWUGFWPVKNVJG
GCTN[VJEGPVWT[

/CPWGN %QEMUJCY TGHGTU VQ VJKU CU ŋ.KXTGVOQP¾VCKTGŌCPF8CP)GNFGT
.GURNWUCPEKGPUVCTKHU
OQP¾VCKTGU KNNWUVT¾U FGU 2C[U$CU KP %GPVGPPKCN 8QNWOG QH VJG #OGTKECP 0WOKUOCVKE 5QEKGV[
0GY;QTMRQHŋ/CPWGNFGEKTEWNCVKQPŌ

6JG RNCPQ QH &GEGODGT WUGU VJG QNF FKXKUKQP KPVQ RQWPFU UEJGNNKPIU CPF RGPPKPIU FGPKGT
RQWPF
dUEJGNNKPI
URGPPKPI
F

6JGXCNWGQHVJG2JKNKRRWUIWKNFGT
UGGWPFGTOKPVJGRNCPQKUVJGTGHQTG++++U++FQTUEJGNNKPICPF

RGPPKPIFGPKGTZ FGPKGTUVWKXGTU
#UHQTVJGYGKIJVURQWPFUOCTMUQWPEGUGPIGNUGUGVEYGTGWUGF(QTIQNFCPFUKNXGTVJGOCTMVTQ[
YCUWUGFQTKIKPCNN[VJG2CTKUKCPOCTMQHIT&WGVQKPCEEWTCVGECNKDTCVKQPVJG&WVEJOCTMVTQ[
YCUUGVCVIT(QTKVUOGCUWTGOGPVVJG2CTKUKCPOCTMYCUCFQRVGFCUC[CTFUVKEM#EEQTFKPIVQ
VJGRNCPQVJG2JKNKRRWUIWKNFGTJCFVQYGKIJCVNGCUVRGTOCTMVJGGSWKXCNGPVQHITRGTRKGEG
6JGTGXGTUGUQHVJGYGKIJVUVJCVECOGYKVJVJGQTFKPCPEGUJQYGFVJGPWODGTQHRKGEGUVQCOCTM

6JGTG KU CP KORQTVCPV FKHHGTGPEG DGVYGGP VJG YGKIJVU DGNQPIKPI VQ VJKU QTFKPCPEG CPF VJQUG VJCV YGTG
WUGFKP(TCPEG
CPFGNUGYJGTG9JGTGCUVJGNCVVGTYGTGGZENWUKXGN[TGNCVGFVQQYP
IQNFGPEQKPUVJG
RTGUGPVYGKIJVUCTGTGNCVGFVQVJGEQKPUVJCVYGTGEKTEWNCVGF6JG0GVJGTNCPFUPGGFGFUWEJCPQTFKPCPEG
HQTTGCUQPUQH
KPVGTPCVKQPCNVTCFGYJKNGQVJGTEQWPVTKGUEQWNFNKOKVVJGKTQTFKPCPEGUVQEQKPUQHVJGKT
QYPKUUWG

428
WEIGHTS
6JKUQTFKPCPEGKUEQORNGVGN[RWDNKUJGFD[',#X$GEMCPF)9FG9KV*GVOWPVVCTKHXCP
CPGFKVKQPQHVJG0WOKUOCVKE%KTENG4QVVGTFCO

6JGYGKIJVUHQTVJGQTFKPCPEGQH&GEGODGT

6JGHQNNQYKPIYGKIJVUCTGCNNDQWIJVHTQO0WOKUOCVKEC9KGP#WEVKQP
PQ
'Z.CXCIPGEQNNGEVKQP
(QNNQYKPI VJG YKUJ QH VJG EQNNGEVQT YG UCNG VJG HQNNQYKPI EQKPU CU C YJQNG DGECWUG QH VJGKT WPKSWG
EQORQUKVKQP URGEKOGP(KPGVQGZVTGOGN[HKPG

)QNFGP(NGGEG
QH2JKNKRVJG(CKT#6JGIQNFGP(NGGEGWPFGTVYQHKTGUVGGNU4.++++KP
OWNVKNQDGIT
IT

*CNXG )TQVG 4GCN

QH 2JKNKR VJG (CKT # -KPI QP IQVJKE VJTQPG YKVJ UEGRVTG CPF NKU 4
:::+++JCPFDGVYGGPCPF4CDQXG+06DGNQYIT
6JGEQKPVCTKHHURGEKHKGUVJGYJQNGVJGJCNHCPFVJGSWCTVGTIQNFGPTGCN+PVJKUEQKPUGTKGUQPN[VJGYJQNGIQNFGP
TGCNTGCNN[GZKUVGF#EQTTGURQPFKPIYGKIJVJCUPQVDGGPHQWPFVQFCVG0GKVJGTJCUCYGKIJVEQTTGURQPFKPIVQVJG
HKEVKVKQWUSWCTVGTIQNFGPTGCN
4TGCNVJGJCPF#PVYGTR
6JGYGKIJVKUUWRRQUGFN[VJCVQHCJCNHTGCN+VVJGTGHQTGKURGEWNKCTVJCVVJGTGXGTUGTGCFU:::+++
RKGEGVQ
COCTMKGCVJGQTGVKECNYGKIJVQHIT

4QUGPQDNGQH'FYCTF+8#5JKRYKVJTQUG4:::++KPOWNVKNQDGIT
IT
&F2 CNUQ UVCVGU YGKIJVU HQT C JCNH CPF C SWCTVGT 4QUGPQDNG
PQ 9GKIJV TGUR PQ 9GKIJV *G
TGRQTVUDQVJQHVJGOVQDGYKVJQWVVJGPWODGTQHRKGEGUVQCOCTMKPFKECVGFQPVJGTGXGTUG

'PINKUJ0QDNGQH*GPT[8+CPF(NGOKUJ0QDNG
QH2JKNKRVJG)QQF#5JKRYKVJJNKPHKGNF
4:::8+KPOWNVKNQDGIT
IT
6JGEQKPVCTKHHCNUQOGPVKQPUCJCNHCPFCSWCTVGTHQTYJKEJPQYGKIJVUJCXGDGGPHQWPF
429
WEIGHTS

'PINKUJ#PIGNQVQH*GPT[8++#0KODCVGCPIGNRKGTEKPIFTCIQPYKVJNCPEG4:.8+++KPOWNVKNQDG
YKVJNKUIT
IT
)QWFGPNGGWY
QH2JKNKRVJG)QQF#.KQPKPIQVJKEFCKUDGVYGGPVYQHKTGUVGGNUQXGTNKUCPF
HNCOGU4.+:KPOWNVKNQDGYKVJNKUIT
IT
6JGEQKPVCTKHHCNUQOGPVKQPUCCPFCIQNFGPNKQPDWVPQYGKIJVU&F2FQGUOGPVKQPUCYGKIJVHQTVJG
NKQP
PQ9GKIJVDWVVJGTGXGTUGNCEMUCPKPFKECVKQPQHVJGPWODGTQHRKGEGUVQCOCTM

)QWFGP 4KLFGT
QH 2JKNKR VJG )QQF CPF VJG (TCPEG 'EW CW 5QNGKN QH %JCTNGU 8+++ # 5JKGNF
YKVJUWPWPFGTETQYP4.::KPOWNVKNQDGIT
IT
*CNH)QWFGP4KLFGTQH2JKNKRVJG)QQFCPFVJG(TCPEGJCNH'EWCW5QNGKNQH%JCTNGU8+++#5JKGNF
YKVJUWPWPFGTETQYP4%ã:.KPOWNVKNQDGIT
IT
&F2CNUQRTQXKFGUCYGKIJVHQTVJGJCNHGEWCWUQNGKN
PQ9GKIJVIT

&WECVQH*WPICT[QH/CVVJKCU%QTXKPWU#5V.CFKUNCWUUVCPFKPIYKVJQTDCPFJGNNGDCTF4.:+:
KPOWNVKNQDGIT
IT
(KQTKPQFŉQTQCPFQVJGTEQKPU#.KU4.::++KPOWNVKNQDGIT
IT
6JKU YGKIJV TGHGTU VQ VJG (KQTKPQ FŉQTQ
VJ EGPVWT[ VJG 5CNWV FŉQT QH (TCPEG
*GPT[ +8 VJG &WVEJ UJKGNF QH
9KNNKCO8+VJGQNF(TGPEJETQYPQH%JCTNGU8++CPFVJG*CNH'PINKUJPQDNGQH*GPT[8+
6JGYGKIJVOGCUWTGFHQTVJKUURGEKOGPKUNQYEQORCTGFVQYJCVKVUJQWNFDGVJGQTGVKECNN[
430
WEIGHTS

*CNH(KQTKPQFŉQTQCPFQVJGTEQKPU#5JKGNFYKVJVJTGGNKUWPFGTETQYPCPFDGVYGGPVYQNKU4%
Ő:.++++KPOWNVKNQDGYKVJNKUIT
IT
6JGTGCTGPQJCNXGUQHCPWODGTQHVJGEQKPUOGPVKQPGFCDQXG
WPFGT
&F2MPQYUQHCYGKIJVVJCVEQTTGURQPFUVQVJGJCNHQNF(TGPEJETQYP
PQ9GKIJVIT
5EJWKVMGP
QH2JKNKRVJG(CKTCPF*QNNCPFUUEJKNFQH,QJPQH$CXCTKC#-KPIUVCPFKPIKPUJKR
YKVJUYQTFCPFQTD4.::+++KPOWNVKNQDGIT
IT

2JKNKRRWU)WNFGP
QH2JKNKRVJG(CKT#PFTKGUIWNFGPQH%JCTNGUVJG$QNFCPF4KLFGTIWNFGPQH
#TPQNFQH'IOQPF#0KODCVGUCKPVUVCPFKPIYKVJETQUU4.::++++WPFGT:IT
IT
7VTGEJVUG)WNFGPQH&CXKFQH$WTIWPF[*QNNCPFUUEJKNFQH2JKNKRVJG)QQFCPF,CMQDCCPF2KGVGT
FŉQT
QH 2JKNKR VJG )QQF # $KUJQR QP VJTQPG QXGT UJKGNF QH 7VTGEJV 4 .::8+ KP OWNVKNQDG
IT
IT

*QNNCPFUG)WNFGPQH,QJPQH$CXCTKC#+ORGTKCNUJKGNFYKVJKPHQWTUOCNNUJKGNFUKPSWCVTGHQKNQPG
VTGHQKNKPGCEJCPING4.::8+++QXGT$#KPOWNVKNQDGIT
IT
$#$CXCTKC
#TPQNFWUIWNFGPQH#TPQNFQH'IOQPF#)TGCVUJKGNFUWTTQWPFGFD[HQWTUOCNNUJKGNFKPSWCVTGHQKN
QPGVTGHQKNKPGCEJCPING4.:::++QXGT#4KPOWNVKNQDGIT
IT
#4#TPQNFWU
431
WEIGHTS

2QUVWNCCVIWNFGP QH .K½IG QH .QWKU FG $QWTDQP CPF 4WFQNH QH &KGRJQNV # 5JKGNF KP VTGHQKN 4
.:::+WPFGT215KPOWNVKNQDGIT
IT
2152QUVWNCV
4JGPKUJIQNFIWKNFGTU#1TDKPVTGHQKN4.::8KPOWNVKNQDGYKVJNKU%QWPVGTOCTM:IT

IT
6JKUYGKIJVTGHGTUVQVJGOCP[4JGPKUJIQNFIWKNFGTUFGHKPGFCUŋ&KGIQGFGTKLPUEJGEQQTXQTUVGTIWNFGPYCGTCN
FKGHKIWGTGPJKGTPCGTIJGHKIWTGGTVUVCGGPFGIJGGPCPFGTGŌ
6JGIQQF4JGKPKUJRTKPEGGNGEVQTIWKNFGTQPYJKEJCNN
VJGUG HKIWTGU HGCVWTG CPF PQ QVJGTU #HVGT YJKEJ HQNNQYGF KNNWUVTCVKQPU QH VJGUG /CKP\
&KGFGTKEJ QH 'TDCEJ
2CNCVKPCVG
.QWKU+86TKGT
,CEQDQH5KGTEM%QNQIPG
4WRTGEJVQHVJG2CNCVKPCVG%QNQIPG
*GTOCPPQH*GUUGP
%QNQIPG
&KGVTKEJQH/QGTU(TCPMHWTV
'ORGTQT(TGFGTKEM+++$TCPFGPDWTI
#NDTGEJVCPF5CZQP[
#NDTGEJV
6JGYGKIJVDGCTUVJGHCEGQHVJGIQNFIWKNFGTQH(TCPMHWTV
'ORGTQT(TGFGTKEM+++
6JGSWGUVKQPTGOCKPUYJGVJGTVJKUUGTKGUQHYGKIJVUKUEQORNGVGCPFKPFGGFUJQWNFDGCVVTKDWVGFVQVJG
QTFKPCPEGQH6JGCPUYGTVQVJKUSWGUVKQPTGSWKTGUCEQORCTKUQPQHVJKUUGTKGUVQCUKOKNCTQPGKH

RQUUKDNG
+P&GUEJCORFG2CU
UGG0QVGUWTSWGNSWGURQKFUOQP¾VCKTGUKP4GXWG0WOKUOCVKSWGR
HQWPF PKPGVGGP YGKIJVU KP VJG OWPKEKRCN CTEJKXGU QH 5V 1OGT YJKEJ YGTG EQPVCKPGF KP CP
GPXGNQRGDGCTKPIVJGVGZVŋ2QKZFŉQTŌ'XGT[YGKIJVJCFDGGPYTCRRGFKPFKXKFWCNN[KPCRKGEGQHRCRGT
KPFKECVKPI VJG EQKP VJG YGKIJV EQTTGURQPFGF VQ 6JG JCPFYTKVKPI OCVEJGF VJCV QH VJG QTFKPCPEG
KVUGNH 6JG YGKIJVU YGTG CU IQQF CU PGY CPF CRRGCTGF VQ JCXG LWUV EQOG HTQO VJG OCPWHCEVWTGT
6JGTGHQTGKVECPDGCUUWOGFVJCVVJGUGYGKIJVUCPFVJGUGTKGUOGPVKQPGFJGTGYGTGOCFGHQTVJG
VCTKHH6JG5V1OGTUGTKGUKUXKTVWCNN[VJGUCOGCUVJGRTGUGPVUGTKGUUCXGHQTVJGJCNHIQNFGPTGCNCPF
VJG CPIGNQV +V FQGU JQYGXGT KPENWFG VJG JCNH CPF SWCTVGT TQUGPQDNG CPF VJG IQNFGP NKQP VJG UQNG
FKHHGTGPEGDGKPIVJCVVJG[DGCTPQKPFKECVKQPQPVJGKTTGXGTUGQHVJGPWODGTQHRKGEGUVQCOCTM6JWU
DQVJUGTKGUCTGKPEQORNGVGDWVEQORNGOGPVGCEJQVJGT7RQPKPSWKT[KP+TGEGKXGFVJGCPUYGTVJCV
VJGCTEJKXGQH5V1OGTPQNQPIGTRQUUGUUGFVJKUUGTKGUQHYGKIJVUDWVFKFUVKNNJCXGVJGVGZVQHVJG
QTFKPCPEGHQWPFD[&GUEJCORFG2CU(QTVJGTGURGEVKXGYGKIJVUVJGHKPFKPIUQH&GUEJCORFG2CUCTG
IKXGP
2*+.+25VJG*#0&51/'

6JGVJTGGHQNNQYKPIPWODGTUCNNTGICTFVJGEQKPQTFKPCPEGQH

#6JG)QNFGP(NGGEGWPFGTVYQHKTGUVGGNU4.++++WPFGTJCPFCPFQXGT+06IT

(NCPETCEMHKPGVQXGT[HKPG
PQ
5GGCDQXGWPFGT
6JKUURGEKOGPKUUWDUVCPVKCNN[UOCNNGTVJCPVJGQPGOGPVKQPGFWPFGT6JGKNNWUVTCVKQPVQQKUFKHHGTGPVDGVYGGPVJG
VYQHKTGUVGGNUJCUCSWCVTGHQKNYJGTGVJKUQPGUJQYUCETQUU6JKUQPGCNUQUJQYUVJGHNGGEGOQTGENGCTN[6JG
TGXGTUGJCUPQFGEQTCVGFOWNVKHQKNDQTFGTDWVCUOQQVJQPG#DQXGVJGPWODGTKUVJGJCPFQH#PVYGTR6JGPWODGT
VQCOCTMKUGSWCNVQ.++++6JGTGXGTUGQHVJKUYGKIJVKUGZCEVN[VJGUCOGCUVJGTGXGTUGQHVJGJCNHIQNFGPTGCN

UGGKPYJKEJVJG6QH+06FGUGTXGURCTVKEWNCTCVVGPVKQP
432
WEIGHTS

#0KODCVGCPIGNRKGTEKPIFTCIQPYKVJNCPEG4:.8+++KPOWNVKNQDGYKVJNKUIT 8GT[HKPG

PQ
5GGCDQXGPWPFGT
6JKUYGKIJVKUJGCXKGTVJCPVJCVWPFGT+VUSWCNKV[KUDGVVGT

#1TDKPVTGHQKNIT 8GT[HKPG

6JKUYGKIJVUJQYUCITGCVFGCNQHTGUGODNCPEGYKVJHTQOVJGEQKPQTFPKPCPEG6JGETQUUKUNQPIGTCPFHQTMGF+P
VJKUNKIJVVJGYGKIJVOWUVDGNKPMGFVQVJG4JGPKUJIQNFIWKNFGT
6JGTG KU PQ TGXGTUG
VJGTGHQTG PQ RKGEGU VQ C OCTM *QYGXGT VJKU PGGF PQV DG QH EQPUGSWGPEG HQT VJG 5V 1OGT
UGTKGUCNUQEQPVCKPGFYGKIJVUYKVJQWVCP[VJKPIQPVJGTGXGTUG6JGYGKIJVKUNQYGTVJCPVJCVQHDWVKVKUPQVHCT
HTQOVJGVJGQTGVKECNYGKIJV
+6#.;
/+.#01
)+18#00+)#.'#<<1/#4+#5(14<#

#*GCFN&KGWFQPP¾RF2N:+8IT 4#NOQUVGZVTGOGN[HKPG

PQ
8'0+%'
)+18#00+/1%'0+)1

#&QIGMPGGNKPIYKVJHNCIDGVYGGP(CPF(+1#0'55//1%'0+)1&8:40KODCVGNKQPQH5V
/CTEWUYKVJYKPIU&KGWFQPP¾R2N:8IT 48GT[HKPG
6QFGTK(NQTGPEG
433
WEIGHTS
(+4'0<'

#.KU&KGWFQPP¾R2N:+++IT &CTMVQPKPIXGT[HKPG

PQ
(KQTKPQFŉQTQ
(QT :+++ &KGWFQPP¾ RTQXKFGU PQ VGZV
PGKVJGT JCU VJKU EQKP DWV VJCV JCU C TQWPF UJCRG &KGWFQPP¾ :+++ KU
JGZCIQPCNDWVHQTVJCV&KGWFQPP¾RTQXKFGUVJGVGZ2&'(.1'
XCT

#.KU$ã.1$$#46&KGWFQPP¾R2N:+++IT 8GT[HKPG

PQ
0#21.+
%#4.1+Fŉ#0,17

#)TGCV-HQWTUVCTUKPHKGNFNKUQPVJGGFIG4%TQUUYKVJVJGNKODUGPFKPIKPETQUUGUCPFQPG
RGNNGVKPGCEJCPINGNKUQPVJGGFIGIT 6TCEGUQHXGTFKITKUXGT[HKPG
4CVVQ/KNCCP
6JGTGKUCMPQYPEQKP
5RCJTYKVJVJGUCOGFGUKIPCPFYKVJVJGVGZVU# &+'Ő)4#%+#Ő4':Ő5+%+.
4 &Ő#Ő'624+%+2#6Ő%
434
Bibliography
AB = Alvarez Burgos, F.: Catalogo de la Moneda Medieval Castellano-Leonesa. Madrid 1998.
Album = Album, S.: A Checklist of Islamic Coins. Santa Rosa 1998.
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A Albert II. (1018-1064): 1386

Aachen: 1923-1942 Albert III. (1064-1102): 1387:
Abaqa and Dimitri II. (1271-1289): 3953 Albi: 444-446
Abd al-Rahman I. (756-788): 3379 Albrecht (1389-1404): 758-769
Abd al-Rahman II. (822-852): 3385 Albrecht d. Große (1252-1279): 1695-1696
Abd al-Rahman III. (912-961): 3388-3389: Albrecht d. Unartige (1265-1314): 2209-2212, 2222
Abdullah (888-912): 3387 Albrecht v. Bayern (1389-1404): 1368-1370
Abel (1250-1252): 654 Albrecht v. Käfernburg (1205-1232): 1778-1780
Abo: 692 Albrecht v. Orlamünde (1201-1225): 1601, 1617
Abu Hafs Umar (1248-1266): 3410 Albrecht v. Sachsen (1498-1500): 834-835
Abu Mohammed (1130-1163): 3409 Albrecht I. (1212-1260): 1569-1570
Achaia, Principality: 3966-3977 Albrecht I. d. Bär (1134-1170): 1667-1669
Acre: 4121-4123 Albrecht I. v. Österreich (1282-1308): 1928, 2621-2625, 2645-
Adalbert (683-723): 581 2646
Adalbert (1043-1066): 1592 Albrecht III. (1365-1395): 2626
Adalbert (1183-1200): 2570-2572 Albrecht IV. (1465-1508): 2394
Adalbert I. v. Saarbrücken (1109-1137): 2085-2086 Albrecht V. (1411-1439): 2627, 2901-2902
Adela (967-1016): 968-969 Albrecht V. (1513-1545): 1744
Adelbertus, Moneyer: 154 Albrecht VII. d. Schöne (1503-1547): 1643
Adelchis (853-878): 149 Albuin (1093-1112): 1790-1792
Adelberon II. (984-1005): 523 Aldegonde, Abbey: 1377-1378
Adelberon III. (1046-1072): 544 Aldinus, Moneyer: 158
Adelberon IV. (1097-1117): 526-527 Alexander I. (1129-1135): 1209
Adelheid I. (999-1044): 1799-1800 Alexander II. (1249-1286): 3341-3352
Adelheid III. v. Sachsen (1161-1184): 1805-1806 Alexander VI. (1492-1503): 3755-3757
Adelhog (1170-1190): 1717-1718 Alexandru cel Bun (1400-1432): 3934
Adelmann (1114-1127): 2186 Alexios II. (1297-1330): 3943
Adolf v. Nassau (1292-1298): 2150-2151 Alexios III. (1349-1390): 3946
Adolf I. v. Altena (1193-1205): 1997 Alexios IV. (1417-1447): 3947
Adolf IV. (1394-1448): 1889-1890 Alfonso I. (1109-1126): 3416-3417
Adolf IX. (1408-1437): 1914-1917 Alfonso I. (II. of Aragon, 1162-1196): 3486-3488
Adolphe v.d. Marck (1313-1324): 1227-1228 Alfonso I. (1415-1458): 3850
Adolph I. (1199-1249): 1884 Alfonso I. d’Aragona (1442-1458): 3767
Adolph II. v. Nassau (1461-1475): 2110-2111 Alfonso II. (III. of Argon, 1285-1291): 3495
Aethelberth (858-865): 3057: Alfonso II. d’Aragona (1494-1495): 3773
Aethelheard (792-805): 3054 Alfonso III. (IV. of Argon, 1327-1336): 3497
Aethelred (978-1016): 3062-3082 Alfonso IV. (V. of Argon, 1416-1458): 3501-3502:
Aethelwulf (839-858): 3056 Alfonso IV. (1416-1458): 436
Agilulf (590-616): 140 Alfonso V. (1438-1481): 3537
Agnes II. v. Meissen (1181-1203): 1807 Alfonso VI. (1073-1109): 3415
Agostino Barbarigo (1486-1501): 3653-3654 Alfonso VIII. (1158-1214): 3420-3423
Aigoaldus, Moneyer: 160 Alfonso IX. (1188-1230): 3418-3419
Al Mu’azzam Mahmud (1209-1251): 4180 Alfonso X. (1252-1284): 3425-3432
Al Awhad al-Din Ayyub ibn al’Adil (1200-1210): 4181 Alfonso XI. (1312-1350): 3440-3443
Al Ashraf Musa, Muzaffar al-Din ibn al’Adil (1210-1221): Alfred (871-899): 3058
4182-4183 Ali bin Yussuf (1106-1143): 3402-3404
Alain III. (1008-1040): 343 Alost: 1247-1249
Albert v. Cuyk (1194-1200): 1221-1223 Alpen: 1866
Albert v. Mecklenburg (1364-1389): 687-688 Alphonse-Jourdain (1112-1148): 441, 469
Albert v. Rethel (1191-1194): 1219-1220 Alphonse II. v. Aragon (1196-1209): 458-460
Altdorf, Abbey: 612, 2469 Athens, Barony/Duchy: 3978-3981
Altenburg: 2236-2241 Attendorn: 2040-2041
Amadeo VIII. (1391-1434): 3577-3582 Augsburg, Diocese: 2397-2418
Amadeo IX. (1465-1472): 3583 Augsburg, Imperial Mint 2419-2432
Amalerich (511-531): 132 Austria: 2569-2696
Amalric de Tyr (1306-1310): 4007 Autun: 152
Amalrich I. (1162-1173): 4108-4109 Auxerre, County: 510
Amberg: 2123-2125 Avignon, City: 470
Amiens, City: 520-521 Ayyubiden: 4181-4183
Amöneburg: 2102 Azzone Visconti (1329-1339): 3548-3549
Ancona: 3705-3708
Andechs-Meranien: 2674-2681 B
Andernach: 1973 Bacharach: 2115, 2117-2122
Andrea Contarini (1368-1382): 3644-3645 Badr al-Din Lu’lu (1234-1259): 4176
Andrea Dandolo (1342-1354): 3640 Baduila (541-552): 123-127
Andreas I. (1046-1061): 2826 Baldewin v. Russel (1259-1264): 1840
Andreas II. (1205-1235): 2850-2852 Balduin v. Luxemburg (1307-1354): 2056-2058
Andronicus III. (1330-1332): 3944 Baldwin II. (1108-1118): 4073-4074
Anduse und Sauve: 452-453 Baldwin III. (1142-1162): 4106-4107
Angers: 328, 357 Balian (1229-1240): 4119
Angilberga und Ludwig II. (866-871): 150 Balkan: 3853-3936
Anglia: 3048 Balscha III. (1405-1421): 3903
Angoulême, County: 428 Balthasar (1369-1406): 2301-2302
Anhalt: 1683-1685 Baltic Provinces: 2971-2991
Anjou, County: 357 Banat Severin: 3919
Antiochia, Principality: 4075-4095 Bar, Duchy: 566
Antoine Fluvian (1421-1437): 4004 Barcelona, County: 3477
Antoine of Burgundy (1406-1415): 1162-1165 Bardo v. Oppershofen (1031-1051): 2083
Antonio Venier (1382-1400): 3646-3649 Bardowick: 1554-1555, 1561-1562, 1614
Antonio I. Caetani (1395-1402): 3671 Barnabò Visconti (1354-1385): 3552
Antonio II. Panciera (1402-1411): 3672 Bartolomeo and Antonio della Scala (1375-1387): 3610
Annaberg: 1587 Basel, City: 2528-2532
Anno II. (1056-1075): 1982-1983 Basel, Diocese: 2518-2527
Annweiler: 2128 Basel-Breisgau: 2515-2517
Antenor, Patricius: 177 Bassum: 1857-1859
Antwerpen, Margraviate: 1101 Baudouin d’Avesnes (1246-1288): 1376
Aquila: 3774-3776 Bautzen: 2309
Aquileia: 3655-3673 Bavaria: cf. Bayern
Aquitanien: 188, 196, 265, 395-425 Bayern: 2353-2396
Arabs in Sicily: 3782-3786 Bayern, Duchy: 2353
Arbeca: 3508 Bayezid I. (1389-1412): 4124
Arezzo: 3702 Béarn, Princedom: 432-433
Arghun (1284-1291) and Dimitri II. (1271-1289): 3954 Beatrix II. v. Winzenburg (1138-1160): 1802-1804
Aribo (1021-1031): 2082 Beaumont, Seigniory: 1376
Arichi II. (774-787): 147 Beauvais: 253-254
Aripert II. (701-712): 144-145 Beichlingen, County: 2214-2216
Arkel: 1090-1091 Bela I. (1048-1060): 2827
Arles: 177, 218-219 Bela II. (1131-1141): 2842-2843
Arles, Archdiocese: 468 Bela III. (1173-1235): 2847-2849
Arlongo de Visgoni (1260-1282): 3676 Bela IV. (1235-1270): 2853-2867, 3853-3854
Armenia: : 4018-4044 Benedicta v. Rechberg (1404-1413): 2555
Arnhem: 972-986, 991-992, 995-996, 1003-1004. 1007-1008, Benevent, Princedom: : 147-150
1011-1013, 1025-1028 Beonna (ca. 749): 3044-3046
Arnold (1173-1190): 1835 Berengar I. (888-924): 3541
Arnold d’Oreye (1355-1370): 1181 Berg, County: 1907-1915
Arnold v. Hoorne (1371-1378): 902 Berg-Ravensberg, Duchy: 1916-1922
Arnold v. Seelenhofen (1153-1160): 2090-2091 Bergamo: 3594
Arnold v. Solms (1286-1296): 2336 Bergen 701
Arnold v. Egmond (1423-1473): 1005-1015 Bergerac: 430-431
Arnoul II. (987-1003): 251 Bernard l’Aine (†1164): 452
Arnold I. v. Niederrhein (1169-1183): 2052 Bernhard (1202-1256): 2652-2663
Arnold II. v. Isenburg (1242-1259): 2053-2054 Bernhard I. (973-1011): 1546-1547
Arnold III. (1364-1384): 1870 Bernhard II. (1011-1059): 1548-1550
Arnold V. (1279-1323): 1178-1180 Bernhard II. v. Oesede (1186-1203): 1813
Arnstadt: 2188, 2197-2198 Bernhard III. (1180-1212): 1561-1568
Arnstein: 2260-2263 Bernhard III. v. Oesede (1203-1223): 1814
Arnulf v. Kärnten (887-899): 240 Bernhard III. z. Lippe (1229-1265): 1863-1864
Arras: 267 Bernhard IV. z. Lippe (1227-1247): 1815
Artois: 1250-1251 Bernoldus (1027-1054): 849-861
Artuquiden: 4126-4171 Berta (1160-1180): 2227
Aschaffenburg: 2092-2094 Bertha v. Arnsberg (1262-1292): 1959-1960
Aschersleben, Wegeleben, Köthen: 1683-1685 Berthold v. Aquileia (1218-1251): 2679-2681
Asen I. (1186-1196): 3904-3905 Berthold v. Leiningen (1258-1285): 2673
Asti: 3586 Berthold II. v. Meissen (1186-1206): 2267-2268
Athalarich (526-534): 108-115 Berthold II. v. Pfirt (1249-1262): 2520
Berthold II. v. Sternberg (1274-1287): 2321 C
Berthold IV. v. Bimbach (1274-1286): 2182 Cäcilia (1140-1160): 2226
Bertoldo (1218-1251): 3661-3662 Caffa: 3957-3958
Bertram (1179-1212): 531 Cahors, Diocese: 447-449
Bertrand (1105-1112): 440 Cahors, City: 450
Bertulfus, Moneyer: 169 Cambrai, Chapter: 1382
Besançon, Archdiocese: 488 Cambrai, Diocese: 1379-1381
Bethune: 1252-1253 Camerino: 3717
Bicht: 1193 Canterbury: 3054-3055
Bielefeld: 1907, 1912-1913 Capua: 3759
Birdibek Khan (1357-1359): 3025-3027 Carcassonne: 437-438
Blois, County: 368 Carlo I. (1482-1490): 3584
Böhmen: cf. Bohemia Carlo I. d’Angio (1266-1270): 3729
Bogdan II. (1449-1451): 3935 Carlo III. di Durazzo (1382-1385): 3777
Bogeslaw X. (1474-1523): 1659-1660 Carlo VIII. di Francia (1495): 3776
Bohemia: 2699-2793 Carlos I. (1516-1558): 3509
Bohemond III. (1149-1163): 4085-4087 Casale: cf. Monferrato
Bohemond IV. (1187-1233): 4098 Catalano-Aragonese: 3486-3504
Bohemond VI. (1251-1275): 4099-4100 Catharina Cornado (1474-1489): 4017
Bohemond VII. (1275-1287): 4101-4102 Cattaro: 3866-3869
Boleslaus I. (929-967): 2699 Celles-sur-Cher, Princedom: 369
Boleslaw I. (1163-1201): 2914-2918 Ceolnoth (833-870): 3055
Boleslaus II. (967-999): 2700-2704 Chalon sur Saône: 227
Boleslaw III. (1102-1138): 2944-2945 Cham: 2356
Boleslaw IV. (1146-1173): 2952-2953 Charles de France (1469-1472): 425
Bologna: 3601-3604 Charles le Temeraire (1467-1477): 485-486
Bolsward: 799, 809 Charles I. v. Anjou (1246-1285): 461-465, 3761-3762, 3838-
Bonifacio IX. (1389-1404): 3739 3842, 3967
Bonn: 2007-2008, 2011-2013, 2016-2022, 2028, 2030-2031 Charles II. (1390-1431): 571-574
Bordeaux: 330 Charles II. v. Anjou (1285-1309): 3763-3765, 3968
Boris Alexandrowitsch (1426-1461): 3019 Charles III. de Valois (1290-1325): 357
Borivoi II. (1100-1107/1117-1121): 2733-2739 Charles IV. (1322-1328): 286-288
Borowsk: 2999 Charles IV. (1346-1353): 1402
Bosnia: 3892-3895 Charles V. (1364-1380): 302-305, 497-498 (Dauphin)
Boudewijn (1178-1196): 877 Charles VI. (1380-1422): 306-315, 3591
Boudewijn IV. (989-1036): 1239-1240 Charles VII. (1422-1461): 321-325
Boudewijn IX. (1194-1205): 1245-1246 Charles VIII. (1483-1498): 328-331
Bourbon, Princedom: 387-388 Charlotte (1458-1459): 4015
Bourges: 199, 216-217, 228, 263 Chartres: 233
Brabant, Duchy: 1107-1175 Chartres, County: 363-364
Brancaleone d’Andalo (1253-1256): 3726 Châteaudun: 234, 365-367
Brandenburg: 1664-1682 Château-Landon: 247, 257-258
Brandenburg-Anhalt: 1664-1685 Châteauxroux: cf. Deols
Braunschweig: 1557-1558, 1693, 1695-1696 Chinon: : 225, 322
Braunschweig, City: 1697-1698 Chintilla (636-639): 136
Braunschweig-Lüneburg: 1686-1715 Chios: 3984-3989
Breisgau: 2496-2510 Christian v. Buch (1165-1183): 2092
Bremen, Archdiocese: 1592-1599 Christian I. (1457-1461): 691
Bremen, City: 1600 Christopher I. (1252-1259): 655-656
Brescia: 3595 Christopher II. (1319-1332): 660
Breslau: 2914-2918, 2928, 2941 Chur: 2460-2461
Bretagne, Duchy: 343-355 Cisso v. Rüttenberg (1424-1436): 2981-2983
Bretislaus I. (1028-1055): 2713-2720, 2808 Clermont, Diocese: 390-391
Bretislaus II. (1092-1100): 2730-2732, 2804-2805 Cnut: cf. Knut
Brioude: 161 Coenwulf (796-821): 3038-3040
Brügge: : 220, 1254-1259 Colmar: 2511-2512
Brünn: 2785-2786, 2801-2806 Colomban d’Andlau (1663-1665): 2514
Bruno v. Bretten u. Laufen (1102-1124): 2049-2051 Como: 3593
Bruno v. Isenburg (1251-1258): 1838-1839 Conan II. (1057-1066): 344
Bruno II. v. Berg (1131-1137): 1986 Conan III. (1112-1148): 345
Bruno III. (1038-1057): 799-806 Conrad (1019-1031): 2558
Bruxelles, Charter of: 1106 Conrad II. v. Schoonvorst (1403-1448): 1876
Buda: 2899 Corbie, Abbey: 519
Bulgaria: 3904-3918 Corrado I. (1250-1254): 3832-3833
Burchard (1098-1112): 871 Corrado II. (1254-1258): 3834
Burchard I. (1183-1229): 2248-2250 Corvey, Abbey: 1860-1861
Burchard II. v. Asorn (1120-1149): 2133 Cosel-Beuthen: 2936
Burckhard v. Ellerbach (1373-1404): 2415 Costanzo I. Sforza (1473-1483): 3704
Burgred (852-874): 3041-3043 Countermark: cf. Gegenstempel
Burgund, Duchy: 479-486 Cremona: 3597
Burgundia Arelate, Kingdom: 455 Crèvecoeur, Seigniory: 1385
Burgundia Cisiurana, Kingdom: 471-478: Croatia: 3859-3860
Burgundian Netherlands: 1416-1514 Crusader States : 4072-4123
Burkhardt von Woldenberg (1232-1235): 1781 Cuno I. (1151-1212): 2160
Curtisasonien: 207
Cuthred (798-807): 3053 Edward IV. (1461-1470 and 1471-1483): 3285-3290, 3326-3331
Cyprus: 4005-4017 Eduard (1353-1371): 990-992
Edzard I. (1491-1528): 844
D Edzard II. and Johann (1566-1591): 845
Dänemark: 614-669 Eename: 1262
Daniil Borissowitsch (1394-1420): 3017-3018 Egbert I. (1057-1068): 807-811
David v. Burgund (1455-1496): 916-925 Egbert II. (1068-1090): 812-816
David I. (1124-1153): 3337 Egbert v. Andechs-Meranien (1203-1237): 2329-2332
David II. (1329-1371): 3355-3360 Eger: 2347-2351
Demmin: 1649 Eisenach: 2200-2206, 2209-2211, 2292, 2304
Deols: 379-381 Eisleben: 2248-2250
Deutscher Orden: cf. Teutonic Order Ekkehard (1215-1240): 1798
Deutz: 2006, 2009-2010, 2014, 2029 Elbing: 2968
Deventer: 1048-1077, 1081 Eleonore v. Aquitanien (1252-1307): 402-405
Die: cf. Valence und Die, Diocese Elgerus III. (1191-1219): 2223
Diederik v. Ahr (1198-1212): 878-879 Elincourt and Ligny, County: 1384
Diepholz, Edelherren: 1853-1854 Elisabeth (1323-1359): 2291
Diethelm v. Krenkingen (1190-1206): 2435, 2447 Elisabeth v. Bayern (1254-1258): 2427
Dietmar (?-1048): 1551 Elisabeth v. Görlitz (1425-1443): 1412-1415
Dietrich d. Bedrängte (1197-1221): 2280-2285 Elisabeth v. Görlitz and Antoine de Bourgogne (1412-1415):
Dietrich v. Horne (1376-1402): 1851 1408
Dietrich v. Mörs (1414-1463): 2019-2026 Elisabeth v. Görlitz and Jean de Bavaria (1419-1425): 1409-
Dietrich v. Krosigk (1180-1193): 1740 1411
Dietrich I. (984-1026): 1099-1100 Elisabeth v. Nassau (1370-1413): 1961-1962
Dietrich I. (1111-1123): 2264 Elisabeth v. Wetzikon (1270-1298): 2552-2554
Dietrich I., Schenk z. Erbach (1434-1459): 2109 Elsass: 581
Dietrich I. v. Dameraw (1378-1400): 2990 Elsass-Lothringen: 522-613
Dietrich I. v. Meissen (1242-1272): 2270 Elsloo: 1876
Dietrich III. (1331-1361): 1867 Empuries, County: 3478
Dietrich III. Ressler (1413-1438): 2991 Engelbert I. (1259-1277): 1885-1886
Dietrich VI. (1202-1260): 1877-1881 Engelbert I. v. Berg (1216-1225): 1998-1999
Dietrich V. (1401-1443) Engelbert II. v. Falkenberg (1261-1274): 2004-2005, 2041
Dieudonné de Gozon (1346-1353): 3993 Engelhardt II. v. Meissen (1207-1242): 2269
Dinan: 349: 2171 England: 3035-3302
Dinis I. (1279-1325): 3519 Ennighem: 811
Dirk de Alsace (1128-1168): 1241 Enno I. (1466-1491): 843
Dirk IV. (1039-1049): 715 Enns: 2595, 2599, 2602-2603, 2620
Dirk V. (1061-1091): 717-718 Enrico Dandolo (1192-1205): 3625
Dirk VI. (1121-1157): 719 Enrique II. (1368-1379): 3450-3453
Dirk VII. (1190-1203): 720-721 Enrique III. (1390-1406): 3459-3462
Dokkum: 800, 810, 813 Enrique IV. (1454-1474): 3465-3475
Domaricus, Moneyer: 155 Epinal: 540, 543
Don Enrique (1259), Infante: 3433 Ercole I. d’Este (1471-1505): 3599, 3617
Donzy, County: 374-375 Erfurt: 2079, 2082-2083, 2088-2091, 2095-2101, 2103-2105
Dorestad: 153, 180, 183, 189, 236-237 Erfurt, City : 2112
Dorpat, Diocese: 2990-2991 Erich I. (1377-1427): 1856
Dortmund: 1948-1958 Erik Ejegod (1095-1103): 639
Douai: 1260-1261 Erik Emune (1134-1137): 642-643
Dreux, County: 339-340 Erik Klipping (1259-1286): 657
Drontheim, Archdiocese: 702 Erik Menved (1286-1319): 658-659
Drurdj Vukovic-Brankovic (1427-1456): 3900-3902 Erik v. Pommern (1396-1439): 662-665, 689-690
Duarte (1433-1438): 3536 Ermengol X. (1267-1314): 3479
Duisburg: 1963-1964 Ermesinde (1196-1247): 1398
Dutta, Moneyer: 157 Ernst (1476-1513): 1789
Ernst I. (1397-1438): 2392-2393
E Eschwege, Abbey: 2199
Eadmund (855-870): 3047 Essen, Abbey: 1959-1962
Eadgar (959-975): 3061 Esslingen: 2488
Eadred (946-955): 3060 Étampes: 248
East Anglia: 3044-3047 Etienne de Bar (1120-1163): 529
East Frisia: 837-845 Etienne I. (1093-1138): 356
Eberhard (1277-1308): 1887 Etienne I. (1152-1190): 377
Eberhard II. v. Waldburg Thann (1248-1274): 2438-2442 Eudes (Odo, 887-898): 229-232
Eberhard v. Diest (1275-1301): 1827-1828 Eudes l’Ancien (1012-1037): 379
Eberhard v. Seeburg (1170-1201): 1797 Eudes I. (975-1004): 363
Edward the Black Prince (1362-1372): 415-421 Eudes II. (1004-1037): 364
Eberhard I. d. Schwabe (1164-1167): 2363 Eudes II. (996-1037): 365
Eberhard II. (1200-1246): 2573-2583 Eugenio IV. (1431-1447): 3741-3744
Eberhard III. d. Milde (1392-1417): 2493
Edessa, County: 4073-4074 F
Edward the Confessor (1042-1066): 3163-3175 Fakhr al-Din Qara Arslan (1144-1174): 4126-4129
Edward the Elder (899-924): 3059 Falkenburg: 1873
Edward I. (1272-1307): 3231-3250, 3323-3325 Federico il Semplice (1355-1377): 3847-3849
Edward II. (1307-1327): 406, 3251 Federico II. di Montefeltro (1444-1482): 3711-3712
Edward III. (1327-1377): 407-414, 3252-3263 Ferdinand (1474-1479): 3476
Ferdinand and Isabella (1479-1504): 3510-3518 Froburg, County: 2535:
Ferdinando I. d’Aragona (1458-1494): 3768-3772, 3774-3775 Fulda, Abbey: 2177-2183
Fernando I. (1376-1383): 3520-3526
Fernando II. (V. v. Spanien, 1479-1516): 3503-3504 G
Fernando III. (1217-1252): 3424 Gaeta: 3758
Fernando IV. (1295-1312): 3439 Galeazzo and Barnabò Visconti (1355-1378): 3551
Ferrara: 3614-3617 Galeazzo Maria Sforza (1468-1476): 3561-3565, 3592
Ferry IV. (1312-1328): 568 Galeazzo II. Visconti (1359-1378): 3574-3575
Filippo (1381-1387): 3668 Galich: 3000-3002
Filippo Maria Visconti (1412-1447): 3558-3560 Gandersheim, Abbey: 1812-
Fischau: 2637 Gaucher de Châtillon (1313-1322): 579-580
Flandern, County: 1239-1343 Gausfred (1115-1164): 434-435
Florent de Hainaut (1289-1297): 3969 Gautier I. (1045-1102): 514
Florenz: 3677-3689 Gebhard VI. (1216-1240): 2254
Florenz v. Wevelinghofen (Münster 1364-1379, Utrecht 1379- Gebhard VII. (1240-1297): 2255-2257
1393): 903-905, 1830-1831 Geertruidenberg: 758-759
Floris I. (1049-1061): 716 Gegenstempel (Countermark): 791-792, 910-911, 1572, 1576,
Floris IV. (1222-1234): 725-729 1579, 1652, 2166, 3009-3011
Floris V. (1256-1296): 731-741 Geiserich (428-477): 80-81
Före: 699 Gelimer (530-534): 93
Formbach, Abbey: 2592 Geoffroi et. Suc. (1060-1160): 374
Formbach-Pütten: 2591 Georg und Heinrich v. Sachsen (1501-1504): 836
Fossombrone: 3710 Georg v. Podiebrad (1458-1471): 2788-2789
Foulques l’Oison (1050-1066): 378 Gelnhausen: 2157-2159
Fractional Coinage (Antiochia): 4091-4093 Genf: 2558-2560
Francesco Dandolo (1328-1339): 3637-3639 Gent: 1263-1268
Francesco I. da Carrara (1355-1388): 3621 Genua: 3589-3592
François I. (1442-1450): 350 Georgia: 3949-3955
François II. (1458-1488): 351-355 Gepiden: 128
Franken (cf. Merowinger und Karolinger): 151 Gera: 1810-1811
Frankenhausen: 2214-2216 Gerard V. (1207-1229): 972-974
Frankfurt/Main: 2145-2156 Gerberga v. Kappenberg (1126-1137): 1801
Frankfurt/Oder: 1682 Gerdingen: 1186-1190
Frankreich, Feodales: 324-521 Gerhard (1112-1120): 1792-1795
Frankreich, Duchy: 246-252 Gerhard (1422-1461): 1891
Frankreich, Kingdom: 253-333 Gerhard v. Oldenburg (1193-1215): 1836
Frederic (1032-1037): 2559 Gerhard v. Schwarzburg (1372-1400): 2322
Frederic de Pluvois (1171-1179): 530 Gerhard v. Wippingen (1310-1325): 2523
Frederick I. (1194-1198): 2594-2595 Gerhard II. v. d. Lippe (1219-1258): 1593
Frederick II. v. Walchen (1270-1284): 2584 Gerhard II. v. Eppstein (1288-1305): 2103
Frederick III. v. Berg (1387-1416): 1030 Gerhard IV. (1297-1328): 1896-1898
Frederick III. (1457-1485): 2629-2636 Gero v. Schermke (1160-1177): 1731-1738
Frederick IV. (1441-1452): 2589 Gerona: 3509
Freiberg: 1573, 1577-1579, 1581, 1584, 1586, 2293-2301, 2303 Gertrud (1180-1188): 2199
Freiburg: 2506-2509, 2567 Gertrud v Amfurt (1233-1270): 1808
Friedrich (1172/1173-1178): 2761 Geza I. (1064-1074): 2830
Friedrich d. Friedfertige (1406-1440): 2303-2305 Geza II. (1141-1161): 2844
Friedrich v. Baden (1496-1517): 926-927 Giacomo (1285-1296): 3844-3845
Friedrich v. Blankenheim (1393-1423): 906-911 Gian Galeazzo Visconti (1385-1402): 3553-3557, 3611
Friedrich v. Schagen (1360-1386): 1591 Gien: 374
Friedrich I. „Barbarossa“ (1152-1190): 1034-1035, 1200-1201, Giovanni Dandolo (1280-1289): 3632-3633
1616, 1990-1991, 2141, 2145-2146, 2157, 2217-2220, 2228, Giovanni Dolfin (1356-1361): 3641
2236-2238, 2242-2243, 2420, 3545 Giovanni Galeazzo Maria and Ludovico Maria Sforza (1476-
Friedrich I. (1449-1476): 2120-2122 1494): 3566-3568
Friedrich I. v. Wettin (1142-1152): 1770 Giovanni Mocenigo (1478-1485): 3652
Friedrich II. (1189-1217): 2214-2216 Giovanni Soranzo (1312-1327): 3636
Friedrich II. (1215-1250): 608-611, 1038-1040, 1925, 2128, Giovanni di Moravia (1387-1394): 3669-3670
2244-2246, 2339-2345, 2347-2351, 2423-2426, 2468, 2473- Giovanni I. Paleologo (1338-1372): 3587
2474, 3572, 3608-3609, 3820-3830 Giovanni II. (1458-1479): 3851
Friedrich II. (1250-1280): 3593 Giovanni VIII. and Ludwig II. (872-875): 3723
Friedrich II. (1375-1417): 1871 Giovanni IX. and Lamberto (898-900): 3725
Friedrich II. (1440-1470): 1680-1682 Giovanni XXII. (1316-1334): 3736
Friedrich II. (1495-1547): 2932 Gisbert v. Bronkhorst (1273-1306): 1596
Friedrich II. v. Kirchberg (1209-1236): 1742-1743 Gisulfo I. (946-977): 3778-3779
Friedrich II. d. Sanftmütige (1323-1349): 2290 Gisulfo I. and Pandolfo (975-977): 3780
Friedrich II. v. Saarwerden (1371-1414): 2014-2018 Gittelde: 1714-1715
Friedrich II. d. Sanftmütige (1428-1464): 1572-1579 Givardo (1209-1212): 3674
Friedrich III. (1417-1448): 1872-1873 Gnoien: 1639
Friedrich III. (1486-1505): 2418 Godebald (1112-1128): 872
Friedrich III. d. Strenge (1349-1381): 2292 Godfried v. Rhenen (1157-1178): 876
Friedrich III. d. Weise (1486-1500): 1583-1587 Görz: 2694-2696
Friedrich IV. d. Streitbare (1410-1423): 2296-2300 Golden Horde: 3022-3034
Friesach: 2570-2582 Gollnow: 1656
Friesische Imitationen: 711-714 Gorinchem: 1092-1093
Friesland: 151 Gorze, Abbey: 564
Gosdantin I. (1298-1299): 4040 Harald Hein (1075-1080): 638
Gosdantin IV. (1365-1373): 4043 Harold I. (1035/37-1040) 3159-3161
Goslar: 1705-1712 Harold II. (1066): 3176-3177:
Goslar, City: 1713 Harderwijk: 988-989
Gotha: 1572, 1580, 2212, 2291 Hartbert (1139-1150): 873
Gotifredo (1182-1194): 3658 Harthaknut (1035-1042, Kg. of Denmark and England): 623-624
Gottfried v. Arnsberg (1321-1349): 1848-1849 (Denmark), 3162 (England)
Gottffried v. Helfenstein-Sigmaringen (1247-1263): 2484 Hartmann v. Dillingen (1250-1286): 2409-2412
Gottfried I. (1012-1023): 1094 Hartmann v. Froburg (1240-1281): 2535
Gottfried II. (1046-1065): 1096-1098 Hartwig I. v. Lierheim (1167-1184): 2399-2400
Gottfried III. v. Dalenbrock (1361-1395): 1868 Hartwig II. v. Hirnheim (1202-1208): 2405-2406
Gottfried IV., Schenk v. Limburg (1443-1455): 2323 Hartwig IV. (1079-1102): 1764-1766
Gozelo I. (1023-1044): 1095 Haymo (1022-1026): 2433
Granada, Kings of: 3413-3414 Hedwig v. Sachsen (1458-1511): 1809
Graz: 2633-2636, 2640-2641, 2643-2646 Heidelberg: 2113, 2115-2116
Gregorio (1251-1269): 3663-3664 Heinrich d. Ältere (1195-1210): 2113
Gregorius XI. (1370-1378): 3737-3738 Heinrich d. Erlauchte (1256-1288): 2241, 2286-2289
Greifswald: 1654 Heinrich d. Gute (976-1016): 1611-1612
Grenafundet: 649, 653 Heinrich d. Löwe (1142-1180): 1555-1560, 2366-2367
Griffen: 2673 Heinrich d. Stolze (1137-1139): 1554
Grimoald III. (788-806): 148 Heinrich I. (919-936): 1545
Groningen, City : 944-958 Heinrich I. (948-955): 2353
Gubbio : 3711-3712 Heinrich I. (1127-1155): 2187
Guelders: 971-1024 Heinrich I. (1247-1257): 1721-1724
Günther II. (1168-1197): 2229 Heinrich I. (1263-1308): 2163-2164
Güstrow: 1638, 1640 Heinrich I. v. Bilversheim (1242-1257): 2333-2335
Guglielmo (1111-1127): 3781 Heinrich I. v. Harburg (1142-1153): 2087-2089
Guglielmo I. (1154-1166): : 3802-3805 Heinrich I. v. Molenark (1225-1238): 2000-2001
Guglielmo II. (1166-1189): 3805-3812 Heinrich I. v. Wolfratshausen (1132-1155): 2362
Guglielmo II. Paleologo (1494-1518): 3588 Heinrich II. (Dk. 995-1004, Kg. 1002-1024): 585-586, 846-847,
Guglielmo III. (1193): 3814 1052-1057, 1949, 1972, 2354-2357, 2419, 2488, 2569, 3543,
Gui Geoffroi (1034-1058): 395 3571
Gui IV. v. Saint-Pol: 1384 Heinrich II. (1235-1290): 1855
Guido I. de la Roche (1225-1263): 3978 Heinrich II. v. Birneburg (1304-1322): 1819
Guido II. de la Roche (1287-1308): 3980-3981 Heinrich II. v. Finstingen (1260-1286): 2055
Guidobaldo I. da Montefeltro (1472-1508): 3709-3710 Heinrich II. v. Rotheneck (1277-1296): 2377-2383
Guillaume Longue-Epée (927-943): 334 Heinrich II. v. Schwarzburg (1463-1496): 1597-1598
Guillaume de Challant (1406-1431): 2566 Heinrich II. v. Virneburg (1306-1332): 2007-2008
Guillaume le Conquérant (1035-1087): 338 Heinrich III. (Dk. 1027-1042, Kg. 1039-1056): 475-478, 934-
Guillaume de Monthonay (1394-1406): 2565 936, 1716, 1746-1747, 1951, 1963, 1965-1966, 2079-2081,
Guillaume I. (1176-1202): 517 2129-2130, 2139, 2359, 3544, 3691
Guillaume I. (1304-1337): 1357-1361 Heinrich III. (1192-1216): 2178
Guillaume I. (1337-1391): 1396 Heinrich III. d. Reiche (1180-1224): 2306
Guillaume I. de la Roche (1280-1287): 3979 Heinrich III. v. Erthal (1252-1263): 2196
Guillaume II. (1337-1345): 1362-1363 Heinrich III. v. Homburg (1275-1306): 1861
Guillaume II. (1391-1418): 1397: Heinrich III. v. Virneburg (1328-1346): 2104-2105
Guillaume III. (1356-1389): 1366-1367: : Heinrich IV. (Dk. 1053-106, Kg. 1056-1106): 1705, 1964, 2131-
Guillaume IV. (1060-1088): 439 2132, 2360-2361, 3623
Guillaume IV. (1404-1417): 1371-1373 Heinrich IV. Caseus v. Hessberg (1202-1207): 2314
Guillaume X. (1127-1137): 396-397 Heinrich IV. (1204-1228): 2675-2676
Gumprecht II. v. Neuenahr (1422-1465): 1866 Heinrich IV. Rapse (1227-1238): 2162
Gunthamund (484-496): 83-87 Heinrich IV. d. Reiche (1393-1450): 2389-2390
Gutenwert: 2674, 2676-2678 Heinrich IV. v. Erthal (1249-1261): 2180-2181
Guy de Lusignan (1192-1194): 4005 Heinrich V. (1018-1026): 2358
Guy Dampierre (1280-1305): 1295-1296, 1389-1391 Heinrich V. (1106-1125): 1197-1199, 1748
Heinrich V. (1144-1161): 2648
H Heinrich V. (1302-1329): 2225
Habsburger, House of: 2536-2537 Heinrich V. v. Boineburg (1270-1292): 2197
Haguenau: 608-611 Heinrich V. v. Weilnau (1288-1313): 2183
Haimo (990-1024): 556 Heinrich VI. (1190-1197): 1202, 2147, 2239-2240, 2279, 2421-
Hainaut, County: 1345-1375 2422, 2471, 3815-3819
Haithabu: 614-617 Heinrich VI. v. Swinrode (1296-1300): 2198
al-Hakam (796-822): 3381-3384 Heinrich VII. (1220-1235): 1036-1037
al-Hakam II. (961-976): 3390 Heinrich VII. v. Luxemburg (1308-1313): 1929-1930, 3547
Halberstadt: 1576, 1715, 1728-1745 Heinrich VIII. (1367-1408): 2224
Hall: 2689-2693 Heinrich IX. (1281-1320): 2308
Hamaland: 968-969 Heinrich X. d. Stolze (1126-1138): 2365
Hamburg, City: 1602-1610 Heinrich XIII. (1253-1290): 2372-2373
Hamburg-Bremen, Archdiocese: cf. Bremen, Archdiocese Heinrich XV. (1280-1331): 2230
Hamburg-Neustadt: 1601 Heinsberg: 1867-1869
Handin bin Mohamed (1144-1145): 3407 Helfenstein-Sigmaringen: 2484
Hannover, City: 1703-1704 Helion de Villeneuve (1319-1346): 3992
Hans (1481-1513): 667-669 Helmet Deniers (Antiochia): 4088-4090
Harald Blatand (936-987): 615-619 Hendrik v. Vianden (1250-1267): 889-895
Harald Hardrade (1045-1066): 696 Henneberg, County: 2231-2234
Henning v. Scharfenberg (1424-1448): 2987-2988 Hungary: 2823-2913
Henri le Noir (1039-1056): : cf. Heinrich III. Husam al-Din Timurtash (1122-1152): 4134
Henri de Verdun (1075-1091): 1206-1207 Husam al-Din Yuluq Arslan (1184-1201): 4142-4148
Henri I. (1031-1060): 256 Hussiten (1420-1436): 2784
Henri I. (1190-1235): 1107-1112
Henri I. (1247-1281): 1399-1400 I
Henri II. (1285-1324): 4008 Iacopo Contarini (1275-1280): 3631
Henri II. de Limbourg (1145-1165): 1210 Iacopo Tiepolo (1229-1249): 3626
Henri IV. (1261-1267): 1118-1120 Iacopo II. da Carrara (1345-1350): 3620
Henri V. (1415-1422): 316 Idris Alali (1047-1055): 3400
Henri VI. (1422-1453): 317-320 Iglau: 2787
Henry Count of Champagne (1192-1197): 4110 Ingolstadt: 2386-2388
Henry Earl of Lancaster (1347-1361): 430-431 Innocenz VIII. (1484-1492): 3752-3754
Henry I. (1100-1135): 3184-3187 Irland: 3303-3336
Henry II. (1152-1172): 398 Irmgard v. Wittgenstein (1290-1323): 1818
Henry II. (1154-1189): 3190-3192 Isabelle de Villehardouin (1297-1301): 3970
Henry III. (1216-1272): 3198-3230, 3318-3322 Isembard (1033-1063): 252
Henry IV. (1399-1413): 3268 Ishaq bin Ali (1145-1147): 3406
Henry V. (1413-1422): 3268 (?), 3269-3272 Issoudun: 382-383
Henry VI. (1422-1461): 3273-3284 Italien: 3540-3852
Henry VII. (1485-1509): 3292-3301, 3332-3336 Ivan Stracimir (1371-1395): 3912-3918
Henry VIII. (1509-1547): 3302 Iwan Andrejewitsch (1432-1454): 3003
Herbert I. Eveille-Chien (1015-1035): 358 Iwan Iwanowitsch (1485-1490): 3004
Herford, Abbey: 1818-1820, 2044
Herimann (1048-1065): 589-603 J
Herimann (1073-1090): 543 Jacoba v. Bayern (1428-1433): 787-790, 1374-1375
Hermann (1059-1086): 1553 Jakob v. Sierck (1439-1456): 2074
Hermann v. Bonstetten (1333-1360): 2454 Jaime I. (1213-1276): 3490-3494
Hermann v. Hoorne (1150-1156): 874-875 Jaime II. (1291-1327): 3496
Hermann I. (1190-1217): 2201-2206 Jaime III. (1324-1343): 3506-3507
Hermann I. (1245-1290): 2231 James I. (1406-1437): 3366
Hermann I. v. Holte (1223-1254): 1860 James II. (1437-1460): 3367-3371
Hermann I. (1362-1376): 963 James III. (1460-1488): 3372-3373
Hermann II. (1036-1039): 1980-1981 James V. (1513-1542): 3374
Hermann II. (1227-1242) Jan v. Arkel (1342-1364): 896-899
Hermann II. v. Aurich (1170-1177): 2328 Jan v. Bayern (1418-1425): 778-782
Hermann IV. v. Werl (1047-1050): 838 Jan v. Verneburg (1364-1371): 900-901
Hermann IV. v. Hessen (1480-1508): 2030-2032 Jan v. Wesemael (1415-1464): 1182-1184
Herrenbreitungen: 2196 Jan I. (1296-1299): 742-743
Hersfeld, Abbey: 2184-2198 Jan I. (1317-1336): 959-962
„Herstal type“: 165 Jan III. (1359-1415): 1089
Herve I. (1144-1192): 376 Jan V. v. Arkel (1396-1428): 1090-1091
Herve III. de Donzy (1160-1194): 375 Janibek Khan (1339-1357): 3023-3024
Hessen, County: 2162-2168 Jaques de Lorraine (1239-1260): 537-538
Hetoum I. (1226-1271): 4026-4033 Jaromar II. (1249-1260): 1644
Hetoum II. (1289-1306): 4036-4037 Jaromir (1004-1012): 2705
Hettstedt: 2260-2263 Jean d’Apremont (1225-1238): 532-536
Hiberno-Norse: 3303-3314 Jean d’Aps (1229-1238): 1225
Hildbold v. Wunstorf (1258-1273): 1594-1595 Jean d’Arkel (1364-1378): 1229
Hildegunde v. Otgenbach (1374-1409): 1820 Jean de Brienne (1212-1225/1231-1237): 3959, 4111
Hilderich (523-530): 91-92 Jean de Flandre (1282-1292): 1226
Hildesheim: 1716-1727 Jean de Flandre (1313-1325): 1385
Hildolf (1076-1079): 1984 Jean de Heinsberg (1419-1455): 1230-1231
Hisham I. (788-796): 3380 Jean de Horn (1484-1505): 1236-1238
Hisham II. (976-1009): 3391-3395: Jean sans Peur (1404-1419): 482, 1337-1340
Höchst: 2106-2108 Jean I. (1267-1294): 1121-1127
Hohenstaufen in Sicily and South Italy : 3815-3837 Jean I. (1297-1331): 1393-1394
Hohnstein, County: 2223-2224 Jean I. (1346-1389): 570
Holland, County: 715-792 Jean I. le Roux (1237-1286): 346-347
Holzkirchenpfennige: 1536-1540 Jean II. (1249-1312): 1128
Hoya, County: 1855-1859 Jean II. (1309-1346): 1401
Hubert de Grammont (1120-1135): 2560 Jean II. de Avesnes (1280-1304): 1350-1356
Hugues de Pierrepont (1200-1229): 1224 Jean II. le Bon (1350-1364): 295-301
Hugh Bardoul (1028-1055): 340, 342 Jean II. de Bourbon (1459-1488): 388
Hugh III. (1085-1100): 488 Jean III. (1312-1355): 1129-1147
Hugh V. (1305-1315): 481 Jean III. Jofevry (1352-1354): 505
Hugo Capet (956-987): 249-250, 253-254 Jean IV. (1415-1427): 1166-1171
Hugo d. Große (943-956): 246-248 Jean V. de Montfort (1399-1442): 348-349
Hugo v. Montfort (1232-1242): 2469 Jeanne (1205-1244): 1346-1347
Hugo I. (1162-1182): 2489 Jeanne and Wenceslaus (1355-1383): 1148-1159
Hugo I. (1205-1218): 4006 Jeanne veuve and Philipp le Hardi (1384-1389): 1160
Hugo IV. (1230-1269): 3478 (or Hugo V., 1269-1277) Jeanne veuve (1392-1406): 1161
Hugo IV. (1324-1359): 4009-4011 Jelling: 618-619
Hulagu (1260-1265): 3952 Jena: 2305
Hunerich (477-484): 82 Jerusalem, Kingdom: 4103-4120
Jetons (Counting pennies): 4184-4213: Knut (1016-1035, Kg. of Denmark and England): 620-622
Jever: 1548-1553 (Denmark), 3083-3158 (England)
Joao I. (1385-1433): 3527-3535 Knut Eriksson (1167-1196): 673-674
Joao II. (1481-1495): 3538 Knut VI. (1182-1202): 647-650
Johann Albert (1492-1501): 2966-2967 Kolberg: 1661
Johann Hoet (1349-1366): 1850 Köln: 221, 241
Johann v. Hoya (1450-1456): 1833 Köln, Archdiocese: 1969-2032
Johann v. Luxemburg (1310-1346): 2783 Köln, City: 2033-2036
Johann v. Tiefen (1489-1498): 2980 Köln, Mintplaces in possession of: 2037-2046
Johann I. (1151-1170): 1796 Köthen: 1563
Johann I. (1220-1267): 1672 Koevorden: 964-966
Johann I. (1347-1368): 1883 Koloman (1095-1114): 2832-2837
Johann I. (1395-1438): 1869 Konrad v. Hochstaden (1238-1261): 2002-2003, 2038, 2040
Johann I. (1404-1410-1443): 2125 Konrad v. Fohnsdorf (1291-1312): 2586
Johann I. (1448-1481): 1892-1893 Konrad v. Jungingen (1393-1407): 2975
Johann I. (1481-1516): 1821 Konrad v. Krosigk (1201-1208): 1741
Johann II. (1377-1422): 1853 Konrad v. Querfurt (1134-1142): 1767-1769
Johann II. (1469-1486): 2418 Konrad v. Schwaben (1076-1098): 867-870
Johann II. (1481-1521): 1894-1895 Konrad v. Wettin (1144-1156): 2309
Johann II. v. Baden (1456-1503): 2075 Konrad v. Wittelsbach (1183-1200): 2093-2096
Johann II. Sens v. Münsingen (1335-1365): 2524-2526 Konrad v. Zimmern (1234-1255): 2448
Johann II. v. Nassau (1397-1419): 2106-2107 Konrad I. (1054-1092): 2802
Johann II. v. Reisberg (1429-1441): 2587-2588 Konrad I. d. Große (1130-1156): 2274-2276
Johann III. Rode (1497-1511): 1599 Konrad I. v. Querfurt (1198-1202): 2313
Johann III. v. Grumbach (1455-1466): 2326 Konrad I. v. Velber (1227-1239): 1837
Johann III. v. Vienne (1366-1382): 2527 Konrad II. (1024-1039): 474, 587, 848, 937-939, 1058-1059,
Johanna v. Mercede (1449-1467): 1186-1190 1746, 1950, 1967-1968, 1973-1980, 2078
Johanna v. Wesemael (1464-1474): 1185 Konrad II. (1177-1192): 2177
Johannes I. (1201-1213): 2188-2190 Konrad II. (1221-1246): 1719-1720
Johannes II. (1280-1297): 3940-3942 Konrad II. (1368-1386): 1588-1589
Johannes III. (1222-1254): 3960-3963 Konrad II. v. Raitenbusch (1167-1185): 2364
Johannes IV. (1447-1458): 3948 Konrad II. v. Rietberg (1270-1297): 1844-1847
Johannes VI. Ambundi (1418-1424): 2986 Konrad II. v. Sternberg (1171-1192): 2134-2135
John (1199-1216): 3194-3196, 3315-3317 Konrad II. v. Tegernfeld (1209-1233): 2436-2437
John Balliol (1292-1296): 3353 Konrad III. (1419-1434): 2108
John v. Gravina (1322-1333): 3975 Konrad III. v. Malkos (1222-1249): 2179
John v. Montfort (1270-1283): 4120 Konrad III. v. Scharfenberg (1200-1240): 2143
John II. (1432-1458): 4014 Konrad VIII. (1510-1514): 1854
Josse v. Moravien (1388-1411): 1406-1407 Konradin (1258-1268): 2428-2432, 2475
Juan Fernandez d’Heredia (1376-1396): 3998-3999 Konstanz: 2433-2446
Juan I. (1379-1390): 3454-3458 Korbach: 2175
Juan II. (1406-1454): 3463-3464 Kortrijk: 1269
Judenta v. Hagenbusch (1229-1254): 2551 Koslin: 1663
Jülich, County: 1896-1898 Krain: 2682-2684
Jülich-Geldern, Duchy: 1899-1906 Krakau: 2942-2943, 2946, 2948-2951, 2957, 2964-2967
Juri Dimitriewitsch (1389-1434): 3000-3001 Kremnitz: 2901, 2905, 2907, 2910, 2912-2913
Krenkingen, Gents of: 2533-2534
K Kristian I.: cf. Christian I. (1457-1461)
Kärnten: 2647-2672 Kuinre: 959-963
Kammin, Bistum: 1661-1663 Kuno II. V. Falkenstein (1362-1388): 2059-2063
Kampen: 1079, 1085-1087 Kuttenberg: 2783, 2788-2793
Karel v. Egmond (1492-1538): 1016-1024
Karel de Stoute (1467-1477): 1433-1446: L
Karl d. Große (768-814): 179-184 Ladislaus (1301-1305): 2879-2883
Karl d. Kahle (840-877): 198-217, 3540 Ladislaus V. Posthumus (1452-1457): 2628, 2905
Karl Knutsson Bonde (1467-1470): 692 Ladislaus I. (1077-1095): 2831
Karl Robert (1308-1342): 2884-2890 Ladislaus I. (1440-1444): 2904
Karl III. d. Dicke (884-887): 219 Ladislaus II. (1490-1516): 2910-2913
Karl III. d. Einfältige (898-923): 220-224 Ladislaus IV. (1272-1290): 2873-2878, 3857
Karlmann (880-884): 218 Laibach: 2663
Karolinger: 178-245 Landfried (1170-1187): 2465
Karthago: 94-96 Landsberg: 2176
Kasimir (1177-1199): 2957 Landstraß: 2660-2662
Kasimir Jagello (1447-1492): 2965 Langobarden: 139-146
Kassel: 2207-2208 Langres: 226
Kastilien: 3420-3423 Laon: 266, 268
Kastilien and León: 3415-3417, 3424-3476 La Rochelle: 321
Kempten: 2465-2468 Latin Empire: 3959
Kent: 3053 Latin Kingdom: 4118-4120
Khidr Khan (1360-1361): 3030 Lausanne: 2561-2567
Khizr Khan (1359-1361): 3031-3033 Lausitz, Margraviate: 2309-2310
Kiel: 1615 Le Mans: 208, 358-359
Kingdom Aragon in Sicily and South Italy: 3843-3851 Lemberg: 2970
Kleve, County: 1877-1883 León: 3418-3419:
Kleve-Mark, Duchy: 1889-1895 Leonard (1462-1500): 2694
Leonard v. Keutschach (1495-1519): 2590 Ludwig II. d. Strenge (1268-1273): 2346
Leonardo I. (1232-1234): 3675 Ludwig II. († 1436): 2929-2930
Leopold (1398-1459): 2395 Ludwig III. (1410-1436): 2117-2119, 2124
Leopold IV. (1395-1406): 2687 Ludwig IV. d. Kind (899-911): 241
Leopold V. (1177-1194): 2593 Ludwig IV., Kg. v. Westfranken (936-954): 225-226
Leopold VI. (1210-1230): 2596-2600, 2638-2640, 2677 Ludwig IV. (1217-1227): 2207
Leo Thundorfer (1262-1277): 2376 Ludwig IV. d. Bayer (1313-1347): 1931-1932, 1954
Leo IV. and Lothar (847-855): 3722 Ludwig XI. d. Reiche (1450-1479): 2391
Leipzig: 1575, 1582 LVDOVICVS-Imitationen: 242-244:
Leuchtenberg: 2395 Lübeck: 1616-1623
Leupold I. v. Gründlach (1296-1303): 2337 Lüttich: 1203-1238
Leuven, Counts of: 1102-1105 Lüneburg: 1559-1560, 1686-1692, 1694
Leuwaarden: 802-803, 806, 808, 814 Lüneburg, City: 1699-1702
Levantine Imitations: 3991 Luert Abdena (1346-1358): 842
Levon I. (1187-1199-1219): 4018-4025 Lund: 620-621, 623, 626-627, 629, 630-631, 633-635, 638-639,
Levon II. (1270-1289): 4034-4035 642, 651, 658, 661-662, 684
Levon III. (1306-1307): 4041 Lupold v. Schönfeld (1203-1208): 2097-2098
Levon V. (1374-1375): 4044 Lutold (1092-1112): 2807
Liegnitz-Brieg: 2929-2932 Luxemburg, County and Duchy: 1398-1415
Lienz: 2694-2696 Luzern: 2546-2548
Lille: 1270-1273 Lyon: 163, 324, 332-333
Limburg: 1177, 2169-2173 Lyon, Archdiocese: 493-496
Limoges: 162, 229 Lyon, County: 492
Limoges, Vicecounty: 426
Lindau, Abbey: 2457-2459 M
Linnich: 1870 Maastricht: 154-155, 1197-1202
Lippe, Edelherren: 1863-1865 “Maastricht type”: 164
Lis Deniers (Antiochia): 4094-4095 Macerata: 3718-3719
Lithuania: 2968 Mâcon: 260
Liudolf (989-996): 2398 Madelinus, Moneyer: 153
Liuthar Udo I. (1034-1057): 1613 Mähren: cf. Moravia
Liutprand (712-744): 146 Magdeburg, Archdiocese: 1540, 1746-1789
Livländischer Orden: cf. Livonian Brothers of the Sword Magnus Eriksson (1319-1363): 683-684
Livonian Brothers of the Sword: 2981-2985 Magnus d. Gute (1042-1047): 626-628
Lobdeburg: 2235 Magnus Ladulas (1275-1290): 680-682
Lodewijk v. Nevers (1332-1346): 1302-1309 Magnus und Balthasar (1477-1503): 1640-1642
Lodewijk v. Male (1346-1384): 1310-1323 Mahaut de Hainaut (1316-1321): 3974
Lodewijk v. Stein-Diepenbeek († 1350): 1194 Mahaut II. (1241-1257): 508
Lödöse: 683 Mailand: 106, 182, 239, 3542-3569
Lodovico I. di Savoie (1285-1302): 3576 Maine, County: 358-359
Lodovico II. (1412-1420): 3673 Mainfranken: 2352
Looz, County: 1178-1180 Mainz: 156, 240
Lorenzo Celsi (1361-1365): 3642 Mainz, Archdiocese: 2076-2111
Lorenzo Tiepolo (1268-1275): 3629-3630 Mallorca: 3505-3507
Lorraine, Duchy: 567-578 Malmo: 666-668
Lorsch, Abbey: 2136-2137 Mamelukken in Mosul: 4176
Lothar v. Supplinburg (1125-1137): 2140 Manfredi (1258-1266): 3835-3837
Lothar I. (840-855): 236-239 Mansfeld, County: 2248-2253
Lothar III., Kg. v. Westfranken (954-986): 227-228 Manuel I. (1238-1263): 3937-3939
Lothringen: cf. Lorraine, Duchy/Lower Lorraine/Upper Lorraine Manuel I. (1495-1521): 3539
Louis (1191-1205): 367 Mantua : 3613: :
Louis de Borubon (1456-1482): 1232-1235 Marburg: 2162-2163
Louis de Savoie (1459-1460): 4016 Marco Cornardo (1365-1368): 3643
Louis l’Aveugle (901-905): 455 Maria (1382-1385): 2896-2898
Louis VI. (1108-1137): 261-262 Maria (1477-1482): 1447-1459
Louis VII. (1137-1180): 263-266 Maria v. Brabant (1362-1399): 1088
Louis VIII. - IX. (1223-1245/50): 269 Marie de Blois (1346-1348): 569
Louis IX. (1245/50-1270): 270-272 Marie v. Artois (1342-1353): 1395
Louis XI. (1461-1483): 326-327 Marino II. (978-984): 3758
Louis XII. (1498-1514): 332-333 Margaretha v. Avesnes (1345-1356): 1364-1365
Lower Lorraine: 1094-1098 Margaretha v. Konstantinopel (1244-1280): 1294, 1348-1349
Lucca: 3690-3693 Mark, County: 1884-1888
Luchino and Giovanni Visconti (1339-1349): 3549 Markdorf: 2485
Ludolf v. Holte (1227-1248): 1825 Marquard v. Randeck (1348-1366): 2414
Ludolf v. Köppenstedt (1192-1205): 1775-1777 Marseille: 173-174
Ludovico Maria Sforza (1494-1499): 3569 Martin I. (1396-1410): 3500
Ludwig d. Fromme (814-840): 186-195 Martin Truchsess (1477-1489): 2979
Ludwig v. Burgund (1313-1316): 3973 Martino V. (1417-1431): 3740
Ludwig v. Hessen (1310-1357): 1829 Mathilde (966-999): 1799-1800
Ludwig I. (1217-1239): 2191-2194 Matthias Corvinus (1458-1490): 2906-2909, 2939
Ludwig I. (1342-1382): 2891-2895 Maurinus, Moneyer: 167
Ludwig I. (1413-1458): 2165-2166 Mauritiuspfennige (Magdeburg): 1749-1763
Ludwig I. d. Kelheimer (1183-1231): 2368 Maximilian I. (1490-1519): 2691-2693, 2696
Ludwig II. und Angilberga (866-871): 150 Meaux, Diocese: 514-516
Ludwig II. (1140-1172): 2200 Mecklenburg: 1624-1643
Megen: 1089 Nicolaas v.d. Donck (1489-1506): 1193
Mehmed II. (1451-1481): 4125 Nicolo Tron (1471-1473): 3650-3651
Meinhard v. Görz-Tirol (1286-1290): 2668-2670 Nicolo de Boemia (1350-1358): 3667
Meinhard I. (1018-1034): 2312 Nicolo III. d’Este (1393-1441): 3616
Meissen, Diocese: 2273 Niederlande: 711-1514
Meissen, Margraviate: 2274-2305 Nienburg : 1856
Melgueil, County: 454 Niels (1103-1134): 640-641
Melle: 186, 190, 197-198, 214-215 Nijmegen: 987, 1000-1002, 1110, 1032-1047
Memmingen: 2483 Nimwegen: cf. Nijmegen
Meran: 2685-2688 Nivelles, Abbey: 1176
Mercia: 3035-3043 Nördlingen: 2495
Merowinger: 152-177 Nogent: : 341-342
Merseburg, Diocese: 1790-1798 Norbertus, Moneyer: 161
Metz: 166 Nordhausen, Abbey: 2226-2227
Metz, Bistum: 522-542 Nordhausen, Imperial Mint: 2228
Metz, Stadt: 545-549 Normandie: 334-338
Michael (1344-1349): 3945 Normans in Sicily and South Italy: 3787-3814
Michael Küchmeister v. Sternberg (1414-1422): 2977 Norre: 659
Michael II. Asen (1246-1256): 3910 Northumbria: 3049-3052
Michail Andrejewitsch (1432-1485): 3006-3008 Norwegen: 696-702
Michail Borissowitsch (1461-1485): 3020 Novgorod: 2992-2993
Middelburg: 1274-1275 Nürnberg: 2338-2346
Middenfriesland: 793-836
Middle East: 4060-4071 O
Mieszko III. (1173-1177): 2954-2956 Oberpfalz: 2123-2127
Migration Period: cf. Völkerwanderung Oberzeiring: 2642, 2645-2646
Mihael I. (1418-1420): 3931 Odalrich v. Dillingen (923-973): 2397
Minde, Edelherren: 1862 Odo: cf. Eudes
Mircea cel Batrin (1386-1418): 3925-3930 Odo III. (1193-1218): 479
Modena: 3600 Öls: 2935
Mörs: 1871-1872 Österreich: cf. Austria
Mohamed Almotamid (1060-1091): 3401 Ötting: 2390-2391
Moldavia: 3932-3936 Olaf Skötkonung (994-1021/22): 670-672
Monferrato (Casale): 3587-3588 Oldenburg, County: 1588-1589
Moravia: 2794-2822 Oleg Iwanowitsch (1380-1402): 3009-3011
Mordwina: 3021 Offa (757-796): 3035-3037
Mosbach: 2126-2127 Olmütz: 2794-2800
Moscow: 2995-2998 Orange: 499-501
Moschaisk: 3003-3004 Orbaek: 624
Mstislav Vladimirovitch (988-1036): 3956 Orchies: 1276
Mühlhausen: 2217-2222 Ordulf (1059-1071): 1552
Mühlheim: 1909, 1911, 1914-1917, 1920-1922 Orio Malipiero (1178-1192): 3624
München: 2384-2385, 2392-2393 Orleans: 167, 209, 235, 249-250, 259, 261
Münster, Diocese: 1822-1833 Oshin (1308-1320): 4042
Münzenberg, County: 2160 Oslo: 700
Muhammad I. (852-886): 3386 Osnabrück, Diocese: 1834-1851
Muhammad II. (1009-1010): 3396: Ostfriesland: cf. East Frisia
Mu’izz al-Din Sanjar Shah (1180-1209): 4179 Ostgoten: 106-128
Murbach, Abbey: 2514 Otakar IV. (1164-1192): 2637
Musa ibn Mahfuz (1234-1262): 3412 Otbert (1092-1119): 1208
Otto d. Erlauchte (1231-1253): 2369-2371
N Otto d. Kind (1227-1252): 1693
Naestved: 663-664 Otto d. Reiche (1156-1190): 2277-2278
Nagybanya: 2906 Otto d. Strenge (1277-1330): 1694
Najm al-Din Alpi (1152-1176): 4135-4139 Otto v. Grandson (1306-1309): 2522
Najm al-Din Ghazi I., al-Sa’id (1239-1260): 4163-4169 Otto v. Rietberg (1277-1307): 1816
Najm al-Din Ghazi II. (1294-1312): 4170 Otto z. Lippe (1231-1248): 1590
Namur, County: 1386-1397 Otto I. (936-973): 582-583, 1048, 1969, 3570, 3607
Nantes: 352-354 Otto I. (1182-1207): 971
Napoli: 3760-3773 Otto I. (1410-1461): 2126-2127
Narbonne: 185 Otto I. d. Schöne (1061-1087): 2794-2795
Nasir al-Din Mahmud (1200-1222): 4131-4132 Otto I. v. Lobdeburg (1207-1223): 2315-2320
Nasir al-Din Artuq Arslan (1201-1239): 4149-4162 Otto I. v. Oldenburg (1203-1218): 1824
Nasir al-Din Mahmud (1219-1234): 4175 Otto II. (973-983): 2076-2077, 2138, 2311, 3542, 3690
Naumburg-Zeitz: 2264-2270 Otto II. (1064-1113): 970
Navarra: 3485 Otto II. (1184-1205): 1670-1671
Navarra and Aragón: 3482-3484 Otto II. v. Freising (1184-1220): 2674
Nawruz Khan (1360): 3029 Otto II. z. Lippe (1215-1226): 880
Nebra: 2258-2259 Otto II. (1229-1271): 975-987
Nemfidius, Patricius: 175-176 Otto III. (983-1002): 584, 933, 1049-1051, 1203, 1540-1544,
Neunkirchen: 2591-2592 1948, 1970-1971, 2076-2077, 2138,
Neuss, City: 2045-2046 Otto III. (1220-1267): 1672
Nevers, County: 507-509 Otto III. (1234-1249): 888
Nicaea: 3960-3965 Otto III. (1249-1306): 1907-1908
Nicolas III. de Fontaine (1248-1272): 1380 Otto III. (1290-1312): 2374-2375
Otto III. (1295-1310): 2671-2672 Pippin d. Jüngere (751-768): 178
Otto III. (1305-1311): 1882 Pippi II., Kg. v. Aquitanien (839-852): 196-197
Otto III. (1383-1427): 1857-1859 Pisa: 3694-3697
Otto III. v. Berge (1384-1397): 1862 Poitiers: 325
Otto III. V. Zutphen (1102-1107): 817 Poitou, County: 392-394
Otto IV. (1195-1218): 1691-1692, 3692 Poland: 2941-2967
Otto IV. (1208-1215): 2221 Pommern: 1645-1660
Otto IV. (1267-1308): 1673-1677 Poppo v. Babenberg (1016-1047): 2047-2048
Otto V. (1267-1298): 1673-1677 Porcéan, County: 579-580
Otto VII. v. Andechs-Meranien († 1234): 2678 Portugal: 3519-3539
Otto-Adelheid-Pfennige: 1541-1544 Potho v. Potenstein (1379-1381): 1832
Ottoman Empire: 4124-4125 Prag: 2699-2782
Oyen: 1088 Premysl Ottokar I. (1192-1230): 2764-2769
Premysl Ottokar II. (1253-1278): 2605-2618, 2641-2642, 2666,
P 2773-2779, 2810-2821
Paderborn: 1813-1816 Pribislaw Heinrich (1127-1150): 1664-1666
Padua: 3618-3621 Provence: 173-177
Palacius, Palatinus: 169, 210 Provence, County: 457-467
Paolo II. (1464-1471): 3746-3749 Provence, Margraviate: 456
Paris: 168, 204, 222, 255, 264, 309 Provins, County: 512-513
Parma: 3598 Przemysl I. (1241-1257): 2962
Passau, Diocese: 2396 Przemysl II. (1272-1296): 2963
Pavia: 184, 3570-3575 Pskov: 2994
Paul v. Russdorf (1422-1441): 2978 Puglia : 3781
Pedro (1347-1408): 3481 Puy, Diocese: 389
Pedro I. (1350-1369): 3444-3449 Pyritz: 1650
Pedro I. (II. of Aragon, 1196-1213): 3489
Pedro III. (IV. of Aragon, 1336-1387): 3498-3499 Q
Pedro I. de Huesca (1094-1104): 3484 al-Quasim (1018-1023): 3398
Pellegrino II. (1195-1204): 3659 Quedlinburg, Abbey: 1799-1809
Penthièvre, County: 356 Quentovic: 157, 254
Perctarit (672-688): 141-143 Querfurt: 2254-2257
Périgord, County: 429 Qulna Khan (1359-1360): 3028
Perugia: 3713-3716 Qutb al-Din Sukman II. (1185-1200): 4130
Pesaro: 3704 Qutb al-Din Il-Ghazi II. (1176-1184): 4140-4141
Peter I. (1038-1041/1044-1046): 2824 Qutb al-Din Mawdud (1149-1170): 4172
Peter I. (1359-1365): 4012-4013 Qutb al-Din Muhammad ibn Zengi (1197-1219): 4177-4178
Peter II. v. Aspelt (1296-1306): 2521
Peter v. Schaumburg (1424-1469): 2416-2417 R
Petru Musat (1375-1391): 3932-3933 Raban v. Helmstedt (1436-1439): 2073
Pettau: 2583, 2638-2639 Radolfzell (Abtei Reichenau): 2447-2448
Pfalz: 2113-2122 Radu I. (1377-1383): 3923-3924
Pfirt: 2513 Ragusa: 3861-3865
Philibert de Naillac (1396-1421): 4000-4003 Raimbert (1024-1039): 557
Philipp de Alsace (1168-1191): 1242-1244 Raimondo (1273-1299): 3665-3666
Philipp d. Ältere v. Weinsberg (1448-1503): 2495 Rainiero Zeno (1253-1268): 3627-3628
Philipp d. Gute (1425-1428): 783-786 Ramon Berenguer IV. (1131-1162): 3477
Philipp d. Gute (1433-1467): 1416-1432: Randerath: 1870
Philipp d. Noble (1196-1212): 1388 Raoul (923-936): 233-235
Philipp d. Schöne (1482-1506): 1460-1514 Raoul II. (1127-1164): 383
Philipp v. Heinsberg (1167-1191): 1992-1996, 2037 Raoul VII. (1160-1176): 381
Philipp v. Kärnten (ca. 1270): 2665 Rapodo v. Lobedenburg (1167-1176): 2142
Philipp v. Savoyen (1301-1307): 3971 Raska: 3871-3891
Philipp v. Schwaben (1198-1208): 2472 Rathau: 2919-2920
Philipp v. Taranto (1307-1313): 3972 Ravenna: 103-104, 121-122, 3605-3606
Philipp de Stoute (1384-1404): 1324-1336 Ravensberg: 1907-1915
Philippe le Bon (1419-1467): 483-484, 1341-1343 Ravensburg: 2476-2480
Philippe of St. Paul (1420-1430) 1172-1175 Raymond Beranger (1365-1374): 3996
Philippe I. (1060-1108): 257-260 Raymond de Poitiers (1136-1149): 4084
Philippe II. Augustus (1180-1223): 267-268 Raymond v. Tripolis (1184-1186): 4118
Philippe III. le Hardi (1270-1285): 273 Raymond III. (1137-1152): 4096
Philippe IV. le Bel (1285-1314): 274-285 Raymond III. (1152-1187): 4097
Philippe VI. (1328-1350): 289-294 Raymond IV. (1340-1393): 499-501
Phokaea: 3990 Recanati: 3720-3721
Piacenza: 3596 Reckheim: 1194
Pierre de Brizay (1168-1192): 550-552 Recklinghausen: 2042-2043
Pierre de Corneillan (1354-1355): 3994 Red Russia: 2970
Pierre I. (1172-1174): 515 Regensburg: 2353-2355, 2357-2361
Pierre III. de Mirepoix (1309-1324): 1381 Reggio nell’Emilia: 3599
Pietro and Costanza (1282-1285): 3843 Reginard (1025-1037): 1205
Pietro Gradenigo (1289-1311): 3634-3635 Reims: 205
Pietro II. (1337-1342): 3846 Reims, Archdiocese: 517
Pietro III. d’Aragona (1336-1387): 3852 Reinald v. Dassel (1159-1167): 1987-1989
Pilgrim (1027-1039): 1974-1979 Reinald IV. (1402-1423): 1903-1906, 1936-1942
Pio II. (1458-1464): 3745 Reinoud II. (1315-1336): 964
Reinoud II. (1326-1343): 988-989 Ruthard (1088-1109): 2084
Reinoud III. (1336-1369): 966
Reinoud IV. (1402-1423): 998-1004 S
Rellinghausen: 2171 Saalfeld: 2242-2247
Remda: 2230 Saarburg: 544
Remiremont, Abbey: 565 Sachsen: 1545-1587
Renaud II. (1369-1396): 1874-1875 Sachsenpfennige: 1515-1535
René I. d’Anjou (1431-1453): 575-576 Saif al-Din Ghazi II. (1170-1180): 4173-4174
René II. (1473-1508): 577-578 Salerno: 3778-3780
Rennes: : 343-345, 348, 350-351, 355 Salomon I. (1063-1074): 2828-2829
Reval: 29812985 Salzburg: 2569-2590
Rheinau: 2545 Salzwedel: 1670-1671
Rhodes (Knights Hospitallers): 3992-4004 Samuel Alba (1041-1044): 2825
Ribe: 647-648, 655, 657 Sancerre, County: 377
Riccardo II. (1090-1106): 3759 Sanchio el Sabio (1150-1194): 3485
Richard I. (943-996): 335-335 Sancho (1311-1324): 3505
Richard I. (1039-1046): 558-559 Sancho Ramirez (1063-1094): 3482-3483
Richard I. Cœur-de-Lion (1169-1196): 394, 399-400, 3193 Sancho IV. (1284-1295): 3434-3438
Richard II. (996-1026): 337 Sangerhausen: 2302
Richard II. (1377-1399): 3264-3267 Sauve: cf. Anduse und Sauve
Richard III. (1483-1485): 3291 Savoyen: 3576-3584
Riehl: 2015, 2023-2027 Schaffhausen: 2462-2464
Rietberg: 1821 Schlesien: cf. Silesia
Riga, Archdiocese: 2986-2989 Schleswig: 650, 656
Rijnsburg: 715 Schmalkalden: 2231
Riksradet (1448): 666 Schoonvorst: 1869, 1874-1875
Rimini: 3703 Schottland: 3337-3374
Rjazan : 3009-30120751 Schwäbisch Hall: 2490-2492
Robert de Flandre (1271-1296): 509 Schwalenberg: 1817
Robert de Juilly (1374-1376): 3997 Schwarzburg-Käfernburg, County: 2229-2230
Robert v. Anjou (1309-1343): 466-467, 3766, 3975 Schweden: 670-695
Robert v. Bethune (1305-1322): 1297-1301 Schweidnitz-Jauer: 2933-2934
Robert I. (1178-1189) Schweiz: cf. Switzerland
Robert I. the Bruce (1306-1329): 3354: : 369 Scobilion, Moneyer: 162
Robert II. (996-1031): 255 Scodingue, County: 487
Robert II. (1272-1305): 480 Seligenstadt, Abbey: 2161
Robert II. (1371-1390): 3361-3362 Selz, Abbey: 613
Robert III. (1390-1406): 3363-3365 Senlis: 246
Roda: 2235 Sens: 262
Rodez: 159 Sens, County: 511, 513
Rodolphe III (993-1032): 471-473 Serain, Seigniory: 1383
Roermond: 990 Serbia: 3896-3902
Roger (1014-1022): 339, 341 Serpuchkov: 3005
Roger (1112-1119): 4082-4083 Shams al-Din Salih (1312-1364): 4171
Roger de Pins (1355-1365): 3995 s’Heerenberg: 1029-1031
Roger I. (1072-1101): 3787-3789 Siboto (1227-1249): 2407-2408
Roger II. (1105-1154): 3790-3801 Sieghard (1167-1198): 2137
Rom: 97-102, 107-120, 3722-3757 Siegfried v. Rekkin (1184-1224): 2272
Roskilde: 628, 632, 636, 640-641, 646, 660 Siegfried v. Westerburg (1275-1297): 2006, 2039, 2042-2044
Rosolus, Moneyer: 159 Siegfried II. v. Eppstein (1208-1230): 2099-2101
Rostock: 1636-1637 Siegfried III. (1176-1206): 2213
Rottweil: 2486-2487 Siena: 3698-3700
Rouen: 160, 212, 308, 310, 316, 318, 320, 334-338 Sigismund (1386-1437): 2785-2787, 2899-2900
Rouergue, County: 451 Sigismund (1439-1490): 2688-2690
Roussillon, County: 434-436 Sigismund I. v. Luxemburg (1410-1437): 1955-1958
Rudolf v. Diepholt (1426-1455): 912-915 Sigmaringen: cf. Helfenstein-Sigmaringen
Rudolf v. Dingelstedt (1254-1260): 1788 Sigtuna: 670-671
Rudolf v. Habsburg (1273-1294): 1927, 1953, 2148-2149 Sigwin (1079-1089): 1985
Rudolf v. Zähringen (1167-1191): 1211-1218 Silesia: 2914-2927
Rudolf I. v. Schladen (1136-1149): 1728 Simon, Moneyer: 1277-1280
Rudolf I. (1298-1356): 1571 Simon I. z. Lippe (1275-1344): 1865
Rudolf II. v. Scherenberg (1466-1495): 2327 Sisebut (612-621): 134
Rudolph v. Habsburg (1276-1286): 2619-2620, 2643-2644 Sixtus IV. (1471-1484): 3750-3751
Rudolph v. Hoheneck (2384-1290): 2585 Skandinavien: 614-710
Rüdiger v. Bergheim (1233-1250): 2396 Skandinavische Imitationen: 703-710
Rügen, Princedom: 1644 Skutari: 3903
Rukn al-Din Mawdud (1222-1232): 4133 Slagelse: 637
Rum Seljuks: 4045-4059 Slavonia: : 3853-3857
Rummen: 1181-1185 Smpad (1296-1298): 4038-4039
Ruprecht, Pfalzgraf bei Rhein (1463-1480): 2027-2029 Sobeslaus I. (1125-1140): 2750-2753
Ruprecht I. d. Rote (1353-1390): 2114, 2123 Sobeslaus II. (1173-1178): 2762-2763
Ruprecht II. (1390-1398): 2115 Soest: 1943-1945, 2037-2039
Ruprecht III. (1398-1410): 2116 Soissons: 230
Russia: 2992-3021 Solothurn: 2538-2541
Rusudan (1223-1247): 3951 Souvigny, Abbey: 384-386
Spalato (Split): 3860 Thibaut V. le Bon (1152-1191): 367
Spanien: 3375-3518 Thrasamund (496-523): 88-90
Speyer, Diocese: 2138-2143 Thüringen: 2200-2212
Speyer, City: 2144 Tiel: 933-939
Spytihnew II. (1055-1061): 2721-2722 Tirol: 2685-2693
Stade, County: 1611-1613 Tmutarakan: 3956
Stargard: 1658 Tokens 4214-4228
Staufen: 2510 Toul, Diocese: 550-555
Stavoren: 804-805, 807, 815, 817 Toulouse: 200-203, 231, 256, 326
Stefan cel Mare (1457-1504): 3936 Toulouse, County: 439-443
Stefan Dragutin (1276-1282): 3872 Touraine: 360-362
Stefan Lazar Pribicevic-Hrebeljanovic (1371-1389): 3896 Tournai: 323, 1344
Stefan Lazarevic- Hrebeljanovic (1402-1427): 3897-3898 Tournus, Abbey: 506
Stefan Tomas (1443-1461): 3894 Tours: 232
Stefan Tomasivic (1461-1463): 3895 Trapezunt: 3937-3948
Stefan Turtko I. (1355-1391): 3892 Trento: 3612
Stefan Turtko II. (1404-1408 and 1421-1443): 3893 Treviso: 179
Stefan Uros I. (1243-1276): 3871 Trier, Archdiocese: 2047-2075
Stefan Uros II. Milutin (1282-1321): 3873-3874 Trieste: 3674-3676
Stefan Uros III. Decanski (1321-1331): 3875-3876 Tripolis, County: 4096-4102
Stefan Uros IV. Dusan (1331-1355): 3877-3886 Troyes: 516
Stefan Uros V. (1355-1371): 3887-3890 Tübingen: 2489
Stefano II. (755-800): 3760 Tuktamisch (1379-1398): 3034
Stefano VII. and Arnolfo (896-897): 3724 Turin: 3585
Steiermark: 2637-2646 Turkoman Coins: 4126-4183
Stendal: 1681 Twer: 3019-3020
Sten Stüre (1470-1497): 693-695
Stephan I. (1000-1038): 2823 U
Stephan II. (1114-1131): 2841 Udalrich (1012-1034): 2706-2712
Stephan IV. (1162-1163): 2845-2846 Udalschalk (1184-1202): 2401-2404
Stephan V. (1270-1272): 2868-2872, 3855-3856 Udo (950-965): 583
Stephen (1135-1154): 3188-3189 Udo v. Thüringen (1125-1154): 2265
Stockholm: 687-691, 693-694 Überlingen: 2481-2482
Stolberg, County: 2225 Ulcinj: 3870
Stolp: 1657 Ulm: 2470-2475
Stralsund: 1646-1648, 1651-1653 Ulrich (1234-1275): 2513
Strassburg: 223, 582-607 Ulrich v. Jungingen (1407-1410): 2976
St. Aignan: 370-373 Ulrich I. (1135-1144): 2647
St. Denis: 213 Ulrich I. (1498-1519): 2494
St. Gallen: 2449-2456 Ulrich I. v. Lenzburg (1002-1026): 2460-2461
St. Gilles, County: 469 Ulrich I. v. Reinstein (1149-1160): 1729-1730, 1739
St. Lô: 317, 319, 329 Ulrich II. (1181-1202): 2649-2651
St. Martial de Limoges: 427 Ulrich III. (1256-1269)
St. Médard à Soissons, Abbey: 518 Ulrich IV. v. Tegernfeld (1167-1199): 2451-2452
St. Omer: 1281-1282 Ulrich v. St. Gallen (1076-1121): 2449-2450
St. Veit: 2647-2659, 2664 Ulrico di Valsee (1320-1321): 3619
St. Venant: 1283 Ungarn: cf. Hungary
Suinthila (621-631): 135 Upper Lorrainer: 1099-1100
Sulayman (1009-1010): 3397 Uppsala: 673-674
Sulmona: 3777 Urbino: 3709
Sundgau: 2511-2513 Urgell, County : 3479-3481
Suzdal: 3013-3018 Usedom: 1655
Swatopluk (1090-1109): 2740, 2796-2800 Utrecht: 181
Sweyn Estridsen (1047-1074): 630-637 Utrecht, City: 928932
Switzerland: 2518-2568 Utrecht, Diocese: 846-927
Uzbek Khan (1313-1339): 3022
T
Tancred (1104-1112): 4076-4081 V
Tankred (1189-1194): 3813-3814 Vacha: 2180-2181
Tashfin bin Ali (1143-1145): 3405 Västeras: 695
Teresa de Entenza (1314-1328): 3480 Valence und Die, Diocese: 502-505
Teudulfo, Moneyer: 152 Valkenburg: cf. Falkenburg
Teutonic Order: 2971-2980 Vandalen: 80-93
Theodahad (527-536): 114-120: : : Vargula: 2258-2259
Theoderich (493-526): 106-107 Vechta: 1852
Theoderich (1041-1055): 2518 Vendôme, County: 378
Theoderich I. (965-984): 522 Venedig: 191, 3622-3654
Theoderich II. (1004-1046): 524-525 Verdun: 224
Theodor Swetoslav (1300-1322): 3911 Verdun, Diocese: 556-563
Thibaut II. (1303-1312): 567 Verona: 3607-3611
Thibaut III. (1037-1090): 368 Vescovi (1150-1256): 3613
Thibaut IV. le Grand (1102-1151): 366 Vescovi (1235-1255): 3612
Thibaut IV. (1125-1152): 512 Viborg: 622, 652, 654
Thierry I. (1047-1088): 560-562 Vienne, Archdiocese: 489-491
Thierry V. v. Boppart (1365-1383): 541-542 Viennois, Dauphin: 497-498
Vierzon: 376 Wilhelm III. (1445-1482): 1580-1582
Viking Invaders: 3048-3052 Wilhelm IV. (1475-1511): 1920-1922
Visby: 669 Wilhelm IV. (1480-1495): 2234
Vladislav I. (1364-1377): 3920-3922 Wilhelm d. Eroberer: as Dk. of Normandy cf. Guillaume le
Völkermarkt: 2665-2672 Conquérant, as Kg. of England cf. William the Conqueror
Völkerwanderung: 1-151 Willebrand v. Oldenburg (1226-1236): 883-886
Volchero (1204-1218): 3660 Willem v. Pont (1054-1076): 862-866
Volterra: 3701: Willem I. (1203-1222): 722-724
Vuk Brankovic (1371-1395): 3899 Willem I. (1379-1402): 993-997
Vukasin Mrnjavcevic (1365-1371): 3891 Willem II. (1234-1256): 730, 1041-1047
Willem II. v. Sombreffe (1400-1475): 1195
W Willem III. (1304-1337): 744
Waldeck: 2175 Willem III. v. Sombreffe (1475-1484): 1196
Waldeck-Eberstein: 2176 Willem V. (1345-1389): 745-757
Waldemar (1250-1275): 675-679 Willem VI. (1404-1417): 770-777
Waldemar I. (1154-1182): 646 William I. the Conqueror (1066-1087): 3178-3182
Waldemar II. Sejr (1202-1241): 651-653 William I. the Lion (1165-1214): 3338-3340
Waldemar IV. Atterdag (1340-1375): 661 William II. (1087-1100): 3183
Wallachia: 3920-3931 William II. of Villehardouin (1245-1278): 3966
Walram v. Jülich (1332-1349): 2009-2011 Windischgraz: 2675
Walram II. de Ligny (1304-1353, 1364-1366): 1383 Winrich v. Knipprode (1351-1382): 2972-2974
Walther v. Plettenburg (1494-1509): 2984-2985 Wismar 1633-1635
Walther I. (1135-1176): 2260-2263 Witowt (1392-1430): 2969
Wassenberg: 1868 Wittenberg: 1563-1571
Wassili Iwanowitsch (1464-1483): 3012 Witterich (603-609):
Wassili Jaroslawitsch (1426-1456): 2999, 3005 Wittigis (536-540): 121-122
Wassili II. Wassiljewitsch (1425-1462): 2995-2998 Wizlaw (1260-1302): 1644
Wegeleben: 1556 Wladislaus I. (1109-1117/1121-1125): 2741-2749
Weida-Gera: 2306-2308 Wladislaus II. (1140-1172): 2754-2760
Weights: 4229-4256 Wladislaus II. (1471-1516): 2790-2793
Weimar: 2213 Wladislaus V. Heinrich (1197-1222): 2809
Weimar-Orlamünde, County: 2213 Wladislaw Hermann (1079-1102): 2942-2943
Weingarten, Abbey: cf. Altdorf, Abbey Wladislaw Jagello (1386-1434): 2964
Weinheim: 2136 Wladislaw Laskonogi (1202-1231): 2958-2961
Wenceslas I. (1353-1383): 1403-1404 Wladislaw II. (1138-1146): 2946-2951
Wenceslas II. (1383-1388): 1405: Wladislaw II. (1386-1434): 2970
Wenzel I. (1230-1253): 2770-2772 Woldemar (1308-1319): 1678-1679
Wenzel II. (1278-1305): 2780-2782, 2822 Wolfshagen: 2164
Wereja: 3006-3008 Worms, Diocese: 2129-2135
Werner v. Eppstein (1259-1284): 2102 Wratislaus II. (1061-1092): 2723-2729
Werner v. Falkenstein (1388-1418): 2064-2072 Württemberg: 2493-2494
Werner v. Habsburg (1001-1029): 588 Würzburg, Diocese: 2311-2327
Werner v. Schweinsberg (1239-1252): 2195
Wessex 3056-3059 Y
Westeremden: 816 Yahya aben Ganiya (1147-1150): 3408
Westgoten: 129-138 Yahya ben Ali (1021-1035): 3399
Wetzlar: 2174 Ypres: 1284-1291
Wichmann III. (994-1016): 797 Yves: 579-580
Wichmann v. Seeburg (1152-1192): 1771-1774, 2266
Widekind v. Waldeck (1265-1269): 1841-1843 Z
Widekind VII. (1246-1265): 1817 Zaltbommel: 940-943
Widerold (991-999): 584 Zengiden: 4172-4175
Wiedenbrück: 1840, 1843, 1847 Zevenbergen: 783-785
Wien: 2596-2598, 2600-2601, 2604-2619, 2621-2622, 2624- Znaim: 2784
2626, 2629-2632 Zofingen: 2536-2537
Wilbrand v. Käfernburg (1235-1254): 1782-1787 Zürich: 2549-2555
Wildeshausen, Monastery St. Alexander: 1590-1591 Zürich, City: 2556-2557
Wilhelm v. Gennep (1349-1362): 2012-2013 Zutphen: 970-971, 1015
Wilhelm v. Holland (1247-1256): 1926, 1952 Zwickau: 1574, 1585
Wilhelm v. Holte (1259-1261): 1826 Zwolle: 1080, 1082-1084
Wilhelm v. Montfort (1281-1301): 2453:
Wilhelm I. v. Berg (1354-1387): 1029
Wilhelm I. (1356-1361): 1933-1934
Wilhelm I. (1382-1407): 2293-2294
Wilhelm I. (1401-1457): 2169-2170
Wilhelm I. (1483-1493): 2167
Wilhelm I. v. Jülich (1433-1438): 1918-1922
Wilhelm II. (1361-1393): 1899-1901, 1935
Wilhelm II. (1361-1408): 1909-1913
Wilhelm II. (1407-1410): 2295
Wilhelm II. v. Berg (1416-1465): 1031
Wilhelm II. (1443-1473): 2172
Wilhelm II. (1493-1509): 2168
Wilhelm III. (1393-1402): 1902
Wilhelm III. (1426-1480): 2233
Dr. Derichs · Köln · Berlin
Aus unserer Berlin-Auktion No. 2:

Die Erstausgaben der Niederlande auf Briefen.
Weitere Einlieferungen werden von uns jederzeit angenommen.
Bei größeren Objekten besuchen wir Sie auch an Ihrem Wohnort.
Wir freuen uns auf Ihren Anruf!
in Berlin in Köln
DR. WILHELM DERICHS GMBH DR. WILHELM DERICHS GMBH
Poststraße 22 (Nikolai-Viertel) . 10178 Berlin-Mitte Burgmauer 22 (gegenüber Dom) . 50667 Köln
Telefon 030-24088283 · Fax 030-24088285 Telefon 0221-2576602 · Fax 0221-2576745
derichs_berlin@web.de derichs_gmbh@web.de
Paar Appliques Louis XV. Paris, 1755. Vergoldete Bronze, H ca. 42 cm. Verkauft für: e 51.000,-
Einladung zu Einlieferungen
Frühjahrsauktionen 2008 in Köln
Antiquarische Bücher, Alte Kunst und Kunstgewerbe,
Moderne und Zeitgenössische Kunst, Photographie
Asiatische Kunst und Tribal Art
Berlin-Auktion Frühjahr 2008

Hochbedeutende Berliner Porzellane, Gemälde und Zeichnungen
Design-Auktion in Berlin
Neumarkt 3 50667 Köln Tel. 02 21 ⁄ 92 57 29 - 0 Fax - 6

Poststraße 22 10178 Berlin Tel. 030 ⁄ 27 87 60 8 -0 Fax - 6
www.Lempertz.com info@Lempertz.com
NUMISMATISCHE AUSDRÜCKE EXPRESSIONS NUMISMATIQUES
NUMISMATIC TERMS TERMINI DI NUMISMATICA
DEUTSCH ENGLISCH FRANÇAIS ITALIANO
Abschlag struck frappe coniazione
Am Rand at the rim/border en tranche al bordo
Berieben slightly polished frotté trattato
Blei lead plomb piombo
Dezentriert uncentered decentré non centrato
Doppelschlag double struck double frappe ribattitura
Einfassung frame encadrement cornice
Einseitig uniface uniface uniface
Emailliert enamelled émaillé smaltato
Erhaltung condition/preservation conservation conservazione
Etwas slightly un peu un poco
Exemplar specimen, copy exemplaire esemplare
Fassungsspuren trace of mounting traces de monture tracce di montatura
Fehlprägung mis-strike défaut de frappe difetto di coniazione
Feld(er) field(s) champ campo
Fundexemplar specimen from a hoard de trésor da tesoretto
Gedenkmünze commemorative coin monnaie commemorative moneta commemorativa
Geglättet tooled lissé liscio
Gelocht holed troué bucato
Geprägt minted frappé coniato
Gewellt bent ondulé ondolato
Goldpatina golden patina patine dorée patina dóro
Hübsch attractive joli carino
Jahrh. = Jahrhundert. century siécle secolo
Kl. = klein small petit piccolo
Korrosionsspuren traces of corrosion traces de corrosion segni di corrosione
Kratzer scratch(es) rayure graffio(i)
Kupfer copper cuivre rame
Legierung alloy alliace lega
Leicht(e) slightly légère leggero
l. = links left gauche sinistra
Min. = minimal minimal minimal minimamente
Nachahmung imitation imitation contraffazzione
Prachtexemplar attractive, perfect piece pièce magnifique esemplare magnifico
Prägeschwäche weakly struck de frappe molle conio stanco
Randdelle edge nick défaut sur la tranche ammaccatura al bordo
Randfehler edge faults erreur sur la tranche errore nel bordo
Randschrift lettered edge inscription sur la tranche inscrizione sul bordo
r. = rechts to right droite destra
Rückseite reverse revers rovescio
Schriftspuren traces of inscription traces de légende tracce di leggenda
Schrötling flan flan tondello
Schrötlingsfehler flan defect Flan défectueux errore di tondello
Schwach ausgeprägt weakly struck de frappe molle conio stanco
Selten in dieser Erhaltung rare in this condition conservation rare conservazione rara
Seltener Jahrgang rare year année rare annata rara
Stempel die(s) coin conio
Stempelfehler mistake in the die erreur de frappe errore di conio
Überdurchschnittlich erhalten extraordinary condition conservation extraordinaire conservazione estraordinaria
Überprägt overstruck surfrappé ribattuto
Unediert unpublished inédit inedito
Unikum unique specimen pièce unique pezzo unico
Vergoldet gilt doré dorato
Von aller größter Seltenheit extremely rare très rare di estrema raritá
Vorderseite head en face diritto
Winz.= winzig tiny petit veramente piccolo
Zain flan flan tondello
Zierrand ornamental border tranche ornée taglio ornato
Zinn tin étain stagno
Ziseliert chased ciselé cesellato
HINWEISE FÜR UNSERE BIETENDEN AUKTIONSKUNDEN
1. Die Auktionsbedingungen finden Sie am Ende dieses Katalogs.
2. Bitte senden Sie uns Ihre Aufträge möglichst frühzeitig zu. Wenn uns Ihr Auftrag erst kurz vor der Auktion erreicht, können sich bei der Bearbeitung
Fehler einschleichen.
3. Das beiliegende Formular macht es Ihnen leicht, ein schriftliches Gebot abzugeben. Falls Sie Ihre Gebote faxen möchten: unser Telefax 0541 - 96 20 222
steht Ihnen Tag und Nacht zur Verfügung.
4. Die von Ihnen ersteigerten Objekte werden Ihnen innerhalb von acht Tagen nach Beendigung der Auktion zugeschickt. Die Aufträge werden in der
Reihenfolge des Eingangs bearbeitet, d. h. die zuerst eingegangenen Aufträge werden auch zuerst bearbeitet. Auch alle Bieter, die keinen Zuschlag
erhalten haben, werden von uns nach der Auktion benachrichtigt.
5. Wenn Sie telefonisch bieten möchten, teilen Sie uns diesen Wunsch bitte mindestens 48 Stunden vor der Auktion mit. Unseren Kundenservice erreichen Sie
unter 0541 – 96 20 20 oder gebührenfrei unter 0800 – 5 83 65 37.
6. Wenn Sie als neuer Kunde noch nicht bei uns gekauft haben, ist es empfehlenswert, wenn Sie uns Referenzen angeben. Nennen Sie uns eine
Münzhandlung, mit der Sie bereits in Geschäftsverbindung stehen. Oder rufen Sie unseren Kundenservice an.
7. Die Echtheit aller verkauften Objekte wird auch über die gesetzliche Frist hinaus gewährleistet.
8. Alle Kunden, die als Bieter an einer unserer Auktionen teilnehmen, erhalten innerhalb von zwei Wochen nach der Auktion unsere Ergebnisliste gratis.
9. Sie haben Fragen zu einer bestimmten Münze? Sie möchten persönlich an unserer Auktion teilnehmen? Sie haben andere Fragen? Unser Kundenservice
freut sich auf Ihren Anruf, entweder direkt unter 0541 – 96 20 20 oder gebührenfrei unter 0800 – 5 83 65 37.
IMPORTANT INFORMATION FOR PLACING BIDS

1. The terms and conditions of the auction can be found at the end of this catalogue.
2. Please send us your instructions as early as possible. The likelihood of errors occurring increases if we do not receive your instructions until shortly
before the auction.
3. The enclosed form makes it simple for you to submit a written bid. Our fax machine +49 (0)541 – 96 20 222 is on standby day and night in case you
wish to fax your bids.
4. The objects which you purchase will be delivered to you within eight days of the close of auction. Instructions are processed in the same order as they
were received – in other words, the first instructions to be received are the first to be processed. All unsuccessful bidders will be also informed after the
auction.
5. If you would like to bid by telephone, please ring our customer service beforehand on +49 (0)541 - 96 20 20.
6. If you are a new customer who has not yet bought anything through us, we recommend that you give us references. Name a coin dealer with whom
you have already done business. Or call our customer service.
7. The genuineness of all sold objects is also warranted beyond the statutory length of time.
8. All customers who participate as bidders in our auction receive our list of results free of charge within two weeks of the close of auction.
9. Do you have questions about a particular coin? Would you like to participate personally in our auction? Do you have any other questions? Our
customer service team will be pleased to help you – call on +49 (0)541 - 96 20 20.
RENSEIGNEMENTS À L'ATTENTION DE NOS CLIENTS DES VENTES AUX ENCHÈRES

1. Vous trouverez les conditions générales de vente aux enchères à la fin de ce catalogue.
2. Veuillez nous faire parvenir vos ordres le plus tôt possible. Si vos ordres nous parviennent juste avant la vente aux enchères, des erreurs risquent d’être
commises lors de leur traitement.
3. Le formulaire ci-joint vous aidera à rédiger facilement votre offre. Si vous souhaitez faxer votre offre, vous pourrez le faire 24 heures sur 24 au
+49 (0)541 – 96 20 222.
4. Les objets dont vous serez adjudicataire vous seront envoyés dans les huit jours suivant la fin de la vente aux enchères. Les commandes seront prises
en compte dans l’ordre de leur arrivée, c’est-à-dire que les commandes nous parvenant les premières seront d’abord traitées. Après la vente aux
enchères, nous préviendrons tous les enchérisseurs n’ayant pas obtenu l’adjudication.
5. Si vous souhaitez faire des enchères par téléphone, veuillez appeler aupravant notre service clientèle au +49 (0)541 – 96 20 20.
6. Si vous êtes un nouveau client et n’avez encore fait aucune acquisition chez nous, il serait conseillé de nous fournir quelques références. Indiquez nous
si vous traitez déjà avec un professionnel du commerce des monnaies. Ou contactez notre service clientèle au +49 (0)541 – 96 20 20.
7. L’authenticité des pièces vendues sera garantie même au-delà des délais légaux.
8. Tous les clients participant à l’une de nos ventes aux enchères en tant qu’enchérisseurs recevront gratuitement une liste de résultats dans les deux
semaines suivant la vente aux enchères.
9. Vous avez des questions concernant une pièce particulière? Vous désirez prendre part personnellement à notre vente aux enchères? Vous avez d’autres
questions? Notre service clientèle se fera un plaisir de vous répondre au +49 (0)541 – 96 20 20.
INFORMAZIONI PER GLI OFFERENTI DELLE NOSTRE ASTE

1. Le condizioni d’asta si trovano alla fine di questo catalogo.
2. Siete pregati di inviarci i vostri ordini il più presto possibile. Se il vostro ordine ci perviene poco tempo prima dell’apertura dell’asta, si possono
verificare errori nell’elaborazione dello stesso.
3. Per le vostre offerte scritte potete utilizzare il modulo allegato al catalogo. Nel caso voleste trasmettere le vostre offerte per fax, siete pregati di inviarle
al seguente numero: +49 (0)541-96 20 222.
4. Gli oggetti che avete acquistato all’asta vi saranno spediti entro otto giorni dal termine della stessa. Gli ordini vengono evasi in base alla data di
ricevimento, quindi hanno precedenza quelli pervenuti prima. Anche gli offerenti che non hanno avuta alcuna aggiudicazione riceveranno una nostra
comunicazione al termine dell’asta.
5. Se desiderate la partecipazione telefonica in diretta durante lásta, siete pregati di chiamare prima la consulenza ai clienti al numero diretto
+49 (0)541-96 20 20.
6. Se siete clienti nuovi e non avete mai acquistato da noi, vi proponiamo di inviarci delle referenze. Dateci il nome di un negozio di monete presso il
quale avete già fatto degli acquisti, oppure chiamate la nostra consulenza ai clienti al numero +49 (0)541 96 20 20.
7. Il certificato d’autenticità di tutti gli oggetti venduti viene rilasciato anche oltre i termini privisti per legge.
8. Tutti i clienti che hanno partecipato ad una nostra asta riceveranno gratuitamente lélenco delle aggiudicazioni entro quindici giorni dal termine della
stessa.
9. Avete delle domande su una moneta in particolare ? Desiderate partecipare personalmente ad una nostra asta? Avete altre domande? Rivolgetevi al nostro
Servizio Clienti al numero +49 (0)541 – 96 20 20.
WIE BIETE ICH RICHTIG?
MEINE TEILNAHME ALS SCHRIFTLICHER BIETER

1. Studieren Sie den Katalog sorgfältig und notieren Sie alle Lose, die interessant für Sie sind.
2. Legen Sie für jedes Los Ihr persönliches Limit fest, das Sie maximal zu zahlen bereit sind.
3. Füllen Sie das beiliegende Formular aus (siehe rechte Seite) und tragen Sie für jedes Los Ihr Höchstgebot ein.
4. Schicken Sie uns Ihren Auftrag frühzeitig. Bei gleich hohen Geboten erhält das zuerst eingegangene Gebot den Zuschlag.
5. Sie haben interessante Lose für insgesamt € 10.000,-- gefunden, möchten jedoch nur € 2.000,-- ausgeben. Kein Problem:
Sie geben als Gesamtlimit (ohne Aufgeld) € 2.000,-- an.
6. Wenn Sie Fragen haben: Die MitarbeiterInnen unserer Kundenbetreuung sind für Sie da. Tel. 0800 – 583 65 37
(gebührenfrei).
7. Wenn Sie telefonisch an unseren Auktionen teilnehmen möchten, ist das ab einer Schätzung von € 500,- pro Los möglich.
Bitte teilen Sie uns diesen Wunsch mindestens einen Werktag vor Beginn der Versteigerung schriftlich mit.
MEINE PERSÖNLICHE TEILNAHME IN OSNABRÜCK

1. Wir freuen uns sehr, wenn Sie persönlich nach Osnabrück kommen möchten. Das Flair einer Auktion und die Stimmung
im Auktionssaal sind ein besonderes Erlebnis für Sie als Sammler. Osnabrück ist außerdem immer eine Reise wert und die
persönliche Betreuung durch unsere Mitarbeiter wissen immer mehr Kunden zu schätzen.
2. Bitte rufen Sie uns rechtzeitig an, damit wir Ihnen Tipps für die Anreise geben und Ihnen ein Hotelzimmer reservieren
können. Sie erreichen uns gebührenfrei unter: 0800 – 5 83 65 37.
3. Als erfolgreicher Bieter können Sie Ihre neu erworbenen Stücke gleich persönlich mit nach Hause nehmen. Als guter Kunde
unseres Hauses haben Sie 20 Tage Zahlungsziel nach der Auktion.
WIE ENTSTEHT DER PREIS EINER AUKTION?

1. Der im Auktionskatalog angegebene Preis ist ein Schätzpreis, der durch unsere Experten festgelegt wurde. Das
Mindestgebot liegt bei 80% dieses Wertes. Die Zuschlagpreise sind oft deutlich höher als die Schätzpreise.
2. Als Auktionshaus müssen wir bereits vor der Auktion alle schriftlichen Gebote koordinieren. Folgende Beispiele sind im
Bietverfahren möglich:
Beispiel 1 (Schätzpreis: € 1.000,--) Beispiel 3 (Schätzpreis: € 1.000,--)

Es liegt kein schriftlicher Auftrag vor: der Auktionator ruft Es liegt dem Auktionator nur ein schriftliches Gebot von
das Los in der Auktion mit € 800,-- aus. Wenn im Saal nur € 850,-- vor: das Los wird in der Auktion mit € 800,--
ein Bieter darauf ein Gebot abgibt, erhält der Saalbieter den ausgerufen.
Zuschlag für € 800,--. Falls kein Bieter im Saal ein Gegenangebot abgibt, erhält der
schriftliche Bieter den Zuschlag bei € 800,--.
Beispiel 2 (Schätzpreis: € 1.000,--) Beispiel 4: (Schätzpreis: € 1.000,--)

Es liegen dem Auktionator drei schriftliche Gebote vor: Es liegt dem Auktionator nur ein schriftliches Gebot von €
1.200,-- vor: der Auktionator ruft das Los mit € 800,-- aus.
Bieter 1: Limit € 2.900,-- Gibt es im Saal keinen Gegenbieter, erhält der schriftliche
Bieter 2: Limit € 1.800,-- Bieter den Zuschlag bei € 800,--. Falls es im Saal Gegenbieter
Bieter 3: Limit: € 800,-- gibt, bietet der Auktionator für seinen schriftlichen Bieter bis
maximal € 1.200,-- und erteilt einem Gegenbieter im Saal
Nach der Versteigerungsordnung muss der Auktionator im erst bei mehr als € 1.200,-- den Zuschlag.
Interesse von Bieter 1 und 2 angemessen überbieten (um ca.
5 bis 10%). Der Ausrufpreis in der Auktion beträgt daher Beispiel 5 (Schätzpreis: € 1.000,--)
im Interesse von Bieter 1, € 1.900,-- (obwohl die Schätzung Es liegen drei Gebote von je € 975,-- vor: um Miss-
€ 1.000,-- beträgt). Falls keine höheren Gebote aus dem Saal verständnisse zu vermeiden, überzieht der Auktionator das
erfolgen, erhält Bieter 1 den Zuschlag für € 1.900,--. Das zuerst eingegangene Gebot geringfügig und erteilt den
Höchstangebot von € 2.900,-- musste nicht ausgeschöpft Zuschlag bei € 1.000,--.
werden.
WIE BIETE ICH RICHTIG?
MUSTERAUKTIONSAUFTRAG FÜR SCHRIFTLICHE BIETER

1. Name, Adresse, Telefon: 5. Ihre Kundennummer
Ihre vollständige Anschrift ist Die Angabe Ihrer Kunden-
wichtig, damit wir Ihren nummer unterstützt uns bei
Auktionsauftrag annehmen und der Bearbeitung Ihres
bearbeiten können. Ihre Auktionsauftrages. Viele
Telefonnummer brauchen wir, Vorarbeiten für die Auktion
um Sie bei Rückfragen zu Ihren werden dadurch einfacher
Geboten schnell erreichen zu und es werden Fehler
können. vermieden.
2. Losnummern und Gebote

Listen Sie alle Lose, für die Sie 6. Ihr Limit pro Einzellos
sich interessieren, mit ihrer An dieser Stelle geben Sie
Katalognummer auf und legen an, was Sie für jedes einzelne
Sie für sich selbst fest, wie viel Stück maximal bereit sind
Sie bereit sind für jedes einzelne auszugeben.
Los zu bieten.
7. Überschreitung Ihrer Limits

pro Einzellos
3. „Oder“-Gebote In der Praxis zeigt sich, daß oft
Wenn Sie sich für mehrere mehrere Bieter mit ihren
Münzen interessieren, aber nur Geboten dicht beieinander
ein Stück davon erwerben liegen. Deshalb empfiehlt es
wollen, können Sie Ihre Gebote sich, an dieser Stelle einer
einfach mit einem „oder“ geringfügigen Überschreitung
verbinden. Wichtig: bei den Ihrer Gebote zuzustimmen.
„oder“-Geboten können Sie Dadurch erhöhen sich Ihre
nicht auf frühere Katalog- Chancen, im Wettbewerb mit
nummern zurückgreifen (z.B. anderen den Zuschlag zu
2890 oder 1558), da die Nr. erhalten.
1558 dann bereits versteigert
ist.
8. Begrenzung Ihres
Gesamtlimits
4. Unterschreiben Sie Ihren Hier können sie die
Auktionsauftrag Gesamtsumme Ihrer Gebote
. . .nachdem Sie Ihre Angaben begrenzen und festlegen, was
noch einmal überprüft haben. Sie insgesamt maximal bereit
Ihre Unterschrift ist wichtig, sind auszugeben. Aufgeld und
denn damit bestätigen Sie uns, Mehrwertsteuer kommen später
dass sie tatsächlich teilnehmen noch hinzu.
wollen.
ANTWORTEN AUF FRAGEN, DIE UNS OFT GESTELLT WERDEN

1. Zuschlagpreis/Aufgeld: Wir berechnen als Auktionshaus ein Aufgeld von 15% auf den Zuschlagpreis, dazu kommt die
gesetzliche Mehrwertsteuer.
Beispiel 1: Zuschlagpreis € 100,-- Beispiel 2: Zuschlagpreis: € 1.000,--
Aufgeld 15%: € 15,00 Aufgeld 15% € 150,--
Versandkosten, z.. B.* € 5,90 Versandkosten, z. B.* € 5,90
MwSt. 7% € 8,46 MwSt. 7% € 80,91
________ ______
Rg.-Betrag € 129,36 Rg.-Betrag € 1.236,81
2. Mehrwertsteuer: üblicherweise in Deutschland 7%, seit dem 01.01.2000 sind viele Goldmünzen, die nach 1800 geprägt
wurden, steuerfrei. Bei Fragen zu der MWSt-Berechnung rufen Sie uns an, gebührenfrei unter: 0800 / 5836537.
3. Rücklosverkauf: Alle Lose, die in der Auktion nicht verkauft wurden, können Sie innerhalb von vier Wochen nach der
Versteigerung zu 80% des Schätzpreises (zzgl. Aufgeld und Mehrwertsteuer) erwerben. Achtung: Viele Rücklose sind
schnell vergriffen.
4. Unser Spezialservice: Alle Bieter erhalten gratis die Ergebnisliste innerhalb von zwei Wochen nach der Auktion. Im Internet
können Sie die Ergebnisliste der Auktion sofort nach der Auktion unter www.kuenker.de einsehen.
* Die Kosten für Versand und Versicherung werden nach Aufwand berechnet.
VERSTEIGERUNGSBEDINGUNGEN
Die Versteigerung erfolgt im Auftrag und für Rechnung der Eigentümer Schriftliche Aufträge werden von uns ohne Auftragsprovision gewissenhaft
unter Einhaltung der sich aus der Versteigerungsordnung (BGB1 I 1976, ausgeführt. Aufträge von uns unbekannten Sammlern können nur ausge-
1346) ergebenden und für Kommissionäre geltenden gesetzlichen führt werden, wenn ein Depot hinterlegt wird oder Referenzen benannt
Bestimmungen des BGB und HGB gegen Barzahlung des Kaufpreises in werden. Schriftliche Gebote können nur bis 24 Stunden vor
~-Währung. Durch Abgabe eines Gebotes werden die Versteigerungs- Auktionsbeginn verbindlich berücksichtigt werden. Im Bedarfsfall ist der
bedingungen anerkannt, dies gilt auch für die schriftlichen Gebote. Auktionator berechtigt, die Limits um 3 – 5 % zu überschreiten. Bei mehre-
ren gleichhohen Geboten erhält das zuerst eingegangene den Zuschlag.
Der Zuschlagpreis ist Nettopreis im Sinne des Umsatzsteuergesetzes und Unlimitierte Aufträge haben keinen Anspruch auf unbedingte Ausführung.
bildet die Berechnungsgrundlage für das vom Käufer zu zahlende Aufgeld Telefonisches Bieten ist nur in Ausnahmefällen möglich. Telefonische
in Höhe von 15 %. Auf den daraus entstehenden Gesamtpreis (Zuschlag + Bieter müssen sich mindestens einen Werktag vor der Auktion
Aufgeld) wird die jeweils gültige Umsatzsteuer erhoben, soweit dies voranmelden.
gesetzlich vorgeschrieben ist.
Der Versand geht zu Lasten und auf Risiko des Ersteigerers bzw.
Ausländischen Käufern aus Ländern der europäischen Gemeinschaft wird Empfängers. Das Auktionsgut bleibt bis zur vollständigen Bezahlung aller
die in Deutschlang gültige Umsatzsteuer berechnet. Anderen ausländischen Forderungen aus Anlaß der Versteigerung Eigentum des Verkäufers. Ist der
Käufern (aus Drittländern) wird, sofern die Münzen durch uns exportiert Käufer Vollkaufmann, so ist Osnabrück als Gerichtsstand vereinbart. Für
werden, ein Aufgeld von 15 % netto auf den Zuschlagpreis berechnet; sie das Mahnverfahren gilt die Zuständigkeit des Amtsgerichts Osnabrück
erhalten die Lieferung nur gegen Zahlung des Kaufpreises in ~ - Währung, auch in allen anderen Fällen als vereinbart. Ansonsten ist es Osnabrück nur,
bankspesenfrei. wenn nur die Firma Fritz Rudolf Künker GmbH & Co. KG ihren
allgemeinen Gerichtsstand in der BRD hat, oder wenn alle Ansprüche im
Ausländischen Münzhändlern aus Ländern der europäischen Gemeinschaft Wege des Mahnverfahrens geltend gemacht werden, oder wenn die im
wird bei Nachweis der Umsatzsteuer-Identifikationsnummer (§ 27 a Klageweg in Anspruch zu nehmende Vertragspartei nach Vertragsabschluß
USTG) und der sonstigen Voraussetzungen gemäß § 4 Nr. 1 b USTG in ihren gewöhnlichen Aufenthaltsort aus dem Geltungsbereich der BRD
Verbindung mit § 6 a USTG die Lieferung ohne Umsatzsteuer berechnet. verlegt hat, oder ihr Wohnsitz oder gewöhnlicher Aufenthaltsort zum
Zeitpunkt der Klage nicht bekannt ist.
Sofern nichts anderes vereinbart wird, ist die Zahlung der
Auktionsrechnung bei anwesenden Käufern sofort, bei schriftlichen Bietern Die Beschreibung im Katalog ist gewissenhaft durchgeführt. Sie
spätestens 20 Tage nach Erhalt fällig. Bei Zahlungsverzug werden Zinsen begründet jedoch keine Rechts- oder Sachmängelhaftung gemäß
von 1 % pro Monat berechnet. §§ 434, 459 ff BGB. Die Angabe der Erhaltung ist streng nach den im
deutschen Münzhandel üblichen Erhaltungseinstufungen vorgenom-
Wird die Zahlung nicht sofort an den Versteigerer geleistet oder die men und gilt als persönliche Beurteilung. Bei der Auktion anwesende
Abnahme der zugeschlagenen Sache verweigert, so findet die Übergabe der Käufer kaufen grundsätzlich „wie besehen“.
Sache an den Ersteigerer nicht statt. Der Ersteigerer verliert vielmehr seine
Rechte aus dem Zuschlag, und die Sache kann auf seine Kosten erneut Da durch Vorbesichtigung Gelegenheit gegeben ist, sich vom Erhaltungs-
versteigert werden. In diesem Fall haftet der Ersteigerer für den Ausfall, zustand des Versteigerungsgutes zu überzeugen, können nach erfolgtem
dagegen hat er auf den Mehrerlös keinen Anspruch. Zuschlag Reklamationen nur bei irrtümlich übersehener Henkel- oder
Fassungsspur oder gestopftem Loch berücksichtigt werden. Bei Losen mit
Der Zuschlag erfolgt nach dreimaligem Ausruf des höchsten Gebotes und mehreren Stücken sind die Stückzahlen nur Circa-Angaben, irrtümliche
verpflichtet zur Abnahme und Zahlung. Bei Meinungsverschiedenheiten Zuschreibungen sind im Einzelfall nicht ausgeschlossen. Diese Lose sind
über den Zuschlag wird die Nummer noch einmal ausgerufen. Der nach erfolgtem Zuschlag von jeder Reklamation ausgeschlossen. Der
Versteigerer ist berechtigt, Nummern zu vereinigen oder zu trennen. Eine Versteigerer kann bei eventuellen Meinungsverschiedenheiten bzw.
Vorausnahme von Nummern erfolgt nicht. Der Zutritt zur Versteigerung ist Beanstandungen einen vereidigten Sachverständiger seiner Wahl (die
nur Interessenten gestattet, die einen Katalog besitzen. Kosten trägt der unterliegende Teil) beauftragen. Eventuelle Beanstandun-
gen können nur innerhalb von 8 Tagen nach der Auktion bzw. nach Erhalt
der ersteigerten Stücke berücksichtigt werden. Die Echtheit der Stücke
Die Mindeststeigerungsstufen für das Bietungsverfahren betragen: wird bis zur Höhe des Kaufpreises garantiert. Die beigedruckten
Preise sind Schätzpreise, die unter- oder überschritten werden können.
Aufträge, die unter 80 % des Schätzpreises liegen, können nicht bear-
Mindestangebote Mindeststeigerungsstufe beitet werden.
bis zu 100,-- 5,-- Ausländische Kunden kaufen nach den Devisen-, Zoll- und Steuer-
bestimmungen ihres Landes. Versandformalitäten werden vom Versteigerer
bis zu 200,-- 10,-- erledigt.
bis zu 500,-- 20,-- Soweit nicht anders vermerkt, gelten im übrigen die allgemeinen
Versteigerungsbestimmungen und – auch im Verhältnis zu ausländischen
bis zu 1.000,-- 50,-- Kunden – gilt Deutsches Recht.
bis zu 2.000,-- 100,-- Die Ergebnisliste erscheint sofort nach der Auktion.
bis zu 5.000,-- 200,-- DIE VERSTEIGERER: FRITZ RUDOLF KÜNKER
bis zu 10.000,-- 500,-- DR. ANDREAS KAISER
bis zu 20.000,-- 1.000,-- ARNE KIRSCH
bis zu 50.000,-- 2.000,-- OLIVER KÖPP
ab 50.000,-- 5.000,--
TERMS AND CONDITIONS OF AUCTION
The auction is conducted on behalf and for the account of the appropiate pro- Orders submitted in writing will be carried out diligently and without charge of
prietors of the goods and is subject to the federal Auction Regulation an extra commission. Orders from collectors unknown to the auctioneer can only
(Versteigerungsordnung, BGB1 I 1976, 1346) published in the Federal Law be accepted and carried out if a deposit or references to the satisfaction on the
GazetteVol. I, 1976, 1346 and the relevant provisions for factors in accordance auctioneer are given. To be bindingly accepted, written bids need to be received
with the German Cicil Code (BGB) and Commercial Code (HGB). Payment of at least 24 hours before auction. If necessary, the auctioneer is allowed to
the hammer-price has to be made in cash and in Euro. The submission of an increase the bids by 3-5%. Should several bids be obtained in writing bidding the
offer implies the express acknowledgement of these Terms and Conditions of same price or prices for a given lot, the bid first received by the auctioneer shall
Auction; the same applies to the submission of an offer in writing. be given the award. Unlimited bids shall not oblige the auctioneer to consider,
accept or carry out such order. Telephone bidding is generally an option for lots
The hammer-price is exclusive of applicable German VAT according to the pre- of substantial value only. The registration is required at the latest a day before
vailing VAT – legislation and represents the basis for calculating the surcharge auction.
of 15 percent payable by the puchaser. The total price so calculated (hammer-
price plus surcharge) is subject to the VAT (value added tax=Mehrwertsteuer), Shipment (by mail or otherwise) of the goods shall be for the sole cost and risk
which is payabel additionally. of the purchaser or receipient, resp. The auctioned goods remain the sole and
exclusiv property of the vendor until full payment and settlement of any and all
Purchasers from abroad will be charged a surcharge of 15 per cent net on the dues and claims in connection with the auction. In the event the purchaser is a
hammer-price, provided the export of the coins is undertaken by the auctioneer. merchant (in the sense of the German commercial laws) Osnabrück shall be the
Buyers in European Community (EEC) countries (other than Germany) will be agreed and exclusive place of jurisdiction. The competence of the District Court
charged Value Added Tax at the rates prevailing in Germany. (Amtsgericht) of Osnabrück is agreed in respect of summary proceedings for the
collection of defaulted payments (Mahnverfahren) as well as in any and all other
Dealers from EEC countries (other than Germany) will receive goods free of tax cases. Should the purchaser not be a merchant Osnabrück shall be the place of
upon presentation of their VAT I.D. number, and upon fulfillment of the other jurisdiction with the District Court of Osnabrück’s competence, if only the
conditions set forth in Paragraph 4, Nr. 1 b, and Paragraph 6 a of the auctioneer has his ordinary legal domicil in the Federal Republic of Germany or
GermanTurnover Tax Law Buyers from other countries are not charged Value if claims are made by way of summary proceedings of collection (Mahn-
Added Tax. Delivery will be made against payment in Euro with no bank verfahren) or if the defendant has moved his ordinary legal domicil outside the
charges to the auctioneer. jurisdiction of the Federal Republik of Germany or if the legal domicil of the
defendant is unknown to the auctioneer at the time of filing a suit. To the exclu-
Unless mutually agreed otherwise, payment of the auction bill from purchasers sion of any other legislation German law, as in force at the time, shall be
present at the auction is due immediately. From purchaser who have submitted a applied for the settlement of any and all legal or judicial matters.
bid in writing, payment is due within 20 days after receipt of the goods.
Defaulted payments shall bear an interest charge of 1 % per month in the amount The specifications and descriptions in the catalogue have been prepared
in default. diligently and in good faith do, however, not constitute the acceptance by
the auctioneer of any warranty or liability in respect of defect in material or
Should payment to the auctioneer not be made immediately or should the accep- title. The state of preservation of items is strictly assessed in accordance
tance of the awarded item be refused, such item shall not be handed overt to the with the grades accepted by the German coin trade and only represents an
purchaser. Instead the purchaser shall forfeit all right and title in and to such item individual and personal assessment. Purchasers present at the auction
from the award and the item may again be put to auction at this buyer’s cost. In acquire items strictly on the basis of “as is where is” and “as inspected”.
this event the buyer shall be liable for any shortfall, while he shall have no right
or claim towards any excess proceeds. In view of the opportunity of prior inspection to ascertain the state and condition
of the auction lots, complaints and objections made after the sale will only be
An item will be knocked down after the highest bid has been called three times. considered, if by obvious error or mistake loop or traces or moutings, traces of
The award shall be a binding commitment and liability on the part of the bidder trimmings or settings, or the plugging of a hole (eyelet) have remained
to take acceptance and delivery of the item or items so awarded. In the event of unnoticed. If and when auctioned in lots, the quantities of individual pieces
any dispute with regard to the award the lot will be put up again for bidding. The given, only represent an approximate figure. An error in the allocation of
auctioneer reserves the right to combine or to seperate lots. Lots will not be indivdual pieces to a certain lot cannot be excluded. Such lots are, therefore,
called out of sequence. Access to the auction will only be permitted to interested excluded from any complaintes or objections after the lot is knocked down. In
persons who are in possession of the catalogue. the event of disputes or complaints as to the quality of an item the auctioneer
may call upon a gernerally sworn expert of the trade, which the auctioneer may
The minimum rates of increase for the bidding procedure are: choose at his sole discretin, for assessment an the rendering of a decision as to
the justification of such dispute or complaint. The costs of such expert shall be
for minimum offers minimum increase rate borne by the party loosing the dispute according to the expert’s decision.
Complaints or objections, if justified, will only be considered if made and
up to 100,-- 5,-- received by the auctioneer within 8 days after the auction or after receipt the lots,
respectively.
up to 200,-- 10,--
The authenticity of the coins is warranted. Warranted up to the total
up to 500,-- 20,-- purchase price. The prices set out in the catalogue are estimates only,
which may bei exceeded or undercut. Orders for less than 80 per cent of the
estimated price cannot accepted.
up to 1.000,-- 50,--
Purchasers from abroad will have to observe all applicable laws and regulations
up to 2.000,-- 100,-- in respect of foreign exchange, customs duties and taxation of their country.
The auctioneer will only discharge such formalities, which have to be observed,
up to 5.000,-- 200,-- in the Federal Republic of Germany in connection with the export of the
purchased item(s).
up to 10.000,-- 500,--
Unless stipulated otherwise herein, the general rules regulations for auctions
up to 20.000,-- 1.000,-- applicable in Germany shall govern any transaction in respect of the auction;
German Law shall also be applicable in relation to purchasers form abroad.
up to 50.000,-- 2.000,-- Only the German text has legal forde.
above 50.000,-- 5.000,-- The prices realized will be published in the form of a list immediately after the
auction.
THE AUCTIONEERS: FRITZ RUDOLF KÜNKER

DR. ANDREAS KAISER
ARNE KIRSCH
OLIVER KÖPP
IMPRESSUM
NUMISMATISCHE Alexandra Spreu, Dr. Sebastian Steinbach, Jens Ulrich
BEARBEITUNG Thormann M. A., Manuela Weiß
FOTOS Lübke & Wiedemann, Stuttgart
LAYOUT danner pc - gesteuerte systeme waiblingen
DRUCK media-print, Paderborn
Jeglicher Nachdruck, auch auszugsweise,
bedarf der Genehmigung des Auktionshauses
ZAHLUNGEN AUS DEM INLAND

Deutsche Bank Osnabrück (BLZ 265 700 90) Konto-Nummer 0 177 006
Dresdner Bank Osnabrück (BLZ 265 800 70) Konto-Nummer 780 520 200
Sparkasse Osnabrück (BLZ 265 501 05) Konto-Nummer 247 320
Volksbank eG (BLZ 265 624 90) Konto-Nummer 1 200 222 400
Bad Laer-Borgloh-Hilter-Melle
Bankhaus Lampe KG, Bielefeld (BLZ 480 201 51) Konto-Nummer 174 076
Postbank Hannover (BLZ 250 100 30) Konto-Nummer 2900 60-308
HypoVereinsbank München (BLZ 700 202 70) Konto-Nummer 24 17 952
WestLB Dortmund (BLZ 440 500 00) Konto-Nummer 1128 842
Paypal paypal@kuenker.de, Service charge: 3,5 %
ZAHLUNGEN AUS DEM AUSLAND - FOREIGN PAYMENTS

Deutsche Bank Osnabrück IBAN: DE11 2657 0090 0017 7006 00
Swift-Code: DEUTDE3B265
Sparkasse Osnabrück IBAN: DE50 2655 0105 0000 2473 20
Swift-Code: NOLADE22XXX
Postbank Hannover IBAN: DE73 2501 0030 0290 0603 08
Swift-Code: PBNKDEFF
Credit Suisse-5288 IBAN: CH88 0483 5013 5494 4200 1
Swift-Code: CRESCHZZ81Z
Credit Cards We do accept VISA and MASTERCARD,
Service charge: 4,5 %
Paypal paypal@kuenker.de, Service charge: 3,5 %
ERHALTUNGS- UND SELTENHEITSGRADE

ERHALTUNGSGRADE/ Polierte Platte Flan bruni
GRADING TERMS Proof Fondo specchio
DEGRÉS DE CONSERVATION
GRADI DI CONSERVAZIONE Stempelglanz Fleur de coin
Uncirculated Fior di conio
Vorzüglich Superbe
Extremely fine Splendido
Sehr schön Très beau

Very fine Bellissimo
Schön Beau
Fine Molto Bello
Gering erhalten Très bien conservé

Very good Bello
SELTENHEITSGRADE R = Selten RR = Sehr selten

Von großer Seltenheit Von größter Seltenheit

The de Wit Collection of Medieval Coins

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137.

THE DE WIT COLLECTION

11. März 2008

ZEITPLAN AUKTIONEN 136 - 139

Detaillierter Zeitplan siehe Seite 5 Detailed timetable view page 5

Horaire détaillé voir page 5 Calendario dettagliato veda pagina 5

Ihr Fritz Rudolf Künker

UNSERE ADRESSE Fritz Rudolf Künker GmbH & Co. KG

WWW.KUENKER.DE Auf unserer Internetseite haben Sie die Möglichkeit

AUKTIONSHOTEL Steigenberger Hotel Remarque, Natruper-Tor-Wall 1,

WIR FREUEN UNS AUF IHRE AUKTIONSGEBOTE UND EINLIEFERUNGEN!

Ulrich Künker Gisela Thomas Alexandra Elflein

Marion Künker Sonia Russo Barbara Westmeyer

Bettina Schweitzer Anastasija Koepsell Nadine Zuber

SO ERREICHEN SIE UNS

WAS IST ZUR ERFOLGREICHEN AUKTIONSTEILNAHME BESONDERS WICHTIG?

RENSEIGNEMENTS IMPORTANTS INFORMAZIONI PER I

AUKTION 136 Montag, den 10. März 2008

AUKTION 137 Dienstag, den 11. März 2008

ITALIEN UND VATIKAN Mittwoch, den 12. März 2008

AUKTION 139 Donnerstag, den 13. März 2008

DEUTSCHE MÜNZEN AB 1871 Freitag, den 14. März 2008

EXPOSICIÓN ПРОСМОТР АУКЦИОННЫХ

INFORMATIONS POUR LA INFORMAZIONI PER LA

INFORMACIONES DE COMO ВАЖНАЯ ИНФОРМАЦИЯ ДЛЯ

Rotterdam, December 2007

Fritz Rudolf Künker Arne Kirsch Dr. Sebastian Steinbach

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