$11$/(6
81,9(56,7$7,60$5,$(&85,(6.à2'2:6.$
/8%/,1±32/21,$
92//;,; 6(&7,2%
=DNáDG*HRJUD¿L$SOLNDF\MQHML.DUWRJUD¿L/ZRZVNLHJR8QLZHUV\WHWX1DURGRZHJR
LP,ZDQD)UDQNL/ZyZ
=DNáDG*HRJUD¿L6SRáHF]QR(NRQRPLF]QHM80&6/XEOLQ
0<526à$:$3(75296.$:,.725,$3$17</(-
3R]LRPĪ\FLDOXGQRĞFLREZRGXOZRZVNLHJRQD8NUDLQLH
GLDJQR]DVWDQX
/LIH/HYHORIWKH3RSXODWLRQLQ/YLY5HJLRQ8NUDLQH
'LDJQRVLVRIWKH3UHVHQW6LWXDWLRQ
XPFVJHR
6áRZD NOXF]RZH SR]LRP Ī\FLD OXGQRĞFL ĞUHGQLH PLHVLĊF]QH Z\QDJURG]HQLH EUXWWR ZVSyá
F]\QQLNXURG]HĔZVSyáF]\QQLN]JRQyZSR]LRPEH]URERFLDZDUXQNLPLHV]NDQLRZHSR]LRP]D
QLHF]\V]F]HQLDSRZLHWU]DDWPRVIHU\F]QHJR
.H\ZRUGVOLIHOHYHODYHUDJHPRQWKO\VDODU\ELUWKUDWHGHDWKUDWHXQHPSOR\PHQWUDWHKR
XVLQJFRQGLWLRQVDLUSROOXWLRQ
:352:$'=(1,(
3R]LRPĪ\FLDOXGQRĞFLWRNDWHJRULDVSRáHF]QRHNRQRPLF]QDRG]ZLHUFLHGOD
MąFD VWRSLHĔ UR]ZRMX L ]DGRZROHQLD ] UHDOL]DFML ¿]\F]Q\FK SV\FKRORJLF]Q\FK
LVSRáHF]Q\FKSRWU]HEOXGQRĞFLDWDNĪHZDUXQNLVSRáHF]HĔVWZDGRUR]ZRMXL]D
VSRNRMHQLDW\FKSRWU]HE7UHĞüWHJRSRMĊFLDLQIRUPXMHRGRFKRGDFKNRQVXPSFML
]DWUXGQLHQLXZDUXQNDFKSUDF\VWDQLH]GURZLDOXGQRĞFLGáXJRĞFLĪ\FLDHGXNDFML
UR]ZRMX NXOWXURZ\P SUDZDFK VSRáHF]Q\FK L LQQ\FK .RQFHSFMD MDNRĞFL Ī\FLD
RG]ZLHUFLHGOD]NROHLRJyOQ\GREURE\WVSRáHF]HĔVWZDLáąF]\ZVRELHWDNLHNDWH
JRULHMDN]DGRZROHQLH]Ī\FLDVZRERGDZ\ERUXEH]SLHF]HĔVWZRVWDQĞURGRZL
VNDSU]\URGQLF]HJR3R]LRPĪ\FLDOXGQRĞFL]DOHĪ\RGF]\QQLNyZPDNURHNRQR
PLF]Q\FKLWU\EXĪ\FLD:W\PNRQWHNĞFLHSU]HGPLRWHPDQDOL]\F]\QQLNRZHMMHVW
ZSá\Z ZDUXQNyZ HNRQRPLF]Q\FK VSRáHF]Q\FK NXOWXURZ\FK LQQRZDF\MQ\FK
HNRORJLF]Q\FKLLQQ\FKQDSR]LRPĪ\FLDOXGQRĞFL
1DZVSyáF]HVQ\PHWDSLHUR]ZRMX8NUDLQ\MHGQR]QDMZDĪQLHMV]\FKPLHMVF
]DMPXMH NZHVWLD SROHSV]HQLD GREURE\WX RUD] SR]LRPX Ī\FLD OXGQRĞFL $QDOL]D
SR]LRPXĪ\FLDOXGQRĞFLNRQNUHWQHJRUHJLRQXMHVWZDĪQ\PHWDSHPDQDOL]\UHJLR
QDOQHM SU]\ GHOLPLWDFML RUD] SURJQR]RZDQLX UR]ZRMX REV]DUyZ ] QDSLĊWą V\WX
DFMąVSRáHF]Qą7DNLHMRFHQ\PRĪQDGRNRQDüQDSRGVWDZLHDQDOL]\SRUyZQDZF]HM
]XĞUHGQLRQ\PLZVNDĨQLNDPLZSDĔVWZLHZVNDĨQLNDPLGODLQQ\FKUHJLRQyZRUD]
ZVNDĨQLNDPLQRUPDW\ZQ\PL
3U]\JUDQLF]Q\REZyGOZRZVNLFHFKXMHMHGHQ]QDMZ\ĪV]\FKQD8NUDLQLHSR
]LRPyZĪ\FLDLZĞODG]DW\PLG]LHRGSRZLHGQLDMHJRMDNRĞü.XVKQDUMRY
5LYHQ¶å\WWMDQDVHOHQQMD.LSWDþ3DQW\OHM9DWþHQNR3H
WURYVND6RFLDOQLLQG\NDWRU\:HGáXJZVNDĨQLNDUR]ZRMXVSRáHF]
QHJR]DMPXMHRQPLHMVFHZĞUyGLQQ\FKREZRGyZ8NUDLQ\WXĪSRZVFKRGQLP
REZRG]LHFKDUNRZVNLPDWDNĪH]DFKRGQLFKREZRGDFK]DNDUSDFNLPLF]HUQLR
ZLHFNLP1DMZDĪQLHMV]\PLFHODPLQDV]HJRRSUDFRZDQLDMHVWDQDOL]DZHZQąWU]UH
JLRQDOQ\FKUyĪQLFZSR]LRPLHĪ\FLDOXGQRĞFLREZRGXOZRZVNLHJRQDSRGVWDZLH
ZVNDĨQLNyZHNRORJLF]Q\FKGHPRJUD¿F]Q\FK]GURZRWQ\FKLVSRáHF]Q\FKDWDN
ĪHSU]HSURZDG]HQLHNODV\¿NDFMLMHGQRVWHNDGPLQLVWUDF\MQ\FKREZRGXOZRZVNLH
JRZJSR]LRPXZDUXQNyZĪ\FLDOXGQRĞFLQDSRGVWDZLHSRUyZQDQLD]XĞUHGQLRQ\
PLZVNDĨQLNDPLQD8NUDLQLHRUD]QDSRGVWDZLHVXPDU\F]QHMRFHQ\ZVNDĨQLNyZ
VW\PXODQWLGHVW\PXODQW2ELHNWHPQDV]\FKEDGDĔVąMHGQRVWNLDGPLQLVWUDF\MQH
,, V]F]HEOD DGPLQLVWUDF\MQHJR ± UHMRQyZ REZRGX OZRZVNLHJR RUD] PLDVWR
/ZyZ0LDVWDSRGSRU]ąGNRZDQLDREZRGRZHJR]RVWDá\Z\áąF]RQH]QDV]HMDQD
OL]\ ] SRZRGX EUDNX NRPSOHWQ\FK GDQ\FK VWDW\VW\F]Q\FK RG]ZLHUFLHGODMąF\FK
SR]LRPĪ\FLDOXGQRĞFL&]DVRZ\]DNUHVEDGDĔRJUDQLF]\áVLĊGRURNX
32=,20ĩ<&,$/8'12ĝ&,,32-ĉ&,$32.5(:1(
$63(.77(25(7<&=1<
:HZVSyáF]HVQHMOLWHUDWXU]HSU]HGPLRWXLVWQLHMHEUDNMHGQR]QDF]QHJRWUDNWR
ZDQLDSRMĊüMDNRĞFLSR]LRPXĪ\FLDDWDNĪH]ZLą]DQ\FK]QLPLSRMĊüSRNUHZQ\FK
±ZDUXQNyZLVW\OXĪ\FLDZ\QLNDWRJáyZQLH]WUXGQRĞFLZLFKLORĞFLRZ\PSU]HG
VWDZLHQLX'RĞüF]ĊVWRGZDSLHUZV]HSRMĊFLDVąXĪ\ZDQH]DPLHQQLHFKRFLDĪWD
NLHLFKWUDNWRZDQLHMHVWEáĊGQH=ERURZVNL
:LĊNV]RĞüGH¿QLFMLRNUHĞODSR]LRPĪ\FLDMDNRRVLąJQLĊW\SR]LRP]DVSRNR
MHQLDSRWU]HEOXGQRĞFL/XV]QLHZLF]6áDE\/LV]HZVNL]NROHL
MDNRĞü Ī\FLD UR]XPLDQD MHVW MDNR VWDQ HPRFMRQDOQ\ Z\ZRáDQ\ ]DVSRNRMHQLHP
SRWU]HE %\ZDOHF : OLWHUDWXU]H SU]HGPLRWX QLHU]DGNR SRGHMPRZDQH Vą
SUyE\]GH¿QLRZDQLDSR]LRPXLMDNRĞFLĪ\FLDSU]H]NDWHJRULĊZDUXQNyZE\WXOXG
QRĞFL0DUF]\ĔVND:LWF]DN0LFKDOVNLRUD]GREURE\WVSRáHF]Q\1DUQLH
ZLF]:WDNLPXMĊFLXSR]LRPĪ\FLDOXGQRĞFLMHVWPRĪOLZąGRLGHQW\¿NDFML
LPLHU]DOQąF]ĊĞFLąZDUXQNyZE\WXNWyUąRNUHĞODVWRSLHĔ]DVSRNRMHQLDSRWU]HE
PDWHULDOQ\FKLQLHPDWHULDOQ\FKOXGQRĞFLSU]H]VWUXPLHĔGyEULXVáXJSáDWQ\FKRUD]
SU]H]IXQGXV]NRQVXPSFML]ELRURZHMZGDQ\PF]DVLHLSU]HVWU]HQL0DUF]\ĔVND
:LWF]DN0LFKDOVNL
0<526à$:$3(75296.$:,.725,$3$17</(-
:HZVSyáF]HVQ\FKEDGDQLDFKQDXNRZ\FKSRMĊFLHÄSR]LRPĪ\FLDOXGQRĞFL´
REHMPXMHNOXF]RZHDVSHNW\GREURE\WOXGQRĞFLQDJURPDG]HQLHNDSLWDáXOXG]
NLHJRLSR]LRPUR]ZRMXVSRáHF]QHJR'ąEURZD'REURE\WOXGQRĞFLWRDE
VROXWQ\LZ]JOĊGQ\SR]LRP]DVSRNRMHQLDSRWU]HEOXGQRĞFLURG]LQPDWHULDOQ\PL
LQLHPDWHULDOQ\PLGREUDPLZSRUyZQDQLX]HVWDQGDUGDPLLQRUPDPLSU]\MĊW\PL
Z VSRáHF]HĔVWZLH SR]LRP GRFKRGyZ QD RVREĊ Z JRVSRGDUVWZLH GRPRZ\P
VSRĪ\FLH L ]DEH]SLHF]HQLH JRVSRGDUVWZ GRPRZ\FK Z ]DVRE\ PDWHULDOQRWHFK
QLF]QH SR]LRP ]UyĪQLFRZDQLD OXGQRĞFL ZJ GRFKRGyZ L NRQVXPSFML PLQLPLP
VRFMDOQHZ]JOĊGQ\LEH]Z]JOĊGQ\SR]LRPXEyVWZD:áąF]HQLHGRNDWHJRULLÄSR
]LRPĪ\FLDOXGQRĞFL´RSUyF]GREURE\WXNDSLWDáXVSRáHF]QHJRRUD]SR]LRPXUR]
ZRMXVSRáHF]QHJRSR]ZDODQD]ZUyFHQLHXZDJLQDWDNLHZDĪQHDVSHNW\G]LDáDO
QRĞFLOXG]NLHMMDNVWDQ]GURZLDOXGQRĞFLMHJRHGXNDF\MQ\]DZRGRZ\NXOWXURZ\
SRWHQFMDá]HNRQRPLF]QHJRSXQNWXZLG]HQLDF]\OLRGVWURQ\]GROQRĞFLOXGQRĞFL
GRRGWZRU]HQLDNDSLWDáXVSRáHF]QHJR
-DNRĞüĪ\FLD]NROHLMHVWNDWHJRULąLQWHJUDOQąREHMPXMąFąV\QWH]ĊLQQ\FKSR
MĊüWDNLFKMDNSR]LRPĪ\FLDVWDQGDUGĪ\FLDRUD]VW\OĪ\FLD7U]HELDWRZVNL
0$GDPLHFL.3RSLRáHNVXZDĪDMąĪHÄMDNRĞüĪ\FLDMHVWSRMĊFLHP
L ]MDZLVNLHP ZLHORZ\PLDURZ\P REFLąĪRQ\P HPRFMRQDOQLH R FKDUDNWHU]H QD
U]ĊG]LDLGHRORJLF]QHJRSRMĊFLHPHZDOXDW\ZQ\PQLHPRĪOLZ\PGRMHGQR]QDF]
QHJRXMĊFLDXZLNáDQ\PZNRQWHNVW\SROLW\F]QHLNXOWXURZH´-HVWWRW]ZV]HURNLH
XMĊFLH NDWHJRULL MDNRĞFL Ī\FLD .L]LP *RUEDWRY : WDNLP XMĊFLX MDNRĞü
Ī\FLDWRNDWHJRULDVSRáHF]QRHNRQRPLF]QDXRJyOQLDMąFDSRMĊFLHSR]LRPXĪ\FLD
áąF]\RQDZVRELHQLHW\ONRSR]LRPVSRĪ\FLDPDWHULDOQ\FKGyEULXVáXJDOHWDNĪH
]DVSRNRMHQLH SRWU]HE GXFKRZ\FK ]GURZLH GáXJRĞü Ī\FLD ZDUXQNL ĞURGRZLVND
SU]\URGQLF]HJRRUD]VSRáHF]QHJR:XMĊFLXZąVNLPMDNRĞüĪ\FLDOXGQRĞFLáąF]\
ZVRELHZ\ĪHMZ\PLHQLRQHHOHPHQW\Z\áąF]DMąFSR]LRPĪ\FLDOXGQRĞFLZMHJR
XMĊFLXHNRQRPLF]Q\PGRFKRG\Z\GDWNLZ\VRNRĞüVSRĪ\FLDLWG:LQWHUHVX
MąF\ VSRVyE XMĊáD SRMĊFLH MDNRĞFL Ī\FLD : 6ĊN V ± MDNR Ä]HVSyá
ZDUXQNyZĪ\FLDF]áRZLHNDRELHNW\ZQHDWU\EXW\ĞZLDWDSU]\URG\SU]HGPLRWyZ
L NXOWXU\ RUD] RELHNW\ZQLH RFHQLDQH DWU\EXW\ F]áRZLHND ]ZLą]DQH ] SR]LRPHP
Ī\FLD L SR]\FMą VSRáHF]Qą´ :ĞUyG RELHNW\ZQ\FK Z\]QDF]QLNyZ MDNRĞFL Ī\FLD
ÄPLHĞFLVLĊWDNĪHVWUXNWXUDRUJDQL]PXF]áRZLHNDLSR]LRPIXQNFMRQRZDQLDMHJR
XNáDGyZELRORJLF]Q\FKF]\OL]GURZLH´
5HDVXPXMąFSRJOąG\EDGDF]\±VSHFMDOLVWyZZW\P]DNUHVLHQDOHĪ\]D]QD
F]\üĪHMDNRĞüĪ\FLDRFHQLDVLĊJáyZQLH]DSRPRFąPLHUQLNyZVXELHNW\ZQ\FK
F]\OL Z\QLNDMąF\FK ] EDGDĔ VRFMRORJLF]Q\FK GRW\F]ąF\FK VDW\VIDNFML ] Ī\FLD
]ZáDVQHMV\WXDFMLPDWHULDOQHM]ZáDVQHJR]GURZLDSRGF]DVJG\SR]LRPĪ\FLD
RFHQLDVLĊ]DSRPRFąPLHUQLNyZRELHNW\ZQ\FKLORĞFLRZ\FKLZDUWRĞFLRZ\FK
QSSR]LRPLVWUXNWXUDGRFKRGyZZ\GDWNyZNRQVXPSFML
3R]LRP UR]ZRMX VSRáHF]QHJR FKDUDNWHU\]XMH ] NROHL PRĪOLZRĞFL UHDOL]DFML
F]áRZLHNDMDNRMHGQRVWNLLQG\ZLGXDOQHMLMDNRF]áRQNDGDQHMVSRáHF]QRĞFL.D
32=,20ĩ<&,$/8'12ĝ&,2%:2'8/:2:6.,(*21$8.5$,1,(',$*12=$67$18
WHJRULDWD]DZLHUDWDNLHNRPSRQHQW\MDNMDNRĞüĪ\FLDOXGQRĞFLGHPRJUD¿F]QH
HNRORJLF]QHLLQWHOHNWXDOQHZDUXQNLOXG]NLHJRLVWQLHQLDLUHDOL]DFMLRUD]DVSHNW
VSRáHF]QHMLQWHJUDFMLOXG]LSDUW\F\SDFMDZSURFHVDFKGHPRNUDW\F]Q\FK]DU]ą
G]DQLXLLQQH
7UXGQ\P GR UR]ZLą]DQLD SUREOHPHP PHWRGRORJLF]Q\P MHVW SRV]XNLZDQLH
PLHUQLNyZSR]LRPXLMDNRĞFLĪ\FLD]ZáDV]F]DQDSR]LRPLHUHJLRQDOQ\PLORNDO
Q\P6SRĞUyGR¿FMDOQLHSU]\MĊW\FKSU]H]3DĔVWZRZą6áXĪEĊ6WDW\VW\NL8NUDLQ\
PHWRG\NEDGDQLDSR]LRPXĪ\FLDOXGQRĞFLQDMEDUG]LHM]QDQDMHVWPHWRG\NDSRGDQD
ZURF]QLNDFKVWDW\VW\F]Q\FK6RFLDO¶QLLQG\NDWRU\ULYQMDå\WWMDQDVHOHQQMD0HWR
G\NDWDSU]HZLGXMHSRG]LDáVSRáHF]Q\FKZVNDĨQLNyZPLHUQLNyZSR]LRPXĪ\FLD
OXGQRĞFLQDQDVWĊSXMąFHJUXS\
ZVNDĨQLNLPLNURHNRQRPLF]QH
ZVNDĨQLNLPDNURHNRQRPLF]QH
RFKURQD]GURZLDLEH]SLHF]HĔVWZRQDURGRZH
HGXNDFMD
]DWUXGQLHQLH
PDWHULDOQ\VWDQSRVLDGDQLD
SR]LRPLVWUXNWXUDNRQVXPSFMLRVRELVWHM
ZDUXQNLPLHV]NDQLRZH
RSLHNDQDGHPHU\WDPL
ZVNDĨQLNLQDSLĊFLDVSRáHF]QHJR
3R]LRP L MDNRĞü Ī\FLD OXGQRĞFL FKDUDNWHU\]XMH VLĊ ]D SRPRFą LQWHJUDOQH
JR VXPDU\F]QHJR ZVNDĨQLND UR]ZRMX VSRáHF]QHJR RUD] G]LHZLĊFLX ZVNDĨQL
NyZ F]ąVWNRZ\FK NWyUH RG]ZLHUFLHGODMą MHJR SRV]F]HJyOQH DVSHNW\ WDNLH MDN
GHPRJUD¿F]Q\ UR]ZyM UHJLRQyZ UR]ZyM UHJLRQDOQ\FK U\QNyZ SUDF\ GREURE\W
PDWHULDOQ\ZDUXQNLĪ\FLDOXGQRĞFLVWDQLRFKURQD]GURZLDOXGQRĞFLĞURGRZLVNR
VSRáHF]QHSR]LRPHGXNDFMLVSRáHF]HĔVWZDV\WXDFMDHNRQRPLF]QD¿QDQVRZDQLH
UR]ZRMX VSRáHF]QHJR 6RFLDO¶QL LQG\NDWRU\ /XGV¶N\M UR]Y\WRN
:HGáXJ920DQG\EXU\GODRFHQ\SR]LRPXĪ\FLDOXGQRĞFLZ\NR
U]\VWXMHVLĊSLĊüJUXSPLHUQLNyZ
VXPDU\F]QHQS3.%QDRVREĊSU]HFLĊWQHPLHVLĊF]QHZ\QDJURG]HQLH
EUXWWR
NRQVXPSFMD GyEU PDWHULDOQ\FK XVáXJ NXOWXUDOQ\FK L NRPXQDOQ\FK QS
REMĊWRĞü RUD] VWUXNWXUD NRQVXPSFML MDNRĞü ZDUXQNyZ PLHV]NDQLRZ\FK L XVáXJ
NRPXQDOQ\FK
EH]SLHF]HĔVWZRRVyESUDFXMąF\FKQSSR]LRP]DWUXGQLHQLDVWDQRFKURQ\
LEH]SLHF]HĔVWZDZSUDF\
VWDQ]DVSRNRMHQLDSRWU]HEOXGQRĞFLZVIHU]HUR]ZRMX¿]\F]QHJRGXFKR
ZHJRLVSRáHF]QHJRQSVWDQ]GURZLDOXGQRĞFLĞUHGQLDGáXJRĞüĪ\FLD
SR]LRPLVWQLHMąF\FKJZDUDQFMLVSRáHF]QRSUDZQ\FKNWyUHSRVLDGDVSRáH
F]HĔVWZRGDQHJRNUDMX]DEH]SLHF]HQLHVZRERG\SROLW\F]QHMRE\ZDWHOL
0<526à$:$3(75296.$:,.725,$3$17</(-
: F]HUZFX URNX ZHV]áD Z Ī\FLH QRZD PHWRG\ND REOLF]DQLD ZVNDĨ
QLND UR]ZRMX VSRáHF]QHJR QD 8NUDLQLH =RVWDáD RQD ]DWZLHUG]RQD SU]H] 1DUR
GRZą$NDGHPLĊ1DXN8NUDLQ\RUD]3DĔVWZRZą6áXĪEą6WDW\VW\NL8NUDLQ\'R
PLHUQLND UR]ZRMX VSRáHF]QHJR ZHV]á\ ZVNDĨQLNL ]JUXSRZDQH Z EORNDFK
WHPDW\F]Q\FK ZHGáXJ SRGVWDZRZ\FK DVSHNWyZ UR]ZRMX VSRáHF]QHJR UR]ZyM
GHPRJUD¿F]Q\ ĞURGRZLVNR VSRáHF]QH NRPIRUW Ī\FLD GREURE\W JRGQD SUD
FD HGXNDFMD 0LHUQLN UR]ZRMX VSRáHF]QHJR SR]ZDOD QD VNRQVWUXRZDQLH MHGQHM
VNDOLUDQNLQJX ZV]\VWNLFK MHGQRVWHN DGPLQLVWUDF\MQ\FK , V]F]HEOD QD 8NUDLQLH
:\OLF]HQLD PLHUQLND UR]ZRMX VSRáHF]QHJR ]DF]\QDMąF RG URNX Vą SU]H
SURZDG]DQHZXMĊFLXREZRGRZ\PRUD]5$.U\P0LDVWD.LMyZL6HZDVWRSRO
QLHVąZ\G]LHORQHMDNRRGUĊEQHMHGQRVWNLDGPLQLVWUDF\MQHZSU]HFLZLHĔVWZLHGR
VWDW\VW\N]SRSU]HGQLFKODW
:ĞUyGEDGDF]\QDGDOWRF]\VLĊG\VNXVMDQDWHPDWUR]JUDQLF]HQLDSRMĊüÄMD
NRĞüĪ\FLD´LÄSR]LRPĪ\FLD´NRQVWUXRZDQLDMHGQHJRNU\WHULXPRFHQ\SR]LRPX
L MDNRĞFL Ī\FLD GRERUX ]PLHQQ\FK RG]ZLHUFLHGODMąF\FK MHJR SR]LRP D WDNĪH
RSUDFRZDQLDVXPDU\F]QHMRFHQ\MDNRĞFLĪ\FLD
32=,20ĩ<&,$/8'12ĝ&,2%:2'8/:2:6.,(*2
8-ĉ&,(67$7<67<&=1(
2EZyGOZRZVNLFHFKXMHVLĊNRU]\VWQąV\WXDFMąHNRORJLF]QąLPHG\F]QRGH
PRJUD¿F]Qą Z VWRVXQNX GR UHV]W\ REZRGyZ 8NUDLQ\ $QDOL] VDQLWDUQRHSLGH
PLRORJLþQRMLV\WXDFLML'RYNLOOMD/YLYãþ\Q\MHGQDNSR]LRP]DPRĪ
QRĞFL VSRáHF]HĔVWZD PRĪQD X]QDü ]D QLHVSU]\MDMąF\ 3DQW\OHM *XNDORYD
3U]\MU]\P\VLĊV]F]HJyáRZRZHZQąWU]UHJLRQDOQ\PUyĪQLFRPZREZRG]LH
OZRZVNLPZ]DNUHVLHV\WXDFMLHNRORJLF]QHM]GURZRWQRGHPRJUD¿F]QHMRUD]VSR
áHF]QRHNRQRPLF]QHM
:URNXHPLVMDVXEVWDQFML]DQLHF]\V]F]DMąF\FKSRZLHWU]HDWPRVIHU\F]
QH Z REZRG]LH OZRZVNLP Z\QRVLáD W\V WRQ Z W\P ]H ĨUyGHá VWDFMRQDU
Q\FK±D]QLHVWDFMRQDUQ\FK±W\VWRQ1DMZLĊNV]\XG]LDáZ]DQLH
F]\V]F]HQLXSRZLHWU]DDWPRVIHU\F]QHJRSU]\SDGDQDSU]HGVLĊELRUVWZD]UHMRQyZ
NDPMDQNREXVNLHJRVRNDOVNLHJRVWU\MVNLHJRLSHUHP\V]ODĔVNLHJRDWDNĪHPLDVW
/ZRZD 'URKRE\F]D L &]HUZRQRJUDGX 1DMZLĊFHM V]NRGOLZ\FK VXEVWDQFML
RGQRWRZDQRSU]\GURJDFKUHMRQyZĪyáNLHZVNLHJRSXVWRP\FNLHJRRUD]MDZRURZ
VNLHJR
:VNDĨQLNQLHVWDUGDUGRZ\FKSUyEZRG\ZHGáXJZVNDĨQLNyZVDQLWDUQRFKH
PLF]Q\FKSREUDQ\FK]ZRGQ\FKĨUyGHáMHVWQDMZLĊNV]\ZUHMRQDFKĪ\GDF]HZ
VNLP GURKRE\FNLP NDPMDQNREXVNLP L VRNDOVNLP
SU]\ZDUWRĞFLĞUHGQLHJRZVNDĨQLNDGODREZRGXOZRZVNLHJR:H
GáXJZVNDĨQLNyZPLNURELRORJLF]\FKZQDMJRUV]HMV\WXDFML]QDMGXMąVLĊQDVWĊSX
32=,20ĩ<&,$/8'12ĝ&,2%:2'8/:2:6.,(*21$8.5$,1,(',$*12=$67$18
MąFHUHMRQ\REZRGXOZRZVNLHJRGURKRE\FNL±PRĞFLVNL±VDPERU
VNLLMDZRURZVNLSU]\ZDUWRĞFLĞUHGQLHJRZVNDĨQLNDGODREZRGX
:URNXQDREV]DU]HREZRGXOZRZVNLHJRRGQRWRZDQRWRQ
VNáDGRZDQ\FKQLHEH]SLHF]Q\FKRGSDGyZNODVQLHEH]SLHF]HĔVWZD,±,9SU]\W\P
QDMZLĊNV]\XG]LDáRGSDGyZWRRGSDG\,9NODV\QLHEH]SLHF]HĔVWZD1D
FDá\PEDGDQ\PREV]DU]HQDMZLĊNV]DLORĞüSU]HP\VáRZ\FKRGSDGyZNODVQLHEH]
SLHF]HĔVWZD,±,,,SU]\SDGDQDPLDVWR/ZyZRUD]'URKRE\F]
:JVWDQXQDURNZREZRG]LHOZRZVNLPIXQNFMRQRZDáRSROLJRQyZRGSD
GyZVWDá\FKRUD]QLHOHJDOQ\FKZ\V\SLVNRGSDGyZ2JyOQDSRZLHU]FKQLDSRG
Z\V\SLVNDĞPLHFLZEDGDQ\PREZRG]LHZ\QRVLáDKDZW\PSRGQLHOHJDOQH
±KDZV]\VWNLFKZ\V\SLVNĞPLHFL$QDOL]VDQLWDUQRHSLGHPLRORJLþQRML
V\WXDFLML
/LF]EDOXGQRĞFLREZRGXOZRZVNLHJRZJVWDQXQDVW\F]QLDURNXZ\QR
VLáDW\VRVyEFRVWDQRZLáRRJyOQHMOLF]E\OXGQRĞFL8NUDLQ\.LO¶NLVW¶
QDVHOHQQMD 1DMEDUG]LHM Ä]XUEDQL]RZDQH´ UHMRQ\ REZRGX OZRZVNLHJR
WRMDZRURZVNLEURGVNLRUD]Ī\GDF]RZVNL1DMZLĊFHM
OXGQRĞFLZLHMVNLHM]DPLHV]NXMH]NROHLQDVWĊSXMąFHUHMRQ\REZRGXOZRZVNLHJR
VWU\MVNLGURKRE\FNLLSXVWRP\FNL1DOHĪ\RGQRWRZDü
ĪHREZyGOZRZVNL]DMPXMHGUXJLHPLHMVFHQD8NUDLQLHSRGZ]JOĊGHPZVNDĨQLND
JĊVWRĞFL ]DOXGQLHQLD WXĪ SR REZRG]LH GRQLHFNLP 3U]HFLĊWQD JĊVWRĞü ]DOXGQLH
QLDVWDQRZLWXWDMRVyENPSRGF]DVJG\QD8NUDLQLHRGSRZLHGQLZVNDĨ
QLNZ\QRVL:XMĊFLXUHJLRQDOQ\PQDMZLĊNV]ąJHVWRĞFLą]DOXGQLHQLDFHFKX
Mą VLĊ QDVWĊSXMąFH UHMRQ\ REZRGX OZRZVNLHJR SXVWRP\FNL RVyENP
KRURGHFNLRUD]PLNRáDMHZVNL1DMU]DG]LHM]DVLHGORQHVąJyUVNLHUHMR
Q\REZRGXOZRZVNLHJRVNROVNLRVyENPWXUHFNLLUDG]LFKRZVNL-HGQ\P
]PLHUQLNyZNDSLWDáXOXG]NLHJRMHVWXG]LDáRVyEZZLHNXSURGXNF\MQ\PZRJyO
QHM OLF]ELH OXGQRĞFL 1DMOHSLHM SRG W\P Z]JOĊGHP Z\SDGá\ UHMRQ\ SXVWRP\FNL
OXGQRĞFLZZLHNXSURGXNF\MQ\PMDZRURZVNLDWDNĪHPLDVWR
/ZyZ
3U]HFLĊWQLH QD PLHV]NDĔFD SU]\SDGDáR Z URNX P SRZLHU]FK
QLXĪ\WNRZHMPLHV]NDĔQDREV]DUDFKPLHMVNLFKDQDREV]DUDFKZLHMVNLFK
FRMHVWZDUWRĞFLą]EOLĪRQąGRĞUHGQLHMZDUWRĞFLGODNUDMX:QDMOHSV]HMV\
WXDFMLZXMĊFLXSU]HVWU]HQQ\P]QDMGRZDá\VLĊUHMRQ\SXVWRP\FNLPKR
URGHFNL GURKRE\FNL RUD] SHUHP\ĞODĔVNL SRGF]DV JG\ Z UHMRQDFKĪyáNLHZVNLP
LMDZRURZVNLPRGSRZLHGQLHZVNDĨQLNLVLĊJDá\ZDUWRĞFL]DOHGZLH±P
-DNZLGDüZV]\VWNLHEDGDQHMHGQRVWNLDGPLQLVWUDF\MQHREZRGXOZRZVNLHJRGD
OHNLHVąRGQRUP\PHG\F]QR¿]MRORJLF]QHMZ\QRV]ąFHMPQDPLHV]NDĔFD
âHYþXN'XEDQHY\þ3U]\WDNLFKQRUPDFKF]áRZLHNQLHFKRUXMH]SRZRGX
EUDNXSU]HVWU]HQLĪ\FLRZHM
.ROHMQ\PZVNDĨQLNLHPRG]ZLHUFLHGODMąF\PSR]LRPĪ\FLDOXGQRĞFLMHVWZ\
VRNRĞüSU]HFLĊWQHJRPLHVLĊF]QHJRZ\QDJURG]HQLDEUXWWRDWDNĪHSU]HFLĊWQDZ\
0<526à$:$3(75296.$:,.725,$3$17</(-
VRNRĞüHPHU\WXU:URNXSU]HFLĊWQHPLHVLĊF]QHZ\QDJURG]HQLHEUXWWRGOD
OXGQRĞFLREZRGXOZRZVNLHJRZ\QRVLáRW\ONRKU\ZLHQ:XMĊFLXUHJLRQDO
Q\P RSUyF] PLDVW SRGSRU]ąGNRZDQLD REZRGRZHJR Z QDMOHSV]HM V\WXDFML MHVW
OXGQRĞüQDVWĊSXMąF\FKUHMRQyZVRNDOVNLHJRKU\ZLHQVWU\MVNLHJR RUD]NDPMDQNREXVNLHJR:JRUV]HMV\WXDFML]QDMGXMHVLĊOXGQRĞüZZLHNXHPH
U\WDOQ\PERZLHPSU]HFLĊWQ\PLHVLĊF]Q\SR]LRPHPHU\WXUVLĊJD]DOHGZLH
KU\ZQ\(PHU\WXUĊSRQLĪHMKU\ZLHQRWU]\PXMHOXGQRĞüUHMRQyZ]áRF]HZ
VNLHJRVDPERUVNLHJREXVNLHJRLMDZRURZVNLHJR
32=,20ĩ<&,$/8'12ĝ&,2%:2'8/:2:6.,(*2
35Ï%<./$6<),.$&,-
:FHOXSU]HSURZDG]HQLDRFHQ\MHGQRVWHNDGPLQLVWUDF\MQ\FKREZRGXOZRZ
VNLHJRZHGáXJZVNDĨQLNyZHNRORJLF]Q\FKZ\W\SRZDQRGRDQDOL]\QDVWĊSXMąFH
SDUDPHWU\
HPLVMDVXEVWDQFML]DQLHF]\V]F]DMąF\FKSRZLHWU]HDWPRVIHU\F]QHZSU]H
OLF]HQLXQDMHGQRVWNĊSRZLHU]FKQLWNP
XG]LDáZyG]DQLHF]\V]F]RQ\FKZRJyOQHMLORĞFLZyGRGSURZDG]RQ\FKGR
QDWXUDOQ\FKZyGSRZLHU]FKQLRZ\FK
]XĪ\FLHQDZR]yZPLQHUDOQ\FKQDKDXĪ\WNyZUROQ\FKNJKD
UR]PLDUSU]HP\VáRZ\FKWRNV\F]Q\FKRGSDGyZZVNáDGRZLVNDFKRUD]QD
REV]DUDFKSU]HGVLĊELRUVWZZSU]HOLF]HQLXQDNPSRZLHU]FKQL
'RRFHQ\PHG\F]QRGHPRJUD¿F]QHMEDGDQHJRREV]DUXSRVáXĪRQRVLĊQDVWĊ
SXMąF\PLSDUDPHWUDPL
ZVNDĨQLNRJyOQHMFKRURERZRĞFLOXGQRĞFLQDOXGQRĞFL
ZVNDĨQLNFKRURERZRĞFLQDVFKRU]HQLDHQGRNU\QRORJLF]QHQDOXGQR
ĞFL
ZVNDĨQLNFKRURERZRĞFLQDWDUF]\FĊQDW\VOXGQRĞFL
ZVNDĨQLNFKRURERZRĞFLQDQRZRWZRU\QDW\VOXGQRĞFL
ZVNDĨQLNFKRURERZRĞFLQDFKRURE\XNáDGXVHUFRZRQDF]\QLRZHJRQD
W\VOXGQRĞFL
ZVNDĨQLNFKRURERZRĞFLQDFKRURE\XNáDGXRGGHFKRZHJRQDW\VOXG
QRĞFL
ZVNDĨQLNFKRURERZRĞFLQDFKRURE\XNáDGXWUDZLHQQHJRQDW\VOXGQR
ĞFL
RJyOQDVWRSD]JRQyZQDW\VOXGQRĞFL
VWRSD]JRQyZZZ\QLNXFKRUyEXNáDGXNUąĪHQLDQDW\VOXGQRĞFL
VWRSD]JRQyZZZ\QLNXFKRUyEXNáDGXRGGHFKRZHJRQDW\VOXGQRĞFL
VWRSD]JRQyZZZ\QLNXQRZRWZRUyZ]áRĞOLZ\FKQDW\VOXGQRĞFL
VWRSD]JRQyZZZ\QLNXFKRUyEXNáDGXWUDZLHQQHJRQDW\VOXGQRĞFL
32=,20ĩ<&,$/8'12ĝ&,2%:2'8/:2:6.,(*21$8.5$,1,(',$*12=$67$18
:V]\VWNLHZVNDĨQLNLE\á\RFHQLDQH]DSRPRFąVWRSQLRZHMVNDOL:VNDĨ
QLNL HNRORJLF]QH RUD] PHG\F]QRGHPRJUD¿F]QH Z Z\QLNX RGSRZLHGQLFK SU]H
OLF]HĔ]RVWDá\GRSURZDG]RQHGRZDUWRĞFL'ODMHGQRVWHNDGPL
QLVWUDF\MQ\FK REZRGX OZRZVNLHJR Z\OLF]RQH ]RVWDá\ ZVNDĨQLNL VXPDU\F]QH
V\WXDFMLPHG\F]QRGHPRJUD¿F]QHMLHNRORJLF]QHM1DSRGVWDZLHZ\OLF]HĔ]RVWDá
SU]HSURZDG]RQ\ UDQNLQJ MHGQRVWHN DGPLQLVWUDF\MQ\FK REZRGX OZRZVNLHJR ]D
UyZQR ZHGáXJ RFHQ UDQNLQJRZ\FK SRV]F]HJyOQ\FK ZVNDĨQLNRZ MDN L ZHGáXJ
ZVNDĨQLNRZVXPDU\F]Q\FK
3U]HSURZDG]HQLHUDQNLQJXSRV]F]HJyOQ\FKMHGQRVWHNDGPLQLVWUDF\MQ\FKED
GDQHJRREV]DUXGRNRQDQR]DSRPRFąIRUPXá
JG]LH
5±UDQJDUHMRQXNWyUDRGSRZLDGDSXQNWRPVWDQQHXWUDOQ\
5±UDQJDUHMRQXNWyUDRGSRZLDGDSXQNWRPVWDQQLH]DGRZDODMąF\ 5±UDQJDUHMRQXNWyUDRGSRZLDGDSXQNWRPVWDQ]á\
5±UDQJDUHMRQXNWyUDRGSRZLDGDSXQNWRZLVWDQ]DGRZDODMąF\
5±UDQJDUHMRQXNWyUDRGSRZLDGDSXQNWRPVWDQGREU\
3PLQ±QDMPQLHMV]DZDUWRĞü]ELRUXGDQ\FK
3PD[±QDMZLĊNV]DZDUWRĞü]ELRUXGDQ\FK
.ODV\¿NDFMD UHMRQyZ REZRGX OZRZVNLHJR ZHGáXJ ZVNDĨQLNyZ HNRORJLF]
Q\FK SRND]XMH ĪH Z VWDQLH ]á\P ]QDMGXMH VLĊ UHMRQ NDPMDQNREXVNL L PLDVWR
/ZyZDZQLH]DGRZDODMąF\P±UHMRQSHUHP\ĞODĔVNL3R]RVWDáHUHMRQyZPRĪ
QDVFKDUDNWHU\]RZDüMDNRQHXWUDOQHL]DGRZDODMąFH'REU\VWDQFHFKXMHW\ONR
MHGQRVWHN DGPLQLVWUDF\MQ\FK ]JUXSRZDQ\FK Z SRáXGQLRZR]DFKRGQLHM F]ĊĞFL
REZRGXOZRZVNLHJRWDE
3RGZ]JOĊGHPZVNDĨQLNyZPHG\F]QRGHPRJUD¿F]Q\FKZVWDQLH]á\P]QDM
GXMH VLĊ OXGQRĞü WU]HFK SRáXGQLRZR]DFKRGQLFK UHMRQyZ VWDURVDPERUVNLHJR
VDPERUVNLHJRLGURKRE\FNLHJRGZyFKSRáXGQLRZRZVFKRGQLFKĪ\GDF]HZVNLH
0<526à$:$3(75296.$:,.725,$3$17</(-
¸
¹
¨ ·
©
§
3 3 3
3PLQ PLQ PD[ PLQ
5
¸
¹
¨ ·
©
§
3 3 3
3PLQ PLQ PD[ PLQ
5
¸
¹
¨ ·
©
§
3
3PLQ PLQ PD[ PLQ
5
¸
¹
¨ ·
©
§
3
3PLQ PLQ PD[ PLQ
5
¸
¹
¨ ·
©
§
3
3PLQ PLQ PD[ PLQ
5
JR RUD] SHUHP\ĞODĔVNLHJR D WDNĪH PLHV]NDĔF\ UHMRQX EXVNLHJR 6WRVXQNRZR
VSU]\MDMąF\PVWDQHPMHĞOLFKRG]LRZVNDĨQLNLPHG\F]QRGHPRJUD¿F]QHFHFKXMH
VLĊUHMRQMDZRURZVNL3R]RVWDáHMHGQRVWNLDGPLQLVWUDF\MQHREZRGXOZRZVNLHJR
]QDMGXMąVLĊZNODVLHÄVWDQQLH]DGRZDODMąF\´UHMRQ\RUD]PLDVWR/ZyZÄQHX
WUDOQ\´UHMRQyZDOERÄ]DGRZDODMąF\´UHMRQWDE
6XPDU\F]QDNODV\¿NDFMDMHGQRVWHNDGPLQLVWUDF\MQ\FKREZRGXOZRZVNLHJR
ZHGáXJ ZVNDĨQLNyZ HNRORJLF]Q\FK L PHG\F]QRGHPRJUD¿F]Q\FK Z\ND]DáD LĪ
Z VWDQLH ]á\P L QLH]DGRZDODMąF\P MHĞOL FKRG]L R SU]\MĊWH PLDU\ ]QDMGXMH VLĊ
OXGQRĞüPLDVWD/ZRZDDWDNĪHUHMRQyZNDPMDQNREXVNLHJRSHUHP\ĞODĔVNLHJR
LĪ\GDF]HZVNLHJR7\ONRWU]\MHGQRVWNLDGPLQLVWUDF\MQHQDEDGDQ\PREV]DU]HFH
FKXMąVLĊVWDQHPNWyU\PRĪQDVFKDUDNWHU\]RZDüMDNRGREU\UHMRQMDZRURZVNL L]DGRZDODMąF\UHMRQ\WXUHFNLLSXVWRP\FNLSR]RVWDáHUHMRQ\ZHV]á\GRNODV\
ÄVWDQQHXWUDOQ\´
$QDOL]XMąFGDQHWDEHOLGRVWU]HJDP\LVWQLHQLH]ZLą]NXSRPLĊG]\VWDQHP
]GURZLDOXGQRĞFLLV\WXDFMąHNRORJLF]QąZUHMRQLHSXVWRP\FNLPVWDQQLH]DGR
ZDODMąF\]DUyZQRZHGáXJZVNDĨQLNyZHNRORJLF]Q\FKMDNLPHG\F]QRGHPRJUD
¿F]Q\FKDWDNĪHZUHMRQDFKĪyáNLHZVNLP]áRF]HZVNLPVRNDOVNLPLVWU\MVNLP
QHXWUDOQ\ VWDQ ZHGáXJ ZVNDĨQLNyZ HNRORJLF]Q\FK L PHG\F]QRGHPRJUD¿F]
Q\FK
.ODV\¿NDFMĊMHGQRVWHNDGPLQLVWUDF\MQ\FKREZRGXOZRZVNLHJRZJSR]LRPX
ZDUXQNyZĪ\FLDOXGQRĞFLSU]HSURZDG]RQRQDSRGVWDZLHSRUyZQDQLD]HĞUHGQLPL
32=,20ĩ<&,$/8'12ĝ&,2%:2'8/:2:6.,(*21$8.5$,1,(',$*12=$67$18
7DEHOD .ODV\¿NDFMD MHGQRVWHN DGPLQLVWUDF\MQ\FK REZRGX OZRZVNLHJR ZJ ZVNDĨQLNyZ
HNRORJLF]Q\FK
7DEOH&ODVVL¿FDWLRQRIDGPLQLVWUDWLYHXQLWVIURP/YLYUHJLRQDFFRUGLQJWRHFRORJLFDOLQGH[HV
2FHQDV\WXDFMLHNRORJLF]QHM 1D]ZDUHMRQyZ
6WDQ]á\ NDPMDQNREXVNLPLDVWR/ZyZ
6WDQQLH]DGRZDODMąF\ SHUHP\ĞODĔVNL
6WDQQHXWUDOQ\ Ī\GDF]RZVNLĪyáNLHZVNL]áRF]HZVNLVNROVNL
VWU\MVNL
6WDQ]DGRZDODMąF\ EURGVNLEXVNLKRURGHFNLPLNRáDMRZVNL
SXVWRP\FNLUDG]LFKRZVNLVRNDOVNL 6WDQGREU\ PRĞFLVNLVDPERUVNLVWDURVDPERUVNL
GURKRE\FNLMDZRURZVNLWXUHFNL
ħUyGáRRSUDFRZDQLHZáDVQHQDSRGVWDZLH'RYNLOOMD/YLYãþ\Q\«
6RXUFH$XWKRUV¶RZQVWXG\RQWKHEDVLVRI'RYNLOOMD/YLYãþ\Q\«
ZVNDĨQLNDPLGOD8NUDLQ\WDE6XPDU\F]Q\ZVNDĨQLNSR]LRPXĪ\FLDOXGQRĞFL
Z\OLF]RQR MDNR ĞUHGQLH DU\WPHW\F]QH QRUPDW\ZQ\FK ZVNDĨQLNyZ GOD NDĪGHJR
UHMRQX
:ZLĊNV]RĞFLMHGQRVWHNDGPLQLVWUDF\MQ\FKREZRGXOZRZVNLHJRVXPDU\F]Q\
ZVNDĨQLNSR]LRPXĪ\FLDOXGQRĞFLQLHSU]HZ\ĪV]DĞUHGQLHMZDUWRĞFLGOD8NUDLQ\
6SRĞUyGDQDOL]RZDQ\FKPLHUQLNyZQDMQLĪV]DZHZV]\VWNLFKEDGDQ\FKUHMRQDFK
MHVW LORĞü UHDOL]RZDQ\FK XVáXJ Z SU]HOLF]HQLX QD RVREĊ ] Z\MąWNLHP PLDVWD
/ZRZDJG]LHRGSRZLHGQLZVNDĨQLNZ\QRVLSU]\QDMQLĪV]\FKMHJRZDUWR
ĞFLDFKZQDVWĊSXMąF\FKMHGQRVWNDFKDGPLQLVWUDF\MQ\FKREZRGXOZRZVNLHJRUH
MRQDFKVWU\MVNLPLWXUHFNLPDWDNĪHĪyáNLHZVNLP
3U]HVWU]HQQH ]UyĪQLFRZDQLH SRV]F]HJyOQ\FK NRPSRQHQWyZ SR]LRPX Ī\FLD
OXGQRĞFLGDMHSRGVWDZĊGRZ\RGUĊEQLHQLDQDEDGDQ\PWHU\WRULXPW\SyZREV]D
UyZFHFKXMąF\FKVLĊ]UyĪQLFRZDQ\PLZDUWRĞFLDPLVXPDU\F]QHJRZVNDĨQLNDSR
]LRPXĪ\FLDOXGQRĞFL-DNZLGDü]U\FZVNDĨQLNLSR]LRPXĪ\FLDOXGQRĞFLZRE
ZRG]LHOZRZVNLPVą]QDF]QLHQLĪV]HQLĪZNUDMXFRGHWHUPLQXMHQLVNLSR]LRP
Ī\FLD OXGQRĞFL D WDNĪH MHJR MDNRĞü ZH ZV]\VWNLFK DQDOL]RZDQ\FK MHGQRVWNDFK
DGPLQLVWUDF\MQ\FK ] Z\MąWNLHP PLDVWD /ZRZD 3U]HSURZDG]RQD DQDOL]D GDMH
SRGVWDZĊGR]DOLF]HQLDFDáHJRREZRGXOZRZVNLHJR]Z\MąWNLHPPLDVWD/ZRZD
GRSUREOHPRZ\FKUHJLRQyZ8NUDLQ\
0<526à$:$3(75296.$:,.725,$3$17</(-
7DEHOD.ODV\¿NDFMDMHGQRVWHNDGPLQLVWUDF\MQ\FKREZRGXOZRZVNLHJRZJZVNDĨQLNyZPH
G\F]QRGHPRJUD¿F]Q\FK
7DEOH&ODVVL¿FDWLRQRIDGPLQLVWUDWLYHXQLWVIURP/YLYUHJLRQDFFRUGLQJWRPHGLFDODQGGH
PRJUDSKLFDOLQGH[HV
2FHQDV\WXDFMLHNRORJLF]QHM 1D]ZDUHMRQyZ
6WDQ]á\ EXVNLGURKRE\FNLĪ\GDF]RZVNL
SHUHP\ĞODĔVNLVDPERUVNLVWDURVDPERUVNL 6WDQQLH]DGRZDODMąF\ KRURGHFNLNDPMDQNREXVNLPRĞFLVNLVNROVNL
PLDVWR/ZyZ
6WDQQHXWUDOQ\ EURGVNLĪyáNLHZVNL]áRF]HZVNLPLNRáDMRZVNL
UDG]LFKRZVNLVRNDOVNLVWU\MVNLWXUHFNL
6WDQ]DGRZDODMąF\ SXVWRP\FNL
6WDQGREU\ MDZRURVNL
ħUyGáR RSUDFRZDQLH ZáDVQH QD SRGVWDZLH 5HJLRQ\ /YLYãþ\Q\« 6WDW\VW\þQ\M GRYLG
Q\N«6WDW\VW\þQ\MãþRULþQ\N«
6RXUFH$XWKRUV¶RZQVWXG\RQWKHEDVLVRI5HJLRQ\/YLYãþ\Q\«6WDW\VW\þQ\MGRYLGQ\N
«6WDW\VW\þQ\MãþRULþQ\N«
,QQD PHWRG\ND RFHQ\ SR]LRPX Ī\FLD OXGQRĞFL SU]HZLGXMH Z\NRU]\VWDQLH
ZVNDĨQLNyZ VW\PXODQW L GHVW\PXODQW .XVKQDUMRY L LQ :J PHWRG\NL
63.XVKQDUMRYDZV]\VWNLHSU]\MĊWHGRDQDOL]\ZVNDĨQLNLPDMąUyZQR
ZDĪQ\LUyZQR]QDF]Q\FKDUDNWHU=HZ]JOĊGXQDDNWXDOQąGRVWĊSQRĞüGDQ\FKVWD
W\VW\F]Q\FKZREUĊELHUHMRQyZREZRGXOZRZVNLHJRPRG\¿NRZDOLĞP\PHWRG\NĊ
.XVKQDUMRYDLGRGDOV]HMRFHQ\Z\W\SRZDOLĞP\QDVWĊSXMąF\]HVWDZPLHUQLNyZ
:VNDĨQLNLHNRQRPLF]QHSU]HFLĊWQHPLHVLĊF]QHZ\QDJURG]HQLHEUXWWR
:VNDĨQLNLVSRáHF]QH]LFKGDOV]\PSRG]LDáHPQDSRGJUXS\
RFKURQD]GURZLD±OLF]EDOHNDU]\ZV]\VWNLFKVSHFMDOL]DFMLQDW\VOXGQR
ĞFL
ZVNDĨQLNLGHPRJUD¿F]QH±VWRSDXURG]HĔL]JRQyZQDOXGQRĞFL
QDSLĊFLDVSRáHF]QH±SR]LRPEH]URERFLD]DFKRURZDOQRĞüOXGQRĞFLQDFKR
URE\SV\FKLF]QHVSRZRGRZDQHVSRĪ\ZDQLHPDONRKROX]DFKRURZDOQRĞüOXGQRĞFL
QDFKRURE\SV\FKLF]QHVSRZRGRZDQHXĪ\ZDQLHPQDUNRW\NyZ
NXOWXUD±NVLĊJR]ELyUELEOLRWHNLORĞüPLHMVFZNLQDFKLORĞüPLHMVFZRĞURG
NDFKW\SXÄNOXE´
ZDUXQNLPLHV]NDQLRZHSRZLHU]FKQLDXĪ\WNRZDPLHV]NDĔQDPLHV]NDĔ
FD
:VNDĨQLNLHNRORJLF]QHHPLVMDVXEVWDQFML]DQLHF]\V]F]DMąF\FKSRZLHWU]H
DWPRVIHU\F]QH]HĨUyGHáVWDFMRQDUQ\FKLQLHVWDFMRQDU\FK
7DEHOD3RGVWDZRZHZVNDĨQLNLSR]LRPXĪ\FLDOXGQRĞFLREZRGXOZRZVNLHJRZVWRVXQNXGR
ĞUHGQLFKZDUWRĞFLQD8NUDLQLH
7DEOH%DVLFOLIHOHYHOLQGH[HVRI/YLYUHJLRQDJDLQVWDYHUDJHXQLWVLQ8NUDLQH
-HGQRVWNL
DGPLQLVWUDF\MQH UHMRQ\
:VNDĨQLNL
SU]HFLĊWQHPLHVLĊF]QH Z\QDJURG]HQLHEUXWWR SR]LRPXUEDQL]DFML LORĞüUHDOL]RZDQ\FKXVáXJ ZSU]HOLF]HQLXQDRVREĊ SU]HFLĊWQDSRZLHU]FKQLD XĪ\WNRZDPLHV]NDĔ QDRVREĊ OLF]EDOHNDU]\QDW\V OXGQRĞFL ZVNDĨQLNVXPDU\F]Q\
UDQJD
%URGVNL
%XVNL
+RURGHFNL
'URKRE\FNL
ĩ\GDF]RZVNL
32=,20ĩ<&,$/8'12ĝ&,2%:2'8/:2:6.,(*21$8.5$,1,(',$*12=$67$18
ĩyáNLHZVNL
=áRF]HZVNL
.DPMDQNREXVNL
0LNRáDMRZVNL
0RĞFLVNL
3HUHP\ĞODĔVNL
3XVWRP\FNL
5DG]LFKRZVNL
6DPERUVNL
6NROVNL
6RNDOVNL
6WDURVDPERUVNL
6WU\MVNL
7XUHFNL
-DZRURZVNL
0LDVWR/ZyZ
ĝUHGQLDZDUWRĞü
GODREZRGXOZRZ
VNLHJR
ĝUHGQLDZDUWRĞüGOD
8NUDLQ\
ħUyGáRRSUDFRZDQLHZáDVQHQDSRGVWDZLH6RFLDOQLLQG\NDWRU\6WDW\VW\þQ\MGRYLGQ\N
6WDW\VW\þQ\MãþRULþQ\N
6RXUFH$XWKRUV¶RZQVWXG\RQWKHEDVLVRI6RFLDOQLLQG\NDWRU\«6WDW\VW\þQ\MGRYLDGQ\N
«6WDW\VW\þQ\MãþRULþQ\N«
: Z\QLNX VXPDU\F]QHM RFHQ\ ZV]\VWNLFK SRGDQ\FK Z\ĪHM ZVNDĨQLNyZ
RWU]\PDQRGDQHSUH]HQWRZDQHZWDEDLE
-HGQRVWNLDGPLQLVWUDF\MQHREZRGXOZRZVNLHJRFHFKXMąVLĊVSRU\P]UyĪQLFR
ZDQLHPMHĞOLFKRG]LRVXPDU\F]Q\ZVNDĨQLNSR]LRPXĪ\FLDOXGQRĞFL1DMQLĪV]\
SR]LRPĪ\FLDZĞZLHWOHSU]\MĊW\FKPLDUFHFKXMHSyáQRFQR]DFKRGQLąLFHQWUDOQą
F]ĊĞüREZRGXOZRZVNLHJR:DUWRĞFLEOLVNLHĞUHGQLHPXZVNDĨQLNRZLGODREZRGX
OZRZVNLHJRRGQRWRZDQRZGZyFKSyáQRFQRZVFKRGQLFKUHMRQDFKEXVNLP
LEURGVNLPDWDNĪHZUHMRQLHPLNRáDMHZVNLP:DUWRĞFLVXPDU\F]QHJRZVNDĨQLND
&GWDE
0<526à$:$3(75296.$:,.725,$3$17</(-
5HMRQ\ĝUHGQLHPLHVLĊF]QH Z\QDJURG]HQLHEUXWWR:VSyáF]\QQLN XURG]HĔ :DUXQNL PLHV]NDQLR ZH
3HUVRQHO PHG\F]Q\
àyĪND ZV]SLWD ODFK
.VLĊJR]ELyU ZELEOLRWH NDFK
0LHMVFD ZNLQDFK0LHMVFD ZNOXEDFK %URGVNL %XVNL +RURGHFNL 'URKRE\FNL ĩ\GDF]RZVNL ĩyáNLHZVNL =áRF]HZVNL .DPMDQNREXVNL 0LNRáDMRZVNL 0RĞFLVNL 3HUHP\ĞODĔVNL 3XVWRP\FNL 5DG]LFKRZVNL 6DPERUVNL 6NROVNL 6RNDOVNL
Tabela 4a. Ocena poziomu życia ludności obwodu lwowskiego wg wskaźników stymulant i destymulant Table 4a. Evaluation of life level of Lviv region according to indexes stimulant and destimulant
6WDURVDPERUVNL 6WU\MVNL 7XUHFNL -DZRURZVNL 0LDVWR/ZyZ ĝUHGQLDZDUWRĞü GODREZRGX OZRZVNLHJR ĝUHGQLDZDUWRĞü GOD8NUDLQ\
Cd. tab. 4a Źródło: opracowanie własne na podstawie: Socialni indykatory... 2013, Statystyčnyj dovidnyk... 2012, Statystyčnyj ščoričnyk... 2013, Dovkillja Lvivščyny... 2013, Regiony Lvivščyny... 2012 Source: Authors’ own study on the basis of Socialni indykatory … 2013; Statystyčnyj dovidnyk … 2012; Statystyčnyj ščoričnyk … 2013; Dovkillja Lvivščyny … 2013; Regiony Lvivščyny … 2012
5HMRQ\:VSyáF]\QQLN ]JRQyZ
6WRSD EH]URER FLD
=DFKRURZDO QRĞüQDDONRKR OL]P
=DFKRURZDOQRĞüQD FKRURE\VSRZRGRZDQH VSRĪ\ZDQLHPVXEVWDQFML SV\FKRDNW\ZQ\FK (PLVMDVXEVWDQFML]D QLHF]\V]F]DMąF\FKZ SRZLHWU]HDWPRVIHU\F]QH RGVWDFMRQDUQ\FKLLQLHVWD FMRQDUQ\FKĨUyGHá]DQLH F]\V]F]\Ĕ
2FHQD VXPD U\F]QD5DQJD %URGVNL %XVNL +RURGHFNL 'URKRE\FNL ĩ\GDF]RZVNL ĩyáNLHZVNL =áRF]HZVNL .DPMDQNREXVNL 0LNRáDMRZVNL 0RĞFLVNL 3HUHP\ĞODĔVNL 3XVWRP\FNL 5DG]LFKRZVNL 6DPERUVNL
Tabela 4b. Ocena poziomu życia ludności obwodu lwowskiego wg wskaźników stymulant i destymulant Table 4b. Evaluation of life level of Lviv region according to indexes stimulant and destimulant
6NROVNL 6RNDOVNL 6WDURVDPERUVNL 6WU\MVNL 7XUHFNL -DZRURZVNL 0LDVWR/ZyZ ĝUHGQLDZDUWRĞüGODREZR GXOZRZVNLHJR ĝUHGQLDZDUWRĞüGOD8NUD LQ\ Źródło: opracowanie własne na podstawie: Socialni indykatory... 2013, Statystyčnyj dovidnyk... 2012, Statystyčnyj ščoričnyk... 2013, Dovkillja Lvivščyny... 2013, Regiony Lvivščyny... 2012 Source: Authors’ own study on the basis of Socialni indykatory … 2013; Statystyčnyj dovidnyk … 2012; Statystyčnyj ščoričnyk … 2013; Dovkillja Lvivščyny … 2013; Regiony Lvivščyny … 2012
Cd. tab. 4b
5\F3R]LRPĪ\FLDOXGQRĞFLREZRGXOZRZVNLHJRZSU]HNURMXMHGQRVWHNDGPLQLVWUDF\MQ\FK
Z RGQLHVLHQLX GR ĞUHGQLFK NUDMRZ\FK ZDUWRĞFL QD 8NUDLQLH ħUyGáR RSUDFRZDQLH ZáDVQH
QDSRGVWDZLH6RFLDOQLLQG\NDWRU\6WDW\VW\þQ\MGRYLGQ\N6WDW\VW\þQ\MãþRULþQ\N
)LJXUH /LIH OHYHO RI /YLY UHJLRQ LQ JLYHQ DGPLQLVWUDWLYH XQLWV FRQFHUQLQJ DYHUDJH YDOXHV
LQ WKH 8NUDLQH 6RXUFH$XWKRUV¶ RZQ VWXG\ RQ WKH EDVLV RI 6RFLDOQL LQG\NDWRU\ «
6WDW\VW\þQ\MGRYLGQ\N«6WDW\VW\þQ\MãþRULþQ\N«
32=,20ĩ<&,$/8'12ĝ&,2%:2'8/:2:6.,(*21$8.5$,1,(',$*12=$67$18
SR]LRPXĪ\FLDOXGQRĞFLZ\ĪV]HRGSU]HFLĊWQHJRGODREZRGXRGQRWRZDQRZUHMR
QLHSHUHP\ĞODĔVNLPLNDPMDQNREXVNLP1DMZ\ĪV]\ZVNDĨQLNMHVW
ZPLHĞFLH/ZRZLHZ\QRVLERZLHPU\F
-DNZ\QLND]SRZ\ĪV]\FKDQDOL]Z\QLNLREXRFHQSU]HFLZVWDZLDMąVLĊMHGQD
GUXJLHM-HĪHOLZHGáXJPHWRG\NLSLHUZV]HMUHMRQ\ĪyáNLHZVNLLMDZRURZVNLQDOH
ĪąGRUHJLRQyZ]QLĪV]\PRGSU]HFLĊWQHJRQD8NUDLQLHSR]LRPHPĪ\FLDOXGQRĞFL
WRELRUąFSRGXZDJĊQRZHZVNDĨQLNLZW\PGHVW\PXODQW\Z\ĪHMZ\PLHQLRQH
UHMRQ\QDOHĪąGRUHJLRQyZ]QDMQLĪV]\PSR]LRPHPĪ\FLDOXGQRĞFL-HGQDNRGQR
WRZDQHVąWHĪSHZQHSRGRELHĔVWZDZ]DNUHVLHREXDQDOL]RZDQ\FKPHWRG\NEDGDĔ
SR]LRPX Ī\FLD OXGQRĞFL GR W\SyZ UHMRQyZ ]H ]QDF]QLH QLĪV]\P RG ĞUHGQLHJR
5\F3R]LRPĪ\FLDOXGQRĞFLREZRGXOZRZVNLHJRZSU]HNURMXMHGQRVWHNDGPLQLVWUDF\MQ\FK
ZJ ZVNDĨQLNyZ VW\PXODQW L GHVW\PXODQW ħUyGáR RSUDFRZDQLH ZáDVQH QD SRGVWDZLH
6RFLDOQLLQG\NDWRU\6WDW\VW\þQ\MGRYLGQ\N6WDW\VW\þQ\MãþRULþQ\N'RYNLOOMD
/YLYãþ\Q\5HJLRQ\/YLYãþ\Q\
)LJXUH/LIHOHYHORI/YLYUHJLRQLQJLYHQDGPLQLVWUDWLYHXQLWVDFFRUGLQJWRLQGH[HVVWLPXODQW
DQG GHVWLPXODQW 6RXUFH $XWKRUV¶ RZQ VWXG\ RQ WKH EDVLV RI 6WDW\VW\þQ\M GRYLGQ\N«
6WDW\VW\þQ\MãþRULþQ\N«'RYNLOOMD/YLYãþ\Q\«5HJLRQ\/YLYãþ\Q\«
0<526à$:$3(75296.$:,.725,$3$17</(-
ZNUDMXSR]LRPHPĪ\FLDOXGQRĞFL]DOLF]RQRUHMRQ\VWDURVDPERUVNLLWXUHFNLGR
MHGQRVWHNDGPLQLVWUDF\MQ\FK]SR]LRPHPĪ\FLDSRQLĪHMĞUHGQLHJR]DOLF]DQHVąUH
MRQ\KRURGHFNLĪ\GDF]RZVNL]áRF]HZVNL-HG\Q\PUHJLRQHP]SR]LRPHPĪ\FLD
OXGQRĞFLSRZ\ĪHMĞUHGQLHJRMHVWPLDVWR/ZyZ
:1,26.,
%LRUąFSRGXZDJĊRWU]\PDQHZ\QLNLQDVXZDVLĊZQLRVHNĪH]ZLĊNV]HQLH
LORĞFLZVNDĨQLNyZGRRFHQ\SR]LRPXĪ\FLDOXGQRĞFLQLH]DZV]HSURZDG]LGRGR
GDWNRZ\FKZQLRVNyZLNRQNUHW\]DFMLZ\QLNyZPHWRG\NNWyUHREHMPXMąVWRVXQ
NRZRPDáąOLF]EĊSDUDPHWUyZ,PZLĊFHMZVNDĨQLNyZZSURZDG]DP\GRRFHQ\
W\PEDUG]LHMQLHVSRG]LHZDQ\PRĪHRND]DüVLĊZ\QLN3U]\NáDGHPWHJRMHVWV\WX
DFMDPLDVWD/ZRZDNWyU\FHFKXMHVLĊVWDQHP]á\PLQLHVSU]\MDMąF\PMHĞOLFKRG]L
R ZVNDĨQLNL HNRORJLF]QH L PHG\F]QRGHPRJUD¿F]QH MHGQDN ZHGáXJ NODV\¿ND
FML.XVKQDUMRYDRUD]ZDUXQNyZĪ\FLDOXGQRĞFLNWyUHSU]HZLGXMąV]HUV]\]HVWDZ
PLHUQLNyZPDQDMZ\ĪV]HSR]\FMH
'R ZVNDĨQLNyZ SR]LRPX L VSRáHF]QRHNRQRPLF]Q\FK ZDUXQNyZ Ī\FLD
REZRGX OZRZVNLHJR QDOHĪą Z\GDWNL EXGĪHWX QD ¿QDQVRZDQLH SU]HGVLĊZ]LĊü
VSRáHF]QRNXOWXUDOQ\FK GDQH VWDW\VW\N GHPRJUD¿F]Q\FK ZVNDĨQLNL ]DWUXGQLH
QLD L EH]URERFLD GRFKRGyZ L Z\GDWNyZ OXGQRĞFL ZDUXQNyZ PLHV]NDQLRZ\FK
RFKURQ\]GURZLDHGXNDFMLZVNDĨQLNLQDSLĊFLDVSRáHF]QHJR
,QWHJUDOQ\ VXPDU\F]Q\ LQGHNV UR]ZRMX VSRáHF]QHJR REZRGX OZRZVNLHJR
ZURNXVWDQRZLáF]\OLREZyGOZRZVNL]QDMGRZDáVLĊQDPLHMVFX
UDQNLQJRZ\P WXĪ SR REZRGDFK FKDUNRZVNLP ]DNDUSDFNLP F]HUQLRZLHFNLP
:ODWDFK±QDMPQLHMV]ąMHJRZDUWRĞüRGQRWRZDQRZURNXNLHG\
WRZ\QRVLáDRQDPLHMVFHUDQNLQJRZH:HGáXJQLHNWyU\FKZVNDĨQLNyZ
F]ąVWNRZ\FK LQGHNVX UR]ZRMX VSRáHF]QHJR SR]\FMD REZRGX OZRZVNLHJR E\áD
GRĞü]QDF]ąFDZ]DNUHVLHV\WXDFMLGHPRJUD¿F]QHMREZyG]DMPRZDáPLHMVFH
VSRĞUyGLQQ\FKMHGQRVWHNDGPLQLVWUDF\MQ\FK8NUDLQ\ĞURGRZLVNDVSRáHF]QHJR±
PLHMVFH ZDUXQNyZ Ī\FLD OXGQRĞFL ± PLHMVFH -HGQDN Z SU]\SDGNX WDNLFK
ZDĪQ\FK HOHPHQWyZ SR]LRPX Ī\FLD OXGQRĞFL MDN HGXNDFMD PLHMVFH JRGQD
SUDFDPLHMVFHF]\GREURE\WPLHMVFHREZyGOZRZVNL]DMPRZDáGRĞü
RGOHJáHSR]\FMHRGMHGQRVWHNOLGHUyZ
/,7(5$785$
$GDPLHF03RSLRáHN.-DNRĞüĪ\FLDPLĊG]\ZROQRĞFLąDPLVW\¿NDFMąÄ5XFK3UDZQLF]\
(NRQRPLF]Q\L6RFMRORJLF]Q\´]±
$QDOL]VDQLWDUQRHSLGHPLRORJLþQRMLV\WXDFLMLX/YLYVNLMREODVWLWDSRND]Q\N\GLMDO¶QRVWLGHUåVDQH
SLGVOXåE\]D±URN\*RORYQHXSUDYOLQQMDVDQLWDUQRHSLGHPLRORJLþQRMLVOXåE\
X/YLYV¶NLMREODVWL/YLY
%\ZDOHF&:]URVWJRVSRGDUF]\DSU]HPLDQ\SR]LRPXĪ\FLDVSRáHF]HĔVWZDZODWDFK±
=HV]\W\1DXNRZH$(6HULDVSHFMDOQD0RQRJUD¿HQU.UDNyZ
'ąEURZD0%DGDQLDSR]LRPXĪ\FLD±PHWRGRORJLDNRQVWUXNFMLZ\EUDQ\FKZVNDĨQLNyZ=H
V]\W\1DXNRZH0DáRSROVNLHM:\ĪV]HM6]NRá\(NRQRPLLZ7DUQRZLHQU±
'RYNLOOMD/YLYãþ\Q\VWDW\VW\þQ\M]ELUQ\N*RORYQHXSUDYOLQQMDVWDW\VW\N\X/YLYV¶NLMREODVWL
/YLY
*XNDORYD,9-DNLVW¶å\WWMDQDVHOHQQMD8NUDMLQ\VXVSLO¶QRJHRJUD¿þQDNRQFHSWXDOL]DFLMD
,QVW\WXW*HRJUD¿ML1$18NUDMLQ\.\MLY
.LO¶NLVW¶QDVHOHQQMD/YLY¶VNRMLREODVWLVWDW\VW\þQ\M]ELUQ\N/YLY
.LSWDþ)'HSUHV\YQLUHJLRQ\8NUDMLQ\HNRORJLþQDNRPSRQHQWD9\GDYQ\þ\MFHQWU/18LP
,YDQD)UDQND/YLY
32=,20ĩ<&,$/8'12ĝ&,2%:2'8/:2:6.,(*21$8.5$,1,(',$*12=$67$18
0<526à$:$3(75296.$:,.725,$3$17</(-
.L]LP1$*RUEDWRY90.DþHVWYRåL]QLLNRQNXUHQWRVSRVREQRVW¶8NUDLQ\LVWUDQ(6,'
Ä,1ä(.´&KDUNRY
.XãQDUMRY633RQRPDUHQNR96.UDYFRY265LYHQ¶LMDNLVW¶å\WWMDQDVHOHQQMD9\GD
YQ\þ\MGLPÄ,1ä(.´&KDUNLY
/LV]HZVNL6=UyĪQLFRZDQLHSU]HVWU]HQQHSR]LRPXLMDNRĞFLZDUXQNyZĪ\FLDOXGQRĞFLZDJOR
PHUDFMDFKPLHMVNLFKSURJUDPEDGDĔSLHUZV]HZ\QLNL)ROLD*HRJUDSKLFD$FWD8QLYHUVLWDWLV
/RG]LHQVLVQU±
/XGV¶N\MUR]Y\WRNUHJLRQLY8NUDMLQ\PHWRG\NDRFLQN\WDVXþDVQ\MVWDQ5DGD]Y\YþHQQMD
SURGXNW\YQ\FKV\O8NUDMLQ\1$1.\MLY
/XV]QLHZLF]$6WDW\VW\NDVSRáHF]QDSRGVWDZRZHSUREOHP\LPHWRG\3:(:DUV]DZD
0DQG\EXUD925LYHQ¶å\WWMD8NUDMLQ\WDSUREOHP\UHIRUPXYDQQMDPHFKDQL]PLYMRJRUHJX
OLXYDQQMD'3%RJ\QMDUHG3DUODPHQWV¶NHY\GDYQ\FWYR.\MLY
0DUF]\ĔVND:LWF]DN(0LFKDOVNL:3U]HVWU]HQQHLF]DVRZH]UyĪQLFRZDQLHZDUXQNyZĪ\
FLDOXGQRĞFLZ3ROVFH3ROVNLH7RZDU]\VWZR*HRJUD¿F]QH2GG]LDáZàRG]LàyGĨ
1DUNLHZLF]-5HJLRQDOQH]UyĪQLFRZDQLHSR]LRPXĪ\FLDOXGQRĞFLÄ:LDGRPRĞFL6WDW\VW\F]
QH´QU±
3DQW\OHM:3U]HPLDQ\VSRáHF]QRJRVSRGDUF]HDVWDQ]GURZLDOXGQRFL8NUDLQ\L3ROVNLZOD
WDFK±:\GDZQLFWZR80&6/XEOLQ
3HWURYV¶ND02FLQNDVXþDVQRJRPHG\NRGHPRJUD¿þQRJRVWDQXX/YLYVNLMREODVWL>Z@1D
XNRYL]DS\VN\7HUQRSLOV¶NRJRSHGDJRJLþQRJRXQLYHUV\WHWXLP9RORG\P\UD*QDWLXND6HULMD
JHRJUD¿MD9\GDYQ\FWYRÄ7DMS´7HUQRSLO¶QUY\S±
5HJLRQ\ /YLYãþ\Q\ VWDW\VW\þQ\M GRYLGQ\N ] RNUHP\FK S\WDQ¶ VRFLDO¶QRHNRQRPLþQRJR UR]Y\WNX
*RORYQHXSUDYOLQQMDVWDW\VW\N\X/YLYV¶NLMREODVWL/YLY
5LYHQ¶å\WWMDQDVHOHQQMD8NUDMLQ\/0ýHUHQ¶NRUHG,QVW\WXWGHPRJUD¿MXWDVRFLDO¶Q\FK
GRVOLGåHQ¶ 1$1 8NUDMLQ\ 'HUåDYQ\M NRPLWHW VWDW\VW\N\ 8NUDMLQ\ 9\GDYQ\FWYR Ä.RQVX
O¶WDQW´.\MLY
6ĊN+-DNRĞüĪ\FLDD]GURZLHÄ5XFK3UDZQLF]\(NRQRPLF]Q\L6RFMRORJLF]Q\´]±
6áDE\73R]LRPĪ\FLDMDNRĞüĪ\FLDÄ:LDGRPRĞFL6WDW\VW\F]QH´QU
6RFLDO¶QLLQG\NDWRU\ULYQMDå\WWMDQDVHOHQQMD/YLYV¶NRMLREODVWLVWDW\VW\þQ\M]ELUQ\N*RORYQH
XSUDYOLQQMDVWDW\VW\N\X/YLYV¶NLMREODVWL/YLY
6RFLDO¶QLLQG\NDWRU\ULYQMDå\WWMDQDVHOHQQMDVWDW\VW\þQ\M]ELUQ\N'HUåDYQ\MNRPLWHWVWDW\
VW\N\8NUDMLQ\.\MLY
6RFLDO¶QLLQG\NDWRU\ULYQMDå\WWMDQDVHOHQQMDVWDW\VW\þQ\M]ELUQ\N*RORYQHXSUDYOLQQMDVWDW\
VW\N\X/YLYV¶NLMREODVWL/YLY
6WDW\VW\þQ\M GRYLGQ\N SRND]Q\NLY VWDQX ]GRURY¶MD QDVHOHQQMD WD GLMDO¶QRVWL OLNXYDO¶QRSUR¿ODNW\
þQ\FKXVWDQRY/YLYV¶NRMLREODVWL/YLYV¶N\MREODVQ\MPHG\þQ\MLQIRUPDFLMQRDQDOLW\þQ\M
FHQWU/YLY
6WDW\VW\þQ\MãþRULþQ\N/YLYV¶NRMLREODVWL]DULNþDVW\QD*RORYQHXSUDYOLQQMDVWDW\
VW\N\X/YLYV¶NLMREODVWL/YLY
âHYþXN/'XEDQHY\þ,=GRURY¶MDåLQRNUHJLRQDO¶QRJHRJUD¿þQLWDVRFLDOQRHNRQRPLþQL
DVSHNW\QDPDWHULDODFK/¶YLYV¶NRMLREODVWL8NUPHGNQ\JD7HUQRSLO
7U]HELDWRZVNL--DNRĞüĪ\FLDZSHUVSHNW\ZLHQDXNVSRáHF]Q\FKLPHG\F]Q\FK±V\VWHPDW\]D
FMDXMĊFGH¿QLF\MQ\FK+\JHLD3XEOLF+HDOWK±
9DWþHQNR2%'RVOLGåHQQMDULYQMDå\WWMDQDVHOHQQMDY8NUDMLQL>Z@9DWþHQNR2%.R]HQ
NR'6'HUåDYDWDUHJLRQ\6HULMD(NRQRPLNDWDSLGSU\MHPQ\FWYR]±
=ERURZVNL$:\EUDQHDVSHNW\EDGDĔMDNRĞFLLSR]LRPXĪ\FLDZGXĪ\PPLHĞFLH>Z@--DĪ
GĪHZVND UHG =UyĪQLFRZDQLH ZDUXQNyZ Ī\FLD OXGQRĞFL Z PLHĞFLH ;9,, .RQZHUVDWRULXP
:LHG]\R0LHĞFLH:\GDZQLFWZR8QLZHUV\WHWXàyG]NLHJRàyGĨ±
32=,20ĩ<&,$/8'12ĝ&,2%:2'8/:2:6.,(*21$8.5$,1,(',$*12=$67$18
6800$5<
7KHFDWHJRULHVRIOLYLQJFRQGLWLRQVOLIHOHYHODQGOLIHTXDOLW\DVZHOODVGLIIHUHQWDSSURDFKHV
WRZDUGV LQWHJUDO HVWLPDWLRQ RI OLIH OHYHO DUH DQDO\]HG LQ WKH DUWLFOH 6WDWLVWLFDO HVWLPDWLRQ RI OLIH
OHYHOLQ/YLYUHJLRQRI8NUDLQHLVEDVHGRQHQYLURQPHQWDOVRFLDOKHDOWKDQGGHPRJUDSKLFLQGLFHV
7KHFODVVL¿FDWLRQRIDGPLQLVWUDWLYHGLVWULFWVRI/YLYUHJLRQDFFRUGLQJWROLYLQJFRQGLWLRQVLVGRQH
EDVHGRQWKHHVWLPDWLRQRIWKHDYHUDJHLQGLFHVLQ8NUDLQHDQGRQLQWHJUDOHVWLPDWLRQVWLPXODQWDQG
GHVWLPXODQWLQGH[HV