Strona 1 Strona 2 3RVWZ5DPDGDQLH $V6L\DP 3RVWZ5DPDGDQLH $XWRU0XKDPPDGDO-LEDO\ 7KH5XOLQJVRI5DPDGDDQ$&RPSUHKHQVLYH*XLGHOLQH >$GDSWHGIURPZZZVDODILSXEOLFDWLRQVFRP@ 7âXPDF]HQLH)DUKDW.KDQ 6NâDGSU]\SLV\LJUDILND$EX$QDV0XEDUDNLEQ0DULDQ  ZZZSODQHWD,VODPFRP Strona 3 3RVWZ5DPDGDQLH :352:$'=(1,(0,(6, &3(á(1%á2*26á$:,(=67:  $/+,/$/32-$:,(1,(6, 12:,8.6,n<&$ Strona 4  1yZRNUHSODGDW\LVODPVNLH  3RWU]HEDSZLDGNyZSU]\UR]SRF]FLXPLHVL FD  'RZRG\DVWURQRPLF]QH %âGQHSRMFLHSUDZG]LZ\SRF] WHNPLHVL FD 8QLILNDFMDREV]DUXREVHUZDFML 3RGVXPRZDQLH $//$+, 8á$7:,$6:2,06á8*20$1,(8758'1,$ .WRMHVW]ZROQLRQ\]RERZL ]NRZHJRSRVWX" 3RGUyoQ\   2VRE\FKRUH  .RELHW\SRGF]DVPLHVL F]NLLRNUHVXSRSRURGRZHJR   2VRE\ZSRGHV]â\PZLHNX  .RELHW\ZFL o\LNDUPL FHSLHUVL   35=(3,6<'27<&= &(32678:5$0$'$1,( ,VWRWQH]DVDG\]ZL ]DQH]PLHVL FHP5DPDGDQ  2GOLF]DQLHGQLPLHVL FD6]D EDQ  .WRNROZLHNSRSFLZGQLXQLHSHZQ\PMHVWQLHSRVâXV]Q\ZREHF$EXO4DVLPD 0XKDPPDGD Strona 5  8VWDQRZLHQLHPLHVL FDZ\PDJDSZLDGNyZ 1LMMDK ,QWHQFMD  :\NRQDQLHF]\QQRSFLRERZL ]NRZHMMHVWX]DOHoQLRQHRGPRoOLZRSFLMHM Z\NRQDQLD &]DVWUZDQLDSRVWX 6$+85326,á(.35=('R:,7(0:&=$6,(5$0$'$18 Strona 6  ZZZSODQHWD,VODPFRP  Strona 7 3RVWZ5DPDGDQLH .RU]\SFL]VDKXU  %âRJRVâDZLH>VWZRVDKXU $OODK, LDQLRâRZLH]V\âDM 6DODKQDRVRE\VSRo\ZDM FHVDKXUSRVLâHNSU]HG SZLWHP Strona 8  &RQDMOHSLHMVSRo\ýZF]DVLHVDKXU"  2SymQLDQLHVDKXU =DVDG\VDKXU $/,)7$5326,á(. 32=$&+2'=,(6á2=&$ 1$=$.2=&=(1,( '=,(11(*232678 Strona 9  .LHG\RVREDSUDZLGâRZRNR>F]\SRVWG]LHQQ\ 3RSSLHFKSU]\]DNR>F]HQLXSRVWXG]LHQQHJR  3RSSLHFKSU]\DO ,IWDUSU]\QRVLGREURKDMU Strona 10  3RSSLHFKSU]\DO ,IWDUMHVWVXQQ QDSODGRZDQLHP Strona 11 :\VâDQQLND 3RSSLHFKSU]\DO ,IWDUMHVWVSRVREHPRGUyoQLHQLDVL RGW\FKOXG]LQDNWyU\FK $OODKMHVW]DJQLHZDQ\o\G]L Strona 12 LRGW\FKNWyU]\Eâ G] FKU]HSFLMDQLH Strona 13  3U]HUZDQLHSRVWXG]LHQQHJRSU]HGPRGOLWZ 0DJKULE  &RMHVW]DOHFDQHGR]MHG]HQLDSU]\SU]HUZDQLXSRVWXG]LHQQHJR" &RSRZLQQRE\ýPyZLRQHJG\NR>F]\P\SRVWG]LHQQ\"  .RU]\SFL]QDNDUPLHQLDSRV]F] FHJR &=<1<'2386=&=$/1('/$326=&= &(*2  3RVWG]LHQQ\MHVWZDoQ\GODRVRE\NWyUDREXG]LVL ZVWDQLHGoXQXEFLDâRSR RGGDQLXQDVLHQLDSU]HFKRG]LZVWDQGoXQXEZNWyU\PQLHZROQRPRGOLýVL QDOHo\Z\NRQDýZyZF]DVJKXVODE\SR]E\ýVL WHJRVWDQX Strona 14  &]\V]F]HQLHXVWPLVZDNLHP  3âXNDQLHXVWLQRVD 3RFDâXQNLLSLHV]F]RW\GODWHJRNWyU\NRQWUROXMHVZRMHSRo GDQLH Strona 15  7HVW\NUZLLV]F]HSLHQLD]Z\M WNLHPV]F]HSLH> GODSRo\ZLHQLDNURSOyZNL Strona 16   ZZZSODQHWD,VODPFRP Strona 17 3RVWZ5DPDGDQLH 3UyERZDQLHMHG]HQLDWDNDE\JRQLHSU]HâNQ ý  3ROHZDQLHJâRZ\]LPQ ZRG DOERN SLHOU\WXDOQDJKXVO Strona 18  6WRVRZDQLHNXKODOERNURSOLGRRF]XQDZHWMHoHOLVPDNMDNLHMNROZLHN]W\FKU]HF]\ SRF]XMHVL ZJDUGOH .,('<02n1$35=(5:$ü3267"  3\WDQLH:MDNLFKV\WXDFMDFKGRSXV]F]DOQHMHVWSU]HUZDQLHSRVWX" 3\WDQLH:MDNLFKV\WXDFMDFKQDOHo\SU]HUZDýSRVW" 3\WDQLH-DNLHF]\Q\XQLHZDoQLDM SRVW" 3\WDQLH&RQLHXQLHZDoQLDSRVWX"6WHUHRW\S\QWZDoQRSFLSRVWXL GRSXV]F]DOQRSFLSHZQ\FKF]\QyZ &=(*21$/(n<81,.$ü32'&=$632678"  &281,(:$n1,$3267"  8P\SOQHMHG]HQLHLSLFLH 8P\SOQH]Z\PLRWRZDQLH 0HQVWUXDFMDLRNUHVSRSRURG]LH  *G\SRNDUPQLHSU]HFKRG]LSU]H]MDP XVWQ  8P\SOQ\VWRVXQHNSâFLRZ\ 02'/,7:$12&1$ 7$5$:,+  8VWDQRZLHQLHPRGOLWZ\QRFQHMSRGF]DV5DPDGDQX /LF]EDUDND DWyZZPRGOLWZLHWDUDZLK $/, 7,.$)2'262%1,(1,(:0(&=(&,( Strona 19  =QDF]HQLHL WLNDI =DVDG\  :DUXQNL &RMHVWGR]ZRORQHGODRVRE\ZL WLNDILH" ZZZSODQHWD,VODPFRP  Strona 20 3RVWZ5DPDGDQLH 12&4$'535=(=1$&=(1,$ Strona 21  %âRJRVâDZLH>VWZD1RF\3U]H]QDF]HQLD &]DV  -DN0X]XâPDQLQSRZLQLHQVSG]LýW 1RF" =QDNL1RF\4DGU $/4$'$1$'5$%,$1,(2386=&=21<&+'1,32678 Strona 22  1DGUDELDQLHRSXV]F]RQ\FKGQLSRVWXQDW\FKPLDVWSRUDPDGDQLHQLHMHVW RERZL ]NRZHZDGoLE Strona 23  1LHMHVWUyZQLHo RERZL ]NRZHDE\QDGUDELDýRSXV]F]RQHGQLSRVWXZNROHMQ\FK GQLDFK .$))$5$+32.87$ =$=á$0$1,(32678 Strona 24 ,),'<$+2.83=$ 1,(='2/12Rü'232678 Strona 25  .DIIDUDK3RNXWD Strona 26  $O)LG\DK2NXS Strona 27  ,'$/),75  6XQQDSZL WLG yZ Strona 28  ,QQRZDFMHELG DK Strona 29 SZL WHF]QH  -$.3á$&,ü=$.$7 $/),75" .WRSRZLQLHQ]DSâDFLý=DNDW$O)LWU" .LHG\SRZLQQRVL ]DSâDFLý"  -DNDMHVWMHJRZDUWRSý" :MDNLVSRVyESRZLQLHQE\ýGDZDQ\" &=<5$0$'$1.2=&=<6, :5$==,'$/),75"  3267.2%,(7  ZZZSODQHWD,VODPFRP Strona 30 3RVWZ5DPDGDQLH .72-(67=2%2:, =$1< '23267832'&=$60,(6, &$ 5$0$'$1" .UZDZLHQLHPHQVWUXDF\MQHRUD]NUZDZLHQLHSRVWSDUWXP &L oDRUD]NDUPLHQLHSLHUVL  :$n1('2'$7.2:(,1)250$&-( ,VWLKDDGDK.UZDZLHQLHQLHUHJXODUQH Strona 31   .RELHW\PLHVL F]NXM FHFLoDUQHLNDUPL FHSLHUVL   3RVW]DOHFDQ\  .LHG\PHQVWUXDFMDNR>F]\VL SRGF]DVPLHVL FDUDPDGDQ   ZZZSODQHWD,VODPFRP  Strona 32 D 3RVWZ5DPDGDQLH :,PL $OODKD0LâRVLHUQHJR/LWRSFLZHJR :SURZDG]HQLH0LHVLûFSHãHQEãRJRVãDZLH VWZ :UD] ] QDGHMSFLHP 5DPDGDQX VHUFD PX]XâPDQyZ Z\SHâQLDM SHâQH QDG]LHL XF]XFLD 1DG]LHL RSDUWHM QD SUDZG]LZHM RELHWQLF\ L UDGRVQHM QR ZLQLH SU]HND]DQHM SU]H] $OODKD , Strona 33 L -HJR :\VâDQQLND U Strona 34  QDWHPDWZLHONLHJREâRJRVâDZLH>VWZDLQLHVNR>F]RQHJR]DGRZROHQLDGRVWSQHJR ZW\PPLHVL FX 2ELHFDQRQDPLo XF]\QLRQHJU]HFK\]RVWDQ Z\EDF]DQHW\PNWyU\FKSRVWRSLHUDVL  QDZLHU]H LPDQ Strona 35 V]F]HURSFLLRF]HNLZDQLXQDJURG\RG$OODKD LKWLVDE Strona 36  2ELHFDQRQDPUyZQLHoLo XF]\QLRQHJU]HFK\]RVWDQ Z\EDF]DQHW\PNWyU]\RGSUDZLDM QRFQH PRGOLWZ\TLMDP Strona 37 SRGF]DVFDâHJRPLHVL FDSRGSRGREQ\PLZDUXQNDPLLPDQXZLDU\ Strona 38 LLKWLVDEX 3RZLHG]LDQR QDP GDOHM Lo MHVW Z W\P PLHVL FX QRF OHSV]D Z QDJURG]LH Strona 39  RG W\VL F\ PLHVLF\ PRGOLWZ\ L oH WHPX NWyU\ VSG]L W QRF RGSUDZLDM F TLMDP ] LPDQHP ] ZLDU Strona 40  L LKWLVDEHP Z SUDZG]LZ\PRF]HNLZDQLXQDJURG\RG$OODKD Strona 41 ]RVWDQ SU]HEDF]RQHZV]\VWNLHJU]HFK\ 3RZLHG]LDQRQDPLo V]DWDQ\ZW\PPLHVL FXSWDQHV âD>FXFKDPLEUDP\3LHNâDV ]DP\NDQHD EUDP\5DMXRWZDUWH 3RZLHG]LDQRQDPLo $OODK , Strona 42 NDoGHMQRF\5DPDGDQXXZROQLRGNDU\ Strona 43 MHGQHJR]MHJRF]FLFLHOL LEDDG Strona 44  3RZLHG]LDQRQDPLo $OODK , Strona 45 RGSRZLHQDEâDJDQLDGXCD Strona 46 RVRE\SRV]F] FHMZPRPHQFLHLIWDUX G]LHQQHJR]DNR>F]HQLDSRVWX Strona 47  3RZLHG]LDQRQDPLo $OODK, Strona 48 SRPQRo\QDJURG ]DSRVWSRQDGJUDQLFHZ\REUDmQL 3RZLHG]LDQRQDPLo RVREDSRV]F] FDEG]LHUDGRVQDLV]F]SOLZDJG\VSRWNDVZHJR3DQD , Strona 49  :V]\VF\PDP\QDG]LHMoH =QDMG]LHP\VL SRSUyGW\FKNWyU\FKSRVWEG]LHZ\NRQDQ\SUDZLGâRZRWDNDE\VNRU]\VWDý] MHJRZLHONLFKNRU]\SFL  =RVWDQ QDP SU]HEDF]RQH QDV]H JU]HFK\ WDN DE\ SP\ PRJOL F]\QLý ZLFHM GREUD L SRNRQDý QDV]HVâDERSFL  ZZZSODQHWD,VODPFRP Strona 50 3RVWZ5DPDGDQLH =QDMG]LHP\VL SRSUyGW\FKNWyU]\RWU]\PDM GDU\5DMXNWyUHJREUDP\V RWZDUWH  8SRNRU]\P\ QDV]HJR ZURJD 6]DWDQD Strona 51  VS WDQHJR âD>FXFKHP SRSU]H] RGU]XFHQLH MHJR RV]XND>F]\FKSRNXV  =QDMG]LHP\ VL SRSUyG W\FK NWyU]\ RWU]\PDM SHâQH SU]HEDF]HQLH ]D LFK JU]HFK\ QD NRQLHF 5DPDGDQX  =QDMG]LHP\ VL SRSUyG W\FK NWyU]\ EG QDMV]F]SOLZVL ] SRZRGX SRVWXJG\VSRWNDM VZHJR 3DQD, Strona 52  0DP\ UyZQLHo QDG]LHM Lo WR FR URELP\ ]DGRZROL $OODKD  , Strona 53 L SU]\QLHVLH -HJR OLWRSý L ]Z\FLVWZR 3R]DW\PPDM FQDG]LHMSRZLQQLSP\WHo ]DGEDýDE\ZQDV]\FKVHUFDFKE\â LPDQ V]F]HUDZLDUD Strona 54  LLKWLVDE SUDZG]LZHRF]HNLZDQLHQDQDJURG  RG$OODKD , Strona 55 Strona 56 6 WRGZDQLH]EGQHZDUXQNLDE\ QDV]SRVWL]ZL ]DQH]QLPNRU]\SFL]RVWDâ\]DDNFHSWRZDQH $]DWHP]DPLHU]DP\SRSFLýSHâQLV]F]HUHMZLDU\LRGGDQLDZREHF$OODKD , Strona 57 F]\WHo EG]LHWR RND]MDGR]U]XFHQLDNLONXNLORJUDPyZ"=DPLHU]DP\SR SFLýSRQLHZDo WDNDMHVWZROD$OODKD , Strona 58  F]\WHo W\ONRGODWHJRoHURELP\WRRGG]LHFL>VWZD"&]\QDV]HLQWHQFMHVâXo ]DGRZROHQLX$OODKD , Strona 59 F]\WHo SU]\MDFLyâLURG]LQ\" $QDZHWJG\F]XMHP\Lo Z\SHâQLOLSP\ZV]\VWNLHZDUXQNLDE\QDV]SRVW]RVWDâ]DDNFHSWRZDQ\ QDGDOSRZLQQLSP\XZDoDýLo PRoHRQQLH]RVWDý]DDNFHSWRZDQ\]SRZRGXEâ GyZNWyU\FKQLH ]DXZDo\OLSP\7DNDMHVWGURJD6DODIyZ3RER oQ\FK3U]RGNyZ Strona 60 LLFKQDSODGRZFyZNWyU]\MDNVL SU]HND]XMHPyZLOL1LHEG F]XâVL EH]SLHF]Q\QDZHWJG\]REDF] VZRM MHGQ QRJ Z5DMX GRSyNLRELHVL ZQLPQLH]QDMG  3URVLP\$OODKD , Strona 61 DE\QDPXâDWZLâSRVWDE\SRPyJâQDPJRZ\NRQDýZGRVNRQDâ\VSRVyE NWyU\*R]DGRZROLDE\QDJURG]LâQDVZV]\VWNLPLEâRJRVâDZLH >VWZDPLNWyUH]RVWDâ\SU]H]1LHJR RELHFDQHDE\,VODPVND8PPDZVSyOQRWD Strona 62 RGQLRVâD]Z\FL VWZRLSU]HMâD]ZLHU]FKQLFWZRLDE\ G]LH>ZNWyU\P*RVSRWNDP\E\âQDV]\PQDMEDUG]LHMPLâ\PLQDMV]F] SOLZV]\P $PLQ ZZZSODQHWD,VODPFRP  Strona 63 3RVWZ5DPDGDQLH $O+LODOSRMDZLHQLHVL QRZLX.VL%\FD Strona 64  *G\]EOLoDVL EâRJRVâDZLRQ\PLHVL F5DPDGDDQSRZWDU]DM VL FRURF]QHREDZ\LWUZDM G\VNXVMH QDGSUDZLGâRZ\PRNUHSOHQLHPGDW\MHJRUR]SRF]FLDL]DNR>F]HQLD6SRW\NDP\VL ]PQyVWZHP RSLQLLQDWHQWHPDW1LHNWyUHQLFKZ\PDJDM SRSDUFLDGRZRGDPLDVWURQRPLF]Q\PL -HGQLSOHG] ID]\NVLo\FDZSRV]F]HJyOQ\FKSD>VWZDFKLQQLUR]SDWUXM UyoQHVWUHI\SR]RVWDOL]DS ZW\PVDP\PF]DVLHWUDNWXM REV]DU$PHU\NL3yâQRFQHML$IU\NLMDNRMHGQ VWUHI  1D QLHNWyUH ] W\FK RSLQLL PDM ZSâ\Z VWRVXQHN L SROLW\ND ] SRV]F]HJyOQ\PL UHJLRQDPL L SD>VWZDPL =SHZQRSFL RGQRVLVL GRWHJRRVWU]HoHQLH:\VâDQQLND U Strona 65 1LHMHVWVSRSUyGQDV WHQNWRQDZRâXMHGRSRG]LDâyZSDUW\MQ\FKSOHPLHQQ\FK  -HV]F]HLQQLRSLHUDM VL QDZ\GDQ\FK SRSSLHV]QLHLZ Wâ\FKZQLRVNDFKQDSRGVWDZLHGRVW SQ\FKGRZRGyZ 1yZRNUHODGDW\LVODPVNLH $OODK , Strona 66 ZVND]DâQDID]\NVLo\FDMDNRMHG\QH]QDNLSR]ZDODM FHRNUHSOLýGDW\WDNUyoQ\FKSZL W PX]XâPD>VNLFKMDN,GF]\+DGo:$O4XU DQLHREMDZLâ 2QL EG FLHELH S\WDý R ID]\ NVLo\FD Z QRZLX 3RZLHG] 7R V R]QDF]HQLD F]DVX GOD OXG]L L GOD SLHOJU]\PNL6XUD $O %DTDUDK  .URZD  > @ Strona 67  6]F]HJyOQLH:\VâDQQLN U Strona 68  SRGNUHSODâLo RNUHSOHQLHID]\NVLo\FDMHVWNRQLHF]QHGRR]QDF]HQLD SRF] WNXLNR>FD5DPDGDQX:LHOXVSRSUyG7RZDU]\V]\UHODFMRQXMHLo :\VâDQQLN U Strona 69 PyZLâ =DF]QLM SRSFLý JG\ ]REDF]\V] SyâNVLo\F -HSOL MHVW QLHZLGRF]Q\ RGOLF]  GQL PLHVL FD6]D EDQ=DNR>F]SRVWJG\]REDF]\V]SyâNVLo\F-HoHOLMHVWQLHZLGRF]Q\ QLHFKSRVWWUZDGQL >%XFKDULL0XVOLP@ 3URURN U Strona 70  ]ZUDFDâXZDJ QDGRNâDGQHRNUHSOHQLHSRF] WNXPLHVL FD6]D EDQSRQLHZDo PRoOLZH MHVW RGOLF]HQLH GZXG]LHVWX G]LHZL FLX GQL L REVHUZDFMD SyâNVLo\FD UR]SRF]\QDM FHJR 5DPDGDQ DOERRGOLF]HQLHWU]\G]LHVWXGQLL UR]SRF]FLHSRVWX$MV]DSU]HND]XMH:\VâDQQLN$OODKD U Strona 71  E\â EDUG]LHM Z\F]XORQ\ QD GRNâDGQH RNUH SOHQLH SRF] WNX PLHVL FD 6]D EDQ QLo SU]\ LQQ\FK PLHVL FDFK-HoHOLSyâNVLo\FQLHE\âZLGRF]Q\RGOLF]DâGQLLUR]SRF]\QDâSRVW >$KPDG L$EX 'DXXG@  ZZZSODQHWD,VODPFRP Strona 72 3RVWZ5DPDGDQLH 3RWU]HEDZLDGNyZSU]\UR]SRF]FLXPLHVLûFD 8F]HQL ]JDG]DM VL FR GR WHJR Lo Z\VWDUF]\ GZyFK SZLDGNyZ JRGQ\FK ]DXIDQLD DE\ RNUH SOLý SRF] WHNPLHVL FDSRSU]H]SRMDZLHQLHVL QRZLX2SDUWHMHVWWRQDZLHOXUHODFMDFKSU]HND]DQ\FK SU]H] 7RZDU]\V]\ NWyU]\ WZLHUG]LOL Lo :\VâDQQLN $OODKD U Strona 73  PyZLâ -HoHOL GZyFK VSUDZLHGOLZ\FK PX]XâPDQyZ RSZLDGF]D Lo WR ZLG]LDâR Strona 74  WR UR]SRF]QLMFLH OXE ]DNR >F]FLH VZyM SRVW >'DUTXWQLL$KPDG@-HGQDNZLHOXLQQ\FKXF]RQ\FKXZD oDLo Z\VWDUF]\SZLDGHFWZRMHGQHM RVRE\JRGQHM]DXIDQLDDE\RNUHSOLýSRF] WHNPLHVL FD 3RGVWDZ MHVW VWZLHUG]HQLH ,EQ 0DXUD /XG]LH RF]HNLZDOL SRMDZLHQLD VL  SyâNVLo\FD UR]SRF]\QDM FHJR5DPDGDQ Strona 75 3RLQIRUPRZDâHP3URURND U Strona 76 Lo JRZLG]LDâHP1DVWSQHJRGQLD Strona 77  2QSRSFLâLQDND]DâSRVWOXG]LRP >$EX'DXXG@ 'RZRG\DVWURQRPLF]QH 1LHNWyU]\ OXG]LH VXJHUXM  Lo Z FHOX RNUHSOHQLD QRZLX QDOHo\ Xo\ý Z\â F]QLH OXE F]SFLRZR REOLF]H> DVWURQRPLF]Q\FK1LHMHVWWRU]HF]QRZDJG\ o MXo ZF]HSQLHMZKLVWRULLPX]XâPDQyZLZ F]DVDFK3URURND U Strona 78 SRMDZLDâ\VL WDNLHVXJHVWLH,EQ8PDUUHODFMRQXMHoH:\VâDQQLND$OODKD U Strona 79  PyZLâ -HVWHSP\ QLHSLSPLHQQ\P QDURGHP 1LH Xo\ZDP\ SLVP L REOLF]H> DVWURQRPLF]Q\FKDE\RNUHSOLýF]DVSRVWX Strona 80 0LHVL FWUZDW\OHLWXSRND]\ZDâVZRMH SDOFHUD]\]DWU]HFLPUD]HPFKRZDM FNFLXNFRR]QDF]DâRGQL Strona 81 OXEW\OHLWX SRND]\ZDâ VZRMH SDOFH  UD]\ FR R]QDF]DâR  GQL Strona 82  >%XFKDUL L 0XVOLP RUD] $EX 'DXXG@ :UHODFMLZJ$EX'DXXGDSRMDZLDVL  IUDJPHQW'ODWHJRWHo ,EQ8PDU]D]Z\F]DMNR>F]\âVZyM SRVWZUD]]LQQ\PLOXGmPLEH]XZ]JOGQLDQLDREOLF]H> DVWURQRPLF]Q\FK 7RSRND]XMHLo :\VâDQQLN U Strona 83 FKFLDâDE\SRVWMDNRIRUPDRGGDZDQLXF]FL$OODFKRZLE\âSURVW\ L GRVWSQ\ SR]LRPRZL ]Z\Nâ\FK OXG]L ] GDOD RG ZSâ\ZX L NRQWUROL MDN QDU]XFD Z\VSHFMDOL]RZDQD ZLHG]D QDXNRZD SHZQD F]\ Z WSOLZD Strona 84  7R SRND]XMH UyZQLHo MDN RNUHSODâ WR ,EQ 7D\PL\DK Lo RSLVDQLH QDURGX MDNR QLHSLSPLHQQHJR PD W ]DOHW Lo F]\QL WHQ QDUyG QLH]DOHoQ\PRGMDNLHJRNROZLHNVNRPSOLNRZDQHJRV\VWHPXZZ\NRQ\ZDQLXSRGVWDZRZ\FKDNWyZ F]FL .WRNROZLHN RGU]XFD W SUDZG Z U]HF]\ZLVWRSFL Z\NUDF]D SR]D NRQVHQVXV XF]RQ\FK L QLV]F]\ SLNQR L SURVWRW WHM UHOLJLL L FR JRUV]D ] SHZQRSFL SU]HFLZVWDZLD VL :\VâDQQLNRZL $OODKDU Strona 85  ZZZSODQHWD,VODPFRP  Strona 86 3RVWZ5DPDGDQLH %ãGQHSRMFLHSUDZG]LZ\SRF]ûWHNPLHVLûFD %DUG]RF]VW\PQLHSRUR]XPLHQLHPLWURVN VSRW\NDQ XZLHOXOXG]LMHVWSRWU]HEDSRWZLHUG]HQLD SRSU]H] GRZyG DVWURQRPLF]Q\ OXE LQQ\ Strona 87  SZLDGHFWZD W\FK NWyU]\ WZLHUG]  Lo ZLG]LHOL NVLo\F 2EDZLDM VL RQL Lo EUDN WDNLHJR SRWZLHUG]HQLD MHVW ]E\W U\]\NRZQ\ JG\ o SRVW Z ]â\ VSRVyE VSRZRGXMHXQLHZDoQLHQLHQLHNWyU\FKQDV]\FKDNWyZF]FL7DNLHSRGHMSFLHMHVWRGU]XFDQH]NLONX SRZRGyZ 3RZRGXMHLo U]XFDVL FLH> Z WSOLZRSFLQDPX]XâPDQyZJRGQ\FK]DXIDQLD-HVWWR]DEURQLRQH ZWHNSFLH$O4XU DQXL6XQQ\  -HVW WR VSU]HF]QH ] SUDNW\N :\VâDQQLND $OODKD U Strona 88  NWyU\ G]LDâDâ QDW\FKPLDVW QD SRGVWDZLH SZLDGHFWZSU]HGVWDZLRQ\FKSU]H]OXG]LLEH]SRUyZQ\ZDQLDLFK]GDQ\PLDVWURQRPLF]Q\PL  =DFKRZDQLHWDNLH SU]\SRPLQDVSRVyEG]LDâDQLD n\GyZNWyU]\ VDPLVRELH UREL XWUXGQLHQLD 'ODWHJR $OODK XNDUDâ LFK SU]H] QDGDQLH LP MHV]F]H VXURZV]HJR SUDZD :\VâDQQLN $OODKD U Strona 89  PyZLâ6WU]Ho VL SU]HVDG\ZUHOLJLL=DSUDZGFLSU]HGZDPL]RVWDOL]QLV]F]HQL]SRZRGXLFK SU]HVDG\ZUHOLJLL >1DVD L@ :VND]XMHWRQDLJQRUDQFMNLHG\U]HF]\ZLSFLHUR]SRF]\QDVL PLHVL FPX]XâPD>VNL7HQSXQNW ,EQ7D\PL\DKREMDSQLDZQDVWSXM F\VSRVyE :LHOXOXG]LXZDoDLo ZUD]]QRZLHPNWyU\SRMDZLDVL  QDQLHELHQLH]DOHoQLHRGWHJRF]\OXG]LH JR ]DXZDo  F]\ QLH UR]SRF]\QD VL SLHUZV]D QRF PLHVL FD -HVW WR SRJO G QLHVâXV]Q\ 1yZ SRZLQLHQ XND]Dý VL OXG]LRP L RQL SRZLQQL JR ]REDF]\ý DE\ UR]SRF] ý PLHVL F 'ODWHJR :\VâDQQLN $OODKD U Strona 90  PyZLâ  >3UDZG]LZ\@ SRVW UR]SRF]\QD VL Z GQLX Z NWyU\P W\ UR]SRF]\QDV]FRR]QDF]D oHMHVWWRG]LH>RNWyU\PZLHV]oHMHVWF]DVHPSRVWX-HoHOLRW\PQLH ZLHV]QLHPDWRoDGQHMZDUWRSFLGODFLHELH >$O)DWDZD@ 7HQ SRJO G Z\MDSQLD QDP QDVWSXM FH RSRZLDGDQLH $EX DO %XKWXUL HJR 3RG oDOLSP\ QD PDâ SLHOJU]\PN XPU Strona 91 L]DXZDo\OLSP\SyâNVLo\F5DPDGDQXSU]\'KDWX,UT:\GDZDâVL  E\ýGZX OXEWU]\GQLRZ\ 3RSHZQ\P F]DVLHVSRW\NDOLSP\,EQ$EEDV DLRSRZLHG]LHOLSP\PXRW\P,EQ $EEDV SU]HND]Dâ QDP Lo :\VâDQQLN $OODKD U Strona 92  PyZLâ $OODK ZVND]Dâ QD SRMDZLHQLH VL  SyâNVLo\FD MDNR ]QDN UR]SRF]FLD 5DPDGDQX 'ODWHJR WHo 5DPDGDQ UR]SRF]\QD VL WHM QRF\ NWyUHMJR]REDF]\V]-HSOLMHVWQLHZLGRF]Q\ZyZF]DVRGOLF]GQL Strona 93  >0XVOLP@ &RVL G]LHMHMHGQDNNLHG\FLNWyU]\WZLHUG] Lo ]DXZDo\OLQyZNâDPL OXEP\O VL"7DNGâXJR MDNZ\GDM VL QDPPX]XâPDQDPLGR]DDNFHSWRZDQLDLV JRGQL]DXIDQLDSRZLQQLSP\SU]\M ýLFK SZLDGHFWZRLUR]SRF] ýOXE]DNR>F]\ýSRVW1LHPDP\DEVROXWQLHSUDZDRGU]XFLýLFK SZLDGHFWZD EH] PRFQ\FK GRZRGyZ RSLHUDM F VL QD VSRVREDFK SRWZLHUG]RQ\FK SU]H] 6XQQ  WDN MDN  ZZZSODQHWD,VODPFRP Strona 94 3RVWZ5DPDGDQLH Z\ND]DQR SRZ\oHM Strona 95  -HoHOL ]GDU]\ VL oH U]HF]\ZLSFLH RQL NâDPL  WR JU]HFK EG]LH W\ONR LFK XG]LDâHPDP\EG]LHP\Z\QDJURG]HQL]DZRO $OODKD]DWRLo WU]\PDP\VL 6XQQ\ 8QLILNDFMDREV]DUXREVHUZDFML 3RZ\oV]H KDGLV\ QLRV ]H VRE RJyOQH ]DOHFHQLH GOD ZV]\VWNLFK PX]XâPDQyZ DE\ Z\F]HNLZDý SRMDZLHQLDVL QRZLX:W\PVDP\PGXFKX$ EX+XUDMUDK$MV]DLLQQLUHODFMRQXM oH:\VâDQQLND $OODKD U Strona 96  SRZLHG]LDâ >3UDZG]LZ\@SRVWUR]SRF]\QDVLJG\W\UR]SRF]\QDV]SRVW >SUDZG]LZ\@ )LWUF]\OLSZLWR ,GDO)LWU Strona 97 MHVWZGQLXZNWyU\PWRW\NR >F]\V]VZyMSRVW >SUDZG]LZD@$GKD F]\OL SZLWR ,G DO $GKD Strona 98  MHVW Z GQLX Z NWyU\P WR W\ RILDURZXMHV] VZRM RILDU >$EX 'DXXG L 7LUPLGKL@ : ]ZL ]NX ] SRZ\oV]\P JG\ NVLo\F ]RVWDQLH GRVWU]HoRQ\ JG]LHNROZLHN QD ]LHPL SU]H] SU]\QDMPQLHMMHGQHJRJRGQHJR]DXIDQLDPX]XâPDQLQDWRWDNMDNE\FDâD8PPDJ RGRVWU]HJâD: RSDUFLXRSRZ\oV]\KDGLVZV]\VF\F]âRQNRZLH8PP\SRZLQQLREVHUZRZDýQLHERDE\GRVWU]HF QyZWDNGâXJRDo GRWU]HGRQLFKZUR]V GQ\PSU]HG]LDOHF]DVRZ\PLQIRUPDFMDRUR]SRF] FLX QRZHJRPLHVL FD :DUWR MHGQDN ]DXZDo\ý oH 8F]HQL V Z WHM VSUDZLH UyoQ\FK SRJO GyZ 6]HLFK ,EQ 8WKDLPLLQ SLV]H :WHMNZHVWLLLVWQLHMHDo V]HSýUyoQ\FKRSLQLLZSUyGXF]RQ\FK3U]HGVWDZLDPMHGQDNW\ONRGZLH JâyZQHRSLQLH 3LHUZV] RSLQL MHVWoHNDoG\SRZLQLHQXMU]HýQyZZHZâDVQ\PNUDMXDNUDMHZNWyU\FKNVL o\F ZVFKRG]L R WHM VDPHM SRU]H SRZLQQ\ L Sý Z LFK SODG ]DF]\QDý L NR>F]\ý SRVW UD]HP ] QLPL Strona 99  3RZRGHPMHVWoHSRUDZNWyUHMNVLo\FZVFKRG]LMHVWUyoQDZ]DOHoQRSFLRGPLHMVFD 'UXJ RSLQL MHVW oH Z FHOX XVWDOHQLD SRF] WNX QRZHJR PLHVL FD Z\VWDUF]\ SRWZLHUG]HQLH MDNLHJRNROZLHNNUDMX0X]XâPD >VNLHJR-HoHOLQyZNVLo\FD]RVWDâXMU]DQ\ZMDNLPNROZLHNNUDMX RERZL ]NLHP LQQ\FK 0X]XâPDQyZ MHVW ZHGâXJ WHJR UR]SRF] ý SRVW Z 5DPDGDQLH L JR ]DNR>F]\ý :HGâXJ WHM RSLQLL MHoHOL XMU]HQLH QRZLX ]RVWDâR SRWZLHUG]RQ H Z $UDELL 6DXG\MVNLHM RERZL ]NLHP ZV]\VWNLFK 0X]XâPDQyZ ZH ZV]HONLFK NUD >FDFK SZLDWD MHVW UR]SRF]FLH SRVWX MHoHOL]DF]\QDVL PLHVL F5DPDGDQL]DNR>F]HQLHSRVWXMHoHOL]DF]\QDVL PLHVL F6KDXXDO-HVWWR QDMEDUG]LHMSRZV]HFKQDRSLQLDZ SUyGVWURQQLNyZPDGKDEV]NRâ\SUDZQHM Strona 100 ,PDPD$KPDG D,EQ +DQEDO 1LHPQLHMMHGQDNSLHUZV]DRSLQLDMHVWVâXV]QLHMV]D]HZ]JO GXQDGRZRG\Z.RUDQLH6XQQLHL] SRZRGXDQDORJLL ZZZSODQHWD,VODPFRP  Strona 101 3RVWZ5DPDGDQLH &RGR.RUDQX$OODK U Strona 102 PyZLFRZSU]\EOLoHQLX]QDF]\ ª7R MHVW PLHVL F 5DPDGDQ Z NWyU\P ]RVWDâ ]HVâDQ\ .RUDQ  GURJD SURVWD GOD OXG]L L MDVQH GRZRG\ GURJL SURVWHM L UR]UyoQLHQLH .WRNROZLHN ] ZDV EG]LHSZLDGNLHPWHJRPLHVL FDQLHFKSRSFL©6XUDKDO%DTDUDK Strona 103 2VWDWQLH ]GDQLH MHVW ]GDQLHP ZDUXQNRZ\P SU]\ F]\P UHJXâD ]DZDUWD Z ]GDQLX ZDUXQNRZ\P GRW\F]\NDoGHJRNWRVSHâQLDWHQZDUXQHNQLHGRW\F]\]D S QLNRJRNWRQLHVSHâQLDWHJRZDUXQNX 7DNZLF]GDQLHª.WRNROZLHN]ZDVEG]LHSZLDGNLHPWHJRPLHVL FDQLHFKSRSFL© VXJHUXMH oHNDoG\NWRQLHEG]LHSZLDGNLHPQLHSRSFL 3RZV]HFKQ ZLHG] ZSUyG DVWURQRPyZ MHVW oH F]DV Z NWyU\P NVLo\F ZVFKRG]L UyoQL VL Z ]DOHoQRSFL RG PLHMVFD 0RoQD XMU]Hý NVLo\F Z MHGQ\PPLHMVFXDZLQQ\PQLH 'ODWHJRWH o QD SRGVWDZLHZHUVHWXNDoG\NWRQLHXMU]\QRZLX Strona 104 QLHMHVW]RERZL ]DQ\SRSFLý &RGR6XQQ\3URURNU Strona 105 SRZLHG]LDâ -HoHOLXMU]\FLHQyZNVLo\FD5DPDGDQX Strona 106 SRSFLFLHDMHoHOLXMU]\FLHQyZNVLo\FD 6]DXXDOX Strona 107  ]DNR>F]FLHSRVW-HoHOLMHGQDN NVLo\F Strona 108 EG]LH]DFKPXU]RQ\RGOLF]FLH WU]\G]LHSFLGQL 3URURNU Strona 109 SRZLHG]LDâMHoHOLXMU]\FLH3Râ F]\â]DWHPQDND]WHQ]XMU]HQLHPDJG\QDND]MHVW SRâ F]RQ\]IDNW\F]Q SU]\F]\Q QDND]WHQ]RVWDMH]QLHVLRQ\JG\SU]\F]\Q\MHVWEUDN -HoHOL FKRG]L RDQDORJL MHVWHSP\]GDQLD oHWDN VDPR MDNF]DVUR]SRF]FLDL]DNR>F]HQLDSRVWX NDoGHJR GQLD MHVW UyoQ\ Z ]DOHoQRSFL RG PLHMVFD Z WHQ VDP VSRVyE SRF] WHN L NRQLHF PLHVLF]QHJR SRVWX WDNoH VL UyoQL 1D SU]\NâDG WXWDM Z 5L\DGK FRG]LHQQLH ]DF]\QDP\ L NR>F]\P\ QDV] SRVW SU]HG OXGmPL Z DO+LG]LDD] 'ODWHJR WHo QDV]\P RERZL ]NLHP MHVW ]DF] ý SRSFLýSRGF]DVJG\RQLQDGDOMHG] 1DNRQLHFGQLDP\MHP\SRGF]DVJG\RQLMHV]F]HSRV]F] = WHJR Z]JOGX NDoGH PLHMVFH SRGOHJD ZâDVQHM UHJXOH ]H Z]JO GX QD UyoQLFH ZVFKRGX L ]DFKRGX VâR>FDLWRVDPRW\F]\VL UyoQLF\ZVFKRGXL]DFKRGXNVLo\FD 7DN ZLF RGSRZLHGm QD WR S\WDQLH MHVW MDVQD 7ZRLP RERZL ]NLHP MHVW SRSFLý ZHGâXJ XMU]HQLD QRZLXNVLo\FDZW\PPLHMVFXZNWyU\PVL ]QDMGXMHV] 6]HLFK0XKDPPDG,EQ6DOHKDO 8WKD\PLLQDO $TDOOL\DDWDO0XVOLPDK VWU)DWZD1U Strona 110 3RGREQLH QDSLVDâ 6]HLFK ,EQ -LEULLQ JG\ ]DGDQR PX S\WDQLH -HoHOL PX]XâPDQLH XMU]HOL QyZ NVLo\FD5DPDGDQXZMHGQ\PNUDMXF]\OXG]LHZLQQ\FKNUDMDFKZWHQF]DVWDN oHPDM SRSFLý" -HJR RGSRZLHGm 1LH PDP\ Z WSOLZRSFL FR GR UyoQLF ]DFKRGX NVLo\FD Strona 111  RUD] UyoQLF\ Z XMU]HQLXQRZLXSRPLG]\NUDMDPL=WHJR SRZRGXZLHOXXF]RQ\FKXZDoDoHNDoG\NUDMRGUEQLH  ZZZSODQHWD,VODPFRP Strona 112 3RVWZ5DPDGDQLH SRZLQLHQXMU]HýQyZMHoHOLLVWQLHMHSRPLG]\W\PNUDMHPDLQQ\PL Strona 113 IDNW\F]QDUy oQLFD]DFKRGX NVLo\FD Strona 114  ,FKGRZRGHPMHVWKLVWRULD.XUD\E DVâXJL,EQ $EEDDV DJG\5DPDGDQUR]SRF] âVL SRGF]DVJG\ E\âRQZ6]DDPG]LVLHMV]D6\ULD-RUGDQLDL3DOHVW\QD Strona 115 /XG]LHZ6]DDP]DF] OLSRSFLýZSL WHN 1yZNVLo\FD]RVWDâMHGQDNXMU]DQ\Z0HG\QLHGRSLHURZSL WNRZ QRF.XUD\ESRLQIRUPRZDâ ,EQ $EEDDV D oH0XCDDâL\DKLOXG]LHZ6]DDP]DF] OLSRSFLýZSL WHN,EQ $EEDDVSRZLHG]LDâ 0\MHGQDNEG]LHP\NRQW\QXRZDýSRVWDo XMU]\P\QyZNVLo\FDZVND]XM F\QDNRQLHFPLHVL FD 5DPDGDQ Strona 116 DOERSRSFLýEG]LHP\SU]H]GQL7DNQDND]DâQDP:\VâDQQLN$OODKD U Strona 117  6KD\NK ,EQ-LEULLQ)DWDDZD5DPDGKDDQ 7RPVWU)DWZD1U )DWDDZDDO6L\DDPOLEQL-LEULLQVWU Strona 118 3RGVXPRZDQLH 3RZ\oV]HRPyZLHQLHPRoQDSRGVXPRZDýZQDVWSXM F\FKSXQNWDFK 3RF] WHNPX]XâPD>VNLHJRPLHVL FDPRoHE\ýRNUHSORQ\ZFHOXUR]SRF]FLDOXE]DNR>F]HQLD SRVWX SLHOJU]\PNL L LQQ\FK SZL W PX]XâPD>VNLFK Strona 119  W\ONR SRSU]H] QDRF]Q REVHUZDFM QLHX]EURMRQ\P RNLHP Z Z\QLNX NWyUHM GRVWU]H oH VL QyZ OXE SR RGOLF]HQLX  GQL PLHVL FD 6]D EDQSU]HG5DPDGDQHP Strona 120   'RZyG DVWURQRPLF]Q\ QLH PR oH ]RVWDý Xo\W\ GR RNUHSOHQLD QRZLX OXE GR ZHU\ILNDFML REVHUZDFML Z W\P ]DNUHVLH SRF]\QLRQ\FK SU]H] JRGQ\FK ]DXIDQLD PX]XâPDQyZ 3RGREQH REOLF]HQLD NWyUH F]VWR RND]\ZDâ\ VL E\ý QLHSFLVâH L Z\ZRâ\ZDâ\ VSRU\ L SRG]LDâ\ SRPL G]\ PX]XâPDQDPLQLHPRJ E\ýSRGVWDZ GRRNUHSOHQLDQRZLX -HoHOLQyZ]RVWDQLHGRVWU]HoRQ\ JG]LHNROZLHNQD]LHPLOXG]LHZHZV]\VWNLFKPLHMVFDFKNWyU]\ GRZLHG] VL RW\PZUR]V GQ\PSU]HG]LDOHF]DVRZ\PSRZLQQLJRSU]\M ýMDNRVZRM SRGVWDZ GRUR]SRF]FLDQRZHJRPLHVL FD 0LHVL FUR]SRF]\QDVLJG\ZLGRF]Q\MHVWQyZNVLo\FDEH]Z]JOGXQDWRF]\SRMDZLVL RQ SU]HGSROXEZF]DVLHRF]HNLZDQ\P 3RZLQQR ]RVWDý SRGNUHSORQH Lo MHGQRF]HQLH 0X]XâPDQyZ L LFK RSLQLL MHVW MHGQ\P ] QDV]\FK JâyZQ\FK FHOyZ -HVW WR EDUG]R ZD oQ\ RERZL ]HN NWyUHJR QLH PRoH oDGHQ 0X]XâPDQLQ RGU]XFDý-HGQDNoHSUDZG]LZDMHGQRSýQLHPRoHE\ýRVL JQLWDQDMDNLHMNROZLHNLQQHMGURG]HQL o RNUHSORQHM SU]H] $O  4XU DQ DXWHQW\F]Q 6XQQ L NLHURZQLFWZR 6SUDZLHGOLZ\FK 6DODIyZ SRERoQ\FKSU]RGNyZ Strona 121 -DNLHNROZLHNLQQHSRGVWDZ\MHGQR SFLV QLHUHDOLVW\F]QHLQDNUyWN PHW :]\ZDP\ZV]\VWNLFK0X]XâPDQyZDE\]DDQJD oRZDOLVL ZDNW\F]FLNWyUHSR]ZRO LPRVL JQ ý EâRJRVâDZLH>VWZD 5DPDGDQX ]DPLDVW PDUQRZDý VZyM F]DV L HQHUJL  QD EH]RZRFQH VSRU\ L ZZZSODQHWD,VODPFRP  Strona 122 3RVWZ5DPDGDQLH NâyWQLH 1LHFK $OODK , Strona 123 SR]ZROL QDP LSý GURJ 6XQQ\ ZH ZV]\VWNLFK QDV]\FK ZLHU ]HQLDFK L XF]\QNDFK  ZZZSODQHWD,VODPFRP Strona 124 3RVWZ5DPDGDQLH $OODK, XãDWZLDVZRLPVãXJRPDQLHXWUXGQLD .WRMHVW]ZROQLRQ\]RERZLû]NRZHJRSRVWX" 3RGUy%Q\ 3RGUyoQ\PRoHZ\EUDýF]\SRSFLýF]\QLH$OODK , Strona 125 REMDZLâZ$O4XU DQLH .RJR ] ZDV]DVWDQLHWHQPLHVL FWRQLHFKSRSFLZW\PF]DVLH$WHQNWR MHVW FKRU\OXE Z SRGUyo\ WR SU]H]SHZQ OLF]E LQQ\FKGQL%yJFKFHGDý ZDPXOJDQLHFKFHGODZDVXWUXGQLHQLD6XUD$O%DTDUDK .URZD>@ Strona 126 +DP]DELQ$PUDO$VODPLNWyU\]Z\NâF] VWRSRGUyoRZDý]DS\WDâ:\VâDQQLND U Strona 127 &]\PXV] SRSFLý Z F]DVLH SRGUyo\" :\VâDQQLN U Strona 128  SRZLHG]LDâ -HoHOL FKFHV] XWU]\PDM SRVW OXE JR SU]HUZLM >%XFKDULL0XVOLP@ $QDVELQ0DOLNSRZLHG]LDâ3RGUy oRZDâHP]:\VâDQQLNLHP$OODKD U Strona 129  SRGF]DV5DPDGDQX&L NWyU]\SRSFLOLQLHRVNDUoDOLW\FKNWyU]\QLHSRV]F] DQLFLNWyU]\QLHSRSFLOLQLHRVNDUoDOLW\FK NWyU]\SRV]F]  >%XFKDULL0XVOLP@ 3RZ\oV]H KDGLV\ SRND]XM  Lo SRGUyoQ\ PRoH Z ]DOHoQRSFL RG Z\ERUX SRSFLý OXE QLH 1LH SRND]XM MHGQDNNWyUHSRVWSRZDQLHMHVWOHSV]H-HGQDN]QDVW SXM FHJRKDGLVXZ\QLNDLo OHSLHM MHVW QLH SRSFLý Z F]DVLH SRGUyo\ :\VâDQQLND U Strona 130  SRZLHG]LDâ =DSUDZG $OODK NRFKD W\FK NWyU]\ DNFHSWXM MHJR]DOHFHQLDNRQFHVMH Strona 131 WDN MDNQLHQDZLG]LW\FKNWyU]\V 0XQLHSRVâXV]QL >$KPDG,EQ+LEEDQ@ %UDNSRVWXZF]DVLHSRGUyo\MHVWOHSV]\PZ\ERUHPGODWHJRNWRSy mQLHMEH]SU]HV]NyGQDGUREL SRVW7U]HEDUyZQLHo SRGNUHSOLýLo QLHMHVWGREU\PXF]\QNLHPSRVWRVâDELRQHJRSRGUy oQLNDWDN MDN RNUHSOLâ WR :\VâDQQLN U Strona 132  1LH MHVW GREU\P XF]\QNLHP SR SFLý SRGF]DV SRGUyo\ >%XFKDUL L 0XVOLP@ 8ZDJD 1LHNWyU]\P\SO Lo Z]ZL ]NX]HZVSyâF]HVQ\PXâDWZLHQLDPLZSRGUy oRZDQLX]DVDG\ XâDWZLDM FH SRVW QLH PDM ]DVWRVRZDQLD -HVW WR SRZDoQ\ Eâ G SRQLHZDo $OODK , Strona 133 VZRMH ]DOHFHQLDRNUHSOLâGODZV]\VWNLFKPLHMVFLHSRN 1LHEâ G]LPyM3DQLQLH]DSRPLQD6XUD7D+D>@ Strona 134  ZZZSODQHWD,VODPFRP  Strona 135 3RVWZ5DPDGDQLH 2VRE\FKRUH =H Z]JOGX QD 6ZRMH 0LâRVLHUG]LH $OODK , Strona 136 RVRE FKRU ]ZROQLâ ] SRVWX FR MHVW SHZQ\P XâDWZLHQLHP 7\S FKRURE\ NWyU\ XPR oOLZLD FKRUHM RVRELH ]ZROQLHQLH ] SRVWX MHVW ]ZL ]DQ\ ] IDNWHP Lo MHSOL SRSFLâDE\ WR VSRZRGRZDâRE\ WR XV]F]HUEHN QD ]GURZLX OXE SU]HGâX oHQLH FKRURE\$$OODK , Strona 137 ZLHQDMOHSLHM .RELHW\SRGF]DVPLHVLûF]NLLRNUHVXSRSRURGRZHJR 8F]HQL MHGQRP\SOQLH ]JDG]DM VL FR GR WHJR Lo NRELHWD SRGF]DV PLHVL F]NL OXE NUZDZLHQLD SRSRURGRZHJRQLHPRoHSRSFLý3RZLQQ\RQHSU]HUZDýSRVWLQDGURELýJRZSy mQLHMV]\PF]DVLH =JDG]DM VL UyZQLHo FR GR WHJR Lo MHSOL SRSFLâ\E\ Z W\P F]DVLH WR QLH PLDâ\E\ ]D WR oDGQHM QDJURG\ 2VRE\ZSRGHV]ã\PZLHNX 0XMDKLGUHODFMRQXMHLo ,EQ $EEDVUHF\WRZDâ $ QD W\FK NWyU]\ PRJ WR XF]\QLý L PDM WUXGQRSFL SRGF]DV SRVWX SU]\S WâXPDF]D Strona 138  FL o\ RERZL ]HN Z\NXSX  o\ZLHQLH ELHGDND 6XUD $O %DTDUDK  .URZD>@ Strona 139  L NRPHQWRZDâ 2GQRVL VL WR GR RVRE\ Z SRGHV]â\P ZLHNX NWyUD QLH MHVW Z VWDQL H SRSFLý 3RZLQQD]DNDoG\RSXV]F]RQ\G]LH> QDNDUPLýMHGQ ELHGQ RVRE SRâRZ VDCDMHGQRVWNDPLDU\ R]QDF]DM FDGZLHJDUSFL Strona 140 ]LDUQD  $EX+XUDMUDKSRZLHG]LDâNWRNROZLHNRVL JQLHSRGHV]â\ZLHNLQLHMHVWZVWDQLHSR SFLýSRGF]DV 5DPDGDQXQLHFK]DNDoG\G]LH> RGGDPXGG SV]HQLF\ >$G'DULPL@ .RELHW\ZFLû%\LNDUPLûFHSLHUVLû :LHONLP 0LâRVLHUG]LHP $OODKD , Strona 141 ZREHF VâDEV]\FK MHVW ]ZROQLHQLH ] LFK SRVWX 'R NDWHJRULL VâDEV]\FK]DOLF]P\UyZQLHo NRELHW\ZFL o\LNDUPL FHSLHUVL  $QDV,EQ0DOLNUHODFMRQXMH.RQLH:\VâDQQLND$OODKD U Strona 142  ]EOLo\â\VL GRQDVSRGV]HGâHPZLF GR :\VâDQQLND $OODKD U Strona 143  L ]REDF]\âHP JR MDN VSRo\ZD SRVLâHN 3RZLHG]LDâ 3RGHMG m EOLoHM L SRF]VWXMVL2GSRZLHG]LDâHP3RV]F] 2Q U Strona 144  SRZLHG]LDâ3RGHMGm EOLoHMLSR]ZyODE\P RSRZLHG]LDâFLFRS RSRSFLH=DSUDZG$OODKVNUyFLâPRGOLWZ VDODW Strona 145 GODSRGUyoQHJRRSRâRZ L ]ZROQLâ]FLoDUyZSRVWXNRELHW\ZFL o\LNDUPL FHSLHUVL  >$W7LUPLGKL1DVDL@  ZZZSODQHWD,VODPFRP Strona 146 3RVWZ5DPDGDQLH 3U]HSLV\GRW\F]ûFHSRVWXZ5DPDGDQLH ,VWRWQH]DVDG\]ZLû]DQH]PLHVLûFHP5DPDGDQ 0X]XâPDQLH PXV] VRELH XSZLDGRPLý Lo EâRJRVâDZLH>VWZD ]ZL ]DQH ] W\P V]F]HJyOQ\P PLHVL FHP QLJG\ QLH EG LFK XG]LDâHP Do ]UR]XPLHM SU]HSLV\ RG $OODKD $]]DZDGoDOO L :\VâDQQLND U Strona 147  L ]DVWRVXM MH WDN MDN VWRVRZDâ MH :\VâDQQLN U Strona 148  L 3UDZL 6DODIRZLH 3RERoQL 3U]RGNRZLH Strona 149 =DWHPZQDV]\PREMD SQLHQLXW\FKSU]HSLVyZEG]LHP\VWDUDOLVLWDNPRFQRMDNWR PRoOLZH RJUDQLF]\ý VL GR GZyFK mUyGHâ ZLHG]\ R ,VODPLH W]Q $O 4XU DQX L 6XQQ\ Z LQWHUSUHWDFML WU]HFK SLHUZV]\FK JHQHUDFML 0X]XâPDQyZ L W\FK NWyU] \ LFK SOHG]  , QLHFK $OODK SRPRoHQDPZF]\QLHQLXVSUDZLHGOLZRSFLZREHF-HJR:LDU\ 2GOLF]DQLHGQLPLHVLûFD6]D EDQ :]ZL ]NX]SU]\JRWRZDQLDPLGRPLHVL FD5DPDGDQRERZL ]NLHPVSRâHF]QRSFLPX]XâPD>VNLHM MHVWV]F]HJyOQDWURVNDGRW\F] FDRGOLF]DQLDGQLPLHVL FD6]D DEDQ7DNDE\âDSUDNW\ND:\VâDQQLND U Strona 150  -HVW WR V]F]HJyOQLH ZDoQH JG\o PLHVL F PX]XâPD>VNL OLF]\ GZDG]LHSFLD G]LHZLý DOER WU]\G]LHSFLGQL3RF] WHNPLHVL FD]DF]\QDVL ZUD]]GRVWU]HoHQLHPSyâNVLo\FDQyZ Strona 151 -HoHOLMHVW MHGQDNSRFKPXUQRLSyâNVLo\FMHVWQLHZLGRF]Q\ZWHG\GROLF]DVL  WU]\G]LHVW\G]LH> 6]D DEDQDL 5DPDGDQUR]SRF]\QDVL QDVWSQHJRGQLD $OODKQDRNUHSOHQLHPLHVLF\LODWZ\]QDF]\âOXG]NRSFLID]\NVLo\FD2SLHUDM FVL QDW\PPLHVL F PX]XâPD>VNL QLJG\ QLH SU]HNUDF]D  GQL =QDMGXMH WR SRWZLHUG]HQLH UyZQLH o Z 6XQQLH :\VâDQQLND U Strona 152  $EX +XUDMUDK UHODFMRQXMH Lo :\VâDQQLN U Strona 153  SRZLHG]LDâ =DF]QLMFLH SRVW MDN W\ONR JR QyZ Strona 154  ]REDF]\FLH L SU]HUZLMFLH SRVW MDN JR ]REDF]\FLH -H SOL MHVW SU]HG ZDPL XNU\W\ ] SRZRGX ]DFKPXU]HQLD Strona 155 RGOLF]FLHGQL6]D EDQD >%XFKDULL0XVOLP@ $EGXOODKELQ8PDUUHODFMRQXMHL o :\VâDQQLN$OODKD U Strona 156  SRZLHG]LDâ1LH]DF]\QDMSRVWXD o QLH ]REDF]\V] SyâNVLo\FD L QLH NR>F] PLHVL FD Strona 157  SRVWX Do JR ]REDF]\V] -HoHOL MHVW QLHZLGRF]Q\ ] SRZRGXFKPXU Strona 158 ZWHG\Z\]QDF]PLHVL FSU]H]RGOLF]HQLHGQL Strona 159  >%XFKDULL0XVOLP@ $GL LEQ +DWLP UHODFMRQXMH Lo :\VâDQQLN $OODKD  U Strona 160  SRZLHG]LDâ *G\ QDGHMG]LH 5DPDGDQ XWU]\PXMFLH SRVW SU]H  GQL FK\ED oH ]REDF]\FLH ZF]HSQLHM KLODO SyâNVLo\F Z QRZLX Strona 161  >$W 7DKDZL$KPDGL7DEDUDQL@ ZZZSODQHWD,VODPFRP  Strona 162 3RVWZ5DPDGDQLH .WRNROZLHNSRFLZGQLXQLHSHZQ\PMHVWQLHSRVãXV]Q\ZREHF$EXO4DVLPD 0XKDPPDGD Strona 163  : ]ZL ]NX ] W\P QLH MHVW ]DOHFDQH 0X]XâPDQLQRZL QDGRERZL ]NRZ\ SRVW Z RVWDWQLFK GZyFK GQLDFK 6]D EDQD MDNR IRUPD RVWUR oQRSFL FK\ED oH MHVW WR SRVW Z GQLDFK SRGF]DV NWyU\FK RQ UHJXODUQLHSRSFL $EX+XUDMUDK UHODFMRQXMHLo :\VâDQQLN$OODKD U Strona 164  SRZLHG]LDâ1DOHo\XQLNDýSRVWXG]LH> OXE GZDSU]HG5DPDGDQHP:\M WNLHPMHVWF]âRZLHNNWyU\SRSFLUHJXODUQLHLMHJRSRVW]ELHJDVL  ] W\PLGQLDPL2QPRoHSRSFLý >3RWZLHUG]RQ\@ %UDFLD L VLRVWU\ Z LVODPLH ZLHGmFLH Lo SRVW Z GQLX QLHSHZQ\P MHVW R]QDN QLHSRVâXV]H>VWZD ZREHF:\VâDQQLND U Strona 165 $PPDULEQ-DVVDUUHODFMRQXMHL o :\VâDQQLN U Strona 166 SRZLHG]LDâ.WRNROZLHN SRSFLZGQLXQLHSHZQ\PWMWHJR6]D EDQD Strona 167 ]DSUDZGRND]XMHQLHSRVâXV]H>VWZRZREHF$EXO 4DVLPD U Strona 168 $EXO4DVLPWR0XKDPPDG U Strona 169  >1DVD L7LUPLGKLL$EX'DXXG@ 8VWDQRZLHQLHPLHVLûFDZ\PDJDZLDGNyZ 3RF] WHN L NRQLHF PLHVL FD MHVW XVWDQRZLRQ\ MHSOL FKRFLDo MHGHQ JRGQ\ ]DXIDQLD 0X]XâPDQLQ SRSZLDGF]\ QyZ 3RMDZLHQLH VL NVLo\FD MHVW XVWDQRZLRQH MHSOL GZyFK JRGQ\FK ]DXIDQLD 0X]XâPDQyZ WR SRSZLDGF]\ :\VâDQQLN $OODKD U Strona 170  SRZLHG]LDâ 5R]SRF]QLMFLH SRVW JG\ JR ]REDF]\FLHDSU]HUZLMFLHSRVWJG\JR]REDF]\FLH-HGQDNJG\MHVWSRFKPXUQRRGOLF]FLHGQL -HSOLGZyFKSZLDGNyZ]REDF]\JR Strona 171 UR]SRF]QLMFLHSRVWOXEJR]DNR >F]FLH >1DVD LL'DULPL@ 0LPRoHSRZ\oV]\KDGLV]DNâDGDLo SRWU]HEQ\FKMHVWGZyFKSZLDGNyZQLHR]QDF]DWRLo GRZyG MHGQHMRVRE\QLHPRoH]RVWDý]DDNFHSWRZDQ\1DVWSXM F\KDGLVZ\MDSQLDW NZHVWL,EQ8PDU SRZLHG]LDâ/XG]LHZLG]LHOLNVL o\F]DZLDGRPLâHPZLF:\VâDQQLND U Strona 172 RW\PLo ZLG]LDâHPJR 2QU Strona 173 UR]SRF] âSRVWLQDND]DâOXG]LRPDE\SRSFLOL >$EX'DXXGL'DUDPL@ 1LMMDK ,QWHQFMD 3RGM ý LQWHQFM  QLMMDK RERZL ]NRZHJR SRVWX QS SRGF]DV 5DPDGDQX Strona 174  SU]HG PRGOLWZ )DGoU QDOHo\GRNDWHJRULLZDGoLEXF]\QNyZ]DOHFDQ\FKMDNRRERZL ]NRZH Strona 175  :\VâDQQLN U Strona 176  SRZLHG]LDâ.WRNROZLHNQLH]GHF\GXMHVL  QDSRVWSU]HG)DGoUQLHEG]LHPLDâ SRVWXWMQLH]RVWDQLHRQ]DDNFHSWRZDQ\ Strona 177  >1DVD L7LUPLGKLL$EX'DXXG@  ZZZSODQHWD,VODPFRP