Sei sulla pagina 1di 47

‘ 

 ÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊ ÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊ ÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊ ÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊ c

‘ ‘ 
   c   cc
‘      
c   cc
‘     
c   cc
‘    c   cc
‘   c   cc
‘   

  c   cc
‘        c   cc

 
      ÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊ ÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊ ÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊ ÊÊÊÊÊÊÊÊÊÊ c

 ‘ 
  
c   cc
  
   
 
c  cc
   
  

c  cc
   


 

  

 
c cc
      

  
  
c c c
    c    c c

"  
 ÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊ ÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊ ÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊ ÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊ c

 ‘  
 
 c   c c
     c   c c
     
  c  c c
3.3.1. Questionnaire c cc
3.3.2. Semi-structured interviewsc cc
   
c    c c
    
 
    c c
   
 
   c  c c

d      

 ÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊ ÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊ ÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊ c

 ‘  c   c


c
     

 c   c


c
  
c    c c
     
 c   c c

c c
’  
     ÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊ ÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊ ÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊ c

 ‘   ‘!    c   c c


’.1.1. Gender, age, education level, marital status and numbe r of dependants c cc
’.1.2. Length of stay in the UK c cc
’.1.3. Level of English language c cc
’.1.4. Sector of employmentc cc
    ! 
   
" 

 

#  
cc c
’.2.1. Sectors of employment and job titles comparisons c cc
’.2.2. Rates of pay comparison c cc
’.2.3. Reasons for migration c cc
’.2.4. Expectations before moving to the UK c cc
    ! 

  


    c cc
’.3.1. Current economic situation in the UK and in Poland. c cc
’.3.2. Plans towards the nearest futurec c c
’.3.3. Additional information c cc
    c    cc

×  
     ÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊ ÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊÊ ÊÊÊÊÊÊ c

 ‘   c    c c


×.1.1. Migration in general c cc
×.1.2. Influence of current economic crisis cc
×.1.3. Migration motivators and experience gained c cc
×.1.4. Depreciation of human capital c cc
×.1.’. Plans for the future c c c
  
 
c   cc
  
 
 c   cc
c

c c
‘   

‘ ‘  !"# 

$$%&'()%*+,(-(.,(/-0(')*1*.%-22%-)*'/32*,454'" (1)4' (/ 66 ('4(.47*89-)**:


0.(;4  24 )*)(. +9$<4' *1 04*0.4" ,2* $*548 %+ -4(';2 *1 ,*': )* 4-)4'+ 9'*04(+
;*9+)'%4-" 2(- '4(;248 ),* $%..%*+-  ;;*'8%+& )* -)()%-)%;" *54' ( =9(')4' *1 470()'%()4-
;($4 )* )24  > " 66?@  %&'()%*+ ;*+)'%<9)48 )* )24 -%&+%1%;(+) 8'*0 %+ )24 .454. *1
9+4$0.*/$4+) %+ *.(+8" <9) () )24 -($4 )%$4" %) ;'4()48 9+0'4;484+)48 -;(.4 *1 -*;%(.
0'*<.4$-"<*)2()%+8%5%89(.(+8+()%*+(..454.  

%14 %+ )24 +%)48 %+&8*$ %- 54'/ 4704+-%54  ;;*$$*8()%*+" )'(+-0*')" 9)%.%)/ <%..- (+8
1**80'%;4- ('4*+)*0*1 )24.%-)%+ $(+/'%)%-2 2*9-42*.8- 4*0.4 1%+8%)2('84')* $(:4
<*)2 4+8- $44)" 4-04;%(../ %+ .('&4 ;%)%4- -9;2 (- *+8*+  *'4*54'" 84$(+8- *1 A
-*;%4)/" &.*<(. ;*$04)%)%*+" *9)-*9';%+&" 8*,+-%B%+& (+8 *)24' 1(;)*'- 2(54 ;(9- 48  ,*':
%+)4+-%1%;()%*+" .*+&C2*9'- ;9.)9'4 (+8 ,4(:4+48 <(.(+;4 <4),44+ ,*': (+8 0'%5()4 .%14 
;;*'8%+&)*94+4:>66?@")24$(D*'%)/*1*.%-2%$$%&'(+)-84;.('4)2())24%'-)(/%+)24
 %- *+./ )4$0*'('/  (+/ *1 )24$ 2(54 ),* D*<-" ,2%.4 )24 *)24'- )(:4 *54')%$4- 1*'
1%+(+;%(.'4(-*+- 4*0.4)'4().*+&2*9'-,*':(-(-*.9)%*+1*'.*+4.%+4--"2*$4-%;:+4--*'
%+*'84' )* ;*+;4(..(;: *1 *)24' (%$%+.%14  '4B%*'+/>=9*)48%+ 94+4: - (')%;.4@ ('&94-
)2()%$$%&'()%*+ ;'4()4- (88%)%*+(.-)'4--1(;)*'-"(-%)8*4-+*) (..*, ;*+)%+9%+& )24 -($4
.%14-)/.4(-%+2*$4.(+8 

24(;;4--%*+)*9'*04(+ +%*+%+66(..*,48*.4-)*)(-)4)24.%14-)/.4(+81'448*$)*
,*': (+8 .%54 %+ (+/   ;*9+)'/ *+ )24 -($4 ;*+8%)%*+- (- *)24' $4$<4'-  24 1(;) )2()
5%-(- ,4'4 +* .*+&4' +4;4--('/ (+8 04*0.4 8%8 +*) 2(54 )* ,(+&.4 %+ *'84' )* 1%+8
4$0.*/$4+),(-54'/4+;*9'(&%+&"24+;4"-*$(+/*.4-84;%848)*)'/)24%'.9;:%+)24  
*9' /4('-.()4'")24 ;*+8%)%*+-*+ )24.(<*9' $(':4)2(-8'($()%;(../;2(+&48 (-1%+(+;%(.
;'%-%-2(--0'4(8&.*<(../  24;9''4+;/47;2(+&4%-+*)1(5*9'(<.4324+;4"(,*':%+)24 
%-+*))2()())'(;)%54%+%+;*$4)4'$-(-%)9-48)*<4 +)24*)24'2(+8"'4;4--%*+2(-2%)
*.(+8%+66E"(+8)249+4$0.*/$4+).454.:440-'%-%+&  24'41 *'4"1%+8%+&(D*<%+(2*$4
;*9+)'/%-&4))%+&2('84' 

c c
‘  $%!&&"'"!&$$ 

24 1(;)*'- $4+)%*+48 (<*54 $(:4 *.%-2 $%&'()%*+ %--94 54'/ %+)4'4-)%+&" 24+;4 )24 %84(
1*')2%-'4-4(';2 %&'(+)-%+)24 ;*+-%84')24$-4.54-(--4;*+8 C;.(--;%)%B4+-894)*)24
-%&+%1%;(+) 8%-0'*0*')%*+ <4),44+ 411*') () ,*': (+8 )24 *9);*$4 (;2%4548   704;)()%*+-
<41*'4 ;*$%+& )*)24  (004(' )*2(54 (+%+1.94+;4*+04';40)%*+*1$%&'()%*+ .)2*9&2
$%&'(+)-4704;)(2('8,*':")24/(.-*(+)%;%0()42%&2%+;*$4(+8<4))4';*+8%)%*+-)2(+%+
*.(+8  94)*'4-2(04%+.(<*9' -$(':4)-%+<*)2;*9+)'%4-"*.%-2$%&'(+)-=94-)%*+)24%'
0'45%*9- '4(-*+- 1*' (''%5(. (+8 45(.9()4 )24%' $*)%5()*'- )* '4)9'+ )* *.(+8  %-%+&
9+4$0.*/$4+)%+)24 $%&2).4(8)*-*;%(. )4+-%*+-<4),44+.*;(.;*$$9+%)/>4-04;%(../
%+(.*,C0(%84$0.*/$4+)@(+8$%&'(+)-" 9-9(../4$0.*/48%+.*,C-:%..485(;(+;%4-  +)24
*)24'2(+8"9+4$0.*/$4+)%-'%-%+&%+*.(+8+*,  24'41*'4"(''%5(.*1(+4,.(<*9'1*';4
%+)*(.'4(8/.**-4$(':4),*9.8;(9-41%4';4;*$04)%)%*+<4),44+0*)4+)%(.4$0.*/44-  

;*+*$%; $%&'()%*+ (1)4' (/ 66 2(- ( 8%114'4+) +()9'4 )2(+ )24 0'45%*9- $%&'()%*+- %+
*.%-2 2%-)*'/  %'-) *1 (.." *.4- ('4 (<.4 )* )'(54. 1'44./ ('*9+8  3 -4;*+8./" (%' )'(54.
<4;($4 ,%84./ (5(%.(<.4" 24+;4 )24 )'(54. )%$4 1'*$ )24  (+8 *.(+8 2(- -%&+%1%;(+)./
-2*')4+3 )2%'8./" $%&'()%*+ - $*)%54- ('4 +*) 0*.%)%;(. >(- %) 9-48 )* <4@ *' 4;*+*$%;(. *+./3
(+81%+(../")24'4%-(.,(/-(+*0)%*+*04+)*'4)9'+)**.(+8  (5%+&$*'40*--%<%.%)% 4-"%)
&4)- 2('84' )* $(:4 84;%-%*+3 )24'41*'4" 04*0.4 ;2**-4 +*) )* '4-)'%;) )24$-4.54- </ )%$4
1'($4- F4) --442*,%)&*4- G%-)24$*-)0*09.('(+-,4'%+9+;4')(%+)%$4-"(+884;%-%*+
+*))*8*(+/)2%+&%-(.-*(0*--%<.4-)'()4&/  

'*14--*'   &.%;:( >*,(.-:(" 66E@ %84+)%1%4- 0(') *1 )24 $%&'(+)- (- ( lost generation G
)2*-4,2*,4'49+4$0.*/48%+*.(+8*'-)984+)-*10*09.('<9)9+0'(;)%;(.0()2,(/- +
*)24',*'8-!04*0.4,2*1(%.481%+8%+&4$0.*/$4+)%+*.%-2.(<*9'$(':4)(+84704;)48)*
-9;;448%+)24  *'4*54'"-*$4*1)2*-4,2*.%548%+(-*;%(.$('&%+%+*.(+8;*+)%+94
)* 8* -* (<'*(8  &.%;:( <4.%454- )2() %+ ( .*+& )4'$" $%&'(+)- )24$-4.54- ,*9.8 <4 2%)
2('84-) </ $%&'()%*+ -%84 4114;)-  24/ ('4 (.'4(8/ 8%-*'%4+)()48" 1%..48 ,%)2 )24 $%-1%)
144.%+&" -4(';2%+& 24.0 *+ )24 )24'(0%-) ;*9;2  2%- 2%&2./ 04--%$%-)%; (00'*(;2
0'48*$%+()4-%+*.%-2 $48%(  24 1%'-) -%)C;*$ (<*9) $%&'(+)-F*+8*+4'- >F*+8/+;B/;/ @
,(-'4$*5481'*$09<.%; (1)4'<4%+&;'%)%;%B481*'5%.%1/%+&(0%;)9 '4*1*.%-2$%&'()%*+  

c c
‘ " !"! (!"$"

4(8%+& )24 .%)4'()9'4 ;*+;4'+%+& 4;*+*$%; $%&'()%*+ 1'*$ *.(+8 -454'(. %--94- ('*-4"
)24'41*'4)2%-'4-4(';21*;9-*+(+-,4'%+&1*..*,%+&=94-)%*+-! 
‘ c 2() ,(- )24 *.%-2 %$$%&'(+)-  %+ )24  )24 $(%+ '4(-*+- 1*' $%&'()%*+H > & !
2()8%8)24/4704;)<41*'4$*5%+&)*)24 H %8)24/4704'%4+;4840'4;%()%*+*1
29$(+;(0%)(.,24+4$0.*/48%+)24 H@ 
 c 2()*0%+%*+8**.4-2(54;*+;4'+%+&;9''4+)4;*+*$%;;*+8%)%*+-%+)24 (+8%+
*.(+8H
 c 2()('4)24/0.(+-)*,('8-)2419)9'4H *)24/%+)4+8)*-4)).48*,+%+)24 *'
'4)9'+)**.(+8H

‘ d !"! )*!$+!"

Îc *'45%4,(5(%.(<.4.%)4'()9'4*+$%&'()%*+ 
Îc * 0'*5%84 908()48 %+1*'$()%*+ (<*9) ;9''4+) 4;*+*$%; ;'%-%- (+8 %)- %+1.94+;4 *+
.(<*9'$(':4) 
Îc *%84+)%1/)24$*)%5()*'-*1$%&'()%*+(+8'4$%&'()%*+ 
Îc *470.*'4)248%.4$$(-*1*.%-2$%&'(+)-(+8 )24'4(-*+-<42%+8)24$ 

‘ ’ +!%%$&

24*54'(..(%$*1)2%-'4-4(';2%-)*-248-*$4.%&2)%+)*%--94-(+8;*+-4=94+;4-1*')2'44
$(%+ -)(:42*.84'- *1 *.%-2 $%&'()%*+ 024+*$4+(! )24  - 4$0.*/4'-" )24 *.%-2
&*54'+$4+)(+8%+8%5%89(.-  24$(%+&*(.%-)*&(%+-*$49+84'-)(+8%+&*+)2%-0' *<.4$%+
*'84')*;*+-)'9;)14(-%<.4(+80'(;)%;(<.4'4;*$$4+8()%*+-  

‘ × $$,$!, !"# 

24-;(.4*1*.%-2 $%&'()%*+2(-'4(;248-%&+%1%;(+).454.324+;4"%)2(- (-9<-)(+)%(.4114;)


*+4;*+*$%;-*1)24.(<*9'$(':4)+*)*+./%+<*)2;*9+)'% 4->)24 (+8*.(+8@<9)(.-*
1'*$ )24   04'-04;)%54  - 9+.%$%)48 (;;4-- )* 9'*04(+ .(<*9' $(':4) %- '4.()%54./ +4,
4704'%4+;41*'*.4-"47)4+-%54-)98%4-('4+4;4--('/)*9+84'-)(+8)240'*<.4$ %&'()%*+
%+5*.54- %+8%5%89(.- ,%)2 8%114'4+) $*)%54-" +448- (+8 *<D4;)%54-" ,2%;2 (88 ;*$0.47%)/ )*
)2%--9<D4;)  24'41*'4

c c
‘ - !, !!.

2%-'4-4(';2%--)'9;)9'48%+(1*..*,%+&*'84'! 
.!  ;*+)(%+- '45%-%*+ *1 )24 .%)4'()9'4 1'*$ ,%84 -;*04 *1 -*9';4- -9;2 (-! <**:-"
D*9'+(.-"+4,-0(04'-"0'45%*9-'4-4(';24-" (+8 )24+)4'+4)  24'4%-(&4+4'(.<(;:&'*9+8
1*' $%&'()%*+" (+8 )24+ ;2(+&4- %+ )24 ,*'.8 *1 ,*': ('4 -:4);248" 1*..*,48 </ *9).%+4 *1
;9''4+)4;*+*$%;;*+8%)%*+-%+)24 (+8*.(+8  *,('8-)244+8")24'4%-(-9$$('/*1
*.%-2 $%&'(+)-  ;2('(;)4'%-)%;- %+ )24 " <(-48 *+ -)()%-)%;(. %+1*'$()%*+ 1'*$ (5(%.(<.4
-*9';4- 

.!"84)(%.-)24$4)2*8*.*&/9-48%+)24'4-4(';2"+($4./)24=94-)%*++(%'4(+8-4$% C
-)'9;)9'48 %+)4'5%4,  24 -($0.%+& $4)2*8- (+8 8()( (+(./-%- )4;2+%=94- ('4 *9).%+48"
1*..*,48</)24'()%*+(.41*';2**-%+&-9'54/$4)2*8*.*&/ 

.!d0'*5%84-84)(%.48%+1*'$()%*+*+8()(;*..4;)%*+0'*;489'4-,%)2)%$41'($4-1*'
;*..4;)%+& =94-)%*++(%'4 (+8 8()4- *1 ;*+89;)%+& %+)4'5%4,-  ) ;*+)(%+- (.-* ( ;'%)%;(.
(00'*(;2)*'4-4(';2.%$%)()%*+- 

.! ’ 0'4-4+)- '4-9.)- *+ =94-)%*++(%'4 1%+8%+ &- 4+'%;248 </ %+1*'$()%*+ &()24'48
89'%+& )24 %+)4'5%4,-  ) 0'*5%84- 0'*;4--48 8()( %+ 1*'$- *1 )(<.4-" ;2(')- (+8 &'(02-
0'*89;48,%)2)2424.0*1(+87;4.-*1),('4 

.! × -9$$('%-4 )24 ,2*.4 '40*') (+8 8'(,- ;*+;.9-%*+- 1*..*,48 </ -*$4
'4;*$$4+8()%*+-1*'-)(:42*.84'-(+8(19')24'-)98/ 

 
     

 ‘ $

2%- .%)4'()9'4 '45%4, %- ;*+;4'+48 ,%)2 $%&'()%*+ %--94 %+ )24   %'-) *1 (.. &4+4'(.
)2*9&2)-(<*9)$%&'()%*+(+8%)-%+1.94+;4*+)244;*+*$/('4*9).%+48")24+) 24'4(.%)/*1
,*': %+ $*84'+ -*;%4)/ (+8 %)- %$0(;) *+ $%&'(+) %- 8%-;9--48" 1*..*,48 </ ;9''4+)
4;*+*$%; ;*+8%)%*+ %+ )24  (+8 *.(+8 
47)" %) 1*;9-4- *+ '4;4+) 4;*+*$%; $%&'()%*+

c c
1'*$ ?‘ ;*9+)'%4-" 0(')%;9.('./ 1'*$ *.(+8  29-" )24 ;2('(;)4'%-)%; *1 %$$%&'(+)- ('4
'45%4,48")24  -4;*+*$%;(.(+8-*;%(.&(%+-(+8.*--4-(1)4'*04+%+&)24<*'84'-%+66 
2409'0*-4*1)2%-.%)4'()9'4'45%4,%-)*1%+8(+/&(0-%+)24.%)4'()9'4)2(),%..&%54%84(-
1*'(+%+)4'4-)%+&'4-4(';2*+'4;4+)*.4 -$%&' ()%*+)*)24  

  !!%  "&$$ 

+ &4+4'(." $%&'()%*+ %- +*) ( +4, %--94 %+ )24   54'/ /4(' )2*9-(+8- *1 04*0.4 .(+8 *+
)24 '%)(%+ - -2*'4 8'%54+ </ 4;*+*$%; '4(-*+-" </ 14(' *1 0'*-4;9)%*+- %+ )24%' 2*$4
;*9+)'/" *' %+8%5%89(.- ,2* %+)4+8 )* -4)).4 8*,+ %+ )24   .(+;21.*,4' >66@ 841%+4- (
$%&'(+) (- Ësomeone who changes his or her country of usual residence for a period of at
least a year͛  24'4;4%5%+&;*9+)'/*1.4&(.*'%..4&(.%$$%&'(+)-2(-)*<4(<.4)*;*+)'*.)24
%+1.97 *1 04*0.4 %+)* )24 ;*9+)'/  ;;*'8%+& )* (')%+ >66‘@ )24 $(D*' 4;*+*$%;
%+-)'9$4+)- )2() ;(+ %+8%'4;)./ '489;4 9+,(+)48 $%&'()%*+ ('4! )'(84" 1*'4%&+ %+54-)$4+)
(+8 (%8  *,454'" %+ )24 -2*') '9+" )'(84 (+8 %+54-)$4+) ;(+ 1*-)4' $%&'()%*+" 4-04;%(../
,24+ )24 8%114'4+;4 %+ (54'(&4 %+;*$4 04' ;(0%)( %- 1%54 )%$4- *' $*'4  + )24 .*+& )4'$"
)2*9&2"4;*+*$%;(../$*)%5()48$%&'()%*+-2*9.884;'4(-4%+(1'4 4)'(84$(':4)-(-0'%;4-
1*'&**8-(+8-4'5%;4-(+8)24,*':4' -,(&4-%+<*)2;*9+)'%4--2*9.84=9(.%B4  

241(;))2()9'*04(+ +%*+>(+8)29-'%)(%+@2(-*04+48.(<*9'$(':4)-1*'$%&'(+)-2(-
.%)).4)*8*,%)2;2(+&%+&())%)984-)*,('8-*)24'+()%* +(.%)%4-"<9)'()24'%)%-('4-0*+-4)*
0'4--9'4 1'*$ +()%54 4$0.*/4'- 4704'%4+;%+& -:%.. (+8 .(<*9' -2*')(&4-  .4%+$(+ >66‘@
;*+-%84'48 &.*<(.%-()%*+" 1(..%+& '4(. ;*-) *1 %+)4'+()%*+(. )'(54. (+8 )24 %$0(;) *1 &.*<(.
$(-- $48%( *+ :+*,.48&4 1.*,- (+8 (-0%'()%*+- (- )24 $(%+ 8'%54'- 1*' .(<*9' $%&'()%*+ 
;;*'8%+& )* )24 4;*+*$%; )24*'/" $%&'()%*+ 2(- -454'(. %$0(;)- >.4%+$(+" 66‘@! *+ )24
4$0.*/$4+) '()4 (+8 ,(&4- *1 +()%54 ,*':4'-" *+ )24 4$0.*/$4+) '()4 (+8 ,(&4- *1
%$$%&'(+)-"*+0'*89;)%5%)/(+8)24&'*,)2'()4*1)244;*+*$/"*+4+)'40'4+49'%(.%-$(+8
%++*5()%*+>-4.1C4$0.*/(<%.%)/"*,+<9-%+4--@"(+8*+)241%-;(.<(.(+;4*1&*54'+$4+) 

.)2*9&2 )24'4%-('(+&4*1<4+41%)-)2())244;*+*$/&(%+-1'*$$%&'()%*+")24'4('4(.-*
.*-4'- G )2*-4 .*,C-:%..48 +()%54 4$0.*/44- 1*';48 )* ;*$04)4 1*' (5(%.(<.4 5(;(+;%4- ,%)2
1*'4%&+C<*'+,*':4'-  (<.*%80'4--0'*5%84-;*..4;)%*+*1-)*'%4-*1F-)4(.%+&*9'D*<- C)/04"
cccccccccccccccccccccccccccccccccccccccc cccccccc
‘
B4;2409<.%;"-)*+%(" 9+&('/"()5%("%)29(+%("*.(+8".*5(:%((+8.*54+%(

c c
,2%;2 &%54 <(8 09<.%;%)/ (+8 '%-4 )4+-%*+- <4),44+ .*;(.- (+8 $%&'(+)- 
*),%)2-)(+8%+&"
.(+;21.*,4'>66@-9&&4-)48)2())24%+1.97*1?$%&'(+)-2(542(8.%)).4*'+*4114;)*+
9+4$0.*/$4+)'()4*'(+/*)24'.(<*9'$(':4)(&&'4&()4 

'*$ )24 *)24' 04'-04;)%54 &%54+ </ )(9<2((' >666@" 2%&2./ -:%..48 04*0.4 -2*9.8 <4
())'(;)48 %+)* (+8 :440 %+ )24 4;*+*$/  4 8%-)%+&9%-248 2%&2 -:%..48 $%&'()%*+ %+)* )2'44
&'*90-! brain gain >;*9+)'%4- ,2%;2 '4(0 1'*$ 0'*1%;%4+) $%&'(+)-@" brain exchange
>;*9+)'%4- ,2%;2 +4%)24' &(%+ +*' .*-4@ (+8 brain drain >;*9+)'%4- ,2%;2 .*-4 )24%'
%+)4..4;)9(.- (+8 0'*14--%*+(.- (- )24/ ('4 .4(5%+& %+ -4(';2 1*' <4))4' ,*':%+& (+8 .%5%+&
;*+8%)%*+-@  4+;4" (;;*'8%+& )* *'(4- >66@" 454+ %1 .(<*9' $*<%.%)/ ;(+ <4 &**8 1*'
'4;4%5%+&'4&%*+-"%)$9-)<4<(81*')24-*9';4'4&%*+- 

 " !%$#,'$"$& .&$"

24.(<*9'$(':4)%+)24 2(-'4;4+)./ 4704'%4+;48'(+&4*1 (.)4'()%*+-",2%;2'4-2(048


%)- -9'1(;4 >1*' $*'4 84)(%.- -44004+8%7 ‘ ,%)2   (+(./-%- 1*' .(<*9' $(':4)@ 
**+
(+8./)*+>66";2 ‘@8%-)%+&9%-2481*9')/04-*1;2(+& 4-!0(')%;%0()%*+%+.(<*9'$(':4)"
0())4'+- *1 ,*':%+& 2*9'-" 4704'%4+;4 *1 ,*': (+8 ;2(+&4- %+ +*+ C,*': ,*'.8  %'-) *1 (.."
84$*&'(02%; -2%1)- '4-9.)48 %+ 84;.%+%+& <%')2 '()4-" (&4%+& 0*09.()%*+ " (+8 ,*$4+
0(')%;%0()%*+ %+ )24 ,*':1*';4  4;*+8./" 84-0%)4 '489;48 (54'(&4 ,*':%+& 2*9'- )*  04'
,44:" )24'4 %- ( .*+&C2*9'- ;9.)9'4 %+ )24 " 4-04;%(../ %+ <*)2 47)'4$4- *1 %+;*$4
-04;)'9$ >%+ '4.()%*+ )* *)24' 9'*04(+ ;*9+)'%4- -9;2 (- '(+;4@  2%'8./" .(<*9' $(':4)
84'4&9.()%*+<'*9&2)%+;'4(-48D*<%+ -4;9'%)/%+)4'$-*1;*+)'(;)-(''(+&4$4+)-"4$0.*/4'
1.47%<%.%)/ %+ ,*':%+& )%$4 (+8 2*9'-  *'4*54'" 8*,+-%B%+& (+8 '4-)'9;)9'%+& '4-9.)48 %+
4+.('&48 ,*':.*(8  %+(../" -*;%(. ;2(+&4- -9;2 (-! 1($%./ %+-)(<%.%)/ >8%5*';4 '()4- (+8
-40('()%*+@" 84;.%+4 %+ 47)4+848 1($%./ +4),*':- (+8 *)24' ;*$$9+%)/ -900*') -/-)4$-"
;*+-9$4'%-$ >(- ( ,(/ *1 ;'4()%+& 04*0.4 - %84+)%)/ (+8 -()%-1(;)%*+@ 2(54 (.-* %+;'4(-48
,*': 0'4--9'4  + )24 *)24' 2(+8" $(+/ %+8%5%89(.- ('4 ,%..%+& )* -9114' %+ )24 -2*') )4'$
>4 &  </ .*+& ,*':%+& 2*9'-@ %+ 4704;)()%*+ *1 19)9'4 2(00%+4-- G %) %- ;(..48 F8414''48
2(00%+4---/+8'*$4 >
**+"66@  2%-$(/(00./)*4;*+*$%;$%&'(+)-",2*;*$4)*)24
 %+ -4(';2 *1 4$0.*/$4+)  *,454'" 4704')- ;.(%$ )2() 2(00%+4-- %- '4.()48 $*'4 )*
'4.()%54" '()24' )2(+ (<-*.9)4 %+;*$4 (+8 )24 $(%+ -*9';4- *1 2(00%+4-- ('4! '4.()%*+-2%0-
,%)21($%./"1'%4+8-"(+8(-)(<.41($%./.%14 

c c

24 (&4%+& 4-)4'+ 0*09.()%*+ %- %+ +448 *1 /*9+& ,*':4'-  $0.*/4'- ('4 ;(..%+& 1*'
,*':4'-" +*) *+./ 1*' .*,C0(%8 (&'%;9.)9'(. (+8 $(+91(;)*'/ D*<-" <9) (.-* %+ 2%&2C-:%..48
0'*14--%*+-  *54'+$4+)- ('484$(+8%+&1*'4%&+,*':4'- )*0(/ )(74- (+8 ;*+)'%<9)4%+)*
04+-%*+-;24$4- *$4*1)244;*+*$%-)-;*+5%+;4)2()%$$%&'()%*+2(-0*-%)%54%$0(;)*+
4;*+*$/(- (,2*.4  *,454'" 4704')- '(%-4 )24 (.('$)2() $%&'()%*+ ;(++*)<4( -*.9)%*+
1*' 84$*&'(02%;(. 0'*<.4$- (+8 )24 -:%.. &(0- %+ )24  ,*':1*';4 >.4%+$(+" 66‘3
2%.0*))"66@ ;*+*$%;$%&'(+)-,2*,%..84;%84)*-)(/%+'%)(%+,%..(&4)**"(+8,%..<4
%+ +448 1*' -*;%(. <4+41%)- (+8 04+-%*+-  :%..48 1*'4%&+4'-" ,2* $(/ ;2**-4 )* '4)9'+ )*
)24%' ;*9+)'%4-" ,%.. )(:4 :+*,.48&4 (+8 4704'%4+;4 ,%)2 )24$  54'(.." $%&'()%*+ ;(+ *+./
0.(/ ('*.4*1F*+4C*11 1%7(+8*)24'-)40--2*9.8<4-%$9.)(+4*9-./9+84')(:4+%+*'8 4')*
%+;'4(-4,*':1*';40(')%;%0()%*+(+8'489;4-:%..&(0-  

 d  !!&$$$"$ !/$% 

%+;4 ;'48%) ;'9+;2 -)(')48 )* -0'4(8 1'*$ )24 " )24'4 ,(- ( &'*,%+& 14(' *1 1%+(+;%(.
;'%-%- %+ 9'*04  *54'+$4+) -)()%-)%;%(+- ;*+1%'$48 )2%- ;*+;4'+ '4;4+)./ *+ ‘E (+9('/
66E" )2() '%)%-2 4;*+*$/ %- *11%;%(../ %+ '4;4--%*+ -)()4 >*+,(/" 66E@  ;;*'8%+& )* )24
*'&(+ )(+.4/ 4;*+*$%; 8%;)%*+('/" '4;4--%*+ ;(+ <4 841%+48 (- Ëa decline in a country͛s
economic productivity for at least two successive quarters͛  24 )/0%;(. *9);*$4- *1 %) ('4!
'%-%+&9+4$0.*/$4+)"'489;)%*+%+;9-)*$4'--04+8%+&(+8<9-%+4--%+54-)$4+)- "(+81(..%+&
-)*;: 0'%;4- %+ 1%+(+;%(. $(':4)-  54'(.." )24'4 %- ( -.9$0 %+ .%5%+& -)(+8('8- %+ )%$4 *1
'4;4--%*+ 

.*+&,%)2)244;*+*$/)24*'/>4('8,4.."66@"84$(+81*'.(<*9'84;'4(-4-(-84$(+8
1*'0'*89;)-(+8-4'5%;4-1(.. ))24$*$4+))249+4$0.*/$4+)'()4%+)24 2(-'4(;248
I")242%&24-)-%+;4‘EEE>-44)(<.4%+ 004+8%7@  24'4%-(14('*1D*<;9)-(+8)*9&24'
4;*+*$%; ;*+8%)%*+- %+ 1*..*,%+& /4('  24 (+(./-%- *1 )24 04';4+)(&4 ;2(+&4 %+ (54'(&4
+*$%+(.,(&4--2*,-$(..<9)-)(<.4'%-4"2*,454')244-)%$()%*+1*')24-($4%+8%;()*'%+
'4(. ,(&4- %- +4&()%54 >6 I 1*' 66?@  ) $4(+- )2() 04*0.4 %+ )24  2(54 .4-- $*+4/ %+
)24%' 0*;:4)- %+ 66? )2(+ )24/ 2(8 ( /4(' (&*  29-" ,24+ 04*0.4 4704;) )2() )24

cccccccccccccccccccccccccccccccccccccccc cccccccc

    !  " #$%& '() *+c


c c
;*+8%)%*+-,%..,*'-4+")24/,%..-(54$*'4  24$*+4/)2();*9.8<4-04+8*+;*+-9$0)%*+ 
%- ,%)28'(,+ 1'*$ ;%';9.(' 1.*, *1 %+;*$4" )29- .4-- 0'*89;)- (+8 -4'5%;4- ('4 %+ 84$(+8"
(+824+;4)24D*<-,%..<4%+45%)(<./;9) +8%)2(-(.'4(8/2(004+48"(-$*-)*1)24=9(.%)/
+4,-0(04'-'454(.(.$*-)454'/8(/ 54+5%(<.4;*$0(+%4--9;2(- "J"9'<4''/('4
1*';48)*;9)D*<-%+*'84')*-9'5%54)2*9&2)%$4- 
4,-1'*$‘(+9('/66E"'40*')
19')24' '489+8(+;%4-" ,2%;2 ,*9.8 (114;) $(D*'%)/ *1 %+89-)'%4- (;'*-- )24 ,2*.4 ;*9+)'/ 
24  -&*54'+$4+)2(- ())4$0)48 )*)(;:.4 )24 -.9$0%+& -04+8%+&</'489;%+& '()4
1'*$ ‘ I )* ‘I %+ 4 ;4$<4' )* 4+;*9'(&4 2'%-)$(- -2*004'- >
4,-" 66?@ 
*'4*54'")24(+:*1+&.(+82( -'489;48)24%+)4'4-)'()4)*6 I)24.*,4-).454.%+%)-
‘C/4('2%-)*'/>(';266E@%+*'84')*-900*')<9-%+4--4-%+)(:%+&*9))24.*(+-  

24'4(- '%)%-2 &*54'+$4+) >(+8 *)24' 8454.*048 ;*9+)'%4-@ 2(- 0.4+)%19. '4-*9';4- )*
)(;:.4)24'4;4--%*+"*.(+82(-$9;2 $*'4'4-)'%;)48*0)%*+- ))24 $*$4+)) 24%+)4'4-)
'()4-2(548'*0048)* I")24.*,4-).454.-%+;4‘EE?>
@"<9)-)%..2%&2% +;*$0('%-*+
)*)24   244+)'(.(+:*1*.(+8>
@%-'4.9;)(+))*'489;4)24%+)4'4-)'()4-<4;(9-4
*114('*1$*9+)%+&%+1.()%*+(+8&'*,%+&+*$%+(.,(&4->'4)*,%;B"66?@  24 '()4%-
I" ,2%.4 %+ *)24' 9'*04(+ ;*9+)'%4- %- <4),44+ ‘I >/0 '9- (+8 974$<9'&@ (+8 I
> 4+$(':(+8,484+@ +)24*)24'2(+8")24'4%- ('489;)%*+%+%+;*$4)(71'*$)24'()4-
*1 ‘EI" 6I" 6I" %+)* ‘?I (+8 I %+ 66E" ,2%;2 -2*9.8 .%&2)4+ ( )(7 <9'84+ 1*' .*,
%+;*$4 1($%.%4-  + )*0 *1 )2()" )24'4 ('4 ;*+-)(+) ;.(-24- <4),44+ ),* $(%+ 0*.%)%;(.
0(')%4- > ,%)2 0'%$4 $%+%-)4'" '  9-: (+8 % ,%)2 0'4-%84+) '  ;B/+-:%@  2%-
;*+)%+9*9- ;*+1.%;)" &.(8./ 2%&2.%&2)48 </ +()%*+(. $48%(" 2(- $(84 )24 0*.%)%;(. -;4+4
'%8%;9.*9- (+8 )24 &*54'+$4+) 9+'4.%(<.4  %+;4 )24 +()%*+ 8*4- +*) 2(54 )'9-) %+ )24%'
.4(84'-")24'4,%..<42('8)*%+)'*89;4454+&**8(+84;*+*$%;(../,%-4'41*'$- 

;;*'8%+& )* *.%-2 .4(8%+& +4,-0(04' (B4)( /<*';B( >(;%4D4,%;B" 66?@" )24
&*54'+$4+)2(-;2*-4+)24(;;4--%*+)*)249'*B*+4%+6‘‘(-(0'%$('/-)'()4&/%+<()).4
(&(%+-)'4;4--%*+ ' K4))4.$4/4'")24+(./-%- %'4;)*'*1 =9*)48%+0'*-)>66E(@
('&94- )2() *.(+8 (+8 .*5(:%(  $%&2) 2(54 .*,4' <9) -)%.. 0*-%)%54 4;*+*$%; &'*,)2  +
)24*)24'2(+8")244;*+*$%;1*'4;(-)&%54+</9'*04(+*$$%--%*+>0'*-)"66E<@&%54-

cccccccccccccccccccccccccccccccccccccccc cccccccc

9'*04(+(+:1*'4;*+-)'9;)%*+(+8 454.*0$4+)

.*5(:%(D*%+4849'*B*+4*+‘(+9('/66E 

c
c
$*'4 04--%$%-)%; 5%4, ,%)2 &'*,%+& 9+4$0.*/$4+) '()4 >? I %+ 66E (+8 E I %+ 6‘6 @"
.*,4' ;*+-9$0)%*+" '489;48 %$0*') (+8 84;.%+48 ,(&4 %+1.()%*+  *,454'" )24 '40*')
;*+;.984-)2()*.(+8%-%+<4))4'-%)9()%*+)2(+)24 *+(54'(&4 

+)24.%&2)*1'(0%8./;2(+&%+&4;*+*$%;;*+8%)% *+-%+<*)2;*9+)'%4-"*.%-2 $%&'(+)-%+)24
('41(;%+&8%.4$$( ;*+;4'+%+&'4$%&'()%*+  2%.4" )24'4 ('4-)%..$*'4D*<- (5(%.(<.4%+
)24 )2(+%+*.(+8")24)4+-% *+;(9-48</4;*+*$%;8*,+)9'+(+814('-1*''489+8(+;%4-
('4 '%-%+&  24 484'()%*+ *1 *.4- %+ '4() '%)(%+ ;(..48 ())4+)%*+ )* &'*,%+& +9$<4' *1
'(;%-) %+;%84+)- (- *.%-2 $%&'(+)- ('4 <.($48 1*' )(:%+& '%)%-2 D*<- >%.54'$(+" 66E@  24
'%)%-20*.%;4 --)()%-)%;8*4-+*);*+1%'$)2%-%+1*'$()%*+"<9)%) -44$-)2()*.4-,(+))*<4
<4))4'-(14)2(+-*''/  24'4('4$*'4(+8$*'4(')%;.4-;*+;4'+%+&('4)9'+)**.(+8<9)
)24/('4'()24'<.4(:(+804--%$%-)%; .)2*9&2)244;*+*$/%-;*+-%84'(<./<4))4 ')2(+14,
/4('- (&*" )24 *.8 F09-2  1(;)*'- -9;2 (- 47)4+848 <9'4(9;'(;/" $(.(%-4" F845%.C$(/C;('4 
())%)984"(+8454+84(8C-4'%*9-1(;%(.470'4--%*+*1(.4---%-)(+)%+(;*'+4'-2*0 2(54+*)
;2(+&48 >%-B4,-:(" 66?@  + )*0 *1 )2()" )24'4 ('4 $%-9+84'-)(+8%+&- ,%)2%+ 1($%.%4-"
8%114'4+) 4$0.*/4'-  4704;)()%*+- (+8 )24 144.%+& )2() )24/ ('4 +*) ,4.;*$48 -*
,2*.424(')48./(-%$(&%+48",2%;2(;;*'8%+&)*0-/;2*.*&%-) 9-B;B/:"0'*$0)04*0.4)*
-44: 24.0 () ;*(;2 )24'(0/ >K(8'*&(" 66?@  *'4*54'" %+%-)'/ *1 ;*+*$/ 40*') >66@
('&94- )2() $%&'(+)- %+ <(;: (+8 1*',('8 )'%0- ('4 .%:4 F04*0.4 *+ ( -,%+& " ,2* +4%)24'
<4.*+& )* ;*$$9+%)/ )24/ ('4 84-;4+848 +4%)24' 1'*$ +*' )* )24 ;*$$9+%)/ )24/ ('4
)4$0*'('/%+ )-44$-)2()%+<*)284;%-%*+-(<*9)4$% &'()%*+(+8'4$%&'()%*+*.4-)4+8)*
2(542%&24'4704;)()%*+-)2(+)24'4(.%)/'4(../%-  24;.(-2<4),44+ )2*-4),*";(9-4-)2()
+4,./'4)9'+48 $%&'(+)- ('40(;:%+& )24%'-9%);(-4- (+81./%+&<(;:)*)24 " (0.(;4 )24/
('4(.'4(8/1($%.%(',%)2 

 ’  !$"$",%$" $&&$" !$$&./0"!&# 

%&'()%*+,(-(.,(/-0(')*1*.%-22%-)*'/ -1('(-)24-)()%-)%;> "66?@%-;*+;4'+48"


*.4- 2(54 9-9(../ ;2*-4+ 4'$(+/ (+8 )24 +%)48 )()4- (- ( 84-)%+()%*+ ;*9+)'%4-  +./
(1)4' )24   (;;4--%*+" $*'4 04*0.4 2(54 $*548 )*,('8- )24 4-)4'+ 9'*04  24 )*)(.
+9$<4' *1 04*0.4 '4.*;()48 %+ -4(';2 *1 ,*': %+)* )24   ;*9+)'%4- %- 9+:+*,+ (+8

cccccccccccccccccccccccccccccccccccccccc cccccccc

9'*-)()9-4-8%114'4+)-)()%-)%;(.$4)2*8-)2(+ "24+;4)248%114'4+;4%+04';4+)(&4- 

c c
1.9;)9()4-<4),44+1*9'$%..%*+->%+$48%(@)*6"666>%+%-)'/*1(<*9'(+8*;%(. *.%;/@ 
 (--9$4-)2())24$*-)0'*<(<.4+9$<4'%-‘ ‘$%..%*+-4-)%$()48</  

;;*'8%+& )* -)()%-)%;" *54' ( =9(')4' *1 470()'%()4- ;($4 )* )24   %&'()%*+ ;(9-48
8'($()%;8'*0%+)24.454.*19+4$0.*/$4+)%+*.(+8>1'*$‘E I%+66)*E  I%+66?@"
<9)%);'4()489+0'4;484+)48-;(.4*1-*;%(.0'*<.4$-"<*)2()%+8%5%89(.(+8+()%*+(..454. 

*,(8(/-"*.%-24;*+*$/%-(;;4.4'()%+&)2(+:-)*9'*04(+ +%*+19+8-")29-;*$0(+%4-
('4 29+)%+& 1*' 4$0.*/44- (+8 ,*':%+& ;*+8%)%*+- ('4 &4))%+& <4))4'  *'4*54'" -)4'.%+&
47;2(+&4 '()4 %- .**-%+& 5(.94 (&(%+-) B.*)/ >1'*$   %+ 66 )*  6 %+ 66?@ (+8 $(:4-
)24 ,*': %+ )24  .4-- 0'*1%)(<.4  54+)9(../ *.4- 2(54 )* 84;%84! )* -)(/ *' &* <(;:"
<4;(9-4Ëmoney is not a reason to leave Poland any more͛> ;2*'4:"66?@ 

41*'4 D*%+%+& )24   %+ 66" *.4- )**: (85(+)(&4 *1 )24 9'*04(+ &'44$4+) >‘EE‘@ "
,2%;2(..*,48;(+8%8()4-)()4-)*-4)900'%5()4<9-%+4--%+)24  -('4-9.)")24'4,(-(
-9<-)(+)%(. %+;'4(-4 %+ $%&'(+)- 4+)4'%+& *+ <(-%- *1 -4.1C4$0.*/$4+) > '%+:,()4'" 66@ 
*'4*54'" *.4- ,4'4 (;)%54 %+ &'4/ $(':4)" (+8 (.)2*9&2 %..4&(." )24/ ,4'4 )*.4'()48 1*'
8*%+&D*<-)2()*)24'-8%8+*),(+)>(&-)/."66@  24=94-)%*+('%-4-,2/-*$(+/*.4-
2(54;2*-4+)*-4)90<9-%+4--%+)2 4  %'-)*1(..")249+4$0.*/$4+).454.(+8.(;:*1D*<
*00*')9+%)%4- 1*';48 )24$ )* 24(8 )* )24 4-)  4;*+8./" )24 '4$9+4'()%*+ &(0 ,(- )24
%+;4+)%54)*4$%&'()4  2%'8./"2*''4+8*9-<9'4(9;'(;/(+8;*-)*1-4))%+&90(1%'$09)*11
0*)4+)%(. 4+)'40'4+49'- ?  ;;*'8%+& )* 9;(- >66@" *.(+8 ;*$4- *+  )2 0*-%)%*+ %+ )24
*'.8 -(+:'(+:%+&*1 )24<9-%+4-- 4+5%'*+$4+)"<42%+8-9;2 ;*9+)'%4- (-9,(%)" *+&(
(+8 '$4+%(  + )24 *)24' 2(+8" *.%-2 <9-%+4--$4+ ('4 ,4..C:+*,+ %+ ;%';9$54+)%+&
(8$%+%-)'()%*+(. '48 )(04-  - )24 1*'$4' 1%+(+;4 $%+%-)4'" 'B4&*'B *.*8:* -(%8: Ë he
Polish emerging market works much better than the Polish emerging democracy͛ >9;(-"
66@  4+;4" $(+/ 8%-(00*%+)48 4+)'40'4+49'- *' )2*-4 ,2* ;*9.8 +*) ;*04 ,%)2 +4,
;*+8%)%*+-2(54.41) 


cccccccccccccccccccccccccccccccccccccccc cccccccc

*.%-2)()%-)%;9)2*'%)/

9'*04(+%)%B4+;)%*+4'5%;4
?
+2%-(')%;.4"9;(->66@;*$0('4-)240'*;4--*1;*+89;)%+&)24454'/8(/<9-%+4--0'*D4;)-9;2(-<9%.8%+&
(,('42*9-4%+*.(+8(+8%+)24  2%.4%+)24 "%))(:4-*+(54'(&468(/-"%+*.(+8)240'*D4;)
%+5*.54-<9'4(9;'()%;0'*;489'4-(+8)(:4-8(/- 

c c
;;*'8%+&)*-)()%-)%;-"$*-)*1?$%&'(+)-('4'4.()%54.//*9+&>?I(&48‘? C@"1**).**-4
(+82('8./(+/2(548404+8(+)-*+)24$ %+;4,*':%-)24$(%+'4(-*+1*'<4%+&%+)24 "
)24/ 2(54 2%&24' 4$0.*/$4+) '()4 )2(+ +()%54- *' *)24' %$$%&'(+)- >2%.0*))" 66@  +
)4'$-*1 *;;90()%*+"*.4- 2(54 $(%+./1*9+84$0.*/$4+)%+-4$% C'*9)%+4 *' '*9)%+4D*<-"
2*,454' %) 8*4- +*) %$0./ )2() )24/ ('4 )/0%;(../ .*, -:%..48  + )*0 *1 )2()" *.4- ,*':
-.%&2)./.*+&4'2*9'-)2(++()%54,*':4'-)*$(:4 901*'.*,4'2*9'./4('+%+&-> '%+:,()4'"
66@  24
>66@ -9'54/ 2(- 8%5%848*.%-2$%&'()%*+ 0())4'+-%+)* )2'44&'*90-!
-4(-*+(. $%&'(+)- >F-)*':-  (+8 F2($-)4'- @" .*+&C)4'$ -4)).4'- >F-(.$*+- @ (+8 9+84;%848
>F;();24'- @  00('4+)./" )24 $*-) +9$4'*9- &'*90 %- )24 .()4-)" )24 *+4 )2() 1*..*,- )24
E
-)'()4&/*1F%+)4+)%*+(.9+0'48%;)(<%.%)/ 54'(..")24$(%+14()9'4-*1*.%-2$%&'()%*+('4!
‘6
-4(-*+(.%)/(+8;%';9.('%)/")29-%)%--*$4)%$4-;(..48F-)*':$%&'()%*+ 

24<%&&4-)%$0(;)*1%+;'4(-48$%&'()%*+%-0*09.()%*+&'*,)2%+)24 >1'*$E ?$%..%*+-
%+ 66 )* ‘  $%..%*+- %+ 66?@ (+8 24+;4 )24 4+.('&48 ,*':1*';4  '*$ )%$4 )* )%$4
0*09.%-)+4,-0(04'-<.($4$%&'()%*+1*')24'%-4%+9+4$0.*/$4+)'()4>1'*$ ?I)*  I@
(+8 '489;48 (;;4-- )* -*;%(. ,4.1('4  *,454'" .(+;21.*,4' >66@ ;.(%$- )2() )24'4 %-
2('8./ (+/ 8%'4;) ;*$04)%)%*+ <4),44+ %$$%&'(+)- (+8 .*;(. ,*':4'-  +8 (.)2*9&2" )24
4;*+*$%; &(%+- ('4 -$(.. (+8 9+454+./ 8%-)'%<9)48" )24/ ('4 0*-%)%54  54'(.." ? $%&'(+)-
%+1.94+;48)24,*':1*';4%+)4'$-*1$*<%.%)/(+81.47%<%.%)/  

 × &&#

%&'()%*+%--44+(-(=9%;:1%71*' (-:%..--2*')(&4%+)24   *,454'" 4;*+*$%;$%&'(+)-


9-9(../1%+8 (+ 4$0.*/$4+)%+.*, C-:%..48".*,C0(%8D*<- (+8 *1)4+ 4704'%4+;4 840'4;%()%*+ 
*1 29$(+ ;(0%)(. (- )24%' -:%..- .454. %- 9+84'5(.948  *'4*54'" %+ ( -4(';2 1*' ( 5(;(+;/"
$%&'(+)-1(;48%'4;);*$04)%)%*+,%)2.*;(..*,C-:%..48.(<*9'  2%-"%+)%$4*1'4;4--%*+(+8
'%-%+&9+4$0.*/$4+) ;*9.8.4(8 )* -*;%(.)4+-%*+- (+8 0'*)4-)-  + ) *0*1 )2()":+*,.48&4
(+8 -:%..- *9)1.*, 1'*$ *.(+8" (- ( -*9';4 ;*9+)'/" 2(- 8($(&%+& ;*+-4=94+;4- 1*' )24
4;*+*$/ 


cccccccccccccccccccccccccccccccccccccccc cccccccc
E
+)4+)%*+(.9+0'48%;)(<%.%)/%-,24+04*0.4;2**-4)*<4*04+)*(..*0)%*+-)2()('%-4-*(-+*))*'4-)'%;)
)24%'.%140.(+-</1%7%+&%+)*%)(-04;%1%;)%$41'($4 
‘6
)*':%-(0*09.('<%'8%+*.(+8*1)4+;*..%&()48,%)2*.%-2;9.)9'4(+8)'(8%)%*+ 

c c
) %- ;.(%$48 )2() )24 0'*04+-%)/ )* $%&'()4 )* )24  %- 2%&24' )24 .*,4' %-   %+ -*9';4
;*9+)'%4->.(+;21.*,4'"66@ +66?"*.% -2 2(-'4(;2481*')241%'-))%$4$*'4)2(+
( =9(')4' *1 )24  -   > I@  *'4*54'" ,2%.4 )24'4 ,(- ( -)4(8/ &'*,)2 %+   %+
)24 " *.(+8 2(- 4704'%4+;48 8'($()%; '%-4 /4(' *+ /4(' >-44 004+8%7  ,%)2 -)()%-)%;(.
8()(@  + )24 $4(+)%$4" 4;*+* $%; ;*+8%)%*+- ('4 )*9&24' %+ )24  %+ ;*$0('%-*+ )*
0'45%*9- /4('-  - %) )%$4 1*' *.4- )* ;*$4 <(;: )* )24%' 2*$4.(+8 *' %- %) *+./ )4$0*'(.
0*.%)%;(.0'*0(&(+8(H(+/9+84;%848$%&'(+)-1%+8)24$-4.54-)*'+<4),44+;*$1*')(<.4
0'*5%-%*+(../54&4)()%*+%+)24 "(+8)24'%-:*1;*$%+&<(;:)**.(+8",24'4)24/('4-)%..
+*) ,4.;*$4 </ 09<.%;  94 )* ;%';9.('%)/ (+8 -4(-*+(.%)/ ;2('(;)4'%-)%; *1 *.%-2 4;*+*$%;
$%&'()%*+"%)%-*1)4+;(..48F-)*':$%&'()%*+ ",2%;2%+(.*+&'9+&%54-(144.%+&*1F.%5 %+&*+
)24-,%+& (+8$(/84-)'*/-4+-4*1<4.*+&%+& 

;*+*$%;;*+8%)%*+-%+<*)2;*9+)'%4-,%..+*)&%54)24'4.%(<.4(+-,4'1*')2%-8%.4$$(  24
,*'.8 %- ;2(+&%+& 1(-) +*,(8(/-" $48%( ('4 &%5%+& ($<%&9*9- %+1*'$()%*+" (+8 04'-*+(.
;%';9$-)(+;4-*1%+8%5%89(.-('48%114'4+)  2409'-9%)*12(00%+4--09-24-*.4-)*$*54)*
)244-)" ,24'4 )24/ 1(;4)24 '4(.%)/ )2()Ëgrass is not always greener on the other side of
the fence͛  *,454'" 04*0.4 ('4 1(' $*'4 ;*-$*0*.%)(+ )2(+ )24/ 9-48 )* <4 (+8 )24
('&9$4+)*1Ëhelping to build Polish economy͛ 118*4-+*);*+5%+;4)24$(+/$*'4  24/('4
.**:%+&1*'04'-*+(.(;2%454$4+)-(+8;*$1*')(<.40.(;41*')24$-4.54-(+8)24%'1($%.%4- 
2() $())4'- $*'4 ('4 %+;4+)%54- (+8 *00*')9+%)%4- &%54+ </ &*54'+$4+)- %+ *'84' )*
%+;'4(-4;*9+)'/ -,*':1*';4%+)4'$-*1=9(+)%)/(+8=9(.%)/  

.)2*9&2 )24 4;*+*$%; ;*+8%)%*+- ('4 )*9&24' () )24 <4&%++%+& *1 66E" )24 ;2(+&%+&
4+5%'*+$4+)%-54'/%+)4'4-)%+&%+ )4'$-*1'4-4(';2 $()4'%(. *.4-" ,2*('4 ;*+-%84'%+& (
84;%-%*+*1'4$%&'()%*+"('4,4%&2)%+&(.-*)24*00*')9+%)/;*-) ‘ )%-8%11%;9.)84;%-%*+"(+8
-44$-)*<4454+2('84')2(+)2484;%-%*+(<*9)(''%5(.)*)24   24'41*'4"$%&'(+)-)4+8
)* (5*%8 '4-)'%;)%+& )24$-4.54- ,%)2 1%748 )%$41'($4- (+8 ;2**-4 )* <4 *04+ )* ('%-%+&
*0)%*+->F%+)4+)%*+(.9+0'48%;)(<%.%)/ @  2%- '4-4(';2 ())4$0)-)* -248-*$4.%&2)*+*.%-2
$%&'()%*+ 024+*$4+(" </ (-:%+& (<*9) *0%+%*+ )*,('8- 4;*+*$%; (+8 -*;%(. 4+ 5%'*+$4+)"

cccccccccccccccccccccccccccccccccccccccc cccccccc
‘‘
F%)%B4+-",%../*924.0H F4-",4,%..  G*+4*1)241(5*9'%)4=9*)()%*+-*1)240'45%*9-;*$$9+%-)
&*54'+$4+) 
‘
00*')9+%)/;*-)G)24<4-)(.)4'+()%541*'&*+4(-('4-9.)*1$(:%+&(84;%-%*+ 

c c
(<*9) 0(-) (+8 19)9'4 4704;)()%*+-" (+8 (<*9) 0.(+-  24 +47) ;2(0)4' 8%-;9--4- )24
$4)2*8*.*&/9-48%+;*+89;)%+&)2%--)98/  



"  


" ‘ !,$$$,!"! 

(9+84'- >66" 0 @ 841%+4- '4-4(';2 (- Fsomething that people undertake in order to find
out things in a systematic way, thereby increasing their knowledge  240'*;4-- *1F1%+8%+&
*9) )2%+&-  %+5*.54- 84-;'%<%+&" 470.(%+%+&" 9+84'-)(+8%+&" ;'%)%;%-%+& (+8 (+(./-%+& 8()("
,24'4(- F-/-)4$()%; ,(/  %$0.%4- .*&%;(. '4.()%*+-2%0 *1 %+1*'$()%*+  ) %- 19')24' 8%-;9--48
</ +84'-*+ >66" 0  @ ,2* ('&94- )2() )24 *9);*$4 *1 $4)%;9.*9- -)98/ *1 ( 0(')%;9.('
0'*<.4$;(+<4$*'41'9%)19.)2(+84;%-%*+-<(-48*+(;*$$*+-4+-4"04'-*+(.%+-)%+;)*'
0'414'4+;4-  + )*0 *1 )2()" 2(9'% >et al" ‘EE" 00 C@ (88- )2() )24 8%114'4+;4 <4),44+
'4-4(';2(+8;*$$*+-4+-4.(/-%+(;2%45%+&-04;%1%;&*(.-</9-%+&-;%4+)%1%;$4)2*8-%+(
-/-)4$()%;,(/ 

"   !.."!,!"! 

2%- '4-4(';2 %- ( 1%+(. 0'*D4;) %+ 9-%+4-- )98%4-" ,2%;2 $4(+- )2() %- $(84 %+ *'84' )*
%+;'4(-4:+*,.48&4 ;;*'8%+&)*2(9'%>et al"‘EE"0 @)24&4+4'(.09'0*-4*1'4-4(';2
%-)*%$0'*54-*;%(..%14"<9))2409'0*-4*1<9-%+4--'4-4(';2%-)*9+84'-)(+82*,(+8,2/
)2%+&- 2(004+ ,%)2*9) (;;40)%+& *' '4D4;)%+& (--9$0)%*+- </ -)98/%+& )24$ ;'%)%;(../  24
-9<D4;) *1 %+)4'4-) %+ )2%- -)98/ %- $%&'()%*+ 024+*$4+*+ %+ )24 " 0(')%;9.('./ *.%-2
4;*+*$%; $%&'()%*+ (1)4' )24   (;;4--%*+  %54+ )2() 4;*+*$%; ;*+8%)%*+- )2() (114;)
.(<*9' $(':4)- 2(54 ;2(+&48" (+8 ,*'.8,%84 '4;4--%*+ %- 8%-)9'<%+& <*)2 *.(+8 (+8 )24
" ( +4, )'4+8 *1 0*--%<.4 '4$%&'()%*+ 2(- (004('48  %+;4 <*)2 )'4+8- ('4 '4.()%54./
'4;4+)")2%-'4-4(';2%-(+%+-%&2)%+)**0% +%*+-(+85%4,-*1*.4-  24'41*'4")2409'0*-4*1
%) %- 470.(+()*'/" (+8 1*;9-4- *+ 1%+8%+& (+8 470.(%+%+& )24 0*)4+)%(. '4.()%*+-2%0 <4),44+
5('%(<.4- 

c c
" " !"! "!$!"&! " 

24$*-);*$$*+*1)24'4-4(';2-)'()4&%4-%+<9-%+4--(+8$(+(&4$4+)%-(-9'54/  24'4
('4 ),* $(%+ $4)2*8- *1 *<)(%+%+& 8 ()( %+ )2%- -)'()4&/! (+ %+)4'5%4, (+8 ,'%))4+
=94-)%*++(%'4 >0(04' *' 4.4;)'*+%; 54'-%*+@  24 0*09.('%)/ *1 )24 -4;*+8 $4)2*8 ;*$4-
1'*$(<%.%)/)*;*..4;).('&4($*9+)*18()(%+('4.()%54./;*-)C4114;)%54(+8-)'(%&2)1*',('8
,(/  + (88%)%*+" %) %- 9+;*$0.%;()48 )* 470.(%+ (+8 9+84'-)(+8" (+8 %) &%54- $*'4 ;*+)'*.
*54')24'4-4(';20'*;4-- >(9+84'-"66"00 ‘? C‘E@ 9'54/%-9-419.%+;*+)(;)%+&.('&4
+9$<4'*1%+8%5%89(.-%+*'84')**<)(%+%+1*'$()%*+*+)24-($4%--94"*1)4+</&%5%+&)24
-($4 =94-)%*+- )* (..  24'41*'4" %) (..*,- )* (+(./-4 )24 8()( %+ ('4.()%54./ -2*') )%$4 </
9-%+& -%$0.4 -*1),('4 (+8 0'4-4+) )24 8()( %+ 1*'$ *1 )(<.4- *' 1%&9'4-  *,454'" -9'54/
8404+8- *+29$(+'4-0*+84+)-  ;*$$%)$4+) (+8)24%' (<%.%)/(+8 ,%..%+&+4--)* '40./)24
=94-)%*+-  4+;4" )24 '4-4(';24' +448- )* (-: 2%$-4.1 ( =94-)%*+ ,24)24' )24 (+-,4'-
-*9+8(9)24+)%;(+8;24;:)24*)24'$4)2*8-)*;*+1%'$)24;*+;.9-%*+->(+:*,%;B"‘EE"
00 ‘C‘@ 

4)2*8- 9-48 %+ )24 '4-4(';2 ;(+ <4 &'*9048 %+ ),* <'*(8  ;.(--4-! =9(+)%)()%54 (+8
=9(.%)()%54 ;;*'8%+&)*'/$(+>66"00 ? CE";2 @)24$(%+8%114'4+;4<4),44+)24-4
),* %- )24 9-4 *1 -)()%-)%;(. $4(-9'4$4+)- %+ =9(+)%)()%54 $4)2*8" ,24'4(- =9(.%)()%54
$4)2*8'4.()4-)*29$(+- ())%)984-"144.%+&-(+804';40)%*+-" (+8%-+*);*+;4'+48)*1%+8
)24 *<D4;)%54 )'9)2 <9) '()24' 2*, )24 %+8%5%89(. 04';4%54- %) 
4%)24' *1 )24-4 $4)2*8- %-
<4))4'*',*'-4)2(+*)24' *)2*1)24$;(+<49-48%+)24-($4'4-4(';2)*;*+89;)8440
-)98/%+*'84' )* (;2%454<4))4' 9+84'-)(+8%+&*1 (0(')%;9.('0'*<.4$  +84')(:%+& $%748
$4)2*8- %+ )24 '4-4(';2 8%$%+%-2 )24 *<5%*9- ,4(:+4--4- *1 =9(+)%)()%54 *' =9(.%)()%54
$4)2*8(+84+2(+;4)24%'-)'4+&)2- *'09'0*-4*1)2%-'4-4(';2"($%748 C$4)2*8-)'()4&/
,(- ;2*-4+! ( =94-)%*++(%'4 (- <(-4- 1*' =9(+)%)()%54 $4)2*8 (+8 ( -4$%C-)'9;)9'48
%+)4'5%4,1*'=9(.%)()%54 $4)2*8  24 '4(-*+1*' )2%- ;2*%;4('4!.%$%)481%+(+;%(.'4-*9';4-
(+8 '4-)'%;)48)%$404'%*81*' ;*+89;)%+&)24 '4-4(';2  *'4*54'" )240'*<.4$-1*9+8%+ (
=94-)%*++(%'4 ;(+ <4 8%-;9--48 %+ $*'4 840)2 (+8 9+84'-)**8 <4))4' </ ;(''/%+& *9)
%+)4'5%4,- 

c c
" " ‘ (!"$$! 

24 =94-)%*++(%'4 >-44 004+8%7 @ ;*+-%-)- *1 ),* 0(')-  24 1%'-) *+4 &()24'- &4+4'(.
%+1*'$()%*+ (<*9) '4-0*+84+)- -9;2 (-! &4+84'" (&4" 489;()%*+ .454." $('%)(. -)()9- (+8
+9$<4' *1 8404+8(+)-  24 '()%*+(.4 1*' )24-4 =94'%4- %- )* 47($%+4 %1 -($0.4 ;2*-4+ 1*'
)2%- '4-4(';2 %- (84=9()4 )* 8()( &()24'48 </ *$4 11%;4 -)()%-)%;- >$4+)%*+48 %+ 2%.0))"
66" -44 2(0)4'  @  24 +47) ),* =94-)%*+- ('4 (<*9) )24 .4+&)2 *1 -)(/ %+ )24  (+8
)24 (<%.%)/ )* ;*$$9+%;()4 %+ +&.%-2  24 %84( 1*' )24-4 ;*$4- 1'*$ (+ %+)4'5%4, ,%)2
&+%4-B:( (D*'" ( 1*9+84' *1 *.%-2 -/;2*.*&%-)-  .9< %+ *+8*+" ,2* <4.%454- )2() %+
*'84' )* ;*04 ,4.. ,%)2 $%&'()%*+3 (+ %+8%5%89(. 2(- )* %+)4&'()4 ,%)2 .*;(. ;*$$9+%)/" <4
(<.4)* ;*$$9+%;()4%+ (.*;(..(+&9(&4" (+82(-(;.4('&*(.%+$%+8 )24',%-4"$%&'(+ )-
&()24' )*&4)24' (+8 ,%)28'(, %+)* *.%-2 4+;.(54-" ,2%;2 %+ .*+&C)4'$ &4+4'()4- 2%&24'
-)'4--.454.,24+1*';48)*84(.,%)2.*;(.->%&+(."66?@  241%+(.-%7=94-)%*+-%+1%'-)0(')
*1)24=94-)%*++(%'4%-(;*$0('%-*+*1D*<-04'1*'$48%+*.(+8) *)2*-4;(''%48*9)%+)24
  *< )%).4 (+8 -4;)*' *1 4$0.*/$4+) ('4 ;*$0('48 %+ *'84' )* 47($%+4 %1 )24'4 ,(-
'489;)%*+%+(<%.%)/(+8-:%..-9-(&4(+8)24'41*'4840'4;%()%*+*129$(+;(0%)(. %+(../")24
'()4- *1 0(/ %+ <*)2 ;*9+)'%4- ('4 =94-)%*+48 %+ *'84' )* 1%+8 '()%*+(.4 1*' 4;*+*$%;
$%&'()%*+ 

24 -4;*+8 0(') *1 =94-)%*++(%'4 (+(./-4- 5%4,- (+8 *0%+%*+- (<*9) $%&'()%*+ (+8
'4$%&'()%*+  29-" )24'4 %- ( =94'/ 1*' &%5%+& )24 '4(-*+ 1*' $%&'()%*+" ,%)2 -%7 0*--%<.4
(+-,4'- )* ;2**-4" (+8 ( <*7 1*' (88%)%*+(. '40./ %- &%54+  24 +47) =94-)%*+ (<*9) )24
.4+&)2 *1 0.(++48 -)(/ %+ )24 " 47($%+4- ,24)24' )24 '4-0*+84+)- 2(54 ( &4+4'(. 0.(+
;*+;4'+%+& )24/ 19)9'4 *' )24/ (8*0) F%+)4+)%*+(. 9+0'48%;)(<%.%)/  -)'()4&/  24 )2%'8
=94-)%*+ %+ )2%- 0(') %- ;*+;4'+48 (<*9) )24 8%114'4+;4- <4),44+ 4704;)()%*+- (+8 )24
'4(.%)/" ,24)24' )24 (+)%;%0()%*+- ,4'4 2%&24' (+8 )29- .48 )* 8%-(00*%+)$4+) *' 04'2(0-
(;)9(.;*+8%)%*+-%+)24 ,4'4<4))4')2(+4704;)48  24+47)),*=94-)%*+-('4(+%+-%&2)
%+)**0%+%*+(< *9);9''4+)4;*+*$%;-%)9()%*+  *,454'")24-4=94'%4-('42('8)*47($%+4"
<4;(9-4 )24 -)()4 *1 )24 4;*+*$/ %+ <*)2 ;*9+)'%4- :440- ;2(+&%+& (.$*-) 454'/ 8(/" (+8
09<.%;*0%+%*+%- &%54+*1)4+ ;*+)'(8%;)*'/%+1*'$()%*+ %+(../" )24.(-)=94-)%*+84(.- ,% )2
0.(+-(+85%4,-*+0*--%<.4'4$%&'()%*+)**.(+8(+8)24$(%+$*)%54-  

c c
" "  !&$1"!$!+$!'"

+*'84')*470(+8)249+84'-)(+8%+&(+884404+)24'4-4(';2"(-4$% C-)'9;)9'48%+)4'5%4,
%- 0.(++48  ) %- <(-48 *+ )24 *04+C4+848 =94-)%*+- 1'*$ )24 -4;*+8 0(') *1 )24
=94-)%*++(%'4 >=94-)%*+ ‘ G ‘E@" 2*,454' %) (.-* &%54- 1'448*$ )* (88 +4, *+4-" *$%)
47%-)%+& *+4- *' ;2(+&4 )24 *'84' *1 =94-)%*+- )* 4+&(&4 )24 %+)4'5%4,44 %+ 470.*'%+& )24
-9<D4;) )%-54'/1.47%<.4)**.%+'4-4(';2%+&-)'()4& /"(-%);*9.8<4;*+89;)48%+*+4 C)*C*+4
*' &'*90 (00'*(;2  *,454'" )24 -9;;4-- *1 )24 %+)4'5%4, 8404+8- *+ $(+/ %+8404+84+)
1(;)*'- -9;2 (-! -:%..- 0*--4--48 </ %+)4'5%4,4'" )24 ,%..%+&+4-- )* (+-,4' (+8 4+&(&4 %+
8%-;9--%*+" )24 -9<D4;) %)-4.1" :+*,.48&4 (<*9) )24 -9<D4;)" )/04- *1 =94-)%*+-" 4);  <*54
(+8 <4/*+8" %) %- ,*')2 )* ())4$0) )* %+)4'5%4, '4-0*+84+)- (- %) &%54- <4))4' %+-%&2) %+)*
)24%'*0%+%*+-"5%4,-(+8<4.%41-  

" d &.%$ 

%+;4)2%-'4-4(';2%-(+%+-%&2)%+)*5%4,-(+8*0%+%*+-"%) ,*9.8<4,*')2,2%.4)*;(''/*9)
-($0.4 -)()%-)%;-  *,454'" .%$%)48 )%$4 -;(.4 (+8 '4-*9';4- '4-)'%;) )24 ;(0(;%)/3 24+;4"
)24'4%-+*())4$0))**<)(%+('40'4-4+)()%54-($0.41'*$)24,2*.40*09.()%*+ -1*')24
-($0.%+& )4;2+%=94" ( +*+ C0'*<(<%.%)/ -($0.%+& 2(- <44+ ;2*-4+ ,2%;2 %- <(-48 *+
-9<D4;)%54 D98&4$4+)  ;;*'8%+& )* (9+84'- >66" 0 6@ +*+ C0'*<(<%.%)/ -($0.%+& ('4
9-48" ,24+ )24'4 %- +* +448 )* $(:4 -)()%-)%;(. %+14'4+;4- (<*9) )24 ;2('(;)4'%-)%; *1 )24
0*09.()%*+ +*)24',*'.8-")24'4- 9.)-1'*$)2%-'4-4(';2;(++*)<49-48)*&4+4'(.%-4)24
,2*.40*09.()%*+*1*.%-2$%&'(+)-%+)24  +*'84')**<)(%++*+ C'40'4-4+)()%54-($0.4
(- =9%;:./ (- 0*--%<.4" (9+84'- '4;*$$4+8- 9-%+& -4.1C-4.4;)%*+ -($0.%+&" %+ ,2%;2 4(;2
%+8%5%89(.%-(..*,48)*;2**-4,24)24'24*'-24,(+)-)*0(')%;%0()4*'+*) 4-0*+84+)-
*1)4+84;%84)*)(:4(0(')%+)24'4-4(';2<4;(9-4*1)24%'144.%+&-*'*0%+%*+- )*,('8)24
'4-4(';2=94-)%*+-(+8*<D4;)%54->(9+84'-66"0 @ 

" ’ %#"$"! $2!" 

 -*1),('42(-<44+ ;2*-4+ )*%+09)'(, 8()(1'*$ =94-)%*++(%'4 (+8 )* ;*+89;)<(-%;


-)()%-)%;(.)4;2+%=94--9;2(-!1'4=94+;/8%-)'%<9)%*+-"$4(+"-)(+8('8845%()%*+"(+8-%$0.4
;*''4.()%*+ <4),44+ 5('%(<.4-  )24' -)()%-)%;(. 8()( 2(54 <44+ ;*$0('48 ,%)2 )24 (%8 *1
;2(')-(+8&'(02-(5(%.(<.4%+7;4.-*1),('4  24'4(-*+-1*'-9;2-%$0.%1%;()%*+('4!.%$%)48
)%$4-;(.4"40%&'($$()%;'4-4(';20'*D4;)(+8'4-)'%;)481%+(+;%(.'4-*9';4- 

c c
" × $%!, "$"+!#&!  

*' 09'0*-4 *1 )2%- '4-4(';2 )24 -9'54/ -)'()4&/ 2(- <44+ ;2*-4+" (- )2%- $4)2*8 %-
(00'*0'%()41*'-2*')C)%$4-)98/(+8%-'4.()%54./9+;*$0.%;()48)*(+(./-4 =94-)%*++(%'4
,(- &%54+ ($*+&-) )24 '4-4(';24' - 1'%4+8-" ;*C,*':4'- (+8 (;=9(%+)(+;4- (+8 )24
'4-0*+84+)-2(8(;2*%;4)*0(')%;%0()4*',%)28'(, *'4*54'"-4$%C-)'9;)9'48%+)4'5%4,-"
<(-48 *+ *04+C4+848 =94'%4- 1'*$ =94-)%*++(%'4" ,4'4 ;*+89;)48 %+ *'84' )* 470.*'4 )24
0'*<.4$ *1 '4$%&'()%*+  24 $(%+ <4+41%)- *1 =94-)%*++(%'4 (+8 %+)4'5%4, ('4! )%$4 C
-911%;%4+;/ (+8 ;*-)C4114;)%54+4--" (- )24 8()( (+(./-%- ,4'4 ;*+89;)48 )2'*9&2 ;*$$*+./
(5(%.(<.4 -*1),('4  9')24'$*'4" -*$4 *)24' -)()%-)%;(. 8()( 1'*$ -4;*+8('/ -*9';4- ,4'4
0'*5%848(-(<(;:&'*9+81*')24024+*$4+*+(+8(-(0'**1*1(+(;)%54.%)4'()9'4'45%4, 
) %- +4;4--('/ )* +*)4 )2() )2%- '4-4(';2 %- (+ %+-%&2) %+)* 5%4,- (+8 *0%+%*+ *1 *.%-2
$%&'(+)-" (+8 (.)2*9&2 ;('419../ ;*+89;)48 %) ;(++*) '40'4-4+) )24 5%4,- *1 )24 ,2*.4
0*09.()%*+  24 +47) ;2(0)4' 8%-;9--4- (;)9(. 1%4.8,*': (+8 8()( ;*..4;)%*+" ,2%;2 )**:
0.(;489'%+&;*+89;)%+&)2%-'4-4(';2 















c c
d      



d ‘ $&!,&!

240'40('()%*+1*';*+89;)%+&(-9'54/)**:0.(;4*+)24<4&%++%+&*14<'9('/66E 1)4'
47)4+-%54.%)4'()9'4'45%4,;*+;4'+%+&)24)*0%;"+%+4)44+=94-)%*+-2(54<44+1*'$9.()48 
24 1%+(. 8'(1) *1 )24 =94-)%*++(%'4 2(- <44+ -9<$%))48 1*' (00'*5(. *+ ‘ 4<'9('/  24
0'*04' 8%-)'%<9)%*+ (+8 ;*..4;)%*+ )**: 0.(;4 <4),44+ 6 4<'9('/ (+8 ‘6 (';2 66E  +
)24 $4(+)%$4" )2'44 -4$%C-)'9;)9'48 %+)4'5%4,- 2(8 <44+ ;*+89;)48" ,2%;2 ,4'4 <(-48
$(%+./*+*04+C4+848=94-)%*+-1'*$ )24-4;*+80(') *1)24=94-)%*++ (%'4>‘ )* ‘E@  24
%+)4'5%4,-)**:0.(;4*+!64<'9('/"‘(';2(+8‘(';266E 

d  (!"$$!

)2(- <44+ $4+)%*+48<41*'4")2()894 )*.%$%)48)%$4 (+81%+(+;%(.'4-)'%;)%*+- )24'4 ,(-


+*())4$0))*;(''/*9)-($0.4-)()%-)%;-  24'41*'4")24 8()(&()24'48%+)2%--9'54/8*+*)
'41.4;))24 ,2*.40*09.()%*+ 
454')24.4--"%)&%54- -*$4%+-%&2)%+)*5%4,- (+8*0%+%*+-*1
*.%-2$%&'(+)- 

*..*,%+& 0*-%)%541448<(;:1'*$0'*D4;) 904'5%-*'")24=94-)%*++(%'42(-<44+ )'(+-.()48
%+)* *.%-2 .(+&9(&4 %+ *'84' )* 1(;%.%)()4 )24 9+84'-)(+8%+& (+8 -0448 90 )24 1%..%+& C*9)
0'*;4-- 1)4')2()"0%.*)%+&*1)2'44=94-)%*++(%'4-)**:0.(;4 )2(-<44+-2*,+)2()-*$4
04))/(8D9-)$4+)-;*+;4'+%+&$(%+./)24.(/*9)*114,=94-)%*+-,4'4+4;4--('/"%+*'84')*
(5*%8$%-9+84'-)(+8%+&,2%.-)1%..%+&*9))24=94-)%*++(%'4 ))24<4&%++%+&"6;*0%4-,4'4
0'%+)48*9)(+88%-)'%<9)48($*+&-)1'%4+8-";* C,*':4'-"14..*,-)984+)-(+8(;=9(%+)(+;4 
%+;4 )24 '4-0*+-4 ,(- 54'/ 0*-%)%54 >;(  E6I@" (88%)%*+(. ;*0%4- ,4'4 &%54+ *9) )* -*$4
5*.9+)44'-" ,2* )24+ 0(-- )24 =94-)%*++(%'4- )* )24%' ;*..4(&94- (+8 1.() $()4-  24
$(D*'%)/ *1 '4-0*+84+)- ,4'4 <(-48 %+ *+8*+ >?I@ (+8 %+ 4-) %8.(+8- >54-2($"
%'$%+&2($(+8'%8&4,()4'@ +)*)(.=94-)%*++(%'4-2(54<44+;*..4;)48  

*$4*1)24'4-0*+84+)-,4'4(-:481*'1448<(;:-2*')./(1)4'1%..%+&*9))24=94-)%*++(%'4 
24 *0%+%*+ ,(- 54'/ 0*-%)%54 (+8 %+ $*-) ;(-4- 4+;*9'(&%+&  24 '4(-*+ $(/ <4 )2() )24
'4-4(';2 - )*0%; %- (;)9(. (+8 ;*+;4'+- ;9''4+) (11(%'-  *$4 *1 )24 '4-0*+84+)- (8$%))48
)2())24/2(82(8$(+/)2*9&2)-'4;4+)./(<*9)0*--%<.4'4$%&'()%*+(+8)24/2(8;('419../

c
c
)'(;:48 )24 +4,- %+ *.%-2 (+8 '%)%-2 $48%(  *' *)24'-" )24 =94-)%*++( %'4 &(54 )24
*00*')9+%)/1*''41.4;)%*+*+)24-9<D4;)"-%+;4)24/2(8+*)0(%8(+/())4+)%*+)*$%&'()%*+
0'*<.4$-894)*.(;:*1)%$4*',%..%+&+4-- -1*')24)/04*1=94-)%*+-"$*-)*1)24$-(%8
)2() )24/ ,4'4 -%$0.4 <9) -)'(%&2)1*',('8  *,454'" )2*-4 ,%)2 2%&24'C.454. *1 +&.%-2
.(+&9(&4 ,4'4 -.%&2)./ 8%-(00*%+)48 )2() )24 =94-)%*++(%'4 ,(- %+ *.%-2  + &4+4'(." )24
-9'54/ (+8 8%-;9--%*+ )2() 1*..*,48 (1)4' ,4'4 )24 04'14;) *00*')9+%)/ 1*' -*$4 *1 )24
'4-0*+84+)-)*'41.4;)*+)24-%)9()%*+(+8)*, 2%+&4(<%)*+4;*+*$/(+80*.%)%;-%+<*)2
;*9+)'%4- 

d " !+$!'

94 )* )24 .(;: *1 4704'%4+;4 %+ ;*+89;)%+& )24 %+)4'5%4," ;('419. )2*9&2)- ,4+) %+)* 0'4 C
%+)4'5%4, 0'40('()%*+  24'41*'4" -4.4;)%*+ *1 0*)4+)%(. '4-0*+84+)- <(-48 *+ (5(%.(<%.%)/"
,(-)(:4+($*+&-))24(;=9(%+)(+;4- (;2;*+54'-()%*+,(-'4;*'848"2*,454'D9-)<41*'4
)24%+)4'5%4,0(')%;%0(+)-,4'4(--9'48)2())24'40.%4-,4'4;*+1%84+)%(.(+8)24%'04'-*+(.
84)(%.-,*9.8+*)<4-2('48,%)2()2%'80(')/ 

24 1%'-) %+)4'5%4, )**: 0.(;4 *+ 6 4<'9('/ 66E ,%)2 ( 14..*, -)984+) ()   ;(+)44+ 
24%-(19..C)%$4-)984+)%+(19..C)%$44$0.*/$4+),%)2),*8404+8(+)-%+24'2*9-42*.8!(
;2%.8 (+8 (+ 9+4$0.*/48 $*)24'  24 %+)4'5%4, -)(')48 1'*$ ( =94-)%*+ F2/ 8%8 /*9
84;%84 )* $%&'()4H  (+8 )24+ &(54 )24 *00*')9+%)/ )* &%54 -*$4 &4+4'(. )2*9&2)- (<*9)
$%&'()%*+"24'0'%5()4-%)9()%*+(+8'41.4;)*+)24'4(.C.%1447($0.4-*11'%4+8-,2*84;%848
)*'4)9'+)**.(+8  24)*0%;*1)24;*+54'-()%*+,(-%+)4'4-)%+&1*'<*)20(')%4-")24'4 1*'4
(+ %+)4'5%4, )9'+48 %+)* 8%-;9--%*+  *,454'" -454'(. %$0*')(+) 0*%+)- ,4'4 $4+)%*+48
1'*$(8%114'4+)04'-04;)%54-*)24/;(+<49-48.()4'*+%+(+(./-%+&)248()(  

24 -4;*+8 %+)4'5%4, )**: 0.(;4 *+ ‘ (';2 66E ,%)2 ),* (;=9(%+)(+;4- %+ 54-2($ 
&(%+" )24 ;*+54'-()%*+ 2(--)(')48 1'*$)24-($4=94-)%*+ (- (<*54  *,454'" )2() )%$4"
)24 %+)4'5%4,4' )'%48 )* :440 ( -)'9;)9'4 *1 )24 %+)4'5%4,  *)2 0(')%;%0(+)- (+-,4'48 )24
-($4=94-)%*+",2%;2&(54),*0*%+)-*15%4,1'*$),*;*$0.4)4./8%114'4+) (+&.4-!*+4%-
$(''%48 ,%)2 )2'44 -;2**.C(&4 ;2%.8'4+3 )24 *)24' *+4 %- ( -%+&.4" )4$0*'('/ ,*':4'  24
$(%+)24$4-%+)2%-%+)4'5%4,,(-4;*+*$%;-%)9()%*+%+*.(+8(+%+)24 ")24$*)%54-1*'
0*--%<.4 '4$%&'()%*+ (+8 *0%+%*+ (<*9) 0*)4+)%(. -*;%(. )4+ -%*+- (+8 2*-)%.%)/ )*,('8-

c c
%$$%&'(+)- ))244+8")24%+)4'5%4,44-,4'4(-:48)*;*+-%84'2*,;%)%B4+-(+8,*':4'-
%+*.(+8,*9.8-44)24%'0*)4+)%(.'4)9'+ 

241%+(.%+)4'5%4,)**:0.(;4*+‘ )2(';266E,%)21%54;*C,*':4'-()F+4%14 ‘454+)
%+4+-%+&)*+./$0%("*+8*+  24$(%+)24$4())24454+),(-(;2(+&4;*+-%84'481'*$
8%114'4+) 04'-04;)%54! .%14" ;('44'" D*< 4);  24 %+)4'5%4,44- )**: 0(') %+ -454' (. 8%114'4+)
-4$%+('- 89'%+& )2() 8(/ (+8 )24/ ,4'4 %+1.94+;48 </ '41.4;)%54 $**8" ,2%;2 4+'%;248
&'4()./)24=9(.%)/*1;*+54'-()%*+ *9'*1)24$('4(&4('*9+86,%)2.4+&)2*1-)(/%+)24
 '(+&48 1'*$  )* ? /4('-" %+ 19.. C)%$4 4$0.*/$4+)" ,%)2*9) (+/ 8404+8(+)-  +4
%+)4'5%4,44 %- ( C/4(' *.8 -)984+) %+ 0(')C)%$4 4$0.*/$4+)  24 <4&%++%+& *1 )24
%+)4'5%4, 1*..*,48 )24 -($4 0())4'+ (- 0'45%*9- ),*  ) -)(')48 1'*$ =94-)%*+- (<*9) )24
'4(-*+1*'$%&'()%*+")24+)24'4,(-(8%-;9--%*+(<*9)4;*+*$%;-%)9()%*+%+<*)2;*9+)'%4-
(+8 1%+%-248 *+ ( 84<()4 (<*9) 4704;)()%*+- <41*'4 ;*$%+& )* )24  (+8 )24 '4(.%)/ 
4;(9-4*1)24(&4*1%+)4'5%4,44-(+8)24-)(&4*1.%14)24/('4%+>(;;*'8%+&)*F&4-(+8
-)(&4-  0-/;2*.*&%;(. )24*'%-)-!   '%;:-*+‘"  45%+-*+ ‘@" )24 ;*+54'-()%*+ 1*;9-48
('*9+8'4.()%*+-2%0-,%)2*)24'-(+8'41.4;)%*+*+ 0*--%<.41*')2;*$%+&;2(+&4-%+)24%'.%14 

d d 
$&$$"

+ &4+4'(." ;*+89;)%+& 0'*;4-- *1 =94-)%*++(%'4 (+8 %+)4'5%4,- 2(- '4;4%548 54'/ 0*-%)%54
1448<(;:  241(;))2())24=94-)%*++(%'42(8-9;2(&**8'4-0*+8,(-9+4704;)48<9)54'/
4+;*9'(&%+& *'4*54'"-454'(.'4-0*+84+)-;.(%$)2())24/('4.**:%+&1*',('8)*-44)24
*9);*$4  .. )2%- $4(+-" )2() )24 %84( 1*' )24 -)98/ *+ *.%-2 $%&'()%*+ 2(- 2%) )24 0*%+) 
*,454'" )24 1%+8%+&- 1'*$ )24 '4-4(';2 ,*9.8 +*) '41.4;) )24 5%4,- *1 )24 ,2*.4 *.%-2
0*09.()%*+ %+ )24 " (- )2%- -($0.4 %- +*) ( -)()%-)%;(. *+4  4-%84-" )24 4+5%'*+$4+)
-9''*9+8%+& .(<*9' $(':4) :440- ;2(+&%+& ;*+-)(+)./ (+8 +4, $4(-9'4- $%&2) <4 (00.%48
)* :440)24'4-4(';290C)*C8()4 + (+/ ;(-4"%)%-+4;4--('/ )*'4$%+8)2())2%--)98/%- (+
%+-%&2)%+)**0%+%*+-324+;4"%);*+)(%+-(+9$<4'*1-9<D4;)%545%4,- -1*')24,4(:+4--*1

cccccccccccccccccccccccccccccccccccccccc cccccccc
‘
,,, *+4.%14.%54 ;* 9:
‘
'%:'%:-*+8%5%84829$(+.%14%+)*?-)(&4-  4<4.%4548)2()<4),44+‘EC6/4('-*.8(+%+8%5%89(.%-%+(
-)(&4,24+%+)%$()4'4.()%*+-2%0-,%)2*)24'-('41*'$%+& (%.9'4)*(;2%454%+)%$(;/.4(8-)*%-*.()%*+(+8
8%-)(+;41'*$*)24'- >'+*.8"‘EE"0 ‘@
‘
 (+%4.45%+-*+<4.%4548)2()(+%+8%5%89(.<4),44+?C/4('-*.8;*$4-)2'*9&2-*;(..48F&46
)'(+-%)%*+ ",24+'4(00'(%-(.*1;9''4+).%14;%';9$-)(+;4-*;;9'-"-09''48*+</:+*,.48&4)2()%1(+/.*+&C
)4'$;2(+&4-('4)*<4$(84"%),%..+448)*<4$(84-**+ >'+*.8"‘EE"0 ‘@

c c
=94-)%*++(%'4"-*$4*1)24$9.)%0.4 C;2*%;4(+-,4'-%+=94-)%*+-‘)*‘E-2*9.82(54<44+
'41*'$9.()48  24'4,(-(.-*+*)4+*9&2-0(;41*'&%5%+&(04'-*+(.%-48(+-,4'-")24'41*'4
2('8./(+/*+4<*)24'48)*,'%)4)24$8*,+  

2(+:- )* )24 %+)4'5%4,44-  %+5*.54$4+) (+8 ,%..%+&+4-- )* 0(')%;%0()4 %+ ( 8%-;9--%*+" )24
%+)4'5%4, ,(- '%;2 (+8 (..*,48 )* -)98/ $*'4 8440./ -*$4 *1 )24 '4-4(';2 =94-)%*+-  24
1(;) )2() )2*-4 ;*+54'-()%*+- ,4'4 ;*+89;)48%+(+()%54.(+&9(&4 (..*,- )*2(54 )24%' -(/
*+ $%&'()%*+ $())4'  24 .(;: *1 %+)4'5%4,%+& -:%..- ,(- 8%$%+%-248 </ 47)4+848 0'4C
%+)4'5%4, 0'40('()%*+3 2*,454'" 19')24' 0'(;)%;4 ,*9.8 <4 +4;4--('/ 
454')24.4--" )24
%+)4'5%4,-,4+)-9'0'%-%+&./-$**)2./(+8)24/4+'%;248)24,2*.4-)98/  24+47);2(0)4'
;*+)(%+- (+(./-%- *1 =94-)%*++(%'4 - 1%+8%+&- )*&4)24' ,%)2 47($0.4- 1'*$ %+)4'5%4, (+8
-*$4-4;*+8('/-*9';4-%..9-)'()%*+- 













’  
    

2%- ;2(0)4' ;*+)(%+- (+(./-%- *1 =94-)%*++(%'4 (+8 %+)4'0'4)()%*+ *1 )24 1%+8%+&-  24
84)(%.48'40*')1'*$=94-)%*++(%'4%-4+;.*-48%+ 004+8%7  24(+(./-4-,4'4;*+89;)48
%+ )2'44 -)(&4- <(-48 *+ '4-4(';2 =94-)%*+-  24'41*'4" )24 1%'-) -)(&4 1*;9-4- *+
84$*&'(02%;(. %+1*'$()%*+ %+ *'84' )* 1%+8 .%+:- ,%)2 -)()%-)%;(. %+1*'$()%*+ %+ 0'45%*9-
'4-4(';24'-3)24-4;*+8-)(&4;*+;4+)'()4-*+'4(-*+-1*'$%&'()%*+";*$0('%-*+*1'()4-*1
0(/(+8(+(./-4)240*--%<.429$(+;(0%)(.845(.9()%*+%+$4(-9'%+&-4;)*'-*14$0.*/$4+)

c c
(+8 D*< )%).4-  %+(../" )24 )2%'8 -)(&4 %- (+ %+-%&2) %+)* '4-0*+84+) - *0%+%*+ (<*9) ;9''4+)
4;*+*$%; ;*+8%)%*+- %+ )24  (+8 %+ *.(+8" (+8 )24%' ())%)984 )*,('8- 19)9'4 0.(+-  +
(88%)%*+" )24'4 ('4 -*$4 0*%+)- )2() ,4'4 8%-;9--48 89'%+& %+)4'5%4,-" <9) ,4'4 +*)
%+;.9848%+'4-4(';2 -=94-)%*++(%'4-9;2(-!-*;%(.)4+-%*+-(+847($0.4-1'*$'4$%&'()%*+ 

’ ‘ !‘3!&. $% 

2409'0*-4*1)2%--)(&4,(-)*%84+)%1/,24)24'-($0.49-48%+)2%-'4-4(';2 2(-(+/)2%+&
%+ ;*$$*+ ,%)2 -)()%-)%;(. 8()( 0'*5%848 </ 0'45%*9- '4-4(';24- >
" 663 2%.0*))"
663 '%+:,()4'" 66@  + 4--4+;4" )* -)()4 ,2* )**: 0(') %+ )24 '4-4(';2 %+ )4'$- *1
&4+84'"(&4"489;()%*+.454."$('%)(.-)()9-"+9$<4'*18404+8(+)- ".454.*1+&.%-2.(+&9(&4
(+8 -4;)*' *1 4$0.*/$4+)  ;;*'8%+& )* 0-/;2*.*&%-)- >%-B4,-:(" 66?@ )24'4 ('4 1*9'
+4;4--('/ 1(;)*'- )* ;*04 ,4.. ,24+ *+ %$$%&'()%*+! (<%.%)/ )* ;*$$9+%;()4 %+ .*;(.
.(+&9(&4" %+)4&'()%*+ ,%)2 .*;(. ;*$$9+%)/" &*(. (+8 .*+&C)4'$ 0.(+  24'41*'4"
84$*&'(02%;(. 1(;)*'- )*&4)24' ,%)2 )24 +&.%-2 .(+&9(&4 .454. ,*9.8 24.0 )* (+(./-4 (+8
%+)4'0'4)19')24''4-4(';21%+8%+&- 

’ ‘ ‘ !!4!4!$%!+!%4&$% ""&)!,!.!"

24 )*)(. +9$<4' *1 =94-)%*++(%'4 - 0(')%;%0(+)- '4(;248  ,%)2 E $(.4 > I@ (+8 
14$(.4'4-0*+84+)-> I@ G-44 (<.4‘ $*+&-))24=94-)%*++(%'4'4-0*+84+)-"$(.4-
(+814$(.4-,4'4(00'*(;248%+*'84')*;*+89;))2'44%+)4'5%4,- ;;*'8%+&)* (<.4"
)245(-)$(D*'%)/>E6 EI@ ,(- '4.()%54.//*9+&G E ‘I%+ (+ (&4 &'*90‘C6 (+8 ‘ ?I%+
(+ (&4 &'*90 ‘C6  +./ *+4 '4-0*+84+) ,(- /*9+&4' )2(+ ‘ /4('- *.8 (+8  0(')(:4'-
,4'4*54'6/4('-*.8 

•  

 
       c     
 
   
      
     

(<.4‘!4+84'*1)240(')%;%0(+)- 


c c
g

 
       c     
  c c       
c c    

 c! c    
" ##c! c     
     


(<.4!&4*1)240(')%;%0(+)- 

24 489;()%*+ .454.‘ '40'4-4+)48 </ 0(')%;%0(+)- ,(- $(%+./ (<*54 4.4$4+)('/ .454. ,%)2
 I '4-0*+84+)- ,2* 1%+%-248 -4;*+8('/ -;2**." 1*..*,48 </  I ,%)2 9+%54'-%)/
84&'44" )24+ 6I *1 '4-0*+84+)- ,%)2 5*;()%*+(. =9(.%1%;()%*+ (+8 *+./ ‘ '4-0*+84+)
;*$0.4)484.4$4+)('/.454.*1489;()%*+>)24*+41'*$)24 (&4&'*90F.4-- )2(+ ‘ @ C -44
(<.4  24$(D*'%)/*1'4-0*+84+)-,4'4$(''%48> I@"1*..*,48</-%+&.4-> I@  24
'4-)>‘ ?I@;.(%$48)*<4%+0(')+4'-2%0",2%;2%-9+84'-)**8(-.%5%+&,%)2(0(')+4'> (<.4
@ -1*'+9$<4'*104*0.4*+)24-($4%+;*$4" I84;.('482(5%+&(;2%.8*';2%.8'4+
(-8404+8(+)-",2%.4 I8%8+*)2(54(+/8404+8(+)-> -44 (<.4@  







 

 
       c     
  $         
%&! c      
       
'        
     

(<.4!89;()%*+.454.*1)240(')%;%0(+)- 


cccccccccccccccccccccccccccccccccccccccc cccccccc
‘
 24'4%-(-%&+%1%;(+)8%114'4+;4<4),44+5*;()%*+(.(+8-4;*+8('/-;2**.%+*.(+8 *;()%*+(.-;2**.%-(
)2'44C/4('19..C)%$4;*9'-4,%)2)24(%$*10'*5%8%+&-:%..-1*'(0(')%;9.(')'(84 4;*+8('/-;2**.&%54-&4+4'(.
:+*,.48&4(+89-9(../0'40('4-1*'19')24'489;()%*+3%)1%+%-24-,%)2+()%*+(.47($%+()%*+F()9'( G(+
4=9%5(.4+)1*''%)%-2C.454. 

c c

6     

 
       c     
 
     
    
(c)  #!)     
     

(<.4!('%)(.-)()9-*1)240(')%;%0(+)- 


   

 
       c     
  *c )  #    
! +!      
     



(<.4!+;*$48404+8(+)- 

’ ‘  
! ,"#$ !/ 

%+;4+*+4*1)24'4-0*+84+)-.%548%+)24 $*'4)2(+‘6/4('-"%);*9.8<4-)()48)2()(..
*1)24$ <4.*+& )* )24'4;4+) $%&'()%*+ ,(54" ,%)2 6 EI.%5%+&%+)24 1*'90 )*  /4('-
(+8 I$*'4)2(+/4('-> (<.4@ 


     

 
       c     
  c cc #       
c c c #    
" ##c! c c      
     

(<.4!4+&)2*1-)(/%+)24  

’ ‘ " 
!+!%, %$" %!

- 1*' )24 .454. *1 +&.%-2 .(+&9(&4‘"  I 84;.('48 %+)4'$48%()4 .(+&9(&4 -:%..-" 6I
;*+-%84'48 )24$-4.54- (- (85(+;48 9-4'-" ,2%.4 ‘? I (8$%))48 4.4$4+)('/ :+*,.48&4 
+./'4-0*+84+)-'4&('848)24%'+&.%-2-:%..-(-0'*1%;%4+)>-44 2(')‘@ 

cccccccccccccccccccccccccccccccccccccccc cccccccc
‘
 248%5%-%*+-*1&'*90-('4<(-48*+($<'%8&4>2))0!AA,,, ;($<'%8&44-*. *'&A47($-A%+847 2)$.@
47($-32*,454'")24'4-0*+84+)- (+-,4'-('4$(%+./-9<D4;)%54>47;40))2*-4,2*0(--48)2447($@ 

c c
à   




’ ’ 
 
  

 
 

’ 




2(')‘!+&.%-2.(+&9(&4.454.'40'4-4+)48</0(')%;%0(+)- 

454. *1 .(+&9(&4 %- 0*-%)%54./ ;*''4.()48 ,%)2 .4+&)2 *1 -)(/ %+ )24  (+8 )24 489;()%*+
.454." % 4  )24 .*+&4' -)(/ (+8 )24 2%&24' 489;()%*+ )24 <4))4' (<%.%)/ )* ;*$$9+%;()4 %+
+&.%-2>,'%))4+(+8-0*:4+@G-44 (<.4 



c c

„   


# 

    

  
c-c#  


# c 
 c   # c    ‘ 
‘ 
c,     
   

c-c# # c    
‘ ‘ 

c,      ‘


   

  
c   # c       ‘
c,     ‘
   
c   
c#c#
-
cc c  ‘c   c,   

(<.4!*-%)%54;*''4.()%*+<4),44+4+&)2*1-)(/"89;()%*+.454.(+8+&.%-2.454. 

’ ‘ d !,!&.%#&!

41*'4 ;*$%+& )* )24 "  I *1 '4-0*+84+)- ,4'4 -)984+)-" ‘? I ,*':48 %+ '4)(%."
‘ I ,4'4 4$0.*/48 %+ 9+-04;%1%48 -4;)*' .(<4..48 (- F*)24' " (+8 ‘6 EI 1*9+8
4$0.*/$4+) %+ )'(+-0*') *' <9%.8%+& %+89-)'/  84=9()4./  I ,4'4 9+4$0.*/48" -4.1 C
4$0.*/48 *' ,*':48 %+ (+ *11%;4 *' ;.4'%;(. 5(;(+;%4- >-44 (<.4 ?@  24 -4;)*'- *1 ;9''4+)
4$0.*/$4+)%+ )24  ,4'4 )%;:48 (-1*..*,!  I%+F*)24'  ;()4&*'/" ‘? I%+ )'(+-0*')
(+8 <9%.8%+&" ‘ I %+ 1%+(+;4 -4;)*'" ‘ I <*)2 %+ $(+91(;)9'%+& (+8 '4)(%. -4;)*' >-44
(<.4 E@ 
*+4 *1 )24 '4-0*+84+)- ;.(%$48 )* <4 9+4$0.*/48 *' D9-) %+ 489;()%*+  9')24'
(+(./-%- (+8 ;*$0('%-*+- *1 4$0.*/$4+) - -4;)*'- %+ <*)2 ;*9+)'%4- ('4 ;*+89;)48 %+ 0(')

c

Ú          

    
  
 
  c
 

    ‘   

# +.  
‘ ‘ ‘ ‘


  ‘ ‘ 

- 
 ‘ ‘ ‘
  ‘ ‘ ‘
#   ‘ ‘ 
 #
   
--+  ‘ ‘ ‘ ‘
  ‘ ‘

(<.4?!4;)*'*1;9''4+)*;;90()%*+%+)24  

c c
Ú                

   
 
 
  c
 


   
 ‘   
 ‘ ‘ ‘ 
   ‘ ‘ 

#+.  
 ‘ ‘ ‘
 -      
!
     
--+     
 #
   ‘
 +    


    
#  ‘ ‘ ‘ 

- 
‘ ‘ ‘ ‘
  ‘ ‘
 

(<.4E!4;)*'*1*;;90()%*+%+*.(+8<41*'4$*5%+&)*)24  



’  !3&.$%!.!$$4 !&$ !"",&$$


!5.!$"

2409'0*-4*1 )2%- -)(&4%- )*1%+8 (+ (+-,4'1*')24 -4;*+8'4-4(';2 =94-)%*+! Mhat was
the Polish immigrants͛ in the UK the main reasons for migration? Mhat did they expect
before moving to the UK? Did they experience depreciation of human capital when employed
in the UK? 24'41*'4")24'4%-(;*$0('%-*+*1-4;)*'-*14$0.*/$4+)(+8D*<)%).4-24.8%+
<*)2 ;*9+)'%4- (+8 (54'(&4 '()4- *1 0(/ >(- ( 0*--%<.4 $(%+ F09-2 1(;)*'  1*' 4;*+*$%;
$%&'()%*+@  24'4 %- (.-* (+ ())4$0) )* %+54-)%&()4 ,24)24' )24'4 %- F<'(%+ 8'(%+  *' F<'(%+
&(%+  4114;) >)(9<2(('" 66@  %+(../" )24'4 %- (+ (+(./-%- *1 4704;)()%*+- G ,24)24' )24/
,4'42%&24')2(+'4(.%)/$4)"(+8,24)24''4-0*+84+)-;*9.8<4;()4&*'%B4(-F04*0.4*+(
-,%+& >%+%-)'/*1;*+*$/40*')"66@ 

’  ‘ !",!&.%#&!*)$%!"&.$"" cc

(<.4 ‘6 ;*$0('4- -4;)*'- *1 '4-0*+84+)-  4$0.*/$4+) %+ 0'45%*9- *;;90()%*+- %+ *.(+8
(+8%+ ;9''4+)5(;(+;%4-%+)24  %+;4 ‘ > I@'4-0*+84+)- ;.(%$48<4%+&%+19..)%$4
489;()%*+ %+ *.(+8" %) ;*9.8 <4 (--9$48 )2() )24/ 2(54 +*) 2(8 0'45%*9- D*< 4704'%4+;4
<41*'4 ;*$%+& )* )24   *,454'" %+54-)%&()%*+ ,24)24' -)984+)- ('4 4$0.*/48 %+ )24
-($4 1%4.8 )24/ ,4'4 -)98/%+& ,(- <4/*+8 )24 '4-4(';2 -9<D4;)  %+;4 *+./ *+4 <*7 ,(-

c c
(5(%.(<.4)*)%;:%+=94-)%*+ ‘ >-44004+8%7 @"%)%-+*) ;.4('%1-*$4*1 $%&'(+)-('4(.-*
-)98/%+& %+ )24   --9$%+& )2() $(+91(;)9'%+&" )'(+-0*')A<9%.8%+&" 2*9-4:440%+& (+8
2*-0%)(.%)/ ('4 -4$%C-:%..48 -4;)*'-" $*'4 '4-0*+84+)- (8$%))48 )* <4 4$0.*/48 %+ )2*-4
-4;)*'-%+)24 )2(+%+*.(+8 +)24*)24'2(+8")24'4,(-(+%+;'4(-4%+4$0.*/$4+)%+
1%+(+;%(.-4;)*'",2%;2,*9.8'()24'-9&&4-)0'*04'9-4*1-:%..-*14$0.*/48$%&'(+)-  

Ú    

 




 

!
 
" 
 

 


 
 
 
 

ÿ    ÿ   

(<.4‘6!*$0('%-*+*1-4;)*'-*14$0.*/$4+),24'4 0(')%;%0(+)-,4'44$0.*/$4+)(+8
('4;9''4+)./,*':%+& 

%+&.4 ;*$0('%-*+ *1 )24 -4;)*'- *1 4$0.*/$4+) %+ <*)2 ;*9+)'%4- 8*4- +*) )4.. )24 ,2*.4
-)*'/")24'41*'4"'4-0*+84+)-,4'4(-:48)*,'%)48*,+)24%'D*<)%).4> (<.4‘%+004+8%7
@ +)24*)24'2(+8"D*<)%).4-('42%&2./-*02%-)%;()48%+)*8(/ -,*':0.(;4-")29-"%)%-+*)
0*--%<.4 )* ;*+89;) '4(-*+(<.4 ;*$0('%-*+ (+8 -)()4 ,24)24' $%&'(+)-  -:%..- (+8
4704'%4+;4 &(%+48 %+ *.(+8 ('4 9-48 %+ )24   %+;4 -)984+)- .41) *.(+8 (1)4' '4;4%5%+&
489;()%*+"%);(+<4-)()48)2()*.(+84704'%4+;4 F<'(%+8'(%+  *,454'"%)%-+*);.4('%1)24
 -4$0.*/4'-;*$4(;'*--F<'(%+&(%+ 4114;)(+8,24)24')24/$(:49-4*1%) 54'(..")24
-($0.4 9-48 %+ )2%- '4-4(';2 ,(- )** -$(.. (+8 %- +*) '40'4-4+)()%54 4+*9&2 )* -)()4
,24)24'*.4-1(;4840'4;%()%*+*129$(+;(0%)(. 

c 
c
’   !",.#&.$" cc

- 1*' )24 '()4 *1 0(/"  '4-0*+84+)- (+-,4'48 )24 =94-)%*+ (<*9) (54'(&4 $*+)2./‘?
-(.('/'()4%+*.(+8  24'()4,(-&%54+%+(.*;(.;9''4+;/"2*,454'1*')2409'0*-4*1)2%-
'40*') %) ,(- ;*+54')48 %+)* 0*9+8 -)4'.%+& () )24 '()4 *1  L‘ M 
 ? >*+ ‘ 6 6E@ 
*+54'-4./" )24 '()4 *1 0(/ %+ )24  %- &%54+ *+ 2*9'./ <(-%-" ,2%;2 ;*$0.%;()4-
;*$0('%-*+-  + ;9''4+) 4$0.*/$4+)" ?6I *1 '4-0*+84+)- 4('+ <4),44+ L  (+8 L‘6"
‘ I )(:4 $*'4 )2(+ L‘6"(+8*+./ '4-0*+84+)-'4;4%54 ('()4<4.*,+()%*+(.$%+%$9$
'()4>L @  241%+8%+&-('4-9$$('%-48<4.*,!
% 6.7&  / 6.7 
(7%$9$ ‘"‘ 66  (7%$9$ ‘ 66
%+%$9$ ‘ 66  %+%$9$  66
4(+ E   4(+  
48%(+ 6? 66  48%(+  ?

+*'84' )* ;*$0('48()(1'*$<*)2 ;*9+)'%4-"1*..*,%+&;(.;9.()%*+ ('4+4;4--('/! (54'(&4
0(/%+)24 >L @N(54'(&4$*+)2./2*9'->;(‘,*':%+&8(/-%+($*+)2"?2*9'-04'
8(/@A)(7(+8%+-9'(+;4;*+)'%<9)%*+>;(6I@! 
+!!.# " !,!5 ,!5
L  ‘? L‘"‘6  LE ?

(5%+&(..)24;(.;9.()%*+-8*+4"%)%-;.4('./-44+)2()$4(+,(&4-%+*.(+8>LE@('4$*'4
)2(+ ),%;4 (- .4-- (- )24 (54'(&4 *+4 %+ )24  >LE@  *'4*54'" )24'4 %- ( .('&4 &(0
<4),44+ $(7%$9$ (+8 $%+%$9$ ,(&4 '4;4%548 %+ *.(+8 (+8" ,2() %- $*'4 -)'%:%+&"
$48%(+,(&4>L6?@%--$(..4')2(+$4(+>LE@% 4 $*'4)2(+6I*1'4-0*+84+)-4('+48
.4-- )2(+ (54'(&4 +)24 "'4-0*+84+)-  ,(&4-('4'()24' 454+./8%-)'%<9)48  *,454'"%)
-2*9.8<4'4$4$<4'48)2())2%-%-;*$0('%-*+*12%-)*'%;(.8()(><41*'4(''%5%+&)*)24 @
(+8 )24 ;9''4+) *+4  24'41*'4" )%$4" ,(&4 %+1.()%*+" (+8 ;*-) *1 .%5%+& ('4 +*) )(:4+ %+)*
;*+-%84'()%*+ 


cccccccccccccccccccccccccccccccccccccccc cccccccc
‘?
+*.(+8")24,(&4%-(.,(/-&%54+*+($*+)2./'()4<(-%- 

c  c
’  " !"",&$$c

;;*'8%+&)*2(')<4.*,")24$*-)0*09.(''4(-*+1*'$%&'()%*+,%)2'4-0*+84+)-,(-(+
(854+)9'4%+(8%114'4+);*9+)'/>6I@  24*9);*$4%-+*)-9'0'%-%+&"-%+;4)24$(D*'%)/*1
0(')%;%0(+)- ,4'4<4.*, 6 /4('-*.8 ,24+ ;*$%+& )* )24     4+.('&4$4+) 2(- *04+48
)24 0*--%<%.%)/ )* )'(54. (+8 ,*': %+ 4-)4'+ 9'*04 ,%)2*9) 4$0.*/$4+) 04'$%--%*+ 
24'41*'4" /*9+&04*0.42(54 9-48 )2%-*00*')9+%)/ )* )(-)44-)4'+.%14-)/.4*+ )24-($4
;*+8%)%*+-(-)24*)24' $4$<4'-  24-4;*+8(+8)2%'8'4(-*+-&%54+,4'4!F<4%+&14890
,%)2 4;*+*$%; (+8 0*.%)%;(. -%)9()%*+ %+ *.(+8  >I@ (+8 <4%+& 1*';48 )* $%&'()4 </
1%+(+;%(.;%';9$-)(+;4->6I@  2*-4),*(+-,4'-('4=9%)4-%$%.('(+8&*2(+8%+2(+8,%)2
*54'(..)'4+8-%+*.(+8 ‘E 


M   
 

$ 1 "  " "#


!/
') "!*  1!
(
$ " )"  
+ !
(
$ 1
% ') %) 1"!
 ! /
 %  
) " '" " 
+ !
($ 1 "  " * " 1 
 ! / #) + !
$ !  % %
 "(! # !
&% % ' % )
) '" "!
0"! #
!/

!/ !/


2(')!4(-*+-1*'$%&'()%*+ 



cccccccccccccccccccccccccccccccccccccccc cccccccc
‘E
;;*'8%+&)*>66E@")24())%)984)*,('8-4;*+*$%;-%)9()%*+%+*.(+8%-(-1*..*,-!<(8GI"
+4%)24'&**8+*'<(8G6I"&**8G‘6I3,24'4(-)24())%)984)*,('8-0*.%)%;(.-%)9()%*+%+*.(+8%-(-
1*..*,-!<(8G(.$*-)6I"+4%)24'&**8+*'<(8G.4--)2(+6I"&**8G;(‘6I 

c  c

+ &4+4'(." *.4- ;'%)%;%B4 (+ 47)4+-%54 <9'4(9;'(;/ %+ )24 +()%54 ;*9+)'/" )24
(8$%+%-)'()%*+(. '48 )(04- %+ -4))%+& 90 ( <9-%+4-- >9;(-" 66@" (+8 ( )'*9<.48 0*.%)%;(.
-;4+4  24 <4-) -9$$('/ ,(- &%54+ </ *+4 %+)4'5%4,44ËI will think about remigration͙ if
the situation in Poland changes 180 degrees.͛   *.4- <4.%454 )2() +4%&2<*9'%+& ;*9+)'%4-"
4-04;%(../ %+ )24 4-)" ('4 <4))4' $(+(&48  54'(.." *.4- -2('4 9'*04(+ 5(.94- (+8 ('4
2(00/,%)2%)-0*.%;%4-",%)2('*9+8?I -900*')4'-(+8*+./('*9+8‘6I *00*+4+)-
>" 66E@  - 1*' )24 1%+(+;%(. -%)9()%*+ " %) %- +4;4--('/ )* '4$%+8 )2() 9+4$0.*/$4+)
'()4 %+ 66 '4(;248 +4('./ 6I >-44 004+8%7 @" (+8 ,(&4- ,4'4 $9;2 <4.*, 9'*04(+
(54'(&4 9-))*=9*)4*+4*1)24'4-0*+84+)-FI decided to migrate because we didn͛t have
enough money even for basic needs. I heard that a situation is better in the UK, so I decided
to give it a try.͛ 24(+-,4'-%+F)24' ;()4&*'/;*+;4'+48D*%+%+&1($%./"04'-*+(.0'*<.4$-
(+8%$0'*5%+&+&.%-2.(+&9(&4 

’  d  5.!$")!,!&+$ !/ c

4-0*+84+)-0(')%;%0()%+&%+)2%-'4-4(';2 ,4'4 '()24''4(.%-)%; ,%)2> I@ (8$%))%+& )2()


;*+8%)%*+- %+ $%&'()%*+ ('4 )*9&2" <9) 4704;)48  24'4 %- (.-* ( 2%&2 04';4+)(&4 *1
F0*-%)%54./8%-(00*%+)48 O-%;P0(')%;%0(+)->6 EI@ 454+'4-0*+84+)-,4'48%-(00*%+)48*'
54'/ 8%-(00*%+)48" 2*,454'" ,%)2*9) &%5%+& ( '4(-*+ >-44 (<.4 ‘‘@  9'%+& )24 %+)4'5%4,"
*+4;*+;.9-%*+,(-(-1*..*,-!FI was prepared that if I wanted to try something new, I would
have to start from scratch. I left quite a good job in Poland and the first job I could find in the
UK was cleaning, just because I could not speak English. (͙) he first year was the worst one,
but later on, it was better and better. I don͛t regret that I came here. I think that if I stayed in
Poland, I would have been stuck in the sa me job and I wouldn͛t have learned what I know
now ʹ another way of living.͛ 

, , - , -, -

M   
. , ,
 , / ,    

, - /
 
0


2
 9 
6
 8   
6 2
 8 
6 2
   8 
6 2
 8 
2 2 2 2 2
  1 33 4!2 5 1 4) 6   7  2 2 2
2 3 22 2 2 4 2
1 3 5 8 !  1 ! ! 7   2  2 2
2 2 2 2
1 33 1 83 !  1 !4! 7  2 2 2
2
13 9  8 3 ))  7  2 2 2
2
0 ! 8  2 2  2
: 2
   2  2


c c
(<.4‘‘!704;)()%*+-<41*'4$*5%+&)*)24  

’ " !"3 !!&$"$$.%"' !,! 

) ,(- (.'4(8/ $4+)%*+48 %+ 2(0)4'  )2() )24  - 4;*+*$/ %- ;*+1%'$48 )* <4 %+ (
'4;4--%*+-)()4",2%.4*.(+8%-9+8*9<)48./24(8%+&%+)24-($48%'4;)%*+ .)2*9&2"*.%-2
4;*+*$%; &'*,)2 %- 0'48%;)48 )* <4 2%&24' )2(+ )24 '%)%-2 *+4" (+8 '4;4--%*+ %+ &4+4'(.
)4'$--2*9.8+*)2%)-9;21*';419../.%:4%+)24 4-)")24 +%)48%+&8*$2(-$*'4'4-*9';4-
)*)(;:.4)9'<9.4+;4-"(+8(-(8454.*048;*9+)'/2(-$*'44704'%4+;4%+(1'44$(':4))2(+
*.(+8 - /*9+& $(':4) 4;*+*$/  ) %- %+)4'4-)%+& )%$4 +*," (- $%&'(+)- -)(') )* =94-)%*+
)24$-4.54-,24)24')24/-2*9.8-)(/%+)24 *'04'2(0-'4)9'+)**.(+8  24'41*'4")2%-
'4-4(';2-)98%4-(.-*'4-0*+84+)- 0.(+-)*,('8-19)9'4 G,24)24')24/2(540'4;%-419)9'4
5%-%*+" *' 04'2(0- )24/ .4(54 )24%' *0)%*+- *04+ (+8 )24/ 0.(+ )* (8( 0) )* )24 +4,
4+5%'*+$4+) 

’ " ‘  !!&$"$$$ !/$% 

- 4;*+*$%; 8*,+)9'+ %- '4.()%54./ +4, 4704'%4+;4" $*-) *1 )24 '4-4(';2 - '4-0*+84+)-
,4'4 +*) 1(;48 ,%)2 %)- 4114;)- /4)" (+8 )24%' *0%+%*+ %- <9%.) $*-)./ *+ $48%( - +4,-  F he
economic crisis has not directly touched me or my family. I know about the crisis from media,
but I feel its breath on my back.͛ 24'4,4'4),*=94-)%*+-%+(-9'54/;*+;4'+%+&)2%- )*0%;
,%)2 47(;)./ )24 -($4 (+-,4'- )* $(:4 ;*$0('%-*+ -)'(%&2)1*',('8 2(')  <4.*, -2*,-
)24*9);*$4!

c c
"

"

"

" >,
"  ? 


"

‘"

"
#$% $&%'$$() ;$*
%+ #$% $&%+(&) #%
3$% =
+)
<*
)

2(')!0%+%*+(<*9)4;*+*$%;-%)9()%*+%+)24 (+8%+*.(+8 

) %- %+)4'4-)%+& )* +*)4 )2() I *1 '4-0*+84+)- <4.%4548 )2() -%)9()%*+ %+ )24  ,%.. &4)
<4))4' %+ ;*$0('%-*+ )*  I ,2* ('&94 )2() -%)9()%*+ %+ *.(+8 ,%.. %$0'*54  2%- 1%+8%+&
&*4-%-%+.%+4,%)2 )'4+8- $4+)%*+48<41*'4>-441**)+*)4%+    @)2()*.4-2(-%+
&4+4'(. +4&()%54 *0%+%*+ (<*9) 4;*+*$%; -%)9()%*+ %+ )24%' *,+ ;*9+)'/  ) -44$- )2() )2%-
5%4, %- 54'/ -)'*+&" -* 454+ $%&'(+)- ,2* 8* +*) .%54 %+ *.(+8 (+/ $*'4" 2(54 -)%..
04--%$%-)%; ())%)984  1 <4.%41- )*,('8- %$0'*54$4+) %+ )'*9<.48 4;*+*$%4- 0.(/ ( '*.4 %+
84;%-%*+(<*9)'4$%&'()%*+"$*-)*1)24'4-0*+84+)-,%..;2**-4)*-)(/%+)24 4704;)%+&
1(-)4'(+8<4))4''4;*54'/ -*+4*1)24%+)4'5%4,44--(%8!F I feel safer in the UK because of
social benefits. Here, the thought of loosing a job is not a cause for a sleepless night.͛
*'4*54'" $%&'(+)- ('4 Femotionally prepared that O)24%'P financial situation could get
worse͛ (+8 ('4 (,('4*1 ;/;.%;(.0())4'+%+ )24 4;*+*$/  24 &4+4'(.5%4, ,%)2%+ $%&'(+)-
,(- '()%*+(../ -)(%)48 89'%+& )24 %+)4'5%4,! FAverage job, average costs therefore recession
has an average impact on us. he more you have the more you can loose.͛ 

’ "  %"'" !!!",! 

- 4+5%'*+$4+) :440- ;2(+&%+& () 454'C1(-)4' 0(;4" 04*0.4 )4+8 )* 09'-94 ( -)'()4&/ *1
F%+)4+)%*+(. 9+0'48%;)(<%.%)/ " ,24+ )24/ ;2**-4 +*) )* '4-)'%;) )24$-4.54- </ -04;%1%; )%$4
1'($4-  24 $(D*'%)/ *1 '4-0*+84+)- (+-,4'48 ËI don͛t know, I͛ll see how it goes͛ %+ <*)2
=94-)%*+- ;*+;4'+%+& )2419)9'4 I (+8 I'4-04;)%54./>-44 (<.4 ‘ (+8 ‘@ .)2*9&2
)24 (+-,4'- &%54+ )* )2*-4 =94-)%*+- ('4 8%114'4+) ,2%;2 ;*$0.%;()4- -.%&2)./ ;*$0('%-*+"

c c
)240())4'+%-54'/-%$%.('  24$(D*'%)/%-9+84;%848 (+8)24/ ;2**-4 )*,(%)(+8-442*,
)24 -%)9()%*+ ;.('%1%4-  24 -4;*+8 &'*90%-1*'$48</ )/0%;(. -4(-*+(. $%&'(+)-" )2*-4,2*
;($4)*)24 %+*'84')*4('+$*+4/(+8)24+%+54-)%+2*$4;*9+)'/>I(+8‘I@  24
)2%'8 &'*90 ;*+;4'+ %- )* -4)).4 8*,+ %+ )24   >I (+8 ‘I@  24 '4-) 4%)24' )2%+: )2()
*.%-2 - &*54'+$4+) 04'-9(-%*+ )* '4$%&'()%*+ %- *+./ ( 0*.%)%;(. 0'*0(&(+8( >‘I@" 4%)24'
)24/,(+))*$*54)**)24';*9+)'%4->I@*')24/('4&%5%+&*)24''4(-*+->-44 (<.4‘@ )
%- ,*')2 )* +*)4 )2() 54'/ -%$%.(' $%&'()%*+ - 0())4'+- ,4'4 84-;'%<48 %+ 
 >66@
'4-4(';2 >-44 2(0)4'   @ )*&4)24' ,%)2 )24 1%+8%+&- )2() )24 <%&&4-) &'*90 %- ;'4()48 </
)2*-4 9+84;%848  +4 *1 )24 %+)4'5%4,44- 84-;'%<48 F%+)4+)%*+(. 9+0'48%;)(<%.%)/  ,24+ 24
-(%8!FEvery year I promise myself that this is my last year in the UK, but nothing comes out
from my plans. So I stay here, waiting for something, not knowing what exactly, and
watching the events.͛

@ A
¬



 
@ B@A 
C @ DB E FG

T WQ Q NR K
T UKVQKJPO SKPKJ N  HcSKPKJ SKPKJ
N  H (c HIJ3c5 JI+,c(3 c& KKc LI+
23 41,8 41,8 41,8
c&IK&
O
(3c M NJJJ J&c Ic& N c N
PIQM KcI-cO KN&cIc&I
15 27,3 27,3 69,1
NJHcLKJcKQJc-Ic&IIH
NJHcJR K&cJcSI NJH
(3c M NJJ J&cIc& K K
13 23,6 23,6 92,7
HI+Jc JcLKc67
O
(3c M NJJ J&cIc& N c N
O
PIQM KcI-c KN&cIc&I
NJHcLKJcIR KcI 4 7,3 7,3 100,0
NJILKcPIQJO 
 I N 55 100,0 100,0

(<.4‘!+)4+848.4+&)2*1-)(/%+)24  


c c
X XY   XY  Y X ZX [
M   

 
       c     
  (c3c1,c(3 c#   , , ,
(c3c1 cc ,
b  # c(c1 cc#  , , ,
1cc! c\,
(c1 cc ,
b  # c(c 3c# c , ,  ,
- cc! c\,
(c!c! c c! c-##
#c8#c c)   , , ,
)) ]  
(c1 cc ,cbc(3
- ]!  c! c(c13  , , ,
!  c
^!   , , ,
(c1 cc cb  #
c-  c c- #  , ,  ,
 c) # ]c 
   ,  ,

(<.4‘!0%+%*+-)*,('8-'4$%&'()%*+ 

;;*'8%+& )* 0-/;2*.*&%-)   (D*' >%+&(." 66?@" 09'-9%+& F%+)4+)%*+(. 9+0'48%;)(<%.%)/ 
-)'()4&/(..*,-)*(5*%88%-(00*%+)$4+)-"2*,454'%)0'*5%84-(88%)%*+(.$%&'()%*+-)'4--(-
(+%+8%5%89(.;(++*)1*..*,*,+.%14-)/.4(+8.%54(;;*'8%+&)*5(.94-  

’ " "  $$%$,& $

2409'0*-4*1;*+89;)%+&%+)4'5%4,-,(-)*0'*5%8419')24'-)98/%+)*)24-9<D4;)</(-:%+&
%+ 840)2 =94-)%*+-  9'%+& )24 %+)4'5%4," -*$4 47)'( )*0%;- ,4'4 8%-;9--48 %+ (88%)%*+ )*
=94-)%*++(%'4  24 1%'-) *+4 ,(- ;*+;4'+48 (<*9) 0*--%<.4 -*;%(. )4+-%*+- <4),44+ .*;(.
;*$$9+%)/ (+8 $%&'(+)- 894 )* )24 14(' *1 '489+8(+;/  %+;4 %) %- ;.*-4./ '4.()48 )*
4;*+*$%; 8*,+)9'+ (+8 %) %- ( '4;4+) )2'4()" %) %- 2('8 )* D98&4 ,24)24' $%&'(+)- ('4 %+
8(+&4' *1 -*;%(. 2*-)%.%)/  FIf British were to loose their jobs and Poles were to work, then
there might be some dust-ups. You can already here in media: ͞British jobs for British
people͟.͛ *,454'"+*+4*1)24%+)4'5%4,44-2(81%'-) C2(+84704'%4+;4%+)2%-$())4' 

24-4;*+8(88%)%*+(.)*0%;89'%+&)24%+)4'5%4,,(-(<*9)47($0.4-*104*0.4,2*84;%848
)*'4$%&'()4 ..*1)24%+)4'5%4,44-:+4,().4(-)*+404'-*+,2*'4)9'+48)**.(+8  24
47($0.4- &%54+ ,4'4 *+ <*)2 -%84- *1 -04;)'9$! 4+;*9'(&%+& (+8 8%-0%'%)%+&  *$4 *1

c c
$%&'(+)- $*548 <(;: <4;(9-4 *1 )24 1($%./ - 0'4--9'4- *' '489+8(+;/ %+ )24   )24'-
$*548 1'*$ +&.(+8 )* *)24' ;*9+)'%4- >%+ ,*'8C*1C$*9)2 ),* 0*09.(' $%&'()%*+
84-)%+()%*+-('4
*',(/ (+89-)'(.%(@ )24'- ('40.(++%+& )*'4)9'+(+8:4400*-) 0*+%+&
)24 84;%-%*+  +4 *1 )24 '4-0*+84+)- '4;(..48 ;*90.4 *1 1($%.%4- ,2* Fintend to return to
Poland, even though their financial situation will be reduced. For them, the atmosphere,
family, return to hometown is what really matters. hey are tired of b eing worse than locals.͛
24 .(-) 0*%+) %- 54'/ %+)4'4-)%+&" (- %) %- *1)4+ 24('8 )2() $%&'(+)- 144. .%:4 -4;*+8C;.(--
;%)%B4+-  4-0%)42(5%+&'4(.C.%14$*84.-*1-9;;4--19.'4)9'+)**.(+8"%+)4'5%4,44-<4.%4548
)2())2*-447($0.4-,*9.8+*)%+1.94+;4)24%'84;%-%*+ -%+;*$4,(-)24$*-)%$0*')(+)
1(;)*'1*' *+4*1)24'4-0*+84+)-"24 -(%8!FIf someone guaranteed me the same income in
Poland as I receive over here, I wouldn͛t hesitate to return͛. 

+ ( -04;%(. 48%)%*+ *1 *.%-2 $(&(B%+4 F)/.4- (+8 2('(;)4'-  >)/.4 % 2('(:)4'/" 66E" 0 
‘@" )24'4%- (.4))4' 1'*$( $(.4 $%&'(+))(.:%+&(<*9)2%- 4704'%4+;4 (1)4''4)9'+%+&1'*$
*+4C/4(' ,*':%+& 0'(;)%;4 %+ )24   4 <4.%454- )2() )24 8%114'4+;4 <4),44+ )24 4-)4'+
9'*04(+8*.(+8,(-)2()04*0.4 ,4'4(<.4)*4('+(.%54.%2**8(+80(%8*1184<)1'*$(+
(54'(&4 %+;*$4 %+ )24 4-)" ,24'4(- %+ *.(+8 %) ,(- +*) 0*--%<.4  0(') 1'*$ )2()"
454'/)2%+&4.-4,(-)24-($4  4(.-*('&94-")2()$(+/04*0.4;*+-%84'48,4..C0(%8D*<%+
)24  (-(-*.9)%*+1*'(..*1)24%'0'*<.4$-  *,454'",24+$%&'()%*+%+5*.54--40('()%*+
1'*$)24.*548*+4-"%);*9.8<4)24,*'-)84;%-%*+%+)24%'.%14  24*)24'-%84*1(-)*'/%-
&%54+ </ ( 14$(.4 $%&'(+) %+)4'5%4,48 </ %-B4,-:( >66?@ (1)4' 14, $*+)2- *1 ,*':%+&
4704'%4+;4 %+ *.(+8" ,2* -(%8! Ëow, I think that in London or Dublin I felt happier. Even
though the scheme ͞work-home-work͟ is exactly the same here and there, I felt free over
there. here was no pressure to be clever, capable, well educated, and good -looking. here
was no pressure to earn well and have a family with plenty happy offspring. I have an
impression that there is no place for individualism in Poland. (͙) So if you don͛t fit, you fall
through the cracks.͛ 24-4 ,*$4+ (8$%))48 )* ;*+-%84' '4)9'+ (&(%+ )* )24   54'(.."
)24'4%-(+%$0'4--%*+)2()$%&'(+)-('409))%+&.%14*+2*.8"<*)2! 24'4%+)24 "(+8,24+
)24/'4)9'+)**.(+8  

c c
’ d &&#

%+;4" -)()%-)%;- $4+)%*+48 %+ 2(0)4'   84-;'%<48 ? $%&'(+)- >%+;.98%+& *.(+8@ (-
'4.()%54./ /*9+&>?I (&48 ‘?C@"1**).**-4 (+8,%)2.%)).4*'+*8404+8(+)'4-0*+-%<%.%)/"
)24'41*'4 1%+8%+&- %+ )2%- '4-4(';2 ;*+1%'$ 0'45%*9- -)98/  *,454'" (&4 &'*90 ‘? G 
;*+)(%+- 04*0.4 *1 -* ;(..48 F'40'*89;)%54 (&4 " ,24+ %+8%5%89(.- )4+8 )* -4)).4 8*,+ (+8
2(54 ;2%.8'4+  24'41*'4" +9$<4' *1 8404+8(+)- $(/ &'*, (+8 )4+84+;/ )* '4$%&'()4 )*
*.(+8$(/84;'4(-4(-;2%.8'4+-)(')())4+8%+&)*-;2**.%+)24  *'4*54'".%5%+&%+-9;2
($9.)%C;9.)9'(.-*;%4)/(-'%)(%+>4-04;%(../*+8*+@(..*,-)*1%+8(0(') +4'1'*$8%114'4+)
;9.)9'(. <(;:&'*9+8" ,2%;2 (.-* '489;4- )24 )4+84+;/ )* '4)9'+ )* *.(+8  - *+4 *1 )24
%+)4'5%4,44- -9$$('%B48! ËIt will be hard for us to get used to live in Poland, because we
have found out the other lifestyle, we have met people from different cultures and we have
learned other point of view. Our horizons are much wider now.͛

(D*'%)/ *1 '4-0*+84+)- > I@ ;($4 )* )24  (1)4' *.(+8 - (;;4--%*+ )* )24  
;*$$9+%)/ >(/ 66@  .. *1 )24$ ('4 %+ 04'$(+4+) *' )4$0*'('/ >)2'*9&2 )24 (&4+;/@
4$0.*/$4+)%+)24 ")24'41*'4 F-)*':$%&'()%*+ >-4(-*+(.@14()9'4";(++*)<454'%1%48</
)2%-'4-4(';2 ) ;*9.8<4(--9$48)2() )24.*+&4'( $%&'(+) -)(/-%+)24  )242('84')24
84;%-%*+ (<*9) '4$%&'()%*+ <4;*$4-" (- *+4 *1 )24 %+)4'5%4,44- ;*+;.9848! ËYou loose the
willingness to return after ’ years. One day, just out of the blue, you really want to go back,
the very next day you find that you͛ve got your favouri te places here, your friends. Sooner or
later you start to adopt here and treat it as your own place.͛

454. *1.(+&9(&4%- -44+ (-*+4*1 )24 $(%+ 1(;)*'- )2()24.0 )* ;*04 ,4.. ,%)2 $%&'()%*+ 
%+;4 $*-) *1 )24 '4-0*+84+)- ;.(%$ )* ;*$$9+%;()4 *+ %+)4' $48%()4 .454." 24+;4"
%+)4&'()%*+ ,%)2 .*;(. ;*$$9+%)/ %+;'4(-4- (+8 -4+-4 *1 <4.*+&%+& -)(')- -2%1)%+& )*,('8-
2*-) ;*9+)'/  *,454'" )2%- 0'*;4-- %- '()24' .*+&C)4'$ (+8 8*4- +*) ;*+;4'+ 4(;2
%+8%5%89(.  2*-4",2*,4'4(<.4)*<9/(0'*04')/%+)24 * '().4(-)'4+))24,2*.41.()
('4 )2*-4 ,2* 144. )24 $*-) -4)).48! F he only thing I miss to settle down here [UK] is my
own house. Your own property gives you sense of belonging ʹ a harbour to return. At the
moment, I can͛t afford to buy a flat. I worry that when I reach 40, I will still have to share a
flat with strangers.͛

c c

24'4 ,(- (+ ())4$0) )* $4(-9'4 ,24)24' *.%-2 $%&'(+)- 4704'%4+;4 840'4;%()%*+ *1
29$(+ ;(0%)(.  24'41*'4" )24 ;*$0('%-*+ *1 -4;)*'- *1 4$0.*/$4+) (+8 D*< )%).4- ,4'4
;*+89;)48  %+;4 )24 -($0.4 ,(- )** -$(.." )24 ;*+;.9-%*+- ('4 2('8 )* -)()4   .('&4
0'*0*')%*+*1'4-0*+84+)-8%8+*)2(54(+/0'45%*9-,*':%+&4704'%4+;4%+*.(+8"(- 
I *1 0(')%;%0(+)- ,4'4 %+ 19..C)%$4 489;()%*+ <41*'4 (''%5%+& )* )24   *,454'" %) ,(-
<4/*+8 )2%- '4-4(';2 )* 54'%1/ ,24)24' )2*-4 -)984+)- 09'-94 ( ;('44' %+ )24 1%4.8 *1 )24%'
-)98/ 9')24''4-4(';2*+)2%--9<D4;),*9.8<4'4=9%'48 

24 $(%+'4(-*+1*' $%&'()%*+,(- ( ;9'%*-%)/)*)'/ (.%14-)/.4%+ (8%114'4+) ;*9+)'/  %+;4
)24$(D*'%)/*1'4-0*+84+)-,4'454'//*9+&")2%-%-('4(-*+(<.4(+84704;)48(+-,4'  24
*)24' '4(-*+ ,(- 4;*+*$%; -%)9()%*+  + *'84' )* -2*, )24 8%114'4+;4 %+ ,(&4-" )24 $4(+
'()4 *1 0(/ %+ *.(+8 >LE@ ,(- ;*$0('48 )* )24 $4(+ '()4 %+ )24  >LE@  54'(.."
$%&'(+)- ,4'4 4%)24' 1*';48 )* $*54 </ 1%+(+;%(. ;%';9$-)(+;4-" *' ,4'4 (++*/4 8 </
0*.%)%;(. (+8 4;*+*$%;(. -%)9()%*+ %+ )24 ;*9+)'/  *,454'" <41*'4 $*5%+& )* )24 "
'40()'%()4- 2(8 '()24' '4(.%-)%; 4704;)()%*+-" (+)%;%0()%+& 2('8 ,*':" 4-04;%(../ 89'%+& )24
1%'-) 14, /4('-   + &4+4'(." .4%+$(+ >66‘@ ('&94- )2() 1(;)*'- (114;)%+& .(<*9' $(':4)
*9);*$4-1*'$%&'(+)-('4!)24.454.*1489;()%*+>4-04;%(../=9(.%1%;()%*+-&(%+48%+)24  @"
+&.%-2C.(+&9(&4 1.94+;/" (+8 )24 .4+&)2 *1 -)(/ %+ )24 2*-) ;*9+)'/  4 <4.%454- )2()
4$0.*/$4+) - 0(')%;%0()%*+ 8%114'4+)%(. ('4 &'(89(../ '489;48 ,%)2 )24 +9$<4' *1 /4('- %+
)242*-);*9+)'/",2%;2,(-;*+1%'$48</%+)4'5%4,44!F he first year was the worst one, but
later on it was better and better.͛ c

%+;4 )24 -9<D4;) *1 $%&'()%*+ (+8 '4$%&'()%*+ %- 54'/ ;*$0.47 (+8 %+5*.54- 4$*)%*+(.
+()9'4*1%+8%5%89(.-"%)%-+*)0*--%<.4)*1%+8*+4;*$$*+(+-,4'  4;%-%*+*1$%&'()%*+%+
<*)28%'4;)%*+-%-04'-*+(.(+8%-%+1.94+;48</$(+/1(;)*'- ;;*'8%+&)*(+%+)4'5%4,,%)2
  (-%.4,-:%" ( *.%-2 0-/;2*)24'(0%-) >)/.4 % 2('(:)4'/" 66E" 0  ‘@ 8%114'4+)%()48 1*9'
)/04-*1F$(&+4)- )2()09..$%&'(+)-<(;:2*$4  241%'-)*+4%-%''()%*+(.(+89+470.(%+(<.4
9'&4 )* '4)9'+3 )24 -4;*+8 *+4 %- ( 845*)%*+ )* 2*$4 .(+8" %)- .(+&9(&4" )'(8%)%*+ (+8
;9.)9'43)24)2%'8$(&+4);*+)(%+-(..)24F09-21(;)* '- (+8)24144.%+&*1<4%+&(1*'4%&+4'3
(+81%+(../")241*9')2*+4%+5*.54-4$*)%*+(.'4.()%*+-2%0-,%)2.*54*+4-  


c 
c
2%- '4-4(';2 %- (+ %+-%&2) %+)* 5%4,- *1 -$(.. -($0.4 *1*.%-2 $%&'(+)-" )24'41*'4 1%+8%+&-
;(++*) '4.()4 )* )24 0*09.()%*+ (- ( ,2*.4  *,454'" )24 .%)4'()9'4 -2*,- )2() $%&'()%*+
8%.4$$(- ('4 54'/ ;*$$*+ ($*+&-) ,%84' &'*90 *1 $%&'(+)- 
454')24.4--" )24 -9<D4;)
+448- )* <4 -)98%48 %+ 840)2 )* 9+84'-)(+8 )24 0())4'+- (+8 ;%';9$-)(+;4- )2() $*)%5()4
04*0.4 )* $%&'()4 *' '4$%&'()4  24 +47) (+8 1%+(. ;2(0)4' ;*+)(%+- ;*+;.9-%*+- 1'*$ )24
,2*.4'4-4(';2"(+8'4;*$$4+8()%*+-1*'19')24'-)98/ 



















c  c
×  
    
2%- '4-4(';2 %- (+ ())4$0) )* ;*$0'424+8 )24 5%4,- (+8 *0%+%*+- *1 *.%-2 $%&'(+)-
'4&('8%+&)24$%&'()%*+)*)24 "(+8 )*%84+)%1/)24$*)%5()*'-*10*--%<.4'4$%&'()%*+ )*
*.(+8  9'%+& 0'4C'4-4(';2 0'40('()%*+" -454'(. =94-)%*+- ,4'4 -)()48 '4&('8%+& )24
$%&'()%*+"(+8)24+<(-48*+)2*-4=94-)%*+-"(.%)4'()9'4'45%4,,(-;*+89;)48%+*'84')*
1%+8 &(0- 1*' (+ %+)4'4-)%+& '4-4(';2  .)2*9&2 4;*+*$%; ;'%-%- %- +*) ,4.;*$4 %+ (+/
;%';9$-)(+;4-" %)2(- ;2(+&48 .(<*9' $(':4) -%)9()%*+ (+8 '4-2(048 )24 4+5%'*+$4+)  24
$*-)-)'%:%+&8%-0('%)/,(-<4),44+ )24'%)%-2 $48%( $*9'+%+&2('8C,*':%+&*.4-*+ )24
,(/ <(;: 2*$4" (+8 *.%-2 +4,-0(04'- 09<.%-2%+& 8%-;*9'(&%+& -)*'%4- *1 '40()'%()4-
-44:%+&24.0*+0-/;2*.*&%-);*(;2(+80'40('%+&)*&*<(;:)*)24   2%-;2(0)4';*+)(%+-
(-9$$('/*1'4-4(';21%+8%+&-"1*..*,48</'4;*$$4+8()%*+-1*'-)(:42*.84'-(+819')24'
'4-4(';2 (+8 4+8- ,%)2 )24 04'-*+(. %$0.%;()%*+- 1'*$ )24 4704'%4+;4 *1 ;*+89;)%+& )2%-
-)98/ 

× ‘ &&#

'%*')*8()(&()24'%+&")241*..*,%+&*<D4;)%54-,4'4-4)90! 
Îc *'45%4,(5(%.(<.4.%)4'()9'4*+$%&'()%*+ 
Îc * :440 908()48 %+1*'$()%*+ (<*9) ;9''4+) 4;*+*$%; ;'%-%- (+8 %)- %+1.94+;4 *+
.(<*9'$(':4) 
Îc *%84+)%1/)24$*)%5()*'-*1$%&'()%*+(+8'4$%&'()%*+ 
Îc *470.*'4)248%.4$$(-*1*.%-2$%&'(+)-(+8 )24'4(-*+-<42%+8)24$ 
24'41*'4" )24 09'0*-4 *1 )2%- -)98/ ,(- )* $44) )24 *<D4;)%54 (+8 (+-,4' )24 '4-4(';2
=94-)%*+--)()48%+2(0)4'‘  

× ‘ ‘ $$$!!% 

24 09'0*-4 *1 )2%- '4-4(';2 ,(- )* -248 -*$4 .%&2) %+)* '4$%&'()%*+ 8%.4$$( ($*+&-)
*.%-2 $%&'(+)- %+ )24  %+ ( '4-2(048 .(<*9' $(':4) 4+5%'*+$4+)  ) ;*+)(%+- 47)4+-%54
.%)4'()9'4 '45%4, *+ )24 $%&'()%*+ -9<D4;)  29-" )24 $(;'*4;*+*$%; 0'*;4--4- )2() 8%'4;)
)24 $%&'()%*+ - %+1.97 *' *9)1.*, ,4'4 *9).%+48" 1*..*,48 </ 0*.%)%;(. %+1.94+;4 -9;2 (-  
(;;4--%*+ (+8 *04+%+&*1)24.(<*9'$(':4)%+)24  .)2*9&2" )24'4 ('4-454'(.<4+41%)-
1'*$ $%&'()%*+ <*)2 1*' '4;4%5%+& (+8 -4+8%+& ;*9+)'%4-" )24'4 ('4 (.-* $(+/ +4&()%54

c  c
(-04;)-*++()%*+(.(+8%+8%5%89(..454.- %+;4)24 *04+48%)-.(<*9'$(':4)%+*'84')*
)(;:.4 84$*&'(02%;(. %--94- >4 &  (&4%+& 0*09.()%*+@ (+8 -:%..- -2*')(&4" %) 8%8 +*) 1%7 )24
0'*<.4$ %+ &.*<(. )4'$- <9) '()24' -2%1)48 %) )*,('8- *.(+8  9- ) 1%54 /4('- (1)4' $(--%54
4;*+*$%;$%&'()%*+"*.%-2-*;%*.*&%-)- ('4(.'4(8/-*9+8%+&)24(.('$1*' )249+(5*%8(<.4
19)9'4 84$*&'(02%; 0'*<.4$- ,%)2 '(0%8./ (&4%+& 0*09.()%*+ (+8 '489;48 <%')2 '()4-
>*,(.-:("66E@ 

+*)24' $(%+ %--94 %- )(9<2((' - >666@ 04'-04;)%54 *+ F<'(%+ &(%+ " F<'(%+ 47;2(+&4  (+8
F<'(%+ 8'(%+  + +()%*+(. .454." *.(+8 2(- 841%+%)4./ 4704'%4+;48 F<'(%+ 8'(%+ " -%+;4 $(+/
-)984+)-.41))24;*9+)'/%+-4(';2*14$0.*/$4+)  *,454'")24$(%+%--94%+)24 ,(-)*
(+-,4' )24 4$0.*/4'-  +448- 1*' .(<*9' 9-9(../ %+ .*,C-:%..48 5(;(+;%4-  24'41*'4" ,4..C
489;()48*.4-*1)4+1*9+81%'-)4$0.*/$4+)1('<4/*+8)24%'-:%..-.454. +-9;2(-;4+('%*"
)24  &(%+- (88%)%*+(. F2(+8- 1*' ,*': " <9) %) 8*4- +*) $(:4 9-4 *1 -:%..-  **:%+& () )24
-($4 -%)9()%*+ 1'*$   04'-04;)%54" )24'4 %- 9+8*9<)48./ .*--  24 1(;) )2() *.(+8 2(8
(.$*-)6I9+4$0.*/$4+)'()4%+66"(+8)2(+:-)*$%&'()%*+")24.454.8'*0048)*E I
>-44 004+8%7 @" 0'*5%84- .*1)/ ('&9$4+)- %+ &*54'+$4+) 4.4;)%*+-  *,4 54'" ,%)2*9)  
(;;4--%*+(+89'*04(+19+8-")24-)()%-)%;-,*9.8<4$9;2,*'-4  

× ‘  ,%!!,!!&$$"$" 

'*$ )24 )%$4 04'-04;)%54" %) ;*9.8 <4 -(%8 )2() )24 0'*-04'%+& 4;*+*$%; &'*,)2 - 04'%*8
2(-1%+%-248 () )24 4+8*1)24/4(' 66?  24 %-;*+1%'$48 )*<4%+'4;4--%*+ -)()4" (+8
*.(+8%-9+84+%(<./24(8%+&%+)24-($48%'4;)%*+ )%.."%+$%&'(+)- 4/4-")24  "(-($*'4
8454.*048 ;*9+)'/ ,%)2 4704'%4+;48 .4(84'-" %- <4))4' 4=9%0048 )* )(;:.4 )24 4;*+*$%;
8*,+)9'+>-442(0)4'  ‘ @ +&4+4'(."*.4-2(54+*)09))'9-)%+)24%'*,+&*54'+$4+)
(->66E@)'4+8--2*,-  

+(+/;(-4"<*)2;*9+)'%4-4704'%4+;4(F.**-4+%+& *1)24.(<*9'$(':4)"% 4 )24'4('4$*'4
0*)4+)%(. 4$0.*/44- )2(+ (5(%.(<.4 5(;(+;%4-  (:%+& %+)* ;*+-%84'()%*+ 4;*+*$%; 1(;)*'-
*+./"*.4-,*9.8;2**-4)*,(%)1*')244;*+*$/)*%$0'*54%+)24   2%-%-0'*<(<./)24
'4(-*+1*'$(D*'%)/*1'4-0*+84+)-)*;2**-4 ËI don͛t know, I will see how it goes͛ (+-,4'1*'
=94-)%*+- ;*+;4'+%+& )24 +4('4-) 19)9'4  2%- F,(%)C(+8C-44  -)'()4&/ %- ;(..48 F%+)4+)%*+(.
9+0'48%;)(<%.%)/  (+8 %) (004('- )* <4 )24 ;*$$*+ *+4 %+ 9+;4')(%+ )%$4-  *,454'"

c c
0-/;2*.*&%-)-(85%;4(&(%+-)1*..*,%+&%)"<4;(9-4%)8*4-+*)0'*)4;)1'*$8%-(00*%+)$4+)-"
<9)0'*5%84-(88%)%*+(.-)'4--1(;)*'>%+&(."66?@ )-44$-)2())24<4-)-)'()4&/%-)*2(54
( .*+&C)4'$ 0.(+ ,%)2 -04;%1%; &*(.- )* (;2%454" <9) 1.47%<.4 4+*9&2 )* $(:4 +4;4--('/
(8D9-)$4+)-%1)24-%)9()%*+;2(+&4- 6 

× ‘ " $$&$+"!5.!$!!$!

;;*'8%+&)*)2%-'4-4(';2")24$(%+'4(-*+)*$*54)*)24 ,(-F)*)'/-*$4)2%+&+4, 
,* 1(;)*'- ;*9+) 1*' )2%- $*)%5()*'! *.(+8 - (;;4--%*+ )* )24  " (+8 )24 -)(&4 *1 .%14 *1
)24$(D*'%)/*1'4-0*+84+)-><4.*,6/4('-*.8"2%&24'489;()%*+ -&'(89()4-"(+8 A*',%)2
.%)).4 4704'%4+;4 %+ .(<*9' $(':4)@  +*)24' $(%+ %--94 ,(- 8%-(00*%+)$4+) ,%)2 *54'(..
0*.%)%;(. (+8 4;*+*$%;(. -%)9()%*+ %+ *.(+8  24 0*.%)%;(. -;4+4 8%-;*9'(&4 04*0.4 )*
0(')%;%0()4" (+8 ,%84+- )24 &(0 <4),44+ )24 &*54'+$4+) (+8 ;*$$*+ ;%)%B4+-  *..*,%+&
)24)'4+8-*1)24())%)984)*,('8-0*.%)%;(.(+84;*+*$%;(.-%)9()%*+%+*.(+81'*$‘E?E90
)*66E>"66E@%)%-;.4(')2()+4&()%54*0%+%*+0'48*$%+()4-%+)2()04'%*8 )%-2('8
)*D98&4,24)24'-9;2(;'%)%;(.(00'*(;2%-(+()%*+( .)'(%)*'04'2(0-)24-%)9()%*+%-'4(../
0**'%+8448"<4;(9-4%)%-'()24'-9<D4;)%54144.%+&  *,454'"I*1'4-4(';2 -'4-0*+84+)-
(8$%))48 <4%+& 148 90 ,%)2 0*.%)%;(. (+8 4;*+*$%;(. -;4+4  +*)24' 6I 84;.('48 <4%+&
1*';48)*$*54<4;(9-4*1)241%+(+;%(.;%';9$-)(+;4- 

24;*$0('%-*+*1'()4-*10(/'4;4%548</'4-0*+84+)-%+<*)2;*9+)'%4-,(-(+())4$0) )*
D9-)%1/)24$%&'()%*+ -1%+(+;%(.$*)%54 %)2*9))(:%+&%+)*;*+-%84'()%*+,(&4%+1.()%*+")24
8%114'4+;4 %+ (54'(&4 $*+)2./ 0(/ ,%)2%+ )2%- -$(.. -($0.4 ,(- -%&+%1%;(+)  + )*0 *1 )2()"
%+;*$4 ,(- $*'4 454+./ 8%-)'%<9)48 %+ )24  )2(+ %+ *.(+8  '*<(<./ <4;(9 -4
'4-0*+84+)- -)(')48 4$0.*/$4+) 0(')%;%0()%*+ 1'*$ )24 -($4 .454." (+8 -9;;4-- %+ )2%-
$())4'8404+8-*+)24%+8%5%89(. 


× ‘ d !.!$$, &.$%

+ *'84' )* 4-)%$()4 ,24)24' $%&'(+)- 4704'%4+;48 840'4;%()%*+ *1 29$(+ ;(0%)(." )24
;*$0('%-*+- *1 D*< )%).4- (+8 -4;)*'- *1 4$0.*/$4+) ,4'4 ;*+89;)48  &(%+" )(:%+& %+)*
(;;*9+) )24 (&4 *1 '4-0*+84+)-" (+8 )24 1(;) )2() $(+/ *1 )24$ 2(8 +*) 2(8 (+/ D*<

cccccccccccccccccccccccccccccccccccccccc cccccccc
6
85%;4&%54+1*';*'0*'()%*+-"2*,454'%)%-,*')2)*%$0.4$4+)%+04'-*+(..%14 >*2+-*+"et al"66@

c c
4704'%4+;4 %+ *.(+8" %) %- %$0*--%<.4 )* -)()4 ,24)24' )2%- 024+*$4+*+ *;;9''48 
%&'()%*+ -.%)4'()9'4%+8%;()4-)2())24+9$<4'*1/4('-%+)242*-);*9+)'/'489;4-)24&(0
%+ 4$0.*/$4+) 0(')%;%0()%*+  + )*0 *1 )2()" 489;()%*+ &(%+48 %+ )24  (;;4.4'()4- )2%-
0'*;4-- >.4%+$(+" 66‘@  24'41*'4" ( 04'-*+ ,%..%+& )* $%&'()4 1*' )24 09'0*-4 *1
4$0.*/$4+) %+ ( 8%114'4+) ;*9+)'/ -2*9.8 4704;) 84$(+8%+& *9)-4)- 89'%+& )24 1%'-) 14,
/4('-  244$0.*/$4+)0(')%;%0()%*+-2*9.8%$0'*54,%)2)%$4-04+)894)*)244704'%4+;4
&(%+48"<4))4':+*,.48&4*1)24.*;(..(<*9'$(':4)"%$0'*548.(+&9(&4"(+80*--%<. /2%&24'
489;()%*+ .454.  2%- '41.4;)- ( ;*$$*+ -4+-4 (+8 %) ,(- ;*+1%'$48 </ )24 $(D*'%)/ *1 )24
'4-0*+84+)- ;.(%$%+& )2() *54'(.. ;*+8%)%*+- ,4'4 )*9&2 <9) ,4'4 4704;)48  24 *)24'
(+-,4'-><4))4'A,*'-4 )2(+4704;)48"8%-(00*%+)%+&@,4'40'*<(<./%+1.94 +;48</04'-*+(.
;%';9$-)(+;4-  ) %- +4;4--('/ )* +*)4" )2() )2%- 4704'%4+;4 8*4- +*) 9-9(../ ;*+;4'+
0'*14--%*+(.-*'2%&2./-:%..484704')- 

× ‘ ’ %", !,!

- %) ,(- -)()48 <41*'4" )24 $(D*'%)/ *1 '4-0*+84+)- ;2*-4 )* 1*..*, F%+)4+)%*+(.
9+0'48%;)(<%.%)/  -)'()4&/  24'41*'4" )24 2%&24-) 04';4+)(&4 ,(- +*) -9'4 (<*9) 2*, .*+&
)24/ ,4'4 &*%+& )* -)(/ %+ )24 " +*' ,24)24' )24/ %+)4+848 )* '4)9'+ )* *.(+8  24
9+;4')(%+ '4;4--%*+ 04'%*8 1*';4- 04*0.4 )* )(:4 ;(9)%*9- -)40- '4&('8%+& )24 19)9 '4 
+-9;;4--19. -)*'%4- 1'*$ )24 $48%( *' ,*'8C*1C$*9)2 ('4 09))%+& 24-%)()48 $%&'(+)- *113
24+;4")24/)'/)*-)%;:)*(.'4(8/1($%.%('-%)9()%*+%+)24   

*'4*54'" )24'4 %- (+ (00'424+-%*+ )*,('8- 0*--%<.4 ,(54 *1 -*;%(. 2*-)%.%)/ )*,('8-
$%&'(+)-%1)249+4$0.*/$4+).454.:440-'%-%+& ))24$*$4+)")2%-%-+*);*+1%'$48(+8%+
$9.)%C;9.)9'(.'%)(%+,%)2.*+&;9.)9'4*18%54'-%1%;()%*+"$%&'(+)-;*9.8144.$9;2-(14')2(+
%+ 1*' 47($0.4 2*$*&4+*9- *.(+8 
454')24.4--" %+ )24 454+) *1 '%-%+& -*;%(. )4+-%*+-"
*.4-,*9.8'()24''4)9'+)*)24%'2*$4;*9+)'/)2(+(..*,5%;)%$%-()%*+ 

×  !&&!$"

1)4' (+(./-%+& )24 8()(" -454'(. '4;*$$4+8()%*+- 1*' )24 -)(:42*.84'- ,4'4 ;.('%1%48 %+
*'84' )* (--%-) $%&'(+)-%+)24%'84;%-%*+  2*-4 -9&&4-)%*+- ('4<(-48*+0'(;)%;(<%.%)/(+8
14(-%<%.%)/(+8)24%'$(%+;*+;4'+%-)24(<%.%)/)*;* C*04'()4,%)2*)24'-!
*')24 &*54'+$4+)A4$0.*/4'-!

c c
Îc *4+;*9'(&4.(+&9(&4-:%..-%$0'*54$4+) 
Îc *%+5*.54(;)%54./%+489;()%*+%+*'84')*%$0'*544$0.*/(<%.%)/ 
Îc * 0'*$*)4 (;;4-- )* 2%&24' 489;()%*+ %+ )24   (+8 0'*5%84 %+1*'$()%*+ *+ 
1%+(+;%(.24.0(5(%.(<.4 
Îc * 4+;*9'(&4 *.%-2 ;*$$9+%)%4-" ;9.)9'(. ;4+)'4-" 4);  %+ )(:%+& 0(') %+ %+)4&'()%*+
0'*;4-- 

*'*.%-2&*54'+$4+)!
Îc *0'*5%844(-/C(;;4--%<.4(%81*''40()'%()4- 
Îc *%$0.4$4+),4..C)2*9&2)C*9)0*.%;%4-'4&('8%+&$%&'()%*+(+8'4$%&'()%*+ 
Îc *$(%+)(%+;.*-4;**04'()%*+,%)2 ;*9+)'%4-)2()2*-)*.%-2$%&'(+)- 
Îc *-4)90&*54'+$4+)1*9+848;4+)'4-1*'$%&'(+)- 

*')24%+8%5%89(.-!
Îc *)(:4'4-0*+-%<%.%)/1*'*+4 -;('44'(<'*(8 
Îc *%$0'*54.(+&9(&4.454.(+80'414'(<./&(%++()%*+(.'4;*&+%-48=9(.%1%;()%*+,2%.4
(<'*(8 
Îc *%+)4&'()4,%)2<*)2*.%-2(+8.*;(.;*$$9+%)/%+*'84'+*))*%-*.()4)24$-4.54- 
Îc *-4)90;.4('&*(.-(+8)*<41.47 %<.44+*9&2)*(8D9-)*+4 --)'()4&/ 
Îc * -44: 0'*14--%*+(. 24.0 (- -**+ (- 840'4--%*+" (+7%4)/ *' *)24' $4+)(. %..+4--
-%&+(.-(004(' 

- 1*' )24 19')24' '4-4(';2 ;*+89;)%*+" )24 1*..*,%+& 0*%+)- ;*9.8 <4 -)98%48 %+ C840)2 %+
*'84')*&(%+$*'4:+*,.48&4*1*.%-2$%&'()%*+%+)24 024+*$4+(! 
Îc 29$(+'4-*9';4840'4;%()%*+ 
Îc $%&'()%*+$*)%5()*'-
Îc 1(;)*'-%+1.94+;%+&'4$%&'()%*+
Îc *9);*$4-1'*$F%+)4+)%*+(.9+0'48%;)(<%.%)/ -)'()4&/ 

c c
× " !"%$&.%$$" 

240'*;4--*1;*+89;)%+&)2%--)98/,(-(;2(..4+&%+ &4704'%4+;432*,454'".4--*+-.4('+48
)2'*9&2 )2%- ;*9'-4 ,4'4 47;40)%*+(.  - ( $4$<4' *1 *.%-2 $%&'(+)-  ;*$$9+%)/"  2(54
,%84+ $/ :+*,.48&4 (<*9) $%&'()%*+ (+8  2(54 2(8 )24 *00*')9+%)/ )* -)98/ )2%-
024+*$4+*+1'*$(8%114'4+)04'-04;)%54".%$%)%+& $/4$*)%*+(.%+5*.54$4+) 

24 $*-) 84$(+8%+& )(-: ,(- )* $(+(&4 )24 8%--4')()%*+ )*&4)24' ,%)2 -%7 *)24' 9+%)-
89'%+& )24 1%+(. /4('  2(+:- )* 1'4=94+) $44)%+&- ,%)2 ( 0'*D4;) 904'5%-*'"  2(54 <44+
(<.4 )* 8%5%84 )24 ,2*.4 '4-4(';2 %+)* $(+(&4(<.4 0(')-  004+8%7  ;*+)(%+- ( 0'*D4;)
)%$4)(<.4",2%;2-4'548(-(&9%8489'%+&)2%-(;(84$%;/4(' *'4*54'"044'--900*')"<*)2
()1*'$(.(+8%+1*'$(.$44)%+&-",4'4(+47)'(*'8%+('/(%8 

54'(.." )24 4704'%4+;4 &(%+48 89'%+& )24 0'*D4;)" ,%.. 4%)24' &%54 $4 )24 <(-%- 1*' 19')24'
-)98/ *+ 2%&24' 489;()%*+ ;*9'-4" *' ,%.. 0'*5%84 $4 ,%)2 )'(+-14'(<.4 -:%..- )2() ;*9.8 <4
9-48%+(+4,,*':0.(;4 






c

c c