Przewodnik

językowy

deDOMO

– nowatorska metoda

nauki języka angielskiego w domu

EDUKACJA jako gra domowa

MOTYWACJA poprzez sukces

INTERAKCJA dwujęzyczna rodzic – dziecko

ANGIELSKI

RODZICÓW

dla

przedszkolaka

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^ƉŝƐƚƌĞƑĐŝ

tƐƚħƉ

ŶŐŝĞůƐŬŝĚůĂƌŽĚnjŝĐſǁƉƌnjĞĚƐnjŬŽůĂŬĂ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘

ϰ

KŬĂnjũĂϭ

hďŝĞƌĂŵLJƐŝħ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘

ϵ

KŬĂnjũĂϮ

WƌnjLJƑŶŝĂĚĂŶŝƵ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘

ϭϱ

KŬĂnjũĂϯ

WƌnjĞĚǁLJũƑĐŝĞŵ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘

Ϯϭ

KŬĂnjũĂϰ

EĂƐƉĂĐĞƌnjĞ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘

Ϯϳ

KŬĂnjũĂϱ

hĐnjLJŵLJƐŝħƑǁŝĂƚĂ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘

ϯϯ

KŬĂnjũĂϲ

'ƌLJŝnjĂďĂǁLJ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘

ϯϵ

KŬĂnjũĂϳ

^ƉƌnjČƚĂŵLJ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘

ϰϱ

KŬĂnjũĂϴ

WƌnjLJŽďŝĞĚnjŝĞ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘

ϱϭ

KŬĂnjũĂϵ

EĂnjĂŬƵƉĂĐŚ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘

ϱϳ

KŬĂnjũĂϭϬ

tnjŽŽ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘

ϲϯ

KŬĂnjũĂϭϭ

tŬŝŶŝĞ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘

ϲϵ

KŬĂnjũĂϭϮ

tŵƵnjĞƵŵ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘

ϳϱ

KŬĂnjũĂϭϯ

ZŽĚnjŝŶĂŝnjŶĂũŽŵŝ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘

ϴϭ

KŬĂnjũĂϭϰ

ZLJƐƵũĞŵLJ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘

ϴϳ

KŬĂnjũĂϭϱ

tƑƌſĚnjĂďĂǁĞŬ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘

ϵϯ

KŬĂnjũĂϭϲ

:ĂŬŵŝŶČųĚnjŝĞŷ͍͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘

ϵϵ

KŬĂnjũĂϭϳ

WƌnjLJŬŽůĂĐũŝ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘

ϭϬϱ

KŬĂnjũĂϭϴ

WƌnjĞĚĞŬƌĂŶĞŵ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘

ϭϭϭ

KŬĂnjũĂϭϵ

tųĂnjŝĞŶĐĞ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘

ϭϭϳ

KŬĂnjũĂϮϬ

/ĚnjŝĞŵLJƐƉĂđ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘ ͘

ϭϮϯ

<ŽŶƐƵůƚĂĐũĂũħnjLJŬŽǁĂ͗ĚƌĂƌƌLJ<ĞĂŶĞ

ZĞĚĂŬƚŽƌƐĞƌŝŝ͗DĂƌĞŬ:ĂŶŶĂƐnj
ZĞĚĂŬĐũĂŝŬŽƌĞŬƚĂ͗WĂǁĞųWŽŬŽƌĂ͕ůĞŬƐĂŶĚƌĂtČĚŽųŽǁƐŬĂ

WƌŽũĞŬƚŽŬųĂĚŬŝƐĞƌŝŝ͗DĂƌĐŝŶZŽũĞŬ͕ϮĂƌƚƐ
/ůƵƐƚƌĂĐũĂŶĂŽŬųĂĚĐĞ͗DĂŐĚĂůĞŶĂtſũĐŝŬ
WƌŽũĞŬƚŵĂŬŝĞƚLJŝŽƉƌĂĐŽǁĂŶŝĞŐƌĂĮĐnjŶĞ͗<ĂƌŽůWĞƌĞƉųLJƑ͕^ƚƵĚŝŽϮϳ
/ůƵƐƚƌĂĐũĞ͗DĂŐĚĂůĞŶĂtſũĐŝŬ

<ŽŶƐƵůƚĂĐũĂũħnjLJŬŽǁĂŶĂŐƌĂŷ͗ŽůŝŶWŚŝůůŝƉƐ
<ŽŽƌĚLJŶĂĐũĂŶĂŐƌĂŷ͗ŽƌŽƚĂ:ĂŬŽǁĐnjƵŬͲ'ƌĞŐƵůĞĐ
>ĞŬƚŽƌnjLJ͗:ĂĐĞŬ<ĂĐnjŵĂƌƐŬŝ͕tŝŬƚŽƌŝĂEŝĞĚǍǁŝĞĚǍ͕ŽůŝŶWŚŝůůŝƉƐ͕

DĂĐŝĞũWƌnjLJďLJƐnj͕DŽŶŝŬĂtſũĐŝŬ

ǍǁŝħŬŝŶĂŐƌĂŶŝĂ͗ŶĚƌnjĞũDŝŬŽųĂũĐnjĂŬ

/ŶŝĐũĂƚLJǁĂĞĚƵŬĂĐLJũŶĂ

ĚĞKDK

<ŽŶĐĞƉĐũĂŵĞƚŽĚLJĐnjŶĂŝŶĂĚnjſƌŵĞƌLJƚŽƌLJĐnjŶLJ͗Ěƌ'ƌnjĞŐŽƌnj_ƉŝĞǁĂŬ
<ŽŶĐĞƉĐũĂǁLJĚĂǁŶŝĐnjĂŝŬŽŽƌĚLJŶĂĐũĂƉƌŽũĞŬƚƵ͗DĂƌĞŬ:ĂŶŶĂƐnj

ΞŽƉLJƌŝŐŚƚďLJĚĞKDKĚƵĐĂƟŽŶƐƉ͘ũ͕͘tĂƌƐnjĂǁĂϮϬϭϬ

ǁǁǁ͘ĚĞĚŽŵŽ͘Ɖů

/^EϵϳϴͲϴϯͲϲϮϲϳϭͲϬϰͲϱ

^ŬųĂĚŝųĂŵĂŶŝĞ͗^ƚƵĚŝŽϮϳ
ƌƵŬŝŽƉƌĂǁĂ͗WŽnjŬĂů

ϯ

ǁǁǁ͘ĂŶŐŝĞůƐŬŝĚůĂƌŽĚnjŝĐŽǁ͘Ɖů

tƐƚħƉ

ŶŐŝĞůƐŬŝĚůĂƌŽĚnjŝĐſǁƉƌnjĞĚƐnjŬŽůĂŬĂƚŽũĞĚŶĂnjƚƌnjĞĐŚĐnjħƑĐŝƐĞƌŝŝƉƵďůŝŬĂĐũŝƉƌnjĞͲ
njŶĂĐnjŽŶLJĐŚ ĚŽ ƐĂŵŽĚnjŝĞůŶĞŐŽ ǁLJŬŽƌnjLJƐƚĂŶŝĂ ǁ ĚŽŵƵ͕ ďĞnj ƉŽŵŽĐLJ ŶĂƵĐnjLJĐŝĞůĂ͕
njĚnjŝĞđŵŝǁǁŝĞŬƵϯͲϲůĂƚ͘:ĞƑůŝWĂŷƐƚǁĂĚnjŝĞĐŬŽũĞƐƚŽďĞĐŶŝĞǁǁŝĞŬƵϳͲϭϬůĂƚ͕ƉƌŽͲ
ƉŽŶƵũĞŵLJƐŬŽƌnjLJƐƚĂđnjŶŐŝĞůƐŬŝĞŐŽĚůĂƌŽĚnjŝĐſǁƵĐnjŶŝĂ͕ĂũĞƑůŝũĞƐƚǁǁŝĞŬƵϭϭͲϭϰ
ůĂƚ͕ŶĂũďĂƌĚnjŝĞũŽĚƉŽǁŝĞĚŶŝďħĚnjŝĞŶŐŝĞůƐŬŝĚůĂƌŽĚnjŝĐſǁŶĂƐƚŽůĂƚŬĂ͘

WŽĚĂŶĞƉƌnjĞĚnjŝĂųLJǁŝĞŬŽǁĞŶĂůĞǏLJƚƌĂŬƚŽǁĂđƵŵŽǁŶŝĞŝůƵǍŶŽ͕ĂƵƚŽƌŽŵƐĞƌŝŝ

ĐŚŽĚnjŝ ƉŽ ƉƌŽƐƚƵ Ž njĂnjŶĂĐnjĞŶŝĞ͕ ǏĞ ũħnjLJŬ ŬŽŵƵŶŝŬĂĐũŝ ĚŽŵŽǁĞũ njŵŝĞŶŝĂ Ɛŝħ ǁƌĂnj
nj ǁŝĞŬŝĞŵ ĚnjŝĞĐŬĂ͕ ŐĚLJǏ njŵŝĞŶŝĂũČ Ɛŝħ ƐĂŵĞ ƉŽƚƌnjĞďLJ ŬŽŵƵŶŝŬĂĐLJũŶĞ͘ KĐnjLJǁŝƑĐŝĞ
ǁŝĞůĞƐLJƚƵĂĐũŝĚŽŵŽǁLJĐŚŶŝĞƵůĞŐĂĂǏƚĂŬǁŝĞůŬŝĞũnjŵŝĂŶŝĞnjƌŽŬƵŶĂƌŽŬ͕ƐƚČĚƚĞǏ
ǁŝĞůĞ ǁLJƌĂǏĞŷ ŝ njǁƌŽƚſǁ ƉŽǁƚĂƌnjĂ Ɛŝħ ǁĞ ǁƐnjLJƐƚŬŝĐŚ ƚƌnjĞĐŚ ŬƐŝČǏŬĂĐŚ͘ hǁĂǏĂŵLJ
ƚŽnjĂnjĂůĞƚħĂŶŝĞǁĂĚħƐĞƌŝŝ͕ŐĚLJǏŝŵǁŝħĐĞũŽŬĂnjũŝĚŽƉŽǁƚĂƌnjĂŶŝĂĚĂŶĞŐŽnjǁƌŽƚƵ͕
ƚLJŵƚƌǁĂůĞũnjĂƉŝƐnjĞƐŝħŽŶǁƉĂŵŝħĐŝŝĚnjŝĞĐŬĂŝƌŽĚnjŝĐſǁ͊WŝƐnjĞŵLJŽƚLJŵŽďƐnjĞƌŶŝĞ
ǁWƌnjĞǁŽĚŶŝŬƵŵĞƚŽĚLJĐnjŶLJŵ͘

ůĂũĂŬŝĞŐŽƉƌnjĞĚƐnjŬŽůĂŬĂŝĚůĂũĂŬŝĞŐŽƌŽĚnjŝĐĂ͍

tŽƉĂƌĐŝƵŽůŝĐnjŶĞƉƌĂŬƚLJĐnjŶĞĚŽƑǁŝĂĚĐnjĞŶŝĂŵŽǏĞŵLJnjƉƌnjĞŬŽŶĂŶŝĞŵƉŽǁŝĞĚnjŝĞđ͕
ǏĞ ŶŐŝĞůƐŬŝ ĚůĂ ƌŽĚnjŝĐſǁ ƉƌnjĞĚƐnjŬŽůĂŬĂ ƐƉƌĂǁĚnjŝ Ɛŝħ ĚŽƐųŽǁŶŝĞ nj ŬĂǏĚLJŵ ƉƌnjĞĚͲ
ƐnjŬŽůĂŬŝĞŵ͕ŶĂǁĞƚũĞƑůŝũĞƐnjĐnjĞŶŝĞnjĞƚŬŶČųƐŝħnjĂŶŐŝĞůƐŬŝŵǁƉƌnjĞĚƐnjŬŽůƵ͘ųƵŐŽƑđ
ǁLJƉŽǁŝĞĚnjŝ ŵŽĚĞůŽǁLJĐŚ ŝ njĂŬƌĞƐ ƐƚƌƵŬƚƵƌ ŐƌĂŵĂƚLJĐnjŶŽͲůĞŬƐLJŬĂůŶLJĐŚ ŽĚƉŽǁŝĂĚĂ
ƉŽƉƌŽƐƚƵnjĂŬƌĞƐŽǁŝƚLJƉŽǁLJĐŚƉŽƚƌnjĞďŬŽŵƵŶŝŬĂĐLJũŶLJĐŚĚnjŝĞĐŬĂ͕ŬƚſƌĞǁLJƌĂǏĂŶĂ
ĐŽĚnjŝĞŷǁũħnjLJŬƵƉŽůƐŬŝŵ͘ŐŽĚŶŝĞnjůŽŐŝŬČŵĞƚŽĚLJĚĞKDKŶŝĞŵĂǏĂĚŶĞŐŽƉŽͲ
ǁŽĚƵ͕ ďLJ ŶŝĞ ŵŝĂųŽ ƚĞŐŽ ƌŽďŝđ ƌſǁŶŽůĞŐůĞ ǁ ũħnjLJŬƵ ĂŶŐŝĞůƐŬŝŵ͘ :ĞƑůŝ ŵŽǏŶĂ ŵſͲ
ǁŝđǁŽŐſůĞŽƉŽnjŝŽŵŝĞƚƌƵĚŶŽƑĐŝ͕ƚŽĚĂŶLJnjǁƌŽƚũĞƐƚƚLJŵƚƌƵĚŶŝĞũƐnjLJ͕ŝŵƌnjĂĚnjŝĞũ
Ɛŝħ ƉŽũĂǁŝĂ ǁ ĚŽŵŽǁLJĐŚ ŽŬĂnjũĂĐŚ͘ /ŵ ĐnjħƑĐŝĞũ ǁLJƐƚħƉƵũĞ ƐųſǁŬŽ ĐnjLJ ǁLJƌĂǏĞŶŝĞ͕
ƚLJŵŵŶŝĞũƵůĂƚƵũĞnjƉĂŵŝħĐŝ͕ƚLJŵďĂƌĚnjŝĞũǏĞƉŽũĂǁŝĂƐŝħĐnjħƐƚŽǁųĂƑŶŝĞĚůĂƚĞŐŽ͕ǏĞ
ũĞƐƚǁLJƌĂnjĞŵũĂŬŝĞũƑŝƐƚŽƚŶĞũƉŽƚƌnjĞďLJŬŽŵƵŶŝŬĂĐLJũŶĞũĚnjŝĞĐŬĂ͘tŝħĐĞũƐnjĐnjĞŐſųſǁ
ǁWƌnjĞǁŽĚŶŝŬƵŵĞƚŽĚLJĐnjŶLJŵ͘

:ĞƑůŝĐŚŽĚnjŝŽƌŽĚnjŝĐſǁ͕ƚŽĚŽnjĂďĂǁLJnjĚĞKDKǁLJƐƚĂƌĐnjLJƑƌĞĚŶŝĂ͕ŬŽŵƵŶŝͲ

ŬĂĐLJũŶĂ njŶĂũŽŵŽƑđ ĂŶŐŝĞůƐŬŝĞŐŽ͘ WŝƐnjĞŵLJ Ž ƚLJŵ ƐnjĐnjĞŐſųŽǁŽ ǁ WƌnjĞǁŽĚŶŝŬƵ ŵĞͲ
ƚŽĚLJĐnjŶLJŵ͕ ŐĚnjŝĞ ƵnjĂƐĂĚŶŝĂŵLJ ŵŝĞĚnjLJ ŝŶŶLJŵŝ͕ ĚůĂĐnjĞŐŽ ĐnjħƑĐŝŽǁŽ ƉŽůƐŬŝ ĂŬĐĞŶƚ
DĂŵLJ ĐnjLJ dĂƚLJ ŶŝĞ ũĞƐƚ ǏĂĚŶČ ƉƌnjĞƐnjŬŽĚČ͘ ^njĐnjĞŐſųŽǁĞ njĞƐƚĂǁŝĞŶŝĂ ŐŽƚŽǁLJĐŚ ĚŽ
ĚŽŵŽǁĞŐŽ ƵǏLJƚŬƵ ǁLJƌĂǏĞŷ ŵĂũČ ďLJđ ƚĞǏ ƐǁĞŐŽ ƌŽĚnjĂũƵ ďĞnjďŽůĞƐŶČ ƉŽǁƚſƌŬČ ũħͲ
njLJŬŽǁČĚůĂƌŽĚnjŝĐſǁ͕ŵĂŵLJǁŝħĐŶĂĚnjŝĞũħ͕ǏĞDĂŵĂŝdĂƚĂƐŬŽƌnjLJƐƚĂũČŶŝĞũĂŬŽƉŽͲ
ĚǁſũŶŝĞ͖ƉŽŵĂŐĂũČĐƵĐnjLJđƐŝħĚnjŝĞĐŬƵŝƉƌnjLJŽŬĂnjũŝƵĐnjČĐƐĂŵLJĐŚƐŝĞďŝĞ͊

dŽŶŝĞƉŽĚƌħĐnjŶŝŬĂŶŝŶŝĞƌŽnjŵſǁŬŝ͊

LJƐŝħŽƚLJŵƉƌnjĞŬŽŶĂđ͕ǁLJƐƚĂƌĐnjLJƌnjƵƚŽŬĂŶĂƐƉŝƐƚƌĞƑĐŝ͘EĂƐnjĂƐĞƌŝĂƚŽŶŝĞŬŽůĞũŶLJŬƵƌƐ
ũħnjLJŬĂ ĂŶŐŝĞůƐŬŝĞŐŽ ĚůĂ ĚnjŝĞĐŝ͗ ƉŽnjŝŽŵ ƚƌƵĚŶŽƑĐŝ ŶŝĞ ƌŽƑŶŝĞ ŽĚ ƉŝĞƌǁƐnjĞũ ĚŽ ŽƐƚĂƚŶŝĞũ
ƐƚƌŽŶLJ͕njĂƑǁLJƌĂǏĞŶŝĂŶŝĞƐČƵųŽǏŽŶĞƉŽĚǁnjŐůħĚĞŵnjĂŐĂĚŶŝĞŷŐƌĂŵĂƚLJĐnjŶLJĐŚ͘EŝĞƐČ
ƚŽƚĞǏƌŽnjŵſǁŬŝ͕ĐnjLJůŝnjĞƐƚĂǁnjǁƌŽƚſǁĚŽǁLJŬŽƌnjLJƐƚĂŶŝĂǁƐƉŽƌĂĚLJĐnjŶLJĐŚŬŽŶƚĂŬƚĂĐŚ
njŽďĐŽŬƌĂũŽǁĐĂŵŝ͘ĂnjĂƚĞŵďLJƵǏLJǁĂđƐŬƵƚĞĐnjŶŝĞƚLJĐŚƉƵďůŝŬĂĐũŝŶŝĞƉŽƚƌnjĞďĂĂŶŝnjĂͲ
ƚƌƵĚŶŝĂđŶĂƵĐnjLJĐŝĞůĂĂŶŐŝĞůƐŬŝĞŐŽ͕ĂŶŝǁLJũĞǏĚǏĂđnjĂŐƌĂŶŝĐħ͘

ŽŵƚŽŶŝĞĚƌƵŐĂƐnjŬŽųĂ

ŶŐŝĞůƐŬŝĚůĂƌŽĚnjŝĐſǁƉƌnjĞĚƐnjŬŽůĂŬĂƚŽŶŝĞĂůƚĞƌŶĂƚLJǁĂĐnjLJŬŽŶŬƵƌĞŶĐũĂĚůĂŶĂƵŬŝĂŶͲ
ŐŝĞůƐŬŝĞŐŽ ǁ ƉƌnjĞĚƐnjŬŽůƵ͘ /ŶŶĞ ƐČ ŵĞƚŽĚLJ͕ ŝŶŶLJ ũħnjLJŬ͕ ŝŶŶĞ ƐLJƚƵĂĐũĞ ŬŽŵƵŶŝŬĂĐLJũŶĞ͕
ŝŶŶĞƌĞůĂĐũĞŝŶƚĞƌƉĞƌƐŽŶĂůŶĞ͕ŝŶŶĂŝůŽƑđĐnjĂƐƵ͕ŝŶŶĂůŝĐnjďĂƵĐnjČĐLJĐŚƐŝħ͘DĞƚŽĚĂĚĞKͲ
DKŝĨŽƌŵĂůŶĂŶĂƵŬĂũħnjLJŬĂŽďĐĞŐŽƉŽǁŝŶŶLJďLJđĚůĂƐŝĞďŝĞŶĂǁnjĂũĞŵŶĂƚƵƌĂůŶLJŵƵnjƵͲ
ƉĞųŶŝĞŶŝĞŵ͘ZŽĚnjŝĐĞŶŝĞŵĂũČĂŶŝŬǁĂůŝĮŬĂĐũŝ͕ĂŶŝƉŽǁŽĚƵ͕ďLJǁĐŚŽĚnjŝđǁƌŽůħŶĂƵĐnjLJͲ
ĐŝĞůĂũħnjLJŬĂ͘ŝŽĚǁƌŽƚŶŝĞƚĂŬǏĞ͕ŐĚLJǏŶĂƵĐnjLJĐŝĞůŶŝĞƵĐnjĞƐƚŶŝĐnjLJnjŶĂƚƵƌLJƌnjĞĐnjLJǁƚLJƉĂĐŚ
ŝŶƚĞƌĂŬĐũŝ͕ũĂŬŝĞŵĂũČŵŝĞũƐĐĞŵŝħĚnjLJƌŽĚnjŝĐĞŵĂĚnjŝĞĐŬŝĞŵǁŝĐŚĚŽŵƵ͘

ŶŐŝĞůƐŬŝƉƌnjLJŽŬĂnjũŝ

ŶŐŝĞůƐŬŝ ĚůĂ ƌŽĚnjŝĐſǁ ƉƌnjĞĚƐnjŬŽůĂŬĂ ƚŽ ƉŝĞƌǁƐnjLJ ƐLJƐƚĞŵĂƚLJĐnjŶLJ ƉƌnjĞŐůČĚ ũħnjLJŬĂ
ĚŽŵƵ͕ŬƚſƌLJŵƌŽĚnjŝĐĞŝŵĂųĞĚnjŝĞĐŝƉŽƐųƵŐƵũČƐŝħŶĂĐŽĚnjŝĞŷ͘WŽĚnjŝĂųŶĂƌŽnjĚnjŝĂųLJŽĚͲ
ƉŽǁŝĂĚĂŶĂũďĂƌĚnjŝĞũƚLJƉŽǁLJŵĚŽŵŽǁLJŵŽŬĂnjũŽŵ͘dĂŬŝĐŚŽŬĂnjũŝǁLJĚnjŝĞůŝůŝƑŵLJϮϬ͕ŽĚ
ƉŽƌĂŶŶĞŐŽƵďŝĞƌĂŶŝĂƐŝħĂǏĚŽŬŽůĂĐũŝŝƉŽĐĂųƵŶŬƵŶĂĚŽďƌĂŶŽĐ͘KĐnjLJǁŝƑĐŝĞůŝƐƚħŽŬĂnjũŝ
ŵŽǏŶĂŵŽĚLJĮŬŽǁĂđ͕ǁƉƌŽǁĂĚnjĞŶŝĞƚĂŬŝĞŐŽƌŽĚnjĂũƵŽƌŐĂŶŝnjĂĐũŝŵĂƚĞƌŝĂųƵũħnjLJŬŽǁĞŐŽ
ŵĂ ƉŽĚŬƌĞƑůŝđ ĨĂŬƚ͕ ǏĞ ũħnjLJŬĂ ŬŽŵƵŶŝŬĂĐũŝ ĚŽŵŽǁĞũ ƵǏLJǁĂŵLJ ŶŝĞ ǁ ƉŽĚnjŝĂůĞ ŶĂ ƌŽnjͲ
ĚnjŝĂųLJŝŶŝĞŬŝůŬĂƌĂnjLJǁƚLJŐŽĚŶŝƵǁƉŽƌĐũĂĐŚϰϱͲŵŝŶƵƚŽǁLJĐŚũĂŬǁƐnjŬŽůĞ͕ůĞĐnjĐĂųŬŝĞŵ
ĚŽƐųŽǁŶŝĞƉƌnjLJŽŬĂnjũŝ͘WĞųŶČĂŶĂůŝnjħƚĞŐŽũħnjLJŬĂnjŶĂũĚČWĂŷƐƚǁŽǁWƌnjĞǁŽĚŶŝŬƵŵĞƚŽͲ
ĚLJĐnjŶLJŵ͘

ŽŵŽǁĞƐĐĞŶŬŝũħnjLJŬŽǁĞ

<ĂǏĚČnjϮϬŽŬĂnjũŝŝůƵƐƚƌƵũĞŵLJŬŝůŬŽŵĂƉƌnjLJŬųĂĚŽǁLJŵŝƐĐĞŶŬĂŵŝ͕ďLJƉŽŬĂnjĂđ͕ũĂŬďĂƌĚnjŽ
ƉƌnjĞǁŝĚLJǁĂůŶĂ ũĞƐƚ ĐŽĚnjŝĞŶŶĂ ĚŽŵŽǁĂ ŬŽŵƵŶŝŬĂĐũĂ͕ njĂƌſǁŶŽ ǁ ũħnjLJŬƵ ƉŽůƐŬŝŵ͕ ũĂŬ
ŝĂŶŐŝĞůƐŬŝŵ͘tŵĞƚŽĚnjŝĞĚĞKDKĐŚŽĚnjŝŽƚŽ͕ďLJƐƚŽƉŶŝŽǁŽŝďĞnjƉŽƑƉŝĞĐŚƵͣƉŽĚŵŝĞͲ
Ŷŝđ͟ƌƵƚLJŶŽǁĞƉŽůƐŬŝĞǁLJƉŽǁŝĞĚnjŝŶĂŝĐŚĂŶŐŝĞůƐŬŝĞŽĚƉŽǁŝĞĚŶŝŬŝ͘

dƵǁĂǏŶĂƵǁĂŐĂ͗ƉƌĞnjĞŶƚŽǁĂŶĞƐĐĞŶŬŝƚŽŶŝĞŵŽĚĞůŽǁĞĚŝĂůŽŐŝĚŽƉĞųŶĞŐŽƉĂŵŝħͲ

ĐŝŽǁĞŐŽŽƉĂŶŽǁĂŶŝĂŽĚĂĚŽ͊dŽƌĂĐnjĞũƉƌnjLJŬųĂĚLJƚĞŐŽ͕ĐŽŵŽǏŶĂƵųŽǏLJđnjƉŽƐnjĐnjĞŐſůͲ
ŶLJĐŚĨƌĂnjŽǁLJĐŚͣŬůŽĐŬſǁ͕͟ŐĚLJƐŝħũĞƐƚŽƉŶŝŽǁŽŽƉĂŶƵũĞ͘WŽnjĂƚLJŵ͕ǁĚŽƑǁŝĂĚĐnjĞŶŝƵ
ƚǁſƌĐſǁĚĞKDK͕ƉƌĂǁĚnjŝǁĞĚŽŵŽǁĞŽŬĂnjũĞũħnjLJŬŽǁĞƌnjĂĚŬŽƐČĚųƵǏƐnjĞŶŝǏũĞĚŶĂ͕
ŵĂŬƐLJŵĂůŶŝĞĚǁŝĞǁLJƉŽǁŝĞĚnjŝŬĂǏĚĞŐŽnjƌŽnjŵſǁĐſǁ͘

ŶŐŝĞůƐŬŝĚůĂƌŽĚnjŝĐſǁ

ƉƌnjĞĚƐnjŬŽůĂŬĂ

tƐƚħƉ

ϱ

ǁǁǁ͘ĂŶŐŝĞůƐŬŝĚůĂƌŽĚnjŝĐŽǁ͘Ɖů

ĚĞKDK

ĂŶŬǁLJƌĂǏĞŷŝnjǁƌŽƚſǁ

^ŬŽƌŽ͕ũĂŬƚǁŝĞƌĚnjČĂƵƚŽƌnjLJĚĞKDK͕ĚŽŵŽǁĞŽŬĂnjũĞƐČũħnjLJŬŽǁŽǁĚƵǏLJŵƐƚŽƉŶŝƵ
ƉƌnjĞǁŝĚLJǁĂůŶĞ͕ ŵŽǏŶĂ Ɛŝħ ƉŽŬƵƐŝđ Ž ƉƌĞnjĞŶƚĂĐũħ ŬůƵĐnjŽǁLJĐŚ ǁLJƌĂǏĞŷ ŝ njǁƌŽƚſǁ͘ dŽ
njĂƐĂĚŶŝĐnjĂ ĐnjħƑđ ŽƉŝƐƵ ŬĂǏĚĞũ nj ϮϬ ŽŬĂnjũŝ͗ njĞƐƚĂǁŝĞŶŝĞ ŶĂũďĂƌĚnjŝĞũ ƚLJƉŽǁLJĐŚ ǁLJƉŽͲ
ǁŝĞĚnjŝ͕njƉŽĚnjŝĂųĞŵŶĂƉƌŽƑďLJ͕ƉLJƚĂŶŝĂŝŽĚƉŽǁŝĞĚnjŝĚnjŝĞĐŬĂ͕ŽƌĂnjƉLJƚĂŶŝĂ͕ƉŽůĞĐĞŶŝĂ
ŝƉƌŽƑďLJƌŽĚnjŝĐĂ͘ƚĞŐŽďĂŶŬƵŵŽǏŶĂŬŽƌnjLJƐƚĂđǁĚŽǁŽůŶĞũŬŽůĞũŶŽƑĐŝŝŽĐnjLJǁŝƑĐŝĞǁLJͲ
ďŝſƌĐnjŽ͊dĞŵƉŽǁƉƌŽǁĂĚnjĂŶŝĂŬŽůĞũŶLJĐŚŶŽǁLJĐŚǁLJƌĂǏĞŷnjĂůĞǏLJƚLJůŬŽŝǁLJųČĐnjŶŝĞŽĚ
ŵŽǏůŝǁŽƑĐŝĚnjŝĞĐŬĂ͕ƉŽĚŽďŶŝĞũĂŬƵĐnjĞŶŝĞƐŝħŬĂǏĚĞũŝŶŶĞũƵŵŝĞũħƚŶŽƑĐŝ͕ŽĐnjLJŵDĂŵĂ
ŝdĂƚĂǁŝĞĚnjČŶĂũůĞƉŝĞũ͘tĂǏŶĂũĞƐƚ͕njǁųĂƐnjĐnjĂǁƉŝĞƌǁƐnjLJĐŚŵŝĞƐŝČĐĂĐŚnjĂďĂǁLJnjĚĞKͲ
DK͕ŶŝĞŽŐſůŶĂůŝĐnjďĂnjǁƌŽƚſǁǁŽďŝĞŐƵ͕ůĞĐnjƚŽ͕ďLJƉŽǁƌĂĐĂųLJŽŶĞũĂŬŶĂũĐnjħƑĐŝĞũ͕ŽŝůĞ
ƚŽŵŽǏůŝǁĞƉƌnjLJŬĂǏĚĞũŶĂĚĂƌnjĂũČĐĞũƐŝħŽŬĂnjũŝ͘dŽnjĂƉĞǁŶŝŝĐŚƉƌĂǁĚnjŝǁĞƵƚƌǁĂůĞŶŝĞ
ŝƉƌnjLJŐŽƚƵũĞŐƌƵŶƚƉŽĚŬŽůĞũŶĞĨƌĂnjLJŝƐųſǁŬĂ͘

^ųŽǁŶŝĐnjĞŬ

<ĂǏĚĞŵƵ njĞƐƚĂǁŽǁŝ ǁLJƌĂǏĞŷ ƚŽǁĂƌnjLJƐnjLJ ĚǁƵũħnjLJĐnjŶLJ ƐųŽǁŶŝĐnjĞŬ͕ ǁ ƵŬųĂĚnjŝĞ ƚĞŵĂͲ
ƚLJĐnjŶLJŵ͘hǁĂŐĂ͗ŶŝĞƉŽĚĂũĞŵLJƉĞųŶLJĐŚůŝƐƚƐųſǁĞŬǁĚĂŶĞũŬĂƚĞŐŽƌŝŝ;ŶƉ͘ǁƐnjLJƐƚŬŝĐŚ
ŬŽůŽƌſǁ͕ůŝĐnjĞďŶŝŬſǁĐnjLJĐnjĂƐŽǁŶŝŬſǁnjǁŝČnjĂŶLJĐŚnjŐŽƚŽǁĂŶŝĞŵͿ͕ůĞĐnjƚĞ͕ŬƚſƌĞŶĂƚƵͲ
ƌĂůŶŝĞǁLJƐƚħƉƵũČƉƌnjLJƚĞũůƵďŝŶŶĞũŽŬĂnjũŝ͘ĞƐųŽǁŶŝĐnjŬĂƚĂŬǏĞŶĂůĞǏLJŬŽƌnjLJƐƚĂđǁLJďŝſƌͲ
ĐnjŽ͕njŐŽĚŶŝĞnjĂŬƚƵĂůŶLJŵŝƉŽƚƌnjĞďĂŵŝŝƵƉŽĚŽďĂŶŝĂŵŝĚnjŝĞĐŬĂ͘EŝĞƵĐnjLJŵLJŶĂƉƌnjLJŬųĂĚ
ǁƐnjLJƐƚŬŝĐŚŬŽůŽƌſǁƵďƌĂŷ͕ƚLJůŬŽƚLJĐŚ͕ŬƚſƌĞĂŬƵƌĂƚƐŝħĚnjŝĞĐŬƵƉŽĚŽďĂũČ͘/ƚLJĐŚŶĂnjǁ
ŽǁŽĐſǁ͕ŬƚſƌĞĚnjŝĞĐŬŽůƵďŝũĞƑđ͘/ƚĂŬĚĂůĞũ͘EŝĞŬƚſƌĞƐųſǁŬĂůƵďŐƌƵƉLJƚĞŵĂƚLJĐnjŶĞƉŽͲ
ǁƌĂĐĂũČnjĂƚŽŬŝůŬĂŬƌŽƚŶŝĞ;ŶƉ͘ůŝĐnjĞďŶŝŬŝ͕ŬŽůŽƌLJ͕ŶĂnjǁLJƉŽƚƌĂǁͿ͕ĐŽũĞƐƚůŽŐŝĐnjŶČŬŽŶͲ
ƐĞŬǁĞŶĐũČƉŽĚnjŝĂųƵŵĂƚĞƌŝĂųƵŶĂĚŽŵŽǁĞŽŬĂnjũĞ͘hǁĂǏĂŵLJƚŽnjĂnjĂůĞƚħ͕ŐĚLJǏǁŝĚĂđ
ǁLJƌĂǍŶŝĞ͕ŬƚſƌĞͣŬůŽĐŬŝůĞŬƐLJŬĂůŶĞ͟ƐČŶĂƉƌĂǁĚħƉƌŝŽƌLJƚĞƚŽǁĞǁĚŽŵŽǁĞũŬŽŵƵŶŝŬĂͲ
ĐLJũŶĞũƵŬųĂĚĂŶĐĞ͘tŝħĐĞũŶĂƚĞŶƚĞŵĂƚǁWƌnjĞǁŽĚŶŝŬƵŵĞƚŽĚLJĐnjŶLJŵ͘

'ƌĂŵĂƚLJŬĂƉƌnjLJŽŬĂnjũŝ

:ĂŬ ũƵǏ ƉŝƐĂůŝƑŵLJ ŶĂ ǁƐƚħƉŝĞ͕ ŶĂƐnjĂ ƐĞƌŝĂ ƚŽ ŶŝĞ ŬŽůĞũŶLJ njĞƐƚĂǁ ƉŽĚƌħĐnjŶŝŬſǁ͕ DĂŵĂ
ŝdĂƚĂŶŝĞnjŶĂũĚČƚƵǁŝħĐƐLJƐƚĞŵĂƚLJĐnjŶĞũƉƌĞnjĞŶƚĂĐũŝĐnjĂƐſǁŐƌĂŵĂƚLJĐnjŶLJĐŚ͕ŽŵſǁŝĞŶŝĂ
ƉƌnjĞĚŝŵŬſǁŝƚƉ͘ůĞũĞƑůŝŵŽǁĂŶĂƉƌnjLJŬųĂĚŽƑŶŝĂĚĂŶŝƵĐnjLJŽďŝĞĚnjŝĞ͕ƚŽũĞƐƚƚŽƑǁŝĞƚͲ
ŶĂŽŬĂnjũĂ͕ďLJƉƌnjLJƉŽŵŶŝĞđŽƌnjĞĐnjŽǁŶŝŬĂĐŚƉŽůŝĐnjĂůŶLJĐŚŝŶŝĞƉŽůŝĐnjĂůŶLJĐŚ͘^ųƵǏLJƚĞŵƵ
ŬƌſƚŬŝ ŬŽŵĞŶƚĂƌnj ŐƌĂŵĂƚLJĐnjŶLJ ƉŽĚ ŬŽŶŝĞĐ ŬĂǏĚĞŐŽ ƌŽnjĚnjŝĂųƵ Ͳ ŽŬĂnjũŝ͘ ^LJƐƚĞŵĂƚLJĐnjŶLJ
ƉƌnjĞŐůČĚŝĂŶĂůŝnjħŬŽŶƐƚƌƵŬĐũŝŐƌĂŵĂƚLJĐnjŶLJĐŚǁƉƌŽǁĂĚnjĂŶLJĐŚƉƌnjĞnjŶŐŝĞůƐŬŝĚůĂƌŽĚnjŝͲ
ĐſǁnjŶĂũĚČWĂŷƐƚǁŽǁWƌnjĞǁŽĚŶŝŬƵŵĞƚŽĚLJĐnjŶLJŵ͕ǁƌĂnjnjũħnjLJŬŽnjŶĂǁĐnjLJŵƵnjĂƐĂĚŶŝĞͲ
ŶŝĞŵŝĐŚĚŽďŽƌƵ͘

tƐnjLJƐƚŬŽŐƌĂ͊

DĞƚŽĚĂĚĞKDK͕ƐƚĂŶŽǁŝČĐĂƚĞŽƌĞƚLJĐnjŶČƉŽĚƐƚĂǁħŶŐŝĞůƐŬŝĞŐŽĚůĂƌŽĚnjŝĐſǁƉƌnjĞĚͲ
ƐnjŬŽůĂŬĂ͕ƚŽƌŽĚnjĂũĞĚƵŬĂĐLJũŶĞũŐƌLJĚŽŵŽǁĞũ͘WĞųŶLJŽƉŝƐũĞũnjĂƐĂĚnjŶĂũĚƵũĞƐŝħǁWƌnjĞͲ
ǁŽĚŶŝŬƵŵĞƚŽĚLJĐnjŶLJŵ͘LJǁnjŵŽĐŶŝđŝƵƌŽnjŵĂŝĐŝđnjĂďĂǁħnjĂŶŐŝĞůƐŬŝŵǁWĂŷƐƚǁĂĚŽŵƵ͕
ŶĂŬŽŷĐƵŬĂǏĚĞŐŽƌŽnjĚnjŝĂųƵƉƌŽƉŽŶƵũĞŵLJƐĐĞŶĂƌŝƵƐnjũĞĚŶĞũŵŝŶŝͲŐƌLJ͕ĚŽĞǁĞŶƚƵĂůŶĞŐŽ
ǁLJŬŽƌnjLJƐƚĂŶŝĂĚůĂĐŚħƚŶLJĐŚ͕ŬƚſƌnjLJƉƌnjLJũĞũƉŽŵŽĐLJŵŽŐČĚŽĚĂƚŬŽǁŽƵƚƌǁĂůĂđũħnjLJŬ
ĚĂŶĞũŽŬĂnjũŝ͘

EĂŐƌĂŶŝĂǁƐƉŝĞƌĂũČĐĞ

WĂŬŝĞƚŵĂƚĞƌŝĂųſǁŬĂǏĚĞũĐnjħƑĐŝŶŐŝĞůƐŬŝĞŐŽĚůĂƌŽĚnjŝĐſǁnjĂǁŝĞƌĂĂǏƚƌnjLJƉųLJƚLJnjŶĂŐƌĂŶŝĂŵŝ͘

O

EĂĚǁſĐŚƉųLJƚĂĐŚĂƵĚŝŽnjŶĂũĚƵũČƐŝħǁƐnjLJƐƚŬŝĞƐĐĞŶŬŝŽƌĂnjǁƐnjLJƐƚŬŝĞǁLJƌĂǏĞŶŝĂ

ĚůĂ ƉƌnjĞĚƐnjŬŽůĂŬĂ ŝ ũĞŐŽ ƌŽĚnjŝĐſǁ͘ :ĞƐƚ ƚŽ ǁŝħĐ ƌŽĚnjĂũ ĂƵĚŝŽͲŬĂ͕ ĚŽ ǁLJŬŽƌnjLJͲ
ƐƚĂŶŝĂŶƉ͘ǁƐĂŵŽĐŚŽĚnjŝĞ͕ďLJŽĚƑǁŝĞǏLJđŬůƵĐnjŽǁĞnjǁƌŽƚLJǁƉĂŵŝħĐŝDĂŵLJŝdĂƚLJ͕
njĂŶŝŵnjĂĐnjŶČƐŝħŶŝŵŝďĂǁŝđǁĚŽŵƵnjĚnjŝĞđŵŝ͘

O

WųLJƚĂͲŵƉϯƚŽŶĂŐƌĂŶŝĂǁƐnjLJƐƚŬŝĐŚƐųſǁĞŬnjŬŽůĞũŶLJĐŚŽŬĂnjũŝǁĨŽƌŵĂĐŝĞŵƉϯ͘

EĂũĞĚŶĞũƉųLJĐŝĞnjŐƌŽŵĂĚnjŝůŝƑŵLJĚůĂWĂŷƐƚǁĂǁLJŐŽĚLJŵĂƚĞƌŝĂųůĞŬƐLJŬĂůŶLJnjĞǁƐnjLJƐƚͲ
ŬŝĐŚƚƌnjĞĐŚŬƐŝČǏĞŬŶĂƐnjĞũƐĞƌŝŝ͘

dƵ ŬŽůĞũŶĂ ǁĂǏŶĂ ƵǁĂŐĂ͊ t ŶĂŐƌĂŶŝĂĐŚ ƵƐųLJƐnjČ WĂŷƐƚǁŽ njĂƌſǁŶŽ ŶĂƟǀĞ ƐƉĞĂŬĞƌſǁ
ũĂŬŝWŽůĂŬſǁŵſǁŝČĐLJĐŚďĂƌĚnjŽƐƉƌĂǁŶŝĞƉŽĂŶŐŝĞůƐŬƵ͘tƐnjLJƐƚŬŝĞĚnjŝĞĐŝǁLJƐƚħƉƵũČĐĞ
ǁŶĂŐƌĂŶŝĂĐŚƐĐĞŶĞŬƚŽWŽůĂĐLJ͊WĞųŶĞƵnjĂƐĂĚŶŝĞŶŝĞŵĞƚŽĚŽůŽŐŝĐnjŶĞƚĞũĚĞĐLJnjũŝnjŶĂũĚƵͲ
ũĞƐŝħǁWƌnjĞǁŽĚŶŝŬƵŵĞƚŽĚLJĐnjŶLJŵ͕ƉŽĚŬƌĞƑůŵLJƚƵƚĂũũĞĚŶĂŬ͕ǏĞǁnjĂŵLJƑůĞĂƵƚŽƌſǁƚŽ
ǁŝĞůŬŝĂƚƵƚƚLJĐŚŶĂŐƌĂŷ͘ŚŽĚnjŝŽƉŽŬĂnjĂŶŝĞ͕ĐnjĞŐŽŵŽǏŶĂƐƉŽĚnjŝĞǁĂđƐŝħĨŽŶĞƚLJĐnjŶŝĞ
ƉŽƉŽůƐŬŝŵĚnjŝĞĐŬƵŵſǁŝČĐLJŵƉŽĂŶŐŝĞůƐŬƵŝũĂŬŝƉŽnjŝŽŵǁLJŵŽǁLJƵnjŶĂđnjĂnjĂĚĂǁĂͲ
ůĂũČĐLJ͊:ĞƐƚƚŽ͕njŐŽĚŶŝĞnjŶĂƐnjČŶĂũůĞƉƐnjČǁŝĞĚnjČ͕ƉŝĞƌǁƐnjĂƚĞŐŽƌŽĚnjĂũƵŝŶŝĐũĂƚLJǁĂŶĂ
ƌLJŶŬƵŵĂƚĞƌŝĂųſǁĚŽŶĂƵŬŝũħnjLJŬĂĂŶŐŝĞůƐŬŝĞŐŽĚůĂWŽůĂŬſǁ͘

^ĞƌǁŝƐǁǁǁŝǁĂƌƐnjƚĂƚLJĚůĂDĂŵLJŝdĂƚLJ

KƉƌſĐnjƉĂŬŝĞƚƵŵĂƚĞƌŝĂųſǁ͕ŬƚſƌLJWĂŷƐƚǁŽŵĂũČƉƌnjĞĚƐŽďČ͕ƉƌnjLJŐŽƚŽǁĂůŝƑŵLJĚůĂWĂŷͲ
ƐƚǁĂƐnjĞƌĞŐĚŽĚĂƚŬŽǁLJĐŚĨŽƌŵǁƐƉĂƌĐŝĂ͘:ĞƑůŝĐŚĐČWĂŷƐƚǁŽƉŽnjŶĂđŽƉŝŶŝĞƌŽĚnjŝĐſǁ͕
ŬƚſƌnjLJǁƉƌŽǁĂĚnjŝůŝũƵǏŵĞƚŽĚħĚĞKDŽnjƉŽnjLJƚLJǁŶLJŵƐŬƵƚŬŝĞŵ͕njĂƉƌĂƐnjĂŵLJĚŽůĞŬƚƵͲ
ƌLJďůŽŐƵƌŽĚnjŝĐĂŶĂƐƚƌŽŶŝĞŝŶƚĞƌŶĞƚŽǁĞũ

ǁǁǁ͘ĂŶŐŝĞůƐŬŝĚůĂƌŽĚnjŝĐŽǁ͘Ɖů

͘dĞŶĚĞĚLJŬŽǁĂͲ

ŶLJƐĞƌǁŝƐŵĂďLJđǁnjĂųŽǏĞŶŝƵƉůĂƞŽƌŵČǁLJŵŝĂŶLJĚŽƑǁŝĂĚĐnjĞŷŵŝħĚnjLJƐĂŵLJŵŝƌŽĚnjŝĐĂͲ
ŵŝĂĂƵƚŽƌĂŵŝŵĞƚŽĚLJĚĞKDK͘EĂƐƚƌŽŶŝĞǁǁǁƉƵďůŝŬŽǁĂđďħĚnjŝĞŵLJƐƵŬĐĞƐLJǁŶŝĞ
ƚĂŬǏĞĚŽĚĂƚŬŽǁĞŶĂƌnjħĚnjŝĂǁƐƉŝĞƌĂũČĐĞ͕ŶĂƉƌnjLJŬųĂĚƚĂďĞůĞŽĐĞŶLJƉŽƐƚħƉſǁĚnjŝĞĐŬĂ͘
ŽƐƉŽƐŽďĂĐŚŝĐŚǁLJŬŽƌnjLJƐƚĂŶŝĂƉŝƐnjĞŵLJƐnjĞƌnjĞũǁWƌnjĞǁŽĚŶŝŬƵŵĞƚŽĚLJĐnjŶLJŵ͘

EĂƐnj ƐĞƌǁŝƐ ŝŶƚĞƌŶĞƚŽǁLJ ƚŽ njĂƌĂnjĞŵ ŵŝĞũƐĐĞ͕ ŐĚnjŝĞ njŶĂũĚČ WĂŷƐƚǁŽ ŝŶĨŽƌŵĂĐũĞ

ŽŬŽůĞũŶLJĐŚĞĚLJĐũĂĐŚƐnjŬŽůĞŷŝǁĂƌƐnjƚĂƚſǁŵĞƚŽĚLJĐnjŶLJĐŚŝũħnjLJŬŽǁLJĐŚĚůĂƌŽĚnjŝĐſǁ͕
ŬƚſƌnjLJĐŚĐČǁƉĞųŶŝǁLJŬŽƌnjLJƐƚĂđƉŽƚĞŶĐũĂųŵĞƚŽĚLJĚĞKDK͘

DĂŵLJŶĂĚnjŝĞũħ͕ǏĞŶŐŝĞůƐŬŝĚůĂƌŽĚnjŝĐſǁƉƌnjĞĚƐnjŬŽůĂŬĂƐƚĂŶŝĞƐŝħĚůĂWĂŷƐƚǁĂŶŝĞ

ƚLJůŬŽƉƌnjĞǁŽĚŶŝŬŝĞŵŝƉƵŶŬƚĞŵŽĚŶŝĞƐŝĞŶŝĂǁƉƌnjLJƉĂĚŬƵǁČƚƉůŝǁŽƑĐŝ͕ůĞĐnjƉŽĐnjČƚŬŝĞŵ
ĨĂƐĐLJŶƵũČĐĞũƉƌnjLJŐŽĚLJnjĂŶŐŝĞůƐŬŝŵǁWĂŷƐƚǁĂĚŽŵƵ͘

dƌnjLJŵĂŵLJŬĐŝƵŬŝŝǏLJĐnjLJŵLJƉŽǁŽĚnjĞŶŝĂ͊

ƵƚŽƌnjLJ

ϲ

tƐƚħƉ

ϳ

ǁǁǁ͘ĂŶŐŝĞůƐŬŝĚůĂƌŽĚnjŝĐŽǁ͘Ɖů

ĚĞKDK

<ŽŵĞŶƚĂƌnjũħnjLJŬŽǁLJ

/d͛^ͬ͘͘͘d,/^/^͕͘͘͘d,z͛Zͬ͘͘͘d,^Z͘͘͘

tũħnjLJŬƵƉŽůƐŬŝŵĚŽŶĂnjLJǁĂŶŝĂƉƌnjĞĚŵŝŽƚſǁƵǏLJǁĂŵLJũĞĚŶĞũƐƚƌƵŬƚƵƌLJ͗
ͣdŽũĞƐƚͬ͘͘͘dŽƐČ͘͘͘͘͟ǁũħnjLJŬƵĂŶŐŝĞůƐŬŝŵǁƚLJŵƐĂŵLJŵŬŽŶƚĞŬƑĐŝĞĚLJƐƉŽŶƵũĞŵLJĚǁŽŵĂ
ƐƚƌƵŬƚƵƌĂŵŝ͗/ƚ͛Ɛͬ͘͘͘dŚĞLJ͛ƌĞ͘͘͘/ƚ͛Ɛ͘͘͘͘dŚĞLJĂƌĞ͘͘͘ũĞƐƚĨŽƌŵČͣŶĞƵƚƌĂůŶČ͕͟ƵǏLJǁĂŶČŶĂũͲ
ĐnjħƑĐŝĞũ͘'ĚLJŶĂƚŽŵŝĂƐƚĐŚĐĞŵLJƉŽųŽǏLJđǁŝħŬƐnjLJŶĂĐŝƐŬŶĂͣƚŽ͕͟ŶĂƉƌnjLJŬųĂĚǁƐŬĂnjƵũČĐ
ŝǁLJŵŝĞŶŝĂũČĐŬŽůĞũŶĞĞůĞŵĞŶƚLJƌLJƐƵŶŬƵ͕ǁũħnjLJŬƵĂŶŐŝĞůƐŬŝŵƐƚŽƐƵũĞŵLJĨŽƌŵħ
dŚŝƐŝƐͬ͘͘͘dŚĞƐĞĂƌĞ͘͘͘͘

'ƌĂũħnjLJŬŽǁĂ

WŽďĂǁĐŝĞƐŝħǁͣƌLJƐŽǁĂŶŝĞŶĂnjĂǁŽųĂŶŝĞ͘͟tLJĚĂǁĂũĚnjŝĞĐŬƵƉŽůĞĐĞŶŝĂŶĂƌLJƐŽǁĂŶŝĂ
ƉƌŽƐƚLJĐŚƉƌnjĞĚŵŝŽƚſǁ͕ŬƚſƌLJĐŚŶĂnjǁLJnjŶĂŶĞŵƵƐČǁũħnjLJŬƵĂŶŐŝĞůƐŬŝŵ;ŵŽǏĞƐnj
ƌſǁŶŝĞǏƉŽĚĂǁĂđ͕ǁũĂŬŝĐŚƉŽǁŝŶŶLJďLJđŬŽůŽƌĂĐŚͿ͕ŶƉ͗͘ƌĂǁĂ;LJĞůůŽǁͿƐƵŶ͘ƌĂǁ
Ă;ďůĂĐŬͿĚŽŐ͘tŶŝĞŬƚſƌLJĐŚƉƌnjLJƉĂĚŬĂĐŚnjĂƐŬŽĐnjĚnjŝĞĐŬŽƉƌnjĞĚŵŝŽƚĞŵŶŝĞƉĂƐƵũČͲ
ĐLJŵĚŽŽďƌĂnjŬĂůƵďǁLJƐƚħƉƵũČĐLJŵǁŶŝĞŶĂƚƵƌĂůŶLJŵĚůĂƐŝĞďŝĞŬŽůŽƌnjĞ͕ŶƉ͗͘ƌĂǁ
ĂƐƉĂĐĞƐŚŝƉ͘ƌĂǁƐŽŵĞŐƌĞĞŶĐůŽƵĚƐ͘EĂƐƚħƉŶŝĞnjĂŵŝĞŷĐŝĞƐŝħƌŽůĂŵŝ͘EŝĞĐŚĚnjŝĞĐŬŽ
ǁLJĚĂũĞĐŝƉŽůĞĐĞŶŝĂ͕ƚLJƌLJƐƵũ͘

KŬĂnjũĂϭϰ

ϵϮ

^ƉƌnjČƚĂŵLJ

ϵϯ

ǁǁǁ͘ĂŶŐŝĞůƐŬŝĚůĂƌŽĚnjŝĐŽǁ͘Ɖů

tƑƌſĚnjĂďĂǁĞŬ

KŬ

ĂnjũĂ

ϭϱ

ƌƐĞŶĂųnjĂďĂǁŬŽǁLJdǁŽũĞŐŽƉƌnjĞĚͲ
ƐnjŬŽůĂŬĂƚŽƉƌĂǁĚŽƉŽĚŽďŶŝĞŶĂũͲ
ĐĞŶŶŝĞũƐnjĂĚůĂŶŝĞŐŽƌnjĞĐnjŶĂƑǁŝĞͲ
ĐŝĞ͕ĂŽƚƌnjLJŵĂŶŝĞƉŽnjǁŽůĞŶŝĂ
ŶĂnjĂďĂǁħƚŽĂďƐŽůƵƚŶLJƉŽƉŽųƵͲ
ĚŶŝŽǁLJƉƌŝŽƌLJƚĞƚ͘ǁƌĂĐĂũČĐƐŝħ
ĚŽŝĞďŝĞƉŽĂŶŐŝĞůƐŬƵ͕ĚnjŝĞĐŬŽ
ŶŝĞƚLJůŬŽďħĚnjŝĞŵŝĂųŽǁŝħŬƐnjČ
ƐnjĂŶƐħŶĂŽƚƌnjLJŵĂŶŝĞdǁŽũĞũnjŐŽĚLJ͕
ĂůĞƌſǁŶŝĞǏďħĚnjŝĞŵŽŐųŽđǁŝĐnjLJđ
ǁĂǏŶĞƐųŽǁŶŝĐƚǁŽnjǁŝČnjĂŶĞnjnjĂďĂͲ
ǁČŽƌĂnjƵƚƌǁĂůĂđƐƚƌƵŬƚƵƌLJũħnjLJŬŽͲ
ǁĞƵŵŽǏůŝǁŝĂũČĐĞǁLJƌĂǏĂŶŝĞƉƌſƑď͕
njĂŵŝĂƌſǁŝĐŚħĐŝ͘

ŶĂųnjĂďĂǁŬŽǁLJdǁŽũĞŐŽƉƌnjĞĚͲ
ůĂŬĂƚŽƉƌĂǁĚŽƉŽĚŽďŶŝĞŶĂũͲ

ŝĞũƐnjĂĚůĂŶŝĞŐŽƌnjĞĐnjŶĂƑǁŝĞͲ

ŽƚƌnjLJŵĂŶŝĞƉŽnjǁŽůĞŶŝĂ

ĂďĂǁħƚŽĂďƐŽůƵƚŶLJƉŽƉŽųƵͲ

ǁLJƉƌŝŽƌLJƚĞƚ͘ǁƌĂĐĂũČĐƐŝħ
ŝĞďŝĞƉŽĂŶŐŝĞůƐŬƵ͕ĚnjŝĞĐŬŽ

ƚLJůŬŽďħĚnjŝĞŵŝĂųŽǁŝħŬƐnjČ

ƐħŶĂŽƚƌnjLJŵĂŶŝĞdǁŽũĞũnjŐŽĚLJ͕

ƌſǁŶŝĞǏďħĚnjŝĞŵŽŐųŽđǁŝĐnjLJđ

ǏŶĞƐųŽǁŶŝĐƚǁŽnjǁŝČnjĂŶĞnj njĂďĂͲ

ĚĞKDK

Czytaj dalej...

^E<ϱ

O

ĂŶ/ŐŽƉůĂLJ͍

DŽŐħŝƑđƐŝħƉŽďĂǁŝđ͍

Q

K<͕ĚĞĂƌ͘hŶƚŝůĚŝŶŶĞƌƚŝŵĞ͘

ŽďƌnjĞ͕ƐųŽŶŬŽ͘ŽŽďŝĂĚƵ͘

O

K<͘

ŽďƌnjĞ͘

tLJƌĂǏĞŶŝĂ

dzWKtWzdE//<

ĂŶ/ŐŽ

ƉůĂLJ

͍

DŽŐħŝƑđƐŝħƉŽďĂǁŝđ͍

ĂŶ/

ĚƌĂǁ

͍

DŽŐħƉŽƌLJƐŽǁĂđ͍

ĂŶ/ƉůĂLJǁŝƚŚŵLJ

ĐĂƌƐ

ŽŶƚŚĞĐĂƌƉĞƚ

͍

DŽŐħƉŽďĂǁŝđƐŝħƐĂŵŽĐŚŽĚnjŝŬĂŵŝ
ŶĂĚLJǁĂŶŝĞ͍

ĂŶ/ďƌŝŶŐŵLJ

ƚŽLJƐ

ƚŽƚŚĞůŝǀŝŶŐƌŽŽŵ

͍

DŽŐħƉƌnjLJŶŝĞƑđƐǁŽũĞnjĂďĂǁŬŝ
ĚŽĚƵǏĞŐŽƉŽŬŽũƵ͍

ĂŶ/ƚĂŬĞŽƵƚŵLJ

ƐǁŽƌĚƐ

͍

DŽŐħǁLJũČđŵŝĞĐnjĞ͍

ĂŶLJŽƵ

ƉĂŝŶƚ

ǁŝƚŚŵĞ͍

DŽǏĞƐnjnjĞŵŶČƉŽŵĂůŽǁĂđ͍

ĂŶLJŽƵǁĂƚĐŚŵĞ

ƉůĂLJ

ǁŝƚŚŵLJ

ĚŽůůƐ

͍

WŽƉĂƚƌnjLJƐnj͕ũĂŬƐŝħďĂǁŝħůĂůŬĂŵŝ͍

ĂŶǁĞƉůĂLJĂ

ďŽĂƌĚŐĂŵĞ

͍

DŽǏĞŵLJnjĂŐƌĂđǁŐƌħƉůĂŶƐnjŽǁČ͍

ĂŶǁĞ

ĚƌĂǁ

ƚŽŐĞƚŚĞƌ͍

DŽǏĞŵLJƌĂnjĞŵƉŽƌLJƐŽǁĂđ͍

tŚĞŶĂƌĞǁĞŐŽŝŶŐƚŽ

ƉůĂLJ

͍

<ŝĞĚLJƐŝħƉŽďĂǁŝŵLJ͍

tŚĂƚĂƌĞǁĞŐŽŝŶŐƚŽĚŽ

ĂĨƚĞƌĚŝŶŶĞƌ

͍

ŽďħĚnjŝĞŵLJƌŽďŝđƉŽŽďŝĞĚnjŝĞ͍

tŚĞƌĞŝƐŵLJ

ŐƵŝƚĂƌ

͍

'ĚnjŝĞũĞƐƚŵŽũĂŐŝƚĂƌĂ͍

tŚĞƌĞĂƌĞŵLJ

ƉĂŝŶƚƐ

͍

'ĚnjŝĞƐČŵŽũĞĨĂƌďLJ͍

tŽƵůĚLJŽƵůŝŬĞƚŽ

ƉĂŝŶƚ

ǁŝƚŚŵĞ͍

ŚĐĞƐnjnjĞŵŶČƉŽŵĂůŽǁĂđ͍

ŽLJŽƵǁĂŶƚƚŽ

ƉůĂLJ

ǁŝƚŚƚŚĞ

ĨĂƌŵ

ǁŝƚŚŵĞ͍ ŚĐĞƐnjƐŝħnjĞŵŶČƉŽďĂǁŝđĨĂƌŵČ͍

ŽLJŽƵǁĂŶƚƚŽǁĂƚĐŚŵĞ

ƉůĂLJ

͍

ŚĐĞƐnjƉŽƉĂƚƌnjĞđ͕ũĂŬƐŝħďĂǁŝħ͍

tŝůůLJŽƵ

ƉůĂLJ

ǁŝƚŚŵĞ͍

WŽďĂǁŝƐnjƐŝħnjĞŵŶČ͍

WZK_z͕ht'/͕KWKt///<

/ĐĂŶ͛ƚĨŝŶĚŵLJ

ďůŽĐŬƐ

͘

EŝĞŵŽŐħnjŶĂůĞǍđŬůŽĐŬſǁ͘

/͛ĚůŝŬĞƚŽ

ƉůĂLJ

ǁŝƚŚŵLJ

ŚŽƌƐĞƐ

͘

ŚĐħƐŝħƉŽďĂǁŝđŬŽŶŝŬĂŵŝ͘

/͛ĚůŝŬĞLJŽƵƚŽ

ƉůĂLJ

ǁŝƚŚŵĞ͘

ŚĐŝĂųďLJŵ͕ǏĞďLJƑƐŝħnjĞŵŶČƉŽďĂǁŝų͘

>ŽŽŬĂƚŵĞ͊

WŽƉĂƚƌnjŶĂŵŶŝĞ͊

>ŽŽŬĂƚƚŚĞ

ŚŽƌƐĞ

͊

WŽƉĂƚƌnjŶĂŬŽŶŝŬĂ͊

WƌnjLJŬųĂĚŽǁĞƐĐĞŶŬŝ

^E<ϭ

O

ĂŶ/ďƌŝŶŐŵLJƚŽLJƐŝŶƚŽƚŚĞůŝǀŝŶŐƌŽŽŵ͍

DŽŐħƉƌnjLJŶŝĞƑđnjĂďĂǁŬŝĚŽĚƵǏĞŐŽƉŽŬŽũƵ͍

Q

tŚĂƚĚŽLJŽƵǁĂŶƚƚŽƉůĂLJǁŝƚŚ͍

njLJŵĐŚĐĞƐnjƐŝħƉŽďĂǁŝđ͍

O

DLJĚŝŶŽƐĂƵƌƐ͘

ŝŶŽnjĂƵƌĂŵŝ͘

Q

&ŝŶĞ͘

tƉŽƌnjČĚŬƵ͘

^E<Ϯ

O

ĂŶ/ƉůĂLJǁŝƚŚŵLJĐĂƌƐŽŶƚŚĞĐĂƌƉĞƚ͍

DŽŐħƉŽďĂǁŝđƐŝħƐĂŵŽĐŚŽĚnjŝŬĂŵŝŶĂĚLJǁĂŶŝĞ͍

Q

KĨĐŽƵƌƐĞ͘

KĐnjLJǁŝƑĐŝĞ͘

^E<ϯ

O

/͛ĚůŝŬĞƚŽƉůĂLJǁŝƚŚŵLJŚŽƌƐĞƐ͘

ŚĐŝĂųďLJŵƐŝħƉŽďĂǁŝđŬŽŶŝŬĂŵŝ͘

Q

K<͕ŚŽŶĞLJ͘

ŽďƌnjĞ͕ŬŽĐŚĂŶŝĞ͘

O

tŝůůLJŽƵǁĂƚĐŚŵĞƉůĂLJ͍

WŽƉĂƚƌnjLJƐnjũĂŬƐŝħďĂǁŝħ͍

Q

^ƵƌĞ͘

WĞǁŶŝĞ͘

^E<ϰ

O

ĂŶǁĞĚƌĂǁƚŽŐĞƚŚĞƌ͍

DŽǏĞŵLJƉŽƌLJƐŽǁĂđƌĂnjĞŵ͍

Q

K<͕ǁŚĂƚƐŚĂůůǁĞĚƌĂǁ͍

ŽďƌnjĞ͕ĐŽŶĂƌLJƐƵũĞŵLJ͍

O

DLJƚĞĚĚLJ͘

DŽũĞŐŽŵŝƐŝĂ͘

Q

K<͘tŝůůLJŽƵďƌŝŶŐLJŽƵƌĐƌĂLJŽŶƐ͍

K<͘WƌnjLJŶŝĞƐŝĞƐnjƐǁŽũĞŬƌĞĚŬŝ͍

O

K<͘

ŽďƌnjĞ͘

O

ĐſƌŬĂ

ƐLJŶ

Q

ŵĂŵĂ

ƚĂƚĂ

KŬĂnjũĂϭϱ

ϵϰ

tƑƌſĚnjĂďĂǁĞŬ

ϵϱ

ǁǁǁ͘ĂŶŐŝĞůƐŬŝĚůĂƌŽĚnjŝĐŽǁ͘Ɖů

ĚĞKDK