£(;$&72 $3UDFWLFDO*XLGHWR
6SDQLVK*UDPPDU
6HFRQG(GLWLRQ
£(;$&72 $3UDFWLFDO*XLGHWR
6SDQLVK*UDPPDU 6HFRQG(GLWLRQ
2UWHJD%HDYHQ *DUULGR 6FULYHQHU
)LUVWHGLWLRQSXEOLVKHGLQ*UHDW%ULWDLQLQE\$UQROG 6HFRQGHGLWLRQSXEOLVKHG %\+RGGHU(GXFDWLRQ 3XEOLVKHGE\5RXWOHGJH 3DUN6TXDUH0LOWRQ3DUN$ELQJGRQ2[RQ2;51 7KLUG$YHQXH1HZ
http://vk.com/espanol_con_amigos
&RQWHQWV +RZWRXVHWKLVERRN *ORVVDU\
1RXQV
$UWLFOHV
4XDOLI\LQJDGMHFWLYHV
3HUVRQDOSURQRXQV
'HPRQVWUDWLYHV
3RVVHVVLYHV
1XPHUDOV
,QGHILQLWHV
$GYHUEV
,QWHUURJDWLYHV
3UHSRVLWLRQV
,QWHUMHFWLRQV
7KH6SDQLVKYHUE
,PSHUVRQDOIRUPVRIWKHYHUE
3UHVHQWWHQVHVRIWKHLQGLFDWLYH
)XWXUHWHQVHVRIWKHLQGLFDWLYH
3DVWWHQVHVRIWKHLQGLFDWLYH
,PSHUDWLYHV
&RQGLWLRQDOWHQVHV
6XEMXQFWLYHWHQVHV
6SHFLDOYHUEVDQGFRQVWUXFWLRQV
6HQWHQFHRUJDQLVDWLRQ
1HJDWLYHV
&RPSRXQGDQGFRPSOH[VHQWHQFHV
,QGLUHFWVSHHFK $SSHQGL[YHUEWDEOHV .H\WRH[HUFLVHV %LEOLRJUDSK\ *UDPPDWLFDOLQGH[
http://vk.com/espanol_con_amigos
+RZWRXVHWKLVERRN %LHQYHQLGRVD£([DFWR7KLVVHFWLRQZLOOJLYH\RXXVHIXOLQIRUPDWLRQRQKRZWRPDNHWKHPRVWRIWKHJUDPPDU ERRN5HDGLWFDUHIXOO\EHIRUH\RXVWDUWWRXVHLW £([DFWRLVDXVHUIULHQGO\6SDQLVKJUDPPDUERRNZKLFKFRQFHQWUDWHVRQWKHHVVHQWLDOVEXWDOVRFRYHUVPRUH FRPSOH[DUHDVRIWKH6SDQLVKODQJXDJH,WXVHVDQDSSHDOLQJYLVXDOOD\RXWLQWDEXODUIRUPDQGH[SODLQVJUDPPDU LQDFOHDUDQGFRQFLVHZD\ )HDWXUHVRI£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£([DFWRIRU" £([DFWRDVVXPHVOLWWOHIRUPDONQRZOHGJHRI6SDQLVKJUDPPDU,WFRYHUVWKHEDVLFVFRPSUHKHQVLYHO\EXWWDNHV \RXIXUWKHUWRWKHPRVWFKDOOHQJLQJDUHDVRI6SDQLVKJUDPPDUZLWKH[WHQVLYHFRYHUDJHRI6SDQLVKYHUEDQG VHQWHQFHVWUXFWXUH:KHWKHU\RXQHHGWREUXVKXSWKHEDVLFVRUQHHGDWRROWRKHOS\RXZLWKWKHFKDOOHQJHVRI LQWHUPHGLDWHXSSHULQWHUPHGLDWHOHYHOV£([DFWRLVIRU\RX 7KLVERRNGRHVQRWWDNHDQ\NQRZOHGJHIRUJUDQWHGHLWKHURIWKH6SDQLVKODQJXDJHRURIJUDPPDWLFDO WHUPLQRORJ\7RDVVLVW\RXZLWKWKHJUDPPDWLFDOODEHOVHDFKWHUPLVLQWURGXFHGZKHUHLWLVXVHGDQGLV H[SODLQHGLQGHSWKLQWKHJORVVDU\DWWKHEHJLQQLQJRIWKHERRN /HYHOV 7RKHOS\RXILQGZKDWLVPRVWUHOHYDQWIRU\RXUOHYHORI6SDQLVKWKHFRQWHQWDQGH[HUFLVHVLQ£([DFWRKDYH EHHQJUDGHGDFFRUGLQJWRWKUHHOHYHOV:DWFKRXWIRUWKHLFRQV ERWKLQWKHXQLWRUVXEKHDGLQJVDQGRQ HDFKHMHUFLFLR+HUHLVDGHVFULSWLRQRIHDFKOHYHO /HYHOFRYHUVWKHEDVLFVRI6SDQLVKJUDPPDUIURPEHJLQQHUVWRORZHULQWHUPHGLDWHOHYHO*&6(XSWR OHYHO%RIWKH&RXQFLORI(XURSHDQGWKH2SHQ8QLYHUVLW\OHYHORQH6SDQLVKFRXUVHV
http://vk.com/espanol_con_amigos
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
http://vk.com/espanol_con_amigos
7KHDXWKRUV
*ORVVDU\ $GMHFWLYHTXDOLI\LQJ ± $GMHWLYRFDOLILFDWLYR
$ZRUGWKDWGHVFULEHVRUDGGVLQIRUPDWLRQDERXWDQRXQHJ8QYLDMHPDUDYLOORVRDZRQGHUIXOWULS XQDEXHQD SHUVRQDDJRRGSHUVRQ
$GYHUE±$GYHUELR
$ZRUGWKDWGHVFULEHVDYHUEDQDGMHFWLYHRUDQRWKHUDGYHUELQWHUPVRIPDQQHUGHJUHHWLPHRUSODFHHJLQ6HYLYH ELHQDTXt2QHOLYHVZHOOKHUH ELHQDQGDTXtDUHDGYHUEVGHVFULELQJKRZDQGZKHUHRQHOLYHV
$GYHUELDOFODXVH± 2UDFLyQVXERUGLQDGD FLUFXQVWDQFLDODGYHUELDO
7\SHRIVXERUGLQDWHFODXVHZKLFKWDNHVWKHSODFHRIDQDGYHUELHZKLFKGHVFULEHVDYHUELQWKHZD\DQDGYHUE ZRXOGHJ9HQGUpFXDQGRPHORSLGDV,¶OOFRPHZKHQ\RXDVNPHWR $GYHUELDOFODXVHVFDQH[SUHVVFDXVH FRQFHVVLRQFRQGLWLRQFRPSDULVRQSXUSRVHPDQQHUSODFHRUWLPH
$GYHUELDOSKUDVH± /RFXFLyQDGYHUELDO
*URXSRIZRUGVZKLFKEHKDYHVOLNHDQDGYHUE)RULQVWDQFHDTXtPLVPRULJKWKHUH RUSRFRDSRFROLWWOHE\OLWWOH
$IILUPDWLYH±$ILUPDWLYR
4XDOLW\RUFKDUDFWHULVWLFRIDYHUERUVHQWHQFHZKLFKFDUULHVDSRVLWLYHPHDQLQJHJ0HJXVWDEDLODUDVRSSRVHGWR WKHQHJDWLYH1RPHJXVWDFDQWDU
$IIL[HV±$ILMRV
$EHJLQQLQJRUDQHQGLQJZKLFKLVDWWDFKHGWRDZRUGRUVWHP$WWDFKHGWRWKHEHJLQQLQJWKH\DUHFDOOHGSUHIL[HV± SUHILMRVHJYROXQWDULRĺLQYROXQWDULRYROXQWDU\ĺLQYROXQWDU\ DWWDFKHGWRWKHHQGRIWKHZRUGWKH\DUHFDOOHG VXIIL[HV±VXILMRVHJWUDEDMDUĺWUDEDMDGRUZRUNĺZRUNHU 'RQRWFRQIXVHVXIIL[HVZLWKJHQGHUQXPEHUDQG YHUEHQGLQJV
$JUHHPHQW± &RQFRUGDQFLD
*UDPPDWLFDOSKHQRPHQRQZKHUHVRPHHOHPHQWVKDYHWRWDNHRQDJUHHZLWK VRPHJUDPPDWLFDOIHDWXUHVRIWKH HOHPHQWWKDWJRYHUQVWKHP(OHPHQWVLQDQRXQSKUDVHPXVWDJUHHLQQXPEHUDQGJHQGHUZLWKWKHQRXQHJLQODV PRQWDxDVVROHDGDVWKHVXQQ\PRXQWDLQV WKHDUWLFOHODVDQGWKHDGMHFWLYHVROHDGDVDJUHHLQJHQGHUIHPLQLQH DQG QXPEHUSOXUDO ZLWKWKHFRUHRIWKHSKUDVHWKHQRXQPRQWDxDV9HUEVLQWHQVHVDOVRDJUHHLQQXPEHUDQGSHUVRQ ZLWKWKHLUVXEMHFWHJLQ/RVUXLVHxRUHVFDQWDEDQ7KHQLJKWLQJDOHVZHUHVLQJLQJ WKHYHUEFDQWDEDQDJUHHVLQ SHUVRQDQGQXPEHUZLWKWKHVXEMHFWORVUXLVHxRUHVWKLUGSHUVRQSOXUDO
$PHULFDQ6SDQLVK± (VSDxROGH +LVSDQRDPpULFD
9DULHWLHVRI6SDQLVKVSRNHQLQ6SDQLVK$PHULFD
,QDUHODWLYHFODXVHWKHDQWHFHGHQWLVWKHQRXQZKLFKWKHUHODWLYHFODXVHTXDOLILHVRUGHVFULEHV)RULQVWDQFHLQ(O $QWHFHGHQW±$QWHFHGHQWH SHUURTXHODGUyHUDHOPtR7KHGRJWKDWEDUNHGZDVPLQH HOSHUURLVWKHDQWHFHGHQWRIWKHUHODWLYHFODXVHTXH ODGUy $SRFRSDWLRQ±$SyFRSH
3KHQRPHQRQZKHUHVRPHZRUGV±PDLQO\DGMHFWLYHV±ORVHWKHLUHQGLQJVZKHQWKH\SUHFHGHRWKHUZRUGVHJJUDQGH EHFRPHVJUDQLQXQDJUDQFDVDDJUHDWKRXVH
$UWLFOH±$UWtFXOR
:RUGZKLFKLQGLFDWHVZKHWKHUWKHQRXQLWSUHFHGHVUHIHUVWRDVSHFLILFHOHPHQWSHUVRQDQLPDOWKLQJHWF IRUZKLFK WKHGHILQLWHDUWLFOHVHOODORVODV(QJOLVKµWKH¶ DUHXVHGRUDQXQVSHFLILHGHOHPHQWIRUZKLFKWKHLQGHILQLWH DUWLFOHVXQXQDXQRVXQDV(QJOLVKµD¶µVRPH¶µDQ\¶ DUHXVHG
$X[LOLDU\YHUE±9HUER DX[LOLDU
9HUEZKLFKµKHOSV¶WKHPDLQYHUEWRPDNHXSDWHQVH,QWKHFRQWLQXRXVWHQVHVHJHVWR\FRPLHQGR±,DPHDWLQJ HVWR\IURPHVWDU LVDQDX[LOLDU\DQGLQWKHFRPSRXQGWHQVHVHJKHFRPLGR±,KDYHHDWHQ KHIURPKDEHU LVDQ DX[LOLDU\
&ODXVH±2UDFLyQ
*URXSRIZRUGVIRUPLQJDFRKHUHQWXQLWDURXQGDYHUE7KHWHUPLVXVHGWRUHIHUWRHDFKRIWKHµVHQWHQFHV¶ZKLFK PDNHXSDFRPSOH[VHQWHQFHLQZKLFKDPDLQFODXVHDQGVXERUGLQDWHFODXVHVFDQEHIRXQG6HHDOVRFRPSOH[ VHQWHQFHQRXQFODXVHUHODWLYHFODXVHDQGDGYHUELDOFODXVH
&RPPDQG±2UGHQ
$QRUGHUHJ£9HQDTXtLQPHGLDWDPHQWH&RPHKHUHLPPHGLDWHO\ 6HHDOVR,PSHUDWLYH
&RPSDUDWLYH± &RPSDUDWLYR
(OHPHQWZKLFKFRPSDUHVDTXDOLW\RIDSHUVRQDQLPDOWKLQJHWFZLWKWKHVDPHTXDOLW\LQDQRWKHUHJ5XWKHVPHQRV GHFLGLGDTXH0DUWD5XWKLVOHVVGHFLVLYHWKDQ0DUWD
&RPSOH[VHQWHQFH± 2UDFLyQFRPSXHVWD
6HQWHQFHPDGHXSRIYDULRXVFODXVHVDWOHDVWRQHEHLQJDPDLQFODXVHJRYHUQLQJRQHRUPRUHVXERUGLQDWHFODXVHV 7KHPDLQFODXVHLVWKHFHQWUDOD[LVRIWKHFRPSOH[VHQWHQFHDQGKDVPHDQLQJE\LWVHOIVXERUGLQDWHFODXVHVDUH GHSHQGHQWRQWKHPDLQFODXVHDQGGRQRWPDNHFRPSOHWHVHQVHRQWKHLURZQHJLQWKHVHQWHQFH&XDQGROOHJXHV OOiPDPHSDUDTXHWHUHFRMD:KHQ\RXDUULYHFDOOPHVR,FDQSLFN\RXXS OOiPDPHLVWKHPDLQFODXVHDQGWKH RWKHUWZRDUHVXERUGLQDWHFODXVHV
&RPSRXQGWHQVH±7LHPSR 7HQVHPDGHXSRIDPDLQYHUEDQGRQHRUWZRDX[LOLDULHVHJDOOSHUIHFWWHQVHVKHPRVYHQLGRKDEtDWUDtGR KDEUtDHVWDGRFRPLHQGRHWF FRPSXHVWR &RQMXJDWLRQRIYHUEV ± &RQMXJDFLyQYHUEDO
(DFKRIWKHVL[IRUPVRQHIRUHDFKSHUVRQ WKDWDWHQVHKDVHJWKHFRQMXJDWLRQRIDPDULQWKHIXWXUHLQGLFDWLYHLV DPDUpDPDUiVDPDUiDPDUHPRVDPDUpLVDPDUiQ
http://vk.com/espanol_con_amigos
$OVRFRQQHFWRU$ZRUGRUSKUDVHZKLFKOLQNVWRJHWKHUZRUGVSKUDVHVDQGFODXVHV7KHUHDUHWZRW\SHVFR RUGLQDWLQJFRQMXQFWLRQVZKLFKMRLQHOHPHQWVRIHTXDOYDOXHHJ-XDQOOHJyWDUGH\\RWDPELpQ -XDQDUULYHGODWH &RQMXQFWLRQ±&RQMXQFLyQ DQGVRGLG, DQGVXERUGLQDWLQJFRQMXQFWLRQVZKLFKMRLQVXERUGLQDWHFODXVHVHJ1RORKL]RSRUTXHQRTXLVR 6KHGLGQ¶WGRLWEHFDXVHVKHGLGQ¶WZDQWWR ,Q£([DFWRWKHWHUPµFRQQHFWRU¶KDVEHHQXVHGWRUHIHUWRDOOOLQN ZRUGV &RQQHFWRU±&RQHFWRU
$OVRFRQMXQFWLRQDQGOLQNZRUG$Q\ZRUGRUSKUDVHWKDWOLQNVWRJHWKHUGLIIHUHQWFODXVHV,Q£([DFWRµFRQQHFWRU¶ KDVEHHQXVHGDVDJHQHUDOWHUP
&RQVWUXFWLRQ± &RQVWUXFFLyQ(VWUXFWXUD
$JHQHUDOWHUPIRUDQ\JUDPPDWLFDOVWUXFWXUHHJLUDLQILQLWLYHWHQHUTXHLQILQLWLYHHWF
&RRUGLQDWLQJFRQMXQFWLRQ 6HH&RQMXQFWLRQ ±&RQMXQFLyQFRRUGLQDGD &RSXODWLYHYHUE±9HUER FRSXODWLYR
7KHYHUEVVHUHVWDUDQGSDUHFHUDUHNQRZQDVYHUERVFRSXODWLYRVµFRSXODWLYHYHUEV¶RUµOLQNLQJYHUEV¶LQ(QJOLVK ZKHQWKH\ODFNDOH[LFDOPHDQLQJDQGWKHLURQO\IXQFWLRQLVWROLQNWZRHOHPHQWVRQHTXDOWHUPVLQWKHVHQWHQFH,QWKH H[DPSOHV0DUWDHVPLKHUPDQD0DUWDLVP\VLVWHU DQG0DUWDSDUHFHPX\VLPSiWLFD0DUWDVHHPVYHU\IULHQGO\ HVDQGSDUHFHOLQNWKHVXEMHFW0DUWDZLWKWKHDWWULEXWHVµP\VLVWHU¶DQGµYHU\IULHQGO\¶
'HPRQVWUDWLYH± 'HPRVWUDWLYR
:RUGZKLFKTXDOLILHVDQRXQLQGLFDWLQJLWVSUR[LPLW\LQUHODWLRQWRWKHVSHDNHU(QJOLVKµWKLV¶µWKDW¶µWKHVH¶DQG µWKRVH¶ 'HPRQVWUDWLYHVFDQEHDGMHFWLYHVHJ(VWDFDVDHVSUHFLRVD7KLVKRXVHLVEHDXWLIXO RUSURQRXQVHJ (VWRVPHJXVWDQPiVTXHDTXHOORV,OLNHWKHVHEHWWHUWKDQWKRVH
'LUHFWREMHFW±2EMHWR GLUHFWR
6HH2EMHFW
'LUHFWVSHHFK±'LVFXUVR GLUHFWR
6HH,QGLUHFWVSHHFK
(QFOLWLF±(QFOtWLFR
(OHPHQWERXQGWRDSUHFHGLQJKRVWVXFKDVWKH(QJOLVKµQ¶W¶LQµFRXOGQ¶W¶,Q6SDQLVKSHUVRQDOSURQRXQVDUHRIWHQ IRXQGLQHQFOLWLFSRVLWLRQVIRUH[DPSOHLQSURQRPLQDOYHUEVDQGLQWKHLPSHUDWLYHHJ7HQJRTXHODYDUPHHOSHOR ,KDYHWRZDVKP\KDLU £'iPHOR*LYHLWWRPH
(QGLQJV±'HVLQHQFLDV 7HUPLQDFLRQHV
9DULDWLRQVLQIRUPWKDWZRUGVXQGHUJRDVUHTXLUHGE\WKHLUJUDPPDWLFDOUROHV7\SLFDOO\WKHVHDUHJHQGHUDQGQXPEHU HQGLQJVLQQRXQVDGMHFWLYHVDQGDUWLFOHVFDVDVKHUPRVDVORV DQGQXPEHUSHUVRQDQGWHQVHHQGLQJVLQYHUEV YLYLPRVOOHJDEDQ 1RWWREHFRQIXVHGZLWKVXIIL[HV
)HPLQLQH±)HPHQLQR
6HH*HQGHU
)LQLWHYHUE
9HUEZKLFKLVDEOHWRXQGHUJRDFKDQJHLQIRUPWRVKRZWHQVHPRRGDQGSHUVRQ,WFDQEHWKHPDLQFRQMXJDWHG YHUE LQDVHQWHQFHRUFODXVHDQGLWPD\WDNHDQ\DX[LOLDU\YHUELQRUGHUWRDPSOLI\LWVPHDQLQJ1RQILQLWHYHUEIRUPVDUH ZRUGVOLNHLQILQLWLYHVDQGSDUWLFLSOHVZKLFKFDQQRWFRPELQHZLWKDVXEMHFWWRIRUPDFODXVHRUVHQWHQFHLQWKHLURZQ ULJKW
*HQGHU±*pQHUR
*UDPPDWLFDOFDWHJRU\ZKLFKGHILQHVDZRUGDVPDVFXOLQHRUIHPLQLQH)RULQVWDQFHLQODFDVDHQFDQWDGDWKH HQFKDQWHGKRXVH WKHQRXQFDVDLVIHPLQLQHDQGWKHDUWLFOHODDQGWKHDGMHFWLYHHQFDQWDGDDUHDOVRIHPLQLQH:KHUH WKHJHQGHULVQHLWKHUPDVFXOLQHQRUIHPLQLQHLWLVVDLGWREHQHXWHU
*HUXQG±*HUXQGLR
$OVRNQRZQDVWKHSUHVHQWSDUWLFLSOH$QLPSHUVRQDOIRUPRIWKHYHUEZKLFKLVXVHGD ZLWKDQDX[LOLDU\WRIRUPWKH FRQWLQXRXVWHQVHVHJHVWR\FRPLHQGR DQGE LQVXERUGLQDWHFODXVHVZKHUHLWVVXEMHFWDJUHHVZLWKWKHYHUELQWKH PDLQFODXVHHJ-XDQVLQWLpQGRVHPX\HQIHUPRSLGLyYHUDVXVKLMDV-XDQIHHOLQJYHU\LOODVNHGWRVHHKLV GDXJKWHUV
*UDPPDWLFDOFDWHJRU\± &DWHJRUtDJUDPDWLFDO
$Q\FRQVWLWXHQWSDUWRIDODQJXDJH¶VRYHUDOOJUDPPDUV\VWHPZKLFKFDQEHDQDO\VHGDQGGHVFULEHGVXFKDVJHQGHU QXPEHUSHUVRQWHQVHPRRGYRLFHHWF
,PSHUDWLYH±,PSHUDWLYR
)RUPRIWKHYHUEZKLFKH[SUHVVHVDQRUGHU,WFDQEHDIILUPDWLYHHJ£'DPHHVR*LYHPHWKDW RUQHJDWLYHHJ 1RKDEOHVFRQQDGLH'RQ¶WWDONWRDQ\RQH
,PSHUVRQDOIRUPRIWKH YHUE±)RUPDQR SHUVRQDOLPSHUVRQDOGHO YHUER
$YHUEIRUPZKLFKLVQRWFRQMXJDWHGDQGLVWKHUHIRUHLQYDULDEOH,Q6SDQLVKDVLQ(QJOLVKWKHUHDUHWKUHHWKHLQILQLWLYH HJVRxDU±WRGUHDP WKHJHUXQGHJVRxDQGR±GUHDPLQJ DQGWKHSDVWSDUWLFLSOHHJVRxDGR±GUHDPW 1RWHWKDWSDVWSDUWLFLSOHVGRYDU\LQIRUPZKHQWKH\DUHXVHGDVDGMHFWLYHVHJODOtQHDHVWiRFXSDGD±WKHOLQHLV HQJDJHG
,PSHUVRQDOVHQWHQFHV± )UDVHVLPSHUVRQDOHV
6HQWHQFHVZKRVHVXEMHFWLVXQNQRZQLUUHOHYDQWJHQHULFRULQGHWHUPLQDWHHJ6HGLFHTXHOOHJDUiDVHUSUHVLGHQWH ,WLVVDLGWKDWKHZLOOJHWWREHSUHVLGHQW 8QRQRVDEHTXpKDFHUHQHVWDVFLUFXQVWDQFLDV2QHGRHVQRWNQRZZKDW WRGRLQWKHVHFLUFXPVWDQFHV
,QGHILQLWHV±,QGHILQLGRV
:RUGVWKDWUHIHUWRSHUVRQVDQLPDOVWKLQJVHWFZKLFKDUHQRWVSHFLILFRUFOHDUO\GHILQHGHJDOJXLHQVRPHERG\ DOJRVRPHWKLQJ DOJXQDVRPH
,QGLFDWLYH±,QGLFDWLYR
7KHPRRGRUFDWHJRU\RIYHUEWHQVHVZKLFKH[SUHVVHVIDFWRUFHUWDLQW\
http://vk.com/espanol_con_amigos
,QGLUHFWREMHFW±2EMHWR LQGLUHFWR
6HH2EMHFW
)RUPRIH[SUHVVLRQIRUUHSRUWLQJZKDWVRPHERG\KDVVDLGEXWZLWKRXWXVLQJKLVRUKHUH[DFWZRUGV:KHQWKHOLWHUDO ,QGLUHFWVSHHFK±'LVFXUVR ZRUGVDUHXVHGZHWDONDERXWGLUHFWVSHHFK&RPSDUH3HGURGLMR³9HQGUpPDxDQDDODV´3HGURVDLGµ,¶OO LQGLUHFWR FRPHWRPRUURZDWR¶FORFN¶ GLUHFWVSHHFK DQG3HGURGLMRTXHYHQGUtDDOGtDVLJXLHQWHDODV3HGURVDLGKH ZRXOGFRPHWKHIROORZLQJGD\DWR¶FORFN LQGLUHFWVSHHFK ,QILQLWLYH±,QILQLWLYR
7KHµQDPH¶RIWKHYHUEDQGWKHIRUPWKDWYHUEVKDYHLQWKHGLFWLRQDU\,Q6SDQLVKLQILQLWLYHVDUHFKDUDFWHULVHGE\WKH WKUHHHQGLQJVDUHULUHJDPDUFRPHUYLYLU 7KHLQILQLWLYHLVDQLPSHUVRQDOIRUPRIWKHYHUE
,QWHUURJDWLYHV± ,QWHUURJDWLYRV
$OVRNQRZQDVTXHVWLRQZRUGVDQGµZK¶ZRUGV:RUGVWKDWLQWURGXFHDTXHVWLRQTXpTXLpQHV FyPRFXiQGR GyQGHFXiQWRDRVDV DVLQWKH(QJOLVKµZKDW¶µZKR¶µZKLFK¶µKRZ¶µZKHQ¶µZKHUH¶HWF
,QWHUURJDWLYHVHQWHQFH± 6HQWHQFHZKLFKDVNVDTXHVWLRQHJ¢/ORYHUiPDxDQD":LOOLWUDLQWRPRUURZ" )UDVHRUDFLyQLQWHUURJDWLYD ,QWUDQVLWLYHYHUE±9HUER LQWUDQVLWLYR
7\SHRIYHUEZKLFKGRHVQRWUHTXLUHDGLUHFWREMHFW7KLVLVEHFDXVHWKHDFWLRQGHVFULEHGE\WKHYHUEGRHVQRWDIIHFWD SHUVRQREMHFWRUWKLQJGLUHFWO\DVLQWKHFDVHRIYHUEVRIPRWLRQHJ%DLODHVWXSHQGDPHQWH+HGDQFHVEHDXWLIXOO\ DQG0DxDQDPHOHYDQWDUpDODV7RPRUURZ,¶OOJHWXSDW 6HHDOVR7UDQVLWLYHYHUEV
,UUHJXODUYHUE±9HUER LUUHJXODU
9HUEZKLFKGRHVQRWIROORZWKHUHJXODUFRQMXJDWLRQRUIRUP6RPHYHUEVDUHDOZD\VLUUHJXODUVXFKDVVHUZKLOHRWKHUV DUHLUUHJXODURQO\LQVRPHWHQVHVVXFKDVMXJDULQVRPHSHUVRQVRIWKHSUHVHQWLQGLFDWLYHDQGVXEMXQFWLYHDQGLQWKH LPSHUDWLYH 6HHDOVR5HJXODUYHUE
/LQNZRUG±FRQHFWRU
$ORRVHDQGJHQHUDOWHUPUHIHUULQJWRDQ\HOHPHQWZKLFKMRLQVRWKHUHOHPHQWVWRJHWKHUVXFKDVFRQMXQFWLRQVDQG UHODWLYHSURQRXQV6HHDOVR&RQQHFWRU&RQMXQFWLRQDQG3UHSRVLWLRQ
0DLQFODXVH±2UDFLyQ SULQFLSDO
6HH&RPSOH[VHQWHQFH
0DVFXOLQH±0DVFXOLQR
6HH*HQGHU
6SHFLDOW\SHRIYHUERUYHUEDOFRQVWUXFWLRQZKLFKFRPELQHVZLWKDQRWKHUYHUEWRJLYHLWJUHDWHUVFRSHIRUWKHH[SUHVVLRQ RIQXDQFHRUPRRGHJWHQHUTXHFRQYH\VWKHLGHDRIQHFHVVLW\LQUHODWLRQWRWKHYHUELWFRPSOHPHQWVHJ7HQJRTXH 0RGDOYHUE±9HUERPRGDO WUDEDMDUHOViEDGR±,KDYHWRZRUNRQ6DWXUGD\ 0RGDOYHUEVLQ6SDQLVKLQFOXGHSRGHUVDEHUGHEHUGHEHUGH WHQHUTXHKDEHUVROHUDQGDFRVWXPEUDUD 0RRG±0RGR
&DWHJRU\RIYHUEWHQVHVZKLFKH[SUHVVHVWKHDWWLWXGHRUSHUFHSWLRQRIWKHVSHDNHUIRULQVWDQFHLWFDQVKRZZKHWKHU VKHSHUFHLYHVVRPHWKLQJDVDIDFWRUDQXQFHUWDLQW\7KHUHDUHWKUHHPRRGVLQ6SDQLVKLQGLFDWLYHVXEMXQFWLYHDQG LPSHUDWLYH
1HJDWLYH±1HJDWLYR
4XDOLW\RUFKDUDFWHULVWLFRIDYHUERUVHQWHQFHZKLFKGRHVQRWFDUU\DSRVLWLYHPHDQLQJHJ1RWHQJRKDPEUH,DP QRWKXQJU\ ,QUHODWLRQWRDZRUGRQHZKRVHPHDQLQJLVQRWDIILUPDWLYHVXFKDVQXQFDQHYHU QLQJXQRQR RQHQRQH QDGLHQRERG\ HWF
1HXWHU±1HXWUR
6HH*HQGHU:KHUHWKHJHQGHULVQHLWKHUPDVFXOLQHQRUIHPLQLQHLWLVVDLGWREHQHXWHU,QVRPHODQJXDJHVQRXQVFDQ EHQHXWHULQ6SDQLVKDEVWUDFWFRQFHSWVWHQGWREHH[SUHVVHGPRUHXVLQJWKHQHXWHUIRUPRISURQRXQVHJ¢4XpHVOR TXHPiVWHJXVWDGH-XDQD":KDWLVLWWKDW\RXOLNHPRVWDERXW-XDQD"
1RPLQDOLVDWLRQ± 1RPLQDOL]DFLyQ 6XVWDQWLYDFLyQ
3URFHVVE\ZKLFKDSDUWRIVSHHFKRWKHUWKDQDQRXQEHKDYHVOLNHDQRXQRUDQRXQSKUDVHIRULQVWDQFHHOPtRPLQH HOTXHPiVRGLRWKHRQH,KDWHPRVW (OFRPHUGHPDVLDGRQRHVEXHQR(DWLQJWRRPXFKLVQRWJRRG
1RXQ±6XVWDQWLYR
7\SHRIZRUGXVHGWRUHIHUWRDSHUVRQDQLPDOWKLQJSODFHHYHQWRUFRQFHSWHJWtDDXQW FDEDOORKRUVH FDPSHRQDWRFKDPSLRQVKLS OLEHUWDGIUHHGRP
1RXQFODXVH±2UDFLyQ VXVWDQWLYDFRPSOHWLYD
$W\SHRIVXERUGLQDWHFODXVHZKLFKWDNHVWKHSODFHRIDQRXQSKUDVHHJ4XLHURXQYHVWLGRQXHYR,ZDQWDQHZ GUHVV QRXQSKUDVH 4XLHURTXHPHFRPSUHVXQYHVWLGRQXHYR,ZDQW\RXWREX\PHDQHZGUHVV QRXQ FODXVH
1RXQSKUDVH±6LQWDJPD QRPLQDO
$ZRUGRUJURXSRIZRUGVZLWKRXWDYHUE ZKLFKEHKDYHVOLNHDQRXQDQGSHUIRUPVLWVIXQFWLRQVDVVXEMHFWREMHFW HWF ([DPSOHVDUHSURQRXQVQRPLQDOL]HGLQILQLWLYHVDQGFOXVWHUVRIZRUGVDURXQGDQRXQDVLQWKHIROORZLQJH[DPSOHV (OODFRPSUyHOFRFKHQXHYR6KHERXJKWWKHQHZFDU DQG(OVDEHUQRRFXSDOXJDU.QRZOHGJHLVQHYHUZDVWHG OLWHUDOO\NQRZOHGJHGRHVQ¶WWDNHXSVSDFH
1XPEHU±1~PHUR
*UDPPDWLFDOFDWHJRU\ZKLFKGHILQHVDZRUGDVVLQJXODURUSOXUDO1XPEHUDSSOLHVWRQRXQSKUDVHVHOERVTXH HQFDQWDGRORVERVTXHVHQFDQWDGRV WKHHQFKDQWHGZRRGWKHHQFKDQWHGZRRGV DQGWRYHUEVYLHQHYLHQHQ ,QVHQWHQFHVZLWKDWUDQVLWLYHYHUEWKHREMHFWRIDYHUELVDQRXQDQRXQSKUDVHRUDFODXVHZKLFKLVFRQVLGHUHGWREH DIIHFWHGE\WKHYHUEHLWKHUGLUHFWO\RULQGLUHFWO\:KHQWKHDFWLRQRIWKHYHUEDIIHFWVWKHREMHFWGLUHFWO\WKDWREMHFWLV VDLGWREHDGLUHFWREMHFWWKHQRXQQRXQSKUDVHRUFODXVH DQVZHUVWKHTXHVWLRQµZKDW"¶RUµWRZKRP"¶LQUHODWLRQWR
http://vk.com/espanol_con_amigos
2EMHFWRIDYHUE ±2EMHWR WKHYHUE)RULQVWDQFHWKHVHQWHQFH-XOLiQTXLHUHPiVYDFDFLRQHV-XOLiQZDQWVPRUHKROLGD\V DQVZHUVWKH TXHVWLRQ¢4XpTXLHUH-XOLiQ":KDWGRHV-XOLiQZDQW" 6LPLODUO\ZKHQWKHDFWLRQDIIHFWVWKHREMHFWLQGLUHFWO\LWLV VDLGWREHDQLQGLUHFWREMHFW7KHQRXQQRXQSKUDVHRUFODXVH DQVZHUVWKHTXHVWLRQVµWRZKRPRUZKDW"¶RUµIRU ZKRPRUZKDW"¶)RULQVWDQFH-XOLiQOHKDSURPHWLGRXQYLDMHD3RUW$YHQWXUDDVXKLMR-XOLiQKDVSURPLVHGKLV VRQDWULSWR3RUW$YHQWXUD DQVZHUVWKHTXHVWLRQ¢$TXLpQKDSURPHWLGR-XOLiQXQYLDMHD3RUW$YHQWXUD"7R ZKRPKDV-XOLiQSURPLVHGDWULSWR3RUW$YHQWXUD" 3DUWRIVSHHFK±3DUWHGH &DWHJRU\RIZRUGDFFRUGLQJWRWUDGLWLRQDOFODVVLILFDWLRQ 7KHSDUWVRIVSHHFKDUHDGMHFWLYHDUWLFOHQRXQSURQRXQ ODRUDFLyQ DGYHUEYHUEFRQMXQFWLRQDQGSUHSRVLWLRQ 3DVVLYHYRLFH±9R]SDVLYD 6HH9RLFH $QLPSHUVRQDOIRUPRIWKHYHUEZKLFKLVXVHGD WRIRUPWKHFRPSRXQGWHQVHVZLWKWKHDX[LOLDU\KDEHUHJKH 3DVWSDUWLFLSOH±3DUWLFLSLR FRPLGR±,KDYHHDWHQ E WRIRUPWKHSDVVLYHYRLFHZLWKWKHDX[LOLDU\VHUHJVHUiUHWUDVDGR±LWZLOOEH SRVWSRQHG DQGF DVDQDGMHFWLYHHVWR\SUHRFXSDGD±,DPZRUULHG 3HQLQVXODU6SDQLVK± (VSDxROSHQLQVXODU
$JHQHUDOWHUPIRUWKHYDULHWLHVRI6SDQLVKVSRNHQLQPDLQODQG6SDLQ
3HUIHFWWHQVHV±7LHPSRV FRPSXHVWRV
6HHDOVR&RPSRXQGWHQVHV7HQVHVPDGHXSRIWKHDX[LOLDU\KDEHUKDYH SDVWSDUWLFLSOH$OOSHUIHFWWHQVHVKDYH LQKHUHQWLQWKHPWKHQRWLRQRIµILQLVKHGDFWLRQ¶DQGRIWHQRIµEHIRUHQHVV¶HJ
3HUVRQ±3HUVRQD
*UDPPDWLFDOFDWHJRU\RIYHUEVZKLFKLQGLFDWHVWKHSHUVRQ\RW~HWF SHUIRUPLQJWKHDFWLRQ,Q6SDQLVKWKHSHUVRQLV LQGLFDWHGLQWKHHQGLQJRIWKHFRQMXJDWHGYHUEHJFRPR\R FRPHVW~ FRPHQHOORVHOODVXVWHGHV
3OXUDO±3OXUDO
6HH1XPEHU
3RVVHVVLYH±3RVHVLYR
:RUGWKDWLQGLFDWHVDUHODWLRQVKLSRISRVVHVVLRQRURZQHUVKLS3RVVHVVLYHVFDQEHDGMHFWLYHVHJ6XMDUGtQHV SUHFLRVR±+HUJDUGHQLVEHDXWLIXO RUSURQRXQVHJ1RHVPtRHVWX\R±,W¶VQRWPLQHLW¶V\RXUV
3UHIL[HV±3UHILMRV
6HH$IIL[HV
$QLQYDULDEOHZRUGZKLFKOLQNVWRJHWKHUWZRRWKHUZRUGVRUJURXSVRIZRUGVRIWHQQRXQSKUDVHV LQRUGHUWRLQGLFDWHD 3UHSRVLWLRQ±3UHSRVLFLyQ UHODWLRQVKLSRIWLPHVSDFHSHUVRQDODWWLWXGHSRVVHVVLRQHWFHJ(OFRFKHGHPLPDGUH0\PRWKHU¶VFDU ,UpFRQ -XOLiQ,¶OOJRZLWK-XOLiQ 3UHSRVLWLRQDOSKUDVH± )UDVHSUHSRVLFLRQDO
6HH3UHSRVLWLRQ
3UHVHQWSDUWLFLSOH± *HUXQGLR
6HH*HUXQG
3URQRPLQDOYHUE±9HUER SURQRPLQDO
9HUEZKLFKLVDOZD\VDFFRPSDQLHGE\DSURQRXQRIWKHFODVVPHWHVHQRVRVVH7KH\DUHUHFRJQLVHGLQWKH GLFWLRQDU\EHFDXVHWKHLQILQLWLYHKDVDQHQFOLWLFRUERXQGVHHJFDHUVH±WRIDOO 7ZRZHOONQRZQW\SHVRISURQRPLQDO YHUEVDUHUHIOH[LYHYHUEVHJDIHLWDUVH±WRVKDYHRQHVHOI DQGUHFLSURFDOYHUEVDPDUVHXQRVDRWURV ±WR ORYHHDFKRWKHU
3URQRXQ±3URQRPEUH
$ZRUGZKLFKWDNHVWKHSODFHRIDQRXQHJLQ-XDQDQRVHQJDxy(OODVDEtDODYHUGDG-XDQDGHFHLYHGXV6KH NQHZWKHWUXWK HOODLVXVHGLQVWHDGRI-XDQDWRDYRLGUHSHDWLQJWKHQDPHZKLFKLVDOUHDG\XQGHUVWRRG7KHUHDUH GLIIHUHQWW\SHVSHUVRQDOHJ0HGLRVXGLUHFFLyQ±+HJDYHPHKLVDGGUHVV LQWHUURJDWLYHHJ¢4XLpQHUHV"± :KRDUH\RX" GHPRQVWUDWLYHHJ(VWHHV-XDQ±7KLVLV-XDQ SRVVHVVLYHHJ(VPtR±,W¶VPLQH UHODWLYH 3HGURTXHHUDPX\DWUHYLGROHSUHJXQWyVXQRPEUH±3HGURZKRZDVYHU\GDULQJDVNHGKHUQDPH LQGHILQLWH $OJXLHQYLHQH±6RPHERG\LVFRPLQJ DQGQHJDWLYH1DGLHVHKDOHYDQWDGRWRGDYtD±1RERG\KDVJRWXS\HW
4XHVWLRQZRUGV± ,QWHUURJDWLYRV
6HH,QWHUURJDWLYHV
5DGLFDOFKDQJLQJYHUEV± 9HUERVFRQLUUHJXODULGDGHV 9HUEVZKRVHFKDQJHVDIIHFWWKHVWHPRUURRW TXHDIHFWDQDODUDt] 5HFLSURFDO±5HFtSURFR
*UDPPDWLFDOWHUPZKLFKLQGLFDWHVWKDWDQDFWLRQLVPXWXDOHJ/XLV\&DUPHQVHRGLDQ/XLVDQG&DUPHQKDWHHDFK RWKHU 7KHUHDUHUHFLSURFDOSURQRXQVQRVRVVH DQGUHFLSURFDOYHUEVHJTXHUHUVHRGLDUVHXQRVDRWURV
5HIOH[LYH±5HIOH[LYR
*UDPPDWLFDOWHUPZKLFKLQGLFDWHVWKDWDQDFWLRQLVSHUIRUPHGE\RQHVHOIRQRQHVHOIHJ0HYR\DODYDU,¶PJRLQJWR ZDVKP\VHOI 7KHUHDUHUHIOH[LYHSURQRXQVPHWHVHQRVRVVH DQGUHIOH[LYHYHUEVHJGXFKDUVH
5HJLVWHU±5HJLVWUR
/LQJXLVWLFYDULHW\RUVW\OH$UHJLVWHULVFKDUDFWHULVHGE\WKHFKRLFHRIH[SUHVVLRQVWUXFWXUHVDQGLQSDUWLFXODU YRFDEXODU\$UHJLVWHUFDQEHIRUPDOVWDQGDUGRUQHXWUDOLQIRUPDORUFROORTXLDORUYXOJDU
5HJXODUYHUE±9HUER UHJXODU
9HUEZKLFKIROORZVWKHUXOHVIRUDJLYHQWHQVH6RPHYHUEVDUHDOZD\VUHJXODUOLNHFRPHUWRHDW DQGRWKHUVPD\EH UHJXODULQVRPHWHQVHVEXWQRWLQRWKHUVOLNHFRQGXFLUWRGULYH ZKLFKLVUHJXODULQDOOWHQVHVH[FHSWWKHSUHWHULWHDQG LPSHUIHFWVXEMXQFWLYH6HHDOVR,UUHJXODUYHUE
http://vk.com/espanol_con_amigos
5HODWLYHFODXVH±2UDFLyQ $W\SHRIVXERUGLQDWHFODXVHZKLFKWDNHVWKHSODFHRIDQDGMHFWLYHDQGWKHUHIRUHTXDOLILHVDQRXQ/DVPRQWDxDV GHUHODWLYH QHYDGDVVRQXQDPDUDYLOOD7KHVQRZ\PRXQWDLQVDUHZRQGHUIXO DGMHFWLYH /RVPRQWHVTXHVHYHQGHVGHDTXt VRQXQDPDUDYLOOD7KHPRXQWDLQVWKDW\RXFDQVHHIURPKHUHDUHZRQGHUIXO UHODWLYHFODXVH &RQQHFWRUZKLFKMRLQVWKHUHODWLYHFODXVHWRLWVDQWHFHGHQW,Q/DQLxDGHODIRWRTXHOOHYDWUHQ]DVVR\\R7KH 5HODWLYHSURQRXQ± OLWWOHJLUOLQWKHSKRWRZKRKDVSODLWVLVPH TXHLVWKHUHODWLYHSURQRXQZKLFKMRLQVWKHUHODWLYHFODXVHWRLWVDQWHFHGHQW 3URQRPEUHUHODWLYH QLxD 5HSRUWHGVSHHFK± 'LVFXUVRLQGLUHFWR
6HH,QGLUHFWVSHHFK
6LPSOHVHQWHQFH±2UDFLyQ 6HQWHQFHFRQVLVWLQJRIMXVWRQHFODXVHDQGZKLFKH[SUHVVHVDFRPSOHWHLQGHSHQGHQWDQGFRKHUHQWWKRXJKWHJ(VWH QLxRVHOODPD5DPyQ7KLVER\LVFDOOHG5DPyQ VLPSOH 6LQJXODU±6LQJXODU
6HH1XPEHU
6WHPRIWKHYHUE±5Dt] YHUEDO
$OVRNQRZQDVµURRW¶:KDWUHPDLQVRIWKHLQILQLWLYHIRUPRIWKHYHUEDIWHUUHPRYLQJWKHHQGLQJDUHURULUDQGWR ZKLFKWKHFRQMXJDWLRQHQGLQJVDUHDGGHGHJYLYLUĺYLYYLYtDYLYLUiVYLYLpUDPRVHWF
6XEMHFW±6XMHWR
7KHSHUVRQRUWKLQJZKLFKSHUIRUPVWKHDFWLRQGHQRWHGE\WKHYHUEHJ'DQLHOWUDEDMDHQHO0LQLVWHULRGH (GXFDFLyQ'DQLHOZRUNVLQWKH0LQLVWU\RI(GXFDWLRQ
6XEMXQFWLYH±6XEMXQWLYR
7KHPRRGRUFDWHJRU\RIYHUEWHQVHVZKLFKH[SUHVVHVGRXEWXQFHUWDLQW\RUFRQMHFWXUH
6XERUGLQDWHFODXVH± 2UDFLyQVXERUGLQDGD
&ODXVHZKLFKGRHVQRWH[SUHVVDFRPSOHWHWKRXJKWDQGWKHUHIRUHFDQQRWVWDQGRQLWVRZQEXWPXVWEHSDUWRIDODUJHU XQLWDFRPSOH[VHQWHQFHLQZKLFKLWLVGHSHQGHQWRQDQRWKHUFODXVHFDOOHGWKHPDLQFODXVH)RULQVWDQFHWKHFODXVH HOFXDOVHSXVRDODGUDUDOYHUQRVZKLFKVWDUWHGEDUNLQJDVVRRQDVLWVDZXV GRHVQRWKDYHFRPSOHWHVHQVHRQLWV RZQEXWLWGRHVDVSDUWRIDFRPSOH[VHQWHQFHHJ1RVVDOLyXQSHUURHQRUPHHOFXDOVHSXVRDODGUDUDOYHUQRV $KXJHGRJFDPHRXWZKLFKVWDUWHGEDUNLQJDVVRRQDVLWVDZXV 7KHUHDUHWKUHHW\SHVRIVXERUGLQDWHFODXVHVQRXQ FODXVHVUHODWLYHFODXVHVDQGDGYHUELDOFODXVHV
6XERUGLQDWLRQ± 6XERUGLQDFLyQ
5HODWLRQVKLSRIGHSHQGHQF\WKDWDVXERUGLQDWHFODXVHKDVZLWKLWVJRYHUQLQJPDLQFODXVH,Q6LTXLHUHVYHQ,I\RX ZDQWFRPHDORQJ WKHFODXVHVLTXLHUHVKDVDUHODWLRQVKLSRIVXERUGLQDWLRQWRYHQLHLWLVGHSHQGHQWRQYHQ
6XIIL[HV±6XILMRV
6HH$IIL[HV
6XSHUODWLYH±6XSHUODWLYR
)RUPRIDQDGMHFWLYHZKLFKLQGLFDWHVLWVTXDOLW\DVEHLQJRIWKHKLJKHVWGHJUHHHJODPiVEHOODGHOPXQGRWKHPRVW EHDXWLIXOLQWKHZRUOG
6\QRQ\P±6LQyQLPR
7HUPZKLFKKDVWKHVDPHPHDQLQJDVDQRWKHUWHUPHJFRJHUDQGWRPDUDUHV\QRQ\PVPHDQLQJµWRWDNH¶
6\QWD[±6LQWD[LV
3DUWRIJUDPPDUZKLFKVHWVWKHUXOHVDERXWKRZZRUGVDUHRUGHUHGLQVHQWHQFHV
7DJTXHVWLRQ±&ROHWLOOD LQWHUURJDWLYD
$TXHVWLRQZKLFKIROORZVDVWDWHPHQWDQGZKLFKVHHNVFRQILUPDWLRQHJ¢QR"¢YHUGDG"¢FLHUWR"DVLQ9HQGUiV DODILHVWD¢YHUGDG"
7HQVH±7LHPSRYHUEDO
*UDPPDWLFDOFDWHJRU\RIYHUEVZKLFKLQGLFDWHVGLVWLQFWLRQVLQWLPH$OOSHUVRQDOIRUPVRIWKHYHUEVPXVWEHFRQMXJDWHG LQDWHQVHIRUPHJSUHVHQWWHQVHSHUIHFWIXWXUHSUHWHULWHLPSHUIHFWHWF)RULQVWDQFHHVWiPLQWLHQGRKH¶VO\LQJ LV LQWKHSUHVHQWFRQWLQXRXVWHQVH
7UDQVLWLYHYHUE±9HUER WUDQVLWLYR
9HUEZKLFKWDNHVDGLUHFWREMHFW7KLVLVEHFDXVHWKHPHDQLQJRIWKHYHUELPSOLHVWKDWWKHDFWLRQLQIOXHQFHVDSHUVRQ DQLPDORUWKLQJ$QH[DPSOHLVHVFULELUWRZULWH VLQFHZKHQVRPHERG\ZULWHVVKHPXVWZULWHVRPHWKLQJHYHQLIWKLV ZHUHQRWVSHFLILHGLQWKHVHQWHQFH +DHVFULWRXQVLQItQGHQRYHODV+H¶VZULWWHQQRHQGRIQRYHOV 6HHDOVR ,QWUDQVLWLYHYHUE
8WWHUDQFH±8QLGDGGH KDEOD
$JHQHUDOWHUPIRUDVWULQJRIVSHHFKSURGXFHGE\DVSHDNHULQDSDUWLFXODUVLWXDWLRQ,WPD\EHDIXOOVHQWHQFHDFODXVH DQH[FODPDWLRQDQRUGHURUMXVWDVLQJOHZRUG
9HUE±9HUER
:RUGZKLFKLQGLFDWHVWKHDFWLRQRIDVHQWHQFHVXFKDVOORYHUWRUDLQ 3DVDUHPRVOXHJR:H¶OOSRSLQODWHU +D QDFLGRHVWDPDxDQD,WZDVERUQWKLVPRUQLQJ
9RLFH±9R]
7HUPXVHGWRUHIHUWRWKHUHODWLRQVKLSEHWZHHQWKHVXEMHFWRIWKHYHUEDQGWKHDFWLRQ:KHQWKHVXEMHFWRIWKHYHUELV SUHVHQWHGDVWKHDFWLYHµGRHU¶WKHYHUELVVDLGWREHLQWKHDFWLYHYRLFHHJ-XDQFRUWyYDULRViUEROHVGHOMDUGtQ -XDQFXWGRZQVHYHUDOWUHHVLQWKHJDUGHQ :KHQWKHREMHFWRIWKHYHUELVJLYHQSURPLQHQFHDVWKHUHFLSLHQWRIWKH DFWLRQWKHYHUELVVDLGWREHLQWKHSDVVLYHYRLFHHJ9DULRViUEROHVGHOMDUGtQIXHURQFRUWDGRV6HYHUDOWUHHVLQWKH JDUGHQZHUHFXWGRZQ
2UGHURIWKHZRUGVLQDVHQWHQFH'LIIHUHQWODQJXDJHVKDYHGLIIHUHQWRUGHUV,Q6SDQLVKWKHPRVWFRPPRQRUGHUIRU :RUGRUGHU±2UGHQGHODV DIILUPDWLYHVWDWHPHQWVLVVXEMHFWYHUEREMHFWHJ0DUtDKDHVWXGLDGR(PSUHVDULDOHV0DUtDKDVGRQHEXVLQHVV SDODEUDV VWXGLHV
http://vk.com/espanol_con_amigos
1RXQV 1RXQV±VXVWDQWLYRV±DUHZRUGVZKLFKVWDQGIRUSHUVRQVWKLQJVSODFHVRUDEVWUDFWFRQFHSWVµ/DXUD¶µFKDLU¶ µ0DGULG¶DQGµIUHHGRP¶DUHDOOQRXQV $V\RXZLOOVHHLQWKHIROORZLQJVHFWLRQVWKHFRQFHSWVRIJHQGHUDQGQXPEHUDUHLPSRUWDQWLQUHODWLRQWRWKH QRXQZKLFKFDQEHHLWKHUPDVFXOLQHRUIHPLQLQHDQGVLQJXODURUSOXUDO 7KHQRXQQDWXUDOJHQGHU 1RXQVKDYHJHQGHU,Q6SDQLVKDOOQRXQVLQFOXGLQJWKRVHWKDWVLJQLI\DQREMHFWDUHHLWKHUPDVFXOLQHRUIHPLQLQH 6RIRULQVWDQFHPHVDWDEOH LVDIHPLQLQHQRXQDQGOLEURERRN LVDPDVFXOLQHQRXQ ,WLVLPSRUWDQWWRNQRZZKHWKHUDQRXQLVPDVFXOLQHRUIHPLQLQHDVRWKHUZRUGVLQDVHQWHQFHKDYHWRDJUHHZLWK LWLQJHQGHU&RPSDUHHOQLxRDOWRWKHWDOOER\ DQGODQLxDDOWDWKHWDOOJLUO 7KHDUWLFOHHORUODµWKH¶ DQG WKHDGMHFWLYHDOWRRUDOWDµWDOO¶ WKDWDFFRPSDQ\WKHQRXQQLxRµER\¶RUQLxDµJLUO¶ KDYHWRDJUHHLQJHQGHU DQGQXPEHUZLWKWKHQRXQLWVHOI 6HH8QLWDQG6HFWLRQIRUPRUHLQIRUPDWLRQRQQXPEHUDQGJHQGHUDJUHHPHQW 1DPLQJSHRSOHDQGDQLPDOV 7KHJHQGHURIPRVWQRXQVXVHGWRQDPHSHRSOHRUDQLPDOVGHSHQGVRQZKHWKHUWKHSHUVRQRUDQLPDOLVPDOHRU IHPDOH 0DVFXOLQHQRXQV HOSDGUHWKHIDWKHU HOQLxRWKHER\ HOLQJHQLHURWKHPDOH HQJLQHHU HOJDWRWKHPDOH FDW
)HPLQLQHQRXQV ODPDGUHWKHPRWKHU ODQLxDWKHJLUO ODLQJHQLHUDWKHIHPDOH HQJLQHHU ODJDWDWKHIHPDOH FDW
)RUP 1RXQVWKDWQDPHSHRSOHRUDQLPDOVXVXDOO\KDYHDPDVFXOLQHDQGDIHPLQLQHIRUP7KHPRVWFRPPRQPDVFXOLQH HQGLQJLVRDQGWKHPRVWFRPPRQIHPLQLQHRQHLVDEXWWKHUHDUHRWKHUV 0DVFXOLQHIRUP 1RXQVWKDWHQGLQR
)HPLQLQHIRUP 5HSODFHWKHRE\DQD
1RXQVWKDWHQGLQGOQUV]
$GGDQDWRWKHPDVFXOLQHIRUPWRPDNH WKHIHPLQLQHIRUP
1RXQVWKDWHQGLQH
6RPHWLPHVWKHHLVUHSODFHGE\DQD VRPHWLPHVWKHHQGLQJUHPDLQVWKHVDPH
1RXQVWKDWHQGLQyQRUtQ
&KDQJHWRRQDRULQDUHVSHFWLYHO\
1RXQVWKDWHQGLQtRU~
5HPDLQWKHVDPH
HOVHFUHWDULRĺODVHFUHWDULDWKHVHFUHWDU\ HOSURIHVRUĺODSURIHVRUDWKHWHDFKHU 7KH PDLQH[FHSWLRQVDUHHOODMRYHQWKH\RXWK HOOD OtGHUWKHOHDGHU HOMHIHĺODMHIDWKHERVV HOHVWXGLDQWHĺOD HVWXGLDQWHWKHVWXGHQW EXWQRWHHOWLJUHWKHWLJHU ĺODWLJUHVDWKHWLJUHVV HOFDPSHyQĺODFDPSHRQDWKHFKDPSLRQ HO EDLODUtQĺODEDLODULQDWKHEDOOHWGDQFHU HOLUDQtĺODLUDQtWKH,UDQLDQ HOKLQG~ĺOD KLQG~WKH+LQGX
1RXQVWKDWUHPDLQWKHVDPHLQWKHPDVFXOLQHDQGIHPLQLQH HOODDUWLVWDWKHDUWLVW
HOODSROLFtDWKHSROLFHRIILFHU
http://vk.com/espanol_con_amigos
6RPHQRXQVHQGLQJLQDDQGSDUWLFXODUO\LVWD FDQ HOODDWOHWDWKHDWKOHWH HOODFLFOLVWDWKHF\FOLVW EHXVHGWRUHIHUWRHLWKHUPDOHVRUIHPDOHV HOODIXWEROLVWDWKHIRRWEDOOHU 2WKHUQRXQVWKDWFDQEHXVHGIRUHLWKHUPDOHVRU IHPDOHV
HOEHEpWKHEDE\ ODSHUVRQDWKHSHUVRQ ODYtFWLPDWKHYLFWLP HOSHUVRQDMHWKHFKDUDFWHUHJLQDERRN
HOODWD[LVWDWKHWD[LGULYHU HOODWHQLVWDWKHWHQQLVSOD\HU HOODWXULVWDWKHWRXULVW HOJHQLRWKHJHQLXV ODHVWUHOODWKH79ILOPVWDU HOODWHVWLJRWKHZLWQHVV HOODPRGHORWKHPRGHO
1RWHWKDWPRVWRIWKHVHRQO\WDNHRQHDUWLFOHHLWKHUPDVFXOLQHRUIHPLQLQH VRWKDWIRULQVWDQFHHO SHUVRQDMHFDQEHXVHGWRUHIHUWRDIHPDOHFKDUDFWHUHOSHUVRQDMHGHODG\0DFEHWK (MHUFLFLRV )LUVWPDWFKHDFKQRXQZLWKLWV(QJOLVKWUDQVODWLRQDQGWKHQJLYHWKHIHPLQLQHIRUPUHPHPEHULQJWRXVH WKHIHPLQLQHDUWLFOHOD DHOSURIHVRU EHOFDPSHyQ FHODERJDGR GHOLUDTXt HHODWOHWD
LWKH,UDTL LLWKHFKDPSLRQ LLLWKHDWKOHWH LYWKHWHDFKHU YWKHODZ\HU
*LYHWKHPDVFXOLQHIRUPRIWKHIROORZLQJIHPLQLQHQRXQVUHPHPEHULQJWRXVHWKHPDVFXOLQHDUWLFOHHO DODGRFWRUD EODSUHVLGHQWD FODFLFOLVWD GODEDLODULQD HODSROLFtD IODHVWXGLDQWH &RPSOHWHWKHPLVVLQJZRUGIURPHDFKFDSWLRQ6HHWKHWDEOHµ1RXQVWKDWUHPDLQWKHVDPHLQPDVFXOLQH DQGIHPLQLQH¶
D$OEHUW(LQVWHLQ
http://vk.com/espanol_con_amigos
EGH6KDNHVSHDUHODG\0DFEHWK
F$OLFLDGHPLKHUPDQD
GPiVIDPRVD
HGXUDQWHHOMXLFLR 7KHQRXQJUDPPDWLFDOJHQGHU ,Q6SDQLVKQRXQVGHQRWLQJWKLQJVRUDEVWUDFWFRQFHSWVDOVRKDYHDJUDPPDWLFDOJHQGHUZKLFKPHDQVWKDWWKH\ WRRDUHHLWKHUPDVFXOLQHRUIHPLQLQH$OOQRXQVLQ6SDQLVKDUHHLWKHUPDVFXOLQHRUIHPLQLQH 1RXQVHQGLQJLQRDQGD ,QJHQHUDOQRXQVHQGLQJLQRDUHPDVFXOLQHDQGWKRVHHQGLQJLQDDUHIHPLQLQHHJHODxR±WKH\HDUOD VHPDQD±WKHZHHN 7KHUHDUHVRPHLPSRUWDQWH[FHSWLRQV 7KHPDLQPDVFXOLQHQRXQVHQGLQJLQDPDQ\RIWKHPHQGLQJLQPD DUH HOGtDWKHGD\ DQGVRPHQRXQVRI*UHHNRULJLQHOFOLPDWKHFOLPDWH HO
http://vk.com/espanol_con_amigos
0DVFXOLQHQRXQVHQGLQJLQD
LGLRPDWKHODQJXDJH HOPDSDWKHPDS HOSODQHWDWKHSODQHW HO SRHPDWKHSRHP HOSUREOHPDWKHSUREOHP HOSURJUDPDWKH SURJUDPPH HOVLVWHPDWKHV\VWHP HOWHPDWKHWKHPHWRSLF 7KHPDLQIHPLQLQHQRXQVHQGLQJLQRDUHODPDQRKDQG DQGVRPH ZRUGVZKLFKDUHDEEUHYLDWLRQVODIRWRVKRUWIRUIRWRJUDItDSKRWR OD PRWRVKRUWIRUPRWRFLFOHWDPRWRUF\FOH
)HPLQLQHQRXQVHQGLQJLQR
2WKHUHQGLQJV 0DQ\QRXQVGRQRWHQGLQHLWKHURRUD1HYHUWKHOHVVWKHUHDUHFRQVLVWHQWSDWWHUQV7KHIROORZLQJUXOHVFDQ KHOS\RXWRGHFLGHWKHJHQGHURIDQRXQ D 1RXQVWKDWDUHXVXDOO\IHPLQLQH
1RXQVHQGLQJLQGDGWDGDQGXG 0DQ\QRXQVHQGLQJLQH] 1RXQVHQGLQJLQVLVDQG±LWLV 1RXQVHQGLQJLQLH 0RVWQRXQVHQGLQJLQLyQ
7KHQDPHVRIWKHOHWWHUVRIWKHDOSKDEHWDUHIHPLQLQH
([DPSOH ODFLXGDGWKHFLW\ ODLJXDOGDGHTXDOLW\ ODOLEHUWDGOLEHUW\ OD OHDOWDGOR\DOW\ ODYLUWXGYLUWXH ODVDOXGKHDOWK ODHVWXSLGH]VWXSLGLW\ ODLGLRWH]LGLRF\ ODVHQFLOOH]VLPSOLFLW\ ODFULVLVWKHFULVLV ODWHVLVWKHWKHVLV ODWURPERVLVWKURPERVLV OD KHSDWLWLVKHSDWLWLV ODVHULHWKHVHULHV ODDFFLyQWKHDFWLRQ ODHVWDFLyQWKHVWDWLRQ ODH[FXUVLyQWKH H[FXUVLRQ ODUHYROXFLyQWKHUHYROXWLRQ ODSDVLyQWKHSDVVLRQ OD PLVLyQWKHPLVVLRQ 7ZRLPSRUWDQWH[FHSWLRQVDUHHOFDPLyQWKHORUU\ DQGHODYLyQWKH DHURSODQH ODDODEHODFHODGH /DHxHQRH[LVWHHQLQJOpV7KHOHWWHUµx¶GRHVQ¶WH[LVWLQ(QJOLVK
E 1RXQVWKDWDUHXVXDOO\PDVFXOLQH 1RXQVHQGLQJLQyQ 1RXQVHQGLQJLQRU 1RXQVHQGLQJLQDMH 1RXQVHQGLQJLQDVWUHVVHGYRZHO 1DPHVRIWKHGD\VDQGPRQWKV 1XPEHUV &RORXUVDUHPDVFXOLQHZKHQXVHGDVQRXQV 7KHQDPHVRIULYHUVVHDVDQGRFHDQV 7KHQDPHVRIODQJXDJHV
([DPSOH HOMDPyQKDP HODPRUORYH HOYDORUFRXUDJHRUYDORXU HOJDUDMHWKHJDUDJH HOSDLVDMHWKHODQGVFDSH HOVRIiWKHVRID HOOXQHV0RQGD\ HODEULOSDVDGRODVW$SULO 1RWHWKDWLQ6SDQLVKWKHQDPHVRIWKHGD\VDQGPRQWKVDUHZULWWHQ ZLWKDQLQLWLDOORZHUFDVHOHWWHU (OWUHVHVPLQ~PHURIDYRULWR7KUHHLVP\IDYRXULWHQXPEHU (OURMRHVPLFRORUIDYRULWR5HGLVP\IDYRXULWHFRORXU HO$PD]RQDVHO$WOiQWLFRHO0HGLWHUUiQHR HOHVSDxRO6SDQLVK HOIUDQFpV)UHQFK HOLQJOpV(QJOLVK HOMDSRQpV -DSDQHVH 1RWHWKDWLQ6SDQLVKWKHQDPHVRIODQJXDJHVDUHZULWWHQZLWKDQ LQLWLDOORZHUFDVHOHWWHU
F *HQGHURIQRXQVWKDWHQGLQH
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
http://vk.com/espanol_con_amigos
WKLQJVGHSHQGLQJRQWKHJHQGHU6RPHRIWKHPRVWFRPPRQDUH HOEROVRWKHKDQGEDJ HOFDSLWDOFDSLWDOLHPRQH\ HOJXtDWKHPDOH JXLGH HOPDUJHQWKHPDUJLQ
ODEROVDWKHEDJWKHVWRFNH[FKDQJH ODFDSLWDOWKHFDSLWDOFLW\ ODJXtDWKHIHPDOH JXLGHEXWDOVRWKHJXLGHERRN ODPDUJHQWKHULYHUEDQN
(MHUFLFLRV
'HFLGHWKHJHQGHURIWKHIROORZLQJZRUGVDQGWKHQZULWHWKHFRUUHFWGHILQLWHDUWLFOHLQWKHJDSHOLIWKH\ DUHPDVFXOLQHODLIWKH\DUHIHPLQLQHRUHOODLIWKH\FDQEHHLWKHU&KHFNWKHH[SODQDWLRQVDERYHLI\RX DUHQRWVXUH DPXOWLWXG EHQLJPD FFDSLWDO GEURQTXLWLV HIUDWHUQLGDG IUHXQLyQ 'RWKHVDPHDVLQEXWWKLVWLPHGRQRWFRQVXOWWKHJUDPPDWLFDOH[SODQDWLRQV DGHQWLVWD EDSHQGLFLWLV FVXSRVLFLyQ GPDQR HVtQWRPD IMXYHQWXG 5HDGHDFKVHQWHQFHDQGJLYHWKH6SDQLVKHTXLYDOHQWRIWKHZRUGLQEROG (MHPSOR ,OLNHOLYLQJLQWKHFDSLWDOODFDSLWDO D,¶GOLNHWRVWDUWDEXVLQHVVEXW,KDYHQ¶WUHDOO\JRWWKHFDSLWDO,QHHG E7KHJXLGHERRNVD\VWKHPXVHXPLVFORVHGRQ0RQGD\V F,ZURWHVRPHQRWHVLQWKHPDUJLQRIWKHGRFXPHQW G7KHJXLGHWROGXVDERXWVHYHUDOUHVWDXUDQWVDQGWKHQWRRNXVWRDYHU\JRRGRQH 7KHQRXQQXPEHU µ1XPEHU¶±Q~PHUR±LVDJUDPPDWLFDOFRQFHSWZKLFKFDWHJRULVHVZRUGVDVVLQJXODURUSOXUDO1RXQVDUHVDLG WREHVLQJXODULIWKH\UHIHUWRRQHSHUVRQRUWKLQJRUSOXUDOLIWKH\UHIHUWRVHYHUDOµ&KDLU¶LVVLQJXODUZKHUHDV µFKDLUV¶LVSOXUDO,Q6SDQLVKWKHSOXUDOLVXVXDOO\IRUPHGE\DGGLQJVRUHV 7KHDUWLFOHVHODQGODDOVRKDYHDSOXUDOIRUPORVDQGODV
http://vk.com/espanol_con_amigos
)RUPDWLRQRIWKHSOXUDO
1RXQVHQGLQJLQDYRZHODHLRRUX
$GGV,IWKHYRZHOLVDQDFFHQWHGtRU~ DGGHV
ODFDVDĺODVFDVDVKRXVHV ODHVWXGLDQWHĺODVHVWXGLDQWHVIHPDOHVWXGHQWV HOOLEURĺORVOLEURVERRNV ODWULEXĺODVWULEXVWULEHV HOLUDQtĺORVLUDQtHV,UDQLDQV
1RXQVHQGLQJLQDFRQVRQDQW
$GGHV,IWKHYRZHOEHIRUHWKHODVW FRQVRQDQWKDVDQDFFHQWWKHDFFHQW GLVDSSHDUVLQWKHSOXUDO
HOGRFWRUĺORVGRFWRUHVGRFWRUV ODQDFLyQĺODVQDFLRQHVQDWLRQV
1RWHWKDWQRXQVHQGLQJLQDVWUHVVHGtRU~LQWKHVLQJXODUIRUPWKHLUSOXUDOE\DGGLQJHVHOLUDTXtĺORV LUDTXtHV,UDTLV ODKLQG~ĺODVKLQG~HV+LQGXZRPHQ 7KHH[FHSWLRQVDUHHOPHQ~ĺORVPHQ~VWKH PHQXV HOFKDPS~ĺORVFKDPS~VWKHVKDPSRRV 1RWHKRZHYHUWKDWLWLVEHFRPLQJDFFHSWDEOHVLPSO\WRVD\ ORVLUDTXtVODVKLQG~VHWF 0DVFXOLQHSOXUDOIRUPVWKDWLQFOXGHPDOHVDQGIHPDOHV 7KHPDVFXOLQHSOXUDOIRUPFDQUHIHUWRERWKPDOHVDQGIHPDOHV ORVDEXHORVJUDQGSDUHQWV ORVKHUPDQRVEURWKHUVDQGVLVWHUV ORVQLxRVFKLOGUHQLHER\VDQGJLUOV
ORVKLMRVFKLOGUHQLHVRQVDQGGDXJKWHUV ORVSULPRVPDOHDQGIHPDOHFRXVLQV ORVSDGUHVSDUHQWV ORVWtRVXQFOHV DQGDXQWV
([DPSOHV
/RVQLxRVHPSLH]DQHOFROHJLRDORVFLQFRDxRV&KLOGUHQVWDUWVFKRRODWILYH LV
1RWHWKDWLQWKHOLJKWRIFXUUHQWGHEDWHDERXWJHQGHULQFOXVLYHODQJXDJHWKHPRUHSROLWLFDOO\FRUUHFWIRUP /RVQLxRV\ODVQLxDVHPSLH]DQHOFROHJLRDORVFLQFRDxRV
1RXQVWKDWGRQRWFKDQJHLQWKHSOXUDO 1RXQVWKDWHQGLQDQXQVWUHVVHGYRZHOSOXVµV¶LQWKHVLQJXODUNHHSWKHVDPHIRUPLQWKHSOXUDOHOOXQHVĺORV OXQHV0RQGD\V ODFULVLVĺODVFULVLVFULVHV ODWHVLVĺODVWHVLVWKHVHV )RUHLJQERUURZLQJV 0DQ\ERUURZHGQRXQVIRUPWKHLUSOXUDOE\DGGLQJDQµV¶UHJDUGOHVVRIWKHLUHQGLQJ HOPRGHPĺORVPRGHPV HOSyVWHUĺORVSRVWHUV HOELWĺORVELWV HOFDPSLQJĺORVFDPSLQJVWKHFDPSVLWHV (MHUFLFLRV *LYHWKHSOXUDORIWKHIROORZLQJQRXQV5HPHPEHUWRXVHWKHFRUUHFWDUWLFOHORVRUODV DODHVWDFLyQ EODPHVD FHOOXQHV
http://vk.com/espanol_con_amigos
GHODFWRU HHOYLUXV IHOFDIp JHOWDE~ KODHVWXGLDQWH LHODWODV 5HSODFHWKHZRUGVLQEROGZLWKJHQGHULQFOXVLYHH[SUHVVLRQV (MHPSOR /RVSDGUHVGH$OLFLD/DPDGUH\HOSDGUHGH$OLFLD D(Q(VSDxDORVQLxRVHPSLH]DQHOFROHJLRDODVQXHYH E/RVDEXHORVGH0DULDQDYLYHQHQ2UHQVH F/RVSURIHVRUHVWUDEDMDQPXFKR 7LFNWKHUHOHYDQWER[HVWRLGHQWLI\WKHJHQGHUDQGQXPEHURIWKHIROORZLQJQRXQV,ILQGRXEWXVH\RXU GLFWLRQDU\ 0DVFXOLQR
)HPHQLQR
6LQJXODU
3OXUDO
D0HGLWHUUiQHR EJDV FSUREOHPDV GFULVLV HFLFOLVWDV &ROOHFWLYHQRXQV &ROOHFWLYHQRXQV±ORVVXVWDQWLYRVFROHFWLYRV±DUHXVHGWRUHIHUWRSHRSOHDQLPDOVRUWKLQJVDVDJURXS,Q (QJOLVKVRPHFROOHFWLYHQRXQVVXFKDVµSHRSOH¶RUµWKHSROLFH¶DUHSOXUDOµ3HRSOHDUHVHOILVK¶LQ6SDQLVK FROOHFWLYHQRXQVDUHVLQJXODU/DJHQWHHVHJRtVWD 6RPHRIWKHPRVWFRPPRQFROOHFWLYHQRXQVLQ6SDQLVK
HOFRPLWpWKHFRPPLWWHH HOHMpUFLWRWKHDUP\ ODIDPLOLDWKHIDPLO\ ODJHQWHSHRSOH
HOJRELHUQRJRYHUQPHQW ODSROLFtDWKHSROLFH HOUHEDxRWKHKHUG
&ROOHFWLYHQRXQVLQ6SDQLVKDUHXVHGLQWKHVLQJXODUZKHQWKH\UHIHUWRDJURXS 0LIDPLOLDYLYHHQ,WDOLD0\IDPLO\OLYHVLQ,WDO\ /DSROLFtDGHWXYRDORVWHUURULVWDV7KHSROLFHDUUHVWHGWKHWHUURULVWV :KHQUHIHUULQJWRVHYHUDOJURXSVFROOHFWLYHQRXQVDUHXVHGLQWKHSOXUDO
http://vk.com/espanol_con_amigos
ORVJRELHUQRVGHPRFUiWLFRVGHPRFUDWLFJRYHUQPHQWV ODVIDPLOLDVQXPHURVDVODUJHIDPLOLHV (MHUFLFLRV
&LUFOHWKHFROOHFWLYHQRXQVLQWKHIROORZLQJOLVW ODPD\RUtDODFDVDODPLQRUtDHOS~EOLFRODFLXGDGHOJUXSRHOOLEUR
'HFLGHLIWKHVXEMHFWLVDFROOHFWLYHQRXQRUQRWDQGWKHQFKRRVHWKHFRUUHFWYHUEIRUPWKLUGSHUVRQ VLQJXODURUWKLUGSHUVRQSOXUDO D/DSROLFtDHQFRQWUyHQFRQWUDURQDOODGUyQ E/RVSROLFtDVOOHYDOOHYDQSLVWROD F(OFRPLWpWRPyWRPDURQODGHFLVLyQXQiQLPHPHQWH G(OHMpUFLWRUHDOL]DUHDOL]DQPDQLREUDV 'LPLQXWLYHDXJPHQWDWLYHDQGSHMRUDWLYHVXIIL[HV ,Q6SDQLVKGLPLQXWLYHDXJPHQWDWLYHDQGSHMRUDWLYHVXIIL[HV±VXILMRVGLPLQXWLYRVDXPHQWDWLYRV\SH\RUDWLYRV ±FDQEHDGGHGWRQRXQVDQGVRPHWLPHVWRDGMHFWLYHVDQGHYHQDGYHUEV 7KHVHVXIIL[HVRUSDUWLFOHVDGGHGDW WKHHQGRIWKHZRUGFRQYH\FRQQRWDWLRQVRIVPDOOQHVVRUHQGHDUPHQWGLPLQXWLYHV RUODUJHQHVVXJOLQHVVRU FOXPVLQHVVDXJPHQWDWLYHV 3HMRUDWLYHVXIIL[HVFRQYH\QHJDWLYHFRQQRWDWLRQVVXFKDVFRQWHPSW 'LPLQXWLYHVXIIL[HVDGGHGWRQRXQV
7KHPRVWFRPPRQGLPLQXWLYHLVLWRLWD 7KHXVHRIGLPLQXWLYHVXIIL[HVLVHYHQPRUHH[WHQGHGLQ6SDQLVK$PHULFDWKDQLQ6SDLQ )RUP 'URSWKHODVWYRZHODQGDGGLWRLWDJHQHUDOO\LI WKHQRXQHQGVLQRRUD 1RWHLQWKHH[DPSOHVVSHOOLQJFKDQJHVRFFXU ZKHQDGGLQJLWRLWDWRSUHVHUYHWKHVDPHVRXQG DVLQWKHRULJLQDOQRXQFĺTXJĺJX1RWHDOVR ]ĺFDVLQ6SDQLVKLWLVQRWXVXDOWRKDYH]LQIURQW RIHRUL $GGFLWRFLWDLIWKHQRXQHQGVLQQURULIWKH QRXQHQGVLQHDQGKDVPRUHWKDQRQHV\OODEOH $GGHFLWRHFLWDLIWKHQRXQKDVWZRV\OODEOHV HQGVLQRRUDDQGWKHILUVWV\OODEOHFRQWDLQVLHRU XHRULIWKHQRXQKDVRQHV\OODEOHDQGHQGVLQD FRQVRQDQW 1RWHWKDWWKHVSHOOLQJFKDQJH]ĺFRFFXUV ZKHQDGGLQJHFLWRHFLWDDVLWLVQRWXVXDOWRKDYH ]LQIURQWRIHRUL
HOJDWRFDW ĺHOJDWLWR $QDĺ$QLWD 3DFRĺ3DTXLWR ODJRODNH ĺODJXLWR SLQ]DSHJ ĺSLQFLWD
/DJDWDKDGDGRDOX]DFLQFRJDWLWRV7KHFDW KDVJLYHQELUWKWRILYHNLWWHQV
HOFDPLyQORUU\ ĺHOFDPLRQFLWR HOVDERUIODYRXU ĺHOVDERUFLWR ODIXHQWHIRXQWDLQ ĺODIXHQWHFLWD 7LHQHXQVDERUFLWRPX\ULFR,WKDVDYHU\ SOHDVDQWWDVWH HOYLHQWRZLQG ĺHOYLHQWHFLWR ODFXHVWDKLOO ĺODFXHVWHFLWD ODIORUIORZHU ĺODIORUHFLWD
6RSODXQYLHQWHFLWRPX\DJUDGDEOH7KHUHLVD YHU\SOHDVDQWOLWWOHEUHH]H
HOSH]ILVK ĺHOSHFHFLWR
2WKHUGLPLQXWLYHHQGLQJVDUH
http://vk.com/espanol_con_amigos
LFRLFDDUHJLRQDOYDULDWLRQRILWRLWDLVSDUWLFXODUO\FRPPRQLQ 6SDQLVK$PHULFDDQG$UDJyQDQG1DYDUUHLQ6SDLQ LOORLOODLVDOHVVFRPPRQDQGVOLJKWO\ROGIDVKLRQHGDOWHUQDWLYHWRLWR LWD 1RWHWKDWLWLVVRPHWLPHVXVHGWRDGGDQRWHRIFRQWHPSWRU VDUFDVP
3iVDPHODPDQWLFDTXHWHQJRIUtR3DVVPHWKHEODQNHW,¶PFROG ODVIORUHFLOODVGHOFDPSRWKHOLWWOHZLOGIORZHUV (UHVXQOLVWLOOR:KDWDNQRZDOO\RXDUH
XHORXHODLVOHVVFRPPRQWKDQWKHRWKHUVXIIL[HV
&DUOLWRVVHKDFRQYHUWLGRHQXQPR]XHORPX\JXDSR&DUOLWRVKDVD EHFRPHDYHU\KDQGVRPH\RXQJPDQ
1RWHWKDWLWFDQDOVRDGGDQHJDWLYHFRQQRWDWLRQIRULQVWDQFHRI FRQWHPSW
(VXQDPXMHU]XHOD6KH¶VDVOXW
$OOWKHVHHQGLQJVDGGFRUHFRU]RUH]LQWKHFDVHRIXHORXHOD LQWKHVDPHZD\WKDWLWRLWDGRHV MRYHQĺMRYHQFLWDĺMRYHQFLOOD
IORUĺIORUHFLWDĺIORUHFLOOD
&KDQJHRIPHDQLQJE\XVLQJGLPLQXWLYHVXIIL[HV ,QPDQ\FDVHVWKHDGGLWLRQRIDGLPLQXWLYHVXIIL[KDVFUHDWHGDQHZQRXQ XQEROVRDEDJ ĺXQEROVLOORDSRFNHW 6RPHWLPHVWKHQHZZRUGLV ZLWKDGLIIHUHQWPHDQLQJ DOVRRIWKHRWKHUJHQGHUXQ]DSDWRDVKRH ĺXQD]DSDWLOODDVOLSSHU 'LPLQXWLYHVXIIL[HVDGGHGWRDGMHFWLYHVDQGVRPHDGYHUEV SREUHĺSREUHFLWR D]XOĺD]XOLWR DKRUDĺDKRULWD FHUFDĺFHUTXLWD HQVHJXLGDĺHQVHJXLGLWD
$GMHFWLYHV $GYHUEV
3REUHFLWRPHGDPXFKDSHQD3RRUWKLQJ,IHHO UHDOO\VRUU\IRUKLP $KRULWDOHOODPRSRUWHOpIRQR,¶OOSKRQHKLPLQD VHFRQG
$XJPHQWDWLYHVXIIL[HV $XJPHQWDWLYHVXIIL[HVFDQEHDGGHGWRQRXQVRUDGMHFWLYHVWRFRQYH\WKHLGHDRIODUJHVL]HRULQWHQVLW\RIWHQLQ FRQMXQFWLRQZLWKXJOLQHVVH[FHVVRUFRQWHPSW )RUP XQDFDVDĺXQDFDVRQDDODUJHUDPEOLQJ KRXVH $GGyQRQDWRJLYHFRQQRWDWLRQVRIODUJHVL]HRU £4XpGUDPyQVHDUPy:KDWDPHORGUDPD XQGUDPDĺXQGUDPyQDPHORGUDPD WRDGGDKLQWRIVDUFDVP LURQLFRUVDUFDVWLF LQRFHQWHĺLQRFHQWyQJXOOLEOH (VXQFKLFRJUDQGRWHXQSRFRWRUSH+H¶VD $GGRWHRWDWRFRQYH\ODUJHQHVVVRPHWLPHVZLWK JUDQGHĺJUDQGRWHYHU\ODUJH ELJFOXPV\ODG QHJDWLYHFRQQRWDWLRQVRIFOXPVLQHVVRUXJOLQHVV 6HKDFRPSUDGRXQFRFKD]RLPSUHVLRQDQWH $GGD]RD]DWRFRQYH\DSRVLWLYHPHDQLQJ XQFRFKHĺXQFRFKD]RDJUHDWELJFDU +H¶VERXJKWDJUHDWELJFDU VRPHWLPHVDVVRFLDWHGZLWKODUJHVL]H 2WKHUPHDQLQJVRIWKHDXJPHQWDWLYHVXIIL[HV 1RWHWKDWWKHVXIIL[D]RFDQDOVREHDGGHGWRDQRXQWRLQGLFDWHWKDWD EORZLVJLYHQZLWKWKHWKLQJUHIHUUHGWRE\WKHQRXQ 7KHVXIIL[yQRQDFDQDOVREHXVHGZLWKVRPHYHUEVDQGDGMHFWLYHVWR PHDQµJLYHQWRGRLQJ¶VRPHWKLQJ
XQFRGRĺXQFRGD]RDEORZZLWKWKHHOERZ XQPDUWLOORĺXQPDUWLOOD]RDEORZZLWKDKDPPHU FRQWHVWDUĺFRQWHVWyQRQDJLYHQWRDQVZHULQJEDFN OORUDUĺOORUyQRQDFU\EDE\ PDQGDUĺPDQGyQRQDERVV\ERRWV FRPHUĺFRPLOyQRQDJOXWWRQ GRUPLUĺGRUPLOyQRQDVOHHS\KHDG
&KDQJHRIPHDQLQJE\XVLQJDXJPHQWDWLYHVXIIL[HV $VZLWKGLPLQXWLYHVLQVRPHFDVHVWKHDGGLWLRQRIDQDXJPHQWDWLYHVXIIL[ XQDVLOODDFKDLU ĺXQVLOOyQDQDUPFKDLU
http://vk.com/espanol_con_amigos
KDVFUHDWHGDQHZZRUG
XQDFDMDDER[ ĺXQFDMyQDGUDZHU
3HMRUDWLYHVXIIL[HV XFKRXFKDFRQYH\VWKHLGHDRIXJOLQHVVDQGVPDOOQHVV
(VHFXDUWXFKRDSHQDVWLHQHOX]7KDWOLWWOHURRPKDVKDUGO\DQ\OLJKW 9LYtDHQXQDFDVXFKDPX\IHD+HOLYHGLQDQXJO\OLWWOHKRXVH
(MHUFLFLRV :ULWHWKHGLPLQXWLYHRIWKHIROORZLQJQRXQVXVLQJLWRLWD DODLVOD EHODEXHOR FHOFDIp GHOUHORM HHOSiMDUR IHOSLFR JHOFXHQFR KHOEDVWyQ LODPDQR 5HSODFHWKHZRUGVLQEROGE\DGLPLQXWLYHRUDQDXJPHQWDWLYHDFFRUGLQJWRWKHPHDQLQJ (MHPSOR $OEHEpOHFRPSUpXQWUDMHPX\ERQLWR $OEHEpOHFRPSUpXQWUDMHFLWRPX\ERQLWR D0HFRPSUpXQPRQHGHURSHTXHxRPX\PRQR E(O5HDO'HSRUWLYRPDUFyXQJROIDQWiVWLFRHQHO~OWLPRPLQXWR F'HVSXpVJLUDVDODL]TXLHUGD\YHUiVXQDFDOOHHVWUHFKD0LFDVDHVWiDOIRQGR G7LHQHQXQSHUURHQRUPHSDUDTXHQROHVHQWUHQDGLHHQHOMDUGtQ 'LPLQXWLYHVDUHRIWHQXVHGZKHQWDONLQJWRFKLOGUHQDQGWKH\DUHFRPPRQLQFKLOGUHQ¶VVWRULHV&DQ\RX UHFRJQLVHDQ\RIWKHIROORZLQJWLWOHV" D&DSHUXFLWD5RMD\HOORERIHUR] E/RVWUHVFHUGLWRV F(OSDWLWRIHR G%ODQFDQLHYHV\ORVVLHWHHQDQLWRV H5LFLWRVGHRUR 5HDGWKLVH[WUDFWIURPDQRYHOE\WKH3HUXYLDQZULWHU0DULR9DUJDV/ORVD$ZRPDQZULWHVWRKHUORYHU WHOOLQJ KLP VKH ZLOO ORRN DIWHU KLP
http://vk.com/espanol_con_amigos
0HQ~GLPLQXWLYR
http://vk.com/espanol_con_amigos
$UWLFOHV $QDUWLFOH±XQDUWtFXOR±LVDW\SHRIZRUGWKDWSUHFHGHVDQRXQDQGVLJQDOVZKHWKHUWKDWQRXQUHIHUVWRD VSHFLILFHOHPHQWRUWRDQXQVSHFLILHGRQH,QWKHFDVHRIDVSHFLILFHOHPHQWWKHGHILQLWHDUWLFOHLVXVHGµWKH KRXVH¶µWKHDSSOH¶ DQGLQWKHFDVHRIDQXQVSHFLILHGHOHPHQWWKHLQGHILQLWHDUWLFOHLVXVHGµDKRXVH¶µDQ DSSOH¶ ,Q6SDQLVKWKHQXPEHUDQGJHQGHURIWKHDUWLFOHGHSHQGRQWKHQXPEHUDQGJHQGHURIWKHQRXQ 7KHGHILQLWHDUWLFOH ,Q(QJOLVKµWKH¶LVDQDUWLFOH,WLVFDOOHGWKHGHILQLWHDUWLFOH±HODUWtFXORGHILQLGR±EHFDXVHLWLVXVHGWRUHIHUWR VRPHWKLQJVSHFLILFµ3DVVPHWKHSHQ¶ ,Q6SDQLVKWKHDUWLFOHKDVWRDJUHHLQQXPEHUDQGJHQGHUZLWKWKHQRXQ LWDFFRPSDQLHVHOQLxR ODQLxDORVQLxRVODVQLxDV )RUP 'HILQLWHDUWLFOH
0DVFXOLQHVLQJXODU HOSURIHVVRU
)HPLQLQHVLQJXODU ODSURIHVRUD
0DVFXOLQHSOXUDO ORVSURIHVRUHV
)HPLQLQHSOXUDO ODVSURIHVRUDV
6HH8QLWIRUPRUHLQIRUPDWLRQRQSUHSRVLWLRQVIROORZHGE\DUWLFOHVDQG8QLWIRUDJUHHPHQWZLWKQRXQV 7KHDUWLFOHZLWKQRXQVVWDUWLQJZLWKDVWUHVVHGDRUKD
:KHQDIHPLQLQHZRUGVWDUWVZLWKDVWUHVVHGDRUKD VXFKDVWKHZRUGiJXLODHDJOH WKHVLQJXODUDUWLFOHLV LQWKHPDVFXOLQHIRUPDOWKRXJKWKHQRXQLWVHOIUHPDLQVIHPLQLQHHOiJXLOD,QWKHSOXUDOWKHDUWLFOHUHYHUWVWRWKH IHPLQLQHIRUPODViJXLODV 7KHPRVWFRPPRQIHPLQLQHQRXQVEHJLQQLQJZLWKDVWUHVVHGDRUKDDUH HODJXDZDWHU HODOPDWKHVRXO HODQFODWKHDQFKRU HOiUHDWKHDUHD
HODUPDWKHZHDSRQ HODVPDDVWKPD HODXODWKHFODVVURRP HOKDPEUHKXQJHU
7KHWZRH[FHSWLRQVDUHWKHQDPHVRIWKHOHWWHUVµD¶DQGµK¶ODDDQGODKDFKH 1RWHWKDWDQ\DGMHFWLYHDFFRPSDQ\LQJWKHVHQRXQVLQFOXGLQJWKHGHPRQVWUDWLYHDGMHFWLYHDJUHHVZLWKWKH QRXQDQGLVWKHUHIRUHLQWKHIHPLQLQHHODJXDIUtDFROGZDWHU HVWDViUHDVWKHVHDUHDV 6HH6HFWLRQRQDGMHFWLYDODJUHHPHQWDQG8QLWRQGHPRQVWUDWLYHV 8VH 6SHFLILFDQGJHQHUDOVHQVH
,QJHQHUDOWKHGHILQLWHDUWLFOHLVXVHGEHIRUH %XHQRV$LUHVHVODFDSLWDOGH$UJHQWLQD%XHQRV$LUHVLVWKHFDSLWDORI $UJHQWLQD 3RQHOSODWRHQODPHVD3XWWKHSODWHRQWKHWDEOH $QRXQXVHGLQDJHQHUDOVHQVH1RWHWKDWLQWKLVFDVHLQ(QJOLVKWKHDUWLFOH 0HJXVWDQORVSHUURV,OLNHGRJV
$VSHFLILFQRXQWKLVXVHLVWKHVDPHLQ(QJOLVK
http://vk.com/espanol_con_amigos
LVQRWJHQHUDOO\XVHG
(OFKRFRODWHHQJRUGD&KRFRODWHPDNHV\RXIDW
8VHRIWKHDUWLFOHZLWKFRXQWULHVDQGSODFHV
7KHGHILQLWHDUWLFOHLVXVHGEHIRUH 7KHDUWLFOHLVDOZD\VXVHGZLWKORV3DtVHV%DMRVHO5HLQR8QLGR(O 6DOYDGRU ,WVXVHLVRSWLRQDOZLWKOD $UJHQWLQDHO %UDVLOHO &DQDGiHO (FXDGRUORV (VWDGRV8QLGRVOD ,QGLDHO -DSyQHO 3DUDJXD\ 7KHQDPHVRIVRPHFRXQWULHVDOWKRXJKWKHWHQGHQF\LVLQFUHDVLQJO\WRRPLW HO 3HU~HO 8UXJXD\ 1RWHWKDWQDPHVRIRWKHUFRXQWULHVDUHQRWXVXDOO\SUHFHGHGE\DQ LW DUWLFOHH[FHSWZKHQWKH\DUHEHLQJPRGLILHGE\DQDGMHFWLYHRUDQ H[SUHVVLRQ7KHDUWLFOHKHOSVWRVLJQDOWKDWWKHPHDQLQJLVPRUHVSHFLILF (VSDxDEXWOD(VSDxDGHPRFUiWLFDGHPRFUDWLF6SDLQ 0p[LFREXWHO 0p[LFRGHOVLJOR;,;WKFHQWXU\0H[LFR 7KHQDPHVRIVWUHHWVDQGVTXDUHV 9LYRHQOD3OD]DGHOD,QGHSHQGHQFLD,OLYHLQ,QGHSHQGHQFH6TXDUH 7KHQDPHVRIULYHUVRFHDQVDQGPRXQWDLQV HO$PD]RQDVWKH$PD]RQ HOPRQWH(WQD0RXQW(WQD 8VHRIWKHDUWLFOHZLWKWLPHVGDWHVDQGSHULRGV
7KHGHILQLWHDUWLFOHLVDOVRXVHGLQPDQ\H[SUHVVLRQVWKDWUHIHUWRWLPHVGDWHVDQGSHULRGV,QSDUWLFXODULWLV XVHGEHIRUH
7KHGD\VRIWKHZHHNDQGGDWHV
$UWLFOHWLPHSHULRGSDVDGRDSUy[LPRDTXHYLHQH 7KHWLPHRIGD\
(OFRQFLHUWRHVHOOXQHV7KHFRQFHUWLVRQ0RQGD\ 6XFXPSOHDxRVHV HOGHHQHUR+HUELUWKGD\LVRQ-DQXDU\ 1RWHWKDWFHUWDLQFRPPRQH[SUHVVLRQVXVHGIRUGDWHVGRQRWXVHWKH DUWLFOH (VWDPRVDYLHUQHVGHPDU]R7RGD\LV)ULGD\0DUFK HODxRTXHYLHQHHOSUy[LPRDxRQH[W\HDU ODVHPDQDSDVDGDODVWZHHN (OWUHQVDOHDODVFXDWUR7KHWUDLQOHDYHVDWIRXU (VODXQD\PHGLD,W¶VKDOISDVWRQH
8VHVWKDWGLIIHUIURP(QJOLVK
8QOLNHLQ(QJOLVKWKHGHILQLWHDUWLFOHLVXVHGEHIRUH &RQFHSWV
$FDGHPLFVXEMHFWV
7KHQDPHVRIODQJXDJHV
7KHQDPHVRIFRORXUV
7KHQDPHVRIPHDOV 7KHQDPHVRIVSRUWVWHDPV
ODGHPRFUDFLDGHPRFUDF\ ODOLEHUWDGIUHHGRP ODMXVWLFLDMXVWLFH ODILORVRItDSKLORVRSK\ ODVPDWHPiWLFDVPDWKHPDWLFV ODOLWHUDWXUD OLWHUDWXUH 0HJXVWDODOLWHUDWXUDIUDQFHVD,OLNH)UHQFKOLWHUDWXUH %XWQRWHWKDWDIWHUWKHYHUEVVDEHUWRNQRZ HQVHxDUWRWHDFK HVWXGLDUWRVWXG\ DQGDSUHQGHUWROHDUQ DQGWKHSUHSRVLWLRQVHQDQG GHWKHDUWLFOHLVRPLWWHG(VWXGLDJHRJUDItD6KH¶VVWXG\LQJJHRJUDSK\ XQOLEURGHItVLFDDSK\VLFVERRN HOLQJOpV(QJOLVK HOMDSRQpV-DSDQHVH HOFKLQR&KLQHVH 1RWHWKDWQDPHVRIODQJXDJHVDUHQRWFDSLWDOLVHGLQ6SDQLVK 1RWHDOVRWKDWDIWHUWKHYHUEVKDEODUWRVSHDN VDEHUWRNQRZ DSUHQGHUWROHDUQ HQVHxDUWRWHDFK DQGHVWXGLDUWRVWXG\ DQGWKH SUHSRVLWLRQVHQDQGGHWKHDUWLFOHLVRPLWWHG+DEORIUDQFpV,VSHDN )UHQFK (VSURIHVRUDGHUXVR6KHLVDWHDFKHURI5XVVLDQ XQD FDUWDHQLQJOpVDOHWWHULQ(QJOLVK (OURMRHVPLFRORUIDYRULWR5HGLVP\IDYRXULWHFRORXU %XWRQO\ZKHQWKHFRORXULVDQRXQQRWZKHQLWLVDQDGMHFWLYHRU ZKHQLWIROORZVDSUHSRVLWLRQ7HQJRXQFRFKHURMR,KDYHDUHGFDU /DQRYLDYDYHVWLGDGHEODQFR7KHEULGHLVGUHVVHGLQZKLWH HOGHVD\XQREUHDNIDVW ODFRPLGDHODOPXHU]ROXQFK ODPHULHQGD VQDFN ODFHQDGLQQHU -XHJDHO6HYLOODFRQWUDHO$WOpWLFRGH0DGULG6HYLOODDQG$WOpWLFRGH
http://vk.com/espanol_con_amigos
7LWOHVRISHRSOH
)DPLO\UHODWLRQVEXWQRWXVXDOO\SDUHQWVRUVLEOLQJV 4XDOLILHGSURSHUQDPHV
0DGULGDUHSOD\LQJ HO6U5XL]HOFDSLWiQ$UDxDHOUH\'RQ-XDQ&DUORVHOSUHVLGHQWH &OLQWRQ0U5XL]&DSWDLQ$UDxD.LQJ-XDQ&DUORV3UHVLGHQW&OLQWRQ 1RWHWKDWWKHDUWLFOHLVQRWXVHGZKHQDGGUHVVLQJDSHUVRQGLUHFWO\ 6U5XL]OHOODPDQDOWHOpIRQR0U5XL]\RXDUHZDQWHGRQWKH WHOHSKRQH /DWtD-XOLDHVWiHQ&yUGRED$XQW-XOLDLVLQ&RUGRED /ODPDDODDEXHOD&DOOJUDQGPD %XW0DPiHVWiWUDEDMDQGR0XPLVZRUNLQJ HOSHTXHxR7RPiV\RXQJ7KRPDV
8VHRIWKHDUWLFOHWRGHQRWHSRVVHVVLRQ
,Q6SDQLVKWKHDUWLFOHLVXVHGRQPDQ\RFFDVLRQVZKHQLQ(QJOLVKDSRVVHVVLYHVXFKDVµP\¶µ\RXU¶HWF ZRXOGEHXVHGLQVWHDG 7RUHIHUWRSDUWVRIWKHERG\LQFOXGLQJFORWKHVFXUUHQWO\ZRUQ 7RUHIHUWRSHUVRQDOREMHFWVZKHQWKHPHDQLQJLVµRQHHDFK¶
£/iYDWHORVGLHQWHV%UXVK\RXUWHHWK 6HPHWLyODPDQRHQHOEROVLOOR+HSXWKLVKDQGLQKLVSRFNHW (OUHFWRUOHVHQWUHJyHOWtWXOR7KHFKDQFHOORUJDYHWKHPWKHLU FHUWLILFDWHV 1RVVHOODURQHOSDVDSRUWH7KH\VWDPSHGRXUSDVVSRUWV
&DVDFODVHPLVD
,Q6SDLQWKHGHILQLWHDUWLFOHLVQRWXVHGZLWKWKHZRUGFDVDZKHQLWPHDQVµKRPH¶DOWKRXJKLQ6SDQLVK $PHULFDLWLV HVWDUHQFDVDWREHDWKRPH VHQWLUVHFRPRHQFDVDWRIHHODWKRPH LUDFDVDWRJRKRPH VDOLUGHFDVDWROHDYHWKHKRXVH TXHGDUVHHQ FDVDWRVWD\DWKRPH /DFDVDGH5RVDWLHQHXQMDUGtQPX\JUDQGH5RVD¶VKRXVHKDVDYHU\ ODUJHJDUGHQ
FDVDµKRPH¶ FDVDµKRXVH¶
7KHDUWLFOHLVQRWXVHGZLWKFODVHDQGPLVDLQH[SUHVVLRQVVXFKDVWKHIROORZLQJ HVWDUHQFODVHWREHLQFODVV LUDFODVHWRJRWRFODVV WHQHUFODVHWR KDYHDFODVVOHVVRQ HVWDUHQPLVDWREHDWPDVV LUDPLVDWRJRWRPDVV VDOLUGHPLVDWR FRPHRXWRIPDVV GHFLUPLVDWRFHOHEUDWHPDVV
FODVH PLVD 7KHQHXWHUDUWLFOHOR
7KHQHXWHUDUWLFOHORQHYHUDFFRPSDQLHVDQRXQEXWLVXVHGDVIROORZV ORDGMHFWLYHRUSDVWSDUWLFLSOHWRH[SUHVVWKH(QJOLVKµWKHWKLQJWKDW¶ 7RUHIHUWRDSDUWRIDZKROH 7RUHIHUWRDVHULHVRIWKLQJVWKDWVKDUHWKHVDPHTXDOLW\
/RGLItFLOHVHQFRQWUDUGyQGHDSDUFDU7KHGLIILFXOWWKLQJLVWRILQG ZKHUHWRSDUN 7LHQHVTXHFXPSOLUORSURPHWLGR
6HH6HFWLRQIRUWKHXVHVRIORGHORTXH (MHUFLFLRV
:KDWGR\RXOLNH"0DNHWUXHVHQWHQFHVXVLQJWKHZRUGVLQWKHER[5HPHPEHUWRDGGWKHFRUUHFWDUWLFOH ,I\RXDUHQRWVXUHRIWKHJHQGHURIDQ\RIWKHQRXQVORRNLWXSLQWKHGLFWLRQDU\
http://vk.com/espanol_con_amigos
(MHPSOR ,I\RXOLNHLW\RXVD\0HJXVWDHOFKRFRODWH,OLNHFKRFRODWH ,I\RXGLVOLNHLW\RXVD\1RPHJXVWDHOFKRFRODWH,GRQ¶WOLNHFKRFRODWH YLQRDJXDFDIpWpFHUYH]DVDQJUtD VDOSLPLHQWD HQVDODGDSROORFDUQHYHUGXUD PHOyQIODQIUXWD\RJXU &RPSOHWHHDFKJDSZLWKWKHFRUUHFWDUWLFOH DOXQHVVLHPSUHYR\DOJLPQDVLR E/DPRQHGDRILFLDOHQ5HLQR8QLGRHVODOLEUDHVWHUOLQD F(OKRWHOHVWiHQ$YHQLGDGHOD3D]\HOUHVWDXUDQWHHQFDOOH&XHUYR GVHPDQDTXHYLHQHPHYR\GHYDFDFLRQHV 1RZ WUDQVODWH WKH H[SUHVVLRQV LQ EROG LQ WKH SUHYLRXV DFWLYLW\ LQWR (QJOLVK 1RWLFH ZKLFK XVHV RI WKH DUWLFOHDUHGLIIHUHQWLQ6SDQLVKDQG(QJOLVK )LOOHDFKJDSZLWKDGHILQLWHDUWLFOHLIQHFHVVDU\ DGHVD\XQRVHVLUYHGHD\FHQDGHD E0LFRORUIDYRULWRHVD]XO F7HQJRXQDFKDTXHWDD]XO G+DEORIUDQFpVLWDOLDQR\HVSDxRO 7KHLQGHILQLWHDUWLFOH ,QGHILQLWHDUWLFOHV±ORVDUWtFXORVLQGHILQLGRV±DUHXVHGWRUHIHUWRDQHOHPHQWWKDWLVQRWVSHFLILFLQ(QJOLVK µD¶µDQ¶LVWKHLQGHILQLWHDUWLFOHµ3DVVPHDSHQ¶LHDQ\SHQQRWDVSHFLILFRQHDVRSSRVHGWRµ3DVVPHWKH SHQ¶ :KHQXVHGZLWKSOXUDOQRXQVµVRPH¶µDQ\¶LVXVHGLQVWHDGRIµD¶FRPSDUHµ,QHHGVRPHDSSOHV¶ZLWKµ, QHHGWKHDSSOHV¶ ,Q6SDQLVKWKHLQGHILQLWHDUWLFOHKDVVLQJXODUSOXUDOPDVFXOLQHDQGIHPLQLQHIRUPVDQGLWKDVWRDJUHHLQ QXPEHUDQGJHQGHUZLWKWKHQRXQLWDFFRPSDQLHVXQQLxRXQDQLxDXQRVQLxRVXQDVQLxDV )RUP ,QGHILQLWHDUWLFOH
0DVFXOLQHVLQJXODU XQFRFKH
)HPLQLQHVLQJXODU XQDPRWR
0DVFXOLQHSOXUDO XQRVFRFKHV
)HPLQLQHSOXUDO XQDVPRWRV
$VLQWKHFDVHRIWKHGHILQLWHDUWLFOH 6HFWLRQ ZKHQDIHPLQLQHZRUGEHJLQVZLWKDVWUHVVHGµD¶RU µKD¶ VXFKDVWKHZRUGiJXLODHDJOH WKHVLQJXODUDUWLFOHLVLQWKHPDVFXOLQHIRUPDOWKRXJKWKHQRXQLWVHOI UHPDLQVIHPLQLQHXQiJXLOD,QWKHSOXUDOWKHDUWLFOHUHYHUWVWRWKHIHPLQLQHIRUPXQDViJXLODV 2PLVVLRQRIWKHDUWLFOHLQ6SDQLVK
http://vk.com/espanol_con_amigos
8QOLNHLQ(QJOLVKQRDUWLFOHLVQHHGHGLQ6SDQLVKLQWKHIROORZLQJFDVHV VHUSURIHVVLRQ KDFHUVHSURIHVVLRQ *HQGHURUVH[XDORULHQWDWLRQ 1DWLRQDOLW\ 5HOLJLRQ 3ROLWLFDOSHUVXDVLRQ 3RVVHVVLRQVRUSHUVRQDOHIIHFWVZLWKWKHYHUEWHQHU &HUWDLQDLOPHQWVZLWKWKHYHUEWHQHU $KXQGUHGDWKRXVDQG ,QWKHH[SUHVVLRQ£4Xp:KDWD
(VGLSXWDGDGHO&RQJUHVR6KHLVD0HPEHURI3DUOLDPHQW (VFDSLWiQGHOHMpUFLWR+HLVDFDSWDLQLQWKHDUP\ 4XLHUHKDFHUVHFXUD+HZDQWVWREHFRPHDSULHVW ¢(VQLxRRQLxD",VLWDER\RUDJLUO" (VOHVELDQD6KHLVDOHVELDQ (VLWDOLDQR+HLVDQ ,WDOLDQ (VFDWyOLFD6KHLVD&DWKROLF 0LDEXHORHUDFRPXQLVWD0\JUDQGIDWKHUZDVDFRPPXQLVW ¢7LHQHVFRFKH"+DYH\RXJRWDFDU" 1RWHQJRSDVDSRUWH,KDYHQ¶WJRWDSDVVSRUW 7HQJRWRVILHEUHGRORUGHFDEH]DGRORUGHHVSDOGD,¶YHJRWDFRXJKD WHPSHUDWXUHDKHDGDFKHDEDGEDFN FLHQSHVRVDKXQGUHGSHVRV PLOGyODUHVDWKRXVDQGGROODUV £4XpHVW~SLGR:KDWDQLGLRW £4XpGtD:KDWDGD\
,QGHILQLWHDUWLFOHLQ(QJOLVKGHILQLWHDUWLFOHLQ6SDQLVK
,Q(QJOLVKWKHLQGHILQLWHDUWLFOHLVXVHGWRWDONDERXWSK\VLFDOFKDUDFWHULVWLFVDVLQWKHH[DPSOHEHORZ,Q WKHVHFDVHVKRZHYHUWKHGHILQLWHDUWLFOHLVXVXDOO\SUHIHUUHGLQ6SDQLVK +H¶VJRWDURXQGIDFH7LHQHODFDUDUHGRQGD (MHUFLFLRV /RRN DW WKH IROORZLQJ ,' FDUG DQG PDNH WKUHH VHQWHQFHV DERXW WKH SHUVRQ¶V SURIHVVLRQ JHQGHU DQG QDWLRQDOLW\
1RZZULWHVRPHVHQWHQFHVDERXW\RXUVHOIRQVRPHRUDOORIWKHIROORZLQJ SURIHVVLRQQDWLRQDOLW\JHQGHUVH[XDORULHQWDWLRQSROLWLFDOSHUVXDVLRQ :KLFKRIWKHIROORZLQJGR\RXRZQ"6D\µ7HQJR¶RUµ1RWHQJR¶ FRFKHPRWRID[RUGHQDGRUPRGHPUHORMSDVDSRUWHFDUQHWGHFRQGXFLUSHUPLVRGHUHVLGHQFLD WHOHYLVRU /RRNDWWKHIROORZLQJSHRSOHDQGDQLPDOVDQGZULWHDVHQWHQFHDERXWWKHLUSK\VLFDODSSHDUDQFH
http://vk.com/espanol_con_amigos
D
E
F
G
http://vk.com/espanol_con_amigos
H (MHPSOR D7LHQHODFDEH]DPX\JUDQGH
http://vk.com/espanol_con_amigos
4XDOLI\LQJDGMHFWLYHV 4XDOLI\LQJDGMHFWLYHVDUHZRUGVWKDWPRGLI\RUTXDOLI\DQRXQLHWKH\DGGVSHFLILFLQIRUPDWLRQWRDQRXQ :RUGVVXFKDVJUDQGHELJ DPDULOOR\HOORZ RUVLPSiWLFRIULHQGO\ DUHTXDOLI\LQJDGMHFWLYHV 4XDOLI\LQJDGMHFWLYHVDJUHHPHQWLQJHQGHUDQGQXPEHU ,Q6SDQLVKDGMHFWLYHV±ORVDGMHWLYRV±DJUHHLQQXPEHUDQGJHQGHUZLWKWKHQRXQWKH\TXDOLI\ $JUHHPHQWLQJHQGHU $GMHFWLYHVQHHGWRDJUHHLQJHQGHUZLWKWKHQRXQWKH\TXDOLI\LIWKHQRXQLVPDVFXOLQHWKHDGMHFWLYHWKDW TXDOLILHVLWQHHGVWREHPDVFXOLQHLILWLVIHPLQLQHWKHDGMHFWLYHQHHGVWREHIHPLQLQH XQFRFKHURMRDUHGFDU
XQDELFLFOHWDURMDDUHGELF\FOH
1RWHWKDWZKHQ\RXORRNXSDQDGMHFWLYHLQWKHGLFWLRQDU\\RXZLOOILQGLWXQGHULWVPDVFXOLQHVLQJXODU IRUPZKLFKLVIROORZHGE\WKHIHPLQLQHHQGLQJFRQVHUYDGRURUD )RUPDWLRQRIWKHIHPLQLQH ([DPSOH 0DVFXOLQH GLQiPLFR R 5HSODFHRZLWKD FKDUODWDQ 5HSODFHE\DQDLQDRQDRUD SDUODQFKtQ iQtQyQRU UHVSHFWLYHO\ GRUPLOyQ WUDEDMDGRU VXSHULRU LQIHULRU DQWHULRU LRUDQGWKHFRPSDUDWLYHVPD\RU SRVWHULRU PHQRUPHMRUDQGSHRU 5HPDLQVWKHVDPH PD\RU 6HH6HFWLRQ PHQRU PHMRU SHRU UHJRUGHWH 5HSODFHE\HWDDQGRWD HWHRWH JUDQGRWH 6HH6HFWLRQ UHVSHFWLYHO\ IUDQFpV $GMHFWLYHVRIQDWLRQDOLW\WKDWHQGLQD $GGDQDDQGUHPRYHWKHDFFHQWLQ DOHPiQ FRQVRQDQW WKHODVWV\OODEOHLIWKHUH HVSDxRO EHOJD $GMHFWLYHVRIQDWLRQDOLW\WKDWHQGLQ FRVWDUULFHQVH 5HPDLQWKHVDPH SDTXLVWDQt DHtRU~ KLQG~ 5HPDLQVWKHVDPH IXHUWH H GLItFLO $OOWKHRWKHUV 5HPDLQWKHVDPH OLEHUDO FDSD] 0DVFXOLQHDGMHFWLYHVHQGLQJLQ
)HPLQLQHIRUP
)HPLQLQH GLQiPLFD FKDUODWDQDWDONDWLYHFKDWW\ SDUODQFKLQDWDONDWLYH GRUPLORQDVOHHS\KHDG WUDEDMDGRUDKDUGZRUNLQJ VXSHULRU LQIHULRU DQWHULRU SRVWHULRU PD\RUELJJHUROGHU PHQRUVPDOOHU\RXQJHU PHMRUEHWWHU SHRUZRUVH UHJRUGHWDFKXEE\ JUDQGRWDELJ IUDQFHVD)UHQFK DOHPDQD*HUPDQ HVSDxROD6SDQLVK EHOJD%HOJLDQ FRVWDUULFHQVH&RVWD5LFDQ SDTXLVWDQt3DNLVWDQL KLQG~,QGLDQ IXHUWHVWURQJ GLItFLOGLIILFXOW OLEHUDO FDSD]DEOH
(MHUFLFLRV
http://vk.com/espanol_con_amigos
/RRNDWWKHIROORZLQJ,'FDUGDQGPDNHWKUHHVHQWHQFHVDERXWWKHSHUVRQ¶VSURIHVVLRQJHQGHUDQGQDWLRQDOLW\ 1RZZULWHVRPHVHQWHQFHVDERXW\RXUVHOIRQVRPHRUDOORIWKHIROORZLQJ SURIHVVLRQQDWLRQDOLW\JHQGHUVH[XDORULHQWDWLRQSROLWLFDOSHUVXDVLRQ :KLFKRIWKHIROORZLQJGR\RXRZQ"6D\µ7HQJR¶RUµ1RWHQJR¶ 6LQJXODUDGMHFWLYHVHQGLQJLQ 9RZHOZLWKQRDFFHQW
3OXUDOIRUP $GGV
([DPSOH VLQJXODU LPSRUWDQWH
SOXUDO LPSRUWDQWHV
HVW~SLGR DWUDFWLYD
HVW~SLGRV DWUDFWLYDV
&RQVRQDQWRUDFFHQWHGYRZHO
$GGHV
OLEHUDO KLQG~
OLEHUDOHV KLQG~HV
]
5HSODFHE\FHV
HILFD]
HILFDFHVHIIHFWLYH
YHUD]
YHUDFHVWUXWKIXO
1RWHWKDWZKHQDPDVFXOLQHQRXQDQGDIHPLQLQHQRXQVKDUHWKHVDPHDGMHFWLYHWKHDGMHFWLYHLVLQWKHPDVFXOLQH SOXUDO XQKRPEUH\XQDPXMHUDUJHQWLQRVDQ$UJHQWLQLDQPDQDQGZRPDQ 3RVLWLRQRIWKHDGMHFWLYH
,Q6SDQLVKWKHDGMHFWLYHRIWHQJRHVDIWHUWKHQRXQZKHUHDVLQ(QJOLVKLWXVXDOO\JRHVEHIRUH XQQLxRVLPSiWLFRDIULHQGO\ER\ )RUDGMHFWLYHVZKRVHPHDQLQJFKDQJHVDFFRUGLQJWRWKHLUSRVLWLRQVHH6HFWLRQ (MHUFLFLRV
'R\RXNQRZZKHUHWKHVHIDPRXV+LVSDQLFSHRSOHFRPHIURP"7HVW\RXUNQRZOHGJHE\FRPSOHWLQJHDFK JDSZLWKWKHFRUUHFWDGMHFWLYHRIQDWLRQDOLW\5HPHPEHUWRXVHWKHDSSURSULDWHDGMHFWLYDOHQGLQJ DUJHQWLQRQDFKLOHQRQDHVSDxROODJXDWHPDOWHFRFDPH[LFDQRQD D$QWRQLR%DQGHUDV\)HUQDQGR5H\VRQGRVDFWRUHV E-XOLR&RUWi]DU\-RUJH/XLV%RUJHVVRQGRVHVFULWRUHV F5LJREHUWD0HQFK~HVXQDDFWLYLVWD G,VDEHO$OOHQGH\*DEULHOD0LVWUDOVRQGRVDXWRUDV H/DXUD(VTXLYHODXWRUDGH&RPRDJXDSDUDFKRFRODWHHVXQDHVFULWRUD I)ULGD.DKOR\'LHJR5LYHUDVRQGRVSLQWRUHVPX\IDPRVRV J3DEOR1HUXGDHVXQH[FHOHQWHSRHWD &RPSOHWH HDFK VHQWHQFH E\ VHOHFWLQJ D QRXQ DQG DQ DGMHFWLYH IURP HDFK RI WKH ER[HV 0RUH WKDQ RQH FRPELQDWLRQLVVRPHWLPHVSRVVLEOH:KHQFRPSOHWLQJ\RXUVHQWHQFHVPDNHVXUH\RXPDNHWKHDGMHFWLYH DJUHHZLWKWKHQRXQERWKLQJHQGHUDQGLQQXPEHU,I\RXDUHQRWVXUHRIDQRXQ¶VJHQGHUORRNLWXSLQWKH GLFWLRQDU\
http://vk.com/espanol_con_amigos
1RXQV WUDEDMRFRFKHOHQJXDKRWHOHVIRWRDLUH
$GMHFWLYHV GLItFLOLQWHUHVDQWHSUHFLRVRDIUHVFRDFDU H[FHOHQWH
(MHPSOR 6R\LQJHQLHUD(VXQWUDEDMRLQWHUHVDQWH D(VWR\DSUHQGLHQGRDOHPiQ(VXQD E$EUHODYHQWDQD1HFHVLWDPRVXQSRFRGH F(QDOJXQDVSOD\DVPH[LFDQDVKD\ G0LSDGUHVHKDFRPSUDGRXQ0HUFHGHV(VXQ H+HHQFRQWUDGRXQDGHPLDEXHODFXDQGRHUDSHTXHxD 4XDOLI\LQJDGMHFWLYHVVKRUWHQHGIRUPVDQGFKDQJHRIPHDQLQJ 4XDOLI\LQJDGMHFWLYHVLQ6SDQLVKQRUPDOO\IROORZWKHQRXQWKH\PRGLI\+RZHYHUWKHUHDUHDQXPEHURI DGMHFWLYHVWKDWFDQDOVREHSODFHGEHIRUHWKHQRXQ6RPHRIWKHPORVHWKHLUODVWYRZHORUV\OODEOHZKHQWKH\DUH SODFHGEHIRUHWKHQRXQDQGRWKHUVFKDQJHWKHLUPHDQLQJGHSHQGLQJRQWKHLUSRVLWLRQ )RUP 5XOH
([DPSOH
5HPDUNV H[FHSWZKHQWKH\DUHSUHFHGHGE\WKHDGYHUEPiV JUDQGHĺJUDQLQIURQWRIPDVFXOLQHRUIHPLQLQH XQJUDQDFRQWHFLPLHQWRDJUHDWHYHQW HOPiVJUDQGHDFRQWHFLPLHQWRGHOVLJOR;;WKH VLQJXODUQRXQV XQDJUDQPXMHUDJUHDWZRPDQ JUHDWHVWHYHQWRIWKHWKFHQWXU\ EXWQRWLQIURQWRIIHPLQLQHQRXQV EXHQRĺEXHQDQGPDORĺPDOLQIURQWRI XQEXHQKLMRDJRRGVRQ PDVFXOLQHVLQJXODUQRXQV PDODYLVLELOLGDGEDGYLVLELOLW\ XQPDOYLDMHDEDGMRXUQH\ EXWQRWLQIURQWRI IHPLQLQH SURSHU QRXQV6DQWD 7HUHVD 6W 7HUHVD PDVFXOLQH SURSHU QRXQV EHJLQQLQJ LQ7R RU 6DQWRĺ6DQLQIURQWRIPDVFXOLQHSURSHUQRXQV 6DQ$QGUpV6W$QGUHZ 'R 6DQWR 7RPiV 6DQWR 'RPLQJR 6W 7KRPDV6W'RPLQLF FRPPRQ QRXQVHO VDQWR PDWULPRQLR KRO\ PDWULPRQ\ EXWQRWLQIURQWRIIHPLQLQHQRXQV SULPHURĺSULPHUDQGWHUFHURĺWHUFHULQIURQW HOSULPHUKRPEUHHQODOXQDWKHILUVWPDQ ODSULPHUDVHPDQDGHDJRVWRWKHILUVWZHHNLQ RQWKHPRRQ $XJXVW RIPDVFXOLQHQRXQV 6HH6HFWLRQIRUWKHXVHRIRUGLQDOQXPEHUV HOWHUFHUPLOHQLRWKHWKLUGPLOOHQQLXP ODWHUFHUDSXHUWDDODGHUHFKDWKHWKLUGGRRURQ WKHULJKW
$GMHFWLYHVWKDWORVHWKHLUODVWYRZHORUV\OODEOHZKHQSODFHGEHIRUHWKHQRXQ 5XOH
([DPSOH ¢+DVOHtGRDDOJ~QHVFULWRUDUJHQWLQR" DOJXQRĺDOJ~QDQGQLQJXQRĺQLQJ~QLQIURQW +DYH\RXUHDGDQ\$UJHQWLQLDQZULWHUV" RIPDVFXOLQHQRXQV 1RWHQJRQLQJ~QOLEURGH%RUJHV,GRQ¶W 6HH8QLWRQWKHXVHRIWKHVHLQGHILQLWHV KDYHDQ\ERRNVE\%RUJHV
5HPDUNV EXWQRWLQIURQWRIIHPLQLQHQRXQV ¢/HTXHGDDOJXQDHQWUDGD"+DYH\RXJRWDQ\ WLFNHWVOHIW"
0HDQLQJ 7KHPHDQLQJRIVRPHRIWKHVHDGMHFWLYHVFDQFKDQJHGHSHQGLQJRQZKHWKHUWKH\JREHIRUHRUDIWHUWKHQRXQ $GMHFWLYH
%HIRUHWKHQRXQ
$IWHUWKHQRXQ
http://vk.com/espanol_con_amigos
XQDJUDQFDVDDJUHDWKRXVH XQJUDQKRPEUHDJUHDWPDQ XQDQWLJXRFRQYHQWRDIRUPHUFRQYHQW PHGLRJUXSRKDOIWKHJURXS XQSREUHKRPEUHDZUHWFKHGPDQ XQDVLPSOHH[FXVDDPHUHH[FXVH XQ~QLFRFRQFLHUWRDVLQJOHFRQFHUW
JUDQGH DQWLJXRD PHGLRD SREUH VLPSOH ~QLFRD
XQDFDVDJUDQGHDODUJHKRXVH XQKRPEUHJUDQGHDODUJHPDQ XQFRQYHQWRDQWLJXRDQROGFRQYHQW XQJUXSRPHGLRDQDYHUDJHJURXS XQKRPEUHSREUHDSRRUPDQLHQRWULFK XQDSHUVRQDVLPSOHDVLPSOHSHUVRQ XQFRQFLHUWR~QLFRDXQLTXHFRQFHUW
(MHUFLFLRV )LOOHDFKJDSZLWKWKHFRUUHFWIRUPRIWKHDGMHFWLYHZKLFKLVJLYHQLQEUDFNHWVLQWKHPDVFXOLQH D+HWHQLGRXQDLGHDJUDQGH E+R\SXHGHVHUXQGtDJUDQGH F$QDHVXQDDPLJDEXHQR G3DVpXQPRPHQWRPDOR H9LYRHQHOSLVRSULPHUR 5HDGWKHIROORZLQJVHQWHQFHVDQGWUDQVODWHWKHH[SUHVVLRQVLQEROGLQWR6SDQLVK0DNHVXUHWKHDGMHFWLYH LVLQWKHFRUUHFWSRVLWLRQ D+HOLYHVLQDODUJHKRXVHFDVD E7KHKHDGWHDFKHUZDVDJUHDWPDQKRPEUH F7KHRWKHUGD\,PHWDIRUPHUFROOHDJXHFROHJD G,W¶VDQROGXQLYHUVLW\XQLYHUVLGDG H:RXOG\RXOLNHKDOIDQRUDQJH"QDUDQMD &RPSDULVRQRIDGMHFWLYHV 7KHIROORZLQJVHQWHQFHVH[SUHVVFRPSDULVRQ $QDHVPHQRVVLPSiWLFDTXH6DUD$QDLVOHVVIULHQGO\WKDQ6DUD 0DULQDHVPiVVRFLDEOHTXH(PLOLD0DULQDLVPRUHRXWJRLQJWKDQ(PLOLD -XOLiQHVWDQDOWRFRPR3DEOR-XOLiQLVDVWDOODV3DEOR &RPSDUDWLYHV±ORVFRPSDUDWLYRV±DUHVDLGWREHRILQIHULRULW\PHQRVTXH VXSHULRULW\PiVTXH RU HTXDOLW\WDQFRPR )RUP 6XSHULRULW\
PiVDGMHFWLYHTXH
,QIHULRULW\
PHQRVDGMHFWLYHTXH
(TXDOLW\
WDQDGMHFWLYHFRPR
-XOLiQHVPiVDOWRTXHVXSDGUH-XOLDQLVWDOOHU WKDQKLVIDWKHU (VWHEDQSDUHFHPHQRVDELHUWRTXHVXKHUPDQR (VWHEDQVHHPVOHVVRSHQWKDQKLVEURWKHU ,VDEHOHVWiWDQJXDSDFRPRVXPDGUH,VDEHOLV ORRNLQJDVEHDXWLIXODVKHUPRWKHU
7KHVHFRQGWHUPLQWKHFRPSDULVRQFDQEHRQHRIWKHIROORZLQJ DQRXQ
(OJDWRHVPiVOLVWRTXHHOSHUUR7KHFDWLVFOHYHUHUWKDQWKHGRJ
http://vk.com/espanol_con_amigos
(OSHUURHVPiVIHUR]TXHLQWHOLJHQWH7KHGRJLVILHUFHUWKDQLWLV FOHYHU (OSHUURHVWiPiVOLPSLRTXHDQWHV7KHGRJLVFOHDQHUWKDQEHIRUH (QFDVDHOSHUURHVWiPiVWUDQTXLORTXHHQODFDOOH$WKRPHWKHGRJ LVFDOPHUWKDQKHLVLQWKHVWUHHW (OJDWRHVPiVOLVWRGHORTXHSDUHFH7KHFDWLVFOHYHUHUWKDQLW VHHPV 7RUHYLVHWKHFRPSDUDWLYHFODXVHJRWR6HFWLRQG
DQRWKHUDGMHFWLYH DQDGYHUE DQDGYHUESKUDVH DYHUEFODXVH
,Q6SDQLVKDVLQ(QJOLVKWKHILUVWWHUPLQWKHFRPSDULVRQFDQEHRPLWWHGLILWFDQEHLQIHUUHGIURPWKHFRQWH[W ,VDEHOHVLQWHOLJHQWH\VDOGUiDGHODQWH,VDEHO (VPiVWUDEDMDGRUDTXHVXKHUPDQR,VDEHOLVFOHYHU DQGVKH¶OOJRIDU6KHLVKDUGHUZRUNLQJWKDQKHUEURWKHU 6LPLODUO\WKHVHFRQGWHUPFDQEHRPLWWHGWRR /DVGRVKHUPDQDVVRQPX\OLVWDVSHUR&RQFKDHVPiVWUDEDMDGRUDTXHVXKHUPDQD %RWKVLVWHUVDUH YHU\FOHYHUEXW&RQFKDLVPRUHKDUGZRUNLQJWKDQKHUVLVWHU ,UUHJXODUFRPSDUDWLYHV 7KHIROORZLQJDGMHFWLYHVFDQKDYHLUUHJXODUFRPSDUDWLYHV $GMHFWLYH
&RPSDUDWLYH
EXHQRDRVDV
PHMRUHV
PDORDRVDV
SHRUHV
JUDQGHHV
PD\RUHV
SHTXHxRDRVDV
PHQRUHV
([DPSOH (QPLRSLQLyQHOYLQRGH5LRMDHVPHMRUTXHHO GH%XUGHRV,QP\RSLQLRQ5LRMDZLQHLVEHWWHU WKDQ%RUGHDX[ /DFDUUHWHUDGHODFRVWDHVSHRUTXHHVWD7KH URDGWKDWJRHVDORQJWKHFRDVWLVZRUVHWKDQWKLV RQH (ORWURDSDUWDPHQWRHVPD\RUTXHHVWH7KH RWKHUIODWLVODUJHUWKDQWKLVRQH 1RWHWKDWPD\RUDOVRPHDQVµROGHU¶-XDQHV PD\RUTXH6LOYLD-XDQLVROGHUWKDQ6LOYLD (OGDxRVHUiPHQRUVLVHORGLFHV7KHKDUPZLOO EHOHVVLI\RXWHOOKLP 1RWHWKDWPHQRUDOVRPHDQVµ\RXQJHU¶6LOYLDHV PHQRUTXH-XDQ6LOYLDLV\RXQJHUWKDQ-XDQ
1RWHKRZHYHUWKDWWKHUHJXODUIRUPRIWKHFRPSDUDWLYHVDERYHLVDOVRSRVVLEOHDOWKRXJKWKHPHDQLQJLV VOLJKWO\GLIIHUHQW -XDQHVPiVEXHQRPiVPDORTXHVXKHUPDQRLPSOLHVPRUDOFKDUDFWHULVWLFV -XDQLVNLQGHUQDXJKWLHUWKDQ KLVEURWKHU -XDQHVPHMRUSHRUTXHVXKHUPDQRLPSOLHVSK\VLFDORULQWHOOHFWXDOFKDUDFWHULVWLFV -XDQLVEHWWHUZRUVH WKDQKLVEURWKHU 0HQRUFDQEHUHSODFHGE\PiVSHTXHxR -XDQHVPHQRUPiVSHTXHxRTXH7RPiV-XDQLV\RXQJHUVPDOOHUWKDQ7RPiV %XWPD\RUFDQRQO\EHUHSODFHGE\PiVJUDQGHWRPHDQODUJHUQRWROGHU -XDQHVPiVJUDQGHTXH(QULTXH-XDQLVELJJHUWKDQ(QULTXH +RZWRVD\µPRUHDQGPRUH¶DQGµOHVVDQGOHVV¶ µPRUHDQGPRUH¶FDGDYH]PiV
(VFDGDYH]PiVDQWLSiWLFR+HLVPRUHDQGPRUHXQIULHQGO\
http://vk.com/espanol_con_amigos
µOHVVDQGOHVV¶FDGDYH]PHQRV
(VFDGDYH]PHQRVDPDEOH+HLVOHVVDQGOHVVSROLWH
+RZWRVD\µWKHPRUH¶¶WKHOHVV¶µWKHPRUH¶¶WKHOHVV¶ ([SUHVVLRQVVXFKDVµWKHPRUHWKHOHVVWKHPRUHWKHOHVV¶DUHWUDQVODWHGDV WKHPRUHWKHPRUH
FXDQWRPiVPiV
WKHOHVVWKHOHVV
FXDQWRPHQRVPHQRV
WKHPRUHWKHOHVV
FXDQWRPiVPHQRV
WKHOHVVWKHPRUH
FXDQWRPHQRVPiV
&XDQWRPiVDPDEOHHV-XDQPiVJURVHUR SDUHFH-RVp7KHPRUHSROLWH-XDQLVWKHUXGHU -RVpVHHPV &XDQWRPHQRVQRVYHDPRVPHQRVGLVFXWLUHPRV 7KHOHVVZHVHHRIHDFKRWKHUWKHOHVVZH¶OO DUJXH &XDQWRPiVGLQHURJDQDPHQRVTXLHUHJDVWDU 7KHPRUHKHHDUQVWKHOHVVKHZDQWVWRVSHQG &XDQWRPHQRVJRUGRHVWpVPiVVDQRWH HQFRQWUDUiV7KHOHVVRYHUZHLJKW\RXDUHWKH KHDOWKLHU\RX¶OOIHHO
(MHUFLFLRV
)LOOLQWKHJDSVWRPDNHFRPSDUDWLYHVHQWHQFHVXVLQJPiVTXH 0LFDPDQRHVPX\FyPRGD/DWX\DHVPiVFyPRGDTXHODPtD D7XFRFKHHVPX\SHTXHxR(OPtRHVHOWX\R E(VWHTXHVRHVFDUR(VHOMDPyQ F(VWDFKDTXHWDURMDHVPX\ERQLWD(VHOMHUVH\ 1RZGRWKHVDPHEXWWKLVWLPHXVLQJLUUHJXODUFRPSDUDWLYHV D0LLGHDQRHVEXHQD/DWX\DHV E(OFROHVWHUROHVPDORSHURHOWDEDFRHV /RRNDWWKHSLFWXUHRIWKH6ROtVIDPLO\7KHQZULWHVL[VHQWHQFHVXVLQJWKHDGMHFWLYHVSURYLGHGVD\LQJLQ ZKLFKZD\WKHGDXJKWHU&ULVWLQDRQWKHULJKWLVMXVWOLNHHDFKRIKHUSDUHQWV
http://vk.com/espanol_con_amigos
UXELDDOWDGHSRUWLVWDGHOJDGDSHFRVDDYHQWXUHUD (MHPSOR &ULVWLQDHVWDQGHSRUWLVWDFRPRVXSDGUH 7KHVXSHUODWLYH 7KHUHODWLYHVXSHUODWLYH
7KHIRUPVµWKHPRVW¶DQGµWKHOHDVW¶DUHFDOOHGWKHUHODWLYHVXSHUODWLYHEHFDXVHWKH\LGHQWLI\DSDUWLFXODU HOHPHQWDVKDYLQJWKHKLJKHVWRUORZHVWGHJUHHRIDTXDOLW\DPRQJVWDJURXS (OH[DPHQGHILQGHFXUVRHVHOPiVGLItFLOGHWRGRV7KHHQGRI\HDUH[DPLVWKHPRVWGLIILFXOWRIDOO GHILQLWHDUWLFOHFRPSDUDWLYHDGMHFWLYHGHQRXQFODXVH GHILQLWHDUWLFOHFRPSDUDWLYHDGMHFWLYHTXHYHUEFODXVH
HOPiVUiSLGRWKHIDVWHVW -XDQHVHOPHQRVKDEODGRUGHORVKHUPDQRV-XDQLVWKHOHDVWWDONDWLYH RIWKHEURWKHUV 7RPiVHVHOPHMRUSLDQLVWDTXHFRQR]FR7RPiVLVWKHEHVWSLDQLVW, NQRZ
1RWHWKDW6SDQLVKXVHVGHZKHUH(QJOLVKXVHVLQLQH[SUHVVLRQVVXFKDVHOPiVJUDQGHGH(XURSDWKH ELJJHVWLQ(XURSH 7KHDEVROXWHVXSHUODWLYH
7KHDEVROXWHVXSHUODWLYHLQWHQVLILHVWKHTXDOLW\,Q(QJOLVKWKHIROORZLQJDUHDEVROXWHVXSHUODWLYHV,W¶VDYHU\ IXQQ\ILOP,KDYHUHDGDPRVWLQWHUHVWLQJERRN ,Q6SDQLVKWKHDEVROXWHVXSHUODWLYHLVIRUPHGDVIROORZV PX\DGMHFWLYH DGMHFWLYHtVLPRtVLPDtVLPRVtVLPDV
(VXQDSHOtFXODPX\GLYHUWLGD,W¶VDYHU\IXQQ\ILOP (VXQDSHOtFXODGLYHUWLGtVLPD,W¶VDYHU\IXQQ\ILOP
,UUHJXODUDEVROXWHVXSHUODWLYHV 7KHIROORZLQJLUUHJXODUIRUPVFDQEHXVHGDVDEVROXWHVXSHUODWLYHV $GMHFWLYH
&RPSDUDWLYH
$EVROXWHVXSHUODWLYH
EXHQR
PHMRU
ySWLPR
PDOR
SHRU
SpVLPR
JUDQGH
PD\RU
Pi[LPR
SHTXHxR
PHQRU
PtQLPR
DOWR
VXSHULRU
VXSUHPR
EDMR
LQIHULRU
tQILPR
([DPSOH (VWiHQFRQGLFLRQHVySWLPDV+H LVLQSHDNFRQGLWLRQ (VWiGHXQKXPRUSpVLPR6KHLV LQDGUHDGIXOPRRG /HRWRUJDURQHOPi[LPR JDODUGyQ6KHZDVDZDUGHGWKH KLJKHVWKRQRXU 1RWHQJRHOPtQLPRLQWHUpVHQ VDEHUGHVXYLGD,KDYHQ¶WJRWWKH VOLJKWHVWLQWHUHVWLQNQRZLQJDQ\WKLQJ DERXWKLVOLIH 7LHQHDXWRULGDGVXSUHPD+HKDV VXSUHPHDXWKRULW\ /RFRPSUpSRUXQDFDQWLGDG tQILPD,ERXJKWLWIRUDQHJOLJLEOH DPRXQW
,QIRUPDODEVROXWHVXSHUODWLYHV 7KHIROORZLQJSUHIL[HVDUHXVHGLQFROORTXLDOODQJXDJHWRH[SUHVVWKHDEVROXWHVXSHUODWLYH
http://vk.com/espanol_con_amigos
VXSHU H[WUD DUFKL UHTXHWH
(VXQDFKLFDVXSHUJXDSD6KH¶VDUHDOO\SUHWW\JLUO )XPDFLJDUULOORVH[WUDODUJRV+HVPRNHVH[WUDORQJFLJDUHWWHV (VDUFKLPLOORQDULR+H¶VDPXOWLPLOOLRQDLUH (OSDVWHOHVWDEDUHTXHWHEXHQR7KHFDNHZDVUHDOO\JRRG
(MHUFLFLRV
:KDW GR \RX NQRZ DERXW ZRUOG UHFRUGV" 7UDQVIRUP WKH SURPSWV RQ WKH OHIW WR PDNH WKH WLWOH RI HDFK ZRUOGUHFRUGDQGWKHQPDWFKHDFKWLWOHZLWKWKHFRUUHFWDQVZHUIURPWKHVHFRQGFROXPQ (MHPSOR (GDGOLFHQFLDGRMRYHQGHOPXQGR /DHGDGGHOOLFHQFLDGRPiVMRYHQGHOPXQGR
D (GDGOLFHQFLDGR XQLYHUVLWDULRMRYHQGHO LNP PXQGR
E1DFLyQFRQQ~PHURGHDSDUDWRVWHOHIyQLFRV LL0yQDFR SRUFDEH]D F$OWXUDPRQWDxDDOWDGHOVLVWHPDVRODU
LLLNP
G/RQJLWXGWHQGHGHURGHURSDODUJRGHOPXQGR LYJUDGRVEDMRFHUR H(GDGSHUVRQDYLHMDGHOPXQGR
YDxRV\PHVHV
I(VWDWXUDSHUVRQDDOWDGHOPXQGR
YLDxRV
J 7HPSHUDWXUDIUtDMDPiV UHJLVWUDGD HQ HO YLLPHWURV PXQGR
5HDG WKH IROORZLQJ KHDGOLQHV IURP WKH 6SDQLVK QHZVSDSHU(O 3DtV DQG XQGHUOLQH WKH LUUHJXODU VXSHUODWLYHV
8QLQIRUPHDYLVDGHOSpVLPRHVWDGRGHODVLQIUDHVWUXFWXUDVGH((88
(OJRELHUQRHOLPLQDODGLVWDQFLDPtQLPDHQWUHJDVROLQHUDVHQFDUUHWHUD
/D%ROVDGH7RNLRFDHDXQPtQLPRGHDxRV
http://vk.com/espanol_con_amigos
+ROO\ZRRGDVXPHFRQLPSRWHQFLD\Pi[LPDH[SHFWDFLyQODWHPLGDKXHOJDGHDFWRUHV &RPSDULVRQRIDGYHUEVQRXQVDQGYHUEV $GYHUEVQRXQVDQGYHUEVFDQEHXVHGLQFRPSDUDWLYHVWUXFWXUHVDVZHOODVDGMHFWLYHV $GYHUEV $GYHUEVDUHFRPSDUHGLQWKHVDPHZD\DVDGMHFWLYHV 6XSHULRULW\
PiVDGYHUETXH
,QIHULRULW\
PHQRVDGYHUETXH
(TXDOLW\
WDQDGYHUEFRPR
&DPLQDPiVOHQWDPHQWHTXH\R6KHZDONVPRUH VORZO\WKDQ,GR &DQWDPHQRVIXHUWHTXH\R6KHVLQJVOHVVORXGO\ WKDQ,GR +DEODWDQGHSULVDFRPR\R6KHWDONVDVIDVWDV, GR
,UUHJXODUFRPSDUDWLYHVRIDGYHUEV 7KHIROORZLQJDGYHUEVKDYHLUUHJXODUFRPSDUDWLYHV ELHQĺPHMRU
+DEODLQJOpVPHMRUTXHW~+HVSHDNV(QJOLVKEHWWHUWKDQ\RXGR 6HKDSRUWDGRSHRUGHORTXHPHHVSHUDED6KHEHKDYHGZRUVHWKDQ, H[SHFWHG
PDOĺSHRU
1RXQV 1RXQVDUHFRPSDUHGDVIROORZV 6XSHULRULW\
PiVQRXQTXH
,QIHULRULW\
PHQRVQRXQTXH
(TXDOLW\
WDQWRWDWRVWDVQRXQFRPR
7LHQHPiVGLQHURTXH\R6KHKDVPRUHPRQH\ WKDQ,KDYH +D\PHQRVQLxRV\QLxDVTXHDQWHV7KHUHDUH IHZHUFKLOGUHQWKDQEHIRUH 1RKD\WDQWRYLQRFRPRFUHtD7KHUHLVQ¶WDV PXFKZLQHDV,WKRXJKW +DQYHQLGRWDQWDVSHUVRQDVFRPRD\HU7KHUH KDYHEHHQDVPDQ\SHRSOHDVWKHUHZHUH \HVWHUGD\
9HUEV 9HUEVDUHFRPSDUHGDVIROORZV 6XSHULRULW\
YHUEPiVTXH
,QIHULRULW\
YHUEPHQRVTXH
(TXDOLW\
YHUEWDQWRFRPR
+DEODPiVTXH\R+HWDONVPRUHWKDQ,GR &RPHPHQRVTXHDQWHV+HHDWVOHVVWKDQKHGLG EHIRUH 6DEHWDQWRFRPRFXDOTXLHURWURH[SHUWRHQHO WHPD+HNQRZVDVPXFKDVDQ\RWKHUH[SHUWRQ WKHVXEMHFW
7KHPRUHWKHPRUH ([SUHVVLRQVVXFKDVWKHPRUHWKHPRUHZLWKDGYHUEVRUYHUEVIROORZWKHVDPHFRQVWUXFWLRQDVWKRVH H[SUHVVLRQVZLWKDGMHFWLYHVHJ&XDQWRPHQRVFRPHPiVDGHOJD]D7KHOHVVKHHDWVWKHPRUHZHLJKWKH ORVHV
http://vk.com/espanol_con_amigos
7RUHYLVHWKHFRPSDULVRQRIDGMHFWLYHVJRWR6HFWLRQ 1RWHWKDWZLWKQRXQVFXDQWRQHHGVWRDJUHHLQJHQGHUDQGQXPEHUZLWKWKHQRXQLWPRGLILHV&XDQWDVPiV WRQWHUtDVGLFHPiVFDVROHKDFHQ7KHPRUHVLOO\WKLQJVKHVD\VWKHPRUHWKH\OLVWHQWRKLP (MHUFLFLRV
&RPSOHWHWKHIROORZLQJPLQLGLDORJXHVZLWKFRPSDUDWLYHVRIDGYHUEVDVLQWKHH[DPSOH (MHPSOR ±
http://vk.com/espanol_con_amigos
3HUVRQDOSURQRXQV 3HUVRQDOSURQRXQV±ORVSURQRPEUHVSHUVRQDOHV±DUHZRUGVZKLFKFDQWDNHWKHSODFHRIDQRXQHJµ7KH PHFKDQLFLVORRNLQJDWWKHFDU+HQHHGVWRILQGRXWZKDW¶VZURQJZLWKLW¶µ+H¶DQGµLW¶DUHSURQRXQVZKLFK VWDQGIRUµWKHPHFKDQLF¶DQGµWKHFDU¶UHVSHFWLYHO\ 7KHIROORZLQJVHFWLRQVGHDOZLWKWKHGLIIHUHQWW\SHVRI SHUVRQDOSURQRXQVZKLFKDUHVXPPDULVHGLQWKHIROORZLQJWDEOH7KHV\PERO VKRZV\RXZKLFKVHFWLRQVWR FRQVXOWIRUIXUWKHULQIRUPDWLRQRQHDFKW\SHRISURQRXQ 3HUVRQ )LUVWSHUVRQVLQJXODU 6HFRQGSHUVRQVLQJXODU
7KLUGSHUVRQVLQJXODU )LUVWSHUVRQSOXUDO 6HFRQGSHUVRQSOXUDO
7KLUGSHUVRQSOXUDO
6XEMHFWSURQRXQ 6HFWLRQ \R W~ YRV XVWHG pO HOOD QRVRWURV QRVRWUDV YRVRWURV YRVRWUDV XVWHGHV HOORV HOODV
'LUHFWREMHFWSURQRXQ 6HFWLRQ PH
,QGLUHFWREMHFWSURQRXQ 6HFWLRQ
5HIOH[LYHSURQRXQ 6HFWLRQ
OH
VH
OH
VH
OHV
VH
OHV
VH
WH OROHOD OROH OD QRV RV ORVOHVODV ORVOHV ODV
6XEMHFWSURQRXQV 6XEMHFWSURQRXQV±ORVSURQRPEUHVVXMHWR±DVWKHLUQDPHLQGLFDWHVDUHSURQRXQVWKDWVWDQGIRUWKHVXEMHFWRID VHQWHQFH )RUP 6XEMHFWSURQRXQVDUHDQDUHDZKHUH3HQLQVXODU6SDQLVKGLIIHUVVOLJKWO\IURP$PHULFDQ6SDQLVKYDULHWLHV
http://vk.com/espanol_con_amigos
1RWHWKDWLQPDQ\SDUWVRI$QGDOXFtDLQ6RXWKHUQ6SDLQDQGLQWKH&DQDULHVWKHV\VWHPXVHGLVWKHVDPHDV LQPRVWRI6SDQLVK$PHULFD )RUPRUHLQIRUPDWLRQRQWKHYRVIRUPVHH6HFWLRQ eOHOODH[SUHVVLQJKHVKHLW
1RWLFHWKDWLQ(QJOLVKWKHUHDUHWKUHHWKLUGSHUVRQVLQJXODUSURQRXQVµKH¶µVKH¶DQGµLW¶,Q6SDQLVKDVDOO QRXQVDUHHLWKHUPDVFXOLQHRUIHPLQLQHµKH¶µVKH¶DQGµLW¶FDQRQO\EHUHQGHUHGE\WZRIRUPVpODQGHOOD UHVSHFWLYHO\ZKLFKFDQUHIHUWRWKLQJVDVZHOODVWRSHRSOH ,Q6SDQLVKWKHUHLVDQHXWHUVXEMHFWSURQRXQHOORZKLFKFDQEHXVHGWRUHIHUWRDQLGHDUDWKHUWKDQDWKLQJ +RZHYHULWLVUDUHO\XVHGDQGLIDQHXWHUSURQRXQLVQHFHVVDU\LWLVEHWWHUWRXVHHVWRRUHVR (VWRVXFHGLyHOPDUWHVSDVDGR,WKDSSHQHGODVW7XHVGD\ 9HUEIRUPIRUXVWHGXVWHGHV
1RWLFHWKDWDOWKRXJKXVWHGDQGXVWHGHVUHIHUWRWKHVHFRQGSHUVRQµ\RX¶ WKH\WDNHWKLUGSHUVRQYHUEHQGLQJV ZKLFKLVZK\WKH\XVXDOO\DSSHDUZLWKpOHOODLQYHUEWDEOHV 8VWHGKDEODHVSDxRO8VWHGHVKDEODQHVSDxRO
,QZULWLQJDQGHVSHFLDOO\LQIRUPDOGRFXPHQWVVXFKDVEXVLQHVVOHWWHUVXVWHGDQGXVWHGHVDUHRIWHQDEEUHYLDWHG 1RWLFHWKDWWKHVHDEEUHYLDWLRQVDOZD\VKDYHFDSLWDOOHWWHUV XVWHG8G9G XVWHGHV8GV9GV 1RVRWURVYRVRWURVHOORVWRLQFOXGHERWKPDVFXOLQHDQGIHPLQLQH
1RWLFHWKDWDVZLWKQRXQVWKHPDVFXOLQHSOXUDORIWKHVXEMHFWSURQRXQVLVXVHGWRUHIHUWRJURXSVWKDWFRQWDLQ ERWKPDOHDQGIHPDOHHOHPHQWV 1RVRWURVVRPRVSHUXDQRV:HDUH3HUXYLDQ 1RVRWURVFRXOGUHIHUWRPHQRUWRERWKPHQDQGZRPHQ (OORVQRTXLHUHQYHQLU7KH\GRQ¶WZDQWWRFRPH +HUHWRRHOORVFRXOGUHIHUWRPHQRUWRERWKPHQDQGZRPHQ
http://vk.com/espanol_con_amigos
8VH ,Q6SDQLVKVXEMHFWSURQRXQVDUHUDUHO\XVHGLQHYHU\GD\FRQYHUVDWLRQ,Q(QJOLVKVXEMHFWSURQRXQVVKRZ ZKRRUZKDWWKHVXEMHFWRIWKHYHUELVUHIHUULQJWREXWLQ6SDQLVKWKHYHUEHQGLQJVSURYLGHWKLVLQIRUPDWLRQVR WKHSURQRXQLVQRWQHFHVVDU\ 7HQJRGRVKHUPDQRV,KDYHWZREURWKHUV ¢7LHQHVIUtR"$UH\RXFROG" ,Q6SDQLVKVXEMHFWSURQRXQVDUHXVHGIRUIRXUPDLQSXUSRVHV ¢7~TXpRSLQDV":KDWGR\RXWKLQN" ¢(OODWHGLMRHVR"'LGVKHWHOO\RXWKDW" (OODKDEODWUHVLGLRPDVSHUR\RVyORXQR6KHVSHDNVWKUHHODQJXDJHV )RUFRQWUDVW EXW,RQO\VSHDNRQH ²7LHQHPXFKRGLQHUR )RUFODULW\ ²¢4XLpQHOOD" ²1RpO 0LKHUPDQD\\RpUDPRVPX\GLVWLQWDV\RHUDUXELD\HOODHUD 7RDYRLGFRQIXVLRQZKHQWKHVDPHYHUEHQGLQJFRUUHVSRQGVWRPRUHWKDQ PRUHQD0\VLVWHUDQG,ZHUHYHU\GLIIHUHQW,ZDVEORQGHDQGVKHZDV RQHJUDPPDWLFDOSHUVRQ GDUN 7RVKRZHPSKDVLV
6XEMHFWSURQRXQVZLWKVHU
1RWLFHWKDWZLWKWKHYHUEVHULQH[SUHVVLRQVVXFKDV6R\\RWKHVXEMHFWSURQRXQLVXVHGLQ6SDQLVK,Q (QJOLVKWKHREMHFWSURQRXQZRXOGEHXVHGHJµ,W¶VPH¶ (MHUFLFLRV
,GHQWLI\ WKH VXEMHFW RI HDFK YHUE LQ WKH SUHVHQW LQGLFDWLYH ,I WKHUH LV PRUH WKDQ RQH SRVVLEOH VXEMHFW SURQRXQIRUWKDWYHUEIRUPJLYHDOORIWKHP (MHPSOR FDQWDpOHOODXVWHG D(VWDPRVHQFDVD E¢9LYHQHQ3DUtV" F(UHVPLDPLJR G7HQJRWUHVKLMRV
0LKHUPDQD WLHQHORVRMRVYHUGHV WLHQHXQSHUUR YLYHHQ0LDPL HVWiGLYRUFLDGD HVPRUHQD
http://vk.com/espanol_con_amigos
5HDG WKH IROORZLQJ VHQWHQFHV LQ (QJOLVK DQG WKHQ ORRN DW WKH 6SDQLVK WUDQVODWLRQV$GG WKH VXEMHFW SURQRXQLILWLVQHHGHGWRVKRZHPSKDVLVRUFRQWUDVW (MHPSOR ,DPDGRFWRUEXWKHLVDGHQWLVW
http://vk.com/espanol_con_amigos
VROLGDULW\ W~ 7RFRQYH\GLVWDQFHFRXUWHV\IRUPDOLW\RUDSRZHU XVWHGYHUELQWKHWKLUGSHUVRQVLQJXODU UHODWLRQ
YRVRWURVYRVRWUDV XVWHGHVYHUELQWKHWKLUGSHUVRQSOXUDO
1RWHKRZHYHUWKDWLQ$QGDOXFtDLQ6RXWKHUQ6SDLQDQGLQWKH&DQDU\,VODQGVXVWHGHVLVRIWHQXVHGLQVWHDG RIYRVRWURVDV$OVRLQ$QGDOXFtDXVWHGHVLVRIWHQXVHGZLWKWKHYHUEIRUPIRUYRVRWURVDVVHFRQGSHUVRQ SOXUDO ¢8VWHGHVTXHUpLVFRPHUDOJR":RXOG\RXOLNHVRPHWKLQJWRHDW" ,Q3HQLQVXODU6SDQLVKWKHIRUP ZRXOGEH¢9RVRWURVTXHUpLVFRPHUDOJR"LQIRUPDO RU¢8VWHGHVTXLHUHQFRPHUDOJR"IRUPDO 7KH6SDQLVK$PHULFDQQRUP 7KHUHDUHWZRPDLQQRUPVLQ/DWLQ$PHULFDWKDWRIWKHFRXQWULHVZKHUHW~LVXVHGDQGWKDWRIWKHFRXQWULHV ZKHUHYRVLVXVHG D 6SDQLVK$PHULFDQFRXQWULHVXVLQJW~OD$PpULFDWXWHDQWH
7~LVSUHGRPLQDQWWKURXJKRXW6SDQLVK$PHULFD 7RFRQYH\IDPLOLDULW\FORVHQHVVLQIRUPDOLW\RU VROLGDULW\
W~
XVWHGHVYHUELQWKHWKLUGSHUVRQSOXUDO
7RFRQYH\GLVWDQFHFRXUWHV\IRUPDOLW\RUDSRZHU XVWHGYHUELQWKHWKLUGSHUVRQVLQJXODU UHODWLRQ E 6SDQLVK$PHULFDQFRXQWULHVXVLQJYRVOD$PpULFDYRVHDQWH
9RVLVXVHGLQPDQ\SDUWVRI6SDQLVK$PHULFDEXWLVHVSHFLDOO\FRPPRQLQWKHDUHDRIWKH5LYHU3ODWH $UJHQWLQD8UXJXD\3DUDJXD\ 7RFRQYH\IDPLOLDULW\FORVHQHVVLQIRUPDOLW\RU VROLGDULW\
YRV
XVWHGHVYHUELQWKHWKLUGSHUVRQSOXUDO
7RFRQYH\GLVWDQFHFRXUWHV\IRUPDOLW\RUDSRZHU XVWHGYHUELQWKHWKLUGSHUVRQVLQJXODU UHODWLRQ
7KHIRUPVRIWKHYHUEZLWKYRVYDU\VOLJKWO\IURPDUHDWRDUHDEXWLQWKHPDLQUHJLRQXVLQJYRVWKHDUHDRIWKH 5LYHU3ODWHWKHYHUEIRUPVLQWKHWKUHHFRQMXJDWLRQVDUH
(MHUFLFLRV
5HDGWKHIROORZLQJVHQWHQFHVDQGGHFLGHLIWKHIRUPVRIDGGUHVVFRUUHVSRQGWRWKH6SDQLVKQRUPWKH /DWLQ$PHULFDQQRUPRUERWK,IWKHIRUPRIDGGUHVVFRUUHVSRQGVWRWKH/DWLQ$PHULFDQQRUPGHFLGHLI WKHXVHLVIURPWKH$PpULFDWXWHDQWHRUIURPWKH$PpULFDYRVHDQWH D3LODU\-XDQYRVRWURVYHQtVHQPLFRFKH E¢9RVVDEpVGyQGHHVWi(GXDUGR" F8QSDGUHKDEODQGRDVXVKLMRV +HGLFKRTXHXVWHGHVQRSXHGHQLUDOFLQHHVWDQRFKHDVtTXHQRKD\
http://vk.com/espanol_con_amigos
PiVGHTXHKDEODU G¢7LHQHVIXHJR" H8VWHGHVVRQFRORPELDQRV¢QRHVFLHUWR" 5HDG WKH IROORZLQJ H[WUDFW IURP WKH VWRU\(O 6RUGR E\ $UJHQWLQLDQ DXWKRU 5REHUWR )RQWDQDUURVD 8QGHUOLQHWKHH[DPSOHVRIWKHXVHRIYRVDVZHOODVWKHYHUEVLQWKHYRVIRUP (OWLSRDSDUHFLyGHLPSURYLVRDQWHODLQGLIHUHQFLDJHQHUDOSRUGHWUiVGHODFROXPQD6HLQFOLQySRUVREUHHOKRPEURGHO6RUGRORWRFy HQXQEUD]R\OHGLMR³4XLHURKDEODUFRQYRV´(OVRUGROHYDQWyODYLVWDORPLUyFRQHOFHxRIUXQFLGRFRPRVLQRORFRQRFLHUDSHJy XQDRMHDGDVREUHORVRWURVFRPSRQHQWHVGHODPHVD\DPDJyXQDHYDVLYD>@ ²
1RZUHDGWKHSUHYLRXVH[WUDFWDQGFKDQJHWKHWH[WVRWKDW\RXXVHW~DQGLWVFRUUHVSRQGLQJYHUEIRUP LQVWHDGRIYRV 'LUHFWREMHFWSURQRXQV 'LUHFWREMHFWSURQRXQV±ORVSURQRPEUHVGHREMHWRGLUHFWR±DUHSURQRXQVWKDWDUHXVHGWRUHSODFHWKHGLUHFW REMHFW 9HUpD(QULTXHPDxDQD,ZLOOVHH(QULTXHWRPRUURZ ĺ/RYHUpPDxDQD,ZLOOVHHKLPWRPRUURZ 0DUtDKDFRPSUDGRXQDPRWR0DUtDKDVERXJKWDPRWRUF\FOH ĺ0DUtDODKDFRPSUDGR0DUtDKDV ERXJKWLW ,QWKHSUHYLRXVVHQWHQFHV(QULTXHDQGXQDPRWRDUHWKHGLUHFWREMHFWVDQGORDQGODDUHWKHGLUHFWREMHFW SURQRXQV )RUP ,Q6SDQLVKWKHGLUHFWREMHFWSURQRXQVDUH PH WH ORIRUPDVFXOLQHSHRSOHDQGWKLQJV OHIRUPDVFXOLQHSHRSOHLQVRPHSDUWVRI6SDLQ ODIRUIHPLQLQHSHRSOHDQGWKLQJV QRV RV ORVIRUSHRSOHDQGWKLQJV ODVIRUIHPLQLQHSHRSOHDQGWKLQJV OHVIRUSHRSOHLQPDQ\SDUWVRI6SDLQ
$QDPHYH$QDFDQVHHPH 7HYHR,FDQVHH\RX /RYHR,FDQVHHKLPLW\RX /HYHR,FDQVHHKLP\RX /DYHR,FDQVHHKHULW\RX -XDQQRVYH-XDQFDQVHHXV 2VYHR,FDQVHH\RX /RVYHR,FDQVHHWKHP\RX /DVYHR,FDQVHHWKHP\RX /HVYHR,FDQVHHWKHP\RX
$V\RXKDYHVHHQLQPDQ\SDUWVRI6SDLQLWLVFRPPRQWRXVHWKHSURQRXQVOHDQGOHVLQVWHDGRIORDQGORVD SUDFWLFHNQRZQDVOHtVPR1RWLFHWKDWWKLVLVRQO\DFFHSWDEOHZKHQWKHSURQRXQUHIHUVWRPDOHVEXWQRWWRWKLQJV RUDQLPDOV
http://vk.com/espanol_con_amigos
/HYLHVWDPDxDQDĺ/RYLHVWDPDxDQD,VDZKLPWKLVPRUQLQJ 1RSXHGRYHUOHVKR\ĺ1RSXHGRYHUORVKR\,FDQ¶WVHHWKHPRU\RX WRGD\ )RUWKHXVHRIXVWHGHVDQGLWVGLUHFWREMHFWSURQRXQHTXLYDOHQWVRVDQGOHV VHH6HFWLRQ 8VH *HQHUDOUXOH ,QPRVWFDVHVWKHGLUHFWREMHFWSURQRXQLVSODFHGEHIRUHWKHYHUE ZKRVHREMHFWLWLV1RWLFHWKDWLQ(QJOLVKRQWKHRWKHUKDQGWKHGLUHFW REMHFWSURQRXQLVSODFHGDIWHUWKHYHUE
7HYHR,FDQVHH\RX 1RORVFRPSUHV'RQ¶WEX\WKHP
([FHSWLRQV ,QWKHIROORZLQJFDVHVWKHGLUHFWREMHFWSURQRXQJRHVDIWHUWKHYHUEDQGLVDWWDFKHGWRLWWKHVHDUHFDOOHGµHQFOLWLFSURQRXQV¶ $IILUPDWLYHFRPPDQGV £ÈEUHOR2SHQLW &RQVWUXFWLRQVZLWKWKHLQILQLWLYH 7HQJRTXHYHUOD,QHHGWRVHHKHU (VWR\OODPiQGRORVDKRUD,DPFDOOLQJWKHPQRZ 1RWLFHKRZWKHSURQRXQLVDWWDFKHGWRWKHYHUEEXWQRWLFHDOVRWKDW DZULWWHQDFFHQWQHHGVWREHDGGHGVRWKHVWUHVVRQWKHPDLQSDUWRIWKH &RQVWUXFWLRQVZLWKWKHJHUXQG YHUEUHPDLQVWKHVDPH JHUXQGOODPDQGRVWUHVVRQDQ JHUXQGSURQRXQOODPiQGRORVVWUHVVDQGZULWWHQDFFHQWRQiQ ,IWKHLQILQLWLYHRUJHUXQGLVSUHFHGHGE\DILQLWHYHUEWKHSURQRXQFDQEH SODFHGEHIRUHWKHILQLWHYHUE 7HQJRTXHYHUODĺ/DWHQJRTXHYHU (VWR\OODPiQGRORVDKRUDĺ/RVHVWR\OODPDQGRDKRUD 1RTXLHURKDFHUORĺ1RORTXLHURKDFHU 3HUVRQDODEHIRUHWKHGLUHFWREMHFW ,IDGLUHFWREMHFWUHIHUVWRDWKLQJLWIROORZVWKHYHUEGLUHFWO\ZLWKRXWXVLQJ (VWR\YLHQGRODWHOHYLVLyQ,¶PZDWFKLQJWHOHYLVLRQ WKHSHUVRQDOD (VWR\EXVFDQGRDPLKLMD,¶PORRNLQJIRUP\GDXJKWHU %XWQRWHWKDWWKHSHUVRQDODLVQRWXVHGZLWKQRXQVUHIHUULQJWR SHRSOHZKRDUHQRWVSHFLILF(VWR\EXVFDQGRXQFDUSLQWHUR,¶PORRNLQJ ,ILWUHIHUVWRDVSHFLILFSHUVRQLWLVSUHFHGHGE\SHUVRQDOD IRUDFDUSHQWHU 1RWHWKDWWKHSHUVRQDODLVQRWXVXDOO\XVHGZLWKWHQHU7HQJRWUHV KHUPDQRV,KDYHWKUHHEURWKHUV 7KHSHUVRQDODLVDOVRXVHGZLWK 1RYHRDQDGLH,FDQ¶WVHHDQ\RQH DOJXLHQQDGLHDOJXQRQLQJXQRDQGFXDOTXLHUD ¢&RQRFHDDOJXLHQTXHSXHGDLQVWDODUODFRFLQD"'R\RXNQRZ DQ\RQHZKRFDQSOXPELQWKHFRRNHU" ¢$FXiQWDVSHUVRQDVKDVLQYLWDGR"$YHLQWH+RZPDQ\SHRSOHKDYH $QXPEHUWKDWUHIHUVWRSHRSOH \RXLQYLWHG"7ZHQW\
1RWHWKDWZKHQWKHGLUHFWREMHFWLVDSURQRXQWKHSHUVRQDODGLVDSSHDUV (VWR\OODPDQGRD$QD,¶PSKRQLQJ$QD ĺ/DHVWR\OODPDQGR 6HH8QLWIRUPRUHRQWKHSUHSRVLWLRQD (MHUFLFLRV
$VVHUW\RXUDXWKRULW\RYHUWKHVHXQUXO\FKLOGUHQ7HOOWKHPWRGRLWULJKWQRZDVLQWKHH[DPSOH (MHPSOR
http://vk.com/espanol_con_amigos
²/DYDORVSODWRV ²1RWHQJRJDQDV ²£/iYDORVDKRUDPLVPR D²+D]ORVGHEHUHV ²(VWR\YLHQGRODWHOH ²£DKRUDPLVPR E²5HFRJHWXURSD ²(VTXHHVWR\HVFXFKDQGRP~VLFD ² F²$SDJDODOX] ²1RHVTXHHVWR\OH\HQGR ² $QVZHUWKHIROORZLQJTXHVWLRQVXVLQJWKHSURPSWLQEUDFNHWVDVLQWKHH[DPSOH (MHPSOR ¢4XLpQHVWiOH\HQGRHVWHOLEUR"\R /RHVWR\OH\HQGR\R(VWR\OH\pQGROR\R D¢4XLpQHVWiYLHQGRODWHOH"QRVRWURV E¢4XLpQHVWiSUHSDUDQGRORVERFDGLOORV"0LJXHO F¢4XLpQHVWiRUGHQDQGRHVWDVIRWRV"&ULVWLQD G¢4XLpQHVWiKDFLHQGRXQFDIp"\R H¢4XLpQHVWiFRUWDQGRHOFpVSHG"5DTXHO
http://vk.com/espanol_con_amigos
¢0DQGDVWHXQDWDUMHWDD(VWKHU"'LG\RXVHQG(VWKHUDSRVWFDUG" ĺ¢/HPDQGDVWHXQDWDUMHWD"'LG \RXVHQGKHUDSRVWFDUG" 1RWHWKDWDGLUHFWREMHFWSURQRXQDQGDQLQGLUHFWREMHFWSURQRXQFDQDSSHDULQWKHVDPHVHQWHQFH,JDYHLWWR KHU )RULQIRUPDWLRQRQWKHRUGHURIREMHFWSURQRXQVJRWR6HFWLRQ )RUP ,Q6SDQLVKWKHLQGLUHFWREMHFWSURQRXQVDUH PH WH OH QRV RV OHV
0HHVFULELyXQDFDUWD+HZURWHPHDOHWWHU 7HPDQGyXQUDPRGHURVDV+HVHQW\RXDEXQFKRIURVHV /HGLXQEHVR,JDYHKLPDNLVVRUKHURU\RXIRUPDO 1RVFDQWDURQXQDFDQFLyQ7KH\VDQJXVDVRQJ 2VPDQGpODVIRWRVGHODERGD,VHQW\RXWKHZHGGLQJSKRWRV /HVFRQWpODQRWLFLD,WROGWKHPRU\RX WKHQHZV
8VH *HQHUDOUXOH ,QJHQHUDOWKHLQGLUHFWREMHFWSURQRXQJRHVEHIRUHWKHYHUE WKDWLQ(QJOLVKRQWKHRWKHUKDQGLWJRHVDIWHUWKHYHUE
1RWLFH
0HUHJDOyXQOLEUR+HJDYHPHDERRN
([FHSWLRQV ,QWKHIROORZLQJFDVHVWKHLQGLUHFWREMHFWSURQRXQJRHVDIWHUWKHYHUEDQGLVDWWDFKHGWRLWWKHVHDUHFDOOHGµHQFOLWLFSURQRXQV¶
&RQVWUXFWLRQVZLWKWKHJHUXQG
,IWKHLQILQLWLYHRUJHUXQGLVSUHFHGHGE\DILQLWHYHUEWKHSURQRXQFDQEH SODFHGEHIRUHWKHILQLWHYHUE
£'DPHHOOLEUR*LYHPHWKHERRN 7HQJRTXHGDURVODGLUHFFLyQ,QHHGWRJLYH\RXWKHDGGUHVV (VWR\FRQWiQGROHHOFKLVWH,DPWHOOLQJKHUWKHMRNH 1RWLFHKRZWKHSURQRXQLVDWWDFKHGWRWKHYHUEEXWQRWLFHDOVRWKDW DZULWWHQDFFHQWQHHGVWREHDGGHGVRWKHVWUHVVRIWKHPDLQSDUWRIWKH YHUEUHPDLQVWKHVDPH JHUXQGFRQWDQGRVWUHVVRQDQ JHUXQGSURQRXQFRQWiQGROHVWUHVVDQGZULWWHQDFFHQWRQiQ 7HQJRTXHGDUWHODVIRWRVĺ7HWHQJRTXHGDUODVIRWRV,KDYHWR JLYH\RXWKHSKRWRV
(MHUFLFLRV
5HSODFHWKHLQGLUHFWREMHFWLQEUDFNHWVZLWKDQLQGLUHFWREMHFWSURQRXQ (MHPSOR (VFULELyXQDFDUWDDVXPDGUH ĺ/HHVFULELyXQDFDUWD D&RQWyXQVHFUHWRDPt E/XLVDTXLHURSHGLUXQIDYRUDWL F0DQGDURQXQSDTXHWHDVXVWtRV G5HJDODVWHXQDVIORUHVDODDEXHOD 1RZGRWKHVDPHEXWUHPHPEHUWKDWDOOWKHVHVHQWHQFHVDUHLPSHUDWLYHV (MHPSOR
http://vk.com/espanol_con_amigos
&XHQWDTXpWHSDVyD0DUWD ĺ&XpQWDOHTXpWHSDVy D5HFXHUGDTXHWHQJRTXHLUDOGHQWLVWDDPt E'DHOOLEURD-XDQ F([SOLFDFyPRVHOOHJDDODHVWDFLyQDHOORV G(QVHxDODVIRWRVDQRVRWUDV 2EMHFWSURQRXQVZLWKSUHSRVLWLRQV :KHQDSURQRXQIROORZVDSUHSRVLWLRQHJFRQpOZLWKKLP SDUDPtIRUPH HWF VRPHVSHFLDOIRUPVDUH XVHGLQ6SDQLVKQRWDEO\PtDQGWLIRUµPH¶DQGµ\RX¶ SDUDPtIRUPH GHWLIURP\RX )RUP $IWHUDSUHSRVLWLRQXVHWKHIROORZLQJSHUVRQDOSURQRXQV
8VHRIVt 7KHWKLUGSHUVRQUHIOH[LYHVtLVXVHGZKHQWKHVXEMHFWDQGWKHREMHFWSURQRXQVUHIHUWRWKHVDPHSHUVRQ,WFDQEH IROORZHGE\PLVPRPD ²6LHPSUHHVWiSHQVDQGRHQVtPLVPD6KH¶VDOZD\VWKLQNLQJDERXWKHUVHOI ²1RHVFLHUWRGLMRSDUDVtµ,W¶VQRWWUXH¶KHVDLGWRKLPVHOI 8VHRI\RDQGW~DIWHUVRPHSUHSRVLWLRQVDQGDGYHUEV :LWKWKHIROORZLQJSUHSRVLWLRQVDQGDGYHUEV\RXVKRXOGXVH\RDQGW~UDWKHUWKDQPtDQGWL7KHUHVWRIWKH SHUVRQVDUHWKHVDPHDVIRURWKHUSUHSRVLWLRQV FRPR VHJ~Q
(VFRPR\R6KHLVOLNHPH 6HJ~QW~QRKDEtDPXFKDJHQWH$FFRUGLQJWR\RXWKHUHZHUHQ¶WPDQ\ SHRSOH
http://vk.com/espanol_con_amigos
VDOYRH[FHSWRPHQRV
7RGRVYLQLHURQPHQRVW~7KH\DOOFDPHH[FHSWIRU\RX (QWUHpO\\RQRKD\QDGD7KHUHLVQRWKLQJJRLQJRQEHWZHHQKLPDQG PH
HQWUH 7KHSUHSRVLWLRQFRQ
7KHSUHSRVLWLRQFRQIXQFWLRQVOLNHRWKHUQRUPDOSUHSRVLWLRQVFRQpOFRQQRVRWURVHWF H[FHSWLQWKH IROORZLQJFDVHV )LUVWSHUVRQVLQJXODU
FRQPLJRZLWKPH FRQPLJRPLVPRPD ZLWKP\VHOI
9HQFRQPLJR&RPHZLWKPH (VWR\KDEODQGRFRQPLJRPLVPD,¶PWDONLQJWR P\VHOI
6HFRQGSHUVRQVLQJXODU
FRQWLJRZLWK\RX FRQWLJRPLVPRPD ZLWK\RXUVHOI
4XLHURLUFRQWLJR,ZDQWWRJRZLWK\RX
5HIOH[LYHXVH
FRQVLJRPLVPRPLVPD ZLWK KLPVHOIKHUVHOI\RXUVHOIIRUPDO FRQVLJRPLVPRVPLVPDV ZLWK WKHPVHOYHV\RXUVHOYHV
(VWiHQIDGDGRFRQVLJRPLVPR+HLVDQJU\ZLWK KLPVHOI ¢(VWiXVWHGKDEODQGRFRQVLJRPLVPR"$UH\RX WDONLQJWR\RXUVHOI" (VWiQLUULWDGRVFRQVLJRPLVPRV7KH\DUH DQQR\HGZLWKWKHPVHOYHV
(MHUFLFLRV
)LOOLQWKHJDSVXVLQJWKHREMHFWSURQRXQJLYHQLQWKHSURPSWV D4XLHUHHVFULELUXQOLEURVREUHPH E1RPHHVSHUDEDHVRGH\RX F1DGLHPHHVFXFKDVDOYR\RX G'LFHQTXHSLHQVDQPXFKRHQPH H(VWDVIORUHVVRQSDUD\RX I'HFRUDPRVHOVDOyQHQWUHPLKHUPDQD\PH )LOOLQHDFKJDSE\WUDQVODWLQJWKHSURPSWLQEUDFNHWVLQWR6SDQLVK D4XLHUHKDEODUZLWKWKHP E¢4XLHUHVFDVDUWH"ZLWKPH F(VWDPRVPX\FRQWHQWRVZLWKKHU G¢6HxRULWDSXHGREDLODU"ZLWK\RX 1RZGRWKHVDPHEXWEHZDUHWKDWWKHVHDUHDOOUHIOH[LYHFDVHV D$OLFLDHVWiPX\FRQWHQWDZLWKKHUVHOI E(VWR\HQIDGDGDZLWKP\VHOI F(VWiQIXULRVRVZLWKWKHPVHOYHV G9HRTXHHVWiLVIXULRVRVZLWK\RXUVHOYHV 2UGHURIREMHFWSURQRXQV 9HUEVRIWHQKDYHDGLUHFWDQGDQLQGLUHFWREMHFWSURQRXQ,QWKHVHQWHQFH&RPSUyXQUHJDORSDUDYRVRWUDV+H
http://vk.com/espanol_con_amigos
ERXJKWDSUHVHQWIRU\RX XQUHJDORDSUHVHQW LVWKHGLUHFWREMHFW'2 DQGSDUDYRVRWUDVIRU\RX WKH LQGLUHFWREMHFW,2 ,IWKHREMHFWVDUHUHSODFHGE\REMHFWSURQRXQVWKHVHQWHQFHEHFRPHV2VORFRPSUy+H ERXJKWLWIRU\RX RUGHU,2'2YHUE 1RWLFHKRZLQ6SDQLVKZKHQWKHUHDUHWZRREMHFWSURQRXQVWRJHWKHUWKHLQGLUHFWREMHFWFRPHVEHIRUHWKH GLUHFWRQH,Q(QJOLVKWKHRUGHULVUHYHUVHG 6HUHSODFLQJOHRUOHV
7KHLQGLUHFWREMHFWSURQRXQVOHDQGOHVEHFRPHVHEHIRUHWKHGLUHFWREMHFWSURQRXQVORODORVDQGODV
6HDYRLGLQJDPELJXLW\
$VHQWHQFHVXFKDV6HORGLMHFDQEHDPELJXRXVDVLWFRXOGPHDQDQ\RIWKHIROORZLQJDHOODDpODXVWHGD HOORVDHOODVRUDXVWHGHV ,QVXFKFDVHVLWLVFRPPRQWRFODULI\WKHPHDQLQJRIVHDVLQWKHIROORZLQJH[DPSOH/DGRFWRUDVHORH[SOLFyD HOOD7KHGRFWRUH[SODLQHGLWWRKHU 2UGHURIREMHFWSURQRXQV
:KHQGLIIHUHQWREMHFWSURQRXQVDSSHDULQDJURXSWKH\JRLQWKHIROORZLQJRUGHU VH
WHRV
PHQRV
ORODORVODVOHV
([DPSOHV 6HORH[SOLTXp,H[SODLQHGLWWRKLPKHUWKHP\RXSROLWH 7HORDYLVp,ZDUQHG\RXDERXWLW 0LPDGUHPHODVUHJDOy0\PRWKHUJDYHWKHPWRPH £'tPHOR7HOOPHLW £1RWHQRVYD\DV'RQ¶WJR H[SUHVVHVIDPLOLDULW\DQGHQGHDUPHQW $IILUPDWLYHFRPPDQGVDQGFRQVWUXFWLRQVZLWKWKHLQILQLWLYHDQGWKHJHUXQG
'RXEOHREMHFWSURQRXQVIROORZWKHVDPHUXOHVDVGLUHFWDQGLQGLUHFWREMHFWSURQRXQVLQDIILUPDWLYHFRPPDQGV DQGLQFRQVWUXFWLRQVZLWKWKHLQILQLWLYHDQGWKHJHUXQG )RUPRUHLQIRUPDWLRQJRWR6HFWLRQDQG 1RWLFHWKDWDZULWWHQDFFHQWLVQHHGHGIRUWKHVWUHVVWRUHPDLQRQWKHVDPHV\OODEOHDVLWZRXOGEHRQ ZLWKRXWWKHSURQRXQV $IILUPDWLYHFRPPDQGV &RQVWUXFWLRQVZLWKWKHLQILQLWLYH &RQVWUXFWLRQVZLWKWKHJHUXQG ,IWKHLQILQLWLYHRUJHUXQGLVSUHFHGHGE\DILQLWHYHUEWKHSURQRXQFDQEH SODFHGEHIRUHWKHILQLWHYHUE
£'iVHORV*LYHWKHPWRKLPKHU 7HQJRTXHH[SOLFiUWHOR,QHHGWRH[SODLQLWWR\RX (VWiHQVHxiQGRPHORDKRUD6KHLVVKRZLQJLWWRPHQRZ 7HQJRTXHGHFtUVHORĺ6HORWHQJRTXHGHFLU (VWR\PDQGiQGRWHODDKRUDĺ7HODHVWR\PDQGDQGR 1RTXLHURH[SOLFiURVORĺ1RRVORTXLHURH[SOLFDU
(MHUFLFLRV
http://vk.com/espanol_con_amigos
3HRSOHDUHVRGHPDQGLQJ%XW\RXDUHUHDOO\HIILFLHQWWHOOWKHP\RX¶YHDOUHDG\GRQHLWE\ILOOLQJLQWKH JDSVZLWKWKHFRUUHFWLQGLUHFWDQGGLUHFWREMHFWSURQRXQVDVLQWKHH[DPSOH (MHPSOR ²¢&XiQGROHYDVDGHFLUD-XDQTXHQRYLHQHV" ²
http://vk.com/espanol_con_amigos
'HPRQVWUDWLYHV 'HPRQVWUDWLYHVDUHZRUGVWKDWLQGLFDWHWKHSHUVRQRUWKLQJUHIHUUHGWR7KHUHDUHWZRVRUWVRIGHPRQVWUDWLYHV± GHPRQVWUDWLYHDGMHFWLYHVHVWHFRFKHWKLVFDU DQGGHPRQVWUDWLYHSURQRXQV¢4XpHVHVWR":KDW¶VWKLV" ,Q(QJOLVKµWKLV¶DQGµWKHVH¶ LVXVHGWRUHIHUWRWKLQJVRUSHRSOHWKDWDUHFORVHWRWKHVSHDNHUDQGµWKDW¶DQG µWKRVH¶ LVXVHGIRUWKLQJVDQGSHRSOHWKDWDUHGLVWDQW,Q6SDQLVKWKHUHDUHWKUHHW\SHVRIGHPRQVWUDWLYHVHVWH HVHDQGDTXHOZLWKWKHLUUHVSHFWLYHIHPLQLQHDQGSOXUDOIRUPV )RUP
7KHQHXWHUGHPRQVWUDWLYHSURQRXQ 7KHUHLVDOVRDQHXWHUGHPRQVWUDWLYHZKLFKIXQFWLRQVRQO\DVDSURQRXQ HVWRHVRDTXHOOR ,WLVXVHGWRUHIHUWRLQDQLPDWHWKLQJVZLWKRXWVSHFLI\LQJWKHLUJHQGHUPHDQLQJµWKLVWKLQJ¶ (VWRHVXQDEU~MXOD7KLVLVDFRPSDVV ,WLVDOVRXVHGWRWDONDERXWLGHDVFRQFHSWVRUDEVWUDFWWKLQJV (VRHVORTXH\RTXLHUR7KDW¶VZKDW,ZDQW 7KHQHXWHUIRUPHVWRHVRDTXHOOR FDQRQO\EHDSURQRXQ7KHPDVFXOLQHDQGIHPLQLQHFDQEHHLWKHUD SURQRXQRUDQDGMHFWLYHDOWKRXJKLQHLWKHUFDVHWKH\DUHVSHOWWKHVDPH1RWHKRZHYHUWKDWXQWLOUHFHQWO\ GHPRQVWUDWLYHSURQRXQVXVHGWRKDYHDQDFFHQWWRGLIIHUHQWLDWHWKHPIURPGHPRQVWUDWLYHDGMHFWLYHV (VWRVFXDGURVVRQPX\LQWHUHVDQWHVSHURHOTXHPiVPHJXVWDHVDTXpO 7KHVHSDLQWLQJVDUHYHU\LQWHUHVWLQJEXW,OLNHWKDWRQHEHWWHU 1RZDGD\VLWLVRQO\QHFHVVDU\WRZULWHWKHDFFHQWRQWKHGHPRQVWUDWLYHSURQRXQLIWKHVHQWHQFHPLJKWEH DPELJXRXVEXWWKDWLVQRWYHU\OLNHO\
http://vk.com/espanol_con_amigos
'HURJDWRU\FRQQRWDWLRQV 7KHGHPRQVWUDWLYHVFDQEHXVHGWRFRQYH\GHURJDWRU\FRQQRWDWLRQVDVWKH\FDQFRQYH\DSV\FKRORJLFDO GLVWDQFLQJIURPWKHUHIHUHQW 3RUDKtYLHQHHVHLPEpFLO+HUHFRPHVWKDWLGLRW (VDHVXQDEUXMD6KH¶VDUHDOZLWFKWKDWRQH :LWKWKLVGHURJDWRU\PHDQLQJWKHGHPRQVWUDWLYHDGMHFWLYHVFDQDOVREHSODFHGDIWHUWKHQRXQQRWLFHWKDWWKH QRXQZLOOWKHQQHHGDQDUWLFOH 1RPHKDEOHVGHODVFKLFDVHVDV'RQ¶WWDONWRPHDERXWWKRVHJLUOV 1RPHYHQJDVFRQODH[FXVDHVDGHTXHQRWLHQHVWLHPSR'RQ¶WFRPHWRPHZLWKWKDWH[FXVHDERXWQRW KDYLQJWLPH +RZWRVD\µWKHODWWHU¶DQGµWKHIRUPHU¶
(VWHDQGDTXHOFDQEHXVHGWRPHDQµWKHODWWHU¶DQGµWKHIRUPHU¶UHVSHFWLYHO\ (OGLUHFWRU\HOVHFUHWDULRJHQHUDODVLVWLHURQDODUHXQLyQ (VWHKDEOyPXFKRPLHQWUDVTXHDTXHO QR GLMRQDGD7KHGLUHFWRUDQGWKHJHQHUDOVHFUHWDU\DWWHQGHGWKHPHHWLQJ7KHODWWHUWDONHGDORWZKHUHDV WKHIRUPHUGLGQRWVD\DZRUG 1RWLFHWKDWHVWHUHIHUVWRWKHQRXQWKDWLVFORVHUWRLWLHHOVHFUHWDULRJHQHUDO DQGDTXHOWRWKHRQHWKDWLV IXUWKHUDZD\LHHOGLUHFWRU (MHUFLFLRV
3XWWKHIROORZLQJVHQWHQFHVLQWKHSOXUDOE\PDNLQJWKHZRUGVLQEROGSOXUDO D(VHQLxRHVWiHQFODVHGH,QpV E(VWDHVPLSULPD F3UXpEDWHHVDIDOGD G$TXHOODFKLFDTXHYLHQHSRUDKtHVPLYHFLQD $OLFLDLVVKRSSLQJIRUFORWKHVDQGKHUIULHQG&ODUDLVKHOSLQJKHUGHFLGHZKDWWREX\5HDGWKHIROORZLQJ GLDORJXHEHWZHHQWKHWZRIULHQGVDQGILOOLQHDFKJDSZLWKWKHFRUUHFWGHPRQVWUDWLYHXVLQJWKHSURPSWVLQ
http://vk.com/espanol_con_amigos
EUDFNHWV $OLFLD &ODUD $OLFLD &ODUD $OLFLD
¢4XpWHSDUHFHWKLV YHVWLGR" (VPRQRSUXpEDWHOR3HUR¢SRUTXpQRWHSUXHEDVWDPELpQWKDW IDOGD" ¢&XiO"¢WKLVRQH GHUD\DV" 1RWKDWRQH GHIORUHVTXHHVWiGHWUiV $KVtHVERQLWD0LUD\PHYR\DSUREDUWDPELpQWKLV RWURYHVWLGRURMR
http://vk.com/espanol_con_amigos
3RVVHVVLYHV 3RVVHVVLYHV±ORVSRVHVLYRV±DUHZRUGVWKDWLQGLFDWHSRVVHVVLRQRUEHORQJLQJVXFKDVPLVOLEURVP\ERRNV RU(VPtR,W¶VPLQH 3RVVHVVLYHDGMHFWLYHV 3RVVHVVLYHDGMHFWLYHV±ORVDGMHWLYRVSRVHVLYRV±DJUHHLQJHQGHUDQGQXPEHUZLWKWKHQRXQVWKH\DFFRPSDQ\ 3RVVHVVLYHDGMHFWLYHVEHIRUHDQRXQ 3RVVHVVLYHVFDQUHSODFHWKHDUWLFOHWRH[SUHVVSRVVHVVLRQHOFRFKHWKHFDU ĺPLFRFKHP\FDU 3RVVHVVLYHDGMHFWLYH PLPLV WXWXV VXVXV
QXHVWURQXHVWUDQXHVWURVQXHVWUDV YXHVWURYXHVWUDYXHVWURVYXHVWUDV
VXVXV
([DPSOH PLFRFKHP\FDU PLVDPLJRVP\IULHQGV WXFDVD\RXUKRXVH WXVFRVDV\RXUWKLQJV VXWUDEDMR HOWUDEDMRGHpOKLVMRE HOWUDEDMRGHHOODKHUMRE HO WUDEDMRGHXVWHG\RXUMRE VXVKLMRV ORVKLMRVGHpOKLVFKLOGUHQ ORVKLMRVGHHOODKHUFKLOGUHQ ORVKLMRVGHXVWHG\RXUFKLOGUHQ QXHVWURGLQHURRXUPRQH\ QXHVWUDVDOXGRXUKHDOWK QXHVWURVDPLJRVRXUIULHQGV QXHVWUDVELFLFOHWDVRXUELF\FOHV YXHVWURGLQHUR\RXUPRQH\ YXHVWUDVDOXG\RXUKHDOWK YXHVWURVDPLJRV\RXUIULHQGV YXHVWUDVELFLFOHWDV\RXUELF\FOHV VXWUDEDMR HOWUDEDMRGHHOORVWKHLUMRE HOWUDEDMRGHHOODVWKHLU MRE HOWUDEDMRGHXVWHGHV\RXUMRE VXVKLMRV ORVKLMRVGHHOORVWKHLUFKLOGUHQ ORVKLMRVGHHOODVWKHLU FKLOGUHQ ORVKLMRVGHXVWHGHV\RXUFKLOGUHQ
1RWLFHWKDWLQ6SDQLVKXQOLNHLQ(QJOLVKSRVVHVVLYHDGMHFWLYHVDJUHHZLWKWKHJHQGHUDQGQXPEHURIWKH WKLQJSRVVHVVHG QXHVWUDVEROVDVĺRXUEDJVEHFDXVHWKHWKLQJSRVVHVVHGLVIHPLQLQHDQGSOXUDO QXHVWURHTXLSDMHĺRXUOXJJDJHEHFDXVHWKHWKLQJSRVVHVVHGLVPDVFXOLQHDQGVLQJXODU 6XDYRLGLQJDPELJXLW\
6XFDQKDYHVHYHUDOSRVVLEOHPHDQLQJV,IWKHFRQWH[WLVQRWFOHDUWKLVFDQ 7KHVHQWHQFH¢&XiOHVVXFRFKH"FRXOGPHDQDQ\RIWKHIROORZLQJ OHDGWRDPELJXLW\ :KLFKLVKLVKHU\RXUGHXVWHGRUGHXVWHGHV WKHLUFDU" GHpOGHHOODRUGHWKHRZQHUV HOFRFKHGHpOHOFRFKHGH-RVpHO FRFKHGHHOODHOFRFKHGHPLPDGUH 7RHQVXUHWKHUHLVQRDPELJXLW\VXFDQEHUHSODFHGE\RQHRIWKH GHXVWHGHOFRFKHGHXVWHG IROORZLQJ GHHOORVGHHOODVGHXVWHGHVRUGHWKHRZQHUV HOFRFKHGHHOORVHO FRFKHGHPLVSDGUHVHOFRFKHGHPLVKHUPDQDV &DVHVLQZKLFKWKHSRVVHVVLYHVDUHQRWXVHG 6HSXVLHURQORVDEULJRV7KH\SXWWKHLUFRDWVRQ 7KHPRVWFRPPRQFDVHVDUHZLWKLWHPVRIFORWKLQJDQGSDUWVRIWKH 3RQWHORVJXDQWHV3XW\RXUJORYHVRQ
http://vk.com/espanol_con_amigos
ERG\1RWHWKDWLQVXFKFDVHVWKHSRVVHVVLYHVDUHXVHGLQ(QJOLVK
6HURPSLyODSLHUQD+HEURNHKLVOHJ 0HODYpHOSHOR,ZDVKHGP\KDLU
6LPLODUO\WKHSRVVHVVLYHDGMHFWLYHLVXVHGWRGHQRWHµRQH¶VRZQ¶LQ (QVHxDURQORVSDVDSRUWHV7KH\VKRZHGWKHLUSDVVSRUWV (QJOLVKEXWWKHDUWLFOHLVSUHIHUUHGLQ6SDQLVK
6HH6HFWLRQIRUWKHVHXVHVRIWKHGHILQLWHDUWLFOH 3RVVHVVLYHDGMHFWLYHVDIWHUDQRXQ :KHQWKHSRVVHVVLYHDGMHFWLYHLVXVHGDIWHUWKHQRXQWKHQRXQKDVWRNHHSLWVDUWLFOHXQDPLJRPtRDIULHQGRI PLQH )RUP $GMHFWLYH PtRPtDPtRVPtDV WX\RWX\DWX\RVWX\DV VX\RVX\DVX\RVVX\DV QXHVWURQXHVWUDQXHVWURVQXHVWUDV YXHVWURYXHVWUDYXHVWURVYXHVWUDV VX\RVX\DVX\RVVX\DV
([DPSOH XQRVOLEURVPtRVVRPHERRNVRIPLQH ODSOXPDWX\D\RXUSHQ HOFRFKHVX\RKLVKHU\RXUFDU ODVFRVDVQXHVWUDVRXUWKLQJV XQDPLJRYXHVWURDIULHQGRI\RXUV XQDKLMDVX\DRQHRIWKHLU\RXUGDXJKWHUV
8VH 3RVVHVVLYHDGMHFWLYHVDIWHUDQRXQDUHXVHGDVIROORZV 7RHPSKDVLVHZKRWKHRZQHULV
(VWHOLEURPtRQRORFRMiLV'RQ¶WWDNHWKLVERRNRIPLQH (VXQDPLJRPtR+HLVDIULHQGRIPLQHLH,KDYHVHYHUDOIULHQGVDQG 7RHPSKDVLVHWKHIDFWWKDWWKHWKLQJSRVVHVVHGLVRQHRIDJURXS KHLVRQHRIWKHP :KHQWKHQRXQLVSUHFHGHGE\DOJ~QQLQJ~QFXDOTXLHUFDGDPXFKR &XDOTXLHULGHDVX\DVXHOHVHULQWHUHVDQWH$Q\LGHDRIKLVLVXVXDOO\ LQWHUHVWLQJ SRFRYDULRVPiVPHQRV 6HH8QLW +HFRQRFLGRDPXFKRVDPLJRVVX\RV,KDYHPHWPDQ\RIKLVIULHQGV 1RTXLHURQDGDVX\R,GRQ¶WZDQWDQ\WKLQJRIKLV %HIRUHQDGDDQGDOJR 6HH8QLWVDQG &UHRTXHWLHQHVDOJRQXHVWUR,WKLQN\RXKDYHVRPHWKLQJRIRXUV
(MHUFLFLRV
)LOOLQWKHJDSVZLWKWKHFRUUHFWSRVVHVVLYHDGMHFWLYH D¢7HJXVWDSLVR"P\ E(OLVDKDSHUGLGRPDOHWDVKHU F/RPiVLPSRUWDQWHHVODVDOXGGHKLMDVRXU G1RHQWLHQGRDPDGUHKLV 7UDQVODWHWKHIROORZLQJVHQWHQFHVLQWR6SDQLVK D6RPHIULHQGVRIPLQHDUHFRPLQJ E7KLVKDQGEDJLV\RXUV F,KDYHQ¶WJRWDQ\WKLQJRIKHUV G
http://vk.com/espanol_con_amigos
3RVVHVVLYHSURQRXQV 3RVVHVVLYHSURQRXQV±ORVSURQRPEUHVSRVHVLYRV±UHSODFHDQRXQDQGWKHSRVVHVVLYHDGMHFWLYHWKDWPD\ DFFRPSDQ\LW DQGLQGLFDWHSRVVHVVLRQ 0LFDVDHVPiVJUDQGHTXHODWX\DLHTXHWXFDVD 0\KRXVHLVELJJHUWKDQ\RXUVLHWKDQ\RXU KRXVH )RUP ,Q6SDQLVKSRVVHVVLYHSURQRXQVKDYHWKHVDPHIRUPDVWKHSRVVHVVLYHDGMHFWLYHDIWHUDQRXQ EXWZLWKRXWWKHQRXQWKDWWKHDGMHFWLYHDFFRPSDQLHV 3RVVHVVLYHSURQRXQV HOPtRODPtDORVPtRVODVPtDVP\ HOWX\RODWX\DORVWX\RVODVWX\DV\RXU HOVX\RODVX\DORVVX\RVODVVX\DVKLVKHULWV\RXUIRUPDO
VHH6HFWLRQ
HOQXHVWURODQXHVWUDORVQXHVWURVODVQXHVWUDVRXU HOYXHVWURODYXHVWUDORVYXHVWURVODVYXHVWUDV\RXU6SDLQ HOVX\RODVX\DORVVX\RVODVVX\DVWKHLU\RXUIRUPDO6SDLQIRUPDO DQGLQIRUPDO/DWLQ$PHULFD
3RVVHVVLYHSURQRXQVDJUHHLQJHQGHUDQGQXPEHUZLWKWKHSRVVHVVHGWKLQJQRWZLWKWKHSHUVRQWKDW SRVVHVVHVWKHP ²(OFRFKHGH-XDQHVPX\JUDQGH¢\HOGH$QD"-XDQ¶VFDULVYHU\ELJ$QG$QD¶V" ²(OVX\RWDPELpQ+HUVWRR (OVX\RLVPDVFXOLQHEHFDXVHFRFKHLVPDVFXOLQH /RPtRWX\RVX\R 7KHQHXWHUDUWLFOHORFDQEHXVHGZLWKDSRVVHVVLYHSURQRXQDVLQWKH IROORZLQJH[DPSOHV
/RQXHVWURWLHQHTXHDFDEDU2XUUHODWLRQVKLSDIIDLUKDVWRILQLVK /RYXHVWURHVWiHQHOFRFKH
(MHUFLFLRV
)LOOLQWKHJDSVZLWKDSRVVHVVLYHSURQRXQDVLQWKHH[DPSOH (MHPSOR (VWiVFRQWHQWRFRQWXWUDEDMRSHUR\RQRHVWR\FRQWHQWRFRQHOPtR D(VWHHVWXSHULyGLFRHVWiHQODFRFLQD E(VWDVVRQWXVJDIDVQRODVHQFXHQWUR F¢0HSUHVWDVWXGLFFLRQDULR"PHORGHMpHQFDVD G7XVKLMDVVRQEXHQDVHVWXGLDQWHVSHURQR $QVZHUWKHTXHVWLRQVIROORZLQJWKHH[DPSOH
http://vk.com/espanol_con_amigos
E²0LMDUGtQWLHQHPXFKDVIORUHV¢<HOWX\R" F²0LFDOOHHVPX\DJUDGDEOH¢<ODWX\D" G²1XHVWURVYHFLQRVVRQPX\VLPSiWLFRV¢<ORVYXHVWURV"
http://vk.com/espanol_con_amigos
1XPHUDOV 7KHUHDUHWZRW\SHVRIQXPHUDOVFDUGLQDOQXPEHUV±ORVQXPHUDOHVFDUGLQDOHV±ZKLFKFRUUHVSRQGWRDVHULHV XQRGRVWUHVRQHWZRWKUHH DQGRUGLQDOQXPEHUV±ORVQXPHUDOHVRUGLQDOHV±ZKLFKUHIHUWRWKH RUGHULQDVHULHVSULPHURVHJXQGRWHUFHURILUVWVHFRQGWKLUG 1XPHUDOVFDQEHDGMHFWLYHVRUSURQRXQV 7LHQHWUHVFRFKHV+HKDVWKUHHFDUV DGMHFWLYH /RVWUHVHVWiQHQHOJDUDMH$OOWKUHHDUHLQWKHJDUDJH SURQRXQ &DUGLQDOQXPEHUV FHUR XQR GRV WUHV FXDWUR FLQFR VHLV VLHWH RFKR QXHYH GLH] RQFH GRFH WUHFH FDWRUFH TXLQFH GLHFLVpLV GLHFLVLHWH GLHFLRFKR GLHFLQXHYH YHLQWH YHLQWLXQR YHLQWLGyV YHLQWLWUpV
http://vk.com/espanol_con_amigos
YHLQWLFXDWUR YHLQWLFLQFR YHLQWLVpLV YHLQWLVLHWH YHLQWLRFKR YHLQWLQXHYH WUHLQWD WUHLQWD\XQR WUHLQWD\GRV WUHLQWD\WUHV FXDUHQWD FLQFXHQWD VHVHQWD VHWHQWD RFKHQWD QRYHQWD FLHQ FLHQWRXQR GRVFLHQWRVWDV WUHVFLHQWRVWDV FXDWURFLHQWRVWDV TXLQLHQWRVWDV VHLVFLHQWRVWDV VHWHFLHQWRVWDV RFKRFLHQWRVWDV QRYHFLHQWRVWDV PLO GRVPLO GLH]PLO XQPLOOyQ *HQGHU (OQ~PHURJDQDGRUHVHO7KHZLQQLQJQXPEHULV (OXQRQRWRFDQXQFD1XPEHURQHQHYHUZLQV ,QJHQHUDOQXPEHUVDUHPDVFXOLQHLQ6SDQLVKEXWVHHEHORZIRUIXUWKHULQIRUPDWLRQ
http://vk.com/espanol_con_amigos
8QRXQXQD ¢&XiQWRVOLEURVTXLHUHV"8QR+RZPDQ\ERRNVZRXOG\RXOLNH"2QH 4XLHURXQOLEUR\WUHVFXDGHUQRV,ZRXOGOLNHRQHDERRNDQGWKUHH QRWHERRNV 6RORKHPRVYLVWRXQiJXLOD:HKDYHRQO\VHHQRQHHDJOH :KHQXQRLVSDUWRIDQRWKHUQXPEHULWEHFRPHVXQEHIRUHDPDVFXOLQH +D\WUHLQWD\XQQLxRVHQODFODVH7KHUHDUHWKLUW\RQHFKLOGUHQLQWKH QRXQRUDIHPLQLQHQRXQEHJLQQLQJZLWKDVWUHVVHGDRUKD FODVV XQDFHUYH]D\XQDEROVDGHSDWDWDVIULWDVDRQHEHHUDQGDRQHSDFNHW µ2QH¶WDNHVWKHIHPLQLQHIRUPLIDFFRPSDQ\LQJRUUHIHUULQJWRDIHPLQLQH RIFULVSV QRXQ ¢&XDQWDVFHUYH]DVXQDRGRV"8QD+RZPDQ\EHHUVRQHRUWZR" 2QH 2WKHUQXPEHUVHQGLQJLQµRQH¶DOVRWDNHWKHPDVFXOLQHRUWKHIHPLQLQH WUHLQWD\XQLQYLWDGRVJXHVWV WUHLQWD\XQDHQWUDGDVWLFNHWV IRUP 8QREHFRPHVXQZKHQLWDSSHDUVEHIRUHDPDVFXOLQHQRXQRUDIHPLQLQH QRXQEHJLQQLQJZLWKDVWUHVVHGDRUKD
2QHZRUGRUWZR" 1RWHWKDWIURPWRQXPEHUVDUHFRQWUDFWHGWRRQHZRUG $IWHUWKH\DUHZULWWHQVHSDUDWHO\
GLHFLVpLV WUHLQWD\FXDWUR
+XQGUHGV :KHQFRXQWLQJWKHQXPEHULVFLHQ 8QOLNHLQ(QJOLVKFLHQLVQRWSUHFHGHGE\DQDUWLFOH
ORVQ~PHURVGHOXQRDOFLHQQXPEHUVWR +DEtDFLHQSHUVRQDV7KHUHZHUHDKXQGUHGSHRSOH
,QQXPEHUVIURPWRWKHZRUGXVHGLVFLHQWR
FLHQWRXQGiOPDWDVGDOPDWLDQV FLHQWRFLQFXHQWD FLQFXHQWDSRUFLHQWRGHGHVFXHQWRGLVFRXQW &LHQWRLVDOVRXVHGWRH[SUHVVSHUFHQWDJHV ([FHSWLQWKHH[SUHVVLRQµ¶FLHQSRUFLHQ GRVFLHQWRVQLxRVWZRKXQGUHGER\V 1XPEHUVLQWKHKXQGUHGVDJUHHLQJHQGHUZLWKWKHQRXQWKH\DFFRPSDQ\ GRVFLHQWDVFDVDVWZRKXQGUHGKRXVHV
7KRXVDQGV 7KHZRUGPLORQHWKRXVDQG LVLQYDULDEOHDVLQ(QJOLVK GRVPLOWZRWKRXVDQG ,WFDQDSSHDULQWKHSOXUDOLQWKHH[SUHVVLRQPLOHVGHµWKRXVDQGVRI¶DVLQ PLOHVGHWXULVWDVWKRXVDQGVRIWRXULVWV (QJOLVK 8QOLNH(QJOLVKPLOLVQRWSUHFHGHGE\DQDUWLFOH &XHVWDPLOGyODUHV,WFRVWVDWKRXVDQGGROODUV ,QWKHH[SUHVVLRQµRQHKXQGUHGWKRXVDQG¶WKHVKRUWHQHGIRUPFLHQLVXVHG FLHQPLOGRVFLHQWRVPLORUGRVFLHQWDVPLO 2WKHUKXQGUHGVRIWKRXVDQGVUHYHUWWRWKHIRUPFLHQWR
0LOOLRQV $OWKRXJKµPLOOLRQ¶LVLQYDULDEOHLQ(QJOLVKHJWZRPLOOLRQ LQ 6SDQLVKWKHSOXUDOIRUPLVXVHGLQH[SUHVVLRQVRIWZRPLOOLRQRUPRUH 1RWHWKDWWKHH[SUHVVLRQµRQHPLOOLRQQRXQ¶LVXQPLOOyQGH QRXQ
GRVPLOORQHVWZRPLOOLRQ XQPLOOyQGHSHUVRQDVRQHPLOOLRQSHRSOH FXDWURFLHQWRVPLOORQHVGH KLVSDQRSDUODQWHVPLOOLRQVSHDNHUVRI6SDQLVK
,Q6SDLQXQELOOyQLVDPLOOLRQPLOOLRQDOWKRXJKLQ6SDQLVK$PHULFDLWLVRIWHQWKHVDPHDVD86ELOOLRQLH DWKRXVDQGPLOOLRQ 3XQFWXDWLRQRIQXPEHUV ,Q6SDLQQXPEHUVLQWKHWKRXVDQGVDUHVHSDUDWHGE\DIXOOVWRSQRW PLOTXLQLHQWRVLVZULWWHQQRWDVLQ(QJOLVK DFRPPDDVWKH\DUHLQ(QJOLVK &RQYHUVHO\LQGHFLPDOVFRPPDVDUHXVHGLQ6SDLQZKHUHIXOOVWRSV FHURFRPDFLQFR DVRSSRVHGWRQRXJKWSRLQWILYH LQ(QJOLVK DUHXVHGLQ(QJOLVK +RZHYHULQSDUWVRI/DWLQ$PHULFDWKHVDPHFRQYHQWLRQDVLQ(QJOLVKLVDSSOLHG
http://vk.com/espanol_con_amigos
([SUHVVLQJGDWHV 'DWHVLQ6SDQLVKDUHH[SUHVVHGLQFDUGLQDOQXPEHUVQRWLQRUGLQDO 0LFXPSOHDxRVHVHOGRVGHMXQLR0\ELUWKGD\LVRQQG-XQH HOYHLQWLFLQFR GHDEULOWK$SULO QXPEHUVDVLQ(QJOLVK )RUWKHXVHRIWKHDUWLFOHVHH6HFWLRQ
6D\LQJWHOHSKRQHQXPEHUV ,Q6SDQLVKWHOHSKRQHQXPEHUVDUHVDLGLQWHQVZKHQHYHUSRVVLEOH
RFKHQWD\GRVFHURVLHWHFLQFXHQWD FLQFRVHWHQWD\FLQFRVHVHQWD\RFKRGLHFLVpLV FHURQRYHQWD\XQR
(MHUFLFLRV
5HDGDORXGWKHIROORZLQJVKRSSLQJOLVWXVLQJWKHPDVFXOLQHRUIHPLQLQHDVDSSURSULDWH NLORGHQDUDQMDV EROVDGHSDWDWDV JUDPRVGHSDWp SDTXHWHGHWp ERWHOODGHYLQR JUDPRVGHTXHVR GRFHQDGHKXHYRV EDUUDGHSDQ 6D\WKHIROORZLQJWHOHSKRQHQXPEHUVLQ6SDQLVK ±±±± 1RZVD\\RXURZQWHOHSKRQHQXPEHULQ6SDQLVK 0DWFKWKHGDWHZLWKWKHKLVWRULFDOHYHQWDQGWKHQVD\WKHGDWHRXWORXG D GHRFWXEUHGH E GHDEULOGH F GHQRYLHPEUHGH G GHDJRVWRGH
L 6HILUPDHODUPLVWLFLR\WHUPLQDOD3ULPHUD*X 0XQGLDO LL /RV(VWDGRV8QLGRVODQ]DQXQDERPEDDWyPLF VREUH+LURVKLPD LLL 0XHUH0LJXHOGH&HUYDQWHVDXWRUGH(O4XLM LY &ULVWyEDO&ROyQOOHJDD$PpULFD
2UGLQDOQXPEHUV 2UGLQDOQXPEHUVDUHWKRVHWKDWLQGLFDWHRUGHURUVXFFHVVLRQSULPHURVHJXQGRWHUFHURILUVWVHFRQGWKLUG )RUP 7KHPRVWFRPPRQRUGLQDOQXPEHUVLQ6SDQLVKDUH
http://vk.com/espanol_con_amigos
SULPHUR VH[WRQ
VHJXQGR VpSWLPR
WHUFHUR RFWDYR
FXDUWR QRYHQR
TXLQWR GpFLPR
*HQHUDOUHPDUNV 2UGLQDOQXPEHUVDJUHHLQJHQGHUDQGQXPEHUZLWKWKHQRXQWKH\ DFFRPSDQ\
ODSULPHUDSXHUWDDODL]TXLHUGDWKHILUVWGRRURQWKHOHIW HOVHJXQGROLEURGHODXWRUWKHVHFRQGERRNE\WKHDXWKRU VXSULPHUKLMRKLVILUVWVRQ 7KHPDVFXOLQHIRUPVSULPHURDQGWHUFHURGURSWKHµR¶LQIURQWRIDQRXQ HOWHUFHUPLOHQLRWKHWKLUGPLOOHQQLXP HOSLVRGRFHWKHWKIORRU $OWKRXJKWKHUHDUHRUGLQDOQXPEHUVODUJHUWKDQGpFLPRWKH\DUHVHOGRP HOFLQFXHQWDDQLYHUVDULRWKHWKDQQLYHUVDU\ VXVHWHQWD\FLQFR XVHGLQ6SDQLVK8VXDOO\FDUGLQDOQXPEHUVDUHSUHIHUUHG FXPSOHDxRVKHUWKELUWKGD\
8VH 2UGLQDOVDUHXVHGLQ6SDQLVKLQWKHIROORZLQJFDVHV 1DPLQJNLQJVTXHHQVDQGSRSHV ZULWWHQLQ5RPDQQXPHUDOV
1RWHWKDWLQ6SDQLVKWKH\DUH
1XPEHUVIURPWR :LWKWKHQXPEHUWKHRUGLQDORUWKHFDUGLQDOLVSRVVLEOH $IWHUFDUGLQDOQXPEHUVDUHXVHG 1DPLQJFHQWXULHV 1RWHWKDWLQ6SDQLVKWKH\DUHZULWWHQLQ5RPDQ QXPHUDOV IURPWKHVWWRWKHWK$'DQGIURPWKHWKWRWKHVW%& :LWKWKHQXPEHUWKHRUGLQDORUWKHFDUGLQDOLVSRVVLEOH $IWHUFDUGLQDOQXPEHUVDUHXVHG
,VDEHO,,,VDEHOVHJXQGD $OIRQVR;$OIRQVRGpFLPRGLH] 3tR;,,3tRGRFH HOVLJOR,D&HOVLJORSULPHURDQWHVGH&ULVWR HOVLJOR9HOVLJORTXLQWR HOVLJOR;HOVLJORGpFLPRGLH] HOVLJOR;;HOVLJORYHLQWH
5HPHPEHUWKDWLQ6SDQLVKFDUGLQDOVDUHXVHGWRH[SUHVVWKHGDWH HOGHPDU]RHOYHLQWLWUpVGHPDU]R UG0DUFK 7RUHYLVHWKLVJRWR6HFWLRQ (MHUFLFLRV
)LOOHDFKJDSZLWKRQHRIWKHZRUGVLQWKHER[ SULPHUSULPHURSULPHUDVHJXQGRVHJXQGDWHUFHURWHUFHUD D7LHQHWUHVKHUPDQDVODPD\RUVHOODPD6RItDOD.DUHQ\OD5DTXHO E-XDQHVXQQLxRPX\LQWHOLJHQWH6LHPSUHHVHOGHVXFODVH F$YHU¢HQTXpSLVRYLYH3HGUR"+D\TXHVXELUWUHVSLVRV\VXSXHUWDHVODGHOPHGLRDVtTXHYLYHHQ HOWHUFHUSLVR(QHO% G(VODYH]TXH&DUOLWRVYDDOFLUFR H)HEUHURHVHOPHVGHODxR I/HKL]RPXFKDLOXVLyQHOQDFLPLHQWRGHVXQLHWRSRUTXHTXHUtDVHUDEXHOD :KLFKRIWKHIROORZLQJDUH3RSHV"6D\WKHLUQDPHVDORXGLQ6SDQLVK D/HyQ;
http://vk.com/espanol_con_amigos
E(QULTXH9,,, F/XLV;9, G3tR;,, H-XOLR,, I-XDQ3DEOR, J/XLV;,9 K-XDQ;;,,, &ROOHFWLYHQXPEHUVDQGIUDFWLRQV &ROOHFWLYHQXPEHUV 6RPHFRPPRQFROOHFWLYHQXPEHUV±QXPHUDOHVFROHFWLYRV±DUH XQSDUDFRXSOHDSDLU XQDGHFHQDDERXWWHQ XQDGRFHQDDGR]HQ XQDYHLQWHQDWZHQW\WZHQW\RGG XQDWUHLQWHQDWKLUW\WKLUW\RGG XQFHQWHQDUXQDFHQWHQDDURXQGDKXQGUHG XQPLOODUDURXQGDWKRXVDQG :KHQDFFRPSDQ\LQJDQRXQFROOHFWLYHQXPEHUVDUHIROORZHGE\GH &ROOHFWLYHQXPEHUVOLNHDQ\RWKHUFROOHFWLYHQRXQDUHXVXDOO\VLQJXODU +RZHYHUEHFDXVHLQPHDQLQJFROOHFWLYHQXPEHUVLPSO\PRUHWKDQRQH WKH\DUHRIWHQFRQVLGHUHGSOXUDO
XQDYHLQWHQDGHLQYLWDGRVWZHQW\RGGJXHVWV XQFHQWHQDUGHSHUVRQDVDERXWSHRSOH GRVGRFHQDVGHKXHYRVWZRGR]HQHJJV 9LHQHXQDGRFHQDGHLQYLWDGRV$GR]HQJXHVWVDUHFRPLQJ 1RWHWKDW LQ6SDQLVKWKHYHUELVLQWKHWKLUGSHUVRQVLQJXODU 9LHQHQXQDGRFHQDGHLQYLWDGRV1RWHWKDWKHUHWKHYHUELVLQWKHWKLUG SHUVRQSOXUDO
)UDFWLRQV )UDFWLRQV±IUDFFLRQHV±DUHH[SUHVVHGDVIROORZV òPHGLRPHGLDDGMHFWLYH ODPLWDGQRXQ
PHGLROLPyQKDOIDOHPRQ PHGLDQDUDQMDKDOIDQRUDQJH ODPLWDGGHORVQLxRVKDOIWKHFKLOGUHQ
XQWHUFLRRUXQDWHUFHUDSDUWH
XQWHUFLRGHODSREODFLyQDWKLUGRIWKHSRSXODWLRQ GRVWHUFLRVGHOWRWDOWZRWKLUGVRIWKHWRWDO
XQFXDUWRRUXQDFXDUWDSDUWH
XQFXDUWRGHOLWURDTXDUWHURIDOLWUH WUHVFXDUWDVSDUWHVGHORVHQWUHYLVWDGRVWKUHHTXDUWHUVRIWKRVH LQWHUYLHZHG
XQTXLQWRRUXQDTXLQWDSDUWH
XQDTXLQWDSDUWHGHODKHUHQFLDDILIWKRIWKHLQKHULWDQFH
䱯XQVH[WRRUXQDVH[WDSDUWHXQVpSWLPRRUXQDVpSWLPDSDUWHǩXQRFWDYRRUXQDRFWDYDSDUWHXQQRYHQRRUXQDQRYHQD SDUWHXQGpFLPRRUXQDGpFLPDSDUWH
:LWKODUJHUQXPEHUVWKHVXIIL[DYRLVDGGHGWRWKHQXPEHUWRPDNHWKHIUDFWLRQHJ XQRQFHDYR
FLQFRGRFHDYRV
http://vk.com/espanol_con_amigos
(MHUFLFLRV
+RZPDQ\DUHWKHUH" (MHPSOR FLQFRERWHOODVĺPHGLDGHFHQDGHERWHOODV GRFHKXHYRVĺXQDGHKXHYRV VHLVQLxRVĺPHGLDGHQLxRV GLH]SHUVRQDVĺXQDGHSHUVRQDV RFKR]DSDWRVĺFXDWURGH]DSDWRV GRVFDOFHWLQHVĺXQGHFDOFHWLQHV 5HSKUDVHWKHIROORZLQJVHQWHQFHVVR\RXH[SUHVVWKHTXDQWLWLHVXVLQJDFROOHFWLYHQXPEHUZLWKWKHVDPH PHDQLQJ D+D\XQRVQLxRVHQODFODVH E8QDVFLHQSHUVRQDVYLQLHURQDODERGD F+DEtDXQRVWUHLQWDFXDGURVGHOPXVHRHQODH[SRVLFLyQ G7HQJRGRVOLEURVQXHYRVPX\EXHQRV H7LHQH]DSDWRVHQHODUPDULR I3DUDHVWDUHFHWDVHQHFHVLWDQKXHYRV
http://vk.com/espanol_con_amigos
,QGHILQLWHV ,QGHILQLWHDGMHFWLYHVSURQRXQVRUDGYHUEV±ORVLQGHILQLGRV±DUHW\SHVRIZRUGWKDWUHIHUWRSHUVRQV DQLPDOVWKLQJVHWFZKLFKDUHQRWVSHFLILFRUFOHDUO\GHILQHGHJDOJXLHQVRPHERG\ DOJRVRPHWKLQJ DOJXQDVRPH 0DQ\LQGHILQLWHVDUHTXDQWLILHUVH[SUHVVLQJJUHDWHURUOHVVHUGHJUHHVRILPSUHFLVLRQVXFKDV EDVWDQWHµHQRXJK¶RUµTXLWH¶ RUYDULRVµVHYHUDO¶ 7KH\DUHOLVWHGLQDOSKDEHWLFDORUGHULQDFRPPRQOLVWIRU JUHDWHUFRQYHQLHQFH ,QGHILQLWH
8VHV
5HPDUNV
DOJR
7HQJRDOJRHQHO]DSDWR,KDYH VRPHWKLQJLQP\VKRH ¢4XLHUHVDOJRGHEHEHU"'R\RXZDQW DQ\WKLQJWRGULQN"
$QLQYDULDEOHSURQRXQWKDWPHDQVµVRPHWKLQJ¶RULQ TXHVWLRQVµDQ\WKLQJ¶ ,WFDQDOVRPHDQµDELW¶(VDOJRFRTXHWD6KHLVD ELWRIDIOLUW
DOJXLHQ
1HFHVLWRTXHDOJXLHQPHDFRPSDxH, QHHGVRPHRQHWRFRPHZLWKPH ¢+DOODPDGRDOJXLHQ"+DVDQ\ERG\ SKRQHG"
$QLQYDULDEOHSURQRXQDOZD\VPDVFXOLQHDQG VLQJXODUZKLFKUHIHUVWRDQLQGHWHUPLQDWHSHUVRQLQ WKHZD\µVRPHERG\¶RUµVRPHRQH¶RUµDQ\ERG\¶RU µDQ\RQH¶LQTXHVWLRQV ZRXOGLQ(QJOLVK
DOJXQRDRVDV
0LUDHVWRVOLEURV\GLPHVLKD\DOJXQR TXHWHLQWHUHVH+DYHDORRNDWWKHVH ERRNVDQGWHOOPHLIWKHUHLVDQ\WKDW LQWHUHVWV\RX
3URQRXQRUDGMHFWLYH
$OJ~QGtDORFRPSUHQGHUiV
$OJ~QLVWKHVKRUWHQHGIRUPZKHQLWLVXVHGDVDQ DGMHFWLYHEHIRUHDPDVFXOLQHQRXQ
+HYLVWRDOJXQDGHVXVSHOtFXODV,¶YH VHHQVRPHRIKLVILOPV
)ROORZHGE\µGHQRXQSKUDVH¶LWPHDQVRQHRU VHYHUDORIDJURXS
EDVWDQWHV
+DEtDEDVWDQWHVFRFKHV7KHUHZHUH SOHQW\RIFDUV
$GMHFWLYHRUSURQRXQZKLFKFDQPHDQµHQRXJK¶RU µSOHQW\¶7KHDGYHUEEDVWDQWHDOVRH[LVWVPHDQLQJ µHQRXJK¶RUµTXLWHDELW¶
FDGD
&DGDHPSOHDGRWHQtDVXSURSLR GHVSDFKR(DFKHPSOR\HHKDGWKHLURZQ RIILFH
&DGDLVDQLQYDULDEOHDGMHFWLYHPHDQLQJµHDFK¶ 7KHIRUPVFDGDXQRXQDDQGFDGDFXDODUH SURQRXQVPHDQLQJµHDFKSHUVRQ¶
FDGDXQRXQD
&DGDXQRIXHHQVXSURSLRFRFKH(DFK RQHZHQWLQWKHLURZQFDU
FDGDFXDO
&DGDFXDOTXHKDJDORTXHTXLHUD/HW HDFKRQHGRWKHLURZQWKLQJ
FXDOTXLHUD
+R\HQGtDFXDOTXLHUDVDEHSURJUDPDU HOYtGHR$Q\RQHNQRZVKRZWR SURJUDPPHDYLGHRUHFRUGHUWKHVHGD\V £&XDOTXLHUDVHDWUHYH:KRZRXOGGDUH
$GMHFWLYHRUSURQRXQXVHGWRUHIHUWRDQ LQGHWHUPLQDWHSHUVRQDQLPDORUREMHFWZKLFK GRHVQ¶WQHHGWREHVSHFLILFVLPLODUWRWKHPHDQLQJ FRQYH\HGE\µDQ\RQHIURPDJURXS ¶
&XDOTXLHUQLxRVDEHHVDVFRVDV$Q\ FKLOGNQRZVWKDW FXDOTXLHUQLxDDQ\JLUO
7KHVKRUWHQHGIRUPFXDOTXLHULVXVHGEHIRUHD PDVFXOLQHRUIHPLQLQHQRXQ
&XDOTXLHUDTXHVHDVXLQWHQFLyQQRPH ItRGHpO:KDWHYHUKLVLQWHQWLRQ,GRQ¶W WUXVWKLP
&XDOTXLHUDTXHLVDOZD\VIROORZHGE\DYHUELQ WKHVXEMXQFWLYH
&XDOHVTXLHUDTXHVHDQVXVLQWHQFLRQHV 1RWHWKDWWKHSOXUDOFXDOHVTXLHUDFDQDOVREH XVHGLQWKLVFRQVWUXFWLRQ :KDWHYHUKLVLQWHQWLRQV 'HPiV
/RVGHPiV\DKDQFRPLGR7KHRWKHUV KDYHDOUHDG\HDWHQ /RGHPiVQRPHLQWHUHVD7KHUHVW
$QLQYDULDEOHIRUPPHDQLQJµWKHUHVW¶RUµWKH RWKHUV ¶ZKLFKPXVWEHSUHFHGHGE\DQHXWHURUD SOXUDOGHILQLWHDUWLFOH8VHGZLWKWKHQHXWHUDUWLFOH
http://vk.com/espanol_con_amigos
GRHVQ¶WLQWHUHVWPH
OR LWUHIHUVRQO\WRWKLQJVQHYHUWRSHRSOH
GHPDVLDGRDRVDV
$GMHFWLYHRUSURQRXQPHDQLQJµWRR¶µWRRPXFK¶RU 7HQJRGHPDVLDGRVSUREOHPDV,KDYHWRR µWRRPDQ\¶7KHDGYHUEGHPDVLDGRDOVRH[LVWV PDQ\SUREOHPV PHDQLQJµWRRPXFK¶+HFRPLGRGHPDVLDGR,¶YH HDWHQWRRPXFK
LJXDOHV
7HQtDLJXDODIHFWRDWRGRVVXVQLHWRV 6KHKDGWKHVDPHDIIHFWLRQIRUDOOKHU JUDQGFKLOGUHQ
$GMHFWLYHRUSURQRXQPHDQLQJµWKHVDPH¶µHTXDO¶ RUµVLPLODU¶7KHDGYHUELJXDOH[LVWVDVDYDULDQWRI LJXDOPHQWHHJ3LHQVRLJXDO,WKLQNWKHVDPH LQWKHVDPHZD\
9LQLHURQRWUDYH]ORVPLVPRVFKLFRV 7KHVDPHER\VFDPHDJDLQ
$GMHFWLYHRUSURQRXQPHDQLQJµWKHVDPH¶RU µVLPLODU¶,WPXVWDOZD\VEHSUHFHGHGE\DQDUWLFOH 1RWHWKHFKDQJHRIPHDQLQJLILWIROORZVWKHQRXQ ZKHQLWLVXVHGWRHPSKDVL]HWKHLGHQWLW\RIWKH QRXQLWUHIHUVWR/DMHIDPLVPDHVWiGHDFXHUGR 7KHERVVKHUVHOIDJUHHV
PXFKRDRVDV
7LHQHPXFKDVDPLJDV6KHKDVDORWRI IULHQGV
$GMHFWLYHRUSURQRXQPHDQLQJµPXFK¶µPDQ\¶µD ORWRI ¶,WPXVWSUHFHGHWKHQRXQDQGFDQEH IROORZHGE\GHHJPXFKRVGHPLVDPLJRV ([FHSWIRUYHU\VSHFLILFFDVHVLWLVQRWSUHFHGHGE\ DQDUWLFOH7KHDGYHUEIRUPPXFKRH[LVWVPHDQLQJ µDORW¶RUµPXFK¶DVLQ0HJXVWDPXFKR,OLNHLWD ORW
QDGLH
1DGLHVHDFHUFyDVDOXGDUOD1RERG\ FDPHWRVD\KHOORWRKHU
$QLQYDULDEOHSURQRXQPHDQLQJµQRERG\¶RUµQR RQH¶RUµQRWDQ\RQHDQ\ERG\¶LQQHJDWLYHRU LQWHUURJDWLYHFRQVWUXFWLRQV
QDGD
1RTXLHURQDGDGHFRPHU,GRQ¶WZDQW DQ\WKLQJWRHDW
$QLQYDULDEOHSURQRXQPHDQLQJµQRWKLQJ¶RU µDQ\WKLQJ¶LQQHJDWLYHRULQWHUURJDWLYH FRQVWUXFWLRQV
QLQJXQRDRVDV
+HYLVWRDOJXQRVYtGHRVLQWHUHVDQWHV SHURQRPHKHFRPSUDGRQLQJXQR,¶YH VHHQVRPHLQWHUHVWLQJYLGHRVEXW,KDYHQ¶W ERXJKWDQ\ 1RWHQJRQLQJ~QOLEURGH9DUJDV/ORVD ,KDYHQ¶WJRWDQ\ERRNE\9DUJDV/ORVD 1RPHJXVWDQLQJXQDGHVXVSHOtFXODV, GRQ¶WOLNHDQ\RIKLVILOPV
$GMHFWLYHRUSURQRXQPHDQLQJµQR¶QRXQ µQRQH¶RUµDQ\¶LQQHJDWLYHRULQWHUURJDWLYH FRQVWUXFWLRQV 1LQJ~QLVWKHVKRUWHQHGIRUPZKHQLWLVXVHGDVDQ DGMHFWLYHEHIRUHDPDVFXOLQHQRXQ )ROORZHGE\µGHQRXQSKUDVH¶LWPHDQVµQRQHRI¶ µQHLWKHURI¶RUµDQ\RI¶DJURXS
RWURDRVDV
$GMHFWLYHRUSURQRXQPHDQLQJµDQRWKHU¶RU 9LQRHOFDUWHUR\WUDMRRWUDFDUWDGHWX µRWKHUV ¶ PDGUH7KHSRVWPDQFDPHDQGEURXJKW 1RWHWKDWLWLVQHYHUXVHGZLWKDQLQGHILQLWH DQRWKHUOHWWHUIURP\RXUPRWKHU DUWLFOHDOWKRXJKLWFDQEHXVHGZLWKDGHILQLWHRQH /DRWUDFDUWDOOHJyD\HU7KHRWKHUOHWWHU 7KHGHILQLWHDUWLFOHLVXVHGZKHQUHIHUULQJWR DUULYHG\HVWHUGD\ VRPHERG\RUVRPHWKLQJVSHFLILF
SRFRDRVDV
$GMHFWLYHRUSURQRXQPHDQLQJµOLWWOH¶µIHZ¶RUµD IHZ¶ 1RWLFHWKHGLIIHUHQFHEHWZHHQSRFRVIHZ +DEtDSRFRVSHFHVHQHOUtR7KHUHZHUH DQGXQRVSRFRVDIHZ ,WFDQEHIROORZHGE\GH IHZILVKLQWKHULYHU DVLQXQSRFRGHD]~FDUDELWRIVXJDU 3RFRVGH 7HQJRXQRVSRFRVDKRUURV,KDYHDIHZ PLVDPLJRVVHDWUHYLHURQDVDOWDU2QO\DIHZRI VDYLQJV P\IULHQGVGDUHGWRMXPS 7KHDGYHUESRFRH[LVWV PHDQLQJµDOLWWOH¶HJ0HGXHOHSRFR,WKXUWV RQO\DOLWWOH
VHPHMDQWHHV
1RHQWLHQGRVHPHMDQWHFRVD,GRQ¶W XQGHUVWDQGVXFKDWKLQJ
$GMHFWLYHRUSURQRXQZKLFKFDQPHDQµVLPLODU¶RU µVXFKD ¶
WDOHV
+DEtDWDOHVFRODVHQWRGDVSDUWHVTXH QRVIXLPRV7KHUHZHUHVXFKTXHXHV HYHU\ZKHUHWKDWZHOHIW 7HKDOODPDGRXQWDO)HUQDQGR$ FHUWDLQ)HUQDQGRFDOOHG\RX
0RVWFRPPRQO\DQDGMHFWLYH,WPHDQVµVXFKD ¶ 9HU\IUHTXHQWLQWKHFRQVWUXFWLRQµWDOQRXQ TXH¶WRH[SUHVVLQWHQVLW\8VHGZLWKDQ LQGHILQLWHDUWLFOHEHIRUHDSHUVRQ¶VQDPHLWPHDQV µDFHUWDLQ¶
PLVPRDRVDV
http://vk.com/espanol_con_amigos
WRGRDRVDV
+HOHtGRWRGRHOOLEUR,KDYHUHDGDOOWKH ERRN +HOHtGRWRGRVVXVOLEURV,KDYHUHDGDOO RIKLVERRNV 7RGDSHUVRQDKDGHVHUUHVSHWDGD (YHU\SHUVRQKDVWREHUHVSHFWHG (VWRGRXQKRPEUH+H¶VDUHDOPDQ $OOOHJDUDFDVDHVWDEDWRGDPRMDGD :KHQVKHJRWKRPHVKHZDVDOOZHW
$GMHFWLYHDQGSURQRXQPHDQLQJµHYHU\¶µDOO¶RU µWKHZKROH¶0RVWFRPPRQO\IROORZHGE\DQDUWLFOH DGHPRQVWUDWLYHRUDSRVVHVVLYH %HIRUHDQRXQWRGRWRGDLVDV\QRQ\PRI FXDOTXLHUWRGDSHUVRQD FXDOTXLHUSHUVRQD ,QWKLVLGLRPDWLFXVHWRGRXQWRGDXQD PHDQVµDUHDO¶ ,QWKLVFROORTXLDOXVHWRGRDGMHFWLYHLVDV\QRQ\P RIFRPSOHWDPHQWH
XQRXQD
(QHVRVFDVRVXQRQRVDEHTXpKDFHU ,QWKRVHFDVHVRQHGRHVQ¶WNQRZZKDWWR GR
3URQRXQZLWKLPSHUVRQDOYDOXHPHDQLQJµRQH¶ )RULWVXVHLQLPSHUVRQDOVHQWHQFHVVHH6HFWLRQ
XQRVFXDQWRV XQDVFXDQWDV
+HFRPSUDGRXQDVFXDQWDVUHYLVWDVSDUD $GMHFWLYHRUSURQRXQPHDQLQJµDIHZ¶VLPLODUWR HOYLDMH,KDYHERXJKWDIHZPDJD]LQHV DOJXQRVDV IRUWKHMRXUQH\
YDULRVDV
+HYLVWRYDULRVYHVWLGRVERQLWRVSHURQR $GMHFWLYHRUSURQRXQPRVWFRPPRQO\XVHGLQ KHFRPSUDGRQLQJXQR,¶YHVHHQVHYHUDO SOXUDOPHDQLQJµVHYHUDO¶7KH\SUHFHGHWKHQRXQ QLFHGUHVVHVEXW,KDYHQ¶WERXJKWDQ\
(MHUFLFLRV
)LOOLQWKHJDSVZLWKWKHFRUUHFWLQGHILQLWHH[SUHVVLRQIURPWKHER[ PXFKRWRGRPLVPDSRFDPLVPRWRGRVXQR D+HYLVWRFXDWURYHFHVODSHOtFXOD E(OYHUDQRTXHYLHQHTXLHURYHUDQHDUHQHOVLWLRTXHHODxRSDVDGR F&XDQGRKDFHWDQWRIUtR\DQRVDEHQLTXpSRQHUVH G+HOOHJDGRWDUGHSRUTXHKDEtDWUiILFR H+DEtDPX\JHQWHHQHOFLQH I+HLQYLWDGRDPLVDPLJRVDODILHVWD J+HSUHSDUDGR\RHOPHQ~ 6HOHFWWKHFRUUHFWDOWHUQDWLYHIRUHDFKJDS D£OHSLGHDOMHIHTXHQRVGHMHODWDUGHOLEUH FDGDXQRFXDOTXLHUDFDGDFXDO ETXHVXHQDHOWHOpIRQRPHGHVSLHUWD FDGDYH]FDGDXQDFXDOTXLHUD FWLHQHTXHSHQVDUHQVtPLVPR FXDOTXLHUDFDGDFDGDXQR GTXHRUJDQLFHVXSURSLDYLGD FXDOTXLHUDFDGDFXDOFDGD :KDWGRWKHIROORZLQJSURYHUEVPHDQ")LUVWXQGHUOLQHWKHLQGHILQLWHVLQHDFKWKHQWUDQVODWHWKHPOLWHUDOO\ LQWR(QJOLVKDQGILQDOO\JLYHDQHTXLYDOHQWSURYHUELQ(QJOLVK D&DGDPRFKXHORDVXROLYR
http://vk.com/espanol_con_amigos
E0XFKRUXLGR\SRFDVQXHFHV F'HWDOSDORWDODVWLOOD G1RWRGRHOPRQWHHVRUpJDQR
http://vk.com/espanol_con_amigos
$GYHUEV $GYHUEV±ORVDGYHUELRV±DUHLQYDULDEOHZRUGVWKDWPRGLI\YHUEVDGMHFWLYHVRURWKHUDGYHUEVE\VD\LQJ KRZZKHUHZKHQKRZRIWHQRUKRZPXFK7KHIROORZLQJDUHDGYHUEV (VPX\FDUR,WLVYHU\H[SHQVLYH PX\PRGLILHVWKHDGMHFWLYHDQGVD\VKRZH[SHQVLYHLWLV 6HOHYDQWDGHPDVLDGRWHPSUDQR+HJHWVXSWRRHDUO\ %RWKGHPDVLDGRDQGWHPSUDQRDUHDGYHUEV 7HPSUDQRPRGLILHVWKHYHUEVHOHYDQWDDQGH[SODLQVZKHQKHJHWVXSDQGGHPDVLDGRPRGLILHVWKHDGYHUE WHPSUDQRDQGH[SODLQVKRZHDUO\KHJHWVXS ,QWKLVXQLW\RXZLOOILQGVRPHRIWKHPRVWFRPPRQDGYHUEV
SRFR GHPDVLDGR PiV PHQRV WDQWDQWR
&DVLQRKD\OHFKH7KHUHLVKDUGO\DQ\PLON (VWiPX\FDOLHQWH,W¶VYHU\KRW $PSDURIXPDPXFKR$PSDURVPRNHVDORW 1RWLFHWKDWPX\LVXVHGEHIRUHDGMHFWLYHVSDUWLFLSOHVRURWKHU DGYHUEVDQGWKDWPXFKRLVXVHGDIWHUYHUEVRUEHIRUHQRXQV 0DUtDFRPHSRFR0DUtDHDWVYHU\ OLWWOH +DEODVGHPDVLDGR
5HIHUWR6HFWLRQVDQGG IRUWKHXVHRIPiVPHQRVDQGWDQWDQWRWRH[SUHVVFRPSDULVRQV $GYHUEVRISODFH DTXt
DFi
DKt DOOt
DOOi
$TXtKD\GHPDVLDGDJHQWH7KHUHDUHWRRPDQ\SHRSOHKHUH 9HQDFi&RPHKHUH ,Q6SDLQDFiLVPRUHLPSUHFLVHWKDQDTXtDQGLWLVXVHGPDLQO\ZLWK YHUEVRIPRYHPHQWDQGDOZD\VDIWHUPiVPiVDFiIXUWKHURYHUKHUH +RZHYHULWLVZLGHO\XVHGLQ/DWLQ$PHULFDZKHUHLWLVPRUHFRPPRQ WKDQDTXt 3RQORDKt3XWLWWKHUH 3RQORDOOt3XWLWRYHUWKHUH $OOtLPSOLHVWKDWLWLVIXUWKHUWKDQDKtDQGWKDWLWLVDZD\IURPWKH VSHDNHUDQGWKHOLVWHQHU 3RQORDOOi3XWLWRYHUWKHUH ,Q6SDLQDVZLWKDFiDOOiLVPRUHLPSUHFLVHWKDQDOOtDQGLWLVXVHG PDLQO\ZLWKYHUEVRIPRYHPHQWDQGDOZD\VDIWHUPiVPiVDOOiIXUWKHU RYHUWKHUH +RZHYHULWLVZLGHO\XVHGLQ/DWLQ$PHULFDZKHUHLWLVPRUH FRPPRQWKDQDOOt $OOiFDQDOVRVLJQDOGLVWDQFHLQWLPHDOOiSRUORVDxRVWUHLQWDEDFNLQ WKHV ,WFDQDOVRGHQRWHODFNRILQWHUHVW$OOiW~VLQRWLHQHVXQSODQGH
http://vk.com/espanol_con_amigos
GHQWURDGHQWUR
IXHUDDIXHUD
DUULED DEDMR FHUFD OHMRV
GHODQWHDGHODQWH
MXELODFLyQ,W¶V\RXUSUREOHPLI\RXGRQ¶WKDYHDUHWLUHPHQWSODQ 0LJXHOHVWDEDGHQWUR0LJXHOZDVLQVLGH 0LJXHOYROYLyDGHQWUR0LJXHOZHQWEDFNLQVLGH ,Q6SDLQDGHQWURLVXVHGZLWKH[SUHVVLRQVRIPRWLRQ,Q/DWLQ $PHULFDDGHQWURLVXVHGERWKZLWKVWDWLFSRVLWLRQV(VWDEDDGHQWUR DQG ZLWKH[SUHVVLRQVRIPRWLRQ9ROYLyDGHQWUR (VWiHVSHUDQGRIXHUD+HLVZDLWLQJRXWVLGH 9HWHDIXHUDDYHUTXpHVHVHUXLGR*RRXWDQGVHHZKDWWKDWQRLVHLV $VZLWKGHQWURDQGDGHQWURLQ6SDLQIXHUDLVXVHGIRUVWDWLF SRVLWLRQDQGDIXHUDLVXVHGZLWKH[SUHVVLRQVRIPRWLRQ,Q/DWLQ$PHULFD DIXHUDLVXVHGZLWKERWK 9HWHDUULEDDEXVFDUXQDWRDOOD*RXSDQGJHWDWRZHO 9HWHDEDMRDEXVFDUXQPDUWLOOR*RGRZQDQGJHWDKDPPHU /DFDVDGH-XDQHVWiPX\FHUFD-XDQ¶VKRXVHLVYHU\QHDU (VWiGHPDVLDGROHMRVSDUDLUDQGDQGR,W¶VWRRIDUWRZDON 6LWHSRQHVGHODQWHQRSXHGRYHUQDGD,I\RXVWDQGLQIURQW,FDQ¶W VHHDQ\WKLQJ $VtQRSRGHPRVLUDGHODQWH:HFDQ¶WJRDKHDGOLNHWKDW $VLQSUHYLRXVFDVHVLQ6SDLQGHODQWHLVXVHGIRUVWDWLFSRVLWLRQDQG DGHODQWHLVXVHGZLWKH[SUHVVLRQVRIPRWLRQ
$GYHUEVRIWLPH D\HUKR\PDxDQD DKRUD DQWHV GHVSXpV HQWRQFHV OXHJR
QXQFD
VLHPSUH PLHQWUDVWDQWR
UHFLHQWHPHQWH
WRGDYtD \D
9XHOYDXVWHGPDxDQD&RPHEDFNWRPRUURZ $KRUDPLVPRYR\,¶OOFRPHULJKWDZD\ $QWHVQRKDEtDWDQWRWUiILFR%HIRUHWKHUHZDVQ¶WVRPXFKWUDIILF 'HVSXpVGHOFRQFLHUWRIXLPRVDFHQDU$IWHUWKHFRQFHUWZHZHQWWR KDYHGLQQHU 3ULPHURIXLPRVDOFLQH\GHVSXpVIXLPRVDFHQDU)LUVWZHZHQWWRWKH FLQHPDDQGDIWHUZDUGVZHZHQWIRUGLQQHU (QWRQFHVVRQyHOWLPEUH7KHQWKHEHOOUDQJ /XHJRPHOODPySRUWHOpIRQR7KHQ$IWHUZDUGVKHSKRQHGPH 1XQFDHVWiHQFDVDFXDQGHOHOODPR+H¶VQHYHUDWKRPHZKHQ,FDOO KLP 1RWHWKDW\RXFDQDOVRVD\1RHVWiQXQFDHQFDVDFXDQGROH OODPR 6HH8QLWIRUPRUHLQIRUPDWLRQRQWKHQHJDWLYHFRQVWUXFWLRQ 6LHPSUHHVWiRFXSDGD6KH¶VDOZD\VEXV\
)RUPRUHLQIRUPDWLRQRQWKHVHDGYHUEVDVFRQQHFWRUVRIWLPHJRWR6HFWLRQVK DQG 7RGDYtDDQG\D 7RGDYtDDQG\DZKLFKFDQPHDQµVWLOO¶µDOUHDG\¶DQGµ\HW¶DUHRIWHQGLIILFXOWIRUVWXGHQWVRI6SDQLVK7KH IROORZLQJWLSVPLJKWKHOS\RX
http://vk.com/espanol_con_amigos
(QJOLVK 6WLOO $OUHDG\
6SDQLVK WRGDYtD \D \D QRWRGDYtD \DQR
([DPSOH 7RGDYtDHVWiHQFDVD+HLVVWLOODWKRPH
)RUWKHXVHRI\DDQGWRGDYtDZLWKWKHSHUIHFWWHQVHVHH6HFWLRQ $GYHUEVRIPDQQHU DVt ELHQ PDO GHSULVD GHVSDFLR
1RPHKDEOHVDVt'RQ¶WWDONWRPHOLNHWKDW &DQWDPX\ELHQ6KHVLQJVYHU\ZHOO &RFLQRPX\PDO,FRRNYHU\EDGO\ &RQGXFHVPX\GHSULVD
%LHQEXHQRPDODQGPDOR %XHQRDQGPDORORRNVLPLODUWRWKHDGYHUEVELHQDQGPDO $FRPPRQPLVWDNHIRUIRUHLJQHUVLVWRFRQIXVHDGMHFWLYHVDQG DGYHUEVDQGXVHEXHQRIRUELHQPDORIRUPDODQGYLFHYHUVD
%DLODPX\ELHQSHURFDQWDPX\PDO+HGDQFHVYHU\ZHOOEXWKHVLQJV YHU\EDGO\ /DFRPLGDHVEXHQD&RFLQDPX\ELHQ7KHIRRGLVJRRG6KHFRRNV YHU\ZHOO /DFDUUHWHUDHVPDOD\pOFRQGXFHPX\PDO7KHURDGLVEDGDQGKH GULYHVYHU\EDGO\
$GYHUEVLQPHQWHIRUPHGIURPDGMHFWLYHV UiSLGRĺUiSLGDĺUiSLGDPHQWHTXLFNO\ IXHUWHĺIXHUWHĺIXHUWHPHQWHVWURQJO\ 1RWHWKDWZKHQWKHDGMHFWLYHKDVDZULWWHQ DFFHQWLWLVUHWDLQHGLQWKHDGYHUE 6HFRPSRUWyLQWHOLJHQWHPHQWHĺ6HFRPSRUWy GHIRUPDLQWHOLJHQWH+HEHKDYHGLQWHOOLJHQWO\ $GYHUEVLQPHQWHFDQVRXQGFOXPV\LQ6SDQLVKLI GHIRUPDGHPDQHUDIHPLQLQHDGMHFWLYH 1RVKDEOyJURVHUDPHQWHĺ1RVKDEOyGHPRGR WRRPDQ\DUHXVHGWRJHWKHUVRWKHLUPHDQLQJLV GHPRGRPDVFXOLQHDGMHFWLYH FRQ JURVHUR+HWDONHGWRXVLQDUXGHZD\ RIWHQFRQYH\HGLQRWKHUZD\V QRXQ 1RVFRQWHVWyFRUWpVPHQWHĺ1RVFRQWHVWyFRQ FRUWHVtD+HUHSOLHGSROLWHO\ /OHJyUiSLGDPHQWHĺ/OHJyUiSLGR+HDUULYHG IDVW 0HORGLMRPX\FODUDPHQWHĺ0HORGLMRPX\ 9HU\RIWHQXVXDOO\LQWKHVSRNHQODQJXDJHDQGLQVRPHVHWSKUDVHVVRPHDGMHFWLYHVIXQFWLRQDV FODUR+HWROGPHYHU\FOHDUO\ DGYHUEV,QWKHVHFDVHVWKHPDVFXOLQHVLQJXODUIRUPRIWKHDGMHFWLYHLVXVHG KDEODUDOWRWRWDONORXGO\ WUDEDMDUGXURWRZRUNKDUG MXJDUOLPSLRWRSOD\IDLUO\ MXJDUVXFLRWRSOD\XQIDLUO\ 0DQ\DGYHUEVRIPDQQHULQ6SDQLVKDUHIRUPHGE\DGGLQJWKHVXIIL[PHQWHWRWKHIHPLQLQH VLQJXODUIRUPRIWKHDGMHFWLYHRUWRWKHVLQJXODUIRUPLQWKHFDVHRILQYDULDEOHDGMHFWLYHV
7ZRDGYHUEVLQPHQWHWRJHWKHU :KHQWZRDGYHUEVLQPHQWHIROORZHDFKRWKHULQDVHQWHQFHDQGDUH MRLQHGE\\RQLSHURVLQRWKHILUVWRQHORVHVWKHVXIIL[PHQWH ,Q(QJOLVKDQDGYHUELQµO\¶FDQPRGLI\DQRWKHUDGYHUELQµO\¶,Q 6SDQLVKDQDGYHUELQPHQWHVKRXOGQHYHUEHXVHGWRPRGLI\DQRWKHU DGYHUELQPHQWH
0HORGLMRVHQFLOOD\FODUDPHQWH+HWROGPHSODLQO\DQGFOHDUO\ /HFRQWHVWyILUPHSHURFRUWpVPHQWH+HDQVZHUHGKHUILUPO\EXW FRXUWHRXVO\ +HVSRNHZRQGHUIXOO\FOHDUO\ +DEOyGHXQPRGRPDUDYLOORVDPHQWHFODUR127PDUDYLOORVDPHQWH FODUDPHQWH
&RPSDULVRQRIDGYHUEV
http://vk.com/espanol_con_amigos
6HH6HFWLRQRQWKHFRPSDULVRQRIDGYHUEV (MHUFLFLRV
0DNHWKHIROORZLQJDGMHFWLYHVLQWRDGYHUEVZLWKPHQWH HOHJDQWHHVSHFLDOVLOHQFLRVRWUDQTXLORVLQFHURSURIXQGR 1RZZULWHDVHQWHQFHIRUHDFKRIWKHDGYHUEVLQWKHSUHYLRXVH[HUFLVH 5HDGWKHIROORZLQJWH[WDQGILOOHDFKJDSZLWKDQDGYHUEIURPWKHER[1RWHWKDWWKHUHDUHPRUHDGYHUEV WKDQWKHUHDUHJDSV VLHPSUHGHODQWHPDOQXQFDGHPDVLDGRUiSLGDPHQWHPXFKRGHVSDFLRFDVLWDUGHGHQWUR 0DUWLQDVLHPSUHFRQGXFtDGHSULVD$TXHOODPDxDQDVDOLyGHFDVDPiVTXHGHFRVWXPEUH'LRXQ SRUWD]RDOVDOLUGHFDVD\VHPHWLyHQHOFRFKHOHJXVWDEDOOHJDUWDUGH\PHQRVD~QFXDQGR WHQtDTXHLUDYHUDDOJ~QFOLHQWHLPSRUWDQWH8QRVPHWURVDQWHVGHOFUXFHYLRXQFDPLyQTXHVHxDODED FRQHOLQGLFDGRUSDUDSDUDUVHGHOVXSHUPHUFDGR/RDGHODQWyVLQPLUDU\£]DVVHGLRFRQXQFRFKH TXHYHQtDHQVHQWLGRFRQWUDULR$IRUWXQDGDPHQWHQROHSDVyQDGD0HQRVPDOTXHHORWURLEDEDVWDQWH 6LQRSRGtDKDEHUVLGRPiVJUDYH &HFLOLDDQG0LJXHODUHJHWWLQJWKLQJVUHDG\DVVRPHIULHQGVDUHFRPLQJURXQGIRUGLQQHU)LOOWKHJDSV ZLWK\DRUWRGDYtD ²¢KDVSXHVWRODPHVD" ²1RQRKHWHUPLQDGR ²3HURODFHQDHVWiSUHSDUDGD¢YHUGDG" ²6tHVWiWRGROLVWR ²$FDEDGHOODPDUD(OHQD\GLFHTXHQRKDQVDOLGRGHFDVD ²0HQRVPDOSHQVpTXHHVWDUtDQFDVLDTXt ²%XHQRSXHVHQWRQFHVGpMDPHTXHWHD\XGHDSRQHUODPHVD ²9DOH ²%XHQRHVWi ²QRKD\QDGDPiVTXHKDFHUKDVWDTXHOOHJXHQORVGHPiV
http://vk.com/espanol_con_amigos
,QWHUURJDWLYHV ,QWHUURJDWLYHV±ORVLQWHUURJDWLYRV±VRPHWLPHVFDOOHGµTXHVWLRQZRUGV¶DUHVSHFLDOZRUGVZKLFKDUHXVHG LQTXHVWLRQVWRHOLFLWVSHFLILFLQIRUPDWLRQ([DPSOHVLQ(QJOLVKDUHµZKR"¶µZKDW"¶µZKHUH"¶µZKHQ"¶ µKRZ"¶µZK\"¶µZKRP"¶µZKLFK"¶HWF 7KHPDLQLQWHUURJDWLYHVLQ6SDQLVKDUHSUHVHQWHGLQWKHIROORZLQJWDEOH1RWLFHWKDWWKH\DOZD\VFDUU\DQDFFHQW ¢4Xp":KDW" ¢&XiO"¢&XiOHV":KLFK" ¢&yPR"+RZ" ¢&XiQGR":KHQ" ¢&XiQWR"¢&XiQWD"¢&XiQWRV"¢&XiQWDV"+RZPXFK"+RZPDQ\"
¢'yQGH"¢$GyQGH":KHUH":KHUHWR" ¢4XLpQ"¢4XLpQHV":KR" ¢3RUTXp":K\" ¢3DUDTXp":KDWIRU"
:RUGRUGHU ,QLQWHUURJDWLYHVHQWHQFHVZRUGRUGHULVQRUPDOO\LQYHUWHGVRWKDWWKHYHUEFRPHVEHIRUHWKHVXEMHFW+RZHYHU ZRUGRUGHULVTXLWHIUHHLQ6SDQLVKDQGWKHUHDUHDOVRUHJLRQDOGLIIHUHQFHV ¢$GyQGHYDHVHWUHQ":KHUH¶VWKDWWUDLQJRLQJWR" ¢3RUTXpPHSUHJXQWDVWHHOQRPEUHGHPLMHIH":K\GLG\RXDVNPH P\ERVV¶VQDPH" 1RVHVDEHTXLpQIXH-XDQLWRHO'HVWULSDGRU1RERG\NQRZVZKR-DFN ,QLQGLUHFWTXHVWLRQVWKHLQWHUURJDWLYHVWDQGVDWWKHKHDGRIWKHVXERUGLQDWH WKH5LSSHUZDV FODXVH 6HH8QLWWRILQGRXWPRUHDERXWVXERUGLQDWHFODXVHVVHH 1RUHFXHUGDGyQGHHVFRQGLyHOWHVWDPHQWR+HGRHVQ¶WUHPHPEHU 8QLWIRUPRUHRQLQGLUHFWVSHHFK ZKHUHKHKLGKLVZLOO
,QGLUHFWTXHVWLRQVWKHLQWHUURJDWLYHLVSODFHGDWWKHEHJLQQLQJRIWKH VHQWHQFH 6HH8QLWIRUPRUHRQWKHVLPSOHVHQWHQFH
¢4Xp" $VDSURQRXQ¢TXp"µZKDW"¶ UHIHUVWRQRXQVDV\HWXQLGHQWLILHG XQVSHFLILHGRUXQNQRZQ,WKDVWKHVHQVHµZKDWWKLQJ"¶µZKDWREMHFW"¶RU µZKDWLGHD"¶EXWQHYHUµZKDWSHUVRQ"¶LQWKHVHQVHRIµZKR"¶±WKDWLV DOZD\V¢TXLpQ" ¢4Xp"FDQFRPELQHZLWKSUHSRVLWLRQV $VDQDGMHFWLYH¢TXp"LVXVHGZLWKQRXQVDQGFDQUHIHUWRSHRSOHDVZHOO DVWKLQJVREMHFWVLGHDVHWF,WFDQPHDQµZKDWW\SHVRUWRI WKLQJREMHFWLGHDSHUVRQ¶HWF
¢4XpWLHQHVHQODPDQR":KDWKDYH\RXJRWLQ\RXUKDQG" 1RFRPSUHQGRTXpPHHVWiVGLFLHQGR,GRQ¶WXQGHUVWDQGZKDW\RX¶UH WHOOLQJPH ¢(QTXpHVWiVSHQVDQGR":KDWDUH\RXWKLQNLQJDERXW" ¢4XpFLXGDGHVHVD":KDWFLW\¶VWKDW" 4XHUHPRVVDEHUTXpSHUILO WLHQHHOFRQVXPLGRUGHHVHSURGXFWR:HZDQWWRNQRZWKHSURGXFW FRQVXPHUSURILOH
¢4XLpQ"¢4XLpQHV" ¢4XLpQQRFRQRFHHOFXHQWRGHODOLHEUH\ODWRUWXJD":KR¶VQHYHU ¢4XLpQ"¢TXLpQHV"FDQRQO\UHIHUWRSHRSOH KHDUGWKHVWRU\RIWKHWRUWRLVHDQGWKHKDUH" 7KHSOXUDOIRUP¢TXLpQHV"VKRZVWKHVSHDNHUH[SHFWVRUNQRZVWKHUHWR ¢4XLpQHVDVLVWLHURQDODFRQIHUHQFLD":KRDWWHQGHGWKHOHFWXUH" EHPRUHWKDQRQHLQGLYLGXDOFRQFHUQHG ¢$TXLpQKDVYLVWRHQHOVXSHUPHUFDGR":KRP GLG\RXVHHLQWKH VXSHUPDUNHW" ¢4XLpQ"¢TXLpQHV"FDQFRPELQHZLWKSUHSRVLWLRQV1RWHWKDWWKH\FDQEH ¢3DUDTXLpQKDVFRPSUDGRHOFKRFRODWH":KRP KDYH\RXERXJKWWKH H[SUHVVHGLQYDULRXVZD\VLQ(QJOLVKHJµZKR¶µZKRP¶µZKRVH¶±¢GH FKRFRODWHIRU" TXLpQ"LVWKHVWDQGDUGZD\RIDVNLQJµZKRVH"¶LQ6SDQLVK ¢'HTXLpQHVHO5ROOV5R\FHDPDULOOR":KRVHLVWKH\HOORZ5ROOV 5R\FH"
¢&XiO"¢&XiOHV"
http://vk.com/espanol_con_amigos
²(VWDVHPDQDSDVDGDKHPRVYLVWRRFKRRQXHYHFDVDVSHURWRGDYtD ¢&XiO"¢FXiOHV"FDQUHIHUWRSHRSOHRUREMHFWV,WLVXVHGOLNH¢TXp"EXW QRKHPRVGHFLGLGRFXiOQRVDJUDGDPiV UHIHUVWRVSHFLILFQRXQVLHZKLFKDUHHLWKHUPHQWLRQHGRUXQGHUVWRRGE\ ²¢&XiOWLHQHPHMRUHVYLVWDV"µ:H¶YHVHHQHLJKWRUQLQHKRXVHVLQWKH ERWKVSHDNHUDQGOLVWHQHUV ODVWZHHNEXWZHVWLOOKDYHQ¶WGHFLGHGZKLFKZHOLNHEHVW¶µ:KLFKKDVJRW WKHEHVWYLHZV"¶ ¢&XiOHVODGLIHUHQFLDHQWUHXQSROLFtDQDFLRQDO\XQJXDUGLDFLYLO" ¢&XiO"¢FXiOHV"LVXVHGZKHQDVNLQJDERXWRSWLRQVEHWZHHQVSHFLILF :KDW¶VWKHGLIIHUHQFHEHWZHHQDQDWLRQDOSROLFHRIILFHUDQGD&LYLO QRXQV *XDUG"±LHRXWRIWKHUDQJHRISRVVLEOHGLIIHUHQFHV" ¢$FXiOHVGHORVVXPLQLVWUDGRUHVVHKDHQYLDGRXQSHGLGR ¢&XiO"¢FXiOHV"FDQFRPELQHZLWKSUHSRVLWLRQV ~OWLPDPHQWH":KLFKRIWKHVXSSOLHUVKDYHEHHQVHQWDQRUGHUODWHO\"
¢4Xp"RU¢FXiO" (QJOLVKVSHDNHUVFDQVRPHWLPHVILQGWKHGLIIHUHQFHEHWZHHQ¢TXp"DQG¢FXiO"FRQIXVLQJ7KHIROORZLQJ JXLGHOLQHVZLOOKHOSFODULI\WKHLUXVHV :KHQGHDOLQJZLWKSURQRXQVDVN\RXUVHOIZKDWWKHVHQWHQFHDFWXDOO\PHDQV 1RUHFRUGiEDPRVFXiOHUDPiVDQWLJXDODFLYLOL]DFLyQJULHJDROD ,I WKH LQWHUURJDWLYH KDV WKH VHQVH µZKLFK RI D UDQJH RI SRVVLEOH DVLULD:HFRXOGQ¶WUHPHPEHUZKLFKZDVWKHROGHU*UHHNFLYLOLVDWLRQRU REMHFWVSHRSOHLGHDVHWF ¶XVH¢FXiO" $VV\ULDQ ¢4XpGHVHD":KDWZRXOG\RXOLNH"±LHDQ\WKLQJLVSRVVLEOH ,IKRZHYHULWGRHVQRWUHVWULFWLWVIUDPHRIUHIHUHQFHWRDSDUWLFXODU &RPSDUHWKLVH[DPSOHZLWKWKHIROORZLQJ JURXSRUUDQJHZKHWKHURYHUWO\VWDWHGRUPHUHO\LPSOLHG XVH¢TXp" ¢&XiOGHVHD":KLFKZRXOG\RXOLNH"±LHWKHUDQJHRIFKRLFHLV VSHFLILHGLQRUE\WKHFRQWH[W ,Q6SDLQ¢FXiO"LVQRWXVHGDVDQDGMHFWLYH¢TXp"LVDOZD\VXVHGLQWKLVSRVLWLRQ¢4XpFRQVHMRVPHGDUtD":KDWDGYLFHZRXOG\RXJLYH PH" 1RKDEtDQGHFLGLGRTXpFDVDFRPSUDU7KH\KDGQ¶WGHFLGHGZKLFKKRXVHWREX\ FXiOLQ6SDQLVK$PHULFD
¢&yPR" ¢&yPR"PHDQVµKRZ"¶ ,WLVDFRPPRQPLVWDNHWRWDNH¢FyPR"WRPHDQµKRZPXFK "KRZPDQ\"¶HWF1RWHWKDWIRUWKHVH¢FXiQWR"VKRXOGEHXVHG :KHQHQTXLULQJDERXWFKDUDFWHULVWLFVRUWKHLQWULQVLFQDWXUHRIVRPHWKLQJ ¢FyPR"FRUUHVSRQGVWRWKH(QJOLVKµZKDWOLNH"¶ ,QWKHVSRNHQODQJXDJH¢FyPR"FDQVRPHWLPHVPHDQµZK\"¶RUµKRZ FRPH"¶1RWHWKDWWKLVXVDJHLVFROORTXLDODQGWKDWWKHWRQHFRQYH\HGLV QRUPDOO\RQHRIIUXVWUDWLRQDQJHURUUHEXNH
¢&yPRIXQFLRQDHOODYDSODWRV"+RZGRHVWKHGLVKZDVKHUZRUN" 1RQRVH[SOLFDPRVFyPRVREUHYLYLHURQDOWHUUHPRWR:HFDQ¶W XQGHUVWDQGKRZWKH\VXUYLYHGWKHHDUWKTXDNH ¢&yPRHVVXPDULGR":KDW¶VKHUKXVEDQGOLNH" £4XHKDVSHUGLGRHOGRFXPHQWR¢&yPRQRPHOODPDVWHSDUD GHFtUPHOR"
¢&XiQGR" ¢&XiQGR"PHDQVµZKHQ"¶ &XiQGRFDQFRPELQHZLWKSUHSRVLWLRQV
1RVHVDEHFRQH[DFWLWXGFXiQGRVHH[WLQJXLyHO~OWLPRGLQRVDXULR ,W¶VQRWNQRZQH[DFWO\ZKHQWKHODVWGLQRVDXUGLHGRXW ¢+DVWDFXiQGRWHYDVDTXHGDU":KHQDUH\RXJRLQJWRVWD\WLOO"
¢'yQGH"¢$GyQGH" ¢'yQGH"PHDQVµZKHUH"¶DQGUHIHUVWRSRVLWLRQLQVSDFHDVZHOODV PRWLRQWRZDUGVDSODFH
¢'yQGHHVWiODELEOLRWHFD":KHUH¶VWKHOLEUDU\"
¢'yQGH"FDQFRPELQHZLWKSUHSRVLWLRQV
¢'HGyQGHYHQLPRVDGyQGHYDPRV":KHUHGRZHFRPHIURPZKHUH DUHZHJRLQJWR"
¢$GyQGH"FDQRQO\PHDQPRWLRQWRZDUGVDSODFHLQWKHVHQVHRIµZKHUH ¢$GyQGHIXHURQGHYDFDFLRQHV":KHUHGLGWKH\JRIRUWKHLUKROLGD\" WR"¶
¢&XiQWR"¢&XiQWD"¢&XiQWRV"¢&XiQWDV" ¢&XiQWR"PHDQVµKRZPXFK"¶RUµKRZPDQ\"¶DQGFDQEHXVHGDVD
¢&XiQWRYDOHHVWHFLQWXUyQGHFXHUR"+RZPXFKLVWKLVOHDWKHUEHOW"
http://vk.com/espanol_con_amigos
SURQRXQRUDQDGMHFWLYH:KHQXVHGDVDQDGMHFWLYHLWDJUHHVLQQXPEHU DQGJHQGHUZLWKWKHQRXQV ZKLFKLWGHVFULEHV &XiQWRFDQFRPELQHZLWKSUHSRVLWLRQV
¢&XiQWDVSHUVRQDVHVSHUDVLQYLWDU"+RZPDQ\SHRSOHDUH\RXKRSLQJ WRLQYLWH" /HSUHJXQWDPRVDOYLHMRPDULQHURHQFXiQWRVEDUFRVKDEtDVHUYLGR SHURQRORUHFRUGDED:HDVNHGWKHROGVDLORUKRZPDQ\VKLSVKHKDG VHUYHGRQEXWKHFRXOGQ¶WUHPHPEHU
¢3RUTXp"DQG¢SDUDTXp" ²¢3RUTXpKDVFRPSUDGRXQQXHYRFRFKH" ²3RUTXHHOYLHMR\DQRIXQFLRQD ¢3RUTXp"LVWKHSULQFLSDOZD\RIDVNLQJµZK\"¶LQ6SDQLVK,WGLIIHUVIURP µ:K\GLG\RXEX\DQHZFDU"¶µ%HFDXVHWKHROGRQHGRHVQ¶WZRUNDQ\ WKHOHVVHUXVHG¢SDUDTXp"LQWKDWLWUHIHUVWRWKHFDXVHRIDQDFWLRQRU PRUH¶ HYHQWZKLOVW¢SDUDTXp"DOOXGHVWRLWVSXUSRVHLQWHQWLRQRUREMHFWLYH ²¢3DUDTXpKDVFRPSUDGRXQQXHYRFRFKH" &RPSDUHWKHIROORZLQJSDLUVRITXHVWLRQVDQGDQVZHUV ²3DUDLUGHYLDMHSRU(XURSDFRPRVLHPSUHKHVRxDGRFRQKDFHU µ:KDWGLG\RXEX\DQHZFDUIRU"¶µ7RWUDYHODURXQG(XURSHOLNH,¶YH DOZD\VGUHDPWRIGRLQJ¶
$OJXQRVFKLVWHV ¢&XiOHVHOVDQWRTXHPHQRVYH"&DVLPLUR ¢4XpOHGLMRXQSH]DORWUR"1DGDKLMRQDGD ¢4XpOHGLMRODFXFKDUDDODJHODWLQD"¢3RUTXpWLHPEODVFREDUGH"
(MHUFLFLRV
)RUPFRPSOHWHPHDQLQJIXOVHQWHQFHVE\VHOHFWLQJRQHHOHPHQWIURPHDFKRIWKHWKUHHFROXPQV /RVPLVPRVItVLFRVQRFRPSUHQGHQ (OSLUDWDQRUHFRUGDED (OGLUHFWRUH[SOLFy 1RKHPRVRtGRQLQJXQDQRWLFLDVREUH (OJRELHUQRQRVDEH
SRUTXp GyQGH FyPR TXLpQHV FXiQWR
FRVWyHOSUR\HFWR JDQDURQORV3UHPLRV1yEHO KDEtDHVFRQGLGRODSODWD KDEtDGHFLGLGRGLPLWLU IXQFLRQDODOX]
&RPSOHWHWKHIROORZLQJVHQWHQFHVZLWKHLWKHUTXpFXiORUFXiOHV D¢OLEURYDVDFRPSUDU" E¢GHHVWRVOLEURVYDVDFRPSUDU" F¢8VWHGVHDFXHUGDGHFRFKHHVWDEDDSDUFDGRGHODQWHGHODMR\HUtDMXVWRDQWHVGHOURER" G¢$S~EOLFRHVWiGLULJLGRHOSURGXFWR" H¢KDVHOHJLGRODVURMDVRODVYHUGHV" /RRNDWWKHIROORZLQJVWDWHPHQWVZKLFKDUHDOODQVZHUVWRTXHVWLRQV:ULWHWKHTXHVWLRQV D)XLPRVDODV%DOHDUHV E'HFLGLPRVFRPSUDUODPiVPRGHUQD F3XHVHVEODQFDIUtD\VHGHUULWHFRQHOFDORU
http://vk.com/espanol_con_amigos
G&UHRTXHIXH*DEULHO*DUFtD0iUTXH] H/RFRPSUpSDUDSRGHUKDEODUDOJRFXDQGRYD\DD,WDOLDHQYHUDQR ,PDJLQHWKDW\RXFRXOGSXWDQ\ILYHTXHVWLRQVWRDQ\SHUVRQDOLYHRUGHDGUHDORUILFWLRQDO:KRPZRXOG \RXFKRRVH"$QGZKDWILYHTXHVWLRQVZRXOG\RXDVNKLPKHU"7U\WRXVHGLIIHUHQWLQWHUURJDWLYHVIRUHDFK TXHVWLRQ
http://vk.com/espanol_con_amigos
3UHSRVLWLRQV $SUHSRVLWLRQ±XQDSUHSRVLFLyQ±LVDZRUGZKLFKLVSODFHGEHIRUHOLWHUDOO\SUHSRVHG DQRWKHUZRUGRU SKUDVHLQRUGHUWRVKRZWKHUHODWLRQVKLSEHWZHHQWKHZRUGVZKLFKFRPHEHIRUHRUDIWHULWHJ(OJDWRHVWi GXUPLHQGRVREUHODPHVD7KHFDWLVVOHHSLQJRQWKHWDEOH 3UHSRVLWLRQVFDQH[SUHVVDOOVRUWVRIUHODWLRQVKLSV ILJXUDWLYHRUOLWHUDOWHPSRUDORUVSDWLDO ,QWKLVXQLWWKHPDLQSUHSRVLWLRQVLQ6SDQLVKDUHWUHDWHGLQDOSKDEHWLFDORUGHUIROORZHGE\DQRYHUYLHZRIWKH PRVWFRPPRQFRPSRXQGSUHSRVLWLRQV $ 3HUVRQDODWKLVPXVWEHXVHGZKHQUHIHUULQJWRVSHFLILFSHRSOHDVGLUHFW REMHFWV,WKDVWKHHIIHFWRIµKXPDQLVLQJ¶WKHPVKRZLQJVRPHNLQGRI HPRWLRQDOERQGEHWZHHQWKHVXEMHFWDQGREMHFWRIDYHUE ,WLVDOVRXVHGZLWKSURQRXQVQHJDWLYHDQGLQGHILQLWH GHQRWLQJSHRSOH HYHQLIWKHLULGHQWLW\LVQRWVSHFLILHG ,WLVXVHGZLWKDQLPDOVZKLFKDUHSHUVRQDOLVHGEXWQRWZKHQWKH\DUH YLHZHGGLVSDVVLRQDWHO\RUDVFRPPRGLWLHV 7RH[SUHVVWKHLGHDRIPRWLRQLQZKLFKHYHUGLUHFWLRQ
7RVKRZWKHLGHDRIGLUHFWLRQWRZDUGVVRPHWKLQJRUVRPHRQH 7RLQWURGXFHDQLQGLUHFWREMHFW 7RH[SUHVVPDQQHU ,QWLPHSKUDVHVµDW¶ 7RUHIHUWRVPHOOWDVWHRUVRXQG 7RVKRZUDWHRUGLVWDQFH
¢&RQRFHVDPLPXMHU"'R\RXNQRZP\ZLIH" 1RHQFRQWUpDQDGLH,GLGQ¶WPHHWDQ\RQH 'RURWHDTXLHUHPXFKRDVXVSHUURV'RURWHDUHDOO\ORYHVKHUGRJV &RPSDUHZLWK2GLRORVSHUURV±,KDWHGRJV )XHURQDOWHDWUR7KH\ZHQWWRWKHWKHDWUH 6XELyDO$FRQDJXDHODxRSDVDGR+HFOLPEHG0RXQW$FRQDJXDODVW \HDU µ6DOLGDDODFDOOH¶µ([LWWRWKHVWUHHW¶ $OEHUWRODQ]yXQDSLHGUDDODYHQWDQD$OEHUWRWKUHZDVWRQHDWWKH ZLQGRZ /RSLQWpDPDQR,SDLQWHGLWE\KDQG /DySHUDFRPLHQ]DDODVVLHWH7KHRSHUDVWDUWVDW (VWDFDPLVDKXHOHDSLQWXUD7KLVVKLUWVPHOOVRISDLQW (OSULPHUFRFKHLEDDVLHWHNLOyPHWURVSRUKRUD7KHILUVWFDUZHQWDW NPSHUKRXU
7RLQGLFDWHDFWLRQDWDSRLQWLQWLPHµRQGR LQJ¶ DDUWLFOHLQILQLWLYH 1RWHWKDWDIROORZHGE\WKHDUWLFOHHOFRQWUDFWVWRDOHJDOFDPSR /HSDJDUpDOVDOLU,¶OOSD\KLPRQOHDYLQJ 6HH6HFWLRQIRUPRUHRQWLPHUHODWLRQV
$QWH $QWHWUDQVODWHVWKH(QJOLVKµEHIRUH¶LQWKHVHQVHRIµIDFHGZLWK¶,WFDQEHOLWHUDORUILJXUDWLYHLQPHDQLQJ 7RGHVFULEHDSK\VLFDORUOLWHUDOVLWXDWLRQµLQIURQWRI¶µEHIRUH¶
6HDUURGLOOyDQWHHODOWDU6KHNQHOWGRZQLQIURQWRIWKHDOWDU ¢&yPRKDGHDFWXDUXQDHPSUHVDDQWHHOUHWRGHODPELHQWH 7RGHVFULEHDILJXUDWLYHVLWXDWLRQµIDFHGZLWK¶µLQUHVSHFWRI¶µUHVSHFWLQJ¶ HFRQyPLFRLQWHUQDFLRQDO"+RZVKRXOGDFRPSDQ\DFWZKHQIDFHGZLWK WKHFKDOOHQJHRIWKHLQWHUQDWLRQDOHFRQRPLFHQYLURQPHQW" 6LHPSUHHOHJLUtDXQ6HDWDQWHFXDOTXLHURWUDPDUFD,ZRXOGDOZD\V 7RLQGLFDWHSUHIHUHQFHµEHIRUH¶µRYHU¶µDERYH¶ FKRRVHD6HDWRYHUDQ\RWKHUPDNH
%DMR %DMROLWHUDOO\PHDQVµXQGHU¶,WWHQGVWREHPRUHIRUPDOWKDQGHEDMRGHDQGKDVPRUHWKHUHJLVWHURIWKH(QJOLVK ZRUGµEHQHDWK¶,WLVDOVROHVVVSDWLDOO\DFFXUDWHDQGLVRIWHQXVHGLQDILJXUDWLYHVHQVH 7RVKRZDPRUHRUOHVVDFFXUDWHSRVLWLRQLQVSDFHµXQGHU¶µXQGHUQHDWK¶ 6HVHQWyEDMRHOiUERO+HVDWGRZQXQGHUWKHWUHH µEHQHDWK¶
http://vk.com/espanol_con_amigos
7RVKRZVXEPLVVLRQRUDFFHSWDQFHµXQGHU¶XVHGILJXUDWLYHO\ 7RH[SUHVVWKHLGHDRIµOHVVWKDQ¶RUµEHORZ¶ZLWKPHDVXUHPHQWVDQG WHPSHUDWXUHV
/DVDFWLYLGDGHVFODQGHVWLQDVSUROLIHUDURQEDMRODGLFWDGXUD &ODQGHVWLQHDFWLYLW\SUROLIHUDWHGXQGHUWKHGLFWDWRUVKLS /DVWHPSHUDWXUDVHQ6LEHULDSXHGHQOOHJDUDJUDGRVEDMRFHUR 7HPSHUDWXUHVLQ6LEHULDFDQUHDFKGHJUHHVEHORZ]HUR
&RQ &RQLVWKHQHDUHTXLYDOHQWWRµZLWK¶EXWLWDOVRKDVXVHVWKDWDUHQRWIRXQGLQLWV(QJOLVKFRXQWHUSDUW 0HDQLQJµZLWK¶WRH[SUHVVWKHLGHDµLQWKHFRPSDQ\RI¶WRVKRZPHDQVRU LQVWUXPHQWRUWKHPDQQHULQZKLFKVRPHWKLQJLVGRQH1RWHWKHIRUPV FRQPLJRZLWKPH FRQWLJRZLWK\RX DQGFRQVLJRZLWK KLPVHOIKHUVHOI\RXUVHOI 6HH6HFWLRQIRUREMHFWSURQRXQVZLWKSUHSRVLWLRQV ,QFHUWDLQVWUXFWXUHVWRVKRZUHFLSURFDODFWLRQVHVFULELUKDEODU FRPXQLFDUFKDUODUHWF
)XLDOWHDWURFRQPLVSDGUHV,ZHQWWRWKHWKHDWUHZLWKP\SDUHQWV &RUWyODFDUQHFRQXQFXFKLOORHVSHFLDO6KHFXWWKHPHDWZLWKD VSHFLDONQLIH 0XULyFRQGLJQLGDG+HGLHGZLWKGLJQLW\
¢1RWHJXVWDUtDHVFULELUWHFRQ/XLVD":RXOGQ¶W\RXOLNHWRFRUUHVSRQG ZLWK/XLVD" 'HYDFDFLRQHVHQODSOD\DQRVWURSH]DPRVFRQXQDSURIHVRUDGHWX 7RVKRZDQHQFRXQWHUOLWHUDORUILJXUDWLYHEHWZHHQWZRSHRSOHRUREMHFWV FROHJLR2QWKHEHDFKRQKROLGD\ZHEXPSHGLQWRDWHDFKHUIURP\RXU VFKRRO 6LHPSUHHVPX\DWHQWRFRQODVSHUVRQDVPD\RUHV+HLVDOZD\VYHU\ DWWHQWLYHWRROGHUSHRSOH 7RH[SUHVVDQDWWLWXGHRUGLVSRVLWLRQWRZDUGVDQRWKHUSHUVRQRUSHRSOH 3RVLWLYHDWWLWXGHVFDQDOVRWDNHSDUDFRQ(VDPDEOHSDUDFRQWRGRV 6KH¶VNLQGWRHYHU\RQH /HKDUtDVPX\IHOL]VRORFRQHQYLDUOHXQDWDUMHWD
&RQWUD &RQWUDFRQYH\VPRVWXVDJHVRIWKH(QJOLVKZRUGµDJDLQVW¶+RZHYHUZKHQUHIHUULQJWRUHDVRQVRSLQLRQVRU DUJXPHQWVDJDLQVWVRPHWKLQJHQFRQWUDGHLVPRUHQRUPDO,WLVDOVRXVHGZLWKYHUEVRIWKURZLQJILULQJ DWWDFNLQJKLWWLQJVWULNLQJHWFZKHUH(QJOLVKZRXOGQRUPDOO\XVHµDW¶RUµLQWR¶ /RVPXFKDFKRVHVSHUDEDQDSR\DGRVFRQWUDODSDUHG7KHER\VZHUH OHDQLQJDJDLQVWWKHZDOOZDLWLQJ &RQWUDODRSLQLyQGHORVGHPiVGLUHFWRUHVHOSUHVLGHQWHRSWySRU 7RWUDQVODWHµDJDLQVW¶LQDILJXUDWLYHVHQVHRIWHQLQWHUFKDQJHDEOHZLWKHQ YHQGHUODHPSUHVD'HVSLWHZKDWWKHUHVWRIWKHGLUHFWRUVWKRXJKWWKH FRQWUDGHLQWKLVFRQWH[W FKLHIH[HFXWLYHRSWHGWRVHOORIIWKHFRPSDQ\ $UURMDURQSLHGUDVFRQWUDODVXQLGDGHVSROLFLDOHV7KH\WKUHZVWRQHV :LWKYHUEVRIWKURZLQJILULQJDWWDFNLQJKLWWLQJVWULNLQJHWF DWWKHSROLFHXQLWV 7RWUDQVODWHµDJDLQVW¶LQDOLWHUDORUSK\VLFDOVHQVH
'H 7KHQHDUHVWHTXLYDOHQWLQ(QJOLVKWRGHLVµRI¶DOWKRXJKLWKDVDZLGHUDQJHRIXVHVZKLFKµRI¶ZRXOGQRWFRYHU VXIILFLHQWO\ 7RVKRZSRVVHVVLRQµEHORQJLQJWR¶ 7RH[SUHVVRULJLQµIURP¶ 7RVKRZPDWHULDOµPDGHIURP¶µFRQVLVWLQJRI¶RIWHQLQWKHSKUDVHVVHUGH DQGHVWDUKHFKRGH 7RVKRZWKHFDXVHRIDQDFWLRQµRXWRI¶µZLWK¶
(VWHHVHODEULJRGHPLDEXHOR7KLVLVP\JUDQGIDWKHU¶VRYHUFRDW (VGH9HQH]XHOD6KH¶VIURP9HQH]XHOD (VWHMXHJRGHGDPDVHVGHSOiVWLFR7KLVGUDXJKWVVHWLVPDGHRI SODVWLF 6HFD\yGHODVLOODGHODULVD6KHIHOORXWRIKHUFKDLUZLWKODXJKWHU
http://vk.com/espanol_con_amigos
7RLQWURGXFHWKHVWDUWLQJSRLQWLQWLPHRUVSDFHµIURP¶
GHDKRUDHQDGHODQWHIURPQRZRQZDUGV GHDTXtHQDGHODQWHIURPKHUHRQZDUGV +R\GtD\DQRWUDEDMDGHHQIHUPHUD1RZDGD\VVKHQRORQJHUZRUNV :LWKYHUEQRXQWRLQGLFDWHDSHUVRQ¶VUROHµDVD¶ DVDQXUVH 7RLQWURGXFHDVXEMHFWµDERXW¶RIWHQLQWHUFKDQJHDEOHZLWKVREUH ¢4XpVDEHGHHVWHWHPD":KDWGR\RXNQRZDERXWWKLVVXEMHFW" 7RLQGLFDWHSULFH &RPSUyODFDPLVDGHGLH]HXURV+HERXJKWWKHWHQHXURVKLUW 7LHQHPiVGHRFKHQWDDxRV+H¶VRYHUHLJKW\ :LWKPiVPHQRVWRVKRZQXPEHUTXDQWLW\DQGDJH +DFHPHQRVGHGLH]JUDGRVIXHUD,W¶VOHVVWKDQGHJUHHVRXWVLGH ,QFHUWDLQDGYHUELDOSKUDVHVRIPDQQHUGHSDVRGHDQWHPDQRGHEDOGH /DYLVLWDPRVGHSDVRSRU6HYLOOD:HYLVLWHGKHUZKHQSDVVLQJWKURXJK GHSLHHWF 6HYLOOH 'HVHJXLUDVtQRYDDGXUDUPXFKR,ILWFDUULHVRQOLNHWKDWLW¶VQRW :LWKDQLQILQLWLYHWRLQGLFDWHDFRQGLWLRQµLI¶ JRLQJWRODVWORQJ 7RPHDQµE\¶LQYHUEVRIVHL]LQJWDNLQJHWF (OSROLFtDOHDJDUUyGHOEUD]R7KHSROLFHPDQVHL]HGKLPE\WKHDUP 7RVKRZFRQWHQWRUVSHFLILFDWLRQ 1RVOOHYyXQDERWHOODGHOHFKH+HEURXJKWXVDERWWOHRIPLON /OHJyDOWULEXQDODFRPSDxDGDGHVXDERJDGR6KHZHQWWRFRXUW 7RVKRZWKHDJHQWLQVRPHSDVVLYHFRQVWUXFWLRQV DFFRPSDQLHGE\KHUODZ\HU ,QVRPHVHWWLPHSKUDVHVGHYDFDFLRQHVGHGtDGHQRFKHGHOD )XHURQDO3HU~GHYDFDFLRQHV7KH\ZHQWWR3HUXRQKROLGD\ PDGUXJDGD *XiUGDPHXQRGHORVSDVWHOHVTXHYR\DOOHJDUXQSRFRWDUGH6DYH 7RVKRZDSDUWRIµVRPHRI¶µRQHRI¶ PHRQHRIWKHFDNHV,¶PJRLQJWREHDELWODWH -~SLWHUHVHOPD\RUSODQHWDGHOVLVWHPDVRODU-XSLWHULVWKHELJJHVW 7RVKRZVXSHUODWLYHVµLQWKH¶ SODQHWLQWKHVRODUV\VWHP 7RVKRZSRVLWLRQGHFDQEHµRQ¶µLQ¶RUµE\¶GHSHQGLQJRQFRQWH[WLWFDQ (OEDQFRGHODHVTXLQDVHFLHUUDDODVWUHV7KHEDQNRQWKHFRUQHU DOVRLQWURGXFHFRPSRXQGSUHSRVLWLRQVHJHOEDQFRGHDOODGRWKHEDQN FORVHVDWWKUHHR¶FORFN QH[WGRRU 7RVKRZKRZVRPHRQHGUHVVHVµDV¶RFFXSDWLRQRUUROH µLQ¶FRORXU 6LHPSUHDQGDYHVWLGDGHQHJUR6KHDOZD\VGUHVVHVLQEODFN %HWZHHQDGMHFWLYHVDQGLQILQLWLYHVWKDWJRYHUQWKHP (VIiFLOGHYHU,W¶VHDV\WRVHH (OKRPEUHGHOVRPEUHURHPSH]yDVHJXLUQRV7KHPDQLQWKHKDWEHJDQ 7RVKRZFKDUDFWHULVWLFV WRIROORZXV
1RWHWKDWGHIROORZHGE\WKHDUWLFOHHOFRQWUDFWVWRGHOHJGHOFDPSR 'HVGH 'HVGHWUDQVODWHVWKH(QJOLVKZRUGµIURP¶DOWKRXJKQRWLQDOOVHQVHVHJRQO\GHFDQEHXVHGWRWDONDERXW SHUVRQDORULJLQV6R\GH6HYLOOD±,¶PIURP6HYLOOH 'HVGHLVXVHGLQVWHDGRIWKHPRUHFRPPRQZRUGGHZKHQ JUHDWHUHPSKDVLVLVUHTXLUHGRUZKHQWKHUHLVDSRVVLELOLW\RIDPELJXLW\ 7RVKRZVWDUWLQJSRLQWLQVSDFH 7RVKRZVWDUWLQJSRLQWLQWLPH ,QWKHVHWSKUDVHGHVGHKDVWD ,QWKHSKUDVHGHVGHKDFHKDFtDµVLQFH¶ WRVKRZOHQJWKRIWLPH
'HVGHORDOWRGHOUDVFDFLHORVVHSXHGHYHUWRGDODH[WHQVLyQGHO HVWDGR
6HHDOVR6HFWLRQIRUPRUHH[DPSOHVRIGHVGHXVHGWRGHILQHOLPLWLQWLPH 'XUDQWH 'XUDQWHGHQRWHVDSDUWLFXODUVSDQRIWLPHDQGPHDQVµGXULQJ¶LQWKHVHQVH 'XUDQWHHOYHUDQRSDVDPXFKRWLHPSRHQHOMDUGtQ7KURXJKRXWWKH RIµZKLOHWKHWLPHVSHFLILHG ODVWV¶RUµIRUDVSHFLILHGOHQJWKRIWLPH¶ VXPPHUKHVSHQGVDORWRIWLPHLQWKHJDUGHQ 3HUGLHURQFRQWDFWRFRQHOWUDQVERUGDGRUHVSDFLDOGXUDQWHKRUDV 7KH\ORVWFRQWDFWZLWKWKHVSDFHVKXWWOHIRUKRXUV
http://vk.com/espanol_con_amigos
1RWHWKDWGXUDQWHFRQWUDVWVZLWKSRUZKLFKFDQDOVRUHIHUWRDVSHFLILHGOHQJWKRIWLPH%XWZKHUHDVGXUDQWH UHIHUVWRDGXUDWLRQRIWLPHSRUWHQGVRQO\WRUHIHUWRDEULHIPRPHQWRULQVWDQWHJ3HUGLHURQFRQWDFWRVROR SRUXQLQVWDQWH7KH\RQO\ORVWFRQWDFWIRUDQLQVWDQW 6HHWKLVXVHRISRUEHORZ (Q (QKDVDQXPEHURIXVDJHVLQ6SDQLVKDQGFDQWUDQVODWHWKHLGHDVµLQ¶µRQ¶µDW¶µLQWR¶DQGµRQWR¶LQDGGLWLRQWR VRPHRWKHU(QJOLVKSUHSRVLWLRQVDFFRUGLQJWRWKHFRQWH[W 3RVLWLRQDERYHµXS LQ¶ 3RVLWLRQDJDLQVWµRQ¶ 3RVLWLRQLQVLGHµLQ¶µLQVLGH¶ $FWLRQZLWKLQDWLPHIUDPH 3RLQWLQVSDFHµDW¶µLQ¶ $FWLRQZLWKLQDSHULRGRIWLPHµLQ¶µZLWKLQ¶ 0RYHPHQWLQWR 0HDQVRIWUDQVSRUWµE\¶ :LWKPHDVXUHPHQWVYDOXHDQGSULFHVµE\¶µDW¶ 0DQQHU
/DEDQGHUDRQGHDEDHQHODLUH7KHIODJIOXWWHUHGLQWKHDLU &ROJyXQQXHYRFXDGURHQODSDUHGGHVXDOFRED6KHKXQJDQHZ SLFWXUHRQKHUEHGURRPZDOO *XDUGDEDVXVDOKDMDVHQXQFDMyQVLQFHUUDUFRQOODYH6KHNHSWKHU MHZHOVLQVLGHDQXQORFNHGFKHVW 6LHPSUHYDPRVDHVTXLDUHQLQYLHUQR:HDOZD\VJRVNLLQJLQWKH ZLQWHU +DEtDPRVTXHGDGRHQHOEDU+HPLQJZD\SHURPHGHMySODQWDGR :HDUUDQJHGWRPHHWLQWKH%DU+HPLQJZD\EXWVKHVWRRGPHXS &RPSOHWDPRVWRGDODGRFXPHQWDFLyQHQGRVKRUDV:HILOOHGLQDOOWKH GRFXPHQWDWLRQLQWZRKRXUV (QWUyHQHODXOD+HZHQWLQWRWKHFODVVURRP (QWUyDODXODLQ6SDQLVK $PHULFD /OHJDPRVD&iGL]HQFRFKH:HZHQWWR&DGL]E\FDU (OFDPELRHVWiHQVROHV7KHH[FKDQJHUDWH¶VVROHV 6HODUHFRQRFHHQVXIRUPDGHDQGDU6KHFDQEHUHFRJQLVHGE\WKH ZD\VKHZDONV
(QWUH (QWUHWUDQVODWHVWKHLGHDµEHWZHHQ¶RUµDPRQJ¶DOWKRXJKWKLVFDQEHLQDPXFKORRVHUVHQVHWKDQWKH(QJOLVK ZRUGVZRXOGSUHVXSSRVHVRPHWLPHVLWKDVWKHPXFKYDJXHUVHQVHRIµLQWKHPLGVWRI¶RUµWKURXJKWKHPLGVWRI¶ 7KHUHDUHDOVRDQXPEHURIVSHFLDOXVHVWKDWGRQRWKDYHGLUHFWHTXLYDOHQWVLQ(QJOLVK 0HSXVRHQWUHODHVSDGD\ODSDUHG,WSXWPHEHWZHHQWKHGHYLODQG WKHGHHSEOXHVHD 7RLQGLFDWHDYDJXHXQVSHFLILHGRUXQNQRZQSRLQWLQVSDFHLQFOXGLQJ /DVWURSDVDYDQ]DURQHQVLOHQFLRHQWUHODPDOH]D7KHWURRSV PRYHPHQWWKURXJKµDPRQJ¶µLQWKHPLGVWRI¶µWKURXJKWKHPLGVWRI¶ DGYDQFHGVLOHQWO\WKURXJKWKHXQGHUJURZWK /RUFD\$OEHUWLGHVWDFDQHQWUHODOODPDGD*HQHUDFLyQGHO/RUFD 7RLQGLFDWHDVVRFLDWLRQZLWKDJURXSOLWHUDOO\RUILJXUDWLYHO\µDPRQJ¶ DQG$OEHUWLVWDQGRXWLQWKHVRFDOOHGµ*HQHUDWLRQRI¶ (QWUHWRGRVVtTXHVRPRVFDSDFHVGHOOHYDUDFDERXQSUR\HFWRGHWDO 7RLQGLFDWHDVHQVHRIFRRSHUDWLRQZLWKLQDJURXSµWRJHWKHU¶µEHWZHHQ FRPSOHMLGDG%HWZHHQXVDOORIFRXUVHZH¶UHDEOHWRGHOLYHUDFRPSOH[ WKHPXVHWF ¶ SURMHFWOLNHWKDW (VGLItFLOHOHJLUHQWUHORVGRVFDQGLGDWRV,W¶VGLIILFXOWWRFKRRVH 8VHGZLWKYHUEVRIFKRLFHµEHWZHHQ¶ EHWZHHQWKHWZRFDQGLGDWHV 7RLQGLFDWHDUHIOH[LYHRUDUHFLSURFDODFWLRQHVSHFLDOO\VSHDNLQJRUZULWLQJ /RVFKLFRVVXVXUUDEDQHQWUHVtDOIRQGRGHODXOD7KHER\VZKLVSHUHG 6HH6HFWLRQWROHDUQDERXWUHFLSURFDOYHUEV WRHDFKRWKHUDWWKHEDFNRIWKHFODVVURRP )LQDOO\QRWHLWVLGLRPDWLFXVHZLWKWKHZRUGVHPDQDWRPHDQµZHHNGD\V (OVXSHUPHUFDGRHVWiDELHUWRHQWUHVHPDQDSHURQRORVGRPLQJRV DQG6DWXUGD\V¶ 7KHVXSHUPDUNHWLVRSHQDOOZHHNH[FHSW6XQGD\V 7RLQGLFDWHDQLQWHUPHGLDWHSRVLWLRQOLWHUDOO\RUILJXUDWLYHO\µEHWZHHQ¶
1RWHWKDWHQWUHWDNHVWKHVXEMHFWSURQRXQVUDWKHUWKDQWKHREMHFWSURQRXQVHQWUHQRVRWURVHQWUHW~\HOOD +DFLD +DFLDFRQYH\VWKHLGHDRIµDSSUR[LPDWH GLUHFWLRQWRZDUGV¶LQVSDFHDQGµDERXW¶RUµDSSUR[LPDWHO\¶LQWLPH,W DOVRWUDQVODWHVµWRZDUGV¶ZKHQUHIHUULQJWRDWWLWXGHVRUHPRWLRQV
http://vk.com/espanol_con_amigos
7RVKRZLPSUHFLVH PRYHPHQWµWRZDUGV¶ 7RVKRZDSSUR[LPDWHWLPHµDERXW¶µDURXQG¶µDSSUR[LPDWHO\¶ 7RVKRZDQDWWLWXGHRUHPRWLRQDOVWDQFHµWRZDUGV¶
1RVpDGyQGHLEDVHGLULJLyKDFLDHOUtR,GRQ¶WNQRZZKHUHVKH ZHQWVKHKHDGHGWRZDUGVWKHULYHU /OHJDPRVDODILHVWDKDFLDPHGLDQRFKH:HJRWWRWKHSDUW\DERXW PLGQLJKW 7LHQHXQDSRVWXUDDPELJXDKDFLDODUHOLJLyQRUJDQL]DGD+HKDVDQ DPELJXRXVDWWLWXGHWRZDUGVRUJDQLVHGUHOLJLRQ
+DVWD +DVWDFRQYH\VWKHLGHDRIµXQWLO¶RUµXS WR¶LQWLPHDQGµDVIDUDV¶RUµXS WR¶LQVSDFH,WFDQDOVRPHDQµDV PXFKPDQ\DV¶ZKHQUHIHUULQJWRQXPEHUVRUTXDQWLWLHV:KHQXVHGZLWKQRXQVLWKDVWKHPHDQLQJµHYHQ¶ µLQFOXGLQJ¶ +DVWDLVXVHGLQDQXPEHURILGLRPDWLFH[SUHVVLRQVPDLQO\WRGRZLWK VD\LQJJRRGE\H 7RH[SUHVVDOLPLWLQWLPHµXQWLO¶µXS WR¶
7RH[SUHVVDOLPLWLQVSDFHµDVIDUDV¶µXS WR¶ 7RH[SUHVVDOLPLWLQQXPEHURUTXDQWLW\µXSWR¶µDVPXFKPDQ\DV¶ 7RLQGLFDWHWKHJUHDWHVWSRVVLEOHH[WHQWRILQFOXVLRQµHYHQ¶µLQFOXGLQJ¶
+DVWDOXHJR+DVWDODYLVWD+DVWDPDxDQD+DVWDDKRUD+DVWDHO ViEDGRHWF 7HQHPRVKDVWDILQDOHVGHODVHPDQDSDUDFRPSOHWDUOD GRFXPHQWDFLyQ:H¶YHJRWXQWLOWKHHQGRIWKHZHHNWRILOOLQWKH GRFXPHQWDWLRQ /RVKXHOJXLVWDVPDUFKDURQKDVWDODEDUUHUDSHURQRODSXGLHURQ SDVDU7KHVWULNHUVPDUFKHGXSWRWKHJDWHEXWWKH\FRXOGQ¶WSDVV WKURXJK (QHOHVWDQTXHSXHGHQFDEHUKDVWDSHFHV
+DVWDZLWKLQILQLWLYHVDQGVXEMXQFWLYHV +DVWDFDQEHIROORZHGE\DQLQILQLWLYHRUZLWKKDVWDTXH E\DQLQGLFDWLYH RUVXEMXQFWLYHWRFRQYH\WKHLGHDRIµXQWLOGR LQJ¶RUµXQWLO,\RXKH VKHHWF GRHV ¶ 1RWHWKDWLQVRPHVXERUGLQDWHFODXVHVKDVWDTXHDOORZVWKHXVHRI QRZLWKRXWFKDQJLQJWKHPHDQLQJRIWKHFODXVH
7UDEDMyKDVWDWHUPLQDUHOLQIRUPH+HZRUNHGXQWLOKHILQLVKHGWKH UHSRUW 1RQRVTXHUtDSDJDUKDVWDTXHQR KXELpUDPRVDUUHJODGRWRGRVORV GHWDOOHVILQDOHV+HGLGQ¶WZDQWWRSD\XVXQWLOZHKDGVRUWHGRXWWKH ILQDOGHWDLOV
6HH6HFWLRQRQKDVWDWRH[SUHVVOLPLWRIWLPHLQWLPHUHODWLRQV 0HGLDQWH 0HGLDQWHH[SUHVVHVWKHLGHDµE\PHDQVRI¶µE\XVLQJ¶RUµE\DGRSWLQJ¶,W (OJRELHUQRKDSRGLGRHYLWDUXQDFULVLVHFRQyPLFDPHGLDQWHXQD LQWURGXFHVWKHPHDQVE\ZKLFKWKHLPSOHPHQWZLWKZKLFKRUWKHFRXUVHRI SROtWLFDULJXURVD7KHJRYHUQPHQWKDVPDQDJHGWRDYRLGDQHFRQRPLF DFWLRQWKURXJKZKLFKVRPHWKLQJLVGRQHRUDFKLHYHG FULVLVE\DGRSWLQJDVWULQJHQWSROLF\
0HGLDQWHKLJKOLJKWVWKHPHDQVXVHGDQGFDQEHUHSODFHGE\WKHFRPSRXQGSUHSRVLWLRQSRUPHGLRGH :KHQWKHPHDQVLVQRWLPSRUWDQWRUWKHVSHDNHUGRHVQRWZLVKWRHPSKDVLVHLWPHGLDQWHFDQRIWHQEHUHSODFHG ZLWKFRQRUSRU/RSXGHVROXFLRQDUFRQXQDOODPDGDWHOHIyQLFD,PDQDJHGWRVROYHLWZLWKDWHOHSKRQHFDOO 3DUD 3DUDLVDYHU\FRPPRQSUHSRVLWLRQZLWKVHYHUDOXVHVPRVWRIZKLFKDUHFRQQHFWHGZLWKWKHLGHDRIGHVWLQDWLRQ RUHYHQGHVWLQ\LQDILJXUDWLYHRUOLWHUDOVHQVH,WLVRIWHQWUDQVODWHGDVµIRU¶EXWEHFDUHIXO±WKH(QJOLVKZRUG FDQDOVREHWUDQVODWHGDVSRU 6HHµ¢3RU"RU¢3DUD"¶EHORZ 7RLQGLFDWHSXUSRVHRUXVH 7RLQGLFDWHDUHFLSLHQW
(VWDKHUUDPLHQWDHVSDUDVDFDUFODYRV7KLVWRROLVIRUSXOOLQJRXWQDLOV +DFRPSUDGRXQKHUPRVRFROODUGHSHUODVSDUDVXHVSRVD+H¶V ERXJKWDORYHO\SHDUOQHFNODFHIRUKLVZLIH
http://vk.com/espanol_con_amigos
0RYHPHQWRUGLUHFWLRQWRZDUGVDJDLQZLWKDQLGHDRIµGHVWLQDWLRQWR¶ 'XUDWLRQRISUHGHWHUPLQHGSHULRGRIWLPHSRULQ6SDQLVK$PHULFD 7RVKRZWKHKROGHURIDQRSLQLRQQRWLFHWKDWVXEMHFWSURQRXQVDUHXVHG
(OEDUFRYDSDUD%XHQRV$LUHV7KHVKLSLVERXQGIRU%XHQRV$LUHV 0LVSDGUHVYDQD&DQDULDVSDUDXQDTXLQFHQD0\SDUHQWVDUHJRLQJ WRWKH&DQDULHVIRUDIRUWQLJKW 3DUDQRVRWURVODVYDFDFLRQHVVRQLPSRUWDQWtVLPDV)RUXVKROLGD\V DUHH[WUHPHO\LPSRUWDQW
3RU 7RH[SUHVVFDXVHRUPRWLYHµEHFDXVHRI¶µZLWKDFRPPLWPHQWWR¶
7RH[SUHVVSULFHHTXLYDOHQFHRUVXEVWLWXWLRQµLQH[FKDQJHIRU¶µLQWKH SODFHRI¶µRQEHKDOIRI¶ 7RH[SUHVVDPHDQVRUDQLQVWUXPHQWLQFOXGLQJWUDQVSRUWDWLRQµXVLQJ¶ µYLD¶µE\¶
0XULySRUVXIH+HGLHGIRUKLVIDLWK 1RWUDEDMRSRUDPRUDODUWHVLQRSRUGLQHUR,GRQ¶WZRUNIRUWKHORYH RILWEXWIRUPRQH\ 9HQGLyHOFXDGURTXHGHVFXEULyHQODEXKDUGLOODSRUXQGLQHUDO+H VROGWKHSDLQWLQJWKDWKHIRXQGLQKLVORIWIRUDIRUWXQH /DHPEDMDGRUDILUPyHOWUDWDGRFRPHUFLDOSRUHOSUHVLGHQWH7KH DPEDVVDGRUVLJQHGWKHEXVLQHVVSDFWRQWKHSUHVLGHQW¶VEHKDOI $\HUKDEOpFRQpOSRUWHOpIRQR,VSRNHWRKLP\HVWHUGD\RQWKHSKRQH )LQDOPHQWHOHHQYLpODVSLH]DVSRUDYLyQ)LQDOO\,VHQWKLPWKHSDUWVE\ SODQH 6RORVHSXHGHREWHQHUSRUODIXHU]D,WFDQRQO\EHREWDLQHGE\IRUFH
7RH[SUHVVWKHPDQQHURUZD\LQZKLFKVRPHWKLQJLVGRQHµXVLQJ¶µE\¶ 7RH[SUHVVDVHQVHRISHUVRQDOLQYROYHPHQWRUFRPPLWPHQWµDVIRU¶µDV 3RUHOODLUtDPRVPDxDQD$VIDUDVVKH¶VFRQFHUQHGZH¶GJR IDUDV>@LVFRQFHUQHG¶1RWHWKDWLQWKHVHFDVHVSRULVXVXDOO\DWWKH WRPRUURZ KHDGRIWKHVHQWHQFH 7RH[SUHVVVSHHGUDWHRUWKHLGHDRIGLVWULEXWLRQLQWLPHRUDPRQJDJURXS (OOtPLWHGHYHORFLGDGHQODVDXWRSLVWDVHVSDxRODVHVNPSRUKRUD µSHU¶ 7KHVSHHGOLPLWRQ6SDQLVKPRWRUZD\VLVNLORPHWUHVSHUKRXU 7RH[SUHVVWUDQVLWLRQDOPRYHPHQWµDORQJ¶µXS¶µGRZQ¶µLQ¶µLQWR¶ %DMDEDSRUODHVFDOHUDFXDQGRQRVRWURVVXEtDPRV6KHZDVFRPLQJ µWKURXJK¶µWKURXJKRXW¶GHSHQGLQJRQFRQWH[W GRZQWKHVWDLUVZKHQZHZHUHJRLQJXS 7RH[SUHVVDSSUR[LPDWHGXUDWLRQµIRUWKHGXUDWLRQRI¶ 'XGySRUDOJXQDVKRUDVDQWHVGHWRPDUXQDGHFLVLyQ+HKHVLWDWHG 6HHDOVR'XUDQWHDERYH IRUVHYHUDOKRXUVEHIRUHPDNLQJDGHFLVLRQ $KRUDSDUHFHTXHHVHFXDGURQRIXHSLQWDGRSRU5RPHURGH7RUUHV 7RLQWURGXFHWKHDJHQWLQDSDVVLYHFRQVWUXFWLRQµE\¶ VLQRSRURWURDUWLVWDGHVFRQRFLGR,WQRZVHHPVWKDWWKLVSLFWXUHZDVQRW
6RPHWLPHVWKHFKRLFHEHWZHHQSRUDQGSDUDFDQEHFRQIXVLQJIRU(QJOLVKVSHDNHUVVLQFHERWKZRUGVFDQEH WUDQVODWHGDVµIRU¶ :KHQIDFHGZLWKDFKRLFHWU\WRGHFLGHZKHWKHUWKHPHDQLQJORRNVIRUZDUGWRDGHVWLQDWLRQRUREMHFWLYHLQ ZKLFKFDVHFKRRVHSDUD ZKHWKHULWUHIHUVEDFNWRDFDXVHRUPRWLYHFKRRVHSRU RUZKHWKHULWH[SUHVVHV VXEVWLWXWLRQDJDLQFKRRVHSRU ([DPSOHV
3XVRXQFRPHGHURHQHOMDUGtQSRUVXVKLMRV+HSXWDELUGIHHGHULQWKHJDUGHQIRUKLVFKLOGUHQ 3RU LV FDXVDOWKHFKLOGUHQDUHWKHUHDVRQRUFDXVHRIKLVSODFLQJWKHIHHGHULQWKHJDUGHQ ¢3RGUtDVOODPDUDWXKHUPDQDSRUPt"&RXOG\RXFDOO\RXUVLVWHUIRUPH" 3RUH[SUHVVHVVXEVWLWXWLRQWKH VSHDNHULVUHDOO\VD\LQJµ&RXOG\RXFDOOKHURQP\EHKDOI¶ &RPSUyXQFRPHGHURSDUDVXPDGUH+HERXJKWDELUGIHHGHUIRUKLVPRWKHU µ+LVPRWKHU¶LVWKHUHFLSLHQW RIWKHJLIWLHVKHLVWKHJLIW¶VGHVWLQDWLRQ
6HJ~Q 6HJ~QPHDQVµDFFRUGLQJWR¶RUZKHQIROORZHGGLUHFWO\E\DYHUE µDFFRUGLQJWRZKDW¶ 6RPHWLPHVVHJ~QKDVPRUHWKHVHQVHRIµLQDFFRUGDQFHZLWK¶RU µGHSHQGLQJRQ¶
6HJ~QORVPpGLFRVHVSHOLJURVRIXPDU$FFRUGLQJWRGRFWRUVLW¶V GDQJHURXVWRVPRNH 6HJ~QHOFRQWH[WRODSDODEUDµFROD¶VHWUDGXFHGHIRUPDPX\GLVWLQWD DOLQJOpV'HSHQGLQJRQWKHFRQWH[WWKHZRUGFRODLVWUDQVODWHGYHU\ GLIIHUHQWO\LQWR(QJOLVK
http://vk.com/espanol_con_amigos
6HH6HFWLRQIRUVHJ~QYHUEVH[SUHVVLQJDFWLRQVLQSURJUHVVVHH6HFWLRQH IRUVHJ~QDVD FRQQHFWRURIPDQQHU 6LQ 6LQWUDQVODWHVWKH(QJOLVKµZLWKRXW¶TXLWHVWUDLJKWIRUZDUGO\ 1RWHWKDWZKHQIROORZHGE\DQRQFRQMXJDWHGYHUEVLQLVIROORZHG 4XLVLHUDYLYLUVLQWHQHUTXHWUDEDMDU,¶GOLNHWROLYHZLWKRXWKDYLQJWR ZRUN E\WKHLQILQLWLYH VLQSORPROHDGIUHH +RZHYHUWKHUHDUHDQXPEHURIFDVHVZKHUHVLQZRXOGQRWEHWUDQVODWHG XQDERWHOODVLQDEULUDQXQRSHQHGERWWOH DVµZLWKRXW¶ XQHGLILFLRVLQWHUPLQDUDQXQILQLVKHGEXLOGLQJ
6REUH 7KHEDVLFPHDQLQJRIVREUHLVµRQWRSRI¶DOWKRXJKLWFDQWUDQVODWHµRQ¶µRYHU¶µDERYH¶µQHDU¶DQGHYHQ µDERXW¶RUµDSSUR[LPDWHO\¶DFFRUGLQJWRWKHFRQWH[W 7RVKRZSRVLWLRQZLWKSK\VLFDOFRQWDFWµRQ¶µRQWRSRI¶ 7RVKRZSRVLWLRQZLWKRXWSK\VLFDOFRQWDFWµDERYH¶µRYHU¶ 7RVKRZKLHUDUFK\µDERYH¶LQDILJXUDWLYHVHQVH 7RVKRZWKHVXEMHFWRUWKHPHµDERXW¶µRQWKHVXEMHFWRI¶ 6HHDOVRGHLQWKLVXQLW 7RVKRZDSSUR[LPDWLRQRIWLPHµDERXW¶µDURXQG¶µDSSUR[LPDWHO\¶
3XVRODEDQGHMDVREUHODPHVD+HSXWWKHWUD\RQWKHWDEOH &XHQWDQTXHODHVWUHOODVHSDUyVREUHHOSHVHEUH7KH\VD\WKHVWDU VWRSSHGDERYHWKHFULE 1RSXHGRKDFHUQDGDHOODHVPLMHID\HVWiVREUHPt,FDQ¶WGR DQ\WKLQJVKH¶VP\ERVVDQGVKH¶VDERYHPH 7HQHPRVTXHSUHSDUDUXQHVFULWRGHSDODEUDVVREUHHOSDSHOGHO SRGHUQXFOHDUHQODHFRQRPtDDFWXDO:HKDYHWRSUHSDUHDZRUG WH[WRQWKHUROHRIQXFOHDUSRZHULQWRGD\¶VHFRQRP\ /OHJyVREUHODVRFKR6KHDUULYHGDURXQGHLJKW
7UDV 7UDVPHDQVµDIWHU¶µIROORZLQJ¶RUµEHKLQG¶DQGFDQUHSODFHGHVSXpVGH DQGGHWUiVGH 6HH3UHSRVLWLRQDOSKUDVHVEHORZ 1RWHWKDWWUDVLVPXFKPRUHFRPPRQLQWKHZULWWHQODQJXDJHSDUWLFXODUO\ MRXUQDOHVH'HVSXpVGHDQGGHWUiVGHDUHIDUPRUHOLNHO\WREHKHDUGLQ WKHVSRNHQODQJXDJH +RZHYHUWUDVPXVWEHXVHGZKHQOLQNLQJWRJHWKHUSDLUVRIQRXQVLQ SKUDVHVVXFKDVµ\HDUDIWHU\HDU¶µZHHNDIWHUZHHN¶DQGVRRQ
/DOXQDVHOHYDQWyWUDVHOSHUILOHVTXHOpWLFRGHORViUEROHV7KHPRRQ URVHXSEHKLQGWKHVNHOHWDORXWOLQHRIWKHWUHHV GHWUiVGHLVDOVR SRVVLEOH 7RGRHOPXQGRDSODXGLyFRQHQWXVLDVPRWUDVODFKDUODGHOH[SHUWR (YHU\RQHDSSODXGHGHQWKXVLDVWLFDOO\IROORZLQJWKHH[SHUW¶VWDON GHVSXpVGHLVDOVRSRVVLEOH KRUDWUDVKRUDKRXUDIWHUKRXU GtDWUDVGtDGD\DIWHUGD\ DxRWUDV DxR\HDUDIWHU\HDU HWF
3UHSRVLWLRQDOSKUDVHV 3UHSRVLWLRQDOSKUDVHVVRPHWLPHVFDOOHGFRPSRXQGSUHSRVLWLRQVFRQVLVWRIRQHRUPRUHSUHSRVLWLRQVFRPELQHG ZLWKDQDGYHUERUDQRXQ 6SDQLVKKDVDQHQRUPRXVUDQJHRISUHSRVLWLRQDOSKUDVHVWKHPRVWFRPPRQRIZKLFKDUHGHVFULEHGEHORZ 3UHSRVLWLRQDOSKUDVH $OODGRGH $OUHGHGRUGH $QWHVGH
&HUFDGH 'HEDMRGH
([DPSOHV (OEDQFRHVWiDOODGRGHODSDQDGHUtD 7KHEDQN¶VQH[WWRWKHEDNHU¶V +D\KXHUWRVDOUHGHGRUGHODFDVD7KHUH DUHRUFKDUGVVXUURXQGLQJWKHKRXVH $QWHVGHDFRVWDUVHKD\TXHODYDUVHORV GLHQWHV%HIRUHJRLQJWREHG\RXKDYHWR FOHDQ\RXUWHHWK (O0XVHRGHO3UDGRHVWiFHUFDGHOD 3XHUWDGHO6RO7KH3UDGRLVQHDUWKH 3XHUWDGHO6RO (OJDWRHVWiGXUPLHQGRGHEDMRGHOD PHVD7KHFDWLVDVOHHSXQGHUWKHWDEOH
3KUDVHUHIHUVWR 3K\VLFDOSRVLWLRQµQH[WWR¶ 3K\VLFDOSRVLWLRQµVXUURXQGLQJ¶1RWHDOVRWKH H[SUHVVLRQVDVXDOUHGHGRUDQGDOUHGHGRUVX\R 5HODWLYHWLPHµEHIRUH¶
3K\VLFDOSRVLWLRQµQHDU¶ 3K\VLFDOSRVLWLRQµXQGHUQHDWK¶
http://vk.com/espanol_con_amigos
+D\XQDSOD]DHVSOpQGLGDGHODQWHGHOD FDWHGUDO7KHUH¶VDVSOHQGLGVTXDUHLQIURQW 3K\VLFDOSRVLWLRQµLQIURQWRI¶ RIWKHFDWKHGUDO 7RGDVVXVDOKDMDVHVWiQGHQWURGHXQD 3K\VLFDOSRVLWLRQµLQVLGH¶ FDMDIXHUWH$OOKHUMHZHOVDUHLQVLGHD VWURQJER[ 'HVSXpVGHGHVSHUWDUVHQRVXHOH DFRUGDUVHGHVXVVXHxRV$IWHUZDNLQJXS 5HODWLYHWLPHµDIWHU¶ VKHGRHVQ¶WXVXDOO\UHPHPEHUKHUGUHDPV 'HWUiVGHODVFRUWLQDVQRVHYHtDQDGD 3K\VLFDOSRVLWLRQµEHKLQG¶ 1RWKLQJFRXOGEHVHHQEHKLQGWKHFXUWDLQV (VWDPRVHQFRQWUDGHVXRSLQLyQ:HDUH )LJXUDWLYHSRVLWLRQµDJDLQVW¶µRSSRVHGWR¶ RSSRVHGWRKHURSLQLRQ 3XVRODEDQGHMDHQFLPDGHODPHVD+H 3K\VLFDOSRVLWLRQZLWKRUZLWKRXWFRQWDFWµRQWRS RI¶µDERYH¶ SXWWKHWUD\RQWKHWDEOH
'HODQWHGH
'HQWURGH
'HVSXpVGH 'HWUiVGH (QFRQWUDGH (QFLPDGH
(OPHUFDGRHVWiHQIUHQWHGHOIUHQWHDO D\XQWDPLHQWR7KHPDUNHWLVRSSRVLWHWKH WRZQKDOO )XHUDGHODLJOHVLDRVFXUDWRGRHVWDED VROHDGR\OXPLQRVR2XWVLGHWKHGDUN FKXUFKHYHU\WKLQJZDVOLJKWDQGVXQQ\ /DV&DQDULDVHVWiQOHMRVGHOD3HQtQVXOD 7KH&DQDULHVDUHDORQJZD\IURPWKH 3HQLQVXOD +D\PXFKDVFRUULHQWHVIXHUWHVTXHIOX\HQ SRUGHEDMRGHORVRFpDQRV7KHUHDUHORWV RIVWURQJFXUUHQWVIORZLQJXQGHUWKH RFHDQV 3DVDPRVSRUGHODQWHGHVXFDVDVLQ UHFRQRFHUOD:HZHQWSDVWKHUKRXVH ZLWKRXWUHFRJQLVLQJLW (OUtRIOX\HSRUGHWUiVGHOFDVWLOORQRVH YHGHDTXtHQIUHQWH7KHULYHUIORZV EHKLQGWKHFDVWOH\RXFDQ¶WVHHLWIURPWKH IURQWKHUH (ODYLyQYROySRUHQFLPDGHODVQXEHV 7KHSODQHIOHZDERYHWKHFORXGV
(QIUHQWHGHIUHQWHD
)XHUDGH
/HMRVGH
3RU GHEDMRGH
3RU GHODQWHGH
3RU GHWUiVGH
3RU HQFLPDGH
3K\VLFDOSRVLWLRQµRSSRVLWH¶
3K\VLFDOSRVLWLRQµRXWVLGH¶
3K\VLFDOSRVLWLRQµIDUDZD\ IURP¶
3K\VLFDOPRWLRQµXQGHU¶µXQGHUQHDWK¶
3K\VLFDOPRWLRQµLQIURQWRI¶µSDVW¶
3K\VLFDOPRWLRQµEHKLQG¶
3K\VLFDOPRWLRQµRYHU¶µDERYH¶
(MHUFLFLRV
,QVHUWDSHUVRQDODLQWKHJDSVLI\RXWKLQNLWLVQHFHVVDU\ D%XVFRXQSURIHVRUTXHD\XGHDPLKLMRHQPDWHPiWLFDV E%XVFRODSURIHVRUDGHPDWHPiWLFDVGHPLKLMR F¢TXLpQYLVWHSULPHURDOEDMDUGHOWUHQ" G)XLPRVDOWHDWURDQRFKHSHURQRFRQRFtDPRVQDGLH H&UtDFRQHMRVHQVXMDUGtQGHVGHKDFHPXFKRVDxRV &RPSOHWHWKHJDSVXVLQJWKHPRVWDSSURSULDWHSUHSRVLWLRQIURPWKHOLVWEHORZ DFRQGHHQSDUDSRU D&XDQGROOHJyFDVDWXYRTXHHQWUDUXQDYHQWDQDHQWUHDELHUWDSRUTXHKDEtDGHMDGRODVOODYHV
http://vk.com/espanol_con_amigos
HOEROVLOORGHODFKDTXHWD E(VWHYDVRFULVWDOHVWiGLVHxDGRVDQJUtDSUHSDUDUHVWDWyPHVHXQDERWHOODYLQRWLQWR DxiGDVH]XPRQDUDQMDXQSRTXLWRURQ\WURFLWRVIUXWDPp]FOHVHWRGR\VtUYDVHELHQIUtD FHOFDORUTXHKDFHPHYR\DWRPDUXQDJDVHRVDKLHOR G(QWUDURQODHPEDMDGDXUXJXD\DSRUTXHTXHUtDQLUYLYLUHVHSDtV H(VHOLEURVHORDUUHEDWy3DEORODPDQR/XFtD &RPSOHWH WKH IROORZLQJ VHQWHQFHV ZLWK DQ DSSURSULDWH SUHSRVLWLRQ RU SUHSRVLWLRQDO SKUDVH XVLQJ WKH SURPSWV D$QGXYLHURQDORQJ ODFDOOHLQIURQWRI ODOLEUHUtD E(OUDWyQFRUULyXQGHU ODFDPD\VDOLyFHUFDGHODSXHUWD FEHKLQG HOWHOyQWRGRVHFDPELyPX\UiSLGRSDUDODVLJXLHQWHHVFHQD G/DHVWDFLyQHVSDFLDOFLUFXODFRQWLQXDPHQWHDERYH OD7LHUUD H(QXQDHVWUXFWXUDQRMHUiUTXLFDQDGLHGHEHUtDHVWDUDERYH QDGLH &RPSOHWHWKHJDSZLWKSDUDRUSRUDVDSSURSULDWH D/DVHPDQDTXHYLHQHPLVSDGUHVYDQDLUD0HQRUFDXQDTXLQFHQD E
http://vk.com/espanol_con_amigos
,QWHUMHFWLRQV $QLQWHUMHFWLRQ±XQDLQWHUMHFFLyQ±LVDZRUGRUDVKRUWSKUDVHZKLFKVWDQGVDSDUWIURP±OLWHUDOO\LV LQWHUMHFWHGLQWR±WKHV\QWD[DQGPHDQLQJRIWKHUHVWRIDQXWWHUDQFHZKDWLVEHLQJVDLG ([DPSOHVLQFXUUHQW %ULWLVK (QJOLVKLQFOXGHµ$KD¶µ:LFNHG¶µ+HOS¶µ1RZD\¶DQGµ*UHDW¶ ,QVSHHFKDQLQWHUMHFWLRQLVUHFRJQLVHGE\LWVPDUNHGO\GLIIHUHQWLQWRQDWLRQLWLVXVXDOO\DOVRSUHFHGHGDQG IROORZHGE\DVKRUWSDXVH,QZULWWHQ6SDQLVKWKLVLVQRUPDOO\VLJQDOOHGE\SODFLQJWKHLQWHUMHFWLRQEHWZHHQ H[FODPDWLRQPDUNV£±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±WKDWLVWKHWRQHWKH\FRQYH\±FDQFKDQJHTXLWH PDUNHGO\RYHUDUHODWLYHO\VKRUWSHULRGRIWLPH7KH\DUHDOVRIUHTXHQWO\DVVRFLDWHGZLWKSDUWLFXODUVRFLDO JURXSVDQGRUUHJLRQVRIWKH6SDQLVKVSHDNLQJZRUOG 1DGD UHVXOWD PiV ULGtFXOR TXH XQ LQGLYLGXR TXH VXSXHVWDPHQWH HVWi IXULRVR GLFLHQGR ³£&yUFKROLV £0HQXGDIDHQDPHKDEpLVKHFKR´6LHVWiIXULRVRGHYHUGDGQRGLUi³FyUFKROLV´R³FiVFDUDV´VROWDUi XQH[DEUXSWR 1RWKLQJLVPRUHULGLFXORXVWKDQVRPHRQHZKRLVVXSSRVHGWREHIXULRXVVD\LQJµ*RRGORUG$ILQHRQH \RX¶YHSOD\HGRQPH¶,IKHLVUHDOO\IXULRXVKHZRQ¶WVD\µ*RRGORUG¶RUµ:HOO,¶PEORZHG¶KH¶OOXVH DQH[SOHWLYH 5RGROIR0DUWtQH]µ$OJXQDVQRWDVVREUHORVGLiORJRV¶%(0KWWSZZZEHPPDJFRPGLDORJRVKWP
1RWLFHWKDWDSDUWLFXODULQWHUMHFWLRQPD\FRQYH\GLIIHUHQWPHDQLQJVGHSHQGLQJRQWKHVLWXDWLRQ
7KHVHDUHVLQJOHVRXQGVXQUHODWHGWRSDUWLFXODUZRUGV7KH\DUHRIWHQRQRPDWRSRHLFDQGVHUYHWRUHLQIRUFHWKH PHVVDJH ,QWHUMHFWLRQ £$K
0HDQLQJXVDJH
([DPSOH ²4XHWHGLJRTXHQRWHYR\DSRGHU DFRPSDxDU ([SUHVVHVUHDOLVDWLRQVXGGHQXQGHUVWDQGLQJ ²£$K(QWRQFHVLUpVRODµ,¶PWHOOLQJ\RX,ZRQ¶W EHDEOHWRJRZLWK\RX¶µ2K,VHH,¶OOJRE\ P\VHOIWKHQ¶ ²£
http://vk.com/espanol_con_amigos
£$Mi
([SUHVVHVDSSURYDODJUHHPHQW
²£$Miµ,VHH7KDW¶VZK\\RXGLGQ¶WZDQWWRVHH KLP¶µ7KDW¶VLW¶ ²£$\TXpGDxR£0HKHSLQFKDGRFRQODV ([SUHVVHVVXGGHQVXUSULVHVRUURZDQJXLVK URVDV2ZWKDWKXUW,¶YHSULFNHGP\VHOIRQWKH SDLQ URVHV ²£4XpGLVJXVWR0DJGDVHKDHQIDGDGR FRQPLJRSRUORTXHKHGLFKR ²£%DK1ROHKDJDVFDVR6HJXURTXHSDUD ([SUHVVHVDGLVPLVVLYHRUQHJDWLYHUHDFWLRQ PDxDQD\DVHOHKDEUiSDVDGRµ,¶PYHU\XSVHW GLVEHOLHIVFRUQUHIXVDOHWF 0DJGDLVDQJU\ZLWKPHEHFDXVHRIZKDW,VDLG¶ µ+XKGRQ¶WWDNHDQ\QRWLFHRIKHU,¶PVXUHVKH¶OO KDYHJRWRYHULWE\WRPRUURZ¶ ²£(KVHxRULWD£6HGHMDODWDUMHWD+H\PLVV $WWUDFWVDWWHQWLRQ \RX¶YHIRUJRWWHQ\RXUFUHGLWFDUG £+DOHWRGRVDFRPHU&RPHRQHYHU\RQHWLPH *LYHVHQFRXUDJHPHQWKXUULHVDORQJ WRHDW ²
£$\
£%DK
£(K £+DOH
£+X\
£2Op £3VVV£3VH £6R £8I £=DV
E 'HULYDWLYHLQWHUMHFWLRQVDQGH[FODPDWRU\SKUDVHV
7KLVJURXSRILQWHUMHFWLRQVFRQVLVWVRIVHWLGLRPDWLFH[SUHVVLRQVDQGVLQJOHUHFRJQLVDEOHZRUGVZKRVHPHDQLQJ PD\RUPD\QRWFRUUHVSRQGWRQRQH[FODPDWRU\XVDJHHJ£$X[LOLRDOZD\VPHDQVµKHOS¶ZKHWKHURUQRWLWLVDQ LQWHUMHFWLRQZKHUHDV£+RPEUHPHDQVVRPHWKLQJTXLWHGLIIHUHQWIURPµPDQ¶ZKHQXVHGDVDQLQWHUMHFWLRQ 7KHIROORZLQJLQWHUMHFWLRQVKDYHEHHQJURXSHGDFFRUGLQJWRWKHHPRWLRQRUIHHOLQJWKDWWKH\H[SUHVV ,QWHUMHFWLRQVZKLFKDUHYHU\FROORTXLDORUVODQJKDYHEHHQPDUNHGZLWKDVWDU 7KHUHDUHDOVRDQXPEHURI UXGHRURIIHQVLYHLQWHUMHFWLRQVLQ6SDQLVK±FDOOHGWDFRVRUH[DEUXSWRV±EXWWKH\KDYHQRWEHHQLQFOXGHGKHUH 0RVWRIWKHLQWHUMHFWLRQVLQWKLVVHOHFWLRQDUHKHDUGRQERWKVLGHVRIWKH$WODQWLF+RZHYHUWKHUHDUHVRPHWKDW DUHRQO\XVHGLQ6SDLQRU6SDQLVK$PHULFD7KH\KDYHEHHQPDUNHGZLWK6 DQG6S$P UHVSHFWLYHO\ ,QWHUMHFWLRQ £$GHODQWH£ÈQLPR£9DORU£'DOH£9DPRV £6LJXH£$VtDVt £9HQJD£9DPRV
£9LYD£$UULED£%UDYR£+XUUD
£(VWXSHQGR£)HQRPHQDO£)DQWiVWLFR£0X\ ELHQ£4XpELHQ £$EDMRFRQ
0HDQLQJXVDJH
([DPSOH £ÈQLPRTXH\DIDOWDSRFR.HHSLWXSQRWIDUWR ([SUHVVHVHQFRXUDJHPHQWDQGVXSSRUW JRQRZ £9HQJDWRGRVDILUPDUODWDUMHWD&RPHRQ ([SUHVVHVHQFRXUDJHPHQWRUKXUULHVDORQJ HYHU\RQHVLJQWKHFDUG £9LYD£
http://vk.com/espanol_con_amigos
£$QGD\D£9HQJD\D£7RQWHUtDV£4XpYD
([SUHVVHVLQFUHGXOLW\RULURQ\
£1LKDEODU£1LSHQVDUOR£1DULFHV £<XQ FXHUQR
([SUHVVHVUHIXVDORUUHMHFWLRQ
£4XpSHQD£4XpPDO£9D\DSRU'LRV
([SUHVVHVGLVDSSRLQWPHQW
£$\GHPt£3REUHGHPt
([SUHVVHVIHDUIRURQHVHOIRUVHOISLW\
£2MRFRQ £2MLWRFRQ £&XLGDGR FRQ
([SUHVVHVZDUQLQJRUWKUHDW
£7RPD£$KtYD£9D\D£$WL]D£$UUHDROG IDVKLRQHG £0LPDGUH£'LRVPtR£9LUJHQ ([SUHVVHVVXUSULVHRUVKRFN 6DQWD£9iOJDPH'LRV£6DQWR&LHORWKHVHODVW WKUHHROGIDVKLRQHG
£4Xp FDUDPED£&DUD\£+RPEUH £&yUFKROLV£5HFyUFKROLV £+tMROHV6S$P ([SUHVVHVVXUSULVHRUDQQR\DQFH £0LMR0LMD6S$P
£9D\D£9D\DSRU'LRV£-R 6 £4XpYDLQD 6S$P £4XpIDVWLGLR£4XpUDELD£4Xp FDUDMR 6S$P
([SUHVVHVLUULWDWLRQRUDQQR\DQFH
£3RU'LRV£3RUIDYRU£3HUREXHQR
([SUHVVHVSURWHVWDWLRQ
£-HV~V
([SUHVVHVVXUSULVHRUVKRFNDOVRXVHGDV µEOHVV\RX¶ZKHQVRPHERG\VQHH]HV
£6RFRUUR£$X[LOLR
$VNVIRUKHOS
£&KLWyQ£6LOHQFLR
2UGHUVWRNHHSVLOHQW
£%DVWD£%DVWD\D£9DOH\D
2UGHUVVRPHERG\WRVWRS
£$WHQFLyQ£0LUD0LUH£2LJD2\H
$WWUDFWVVRPHERG\¶VDWWHQWLRQ
£<GDOH
6KRZVLPSDWLHQFHWRZDUGVVRPHERG\ UHSHDWLQJWKHVDPHWKLQJ
KLVPRWKHU¶VDZLWFK¶µ2KFRPHRIILW1RRQH EHOLHYHVWKDWRQH¶ ²¢7HLPSRUWDFDPELDUPHODJXDUGLDHOOXQHV" ²£1LKDEODUµ'R\RXPLQGVZDSSLQJIRUP\GXW\ RQ0RQGD\"¶µ1RZD\¶ ²1RKHSRGLGRFRQVHJXLUHQWUDGDVSDUDHO FRQFLHUWR ²£4XpSHQDµ,FRXOGQ¶WJHWWLFNHWVIRUWKH FRQFHUW¶7KDW¶VDVKDPH¶ £$\GHPt£0LKLMDPHYDDPDWDUFXDQGRVH HQWHUH2KQR0\GDXJKWHU¶VJRLQJWRNLOOPH ZKHQVKHILQGVRXW 3RGpLVVDOLUSHUR£RMRTXHVLOOHJiLVWDUGHRWUD YH]PDxDQDQRVDOtV
(MHUFLFLRV
http://vk.com/espanol_con_amigos
5HDGWKHIROORZLQJPLQLGLDORJXHVZKHUH\RXZLOOILQGDFRPPRQ6SDQLVKLQWHUMHFWLRQLQEROG,GHQWLI\ WKHIHHOLQJLWH[SUHVVHVIURPWKHOLVW HQFRXUDJHPHQWVXUSULVHGLVPLVVLYHUHDFWLRQDQQR\DQFH D²-XDQHVWR\SUHRFXSDGDSRU0DULHOD6RQ\DODV\QRKDOOHJDGR ²%DKVHKDEUiHQWUHWHQLGRFRQORVDPLJRV E²1RKHSRGLGRFRQVHJXLUHQWUDGDVSDUDHOFLQH ²£9D\DSRU'LRV<DKRUD¢DGyQGHYDPRV" F£ÈQLPRPXFKDFKRV£
http://vk.com/espanol_con_amigos
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±HOLQILQLWLYR±DQGLWLVWKHIRUPXQGHUZKLFK YHUEVDSSHDULQWKHGLFWLRQDU\,QILQLWLYHVPD\KDYHRQHRIWKUHHHQGLQJV±WHUPLQDFLRQHV DUDVLQKDEODUWRVSHDN HUDVLQFRPHUWRHDW LUDVLQYLYLUWROLYH 7KHVHHQGLQJVGHWHUPLQHWKHSDWWHUQWKHYHUEIROORZVZKHQLWLVFRQMXJDWHGLHWKHIRUPWKHYHUEWDNHVZKHQLW LVµ,¶\R µ\RX¶W~XVWHG µKH¶pO HWFDVLQWKHIROORZLQJH[DPSOHV 3HUVRQ W~ HOOD QRVRWURV
9HUE FDQWDU YHQGHU VDOLU FRPSUDU FRPHU KDEODU
7HQVH SUHVHQW YHQGHV LPSHUIHFW SUHWHULWH
)RUP FDQWDV HV VDOtD FRPSUDED FRPLPRV KDEODPRV
(QGLQJ DV tD DED LPRV DPRV
5HJXODUYVLUUHJXODUYHUEV
,IYHUEVIROORZWKHVHWHQGLQJVIRUDSDUWLFXODUWHQVHOLNHFDQWDUWKH\DUHVDLGWREHµUHJXODU¶,IWKH\GRQRW WKH\DUHVDLGWREHµLUUHJXODU¶ 1RWDOOYHUEVDUHFRPSOHWHO\UHJXODURUFRPSOHWHO\LUUHJXODUEXWDSDUWIURPVRPHYHU\LUUHJXODUYHUEVOLNHVHU WREH DQGLUWRJR HYHQLUUHJXODULWLHVKDYHVRPHVRUWRISDWWHUQ0RVWRIWKHPRFFXULQWKHVWHPRIWKHYHUE WKHSDUWWKDWUHPDLQVZKHQWKHHQGLQJLVUHPRYHG)RULQVWDQFHLQFDQWDUDULVWKHHQGLQJDQGFDQWLVWKHVWHP 9HUEVZKLFKDUHLUUHJXODUEHFDXVHWKHLUVWHPFKDQJHVDUHFDOOHGµUDGLFDOFKDQJLQJYHUEV¶ 6RPHYHUEVZKHQFRQMXJDWHGFKDQJHWKHLUVSHOOLQJIRUSKRQHWLFUHDVRQV)RULQVWDQFHLQWKHSDVWWHQVHWKHILUVW SHUVRQVLQJXODURIWKHYHUEMXJDULVMXJXp7KHJFKDQJHVWRJXWRNHHSWKHVWURQJJVRXQG )RUWKHIXOO6SDQLVKYHUEFRQMXJDWLRQVHHWKHYHUEWDEOHVLQWKH$SSHQGL[ 7UDQVLWLYHYVLQWUDQVLWLYHYHUEV
http://vk.com/espanol_con_amigos
9HUEVFDQDOVREHFODVVLILHGGHSHQGLQJRQZKHWKHURUQRWWKH\LPSO\WKDWWKHDFWLRQGLUHFWO\LQIOXHQFHVDQREMHFW RUSHUVRQWKHGLUHFWREMHFW ,IWKH\GRWKH\DUHFDOOHGWUDQVLWLYHYHUEVYHUERVWUDQVLWLYRV )RULQVWDQFHLQ WKHVHQWHQFH/XLVPHHVFULELyXQDFDUWD/XLVZURWHPHDOHWWHU WKHGLUHFWREMHFWRUREMHFWRIWKHDFWLRQ HVFULELULVXQDFDUWD ,IYHUEVGRQRWLPSO\DGLUHFWLQIOXHQFHRQDSHUVRQRUREMHFWLHWKH\GRQRWWDNHDGLUHFWREMHFWWKH\DUH FDOOHGLQWUDQVLWLYHYHUEVYHUERVLQWUDQVLWLYRV OLNHWKHYHUEPRULULQWKHVHQWHQFH(OtDVPXULyPX\MRYHQ (OtDVGLHGZKHQYHU\\RXQJ 7ROHDUQPRUHDERXWREMHFWSURQRXQVJRWR6HFWLRQVWR 0RVW6SDQLVKYHUEVDUHWUDQVLWLYH%HORZLVDOLVWRIVRPHRIWKHPRVWFRPPRQLQWUDQVLWLYHYHUEVE\FDWHJRU\ H[LVWLUHVWDUPRULUSDUHFHUSHUPDQHFHUTXHGDUVH VHUVXEVLVWLU YLYLU DQGDUEDMDUFDHUFDPLQDUFLUFXODUHQWUDUHYROXFLRQDULUVH PDUFKDUVH SDUWLUVDOLUVDOWDUYDFLODUYLDMDU FUXMLUHVWRUQXGDUIUDFDVDUJHVWLFXODUJULWDUODGUDUOORUDUUHtU VXGDUWHPEODUWRVHUYRODU
9HUEVRIEHLQJH[LVWHQFH 9HUEVRIPRYHPHQW 9HUEVRIDFWLRQ
6LPSOHSHUIHFWDQGFRQWLQXRXVWHQVHV 6SDQLVKWHQVHVFDQEH 6LPSOH
3HUIHFW &RQWLQXRXV
YR\SUHVHQW :KHQLQRQHVLQJOHZRUGWKHYHUEH[SUHVVHV VHUiIXWXUH SHUVRQQXPEHUWHQVHDQGPRRG FRPSUDVWHSUHWHULWH KDEOHSUHVHQWVXEMXQFWLYH 0DGHXSE\DFRPELQDWLRQRIWKHDX[LOLDU\ KHYLYLGRSHUIHFW YHUEKDEHUWRKDYH WKHSDVWSDUWLFLSOHRI KDEtDVGLFKRSOXSHUIHFW WKHPDLQYHUE KDEUpLVOOHJDGRIXWXUHSHUIHFW 0DGHXSE\DFRPELQDWLRQRIWKHDX[LOLDU\ HVWiQGXUPLHQGRSUHVHQWFRQWLQXRXV YHUEHVWDUWKHJHUXQG(QJOLVKµLQJ¶IRUP HVWDUHPRVOOHJDQGRIXWXUHFRQWLQXRXV RIWKHYHUE
3HUIHFWDQGFRQWLQXRXVWHQVHVPXVWQRWEHFRQIXVHGZLWKSHULSKUDVWLFFRQVWUXFWLRQVIRUPHGE\WZRYHUEV RQHRIZKLFKLVHLWKHUDJHUXQGRUDSDVWSDUWLFLSOH 7ROHDUQPRUHDERXWSHULSKUDVWLFFRQVWUXFWLRQVJRWR6HFWLRQVDQG 7KH6SDQLVKPRRG 0RRGVLQGLFDWHZKHWKHUWKHVSHDNHULVVWDWLQJIDFWVLQGLFDWLYHPRRG±PRGRLQGLFDWLYR H[SUHVVLQJD FRPPDQGLPSHUDWLYHPRRG±PRGRLPSHUDWLYR RUH[SUHVVLQJKLVKHUIHHOLQJVRIXQFHUWDLQW\KRSHDQ[LHW\ DQGWKHOLNHWRZDUGVWKHDFWLRQVXEMXQFWLYHPRRG±PRGRVXEMXQWLYR (MHUFLFLRV
,QWKHIROORZLQJVHQWHQFHVXQGHUOLQHWKHYHUEVDQGVD\ZKHWKHUWKH\DUHVLPSOHSHUIHFWRUFRQWLQXRXV D&RQWLQ~DQODVQHJRFLDFLRQHVHQWUHHOHMpUFLWR\HOJRELHUQR E6HKDGHVFXELHUWRXQDQXHYDYDFXQDFRQWUDODKHSDWLWLV F/DQDYHHVSDFLDOHVWiHQWUDQGRDODDWPyVIHUD G/RVERVTXHVWURSLFDOHVVXIUHQODLUUHVSRQVDELOLGDGGHORVVHUHVKXPDQRV
http://vk.com/espanol_con_amigos
H&XDQGRVDOLPRVGHOFLQH\DKDEt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t]
http://vk.com/espanol_con_amigos
,PSHUVRQDOIRUPVRIWKHYHUE 0RVWYHUEIRUPVDJUHHLQSHUVRQDQGQXPEHUZLWKWKHVXEMHFWRIWKHVHQWHQFH+RZHYHUWKHUHDUHWKUHHPDLQ YHUEIRUPVZKLFKDUHLPSHUVRQDODQGLQYDULDEOHLHWKH\DUHQRWFRQMXJDWHGDOWKRXJKVRPHRIWKHYHUEVWKH\ DFFRPSDQ\PD\EH7KH\DUHWKHLQILQLWLYHFDQWDU±WRVLQJ WKHJHUXQGVRPHWLPHVFDOOHGWKHSUHVHQW SDUWLFLSOHOORYLHQGR±UDLQLQJ DQGWKHSDVWSDUWLFLSOHVLGR±EHHQ 7KHVHQRQSHUVRQDOIRUPVRIWHQDSSHDU DIWHUDQXPEHURIYHUEVSOXVVRPHWLPHVDSUHSRVLWLRQ LQZKDWDUHFDOOHGµSHULSKUDVWLFFRQVWUXFWLRQV¶7KHVH FRQVWUXFWLRQVDOORZWKHPHDQLQJRIWKHQRQSHUVRQDOIRUPVWREHH[WHQGHGHJLQWKHVHQWHQFH$SHVDUGH PXFKRVLQWHQWRVQRSXHGHGHMDUGHIXPDU'HVSLWHPDQ\DWWHPSWVVKHFDQ¶WVWRSVPRNLQJ GHMDUGHDGGVH[WUD LQIRUPDWLRQDERXWWKHYHUEWKDWLWFRPSOHPHQWVIXPDU 7KHLQILQLWLYH 7KHLQILQLWLYH±HOLQILQLWLYR±LVWKHQDPHRIWKHYHUE,Q(QJOLVKLWLVSUHFHGHGE\µWR¶DVLQµWRVLQJ¶µWR VSHDN¶µWROHDUQ¶,WLVWKHIRUPXVHGWRLGHQWLI\YHUEVLQDGLFWLRQDU\ )RUP ,QILQLWLYHVLQ6SDQLVKHQGLQDUHURULUDVLQKDEODUHVWXGLDUFRPSUHQGHUOHHUYLYLUVDOLU7KHVHHQGLQJV VHWWKHSDWWHUQIRUYHUEFRQMXJDWLRQVLQWKHYDULRXVWHQVHV 8VH $VDQRXQ,WFDQEHWKHVXEMHFWRIDVHQWHQFHDQGWDNHWKHGHILQLWHDUWLFOH 7RFRPSOHPHQWWKHPHDQLQJRIDQRWKHUYHUE $IWHUPDQ\SUHSRVLWLRQV $VDFRPPDQGLQFROORTXLDOODQJXDJH
(O FRPHUHVXQDQHFHVLGDG\XQSODFHU(DWLQJLVDQHFHVVLW\DQGD SOHDVXUH -XDQQRVDEHQDGDU-XDQFDQ¶WVZLP (VWR\FDQVDGRGHHVFXFKDUHVWHWLSRGHP~VLFD,DPWLUHGRIOLVWHQLQJ WRWKLVW\SHRIPXVLF 1RVHVIRU]DPRVSRUKDFHUODVFRVDVELHQ:HWU\WRGRWKLQJVZHOO £'HMDUGHJULWDU6WRSVKRXWLQJ
7KLVLVDXVHSHFXOLDUWR3HQLQVXODU6SDQLVKDQGFRPHVIURPWKHYRVRWURVIRUPRIWKHLPSHUDWLYH7KHILQDO GLVVXEVWLWXWHGE\DQUSUREDEO\IRUHDVHRISURQXQFLDWLRQ )RUIXUWKHULQIRUPDWLRQDERXWWKHLPSHUDWLYHJRWR8QLW 3HULSKUDVWLFFRQVWUXFWLRQVZLWKWKHLQILQLWLYH
7KHLQILQLWLYHDSSHDUVLQDQXPEHURISHULSKUDVWLFFRQVWUXFWLRQVHJ7LHQHQTXHLUDODSROLFtD7KH\KDYHWR JRWRWKHSROLFH 7KHPRVWFRPPRQDUH FRPHQ]DUDLQILQLWLYH GHEHULQILQLWLYH GHEHUGH LQILQLWLYH GHFLGLULQILQLWLYH GHMDUGHLQILQLWLYH HPSH]DUDLQILQLWLYH HVWDUSDUDSRULQILQLWLYH
WRVWDUWWRGR PXVW±REOLJDWLRQ PXVW±SUREDELOLW\ WRGHFLGHWRGR WRVWRSGR LQJ WRVWDUWWRGR WREHUHDG\WRGR
http://vk.com/espanol_con_amigos
KDEHUGHLQILQLWLYH KD\TXHLQILQLWLYH LUDLQILQLWLYH OOHJDUDLQILQLWLYH SRGHULQILQLWLYH SRQHUVHDLQILQLWLYH TXHGDUHQGHLQILQLWLYH TXHUHULQILQLWLYH WHQHUTXHLQILQLWLYH WHUPLQDUGHLQILQLWLYH YROYHUDLQILQLWLYH
WRKDYHWRGR DVWHQHUTXHEXWLQDIRUPDOUHJLVWHU RQHKDVWR WREHJRLQJWRGR WRFRPHWRGR WREHDEOHWRGR WRVWDUWGRLQJ WRDJUHHWRGR WRZDQWWRGR WRKDYHWRGR WRILQLVKGRLQJ WRGR DJDLQ
(MHUFLFLRV
&RPSOHWHWKHIROORZLQJVHQWHQFHVZLWKRQHRIWKHLQILQLWLYHVLQWKHER[ UHtUFHUUDULPSHGLUQDGDUYHQLU D£ODSXHUWDTXHHVWiKDFLHQGRPXFKRIUtR E/XFLODGLFHTXHQRSXHGHDODILHVWDSRUTXHWLHQHPXFKRWUDEDMR F6LHVWiVGHSULPLGRHVXQDGHODVPHMRUHVWHUDSLDV G/RVHFRORJLVWDVLQVLVWHQHQODFRQVWUXFFLyQGHKRWHOHVHQHVDVSOD\DV H/RVQLxRVQRSRGUiQLUVRORVHQHOEDUFRVLQRVDEHQ :KLFKXVHRIWKHLQILQLWLYHGRHVHDFKVHQWHQFHLOOXVWUDWH"&KRRVHIURPWKHER[ YHUEFRPSOHPHQWî LPSHUDWLYHQRXQVXEMHFWIROORZLQJDSUHSRVLWLRQ &RPSOHWHWKHIROORZLQJFURVVZRUGSX]]OHZLWKWKHLQILQLWLYHVVXJJHVWHGE\WKHFOXHV
http://vk.com/espanol_con_amigos
9(57,&$/(6 6HUYLUGHPRGHORDHVFXOWRUHVDVRSLQWRUHVDV 3DUWLUXQDFRVDHQYDULDVSDUWHVFRQXQLQVWUXPHQWR 7UDVSDVDUODSURSLHGDGGHXQDFRVDSRUDOJ~QSUHFLR /HYDQWDUVHPX\WHPSUDQR $GTXLULUFRQRFLPLHQWRVGHDOJR +25,=217$/(6 +DFHUTXHXQOtTXLGRSDVHSRUODERFDDOHVWyPDJR 6HQWLUXQGRORUHQIHUPHGDGRSHQD ([SUHVDUHQXQDOHQJXDORTXHRULJLQDOPHQWHHVWiHVFULWRHQRWUD &RPHQ]DUDOJR (YLWDURLPSHGLUXQDFRVD 7KHJHUXQG 7KHJHUXQG±HOJHUXQGLR±FRQYH\VWKHLGHDRISURJUHVVLRQDQGFRQWLQXLW\VLPLODUWRWKH(QJOLVKHQGLQJµLQJ¶ EXWQRWDOZD\V
http://vk.com/espanol_con_amigos
)RUP 5HJXODUIRUPVRIWKHJHUXQG 7KHJHUXQGLVIRUPHGE\DGGLQJWKHHQGLQJVDQGRRULHQGRWRWKHVWHPRIWKHYHUEDVIROORZV 9HUEVHQGLQJLQDUĺDQGR
DQGDUĺDQGDQGR EHEHUĺEHELHQGR VDOLUĺVDOLHQGR
9HUEVHQGLQJLQHURULUĺLHQGR ,UUHJXODULWLHVLQWKHJHUXQG
D ,IWKHODVWOHWWHURIWKHYHUEVWHPLVDYRZHOLHQGREHFRPHV\HQGRDVLQWKHIROORZLQJH[DPSOHV ,QILQLWLYH FRQVWUXHU RtU FUHHU
6WHP FRQVWUX R FUH
(QGLQJ LU LU HU
*HUXQG FRQVWUX\HQGR R\HQGR FUH\HQGR
E :KHQDYHUELVLUUHJXODULQWKHWKLUGSHUVRQVLQJXODURIWKHSUHWHULWHRZLQJWRFKDQJHVLQLWVVWHPWKHJHUXQG IROORZVWKHVDPHSDWWHUQRILUUHJXODULW\ )RUIXUWKHULQIRUPDWLRQDERXWWKHSUHWHULWHJRWR6HFWLRQ ,QILQLWLYH SHGLU YHQLU UHSHWLU
7KLUGSHUVRQSUHWHULWH SLGLy YLQR UHSLWLy
*HUXQG SLGLHQGR YLQLHQGR UHSLWLHQGR
F LHQGREHFRPHVHQGRDIWHUxRUOO ,QILQLWLYH JUXxLU UHxLU HQJXOOLU
*HUXQG JUXxHQGR ULxHQGR HQJXOOHQGR
8VH :LWKWKHYHUEHVWDUWRIRUPWKHFRQWLQXRXVWHQVHV )RUIXUWKHULQIRUPDWLRQRQWKHFRQWLQXRXVWHQVHVJRWR6HFWLRQV DQG 7RH[SUHVVKRZDQDFWLRQLVGRQH,QWKLVFRQWH[WLWKDVDQDGYHUELDO IXQFWLRQRIPDQQHU )RUIXUWKHULQIRUPDWLRQJRWR6HFWLRQH 7RLQGLFDWHVLPXOWDQHRXVDFWLRQV,QWKLVFRQWH[WLWDOVRKDVDQDGYHUELDO IXQFWLRQ 6HFWLRQ :LWKVRPHYHUEVWRUHLQIRUFHWKHVHQVHRIGXUDWLRQDQGFRQWLQXLW\RIDQ DFWLRQ 7RLQGLFDWHWKHFDXVHRIDQDFWLRQDVDQDGYHUELDOVXERUGLQDWHFODXVH 6HFWLRQD 7RLQGLFDWHDFRQGLWLRQIRUVRPHWKLQJWRKDSSHQDVDFRQGLWLRQDOFODXVH 6HFWLRQF
/RVHVWXGLDQWHVHVWiQSUHSDUDQGRHOSUR\HFWRILQDO7KHVWXGHQWVDUH SUHSDULQJWKHLUILQDOSURMHFW *DQyGLQHURLQYLUWLHQGRHQODEROVD+HHDUQHGPRQH\LQYHVWLQJLQWKH VWRFNH[FKDQJH /OHJDURQFDQWDQGR7KH\DUULYHGVLQJLQJ /OHYDPRVPXFKRWLHPSRHVSHUDQGRXQDUHVSXHVWD:HKDYHEHHQ ZDLWLQJIRUDQDQVZHUIRUDORQJWLPH 6DELHQGRTXHQRWHQtDPXFKRWLHPSRVHIXHHQWD[L.QRZLQJWKDW WKHUHZDVQ¶WPXFKWLPHVKHWRRNDWD[L 3HUPDQHFLHQGRXQLGRVYHQFHUHPRV,IZHUHPDLQXQLWHGZHZLOOZLQ
6SDQLVKYV(QJOLVKJHUXQG 7KH6SDQLVKJHUXQGLVVRPHWLPHVHTXLYDOHQWWRWKH(QJOLVKJHUXQGHQGLQJµLQJ¶DVLQWKHIROORZLQJH[DPSOH 6DOLHURQJULWDQGR7KH\OHIWVFUHDPLQJ
http://vk.com/espanol_con_amigos
+RZHYHURWKHUXVHVRIWKH(QJOLVKJHUXQGDUHQRWHTXLYDOHQWHVSHFLDOO\ZKHQLQ(QJOLVKLWIXQFWLRQVDVD QRXQRUDVDQDGMHFWLYH:KHQLWLVDQRXQ6SDQLVKXVHVWKHLQILQLWLYH ,OLNHVZLPPLQJ0HJXVWDQDGDU ,ILWIXQFWLRQVDVDQDGMHFWLYHLQ(QJOLVKWKHQD6SDQLVKDGMHFWLYHZLOOEHXVHG ,W¶VDZRUU\LQJEXVLQHVV(VXQDVXQWRSUHRFXSDQWH 7KHOHFWXUHZDVYHU\ERULQJ/DFRQIHUHQFLDHVWXYRPX\DEXUULGD :KHQWKHJHUXQGRIWKHDX[LOLDU\YHUEKDEHUDSSHDUVZLWKWKHSDVWSDUWLFLSOHRIWKHPDLQYHUELWLVFDOOHGD SHUIHFWJHUXQG,WLQGLFDWHVWKDWDQDFWLRQKDSSHQHGSULRUWRWKHRQHLQWKHPDLQFODXVH +DELHQGRWHUPLQDGRVXVWDUHDV0DULHODVHPDUFKyDFDVD+DYLQJILQLVKHGKHUZRUN0DULHODZHQW KRPH 3HULSKUDVWLFFRQVWUXFWLRQVZLWKWKHJHUXQG
7KHJHUXQGDOVRDSSHDUVLQDQXPEHURISHULSKUDVWLFFRQVWUXFWLRQVHJ-XDQWHUPLQyOODPDQGRDODSROLFtD -XDQHQGHGXSFDOOLQJWKHSROLFH 6RPHRIWKHPRUHFRPPRQDUH DFDEDUWHUPLQDUJHUXQG DQGDUJHUXQG HVWDUJHUXQG LUJHUXQG OOHYDUJHUXQG VHJXLUFRQWLQXDUJHUXQG
WRHQGXSGR LQJ WREHLQWKHSURFHVVRIGR LQJ±FROORTXLDO IRUPVWKHFRQWLQXRXVWHQVHV WRJUDGXDOO\ EHFRPH WRKDYHEHHQGR LQJVRPHWKLQJRYHUDSHULRGRIWLPH WRFRQWLQXHWRGR
(MHUFLFLRV
&RPSOHWH WKH FROXPQ RQ WKH ULJKW ZLWK WKH JHUXQG IRUPV FRUUHVSRQGLQJ WR WKH LQILQLWLYHV LQ WKH OHIW FROXPQ1RWDOOWKHJHUXQGVDUHUHJXODU ,QILQLWLYH D MXJDU E OHHU F LU G HVWXGLDU H FDHU I HVFULELU
*HUXQG
&RPSOHWH WKH IROORZLQJ VHQWHQFHV XVLQJ WKH FRUUHFW IRUP RI WKH LQILQLWLYH RU WKH JHUXQG RI RQH RI WKH IROORZLQJYHUEVDVDSSURSULDWH YHUEDLODUYLYLUSUHVHQWDUVDFDU D1RYDDLUDODGLVFRWHFDSRUTXHQROHJXVWD E(PSH]yVXYLGDSURIHVLRQDOODVQRWLFLDV
http://vk.com/espanol_con_amigos
F7LHQHODLOXVLyQGHDVXIDPLOLDSDUDVXFXPSOHDxRV G&UHRTXHHVWiHQ6XUDPpULFD H/DVRUSUHQGLHURQHOGLQHURGHODFDMDIXHUWH )URPWKHOLVWRISHULSKUDVWLFFRQVWUXFWLRQVZLWKWKHJHUXQGFKRRVHDSSURSULDWHYHUEVLQWKHSUHVHQWWHQVH WRFRPSOHWHWKHIROORZLQJVHQWHQFHV7KHUHLVPRUHWKDQRQHSRVVLELOLW\EXWREYLRXVO\GHSHQGLQJRQWKH YHUE\RXFKRRVHWKHPHDQLQJRIWKHVHQWHQFHPD\FKDQJH D(O%DQFRGHO6XU\DGLH]DxRVLQYLUWLHQGRHQODFRQVWUXFFLyQGHKRWHOHV E/DVXQLYHUVLGDGHVSUHSDUDQGRDORVHVWXGLDQWHVSDUDFDUUHUDVWUDGLFLRQDOHV F(VXQDOiVWLPDSHURPXFKRVMyYHQHVWUDEDMDQGRHQLQGXVWULDVTXHORVH[SORWDQ G'LFHQTXH*DUFtD0iUTXH]HVFULELHQGRVXDXWRELRJUDItD H(QHVWDpSRFDORVDXWRPyYLOHVVLHQGRFDGDYH]PiVYHORFHV 7KHSDVWSDUWLFLSOH 7KH6SDQLVKSDVWSDUWLFLSOH±HOSDUWLFLSLR±FRQYH\VWKHLGHDRIILQLVKHGDFWLRQVVLPLODUWRWKH(QJOLVKSDVW SDUWLFLSOH,WLVW\SLFDOO\IRXQGLQFRPSRXQGSHUIHFWWHQVHVOLNHWKHSHUIHFW
7KHSDVWSDUWLFLSOHLVIRUPHGE\DGGLQJWKHHQGLQJVDGRRULGRWRWKHYHUEVWHP 9HUEVHQGLQJLQDUĺDGR 9HUEVHQGLQJLQHURULUĺLGR
HVWXGLDUĺHVWXGLDGR DSUHQGHUĺDSUHQGLGR SURGXFLUĺSURGXFLGR
,UUHJXODUSDVWSDUWLFLSOHV
7KHUHDUHDQXPEHURIYHUEVWKDWKDYHLUUHJXODUSDVWSDUWLFLSOHVDQGWKHUHLVQRUXOHWRKHOSOHDUQWKHP +RZHYHUWKH\FDQEHJURXSHGDURXQGFHUWDLQSDWWHUQVRILUUHJXODULW\ ,QILQLWLYH DEULU FXEULU GHVFXEULU HVFULELU GHVFULEHU IUHtU LPSRQHU SRQHU VXSRQHU GHFLU KDFHU YROYHU VROWDU PRULU
3DVWSDUWLFLSOH DELHUWR FXELHUWR GHVFXELHUWR HVFULWR GHVFULWR IULWR LPSXHVWR SXHVWR VXSXHVWR GLFKR KHFKR YXHOWR VXHOWR PXHUWR
8VH :LWKWKHYHUEKDEHUWRIRUPWKHFRPSRXQGWHQVHVVLPLODUWRµWRKDYH¶LQ /DSHOtFXODQRKDWHUPLQDGRWRGDYtD7KHILOPKDVQ¶WILQLVKHG\HW (QJOLVK $VDQDGMHFWLYHDIWHUWKHYHUEVHVWDURUVHUDQGDIWHUQRXQV7KHUHIRUH /DVKLMDVVRQSUHVXPLGDVFRPRVXSDGUH7KHGDXJKWHUVDUHFRQFHLWHG WKHSDVWSDUWLFLSOHPXVWDJUHHLQJHQGHUDQGQXPEHUZLWKWKHQRXQLWUHIHUV OLNHWKHLUIDWKHU WR :LWKWKHYHUEVHUWRIRUPWKHSDVVLYHYRLFH7KHSDVWSDUWLFLSOHPXVWDJUHH /DVFDVDVVHUiQFRQVWUXLGDVSRUORVYHFLQRV7KHKRXVHVZLOOEHEXLOW LQJHQGHUDQGQXPEHUZLWKWKHQRXQLWUHIHUVWR E\WKHFRPPXQLW\ )RUPRUHLQIRUPDWLRQDERXWWKHSDVVLYHYRLFHJRWR6HFWLRQ $VDQDGYHUEWRLQGLFDWHWKHPDQQHUDVSHFWRUDSSHDUDQFHRIWKHVXEMHFW /DPDGUHHVFXFKDEDDOSHTXHxRHPRFLRQDGD7KHPRWKHUOLVWHQHGWR RIWKHVHQWHQFH KHUOLWWOHRQHYHU\PRYHG 7RH[SUHVVDQDFWLRQKDSSHQLQJEHIRUHDQRWKHUDFWLRQ,WLVXVHGPRVWO\LQ +DOODGRVORVFDGiYHUHVFRPHQ]yODLQYHVWLJDFLyQ2QFHWKHERGLHV IRUPDOUHJLVWHUV,QWKLVFRQWH[WWKHSDVWSDUWLFLSOHRIWHQDSSHDUVDWWKH ZHUHIRXQGWKHHQTXLU\VWDUWHG EHJLQQLQJRIWKHVHQWHQFH )RUPRUHLQIRUPDWLRQJRWR6HFWLRQ 7RH[SUHVVFDXVH 'DGDVODVFLUFXQVWDQFLDVHUDORPHMRUTXHSRGtDSDVDU*LYHQWKH 7RVHHLWVXVHLQFRQWH[WJRWR6HFWLRQ FLUFXPVWDQFHVWKLVZDVWKHEHVWWKDWFRXOGKDYHKDSSHQHG 3HULSKUDVWLFFRQVWUXFWLRQVZLWKWKHSDVWSDUWLFLSOH
7KHSDVWSDUWLFLSOHDOVRDSSHDUVLQSHULSKUDVWLFFRQVWUXFWLRQV,QWKHVHFDVHVWKHSDVWSDUWLFLSOHDJUHHVLQ JHQGHUDQGQXPEHUZLWKWKHQRXQLWUHIHUVWRHJ6HTXHGDURQDWHUUDGRVGHYHUWDQWDJHQWH7KH\ZHUH WHUULILHGDWVHHLQJVRPDQ\SHRSOH 6RPHRIWKHPRUHFRPPRQSHULSKUDVWLFFRQVWUXFWLRQVDUH DQGDUSDVWSDUWLFLSOH GDUSRUGHMDUSDVWSDUWLFLSOH HVWDUSDVWSDUWLFLSOH TXHGDUSDVWSDUWLFLSOH TXHGDUVHSDVWSDUWLFLSOH WHQHUSDVWSDUWLFLSOH
WREH±FROORTXLDO WRVWRSGRLQJ WREHLQDVWDWHRIERG\RUPLQG WRKDYHDUULYHGDWDFRQFOXVLRQGHFLVLRQRXWFRPH WRHQGLQDVWDWHRIERG\RUPLQGDVDUHVXOWRIDQ DFWLRQ,WRIWHQDSSHDUVLQH[SUHVVLRQVGHQRWLQJ VXUSULVH VLPLODUWRXVHRIWKHSHUIHFWWHQVH
(MHUFLFLRV
&RPSOHWHWKHDQVZHUVWRWKHTXHVWLRQVDVLQWKHH[DPSOH ²¢$TXpKRUDOOHJDWXWtR" ²
²1RWRGDYtDQRKDQ 8VHWKHSDVWSDUWLFLSOHVRIWKHDSSURSULDWHIROORZLQJYHUEVWRFRPSOHWHWKHQHZVSDSHUKHDGOLQHVEHORZ VDOYDULQPRYLOL]DUFRQILUPDUSURPHWHUDVHJXUDUUREDU DODJUDQMDOHFKHUDGH/HyQSRUHOPDOGHODVYDFDVORFDV(O3DtV(VSDxDGHHQHURGHO EUHVSDOGRDOSURFHVRGHSD](O7LHPSR&RORPELDGHPDU]RGHO FFXDGURVGH'tD]VRQ(O'LDULR%ROLYLDGHPDU]RGHO GSRUODVDJXDV/D1DFLyQ&RVWD5LFDGHPDU]RGHO H/DYLYLHQGD¢FXiQGROOHJDUi"(O1DFLRQDO9HQH]XHODGHPDU]RGHO &RPSOHWHWKHIROORZLQJSDUDJUDSKZLWKWKHDSSURSULDWHSDVWSDUWLFLSOHRIWKHYHUEVEHORZ GHMDUPRULUDEULUSRQHUHPRFLRQDUFRPHUDVXVWDUHQWUHFHUUDUOOHJDUHQFHQGHU &XDQGR3XOJDUFLWRWUDWyGHYROYHUDVXFDVDVHGLRFXHQWDGHTXHORVSDMDULWRVVHKDEtDQD HOSDQ TXHpOKDEtDE SRUHOFDPLQR(VWDEDPX\RVFXURDXQTXHODQRFKHQRKDEtDF 6HQWtDPXFKR IUtRDXQTXHOOHYDEDG XQDEULJRGHODQD3XOJDUFLWRHVWDEDH GHPLHGR0LUDEDI ODV VRPEUDVGHORViUEROHVHQHOERVTXH'HSURQWRDOROHMRVYLRXQDOX]J \XQDSXHUWDK 3XOJDUFLWRFRUULy, \HQFRQWUyDVXPDGUHHVSHUiQGRORFRQORVEUD]RVM
3UHVHQWWHQVHVRIWKHLQGLFDWLYH 7KHSUHVHQWWHQVHVRIWKHLQGLFDWLYHH[SUHVVDZLGHUDQJHRIDFWLRQVLQFOXGLQJZKDWLVKDSSHQLQJLQWKH LPPHGLDWHSUHVHQWSUHVHQWFRQWLQXRXV DQGKDELWXDODFWLRQVWKHVLPSOHSUHVHQW 7KH\DOVRKDYHRWKHUXVHVDV \RXZLOOVHHLQWKLVXQLW 7KHSUHVHQWVLPSOH 7KHSUHVHQWVLPSOH±HOSUHVHQWH±LVDYHU\YHUVDWLOHWHQVH,WVXVHLVVLPLODUWRLWV(QJOLVKFRXQWHUSDUWDQGLQ JHQHUDOLWUHIHUVWRDFWLRQVZKLFKDUHKDSSHQLQJDVZHVSHDNWRJHQHUDOWUXWKVDQGWRKDELWXDODFWLRQV7KH 6SDQLVKSUHVHQWVLPSOHKRZHYHUKDVRWKHUIXQFWLRQVZKLFKUHODWHWRDFWLRQVLQWKHSDVWRUWKHIXWXUHGHSHQGLQJ RQWKHFRQWH[W )RUP 5HJXODUIRUPVRIWKHSUHVHQWVLPSOH
7KHSUHVHQWWHQVHRIWKHUHJXODUYHUEVFKDQJHVWKHLQILQLWLYHHQGLQJDUHULU IRUDVHWRIHQGLQJVDVVKRZQ EHORZ \R W~ pOHOOD8G QRVRWURVDV YRVRWURVDV HOORVDV8GV
DU EDLOR EDLODV EDLOD EDLODPRV EDLOiLV EDLODQ
HU DSUHQGR DSUHQGHV DSUHQGH DSUHQGHPRV DSUHQGpLV DSUHQGHQ
LU YLYR 9LYHV 9LYH 9LYLPRV 9LYtV YLYHQ
,Q6SDQLVK$PHULFDWKHIRUPYRVRWURVLVUHSODFHGE\XVWHGHV )RUIXUWKHULQIRUPDWLRQDERXWSHUVRQDOSURQRXQVJRWR8QLW ,UUHJXODULWLHVDIIHFWLQJWKHVWHPRIWKHYHUE
0RVWLUUHJXODULWLHVDIIHFWWKHVWHPRIWKHYHUE7KHVHW\SHVRIYHUEVFRPPRQO\UHIHUUHGWRDVµUDGLFDOFKDQJLQJ YHUEV¶DUHJURXSHGLQWRWKUHHPDLQFDWHJRULHV 9HUEVWKDWFKDQJHWKHHLQWKHVWHPIRULH 9HUEVWKDWFKDQJHWKHRLQWKHVWHPIRUXH 9HUEVWKDWFKDQJHWKHHLQWKHVWHPIRUL HĺLHEXWQRWIRUQRVRWURVDVRUYRVRWURVDVIRUPV
\R FLHUURW~ FLHUUDVpOHOOD8G FLHUUDQRVRWURVDV FHUUDPRV YRVRWURVDV FHUUiLVHOORVDV8GV FLHUUDQ
2WKHUYHUEVIROORZLQJWKLVSDWWHUQ DFHUWDUDSUHWDUDVFHQGHUDWHQGHUDWUDYHVDUFDOHQWDUFRPHQ]DUFRQIHVDUFRQYHUWLUVH GHIHQGHUGHVSHUWDUVH GLJHULUGLVFHUQLU HPSH]DUHQWHQGHUHQWHUUDUIUHJDUJREHUQDUKHODUKHULUKHUYLULQYHUWLUPHUHQGDUQHJDUQHYDUSHQVDUSHUGHUSUHIHULUUHFRPHQGDU UHIHULUVHUHJDUVHPEUDUVHQWDUVH VHQWLUVXJHULUWHPEODUWURSH]DU \R GXHUPRW~ GXHUPHVpOHOOD8G GXHUPHQRVRWURVDV RĺXHEXWQRWIRUQRVRWURVDVRUYRVRWURVDVIRUPV GRUPLPRVYRVRWURVDV GRUPtVHOORVDV8GV GXHUPHQ 2WKHUYHUEVIROORZLQJWKLVSDWWHUQ DFRVWDUVH DFRUGDUVH DSUREDUFRFHUFROJDUFRPSUREDUFRQVRODUFRQWDUFRVWDUGHPRVWUDUGHYROYHUGROHUHQFRQWUDUHVIRU]DUVH OORYHU PRVWUDUPRYHUSUREDUUHFRUGDUUHQRYDUVROHUVROWDUVRQDUVRxDUYROYHUWURQDU YRODU
1RWHWKDWWKHVHWZRYHUEVDUHLPSHUVRQDODQGDUHRQO\XVHGLQWKHWKLUGSHUVRQVLQJXODU(QDEULOOOXHYHPXFKR,WUDLQVDORWLQ$SULO 6H
R\HDOROHMRVFyPRWUXHQD)URPWKHGLVWDQFH\RXFDQKHDUKRZLWWKXQGHUV 1RWHWKDWWKHYHUEMXJDUWRSOD\ IROORZVWKHSDWWHUQXĺXHVHHSDJHRIWKHYHUEWDEOHV \R SLGRW~ SLGHVpOHOOD8G SLGHQRVRWURVDV SHGLPRVYRVRWURV HĺLEXWQRWIRUQRVRWURVDVRUYRVRWURVDV DV SHGtVHOORVDV8GV SLGHQ 2WKHUYHUEVIROORZLQJWKLVSDWWHUQ DUUHSHQWLUVH FRPSHWLUFRQFHELUFRQVHJXLUFRQVHQWLUFRUUHJLUVH GHUUHWLUVH GHVSHGLUVH HOHJLUJHPLULPSHGLUPHGLUSHUVHJXLU UHSHWLUUHxLUVHUYLUVHJXLUYHVWLUVH
2WKHULUUHJXODULWLHVLQWKHSUHVHQWVLPSOH 6RPHYHU\FRPPRQYHUEVDUHYHU\LUUHJXODULQWKHILUVWSHUVRQVLQJXODURIWKHSUHVHQWWHQVH *RWRWKHYHUEWDEOHVLQWKH$SSHQGL[IRUWKHIXOOFRQMXJDWLRQRIWKHVHYHUEV D $GGLQJ\WRWKHILUVWSHUVRQVLQJXODU
\R GR\W~ GDVpOHOOD8G GDQRVRWURVDV GDPRVYRVRWURVDV GDLVHOORVDV8GV GDQ
9HUEVIROORZLQJWKLVSDWWHUQGDUDQGHVWDU E $GGLQJJWRWKHILUVWSHUVRQVLQJXODU
\R WHQJRW~ WLHQHVpOHOOD8G WLHQHQRVRWURVDV WHQHPRV YRVRWURVDV WHQpLVHOORVDV8GV WLHQHQ
2WKHUYHUEVIROORZLQJWKLVSDWWHUQ KDFHUSRQHUVDOLUYHQLUGHFLURtU GHFLUDOVRFKDQJHVWKHHLQWKHVWHPIRULGLJRGLFHVGLFHGHFLPRVGHFtVGLFHQ F 9HUEV HQGLQJ LQ HFHU DQGGXFLU SOXVFRQRFHU DQG LWV GHULYDWLYHV \R FRQR]FRW~ FRQRFHVpOHOOD8G FRQRFHQRVRWURVDV 7KLV DOVR DSSOLHV WR WKH YHUEVQDFHU OXFLU SODFHU DQG WKHLU FRQRFHPRVYRVRWURVDV FRQRFpLVHOORVDV8GV FRQRFHQ GHULYDWLYHVGHVOXFLUFRPSODFHU 2WKHUYHUEVIROORZLQJWKLVSDWWHUQDGG]WRWKHVWHPLQWKHILUVWSHUVRQVLQJXODU DJUDGHFHUDSDUHFHUFDUHFHUFRPSDGHFHUFUHFHUFRQGXFLUGHGXFLUGHVDSDUHFHUGHVFRQRFHUGHVOXFLUHQYHMHFHUHVWDEOHFHUPHUHFHU REHGHFHUSDUHFHUSHUWHQHFHUUHGXFLUUHSURGXFLUWUDGXFHU G 9HUEV HQGLQJ LQ XLU DGG\WR WKHLU VWHP LQ DOO SHUVRQV H[FHSW LQ WKH \R FRQVWUX\RW~ FRQVWUX\HVpOHOOD8G FRQVWUX\HQRVRWURVDV ILUVWDQGVHFRQGSHUVRQVSOXUDO FRQVWUXLPRVYRVRWURVDV FRQVWUXtVHOORVDV8GV FRQVWUX\HQ 2WKHUYHUEVIROORZLQJWKLVSDWWHUQ DWULEXLUDUJLUFRQFOXLUFRQVWLWXLUFRQWULEXLUGHVWLWXLUGHVWUXLUGLOXLUGLVPLQXLUGLVWULEXLUH[FOXLUKXLULQFOXLULQVWUXLUREVWUXLU SURVWLWXLUUHFRQVWUXLUUHWULEXLUVXE VWLWXLU 7KLVDOVRDSSOLHVWRWKHYHUERtUH[FHSWIRUWKHILUVWSHUVRQVLQJXODURLJR
9HU\LUUHJXODUYHUEVLQWKHSUHVHQWVLPSOH 7KHYHUEVVHUWREH DQGLUWRJR DUHWRWDOO\LUUHJXODU 6HU
)RUPRUHRQWKLVYHUEJRWR6HFWLRQ
LU KDEHUWKHUHLVWKHUHDUH LVRQO\XVHGLQWKHWKLUGSHUVRQVLQJXODU
\R VR\W~ HUHVpOHOOD8G HVQRVRWURVDV VRPRVYRVRWURVDV VRLVHOORVHOODV8GV VRQ \R YR\W~ YDVpOHOOD8G YDQRVRWURVDV YDPRVYRVRWURVDV YDLVHOORVHOODV8GV YDQ 1RKD\FDIpHQODFRFLQD7KHUHLVQRFRIIHHLQWKHNLWFKHQ
8VH 7RUHIHUWRDFWLRQVZKLFKDUHKDSSHQLQJDVZHVSHDN,QWKHVHFDVHVWKH SUHVHQWLVRIWHQLQWHUFKDQJHDEOHZLWKWKHSUHVHQWFRQWLQXRXV
2LJRUXLGRVHQHOMDUGtQ,FDQKHDUQRLVHVLQWKHJDUGHQ 7RGRVORVGtDVHPSH]DPRVODVFODVHVDODVRFKR:HVWDUWOHVVRQVDW HLJKWHYHU\GD\ /DH[SHULHQFLDHVODPDGUHGHODFLHQFLD([SHULHQFHLVWKHPRWKHURI NQRZOHGJH 6LPyQ%ROtYDUQDFHHQ9HQH]XHOD\GHVSXpVGHOLEHUDUFLQFR UHS~EOLFDVVXUDPHULFDQDVPXHUHHQ&RORPELDWULVWH\GHVLOXVLRQDGR 6LPyQ%ROtYDUZDVERUQLQ9HQH]XHODDQGDIWHUOLEHUDWLQJILYHQDWLRQV GLHGLQ&RORPELDVDGDQGGLVLOOXVLRQHG
7RUHIHUWRIXWXUHHYHQWVWKDWKDYHEHHQSODQQHG,WLVRIWHQ LQWHUFKDQJHDEOHZLWKWKHIXWXUHWHQVHRUZLWKLUD
(OFXUVRWHUPLQDHOGHMXOLR7KHFRXUVHZLOOILQLVKRQWK-XO\ 7HVLHQWDV\WHWRPDVODVRSLWDUHTXHVW 6LWGRZQDQGHDW\RXUVRXS £0HGHYXHOYHODFiPDUDLQPHGLDWDPHQWHFRPPDQG *LYHPHWKH FDPHUDEDFNLPPHGLDWHO\
(MHUFLFLRV
&RPSOHWHWKHIROORZLQJWDEOHZLWKWKHFRUUHVSRQGLQJIRUPVRIWKHYHUEVLQWKHSUHVHQWWHQVH7KH\DUHDOO UHJXODU \R W~ pOHOOD8G QRVRWURVDV YRVRWURVDV HOORVDV8GV
&DQWDU FDQWR
EHEHU
VXELU 6XEHV
EHEH EHEHPRV VXEtV FDQWDQ
&RPSOHWHWKHIROORZLQJGLDORJXHZLWKWKHFRUUHFWIRUPRIWKHYHUEVLQEUDFNHWV ²¢$TXpKRUDD FRPHQ]DUW~ DWUDEDMDUPDxDQD" ²$ODVVLHWH\PHGLD£6LQRPHE GHVSHUWDU\R DODVVHLVHVWDUpSHUGLGD ²3HURORVQLxRVF GRUPLUHOORV KDVWDPiVWDUGH¢QR" ²6tSRUTXHQRUPDOPHQWHQRQRVG DFRVWDUQRVRWURV PX\WHPSUDQR ²%XHQR\DFDVLHVPHGLDQRFKH£6LH VHJXLUQRVRWURV KDEODQGRGHYHUGDGTXHQRWHYDVDSRGHU OHYDQWDU ²6LQRI FRQVHJXLU\R OHYDQWDUPHDWLHPSRQRVpTXpYDDSDVDU ²J SRGHU\R OODPDUWHDODVVHLVVLTXLHUHV ²£4XpPHK GHFLUW~ £7HL FRQIHVDU\R TXHQRHVWDEDHVSHUDQGRHVDVXJHUHQFLD &RPSOHWH WKH IROORZLQJ WDEOH ZLWK WKH DSSURSULDWH IRUP RI WKH SUHVHQW WHQVH DQG VD\ ZKLFK W\SH RI LUUHJXODULW\LWLV7KHILUVWRQHKDVEHHQGRQHIRU\RX D FRQRFHU E RtU F JREHUQDU G VDOLU H HQFRQWUDU I UHSHWLU
\R FRQR]FR HOORV HOOD \R W~ 8GV
$GGVµ]¶WRWKHVWHP
&RPSOHWHWKHIROORZLQJH[WUDFWIURPDZHDWKHUIRUHFDVWXVLQJWKHYHUEVEHORZLQWKHSUHVHQWWHQVH VHUSUHSDUDUOORYHUVHUWHQHUEULOODUYHU
(Q(VWDGRV8QLGRVD PXFKRPLHQWUDVTXHHQHO&DULEHE HOVRO6LREVHUYDPRVTXpSDVDHQ(XURSD2FFLGHQWDOF TXH HVH FRQWLQHQWH G XQ FOLPD PiV XQLIRUPH (O GH MXQLR H HO VROVWLFLR GH YHUDQR HQ HO KHPLVIHULR QRUWH \ HO GH LQYLHUQRHQHOVXU7RGRVVHI SDUDHOFDPELRGHWLHPSR
7KHSUHVHQWFRQWLQXRXV 7KHSUHVHQWFRQWLQXRXV±HOSUHVHQWHFRQWLQXR±VKRZVSURJUHVVLRQRIDFWLRQLQWKHSUHVHQW )RUP 7KHSUHVHQWFRQWLQXRXVLVIRUPHGXVLQJHVWDUDQGWKHJHUXQGRIWKHPDLQYHUE DUĺDQGR HUDQGLUĺLHQGR
HVWDU \R
HVWR\
W~
HVWiV
SHQVDUĺSHQVDQGR
pOHOOD8G
HVWi
FRQRFHUĺFRQRFLHQGR
QRVRWURVDV
HVWDPRV
HVFULELUĺHVFULELHQGR
YRVRWURVDV
HVWiLV
HOORVDV8GV
HVWiQ
0DPiHVWiODYDQGRHOFRFKH0XPLVZDVKLQJWKHFDU 0DQXHODKRUDHVWiYLYLHQGRHQ$UJHQWLQD0DQXHOLVQRZOLYLQJLQ $UJHQWLQD
7KHXVHRIWKHSUHVHQWFRQWLQXRXVLVVLPLODULQPDQ\LQVWDQFHVWRWKHXVHRILWVHTXLYDOHQWLQ(QJOLVKIRU LQVWDQFHZKHQUHIHUULQJWRDFWLRQVKDSSHQLQJDVZHVSHDN(VWR\OH\HQGR,DPUHDGLQJ +RZHYHUZKHQLQ (QJOLVKWKLVWHQVHLVXVHGWRUHIHUWRDFWLRQVKDSSHQLQJLQWKHIXWXUH6SDQLVKGRHVQRWXVHWKHSUHVHQWFRQWLQXRXV EXWWKHVLPSOHSUHVHQWRUDIXWXUHIRUPHJ 1RVYDPRVHOYLHUQHV:HDUHOHDYLQJRQ)ULGD\ (MHUFLFLRV
&RPSOHWHWKHIROORZLQJVHQWHQFHVZLWKWKHFRUUHFWIRUPRIWKHSUHVHQWFRQWLQXRXV D-XDQFDPELDU XQRVGyODUHVHQHOEDQFR E0LVSDGUHVYLDMDU SRU&HQWURDPpULFD F/RVFLFOLVWDVFRUUHU HQOD9XHOWDD&RORPELD G*ORULD\\ROHHU /DFDVDGHORVHVStULWXV H0HFRQWDURQTXHW~\0DUtDYHQGHU ODFDVD /RRNDWWKHIROORZLQJSLFWXUHVDQGVSRWWKHGLIIHUHQFHVEHWZHHQWKHWZRXVLQJWKHSUHVHQWFRQWLQXRXVRI RQHRIWKHYHUEVEHORZDVLQWKHH[DPSOH
OHHUFRUUHUVRQUHtUOORUDUGRUPLUEHEHUFRQVXOWDUFRPHU
$ODL]TXLHUGD D ODPXMHUHVWiOH\HQGRE HOQLxRF HOSHUURG \ORVPXFKDFKRVXQPDSD $ODGHUHFKD L ODPXMHUDJXDLL HOQLxRLLL HOSHUURLY \ORVPXFKDFKRVXQERFDGLOOR
)XWXUHWHQVHVRIWKHLQGLFDWLYH 7KH6SDQLVKIXWXUHWHQVHV±ORVWLHPSRVGHOIXWXUR±DUHXVHGWRUHIHUWRDFWLRQVWKDWZLOOWDNHSODFHDIWHUWKH VSHDNHUKDVVSRNHQ7KH\DUHYHU\VLPLODUWRWKH(QJOLVKWHQVHVXVHGWRWDONDERXWWKHIXWXUH WKHIXWXUHVLPSOH/RFRPSUDUpPDxDQD±,VKDOOEX\LWWRPRUURZ WKHIXWXUHFRQWLQXRXV0DxDQDDHVWDVKRUDVHVWDUHPRVOOHJDQGR±7RPRUURZDWDERXWWKLVWLPHZHZLOOEH DUULYLQJ WKHIXWXUHSHUIHFW&XDQGRWHGHVSLHUWHV\DKDEUiOOHJDGR3DSi1RHO±:KHQ\RXZDNHXS)DWKHU&KULVWPDV ZLOOKDYHEHHQ DQGWKHPRVWFRPPRQZD\WRUHIHUWRWKHIXWXUHLQ6SDQLVKWKHIXWXUHZLWKLUDLQILQLWLYHJRLQJWR 9R\D GHFLUOHD/XLVDORTXHSLHQVR±,DPJRLQJWRWHOO/XLVDZKDW,WKLQN 7KHIXWXUHZLWKLUD 7KLVLVVLPLODUWRWKHIXWXUHZLWKµJRLQJWR¶LQ(QJOLVK )RUP ,WLVIRUPHGE\WKHSUHVHQWWHQVHRILUDWKHLQILQLWLYHRIWKHYHUE \R YR\
DEXVFDU
W~ YDV
DJDQDU
pOHOOD8G YD
DVDOLU
QRVRWURVDV YDPRV
DSHUGHU
YRVRWURVDV YDLV
DFRQVWUXLU
HOORVDV8GV YDQ
DFRPHU
8VH 7KHIXWXUHZLWKLUDLQILQLWLYHUHIHUVWRDQHDUIXWXUHRUDQRWVR LPPHGLDWHEXWSODQQHGIXWXUH
9DPRVDHPSH]DUHOYLDMHHQ6HPDQD6DQWD:HDUHJRLQJWRVWDUWWKH MRXUQH\DW(DVWHU
(MHUFLFLRV
:ULWHVHQWHQFHVZLWKLUDLQILQLWLYHDVLQWKHH[DPSOH (MHPSOR W~VDOLUWDUGH 9DVDVDOLUWDUGH D\RKDEODUFRQHOJHUHQWH E&DUORVFRQILUPDUHOYLDMH F/XLV\0DULHODYLVLWDUHOPXVHRGHDUWH GYRVRWURVQRHQFRQWUDUODVOODYHV &RPSOHWHWKHIROORZLQJSRVWFDUGXVLQJWKHIXWXUHZLWKLUD
7KHIXWXUHVLPSOH 7KHIXWXUHVLPSOH±HOIXWXUR±LVVLPLODUWRWKH(QJOLVKIXWXUHZLWKµZLOO¶RUµVKDOO¶ &RPSUDUHPRVODFDVDHVWHDxR:HVKDOOEX\WKHKRXVHWKLV\HDU )RUP 5HJXODUIRUPVRIWKHIXWXUH
7KHIXWXUHWHQVHLVIRUPHGE\DGGLQJWKHFRUUHVSRQGLQJHQGLQJVWRWKHLQILQLWLYHRIWKHYHUE7KH\DUHWKHVDPH IRUDOOYHUEVUHJDUGOHVVRIZKHWKHUWKH\HQGLQDUHURULU \R W~ pOHOOD8G QRVRWURVDV YRVRWURVDV HOORVDV8GV
DU FRPSUDUp FRPSUDUiV FRPSUDUi FRPSUDUHPRV FRPSUDUpLV FRPSUDUiQ
HU FRPSUHQGHUp FRPSUHQGHUiV FRPSUHQGHUi FRPSUHQGHUHPRV FRPSUHQGHUpLV FRPSUHQGHUiQ
LU DxDGLUp DxDGLUiV DxDGLUi DxDGLUHPRV DxDGLUpLV DxDGLUiQ
,UUHJXODUYHUEVLQWKHIXWXUH 7KHUHDUHEDVLFLUUHJXODUYHUEVLQWKHIXWXUH$OORWKHULUUHJXODUYHUEVDUHFRPSRXQGVRIWKRVHOLVWHGEHORZ HJFRPSRQHUIROORZVWKHVDPHSDWWHUQDVSRQHU ,QILQLWLYH FDEHU GHFLU KDEHU KDFHU SRGHU SRQHU TXHUHU VDEHU VDOLU WHQHU
)XWXUH FDEUpFDEUiVFDEUiFDEUHPRVFDEUpLVFDEUiQ GLUpGLUiVGLUiGLUHPRVGLUpLVGLUiQ KDEUpKDEUiVKDEUiKDEUHPRVKDEUpLVKDEUiQ KDUpKDUiVKDUiKDUHPRVKDUpLVKDUiQ SRGUpSRGUiVSRGUiSRGUHPRVSRGUpLVSRGUiQ SRQGUpSRQGUiVSRQGUiSRQGUHPRVSRQGUpLVSRQGUiQ TXHUUpTXHUUiVTXHUUiTXHUUHPRVTXHUUpLVTXHUUiQ VDEUpVDEUiVVDEUiVDEUHPRVVDEUpLVVDEUiQ VDOGUpVDOGUiVVDOGUiVDOGUHPRVVDOGUpLVVDOGUiQ WHQGUpWHQGUiVWHQGUiWHQGUHPRVWHQGUpLVWHQGUiQ
YDOHU YHQLU
YDOGUpYDOGUiVYDOGUiYDOGUHPRVYDOGUpLVYDOGUiQ YHQGUpYHQGUiVYHQGUiYHQGUHPRVYHQGUpLVYHQGUiQ
9HUEVWKDWDUHLUUHJXODULQWKHIXWXUHDUHDOVRLUUHJXODULQWKHFRQGLWLRQDOWHQVH )RUPRUHLQIRUPDWLRQDERXWWKHFRQGLWLRQDOWHQVHVJRWR8QLW 8VH 7RUHIHUWRHYHQWVWKDWZLOOWDNHSODFHDIWHUWKHVSHDNHUKDVVSRNHQ 7RHPSKDVLVHWKDWDQDFWLRQZLOOWDNHSODFH 7RLQGLFDWHSUREDELOLW\DVZHVSHDN6RPHWLPHVFDOOHGWKHµK\SRWKHWLFDO IXWXUH¶ 7RPDNHSUHGLFWLRQVDERXWIXWXUHHYHQWV 7RFRQYH\XQFHUWDLQW\RIWHQH[SUHVVHGLQWKHIRUPRITXHVWLRQV
(OVHFWRUDJUtFRODSURQWRUHFLELUiDSR\RGHOJRELHUQR7KH DJULFXOWXUDOVHFWRUZLOOVRRQUHFHLYHJRYHUQPHQWVXSSRUW /DOODPDUp\OHSHGLUpSHUGyQ,ZLOOFDOOKHUDQGDVNKHUWRIRUJLYH PH 6HUi\DODPHGLDQRFKH,WPXVWEHPLGQLJKW 8QGtDVHTXHGDUiVLQIDPLOLD\VLQIRUWXQD2QHGD\KHZLOOEHOHIW ZLWKRXWIDPLO\RUIRUWXQH ¢6HUiFLHUWR"&RXOGLWEHWUXH"
(MHUFLFLRV
$IWHUFKHFNLQJWKHNH\IRUH[HUFLVHRI6HFWLRQFKDQJHWKHVHQWHQFHVWRWKHIXWXUHWHQVHDVLQWKH H[DPSOH (MHPSOR 9DVDVDOLUWDUGH6DOGUiVWDUGH $QVZHUWKHIROORZLQJTXHVWLRQVXVLQJWKHIXWXUHWHQVHDVLQWKHH[DPSOH (MHPSOR ²¢
YLVLWDUOR FRPR HVWDED SODQHDGR \ QR OH I HOORV DYLVDU KDVWD HO ~OWLPR PRPHQWR 3HUR HQ JHQHUDO WRGR J LU PX\ ELHQ \ K VHU XQ PHV PX\ LQWHUHVDQWH &RPSOHWHWKHIROORZLQJSDUDJUDSKZLWKWKHFRUUHFWIRUPRIWKHIXWXUHWHQVHRIWKHYHUEVLQEUDFNHWV $VHJXUDGRUHVSDOGRDOSURFHVRGHSD] /DVYLVLWDVTXHGHKR\HQDGHODQWHKDJDODFRPXQLGDGLQWHUQDFLRQDODO&DJXiQD VHU PXFKRPiVTXHSDUDGHFLUTXHUHVSDOGDHOSURFHVRGHSD](VWHJUXSRSRU HMHPSOR E KDFHU VXV SURSLRV SODQWHDPLHQWRV VREUH WHPDV FRPR OD VXVWLWXFLyQGHFXOWLYRVLOtFLWRV\F DSR\DU FRQGLQHURHVWHSURJUDPDFXDQGR OOHJXH HO PRPHQWR > @ /RV RFKR SDtVHV TXH YDQ D UHSUHVHQWDU D OD FRPXQLGDG LQWHUQDFLRQDOVHG UHXQLU FDGDGRVPHVHVHQODPHVDGHGLiORJR (O7LHPSR&RORPELDGHPDU]RGHO
7KHIXWXUHFRQWLQXRXV 7KHIXWXUHFRQWLQXRXV±HOIXWXURFRQWLQXR±UHIHUVWRDFWLRQVZKLFKPD\EHKDSSHQLQJLQWKHSUHVHQWRUZKLFK DUHOLNHO\WRWDNHSODFHLQWKHQHDUIXWXUH )RUP 7KHIXWXUHFRQWLQXRXVLVIRUPHGZLWKWKHIXWXUHRIHVWDUSOXVWKHJHUXQG
HVWDU \R
HVWDUp
W~
HVWDUiV
DFDEDQGR
pOHOOD8G
HVWDUi
EHELHQGR
QRVRWURVDV
HVWDUHPRV
UHFLELHQGR
YRVRWURVDV
HVWDUpLV
HOORVDV8GV
HVWDUiQ
8VH 7RVSHFXODWHDERXWDQHYHQWWKDWPD\EHKDSSHQLQJQRZK\SRWKHWLFDO IXWXUH 7RUHIHUWRDFWLRQVRUHYHQWVWKDWDUHOLNHO\WRKDSSHQLQWKHQHDUIXWXUH 7KLVLVVLPLODUWR(QJOLVK
(VWDUiQGXUPLHQGR\D7KH\PD\DOUHDG\EHDVOHHS 0DxDQDDHVWDVKRUDVHVWDUHPRVVDOXGDQGRDWXPDGUH7RPRUURZDW WKLVWLPHZHZLOOEHVD\LQJKHOORWR\RXUPRWKHU
(MHUFLFLR
$QVZHUWKHIROORZLQJTXHVWLRQVDVLQWKHH[DPSOH (MHPSOR ²¢&UHHVTXH\DOOHJDURQ" ²6t\DGHVHPSDFDUODVPDOHWDV HVWDUiQGHVHPSDFDQGRODVPDOHWDV
D²¢6DEHVVL\DHPSH]yODSHOtFXOD" ²6t\DWHUPLQDU E²¢&UHHVTXH\DWHUPLQyODRSHUDFLyQ" ²6t\DHOGHVSHUWDUVH F²¢6DEHVFXiQGRFRPHQ]DURQHOH[DPHQ" ²1RVpSHURPHLPDJLQRTXH\DHOORVDFDEDU G²¢&UHHVTXHHODYLyQGH-XDQD\DDWHUUL]y"²6HJXUR\DHOODVDOLU GHODHURSXHUWR 7KHIXWXUHSHUIHFW 7KHIXWXUHSHUIHFW±HOIXWXURSHUIHFWR±UHIHUVWRDILQLVKHGDFWLRQWKDWZLOOKDYHWDNHQSODFHEHIRUHDQRWKHU DFWLRQLQWKHIXWXUH )RUP 7KHIXWXUHSHUIHFWLVIRUPHGE\WKHIXWXUHRIKDEHUWKHSDVWSDUWLFLSOHRIWKHPDLQYHUEVLPLODUWRZLOOKDYH SDVWSDUWLFLSOHLQ(QJOLVK SDVWSDUWLFLSOH
\R
KDEHU KDEUp
W~
KDEUiV
DSUREDGR
pOHOOD8G
KDEUi
FHOHEUDGR
QRVRWURVDV
KDEUHPRV
DSUHQGLGR
YRVRWURVDV
KDEUpLV
SXHVWR
HOORVDV8GV
KDEUiQ
5HPHPEHUWKDWQRWDOOSDVWSDUWLFLSOHVDUHUHJXODU 7RUHYLVHWKHSDVWSDUWLFLSOHJRWR6HFWLRQ 8VH 7RUHIHUWRDIXWXUHILQLVKHGDFWLRQZKLFKZLOOWDNHSODFHEHIRUHDQRWKHU HYHQWLQWKHIXWXUH 7RVKRZWKDWDQHYHQWPD\KDYHKDSSHQHGE\WKHWLPHZHVSHDN 7RH[SUHVVVFHSWLFDODFFHSWDQFHRIDFWLRQVWKDWPD\KDYHKDSSHQHGLQWKH SDVWDQGKDYHVRPHUHODWLRQVKLSZLWKHYHQWVLQWKHSUHVHQW
&XDQGRYXHOYDV\DKDEUiQWHUPLQDGRHOSXHQWH:KHQ\RXFRPHEDFN WKH\ZLOOKDYHILQLVKHGWKHEULGJH
(MHUFLFLRV
:ULWHVHQWHQFHVXVLQJWKHIXWXUHSHUIHFWDVLQWKHH[DPSOH (MHPSOR ²/ODPpDPLKHUPDQDSHURQRFRQWHVWDVDOLU ²+DEUiVDOLGR D²(VUDURTXHQRKD\DHVFULWRHVWDUHQIHUPD E²1RVpSRUTXpQRKDYHQLGRWHQHUPXFKRWUDEDMR F²1RORVKHYLVWRWUDEDMDUWHUPLQDU
G²1RODYLHQODHVWDFLyQFRQHOUHVWRGHODIDPLOLDWRPDUHOWUHQDQWHVTXHHOORV 0DNHTXHVWLRQVXVLQJWKHIXWXUHSHUIHFWDVLQWKHH[DPSOH (MHPSOR ²&UHRTXHOOHJDURQD\HUDTXpKRUD ²¢$TXpKRUDKDEUiQOOHJDGR" D²0HFRQWDURQTXH-RUJH\/ROD\DVHIXHURQSDUD&DUDFDVFXiQGR E²-DYLHUOODPyDDOJXLHQSDUDUHSDUDUODODYDGRUDDTXLpQ F²&UHRTXH+HUPLQLDVtHQFRQWUyHOOLEURTXHVHOHKDEtDSHUGLGRGyQGH G²'LFHQTXHJDQyHOIHVWLYDOXQDGHODVSHOtFXODVFXEDQDVFXiO &RPSOHWHWKHIROORZLQJSDUDJUDSKZLWKWKHYHUEVEHORZLQWKHIXWXUHSHUIHFW VXELUFRQWDPLQDUSHUGHUGHVDSDUHFHUWHUPLQDU 1XHVWURSODQHWDVHHQIUHQWDDXQIXWXURPX\WULVWH'HQWURGHSRFRWLHPSRD QRVRWURV FRQORV ERVTXHVWURSLFDOHV/DWHPSHUDWXUDGHORVRFpDQRVE SHOLJURVDPHQWH0XFKDVHVSHFLHVGHSHFHV F (OKRPEUHG HODPELHQWHLUUHPHGLDEOHPHQWH1XHVWURVKLMRVH VXKHUHQFLDPiV YDOLRVD
3DVWWHQVHVRIWKHLQGLFDWLYH 3DVWWHQVHVH[SUHVVDFWLRQVWKDWWRRNSODFHLQWKHSDVW7KHUHDUHVHYHUDOWHQVHVLQ6SDQLVKWKHLPSHUIHFWWKH SUHWHULWHWKHSHUIHFWDQGWKHSOXSHUIHFWZKLFKH[SUHVVGLIIHUHQWQXDQFHVRIPHDQLQJLQUHODWLRQWRWKHSDVW(DFK LVH[SODLQHGLQDGLIIHUHQWVHFWLRQ7HQVHVLQWKHLQGLFDWLYHPRRGUHIHUWRDFWLRQVDVIDFWVZKLFKKDYHUHDOO\ KDSSHQHG7KHSHUIHFWKDVEHHQLQFOXGHGLQWKLVVHFWLRQEHFDXVHLWLVXVHGWREULGJHWLPHVSDQVEHWZHHQWKHSDVW DQGWKHSUHVHQW 7KHLPSHUIHFW 7KH6SDQLVKLPSHUIHFW±HOSUHWpULWRLPSHUIHFWR±H[SUHVVHVPHDQLQJVFRUUHVSRQGLQJWRWKH(QJOLVKSDVW FRQWLQXRXVZDVZHUHGR LQJ WKHVWUXFWXUHµXVHGWRGR ¶DQGWKHVLPSOHSDVWZKHQXVHGWRVKRZFRQWLQXLW\RI DFWLRQHJµ:HXVHGWROLYHLQ/HHGV¶DQGµ:HZHUHZRUNLQJLQ&DQDGDDWWKHWLPH¶ )RUP 5HJXODUIRUPVRIWKHLPSHUIHFW 7KHUHJXODUFRQMXJDWLRQLVIRUPHGE\DGGLQJWKHHQGLQJVWRWKHVWHPRIWKHYHUE \R W~ pOHOOD8G QRVRWURVDV YRVRWURVDV HOORVDV8GV
&DPLQDU FDPLQDED FDPLQDEDV FDPLQDED FDPLQiEDPRV FDPLQDEDLV FDPLQDEDQ
EHEHU EHEtD EHEtDV EHEtD EHEtDPRV EHEtDLV EHEtDQ
VDOLU VDOtD VDOtDV VDOtD 6DOtDPRV 6DOtDLV 6DOtDQ
YHU YHtD YHtDV YHtD YHtDPRV YHtDLV YHtDQ
LU LED LEDV LED tEDPRV LEDLV LEDQ
,UUHJXODUYHUEVLQWKHLPSHUIHFW 2QO\WKUHH6SDQLVKYHUEVDUHLUUHJXODULQWKHLPSHUIHFW \R W~ pOHOOD8G QRVRWURVDV YRVRWURVDV HOORVDV8GV
VHU HUD HUDV HUD pUDPRV HUDLV HUDQ
8VH 7RUHIHUWRDQRQJRLQJDFWLRQRUVWDWHLQWKHSDVWZLWKDQXQVSHFLILHGWLPH IUDPH
(QDTXHOODpSRFD\RYLYtDHQXQDFDVDDODRULOODGHOUtR,QWKRVH GD\V,OLYHGLQDKRXVHE\WKHULYHU 7RGRVORVGtDVPHOHYDQWDEDDODVGHODPDxDQD\VROtDLUD 7RUHIHUWRKDELWXDODFWLRQVLQWKHSDVW HQWUHQDU(YHU\GD\,ZRNHXSDWLQWKHPRUQLQJDQGXVHGWRJR WUDLQLQJ /DFDVDHUDRVFXUD\VLQLHVWUD7HQtDXQMDUGtQTXHSDUHFtDXQD 7RGHVFULEHSHRSOHSODFHVDQGREMHFWVLQWKHSDVW MXQJOD7KHKRXVHZDVGDUNDQGVLQLVWHU,WKDGDJDUGHQZKLFKORRNHG OLNHDMXQJOH 7RVHWWKHVFHQHLQDQDUUDWLYHLQWKHSDVWWKHDFWLRQVZRXOGQRUPDOO\EHLQ $TXHOGtDKDFtDPXFKRYLHQWR&RJtHODEULJR\VDOt1RVHYHtDXQ
WKHSUHWHULWH *RWR6HFWLRQIRUWKHFRQWUDVWEHWZHHQSUHWHULWHDQGLPSHUIHFW 7RH[SUHVVSROLWHQHVV
DOPD,WZDVYHU\ZLQG\WKDWGD\,JUDEEHGP\FRDWDQGZHQWRXW7KHUH ZDVQRWDVRXOLQVLJKW ²%XHQRVGtDV¢TXpGHVHDED" ²4XHUtDXQNLORGHIUHVDV µ*RRGPRUQLQJZKDWZRXOG\RXOLNH"¶µ,¶GOLNHDNLORRIVWUDZEHUULHV¶
)RULQIRUPDWLRQRQWKHXVHRIWKHLPSHUIHFWLQUHSRUWHGVSHHFKJRWR8QLW
7KHYHUEVVROHUDQGDFRVWXPEUDUD FDQDOVREHXVHGLQWKHLPSHUIHFWWRH[SUHVVKDELWXDODFWLRQVLQWKH SDVW*RWR6HFWLRQLI\RXQHHGWRUHYLVHWKHVHYHUEV (MHUFLFLRV
3XWWKHIROORZLQJLQILQLWLYHVLQWRWKHLPSHUIHFW'RDVPDQ\DV\RXFDQLQRQHPLQXWH MXJDUQRVRWUDV FUHFHUpO D\XGDU8G HVWXGLDU\R WUDEDMDU8GV YLYLUHOORV DSUHQGHUW~ EHEHUHOODV FDPLQDUHOOD OHHUYRVRWURV HVFULELU8G FRQVWUXLU\R ,Q WKH SUHYLRXV H[HUFLVH ZHUH WKHUH DQ\ YHUEV ZKRVH LPSHUIHFW \RX IRXQG SDUWLFXODUO\ GLIILFXOW WR UHPHPEHU"&DQ\RXH[SODLQZK\"0DNHDQRWHRIWKHPDQGUHYLVHWKHPIUHTXHQWO\ 3UHSDUHIRXUTXHVWLRQVXVLQJWKHLPSHUIHFWWKDW\RXZRXOGOLNHWRDVNDIULHQGDERXWKLVRUKHUSDVW 6D\WZRWKLQJVDERXWWKHVHSHRSOHIURP\RXUSDVWRQHWRGHVFULEHZKDWWKH\ZHUHOLNHDQGDQRWKHURQH DERXWZKDWWKH\XVHGWRGR PLPDGUHRPLSDGUHPLSURIHVRUDGHPDWHPiWLFDVPLSULPHUDQRYLRD (MHPSOR 0LSULPHUQRYLRHUDEDMLWR\WHQtDEDUED(UDPX\VLPSiWLFR\FRPSUHQVLYR/HJXVWDEDODP~VLFD FOiVLFD\MXJDEDDOEDORQFHVWRHQHOHTXLSRGHOEDUULR 'R \RX UHPHPEHU ZKDW \RXU EHGURRP ORRNHG OLNH ZKHQ \RX ZHUH D WHHQDJHU RU D FKLOG" 'HVFULEH LW RUDOO\IRUWRPLQXWHV0DNHVRPHQRWHVDERXWWKHWKLQJV\RXZDQWWRPHQWLRQEHIRUH\RXVWDUW
&RPSOHWHWKHJDSVLQWKLVGHVFULSWLRQRIDQROGKRXVHXVLQJWKHLPSHUIHFWWHQVHRIWKHPRVWDSSURSULDWH YHUEIURPWKHOLVWEHORZ FUHFHUHQWUDUHVWDUGHIHQGHUSDUHFHUTXHGDUVHUKDEHU /DFDVDGHODDEXHODVHPXULyFRQHOOD&XDQGRGHVSXpVGHXQRVDxRVIXLDYHUODGHQXHYRFRPSUHQGt TXHODVFDVDVYLYHQRPXHUHQLJXDOTXHODVSHUVRQDV1RD QDGDGHODDOHJUtD\ODKRVSLWDOLGDG TXH\RUHFRUGDED(QDTXHOODFDVDQRE XQUD\RGHOX](OFDPLQRTXHDWUDYHVDEDHOMDUGLQFLWRGH HQWUDGDF WRWDOPHQWHFXELHUWRGHKLHUED\]DU]DV(QIUHQWHHOJUDQSRUWDOyQG ODHQWUDGDFRQ DLUHDPHQD]DGRUWRWDOPHQWHLPSHQHWUDEOH/DKLHGUDH SRUWRGDVODVSDUHGHVGHODFDVD\PXFKDV GHODVYHQWDQDVI WRWDOPHQWHFXELHUWDV(OMDUGtQJ XQDDXWpQWLFDMXQJODK EDVXUDSRU WRGDVSDUWHV7RGRHQODFDVDL GHFLU³+HPXHUWR6yORPHTXHGDGHVDSDUHFHU¢3RUTXpYLHQHV DTXt"´ 7KHLPSHUIHFWFRQWLQXRXV 7KHLPSHUIHFWFRQWLQXRXV±HOSUHWpULWRLPSHUIHFWRFRQWLQXR±H[SUHVVHVDQRQJRLQJDFWLRQLQWKHSDVWLHDQ DFWLRQZKLFKZDVWDNLQJSODFHZKHQDQRWKHUDFWLRQZDVKDSSHQLQJRUKDSSHQHGHJ/DEDQGDHVWDEDWRFDQGR FXDQGROOHJyHODOFDOGH7KHEDQGZDVSOD\LQJZKHQWKHPD\RUDUULYHG )RUP (QHOPRPHQWRHQTXHFD\yHOUD\RHVWiEDPRVMXJDQGRDODVFDUWDV $WWKHPRPHQWZKHQWKHOLJKWQLQJVWUXFNZHZHUHSOD\LQJFDUGV (OSUHFLRGHODVFDVDVHVWDEDVXELHQGRWDQWRTXHHOPHUFDGRFRODSVy +RXVHSULFHVZHUHJRLQJXSVRPXFKWKDWWKHPDUNHWFUDVKHG
,PSHUIHFWRIHVWDUJHUXQGRIYHUE
(MHUFLFLR
&RPSOHWH WKH IROORZLQJ VHQWHQFHV XVLQJ WKH LPSHUIHFW FRQWLQXRXV WR VKRZ ZKDW ZDV JRLQJ RQ ZKHQ VRPHWKLQJHOVHKDSSHQHG DQRVRWURVSDVHDUSRUHOFDPSR FXDQGRFRPHQ]yDOORYHUWRUUHQFLDOPHQWH EQLxRVKDFHUWDQWRUXLGR TXHQRRtPRVHOWLPEUHGHODSXHUWD FQRVRWUDVYHUODWHOHYLVLyQ \GHUHSHQWHVHIXHODOX]\QRVTXHGDPRVDRVFXUDV GYLHQWRVRSODUWDQIXHUWH TXHDUUDQFyXQiUEROGHOSDUTXH 7KHSUHWHULWH 7KH6SDQLVKSUHWHULWH±HOSUHWpULWRSHUIHFWRVLPSOHRSUHWpULWRLQGHILQLGR±H[SUHVVHVVLQJOHFRPSOHWHDFWLRQV LQWKHSDVWHJ0XULyHQ6KHGLHGLQ 0HORHQFRQWUpD\HU,EXPSHGLQWRKLP\HVWHUGD\ )RUP 5HJXODUIRUPVRIWKHSUHWHULWH \R W~ pOHOOD8G
DU FDPLQp FDPLQDVWH FDPLQy
HU EHEt EHELVWH EHELy
LU VDOt VDOLVWH VDOLy
QRVRWURVDV YRVRWURVDV HOORVDV8GV
FDPLQDPRV FDPLQDVWHLV FDPLQDURQ
EHELPRV EHELVWHLV EHELHURQ
VDOLPRV VDOLVWHLV VDOLHURQ
,UUHJXODUIRUPVRIWKHSUHWHULWH 7KHUHDUHDQXPEHURILUUHJXODULWLHVLQWKHSUHWHULWHWHQVHWKRVHDIIHFWLQJWKHVWHPRIWKHYHUEWKRVHLQYROYLQJ VSHOOLQJFKDQJHVDQGWKHµVWURQJSUHWHULWH¶IRUPV D 5DGLFDOFKDQJLQJYHUEVFKDQJHVRQO\DIIHFWWKHWKLUGSHUVRQVLQJXODUDQGSOXUDO HĺL VHQWLUĺVHQWtVHQWLVWHVLQWLyVHQWLPRVVHQWLVWHLVVLQWLHURQ 2WKHUYHUEVIROORZLQJWKLVSDWWHUQLQFOXGH DGYHUWLUDUUHSHQWLUVHFRPSHWLUFRQFHELUFRQVHQWLUFRQYHUWLUFRUUHJLUGHUUHWLUVHGHVSHGLUGLYHUWLUVH HOHJLUIUHtUJHPLUKHULULPSHGLU LQWHUIHULULQYHUWLUPHGLUPHQWLUSHGLUSHUVHJXLUSUHIHULUUHIHULUVHD UHtUUHQGLUVHUHSHWLUUHxLUVHJXLUVHUYLUVRQUHtUVXJHULU YHVWLUVH GRUPLUĺGRUPtGRUPLVWHGXUPLyGRUPLPRVGRUPLVWHLVGXUPLHURQPRULU RĺX ĺPRUtPRULVWHPXULyPRULPRVPRULVWHLVPXULHURQ E 9HUEVHQGLQJLQGXFLU GXFLUĺGXM
LQWURGXFLUĺLQWURGXMHLQWURGXMLVWHLQWURGXMRLQWURGXMLPRVLQWURGXMLVWHLV LQWURGXMHURQ
2WKHUYHUEVIROORZLQJWKLVSDWWHUQLQFOXGH DGXFLUFRQGXFLUGHGXFLULQGXFLUSURGXFLUUHGXFLUUHSURGXFLUVHGXFLUWUDGXFLU F 9HUEVZKLFKXQGHUJRDVSHOOLQJFKDQJHLQWKHILUVWSHUVRQVLQJXODU
7KLVLVWRSUHVHUYHWKHVRXQGRIWKHFRQVRQDQWLQWKHLQILQLWLYH FDUĺTXp DSDUFDUĺDSDUTXpEXWDSDUFDVWHDSDUFyHWF 2WKHUYHUEVIROORZLQJWKLVSDWWHUQLQFOXGHDUUDQFDUDWDFDUURQFDU JDUĺJXp MXJDUĺMXJXpEXWMXJDVWHMXJyHWF 2WKHUYHUEVIROORZLQJWKLVSDWWHUQLQFOXGHDKRJDUFROJDUSDJDUSHJDUUHJDU ]DUĺFp FUX]DUĺFUXFpEXWFUX]DVWHFUX]yHWF 2WKHUYHUEVIROORZLQJWKLVSDWWHUQLQFOXGHDEUD]DUDOPRU]DUHPSH]DUUH]DU JXDUĺJp DYHULJXDUĺDYHULJpEXWDYHULJXDVWHDYHULJXyHWF 2WKHUYHUEVIROORZLQJWKLVSDWWHUQLQFOXGHDPRUWLJXDUDSDFLJXDU G 9HUEVWKDWXQGHUJRDVSHOOLQJFKDQJHLĺ\
7KLVRQO\DIIHFWVWKHWKLUGSHUVRQVVLQJXODUDQGSOXUDO FRQFOXLUĺFRQFOXtFRQFOXLVWHFRQFOX\yFRQFOXLPRVFRQFOXLVWHLV FRQFOX\HURQ 2WKHUYHUEVIROORZLQJWKLVSDWWHUQLQFOXGHYHUEVHQGLQJLQXLUDIOXLUFRQVWLWXLUFRQVWUXLUFRQWULEXLUGHVWLWXLUGHVWUXLUGLOXLUGLVWULEXLU H[FOXLUIOXLUKXLULQFOXLULQIOXLULQVWLWXLULQVWUXLUEXWDOVRRWKHUVOHHURtUFDHUGHFDHUUHFDHU
9RZHOHULUPRVWO\XLUSDWWHUQ ĺ\y±\HURQ
H 7KHµVWURQJSUHWHULWHV¶
µ6WURQJSUHWHULWHV¶±SUHWpULWRVIXHUWHV±GLIIHUIURPWKHJHQHUDOUXOHEXWQHYHUWKHOHVVVKDUHDSDWWHUQLQDOORI WKHPWKHVWUHVVIDOOVRQWKHVWHPRIWKHYHUEQRWRQWKHYHUEHQGLQJ7KH\KDYHEHHQJURXSHGDFFRUGLQJWR VLPLODULWLHV 9HUEVWKDWFKDQJHWKHURRWYRZHOIRUX FDEHU KDEHU SRGHU SRQHU VDEHU
FXSHFXSLVWHFXSRFXSLPRVFXSLVWHLVFXSLHURQ KXERKXELHURQ SXGHSXGLVWHSXGRSXGLPRVSXGLVWHLVSXGLHURQ SXVHSXVLVWHSXVRSXVLPRVSXVLVWHLVSXVLHURQ VXSHVXSLVWHVXSRVXSLPRVVXSLVWHLVVXSLHURQ
9HUEVWKDWFKDQJHWKHYRZHOURRWIRUL GHFLU KDFHU TXHUHU YHQLUH
GLMHGLMLVWHGLMRGLMLPRVGLMLVWHLVGLMHURQ KLFHKLFLVWHKL]RKLFLPRVKLFLVWHLVKLFLHURQ TXLVHTXLVLVWHTXLVRTXLVLPRVTXLVLVWHLVTXLVLHURQ YLQHYLQLVWHYLQRYLQLPRVYLQLVWHLVYLQLHURQ
9HUEVWKDWDGGXYDWWKHHQGRIWKHURRW
HVWDU WHQHU
DQGXYHDQGXYLVWHDQGXYRDQGXYLPRVDQGXYLVWHLVDQGXYLHURQ %XWDOVRFRPPRQO\FRQMXJDWHGDVDUHJXODUYHUEDQGpHWFHVSHFLDOO\LQ SDUWVRI6SDQLVK$PHULFD HVWXYHHVWXYLVWHHVWXYRHVWXYLPRVHVWXYLVWHLVHVWXYLHURQ WXYHWXYLVWHWXYRWXYLPRVWXYLVWHLVWXYLHURQ
2QHV\OODEOHYHUEVGDUDQGYHUDOVRFKDQJHWKHLUYRZHOWRL GDU YHU
GLGLVWHGLRGLPRVGLVWHLVGLHURQ YLYLVWHYLRYLPRVYLVWHLVYLHURQ
DQGDU
9HUEVWKDWDGGDM GHFLU WUDHU LUDQGVHUERWKKDYHWKHVDPHSUHWHULWHIRUP LUVHU
GLMHGLMLVWHGLMRGLMLPRVGLMLVWHLVGLMHURQ WUDMHWUDMLVWHWUDMRWUDMLPRVWUDMLVWHLVWUDMHURQ IXLIXLVWHIXHIXLPRVIXLVWHLVIXHURQ
1RWHWKDWYHUEVEHORQJLQJWRWKHIDPLO\RIDQ\RIWKHDERYHVKDUHWKHVDPHSDWWHUQ HJVXSHUSRQHUOLNHSRQHU ĺVXSHUSXVHHWFFRQWHQHUOLNHWHQHU ĺFRQWXYHHWF 8VH 7RUHIHUWRVLQJOHFRPSOHWHDFWLRQVLQWKHSDVW 7RORFDWHDQHYHQWLQWKHSDVW 7RUHIHUWRDSHULRGRIWLPHWKDWLVFRQVLGHUHGILQLVKHG 7RUHIHUWRWKHHYHQWVLQDQDUUDWLYHLQWKHSDVW 7RUHIHUWRDSDVWHYHQWFRPSOHWHGEHIRUHDVHFRQGRQH
6HFD\ySRUODVHVFDOHUDV\VHURPSLyODSLHUQD+HIHOOGRZQWKH VWDLUVDQGEURNHKLVOHJ &HUYDQWHVPXULyHQ&HUYDQWHVGLHGLQ 9LYtHQ9HUDFUX]GXUDQWHDxRV,OLYHGLQ9HUDFUX]IRU\HDUV /OHJyDODFDVDVDFyODOODYHHLQWHQWyDEULUODSXHUWD6HDEULyDO PRPHQWRFRQXQFKLUULGR6KHJRWWRWKHKRXVHWRRNRXWKHUNH\DQG WULHGWRRSHQWKHGRRU,WFUHDNHGRSHQLPPHGLDWHO\ 2\yXQUXLGR\VHSXVRDFRUUHU+HKHDUGDQRLVHDQGVWDUWHGUXQQLQJ
$QRWKHUWHQVHXVHGWRUHIHUWRDFWLRQVWKDWWRRNSODFHLQWKHSDVWLVWKHSUHVHQWKLVWRULF
6HFWLRQ
(MHUFLFLRV
3XWWKHIROORZLQJLQILQLWLYHVLQWRWKHDSSURSULDWHSHUVRQRIWKHSUHWHULWHWHQVH$OORIWKHPDUHUHJXODU VDOWDUQRVRWUDV FUHFHUpO D\XGDU8G HVWXGLDU\R WUDEDMDU8GV YLYLUHOORV DSUHQGHUW~ EHEHUHOODV FDPLQDUHOOD OHHUYRVRWURV HVFULELU8G YRODU\R 7KH IROORZLQJ YHUEV DOO KDYHSUHWpULWRV IXHUWHV 3XW WKH LQILQLWLYHV LQWR WKH DSSURSULDWH SHUVRQ RI WKH SUHWHULWHWHQVH SRGHU\R SRQHU\R VDEHU\R GHFLUHOORV KDFHUHOORV TXHUHUHOORV YHQLUW~ GHFLUW~ TXHUHUW~ HVWDUYRVRWURV WHQHUYRVRWURV KDFHUYRVRWURV ,QWKHSUHYLRXVH[HUFLVHZHUHWKHUHDQ\YHUEVWKDW\RXIRXQGSDUWLFXODUO\GLIILFXOW"3UDFWLVHWKHPZLWK GLIIHUHQWSHUVRQV$QGZHUHWKHUHDQ\SDUWLFXODUSHUVRQVHJYRVRWURV WKDWZHUHHVSHFLDOO\GLIILFXOW" 3UDFWLVHWKHPZLWKGLIIHUHQWYHUEV 7KHIROORZLQJSUHWHULWHIRUPVDUHQRWWRWDOO\UHJXODU:ULWHGRZQWKHLQILQLWLYHLQIURQWRIHDFKYHUELQ WKHSUHWHULWHDQGWKHQPDWFKWKHYHUEZLWKWKHW\SHRILUUHJXODULW\WKDWKDVRFFXUUHG (MHPSOR
:ULWHVHYHQVHQWHQFHVHDFKZLWKDYHUEWKDWH[HPSOLILHVRQHRIWKHW\SHVRILUUHJXODULWLHVIURPWKHODVW H[HUFLVH +HUHLVDVKRUWELRJUDSK\RI/D0DOLQFKHDQ$]WHFSULQFHVVZKROLYHGDWWKHWLPHRIWKHFRQTXHVWRI 0H[LFR LQ WKH VL[WHHQWK FHQWXU\ &RPSOHWH WKH JDSV WR ILQG RXW DERXW KHU 8VH WKH YHUEV IURP WKH OLVW SXWWLQJWKHPLQWKHSUHWHULWH QDFHUOOHJDUFRQWULEXLUPRULUSHUPDQHFHUVHUWHQHUYHQGHUFDVDUFRQYHUWLUVH /D0DOLQFKHD DSULQFLSLRVGHOVLJOR;9,7UDVODPXHUWHGHVXSDGUHODE FRPRHVFODYD\DVt F DOVHUYLFLRGH+HUQiQ&RUWpVG VXWUDGXFWRUDFRQVHMHUD\DPDQWH\FRQpOH XQKLMR 0DUWtQI FRQ&RUWpVGHVGHKDVWD(Q&RUWpVODJ FRQXQRGHVXVFDSLWDQHV K DOSRFRGHQDFHUVXKLMDHQ(VWDPXMHUL HQRUPHPHQWHDODFDXVDGHORVHVSDxROHVH LQFOXVRM DOFULVWLDQLVPR &KRRVLQJEHWZHHQWKHSUHWHULWHDQGWKHLPSHUIHFW /HDUQHUVRI6SDQLVKRIWHQILQGLWGLIILFXOWWRFKRRVHEHWZHHQWKHLPSHUIHFWDQGWKHSUHWHULWHZKHQUHIHUULQJWR DFWLRQVZKLFKWRRNSODFHLQWKHSDVW8VHWKHIROORZLQJJXLGHOLQHVWRKHOS\RX 7KHSUHWHULWHLVXVHGWRH[SUHVVVLQJOHDFWLRQVLQWKHSDVWZKLOHWKH LPSHUIHFWLVXVHGWRUHIHUWRDFWLRQVZKLFKKDSSHQHGKDELWXDOO\RU UHSHDWHGO\
$\HUPHGRUPt\OOHJXpWDUGHDOFROHJLR
(MHUFLFLRV
5HDGWKHIROORZLQJH[WUDFWDQGGHFLGHZKLFKRIWKHSDVWWHQVHVLQEROG ZRXOGWDNHWKHLPSHUIHFWDQG ZKLFKZRXOGWDNHWKHSUHWHULWHLIWKHH[WUDFWZHUHWUDQVODWHGLQWR6SDQLVK
7KH IDFH LQ WKH SKRWRZDV OHDQ DQG WDQQHG DQG VPLOLQJ OLJKWO\ ZLWK OLSV FORVHG 7KH ZKLWH VKLUW XQGHUWKHUHGVWRUHMDFNHWKDGDEXWWRQOHVVFROODUDQGDWDVWHIXOVWULSHGWLH+HDSSHDUHGQHDWLQ VKDSHDQGWKHPDQZKRWRRNWKHSKRWRDFWXDOO\VSRNHZLWK1LFKRODVDVKHSUHWHQGHGWRVKRSIRU DQ REVROHWH JDGJHWVDLGKHZDVDUWLFXODWHKHOSIXONQRZOHGJHDEOHDQLFH\RXQJPDQ+LVQDPH EDGJHODEHOOHG(DVWHUDV&R0DQDJHUEXWWZRRWKHUVZLWKWKHVDPHWLWOHZHUHVSRWWHGLQWKHVWRUH DWWKHVDPHGD\ -RKQ*ULVKDP 7KH5XQDZD\-XU\/RQGRQ$UURZ%RRNV S
3XWWKHIROORZLQJVHQWHQFHVLQWRWKHSDVWFKRRVLQJWKHSUHWHULWHRULPSHUIHFWDVDSSURSULDWH D3HGURQRYLHQHDFRPHUKR\&KDQJHKR\WRD\HU E7RGRVORVGtDVGDXQSDVHRGHPHGLDKRUD F/DYLVWDGHVGHODFLPDHVPDJQtILFD G/HKDIDVWLGLDGRPXFKRODDFWLWXGGHVXVFRPSDxHURV H(VXQDFKLFDPX\HTXLOLEUDGDSHURKR\VHKDHQIDGDGRPXFKtVLPR&KDQJHKR\WRHVHGtD &RPSOHWHWKHIROORZLQJH[WUDFWZLWKWKHDSSURSULDWHYHUE7KHPHDQLQJDQGWHQVHRIWKHYHUEVZLOOKHOS \RX YLRHQFRQWUDEDSUHJXQWyKDEtDHUDVDFyUHSOLFyLEDSXVR
D XQDYH]XQDPXMHUFX\RRILFLRE FRQWDUFXHQWRVF SRUWRGDVSDUWHVRIUHFLHQGR VXPHUFDGHUtDUHODWRVGHDYHQWXUDVGHVXVSHQVRGHKRUURURGHOXMXULDWRGRDSUHFLRMXVWR8Q PHGLRGtD GH DJRVWR VH G HQ HO FHQWUR GH XQD SOD]D FXDQGR H DYDQ]DU KDFLD HOOD XQ KRPEUHVREHUELRGHOJDGR\GXURFRPRXQVDEOH>@¢7~HUHVODTXHFXHQWDFXHQWRV"I HO H[WUDQMHUR3DUDVHUYLUWHJ HOOD(OKRPEUHK FLQFRPRQHGDVGHRUR\VHODVL HQ ODPDQR ,VDEHO$OOHQGH (YD/XQDWKHGQ%DUFHORQD3OD]D -DQpV S 'HFLGHZKLFKSDUWRIWKHWH[WLQWKHH[HUFLVHDERYHJLYHVEDFNJURXQGLQIRUPDWLRQZKLFKSDUWVHWVWKH VFHQHIRUZKDWLVWRKDSSHQDQGZKLFKDFWXDOO\UHODWHVZKDWKDSSHQHG&DQ\RXVHHWKHSDUWSOD\HGE\ WKHYHUEWHQVHV" ,Q WKLV H[WUDFW IURP WKH QRYHO&RPR DJXD SDUD FKRFRODWH E\ WKH 0H[LFDQ DXWKRU /DXUD (VTXLYHO FRPSOHWHWKHJDSVZLWKWKHLPSHUIHFWRUSUHWHULWHDVDSSURSULDWH7KHH[WUDFWVWDUWVZLWK3HGURHDWLQJD SLHFHRIZDWHUPHORQDQGWKLQNLQJRI7LWD
3HGURVHQWDGRHQVXKDPDFDD FRPHU ODVDQGtD\E SHQVDU HQ7LWD6XFHUFDQtDOH F SURGXFLU XQDJUDQDJLWDFLyQ1RG SRGHU GRUPLULPDJLQiQGRODDKtDXQRVSDVRVGH pO \ GH 0DPi (OHQD SRU VXSXHVWR 6X UHVSLUDFLyQ VH H GHWHQHU XQRV LQVWDQWHV DO HVFXFKDUHOVRQLGRGHXQRVSDVRVHQODVWLQLHEODVI 7HQHU TXHWUDWDUVHGH7LWDODIUDJDQFLD SHFXOLDU TXH VH HVSDUFLy SRU HO DLUH HQWUH MD]PtQ \ RORUHV GH OD FRFLQD VyOR J SRGHU SHUWHQHFHUDHOOD3RUXQPRPHQWRK SHQVDU TXH7LWDVHKDEtDOHYDQWDGRSDUDEXVFDUOR /DXUD(VTXLYHO &RPRDJXDSDUDFKRFRODWH%DUFHORQD*ULMDOER0RQGDGRUL S
7KHSHUIHFW ,QWKHVHQWHQFHVµ,KDYHDVNHGKLPWRFRPH¶DQGµ6KHKDVQRWVDLGDZRUG\HW¶WKHYHUEVDUHLQWKHSHUIHFWWHQVH± HOSUHWpULWRSHUIHFWR6SDQLVKDOVRKDVWKLVWHQVHDQGLWVXVHLVVLPLODUWR(QJOLVKDOWKRXJKWKHUHDUHVRPH GLIIHUHQFHV 7KHSUHWpULWRSHUIHFWRUHIHUVWRDFWLRQVZKLFKVWUHWFKIURPWKHSDVWWRWKHSUHVHQW,QPDQ\FDVHVLWLVFOHDUWKDW WKHDFWLRQVWDUWHGLQWKHSDVWDQGLWLVVWLOOJRLQJRQHJ6LHPSUHKDVLGRXQVRxDGRU+HKDVDOZD\VEHHQD GUHDPHU 7KLVXVHRIWKHSHUIHFWWHQVHLVVKDUHGE\DOOVSHDNHUVRI6SDQLVK ,QRWKHUFDVHVWKHDFWLRQKDVILQLVKHGEXWLWVUHODWLRQZLWKWKHSUHVHQWGHSHQGVRQWKHVSHDNHU¶VSHUFHSWLRQRIWKH SUHVHQWHJ0HKHFRPSUDGRXQFRFKHQXHYR,KDYHERXJKWDQHZFDU ,QWKLVH[DPSOHWKHDFWLRQLVILQLVKHG EXWWKHVSHDNHUVLWXDWHVLWLQDµSUHVHQWWLPH¶IUDPHZRUNVLQFHWKHHIIHFWRIWKHDFWLRQLVRQJRLQJ$OWKRXJKWKLV XVHLVQRWVKDUHGE\DOOVSHDNHUVRI6SDQLVKWKHUHDUHQHYHUWKHOHVVH[DPSOHVRILWVXVHIURPDFURVVWKH6SDQLVK VSHDNLQJZRUOGWKDWLOOXVWUDWHWKHOLQNEHWZHHQWKHSDVWDQGWKHSUHVHQWLQUHODWLRQWRWKHVSHDNHU¶VRZQWLPH IUDPHHJ(OUH\KDPXHUWR7KHNLQJKDVGLHG 7KLVVHQWHQFHVXJJHVWVWKDWWKHGHDWKLVYHU\UHFHQWDQG SRVVLEO\WKDWWKHIXQHUDOKDVQ¶W\HWWDNHQSODFH ,QWKLVXQLWWKHPHDQLQJDQGXVHVRIWKHSHUIHFWDUHH[SODLQHGLQWHUPVRIDµUHWURVSHFWLYH¶SUHVHQWWKLVLVDWHQVH WKDWUHIHUVWRDFWLRQVZKLFKPD\VWUHWFKIURPWKRVHWKDWKDYHDOUHDG\WDNHQSODFHWRWKRVHZKLFKDUHVWLOORQJRLQJ EXWDOZD\VLQDWLPHIUDPHUHODWHGWRWKHSUHVHQWWRWKHVSHDNHU¶VµQRZ¶7KHPDLQGLDOHFWDOGLIIHUHQFHVDUHDOVR UHYLHZHG )RUP 7KHSHUIHFWLVIRUPHGZLWKWKHSUHVHQWWHQVHRIKDEHUSOXVWKHSDVWSDUWLFLSOHRIWKHYHUE
SDVWSDUWLFLSOH
\R
KH
W~
KDV
WRPDGR
pOHOOD8G
KD
FRPLGR
QRVRWURVDV
KHPRV
SHGLGR RULUUHJXODUIRUPHJVLGRYXHOWR
YRVRWURVDV
KDEpLV
HOORVDV8GV
KDQ
5HPDUNV
7KHSDVWSDUWLFLSOHLVLQYDULDEOHLQWKHFRPSRXQGWHQVHVIRUPHGZLWKKDEHUDVVKRZQLQWKHVHH[DPSOHV /RKHPRVYLVWR/RVKHPRVYLVWR/DKHPRVYLVWR/DVKHPRVYLVWR 5HIOH[LYHDQGREMHFWSURQRXQVSUHFHGHWKHDX[LOLDU\KDEHUHJ
6HKDDFRVWDGRWDUGH6KHKDVJRQHWREHGODWH 0HKDQPHQWLGR7KH\KDYHOLHGWRPH ,I\RXQHHGWRUHYLVHWKHVHLWHPVJRWR6HFWLRQVDQGUHVSHFWLYHO\ ,Q6SDQLVKFRQWUDU\WR(QJOLVKQRZRUGPD\VWDQGEHWZHHQWKHDX[LOLDU\KDEHUDQGWKHSDVWSDUWLFLSOHHJ ¢+DVHQFRQWUDGRORVFXDGHUQRV\D"+DYH\RXIRXQG\RXUQRWHERRNV\HW" 1RODVKHSUREDGRQXQFD1XQFDODVKHSUREDGR,KDYHQHYHUWULHGWKHP 8VH 7KHUHDUHVRPHGLIIHUHQFHVLQKRZVSHDNHUVRI6SDQLVKXVHWKHSHUIHFWWHQVH,WLVPRUHZLGHO\XVHGLQ6SDLQ EXWOHVVVRLQ*DOLFLD$VWXULDVDQG&DVWLOOD/HyQ 7KHYDULRXVXVHVRIWKLVWHQVHDFURVVWKH6SDQLVKVSHDNLQJ ZRUOGDUHH[SODLQHGEHORZ D 8QLYHUVDOXVHRIWKHSHUIHFW 7RUHIHUWRDQDFWLRQRUHYHQWWKDWWDNHVSODFHRYHUDSHULRGRIWLPH LQFOXGLQJWKHSUHVHQW
1RORKHWHUPLQDGR,KDYHQ¶WILQLVKHGLW\HW -XOLiQVLHPSUHKDVLGR XQPLHGRVR-XOLiQKDVDOZD\VEHHQDVFDUHG\FDW
7KHSHUIHFWLVRIWHQIRXQGDFFRPSDQLHGE\DGYHUEVRIWLPHRUSKUDVHV
8QLW VXFKDV
1XQFDPHKHHPERUUDFKDGR,KDYHQHYHUJRWGUXQN ¢1RKDVOODPDGRDODDEXHODWRGDYtD"+DYHQ¶W\RXFDOOHG*UDQGPD WRGDYtDVLHPSUHQXQFDMDPiVPXFKDVYHFHVDPHQXGRDOJXQDYH] \HW" HWF ¢+DVLGRD$FDSXOFRDOJXQDYH]"6tKHLGRPXFKDVYHFHV+DYH\RX HYHUEHHQWR$FDSXOFR"
$VZHOODVWKHXQLYHUVDOXVHDERYH3HQLQVXODU6SDQLVKH[FHSW*DOLFLDDQG$VWXULDV DOVRXVHVWKHSHUIHFW ¢$TXpKRUDKDVOOHJDGRHVWDPDxDQD":KDWWLPHGLG\RXDUULYHWKLV 7RUHIHUWRDQDFWLRQRUHYHQWZKLFKKDSSHQHGLQWKHSDVWEXWLVFRQVLGHUHG PRUQLQJ" &RPSDUHZLWK¢$TXpKRUDOOHJDVWHD\HU":KDWWLPHGLG\RX WREHLQDWLPHIUDPHZKLFKLVVWLOOLQWKHSUHVHQW DUULYH\HVWHUGD\" 7RUHIHUWRDSDVWDFWLRQRUHYHQWZKLFKKDVDUHVXOWLQWKHSUHVHQWRULV +DWRPDGRGHPDVLDGRDOFRKRO6KHKDVKDGWRRPXFKWRGULQN OLQNHGWRWKHSUHVHQWLQVRPHRWKHUZD\ 7KHUHIRUHVKHLVGUXQN +DQYXHOWRDFDVD7KH\DUHEDFNKRPH 7KHUHIRUHWKH\DUHDWKRPH
:KHQXVHGOLNHWKLVWKHSHUIHFWLVRIWHQDFFRPSDQLHGE\DGYHUEVRIWLPHRUSKUDVHVVXFKDV 1RODKHYLVWRKR\HQWRGRHOGtD,KDYHQRWVHHQKHUDWDOOWRGD\ KR\KR\SRUKR\HVWDPDxDQDHVWRVGtDVHVWDVHPDQDHVWHPHVHVWH 0HKHHQFRQWUDGRFRQHOODGRVYHFHVHVWDVHPDQD,KDYHEXPSHGLQWR DxRHQHOSUHVHQWHVLJORHWF KHUWZLFHWKLVZHHN ÒOWLPDPHQWHQRQRVKHPRVYLVWR:HKDYHQRWVHHQHDFKRWKHUODWHO\ UHFLpQUHFLHQWHPHQWH~OWLPDPHQWHHQORV~OWLPRVWLHPSRV\DHWF
3UHWHULWHYVSHUIHFWLQ3HQLQVXODU6SDQLVK 7KHSHUIHFWLVXVHGWRUHIHUWRDQDFWLRQWKDWWRRNSODFHLQWKHVSHDNHU¶VWLPHIUDPHDVLIWKHDFWLRQKDGWDNHQ SODFHLQVRPHVRUWRIµH[WHQGHGSUHVHQWWLPH¶ZKHQWKLVLVQRWWKHFDVHWKHSUHWHULWHLVXVHG&RPSDUHWKH IROORZLQJVHQWHQFHV +R\PHKHOHYDQWDGRDODV$\HUPHOHYDQWpDODV7RGD\,JRWXSDW
/RVQLxRVKR\KDQOOHJDGRPX\WHPSUDQR7KHFKLOGUHQDUULYHGYHU\ 7RUHIHUWRDQDFWLRQRUHYHQWZKLFKKDSSHQHGLQWKHSDVWEXWLVFRQVLGHUHG HDUO\WRGD\ WREHLQDWLPHIUDPHZKLFKLVVWLOOLQWKHSUHVHQW3HUXDQG$UJHQWLQD LH (VWDPDxDQDKHYLVWRD-XDQHQODSDQDGHUtD,VDZ-XDQDWWKH DVLPLODUXVHWRWKDWPRUHDVVRFLDWHGZLWK3HQLQVXODU6SDQLVK EDNHU¶VWKLVPRUQLQJ £'HUHSHQWHOOHJyODSROLFtDFRJLyDORVODGURQHV\OHVKDGDGRXQD SDOL]DGHPLHGR6XGGHQO\WKHSROLFHDUULYHGFDXJKWWKHWKLHYHVDQGJDYH )RUDGGHGLPSDFWDQGHPRWLRQZKHQWHOOLQJDVWRU\VSRNHQRUZULWWHQ WKHPDJRRGEHDWLQJ YDULRXVUHJLRQV £(OKRPEUHORJULWyORLQVXOWy\ORKDDPHQD]DGRGHPXHUWH7KHPDQ VKRXWHGLQVXOWHGKLPDQGWKUHDWHQHGWRNLOOKLP ¢&yPRKDVHVWDGR"+RZDUH\RX"/LWHUDOO\µ+RZKDYH\RXEHHQVLQFH ,QJUHHWLQJVZKHQWKHUHLVDWDFLWUHIHUHQFHWRDSHULRGRIWLPHWKDWKDV ZHODVWPHW "¶ SDVVHGVLQFHWKHVSHDNHUVZHUHODVWLQWRXFKZLGHVSUHDGWKURXJKRXW ¢&yPRWHKDLGR"+RZDUHWKLQJV"/LWHUDOO\µ+RZKDYHWKLQJV EHHQ 6SDQLVK$PHULFD VLQFHZHODVWPHW "¶
&RPSDULVRQRI3HQLQVXODUDQG$PHULFDQ6SDQLVKXVDJH 7KHIROORZLQJH[DPSOHVLOOXVWUDWHWKHFRQWH[WVLQZKLFK$PHULFDQ6SDQLVKSUHIHUVWKHSUHWHULWHWRWKHSHUIHFW $PHULFDQ6SDQLVK ¢/HtVWHHOHPDLOTXHWHPDQGpHVWDPDxDQD"
3HQLQVXODU6SDQLVK ¢+DVOHtGRHOHPDLOTXHWHKHPDQGDGR 'LG\RXUHDGWKHHPDLO,VHQW\RXWKLVPRUQLQJ" HVWDPDxDQD" 7KH\KDYHDOUHDG\DUULYHG
2WKHUWLSVIRUVHOHFWLQJWKHSHUIHFWRUWKHSUHWHULWH 'HVSLWHWKHDERYHJXLGHOLQHVLWLVQRWDOZD\VFOHDUWRVWXGHQWVRI6SDQLVKZKHQWKHSHUIHFWRUWKHSUHWHULWH VKRXOGEHXVHG6RPHWLPHVWKHSHUIHFWLVXVHGEHFDXVHFKRRVLQJWKHSUHWHULWHZRXOGJLYHDGLIIHUHQWQXDQFHWR WKHVHQWHQFH+HUHDUHVRPHH[DPSOHV D ¢+DVYLVWROD~OWLPDSHOtFXODGH$OPRGyYDU" E ¢9LVWHOD~OWLPDSHOtFXODGH$OPRGyYDU" D ZRXOGEHXVHGZKHQWKHILOPLVVKRZLQJDWWKHFLQHPD+DYH\RXEHHQWRVHHLW\HW" RUDVDJHQHUDO TXHVWLRQ+DYH\RXHYHUVHHQWKLVILOP" ZKHUHDVE ZRXOGEHXVHGWRUHIHUWRWKHWLPHZKHQWKHILOP ZDVRQ'LG\RXVHHLWZKHQLWZDVRQODVWPRQWK" D 6LHPSUHOHKDJXVWDGRHOWHDWUR6KHKDVDOZD\VOLNHGWKHDWUH E 6LHPSUHOHJXVWyHOWHDWUR6KHDOZD\VOLNHGWKHDWUH D ZRXOGEHXVHGWRUHIHUWRDQRQJRLQJKREE\RIDSHUVRQVWLOOOLYLQJZKHUHDVE ZRXOGEHXVHGZKHQ WKHSHUVRQLVGHDG (MHUFLFLRV
&KDQJHWKHZRUGVLQEUDFNHWVVRWKDWWKHVHQWHQFHVDUHLQWKHSHUIHFWWHQVH DQRVRWURVHVWDU HQFDVDWRGRHOGtD E¢W~RtU ODV~OWLPDVQRWLFLDV" F7RGDYtDQRHOODOOHJDU (VWDPRVHVSHUiQGROD G²¢W~WHQHU QRWLFLDVGH-XDQ"²6tpOYROYHU D/RQGUHV 5HDGWKHIROORZLQJOHWWHUDQGGHFLGHZKHWKHUWKHSHUIHFWRUWKHSUHVHQWVLPSOHVKRXOGEHXVHGLQHDFK
FDVH
([SODLQWKHGLIIHUHQFHVLQPHDQLQJEHWZHHQWKHIROORZLQJSDLUV DL $-XDQDWRGDODYLGDOHJXVWyKDFHUJUDQGHVYLDMHV LL $-XDQDWRGDODYLGDOHKDJXVWDGRKDFHUJUDQGHVYLDMHV EL +HVRxDGRFRQVHUSHULRGLVWDWRGDPLYLGD LL (QDTXHOWLHPSRVRxDEDFRQVHUSHULRGLVWD FL ¢+DVOHtGR&LHQDxRVGHVROHGDG" LL ¢/HtVWH&LHQDxRVGHVROHGDGFXDQGRWHORGHMp" 7KHSHUIHFWFRQWLQXRXV )RUP 3HUIHFWRIHVWDUJHUXQGRIYHUE
²$SHQDVKHPRVYLVWRD/RXUGHVHVWDVYDFDFLRQHV²(VTXHKDHVWDGR HVWXGLDQGRSDUDORVH[iPHQHVGHILQGHFXUVRµ:HKDYHKDUGO\VHHQ /RXUGHVGXULQJWKHKROLGD\V¶µ6KHKDVEHHQVWXG\LQJIRUKHUILQDOH[DPV¶
7KLVWHQVHLVRIWHQDFFRPSDQLHGE\WLPHSKUDVHVVXFKDVWRGRHOGtDWRGDODQRFKHGXUDQWHWRGRHOILQGH VHPDQDGHVGHODVWLPH KDVWDODVWLPH HWF 8VH 7KLVWHQVH±HOSUHWpULWRSHUIHFWRFRQWLQXR±LVXVHGWRDGGDVHQVHRISURJUHVVLYHRUFRQWLQXRXVDFWLRQWRWKH SHUIHFW,QWKHH[DPSOHÒOWLPDPHQWHKDHVWDGRHVWXGLDQGRPXFKR6KHKDVEHHQVWXG\LQJDORWUHFHQWO\ WKH SHUIHFWFRQWLQXRXVLVXVHGWRVWUHVVWKDWWKHDFWLRQRIVWXG\LQJKDVEHHQJRLQJRQIRUDSHULRGRIWLPH ~OWLPDPHQWH±UHFHQWO\ (MHUFLFLR
*LYHDQVZHUVWRWKHIROORZLQJTXHVWLRQVXVLQJWKHSHUIHFWFRQWLQXRXV D¢3RUTXpQRPHKDVOODPDGR~OWLPDPHQWH"VDOLUFRQRWUDFKLFD E¢
)RUP 7KHSOXSHUIHFWLVDFRPSRXQGWHQVHIRUPHGE\WKHLPSHUIHFWRIKDEHUDQGWKHSDVWSDUWLFLSOHRIWKHYHUE KDEHU
SDVWSDUWLFLSOH
\R
KDEtD
W~
KDEtDV
FDQWDGR
pOHOOD8G
KDEtD
YHQGLGR
QRVRWURVDV
KDEtDPRV
YRVRWURVDV
KDEtDLV
VDOLGR RULUUHJXODUIRUPHJLGRKHFKR
HOORVDV8GV
KDEtDQ
7RUHYLVHWKHSDVWSDUWLFLSOHVJRWR6HFWLRQ 8VH /RVYLNLQJRV\DKDEtDQDOFDQ]DGRHOQRUWHGH$PpULFDDQWHVGHTXH 7RH[SUHVVDFWLRQVLQWKHSDVWZKLFKKDGDOUHDG\WDNHQSODFHEHIRUHRWKHU &ROyQOOHJDUDDO&DULEHHQ7KH9LNLQJVKDGDOUHDG\UHDFKHG SDVWDFWLRQVRFFXUUHG 1RUWK$PHULFDEHIRUH&ROXPEXVDUULYHGLQWKH&DULEEHDQLQ
1RWHWKHDGYHUE\DRIWHQDFFRPSDQLHVWKHSOXSHUIHFWWHQVHWRUHLQIRUFHWKHLGHDWKDWWKHHYHQWKDGDOUHDG\WDNHQ SODFHZKHQVRPHWKLQJHOVHKDSSHQHG6LPLODUO\WRGDYtDQRDQGD~QQRDUHXVHGWRVKRZWKDWWKHDFWLRQKDGQRW \HWWDNHQSODFH
7LPHUHODWLRQVXVLQJWKHSOXSHUIHFW :LWKWKHSHUIHFWDQGWKHSUHWHULWHLWLQGLFDWHVWKHDFWLRQWKDWWRRNSODFH ILUVW :LWKWKHLPSHUIHFWLWH[SUHVVHVDQDFWLRQZKLFKKDELWXDOO\WRRNSODFH EHIRUHDQRWKHUKDELWXDODFWLRQ 7KHSOXSHUIHFWFDQDOVRUHODWHWRDGYHUEVRUDGYHUELDOSKUDVHVRIWLPH VXFKDVDQWHVGHSDUDHQWRQFHVHWF
+HOOHJDGR/OHJXpDODWLHQGDFLQFRPLQXWRVWDUGH\KDEtDFHUUDGR, JRWWRWKHVKRSILYHPLQXWHVODWHDQGLWKDGDOUHDG\FORVHG (QDTXHOODpSRFDFXDQGROOHJDEDDFDVDGHOWUDEDMRORVQLxRVVH KDEtDQLGRDODFDPD$WWKDWWLPHZKHQ,JRWKRPHIURPZRUNWKH FKLOGUHQKDGDOUHDG\JRQHWREHG 3DUDORVDxRV\DVHKDEtDKHFKRULFR+HKDGEHFRPHULFKE\WKH DJHRI $QWHVGHFXPSOLU ORVDxRVVHKDEtDFDVDGR\KDEtDWHQLGRGRV QLxRV%HIRUHWKHDJHRIKHKDGPDUULHGDQGKDGWZRFKLOGUHQ
)RUWKHXVHRIWKHSOXSHUIHFWLQUHSRUWHGVSHHFKVHH8QLW /HYHO (MHUFLFLRV
3XWWKHIROORZLQJLQILQLWLYHVLQWKHFRUUHFWIRUPRIWKHSOXSHUIHFW D1XQFD\RSDVDU WDQWRPLHGR EeO\DDEULU ODFDUWDFXDQGROOHJXp\ODHVWDEDOH\HQGR F$QWHVGHDTXHOODGLVFXVLyQPLPDULGR\\RMDPiVUHxLU G(OGLUHFWRUFRPXQLFyDORVREUHURVTXHODHPSUHVDTXHEUDU 0DNHVHQWHQFHVZLWKWKHIROORZLQJHOHPHQWVDQGDQ\RWKHUVWKDW\RXPD\ZDQWWRDGG VKRZLQJWKDWWKH VHFRQGVHWKDSSHQHGEHIRUHWKHILUVWRQH DL \RFRUUHUFRQWRGDVPLVIXHU]DVLL ORVERPEHURVOOHJDUXQRVPLQXWRVDQWHV EL /XLVDORVDxRVGDUVXSULPHUFRQFLHUWRLL HPSH]DUDWRFDUFRQVXSDGUH FL HOSDtVHVWDUGHVWUR]DGRLL ODJXHUUDWHUPLQDUHODxRDQWHULRU GL LUDGHWHQHUORLL pOHVFDSDUVH &RPSOHWHWKHJDSVZLWKWKHPRVWDSSURSULDWHYHUEWRFRPSOHWHWKLVH[WUDFWIURPWKHQRYHO1RWLFLDGHXQ VHFXHVWURE\*DEULHO*DUFtD0iUTXH] KDEtDQKHFKRKDEtDQHPSH]DGRUHEDVyWXYRVLJXLHURQFHUUyJLUDURQ
(OWD[L\HO0HUFHGHVD DODXWRPyYLOGH0DUXMDVLHPSUHDODGLVWDQFLDPtQLPDWDOFRPROR E GHVGHHOOXQHVDQWHULRUSDUDHVWDEOHFHUODVUXWDVXVXDOHV$OFDERGHXQRVYHLQWHPLQXWRV WRGRVF DODGHUHFKDHQODFDOOHDPHQRVGHGRVFLHQWRVPHWURVGHOHGLILFLRGHODGULOORV VLQFXEULUGRQGHYLYtD0DUXMDFRQVXHVSRVR\XQRGHVXVKLMRVG DSHQDVDVXELUODFXHVWD HPSLQDGDGHODFDOOHFXDQGRHOWD[LDPDULOORH HODXWRPyYLOGH0DUXMDORI FRQWUDOD DFHUDL]TXLHUGD\HOFKRIHUJ TXHIUHQDUHQVHFRSDUDQRFKRFDU *DEULHO*DUFtD0iUTXH] 1RWLFLDGHXQVHFXHVWUR%DUFHORQD1XHYD1DUUDWLYD S
7KHSOXSHUIHFWFRQWLQXRXV 7KHSOXSHUIHFWFRQWLQXRXV±HOSUHWpULWRSOXVFXDPSHUIHFWRFRQWLQXR±LVXVHGWRUHIHUWRDQDFWLRQZKLFKKDG EHHQJRLQJRQEHIRUHDQRWKHUDFWLRQDVLQ(QJOLVKµ3HWHUFDPHLQDWWKDWPRPHQW+HKDGEHHQSOD\LQJWHQQLV ZLWK0DUJDUHWDQGORRNHGH[KDXVWHG¶ )RUP 3OXSHUIHFWRIHVWDUJHUXQGRIWKHYHUE
/XFtDPLUyDVXPDULGR+DEtDHVWDGRSUHSDUiQGRVHSDUDHVWH PRPHQWRWRGRHOGtDDVtTXHVHDUPyGHYDORU\KDEOy/XFtDORRNHG DWKHUKXVEDQG6KHKDGEHHQSUHSDULQJIRUWKLVPRPHQWDOOGD\VRVKH SOXFNHGXSFRXUDJHDQGVSRNH
8VH 7KHSOXSHUIHFWFRQWLQXRXVHPSKDVLVHVWKHSURJUHVVLYHRURQJRLQJQDWXUHRIDQDFWLRQEHIRUHWKHVXEVHTXHQW DFWLRQWRRNSODFH (MHUFLFLR
&RPSOHWHWKHIROORZLQJVHQWHQFHVVD\LQJZKDWKDGEHHQJRLQJRQEHIRUHWKHDFWLRQWRRNSODFHXVLQJWKH SOXSHUIHFWFRQWLQXRXV
D )LQDOPHQWH OOHJDPRV D OD FLPD GH OD PRQWDxD FDPLQDU GXUDQWH WRGD OD PDxDQD \ QRV HQFRQWUiEDPRVDJRWDGRV
E(OPpGLFRVHHQIDGyPXFKRFXDQGRVHHQWHUyGHTXH7HUHVDQRWRPDU ODPHGLFLQDTXHOHKDEtD PDQGDGR F$OILQDOGHOGtDOOHJDURQORVUHFROHFWRUHVGHDFHLWXQDVWUDEDMDU GHVGHODVGHODPDxDQDSHURVH ODYDURQVHFDPELDURQGHURSD\VHIXHURQDODVILHVWDVGHOSXHEORDEDLODU
,PSHUDWLYHV 7KHLPSHUDWLYH±HOLPSHUDWLYR±LVDPRRGXVHGWRJLYHFRPPDQGVDQGLVVLPLODUWRWKHLPSHUDWLYHLQ (QJOLVK£/iYDWHODVPDQRV±:DVK\RXUKDQGV )RUP 5HJXODUDIILUPDWLYHFRPPDQGV
D 7KHLPSHUDWLYHLQWKHW~IRUPFRUUHVSRQGVWRWKHWKLUGSHUVRQVLQJXODUIRUPRIWKHSUHVHQWLQGLFDWLYHWHQVH DUĺD HULUĺH
DFDEDDSDUFDDQGDFRSLDSLHQVDW~ FRJHFRUUHHVFRJHOHHW~ GHFLGHSLGHUHFLEHW~
E 7KHLPSHUDWLYHIRUYRVRWURVLVIRUPHGE\WDNLQJDZD\WKHURIWKHLQILQLWLYHDQGDGGLQJG ,QILQLWLYH SDJDU SHGLU VXJHULU YROYHU
,PSHUDWLYH SDJDGYRVRWURV SHGLGYRVRWURV VXJHULGYRVRWURV YROYHGYRVRWURV
F 7KHLPSHUDWLYHIRUXVWHGDQGXVWHGHVIROORZVWKHIRUPRIWKHWKLUGSHUVRQVVLQJXODUDQGSOXUDORIWKHSUHVHQW VXEMXQFWLYH 7ROHDUQDERXWWKHFRQMXJDWLRQRIWKHSUHVHQWVXEMXQFWLYHJRWR6HFWLRQ DUĺH HULUĺD
DFDEH8G DSDUTXH8G DQGHQ8GV FRSLHQ8GV HVFRMD8G OHD8G GHFLGDQ8GV UHFLEDQ8GV
,UUHJXODUDIILUPDWLYHFRPPDQGV
D 7KHUHDUHDIHZLUUHJXODULPSHUDWLYHVLQWKHVHFRQGSHUVRQVLQJXODUW~7KHPRVWLPSRUWDQWRQHVDUHOLVWHG EHORZ GHFLU KDFHU LUYH SRQHUSRQ VDOLUVDO VHUVp WHQHUWHQ YHQLUHYHQ
GLW~ GHFLGYRVRWURVDV GLJD8G GLJDQ8GV KD]W~ KDFHGYRVRWURVDV KDJD8G KDJDQ8GV W~ LGYRVRWURVDV YD\D8G YD\DQ8GV W~ SRQHGYRVRWURVDV SRQJD8G SRQJDQ8GV W~ VDOLGYRVRWURVDV VDOJD8G VDOJDQ8GV W~ VHGYRVRWURVDV VHD8G VHDQ8GV W~ WHQHGYRVRWURVDV WHQJD8G WHQJDQ8GV W~ YHQLGYRVRWURVDV YHQJD8G YHQJDQ8GV
E 9HUEVZLWKDQ\LUUHJXODULWLHVLQWKHSUHVHQWWHQVHHJZLWKUDGLFDOFKDQJHV NHHSWKHVDPHLUUHJXODULW\LQWKH LPSHUDWLYHH[FHSWLQWKHYRVRWURVYRVRWUDVIRUP 7RUHYLVHWKHUDGLFDOFKDQJLQJYHUEVLQWKHSUHVHQWWHQVHJRWR8QLW 3UHVHQWWHQVH DSULHWDV SLGHV FXHOJDV
,PSHUDWLYH DSULHWDW~ DSUHWDGYRVRWURVDV DSULHWH8G DSULHWHQ8GV SLGHW~ SHGLGYRVRWURVDV SLGD8G SLGDQ8GV FXHOJDW~ FROJDGYRVRWURVDV FXHOJXH8G FXHOJXHQ8GV
1HJDWLYHFRPPDQGV 7KHQHJDWLYHLPSHUDWLYHLVIRUPHGE\SODFLQJQREHIRUHWKHSUHVHQWVXEMXQFWLYHIRUP7KLVDSSOLHVWRDOO QHJDWLYHIRUPVVLQJXODUDQGSOXUDOW~RUXVWHG9HUEVHQGLQJLQDUWDNHHQGLQJVZLWKHLQWKHVXEMXQFWLYH YHUEVHQGLQJLQHURULUWDNHHQGLQJVZLWKD )RUIXUWKHULQIRUPDWLRQRQWKHSUHVHQWVXEMXQFWLYHJRWR6HFWLRQ QRWHUPLQHVW~ QRROYLGH8G QRFDQWpLVYRVRWURVDV QRKDEOHQ 8GV QRFRUUDVW~ QROHD8G QRVXEiLVYRVRWURVDV QRVXIUDQ8GV
DUĺH HULUĺD
5HPHPEHUWKDWWKHSURQRXQYRVRWURVYRVRWUDVLVQRWXVHGLQ6SDQLVK$PHULFDDQGWKHUHIRUHWKH FRUUHVSRQGLQJLPSHUDWLYHIRUPLVQRWXVHGHLWKHU ,Q6SDLQLQFROORTXLDOFRQWH[WVWKHLPSHUDWLYHIRUPIRUYRVRWURVORVHVWKHILQDOGDQGLWLVRIWHQUHSODFHGE\U $VDUHVXOWSDJDGVXJHULGYROYHGFRPSUDGEHFRPHSDJDUVXJHULUYROYHUDQGFRPSUDUHJ£9ROYHUDTXt &RPHEDFNKHUH (QFOLWLFREMHFWSURQRXQVZLWKWKHLPSHUDWLYH 2EMHFWSURQRXQVDUHDSSHQGHGWRWKHLPSHUDWLYHIRUPZKHQLWLVDIILUPDWLYH 7RUHYLVHWKHREMHFWSURQRXQVJRWR6HFWLRQVDQG 1RWHWKDWLQVRPHFDVHVWKHIRUPWDNHVDZULWWHQDFFHQWWRPDLQWDLQWKHVWUHVVRQWKHVDPHV\OODEOH &RPSUDHOFRFKHD]XO 9HQGDQODFDVD /ODPHQDORVQLxRV $EUDODVYHQWDQDV
ĺ ĺ ĺ ĺ
&yPSUDOR 9pQGDQOD /OiPHQORV ÈEUDODV
,PSHUDWLYHFRQVWUXFWLRQVHTXLYDOHQWWRWKH(QJOLVKIRUPVµ/HW¶Vµµ/HWKLPKHUWKHP¶ &RPSUHPRVODVHQWUDGDVSDUDHOFLQH/HW¶VEX\WKHWLFNHWVIRUWKH ,QVHQWHQFHVZLWKWKHILUVWSHUVRQSOXUDOµ/HW¶V¶ WKHFRQVWUXFWLRQ FLQHPD IROORZVWKHVDPHIRUPDVWKHILUVWSHUVRQSOXUDORIWKHSUHVHQWVXEMXQFWLYH £%HEDPRVDODVDOXGGHORVQRYLRV/HW¶VGULQNWRWKHEULGHDQG EULGHJURRP¶VKHDOWK ,QVHQWHQFHVZLWKWKHRWKHUSHUVRQVRIWKHFRQMXJDWLRQµ/HWKLPKHUWKHP £4XHVHYD\DQ/HWWKHPJR ¶ WKHVXEMXQFWLYHLVDOVRXVHGEXWLQWKHVHFDVHVLWLVSUHFHGHGE\TXH £4XHORFDVWLJXHODOH\/HWWKHODZSXQLVKKLP 3URQRPLQDOYHUEVLQWKHLPSHUDWLYH
7KHUHIOH[LYHSURQRXQVWKDWDUHSDUWRISURQRPLQDOYHUEVDUHDOVRDSSHQGHGWRWKHLPSHUDWLYHIRUPZKHQLWLV DIILUPDWLYH )RUIXUWKHULQIRUPDWLRQDERXWSURQRPLQDOYHUEVJRWR6HFWLRQ W~ 8G YRVRWURV 1RWHWKDWWKHVHIRUPVORVHWKHGDWWKHHQGRIWKH LPSHUDWLYHIRUPIRUYRVRWURVDQGWKDWLQFROORTXLDOFRQWH[WVLWLVRIWHQ UHSODFHGE\DQUHJEDxDURV 8GV QRVRWURV 1RWHWKDWLQWKLVFDVHWKHLPSHUDWLYHIRUPIRUWKHILUVW SHUVRQSOXUDOORVHVWKHVWKDWSUHFHGHVWKHREMHFWSURQRXQ
OHYiQWDWHDFXpVWDWHEixDWH OHYiQWHVHDFXpVWHVHEixHVH OHYDQWDRVDFRVWDRVEDxDRV OHYiQWHQVHDFXpVWHQVHEixHQVH OHYDQWpPRQRVDFRVWpPRQRVEDxpPRQRV
8VH 7RJLYHRUGHUV 7RJLYHLQVWUXFWLRQV 7RJLYHDGYLFH
£6DOJDQGHOHGLILFLRLQPHGLDWDPHQWH/HDYHWKHEXLOGLQJLPPHGLDWHO\ 3RQJDODWDSD\OXHJRJtUHODKDFLDODGHUHFKD3XWWKHFDSRQDQG WKHQWXUQLWWRWKHULJKW +DEODFRQHOPpGLFRDYHUpOTXpSLHQVD7DONWRWKHGRFWRUWRVHH ZKDWKHWKLQNV
1RWHWKDWFRPPDQGVFDQDOVREHH[SUHVVHGE\XVLQJWKHSUHVHQWRUWKHIXWXUHWHQVHV LQIRUPDWLRQDERXWWKHVHWHQVHVJRWR8QLWVDQGUHVSHFWLYHO\
)RUIXUWKHU
(MHUFLFLRV
&RPSOHWHWKHVHQWHQFHVLQWKHIROORZLQJWDEOHZLWKWKHFRUUHVSRQGLQJIRUPVRIWKHLPSHUDWLYH6RPHRI WKHPKDYHEHHQFRPSOHWHGIRU\RX5HPHPEHUWKDWQRWDOOYHUEVDUHUHJXODULQDOOSHUVRQV
7DNHDOOWKHVHQWHQFHVZLWKWKHYHUEOHHULQWKHSUHYLRXVH[HUFLVHDQGSXWWKHPLQWKHQHJDWLYHIRUP &RPSOHWHWKHIROORZLQJVHQWHQFHVZLWKWKHFRUUHFWIRUPRIWKHLPSHUDWLYHDVLQWKHH[DPSOH (MHPSOR FHUUDUW~ ODYHQWDQD&LHUUDODYHQWDQD DWHQHU8G SDFLHQFLDTXHWRGRVHDUUHJODUi EHVFXFKDU8GV FRQDWHQFLyQSXHVHVWRHVPX\LPSRUWDQWH F£GHFLUW~ ODYHUGDG G£1RKDEODUYRVRWURV WDQDOWR $GYHUWLVHPHQWV DUH IXOO RI H[SUHVVLRQV XVLQJ WKH LPSHUDWLYH 5HDG WKH IROORZLQJ DGYHUWLVHPHQWV DQG FRPSOHWHWKHPZLWKWKHFRUUHFWLPSHUDWLYHIRUPRIRQHRIWKHYHUEVIURPWKHER[ SHQVDUROYLGDUDSOLFDUVHXVDUSHUGHULU
D ¢(VWiSHUGLHQGRHOSHOR"£1RODFDEH]D3HOXViQ
E 6LTXLHUHFRPSUDUDFUpGLWR£FRQFXLGDGRODPDWHULDJULVDO%DQFRGHO/ODQR
F ¢7LHQHJDQDVGHXQDVYDFDFLRQHV"£1RORGRVYHFHV(FRWXUVHORDUUHJODUiWRGRDODPD\RU EUHYHGDG
G ¢6HVLHQWHGHSULPLGRRIDOWDGHiQLPR"1RWRPDU9LWDGyQWRGRVORVGtDV
&RQGLWLRQDOWHQVHV &RQGLWLRQDOVH[SUHVVK\SRWKHVHVDQGUHIHUWRHYHQWVZKLFKDUHGHSHQGHQWRQDFRQGLWLRQWKDWQHHGVWREH IXOILOOHGIRUWKHHYHQWVWRWDNHSODFH 7KHFRQGLWLRQDO 7KHVLPSOHIRUPRIWKHFRQGLWLRQDO±HOFRQGLFLRQDOVLPSOH±LVHTXLYDOHQWWRµZRXOG¶LQILQLWLYHLQ(QJOLVK 6LWXYLHUDWLHPSRLUtDDOWHDWURFRQWLJR±,I,KDGWLPH,ZRXOGJRWRWKHWKHDWUHZLWK\RX )RUP 5HJXODUIRUPVRIWKHFRQGLWLRQDO
7KHIRUPRIWKHFRQGLWLRQDOKDVVRPHVLPLODULWLHVZLWKWKHIRUPRIWKHIXWXUHWHQVH/LNHWKHIXWXUHWHQVHWKH FRQGLWLRQDODGGVWKHUHOHYDQWHQGLQJVWRWKHLQILQLWLYH(QGLQJVDUHWKHVDPHIRUDUHURULUYHUEV \R W~ pOHOOD8G QRVRWURVDV YRVRWURVDV HOORVDV8GV
DU FRPSUDUtD FRPSUDUtDV FRPSUDUtD FRPSUDUtDPRV FRPSUDUtDLV FRPSUDUtDQ
HU FRPSUHQGHUtD FRPSUHQGHUtDV FRPSUHQGHUtD FRPSUHQGHUtDPRV FRPSUHQGHUtDLV FRPSUHQGHUtDQ
LU DxDGLUtD DxDGLUtDV DxDGLUtD DxDGLUtDPRV DxDGLUtDLV DxDGLUtDQ
,UUHJXODUYHUEVLQWKHFRQGLWLRQDO
7KHUHDUHYHUEVWKDWDUHLUUHJXODULQWKHFRQGLWLRQDO7KH\DUHWKHVDPHYHUEVWKDWDUHLUUHJXODULQWKH IXWXUH 6HFWLRQ ,QILQLWLYH FDEHU GHFLU KDEHU KDFHU SRGHU SRQHU TXHUHU VDEHU VDOLU WHQHU YDOHU YHQLUH
&RQGLWLRQDO FDEUtDFDEUtDVFDEUtDFDEUtDPRVFDEUtDLVFDEUtDQ GLUtDGLUtDVGLUtDGLUtDPRVGLUtDLVGLUtDQ KDEUtDKDEUtDVKDEUtDKDEUtDPRVKDEUtDLVKDEUtDQ KDUtDKDUtDVKDUtDKDUtDPRVKDUtDLVKDUtDQ SRGUtDSRGUtDVSRGUtDSRGUtDPRVSRGUtDLVSRGUtDQ SRQGUtDSRQGUtDVSRQGUtDSRQGUtDPRVSRQGUtDLVSRQGUtDQ TXHUUtDTXHUUtDVTXHUUtDTXHUUtDPRVTXHUUtDLVTXHUUtDQ VDEUtDVDEUtDVVDEUtDVDEUtDPRVVDEUtDLVVDEUtDQ VDOGUtDVDOGUtDVVDOGUtDVDOGUtDPRVVDOGUtDLVVDOGUtDQ WHQGUtDWHQGUtDVWHQGUtDWHQGUtDPRVWHQGUtDLVWHQGUtDQ YDOGUtDYDOGUtDVYDOGUtDYDOGUtDPRVYDOGUtDLVYDOGUtDQ YHQGUtDYHQGUtDVYHQGUtDYHQGUtDPRVYHQGUtDLVYHQGUtDQ
8VH 7RH[SUHVVZKDWFRXOGRUVKRXOGKDSSHQ
0DULRGHEHUtDFDPELDUVXPRGRGHYLGD0DULRVKRXOGFKDQJHKLV OLIHVW\OH
7RH[SUHVVDSUHVHQWRUIXWXUHK\SRWKHVLV,WLVVLPLODUWRµZRXOG¶,WLV FRPPRQDIWHUFRQGLWLRQDOVHQWHQFHVZLWKVLHTXLYDOHQWWRµLIFODXVHV¶LQ ¢4XpFRQWHVWDUtDVW~":KDWZRXOG\RXUHSO\" (QJOLVK 5HIHUWR6HFWLRQIRUW\SHVDQGPHDQLQJVRIFRQGLWLRQDO 6LWXYLpUDPRVGLQHURQRVLUtDPRVHQVHJXLGD,IZHKDGPRQH\ZH
VHQWHQFHV 7RJLYHDGYLFH 7RPDNHSROLWHUHTXHVWV 7RH[SUHVVSUREDELOLW\RUK\SRWKHVLVLQUHODWLRQWRHYHQWVLQWKHSDVW ,QLQGLUHFWVSHHFKWRUHIHUWRIXWXUHHYHQWV )RUIXUWKHULQIRUPDWLRQ DERXWGLUHFWDQGLQGLUHFWVSHHFKJRWR8QLW
ZRXOGOHDYHVWUDLJKWDZD\
(MHUFLFLRV
&RPSOHWHWKHIROORZLQJVHQWHQFHVZLWKWKHFRQGLWLRQDOIRUPRIWKHYHUEVLQEUDFNHWV D(QWRQFHVWHQHUQRVRWURV XQRVTXLQFHDxRV E6LVXSLHUDQODYHUGDGQRWHYROYHUHOORV DKDEODU F
G-XOLiQ6DQWLDJR,UHQHYDDWUDHUXQDWRUWLOOD\0DQRORYLQR¢-XDQD\W~WHQpLVWLHPSRGHSUHSDUDU DOJR" 6DQWLDJR1RKD\SUREOHPD1RVRWURVSUHSDUDPRVXQDHQVDODGLOODUXVD 7KHFRQGLWLRQDOSHUIHFW 7KHFRQGLWLRQDOSHUIHFW±HOFRQGLFLRQDOFRPSXHVWR±H[SUHVVHVK\SRWKHVLVDQGSUREDELOLW\LQUHODWLRQWRSDVW DFWLRQV )RUP 7KHFRQGLWLRQDOSHUIHFWLVIRUPHGE\WKHFRQGLWLRQDORIKDEHUWKHSDVWSDUWLFLSOHRIWKHYHUE,WLVHTXLYDOHQWWR WKH(QJOLVKFRQVWUXFWLRQµZRXOGKDYH¶SDVWSDUWLFLSOH KDEHU
SDVWSDUWLFLSOH
\R
KDEUtD
W~
KDEUtDV
DSUREDGR
pOHOOD8G
KDEUtD
SXHVWR
QRVRWURVDV
KDEUtDPRV
HVFULWR
YRVRWURVDV
KDEUtDLV
RULUUHJXODUIRUPHJVLGRYXHOWR
HOORVDV8GV
KDEUtDQ
5HPHPEHUWKDWQRWDOOSDVWSDUWLFLSOHVDUHUHJXODU)RUPRUHLQIRUPDWLRQDERXWWKHSDVWSDUWLFLSOHJRWR 6HFWLRQ 8VH 1RODYLGXUDQWHODPDQLIHVWDFLyQ$ORPHMRUVHKDEUtDPDUFKDGR 7RH[SUHVVSUREDELOLW\LQWKHSDVW,QWKLVFRQWH[WWKHFRQGLWLRQDOSHUIHFWLV DQWHVGHOOHJDUQRVRWURV,GLGQ¶WVHHKHUGXULQJWKHGHPRQVWUDWLRQ6KH VRPHWLPHVLQWHUFKDQJHDEOHZLWKWKHSOXSHUIHFW PD\KDYHOHIWEHIRUHZHDUULYHG/LWHUDOO\,WLVOLNHO\WKDWVKHZRXOGKDYH )RUPRUHRQWKHSOXSHUIHFWJRWR6HFWLRQ OHIWEHIRUHZHDUULYHG ,QFRQGLWLRQDOVHQWHQFHVWRUHIHUWRDQRXWFRPHWKDWGLGQRWPDWHULDOLVH 6LKXELHUDVDELGRTXHHVWDEDVHQIHUPDQRKDEUtDYHQLGR,I,KDG VLQFHWKHFRQGLWLRQZDVQRWPHW,WQRUPDOO\IROORZVVLLPSHUIHFW NQRZQ\RXZHUHLOO,ZRXOGQ¶WKDYHFRPH VXEMXQFWLYH )RUPRUHLQIRUPDWLRQDERXWFRQGLWLRQDOFODXVHVJRWR6HFWLRQ ,QLQGLUHFWVSHHFKWRUHSRUWDFWLRQVWKDWLQGLUHFWVSHHFKZRXOGEH 'LMHURQTXHSDUDHOOXQHV\DKDEUtDQILUPDGRHOFRQWUDWR7KH\VDLG H[SUHVVHGLQWKHIXWXUHSHUIHFW WKDWE\0RQGD\WKH\ZRXOGKDYHVLJQHGWKHFRQWUDFW )RUIXUWKHULQIRUPDWLRQDERXWLQGLUHFWVSHHFKJRWR8QLW
(MHUFLFLRV
&RPSOHWHWKHIROORZLQJVHQWHQFHVXVLQJWKHFRQGLWLRQDOSHUIHFWDVLQWKHH[DPSOH (MHPSOR 6LKXELHUDVYHQLGRYHU KDEUtDVYLVWRDOEHEpGH&ULVWLQD D0HSUHJXQWyVLSDUDHOSUy[LPRYHUDQR\DPHUHJUHVDU SDUD4XLWR E&RQWHVWpTXHSDUDODVSUy[LPDV1DYLGDGHVFRQFOXLU HOSUR\HFWR F6LKXELpUDPRVWHOHIRQHDGRSRGHU H[FXVDUQRV G0HDGYLUWLyTXHSDUDGHQWURGHXQDVHPDQDHOFRPLWp\DSXEOLFDU ORVUHVXOWDGRV H6LPHKXELHUDLVOODPDGRRVGDU ODQRWLFLD
:ULWHVHQWHQFHVWRVD\ZKDW\RXWKLQNPD\KDYHKDSSHQHGDVLQWKHH[DPSOH (MHPSOR ²/ODPpDPLKHUPDQDSHURQRFRQWHVWyVDOLU ²+DEUtDVDOLGR D3DVpSRUVXFDVDSHURQRYLVXFRFKHSRQHUORHQHOJDUDMH E'LMRTXHQRKDEtDQSRGLGRHQWUDUSHUGHUODOODYH F1RWpD,QpVPX\FDQVDGDHVWDPDxDQDYROYHUPX\WDUGHGHODILHVWDDQRFKH G1RYLQLHURQDODRILFLQDSRUODWDUGHYHQLUSRUODPDxDQD H5RVDVDFyXQDFDOLILFDFLyQPX\DOWDHVWXGLDUPXFKR &RPSOHWHWKHIROORZLQJVHQWHQFHVVD\LQJZKDW\RXWKLQNVRPHERG\ZRXOGKDYHGRQHLIWKHIROORZLQJKDG RUKDGQRWKDSSHQHGDVLQWKHH[DPSOH (MHPSOR 6LHOSDUWLGRGHI~WEROQRKXELHUDVLGRKR\KDEUtDPRVLGRDODSOD\D D6LORVWUDEDMDGRUHVQRKXELHUDQWHUPLQDGRODREUDHOYLHUQHV E6L$OLFLDQRKXELHUDSHUGLGRODVOODYHVGHVXDSDUWDPHQWR F6LD-DLPHVHOHKXELHUDROYLGDGRHOFXPSOHDxRVGHVXHVSRVD G6L$QLWDKXELHUDKHFKRORTXHOHRUGHQyHOPpGLFR H6LORVQLxRVQRKXELHUDQWHQLGRXQUHVIULDGR
6XEMXQFWLYHWHQVHV 7KHVXEMXQFWLYH±HOVXEMXQWLYR±LVRQHRIWKHYHUEPRRGVPRGRV XVHGWRH[SUHVVXQFHUWDLQW\SRVVLELOLW\ HPRWLRQVDQGZLVKHV )RUIXUWKHULQIRUPDWLRQRQZKDWDPRRGLVJRWR8QLW 7KHUHDUHIRXUWHQVHVLQWKH VXEMXQFWLYHPRRGWKHSUHVHQWWKHSHUIHFWWKHLPSHUIHFWDQGWKHSOXSHUIHFW 7KHSUHVHQWVXEMXQFWLYH )RUP 5HJXODUIRUPVRIWKHSUHVHQWVXEMXQFWLYH 7KHIRUPRIWKHSUHVHQWVXEMXQFWLYH±HOSUHVHQWHGHVXEMXQWLYR±LVEDVHGRQWKHSUHVHQWLQGLFDWLYHIRUPVEXW DUYHUEVWDNHHULUHQGLQJVDQGYLFHYHUVD 7RUHYLVHWKHSUHVHQWWHQVHJRWR6HFWLRQ 9HUEVHQGLQJLQDUIRUPWKHSUHVHQWVXEMXQFWLYHZLWKHHVHWF 9HUEVHQGLQJLQHURULUIRUPWKHSUHVHQWVXEMXQFWLYHZLWKDDVHWF
DFDEHDFDEHVDFDEHDFDEHPRVDFDEpLVDFDEHQ FRUUDFRUUDVFRUUDFRUUDPRVFRUUiLVFRUUDQVXEDVXEDVVXED VXEDPRVVXEiLVVXEDQ
,UUHJXODULWLHVLQWKHSUHVHQWVXEMXQFWLYH $OOLUUHJXODULWLHVLQWKHSUHVHQWLQGLFDWLYH
VHH6HFWLRQ DUHPLUURUHGLQWKHSUHVHQWVXEMXQFWLYH
D 5DGLFDOFKDQJLQJYHUEVHĺLHHJFHUUDU RĺXHHJYROYHU EXWQRWLQWKHILUVWDQGVHFRQGSHUVRQVLQWKHSOXUDO HĺLHJPHGLU
FLHUUHFLHUUHVFLHUUHFHUUHPRVFHUUpLVFLHUUHQ YXHOYDYXHOYDVYXHOYDYROYDPRVYROYiLVYXHOYDQ PLGDPLGDVPLGDPLGDPRVPLGiLVPLGDQ
E $GGLQJJHJVDOLUGHFLU
VDOJDVDOJDVVDOJDVDOJDPRVVDOJiLVVDOJDQGLJDGLJDVGLJDGLJDPRV GLJiLVGLJDQ
F Fĺ]FLQYHUEVHQGLQJLQHFHUGXFLUDQGRWKHUVVXFKDVQDFHU OXFLUSODFHUDQGWKHLUGHULYDWLYHV G Lĺ\LQYHUEVHQGLQJLQXLUHJGHVWUXLU
WUDGX]FDWUDGX]FDVWUDGX]FDWUDGX]FDPRVWUDGX]FiLVWUDGX]FDQ GHVWUX\DGHVWUX\DVGHVWUX\DGHVWUX\DPRVGHVWUX\iLVGHVWUX\DQ
6RPHYHUEVDUHLUUHJXODUDQGGRQRWIROORZDSDWWHUQ VHU HVWDU FDEHU GDU KDEHU VDEHU LU
VHDVHDVVHDVHDPRVVHiLVVHDQ HVWpHVWpVHVWpHVWHPRVHVWpLVHVWpQIRUPVHHPVUHJXODUEXWQRWLFHWKHVWUHVVRQWKHHQGLQJ TXHSDTXHSDVTXHSDTXHSDPRVTXHSiLVTXHSDQ GpGHVGpGHPRVGHLVGHQWKHYHUEGDULVLUUHJXODULQWKDWLWWDNHVDZULWWHQDFFHQWRQWKHILUVWDQGWKLUGSHUVRQV VLQJXODUWRGLVWLQJXLVKWKHPIURPWKHSUHSRVLWLRQGH KD\DKD\DVKD\DKD\DPRVKD\iLVKD\DQ VHSDVHSDVVHSDVHSDPRVVHSiLVVHSDQ YD\DYD\DVYD\DYD\DPRVYD\iLVYD\DQ
6SHOOLQJFKDQJHV 6RPHVSHOOLQJFKDQJHVDUHQHHGHGLQVRPHYHUEVWRUHIOHFWFRQVLVWHQF\LQSURQXQFLDWLRQ JHUJLUĺMWRSUHVHUYHWKHVRXQG[RUK JDUĺJXWRSUHVHUYHWKHVRXQGJ JXLUĺJWRSUHVHUYHWKHVRXQGJ
FRJHUĺFRMDFRMDVHWF FRUUHJLUĺFRUULMDFRUULMDVHWF FDUJDUĺFDUJXHFDUJXHVHWF VHJXLUĺVLJDVLJDVHWF
JXDUĺJWRSUHVHUYHWKHYRZHOX DYHULJXDUĺDYHULJHDYHULJHVHWF FDUĺTXWRSUHVHUYHWKHVRXQGN VDFDUĺVDTXHVDTXHVHWF ]DUĺFQRWIRUSURQXQFLDWLRQUHDVRQVEXWEHFDXVHLWLVQRWXVXDOLQ6SDQLVKWRKDYHWKH FD]DUĺFDFHFDFHVHWF OHWWHU]EHIRUHHRUL
8VH D ,QLQGHSHQGHQWVHQWHQFHV 2MDOiOOHJXHDWLHPSR,KRSHKHDUULYHVRQWLPH 4XH'LRVWHEHQGLJD*RGEOHVV\RX £4XHORSDVHVELHQ+DYHDJRRGWLPH $IWHUDGYHUEVH[SUHVVLQJXQFHUWDLQW\DQGSRVVLELOLW\OLNHTXL]iV WDOYH] 4XL]i$PHOLDVHDQLPHDSUREDUHOYXHORVLQPRWRUFRQQRVRWURV DQGSRVLEOHPHQWH 3HUKDSV$PHOLDZLOOKDYHDJRDWJOLGLQJZLWKXV £4XHVHFDOOH/LWHUDOO\0D\KHVKH\RXVLQJIUPO VKXWXS 7RIRUPVRPHLPSHUDWLYHV 1RPHOODPHVDOPyYLOHVWDUpHQXQDUHXQLyQ'RQWFDOOPHRQP\ 7RUHYLVHWKHLPSHUDWLYHJRWR8QLW PRELOH,¶OOEHLQDPHHWLQJ $IWHURMDOiDQGLQLGLRPDWLFH[SUHVVLRQVRIGHVLUHVWDUWLQJZLWKTXH
6RPHRIWKHDERYHDGYHUEVRISRVVLELOLW\RUSUREDELOLW\FDQEHIROORZHGE\WKHLQGLFDWLYHRUWKH VXEMXQFWLYH7KHFKRLFHGHSHQGVRQWKHOHYHORIFHUWDLQW\DVSHUFHLYHGE\WKHVSHDNHU/RRNDWWKHVHH[DPSOHV 3RVLEOHPHQWHQRVDEHQDGDWRGDYtD 3RVLEOHPHQWHQRVHSDQDGDWRGDYtD ,QWKHILUVWWKHVHQWHQFHLVDOPRVWOLNH6HJXUDPHQWHQRVDEHQDGDWRGDYtDZKHUHDVLQWKHVHFRQGWKHUHLVD JUHDWHUGHJUHHRIXQFHUWDLQW\DVWRZKHWKHUWKHSHUVRQNQRZVDQ\WKLQJDERXWLWE\QRZRUQRW 7KHSUHVHQWVXEMXQFWLYHLVDOVRXVHGWRIRUPVRPHLPSHUDWLYHV 7RUHYLVHWKHLPSHUDWLYHJRWR8QLW E ,QVXERUGLQDWHFODXVHV
,QJHQHUDOWKHSUHVHQWVXEMXQFWLYHLVXVHGZKHQWKHDFWLRQLQWKHVXERUGLQDWHFODXVHLVFRQVLGHUHGSRVVLEOHRU UHIHUVFOHDUO\WRWKHSUHVHQWRUWKHIXWXUH7KHPDLQYHUELVLQDSUHVHQWRUIXWXUHWHQVH L ,QQRXQFODXVHVVWDUWLQJZLWKTXHZKHUHWKHVXEMHFWRIWKHVXERUGLQDWH /DPHQWRTXHQRSXHGDVYHQLUD3UDJDFRQQRVRWURV,¶PVRUU\\RX YHUELVGLIIHUHQWIURPWKDWLQWKHPDLQYHUE 6HHEHORZIRU FDQ¶WFRPHWR3UDJXHZLWKXV IXUWKHUXVHVRIWKHVXEMXQFWLYHLQQRXQFODXVHV 1RWHVHUiIiFLOHQFRQWUDUXQDPLJRTXHWHFRPSUHQGDFRPR/XLV,W LL ,QUHODWLYHFODXVHVZKHQWKHHYHQWDFWLRQRURXWFRPHLVXQNQRZQRU ZRQ¶WEHHDV\IRU\RXWRILQGDIULHQGZKRXQGHUVWDQGV\RXDVZHOODV/XLV KDVQ¶W\HWKDSSHQHG GRHV LLL ,QDGYHUELDOFODXVHVWKHVXEMXQFWLYHLVDOZD\VXVHGLQFODXVHVH[SUHVVLQJSXUSRVHDQGFDQEHXVHGLQFODXVHVH[SUHVVLQJFDXVHFRQFHVVLRQ FRQGLWLRQPDQQHUSODFHDQGWLPH7KHPDLQYHUELVLQDSUHVHQWRUIXWXUHWHQVHRUWKHLPSHUDWLYH0RVWFRPPRQO\WKHVXEMXQFWLYHLVXVHG DIWHUWKHIROORZLQJFRQQHFWRUV ([SUHVVLQJSXUSRVHVXFKDVSDUDTXHGHPRGRTXHGHPDQHUDTXHGH /OiPDODSDUDTXHVHSDTXHHVWDPRVDTXt&DOOKHUVRWKDWVKHNQRZV IRUPDTXH ZHDUHKHUH ([SUHVVLQJFRQGLWLRQVXFKDVFRQWDOGHTXHVLHPSUH\FXDQGRDPHQRV 3XHGHVLUWHFRQWDOGHTXHOOHJXHVWHPSUDQRPDxDQD
)RUPRUHLQIRUPDWLRQRQWKHLQGLFDWLYHDQGWKHVXEMXQFWLYHLQUHODWLYHDQGDGYHUELDOFODXVHVVHH6HFWLRQV DQGUHVSHFWLYHO\ 7\SHVRIQRXQFODXVHVZKHUHWKHVXEMXQFWLYHLVQHHGHG 7KHVXEMXQFWLYHLVXVHGLQDYDULHW\RIQRXQFODXVHVDQGH[SUHVVHVGLIIHUHQWPHDQLQJVDFFRUGLQJWRWKHPDLQYHUE LQWKHVHQWHQFH
,QQHJDWLYHVHQWHQFHVDIWHUH[SUHVVLRQVWKDWGHQ\WUXWKRSLQLRQRU NQRZOHGJH :LWKYHUEVWKDWH[SUHVVZLVKUHTXHVWSUHIHUHQFHRUGHUSURKLELWLRQ DGYLFHDQGVXJJHVWLRQVXFKDVTXHUHUGHVHDUSUHIHULURUGHQDU SHGLUSURKLELUDFRQVHMDUVXJHULUUHFRPHQGDU :LWKYHUEVRIOLNLQJDQGGLVOLNLQJDQGYHUEVZKLFKVKRZDQHPRWLRQDO UHDFWLRQHJSOHDVXUHVXUSULVHVRUURZKRSHH[SHFWDWLRQIHDUDQG GRXEWVXFKDVJXVWDUIDVFLQDUHQFDQWDURGLDULUULWDUDJUDGDU VHQWLUODPHQWDUPROHVWDUVRUSUHQGHUHPRFLRQDUH[WUDxDUVHGH HVSHUDUWHPHUWHQHUPLHGRGHGXGDUHWF :LWKYHUEVDQGLPSHUVRQDOSKUDVHVH[SUHVVLQJQHHGSRVVLELOLW\DQG SUREDELOLW\VXFKDVQHFHVLWDUKDFHUIDOWDHVSUHFLVRQHFHVDULR LPSUHVFLQGLEOHHVSRVLEOHHVSUREDEOHHWF :LWKYHUEVDQGSKUDVHVH[SUHVVLQJDLPVIRUWKHIXWXUHVXFKDVLQWHQWDU SUHWHQGHUTXHUHUFRQVHJXLUHOREMHWLYRHVHWF :LWKLPSHUVRQDOYHUESKUDVHVZKLFKH[SUHVVDYDOXHVWDWHPHQWVXFKDV HVXQDSHQDHVXQDJUDQFRVDHVMXVWRHVQDWXUDOHVPHMRUHV SUHIHULEOHHVOyJLFROROyJLFRHVHWF
1RFUHRTXHVHDYHUGDG,GRQ¶WEHOLHYHLWLVWUXH ¢0HSHUPLWHTXHODWXWHH"0D\,XVHW~"
6LHQWRTXHQRWHHQFXHQWUHVELHQ,¶PVRUU\\RXDUHQRWIHHOLQJZHOO
(VSUREDEOHTXHYXHOYDDVXELUODWDVDGHLQWHUpV,QWHUHVWUDWHVZLOO SUREDEO\JRXSDJDLQ/LWHUDOO\,W¶VSUREDEOHWKDW /RTXHLQWHQWDPRVHVTXHORVQLYHOHVGHVHJXULGDGFLXGDGDQD FUH]FDQ:KDWZHDUHWU\LQJWRGRLVLPSURYHOHYHOVRISXEOLFVDIHW\ /RFRUUHFWRHVTXHOODPHQSULPHURSRUWHOpIRQR7KHSURSHUWKLQJLVWR SKRQHILUVW
/DDVDPEOHDGHYHFLQRVHVWiHQGHVDFXHUGRFRQTXHVHFRQVWUX\DHO :LWKYHUEVRIDJUHHPHQWGLVDJUHHPHQWVXFKDVHVWDUGHDFXHUGRDQG QXHYRSXHQWH7KHORFDOUHVLGHQWV¶DVVRFLDWLRQGLVDJUHHVZLWKWKHSODQVWR HVWDUHQGHVDFXHUGR EXLOGDQHZEULGJH £%iMDWHLQPHGLDWHPHQWHGHHVDYDOODĺ3DSiGLFHTXHWHEDMHV ,QLQGLUHFWVSHHFKWRUHSRUWDQRUGHUH[SUHVVHGLQWKHLPSHUDWLYHZKHQ LQPHGLDWDPHQWHGHHVDYDOOD&RPHGRZQRIIWKDWIHQFHWKLVPLQXWHĺ WKHUHSRUWLQJYHUELVLQWKHSUHVHQW 'DGVD\VWRFRPHGRZQRIIWKDWIHQFHWKLVPLQXWH
1RWHWKDWYHUEVRIRSLQLRQDQGEHOLHILQDIILUPDWLYHVHQWHQFHVDUHIROORZHGE\WKHLQGLFDWLYHHJ&UHRTXH HVXQDLGHDIHQRPHQDO,WKLQNLW¶VDQH[FHOOHQWLGHD ,PSHUVRQDOYHUESKUDVHVVWDUWLQJZLWKHVFDQWDNHWKHLQILQLWLYHEXWQRWHWKDWWKHVHQWHQFHLVFRPSOHWHO\ LPSHUVRQDO&RPSDUH(VPHMRUPDGUXJDU,W¶VEHWWHUWRJHWXSHDUO\ ZLWK(VPHMRUTXHPDGUXJXHV,W¶VEHWWHU IRU\RXWRJHWXSHDUO\ 7KHH[FHSWLRQWRWKLVUXOHLVHVSUREDEOHZKLFKPXVWDOZD\VEHIROORZHGE\DTXH FODXVH(VSUREDEOHTXHOOXHYD,W¶OOSUREDEO\UDLQ (MHUFLFLRV 3XWWKHLQILQLWLYHLQEUDFNHWVLQWRWKHFRUUHFWIRUPRIWKHSUHVHQWVXEMXQFWLYH D*UtWDOHSDUDTXHWHHVFXFKDU E1RVHQFDQWDTXHORVQLxRVGLYHUWLUVH F(VSRVLEOHTXHODILHVWDVHU HOViEDGR G1RKDEUiSDUWLGRGHI~WEROSRUPiVTXHKDFHU VRO H2MDOiQRFDHU OD%ROVD
5HDGWKHIROORZLQJH[WUDFWWDNHQIURPDQDUWLFOHSXEOLVKHGLQWKHPDJD]LQH7LHUUDPpULFDDQGXQGHUOLQH DOOWKHYHUEVWKDWDUHLQWKHSUHVHQWVXEMXQFWLYH ¢4Xp$PpULFDTXLHUR" 4XL]iVLORVXSLHUDVHORGLUtD3HQVHPRV 4XL]iXQDGRQGHQRH[LVWDODSREUH]D¢6HSXHGH" 2WDOYH]GRQGHQRKD\DQSUREOHPDVVRFLDOHV £
$QVZHUWKHIROORZLQJTXHVWLRQVXVLQJRMDOiDVLQWKHH[DPSOH (MHPSOR ²¢9DQDYHQLUWXVSDGUHV" ²£2MDOiYHQJDQ
D¢&UHHVTXHKD\VLWLRSDUDWRGRV" E¢6DEHVVLYDQDVDOLUDFHQDUFRQQRVRWURV" F¢&UHHVTXHDFDEDUHPRVSURQWR" G¢1RWHLPSRUWDVLQRVR\HQTXHMDUQRVWDQWR"
7KHSHUIHFWVXEMXQFWLYH )RUP 7KHSHUIHFWVXEMXQFWLYH±HOSUHWpULWRSHUIHFWRGHVXEMXQWLYR±LVIRUPHGE\WKHSUHVHQWVXEMXQFWLYHRIKDEHU DQGWKHSDVWSDUWLFLSOHRIWKHYHUE 7RUHYLVHWKHSDVWSDUWLFLSOHVHH6HFWLRQ
KDEHU
\R
KD\D
WHUPLQDGR
W~
KD\DV
VDOLGR
pOHOOD8G
KD\D
VLGR
QRVRWURVDV
KD\DPRV
RULUUHJXODUIRUPHJVLGRYXHOWR
YRVRWURVDV
KD\iLV
HOORVDV8GV
KD\DQ
SDVWSDUWLFLSOH
8VH 7KHSHUIHFWVXEMXQFWLYHVKDUHVWKHVDPHJHQHUDOXVHVDVWKHSUHVHQWVXEMXQFWLYH SUHVHQWVXEMXQFWLYHLWVWLPHIUDPHLVWKHSUHVHQW,WVVSHFLILFXVHVDUHDVIROORZV
6HH6HFWLRQ /LNHWKH
D ,QLQGHSHQGHQWVHQWHQFHVWKHSHUIHFWVXEMXQFWLYHH[SUHVVHVDZLVK 4XL]iKD\DQWHOHIRQHDGRPLHQWUDVHVWiEDPRVIXHUD7KH\PD\KDYH WKDWVRPHWKLQJKDGKDSSHQHGRUDOOXGHVWRWKHSRVVLELOLW\WKDW SKRQHGZKLOHZHZHUHRXW VRPHWKLQJPD\KDYHKDSSHQHG E ,QVXERUGLQDWHFODXVHVWKHSHUIHFWVXEMXQFWLYHLVXVHGZKHUHWKHPDLQ £&yPRWDUGDQ(VSHURTXHQRKD\DQWHQLGRDOJ~QDFFLGHQWH/RRN YHUELVLQWKHSUHVHQWIXWXUHRUSUHVHQWSHUIHFWDQGUHIHUVWRDQDFWLRQ KRZODWHWKH\DUH,KRSHWKH\KDYHQ¶WKDGDQDFFLGHQW WKDWPD\KDYHWDNHQSODFH
7KHSHUIHFWVXEMXQFWLYHGLIIHUVIURPWKHSUHVHQWLQWKDWLWFRQYH\VWKHPHDQLQJRIDQDFWLRQZKLFKZRXOGRU PLJKWKDYHWDNHQSODFHLHDILQLVKHGDFWLRQ&RPSDUH (VSHURTXHOOHJXHQDWLHPSRSDUDFRJHUHODYLyQ,KRSHWKH\DUULYHRQWLPHWRFDWFKWKHSODQH ZLWK (VSHURTXHKD\DQOOHJDGRDWLHPSRSDUDFRJHUHODYLyQ,KRSHWKH\DUULYHGRQWLPHVRWKDWWKH\FRXOG FDWFKWKHSODQH (MHUFLFLRV &RPSOHWHWKHIROORZLQJVHQWHQFHVZLWKWKHFRUUHFWIRUPRIWKHSHUIHFWVXEMXQFWLYH D/RVDOXPQRVTXHFXPSOLU FRQORVUHTXLVLWRVSRGUiQJUDGXDUVH E1RSRGUHPRVFRPSUDUHOFRFKHKDVWDTXHQRVRWURVREWHQHU HOSUpVWDPR F1RKHFRQRFLGRDQDGLHTXHQRVXIULU GHMDTXHFDVHQDOJ~QPRPHQWRGHVXYLGD G1RPHLQWHUHVDORTXHSDVDU HQWUHYRVRWURV
&RPSOHWHWKHIROORZLQJVHQWHQFHVE\MRLQLQJHDFKSDUWRIWKHVHQWHQFHRQWKHOHIWZLWKLWVFRUUHVSRQGLQJ KDOIRQWKHULJKW D 6DOGUHPRVDSDVHDURWUDYH] E 1RVDOGUiQGHODRILFLQD F ,QpVQRVHVFULELUi G (OPHGLFRTXLHUHYHUD$OIRQVR
L WDQSURQWRKD\DUHFLELGRQXHVWUDFDUWD LL KDVWDTXHKD\DQWHUPLQDGRHOWUDEDMR LLL GHVSXpVGHTXHKD\DDFDEDGRORVDQWLELyWLFRV LY FXDQGRKD\DPRVGHVFDQVDGR
$QVZHUWKHTXHVWLRQVEHORZXVLQJRMDOiTXL]iV WDOYH] RUSRVLEOHPHQWHDQGWKHSHUIHFWVXEMXQFWLYH DVLQWKHH[DPSOH (MHPSOR ²¢+DEUiQDWHUUL]DGR\DWXVKHUPDQRV" ²2MDOiKD\DQDWHUUL]DGR
D¢&UHHVTXH\DORKDQSXEOLFDGR" E¢+DEUiVDOLGRHODQXQFLRWDPELpQHQHOSHULyGLFR" F¢&UHHVTXHWHUPLQDUHPRVDQWHVGH6HPDQD6DQWD" G¢$OJXLHQVDEHVLOHKDQGDGRHOSUHPLRD/RUHWR"
7KHLPSHUIHFWVXEMXQFWLYH )RUP 5HJXODUIRUPVRIWKHLPSHUIHFWVXEMXQFWLYH 7KHLPSHUIHFWVXEMXQFWLYH±HOSUHWpULWRLPSHUIHFWRGHVXEMXQWLYR±KDVWZRIRUPV7KH\DUHLQWHUFKDQJHDEOH DQGXVLQJRQHRUWKHRWKHULVDPDWWHURIFKRLFH %RWKWKHUDDQGVHIRUPVDUHZLGHO\XVHGLQ6SDLQDOWKRXJKWKHVHIRUPWHQGVWREHPRUHUHVWULFWHGWRWKH ZULWWHQODQJXDJHLQ6SDQLVK$PHULFDWKHUDIRUPLVJHQHUDOO\SUHIHUUHG 7KHLPSHUIHFWVXEMXQFWLYHLVEDVHGRQWKHWKLUGSHUVRQSOXUDORIWKHSUHWHULWHWHQVH DUĺDURQĺDUDDVH \R FDQWDUD FDQWDVH W~ FDQWDUDV FDQWDVHV pOHOOD8G FDQWDUD FDQWDVH QRVRWURVDV FDQWiUDPRV FDQWiVHPRV YRVRWURVDV FDQWDUDLV FDQWDVHLV HOORVDV8G FDQWDUDQ FDQWDVHQ
HURULUĺLHURQĺLHUDLHVH FRQRFLHUD FRQRFLHVH FRQRFLHUDV FRQRFLHVHV FRQRFLHUD &RQRFLHVH FRQRFLpUDPRV FRQRFLpVHPRV FRQRFLHUDLV FRQRFLHVHLV FRQRFLHUDQ FRQRFLHVHQ
,UUHJXODULWLHVLQWKHLPSHUIHFWVXEMXQFWLYH
,UUHJXODULWLHVDIIHFWLQJWKHWKLUGSHUVRQIRUPVRIWKHSUHWHULWHDUHUHIOHFWHGLQWKHLPSHUIHFWVXEMXQFWLYH HEHFRPHVLLQWKHUGSHUVRQVLQJSO SLGLHUDSLGLHVHHWF REHFRPHVX GXUPLHUDGXUPLHVHHWF GXFLUEHFRPHVGXM FRQGXMHUDFRQGXMHVHHWF LEHFRPHV\ LQVWUX\HUDLQVWUX\HVHHWF 1RWHWKDWLUUHJXODULWLHVLQVWURQJSUHWHULWHVZLOODOVRVKRZLQWKHLPSHUIHFWVXEMXQFWLYHDQGWKDWLUDQGVHUVKDUHWKHVDPHIRUP DQGXYLHUD DQGXYLHVH SXGLHUDSXGLHVH FXSLHUDFXSLHVH SXVLHUDSXVLHVH GLMHUDGLMHVH GLHUDGLHVH HVWXYLHUDHVWXYLHVH
TXLVLHUDTXLVLHVH VXSLHUDVXSLHVH WXYLHUDWXYLHVH
IXHUDIXHVH KXELHUDKXELHVH KLFLHUDKLFLHVH
WUDMHUDWUDMHVH YLHUDYLHVH
7KHYHUEDQGDULVDOVRFRQMXJDWHGDVDUHJXODUYHUELQPDQ\UHJLRQVRIWKH6SDQLVKVSHDNLQJZRUOG )RUPRUHLQIRUPDWLRQDERXWLUUHJXODULWLHVLQWKHSUHWHULWHDQGWKHYHUEVDIIHFWHGE\WKHPJRWR6HFWLRQ
8VH 7KHSHUIHFWDQGLPSHUIHFWVXEMXQFWLYHVVKDUHWKHJHQHUDOXVHVOLVWHGLQ6HFWLRQ7KHLPSHUIHFWVXEMXQFWLYH KRZHYHUUHIHUVWRWKHSDVWRUH[SUHVVHVK\SRWKHWLFDOPHDQLQJV6RPHRIWKHVSHFLILFPHDQLQJVZKHQXVLQJWKH LPSHUIHFWVXEMXQFWLYHDUHH[SODLQHGEHORZ D $IWHURMDOiWRH[SUHVVDZLVKIRUVRPHWKLQJZKLFKLVGLIILFXOWRU £2MDOiJDQiUDPRVHVWDYH],ZLVKZHFRXOGZLQWKLVWLPH XQOLNHO\WRPDWHULDOL]H 1RWHWKDWWKHHPSKDVLVLVGLIIHUHQWIURP£2MDOiJDQHPRVHVWDYH]7KHLPSHUIHFWVXEMXQFWLYHH[SUHVVHVDPRUHUHPRWHSRVVLELOLW\RIZLQQLQJWKDQWKH SUHVHQWVXEMXQFWLYH E ,QVXERUGLQDWHFODXVHVZKHUHWKHWLPHIUDPHLVWKHSDVWDQGWKHUHIRUH (OSURIHVRUQRVSLGLyTXHOHHQWUHJiUDPRVHOWUDEDMRDOGtDVLJXLHQWH WKHPDLQYHUELVLQDSDVWWHQVH 7KHWHDFKHUDVNHGXVWRKDQGRXUZRUNLQWKHQH[WGD\ &RPSDUHZLWK(OSURIHVRUQRVKDSHGLGRTXHOHHQWUHJXHPRVHOWUDEDMRPDxDQD7KHWHDFKHUKDVDVNHGXVWRKDQGRXUZRUNLQWRPRUURZ F ,QFRQGLWLRQDOVHQWHQFHVZKHQWKHFRQGLWLRQLVQRWPHW 6LWXYLHVHGLQHURLUtDFRQWLJRDOFLQH,I,KDGDQ\PRQH\,ZRXOGJRWR 7RUHYLVHFRQGLWLRQDOVHQWHQFHVDQGFRQGLWLRQDOFRQQHFWRUVUHIHU WKHFLQHPDZLWK\RX WR6HFWLRQVDQGF UHVSHFWLYHO\ G ,QLQGLUHFWVSHHFKWKHLPSHUIHFWVXEMXQFWLYHLVXVHGLQVRPHFDVHV 3UHVpQWDWHDODVGHODWDUGHĺ0HRUGHQyTXHPHSUHVHQWDUDDODV ZKHQWKHUHSRUWLQJYHUELVLQWKHSDVW GHODWDUGH%HWKHUHDWSPĺ+HRUGHUHGPHWREHWKHUHDWSP 7RUHYLVHLQGLUHFWVSHHFKUXOHVVHH8QLW
(MHUFLFLRV &RPSOHWH WKH IROORZLQJ VHQWHQFHV ZLWK WKH FRUUHFW IRUP RI WKH LPSHUIHFW VXEMXQFWLYH RI WKH YHUE LQ EUDFNHWV D1RHUDYHUGDGTXHODIDPLOLDYLYLU HQODSREUH]D E/DSDWURQDOQRDFHSWyTXHORVHPSOHDGRVVDOLU DODKXHOJD F/DVIXHU]DVGHOJRELHUQRGHVHDUtDQTXHORVWHUURULVWDVILUPDU HODOWRHOIXHJRDQWHVGHOGRPLQJR G1RKXERQLQJ~QSDUWLFLSDQWHTXHUHVSRQGHU FRUUHFWDPHQWH H7HPtDTXHVXKHUPDQRVDEHU ODYHUGDG
&KDQJHWKHIROORZLQJVHQWHQFHVDVLQWKHH[DPSOH1RWHWKDW\RXZLOOKDYHWRPDNHFKDQJHVERWKWRWKH PDLQYHUEDQGWKHSUHVHQWVXEMXQFWLYHLQWKHµTXH¶FODXVH (MHPSOR 7HDFRQVHMRTXHHVWXGLHV7HDFRQVHMpTXHHVWXGLDUDV D+DVXJHULGRTXHDYLVHQDODSROLFtDFXDQWRDQWHV E1RVH[WUDxDTXHWHQJDWDQWRGLQHURGHUHSHQWH F7HSURKtERTXHKDEOHVFRQHVDSHUVRQD G1RVWHPHPRVTXHYHQJDVLQDYLVDU
&RPSOHWHWKHFODXVHVZLWK6LLQWKHIROORZLQJVHQWHQFHVZLWKRQHRIWKHYHUEVLQWKHER[EHORZ VHUKDEHUVDEHUFRVWDU D6LWUHVSXHVWRVPiVHQHOEXVFDEUtDPRVWRGRV E6LODFRQIHUHQFLDJUDWLVVHJXURTXHYHQGUtDQPXFKtVLPRVHVWXGLDQWHV F6LORVELOOHWHVQRWDQWRSRGUtDVYLVLWDUQRVFRQPiVIUHFXHQFLD G6LQRVRWURVFXiQWRYDOHHODSDUWDPHQWRDKRUUDUtDPRVSDUDFRPSUDUOR
7KHSOXSHUIHFWVXEMXQFWLYH )RUP 7KHSOXSHUIHFWVXEMXQFWLYH±HOSUHWpULWRSOXVFXDPSHUIHFWRGHVXEMXQWLYR±LVIRUPHGXVLQJWKHLPSHUIHFW VXEMXQFWLYHRIKDEHUDQGWKHSDVWSDUWLFLSOH
KDEHU
\R
KXELHUDKXELHVH
W~
KXELHUDVKXELHVHV
FHUUDGR
pOHOOD8G
KXELHUDKXELHVH
FRQRFLGR
SDVWSDUWLFLSOH
QRVRWURVDV
KXELpUDPRVKXELpVHPRV
GHFLGLGR
YRVRWURVDV
KXELHUDLVKXELHVHLV
RULUUHJXODUIRUPHJVLGRYXHOWR
HOORVDV8GV
KXELHUDQKXELHVHQ
6HH6HFWLRQWRUHYLVHWKHSDVWSDUWLFLSOHV 8VH 7KHLPSHUIHFWDQGSOXSHUIHFWVXEMXQFWLYHVVKDUHWKHJHQHUDOXVHVOLVWHGLQ6HFWLRQ/LNHWKHLPSHUIHFW VXEMXQFWLYHWKHWLPHIUDPHRIWKHSOXSHUIHFWVXEMXQFWLYHLVFOHDUO\WKHSDVW,WVVSHFLILFXVHVDUHDVIROORZV D $IWHURMDOiTXL]iWDOYH]WRH[SUHVVDQXQIXOILOOHGZLVKRUSRVVLELOLW\
£2MDOiKXELHUDDFHSWDGRHVHWUDEDMR,ZLVKHG,KDGDFFHSWHGWKDWMRE RIIHU
E ,QVXERUGLQDWHFODXVHVZKHUHWKHVXERUGLQDWHYHUEUHIHUVFOHDUO\WRDQ DFWLRQLQWKHSDVW,WRIWHQUHIHUVWRILQLVKHGDFWLRQVLQWKHSDVWRUWRD (VSUREDEOHTXHKXELHUDQVDOLGR\D,WLVOLNHO\WKDWWKH\ZRXOGKDYH K\SRWKHWLFDOHYHQWZKLFKGLGQRWPDWHULDOLVHWKHPDLQYHUELVQRUPDOO\ OHIWDOUHDG\ LQDSDVWWHQVHRUWKHFRQGLWLRQDOEXWLWFDQDOVREHLQWKHSUHVHQW 6HORGLMRSDUDTXHVXSLHUDODYHUGDG6KHWROGKLPVRKH¶GNQRZWKH WUXWK F ,QFRQGLWLRQDOVHQWHQFHVZKHQWKHFRQGLWLRQZDVQRWPHW 6LQRKXELpUDPRVFRJLGRORVELOOHWHVFRQDQWHODFLyQQRKDEUtDPRV
,WLVQRWDOZD\VHDV\IRUWKHOHDUQHURI6SDQLVKWRXQGHUVWDQGWKHQXDQFHVLQPHDQLQJEHWZHHQWKHSOXSHUIHFW VXEMXQFWLYHDQGWKHSHUIHFWVXEMXQFWLYH&RPSDUH(VH[WUDxRTXH/X]QRKD\DOODPDGR¢YHUGDG",WLVVWUDQJH /X]KDVQ¶WFDOOHGLVQ¶WLW" ZLWK(VH[WUDxRTXH/X]QRKXELHUDOODPDGR¢YHUGDG",WLVVWUDQJH/X]GLGQ¶W FDOOLVQ¶WLW" 7KHVHFRQGVHQWHQFHUHIHUVWRDSDVWVLWXDWLRQZKHQ/X]GLGQRWFDOODOWKRXJKWKLVZDVH[SHFWHG RIKHU7KHILUVWVHQWHQFHUHIHUVWRDSUHVHQWVLWXDWLRQLQZKLFKWKHVSHDNHUVDUHVWLOOH[SHFWLQJDFDOOIURP/X] (MHUFLFLRV &RPSOHWH WKH IROORZLQJ VHQWHQFHV ZLWK WKH FRUUHFW IRUP RI WKH SOXSHUIHFW VXEMXQFWLYH RI WKH YHUEV LQ EUDFNHWV D+DEUtDQGHMDGRHQWUDUDFXDOTXLHUSHUVRQDTXHDSDUHFHUVH SRUDOOt E1RKDEUtDPRVURWRODFDUWDVLQRVRWURVVDEHU TXHHUDWX\D F1RFRPSUHQGHUtDVODVLWXDFLyQDPHQRVTXHW~SDVDU SRUXQDH[SHULHQFLDVLPLODU G(VSRVLEOHTXHHOORVRtU ODVQRWLFLDV\SRUHVRVHHVFDSDURQ
&KDQJHWKHIROORZLQJVHQWHQFHVDVLQWKHH[DPSOH
(MHPSOR /RVQLxRVQRKDEtDQOOHJDGR\PHSDUHFLyUDUR0HSDUHFLyUDURTXHORVQLxRVQRKXELHUDQOOHJDGR
D/HKDEtDQGDGRXQEXHQWUDEDMR\HVWDEDRUJXOORVRGHHOOR E1RVKDEtDQGDGRHOSUHPLR\HVWiEDPRVPX\FRQWHQWRVGHHVR F0HKDEtDJULWDGR\HVRPHHQIXUHFLy G6XVSDGUHVVHKDEtDQGLYRUFLDGR\HVWROHDIHFWyPXFKR &RPSOHWHWKHILUVWSDUWRIWKHVHQWHQFHVEHORZXVLQJ6LDVLQWKHH[DPSOH (MHPSOR /OHJDPRVWDUGH\SHUGLPRVHODYLyQ 6LQRKXELpUDPRVOOHJDGRWDUGHQRKDEUtDPRVSHUGLGRHODYLyQ
D1RWHUPLQDPRVHOWUDEDMR\QRVDOLPRVDWLHPSR KDEUtDPRVVDOLGRDWLHPSR E3HUGtODVOODYHV\PLPDGUHVHHQRMy PLPDGUHQRVHKDEUtDHQRMDGR F1ROOHJDVWHLVWHPSUDQR\QRYLVWHLVDODWtD KDEUtDPRVYLVWRDODWtD G+DEODURQFRQHOSURIHVRU\HQWHQGLHURQHOSUREOHPD QRKDEUtDQHQWHQGLGRHOSUREOHPD
6SHFLDOYHUEVDQGFRQVWUXFWLRQV 3URQRPLQDOYHUEV 3URQRPLQDOYHUEV±ORVYHUERVSURQRPLQDOHV±DUHDOZD\VFRQMXJDWHGZLWKUHIOH[LYHSURQRXQVZKLFKFKDQJH DFFRUGLQJWRWKHSHUVRQRIWKHYHUE3URQRPLQDOYHUEVKDYHVHDVSDUWRIWKHLULQILQLWLYHHJOHYDQWDUVHZKLFK LVKRZWKH\DUHOLVWHGLQWKHGLFWLRQDU\,IWKHSURQRXQVHDSSHDUVLQEUDFNHWVLWPHDQVWKDWWKHYHUEH[LVWVLQERWK DSURQRPLQDODQGDQRQSURQRPLQDOIRUP )RUP 7KHUHIOH[LYHSURQRXQVDUHPHWHVHQRVDQGRV%HORZDUHH[DPSOHVRIKRZSURQRPLQDOYHUEVDUHFRQMXJDWHG LQWKHSUHVHQWWHQVH \R W~ pOHOOD8G QRVRWURVDV YRVRWURVDV HOORVDV8GV
PH WH VH QRV RV VH
ODYRDFXHVWRGHVSLHUWR UtHVDEXUUHVDIHLWDV FDQVDYDDVXVWD FRPSUHQGHPRVKDEODPRVDFRUGDPRV OODPiLVEDxiLVGRUPtV RGLDQDUUHJODQYLVWHQ
8VH 0DQ\6SDQLVKYHUEVWDNHDSURQRPLQDOIRUP7KLVDOORZVDQXPEHURIPHDQLQJVWREHH[SUHVVHG7KHPRVW FRPPRQDUHVKRZQRQWKHIROORZLQJSDJHV D 9HUEVZKRVHPHDQLQJVFKDQJHGHSHQGLQJRQZKHWKHURUQRWWKH\WDNHDSURQRPLQDOIRUP L 5HIOH[LYHYHUEVLHZKLFKH[SUHVVDFWLRQVGRQHE\WKHVXEMHFWIRUWR 'XUDQWHHOYHUDQRPHGXFKRPiVGHXQDYH]DOGtD'XULQJWKH KLPVHOIKHUVHOI)RULQVWDQFHODYDUPHDQVµWRZDVK¶DQGLWV VXPPHU,µVKRZHUP\VHOI¶LHWDNHDVKRZHU PRUHWKDQRQFHDGD\ SURQRPLQDOIRUPODYDUVHPHDQVµWRZDVKRQHVHOI¶ 2WKHUUHIOH[LYHYHUEVLQFOXGHDFRVWDUVHDIHLWDUVHDUUHJODUVHEDxDUVHFRQRFHUVHDVtPLVPR FRUWDUVHHOSHOR GXFKDUVHSHLQDUVHSRQHUVH URSD TXLWDUVHURSD YHVWLUVH eOVLHPSUHVHFRQVLGHUyFXOSDEOHGHODPXHUWHGHVXKHUPDQD+H DOZD\VFRQVLGHUHGKLPVHOIJXLOW\IRUKLVVLVWHU¶VGHDWK LL 3URQRPLQDOYHUEVWKDWORRNUHIOH[LYHEXWH[SUHVVQRQYROXQWDU\DFWLRQV 6HKDJROSHDGRHQODFDEH]DDOVDOLU+H¶VKLWKLVKHDGJRLQJRXW RUPHWDSKRULFDOPHDQLQJV 6HKDURWRHOHVSHMR7KHPLUURUKDVEURNHQ 6HKDURWRODSLHUQD6KHKDVEURNHQKHUOHJ 2WKHUYHUEVRIWKLVW\SHLQFOXGHDEULUVHHJXQDSXHUWD KDFHUVHHJXQDKHULGD OHYDQWDUVHOODPDUVHQDPH PRYHUVHHJODFRUWLQD VHQWDUVHYHUEVH[SUHVVLQJDQLQFLSLHQWHPRWLRQDOHJUDUVHDVXVWDUVHHPRFLRQDUVHHQWULVWHFHUVHLQTXLHWDUVHSRQHUVHHJQHUYLRVRFRQWHQWR SUHRFXSDUVHSHULSKUDVLVZLWKLQILQLWLYHVXFKDVHFKDUVHDOORUDUGHFLGLUVHDKDFHUDOJRHJDKDEODU QHJDUVHDKDFHUDOJRHJDSHGLU SHUGyQ LLL 5HFLSURFDOYHUEVRQO\LQWKHSOXUDOIRUPV LQGLFDWHWKDWWKHVXEMHFWV 6HTXLHUHQFRPRVLIXHUDQKHUPDQDV7KH\ORYHHDFKRWKHUDVLIWKH\ GRWKHDFWLRQRIWKHYHUEWRHDFKRWKHUHJD\XGDUVHµWRKHOSHDFK ZHUHVLVWHUV RWKHU¶ 6HSHJDURQXQDSDOL]D7KH\KDGDEUDZO 2WKHUYHUEVZLWKUHFLSURFDOPHDQLQJLQFOXGHDPDUVHFRPXQLFDUVHFRQRFHUVHHVFULELUVHJULWDUVHKDEODUVHPLUDUVHRGLDUVHSHOHDUVH TXHUHUVHYHUVH 1RWHWKDWVRPHRIWKHVHYHUEVFDQDOVREHUHIOH[LYHHJ$OLFLDVRQULyFXDQGRVHPLUyHQHOHVSHMR$OLFLDVPLOHGZKHQVKHORRNHGDW
KHUVHOILQWKHPLUURU 7KHFDWHJRU\ZLOOEHFRPHFOHDULQWKHFRQWH[W LY 9HUEVWKDWH[LVWERWKLQSURQRPLQDODQGQRQSURQRPLQDOIRUPVZKHUH 1RVFRPLPRVXQSROORHQWHUR:HDWHDZKROHFKLFNHQ &RPSDUHWKLV WKHSURQRPLQDOIRUPDGGVDVSHFLDOHPSKDVLV ZLWK&RPLPRVSROORDODOPXHU]R:HDWHFKLFNHQIRUOXQFK 0DQ\YHUEVIDOOLQWRWKLVFDWHJRU\ 9HUEVRIFRQVXPSWLRQEHEHUVHWRPDUVHXQDFHUYH]D FRPHUVH
9HUEVRIPRYHPHQWEDMDUVHHVFDSDUVHLUVHPDUFKDUVHVXELUVHYROYHUVH 9HUEVWKDWGHQRWHSHUFHSWLRQRUNQRZOHGJHDSUHQGHUVHFRQRFHUVHFUHHUVHDOJR HVWXGLDUVHLPDJLQDUVHOHHUVHHJHOOLEURHQXQDVROD QRFKH ROYLGDUVHHJODFDUWHUDHQHOFRFKH VDEHUVHHJORVYHUERVLUUHJXODUHV 2WKHUYHUEVPRULUVHGHUHSHQWHGHXQVXVWRVLQGDUVHFXHQWD $OILQQRDFRUGDPRVQDGD,QWKHHQGZHGLGQ¶WDJUHHDQ\WKLQJ Y 9HUEVWKDWH[LVWERWKLQSURQRPLQDODQGQRQSURQRPLQDOIRUPVZLWK /DXUDQRVHDFRUGyGHWUDHUHOOLEUR/DXUDGLGQ¶WUHPHPEHUWREULQJ WRWDOO\GLIIHUHQWPHDQLQJV WKHERRN 2WKHUH[DPSOHVRIYHUEVZLWKFRPSOHWHO\GLIIHUHQWPHDQLQJVLQWKHSURQRPLQDODQGQRQSURQRPLQDOIRUPVDUH GRUPLUWRVOHHS ±GRUPLUVHWRIDOODVOHHS PDUFKDUWRPDUFK ±PDUFKDUVHWRJRDZD\ QHJDUWRGHQ\ ±QHJDUVHD WRUHIXVH RFXSDUWR RFFXS\DVSDFH ±RFXSDUVHGHWRPDNHVRPHWKLQJRQH¶VEXVLQHVVWRORRNDIWHU VDOWDUWRMXPS ±VDOWDUVHWRMXPSRYHUWRVNLSVRPHWKLQJ PHWDSKRULFDO E 9HUEVZKLFKFDQEHHLWKHUSURQRPLQDORUQRQSURQRPLQDOZLWKRXWDEDVLFFKDQJHRIPHDQLQJ 7KHVHDUHYHUEVZLWKDVOLJKWO\GLIIHUHQWJUDPPDWLFDOVWUXFWXUHOLNHWKRVH ZKLFKFDQWDNHWKHSUHSRVLWLRQGH
$GPLURHOYDORUGHODVXQLGDGHVGHUHVFDWHGHOD&UX]5RMD,DGPLUH WKHFRXUDJHRI5HG&URVVUHVFXHXQLWV 0HDGPLURGHVXFRUDMH,DGPLUHKLVFRXUDJH
2WKHUH[DPSOHVRIWKLVFDWHJRU\RIYHUEVDUHFRQIHVDUFRQIHVDUVHGH HQWUHQDUHQWUHQDUVHROYLGDUROYLGDUVHGHUHtUUHtUVH F 9HUEVZKLFKGRQRWKDYHDQRQSURQRPLQDOIRUP 9HUEVWKDWH[LVWRQO\LQWKHSURQRPLQDOIRUP (OODVHTXHMDGHWRGR6KHFRPSODLQVDERXWHYHU\WKLQJ 7KHPRVWFRPPRQYHUEVWKDWH[LVWRQO\LQWKHSURQRPLQDOIRUPDUHDEVWHQHUVHGH DIHUUDUVHD DUUHSHQWLUVHGH DWUDJDQWDUVHDWUHYHUVHD GLJQDUVHD HQWHUDUVHGH HVIRU]DUVHHQ IXJDUVHMDFWDUVHGH SRUWDUVHELHQPDO TXHMDUVHGH UHEHODUVHUHFRQFLOLDUVHFRQ UHVLJQDUVHD VXLFLGDUVHYDQDJORULDUVHGH 8VHRIWKHUHIOH[LYHZKHQWKHDFWLRQLVSHUIRUPHGRQWKHVXEMHFWUDWKHUWKDQE\WKHVXEMHFW
1RWHWKDWLQ6SDQLVKDFWLRQVVXFKDVFRUWDUVHHOSHORKDFHUVHXQWUDMHKDFHUVHODPDQLFXUDDQGGHSLODUVH OLWHUDOO\µWRFXWRQHVHOI¶VKDLU¶µWRPDNHRQHVHOIDVXLW¶µWRGRRQHVHOIWKHPDQLFXUH¶DQGµWRZD[RQHVHOI¶ XVH DUHIOH[LYHIRUP7KH\DUHKRZHYHUQRWWUXHUHIOH[LYHVDVLWLVXQGHUVWRRGWKDWWKHVHDFWLRQVDUHSHUIRUPHGRQ WKHVXEMHFWE\VRPHERG\HOVHDVLVPDGHFOHDUE\WKH(QJOLVKWUDQVODWLRQVµWRKDYHRQH¶VKDLUFXW¶µWRKDYHD VXLWPDGH¶µWRKDYHDPDQLFXUH¶DQGµWRKDYHRQH¶VOHJVZD[HG¶ 6RPHH[DPSOHVDUH (VWR\SHQVDQGRWHxLUPHHOSHOR\KDFHUPHXQDSHUPDQHQWH,¶PWKLQNLQJRIJHWWLQJP\KDLUG\HGDQGKDYLQJD SHUP,¶PLQWHQGLQJWRJHWP\KDLUG\HGDQGKDYHDSHUP (VWDQDOWRTXHWLHQHTXHKDFHUVHORVWUDMHVDPHGLGD+H¶VVRWDOOWKDWKHKDVWRKDYHKLVVXLWVPDGHWR PHDVXUH $OWKRXJKWKHPDMRULW\RISURQRPLQDOYHUEVDUHFRPPRQWRERWKVLGHVRIWKH$WODQWLFWKHUHDUHVRPHYHUEV ZKLFKDUHSURQRPLQDOLQ6SDQLVK$PHULFDEXWQRWLQPRVWRI6SDLQ6RPHH[DPSOHVDUH GHYROYHUVHUHJUHVDUVHWRUHWXUQ ±UHJUHVDULQ6SDLQ GHVD\XQDUVHWRKDYHEUHDNIDVW ±GHVD\XQDULQ6SDLQ HQIHUPDUVHWRIDOOLOO ±HQIHUPDULQ6SDLQ VRxDUVHWRGUHDP ±VRxDULQ6SDLQ UREDUVHWRVWHDO ±UREDULQ6SDLQ YHUVHWRORRN DVLQ6HYHPX\ELHQ±LQ6SDLQ4XHGDPX\ELHQ YRPLWDUVHWRYRPLW ±YRPLWDULQ6SDLQ (MHUFLFLRV )LOOLQWKHJDSVLQWKHIROORZLQJVHQWHQFHVZLWKWKHFRUUHFWUHIOH[LYHSURQRXQ
D6LHPSUHGHVSHUWDPRVDODVVHLVGHODPDxDQD E¢&XiQGRFRUWDVWHHOSHOR" F$OLFLD\'RUDHQFRQWUDURQHQHOWHDWUR G7~\$QWRQLRHQWHQGpLVPX\ELHQ H
&RPSOHWHWKHFDSWLRQVXQGHUHDFKSLFWXUHXVLQJRQHRIWKHYHUEVIURPWKHOLVWEHORZ FRPXQLFDUVHDVHxDVSHLQDUVHUHtUVHJULWDUVHODYDUVHODVPDQRV ¢4XpHVWiQKDFLHQGR"
D&DUPHQ
E/RVQLxRV
F/XLVD\$QD
G)HUQDQGR\ÏVFDU
H3HGUR\5DTXHO
5HDG WKH IROORZLQJ H[WUDFWV IURP D SOD\ DQG XQGHUOLQH DOO WKH SURQRPLQDO YHUEV 7KHQ QRWH GRZQ WKH LQILQLWLYHIRUHDFK
(OGUDPDRFXUUHHQXQDFLXGDGGHO&DULEHFRQWUHLQWD\FLQFRJUDGRVDODVRPEUD>@*UDFLHOD\VXPDULGRUHJUHVDQGHXQD FHQDLQIRUPDO>@(OODOOHYDXQWUDMHVHQFLOORGHWLHUUDFDOLHQWHFRQMR\DVFRWLGLDQDV>@7LUDHOEROVRGHPDQRHQXQVLOOyQ> @6HTXLWDODVMR\DV\ODVSRQHVREUHODPHVDGHFHQWUR>@6HVLHQWDDIXPDUVHTXLWDORV]DSDWRVVHVXPHUJHHQXQD UHIOH[LyQSURIXQGDHQXQWRQREDMR\WHQVR>@\UHDQXGDHOVDUWDOGHUHSURFKHVLQWHUPLQDEOHV ¢4XpWHFUHtDVTXHtEDPRVDFDQFHODUD~OWLPDKRUDODILHVWDPiVKDEODGDGHODxRSDUDTXH\RTXHGDUDFRPRODPDODGHO FXHQWR\W~EDxiQGRWHHQDJXDGHURVDV"3HURPLHQWUDVWDQWRWHQLHJDVDFRQWHVWDUPHWHQLHJDVDGLVFXWLUORVSUREOHPDVFRPR ODJHQWHELHQWHQLHJDVDPLUDUPHDODFDUD *DEULHO*DUFtD0iUTXH] 'LDWULEDGHDPRUFRQWUDXQKRPEUHVHQWDGR%RJRWi$UDQJR(GLWRUHV SSDQG
7REHVHUHVWDUKDEHU ,Q6SDQLVKWKHUHDUHWZRPDLQZD\VRIWUDQVODWLQJWKHYHUEµWREH¶VHUDQGHVWDU 7KHUHLVDWKLUGYHUEKDEHUZKLFKLVXVHGPDLQO\WRH[SUHVVWKHLGHDµWKHUHLV¶¶WKHUHDUH¶+D\PXFKDJHQWH HQODFDOOH7KHUHDUHDORWRISHRSOHLQWKHVWUHHW 8VHVRIVHU 6HULVXVHGLQWKHIROORZLQJFDVHV $VDPDLQYHUE (VDUJHQWLQR+HLV$UJHQWLQLDQ (VGH%XHQRV$LUHV+HLVIURP%XHQRV$LUHV 7RLQGLFDWHRULJLQSURIHVVLRQIDPLO\UHODWLRQVKLSUHOLJLRQRUSROLWLFDO (VLQJHQLHUR+HLVDQHQJLQHHU DIILOLDWLRQ (VPLSULPR+HLVP\FRXVLQ (VDWHR+HLVDQDWKHLVW 7RWDONDERXWWKHPDWHULDOVRPHWKLQJLVPDGHRIDQGDERXWZKRWKHDXWKRU (VGHPDGHUD,W¶VPDGHRIZRRG LV (VWHFXDGURHVGH)ULGD.DKOR7KLVSDLQWLQJLVE\)ULGD.DKOR (VPtR,W¶VPLQH 7RWDONDERXWSRVVHVVLRQ (VGHPLKHUPDQD,WLVP\VLVWHU¶V 7RLGHQWLI\VRPHWKLQJRUVRPHERG\ (VWHHVPLQRYLR7KLVLVP\ER\IULHQG )ROORZHGE\DQDGMHFWLYHLWLVXVHGWRWDONDERXWWKHKDELWXDODVSHFWRI (VUHGRQGRHVYHUGHSRUIXHUD\QDUDQMDSRUGHQWUR,W¶VURXQGLW¶V WKLQJVRUSHRSOHRUWKHLULQKHUHQWSURSHUWLHV JUHHQRQWKHRXWVLGHDQGRUDQJHLQWKHLQVLGH 7RWHOOWKHWLPH 6RQODVFXDWUR\PHGLD,W¶VKDOISDVWIRXU 7RVD\ZKHUHZKHQVRPHWKLQJLVWDNLQJSODFH /DFHQDHVDODVGLH]'LQQHULVDWWHQ ¢&XiQWRHV"+RZPXFKLVLW" 7RH[SUHVVKRZPXFKVRPHWKLQJFRVWV 6RQPLOGRVFLHQWRVSHVRV,W¶VRQHWKRXVDQGWZRKXQGUHGSHVRV (OFXFKLOORHVSDUDFRUWDUHOSDQ7KHNQLIHLVWRFXWWKHEUHDGZLWK 6HUSDUDLVXVHGWRLQGLFDWHSXUSRVHRUUHFLSLHQW (VWHUHJDORHVSDUDWL7KLVSUHVHQWLVIRU\RX )ROORZHGE\DQDGMHFWLYHLWLVXVHGWRH[SUHVVVXEMHFWLYHRSLQLRQVRU (VH[WUDxRTXHQRDEUDODSXHUWD,W¶VVWUDQJHWKDWKHZRQ¶WRSHQWKH UHDFWLRQVWRHYHQWV GRRU $VDQDX[LOLDU\ /DQRWLFLDIXHUHWUDQVPLWLGDSRUODUDGLR7KHQHZVZDVEURDGFDVWRQ 7RIRUPWKHSDVVLYH WKHUDGLR )RUPRUHRQWKHSDVVLYHVHH6HFWLRQ
8VHVRIHVWDU (VWDULVXVHGLQWKHIROORZLQJFDVHV $VDPDLQYHUE 7RLQGLFDWHORFDWLRQWKHSODFHZKHUHVRPHWKLQJLV )ROORZHGE\DQDGMHFWLYHLWLVXVHGWRH[SUHVVWKDWWKHFRQGLWLRQLVWKH UHVXOWRIDFKDQJH )ROORZHGE\DQDGMHFWLYHLWLVXVHGWRH[SUHVVDWHPSRUDU\VWDWHZKLFK PLJKWWKHUHIRUHFKDQJH
¢'yQGHHVWiQODVOODYHV":KHUHDUHWKHNH\V" &DOLHVWiHQ &RORPELD&DOLLVLQ&RORPELD (VWiPRUHQD6KHLVWDQQHG±LHEHFDXVHVKHKDVEHHQVXQEDWKLQJ (VWiHQIHUPD6KHLVLOO
(VWiDVXVWDGD6KHLVIULJKWHQHG (OSROORHVWiPX\ULFR7KHFKLFNHQWDVWHVYHU\JRRG ²¢&yPRHVWiWXPDGUH"
:LWKDGMHFWLYHVWRGHQRWHDVXEMHFWLYHLPSUHVVLRQ 8VHGZLWKWKHDGYHUEVELHQDQGPDO ²(VWiPX\ELHQ
7RWDONDERXWWHPSRUDU\RFFXSDWLRQVLHHVWDUGHRFFXSDWLRQ $VDQDX[LOLDU\ 7RIRUPWKHSUHVHQWDQGSDVWFRQWLQXRXVWHQVHV 7RIRUPWKHSDVVLYHZLWKHVWDUDQGH[SUHVVDVWDWHRIDIIDLUVZKLFKLVD FRQVHTXHQFHRIVRPHWKLQJ )RUPRUHRQWKHSDVVLYHVHH6HFWLRQ
µ+RZ¶V\RXUPRWKHU"¶µ6KH¶VILQH¶ 3DEORHVWiGHFDPDUHURHQXQUHVWDXUDQWH3DEORLVZRUNLQJDVD ZDLWHULQDUHVWDXUDQW 7KHHPSKDVLVKHUHLVWKDWLWLVDWHPSRUDU\MRERU WKDWLWLVQRWKLVUHDOSURIHVVLRQ&RPSDUHZLWK3DEORHVFDPDUHUR3DEOR LVDZDLWHU (VWiKDEODQGRSRUWHOpIRQR6KH¶VWDONLQJRQWKHSKRQH /DYHQWDQDHVWiDELHUWD7KHZLQGRZLVRSHQ
&KRLFHRIVHUDQGHVWDU 0DQ\DGMHFWLYHVFDQWDNHERWKVHUDQGHVWDUEXWWKHPHDQLQJLVVOLJKWO\GLIIHUHQW&RPSDUHWKHIROORZLQJSDLUV RIVHQWHQFHV VHUHVWDUOLPSLRD VHUHVWDUFDURD
VHUHVWDUJXDSRD
-XDQHVXQDSHUVRQDPX\OLPSLD-XDQLVDYHU\ FOHDQSHUVRQ +HLVLQKHUHQWO\FOHDQ (OFDYLDUHVFDUR&DYLDULVH[SHQVLYH 7KLVLVDQ LQKHUHQWTXDOLW\RIFDYLDULWLVDOZD\VDQH[SHQVLYH LWHP $OLFLDHVJXDSD$OLFLDLVJRRGORRNLQJ 7KLVLVDQ LQKHUHQWTXDOLW\VKHLVDJRRGORRNLQJZRPDQ
/DFRFLQDHVWiOLPSLD7KHNLWFKHQLVFOHDQ 7KLVLVD WHPSRUDU\VWDWH±XQWLOLW¶VGLUW\DJDLQ (OFDYLDUHVWiFDUR&DYLDULVSDUWLFXODUO\ H[SHQVLYHDWWKH PRPHQW 7KLVLVDWHPSRUDU\VWDWH±PD\EHLW¶VSDUWLFXODUO\ H[SHQVLYHEHFDXVHWKHUHLVWRRPXFKGHPDQGDWWKHPRPHQW 7RPiVHVWiJXDSR7RPiVORRNVKDQGVRPH 7KLVFRXOGH[SUHVV DVXEMHFWLYHLPSUHVVLRQ,WKLQNKHORRNVKDQGVRPH ,WFRXOGDOVR EHWKHUHVXOWRIDFKDQJHKH¶VKDGDKDLUFXWDQGWKHUHIRUHKH ORRNVKDQGVRPH
2WKHUH[DPSOHVDUHVHUHVWDUGHVRUGHQDGRDVHUHVWDUGXOFHVHUHVWDUGXURD $GMHFWLYHVWKDWFKDQJHWKHLUPHDQLQJZLWKVHUDQGHVWDU
7KHPHDQLQJRIVRPHDGMHFWLYHVFKDQJHVGHSHQGLQJRQZKHWKHUWKH\DUHXVHGZLWKVHURUZLWKHVWDU
VHUDELHUWRDWREHRSHQ±LQFKDUDFWHU VHUDWHQWRDWREHDWWHQWLYH VHUEXHQRDWREHNLQGJRRGQDWXUHGRUJRRGE\QDWXUH VHUGHOLFDGRDWREHGHOLFDWH VHUGHVSLHUWRDWREHEULJKWFOHYHU VHULQWHUHVDGRDWREHVHOILVKVHOIFHQWUHG VHUOLVWRDWREHFOHYHU VHUQXHYRDWREHQHZ VHURUJXOORVRDWREHKDXJKW\ VHUYHUGHWREHJUHHQ±FRORXU VHUYLHMRDWREHROG VHUYLYRDWREHOLYHO\LQWHOOLJHQW
2WKHUZD\VRIWUDQVODWLQJµWREH¶
1RWHWKDWWKHYHUEµWREH¶FDQDOVREHWUDQVODWHGE\RWKHUYHUEVDSDUWIURPVHUHVWDUDQGKDEHU+HUHDUHVRPH RIWKHPRVWFRPPRQ 7REHWLUHGVOHHS\KXQJU\WKLUVW\
WHQHUVXHxRVHGKDPEUH
7REHVXQQ\KRWFROG
KDFHUVROFDORUIUtR
7HQJRVXHxR,¶PWLUHGVOHHS\ $\HUKDFtDVROSHURKR\KDFHPXFKRIUtR
7REH;;\HDUVROG
WHQHU;;DxRV
$QDWLHQHDxRV$QDLV
8VHVRIKDEHU +DEHULVXVHGLQWKHIROORZLQJFDVHV $VDQLPSHUVRQDOYHUE ,WFDQEHXVHGWRGHQRWHH[LVWHQFHµWKHUHLV¶µWKHUHDUH¶ $VVXFKLWLV DOZD\VXVHGLQWKHWKLUGSHUVRQVLQJXODURIWKHSUHVHQW 7RGHQRWHH[LVWHQFH,WFDQDOVREHXVHGLQWKHSDVWRUWKHIXWXUH
+D\XQEDUHQODHVTXLQD\GHVSXpVKD\GRV]DSDWHUtDV7KHUHLVD EDULQWKHFRUQHUDQGWKHQWKHUHDUHWZRVKRHVKRSV (QFDVDGHPLDEXHODKDEtDPXFKRVOLEURVGHPLELVDEXHOR 6SDLQ KDEtDQPXFKRVOLEURVGHPLELVDEXHOR6SDQLVK$PHULFD ,Q P\JUDQGPRWKHU¶VKRPHWKHUHZHUHPDQ\RIP\JUHDWJUDQGIDWKHU¶V ERRNV
,Q3HQLQVXODU6SDQLVKLWLVLQYDULDEOHLQIRUPEXWLQ6SDQLVK$PHULFDLW FDQEHXVHGLQWKHWKLUGSHUVRQSOXUDO $VDQDX[LOLDU\ ,WLVXVHGWRIRUPWKHFRPSRXQGWHQVHV +HWHUPLQDGR,KDYHILQLVKHG
(MHUFLFLRV ([SODLQZK\VHULVXVHGLQWKHIROORZLQJVHQWHQFHV D(VWHHV(QULTXH(VHOPDULGRGH/DXUD(VLQJHQLHUR E(VWDFDMDHVGHSODWD(UDGHPLDEXHOD(VSDUDJXDUGDUODVVRUWLMDV F/DFRQIHUHQFLDHVDODVGRV6HUiHQHOVDOyQGHDFWRV
1RZH[SODLQZK\HVWDULVXVHGLQWKHIROORZLQJVHQWHQFHV D0DUHVWiHQ/RQGUHV(VWiGHDXSDLUFRQXQDIDPLOLDLQJOHVD E'HVSXpVGHODVYDFDFLRQHV9LROHWDHVWiPX\PRUHQD/DYHUGDGHVTXHHVWiPX\JXDSD F6XKDELWDFLyQHVWDEDPX\GHVRUGHQDGDDVtTXHODHVWiRUGHQDQGR
5HDGWKHIROORZLQJVHQWHQFHVDQGGHFLGHZKLFKRIWKHWZRYHUEVVHURUHVWDULVWKHFRUUHFWRQHIRUHDFK JDS D1HFHVLWRLUDFRPSUDUOHFKHSHURFUHRTXHODWLHQGDHVHVWi FHUUDGD E$XQTXHVyORORWHQJRGHVGHKDFHFXDWURDxRVHOFRFKH\DHVHVWi EDVWDQWHYLHMR
F
G&DUOLWRV\DHVWiHQODFDPDSHURWRGDYtDHVHVWi GHVSLHUWR H&RPRSHUVRQD&DUORVHVHVWi EDVWDQWHFHUUDGR IHVHVWi HYLGHQWHTXHODQLxDHVHVWi PX\OLVWDSRUTXHDORVWUHVDxRV\DVDEHOHHU J/DDEXHODGH0DUtDWLHQHDxRV\HVHVWi EDVWDQWHGHOLFDGD K0LKLMDKDVDFDGRPX\EXHQDVQRWDV\VR\HVWR\ PX\RUJXOORVDGHHOOD
7UDQVODWHWKHIROORZLQJVHQWHQFHVLQWR6SDQLVKSD\LQJDWWHQWLRQWRWKHWUDQVODWLRQRIWKHYHUEµWREH¶ D,DP\HDUVROG E7KHEDE\LVKXQJU\ F$UH\RXVOHHS\/DXUD" G,W¶VKRWWRGD\EXW\HVWHUGD\LWZDVTXLWHFROG H7KHUHDUHVRPHRUDQJHVLQWKHIULGJH I,VWKHUHDEDQNQHDUKHUH"
*XVWDUDQGVLPLODUYHUEV 6SDQLVKGRHVQRWKDYHDGLUHFWHTXLYDOHQWRIWKHYHUEµWROLNH¶ZKHQUHIHUULQJWRWKLQJVRUDFWLRQV,QVWHDGLWXVHV WKHYHUEµWRSOHDVH¶JXVWDU LQDQLQYHUWHGFRQVWUXFWLRQ6RIRUH[DPSOH\RXFDQQRWOLWHUDOO\VD\µ,OLNH FKRFRODWH¶RUµ+HOLNHV,WDOLDQFDUV¶
FDUVSOHDVHKLP¶/HJXVWDQORVFRFKHVLWDOLDQRV )RUPDQGXVH
7KHSOXUDOIRUPRIJXVWDUJXVWDQ LVXVHGZKHQWKHWKLQJWKDWLVOLNHGLVLQWKHSOXUDO 1RWLFHWRRKRZJXVWDUFDQEHIROORZHGE\ERWKDQRXQODVRVWUDV DYHUELQWKHLQILQLWLYHQDGDU RUDTXH FODXVHTXHVHDVVLQFHUR 2EMHFWSURQRXQVDUHDOZD\VXVHGHYHQZKHQWKHLQGLUHFWREMHFWRUREMHFWV $&RQFKDOHJXVWDEXFHDU&RQFKDOLNHVVFXEDGLYLQJ DUHVSHFLILFDOO\PHQWLRQHG $ORVFKLFRVOHVJXVWDHODFXDSODQR7KHER\VOLNHVXUILQJ
8VHRISURQRXQVZLWKSUHSRVLWLRQV 2EMHFWSURQRXQVFDQEHXVHGZLWKZKDWLVFDOOHGWKHSUHSRVLWLRQDOIRUP,QWKHVHFDVHVWKHSUHSRVLWLRQDµWR¶ LVXVHGZLWKWKHDSSURSULDWHQRXQRUSURQRXQ DPtPHJXVWDQ DWLWHJXVWDQ DHOHOOD8GOHJXVWDQ DQRVRWURVQRVRWUDVQRVJXVWDQ DYRVRWURVYRVRWUDVRVJXVWDQ DHOORVHOODV8GVOHVJXVWDQ
$pOOHJXVWDKDFHUµSXHQWLQJ¶+HOLNHVEXQJHHMXPSLQJ $YRVRWUDVRVJXVWDODySHUD¢YHUGDG"
*XVWDULQTXHVWLRQVDQGQHJDWLYHV ¢7HJXVWDHODMHGUH]"'R\RXOLNHFKHVV" 4XHVWLRQVDQGQHJDWLYHVIROORZWKHVDPHSDWWHUQDVDIILUPDWLYHVHQWHQFHV $0LJXHOQROHJXVWDPXFKRHOI~WERO0LJXHOGRHVQ¶WOLNHIRRWEDOO PXFK
9HUEVVLPLODUWRJXVWDU 7KHIROORZLQJYHUEVXVHVWUXFWXUHVVLPLODUWRJXVWDUDJUDGDUWRSOHDVH DSDVLRQDUWRILOOZLWKSDVVLRQ DSHWHFHUWRIDQF\ 6SDLQ FKLIODUWREH FUD]\DERXW FROORTXLDO FRPSODFHUWRSOHDVH FRQFHUQLUWRDIIHFW GLVJXVWDUWRXSVHW HQFDQWDUWRORYHVRPHWKLQJ IDVFLQDUWRORYH VRPHWKLQJ 6SDQLVK$PHULFD WRFDSWLYDWH 6SDLQ KDFHULOXVLyQWR ORRNIRUZDUGWR 6SDLQ LPSRUWDUWRPDWWHU LQWHUHVDUWRLQWHUHVW SDUHFHUWRVHHP SODFHUWRSOHDVH IRUPDO SUHRFXSDUWRZRUU\ WRFDUWRDIIHFW
([DPSOHV /HDSDVLRQDWRGRORUHODFLRQDGRFRQODVFLYLOL]DFLRQHV SUHFRORPELQDV+HORYHVHYHU\WKLQJWRGRZLWKSUH&ROXPELDQ FLYLOLVDWLRQV 0HSUHRFXSDTXHQRKD\DOODPDGRHQODV~OWLPDVGRVVHPDQDV,¶P ZRUULHGWKDWVKHKDVQ¶WFDOOHGLQWKHODVWWZRZHHNV
(MHUFLFLRV &RPSOHWHWKHIROORZLQJVHQWHQFHVZLWKWKHFRUUHFWLQGLUHFWREMHFWSURQRXQ PHWHOHQRVRVOHV
D$6DQGUD\DVXVWUHVKHUPDQRVJXVWDEDMXJDUDOWHQLV E2VYR\DOOHYDUDHVTXLDUVHJXURTXHJXVWDPXFKR F¢4XpJXVWDUtDKDFHUFXDQGRFUH]FDV" G$Pt\DPLVDPLJRVQRJXVWDEDQQDGDODVPDWHPiWLFDV H¢4XpJXVWDKDFHUDWXKLMRHQVXWLHPSROLEUH"
&RPSOHWHWKHIROORZLQJVHQWHQFHVZLWKJXVWDRUJXVWDQDVDSSURSULDWH D/HMXJDUDOUXJE\ E1RVPXFKRODSRHVtDGH/RUFD F/HVWRGRVORVGHSRUWHVDFXiWLFRV G¢7HODVDOPHMDVRSUHILHUHVORVPHMLOORQHV" H1RPHTXHVHDWDQDUURJDQWH
:ULWHILYHVHQWHQFHVDERXW\RXUSHUVRQDOOLNHVDQGGLVOLNHVRUWKRVHRI\RXUIDPLO\DQGIULHQGV 6ROHUDQGDFRVWXPEUDU 6ROHU
6SDQLVKKDVDVSHFLDOYHUEVROHUZKLFKFRQYH\VWKHLGHDRIDFWLRQVDVXVXDORUKDELWXDORFFXUUHQFHV,QWKH SUHVHQWWHQVHLWLVUDGLFDOFKDQJLQJ,WLVQRUPDOO\H[SUHVVHGLQ(QJOLVKE\WKHZRUGµXVXDOO\¶DQGE\WKHYHUE IRUPµXVHGWR¶LQWKHSDVW )RUP \R W~ pOHOOD8G
VXHOR VXHOHV VXHOH
QRVRWURVDV YRVRWURVDV HOORVDV8GV
VROHPRV VROpLV VXHOHQ
8VH 6ROHUH[SUHVVHVKDELWXDODFWLRQVLQWKHSUHVHQWDQGLPSHUIHFWWHQVHV 5HPHPEHUWKDWWKHLPSHUIHFWWHQVH VHH6HFWLRQ FDQDOVREH XVHGZKHQWDONLQJDERXWKDELWVLQWKHSDVW
6XHOHOOHJDUDODRILFLQDDHVRGHODVRFKR\PHGLD6KHXVXDOO\DUULYHV DWWKHRIILFHDURXQGHLJKWWKLUW\ 6ROtDPRVLUGHYDFDFLRQHVDODV%DOHDUHV:HXVHGWRJRWRWKH %DOHDULFVIRURXUKROLGD\V
6ROHULVXVHGFRPPRQO\WKURXJKRXW6SDLQEXWUDUHO\LQ6SDQLVK$PHULFDZKHUHWKHYHUEDFRVWXPEUDUD LV PRUHXVXDO $FRVWXPEUDUD $FRVWXPEUDUD IXQFWLRQVLQH[DFWO\WKHVDPHZD\DVVROHUH[FHSWWKDW LQ3HQLQVXODU6SDQLVKLWVRXQGVVOLJKWO\PRUHIRUPDODQGLVSDUWLFXODUO\ DVVRFLDWHGZLWKWKHZULWWHQODQJXDJH $VQRWHGDFRVWXPEUDUD LVDQRUPDODOWHUQDWLYHWRVROHULQ6SDQLVK $PHULFD1RWHWKDWLQFHUWDLQSDUWVRIWKHFRQWLQHQWLWLVXVHGZLWKWKH SUHSRVLWLRQD
(QDTXHOODpSRFDVHDFRVWXPEUDEDDEHQGHFLUORVFDPSRV$WWKDW WLPHWKH\XVHGWREOHVVWKHILHOGV $FRVWXPEUDDOHHUORVSHULyGLFRVPLHQWUDVVHGHVD\XQD+HXVXDOO\ UHDGVWKHQHZVSDSHUVZKLOHKH¶VKDYLQJEUHDNIDVW
(MHUFLFLRV 5HDGWKHIROORZLQJSDVVDJHZULWWHQLQWKHLPSHUIHFWWHQVHDERXWDSULVRQHUFDOOHG5RGROIR5HZULWHLW XVLQJVROHU RUDFRVWXPEUDUD WRVD\ZKDW5RGROIRXVXDOO\GLGHDFKGD\5HPHPEHUWKDW\RXZLOOQRW QHFHVVDULO\QHHGWRUHSHDWDGYHUELDOH[SUHVVLRQVPHDQLQJµJHQHUDOO\¶RUµQRUPDOO\¶ 5RGROIR6XiUH]HUDSULVLRQHUR3DUDpOWRGRVORVGtDVHUDQLJXDOHV(OGHVSHUWDGRUQRUPDOPHQWHVRQDEDDODVVHLVGHODPDxDQD6HOHYDQWDED HQVHJXLGDHLEDDOFRPHGRUDGHVD\XQDU$ODVVLHWHHPSH]DEDDWUDEDMDUHQHOWDOOHUGHKDPDFDV3RUORJHQHUDOWHUPLQDEDDODXQD\ GHVSXpVGHDOPRU]DUSDVDEDXQDKRUDKDFLHQGRHMHUFLFLRHQHOFRUUDOGHODFiUFHO/XHJRWHQtDGRVKRUDVGHWLHPSROLEUHMXJDEDDODVGDPDV
RDODMHGUH]3RUUHJODJHQHUDOYROYtDDVXFHOGDDODVVLHWH\VHDSDJDEDQODVOXFHVDODVQXHYH
7KLQN DERXW WKH WKLQJV WKDW \RX QRUPDOO\ GR GXULQJ DQ DYHUDJH GD\ 0DNH QRWHV +RZ ZRXOG \RX WHOO VRPHRQHHOVHDERXW\RXUKDELWVDQGURXWLQHVXVLQJVROHUDQGDFRVWXPEUDUD " ,PSHUVRQDOVHQWHQFHV ,PSHUVRQDOVHQWHQFHVíODVIUDVHVLPSHUVRQDOHVíDUHWKRVHZKHUHWKHDJHQWRUµGRHU¶RIWKHDFWLRQLVDEVHQW XQNQRZQRULUUHOHYDQW6SDQLVKKDVDQXPEHURIVWUXFWXUHVZKLFKDUHLPSHUVRQDO0DQ\RIWKHPDOVRH[LVWLQ (QJOLVKZKHUHµRQH¶µ\RX¶DQGµWKH\¶DPRQJRWKHUV FDQDOVREHXVHGLQLPSHUVRQDOVHQWHQFHVHJµ2QH VKRXOGWKLQNWZLFHEHIRUHFURVVLQJKLP¶DQGµ7KH\VD\VKHZDVDZLWFK¶ 1RWHWKDWLQVRPHFDVHVDQLPSHUVRQDOVHQWHQFHZLOOKDYHDJUDPPDWLFDOVXEMHFWHYHQLILWGRHVQRWUHIHUWRDQ LGHQWLILDEOHµGRHU¶DVLQWKH(QJOLVKH[DPSOHVDERYHZKHUHµRQH¶DQGµWKH\¶DUHJUDPPDWLFDOVXEMHFWVHYHQLI WKH\GRQRWUHIHUWRDQ\RQHLQSDUWLFXODU EXWLQRWKHUFDVHVWKHLPSHUVRQDOFRQVWUXFWLRQGRHVQRWDGPLWD JUDPPDWLFDOVXEMHFWHJ(VWiOORYLHQGR±,W¶VUDLQLQJ ,PSHUVRQDOFRQVWUXFWLRQV
9HUEVZLWKQRJUDPPDWLFDOVXEMHFW
9HUELQWKHWKLUGSHUVRQSOXUDOLPSHUVRQDOHOORV
9HUELQWKHVHFRQGSHUVRQVLQJXODULPSHUVRQDOW~ RIXQRRUXQDDVVXEMHFWRIWKHYHUE 6HQWHQFHVZLWKµLPSHUVRQDOVH¶6HHEHORZ
&RQYLHQHODYDUVHORVGLHQWHVWRGRVORVGtDV,WLVDGYLVDEOHWREUXVK RQH¶VWHHWKHYHU\GD\ +R\OOXHYH\KDFHIUtR7RGD\LW¶VUDLQLQJDQGFROG (VSRVLEOHTXHPDxDQDKDJDEXHQR,WPD\EHQLFHWRPRUURZ +D\OHFKHHQODQHYHUD7KHUHLVPLONLQWKHIULGJH &XHQWDQTXHHPLJUyD$PpULFD7KH\VD\WKDWVKHHPLJUDWHGWR $PHULFD 1RWHWKDWWKHJUDPPDWLFDOVXEMHFWPXVWQRWEHSUHVHQW7KHHOORVLQ(OORV FXHQWDQTXHHPLJUyD$PpULFDZRXOGEHXQGHUVWRRGWRUHIHUWRDQ HOHPHQWPHQWLRQHGEHIRUHIRULQVWDQFHPLVDEXHORV $TXtLQFOXVRHQYHUDQRWLHQHVTXHGRUPLUFRQPDQWD+HUHHYHQLQ VXPPHU\RXQHHGDEODQNHWGXULQJWKHQLJKW (QHVWHSDtVXQRQRSXHGHGHFLUORTXHSLHQVD,QWKLVFRXQWU\RQH FDQQRWVD\ZKDWRQHWKLQNV 6HOOHJDDODFLPDHQXQDVGRVKRUDV2QHUHDFKHVWKHVXPPLWLQDERXW WZRKRXUV
,PSHUVRQDOVH 1RWHWKDWWKLVFRQVWUXFWLRQLVLPSHUVRQDOLQDOOVHQVHVLHWKHUHLVQRWHYHQDJUDPPDWLFDOVXEMHFWWRWKHYHUE )RUP VHWKLUGSHUVRQVLQJXODUYHUEIRUP 7\SHV D :LWKFRSXODWLYHYHUEVVHUDQGHVWDU E :LWKLQWUDQVLWLYHYHUEV F :LWKWUDQVLWLYHYHUEV
(QHVWDYLGDVHHVFRPSOHWDPHQWHIHOL]PX\SRFDVYHFHV,QWKLVOLIH RQHLVRQO\UDUHO\FRPSOHWHO\KDSS\ 6HVXEHSRUXQVHQGHURHVWUHFKR7KHZD\XSLVE\DQDUURZSDWK (QHVWDVUHXQLRQHVVHEHEHPXFKtVLPR3HRSOHGULQNDORWDWWKHVH JDWKHULQJV (Q(VSDxDQRVHWRPDWpVHWRPDFDIp,Q6SDLQSHRSOHGRQRWGULQN WHDWKH\GULQNFRIIHH 7KLVW\SHRILPSHUVRQDOFRQVWUXFWLRQORRNVVLPLODUWRWKHSDVVLYHUHIOH[LYH HJ/RVODQJRVWLQRVVHFRPHQFRQODVPDQRV.LQJSUDZQVDUHHDWHQ ZLWKWKHKDQGV 6HH6HFWLRQ +RZHYHUWKHLPSHUVRQDO FRQVWUXFWLRQZRXOGEHWKHW\SHWUDQVODWHGLQWR(QJOLVKE\µSHRSOHYHUE¶
G ZLWKWUDQVLWLYHYHUESHUVRQDOREMHFWZLWKD
RUVLPLODU DQGQRWZLWKDSDVVLYH (Q&RORPELDVHUHVSHWDPXFKRDORVDQFLDQRV,Q&RORPELDHOGHUO\ SHRSOHDUHYHU\PXFKUHVSHFWHG 7KLVVWUXFWXUHDYRLGVWKHDPELJXLW\RI(Q&RORPELDORVDQFLDQRVVH UHVSHWDQPXFKRZKLFKFRXOGPHDQWKDWWKH\UHVSHFWHDFKRWKHUYHU\ PXFK
6HFDQQRWEHXVHGLQVHQWHQFHVZKLFKDOUHDG\KDYHVHLHWKRVHZLWKSURQRPLQDOYHUEV LQVWHDGXQRXQD PXVWEHXVHGWRDFKLHYHWKHLPSHUVRQDOHIIHFWGXFKDUVHĺ(QDTXHOORVWLHPSRVXQRQRVHGXFKDEDWRGRVORV GtDVFRPRKR\$WWKDWWLPH\RXGLGQ¶WVKRZHUHYHU\GD\OLNHWRGD\ 7KHLPSHUVRQDOVHVWUXFWXUHLVYHU\VLPLODUWRWKHSDVVLYHZLWKVHLQ6HFWLRQ 7RFODULI\WKHGLIIHUHQW XVHVRIVHUHIHUWR6HFWLRQ (MHUFLFLRV 3XWWKHYHUEVLQEUDFNHWVLQWRDIRUPWKDWPDNHVWKHVHQWHQFHLPSHUVRQDO D(QODV)LOLSLQDVFDVLQRKDEODU HVSDxRO E7HOODPDU GHODRILFLQDKDFHXQUDWLWR F0DxDQDDQXQFLDU XQDQXHYDVXELGDHQHOSUHFLRGHODJDVROLQD G,QWHQWDU KDFHUODVFRVDVORPHMRUSRVLEOH\£QDGLHWHORDJUDGHFH
0DNHIRXULPSHUVRQDOVHQWHQFHVZLWKVHXVLQJWKHIROORZLQJZRUGV (MHPSOR WUDEDMDUGRPLQJR/RVGRPLQJRVQRVHWUDEDMD DQHFHVLWDUKDULQDSDVWHO E(VSDxDSDUDUWUDEDMDUKRUDGHFRPHU FDYLVDUJDQDGRUHVGHOFRQFXUVRWHOpIRQRXVHWKHIXWXUHWHQVH G$UJHQWLQDKDEODUI~WERO
7KHSDVVLYH 7KHSDVVLYHDQGDFWLYHYRLFHV
9RLFH±ODYR]±LVDJUDPPDWLFDOWHUPZKLFKVKRZVWKHUHODWLRQVKLSEHWZHHQWKHVXEMHFWRIWKHYHUEDQGWKH DFWLRQRIWKHYHUE7KHFKRLFHEHWZHHQWKHDFWLYHDQGWKHSDVVLYHYRLFHPD\EHGHWHUPLQHGE\ZKHWKHUWKH VSHDNHUZLVKHVWRHPSKDVLVHWKHVXEMHFWRUWKHREMHFW,QWKHDFWLYHYRLFHWKHVXEMHFWRIWKHYHUELVSUHVHQWHGDV WKHµDFWLYHGRHU¶RIWKHDFWLRQHJ3LFDVVRSLQWyHO*XHUQLFD3LFDVVRSDLQWHG*XHUQLFD ,QWKHSDVVLYHYRLFH WKHREMHFWRIWKHYHUELVJLYHQSURPLQHQFHDQGWKHVXEMHFWWDNHVDVHFRQGDU\RUµSDVVLYH¶SODFHHJ(O *XHUQLFDIXHSLQWDGRSRU3LFDVVR*XHUQLFDZDVSDLQWHGE\3LFDVVR ,QGHHGWKHµGRHU¶LVRIWHQQRW PHQWLRQHGDWDOODVLQ(O*XHUQLFDIXHSLQWDGRHQ*XHUQLFDZDVSDLQWHGLQ ,Q6SDQLVKWKHSDVVLYHYRLFHLVH[SUHVVHGE\WZRJUDPPDWLFDOFRQVWUXFWLRQVWKHSDVVLYHZLWKVHUDQGWKH SDVVLYHZLWKVH $FWLYHFRQVWUXFWLRQ
3DVVLYHZLWKVHU
0LDEXHORFRQVWUX\yODFDVDHQ0\JUDQGIDWKHUEXLOWWKHKRXVH /DFDVDIXHFRQVWUXLGDSRUPLDEXHOR HQ7KHKRXVHZDVEXLOW LQ E\P\JUDQGIDWKHU LQ 3DVVLYHZLWKVH /DFDVDVHFRQVWUX\yHQ7KHKRXVHZDVEXLOWLQ D 7KHSDVVLYHZLWKVHU
)RUP 2EMHFWVHUSDVWSDUWLFLSOHPDVFIHP SRU
/RVSUHPLRVVHUiQDQXQFLDGRVSRUODGLUHFWRUDGHOFROHJLR7KH SUL]HVZLOOEHDQQRXQFHGE\WKHKHDGWHDFKHURIWKHVFKRRO
,IWKHVXEMHFWRIWKHDFWLRQSDVVLYHVXEMHFW LVLQFOXGHGLWLVSUHFHGHGE\WKHSUHSRVLWLRQSRUDVLQ(QJOLVK µE\¶ SRUODGLUHFWRUDGHOFROHJLR 7KHSDVWSDUWLFLSOHRIWKHYHUEDJUHHVLQQXPEHUDQGJHQGHUZLWKWKHSDVVLYHVXEMHFWHJ(VWDVFDVDVKDQ VLGRUHVWDXUDGDVUHFLHQWHPHQWH7KHVHKRXVHVKDYHEHHQUHFHQWO\UHVWRUHG 8VH
7KHSDVVLYHFRQVWUXFWLRQZLWKVHULVVLPLODUWR(QJOLVKEXWOHVVFRPPRQLQ6SDQLVK,WLVZLGHO\XVHGLQZULWWHQ 6SDQLVKEXWPXFKPRUHOLPLWHGLQRUDODQGLQIRUPDOODQJXDJH (QJOLVKVSHDNHUVW\SLFDOO\RYHUXVHWKHSDVVLYHZLWKVHU$WLSPDNHWKHSDVVLYHZLWKVH\RXUILUVWRSWLRQ VHHE RUMXVWXVHDQDFWLYHFRQVWUXFWLRQLQVWHDGRI+DVLGRILQDQFLDGRFRQGLQHURS~EOLFR\RXFDQXVH/R KDQILQDQFLDGRFRQGLQHURS~EOLFRRU6HKDILQDQFLDGRFRQGLQHURS~EOLFR,WKDVEHHQILQDQFHGZLWKSXEOLF IXQGV &RQMXJDWLRQRIWKHPRVWFRPPRQWHQVHVLQWKHSDVVLYH ,QGLFDWLYHWHQVHV 3UHVHQW ,PSHUIHFW 3UHWHULWH 3UHVHQWSHUIHFW 3OXSHUIHFW )XWXUH &RQGLWLRQDOWHQVHV &RQGLWLRQDO &RQGLWLRQDOSHUIHFW 6XEMXQFWLYHWHQVHV 3UHVHQW ,PSHUIHFW 3UHVHQWSHUIHFW 3OXSHUIHFW
\R VR\DPDGRSRU HWF QRVRWUDV pUDPRVYLJLODGDVSRU HWF HOORV IXHURQFULDGRVSRU HWF 8GV KDQVLGRHQJDxDGRVSRU HWF \R KDEtDVLGRDYLVDGDSRU HWF W~ VHUiVDODEDGDSRU HWF QRVRWURV VHUtDPRVDODEDGRVSRU HWF HOORV KDEUtDQVLGRWUDVODGDGRVSRU HWF TXH\R VHDHGXFDGDSRU HWF TXHYRVRWUDV IXHUDLVFRQWUDWDGDVSRU HWF TXHXVWHG KD\DVLGRHQJDxDGRSRU HWF TXHHOORV KXELHUDQVLGRFDVWLJDGRVSRU HWF
E 7KHSDVVLYHZLWKVHUHIOH[LYHSDVVLYH
)RUP 7KLVFRQVWUXFWLRQLVIRUPHGRQO\ZLWKWUDQVLWLYHYHUEV 6HWKLUGSHUVRQYHUEIRUPVLQJXODUSOXUDO
6HDQXQFLDURQORVSUHPLRVDORVSRVWUHV /RVSUHPLRVIXHURQ DQXQFLDGRVDORVSRVWUHV 7KHSUL]HVZHUHDQQRXQFHGRYHUGHVVHUW
9HUEDJUHHPHQWUXOHVIRUWKHSDVVLYHZLWKVH 6HFRPSUDQWHUUHQRV3ORWVERXJKW D ,IWKHSDVVLYHVXEMHFWGRHVQRWUHIHUWRKXPDQEHLQJVWKHYHUEDJUHHV (OOLEURVHSXEOLFyKDFHGRVDxRV7KHERRNZDVSXEOLVKHGWZR\HDUV LQQXPEHUZLWKLW DJR E ,IWKHSDVVLYHVXEMHFWUHIHUVWRKXPDQEHLQJVWKHYHUELVLQWKHVLQJXODU 6HDYLVyDORVIDPLOLDUHV+LVUHODWLYHVZHUHQRWLILHG 7HFKQLFDOO\WKLV DQGWKHSHUVRQDODPXVWEHXVHG VWUXFWXUHLVFRQVLGHUHGDQLPSHUVRQDOZLWKVH 6HGLFHTXHYDDVXELUODJDVROLQDRWUDYH]3HWUROLVVDLGWREHJRLQJ XSDJDLQ F :KHQWKHYHUELVIROORZHGE\DTXHFODXVHDQLQILQLWLYHRUDQ 6HHVSHUDVDOGDUODGHXGDQDFLRQDOSDUD7KHQDWLRQDOGHEWLV LQWHUURJDWLYHVXFKDVTXpFXiQWRDRVDV RUFXiOHV LWWDNHV H[SHFWHGWREHSDLGE\
WKHVLQJXODU
G 6RPHPRGDOYHUEVUHTXLUHWKHYHUEWRJRLQWKHSOXUDOLIWKHREMHFWRI WKHLQILQLWLYHLVDSOXUDOQRXQ7KLVKDSSHQVZLWKTXHUHUWHQHUTXH SRGHUGHEHUDQGDFDEDUGH
6HGHVFRQRFHTXpUHSHUFXVLRQHVWHQGUiODGLPLVLyQGHOGLUHFWRU JHQHUDO,WLVQRWNQRZQZKDWUHSHUFXVVLRQVWKHPDQDJLQJGLUHFWRU¶V UHVLJQDWLRQZLOOKDYH 6HWLHQHQTXHEXVFDUVROXFLRQHV6ROXWLRQVPXVWEHIRXQG
8VH %HFDXVH6SDQLVKWHQGVWRIDYRXUDFWLYHFRQVWUXFWLRQVWKHSDVVLYHZLWKVHLVPRUHFRPPRQWKDQWKHSDVVLYHZLWK VHUHVSHFLDOO\LQLQIRUPDOVSRNHQODQJXDJH 1RWHWKDWWKHSDVVLYHZLWKVHGRHVQRWDOORZIRULQIRUPDWLRQDERXWWKHµGRHU¶RIWKHDFWLRQDQGWKHUHIRUH GRHVQRWWDNHSRU)RUWKLVUHDVRQLWLVRIWHQXVHGDVDQLPSHUVRQDOVHQWHQFH 6HH6HFWLRQIRULPSHUVRQDOVHQWHQFHVDQG6HFWLRQIRUWKHGLVWLQFWLRQEHWZHHQLPSHUVRQDOVHDQG SDVVLYHVH F 7KHSDVVLYHZLWKHVWDU
)RUP 2EMHFWHVWDUSDVWSDUWLFLSOHPDVFIHP SRUSDVVLYHVXEMHFW
(VWHDVXQWRHVWi\D]DQMDGR7KHPDWWHUKDVEHHQVRUWHG 8VH 7KHSDVVLYHZLWKVHUGHQRWHVDQDFWLRQDVDSURFHVV/DFDUWDIXHDELHUWD7KHOHWWHUZDVRSHQHG ZKHUHDVWKH SDVVLYHZLWKHVWDUVKRZVWKHUHVXOWRIDQDFWLRQ/DFDUWDHVWDEDDELHUWD7KHOHWWHUZDVRSHQ 1RWHWKDWWKHSRVVLELOLW\RIPDNLQJWKLVFRQWUDVWLVFRQILQHGWRYHUEVGHQRWLQJDFWLRQUDWKHUWKDQGHVFULSWLRQ &RPSDUH)XHGHWHQLGR+HZDVDUUHVWHG ZLWK(VWDEDGHWHQLGR+HZDVXQGHUDUUHVW 6RPHWULFN\VHQWHQFHV
+HUHDUHDIHZVWUXFWXUHVZKLFK\RXPD\ILQGGLIILFXOWWRWUDQVODWHLQWR6SDQLVK ,KDYHEHHQWROGWREHFDUHIXOĺ0HKDQGLFKRTXHWHQJDFXLGDGR -RKQZDVWROGWREHFDUHIXOĺ/HGLMHURQD-RKQTXHWXYLHUDFXLGDGR +HZDVWKRXJKWWREHDVS\ĺ6HFUHtDTXHHUDXQHVStD&UHtDQTXHHUDXQHVStD/HFUHtDQXQHVStD (MHUFLFLRV 0DWFKWKHWZRFROXPQVWRIRUPFRKHUHQWVHQWHQFHV D(VWHVHFUHWRL HVWiQVLHQGRH[SORWDGRV E(VWRVWUDEDMDGRUHVLL KDVLGRWUDGXFLGRDGHFHQDVGHLGLRPDV F7RGRVORVIDPLOLDUHVGHODYtFWLPDLLL QRVHUiUHYHODGRDQDGLH G&LHQDxRVGHVROHGDGLY IXHURQLQWHUURJDGRVSRUODSROLFtD
3XWWKHIROORZLQJSDVVLYHVHQWHQFHVLQWRWKHDFWLYHYRLFH D(O0XVHR*XJJHQKHLP%LOEDRIXHGLVHxDGRSRUHODUTXLWHFWR)UDQN*KHU\ E+DQVLGRGHVFXELHUWRVORVDXWRUHVGHOIUDXGHGH7DEDFRV6HUJXL\D F/DQXHYDFROHFFLyQSULPDYHUDYHUDQRVHUiSUHVHQWDGDSRUORVJUDQGHVPRGLVWRVHXURSHRVHQ0yQDFR
5HZULWHWKHIROORZLQJVHQWHQFHVXVLQJWKHSDVVLYHZLWKVHU
D+DQFUHDGRPLOSXHVWRVGHWUDEDMRHQ9HUDFUX] E$UUHVWDURQDOSUHVXQWRODGUyQ\ORSXVLHURQDGLVSRVLFLyQMXGLFLDO F6HFODVLILFDQODVFDUWDVHQOD2ILFLQD&HQWUDOGH&RUUHRVDFRQWLQXDFLyQVHUHSDUWHQDVXVGHVWLQDWDULRV
7KHIROORZLQJSDVVDJHH[SODLQVWKHFRUUHFWZD\WRVRZVHHGV6XEVWLWXWHWKHYHUEVLQEROGZLWKSDVVLYHV ZLWKVH $SDUWLUGHDEULOPD\RD SRGHPRV\DSODQWDUGLUHFWDPHQWHYDULRVWLSRVGHKRUWDOL]DVHVSHFLDOPHQWHHQVDODGDV(VLPSRUWDQWH TXHOD]RQDGHGLFDGDDSODQWDUHVWpHQULTXHFLGDSDUDFRQVHJXLUORE SXHGHDxDGLUWXUEDRWLHUUDULFDHQKXPXV8QDYH] HQULTXHFLGDODWLHUUDF VLJDORVVLJXLHQWHVSDVRVSDUDODVLHPEUDHQSULPHUOXJDUG GHEHUiQLYHODUODWLHUUDFRQXQUDVWULOOR DQFKRGHVSXpVH HVSROYRUHHODVVHPLOODVGHXQDIRUPDUHJXODU\HVSDFLDGDDFRQWLQXDFLyQI HQWLHUUHODVVHPLOODVDXQD SURIXQGLGDGDSUR[LPDGDGHXQFHQWtPHWUR3RU~OWLPRJ ULHJXHELHQHOWHUUHQR $GDSWHGIURP0DUWLQ6WDQJO 0DQXDOSUiFWLFRGHOMDUGLQHUR%DUFHORQD2PHJD S
&RPSOHWHWKHJDSVLQWKHIROORZLQJWH[WFKRRVLQJWKHPRVWDSSURSULDWHYHUEIURPWKHER[DQGSXWWLQJLWLQ WKHWHQVHRIWKHSDVVLYHYRLFHLQGLFDWHG DUUDQFDUDGPLQLVWUDUGHQHJDUSUREDUHODERUDU
8VHVRIVH $SRWHQWLDOO\FRQIXVLQJSRLQWIRUWKHVWXGHQWRI6SDQLVKLVWKHYDULRXVXVHVRIVH7KLVVHFWLRQDWWHPSWVWRFODULI\ WKHPE\OLVWLQJWKHPDQGH[SODLQLQJWKHLUPHDQLQJV D 6HDVDWKLUGSHUVRQSHUVRQDOSURQRXQ $VWKLUGSHUVRQUHIOH[LYHSURQRXQ $VWKLUGSHUVRQUHFLSURFDOSURQRXQ ,QRWKHUSURQRPLQDOYHUEVZKHUHVHLVFRPSXOVRU\HJDUUHSHQWLUVH DWUHYHUVHVXLFLGDUVHHWF ,QSURQRPLQDOXVHVRIVRPHYHUEV D ZLWKFKDQJHRIPHDQLQJRU E IRUHPSKDWLFRUH[SUHVVLYHHIIHFW 7RVXEVWLWXWHOHRUOHVZKHQDFFRPSDQ\LQJORODORVODV 6HFWLRQ
6HODYDHOSHORWRGRVORVGtDV+HZDVKHVKLVKDLUHYHU\GD\ 6HTXLHUHQPXFKtVLPR7KH\ORYHHDFKRWKHUYHU\PXFK 6HFD\yGHODHVFDOHUD6KHIHOORIIWKHVWHSV D 1RVHDFRUGDEDGHPLQRPEUH6KHGLGQRWUHPHPEHUP\QDPH E 6HEHELyODFHUYH]DGHXQWUDJR6KHGUDQNWKHEHHULQRQHJXOS
(Q1DYLGDGHVVHJDVWDPXFKR$W&KULVWPDVSHRSOHVSHQGDORWRI PRQH\ 6HVXIUHPXFKRFXDQGRVHHVWiVROR3HRSOHVXIIHUDORWZKHQ
WKH\DUHDORQH
6HH6HFWLRQIRUPRUHRQLPSHUVRQDOVHQWHQFHV F 3DVVLYHVH VHWKLUGSHUVRQYHUEIRUPVLQJXODUSOXUDOWUDQVLWLYHYHUE
6HFWLRQ
6HHVWXGLDUiQWRGRVORVFDVRVPLQXFLRVDPHQWH$OOWKHFDVHVZLOOEH FDUHIXOO\VWXGLHG 6HDQDOL]DUiFXiQWRVEHEpVQDFLHURQFRPSOHWDPHQWHVDQRVDTXHODxR 7KHQXPEHURIFRPSOHWHO\KHDOWK\EDELHVERUQWKDW\HDUZLOOEHDQDO\VHG
,PSHUVRQDOVHRUSDVVLYHVH"
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
VHWUDQVLWLYHYHUESHUVRQDOD VHWUDQVLWLYHYHUETXHFODXVH VHWUDQVLWLYHYHUELQILQLWLYH VHWUDQVLWLYHYHUEFODXVHLQWURGXFHGE\DQLQWHUURJDWLYH
6HHVWiPX\ELHQDOVRO,WLVYHU\SOHDVDQWLQWKHVXQ 6HDVFHQGtDSRUXQDODGHUDVXDYH7KHZD\ZDVXSDJHQWOHKLOO 6HEXVFDSLVR$SDUWPHQWVRXJKW 6HQHFHVLWDFDUSLQWHUR&DUSHQWHUUHTXLUHG (Q(VSDxDVHIXPDEDVWDQWH,Q6SDLQSHRSOHVPRNHTXLWHDELW (QHVWHFROHJLRVHTXLHUHPXFKRDORVSURIHVRUHV,QWKLVVFKRRO WHDFKHUVDUHYHU\PXFKORYHG 6HGLFHTXHHVWiHPEDUD]DGD7KH\VD\VKH¶VSUHJQDQW (QJHQHUDOVHSUHILHUHFRPSUDUHQOXJDUGHDOTXLODU3HRSOHJHQHUDOO\ SUHIHUWREX\UDWKHUWKDQUHQW $VtVHDFODUDUiDTXpKRUDH[DFWDPHQWHPXULyODYtFWLPD7KDWZD\ WKHH[DFWWLPHWKDWWKHYLFWLPGLHGZLOOEHFRPHFOHDU
7KHYHUEJRHVLQWKHSOXUDOLQWKHIROORZLQJFDVH 6HFRPSUDQ\YHQGHQMR\DVGHVHJXQGDPDQR6HFRQGKDQGMHZHOOHU\ ERXJKWDQGVROG 6HGHEHQHVWXGLDUELHQODVGLVWLQWDVRSFLRQHVDQWHVGHGHFLGLU7KH VHVRPHPRGDOYHUEVTXHUHUWHQHUTXHSRGHUGHEHUDFDEDUGH GLIIHUHQWRSWLRQVPXVWEHSURSHUO\VWXGLHGEHIRUHPDNLQJDGHFLVLRQ LQILQLWLYHZKHQWKHREMHFWRIWKHLQILQLWLYHLVDSOXUDOQRXQ 6HDFDEDQGHWHUPLQDUODVFHUYH]DV:HKDYHMXVWUXQRXWRIEHHU
VHWUDQVLWLYHYHUESOXUDOREMHFW
(MHUFLFLRV /RRNDWWKHIROORZLQJVHQWHQFHVDQGVD\ZKLFKFDWHJRU\WKHSKUDVHZLWKVHEHORQJVWR UHIOH[LYHYHUEUHFLSURFDOYHUERWKHUW\SHRISURQRPLQDOYHUEVHLQVWHDGRIOHLPSHUVRQDORUSDVVLYH D6HPLUDURQGXUDQWHXQRVVHJXQGRV\OXHJRVHDEUD]DURQ E6HVRVSHFKDTXHFUX]yODIURQWHUDD3HU~ F6HORKHGLFKRPLOYHFHVSHURQRPHKDFHFDVR G(OSREUHDQFLDQRVHPXULyDTXHOODPLVPDWDUGH H0DUtDVHSDUHFHDVXPDGUHItVLFDPHQWHSHURHVPX\GLVWLQWDGHFDUiFWHU I²'DOHDWXKHUPDQRODVOODYHVGHOFRFKH²
7UDQVODWHWKHIROORZLQJ(QJOLVKVHQWHQFHVXVLQJDFRQVWUXFWLRQZLWKVH7RGRWKLVWKLQNRIWKHVHQVHRI WKH(QJOLVKVHQWHQFHORRNIRUDYHUEIRUPZLWKVHZKLFKWUDQVODWHVWKHDFWLRQDQGDGDSWWKHUHVWRIWKH HOHPHQWVRIWKHVHQWHQFHWRLW D7KH\ZLOOVD\LWZDVDQDFFLGHQW E7KHSDODFHZDVHQWHUHGWKURXJKDPDJQLILFHQWGRRU F7KLVLVWKHZD\WRGDQFHWKHSROND G,QP\RSLQLRQWKHEHVWWZHQWLHWKFHQWXU\6SDQLVKSRHWU\ZDVZULWWHQLQWKHSHULRGEHIRUHWKH&LYLO:DU H+HZDVVXVSHFWHGRIEHLQJDVS\
7KHIROORZLQJGLDORJXHLOOXVWUDWHVPDQ\RIWKHXVHVRIVH
6HQWHQFHRUJDQLVDWLRQ $VHQWHQFHLVDFRPELQDWLRQRIZRUGVZKLFKLVDEOHWRVWDQGDORQHDQGH[SUHVVDFRKHUHQWWKRXJKW)URPWKH PRVWEDVLFWRWKHPRVWFRPSOH[WKHZD\VHQWHQFHVDUHSXWWRJHWKHUIROORZVFHUWDLQUXOHVRIJUDPPDUFDOOHG V\QWDFWLFDOUXOHV,QWKHIROORZLQJXQLWV\RXZLOOEHFRPHIDPLOLDUZLWKWKHVH 7KHVLPSOHVHQWHQFH $VLPSOHVHQWHQFH±ODRUDFLyQVLPSOH±FRQVLVWVRIRQO\RQHFODXVHDQGH[SUHVVHVDFRPSOHWHLQGHSHQGHQWDQG FRKHUHQWWKRXJKW7KHEDVLFFRPSRQHQWVRIDFODXVHDUHDYHUEDQGDVXEMHFWDOWKRXJKLWFDQDOVRKDYHREMHFWV DQGFRPSOHPHQWV 6DUDOHHHOSHULyGLFRWRGDVODVPDxDQDV6DUDUHDGVWKHSDSHUHYHU\PRUQLQJ VXEMHFWYHUEGLUHFWREMHFWWLPHFRPSOHPHQW 7\SHVRIVLPSOHVHQWHQFHV $IILUPDWLYHYHUVXVQHJDWLYHVHQWHQFHV $QDIILUPDWLYHVHQWHQFHLVDVHQWHQFHZKRVHYHUELVQRWQHJDWHG $QHJDWLYHVHQWHQFHLVDVHQWHQFHZKRVHYHUELVQHJDWHG
/DFDSLWDOGH3DUDJXD\HV$VXQFLyQ7KHFDSLWDORI3DUDJXD\LV $VXQFLyQ 1RWHQJRKDPEUH,DPQRWKXQJU\ £-DPiVQRVYHQFHUiQ:HVKDOOQHYHUEHGHIHDWHG
6HH8QLWWRUHYLVHWKHQHJDWLYHFRQVWUXFWLRQ 'HFODUDWLYHDQGLQWHUURJDWLYHVHQWHQFHV $GHFODUDWLYHVHQWHQFHLVDVHQWHQFHWKDWPDNHVDVWDWHPHQW7KHZRUG 9DDOORYHU,W¶VJRLQJWRUDLQ 1HUXGDQDFLyHQ1HUXGDZDVERUQLQ RUGHULVJHQHUDOO\VXEMHFWYHUEREMHFW $QLQWHUURJDWLYHVHQWHQFHLVDVHQWHQFHWKDWDVNVDTXHVWLRQ7KH\KDYH WKHLUVSHFLDOLQWRQDWLRQLQWKHVSRNHQODQJXDJHDQGDUHPDUNHGE\TXHVWLRQ PDUNVLQWKHZULWWHQODQJXDJH¢" 7KHUHDUHW\SHV D $FORVHG TXHVWLRQ VHHNV YHULILFDWLRQ RU QHJDWLRQ DQG WKHUHIRUH ¢1RYLYHVHQ9HUDFUX]"'RQ¶W\RXOLYHLQ9HUDFUX]" UHTXLUHVDµ\HV¶RUµQR¶DQVZHU7KHPRVWFRPPRQZRUGRUGHULV ¢&RPSUyPDPiODVIORUHVSDUDODDEXHOD"'LG0XPEX\WKHIORZHUV IRU*UDQGPD" YHUEVXEMHFW E $QRSHQ TXHVWLRQ VWDUWV ZLWK DQ LQWHUURJDWLYH TXpTXLpQHV FyPRFXiQWRD RV DV GyQGHFXiQGR DQG ¢&yPRWHOODPDV":KDW¶V\RXUQDPH" UHTXLUHVQHZLQIRUPDWLRQLQWKHDQVZHU7KHZRUGRUGHULVXVXDOO\ ¢&XiQGRHVWXFXPSOHDxRV":KHQLV\RXUELUWKGD\" LQWHUURJDWLYHYHUEVXEMHFW F $WDJTXHVWLRQLVIRUPHGE\DGHFODUDWLYHVHQWHQFHWRZKLFKDWDJLV /OHJDVWHD\HU¢QR"
:KHUHWKHTXHVWLRQZRUGLVSUHFHGHGE\DSUHSRVLWLRQHJSDUDTXLpQGHVGHGyQGHHWF WKHVHWZRLWHPV VKRXOGQHYHUEHVHSDUDWHGFRQWUDU\WR(QJOLVKXVDJHHJ¢'HGyQGHHUHV":KHUHGR\RXFRPHIURP"
([FODPDWRU\VHQWHQFHV ([FODPDWRU\VHQWHQFHVH[SUHVVIHHOLQJV7KH\DUHPDUNHGLQWKHVSRNHQ £9LYDODYLGD+XUUD\IRUOLIH ODQJXDJHE\DVSHFLDOLQWRQDWLRQDQGLQWKHZULWWHQODQJXDJHE\H[FODPDWLRQ £4XpFKLFRPiVOLVWR:KDWDFOHYHUER\ PDUNV
5HPHPEHUWKDWLQZULWWHQ6SDQLVK\RXPXVWXVHERWKWKHRSHQLQJDQGFORVLQJTXHVWLRQDQGH[FODPDWLRQ PDUNVµ¢¶µ"¶DQGµ£¶µ¶ (MHUFLFLRV
6D\ ZKLFK RI WKHVH VHQWHQFHV DUH QHJDWLYH LQWHUURJDWLYH H[FODPDWLYH RU GHFODUDWLYH DIILUPDWLYH DQG PDUNWKHHOHPHQWV WKDWJLYH\RXWKHFOXHIRU\RXUDQVZHU D£(VWDPRVVDOYDGRV E1XQFDPiVVHVXSRGHDTXHOKRPEUH F¢6HJXURTXHWHHQFXHQWUDVELHQ" G3DUHFHTXHYDDKDFHUEXHQR :ULWH DQ DSSURSULDWH TXHVWLRQ IRU HDFK RI WKH IROORZLQJ DQVZHUV DQG VD\ LI LW LV DQ RSHQ RU FORVHG TXHVWLRQ D6tPHOODPR5RVD0DUL%HUP~GH] E5RVD0DUL%HUP~GH] F(Q1HUXGDQDFLyHQ 0DNHWKHIROORZLQJVWDWHPHQWVLQWHUURJDWLYHE\DGGLQJDTXHVWLRQWDJ D(VWiVLQYLWDGRDODERGD E1RKDVYLVWRD-XDQLHQWRGRHOGtD F(ODxRSDVDGRIXLVWHLVGHYDFDFLRQHVD0LDPL
1HJDWLYHV /LNH(QJOLVK6SDQLVKKDVDUDQJHRIQHJDWLYHZRUGVWRVKRZWKHGLIIHUHQWQXDQFHVRIPHDQLQJLQQRQ DIILUPDWLYHVHQWHQFHV([DPSOHVLQ(QJOLVKLQFOXGHµQR¶µQRW¶µQRWKLQJ¶¶QRWDQ\WKLQJ¶µQRQH¶¶QRW RQH¶µQRERG\¶QRWDQ\ERG\¶DQGµQHYHU¶¶QRWHYHU¶ 1R
1RPHDQVµQR¶DQGµQRW¶DQGLVWKHPRVWFRPPRQQHJDWLYHZRUGLQ6SDQLVKHJ±¢&RQRFHVD$OEHUWR"±1RQR ORFRQR]FRµ'R\RXNQRZ$OEHUWR"¶µ1R,GRQ¶W¶ :KHQLWPHDQVµQRW¶QRSUHFHGHVWKHYHUEDQ\GLUHFWRULQGLUHFWREMHFW SURQRXQV $IWHUYHUEVRIUHSRUWLQJEHOLHIGHVLUHDVVXUDQFHKRSHHWFTXHQRLV XVHGLQVKRUWDQVZHUVZKHUHWKHVSHDNHUGRHVQRWZDQWWRUHSHDWDFODXVH ¢1R"LVXVHGDVDWDJTXHVWLRQLHLWFDQEHDSSHQGHGWRDVWDWHPHQWWR HOLFLWD\HVQRDQVZHU+RZHYHU¢QR"DOZD\VVHHNVDJUHHPHQWZLWKWKH VSHDNHUDQGLPSOLHVWKDWKHRUVKHDOUHDG\NQRZVWKHDQVZHU
1RVHORGLMH,GLGQ¶WVD\LWWRKHU &UHRTXHQR,GRQ¶WWKLQNVR (UHVGH6HYLOOD¢QR"
'RXEOHQHJDWLRQ ,Q6SDQLVKXQOLNHLQ(QJOLVKDOOQHJDWLYHLQGLFDWRUVLQDQHJDWLYHVHQWHQFHPXVWEHQHJDWLYHHJ 1RKDYLVWRDQDGLHGHVGHKDFHFLQFRDxRV+HKDVQ¶WVHHQDQ\RQHIRUILYH\HDUV 1DGD 1DGDPHDQVµQRWKLQJ¶,WLVXVHGZLWKQRLQDGRXEOHQHJDWLYH 1RRtPRVQDGD:HGLGQ¶WKHDUDQ\WKLQJ FRQVWUXFWLRQ 1DGDFDQEHXVHGZLWKRXWQR,QWKHVHFDVHVLWSUHFHGHVWKHYHUE1RWH 1DGDRtPRV:HKHDUGQRWKLQJ WKLVLVIRUPDORUOLWHUDU\VW\OHDQGLVQRWFRPPRQLQVSHHFK $&KDPSROOLRQQROHIXHQDGDIiFLOGHVFLIUDUHOVLJQLILFDGRGHOD 1DGDFDQUHLQIRUFHDQDGMHFWLYHRUDGYHUELQDVHQWHQFH 3LHGUDGH5RVHWWD,WZDVQ¶WDWDOOHDV\IRU&KDPSROOLRQWRGHFLSKHUWKH PHDQLQJRIWKH5RVHWWD6WRQH
6HH8QLWRQDOJRYVQDGDLQLQGHILQLWHV 1DGLH 1DGLHPHDQVµQRRQH¶¶QRERG\¶,WLVXVHGLQGRXEOHQHJDWLYHFRQVWUXFWLRQV 1RYLQRQDGLH1DGLHYLQR1RERG\FDPH ZKHUHQDGLHLVWKHVXEMHFW DVZHOODVRQLWVRZQEHIRUHWKHYHUE RIWKHVHQWHQFH 1DGLHSUHJXQWySRUpO1RERG\DVNHGDIWHUKLP ,WWDNHVSHUVRQDODLILWLVWKHREMHFWUDWKHUWKDQWKHVXEMHFWRIDYHUE
1RFRQRFtDPRVDQDGLH:HGLGQ¶WNQRZDQ\ERG\ ZKHUHQDGLHLVWKH REMHFWRIWKHVHQWHQFH
6HH8QLWRQDOJXLHQYVQDGLHLQLQGHILQLWHV 1LQJXQR
1LQJXQRDFDQEHXVHGDVERWKDSURQRXQDQGDQDGMHFWLYH 1LQJXQDGHPLVWUHVKHUPDQDVPHUHFRQRFLyFXDQGRVDOtGLVIUD]DGR $VDSURQRXQQLQJXQRPHDQVµQRQH¶RUµQRWRQH¶,WFDQUHIHUWRREMHFWV DOHVFHQDULR1RQHRIP\WKUHHVLVWHUVUHFRJQLVHGPHZKHQ,ZDONHG RUSHRSOHDQGLWDJUHHVLQJHQGHUZLWKWKHQRXQVWKDWLWUHSODFHV RQWRWKHVWDJHLQGLVJXLVH 3DUHFHTXHQLQJ~QGLFFLRQDULRGHILQHHVHWpUPLQR,WGRHVQ¶WDSSHDUWR $VDQDGMHFWLYHLWPHDQVµQRQRXQ ¶¶QRWDQ\QRXQ ¶ EHGHILQHGLQDQ\GLFWLRQDU\
1RWLFHKRZWKHPDVFXOLQHVLQJXODUIRUPQLQJXQR DSRFRSDWHVLHGURSVWKHµR¶ LQIURQWRIDQRXQWR JLYHQLQJ~Q 1RWLFHWRRWKDWWKHXVDJHLQWKHSOXUDOLVOLPLWHG,WFDQEHIRXQGLQQRXQSKUDVHVWKDWZRXOGQRWQRUPDOO\EH XVHGLQWKHVLQJXODUIRUPHJQLQJXQDVJDQDV 6HH8QLWRQDOJXQRYVQLQJXQRLQLQGHILQLWHV 1XQFDDQGMDPiV 1XQFDPHDQVµQHYHU¶,WLVXVHGLQGRXEOHQHJDWLYHFRQVWUXFWLRQVDVZHOO 1RKHYLVLWDGRQXQFDHO0XVHRGHO3UDGR,KDYHQHYHUYLVLWHGWKH DVRQLWVRZQEHIRUHWKHYHUEERWKFRQVWUXFWLRQVDUHHTXDOO\DFFHSWDEOHWR 3UDGR PRVWQDWLYHVSHDNHUV 1XQFDKHHVWDGRHQ%LOEDR,KDYHQHYHUEHHQWR%LOEDR 1XQFDRFXUUHQDGDHQODVREUDVGH6DPXHO%HFNHWW1RWKLQJHYHU 1XQFDFDQFRPELQHZLWKRWKHUQHJDWLYHVLQDUDQJHRIFRQVWUXFWLRQV KDSSHQVLQ6DPXHO%HFNHWW¶VSOD\V £1DGLHQRVGLFHQXQFDQDGD1RRQHHYHUWHOOVXVDQ\WKLQJ $TXHOGtDORVQLxRVVHSRUWDURQSHRUTXHQXQFD7KHFKLOGUHQEHKDYHG PiVTXHQXQFDPHQRVTXHQXQFDFRPSDUDWLYHTXHQXQFD ZRUVHWKDQHYHUWKDWGD\ -DPiVLVDQHDUV\QRQ\PRIQXQFD+RZHYHULWLVXVHGOHVVIUHTXHQWO\ -DPiVKDEtDQYLVWRXQDFFLGHQWHGHFDUUHWHUDWDQKRUURURVR7KH\ DQGLWVUHJLVWHULVVOLJKWO\PRUHIRUPDO,WFDQQRWEHXVHGZLWKFRPSDULVRQV KDGQHYHUVHHQVXFKDKRUULILFURDGDFFLGHQW WRPHDQµHYHU¶ 1RTXLHURYROYHUDYHUODQXQFDMDPiV,QHYHUZDQWWRVHHKHUHYHU 1RWHWKHHPSKDWLFH[SUHVVLRQQXQFDMDPiVµQHYHUHYHU¶ DJDLQ
1XQFDLVDOVRXVHGZLWKFRPSDULVRQVDVDZRUGRQLWVRZQWRPHDQµHYHU¶1RVGLYHUWLPRVFRPRQXQFD:H KDGWKHEHVWWLPHHYHU 6HH6HFWLRQDQGIRUPRUHRQFRPSDUDWLYHV 1L 1LPHDQVµQHLWKHU¶RUµQRU¶DQGLVXVHGZLWKQRLQGRXEOHQHJDWLYH FRQVWUXFWLRQVRIWHQLQWKHIRUPRIQLQLFRUUHVSRQGLQJWRWKH(QJOLVK µQHLWKHUQ RU¶ +RZHYHULIQLDSSHDUVEHIRUHWKHYHUEQRLVRPLWWHGLQPRVWYDULHWLHVRI PRGHUQ6SDQLVK &RPELQHGZLWKWKHZRUGVLTXLHUDQLKDVWKHHPSKDWLFPHDQLQJµQRW HYHQ¶
1RQRVKDQLQYLWDGRDODILHVWDQLDWLQLDPt7KH\KDYHQ¶WLQYLWHG HLWKHU\RXRUPHWRWKHSDUW\ 1LW~QL\RHVWDPRVLQYLWDGRVDODILHVWD1HLWKHU\RXQRU,DUHLQYLWHG WRWKHSDUW\ 1LVLTXLHUDPLHVSRVDVDEtDTXHPHKDEtDWRFDGRODORWHUtD1RWHYHQ P\ZLIHNQHZWKDW,KDGZRQWKHORWWHU\
1LLQLGLRPDWLFH[SUHVVLRQV 1LLVXVHGLQDUDQJHRIFRPPRQDQGFROORTXLDOH[SUHVVLRQVZLWKWKH PHDQLQJµQR¶RUµQRWD¶£1LLGHD£1LXQFHQWDYR£1LKDEODU £1LPDGUHV0H[LFDQLVP
²¢4XLpQURPSLyHOIORUHURHVWH" ²£1LLGHDµ:KREURNHWKLVYDVH"¶µ1RLGHD¶
$SHQDV $SHQDVPHDQVµVFDUFHO\¶RUµKDUGO\¶,WFDQEHXVHGRQLWVRZQEHIRUHWKH (VWDEDWDQUHVIULDGDTXHDSHQDVSRGtDKDEODUTXHQRSRGtD YHUERUDOWHUQDWLYHO\DIWHULWZLWKQRLQDGRXEOHQHJDWLYHFRQVWUXFWLRQ KDEODUDSHQDV6KHZDVVRFROGULGGHQWKDWVKHFRXOGKDUGO\WDON ,WFDQDOVRFRPELQHZLWKRWKHUQHJDWLYHV 1RKDEtDDSHQDVQDGLH7KHUHZDVKDUGO\DQ\ERG\WKHUH
1XQFDRFXUUHQDGDHQODVREUDVGH6DPXHO%HFNHWW 7DPSRFR 7DPSRFRPHDQVµQHLWKHU¶,WFDQEHXVHGRQLWVRZQEHIRUHWKHYHUERU DIWHUWKHYHUEZLWKQRLQDGRXEOHQHJDWLYHFRQVWUXFWLRQµQRWHLWKHU¶ 7DPSRFRZLWKRXWQRWHQGVWREHXVHGZLWKVXEMHFWSURQRXQVRU SUHSRVLWLRQDOIRUPVIRUHPSKDVLV 7DPSRFRFDQVWDQGRQLWVRZQDVDZRUGPHDQLQJµ0H\RXKHVKHHWF QHLWKHU¶
0LPXMHUPHGLMRTXHQROHJXVWDEDFRFLQDU/HUHVSRQGtTXHDPtQR PHJXVWDEDWDPSRFRTXHDPtWDPSRFR0\ZLIHWROGPHVKH GLGQ¶WOLNHFRRNLQJ,WROGKHU,GLGQ¶WOLNHLW HLWKHU ²/RVQLxRVQRTXLHUHQLUDODSLVFLQDKR\SRUHOIUtRTXHKDFH ²£+RPEUHWDPSRFRTXHUHPRVLUQRVRWURVµ7KHFKLOGUHQGRQ¶WZDQWWR JRWRWKHSRROWRGD\EHFDXVHRIWKHFROG¶µ7RRULJKWZHGRQ¶WZDQWWRJR HLWKHU¶ ²'HVJUDFLDGDPHQWHQRKDEORDOHPiQ¢<W~"²7DPSRFR µ8QIRUWXQDWHO\,GRQ¶WVSHDN*HUPDQ:KDWDERXW\RX"¶µ0HQHLWKHU¶
(MHUFLFLRV
&KDOOHQJHWKHIROORZLQJDVVHUWLRQVDERXW&KULVWRSKHU&ROXPEXVXVLQJWKHSURPSWV D&ULVWyEDO&ROyQGHVFXEULyODV$PpULFDV¢QRHVYHUGDG"6D\QRKHGLGQ¶WGLVFRYHUDQ\WKLQJ7KHUH ZHUHSHRSOHWKHUHDOUHDG\ E6tSHURGHVGHODSHUVSHFWLYDHXURSHDIXHHOSULPHURHQOOHJDUDOFRQWLQHQWH¢QRHVFLHUWR"6D\QR \RXFDQKDUGO\VD\WKDW7KH9LNLQJVDUULYHGHDUOLHU
F %XHQR Vt SHUR pO IXH HO SULPHU H[SORUDGRU HXURSHR TXH OR UHFRQRFLy FRPR XQ FRQWLQHQWH KDVWD
HQWRQFHVGHVFRQRFLGR¢YHUGDGTXHVt"6D\QRKHGLGQ¶WHYHQUHFRJQLVHLWDVVXFK+HWKRXJKWKH¶G UHDFKHGWKH)DU(DVW G9DOHGHDFXHUGR3HURSURQWRVHGLRFXHQWDGHVXHUURU¢YHUGDG"6D\QR,GRQ¶WWKLQNVR+HQHYHU UHDOLVHGKLVPLVWDNH
H$KSXHVDOPHQRVFRQVLJXLyIDPD\ULTXH]D¢QRHVDVt"6D\QRQRWHYHQWKDW+HGLHGLQ SRYHUW\
5HDGWKHIROORZLQJVKRUWGHVFULSWLRQRIDIDFWRU\ +DEtDPXFKDJHQWHHQODIiEULFD7RGDVODVPiTXLQDVIXQFLRQDEDQVHRtDPXFKRUXLGR\WDPELpQKDEtD PXFKDDFWLYLGDGIXHUDHQHOiUHDGHFDUJDGHVFDUJD 1RZGHVFULEHWKHVFHQHLQWKHIDFWRU\LQWKHPLGGOHRIWKHQLJKWZKHQWKHQLJKWZDWFKPDQYLJLODQWHQRFWXUQR FKHFNHGHYHU\WKLQJ8VHDSSURSULDWHQHJDWLYHIRUPV 7KLQNDERXWVRPHRIWKHWKLQJVWKDW\RXKDYHQRWGRQHLQ\RXUOLIHEXWZKLFK\RXZRXOGVWLOOOLNHWRGR 7KHQZULWHDSDUDJUDSKOLVWLQJILYHRIWKHVHWKLQJV)LQLVKWKHSDUDJUDSKZLWKWKHVHQWHQFH6LQHPEDUJR D~QPHJXVWDUtDKDFHUHVWDVFRVDV7U\WRXVHDYDULHW\RIQHJDWLYHIRUPVVXFKDVQLQLWDPSRFRRU QLVLTXLHUD
&RPSRXQGDQGFRPSOH[VHQWHQFHV 7KHFRPSRXQGVHQWHQFH &RPSRXQGVHQWHQFHV±ODVRUDFLRQHVFRPSXHVWDV±DUHIRUPHGE\MRLQLQJVLPSOHVHQWHQFHV 6LPSOH VHQWHQFHVLQ6HFWLRQ 7KLVFDQEHGRQHXVLQJRQHRIWZRGHYLFHVE\MX[WDSRVLWLRQWKDWLVE\OLQNLQJVLPSOH VHQWHQFHVZLWKRXWXVLQJDVSHFLILFFRQQHFWRU±FRQHFWRU±RUOLQNZRUGHJ1RPHJXVWDWHORUHJDOR,GRQ¶W OLNHLW,DPJLYLQJLWWR\RX DQGE\XVLQJZKDWDUHFDOOHGFRRUGLQDWLQJFRQMXQFWLRQVRUFRQQHFWRUVHJ1R KDWHUPLQDGRWRGDYtDSHURWHUPLQDUiSURQWR6KHKDVQRWILQLVKHG\HWEXWVKHZLOOVRRQ -X[WDSRVHG 6HSDUDWHGE\DFRPPDDVHPLFRORQRUDFRORQ
0HYR\DFDVDHVWR\DJRWDGD,¶PJRLQJKRPH,¶PH[KDXVWHG (OSROLFtDJULWy³£$OWRDKt´7KHSROLFHPDQVKRXWHGµ6WRSWKHUH¶
&RRUGLQDWHG (OHGLILFLRHVPX\ERQLWR\WLHQHEXHQDVYLVWDV7KHEXLOGLQJLVORYHO\ 7RH[SUHVVDGGHGLQIRUPDWLRQFRSXODWLYH -RLQHGE\\RUH LQDIILUPDWLYH DQGKDVJRRGYLHZV VHQWHQFHVRUQLLQQHJDWLYHVHQWHQFHV -XDQQRKDOOHJDGRQLKDOODPDGRSRUWHOpIRQR-XDQKDVQ¶WDUULYHGRU SKRQHG ¢9LHQHVFRQQRVRWURVRWHYDVFRQWXVDPLJRV"$UH\RXFRPLQJZLWKXV 7RH[SUHVVDQDOWHUQDWLYHGLVMXQFWLYH -RLQHGE\RRUX RUDUH\RXJRLQJZLWK\RXUIULHQGV" 7RH[SUHVVDUHVWULFWLRQRUFRQWUDVWDGYHUVDWLYH 1RJDQDURQHOSDUWLGRSHUROXFKDURQKDVWDHOILQDO7KH\GLGQRWZLQ -RLQHGE\SHURRUVLQRDXQTXHVLQHPEDUJRRUQRREVWDQWH WKHPDWFKEXWWKH\IRXJKWWLOOWKHHQG 7RH[SUHVVDFRQVHTXHQFHRUFDXVHDQGHIIHFWFRQVHFXWLYH 1RHQWLHQGRQDGDGHORTXHWHQJRTXHKDFHUDVtTXHYR\DLUD -RLQHGE\DVtDVtTXHOXHJRFRQTXHSRUOR WDQWRSRUFRQVLJXLHQWH SUHJXQWDUOHDOSURIHVRU,GRQ¶WXQGHUVWDQGZKDW,KDYHWRGRVR,¶P RUGHIRUPDPRGRPDQHUDTXH JRLQJWRDVNWKHWHDFKHU 7RH[SUHVVDGLVWULEXWLRQRILGHDVGLVWULEXWLYH -RLQHGE\ %LHQSRUODPDxDQDELHQSRUODWDUGHVLHPSUHSDVDEDDYHUDVX \D\D PDGUH:KHWKHULWZDVPRUQLQJRUDIWHUQRRQKHDOZD\VSRSSHGLQWRVHH ELHQELHQ KLVPRWKHU/LWHUDOO\(LWKHULQWKHPRUQLQJRULQWKHDIWHUQRRQ VHDVHD
&RRUGLQDWLQJFRQQHFWRUV &RRUGLQDWLQJFRQMXQFWLRQVRUFRQQHFWRUVMRLQWRJHWKHUHOHPHQWVWKDWKDYHWKHVDPHYDOXHHJ-XDQ\3HGURVRQ PLVKHUPDQRV-XDQDQG3HGURDUHP\EURWKHUV RU)XHDONLRVNR\FRPSUyHOSHULyGLFR6KHZHQWWRWKH QHZVDJHQW¶VDQGERXJKWWKHSDSHU &RQQHFWRU
)XQFWLRQDQGUHPDUNV ([DPSOHV -RLQVWRJHWKHUFRSXODWLYHVHQWHQFHVVRWKDWVHQWHQFH$LQIRUPDWLRQLVDGGHGWRVHQWHQFH% &RSXODWLYH LQIRUPDWLRQ6LPLODUWR(QJOLVKµDQG¶µQHLWKHUQRUQRU¶ 0DGUHHKLMRHVWiQELHQ0RWKHUDQGFKLOGDUH -RLQDIILUPDWLYHVWDWHPHQWV1RWHZKHQ ZHOO HQXPHUDWLQJHOHPHQWVFRPPDVDUHXVHGDQG \RUHEHIRUHZRUGVVWDUWLQJZLWKLKLRU\ /DFDVDHVWDEDPX\GHVFXLGDGDQRWHQtDMDUGtQ WKHFRQMXQFWLRQLVXVHGWRMRLQWKHODVWWZR \HUDPX\SHTXHxD7KHKRXVHZDVLQEDGVKDSH HOHPHQWV GLGQ¶WKDYHDJDUGHQDQGZDVYHU\VPDOO 0DULVROQLTXLHUHHVWXGLDUQLTXLHUHWUDEDMDU QRQLQLQL -RLQQHJDWLYHVWDWHPHQWV 0DULVROGRHVQ¶WZDQWWRVWXG\RUZRUN 6LJQDOVDFKRLFHEHWZHHQRSWLRQVVLPLODUWR(QJOLVKµRU¶µHLWKHURU¶ 'LVMXQFWLYH 2YLHQHVFRQPLJRDODFRPSUDRYDVFRQWX RRUXEHIRUHZRUGVVWDUWLQJZLWKRRUKR R PDGUHQRSXHGHVTXHGDUWHDTXt(LWKHU\RX RELHQELHQ FRPHVKRSSLQJZLWKPHRU\RXJRZLWK\RXUPRWKHU \RXFDQ¶WVWD\KHUH 6KRZVHOHPHQWVLQRSSRVLWLRQWRHDFKRWKHUWRVKRZUHVWULFWLRQRUFRQWUDVWVLPLODUWRWKH(QJOLVK $GYHUVDWLYH µEXW¶RUµKRZHYHU¶
SHUR
VLQRWRMRLQVLQJOHHOHPHQWV VLQRTXHWRMRLQZKROHVHQWHQFHV
PDV
VLQHPEDUJR
&RQVHFXWLYH DVtDVtTXH
SRUWDQWRSRUORWDQWR
OXHJR
SRUFRQVLJXLHQWH
GHPDQHUDTXHGHPRGRTXHGHIRUPDTXH
FRQTXHU
)XHDYLYLUDODFDSLWDOSHURQROHJXVWyQDGD 6KHZHQWWROLYHLQWKHFDSLWDOEXWVKHGLGQRWOLNHLW DWDOO 1RQRIXHD8UXJXD\VLQRD3DUDJXD\1RVKH GLGQRWJRWR8UXJXD\EXWWR3DUDJXD\ &RQWUDGLFWVRUFRUUHFWVWKHQHJDWLYH 1ROHVFRPSUyXQUHJDORVLQRTXHOHVSDJyXQDV VWDWHPHQWLQVHQWHQFH$ YDFDFLRQHVHQODV%HUPXGDV6KHGLGQRWEX\ WKHPDSUHVHQWEXWVKHSDLGIRUDKROLGD\LQ %HUPXGD 'HVHDEDFRQWRGDVVXVIXHU]DVGHFODUDUVXDPRU DODPXFKDFKDPDVQRFRQVHJXtDUHXQLUHO 6DPHXVHDVSHURDOWKRXJKLWVRXQGVROG FRUDMHVXILFLHQWH+HZDQWHGWRGHFODUHKLVORYH IDVKLRQHG WRWKHJLUOZLWKDOOKLVPLJKWEXWKHFRXOGQRWPXVWHU HQRXJKFRXUDJHWRGRLW 3HUGLyVXUHORMGHRURVLQHPEDUJRORHQFRQWUy 0XVWEHSODFHGLQWKHPLGGOHRIWKH DOGtDVLJXLHQWHHQODODYDGRUD+HORVWKLVJROG FRPSRXQGVHQWHQFHVHSDUDWHGE\DFRPPD ZDWFK+RZHYHUKHIRXQGLWLQWKHZDVKLQJ RUDIXOOVWRS PDFKLQHWKHQH[WGD\ 6KRZVFRQVHTXHQFHLQUHODWLRQWRWKHSUHYLRXVFODXVHRUDFDXVHDQGHIIHFWUHODWLRQVKLS6LPLODU WR(QJOLVKµVR¶µWKHUHIRUH¶RUµZLWKWKHUHVXOWRI¶ 6HSDUDWHGIURPWKHSUHYLRXVFODXVHE\D 1RDSDUHFLyDVtTXHQRVIXLPRVVLQHOOD6KHGLG FRPPD QRWWXUQXSVRZHZHQWZLWKRXWKHU (VSDxDKDVLGRXQSDtVGHHPLJUDQWHVKDVWD KDFHELHQSRFRSRUORWDQWRSRGUtDPRVWUDUPiV 6HSDUDWHGIURPWKHSUHYLRXVFODXVHE\D VROLGDULGDGFRQORVLQPLJUDQWHV6SDLQKDVEHHQ FRPPD DFRXQWU\RIHPLJUDQWVXQWLOYHU\UHFHQWO\WKHUHIRUH LWFRXOGVKRZPRUHVROLGDULW\ZLWKLPPLJUDQWV 6HSDUDWHGIURPWKHSUHYLRXVFODXVHE\D 3LHQVROXHJRH[LVWR,WKLQNWKHUHIRUH,DP FRPPD 1RVHOOHJyDXQDFXHUGRVREUHHOGHVDUPHSRU FRQVLJXLHQWHHOJRELHUQRGHFLGLyDEDQGRQDUODV 6HSDUDWHGIURPWKHSUHYLRXVFODXVHE\D QHJRFLDFLRQHVGHSD]1RDJUHHPHQWRQ FRPPD GLVDUPDPHQWZDVUHDFKHGDQGDVDFRQVHTXHQFH WKHJRYHUQPHQWGHFLGHGWRDEDQGRQWKHSHDFH WDONV )ROORZHGE\LQGLFDWLYH /HVUHJDOpDPLVKLMRVXQMXHJRGHDMHGUH]GH :KHQIROORZHGE\WKHVXEMXQFWLYH IRUPDTXHDSUHQGLHURQDSHQVDU WKH\EHFRPHFRQQHFWRUVH[SUHVVLQJSXUSRVH HVWUDWpJLFDPHQWH,JDYHP\FKLOGUHQDFKHVVVHW ZLWKWKHUHVXOWWKDWWKH\OHDUQWWRWKLQNVWUDWHJLFDOO\ 6HFWLRQJ
3ODFHGLQWKHPLGGOHRIWKHFRPSRXQG VHQWHQFHYHU\PXFKOLNHµEXW¶
&ROORTXLDO
7~QRPHLQYLWDVWHDWXFXPSOHDxRVFRQTXH\R WDPSRFRWHLQYLWRDOPtR
(MHUFLFLRV
-RLQWKHIROORZLQJSDLUVRIVHQWHQFHVWRIRUPFRPSRXQGVHQWHQFHV D+DFtDXQGtDPDUDYLOORVR'HFLGLPRVLUDODSOD\DFRQVHFXWLYH E1RTXHUtDPRVLUDOFLQH1RTXHUtDPRVLUDOSDUTXHFRSXODWLYH F¢9DVDSDVDUODVYDFDFLRQHVFRQWXVDEXHORV"¢9DVDTXHGDUWHHQ,UODQGD"GLVMXQFWLYH G*DQDPRVSRFR+HPRVGHFLGLGRDKRUUDUSDUDFRPSUDUQRVXQSLVRPiVJUDQGHDGYHUVDWLYH 8VHSHURRUVLQRDVDSSURSULDWHLQWKHIROORZLQJVHQWHQFHV D1RJDQDURQTXHSHUGLHURQSRUPXFKDGLIHUHQFLD
E/OHJDURQWDUGtVLPRDFHQDUHVWDYH]WHQtDQXQDEXHQDH[FXVD F1RIXHDYLVLWDUORSDUDSHGLUOHD\XGDSDUDRIUHFHUOHXQQHJRFLR 8VHVLQRRUVLQRTXHDVDSSURSULDWH D$pOUHDOPHQWHQROHJXVWDPXFKRHOWHDWURHOFLQH E1RHVTXHVHDWtPLGDHVGHSRFDVSDODEUDV F1RYHQJRDGLVFXWLUTXLHURKDFHUODVSDFHVFRQWLJR G1RKHVDFDGRXQ6REUHVDOLHQWHHQHOH[DPHQXQ1RWDEOH 6XEVWLWXWHWKHFRQQHFWRULQEROGIRUDQRWKHURQHVRWKDWWKHPHDQLQJRIWKHVHQWHQFHGRHVQRWFKDQJH D9HRTXHQRVR\ELHQUHFLELGDSRUORWDQWRPHPDUFKR E1LKDSDJDGRHOYHVWLGRQLORKDGHYXHOWR F(OSXHEORHQVtQRHVGHPDVLDGRERQLWRVLQHPEDUJRORVDOUHGHGRUHVVRQSUHFLRVRV 7KHFRPSOH[VHQWHQFH &RPSOH[VHQWHQFHVFRQVLVWRIDPDLQFODXVHDQGRQHRUPRUHVXERUGLQDWHFODXVHV FRPSOH[VHQWHQFH PDLQFODXVHVXERUGLQDWHFODXVHV 6LTXLHUHVWHOODPDUpFXDQGRDWHUULFH,I\RXZDQW,¶OOFDOO\RXZKHQ,ODQG VXERUGLQDWHFODXVHPDLQFODXVHVXERUGLQDWHFODXVH 6XERUGLQDWHFODXVHV
6XERUGLQDWHFODXVHV±ODVRUDFLRQHVVXERUGLQDGDV±GRQRWH[SUHVVDFRPSOHWHWKRXJKWDQGWKHUHIRUHFDQQRW VWDQGDORQH7KH\DUHDOZD\VSDUWRIDELJJHUXQLWWKHFRPSOH[VHQWHQFH DQGDUHGHSHQGHQWRQDQRWKHUFODXVH FDOOHGWKHPDLQFODXVH±ODRUDFLyQSULQFLSDO7KHYHUELQWKHVXERUGLQDWHFODXVHFDQEHFRQMXJDWHGRUEHLQDQ LPSHUVRQDOIRUPLQILQLWLYHJHUXQGRUSDVWSDUWLFLSOH 7HORGDUpVLPHYLVLWDVPDxDQDFRQODIDPLOLD VXERUGLQDWHFODXVH ,¶OOJLYHLWWR\RXLI\RXFRPHDQGYLVLWPHWRPRUURZZLWK\RXUIDPLO\ ,QWKLVVHQWHQFHGDUpLVWKHPDLQYHUEDQGVLPHYLVLWDVPDxDQDFRQODIDPLOLDLVWKHVXERUGLQDWHFODXVHZKLFK KDVDYHUEYLVLWDV SOXVLQIRUPDWLRQDERXWµZKRP¶PH µZKHQ¶PDxDQD DQGµZLWKZKRP¶FRQODIDPLOLD 6LLVWKHFRQQHFWRUZKLFKKDVWKHGRXEOHIXQFWLRQRIMRLQLQJWKHVXERUGLQDWHFODXVHWRWKHPDLQFODXVHDQG SURYLGLQJWKHPHDQLQJRIWKHVXERUGLQDWHFODXVHLQWKLVFDVHDFRQGLWLRQ 7\SHVRIVXERUGLQDWHFODXVHV D 7KHQRXQFODXVH$VXERUGLQDWHFODXVHZKLFKFDQVWDQGLQSODFHRID &XDQGRHUDSHTXHxDPHHQFDQWDEDVDOWDUDODFXHUGD:KHQ,ZDV QRXQ OLWWOH,ORYHGVNLSSLQJZLWKP\URSH E 7KHUHODWLYHFODXVH$VXERUGLQDWHFODXVHZKLFKPRGLILHVDQRXQ (OSHUURTXHYLPRVHUDHOGH-XOLiQ7KHGRJZHVDZZDV-XOLiQ¶V SKUDVHLQWKHZD\WKDWDQDGMHFWLYHZRXOG F 7KHDGYHUELDOFODXVH$VXERUGLQDWHFODXVHZKLFKPRGLILHVLWVPDLQ /RKDUpFRPRPHKDVHQVHxDGR,¶OOGRLWWKHZD\\RXWDXJKWPH FODXVHE\DGGLQJPHDQLQJVVLPLODUWRWKRVHRIDGYHUEVVXFKDVWLPH PDQQHUSODFHLQVWUXPHQWFLUFXPVWDQFHFRQFHVVLRQSXUSRVHUHVXOWFDXVH /RKL]RSRUTXHHVWDEDHQIDGDGR+HGLGLWEHFDXVHKHZDVDQJU\ RUFRQGLWLRQ
6XERUGLQDWHQRXQFODXVH 4XLHURTXHYHQJDVDKRUDPLVPR,ZDQW\RXWRFRPHULJKWQRZ
7KHYHUERIWKHVXERUGLQDWHQRXQFODXVHFDQEHLQWKHLQILQLWLYHWKHLQGLFDWLYHRUWKHVXEMXQFWLYH 1RXQFODXVHFRQMXQFWLRQVDQGRWKHUOLQNZRUGV
:KHUHDFRQQHFWRULVQHHGHGTXHLVWKHPRVWFRPPRQRQHEXWWKHUHDUHRWKHUV TXH
8VHGLQVWDWHPHQWV
VL
8VHGLQLQGLUHFWFORVHGTXHVWLRQV
SUHSRVLWLRQ LQWHUURJDWLYHTXpFXiQGRHWF
8VHGLQLQGLUHFWRSHQTXHVWLRQV
0HDFRQVHMDTXHPHUHODMH6KHDGYLVHVPHWR UHOD[ 4XLHURVDEHUVLPHYDVDD\XGDURQR,ZDQWWR NQRZZKHWKHU\RXDUHJRLQJWRKHOSPHRUQRW 0DPiSUHJXQWDFXiQGRHPSLH]DODSHOtFXOD 0XPLVDVNLQJZKHQWKHILOPLVGXHWRVWDUW
5HPDUNV
7KHFRQMXQFWLRQTXHLVVLPLODUWRWKH(QJOLVKµWKDW¶EXWLQFRQWUDVWWR(QJOLVKLWFDQQRWEHRPLWWHGµ6KH VD\VWKDW VKHZLOOGRLW¶±'LFHTXHORKDUi 5HPHPEHUWKDWWKHLQWHUURJDWLYHVLQLQGLUHFWTXHVWLRQVHJFXiQGR PXVWEHZULWWHQZLWKDQDFFHQW UHYLVHWKHPLQ8QLW
4XHRUGHTXH"
'HTXHPXVWEHXVHGZKHQWKHLWHPWKDWSUHFHGHVTXHQRUPDOO\UHTXLUHVWKHXVHRIGHDVLQWKHIROORZLQJ H[DPSOHV GDUVHFXHQWDGH ODSRVLELOLGDGGH DQWHVGH
6HGLRFXHQWDGHTXHOHHQJDxDEDQ+HUHDOLVHGKHZDVEHLQJ FKHDWHG /DSRVLELOLGDGGHTXHOHOODPHQSDUDXQDHQWUHYLVWDHVUHPRWD7KH SRVVLELOLW\RIKLVEHLQJFDOOHGIRUDQLQWHUYLHZLVUHPRWH /OHJDUpDFDVDDQWHVGHTXHORVQLxRVVDOJDQSDUDHOFROHJLR,¶OOJHW KRPHEHIRUHWKHFKLOGUHQOHDYHIRUVFKRRO
$OORWKHUSUHSRVLWLRQVZRUNLQWKHVDPHZD\ LUDĺ9R\DOGHQWLVWD9R\DTXHPHVDTXHQXQDPXHOD,¶PJRLQJWRWKHGHQWLVW¶V,¶PJRLQJWRKDYHD WRRWKWDNHQRXW ,QILQLWLYHRUTXHFODXVH"
&RPSDUHWKHVHVHQWHQFHV /RVWUDEDMDGRUHVTXHUtDPRVHOHJLUORDpO:HZRUNHUVZDQWHGWRFKRRVHKLP /RVWUDEDMDGRUHVTXHUtDPRVTXHpOHOLJLHUDDRWURFDQGLGDWR:HZRUNHUVZDQWHGKLPWRFKRRVH DQRWKHUFDQGLGDWH :KHQWKHVXEMHFWRIWKHPDLQYHUEDQGWKHVXERUGLQDWHYHUELVWKHVDPHDQLQILQLWLYHLVXVHG:KHQWKHVXEMHFWV RIWKHYHUEVDUHGLIIHUHQWDVLQWKHVHFRQGH[DPSOHORVWUDEDMDGRUHVLHQRVRWURV DQGpO WKHQWKH VXERUGLQDWHZLWKTXHPXVWEHXVHGDQGWKHYHUELQWKHVXERUGLQDWHFODXVHPXVWDJUHHZLWKLWVVXEMHFW
4XHIROORZHGE\LQGLFDWLYHRUVXEMXQFWLYH
:ULWHWKUHHFRPSOH[VHQWHQFHVZLWKDVXERUGLQDWHQRXQFODXVH D6HFRPHQWDTXHVXELUORVSUHFLRV E7HGHVHRTXHW~WHQHUXQIHOL]FXPSOHDxRV F1RVHVDEHFRQVHJXULGDGVLORVWHUURULVWDVILUPDUODWUHJXD 7UDQVODWH WKH IROORZLQJ VHQWHQFHV LQWR 6SDQLVK XVLQJ D QRXQ FODXVH ZLWKTXH VL RU DSSURSULDWH LQWHUURJDWLYHV D:HGRQ¶WNQRZZKHWKHUVKHZLOOVLQJRUQRW E+LVJUHDWHVWGUHDPLVIRUKLVGDXJKWHUWRVWXG\DUFKLWHFWXUH F,WKLQNKHZDQWVKLVGDXJKWHUWRFRPHDQGOLYHZLWKKLPEXWKHZRQ¶WVD\VR &RPSOHWHWKHVHQWHQFHVZLWKTXHRUGHTXHDVDSSURSULDWH D1RHVWDPRVVHJXURVYD\DDWHUPLQDUODFDUUHUD E(QHVWRVFDVRVVHDFRQVHMDHOSDFLHQWHGHVFDQVHWRGRORSRVLEOH F0LVDEXHORVHVWDEDQHQFDQWDGRVWRGRVKXELpUDPRVLGRDYLVLWDUOHV G/RVPpGLFRVGXGDQSXHGDYROYHUDWUDEDMDUDQWHVGHXQPHV 7KHUHODWLYHFODXVH $UHODWLYHFODXVH±ODRUDFLyQGHUHODWLYR±LVDVXERUGLQDWHFODXVHZKLFKPRGLILHVRUTXDOLILHVDQRXQLQWKH ZD\DQDGMHFWLYHZRXOG DVVKRZQEHORZ $GMHFWLYHRUDGMHFWLYDOSKUDVH (OKRPEUHDOWRHUDPLSDGUH7KHWDOOPDQZDVP\IDWKHU
5HODWLYHFODXVH (OKRPEUHTXHYLPRVHUDPLSDGUH7KHPDQZHVDZZDVP\IDWKHU
5HVWULFWLYHDQGQRQUHVWULFWLYHUHODWLYHFODXVHV
$VLQ(QJOLVKWKHUHDUHWZRW\SHVRIUHODWLYHFODXVHV D 5HVWULFWLYHUHODWLYHFODXVHVDOVRNQRZQDVGHILQLQJUHODWLYHFODXVHV ±ODVRUDFLRQHVGHUHODWLYR HVSHFLILFDWLYDV±VSHFLI\SDUWLFXODUHOHPHQWVRIWKHDQWHFHGHQW)RUH[DPSOHLQ0HWtHQHOPDOHWtQORV SDSHOHVTXHWHQtDTXHILUPDUDOGtDVLJXLHQWH,SXWWKHSDSHUV,KDGWRVLJQWKHQH[WGD\LQWRP\ EULHIFDVH WKHUHODWLYHFODXVHVSHFLILHVZKLFKSDSHUV,SXWLQWRP\EULHIFDVH E 1RQUHVWULFWLYHUHODWLYHFODXVHVDOVRNQRZQDVQRQGHILQLQJUHODWLYHFODXVHV ±ODVRUDFLRQHVGHUHODWLYR H[SOLFDWLYDV±JLYHH[WUDLQIRUPDWLRQDERXWWKHDQWHFHGHQWZLWKRXWUHVWULFWLQJLWVPHDQLQJLQDQ\ZD\)RU H[DPSOHLQ/RVSDGUHVGHODQLxDTXHHVWDEDQPX\SUHRFXSDGRVOORUDURQGHHPRFLyQDOYHUODVDQD\ VDOYD7KHOLWWOHJLUO¶VSDUHQWVZKRZHUHH[WUHPHO\ZRUULHGFULHGZLWKHPRWLRQZKHQWKH\VDZKHUVDIH DQGVRXQG WKHUHODWLYHFODXVHPDNHVDFRPPHQWDERXWWKHVWDWHRIWKHSDUHQWVORVSDGUHVGHODQLxDLVWKH DQWHFHGHQW
,QWKHZULWWHQODQJXDJHQRQUHVWULFWLYHUHODWLYHFODXVHVPXVWDSSHDUEHWZHHQFRPPDVDQGLQWKHVSRNHQ ODQJXDJHWKH\DUHPDUNHGE\SDXVHV 5HODWLYHSURQRXQVDQGRWKHUOLQNVWRUHODWLYHFODXVHV
7KHPRVWFRPPRQFRQQHFWRUVRIVXERUGLQDWHUHODWLYHFODXVHVDUHWKHUHODWLYHSURQRXQV±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µ:HVDZDFDUZKLFKZDV FDUU\LQJWRRPDQ\SHRSOH¶FDQEHH[SUHVVHGZLWKDJHUXQGLQ (QJOLVKµ:HVDZDFDUFDUU\LQJWRRPDQ\SHRSOH¶EXWRQO\E\DUHODWLYHFODXVHLQ6SDQLVKĺ9LPRVXQFRFKH TXHOOHYDEDGHPDVLDGDJHQWH ,QHHGDIULHQGWRWDONWRĺ1HFHVLWRXQDPLJRFRQHOTXHKDEODU ,QHHGDIULHQGWRKHOSPHZLWKP\KRPHZRUNĺ1HFHVLWRDXQDPLJRTXHPHD\XGHFRQORVGHEHUHV 8VHRILQGLFDWLYHRUVXEMXQFWLYHLQUHODWLYHFODXVHV
7KHLQGLFDWLYHLVXVHGZKHQWKHDFWLRQGHVFULEHGLQWKHUHODWLYHFODXVHYHUELVUHDODQGKDVSRVVLEO\DOUHDG\ WDNHQSODFH /DFDVDGRQGHYLYHHVDQWLJXD\HVWiOOHQDGHSODQWDV7KHKRXVHKHOLYHVLQLVROGDQGIXOORISODQWV 7KHVXEMXQFWLYHLVXVHGLQUHODWLYHFODXVHVZKHQWKHDFWLRQKDVQRW\HWKDSSHQHGEXWLVFRQVLGHUHGSRVVLEOHRU ZKHQLWLVK\SRWKHWLFDO /DFDVDGRQGH\RYLYDVHUiDQWLJXD\OOHQDGHSODQWDV7KHKRXVH,OLYHLQZLOOEHROGDQGIXOORISODQWV ,GRQ¶WKDYHDKRXVH\HW 0RUHLQIRUPDWLRQRQWKHXVHRIWKHVXEMXQFWLYHLQVXERUGLQDWHFODXVHVFDQEHIRXQGLQ6HFWLRQ 5HODWLYHOLQN
TXH
TXLHQ
HOFXDOODFXDOORVFXDOHVODVFXDOHV
5HPDUNV
([DPSOHV 5HVWULFWLYH(VWHHVHODEULJRTXHPHUHJDOyPL WtD7KLVLVWKHFRDWWKDWZKLFK P\DXQWJDYH PH 7KHPRVWFRPPRQXVHGZKHQDVLPSOHOLQN LVQHHGHG,WFDQUHIHUWRSHRSOHRUWKLQJV 1RQUHVWULFWLYH(OFRFKHTXH\DHUDPX\YLHMR GHMyGHIXQFLRQDUGHUHSHQWHHOOXQHV7KHFDU ZKLFKZDVDOUHDG\YHU\ROGVXGGHQO\VWRSSHG ZRUNLQJRQ0RQGD\ 1RQUHVWULFWLYH(ODEXHORTXLHQKDEtDOXFKDGR 2QO\DSSOLHVWRSHRSOH1RWXVHGLQ HQOD5HYROXFLyQ&XEDQDVLHPSUHWHQtDKLVWRULDV UHVWULFWLYHUHODWLYHFODXVHV TXHFRQWDU*UDQGGDGZKRKDGIRXJKWLQWKH &XEDQUHYROXWLRQDOZD\VKDGVWRULHVWRWHOO 5HVWULFWLYH$LQDUDFRQODFXDOKLFLPRVJUDQ DPLVWDGQRVOOHYyDFRQRFHUHOSXHEORGHVXV DEXHORV$LQDUDZLWKZKRPZHKDGPDGHJUHDW 6LPLODUWRTXHDQGTXLHQEXWPRUHIRUPDO IULHQGVWRRNXVWRVHHKHUJUDQGSDUHQWV¶YLOODJH 1RWXVHGLQUHVWULFWLYHUHODWLYHFODXVHVXQOHVV 1RQUHVWULFWLYH6XPXHUWHDIHFWyPXFKRD/ROD SUHFHGHGE\DSUHSRVLWLRQ ODFXDOKDEtDWUDEDMDGRFRQpOGXUDQWHDxRV+LV
FX\RDRVDV
GRQGHFXDQGRDQGFRPR
SUHSRVLWLRQGHGHVGHHQHWF HOTXHODTXH ORVTXHODVTXHORTXH
SUHSRVLWLRQHQFRQSRUHWF TXLHQHV
SUHSRVLWLRQHOFXDOODFXDOORVFXDOHVODV FXDOHV
SUHSRVLWLRQGHGHVGHDKDVWDKDFLDHWF GRQGH
SUHSRVLWLRQ ORTXHORFXDO
GHDWKJUHDWO\DIIHFWHG/RODZKRKDGZRUNHGZLWK KLPIRU\HDUV 5HVWULFWLYH(VXQHVFULWRUFX\RVOLEURVVHKDQ WUDGXFLGRDPiVGHLGLRPDV+HLVDZULWHU ZKRVHERRNVKDYHEHHQWUDQVODWHGLQWRPRUHWKDQ ODQJXDJHV 1RQUHVWULFWLYH(OPXVHRHWQRJUiILFRFX\D 8VHGWRLQGLFDWHSRVVHVVLRQ FROHFFLyQGHEDUFRVEDOOHQHURVHUDXQDGHODV PD\RUHVGHOPXQGRDUGLySRUXQLQFHQGLR7KH HWKQRJUDSKLFPXVHXPZKRVHFROOHFWLRQRIZKDOLQJ ERDWVZDVRQHRIWKHELJJHVWLQWKHZRUOGEXUQW GRZQLQDILUH 5HVWULFWLYH(VWDHVODFDVDGRQGHQDFt7KLVLV WKHKRXVHZKHUH,ZDVERUQ $GYHUEVWKDWFDQWDNHWKHSODFHRIDUHODWLYH 0HJXVWDODPDQHUDFRPRVHH[SUHVD,OLNHWKH SURQRXQDGGLQJWKHLURZQVSHFLILFPHDQLQJ ZD\VKHWDONV RISODFHWLPHRUPDQQHU 1RQUHVWULFWLYH&RYDUUXELDVGRQGH\RQDFtHV &RPRLVIRXQGPDLQO\LQWKHSKUDVHVOD XQSXHEORPHGLHYDOPDUDYLOORVR&RYDUUXELDV PDQHUDFRPRDQGHOPRGRFRPRLQ ZKHUH,ZDVERUQLVDZRQGHUIXOPHGLHYDOWRZQ UHVWULFWLYHFODXVHV (QYHUDQRFXDQGRORVGtDVVRQPiVODUJRVQR &XDQGRLVRQO\IRXQGLQQRQUHVWULFWLYH YROYHPRVDFDVDKDVWDODVGHODQRFKH,Q UHODWLYHFODXVHV VXPPHUZKHQWKHGD\VDUHORQJHUZHGRQ¶WFRPH KRPHWLOODWQLJKW 5HVWULFWLYH(VWRVVRQORVQLxRVSDUDORVTXH KHWUDtGRORVERFDGLOORV7KHVHDUHWKHFKLOGUHQ, EURXJKWWKHVDQGZLFKHVIRU :KHQDSUHSRVLWLRQLVQHHGHGWRJLYHDPRUH 1RQUHVWULFWLYH0LVREULQD5RVDHQODTXHVXV SUHFLVHPHDQLQJLWPXVWEHIROORZHGE\HO SDGUHVWHQtDQWDQWDVHVSHUDQ]DVKDGLFKRTXH TXHHWF,WFDQUHIHUWRSHRSOHDQGWKLQJV QRTXLHUHHVWXGLDUPiV0\QLHFH5RVDIRU ZKRPKHUSDUHQWVKDGVXFKKLJKKRSHVKDVVDLGVKH GRHVQRWZDQWWRFDUU\RQVWXG\LQJ 5HVWULFWLYH/RVFKLFRVFRQTXLHQHVVDOHPLKLMR VRQPX\PDMRV7KHER\VP\VRQJRHVDURXQG ZLWKDUHYHU\QLFH 2QO\XVHGIRUSHRSOH 1RQUHVWULFWLYH-XDQSDUDTXLHQVXPXMHUORHUD WRGRQXQFDDFHSWyVXPXHUWH-XDQIRUZKRP KLVZLIHZDVHYHU\WKLQJQHYHUDFFHSWHGKHUGHDWK 5HVWULFWLYHXQDFDPSDxDGHPiUNHWLQJD WUDYpVGHODFXDOOOHJXHPRVDXQS~EOLFRPiV DPSOLRDPDUNHWLQJFDPSDLJQWKURXJKZKLFK ZHFDQUHDFKDZLGHUDXGLHQFH 6LPLODUWRHOTXHEXWPRUHIRUPDO 1RQUHVWULFWLYH/RVDJULFXOWRUHVSDUDORVTXHOD VHTXtDVXSRQtDUXLQD\KDPEUHHPSH]DURQD HPLJUDUDODFLXGDG7KHIDUPHUVIRUZKRPWKH GURXJKWPHDQWUXLQDQGKXQJHUVWDUWHGHPLJUDWLQJWR WKHFLW\ 5HVWULFWLYH(QFRQWUpXQDYHQWDQDGHVGHGRQGH SRGtDYHUWRGRHOSDWLR,IRXQGDZLQGRZIURP ZKHUH,FRXOGVHHWKHZKROH\DUG 7RTXDOLI\WKHPHDQLQJRIWKHDGYHUE 1RQUHVWULFWLYH/DFDEDxDGHVGHGRQGHVHYHtD HOPDUHVWDEDDEDQGRQDGD7KHKXWIURP ZKHUHWKHVHDFRXOGEHVHHQZDVDEDQGRQHG 8VHGDVDQHXWHUSURQRXQZKHQWKH /HGLMRDO~OWLPRPRPHQWRTXHQRLUtDDODILHVWD DQWHFHGHQWLVDQLGHDRUDQ\RWKHUHOHPHQW ORTXHOHIDVWLGLyPXFKR$WWKHODVWPLQXWHVKH ZLWKQRGHILQHGJHQGHU2QO\XVHGLQQRQ WROGKLPVKHZRXOGQ¶WJRWRWKHSDUW\ZKLFK UHVWULFWLYHUHODWLYHFODXVHV DQQR\HGKLPJUHDWO\
1RPLQDOLVDWLRQRIUHODWLYHFODXVHVZLWKHOODORVODV TXHDQGORTXH
:KHQWKHDQWHFHGHQWRIWKHUHODWLYHFODXVHLVDOUHDG\XQGHUVWRRGE\VSHDNHUDQGOLVWHQHULWLVFRPPRQWRVNLSLW DQGXVHHOTXHODTXHORVTXHODVTXH LQVWHDG
±¢(VQXHYDHVWDHVFXOWXUD"µ,VWKLVVFXOSWXUHQHZ"¶ ±6tHVODTXHFRPSUDPRVHQOD)HULDGH$UFRHODxRSDVDGRµ
,QWKHIROORZLQJSDUDJUDSKGHFLGHZKHWKHUWKHUHODWLYHFODXVHVLQEROGDUHUHVWULFWLYHRUQRQUHVWULFWLYH (OVHxRU0DUWtQH]D TXHHUDXQFDEDOOHURHOHJDQWHDOFLHQSRUFLHQQXQFDVDOtDGH FDVDVLQVXFKLVWHUDE ODFXDOOHKDFtDSDUHFHUVHDXQORUGLQJOpVGHORVGHDQWHV/D FDVDF GRQGHYLYtDKDEtDVLGRHQVXWLHPSRXQDJUDQPDQVLyQSHURDKRUDVHSHUFLEtD FRQGHPDVLDGDFODULGDGXQGHVFXLGRG TXHDPHQD]DEDFRQDQLTXLODUVXHVSOHQGRU SDUDVLHPSUH(OVHxRU0DUWtQH]VLPSOHPHQWHQRWHQtDXQGXUR -RLQWKHVHSDLUVWRIRUPDFRPSOH[VHQWHQFHFRQVLVWLQJRIDPDLQFODXVHDQGDUHVWULFWLYHUHODWLYHFODXVH 7KHDQWHFHGHQWRIWKHUHODWLYHFODXVHKDVEHHQPDUNHGLQEROG (MHPSOR (OSUR\HFWRQRKDVLGRDFHSWDGR3UHVHQWDPRVHOSUR\HFWRHOPHVSDVDGR (OSUR\HFWRTXHSUHVHQWDPRVHOPHVSDVDGRQRKDVLGRDFHSWDGR D(O~OWLPREDUFRFRQORVQLxRVOOHJyD%XHQRV$LUHVKDFHGRVGtDV/RVQLxRVKDEtDQVREUHYLYLGRDO WHUUHPRWR
E %HUQDUGD$OED HV XQSHUVRQDMH GHO SRHWD \ GUDPDWXUJR )HGHULFR *DUFtD /RUFD (VWH SHUVRQDMH UHSUHVHQWDODLQWUDQVLJHQFLDODUHSUHVLyQ\ODIDOWDGHKXPDQLGDG
7KLVH[HUFLVHLVVLPLODUWRWKHSUHYLRXVRQHEXWWKLVWLPHWKHUHODWLYHFODXVHQHHGVWREHSUHFHGHGE\D SUHSRVLWLRQ (MHPSOR (QODQRYHOD0DULHODHVODPXMHU-RVpVHFDVDFRQHVDPXMHU (QODQRYHOD0DULHODHVODPXMHUFRQODTXHVHFDVD-RVp D(VWDHVODFLXGDG(QHVWDFLXGDGQDFLyPLSDGUH E(QHOFROHJLRWHQtDPRVXQSURIHVRU3DUDHOSURIHVRUWRGRVORVQLxRVpUDPRVJHQLRVHQSRWHQFLD $GYLVHWKHSHUVRQDVNLQJWKHIROORZLQJTXHVWLRQVVWDUWLQJ\RXUDQVZHUZLWKHOTXHODTXHORVTXHODV TXHDVDSSURSULDWH (MHPSOR ²¢4XpVRPEUHURPHVLHQWDPHMRU" ²(OTXHPHMRUWHVLHQWDHVHOURMR
D²¢&XiOHVVRQODVPDQ]DQDVTXHPiVWHJXVWDQ" ²PiVPHJXVWDQVRQODVUHLQHWDV E²¢4XpDFWRUWHSDUHFHPiVJXDSRGHORVKLVSDQRV" ²PHSDUHFHPiVDWUDFWLYRHV$QWRQLR%DQGHUDV F¢4XLpQHVOOHJDURQORV~OWLPRV" ²TXHOOHJDURQORV~OWLPRVIXHURQORV3pUH] &RPSOHWHWKHJDSVZLWKDQDSSURSULDWHUHODWLYHFODXVHFRQQHFWRU $TXHOHUDSRUILQHOOXJDUFRQD KDEtDVRxDGRWDQWDVYHFHV/DKLHGUDE WUHSDEDSRUODSDUHGFXEUtDSDUWHGHOWHMDGR\WRGDODIDFKDGD(OEDOFyQSULQFLSDOGHVGH F VHGLYLVDEDQORVPRQWHVOHMDQRVWHQtDXQDVSHFWRVREHUELR\GHFDGHQWHDOPLVPR WLHPSR/DIDPLOLD*DUULGRG UHWUDWRVDGRUQDEDQODHVFDOHUDSULQFLSDOKDEtD SHUGLGRODPDQVLyQFXDQGRHO~OWLPRVHxRU*DUULGRVHDUUXLQyFRQHOQHJRFLRGHODUUR] /RVQXHYRVGXHxRVH YLYtDQHQ0DGULGQXQFDODRFXSDURQ<DKRUDHVWDFDVD\VX MDUGtQVHOYiWLFRI KDEtDMXJDGRWDQWDVYHFHVGHQLxRHUDQPtRV£0tRVSDUD VLHPSUH &KRRVHWKHDSSURSULDWHPRRGLQGLFDWLYHRUVXEMXQFWLYHIRUHDFKVHQWHQFH D'HVHRYLYLUHQXQPXQGRGRQGHQRKD\KD\DYLROHQFLD E/DFLXGDGHQODTXHYLYRYLYDQRHVPX\JUDQGH F$KtYDHOKRPEUHTXHVHSDUHFHVHSDUH]FDDOSURIHVRUGHP~VLFD
G 0H JXVWDUtD HQFRQWUDU XQD RFFXSDFLyQ TXH PHGHMDEDGHMDUD WLHPSR OLEUH SDUD GHGLFDUPH D OD SLQWXUD
7KHDGYHUELDOFODXVH 7KHDGYHUELDOFODXVH±ODRUDFLyQFLUFXQVWDQFLDO±LVDVXERUGLQDWHFODXVHZKLFKUHODWHVWRLWVPDLQFODXVHLQ WKHVDPHZD\DVDQ\DGYHUELHLQWHUPVRIWLPHPDQQHUSODFHLQVWUXPHQWFLUFXPVWDQFHFRQFHVVLRQSXUSRVH UHVXOWFDXVHRUFRQGLWLRQDVLOOXVWUDWHGE\WKHIROORZLQJH[DPSOH $GYHUERUDGYHUELDOSKUDVH ¢&XiQGR"
/RKDUpPDxDQD,¶OOGRLWWRPRUURZ
$GYHUELDOFODXVH /RKDUpFXDQGRTXLHUDV,¶OOGRLWZKHQ\RX ZDQW
7\SHVRIDGYHUELDOFODXVHV 7KHUHDUHGLIIHUHQWW\SHVRIDGYHUELDOFODXVHVMXVWDVWKHUHDUHGLIIHUHQWW\SHVRIDGYHUEV $GYHUELDOFODXVHRI D &DXVH E &RQFHVVLRQ F &RQGLWLRQDO G &RPSDULVRQ H 0DQQHU I 3ODFH J 3XUSRVH K 7LPH
0HDQLQJ ([SUHVVHVFDXVHRUUHDVRQDQGDQVZHUVWKHTXHVWLRQµZK\"¶ ([SUHVVHVDGLIILFXOW\RUUHVWULFWLRQZLWKRXWSUHYHQWLQJWKHIXOILOPHQWRIWKH DFWLRQLQWKHPDLQFODXVH ([SUHVVHVDFRQGLWLRQIRUWKHIXOILOPHQWRIDQDFWLRQ ([SUHVVHVDFRPSDULVRQDQGDQVZHUVWKHTXHVWLRQµKRZ"¶ ([SUHVVHVPRGHRUPDQQHUDQGDQVZHUVWKHTXHVWLRQµKRZ"¶ /RFDWHVDQHYHQWLQSODFHDQGDQVZHUVWKHTXHVWLRQµZKHUH"¶ ([SUHVVHVDLPVDQGSXUSRVHDQGDQVZHUVWKHTXHVWLRQµZKDWIRU"¶RU µZK\"¶ /RFDWHVDQHYHQWLQWLPHDQGDQVZHUVWKHTXHVWLRQµZKHQ"¶
(DFKW\SHLVIXUWKHUH[SODLQHGLQODWHUVHFWLRQVRIWKLVXQLW 8VHRIWKHLQGLFDWLYHRUVXEMXQFWLYHLQDGYHUELDOVXERUGLQDWHFODXVHV
5HIHUWRWKHH[DPSOHVLQWKHWDEOHRQWKHQH[WSDJHWRFODULI\WKHXVHRILQGLFDWLYHRUVXEMXQFWLYHLQDGYHUELDO FODXVHV,QHDFKFDVHWKHFRQQHFWRULQEROGLVWKHEDVLFFRQQHFWRUIRUHDFKW\SHRIVXERUGLQDWHFODXVH7KHUHDUH WZRVFHQDULRV D 6XERUGLQDWHFODXVHVWKDWDOZD\VWDNHWKHVXEMXQFWLYH &ODXVHV RI SXUSRVH IROORZLQJ WKH FRQQHFWRUVSDUD TXH D ILQ GH TXH HWF HJ7H OODPR SDUD TXH PH UHVHUYHVXQDHQWUDGD,¶PFDOOLQJ\RXVR\RXFDQUHVHUYHPHDWLFNHW 7\SHVRIFRQGLWLRQDOVHQWHQFHVZKHUHWKHIXOILOPHQWRIWKHFRQGLWLRQLVQRWSUREDEOHRULVLPSRVVLEOHHJ6L PHOODPDUDOHFROJDUtDHOWHOpIRQR,IKHFDOOHGPH,ZRXOGKDQJXSRQKLP 6HH6HFWLRQIRUPRUH RQWKHFRQGLWLRQDOVHQWHQFH &RPSDUDWLYHVHQWHQFHVRIWKHK\SRWKHWLFDOW\SHVXFKDVFRPRVLHWFHJ7RGDYtDWUDWDDVXVKLMRVFRPRVL IXHUDQQLxRVGHFLQFRDxRV+HVWLOOWUHDWVKLVFKLOGUHQDVLIWKH\ZHUHILYH\HDUROGV E 6XERUGLQDWHFODXVHVWKDWFDQWDNHWKHLQGLFDWLYHRUWKHVXEMXQFWLYH ,QWKHVHFDVHVWKHLQGLFDWLYHLVXVHGWRUHIHUWRDFWLRQVWKDWKDYHWDNHQSODFHRUDUHFRQVLGHUHGWREHIDFWVZKLOH WKHVXEMXQFWLYHLVXVHGWRUHIHUWRDFWLRQVWKDWKDYHQRW\HWWDNHQSODFHRUDUHK\SRWKHWLFDOW\SLFDOO\LQVHQWHQFHV ZKLFKLQGLFDWHWLPHFRQFHVVLRQPRGHRUSODFH )RUPRUHLQIRUPDWLRQUHYLVHWKHXVHVRIWKHVXEMXQFWLYHLQ6HFWLRQ $GYHUELDOFODXVHV
$GYHUELDOFODXVHFRQMXQFWLRQVDQGRWKHUOLQNLQJZRUGV D &RQQHFWRUVWKDWVKRZFDXVH
(QJOLVKFRQQHFWRUVZKLFKH[SUHVVVLPLODUPHDQLQJVLQFOXGHµEHFDXVH¶µDV¶µVLQFH¶µJLYHQWKDW¶ SRUTXH FRPRPXVWFRPHDWWKHKHDGRIWKHVHQWHQFHDQGLVIROORZHGE\WKH LQGLFDWLYH SXHVWRTXHFDQEHSODFHGDWWKHEHJLQQLQJRULQWKHPLGGOHRIWKH
1RKDYHQLGRDD\XGDUQRVSRUTXHHVGHPDVLDGRSHUH]RVR+HKDV QRWFRPHWRKHOSXVEHFDXVHKH¶VWRROD]\ &RPRW~KDVSDJDGRODVHQWUDGDV\RSDJDUpODFHQD$V\RXKDYH SDLGIRUWKHWLFNHWV,¶OOSD\IRUGLQQHU &RPRVXEMXQFWLYHDVDFRQGLWLRQDOFRQQHFWRULQVHFWLRQF DQG FRPRDVDFRQQHFWRURIPDQQHULQVHFWLRQH 3XHVWRTXHW~PHORDVHJXUDVWHFUHR6LQFH\RXDVVXUHPHRILW,
VHQWHQFH
EHOLHYH\RX $OVR7HFUHRSXHVWRTXHW~PHORDVHJXUDV /DLVODDOEHUJDEDDOJXQDVHVSHFLHVPX\UDUDV\DTXHHVWDEDUHPRWD \DTXHXVXDOO\DIWHUDFRPPD,WFDQEHSODFHGDWWKHEHJLQQLQJRID \DLVODGD7KHLVODQGKDGVRPHYHU\UDUHVSHFLHVDVLWZDVUHPRWHDQG FRPSOH[VHQWHQFHH LVRODWHG SXHVDVDFDXVHFRQQHFWRUWKLVLVTXLWHROGIDVKLRQHGDQGWHQGVWREHXVHG /HUHJDOyXQDIORUSXHVHUDXQURPiQWLFR+HJDYHKHUDIORZHU VSDULQJO\ EHLQJDVKHZDVDURPDQWLF 5HFRJHODURSDTXHYDDOORYHU)HWFKWKHZDVKLQJLQEHFDXVHLW¶V TXHGRQRWFRQIXVHZLWKWKHPDQ\RWKHUXVHVRITXH JRLQJWRUDLQ 'DGRTXHXVWHGFRQRFHPLGHOLFDGDVLWXDFLyQLUpDOJUDQR*LYHQ GDGRTXHVOLJKWO\IRUPDO WKDW\RXDUHDZDUHRIP\GHOLFDWHSRVLWLRQ,¶OOJHWVWUDLJKWWRWKHSRLQW
7KHH[SUHVVLRQRIFDXVHFDQDOVREHIRXQGLQDGYHUELDOFODXVHVIRUPHGE\DJHUXQGHJ/OHJDQGRWDQWDUGHHV PHMRUTXHQRVTXHGHPRVHQXQKRWHO$VZHDUULYHVRODWHLWLVEHWWHUWKDWZHVWD\LQDKRWHO 5HYLVHWKLV DQGRWKHUXVHVRIWKHJHUXQGLQ6HFWLRQ E &RQQHFWRUVWKDWLQWURGXFHWKHLGHDRIFRQFHVVLRQ
(QJOLVKFRQQHFWRUVZKLFKH[SUHVVWKHVDPHPHDQLQJVLQFOXGHµDOWKRXJK¶µGHVSLWH¶µLQVSLWHRI¶µHYHQLI¶DQG µHYHQWKRXJK¶ 7KHYHUEVLQWKHVXERUGLQDWHFODXVHVWKDWIROORZWKHVHFRQQHFWRUVWDNHWKHVXEMXQFWLYHPRRGLIWKH\UHIHUWRDQ LGHDWKDWLVLQWKHIXWXUHRULVK\SRWKHWLFDO2WKHUZLVHWKH\WDNHWKHLQGLFDWLYHPRRG1RWLFHKRZWKHPHDQLQJ FKDQJHVLQWKHH[DPSOHVZLWKDXQTXH
DXQTXHFDQVWDUWDFRPSOH[VHQWHQFH
DSHVDUGHTXHPRUHHPSKDWLFWKDQDXQTXH DXQFXDQGRPRUHHPSKDWLFWKDQDXQTXH VLELHQQRUPDOO\WDNHVLQGLFDWLYH0RUHIRUPDOWKDQWKHRWKHUV \HVRTXHWDNHVLQGLFDWLYH&ROORTXLDO
$XQTXHVLUYHDVXPDGUHFRPRXQDHVFODYDHOODMDPiVWLHQHXQ GHWDOOHTXHPXHVWUHVXJUDWLWXG$OWKRXJKVKHVHUYHVKHUPRWKHUOLNHD VODYHVKHQHYHUJHWVDQ\VLJQRIJUDWLWXGHIURPKHU $XQTXHVLUYDDVXPDGUHFRPRXQDHVFODYDHOODMDPiVWHQGUiXQ GHWDOOHTXHPXHVWUHVXJUDWLWXG(YHQLIVKHVHUYHVKHUPRWKHUOLNHD VODYHVKHZLOOQHYHUJHWDQ\VLJQRIJUDWLWXGHIURPKHU $SHVDUGHTXHPHORSURPHWLyQRORKL]R+HGLGQRWGRLWGHVSLWHWKH IDFWWKDWKHSURPLVHG $XQFXDQGRKDFtDFDORUWHQtDHVFDORIUtRVSRUODILHEUH(YHQZKHQLW ZDVKRWKHVKLYHUHGZLWKIHYHU 6LELHQHOFRFKHHVGHpSRFDIXQFLRQDSHUIHFWDPHQWH(YHQLIWKHFDU LVYLQWDJHLWZRUNVSHUIHFWO\ZHOO 1RTXLVRTXHODDFRPSDxiUDPRV\HVRTXHWHQtDPLHGR6KHGLGQRW ZDQWXVWRJRZLWKKHUHYHQWKRXJKVKHZDVVFDUHG
2WKHUFRQQHFWRUVRIFRQFHVVLRQDXQELHQTXHDVtDQGVLTXLHUD DUHOHVVZLGHO\XVHG F &RQQHFWRUVWKDWVSHFLI\DFRQGLWLRQ
7KHVHFRQQHFWRUVDUHVLPLODUWRWKH(QJOLVKµLI¶µXQOHVV¶µLQFDVH¶µSURYLGHGWKDW¶µDVORQJDV¶DQGµRQ FRQGLWLRQWKDW¶ 5HIHUWR6HFWLRQIRUWKHUXOHVRIFRQGLWLRQDOVHQWHQFHV VLWKHPRVWEDVLFOLNHWKH(QJOLVKµLI¶
FRPRDVDFRQGLWLRQDOFRQQHFWRULWLVDOZD\VIROORZHGE\DVXEMXQFWLYH
DPHQRVTXHVXEMXQFWLYHDQRVHUTXHVXEMXQFWLYHµXQOHVV¶ FRQWDOGHTXHVXEMXQFWLYHDFRQGLFLyQGHTXHVXEMXQFWLYH µSURYLGHGWKDW¶µRQFRQGLWLRQWKDW¶µDVORQJDV¶ VLHPSUHTXHDVDFRQGLWLRQDOFRQQHFWRULWLVDOZD\VIROORZHGE\D VXEMXQFWLYH
6LQRYLHQHPHYR\DHQIDGDUFRQpO,IKHGRHVQ¶WFRPH,¶OOEHYHU\ FURVVZLWKKLP &RPRQRYHQJDPHYR\DHQIDGDUFRQpO,IKHGRHVQ¶WFRPH,¶OOEH YHU\FURVVZLWKKLP &RPSDUHZLWKFRPRLQGLFDWLYHWRH[SUHVVFDXVHLQVHFWLRQD DQG FRPRDVDFRQQHFWRUWRH[SUHVVPDQQHULQVHFWLRQH /RKDUpPDxDQDSRUODPDxDQDDPHQRVTXHPHGLJDVTXHQR,¶OOGR LWWRPRUURZPRUQLQJXQOHVV\RXWHOOPHQRWWR 3XHGHVYHQLUFRQWDOGHTXHSURPHWDVSRUWDUWHELHQ
HQHO FDVRGHTXHµLI¶µLQFDVH¶
1RSRGHPRVDUULHVJDUQRV(QHOFDVRGHTXHGHVFXEUDQD0pQGH] TXHPHQWRGRVORVGRFXPHQWRVTXHSXHGDQFRPSURPHWHUOHV:HFDQ¶W UXQDQ\ULVNV,I0pQGH]LVGLVFRYHUHGEXUQDOOGRFXPHQWVWKDWFRXOG FRPSURPLVH\RX
7KHH[SUHVVLRQRIFRQGLWLRQFDQDOVREHIRXQGLQDGYHUELDOFODXVHVIRUPHGE\DJHUXQGHJ9LYLHQGRMXQWRV DKRUUDUtDPRVXQPRQWyQGHGLQHUR,IZHOLYHGWRJHWKHUZHZRXOGVDYHDORWRIPRQH\ 5HYLVHWKLVDQG RWKHUXVHVRIWKHJHUXQGLQ6HFWLRQ G &RQQHFWRUVWKDWVKRZFRPSDULVRQ
6LPLODUWRWKH(QJOLVKµPRUHOHVVWKDQ¶µDVDV¶ZKHQXVHGEHWZHHQFODXVHV 0iVYDOHSUHYHQLUTXHODPHQWDU%HWWHUVDIHWKDQVRUU\ (VWDFDVDHVPiVJUDQGHTXHODTXHYLPRVD\HU7KLVKRXVHLVELJJHU PiVTXHPiVGHORTXHGHOTXHGHODTXHGHORVTXHGHODVTXH WKDQWKHRQHZHVDZ\HVWHUGD\ +DEtDPiVJHQWHGHODTXHPHKDEtDLPDJLQDGR7KHUHZHUHPRUH SHRSOHWKDQ,KDGLPDJLQHG /DSHOtFXODIXHPHQRVLQWHUHVDQWHTXHODTXHYLPRVODVHPDQD PHQRVTXHPHQRVGHORTXHGHOTXHGHODTXHGHORVTXHGHODV SDVDGD7KHILOPZDVOHVVLQWHUHVWLQJWKDQWKHRQHZHVDZODVWZHHN TXH (QVXFXHQWDEDQFDULDWHQtDPHQRVGLQHURGHOTXHSHQVDED6KHKDG OHVVPRQH\WKDQVKHWKRXJKWLQKHUEDQNDFFRXQW (QHVDEDWDOODQRKXERWDQWDVEDMDVFRPRVHWHPtD7KHUHZHUHQRWDV WDQWRDRVDVFRPR PDQ\FDVXDOWLHVDVIHDUHGLQWKDWEDWWOH
1RWHWKDWZKHUHWKHDQWHFHGHQWLVDQLGHDRUFRQFHSWUDWKHUWKDQDGHILQLWHREMHFWWKHQHXWHUIRUPORTXHLVXVHG (VPXFKRPiVJUDQGHGHORTXHSHQViEDPRV,WLVPXFKELJJHUWKDQZHWKRXJKW ,QWKHVWUXFWXUHPiVPHQRVTXHGHWKHDUWLFOHIROORZLQJTXHRUGHPXVWDJUHHLQQXPEHUDQGJHQGHU ZLWKWKHDQWHFHGHQWZKHWKHURUQRWLWLVH[SOLFLWO\VWDWHGHJLQ7HQtDPHQRVSODWDGHODTXHSHQVDED6KHKDG OHVVPRQH\WKDQVKHWKRXJKW ODDJUHHVZLWKSODWD 7KHVWUXFWXUHWDQTXHZLWKFRQVHFXWLYHDQGH[SUHVVLYHYDOXH
7KHVWUXFWXUHWDQWDQWRDVRVDV DGMHFWLYHQRXQTXHFODXVHLVXVHGWRHPSKDVLVHWKHDGMHFWLYHRU QRXQ)RUWKLVUHDVRQLWLVFRPPRQO\XVHGDVDQH[SUHVVLYHGHYLFHRIWHQEDVHGRQH[DJJHUDWLRQ(VWDQEXHQR TXHSDUHFHWRQWR+HLVVRQLFHWKDWKHERUGHUVRQWKHVWXSLG
6LPLODUWRWKH(QJOLVKFRQQHFWRUVµDV¶µLQ WKHZD\WKDW ¶µWKHPDQQHULQZKLFK ¶HWF FRPRIROORZHGE\LQGLFDWLYHRUVXEMXQFWLYH WDO\FRPRPRUHHPSKDWLFWKDQFRPRFROORTXLDO
&DGDXQRHVFRPRHV:HDUHDOODVZHDUH (VFULELyODOH\HQGDWDO\FRPRVHODKDEtDFRQWDGRHODQFLDQR PDSXFKH+HZURWHGRZQWKHOHJHQGMXVWDVWKHROG0DSXFKHPDQKDG WROGKLPLW
VHJ~Q VHJ~QPHDQLQJµDFFRUGLQJWR¶LQ8QLW VHJ~QH[SUHVVLQJSURJUHVVLRQLQ6HFWLRQ
7HORFXHQWRVHJ~QPHORFRQWDURQDPt,DPWHOOLQJLWWR\RXDVWKH\ WROGLWWRPH
HQGHODPDQHUDTXHHQHOGHOPRGRTXH
7KHH[SUHVVLRQRIPDQQHUFDQDOVREHIRXQGLQDGYHUELDOFODXVHVIRUPHGE\DJHUXQGHJ&RQVLJXLyHOSXHVWR PLQWLHQGRVREUHVXSDVDGR+HJRWKLVSRVWE\O\LQJDERXWKLVSDVW RUDSDVWSDUWLFLSOHHJ0LDEXHODOOHJy DOILQDOGHODJXHUUDDYHMHQWDGDSRUODVSULYDFLRQHV\ODDQJXVWLD%\WKHHQGRIWKHZDUP\JUDQGPRWKHUZDV DJHGE\KDUGVKLSDQGGLVWUHVV
5HYLVHWKHVHDQGRWKHUXVHVRIWKHJHUXQGDQGSDVWSDUWLFLSOHLQ6HFWLRQVDQGUHVSHFWLYHO\ 7KHVWUXFWXUHFRPRVLVXEMXQFWLYH
7KLVVWUXFWXUHLVXVHGWRVKRZDFRPSDULVRQZLWKK\SRWKHWLFDOYDOXHVLPLODUWRWKH(QJOLVKµDVLI¶DQGµDV WKRXJK¶HJ'HUURFKDEDHOGLQHURFRPRVLIXHUDPLOORQDULR\YLYtDFRPRVLQRKXELHUDXQPDxDQD+H VTXDQGHUHGKLVPRQH\DVWKRXJKKHZHUHDPLOOLRQDLUHDQGOLYHGDVLIWKHUHZHUHQRWRPRUURZ I &RQQHFWRUVWKDWVSHFLI\SODFH
6XERUGLQDWHFODXVHVRISODFHWDNHWKHVDPHIRUPDQGXVHWKHVDPHFRQQHFWRUVDVWKHUHODWLYHFODXVHVH[SUHVVLQJ SODFHWKDW\RXVDZLQ6HFWLRQ7KH\DUHLQHVVHQFHWKHVDPHFRQVWUXFWLRQEXWQRWHWKDWWKHGRQGHFODXVH GRHVQRWKDYHDQDQWHFHGHQW
SUHSRVLWLRQHQGHVGHKDVWDKDFLDHWF GRQGHRUDGRQGH
$GRQGH\RYR\QRSXHGHVVHJXLUPH
J &RQQHFWRUVWKDWGHQRWHWKHLGHDRISXUSRVH
6LPLODUWRWKH(QJOLVKµVR¶µVRWKDW¶DQGµLQRUGHUWR¶ 7KHIROORZLQJFRQQHFWRUVDUHDOZD\VIROORZHGE\WKHVXEMXQFWLYH $KRUUDPRVGXUDQWHDxRVSDUDTXHQXHVWURKLMRSXGLHUDLUDOD XQLYHUVLGDG:HVDYHGIRU\HDUVVRWKDWRXUVRQFRXOGJRWRXQLYHUVLW\ 9HQtDDTXHOHH[SOLFDUDQFyPRKDEtDVLGRHODFFLGHQWH+HZDV DTXH FRPLQJVRWKDWWKH\FRXOGH[SODLQWRKLPKRZWKHDFFLGHQWKDGKDSSHQHG /DHGXFDFLyQSUHHVFRODUVHKDKHFKRJUDWLVFRQHOILQGHTXHODV DILQGHTXHFRQHOILQGHTXHFRQHO REMHWRGHTXHFRQHO PXMHUHVSXHGDQUHLQFRUSRUDUVHDOWUDEDMRDQWHV1XUVHU\HGXFDWLRQ SURSyVLWRGHTXHFRQODLQWHQFLyQGHTXH KDVEHHQPDGHIUHHVRWKDWZRPHQFDQUHWXUQWRZRUNHDUOLHU GHPDQHUDTXHGHPRGRTXHGHIRUPDTXHXVHGZLWKWKHVXEMXQFWLYH /HVUHJDOpDPLVKLMRVXQMXHJRGHDMHGUH]GHPDQHUDTXH WKHVHFRQQHFWRUVPHDQµLQRUGHUWKDW¶ DSUHQGLHUDQDSHQVDUHVWUDWpJLFDPHQWH,JDYHP\FKLOGUHQDFKHVVVHW $OVRDVDFRQVHFXWLYHFRQQHFWRULQGLFDWLYH LQ6HFWLRQ VRWKDWWKH\ZRXOGOHDUQWRWKLQNVWUDWHJLFDOO\ SDUDTXH
K &RQQHFWRUVWKDWVSHFLI\UHODWLYHWLPH
7KHVHFRQQHFWRUVH[SUHVVVLPXOWDQHLW\RIDFWLRQVRULQGLFDWHWKDWRQHDFWLRQWRRNSODFHEHIRUHRUDIWHUDQRWKHU DFWLRQ%HFDXVHRIWKHFRPSOH[LW\RIWLPHUHODWLRQVWKDWFDQEHH[SUHVVHGWKLVW\SHRIVXERUGLQDWHFODXVHLV FRYHUHGQH[WLQ6HFWLRQ (MHUFLFLRV
/LQN HDFK VHQWHQFH KDOI LQ WKH OHIWKDQG FROXPQ ZLWK DQ HQGLQJ IURP WKH ULJKWKDQG FROXPQ WR IRUP PHDQLQJIXOVHQWHQFHV7KHQGHFLGHZKLFKW\SHRIVXERUGLQDWHFODXVHHDFKVHQWHQFHLVXVLQJWKLVOLVW FDXVHFRQFHVVLYHFRQGLWLRQDOSXUSRVHPDQQHU D'HFLGLPRVFRPSUDUOHHOHTXLSRGHP~VLFDTXHQRV L WHKDEUtDSRGLGRD\XGDU SLGLy E6LPHKXELHUDVGLFKRODYHUGDGGHVGHHOSULQFLSLR LL SDUDTXHSXGLHUDQHPSH]DUDSUHSDUDUORV YDFDFLRQHV LLL GHELGRDOEORTXHRHFRQyPLFR F/DSURIHVRUDOHVGLRORVWHPDVGHOSUR\HFWR
G4XLHURKDFHUOR H+D\HVFDVH]GHJDVROLQD
LY DXQTXHHUDFDUtVLPR Y GHODPDQHUDTXHORKDEpLVKHFKRYRVRWURV
7KHIROORZLQJWKUHHVHQWHQFHVKDYHDVXERUGLQDWHFODXVHH[SUHVVLQJFDXVH3ODFHWKHULJKWFRQQHFWRULQ HDFKRIWKHP FRPRSRUTXH\DTXH DQRGHMDEDGHOORYHUGHFLGLPRVVXVSHQGHUODH[FXUVLyQ E/OHJDPRVWDUGHVHQRVHVWURSHyHOFRFKH F1RWXYRQLQJXQDGLILFXOWDGSDUDHQWUDUHQHOFOXEHUDXQDQWLJXRFOLHQWH\HOSRUWHURORUHFRQRFLy &RPSOHWHWKHEODQNVZLWKWKHSURSHUOLQNVLQWKHFRPSDUDWLYHFODXVHIROORZLQJWKHFRGH PRUHWKDQ ±OHVVWKDQ DVDV D/DVUXLQDVGH0DFKX3LFFKXVRQPXFKR LPSUHVLRQDQWHVSHQVDED E(QODVSDVDGDVHOHFFLRQHVORVVRFLDOLVWDVQRFRQVLJXLHURQ YRWRVHVSHUDEDQ F+XERXQµFUDFN¶HQHOPHUFDGR\FRPSUDPRVODFDVDSRU± GLQHURKDEtDPRVSUHVXSXHVWDGR 6XEVWLWXWHWKHFRQQHFWRULQEROGIRUDQRWKHURQHWKDWILWVJUDPPDWLFDOO\ZLWKRXWFKDQJLQJWKHPHDQLQJRI WKHVHQWHQFHDVLQWKHH[DPSOH7KHPHDQLQJRIWKHFRQQHFWRULVJLYHQLQEUDFNHWV (MHPSOR 7HUHFRJHUpDODVDPHQRVTXHPHOODPHVFRQGLWLRQDO DQRVHUTXH D(VWiELHQ9HQGUpDWUDEDMDUHOViEDGRDFRQGLFLyQGHTXHPHSDVHVDUHFRJHUFRQGLWLRQDO E+DUHPRVORTXHGLFHV\DTXHHVWiVWDQVHJXUDSHURQRHVWDPRVPX\FRQYHQFLGRVFDXVH F$SHVDUGHTXHHOIXHJRFRQWLQXyWRGDODQRFKHORVJXHUULOOHURVQRVHULQGLHURQFRQFHVVLRQ G+LFLHURQXQDFDPSDxDFRQHOILQGHTXHORVQLxRVFRPSUHQGLHUDQODLPSRUWDQFLDGHSURWHJHUORV ERVTXHVTXHURGHDQODFLXGDGSXUSRVH 7KHIROORZLQJSDLUVRIVHQWHQFHVDUHDOPRVWLGHQWLFDO,QRQHWKHVXERUGLQDWHYHUELVLQWKHLQGLFDWLYHDQG LQWKHRWKHUWKHYHUELVLQWKHVXEMXQFWLYH([SODLQWKHGLIIHUHQFHLQPHDQLQJEHWZHHQWKHP DL $XQTXHORVH[WUHPLVWDVQRILUPHQHODFXHUGRHOSURFHVRGHSD]VHJXLUiDGHODQWH LL $XQTXHORVH[WUHPLVWDVQRILUPDQHODFXHUGRHOSURFHVRGHSD]VHJXLUiDGHODQWH EL (PSH]DPRVDSRQHUODVYDFXQDVWDQSURQWRFRPROOHJDURQ LL (PSH]DUHPRVDSRQHUODVYDFXQDVWDQSURQWRFRPROOHJXHQ FL 6HFRPSRUWyFRPRVXPDGUHOHGLMR LL 6HFRPSRUWDUiFRPRVXPDGUHOHGLJD GL 7XYLPRVFXLGDGR\HOFDPLQRSRUHOTXHVXELPRVQRWHQtDKLHOR LL 7HQHGFXLGDGRTXHHOFDPLQRSRUHOTXHVXEiLVQRWHQJDKLHOR
7KHQH[WVHQWHQFHVKDYHEHHQWDNHQIURPDFRQYHUVDWLRQEHWZHHQWZRIULHQGV)LQLVKWKHPWRIRUPFRUUHFW VHQWHQFHVDQGDFRKHUHQWFRQYHUVDWLRQ3D\DWWHQWLRQWRWKHPHDQLQJRIWKHFRQQHFWRUVLQEROG ²+ROD5RVD¢YDVDLUDODILHVWDHVWDQRFKH" ²+ROD0DULOX&UHRTXHYR\DLUDXQTXHD ²3XHVVtDQtPDWH
D ORV REUHURV YLQLHURQ FRQ HO GtD SDUD SURVHJXLU OD GHPROLFLyQ HQFRQWUDURQ HO WUDEDMR DFDEDGR$OJXLHQ VH KDEtD OOHYDGR OD HVWDWXDGH&HUHVYHQGLGDODYtVSHUDDXQDQWLFXDULRE TXHMDUVHDO6LQGLFDWRORVKRPEUHVIXHURQDVHQWDUVHHQORVEDQFRVGHXQ SDUTXHPXQLFLSDO8QRUHFRUGyHQWRQFHVODKLVWRULDPX\GLIXPLQDGDGHXQD0DUTXHVDGH&DSHOODQtDVDKRJDGDHQWDUGHGHPD\R HQWUH ODV PDODQJDV GHO$OPHQGDUHV F QDGLH SUHVWDED DWHQFLyQ DO UHODWR G HO VRO YLDMDED GH RULHQWH D RFFLGHQWH \ ODV KRUDVTXHFUHFHQDODGHUHFKDGHORVUHORMHVGHEHQDODUJDUVHSRUODSHUH]DH VRQODVTXHPiVVHJXUDPHQWHOOHYDQDODPXHUWH $OHMR&DUSHQWLHU &XHQWRVFRPSOHWRVUGHGQ%DUFHORQD%UXJXHUD S
7LPHUHODWLRQV :KHQWDONLQJDERXWWKHVHTXHQFLQJRIDFWLRQVZHRIWHQGRVRLQUHODWLRQWRRWKHUDFWLRQVWKDWKDSSHQDWWKHVDPH WLPHEHIRUHRUDIWHU7KHH[SUHVVLRQRIWKHUHODWLRQVKLSEHWZHHQDFWLRQVLVDFRPSOH[RQHVLQFHWRH[SUHVVWKH LGHDWKDWWZRDFWLRQVDUHVLPXOWDQHRXVRUFRQWLJXRXVWRHDFKRWKHUFDOOVIRUWKHULJKWFRQQHFWRUDQGWKHULJKW FRPELQDWLRQRIWHQVHVLWDOVRGHSHQGVRQZKHWKHUZHDUHUHIHUULQJWRWKHSUHVHQWWKHSDVWWKHIXWXUHRUD K\SRWKHWLFDOVLWXDWLRQ$OVR±DQGWRDGGWRWKHFRPSOH[LW\±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
$ODEULUODSXHUWDVHQWtXQIXHUWHRORUDKXPR:KHQ,RSHQHGWKHGRRU ,VPHOWDVWURQJVPHOORIVPRNH/LWHUDOO\2QRSHQLQJ 0LHQWUDV3HGULWRLEDDFODVHGHSLDQR3LODUKDFtDORVGHEHUHV:KLOH 3HGULWRKDGKLVSLDQROHVVRQ3LODUGLGKHUKRPHZRUN (QWUyJULWDQGR6KHFDPHLQVFUHDPLQJ
2WKHUVHQWDQWRTXHDQGHQWUHWDQWRTXHXVHGOLNHPLHQWUDV L 7RVSHFLI\WKDWDFWLRQ$LVKDSSHQLQJKDVKDSSHQHGZLOOKDSSHQHWF DWH[DFWO\WKHVDPHWLPHDVDFWLRQ% HQHOPRPHQWRHQTXHDOPLVPRWLHPSRTXHDODYH]TXHYHUE$ YHUE%
(QHOPRPHQWRHQTXHHQFHQGLyODOX]WRGDVVXVSHVDGLOODV GHVDSDUHFLHURQ7KHPRPHQWKHVZLWFKHGWKHOLJKWRQDOOKLVQLJKWPDUHV GLVDSSHDUHG
LL 7RLQGLFDWHWKDWDFWLRQ$WDNHVSODFHWRRNSODFHZLOOWDNHSODFHHWF HYHU\WLPHWKDWDFWLRQ%GRHV VLHPSUHTXHFDGDYH]TXHWRGDVODVYHFHVTXHYHUE$YHUE%
£
LLL 7RLQGLFDWHWKDWDFWLRQ$LVSURJUHVVLYHDQGVLPXOWDQHRXVWRDFWLRQ% DPHGLGDTXHVHJ~QYHUE$LQFRQWLQXRXVWHQVHVSUHVHQW LPSHUIHFWSUHVHQWVXEMXQFWLYHYHUE%
$PHGLGDTXH6HJ~QPHLEDDFHUFDQGRODFLXGDGFUHFtDDQWHPLV RMRV$V,JRWQHDUHUWKHWRZQJUHZEHIRUHP\H\HV
1RWHWKDWVHJ~QLVDOVRDSUHSRVLWLRQPHDQLQJµDFFRUGLQJWR¶DQGDFRQQHFWRURIPDQQHUPHDQLQJµDV¶
E 7RLQGLFDWHWKDWDQDFWLRQWDNHVSODFHWRRNSODFHZLOOWDNHSODFHHWF DIWHUDQRWKHUDFWLRQ FXDQGRGHVSXpVGHLQILQLWLYH GHVSXpVGHTXHOXHJRTXHXQDYH] GH TXHFRQMXJDWHGYHUERUGHVSXpVGHLQILQLWLYH 3HUIHFWJHUXQGFRQMXJDWHGYHUE 6HFWLRQRQWKHJHUXQG 3DVWSDUWLFLSOHFRQMXJDWHGYHUE 6HFWLRQRQWKHSDVWSDUWLFLSOH
&XDQGRFHQHVOOiPDPH&DOOPHZKHQ\RXILQLVKGLQQHU 'HVSXpVGHKDFHUODFDMDFHUUyHODOPDFpQ\VHIXHDFDVD$IWHU GRLQJWKHWLOOKHORFNHGXSWKHVWRUHDQGZHQWKRPH +DELHQGRGLFKRORTXHWHQtDTXHGHFLUGLRODPHGLDYXHOWD\VH PDUFKy+DYLQJVDLGZKDWVKHQHHGHGWRVD\VKHWXUQHGURXQGDQGOHIW &RQFOXLGDODUHXQLyQVHIXHURQMXQWRVDFRPHU+DYLQJILQLVKHGWKH PHHWLQJWKH\ZHQWIRUGLQQHUWRJHWKHU
7RVKRZWKDWDQDFWLRQWDNHVSODFHVWRRNSODFHZLOOWDNHSODFHHWF LPPHGLDWHO\DIWHUDQRWKHUDFWLRQ (QFXDQWRHOSDGUHFRJLyDOQLxRHQEUD]RVHVWHGHMyGHOORUDU$V HQFXDQWRHQHOPRPHQWRHQTXHWDQSURQWRFRPRDSHQDVFRQMXJDWHG VRRQDVWKHIDWKHUWRRNWKHFKLOGLQKLVDUPVKHVWRSSHGFU\LQJ YHUE$FRQMXJDWHGYHUE%RUQDGDPiVLQILQLWLYHYHUE$FRQMXJDWHG $SHQDVKDEtDWHUPLQDGRGHFHQDUFXDQGRVRQyHOWLPEUHGHOD YHUE% SXHUWD1RVRRQHUKDGVKHILQLVKHGGLQQHUWKDQWKHGRRUEHOOUDQJ
F 7RLQGLFDWHWKDWDQDFWLRQWRRNSODFHEHIRUHDQRWKHURQH 8VHRIWKHSOXSHUIHFW 6HFWLRQRQWKHSOXSHUIHFW 3OXSHUIHFWFXDQGRSUHWHULWH
DQWHVGHLQILQLWLYHDQWHVGHTXHVXEMXQFWLYH
,QWHQWDPRVQHJRFLDUSHURHOORV\DKDEtDQWRPDGRVXGHFLVLyQ:H WULHGWRQHJRWLDWHEXWWKH\KDGDOUHDG\WDNHQWKHLUGHFLVLRQ +DEtDQFHQDGR\DFXDQGROOHJXp7KH\KDGDOUHDG\KDGGLQQHUZKHQ, DUULYHG $FDEyHOOLEURDQWHVGHLUVHDODFDPD6KHILQLVKHGWKHERRNEHIRUH JRLQJWREHG $FDEyGHSUHSDUDUODFRPLGDPXFKRDQWHVGHTXH,OHJDUDVX LQYLWDGR6KHILQLVKHGSUHSDULQJWKHPHDOORQJEHIRUHKHUJXHVWDUULYHG
*RWR6HFWLRQWRUHYLVHWKHXVHRIWKHIXWXUHSHUIHFWWRUHIHUWRDFWLRQVWDNLQJSODFHEHIRUHDQRWKHU DFWLRQLQWKHIXWXUH G 7RVSHFLI\WKDWDQDFWLRQLVWKHEHJLQQLQJRUWKHHQGRIDQRWKHUDFWLRQ GHVGHTXH KDVWDTXH
'HVGHTXHOHGLHURQODQRWLFLDHVWiPX\WULVWH6LQFHWKH\WROGKLPWKH QHZVKHKDVEHHQYHU\VDG 3HQVDPRVYLDMDUSRU6XGDPpULFDKDVWDTXHVHQRVDFDEHHOGLQHUR :HDUHSODQQLQJWRWUDYHODURXQG6RXWK$PHULFDXQWLOZHUXQRXWRI PRQH\
5HIHUWR8QLWIRUWKHVHDQGRWKHUXVHVRIWKHSUHSRVLWLRQVGHVGHDQGKDVWD /HYHO
(MHUFLFLRV
5HDGWKHIROORZLQJVHQWHQFHVDQGXQGHUOLQHWKHDFWLRQWKDWWRRNSODFHILUVW D0HSLGLHURQHOGLQHURSDUDHOUHJDORGH$OLFLDSHUR\R\DKDEtDSDJDGR E&XDQGRYLTXHDOJXLHQPHVHJXtDHFKpDFRUUHU F&RQVXOWyFRQVXVSDGUHVDQWHVGHWRPDUXQDGHFLVLyQGHILQLWLYD G(QFXDQWRVXQRYLD]JRVHKL]RS~EOLFRODSUHQVDQRODGHMyHQSD] 5HDGWKHIROORZLQJVHQWHQFHVDQGH[SODLQWKHGLIIHUHQFHVLQWLPHVHTXHQFLQJ DL 1RVFRQWyVXSUREOHPDPLHQWUDVGiEDPRVXQSDVHR LL 1RVFRQWyVXSUREOHPDGHVSXpVGHGDUXQSDVHR EL $QWHVGHDFHSWDUODRIHUWDWHQHPRVTXHKDEODUGHORVGHWDOOHV LL +DEODPRVGHORVGHWDOOHVGHVSXpVGHTXHGHFLGLPRVDFHSWDUODRIHUWD FL (QWUyHQFDVDVHTXLWyHODEULJR\ORV]DSDWRV\WHOHIRQHyDVXPDGUH LL 1DGDPiVHQWUDUHQFDVDWHOHIRQHyDVXPDGUH GL 'HVGHTXHVDOHFRQHVWDFKLFDHVWiHVWXGLDQGRPXFKR LL (VWXGLDEDPXFKRKDVWDTXHHPSH]yDVDOLUFRQHVWDFKLFD &RPSOHWH WKH JDSV ZLWK WKH ULJKW FRQQHFWRU WR VKRZ WKDW WKH DFWLRQV LQ WKH VHQWHQFH WRRN SODFH VLPXOWDQHRXVO\ PLHQWUDVHQHOPRPHQWRDO D0DUL/X]VHHQFRQWUyFRQ0LJXHOYROYHUDFDVD EKDFtDODFHQDPLKLMDPHFRQWyTXHVHKDEtDHQIDGDGRFRQVXDPLJD F&DVXDOPHQWH-RVp/XLVHQWUySRUODSXHUWDHQTXHSUHJXQWDEDSRUpO &RPSOHWHWKHJDSVZLWKDYHUELQWKHDSSURSULDWHWHQVHWRPDNHFRKHUHQWVHQWHQFHV D$OORVJULWRVWRGRVORVYHFLQRVVDOLHURQDODFDOOHDYHUTXpSDVDED E0LHQWUDV%HDWUL]SRUHOSDUTXHYLRTXHXQJUXSRGHPXFKDFKRVGHVWUR]DEDXQEDQFR F7LQDPHKDSURPHWLGRTXHFXDQGRYDFDFLRQHVPHOOHYDUiDYHUDPLKHUPDQD 6HOHFWWKHDSSURSULDWHFRQQHFWRUIRUHDFKVHQWHQFHIROORZLQJWKHLQVWUXFWLRQV D6HOHFWDFRQQHFWRUWRVKRZWKDWWKHILUVWDFWLRQKDSSHQHGHYHU\WLPHWKDWWKHVHFRQGDFWLRQWRRNSODFH PLHQWUDVFDGDYH]TXHFXDQGR ORLQWHQWDEDIUDFDVDED3RUILQPHGLSRUYHQFLGR E6HOHFWDFRQQHFWRUWRVKRZWKDWWKHWZRDFWLRQVKDSSHQHGDWH[DFWO\WKHVDPHWLPH HQHOPRPHQWRHQTXHPLHQWUDVFXDQGR /DUHFRQRFtHPSH]yDKDEODU
F6HOHFWDFRQQHFWRUWRVKRZWKDWRQHRIWKHDFWLRQVKDSSHQHGLPPHGLDWHO\DIWHUWKHRWKHUDFWLRQ GHVSXpVGHTXHHQFXDQWRFXDQGR )XLPRVDOKRVSLWDOQRVHQWHUDPRVGHODFFLGHQWH G6HOHFWDFRQQHFWRUWRVKRZWKDWWKHDFWLRQKDSSHQVSURJUHVVLYHO\DQGVLPXOWDQHRXVO\ FDGDYH]TXHDPHGLGDTXHPLHQWUDV ODLEDFRQRFLHQGRFDPELDEDPLRSLQLyQVREUHHOOD &RPSOHWHWKHIROORZLQJWH[WZLWKWKHDSSURSULDWHFRQQHFWRUVWRPDNHLWFRKHUHQW FXDQGRXVHGWZLFH FXDQGRGHUHSHQWHDOPLHQWUDVDSHQDVGHVSXpVGHKDVWDTXH DQWHVGHVLHPSUHTXH $TXHOGtD,VDEHOHVWDEDLQTXLHWDD GHVD\XQDUEDMyDOSDWLRDHVSHUDUHOFRUUHRGHODPDxDQDE HVSHUDED VHQWDGD HQ HO EDQFR GH OD HQWUDGD SHQVDED HQ OR TXH KDUtD GHVSXpV (VWDED HQVLPLVPDGD HQ VXV SHQVDPLHQWRV F HO UXLGR GH ORV FDVFRV GH XQ FDEDOOR OD GHYROYLy D OD UHDOLGDG G VH KDEtD OHYDQWDGR D PLUDU HO FDPLQR H HO FDEDOOR GH VX SDGUH DSDUHFLy DFHUFiQGRVHDOJDORSH(VSHUyLQPyYLOI FDEDOOR\MLQHWHVHGHWXYLHURQDQWHODSXHUWD,VDEHO FRUULyKDFLDVXSDGUHFRQDOHJUtDJ YROYtDGHYLDMHOHWUDtDUHJDORVK VHDFHUFyDVX SDGUH YLR TXH HVWDED FXELHUWR GH VDQJUH \ L TXH SXGLHUD D\XGDUOR VH GHVSORPy FRPR XQ IDUGRM LQWHQWDULQFRUSRUDUORVHGLRFXHQWDGHTXHHVWDEDPXHUWR 7KHFRQGLWLRQDOVHQWHQFH $FRQGLWLRQDOVHQWHQFH±ODRUDFLyQFRQGLFLRQDO±FRQVLVWVRIWZRFODXVHVDPDLQFODXVHDQGDVXERUGLQDWH FODXVH7KHVXERUGLQDWHFODXVHH[SUHVVHVWKHFRQGLWLRQIRUWKHIXOILOPHQWRIWKHDFWLRQH[SUHVVHGLQWKHPDLQ FODXVH7KHPRVWFRPPRQVXERUGLQDWLQJFRQQHFWRULVVLYHU\PXFKOLNHµLI¶LQ(QJOLVK 6LOOHJDVDQWHVGHODVWHOOHYRHQFRFKHDFDVD VXERUGLQDWHFRQGLWLRQDOFODXVHPDLQFODXVH ,I\RXDUULYHEHIRUHR¶FORFN,ZLOOWDNH\RXKRPHE\FDU
6XERUGLQDWHFODXVH
0DLQFODXVHYHUE
VLLQGLFDWLYHSDVWWHQVHV
LQGLFDWLYHSDVWWHQVHV
VLSUHVHQWLQGLFDWLYH
SUHVHQWRUIXWXUHLQGLFDWLYHRU LPSHUDWLYH
VLLPSHUIHFWVXEMXQFWLYH
FRQGLWLRQDOVLPSOH
D 3RVVLEOHIXOILOPHQWVLPLODUWRWKHRSHQFRQGLWLRQDOVEXWVOLJKWO\PRUHK\SRWKHWLFDO7KHRXWFRPHZRXOGWDNH SODFHLQWKHIXWXUHLIWKHFRQGLWLRQZHUHIXOILOOHG
([DPSOHV 6L0DUtDTXHUtDDOJR-XDQVHOR GDED,I0DUtDZDQWHGDQ\WKLQJ -XDQZRXOGJLYHLWWRKHU 6LHOHTXLSRJDQDHOGRPLQJR VXELUiD3ULPHUD'LYLVLyQ,IWKH WHDPZLQVRQ6XQGD\LWZLOOJRXSWR WKH)LUVW'LYLVLRQ
D 6L OOHJDUDQ DQWHV GH ODV SRGUtDQ TXHGDUVH D FRPHU ,IWKH\DUULYHGEHIRUHWKH\ FRXOGVWD\IRUOXQFK
E 6L OD TXLVLHUD GH YHUGDG QR ODWUDWDUtDFRPRODWUDWD,I E 7KHIDFWVH[SUHVVHGLQWKHFRQGLWLRQDOFODXVHDUHQRWWUXHDQGDUHSUHVHQWHGDVK\SRWKHWLFDO7KHRXWFRPH KH UHDOO\ ORYHG KHU KH ZRXOG LVDOVRK\SRWKHWLFDO QRW WUHDW KHU WKH ZD\ KH GRHV 7KHVSHDNHUGRHVQRW EHOLHYHWKDWKHORYHVKHU D 6LKXELHUDJDQDGRWHKDEUtD LQYLWDGR D FHQDU +DG , ZRQ,ZRXOGKDYHLQYLWHG\RX 8QIXOILOOHGFRQGLWLRQVD WRGLQQHU %XW,GLGQRW D FRQGLWLRQDO SHUIHFW RU E K\SRWKHWLFDOVLWXDWLRQLQWKHSDVW E 6L0DUFRVQRKXELHUDFRJLGR VLSOXSHUIHFWVXEMXQFWLYH FRQGLWLRQDO LI WKH UHVXOW ZKHUHWKHFRQGLWLRQZDVQRWIXOILOOHG HO FRFKH HVWDQGR ERUUDFKR VWUHWFKHVLQWRWKHSUHVHQW DQGWKHRXWFRPHGLGQRWWDNHSODFH 0DUWD HVWDUtD DKRUD YLYD ,I0DUFRVKDGQRWGULYHQWKH FDUZKLOHGUXQN0DUWDZRXOG EHDOLYHQRZ
+RZWRWUDQVODWHµ,I,ZHUH\RX¶
,I,ZHUH\RX
,ZRXOGWDONWRKHU KDEODUtDFRQHOOD
(MHUFLFLRV
3XW WKH YHUE LQ WKH VXERUGLQDWH FODXVH LQWR WKH FRUUHFW IRUP 3D\ DWWHQWLRQ WR WKH PHDQLQJ RI WKH PDLQ FODXVH8VHWKHUXOHVLQWKHER[DVDJXLGH 6LSUHVHQWLQGLFDWLYHĺSUHVHQWIXWXUHRULPSHUDWLYH 6LLPSHUIHFWLQGLFDWLYHĺLPSHUIHFWLQGLFDWLYH D£1RGHVHVSHUHV6LQRVYHU DTXHOEDUFRHVWDPRVVDOYDGRV E6LHOHQIHUPRQRFRQVHJXLU VXSHUDUODILHEUHHQODVSUy[LPDVKRUDVGHVHJXURPRULUi F/HFRSLDEDDVXKHUPDQRHQWRGRVL0RQFKRGHFLU µVt¶HUDµVt¶VL0RQFKRQRTXHUHU FRPHUpOWDPSRFR G$FpUFDWHFRQFXLGDGR\VLHOSHUURHPSH]DU DODGUDUQRVHFKDDFRUUHU 7KHIROORZLQJH[WUDFWVLOOXVWUDWHK\SRWKHWLFDOVLWXDWLRQVH[SUHVVHGZLWKDFRQGLWLRQDOVHQWHQFH&RPSOHWH WKHJDSVZLWKWKHFRUUHFWYHUEIRUPIROORZLQJWKLVUXOH 6LLPSHUIHFWVXEMXQFWLYHĺFRQGLWLRQDO D([WUDFWIURPDQLQWHUYLHZZLWKD&XEDQGXULQJWKHRIILFLDOIXQHUDORI&KH*XHYDUDLQ6DQWD&ODUD &XEDLQ2FWREHU ²6LDTXtHVWXYLHUDHO&KHKR\¢TXpOHW~GHFLU " ²
E([WUDFWIURPDQLQWHUYLHZZLWKVHYHUDOSHRSOHRQZKDWWKH\ZRXOGGRLIWKH\ FRXOGOLYHWKHLUOLYHVDJDLQ ²6LW~SRGHU YROYHUDYLYLU¢TXpKDUtDVGLVWLQWR" ²'HPLYLGDSHUVRQDOQDGD1RFUHRTXHFDPELDU 1RQRQDGD ²¢1DGD"¢7RGRLJXDOLWR" ²3XHV\RVtFUHRTXHORKDFHU WRGRLJXDOLWR3HURHVWR\FRQWHQWREXHQRQRFRQWHQWRSHURPHSDUHFHTXHHOWUDQVFXUVRGHPL YLGDKDVLGRPX\QRUPDOFRQORVSUREOHPDVFRQORVPRPHQWRVGHGRORUGHIHOLFLGDGGHFXDOTXLHUKXPDQR<FUHRTXHVLYROYHU DQDFHUUHFRUUHU XQFDPLQRPX\VLPLODU¢QR" 7KH2SHQ8QLYHUVLW\ /9LHQWRHQSRSD&XDGHUQLOORGHWUDQVFULSFLRQHV:DOWRQ+DOO7KH2SHQ8QLYHUVLW\ S
F (UQHVW+HPLQJZD\HOJUDQHVFULWRUHVWDGRXQLGHQVHVHVHQWLU RUJXOORVRFRQWRGDVHJXULGDGVLVDEHU TXHHOEDUµ+DUU\¶V¶ GH 9HQHFLD TXH WDQWR IUHFXHQWy \ GRQGH SDULy DOJXQRV GH VXV UHODWRV KD VLGR LQFOXLGR HQWUH ORV PRQXPHQWRV SURWHJLGRV SRU HO 0LQLVWHULRGH&XOWXUDGH,WDOLD (O&RUUHR(VSDxRO±(O3XHEOR9DVFRS
)LQLVKWKHIROORZLQJVHQWHQFHVWRFUHDWHDVWDWHPHQWWKDWLVWUXHDERXW\RX 6LSOXSHUIHFWVXEMXQFWLYHĺFRQGLWLRQDORUFRQGLWLRQDOSHUIHFW D6L\RWDPELpQVHUtDULFRDDKRUD E6LKXELHUDQDFLGR\FUHFLGRHQXQSDtVKLVSDQR F6LKXELHUDSRGLGRHOHJLUPLQRPEUH G6LQRORKDEUtDFUHtGR
,QGLUHFWVSHHFK %RWKGLUHFWDQGLQGLUHFWVSHHFKDUHXVHGWRFRQYH\ZKDWVRPHERG\KDVVDLG'LUHFWVSHHFK±HOGLVFXUVR GLUHFWR±TXRWHVZKDWZDVVDLGOLWHUDOO\eOPHGLMR³3iVDWHSRUDTXtPDxDQD´+HVDLGWRPHµ3RSLQ WRPRUURZ¶ ,QGLUHFWRUUHSRUWHGVSHHFK±HOGLVFXUVRLQGLUHFWR±UHSRUWVZKDWZDVVDLGEXWZLWKRXWXVLQJWKHH[DFWZRUGV RIWKHVSHDNHU:KDWZDVVDLGEHFRPHVDVXERUGLQDWHFODXVHXVXDOO\MRLQHGE\WKHFRQMXQFWLRQTXH±eOPHGLMR TXHPHSDVDUDSRUDOOtDOGtDVLJXLHQWH+HWROGPHWRSRSLQWKHIROORZLQJGD\ ,QLQGLUHFWVSHHFKDQXPEHURIWUDQVIRUPDWLRQVWDNHSODFHLQWKHVXERUGLQDWHFODXVH7KH\FDQDIIHFW WKHUHIHUHQFHVWRWKHSHRSOHLQYROYHGLHSHUVRQDOSURQRXQVSRVVHVVLYH IRUPVDQGWKHSHUVRQRIWKHYHUEIRUP WLPHUHIHUHQFHVLHYHUEWHQVHVDGYHUEVRUSKUDVHVRIWLPH SODFHUHIHUHQFHVLHGHPRQVWUDWLYHVDGYHUEVRUSKUDVHVRISODFH
SDVDW~ ĺSDVDUD\R WHĺPH SDVDLPSHUDWLYH ĺSDVDUDLPSHUIHFWVXEMXQFWLYH PDxDQDĺDOGtD VLJXLHQWH SRUDTXtĺSRUDOOt
&KDQJHVLQVXERUGLQDWHYHUEWHQVHVWRDJUHHZLWKWKHWHQVHRIWKHUHSRUWLQJYHUE D ,IWKHPDLQYHUELVLQDSUHVHQWWHQVHWKHSHUIHFWRUDIXWXUHWHQVHWKHUHLVQRFKDQJHLQWKHWHQVHRIWKH YHUEZKHQLWEHFRPHVDVXERUGLQDWHYHUEXQOHVVLWLVDQLPSHUDWLYHWKHLPSHUDWLYHFKDQJHVWRWKHSUHVHQW VXEMXQFWLYH 0HORKDGLFKRELHQFODUR³1RPHFDVDUpQXQFDFRQWLJR´+HWROG PHYHU\FOHDUO\µ,ZLOOQHYHUPDUU\\RX¶ -XDQORFRQILHVD³3DVpXQPLHGRWHUULEOH´-XDQFRQIHVVHVµ,ZDV DEVROXWHO\ SHWULILHG¶ (OGHHQHURGLUiGHQXHYR³9R\DGHMDUGHIXPDU´2Q-DQXDU\ KHZLOODJDLQVD\µ,¶PJRLQJWRJLYHXSVPRNLQJ¶ ,PSHUDWLYH'pMDPHVRODXQRVPRPHQWRV/HDYHPHDORQHIRUDIHZ PLQXWHV
0HKDGLFKRELHQFODURTXHQRVHFDVDUiQXQFDFRQPLJR+HWROGPH YHU\FOHDUO\WKDWKH¶OOQHYHUPDUU\PH -XDQFRQILHVDTXHSDVyXQPLHGRWHUULEOH-XDQFRQIHVVHVWKDWKHZDV SHWULILHG (OGHHQHURGLUiGHQXHYRTXHYDDGHMDUGHIXPDU2Q-DQXDU\ KHZLOODJDLQVD\WKDWKH¶VJRLQJWRJLYHXSVPRNLQJ 3UHVHQWVXEMXQFWLYH0HKDSHGLGRTXHODGHMHVRODXQRVPRPHQWRV 6KHKDVDVNHGPHWROHDYHKHUDORQHIRUDIHZPLQXWHV
E ,IWKHPDLQYHUELVLQDSDVWWHQVHWKHIROORZLQJFKDQJHVDUHQHHGHG 'LUHFWVSHHFK)URP
,QGLUHFWVSHHFK7R ĺ,PSHUIHFW 3UHVHQWVLPSOH (OGLUHFWRUJHQHUDODVHJXUyTXHTXHUtDQQHJRFLDU7KHPDQDJLQJ 4XHUHPRVQHJRFLDU:HZDQWWRQHJRWLDWH GLUHFWRUJDYHDVVXUDQFHVWKDWWKH\ZDQWHGWRQHJRWLDWH 3UHVHQWFRQWLQXRXV ĺ,PSHUIHFWFRQWLQXRXV (QHVWRVPRPHQWRVHVWR\QDYHJDQGRSRUHO2ULQRFR,DPVDLOLQJXS 0HFRQWyTXHHQHVRVPRPHQWRVHVWDEDQDYHJDQGRSRUHO2ULQRFR WKH2ULQRFRULJKWQRZ 6KHWROGPHWKDWULJKWWKHQVKHZDVVDLOLQJXSWKH2ULQRFR ĺ3OXSHUIHFW /DSUHQVDFRQILUPyTXHHOPHVDQWHULRUODLQIODFLyQVHKDEtD GLVSDUDGRDO7KHSUHVVFRQILUPHGWKDWWKHPRQWKEHIRUHLQIODWLRQ 3UHWHULWH KDGVKRWXSWR (OPHVSDVDGRODLQIODFLyQVHGLVSDUyDO/DVWPRQWKLQIODWLRQVKRW ĺ3UHWHULWH XSWR /DSUHQVDFRQILUPyD\HUTXHHOPHVSDVDGRODLQIODFLyQVHGLVSDUyDO 1RWHWKDWWKHXVHRIWKHSUHWHULWHZRXOGPHDQWKDWWKHVWDWHPHQWLV PDGHLQWKHVDPHSHULRGRIWLPHDVWKHIDFWVUHSRUWHG7KHSUHVV FRQILUPHGWKDWODVWPRQWKLQIODWLRQVKRWXSWR 3HUIHFW ĺ3OXSHUIHFW +DQHQFRQWUDGRDODQLxDGHVDSDUHFLGD7KHPLVVLQJJLUOKDVEHHQ $QXQFLDURQTXHKDEtDQHQFRQWUDGRDODQLxDGHVDSDUHFLGD,WZDV
IRXQG
UHSRUWHGWKDWWKHPLVVLQJJLUOKDGEHHQIRXQG ĺ&RQGLWLRQDO 0HSURPHWLyTXHPHOODPDUtDHOOXQHVVLJXLHQWH6KHSURPLVHGVKH )XWXUHVLPSOH ZRXOGFDOOPHWKHIROORZLQJ0RQGD\ 7HOODPDUpHOOXQHVTXHYLHQH,¶OOFDOO\RXQH[W0RQGD\ ĺ,PSHUIHFWRIµLUD¶LQILQLWLYR 0HSURPHWLyTXHPHLEDDOODPDUHOOXQHVVLJXLHQWH ,PSHUDWLYH ĺ,PSHUIHFWVXEMXQFWLYH £1RVDOWHV'RQ¶WMXPS 0HJULWyTXHQRVDOWDUD+HVKRXWHGDWPHQRWWRMXPS ĺ,PSHUIHFWVXEMXQFWLYH 3UHVHQWVXEMXQFWLYH 0HGLMRTXHTXHUtDTXHIXHUDFRQHOORV+HVDLGKHZDQWHGPHWRJR 4XLHURTXHYHQJDVFRQQRVRWURV,ZDQW\RXWRFRPHZLWKXV ZLWKWKHP ĺ3OXSHUIHFWVXEMXQFWLYH 3HUIHFWVXEMXQFWLYH 'LMRTXHQRFUHtDTXHKXELHUDOOHJDGR6KHVDLGVKHGLGQRWWKLQNKH 1RFUHRTXHKD\DOOHJDGR,GRQ¶WWKLQNKHKDVDUULYHG KDGDUULYHG &RQGLWLRQDODQG&RQGLWLRQDOSHUIHFW ĺ1RFKDQJH 1RPHJXVWDUtDVDEHUORTXHPHGHSDUDHOIXWXUR,ZRXOGQRWOLNHWR $VHJXUyTXHQROHJXVWDUtDVDEHUORTXHOHGHSDUDEDHOIXWXUR+H NQRZZKDWWKHIXWXUHKROGVIRUPH PDLQWDLQHGWKDWKHZRXOGQRWZDQWWRNQRZZKDWWKHIXWXUHKHOGIRUKLP ĺ1RFKDQJH ,PSHUIHFWLQGLFDWLYHDQGVXEMXQFWLYH (OSULPHUPLQLVWURDILUPyTXHHOSDtVSDVDEDSRUXQRGHVXVSHRUHV (OSDtVSDVDEDSRUXQRGHVXVSHRUHVPRPHQWRV7KHFRXQWU\ZDV PRPHQWRV7KHSULPHPLQLVWHUVDLGWKDWWKHFRXQWU\ZDVJRLQJWKURXJK JRLQJWKURXJKRQHRILWVZRUVWSHULRGV RQHRILWVZRUVWSHULRGV ĺ1RFKDQJH 3OXSHUIHFWLQGLFDWLYHDQGVXEMXQFWLYH /DH[SHUWDHQDVXQWRVGHO2ULHQWH0HGLRUHLWHUyTXHVLVHKXELHUD 6LVHKXELHUDOOHJDGRDXQDFXHUGRHODxRDQWHULRUODJXHUUDQR OOHJDGRDXQDFXHUGRHODxRDQWHULRUODJXHUUDQRKDEUtDHVWDOODGR KDEUtDHVWDOODGR,IWKHUHKDGEHHQDQDJUHHPHQWWKHSUHYLRXV\HDUZDU 7KH0LGGOH(DVWH[SHUWUHLWHUDWHGWKDWKDGWKHUHEHHQDQDJUHHPHQWWKH ZRXOGQRWKDYHEURNHQRXW SUHYLRXV\HDUZDUZRXOGQRWKDYHEURNHQRXW
5HSRUWLQJTXHVWLRQV 4XHVWLRQVIROORZWKHVDPHUXOHVRISHUVRQYHUESODFHDQGWLPHUHIHUHQFHWUDQVIRUPDWLRQDVWKHUHSRUWLQJRI VWDWHPHQWVEXWDUHQRWOLQNHGZLWKTXH D 2SHQTXHVWLRQVLHZLWKDQLQWHUURJDWLYHZRUG ĺLQWHUURJDWLYH 0HSUHJXQWDEDFyPRORKDEUtDDYHULJXDGR,ZRQGHUHGKRZVKH ¢&yPRORKDEUiDYHULJXDGR"+RZKDVVKHIRXQGRXW" ,QWHUURJDWLYHVLQ8QLW FRXOGKDYHIRXQGRXW E &ORVHGTXHVWLRQVLHZLWKQRLQWHUURJDWLYHZRUG ĺVL 0LDPLJRPHSUHJXQWyVLPHKDEtDKHFKRGDxR0\IULHQGDVNHGPHLI ¢7HKDVKHFKRGDxR"'LG\RXKXUW\RXUVHOI" ,KDGKXUWP\VHOI
6RPHFRPPRQFKDQJHVLQWLPHUHIHUHQFHV KR\
ĺ
HVHPLVPR GtD
/DKHYLVWRKR\,VDZKHUWRGD\
ĺ
'LMRTXHODKDEtDYLVWRHVHGtD+HVDLGKHKDG VHHQKHUWKDWGD\
D\HU
ĺ
HOGtDDQWHVHOGtDDQWHULRU
$\HUVHILUPyHOQXHYRDFXHUGR7KHQHZKDEtD ĺ DJUHHPHQWZDVVLJQHG\HVWHUGD\
&RQILUPDURQTXHHOQXHYRDFXHUGRVHILUPDGR HOGtDDQWHULRU7KH\FRQILUPHGWKDWWKHQHZ DJUHHPHQWKDGEHHQVLJQHGWKHGD\EHIRUH
DQWHVGHD\HUDQWLHU$PHULFDQ6SDQLVK
GRVGtDVDQWHV
ĺ
(ODWUDFRIXHDQWHVGHD\HU7KHUREEHU\ZDVWKH ĺ GD\EHIRUH\HVWHUGD\
'HFODUDURQTXHHODWUDFRKDEtDVLGRGRVGtDV DQWHV,WZDVUHSRUWHGWKDWWKHUREEHU\KDGEHHQ WZRGD\VEHIRUH
KDFHWUHVPHVHV
ĺ
KDFtDWUHVPHVHVWUHVPHVHVDQWHV
+DFHGRVDxRVTXHQRODYHPRV:HKDYHQ¶W VHHQKHUIRUWZR\HDUV
ĺ
&RQIHVDURQTXHKDFtDGRVDxRVTXHQRODYHtDQ 7KH\FRQIHVVHGWKDWWKH\KDGQ¶WVHHQKHUIRUWZR \HDUV
HODxRSDVDGR
ĺ
HODxRDQWHULRU
(ODxRSDVDGRKXERPX\EXHQDQLHYH/DVW\HDU ĺ WKHVQRZZDVYHU\JRRG
5HFRUGDURQTXHHODxRDQWHULRUKDEtDKDELGR PX\EXHQDQLHYH7KH\UHPHPEHUHGWKDWWKH VQRZKDGEHHQYHU\JRRGWKH\HDUEHIRUH
PDxDQD
ĺ
DOGtDVLJXLHQWH
7HQJRKRUDFRQHOPpGLFRPDxDQDDODV, KDYHDGRFWRU¶VDSSRLQWPHQWWRPRUURZDW
ĺ
0HFRPHQWyTXHWHQtDKRUDFRQHOPHGLFRDOGtD VLJXLHQWHDODV6KHPHQWLRQHGVKHKDGD GRFWRU¶VDSSRLQWPHQWWKHIROORZLQJGD\DW
SDVDGRPDxDQD
ĺ
GRVGtDVGHVSXpVGRVGtDVPiVWDUGHDOFDERGH GRVGtDV
£1RVYHUHPRVSDVDGRPDxDQD:H¶OOVHHHDFK RWKHUWKHGD\DIWHUWRPRUURZ
ĺ
6XV~OWLPDVSDODEUDVIXHURQTXHQRVYHUtDPRV GRVGtDVGHVSXpV+LVODVWZRUGVZHUHWKDWZH ZRXOGVHHHDFKRWKHUWZRGD\VODWHU
GHQWURGHWUHVPHVHV
ĺ
WUHVPHVHVGHVSXpVWUHVPHVHVPiVWDUGH
9DPRVDHPSH]DUODVREUDVGHQWURGHFXDWUR VHPDQDV:H¶OOVWDUWZRUNLQIRXUZHHNVWLPH
ĺ
1RVDVHJXUyTXHHPSH]DUtDQODVREUDVFXDWUR VHPDQDVGHVSXpV+HSURPLVHGXVWKH\ZRXOG VWDUWZRUNIRXUZHHNVODWHU
HODxRTXHYLHQH
ĺ
HODODxRVLJXLHQWH
/DVHOHFFLRQHVVHFHOHEUDUiQHODxRTXHYLHQH 7KHHOHFWLRQVZLOOWDNHSODFHQH[W\HDU
ĺ
$QXQFLDURQTXHODVHOHFFLRQHVVHFHOHEUDUtDQDO DxRVLJXLHQWH,WZDVDQQRXQFHGWKDWWKHHOHFWLRQV ZRXOGWDNHSODFHWKH\HDUDIWHU
(MHUFLFLRV
&KDQJHWKHIROORZLQJVHQWHQFHVLQWRLQGLUHFWVSHHFKPDNLQJWKHQHFHVVDU\WUDQVIRUPDWLRQV1RWHWKDWWKH UHSRUWLQJYHUELVLQWKHSUHVHQWRUWKHSHUIHFW D³(VWR\HQFDQWDGRGHKDEHUJDQDGRHOSUHPLR´,VLGURKDFRPHQWDGR E³£6R\LQRFHQWH´(OSUHVR QRGHMDGHUHSHWLU F³9DPRVDOXFKDUKDVWDHOILQDOHVWHGRPLQJRHQHOSDUWLGRFRQWUDHO$WOpWLFRGH%LOEDR´(OFDSLWiQ GHO5HDO0DGULGDVHJXUD G³0DxDQDWHGHYROYHUpHOGLQHURTXHWHGHER´)HOLSHPHKDDVHJXUDGR 1RZFKDQJHWKHVHQWHQFHVLQH[HUFLVHDERYHWKLVWLPHSXWWLQJDOOUHSRUWLQJYHUEVLQWRWKHSDVW D,VLGURFRPHQWy E(OSUHVRQRGHMDEDGHUHSHWLU F(OFDSLWiQGHO5HDO0DGULGDVHJXUy G)HOLSHPHDVHJXUy 3XWWKHIROORZLQJTXHVWLRQVLQWRLQGLUHFWVSHHFK D¢'yQGHYLYHV"7RGRVORVGtDVPHSUHJXQWD E¢7HKDVKHFKRGDxR"&XDQGRPHFDtXQVHxRUPX\DPDEOHPHSUHJXQWy F¢4XpSODQHVWLHQHVSDUDHVWHYHUDQR"0DOHQDTXLHUHVDEHU G¢6DEHFRQGXFLU"(QODHQWUHYLVWDPHSUHJXQWDURQ &RPSOHWHWKHVHQWHQFHVLQLQGLUHFWVSHHFK'RQRWIRUJHWWRFKDQJHWKHWLPHUHIHUHQFHVDVZHOODVWKH YHUEIRUPVDQGWKHSHUVRQUHIHUHQFHV
D³$GLyV0DUtDYHQGUpDEXVFDUWHDODVPDxDQD´VHGHVSLGLy3HULFR3HULFRVHGHVSLGLyGH0DUtD SURPHWLHQGR E³£3LGHSHUGyQDODDEXHODDKRUDPLVPR´JULWy6HUHQDDOQLxR6HUHQDJULWyDOQLxR F³£)XLDYLVLWDUORKDFHGRVGtDV\HVWDEDSHUIHFWDPHQWHELHQ´-RVHFKXH[FODPyVRUSUHQGLGR G³1RFUHRTXHHOSDTXHWHOOHJXHKDVWDODVHPDQDTXHYLHQH´3DUDFDOPDUQRV%HDWUL]GLMR
$SSHQGL[YHUEWDEOHV 5HJXODUFRQMXJDWLRQ )LUVWFRQMXJDWLRQDU
6HFRQGFRQMXJDWLRQHU
7KLUGFRQMXJDWLRQLU
,UUHJXODULWLHVDIIHFWLQJWKHYRZHOVLQWKHVWHPRIWKHYHUELUUHJXODULWLHVDUHVKDGHG
,UUHJXODULWLHVDIIHFWLQJFRQVRQDQWVLQWKHYHUELUUHJXODULWLHVDUHVKDGHG
7KH6SDQLVKYHUEFRQMXJDWLRQHVSHFLDOO\FRPSOH[LUUHJXODUYHUEVVKDGHGER[HVVKRZ
.H\WRH[HUFLVHV 8QLW1RXQV 1DWXUDOJHQGHU D ±LY ODSURIHVRUDE ±LL ODFDPSHRQDF ±Y ODDERJDGDG ±L ODLUDTXtH ±LLL ODDWOHWD D HOGRFWRUE HOSUHVLGHQWHF HOFLFOLVWDG HOEDLODUtQH HOSROLFtDI HOHVWXGLDQWH D HOJHQLRE HOSHUVRQDMHF HOEHEpG ODPRGHORH ODWHVWLJR *UDPPDWLFDOJHQGHU D ODPXOWLWXGE HOHQLJPDF HOODFDSLWDOZLWKFKDQJHRIPHDQLQJ G ODEURQTXLWLVH ODIUDWHUQLGDG I ODUHXQLyQ D HOODGHQWLVWDE ODDSHQGLFLWLVF ODVXSRVLFLyQG ODPDQRH HOVtQWRPDI ODMXYHQWXG D HOFDSLWDOE ODJXtDF HOPDUJHQG HOJXtDRUODJXtD 1XPEHU D ODVHVWDFLRQHVE ODVPHVDVF ORVOXQHVG ORVDFWRUHVH ORVYLUXVI ORVFDIpVJ ORVWDE~VK ODVHVWXGLDQWHVL ORVDWODV D (Q(VSDxDORVQLxRV\ODVQLxDVHPSLH]DQHOFROHJLRDODVQXHYH E (ODEXHOR\ODDEXHODGH0DULDQDYLYHQHQ2UHQVH F /RVSURIHVRUHV\ODVSURIHVRUDVWUDEDMDQPXFKR
&ROOHFWLYHQRXQV 7KHIROORZLQJDUHFROOHFWLYHQRXQV ODPD\RUtDODPLQRUtDHOS~EOLFRHOJUXSR$OWKRXJKWKH\UHIHUWRDJURXSRIWKLQJVRUSHRSOHWKH\DUH JUDPPDWLFDOO\VLQJXODU D /DSROLFtDHQFRQWUyFROOHFWLYH E /RVSROLFtDVOOHYDQQRWFROOHFWLYH F (OFRPLWpWRPy FROOHFWLYH G (OHMpUFLWRUHDOL]DFROOHFWLYH 'LPLQXWLYHDXJPHQWDWLYHDQGSHMRUDWLYHVXIIL[HV D ODLVOLWDE HODEXHOLWRF HOFDIHFLWRQRWHWKDWQRDFFHQWLVQHHGHG G HOUHORMLWRH HOSDMDULWRQRWH WKDWQRDFFHQWLVQHHGHG I HOSLTXLWRQRWHWKHVSHOOLQJFKDQJH J HOFXHQTXLWRQRWHWKHVSHOOLQJFKDQJH K HOEDVWRQFLWRQRWHWKDWQRDFFHQWLVQHHGHG L ODPDQLWDLQVRPHSDUWVRI/DWLQ$PHULFDWKHGLPLQXWLYH
LVODPDQLWR D 0HFRPSUpXQPRQHGHURSHTXHxLWRPX\PRQR E (O5HDO'HSRUWLYRPDUFyXQJROD]RHQHO~OWLPRPLQXWR F 'HVSXpVJLUDVDODL]TXLHUGD\YHUiVXQDFDOOHFLWDHVWUHFKD0LFDVDHVWiDOIRQGR G 7LHQHQXQSHUURWHHQRUPHSDUDTXHQROHVHQWUHQDGLHHQHOMDUGtQ D /LWWOH5HG5LGLQJ+RRGDQGWKH%LJ%DG:ROI E 7KH7KUHH/LWWOH3LJV F 7KH8JO\'XFNOLQJ G 6QRZ:KLWHDQGWKH6HYHQ'ZDUIV H *ROGLORFNV 0HQ~GLPLQXWLYR
VXVWRVWDGDVFRQPHUPHODGDGHIUHVD\VXFDIp
FRQOHFKHVLQD]~FDU VHxRU´ 1RWHFKDQJHLQWKHVSHOOLQJTXĺF
3HSDVLVXVHGLQ/DWLQ$PHULFDIRUµSLSV¶ZKHUHDVLQ6SDLQRQHZRXOGVD\SHSLWDV
1RWLFHWKDW\RXQHHGDQDFFHQW 8QLW$UWLFOHV 7KHGHILQLWHDUWLFOH 5HPHPEHUWKDW\RXQHHGWRDGGWKHFRUUHFWDUWLFOH 0HJXVWD1RPHJXVWDHOYLQRHODJXDHOWpODFHUYH]DODVDQJUtDODVDOODSLPLHQWDODHQVDODGDHOSROOROD FDUQHODYHUGXUDHOPHOyQHOIODQODIUXWDHO\RJXU D /RVOXQHVE HO5HLQR8QLGRF OD$YHQLGDGHOD3D]ODFDOOH&XHUYRG /DVHPDQDTXHYLHQH D 2Q0RQGD\VE WKH8QLWHG.LQJGRPF 3D]$YHQXH&XHUYR6WUHHWG 1H[WZHHN D (OGHVD\XQRVHVLUYHGHD\ODFHQDGHD1DPHVRIPHDOVWDNHDQDUWLFOH E 0LFRORUIDYRULWRHVHOD]XO F 7HQJRXQDFKDTXHWDD]XO1RDUWLFOHQHHGHGDVD]XOLVDQDGMHFWLYH G +DEORIUDQFpVLWDOLDQR\HVSDxRO1RDUWLFOHZLWKODQJXDJHVZLWKWKHYHUEKDEODU 7KHLQGHILQLWHDUWLFOH 7HUHVDHVDERJDGD(VPXMHU(VFRORPELDQD 5HPHPEHUWKDW\RXGRQRWQHHGWKHDUWLFOHIRUDQ\RIWKHVHFDWHJRULHV6XJJHVWLRQV6R\PHFiQLFR6R\ HVFRFpV6R\FRQVHUYDGRU 5HPHPEHUWKDWXQOLNHLQ(QJOLVK\RXGRQRWQHHGWRXVHWKHDUWLFOHIRUDQ\RIWKHZRUGVLQWKHER[VR\RXU VHQWHQFHVVKRXOGORRNOLNHWKHVHWHQJRFRFKHQRWHQJRPRWRHWF E 7LHQHODERFDJUDQGHF 7LHQHHOUDERODUJRG 7LHQHODQDUL]URWDH 7LHQHODFDEH]DSHTXHxD 8QLW4XDOLI\LQJDGMHFWLYHV $JUHHPHQWLQJHQGHUDQGQXPEHU D HVSDxROHVE DUJHQWLQRVF JXDWHPDOWHFDG FKLOHQDVH PH[LFDQDI PH[LFDQRVJ FKLOHQR
6XJJHVWLRQV D (VWR\DSUHQGLHQGRDOHPiQ(VXQDOHQJXDGLItFLO E $EUHODYHQWDQD1HFHVLWDPRVXQSRFRGHDLUHIUHVFR F (QDOJXQDVSOD\DVPH[LFDQDVKD\KRWHOHVH[FHOHQWHV G 0LSDGUHVHKDFRPSUDGRXQ0HUFHGHV(VXQFRFKHFDUR H +HHQFRQWUDGRXQDIRWRSUHFLRVDGHPLDEXHODFXDQGRHUDSHTXHxD 6KRUWHQHGIRUPVDQGFKDQJHRIPHDQLQJ D JUDQE JUDQF EXHQDG PDOH SULPHU D XQDFDVDJUDQGHE XQJUDQKRPEUHF XQDQWLJXRFROHJDXQDDQWLJXDFROHJDG XQDXQLYHUVLGDG DQWLJXDH PHGLDQDUDQMD &RPSDULVRQRIDGMHFWLYHV D 7XFRFKHHVPX\SHTXHxR(OPtRHVPiVJUDQGHTXHHOWX\R E (VWHTXHVRHVFDUR(VPiVFDURTXHHOMDPyQ F (VWDFKDTXHWDURMDHVPX\ERQLWD(VPiVERQLWDTXHHOMHUVH\ D 0LLGHDQRHVEXHQD/DWX\DHVPHMRU E (OFROHVWHUROHVPDORSHURHOWDEDFRHVSHRU 6XJJHVWLRQV &ULVWLQDHVWDQUXELDFRPRVXPDGUH &ULVWLQDHVWDQDOWDFRPRVXSDGUH &ULVWLQDHVWDQGHOJDGDFRPRVXPDGUH &ULVWLQDHVWDQSHFRVDFRPRVXPDGUH &ULVWLQDHVWDQDYHQWXUHUDFRPRVXPDGUH 7KHVXSHUODWLYH D ±Y /DHGDGGHOOLFHQFLDGRXQLYHUVLWDULRPiVMRYHQGHOPXQGRDxRV\PHVHVHOHVWDGRXQLGHQVH 0LFKDHO.HQHDUQH\TXHVHOLFHQFLyHQ$QWURSRORJtDHQ E ±LL /DQDFLyQFRQPD\RUQ~PHURGHDSDUDWRVWHOHIyQLFRVSRUFDEH]D0yQDFRFRQWHOpIRQRVSRU FDGDPLOKDELWDQWHV F ±L /DDOWXUDGHODPRQWDxDPiVDOWDGHOVLVWHPDVRODUNPHOPRQWH2OLPSRHQ0DUWH G ±LLL /DORQJLWXGGHOWHQGHGHURGHURSDPiVODUJRGHOPXQGRNP(OUpFRUGVHEDWLyHQ0p[LFR HQ H ±YL /DHGDGGHODSHUVRQDPiVYLHMDGHOPXQGRDxRVODIUDQFHVD-HDQQH/RXLVH&DOPHQW± I ±YLL /DHVWDWXUDGHODSHUVRQDPiVDOWDGHOPXQGRPHWURV5REHUW:DGORZ± J ±LY /DWHPSHUDWXUDPiVIUtDMDPiVUHJLVWUDGDHQHOPXQGRJUDGRVEDMRFHURUHJLVWUDGRVHQ 9RVWRN$QWiUWLFDHQ 7KHLUUHJXODUVXSHUODWLYHVDUHSpVLPRPtQLPDPtQLPRDQGPi[LPD &RPSDULVRQRIDGYHUEVQRXQVDQGYHUEV D ²
²1RQRHVYHUGDGQDGLHFRPHWDQGHVSDFLRFRPRW~ F ²0LPDULGRKDEODELHQLWDOLDQRSHUR\RKDEORPHMRUTXHpO ²1RQRHVYHUGDG1RKDEODVWDQELHQFRPRpO 6XJJHVWLRQV (QPLFLXGDGKD\PHQRVPXVHRVTXHHQ0DGULG (Q0DGULGKD\PHQRVSXEV\KD\PHQRVSDUTXHV\MDUGLQHVTXHHQPLFLXGDG (Q0DGULGKD\PiVWUiILFRTXHHQPLFLXGDG (QPLFLXGDGQRKD\WDQWDFRQWDPLQDFLyQFRPRHQ0DGULG (Q0DGULGKDFHPiVVROTXHHQPLFLXGDG\QRKDFHWDQWRIUtR 6XJJHVWLRQV 0LKHUPDQDJDQDPiVGLQHURTXH\R 0LKHUPDQRWLHQHPHQRVYDFDFLRQHVTXH\R 0LSDGUHWLHQHPXFKtVLPRPiVWLHPSROLEUHTXH\RSRUTXHHVWiMXELODGR 0LPDGUHWUDEDMDPiVTXHORVGHPiVSHURJDQDPHQRV 0LVVREULQRVKDEODQLQJOpVPHMRUTXH\R &XDQWRPiVDSUHQGRPiVROYLGR &XDQWRPiVROYLGRPHQRVVp &XDQWRPHQRVVpPiVWHQJRTXHHVWXGLDU 3HURFXDQWRPiVHVWXGLRPiVROYLGR 8QLW3HUVRQDOSURQRXQV 6XEMHFWSURQRXQV D 1RVRWURVRUQRVRWUDV E 8VWHGHVHOORVRUHOODV F 7~YRVEXWQRWLQ5LYHU3ODWHDUHDDVWKHYHUEZRXOGEHVyV G
>@³4XLHURKDEODUFRQYRV ´>@²@³4XLHURKDEODUFRQWLJR´>@ ²
D $OLFLDHVWiPX\FRQWHQWDFRQVLJRPLVPDE (VWR\HQIDGDGDFRQPLJRPLVPDF (VWiQIXULRVRVFRQVLJR PLVPRVG 9HRTXHHVWiLVIXULRVRVFRQYRVRWURVPLVPRV 2UGHURIREMHFWSURQRXQV D
&DUGLQDOQXPEHUV 8QNLORGHQDUDQMDVXQDEROVDGHSDWDWDVFLHQJUDPRVGHSDWpXQSDTXHWHGHWpXQDERWHOODGHYLQR GRVFLHQWRVJUDPRVGHTXHVRXQDGRFHQDGHKXHYRVXQDEDUUDGHSDQ RFKHQWD\XQRVHVHQWD\GRVGLHFLVLHWHGRVFLQFXHQWD\VLHWHFXDUHQWD\VHLVFDWRUFHQRYHQWD\FXDWURRFKR RFKHQWD\VHLVRFKHQWD\WUHVYHLQWLFXDWURFHURFHURWUHLQWD\FXDWURQRYHQWD\XQRGRVFLQFXHQWDVHWHQWD\ VLHWHYHLQWLRFKR D ±LY HOGRFHGHRFWXEUHGHPLOFXDWURFLHQWRVQRYHQWD\GRVE ±LLL HOYHLQWLWUpVGHDEULOGHPLO VHLVFLHQWRVGLHFLVpLVF ±L HORQFHGHQRYLHPEUHGHPLOQRYHFLHQWRVGLHFLRFKRG ±LL HOVHLVGHDJRVWR GHPLOQRYHFLHQWRVFXDUHQWD\FLQFR 2UGLQDOQXPEHUV D VHJXQGDWHUFHUDE SULPHURF WHUFHURG SULPHUDH VHJXQGRI SULPHU 7KHSRSHVDUHD /HyQ;GLH]RUGpFLPR G 3tR;,,GRFH H -XOLR,,VHJXQGR I -XDQ3DEOR, SULPHUR DQGK -XDQ;;,,,YHLQWLWUpV E (QULTXH9,,,RFWDYR HVXQUH\LQJOpV\F /XLV;9,GLHFLVpLV \J /XLV;,9FDWRUFH VRQUH\HV IUDQFHVHV &ROOHFWLYHQXPEHUVDQGIUDFWLRQV D XQDGRFHQDGHKXHYRVE PHGLDGRFHQDGHQLxRVF XQDGHFHQDGHSHUVRQDVG FXDWURSDUHVGH ]DSDWRVH XQSDUGHFDOFHWLQHV D +D\XQDYHLQWHQDGHQLxRVHQODFODVH E 8QFHQWHQDUGHSHUVRQDVYLQLHURQDODERGD F +DEtDXQDWUHLQWHQDGHFXDGURVGHOPXVHRHQODH[SRVLFLy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tFLO (OODGUyQVHDFHUFyVLOHQFLRVDPHQWHDODFDVD(VWDEDVHQWDGRWRPiQGRVHXQDFRSDWUDQTXLODPHQWH7HGLJR VLQFHUDPHQWHTXHQRVpGyQGHHVWi (OEHEpHVWDEDSURIXQGDPHQWHGRUPLGR
0DUWLQDVLHPSUHFRQGXFtDGHPDVLDGRGHSULVD$TXHOODPDxDQDVDOLyGHFDVDPiVWDUGHTXHGHFRVWXPEUH 'LRXQSRUWD]RDOVDOLUGHFDVD\VHPHWLyUiSLGDPHQWHHQHOFRFKH1XQFDOHJXVWDEDOOHJDUWDUGH\PHQRV D~QFXDQGRWHQtDTXHLUDYHUDDOJ~QFOLHQWHLPSRUWDQWH8QRVPHWURVDQWHVGHOFUXFHYLRXQFDPLyQTXH VHxDODEDFRQHOLQGLFDGRUSDUDSDUDUVHGHODQWHGHOVXSHUPHUFDGR/RDGHODQWyVLQPLUDU\£]DVVHGLRFRQ XQFRFKHTXHYHQtDHQVHQWLGRFRQWUDULR$IRUWXQDGDPHQWHQROHSDVyQDGD0HQRVPDOTXHHORWURLED EDVWDQWHGHVSDFLR6LQRSRGtDKDEHUVLGRPiVJUDYH ²¢
HQFLPDGHVREUHH VREUHSRUHQFLPDGH D SDUD6SDLQ SRU6SDQLVK$PHULFD E SRUF SRUG SDUDH SRUSRU
7KHJHUXQG D MXJDQGRE OH\HQGRE \HQGRG HVWXGLDQGRH FD\HQGRI HVFULELHQGR D EDLODUE SUHVHQWDQGRF YHUG YLYLHQGRH VDFDQGR D OOHYDE FRQWLQ~DQVLJXHQF HPSLH]DQDFDEDQWHUPLQDQVLJXHQG HVWiDQGDVLJXHFRQWLQ~DH YDQFRQWLQ~DQVLJXHQ 7KHSDVWSDUWLFLSOH D YLYLGRE GHVFXELHUWRF GHVD\XQDGRG VROWDGRH HVFULWR D LQPRYLOL]DGDE DVHJXUDGRF FRQILUPDGR±UREDGRVG VDOYDGRH SURPHWLGD D FRPLGRE GHMDGRF OOHJDGRG SXHVWRH PXHUWRI DVXVWDGRJ HQFHQGLGDK HQWUHFHUUDGDL HPRFLRQDGRM DELHUWRV 8QLW3UHVHQWWHQVHVRIWKHLQGLFDWLYH 7KHSUHVHQWVLPSOH
D FRPLHQ]DVE GHVSLHUWRF GXHUPHQG DFRVWDPRVH VHJXLPRVI FRQVLJRJ SXHGRK GLFHVL FRQILHVR E R\HQDGGVD\WRWKHVWHPF JRELHUQDVWHPFKDQJHVHĺLHG VDOJRDGGVDJWRWKHVWHPLQWKHILUVW SHUVRQVLQJXODUH HQFXHQWUDVVWHPFKDQJHVRĺXHI UHSLWHQVWHPFKDQJHVHĺL
D OOXHYHE EULOODF YHPRVG WLHQHH HVI SUHSDUDQ 7KHSUHVHQWFRQWLQXRXV D HVWiFDPELDQGRE HVWiQYLDMDQGRF HVWiQFRUULHQGRG HVWDPRVOH\HQGRH HVWiLVHVWiQYHQGLHQGR $ODL]TXLHUGDE HVWiVRQULHQGRF HVWiGXUPLHQGRG HVWiQFRQVXOWDQGR$ODGHUHFKDL HVWiEHELHQGR LL HVWiOORUDQGRLLL HVWiFRUULHQGRLY HVWiQFRPLHQGR 8QLW)XWXUHWHQVHVRIWKHLQGLFDWLYH 7KHIXWXUHZLWKLUD D 9R\DKDEODUFRQHOJHUHQWH E &DUORVYDDFRQILUPDUHOYLDMH F /XLV\0DULHODYDQDYLVLWDUHOPXVHRGHDUWH G 1RYDLVDHQFRQWUDUODVOODYHV D YDPRVDYLVLWDUE YDQDMXJDUF YR\DFRQRFHUG YDDVXELUH YDVDKDFHU 7KHIXWXUHVLPSOH D +DEODUpFRQHOJHUHQWH E &DUORVFRQILUPDUiHOYLDMH F /XLV\0DULHODYLVLWDUiQHOPXVHRGHDUWH G 1RHQFRQWUDUpLVODVOODYHV D YHQGUiQE GDUpF SRQGUiG VDEUHPRV D VHVHQWLUiE PDQWHQGUiF D\XGDUiQG GDUiH SRGUiQI DYLVDUiQJ LUiK VHUi D VHUiQE KDUiF DSR\DUiG UHXQLUiQ 7KHIXWXUHFRQWLQXRXV D HVWDUiWHUPLQDQGRE VHHVWDUiGHVSHUWDQGRF HVWDUiQDFDEDQGRG HVWDUiVDOLHQGR 7KHIXWXUHSHUIHFW D +DEUiHVWDGRHQIHUPD E +DEUiWHQLGRPXFKRWUDEDMR F +DEUiQWHUPLQDGR G +DEUiWRPDGRHOWUHQDQWHVTXHHOORV D ¢&XiQGRVHKDEUiQLGR" E ¢$TXLpQKDEUiOODPDGR" F ¢'yQGHORKDEUiHQFRQWUDGR" G ¢&XiOKDEUiJDQDGR" D KDEUHPRVWHUPLQDGR E KDEUiVXELGR F KDEUiQGHVDSDUHFLGR G KDEUiFRQWDPLQDGR H KDEUiQSHUGLGR 8QLW3DVWWHQVHVRIWKHLQGLFDWLYH
7KHLPSHUIHFW MXJiEDPRV FUHFtD D\XGDED HVWXGLDED WUDEDMDEDQ YLYtDQ DSUHQGtDV EHEtDQ FDPLQDED OHtDLV HVFULEtD FRQVWUXtD 6XJJHVWLRQV¢'yQGHYLYtDVFXDQGRHUDVSHTXHxRD"¢$TXpKRUDWHOHYDQWDEDVSDUDLUDOFROHJLR"¢&XiOHUD WXFRPLGDIDYRULWD"¢7RFDEDVDOJ~QLQVWUXPHQWR" 0LPDGUHWHQtDJDIDV\HOSHORQHJUR&DQWDEDPX\ELHQ 0LSURIHVRUDGHPDWHPiWLFDVHUDXQDPXMHUMRYHQ\TXHHQVHxDEDPX\ELHQ 0LSULPHUQRYLRHUDJXDStVLPR(VWXGLDEDPXFKRSHURVDFDEDPDODVQRWDV 0RGHOR 0LKDELWDFLyQHUDXQDXWpQWLFRGHVDVWUH
VXSH GLMHURQ KLFLHURQ TXLVLHURQ YLQLVWH GLMLVWH TXLVLVWH HVWXYLVWHLV WXYLVWHLV KLFLVWHLV D VHYLVWLyYHVWLUVH ULHURQUHtU E PXULyPRULU GXUPLHURQGRUPLU F LQWURGXMHLQWURGXFLU GHGXMR GHGXFLU G R\HURQRtU KX\yKXLU FRQFOX\yFRQFOXLU H URQTXpURQFDU I SHJXpSHJDU J DEUDFpDEUD]DU HPSHFpHPSH]DU D 3HGURFRQWyXQFKLVWH\WRGRVVHULHURQE 0LSDGUHPXULyFXDQGR\RWHQtDFXDWURDxRVF ,QWURGXMHOD OODYHHQODFHUUDGXUD\ODSXHUWDVHDEULyG 2\HURQUXLGRV\VHDVXVWDURQPXFKRH 'LFHPLPDULGRTXH DQRFKHURQTXpI 3HJXpORVERUGHVGHOVREUHFRQSHJDPHQWRJ (PSHFpDMXJDUDOI~WERODORVGLH]DxRV D QDFLyE YHQGLHURQF OOHJyG )XHH WXYRI 3HUPDQHFLyJ FDVyK 0XULyL FRQWULEX\yM VHFRQYLUWLy &KRRVLQJEHWZHHQWKHSUHWHULWHDQGWKHLPSHUIHFW ,QWRWKHLPSHUIHFWZDVHUD KDGWHQtD DSSHDUHGSDUHFtD SUHWHQGHGILQJtD ODEHOOHGGHVFULEtD ,QWRWKHSUHWHULWHWRRNWRPy VSRNHKDEOy VDLGGLMR ZHUHVSRWWHGVHYLRDRWURVIXHURQYLVWRV D 3HGURQRYLQRDFRPHUD\HUSUHWHULWH E 7RGRVORVGtDVGDEDXQSDVHRGHPHGLDKRUDLPSHUIHFW F /DYLVWDGHVGHODFLPDHUDPDJQtILFDLPSHUIHFW G /HIDVWLGLyPXFKRODDFWLWXGGHVXVFRPSDxHURVSUHWHULWH H (UDXQDFKLFDPX\HTXLOLEUDGDSHURHVHGtDVHHQIDGyPXFKtVLPRLPSHUIHFWSUHWHULWH D +DEtD'R\RXNQRZWKHH[SUHVVLRQ+DEtDXQDYH]2QFHXSRQDWLPH " E HUDF ,EDG HQFRQWUDED H YLRI SUHJXQWyJ UHSOLFyK VDFyL SXVR %DFNJURXQGIURP+DEtDXQDYH]WRWRGRDSUHFLRMXVWRLQWKHLPSHUIHFW 6HWWLQJWKHVFHQHIRUZKDWLVWRKDSSHQIURP8QPHGLRGtDGHDJRVWRWRXQDSOD]DLQWKHLPSHUIHFW 7KHQDUUDWLRQRIHYHQWVIURPYLRDYDQ]DUKDFLDHOODWRWKHHQGLQWKHSUHWHULWH D FRPtDE SHQVDEDF SURGXFtDG SRGtDH GHWXYRI 7HQtDJ SRGtDK SHQVy 7KHSHUIHFW D KHPRVHVWDGRE KDVRt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µ+DYH\RX HYHUUHDGWKHERRN"¶6HQWHQFHLL UHODWHVWRDVSHFLILFWLPHLQWKHSDVWµ'LG\RXUHDGLWZKHQ,OHQWLWWR\RX"¶
7KHSHUIHFWFRQWLQXRXV D 3RUTXHKHHVWDGRVDOLHQGRFRQRWUDFKLFD E 1R£\KHHVWDGRSHQVDQGRHQHOORWRGDODQRFKH F 1RKHHVWDGRWUDEDMDQGRDOOtD\HU\KR\ G +HHVWDGRSUHJXQWDQGRSHURQDGLHVDEHQDGD 7KHSOXSHUIHFW KDEtDSDVDGRE KDEtDDELHUWRF KDEtDPRVUHxLGRG KDEtDTXHEUDGR
1ROHDVODQRWD1ROHDODQRWD1ROHiLVODQRWD1ROHDQODQRWD1ROHDPRVODQRWD D 7HQJDE (VFXFKHQF 'LG KDEOpLV D SLHUGDDSOtTXHVHXVHE 8VH9D\DF SLHQVHG ROYLGH 8QLW&RQGLWLRQDOWHQVHV 7KHFRQGLWLRQDO D WHQGUtDPRVE YROYHUtDQF GHEHUtDG FHUUDUtDQH SRGUtDV D
G
D VHKXELHUDKXELHVHDSDUHFLGRE KXELpUDPRVKXELpVHPRVVDELGRF KXELHUDVKXELHVHVSDVDGRG KXELHUDQKXELHVHQRtGR D (VWDEDRUJXOORVRGHTXHOHKXELHUDQKXELHVHQGDGRXQEXHQWUDEDMR E (VWiEDPRVPX\FRQWHQWRVGHTXHQRVKXELHUDQKXELHVHQGDGRHOSUHPLR F 0HHQIXUHFLyTXHPHKXELHUDKXELHVHJULWDGR G /HDIHFWyPXFKRTXHVXVSDGUHVVHKXELHUDQKXELHVHQGLYRUFLDGR D 6LKXELpUDPRVKXELpVHPRVWHUPLQDGRHOWUDEDMR E 6LQRKXELHUDKXELHVHSHUGLGRODVOODYHV F 6LKXELpUDPRVKXELpVHPRVOOHJDGRWHPSUDQR G 6LQRKXELHUDQKXELHVHQKDEODGRFRQHOSURIHVRU 8QLW6SHFLDOYHUEVDQGFRQVWUXFWLRQV 3URQRPLQDOYHUEV D QRVE WHF VHG RVH PH D VHHVWiODYDQGRODVPDQRVE VHHVWiQSHLQDQGRF VHHVWiQFRPXQLFDQGRDVHxDVG VHHVWiQULHQGR H VHHVWiQJULWDQGR VHTXLWDTXLWDUVH VHVLHQWDVHQWDUVH VHVXPHUJHVXPHUJLUVH WHFUHtDVFUHHUVH EDxiQGRWHEDxDUVH WHQLHJDVQHJDUVH 7REHVHUHVWDUKDEHU D (VWHHV(QULTXHWRLGHQWLI\VRPHRQH (VHOPDULGRGH/DXUDWRLQGLFDWHIDPLO\UHODWLRQVKLS (V LQJHQLHURWRLQGLFDWHSURIHVVLRQ E (VWDFDMDHVGHSODWDWRWDONDERXWWKHPDWHULDOLWLVPDGHRI (UDGHPLDEXHODWRLQGLFDWHSRVVHVVLRQ (VSDUDJXDUGDUODVVRUWLMDVIROORZHGE\SDUDWRLQGLFDWHSXUSRVH F /DFRQIHUHQFLDHVDODVGRVWRVD\ZKHQVRPHWKLQJLVWDNLQJSODFH 6HUiHQHOVDOyQGHDFWRVWRVD\ ZKHUHVRPHWKLQJLVWDNLQJSODFH D 0DUHVWiHQ/RQGUHVWRLQGLFDWHWKHSODFHZKHUHVKHLV (VWiGHDXSDLUFRQXQDIDPLOLDLQJOHVDWR LQGLFDWHWKDWLWLVDWHPSRUDU\RFFXSDWLRQ E 'HVSXpVGHODVYDFDFLRQHV9LROHWDHVWiPX\PRUHQDWRH[SUHVVWKHUHVXOWRIDFKDQJH /DYHUGDGHVTXH HVWiPX\JXDSDWRLQGLFDWHDVXEMHFWLYHRSLQLRQ F 6XKDELWDFLyQHVWDEDPX\GHVRUGHQDGDWRH[SUHVVWKDWLWLVDWHPSRUDU\VWDWH DVtTXHODHVWiRUGHQDQGR WRIRUPWKHSUHVHQWFRQWLQXRXV D 1HFHVLWRLUDFRPSUDUOHFKHSHURFUHRTXHODWLHQGDHVWiFHUUDGD E $XQTXHVyORORWHQJRGHVGHKDFHFXDWURDxRVHOFRFKH\DHVWiEDVWDQWHYLHMR F
H +D\QDUDQMDVHQODQHYHUD I ¢+D\XQEDQFRSRUDTXt" *XVWDUDQGRWKHUVLPLODUYHUEV D OHVE RVF WHG QRVH OH D JXVWDE JXVWDF JXVWDQG JXVWDQH JXVWD
F /DVFDUWDVVRQFODVLILFDGDVHQOD2ILFLQD&HQWUDOGH&RUUHRVDFRQWLQXDFLyQVRQUHSDUWLGDVDVXV GHVWLQDWDULRV D VHSXHGHQ E VHSXHGHDxDGLUVHDxDGHF VHVLJXHQG VHGHEHQLYHODUVHGHEHUiQLYHODUVH QLYHODUiH VHHVSROYRUHDQI VHHQWLHUUDQJ VHULHJD D KDVLGRSUREDGDE )XHHODERUDGDF IXHDGPLQLVWUDGDG IXHURQDUUDQFDGRVH KDVLGRGHQHJDGD 8VHVRIVH D UHFLSURFDOUHFLSURFDOE LPSHUVRQDORUSDVVLYHF VHLQVWHDGRIOHG SURQRPLQDOYHUEH SURQRPLQDOYHUEI VHLQVWHDGRIOHJ LPSHUVRQDORUSDVVLYHK UHIOH[LYHL UHFLSURFDOUHFLSURFDO D 6HGLUi6HYDDGHFLUTXHIXHXQDFFLGHQWHE 6HHQWUDEDDOSDODFLRSRUXQDPDJQtILFDSXHUWDF /D SRONDVHEDLODDVtG (QPLRSLQLyQODPHMRUSRHVtDHVSDxRODGHOVLJOR;;VHHVFULELyHQHOSHULRGR DQWHULRUDODJXHUUDFLYLOH 6HVRVSHFKDEDTXHHUDXQHVStD 8QLW6HQWHQFHRUJDQLVDWLRQ 7KHVLPSOHVHQWHQFH ([FODPDWLYHD 7KHPDUNVDUHWKHH[FODPDWLRQPDUNVµ£¶ 1HJDWLYHE 7KHPDUNLVWKHQHJDWLYHDGYHUEQXQFD ,QWHUURJDWLYHF 7KHPDUNVDUHWKHTXHVWLRQPDUNVµ¢"¶ 'HFODUDWLYHDIILUPDWLYHG %HFDXVHLWLVQRWPDUNHGDVLQWHUURJDWLYHH[FODPDWLYHRUQHJDWLYH D ¢7HOODPDV5RVD0DUL%HUP~GH]"7HOODPDV5RVD0DUL%HUP~GH]¢YHUGDG"FORVHG E 6HYHUDOSRVVLELOLWLHV¢&yPRWHOODPDV"¢4XLpQOODPy"HWFRSHQ F ¢&XiQGR(QTXpDxRQDFLy1HUXGD"RSHQ D (VWiVLQYLWDGRDODERGD¢QR"¢YHUGDG"¢FLHUWR" E 1RKDVYLVWRD-XDQLHQWRGRHOGtD¢YHUGDG"¢FLHUWR" F (ODxRSDVDGRIXLVWHLVGHYDFDFLRQHVD0LDPL¢FLHUWR"¢QR"¢YHUGDG" 8QLW1HJDWLYHV D 1RpOQRGHVFXEULyQDGD
D +DFtDXQGtDPDUDYLOORVRDVtTXHGHFLGLPRVLUDODSOD\D E 1R1LTXHUtDPRVLUDOFLQHQLLUDOSDUTXH F ¢9DVDSDVDUODVYDFDFLRQHVFRQWXVDEXHORVRYDVDTXHGDUWHHQ,UODQGD" G *DQDPRVSRFRSHURKHPRVGHFLGLGRDKRUUDUSDUDFRPSUDUQRVXQSLVRPiVJUDQGH D VLQRE SHURF VLQR D VLQRE VLQRTXHF VLQRTXHG VLQR D DVtTXHFRQTXHGHPRGRTXHSRUFRQVLJXLHQWHHWFE 1RF SHUR 7KHQRXQFODXVH 6XJJHVWLRQV D 6HFRPHQWDTXHGHQWURGHXQDVVHPDQDVVXELUiQORVSUHFLRV E 7HGHVHRTXHWHQJDVXQIHOL]FXPSOHDxRV F 1RVHVDEHFRQVHJXULGDGVLORVWHUURULVWDVILUPDUiQYDQDILUPDUODWUHJXD 6XJJHVWLRQV D 1RVDEHPRVVLYDDFDQWDURQR E 6XPD\RUVXHxRHVTXHVXKLMDHVWXGLHDUTXLWHFWXUD F &UHRTXHTXLHUHTXHVXKLMDYHQJDDYLYLUFRQpOSHURQRORGLFH D GHTXHE TXHF GHTXHG TXH 7KHUHODWLYHFODXVH D QRQUHVWULFWLYHE QRQUHVWULFWLYHF UHVWULFWLYHG UHVWULFWLYH D (O~OWLPREDUFRFRQORVQLxRVTXHKDEtDQVREUHYLYLGRDOWHUUHPRWROOHJyD%XHQRV$LUHVKDFHGRVGtDV E %HUQDUGD$OEDHVXQSHUVRQDMHGHOSRHWD\GUDPDWXUJR)HGHULFR*DUFtD/RUFDTXHUHSUHVHQWDOD LQWUDQVLJHQFLD\ODIDOWDGHKXPDQLGDG D (VWDHVODFLXGDGHQODTXHHQODFXDOGRQGHQDFLyPLSDGUHE (QHOFROHJLRWHQtDPRVXQSURIHVRUSDUD TXLHQSDUDHOTXHSDUDHOFXDOWRGRVORVQLxRVpUDPRVJHQLRVHQSRWHQFLD D ODVTXHE HOTXHF ORVTXH D HOTXHHOFXDOE TXHF GRQGHHOFXDOHOTXHG FX\RVH TXHORVFXDOHVTXLHQHVI GRQGHHQHOTXH D KD\DE YLYRF VHSDUHFHG GHMDUD 7KHDGYHUELDOFODXVH D ±LY FRQFHVVLYHE ±L FRQGLWLRQDOF ±LL SXUSRVHG ±Y PDQQHUH ±LLL FDXVH D FRPRLVWKHPRVWQDWXUDOFKRLFHEHFDXVHLWFDQRQO\DSSHDUDWWKHEHJLQQLQJRIDVHQWHQFHDOWKRXJK\DTXH LVSRVVLEOHE SRUTXHLVEHVW\DTXHGRHVQRWILWWKHFRQWH[WDQGFRPRLVQRWSRVVLEOHLQPLGSRVLWLRQF \DTXHSRUTXHDOWKRXJKWKHFRPPDPDNHV\DTXHDEHWWHUFKRLFHDQGFRPRLVDJDLQQRWSRVVLEOH D PiVLPSUHVLRQDQWHVGHORTXHSHQVDEDE WDQWRVYRWRVFRPRHVSHUDEDQF PHQRVGLQHURGHOTXH KDEtDPRVSUHVXSXHVWDGR D FRQWDOGHTXHE SXHVWRTXHSXHVVRXQGVROGIDVKLRQHG F DXQTXHDXQFXDQGRVLELHQG SDUD TXHFRQREMHWRGHTXHFRQHOSURSyVLWRGHTXHFRQODLQWHQFLyQGHTXHGHPDQHUDTXHGHPRGRTXHGHIRUPD TXH D ,QL LWLVQRWNQRZQZKHWKHUWKHWHUURULVWVDUHWRVLJQWKHDJUHHPHQWRUQRWLQLL LWLVDIDFWWKDWWKH\DUH
QRWVLJQLQJLW,QERWKFDVHVWKHSHDFHSURFHVVLVJRLQJDKHDG E 6HQWHQFHL WDNHVSODFHLQWKHSDVWDQGLL LQWKHIXWXUH7LPHVXERUGLQDWHVUHIHUULQJWRWKHIXWXUHWDNHWKH YHUELQWKHVXEMXQFWLYHZKLOHWKRVHUHIHUULQJWRWKHSDVWWDNHWKHLQGLFDWLYHVLQFHWKHDFWLRQKDVDOUHDG\ KDSSHQHGDQGLVDIDFW F 6LPLODUDUJXPHQWDVDERYHVHQWHQFHLL LQGLFDWHVKRZVKHZLOOEHKDYHLQWKHIXWXUHWKHZD\KHUPRWKHU WHOOVKHU ZKLOHL UHIHUVWRDSDVWDFWLRQDQGWKHUHIRUHWKHLQGLFDWLYHLVQHHGHG G ,QLL WKHSDWKWKH\ZLOOWDNHLVQRWNQRZQDQGWKHDGYLFHLVWKDWZKLFKHYHUSDWKWKH\WDNHWRWDNHRQHWKDW GRHVQRWKDYHLFH6HQWHQFHL WROGLQWKHSDVWWHOOVDERXWWKHSDWKWKDWZDVWDNHQRQHZKLFKGLGQRW KDYHLFH
D ,VLGURFRPHQWyTXHHVWDEDHQFDQWDGRGHKDEHUJDQDGRHVHSUHPLR E (OSUHVRQRGHMDEDGHUHSHWLUTXHHUDLQRFHQWH F (OFDSLWiQGHO5HDO0DGULGDVHJXUyTXHDOGRPLQJRVLJXLHQWHOXFKDUtDQKDVWDHOILQDOHQHOSDUWLGRFRQWUD HO$WOpWLFRGH%LOEDR G )HOLSHPHDVHJXUyTXHPHGHYROYHUtDDOGtDVLJXLHQWHHOGLQHURTXHPHGHEtDLIWKHPRQH\ZDVSDLG DIWHUWKLVFRPPHQW HOGLQHURTXHPHGHEHLIWKHPRQH\KDVQRWEHHQSDLG\HWDWWKHPRPHQWWKLV FRPPHQWLVPDGH D 7RGRVORVGtDVPHSUHJXQWDGyQGHYLYR E &XDQGRPHFDtXQVHxRUPX\DPDEOHPHSUHJXQWyVLPHKDEtDKHFKRGDxR F 0DOHQDTXLHUHVDEHUTXpSODQHVWHQJRSDUDHVWHYHUDQR G (QODHQWUHYLVWDPHSUHJXQWDURQVLVDEtDFRQGXFLU D 3HULFRVHGHVSLGLyGH0DUtDSURPHWLHQGRTXHLUtDDEXVFDUODDOGtDVLJXLHQWHDODVGHODPDxDQD E 6HUHQDJULWyDOQLxRTXHSLGLHUDSHUGyQDVXDEXHODHQHVHPLVPRPRPHQWR F -RVHFKXH[FODPyVRUSUHQGLGRTXHKDEtDLGRDYLVLWDUORGRVGtDVDQWHV\TXHHVWDEDSHUIHFWDPHQWHELHQ G 3DUDFDOPDUQRV%HDWUL]GLMRTXHQRFUHtDTXHHOSDTXHWHOOHJDUDKDVWDODVHPDQDVLJXLHQWH
%LEOLRJUDSK\ $ODUFRV/ORUDFK( *UDPiWLFDGHODOHQJXDHVSDxROD0DGULG(VSDVD&DOSH $ORQVR$DQG+HQUtTXH]8UHxD3 *UDPiWLFDFDVWHOODQDWKHGQ %XHQRV$LUHV/RVDGD %DWFKHORU5(DQG3RXQWDLQ&- 8VLQJ6SDQLVK$*XLGHWR&RQWHPSRUDU\8VDJH&DPEULGJH&DPEULGJH8QLYHUVLW\3UHVV %HOOR$DQG&XHUYR5XILQR- *UDPiWLFDGHODOHQJXDFDVWHOODQDWKHGQ %XHQRV$LUHV6RSHQD %HQLWR0R]DV$ *UDPiWLFDSUiFWLFDWKHGQ 0DGULG('$) %XWW-DQG%HQMDPLQ& $1HZ5HIHUHQFH*UDPPDURI0RGHUQ6SDQLVKWKHGQ /RQGRQ+RGGHU(GXFDWLRQ &DUUDVFR*XWLpUUH]$ /DFRQFRUGDQFLDGHWLHPSRV0DGULG$UFR 'LFFLRQDULR6DODPDQFDGHODOHQJXDHVSDxROD 0DGULG6DQWLOODQD8QLYHUVLGDGGH6DODPDQFD )HUQiQGH]&LQWR- $FWRVGHKDEODGHODOHQJXDHVSDxROD5HSHUWRULR0DGULG(GHOVD *DUFpV03 /DVIRUPDVYHUEDOHVHQHVSDxRO9DORUHV\XVRV0DGULG9HUEXP *LOL*D\D6 &XUVRVXSHULRUGHVLQWD[LVHVSDxRODWKHGQ %DUFHORQD%LEOLRJUDI *yPH]7RUUHJR/ /DLPSHUVRQDOLGDGJUDPDWLFDO'HVFULSFLyQ\QRUPD0DGULG$UFR *yPH]7RUUHJR/ 9DORUHVJUDPDWLFDOHVGH³VH´0DGULG$UFR *RQ]iOH]$UDxD&DQG+HUUHUR$tVD& 0DQXDOGHJUDPiWLFDHVSDxROD*UDPiWLFDGHODSDODEUDGHODRUDFLyQ\GHOWH[WR0DGULG &DVWDOLD *RQ]iOH]+HUPRVR$&XHQRW-5DQG6iQFKH]$OIDUR0 *UDPiWLFDGHHVSDxROOHQJXDH[WUDQMHUD0DGULG(GHOVD *XWLpUUH]$UDXV0/ )RUPDVWHPSRUDOHVGHOSDVDGRHQLQGLFDWLYR0DGULG$UFR *XWLpUUH]$UDXV0/ &DUDFWHUL]DFLyQGHODVIXQFLRQHVGHOSUHWpULWRSHUIHFWRHQHOHVSDxROGH$PpULFD&RQJUHVR,QWHUQDFLRQDOGHOD OHQJXDHVSDxROD&HQWUR9LUWXDO&HUYDQWHV$YDLODEOHDW KWWSZZZFRQJUHVRVGHODOHQJXDHVYDOODGROLGSRQHQFLDVXQLGDGBGLYHUVLGDGBGHOBHVSDQROBHOBHVSDQROBGHBDPHULFDJXWLHUUH]BPKWP +HUQiQGH]$ORQVR& *UDPiWLFDIXQFLRQDOGHOHVSDxROUGHGQ 0DGULG*UHGRV +XUWDGR*RQ]iOH]60 µ(OSHUIHFWRVLPSOH\HOSHUIHFWRFRPSXHVWRHQHOHVSDxRODFWXDOHVWDGRGHODFXHVWLyQ¶LQ(SRV5HYLVWDGH)LORORJtD ;,9SS± .DWWiQ,EDUUD- 6SDQLVK*UDPPDU$)XQFWLRQDO*XLGH/RQGRQ7HDFK
6HFR5 0DQXDOGHJUDPiWLFDHVSDxROD0DGULG$JXLODU 6HFR5 *UDPiWLFDHVHQFLDOGHOHVSDxRO0DGULG$JXLODU 6SLQHOOL( (QJOLVK*UDPPDUIRU6WXGHQWVRI6SDQLVK/RQGRQ$UQROG =DU]DOHMRV$ ¢6HURHVWDU"0DGULG(GLQXPHQ
*UDPPDWLFDOLQGH[ $±SHUVRQDOD $FRQGLFLyQGHTXH $ILQGHTXH $ODYH]TXH $PHQRVTXH $PHGLGDTXH $QRVHUTXH $SHVDUGHTXH $TXH $EDMR $FRVWXPEUDUD ± $FWLYHYRLFHWKH $GGUHVVIRUPVRI± $GHODQWH $GHQWUR $GMHFWLYHV±± $GMHFWLYHVDJUHHPHQWRI± $GMHFWLYHVFKDQJHRIPHDQLQJRI $GMHFWLYHVFRPSDULVRQRI± $GMHFWLYHVGHPRQVWUDWLYHVHH'HPRQVWUDWLYHV $GMHFWLYHVLQGHILQLWHVHH,QGHILQLWHV $GMHFWLYHVSRVVHVVLYH± $GMHFWLYHVVKRUWHQHGIRUPVRI± $GMHFWLYHVVXSHUODWLYHRI± ¢$GyQGH"VHHDOVR,QGLUHFWTXHVWLRQV $GYHUELDOFODXVHV± $GYHUELDOFODXVHVW\SHVRI $GYHUELDOFODXVHVXVHRILQGLFDWLYHRUVXEMXQFWLYHLQ $GYHUELDOFRQQHFWRUVH[SUHVVLQJFDXVH $GYHUELDOFRQQHFWRUVH[SUHVVLQJFRPSDULVRQ $GYHUELDOFRQQHFWRUVH[SUHVVLQJFRQFHVVLRQ± $GYHUELDOFRQQHFWRUVH[SUHVVLQJFRQGLWLRQ $GYHUELDOFRQQHFWRUVH[SUHVVLQJPDQQHU± $GYHUELDOFRQQHFWRUVH[SUHVVLQJSODFH $GYHUELDOFRQQHFWRUVH[SUHVVLQJSXUSRVH± $GYHUELDOFRQQHFWRUVH[SUHVVLQJWLPH± $GYHUELDOSKUDVHV $GYHUEV± $GYHUEVFRPSDULVRQRI $GYHUEVLQGHILQLWHVHH,QGHILQLWHV $GYHUEVLQPHQWHIRUPHGIURPDGMHFWLYHV $GYHUEVLQPHQWHWRJHWKHUWZR $GYHUEVRIPDQQHU $GYHUEVRISODFH $GYHUEVRITXDQWLW\ $GYHUEVRIWLPH±
$GYHUVDWLYHFRQQHFWRUV± $GYHUVDWLYHVHQWHQFHV $IILUPDWLYHVHQWHQFH $JUHHPHQW± $IXHUD $KRUD $OSOXVLQILQLWLYH $OODGRGH $OPLVPRWLHPSRTXH $ODSOXVHO $OJR $OJXLHQ $OJXQRDRVDV $OUHGHGRUGH $QWH $QWHVGHTXH $SHQDV $TXHOOODOORVOODVOOR± $TXtDKtDOOtDFiDOOi $UULED $UWLFOH± $UWLFOHGHILQLWH± $UWLFOHLQGHILQLWH± $UWLFOHPDVFXOLQHZLWKQRXQVVWDUWLQJZLWKVWUHVVHGiRUKD± $UWLFOHQRWXVHGZLWKFDVDFODVHPLVD $UWLFOHRPLVVLRQRIWKHLQGHILQLWHLQ6SDQLVK $UWLFOHWKHQHXWHUOR $UWLFOHXVHWRGHQRWHSRVVHVVLRQ $UWLFOHXVHZLWKFRXQWULHVDQGSODFHV $UWLFOHXVHZLWKWLPHVGDWHVDQGSHULRGV± $UWLFOHXVHVWKDWGLIIHUIURP(QJOLVK $VtTXH $XJPHQWDWLYHVXIIL[HV± $XQFXDQGR $XQTXH $\HU %DMR %DVWDQWH %HWR± %LHQ %LHQEXHQR &DGDFDGDXQRXQDFDGDFXDO &DGDYH]PiVPHQRV &DGDYH]TXH &DVL &DXVHDGYHUELDOFODXVHVRI &DXVHDGYHUELDOFRQQHFWRUVRI &HUFD
&HUFDGH &ODXVHV6HH$GYHUELDOFODXVHV1RXQFODXVHV5HODWLYHFODXVHVDQG6XERUGLQDWHFODXVHV &ORVHGTXHVWLRQ &RPPDQGVVHH,PSHUDWLYHV &RPR ¢&yPR"VHHDOVR,QGLUHFWTXHVWLRQV &RPSDUDWLYHFODXVHVDQGFRQQHFWRUV &RPSDULVRQRIDGMHFWLYHV± &RPSDULVRQRIDGYHUEV &RPSDULVRQRIQRXQV &RPSDULVRQRIYHUEV &RPSOH[VHQWHQFHWKH± &RPSRXQGVHQWHQFHWKH± &RPSRXQGWHQVHVVHH3HUIHFWWHQVHV&RQ± &RQHOILQREMHWRSURSyVLWRLQWHQFLyQGHTXH &RQWDOGHTXH &RQFHVVLYHDGYHUELDOFODXVHV &RQFHVVLYHDGYHUELDOFRQQHFWRUV± &RQGLWLRQDOWKH± &RQGLWLRQDOFRQQHFWRUV &RQGLWLRQDOLQLQGLUHFWVSHHFKWKH± &RQGLWLRQDOSHUIHFWWKH± &RQGLWLRQDOVHQWHQFHWKH± &RQGLWLRQDOWHQVHV±± &RQMXJDWLRQVWKHWKUHH±± &RQMXQFWLRQVVHH&RQQHFWRUV &RQQHFWRUVDGYHUELDOFODXVH± &RQQHFWRUVFRRUGLQDWLQJ &RQQHFWRUVQRXQFODXVH± &RQQHFWRUVUHODWLYHFODXVH± &RQQHFWRUVVXERUGLQDWLQJ &RQTXH &RQVHFXWLYHFODXVHV &RQVHFXWLYHFRQQHFWRUV &RQWLQXRXVWHQVHV &RQWUD± &RRUGLQDWLQJFRQQHFWRUV± &RRUGLQDWLRQ± &RSXODWLYHFRQQHFWRUV &RSXODWLYHVHQWHQFHV &XDOHOFXDOODFXDOORVFXDOHVODVFXDOHVORTXH ± ¢&XiO"¢&XiOHV"±VHHDOVR,QGLUHFWTXHVWLRQV &XDOTXLHUFXDOTXLHUDFXDOHVTXLHUD &XDQGR ¢&XiQGR"VHHDOVR,QGLUHFWTXHVWLRQV &XDQWRPiVPHQRVPiVPHQRV ¢&XiQWRDRVDV"±VHHDOVR,QGLUHFWTXHVWLRQV &X\RDRVDV 'DGRTXH
'H± 'HpOGHHOODGHHOORVGHHOODVGHXVWHGHV 'HODPDQHUDGHOPRGRTXH 'HPDQHUDIRUPDPRGRTXH 'HEDMRGH 'HFODUDWLYHVHQWHQFHV 'HILQLQJUHODWLYHFODXVHVHH5HODWLYHFODXVHVUHVWULFWLYHDQGQRQUHVWULFWLYH 'HOGHSOXVHO± 'HODQWH 'HODQWHGH 'HPiVHJORVGHPiV 'HPDVLDGRDRVDV 'HPRQVWUDWLYHV± 'HPRQVWUDWLYHVGHURJDWLYHFRQQRWDWLRQ 'HPRQVWUDWLYHVUHIHUHQFHWRVSDFHDQGWLPH 'HPRQVWUDWLYHVµWKHODWWHU¶DQGµWKHIRUPHU¶ 'HPRQVWUDWLYHVXVHRIWKHQHXWHU± 'HPRQVWUDWLYHSURQRXQVVHH'HPRQVWUDWLYHV'HQWUR 'HQWURGH 'HSULVD 'HVGH 'HVSDFLR 'HVSXpV 'HVSXpVGH 'HWUiVGH 'LPLQXWLYHVXIIL[HV± 'LUHFWREMHFWSURQRXQV± 'LUHFWVSHHFK 'LVMXQFWLYHFRQQHFWRUV 'LVMXQFWLYHVHQWHQFHV 'LVWULEXWLYHVHQWHQFHV 'RQGH ¢'yQGH"VHHDOVR,QGLUHFWTXHVWLRQV 'XUDQWH± ( (OFXDOODFXDOORVFXDOHVODVFXDOHVORTXH± (OODORVODV± (Q (QFRQWUDGH (QHO FDVRGHTXH (QHOPRPHQWRHQTXH (QFLPDGH (QFOLWLFREMHFWSURQRXQV (QIUHQWHGH (QWRQFHV (QWUH± (VHHVDHVRVHVDVHVR± (VWDU± (VWDULQFRQWLQXRXVWHQVHV
(VWDUSDVVLYHZLWK (VWHHVWDHVWRVHVWDVHVWR± ([FODPDWRU\VHQWHQFHVVHHDOVR,QWHUMHFWLRQV )RUPVRIDGGUHVV± )UDFWLRQV )UHQWHD )XHUD )XHUDGH )XWXUHFRQWLQXRXVWKH± )XWXUHSHUIHFWWKH± )XWXUHVLPSOHWKH± )XWXUHWHQVHVRIWKHLQGLFDWLYH± )XWXUHZLWKLUDWKH± *HQGHURIQRXQV±± *HUXQGWKH±VHHDOVR&RQWLQXRXVWHQVHV *HUXQGSHULSKUDVWLFFRQVWUXFWLRQVZLWKWKH± *XVWDU± +DEHU +DFLD +DVWD± +R\ µ,I,ZHUH\RX¶ ,JXDOHV ,PSHUDWLYHLQLQGLUHFWVSHHFKWKH ,PSHUDWLYHLQVWUXFWLRQVHTXLYDOHQWWRµ/HW¶V¶HWF ,PSHUDWLYHSURQRPLQDOYHUEVLQWKH± ,PSHUDWLYHV± ,PSHUDWLYHVDIILUPDWLYH± ,PSHUDWLYHVQHJDWLYH ,PSHUIHFWWKH±± ,PSHUIHFWLQLQGLUHFWVSHHFKWKH ,PSHUIHFWFRQWLQXRXVWKH± ,PSHUIHFWFRQWLQXRXVLQLQGLUHFWVSHHFKWKH ,PSHUIHFWVXEMXQFWLYHWKH± ,PSHUIHFWVXEMXQFWLYHLQLQGLUHFWVSHHFKWKH ,PSHUVRQDOIRUPVRIWKHYHUE± ,PSHUVRQDOVH± ,PSHUVRQDOVHQWHQFHV± ,QGHILQLWHV± ,QGLFDWLYHIXWXUHWHQVHVRIWKH± ,QGLFDWLYHPRRG ,QGLFDWLYHSDVWWHQVHVRIWKH± ,QGLFDWLYHSUHVHQWWHQVHVRIWKH± ,QGLFDWLYHYVVXEMXQFWLYHLQDGYHUELDOVXERUGLQDWHFODXVHV ,QGLFDWLYHYVVXEMXQFWLYHLQVXERUGLQDWHQRXQFODXVHV ,QGLFDWLYHYVVXEMXQFWLYHLQVXERUGLQDWHUHODWLYHFODXVHV
,QGLUHFWREMHFWSURQRXQV± ,QGLUHFWVSHHFK± ,QILQLWLYHWKH± ,QILQLWLYHSHULSKUDVWLFFRQVWUXFWLRQVZLWKWKH ,QWHUMHFWLRQV± ,QWHUURJDWLYHV± ,QWHUURJDWLYHVZRUGRUGHU ,QWUDQVLWLYHYHUEV ,UDSOXVLQILQLWLYH± ,UUHJXODUYHUEV -DPiV± -X[WDSRVLWLRQ /HMRV /HMRVGH µ/HVVDQGOHVV¶ /LQNZRUGVVHH&RQQHFWRUV /XHJR 0DOPDOR 0DQQHUDGYHUEVRI± 0DQQHUFODXVHVRI 0DQQHUFRQQHFWRUVRI 0DxDQD 0DV 0iV 0iVTXH 0HGLDQWH 0HQRV 0HQRVTXH 0LPLVPtRPtDPtRVPtDV± 0LHQWUDV 0LVPRDRVDV 0RRGWKH6SDQLVK µ0RUHDQGPRUH¶ 0XFKRDRVDV 0X\ 1DGD± 1DGLH 1HJDWLRQGRXEOH 1HJDWLYHV± 1L 1LQJXQRDRVDV 1R 1RPLQDOL]DWLRQRIUHODWLYHFODXVH 1RXQFODXVHV± 1RXQFRQMXQFWLRQV 1RXQFROOHFWLYH±
1RXQJUDPPDWLFDOJHQGHU± 1RXQQDWXUDOJHQGHU± 1RXQQXPEHU± 1RXQV± 1RXQVFRPSDULVRQRI 1RXQVLQ,QGLUHFWTXHVWLRQV 1XHVWURDRVDV 1XPEHURIQRXQV± 1XPEHUVFDUGLQDO± 1XPEHUVFROOHFWLYH± 1XPEHUVRUGLQDO± 1XPHUDOV± 1XQFD± 2 2EMHFWSURQRXQV± 2EMHFWSURQRXQVRUGHURI± 2EMHFWSURQRXQVZLWKSUHSRVLWLRQV± 2MDOi 2SHQTXHVWLRQ 2WURDRVDV 3DUD± 3DUDYVSRU 3DUDTXH ¢3DUDTXp"VHHDOVR,QGLUHFWTXHVWLRQV 3DVVLYHUHIOH[LYH 3DVVLYHYRLFHWKH± 3DVVLYHZLWKHVWDUWKH± 3DVVLYHZLWKVHWKH 3DVVLYHZLWKVHUWKH 3DVWSDUWLFLSOHWKH± 3DVWSDUWLFLSOHSHULSKUDVWLFFRQVWUXFWLRQVZLWKWKH± 3DVWVLPSOHWKHVHH3UHWHULWHWKH 3DVWWHQVHVRIWKHLQGLFDWLYH± 3HMRUDWLYHVXIIL[HV 3HUIHFWWKH± 3HUIHFWWHQVHV 3HUIHFWFRQWLQXRXVWKH± 3HUIHFWVXEMXQFWLYHWKH± 3HULSKUDVWLFFRQVWUXFWLRQV± 3HUR 3HUVRQDOD 3HUVRQDOSURQRXQV± 3ODFHDGYHUEVRI 3ODFHFODXVHVRI 3ODFHFODXVHFRQQHFWRUVRI 3OXSHUIHFWWKH± 3OXSHUIHFWFRQWLQXRXVWKH 3OXSHUIHFWLQLQGLUHFWVSHHFKWKH
3OXSHUIHFWVXEMXQFWLYHWKH± 3OXSHUIHFWVXEMXQFWLYHLQFRQGLWLRQDOVHQWHQFHVWKH 3OXSHUIHFWVXEMXQFWLYHLQLQGLUHFWVSHHFKWKH 3OXUDOIRUPVRIDGMHFWLYHV± 3RFRDRVDV 3RU 3RUYVSDUD 3RUGHEDMRGH 3RUGHODQWHGH 3RUGHWUiVGH 3RUHQFLPDGH ¢3RUTXp"VHHDOVR,QGLUHFWTXHVWLRQV 3RUOR WDQWR 3RUFRQVLJXLHQWH 3RUTXH 3RVVHVVLYHV± 3RVVHVVLYHVDGMHFWLYHV± 3RVVHVVLYHVSURQRXQV± 3UHSRVLWLRQV± 3UHSRVLWLRQDOSKUDVHV± 3UHVHQWFRQWLQXRXVWKH± 3UHVHQWSDUWLFLSOHVHH*HUXQG 3UHVHQWVLPSOHWKH± 3UHVHQWVXEMXQFWLYHWKH± 3UHVHQWVXEMXQFWLYHLQLQGLUHFWVSHHFKWKH 3UHVHQWWHQVHVRIWKHLQGLFDWLYH± 3UHWHULWHWKH±± 3UHWHULWHLQLQGLUHFWVSHHFKWKH 3URQRPLQDOYHUEV± 3URQRXQV±±± 3URQRXQVGHPRQVWUDWLYHVHH'HPRQVWUDWLYHV 3URQRXQVGLUHFWREMHFW± 3URQRXQVHQFOLWLFREMHFWZLWKWKHLPSHUDWLYH 3URQRXQVLQGHILQLWHVHH,QGHILQLWHV 3URQRXQVLQGLUHFWREMHFW± 3URQRXQVREMHFWRUGHURI± 3URQRXQVREMHFWZLWKSUHSRVLWLRQV± 3URQRXQVSHUVRQDO± 3URQRXQVSRVVHVVLYH± 3URQRXQVUHIOH[LYH 3URQRXQVUHODWLYH± 3URQRXQVVXEMHFW± 3XHV 3XHVWRTXH 3XUSRVHFODXVHVRI 3XUSRVHFRQQHFWRUVRI± 4XH±± ¢4Xp"±VHHDOVR,QGLUHFWTXHVWLRQV 4XHYVGHTXH
4XHVWLRQZRUGVVHH,QWHUURJDWLYHV 4XHVWLRQW\SHV 4XLHQ4XLHQHV ¢4XLpQ"¢4XLpQHV"VHHDOVR,QGLUHFWTXHVWLRQV 5HFLpQ 5HFLHQWHPHQWH 5HFLSURFDOYHUEVVHH3URQRPLQDOYHUEV 5HIOH[LYHSDVVLYHVHH3DVVLYHZLWKVHWKH 5HIOH[LYHSURQRXQV 5HIOH[LYHYHUEV± 5HJXODUYHUEV 5HODWLYHFODXVHV± 5HODWLYHFODXVHVQRPLQDOLVDWLRQRI 5HODWLYHFODXVHVUHVWULFWLYHDQGQRQUHVWULFWLYH±± 5HODWLYHFODXVHVXVHRILQGLFDWLYHRUVXEMXQFWLYHLQ 5HODWLYHSURQRXQV± 5HSRUWHGVSHHFKVHH,QGLUHFWVSHHFK 5HSRUWLQJTXHVWLRQV 6HDVSURQRXQ± 6HLPSHUVRQDO±± 6HORVHODVHORVVHODV 6HSDVVLYHZLWK±± 6HVXPPDU\RIXVHVRI± 6HJ~Q 6HPHMDQWHV 6HU±± 6L± 6LELHQ 6LHPSUH 6LHPSUHTXH 6LPSOHVHQWHQFHWKH± 6LPSOHWHQVHV 6LQ 6LQHPEDUJR 6LQR 6REUH 6ROHU 6WURQJSUHWHULWHV± 6XVXV± 6XEMHFWSURQRXQV± 6XEMXQFWLYHWHQVHV± 6XERUGLQDWHFODXVHV± 6XERUGLQDWRUV 6XIIL[HVGLPLQXWLYHDXJPHQWDWLYHDQGSHMRUDWLYH± 6XSHUODWLYHIRUPVRIDGMHFWLYHV± 6X\RDRVDV± 7DJTXHVWLRQ
7DOHV 7DO\FRPR 7DPSRFR 7DQWDQWR 7DQWRDRVDVFRPR 7DQTXH 7HQVHVFRQWLQXRXV 7HQVHVSHUIHFW 7HQVHVVLPSOH µ7KHODWWHU¶µWKHIRUPHU¶ µ7KHPRUHWKHPRUH¶ 7LPHFODXVHFRQQHFWRUV± 7LPHFODXVHVRI± 7LPHUHIHUHQFHV±± 7LPHUHODWLRQVEHWZHHQWHQVHV±± 7RGDVODVYHFHVTXH 7RGDYtD 7RGRDRVDV 7UDQVLWLYHYHUEV 7UDV 7XWXVWX\RWX\DWX\RVWX\DV± 7XWHR± 8 8QRDRVDV± 8QRVFXDQWRVXQDVFXDQWDV 8VWHGXVHRI± 9DULRVDV 9HUEWKH6SDQLVK± 9HUEWDEOHV± 9HUEV±±±± 9HUEVFRPSDULVRQRI 9HUEVLPSHUVRQDOIRUPVRIWKH± 9HUEVLQWUDQVLWLYH 9HUEVLUUHJXODU 9HUEVUDGLFDOFKDQJLQJ± 9HUEVUHJXODU 9HUEVWUDQVLWLYH 9RLFH 9RVHR 9XHVWURDRVDV± < <HVRTXH