(;$&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<RUN1<86$
5RXWOHGJHLVDQLPSULQWRIWKH7D\ORU )UDQFLV*URXSDQLQIRUPDEXVLQHVV
&RS\ULJKW$QH2UWHJD7LWD%HDYHQ&HFLOLD*DUULGR6HDQ6FULYHQHU
$OOULJKWVUHVHUYHG1RSDUWRIWKLVERRNPD\EHUHSULQWHGRUUHSURGXFHGRUXWLOLVHGLQDQ\IRUPRUE\DQ\HOHFWURQLFPHFKDQLFDORURWKHUPHDQVQRZ
NQRZQRUKHUHDIWHULQYHQWHGLQFOXGLQJSKRWRFRS\LQJDQGUHFRUGLQJRULQDQ\LQIRUPDWLRQVWRUDJHRUUHWULHYDOV\VWHPZLWKRXWSHUPLVVLRQLQZULWLQJIURP
WKHSXEOLVKHUV
7KHDGYLFHDQGLQIRUPDWLRQLQWKLVERRNDUHEHOLHYHGWREHWUXHDQGDFFXUDWHDWWKHGDWHRIJRLQJWRSUHVVEXWQHLWKHUWKHDXWKRUVQRUWKHSXEOLVKHUFDQ
DFFHSWDQ\OHJDOUHVSRQVLELOLW\RUOLDELOLW\IRUDQ\HUURUVRURPLVVLRQV
%ULWLVK/LEUDU\&DWDORJXLQJLQ3XEOLFDWLRQ'DWD
$FDWDORJXHUHFRUGIRUWKLVWLWOHLVDYDLODEOHIURPWKH%ULWLVK/LEUDU\
,6%1SEN
&RYHU-HQQLIHU6WRQHL6WRFNSKRWRFRP

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([DFWR
$JORVVDU\RIJUDPPDWLFDOWHUPVH[SODLQHGLQDXVHUIULHQGO\ZD\DQGZLWKH[DPSOHV
9LVXDOO\DSSHDOLQJJUDPPDUH[SODQDWLRQVZLWKHDV\WRUHDGWDEOHVDQGSOHQW\RIH[DPSOHV
([HUFLVHVWRSUDFWLVHDQGFRQVROLGDWHWKHJUDPPDUFRQWHQWRIHDFKXQLWDQGDNH\ZLWKDQVZHUV
   5HDOOLIH H[DPSOHV LQFOXGLQJ H[WUDFWV IURP MRXUQDOLVWLF DQG OLWHUDU\ VRXUFHV WR KHOS \RX VHH JUDPPDU LQ
DFWLRQ
&RYHUDJHRISRLQWVRIVSHFLDOGLIILFXOW\IRUWKH(QJOLVKVSHDNLQJOHDUQHULQGLFDWHGE\WKHLFRQ

&URVVUHIHUHQFLQJWRUHODWHGSRLQWVRIJUDPPDUVLJQSRVWHGE\WKHLFRQ 
&RYHUDJHRI6SDQLVKDVDZRUOGODQJXDJHZLWKH[DPSOHVIURPGLIIHUHQWYDULHWLHVRI3HQLQVXODU6SDQLVKDQG
$PHULFDQ6SDQLVK,QIRUPDWLRQDERXWUHOHYDQWUHJLRQDOYDULHWLHVLVLQGLFDWHGE\WKHLFRQ 
,QGLFDWLRQVRIOHYHOVRIGLIILFXOW\ERWKLQWKHJUDPPDUH[SODQDWLRQVDQGLQWKHH[HUFLVHVWRKHOS\RXFKRRVH
ZKDWLVUHOHYDQWIRU\RX
9HUEWDEOHVZLWKUHJXODUDQGLUUHJXODUIRUPVLQDVHSDUDWHDSSHQGL[IRUTXLFNUHIHUHQFH
$JUDPPDWLFDOLQGH[WRKHOS\RXORFDWHDOO\RXUTXHULHVRQ6SDQLVKJUDPPDU
:KRLV([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<RXZLOOILQGWKHEDVLF
FRQFHSWVXQGHUWKLVLFRQWKHPDLQUXOHVRIWKHZRUNLQJVRI6SDQLVKZLWKRQO\PLQLPXPH[FHSWLRQVVLPSOHDQG
IUHTXHQWYRFDEXODU\VWDQGDUGUHJLVWHUDQGHYHU\WKLQJ\RXQHHGIRUWKHEDVLFFRPPXQLFDWLYHIXQFWLRQV3UDFWLFH
LQFOXGHVVLPSOHGULOOVDQGH[HUFLVHVWRKHOS\RXFRQVROLGDWHWKHEDVLFV
/HYHOFRQVROLGDWHVWKHEDVLFJUDPPDUDQGVWDUWVH[SDQGLQJ\RXUNQRZOHGJHRIWKH6SDQLVKODQJXDJHWR

http://vk.com/espanol_con_amigos

LQFOXGHH[FHSWLRQVWRWKHPDLQUXOHVQXDQFHVRIPHDQLQJVDQGXVDJHLQDOOZRUGFDWHJRULHVHVSHFLDOO\LQWKH
YHUEDQGPRUHFRPSOH[VWUXFWXUHVVXFKDVDSSURSULDWHXVHVRIVXERUGLQDWLRQ,WEULGJHVWKHJDSWRZDUGV
LQWHUPHGLDWHOHYHOVLQFOXGLQJ$6$OHYHOVXSWROHYHO%RIWKH&RXQFLORI(XURSHDQGWKH2SHQ8QLYHUVLW\
OHYHOWZR6SDQLVKFRXUVHV([DPSOHVDQGH[HUFLVHVLQFOXGHPRUHH[WHQGHGXVHRIYRFDEXODU\DOWKRXJKWKH\DUH
VWLOOUHODWHGWRFRPPRQWRSLFVDQGWKHIXQFWLRQVDQGFRPPXQLFDWLYHVLWXDWLRQVIRXQGLQWKHORZHULQWHUPHGLDWH
WRLQWHUPHGLDWHOHYHOV
/HYHOFRYHUVOHVVFRPPRQYRFDEXODU\RIWHQRIWKHVHPLVSHFLDOLVHGW\SHDQGDUHDVRIFRPSOH[ODQJXDJH
XVHLQFOXGLQJZRUNRQVXERUGLQDWLRQPDQLSXODWLRQRIWHQVHVDQGKDQGOLQJRIODQJXDJHDWWH[WOHYHO<RXZLOO
QHHGWRORRNFDUHIXOO\DWWKHVHFWLRQVLQGLFDWHGZLWKWKLVLFRQLI\RXDUHDWDQXSSHULQWHUPHGLDWHOHYHOGRLQJDQ
$OHYHORUXQGHUJUDGXDWHFRXUVHFRXUVHVHTXLYDOHQWWRWKH&DQG&OHYHOVRIWKH&RXQFLORI(XURSHRUXSWR
WKH2SHQ8QLYHUVLW\OHYHOWKUHH6SDQLVKFRXUVHV([HUFLVHVLQFOXGHXVHRIDXWKHQWLFWH[WVRILQFUHDVHGGLIILFXOW\
VXFKDVOLWHUDU\H[WUDFWVDQGWKHUHJLVWHULVH[SDQGHGWRLQFOXGHIRUPDODQGLQIRUPDOFROORTXLDOODQJXDJHZLWK
PRUHHPSKDVLVRQLGLRPDWLFXVH
:HKRSH\RXILQG([DFWRFOHDUDQGHDV\WRXVH%XHQDVXHUWH

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
SUHILMRVHJYROXQWDULRLQYROXQWDULRYROXQWDU\LQYROXQWDU\DWWDFKHGWRWKHHQGRIWKHZRUGWKH\DUHFDOOHG
VXIIL[HVVXILMRVHJWUDEDMDUWUDEDMDGRUZRUNZRUNHU'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

3KHQRPHQRQZKHUHVRPHZRUGVPDLQO\DGMHFWLYHVORVHWKHLUHQGLQJVZKHQWKH\SUHFHGHRWKHUZRUGVHJJUDQGH
EHFRPHVJUDQLQXQDJUDQFDVDDJUHDWKRXVH

$UWLFOH$UWtFXOR

:RUGZKLFKLQGLFDWHVZKHWKHUWKHQRXQLWSUHFHGHVUHIHUVWRDVSHFLILFHOHPHQWSHUVRQDQLPDOWKLQJHWFIRUZKLFK

WKHGHILQLWHDUWLFOHVHOODORVODV(QJOLVKWKHDUHXVHGRUDQXQVSHFLILHGHOHPHQWIRUZKLFKWKHLQGHILQLWH
DUWLFOHVXQXQDXQRVXQDV(QJOLVKDVRPHDQ\DUHXVHG

$X[LOLDU\YHUE9HUER
DX[LOLDU

9HUEZKLFKKHOSVWKHPDLQYHUEWRPDNHXSDWHQVH,QWKHFRQWLQXRXVWHQVHVHJHVWR\FRPLHQGR,DPHDWLQJ
HVWR\IURPHVWDULVDQDX[LOLDU\DQGLQWKHFRPSRXQGWHQVHVHJKHFRPLGR,KDYHHDWHQKHIURPKDEHULVDQ
DX[LOLDU\

&ODXVH2UDFLyQ

*URXSRIZRUGVIRUPLQJDFRKHUHQWXQLWDURXQGDYHUE7KHWHUPLVXVHGWRUHIHUWRHDFKRIWKHVHQWHQFHVZKLFK
PDNHXSDFRPSOH[VHQWHQFHLQZKLFKDPDLQFODXVHDQGVXERUGLQDWHFODXVHVFDQEHIRXQG6HHDOVRFRPSOH[
VHQWHQFHQRXQFODXVHUHODWLYHFODXVHDQGDGYHUELDOFODXVH

&RPPDQG2UGHQ

$QRUGHUHJ9HQDTXtLQPHGLDWDPHQWH&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

&RPSRXQGWHQVH7LHPSR 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
6KHGLGQWGRLWEHFDXVHVKHGLGQWZDQWWR,Q([DFWRWKHWHUPFRQQHFWRUKDVEHHQXVHGWRUHIHUWRDOOOLQN
ZRUGV
&RQQHFWRU&RQHFWRU

$OVRFRQMXQFWLRQDQGOLQNZRUG$Q\ZRUGRUSKUDVHWKDWOLQNVWRJHWKHUGLIIHUHQWFODXVHV,Q([DFWRFRQQHFWRU
KDVEHHQXVHGDVDJHQHUDOWHUP

&RQVWUXFWLRQ
&RQVWUXFFLyQ(VWUXFWXUD

$JHQHUDOWHUPIRUDQ\JUDPPDWLFDOVWUXFWXUHHJLUDLQILQLWLYHWHQHUTXHLQILQLWLYHHWF

&RRUGLQDWLQJFRQMXQFWLRQ
6HH&RQMXQFWLRQ
&RQMXQFLyQFRRUGLQDGD
&RSXODWLYHYHUE9HUER
FRSXODWLYR

7KHYHUEVVHUHVWDUDQGSDUHFHUDUHNQRZQDVYHUERVFRSXODWLYRVFRSXODWLYHYHUEVRUOLQNLQJYHUEVLQ(QJOLVK
ZKHQWKH\ODFNDOH[LFDOPHDQLQJDQGWKHLURQO\IXQFWLRQLVWROLQNWZRHOHPHQWVRQHTXDOWHUPVLQWKHVHQWHQFH,QWKH
H[DPSOHV0DUWDHVPLKHUPDQD0DUWDLVP\VLVWHUDQG0DUWDSDUHFHPX\VLPSiWLFD0DUWDVHHPVYHU\IULHQGO\
HVDQGSDUHFHOLQNWKHVXEMHFW0DUWDZLWKWKHDWWULEXWHVP\VLVWHUDQGYHU\IULHQGO\

'HPRQVWUDWLYH
'HPRVWUDWLYR

:RUGZKLFKTXDOLILHVDQRXQLQGLFDWLQJLWVSUR[LPLW\LQUHODWLRQWRWKHVSHDNHU(QJOLVKWKLVWKDWWKHVHDQG
WKRVH'HPRQVWUDWLYHVFDQEHDGMHFWLYHVHJ(VWDFDVDHVSUHFLRVD7KLVKRXVHLVEHDXWLIXORUSURQRXQVHJ
(VWRVPHJXVWDQPiVTXHDTXHOORV,OLNHWKHVHEHWWHUWKDQWKRVH

'LUHFWREMHFW2EMHWR
GLUHFWR

6HH2EMHFW

'LUHFWVSHHFK'LVFXUVR
GLUHFWR

6HH,QGLUHFWVSHHFK

(QFOLWLF(QFOtWLFR

(OHPHQWERXQGWRDSUHFHGLQJKRVWVXFKDVWKH(QJOLVKQWLQFRXOGQW,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\FRQVWLWXHQWSDUWRIDODQJXDJHVRYHUDOOJUDPPDUV\VWHPZKLFKFDQEHDQDO\VHGDQGGHVFULEHGVXFKDVJHQGHU
QXPEHUSHUVRQWHQVHPRRGYRLFHHWF

,PSHUDWLYH,PSHUDWLYR

)RUPRIWKHYHUEZKLFKH[SUHVVHVDQRUGHU,WFDQEHDIILUPDWLYHHJ'DPHHVR*LYHPHWKDWRUQHJDWLYHHJ

1RKDEOHVFRQQDGLH'RQWWDONWRDQ\RQH

,PSHUVRQDOIRUPRIWKH
YHUE)RUPDQR
SHUVRQDOLPSHUVRQDOGHO
YHUER

$YHUEIRUPZKLFKLVQRWFRQMXJDWHGDQGLVWKHUHIRUHLQYDULDEOH,Q6SDQLVKDVLQ(QJOLVKWKHUHDUHWKUHHWKHLQILQLWLYH
HJVRxDUWRGUHDPWKHJHUXQGHJVRxDQGRGUHDPLQJDQGWKHSDVWSDUWLFLSOHHJVRxDGRGUHDPW
1RWHWKDWSDVWSDUWLFLSOHVGRYDU\LQIRUPZKHQWKH\DUHXVHGDVDGMHFWLYHVHJODOtQHDHVWiRFXSDGDWKHOLQHLV
HQJDJHG

,PSHUVRQDOVHQWHQFHV
)UDVHVLPSHUVRQDOHV

6HQWHQFHVZKRVHVXEMHFWLVXQNQRZQLUUHOHYDQWJHQHULFRULQGHWHUPLQDWHHJ6HGLFHTXHOOHJDUiDVHUSUHVLGHQWH
,WLVVDLGWKDWKHZLOOJHWWREHSUHVLGHQW8QRQRVDEHTXpKDFHUHQHVWDVFLUFXQVWDQFLDV2QHGRHVQRWNQRZZKDW
WRGRLQWKHVHFLUFXPVWDQFHV

,QGHILQLWHV,QGHILQLGRV

:RUGVWKDWUHIHUWRSHUVRQVDQLPDOVWKLQJVHWFZKLFKDUHQRWVSHFLILFRUFOHDUO\GHILQHGHJDOJXLHQVRPHERG\
DOJRVRPHWKLQJDOJXQDVRPH

,QGLFDWLYH,QGLFDWLYR

7KHPRRGRUFDWHJRU\RIYHUEWHQVHVZKLFKH[SUHVVHVIDFWRUFHUWDLQW\

http://vk.com/espanol_con_amigos

,QGLUHFWREMHFW2EMHWR
LQGLUHFWR

6HH2EMHFW

)RUPRIH[SUHVVLRQIRUUHSRUWLQJZKDWVRPHERG\KDVVDLGEXWZLWKRXWXVLQJKLVRUKHUH[DFWZRUGV:KHQWKHOLWHUDO
,QGLUHFWVSHHFK'LVFXUVR ZRUGVDUHXVHGZHWDONDERXWGLUHFWVSHHFK&RPSDUH3HGURGLMR9HQGUpPDxDQDDODV3HGURVDLG,OO
LQGLUHFWR
FRPHWRPRUURZDWRFORFNGLUHFWVSHHFKDQG3HGURGLMRTXHYHQGUtDDOGtDVLJXLHQWHDODV3HGURVDLGKH
ZRXOGFRPHWKHIROORZLQJGD\DWRFORFNLQGLUHFWVSHHFK
,QILQLWLYH,QILQLWLYR

7KHQDPHRIWKHYHUEDQGWKHIRUPWKDWYHUEVKDYHLQWKHGLFWLRQDU\,Q6SDQLVKLQILQLWLYHVDUHFKDUDFWHULVHGE\WKH
WKUHHHQGLQJVDUHULUHJDPDUFRPHUYLYLU7KHLQILQLWLYHLVDQLPSHUVRQDOIRUPRIWKHYHUE

,QWHUURJDWLYHV
,QWHUURJDWLYRV

$OVRNQRZQDVTXHVWLRQZRUGVDQGZKZRUGV:RUGVWKDWLQWURGXFHDTXHVWLRQTXpTXLpQHVFyPRFXiQGR
GyQGHFXiQWRDRVDVDVLQWKH(QJOLVKZKDWZKRZKLFKKRZZKHQZKHUHHWF

,QWHUURJDWLYHVHQWHQFH
6HQWHQFHZKLFKDVNVDTXHVWLRQHJ/ORYHUiPDxDQD":LOOLWUDLQWRPRUURZ"
)UDVHRUDFLyQLQWHUURJDWLYD
,QWUDQVLWLYHYHUE9HUER
LQWUDQVLWLYR

7\SHRIYHUEZKLFKGRHVQRWUHTXLUHDGLUHFWREMHFW7KLVLVEHFDXVHWKHDFWLRQGHVFULEHGE\WKHYHUEGRHVQRWDIIHFWD
SHUVRQREMHFWRUWKLQJGLUHFWO\DVLQWKHFDVHRIYHUEVRIPRWLRQHJ%DLODHVWXSHQGDPHQWH+HGDQFHVEHDXWLIXOO\
DQG0DxDQDPHOHYDQWDUpDODV7RPRUURZ,OOJHWXSDW6HHDOVR7UDQVLWLYHYHUEV

,UUHJXODUYHUE9HUER
LUUHJXODU

9HUEZKLFKGRHVQRWIROORZWKHUHJXODUFRQMXJDWLRQRUIRUP6RPHYHUEVDUHDOZD\VLUUHJXODUVXFKDVVHUZKLOHRWKHUV
DUHLUUHJXODURQO\LQVRPHWHQVHVVXFKDVMXJDULQVRPHSHUVRQVRIWKHSUHVHQWLQGLFDWLYHDQGVXEMXQFWLYHDQGLQWKH
LPSHUDWLYH6HHDOVR5HJXODUYHUE

/LQNZRUGFRQHFWRU

$ORRVHDQGJHQHUDOWHUPUHIHUULQJWRDQ\HOHPHQWZKLFKMRLQVRWKHUHOHPHQWVWRJHWKHUVXFKDVFRQMXQFWLRQVDQG
UHODWLYHSURQRXQV6HHDOVR&RQQHFWRU&RQMXQFWLRQDQG3UHSRVLWLRQ

0DLQFODXVH2UDFLyQ
SULQFLSDO

6HH&RPSOH[VHQWHQFH

0DVFXOLQH0DVFXOLQR

6HH*HQGHU

6SHFLDOW\SHRIYHUERUYHUEDOFRQVWUXFWLRQZKLFKFRPELQHVZLWKDQRWKHUYHUEWRJLYHLWJUHDWHUVFRSHIRUWKHH[SUHVVLRQ
RIQXDQFHRUPRRGHJWHQHUTXHFRQYH\VWKHLGHDRIQHFHVVLW\LQUHODWLRQWRWKHYHUELWFRPSOHPHQWVHJ7HQJRTXH
0RGDOYHUE9HUERPRGDO
WUDEDMDUHOViEDGR,KDYHWRZRUNRQ6DWXUGD\0RGDOYHUEVLQ6SDQLVKLQFOXGHSRGHUVDEHUGHEHUGHEHUGH
WHQHUTXHKDEHUVROHUDQGDFRVWXPEUDUD
0RRG0RGR

&DWHJRU\RIYHUEWHQVHVZKLFKH[SUHVVHVWKHDWWLWXGHRUSHUFHSWLRQRIWKHVSHDNHUIRULQVWDQFHLWFDQVKRZZKHWKHU
VKHSHUFHLYHVVRPHWKLQJDVDIDFWRUDQXQFHUWDLQW\7KHUHDUHWKUHHPRRGVLQ6SDQLVKLQGLFDWLYHVXEMXQFWLYHDQG
LPSHUDWLYH

1HJDWLYH1HJDWLYR

4XDOLW\RUFKDUDFWHULVWLFRIDYHUERUVHQWHQFHZKLFKGRHVQRWFDUU\DSRVLWLYHPHDQLQJHJ1RWHQJRKDPEUH,DP
QRWKXQJU\,QUHODWLRQWRDZRUGRQHZKRVHPHDQLQJLVQRWDIILUPDWLYHVXFKDVQXQFDQHYHUQLQJXQRQR
RQHQRQHQDGLHQRERG\HWF

1HXWHU1HXWUR

6HH*HQGHU:KHUHWKHJHQGHULVQHLWKHUPDVFXOLQHQRUIHPLQLQHLWLVVDLGWREHQHXWHU,QVRPHODQJXDJHVQRXQVFDQ
EHQHXWHULQ6SDQLVKDEVWUDFWFRQFHSWVWHQGWREHH[SUHVVHGPRUHXVLQJWKHQHXWHUIRUPRISURQRXQVHJ4XpHVOR
TXHPiVWHJXVWDGH-XDQD":KDWLVLWWKDW\RXOLNHPRVWDERXW-XDQD"

1RPLQDOLVDWLRQ
1RPLQDOL]DFLyQ
6XVWDQWLYDFLyQ

3URFHVVE\ZKLFKDSDUWRIVSHHFKRWKHUWKDQDQRXQEHKDYHVOLNHDQRXQRUDQRXQSKUDVHIRULQVWDQFHHOPtRPLQH
HOTXHPiVRGLRWKHRQH,KDWHPRVW(OFRPHUGHPDVLDGRQRHVEXHQR(DWLQJWRRPXFKLVQRWJRRG

1RXQ6XVWDQWLYR

7\SHRIZRUGXVHGWRUHIHUWRDSHUVRQDQLPDOWKLQJSODFHHYHQWRUFRQFHSWHJWtDDXQWFDEDOORKRUVH

FDPSHRQDWRFKDPSLRQVKLSOLEHUWDGIUHHGRP

1RXQFODXVH2UDFLyQ
VXVWDQWLYDFRPSOHWLYD

$W\SHRIVXERUGLQDWHFODXVHZKLFKWDNHVWKHSODFHRIDQRXQSKUDVHHJ4XLHURXQYHVWLGRQXHYR,ZDQWDQHZ
GUHVVQRXQSKUDVH4XLHURTXHPHFRPSUHVXQYHVWLGRQXHYR,ZDQW\RXWREX\PHDQHZGUHVVQRXQ
FODXVH

1RXQSKUDVH6LQWDJPD
QRPLQDO

$ZRUGRUJURXSRIZRUGVZLWKRXWDYHUEZKLFKEHKDYHVOLNHDQRXQDQGSHUIRUPVLWVIXQFWLRQVDVVXEMHFWREMHFW

HWF([DPSOHVDUHSURQRXQVQRPLQDOL]HGLQILQLWLYHVDQGFOXVWHUVRIZRUGVDURXQGDQRXQDVLQWKHIROORZLQJH[DPSOHV
(OODFRPSUyHOFRFKHQXHYR6KHERXJKWWKHQHZFDUDQG(OVDEHUQRRFXSDOXJDU.QRZOHGJHLVQHYHUZDVWHG
OLWHUDOO\NQRZOHGJHGRHVQWWDNHXSVSDFH

1XPEHU1~PHUR

*UDPPDWLFDOFDWHJRU\ZKLFKGHILQHVDZRUGDVVLQJXODURUSOXUDO1XPEHUDSSOLHVWRQRXQSKUDVHVHOERVTXH
HQFDQWDGRORVERVTXHVHQFDQWDGRVWKHHQFKDQWHGZRRGWKHHQFKDQWHGZRRGVDQGWRYHUEVYLHQHYLHQHQ
,QVHQWHQFHVZLWKDWUDQVLWLYHYHUEWKHREMHFWRIDYHUELVDQRXQDQRXQSKUDVHRUDFODXVHZKLFKLVFRQVLGHUHGWREH
DIIHFWHGE\WKHYHUEHLWKHUGLUHFWO\RULQGLUHFWO\:KHQWKHDFWLRQRIWKHYHUEDIIHFWVWKHREMHFWGLUHFWO\WKDWREMHFWLV
VDLGWREHDGLUHFWREMHFWWKHQRXQQRXQSKUDVHRUFODXVHDQVZHUVWKHTXHVWLRQZKDW"RUWRZKRP"LQUHODWLRQWR

http://vk.com/espanol_con_amigos

2EMHFWRIDYHUE2EMHWR WKHYHUE)RULQVWDQFHWKHVHQWHQFH-XOLiQTXLHUHPiVYDFDFLRQHV-XOLiQZDQWVPRUHKROLGD\VDQVZHUVWKH

TXHVWLRQ4XpTXLHUH-XOLiQ":KDWGRHV-XOLiQZDQW"6LPLODUO\ZKHQWKHDFWLRQDIIHFWVWKHREMHFWLQGLUHFWO\LWLV
VDLGWREHDQLQGLUHFWREMHFW7KHQRXQQRXQSKUDVHRUFODXVHDQVZHUVWKHTXHVWLRQVWRZKRPRUZKDW"RUIRU
ZKRPRUZKDW")RULQVWDQFH-XOLiQOHKDSURPHWLGRXQYLDMHD3RUW$YHQWXUDDVXKLMR-XOLiQKDVSURPLVHGKLV
VRQDWULSWR3RUW$YHQWXUDDQVZHUVWKHTXHVWLRQ$TXLpQKDSURPHWLGR-XOLiQXQYLDMHD3RUW$YHQWXUD"7R
ZKRPKDV-XOLiQSURPLVHGDWULSWR3RUW$YHQWXUD"
3DUWRIVSHHFK3DUWHGH &DWHJRU\RIZRUGDFFRUGLQJWRWUDGLWLRQDOFODVVLILFDWLRQ7KHSDUWVRIVSHHFKDUHDGMHFWLYHDUWLFOHQRXQSURQRXQ
ODRUDFLyQ
DGYHUEYHUEFRQMXQFWLRQDQGSUHSRVLWLRQ
3DVVLYHYRLFH9R]SDVLYD 6HH9RLFH
$QLPSHUVRQDOIRUPRIWKHYHUEZKLFKLVXVHGDWRIRUPWKHFRPSRXQGWHQVHVZLWKWKHDX[LOLDU\KDEHUHJKH
3DVWSDUWLFLSOH3DUWLFLSLR FRPLGR,KDYHHDWHQEWRIRUPWKHSDVVLYHYRLFHZLWKWKHDX[LOLDU\VHUHJVHUiUHWUDVDGRLWZLOOEH
SRVWSRQHGDQGFDVDQDGMHFWLYHHVWR\SUHRFXSDGD,DPZRUULHG
3HQLQVXODU6SDQLVK
(VSDxROSHQLQVXODU

$JHQHUDOWHUPIRUWKHYDULHWLHVRI6SDQLVKVSRNHQLQPDLQODQG6SDLQ

3HUIHFWWHQVHV7LHPSRV
FRPSXHVWRV

6HHDOVR&RPSRXQGWHQVHV7HQVHVPDGHXSRIWKHDX[LOLDU\KDEHUKDYHSDVWSDUWLFLSOH$OOSHUIHFWWHQVHVKDYH

LQKHUHQWLQWKHPWKHQRWLRQRIILQLVKHGDFWLRQDQGRIWHQRIEHIRUHQHVVHJ<DKDWHUPLQDGRHOWUDWDPLHQWR+H
KDVDOUHDG\ILQLVKHGKLVWUHDWPHQW

3HUVRQ3HUVRQD

*UDPPDWLFDOFDWHJRU\RIYHUEVZKLFKLQGLFDWHVWKHSHUVRQ\RW~HWFSHUIRUPLQJWKHDFWLRQ,Q6SDQLVKWKHSHUVRQLV

LQGLFDWHGLQWKHHQGLQJRIWKHFRQMXJDWHGYHUEHJFRPR\RFRPHVW~FRPHQHOORVHOODVXVWHGHV

3OXUDO3OXUDO

6HH1XPEHU

3RVVHVVLYH3RVHVLYR

:RUGWKDWLQGLFDWHVDUHODWLRQVKLSRISRVVHVVLRQRURZQHUVKLS3RVVHVVLYHVFDQEHDGMHFWLYHVHJ6XMDUGtQHV
SUHFLRVR+HUJDUGHQLVEHDXWLIXORUSURQRXQVHJ1RHVPtRHVWX\R,WVQRWPLQHLWV\RXUV

3UHIL[HV3UHILMRV

6HH$IIL[HV

$QLQYDULDEOHZRUGZKLFKOLQNVWRJHWKHUWZRRWKHUZRUGVRUJURXSVRIZRUGVRIWHQQRXQSKUDVHVLQRUGHUWRLQGLFDWHD

3UHSRVLWLRQ3UHSRVLFLyQ UHODWLRQVKLSRIWLPHVSDFHSHUVRQDODWWLWXGHSRVVHVVLRQHWFHJ(OFRFKHGHPLPDGUH0\PRWKHUVFDU,UpFRQ
-XOLiQ,OOJRZLWK-XOLiQ
3UHSRVLWLRQDOSKUDVH
)UDVHSUHSRVLFLRQDO

6HH3UHSRVLWLRQ

3UHVHQWSDUWLFLSOH
*HUXQGLR

6HH*HUXQG

3URQRPLQDOYHUE9HUER
SURQRPLQDO

9HUEZKLFKLVDOZD\VDFFRPSDQLHGE\DSURQRXQRIWKHFODVVPHWHVHQRVRVVH7KH\DUHUHFRJQLVHGLQWKH
GLFWLRQDU\EHFDXVHWKHLQILQLWLYHKDVDQHQFOLWLFRUERXQGVHHJFDHUVHWRIDOO7ZRZHOONQRZQW\SHVRISURQRPLQDO
YHUEVDUHUHIOH[LYHYHUEVHJDIHLWDUVHWRVKDYHRQHVHOIDQGUHFLSURFDOYHUEVDPDUVHXQRVDRWURVWR
ORYHHDFKRWKHU

3URQRXQ3URQRPEUH

$ZRUGZKLFKWDNHVWKHSODFHRIDQRXQHJLQ-XDQDQRVHQJDxy(OODVDEtDODYHUGDG-XDQDGHFHLYHGXV6KH
NQHZWKHWUXWKHOODLVXVHGLQVWHDGRI-XDQDWRDYRLGUHSHDWLQJWKHQDPHZKLFKLVDOUHDG\XQGHUVWRRG7KHUHDUH
GLIIHUHQWW\SHVSHUVRQDOHJ0HGLRVXGLUHFFLyQ+HJDYHPHKLVDGGUHVVLQWHUURJDWLYHHJ4XLpQHUHV"
:KRDUH\RX"GHPRQVWUDWLYHHJ(VWHHV-XDQ7KLVLV-XDQSRVVHVVLYHHJ(VPtR,WVPLQHUHODWLYH
3HGURTXHHUDPX\DWUHYLGROHSUHJXQWyVXQRPEUH3HGURZKRZDVYHU\GDULQJDVNHGKHUQDPHLQGHILQLWH
$OJXLHQYLHQH6RPHERG\LVFRPLQJDQGQHJDWLYH1DGLHVHKDOHYDQWDGRWRGDYtD1RERG\KDVJRWXS\HW

4XHVWLRQZRUGV
,QWHUURJDWLYRV

6HH,QWHUURJDWLYHV

5DGLFDOFKDQJLQJYHUEV
9HUERVFRQLUUHJXODULGDGHV 9HUEVZKRVHFKDQJHVDIIHFWWKHVWHPRUURRW
TXHDIHFWDQDODUDt]
5HFLSURFDO5HFtSURFR

*UDPPDWLFDOWHUPZKLFKLQGLFDWHVWKDWDQDFWLRQLVPXWXDOHJ/XLV\&DUPHQVHRGLDQ/XLVDQG&DUPHQKDWHHDFK
RWKHU7KHUHDUHUHFLSURFDOSURQRXQVQRVRVVHDQGUHFLSURFDOYHUEVHJTXHUHUVHRGLDUVHXQRVDRWURV

5HIOH[LYH5HIOH[LYR

*UDPPDWLFDOWHUPZKLFKLQGLFDWHVWKDWDQDFWLRQLVSHUIRUPHGE\RQHVHOIRQRQHVHOIHJ0HYR\DODYDU,PJRLQJWR
ZDVKP\VHOI7KHUHDUHUHIOH[LYHSURQRXQVPHWHVHQRVRVVHDQGUHIOH[LYHYHUEVHJGXFKDUVH

5HJLVWHU5HJLVWUR

/LQJXLVWLFYDULHW\RUVW\OH$UHJLVWHULVFKDUDFWHULVHGE\WKHFKRLFHRIH[SUHVVLRQVWUXFWXUHVDQGLQSDUWLFXODU
YRFDEXODU\$UHJLVWHUFDQEHIRUPDOVWDQGDUGRUQHXWUDOLQIRUPDORUFROORTXLDORUYXOJDU

5HJXODUYHUE9HUER
UHJXODU

9HUEZKLFKIROORZVWKHUXOHVIRUDJLYHQWHQVH6RPHYHUEVDUHDOZD\VUHJXODUOLNHFRPHUWRHDWDQGRWKHUVPD\EH

UHJXODULQVRPHWHQVHVEXWQRWLQRWKHUVOLNHFRQGXFLUWRGULYHZKLFKLVUHJXODULQDOOWHQVHVH[FHSWWKHSUHWHULWHDQG
LPSHUIHFWVXEMXQFWLYH6HHDOVR,UUHJXODUYHUE

http://vk.com/espanol_con_amigos

5HODWLYHFODXVH2UDFLyQ $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

6LPSOHVHQWHQFH2UDFLyQ 6HQWHQFHFRQVLVWLQJRIMXVWRQHFODXVHDQGZKLFKH[SUHVVHVDFRPSOHWHLQGHSHQGHQWDQGFRKHUHQWWKRXJKWHJ(VWH
QLxRVHOODPD5DPyQ7KLVER\LVFDOOHG5DPyQ
VLPSOH
6LQJXODU6LQJXODU

6HH1XPEHU

6WHPRIWKHYHUE5Dt]
YHUEDO

$OVRNQRZQDVURRW:KDWUHPDLQVRIWKHLQILQLWLYHIRUPRIWKHYHUEDIWHUUHPRYLQJWKHHQGLQJDUHURULUDQGWR
ZKLFKWKHFRQMXJDWLRQHQGLQJVDUHDGGHGHJYLYLUYLYYLYtDYLYLUiVYLYLpUDPRVHWF

6XEMHFW6XMHWR

7KHSHUVRQRUWKLQJZKLFKSHUIRUPVWKHDFWLRQGHQRWHGE\WKHYHUEHJ'DQLHOWUDEDMDHQHO0LQLVWHULRGH
(GXFDFLyQ'DQLHOZRUNVLQWKH0LQLVWU\RI(GXFDWLRQ

6XEMXQFWLYH6XEMXQWLYR

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[HV6XILMRV

6HH$IIL[HV

6XSHUODWLYH6XSHUODWLYR

)RUPRIDQDGMHFWLYHZKLFKLQGLFDWHVLWVTXDOLW\DVEHLQJRIWKHKLJKHVWGHJUHHHJODPiVEHOODGHOPXQGRWKHPRVW
EHDXWLIXOLQWKHZRUOG

6\QRQ\P6LQyQLPR

7HUPZKLFKKDVWKHVDPHPHDQLQJDVDQRWKHUWHUPHJFRJHUDQGWRPDUDUHV\QRQ\PVPHDQLQJWRWDNH

6\QWD[6LQWD[LV

3DUWRIJUDPPDUZKLFKVHWVWKHUXOHVDERXWKRZZRUGVDUHRUGHUHGLQVHQWHQFHV

7DJTXHVWLRQ&ROHWLOOD
LQWHUURJDWLYD

$TXHVWLRQZKLFKIROORZVDVWDWHPHQWDQGZKLFKVHHNVFRQILUPDWLRQHJQR"YHUGDG"FLHUWR"DVLQ9HQGUiV
DODILHVWDYHUGDG"<RXOOFRPHWRWKHSDUW\ZRQW\RX"

7HQVH7LHPSRYHUEDO

*UDPPDWLFDOFDWHJRU\RIYHUEVZKLFKLQGLFDWHVGLVWLQFWLRQVLQWLPH$OOSHUVRQDOIRUPVRIWKHYHUEVPXVWEHFRQMXJDWHG
LQDWHQVHIRUPHJSUHVHQWWHQVHSHUIHFWIXWXUHSUHWHULWHLPSHUIHFWHWF)RULQVWDQFHHVWiPLQWLHQGRKHVO\LQJLV
LQWKHSUHVHQWFRQWLQXRXVWHQVH

7UDQVLWLYHYHUE9HUER
WUDQVLWLYR

9HUEZKLFKWDNHVDGLUHFWREMHFW7KLVLVEHFDXVHWKHPHDQLQJRIWKHYHUELPSOLHVWKDWWKHDFWLRQLQIOXHQFHVDSHUVRQ
DQLPDORUWKLQJ$QH[DPSOHLVHVFULELUWRZULWHVLQFHZKHQVRPHERG\ZULWHVVKHPXVWZULWHVRPHWKLQJHYHQLIWKLV
ZHUHQRWVSHFLILHGLQWKHVHQWHQFH+DHVFULWRXQVLQItQGHQRYHODV+HVZULWWHQQRHQGRIQRYHOV6HHDOVR
,QWUDQVLWLYHYHUE

8WWHUDQFH8QLGDGGH
KDEOD

$JHQHUDOWHUPIRUDVWULQJRIVSHHFKSURGXFHGE\DVSHDNHULQDSDUWLFXODUVLWXDWLRQ,WPD\EHDIXOOVHQWHQFHDFODXVH
DQH[FODPDWLRQDQRUGHURUMXVWDVLQJOHZRUG

9HUE9HUER

:RUGZKLFKLQGLFDWHVWKHDFWLRQRIDVHQWHQFHVXFKDVOORYHUWRUDLQ3DVDUHPRVOXHJR:HOOSRSLQODWHU+D

QDFLGRHVWDPDxDQD,WZDVERUQWKLVPRUQLQJ

9RLFH9R]

7HUPXVHGWRUHIHUWRWKHUHODWLRQVKLSEHWZHHQWKHVXEMHFWRIWKHYHUEDQGWKHDFWLRQ:KHQWKHVXEMHFWRIWKHYHUELV
SUHVHQWHGDVWKHDFWLYHGRHUWKHYHUELVVDLGWREHLQWKHDFWLYHYRLFHHJ-XDQFRUWyYDULRViUEROHVGHOMDUGtQ
-XDQFXWGRZQVHYHUDOWUHHVLQWKHJDUGHQ:KHQWKHREMHFWRIWKHYHUELVJLYHQSURPLQHQFHDVWKHUHFLSLHQWRIWKH
DFWLRQWKHYHUELVVDLGWREHLQWKHSDVVLYHYRLFHHJ9DULRViUEROHVGHOMDUGtQIXHURQFRUWDGRV6HYHUDOWUHHVLQWKH
JDUGHQZHUHFXWGRZQ

2UGHURIWKHZRUGVLQDVHQWHQFH'LIIHUHQWODQJXDJHVKDYHGLIIHUHQWRUGHUV,Q6SDQLVKWKHPRVWFRPPRQRUGHUIRU
:RUGRUGHU2UGHQGHODV
DIILUPDWLYHVWDWHPHQWVLVVXEMHFWYHUEREMHFWHJ0DUtDKDHVWXGLDGR(PSUHVDULDOHV0DUtDKDVGRQHEXVLQHVV
SDODEUDV
VWXGLHV

http://vk.com/espanol_con_amigos


1RXQV
1RXQVVXVWDQWLYRVDUHZRUGVZKLFKVWDQGIRUSHUVRQVWKLQJVSODFHVRUDEVWUDFWFRQFHSWV/DXUDFKDLU
0DGULGDQGIUHHGRPDUHDOOQRXQV
$V\RXZLOOVHHLQWKHIROORZLQJVHFWLRQVWKHFRQFHSWVRIJHQGHUDQGQXPEHUDUHLPSRUWDQWLQUHODWLRQWRWKH
QRXQZKLFKFDQEHHLWKHUPDVFXOLQHRUIHPLQLQHDQGVLQJXODURUSOXUDO
7KHQRXQQDWXUDOJHQGHU
1RXQVKDYHJHQGHU,Q6SDQLVKDOOQRXQVLQFOXGLQJWKRVHWKDWVLJQLI\DQREMHFWDUHHLWKHUPDVFXOLQHRUIHPLQLQH
6RIRULQVWDQFHPHVDWDEOHLVDIHPLQLQHQRXQDQGOLEURERRNLVDPDVFXOLQHQRXQ
,WLVLPSRUWDQWWRNQRZZKHWKHUDQRXQLVPDVFXOLQHRUIHPLQLQHDVRWKHUZRUGVLQDVHQWHQFHKDYHWRDJUHHZLWK
LWLQJHQGHU&RPSDUHHOQLxRDOWRWKHWDOOER\DQGODQLxDDOWDWKHWDOOJLUO7KHDUWLFOHHORUODWKHDQG
WKHDGMHFWLYHDOWRRUDOWDWDOOWKDWDFFRPSDQ\WKHQRXQQLxRER\RUQLxDJLUO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

HOVHFUHWDULRODVHFUHWDULDWKHVHFUHWDU\
HOSURIHVRUODSURIHVRUDWKHWHDFKHU7KH
PDLQH[FHSWLRQVDUHHOODMRYHQWKH\RXWKHOOD
OtGHUWKHOHDGHU
HOMHIHODMHIDWKHERVVHOHVWXGLDQWHOD
HVWXGLDQWHWKHVWXGHQWEXWQRWHHOWLJUHWKHWLJHU
ODWLJUHVDWKHWLJUHVV
HOFDPSHyQODFDPSHRQDWKHFKDPSLRQHO
EDLODUtQODEDLODULQDWKHEDOOHWGDQFHU
HOLUDQtODLUDQtWKH,UDQLDQHOKLQG~OD
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
 &RPSOHWHWKHPLVVLQJZRUGIURPHDFKFDSWLRQ6HHWKHWDEOH1RXQVWKDWUHPDLQWKHVDPHLQPDVFXOLQH
DQGIHPLQLQH

D$OEHUW(LQVWHLQ

http://vk.com/espanol_con_amigos

EGH6KDNHVSHDUHODG\0DFEHWK

F$OLFLDGHPLKHUPDQD

GPiVIDPRVD

HGXUDQWHHOMXLFLR
7KHQRXQJUDPPDWLFDOJHQGHU
,Q6SDQLVKQRXQVGHQRWLQJWKLQJVRUDEVWUDFWFRQFHSWVDOVRKDYHDJUDPPDWLFDOJHQGHUZKLFKPHDQVWKDWWKH\
WRRDUHHLWKHUPDVFXOLQHRUIHPLQLQH$OOQRXQVLQ6SDQLVKDUHHLWKHUPDVFXOLQHRUIHPLQLQH
1RXQVHQGLQJLQRDQGD
,QJHQHUDOQRXQVHQGLQJLQRDUHPDVFXOLQHDQGWKRVHHQGLQJLQDDUHIHPLQLQHHJHODxRWKH\HDUOD
VHPDQDWKHZHHN
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]
1RXQVHQGLQJLQVLVDQGLWLV
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[LVWHHQLQJOpV7KHOHWWHUxGRHVQWH[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

7KHJHQGHURIQRXQVWKDWHQGLQHRUWKRVHWKDWGRQRWILWLQWRDQ\RIWKHFDWHJRULHVDERYHLVQRWHDV\WRSUHGLFW
:KHQOHDUQLQJQHZYRFDEXODU\LWLVLPSRUWDQWWROHDUQWKHJHQGHURIWKHZRUGVWRR7KHEHVWZD\RIGRLQJWKLV
LVDOZD\VWROHDUQWKHQRXQZLWKLWVDUWLFOHVRWKDW\RXUHPHPEHULIWKHZRUGLVPDVFXOLQHRUIHPLQLQHHOFRFKH
WKHFDUODQRFKHWKHQLJKW,I\RXORRNDQRXQXSLQWKHGLFWLRQDU\LWZLOOWHOO\RXLWVJHQGHUXVXDOO\
PDVFXOLQHQRXQVDUHIROORZHGE\WKHOHWWHUPDQGIHPLQLQHQRXQVE\I
1RXQVZKLFKFDQEHPDVFXOLQHRUIHPLQLQHEXWZLWKGLIIHUHQWPHDQLQJV
7KHUHDUHVRPHZRUGVZKLFKH[LVWERWKLQWKHPDVFXOLQHDQGLQWKHIHPLQLQHIRUPVEXWZKLFKPHDQGLIIHUHQW

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,KDYHQWUHDOO\JRWWKHFDSLWDO,QHHG
E7KHJXLGHERRNVD\VWKHPXVHXPLVFORVHGRQ0RQGD\V
F,ZURWHVRPHQRWHVLQWKHPDUJLQRIWKHGRFXPHQW
G7KHJXLGHWROGXVDERXWVHYHUDOUHVWDXUDQWVDQGWKHQWRRNXVWRDYHU\JRRGRQH
7KHQRXQQXPEHU
1XPEHUQ~PHURLVDJUDPPDWLFDOFRQFHSWZKLFKFDWHJRULVHVZRUGVDVVLQJXODURUSOXUDO1RXQVDUHVDLG
WREHVLQJXODULIWKH\UHIHUWRRQHSHUVRQRUWKLQJRUSOXUDOLIWKH\UHIHUWRVHYHUDO&KDLULVVLQJXODUZKHUHDV
FKDLUVLVSOXUDO,Q6SDQLVKWKHSOXUDOLVXVXDOO\IRUPHGE\DGGLQJVRUHV
7KHDUWLFOHVHODQGODDOVRKDYHDSOXUDOIRUPORVDQGODV

http://vk.com/espanol_con_amigos

)RUPDWLRQRIWKHSOXUDO

1RXQVHQGLQJLQDYRZHODHLRRUX

$GGV,IWKHYRZHOLVDQDFFHQWHGtRU~
DGGHV

ODFDVDODVFDVDVKRXVHV
ODHVWXGLDQWHODVHVWXGLDQWHVIHPDOHVWXGHQWV
HOOLEURORVOLEURVERRNV
ODWULEXODVWULEXVWULEHV
HOLUDQtORVLUDQtHV,UDQLDQV

1RXQVHQGLQJLQDFRQVRQDQW

$GGHV,IWKHYRZHOEHIRUHWKHODVW
FRQVRQDQWKDVDQDFFHQWWKHDFFHQW
GLVDSSHDUVLQWKHSOXUDO

HOGRFWRUORVGRFWRUHVGRFWRUV
ODQDFLyQODVQDFLRQHVQDWLRQV

1RWHWKDWQRXQVHQGLQJLQDVWUHVVHGtRU~LQWKHVLQJXODUIRUPWKHLUSOXUDOE\DGGLQJHVHOLUDTXtORV
LUDTXtHV,UDTLVODKLQG~ODVKLQG~HV+LQGXZRPHQ7KHH[FHSWLRQVDUHHOPHQ~ORVPHQ~VWKH
PHQXVHOFKDPS~ORVFKDPS~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
1RXQVWKDWHQGLQDQXQVWUHVVHGYRZHOSOXVVLQWKHVLQJXODUNHHSWKHVDPHIRUPLQWKHSOXUDOHOOXQHVORV
OXQHV0RQGD\VODFULVLVODVFULVLVFULVHVODWHVLVODVWHVLVWKHVHV
)RUHLJQERUURZLQJV
0DQ\ERUURZHGQRXQVIRUPWKHLUSOXUDOE\DGGLQJDQVUHJDUGOHVVRIWKHLUHQGLQJ
HOPRGHPORVPRGHPV
HOSyVWHUORVSRVWHUV
HOELWORVELWV
HOFDPSLQJORVFDPSLQJVWKHFDPSVLWHV
(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
&ROOHFWLYHQRXQVORVVXVWDQWLYRVFROHFWLYRVDUHXVHGWRUHIHUWRSHRSOHDQLPDOVRUWKLQJVDVDJURXS,Q
(QJOLVKVRPHFROOHFWLYHQRXQVVXFKDVSHRSOHRUWKHSROLFHDUHSOXUDO3HRSOHDUHVHOILVKLQ6SDQLVK
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[HVVXILMRVGLPLQXWLYRVDXPHQWDWLYRV\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
DVLQWKHRULJLQDOQRXQFTXJJX1RWHDOVR
]FDVLQ6SDQLVKLWLVQRWXVXDOWRKDYH]LQIURQW
RIHRUL
$GGFLWRFLWDLIWKHQRXQHQGVLQQURULIWKH
QRXQHQGVLQHDQGKDVPRUHWKDQRQHV\OODEOH
$GGHFLWRHFLWDLIWKHQRXQKDVWZRV\OODEOHV
HQGVLQRRUDDQGWKHILUVWV\OODEOHFRQWDLQVLHRU
XHRULIWKHQRXQKDVRQHV\OODEOHDQGHQGVLQD
FRQVRQDQW
1RWHWKDWWKHVSHOOLQJFKDQJH]FRFFXUV
ZKHQDGGLQJHFLWRHFLWDDVLWLVQRWXVXDOWRKDYH
]LQIURQWRIHRUL

HOJDWRFDWHOJDWLWR

$QD$QLWD
3DFR3DTXLWR
ODJRODNHODJXLWR
SLQ]DSHJSLQFLWD

/DJDWDKDGDGRDOX]DFLQFRJDWLWRV7KHFDW
KDVJLYHQELUWKWRILYHNLWWHQV

HOFDPLyQORUU\HOFDPLRQFLWR

HOVDERUIODYRXUHOVDERUFLWR
ODIXHQWHIRXQWDLQODIXHQWHFLWD
7LHQHXQVDERUFLWRPX\ULFR,WKDVDYHU\
SOHDVDQWWDVWH
HOYLHQWRZLQGHOYLHQWHFLWR
ODFXHVWDKLOOODFXHVWHFLWD
ODIORUIORZHUODIORUHFLWD

6RSODXQYLHQWHFLWRPX\DJUDGDEOH7KHUHLVD
YHU\SOHDVDQWOLWWOHEUHH]H

HOSH]ILVKHOSHFHFLWR

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]XHOD6KHVDVOXW

$OOWKHVHHQGLQJVDGGFRUHFRU]RUH]LQWKHFDVHRIXHORXHODLQWKHVDPHZD\WKDWLWRLWDGRHV

MRYHQMRYHQFLWDMRYHQFLOOD

IORUIORUHFLWDIORUHFLOOD

&KDQJHRIPHDQLQJE\XVLQJGLPLQXWLYHVXIIL[HV
,QPDQ\FDVHVWKHDGGLWLRQRIDGLPLQXWLYHVXIIL[KDVFUHDWHGDQHZQRXQ XQEROVRDEDJXQEROVLOORDSRFNHW6RPHWLPHVWKHQHZZRUGLV
ZLWKDGLIIHUHQWPHDQLQJ
DOVRRIWKHRWKHUJHQGHUXQ]DSDWRDVKRHXQD]DSDWLOODDVOLSSHU
'LPLQXWLYHVXIIL[HVDGGHGWRDGMHFWLYHVDQGVRPHDGYHUEV
SREUHSREUHFLWR
D]XOD]XOLWR
DKRUDDKRULWD
FHUFDFHUTXLWD
HQVHJXLGDHQVHJXLGLWD

$GMHFWLYHV
$GYHUEV

3REUHFLWRPHGDPXFKDSHQD3RRUWKLQJ,IHHO
UHDOO\VRUU\IRUKLP
$KRULWDOHOODPRSRUWHOpIRQR,OOSKRQHKLPLQD
VHFRQG

$XJPHQWDWLYHVXIIL[HV
$XJPHQWDWLYHVXIIL[HVFDQEHDGGHGWRQRXQVRUDGMHFWLYHVWRFRQYH\WKHLGHDRIODUJHVL]HRULQWHQVLW\RIWHQLQ
FRQMXQFWLRQZLWKXJOLQHVVH[FHVVRUFRQWHPSW
)RUP
XQDFDVDXQDFDVRQDDODUJHUDPEOLQJ
KRXVH
$GGyQRQDWRJLYHFRQQRWDWLRQVRIODUJHVL]HRU
4XpGUDPyQVHDUPy:KDWDPHORGUDPD
XQGUDPDXQGUDPyQDPHORGUDPD
WRDGGDKLQWRIVDUFDVP
LURQLFRUVDUFDVWLF
LQRFHQWHLQRFHQWyQJXOOLEOH
(VXQFKLFRJUDQGRWHXQSRFRWRUSH+HVD
$GGRWHRWDWRFRQYH\ODUJHQHVVVRPHWLPHVZLWK
JUDQGHJUDQGRWHYHU\ODUJH
ELJFOXPV\ODG
QHJDWLYHFRQQRWDWLRQVRIFOXPVLQHVVRUXJOLQHVV
6HKDFRPSUDGRXQFRFKD]RLPSUHVLRQDQWH
$GGD]RD]DWRFRQYH\DSRVLWLYHPHDQLQJ
XQFRFKHXQFRFKD]RDJUHDWELJFDU
+HVERXJKWDJUHDWELJFDU
VRPHWLPHVDVVRFLDWHGZLWKODUJHVL]H
2WKHUPHDQLQJVRIWKHDXJPHQWDWLYHVXIIL[HV
1RWHWKDWWKHVXIIL[D]RFDQDOVREHDGGHGWRDQRXQWRLQGLFDWHWKDWD
EORZLVJLYHQZLWKWKHWKLQJUHIHUUHGWRE\WKHQRXQ
7KHVXIIL[yQRQDFDQDOVREHXVHGZLWKVRPHYHUEVDQGDGMHFWLYHVWR
PHDQJLYHQWRGRLQJVRPHWKLQJ

XQFRGRXQFRGD]RDEORZZLWKWKHHOERZ
XQPDUWLOORXQPDUWLOOD]RDEORZZLWKDKDPPHU
FRQWHVWDUFRQWHVWyQRQDJLYHQWRDQVZHULQJEDFN
OORUDUOORUyQRQDFU\EDE\
PDQGDUPDQGyQRQDERVV\ERRWV
FRPHUFRPLOyQRQDJOXWWRQ
GRUPLUGRUPLOyQRQDVOHHS\KHDG

&KDQJHRIPHDQLQJE\XVLQJDXJPHQWDWLYHVXIIL[HV
$VZLWKGLPLQXWLYHVLQVRPHFDVHVWKHDGGLWLRQRIDQDXJPHQWDWLYHVXIIL[ XQDVLOODDFKDLUXQVLOOyQDQDUPFKDLU

http://vk.com/espanol_con_amigos

KDVFUHDWHGDQHZZRUG

XQDFDMDDER[XQFDMyQDGUDZHU

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
$OEHEpOHFRPSUpXQWUDMHFLWRPX\ERQLWR
D0HFRPSUpXQPRQHGHURSHTXHxRPX\PRQR
E(O5HDO'HSRUWLYRPDUFyXQJROIDQWiVWLFRHQHO~OWLPRPLQXWR
F'HVSXpVJLUDVDODL]TXLHUGD\YHUiVXQDFDOOHHVWUHFKD0LFDVDHVWiDOIRQGR
G7LHQHQXQSHUURHQRUPHSDUDTXHQROHVHQWUHQDGLHHQHOMDUGtQ
'LPLQXWLYHVDUHRIWHQXVHGZKHQWDONLQJWRFKLOGUHQDQGWKH\DUHFRPPRQLQFKLOGUHQVVWRULHV&DQ\RX
UHFRJQLVHDQ\RIWKHIROORZLQJWLWOHV"
D&DSHUXFLWD5RMD\HOORERIHUR]
E/RVWUHVFHUGLWRV
F(OSDWLWRIHR
G%ODQFDQLHYHV\ORVVLHWHHQDQLWRV
H5LFLWRVGHRUR
5HDGWKLVH[WUDFWIURPDQRYHOE\WKH3HUXYLDQZULWHU0DULR9DUJDV/ORVD$ZRPDQZULWHVWRKHUORYHU
WHOOLQJ KLP VKH ZLOO ORRN DIWHU KLP <RX ZLOO VHH LW XVHV DQ H[DJJHUDWHG QXPEHU RI GLPLQXWLYHV IRU
OLWHUDU\HIIHFW7KHQUHZULWHLWZLWKRXWDQ\GLPLQXWLYHV

http://vk.com/espanol_con_amigos

0HQ~GLPLQXWLYR
<DVpTXHWHJXVWDFRPHUSRTXLWR\VDQLWRSHURULTXLWR\HVWR\SUHSDUDGLWDSDUDFRPSODFHUWHWDPELpQHQ
ODPHVLWD
(Q OD PDxDQLWD LUp DO PHUFDGR \ FRPSUDUp OD OHFKHFLWD PiV IUHVTXLWD HO SDQFLWR UHFLpQ KRUQHDGLWR \ OD
QDUDQMLWDPiVFKDSRVLWD<WHGHVSHUWDUpFRQODEDQGHMLWDGHOGHVD\XQRXQDIORUHFLWDIUDJDQWH\XQEHVLWR
$TXt HVWi VX MXJXLWR VLQ SHSLWDV VXV WRVWDGLWDV FRQ PHUPHODGLWD GH IUHVLWD \ VX FDIHFLWR FRQ OHFKH VLQ
D]XTXtWDUVHxRUFLWR
0DULR9DUJDV/ORVD/RVFXDGHUQRVGH'RQ5LJREHUWR0DGULG$OIDJXDUD

http://vk.com/espanol_con_amigos


$UWLFOHV
$QDUWLFOHXQDUWtFXORLVDW\SHRIZRUGWKDWSUHFHGHVDQRXQDQGVLJQDOVZKHWKHUWKDWQRXQUHIHUVWRD
VSHFLILFHOHPHQWRUWRDQXQVSHFLILHGRQH,QWKHFDVHRIDVSHFLILFHOHPHQWWKHGHILQLWHDUWLFOHLVXVHGWKH
KRXVHWKHDSSOHDQGLQWKHFDVHRIDQXQVSHFLILHGHOHPHQWWKHLQGHILQLWHDUWLFOHLVXVHGDKRXVHDQ
DSSOH
,Q6SDQLVKWKHQXPEHUDQGJHQGHURIWKHDUWLFOHGHSHQGRQWKHQXPEHUDQGJHQGHURIWKHQRXQ
7KHGHILQLWHDUWLFOH
,Q(QJOLVKWKHLVDQDUWLFOH,WLVFDOOHGWKHGHILQLWHDUWLFOHHODUWtFXORGHILQLGREHFDXVHLWLVXVHGWRUHIHUWR
VRPHWKLQJVSHFLILF3DVVPHWKHSHQ,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[FHSWLRQVDUHWKHQDPHVRIWKHOHWWHUVDDQGKODDDQGODKDFKH
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,WVKDOISDVWRQH

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(VWXGLDJHRJUDItD6KHVVWXG\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(QJOLVKDSRVVHVVLYHVXFKDVP\\RXUHWF
ZRXOGEHXVHGLQVWHDG
7RUHIHUWRSDUWVRIWKHERG\LQFOXGLQJFORWKHVFXUUHQWO\ZRUQ
7RUHIHUWRSHUVRQDOREMHFWVZKHQWKHPHDQLQJLVRQHHDFK

/iYDWHORVGLHQWHV%UXVK\RXUWHHWK
6HPHWLyODPDQRHQHOEROVLOOR+HSXWKLVKDQGLQKLVSRFNHW
(OUHFWRUOHVHQWUHJyHOWtWXOR7KHFKDQFHOORUJDYHWKHPWKHLU
FHUWLILFDWHV
1RVVHOODURQHOSDVDSRUWH7KH\VWDPSHGRXUSDVVSRUWV

&DVDFODVHPLVD

,Q6SDLQWKHGHILQLWHDUWLFOHLVQRWXVHGZLWKWKHZRUGFDVDZKHQLWPHDQVKRPHDOWKRXJKLQ6SDQLVK
$PHULFDLWLV
HVWDUHQFDVDWREHDWKRPHVHQWLUVHFRPRHQFDVDWRIHHODWKRPH
LUDFDVDWRJRKRPHVDOLUGHFDVDWROHDYHWKHKRXVHTXHGDUVHHQ
FDVDWRVWD\DWKRPH
/DFDVDGH5RVDWLHQHXQMDUGtQPX\JUDQGH5RVDVKRXVHKDVDYHU\
ODUJHJDUGHQ

FDVDKRPH
FDVDKRXVH

7KHDUWLFOHLVQRWXVHGZLWKFODVHDQGPLVDLQH[SUHVVLRQVVXFKDVWKHIROORZLQJ
HVWDUHQFODVHWREHLQFODVVLUDFODVHWRJRWRFODVVWHQHUFODVHWR
KDYHDFODVVOHVVRQ
HVWDUHQPLVDWREHDWPDVVLUDPLVDWRJRWRPDVVVDOLUGHPLVDWR
FRPHRXWRIPDVVGHFLUPLVDWRFHOHEUDWHPDVV

FODVH
PLVD
7KHQHXWHUDUWLFOHOR

7KHQHXWHUDUWLFOHORQHYHUDFFRPSDQLHVDQRXQEXWLVXVHGDVIROORZV
ORDGMHFWLYHRUSDVWSDUWLFLSOHWRH[SUHVVWKH(QJOLVKWKHWKLQJWKDW
7RUHIHUWRDSDUWRIDZKROH
7RUHIHUWRDVHULHVRIWKLQJVWKDWVKDUHWKHVDPHTXDOLW\

/RGLItFLOHVHQFRQWUDUGyQGHDSDUFDU7KHGLIILFXOWWKLQJLVWRILQG
ZKHUHWRSDUN
7LHQHVTXHFXPSOLUORSURPHWLGR<RXKDYHWRGRZKDW\RXSURPLVHG
/RSXVHHQORDOWRGHODUPDULR,SXWLWRQWKHWRSRIWKHZDUGUREH
/HJXVWDORURVD6KHOLNHVSLQNWKLQJV

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,GRQWOLNHFKRFRODWH
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
,QGHILQLWHDUWLFOHVORVDUWtFXORVLQGHILQLGRVDUHXVHGWRUHIHUWRDQHOHPHQWWKDWLVQRWVSHFLILFLQ(QJOLVK
DDQLVWKHLQGHILQLWHDUWLFOH3DVVPHDSHQLHDQ\SHQQRWDVSHFLILFRQHDVRSSRVHGWR3DVVPHWKH
SHQ:KHQXVHGZLWKSOXUDOQRXQVVRPHDQ\LVXVHGLQVWHDGRIDFRPSDUH,QHHGVRPHDSSOHVZLWK,
QHHGWKHDSSOHV
,Q6SDQLVKWKHLQGHILQLWHDUWLFOHKDVVLQJXODUSOXUDOPDVFXOLQHDQGIHPLQLQHIRUPVDQGLWKDVWRDJUHHLQ
QXPEHUDQGJHQGHUZLWKWKHQRXQLWDFFRPSDQLHVXQQLxRXQDQLxDXQRVQLxRVXQDVQLxDV
)RUP
,QGHILQLWHDUWLFOH

0DVFXOLQHVLQJXODU
XQFRFKH

)HPLQLQHVLQJXODU
XQDPRWR

0DVFXOLQHSOXUDO
XQRVFRFKHV

)HPLQLQHSOXUDO
XQDVPRWRV

$VLQWKHFDVHRIWKHGHILQLWHDUWLFOH 6HFWLRQZKHQDIHPLQLQHZRUGEHJLQVZLWKDVWUHVVHGDRU

KDVXFKDVWKHZRUGiJXLODHDJOHWKHVLQJXODUDUWLFOHLVLQWKHPDVFXOLQHIRUPDOWKRXJKWKHQRXQLWVHOI
UHPDLQVIHPLQLQHXQiJXLOD,QWKHSOXUDOWKHDUWLFOHUHYHUWVWRWKHIHPLQLQHIRUPXQDViJXLODV
2PLVVLRQRIWKHDUWLFOHLQ6SDQLVK

http://vk.com/espanol_con_amigos

8QOLNHLQ(QJOLVKQRDUWLFOHLVQHHGHGLQ6SDQLVKLQWKHIROORZLQJFDVHV
VHUSURIHVVLRQ
KDFHUVHSURIHVVLRQ
*HQGHURUVH[XDORULHQWDWLRQ
1DWLRQDOLW\
5HOLJLRQ
3ROLWLFDOSHUVXDVLRQ
3RVVHVVLRQVRUSHUVRQDOHIIHFWVZLWKWKHYHUEWHQHU
&HUWDLQDLOPHQWVZLWKWKHYHUEWHQHU
$KXQGUHGDWKRXVDQG
,QWKHH[SUHVVLRQ4Xp:KDWD

(VGLSXWDGDGHO&RQJUHVR6KHLVD0HPEHURI3DUOLDPHQW
(VFDSLWiQGHOHMpUFLWR+HLVDFDSWDLQLQWKHDUP\
4XLHUHKDFHUVHFXUD+HZDQWVWREHFRPHDSULHVW
(VQLxRRQLxD",VLWDER\RUDJLUO"
(VOHVELDQD6KHLVDOHVELDQ
(VLWDOLDQR+HLVDQ,WDOLDQ
(VFDWyOLFD6KHLVD&DWKROLF
0LDEXHORHUDFRPXQLVWD0\JUDQGIDWKHUZDVDFRPPXQLVW
7LHQHVFRFKH"+DYH\RXJRWDFDU"
1RWHQJRSDVDSRUWH,KDYHQWJRWDSDVVSRUW
7HQJRWRVILHEUHGRORUGHFDEH]DGRORUGHHVSDOGD,YHJRWDFRXJKD
WHPSHUDWXUHDKHDGDFKHDEDGEDFN
FLHQSHVRVDKXQGUHGSHVRV
PLOGyODUHVDWKRXVDQGGROODUV
4XpHVW~SLGR:KDWDQLGLRW
4XpGtD:KDWDGD\

,QGHILQLWHDUWLFOHLQ(QJOLVKGHILQLWHDUWLFOHLQ6SDQLVK

,Q(QJOLVKWKHLQGHILQLWHDUWLFOHLVXVHGWRWDONDERXWSK\VLFDOFKDUDFWHULVWLFVDVLQWKHH[DPSOHEHORZ,Q
WKHVHFDVHVKRZHYHUWKHGHILQLWHDUWLFOHLVXVXDOO\SUHIHUUHGLQ6SDQLVK
+HVJRWDURXQGIDFH7LHQHODFDUDUHGRQGD
(MHUFLFLRV
   /RRN DW WKH IROORZLQJ ,' FDUG DQG PDNH WKUHH VHQWHQFHV DERXW WKH SHUVRQV SURIHVVLRQ JHQGHU DQG
QDWLRQDOLW\

1RZZULWHVRPHVHQWHQFHVDERXW\RXUVHOIRQVRPHRUDOORIWKHIROORZLQJ
SURIHVVLRQQDWLRQDOLW\JHQGHUVH[XDORULHQWDWLRQSROLWLFDOSHUVXDVLRQ
:KLFKRIWKHIROORZLQJGR\RXRZQ"6D\7HQJRRU1RWHQJR
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
,Q6SDQLVKDGMHFWLYHVORVDGMHWLYRVDJUHHLQQXPEHUDQGJHQGHUZLWKWKHQRXQWKH\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,'FDUGDQGPDNHWKUHHVHQWHQFHVDERXWWKHSHUVRQVSURIHVVLRQJHQGHUDQGQDWLRQDOLW\
1RZZULWHVRPHVHQWHQFHVDERXW\RXUVHOIRQVRPHRUDOORIWKHIROORZLQJ
SURIHVVLRQQDWLRQDOLW\JHQGHUVH[XDORULHQWDWLRQSROLWLFDOSHUVXDVLRQ
:KLFKRIWKHIROORZLQJGR\RXRZQ"6D\7HQJRRU1RWHQJR
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\RXDUHQRWVXUHRIDQRXQVJHQGHUORRNLWXSLQWKH
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
JUDQGHJUDQLQIURQWRIPDVFXOLQHRUIHPLQLQH XQJUDQDFRQWHFLPLHQWRDJUHDWHYHQW
HOPiVJUDQGHDFRQWHFLPLHQWRGHOVLJOR;;WKH
VLQJXODUQRXQV
XQDJUDQPXMHUDJUHDWZRPDQ
JUHDWHVWHYHQWRIWKHWKFHQWXU\
EXWQRWLQIURQWRIIHPLQLQHQRXQV
EXHQREXHQDQGPDORPDOLQIURQWRI
XQEXHQKLMRDJRRGVRQ
PDVFXOLQHVLQJXODUQRXQV
PDODYLVLELOLGDGEDGYLVLELOLW\
XQPDOYLDMHDEDGMRXUQH\
EXWQRWLQIURQWRI
    IHPLQLQH SURSHU QRXQV6DQWD 7HUHVD 6W
7HUHVD
    PDVFXOLQH SURSHU QRXQV EHJLQQLQJ LQ7R RU
6DQWR6DQLQIURQWRIPDVFXOLQHSURSHUQRXQV
6DQ$QGUpV6W$QGUHZ
'R 6DQWR 7RPiV 6DQWR 'RPLQJR 6W
7KRPDV6W'RPLQLF
    FRPPRQ QRXQVHO VDQWR PDWULPRQLR KRO\
PDWULPRQ\
EXWQRWLQIURQWRIIHPLQLQHQRXQV
SULPHURSULPHUDQGWHUFHURWHUFHULQIURQW HOSULPHUKRPEUHHQODOXQDWKHILUVWPDQ ODSULPHUDVHPDQDGHDJRVWRWKHILUVWZHHNLQ
RQWKHPRRQ
$XJXVW
RIPDVFXOLQHQRXQV
6HH6HFWLRQIRUWKHXVHRIRUGLQDOQXPEHUV HOWHUFHUPLOHQLRWKHWKLUGPLOOHQQLXP
ODWHUFHUDSXHUWDDODGHUHFKDWKHWKLUGGRRURQ
WKHULJKW

$GMHFWLYHVWKDWORVHWKHLUODVWYRZHORUV\OODEOHZKHQSODFHGEHIRUHWKHQRXQ
5XOH

([DPSOH
+DVOHtGRDDOJ~QHVFULWRUDUJHQWLQR"
DOJXQRDOJ~QDQGQLQJXQRQLQJ~QLQIURQW
+DYH\RXUHDGDQ\$UJHQWLQLDQZULWHUV"
RIPDVFXOLQHQRXQV
1RWHQJRQLQJ~QOLEURGH%RUJHV,GRQW
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,WVDQROGXQLYHUVLW\XQLYHUVLGDG
H:RXOG\RXOLNHKDOIDQRUDQJH"QDUDQMD
&RPSDULVRQRIDGMHFWLYHV
7KHIROORZLQJVHQWHQFHVH[SUHVVFRPSDULVRQ
$QDHVPHQRVVLPSiWLFDTXH6DUD$QDLVOHVVIULHQGO\WKDQ6DUD
0DULQDHVPiVVRFLDEOHTXH(PLOLD0DULQDLVPRUHRXWJRLQJWKDQ(PLOLD
-XOLiQHVWDQDOWRFRPR3DEOR-XOLiQLVDVWDOODV3DEOR
&RPSDUDWLYHVORVFRPSDUDWLYRVDUHVDLGWREHRILQIHULRULW\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
DQGVKHOOJRIDU6KHLVKDUGHUZRUNLQJWKDQKHUEURWKHU
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\RUDOVRPHDQVROGHU-XDQHV
PD\RUTXH6LOYLD-XDQLVROGHUWKDQ6LOYLD
(OGDxRVHUiPHQRUVLVHORGLFHV7KHKDUPZLOO
EHOHVVLI\RXWHOOKLP
1RWHWKDWPHQRUDOVRPHDQV\RXQJHU6LOYLDHV
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\PRUHDQGPRUHDQGOHVVDQGOHVV
PRUHDQGPRUHFDGDYH]PiV

(VFDGDYH]PiVDQWLSiWLFR+HLVPRUHDQGPRUHXQIULHQGO\

http://vk.com/espanol_con_amigos

OHVVDQGOHVVFDGDYH]PHQRV

(VFDGDYH]PHQRVDPDEOH+HLVOHVVDQGOHVVSROLWH

+RZWRVD\WKHPRUHWKHOHVVWKHPRUHWKHOHVV
([SUHVVLRQVVXFKDVWKHPRUHWKHOHVVWKHPRUHWKHOHVVDUHWUDQVODWHGDV
WKHPRUHWKHPRUH

FXDQWRPiVPiV

WKHOHVVWKHOHVV

FXDQWRPHQRVPHQRV

WKHPRUHWKHOHVV

FXDQWRPiVPHQRV

WKHOHVVWKHPRUH

FXDQWRPHQRVPiV

&XDQWRPiVDPDEOHHV-XDQPiVJURVHUR
SDUHFH-RVp7KHPRUHSROLWH-XDQLVWKHUXGHU
-RVpVHHPV
&XDQWRPHQRVQRVYHDPRVPHQRVGLVFXWLUHPRV
7KHOHVVZHVHHRIHDFKRWKHUWKHOHVVZHOO
DUJXH
&XDQWRPiVGLQHURJDQDPHQRVTXLHUHJDVWDU
7KHPRUHKHHDUQVWKHOHVVKHZDQWVWRVSHQG
&XDQWRPHQRVJRUGRHVWpVPiVVDQRWH
HQFRQWUDUiV7KHOHVVRYHUZHLJKW\RXDUHWKH
KHDOWKLHU\RXOOIHHO

(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

7KHIRUPVWKHPRVWDQGWKHOHDVWDUHFDOOHGWKHUHODWLYHVXSHUODWLYHEHFDXVHWKH\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,WVDYHU\
IXQQ\ILOP,KDYHUHDGDPRVWLQWHUHVWLQJERRN
,Q6SDQLVKWKHDEVROXWHVXSHUODWLYHLVIRUPHGDVIROORZV
PX\DGMHFWLYH
DGMHFWLYHtVLPRtVLPDtVLPRVtVLPDV

(VXQDSHOtFXODPX\GLYHUWLGD,WVDYHU\IXQQ\ILOP
(VXQDSHOtFXODGLYHUWLGtVLPD,WVDYHU\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,KDYHQWJRWWKH
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

(VXQDFKLFDVXSHUJXDSD6KHVDUHDOO\SUHWW\JLUO
)XPDFLJDUULOORVH[WUDODUJRV+HVPRNHVH[WUDORQJFLJDUHWWHV
(VDUFKLPLOORQDULR+HVDPXOWLPLOOLRQDLUH
(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
ELHQPHMRU

+DEODLQJOpVPHMRUTXHW~+HVSHDNV(QJOLVKEHWWHUWKDQ\RXGR
6HKDSRUWDGRSHRUGHORTXHPHHVSHUDED6KHEHKDYHGZRUVHWKDQ,
H[SHFWHG

PDOSHRU

1RXQV
1RXQVDUHFRPSDUHGDVIROORZV
6XSHULRULW\

PiVQRXQTXH

,QIHULRULW\

PHQRVQRXQTXH

(TXDOLW\

WDQWRWDWRVWDVQRXQFRPR

7LHQHPiVGLQHURTXH\R6KHKDVPRUHPRQH\
WKDQ,KDYH
+D\PHQRVQLxRV\QLxDVTXHDQWHV7KHUHDUH
IHZHUFKLOGUHQWKDQEHIRUH
1RKD\WDQWRYLQRFRPRFUHtD7KHUHLVQWDV
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
<RWRFRPDOHOSLDQRSHURW~WRFDVSHRUTXH\R
1RQRHVYHUGDG<RQRWRFRHOSLDQRPDOW~WDQPDOFRPRW~
D<RKDEORUiSLGRSHURPLKHUPDQDKDEOD
1RQRHVYHUGDGQRKDEODGHSULVDW~
E<RFRPRGHVSDFLRSHURPLKLMRFRPH
1RQRHVYHUGDGQDGLHFRPHGHVSDFLRW~
F0LPDULGRKDEODELHQLWDOLDQRSHUR\RKDEOR
1RQRHVYHUGDG1RKDEODVELHQpO
&RPSDUHWKHSODFH\RXOLYHLQRUZKHUH\RXFRPHIURPZLWKD6SDQLVKVSHDNLQJWRZQ\RXNQRZ8VHWKH
QRXQVLQWKHER[
(MHPSOR
(QPLFLXGDGKD\PHQRVFLQHVTXHHQ0DGULG
FLQHVPXVHRVSXEVSDUTXHVMDUGLQHVWUiILFRFRQWDPLQDFLyQVROIUtR
:ULWHVHQWHQFHVFRPSDULQJPHPEHUVRI\RXUIDPLO\8VHFRPSDUDWLYHVRIYHUEVDGYHUEVRUQRXQVDVLQ
WKHH[DPSOH
(MHPSOR
0LKLMDGXHUPHPiVTXH\R\VHOHYDQWDPiVWDUGH3HURQRGXHUPHWDQWRFRPRPLKLMR
7UDQVODWHWKHIROORZLQJLQWR6SDQLVK
7KHPRUH,OHDUQWKHPRUH,IRUJHW
7KHPRUH,IRUJHWWKHOHVV,NQRZ
7KHOHVV,NQRZWKHPRUH,KDYHWRVWXG\
%XWWKHPRUH,VWXG\WKHPRUH,IRUJHW

http://vk.com/espanol_con_amigos


3HUVRQDOSURQRXQV
3HUVRQDOSURQRXQVORVSURQRPEUHVSHUVRQDOHVDUHZRUGVZKLFKFDQWDNHWKHSODFHRIDQRXQHJ7KH
PHFKDQLFLVORRNLQJDWWKHFDU+HQHHGVWRILQGRXWZKDWVZURQJZLWKLW+HDQGLWDUHSURQRXQVZKLFK
VWDQGIRUWKHPHFKDQLFDQGWKHFDUUHVSHFWLYHO\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
6XEMHFWSURQRXQVORVSURQRPEUHVVXMHWRDVWKHLUQDPHLQGLFDWHVDUHSURQRXQVWKDWVWDQGIRUWKHVXEMHFWRID
VHQWHQFH
)RUP
6XEMHFWSURQRXQVDUHDQDUHDZKHUH3HQLQVXODU6SDQLVKGLIIHUVVOLJKWO\IURP$PHULFDQ6SDQLVKYDULHWLHV
<RXFDQILQGPRUHLQIRUPDWLRQDERXWWKLVLQ6HFWLRQ)RUPVRIDGGUHVV
5HJLRQDOYDULHWLHV
6HFRQGSHUVRQSURQRXQVDUHVOLJKWO\GLIIHUHQWLQ6SDLQDQG6SDQLVK$PHULFD:LWKLQ6SDQLVK$PHULFDLWVHOI
WKHUHDUHDOVRWZRWUHQGV7KHVHYDULHWLHVKDYHEHHQVXPPDULVHGLQWKHWDEOHEHORZ1RWHWKDWDOORWKHUSHUVRQV
RWKHUWKDQWKHVHFRQGSHUVRQVLQJXODUDQGSOXUDODUHWKHVDPHLQDOOYDULHWLHVRI6SDQLVK

http://vk.com/espanol_con_amigos

1RWHWKDWLQPDQ\SDUWVRI$QGDOXFtDLQ6RXWKHUQ6SDLQDQGLQWKH&DQDULHVWKHV\VWHPXVHGLVWKHVDPHDV
LQPRVWRI6SDQLVK$PHULFD
)RUPRUHLQIRUPDWLRQRQWKHYRVIRUPVHH6HFWLRQ
eOHOODH[SUHVVLQJKHVKHLW

1RWLFHWKDWLQ(QJOLVKWKHUHDUHWKUHHWKLUGSHUVRQVLQJXODUSURQRXQVKHVKHDQGLW,Q6SDQLVKDVDOO
QRXQVDUHHLWKHUPDVFXOLQHRUIHPLQLQHKHVKHDQGLWFDQRQO\EHUHQGHUHGE\WZRIRUPVpODQGHOOD
UHVSHFWLYHO\ZKLFKFDQUHIHUWRWKLQJVDVZHOODVWRSHRSOH
,Q6SDQLVKWKHUHLVDQHXWHUVXEMHFWSURQRXQHOORZKLFKFDQEHXVHGWRUHIHUWRDQLGHDUDWKHUWKDQDWKLQJ
+RZHYHULWLVUDUHO\XVHGDQGLIDQHXWHUSURQRXQLVQHFHVVDU\LWLVEHWWHUWRXVHHVWRRUHVR
(VWRVXFHGLyHOPDUWHVSDVDGR,WKDSSHQHGODVW7XHVGD\
9HUEIRUPIRUXVWHGXVWHGHV

1RWLFHWKDWDOWKRXJKXVWHGDQGXVWHGHVUHIHUWRWKHVHFRQGSHUVRQ\RXWKH\WDNHWKLUGSHUVRQYHUEHQGLQJV

ZKLFKLVZK\WKH\XVXDOO\DSSHDUZLWKpOHOODLQYHUEWDEOHV
8VWHGKDEODHVSDxRO8VWHGHVKDEODQHVSDxRO<RXVSHDN6SDQLVK
6HHWKHYHUEWDEOHVLQWKH$SSHQGL[WRVHHKRZKDEODULVFRQMXJDWHG,WLVDUHJXODUYHUEHQGLQJLQDUVRLW
IROORZVWKHVDPHSDWWHUQDVDWDU
$EEUHYLDWLRQRIXVWHGDQGXVWHGHV

,QZULWLQJDQGHVSHFLDOO\LQIRUPDOGRFXPHQWVVXFKDVEXVLQHVVOHWWHUVXVWHGDQGXVWHGHVDUHRIWHQDEEUHYLDWHG
1RWLFHWKDWWKHVHDEEUHYLDWLRQVDOZD\VKDYHFDSLWDOOHWWHUV
XVWHG8G9G
XVWHGHV8GV9GV
1RVRWURVYRVRWURVHOORVWRLQFOXGHERWKPDVFXOLQHDQGIHPLQLQH

1RWLFHWKDWDVZLWKQRXQVWKHPDVFXOLQHSOXUDORIWKHVXEMHFWSURQRXQVLVXVHGWRUHIHUWRJURXSVWKDWFRQWDLQ
ERWKPDOHDQGIHPDOHHOHPHQWV
1RVRWURVVRPRVSHUXDQRV:HDUH3HUXYLDQ
1RVRWURVFRXOGUHIHUWRPHQRUWRERWKPHQDQGZRPHQ
(OORVQRTXLHUHQYHQLU7KH\GRQWZDQWWRFRPH
+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
7LHQHPXFKRGLQHUR
)RUFODULW\
4XLpQHOOD"
1RpO
0LKHUPDQD\\RpUDPRVPX\GLVWLQWDV\RHUDUXELD\HOODHUD
7RDYRLGFRQIXVLRQZKHQWKHVDPHYHUEHQGLQJFRUUHVSRQGVWRPRUHWKDQ
PRUHQD0\VLVWHUDQG,ZHUHYHU\GLIIHUHQW,ZDVEORQGHDQGVKHZDV
RQHJUDPPDWLFDOSHUVRQ
GDUN
7RVKRZHPSKDVLV

6XEMHFWSURQRXQVZLWKVHU

1RWLFHWKDWZLWKWKHYHUEVHULQH[SUHVVLRQVVXFKDV6R\\RWKHVXEMHFWSURQRXQLVXVHGLQ6SDQLVK,Q
(QJOLVKWKHREMHFWSURQRXQZRXOGEHXVHGHJ,WVPH
(MHUFLFLRV

    ,GHQWLI\ WKH VXEMHFW RI HDFK YHUE LQ WKH SUHVHQW LQGLFDWLYH ,I WKHUH LV PRUH WKDQ RQH SRVVLEOH VXEMHFW
SURQRXQIRUWKDWYHUEIRUPJLYHDOORIWKHP
(MHPSOR
FDQWDpOHOODXVWHG
D(VWDPRVHQFDVD
E9LYHQHQ3DUtV"
F(UHVPLDPLJR
G7HQJRWUHVKLMRV
<RXUVLVWHUDQG\RXDUHYHU\GLIIHUHQW0DNHVHQWHQFHVFRPSDULQJ\RXUVHOYHVDVLQWKHPRGHO
(MHPSOR
<RWHQJRORVRMRVD]XOHVSHURHOODWLHQHORVRMRVYHUGHV
<R
WHQJRORVRMRVD]XOHV
WHQJRXQJDWR
YLYRHQ0DGULG
HVWR\FDVDGRD
VR\UXELRD

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$GG WKH VXEMHFW
SURQRXQLILWLVQHHGHGWRVKRZHPSKDVLVRUFRQWUDVW
(MHPSOR
,DPDGRFWRUEXWKHLVDGHQWLVW
<RVR\PpGLFRSHURpOHVGHQWLVWD
D'R\RXVSHDN,WDOLDQ"
KDEODVLWDOLDQR"
E0RVWSHRSOHVHHPWRKDYHDFRPSXWHU'R\RXKDYHRQH"
/DPD\RUtDGHODJHQWHWLHQHRUGHQDGRUWLHQHVXQR"
F,ZRUNIURPWREXWKHZRUNVRQO\LQWKHPRUQLQJV
WUDEDMRGHDSHURWUDEDMDVyORSRUODPDxDQD
G,OHDYHWKHKRXVHDWRFORFNDQG,DUULYHLQWKHRIILFHDW
VDOJRGHFDVDDODV\OOHJRDODRILFLQDDODV
H6KHWROG\RXWKDW"6KHVPDG
WHGLMRHVR"HVWiORFD
)RUPVRIDGGUHVV
6SDQLVKKDVWZRIRUPVRIDGGUHVVHTXLYDOHQWWRWKH(QJOLVK\RXW~RUYRVLQVRPHSDUWVRI6SDQLVK$PHULFD
DQGXVWHG
7KHXVHRIW~RUYRVDQGXVWHGDQGYRVRWURVDVDQGXVWHGHVLVGLIIHUHQWLQ6SDLQDQG6SDQLVK$PHULFD
+RZHYHUWKURXJKRXWWKH6SDQLVKVSHDNLQJZRUOGWKHFKRLFHEHWZHHQWKHGLIIHUHQWIRUPVRIDGGUHVVW~RUYRV
DQGXVWHGGHSHQGVRQDQXPEHURIYDULDEOHV
WKHOHYHORIIDPLOLDULW\EHWZHHQWKHVSHDNHUV
FRXUWHV\UHVXOWLQJIURPGLIIHUHQFHVLQDJHIRULQVWDQFH
WKHFORVHQHVVGLVWDQFHEHWZHHQWKHVSHDNHUVZKLFKFDQEHSV\FKRORJLFDORUDIIHFWLYH
WKHOHYHORILQIRUPDOLW\IRUPDOLW\RIWKHVLWXDWLRQ
WKHIHHOLQJRIVROLGDULW\WKDWPD\H[LVWEHWZHHQWKHVSHDNHUVHJEHWZHHQSHRSOHZKRVKDUHWKHVDPHVRFLDO
FODVVLGHRORJLFDOEHOLHISURIHVVLRQRUVRFLDOJURXSVXFKDVDVSRUWVWHDPRUVFKRRO
LVVXHVRISRZHUVXFKDVGLIIHUHQFHVLQVWDWXVRUDXWKRULW\
,QJHQHUDOSHRSOHZKRDUHIDPLOLDUZLWKHDFKRWKHUZKRDUHFORVHWRHDFKRWKHUZKRKDYHDQLQIRUPDO
UHODWLRQVKLSRUZKRVKDUHVRPHIHHOLQJRIVROLGDULW\XVHWKHIDPLOLDUW~RUYRVVHHEHORZZKHUHDVXVWHGLV
XVHGE\LQWHUORFXWRUVWRLQGLFDWHGLVWDQFHFRXUWHV\IRUPDOLW\RUGLIIHUHQFHVLQWKHSRZHUUHODWLRQ
([FHSWLQWKHFDVHRILQWHUDFWLRQEHWZHHQFKLOGUHQDQGROGHUSHRSOHZKHUHWKHFKLOGPLJKWXVHXVWHGDQGWKH
ROGHUSHUVRQW~WKHIRUPRIDGGUHVVLVXVXDOO\UHFLSURFDO&DOOLQJVRPHRQHW~LVFDOOHGWXWHDUXVLQJYRVLV
FDOOHGYRVHDUDQGFDOOLQJVRPHRQHXVWHGLVFDOOHGWUDWDUGHXVWHG
7KH6SDQLVKQRUP
7KH3HQLQVXODUQRUPXVHGLQPRVWSDUWVRI6SDLQLVDVIROORZV
7RFRQYH\IDPLOLDULW\FORVHQHVVLQIRUPDOLW\RU

http://vk.com/espanol_con_amigos

VROLGDULW\
W~
7RFRQYH\GLVWDQFHFRXUWHV\IRUPDOLW\RUDSRZHU
XVWHGYHUELQWKHWKLUGSHUVRQVLQJXODU
UHODWLRQ

YRVRWURVYRVRWUDV
XVWHGHVYHUELQWKHWKLUGSHUVRQSOXUDO

1RWHKRZHYHUWKDWLQ$QGDOXFtDLQ6RXWKHUQ6SDLQDQGLQWKH&DQDU\,VODQGVXVWHGHVLVRIWHQXVHGLQVWHDG
RIYRVRWURVDV$OVRLQ$QGDOXFtDXVWHGHVLVRIWHQXVHGZLWKWKHYHUEIRUPIRUYRVRWURVDVVHFRQGSHUVRQ
SOXUDO8VWHGHVTXHUpLVFRPHUDOJR":RXOG\RXOLNHVRPHWKLQJWRHDW",Q3HQLQVXODU6SDQLVKWKHIRUP
ZRXOGEH9RVRWURVTXHUpLVFRPHUDOJR"LQIRUPDORU8VWHGHVTXLHUHQFRPHUDOJR"IRUPDO
7KH6SDQLVK$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
E9RVVDEpVGyQGHHVWi(GXDUGR"
 F8QSDGUHKDEODQGRDVXVKLMRV+HGLFKRTXHXVWHGHVQRSXHGHQLUDOFLQHHVWDQRFKHDVtTXHQRKD\

http://vk.com/espanol_con_amigos

PiVGHTXHKDEODU
G7LHQHVIXHJR"
H8VWHGHVVRQFRORPELDQRVQRHVFLHUWR"
    5HDG WKH IROORZLQJ H[WUDFW IURP WKH VWRU\(O 6RUGR E\ $UJHQWLQLDQ DXWKRU 5REHUWR )RQWDQDUURVD
8QGHUOLQHWKHH[DPSOHVRIWKHXVHRIYRVDVZHOODVWKHYHUEVLQWKHYRVIRUP
(OWLSRDSDUHFLyGHLPSURYLVRDQWHODLQGLIHUHQFLDJHQHUDOSRUGHWUiVGHODFROXPQD6HLQFOLQySRUVREUHHOKRPEURGHO6RUGRORWRFy
HQXQEUD]R\OHGLMR4XLHURKDEODUFRQYRV(OVRUGROHYDQWyODYLVWDORPLUyFRQHOFHxRIUXQFLGRFRPRVLQRORFRQRFLHUDSHJy
XQDRMHDGDVREUHORVRWURVFRPSRQHQWHVGHODPHVD\DPDJyXQDHYDVLYD>@
<RDYRVWHFRQR]FR"
6tPHFRQRFpV
3RUTXHYRVDFiDSDUHFpVVREUHYROyODLQIRUPDFLyQGHO6RUGRPHYHQtVDEXVFDUDODPHVDPHSUHVLRQiVSDUDTXH
YHQJDDKDEODUFRQYRV0HKDFpVOHYDQWDUGHODPHVDGRQGH
6tPHFRQRFpV
5REHUWR)RQWDQDUURVD(OVRUGRHQ/DPHVDGHORVJDODQHV\RWURVFXHQWRV(GLFLRQHVGHOD)ORU65/

1RZUHDGWKHSUHYLRXVH[WUDFWDQGFKDQJHWKHWH[WVRWKDW\RXXVHW~DQGLWVFRUUHVSRQGLQJYHUEIRUP
LQVWHDGRIYRV
'LUHFWREMHFWSURQRXQV
'LUHFWREMHFWSURQRXQVORVSURQRPEUHVGHREMHWRGLUHFWRDUHSURQRXQVWKDWDUHXVHGWRUHSODFHWKHGLUHFW
REMHFW
9HUpD(QULTXHPDxDQD,ZLOOVHH(QULTXHWRPRUURZ/RYHUpPDxDQD,ZLOOVHHKLPWRPRUURZ
0DUtDKDFRPSUDGRXQDPRWR0DUtDKDVERXJKWDPRWRUF\FOH0DUtDODKDFRPSUDGR0DUtDKDV
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

/HYLHVWDPDxDQD/RYLHVWDPDxDQD,VDZKLPWKLVPRUQLQJ
1RSXHGRYHUOHVKR\1RSXHGRYHUORVKR\,FDQWVHHWKHPRU\RXWRGD\
)RUWKHXVHRIXVWHGHVDQGLWVGLUHFWREMHFWSURQRXQHTXLYDOHQWVRVDQGOHVVHH6HFWLRQ
8VH
*HQHUDOUXOH
,QPRVWFDVHVWKHGLUHFWREMHFWSURQRXQLVSODFHGEHIRUHWKHYHUE
ZKRVHREMHFWLWLV1RWLFHWKDWLQ(QJOLVKRQWKHRWKHUKDQGWKHGLUHFW
REMHFWSURQRXQLVSODFHGDIWHUWKHYHUE

7HYHR,FDQVHH\RX
1RORVFRPSUHV'RQWEX\WKHP

([FHSWLRQV
,QWKHIROORZLQJFDVHVWKHGLUHFWREMHFWSURQRXQJRHVDIWHUWKHYHUEDQGLVDWWDFKHGWRLWWKHVHDUHFDOOHGHQFOLWLFSURQRXQV
$IILUPDWLYHFRPPDQGV
EUHOR2SHQLW
&RQVWUXFWLRQVZLWKWKHLQILQLWLYH
7HQJRTXHYHUOD,QHHGWRVHHKHU
(VWR\OODPiQGRORVDKRUD,DPFDOOLQJWKHPQRZ
1RWLFHKRZWKHSURQRXQLVDWWDFKHGWRWKHYHUEEXWQRWLFHDOVRWKDW
DZULWWHQDFFHQWQHHGVWREHDGGHGVRWKHVWUHVVRQWKHPDLQSDUWRIWKH
&RQVWUXFWLRQVZLWKWKHJHUXQG
YHUEUHPDLQVWKHVDPH
JHUXQGOODPDQGRVWUHVVRQDQ
JHUXQGSURQRXQOODPiQGRORVVWUHVVDQGZULWWHQDFFHQWRQiQ
,IWKHLQILQLWLYHRUJHUXQGLVSUHFHGHGE\DILQLWHYHUEWKHSURQRXQFDQEH
SODFHGEHIRUHWKHILQLWHYHUE
7HQJRTXHYHUOD/DWHQJRTXHYHU
(VWR\OODPiQGRORVDKRUD/RVHVWR\OODPDQGRDKRUD
1RTXLHURKDFHUOR1RORTXLHURKDFHU
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,FDQWVHHDQ\RQH
DOJXLHQQDGLHDOJXQRQLQJXQRDQGFXDOTXLHUD
&RQRFHDDOJXLHQTXHSXHGDLQVWDODUODFRFLQD"'R\RXNQRZ
DQ\RQHZKRFDQSOXPELQWKHFRRNHU"
$FXiQWDVSHUVRQDVKDVLQYLWDGR"$YHLQWH+RZPDQ\SHRSOHKDYH
$QXPEHUWKDWUHIHUVWRSHRSOH
\RXLQYLWHG"7ZHQW\

1RWHWKDWZKHQWKHGLUHFWREMHFWLVDSURQRXQWKHSHUVRQDODGLVDSSHDUV
(VWR\OODPDQGRD$QD,PSKRQLQJ$QD/DHVWR\OODPDQGR
6HH8QLWIRUPRUHRQWKHSUHSRVLWLRQD
(MHUFLFLRV

$VVHUW\RXUDXWKRULW\RYHUWKHVHXQUXO\FKLOGUHQ7HOOWKHPWRGRLWULJKWQRZDVLQWKHH[DPSOH
(MHPSOR

http://vk.com/espanol_con_amigos

/DYDORVSODWRV
1RWHQJRJDQDV
/iYDORVDKRUDPLVPR
D+D]ORVGHEHUHV
(VWR\YLHQGRODWHOH
DKRUDPLVPR
E5HFRJHWXURSD
(VTXHHVWR\HVFXFKDQGRP~VLFD

F$SDJDODOX]
1RHVTXHHVWR\OH\HQGR

$QVZHUWKHIROORZLQJTXHVWLRQVXVLQJWKHSURPSWLQEUDFNHWVDVLQWKHH[DPSOH
(MHPSOR
4XLpQHVWiOH\HQGRHVWHOLEUR"\R/RHVWR\OH\HQGR\R(VWR\OH\pQGROR\R
D4XLpQHVWiYLHQGRODWHOH"QRVRWURV
E4XLpQHVWiSUHSDUDQGRORVERFDGLOORV"0LJXHO
F4XLpQHVWiRUGHQDQGRHVWDVIRWRV"&ULVWLQD
G4XLpQHVWiKDFLHQGRXQFDIp"\R
H4XLpQHVWiFRUWDQGRHOFpVSHG"5DTXHO
<RXDUHDELWEHKLQGZLWK\RXUFKRUHV$QVZHUWKHTXHVWLRQVIROORZLQJWKHH[DPSOH
(MHPSOR
&RPSUDVWHODOHFKH"1RWRGDYtDWHQJRTXHFRPSUDUOD1RWRGDYtDODWHQJRTXHFRPSUDU
D/ODPDVWHD(QULTXH"
E5HFRJLVWHHOSDTXHWH"
F)UHJDVWHORVSODWRV"
G0DQGDVWHHOPHQVDMH"
H9LVWHD7HUHVD"
I7HUPLQDVWHODFRODGD"
J(VFULELVWHODVFDUWDV"
K3DJDVWHORVUHFLERV"
,QGLUHFWREMHFWSURQRXQV
,QGLUHFWREMHFWSURQRXQVORVSURQRPEUHVGHREMHWRLQGLUHFWRDUHSURQRXQVWKDWVWDQGIRUWKHLQGLUHFWREMHFW
LHWKHSHUVRQRUREMHFWWKDWEHQHILWVIURPDQDFWLRQRUUHFHLYHVVRPHWKLQJDVDUHVXOWRILW

http://vk.com/espanol_con_amigos

0DQGDVWHXQDWDUMHWDD(VWKHU"'LG\RXVHQG(VWKHUDSRVWFDUG"/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
,QWKHIROORZLQJFDVHVWKHLQGLUHFWREMHFWSURQRXQJRHVDIWHUWKHYHUEDQGLVDWWDFKHGWRLWWKHVHDUHFDOOHGHQFOLWLFSURQRXQV<RXZLOOQRWLFHWKDW
WKHVHUXOHVDUHWKHVDPHDVWKRVHWKDWDSSO\WRWKHGLUHFWREMHFWSURQRXQV 6HFWLRQ
$IILUPDWLYHFRPPDQGV
&RQVWUXFWLRQVZLWKWKHLQILQLWLYH

&RQVWUXFWLRQVZLWKWKHJHUXQG

,IWKHLQILQLWLYHRUJHUXQGLVSUHFHGHGE\DILQLWHYHUEWKHSURQRXQFDQEH
SODFHGEHIRUHWKHILQLWHYHUE

'DPHHOOLEUR*LYHPHWKHERRN
7HQJRTXHGDURVODGLUHFFLyQ,QHHGWRJLYH\RXWKHDGGUHVV
(VWR\FRQWiQGROHHOFKLVWH,DPWHOOLQJKHUWKHMRNH
1RWLFHKRZWKHSURQRXQLVDWWDFKHGWRWKHYHUEEXWQRWLFHDOVRWKDW
DZULWWHQDFFHQWQHHGVWREHDGGHGVRWKHVWUHVVRIWKHPDLQSDUWRIWKH
YHUEUHPDLQVWKHVDPH
JHUXQGFRQWDQGRVWUHVVRQDQ
JHUXQGSURQRXQFRQWiQGROHVWUHVVDQGZULWWHQDFFHQWRQiQ
7HQJRTXHGDUWHODVIRWRV7HWHQJRTXHGDUODVIRWRV,KDYHWR
JLYH\RXWKHSKRWRV

(MHUFLFLRV

5HSODFHWKHLQGLUHFWREMHFWLQEUDFNHWVZLWKDQLQGLUHFWREMHFWSURQRXQ
(MHPSOR
(VFULELyXQDFDUWDDVXPDGUH/HHVFULELyXQDFDUWD
D&RQWyXQVHFUHWRDPt
E/XLVDTXLHURSHGLUXQIDYRUDWL
F0DQGDURQXQSDTXHWHDVXVWtRV
G5HJDODVWHXQDVIORUHVDODDEXHOD
1RZGRWKHVDPHEXWUHPHPEHUWKDWDOOWKHVHVHQWHQFHVDUHLPSHUDWLYHV
(MHPSOR

http://vk.com/espanol_con_amigos

&XHQWDTXpWHSDVyD0DUWD&XpQWDOHTXpWHSDVy

D5HFXHUGDTXHWHQJRTXHLUDOGHQWLVWDDPt
E'DHOOLEURD-XDQ
F([SOLFDFyPRVHOOHJDDODHVWDFLyQDHOORV
G(QVHxDODVIRWRVDQRVRWUDV
2EMHFWSURQRXQVZLWKSUHSRVLWLRQV
:KHQDSURQRXQIROORZVDSUHSRVLWLRQHJFRQpOZLWKKLPSDUDPtIRUPHHWFVRPHVSHFLDOIRUPVDUH
XVHGLQ6SDQLVKQRWDEO\PtDQGWLIRUPHDQG\RX
SDUDPtIRUPH
GHWLIURP\RX
)RUP
$IWHUDSUHSRVLWLRQXVHWKHIROORZLQJSHUVRQDOSURQRXQV

8VHRIVt
7KHWKLUGSHUVRQUHIOH[LYHVtLVXVHGZKHQWKHVXEMHFWDQGWKHREMHFWSURQRXQVUHIHUWRWKHVDPHSHUVRQ,WFDQEH
IROORZHGE\PLVPRPD
6LHPSUHHVWiSHQVDQGRHQVtPLVPD6KHVDOZD\VWKLQNLQJDERXWKHUVHOI
1RHVFLHUWRGLMRSDUDVt,WVQRWWUXHKHVDLGWRKLPVHOI
8VHRI\RDQGW~DIWHUVRPHSUHSRVLWLRQVDQGDGYHUEV
:LWKWKHIROORZLQJSUHSRVLWLRQVDQGDGYHUEV\RXVKRXOGXVH\RDQGW~UDWKHUWKDQPtDQGWL7KHUHVWRIWKH
SHUVRQVDUHWKHVDPHDVIRURWKHUSUHSRVLWLRQV
FRPR
VHJ~Q

(VFRPR\R6KHLVOLNHPH
6HJ~QW~QRKDEtDPXFKDJHQWH$FFRUGLQJWR\RXWKHUHZHUHQWPDQ\
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
E4XLHUHVFDVDUWH"ZLWKPH
F(VWDPRVPX\FRQWHQWRVZLWKKHU
G6HxRULWDSXHGREDLODU"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'RQWJRH[SUHVVHVIDPLOLDULW\DQGHQGHDUPHQW
$IILUPDWLYHFRPPDQGVDQGFRQVWUXFWLRQVZLWKWKHLQILQLWLYHDQGWKHJHUXQG

'RXEOHREMHFWSURQRXQVIROORZWKHVDPHUXOHVDVGLUHFWDQGLQGLUHFWREMHFWSURQRXQVLQDIILUPDWLYHFRPPDQGV
DQGLQFRQVWUXFWLRQVZLWKWKHLQILQLWLYHDQGWKHJHUXQG
)RUPRUHLQIRUPDWLRQJRWR6HFWLRQDQG
1RWLFHWKDWDZULWWHQDFFHQWLVQHHGHGIRUWKHVWUHVVWRUHPDLQRQWKHVDPHV\OODEOHDVLWZRXOGEHRQ
ZLWKRXWWKHSURQRXQV
$IILUPDWLYHFRPPDQGV
&RQVWUXFWLRQVZLWKWKHLQILQLWLYH
&RQVWUXFWLRQVZLWKWKHJHUXQG
,IWKHLQILQLWLYHRUJHUXQGLVSUHFHGHGE\DILQLWHYHUEWKHSURQRXQFDQEH
SODFHGEHIRUHWKHILQLWHYHUE

'iVHORV*LYHWKHPWRKLPKHU
7HQJRTXHH[SOLFiUWHOR,QHHGWRH[SODLQLWWR\RX
(VWiHQVHxiQGRPHORDKRUD6KHLVVKRZLQJLWWRPHQRZ
7HQJRTXHGHFtUVHOR6HORWHQJRTXHGHFLU
(VWR\PDQGiQGRWHODDKRUD7HODHVWR\PDQGDQGR
1RTXLHURH[SOLFiURVOR1RRVORTXLHURH[SOLFDU

(MHUFLFLRV

http://vk.com/espanol_con_amigos

3HRSOHDUHVRGHPDQGLQJ%XW\RXDUHUHDOO\HIILFLHQWWHOOWKHP\RXYHDOUHDG\GRQHLWE\ILOOLQJLQWKH
JDSVZLWKWKHFRUUHFWLQGLUHFWDQGGLUHFWREMHFWSURQRXQVDVLQWKHH[DPSOH
(MHPSOR
&XiQGROHYDVDGHFLUD-XDQTXHQRYLHQHV"
<DVHORKHGLFKR
D&XiQGRYDVDGDUOHHOPHQVDMHD&ULVWLQD"
<DKHGDGR
E&XiQGRYDVDSUHVWDUOHODVKHUUDPLHQWDVD-XDQ"
<DKHSUHVWDGR
F&XiQGRYDDH[SOLFDUOHHOSUREOHPDDORVQLxRV"
<DKHH[SOLFDGR
G&XiQGRYDVDHQWUHJDUOHHOWUDEDMRDWXMHIH"
<DKHHQWUHJDGR
    &KLOGUHQ FDQ EH VR VSRLOW  DQG SDUHQWV VR VWULFW )LOO WKH JDSV ZLWK WKH LQGLUHFW DQG GLUHFW REMHFW
SURQRXQVDVLQWKHH[DPSOH
(MHPSOR
4XLHURHVWDPXxHFD&yPSUDPHOD
1RQRYR\DFRPSUiUWHOD1RQRWHODYR\DFRPSUDU
D4XLHURHVWHMXHJR&yPSUD
1R
E4XLHURHVWDVSDWDWDVIULWDV
1R
F&DUOLWRV\\RTXHUHPRVHVWDELFLFOHWD
1R
G&DUOLWRV\\RTXHUHPRVXQRVYLGHRMXHJRV
1R

http://vk.com/espanol_con_amigos


'HPRQVWUDWLYHV
'HPRQVWUDWLYHVDUHZRUGVWKDWLQGLFDWHWKHSHUVRQRUWKLQJUHIHUUHGWR7KHUHDUHWZRVRUWVRIGHPRQVWUDWLYHV
GHPRQVWUDWLYHDGMHFWLYHVHVWHFRFKHWKLVFDUDQGGHPRQVWUDWLYHSURQRXQV4XpHVHVWR":KDWVWKLV"
,Q(QJOLVKWKLVDQGWKHVHLVXVHGWRUHIHUWRWKLQJVRUSHRSOHWKDWDUHFORVHWRWKHVSHDNHUDQGWKDWDQG
WKRVHLVXVHGIRUWKLQJVDQGSHRSOHWKDWDUHGLVWDQW,Q6SDQLVKWKHUHDUHWKUHHW\SHVRIGHPRQVWUDWLYHVHVWH
HVHDQGDTXHOZLWKWKHLUUHVSHFWLYHIHPLQLQHDQGSOXUDOIRUPV
)RUP

7KHQHXWHUGHPRQVWUDWLYHSURQRXQ
7KHUHLVDOVRDQHXWHUGHPRQVWUDWLYHZKLFKIXQFWLRQVRQO\DVDSURQRXQ
HVWRHVRDTXHOOR
,WLVXVHGWRUHIHUWRLQDQLPDWHWKLQJVZLWKRXWVSHFLI\LQJWKHLUJHQGHUPHDQLQJWKLVWKLQJ
(VWRHVXQDEU~MXOD7KLVLVDFRPSDVV
,WLVDOVRXVHGWRWDONDERXWLGHDVFRQFHSWVRUDEVWUDFWWKLQJV
(VRHVORTXH\RTXLHUR7KDWVZKDW,ZDQW
7KHQHXWHUIRUPHVWRHVRDTXHOORFDQRQO\EHDSURQRXQ7KHPDVFXOLQHDQGIHPLQLQHFDQEHHLWKHUD
SURQRXQRUDQDGMHFWLYHDOWKRXJKLQHLWKHUFDVHWKH\DUHVSHOWWKHVDPH1RWHKRZHYHUWKDWXQWLOUHFHQWO\
GHPRQVWUDWLYHSURQRXQVXVHGWRKDYHDQDFFHQWWRGLIIHUHQWLDWHWKHPIURPGHPRQVWUDWLYHDGMHFWLYHV
(VWRVFXDGURVVRQPX\LQWHUHVDQWHVSHURHOTXHPiVPHJXVWDHVDTXpO
7KHVHSDLQWLQJVDUHYHU\LQWHUHVWLQJEXW,OLNHWKDWRQHEHWWHU
1RZDGD\VLWLVRQO\QHFHVVDU\WRZULWHWKHDFFHQWRQWKHGHPRQVWUDWLYHSURQRXQLIWKHVHQWHQFHPLJKWEH
DPELJXRXVEXWWKDWLVQRWYHU\OLNHO\<RXZLOOVWLOOKRZHYHUFRPHDFURVVWKHDFFHQWRQWKHSURQRXQVLQPDQ\
ZULWWHQWH[WV
8VH
5HIHUHQFHWRVSDFHDQGWLPH
7KHWKUHHGHPRQVWUDWLYHVHVWHHVHDQGDTXHOUHIHUWRGLIIHUHQWUHODWLRQVKLSVLQWHUPVRIVSDFHDQGWLPH

http://vk.com/espanol_con_amigos

'HURJDWRU\FRQQRWDWLRQV
7KHGHPRQVWUDWLYHVFDQEHXVHGWRFRQYH\GHURJDWRU\FRQQRWDWLRQVDVWKH\FDQFRQYH\DSV\FKRORJLFDO
GLVWDQFLQJIURPWKHUHIHUHQW
3RUDKtYLHQHHVHLPEpFLO+HUHFRPHVWKDWLGLRW
(VDHVXQDEUXMD6KHVDUHDOZLWFKWKDWRQH
:LWKWKLVGHURJDWRU\PHDQLQJWKHGHPRQVWUDWLYHDGMHFWLYHVFDQDOVREHSODFHGDIWHUWKHQRXQQRWLFHWKDWWKH
QRXQZLOOWKHQQHHGDQDUWLFOH
1RPHKDEOHVGHODVFKLFDVHVDV'RQWWDONWRPHDERXWWKRVHJLUOV
1RPHYHQJDVFRQODH[FXVDHVDGHTXHQRWLHQHVWLHPSR'RQWFRPHWRPHZLWKWKDWH[FXVHDERXWQRW
KDYLQJWLPH
+RZWRVD\WKHODWWHUDQGWKHIRUPHU

(VWHDQGDTXHOFDQEHXVHGWRPHDQWKHODWWHUDQGWKHIRUPHUUHVSHFWLYHO\
 (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"

(VPRQRSUXpEDWHOR3HURSRUTXpQRWHSUXHEDVWDPELpQWKDWIDOGD"
&XiO"WKLVRQHGHUD\DV"
1RWKDWRQHGHIORUHVTXHHVWiGHWUiV
$KVtHVERQLWD0LUD\PHYR\DSUREDUWDPELpQWKLVRWURYHVWLGRURMR

http://vk.com/espanol_con_amigos


3RVVHVVLYHV
3RVVHVVLYHVORVSRVHVLYRVDUHZRUGVWKDWLQGLFDWHSRVVHVVLRQRUEHORQJLQJVXFKDVPLVOLEURVP\ERRNV
RU(VPtR,WVPLQH
3RVVHVVLYHDGMHFWLYHV
3RVVHVVLYHDGMHFWLYHVORVDGMHWLYRVSRVHVLYRVDJUHHLQJHQGHUDQGQXPEHUZLWKWKHQRXQVWKH\DFFRPSDQ\
3RVVHVVLYHDGMHFWLYHVEHIRUHDQRXQ
3RVVHVVLYHVFDQUHSODFHWKHDUWLFOHWRH[SUHVVSRVVHVVLRQHOFRFKHWKHFDUPLFRFKHP\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
QXHVWUDVEROVDVRXUEDJVEHFDXVHWKHWKLQJSRVVHVVHGLVIHPLQLQHDQGSOXUDO
QXHVWURHTXLSDMHRXUOXJJDJHEHFDXVHWKHWKLQJSRVVHVVHGLVPDVFXOLQHDQGVLQJXODU
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\WKHSRVVHVVLYHDGMHFWLYHLVXVHGWRGHQRWHRQHVRZQLQ
(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'RQWWDNHWKLVERRNRIPLQH
(VXQDPLJRPtR+HLVDIULHQGRIPLQHLH,KDYHVHYHUDOIULHQGVDQG
7RHPSKDVLVHWKHIDFWWKDWWKHWKLQJSRVVHVVHGLVRQHRIDJURXS
KHLVRQHRIWKHP
:KHQWKHQRXQLVSUHFHGHGE\DOJ~QQLQJ~QFXDOTXLHUFDGDPXFKR &XDOTXLHULGHDVX\DVXHOHVHULQWHUHVDQWH$Q\LGHDRIKLVLVXVXDOO\
LQWHUHVWLQJ
SRFRYDULRVPiVPHQRV
6HH8QLW
+HFRQRFLGRDPXFKRVDPLJRVVX\RV,KDYHPHWPDQ\RIKLVIULHQGV
1RTXLHURQDGDVX\R,GRQWZDQWDQ\WKLQJRIKLV
%HIRUHQDGDDQGDOJR
6HH8QLWVDQG
&UHRTXHWLHQHVDOJRQXHVWUR,WKLQN\RXKDYHVRPHWKLQJRIRXUV

(MHUFLFLRV

)LOOLQWKHJDSVZLWKWKHFRUUHFWSRVVHVVLYHDGMHFWLYH
D7HJXVWDSLVR"P\
E(OLVDKDSHUGLGRPDOHWDVKHU
F/RPiVLPSRUWDQWHHVODVDOXGGHKLMDVRXU
G1RHQWLHQGRDPDGUHKLV
7UDQVODWHWKHIROORZLQJVHQWHQFHVLQWR6SDQLVK
D6RPHIULHQGVRIPLQHDUHFRPLQJ
E7KLVKDQGEDJLV\RXUV
F,KDYHQWJRWDQ\WKLQJRIKHUV
G<RXKDYHPDQ\ERRNVRIPLQH

http://vk.com/espanol_con_amigos

3RVVHVVLYHSURQRXQV
3RVVHVVLYHSURQRXQVORVSURQRPEUHVSRVHVLYRVUHSODFHDQRXQDQGWKHSRVVHVVLYHDGMHFWLYHWKDWPD\
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
(OFRFKHGH-XDQHVPX\JUDQGH\HOGH$QD"-XDQVFDULVYHU\ELJ$QG$QDV"
(OVX\RWDPELpQ+HUVWRR(OVX\RLVPDVFXOLQHEHFDXVHFRFKHLVPDVFXOLQH
/RPtRWX\RVX\R
7KHQHXWHUDUWLFOHORFDQEHXVHGZLWKDSRVVHVVLYHSURQRXQDVLQWKH
IROORZLQJH[DPSOHV

/RQXHVWURWLHQHTXHDFDEDU2XUUHODWLRQVKLSDIIDLUKDVWRILQLVK
/RYXHVWURHVWiHQHOFRFKH<RXUWKLQJVDUHLQWKHFDU
/RVX\RHVODP~VLFDFOiVLFD+LVWKLQJLVFODVVLFDOPXVLF

(MHUFLFLRV

)LOOLQWKHJDSVZLWKDSRVVHVVLYHSURQRXQDVLQWKHH[DPSOH
(MHPSOR
(VWiVFRQWHQWRFRQWXWUDEDMRSHUR\RQRHVWR\FRQWHQWRFRQHOPtR
D(VWHHVWXSHULyGLFRHVWiHQODFRFLQD
E(VWDVVRQWXVJDIDVQRODVHQFXHQWUR
F0HSUHVWDVWXGLFFLRQDULR"PHORGHMpHQFDVD
G7XVKLMDVVRQEXHQDVHVWXGLDQWHVSHURQR
$QVZHUWKHTXHVWLRQVIROORZLQJWKHH[DPSOH<RXPD\ZDQWWRUHYLVHWKHXQLWVRQWKHFRPSDUDWLYHEHIRUH
\RXGRWKLVH[HUFLVH
(MHPSOR
0LSXHEORHVPX\ERQLWR<HOWX\R"
(OPtRHVPiVERQLWRTXHHOWX\R
D0LFDVDHVPX\JUDQGH<ODWX\D"

http://vk.com/espanol_con_amigos

E0LMDUGtQWLHQHPXFKDVIORUHV<HOWX\R"
F0LFDOOHHVPX\DJUDGDEOH<ODWX\D"
G1XHVWURVYHFLQRVVRQPX\VLPSiWLFRV<ORVYXHVWURV"

http://vk.com/espanol_con_amigos


1XPHUDOV
7KHUHDUHWZRW\SHVRIQXPHUDOVFDUGLQDOQXPEHUVORVQXPHUDOHVFDUGLQDOHVZKLFKFRUUHVSRQGWRDVHULHV
XQRGRVWUHVRQHWZRWKUHHDQGRUGLQDOQXPEHUVORVQXPHUDOHVRUGLQDOHVZKLFKUHIHUWRWKH
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
2QHWDNHVWKHIHPLQLQHIRUPLIDFFRPSDQ\LQJRUUHIHUULQJWRDIHPLQLQH RIFULVSV
QRXQ
&XDQWDVFHUYH]DVXQDRGRV"8QD+RZPDQ\EHHUVRQHRUWZR"
2QH
2WKHUQXPEHUVHQGLQJLQRQHDOVRWDNHWKHPDVFXOLQHRUWKHIHPLQLQH
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[SUHVVLRQFLHQSRUFLHQ
GRVFLHQWRVQLxRVWZRKXQGUHGER\V
1XPEHUVLQWKHKXQGUHGVDJUHHLQJHQGHUZLWKWKHQRXQWKH\DFFRPSDQ\
GRVFLHQWDVFDVDVWZRKXQGUHGKRXVHV

7KRXVDQGV
7KHZRUGPLORQHWKRXVDQGLVLQYDULDEOHDVLQ(QJOLVK
GRVPLOWZRWKRXVDQG
,WFDQDSSHDULQWKHSOXUDOLQWKHH[SUHVVLRQPLOHVGHWKRXVDQGVRIDVLQ
PLOHVGHWXULVWDVWKRXVDQGVRIWRXULVWV
(QJOLVK
8QOLNH(QJOLVKPLOLVQRWSUHFHGHGE\DQDUWLFOH
&XHVWDPLOGyODUHV,WFRVWVDWKRXVDQGGROODUV
,QWKHH[SUHVVLRQRQHKXQGUHGWKRXVDQGWKHVKRUWHQHGIRUPFLHQLVXVHG
FLHQPLOGRVFLHQWRVPLORUGRVFLHQWDVPLO
2WKHUKXQGUHGVRIWKRXVDQGVUHYHUWWRWKHIRUPFLHQWR

0LOOLRQV
$OWKRXJKPLOOLRQLVLQYDULDEOHLQ(QJOLVKHJWZRPLOOLRQLQ
6SDQLVKWKHSOXUDOIRUPLVXVHGLQH[SUHVVLRQVRIWZRPLOOLRQRUPRUH
1RWHWKDWWKHH[SUHVVLRQRQHPLOOLRQQRXQLVXQPLOOyQGH
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
7KHPDVFXOLQHIRUPVSULPHURDQGWHUFHURGURSWKHRLQIURQWRIDQRXQ
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$YHUHQTXpSLVRYLYH3HGUR"+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
6RPHFRPPRQFROOHFWLYHQXPEHUVQXPHUDOHVFROHFWLYRVDUH
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
)UDFWLRQVIUDFFLRQHVDUHH[SUHVVHGDVIROORZV
PHGLRPHGLDDGMHFWLYH
ODPLWDGQRXQ

PHGLROLPyQKDOIDOHPRQ
PHGLDQDUDQMDKDOIDQRUDQJH
ODPLWDGGHORVQLxRVKDOIWKHFKLOGUHQ

XQWHUFLRRUXQDWHUFHUDSDUWH

XQWHUFLRGHODSREODFLyQDWKLUGRIWKHSRSXODWLRQ
GRVWHUFLRVGHOWRWDOWZRWKLUGVRIWKHWRWDO

XQFXDUWRRUXQDFXDUWDSDUWH

XQFXDUWRGHOLWURDTXDUWHURIDOLWUH
WUHVFXDUWDVSDUWHVGHORVHQWUHYLVWDGRVWKUHHTXDUWHUVRIWKRVH
LQWHUYLHZHG

XQTXLQWRRUXQDTXLQWDSDUWH

XQDTXLQWDSDUWHGHODKHUHQFLDDILIWKRIWKHLQKHULWDQFH

XQVH[WRRUXQDVH[WDSDUWHXQVpSWLPRRUXQDVpSWLPDSDUWHXQRFWDYRRUXQDRFWDYDSDUWHXQQRYHQRRUXQDQRYHQD
SDUWHXQGpFLPRRUXQDGpFLPDSDUWH

:LWKODUJHUQXPEHUVWKHVXIIL[DYRLVDGGHGWRWKHQXPEHUWRPDNHWKHIUDFWLRQHJ
XQRQFHDYR

FLQFRGRFHDYRV

http://vk.com/espanol_con_amigos

(MHUFLFLRV

+RZPDQ\DUHWKHUH"
(MHPSOR
FLQFRERWHOODVPHGLDGHFHQDGHERWHOODV
GRFHKXHYRVXQDGHKXHYRV
VHLVQLxRVPHGLDGHQLxRV
GLH]SHUVRQDVXQDGHSHUVRQDV
RFKR]DSDWRVFXDWURGH]DSDWRV
GRVFDOFHWLQHVXQGHFDOFHWLQHV
5HSKUDVHWKHIROORZLQJVHQWHQFHVVR\RXH[SUHVVWKHTXDQWLWLHVXVLQJDFROOHFWLYHQXPEHUZLWKWKHVDPH
PHDQLQJ
D+D\XQRVQLxRVHQODFODVH
E8QDVFLHQSHUVRQDVYLQLHURQDODERGD
F+DEtDXQRVWUHLQWDFXDGURVGHOPXVHRHQODH[SRVLFLyQ
G7HQJRGRVOLEURVQXHYRVPX\EXHQRV
H7LHQH]DSDWRVHQHODUPDULR
I3DUDHVWDUHFHWDVHQHFHVLWDQKXHYRV

http://vk.com/espanol_con_amigos


,QGHILQLWHV
,QGHILQLWHDGMHFWLYHVSURQRXQVRUDGYHUEVORVLQGHILQLGRVDUHW\SHVRIZRUGWKDWUHIHUWRSHUVRQV
DQLPDOVWKLQJVHWFZKLFKDUHQRWVSHFLILFRUFOHDUO\GHILQHGHJDOJXLHQVRPHERG\DOJRVRPHWKLQJ
DOJXQDVRPH0DQ\LQGHILQLWHVDUHTXDQWLILHUVH[SUHVVLQJJUHDWHURUOHVVHUGHJUHHVRILPSUHFLVLRQVXFKDV
EDVWDQWHHQRXJKRUTXLWHRUYDULRVVHYHUDO7KH\DUHOLVWHGLQDOSKDEHWLFDORUGHULQDFRPPRQOLVWIRU
JUHDWHUFRQYHQLHQFH
,QGHILQLWH

8VHV

5HPDUNV

DOJR

7HQJRDOJRHQHO]DSDWR,KDYH
VRPHWKLQJLQP\VKRH
4XLHUHVDOJRGHEHEHU"'R\RXZDQW
DQ\WKLQJWRGULQN"

$QLQYDULDEOHSURQRXQWKDWPHDQVVRPHWKLQJRULQ
TXHVWLRQVDQ\WKLQJ
,WFDQDOVRPHDQDELW(VDOJRFRTXHWD6KHLVD
ELWRIDIOLUW

DOJXLHQ

1HFHVLWRTXHDOJXLHQPHDFRPSDxH,
QHHGVRPHRQHWRFRPHZLWKPH
+DOODPDGRDOJXLHQ"+DVDQ\ERG\
SKRQHG"

$QLQYDULDEOHSURQRXQDOZD\VPDVFXOLQHDQG
VLQJXODUZKLFKUHIHUVWRDQLQGHWHUPLQDWHSHUVRQLQ
WKHZD\VRPHERG\RUVRPHRQHRUDQ\ERG\RU
DQ\RQHLQTXHVWLRQVZRXOGLQ(QJOLVK

DOJXQRDRVDV

0LUDHVWRVOLEURV\GLPHVLKD\DOJXQR
TXHWHLQWHUHVH+DYHDORRNDWWKHVH
ERRNVDQGWHOOPHLIWKHUHLVDQ\WKDW
LQWHUHVWV\RX

3URQRXQRUDGMHFWLYH

$OJ~QGtDORFRPSUHQGHUiV<RXOO
XQGHUVWDQGLWRQHGD\

$OJ~QLVWKHVKRUWHQHGIRUPZKHQLWLVXVHGDVDQ
DGMHFWLYHEHIRUHDPDVFXOLQHQRXQ

+HYLVWRDOJXQDGHVXVSHOtFXODV,YH
VHHQVRPHRIKLVILOPV

)ROORZHGE\GHQRXQSKUDVHLWPHDQVRQHRU
VHYHUDORIDJURXS

EDVWDQWHV

+DEtDEDVWDQWHVFRFKHV7KHUHZHUH
SOHQW\RIFDUV

$GMHFWLYHRUSURQRXQZKLFKFDQPHDQHQRXJKRU
SOHQW\7KHDGYHUEEDVWDQWHDOVRH[LVWVPHDQLQJ
HQRXJKRUTXLWHDELW<DKHWUDEDMDGR
EDVWDQWHSRUKR\,KDYHZRUNHGHQRXJKIRU
WRGD\

FDGD

&DGDHPSOHDGRWHQtDVXSURSLR
GHVSDFKR(DFKHPSOR\HHKDGWKHLURZQ
RIILFH

&DGDLVDQLQYDULDEOHDGMHFWLYHPHDQLQJHDFK
7KHIRUPVFDGDXQRXQDDQGFDGDFXDODUH
SURQRXQVPHDQLQJHDFKSHUVRQ

FDGDXQRXQD

&DGDXQRIXHHQVXSURSLRFRFKH(DFK
RQHZHQWLQWKHLURZQFDU

FDGDFXDO

&DGDFXDOTXHKDJDORTXHTXLHUD/HW
HDFKRQHGRWKHLURZQWKLQJ

FXDOTXLHUD

+R\HQGtDFXDOTXLHUDVDEHSURJUDPDU
HOYtGHR$Q\RQHNQRZVKRZWR
SURJUDPPHDYLGHRUHFRUGHUWKHVHGD\V
&XDOTXLHUDVHDWUHYH:KRZRXOGGDUH

$GMHFWLYHRUSURQRXQXVHGWRUHIHUWRDQ
LQGHWHUPLQDWHSHUVRQDQLPDORUREMHFWZKLFK
GRHVQWQHHGWREHVSHFLILFVLPLODUWRWKHPHDQLQJ
FRQYH\HGE\DQ\RQHIURPDJURXS

&XDOTXLHUQLxRVDEHHVDVFRVDV$Q\
FKLOGNQRZVWKDW
FXDOTXLHUQLxDDQ\JLUO

7KHVKRUWHQHGIRUPFXDOTXLHULVXVHGEHIRUHD
PDVFXOLQHRUIHPLQLQHQRXQ

&XDOTXLHUDTXHVHDVXLQWHQFLyQQRPH
ItRGHpO:KDWHYHUKLVLQWHQWLRQ,GRQW
WUXVWKLP

&XDOTXLHUDTXHLVDOZD\VIROORZHGE\DYHUELQ
WKHVXEMXQFWLYH

&XDOHVTXLHUDTXHVHDQVXVLQWHQFLRQHV 1RWHWKDWWKHSOXUDOFXDOHVTXLHUDFDQDOVREH
XVHGLQWKLVFRQVWUXFWLRQ
:KDWHYHUKLVLQWHQWLRQV
'HPiV

/RVGHPiV\DKDQFRPLGR7KHRWKHUV
KDYHDOUHDG\HDWHQ
/RGHPiVQRPHLQWHUHVD7KHUHVW

$QLQYDULDEOHIRUPPHDQLQJWKHUHVWRUWKH
RWKHUVZKLFKPXVWEHSUHFHGHGE\DQHXWHURUD
SOXUDOGHILQLWHDUWLFOH8VHGZLWKWKHQHXWHUDUWLFOH

http://vk.com/espanol_con_amigos

GRHVQWLQWHUHVWPH

ORLWUHIHUVRQO\WRWKLQJVQHYHUWRSHRSOH

GHPDVLDGRDRVDV

$GMHFWLYHRUSURQRXQPHDQLQJWRRWRRPXFKRU
7HQJRGHPDVLDGRVSUREOHPDV,KDYHWRR WRRPDQ\7KHDGYHUEGHPDVLDGRDOVRH[LVWV
PDQ\SUREOHPV
PHDQLQJWRRPXFK+HFRPLGRGHPDVLDGR,YH
HDWHQWRRPXFK

LJXDOHV

7HQtDLJXDODIHFWRDWRGRVVXVQLHWRV
6KHKDGWKHVDPHDIIHFWLRQIRUDOOKHU
JUDQGFKLOGUHQ

$GMHFWLYHRUSURQRXQPHDQLQJWKHVDPHHTXDO
RUVLPLODU7KHDGYHUELJXDOH[LVWVDVDYDULDQWRI
LJXDOPHQWHHJ3LHQVRLJXDO,WKLQNWKHVDPH
LQWKHVDPHZD\

9LQLHURQRWUDYH]ORVPLVPRVFKLFRV
7KHVDPHER\VFDPHDJDLQ

$GMHFWLYHRUSURQRXQPHDQLQJWKHVDPHRU
VLPLODU,WPXVWDOZD\VEHSUHFHGHGE\DQDUWLFOH
1RWHWKHFKDQJHRIPHDQLQJLILWIROORZVWKHQRXQ
ZKHQLWLVXVHGWRHPSKDVL]HWKHLGHQWLW\RIWKH
QRXQLWUHIHUVWR/DMHIDPLVPDHVWiGHDFXHUGR
7KHERVVKHUVHOIDJUHHV

PXFKRDRVDV

7LHQHPXFKDVDPLJDV6KHKDVDORWRI
IULHQGV

$GMHFWLYHRUSURQRXQPHDQLQJPXFKPDQ\D
ORWRI,WPXVWSUHFHGHWKHQRXQDQGFDQEH
IROORZHGE\GHHJPXFKRVGHPLVDPLJRV
([FHSWIRUYHU\VSHFLILFFDVHVLWLVQRWSUHFHGHGE\
DQDUWLFOH7KHDGYHUEIRUPPXFKRH[LVWVPHDQLQJ
DORWRUPXFKDVLQ0HJXVWDPXFKR,OLNHLWD
ORW

QDGLH

1DGLHVHDFHUFyDVDOXGDUOD1RERG\
FDPHWRVD\KHOORWRKHU

$QLQYDULDEOHSURQRXQPHDQLQJQRERG\RUQR
RQHRUQRWDQ\RQHDQ\ERG\LQQHJDWLYHRU
LQWHUURJDWLYHFRQVWUXFWLRQV
<RXFDQUHYLVHLWVXVHDVDQHJDWLYHLQ8QLW

QDGD

1RTXLHURQDGDGHFRPHU,GRQWZDQW
DQ\WKLQJWRHDW

$QLQYDULDEOHSURQRXQPHDQLQJQRWKLQJRU
DQ\WKLQJLQQHJDWLYHRULQWHUURJDWLYH
FRQVWUXFWLRQV
<RXFDQUHYLVHLWVXVHDVDQHJDWLYHLQ8QLW

QLQJXQRDRVDV

+HYLVWRDOJXQRVYtGHRVLQWHUHVDQWHV
SHURQRPHKHFRPSUDGRQLQJXQR,YH
VHHQVRPHLQWHUHVWLQJYLGHRVEXW,KDYHQW
ERXJKWDQ\
1RWHQJRQLQJ~QOLEURGH9DUJDV/ORVD
,KDYHQWJRWDQ\ERRNE\9DUJDV/ORVD
1RPHJXVWDQLQJXQDGHVXVSHOtFXODV,
GRQWOLNHDQ\RIKLVILOPV

$GMHFWLYHRUSURQRXQPHDQLQJQRQRXQ
QRQHRUDQ\LQQHJDWLYHRULQWHUURJDWLYH
FRQVWUXFWLRQV
1LQJ~QLVWKHVKRUWHQHGIRUPZKHQLWLVXVHGDVDQ
DGMHFWLYHEHIRUHDPDVFXOLQHQRXQ
)ROORZHGE\GHQRXQSKUDVHLWPHDQVQRQHRI
QHLWKHURIRUDQ\RIDJURXS
<RXFDQUHYLVHLWVXVHDVDQHJDWLYHLQ8QLW

RWURDRVDV

$GMHFWLYHRUSURQRXQPHDQLQJDQRWKHURU
9LQRHOFDUWHUR\WUDMRRWUDFDUWDGHWX
RWKHUV
PDGUH7KHSRVWPDQFDPHDQGEURXJKW
1RWHWKDWLWLVQHYHUXVHGZLWKDQLQGHILQLWH
DQRWKHUOHWWHUIURP\RXUPRWKHU
DUWLFOHDOWKRXJKLWFDQEHXVHGZLWKDGHILQLWHRQH
/DRWUDFDUWDOOHJyD\HU7KHRWKHUOHWWHU
7KHGHILQLWHDUWLFOHLVXVHGZKHQUHIHUULQJWR
DUULYHG\HVWHUGD\
VRPHERG\RUVRPHWKLQJVSHFLILF

SRFRDRVDV

$GMHFWLYHRUSURQRXQPHDQLQJOLWWOHIHZRUD
IHZ
1RWLFHWKHGLIIHUHQFHEHWZHHQSRFRVIHZ
+DEtDSRFRVSHFHVHQHOUtR7KHUHZHUH
DQGXQRVSRFRVDIHZ,WFDQEHIROORZHGE\GH
IHZILVKLQWKHULYHU
DVLQXQSRFRGHD]~FDUDELWRIVXJDU3RFRVGH
7HQJRXQRVSRFRVDKRUURV,KDYHDIHZ
PLVDPLJRVVHDWUHYLHURQDVDOWDU2QO\DIHZRI
VDYLQJV
P\IULHQGVGDUHGWRMXPS7KHDGYHUESRFRH[LVWV
PHDQLQJDOLWWOHHJ0HGXHOHSRFR,WKXUWV
RQO\DOLWWOH

VHPHMDQWHHV

1RHQWLHQGRVHPHMDQWHFRVD,GRQW
XQGHUVWDQGVXFKDWKLQJ

$GMHFWLYHRUSURQRXQZKLFKFDQPHDQVLPLODURU
VXFKD

WDOHV

+DEtDWDOHVFRODVHQWRGDVSDUWHVTXH
QRVIXLPRV7KHUHZHUHVXFKTXHXHV
HYHU\ZKHUHWKDWZHOHIW
7HKDOODPDGRXQWDO)HUQDQGR$
FHUWDLQ)HUQDQGRFDOOHG\RX

0RVWFRPPRQO\DQDGMHFWLYH,WPHDQVVXFKD
9HU\IUHTXHQWLQWKHFRQVWUXFWLRQWDOQRXQ
TXHWRH[SUHVVLQWHQVLW\8VHGZLWKDQ
LQGHILQLWHDUWLFOHEHIRUHDSHUVRQVQDPHLWPHDQV
DFHUWDLQ

PLVPRDRVDV

http://vk.com/espanol_con_amigos

WRGRDRVDV

+HOHtGRWRGRHOOLEUR,KDYHUHDGDOOWKH
ERRN
+HOHtGRWRGRVVXVOLEURV,KDYHUHDGDOO
RIKLVERRNV
7RGDSHUVRQDKDGHVHUUHVSHWDGD
(YHU\SHUVRQKDVWREHUHVSHFWHG
(VWRGRXQKRPEUH+HVDUHDOPDQ
$OOOHJDUDFDVDHVWDEDWRGDPRMDGD
:KHQVKHJRWKRPHVKHZDVDOOZHW

$GMHFWLYHDQGSURQRXQPHDQLQJHYHU\DOORU
WKHZKROH0RVWFRPPRQO\IROORZHGE\DQDUWLFOH
DGHPRQVWUDWLYHRUDSRVVHVVLYH
%HIRUHDQRXQWRGRWRGDLVDV\QRQ\PRI
FXDOTXLHUWRGDSHUVRQD FXDOTXLHUSHUVRQD
,QWKLVLGLRPDWLFXVHWRGRXQWRGDXQD
PHDQVDUHDO
,QWKLVFROORTXLDOXVHWRGRDGMHFWLYHLVDV\QRQ\P
RIFRPSOHWDPHQWH

XQRXQD

(QHVRVFDVRVXQRQRVDEHTXpKDFHU
,QWKRVHFDVHVRQHGRHVQWNQRZZKDWWR
GR

3URQRXQZLWKLPSHUVRQDOYDOXHPHDQLQJRQH
)RULWVXVHLQLPSHUVRQDOVHQWHQFHVVHH6HFWLRQ


XQRVFXDQWRVXQDVFXDQWDV

+HFRPSUDGRXQDVFXDQWDVUHYLVWDVSDUD
$GMHFWLYHRUSURQRXQPHDQLQJDIHZVLPLODUWR
HOYLDMH,KDYHERXJKWDIHZPDJD]LQHV
DOJXQRVDV
IRUWKHMRXUQH\

YDULRVDV

+HYLVWRYDULRVYHVWLGRVERQLWRVSHURQR
$GMHFWLYHRUSURQRXQPRVWFRPPRQO\XVHGLQ
KHFRPSUDGRQLQJXQR,YHVHHQVHYHUDO
SOXUDOPHDQLQJVHYHUDO7KH\SUHFHGHWKHQRXQ
QLFHGUHVVHVEXW,KDYHQWERXJKWDQ\

(MHUFLFLRV

)LOOLQWKHJDSVZLWKWKHFRUUHFWLQGHILQLWHH[SUHVVLRQIURPWKHER[
PXFKRWRGRPLVPDSRFDPLVPRWRGRVXQR
D+HYLVWRFXDWURYHFHVODSHOtFXOD
E(OYHUDQRTXHYLHQHTXLHURYHUDQHDUHQHOVLWLRTXHHODxRSDVDGR
F&XDQGRKDFHWDQWRIUtR\DQRVDEHQLTXpSRQHUVH
G+HOOHJDGRWDUGHSRUTXHKDEtDWUiILFR
H+DEtDPX\JHQWHHQHOFLQH
I+HLQYLWDGRDPLVDPLJRVDODILHVWD
J+HSUHSDUDGR\RHOPHQ~
6HOHFWWKHFRUUHFWDOWHUQDWLYHIRUHDFKJDS
DOHSLGHDOMHIHTXHQRVGHMHODWDUGHOLEUH
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
$GYHUEVORVDGYHUELRVDUHLQYDULDEOHZRUGVWKDWPRGLI\YHUEVDGMHFWLYHVRURWKHUDGYHUEVE\VD\LQJ
KRZZKHUHZKHQKRZRIWHQRUKRZPXFK7KHIROORZLQJDUHDGYHUEV
(VPX\FDUR,WLVYHU\H[SHQVLYHPX\PRGLILHVWKHDGMHFWLYHDQGVD\VKRZH[SHQVLYHLWLV
6HOHYDQWDGHPDVLDGRWHPSUDQR+HJHWVXSWRRHDUO\%RWKGHPDVLDGRDQGWHPSUDQRDUHDGYHUEV
7HPSUDQRPRGLILHVWKHYHUEVHOHYDQWDDQGH[SODLQVZKHQKHJHWVXSDQGGHPDVLDGRPRGLILHVWKHDGYHUE
WHPSUDQRDQGH[SODLQVKRZHDUO\KHJHWVXS
,QWKLVXQLW\RXZLOOILQGVRPHRIWKHPRVWFRPPRQDGYHUEV<RXZLOOILQGLWXVHIXOWROHDUQWKHPDVYRFDEXODU\
LWHPV
$GYHUEVRITXDQWLW\
FDVL
PX\PXFKR

SRFR
GHPDVLDGR
PiV
PHQRV
WDQWDQWR

&DVLQRKD\OHFKH7KHUHLVKDUGO\DQ\PLON
(VWiPX\FDOLHQWH,WVYHU\KRW
$PSDURIXPDPXFKR$PSDURVPRNHVDORW
1RWLFHWKDWPX\LVXVHGEHIRUHDGMHFWLYHVSDUWLFLSOHVRURWKHU
DGYHUEVDQGWKDWPXFKRLVXVHGDIWHUYHUEVRUEHIRUHQRXQV
0DUtDFRPHSRFR0DUtDHDWVYHU\OLWWOH
+DEODVGHPDVLDGR<RXWDONWRRPXFK
6DEHPiVTXH\R6KHNQRZVPRUHWKDQ,GR
$KRUDOOXHYHPHQRV1RZLWLVUDLQLQJOHVV
(VWR\WDQFDQVDGD,DPVRWLUHG
0HJXVWDWDQWR,OLNHLWVRPXFK
1RWLFHWKDWWDQLVXVHGEHIRUHDGMHFWLYHVSDUWLFLSOHVRURWKHU
DGYHUEVZKHUHDVWDQWRLVXVHGDIWHUYHUEV

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,WV\RXUSUREOHPLI\RXGRQWKDYHDUHWLUHPHQWSODQ
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-XDQVKRXVHLVYHU\QHDU
(VWiGHPDVLDGROHMRVSDUDLUDQGDQGR,WVWRRIDUWRZDON
6LWHSRQHVGHODQWHQRSXHGRYHUQDGD,I\RXVWDQGLQIURQW,FDQW
VHHDQ\WKLQJ
$VtQRSRGHPRVLUDGHODQWH:HFDQWJRDKHDGOLNHWKDW
$VLQSUHYLRXVFDVHVLQ6SDLQGHODQWHLVXVHGIRUVWDWLFSRVLWLRQDQG
DGHODQWHLVXVHGZLWKH[SUHVVLRQVRIPRWLRQ

$GYHUEVRIWLPH
D\HUKR\PDxDQD
DKRUD
DQWHV
GHVSXpV
HQWRQFHV
OXHJR

QXQFD

VLHPSUH
PLHQWUDVWDQWR

UHFLHQWHPHQWH

WRGDYtD
\D

9XHOYDXVWHGPDxDQD&RPHEDFNWRPRUURZ
$KRUDPLVPRYR\,OOFRPHULJKWDZD\
$QWHVQRKDEtDWDQWRWUiILFR%HIRUHWKHUHZDVQWVRPXFKWUDIILF
'HVSXpVGHOFRQFLHUWRIXLPRVDFHQDU$IWHUWKHFRQFHUWZHZHQWWR
KDYHGLQQHU
3ULPHURIXLPRVDOFLQH\GHVSXpVIXLPRVDFHQDU)LUVWZHZHQWWRWKH
FLQHPDDQGDIWHUZDUGVZHZHQWIRUGLQQHU
(QWRQFHVVRQyHOWLPEUH7KHQWKHEHOOUDQJ
/XHJRPHOODPySRUWHOpIRQR7KHQ$IWHUZDUGVKHSKRQHGPH
1XQFDHVWiHQFDVDFXDQGHOHOODPR+HVQHYHUDWKRPHZKHQ,FDOO
KLP
1RWHWKDW\RXFDQDOVRVD\1RHVWiQXQFDHQFDVDFXDQGROH
OODPR
6HH8QLWIRUPRUHLQIRUPDWLRQRQWKHQHJDWLYHFRQVWUXFWLRQ
6LHPSUHHVWiRFXSDGD6KHVDOZD\VEXV\
<RSUHSDURODHQVDODGD\PLHQWUDVWDQWRW~SRQODPHVD,OO
SUHSDUHWKHVDODGDQGLQWKHPHDQWLPH\RXOD\WKHWDEOH
6HKDTXHGDGRYLXGDUHFLHQWHPHQWH6KHLVUHFHQWO\ZLGRZHG
,Q6SDQLVK$PHULFDUHFLpQPHDQVMXVWRUUHFHQWO\5HFLpQYLQR
GH0p[LFR+HMXVWDUULYHGIURP0H[LFR,Q6SDLQLWRQO\PHDQV
UHFHQWO\ZKHQXVHGEHIRUHDSDVWSDUWLFLSOH/DSDUHGHVWiUHFLpQ
SLQWDGD7KHZDOOKDVMXVWEHHQSDLQWHG
7RGDYtDIDOWDPXFKRSDUDODVRFKR7KHUHLVVWLOOVRPHWLPHWRJR
EHIRUHRFORFN
<DKHOODPDGRD,QpV,KDYHDOUHDG\FDOOHG,QpV

)RUPRUHLQIRUPDWLRQRQWKHVHDGYHUEVDVFRQQHFWRUVRIWLPHJRWR6HFWLRQVKDQG
7RGDYtDDQG\D
7RGDYtDDQG\DZKLFKFDQPHDQVWLOODOUHDG\DQG\HWDUHRIWHQGLIILFXOWIRUVWXGHQWVRI6SDQLVK7KH
IROORZLQJWLSVPLJKWKHOS\RX

http://vk.com/espanol_con_amigos

(QJOLVK
6WLOO
$OUHDG\
<HW
QRW\HW
QRORQJHUQRPRUH

6SDQLVK
WRGDYtD
\D
\D
QRWRGDYtD
\DQR

([DPSOH
7RGDYtDHVWiHQFDVD+HLVVWLOODWKRPH
<DHVWiHQFDVD+HLVDOUHDG\KRPH
<DKDVFRPLGR"+DYH\RXKDGOXQFK\HW"
1RKHFRPLGRWRGDYtD,KDYHQWKDGOXQFK\HW
<DQRWHQJRKDPEUH,DPQRORQJHUKXQJU\

)RUWKHXVHRI\DDQGWRGDYtDZLWKWKHSHUIHFWWHQVHVHH6HFWLRQ
$GYHUEVRIPDQQHU
DVt
ELHQ
PDO
GHSULVD
GHVSDFLR

1RPHKDEOHVDVt'RQWWDONWRPHOLNHWKDW
&DQWDPX\ELHQ6KHVLQJVYHU\ZHOO
&RFLQRPX\PDO,FRRNYHU\EDGO\
&RQGXFHVPX\GHSULVD<RXGULYHYHU\IDVW
&RPHPiVGHVSDFLRSRUIDYRU(DWPRUHVORZO\SOHDVH

%LHQEXHQRPDODQGPDOR
%XHQRDQGPDORORRNVLPLODUWRWKHDGYHUEVELHQDQGPDO
$FRPPRQPLVWDNHIRUIRUHLJQHUVLVWRFRQIXVHDGMHFWLYHVDQG
DGYHUEVDQGXVHEXHQRIRUELHQPDORIRUPDODQGYLFHYHUVD

%DLODPX\ELHQSHURFDQWDPX\PDO+HGDQFHVYHU\ZHOOEXWKHVLQJV
YHU\EDGO\
/DFRPLGDHVEXHQD&RFLQDPX\ELHQ7KHIRRGLVJRRG6KHFRRNV
YHU\ZHOO
/DFDUUHWHUDHVPDOD\pOFRQGXFHPX\PDO7KHURDGLVEDGDQGKH
GULYHVYHU\EDGO\

$GYHUEVLQPHQWHIRUPHGIURPDGMHFWLYHV
UiSLGRUiSLGDUiSLGDPHQWHTXLFNO\
IXHUWHIXHUWHIXHUWHPHQWHVWURQJO\
1RWHWKDWZKHQWKHDGMHFWLYHKDVDZULWWHQ
DFFHQWLWLVUHWDLQHGLQWKHDGYHUE
6HFRPSRUWyLQWHOLJHQWHPHQWH6HFRPSRUWy
GHIRUPDLQWHOLJHQWH+HEHKDYHGLQWHOOLJHQWO\
$GYHUEVLQPHQWHFDQVRXQGFOXPV\LQ6SDQLVKLI GHIRUPDGHPDQHUDIHPLQLQHDGMHFWLYH
1RVKDEOyJURVHUDPHQWH1RVKDEOyGHPRGR
WRRPDQ\DUHXVHGWRJHWKHUVRWKHLUPHDQLQJLV
GHPRGRPDVFXOLQHDGMHFWLYHFRQ
JURVHUR+HWDONHGWRXVLQDUXGHZD\
RIWHQFRQYH\HGLQRWKHUZD\V
QRXQ
1RVFRQWHVWyFRUWpVPHQWH1RVFRQWHVWyFRQ
FRUWHVtD+HUHSOLHGSROLWHO\
/OHJyUiSLGDPHQWH/OHJyUiSLGR+HDUULYHG
IDVW
0HORGLMRPX\FODUDPHQWH0HORGLMRPX\
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(QJOLVKDQDGYHUELQO\FDQPRGLI\DQRWKHUDGYHUELQO\,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
KDVSXHVWRODPHVD"
1RQRKHWHUPLQDGR
3HURODFHQDHVWiSUHSDUDGDYHUGDG"
6tHVWiWRGROLVWR
$FDEDGHOODPDUD(OHQD\GLFHTXHQRKDQVDOLGRGHFDVD
0HQRVPDOSHQVpTXHHVWDUtDQFDVLDTXt
%XHQRSXHVHQWRQFHVGpMDPHTXHWHD\XGHDSRQHUODPHVD
9DOH
%XHQRHVWi
QRKD\QDGDPiVTXHKDFHUKDVWDTXHOOHJXHQORVGHPiV

http://vk.com/espanol_con_amigos


,QWHUURJDWLYHV
,QWHUURJDWLYHVORVLQWHUURJDWLYRVVRPHWLPHVFDOOHGTXHVWLRQZRUGVDUHVSHFLDOZRUGVZKLFKDUHXVHG
LQTXHVWLRQVWRHOLFLWVSHFLILFLQIRUPDWLRQ([DPSOHVLQ(QJOLVKDUHZKR"ZKDW"ZKHUH"ZKHQ"
KRZ"ZK\"ZKRP"ZKLFK"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":KHUHVWKDWWUDLQJRLQJWR"
3RUTXpPHSUHJXQWDVWHHOQRPEUHGHPLMHIH":K\GLG\RXDVNPH
P\ERVVVQDPH"
1RVHVDEHTXLpQIXH-XDQLWRHO'HVWULSDGRU1RERG\NQRZVZKR-DFN
,QLQGLUHFWTXHVWLRQVWKHLQWHUURJDWLYHVWDQGVDWWKHKHDGRIWKHVXERUGLQDWH
WKH5LSSHUZDV
FODXVH 6HH8QLWWRILQGRXWPRUHDERXWVXERUGLQDWHFODXVHVVHH
1RUHFXHUGDGyQGHHVFRQGLyHOWHVWDPHQWR+HGRHVQWUHPHPEHU
8QLWIRUPRUHRQLQGLUHFWVSHHFK
ZKHUHKHKLGKLVZLOO

,QGLUHFWTXHVWLRQVWKHLQWHUURJDWLYHLVSODFHGDWWKHEHJLQQLQJRIWKH
VHQWHQFH 6HH8QLWIRUPRUHRQWKHVLPSOHVHQWHQFH

4Xp"
$VDSURQRXQTXp"ZKDW"UHIHUVWRQRXQVDV\HWXQLGHQWLILHG
XQVSHFLILHGRUXQNQRZQ,WKDVWKHVHQVHZKDWWKLQJ"ZKDWREMHFW"RU
ZKDWLGHD"EXWQHYHUZKDWSHUVRQ"LQWKHVHQVHRIZKR"WKDWLV
DOZD\VTXLpQ"
4Xp"FDQFRPELQHZLWKSUHSRVLWLRQV
$VDQDGMHFWLYHTXp"LVXVHGZLWKQRXQVDQGFDQUHIHUWRSHRSOHDVZHOO
DVWKLQJVREMHFWVLGHDVHWF,WFDQPHDQZKDWW\SHVRUWRI
WKLQJREMHFWLGHDSHUVRQHWF

4XpWLHQHVHQODPDQR":KDWKDYH\RXJRWLQ\RXUKDQG"
1RFRPSUHQGRTXpPHHVWiVGLFLHQGR,GRQWXQGHUVWDQGZKDW\RXUH
WHOOLQJPH
(QTXpHVWiVSHQVDQGR":KDWDUH\RXWKLQNLQJDERXW"
4XpFLXGDGHVHVD":KDWFLW\VWKDW"4XHUHPRVVDEHUTXpSHUILO
WLHQHHOFRQVXPLGRUGHHVHSURGXFWR:HZDQWWRNQRZWKHSURGXFW
FRQVXPHUSURILOH

4XLpQ"4XLpQHV"
4XLpQQRFRQRFHHOFXHQWRGHODOLHEUH\ODWRUWXJD":KRVQHYHU
4XLpQ"TXLpQHV"FDQRQO\UHIHUWRSHRSOH
KHDUGWKHVWRU\RIWKHWRUWRLVHDQGWKHKDUH"
7KHSOXUDOIRUPTXLpQHV"VKRZVWKHVSHDNHUH[SHFWVRUNQRZVWKHUHWR
4XLpQHVDVLVWLHURQDODFRQIHUHQFLD":KRDWWHQGHGWKHOHFWXUH"
EHPRUHWKDQRQHLQGLYLGXDOFRQFHUQHG
$TXLpQKDVYLVWRHQHOVXSHUPHUFDGR":KRPGLG\RXVHHLQWKH
VXSHUPDUNHW"
4XLpQ"TXLpQHV"FDQFRPELQHZLWKSUHSRVLWLRQV1RWHWKDWWKH\FDQEH
3DUDTXLpQKDVFRPSUDGRHOFKRFRODWH":KRPKDYH\RXERXJKWWKH
H[SUHVVHGLQYDULRXVZD\VLQ(QJOLVKHJZKRZKRPZKRVHGH
FKRFRODWHIRU"
TXLpQ"LVWKHVWDQGDUGZD\RIDVNLQJZKRVH"LQ6SDQLVK
'HTXLpQHVHO5ROOV5R\FHDPDULOOR":KRVHLVWKH\HOORZ5ROOV
5R\FH"

&XiO"&XiOHV"

http://vk.com/espanol_con_amigos

(VWDVHPDQDSDVDGDKHPRVYLVWRRFKRRQXHYHFDVDVSHURWRGDYtD
&XiO"FXiOHV"FDQUHIHUWRSHRSOHRUREMHFWV,WLVXVHGOLNHTXp"EXW QRKHPRVGHFLGLGRFXiOQRVDJUDGDPiV
UHIHUVWRVSHFLILFQRXQVLHZKLFKDUHHLWKHUPHQWLRQHGRUXQGHUVWRRGE\ &XiOWLHQHPHMRUHVYLVWDV":HYHVHHQHLJKWRUQLQHKRXVHVLQWKH
ERWKVSHDNHUDQGOLVWHQHUV
ODVWZHHNEXWZHVWLOOKDYHQWGHFLGHGZKLFKZHOLNHEHVW:KLFKKDVJRW
WKHEHVWYLHZV"
&XiOHVODGLIHUHQFLDHQWUHXQSROLFtDQDFLRQDO\XQJXDUGLDFLYLO"
&XiO"FXiOHV"LVXVHGZKHQDVNLQJDERXWRSWLRQVEHWZHHQVSHFLILF
:KDWVWKHGLIIHUHQFHEHWZHHQDQDWLRQDOSROLFHRIILFHUDQGD&LYLO
QRXQV
*XDUG"LHRXWRIWKHUDQJHRISRVVLEOHGLIIHUHQFHV"
$FXiOHVGHORVVXPLQLVWUDGRUHVVHKDHQYLDGRXQSHGLGR
&XiO"FXiOHV"FDQFRPELQHZLWKSUHSRVLWLRQV
~OWLPDPHQWH":KLFKRIWKHVXSSOLHUVKDYHEHHQVHQWDQRUGHUODWHO\"

4Xp"RUFXiO"
(QJOLVKVSHDNHUVFDQVRPHWLPHVILQGWKHGLIIHUHQFHEHWZHHQTXp"DQGFXiO"FRQIXVLQJ7KHIROORZLQJ
JXLGHOLQHVZLOOKHOSFODULI\WKHLUXVHV
:KHQGHDOLQJZLWKSURQRXQVDVN\RXUVHOIZKDWWKHVHQWHQFHDFWXDOO\PHDQV
1RUHFRUGiEDPRVFXiOHUDPiVDQWLJXDODFLYLOL]DFLyQJULHJDROD
    ,I WKH LQWHUURJDWLYH KDV WKH VHQVH ZKLFK RI D UDQJH RI SRVVLEOH
DVLULD:HFRXOGQWUHPHPEHUZKLFKZDVWKHROGHU*UHHNFLYLOLVDWLRQRU
REMHFWVSHRSOHLGHDVHWFXVHFXiO"
$VV\ULDQ
4XpGHVHD":KDWZRXOG\RXOLNH"LHDQ\WKLQJLVSRVVLEOH
,IKRZHYHULWGRHVQRWUHVWULFWLWVIUDPHRIUHIHUHQFHWRDSDUWLFXODU &RPSDUHWKLVH[DPSOHZLWKWKHIROORZLQJ
JURXSRUUDQJHZKHWKHURYHUWO\VWDWHGRUPHUHO\LPSOLHGXVHTXp" &XiOGHVHD":KLFKZRXOG\RXOLNH"LHWKHUDQJHRIFKRLFHLV
VSHFLILHGLQRUE\WKHFRQWH[W
,Q6SDLQFXiO"LVQRWXVHGDVDQDGMHFWLYHTXp"LVDOZD\VXVHGLQWKLVSRVLWLRQ4XpFRQVHMRVPHGDUtD":KDWDGYLFHZRXOG\RXJLYH
PH"
1RKDEtDQGHFLGLGRTXpFDVDFRPSUDU7KH\KDGQWGHFLGHGZKLFKKRXVHWREX\FXiOLQ6SDQLVK$PHULFD

&yPR"
&yPR"PHDQVKRZ"
,WLVDFRPPRQPLVWDNHWRWDNHFyPR"WRPHDQKRZPXFK
"KRZPDQ\"HWF1RWHWKDWIRUWKHVHFXiQWR"VKRXOGEHXVHG
:KHQHQTXLULQJDERXWFKDUDFWHULVWLFVRUWKHLQWULQVLFQDWXUHRIVRPHWKLQJ
FyPR"FRUUHVSRQGVWRWKH(QJOLVKZKDWOLNH"
,QWKHVSRNHQODQJXDJHFyPR"FDQVRPHWLPHVPHDQZK\"RUKRZ
FRPH"1RWHWKDWWKLVXVDJHLVFROORTXLDODQGWKDWWKHWRQHFRQYH\HGLV
QRUPDOO\RQHRIIUXVWUDWLRQDQJHURUUHEXNH

&yPRIXQFLRQDHOODYDSODWRV"+RZGRHVWKHGLVKZDVKHUZRUN"
1RQRVH[SOLFDPRVFyPRVREUHYLYLHURQDOWHUUHPRWR:HFDQW
XQGHUVWDQGKRZWKH\VXUYLYHGWKHHDUWKTXDNH
&yPRHVVXPDULGR":KDWVKHUKXVEDQGOLNH"
4XHKDVSHUGLGRHOGRFXPHQWR&yPRQRPHOODPDVWHSDUD
GHFtUPHOR"<RXYHORVWWKHGRFXPHQW:K\GLGQW\RXSKRQHDQGWHOO
PH"&yPRGHMDVWHHOEROVRHQHODXWRE~V"+RZFRPH\RXOHIW\RXU
KDQGEDJRQWKHEXV"

&XiQGR"
&XiQGR"PHDQVZKHQ"
&XiQGRFDQFRPELQHZLWKSUHSRVLWLRQV

1RVHVDEHFRQH[DFWLWXGFXiQGRVHH[WLQJXLyHO~OWLPRGLQRVDXULR
,WVQRWNQRZQH[DFWO\ZKHQWKHODVWGLQRVDXUGLHGRXW
+DVWDFXiQGRWHYDVDTXHGDU":KHQDUH\RXJRLQJWRVWD\WLOO"

'yQGH"$GyQGH"
'yQGH"PHDQVZKHUH"DQGUHIHUVWRSRVLWLRQLQVSDFHDVZHOODV
PRWLRQWRZDUGVDSODFH

'yQGHHVWiODELEOLRWHFD":KHUHVWKHOLEUDU\"

'yQGH"FDQFRPELQHZLWKSUHSRVLWLRQV

'HGyQGHYHQLPRVDGyQGHYDPRV":KHUHGRZHFRPHIURPZKHUH
DUHZHJRLQJWR"

$GyQGH"FDQRQO\PHDQPRWLRQWRZDUGVDSODFHLQWKHVHQVHRIZKHUH
$GyQGHIXHURQGHYDFDFLRQHV":KHUHGLGWKH\JRIRUWKHLUKROLGD\"
WR"

&XiQWR"&XiQWD"&XiQWRV"&XiQWDV"
&XiQWR"PHDQVKRZPXFK"RUKRZPDQ\"DQGFDQEHXVHGDVD

&XiQWRYDOHHVWHFLQWXUyQGHFXHUR"+RZPXFKLVWKLVOHDWKHUEHOW"

http://vk.com/espanol_con_amigos

SURQRXQRUDQDGMHFWLYH:KHQXVHGDVDQDGMHFWLYHLWDJUHHVLQQXPEHU
DQGJHQGHUZLWKWKHQRXQVZKLFKLWGHVFULEHV
&XiQWRFDQFRPELQHZLWKSUHSRVLWLRQV

&XiQWDVSHUVRQDVHVSHUDVLQYLWDU"+RZPDQ\SHRSOHDUH\RXKRSLQJ
WRLQYLWH"
/HSUHJXQWDPRVDOYLHMRPDULQHURHQFXiQWRVEDUFRVKDEtDVHUYLGR
SHURQRORUHFRUGDED:HDVNHGWKHROGVDLORUKRZPDQ\VKLSVKHKDG
VHUYHGRQEXWKHFRXOGQWUHPHPEHU

3RUTXp"DQGSDUDTXp"
3RUTXpKDVFRPSUDGRXQQXHYRFRFKH"
3RUTXHHOYLHMR\DQRIXQFLRQD
3RUTXp"LVWKHSULQFLSDOZD\RIDVNLQJZK\"LQ6SDQLVK,WGLIIHUVIURP :K\GLG\RXEX\DQHZFDU"%HFDXVHWKHROGRQHGRHVQWZRUNDQ\
WKHOHVVHUXVHGSDUDTXp"LQWKDWLWUHIHUVWRWKHFDXVHRIDQDFWLRQRU
PRUH
HYHQWZKLOVWSDUDTXp"DOOXGHVWRLWVSXUSRVHLQWHQWLRQRUREMHFWLYH
3DUDTXpKDVFRPSUDGRXQQXHYRFRFKH"
&RPSDUHWKHIROORZLQJSDLUVRITXHVWLRQVDQGDQVZHUV
3DUDLUGHYLDMHSRU(XURSDFRPRVLHPSUHKHVRxDGRFRQKDFHU
:KDWGLG\RXEX\DQHZFDUIRU"7RWUDYHODURXQG(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
DOLEURYDVDFRPSUDU"
EGHHVWRVOLEURVYDVDFRPSUDU"
F8VWHGVHDFXHUGDGHFRFKHHVWDEDDSDUFDGRGHODQWHGHODMR\HUtDMXVWRDQWHVGHOURER"
G$S~EOLFRHVWiGLULJLGRHOSURGXFWR"
HKDVHOHJLGRODVURMDVRODVYHUGHV"
/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
$SUHSRVLWLRQXQDSUHSRVLFLyQLVDZRUGZKLFKLVSODFHGEHIRUHOLWHUDOO\SUHSRVHGDQRWKHUZRUGRU
SKUDVHLQRUGHUWRVKRZWKHUHODWLRQVKLSEHWZHHQWKHZRUGVZKLFKFRPHEHIRUHRUDIWHULWHJ(OJDWRHVWi
GXUPLHQGRVREUHODPHVD7KHFDWLVVOHHSLQJRQWKHWDEOH3UHSRVLWLRQVFDQH[SUHVVDOOVRUWVRIUHODWLRQVKLSV
ILJXUDWLYHRUOLWHUDOWHPSRUDORUVSDWLDO
,QWKLVXQLWWKHPDLQSUHSRVLWLRQVLQ6SDQLVKDUHWUHDWHGLQDOSKDEHWLFDORUGHUIROORZHGE\DQRYHUYLHZRIWKH
PRVWFRPPRQFRPSRXQGSUHSRVLWLRQV
$
3HUVRQDODWKLVPXVWEHXVHGZKHQUHIHUULQJWRVSHFLILFSHRSOHDVGLUHFW
REMHFWV,WKDVWKHHIIHFWRIKXPDQLVLQJWKHPVKRZLQJVRPHNLQGRI
HPRWLRQDOERQGEHWZHHQWKHVXEMHFWDQGREMHFWRIDYHUE
,WLVDOVRXVHGZLWKSURQRXQVQHJDWLYHDQGLQGHILQLWHGHQRWLQJSHRSOH
HYHQLIWKHLULGHQWLW\LVQRWVSHFLILHG
,WLVXVHGZLWKDQLPDOVZKLFKDUHSHUVRQDOLVHGEXWQRWZKHQWKH\DUH
YLHZHGGLVSDVVLRQDWHO\RUDVFRPPRGLWLHV
7RH[SUHVVWKHLGHDRIPRWLRQLQZKLFKHYHUGLUHFWLRQ

7RVKRZWKHLGHDRIGLUHFWLRQWRZDUGVVRPHWKLQJRUVRPHRQH
7RLQWURGXFHDQLQGLUHFWREMHFW
7RH[SUHVVPDQQHU
,QWLPHSKUDVHVDW
7RUHIHUWRVPHOOWDVWHRUVRXQG
7RVKRZUDWHRUGLVWDQFH

&RQRFHVDPLPXMHU"'R\RXNQRZP\ZLIH"
1RHQFRQWUpDQDGLH,GLGQWPHHWDQ\RQH
'RURWHDTXLHUHPXFKRDVXVSHUURV'RURWHDUHDOO\ORYHVKHUGRJV
&RPSDUHZLWK2GLRORVSHUURV,KDWHGRJV
)XHURQDOWHDWUR7KH\ZHQWWRWKHWKHDWUH
6XELyDO$FRQDJXDHODxRSDVDGR+HFOLPEHG0RXQW$FRQDJXDODVW
\HDU
6DOLGDDODFDOOH([LWWRWKHVWUHHW
$OEHUWRODQ]yXQDSLHGUDDODYHQWDQD$OEHUWRWKUHZDVWRQHDWWKH
ZLQGRZ
/RSLQWpDPDQR,SDLQWHGLWE\KDQG
/DySHUDFRPLHQ]DDODVVLHWH7KHRSHUDVWDUWVDW
(VWDFDPLVDKXHOHDSLQWXUD7KLVVKLUWVPHOOVRISDLQW
(OSULPHUFRFKHLEDDVLHWHNLOyPHWURVSRUKRUD7KHILUVWFDUZHQWDW
NPSHUKRXU

7RLQGLFDWHDFWLRQDWDSRLQWLQWLPHRQGRLQJDDUWLFOHLQILQLWLYH

1RWHWKDWDIROORZHGE\WKHDUWLFOHHOFRQWUDFWVWRDOHJDOFDPSR /HSDJDUpDOVDOLU,OOSD\KLPRQOHDYLQJ
6HH6HFWLRQIRUPRUHRQWLPHUHODWLRQV

$QWH
$QWHWUDQVODWHVWKH(QJOLVKEHIRUHLQWKHVHQVHRIIDFHGZLWK,WFDQEHOLWHUDORUILJXUDWLYHLQPHDQLQJ
7RGHVFULEHDSK\VLFDORUOLWHUDOVLWXDWLRQLQIURQWRIEHIRUH

6HDUURGLOOyDQWHHODOWDU6KHNQHOWGRZQLQIURQWRIWKHDOWDU
&yPRKDGHDFWXDUXQDHPSUHVDDQWHHOUHWRGHODPELHQWH
7RGHVFULEHDILJXUDWLYHVLWXDWLRQIDFHGZLWKLQUHVSHFWRIUHVSHFWLQJ HFRQyPLFRLQWHUQDFLRQDO"+RZVKRXOGDFRPSDQ\DFWZKHQIDFHGZLWK
WKHFKDOOHQJHRIWKHLQWHUQDWLRQDOHFRQRPLFHQYLURQPHQW"
6LHPSUHHOHJLUtDXQ6HDWDQWHFXDOTXLHURWUDPDUFD,ZRXOGDOZD\V
7RLQGLFDWHSUHIHUHQFHEHIRUHRYHUDERYH
FKRRVHD6HDWRYHUDQ\RWKHUPDNH

%DMR
%DMROLWHUDOO\PHDQVXQGHU,WWHQGVWREHPRUHIRUPDOWKDQGHEDMRGHDQGKDVPRUHWKHUHJLVWHURIWKH(QJOLVK
ZRUGEHQHDWK,WLVDOVROHVVVSDWLDOO\DFFXUDWHDQGLVRIWHQXVHGLQDILJXUDWLYHVHQVH
7RVKRZDPRUHRUOHVVDFFXUDWHSRVLWLRQLQVSDFHXQGHUXQGHUQHDWK
6HVHQWyEDMRHOiUERO+HVDWGRZQXQGHUWKHWUHH
EHQHDWK

http://vk.com/espanol_con_amigos

7RVKRZVXEPLVVLRQRUDFFHSWDQFHXQGHUXVHGILJXUDWLYHO\
7RH[SUHVVWKHLGHDRIOHVVWKDQRUEHORZZLWKPHDVXUHPHQWVDQG
WHPSHUDWXUHV

/DVDFWLYLGDGHVFODQGHVWLQDVSUROLIHUDURQEDMRODGLFWDGXUD
&ODQGHVWLQHDFWLYLW\SUROLIHUDWHGXQGHUWKHGLFWDWRUVKLS
/DVWHPSHUDWXUDVHQ6LEHULDSXHGHQOOHJDUDJUDGRVEDMRFHUR
7HPSHUDWXUHVLQ6LEHULDFDQUHDFKGHJUHHVEHORZ]HUR

&RQ
&RQLVWKHQHDUHTXLYDOHQWWRZLWKEXWLWDOVRKDVXVHVWKDWDUHQRWIRXQGLQLWV(QJOLVKFRXQWHUSDUW
0HDQLQJZLWKWRH[SUHVVWKHLGHDLQWKHFRPSDQ\RIWRVKRZPHDQVRU
LQVWUXPHQWRUWKHPDQQHULQZKLFKVRPHWKLQJLVGRQH1RWHWKHIRUPV
FRQPLJRZLWKPHFRQWLJRZLWK\RXDQGFRQVLJRZLWK
KLPVHOIKHUVHOI\RXUVHOI
6HH6HFWLRQIRUREMHFWSURQRXQVZLWKSUHSRVLWLRQV
,QFHUWDLQVWUXFWXUHVWRVKRZUHFLSURFDODFWLRQVHVFULELUKDEODU
FRPXQLFDUFKDUODUHWF

)XLDOWHDWURFRQPLVSDGUHV,ZHQWWRWKHWKHDWUHZLWKP\SDUHQWV
&RUWyODFDUQHFRQXQFXFKLOORHVSHFLDO6KHFXWWKHPHDWZLWKD
VSHFLDONQLIH
0XULyFRQGLJQLGDG+HGLHGZLWKGLJQLW\

1RWHJXVWDUtDHVFULELUWHFRQ/XLVD":RXOGQW\RXOLNHWRFRUUHVSRQG
ZLWK/XLVD"
'HYDFDFLRQHVHQODSOD\DQRVWURSH]DPRVFRQXQDSURIHVRUDGHWX
7RVKRZDQHQFRXQWHUOLWHUDORUILJXUDWLYHEHWZHHQWZRSHRSOHRUREMHFWV FROHJLR2QWKHEHDFKRQKROLGD\ZHEXPSHGLQWRDWHDFKHUIURP\RXU
VFKRRO
6LHPSUHHVPX\DWHQWRFRQODVSHUVRQDVPD\RUHV+HLVDOZD\VYHU\
DWWHQWLYHWRROGHUSHRSOH
7RH[SUHVVDQDWWLWXGHRUGLVSRVLWLRQWRZDUGVDQRWKHUSHUVRQRUSHRSOH
3RVLWLYHDWWLWXGHVFDQDOVRWDNHSDUDFRQ(VDPDEOHSDUDFRQWRGRV
6KHVNLQGWRHYHU\RQH
/HKDUtDVPX\IHOL]VRORFRQHQYLDUOHXQDWDUMHWD<RXGPDNHKHU
:LWKDQLQILQLWLYHWRWUDQVODWHWKH(QJOLVKE\GRLQJ
UHDOO\KDSS\MXVWE\VHQGLQJKHUDFDUG
7RH[SUHVVWKHLGHDFRQWDLQLQJ
/OHYDEDXQDEROVDFRQIUXWD6KHZDVFDUU\LQJDEDJRIIUXLW
&RQWRGDVODVYHQWDMDVTXHGLFHQTXHRIUHFHHOSURGXFWRQRHVQDGD
7RH[SUHVVWKHLGHDLQVSLWHRIGHVSLWH
HVSHFLDO'HVSLWHDOOWKHDGYDQWDJHVWKH\VD\WKHSURGXFWRIIHUVLWV
QRWKLQJVSHFLDO
(VWiRFXSDGDSRUFRPSOHWRFRQVXQXHYRHPSOHR6KHVFRPSOHWHO\
7RH[SUHVVDVWDWHRUFRQGLWLRQ
WDNHQXSZLWKKHUQHZMRE
(VPX\HVWULFWRFRQODFDOLGDG+HVYHU\VWULFWZKHQLWFRPHVWR
7RFRQYH\WKHLGHDZKHQLWFRPHVWR
TXDOLW\

&RQWUD
&RQWUDFRQYH\VPRVWXVDJHVRIWKH(QJOLVKZRUGDJDLQVW+RZHYHUZKHQUHIHUULQJWRUHDVRQVRSLQLRQVRU
DUJXPHQWVDJDLQVWVRPHWKLQJHQFRQWUDGHLVPRUHQRUPDO,WLVDOVRXVHGZLWKYHUEVRIWKURZLQJILULQJ
DWWDFNLQJKLWWLQJVWULNLQJHWFZKHUH(QJOLVKZRXOGQRUPDOO\XVHDWRULQWR
/RVPXFKDFKRVHVSHUDEDQDSR\DGRVFRQWUDODSDUHG7KHER\VZHUH
OHDQLQJDJDLQVWWKHZDOOZDLWLQJ
&RQWUDODRSLQLyQGHORVGHPiVGLUHFWRUHVHOSUHVLGHQWHRSWySRU
7RWUDQVODWHDJDLQVWLQDILJXUDWLYHVHQVHRIWHQLQWHUFKDQJHDEOHZLWKHQ
YHQGHUODHPSUHVD'HVSLWHZKDWWKHUHVWRIWKHGLUHFWRUVWKRXJKWWKH
FRQWUDGHLQWKLVFRQWH[W
FKLHIH[HFXWLYHRSWHGWRVHOORIIWKHFRPSDQ\
$UURMDURQSLHGUDVFRQWUDODVXQLGDGHVSROLFLDOHV7KH\WKUHZVWRQHV
:LWKYHUEVRIWKURZLQJILULQJDWWDFNLQJKLWWLQJVWULNLQJHWF
DWWKHSROLFHXQLWV
7RWUDQVODWHDJDLQVWLQDOLWHUDORUSK\VLFDOVHQVH

'H
7KHQHDUHVWHTXLYDOHQWLQ(QJOLVKWRGHLVRIDOWKRXJKLWKDVDZLGHUDQJHRIXVHVZKLFKRIZRXOGQRWFRYHU
VXIILFLHQWO\
7RVKRZSRVVHVVLRQEHORQJLQJWR
7RH[SUHVVRULJLQIURP
7RVKRZPDWHULDOPDGHIURPFRQVLVWLQJRIRIWHQLQWKHSKUDVHVVHUGH
DQGHVWDUKHFKRGH
7RVKRZWKHFDXVHRIDQDFWLRQRXWRIZLWK

(VWHHVHODEULJRGHPLDEXHOR7KLVLVP\JUDQGIDWKHUVRYHUFRDW
(VGH9HQH]XHOD6KHVIURP9HQH]XHOD
(VWHMXHJRGHGDPDVHVGHSOiVWLFR7KLVGUDXJKWVVHWLVPDGHRI
SODVWLF
6HFD\yGHODVLOODGHODULVD6KHIHOORXWRIKHUFKDLUZLWKODXJKWHU

http://vk.com/espanol_con_amigos

7RLQWURGXFHWKHVWDUWLQJSRLQWLQWLPHRUVSDFHIURP

GHDKRUDHQDGHODQWHIURPQRZRQZDUGV
GHDTXtHQDGHODQWHIURPKHUHRQZDUGV
+R\GtD\DQRWUDEDMDGHHQIHUPHUD1RZDGD\VVKHQRORQJHUZRUNV
:LWKYHUEQRXQWRLQGLFDWHDSHUVRQVUROHDVD
DVDQXUVH
7RLQWURGXFHDVXEMHFWDERXWRIWHQLQWHUFKDQJHDEOHZLWKVREUH
4XpVDEHGHHVWHWHPD":KDWGR\RXNQRZDERXWWKLVVXEMHFW"
7RLQGLFDWHSULFH
&RPSUyODFDPLVDGHGLH]HXURV+HERXJKWWKHWHQHXURVKLUW
7LHQHPiVGHRFKHQWDDxRV+HVRYHUHLJKW\
:LWKPiVPHQRVWRVKRZQXPEHUTXDQWLW\DQGDJH
+DFHPHQRVGHGLH]JUDGRVIXHUD,WVOHVVWKDQGHJUHHVRXWVLGH
,QFHUWDLQDGYHUELDOSKUDVHVRIPDQQHUGHSDVRGHDQWHPDQRGHEDOGH /DYLVLWDPRVGHSDVRSRU6HYLOOD:HYLVLWHGKHUZKHQSDVVLQJWKURXJK
GHSLHHWF
6HYLOOH
'HVHJXLUDVtQRYDDGXUDUPXFKR,ILWFDUULHVRQOLNHWKDWLWVQRW
:LWKDQLQILQLWLYHWRLQGLFDWHDFRQGLWLRQLI
JRLQJWRODVWORQJ
7RPHDQE\LQYHUEVRIVHL]LQJWDNLQJHWF
(OSROLFtDOHDJDUUyGHOEUD]R7KHSROLFHPDQVHL]HGKLPE\WKHDUP
7RVKRZFRQWHQWRUVSHFLILFDWLRQ
1RVOOHYyXQDERWHOODGHOHFKH+HEURXJKWXVDERWWOHRIPLON
/OHJyDOWULEXQDODFRPSDxDGDGHVXDERJDGR6KHZHQWWRFRXUW
7RVKRZWKHDJHQWLQVRPHSDVVLYHFRQVWUXFWLRQV
DFFRPSDQLHGE\KHUODZ\HU
,QVRPHVHWWLPHSKUDVHVGHYDFDFLRQHVGHGtDGHQRFKHGHOD
)XHURQDO3HU~GHYDFDFLRQHV7KH\ZHQWWR3HUXRQKROLGD\
PDGUXJDGD
*XiUGDPHXQRGHORVSDVWHOHVTXHYR\DOOHJDUXQSRFRWDUGH6DYH
7RVKRZDSDUWRIVRPHRIRQHRI
PHRQHRIWKHFDNHV,PJRLQJWREHDELWODWH
-~SLWHUHVHOPD\RUSODQHWDGHOVLVWHPDVRODU-XSLWHULVWKHELJJHVW
7RVKRZVXSHUODWLYHVLQWKH
SODQHWLQWKHVRODUV\VWHP
7RVKRZSRVLWLRQGHFDQEHRQLQRUE\GHSHQGLQJRQFRQWH[WLWFDQ
(OEDQFRGHODHVTXLQDVHFLHUUDDODVWUHV7KHEDQNRQWKHFRUQHU
DOVRLQWURGXFHFRPSRXQGSUHSRVLWLRQVHJHOEDQFRGHDOODGRWKHEDQN
FORVHVDWWKUHHRFORFN
QH[WGRRU
7RVKRZKRZVRPHRQHGUHVVHVDVRFFXSDWLRQRUUROHLQFRORXU
6LHPSUHDQGDYHVWLGDGHQHJUR6KHDOZD\VGUHVVHVLQEODFN
%HWZHHQDGMHFWLYHVDQGLQILQLWLYHVWKDWJRYHUQWKHP
(VIiFLOGHYHU,WVHDV\WRVHH
(OKRPEUHGHOVRPEUHURHPSH]yDVHJXLUQRV7KHPDQLQWKHKDWEHJDQ
7RVKRZFKDUDFWHULVWLFV
WRIROORZXV

1RWHWKDWGHIROORZHGE\WKHDUWLFOHHOFRQWUDFWVWRGHOHJGHOFDPSR
'HVGH
'HVGHWUDQVODWHVWKH(QJOLVKZRUGIURPDOWKRXJKQRWLQDOOVHQVHVHJRQO\GHFDQEHXVHGWRWDONDERXW
SHUVRQDORULJLQV6R\GH6HYLOOD,PIURP6HYLOOH'HVGHLVXVHGLQVWHDGRIWKHPRUHFRPPRQZRUGGHZKHQ
JUHDWHUHPSKDVLVLVUHTXLUHGRUZKHQWKHUHLVDSRVVLELOLW\RIDPELJXLW\
7RVKRZVWDUWLQJSRLQWLQVSDFH
7RVKRZVWDUWLQJSRLQWLQWLPH
,QWKHVHWSKUDVHGHVGHKDVWD
,QWKHSKUDVHGHVGHKDFHKDFtDVLQFHWRVKRZOHQJWKRIWLPH

'HVGHORDOWRGHOUDVFDFLHORVVHSXHGHYHUWRGDODH[WHQVLyQGHO
HVWDGR<RXFDQVHHWKHZKROHRIWKHVWDWHIURPWKHWRSRIWKH
VN\VFUDSHU
+HPRVYHQGLGRPiVGHHMHPSODUHVGHVGHPHGLDGRVGHDEULO
:HYHVROGPRUHWKDQFRSLHVVLQFHPLG$SULO
'HVGH6DQ6HEDVWLiQKDVWD6HYLOOD\GHVGH9LJRKDVWD9DOHQFLDWRGR
HOHVWDGRVHYHUiDIHFWDGR)URP6DQ6HEDVWLiQWR6HYLOOHDQGIURP
9LJRWR9DOHQFLDWKHZKROHFRXQWU\ZLOOEHDIIHFWHG
9LYLPRVHQHVWDFDVDGHVGHKDFHDxRV:HYHEHHQOLYLQJLQWKLV
KRXVHIRU\HDUV

6HHDOVR6HFWLRQIRUPRUHH[DPSOHVRIGHVGHXVHGWRGHILQHOLPLWLQWLPH
'XUDQWH
'XUDQWHGHQRWHVDSDUWLFXODUVSDQRIWLPHDQGPHDQVGXULQJLQWKHVHQVH 'XUDQWHHOYHUDQRSDVDPXFKRWLHPSRHQHOMDUGtQ7KURXJKRXWWKH
RIZKLOHWKHWLPHVSHFLILHGODVWVRUIRUDVSHFLILHGOHQJWKRIWLPH
VXPPHUKHVSHQGVDORWRIWLPHLQWKHJDUGHQ
3HUGLHURQFRQWDFWRFRQHOWUDQVERUGDGRUHVSDFLDOGXUDQWHKRUDV
7KH\ORVWFRQWDFWZLWKWKHVSDFHVKXWWOHIRUKRXUV

http://vk.com/espanol_con_amigos

1RWHWKDWGXUDQWHFRQWUDVWVZLWKSRUZKLFKFDQDOVRUHIHUWRDVSHFLILHGOHQJWKRIWLPH%XWZKHUHDVGXUDQWH
UHIHUVWRDGXUDWLRQRIWLPHSRUWHQGVRQO\WRUHIHUWRDEULHIPRPHQWRULQVWDQWHJ3HUGLHURQFRQWDFWRVROR
SRUXQLQVWDQWH7KH\RQO\ORVWFRQWDFWIRUDQLQVWDQW 6HHWKLVXVHRISRUEHORZ
(Q
(QKDVDQXPEHURIXVDJHVLQ6SDQLVKDQGFDQWUDQVODWHWKHLGHDVLQRQDWLQWRDQGRQWRLQDGGLWLRQWR
VRPHRWKHU(QJOLVKSUHSRVLWLRQVDFFRUGLQJWRWKHFRQWH[W
3RVLWLRQDERYHXSLQ
3RVLWLRQDJDLQVWRQ
3RVLWLRQLQVLGHLQLQVLGH
$FWLRQZLWKLQDWLPHIUDPH
3RLQWLQVSDFHDWLQ
$FWLRQZLWKLQDSHULRGRIWLPHLQZLWKLQ
0RYHPHQWLQWR
0HDQVRIWUDQVSRUWE\
:LWKPHDVXUHPHQWVYDOXHDQGSULFHVE\DW
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[FKDQJHUDWHVVROHV
6HODUHFRQRFHHQVXIRUPDGHDQGDU6KHFDQEHUHFRJQLVHGE\WKH
ZD\VKHZDONV

(QWUH
(QWUHWUDQVODWHVWKHLGHDEHWZHHQRUDPRQJDOWKRXJKWKLVFDQEHLQDPXFKORRVHUVHQVHWKDQWKH(QJOLVK
ZRUGVZRXOGSUHVXSSRVHVRPHWLPHVLWKDVWKHPXFKYDJXHUVHQVHRILQWKHPLGVWRIRUWKURXJKWKHPLGVWRI
7KHUHDUHDOVRDQXPEHURIVSHFLDOXVHVWKDWGRQRWKDYHGLUHFWHTXLYDOHQWVLQ(QJOLVK
0HSXVRHQWUHODHVSDGD\ODSDUHG,WSXWPHEHWZHHQWKHGHYLODQG
WKHGHHSEOXHVHD
7RLQGLFDWHDYDJXHXQVSHFLILHGRUXQNQRZQSRLQWLQVSDFHLQFOXGLQJ
/DVWURSDVDYDQ]DURQHQVLOHQFLRHQWUHODPDOH]D7KHWURRSV
PRYHPHQWWKURXJKDPRQJLQWKHPLGVWRIWKURXJKWKHPLGVWRI
DGYDQFHGVLOHQWO\WKURXJKWKHXQGHUJURZWK
/RUFD\$OEHUWLGHVWDFDQHQWUHODOODPDGD*HQHUDFLyQGHO/RUFD
7RLQGLFDWHDVVRFLDWLRQZLWKDJURXSOLWHUDOO\RUILJXUDWLYHO\DPRQJ
DQG$OEHUWLVWDQGRXWLQWKHVRFDOOHG*HQHUDWLRQRI
(QWUHWRGRVVtTXHVRPRVFDSDFHVGHOOHYDUDFDERXQSUR\HFWRGHWDO
7RLQGLFDWHDVHQVHRIFRRSHUDWLRQZLWKLQDJURXSWRJHWKHUEHWZHHQ
FRPSOHMLGDG%HWZHHQXVDOORIFRXUVHZHUHDEOHWRGHOLYHUDFRPSOH[
WKHPXVHWF
SURMHFWOLNHWKDW
(VGLItFLOHOHJLUHQWUHORVGRVFDQGLGDWRV,WVGLIILFXOWWRFKRRVH
8VHGZLWKYHUEVRIFKRLFHEHWZHHQ
EHWZHHQWKHWZRFDQGLGDWHV
7RLQGLFDWHDUHIOH[LYHRUDUHFLSURFDODFWLRQHVSHFLDOO\VSHDNLQJRUZULWLQJ /RVFKLFRVVXVXUUDEDQHQWUHVtDOIRQGRGHODXOD7KHER\VZKLVSHUHG
6HH6HFWLRQWROHDUQDERXWUHFLSURFDOYHUEV
WRHDFKRWKHUDWWKHEDFNRIWKHFODVVURRP
)LQDOO\QRWHLWVLGLRPDWLFXVHZLWKWKHZRUGVHPDQDWRPHDQZHHNGD\V (OVXSHUPHUFDGRHVWiDELHUWRHQWUHVHPDQDSHURQRORVGRPLQJRV
DQG6DWXUGD\V
7KHVXSHUPDUNHWLVRSHQDOOZHHNH[FHSW6XQGD\V
7RLQGLFDWHDQLQWHUPHGLDWHSRVLWLRQOLWHUDOO\RUILJXUDWLYHO\EHWZHHQ

1RWHWKDWHQWUHWDNHVWKHVXEMHFWSURQRXQVUDWKHUWKDQWKHREMHFWSURQRXQVHQWUHQRVRWURVHQWUHW~\HOOD
+DFLD
+DFLDFRQYH\VWKHLGHDRIDSSUR[LPDWHGLUHFWLRQWRZDUGVLQVSDFHDQGDERXWRUDSSUR[LPDWHO\LQWLPH,W
DOVRWUDQVODWHVWRZDUGVZKHQUHIHUULQJWRDWWLWXGHVRUHPRWLRQV

http://vk.com/espanol_con_amigos

7RVKRZLPSUHFLVHPRYHPHQWWRZDUGV

7RVKRZDSSUR[LPDWHWLPHDERXWDURXQGDSSUR[LPDWHO\
7RVKRZDQDWWLWXGHRUHPRWLRQDOVWDQFHWRZDUGV

1RVpDGyQGHLEDVHGLULJLyKDFLDHOUtR,GRQWNQRZZKHUHVKH
ZHQWVKHKHDGHGWRZDUGVWKHULYHU
/OHJDPRVDODILHVWDKDFLDPHGLDQRFKH:HJRWWRWKHSDUW\DERXW
PLGQLJKW
7LHQHXQDSRVWXUDDPELJXDKDFLDODUHOLJLyQRUJDQL]DGD+HKDVDQ
DPELJXRXVDWWLWXGHWRZDUGVRUJDQLVHGUHOLJLRQ

+DVWD
+DVWDFRQYH\VWKHLGHDRIXQWLORUXSWRLQWLPHDQGDVIDUDVRUXSWRLQVSDFH,WFDQDOVRPHDQDV
PXFKPDQ\DVZKHQUHIHUULQJWRQXPEHUVRUTXDQWLWLHV:KHQXVHGZLWKQRXQVLWKDVWKHPHDQLQJHYHQ
LQFOXGLQJ
+DVWDLVXVHGLQDQXPEHURILGLRPDWLFH[SUHVVLRQVPDLQO\WRGRZLWK
VD\LQJJRRGE\H
7RH[SUHVVDOLPLWLQWLPHXQWLOXSWR

7RH[SUHVVDOLPLWLQVSDFHDVIDUDVXSWR
7RH[SUHVVDOLPLWLQQXPEHURUTXDQWLW\XSWRDVPXFKPDQ\DV
7RLQGLFDWHWKHJUHDWHVWSRVVLEOHH[WHQWRILQFOXVLRQHYHQLQFOXGLQJ

+DVWDOXHJR+DVWDODYLVWD+DVWDPDxDQD+DVWDDKRUD+DVWDHO
ViEDGRHWF
7HQHPRVKDVWDILQDOHVGHODVHPDQDSDUDFRPSOHWDUOD
GRFXPHQWDFLyQ:HYHJRWXQWLOWKHHQGRIWKHZHHNWRILOOLQWKH
GRFXPHQWDWLRQ
/RVKXHOJXLVWDVPDUFKDURQKDVWDODEDUUHUDSHURQRODSXGLHURQ
SDVDU7KHVWULNHUVPDUFKHGXSWRWKHJDWHEXWWKH\FRXOGQWSDVV
WKURXJK
(QHOHVWDQTXHSXHGHQFDEHUKDVWDSHFHV<RXFDQJHWXSWR
ILVKLQWKHSRQG
3DUHFHTXHKDVWDHOSUHVLGHQWHDQGDLQYROXFUDGRHQHOHVFiQGDOR,W
VHHPVHYHQWKHSUHVLGHQWLVLPSOLFDWHGLQWKHVFDQGDO

+DVWDZLWKLQILQLWLYHVDQGVXEMXQFWLYHV
+DVWDFDQEHIROORZHGE\DQLQILQLWLYHRUZLWKKDVWDTXHE\DQLQGLFDWLYH
RUVXEMXQFWLYHWRFRQYH\WKHLGHDRIXQWLOGRLQJRUXQWLO,\RXKH
VKHHWFGRHV
1RWHWKDWLQVRPHVXERUGLQDWHFODXVHVKDVWDTXHDOORZVWKHXVHRI
QRZLWKRXWFKDQJLQJWKHPHDQLQJRIWKHFODXVH

7UDEDMyKDVWDWHUPLQDUHOLQIRUPH+HZRUNHGXQWLOKHILQLVKHGWKH
UHSRUW
1RQRVTXHUtDSDJDUKDVWDTXHQRKXELpUDPRVDUUHJODGRWRGRVORV
GHWDOOHVILQDOHV+HGLGQWZDQWWRSD\XVXQWLOZHKDGVRUWHGRXWWKH
ILQDOGHWDLOV

6HH6HFWLRQRQKDVWDWRH[SUHVVOLPLWRIWLPHLQWLPHUHODWLRQV
0HGLDQWH
0HGLDQWHH[SUHVVHVWKHLGHDE\PHDQVRIE\XVLQJRUE\DGRSWLQJ,W (OJRELHUQRKDSRGLGRHYLWDUXQDFULVLVHFRQyPLFDPHGLDQWHXQD
LQWURGXFHVWKHPHDQVE\ZKLFKWKHLPSOHPHQWZLWKZKLFKRUWKHFRXUVHRI SROtWLFDULJXURVD7KHJRYHUQPHQWKDVPDQDJHGWRDYRLGDQHFRQRPLF
DFWLRQWKURXJKZKLFKVRPHWKLQJLVGRQHRUDFKLHYHG
FULVLVE\DGRSWLQJDVWULQJHQWSROLF\

0HGLDQWHKLJKOLJKWVWKHPHDQVXVHGDQGFDQEHUHSODFHGE\WKHFRPSRXQGSUHSRVLWLRQSRUPHGLRGH
:KHQWKHPHDQVLVQRWLPSRUWDQWRUWKHVSHDNHUGRHVQRWZLVKWRHPSKDVLVHLWPHGLDQWHFDQRIWHQEHUHSODFHG
ZLWKFRQRUSRU/RSXGHVROXFLRQDUFRQXQDOODPDGDWHOHIyQLFD,PDQDJHGWRVROYHLWZLWKDWHOHSKRQHFDOO
3DUD
3DUDLVDYHU\FRPPRQSUHSRVLWLRQZLWKVHYHUDOXVHVPRVWRIZKLFKDUHFRQQHFWHGZLWKWKHLGHDRIGHVWLQDWLRQ
RUHYHQGHVWLQ\LQDILJXUDWLYHRUOLWHUDOVHQVH,WLVRIWHQWUDQVODWHGDVIRUEXWEHFDUHIXOWKH(QJOLVKZRUG
FDQDOVREHWUDQVODWHGDVSRU
6HH3RU"RU3DUD"EHORZ
7RLQGLFDWHSXUSRVHRUXVH
7RLQGLFDWHDUHFLSLHQW

(VWDKHUUDPLHQWDHVSDUDVDFDUFODYRV7KLVWRROLVIRUSXOOLQJRXWQDLOV
+DFRPSUDGRXQKHUPRVRFROODUGHSHUODVSDUDVXHVSRVD+HV
ERXJKWDORYHO\SHDUOQHFNODFHIRUKLVZLIH

http://vk.com/espanol_con_amigos

0RYHPHQWRUGLUHFWLRQWRZDUGVDJDLQZLWKDQLGHDRIGHVWLQDWLRQWR
'XUDWLRQRISUHGHWHUPLQHGSHULRGRIWLPHSRULQ6SDQLVK$PHULFD
7RVKRZWKHKROGHURIDQRSLQLRQQRWLFHWKDWVXEMHFWSURQRXQVDUHXVHG

(OEDUFRYDSDUD%XHQRV$LUHV7KHVKLSLVERXQGIRU%XHQRV$LUHV
0LVSDGUHVYDQD&DQDULDVSDUDXQDTXLQFHQD0\SDUHQWVDUHJRLQJ
WRWKH&DQDULHVIRUDIRUWQLJKW
3DUDQRVRWURVODVYDFDFLRQHVVRQLPSRUWDQWtVLPDV)RUXVKROLGD\V
DUHH[WUHPHO\LPSRUWDQW

3RU
7RH[SUHVVFDXVHRUPRWLYHEHFDXVHRIZLWKDFRPPLWPHQWWR

7RH[SUHVVSULFHHTXLYDOHQFHRUVXEVWLWXWLRQLQH[FKDQJHIRULQWKH
SODFHRIRQEHKDOIRI
7RH[SUHVVDPHDQVRUDQLQVWUXPHQWLQFOXGLQJWUDQVSRUWDWLRQXVLQJ
YLDE\

0XULySRUVXIH+HGLHGIRUKLVIDLWK
1RWUDEDMRSRUDPRUDODUWHVLQRSRUGLQHUR,GRQWZRUNIRUWKHORYH
RILWEXWIRUPRQH\
9HQGLyHOFXDGURTXHGHVFXEULyHQODEXKDUGLOODSRUXQGLQHUDO+H
VROGWKHSDLQWLQJWKDWKHIRXQGLQKLVORIWIRUDIRUWXQH
/DHPEDMDGRUDILUPyHOWUDWDGRFRPHUFLDOSRUHOSUHVLGHQWH7KH
DPEDVVDGRUVLJQHGWKHEXVLQHVVSDFWRQWKHSUHVLGHQWVEHKDOI
$\HUKDEOpFRQpOSRUWHOpIRQR,VSRNHWRKLP\HVWHUGD\RQWKHSKRQH
)LQDOPHQWHOHHQYLpODVSLH]DVSRUDYLyQ)LQDOO\,VHQWKLPWKHSDUWVE\
SODQH
6RORVHSXHGHREWHQHUSRUODIXHU]D,WFDQRQO\EHREWDLQHGE\IRUFH

7RH[SUHVVWKHPDQQHURUZD\LQZKLFKVRPHWKLQJLVGRQHXVLQJE\
7RH[SUHVVDVHQVHRISHUVRQDOLQYROYHPHQWRUFRPPLWPHQWDVIRUDV
3RUHOODLUtDPRVPDxDQD$VIDUDVVKHVFRQFHUQHGZHGJR
IDUDV>@LVFRQFHUQHG1RWHWKDWLQWKHVHFDVHVSRULVXVXDOO\DWWKH
WRPRUURZ
KHDGRIWKHVHQWHQFH
7RH[SUHVVVSHHGUDWHRUWKHLGHDRIGLVWULEXWLRQLQWLPHRUDPRQJDJURXS (OOtPLWHGHYHORFLGDGHQODVDXWRSLVWDVHVSDxRODVHVNPSRUKRUD
SHU
7KHVSHHGOLPLWRQ6SDQLVKPRWRUZD\VLVNLORPHWUHVSHUKRXU
7RH[SUHVVWUDQVLWLRQDOPRYHPHQWDORQJXSGRZQLQLQWR
%DMDEDSRUODHVFDOHUDFXDQGRQRVRWURVVXEtDPRV6KHZDVFRPLQJ
WKURXJKWKURXJKRXWGHSHQGLQJRQFRQWH[W
GRZQWKHVWDLUVZKHQZHZHUHJRLQJXS
7RH[SUHVVDSSUR[LPDWHGXUDWLRQIRUWKHGXUDWLRQRI
'XGySRUDOJXQDVKRUDVDQWHVGHWRPDUXQDGHFLVLyQ+HKHVLWDWHG
6HHDOVR'XUDQWHDERYH
IRUVHYHUDOKRXUVEHIRUHPDNLQJDGHFLVLRQ
$KRUDSDUHFHTXHHVHFXDGURQRIXHSLQWDGRSRU5RPHURGH7RUUHV
7RLQWURGXFHWKHDJHQWLQDSDVVLYHFRQVWUXFWLRQE\
VLQRSRURWURDUWLVWDGHVFRQRFLGR,WQRZVHHPVWKDWWKLVSLFWXUHZDVQRW
<RXFDQUHYLVHWKHSDVVLYHLQ6HFWLRQ
SDLQWHGE\5RPHURGH7RUUHVEXWE\DQRWKHUXQNQRZQDUWLVW
3RU"RUSDUD"

6RPHWLPHVWKHFKRLFHEHWZHHQSRUDQGSDUDFDQEHFRQIXVLQJIRU(QJOLVKVSHDNHUVVLQFHERWKZRUGVFDQEH
WUDQVODWHGDVIRU
:KHQIDFHGZLWKDFKRLFHWU\WRGHFLGHZKHWKHUWKHPHDQLQJORRNVIRUZDUGWRDGHVWLQDWLRQRUREMHFWLYHLQ
ZKLFKFDVHFKRRVHSDUDZKHWKHULWUHIHUVEDFNWRDFDXVHRUPRWLYHFKRRVHSRURUZKHWKHULWH[SUHVVHV
VXEVWLWXWLRQDJDLQFKRRVHSRU
([DPSOHV

3XVRXQFRPHGHURHQHOMDUGtQSRUVXVKLMRV+HSXWDELUGIHHGHULQWKHJDUGHQIRUKLVFKLOGUHQ3RU LV

FDXVDOWKHFKLOGUHQDUHWKHUHDVRQRUFDXVHRIKLVSODFLQJWKHIHHGHULQWKHJDUGHQ
3RGUtDVOODPDUDWXKHUPDQDSRUPt"&RXOG\RXFDOO\RXUVLVWHUIRUPH"3RUH[SUHVVHVVXEVWLWXWLRQWKH
VSHDNHULVUHDOO\VD\LQJ&RXOG\RXFDOOKHURQP\EHKDOI
&RPSUyXQFRPHGHURSDUDVXPDGUH+HERXJKWDELUGIHHGHUIRUKLVPRWKHU+LVPRWKHULVWKHUHFLSLHQW
RIWKHJLIWLHVKHLVWKHJLIWVGHVWLQDWLRQ

6HJ~Q
6HJ~QPHDQVDFFRUGLQJWRRUZKHQIROORZHGGLUHFWO\E\DYHUE
DFFRUGLQJWRZKDW
6RPHWLPHVVHJ~QKDVPRUHWKHVHQVHRILQDFFRUGDQFHZLWKRU
GHSHQGLQJRQ

6HJ~QORVPpGLFRVHVSHOLJURVRIXPDU$FFRUGLQJWRGRFWRUVLWV
GDQJHURXVWRVPRNH
6HJ~QHOFRQWH[WRODSDODEUDFRODVHWUDGXFHGHIRUPDPX\GLVWLQWD
DOLQJOpV'HSHQGLQJRQWKHFRQWH[WWKHZRUGFRODLVWUDQVODWHGYHU\
GLIIHUHQWO\LQWR(QJOLVK

http://vk.com/espanol_con_amigos

6HH6HFWLRQIRUVHJ~QYHUEVH[SUHVVLQJDFWLRQVLQSURJUHVVVHH6HFWLRQHIRUVHJ~QDVD
FRQQHFWRURIPDQQHU
6LQ
6LQWUDQVODWHVWKH(QJOLVKZLWKRXWTXLWHVWUDLJKWIRUZDUGO\
1RWHWKDWZKHQIROORZHGE\DQRQFRQMXJDWHGYHUEVLQLVIROORZHG 4XLVLHUDYLYLUVLQWHQHUTXHWUDEDMDU,GOLNHWROLYHZLWKRXWKDYLQJWR
ZRUN
E\WKHLQILQLWLYH
VLQSORPROHDGIUHH
+RZHYHUWKHUHDUHDQXPEHURIFDVHVZKHUHVLQZRXOGQRWEHWUDQVODWHG
XQDERWHOODVLQDEULUDQXQRSHQHGERWWOH
DVZLWKRXW
XQHGLILFLRVLQWHUPLQDUDQXQILQLVKHGEXLOGLQJ

6REUH
7KHEDVLFPHDQLQJRIVREUHLVRQWRSRIDOWKRXJKLWFDQWUDQVODWHRQRYHUDERYHQHDUDQGHYHQ
DERXWRUDSSUR[LPDWHO\DFFRUGLQJWRWKHFRQWH[W
7RVKRZSRVLWLRQZLWKSK\VLFDOFRQWDFWRQRQWRSRI
7RVKRZSRVLWLRQZLWKRXWSK\VLFDOFRQWDFWDERYHRYHU
7RVKRZKLHUDUFK\DERYHLQDILJXUDWLYHVHQVH
7RVKRZWKHVXEMHFWRUWKHPHDERXWRQWKHVXEMHFWRI
6HHDOVRGHLQWKLVXQLW
7RVKRZDSSUR[LPDWLRQRIWLPHDERXWDURXQGDSSUR[LPDWHO\

3XVRODEDQGHMDVREUHODPHVD+HSXWWKHWUD\RQWKHWDEOH
&XHQWDQTXHODHVWUHOODVHSDUyVREUHHOSHVHEUH7KH\VD\WKHVWDU
VWRSSHGDERYHWKHFULE
1RSXHGRKDFHUQDGDHOODHVPLMHID\HVWiVREUHPt,FDQWGR
DQ\WKLQJVKHVP\ERVVDQGVKHVDERYHPH
7HQHPRVTXHSUHSDUDUXQHVFULWRGHSDODEUDVVREUHHOSDSHOGHO
SRGHUQXFOHDUHQODHFRQRPtDDFWXDO:HKDYHWRSUHSDUHDZRUG
WH[WRQWKHUROHRIQXFOHDUSRZHULQWRGD\VHFRQRP\
/OHJyVREUHODVRFKR6KHDUULYHGDURXQGHLJKW

7UDV
7UDVPHDQVDIWHUIROORZLQJRUEHKLQGDQGFDQUHSODFHGHVSXpVGH
DQGGHWUiVGH
6HH3UHSRVLWLRQDOSKUDVHVEHORZ
1RWHWKDWWUDVLVPXFKPRUHFRPPRQLQWKHZULWWHQODQJXDJHSDUWLFXODUO\
MRXUQDOHVH'HVSXpVGHDQGGHWUiVGHDUHIDUPRUHOLNHO\WREHKHDUGLQ
WKHVSRNHQODQJXDJH
+RZHYHUWUDVPXVWEHXVHGZKHQOLQNLQJWRJHWKHUSDLUVRIQRXQVLQ
SKUDVHVVXFKDV\HDUDIWHU\HDUZHHNDIWHUZHHNDQGVRRQ

/DOXQDVHOHYDQWyWUDVHOSHUILOHVTXHOpWLFRGHORViUEROHV7KHPRRQ
URVHXSEHKLQGWKHVNHOHWDORXWOLQHRIWKHWUHHVGHWUiVGHLVDOVR
SRVVLEOH
7RGRHOPXQGRDSODXGLyFRQHQWXVLDVPRWUDVODFKDUODGHOH[SHUWR
(YHU\RQHDSSODXGHGHQWKXVLDVWLFDOO\IROORZLQJWKHH[SHUWVWDON
GHVSXpVGHLVDOVRSRVVLEOH
KRUDWUDVKRUDKRXUDIWHUKRXUGtDWUDVGtDGD\DIWHUGD\DxRWUDV
DxR\HDUDIWHU\HDUHWF

3UHSRVLWLRQDOSKUDVHV
3UHSRVLWLRQDOSKUDVHVVRPHWLPHVFDOOHGFRPSRXQGSUHSRVLWLRQVFRQVLVWRIRQHRUPRUHSUHSRVLWLRQVFRPELQHG
ZLWKDQDGYHUERUDQRXQ
6SDQLVKKDVDQHQRUPRXVUDQJHRISUHSRVLWLRQDOSKUDVHVWKHPRVWFRPPRQRIZKLFKDUHGHVFULEHGEHORZ
3UHSRVLWLRQDOSKUDVH
$OODGRGH
$OUHGHGRUGH
$QWHVGH

&HUFDGH
'HEDMRGH

([DPSOHV
(OEDQFRHVWiDOODGRGHODSDQDGHUtD
7KHEDQNVQH[WWRWKHEDNHUV
+D\KXHUWRVDOUHGHGRUGHODFDVD7KHUH
DUHRUFKDUGVVXUURXQGLQJWKHKRXVH
$QWHVGHDFRVWDUVHKD\TXHODYDUVHORV
GLHQWHV%HIRUHJRLQJWREHG\RXKDYHWR
FOHDQ\RXUWHHWK
(O0XVHRGHO3UDGRHVWiFHUFDGHOD
3XHUWDGHO6RO7KH3UDGRLVQHDUWKH
3XHUWDGHO6RO
(OJDWRHVWiGXUPLHQGRGHEDMRGHOD
PHVD7KHFDWLVDVOHHSXQGHUWKHWDEOH

3KUDVHUHIHUVWR
3K\VLFDOSRVLWLRQQH[WWR
3K\VLFDOSRVLWLRQVXUURXQGLQJ1RWHDOVRWKH
H[SUHVVLRQVDVXDOUHGHGRUDQGDOUHGHGRUVX\R
5HODWLYHWLPHEHIRUH

3K\VLFDOSRVLWLRQQHDU
3K\VLFDOSRVLWLRQXQGHUQHDWK

http://vk.com/espanol_con_amigos

+D\XQDSOD]DHVSOpQGLGDGHODQWHGHOD
FDWHGUDO7KHUHVDVSOHQGLGVTXDUHLQIURQW 3K\VLFDOSRVLWLRQLQIURQWRI
RIWKHFDWKHGUDO
7RGDVVXVDOKDMDVHVWiQGHQWURGHXQD
3K\VLFDOSRVLWLRQLQVLGH
FDMDIXHUWH$OOKHUMHZHOVDUHLQVLGHD
VWURQJER[
'HVSXpVGHGHVSHUWDUVHQRVXHOH
DFRUGDUVHGHVXVVXHxRV$IWHUZDNLQJXS 5HODWLYHWLPHDIWHU
VKHGRHVQWXVXDOO\UHPHPEHUKHUGUHDPV
'HWUiVGHODVFRUWLQDVQRVHYHtDQDGD
3K\VLFDOSRVLWLRQEHKLQG
1RWKLQJFRXOGEHVHHQEHKLQGWKHFXUWDLQV
(VWDPRVHQFRQWUDGHVXRSLQLyQ:HDUH
)LJXUDWLYHSRVLWLRQDJDLQVWRSSRVHGWR
RSSRVHGWRKHURSLQLRQ
3XVRODEDQGHMDHQFLPDGHODPHVD+H 3K\VLFDOSRVLWLRQZLWKRUZLWKRXWFRQWDFWRQWRS
RIDERYH
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\RXFDQWVHHLWIURPWKH
IURQWKHUH
(ODYLyQYROySRUHQFLPDGHODVQXEHV
7KHSODQHIOHZDERYHWKHFORXGV

(QIUHQWHGHIUHQWHD

)XHUDGH

/HMRVGH

3RUGHEDMRGH

3RUGHODQWHGH

3RUGHWUiVGH

3RUHQFLPDGH

3K\VLFDOSRVLWLRQRSSRVLWH

3K\VLFDOSRVLWLRQRXWVLGH

3K\VLFDOSRVLWLRQIDUDZD\IURP

3K\VLFDOPRWLRQXQGHUXQGHUQHDWK

3K\VLFDOPRWLRQLQIURQWRISDVW

3K\VLFDOPRWLRQEHKLQG

3K\VLFDOPRWLRQRYHUDERYH

(MHUFLFLRV

,QVHUWDSHUVRQDODLQWKHJDSVLI\RXWKLQNLWLVQHFHVVDU\
D%XVFRXQSURIHVRUTXHD\XGHDPLKLMRHQPDWHPiWLFDV
E%XVFRODSURIHVRUDGHPDWHPiWLFDVGHPLKLMR
FTXLpQYLVWHSULPHURDOEDMDUGHOWUHQ"
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<RQRYROYHUtDDYRWDUQXQFDORVFRQVHUYDGRUHV
F6HKDFRQVWUXLGRXQDQXHYDFiUFHOHODXPHQWRHQHOQ~PHURGHGHOLQFXHQWHVHQODFLXGDG
G(OVKD-DKDQKL]RFRQVWUXLUHO7DM0DKDOFRPRVHSXOWXUDVXTXHULGDHVSRVD
 H0LFROHJDQRKDSRGLGRYHQLUDOFRQJUHVRFLUFXQVWDQFLDVLPSUHYLVWDVSHURPHKDSHGLGRTXH
SUHVHQWHODSRQHQFLDHOOD
7UDQVODWHWKHVHQWHQFHVLQH[HUFLVHLQWR(QJOLVK,QWKRVHFDVHVZKHUH\RXKDYHWUDQVODWHGSRUDQGSDUD
DVIRUWU\WRWKLQNRIWKHJHQHUDOVHQVHRIWKHZRUG1RWHLWLQEUDFNHWVDIWHU\RXUWUDQVODWLRQ
 /RRNDWWKHIROORZLQJQHZVSDSHUH[WUDFW&RPSOHWHWKHJDSVZLWKWKHDSSURSULDWHSUHSRVLWLRQVIURPWKH
OLVWEHORZ
DDWUDYpVGHGHHQSDUDSRU
$\XGDDODVYtFWLPDVGHOWHUUHPRWR
DODVSHUVRQDVLQWHUHVDGDVEDSRUWDUVXD\XGDFORVGDPQLILFDGRVGHOWHUUHPRWRRFXUULGRH(O6DOYDGRU
/RSXHGHQKDFHUIODVLJXLHQWHPDQHUDJFXHQWDVKORVVLJXLHQWHVEDQFRV
%DQFR6DOYDGRUHxR
%DQFR$JUtFROD
(O1RWLFLHUR6DQ6DOYDGRUKWWSZZZHOQRWLFLHURFRPVY

http://vk.com/espanol_con_amigos


,QWHUMHFWLRQV
$QLQWHUMHFWLRQXQDLQWHUMHFFLyQLVDZRUGRUDVKRUWSKUDVHZKLFKVWDQGVDSDUWIURPOLWHUDOO\LV
LQWHUMHFWHGLQWRWKHV\QWD[DQGPHDQLQJRIWKHUHVWRIDQXWWHUDQFHZKDWLVEHLQJVDLG([DPSOHVLQFXUUHQW
%ULWLVK(QJOLVKLQFOXGH$KD:LFNHG+HOS1RZD\DQG*UHDW
,QVSHHFKDQLQWHUMHFWLRQLVUHFRJQLVHGE\LWVPDUNHGO\GLIIHUHQWLQWRQDWLRQLWLVXVXDOO\DOVRSUHFHGHGDQG
IROORZHGE\DVKRUWSDXVH,QZULWWHQ6SDQLVKWKLVLVQRUPDOO\VLJQDOOHGE\SODFLQJWKHLQWHUMHFWLRQEHWZHHQ
H[FODPDWLRQPDUNVQRWHWKDW6SDQLVKXVHVDQXSVLGHGRZQIRUPEHIRUHDQLQWHUMHFWLRQRUH[FODPDWLRQ
6HHVHFWLRQ%RIWKLVXQLWIRUPRUHRQH[FODPDWRU\VHQWHQFHV
7KHIXQFWLRQRIWKHLQWHUMHFWLRQLVXVXDOO\WRH[SUHVVVRPHNLQGRIHPRWLRQDOUHDFWLRQWRZKDWHYHULGHDLVEHLQJ
FRQYH\HGLQWKHUHVWRIWKHXWWHUDQFHRUVHQWHQFHVXFKDVVXUSULVHKRSHGLVJXVWDJUHHPHQWDQJHUHWF
,Q6SDQLVKWKHUHDUHGLIIHUHQWW\SHVRILQWHUMHFWLRQ
D,QWHUMHFWLRQVSURSHU
E'HULYDWLYHLQWHUMHFWLRQVDQGH[FODPDWRU\SKUDVHV
7KHUHLVDQHQRUPRXVUDQJHRILQWHUMHFWLRQVLQ6SDQLVK7KRVHJLYHQLQWKLVXQLWDUHMXVWDVHOHFWLRQRIWKHPRVW
FRPPRQ
%HYHU\FDUHIXOZKHQXVLQJLQWHUMHFWLRQV7KHLUUHJLVWHUWKDWLVWKHWRQHWKH\FRQYH\FDQFKDQJHTXLWH
PDUNHGO\RYHUDUHODWLYHO\VKRUWSHULRGRIWLPH7KH\DUHDOVRIUHTXHQWO\DVVRFLDWHGZLWKSDUWLFXODUVRFLDO
JURXSVDQGRUUHJLRQVRIWKH6SDQLVKVSHDNLQJZRUOG
1DGD UHVXOWD PiV ULGtFXOR TXH XQ LQGLYLGXR TXH VXSXHVWDPHQWH HVWi IXULRVR GLFLHQGR &yUFKROLV
0HQXGDIDHQDPHKDEpLVKHFKR6LHVWiIXULRVRGHYHUGDGQRGLUiFyUFKROLVRFiVFDUDVVROWDUi
XQH[DEUXSWR
1RWKLQJLVPRUHULGLFXORXVWKDQVRPHRQHZKRLVVXSSRVHGWREHIXULRXVVD\LQJ*RRGORUG$ILQHRQH
\RXYHSOD\HGRQPH,IKHLVUHDOO\IXULRXVKHZRQWVD\*RRGORUGRU:HOO,PEORZHGKHOOXVH
DQH[SOHWLYH
5RGROIR0DUWtQH]$OJXQDVQRWDVVREUHORVGLiORJRV%(0KWWSZZZEHPPDJFRPGLDORJRVKWP

1RWLFHWKDWDSDUWLFXODULQWHUMHFWLRQPD\FRQYH\GLIIHUHQWPHDQLQJVGHSHQGLQJRQWKHVLWXDWLRQ<RXZLOOQHHGWR
UHO\RQWKHFRQWH[WWRLGHQWLI\WKHSUHFLVHIHHOLQJRUPHDQLQJH[SUHVVHG
D,QWHUMHFWLRQVSURSHU

7KHVHDUHVLQJOHVRXQGVXQUHODWHGWRSDUWLFXODUZRUGV7KH\DUHRIWHQRQRPDWRSRHLFDQGVHUYHWRUHLQIRUFHWKH
PHVVDJH
,QWHUMHFWLRQ
$K

0HDQLQJXVDJH

([DPSOH
4XHWHGLJRTXHQRWHYR\DSRGHU
DFRPSDxDU
([SUHVVHVUHDOLVDWLRQVXGGHQXQGHUVWDQGLQJ $K(QWRQFHVLUpVROD,PWHOOLQJ\RX,ZRQW
EHDEOHWRJRZLWK\RX2K,VHH,OOJRE\
P\VHOIWKHQ
<DHQWLHQGR3RUHVRQRTXHUtDVYHUOR

http://vk.com/espanol_con_amigos

$Mi

([SUHVVHVDSSURYDODJUHHPHQW

$Mi,VHH7KDWVZK\\RXGLGQWZDQWWRVHH
KLP7KDWVLW
$\TXpGDxR0HKHSLQFKDGRFRQODV
([SUHVVHVVXGGHQVXUSULVHVRUURZDQJXLVK
URVDV2ZWKDWKXUW,YHSULFNHGP\VHOIRQWKH
SDLQ
URVHV
4XpGLVJXVWR0DJGDVHKDHQIDGDGR
FRQPLJRSRUORTXHKHGLFKR
%DK1ROHKDJDVFDVR6HJXURTXHSDUD
([SUHVVHVDGLVPLVVLYHRUQHJDWLYHUHDFWLRQ
PDxDQD\DVHOHKDEUiSDVDGR,PYHU\XSVHW
GLVEHOLHIVFRUQUHIXVDOHWF
0DJGDLVDQJU\ZLWKPHEHFDXVHRIZKDW,VDLG
+XKGRQWWDNHDQ\QRWLFHRIKHU,PVXUHVKHOO
KDYHJRWRYHULWE\WRPRUURZ
(KVHxRULWD6HGHMDODWDUMHWD+H\PLVV
$WWUDFWVDWWHQWLRQ
\RXYHIRUJRWWHQ\RXUFUHGLWFDUG
+DOHWRGRVDFRPHU&RPHRQHYHU\RQHWLPH
*LYHVHQFRXUDJHPHQWKXUULHVDORQJ
WRHDW
<RWDPELpQPHDSXQWR
+X\TXpELHQ&XDQWRVPiVPHMRU,P
([SUHVVHVSOHDVDQWVXUSULVH
FRPLQJDVZHOO:RZWKDWVJUHDW7KHPRUHWKH
PHUULHU
([SUHVVHVHQWKXVLDVPZDUPDSSURYDOPRVW 2Op%LHQGLFKRQLxD%ULOOLDQW:HOOVDLG
FRPPRQLQ6RXWKHUQ6SDLQ
ODVV
([SUHVVHVLQGLIIHUHQFH
3VVV:KDWGR\RXWKLQNRIWKHSLFWXUH",WV
4XpWHSDUHFHHOFXDGUR"
2.LVK
2UGHUVWRVWRSXVHGZLWKKRUVHVRU
6RFDEDOORVR:KRDER\ZKRD
GRQNH\VOLNHWKH(QJOLVKZKRD
([SUHVVHVUHOLHIRUXVHGGXULQJKRWZHDWKHU 8ITXpDOLYLR3KHZ:KDWDUHOLHI
,PLWDWHVWKHVRXQGRIDEORZRUDVZLIW
'HMpTXHVHSRVDUD\]DVODPDWHFRQOD
PRYHPHQWHTXLYDOHQWRI(QJOLVKFUDVK ]DSDWLOOD,OHWLWODQGWKHQZKDFN,NLOOHGLWZLWK
EDQJZKDFNZKDPHWF
P\VOLSSHU

$\

%DK

(K
+DOH

+X\

2Op
3VVV3VH
6R
8I
=DV

E'HULYDWLYHLQWHUMHFWLRQVDQGH[FODPDWRU\SKUDVHV

7KLVJURXSRILQWHUMHFWLRQVFRQVLVWVRIVHWLGLRPDWLFH[SUHVVLRQVDQGVLQJOHUHFRJQLVDEOHZRUGVZKRVHPHDQLQJ
PD\RUPD\QRWFRUUHVSRQGWRQRQH[FODPDWRU\XVDJHHJ$X[LOLRDOZD\VPHDQVKHOSZKHWKHURUQRWLWLVDQ
LQWHUMHFWLRQZKHUHDV+RPEUHPHDQVVRPHWKLQJTXLWHGLIIHUHQWIURPPDQZKHQXVHGDVDQLQWHUMHFWLRQ
7KHIROORZLQJLQWHUMHFWLRQVKDYHEHHQJURXSHGDFFRUGLQJWRWKHHPRWLRQRUIHHOLQJWKDWWKH\H[SUHVV
,QWHUMHFWLRQVZKLFKDUHYHU\FROORTXLDORUVODQJKDYHEHHQPDUNHGZLWKDVWDU 7KHUHDUHDOVRDQXPEHURI
UXGHRURIIHQVLYHLQWHUMHFWLRQVLQ6SDQLVKFDOOHGWDFRVRUH[DEUXSWRVEXWWKH\KDYHQRWEHHQLQFOXGHGKHUH
0RVWRIWKHLQWHUMHFWLRQVLQWKLVVHOHFWLRQDUHKHDUGRQERWKVLGHVRIWKH$WODQWLF+RZHYHUWKHUHDUHVRPHWKDW
DUHRQO\XVHGLQ6SDLQRU6SDQLVK$PHULFD7KH\KDYHEHHQPDUNHGZLWK6DQG6S$PUHVSHFWLYHO\
,QWHUMHFWLRQ
$GHODQWHQLPR9DORU'DOH9DPRV
6LJXH$VtDVt
9HQJD9DPRV

9LYD$UULED%UDYR+XUUD

(VWXSHQGR)HQRPHQDO)DQWiVWLFR0X\
ELHQ4XpELHQ
$EDMRFRQ

0HDQLQJXVDJH

([DPSOH
QLPRTXH\DIDOWDSRFR.HHSLWXSQRWIDUWR
([SUHVVHVHQFRXUDJHPHQWDQGVXSSRUW
JRQRZ
9HQJDWRGRVDILUPDUODWDUMHWD&RPHRQ
([SUHVVHVHQFRXUDJHPHQWRUKXUULHVDORQJ
HYHU\RQHVLJQWKHFDUG
9LYD<DHVWDPRVGHYDFDFLRQHV+RRUD\
([SUHVVHVH[XOWDWLRQHQWKXVLDVPDQG
ZHUHQRZRQKROLGD\
VXSSRUW
%UDYR0LJXHO%LHQKHFKR%ULOOLDQW0LJXHO
:HOOGRQH
1RVKDQFRQFHGLGRHOSUpVWDPR
([SUHVVHVVDWLVIDFWLRQDQGDSSURYDO
(VWXSHQGR7KH\YHJLYHQXVWKHORDQ
*UHDW
([SUHVVHVGLVDSSURYDO
$EDMRODGLFWDGXUD'RZQZLWKGLFWDWRUVKLS
'LFHQTXHVXPDGUHHVXQDEUXMD
$QGD\D(VRQRVHORFUHHQDGLH7KH\VD\

http://vk.com/espanol_con_amigos

$QGD\D9HQJD\D7RQWHUtDV4XpYD

([SUHVVHVLQFUHGXOLW\RULURQ\

1LKDEODU1LSHQVDUOR1DULFHV <XQ
FXHUQR 

([SUHVVHVUHIXVDORUUHMHFWLRQ

4XpSHQD4XpPDO9D\DSRU'LRV

([SUHVVHVGLVDSSRLQWPHQW

$\GHPt3REUHGHPt

([SUHVVHVIHDUIRURQHVHOIRUVHOISLW\

2MRFRQ2MLWRFRQ&XLGDGR

FRQ

([SUHVVHVZDUQLQJRUWKUHDW

7RPD$KtYD9D\D$WL]D$UUHDROG
IDVKLRQHG0LPDGUH'LRVPtR9LUJHQ
([SUHVVHVVXUSULVHRUVKRFN
6DQWD9iOJDPH'LRV6DQWR&LHORWKHVHODVW
WKUHHROGIDVKLRQHG

4XpFDUDPED&DUD\+RPEUH
&yUFKROLV5HFyUFKROLV +tMROHV6S$P ([SUHVVHVVXUSULVHRUDQQR\DQFH
0LMR0LMD6S$P

9D\D9D\DSRU'LRV-R 64XpYDLQD
6S$P4XpIDVWLGLR4XpUDELD4Xp
FDUDMR 6S$P

([SUHVVHVLUULWDWLRQRUDQQR\DQFH

3RU'LRV3RUIDYRU3HUREXHQR

([SUHVVHVSURWHVWDWLRQ

-HV~V

([SUHVVHVVXUSULVHRUVKRFNDOVRXVHGDV
EOHVV\RXZKHQVRPHERG\VQHH]HV

6RFRUUR$X[LOLR

$VNVIRUKHOS

&KLWyQ6LOHQFLR

2UGHUVWRNHHSVLOHQW

%DVWD%DVWD\D9DOH\D

2UGHUVVRPHERG\WRVWRS

$WHQFLyQ0LUD0LUH2LJD2\H

$WWUDFWVVRPHERG\VDWWHQWLRQ

<GDOH

6KRZVLPSDWLHQFHWRZDUGVVRPHERG\
UHSHDWLQJWKHVDPHWKLQJ

KLVPRWKHUVDZLWFK2KFRPHRIILW1RRQH
EHOLHYHVWKDWRQH
7HLPSRUWDFDPELDUPHODJXDUGLDHOOXQHV"
1LKDEODU'R\RXPLQGVZDSSLQJIRUP\GXW\
RQ0RQGD\"1RZD\
1RKHSRGLGRFRQVHJXLUHQWUDGDVSDUDHO
FRQFLHUWR
4XpSHQD,FRXOGQWJHWWLFNHWVIRUWKH
FRQFHUW7KDWVDVKDPH
$\GHPt0LKLMDPHYDDPDWDUFXDQGRVH
HQWHUH2KQR0\GDXJKWHUVJRLQJWRNLOOPH
ZKHQVKHILQGVRXW
3RGpLVVDOLUSHURRMRTXHVLOOHJiLVWDUGHRWUD
YH]PDxDQDQRVDOtV<RXFDQJRRXWEXWZDWFK
RXWLI\RXJHWEDFNODWHDJDLQ\RXZRQWJRRXW
WRPRUURZ
$KtYD6LQRKHWUDtGRORVSDSHOHV2KQR,
KDYHQWEURXJKWWKHSDSHUV
'LRVPtRKHGHMDGRODVDUWpQHQHOIXHJR2K
P\*RG,YHOHIWWKHIU\LQJSDQRQWKHKHDW
'LFHQTXHKDQPDWDGRDRWUDSHUVRQD
9LUJHQ6DQWD,YHEHHQWROGWKDWWKH\NLOOHG
DQRWKHUSHUVRQ*RRG*RG
&DUD\1RPHHVSHUDEDHVR:KDWWKH,
ZDVQWH[SHFWLQJWKDW
4XpFDUDPED$XQTXHPHOODPHQQRSLHQVRLU
7KHKHFNZLWKLW(YHQLIWKH\ULQJPH,GRQW
LQWHQGWRJR
9D\D$KRUDTXHSRUILQPHSRQJRDOHHUVH
GHVSLHUWDHOQLxR)RUJRRGQHVVVDNH-XVWDV,YH
ILQDOO\VWDUWHGWRUHDGWKHEDE\ZDNHVXS
5DTXHO"2\HTXHWHQJRXQDUHXQLyQ\QR
SXHGRLUDUHFRJHUDOQLxRDOFROHJLR
9D\DSRU'LRV<DKRUDTXpKDFHPRV"
5DTXHO"/LVWHQ,YHJRWDPHHWLQJDQG,ZRQWEH
DEOHWRSLFNWKHER\XSIURPVFKRRO2KERWKHU
1RZZKDWGRZHGR"
3RU'LRVGHMDG\DGHGLVFXWLU)RU*RGVVDNH
VWRSDUJXLQJ
-HV~VTXpPDOJHQLRWLHQHHVHKRPEUH%OLPH\
ZKDWDEDGWHPSHUWKDWPDQVJRW
$KKKKFKtV-HV~V$DFKRR%OHVV
\RX
6RFRUURTXHPHDKRJR+HOS,PGURZQLQJ
3XHV\RVLJRSHQVDQGRTXH
&KLWyQ1LXQDSDODEUDPiV:HOO,VWLOO
WKLQNWKDW6LOHQFH1RWDQRWKHUZRUG
%DVWD\D$ODFDPD(QRXJK*HWWREHG
$WHQFLyQSRUIDYRU/DFRPLGDVHVHUYLUiHQ
PLQXWRV$WWHQWLRQSOHDVH'LQQHUZLOOEHVHUYHG
LQPLQXWHV
1RQR\QR1RSLHQVRLU
<GDOH6LQDGLHWHHVWiREOLJDQGR
1RQRDQGQRDJDLQ,ZRQWJR6WRSJRLQJRQ
DERXWLW1RERG\VIRUFLQJ\RX

(MHUFLFLRV

http://vk.com/espanol_con_amigos

5HDGWKHIROORZLQJPLQLGLDORJXHVZKHUH\RXZLOOILQGDFRPPRQ6SDQLVKLQWHUMHFWLRQLQEROG,GHQWLI\
WKHIHHOLQJLWH[SUHVVHVIURPWKHOLVW
HQFRXUDJHPHQWVXUSULVHGLVPLVVLYHUHDFWLRQDQQR\DQFH
D-XDQHVWR\SUHRFXSDGDSRU0DULHOD6RQ\DODV\QRKDOOHJDGR
%DKVHKDEUiHQWUHWHQLGRFRQORVDPLJRV
E1RKHSRGLGRFRQVHJXLUHQWUDGDVSDUDHOFLQH
9D\DSRU'LRV<DKRUDDGyQGHYDPRV"
FQLPRPXFKDFKRV<DRVTXHGDSRFRSDUDODPHWD
G&DUDMR6HPHTXHGDURQODVOODYHVHQFDVD
H+X\7~SRUDTXt"3HQVDEDTXHQRYHQtDV
1RZWUDQVODWHWKHLQWHUMHFWLRQVXVLQJH[SUHVVLRQVWKDW\RXZRXOGXVHLQ\RXURZQODQJXDJH7U\WRWKLQN
RIGLIIHUHQWSRVVLELOLWLHVGHSHQGLQJRQWKHFRQWH[WDQGWKHLQWHQVLW\RIWKHIHHOLQJ

http://vk.com/espanol_con_amigos


7KH6SDQLVKYHUE
$YHUELVDZRUGWKDWLQGLFDWHVZKDWWKHDFWLRQRIDVHQWHQFHLV7KHYHUEWDNHVDGLIIHUHQWIRUPGHSHQGLQJ
RQZKRWKHVXEMHFWRIWKHVHQWHQFHLVWKHSHUVRQWKHWLPHZKHQWKHDFWLRQWDNHVSODFHWKHWHQVHDQGWKH
DWWLWXGHRIWKHVSHDNHUWRZDUGVZKDWVKHLVVD\LQJWKHPRRG
1RWHWKDWXQOLNHLQ(QJOLVKWKHVXEMHFWRIDVHQWHQFHLVQRWDOZD\VH[SUHVVHG,WLVVRPHWLPHVXQGHUVWRRG
HVSHFLDOO\ZKHQLWDSSHDUVLQDSUHYLRXVVHQWHQFH)RULQVWDQFHLQWKHIROORZLQJVHQWHQFHVWKHVXEMHFWRQO\
DSSHDUVLQWKHILUVWLWLVWDFLWRUXQGHUVWRRGLQWKHVHFRQG
/RVHVWXGLDQWHVYXHOYHQGHODSOD\D7UDHQODFDUDPRUHQDSRUHOVRO\ORV]DSDWRVOOHQRVGHDUHQD7KH
VWXGHQWVDUHFRPLQJEDFNIURPWKHEHDFK7KHLUIDFHVDUHWDQQHGE\WKHVXQDQGWKHLUVKRHVIXOORIVDQG
7KHVXEMHFWIRUERWKVHQWHQFHVLV/RVHVWXGLDQWHV
7KHWKUHHFRQMXJDWLRQV
7KHPRUHJHQHULFIRUPRIWKHYHUELVNQRZQDVWKHLQILQLWLYHHOLQILQLWLYRDQGLWLVWKHIRUPXQGHUZKLFK
YHUEVDSSHDULQWKHGLFWLRQDU\,QILQLWLYHVPD\KDYHRQHRIWKUHHHQGLQJVWHUPLQDFLRQHV
DUDVLQKDEODUWRVSHDN
HUDVLQFRPHUWRHDW
LUDVLQYLYLUWROLYH
7KHVHHQGLQJVGHWHUPLQHWKHSDWWHUQWKHYHUEIROORZVZKHQLWLVFRQMXJDWHGLHWKHIRUPWKHYHUEWDNHVZKHQLW
LV,\R\RXW~XVWHGKHpO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\DUHVDLGWREHUHJXODU,IWKH\GRQRW
WKH\DUHVDLGWREHLUUHJXODU
1RWDOOYHUEVDUHFRPSOHWHO\UHJXODURUFRPSOHWHO\LUUHJXODUEXWDSDUWIURPVRPHYHU\LUUHJXODUYHUEVOLNHVHU
WREHDQGLUWRJRHYHQLUUHJXODULWLHVKDYHVRPHVRUWRISDWWHUQ0RVWRIWKHPRFFXULQWKHVWHPRIWKHYHUE
WKHSDUWWKDWUHPDLQVZKHQWKHHQGLQJLVUHPRYHG)RULQVWDQFHLQFDQWDUDULVWKHHQGLQJDQGFDQWLVWKHVWHP
9HUEVZKLFKDUHLUUHJXODUEHFDXVHWKHLUVWHPFKDQJHVDUHFDOOHGUDGLFDOFKDQJLQJYHUEV
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(QJOLVKLQJIRUP
HVWDUHPRVOOHJDQGRIXWXUHFRQWLQXRXV
RIWKHYHUE

3HUIHFWDQGFRQWLQXRXVWHQVHVPXVWQRWEHFRQIXVHGZLWKSHULSKUDVWLFFRQVWUXFWLRQVIRUPHGE\WZRYHUEV
RQHRIZKLFKLVHLWKHUDJHUXQGRUDSDVWSDUWLFLSOH
7ROHDUQPRUHDERXWSHULSKUDVWLFFRQVWUXFWLRQVJRWR6HFWLRQVDQG
7KH6SDQLVKPRRG
0RRGVLQGLFDWHZKHWKHUWKHVSHDNHULVVWDWLQJIDFWVLQGLFDWLYHPRRGPRGRLQGLFDWLYRH[SUHVVLQJD
FRPPDQGLPSHUDWLYHPRRGPRGRLPSHUDWLYRRUH[SUHVVLQJKLVKHUIHHOLQJVRIXQFHUWDLQW\KRSHDQ[LHW\
DQGWKHOLNHWRZDUGVWKHDFWLRQVXEMXQFWLYHPRRGPRGRVXEMXQWLYR
(MHUFLFLRV

,QWKHIROORZLQJVHQWHQFHVXQGHUOLQHWKHYHUEVDQGVD\ZKHWKHUWKH\DUHVLPSOHSHUIHFWRUFRQWLQXRXV
D&RQWLQ~DQODVQHJRFLDFLRQHVHQWUHHOHMpUFLWR\HOJRELHUQR
E6HKDGHVFXELHUWRXQDQXHYDYDFXQDFRQWUDODKHSDWLWLV
F/DQDYHHVSDFLDOHVWiHQWUDQGRDODDWPyVIHUD
G/RVERVTXHVWURSLFDOHVVXIUHQODLUUHVSRQVDELOLGDGGHORVVHUHVKXPDQRV

http://vk.com/espanol_con_amigos

H&XDQGRVDOLPRVGHOFLQH\DKDEtDRVFXUHFLGR
*REDFNWRWKHVHQWHQFHVDERYHDQGLGHQWLI\ZKHWKHUWKH\KDYHDGLUHFWREMHFWDQGWKHUHIRUHZKHWKHUWKH\
DUHWUDQVLWLYHRULQWUDQVLWLYH
   ,Q WKH IROORZLQJ SDUDJUDSK VHSDUDWH HDFK VHQWHQFH ZLWK D YHUWLFDO OLQH ,Q HDFK VHQWHQFH LGHQWLI\ WKH
VXEMHFW WKH YHUE DQG WKH GLUHFW REMHFW LI WKHUH LV RQH 5HPHPEHU WKDW WKH VXEMHFW RI D VHQWHQFH LV QRW
DOZD\VH[SUHVVHGLQWKHVHQWHQFHEXWWKLVVKRXOGQRWEHWDNHQWRPHDQWKDWDVXEMHFWLVQRWSUHVHQW
/DFDVDVHOHYDQWDHQODFLPDGHOFHUUR/RVDEXHORVSLQWDURQODFKRFLWDGHEODQFR7LHQH
HOWHFKRGHWHMDVURML]DV/DIDPLOLDVDERUHDODVRSDFDVHUD\ODVDUHSDVGHPDt]

http://vk.com/espanol_con_amigos


,PSHUVRQDOIRUPVRIWKHYHUE
0RVWYHUEIRUPVDJUHHLQSHUVRQDQGQXPEHUZLWKWKHVXEMHFWRIWKHVHQWHQFH+RZHYHUWKHUHDUHWKUHHPDLQ
YHUEIRUPVZKLFKDUHLPSHUVRQDODQGLQYDULDEOHLHWKH\DUHQRWFRQMXJDWHGDOWKRXJKVRPHRIWKHYHUEVWKH\
DFFRPSDQ\PD\EH7KH\DUHWKHLQILQLWLYHFDQWDUWRVLQJWKHJHUXQGVRPHWLPHVFDOOHGWKHSUHVHQW
SDUWLFLSOHOORYLHQGRUDLQLQJDQGWKHSDVWSDUWLFLSOHVLGREHHQ7KHVHQRQSHUVRQDOIRUPVRIWHQDSSHDU
DIWHUDQXPEHURIYHUEVSOXVVRPHWLPHVDSUHSRVLWLRQLQZKDWDUHFDOOHGSHULSKUDVWLFFRQVWUXFWLRQV7KHVH
FRQVWUXFWLRQVDOORZWKHPHDQLQJRIWKHQRQSHUVRQDOIRUPVWREHH[WHQGHGHJLQWKHVHQWHQFH$SHVDUGH
PXFKRVLQWHQWRVQRSXHGHGHMDUGHIXPDU'HVSLWHPDQ\DWWHPSWVVKHFDQWVWRSVPRNLQJGHMDUGHDGGVH[WUD
LQIRUPDWLRQDERXWWKHYHUEWKDWLWFRPSOHPHQWVIXPDU
7KHLQILQLWLYH
7KHLQILQLWLYHHOLQILQLWLYRLVWKHQDPHRIWKHYHUE,Q(QJOLVKLWLVSUHFHGHGE\WRDVLQWRVLQJWR
VSHDNWROHDUQ,WLVWKHIRUPXVHGWRLGHQWLI\YHUEVLQDGLFWLRQDU\
)RUP
,QILQLWLYHVLQ6SDQLVKHQGLQDUHURULUDVLQKDEODUHVWXGLDUFRPSUHQGHUOHHUYLYLUVDOLU7KHVHHQGLQJV
VHWWKHSDWWHUQIRUYHUEFRQMXJDWLRQVLQWKHYDULRXVWHQVHV
8VH
$VDQRXQ,WFDQEHWKHVXEMHFWRIDVHQWHQFHDQGWDNHWKHGHILQLWHDUWLFOH
7RFRPSOHPHQWWKHPHDQLQJRIDQRWKHUYHUE
$IWHUPDQ\SUHSRVLWLRQV
$VDFRPPDQGLQFROORTXLDOODQJXDJH

(OFRPHUHVXQDQHFHVLGDG\XQSODFHU(DWLQJLVDQHFHVVLW\DQGD
SOHDVXUH
-XDQQRVDEHQDGDU-XDQFDQWVZLP
(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
PXVWREOLJDWLRQ
PXVWSUREDELOLW\
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
DODSXHUWDTXHHVWiKDFLHQGRPXFKRIUtR
E/XFLODGLFHTXHQRSXHGHDODILHVWDSRUTXHWLHQHPXFKRWUDEDMR
F6LHVWiVGHSULPLGRHVXQDGHODVPHMRUHVWHUDSLDV
G/RVHFRORJLVWDVLQVLVWHQHQODFRQVWUXFFLyQGHKRWHOHVHQHVDVSOD\DV
H/RVQLxRVQRSRGUiQLUVRORVHQHOEDUFRVLQRVDEHQ
:KLFKXVHRIWKHLQILQLWLYHGRHVHDFKVHQWHQFHLOOXVWUDWH"&KRRVHIURPWKHER[
YHUEFRPSOHPHQW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
7KHJHUXQGHOJHUXQGLRFRQYH\VWKHLGHDRISURJUHVVLRQDQGFRQWLQXLW\VLPLODUWRWKH(QJOLVKHQGLQJLQJ
EXWQRWDOZD\V

http://vk.com/espanol_con_amigos

)RUP
5HJXODUIRUPVRIWKHJHUXQG
7KHJHUXQGLVIRUPHGE\DGGLQJWKHHQGLQJVDQGRRULHQGRWRWKHVWHPRIWKHYHUEDVIROORZV
9HUEVHQGLQJLQDUDQGR

DQGDUDQGDQGR
EHEHUEHELHQGR
VDOLUVDOLHQGR

9HUEVHQGLQJLQHURULULHQGR
,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
WKHUHZDVQWPXFKWLPHVKHWRRNDWD[L
3HUPDQHFLHQGRXQLGRVYHQFHUHPRV,IZHUHPDLQXQLWHGZHZLOOZLQ

6SDQLVKYV(QJOLVKJHUXQG
7KH6SDQLVKJHUXQGLVVRPHWLPHVHTXLYDOHQWWRWKH(QJOLVKJHUXQGHQGLQJLQJDVLQWKHIROORZLQJH[DPSOH
6DOLHURQJULWDQGR7KH\OHIWVFUHDPLQJ

http://vk.com/espanol_con_amigos

+RZHYHURWKHUXVHVRIWKH(QJOLVKJHUXQGDUHQRWHTXLYDOHQWHVSHFLDOO\ZKHQLQ(QJOLVKLWIXQFWLRQVDVD
QRXQRUDVDQDGMHFWLYH:KHQLWLVDQRXQ6SDQLVKXVHVWKHLQILQLWLYH
,OLNHVZLPPLQJ0HJXVWDQDGDU
,ILWIXQFWLRQVDVDQDGMHFWLYHLQ(QJOLVKWKHQD6SDQLVKDGMHFWLYHZLOOEHXVHG
,WVDZRUU\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LQJFROORTXLDO
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
7KH6SDQLVKSDVWSDUWLFLSOHHOSDUWLFLSLRFRQYH\VWKHLGHDRIILQLVKHGDFWLRQVVLPLODUWRWKH(QJOLVKSDVW
SDUWLFLSOH,WLVW\SLFDOO\IRXQGLQFRPSRXQGSHUIHFWWHQVHVOLNHWKHSHUIHFW<DKHPRVFRPLGR:HKDYH
HDWHQDQGDVDGMHFWLYHV(VWR\DJRWDGD,DPH[KDXVWHG
7RILQGRXWDERXWWKHSHUIHFWWHQVHVJRWR6HFWLRQVWKHIXWXUHSHUIHFWWKHSHUIHFWWKH
SOXSHUIHFWDQGWKHSHUIHFWVXEMXQFWLYH
)RUP
5HJXODUIRUPVRIWKHSDVWSDUWLFLSOH

7KHSDVWSDUWLFLSOHLVIRUPHGE\DGGLQJWKHHQGLQJVDGRRULGRWRWKHYHUEVWHP
9HUEVHQGLQJLQDUDGR
9HUEVHQGLQJLQHURULULGR

HVWXGLDUHVWXGLDGR
DSUHQGHUDSUHQGLGR
SURGXFLUSURGXFLGR

,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
:LWKWKHYHUEKDEHUWRIRUPWKHFRPSRXQGWHQVHVVLPLODUWRWRKDYHLQ
/DSHOtFXODQRKDWHUPLQDGRWRGDYtD7KHILOPKDVQWILQLVKHG\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

WREHFROORTXLDO
WRVWRSGRLQJ
WREHLQDVWDWHRIERG\RUPLQG
WRKDYHDUULYHGDWDFRQFOXVLRQGHFLVLRQRXWFRPH
WRHQGLQDVWDWHRIERG\RUPLQGDVDUHVXOWRIDQ
DFWLRQ,WRIWHQDSSHDUVLQH[SUHVVLRQVGHQRWLQJ
VXUSULVH
VLPLODUWRXVHRIWKHSHUIHFWWHQVH

(MHUFLFLRV

&RPSOHWHWKHDQVZHUVWRWKHTXHVWLRQVDVLQWKHH[DPSOH
$TXpKRUDOOHJDWXWtR"
<DKDOOHJDGR
D'HVGHFXiQGRYLYHVHQ0DGULG"
+HPRVDTXtSRUPiVGHDxRV
E+DQSRGLGRGHVFXEULUTXLpQVHOOHYyHOGLQHUR"
7RGDYtDQRORKDQ
F9DVDGHVD\XQDU"
1R\DKH
G&UHHVTXHORYDQDVROWDUGHODFiUFHO"
0HGLMHURQTXH\DORKDEtDQ
H<DWHHVFULELHURQWXVSDGUHV"

1RWRGDYtDQRKDQ
8VHWKHSDVWSDUWLFLSOHVRIWKHDSSURSULDWHIROORZLQJYHUEVWRFRPSOHWHWKHQHZVSDSHUKHDGOLQHVEHORZ
VDOYDULQPRYLOL]DUFRQILUPDUSURPHWHUDVHJXUDUUREDU
DODJUDQMDOHFKHUDGH/HyQSRUHOPDOGHODVYDFDVORFDV(O3DtV(VSDxDGHHQHURGHO
EUHVSDOGRDOSURFHVRGHSD](O7LHPSR&RORPELDGHPDU]RGHO
FFXDGURVGH'tD]VRQ(O'LDULR%ROLYLDGHPDU]RGHO
GSRUODVDJXDV/D1DFLyQ&RVWD5LFDGHPDU]RGHO
H/DYLYLHQGDFXiQGROOHJDUi"(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
7KHSUHVHQWVLPSOHHOSUHVHQWHLVDYHU\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\UHIHUUHGWRDVUDGLFDOFKDQJLQJ
YHUEVDUHJURXSHGLQWRWKUHHPDLQFDWHJRULHV
9HUEVWKDWFKDQJHWKHHLQWKHVWHPIRULH
9HUEVWKDWFKDQJHWKHRLQWKHVWHPIRUXH
9HUEVWKDWFKDQJHWKHHLQWKHVWHPIRUL
HLHEXWQRWIRUQRVRWURVDVRUYRVRWURVDVIRUPV

\RFLHUURW~FLHUUDVpOHOOD8GFLHUUDQRVRWURVDVFHUUDPRV

YRVRWURVDVFHUUiLVHOORVDV8GVFLHUUDQ

2WKHUYHUEVIROORZLQJWKLVSDWWHUQ
DFHUWDUDSUHWDUDVFHQGHUDWHQGHUDWUDYHVDUFDOHQWDUFRPHQ]DUFRQIHVDUFRQYHUWLUVHGHIHQGHUGHVSHUWDUVHGLJHULUGLVFHUQLU
HPSH]DUHQWHQGHUHQWHUUDUIUHJDUJREHUQDUKHODUKHULUKHUYLULQYHUWLUPHUHQGDUQHJDUQHYDUSHQVDUSHUGHUSUHIHULUUHFRPHQGDU
UHIHULUVHUHJDUVHPEUDUVHQWDUVHVHQWLUVXJHULUWHPEODUWURSH]DU
\RGXHUPRW~GXHUPHVpOHOOD8GGXHUPHQRVRWURVDV
RXHEXWQRWIRUQRVRWURVDVRUYRVRWURVDVIRUPV
GRUPLPRVYRVRWURVDVGRUPtVHOORVDV8GVGXHUPHQ
2WKHUYHUEVIROORZLQJWKLVSDWWHUQ
DFRVWDUVHDFRUGDUVHDSUREDUFRFHUFROJDUFRPSUREDUFRQVRODUFRQWDUFRVWDUGHPRVWUDUGHYROYHUGROHUHQFRQWUDUHVIRU]DUVH
OORYHU PRVWUDUPRYHUSUREDUUHFRUGDUUHQRYDUVROHUVROWDUVRQDUVRxDUYROYHUWURQDU YRODU

1RWHWKDWWKHVHWZRYHUEVDUHLPSHUVRQDODQGDUHRQO\XVHGLQWKHWKLUGSHUVRQVLQJXODU(QDEULOOOXHYHPXFKR,WUDLQVDORWLQ$SULO6H

R\HDOROHMRVFyPRWUXHQD)URPWKHGLVWDQFH\RXFDQKHDUKRZLWWKXQGHUV
1RWHWKDWWKHYHUEMXJDUWRSOD\IROORZVWKHSDWWHUQXXHVHHSDJHRIWKHYHUEWDEOHV
\RSLGRW~SLGHVpOHOOD8GSLGHQRVRWURVDVSHGLPRVYRVRWURV
HLEXWQRWIRUQRVRWURVDVRUYRVRWURVDV
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
<RXFDQOHDUQDERXWWKLVWHQVHLQ6HFWLRQ
7RUHIHUWRKDELWXDODFWLRQV
7RUHIHUWRJHQHUDOVWDWHPHQWVRUXQLYHUVDOWUXWKVQRWOLQNHGWRWLPH
,QVSRNHQRUZULWWHQQDUUDWLYHWRGHVFULEHWKHSDVWVRWKDWLWVRXQGVPRUH
YLYLG,WLVWKHQFDOOHGWKHSUHVHQWKLVWRULFSUHVHQWHKLVWyULFR
<RXFDQOHDUQDERXWWKLVWHQVHLQ8QLW

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
<RXFDQILQGWKHIXWXUHWHQVHVLQ8QLW
7RH[SUHVVDZLVKIRUVRPHERG\WRGRVRPHWKLQJHLWKHUDVDUHTXHVWRUDV
DFRPPDQG,IWKHODWWHUWKHLPSHUDWLYHFDQDOVREHXVHG
*RWR8QLWIRULQIRUPDWLRQRQWKHLPSHUDWLYH

(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
$TXpKRUDDFRPHQ]DUW~DWUDEDMDUPDxDQD"
$ODVVLHWH\PHGLD6LQRPHEGHVSHUWDU\RDODVVHLVHVWDUpSHUGLGD
3HURORVQLxRVFGRUPLUHOORVKDVWDPiVWDUGHQR"
6tSRUTXHQRUPDOPHQWHQRQRVGDFRVWDUQRVRWURVPX\WHPSUDQR
%XHQR\DFDVLHVPHGLDQRFKH6LHVHJXLUQRVRWURVKDEODQGRGHYHUGDGTXHQRWHYDVDSRGHU
OHYDQWDU
6LQRIFRQVHJXLU\ROHYDQWDUPHDWLHPSRQRVpTXpYDDSDVDU
JSRGHU\ROODPDUWHDODVVHLVVLTXLHUHV
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

$GGV]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
7KHSUHVHQWFRQWLQXRXVHOSUHVHQWHFRQWLQXRVKRZVSURJUHVVLRQRIDFWLRQLQWKHSUHVHQW
)RUP
7KHSUHVHQWFRQWLQXRXVLVIRUPHGXVLQJHVWDUDQGWKHJHUXQGRIWKHPDLQYHUE
DUDQGR
HUDQGLULHQGR

HVWDU
\R

HVWR\

W~

HVWiV

SHQVDUSHQVDQGR

pOHOOD8G

HVWi

FRQRFHUFRQRFLHQGR

QRVRWURVDV

HVWDPRV

HVFULELUHVFULELHQGR

YRVRWURVDV

HVWiLV

HOORVDV8GV

HVWiQ

<RXFDQUHYLVHWKHJHUXQGLQ6HFWLRQ
8VH
7RHPSKDVLVHWKDWDFWLRQVDUHWDNLQJSODFHDVZHVSHDN
7RUHIHUWRDFWLRQVSHUFHLYHGDVRQJRLQJRULQSURJUHVV,QWKLVFDVHWKH
SUHVHQWFRQWLQXRXVLVRIWHQLQWHUFKDQJHDEOHZLWKWKHSUHVHQW

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
7KH6SDQLVKIXWXUHWHQVHVORVWLHPSRVGHOIXWXURDUHXVHGWRUHIHUWRDFWLRQVWKDWZLOOWDNHSODFHDIWHUWKH
VSHDNHUKDVVSRNHQ7KH\DUHYHU\VLPLODUWRWKH(QJOLVKWHQVHVXVHGWRWDONDERXWWKHIXWXUH
WKHIXWXUHVLPSOH/RFRPSUDUpPDxDQD,VKDOOEX\LWWRPRUURZ
WKHIXWXUHFRQWLQXRXV0DxDQDDHVWDVKRUDVHVWDUHPRVOOHJDQGR7RPRUURZDWDERXWWKLVWLPHZHZLOOEH
DUULYLQJ
WKHIXWXUHSHUIHFW&XDQGRWHGHVSLHUWHV\DKDEUiOOHJDGR3DSi1RHO:KHQ\RXZDNHXS)DWKHU&KULVWPDV
ZLOOKDYHEHHQ
DQGWKHPRVWFRPPRQZD\WRUHIHUWRWKHIXWXUHLQ6SDQLVKWKHIXWXUHZLWKLUDLQILQLWLYHJRLQJWR9R\D
GHFLUOHD/XLVDORTXHSLHQVR,DPJRLQJWRWHOO/XLVDZKDW,WKLQN
7KHIXWXUHZLWKLUD
7KLVLVVLPLODUWRWKHIXWXUHZLWKJRLQJWRLQ(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
7KHIXWXUHVLPSOHHOIXWXURLVVLPLODUWRWKH(QJOLVKIXWXUHZLWKZLOORUVKDOO
&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\DVZHVSHDN6RPHWLPHVFDOOHGWKHK\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
<DSUHSDUDVWHODVPDOHWDV"
/DVSUHSDUDUpHVWDQRFKH
D0DUWD\&DUROLQDYLHQHQHVWDWDUGH"
1RHOPDUWHV
E/HYDVDGDUHOOLEURD,QpV
6HORSURQWR
F/XLVDVHYDDSRQHUODVERWDV"
1RVHORV]DSDWRVQHJURV
G6DEpLVFXiQGROOHJDQ"
/RPDxDQD
&RPSOHWHWKHKRURVFRSHEHORZXVLQJWKHYHUEVLQEUDFNHWVLQWKHIXWXUHWHQVH
+256&232
7$852
(VWHPHVD8GVHQWLUVHXQSRFRSUHVLRQDGRHQVXYLGDGHWUDEDMRSHURE
PDQWHQHU    HO EXHQ KXPRU \ HVWDGR GH iQLPR TXH OH F D\XGDU    D WRPDU
GHFLVLRQHVLPSRUWDQWHV(QHOSODQRGRPpVWLFRODIDPLOLDOHGGDUWRGRHO
DSR\R TXH QHFHVLWD 6LQ HPEDUJR DOJXQRV IDPLOLDUHV OHMDQRV QR H SRGHU   

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
7KHIXWXUHFRQWLQXRXVHOIXWXURFRQWLQXRUHIHUVWRDFWLRQVZKLFKPD\EHKDSSHQLQJLQWKHSUHVHQWRUZKLFK
DUHOLNHO\WRWDNHSODFHLQWKHQHDUIXWXUH
)RUP
7KHIXWXUHFRQWLQXRXVLVIRUPHGZLWKWKHIXWXUHRIHVWDUSOXVWKHJHUXQG
<RXFDQUHYLVHWKHJHUXQGLQ6HFWLRQ
DUDQGR
HUDQGLULHQGR

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
&UHHVTXH\DOOHJDURQ"
6t\DGHVHPSDFDUODVPDOHWDVHVWDUiQGHVHPSDFDQGRODVPDOHWDV

D6DEHVVL\DHPSH]yODSHOtFXOD"
6t\DWHUPLQDU
E&UHHVTXH\DWHUPLQyODRSHUDFLyQ"
6t\DHOGHVSHUWDUVH
F6DEHVFXiQGRFRPHQ]DURQHOH[DPHQ"
1RVpSHURPHLPDJLQRTXH\DHOORVDFDEDU
G&UHHVTXHHODYLyQGH-XDQD\DDWHUUL]y"6HJXUR\DHOODVDOLUGHODHURSXHUWR
7KHIXWXUHSHUIHFW
7KHIXWXUHSHUIHFWHOIXWXURSHUIHFWRUHIHUVWRDILQLVKHGDFWLRQWKDWZLOOKDYHWDNHQSODFHEHIRUHDQRWKHU
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
<DKDEUiQOOHJDGR7KH\PD\KDYHDUULYHGDOUHDG\
/XLVDKDEUiVLGRPX\ULFDSHURKR\QRWLHQHXQSHVR/XLVDPD\KDYH
EHHQYHU\ZHDOWK\EXWVKHKDVQWJRWDSHQQ\QRZDGD\V

(MHUFLFLRV

:ULWHVHQWHQFHVXVLQJWKHIXWXUHSHUIHFWDVLQWKHH[DPSOH
(MHPSOR
/ODPpDPLKHUPDQDSHURQRFRQWHVWDVDOLU
+DEUiVDOLGR
D(VUDURTXHQRKD\DHVFULWRHVWDUHQIHUPD
E1RVpSRUTXpQRKDYHQLGRWHQHUPXFKRWUDEDMR
F1RORVKHYLVWRWUDEDMDUWHUPLQDU

G1RODYLHQODHVWDFLyQFRQHOUHVWRGHODIDPLOLDWRPDUHOWUHQDQWHVTXHHOORV
0DNHTXHVWLRQVXVLQJWKHIXWXUHSHUIHFWDVLQWKHH[DPSOH
(MHPSOR
&UHRTXHOOHJDURQD\HUDTXpKRUD
$TXpKRUDKDEUiQOOHJDGR"
D0HFRQWDURQTXH-RUJH\/ROD\DVHIXHURQSDUD&DUDFDVFXiQGR
E-DYLHUOODPyDDOJXLHQSDUDUHSDUDUODODYDGRUDDTXLpQ
F&UHRTXH+HUPLQLDVtHQFRQWUyHOOLEURTXHVHOHKDEtDSHUGLGRGyQGH
G'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
7KH6SDQLVKLPSHUIHFWHOSUHWpULWRLPSHUIHFWRH[SUHVVHVPHDQLQJVFRUUHVSRQGLQJWRWKH(QJOLVKSDVW
FRQWLQXRXVZDVZHUHGRLQJWKHVWUXFWXUHXVHGWRGRDQGWKHVLPSOHSDVWZKHQXVHGWRVKRZFRQWLQXLW\RI
DFWLRQHJ:HXVHGWROLYHLQ/HHGVDQG: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
%XHQRVGtDVTXpGHVHDED"
4XHUtDXQNLORGHIUHVDV
*RRGPRUQLQJZKDWZRXOG\RXOLNH",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GHFLU+HPXHUWR6yORPHTXHGDGHVDSDUHFHU3RUTXpYLHQHV
DTXt"
7KHLPSHUIHFWFRQWLQXRXV
7KHLPSHUIHFWFRQWLQXRXVHOSUHWpULWRLPSHUIHFWRFRQWLQXRH[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
7KH6SDQLVKSUHWHULWHHOSUHWpULWRSHUIHFWRVLPSOHRSUHWpULWRLQGHILQLGRH[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
VSHOOLQJFKDQJHVDQGWKHVWURQJSUHWHULWHIRUPV
D5DGLFDOFKDQJLQJYHUEVFKDQJHVRQO\DIIHFWWKHWKLUGSHUVRQVLQJXODUDQGSOXUDO
HL
VHQWLUVHQWtVHQWLVWHVLQWLyVHQWLPRVVHQWLVWHLVVLQWLHURQ
2WKHUYHUEVIROORZLQJWKLVSDWWHUQLQFOXGH
DGYHUWLUDUUHSHQWLUVHFRPSHWLUFRQFHELUFRQVHQWLUFRQYHUWLUFRUUHJLUGHUUHWLUVHGHVSHGLUGLYHUWLUVHHOHJLUIUHtUJHPLUKHULULPSHGLU
LQWHUIHULULQYHUWLUPHGLUPHQWLUSHGLUSHUVHJXLUSUHIHULUUHIHULUVHDUHtUUHQGLUVHUHSHWLUUHxLUVHJXLUVHUYLUVRQUHtUVXJHULU
YHVWLUVH
GRUPLUGRUPtGRUPLVWHGXUPLyGRUPLPRVGRUPLVWHLVGXUPLHURQPRULU
RX
PRUtPRULVWHPXULyPRULPRVPRULVWHLVPXULHURQ
E9HUEVHQGLQJLQGXFLU
GXFLUGXM

LQWURGXFLULQWURGXMHLQWURGXMLVWHLQWURGXMRLQWURGXMLPRVLQWURGXMLVWHLV
LQWURGXMHURQ

2WKHUYHUEVIROORZLQJWKLVSDWWHUQLQFOXGH
DGXFLUFRQGXFLUGHGXFLULQGXFLUSURGXFLUUHGXFLUUHSURGXFLUVHGXFLUWUDGXFLU
F9HUEVZKLFKXQGHUJRDVSHOOLQJFKDQJHLQWKHILUVWSHUVRQVLQJXODU

7KLVLVWRSUHVHUYHWKHVRXQGRIWKHFRQVRQDQWLQWKHLQILQLWLYH
FDUTXp
DSDUFDUDSDUTXpEXWDSDUFDVWHDSDUFyHWF
2WKHUYHUEVIROORZLQJWKLVSDWWHUQLQFOXGHDUUDQFDUDWDFDUURQFDU
JDUJXp
MXJDUMXJXpEXWMXJDVWHMXJyHWF
2WKHUYHUEVIROORZLQJWKLVSDWWHUQLQFOXGHDKRJDUFROJDUSDJDUSHJDUUHJDU
]DUFp
FUX]DUFUXFpEXWFUX]DVWHFUX]yHWF
2WKHUYHUEVIROORZLQJWKLVSDWWHUQLQFOXGHDEUD]DUDOPRU]DUHPSH]DUUH]DU
JXDUJp
DYHULJXDUDYHULJpEXWDYHULJXDVWHDYHULJXyHWF
2WKHUYHUEVIROORZLQJWKLVSDWWHUQLQFOXGHDPRUWLJXDUDSDFLJXDU
G9HUEVWKDWXQGHUJRDVSHOOLQJFKDQJHL\

7KLVRQO\DIIHFWVWKHWKLUGSHUVRQVVLQJXODUDQGSOXUDO
FRQFOXLUFRQFOXtFRQFOXLVWHFRQFOX\yFRQFOXLPRVFRQFOXLVWHLV
FRQFOX\HURQ
2WKHUYHUEVIROORZLQJWKLVSDWWHUQLQFOXGHYHUEVHQGLQJLQXLUDIOXLUFRQVWLWXLUFRQVWUXLUFRQWULEXLUGHVWLWXLUGHVWUXLUGLOXLUGLVWULEXLU
H[FOXLUIOXLUKXLULQFOXLULQIOXLULQVWLWXLULQVWUXLUEXWDOVRRWKHUVOHHURtUFDHUGHFDHUUHFDHU

9RZHOHULUPRVWO\XLUSDWWHUQ\y\HURQ

H7KHVWURQJSUHWHULWHV

6WURQJSUHWHULWHVSUHWpULWRVIXHUWHVGLIIHUIURPWKHJHQHUDOUXOHEXWQHYHUWKHOHVVVKDUHDSDWWHUQLQDOORI
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VXSHUSXVHHWFFRQWHQHUOLNHWHQHUFRQWXYHHWF
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

$QRWKHUWHQVHXVHGWRUHIHUWRDFWLRQVWKDWWRRNSODFHLQWKHSDVWLVWKHSUHVHQWKLVWRULF<RXFDQUHYLVHLWLQ
6HFWLRQ
<RXFDQORRNDWWKHFRQWUDVWEHWZHHQWKHLPSHUIHFWDQGWKHSUHWHULWHLQ6HFWLRQ
7KHSUHWHULWHLVXVHGH[WHQVLYHO\LQFRPELQDWLRQZLWKRWKHUWHQVHVWRH[SUHVVWLPHUHODWLRQVEHWZHHQDFWLRQV
WKDWWRRNSODFHLQWKHSDVW*RWR6HFWLRQWRVHHKRZLWLVXVHG
1RWHWKDWLQ6SDQLVK$PHULFDDQGVRPHUHJLRQVRI6SDLQ*DOLFLD$VWXULDVDQG&DVWLOOD/HyQWKHSUHWHULWH
DQGWKHSHUIHFWDUHQRWXVHGLQH[DFWO\WKHVDPHZD\

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<HVWHUGD\,VOHSWLQDQGZDV
ODWHIRUVFKRRO/OHJDEDWDUGHDOFROHJLRDPHQXGRVREUHWRGRVLHUD
OXQHV,ZDVRIWHQODWHIRUVFKRROHVSHFLDOO\RQD0RQGD\
$TXHOODSURIHVRUDHQVHxy0DWHPiWLFDVHOWULPHVWUHTXHHOSURIHVRU
WLWXODUHVWXYRHQIHUPR7KDWWHDFKHUWDXJKWPDWKHPDWLFVGXULQJWKHWHUP
7KHSUHWHULWHLVXVHGZKHQWKHDFWLRQLVFRPSOHWHDQGILQLVKHG7KH
RXUQRUPDOWHDFKHUZDVLOO7KHOLPLWVRIWKHSHULRGZKHQVKHWDXJKW
LPSHUIHFWLVXVHGZKHQDQDFWLRQLVLQSURJUHVVZLWKRXWVSHFLI\LQJD
PDWKHPDWLFVDUHVSHFLILHG
EHJLQQLQJRUDQHQG
$TXHOODSURIHVRUDHQVHxDED0DWHPiWLFDV7KDWWHDFKHUWDXJKW
PDWKHPDWLFV,WLVQRWVSHFLILHGLIVKHKDVVWRSSHGWHDFKLQJ
PDWKHPDWLFV
(UDXQDQRFKHWHUULEOH&DtDQORVUD\RVVREUHODVIUiJLOHVFDVXFKDV
GHODDOGHD3HGUR\VXDEXHODQRSRGtDQGRUPLU(QHVWRVH
R\HURQXQRVJROSHVHQODSXHUWD\XQDYR]GHVHVSHUDGDJULWy3RU
,QDQDUUDWLYHWKHSUHWHULWHLVXVHGWRUHODWHHYHQWVZKLOHWKHLPSHUIHFWLV HODPRUGH'LRV$EUDQSRUIDYRU3HGURVHDFHUFyWHPEODQGRDOD
XVHGIRUWKHIUDPHZRUNDQGIRUGHVFULSWLRQVRIFKDUDFWHUVDQG
SXHUWD$IXHUDHOYLHQWRVHJXtDDXOODQGR,WZDVDWHUULEOHQLJKW
VFHQHV
/LJKWQLQJFUDVKHGRYHUWKHIOLPV\KRXVHVLQWKHKDPOHW3HGURDQGKLV
JUDQGPRWKHUFRXOGQRWVOHHS6XGGHQO\WKHUHZDVDNQRFNRQWKHGRRUDQG
DQDQJXLVKHGYRLFHVKRXWHG)RUWKHORYHRI*RG2SHQWKHGRRUSOHDVH
3HGURZHQWWRWKHGRRUWUHPEOLQJ2XWVLGHWKHZLQGURDUHG
<RDPDEDDPL/HRQRUSHURDTXHOODQRFKHODRGLpFRQWRGDVPLV
7KHSUHWHULWHLVXVHGWRH[SUHVVWKHH[FHSWLRQRUWKHXQLTXHQHVVRIDQ
IXHU]DV,ORYHGP\/HRQRUEXWWKDWHYHQLQJ,KDWHGKHUZLWKDOOP\
DFWLRQZKHUHWKHLPSHUIHFWH[SUHVVHVWKHQRUP
KHDUW
,EDSRUODFDOOHFXDQGRRtPLQRPEUH,ZDVZDONLQJGRZQWKHVWUHHW
:KHQWZRDFWLRQVDUHVLPXOWDQHRXVWKHPDLQDFWLRQWDNHVWKHSUHWHULWH
ZKHQ,KHDUGP\QDPH
ZKLOHWKHRQJRLQJDFWLRQWDNHVWKHLPSHUIHFWRULPSHUIHFWFRQWLQXRXV
&XDQGRVRQyODDODUPDHVWiEDPRVMXJDQGRDOSDUFKtV:KHQWKH
7ROHDUQPRUHDERXWWLPHUHODWLRQVJRWR6HFWLRQ
DODUPZHQWRIIZHZHUHSOD\LQJ/XGR

(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
,QWKHVHQWHQFHV,KDYHDVNHGKLPWRFRPHDQG6KHKDVQRWVDLGDZRUG\HWWKHYHUEVDUHLQWKHSHUIHFWWHQVH
HOSUHWpULWRSHUIHFWR6SDQLVKDOVRKDVWKLVWHQVHDQGLWVXVHLVVLPLODUWR(QJOLVKDOWKRXJKWKHUHDUHVRPH
GLIIHUHQFHV
7KHSUHWpULWRSHUIHFWRUHIHUVWRDFWLRQVZKLFKVWUHWFKIURPWKHSDVWWRWKHSUHVHQW,QPDQ\FDVHVLWLVFOHDUWKDW
WKHDFWLRQVWDUWHGLQWKHSDVWDQGLWLVVWLOOJRLQJRQHJ6LHPSUHKDVLGRXQVRxDGRU+HKDVDOZD\VEHHQD
GUHDPHU7KLVXVHRIWKHSHUIHFWWHQVHLVVKDUHGE\DOOVSHDNHUVRI6SDQLVK
,QRWKHUFDVHVWKHDFWLRQKDVILQLVKHGEXWLWVUHODWLRQZLWKWKHSUHVHQWGHSHQGVRQWKHVSHDNHUVSHUFHSWLRQRIWKH
SUHVHQWHJ0HKHFRPSUDGRXQFRFKHQXHYR,KDYHERXJKWDQHZFDU,QWKLVH[DPSOHWKHDFWLRQLVILQLVKHG
EXWWKHVSHDNHUVLWXDWHVLWLQDSUHVHQWWLPHIUDPHZRUNVLQFHWKHHIIHFWRIWKHDFWLRQLVRQJRLQJ$OWKRXJKWKLV
XVHLVQRWVKDUHGE\DOOVSHDNHUVRI6SDQLVKWKHUHDUHQHYHUWKHOHVVH[DPSOHVRILWVXVHIURPDFURVVWKH6SDQLVK
VSHDNLQJZRUOGWKDWLOOXVWUDWHWKHOLQNEHWZHHQWKHSDVWDQGWKHSUHVHQWLQUHODWLRQWRWKHVSHDNHUVRZQWLPH
IUDPHHJ(OUH\KDPXHUWR7KHNLQJKDVGLHG7KLVVHQWHQFHVXJJHVWVWKDWWKHGHDWKLVYHU\UHFHQWDQG
SRVVLEO\WKDWWKHIXQHUDOKDVQW\HWWDNHQSODFH
,QWKLVXQLWWKHPHDQLQJDQGXVHVRIWKHSHUIHFWDUHH[SODLQHGLQWHUPVRIDUHWURVSHFWLYHSUHVHQWWKLVLVDWHQVH
WKDWUHIHUVWRDFWLRQVZKLFKPD\VWUHWFKIURPWKRVHWKDWKDYHDOUHDG\WDNHQSODFHWRWKRVHZKLFKDUHVWLOORQJRLQJ
EXWDOZD\VLQDWLPHIUDPHUHODWHGWRWKHSUHVHQWWRWKHVSHDNHUVQRZ7KHPDLQGLDOHFWDOGLIIHUHQFHVDUHDOVR
UHYLHZHG
)RUP
7KHSHUIHFWLVIRUPHGZLWKWKHSUHVHQWWHQVHRIKDEHUSOXVWKHSDVWSDUWLFLSOHRIWKHYHUE
<RXFDQUHYLVHWKHSDVWSDUWLFLSOHIRUPVLQ6HFWLRQ
KDEHU

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,KDYHQWILQLVKHGLW\HW-XOLiQVLHPSUHKDVLGR

XQPLHGRVR-XOLiQKDVDOZD\VEHHQDVFDUHG\FDW

7KHSHUIHFWLVRIWHQIRXQGDFFRPSDQLHGE\DGYHUEVRIWLPHRUSKUDVHV

8QLWVXFKDV

1XQFDPHKHHPERUUDFKDGR,KDYHQHYHUJRWGUXQN
1RKDVOODPDGRDODDEXHODWRGDYtD"+DYHQW\RXFDOOHG*UDQGPD
WRGDYtDVLHPSUHQXQFDMDPiVPXFKDVYHFHVDPHQXGRDOJXQDYH]
\HW"
HWF
+DVLGRD$FDSXOFRDOJXQDYH]"6tKHLGRPXFKDVYHFHV+DYH\RX
HYHUEHHQWR$FDSXOFR"<HV,KDYHEHHQPDQ\WLPHV
E3HQLQVXODU6SDQLVKXVHRIWKHSHUIHFW

$VZHOODVWKHXQLYHUVDOXVHDERYH3HQLQVXODU6SDQLVKH[FHSW*DOLFLDDQG$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
OWLPDPHQWHQRQRVKHPRVYLVWR:HKDYHQRWVHHQHDFKRWKHUODWHO\
UHFLpQUHFLHQWHPHQWH~OWLPDPHQWHHQORV~OWLPRVWLHPSRV\DHWF
<DKDQYXHOWRGHVXVYDFDFLRQHV7KH\KDYHQRZFRPHEDFNIURPWKHLU
KROLGD\V

3UHWHULWHYVSHUIHFWLQ3HQLQVXODU6SDQLVK
7KHSHUIHFWLVXVHGWRUHIHUWRDQDFWLRQWKDWWRRNSODFHLQWKHVSHDNHUVWLPHIUDPHDVLIWKHDFWLRQKDGWDNHQ
SODFHLQVRPHVRUWRIH[WHQGHGSUHVHQWWLPHZKHQWKLVLVQRWWKHFDVHWKHSUHWHULWHLVXVHG&RPSDUHWKH
IROORZLQJVHQWHQFHV
+R\PHKHOHYDQWDGRDODV$\HUPHOHYDQWpDODV7RGD\,JRWXSDW<HVWHUGD\,JRWXSDW
,QERWKVHQWHQFHVWKHDFWLRQVJHWWLQJXSLQWKHPRUQLQJDUHSDVWDFWLRQVEXWLQWKHILUVWVHQWHQFHWKHVSHDNHU
FRQVLGHUVKLPVHOIRUKHUVHOIWREHLQWKHVDPHWLPHIUDPHDVWKHDFWLRQLHWRGD\,QWKHVHFRQGVHQWHQFH
KRZHYHUWKHDFWLRQLVSODFHGLQDWLPHIUDPH\HVWHUGD\ZKLFKLVGLIIHUHQWIURPWKHVSHDNHUVWRGD\
1RWHWKRXJKWKDWWKHFKRLFHRIWHQVHGHSHQGVRQZKDWWKHVSHDNHUFRQVLGHUVWKHSUHVHQWDQGWKHUHIRUH
GHSHQGVRQKRZWKHVSHDNHUYLHZVDQDFWLRQ/RRNDWWKHIROORZLQJWZRDQVZHUV
7RGD\LV6DWXUGD\-XDQVDZ0DUtDRQ:HGQHVGD\
+DVYLVWRD0DUtD~OWLPDPHQWH-XDQ"
D6tODKHYLVWRHVWHPLpUFROHVSDVDGR
E6tODYLHOPLpUFROHV
,QDWKHVSHDNHUFRQVLGHUVWKHDFWLRQDVSDUWRIDSHULRGRIWLPHQRWILQLVKHG\HWHVWDVHPDQDZKLOHLQEWKH
VSHDNHUFRQVLGHUVWKHDFWLRQDVSDUWRIDSHULRGRIWLPHGLIIHUHQWIURPWKHRQHKHLVLQ1RWHWKDWWKHFKRLFHRI
RQHWHQVHRUWKHRWKHUKDVLPSOLFDWLRQVIRUWKHKHDUHUDVWRKRZFORVHRUUHPRWHWKHDFWLRQLVSHUFHLYHG
7LPHDGYHUEVRUSKUDVHVRIWHQXVHGZLWKWKHSHUIHFWDUHHVWDPDxDQDHVWHPHVHVWHDxRHQHOVLJORDFWXDO
HWF
7LPHDGYHUEVRUSKUDVHVRIWHQXVHGZLWKWKHSUHWHULWHDUHD\HUDQWHVGHD\HUDTXHOGtDODVHPDQDSDVDGDHO
DxRSDVDGRHQDTXHOWLHPSRHWF
F$PHULFDQ6SDQLVKXVHRIWKHSHUIHFW
7KHPRVWJHQHUDOLVHGXVHRIWKHSHUIHFWLQ6SDQLVK$PHULFDLVZKDWZHKDYHFDOOHGWKH8QLYHUVDOXVHRIWKH
SHUIHFWLQDDERYH+RZHYHUGLIIHUHQWXVHVPD\EHIRXQGLQVRPHDUHDV

/RVQLxRVKR\KDQOOHJDGRPX\WHPSUDQR7KHFKLOGUHQDUULYHGYHU\
7RUHIHUWRDQDFWLRQRUHYHQWZKLFKKDSSHQHGLQWKHSDVWEXWLVFRQVLGHUHG
HDUO\WRGD\
WREHLQDWLPHIUDPHZKLFKLVVWLOOLQWKHSUHVHQW3HUXDQG$UJHQWLQDLH
(VWDPDxDQDKHYLVWRD-XDQHQODSDQDGHUtD,VDZ-XDQDWWKH
DVLPLODUXVHWRWKDWPRUHDVVRFLDWHGZLWK3HQLQVXODU6SDQLVK
EDNHUVWKLVPRUQLQJ
'HUHSHQWHOOHJyODSROLFtDFRJLyDORVODGURQHV\OHVKDGDGRXQD
SDOL]DGHPLHGR6XGGHQO\WKHSROLFHDUULYHGFDXJKWWKHWKLHYHVDQGJDYH
)RUDGGHGLPSDFWDQGHPRWLRQZKHQWHOOLQJDVWRU\VSRNHQRUZULWWHQ
WKHPDJRRGEHDWLQJ
YDULRXVUHJLRQV
(OKRPEUHORJULWyORLQVXOWy\ORKDDPHQD]DGRGHPXHUWH7KHPDQ
VKRXWHGLQVXOWHGKLPDQGWKUHDWHQHGWRNLOOKLP
&yPRKDVHVWDGR"+RZDUH\RX"/LWHUDOO\+RZKDYH\RXEHHQVLQFH
,QJUHHWLQJVZKHQWKHUHLVDWDFLWUHIHUHQFHWRDSHULRGRIWLPHWKDWKDV
ZHODVWPHW"
SDVVHGVLQFHWKHVSHDNHUVZHUHODVWLQWRXFKZLGHVSUHDGWKURXJKRXW
&yPRWHKDLGR"+RZDUHWKLQJV"/LWHUDOO\+RZKDYHWKLQJVEHHQ
6SDQLVK$PHULFD
VLQFHZHODVWPHW"

&RPSDULVRQRI3HQLQVXODUDQG$PHULFDQ6SDQLVKXVDJH
7KHIROORZLQJH[DPSOHVLOOXVWUDWHWKHFRQWH[WVLQZKLFK$PHULFDQ6SDQLVKSUHIHUVWKHSUHWHULWHWRWKHSHUIHFW
$PHULFDQ6SDQLVK
/HtVWHHOHPDLOTXHWHPDQGpHVWDPDxDQD"
<DOOHJDURQ
/ODPDURQDSHQDVKDFHXQRVPLQXWRV

3HQLQVXODU6SDQLVK
+DVOHtGRHOHPDLOTXHWHKHPDQGDGR
'LG\RXUHDGWKHHPDLO,VHQW\RXWKLVPRUQLQJ"
HVWDPDxDQD"
7KH\KDYHDOUHDG\DUULYHG
<DKDQOOHJDGR
+DQOODPDGRDSHQDVKDFHXQRVPLQXWRV 7KH\FDOOHGMXVWDIHZPLQXWHVDJR

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
EW~RtUODV~OWLPDVQRWLFLDV"
F7RGDYtDQRHOODOOHJDU(VWDPRVHVSHUiQGROD
GW~WHQHUQRWLFLDVGH-XDQ"6tpOYROYHUD/RQGUHV
 5HDGWKHIROORZLQJOHWWHUDQGGHFLGHZKHWKHUWKHSHUIHFWRUWKHSUHVHQWVLPSOHVKRXOGEHXVHGLQHDFK

FDVH

([SODLQWKHGLIIHUHQFHVLQPHDQLQJEHWZHHQWKHIROORZLQJSDLUV
DL$-XDQDWRGDODYLGDOHJXVWyKDFHUJUDQGHVYLDMHV
LL$-XDQDWRGDODYLGDOHKDJXVWDGRKDFHUJUDQGHVYLDMHV
EL+HVRxDGRFRQVHUSHULRGLVWDWRGDPLYLGD
LL(QDTXHOWLHPSRVRxDEDFRQVHUSHULRGLVWD
FL+DVOHtGR&LHQDxRVGHVROHGDG"
LL/HtVWH&LHQDxRVGHVROHGDGFXDQGRWHORGHMp"
7KHSHUIHFWFRQWLQXRXV
)RUP
3HUIHFWRIHVWDUJHUXQGRIYHUE

$SHQDVKHPRVYLVWRD/RXUGHVHVWDVYDFDFLRQHV(VTXHKDHVWDGR
HVWXGLDQGRSDUDORVH[iPHQHVGHILQGHFXUVR:HKDYHKDUGO\VHHQ
/RXUGHVGXULQJWKHKROLGD\V6KHKDVEHHQVWXG\LQJIRUKHUILQDOH[DPV

7KLVWHQVHLVRIWHQDFFRPSDQLHGE\WLPHSKUDVHVVXFKDVWRGRHOGtDWRGDODQRFKHGXUDQWHWRGRHOILQGH
VHPDQDGHVGHODVWLPHKDVWDODVWLPHHWF
8VH
7KLVWHQVHHOSUHWpULWRSHUIHFWRFRQWLQXRLVXVHGWRDGGDVHQVHRISURJUHVVLYHRUFRQWLQXRXVDFWLRQWRWKH
SHUIHFW,QWKHH[DPSOHOWLPDPHQWHKDHVWDGRHVWXGLDQGRPXFKR6KHKDVEHHQVWXG\LQJDORWUHFHQWO\WKH
SHUIHFWFRQWLQXRXVLVXVHGWRVWUHVVWKDWWKHDFWLRQRIVWXG\LQJKDVEHHQJRLQJRQIRUDSHULRGRIWLPH
~OWLPDPHQWHUHFHQWO\
(MHUFLFLR

*LYHDQVZHUVWRWKHIROORZLQJTXHVWLRQVXVLQJWKHSHUIHFWFRQWLQXRXV
D3RUTXpQRPHKDVOODPDGR~OWLPDPHQWH"VDOLUFRQRWUDFKLFD
E<DKDVHQFRQWUDGRODUHVSXHVWDDOSUREOHPD"QRSHQVDUWRGDODQRFKH
F9LHQHVGH9HUDFUX]"+DVHVWDGRYLVLWDQGRDWXKHUPDQD"QRWUDEDMDUD\HU\KR\
G$OJXLHQKDYLVWRDOVHxRU%HQtWH]~OWLPDPHQWH"\RSUHJXQWDUQDGLHVDEHQDGD
7KHSOXSHUIHFW
7KHSOXSHUIHFWHOSUHWpULWRSOXVFXDPSHUIHFWRLQGLFDWHVWKDWDQDFWLRQWRRNSODFHEHIRUHDQRWKHUSDVWDFWLRQ
YHU\PXFKOLNHWKH(QJOLVKVHQWHQFH,ZHQWWRSLFNKHUXSEXWVKHKDGDOUHDG\OHIWIRUWKHSDUW\

)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
7KHSOXSHUIHFWFRQWLQXRXVHOSUHWpULWRSOXVFXDPSHUIHFWRFRQWLQXRLVXVHGWRUHIHUWRDQDFWLRQZKLFKKDG
EHHQJRLQJRQEHIRUHDQRWKHUDFWLRQDVLQ(QJOLVK3HWHUFDPHLQDWWKDWPRPHQW+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
7KHLPSHUDWLYHHOLPSHUDWLYRLVDPRRGXVHGWRJLYHFRPPDQGVDQGLVVLPLODUWRWKHLPSHUDWLYHLQ
(QJOLVK/iYDWHODVPDQRV:DVK\RXUKDQGV
)RUP
5HJXODUDIILUPDWLYHFRPPDQGV

D7KHLPSHUDWLYHLQWKHW~IRUPFRUUHVSRQGVWRWKHWKLUGSHUVRQVLQJXODUIRUPRIWKHSUHVHQWLQGLFDWLYHWHQVH
DUD
HULUH

DFDEDDSDUFDDQGDFRSLDSLHQVDW~
FRJHFRUUHHVFRJHOHHW~GHFLGHSLGHUHFLEHW~

E7KHLPSHUDWLYHIRUYRVRWURVLVIRUPHGE\WDNLQJDZD\WKHURIWKHLQILQLWLYHDQGDGGLQJG
,QILQLWLYH
SDJDU
SHGLU
VXJHULU
YROYHU

,PSHUDWLYH
SDJDGYRVRWURV
SHGLGYRVRWURV
VXJHULGYRVRWURV
YROYHGYRVRWURV

F7KHLPSHUDWLYHIRUXVWHGDQGXVWHGHVIROORZVWKHIRUPRIWKHWKLUGSHUVRQVVLQJXODUDQGSOXUDORIWKHSUHVHQW
VXEMXQFWLYH
7ROHDUQDERXWWKHFRQMXJDWLRQRIWKHSUHVHQWVXEMXQFWLYHJRWR6HFWLRQ
DUH
HULUD

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

DUH
HULUD

5HPHPEHUWKDWWKHSURQRXQYRVRWURVYRVRWUDVLVQRWXVHGLQ6SDQLVK$PHULFDDQGWKHUHIRUHWKH
FRUUHVSRQGLQJLPSHUDWLYHIRUPLVQRWXVHGHLWKHU
,Q6SDLQLQFROORTXLDOFRQWH[WVWKHLPSHUDWLYHIRUPIRUYRVRWURVORVHVWKHILQDOGDQGLWLVRIWHQUHSODFHGE\U
$VDUHVXOWSDJDGVXJHULGYROYHGFRPSUDGEHFRPHSDJDUVXJHULUYROYHUDQGFRPSUDUHJ9ROYHUDTXt
&RPHEDFNKHUH
(QFOLWLFREMHFWSURQRXQVZLWKWKHLPSHUDWLYH
2EMHFWSURQRXQVDUHDSSHQGHGWRWKHLPSHUDWLYHIRUPZKHQLWLVDIILUPDWLYH
7RUHYLVHWKHREMHFWSURQRXQVJRWR6HFWLRQVDQG
1RWHWKDWLQVRPHFDVHVWKHIRUPWDNHVDZULWWHQDFFHQWWRPDLQWDLQWKHVWUHVVRQWKHVDPHV\OODEOH
&RPSUDHOFRFKHD]XO
9HQGDQODFDVD
/ODPHQDORVQLxRV
$EUDODVYHQWDQDV

&yPSUDOR
9pQGDQOD
/OiPHQORV
EUDODV

,PSHUDWLYHFRQVWUXFWLRQVHTXLYDOHQWWRWKH(QJOLVKIRUPV/HWV/HWKLPKHUWKHP
&RPSUHPRVODVHQWUDGDVSDUDHOFLQH/HWVEX\WKHWLFNHWVIRUWKH
,QVHQWHQFHVZLWKWKHILUVWSHUVRQSOXUDO/HWVWKHFRQVWUXFWLRQ
FLQHPD
IROORZVWKHVDPHIRUPDVWKHILUVWSHUVRQSOXUDORIWKHSUHVHQWVXEMXQFWLYH %HEDPRVDODVDOXGGHORVQRYLRV/HWVGULQNWRWKHEULGHDQG
EULGHJURRPVKHDOWK
,QVHQWHQFHVZLWKWKHRWKHUSHUVRQVRIWKHFRQMXJDWLRQ/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
FGHFLUW~ODYHUGDG
G1RKDEODUYRVRWURVWDQDOWR
  $GYHUWLVHPHQWV DUH IXOO RI H[SUHVVLRQV XVLQJ WKH LPSHUDWLYH 5HDG WKH IROORZLQJ DGYHUWLVHPHQWV DQG
FRPSOHWHWKHPZLWKWKHFRUUHFWLPSHUDWLYHIRUPRIRQHRIWKHYHUEVIURPWKHER[
SHQVDUROYLGDUDSOLFDUVHXVDUSHUGHULU

D(VWiSHUGLHQGRHOSHOR"1RODFDEH]D3HOXViQ

E6LTXLHUHFRPSUDUDFUpGLWRFRQFXLGDGRODPDWHULDJULVDO%DQFRGHO/ODQR

F7LHQHJDQDVGHXQDVYDFDFLRQHV"1RORGRVYHFHV(FRWXUVHORDUUHJODUiWRGRDODPD\RU
EUHYHGDG

G6HVLHQWHGHSULPLGRRIDOWDGHiQLPR"1RWRPDU9LWDGyQWRGRVORVGtDV


&RQGLWLRQDOWHQVHV
&RQGLWLRQDOVH[SUHVVK\SRWKHVHVDQGUHIHUWRHYHQWVZKLFKDUHGHSHQGHQWRQDFRQGLWLRQWKDWQHHGVWREH
IXOILOOHGIRUWKHHYHQWVWRWDNHSODFH
7KHFRQGLWLRQDO
7KHVLPSOHIRUPRIWKHFRQGLWLRQDOHOFRQGLFLRQDOVLPSOHLVHTXLYDOHQWWRZRXOGLQILQLWLYHLQ(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
<RSRGUtDYHQLUPDxDQD,FRXOGFRPHWRPRUURZ

7RH[SUHVVDSUHVHQWRUIXWXUHK\SRWKHVLV,WLVVLPLODUWRZRXOG,WLV
FRPPRQDIWHUFRQGLWLRQDOVHQWHQFHVZLWKVLHTXLYDOHQWWRLIFODXVHVLQ 4XpFRQWHVWDUtDVW~":KDWZRXOG\RXUHSO\"
(QJOLVK 5HIHUWR6HFWLRQIRUW\SHVDQGPHDQLQJVRIFRQGLWLRQDO 6LWXYLpUDPRVGLQHURQRVLUtDPRVHQVHJXLGD,IZHKDGPRQH\ZH

VHQWHQFHV
7RJLYHDGYLFH
7RPDNHSROLWHUHTXHVWV
7RH[SUHVVSUREDELOLW\RUK\SRWKHVLVLQUHODWLRQWRHYHQWVLQWKHSDVW
,QLQGLUHFWVSHHFKWRUHIHUWRIXWXUHHYHQWV )RUIXUWKHULQIRUPDWLRQ
DERXWGLUHFWDQGLQGLUHFWVSHHFKJRWR8QLW

ZRXOGOHDYHVWUDLJKWDZD\
<RHQWXOXJDUKDEODUtDFRQXQDERJDGR,I,ZHUH\RX,ZRXOGWDONWR
DVROLFLWRU
3RGUtDGHFLUPHTXpKRUDHV"&RXOG\RXWHOOPHZKDWWLPHLWLV"
(QHVDpSRFDKDEUtDXQDJUDQPRUWDOLGDGLQIDQWLO,QWKRVHWLPHV
WKHUHPXVWKDYHEHHQDKLJKFKLOGPRUWDOLW\UDWH
,VDEHOGLMRTXHYHQGUtDQHOGRPLQJR,VDEHOVDLGWKDWWKH\ZRXOGFRPH
RQ6XQGD\

(MHUFLFLRV

&RPSOHWHWKHIROORZLQJVHQWHQFHVZLWKWKHFRQGLWLRQDOIRUPRIWKHYHUEVLQEUDFNHWV
D(QWRQFHVWHQHUQRVRWURVXQRVTXLQFHDxRV
E6LVXSLHUDQODYHUGDGQRWHYROYHUHOORVDKDEODU
F<RSLHQVRTXH0DUtDGHEHUEXVFDURWURHPSOHR
G'LMHURQTXHODVWLHQGDVFHUUDUGXUDQWHHOFDUQDYDO
HSRGHUW~SHGLUPHXQWD[L"
*LYHDGYLFHDFFRUGLQJWRWKHVLWXDWLRQDVLQWKHH[DPSOH
(MHPSOR
1RVpVLDOTXLODUXQDFDVDRXQDSDUWDPHQWRFDVD
<RDOTXLODUtDXQDFDVD
D1RVpVLUHVHUYDUKDELWDFLyQHQXQKRWHORHQXQDSHQVLyQSHQVLyQ
E3LHQVRGLEXMDUXQSDLVDMHRXQDXWRUUHWUDWRSDLVDMH
F0HJXVWDUtDOOHYDUXQRVFKRFRODWHVRXQDVIORUHVFKRFRODWHV
G4XLVLHUDDEULUXQUHVWDXUDQWHRXQDFDIHWHUtDFDIHWHUtD
-XOLiQLVSUHSDULQJDELUWKGD\SDUW\IRU*UDFLHOD+HQHHGVWRVRUWRXWWKHKRXVHEX\IRRGDQGGULQNDQG
JHW VRPH PXVLF +H DVNHG IRU KHOS IURP KLV IULHQGV 7KH IROORZLQJ DUH H[WUDFWV IURP -XOLiQV SKRQH
FRQYHUVDWLRQV ZLWK KLV IULHQGV 5HDG WKHP DQG WKHQ FKDQJH WKH VHQWHQFHV EHORZ LQWR LQGLUHFW VSHHFK
XVLQJWKHFRQGLWLRQDODVLQWKHH[DPSOH
(MHPSOR
-XOLiQ+ROD3DFRHQTXpSXHGHVD\XGDUW~"
3DFR3XHVVLTXLHUHV\RSXHGRDUUHJODUODFDVD
3DFRGLMRTXHpOSRGUtDDUUHJODUODFDVD
D-XOLiQ,UHQHPHSXHGHVHFKDUXQDPDQRFRQORGHODILHVWD"
,UHQH&ODUR\DKDJR\RODWRUWLOOD
E-XOLiQ0DQRORSXHGHVWUDHUDOJRSDUDODILHVWDGH*UDFLHOD"
0DQROR6HJXUROOHYDUpWUHVERWHOODVGHYLQR
F-XOLiQ(OHQDTXLHUHVSUHSDUDUDOJRSDUDHVWDQRFKH"
(OHQD/RVLHQWRQRSXHGRSHURSXHGRFRPSUDUORVSODWRV\ODVVHUYLOOHWDVGHSDSHO

 G-XOLiQ6DQWLDJR,UHQHYDDWUDHUXQDWRUWLOOD\0DQRORYLQR-XDQD\W~WHQpLVWLHPSRGHSUHSDUDU
DOJR"
6DQWLDJR1RKD\SUREOHPD1RVRWURVSUHSDUDPRVXQDHQVDODGLOODUXVD
7KHFRQGLWLRQDOSHUIHFW
7KHFRQGLWLRQDOSHUIHFWHOFRQGLFLRQDOFRPSXHVWRH[SUHVVHVK\SRWKHVLVDQGSUREDELOLW\LQUHODWLRQWRSDVW
DFWLRQV
)RUP
7KHFRQGLWLRQDOSHUIHFWLVIRUPHGE\WKHFRQGLWLRQDORIKDEHUWKHSDVWSDUWLFLSOHRIWKHYHUE,WLVHTXLYDOHQWWR
WKH(QJOLVKFRQVWUXFWLRQZRXOGKDYHSDVWSDUWLFLSOH
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,GLGQWVHHKHUGXULQJWKHGHPRQVWUDWLRQ6KH
VRPHWLPHVLQWHUFKDQJHDEOHZLWKWKHSOXSHUIHFW
PD\KDYHOHIWEHIRUHZHDUULYHG/LWHUDOO\,WLVOLNHO\WKDWVKHZRXOGKDYH
)RUPRUHRQWKHSOXSHUIHFWJRWR6HFWLRQ
OHIWEHIRUHZHDUULYHG
,QFRQGLWLRQDOVHQWHQFHVWRUHIHUWRDQRXWFRPHWKDWGLGQRWPDWHULDOLVH
6LKXELHUDVDELGRTXHHVWDEDVHQIHUPDQRKDEUtDYHQLGR,I,KDG
VLQFHWKHFRQGLWLRQZDVQRWPHW,WQRUPDOO\IROORZVVLLPSHUIHFW
NQRZQ\RXZHUHLOO,ZRXOGQWKDYHFRPH
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
/ODPpDPLKHUPDQDSHURQRFRQWHVWyVDOLU
+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
7KHVXEMXQFWLYHHOVXEMXQWLYRLVRQHRIWKHYHUEPRRGVPRGRVXVHGWRH[SUHVVXQFHUWDLQW\SRVVLELOLW\
HPRWLRQVDQGZLVKHV )RUIXUWKHULQIRUPDWLRQRQZKDWDPRRGLVJRWR8QLW7KHUHDUHIRXUWHQVHVLQWKH
VXEMXQFWLYHPRRGWKHSUHVHQWWKHSHUIHFWWKHLPSHUIHFWDQGWKHSOXSHUIHFW
7KHSUHVHQWVXEMXQFWLYH
)RUP
5HJXODUIRUPVRIWKHSUHVHQWVXEMXQFWLYH
7KHIRUPRIWKHSUHVHQWVXEMXQFWLYHHOSUHVHQWHGHVXEMXQWLYRLVEDVHGRQWKHSUHVHQWLQGLFDWLYHIRUPVEXW
DUYHUEVWDNHHULUHQGLQJVDQGYLFHYHUVD 7RUHYLVHWKHSUHVHQWWHQVHJRWR6HFWLRQ
9HUEVHQGLQJLQDUIRUPWKHSUHVHQWVXEMXQFWLYHZLWKHHVHWF
9HUEVHQGLQJLQHURULUIRUPWKHSUHVHQWVXEMXQFWLYHZLWKDDVHWF

DFDEHDFDEHVDFDEHDFDEHPRVDFDEpLVDFDEHQ
FRUUDFRUUDVFRUUDFRUUDPRVFRUUiLVFRUUDQVXEDVXEDVVXED
VXEDPRVVXEiLVVXEDQ

,UUHJXODULWLHVLQWKHSUHVHQWVXEMXQFWLYH
$OOLUUHJXODULWLHVLQWKHSUHVHQWLQGLFDWLYH

VHH6HFWLRQDUHPLUURUHGLQWKHSUHVHQWVXEMXQFWLYH

D5DGLFDOFKDQJLQJYHUEVHLHHJFHUUDU
RXHHJYROYHU
EXWQRWLQWKHILUVWDQGVHFRQGSHUVRQVLQWKHSOXUDO
HLHJPHGLU

FLHUUHFLHUUHVFLHUUHFHUUHPRVFHUUpLVFLHUUHQ
YXHOYDYXHOYDVYXHOYDYROYDPRVYROYiLVYXHOYDQ
PLGDPLGDVPLGDPLGDPRVPLGiLVPLGDQ

E$GGLQJJHJVDOLUGHFLU

VDOJDVDOJDVVDOJDVDOJDPRVVDOJiLVVDOJDQGLJDGLJDVGLJDGLJDPRV
GLJiLVGLJDQ

FF]FLQYHUEVHQGLQJLQHFHUGXFLUDQGRWKHUVVXFKDVQDFHU
OXFLUSODFHUDQGWKHLUGHULYDWLYHV
GL\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
JHUJLUMWRSUHVHUYHWKHVRXQG[RUK
JDUJXWRSUHVHUYHWKHVRXQGJ
JXLUJWRSUHVHUYHWKHVRXQGJ

FRJHUFRMDFRMDVHWF
FRUUHJLUFRUULMDFRUULMDVHWF
FDUJDUFDUJXHFDUJXHVHWF
VHJXLUVLJDVLJDVHWF

JXDUJWRSUHVHUYHWKHYRZHOX
DYHULJXDUDYHULJHDYHULJHVHWF
FDUTXWRSUHVHUYHWKHVRXQGN
VDFDUVDTXHVDTXHVHWF
]DUFQRWIRUSURQXQFLDWLRQUHDVRQVEXWEHFDXVHLWLVQRWXVXDOLQ6SDQLVKWRKDYHWKH
FD]DUFDFHFDFHVHWF
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
FDQWFRPHWR3UDJXHZLWKXV
IXUWKHUXVHVRIWKHVXEMXQFWLYHLQQRXQFODXVHV
1RWHVHUiIiFLOHQFRQWUDUXQDPLJRTXHWHFRPSUHQGDFRPR/XLV,W
LL,QUHODWLYHFODXVHVZKHQWKHHYHQWDFWLRQRURXWFRPHLVXQNQRZQRU
ZRQWEHHDV\IRU\RXWRILQGDIULHQGZKRXQGHUVWDQGV\RXDVZHOODV/XLV
KDVQW\HWKDSSHQHG
GRHV
LLL,QDGYHUELDOFODXVHVWKHVXEMXQFWLYHLVDOZD\VXVHGLQFODXVHVH[SUHVVLQJSXUSRVHDQGFDQEHXVHGLQFODXVHVH[SUHVVLQJFDXVHFRQFHVVLRQ
FRQGLWLRQPDQQHUSODFHDQGWLPH7KHPDLQYHUELVLQDSUHVHQWRUIXWXUHWHQVHRUWKHLPSHUDWLYH0RVWFRPPRQO\WKHVXEMXQFWLYHLVXVHG
DIWHUWKHIROORZLQJFRQQHFWRUV
([SUHVVLQJSXUSRVHVXFKDVSDUDTXHGHPRGRTXHGHPDQHUDTXHGH /OiPDODSDUDTXHVHSDTXHHVWDPRVDTXt&DOOKHUVRWKDWVKHNQRZV
IRUPDTXH
ZHDUHKHUH
([SUHVVLQJFRQGLWLRQVXFKDVFRQWDOGHTXHVLHPSUH\FXDQGRDPHQRV
3XHGHVLUWHFRQWDOGHTXHOOHJXHVWHPSUDQRPDxDQD<RXFDQOHDYH
TXHDQRVHUTXHFRQWDOGHTXHDFRQGLFLyQGHTXHHWFEXWQRWVL
SURYLGHG\RXDUULYHHDUO\WRPRUURZ
ZKLFKGRHVQRWWDNHWKHSUHVHQWVXEMXQFWLYH
([SUHVVLQJFRQFHVVLRQVXFKDVDXQTXHDXQFXDQGRSRUPiVTXHSRU ,UHPRVDXQTXHWHQJDPRVSRFRGLQHUR:HZLOOJRHYHQLIZHKDYHQW
PXFKRTXH
JRWPXFKPRQH\

)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,GRQWEHOLHYHLWLVWUXH
0HSHUPLWHTXHODWXWHH"0D\,XVHW~"

6LHQWRTXHQRWHHQFXHQWUHVELHQ,PVRUU\\RXDUHQRWIHHOLQJZHOO

(VSUREDEOHTXHYXHOYDDVXELUODWDVDGHLQWHUpV,QWHUHVWUDWHVZLOO
SUREDEO\JRXSDJDLQ/LWHUDOO\,WVSUREDEOHWKDW
/RTXHLQWHQWDPRVHVTXHORVQLYHOHVGHVHJXULGDGFLXGDGDQD
FUH]FDQ:KDWZHDUHWU\LQJWRGRLVLPSURYHOHYHOVRISXEOLFVDIHW\
/RFRUUHFWRHVTXHOODPHQSULPHURSRUWHOpIRQR7KHSURSHUWKLQJLVWR
SKRQHILUVW

/DDVDPEOHDGHYHFLQRVHVWiHQGHVDFXHUGRFRQTXHVHFRQVWUX\DHO
:LWKYHUEVRIDJUHHPHQWGLVDJUHHPHQWVXFKDVHVWDUGHDFXHUGRDQG
QXHYRSXHQWH7KHORFDOUHVLGHQWVDVVRFLDWLRQGLVDJUHHVZLWKWKHSODQVWR
HVWDUHQGHVDFXHUGR
EXLOGDQHZEULGJH
%iMDWHLQPHGLDWHPHQWHGHHVDYDOOD3DSiGLFHTXHWHEDMHV
,QLQGLUHFWVSHHFKWRUHSRUWDQRUGHUH[SUHVVHGLQWKHLPSHUDWLYHZKHQ
LQPHGLDWDPHQWHGHHVDYDOOD&RPHGRZQRIIWKDWIHQFHWKLVPLQXWH
WKHUHSRUWLQJYHUELVLQWKHSUHVHQW
'DGVD\VWRFRPHGRZQRIIWKDWIHQFHWKLVPLQXWH
<RXFDQUHYLVHWKHUXOHVRILQGLUHFWVSHHFKLQ8QLW

1RWHWKDWYHUEVRIRSLQLRQDQGEHOLHILQDIILUPDWLYHVHQWHQFHVDUHIROORZHGE\WKHLQGLFDWLYHHJ&UHRTXH
HVXQDLGHDIHQRPHQDO,WKLQNLWVDQH[FHOOHQWLGHD
,PSHUVRQDOYHUESKUDVHVVWDUWLQJZLWKHVFDQWDNHWKHLQILQLWLYHEXWQRWHWKDWWKHVHQWHQFHLVFRPSOHWHO\
LPSHUVRQDO&RPSDUH(VPHMRUPDGUXJDU,WVEHWWHUWRJHWXSHDUO\ZLWK(VPHMRUTXHPDGUXJXHV,WVEHWWHU
IRU\RXWRJHWXSHDUO\7KHH[FHSWLRQWRWKLVUXOHLVHVSUREDEOHZKLFKPXVWDOZD\VEHIROORZHGE\DTXH
FODXVH(VSUREDEOHTXHOOXHYD,WOOSUREDEO\UDLQ
(MHUFLFLRV
3XWWKHLQILQLWLYHLQEUDFNHWVLQWRWKHFRUUHFWIRUPRIWKHSUHVHQWVXEMXQFWLYH
D*UtWDOHSDUDTXHWHHVFXFKDU
E1RVHQFDQWDTXHORVQLxRVGLYHUWLUVH
F(VSRVLEOHTXHODILHVWDVHUHOViEDGR
G1RKDEUiSDUWLGRGHI~WEROSRUPiVTXHKDFHUVRO
H2MDOiQRFDHUOD%ROVD

5HDGWKHIROORZLQJH[WUDFWWDNHQIURPDQDUWLFOHSXEOLVKHGLQWKHPDJD]LQH7LHUUDPpULFDDQGXQGHUOLQH
DOOWKHYHUEVWKDWDUHLQWKHSUHVHQWVXEMXQFWLYH
4Xp$PpULFDTXLHUR"
4XL]iVLORVXSLHUDVHORGLUtD3HQVHPRV
4XL]iXQDGRQGHQRH[LVWDODSREUH]D6HSXHGH"
2WDOYH]GRQGHQRKD\DQSUREOHPDVVRFLDOHV
<DVp6HPHRFXUUHTXHTXLHURXQD$PpULFDGRQGHODVPDGUHVQRWHQJDQTXHSUHJXQWDUSRUVXVKLMRVGHVDSDUHFLGRVGRQGH
ORVQLxRVQRVHDQIRU]DGRVDUHQXQFLDUDVXLQIDQFLDSDUDWHQHUTXHDOLPHQWDUVH
$ULDQD)HUQiQGH]0XxR]7LHUUDPpULFD'HFHPEHU

$QVZHUWKHIROORZLQJTXHVWLRQVXVLQJRMDOiDVLQWKHH[DPSOH
(MHPSOR
9DQDYHQLUWXVSDGUHV"
2MDOiYHQJDQ

D&UHHVTXHKD\VLWLRSDUDWRGRV"
E6DEHVVLYDQDVDOLUDFHQDUFRQQRVRWURV"
F&UHHVTXHDFDEDUHPRVSURQWR"
G1RWHLPSRUWDVLQRVR\HQTXHMDUQRVWDQWR"

7KHSHUIHFWVXEMXQFWLYH
)RUP
7KHSHUIHFWVXEMXQFWLYHHOSUHWpULWRSHUIHFWRGHVXEMXQWLYRLVIRUPHGE\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\KDYHQWKDGDQDFFLGHQW
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
+DEUiQDWHUUL]DGR\DWXVKHUPDQRV"
2MDOiKD\DQDWHUUL]DGR

D&UHHVTXH\DORKDQSXEOLFDGR"
E+DEUiVDOLGRHODQXQFLRWDPELpQHQHOSHULyGLFR"
F&UHHVTXHWHUPLQDUHPRVDQWHVGH6HPDQD6DQWD"
G$OJXLHQVDEHVLOHKDQGDGRHOSUHPLRD/RUHWR"

7KHLPSHUIHFWVXEMXQFWLYH
)RUP
5HJXODUIRUPVRIWKHLPSHUIHFWVXEMXQFWLYH
7KHLPSHUIHFWVXEMXQFWLYHHOSUHWpULWRLPSHUIHFWRGHVXEMXQWLYRKDVWZRIRUPV7KH\DUHLQWHUFKDQJHDEOH
DQGXVLQJRQHRUWKHRWKHULVDPDWWHURIFKRLFH
%RWKWKHUDDQGVHIRUPVDUHZLGHO\XVHGLQ6SDLQDOWKRXJKWKHVHIRUPWHQGVWREHPRUHUHVWULFWHGWRWKH
ZULWWHQODQJXDJHLQ6SDQLVK$PHULFDWKHUDIRUPLVJHQHUDOO\SUHIHUUHG
7KHLPSHUIHFWVXEMXQFWLYHLVEDVHGRQWKHWKLUGSHUVRQSOXUDORIWKHSUHWHULWHWHQVH
DUDURQDUDDVH
\R
FDQWDUD
FDQWDVH
W~
FDQWDUDV
FDQWDVHV
pOHOOD8G
FDQWDUD
FDQWDVH
QRVRWURVDV
FDQWiUDPRV
FDQWiVHPRV
YRVRWURVDV
FDQWDUDLV
FDQWDVHLV
HOORVDV8G
FDQWDUDQ
FDQWDVHQ

HURULULHURQLHUDLHVH
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
1RWHWKDWWKHHPSKDVLVLVGLIIHUHQWIURP2MDOiJDQHPRVHVWDYH]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
3UHVpQWDWHDODVGHODWDUGH0HRUGHQyTXHPHSUHVHQWDUDDODV
ZKHQWKHUHSRUWLQJYHUELVLQWKHSDVW
GHODWDUGH%HWKHUHDWSP+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
PDLQYHUEDQGWKHSUHVHQWVXEMXQFWLYHLQWKHTXHFODXVH
(MHPSOR
7HDFRQVHMRTXHHVWXGLHV7HDFRQVHMpTXHHVWXGLDUDV
D+DVXJHULGRTXHDYLVHQDODSROLFtDFXDQWRDQWHV
E1RVH[WUDxDTXHWHQJDWDQWRGLQHURGHUHSHQWH
F7HSURKtERTXHKDEOHVFRQHVDSHUVRQD
G1RVWHPHPRVTXHYHQJDVLQDYLVDU

&RPSOHWHWKHFODXVHVZLWK6LLQWKHIROORZLQJVHQWHQFHVZLWKRQHRIWKHYHUEVLQWKHER[EHORZ
VHUKDEHUVDEHUFRVWDU
D6LWUHVSXHVWRVPiVHQHOEXVFDEUtDPRVWRGRV
E6LODFRQIHUHQFLDJUDWLVVHJXURTXHYHQGUtDQPXFKtVLPRVHVWXGLDQWHV
F6LORVELOOHWHVQRWDQWRSRGUtDVYLVLWDUQRVFRQPiVIUHFXHQFLD
G6LQRVRWURVFXiQWRYDOHHODSDUWDPHQWRDKRUUDUtDPRVSDUDFRPSUDUOR

7KHSOXSHUIHFWVXEMXQFWLYH
)RUP
7KHSOXSHUIHFWVXEMXQFWLYHHOSUHWpULWRSOXVFXDPSHUIHFWRGHVXEMXQWLYRLVIRUPHGXVLQJWKHLPSHUIHFW
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
6HORGLMRSDUDTXHVXSLHUDODYHUGDG6KHWROGKLPVRKHGNQRZWKH
WUXWK
F,QFRQGLWLRQDOVHQWHQFHVZKHQWKHFRQGLWLRQZDVQRWPHW
6LQRKXELpUDPRVFRJLGRORVELOOHWHVFRQDQWHODFLyQQRKDEUtDPRV
 <RXFDQUHYLVHFRQGLWLRQDOVHQWHQFHVLQ6HFWLRQDQGWKH
WHQLGRVLWLR,IZHKDGQRWERXJKWWKHWLFNHWVEHIRUHKDQGZHZRXOGQRW
FRQGLWLRQDOFRQQHFWRUVLQ6HFWLRQF
KDYHKDGVHDWV
0HH[WUDxDTXHODQLxDKD\DGLFKRVHPHMDQWHPHQWLUD'LMRTXHOH
G,QLQGLUHFWVSHHFKLQVRPHFDVHVZKHQWKHUHSRUWLQJYHUELVLQWKHSDVW H[WUDxDEDTXHODQLxDKXELHUDGLFKRVHPHMDQWHPHQWLUD,DP
 5HYLVHLQGLUHFWVSHHFKUXOHVLQ8QLW
VXUSULVHGWKHFKLOGKDVOLHGOLNHWKDW+HVDLGKHZDVVXUSULVHGWKDWWKH
FKLOGKDGOLHGOLNHWKDW

,WLVQRWDOZD\VHDV\IRUWKHOHDUQHURI6SDQLVKWRXQGHUVWDQGWKHQXDQFHVLQPHDQLQJEHWZHHQWKHSOXSHUIHFW
VXEMXQFWLYHDQGWKHSHUIHFWVXEMXQFWLYH&RPSDUH(VH[WUDxRTXH/X]QRKD\DOODPDGRYHUGDG",WLVVWUDQJH
/X]KDVQWFDOOHGLVQWLW"ZLWK(VH[WUDxRTXH/X]QRKXELHUDOODPDGRYHUGDG",WLVVWUDQJH/X]GLGQW
FDOOLVQWLW"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
3URQRPLQDOYHUEVORVYHUERVSURQRPLQDOHVDUHDOZD\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)RULQVWDQFHODYDUPHDQVWRZDVKDQGLWV
VXPPHU,VKRZHUP\VHOILHWDNHDVKRZHUPRUHWKDQRQFHDGD\
SURQRPLQDOIRUPODYDUVHPHDQVWRZDVKRQHVHOI
2WKHUUHIOH[LYHYHUEVLQFOXGHDFRVWDUVHDIHLWDUVHDUUHJODUVHEDxDUVHFRQRFHUVHDVtPLVPRFRUWDUVHHOSHORGXFKDUVHSHLQDUVHSRQHUVH
URSDTXLWDUVHURSDYHVWLUVH
eOVLHPSUHVHFRQVLGHUyFXOSDEOHGHODPXHUWHGHVXKHUPDQD+H
DOZD\VFRQVLGHUHGKLPVHOIJXLOW\IRUKLVVLVWHUVGHDWK
LL3URQRPLQDOYHUEVWKDWORRNUHIOH[LYHEXWH[SUHVVQRQYROXQWDU\DFWLRQV
6HKDJROSHDGRHQODFDEH]DDOVDOLU+HVKLWKLVKHDGJRLQJRXW
RUPHWDSKRULFDOPHDQLQJV
6HKDURWRHOHVSHMR7KHPLUURUKDVEURNHQ
6HKDURWRODSLHUQD6KHKDVEURNHQKHUOHJ
2WKHUYHUEVRIWKLVW\SHLQFOXGHDEULUVHHJXQDSXHUWDKDFHUVHHJXQDKHULGDOHYDQWDUVHOODPDUVHQDPHPRYHUVHHJODFRUWLQD
VHQWDUVHYHUEVH[SUHVVLQJDQLQFLSLHQWHPRWLRQDOHJUDUVHDVXVWDUVHHPRFLRQDUVHHQWULVWHFHUVHLQTXLHWDUVHSRQHUVHHJQHUYLRVRFRQWHQWR
SUHRFXSDUVHSHULSKUDVLVZLWKLQILQLWLYHVXFKDVHFKDUVHDOORUDUGHFLGLUVHDKDFHUDOJRHJDKDEODUQHJDUVHDKDFHUDOJRHJDSHGLU
SHUGyQ
LLL5HFLSURFDOYHUEVRQO\LQWKHSOXUDOIRUPVLQGLFDWHWKDWWKHVXEMHFWV 6HTXLHUHQFRPRVLIXHUDQKHUPDQDV7KH\ORYHHDFKRWKHUDVLIWKH\
GRWKHDFWLRQRIWKHYHUEWRHDFKRWKHUHJD\XGDUVHWRKHOSHDFK 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,QWKHHQGZHGLGQWDJUHHDQ\WKLQJ
Y9HUEVWKDWH[LVWERWKLQSURQRPLQDODQGQRQSURQRPLQDOIRUPVZLWK
/DXUDQRVHDFRUGyGHWUDHUHOOLEUR/DXUDGLGQWUHPHPEHUWREULQJ
WRWDOO\GLIIHUHQWPHDQLQJV
WKHERRN
2WKHUH[DPSOHVRIYHUEVZLWKFRPSOHWHO\GLIIHUHQWPHDQLQJVLQWKHSURQRPLQDODQGQRQSURQRPLQDOIRUPVDUH
GRUPLUWRVOHHSGRUPLUVHWRIDOODVOHHSPDUFKDUWRPDUFKPDUFKDUVHWRJRDZD\QHJDUWRGHQ\QHJDUVHDWRUHIXVHRFXSDUWR
RFFXS\DVSDFHRFXSDUVHGHWRPDNHVRPHWKLQJRQHVEXVLQHVVWRORRNDIWHU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\WRFXWRQHVHOIVKDLUWRPDNHRQHVHOIDVXLWWRGRRQHVHOIWKHPDQLFXUHDQGWRZD[RQHVHOIXVH
DUHIOH[LYHIRUP7KH\DUHKRZHYHUQRWWUXHUHIOH[LYHVDVLWLVXQGHUVWRRGWKDWWKHVHDFWLRQVDUHSHUIRUPHGRQ
WKHVXEMHFWE\VRPHERG\HOVHDVLVPDGHFOHDUE\WKH(QJOLVKWUDQVODWLRQVWRKDYHRQHVKDLUFXWWRKDYHD
VXLWPDGHWRKDYHDPDQLFXUHDQGWRKDYHRQHVOHJVZD[HG
6RPHH[DPSOHVDUH
(VWR\SHQVDQGRWHxLUPHHOSHOR\KDFHUPHXQDSHUPDQHQWH,PWKLQNLQJRIJHWWLQJP\KDLUG\HGDQGKDYLQJD
SHUP,PLQWHQGLQJWRJHWP\KDLUG\HGDQGKDYHDSHUP
(VWDQDOWRTXHWLHQHTXHKDFHUVHORVWUDMHVDPHGLGD+HVVRWDOOWKDWKHKDVWRKDYHKLVVXLWVPDGHWR
PHDVXUH
$OWKRXJKWKHPDMRULW\RISURQRPLQDOYHUEVDUHFRPPRQWRERWKVLGHVRIWKH$WODQWLFWKHUHDUHVRPHYHUEV
ZKLFKDUHSURQRPLQDOLQ6SDQLVK$PHULFDEXWQRWLQPRVWRI6SDLQ6RPHH[DPSOHVDUH
GHYROYHUVHUHJUHVDUVHWRUHWXUQUHJUHVDULQ6SDLQ
GHVD\XQDUVHWRKDYHEUHDNIDVWGHVD\XQDULQ6SDLQ
HQIHUPDUVHWRIDOOLOOHQIHUPDULQ6SDLQ
VRxDUVHWRGUHDPVRxDULQ6SDLQ
UREDUVHWRVWHDOUREDULQ6SDLQ
YHUVHWRORRNDVLQ6HYHPX\ELHQLQ6SDLQ4XHGDPX\ELHQ
YRPLWDUVHWRYRPLWYRPLWDULQ6SDLQ
(MHUFLFLRV
)LOOLQWKHJDSVLQWKHIROORZLQJVHQWHQFHVZLWKWKHFRUUHFWUHIOH[LYHSURQRXQ

D6LHPSUHGHVSHUWDPRVDODVVHLVGHODPDxDQD
E&XiQGRFRUWDVWHHOSHOR"
F$OLFLD\'RUDHQFRQWUDURQHQHOWHDWUR
G7~\$QWRQLRHQWHQGpLVPX\ELHQ
H<RQRDFXHUGRQXQFDGHVXQRPEUH

&RPSOHWHWKHFDSWLRQVXQGHUHDFKSLFWXUHXVLQJRQHRIWKHYHUEVIURPWKHOLVWEHORZ
FRPXQLFDUVHDVHxDVSHLQDUVHUHtUVHJULWDUVHODYDUVHODVPDQRV
4XpHVWiQKDFLHQGR"

D&DUPHQ

E/RVQLxRV

F/XLVD\$QD

G)HUQDQGR\VFDU

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\VRIWUDQVODWLQJWKHYHUEWREHVHUDQGHVWDU
7KHUHLVDWKLUGYHUEKDEHUZKLFKLVXVHGPDLQO\WRH[SUHVVWKHLGHDWKHUHLVWKHUHDUH+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,WVPDGHRIZRRG
LV
(VWHFXDGURHVGH)ULGD.DKOR7KLVSDLQWLQJLVE\)ULGD.DKOR
(VPtR,WVPLQH
7RWDONDERXWSRVVHVVLRQ
(VGHPLKHUPDQD,WLVP\VLVWHUV
7RLGHQWLI\VRPHWKLQJRUVRPHERG\
(VWHHVPLQRYLR7KLVLVP\ER\IULHQG
)ROORZHGE\DQDGMHFWLYHLWLVXVHGWRWDONDERXWWKHKDELWXDODVSHFWRI
(VUHGRQGRHVYHUGHSRUIXHUD\QDUDQMDSRUGHQWUR,WVURXQGLWV
WKLQJVRUSHRSOHRUWKHLULQKHUHQWSURSHUWLHV
JUHHQRQWKHRXWVLGHDQGRUDQJHLQWKHLQVLGH
7RWHOOWKHWLPH
6RQODVFXDWUR\PHGLD,WVKDOISDVWIRXU
7RVD\ZKHUHZKHQVRPHWKLQJLVWDNLQJSODFH
/DFHQDHVDODVGLH]'LQQHULVDWWHQ
&XiQWRHV"+RZPXFKLVLW"
7RH[SUHVVKRZPXFKVRPHWKLQJFRVWV
6RQPLOGRVFLHQWRVSHVRV,WVRQHWKRXVDQGWZRKXQGUHGSHVRV
(OFXFKLOORHVSDUDFRUWDUHOSDQ7KHNQLIHLVWRFXWWKHEUHDGZLWK
6HUSDUDLVXVHGWRLQGLFDWHSXUSRVHRUUHFLSLHQW
(VWHUHJDORHVSDUDWL7KLVSUHVHQWLVIRU\RX
)ROORZHGE\DQDGMHFWLYHLWLVXVHGWRH[SUHVVVXEMHFWLYHRSLQLRQVRU
(VH[WUDxRTXHQRDEUDODSXHUWD,WVVWUDQJHWKDWKHZRQWRSHQWKH
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
(VWiPRUHQD6KHLVWDQQHGLHEHFDXVHVKHKDVEHHQVXQEDWKLQJ
(VWiHQIHUPD6KHLVLOO

(VWiDVXVWDGD6KHLVIULJKWHQHG
(OSROORHVWiPX\ULFR7KHFKLFNHQWDVWHVYHU\JRRG
&yPRHVWiWXPDGUH"

:LWKDGMHFWLYHVWRGHQRWHDVXEMHFWLYHLPSUHVVLRQ
8VHGZLWKWKHDGYHUEVELHQDQGPDO
(VWiPX\ELHQ

7RWDONDERXWWHPSRUDU\RFFXSDWLRQVLHHVWDUGHRFFXSDWLRQ
$VDQDX[LOLDU\
7RIRUPWKHSUHVHQWDQGSDVWFRQWLQXRXVWHQVHV
7RIRUPWKHSDVVLYHZLWKHVWDUDQGH[SUHVVDVWDWHRIDIIDLUVZKLFKLVD
FRQVHTXHQFHRIVRPHWKLQJ
)RUPRUHRQWKHSDVVLYHVHH6HFWLRQ

+RZV\RXUPRWKHU"6KHVILQH
3DEORHVWiGHFDPDUHURHQXQUHVWDXUDQWH3DEORLVZRUNLQJDVD
ZDLWHULQDUHVWDXUDQW7KHHPSKDVLVKHUHLVWKDWLWLVDWHPSRUDU\MRERU
WKDWLWLVQRWKLVUHDOSURIHVVLRQ&RPSDUHZLWK3DEORHVFDPDUHUR3DEOR
LVDZDLWHU
(VWiKDEODQGRSRUWHOpIRQR6KHVWDONLQJRQWKHSKRQH
/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\VWDWHXQWLOLWVGLUW\DJDLQ
(OFDYLDUHVWiFDUR&DYLDULVSDUWLFXODUO\H[SHQVLYHDWWKH
PRPHQW7KLVLVDWHPSRUDU\VWDWHPD\EHLWVSDUWLFXODUO\
H[SHQVLYHEHFDXVHWKHUHLVWRRPXFKGHPDQGDWWKHPRPHQW
7RPiVHVWiJXDSR7RPiVORRNVKDQGVRPH7KLVFRXOGH[SUHVV
DVXEMHFWLYHLPSUHVVLRQ,WKLQNKHORRNVKDQGVRPH,WFRXOGDOVR
EHWKHUHVXOWRIDFKDQJHKHVKDGDKDLUFXWDQGWKHUHIRUHKH
ORRNVKDQGVRPH

2WKHUH[DPSOHVDUHVHUHVWDUGHVRUGHQDGRDVHUHVWDUGXOFHVHUHVWDUGXURD
$GMHFWLYHVWKDWFKDQJHWKHLUPHDQLQJZLWKVHUDQGHVWDU

7KHPHDQLQJRIVRPHDGMHFWLYHVFKDQJHVGHSHQGLQJRQZKHWKHUWKH\DUHXVHGZLWKVHURUZLWKHVWDU<RXVKRXOG
OHDUQWKHWZRHOHPHQWVLQHDFKSDLUDVGLIIHUHQWYRFDEXODU\LWHPV
HVWDUDELHUWRDWREHRSHQ
HVWDUDWHQWRDWRSD\DWWHQWLRQ
HVWDUEXHQRDWRWDVWHJRRG
HVWDUGHOLFDGRDWRVXIIHUIURPLOOKHDOWK
HVWDUGHVSLHUWRDWREHDZDNH
HVWDULQWHUHVDGRDWREHLQWHUHVWHG
HVWDUOLVWRDWREHUHDG\
HVWDUQXHYRDWRORRNIHHOQHZ
HVWDURUJXOORVRDWREHSURXGRIVRPHWKLQJ
HVWDUYHUGHWREHJUHHQLHQRWPDWXUH
HVWDUYLHMRDWRORRNIHHOROG
HVWDUYLYRDWREHDOLYH

VHUDELHUWRDWREHRSHQLQFKDUDFWHU
VHUDWHQWRDWREHDWWHQWLYH
VHUEXHQRDWREHNLQGJRRGQDWXUHGRUJRRGE\QDWXUH
VHUGHOLFDGRDWREHGHOLFDWH
VHUGHVSLHUWRDWREHEULJKWFOHYHU
VHULQWHUHVDGRDWREHVHOILVKVHOIFHQWUHG
VHUOLVWRDWREHFOHYHU
VHUQXHYRDWREHQHZ
VHURUJXOORVRDWREHKDXJKW\
VHUYHUGHWREHJUHHQFRORXU
VHUYLHMRDWREHROG
VHUYLYRDWREHOLYHO\LQWHOOLJHQW

2WKHUZD\VRIWUDQVODWLQJWREH

1RWHWKDWWKHYHUEWREHFDQDOVREHWUDQVODWHGE\RWKHUYHUEVDSDUWIURPVHUHVWDUDQGKDEHU+HUHDUHVRPH
RIWKHPRVWFRPPRQ
7REHWLUHGVOHHS\KXQJU\WKLUVW\

WHQHUVXHxRVHGKDPEUH

7REHVXQQ\KRWFROG

KDFHUVROFDORUIUtR

7HQJRVXHxR,PWLUHGVOHHS\
$\HUKDFtDVROSHURKR\KDFHPXFKRIUtR
<HVWHUGD\ZDVVXQQ\EXWWRGD\LWVYHU\FROG

7REH;;\HDUVROG

WHQHU;;DxRV

$QDWLHQHDxRV$QDLV

8VHVRIKDEHU
+DEHULVXVHGLQWKHIROORZLQJFDVHV
$VDQLPSHUVRQDOYHUE
,WFDQEHXVHGWRGHQRWHH[LVWHQFHWKHUHLVWKHUHDUH$VVXFKLWLV
DOZD\VXVHGLQWKHWKLUGSHUVRQVLQJXODURIWKHSUHVHQW
7RGHQRWHH[LVWHQFH,WFDQDOVREHXVHGLQWKHSDVWRUWKHIXWXUH

+D\XQEDUHQODHVTXLQD\GHVSXpVKD\GRV]DSDWHUtDV7KHUHLVD
EDULQWKHFRUQHUDQGWKHQWKHUHDUHWZRVKRHVKRSV
(QFDVDGHPLDEXHODKDEtDPXFKRVOLEURVGHPLELVDEXHOR
6SDLQKDEtDQPXFKRVOLEURVGHPLELVDEXHOR6SDQLVK$PHULFD,Q
P\JUDQGPRWKHUVKRPHWKHUHZHUHPDQ\RIP\JUHDWJUDQGIDWKHUV
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<DHVHVWiWRGROLVWRSDUDODILHVWD

G&DUOLWRV\DHVWiHQODFDPDSHURWRGDYtDHVHVWiGHVSLHUWR

H&RPRSHUVRQD&DUORVHVHVWiEDVWDQWHFHUUDGR
IHVHVWiHYLGHQWHTXHODQLxDHVHVWiPX\OLVWDSRUTXHDORVWUHVDxRV\DVDEHOHHU
J/DDEXHODGH0DUtDWLHQHDxRV\HVHVWiEDVWDQWHGHOLFDGD
K0LKLMDKDVDFDGRPX\EXHQDVQRWDV\VR\HVWR\PX\RUJXOORVDGHHOOD

7UDQVODWHWKHIROORZLQJVHQWHQFHVLQWR6SDQLVKSD\LQJDWWHQWLRQWRWKHWUDQVODWLRQRIWKHYHUEWREH
D,DP\HDUVROG
E7KHEDE\LVKXQJU\
F$UH\RXVOHHS\/DXUD"
G,WVKRWWRGD\EXW\HVWHUGD\LWZDVTXLWHFROG
H7KHUHDUHVRPHRUDQJHVLQWKHIULGJH
I,VWKHUHDEDQNQHDUKHUH"

*XVWDUDQGVLPLODUYHUEV
6SDQLVKGRHVQRWKDYHDGLUHFWHTXLYDOHQWRIWKHYHUEWROLNHZKHQUHIHUULQJWRWKLQJVRUDFWLRQV,QVWHDGLWXVHV
WKHYHUEWRSOHDVHJXVWDULQDQLQYHUWHGFRQVWUXFWLRQ6RIRUH[DPSOH\RXFDQQRWOLWHUDOO\VD\,OLNH
FKRFRODWHRU+HOLNHV,WDOLDQFDUV<RXPXVWVD\&KRFRODWHSOHDVHVPH0HJXVWDHOFKRFRODWHRU,WDOLDQ

FDUVSOHDVHKLP/HJXVWDQORVFRFKHVLWDOLDQRV
)RUPDQGXVH

7KHSOXUDOIRUPRIJXVWDUJXVWDQLVXVHGZKHQWKHWKLQJWKDWLVOLNHGLVLQWKHSOXUDO

1RWLFHWRRKRZJXVWDUFDQEHIROORZHGE\ERWKDQRXQODVRVWUDVDYHUELQWKHLQILQLWLYHQDGDURUDTXH
FODXVHTXHVHDVVLQFHUR
2EMHFWSURQRXQVDUHDOZD\VXVHGHYHQZKHQWKHLQGLUHFWREMHFWRUREMHFWV $&RQFKDOHJXVWDEXFHDU&RQFKDOLNHVVFXEDGLYLQJ
DUHVSHFLILFDOO\PHQWLRQHG
$ORVFKLFRVOHVJXVWDHODFXDSODQR7KHER\VOLNHVXUILQJ

8VHRISURQRXQVZLWKSUHSRVLWLRQV
2EMHFWSURQRXQVFDQEHXVHGZLWKZKDWLVFDOOHGWKHSUHSRVLWLRQDOIRUP,QWKHVHFDVHVWKHSUHSRVLWLRQDWR
LVXVHGZLWKWKHDSSURSULDWHQRXQRUSURQRXQ
DPtPHJXVWDQ
DWLWHJXVWDQ
DHOHOOD8GOHJXVWDQ
DQRVRWURVQRVRWUDVQRVJXVWDQ
DYRVRWURVYRVRWUDVRVJXVWDQ
DHOORVHOODV8GVOHVJXVWDQ



$pOOHJXVWDKDFHUSXHQWLQJ+HOLNHVEXQJHHMXPSLQJ
$YRVRWUDVRVJXVWDODySHUDYHUGDG"<RXOLNHRSHUDGRQW\RX"

*XVWDULQTXHVWLRQVDQGQHJDWLYHV
7HJXVWDHODMHGUH]"'R\RXOLNHFKHVV"
4XHVWLRQVDQGQHJDWLYHVIROORZWKHVDPHSDWWHUQDVDIILUPDWLYHVHQWHQFHV $0LJXHOQROHJXVWDPXFKRHOI~WERO0LJXHOGRHVQWOLNHIRRWEDOO
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
ZRUULHGWKDWVKHKDVQWFDOOHGLQWKHODVWWZRZHHNV

(MHUFLFLRV
&RPSOHWHWKHIROORZLQJVHQWHQFHVZLWKWKHFRUUHFWLQGLUHFWREMHFWSURQRXQ
PHWHOHQRVRVOHV

D$6DQGUD\DVXVWUHVKHUPDQRVJXVWDEDMXJDUDOWHQLV
E2VYR\DOOHYDUDHVTXLDUVHJXURTXHJXVWDPXFKR
F4XpJXVWDUtDKDFHUFXDQGRFUH]FDV"
G$Pt\DPLVDPLJRVQRJXVWDEDQQDGDODVPDWHPiWLFDV
H4XpJXVWDKDFHUDWXKLMRHQVXWLHPSROLEUH"

&RPSOHWHWKHIROORZLQJVHQWHQFHVZLWKJXVWDRUJXVWDQDVDSSURSULDWH
D/HMXJDUDOUXJE\
E1RVPXFKRODSRHVtDGH/RUFD
F/HVWRGRVORVGHSRUWHVDFXiWLFRV
G7HODVDOPHMDVRSUHILHUHVORVPHMLOORQHV"
H1RPHTXHVHDWDQDUURJDQWH

:ULWHILYHVHQWHQFHVDERXW\RXUSHUVRQDOOLNHVDQGGLVOLNHVRUWKRVHRI\RXUIDPLO\DQGIULHQGV
6ROHUDQGDFRVWXPEUDU
6ROHU

6SDQLVKKDVDVSHFLDOYHUEVROHUZKLFKFRQYH\VWKHLGHDRIDFWLRQVDVXVXDORUKDELWXDORFFXUUHQFHV,QWKH
SUHVHQWWHQVHLWLVUDGLFDOFKDQJLQJ,WLVQRUPDOO\H[SUHVVHGLQ(QJOLVKE\WKHZRUGXVXDOO\DQGE\WKHYHUE
IRUPXVHGWRLQWKHSDVW
)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\
UHDGVWKHQHZVSDSHUVZKLOHKHVKDYLQJEUHDNIDVW

(MHUFLFLRV
5HDGWKHIROORZLQJSDVVDJHZULWWHQLQWKHLPSHUIHFWWHQVHDERXWDSULVRQHUFDOOHG5RGROIR5HZULWHLW
XVLQJVROHU RUDFRVWXPEUDUDWRVD\ZKDW5RGROIRXVXDOO\GLGHDFKGD\5HPHPEHUWKDW\RXZLOOQRW
QHFHVVDULO\QHHGWRUHSHDWDGYHUELDOH[SUHVVLRQVPHDQLQJJHQHUDOO\RUQRUPDOO\
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
,PSHUVRQDOVHQWHQFHVODVIUDVHVLPSHUVRQDOHVDUHWKRVHZKHUHWKHDJHQWRUGRHURIWKHDFWLRQLVDEVHQW
XQNQRZQRULUUHOHYDQW6SDQLVKKDVDQXPEHURIVWUXFWXUHVZKLFKDUHLPSHUVRQDO0DQ\RIWKHPDOVRH[LVWLQ
(QJOLVKZKHUHRQH\RXDQGWKH\DPRQJRWKHUVFDQDOVREHXVHGLQLPSHUVRQDOVHQWHQFHVHJ2QH
VKRXOGWKLQNWZLFHEHIRUHFURVVLQJKLPDQG7KH\VD\VKHZDVDZLWFK
1RWHWKDWLQVRPHFDVHVDQLPSHUVRQDOVHQWHQFHZLOOKDYHDJUDPPDWLFDOVXEMHFWHYHQLILWGRHVQRWUHIHUWRDQ
LGHQWLILDEOHGRHUDVLQWKH(QJOLVKH[DPSOHVDERYHZKHUHRQHDQGWKH\DUHJUDPPDWLFDOVXEMHFWVHYHQLI
WKH\GRQRWUHIHUWRDQ\RQHLQSDUWLFXODUEXWLQRWKHUFDVHVWKHLPSHUVRQDOFRQVWUXFWLRQGRHVQRWDGPLWD
JUDPPDWLFDOVXEMHFWHJ(VWiOORYLHQGR,WVUDLQLQJ
,PSHUVRQDOFRQVWUXFWLRQV

9HUEVZLWKQRJUDPPDWLFDOVXEMHFW

9HUELQWKHWKLUGSHUVRQSOXUDOLPSHUVRQDOHOORV

9HUELQWKHVHFRQGSHUVRQVLQJXODULPSHUVRQDOW~
RIXQRRUXQDDVVXEMHFWRIWKHYHUE
6HQWHQFHVZLWKLPSHUVRQDOVH6HHEHORZ

&RQYLHQHODYDUVHORVGLHQWHVWRGRVORVGtDV,WLVDGYLVDEOHWREUXVK
RQHVWHHWKHYHU\GD\
+R\OOXHYH\KDFHIUtR7RGD\LWVUDLQLQJDQGFROG
(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\SHRSOHYHUE

GZLWKWUDQVLWLYHYHUESHUVRQDOREMHFWZLWKD

RUVLPLODUDQGQRWZLWKDSDVVLYH
(Q&RORPELDVHUHVSHWDPXFKRDORVDQFLDQRV,Q&RORPELDHOGHUO\
SHRSOHDUHYHU\PXFKUHVSHFWHG
7KLVVWUXFWXUHDYRLGVWKHDPELJXLW\RI(Q&RORPELDORVDQFLDQRVVH
UHVSHWDQPXFKRZKLFKFRXOGPHDQWKDWWKH\UHVSHFWHDFKRWKHUYHU\
PXFK

6HFDQQRWEHXVHGLQVHQWHQFHVZKLFKDOUHDG\KDYHVHLHWKRVHZLWKSURQRPLQDOYHUEVLQVWHDGXQRXQD

PXVWEHXVHGWRDFKLHYHWKHLPSHUVRQDOHIIHFWGXFKDUVH(QDTXHOORVWLHPSRVXQRQRVHGXFKDEDWRGRVORV
GtDVFRPRKR\$WWKDWWLPH\RXGLGQWVKRZHUHYHU\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

9RLFHODYR]LVDJUDPPDWLFDOWHUPZKLFKVKRZVWKHUHODWLRQVKLSEHWZHHQWKHVXEMHFWRIWKHYHUEDQGWKH
DFWLRQRIWKHYHUE7KHFKRLFHEHWZHHQWKHDFWLYHDQGWKHSDVVLYHYRLFHPD\EHGHWHUPLQHGE\ZKHWKHUWKH
VSHDNHUZLVKHVWRHPSKDVLVHWKHVXEMHFWRUWKHREMHFW,QWKHDFWLYHYRLFHWKHVXEMHFWRIWKHYHUELVSUHVHQWHGDV
WKHDFWLYHGRHURIWKHDFWLRQHJ3LFDVVRSLQWyHO*XHUQLFD3LFDVVRSDLQWHG*XHUQLFD,QWKHSDVVLYHYRLFH
WKHREMHFWRIWKHYHUELVJLYHQSURPLQHQFHDQGWKHVXEMHFWWDNHVDVHFRQGDU\RUSDVVLYHSODFHHJ(O
*XHUQLFDIXHSLQWDGRSRU3LFDVVR*XHUQLFDZDVSDLQWHGE\3LFDVVR,QGHHGWKHGRHULVRIWHQQRW
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

E\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,WLVQRWNQRZQZKDWUHSHUFXVVLRQVWKHPDQDJLQJGLUHFWRUV
UHVLJQDWLRQZLOOKDYH
6HWLHQHQTXHEXVFDUVROXFLRQHV6ROXWLRQVPXVWEHIRXQG

8VH
%HFDXVH6SDQLVKWHQGVWRIDYRXUDFWLYHFRQVWUXFWLRQVWKHSDVVLYHZLWKVHLVPRUHFRPPRQWKDQWKHSDVVLYHZLWK
VHUHVSHFLDOO\LQLQIRUPDOVSRNHQODQJXDJH
1RWHWKDWWKHSDVVLYHZLWKVHGRHVQRWDOORZIRULQIRUPDWLRQDERXWWKHGRHURIWKHDFWLRQDQGWKHUHIRUH
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
,KDYHEHHQWROGWREHFDUHIXO0HKDQGLFKRTXHWHQJDFXLGDGR
-RKQZDVWROGWREHFDUHIXO/HGLMHURQD-RKQTXHWXYLHUDFXLGDGR
+HZDVWKRXJKWWREHDVS\6HFUHtDTXHHUDXQHVStD&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
<ROHFXHQWRODKLVWRULDGHODYDFXQD*2(OSUREOHPDGHHVWDPHGLFLQDHVTXHVXHILFDFLDQRDSUHVHQWSHUIHFW
VXILFLHQWHPHQWHESUHWHULWHSRUXQJUXSRGHIDUPDFpXWLFRVFXEDQRVHQ\GHVSXpVGHDOJXQDVSUXHEDVFSUHWHULWHD
ORVHQIHUPRVPiVJUDYHVFRPR~OWLPRUHFXUVR<ORVHQIHUPRVVDQDURQVtVHxRUVHSXHGHGHFLUTXHDTXHOORVHQIHUPRVGSUHWHULWH
GHODVJDUUDVGHODPXHUWHSRUOD*2(OSUREOHPDHVTXHKR\GtDHOXVRGHXQRGHORVLQJUHGLHQWHVGHOD*2HVWiSURKLELGRSRUOD
206GHPRGRTXHODSHWLFLyQGHLQYHVWLJDUPiVVREUHHVWDPHGLFLQDHSUHVHQWSHUIHFWLQGHILQLGDPHQWH

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
<DVHORKHFRQWDGR,KDYHWROGKLP
'iVHODV*LYHWKHPWRKHU

<RXFDQUHYLVHWKHSURQRXQVHDQGRWKHUSHUVRQDOSURQRXQVLQ8QLW<RXFDQUHYLVHSURQRPLQDOYHUEVLQ
6HFWLRQ
5HPHPEHUWKDWLQWKHFDVHRIWKHSURQRPLQDOYHUEVLQFOXGLQJUHIOH[LYHDQGUHFLSURFDOVHLVRQO\XVHG
ZKHQWKHYHUELVLQWKHWKLUGSHUVRQVLQJXODURUSOXUDO:LWKRWKHUYHUEIRUPVWKHDSSURSULDWHSHUVRQDOSURQRXQ
PXVWEHXVHGDVLQWKHIROORZLQJH[DPSOHV6HFRPLyHOERFDGLOORHQGRVVHJXQGRV+HJREEOHGXSKLV
VDQGZLFKLQWZRVHFRQGVDQG0HFRPtHOERFDGLOORHQGRVVHJXQGRV,JREEOHGXSP\VDQGZLFKLQWZR
VHFRQGV
E6HLQLPSHUVRQDOVHQWHQFHV
VHWKLUGSHUVRQVLQJXODUYHUEIRUP

(Q1DYLGDGHVVHJDVWDPXFKR$W&KULVWPDVSHRSOHVSHQGDORWRI
PRQH\6HVXIUHPXFKRFXDQGRVHHVWiVROR3HRSOHVXIIHUDORWZKHQ

WKH\DUHDORQH

6HH6HFWLRQIRUPRUHRQLPSHUVRQDOVHQWHQFHV
F3DVVLYHVH
VHWKLUGSHUVRQYHUEIRUPVLQJXODUSOXUDOWUDQVLWLYHYHUE


6HFWLRQ

6HHVWXGLDUiQWRGRVORVFDVRVPLQXFLRVDPHQWH$OOWKHFDVHVZLOOEH
FDUHIXOO\VWXGLHG
6HDQDOL]DUiFXiQWRVEHEpVQDFLHURQFRPSOHWDPHQWHVDQRVDTXHODxR
7KHQXPEHURIFRPSOHWHO\KHDOWK\EDELHVERUQWKDW\HDUZLOOEHDQDO\VHG

,PSHUVRQDOVHRUSDVVLYHVH"

,QDQXPEHURIFDVHVLQYROYLQJWUDQVLWLYHYHUEVLWLVQRWDOZD\VHDV\WRHVWDEOLVKZKHWKHUDVHQWHQFHLV
LPSHUVRQDORUZKHWKHULWLVDUHIOH[LYHSDVVLYH,QSUDFWLFHWKLVVKRXOGQRWEHDKXJHSUREOHPIRUWKHOHDUQHURI
6SDQLVKZKRZLOOEHDEOHWRLQWHUSUHWWKHPHDQLQJFRUUHFWO\IURPWKHFRQWH[W+HUHLVDVXPPDU\RIWKHUXOHVRI
DJUHHPHQWWRHQVXUH\RXSURGXFHFRUUHFWVHQWHQFHVHYHU\WLPH
5HPHPEHUWKDWVHZKHWKHULPSHUVRQDORUSDVVLYHPXVWDOZD\VEHIROORZHGE\DWKLUGSHUVRQYHUEIRUP
7KHYHUEJRHVLQWKHVLQJXODULQWKHIROORZLQJFDVHV
VHFRSXODWLYHYHUE
VHLQWUDQVLWLYHYHUE
VHWUDQVLWLYHYHUEVLQJXODUREMHFW

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\VKHVSUHJQDQW
(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
I'DOHDWXKHUPDQRODVOODYHVGHOFRFKH<DVHODVKHGDGR
J6HFDVWLJDUiDORVFXOSDEOHV
K0tUHVHVHxRU%HQtWH](VWiXVWHGWRGLWRFXELHUWRGHEDUUR
L1LxRVYHQJDQDTXtStGDQVHSHUGyQ\GHQVHODPDQR

7UDQVODWHWKHIROORZLQJ(QJOLVKVHQWHQFHVXVLQJDFRQVWUXFWLRQZLWKVH7RGRWKLVWKLQNRIWKHVHQVHRI
WKH(QJOLVKVHQWHQFHORRNIRUDYHUEIRUPZLWKVHZKLFKWUDQVODWHVWKHDFWLRQDQGDGDSWWKHUHVWRIWKH
HOHPHQWVRIWKHVHQWHQFHWRLW
D7KH\ZLOOVD\LWZDVDQDFFLGHQW
E7KHSDODFHZDVHQWHUHGWKURXJKDPDJQLILFHQWGRRU
F7KLVLVWKHZD\WRGDQFHWKHSROND
G,QP\RSLQLRQWKHEHVWWZHQWLHWKFHQWXU\6SDQLVKSRHWU\ZDVZULWWHQLQWKHSHULRGEHIRUHWKH&LYLO:DU
H+HZDVVXVSHFWHGRIEHLQJDVS\

7KHIROORZLQJGLDORJXHLOOXVWUDWHVPDQ\RIWKHXVHVRIVH<RXFDQLGHQWLI\WKHGLIIHUHQWXVHVLI\RXZDQW
WR
'HVDVWUHDPLJR3pUH]6HUXPRUHDHQHO0LQLVWHULRTXHYDDVXELUHOSUHFLRGHORVSLVDSDSHOHV


6HQWHQFHRUJDQLVDWLRQ
$VHQWHQFHLVDFRPELQDWLRQRIZRUGVZKLFKLVDEOHWRVWDQGDORQHDQGH[SUHVVDFRKHUHQWWKRXJKW)URPWKH
PRVWEDVLFWRWKHPRVWFRPSOH[WKHZD\VHQWHQFHVDUHSXWWRJHWKHUIROORZVFHUWDLQUXOHVRIJUDPPDUFDOOHG
V\QWDFWLFDOUXOHV,QWKHIROORZLQJXQLWV\RXZLOOEHFRPHIDPLOLDUZLWKWKHVH
7KHVLPSOHVHQWHQFH
$VLPSOHVHQWHQFHODRUDFLyQVLPSOHFRQVLVWVRIRQO\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,WVJRLQJWRUDLQ
1HUXGDQDFLyHQ1HUXGDZDVERUQLQ
RUGHULVJHQHUDOO\VXEMHFWYHUEREMHFW
$QLQWHUURJDWLYHVHQWHQFHLVDVHQWHQFHWKDWDVNVDTXHVWLRQ7KH\KDYH
WKHLUVSHFLDOLQWRQDWLRQLQWKHVSRNHQODQJXDJHDQGDUHPDUNHGE\TXHVWLRQ
PDUNVLQWKHZULWWHQODQJXDJH"7KHUHDUHW\SHV
 D $FORVHG TXHVWLRQ VHHNV YHULILFDWLRQ RU QHJDWLRQ DQG WKHUHIRUH 1RYLYHVHQ9HUDFUX]"'RQW\RXOLYHLQ9HUDFUX]"
UHTXLUHVD\HVRUQRDQVZHU7KHPRVWFRPPRQZRUGRUGHULV &RPSUyPDPiODVIORUHVSDUDODDEXHOD"'LG0XPEX\WKHIORZHUV
IRU*UDQGPD"
YHUEVXEMHFW
  E $QRSHQ TXHVWLRQ VWDUWV ZLWK DQ LQWHUURJDWLYH
TXpTXLpQHVFyPRFXiQWRD RV DVGyQGHFXiQGR DQG &yPRWHOODPDV":KDWV\RXUQDPH"
UHTXLUHVQHZLQIRUPDWLRQLQWKHDQVZHU7KHZRUGRUGHULVXVXDOO\ &XiQGRHVWXFXPSOHDxRV":KHQLV\RXUELUWKGD\"
LQWHUURJDWLYHYHUEVXEMHFW
F$WDJTXHVWLRQLVIRUPHGE\DGHFODUDWLYHVHQWHQFHWRZKLFKDWDJLV
/OHJDVWHD\HUQR"<RXDUULYHG\HVWHUGD\GLGQW\RX"
DGGHGIRUFRQILUPDWLRQRUQHJDWLRQRIWKHVWDWHPHQW,Q6SDQLVKWKH
(UHVDUJHQWLQDFLHUWR"<RXDUHIURP$UJHQWLQDDUHQW\RX"
PRVWFRPPRQWDJVDUHYHUGDG"QR"DQGFLHUWR"

<RXFDQUHYLVHWKHLQWHUURJDWLYHVLQ8QLW
1RWHWKDW6SDQLVKZRUGRUGHULVTXLWHIUHHLQFRPSDULVRQZLWK(QJOLVK7KHFRPPHQWVRQZRUGRUGHUDUH
EURDGJHQHUDOLVDWLRQVDQGWKHOHDUQHUVKRXOGEHSUHSDUHGIRUQXPHURXVH[FHSWLRQVWRWKHPHVSHFLDOO\LQVSRNHQ
6SDQLVK
:RUGRUGHULQRSHQLQWHUURJDWLYHVHQWHQFHV

: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
PDUNV"DQG
(MHUFLFLRV

   6D\ ZKLFK RI WKHVH VHQWHQFHV DUH QHJDWLYH LQWHUURJDWLYH H[FODPDWLYH RU GHFODUDWLYH DIILUPDWLYH DQG
PDUNWKHHOHPHQWVWKDWJLYH\RXWKHFOXHIRU\RXUDQVZHU
D(VWDPRVVDOYDGRV
E1XQFDPiVVHVXSRGHDTXHOKRPEUH
F6HJXURTXHWHHQFXHQWUDVELHQ"
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(QJOLVKLQFOXGHQRQRWQRWKLQJQRWDQ\WKLQJQRQHQRW
RQHQRERG\QRWDQ\ERG\DQGQHYHUQRWHYHU
1R

1RPHDQVQRDQGQRWDQGLVWKHPRVWFRPPRQQHJDWLYHZRUGLQ6SDQLVKHJ&RQRFHVD$OEHUWR"1RQR
ORFRQR]FR'R\RXNQRZ$OEHUWR"1R,GRQW
:KHQLWPHDQVQRWQRSUHFHGHVWKHYHUEDQ\GLUHFWRULQGLUHFWREMHFW
SURQRXQV
$IWHUYHUEVRIUHSRUWLQJEHOLHIGHVLUHDVVXUDQFHKRSHHWFTXHQRLV
XVHGLQVKRUWDQVZHUVZKHUHWKHVSHDNHUGRHVQRWZDQWWRUHSHDWDFODXVH
1R"LVXVHGDVDWDJTXHVWLRQLHLWFDQEHDSSHQGHGWRDVWDWHPHQWWR
HOLFLWD\HVQRDQVZHU+RZHYHUQR"DOZD\VVHHNVDJUHHPHQWZLWKWKH
VSHDNHUDQGLPSOLHVWKDWKHRUVKHDOUHDG\NQRZVWKHDQVZHU

1RVHORGLMH,GLGQWVD\LWWRKHU
&UHRTXHQR,GRQWWKLQNVR
(UHVGH6HYLOODQR"<RXUHIURP6HYLOOHDUHQW\RX"
0tUDWHORVRMRVKRPEUH+DVWRPDGRPXFKRQR"/RRNDW\RXUH\HV
JRRGORUG<RXYHKDGDORWWRGULQNKDYHQW\RX"

'RXEOHQHJDWLRQ
,Q6SDQLVKXQOLNHLQ(QJOLVKDOOQHJDWLYHLQGLFDWRUVLQDQHJDWLYHVHQWHQFHPXVWEHQHJDWLYHHJ
1RKDYLVWRDQDGLHGHVGHKDFHFLQFRDxRV+HKDVQWVHHQDQ\RQHIRUILYH\HDUV
1DGD
1DGDPHDQVQRWKLQJ,WLVXVHGZLWKQRLQDGRXEOHQHJDWLYH
1RRtPRVQDGD:HGLGQWKHDUDQ\WKLQJ
FRQVWUXFWLRQ
1DGDFDQEHXVHGZLWKRXWQR,QWKHVHFDVHVLWSUHFHGHVWKHYHUE1RWH
1DGDRtPRV:HKHDUGQRWKLQJ
WKLVLVIRUPDORUOLWHUDU\VW\OHDQGLVQRWFRPPRQLQVSHHFK
$&KDPSROOLRQQROHIXHQDGDIiFLOGHVFLIUDUHOVLJQLILFDGRGHOD
1DGDFDQUHLQIRUFHDQDGMHFWLYHRUDGYHUELQDVHQWHQFH
3LHGUDGH5RVHWWD,WZDVQWDWDOOHDV\IRU&KDPSROOLRQWRGHFLSKHUWKH
PHDQLQJRIWKH5RVHWWD6WRQH

6HH8QLWRQDOJRYVQDGDLQLQGHILQLWHV
1DGLH
1DGLHPHDQVQRRQHQRERG\,WLVXVHGLQGRXEOHQHJDWLYHFRQVWUXFWLRQV 1RYLQRQDGLH1DGLHYLQR1RERG\FDPHZKHUHQDGLHLVWKHVXEMHFW
DVZHOODVRQLWVRZQEHIRUHWKHYHUE
RIWKHVHQWHQFH1DGLHSUHJXQWySRUpO1RERG\DVNHGDIWHUKLP
,WWDNHVSHUVRQDODLILWLVWKHREMHFWUDWKHUWKDQWKHVXEMHFWRIDYHUE

1RFRQRFtDPRVDQDGLH:HGLGQWNQRZDQ\ERG\ZKHUHQDGLHLVWKH

REMHFWRIWKHVHQWHQFH

6HH8QLWRQDOJXLHQYVQDGLHLQLQGHILQLWHV
1LQJXQR

1LQJXQRDFDQEHXVHGDVERWKDSURQRXQDQGDQDGMHFWLYH
1LQJXQDGHPLVWUHVKHUPDQDVPHUHFRQRFLyFXDQGRVDOtGLVIUD]DGR
$VDSURQRXQQLQJXQRPHDQVQRQHRUQRWRQH,WFDQUHIHUWRREMHFWV
DOHVFHQDULR1RQHRIP\WKUHHVLVWHUVUHFRJQLVHGPHZKHQ,ZDONHG
RUSHRSOHDQGLWDJUHHVLQJHQGHUZLWKWKHQRXQVWKDWLWUHSODFHV
RQWRWKHVWDJHLQGLVJXLVH
3DUHFHTXHQLQJ~QGLFFLRQDULRGHILQHHVHWpUPLQR,WGRHVQWDSSHDUWR
$VDQDGMHFWLYHLWPHDQVQRQRXQQRWDQ\QRXQ
EHGHILQHGLQDQ\GLFWLRQDU\

1RWLFHKRZWKHPDVFXOLQHVLQJXODUIRUPQLQJXQRDSRFRSDWHVLHGURSVWKHRLQIURQWRIDQRXQWR

JLYHQLQJ~Q
1RWLFHWRRWKDWWKHXVDJHLQWKHSOXUDOLVOLPLWHG,WFDQEHIRXQGLQQRXQSKUDVHVWKDWZRXOGQRWQRUPDOO\EH
XVHGLQWKHVLQJXODUIRUPHJQLQJXQDVJDQDV
6HH8QLWRQDOJXQRYVQLQJXQRLQLQGHILQLWHV
1XQFDDQGMDPiV
1XQFDPHDQVQHYHU,WLVXVHGLQGRXEOHQHJDWLYHFRQVWUXFWLRQVDVZHOO 1RKHYLVLWDGRQXQFDHO0XVHRGHO3UDGR,KDYHQHYHUYLVLWHGWKH
DVRQLWVRZQEHIRUHWKHYHUEERWKFRQVWUXFWLRQVDUHHTXDOO\DFFHSWDEOHWR 3UDGR
PRVWQDWLYHVSHDNHUV
1XQFDKHHVWDGRHQ%LOEDR,KDYHQHYHUEHHQWR%LOEDR
1XQFDRFXUUHQDGDHQODVREUDVGH6DPXHO%HFNHWW1RWKLQJHYHU
1XQFDFDQFRPELQHZLWKRWKHUQHJDWLYHVLQDUDQJHRIFRQVWUXFWLRQV
KDSSHQVLQ6DPXHO%HFNHWWVSOD\V
1DGLHQRVGLFHQXQFDQDGD1RRQHHYHUWHOOVXVDQ\WKLQJ
$TXHOGtDORVQLxRVVHSRUWDURQSHRUTXHQXQFD7KHFKLOGUHQEHKDYHG
PiVTXHQXQFDPHQRVTXHQXQFDFRPSDUDWLYHTXHQXQFD
ZRUVHWKDQHYHUWKDWGD\
-DPiVLVDQHDUV\QRQ\PRIQXQFD+RZHYHULWLVXVHGOHVVIUHTXHQWO\
-DPiVKDEtDQYLVWRXQDFFLGHQWHGHFDUUHWHUDWDQKRUURURVR7KH\
DQGLWVUHJLVWHULVVOLJKWO\PRUHIRUPDO,WFDQQRWEHXVHGZLWKFRPSDULVRQV
KDGQHYHUVHHQVXFKDKRUULILFURDGDFFLGHQW
WRPHDQHYHU
1RTXLHURYROYHUDYHUODQXQFDMDPiV,QHYHUZDQWWRVHHKHUHYHU
1RWHWKHHPSKDWLFH[SUHVVLRQQXQFDMDPiVQHYHUHYHU
DJDLQ

1XQFDLVDOVRXVHGZLWKFRPSDULVRQVDVDZRUGRQLWVRZQWRPHDQHYHU1RVGLYHUWLPRVFRPRQXQFD:H
KDGWKHEHVWWLPHHYHU
6HH6HFWLRQDQGIRUPRUHRQFRPSDUDWLYHV
1L
1LPHDQVQHLWKHURUQRUDQGLVXVHGZLWKQRLQGRXEOHQHJDWLYH
FRQVWUXFWLRQVRIWHQLQWKHIRUPRIQLQLFRUUHVSRQGLQJWRWKH(QJOLVK
QHLWKHUQRU
+RZHYHULIQLDSSHDUVEHIRUHWKHYHUEQRLVRPLWWHGLQPRVWYDULHWLHVRI
PRGHUQ6SDQLVK
&RPELQHGZLWKWKHZRUGVLTXLHUDQLKDVWKHHPSKDWLFPHDQLQJQRW
HYHQ

1RQRVKDQLQYLWDGRDODILHVWDQLDWLQLDPt7KH\KDYHQWLQYLWHG
HLWKHU\RXRUPHWRWKHSDUW\
1LW~QL\RHVWDPRVLQYLWDGRVDODILHVWD1HLWKHU\RXQRU,DUHLQYLWHG
WRWKHSDUW\
1LVLTXLHUDPLHVSRVDVDEtDTXHPHKDEtDWRFDGRODORWHUtD1RWHYHQ
P\ZLIHNQHZWKDW,KDGZRQWKHORWWHU\

1LLQLGLRPDWLFH[SUHVVLRQV
1LLVXVHGLQDUDQJHRIFRPPRQDQGFROORTXLDOH[SUHVVLRQVZLWKWKH
PHDQLQJQRRUQRWD1LLGHD1LXQFHQWDYR1LKDEODU
1LPDGUHV0H[LFDQLVP

4XLpQURPSLyHOIORUHURHVWH"
1LLGHD:KREURNHWKLVYDVH"1RLGHD

$SHQDV
$SHQDVPHDQVVFDUFHO\RUKDUGO\,WFDQEHXVHGRQLWVRZQEHIRUHWKH (VWDEDWDQUHVIULDGDTXHDSHQDVSRGtDKDEODUTXHQRSRGtD
YHUERUDOWHUQDWLYHO\DIWHULWZLWKQRLQDGRXEOHQHJDWLYHFRQVWUXFWLRQ
KDEODUDSHQDV6KHZDVVRFROGULGGHQWKDWVKHFRXOGKDUGO\WDON
,WFDQDOVRFRPELQHZLWKRWKHUQHJDWLYHV
1RKDEtDDSHQDVQDGLH7KHUHZDVKDUGO\DQ\ERG\WKHUH

1XQFDRFXUUHQDGDHQODVREUDVGH6DPXHO%HFNHWW
7DPSRFR
7DPSRFRPHDQVQHLWKHU,WFDQEHXVHGRQLWVRZQEHIRUHWKHYHUERU
DIWHUWKHYHUEZLWKQRLQDGRXEOHQHJDWLYHFRQVWUXFWLRQQRWHLWKHU
7DPSRFRZLWKRXWQRWHQGVWREHXVHGZLWKVXEMHFWSURQRXQVRU
SUHSRVLWLRQDOIRUPVIRUHPSKDVLV
7DPSRFRFDQVWDQGRQLWVRZQDVDZRUGPHDQLQJ0H\RXKHVKHHWF
QHLWKHU

0LPXMHUPHGLMRTXHQROHJXVWDEDFRFLQDU/HUHVSRQGtTXHDPtQR
PHJXVWDEDWDPSRFRTXHDPtWDPSRFR0\ZLIHWROGPHVKH
GLGQWOLNHFRRNLQJ,WROGKHU,GLGQWOLNHLWHLWKHU
/RVQLxRVQRTXLHUHQLUDODSLVFLQDKR\SRUHOIUtRTXHKDFH
+RPEUHWDPSRFRTXHUHPRVLUQRVRWURV7KHFKLOGUHQGRQWZDQWWR
JRWRWKHSRROWRGD\EHFDXVHRIWKHFROG7RRULJKWZHGRQWZDQWWRJR
HLWKHU
'HVJUDFLDGDPHQWHQRKDEORDOHPiQ<W~"7DPSRFR
8QIRUWXQDWHO\,GRQWVSHDN*HUPDQ:KDWDERXW\RX"0HQHLWKHU
<RWDPSRFRLVDOVRFRUUHFW

(MHUFLFLRV

&KDOOHQJHWKHIROORZLQJDVVHUWLRQVDERXW&KULVWRSKHU&ROXPEXVXVLQJWKHSURPSWV
 D&ULVWyEDO&ROyQGHVFXEULyODV$PpULFDVQRHVYHUGDG"6D\QRKHGLGQWGLVFRYHUDQ\WKLQJ7KHUH
ZHUHSHRSOHWKHUHDOUHDG\
 E6tSHURGHVGHODSHUVSHFWLYDHXURSHDIXHHOSULPHURHQOOHJDUDOFRQWLQHQWHQRHVFLHUWR"6D\QR
\RXFDQKDUGO\VD\WKDW7KH9LNLQJVDUULYHGHDUOLHU


F  %XHQR Vt SHUR pO IXH HO SULPHU H[SORUDGRU HXURSHR TXH OR UHFRQRFLy FRPR XQ FRQWLQHQWH KDVWD

HQWRQFHVGHVFRQRFLGRYHUGDGTXHVt"6D\QRKHGLGQWHYHQUHFRJQLVHLWDVVXFK+HWKRXJKWKHG
UHDFKHGWKH)DU(DVW
 G9DOHGHDFXHUGR3HURSURQWRVHGLRFXHQWDGHVXHUURUYHUGDG"6D\QR,GRQWWKLQNVR+HQHYHU
UHDOLVHGKLVPLVWDNH


H$KSXHVDOPHQRVFRQVLJXLyIDPD\ULTXH]DQRHVDVt"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
&RPSRXQGVHQWHQFHVODVRUDFLRQHVFRPSXHVWDVDUHIRUPHGE\MRLQLQJVLPSOHVHQWHQFHV 6LPSOH
VHQWHQFHVLQ6HFWLRQ7KLVFDQEHGRQHXVLQJRQHRIWZRGHYLFHVE\MX[WDSRVLWLRQWKDWLVE\OLQNLQJVLPSOH
VHQWHQFHVZLWKRXWXVLQJDVSHFLILFFRQQHFWRUFRQHFWRURUOLQNZRUGHJ1RPHJXVWDWHORUHJDOR,GRQW
OLNHLW,DPJLYLQJLWWR\RXDQGE\XVLQJZKDWDUHFDOOHGFRRUGLQDWLQJFRQMXQFWLRQVRUFRQQHFWRUVHJ1R
KDWHUPLQDGRWRGDYtDSHURWHUPLQDUiSURQWR6KHKDVQRWILQLVKHG\HWEXWVKHZLOOVRRQ
-X[WDSRVHG
6HSDUDWHGE\DFRPPDDVHPLFRORQRUDFRORQ

0HYR\DFDVDHVWR\DJRWDGD,PJRLQJKRPH,PH[KDXVWHG
(OSROLFtDJULWy$OWRDKt7KHSROLFHPDQVKRXWHG6WRSWKHUH

&RRUGLQDWHG
(OHGLILFLRHVPX\ERQLWR\WLHQHEXHQDVYLVWDV7KHEXLOGLQJLVORYHO\
7RH[SUHVVDGGHGLQIRUPDWLRQFRSXODWLYH-RLQHGE\\RUHLQDIILUPDWLYH DQGKDVJRRGYLHZV
VHQWHQFHVRUQLLQQHJDWLYHVHQWHQFHV
-XDQQRKDOOHJDGRQLKDOODPDGRSRUWHOpIRQR-XDQKDVQWDUULYHGRU
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,GRQWXQGHUVWDQGZKDW,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
QHZVDJHQWVDQGERXJKWWKHSDSHU
&RQQHFWRU

)XQFWLRQDQGUHPDUNV
([DPSOHV
-RLQVWRJHWKHUFRSXODWLYHVHQWHQFHVVRWKDWVHQWHQFH$LQIRUPDWLRQLVDGGHGWRVHQWHQFH%
&RSXODWLYH
LQIRUPDWLRQ6LPLODUWR(QJOLVKDQGQHLWKHUQRUQRU
0DGUHHKLMRHVWiQELHQ0RWKHUDQGFKLOGDUH
-RLQDIILUPDWLYHVWDWHPHQWV1RWHZKHQ
ZHOO
HQXPHUDWLQJHOHPHQWVFRPPDVDUHXVHGDQG
\RUHEHIRUHZRUGVVWDUWLQJZLWKLKLRU\
/DFDVDHVWDEDPX\GHVFXLGDGDQRWHQtDMDUGtQ
WKHFRQMXQFWLRQLVXVHGWRMRLQWKHODVWWZR
\HUDPX\SHTXHxD7KHKRXVHZDVLQEDGVKDSH
HOHPHQWV
GLGQWKDYHDJDUGHQDQGZDVYHU\VPDOO
0DULVROQLTXLHUHHVWXGLDUQLTXLHUHWUDEDMDU
QRQLQLQL
-RLQQHJDWLYHVWDWHPHQWV
0DULVROGRHVQWZDQWWRVWXG\RUZRUN
6LJQDOVDFKRLFHEHWZHHQRSWLRQVVLPLODUWR(QJOLVKRUHLWKHURU
'LVMXQFWLYH
2YLHQHVFRQPLJRDODFRPSUDRYDVFRQWX
RRUXEHIRUHZRUGVVWDUWLQJZLWKRRUKRR
PDGUHQRSXHGHVTXHGDUWHDTXt(LWKHU\RX
RELHQELHQ
FRPHVKRSSLQJZLWKPHRU\RXJRZLWK\RXUPRWKHU
\RXFDQWVWD\KHUH
6KRZVHOHPHQWVLQRSSRVLWLRQWRHDFKRWKHUWRVKRZUHVWULFWLRQRUFRQWUDVWVLPLODUWRWKH(QJOLVK
$GYHUVDWLYH
EXWRUKRZHYHU

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(QJOLVKVRWKHUHIRUHRUZLWKWKHUHVXOWRI
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\PXFKOLNHEXW

&ROORTXLDO

7~QRPHLQYLWDVWHDWXFXPSOHDxRVFRQTXH\R
WDPSRFRWHLQYLWRDOPtR<RXGLGQRWLQYLWHPHWR
\RXELUWKGD\SDUW\VR,DPQRWLQYLWLQJ\RXWRPLQH

(MHUFLFLRV

-RLQWKHIROORZLQJSDLUVRIVHQWHQFHVWRIRUPFRPSRXQGVHQWHQFHV
D+DFtDXQGtDPDUDYLOORVR'HFLGLPRVLUDODSOD\DFRQVHFXWLYH
E1RTXHUtDPRVLUDOFLQH1RTXHUtDPRVLUDOSDUTXHFRSXODWLYH
F9DVDSDVDUODVYDFDFLRQHVFRQWXVDEXHORV"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

6XERUGLQDWHFODXVHVODVRUDFLRQHVVXERUGLQDGDVGRQRWH[SUHVVDFRPSOHWHWKRXJKWDQGWKHUHIRUHFDQQRW
VWDQGDORQH7KH\DUHDOZD\VSDUWRIDELJJHUXQLWWKHFRPSOH[VHQWHQFHDQGDUHGHSHQGHQWRQDQRWKHUFODXVH
FDOOHGWKHPDLQFODXVHODRUDFLyQSULQFLSDO7KHYHUELQWKHVXERUGLQDWHFODXVHFDQEHFRQMXJDWHGRUEHLQDQ
LPSHUVRQDOIRUPLQILQLWLYHJHUXQGRUSDVWSDUWLFLSOH
7HORGDUpVLPHYLVLWDVPDxDQDFRQODIDPLOLD
VXERUGLQDWHFODXVH
,OOJLYHLWWR\RXLI\RXFRPHDQGYLVLWPHWRPRUURZZLWK\RXUIDPLO\
,QWKLVVHQWHQFHGDUpLVWKHPDLQYHUEDQGVLPHYLVLWDVPDxDQDFRQODIDPLOLDLVWKHVXERUGLQDWHFODXVHZKLFK
KDVDYHUEYLVLWDVSOXVLQIRUPDWLRQDERXWZKRPPHZKHQPDxDQDDQGZLWKZKRPFRQODIDPLOLD
6LLVWKHFRQQHFWRUZKLFKKDVWKHGRXEOHIXQFWLRQRIMRLQLQJWKHVXERUGLQDWHFODXVHWRWKHPDLQFODXVHDQG
SURYLGLQJWKHPHDQLQJRIWKHVXERUGLQDWHFODXVHLQWKLVFDVHDFRQGLWLRQ
7\SHVRIVXERUGLQDWHFODXVHV
D7KHQRXQFODXVH$VXERUGLQDWHFODXVHZKLFKFDQVWDQGLQSODFHRID &XDQGRHUDSHTXHxDPHHQFDQWDEDVDOWDUDODFXHUGD:KHQ,ZDV
QRXQ
OLWWOH,ORYHGVNLSSLQJZLWKP\URSH
E7KHUHODWLYHFODXVH$VXERUGLQDWHFODXVHZKLFKPRGLILHVDQRXQ
(OSHUURTXHYLPRVHUDHOGH-XOLiQ7KHGRJZHVDZZDV-XOLiQV
SKUDVHLQWKHZD\WKDWDQDGMHFWLYHZRXOG
F7KHDGYHUELDOFODXVH$VXERUGLQDWHFODXVHZKLFKPRGLILHVLWVPDLQ
/RKDUpFRPRPHKDVHQVHxDGR,OOGRLWWKHZD\\RXWDXJKWPH
FODXVHE\DGGLQJPHDQLQJVVLPLODUWRWKRVHRIDGYHUEVVXFKDVWLPH
PDQQHUSODFHLQVWUXPHQWFLUFXPVWDQFHFRQFHVVLRQSXUSRVHUHVXOWFDXVH /RKL]RSRUTXHHVWDEDHQIDGDGR+HGLGLWEHFDXVHKHZDVDQJU\
RUFRQGLWLRQ

<RXFDQILQGRXWDERXWWKHQRXQFODXVHWKHUHODWLYHFODXVHDQGWKHDGYHUELDOFODXVHLQ6HFWLRQV
DQGUHVSHFWLYHO\
7KHQRXQFODXVH
7KHQRXQFODXVHODRUDFLyQVXVWDQWLYDRFRPSOHWLYDLVDW\SHRIVXERUGLQDWHFODXVHZKLFKFDQVWDQGLQSODFH
RIDQRXQRUQRXQSKUDVHDVLOOXVWUDWHGLQWKHIROORZLQJH[DPSOH
1RXQSKUDVH
4XLHURXQDFDVDGHFDPSR,ZDQWDKRXVHLQWKHFRXQWU\

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(QJOLVKWKDWEXWLQFRQWUDVWWR(QJOLVKLWFDQQRWEHRPLWWHG6KH
VD\VWKDWVKHZLOOGRLW'LFHTXHORKDUi
5HPHPEHUWKDWWKHLQWHUURJDWLYHVLQLQGLUHFWTXHVWLRQVHJFXiQGRPXVWEHZULWWHQZLWKDQDFFHQW
UHYLVHWKHPLQ8QLW

<RXFDQ

4XHRUGHTXH"

'HTXHPXVWEHXVHGZKHQWKHLWHPWKDWSUHFHGHVTXHQRUPDOO\UHTXLUHVWKHXVHRIGHDVLQWKHIROORZLQJ
H[DPSOHV
GDUVHFXHQWDGH
ODSRVLELOLGDGGH
DQWHVGH

6HGLRFXHQWDGHTXHOHHQJDxDEDQ+HUHDOLVHGKHZDVEHLQJ
FKHDWHG
/DSRVLELOLGDGGHTXHOHOODPHQSDUDXQDHQWUHYLVWDHVUHPRWD7KH
SRVVLELOLW\RIKLVEHLQJFDOOHGIRUDQLQWHUYLHZLVUHPRWH
/OHJDUpDFDVDDQWHVGHTXHORVQLxRVVDOJDQSDUDHOFROHJLR,OOJHW
KRPHEHIRUHWKHFKLOGUHQOHDYHIRUVFKRRO

$OORWKHUSUHSRVLWLRQVZRUNLQWKHVDPHZD\
LUD9R\DOGHQWLVWD9R\DTXHPHVDTXHQXQDPXHOD,PJRLQJWRWKHGHQWLVWV,PJRLQJWRKDYHD
WRRWKWDNHQRXW
,QILQLWLYHRUTXHFODXVH"

&RPSDUHWKHVHVHQWHQFHV
/RVWUDEDMDGRUHVTXHUtDPRVHOHJLUORDpO:HZRUNHUVZDQWHGWRFKRRVHKLP
/RVWUDEDMDGRUHVTXHUtDPRVTXHpOHOLJLHUDDRWURFDQGLGDWR:HZRUNHUVZDQWHGKLPWRFKRRVH
DQRWKHUFDQGLGDWH
:KHQWKHVXEMHFWRIWKHPDLQYHUEDQGWKHVXERUGLQDWHYHUELVWKHVDPHDQLQILQLWLYHLVXVHG:KHQWKHVXEMHFWV
RIWKHYHUEVDUHGLIIHUHQWDVLQWKHVHFRQGH[DPSOHORVWUDEDMDGRUHVLHQRVRWURVDQGpOWKHQWKH
VXERUGLQDWHZLWKTXHPXVWEHXVHGDQGWKHYHUELQWKHVXERUGLQDWHFODXVHPXVWDJUHHZLWKLWVVXEMHFW

4XHIROORZHGE\LQGLFDWLYHRUVXEMXQFWLYH

<RXFDQUHYLVHWKHW\SHVRIYHUEVZKLFKUHTXLUHDQRXQSKUDVHLQWKHVXEMXQFWLYHLQWKHVHFWLRQ7\SHVRI
QRXQFODXVHVZKHUHWKHVXEMXQFWLYHLVQHHGHGLQ6HFWLRQ
(MHUFLFLRV

:ULWHWKUHHFRPSOH[VHQWHQFHVZLWKDVXERUGLQDWHQRXQFODXVH
D6HFRPHQWDTXHVXELUORVSUHFLRV
E7HGHVHRTXHW~WHQHUXQIHOL]FXPSOHDxRV
F1RVHVDEHFRQVHJXULGDGVLORVWHUURULVWDVILUPDUODWUHJXD
   7UDQVODWH WKH IROORZLQJ VHQWHQFHV LQWR 6SDQLVK XVLQJ D QRXQ FODXVH ZLWKTXH VL RU DSSURSULDWH
LQWHUURJDWLYHV
D:HGRQWNQRZZKHWKHUVKHZLOOVLQJRUQRW
E+LVJUHDWHVWGUHDPLVIRUKLVGDXJKWHUWRVWXG\DUFKLWHFWXUH
F,WKLQNKHZDQWVKLVGDXJKWHUWRFRPHDQGOLYHZLWKKLPEXWKHZRQWVD\VR
&RPSOHWHWKHVHQWHQFHVZLWKTXHRUGHTXHDVDSSURSULDWH
D1RHVWDPRVVHJXURVYD\DDWHUPLQDUODFDUUHUD
E(QHVWRVFDVRVVHDFRQVHMDHOSDFLHQWHGHVFDQVHWRGRORSRVLEOH
F0LVDEXHORVHVWDEDQHQFDQWDGRVWRGRVKXELpUDPRVLGRDYLVLWDUOHV
G/RVPpGLFRVGXGDQSXHGDYROYHUDWUDEDMDUDQWHVGHXQPHV
7KHUHODWLYHFODXVH
$UHODWLYHFODXVHODRUDFLyQGHUHODWLYRLVDVXERUGLQDWHFODXVHZKLFKPRGLILHVRUTXDOLILHVDQRXQLQWKH
ZD\DQDGMHFWLYHZRXOGDVVKRZQEHORZ
$GMHFWLYHRUDGMHFWLYDOSKUDVH
(OKRPEUHDOWRHUDPLSDGUH7KHWDOOPDQZDVP\IDWKHU

5HODWLYHFODXVH
(OKRPEUHTXHYLPRVHUDPLSDGUH7KHPDQZHVDZZDVP\IDWKHU

5HVWULFWLYHDQGQRQUHVWULFWLYHUHODWLYHFODXVHV

$VLQ(QJOLVKWKHUHDUHWZRW\SHVRIUHODWLYHFODXVHV
D5HVWULFWLYHUHODWLYHFODXVHVDOVRNQRZQDVGHILQLQJUHODWLYHFODXVHVODVRUDFLRQHVGHUHODWLYR
HVSHFLILFDWLYDVVSHFLI\SDUWLFXODUHOHPHQWVRIWKHDQWHFHGHQW)RUH[DPSOHLQ0HWtHQHOPDOHWtQORV
SDSHOHVTXHWHQtDTXHILUPDUDOGtDVLJXLHQWH,SXWWKHSDSHUV,KDGWRVLJQWKHQH[WGD\LQWRP\
EULHIFDVHWKHUHODWLYHFODXVHVSHFLILHVZKLFKSDSHUV,SXWLQWRP\EULHIFDVH
E1RQUHVWULFWLYHUHODWLYHFODXVHVDOVRNQRZQDVQRQGHILQLQJUHODWLYHFODXVHVODVRUDFLRQHVGHUHODWLYR
H[SOLFDWLYDVJLYHH[WUDLQIRUPDWLRQDERXWWKHDQWHFHGHQWZLWKRXWUHVWULFWLQJLWVPHDQLQJLQDQ\ZD\)RU
H[DPSOHLQ/RVSDGUHVGHODQLxDTXHHVWDEDQPX\SUHRFXSDGRVOORUDURQGHHPRFLyQDOYHUODVDQD\
VDOYD7KHOLWWOHJLUOVSDUHQWVZKRZHUHH[WUHPHO\ZRUULHGFULHGZLWKHPRWLRQZKHQWKH\VDZKHUVDIH
DQGVRXQGWKHUHODWLYHFODXVHPDNHVDFRPPHQWDERXWWKHVWDWHRIWKHSDUHQWVORVSDGUHVGHODQLxDLVWKH
DQWHFHGHQW

,QWKHZULWWHQODQJXDJHQRQUHVWULFWLYHUHODWLYHFODXVHVPXVWDSSHDUEHWZHHQFRPPDVDQGLQWKHVSRNHQ
ODQJXDJHWKH\DUHPDUNHGE\SDXVHV
5HODWLYHSURQRXQVDQGRWKHUOLQNVWRUHODWLYHFODXVHV

7KHPRVWFRPPRQFRQQHFWRUVRIVXERUGLQDWHUHODWLYHFODXVHVDUHWKHUHODWLYHSURQRXQVORVSURQRPEUHVGH
UHODWLYRTXHTXLHQHVHOFXDOHOTXHSOXVIHPLQLQHDQGSOXUDOIRUPVFX\RDRVDVDOWKRXJKVRPH
DGYHUEVVXFKDVGRQGHFXDQGRDQGFRPRDOVRIXQFWLRQDVUHODWLYHV0DQ\FDQEHSUHFHGHGE\SUHSRVLWLRQV
7KH\DUHOLVWHGLQWKHWDEOHRYHUOHDIDQGWKHLUXVDJHLVGHVFULEHG1RWHWKDWQRWDOODUHSRVVLEOHLQUHVWULFWLYHRU
QRQUHVWULFWLYHUHODWLYHFODXVHV
1RWHWKDWDOWKRXJKWKHUHODWLYHOLQNFDQVRPHWLPHVEHPLVVHGRXWLQ(QJOLVKLWDOZD\VKDVWREHLQFOXGHG
LQ6SDQLVK(OKRPEUHTXHYLQRHUDPLSDGUH7KHPDQWKDW,VDZZDVQRWP\IDWKHU
8QOLNH(QJOLVKSUHSRVLWLRQVPXVWQHYHUEHVHSDUDWHGIURPWKHUHODWLYHSURQRXQDQGPXVWEHSODFHGEHIRUHLW/D
PXFKDFKDFRQODTXHYLQH7KHJLUOZKRP,FDPHZLWK
6RPHQRQHTXLYDOHQWVWUXFWXUHVZKLFKWDNHDUHODWLYHFODXVHLQ6SDQLVK:HVDZDFDUZKLFKZDV
FDUU\LQJWRRPDQ\SHRSOHFDQEHH[SUHVVHGZLWKDJHUXQGLQ
(QJOLVK:HVDZDFDUFDUU\LQJWRRPDQ\SHRSOHEXWRQO\E\DUHODWLYHFODXVHLQ6SDQLVK9LPRVXQFRFKH
TXHOOHYDEDGHPDVLDGDJHQWH
,QHHGDIULHQGWRWDONWR1HFHVLWRXQDPLJRFRQHOTXHKDEODU
,QHHGDIULHQGWRKHOSPHZLWKP\KRPHZRUN1HFHVLWRDXQDPLJRTXHPHD\XGHFRQORVGHEHUHV
8VHRILQGLFDWLYHRUVXEMXQFWLYHLQUHODWLYHFODXVHV

7KHLQGLFDWLYHLVXVHGZKHQWKHDFWLRQGHVFULEHGLQWKHUHODWLYHFODXVHYHUELVUHDODQGKDVSRVVLEO\DOUHDG\
WDNHQSODFH
/DFDVDGRQGHYLYHHVDQWLJXD\HVWiOOHQDGHSODQWDV7KHKRXVHKHOLYHVLQLVROGDQGIXOORISODQWV
7KHVXEMXQFWLYHLVXVHGLQUHODWLYHFODXVHVZKHQWKHDFWLRQKDVQRW\HWKDSSHQHGEXWLVFRQVLGHUHGSRVVLEOHRU
ZKHQLWLVK\SRWKHWLFDO
/DFDVDGRQGH\RYLYDVHUiDQWLJXD\OOHQDGHSODQWDV7KHKRXVH,OLYHLQZLOOEHROGDQGIXOORISODQWV
,GRQWKDYHDKRXVH\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
IULHQGVWRRNXVWRVHHKHUJUDQGSDUHQWVYLOODJH
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
$GYHUEVWKDWFDQWDNHWKHSODFHRIDUHODWLYH
0HJXVWDODPDQHUDFRPRVHH[SUHVD,OLNHWKH
SURQRXQDGGLQJWKHLURZQVSHFLILFPHDQLQJ
ZD\VKHWDONV
RISODFHWLPHRUPDQQHU
1RQUHVWULFWLYH&RYDUUXELDVGRQGH\RQDFtHV
&RPRLVIRXQGPDLQO\LQWKHSKUDVHVOD
XQSXHEORPHGLHYDOPDUDYLOORVR&RYDUUXELDV
PDQHUDFRPRDQGHOPRGRFRPRLQ
ZKHUH,ZDVERUQLVDZRQGHUIXOPHGLHYDOWRZQ
UHVWULFWLYHFODXVHV
(QYHUDQRFXDQGRORVGtDVVRQPiVODUJRVQR
&XDQGRLVRQO\IRXQGLQQRQUHVWULFWLYH
YROYHPRVDFDVDKDVWDODVGHODQRFKH,Q
UHODWLYHFODXVHV
VXPPHUZKHQWKHGD\VDUHORQJHUZHGRQWFRPH
KRPHWLOODWQLJKW
5HVWULFWLYH(VWRVVRQORVQLxRVSDUDORVTXH
KHWUDtGRORVERFDGLOORV7KHVHDUHWKHFKLOGUHQ,
EURXJKWWKHVDQGZLFKHVIRU
:KHQDSUHSRVLWLRQLVQHHGHGWRJLYHDPRUH
1RQUHVWULFWLYH0LVREULQD5RVDHQODTXHVXV
SUHFLVHPHDQLQJLWPXVWEHIROORZHGE\HO
SDGUHVWHQtDQWDQWDVHVSHUDQ]DVKDGLFKRTXH
TXHHWF,WFDQUHIHUWRSHRSOHDQGWKLQJV
QRTXLHUHHVWXGLDUPiV0\QLHFH5RVDIRU
ZKRPKHUSDUHQWVKDGVXFKKLJKKRSHVKDVVDLGVKH
GRHVQRWZDQWWRFDUU\RQVWXG\LQJ
5HVWULFWLYH/RVFKLFRVFRQTXLHQHVVDOHPLKLMR
VRQPX\PDMRV7KHER\VP\VRQJRHVDURXQG
ZLWKDUHYHU\QLFH
2QO\XVHGIRUSHRSOH
1RQUHVWULFWLYH-XDQSDUDTXLHQVXPXMHUORHUD
WRGRQXQFDDFHSWyVXPXHUWH-XDQIRUZKRP
KLVZLIHZDVHYHU\WKLQJQHYHUDFFHSWHGKHUGHDWK
5HVWULFWLYHXQDFDPSDxDGHPiUNHWLQJD
WUDYpVGHODFXDOOOHJXHPRVDXQS~EOLFRPiV
DPSOLRDPDUNHWLQJFDPSDLJQWKURXJKZKLFK
ZHFDQUHDFKDZLGHUDXGLHQFH
6LPLODUWRHOTXHEXWPRUHIRUPDO
1RQUHVWULFWLYH/RVDJULFXOWRUHVSDUDORVTXHOD
VHTXtDVXSRQtDUXLQD\KDPEUHHPSH]DURQD
HPLJUDUDODFLXGDG7KHIDUPHUVIRUZKRPWKH
GURXJKWPHDQWUXLQDQGKXQJHUVWDUWHGHPLJUDWLQJWR
WKHFLW\
5HVWULFWLYH(QFRQWUpXQDYHQWDQDGHVGHGRQGH
SRGtDYHUWRGRHOSDWLR,IRXQGDZLQGRZIURP
ZKHUH,FRXOGVHHWKHZKROH\DUG
7RTXDOLI\WKHPHDQLQJRIWKHDGYHUE
1RQUHVWULFWLYH/DFDEDxDGHVGHGRQGHVHYHtD
HOPDUHVWDEDDEDQGRQDGD7KHKXWIURP
ZKHUHWKHVHDFRXOGEHVHHQZDVDEDQGRQHG
8VHGDVDQHXWHUSURQRXQZKHQWKH
/HGLMRDO~OWLPRPRPHQWRTXHQRLUtDDODILHVWD
DQWHFHGHQWLVDQLGHDRUDQ\RWKHUHOHPHQW ORTXHOHIDVWLGLyPXFKR$WWKHODVWPLQXWHVKH
ZLWKQRGHILQHGJHQGHU2QO\XVHGLQQRQ WROGKLPVKHZRXOGQWJRWRWKHSDUW\ZKLFK
UHVWULFWLYHUHODWLYHFODXVHV
DQQR\HGKLPJUHDWO\

1RPLQDOLVDWLRQRIUHODWLYHFODXVHVZLWKHOODORVODVTXHDQGORTXH

:KHQWKHDQWHFHGHQWRIWKHUHODWLYHFODXVHLVDOUHDG\XQGHUVWRRGE\VSHDNHUDQGOLVWHQHULWLVFRPPRQWRVNLSLW
DQGXVHHOTXHODTXHORVTXHODVTXHLQVWHDG

(VQXHYDHVWDHVFXOWXUD",VWKLVVFXOSWXUHQHZ"
6tHVODTXHFRPSUDPRVHQOD)HULDGH$UFRHODxRSDVDGR<HVLWVWKHRQHZHERXJKWDWWKH$UFR
)DLUODVW\HDU
/RTXHLVXVHGZKHQUHIHUULQJWRVRPHWKLQJLPSUHFLVH
/RTXHPiVPHJXVWDKDFHUORVGRPLQJRVHVVDOLUDOFDPSRDPHUHQGDU /DFRVDTXHPiVPHJXVWD
LVVLPLODUWRWKH(QJOLVKZKDW:KDW,OLNHGRLQJPRVWRQ6XQGD\VLVJRLQJIRUDSLFQLFLQWKHFRXQWU\
(MHUFLFLRV

,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
4XpVRPEUHURPHVLHQWDPHMRU"
(OTXHPHMRUWHVLHQWDHVHOURMR

D&XiOHVVRQODVPDQ]DQDVTXHPiVWHJXVWDQ"
PiVPHJXVWDQVRQODVUHLQHWDV
E4XpDFWRUWHSDUHFHPiVJXDSRGHORVKLVSDQRV"
PHSDUHFHPiVDWUDFWLYRHV$QWRQLR%DQGHUDV
F4XLpQHVOOHJDURQORV~OWLPRV"
TXHOOHJDURQORV~OWLPRVIXHURQORV3pUH]
&RPSOHWHWKHJDSVZLWKDQDSSURSULDWHUHODWLYHFODXVHFRQQHFWRU
$TXHOHUDSRUILQHOOXJDUFRQDKDEtDVRxDGRWDQWDVYHFHV/DKLHGUDE
WUHSDEDSRUODSDUHGFXEUtDSDUWHGHOWHMDGR\WRGDODIDFKDGD(OEDOFyQSULQFLSDOGHVGH
FVHGLYLVDEDQORVPRQWHVOHMDQRVWHQtDXQDVSHFWRVREHUELR\GHFDGHQWHDOPLVPR
WLHPSR/DIDPLOLD*DUULGRGUHWUDWRVDGRUQDEDQODHVFDOHUDSULQFLSDOKDEtD
SHUGLGRODPDQVLyQFXDQGRHO~OWLPRVHxRU*DUULGRVHDUUXLQyFRQHOQHJRFLRGHODUUR]
/RVQXHYRVGXHxRVHYLYtDQHQ0DGULGQXQFDODRFXSDURQ<DKRUDHVWDFDVD\VX
MDUGtQVHOYiWLFRIKDEtDMXJDGRWDQWDVYHFHVGHQLxRHUDQPtRV0tRVSDUD
VLHPSUH
&KRRVHWKHDSSURSULDWHPRRGLQGLFDWLYHRUVXEMXQFWLYHIRUHDFKVHQWHQFH
D'HVHRYLYLUHQXQPXQGRGRQGHQRKD\KD\DYLROHQFLD
E/DFLXGDGHQODTXHYLYRYLYDQRHVPX\JUDQGH
F$KtYDHOKRPEUHTXHVHSDUHFHVHSDUH]FDDOSURIHVRUGHP~VLFD


G  0H JXVWDUtD HQFRQWUDU XQD RFFXSDFLyQ TXH PHGHMDEDGHMDUD WLHPSR OLEUH SDUD GHGLFDUPH D OD
SLQWXUD

7KHDGYHUELDOFODXVH
7KHDGYHUELDOFODXVHODRUDFLyQFLUFXQVWDQFLDOLVDVXERUGLQDWHFODXVHZKLFKUHODWHVWRLWVPDLQFODXVHLQ
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
([SUHVVHVFDXVHRUUHDVRQDQGDQVZHUVWKHTXHVWLRQZK\"
([SUHVVHVDGLIILFXOW\RUUHVWULFWLRQZLWKRXWSUHYHQWLQJWKHIXOILOPHQWRIWKH
DFWLRQLQWKHPDLQFODXVH
([SUHVVHVDFRQGLWLRQIRUWKHIXOILOPHQWRIDQDFWLRQ
([SUHVVHVDFRPSDULVRQDQGDQVZHUVWKHTXHVWLRQKRZ"
([SUHVVHVPRGHRUPDQQHUDQGDQVZHUVWKHTXHVWLRQKRZ"
/RFDWHVDQHYHQWLQSODFHDQGDQVZHUVWKHTXHVWLRQZKHUH"
([SUHVVHVDLPVDQGSXUSRVHDQGDQVZHUVWKHTXHVWLRQZKDWIRU"RU
ZK\"
/RFDWHVDQHYHQWLQWLPHDQGDQVZHUVWKHTXHVWLRQZKHQ"

(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[SUHVVVLPLODUPHDQLQJVLQFOXGHEHFDXVHDVVLQFHJLYHQWKDW
SRUTXH
FRPRPXVWFRPHDWWKHKHDGRIWKHVHQWHQFHDQGLVIROORZHGE\WKH
LQGLFDWLYH
SXHVWRTXHFDQEHSODFHGDWWKHEHJLQQLQJRULQWKHPLGGOHRIWKH

1RKDYHQLGRDD\XGDUQRVSRUTXHHVGHPDVLDGRSHUH]RVR+HKDV
QRWFRPHWRKHOSXVEHFDXVHKHVWRROD]\
&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)HWFKWKHZDVKLQJLQEHFDXVHLWV
TXHGRQRWFRQIXVHZLWKWKHPDQ\RWKHUXVHVRITXH
JRLQJWRUDLQ
'DGRTXHXVWHGFRQRFHPLGHOLFDGDVLWXDFLyQLUpDOJUDQR*LYHQ
GDGRTXHVOLJKWO\IRUPDO
WKDW\RXDUHDZDUHRIP\GHOLFDWHSRVLWLRQ,OOJHWVWUDLJKWWRWKHSRLQW

7KHH[SUHVVLRQRIFDXVHFDQDOVREHIRXQGLQDGYHUELDOFODXVHVIRUPHGE\DJHUXQGHJ/OHJDQGRWDQWDUGHHV
PHMRUTXHQRVTXHGHPRVHQXQKRWHO$VZHDUULYHVRODWHLWLVEHWWHUWKDWZHVWD\LQDKRWHO 5HYLVHWKLV
DQGRWKHUXVHVRIWKHJHUXQGLQ6HFWLRQ
E&RQQHFWRUVWKDWLQWURGXFHWKHLGHDRIFRQFHVVLRQ

(QJOLVKFRQQHFWRUVZKLFKH[SUHVVWKHVDPHPHDQLQJVLQFOXGHDOWKRXJKGHVSLWHLQVSLWHRIHYHQLIDQG
HYHQWKRXJK
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(QJOLVKLIXQOHVVLQFDVHSURYLGHGWKDWDVORQJDVDQGRQ
FRQGLWLRQWKDW 5HIHUWR6HFWLRQIRUWKHUXOHVRIFRQGLWLRQDOVHQWHQFHV
VLWKHPRVWEDVLFOLNHWKH(QJOLVKLI

FRPRDVDFRQGLWLRQDOFRQQHFWRULWLVDOZD\VIROORZHGE\DVXEMXQFWLYH

DPHQRVTXHVXEMXQFWLYHDQRVHUTXHVXEMXQFWLYHXQOHVV
FRQWDOGHTXHVXEMXQFWLYHDFRQGLFLyQGHTXHVXEMXQFWLYH
SURYLGHGWKDWRQFRQGLWLRQWKDWDVORQJDV
VLHPSUHTXHDVDFRQGLWLRQDOFRQQHFWRULWLVDOZD\VIROORZHGE\D
VXEMXQFWLYH

6LQRYLHQHPHYR\DHQIDGDUFRQpO,IKHGRHVQWFRPH,OOEHYHU\
FURVVZLWKKLP
&RPRQRYHQJDPHYR\DHQIDGDUFRQpO,IKHGRHVQWFRPH,OOEH
YHU\FURVVZLWKKLP
&RPSDUHZLWKFRPRLQGLFDWLYHWRH[SUHVVFDXVHLQVHFWLRQDDQG
FRPRDVDFRQQHFWRUWRH[SUHVVPDQQHULQVHFWLRQH
/RKDUpPDxDQDSRUODPDxDQDDPHQRVTXHPHGLJDVTXHQR,OOGR
LWWRPRUURZPRUQLQJXQOHVV\RXWHOOPHQRWWR
3XHGHVYHQLUFRQWDOGHTXHSURPHWDVSRUWDUWHELHQ<RXFDQFRPHDV
ORQJDV\RXSURPLVHWREHKDYH\RXUVHOI
3RGpLVFHOHEUDUODILHVWDHQFDVDVLHPSUHTXHQRKDJiLVGHPDVLDGR
UXLGR<RXFDQKDYH\RXUSDUW\DWKRPHDVORQJDV\RXGRQWPDNHWRR
PXFKQRLVH
&RPSDUHZLWKVLHPSUHTXHLQGLFDWLYHLQ6HFWLRQDLL

HQHOFDVRGHTXHLILQFDVH

1RSRGHPRVDUULHVJDUQRV(QHOFDVRGHTXHGHVFXEUDQD0pQGH]
TXHPHQWRGRVORVGRFXPHQWRVTXHSXHGDQFRPSURPHWHUOHV:HFDQW
UXQDQ\ULVNV,I0pQGH]LVGLVFRYHUHGEXUQDOOGRFXPHQWVWKDWFRXOG
FRPSURPLVH\RX

7KHH[SUHVVLRQRIFRQGLWLRQFDQDOVREHIRXQGLQDGYHUELDOFODXVHVIRUPHGE\DJHUXQGHJ9LYLHQGRMXQWRV
DKRUUDUtDPRVXQPRQWyQGHGLQHUR,IZHOLYHGWRJHWKHUZHZRXOGVDYHDORWRIPRQH\ 5HYLVHWKLVDQG
RWKHUXVHVRIWKHJHUXQGLQ6HFWLRQ
G&RQQHFWRUVWKDWVKRZFRPSDULVRQ

6LPLODUWRWKH(QJOLVKPRUHOHVVWKDQDVDVZKHQXVHGEHWZHHQFODXVHV
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
<RXFDQOHDUQPRUHRQWKHH[SUHVVLRQRIFRPSDULVRQLQ6HFWLRQ)RUH[SUHVVLRQVHTXLYDOHQWWRWKHPRUH
WKHPRUHDQGELJJHUDQGELJJHUJRWR6HFWLRQ
H&RQQHFWRUVWKDWH[SUHVVPDQQHU

6LPLODUWRWKH(QJOLVKFRQQHFWRUVDVLQWKHZD\WKDWWKHPDQQHULQZKLFKHWF

FRPRIROORZHGE\LQGLFDWLYHRUVXEMXQFWLYH
WDO\FRPRPRUHHPSKDWLFWKDQFRPRFROORTXLDO

&DGDXQRHVFRPRHV:HDUHDOODVZHDUH
(VFULELyODOH\HQGDWDO\FRPRVHODKDEtDFRQWDGRHODQFLDQR
PDSXFKH+HZURWHGRZQWKHOHJHQGMXVWDVWKHROG0DSXFKHPDQKDG
WROGKLPLW

VHJ~Q
VHJ~QPHDQLQJDFFRUGLQJWRLQ8QLW
VHJ~QH[SUHVVLQJSURJUHVVLRQLQ6HFWLRQ

7HORFXHQWRVHJ~QPHORFRQWDURQDPt,DPWHOOLQJLWWR\RXDVWKH\
WROGLWWRPH

HQGHODPDQHUDTXHHQHOGHOPRGRTXH

<RSRQJRODPHVDGHOPRGRTXHPHHQVHxyPLDEXHODSHURYHRTXHHQ
,QJODWHUUDVHSRQHGHPDQHUDGLVWLQWD,OD\WKHWDEOHLQWKHZD\P\
JUDQGPRWKHUWDXJKWPHEXW,QRWLFHWKDWLQ(QJODQGLWLVODLGGLIIHUHQWO\

7KHH[SUHVVLRQRIPDQQHUFDQDOVREHIRXQGLQDGYHUELDOFODXVHVIRUPHGE\DJHUXQGHJ&RQVLJXLyHOSXHVWR
PLQWLHQGRVREUHVXSDVDGR+HJRWKLVSRVWE\O\LQJDERXWKLVSDVWRUDSDVWSDUWLFLSOHHJ0LDEXHODOOHJy
DOILQDOGHODJXHUUDDYHMHQWDGDSRUODVSULYDFLRQHV\ODDQJXVWLD%\WKHHQGRIWKHZDUP\JUDQGPRWKHUZDV
DJHGE\KDUGVKLSDQGGLVWUHVV

5HYLVHWKHVHDQGRWKHUXVHVRIWKHJHUXQGDQGSDVWSDUWLFLSOHLQ6HFWLRQVDQGUHVSHFWLYHO\
7KHVWUXFWXUHFRPRVLVXEMXQFWLYH

7KLVVWUXFWXUHLVXVHGWRVKRZDFRPSDULVRQZLWKK\SRWKHWLFDOYDOXHVLPLODUWRWKH(QJOLVKDVLIDQGDV
WKRXJKHJ'HUURFKDEDHOGLQHURFRPRVLIXHUDPLOORQDULR\YLYtDFRPRVLQRKXELHUDXQPDxDQD+H
VTXDQGHUHGKLVPRQH\DVWKRXJKKHZHUHDPLOOLRQDLUHDQGOLYHGDVLIWKHUHZHUHQRWRPRUURZ
I&RQQHFWRUVWKDWVSHFLI\SODFH

6XERUGLQDWHFODXVHVRISODFHWDNHWKHVDPHIRUPDQGXVHWKHVDPHFRQQHFWRUVDVWKHUHODWLYHFODXVHVH[SUHVVLQJ
SODFHWKDW\RXVDZLQ6HFWLRQ7KH\DUHLQHVVHQFHWKHVDPHFRQVWUXFWLRQEXWQRWHWKDWWKHGRQGHFODXVH
GRHVQRWKDYHDQDQWHFHGHQW

SUHSRVLWLRQHQGHVGHKDVWDKDFLDHWFGRQGHRUDGRQGH

$GRQGH\RYR\QRSXHGHVVHJXLUPH<RXFDQWIROORZZKHUH,P
JRLQJ
6DFDURQHOGLQHURGHGRQGHSXGLHURQ\FRPSUDURQGRVSDVDMHVSDUD
$PpULFD7KH\JRWWKHPRQH\IURPZKHUHYHUWKH\FRXOGDQGERXJKWWZR
WLFNHWVIRUWKH$PHULFDV

J&RQQHFWRUVWKDWGHQRWHWKHLGHDRISXUSRVH

6LPLODUWRWKH(QJOLVKVRVRWKDWDQGLQRUGHUWR
7KHIROORZLQJFRQQHFWRUVDUHDOZD\VIROORZHGE\WKHVXEMXQFWLYH
$KRUUDPRVGXUDQWHDxRVSDUDTXHQXHVWURKLMRSXGLHUDLUDOD
XQLYHUVLGDG:HVDYHGIRU\HDUVVRWKDWRXUVRQFRXOGJRWRXQLYHUVLW\
9HQtDDTXHOHH[SOLFDUDQFyPRKDEtDVLGRHODFFLGHQWH+HZDV
DTXH
FRPLQJVRWKDWWKH\FRXOGH[SODLQWRKLPKRZWKHDFFLGHQWKDGKDSSHQHG
/DHGXFDFLyQSUHHVFRODUVHKDKHFKRJUDWLVFRQHOILQGHTXHODV
DILQGHTXHFRQHOILQGHTXHFRQHOREMHWRGHTXHFRQHO
PXMHUHVSXHGDQUHLQFRUSRUDUVHDOWUDEDMRDQWHV1XUVHU\HGXFDWLRQ
SURSyVLWRGHTXHFRQODLQWHQFLyQGHTXH
KDVEHHQPDGHIUHHVRWKDWZRPHQFDQUHWXUQWRZRUNHDUOLHU
GHPDQHUDTXHGHPRGRTXHGHIRUPDTXHXVHGZLWKWKHVXEMXQFWLYH /HVUHJDOpDPLVKLMRVXQMXHJRGHDMHGUH]GHPDQHUDTXH
WKHVHFRQQHFWRUVPHDQLQRUGHUWKDW
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+XERXQFUDFNHQHOPHUFDGR\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
+ROD5RVDYDVDLUDODILHVWDHVWDQRFKH"
+ROD0DULOX&UHRTXHYR\DLUDXQTXHD
3XHVVtDQtPDWH<RQRSXHGR0LMHIHPHKDOODPDGRKDFHXQUDWRSDUDTXHE
2WUDYH]"3HURQRHVWXYLHURQDTXtODVHPDQDSDVDGD"
6tSHURKDEtDSUREOHPDV\KDQWHQLGRTXHYROYHU1RFUHRTXHSXHGDLUDODILHVWDDQRVHUTXH
F
3XHVDYHUVLWLHQHVVXHUWH<RYR\DKDFHUXQHVIXHU]R\DTXHG
<DYHRTXHWHGDSHUH]DSHURVHJXURTXHOXHJRORSDVDVPHMRUGHORTXHH
7KHIROORZLQJWH[WEHORQJVWRDVKRUWVWRU\E\WKH&XEDQZULWHU$OHMR&DUSHQWLHU&RPSOHWHWKHJDSVZLWK
WKHDSSURSULDWHFRQQHFWRUIURPWKHER[WRILQGRXWZKDWLWVD\V
SRUTXHGHVSXpVGHSHUR\DTXHFXDQGR

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$OVRDQGWRDGGWRWKHFRPSOH[LW\ZHRIWHQZDQWWRVSHFLI\WKDWDQDFWLRQKDV
LQWHUUXSWHGDQRWKHURQJRLQJDFWLRQRUWKDWVRPHWKLQJKDSSHQHGHYHU\WLPHVRPHWKLQJHOVHKDSSHQHGRUWKDW
VRPHWKLQJZLOOWDNHSODFHLPPHGLDWHO\DIWHUDQRWKHUDFWLRQ7REHDEOHWRH[SUHVVWKLVOHYHORIFRPSOH[LW\RI
PHDQLQJV6SDQLVKOLNHPDQ\RWKHUODQJXDJHVUHOLHVRQDVXEVWDQWLDOERG\RIFRQQHFWRUVZKLFKDUHXVHGLQ
FRQMXQFWLRQZLWKDYDULHW\RISRVVLEOHWHQVHFRPELQDWLRQV
D7RLQGLFDWHWKDWDQDFWLRQLVVLPXOWDQHRXVZLWKDQRWKHUDFWLRQ
DOYHUE$LQWKHLQILQLWLYHYHUE%
PLHQWUDVFXDQGRYHUE$LQLPSHUIHFWSUHVHQWVLPSOHRUFRQWLQXRXV
WHQVHVYHUE%
&RQMXJDWHGYHUEJHUXQG
6HFWLRQRQWKHJHUXQG

$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%

<DHVWR\KDUWD6LHPSUHTXHFRFLQDpOFRPHPRVKXHYRVIULWRV,P
IHGXS(YHU\WLPHKHFRRNVZHHDWIULHGHJJV

LLL7RLQGLFDWHWKDWDFWLRQ$LVSURJUHVVLYHDQGVLPXOWDQHRXVWRDFWLRQ%
DPHGLGDTXHVHJ~QYHUE$LQFRQWLQXRXVWHQVHVSUHVHQW
LPSHUIHFWSUHVHQWVXEMXQFWLYHYHUE%

$PHGLGDTXH6HJ~QPHLEDDFHUFDQGRODFLXGDGFUHFtDDQWHPLV
RMRV$V,JRWQHDUHUWKHWRZQJUHZEHIRUHP\H\HV

1RWHWKDWVHJ~QLVDOVRDSUHSRVLWLRQPHDQLQJDFFRUGLQJWRDQGDFRQQHFWRURIPDQQHUPHDQLQJDV
<RXFDQUHYLVHWKHPLQ8QLWDQG6HFWLRQHUHVSHFWLYHO\
LY7RVKRZWKDWDQDFWLRQLQWHUUXSWVKDVLQWHUUXSWHGZLOOLQWHUUXSWHWFDQRQJRLQJDFWLRQ
(VWiEDPRVYLHQGRODWHOHFXDQGRGHSURQWRVDOWyODDODUPDGH
9HUE$LQFRQWLQXRXVWHQVHVFXDQGRGHUHSHQWHGHSURQWRYHUE
LQFHQGLRV:HZHUHZDWFKLQJ79ZKHQVXGGHQO\WKHILUHDODUPZHQW
%
RII

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
$FRQGLWLRQDOVHQWHQFHODRUDFLyQFRQGLFLRQDOFRQVLVWVRIWZRFODXVHVDPDLQFODXVHDQGDVXERUGLQDWH
FODXVH7KHVXERUGLQDWHFODXVHH[SUHVVHVWKHFRQGLWLRQIRUWKHIXOILOPHQWRIWKHDFWLRQH[SUHVVHGLQWKHPDLQ
FODXVH7KHPRVWFRPPRQVXERUGLQDWLQJFRQQHFWRULVVLYHU\PXFKOLNHLILQ(QJOLVK
6LOOHJDVDQWHVGHODVWHOOHYRHQFRFKHDFDVD
VXERUGLQDWHFRQGLWLRQDOFODXVHPDLQFODXVH
,I\RXDUULYHEHIRUHRFORFN,ZLOOWDNH\RXKRPHE\FDU
<RXFDQUHYLVHWKHFRQGLWLRQDOFRQQHFWRUVLQ6HFWLRQF
7\SHVRIFRQGLWLRQDOVHQWHQFHVLQWURGXFHGE\VL
7\SHVRIFRQGLWLRQ
3DVWFRQGLWLRQDOWKHRXWFRPHWRRN
SODFHHYHU\WLPHWKHFRQGLWLRQZDV
IXOILOOHG
2SHQFRQGLWLRQWKHIXOILOPHQWRU
QRQIXOILOPHQWRIWKHFRQGLWLRQLV
HTXDOO\SRVVLEOHZLWKWKHRXWFRPHLQ
WKHIXWXUH
5HPRWHFRQGLWLRQWKHFRQGLWLRQ
H[SUHVVHVDK\SRWKHWLFDOVLWXDWLRQ
7ZRSRVVLEOHPHDQLQJV

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



+RZWRWUDQVODWH,I,ZHUH\RX

,I,ZHUH\RX
<RHQWXOXJDU
<RTXHW~
6L\RIXHUDW~

,ZRXOGWDONWRKHU
KDEODUtDFRQHOOD

(MHUFLFLRV

   3XW WKH YHUE LQ WKH VXERUGLQDWH FODXVH LQWR WKH FRUUHFW IRUP 3D\ DWWHQWLRQ WR WKH PHDQLQJ RI WKH PDLQ
FODXVH8VHWKHUXOHVLQWKHER[DVDJXLGH
6LSUHVHQWLQGLFDWLYHSUHVHQWIXWXUHRULPSHUDWLYH
6LLPSHUIHFWLQGLFDWLYHLPSHUIHFWLQGLFDWLYH
D1RGHVHVSHUHV6LQRVYHUDTXHOEDUFRHVWDPRVVDOYDGRV
E6LHOHQIHUPRQRFRQVHJXLUVXSHUDUODILHEUHHQODVSUy[LPDVKRUDVGHVHJXURPRULUi
 F/HFRSLDEDDVXKHUPDQRHQWRGRVL0RQFKRGHFLUVtHUDVtVL0RQFKRQRTXHUHU
FRPHUpOWDPSRFR
G$FpUFDWHFRQFXLGDGR\VLHOSHUURHPSH]DUDODGUDUQRVHFKDDFRUUHU
7KHIROORZLQJH[WUDFWVLOOXVWUDWHK\SRWKHWLFDOVLWXDWLRQVH[SUHVVHGZLWKDFRQGLWLRQDOVHQWHQFH&RPSOHWH
WKHJDSVZLWKWKHFRUUHFWYHUEIRUPIROORZLQJWKLVUXOH
6LLPSHUIHFWVXEMXQFWLYHFRQGLWLRQDO
 D([WUDFWIURPDQLQWHUYLHZZLWKD&XEDQGXULQJWKHRIILFLDOIXQHUDORI&KH*XHYDUDLQ6DQWD&ODUD
&XEDLQ2FWREHU
6LDTXtHVWXYLHUDHO&KHKR\TXpOHW~GHFLU"
<ROHGHFLUWDQWDVFRVDVSRUTXHWHQJRTXHDJUDGHFHUOHWDQWDVFRVDVTXHYD\DQRWHQHUSDODEUDVQLWHUPLQDU
QXQFDGHGHFLUOHORTXHWHQJRTXHGHFLUOH
7KH2SHQ8QLYHUVLW\/9LHQWRHQSRSD&XDGHUQLOORGHWUDQVFULSFLRQHV:DOWRQ+DOO7KH2SHQ8QLYHUVLW\S



E([WUDFWIURPDQLQWHUYLHZZLWKVHYHUDOSHRSOHRQZKDWWKH\ZRXOGGRLIWKH\
FRXOGOLYHWKHLUOLYHVDJDLQ
6LW~SRGHUYROYHUDYLYLUTXpKDUtDVGLVWLQWR"
'HPLYLGDSHUVRQDOQDGD1RFUHRTXHFDPELDU1RQRQDGD
1DGD"7RGRLJXDOLWR"
3XHV\RVtFUHRTXHORKDFHUWRGRLJXDOLWR3HURHVWR\FRQWHQWREXHQRQRFRQWHQWRSHURPHSDUHFHTXHHOWUDQVFXUVRGHPL
YLGDKDVLGRPX\QRUPDOFRQORVSUREOHPDVFRQORVPRPHQWRVGHGRORUGHIHOLFLGDGGHFXDOTXLHUKXPDQR<FUHRTXHVLYROYHU
DQDFHUUHFRUUHUXQFDPLQRPX\VLPLODUQR"
7KH2SHQ8QLYHUVLW\/9LHQWRHQSRSD&XDGHUQLOORGHWUDQVFULSFLRQHV:DOWRQ+DOO7KH2SHQ8QLYHUVLW\S


F
(UQHVW+HPLQJZD\HOJUDQHVFULWRUHVWDGRXQLGHQVHVHVHQWLURUJXOORVRFRQWRGDVHJXULGDGVLVDEHUTXHHOEDU+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
6LSOXSHUIHFWVXEMXQFWLYHFRQGLWLRQDORUFRQGLWLRQDOSHUIHFW
D6L\RWDPELpQVHUtDULFRDDKRUD
E6LKXELHUDQDFLGR\FUHFLGRHQXQSDtVKLVSDQR
F6LKXELHUDSRGLGRHOHJLUPLQRPEUH
G6LQRORKDEUtDFUHtGR


,QGLUHFWVSHHFK
%RWKGLUHFWDQGLQGLUHFWVSHHFKDUHXVHGWRFRQYH\ZKDWVRPHERG\KDVVDLG'LUHFWVSHHFKHOGLVFXUVR
GLUHFWRTXRWHVZKDWZDVVDLGOLWHUDOO\eOPHGLMR3iVDWHSRUDTXtPDxDQD+HVDLGWRPH3RSLQ
WRPRUURZ
,QGLUHFWRUUHSRUWHGVSHHFKHOGLVFXUVRLQGLUHFWRUHSRUWVZKDWZDVVDLGEXWZLWKRXWXVLQJWKHH[DFWZRUGV
RIWKHVSHDNHU:KDWZDVVDLGEHFRPHVDVXERUGLQDWHFODXVHXVXDOO\MRLQHGE\WKHFRQMXQFWLRQTXHeOPHGLMR
TXHPHSDVDUDSRUDOOtDOGtDVLJXLHQWH+HWROGPHWRSRSLQWKHIROORZLQJGD\
,QLQGLUHFWVSHHFKDQXPEHURIWUDQVIRUPDWLRQVWDNHSODFHLQWKHVXERUGLQDWHFODXVH7KH\FDQDIIHFW
WKHUHIHUHQFHVWRWKHSHRSOHLQYROYHGLHSHUVRQDOSURQRXQVSRVVHVVLYH
IRUPVDQGWKHSHUVRQRIWKHYHUEIRUP
WLPHUHIHUHQFHVLHYHUEWHQVHVDGYHUEVRUSKUDVHVRIWLPH
SODFHUHIHUHQFHVLHGHPRQVWUDWLYHVDGYHUEVRUSKUDVHVRISODFH

SDVDW~SDVDUD\RWHPH

SDVDLPSHUDWLYHSDVDUDLPSHUIHFWVXEMXQFWLYHPDxDQDDOGtD
VLJXLHQWH
SRUDTXtSRUDOOt

&KDQJHVLQVXERUGLQDWHYHUEWHQVHVWRDJUHHZLWKWKHWHQVHRIWKHUHSRUWLQJYHUE
D,IWKHPDLQYHUELVLQDSUHVHQWWHQVHWKHSHUIHFWRUDIXWXUHWHQVHWKHUHLVQRFKDQJHLQWKHWHQVHRIWKH
YHUEZKHQLWEHFRPHVDVXERUGLQDWHYHUEXQOHVVLWLVDQLPSHUDWLYHWKHLPSHUDWLYHFKDQJHVWRWKHSUHVHQW
VXEMXQFWLYH
0HORKDGLFKRELHQFODUR1RPHFDVDUpQXQFDFRQWLJR+HWROG
PHYHU\FOHDUO\,ZLOOQHYHUPDUU\\RX
-XDQORFRQILHVD3DVpXQPLHGRWHUULEOH-XDQFRQIHVVHV,ZDV
DEVROXWHO\SHWULILHG
(OGHHQHURGLUiGHQXHYR9R\DGHMDUGHIXPDU2Q-DQXDU\
KHZLOODJDLQVD\,PJRLQJWRJLYHXSVPRNLQJ
,PSHUDWLYH'pMDPHVRODXQRVPRPHQWRV/HDYHPHDORQHIRUDIHZ
PLQXWHV

0HKDGLFKRELHQFODURTXHQRVHFDVDUiQXQFDFRQPLJR+HWROGPH
YHU\FOHDUO\WKDWKHOOQHYHUPDUU\PH
-XDQFRQILHVDTXHSDVyXQPLHGRWHUULEOH-XDQFRQIHVVHVWKDWKHZDV
SHWULILHG
(OGHHQHURGLUiGHQXHYRTXHYDDGHMDUGHIXPDU2Q-DQXDU\
KHZLOODJDLQVD\WKDWKHVJRLQJWRJLYHXSVPRNLQJ
3UHVHQWVXEMXQFWLYH0HKDSHGLGRTXHODGHMHVRODXQRVPRPHQWRV
6KHKDVDVNHGPHWROHDYHKHUDORQHIRUDIHZPLQXWHV

E,IWKHPDLQYHUELVLQDSDVWWHQVHWKHIROORZLQJFKDQJHVDUHQHHGHG
'LUHFWVSHHFK)URP

,QGLUHFWVSHHFK7R
,PSHUIHFW
3UHVHQWVLPSOH
(OGLUHFWRUJHQHUDODVHJXUyTXHTXHUtDQQHJRFLDU7KHPDQDJLQJ
4XHUHPRVQHJRFLDU:HZDQWWRQHJRWLDWH
GLUHFWRUJDYHDVVXUDQFHVWKDWWKH\ZDQWHGWRQHJRWLDWH
3UHVHQWFRQWLQXRXV
,PSHUIHFWFRQWLQXRXV
(QHVWRVPRPHQWRVHVWR\QDYHJDQGRSRUHO2ULQRFR,DPVDLOLQJXS
0HFRQWyTXHHQHVRVPRPHQWRVHVWDEDQDYHJDQGRSRUHO2ULQRFR
WKH2ULQRFRULJKWQRZ
6KHWROGPHWKDWULJKWWKHQVKHZDVVDLOLQJXSWKH2ULQRFR
3OXSHUIHFW
/DSUHQVDFRQILUPyTXHHOPHVDQWHULRUODLQIODFLyQVHKDEtD
GLVSDUDGRDO7KHSUHVVFRQILUPHGWKDWWKHPRQWKEHIRUHLQIODWLRQ
3UHWHULWH
KDGVKRWXSWR
(OPHVSDVDGRODLQIODFLyQVHGLVSDUyDO/DVWPRQWKLQIODWLRQVKRW 3UHWHULWH
XSWR
/DSUHQVDFRQILUPyD\HUTXHHOPHVSDVDGRODLQIODFLyQVHGLVSDUyDO
1RWHWKDWWKHXVHRIWKHSUHWHULWHZRXOGPHDQWKDWWKHVWDWHPHQWLV
PDGHLQWKHVDPHSHULRGRIWLPHDVWKHIDFWVUHSRUWHG7KHSUHVV
FRQILUPHGWKDWODVWPRQWKLQIODWLRQVKRWXSWR
3HUIHFW
3OXSHUIHFW
+DQHQFRQWUDGRDODQLxDGHVDSDUHFLGD7KHPLVVLQJJLUOKDVEHHQ
$QXQFLDURQTXHKDEtDQHQFRQWUDGRDODQLxDGHVDSDUHFLGD,WZDV

IRXQG

UHSRUWHGWKDWWKHPLVVLQJJLUOKDGEHHQIRXQG
&RQGLWLRQDO
0HSURPHWLyTXHPHOODPDUtDHOOXQHVVLJXLHQWH6KHSURPLVHGVKH
)XWXUHVLPSOH
ZRXOGFDOOPHWKHIROORZLQJ0RQGD\
7HOODPDUpHOOXQHVTXHYLHQH,OOFDOO\RXQH[W0RQGD\
,PSHUIHFWRILUDLQILQLWLYR
0HSURPHWLyTXHPHLEDDOODPDUHOOXQHVVLJXLHQWH
,PSHUDWLYH
,PSHUIHFWVXEMXQFWLYH
1RVDOWHV'RQWMXPS
0HJULWyTXHQRVDOWDUD+HVKRXWHGDWPHQRWWRMXPS
,PSHUIHFWVXEMXQFWLYH
3UHVHQWVXEMXQFWLYH
0HGLMRTXHTXHUtDTXHIXHUDFRQHOORV+HVDLGKHZDQWHGPHWRJR
4XLHURTXHYHQJDVFRQQRVRWURV,ZDQW\RXWRFRPHZLWKXV
ZLWKWKHP
3OXSHUIHFWVXEMXQFWLYH
3HUIHFWVXEMXQFWLYH
'LMRTXHQRFUHtDTXHKXELHUDOOHJDGR6KHVDLGVKHGLGQRWWKLQNKH
1RFUHRTXHKD\DOOHJDGR,GRQWWKLQNKHKDVDUULYHG
KDGDUULYHG
&RQGLWLRQDODQG&RQGLWLRQDOSHUIHFW
1RFKDQJH
1RPHJXVWDUtDVDEHUORTXHPHGHSDUDHOIXWXUR,ZRXOGQRWOLNHWR $VHJXUyTXHQROHJXVWDUtDVDEHUORTXHOHGHSDUDEDHOIXWXUR+H
NQRZZKDWWKHIXWXUHKROGVIRUPH
PDLQWDLQHGWKDWKHZRXOGQRWZDQWWRNQRZZKDWWKHIXWXUHKHOGIRUKLP
1RFKDQJH
,PSHUIHFWLQGLFDWLYHDQGVXEMXQFWLYH
(OSULPHUPLQLVWURDILUPyTXHHOSDtVSDVDEDSRUXQRGHVXVSHRUHV
(OSDtVSDVDEDSRUXQRGHVXVSHRUHVPRPHQWRV7KHFRXQWU\ZDV
PRPHQWRV7KHSULPHPLQLVWHUVDLGWKDWWKHFRXQWU\ZDVJRLQJWKURXJK
JRLQJWKURXJKRQHRILWVZRUVWSHULRGV
RQHRILWVZRUVWSHULRGV
1RFKDQJH
3OXSHUIHFWLQGLFDWLYHDQGVXEMXQFWLYH
/DH[SHUWDHQDVXQWRVGHO2ULHQWH0HGLRUHLWHUyTXHVLVHKXELHUD
6LVHKXELHUDOOHJDGRDXQDFXHUGRHODxRDQWHULRUODJXHUUDQR
OOHJDGRDXQDFXHUGRHODxRDQWHULRUODJXHUUDQRKDEUtDHVWDOODGR
KDEUtDHVWDOODGR,IWKHUHKDGEHHQDQDJUHHPHQWWKHSUHYLRXV\HDUZDU
7KH0LGGOH(DVWH[SHUWUHLWHUDWHGWKDWKDGWKHUHEHHQDQDJUHHPHQWWKH
ZRXOGQRWKDYHEURNHQRXW
SUHYLRXV\HDUZDUZRXOGQRWKDYHEURNHQRXW

5HSRUWLQJTXHVWLRQV
4XHVWLRQVIROORZWKHVDPHUXOHVRISHUVRQYHUESODFHDQGWLPHUHIHUHQFHWUDQVIRUPDWLRQDVWKHUHSRUWLQJRI
VWDWHPHQWVEXWDUHQRWOLQNHGZLWKTXH
D2SHQTXHVWLRQVLHZLWKDQLQWHUURJDWLYHZRUGLQWHUURJDWLYH
0HSUHJXQWDEDFyPRORKDEUtDDYHULJXDGR,ZRQGHUHGKRZVKH
&yPRORKDEUiDYHULJXDGR"+RZKDVVKHIRXQGRXW"
,QWHUURJDWLYHVLQ8QLW
FRXOGKDYHIRXQGRXW
E&ORVHGTXHVWLRQVLHZLWKQRLQWHUURJDWLYHZRUGVL
0LDPLJRPHSUHJXQWyVLPHKDEtDKHFKRGDxR0\IULHQGDVNHGPHLI
7HKDVKHFKRGDxR"'LG\RXKXUW\RXUVHOI"
,KDGKXUWP\VHOI

6RPHFRPPRQFKDQJHVLQWLPHUHIHUHQFHV
KR\

HVHPLVPRGtD

/DKHYLVWRKR\,VDZKHUWRGD\

'LMRTXHODKDEtDYLVWRHVHGtD+HVDLGKHKDG
VHHQKHUWKDWGD\

D\HU

HOGtDDQWHVHOGtDDQWHULRU

$\HUVHILUPyHOQXHYRDFXHUGR7KHQHZKDEtD

DJUHHPHQWZDVVLJQHG\HVWHUGD\

&RQILUPDURQTXHHOQXHYRDFXHUGRVHILUPDGR
HOGtDDQWHULRU7KH\FRQILUPHGWKDWWKHQHZ
DJUHHPHQWKDGEHHQVLJQHGWKHGD\EHIRUH

DQWHVGHD\HUDQWLHU$PHULFDQ6SDQLVK

GRVGtDVDQWHV

(ODWUDFRIXHDQWHVGHD\HU7KHUREEHU\ZDVWKH

GD\EHIRUH\HVWHUGD\

'HFODUDURQTXHHODWUDFRKDEtDVLGRGRVGtDV
DQWHV,WZDVUHSRUWHGWKDWWKHUREEHU\KDGEHHQ
WZRGD\VEHIRUH

KDFHWUHVPHVHV

KDFtDWUHVPHVHVWUHVPHVHVDQWHV

+DFHGRVDxRVTXHQRODYHPRV:HKDYHQW
VHHQKHUIRUWZR\HDUV

&RQIHVDURQTXHKDFtDGRVDxRVTXHQRODYHtDQ
7KH\FRQIHVVHGWKDWWKH\KDGQWVHHQKHUIRUWZR
\HDUV

HODxRSDVDGR

HODxRDQWHULRU

(ODxRSDVDGRKXERPX\EXHQDQLHYH/DVW\HDU

WKHVQRZZDVYHU\JRRG

5HFRUGDURQTXHHODxRDQWHULRUKDEtDKDELGR
PX\EXHQDQLHYH7KH\UHPHPEHUHGWKDWWKH
VQRZKDGEHHQYHU\JRRGWKH\HDUEHIRUH

PDxDQD

DOGtDVLJXLHQWH

7HQJRKRUDFRQHOPpGLFRPDxDQDDODV,
KDYHDGRFWRUVDSSRLQWPHQWWRPRUURZDW

0HFRPHQWyTXHWHQtDKRUDFRQHOPHGLFRDOGtD
VLJXLHQWHDODV6KHPHQWLRQHGVKHKDGD
GRFWRUVDSSRLQWPHQWWKHIROORZLQJGD\DW

SDVDGRPDxDQD

GRVGtDVGHVSXpVGRVGtDVPiVWDUGHDOFDERGH
GRVGtDV

1RVYHUHPRVSDVDGRPDxDQD:HOOVHHHDFK
RWKHUWKHGD\DIWHUWRPRUURZ

6XV~OWLPDVSDODEUDVIXHURQTXHQRVYHUtDPRV
GRVGtDVGHVSXpV+LVODVWZRUGVZHUHWKDWZH
ZRXOGVHHHDFKRWKHUWZRGD\VODWHU

GHQWURGHWUHVPHVHV

WUHVPHVHVGHVSXpVWUHVPHVHVPiVWDUGH

9DPRVDHPSH]DUODVREUDVGHQWURGHFXDWUR
VHPDQDV:HOOVWDUWZRUNLQIRXUZHHNVWLPH

1RVDVHJXUyTXHHPSH]DUtDQODVREUDVFXDWUR
VHPDQDVGHVSXpV+HSURPLVHGXVWKH\ZRXOG
VWDUWZRUNIRXUZHHNVODWHU

HODxRTXHYLHQH

HODODxRVLJXLHQWH

/DVHOHFFLRQHVVHFHOHEUDUiQHODxRTXHYLHQH
7KHHOHFWLRQVZLOOWDNHSODFHQH[W\HDU

$QXQFLDURQTXHODVHOHFFLRQHVVHFHOHEUDUtDQDO
DxRVLJXLHQWH,WZDVDQQRXQFHGWKDWWKHHOHFWLRQV
ZRXOGWDNHSODFHWKH\HDUDIWHU

(MHUFLFLRV

&KDQJHWKHIROORZLQJVHQWHQFHVLQWRLQGLUHFWVSHHFKPDNLQJWKHQHFHVVDU\WUDQVIRUPDWLRQV1RWHWKDWWKH
UHSRUWLQJYHUELVLQWKHSUHVHQWRUWKHSHUIHFW
D(VWR\HQFDQWDGRGHKDEHUJDQDGRHOSUHPLR,VLGURKDFRPHQWDGRE6R\LQRFHQWH(OSUHVR
QRGHMDGHUHSHWLU
 F9DPRVDOXFKDUKDVWDHOILQDOHVWHGRPLQJRHQHOSDUWLGRFRQWUDHO$WOpWLFRGH%LOEDR(OFDSLWiQ
GHO5HDO0DGULGDVHJXUD
G0DxDQDWHGHYROYHUpHOGLQHURTXHWHGHER)HOLSHPHKDDVHJXUDGR
1RZFKDQJHWKHVHQWHQFHVLQH[HUFLVHDERYHWKLVWLPHSXWWLQJDOOUHSRUWLQJYHUEVLQWRWKHSDVW
D,VLGURFRPHQWy
E(OSUHVRQRGHMDEDGHUHSHWLU
F(OFDSLWiQGHO5HDO0DGULGDVHJXUy
G)HOLSHPHDVHJXUy
3XWWKHIROORZLQJTXHVWLRQVLQWRLQGLUHFWVSHHFK
D'yQGHYLYHV"7RGRVORVGtDVPHSUHJXQWD
E7HKDVKHFKRGDxR"&XDQGRPHFDtXQVHxRUPX\DPDEOHPHSUHJXQWy
F4XpSODQHVWLHQHVSDUDHVWHYHUDQR"0DOHQDTXLHUHVDEHU
G6DEHFRQGXFLU"(QODHQWUHYLVWDPHSUHJXQWDURQ
 &RPSOHWHWKHVHQWHQFHVLQLQGLUHFWVSHHFK'RQRWIRUJHWWRFKDQJHWKHWLPHUHIHUHQFHVDVZHOODVWKH
YHUEIRUPVDQGWKHSHUVRQUHIHUHQFHV

 D$GLyV0DUtDYHQGUpDEXVFDUWHDODVPDxDQDVHGHVSLGLy3HULFR3HULFRVHGHVSLGLyGH0DUtD
SURPHWLHQGR
E3LGHSHUGyQDODDEXHODDKRUDPLVPRJULWy6HUHQDDOQLxR6HUHQDJULWyDOQLxR
F)XLDYLVLWDUORKDFHGRVGtDV\HVWDEDSHUIHFWDPHQWHELHQ-RVHFKXH[FODPyVRUSUHQGLGR
G1RFUHRTXHHOSDTXHWHOOHJXHKDVWDODVHPDQDTXHYLHQH3DUDFDOPDUQRV%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
<DVpTXHWHJXVWDFRPHUSRFR \VDQRSHURULFR \HVWR\SUHSDUDGDSDUDFRPSODFHUWHWDPELpQHQODPHVD
(QODPDxDQDLUpDOPHUFDGR\FRPSUDUpODOHFKHPiVIUHVFD HOSDQUHFLpQKRUQHDGR\ODQDUDQMDPiV
FKDSRVD<WHGHVSHUWDUpFRQODEDQGHMDGHOGHVD\XQRXQDIORUIUDJDQWH\XQEHVR$TXtHVWiVXMXJRVLQ
SHSDV VXVWRVWDGDVFRQPHUPHODGDGHIUHVD\VXFDIp FRQOHFKHVLQD]~FDU VHxRU
 1RWHFKDQJHLQWKHVSHOOLQJTXF
 3HSDVLVXVHGLQ/DWLQ$PHULFDIRUSLSVZKHUHDVLQ6SDLQRQHZRXOGVD\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<RKDEORUiSLGRSHURPLKHUPDQDKDEODPiVUiSLGRTXH\R
1RQRHVYHUGDGQRKDEODWDQGHSULVDFRPRW~
E<RFRPRGHVSDFLRSHURPLKLMRFRPHPiVGHVSDFLRTXH\R

1RQRHVYHUGDGQDGLHFRPHWDQGHVSDFLRFRPRW~
F0LPDULGRKDEODELHQLWDOLDQRSHUR\RKDEORPHMRUTXHpO
1RQRHVYHUGDG1RKDEODVWDQELHQFRPRpO
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<R
<RWHQJRXQJDWRSHURHOODWLHQHXQSHUUR
<RYLYRHQ0DGULGSHURHOODYLYHHQ0LDPL
<RHVWR\FDVDGRFDVDGDSHURHOODHVWiGLYRUFLDGD
<RVR\UXELRUXELDSHURHOODHVPRUHQD
D+DEODVLWDOLDQR"
E/DPD\RUtDGHODJHQWHWLHQHRUGHQDGRU7~WLHQHVXQR"
F<RWUDEDMRGHDSHURpOWUDEDMDVyORSRUODPDxDQD
G6DOJRGHFDVDDODV\OOHJRDODRILFLQDDODV
H(OODWHGLMRHVR"(VWiORFD
)RUPVRIDGGUHVV
D6SDQLVKQRUP
E/DWLQ$PHULFDQQRUP$PpULFDYRVHDQWH
F/DWLQ$PHULFDQQRUP$PpULFDWXWHDQWHDQG$PpULFDYRVHDQWH
G6SDQLVKQRUPRU$PHULFDWXWHDQWHQRUP
H6SDQLVKQRUPSROLWHXVHRU/DWLQ$PHULFDQQRUP$PpULFDWXWHDQWHDQG$PpULFDYRVHDQWHHLWKHU
IDPLOLDURUSROLWHXVH
7KHLQVWDQFHVRIYRVDQGLWVYHUEIRUPDUH

>@4XLHURKDEODUFRQYRV
>@<RDYRVWHFRQR]FR"
6tPHFRQRFpV
3RUTXHYRVDFiDSDUHFpVVREUHYROyODLQIRUPDFLyQGHO6RUGRPHYHQtVDEXVFDUDODPHVDPH
SUHVLRQiVSDUDTXHYHQJDDKDEODUFRQYRV0HKDFpVOHYDQWDUGHODPHVDGRQGH
6tPHFRQRFpV
7KHWH[WLQWKHW~IRUPZRXOGUHDG
>@4XLHURKDEODUFRQWLJR>@
<RDWLWHFRQR]FR"
6tPHFRQRFHV
3RUTXHW~DFiDSDUHFHVVREUHYROyODLQIRUPDFLyQGHO6RUGRPHYLHQHVDEXVFDUDODPHVD
PHSUHVLRQDVSDUDTXHYHQJDDKDEODUFRQWLJR0HKDFHVOHYDQWDUGHODPHVDGRQGH
6tPHFRQRFHV
'LUHFWREMHFWSURQRXQV
D+D]ORVDKRUDPLVPRE5HFyJHODDKRUDPLVPRF$SiJDODDKRUDPLVPR
D/DHVWDPRVYLHQGRQRVRWURV(VWDPRVYLpQGRODQRVRWURV
E/RVHVWiSUHSDUDQGR0LJXHO(VWiSUHSDUiQGRORV0LJXHO
F/DVHVWiRUGHQDQGR&ULVWLQD(VWiRUGHQiQGRODV&ULVWLQD
G/RHVWR\KDFLHQGR\R(VWR\KDFLpQGROR\R
H/RHVWiFRUWDQGR5DTXHO(VWiFRUWiQGROR5DTXHO
D1RWRGDYtDWHQJRTXHOODPDUOROODPDUOH1RWRGDYtDOROHWHQJRTXHOODPDU
E1RWRGDYtDWHQJRTXHUHFRJHUOR1RWRGDYtDORWHQJRTXHUHFRJHU
F1RWRGDYtDWHQJRTXHIUHJDUORV1RWRGDYtDORVWHQJRTXHIUHJDU
G1RWRGDYtDWHQJRTXHPDQGDUOR1RWRGDYtDORWHQJRTXHPDQGDU
H1RWRGDYtDWHQJRTXHYHUOD1RWRGDYtDODWHQJRTXHYHU
I1RWRGDYtDWHQJRTXHWHUPLQDUOD1RWRGDYtDODWHQJRTXHWHUPLQDU
J1RWRGDYtDWHQJRTXHHVFULELUODV1RWRGDYtDODVWHQJRTXHHVFULELU
K1RWRGDYtDWHQJRTXHSDJDUORV1RWRGDYtDORVWHQJRTXHSDJDU
,QGLUHFWREMHFWSURQRXQV
D0HFRQWyXQVHFUHWRE7HTXLHURSHGLUXQIDYRU4XLHURSHGLUWHXQIDYRUF/HVPDQGDURQXQSDTXHWH
G/HUHJDODVWHXQDVIORUHV
D5HFXpUGDPHTXHWHQJRTXHLUDOGHQWLVWDE'DOHHOOLEURF([SOtFDOHVFyPRVHOOHJDDODHVWDFLyQG
(QVpxDQRVODVIRWRV
2EMHFWSURQRXQVZLWKSUHSRVLWLRQV
D4XLHUHHVFULELUXQOLEURVREUHPt
E1RPHHVSHUDEDHVRGHWL
F1DGLHPHHVFXFKDVDOYRW~
G'LFHQTXHSLHQVDQPXFKRHQPt
H(VWDVIORUHVVRQSDUDWLYRVXVWHGYRVRWURVYRVRWUDVXVWHGHV
I'HFRUDPRVHOVDOyQHQWUHPLKHUPDQD\\R
D4XLHUHKDEODUFRQHOORVHOODVE4XLHUHVFDVDUWHFRQPLJR"F(VWDPRVPX\FRQWHQWRVFRQHOODG
6HxRULWDSXHGREDLODUFRQXVWHG"

D$OLFLDHVWiPX\FRQWHQWDFRQVLJRPLVPDE(VWR\HQIDGDGDFRQPLJRPLVPDF(VWiQIXULRVRVFRQVLJR

PLVPRVG9HRTXHHVWiLVIXULRVRVFRQYRVRWURVPLVPRV
2UGHURIREMHFWSURQRXQV
D<DVHORKHGDGRE<DVHODVKHSUHVWDGRF<DVHORKHH[SOLFDGRG<DVHORKHHQWUHJDGR
D&yPSUDPHOR
1RQRYR\DFRPSUiUWHOR1RQRWHORYR\DFRPSUDU
E&yPSUDPHODV
1RQRYR\DFRPSUiUWHODV1RQRWHODVYR\DFRPSUDU
F&yPSUDQRVOD
1RQRYR\DFRPSUiURVOD1RQRRVODYR\DFRPSUDU
G&yPSUDQRVORV
1RQRYR\DFRPSUiURVORV1RQRRVORVYR\DFRPSUDU
8QLW'HPRQVWUDWLYHV
D(VRVQLxRVHVWiQHQFODVHGH,QpVE(VWDVVRQPLVSULPDVF3UXpEDWHHVDVIDOGDVG$TXHOODVFKLFDV
TXHYLHQHQSRUDKtVRQPLVYHFLQDV
$OLFLD4XpWHSDUHFHHVWHYHVWLGR"
&ODUD(VPRQRSUXpEDWHOR3HURSRUTXpQRWHSUXHEDVWDPELpQHVDDTXHOODIDOGD"
$OLFLD&XiO"HVWDGHUD\DV"
&ODUD1RHVDDTXHOODGHIORUHVTXHHVWiGHWUiV
$OLFLD$KVtHVERQLWD0LUD\PHYR\DSUREDUWDPELpQHVWHRWURYHVWLGRURMR
8QLW3RVVHVVLYHV
3RVVHVVLYHDGMHFWLYHV
D7HJXVWDPLSLVR"E(OLVDKDSHUGLGRVXVPDOHWDVF/RPiVLPSRUWDQWHHVODVDOXGGHQXHVWUDVKLMDV
G1RHQWLHQGRDVXPDGUH
D9LHQHQXQRVDOJXQRVDPLJRVPtRVE(VWHEROVRHVWX\RF1RWHQJRQDGDVX\RG7LHQHVPXFKRV
OLEURVPtRV
3RVVHVVLYHSURQRXQV
D(VWHHVWXSHULyGLFR(OPtRHVWiHQODFRFLQD
E(VWDVVRQWXVJDIDV/DVPtDVQRODVHQFXHQWUR
F0HSUHVWDVWXGLFFLRQDULR(OPtRPHORGHMpHQFDVD
G7XVKLMDVVRQEXHQDVHVWXGLDQWHVSHURODVPtDVQR
D/DPtDHVPiVJUDQGHTXHODWX\D
E(OPtRWLHQHPiVIORUHVTXHHOWX\R
F/DPtDHVPiVDJUDGDEOHTXHODWX\D
G/RVQXHVWURVVRQPiVVLPSiWLFRVTXHORVYXHVWURV
8QLW1XPHUDOV

&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[SRVLFLyQ
G7HQJRXQSDUGHOLEURVQXHYRVPX\EXHQRV
H7LHQHYHLQWHSDUHVGH]DSDWRVHQHODUPDULR
I3DUDHVWDUHFHWDVHQHFHVLWDQGRVGRFHQDVGHKXHYRV
8QLW,QGHILQLWHV
DPLVPDEPLVPRFXQRGPXFKRHSRFDIWRGRVJWRGR
D&XDOTXLHUDE&DGDYH]F&DGDXQRG&DGDFXDO
D(DFKWRKLVRZQOLW(DFKOLWWOHRZOWRLWVROLYHWUHH
E0XFKDGRDERXWQRWKLQJOLW$ORWRIQRLVHDQGIHZQXWV
F&KLSRIIWKHROGEORFNOLW)URPVXFKDVWLFNFRPHVVXFKDFKLS
G/LIHLVQRWDERZORIFKHUULHVOLW7KHZKROHPRXQWDLQLVQRWFRYHUHGLQRUHJDQR
8QLW$GYHUEV
HOHJDQWHPHQWHHVSHFLDOPHQWHVLOHQFLRVDPHQWHWUDQTXLODPHQWHVLQFHUDPHQWHSURIXQGDPHQWH
6XJJHVWLRQV
/DDFWUL]LEDHOHJDQWHPHQWHYHVWLGD
(OH[DPHQIXHHVSHFLDOPHQWHGLItFLO
(OODGUyQVHDFHUFyVLOHQFLRVDPHQWHDODFDVD(VWDEDVHQWDGRWRPiQGRVHXQDFRSDWUDQTXLODPHQWH7HGLJR
VLQFHUDPHQWHTXHQRVpGyQGHHVWi
(OEHEpHVWDEDSURIXQGDPHQWHGRUPLGR

0DUWLQDVLHPSUHFRQGXFtDGHPDVLDGRGHSULVD$TXHOODPDxDQDVDOLyGHFDVDPiVWDUGHTXHGHFRVWXPEUH
'LRXQSRUWD]RDOVDOLUGHFDVD\VHPHWLyUiSLGDPHQWHHQHOFRFKH1XQFDOHJXVWDEDOOHJDUWDUGH\PHQRV
D~QFXDQGRWHQtDTXHLUDYHUDDOJ~QFOLHQWHLPSRUWDQWH8QRVPHWURVDQWHVGHOFUXFHYLRXQFDPLyQTXH
VHxDODEDFRQHOLQGLFDGRUSDUDSDUDUVHGHODQWHGHOVXSHUPHUFDGR/RDGHODQWyVLQPLUDU\]DVVHGLRFRQ
XQFRFKHTXHYHQtDHQVHQWLGRFRQWUDULR$IRUWXQDGDPHQWHQROHSDVyQDGD0HQRVPDOTXHHORWURLED
EDVWDQWHGHVSDFLR6LQRSRGtDKDEHUVLGRPiVJUDYH
<DKDVSXHVWRODPHVD"
1RWRGDYtDQRKHWHUPLQDGR
3HURODFHQD\DHVWiSUHSDUDGDYHUGDG"
6t\DHVWiWRGROLVWR
$FDEDGHOODPDUD(OHQD\GLFHTXHWRGDYtDQRKDQVDOLGRGHFDVD
0HQRVPDOSHQVpTXH\DHVWDUtDQFDVLDTXt
%XHQRSXHVHQWRQFHVGpMDPHTXHWHD\XGHDSRQHUODPHVD
9DOH
%XHQR\DHVWi
<DQRKD\QDGDPiVTXHKDFHUKDVWDTXHOOHJXHQORVGHPiV
8QLW,QWHUURJDWLYHV
<RXPD\KDYHZULWWHQVHQWHQFHVOLNHWKHVH
/RVPLVPRVItVLFRVQRFRPSUHQGHQFyPRIXQFLRQDODOX]
(OSLUDWDQRUHFRUGDEDGyQGHKDEtDHVFRQGLGRODSODWD
(OGLUHFWRUH[SOLFySRUTXpKDEtDGHFLGLGRGLPLWLU
1RKHPRVRtGRQLQJXQDQRWLFLDVREUHTXLpQHVJDQDURQORV3UHPLRV1yEHO
(OJRELHUQRQRVDEHFXiQWRFRVWyHOSUR\HFWR
DTXp6SDLQFXiO6SDQLVK$PHULFDEFXiOFXiOHVFTXp6SDLQFXiO6SDQLVK$PHULFDGTXpH
FXiOHV
<RXPD\KDYHZULWWHQTXHVWLRQVOLNHWKHVH
D$GyQGHIXLVWHLVIXHURQGHYDFDFLRQHV"
E4Xp6SDLQ&XiO6SDQLVK$PHULFDFDVDGHFLGLVWHLVGHFLGLHURQFRPSUDU"
F&yPRHVODQLHYH"
G4XLpQHVFULELy&LHQDxRVGHVROHGDG"
H3DUDTXpSRUTXpFRPSUDVWHHVHOLEURGHLWDOLDQR"
7KHIROORZLQJLVDPRGHODQVZHU
&KDUDFWHU&KH*XHYDUD
&XiOHVVXYHUGDGHURQRPEUH"
(QTXpSDtVQDFLy"
&XiQGR\SRUTXpGHFLGLyKDFHUVHUHYROXFLRQDULR"
&yPRFRQRFLyD)LGHO&DVWUR"
3RUTXpIXHDOXFKDUD%ROLYLDGHVSXpVGHOD5HYROXFLyQ&XEDQD"
8QLW3UHSRVLWLRQV
DEDFDGDH
DDSRUHQEGHSDUDSDUDGHGHGHGHFFRQSRUFRQGHQ6SDLQD6SDQLVK$PHULFDDDH
GHD
DSRUSRUGHODQWHGHESRUGHEDMRGHEDMRZLWKDVOLJKWO\GLIIHUHQWPHDQLQJFWUDVGHWUiVGHGSRU

HQFLPDGHVREUHHVREUHSRUHQFLPDGH
DSDUD6SDLQSRU6SDQLVK$PHULFDESRUFSRUGSDUDHSRUSRU
<RXPD\KDYHDQVZHUHGOLNHWKLV
D1H[WZHHNP\SDUHQWVDUHJRLQJWR0HQRUFDIRUDIRUWQLJKWIRU DGYHUERIWLPH
E,ZRXOGQHYHUYRWHIRUWKH&RQVHUYDWLYHVDJDLQIRU RQEHKDOIRILQVXSSRUWRI
F$QHZSULVRQKDVEHHQEXLOWEHFDXVHRIWKHJUHDWHUQXPEHURIFULPLQDOV
G6KDK-DKDQKDGWKH7DM0DKDOEXLOWDVDWRPEIRUKLVEHORYHGZLIHIRU GHVWLQHGIRU
H0\FROOHDJXHFRXOGQWFRPHWRWKHFRQIHUHQFHRZLQJWRXQIRUHVHHQFLUFXPVWDQFHVEXWVKHKDVDVNHGPH
WRSUHVHQWWKHSDSHULQKHUSODFH
DDEHQFSDUDDGSRUHQHHQIGHJDWUDYpVGHKHQ
8QLW,QWHUMHFWLRQV
DGLVPLVVLYHUHDFWLRQEDQQR\DQFHVXUSULVHFHQFRXUDJHPHQWGDQQR\DQFHHVXUSULVH
<RXPD\KDYHWUDQVODWHGWKHPDVIROORZV
D:HOO+XKE2KQR:KDWF*RIRULW&RPHRQG'DPQLW%ODVWH:RZ*UHDW
8QLW7KH6SDQLVKYHUE
D&RQWLQ~DQVLPSOHEKDGHVFXELHUWRSHUIHFWFHVWiHQWUDQGRFRQWLQXRXVGVXIUHQVLPSOHH
VDOLPRVVLPSOHKDEtDRVFXUHFLGRSHUIHFW
D&RQWLQ~DQWUDQVLWLYHGLUHFWREMHFWODVQHJRFLDFLRQHVEKDGHVFXELHUWRWUDQVLWLYHGLUHFWREMHFWXQD
QXHYDYDFXQDFHVWiHQWUDQGRLQWUDQVLWLYHGVXIUHQWUDQVLWLYHGLUHFWREMHFWODLUUHVSRQVDELOLGDGH
VDOLPRVLQWUDQVLWLYHKDEtDRVFXUHFLGRLQWUDQVLWLYH
7KHUHDUHIRXUVHQWHQFHVLQWKHSDUDJUDSK
D/DFDVDVHOHYDQWDHQODFLPDGHOFHUUR
6XEMHFWODFDVDYHUEVHOHYDQWD
E/RVDEXHORVSLQWDURQODFKRFLWDGHEODQFR
6XEMHFWORVDEXHORVYHUESLQWDURQGLUHFWREMHFWODFKRFLWD
F7LHQHHOWHFKRGHWHMDVURML]DV
6XEMHFWODFKRFLWDYHUEWLHQHGLUHFWREMHFWHOWHFKR
G/DIDPLOLDVDERUHDODVRSDFDVHUD\ODVDUHSDVGHPDt]
6XEMHFWODIDPLOLDYHUEVDERUHDGLUHFWREMHFWODVRSDFDVHUD\ODVDUHSDVGHPDt]
8QLW,PSHUVRQDOIRUPVRIWKHYHUE
7KHLQILQLWLYH
DFHUUDUEYHQLUFUHtUGLPSHGLUHQDGDU
DLPSHUDWLYHEFRPSOHPHQWWRWKHYHUESRGHUFQRXQVXEMHFWRIHVGIROORZLQJDSUHSRVLWLRQH
FRPSOHPHQWWRWKHYHUEVDEHU


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FRQILUPDGRUREDGRVG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JRELHUQDVWHPFKDQJHVHLHGVDOJRDGGVDJWRWKHVWHPLQWKHILUVW
SHUVRQVLQJXODUHHQFXHQWUDVVWHPFKDQJHVRXHIUHSLWHQVWHPFKDQJHVHL

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<RMDPiVKDFtDODFDPD\ODDOPRKDGDVLHPSUHHVWDEDHQHOVXHOR
&DVLQXQFDFHUUDEDODSXHUWDGHODUPDULR\GHQWURVHYHtDQODVFDPLVDV\SDQWDORQHVGHVRUGHQDGRV\
DUUXJDGRV6LHPSUHKDEtDDOJXQDURSD\]DSDWRVSRUHOVXHOR$PtPHJXVWDEDHOGHVRUGHQSHURDOJXQDV
YHFHVUHVXOWDEDPX\LQFyPRGRSRUTXHQRSRGtDHQFRQWUDUQDGD0LPDGUHRGLDEDHOGHVRUGHQ\VLHPSUH
GLVFXWtDPRVSRUHVWDUD]yQ
DTXHGDEDKDEtDEHQWUDEDFHVWDEDGGHIHQGtDHFUHFtDHVWDEDIHVWDEDQJHUDK+DEtDL
SDUHFtD
7KHLPSHUIHFWFRQWLQXRXV
D(VWiEDPRVSDVHDQGRSRUHOSDUTXHFXDQGRE/RVQLxRVHVWDEDQKDFLHQGRWDQWRUXLGRTXHF
(VWiEDPRVYLHQGRODWHOHYLVLyQ\GHUHSHQWHG(OYLHQWRHVWDEDVRSODQGRWDQIXHUWHTXH
7KHSUHWHULWH
VDOWDPRV
FUHFLy
D\XGy
HVWXGLp
WUDEDMDURQ
YLYLHURQ
DSUHQGLVWH
EHELHURQ
FDPLQy
OHLVWHLV
HVFULELy
YROp
SXGH
SXVH

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KDVRtGRFKDOOHJDGRGKDVWHQLGRKDYXHOWR
DKHSRGLGREKHHVWDGRFHVWR\GKHLGRHPHKHTXHGDGRIHVFULERJKHOHYDQWDGRKKH
KHFKRLUUHJXODUSDVWSDUWLFLSOH
D7KHXVHRIWKHSUHWHULWHLQVHQWHQFHLLQGLFDWHVWKDW-XDQDQRORQJHUOLNHVJRLQJIRUORQJMRXUQH\V7KLV
VHQWHQFHZRXOGEHXVHGLQWKHFDVHWKDW-XDQDKDGGLHGIRULQVWDQFH6HQWHQFHLLRQWKHRWKHUKDQGLQGLFDWHV
WKDW-XDQDKDVDOZD\VOLNHGWKLVDQGVWLOOGRHV
E6HQWHQFHLLQGLFDWHVWKDWWKHSHUVRQVD\LQJLWVWLOOZDQWVWREHDMRXUQDOLVWDQGWKDWWKLVGUHDPLVORQJIHOW
VHQWHQFHLLVLPSO\WDONVDERXWDGUHDPWKDWWKHVSHDNHUKDGLQWKHSDVWF6HQWHQFHLPHDQV+DYH\RX
HYHUUHDGWKHERRN"6HQWHQFHLLUHODWHVWRDVSHFLILFWLPHLQWKHSDVW'LG\RXUHDGLWZKHQ,OHQWLWWR\RX"

7KHSHUIHFWFRQWLQXRXV
D3RUTXHKHHVWDGRVDOLHQGRFRQRWUDFKLFD
E1R\KHHVWDGRSHQVDQGRHQHOORWRGDODQRFKH
F1RKHHVWDGRWUDEDMDQGRDOOtD\HU\KR\
G+HHVWDGRSUHJXQWDQGRSHURQDGLHVDEHQDGD
7KHSOXSHUIHFW
KDEtDSDVDGREKDEtDDELHUWRFKDEtDPRVUHxLGRGKDEtDTXHEUDGR
<RXPD\KDYHZULWWHQVHQWHQFHVOLNHWKHVH
D&RUUtFRQWRGDVPLVIXHU]DVKDVWDOOHJDUDFDVD/RVERPEHURVKDEtDQOOHJDGRXQRVPLQXWRVDQWHV
E/XLVGLRVXSULPHUFRQFLHUWRGHYLROtQFXDQGRWHQtDDxRV+DEtDHPSH]DGRDWRFDUFRQVXSDGUH
FXDQGRWHQtDVHLVDxRV
F/DJXHUUDKDEtDWHUPLQDGRHODxRDQWHULRU\HOSDtVHVWDEDWRWDOPHQWHGHVWUR]DGR
G&XDQGRIXHURQDGHWHQHUORDVXFDVDpOVHKDEtDHVFDSDGR\\DKDEtDFUX]DGRODIURQWHUD
DVLJXLHURQEKDEtDQKHFKRFJLUDURQG+DEtDQHPSH]DGRHUHEDVyIFHUUyJWXYR
7KHSOXSHUIHFWFRQWLQXRXV
D+DEtDPRVHVWDGRFDPLQDQGREKDEtDHVWDGRWRPDQGRF+DEtDQHVWDGRWUDEDMDQGR
8QLW,PSHUDWLYHV


1ROHDVODQRWD1ROHDODQRWD1ROHiLVODQRWD1ROHDQODQRWD1ROHDPRVODQRWD
D7HQJDE(VFXFKHQF'LGKDEOpLV
DSLHUGDDSOtTXHVHXVHE8VH9D\DFSLHQVHGROYLGH
8QLW&RQGLWLRQDOWHQVHV
7KHFRQGLWLRQDO
DWHQGUtDPRVEYROYHUtDQFGHEHUtDGFHUUDUtDQHSRGUtDV
D<RODUHVHUYDUtDHQXQDSHQVLyQ
E<RGLEXMDUtDXQSDLVDMH
F<ROOHYDUtDXQRVFKRFRODWHV

G<RDEULUtDXQDFDIHWHUtD
D,UHQHGLMRTXHHOODKDUtDODWRUWLOOD
E0DQRORGLMRTXHpOOOHYDUtDWUHVERWHOODVGHYLQR
F(OHQDGLMRTXHHOODSRGUtDFRPSUDUORVSODWRV\ODVVHUYLOOHWDVGHSDSHO
G6DQWLDJRGLMRTXHpO\-XDQDSUHSDUDUtDQXQDHQVDODGLOODUXVD
7KHFRQGLWLRQDOSHUIHFW
DKDEUtDUHJUHVDGREKDEUtDFRQFOXLGRFKDEUtDPRVSRGLGRGKDEUtDSXEOLFDGRHKDEUtDGDGR
D/RKDEUtDSXHVWRHQHOJDUDMH
E+DEUtDQSHUGLGRODOODYH
F+DEUtDYXHOWRPX\WDUGHGHODILHVWDDQRFKH
G+DEUtDQYHQLGRSRUODPDxDQD
H+DEUtDHVWXGLDGRPXFKR
7KHIROORZLQJDUHH[DPSOHVRISRVVLEOHDQVZHUV
DKDEUtDQWUDEDMDGRGXUDQWHHOILQGHVHPDQD
EQRKDEUtDWHQLGRTXHTXHGDUVHHQHODSDUWDPHQWRGHOYHFLQR
FHOODQXQFDVHORKDEUtDSHUGRQDGR
G\DVHKDEUtDUHFXSHUDGR
HVXPDGUHORVKDEUtDOOHYDGRDOSDUTXH
8QLW6XEMXQFWLYHWHQVHV
7KHSUHVHQWVXEMXQFWLYH
DHVFXFKHEVHGLYLHUWDQFVHDGKDJDHFDLJD
H[LVWDKD\DQWHQJDQVHDQQRWHWKDWSHQVHPRVKHUHLVVWULFWO\VSHDNLQJDQLPSHUDWLYHDOWKRXJKLWWDNHVWKH
IRUPRIDSUHVHQWVXEMXQFWLYH
D2MDOiKD\DE2MDOiVDOJDQF2MDOiDFDEHPRVG2MDOiQRVRLJDQ
7KHSHUIHFWVXEMXQFWLYH
DKD\DQFXPSOLGREKD\DPRVREWHQLGRFKD\DVXIULGRGKD\DSDVDGR
DLYELLFLGLLL
+HUHDUHVRPHVXJJHVWLRQV
D4XL]iORKD\DQSXEOLFDGRE7DOYH]KD\DVDOLGRF2MDOiKD\DPRVWHUPLQDGRSDUDHQWRQFHVG
3RVLEOHPHQWHVHORKD\DQGDGR
7KHLPSHUIHFWVXEMXQFWLYH
DYLYLHUDYLYLHVHEVDOLHUDQVDOLHVHQFILUPDUDQILUPDVHQGUHVSRQGLHUDUHVSRQGLHVHH
VXSLHUDVXSLHVH
D6XJLULyDYLVDUDQDYLVDVHQE1RVH[WUDxyH[WUDxDEDWXYLHUDWXYLHVHF7HSURKLEtKDEODUDVKDEODVHV
G1RVWHPtDPRVWHPLPRVYLQLHUDYLQLHVH
DKXELHUDQKXELHVHQEIXHUDIXHVHFFRVWDUDQFRVWDVHQGVXSLpUDPRVVXSLpVHPRV
7KHSOXSHUIHFWVXEMXQFWLYH

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<DHVWiWRGROLVWRSDUDODILHVWD
G&DUOLWRV\DHVWiHQODFDPDSHURWRGDYtDHVWiGHVSLHUWR
H&RPRSHUVRQD&DUORVHVEDVWDQWHFHUUDGR
I(VHYLGHQWHTXHODQLxDHVPX\OLVWDSRUTXHDORVWUHVDxRV\DVDEHOHHU
J/DDEXHODGH0DUtDWLHQHDxRV\HVWiEDVWDQWHGHOLFDGD
K0LKLMDKDVDFDGRPX\EXHQDVQRWDV\HVWR\PX\RUJXOORVDGHHOOD
D7HQJRDxRV
E(OEHEpWLHQHKDPEUH
F7LHQHVVXHxR/DXUD"
G+R\KDFHFDORUSHURD\HUKDFtDEDVWDQWHIUtR

H+D\QDUDQMDVHQODQHYHUD
I+D\XQEDQFRSRUDTXt"
*XVWDUDQGRWKHUVLPLODUYHUEV
DOHVERVFWHGQRVHOH
DJXVWDEJXVWDFJXVWDQGJXVWDQHJXVWD
<RXPD\KDYHZULWWHQVRPHWKLQJOLNHWKLV
0HJXVWDHVWXGLDUOHQJXDV
$PLVSDGUHVOHVJXVWDSDVDUHOLQYLHUQRHQXQFOLPDVROHDGR
$PLKHUPDQD0DUtDQROHJXVWDEDQORVWRPDWHVFXDQGRHUDMRYHQ
$WRGDODIDPLOLDQRVJXVWDPXFKREXVFDUSRUWDOHVLQWHUHVDQWHVHQ,QWHUQHW$PLPHMRUDPLJROHJXVWDOD
RUQLWRORJtD
6ROHUDQGDFRVWXPEUDU
<RXPD\KDYHUHZULWWHQWKHSDVVDJHOLNHWKLV
5RGROIR6XiUH]HUDSULVLRQHUR3DUDpOWRGRVORVGtDVVROtDQVHUDFRVWXPEUDEDQDVHULJXDOHV(O
GHVSHUWDGRUVROtDVRQDUDFRVWXPEUDEDDVRQDUDODVVHLVGHODPDxDQD6ROtDOHYDQWDUVHDFRVWXPEUDED
DOHYDQWDUVHHQVHJXLGD\VROtDLUDFRVWXPEUDEDDLUDOFRPHGRUDGHVD\XQDU$ODVVLHWHVROtDHPSH]DU
DFRVWXPEUDEDDHPSH]DUDWUDEDMDUHQHOWDOOHUGHKDPDFDV6ROtDWHUPLQDUDFRVWXPEUDEDDWHUPLQDUD
ODXQD\GHVSXpVGHDOPRU]DUVROtDSDVDUDFRVWXPEUDEDDSDVDUXQDKRUDKDFLHQGRHMHUFLFLRHQHOFRUUDO
GHODFiUFHO/XHJRVROtDWHQHUDFRVWXPEUDEDDWHQHUGRVKRUDVGHWLHPSROLEUHVROtD
MXJDUDFRVWXPEUDEDDMXJDUDODVGDPDVRDODMHGUH]6ROtDYROYHUDFRVWXPEUDEDDYROYHUDVXFHOGDD
ODVVLHWH\ODVOXFHVVROtDQDSDJDUVHDFRVWXPEUDEDQDDSDJDUVHDODVQXHYH
<RXPD\KDYHZULWWHQVRPHWKLQJOLNHWKLV
6XHOROHYDQWDUPHDODV
$FRVWXPEURGXFKDUPHDQWHVGHGHVD\XQDU
6XHOROOHJDUDOWUDEDMRDODV
$FRVWXPEURDYROYHUDFDVDDHVRGHODV
6XHORDFRVWDUPHDPHGLDQRFKH
,PSHUVRQDOVHQWHQFHV
6XJJHVWLRQVDKDEODQVHKDEODEKDQOODPDGROODPDURQFDQXQFLDUiQVHDQXQFLDUiVHYDDDQXQFLDUG
LQWHQWDVXQRLQWHQWDXQDLQWHQWD
6XJJHVWLRQV
D3DUDKDFHUHVWHSDVWHOVHQHFHVLWDKDULQDE(Q(VSDxDVHSDUDGHWUDEDMDUDODKRUDGHFRPHUF6H
DYLVDUiSRUWHOpIRQRDORVJDQDGRUHVGHOFRQFXUVRG(Q$UJHQWLQDVHKDEODPXFKRGHI~WERO
7KHSDVVLYH
DLLLELFLYGLL
D)UDQN*KHU\GLVHxyHO0XVHR*XJJHQKHLP%LOEDRE+DQGHVFXELHUWR/DSROLFtDKDGHVFXELHUWRDORV
DXWRUHVGHOIUDXGHGH7DEDFRV6HUJXL\DF/RVJUDQGHVPRGLVWRVHXURSHRVSUHVHQWDUiQODQXHYDFROHFFLyQ
SULPDYHUDYHUDQRHQ0yQDFR
D0LOSXHVWRVGHWUDEDMRKDQVLGRFUHDGRVHQ9HUDFUX]
E(OSUHVXQWRODGUyQIXHDUUHVWDGR\IXHSXHVWRDGLVSRVLFLyQMXGLFLDO

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[FODPDWLRQPDUNV
1HJDWLYHE7KHPDUNLVWKHQHJDWLYHDGYHUEQXQFD
,QWHUURJDWLYHF7KHPDUNVDUHWKHTXHVWLRQPDUNV"
'HFODUDWLYHDIILUPDWLYHG%HFDXVHLWLVQRWPDUNHGDVLQWHUURJDWLYHH[FODPDWLYHRUQHJDWLYH
D7HOODPDV5RVD0DUL%HUP~GH]"7HOODPDV5RVD0DUL%HUP~GH]YHUGDG"FORVHG
E6HYHUDOSRVVLELOLWLHV&yPRWHOODPDV"4XLpQOODPy"HWFRSHQ
F&XiQGR(QTXpDxRQDFLy1HUXGD"RSHQ
D(VWiVLQYLWDGRDODERGDQR"YHUGDG"FLHUWR"
E1RKDVYLVWRD-XDQLHQWRGRHOGtDYHUGDG"FLHUWR"
F(ODxRSDVDGRIXLVWHLVGHYDFDFLRQHVD0LDPLFLHUWR"QR"YHUGDG"
8QLW1HJDWLYHV
D1RpOQRGHVFXEULyQDGD<DKDEtDJHQWHDOOtHQHOFRQWLQHQWH
E1RDSHQDVVHSXHGHGHFLUHVR/RVYLNLQJRVOOHJDURQDQWHV
F1RQLVLTXLHUDORUHFRQRFLyFRPRWDO&UHtDTXHKDEtDOOHJDGRDO([WUHPR2ULHQWH
G1RFUHRTXHQR1XQFDVHGLRFXHQWDGHVXHUURU
H1RQLVLTXLHUDHVR0XULyHQODPLVHULD
1RKDEtDQDGLHHQODIiEULFD1LQJXQDGHODVPiTXLQDVIXQFLRQDEDQRVHRtDQDGD\WDPSRFRKDEtDQLQJXQD
DFWLYLGDGIXHUDHQHOiUHDGHFDUJDGHVFDUJD
<RXPD\KDYHZULWWHQVRPHWKLQJOLNHWKLV
7RGDYtDQRKHORJUDGRKDFHUPHPLOORQDULRQLKHHVFULWRQLQJXQDQRYHODQLKHSLQWDGRQLQJ~QFXDGURTXHVHD
GLJQRGHFROJDUVHHQODJDOHUtDQDFLRQDO1LVLTXLHUDKHYLVLWDGR0DFKX3LFFKX<WDPSRFRKHFRQVHJXLGR
GRPLQDUSRUFRPSOHWRHOHVSDxRO6LQHPEDUJRD~QPHJXVWDUtDKDFHUHVWDVFRVDV
8QLW&RPSRXQGDQGFRPSOH[VHQWHQFHV
7KHFRPSRXQGVHQWHQFH
6XJJHVWLRQVDQXPEHURIOLQNVFRXOGKDYHEHHQXVHG

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
<RXPD\KDYHZULWWHQVRPHWKLQJOLNHWKLV
DHVWR\PX\FDQVDGDQRPHHQFXHQWURPX\ELHQEPHTXHGHDHVSHUDUDORVFOLHQWHVDOHPDQHVYD\DD
FHQDUFRQXQRVFOLHQWHVTXHYLHQHQGH$OHPDQLDFWHUPLQHPRVSURQWRHOORVHVWpQFDQVDGRV\VHUHWLUHQ
SURQWRGPHKDQLQYLWDGRHVODGHVSHGLGDGH-XDQDHFUHHVHVSHUDV
D&XDQGRE'HVSXpVGHF3HURGSRUTXHH\DTXH
7LPHUHODWLRQV
DSDJDUEYHUTXHDOJXLHQPHVHJXtDFFRQVXOWDUFRQVXVSDGUHVGKDFHUVHHOQRYLD]JRS~EOLFR
D,QLWKHSUREOHPZDVGLVFXVVHGDWWKHVDPHWLPHDVWKH\KDGWKHLUZDONLQLLLWZDVGLVFXVVHGDIWHUWKH
ZDONE,QLWKHGLVFXVVLRQRIWKHGHWDLOVJRHVEHIRUHWKHDFFHSWDQFHRIWKHRIIHULQLLLWJRHVDIWHUFL
VSHFLILHVWKDWWKHDFWLRQRISKRQLQJPRWKHUKDSSHQVDIWHUDGHOD\ZKHUHDVLQLLLWKDSSHQVLPPHGLDWHO\DIWHU
DUULYLQJKRPHG,QLZRUWKZKLOHVWXG\KDSSHQVDIWHUJRLQJRXWZLWKWKHJLUOLQLLLWVWRSVWKHQ
DDOEPLHQWUDVFHQHOPRPHQWR
DRtUHVFXFKDUHWFESDVHDEDDQGDEDHWFFWHQJDFRMDHWF
DFDGDYH]TXHEHQHOPRPHQWRHQTXHQRWHWKDWFXDQGRJLYHVWKHVDPHEURDGPHDQLQJEXWGRHVQRW
VSHFLI\WKHQXDQFHRIPHDQLQJUHTXHVWHGKHUHFHQFXDQWRVDPHFRPPHQWDVIRUEGDPHGLGDTXH
D'HVSXpVGHE0LHQWUDVFFXDQGRGHUHSHQWHG$SHQDVHFXDQGRIKDVWDTXHJ6LHPSUHTXH
K&XDQGRLDQWHVGHMDO
7KHFRQGLWLRQDOVHQWHQFH
DYHEFRQVLJXHFGHFtDTXHUtDGHPSLH]D
DGLUtDVGLUtDWHQGUtDWHUPLQDUtDESXGLHUDVFDPELDUtDKDUtDYROYLHVHRUYROYLHUDUHFRUUHUtDF
VHQWLUtDVXSLHUDRUVXSLHVH
<RXPD\KDYHZULWWHQVRPHWKLQJOLNHWKLV
D6LPLVSDGUHVKXELHUDQVLGRPLOORQDULRVEQRKDEUtDWHQLGRWHQGUtDTXHDSUHQGHUHVSDxROF
PHKDEUtDOODPDGR,QpVG6LPHKXELHUDQGLFKRKDFHXQRVDxRVTXHPLDPLJR0DUWtQLEDDVHUIDPRVR

8QLW,QGLUHFWVSHHFK
D,VLGURKDFRPHQWDGRTXHHVWiHQFDQWDGRGHKDEHUJDQDGRHOSUHPLR
E(OSUHVRQRGHMDGHUHSHWLUTXHHVLQRFHQWH
F(OFDSLWiQGHO5HDO0DGULGDVHJXUDTXHHVWHGRPLQJRYDQDOXFKDUKDVWDHOILQDOHQHOSDUWLGRFRQWUDHO
$WOpWLFRGH%LOEDR
G)HOLSHPHKDDVHJXUDGRTXHPDxDQDPHGHYROYHUiHOGLQHURTXHPHGHEH

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/9DORUHVJUDPDWLFDOHVGHVH0DGULG$UFR
*RQ]iOH]$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]$ORQVR&*UDPiWLFDIXQFLRQDOGHOHVSDxROUGHGQ0DGULG*UHGRV
+XUWDGR*RQ]iOH]60(OSHUIHFWRVLPSOH\HOSHUIHFWRFRPSXHVWRHQHOHVSDxRODFWXDOHVWDGRGHODFXHVWLyQLQ(SRV5HYLVWDGH)LORORJtD
;,9SS
.DWWiQ,EDUUD-6SDQLVK*UDPPDU$)XQFWLRQDO*XLGH/RQGRQ7HDFK<RXUVHOI%RRNV
.DWWiQ,EDUUD-0RGHUQ6SDQLVK*UDPPDU:RUNERRN/RQGRQDQG1HZ<RUN5RXWOHGJH
.DWWiQ,EDUUD-DQG3RXQWDLQ&-0RGHUQ6SDQLVK*UDPPDU$3UDFWLFDO*XLGH/RQGRQ5RXWOHGJH
/ORUHQWH9LJLO&/DVSHUtIUDVLVYHUEDOHV6DODPDQFD&ROHJLRGH(VSDxD
0DUFRV0DUtQ)&XUVRGHJUDPiWLFDHVSDxROD0DGULG&LQFHO.DSHOXV]
0DUFRV0DUtQ)$SUR[LPDFLyQDODJUDPiWLFDHVSDxROD0DGULG&LQFHO
0DUWtQ=RUUDTXLQR0$/RVPDUFDGRUHVGHOGLVFXUVRGHVGHHOSXQWRGHYLVWDJUDPDWLFDOLQ0DUWtQ=RUUDTXLQRDQG0RQWROtR'XUiQ&RRUGV
SS
0DUWtQ=RUUDTXLQR0$DQG0RQWROtR'XUiQ(&RRUGV/RVPDUFDGRUHVGHOGLVFXUVR7HRUtD\DQiOLVLV0DGULG$UFR
0DUWtQH]5&RQHFWDQGRWH[WR%DUFHORQD2FWDHGUR
0DWWH%RQ)*UDPiWLFDFRPXQLFDWLYDGHOHVSDxRO7RPR,'HODOHQJXDDODLGHD0DGULG(GHOVD0DWWH%RQ)*UDPiWLFD
FRPXQLFDWLYDGHOHVSDxRO7RPR,,'HODLGHDDODOHQJXD0DGULG(GHOVD
0RQWROtR'XUiQ(&RQHFWRUHVGHODOHQJXDHVFULWD%DUFHORQD$ULHO
3RUWROpV-0DUFDGRUHVGHOGLVFXUVR%DUFHORQD$ULHO
3RXQWDLQ&-DQGGH&DUORV73UDFWLVLQJ6SDQLVK*UDPPDU$:RUNERRNQGHGQ/RQGRQ+RGGHU(GXFDWLRQ
3XHEOD2UWHJD-&yPRFRQMXJDUWRGRVORVYHUERVGHOHVSDxRO0DGULG3OD\RU
5HDO$FDGHPLD(VSDxROD(VER]RGHXQDQXHYDJUDPiWLFDGHODOHQJXDHVSDxROD0DGULG(VSDVD&DOSH
5LFKDUGV-&3ODWW-DQG3DWW+'LFFLRQDULRGHOLQJtVWLFDDSOLFDGD\HQVHxDQ]DGHOHQJXDVWUDGXFLGR\DGDSWDGRDOHVSDxROSRU
&DUPHQ0XxR]/DKR]DQG&DUPHQ3pUH]9LGDO%DUFHORQD$ULHO
5XL]*XULOOR//DVORFXFLRQHVHQHVSDxRODFWXDO0DGULG$UFR
6DJHV6XELMDQD00DQXDOGHJUDPiWLFDHVSDxROD6DQ6HEDVWLiQ7[HUWRD
6iQFKH]$0DUWtQ(DQG0DWLOOD-$*UDPiWLFDSUiFWLFDGHHVSDxROSDUDH[WUDQMHURV0DGULG6*(/

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
'HPRQVWUDWLYHVWKHODWWHUDQGWKHIRUPHU
'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
*HUXQGWKHVHHDOVR&RQWLQXRXVWHQVHV
*HUXQGSHULSKUDVWLFFRQVWUXFWLRQVZLWKWKH
*XVWDU
+DEHU
+DFLD
+DVWD
+R\
,I,ZHUH\RX
,JXDOHV
,PSHUDWLYHLQLQGLUHFWVSHHFKWKH
,PSHUDWLYHLQVWUXFWLRQVHTXLYDOHQWWR/HWVHWF
,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
/HVVDQGOHVV
/LQNZRUGVVHH&RQQHFWRUV
/XHJR
0DOPDOR
0DQQHUDGYHUEVRI
0DQQHUFODXVHVRI
0DQQHUFRQQHFWRUVRI
0DxDQD
0DV
0iV
0iVTXH
0HGLDQWH
0HQRV
0HQRVTXH
0LPLVPtRPtDPtRVPtDV
0LHQWUDV
0LVPRDRVDV
0RRGWKH6SDQLVK
0RUHDQGPRUH
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
7KHODWWHUWKHIRUPHU
7KHPRUHWKHPRUH
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
<D
<DTXH