Académique Documents
Professionnel Documents
Culture Documents
$3UDFWLFDO*XLGHWR
6SDQLVK*UDPPDU
6HFRQG(GLWLRQ
(;$&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
$GYHUE$GYHUELR
$ZRUGWKDWGHVFULEHVDYHUEDQDGMHFWLYHRUDQRWKHUDGYHUELQWHUPVRIPDQQHUGHJUHHWLPHRUSODFHHJLQ6HYLYH
ELHQDTXt2QHOLYHVZHOOKHUHELHQDQGDTXtDUHDGYHUEVGHVFULELQJKRZDQGZKHUHRQHOLYHV
$GYHUELDOFODXVH
2UDFLyQVXERUGLQDGD
FLUFXQVWDQFLDODGYHUELDO
7\SHRIVXERUGLQDWHFODXVHZKLFKWDNHVWKHSODFHRIDQDGYHUELHZKLFKGHVFULEHVDYHUELQWKHZD\DQDGYHUE
ZRXOGHJ9HQGUpFXDQGRPHORSLGDV,OOFRPHZKHQ\RXDVNPHWR$GYHUELDOFODXVHVFDQH[SUHVVFDXVH
FRQFHVVLRQFRQGLWLRQFRPSDULVRQSXUSRVHPDQQHUSODFHRUWLPH
$GYHUELDOSKUDVH
/RFXFLyQDGYHUELDO
$IILUPDWLYH$ILUPDWLYR
4XDOLW\RUFKDUDFWHULVWLFRIDYHUERUVHQWHQFHZKLFKFDUULHVDSRVLWLYHPHDQLQJHJ0HJXVWDEDLODUDVRSSRVHGWR
WKHQHJDWLYH1RPHJXVWDFDQWDU
$IIL[HV$ILMRV
$EHJLQQLQJRUDQHQGLQJZKLFKLVDWWDFKHGWRDZRUGRUVWHP$WWDFKHGWRWKHEHJLQQLQJWKH\DUHFDOOHGSUHIL[HV
SUHILMRVHJYROXQWDULRLQYROXQWDULRYROXQWDU\LQYROXQWDU\DWWDFKHGWRWKHHQGRIWKHZRUGWKH\DUHFDOOHG
VXIIL[HVVXILMRVHJWUDEDMDUWUDEDMDGRUZRUNZRUNHU'RQRWFRQIXVHVXIIL[HVZLWKJHQGHUQXPEHUDQG
YHUEHQGLQJV
$JUHHPHQW
&RQFRUGDQFLD
$PHULFDQ6SDQLVK
(VSDxROGH
+LVSDQRDPpULFD
9DULHWLHVRI6SDQLVKVSRNHQLQ6SDQLVK$PHULFD
,QDUHODWLYHFODXVHWKHDQWHFHGHQWLVWKHQRXQZKLFKWKHUHODWLYHFODXVHTXDOLILHVRUGHVFULEHV)RULQVWDQFHLQ(O
$QWHFHGHQW$QWHFHGHQWH SHUURTXHODGUyHUDHOPtR7KHGRJWKDWEDUNHGZDVPLQHHOSHUURLVWKHDQWHFHGHQWRIWKHUHODWLYHFODXVHTXH
ODGUy
$SRFRSDWLRQ$SyFRSH
3KHQRPHQRQZKHUHVRPHZRUGVPDLQO\DGMHFWLYHVORVHWKHLUHQGLQJVZKHQWKH\SUHFHGHRWKHUZRUGVHJJUDQGH
EHFRPHVJUDQLQXQDJUDQFDVDDJUHDWKRXVH
$UWLFOH$UWtFXOR
$X[LOLDU\YHUE9HUER
DX[LOLDU
9HUEZKLFKKHOSVWKHPDLQYHUEWRPDNHXSDWHQVH,QWKHFRQWLQXRXVWHQVHVHJHVWR\FRPLHQGR,DPHDWLQJ
HVWR\IURPHVWDULVDQDX[LOLDU\DQGLQWKHFRPSRXQGWHQVHVHJKHFRPLGR,KDYHHDWHQKHIURPKDEHULVDQ
DX[LOLDU\
&ODXVH2UDFLyQ
*URXSRIZRUGVIRUPLQJDFRKHUHQWXQLWDURXQGDYHUE7KHWHUPLVXVHGWRUHIHUWRHDFKRIWKHVHQWHQFHVZKLFK
PDNHXSDFRPSOH[VHQWHQFHLQZKLFKDPDLQFODXVHDQGVXERUGLQDWHFODXVHVFDQEHIRXQG6HHDOVRFRPSOH[
VHQWHQFHQRXQFODXVHUHODWLYHFODXVHDQGDGYHUELDOFODXVH
&RPPDQG2UGHQ
&RPSDUDWLYH
&RPSDUDWLYR
(OHPHQWZKLFKFRPSDUHVDTXDOLW\RIDSHUVRQDQLPDOWKLQJHWFZLWKWKHVDPHTXDOLW\LQDQRWKHUHJ5XWKHVPHQRV
GHFLGLGDTXH0DUWD5XWKLVOHVVGHFLVLYHWKDQ0DUWD
&RPSOH[VHQWHQFH
2UDFLyQFRPSXHVWD
6HQWHQFHPDGHXSRIYDULRXVFODXVHVDWOHDVWRQHEHLQJDPDLQFODXVHJRYHUQLQJRQHRUPRUHVXERUGLQDWHFODXVHV
7KHPDLQFODXVHLVWKHFHQWUDOD[LVRIWKHFRPSOH[VHQWHQFHDQGKDVPHDQLQJE\LWVHOIVXERUGLQDWHFODXVHVDUH
GHSHQGHQWRQWKHPDLQFODXVHDQGGRQRWPDNHFRPSOHWHVHQVHRQWKHLURZQHJLQWKHVHQWHQFH&XDQGROOHJXHV
OOiPDPHSDUDTXHWHUHFRMD:KHQ\RXDUULYHFDOOPHVR,FDQSLFN\RXXSOOiPDPHLVWKHPDLQFODXVHDQGWKH
RWKHUWZRDUHVXERUGLQDWHFODXVHV
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\VLVWHUDQG0DUWDSDUHFHPX\VLPSiWLFD0DUWDVHHPVYHU\IULHQGO\
HVDQGSDUHFHOLQNWKHVXEMHFW0DUWDZLWKWKHDWWULEXWHVP\VLVWHUDQGYHU\IULHQGO\
'HPRQVWUDWLYH
'HPRVWUDWLYR
:RUGZKLFKTXDOLILHVDQRXQLQGLFDWLQJLWVSUR[LPLW\LQUHODWLRQWRWKHVSHDNHU(QJOLVKWKLVWKDWWKHVHDQG
WKRVH'HPRQVWUDWLYHVFDQEHDGMHFWLYHVHJ(VWDFDVDHVSUHFLRVD7KLVKRXVHLVEHDXWLIXORUSURQRXQVHJ
(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
HQGLQJVLQQRXQVDGMHFWLYHVDQGDUWLFOHVFDVDVKHUPRVDVORVDQGQXPEHUSHUVRQDQGWHQVHHQGLQJVLQYHUEV
YLYLPRVOOHJDEDQ1RWWREHFRQIXVHGZLWKVXIIL[HV
)HPLQLQH)HPHQLQR
6HH*HQGHU
)LQLWHYHUE
*HQGHU*pQHUR
*UDPPDWLFDOFDWHJRU\ZKLFKGHILQHVDZRUGDVPDVFXOLQHRUIHPLQLQH)RULQVWDQFHLQODFDVDHQFDQWDGDWKH
HQFKDQWHGKRXVHWKHQRXQFDVDLVIHPLQLQHDQGWKHDUWLFOHODDQGWKHDGMHFWLYHHQFDQWDGDDUHDOVRIHPLQLQH:KHUH
WKHJHQGHULVQHLWKHUPDVFXOLQHQRUIHPLQLQHLWLVVDLGWREHQHXWHU
*HUXQG*HUXQGLR
$OVRNQRZQDVWKHSUHVHQWSDUWLFLSOH$QLPSHUVRQDOIRUPRIWKHYHUEZKLFKLVXVHGDZLWKDQDX[LOLDU\WRIRUPWKH
FRQWLQXRXVWHQVHVHJHVWR\FRPLHQGRDQGELQVXERUGLQDWHFODXVHVZKHUHLWVVXEMHFWDJUHHVZLWKWKHYHUELQWKH
PDLQFODXVHHJ-XDQVLQWLpQGRVHPX\HQIHUPRSLGLyYHUDVXVKLMDV-XDQIHHOLQJYHU\LOODVNHGWRVHHKLV
GDXJKWHUV
*UDPPDWLFDOFDWHJRU\
&DWHJRUtDJUDPDWLFDO
$Q\FRQVWLWXHQWSDUWRIDODQJXDJHVRYHUDOOJUDPPDUV\VWHPZKLFKFDQEHDQDO\VHGDQGGHVFULEHGVXFKDVJHQGHU
QXPEHUSHUVRQWHQVHPRRGYRLFHHWF
,PSHUDWLYH,PSHUDWLYR
,PSHUVRQDOIRUPRIWKH
YHUE)RUPDQR
SHUVRQDOLPSHUVRQDOGHO
YHUER
$YHUEIRUPZKLFKLVQRWFRQMXJDWHGDQGLVWKHUHIRUHLQYDULDEOH,Q6SDQLVKDVLQ(QJOLVKWKHUHDUHWKUHHWKHLQILQLWLYH
HJVRxDUWRGUHDPWKHJHUXQGHJVRxDQGRGUHDPLQJDQGWKHSDVWSDUWLFLSOHHJVRxDGRGUHDPW
1RWHWKDWSDVWSDUWLFLSOHVGRYDU\LQIRUPZKHQWKH\DUHXVHGDVDGMHFWLYHVHJODOtQHDHVWiRFXSDGDWKHOLQHLV
HQJDJHG
,PSHUVRQDOVHQWHQFHV
)UDVHVLPSHUVRQDOHV
6HQWHQFHVZKRVHVXEMHFWLVXQNQRZQLUUHOHYDQWJHQHULFRULQGHWHUPLQDWHHJ6HGLFHTXHOOHJDUiDVHUSUHVLGHQWH
,WLVVDLGWKDWKHZLOOJHWWREHSUHVLGHQW8QRQRVDEHTXpKDFHUHQHVWDVFLUFXQVWDQFLDV2QHGRHVQRWNQRZZKDW
WRGRLQWKHVHFLUFXPVWDQFHV
,QGHILQLWHV,QGHILQLGRV
:RUGVWKDWUHIHUWRSHUVRQVDQLPDOVWKLQJVHWFZKLFKDUHQRWVSHFLILFRUFOHDUO\GHILQHGHJDOJXLHQVRPHERG\
DOJRVRPHWKLQJDOJXQDVRPH
,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
FRPHWRPRUURZDWRFORFNGLUHFWVSHHFKDQG3HGURGLMRTXHYHQGUtDDOGtDVLJXLHQWHDODV3HGURVDLGKH
ZRXOGFRPHWKHIROORZLQJGD\DWRFORFNLQGLUHFWVSHHFK
,QILQLWLYH,QILQLWLYR
7KHQDPHRIWKHYHUEDQGWKHIRUPWKDWYHUEVKDYHLQWKHGLFWLRQDU\,Q6SDQLVKLQILQLWLYHVDUHFKDUDFWHULVHGE\WKH
WKUHHHQGLQJVDUHULUHJDPDUFRPHUYLYLU7KHLQILQLWLYHLVDQLPSHUVRQDOIRUPRIWKHYHUE
,QWHUURJDWLYHV
,QWHUURJDWLYRV
$OVRNQRZQDVTXHVWLRQZRUGVDQGZKZRUGV:RUGVWKDWLQWURGXFHDTXHVWLRQTXpTXLpQHVFyPRFXiQGR
GyQGHFXiQWRDRVDVDVLQWKH(QJOLVKZKDWZKRZKLFKKRZZKHQZKHUHHWF
,QWHUURJDWLYHVHQWHQFH
6HQWHQFHZKLFKDVNVDTXHVWLRQHJ/ORYHUiPDxDQD":LOOLWUDLQWRPRUURZ"
)UDVHRUDFLyQLQWHUURJDWLYD
,QWUDQVLWLYHYHUE9HUER
LQWUDQVLWLYR
7\SHRIYHUEZKLFKGRHVQRWUHTXLUHDGLUHFWREMHFW7KLVLVEHFDXVHWKHDFWLRQGHVFULEHGE\WKHYHUEGRHVQRWDIIHFWD
SHUVRQREMHFWRUWKLQJGLUHFWO\DVLQWKHFDVHRIYHUEVRIPRWLRQHJ%DLODHVWXSHQGDPHQWH+HGDQFHVEHDXWLIXOO\
DQG0DxDQDPHOHYDQWDUpDODV7RPRUURZ,OOJHWXSDW6HHDOVR7UDQVLWLYHYHUEV
,UUHJXODUYHUE9HUER
LUUHJXODU
9HUEZKLFKGRHVQRWIROORZWKHUHJXODUFRQMXJDWLRQRUIRUP6RPHYHUEVDUHDOZD\VLUUHJXODUVXFKDVVHUZKLOHRWKHUV
DUHLUUHJXODURQO\LQVRPHWHQVHVVXFKDVMXJDULQVRPHSHUVRQVRIWKHSUHVHQWLQGLFDWLYHDQGVXEMXQFWLYHDQGLQWKH
LPSHUDWLYH6HHDOVR5HJXODUYHUE
/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\,QUHODWLRQWRDZRUGRQHZKRVHPHDQLQJLVQRWDIILUPDWLYHVXFKDVQXQFDQHYHUQLQJXQRQR
RQHQRQHQDGLHQRERG\HWF
1HXWHU1HXWUR
6HH*HQGHU:KHUHWKHJHQGHULVQHLWKHUPDVFXOLQHQRUIHPLQLQHLWLVVDLGWREHQHXWHU,QVRPHODQJXDJHVQRXQVFDQ
EHQHXWHULQ6SDQLVKDEVWUDFWFRQFHSWVWHQGWREHH[SUHVVHGPRUHXVLQJWKHQHXWHUIRUPRISURQRXQVHJ4XpHVOR
TXHPiVWHJXVWDGH-XDQD":KDWLVLWWKDW\RXOLNHPRVWDERXW-XDQD"
1RPLQDOLVDWLRQ
1RPLQDOL]DFLyQ
6XVWDQWLYDFLyQ
3URFHVVE\ZKLFKDSDUWRIVSHHFKRWKHUWKDQDQRXQEHKDYHVOLNHDQRXQRUDQRXQSKUDVHIRULQVWDQFHHOPtRPLQH
HOTXHPiVRGLRWKHRQH,KDWHPRVW(OFRPHUGHPDVLDGRQRHVEXHQR(DWLQJWRRPXFKLVQRWJRRG
1RXQ6XVWDQWLYR
1RXQFODXVH2UDFLyQ
VXVWDQWLYDFRPSOHWLYD
$W\SHRIVXERUGLQDWHFODXVHZKLFKWDNHVWKHSODFHRIDQRXQSKUDVHHJ4XLHURXQYHVWLGRQXHYR,ZDQWDQHZ
GUHVVQRXQSKUDVH4XLHURTXHPHFRPSUHVXQYHVWLGRQXHYR,ZDQW\RXWREX\PHDQHZGUHVVQRXQ
FODXVH
1RXQSKUDVH6LQWDJPD
QRPLQDO
1XPEHU1~PHUR
*UDPPDWLFDOFDWHJRU\ZKLFKGHILQHVDZRUGDVVLQJXODURUSOXUDO1XPEHUDSSOLHVWRQRXQSKUDVHVHOERVTXH
HQFDQWDGRORVERVTXHVHQFDQWDGRVWKHHQFKDQWHGZRRGWKHHQFKDQWHGZRRGVDQGWRYHUEVYLHQHYLHQHQ
,QVHQWHQFHVZLWKDWUDQVLWLYHYHUEWKHREMHFWRIDYHUELVDQRXQDQRXQSKUDVHRUDFODXVHZKLFKLVFRQVLGHUHGWREH
DIIHFWHGE\WKHYHUEHLWKHUGLUHFWO\RULQGLUHFWO\:KHQWKHDFWLRQRIWKHYHUEDIIHFWVWKHREMHFWGLUHFWO\WKDWREMHFWLV
VDLGWREHDGLUHFWREMHFWWKHQRXQQRXQSKUDVHRUFODXVHDQVZHUVWKHTXHVWLRQZKDW"RUWRZKRP"LQUHODWLRQWR
http://vk.com/espanol_con_amigos
$JHQHUDOWHUPIRUWKHYDULHWLHVRI6SDQLVKVSRNHQLQPDLQODQG6SDLQ
3HUIHFWWHQVHV7LHPSRV
FRPSXHVWRV
3HUVRQ3HUVRQD
3OXUDO3OXUDO
6HH1XPEHU
3RVVHVVLYH3RVHVLYR
:RUGWKDWLQGLFDWHVDUHODWLRQVKLSRISRVVHVVLRQRURZQHUVKLS3RVVHVVLYHVFDQEHDGMHFWLYHVHJ6XMDUGtQHV
SUHFLRVR+HUJDUGHQLVEHDXWLIXORUSURQRXQVHJ1RHVPtRHVWX\R,WVQRWPLQHLWV\RXUV
3UHIL[HV3UHILMRV
6HH$IIL[HV
6HH3UHSRVLWLRQ
3UHVHQWSDUWLFLSOH
*HUXQGLR
6HH*HUXQG
3URQRPLQDOYHUE9HUER
SURQRPLQDO
9HUEZKLFKLVDOZD\VDFFRPSDQLHGE\DSURQRXQRIWKHFODVVPHWHVHQRVRVVH7KH\DUHUHFRJQLVHGLQWKH
GLFWLRQDU\EHFDXVHWKHLQILQLWLYHKDVDQHQFOLWLFRUERXQGVHHJFDHUVHWRIDOO7ZRZHOONQRZQW\SHVRISURQRPLQDO
YHUEVDUHUHIOH[LYHYHUEVHJDIHLWDUVHWRVKDYHRQHVHOIDQGUHFLSURFDOYHUEVDPDUVHXQRVDRWURVWR
ORYHHDFKRWKHU
3URQRXQ3URQRPEUH
$ZRUGZKLFKWDNHVWKHSODFHRIDQRXQHJLQ-XDQDQRVHQJDxy(OODVDEtDODYHUGDG-XDQDGHFHLYHGXV6KH
NQHZWKHWUXWKHOODLVXVHGLQVWHDGRI-XDQDWRDYRLGUHSHDWLQJWKHQDPHZKLFKLVDOUHDG\XQGHUVWRRG7KHUHDUH
GLIIHUHQWW\SHVSHUVRQDOHJ0HGLRVXGLUHFFLyQ+HJDYHPHKLVDGGUHVVLQWHUURJDWLYHHJ4XLpQHUHV"
:KRDUH\RX"GHPRQVWUDWLYHHJ(VWHHV-XDQ7KLVLV-XDQSRVVHVVLYHHJ(VPtR,WVPLQHUHODWLYH
3HGURTXHHUDPX\DWUHYLGROHSUHJXQWyVXQRPEUH3HGURZKRZDVYHU\GDULQJDVNHGKHUQDPHLQGHILQLWH
$OJXLHQYLHQH6RPHERG\LVFRPLQJDQGQHJDWLYH1DGLHVHKDOHYDQWDGRWRGDYtD1RERG\KDVJRWXS\HW
4XHVWLRQZRUGV
,QWHUURJDWLYRV
6HH,QWHUURJDWLYHV
5DGLFDOFKDQJLQJYHUEV
9HUERVFRQLUUHJXODULGDGHV 9HUEVZKRVHFKDQJHVDIIHFWWKHVWHPRUURRW
TXHDIHFWDQDODUDt]
5HFLSURFDO5HFtSURFR
*UDPPDWLFDOWHUPZKLFKLQGLFDWHVWKDWDQDFWLRQLVPXWXDOHJ/XLV\&DUPHQVHRGLDQ/XLVDQG&DUPHQKDWHHDFK
RWKHU7KHUHDUHUHFLSURFDOSURQRXQVQRVRVVHDQGUHFLSURFDOYHUEVHJTXHUHUVHRGLDUVHXQRVDRWURV
5HIOH[LYH5HIOH[LYR
*UDPPDWLFDOWHUPZKLFKLQGLFDWHVWKDWDQDFWLRQLVSHUIRUPHGE\RQHVHOIRQRQHVHOIHJ0HYR\DODYDU,PJRLQJWR
ZDVKP\VHOI7KHUHDUHUHIOH[LYHSURQRXQVPHWHVHQRVRVVHDQGUHIOH[LYHYHUEVHJGXFKDUVH
5HJLVWHU5HJLVWUR
/LQJXLVWLFYDULHW\RUVW\OH$UHJLVWHULVFKDUDFWHULVHGE\WKHFKRLFHRIH[SUHVVLRQVWUXFWXUHVDQGLQSDUWLFXODU
YRFDEXODU\$UHJLVWHUFDQEHIRUPDOVWDQGDUGRUQHXWUDOLQIRUPDORUFROORTXLDORUYXOJDU
5HJXODUYHUE9HUER
UHJXODU
http://vk.com/espanol_con_amigos
5HODWLYHFODXVH2UDFLyQ $W\SHRIVXERUGLQDWHFODXVHZKLFKWDNHVWKHSODFHRIDQDGMHFWLYHDQGWKHUHIRUHTXDOLILHVDQRXQ/DVPRQWDxDV
GHUHODWLYH
QHYDGDVVRQXQDPDUDYLOOD7KHVQRZ\PRXQWDLQVDUHZRQGHUIXODGMHFWLYH/RVPRQWHVTXHVHYHQGHVGHDTXt
VRQXQDPDUDYLOOD7KHPRXQWDLQVWKDW\RXFDQVHHIURPKHUHDUHZRQGHUIXOUHODWLYHFODXVH
&RQQHFWRUZKLFKMRLQVWKHUHODWLYHFODXVHWRLWVDQWHFHGHQW,Q/DQLxDGHODIRWRTXHOOHYDWUHQ]DVVR\\R7KH
5HODWLYHSURQRXQ
OLWWOHJLUOLQWKHSKRWRZKRKDVSODLWVLVPHTXHLVWKHUHODWLYHSURQRXQZKLFKMRLQVWKHUHODWLYHFODXVHWRLWVDQWHFHGHQW
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
HOFXDOVHSXVRDODGUDUDOYHUQRVZKLFKVWDUWHGEDUNLQJDVVRRQDVLWVDZXVGRHVQRWKDYHFRPSOHWHVHQVHRQLWV
RZQEXWLWGRHVDVSDUWRIDFRPSOH[VHQWHQFHHJ1RVVDOLyXQSHUURHQRUPHHOFXDOVHSXVRDODGUDUDOYHUQRV
$KXJHGRJFDPHRXWZKLFKVWDUWHGEDUNLQJDVVRRQDVLWVDZXV7KHUHDUHWKUHHW\SHVRIVXERUGLQDWHFODXVHVQRXQ
FODXVHVUHODWLYHFODXVHVDQGDGYHUELDOFODXVHV
6XERUGLQDWLRQ
6XERUGLQDFLyQ
5HODWLRQVKLSRIGHSHQGHQF\WKDWDVXERUGLQDWHFODXVHKDVZLWKLWVJRYHUQLQJPDLQFODXVH,Q6LTXLHUHVYHQ,I\RX
ZDQWFRPHDORQJWKHFODXVHVLTXLHUHVKDVDUHODWLRQVKLSRIVXERUGLQDWLRQWRYHQLHLWLVGHSHQGHQWRQYHQ
6XIIL[HV6XILMRV
6HH$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\LQJLV
LQWKHSUHVHQWFRQWLQXRXVWHQVH
7UDQVLWLYHYHUE9HUER
WUDQVLWLYR
9HUEZKLFKWDNHVDGLUHFWREMHFW7KLVLVEHFDXVHWKHPHDQLQJRIWKHYHUELPSOLHVWKDWWKHDFWLRQLQIOXHQFHVDSHUVRQ
DQLPDORUWKLQJ$QH[DPSOHLVHVFULELUWRZULWHVLQFHZKHQVRPHERG\ZULWHVVKHPXVWZULWHVRPHWKLQJHYHQLIWKLV
ZHUHQRWVSHFLILHGLQWKHVHQWHQFH+DHVFULWRXQVLQItQGHQRYHODV+HVZULWWHQQRHQGRIQRYHOV6HHDOVR
,QWUDQVLWLYHYHUE
8WWHUDQFH8QLGDGGH
KDEOD
$JHQHUDOWHUPIRUDVWULQJRIVSHHFKSURGXFHGE\DVSHDNHULQDSDUWLFXODUVLWXDWLRQ,WPD\EHDIXOOVHQWHQFHDFODXVH
DQH[FODPDWLRQDQRUGHURUMXVWDVLQJOHZRUG
9HUE9HUER
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
6RIRULQVWDQFHPHVDWDEOHLVDIHPLQLQHQRXQDQGOLEURERRNLVDPDVFXOLQHQRXQ
,WLVLPSRUWDQWWRNQRZZKHWKHUDQRXQLVPDVFXOLQHRUIHPLQLQHDVRWKHUZRUGVLQDVHQWHQFHKDYHWRDJUHHZLWK
LWLQJHQGHU&RPSDUHHOQLxRDOWRWKHWDOOER\DQGODQLxDDOWDWKHWDOOJLUO7KHDUWLFOHHORUODWKHDQG
WKHDGMHFWLYHDOWRRUDOWDWDOOWKDWDFFRPSDQ\WKHQRXQQLxRER\RUQLxDJLUOKDYHWRDJUHHLQJHQGHU
DQGQXPEHUZLWKWKHQRXQLWVHOI
6HH8QLWDQG6HFWLRQIRUPRUHLQIRUPDWLRQRQQXPEHUDQGJHQGHUDJUHHPHQW
1DPLQJSHRSOHDQGDQLPDOV
7KHJHQGHURIPRVWQRXQVXVHGWRQDPHSHRSOHRUDQLPDOVGHSHQGVRQZKHWKHUWKHSHUVRQRUDQLPDOLVPDOHRU
IHPDOH
0DVFXOLQHQRXQV
HOSDGUHWKHIDWKHU
HOQLxRWKHER\
HOLQJHQLHURWKHPDOHHQJLQHHU
HOJDWRWKHPDOHFDW
)HPLQLQHQRXQV
ODPDGUHWKHPRWKHU
ODQLxDWKHJLUO
ODLQJHQLHUDWKHIHPDOHHQJLQHHU
ODJDWDWKHIHPDOHFDW
)RUP
1RXQVWKDWQDPHSHRSOHRUDQLPDOVXVXDOO\KDYHDPDVFXOLQHDQGDIHPLQLQHIRUP7KHPRVWFRPPRQPDVFXOLQH
HQGLQJLVRDQGWKHPRVWFRPPRQIHPLQLQHRQHLVDEXWWKHUHDUHRWKHUV
0DVFXOLQHIRUP
1RXQVWKDWHQGLQR
)HPLQLQHIRUP
5HSODFHWKHRE\DQD
1RXQVWKDWHQGLQGOQUV]
$GGDQDWRWKHPDVFXOLQHIRUPWRPDNH
WKHIHPLQLQHIRUP
1RXQVWKDWHQGLQH
6RPHWLPHVWKHHLVUHSODFHGE\DQD
VRPHWLPHVWKHHQGLQJUHPDLQVWKHVDPH
1RXQVWKDWHQGLQyQRUtQ
&KDQJHWRRQDRULQDUHVSHFWLYHO\
1RXQVWKDWHQGLQtRU~
5HPDLQWKHVDPH
HOVHFUHWDULRODVHFUHWDULDWKHVHFUHWDU\
HOSURIHVRUODSURIHVRUDWKHWHDFKHU7KH
PDLQH[FHSWLRQVDUHHOODMRYHQWKH\RXWKHOOD
OtGHUWKHOHDGHU
HOMHIHODMHIDWKHERVVHOHVWXGLDQWHOD
HVWXGLDQWHWKHVWXGHQWEXWQRWHHOWLJUHWKHWLJHU
ODWLJUHVDWKHWLJUHVV
HOFDPSHyQODFDPSHRQDWKHFKDPSLRQHO
EDLODUtQODEDLODULQDWKHEDOOHWGDQFHU
HOLUDQtODLUDQtWKH,UDQLDQHOKLQG~OD
KLQG~WKH+LQGX
1RXQVWKDWUHPDLQWKHVDPHLQWKHPDVFXOLQHDQGIHPLQLQH
HOODDUWLVWDWKHDUWLVW
HOODSROLFtDWKHSROLFHRIILFHU
http://vk.com/espanol_con_amigos
HOEHEpWKHEDE\
ODSHUVRQDWKHSHUVRQ
ODYtFWLPDWKHYLFWLP
HOSHUVRQDMHWKHFKDUDFWHUHJLQDERRN
HOODWD[LVWDWKHWD[LGULYHU
HOODWHQLVWDWKHWHQQLVSOD\HU
HOODWXULVWDWKHWRXULVW
HOJHQLRWKHJHQLXV
ODHVWUHOODWKH79ILOPVWDU
HOODWHVWLJRWKHZLWQHVV
HOODPRGHORWKHPRGHO
1RWHWKDWPRVWRIWKHVHRQO\WDNHRQHDUWLFOHHLWKHUPDVFXOLQHRUIHPLQLQHVRWKDWIRULQVWDQFHHO
SHUVRQDMHFDQEHXVHGWRUHIHUWRDIHPDOHFKDUDFWHUHOSHUVRQDMHGHODG\0DFEHWK
(MHUFLFLRV
)LUVWPDWFKHDFKQRXQZLWKLWV(QJOLVKWUDQVODWLRQDQGWKHQJLYHWKHIHPLQLQHIRUPUHPHPEHULQJWRXVH
WKHIHPLQLQHDUWLFOHOD
DHOSURIHVRU
EHOFDPSHyQ
FHODERJDGR
GHOLUDTXt
HHODWOHWD
LWKH,UDTL
LLWKHFKDPSLRQ
LLLWKHDWKOHWH
LYWKHWHDFKHU
YWKHODZ\HU
*LYHWKHPDVFXOLQHIRUPRIWKHIROORZLQJIHPLQLQHQRXQVUHPHPEHULQJWRXVHWKHPDVFXOLQHDUWLFOHHO
DODGRFWRUD
EODSUHVLGHQWD
FODFLFOLVWD
GODEDLODULQD
HODSROLFtD
IODHVWXGLDQWH
&RPSOHWHWKHPLVVLQJZRUGIURPHDFKFDSWLRQ6HHWKHWDEOH1RXQVWKDWUHPDLQWKHVDPHLQPDVFXOLQH
DQGIHPLQLQH
D$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\RIWKHPHQGLQJLQPDDUH
HOGtDWKHGD\DQGVRPHQRXQVRI*UHHNRULJLQHOFOLPDWKHFOLPDWHHO
http://vk.com/espanol_con_amigos
0DVFXOLQHQRXQVHQGLQJLQD
)HPLQLQHQRXQVHQGLQJLQR
2WKHUHQGLQJV
0DQ\QRXQVGRQRWHQGLQHLWKHURRUD1HYHUWKHOHVVWKHUHDUHFRQVLVWHQWSDWWHUQV7KHIROORZLQJUXOHVFDQ
KHOS\RXWRGHFLGHWKHJHQGHURIDQRXQ
D1RXQVWKDWDUHXVXDOO\IHPLQLQH
1RXQVHQGLQJLQGDGWDGDQGXG
0DQ\QRXQVHQGLQJLQH]
1RXQVHQGLQJLQVLVDQGLWLV
1RXQVHQGLQJLQLH
0RVWQRXQVHQGLQJLQLyQ
7KHQDPHVRIWKHOHWWHUVRIWKHDOSKDEHWDUHIHPLQLQH
([DPSOH
ODFLXGDGWKHFLW\ODLJXDOGDGHTXDOLW\ODOLEHUWDGOLEHUW\OD
OHDOWDGOR\DOW\ODYLUWXGYLUWXHODVDOXGKHDOWK
ODHVWXSLGH]VWXSLGLW\ODLGLRWH]LGLRF\ODVHQFLOOH]VLPSOLFLW\
ODFULVLVWKHFULVLVODWHVLVWKHWKHVLVODWURPERVLVWKURPERVLVOD
KHSDWLWLVKHSDWLWLV
ODVHULHWKHVHULHV
ODDFFLyQWKHDFWLRQODHVWDFLyQWKHVWDWLRQODH[FXUVLyQWKH
H[FXUVLRQODUHYROXFLyQWKHUHYROXWLRQODSDVLyQWKHSDVVLRQOD
PLVLyQWKHPLVVLRQ
7ZRLPSRUWDQWH[FHSWLRQVDUHHOFDPLyQWKHORUU\DQGHODYLyQWKH
DHURSODQH
ODDODEHODFHODGH
/DHxHQRH[LVWHHQLQJOpV7KHOHWWHUxGRHVQWH[LVWLQ(QJOLVK
E1RXQVWKDWDUHXVXDOO\PDVFXOLQH
1RXQVHQGLQJLQyQ
1RXQVHQGLQJLQRU
1RXQVHQGLQJLQDMH
1RXQVHQGLQJLQDVWUHVVHGYRZHO
1DPHVRIWKHGD\VDQGPRQWKV
1XPEHUV
&RORXUVDUHPDVFXOLQHZKHQXVHGDVQRXQV
7KHQDPHVRIULYHUVVHDVDQGRFHDQV
7KHQDPHVRIODQJXDJHV
([DPSOH
HOMDPyQKDP
HODPRUORYHHOYDORUFRXUDJHRUYDORXU
HOJDUDMHWKHJDUDJHHOSDLVDMHWKHODQGVFDSH
HOVRIiWKHVRID
HOOXQHV0RQGD\HODEULOSDVDGRODVW$SULO
1RWHWKDWLQ6SDQLVKWKHQDPHVRIWKHGD\VDQGPRQWKVDUHZULWWHQ
ZLWKDQLQLWLDOORZHUFDVHOHWWHU
(OWUHVHVPLQ~PHURIDYRULWR7KUHHLVP\IDYRXULWHQXPEHU
(OURMRHVPLFRORUIDYRULWR5HGLVP\IDYRXULWHFRORXU
HO$PD]RQDVHO$WOiQWLFRHO0HGLWHUUiQHR
HOHVSDxRO6SDQLVKHOIUDQFpV)UHQFKHOLQJOpV(QJOLVKHOMDSRQpV
-DSDQHVH
1RWHWKDWLQ6SDQLVKWKHQDPHVRIODQJXDJHVDUHZULWWHQZLWKDQ
LQLWLDOORZHUFDVHOHWWHU
F*HQGHURIQRXQVWKDWHQGLQH
7KHJHQGHURIQRXQVWKDWHQGLQHRUWKRVHWKDWGRQRWILWLQWRDQ\RIWKHFDWHJRULHVDERYHLVQRWHDV\WRSUHGLFW
:KHQOHDUQLQJQHZYRFDEXODU\LWLVLPSRUWDQWWROHDUQWKHJHQGHURIWKHZRUGVWRR7KHEHVWZD\RIGRLQJWKLV
LVDOZD\VWROHDUQWKHQRXQZLWKLWVDUWLFOHVRWKDW\RXUHPHPEHULIWKHZRUGLVPDVFXOLQHRUIHPLQLQHHOFRFKH
WKHFDUODQRFKHWKHQLJKW,I\RXORRNDQRXQXSLQWKHGLFWLRQDU\LWZLOOWHOO\RXLWVJHQGHUXVXDOO\
PDVFXOLQHQRXQVDUHIROORZHGE\WKHOHWWHUPDQGIHPLQLQHQRXQVE\I
1RXQVZKLFKFDQEHPDVFXOLQHRUIHPLQLQHEXWZLWKGLIIHUHQWPHDQLQJV
7KHUHDUHVRPHZRUGVZKLFKH[LVWERWKLQWKHPDVFXOLQHDQGLQWKHIHPLQLQHIRUPVEXWZKLFKPHDQGLIIHUHQW
http://vk.com/espanol_con_amigos
WKLQJVGHSHQGLQJRQWKHJHQGHU6RPHRIWKHPRVWFRPPRQDUH
HOEROVRWKHKDQGEDJ
HOFDSLWDOFDSLWDOLHPRQH\
HOJXtDWKHPDOHJXLGH
HOPDUJHQWKHPDUJLQ
ODEROVDWKHEDJWKHVWRFNH[FKDQJH
ODFDSLWDOWKHFDSLWDOFLW\
ODJXtDWKHIHPDOHJXLGHEXWDOVRWKHJXLGHERRN
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
$GGHV,IWKHYRZHOEHIRUHWKHODVW
FRQVRQDQWKDVDQDFFHQWWKHDFFHQW
GLVDSSHDUVLQWKHSOXUDO
HOGRFWRUORVGRFWRUHVGRFWRUV
ODQDFLyQODVQDFLRQHVQDWLRQV
1RWHWKDWQRXQVHQGLQJLQDVWUHVVHGtRU~LQWKHVLQJXODUIRUPWKHLUSOXUDOE\DGGLQJHVHOLUDTXtORV
LUDTXtHV,UDTLVODKLQG~ODVKLQG~HV+LQGXZRPHQ7KHH[FHSWLRQVDUHHOPHQ~ORVPHQ~VWKH
PHQXVHOFKDPS~ORVFKDPS~VWKHVKDPSRRV1RWHKRZHYHUWKDWLWLVEHFRPLQJDFFHSWDEOHVLPSO\WRVD\
ORVLUDTXtVODVKLQG~VHWF
0DVFXOLQHSOXUDOIRUPVWKDWLQFOXGHPDOHVDQGIHPDOHV
7KHPDVFXOLQHSOXUDOIRUPFDQUHIHUWRERWKPDOHVDQGIHPDOHV
ORVDEXHORVJUDQGSDUHQWV
ORVKHUPDQRVEURWKHUVDQGVLVWHUV
ORVQLxRVFKLOGUHQLHER\VDQGJLUOV
ORVKLMRVFKLOGUHQLHVRQVDQGGDXJKWHUV
ORVSULPRVPDOHDQGIHPDOHFRXVLQV
ORVSDGUHVSDUHQWV
ORVWtRVXQFOHVDQGDXQWV
([DPSOHV
/RVQLxRVHPSLH]DQHOFROHJLRDORVFLQFRDxRV&KLOGUHQVWDUWVFKRRODWILYH
LV
1RWHWKDWLQWKHOLJKWRIFXUUHQWGHEDWHDERXWJHQGHULQFOXVLYHODQJXDJHWKHPRUHSROLWLFDOO\FRUUHFWIRUP
/RVQLxRV\ODVQLxDVHPSLH]DQHOFROHJLRDORVFLQFRDxRV
1RXQVWKDWGRQRWFKDQJHLQWKHSOXUDO
1RXQVWKDWHQGLQDQXQVWUHVVHGYRZHOSOXVVLQWKHVLQJXODUNHHSWKHVDPHIRUPLQWKHSOXUDOHOOXQHVORV
OXQHV0RQGD\VODFULVLVODVFULVLVFULVHVODWHVLVODVWHVLVWKHVHV
)RUHLJQERUURZLQJV
0DQ\ERUURZHGQRXQVIRUPWKHLUSOXUDOE\DGGLQJDQVUHJDUGOHVVRIWKHLUHQGLQJ
HOPRGHPORVPRGHPV
HOSyVWHUORVSRVWHUV
HOELWORVELWV
HOFDPSLQJORVFDPSLQJVWKHFDPSVLWHV
(MHUFLFLRV
*LYHWKHSOXUDORIWKHIROORZLQJQRXQV5HPHPEHUWRXVHWKHFRUUHFWDUWLFOHORVRUODV
DODHVWDFLyQ
EODPHVD
FHOOXQHV
http://vk.com/espanol_con_amigos
GHODFWRU
HHOYLUXV
IHOFDIp
JHOWDE~
KODHVWXGLDQWH
LHODWODV
5HSODFHWKHZRUGVLQEROGZLWKJHQGHULQFOXVLYHH[SUHVVLRQV
(MHPSOR
/RVSDGUHVGH$OLFLD/DPDGUH\HOSDGUHGH$OLFLD
D(Q(VSDxDORVQLxRVHPSLH]DQHOFROHJLRDODVQXHYH
E/RVDEXHORVGH0DULDQDYLYHQHQ2UHQVH
F/RVSURIHVRUHVWUDEDMDQPXFKR
7LFNWKHUHOHYDQWER[HVWRLGHQWLI\WKHJHQGHUDQGQXPEHURIWKHIROORZLQJQRXQV,ILQGRXEWXVH\RXU
GLFWLRQDU\
0DVFXOLQR
)HPHQLQR
6LQJXODU
3OXUDO
D0HGLWHUUiQHR
EJDV
FSUREOHPDV
GFULVLV
HFLFOLVWDV
&ROOHFWLYHQRXQV
&ROOHFWLYHQRXQVORVVXVWDQWLYRVFROHFWLYRVDUHXVHGWRUHIHUWRSHRSOHDQLPDOVRUWKLQJVDVDJURXS,Q
(QJOLVKVRPHFROOHFWLYHQRXQVVXFKDVSHRSOHRUWKHSROLFHDUHSOXUDO3HRSOHDUHVHOILVKLQ6SDQLVK
FROOHFWLYHQRXQVDUHVLQJXODU/DJHQWHHVHJRtVWD
6RPHRIWKHPRVWFRPPRQFROOHFWLYHQRXQVLQ6SDQLVK
HOFRPLWpWKHFRPPLWWHH
HOHMpUFLWRWKHDUP\
ODIDPLOLDWKHIDPLO\
ODJHQWHSHRSOH
HOJRELHUQRJRYHUQPHQW
ODSROLFtDWKHSROLFH
HOUHEDxRWKHKHUG
&ROOHFWLYHQRXQVLQ6SDQLVKDUHXVHGLQWKHVLQJXODUZKHQWKH\UHIHUWRDJURXS
0LIDPLOLDYLYHHQ,WDOLD0\IDPLO\OLYHVLQ,WDO\
/DSROLFtDGHWXYRDORVWHUURULVWDV7KHSROLFHDUUHVWHGWKHWHUURULVWV
:KHQUHIHUULQJWRVHYHUDOJURXSVFROOHFWLYHQRXQVDUHXVHGLQWKHSOXUDO
http://vk.com/espanol_con_amigos
ORVJRELHUQRVGHPRFUiWLFRVGHPRFUDWLFJRYHUQPHQWV
ODVIDPLOLDVQXPHURVDVODUJHIDPLOLHV
(MHUFLFLRV
&LUFOHWKHFROOHFWLYHQRXQVLQWKHIROORZLQJOLVW
ODPD\RUtDODFDVDODPLQRUtDHOS~EOLFRODFLXGDGHOJUXSRHOOLEUR
'HFLGHLIWKHVXEMHFWLVDFROOHFWLYHQRXQRUQRWDQGWKHQFKRRVHWKHFRUUHFWYHUEIRUPWKLUGSHUVRQ
VLQJXODURUWKLUGSHUVRQSOXUDO
D/DSROLFtDHQFRQWUyHQFRQWUDURQDOODGUyQ
E/RVSROLFtDVOOHYDOOHYDQSLVWROD
F(OFRPLWpWRPyWRPDURQODGHFLVLyQXQiQLPHPHQWH
G(OHMpUFLWRUHDOL]DUHDOL]DQPDQLREUDV
'LPLQXWLYHDXJPHQWDWLYHDQGSHMRUDWLYHVXIIL[HV
,Q6SDQLVKGLPLQXWLYHDXJPHQWDWLYHDQGSHMRUDWLYHVXIIL[HVVXILMRVGLPLQXWLYRVDXPHQWDWLYRV\SH\RUDWLYRV
FDQEHDGGHGWRQRXQVDQGVRPHWLPHVWRDGMHFWLYHVDQGHYHQDGYHUEV7KHVHVXIIL[HVRUSDUWLFOHVDGGHGDW
WKHHQGRIWKHZRUGFRQYH\FRQQRWDWLRQVRIVPDOOQHVVRUHQGHDUPHQWGLPLQXWLYHVRUODUJHQHVVXJOLQHVVRU
FOXPVLQHVVDXJPHQWDWLYHV3HMRUDWLYHVXIIL[HVFRQYH\QHJDWLYHFRQQRWDWLRQVVXFKDVFRQWHPSW
'LPLQXWLYHVXIIL[HVDGGHGWRQRXQV
7KHPRVWFRPPRQGLPLQXWLYHLVLWRLWD
7KHXVHRIGLPLQXWLYHVXIIL[HVLVHYHQPRUHH[WHQGHGLQ6SDQLVK$PHULFDWKDQLQ6SDLQ
)RUP
'URSWKHODVWYRZHODQGDGGLWRLWDJHQHUDOO\LI
WKHQRXQHQGVLQRRUD
1RWHLQWKHH[DPSOHVVSHOOLQJFKDQJHVRFFXU
ZKHQDGGLQJLWRLWDWRSUHVHUYHWKHVDPHVRXQG
DVLQWKHRULJLQDOQRXQFTXJJX1RWHDOVR
]FDVLQ6SDQLVKLWLVQRWXVXDOWRKDYH]LQIURQW
RIHRUL
$GGFLWRFLWDLIWKHQRXQHQGVLQQURULIWKH
QRXQHQGVLQHDQGKDVPRUHWKDQRQHV\OODEOH
$GGHFLWRHFLWDLIWKHQRXQKDVWZRV\OODEOHV
HQGVLQRRUDDQGWKHILUVWV\OODEOHFRQWDLQVLHRU
XHRULIWKHQRXQKDVRQHV\OODEOHDQGHQGVLQD
FRQVRQDQW
1RWHWKDWWKHVSHOOLQJFKDQJH]FRFFXUV
ZKHQDGGLQJHFLWRHFLWDDVLWLVQRWXVXDOWRKDYH
]LQIURQWRIHRUL
/DJDWDKDGDGRDOX]DFLQFRJDWLWRV7KHFDW
KDVJLYHQELUWKWRILYHNLWWHQV
6RSODXQYLHQWHFLWRPX\DJUDGDEOH7KHUHLVD
YHU\SOHDVDQWOLWWOHEUHH]H
2WKHUGLPLQXWLYHHQGLQJVDUH
http://vk.com/espanol_con_amigos
LFRLFDDUHJLRQDOYDULDWLRQRILWRLWDLVSDUWLFXODUO\FRPPRQLQ
6SDQLVK$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
IORUIORUHFLWDIORUHFLOOD
&KDQJHRIPHDQLQJE\XVLQJGLPLQXWLYHVXIIL[HV
,QPDQ\FDVHVWKHDGGLWLRQRIDGLPLQXWLYHVXIIL[KDVFUHDWHGDQHZQRXQ XQEROVRDEDJXQEROVLOORDSRFNHW6RPHWLPHVWKHQHZZRUGLV
ZLWKDGLIIHUHQWPHDQLQJ
DOVRRIWKHRWKHUJHQGHUXQ]DSDWRDVKRHXQD]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[ XQDVLOODDFKDLUXQVLOOyQDQDUPFKDLU
http://vk.com/espanol_con_amigos
KDVFUHDWHGDQHZZRUG
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
$QDUWLFOHXQDUWtFXORLVDW\SHRIZRUGWKDWSUHFHGHVDQRXQDQGVLJQDOVZKHWKHUWKDWQRXQUHIHUVWRD
VSHFLILFHOHPHQWRUWRDQXQVSHFLILHGRQH,QWKHFDVHRIDVSHFLILFHOHPHQWWKHGHILQLWHDUWLFOHLVXVHGWKH
KRXVHWKHDSSOHDQGLQWKHFDVHRIDQXQVSHFLILHGHOHPHQWWKHLQGHILQLWHDUWLFOHLVXVHGDKRXVHDQ
DSSOH
,Q6SDQLVKWKHQXPEHUDQGJHQGHURIWKHDUWLFOHGHSHQGRQWKHQXPEHUDQGJHQGHURIWKHQRXQ
7KHGHILQLWHDUWLFOH
,Q(QJOLVKWKHLVDQDUWLFOH,WLVFDOOHGWKHGHILQLWHDUWLFOHHODUWtFXORGHILQLGREHFDXVHLWLVXVHGWRUHIHUWR
VRPHWKLQJVSHFLILF3DVVPHWKHSHQ,Q6SDQLVKWKHDUWLFOHKDVWRDJUHHLQQXPEHUDQGJHQGHUZLWKWKHQRXQ
LWDFFRPSDQLHVHOQLxR
ODQLxDORVQLxRVODVQLxDV
)RUP
'HILQLWHDUWLFOH
0DVFXOLQHVLQJXODU
HOSURIHVVRU
)HPLQLQHVLQJXODU
ODSURIHVRUD
0DVFXOLQHSOXUDO
ORVSURIHVRUHV
)HPLQLQHSOXUDO
ODVSURIHVRUDV
6HH8QLWIRUPRUHLQIRUPDWLRQRQSUHSRVLWLRQVIROORZHGE\DUWLFOHVDQG8QLWIRUDJUHHPHQWZLWKQRXQV
7KHDUWLFOHZLWKQRXQVVWDUWLQJZLWKDVWUHVVHGDRUKD
HODUPDWKHZHDSRQ
HODVPDDVWKPD
HODXODWKHFODVVURRP
HOKDPEUHKXQJHU
7KHWZRH[FHSWLRQVDUHWKHQDPHVRIWKHOHWWHUVDDQGKODDDQGODKDFKH
1RWHWKDWDQ\DGMHFWLYHDFFRPSDQ\LQJWKHVHQRXQVLQFOXGLQJWKHGHPRQVWUDWLYHDGMHFWLYHDJUHHVZLWKWKH
QRXQDQGLVWKHUHIRUHLQWKHIHPLQLQHHODJXDIUtDFROGZDWHUHVWDViUHDVWKHVHDUHDV
6HH6HFWLRQRQDGMHFWLYDODJUHHPHQWDQG8QLWRQGHPRQVWUDWLYHV
8VH
6SHFLILFDQGJHQHUDOVHQVH
,QJHQHUDOWKHGHILQLWHDUWLFOHLVXVHGEHIRUH
%XHQRV$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-DSyQHO3DUDJXD\
7KHQDPHVRIVRPHFRXQWULHVDOWKRXJKWKHWHQGHQF\LVLQFUHDVLQJO\WRRPLW HO3HU~HO8UXJXD\
1RWHWKDWQDPHVRIRWKHUFRXQWULHVDUHQRWXVXDOO\SUHFHGHGE\DQ
LW
DUWLFOHH[FHSWZKHQWKH\DUHEHLQJPRGLILHGE\DQDGMHFWLYHRUDQ
H[SUHVVLRQ7KHDUWLFOHKHOSVWRVLJQDOWKDWWKHPHDQLQJLVPRUHVSHFLILF
(VSDxDEXWOD(VSDxDGHPRFUiWLFDGHPRFUDWLF6SDLQ0p[LFREXWHO
0p[LFRGHOVLJOR;,;WKFHQWXU\0H[LFR
7KHQDPHVRIVWUHHWVDQGVTXDUHV
9LYRHQOD3OD]DGHOD,QGHSHQGHQFLD,OLYHLQ,QGHSHQGHQFH6TXDUH
7KHQDPHVRIULYHUVRFHDQVDQGPRXQWDLQV
HO$PD]RQDVWKH$PD]RQHOPRQWH(WQD0RXQW(WQD
8VHRIWKHDUWLFOHZLWKWLPHVGDWHVDQGSHULRGV
7KHGHILQLWHDUWLFOHLVDOVRXVHGLQPDQ\H[SUHVVLRQVWKDWUHIHUWRWLPHVGDWHVDQGSHULRGV,QSDUWLFXODULWLV
XVHGEHIRUH
7KHGD\VRIWKHZHHNDQGGDWHV
$UWLFOHWLPHSHULRGSDVDGRDSUy[LPRDTXHYLHQH
7KHWLPHRIGD\
8VHVWKDWGLIIHUIURP(QJOLVK
8QOLNHLQ(QJOLVKWKHGHILQLWHDUWLFOHLVXVHGEHIRUH
&RQFHSWV
$FDGHPLFVXEMHFWV
7KHQDPHVRIODQJXDJHV
7KHQDPHVRIFRORXUV
7KHQDPHVRIPHDOV
7KHQDPHVRIVSRUWVWHDPV
http://vk.com/espanol_con_amigos
7LWOHVRISHRSOH
)DPLO\UHODWLRQVEXWQRWXVXDOO\SDUHQWVRUVLEOLQJV
4XDOLILHGSURSHUQDPHV
0DGULGDUHSOD\LQJ
HO6U5XL]HOFDSLWiQ$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
$PHULFDLWLV
HVWDUHQFDVDWREHDWKRPHVHQWLUVHFRPRHQFDVDWRIHHODWKRPH
LUDFDVDWRJRKRPHVDOLUGHFDVDWROHDYHWKHKRXVHTXHGDUVHHQ
FDVDWRVWD\DWKRPH
/DFDVDGH5RVDWLHQHXQMDUGtQPX\JUDQGH5RVDVKRXVHKDVDYHU\
ODUJHJDUGHQ
FDVDKRPH
FDVDKRXVH
7KHDUWLFOHLVQRWXVHGZLWKFODVHDQGPLVDLQH[SUHVVLRQVVXFKDVWKHIROORZLQJ
HVWDUHQFODVHWREHLQFODVVLUDFODVHWRJRWRFODVVWHQHUFODVHWR
KDYHDFODVVOHVVRQ
HVWDUHQPLVDWREHDWPDVVLUDPLVDWRJRWRPDVVVDOLUGHPLVDWR
FRPHRXWRIPDVVGHFLUPLVDWRFHOHEUDWHPDVV
FODVH
PLVD
7KHQHXWHUDUWLFOHOR
7KHQHXWHUDUWLFOHORQHYHUDFFRPSDQLHVDQRXQEXWLVXVHGDVIROORZV
ORDGMHFWLYHRUSDVWSDUWLFLSOHWRH[SUHVVWKH(QJOLVKWKHWKLQJWKDW
7RUHIHUWRDSDUWRIDZKROH
7RUHIHUWRDVHULHVRIWKLQJVWKDWVKDUHWKHVDPHTXDOLW\
/RGLItFLOHVHQFRQWUDUGyQGHDSDUFDU7KHGLIILFXOWWKLQJLVWRILQG
ZKHUHWRSDUN
7LHQHVTXHFXPSOLUORSURPHWLGR<RXKDYHWRGRZKDW\RXSURPLVHG
/RSXVHHQORDOWRGHODUPDULR,SXWLWRQWKHWRSRIWKHZDUGUREH
/HJXVWDORURVD6KHOLNHVSLQNWKLQJV
6HH6HFWLRQIRUWKHXVHVRIORGHORTXH
(MHUFLFLRV
:KDWGR\RXOLNH"0DNHWUXHVHQWHQFHVXVLQJWKHZRUGVLQWKHER[5HPHPEHUWRDGGWKHFRUUHFWDUWLFOH
,I\RXDUHQRWVXUHRIWKHJHQGHURIDQ\RIWKHQRXQVORRNLWXSLQWKHGLFWLRQDU\
http://vk.com/espanol_con_amigos
(MHPSOR
,I\RXOLNHLW\RXVD\0HJXVWDHOFKRFRODWH,OLNHFKRFRODWH
,I\RXGLVOLNHLW\RXVD\1RPHJXVWDHOFKRFRODWH,GRQWOLNHFKRFRODWH
YLQRDJXDFDIpWpFHUYH]DVDQJUtD
VDOSLPLHQWD
HQVDODGDSROORFDUQHYHUGXUD
PHOyQIODQIUXWD\RJXU
&RPSOHWHHDFKJDSZLWKWKHFRUUHFWDUWLFOH
DOXQHVVLHPSUHYR\DOJLPQDVLR
E/DPRQHGDRILFLDOHQ5HLQR8QLGRHVODOLEUDHVWHUOLQD
F(OKRWHOHVWiHQ$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
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
:RUGVVXFKDVJUDQGHELJDPDULOOR\HOORZRUVLPSiWLFRIULHQGO\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\PHQRVTXHVXSHULRULW\PiVTXHRU
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
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
RWKHUWKDQWKHVHFRQGSHUVRQVLQJXODUDQGSOXUDODUHWKHVDPHLQDOOYDULHWLHVRI6SDQLVK
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
,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$PHULFD
DQGXVWHG
7KHXVHRIW~RUYRVDQGXVWHGDQGYRVRWURVDVDQGXVWHGHVLVGLIIHUHQWLQ6SDLQDQG6SDQLVK$PHULFD
+RZHYHUWKURXJKRXWWKH6SDQLVKVSHDNLQJZRUOGWKHFKRLFHEHWZHHQWKHGLIIHUHQWIRUPVRIDGGUHVVW~RUYRV
DQGXVWHGGHSHQGVRQDQXPEHURIYDULDEOHV
WKHOHYHORIIDPLOLDULW\EHWZHHQWKHVSHDNHUV
FRXUWHV\UHVXOWLQJIURPGLIIHUHQFHVLQDJHIRULQVWDQFH
WKHFORVHQHVVGLVWDQFHEHWZHHQWKHVSHDNHUVZKLFKFDQEHSV\FKRORJLFDORUDIIHFWLYH
WKHOHYHORILQIRUPDOLW\IRUPDOLW\RIWKHVLWXDWLRQ
WKHIHHOLQJRIVROLGDULW\WKDWPD\H[LVWEHWZHHQWKHVSHDNHUVHJEHWZHHQSHRSOHZKRVKDUHWKHVDPHVRFLDO
FODVVLGHRORJLFDOEHOLHISURIHVVLRQRUVRFLDOJURXSVXFKDVDVSRUWVWHDPRUVFKRRO
LVVXHVRISRZHUVXFKDVGLIIHUHQFHVLQVWDWXVRUDXWKRULW\
,QJHQHUDOSHRSOHZKRDUHIDPLOLDUZLWKHDFKRWKHUZKRDUHFORVHWRHDFKRWKHUZKRKDYHDQLQIRUPDO
UHODWLRQVKLSRUZKRVKDUHVRPHIHHOLQJRIVROLGDULW\XVHWKHIDPLOLDUW~RUYRVVHHEHORZZKHUHDVXVWHGLV
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$QGDOXFtDXVWHGHVLVRIWHQXVHGZLWKWKHYHUEIRUPIRUYRVRWURVDVVHFRQGSHUVRQ
SOXUDO8VWHGHVTXHUpLVFRPHUDOJR":RXOG\RXOLNHVRPHWKLQJWRHDW",Q3HQLQVXODU6SDQLVKWKHIRUP
ZRXOGEH9RVRWURVTXHUpLVFRPHUDOJR"LQIRUPDORU8VWHGHVTXLHUHQFRPHUDOJR"IRUPDO
7KH6SDQLVK$PHULFDQQRUP
7KHUHDUHWZRPDLQQRUPVLQ/DWLQ$PHULFDWKDWRIWKHFRXQWULHVZKHUHW~LVXVHGDQGWKDWRIWKHFRXQWULHV
ZKHUHYRVLVXVHG
D6SDQLVK$PHULFDQFRXQWULHVXVLQJW~OD$PpULFDWXWHDQWH
7~LVSUHGRPLQDQWWKURXJKRXW6SDQLVK$PHULFD
7RFRQYH\IDPLOLDULW\FORVHQHVVLQIRUPDOLW\RU
VROLGDULW\
W~
XVWHGHVYHUELQWKHWKLUGSHUVRQSOXUDO
7RFRQYH\GLVWDQFHFRXUWHV\IRUPDOLW\RUDSRZHU
XVWHGYHUELQWKHWKLUGSHUVRQVLQJXODU
UHODWLRQ
E6SDQLVK$PHULFDQFRXQWULHVXVLQJYRVOD$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\FOH0DUtDODKDFRPSUDGR0DUtDKDV
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\RXWRGD\
)RUWKHXVHRIXVWHGHVDQGLWVGLUHFWREMHFWSURQRXQHTXLYDOHQWVRVDQGOHVVHH6HFWLRQ
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
0HHVFULELyXQDFDUWD+HZURWHPHDOHWWHU
7HPDQGyXQUDPRGHURVDV+HVHQW\RXDEXQFKRIURVHV
/HGLXQEHVR,JDYHKLPDNLVVRUKHURU\RXIRUPDO
1RVFDQWDURQXQDFDQFLyQ7KH\VDQJXVDVRQJ
2VPDQGpODVIRWRVGHODERGD,VHQW\RXWKHZHGGLQJSKRWRV
/HVFRQWpODQRWLFLD,WROGWKHPRU\RXWKHQHZV
8VH
*HQHUDOUXOH
,QJHQHUDOWKHLQGLUHFWREMHFWSURQRXQJRHVEHIRUHWKHYHUE
WKDWLQ(QJOLVKRQWKHRWKHUKDQGLWJRHVDIWHUWKHYHUE
1RWLFH
0HUHJDOyXQOLEUR+HJDYHPHDERRN
([FHSWLRQV
,QWKHIROORZLQJFDVHVWKHLQGLUHFWREMHFWSURQRXQJRHVDIWHUWKHYHUEDQGLVDWWDFKHGWRLWWKHVHDUHFDOOHGHQFOLWLFSURQRXQV<RXZLOOQRWLFHWKDW
WKHVHUXOHVDUHWKHVDPHDVWKRVHWKDWDSSO\WRWKHGLUHFWREMHFWSURQRXQV 6HFWLRQ
$IILUPDWLYHFRPPDQGV
&RQVWUXFWLRQVZLWKWKHLQILQLWLYH
&RQVWUXFWLRQVZLWKWKHJHUXQG
,IWKHLQILQLWLYHRUJHUXQGLVSUHFHGHGE\DILQLWHYHUEWKHSURQRXQFDQEH
SODFHGEHIRUHWKHILQLWHYHUE
'DPHHOOLEUR*LYHPHWKHERRN
7HQJRTXHGDURVODGLUHFFLyQ,QHHGWRJLYH\RXWKHDGGUHVV
(VWR\FRQWiQGROHHOFKLVWH,DPWHOOLQJKHUWKHMRNH
1RWLFHKRZWKHSURQRXQLVDWWDFKHGWRWKHYHUEEXWQRWLFHDOVRWKDW
DZULWWHQDFFHQWQHHGVWREHDGGHGVRWKHVWUHVVRIWKHPDLQSDUWRIWKH
YHUEUHPDLQVWKHVDPH
JHUXQGFRQWDQGRVWUHVVRQDQ
JHUXQGSURQRXQFRQWiQGROHVWUHVVDQGZULWWHQDFFHQWRQiQ
7HQJRTXHGDUWHODVIRWRV7HWHQJRTXHGDUODVIRWRV,KDYHWR
JLYH\RXWKHSKRWRV
(MHUFLFLRV
5HSODFHWKHLQGLUHFWREMHFWLQEUDFNHWVZLWKDQLQGLUHFWREMHFWSURQRXQ
(MHPSOR
(VFULELyXQDFDUWDDVXPDGUH/HHVFULELyXQDFDUWD
D&RQWyXQVHFUHWRDPt
E/XLVDTXLHURSHGLUXQIDYRUDWL
F0DQGDURQXQSDTXHWHDVXVWtRV
G5HJDODVWHXQDVIORUHVDODDEXHOD
1RZGRWKHVDPHEXWUHPHPEHUWKDWDOOWKHVHVHQWHQFHVDUHLPSHUDWLYHV
(MHPSOR
http://vk.com/espanol_con_amigos
8VHRIVt
7KHWKLUGSHUVRQUHIOH[LYHVtLVXVHGZKHQWKHVXEMHFWDQGWKHREMHFWSURQRXQVUHIHUWRWKHVDPHSHUVRQ,WFDQEH
IROORZHGE\PLVPRPD
6LHPSUHHVWiSHQVDQGRHQVtPLVPD6KHVDOZD\VWKLQNLQJDERXWKHUVHOI
1RHVFLHUWRGLMRSDUDVt,WVQRWWUXHKHVDLGWRKLPVHOI
8VHRI\RDQGW~DIWHUVRPHSUHSRVLWLRQVDQGDGYHUEV
:LWKWKHIROORZLQJSUHSRVLWLRQVDQGDGYHUEV\RXVKRXOGXVH\RDQGW~UDWKHUWKDQPtDQGWL7KHUHVWRIWKH
SHUVRQVDUHWKHVDPHDVIRURWKHUSUHSRVLWLRQV
FRPR
VHJ~Q
(VFRPR\R6KHLVOLNHPH
6HJ~QW~QRKDEtDPXFKDJHQWH$FFRUGLQJWR\RXWKHUHZHUHQWPDQ\
SHRSOH
http://vk.com/espanol_con_amigos
VDOYRH[FHSWRPHQRV
7RGRVYLQLHURQPHQRVW~7KH\DOOFDPHH[FHSWIRU\RX
(QWUHpO\\RQRKD\QDGD7KHUHLVQRWKLQJJRLQJRQEHWZHHQKLPDQG
PH
HQWUH
7KHSUHSRVLWLRQFRQ
FRQPLJRZLWKPH
FRQPLJRPLVPRPDZLWKP\VHOI
9HQFRQPLJR&RPHZLWKPH
(VWR\KDEODQGRFRQPLJRPLVPD,PWDONLQJWR
P\VHOI
6HFRQGSHUVRQVLQJXODU
FRQWLJRZLWK\RX
FRQWLJRPLVPRPDZLWK\RXUVHOI
4XLHURLUFRQWLJR,ZDQWWRJRZLWK\RX
5HIOH[LYHXVH
(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
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'RQWJRH[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
GHPRQVWUDWLYHDGMHFWLYHVHVWHFRFKHWKLVFDUDQGGHPRQVWUDWLYHSURQRXQV4XpHVHVWR":KDWVWKLV"
,Q(QJOLVKWKLVDQGWKHVHLVXVHGWRUHIHUWRWKLQJVRUSHRSOHWKDWDUHFORVHWRWKHVSHDNHUDQGWKDWDQG
WKRVHLVXVHGIRUWKLQJVDQGSHRSOHWKDWDUHGLVWDQW,Q6SDQLVKWKHUHDUHWKUHHW\SHVRIGHPRQVWUDWLYHVHVWH
HVHDQGDTXHOZLWKWKHLUUHVSHFWLYHIHPLQLQHDQGSOXUDOIRUPV
)RUP
7KHQHXWHUGHPRQVWUDWLYHSURQRXQ
7KHUHLVDOVRDQHXWHUGHPRQVWUDWLYHZKLFKIXQFWLRQVRQO\DVDSURQRXQ
HVWRHVRDTXHOOR
,WLVXVHGWRUHIHUWRLQDQLPDWHWKLQJVZLWKRXWVSHFLI\LQJWKHLUJHQGHUPHDQLQJWKLVWKLQJ
(VWRHVXQDEU~MXOD7KLVLVDFRPSDVV
,WLVDOVRXVHGWRWDONDERXWLGHDVFRQFHSWVRUDEVWUDFWWKLQJV
(VRHVORTXH\RTXLHUR7KDWVZKDW,ZDQW
7KHQHXWHUIRUPHVWRHVRDTXHOORFDQRQO\EHDSURQRXQ7KHPDVFXOLQHDQGIHPLQLQHFDQEHHLWKHUD
SURQRXQRUDQDGMHFWLYHDOWKRXJKLQHLWKHUFDVHWKH\DUHVSHOWWKHVDPH1RWHKRZHYHUWKDWXQWLOUHFHQWO\
GHPRQVWUDWLYHSURQRXQVXVHGWRKDYHDQDFFHQWWRGLIIHUHQWLDWHWKHPIURPGHPRQVWUDWLYHDGMHFWLYHV
(VWRVFXDGURVVRQPX\LQWHUHVDQWHVSHURHOTXHPiVPHJXVWDHVDTXpO
7KHVHSDLQWLQJVDUHYHU\LQWHUHVWLQJEXW,OLNHWKDWRQHEHWWHU
1RZDGD\VLWLVRQO\QHFHVVDU\WRZULWHWKHDFFHQWRQWKHGHPRQVWUDWLYHSURQRXQLIWKHVHQWHQFHPLJKWEH
DPELJXRXVEXWWKDWLVQRWYHU\OLNHO\<RXZLOOVWLOOKRZHYHUFRPHDFURVVWKHDFFHQWRQWKHSURQRXQVLQPDQ\
ZULWWHQWH[WV
8VH
5HIHUHQFHWRVSDFHDQGWLPH
7KHWKUHHGHPRQVWUDWLYHVHVWHHVHDQGDTXHOUHIHUWRGLIIHUHQWUHODWLRQVKLSVLQWHUPVRIVSDFHDQGWLPH
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
1RWLFHWKDWHVWHUHIHUVWRWKHQRXQWKDWLVFORVHUWRLWLHHOVHFUHWDULRJHQHUDODQGDTXHOWRWKHRQHWKDWLV
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
http://vk.com/espanol_con_amigos
3RVVHVVLYHV
3RVVHVVLYHVORVSRVHVLYRVDUHZRUGVWKDWLQGLFDWHSRVVHVVLRQRUEHORQJLQJVXFKDVPLVOLEURVP\ERRNV
RU(VPtR,WVPLQH
3RVVHVVLYHDGMHFWLYHV
3RVVHVVLYHDGMHFWLYHVORVDGMHWLYRVSRVHVLYRVDJUHHLQJHQGHUDQGQXPEHUZLWKWKHQRXQVWKH\DFFRPSDQ\
3RVVHVVLYHDGMHFWLYHVEHIRUHDQRXQ
3RVVHVVLYHVFDQUHSODFHWKHDUWLFOHWRH[SUHVVSRVVHVVLRQHOFRFKHWKHFDUPLFRFKHP\FDU
3RVVHVVLYHDGMHFWLYH
PLPLV
WXWXV
VXVXV
QXHVWURQXHVWUDQXHVWURVQXHVWUDV
YXHVWURYXHVWUDYXHVWURVYXHVWUDV
VXVXV
([DPSOH
PLFRFKHP\FDUPLVDPLJRVP\IULHQGV
WXFDVD\RXUKRXVHWXVFRVDV\RXUWKLQJV
VXWUDEDMR HOWUDEDMRGHpOKLVMRE HOWUDEDMRGHHOODKHUMRE HO
WUDEDMRGHXVWHG\RXUMRE
VXVKLMRV ORVKLMRVGHpOKLVFKLOGUHQ ORVKLMRVGHHOODKHUFKLOGUHQ
ORVKLMRVGHXVWHG\RXUFKLOGUHQ
QXHVWURGLQHURRXUPRQH\QXHVWUDVDOXGRXUKHDOWK
QXHVWURVDPLJRVRXUIULHQGVQXHVWUDVELFLFOHWDVRXUELF\FOHV
YXHVWURGLQHUR\RXUPRQH\YXHVWUDVDOXG\RXUKHDOWK
YXHVWURVDPLJRV\RXUIULHQGVYXHVWUDVELFLFOHWDV\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\RXUGHXVWHGRUGHXVWHGHVWKHLUFDU"
GHpOGHHOODRUGHWKHRZQHUVHOFRFKHGHpOHOFRFKHGH-RVpHO
FRFKHGHHOODHOFRFKHGHPLPDGUH
7RHQVXUHWKHUHLVQRDPELJXLW\VXFDQEHUHSODFHGE\RQHRIWKH
GHXVWHGHOFRFKHGHXVWHG
IROORZLQJ
GHHOORVGHHOODVGHXVWHGHVRUGHWKHRZQHUVHOFRFKHGHHOORVHO
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\LWDQGLQGLFDWHSRVVHVVLRQ
0LFDVDHVPiVJUDQGHTXHODWX\DLHTXHWXFDVD0\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
$QVZHUWKHTXHVWLRQVIROORZLQJWKHH[DPSOH<RXPD\ZDQWWRUHYLVHWKHXQLWVRQWKHFRPSDUDWLYHEHIRUH
\RXGRWKLVH[HUFLVH
(MHPSOR
0LSXHEORHVPX\ERQLWR<HOWX\R"
(OPtRHVPiVERQLWRTXHHOWX\R
D0LFDVDHVPX\JUDQGH<ODWX\D"
http://vk.com/espanol_con_amigos
E0LMDUGtQWLHQHPXFKDVIORUHV<HOWX\R"
F0LFDOOHHVPX\DJUDGDEOH<ODWX\D"
G1XHVWURVYHFLQRVVRQPX\VLPSiWLFRV<ORVYXHVWURV"
http://vk.com/espanol_con_amigos
1XPHUDOV
7KHUHDUHWZRW\SHVRIQXPHUDOVFDUGLQDOQXPEHUVORVQXPHUDOHVFDUGLQDOHVZKLFKFRUUHVSRQGWRDVHULHV
XQRGRVWUHVRQHWZRWKUHHDQGRUGLQDOQXPEHUVORVQXPHUDOHVRUGLQDOHVZKLFKUHIHUWRWKH
RUGHULQDVHULHVSULPHURVHJXQGRWHUFHURILUVWVHFRQGWKLUG
1XPHUDOVFDQEHDGMHFWLYHVRUSURQRXQV
7LHQHWUHVFRFKHV+HKDVWKUHHFDUVDGMHFWLYH
/RVWUHVHVWiQHQHOJDUDMH$OOWKUHHDUHLQWKHJDUDJHSURQRXQ
&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
QRWHERRNV6RORKHPRVYLVWRXQiJXLOD:HKDYHRQO\VHHQRQHHDJOH
:KHQXQRLVSDUWRIDQRWKHUQXPEHULWEHFRPHVXQEHIRUHDPDVFXOLQH
+D\WUHLQWD\XQQLxRVHQODFODVH7KHUHDUHWKLUW\RQHFKLOGUHQLQWKH
QRXQRUDIHPLQLQHQRXQEHJLQQLQJZLWKDVWUHVVHGDRUKD
FODVV
XQDFHUYH]D\XQDEROVDGHSDWDWDVIULWDVDRQHEHHUDQGDRQHSDFNHW
2QHWDNHVWKHIHPLQLQHIRUPLIDFFRPSDQ\LQJRUUHIHUULQJWRDIHPLQLQH RIFULVSV
QRXQ
&XDQWDVFHUYH]DVXQDRGRV"8QD+RZPDQ\EHHUVRQHRUWZR"
2QH
2WKHUQXPEHUVHQGLQJLQRQHDOVRWDNHWKHPDVFXOLQHRUWKHIHPLQLQH
WUHLQWD\XQLQYLWDGRVJXHVWVWUHLQWD\XQDHQWUDGDVWLFNHWV
IRUP
8QREHFRPHVXQZKHQLWDSSHDUVEHIRUHDPDVFXOLQHQRXQRUDIHPLQLQH
QRXQEHJLQQLQJZLWKDVWUHVVHGDRUKD
2QHZRUGRUWZR"
1RWHWKDWIURPWRQXPEHUVDUHFRQWUDFWHGWRRQHZRUG
$IWHUWKH\DUHZULWWHQVHSDUDWHO\
GLHFLVpLV
WUHLQWD\FXDWUR
+XQGUHGV
:KHQFRXQWLQJWKHQXPEHULVFLHQ
8QOLNHLQ(QJOLVKFLHQLVQRWSUHFHGHGE\DQDUWLFOH
ORVQ~PHURVGHOXQRDOFLHQQXPEHUVWR
+DEtDFLHQSHUVRQDV7KHUHZHUHDKXQGUHGSHRSOH
,QQXPEHUVIURPWRWKHZRUGXVHGLVFLHQWR
7KRXVDQGV
7KHZRUGPLORQHWKRXVDQGLVLQYDULDEOHDVLQ(QJOLVK
GRVPLOWZRWKRXVDQG
,WFDQDSSHDULQWKHSOXUDOLQWKHH[SUHVVLRQPLOHVGHWKRXVDQGVRIDVLQ
PLOHVGHWXULVWDVWKRXVDQGVRIWRXULVWV
(QJOLVK
8QOLNH(QJOLVKPLOLVQRWSUHFHGHGE\DQDUWLFOH
&XHVWDPLOGyODUHV,WFRVWVDWKRXVDQGGROODUV
,QWKHH[SUHVVLRQRQHKXQGUHGWKRXVDQGWKHVKRUWHQHGIRUPFLHQLVXVHG
FLHQPLOGRVFLHQWRVPLORUGRVFLHQWDVPLO
2WKHUKXQGUHGVRIWKRXVDQGVUHYHUWWRWKHIRUPFLHQWR
0LOOLRQV
$OWKRXJKPLOOLRQLVLQYDULDEOHLQ(QJOLVKHJWZRPLOOLRQLQ
6SDQLVKWKHSOXUDOIRUPLVXVHGLQH[SUHVVLRQVRIWZRPLOOLRQRUPRUH
1RWHWKDWWKHH[SUHVVLRQRQHPLOOLRQQRXQLVXQPLOOyQGH
QRXQ
GRVPLOORQHVWZRPLOOLRQ
XQPLOOyQGHSHUVRQDVRQHPLOOLRQSHRSOHFXDWURFLHQWRVPLOORQHVGH
KLVSDQRSDUODQWHVPLOOLRQVSHDNHUVRI6SDQLVK
,Q6SDLQXQELOOyQLVDPLOOLRQPLOOLRQDOWKRXJKLQ6SDQLVK$PHULFDLWLVRIWHQWKHVDPHDVD86ELOOLRQLH
DWKRXVDQGPLOOLRQ
3XQFWXDWLRQRIQXPEHUV
,Q6SDLQQXPEHUVLQWKHWKRXVDQGVDUHVHSDUDWHGE\DIXOOVWRSQRW
PLOTXLQLHQWRVLVZULWWHQQRWDVLQ(QJOLVK
DFRPPDDVWKH\DUHLQ(QJOLVK
&RQYHUVHO\LQGHFLPDOVFRPPDVDUHXVHGLQ6SDLQZKHUHIXOOVWRSV
FHURFRPDFLQFRDVRSSRVHGWRQRXJKWSRLQWILYHLQ(QJOLVK
DUHXVHGLQ(QJOLVK
+RZHYHULQSDUWVRI/DWLQ$PHULFDWKHVDPHFRQYHQWLRQDVLQ(QJOLVKLVDSSOLHG
http://vk.com/espanol_con_amigos
([SUHVVLQJGDWHV
'DWHVLQ6SDQLVKDUHH[SUHVVHGLQFDUGLQDOQXPEHUVQRWLQRUGLQDO 0LFXPSOHDxRVHVHOGRVGHMXQLR0\ELUWKGD\LVRQQG-XQH
HOYHLQWLFLQFRGHDEULOWK$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
DGHRFWXEUHGH
EGHDEULOGH
FGHQRYLHPEUHGH
GGHDJRVWRGH
L6HILUPDHODUPLVWLFLR\WHUPLQDOD3ULPHUD*X
0XQGLDO
LL/RV(VWDGRV8QLGRVODQ]DQXQDERPEDDWyPLF
VREUH+LURVKLPD
LLL0XHUH0LJXHOGH&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]RUG0DUFK
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]HQJXHVWVDUHFRPLQJ1RWHWKDW
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
DOJXQDVRPH0DQ\LQGHILQLWHVDUHTXDQWLILHUVH[SUHVVLQJJUHDWHURUOHVVHUGHJUHHVRILPSUHFLVLRQVXFKDV
EDVWDQWHHQRXJKRUTXLWHRUYDULRVVHYHUDO7KH\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\RQHLQTXHVWLRQVZRXOGLQ(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
RWKHUVZKLFKPXVWEHSUHFHGHGE\DQHXWHURUD
SOXUDOGHILQLWHDUWLFOH8VHGZLWKWKHQHXWHUDUWLFOH
http://vk.com/espanol_con_amigos
GRHVQWLQWHUHVWPH
ORLWUHIHUVRQO\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]~FDUDELWRIVXJDU3RFRVGH
7HQJRXQRVSRFRVDKRUURV,KDYHDIHZ
PLVDPLJRVVHDWUHYLHURQDVDOWDU2QO\DIHZRI
VDYLQJV
P\IULHQGVGDUHGWRMXPS7KHDGYHUESRFRH[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
+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[SHQVLYHPX\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
5HIHUWR6HFWLRQVDQGGIRUWKHXVHRIPiVPHQRVDQGWDQWDQWRWRH[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(VWDEDDGHQWURDQG
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$IWHUZDUGVKHSKRQHGPH
1XQFDHVWiHQFDVDFXDQGHOHOODPR+HVQHYHUDWKRPHZKHQ,FDOO
KLP
1RWHWKDW\RXFDQDOVRVD\1RHVWiQXQFDHQFDVDFXDQGROH
OODPR
6HH8QLWIRUPRUHLQIRUPDWLRQRQWKHQHJDWLYHFRQVWUXFWLRQ
6LHPSUHHVWiRFXSDGD6KHVDOZD\VEXV\
<RSUHSDURODHQVDODGD\PLHQWUDVWDQWRW~SRQODPHVD,OO
SUHSDUHWKHVDODGDQGLQWKHPHDQWLPH\RXOD\WKHWDEOH
6HKDTXHGDGRYLXGDUHFLHQWHPHQWH6KHLVUHFHQWO\ZLGRZHG
,Q6SDQLVK$PHULFDUHFLpQPHDQVMXVWRUUHFHQWO\5HFLpQYLQR
GH0p[LFR+HMXVWDUULYHGIURP0H[LFR,Q6SDLQLWRQO\PHDQV
UHFHQWO\ZKHQXVHGEHIRUHDSDVWSDUWLFLSOH/DSDUHGHVWiUHFLpQ
SLQWDGD7KHZDOOKDVMXVWEHHQSDLQWHG
7RGDYtDIDOWDPXFKRSDUDODVRFKR7KHUHLVVWLOOVRPHWLPHWRJR
EHIRUHRFORFN
<DKHOODPDGRD,QpV,KDYHDOUHDG\FDOOHG,QpV
)RUPRUHLQIRUPDWLRQRQWKHVHDGYHUEVDVFRQQHFWRUVRIWLPHJRWR6HFWLRQVKDQG
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\
$GYHUEVLQPHQWHFDQVRXQGFOXPV\LQ6SDQLVKLI GHIRUPDGHPDQHUDIHPLQLQHDGMHFWLYH
1RVKDEOyJURVHUDPHQWH1RVKDEOyGHPRGR
WRRPDQ\DUHXVHGWRJHWKHUVRWKHLUPHDQLQJLV
GHPRGRPDVFXOLQHDGMHFWLYHFRQ
JURVHUR+HWDONHGWRXVLQDUXGHZD\
RIWHQFRQYH\HGLQRWKHUZD\V
QRXQ
1RVFRQWHVWyFRUWpVPHQWH1RVFRQWHVWyFRQ
FRUWHVtD+HUHSOLHGSROLWHO\
/OHJyUiSLGDPHQWH/OHJyUiSLGR+HDUULYHG
IDVW
0HORGLMRPX\FODUDPHQWH0HORGLMRPX\
9HU\RIWHQXVXDOO\LQWKHVSRNHQODQJXDJHDQGLQVRPHVHWSKUDVHVVRPHDGMHFWLYHVIXQFWLRQDV FODUR+HWROGPHYHU\FOHDUO\
DGYHUEV,QWKHVHFDVHVWKHPDVFXOLQHVLQJXODUIRUPRIWKHDGMHFWLYHLVXVHG
KDEODUDOWRWRWDONORXGO\
WUDEDMDUGXURWRZRUNKDUG
MXJDUOLPSLRWRSOD\IDLUO\
MXJDUVXFLRWRSOD\XQIDLUO\
0DQ\DGYHUEVRIPDQQHULQ6SDQLVKDUHIRUPHGE\DGGLQJWKHVXIIL[PHQWHWRWKHIHPLQLQH
VLQJXODUIRUPRIWKHDGMHFWLYHRUWRWKHVLQJXODUIRUPLQWKHFDVHRILQYDULDEOHDGMHFWLYHV
7ZRDGYHUEVLQPHQWHWRJHWKHU
:KHQWZRDGYHUEVLQPHQWHIROORZHDFKRWKHULQDVHQWHQFHDQGDUH
MRLQHGE\\RQLSHURVLQRWKHILUVWRQHORVHVWKHVXIIL[PHQWH
,Q(QJOLVKDQDGYHUELQO\FDQPRGLI\DQRWKHUDGYHUELQO\,Q
6SDQLVKDQDGYHUELQPHQWHVKRXOGQHYHUEHXVHGWRPRGLI\DQRWKHU
DGYHUELQPHQWH
0HORGLMRVHQFLOOD\FODUDPHQWH+HWROGPHSODLQO\DQGFOHDUO\
/HFRQWHVWyILUPHSHURFRUWpVPHQWH+HDQVZHUHGKHUILUPO\EXW
FRXUWHRXVO\
+HVSRNHZRQGHUIXOO\FOHDUO\
+DEOyGHXQPRGRPDUDYLOORVDPHQWHFODUR127PDUDYLOORVDPHQWH
FODUDPHQWH
&RPSDULVRQRIDGYHUEV
http://vk.com/espanol_con_amigos
6HH6HFWLRQRQWKHFRPSDULVRQRIDGYHUEV
(MHUFLFLRV
0DNHWKHIROORZLQJDGMHFWLYHVLQWRDGYHUEVZLWKPHQWH
HOHJDQWHHVSHFLDOVLOHQFLRVRWUDQTXLORVLQFHURSURIXQGR
1RZZULWHDVHQWHQFHIRUHDFKRIWKHDGYHUEVLQWKHSUHYLRXVH[HUFLVH
5HDGWKHIROORZLQJWH[WDQGILOOHDFKJDSZLWKDQDGYHUEIURPWKHER[1RWHWKDWWKHUHDUHPRUHDGYHUEV
WKDQWKHUHDUHJDSV
VLHPSUHGHODQWHPDOQXQFDGHPDVLDGRUiSLGDPHQWHPXFKRGHVSDFLRFDVLWDUGHGHQWUR
0DUWLQDVLHPSUHFRQGXFtDGHSULVD$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":KRPGLG\RXVHHLQWKH
VXSHUPDUNHW"
4XLpQ"TXLpQHV"FDQFRPELQHZLWKSUHSRVLWLRQV1RWHWKDWWKH\FDQEH
3DUDTXLpQKDVFRPSUDGRHOFKRFRODWH":KRPKDYH\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
REMHFWVSHRSOHLGHDVHWFXVHFXiO"
$VV\ULDQ
4XpGHVHD":KDWZRXOG\RXOLNH"LHDQ\WKLQJLVSRVVLEOH
,IKRZHYHULWGRHVQRWUHVWULFWLWVIUDPHRIUHIHUHQFHWRDSDUWLFXODU &RPSDUHWKLVH[DPSOHZLWKWKHIROORZLQJ
JURXSRUUDQJHZKHWKHURYHUWO\VWDWHGRUPHUHO\LPSOLHGXVHTXp" &XiOGHVHD":KLFKZRXOG\RXOLNH"LHWKHUDQJHRIFKRLFHLV
VSHFLILHGLQRUE\WKHFRQWH[W
,Q6SDLQFXiO"LVQRWXVHGDVDQDGMHFWLYHTXp"LVDOZD\VXVHGLQWKLVSRVLWLRQ4XpFRQVHMRVPHGDUtD":KDWDGYLFHZRXOG\RXJLYH
PH"
1RKDEtDQGHFLGLGRTXpFDVDFRPSUDU7KH\KDGQWGHFLGHGZKLFKKRXVHWREX\FXiOLQ6SDQLVK$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
DQGJHQGHUZLWKWKHQRXQVZKLFKLWGHVFULEHV
&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\SUHSRVHGDQRWKHUZRUGRU
SKUDVHLQRUGHUWRVKRZWKHUHODWLRQVKLSEHWZHHQWKHZRUGVZKLFKFRPHEHIRUHRUDIWHULWHJ(OJDWRHVWi
GXUPLHQGRVREUHODPHVD7KHFDWLVVOHHSLQJRQWKHWDEOH3UHSRVLWLRQVFDQH[SUHVVDOOVRUWVRIUHODWLRQVKLSV
ILJXUDWLYHRUOLWHUDOWHPSRUDORUVSDWLDO
,QWKLVXQLWWKHPDLQSUHSRVLWLRQVLQ6SDQLVKDUHWUHDWHGLQDOSKDEHWLFDORUGHUIROORZHGE\DQRYHUYLHZRIWKH
PRVWFRPPRQFRPSRXQGSUHSRVLWLRQV
$
3HUVRQDODWKLVPXVWEHXVHGZKHQUHIHUULQJWRVSHFLILFSHRSOHDVGLUHFW
REMHFWV,WKDVWKHHIIHFWRIKXPDQLVLQJWKHPVKRZLQJVRPHNLQGRI
HPRWLRQDOERQGEHWZHHQWKHVXEMHFWDQGREMHFWRIDYHUE
,WLVDOVRXVHGZLWKSURQRXQVQHJDWLYHDQGLQGHILQLWHGHQRWLQJSHRSOH
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
$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
FRQPLJRZLWKPHFRQWLJRZLWK\RXDQGFRQVLJRZLWK
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\GRLQJ
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
7RVKRZKRZVRPHRQHGUHVVHVDVRFFXSDWLRQRUUROHLQFRORXU
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
,QWKHSKUDVHGHVGHKDFHKDFtDVLQFHWRVKRZOHQJWKRIWLPH
'HVGHORDOWRGHOUDVFDFLHORVVHSXHGHYHUWRGDODH[WHQVLyQGHO
HVWDGR<RXFDQVHHWKHZKROHRIWKHVWDWHIURPWKHWRSRIWKH
VN\VFUDSHU
+HPRVYHQGLGRPiVGHHMHPSODUHVGHVGHPHGLDGRVGHDEULO
:HYHVROGPRUHWKDQFRSLHVVLQFHPLG$SULO
'HVGH6DQ6HEDVWLiQKDVWD6HYLOOD\GHVGH9LJRKDVWD9DOHQFLDWRGR
HOHVWDGRVHYHUiDIHFWDGR)URP6DQ6HEDVWLiQWR6HYLOOHDQGIURP
9LJRWR9DOHQFLDWKHZKROHFRXQWU\ZLOOEHDIIHFWHG
9LYLPRVHQHVWDFDVDGHVGHKDFHDxRV:HYHEHHQOLYLQJLQWKLV
KRXVHIRU\HDUV
6HHDOVR6HFWLRQIRUPRUHH[DPSOHVRIGHVGHXVHGWRGHILQHOLPLWLQWLPH
'XUDQWH
'XUDQWHGHQRWHVDSDUWLFXODUVSDQRIWLPHDQGPHDQVGXULQJLQWKHVHQVH 'XUDQWHHOYHUDQRSDVDPXFKRWLHPSRHQHOMDUGtQ7KURXJKRXWWKH
RIZKLOHWKHWLPHVSHFLILHGODVWVRUIRUDVSHFLILHGOHQJWKRIWLPH
VXPPHUKHVSHQGVDORWRIWLPHLQWKHJDUGHQ
3HUGLHURQFRQWDFWRFRQHOWUDQVERUGDGRUHVSDFLDOGXUDQWHKRUDV
7KH\ORVWFRQWDFWZLWKWKHVSDFHVKXWWOHIRUKRXUV
http://vk.com/espanol_con_amigos
1RWHWKDWGXUDQWHFRQWUDVWVZLWKSRUZKLFKFDQDOVRUHIHUWRDVSHFLILHGOHQJWKRIWLPH%XWZKHUHDVGXUDQWH
UHIHUVWRDGXUDWLRQRIWLPHSRUWHQGVRQO\WRUHIHUWRDEULHIPRPHQWRULQVWDQWHJ3HUGLHURQFRQWDFWRVROR
SRUXQLQVWDQWH7KH\RQO\ORVWFRQWDFWIRUDQLQVWDQW 6HHWKLVXVHRISRUEHORZ
(Q
(QKDVDQXPEHURIXVDJHVLQ6SDQLVKDQGFDQWUDQVODWHWKHLGHDVLQRQDWLQWRDQGRQWRLQDGGLWLRQWR
VRPHRWKHU(QJOLVKSUHSRVLWLRQVDFFRUGLQJWRWKHFRQWH[W
3RVLWLRQDERYHXSLQ
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[LPDWHGLUHFWLRQWRZDUGVLQVSDFHDQGDERXWRUDSSUR[LPDWHO\LQWLPH,W
DOVRWUDQVODWHVWRZDUGVZKHQUHIHUULQJWRDWWLWXGHVRUHPRWLRQV
http://vk.com/espanol_con_amigos
1RVpDGyQGHLEDVHGLULJLyKDFLDHOUtR,GRQWNQRZZKHUHVKH
ZHQWVKHKHDGHGWRZDUGVWKHULYHU
/OHJDPRVDODILHVWDKDFLDPHGLDQRFKH:HJRWWRWKHSDUW\DERXW
PLGQLJKW
7LHQHXQDSRVWXUDDPELJXDKDFLDODUHOLJLyQRUJDQL]DGD+HKDVDQ
DPELJXRXVDWWLWXGHWRZDUGVRUJDQLVHGUHOLJLRQ
+DVWD
+DVWDFRQYH\VWKHLGHDRIXQWLORUXSWRLQWLPHDQGDVIDUDVRUXSWRLQVSDFH,WFDQDOVRPHDQDV
PXFKPDQ\DVZKHQUHIHUULQJWRQXPEHUVRUTXDQWLWLHV:KHQXVHGZLWKQRXQVLWKDVWKHPHDQLQJHYHQ
LQFOXGLQJ
+DVWDLVXVHGLQDQXPEHURILGLRPDWLFH[SUHVVLRQVPDLQO\WRGRZLWK
VD\LQJJRRGE\H
7RH[SUHVVDOLPLWLQWLPHXQWLOXSWR
7RH[SUHVVDOLPLWLQVSDFHDVIDUDVXSWR
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\DQLQILQLWLYHRUZLWKKDVWDTXHE\DQLQGLFDWLYH
RUVXEMXQFWLYHWRFRQYH\WKHLGHDRIXQWLOGRLQJRUXQWLO,\RXKH
VKHHWFGRHV
1RWHWKDWLQVRPHVXERUGLQDWHFODXVHVKDVWDTXHDOORZVWKHXVHRI
QRZLWKRXWFKDQJLQJWKHPHDQLQJRIWKHFODXVH
7UDEDMyKDVWDWHUPLQDUHOLQIRUPH+HZRUNHGXQWLOKHILQLVKHGWKH
UHSRUW
1RQRVTXHUtDSDJDUKDVWDTXHQRKXELpUDPRVDUUHJODGRWRGRVORV
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
$KRUDSDUHFHTXHHVHFXDGURQRIXHSLQWDGRSRU5RPHURGH7RUUHV
7RLQWURGXFHWKHDJHQWLQDSDVVLYHFRQVWUXFWLRQE\
VLQRSRURWURDUWLVWDGHVFRQRFLGR,WQRZVHHPVWKDWWKLVSLFWXUHZDVQRW
<RXFDQUHYLVHWKHSDVVLYHLQ6HFWLRQ
SDLQWHGE\5RPHURGH7RUUHVEXWE\DQRWKHUXQNQRZQDUWLVW
3RU"RUSDUD"
6RPHWLPHVWKHFKRLFHEHWZHHQSRUDQGSDUDFDQEHFRQIXVLQJIRU(QJOLVKVSHDNHUVVLQFHERWKZRUGVFDQEH
WUDQVODWHGDVIRU
:KHQIDFHGZLWKDFKRLFHWU\WRGHFLGHZKHWKHUWKHPHDQLQJORRNVIRUZDUGWRDGHVWLQDWLRQRUREMHFWLYHLQ
ZKLFKFDVHFKRRVHSDUDZKHWKHULWUHIHUVEDFNWRDFDXVHRUPRWLYHFKRRVHSRURUZKHWKHULWH[SUHVVHV
VXEVWLWXWLRQDJDLQFKRRVHSRU
([DPSOHV
6HJ~Q
6HJ~QPHDQVDFFRUGLQJWRRUZKHQIROORZHGGLUHFWO\E\DYHUE
DFFRUGLQJWRZKDW
6RPHWLPHVVHJ~QKDVPRUHWKHVHQVHRILQDFFRUGDQFHZLWKRU
GHSHQGLQJRQ
6HJ~QORVPpGLFRVHVSHOLJURVRIXPDU$FFRUGLQJWRGRFWRUVLWV
GDQJHURXVWRVPRNH
6HJ~QHOFRQWH[WRODSDODEUDFRODVHWUDGXFHGHIRUPDPX\GLVWLQWD
DOLQJOpV'HSHQGLQJRQWKHFRQWH[WWKHZRUGFRODLVWUDQVODWHGYHU\
GLIIHUHQWO\LQWR(QJOLVK
http://vk.com/espanol_con_amigos
6HH6HFWLRQIRUVHJ~QYHUEVH[SUHVVLQJDFWLRQVLQSURJUHVVVHH6HFWLRQHIRUVHJ~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
URVHXSEHKLQGWKHVNHOHWDORXWOLQHRIWKHWUHHVGHWUiVGHLVDOVR
SRVVLEOH
7RGRHOPXQGRDSODXGLyFRQHQWXVLDVPRWUDVODFKDUODGHOH[SHUWR
(YHU\RQHDSSODXGHGHQWKXVLDVWLFDOO\IROORZLQJWKHH[SHUWVWDON
GHVSXpVGHLVDOVRSRVVLEOH
KRUDWUDVKRUDKRXUDIWHUKRXUGtDWUDVGtDGD\DIWHUGD\DxRWUDV
DxR\HDUDIWHU\HDUHWF
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
3RUGHEDMRGH
3RUGHODQWHGH
3RUGHWUiVGH
3RUHQFLPDGH
3K\VLFDOSRVLWLRQRSSRVLWH
3K\VLFDOSRVLWLRQRXWVLGH
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$QGXYLHURQDORQJODFDOOHLQIURQWRIODOLEUHUtD
E(OUDWyQFRUULyXQGHUODFDPD\VDOLyFHUFDGHODSXHUWD
FEHKLQGHOWHOyQWRGRVHFDPELyPX\UiSLGRSDUDODVLJXLHQWHHVFHQD
G/DHVWDFLyQHVSDFLDOFLUFXODFRQWLQXDPHQWHDERYHOD7LHUUD
H(QXQDHVWUXFWXUDQRMHUiUTXLFDQDGLHGHEHUtDHVWDUDERYHQDGLH
&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
$\XGDDODVYtFWLPDVGHOWHUUHPRWR
DODVSHUVRQDVLQWHUHVDGDVEDSRUWDUVXD\XGDFORVGDPQLILFDGRVGHOWHUUHPRWRRFXUULGRH(O6DOYDGRU
/RSXHGHQKDFHUIODVLJXLHQWHPDQHUDJFXHQWDVKORVVLJXLHQWHVEDQFRV
%DQFR6DOYDGRUHxR
%DQFR$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
([SUHVVHVSOHDVDQWVXUSULVH
FRPLQJDVZHOO:RZWKDWVJUHDW7KHPRUHWKH
PHUULHU
([SUHVVHVHQWKXVLDVPZDUPDSSURYDOPRVW 2Op%LHQGLFKRQLxD%ULOOLDQW:HOOVDLG
FRPPRQLQ6RXWKHUQ6SDLQ
ODVV
([SUHVVHVLQGLIIHUHQFH
3VVV:KDWGR\RXWKLQNRIWKHSLFWXUH",WV
4XpWHSDUHFHHOFXDGUR"
2.LVK
2UGHUVWRVWRSXVHGZLWKKRUVHVRU
6RFDEDOORVR:KRDER\ZKRD
GRQNH\VOLNHWKH(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\KDYHEHHQPDUNHGZLWK6DQG6S$PUHVSHFWLYHO\
,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
$\GHPt3REUHGHPt
([SUHVVHVIHDUIRURQHVHOIRUVHOISLW\
([SUHVVHVZDUQLQJRUWKUHDW
7RPD$KtYD9D\D$WL]D$UUHDROG
IDVKLRQHG0LPDGUH'LRVPtR9LUJHQ
([SUHVVHVVXUSULVHRUVKRFN
6DQWD9iOJDPH'LRV6DQWR&LHORWKHVHODVW
WKUHHROGIDVKLRQHG
4XpFDUDPED&DUD\+RPEUH
&yUFKROLV5HFyUFKROLV
+tMROHV6S$P ([SUHVVHVVXUSULVHRUDQQR\DQFH
0LMR0LMD6S$P
9D\D9D\DSRU'LRV-R
64XpYDLQD
6S$P4XpIDVWLGLR4XpUDELD4Xp
FDUDMR
6S$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
$YHUELVDZRUGWKDWLQGLFDWHVZKDWWKHDFWLRQRIDVHQWHQFHLV7KHYHUEWDNHVDGLIIHUHQWIRUPGHSHQGLQJ
RQZKRWKHVXEMHFWRIWKHVHQWHQFHLVWKHSHUVRQWKHWLPHZKHQWKHDFWLRQWDNHVSODFHWKHWHQVHDQGWKH
DWWLWXGHRIWKHVSHDNHUWRZDUGVZKDWVKHLVVD\LQJWKHPRRG
1RWHWKDWXQOLNHLQ(QJOLVKWKHVXEMHFWRIDVHQWHQFHLVQRWDOZD\VH[SUHVVHG,WLVVRPHWLPHVXQGHUVWRRG
HVSHFLDOO\ZKHQLWDSSHDUVLQDSUHYLRXVVHQWHQFH)RULQVWDQFHLQWKHIROORZLQJVHQWHQFHVWKHVXEMHFWRQO\
DSSHDUVLQWKHILUVWLWLVWDFLWRUXQGHUVWRRGLQWKHVHFRQG
/RVHVWXGLDQWHVYXHOYHQGHODSOD\D7UDHQODFDUDPRUHQDSRUHOVRO\ORV]DSDWRVOOHQRVGHDUHQD7KH
VWXGHQWVDUHFRPLQJEDFNIURPWKHEHDFK7KHLUIDFHVDUHWDQQHGE\WKHVXQDQGWKHLUVKRHVIXOORIVDQG
7KHVXEMHFWIRUERWKVHQWHQFHVLV/RVHVWXGLDQWHV
7KHWKUHHFRQMXJDWLRQV
7KHPRUHJHQHULFIRUPRIWKHYHUELVNQRZQDVWKHLQILQLWLYHHOLQILQLWLYRDQGLWLVWKHIRUPXQGHUZKLFK
YHUEVDSSHDULQWKHGLFWLRQDU\,QILQLWLYHVPD\KDYHRQHRIWKUHHHQGLQJVWHUPLQDFLRQHV
DUDVLQKDEODUWRVSHDN
HUDVLQFRPHUWRHDW
LUDVLQYLYLUWROLYH
7KHVHHQGLQJVGHWHUPLQHWKHSDWWHUQWKHYHUEIROORZVZKHQLWLVFRQMXJDWHGLHWKHIRUPWKHYHUEWDNHVZKHQLW
LV,\R\RXW~XVWHGKHpOHWFDVLQWKHIROORZLQJH[DPSOHV
3HUVRQ
W~
HOOD
QRVRWURV
9HUE
FDQWDU
YHQGHU
VDOLU
FRPSUDU
FRPHU
KDEODU
7HQVH
SUHVHQW
YHQGHV
LPSHUIHFW
SUHWHULWH
)RUP
FDQWDV
HV
VDOtD
FRPSUDED
FRPLPRV
KDEODPRV
(QGLQJ
DV
tD
DED
LPRV
DPRV
5HJXODUYVLUUHJXODUYHUEV
,IYHUEVIROORZWKHVHWHQGLQJVIRUDSDUWLFXODUWHQVHOLNHFDQWDUWKH\DUHVDLGWREHUHJXODU,IWKH\GRQRW
WKH\DUHVDLGWREHLUUHJXODU
1RWDOOYHUEVDUHFRPSOHWHO\UHJXODURUFRPSOHWHO\LUUHJXODUEXWDSDUWIURPVRPHYHU\LUUHJXODUYHUEVOLNHVHU
WREHDQGLUWRJRHYHQLUUHJXODULWLHVKDYHVRPHVRUWRISDWWHUQ0RVWRIWKHPRFFXULQWKHVWHPRIWKHYHUE
WKHSDUWWKDWUHPDLQVZKHQWKHHQGLQJLVUHPRYHG)RULQVWDQFHLQFDQWDUDULVWKHHQGLQJDQGFDQWLVWKHVWHP
9HUEVZKLFKDUHLUUHJXODUEHFDXVHWKHLUVWHPFKDQJHVDUHFDOOHGUDGLFDOFKDQJLQJYHUEV
6RPHYHUEVZKHQFRQMXJDWHGFKDQJHWKHLUVSHOOLQJIRUSKRQHWLFUHDVRQV)RULQVWDQFHLQWKHSDVWWHQVHWKHILUVW
SHUVRQVLQJXODURIWKHYHUEMXJDULVMXJXp7KHJFKDQJHVWRJXWRNHHSWKHVWURQJJVRXQG
)RUWKHIXOO6SDQLVKYHUEFRQMXJDWLRQVHHWKHYHUEWDEOHVLQWKH$SSHQGL[
7UDQVLWLYHYVLQWUDQVLWLYHYHUEV
http://vk.com/espanol_con_amigos
9HUEVFDQDOVREHFODVVLILHGGHSHQGLQJRQZKHWKHURUQRWWKH\LPSO\WKDWWKHDFWLRQGLUHFWO\LQIOXHQFHVDQREMHFW
RUSHUVRQWKHGLUHFWREMHFW,IWKH\GRWKH\DUHFDOOHGWUDQVLWLYHYHUEVYHUERVWUDQVLWLYRV)RULQVWDQFHLQ
WKHVHQWHQFH/XLVPHHVFULELyXQDFDUWD/XLVZURWHPHDOHWWHUWKHGLUHFWREMHFWRUREMHFWRIWKHDFWLRQ
HVFULELULVXQDFDUWD
,IYHUEVGRQRWLPSO\DGLUHFWLQIOXHQFHRQDSHUVRQRUREMHFWLHWKH\GRQRWWDNHDGLUHFWREMHFWWKH\DUH
FDOOHGLQWUDQVLWLYHYHUEVYHUERVLQWUDQVLWLYRVOLNHWKHYHUEPRULULQWKHVHQWHQFH(OtDVPXULyPX\MRYHQ
(OtDVGLHGZKHQYHU\\RXQJ
7ROHDUQPRUHDERXWREMHFWSURQRXQVJRWR6HFWLRQVWR
0RVW6SDQLVKYHUEVDUHWUDQVLWLYH%HORZLVDOLVWRIVRPHRIWKHPRVWFRPPRQLQWUDQVLWLYHYHUEVE\FDWHJRU\
H[LVWLUHVWDUPRULUSDUHFHUSHUPDQHFHUTXHGDUVHVHUVXEVLVWLU
YLYLU
DQGDUEDMDUFDHUFDPLQDUFLUFXODUHQWUDUHYROXFLRQDULUVH
PDUFKDUVHSDUWLUVDOLUVDOWDUYDFLODUYLDMDU
FUXMLUHVWRUQXGDUIUDFDVDUJHVWLFXODUJULWDUODGUDUOORUDUUHtU
VXGDUWHPEODUWRVHUYRODU
9HUEVRIEHLQJH[LVWHQFH
9HUEVRIPRYHPHQW
9HUEVRIDFWLRQ
6LPSOHSHUIHFWDQGFRQWLQXRXVWHQVHV
6SDQLVKWHQVHVFDQEH
6LPSOH
3HUIHFW
&RQWLQXRXV
YR\SUHVHQW
:KHQLQRQHVLQJOHZRUGWKHYHUEH[SUHVVHV VHUiIXWXUH
SHUVRQQXPEHUWHQVHDQGPRRG
FRPSUDVWHSUHWHULWH
KDEOHSUHVHQWVXEMXQFWLYH
0DGHXSE\DFRPELQDWLRQRIWKHDX[LOLDU\ KHYLYLGRSHUIHFW
YHUEKDEHUWRKDYHWKHSDVWSDUWLFLSOHRI KDEtDVGLFKRSOXSHUIHFW
WKHPDLQYHUE
KDEUpLVOOHJDGRIXWXUHSHUIHFW
0DGHXSE\DFRPELQDWLRQRIWKHDX[LOLDU\
HVWiQGXUPLHQGRSUHVHQWFRQWLQXRXV
YHUEHVWDUWKHJHUXQG(QJOLVKLQJIRUP
HVWDUHPRVOOHJDQGRIXWXUHFRQWLQXRXV
RIWKHYHUE
3HUIHFWDQGFRQWLQXRXVWHQVHVPXVWQRWEHFRQIXVHGZLWKSHULSKUDVWLFFRQVWUXFWLRQVIRUPHGE\WZRYHUEV
RQHRIZKLFKLVHLWKHUDJHUXQGRUDSDVWSDUWLFLSOH
7ROHDUQPRUHDERXWSHULSKUDVWLFFRQVWUXFWLRQVJRWR6HFWLRQVDQG
7KH6SDQLVKPRRG
0RRGVLQGLFDWHZKHWKHUWKHVSHDNHULVVWDWLQJIDFWVLQGLFDWLYHPRRGPRGRLQGLFDWLYRH[SUHVVLQJD
FRPPDQGLPSHUDWLYHPRRGPRGRLPSHUDWLYRRUH[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\DUHWKHLQILQLWLYHFDQWDUWRVLQJWKHJHUXQGVRPHWLPHVFDOOHGWKHSUHVHQW
SDUWLFLSOHOORYLHQGRUDLQLQJDQGWKHSDVWSDUWLFLSOHVLGREHHQ7KHVHQRQSHUVRQDOIRUPVRIWHQDSSHDU
DIWHUDQXPEHURIYHUEVSOXVVRPHWLPHVDSUHSRVLWLRQLQZKDWDUHFDOOHGSHULSKUDVWLFFRQVWUXFWLRQV7KHVH
FRQVWUXFWLRQVDOORZWKHPHDQLQJRIWKHQRQSHUVRQDOIRUPVWREHH[WHQGHGHJLQWKHVHQWHQFH$SHVDUGH
PXFKRVLQWHQWRVQRSXHGHGHMDUGHIXPDU'HVSLWHPDQ\DWWHPSWVVKHFDQWVWRSVPRNLQJGHMDUGHDGGVH[WUD
LQIRUPDWLRQDERXWWKHYHUEWKDWLWFRPSOHPHQWVIXPDU
7KHLQILQLWLYH
7KHLQILQLWLYHHOLQILQLWLYRLVWKHQDPHRIWKHYHUE,Q(QJOLVKLWLVSUHFHGHGE\WRDVLQWRVLQJWR
VSHDNWROHDUQ,WLVWKHIRUPXVHGWRLGHQWLI\YHUEVLQDGLFWLRQDU\
)RUP
,QILQLWLYHVLQ6SDQLVKHQGLQDUHURULUDVLQKDEODUHVWXGLDUFRPSUHQGHUOHHUYLYLUVDOLU7KHVHHQGLQJV
VHWWKHSDWWHUQIRUYHUEFRQMXJDWLRQVLQWKHYDULRXVWHQVHV
8VH
$VDQRXQ,WFDQEHWKHVXEMHFWRIDVHQWHQFHDQGWDNHWKHGHILQLWHDUWLFOH
7RFRPSOHPHQWWKHPHDQLQJRIDQRWKHUYHUE
$IWHUPDQ\SUHSRVLWLRQV
$VDFRPPDQGLQFROORTXLDOODQJXDJH
(OFRPHUHVXQDQHFHVLGDG\XQSODFHU(DWLQJLVDQHFHVVLW\DQGD
SOHDVXUH
-XDQQRVDEHQDGDU-XDQFDQWVZLP
(VWR\FDQVDGRGHHVFXFKDUHVWHWLSRGHP~VLFD,DPWLUHGRIOLVWHQLQJ
WRWKLVW\SHRIPXVLF
1RVHVIRU]DPRVSRUKDFHUODVFRVDVELHQ:HWU\WRGRWKLQJVZHOO
'HMDUGHJULWDU6WRSVKRXWLQJ
7KLVLVDXVHSHFXOLDUWR3HQLQVXODU6SDQLVKDQGFRPHVIURPWKHYRVRWURVIRUPRIWKHLPSHUDWLYH7KHILQDO
GLVVXEVWLWXWHGE\DQUSUREDEO\IRUHDVHRISURQXQFLDWLRQ
)RUIXUWKHULQIRUPDWLRQDERXWWKHLPSHUDWLYHJRWR8QLW
3HULSKUDVWLFFRQVWUXFWLRQVZLWKWKHLQILQLWLYH
7KHLQILQLWLYHDSSHDUVLQDQXPEHURISHULSKUDVWLFFRQVWUXFWLRQVHJ7LHQHQTXHLUDODSROLFtD7KH\KDYHWR
JRWRWKHSROLFH
7KHPRVWFRPPRQDUH
FRPHQ]DUDLQILQLWLYH
GHEHULQILQLWLYH
GHEHUGHLQILQLWLYH
GHFLGLULQILQLWLYH
GHMDUGHLQILQLWLYH
HPSH]DUDLQILQLWLYH
HVWDUSDUDSRULQILQLWLYH
WRVWDUWWRGR
PXVWREOLJDWLRQ
PXVWSUREDELOLW\
WRGHFLGHWRGR
WRVWRSGRLQJ
WRVWDUWWRGR
WREHUHDG\WRGR
http://vk.com/espanol_con_amigos
KDEHUGHLQILQLWLYH
KD\TXHLQILQLWLYH
LUDLQILQLWLYH
OOHJDUDLQILQLWLYH
SRGHULQILQLWLYH
SRQHUVHDLQILQLWLYH
TXHGDUHQGHLQILQLWLYH
TXHUHULQILQLWLYH
WHQHUTXHLQILQLWLYH
WHUPLQDUGHLQILQLWLYH
YROYHUDLQILQLWLYH
WRKDYHWRGRDVWHQHUTXHEXWLQDIRUPDOUHJLVWHU
RQHKDVWR
WREHJRLQJWRGR
WRFRPHWRGR
WREHDEOHWRGR
WRVWDUWGRLQJ
WRDJUHHWRGR
WRZDQWWRGR
WRKDYHWRGR
WRILQLVKGRLQJ
WRGRDJDLQ
(MHUFLFLRV
&RPSOHWHWKHIROORZLQJVHQWHQFHVZLWKRQHRIWKHLQILQLWLYHVLQWKHER[
UHtUFHUUDULPSHGLUQDGDUYHQLU
DODSXHUWDTXHHVWiKDFLHQGRPXFKRIUtR
E/XFLODGLFHTXHQRSXHGHDODILHVWDSRUTXHWLHQHPXFKRWUDEDMR
F6LHVWiVGHSULPLGRHVXQDGHODVPHMRUHVWHUDSLDV
G/RVHFRORJLVWDVLQVLVWHQHQODFRQVWUXFFLyQGHKRWHOHVHQHVDVSOD\DV
H/RVQLxRVQRSRGUiQLUVRORVHQHOEDUFRVLQRVDEHQ
:KLFKXVHRIWKHLQILQLWLYHGRHVHDFKVHQWHQFHLOOXVWUDWH"&KRRVHIURPWKHER[
YHUEFRPSOHPHQWLPSHUDWLYHQRXQVXEMHFWIROORZLQJDSUHSRVLWLRQ
&RPSOHWHWKHIROORZLQJFURVVZRUGSX]]OHZLWKWKHLQILQLWLYHVVXJJHVWHGE\WKHFOXHV
http://vk.com/espanol_con_amigos
9(57,&$/(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
FLHQGREHFRPHVHQGRDIWHUxRUOO
,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
-XDQHQGHGXSFDOOLQJWKHSROLFH6RPHRIWKHPRUHFRPPRQDUH
DFDEDUWHUPLQDUJHUXQG
DQGDUJHUXQG
HVWDUJHUXQG
LUJHUXQG
OOHYDUJHUXQG
VHJXLUFRQWLQXDUJHUXQG
WRHQGXSGRLQJ
WREHLQWKHSURFHVVRIGRLQJFROORTXLDO
IRUPVWKHFRQWLQXRXVWHQVHV
WRJUDGXDOO\EHFRPH
WRKDYHEHHQGRLQJVRPHWKLQJRYHUDSHULRGRIWLPH
WRFRQWLQXHWRGR
(MHUFLFLRV
&RPSOHWH WKH FROXPQ RQ WKH ULJKW ZLWK WKH JHUXQG IRUPV FRUUHVSRQGLQJ WR WKH LQILQLWLYHV LQ WKH OHIW
FROXPQ1RWDOOWKHJHUXQGVDUHUHJXODU
,QILQLWLYH
DMXJDU
EOHHU
FLU
GHVWXGLDU
HFDHU
IHVFULELU
*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
HDWHQDQGDVDGMHFWLYHV(VWR\DJRWDGD,DPH[KDXVWHG
7RILQGRXWDERXWWKHSHUIHFWWHQVHVJRWR6HFWLRQVWKHIXWXUHSHUIHFWWKHSHUIHFWWKH
SOXSHUIHFWDQGWKHSHUIHFWVXEMXQFWLYH
)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\SHRSOH6RPHRIWKHPRUHFRPPRQSHULSKUDVWLFFRQVWUXFWLRQVDUH
DQGDUSDVWSDUWLFLSOH
GDUSRUGHMDUSDVWSDUWLFLSOH
HVWDUSDVWSDUWLFLSOH
TXHGDUSDVWSDUWLFLSOH
TXHGDUVHSDVWSDUWLFLSOH
WHQHUSDVWSDUWLFLSOH
WREHFROORTXLDO
WRVWRSGRLQJ
WREHLQDVWDWHRIERG\RUPLQG
WRKDYHDUULYHGDWDFRQFOXVLRQGHFLVLRQRXWFRPH
WRHQGLQDVWDWHRIERG\RUPLQGDVDUHVXOWRIDQ
DFWLRQ,WRIWHQDSSHDUVLQH[SUHVVLRQVGHQRWLQJ
VXUSULVH
VLPLODUWRXVHRIWKHSHUIHFWWHQVH
(MHUFLFLRV
&RPSOHWHWKHDQVZHUVWRWKHTXHVWLRQVDVLQWKHH[DPSOH
$TXpKRUDOOHJDWXWtR"
<DKDOOHJDGR
D'HVGHFXiQGRYLYHVHQ0DGULG"
+HPRVDTXtSRUPiVGHDxRV
E+DQSRGLGRGHVFXEULUTXLpQVHOOHYyHOGLQHUR"
7RGDYtDQRORKDQ
F9DVDGHVD\XQDU"
1R\DKH
G&UHHVTXHORYDQDVROWDUGHODFiUFHO"
0HGLMHURQTXH\DORKDEtDQ
H<DWHHVFULELHURQWXVSDGUHV"
1RWRGDYtDQRKDQ
8VHWKHSDVWSDUWLFLSOHVRIWKHDSSURSULDWHIROORZLQJYHUEVWRFRPSOHWHWKHQHZVSDSHUKHDGOLQHVEHORZ
VDOYDULQPRYLOL]DUFRQILUPDUSURPHWHUDVHJXUDUUREDU
DODJUDQMDOHFKHUDGH/HyQSRUHOPDOGHODVYDFDVORFDV(O3DtV(VSDxDGHHQHURGHO
EUHVSDOGRDOSURFHVRGHSD](O7LHPSR&RORPELDGHPDU]RGHO
FFXDGURVGH'tD]VRQ(O'LDULR%ROLYLDGHPDU]RGHO
GSRUODVDJXDV/D1DFLyQ&RVWD5LFDGHPDU]RGHO
H/DYLYLHQGDFXiQGROOHJDUi"(O1DFLRQDO9HQH]XHODGHPDU]RGHO
&RPSOHWHWKHIROORZLQJSDUDJUDSKZLWKWKHDSSURSULDWHSDVWSDUWLFLSOHRIWKHYHUEVEHORZ
GHMDUPRULUDEULUSRQHUHPRFLRQDUFRPHUDVXVWDUHQWUHFHUUDUOOHJDUHQFHQGHU
&XDQGR3XOJDUFLWRWUDWyGHYROYHUDVXFDVDVHGLRFXHQWDGHTXHORVSDMDULWRVVHKDEtDQDHOSDQ
TXHpOKDEtDESRUHOFDPLQR(VWDEDPX\RVFXURDXQTXHODQRFKHQRKDEtDF6HQWtDPXFKR
IUtRDXQTXHOOHYDEDGXQDEULJRGHODQD3XOJDUFLWRHVWDEDHGHPLHGR0LUDEDIODV
VRPEUDVGHORViUEROHVHQHOERVTXH'HSURQWRDOROHMRVYLRXQDOX]J\XQDSXHUWDK
3XOJDUFLWRFRUULy,\HQFRQWUyDVXPDGUHHVSHUiQGRORFRQORVEUD]RVM
3UHVHQWWHQVHVRIWKHLQGLFDWLYH
7KHSUHVHQWWHQVHVRIWKHLQGLFDWLYHH[SUHVVDZLGHUDQJHRIDFWLRQVLQFOXGLQJZKDWLVKDSSHQLQJLQWKH
LPPHGLDWHSUHVHQWSUHVHQWFRQWLQXRXVDQGKDELWXDODFWLRQVWKHVLPSOHSUHVHQW7KH\DOVRKDYHRWKHUXVHVDV
\RXZLOOVHHLQWKLVXQLW
7KHSUHVHQWVLPSOH
7KHSUHVHQWVLPSOHHOSUHVHQWHLVDYHU\YHUVDWLOHWHQVH,WVXVHLVVLPLODUWRLWV(QJOLVKFRXQWHUSDUWDQGLQ
JHQHUDOLWUHIHUVWRDFWLRQVZKLFKDUHKDSSHQLQJDVZHVSHDNWRJHQHUDOWUXWKVDQGWRKDELWXDODFWLRQV7KH
6SDQLVKSUHVHQWVLPSOHKRZHYHUKDVRWKHUIXQFWLRQVZKLFKUHODWHWRDFWLRQVLQWKHSDVWRUWKHIXWXUHGHSHQGLQJ
RQWKHFRQWH[W
)RUP
5HJXODUIRUPVRIWKHSUHVHQWVLPSOH
DU
EDLOR
EDLODV
EDLOD
EDLODPRV
EDLOiLV
EDLODQ
HU
DSUHQGR
DSUHQGHV
DSUHQGH
DSUHQGHPRV
DSUHQGpLV
DSUHQGHQ
LU
YLYR
9LYHV
9LYH
9LYLPRV
9LYtV
YLYHQ
,Q6SDQLVK$PHULFDWKHIRUPYRVRWURVLVUHSODFHGE\XVWHGHV
)RUIXUWKHULQIRUPDWLRQDERXWSHUVRQDOSURQRXQVJRWR8QLW
,UUHJXODULWLHVDIIHFWLQJWKHVWHPRIWKHYHUE
0RVWLUUHJXODULWLHVDIIHFWWKHVWHPRIWKHYHUE7KHVHW\SHVRIYHUEVFRPPRQO\UHIHUUHGWRDVUDGLFDOFKDQJLQJ
YHUEVDUHJURXSHGLQWRWKUHHPDLQFDWHJRULHV
9HUEVWKDWFKDQJHWKHHLQWKHVWHPIRULH
9HUEVWKDWFKDQJHWKHRLQWKHVWHPIRUXH
9HUEVWKDWFKDQJHWKHHLQWKHVWHPIRUL
HLHEXWQRWIRUQRVRWURVDVRUYRVRWURVDVIRUPV
2WKHUYHUEVIROORZLQJWKLVSDWWHUQ
DFHUWDUDSUHWDUDVFHQGHUDWHQGHUDWUDYHVDUFDOHQWDUFRPHQ]DUFRQIHVDUFRQYHUWLUVHGHIHQGHUGHVSHUWDUVHGLJHULUGLVFHUQLU
HPSH]DUHQWHQGHUHQWHUUDUIUHJDUJREHUQDUKHODUKHULUKHUYLULQYHUWLUPHUHQGDUQHJDUQHYDUSHQVDUSHUGHUSUHIHULUUHFRPHQGDU
UHIHULUVHUHJDUVHPEUDUVHQWDUVHVHQWLUVXJHULUWHPEODUWURSH]DU
\RGXHUPRW~GXHUPHVpOHOOD8GGXHUPHQRVRWURVDV
RXHEXWQRWIRUQRVRWURVDVRUYRVRWURVDVIRUPV
GRUPLPRVYRVRWURVDVGRUPtVHOORVDV8GVGXHUPHQ
2WKHUYHUEVIROORZLQJWKLVSDWWHUQ
DFRVWDUVHDFRUGDUVHDSUREDUFRFHUFROJDUFRPSUREDUFRQVRODUFRQWDUFRVWDUGHPRVWUDUGHYROYHUGROHUHQFRQWUDUHVIRU]DUVH
OORYHU
PRVWUDUPRYHUSUREDUUHFRUGDUUHQRYDUVROHUVROWDUVRQDUVRxDUYROYHUWURQDU
YRODU
R\HDOROHMRVFyPRWUXHQD)URPWKHGLVWDQFH\RXFDQKHDUKRZLWWKXQGHUV
1RWHWKDWWKHYHUEMXJDUWRSOD\IROORZVWKHSDWWHUQXXHVHHSDJHRIWKHYHUEWDEOHV
\RSLGRW~SLGHVpOHOOD8GSLGHQRVRWURVDVSHGLPRVYRVRWURV
HLEXWQRWIRUQRVRWURVDVRUYRVRWURVDV
DVSHGtVHOORVDV8GVSLGHQ
2WKHUYHUEVIROORZLQJWKLVSDWWHUQ
DUUHSHQWLUVHFRPSHWLUFRQFHELUFRQVHJXLUFRQVHQWLUFRUUHJLUVHGHUUHWLUVHGHVSHGLUVHHOHJLUJHPLULPSHGLUPHGLUSHUVHJXLU
UHSHWLUUHxLUVHUYLUVHJXLUYHVWLUVH
2WKHULUUHJXODULWLHVLQWKHSUHVHQWVLPSOH
6RPHYHU\FRPPRQYHUEVDUHYHU\LUUHJXODULQWKHILUVWSHUVRQVLQJXODURIWKHSUHVHQWWHQVH
*RWRWKHYHUEWDEOHVLQWKH$SSHQGL[IRUWKHIXOOFRQMXJDWLRQRIWKHVHYHUEV
D$GGLQJ\WRWKHILUVWSHUVRQVLQJXODU
9HUEVIROORZLQJWKLVSDWWHUQGDUDQGHVWDU
E$GGLQJJWRWKHILUVWSHUVRQVLQJXODU
2WKHUYHUEVIROORZLQJWKLVSDWWHUQ
KDFHUSRQHUVDOLUYHQLUGHFLURtU
GHFLUDOVRFKDQJHVWKHHLQWKHVWHPIRULGLJRGLFHVGLFHGHFLPRVGHFtVGLFHQ
F 9HUEV HQGLQJ LQ HFHU DQGGXFLU SOXVFRQRFHU DQG LWV GHULYDWLYHV
\RFRQR]FRW~FRQRFHVpOHOOD8GFRQRFHQRVRWURVDV
7KLV DOVR DSSOLHV WR WKH YHUEVQDFHU OXFLU SODFHU DQG WKHLU
FRQRFHPRVYRVRWURVDVFRQRFpLVHOORVDV8GVFRQRFHQ
GHULYDWLYHVGHVOXFLUFRPSODFHU
2WKHUYHUEVIROORZLQJWKLVSDWWHUQDGG]WRWKHVWHPLQWKHILUVWSHUVRQVLQJXODU
DJUDGHFHUDSDUHFHUFDUHFHUFRPSDGHFHUFUHFHUFRQGXFLUGHGXFLUGHVDSDUHFHUGHVFRQRFHUGHVOXFLUHQYHMHFHUHVWDEOHFHUPHUHFHU
REHGHFHUSDUHFHUSHUWHQHFHUUHGXFLUUHSURGXFLUWUDGXFHU
G 9HUEV HQGLQJ LQ XLU DGG\WR WKHLU VWHP LQ DOO SHUVRQV H[FHSW LQ WKH \RFRQVWUX\RW~FRQVWUX\HVpOHOOD8GFRQVWUX\HQRVRWURVDV
ILUVWDQGVHFRQGSHUVRQVSOXUDO
FRQVWUXLPRVYRVRWURVDVFRQVWUXtVHOORVDV8GVFRQVWUX\HQ
2WKHUYHUEVIROORZLQJWKLVSDWWHUQ
DWULEXLUDUJLUFRQFOXLUFRQVWLWXLUFRQWULEXLUGHVWLWXLUGHVWUXLUGLOXLUGLVPLQXLUGLVWULEXLUH[FOXLUKXLULQFOXLULQVWUXLUREVWUXLU
SURVWLWXLUUHFRQVWUXLUUHWULEXLUVXEVWLWXLU
7KLVDOVRDSSOLHVWRWKHYHUERtUH[FHSWIRUWKHILUVWSHUVRQVLQJXODURLJR
9HU\LUUHJXODUYHUEVLQWKHSUHVHQWVLPSOH
7KHYHUEVVHUWREHDQGLUWRJRDUHWRWDOO\LUUHJXODU
6HU
)RUPRUHRQWKLVYHUEJRWR6HFWLRQ
LU
KDEHUWKHUHLVWKHUHDUHLVRQO\XVHGLQWKHWKLUGSHUVRQVLQJXODU
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\WHWRPDVODVRSLWDUHTXHVW6LWGRZQDQGHDW\RXUVRXS
0HGHYXHOYHODFiPDUDLQPHGLDWDPHQWHFRPPDQG*LYHPHWKH
FDPHUDEDFNLPPHGLDWHO\
(MHUFLFLRV
&RPSOHWHWKHIROORZLQJWDEOHZLWKWKHFRUUHVSRQGLQJIRUPVRIWKHYHUEVLQWKHSUHVHQWWHQVH7KH\DUHDOO
UHJXODU
\R
W~
pOHOOD8G
QRVRWURVDV
YRVRWURVDV
HOORVDV8GV
&DQWDU
FDQWR
EHEHU
VXELU
6XEHV
EHEH
EHEHPRV
VXEtV
FDQWDQ
&RPSOHWHWKHIROORZLQJGLDORJXHZLWKWKHFRUUHFWIRUPRIWKHYHUEVLQEUDFNHWV
$TXpKRUDDFRPHQ]DUW~DWUDEDMDUPDxDQD"
$ODVVLHWH\PHGLD6LQRPHEGHVSHUWDU\RDODVVHLVHVWDUpSHUGLGD
3HURORVQLxRVFGRUPLUHOORVKDVWDPiVWDUGHQR"
6tSRUTXHQRUPDOPHQWHQRQRVGDFRVWDUQRVRWURVPX\WHPSUDQR
%XHQR\DFDVLHVPHGLDQRFKH6LHVHJXLUQRVRWURVKDEODQGRGHYHUGDGTXHQRWHYDVDSRGHU
OHYDQWDU
6LQRIFRQVHJXLU\ROHYDQWDUPHDWLHPSRQRVpTXpYDDSDVDU
JSRGHU\ROODPDUWHDODVVHLVVLTXLHUHV
4XpPHKGHFLUW~7HLFRQIHVDU\RTXHQRHVWDEDHVSHUDQGRHVDVXJHUHQFLD
&RPSOHWH WKH IROORZLQJ WDEOH ZLWK WKH DSSURSULDWH IRUP RI WKH SUHVHQW WHQVH DQG VD\ ZKLFK W\SH RI
LUUHJXODULW\LWLV7KHILUVWRQHKDVEHHQGRQHIRU\RX
DFRQRFHU
ERtU
FJREHUQDU
GVDOLU
HHQFRQWUDU
IUHSHWLU
\RFRQR]FR
HOORV
HOOD
\R
W~
8GV
$GGV]WRWKHVWHP
&RPSOHWHWKHIROORZLQJH[WUDFWIURPDZHDWKHUIRUHFDVWXVLQJWKHYHUEVEHORZLQWKHSUHVHQWWHQVH
VHUSUHSDUDUOORYHUVHUWHQHUEULOODUYHU
7KHSUHVHQWFRQWLQXRXV
7KHSUHVHQWFRQWLQXRXVHOSUHVHQWHFRQWLQXRVKRZVSURJUHVVLRQRIDFWLRQLQWKHSUHVHQW
)RUP
7KHSUHVHQWFRQWLQXRXVLVIRUPHGXVLQJHVWDUDQGWKHJHUXQGRIWKHPDLQYHUE
DUDQGR
HUDQGLULHQGR
HVWDU
\R
HVWR\
W~
HVWiV
SHQVDUSHQVDQGR
pOHOOD8G
HVWi
FRQRFHUFRQRFLHQGR
QRVRWURVDV
HVWDPRV
HVFULELUHVFULELHQGR
YRVRWURVDV
HVWiLV
HOORVDV8GV
HVWiQ
<RXFDQUHYLVHWKHJHUXQGLQ6HFWLRQ
8VH
7RHPSKDVLVHWKDWDFWLRQVDUHWDNLQJSODFHDVZHVSHDN
7RUHIHUWRDFWLRQVSHUFHLYHGDVRQJRLQJRULQSURJUHVV,QWKLVFDVHWKH
SUHVHQWFRQWLQXRXVLVRIWHQLQWHUFKDQJHDEOHZLWKWKHSUHVHQW
0DPiHVWiODYDQGRHOFRFKH0XPLVZDVKLQJWKHFDU
0DQXHODKRUDHVWiYLYLHQGRHQ$UJHQWLQD0DQXHOLVQRZOLYLQJLQ
$UJHQWLQD
7KHXVHRIWKHSUHVHQWFRQWLQXRXVLVVLPLODULQPDQ\LQVWDQFHVWRWKHXVHRILWVHTXLYDOHQWLQ(QJOLVKIRU
LQVWDQFHZKHQUHIHUULQJWRDFWLRQVKDSSHQLQJDVZHVSHDN(VWR\OH\HQGR,DPUHDGLQJ+RZHYHUZKHQLQ
(QJOLVKWKLVWHQVHLVXVHGWRUHIHUWRDFWLRQVKDSSHQLQJLQWKHIXWXUH6SDQLVKGRHVQRWXVHWKHSUHVHQWFRQWLQXRXV
EXWWKHVLPSOHSUHVHQWRUDIXWXUHIRUPHJ
1RVYDPRVHOYLHUQHV:HDUHOHDYLQJRQ)ULGD\
(MHUFLFLRV
&RPSOHWHWKHIROORZLQJVHQWHQFHVZLWKWKHFRUUHFWIRUPRIWKHSUHVHQWFRQWLQXRXV
D-XDQFDPELDUXQRVGyODUHVHQHOEDQFR
E0LVSDGUHVYLDMDUSRU&HQWURDPpULFD
F/RVFLFOLVWDVFRUUHUHQOD9XHOWDD&RORPELD
G*ORULD\\ROHHU/DFDVDGHORVHVStULWXV
H0HFRQWDURQTXHW~\0DUtDYHQGHUODFDVD
/RRNDWWKHIROORZLQJSLFWXUHVDQGVSRWWKHGLIIHUHQFHVEHWZHHQWKHWZRXVLQJWKHSUHVHQWFRQWLQXRXVRI
RQHRIWKHYHUEVEHORZDVLQWKHH[DPSOH
OHHUFRUUHUVRQUHtUOORUDUGRUPLUEHEHUFRQVXOWDUFRPHU
$ODL]TXLHUGD
DODPXMHUHVWiOH\HQGREHOQLxRFHOSHUURG\ORVPXFKDFKRVXQPDSD
$ODGHUHFKD
LODPXMHUDJXDLLHOQLxRLLLHOSHUURLY\ORVPXFKDFKRVXQERFDGLOOR
)XWXUHWHQVHVRIWKHLQGLFDWLYH
7KH6SDQLVKIXWXUHWHQVHVORVWLHPSRVGHOIXWXURDUHXVHGWRUHIHUWRDFWLRQVWKDWZLOOWDNHSODFHDIWHUWKH
VSHDNHUKDVVSRNHQ7KH\DUHYHU\VLPLODUWRWKH(QJOLVKWHQVHVXVHGWRWDONDERXWWKHIXWXUH
WKHIXWXUHVLPSOH/RFRPSUDUpPDxDQD,VKDOOEX\LWWRPRUURZ
WKHIXWXUHFRQWLQXRXV0DxDQDDHVWDVKRUDVHVWDUHPRVOOHJDQGR7RPRUURZDWDERXWWKLVWLPHZHZLOOEH
DUULYLQJ
WKHIXWXUHSHUIHFW&XDQGRWHGHVSLHUWHV\DKDEUiOOHJDGR3DSi1RHO:KHQ\RXZDNHXS)DWKHU&KULVWPDV
ZLOOKDYHEHHQ
DQGWKHPRVWFRPPRQZD\WRUHIHUWRWKHIXWXUHLQ6SDQLVKWKHIXWXUHZLWKLUDLQILQLWLYHJRLQJWR9R\D
GHFLUOHD/XLVDORTXHSLHQVR,DPJRLQJWRWHOO/XLVDZKDW,WKLQN
7KHIXWXUHZLWKLUD
7KLVLVVLPLODUWRWKHIXWXUHZLWKJRLQJWRLQ(QJOLVK
)RUP
,WLVIRUPHGE\WKHSUHVHQWWHQVHRILUDWKHLQILQLWLYHRIWKHYHUE
\RYR\
DEXVFDU
W~YDV
DJDQDU
pOHOOD8GYD
DVDOLU
QRVRWURVDVYDPRV
DSHUGHU
YRVRWURVDVYDLV
DFRQVWUXLU
HOORVDV8GVYDQ
DFRPHU
8VH
7KHIXWXUHZLWKLUDLQILQLWLYHUHIHUVWRDQHDUIXWXUHRUDQRWVR
LPPHGLDWHEXWSODQQHGIXWXUH
9DPRVDHPSH]DUHOYLDMHHQ6HPDQD6DQWD:HDUHJRLQJWRVWDUWWKH
MRXUQH\DW(DVWHU
(MHUFLFLRV
:ULWHVHQWHQFHVZLWKLUDLQILQLWLYHDVLQWKHH[DPSOH
(MHPSOR
W~VDOLUWDUGH9DVDVDOLUWDUGH
D\RKDEODUFRQHOJHUHQWH
E&DUORVFRQILUPDUHOYLDMH
F/XLV\0DULHODYLVLWDUHOPXVHRGHDUWH
GYRVRWURVQRHQFRQWUDUODVOODYHV
&RPSOHWHWKHIROORZLQJSRVWFDUGXVLQJWKHIXWXUHZLWKLUD
7KHIXWXUHVLPSOH
7KHIXWXUHVLPSOHHOIXWXURLVVLPLODUWRWKH(QJOLVKIXWXUHZLWKZLOORUVKDOO
&RPSUDUHPRVODFDVDHVWHDxR:HVKDOOEX\WKHKRXVHWKLV\HDU
)RUP
5HJXODUIRUPVRIWKHIXWXUH
7KHIXWXUHWHQVHLVIRUPHGE\DGGLQJWKHFRUUHVSRQGLQJHQGLQJVWRWKHLQILQLWLYHRIWKHYHUE7KH\DUHWKHVDPH
IRUDOOYHUEVUHJDUGOHVVRIZKHWKHUWKH\HQGLQDUHURULU
\R
W~
pOHOOD8G
QRVRWURVDV
YRVRWURVDV
HOORVDV8GV
DU
FRPSUDUp
FRPSUDUiV
FRPSUDUi
FRPSUDUHPRV
FRPSUDUpLV
FRPSUDUiQ
HU
FRPSUHQGHUp
FRPSUHQGHUiV
FRPSUHQGHUi
FRPSUHQGHUHPRV
FRPSUHQGHUpLV
FRPSUHQGHUiQ
LU
DxDGLUp
DxDGLUiV
DxDGLUi
DxDGLUHPRV
DxDGLUpLV
DxDGLUiQ
,UUHJXODUYHUEVLQWKHIXWXUH
7KHUHDUHEDVLFLUUHJXODUYHUEVLQWKHIXWXUH$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
(VWHPHVD8GVHQWLUVHXQSRFRSUHVLRQDGRHQVXYLGDGHWUDEDMRSHURE
PDQWHQHU HO EXHQ KXPRU \ HVWDGR GH iQLPR TXH OH F D\XGDU D WRPDU
GHFLVLRQHVLPSRUWDQWHV(QHOSODQRGRPpVWLFRODIDPLOLDOHGGDUWRGRHO
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
VHUPXFKRPiVTXHSDUDGHFLUTXHUHVSDOGDHOSURFHVRGHSD](VWHJUXSRSRU
HMHPSOR E KDFHU VXV SURSLRV SODQWHDPLHQWRV VREUH WHPDV FRPR OD
VXVWLWXFLyQGHFXOWLYRVLOtFLWRV\FDSR\DUFRQGLQHURHVWHSURJUDPDFXDQGR
OOHJXH HO PRPHQWR > @ /RV RFKR SDtVHV TXH YDQ D UHSUHVHQWDU D OD FRPXQLGDG
LQWHUQDFLRQDOVHGUHXQLUFDGDGRVPHVHVHQODPHVDGHGLiORJR
(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\DGHVHPSDFDUODVPDOHWDVHVWDUiQGHVHPSDFDQGRODVPDOHWDV
D6DEHVVL\DHPSH]yODSHOtFXOD"
6t\DWHUPLQDU
E&UHHVTXH\DWHUPLQyODRSHUDFLyQ"
6t\DHOGHVSHUWDUVH
F6DEHVFXiQGRFRPHQ]DURQHOH[DPHQ"
1RVpSHURPHLPDJLQRTXH\DHOORVDFDEDU
G&UHHVTXHHODYLyQGH-XDQD\DDWHUUL]y"6HJXUR\DHOODVDOLUGHODHURSXHUWR
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'HQWURGHSRFRWLHPSRDQRVRWURVFRQORV
ERVTXHVWURSLFDOHV/DWHPSHUDWXUDGHORVRFpDQRVESHOLJURVDPHQWH0XFKDVHVSHFLHVGHSHFHV
F(OKRPEUHGHODPELHQWHLUUHPHGLDEOHPHQWH1XHVWURVKLMRVHVXKHUHQFLDPiV
YDOLRVD
3DVWWHQVHVRIWKHLQGLFDWLYH
3DVWWHQVHVH[SUHVVDFWLRQVWKDWWRRNSODFHLQWKHSDVW7KHUHDUHVHYHUDOWHQVHVLQ6SDQLVKWKHLPSHUIHFWWKH
SUHWHULWHWKHSHUIHFWDQGWKHSOXSHUIHFWZKLFKH[SUHVVGLIIHUHQWQXDQFHVRIPHDQLQJLQUHODWLRQWRWKHSDVW(DFK
LVH[SODLQHGLQDGLIIHUHQWVHFWLRQ7HQVHVLQWKHLQGLFDWLYHPRRGUHIHUWRDFWLRQVDVIDFWVZKLFKKDYHUHDOO\
KDSSHQHG7KHSHUIHFWKDVEHHQLQFOXGHGLQWKLVVHFWLRQEHFDXVHLWLVXVHGWREULGJHWLPHVSDQVEHWZHHQWKHSDVW
DQGWKHSUHVHQW
7KHLPSHUIHFW
7KH6SDQLVKLPSHUIHFWHOSUHWpULWRLPSHUIHFWRH[SUHVVHVPHDQLQJVFRUUHVSRQGLQJWRWKH(QJOLVKSDVW
FRQWLQXRXVZDVZHUHGRLQJWKHVWUXFWXUHXVHGWRGRDQGWKHVLPSOHSDVWZKHQXVHGWRVKRZFRQWLQXLW\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
7KHYHUEVVROHUDQGDFRVWXPEUDUDFDQDOVREHXVHGLQWKHLPSHUIHFWWRH[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
TXHODVFDVDVYLYHQRPXHUHQLJXDOTXHODVSHUVRQDV1RDQDGDGHODDOHJUtD\ODKRVSLWDOLGDG
TXH\RUHFRUGDED(QDTXHOODFDVDQREXQUD\RGHOX](OFDPLQRTXHDWUDYHVDEDHOMDUGLQFLWRGH
HQWUDGDFWRWDOPHQWHFXELHUWRGHKLHUED\]DU]DV(QIUHQWHHOJUDQSRUWDOyQGODHQWUDGDFRQ
DLUHDPHQD]DGRUWRWDOPHQWHLPSHQHWUDEOH/DKLHGUDHSRUWRGDVODVSDUHGHVGHODFDVD\PXFKDV
GHODVYHQWDQDVIWRWDOPHQWHFXELHUWDV(OMDUGtQJXQDDXWpQWLFDMXQJODKEDVXUDSRU
WRGDVSDUWHV7RGRHQODFDVDLGHFLU+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
DQRVRWURVSDVHDUSRUHOFDPSRFXDQGRFRPHQ]yDOORYHUWRUUHQFLDOPHQWH
EQLxRVKDFHUWDQWRUXLGRTXHQRRtPRVHOWLPEUHGHODSXHUWD
FQRVRWUDVYHUODWHOHYLVLyQ\GHUHSHQWHVHIXHODOX]\QRVTXHGDPRVDRVFXUDV
GYLHQWRVRSODUWDQIXHUWHTXHDUUDQFyXQiUEROGHOSDUTXH
7KHSUHWHULWH
7KH6SDQLVKSUHWHULWHHOSUHWpULWRSHUIHFWRVLPSOHRSUHWpULWRLQGHILQLGRH[SUHVVHVVLQJOHFRPSOHWHDFWLRQV
LQWKHSDVWHJ0XULyHQ6KHGLHGLQ0HORHQFRQWUpD\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
D5DGLFDOFKDQJLQJYHUEVFKDQJHVRQO\DIIHFWWKHWKLUGSHUVRQVLQJXODUDQGSOXUDO
HL
VHQWLUVHQWtVHQWLVWHVLQWLyVHQWLPRVVHQWLVWHLVVLQWLHURQ
2WKHUYHUEVIROORZLQJWKLVSDWWHUQLQFOXGH
DGYHUWLUDUUHSHQWLUVHFRPSHWLUFRQFHELUFRQVHQWLUFRQYHUWLUFRUUHJLUGHUUHWLUVHGHVSHGLUGLYHUWLUVHHOHJLUIUHtUJHPLUKHULULPSHGLU
LQWHUIHULULQYHUWLUPHGLUPHQWLUSHGLUSHUVHJXLUSUHIHULUUHIHULUVHDUHtUUHQGLUVHUHSHWLUUHxLUVHJXLUVHUYLUVRQUHtUVXJHULU
YHVWLUVH
GRUPLUGRUPtGRUPLVWHGXUPLyGRUPLPRVGRUPLVWHLVGXUPLHURQPRULU
RX
PRUtPRULVWHPXULyPRULPRVPRULVWHLVPXULHURQ
E9HUEVHQGLQJLQGXFLU
GXFLUGXM
LQWURGXFLULQWURGXMHLQWURGXMLVWHLQWURGXMRLQWURGXMLPRVLQWURGXMLVWHLV
LQWURGXMHURQ
2WKHUYHUEVIROORZLQJWKLVSDWWHUQLQFOXGH
DGXFLUFRQGXFLUGHGXFLULQGXFLUSURGXFLUUHGXFLUUHSURGXFLUVHGXFLUWUDGXFLU
F9HUEVZKLFKXQGHUJRDVSHOOLQJFKDQJHLQWKHILUVWSHUVRQVLQJXODU
7KLVLVWRSUHVHUYHWKHVRXQGRIWKHFRQVRQDQWLQWKHLQILQLWLYH
FDUTXp
DSDUFDUDSDUTXpEXWDSDUFDVWHDSDUFyHWF
2WKHUYHUEVIROORZLQJWKLVSDWWHUQLQFOXGHDUUDQFDUDWDFDUURQFDU
JDUJXp
MXJDUMXJXpEXWMXJDVWHMXJyHWF
2WKHUYHUEVIROORZLQJWKLVSDWWHUQLQFOXGHDKRJDUFROJDUSDJDUSHJDUUHJDU
]DUFp
FUX]DUFUXFpEXWFUX]DVWHFUX]yHWF
2WKHUYHUEVIROORZLQJWKLVSDWWHUQLQFOXGHDEUD]DUDOPRU]DUHPSH]DUUH]DU
JXDUJp
DYHULJXDUDYHULJpEXWDYHULJXDVWHDYHULJXyHWF
2WKHUYHUEVIROORZLQJWKLVSDWWHUQLQFOXGHDPRUWLJXDUDSDFLJXDU
G9HUEVWKDWXQGHUJRDVSHOOLQJFKDQJHL\
7KLVRQO\DIIHFWVWKHWKLUGSHUVRQVVLQJXODUDQGSOXUDO
FRQFOXLUFRQFOXtFRQFOXLVWHFRQFOX\yFRQFOXLPRVFRQFOXLVWHLV
FRQFOX\HURQ
2WKHUYHUEVIROORZLQJWKLVSDWWHUQLQFOXGHYHUEVHQGLQJLQXLUDIOXLUFRQVWLWXLUFRQVWUXLUFRQWULEXLUGHVWLWXLUGHVWUXLUGLOXLUGLVWULEXLU
H[FOXLUIOXLUKXLULQFOXLULQIOXLULQVWLWXLULQVWUXLUEXWDOVRRWKHUVOHHURtUFDHUGHFDHUUHFDHU
H7KHVWURQJSUHWHULWHV
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
HJVXSHUSRQHUOLNHSRQHUVXSHUSXVHHWFFRQWHQHUOLNHWHQHUFRQWXYHHWF
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$VWXULDVDQG&DVWLOOD/HyQWKHSUHWHULWH
DQGWKHSHUIHFWDUHQRWXVHGLQH[DFWO\WKHVDPHZD\
6HFWLRQ
(MHUFLFLRV
3XWWKHIROORZLQJLQILQLWLYHVLQWRWKHDSSURSULDWHSHUVRQRIWKHSUHWHULWHWHQVH$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$QGZHUHWKHUHDQ\SDUWLFXODUSHUVRQVHJYRVRWURVWKDWZHUHHVSHFLDOO\GLIILFXOW"
3UDFWLVHWKHPZLWKGLIIHUHQWYHUEV
7KHIROORZLQJSUHWHULWHIRUPVDUHQRWWRWDOO\UHJXODU:ULWHGRZQWKHLQILQLWLYHLQIURQWRIHDFKYHUELQ
WKHSUHWHULWHDQGWKHQPDWFKWKHYHUEZLWKWKHW\SHRILUUHJXODULW\WKDWKDVRFFXUUHG
(MHPSOR
:ULWHVHYHQVHQWHQFHVHDFKZLWKDYHUEWKDWH[HPSOLILHVRQHRIWKHW\SHVRILUUHJXODULWLHVIURPWKHODVW
H[HUFLVH
+HUHLVDVKRUWELRJUDSK\RI/D0DOLQFKHDQ$]WHFSULQFHVVZKROLYHGDWWKHWLPHRIWKHFRQTXHVWRI
0H[LFR LQ WKH VL[WHHQWK FHQWXU\ &RPSOHWH WKH JDSV WR ILQG RXW DERXW KHU 8VH WKH YHUEV IURP WKH OLVW
SXWWLQJWKHPLQWKHSUHWHULWH
QDFHUOOHJDUFRQWULEXLUPRULUSHUPDQHFHUVHUWHQHUYHQGHUFDVDUFRQYHUWLUVH
/D0DOLQFKHDDSULQFLSLRVGHOVLJOR;9,7UDVODPXHUWHGHVXSDGUHODEFRPRHVFODYD\DVt
FDOVHUYLFLRGH+HUQiQ&RUWpVGVXWUDGXFWRUDFRQVHMHUD\DPDQWH\FRQpOHXQKLMR
0DUWtQIFRQ&RUWpVGHVGHKDVWD(Q&RUWpVODJFRQXQRGHVXVFDSLWDQHV
KDOSRFRGHQDFHUVXKLMDHQ(VWDPXMHULHQRUPHPHQWHDODFDXVDGHORVHVSDxROHVH
LQFOXVRMDOFULVWLDQLVPR
&KRRVLQJEHWZHHQWKHSUHWHULWHDQGWKHLPSHUIHFW
/HDUQHUVRI6SDQLVKRIWHQILQGLWGLIILFXOWWRFKRRVHEHWZHHQWKHLPSHUIHFWDQGWKHSUHWHULWHZKHQUHIHUULQJWR
DFWLRQVZKLFKWRRNSODFHLQWKHSDVW8VHWKHIROORZLQJJXLGHOLQHVWRKHOS\RX
7KHSUHWHULWHLVXVHGWRH[SUHVVVLQJOHDFWLRQVLQWKHSDVWZKLOHWKH
LPSHUIHFWLVXVHGWRUHIHUWRDFWLRQVZKLFKKDSSHQHGKDELWXDOO\RU
UHSHDWHGO\
$\HUPHGRUPt\OOHJXpWDUGHDOFROHJLR<HVWHUGD\,VOHSWLQDQGZDV
ODWHIRUVFKRRO/OHJDEDWDUGHDOFROHJLRDPHQXGRVREUHWRGRVLHUD
OXQHV,ZDVRIWHQODWHIRUVFKRROHVSHFLDOO\RQD0RQGD\
$TXHOODSURIHVRUDHQVHxy0DWHPiWLFDVHOWULPHVWUHTXHHOSURIHVRU
WLWXODUHVWXYRHQIHUPR7KDWWHDFKHUWDXJKWPDWKHPDWLFVGXULQJWKHWHUP
7KHSUHWHULWHLVXVHGZKHQWKHDFWLRQLVFRPSOHWHDQGILQLVKHG7KH
RXUQRUPDOWHDFKHUZDVLOO7KHOLPLWVRIWKHSHULRGZKHQVKHWDXJKW
LPSHUIHFWLVXVHGZKHQDQDFWLRQLVLQSURJUHVVZLWKRXWVSHFLI\LQJD
PDWKHPDWLFVDUHVSHFLILHG
EHJLQQLQJRUDQHQG
$TXHOODSURIHVRUDHQVHxDED0DWHPiWLFDV7KDWWHDFKHUWDXJKW
PDWKHPDWLFV,WLVQRWVSHFLILHGLIVKHKDVVWRSSHGWHDFKLQJ
PDWKHPDWLFV
(UDXQDQRFKHWHUULEOH&DtDQORVUD\RVVREUHODVIUiJLOHVFDVXFKDV
GHODDOGHD3HGUR\VXDEXHODQRSRGtDQGRUPLU(QHVWRVH
R\HURQXQRVJROSHVHQODSXHUWD\XQDYR]GHVHVSHUDGDJULWy3RU
,QDQDUUDWLYHWKHSUHWHULWHLVXVHGWRUHODWHHYHQWVZKLOHWKHLPSHUIHFWLV HODPRUGH'LRV$EUDQSRUIDYRU3HGURVHDFHUFyWHPEODQGRDOD
XVHGIRUWKHIUDPHZRUNDQGIRUGHVFULSWLRQVRIFKDUDFWHUVDQG
SXHUWD$IXHUDHOYLHQWRVHJXtDDXOODQGR,WZDVDWHUULEOHQLJKW
VFHQHV
/LJKWQLQJFUDVKHGRYHUWKHIOLPV\KRXVHVLQWKHKDPOHW3HGURDQGKLV
JUDQGPRWKHUFRXOGQRWVOHHS6XGGHQO\WKHUHZDVDNQRFNRQWKHGRRUDQG
DQDQJXLVKHGYRLFHVKRXWHG)RUWKHORYHRI*RG2SHQWKHGRRUSOHDVH
3HGURZHQWWRWKHGRRUWUHPEOLQJ2XWVLGHWKHZLQGURDUHG
<RDPDEDDPL/HRQRUSHURDTXHOODQRFKHODRGLpFRQWRGDVPLV
7KHSUHWHULWHLVXVHGWRH[SUHVVWKHH[FHSWLRQRUWKHXQLTXHQHVVRIDQ
IXHU]DV,ORYHGP\/HRQRUEXWWKDWHYHQLQJ,KDWHGKHUZLWKDOOP\
DFWLRQZKHUHWKHLPSHUIHFWH[SUHVVHVWKHQRUP
KHDUW
,EDSRUODFDOOHFXDQGRRtPLQRPEUH,ZDVZDONLQJGRZQWKHVWUHHW
:KHQWZRDFWLRQVDUHVLPXOWDQHRXVWKHPDLQDFWLRQWDNHVWKHSUHWHULWH
ZKHQ,KHDUGP\QDPH
ZKLOHWKHRQJRLQJDFWLRQWDNHVWKHLPSHUIHFWRULPSHUIHFWFRQWLQXRXV
&XDQGRVRQyODDODUPDHVWiEDPRVMXJDQGRDOSDUFKtV:KHQWKH
7ROHDUQPRUHDERXWWLPHUHODWLRQVJRWR6HFWLRQ
DODUPZHQWRIIZHZHUHSOD\LQJ/XGR
(MHUFLFLRV
7KH IDFH LQ WKH SKRWRZDV OHDQ DQG WDQQHG DQG VPLOLQJ OLJKWO\ ZLWK OLSV FORVHG 7KH ZKLWH VKLUW
XQGHUWKHUHGVWRUHMDFNHWKDGDEXWWRQOHVVFROODUDQGDWDVWHIXOVWULSHGWLH+HDSSHDUHGQHDWLQ
VKDSHDQGWKHPDQZKRWRRNWKHSKRWRDFWXDOO\VSRNHZLWK1LFKRODVDVKHSUHWHQGHGWRVKRSIRU
DQ REVROHWH JDGJHWVDLGKHZDVDUWLFXODWHKHOSIXONQRZOHGJHDEOHDQLFH\RXQJPDQ+LVQDPH
EDGJHODEHOOHG(DVWHUDV&R0DQDJHUEXWWZRRWKHUVZLWKWKHVDPHWLWOHZHUHVSRWWHGLQWKHVWRUH
DWWKHVDPHGD\
-RKQ*ULVKDP7KH5XQDZD\-XU\/RQGRQ$UURZ%RRNVS
3XWWKHIROORZLQJVHQWHQFHVLQWRWKHSDVWFKRRVLQJWKHSUHWHULWHRULPSHUIHFWDVDSSURSULDWH
D3HGURQRYLHQHDFRPHUKR\&KDQJHKR\WRD\HU
E7RGRVORVGtDVGDXQSDVHRGHPHGLDKRUD
F/DYLVWDGHVGHODFLPDHVPDJQtILFD
G/HKDIDVWLGLDGRPXFKRODDFWLWXGGHVXVFRPSDxHURV
H(VXQDFKLFDPX\HTXLOLEUDGDSHURKR\VHKDHQIDGDGRPXFKtVLPR&KDQJHKR\WRHVHGtD
&RPSOHWHWKHIROORZLQJH[WUDFWZLWKWKHDSSURSULDWHYHUE7KHPHDQLQJDQGWHQVHRIWKHYHUEVZLOOKHOS
\RX
YLRHQFRQWUDEDSUHJXQWyKDEtDHUDVDFyUHSOLFyLEDSXVR
7KHSHUIHFW
,QWKHVHQWHQFHV,KDYHDVNHGKLPWRFRPHDQG6KHKDVQRWVDLGDZRUG\HWWKHYHUEVDUHLQWKHSHUIHFWWHQVH
HOSUHWpULWRSHUIHFWR6SDQLVKDOVRKDVWKLVWHQVHDQGLWVXVHLVVLPLODUWR(QJOLVKDOWKRXJKWKHUHDUHVRPH
GLIIHUHQFHV
7KHSUHWpULWRSHUIHFWRUHIHUVWRDFWLRQVZKLFKVWUHWFKIURPWKHSDVWWRWKHSUHVHQW,QPDQ\FDVHVLWLVFOHDUWKDW
WKHDFWLRQVWDUWHGLQWKHSDVWDQGLWLVVWLOOJRLQJRQHJ6LHPSUHKDVLGRXQVRxDGRU+HKDVDOZD\VEHHQD
GUHDPHU7KLVXVHRIWKHSHUIHFWWHQVHLVVKDUHGE\DOOVSHDNHUVRI6SDQLVK
,QRWKHUFDVHVWKHDFWLRQKDVILQLVKHGEXWLWVUHODWLRQZLWKWKHSUHVHQWGHSHQGVRQWKHVSHDNHUVSHUFHSWLRQRIWKH
SUHVHQWHJ0HKHFRPSUDGRXQFRFKHQXHYR,KDYHERXJKWDQHZFDU,QWKLVH[DPSOHWKHDFWLRQLVILQLVKHG
EXWWKHVSHDNHUVLWXDWHVLWLQDSUHVHQWWLPHIUDPHZRUNVLQFHWKHHIIHFWRIWKHDFWLRQLVRQJRLQJ$OWKRXJKWKLV
XVHLVQRWVKDUHGE\DOOVSHDNHUVRI6SDQLVKWKHUHDUHQHYHUWKHOHVVH[DPSOHVRILWVXVHIURPDFURVVWKH6SDQLVK
VSHDNLQJZRUOGWKDWLOOXVWUDWHWKHOLQNEHWZHHQWKHSDVWDQGWKHSUHVHQWLQUHODWLRQWRWKHVSHDNHUVRZQWLPH
IUDPHHJ(OUH\KDPXHUWR7KHNLQJKDVGLHG7KLVVHQWHQFHVXJJHVWVWKDWWKHGHDWKLVYHU\UHFHQWDQG
SRVVLEO\WKDWWKHIXQHUDOKDVQW\HWWDNHQSODFH
,QWKLVXQLWWKHPHDQLQJDQGXVHVRIWKHSHUIHFWDUHH[SODLQHGLQWHUPVRIDUHWURVSHFWLYHSUHVHQWWKLVLVDWHQVH
WKDWUHIHUVWRDFWLRQVZKLFKPD\VWUHWFKIURPWKRVHWKDWKDYHDOUHDG\WDNHQSODFHWRWKRVHZKLFKDUHVWLOORQJRLQJ
EXWDOZD\VLQDWLPHIUDPHUHODWHGWRWKHSUHVHQWWRWKHVSHDNHUVQRZ7KHPDLQGLDOHFWDOGLIIHUHQFHVDUHDOVR
UHYLHZHG
)RUP
7KHSHUIHFWLVIRUPHGZLWKWKHSUHVHQWWHQVHRIKDEHUSOXVWKHSDVWSDUWLFLSOHRIWKHYHUE
<RXFDQUHYLVHWKHSDVWSDUWLFLSOHIRUPVLQ6HFWLRQ
KDEHU
SDVWSDUWLFLSOH
\R
KH
W~
KDV
WRPDGR
pOHOOD8G
KD
FRPLGR
QRVRWURVDV
KHPRV
SHGLGR
RULUUHJXODUIRUPHJVLGRYXHOWR
YRVRWURVDV
KDEpLV
HOORVDV8GV
KDQ
5HPDUNV
7KHSDVWSDUWLFLSOHLVLQYDULDEOHLQWKHFRPSRXQGWHQVHVIRUPHGZLWKKDEHUDVVKRZQLQWKHVHH[DPSOHV
/RKHPRVYLVWR/RVKHPRVYLVWR/DKHPRVYLVWR/DVKHPRVYLVWR
5HIOH[LYHDQGREMHFWSURQRXQVSUHFHGHWKHDX[LOLDU\KDEHUHJ
6HKDDFRVWDGRWDUGH6KHKDVJRQHWREHGODWH
0HKDQPHQWLGR7KH\KDYHOLHGWRPH
,I\RXQHHGWRUHYLVHWKHVHLWHPVJRWR6HFWLRQVDQGUHVSHFWLYHO\
,Q6SDQLVKFRQWUDU\WR(QJOLVKQRZRUGPD\VWDQGEHWZHHQWKHDX[LOLDU\KDEHUDQGWKHSDVWSDUWLFLSOHHJ
+DVHQFRQWUDGRORVFXDGHUQRV\D"+DYH\RXIRXQG\RXUQRWHERRNV\HW"
1RODVKHSUREDGRQXQFD1XQFDODVKHSUREDGR,KDYHQHYHUWULHGWKHP
8VH
7KHUHDUHVRPHGLIIHUHQFHVLQKRZVSHDNHUVRI6SDQLVKXVHWKHSHUIHFWWHQVH,WLVPRUHZLGHO\XVHGLQ6SDLQ
EXWOHVVVRLQ*DOLFLD$VWXULDVDQG&DVWLOOD/HyQ7KHYDULRXVXVHVRIWKLVWHQVHDFURVVWKH6SDQLVKVSHDNLQJ
ZRUOGDUHH[SODLQHGEHORZ
D8QLYHUVDOXVHRIWKHSHUIHFW
7RUHIHUWRDQDFWLRQRUHYHQWWKDWWDNHVSODFHRYHUDSHULRGRIWLPH
LQFOXGLQJWKHSUHVHQW
7KHSHUIHFWLVRIWHQIRXQGDFFRPSDQLHGE\DGYHUEVRIWLPHRUSKUDVHV
8QLWVXFKDV
1XQFDPHKHHPERUUDFKDGR,KDYHQHYHUJRWGUXQN
1RKDVOODPDGRDODDEXHODWRGDYtD"+DYHQW\RXFDOOHG*UDQGPD
WRGDYtDVLHPSUHQXQFDMDPiVPXFKDVYHFHVDPHQXGRDOJXQDYH]
\HW"
HWF
+DVLGRD$FDSXOFRDOJXQDYH]"6tKHLGRPXFKDVYHFHV+DYH\RX
HYHUEHHQWR$FDSXOFR"<HV,KDYHEHHQPDQ\WLPHV
E3HQLQVXODU6SDQLVKXVHRIWKHSHUIHFW
: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$\HUPHOHYDQWpDODV7RGD\,JRWXSDW<HVWHUGD\,JRWXSDW
,QERWKVHQWHQFHVWKHDFWLRQVJHWWLQJXSLQWKHPRUQLQJDUHSDVWDFWLRQVEXWLQWKHILUVWVHQWHQFHWKHVSHDNHU
FRQVLGHUVKLPVHOIRUKHUVHOIWREHLQWKHVDPHWLPHIUDPHDVWKHDFWLRQLHWRGD\,QWKHVHFRQGVHQWHQFH
KRZHYHUWKHDFWLRQLVSODFHGLQDWLPHIUDPH\HVWHUGD\ZKLFKLVGLIIHUHQWIURPWKHVSHDNHUVWRGD\
1RWHWKRXJKWKDWWKHFKRLFHRIWHQVHGHSHQGVRQZKDWWKHVSHDNHUFRQVLGHUVWKHSUHVHQWDQGWKHUHIRUH
GHSHQGVRQKRZWKHVSHDNHUYLHZVDQDFWLRQ/RRNDWWKHIROORZLQJWZRDQVZHUV
7RGD\LV6DWXUGD\-XDQVDZ0DUtDRQ:HGQHVGD\
+DVYLVWRD0DUtD~OWLPDPHQWH-XDQ"
D6tODKHYLVWRHVWHPLpUFROHVSDVDGR
E6tODYLHOPLpUFROHV
,QDWKHVSHDNHUFRQVLGHUVWKHDFWLRQDVSDUWRIDSHULRGRIWLPHQRWILQLVKHG\HWHVWDVHPDQDZKLOHLQEWKH
VSHDNHUFRQVLGHUVWKHDFWLRQDVSDUWRIDSHULRGRIWLPHGLIIHUHQWIURPWKHRQHKHLVLQ1RWHWKDWWKHFKRLFHRI
RQHWHQVHRUWKHRWKHUKDVLPSOLFDWLRQVIRUWKHKHDUHUDVWRKRZFORVHRUUHPRWHWKHDFWLRQLVSHUFHLYHG
7LPHDGYHUEVRUSKUDVHVRIWHQXVHGZLWKWKHSHUIHFWDUHHVWDPDxDQDHVWHPHVHVWHDxRHQHOVLJORDFWXDO
HWF
7LPHDGYHUEVRUSKUDVHVRIWHQXVHGZLWKWKHSUHWHULWHDUHD\HUDQWHVGHD\HUDTXHOGtDODVHPDQDSDVDGDHO
DxRSDVDGRHQDTXHOWLHPSRHWF
F$PHULFDQ6SDQLVKXVHRIWKHSHUIHFW
7KHPRVWJHQHUDOLVHGXVHRIWKHSHUIHFWLQ6SDQLVK$PHULFDLVZKDWZHKDYHFDOOHGWKH8QLYHUVDOXVHRIWKH
SHUIHFWLQDDERYH+RZHYHUGLIIHUHQWXVHVPD\EHIRXQGLQVRPHDUHDV
/RVQLxRVKR\KDQOOHJDGRPX\WHPSUDQR7KHFKLOGUHQDUULYHGYHU\
7RUHIHUWRDQDFWLRQRUHYHQWZKLFKKDSSHQHGLQWKHSDVWEXWLVFRQVLGHUHG
HDUO\WRGD\
WREHLQDWLPHIUDPHZKLFKLVVWLOOLQWKHSUHVHQW3HUXDQG$UJHQWLQDLH
(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\+RZKDYHWKLQJVEHHQ
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"
E9LVWHOD~OWLPDSHOtFXODGH$OPRGyYDU"
DZRXOGEHXVHGZKHQWKHILOPLVVKRZLQJDWWKHFLQHPD+DYH\RXEHHQWRVHHLW\HW"RUDVDJHQHUDO
TXHVWLRQ+DYH\RXHYHUVHHQWKLVILOP"ZKHUHDVEZRXOGEHXVHGWRUHIHUWRWKHWLPHZKHQWKHILOP
ZDVRQ'LG\RXVHHLWZKHQLWZDVRQODVWPRQWK"
D6LHPSUHOHKDJXVWDGRHOWHDWUR6KHKDVDOZD\VOLNHGWKHDWUH
E6LHPSUHOHJXVWyHOWHDWUR6KHDOZD\VOLNHGWKHDWUH
DZRXOGEHXVHGWRUHIHUWRDQRQJRLQJKREE\RIDSHUVRQVWLOOOLYLQJZKHUHDVEZRXOGEHXVHGZKHQ
WKHSHUVRQLVGHDG
(MHUFLFLRV
&KDQJHWKHZRUGVLQEUDFNHWVVRWKDWWKHVHQWHQFHVDUHLQWKHSHUIHFWWHQVH
DQRVRWURVHVWDUHQFDVDWRGRHOGtD
EW~RtUODV~OWLPDVQRWLFLDV"
F7RGDYtDQRHOODOOHJDU(VWDPRVHVSHUiQGROD
GW~WHQHUQRWLFLDVGH-XDQ"6tpOYROYHUD/RQGUHV
5HDGWKHIROORZLQJOHWWHUDQGGHFLGHZKHWKHUWKHSHUIHFWRUWKHSUHVHQWVLPSOHVKRXOGEHXVHGLQHDFK
FDVH
([SODLQWKHGLIIHUHQFHVLQPHDQLQJEHWZHHQWKHIROORZLQJSDLUV
DL$-XDQDWRGDODYLGDOHJXVWyKDFHUJUDQGHVYLDMHV
LL$-XDQDWRGDODYLGDOHKDJXVWDGRKDFHUJUDQGHVYLDMHV
EL+HVRxDGRFRQVHUSHULRGLVWDWRGDPLYLGD
LL(QDTXHOWLHPSRVRxDEDFRQVHUSHULRGLVWD
FL+DVOHtGR&LHQDxRVGHVROHGDG"
LL/HtVWH&LHQDxRVGHVROHGDGFXDQGRWHORGHMp"
7KHSHUIHFWFRQWLQXRXV
)RUP
3HUIHFWRIHVWDUJHUXQGRIYHUE
$SHQDVKHPRVYLVWRD/RXUGHVHVWDVYDFDFLRQHV(VTXHKDHVWDGR
HVWXGLDQGRSDUDORVH[iPHQHVGHILQGHFXUVR:HKDYHKDUGO\VHHQ
/RXUGHVGXULQJWKHKROLGD\V6KHKDVEHHQVWXG\LQJIRUKHUILQDOH[DPV
7KLVWHQVHLVRIWHQDFFRPSDQLHGE\WLPHSKUDVHVVXFKDVWRGRHOGtDWRGDODQRFKHGXUDQWHWRGRHOILQGH
VHPDQDGHVGHODVWLPHKDVWDODVWLPHHWF
8VH
7KLVWHQVHHOSUHWpULWRSHUIHFWRFRQWLQXRLVXVHGWRDGGDVHQVHRISURJUHVVLYHRUFRQWLQXRXVDFWLRQWRWKH
SHUIHFW,QWKHH[DPSOHOWLPDPHQWHKDHVWDGRHVWXGLDQGRPXFKR6KHKDVEHHQVWXG\LQJDORWUHFHQWO\WKH
SHUIHFWFRQWLQXRXVLVXVHGWRVWUHVVWKDWWKHDFWLRQRIVWXG\LQJKDVEHHQJRLQJRQIRUDSHULRGRIWLPH
~OWLPDPHQWHUHFHQWO\
(MHUFLFLR
*LYHDQVZHUVWRWKHIROORZLQJTXHVWLRQVXVLQJWKHSHUIHFWFRQWLQXRXV
D3RUTXpQRPHKDVOODPDGR~OWLPDPHQWH"VDOLUFRQRWUDFKLFD
E<DKDVHQFRQWUDGRODUHVSXHVWDDOSUREOHPD"QRSHQVDUWRGDODQRFKH
F9LHQHVGH9HUDFUX]"+DVHVWDGRYLVLWDQGRDWXKHUPDQD"QRWUDEDMDUD\HU\KR\
G$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
$QWHVGHFXPSOLUORVDxRVVHKDEtDFDVDGR\KDEtDWHQLGRGRV
QLxRV%HIRUHWKHDJHRIKHKDGPDUULHGDQGKDGWZRFKLOGUHQ
)RUWKHXVHRIWKHSOXSHUIHFWLQUHSRUWHGVSHHFKVHH8QLW
/HYHO
(MHUFLFLRV
3XWWKHIROORZLQJLQILQLWLYHVLQWKHFRUUHFWIRUPRIWKHSOXSHUIHFW
D1XQFD\RSDVDUWDQWRPLHGR
EeO\DDEULUODFDUWDFXDQGROOHJXp\ODHVWDEDOH\HQGR
F$QWHVGHDTXHOODGLVFXVLyQPLPDULGR\\RMDPiVUHxLU
G(OGLUHFWRUFRPXQLFyDORVREUHURVTXHODHPSUHVDTXHEUDU
0DNHVHQWHQFHVZLWKWKHIROORZLQJHOHPHQWVDQGDQ\RWKHUVWKDW\RXPD\ZDQWWRDGGVKRZLQJWKDWWKH
VHFRQGVHWKDSSHQHGEHIRUHWKHILUVWRQH
DL\RFRUUHUFRQWRGDVPLVIXHU]DVLLORVERPEHURVOOHJDUXQRVPLQXWRVDQWHV
EL/XLVDORVDxRVGDUVXSULPHUFRQFLHUWRLLHPSH]DUDWRFDUFRQVXSDGUH
FLHOSDtVHVWDUGHVWUR]DGRLLODJXHUUDWHUPLQDUHODxRDQWHULRU
GLLUDGHWHQHUORLLpOHVFDSDUVH
&RPSOHWHWKHJDSVZLWKWKHPRVWDSSURSULDWHYHUEWRFRPSOHWHWKLVH[WUDFWIURPWKHQRYHO1RWLFLDGHXQ
VHFXHVWURE\*DEULHO*DUFtD0iUTXH]
KDEtDQKHFKRKDEtDQHPSH]DGRUHEDVyWXYRVLJXLHURQFHUUyJLUDURQ
(OWD[L\HO0HUFHGHVDDODXWRPyYLOGH0DUXMDVLHPSUHDODGLVWDQFLDPtQLPDWDOFRPROR
EGHVGHHOOXQHVDQWHULRUSDUDHVWDEOHFHUODVUXWDVXVXDOHV$OFDERGHXQRVYHLQWHPLQXWRV
WRGRVFDODGHUHFKDHQODFDOOHDPHQRVGHGRVFLHQWRVPHWURVGHOHGLILFLRGHODGULOORV
VLQFXEULUGRQGHYLYtD0DUXMDFRQVXHVSRVR\XQRGHVXVKLMRVGDSHQDVDVXELUODFXHVWD
HPSLQDGDGHODFDOOHFXDQGRHOWD[LDPDULOORHHODXWRPyYLOGH0DUXMDORIFRQWUDOD
DFHUDL]TXLHUGD\HOFKRIHUJTXHIUHQDUHQVHFRSDUDQRFKRFDU
*DEULHO*DUFtD0iUTXH]1RWLFLDGHXQVHFXHVWUR%DUFHORQD1XHYD1DUUDWLYDS
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
,PSHUDWLYHV
7KHLPSHUDWLYHHOLPSHUDWLYRLVDPRRGXVHGWRJLYHFRPPDQGVDQGLVVLPLODUWRWKHLPSHUDWLYHLQ
(QJOLVK/iYDWHODVPDQRV:DVK\RXUKDQGV
)RUP
5HJXODUDIILUPDWLYHFRPPDQGV
D7KHLPSHUDWLYHLQWKHW~IRUPFRUUHVSRQGVWRWKHWKLUGSHUVRQVLQJXODUIRUPRIWKHSUHVHQWLQGLFDWLYHWHQVH
DUD
HULUH
DFDEDDSDUFDDQGDFRSLDSLHQVDW~
FRJHFRUUHHVFRJHOHHW~GHFLGHSLGHUHFLEHW~
E7KHLPSHUDWLYHIRUYRVRWURVLVIRUPHGE\WDNLQJDZD\WKHURIWKHLQILQLWLYHDQGDGGLQJG
,QILQLWLYH
SDJDU
SHGLU
VXJHULU
YROYHU
,PSHUDWLYH
SDJDGYRVRWURV
SHGLGYRVRWURV
VXJHULGYRVRWURV
YROYHGYRVRWURV
F7KHLPSHUDWLYHIRUXVWHGDQGXVWHGHVIROORZVWKHIRUPRIWKHWKLUGSHUVRQVVLQJXODUDQGSOXUDORIWKHSUHVHQW
VXEMXQFWLYH
7ROHDUQDERXWWKHFRQMXJDWLRQRIWKHSUHVHQWVXEMXQFWLYHJRWR6HFWLRQ
DUH
HULUD
,UUHJXODUDIILUPDWLYHFRPPDQGV
D7KHUHDUHDIHZLUUHJXODULPSHUDWLYHVLQWKHVHFRQGSHUVRQVLQJXODUW~7KHPRVWLPSRUWDQWRQHVDUHOLVWHG
EHORZ
GHFLU
KDFHU
LUYH
SRQHUSRQ
VDOLUVDO
VHUVp
WHQHUWHQ
YHQLUHYHQ
,PSHUDWLYH
DSULHWDW~DSUHWDGYRVRWURVDVDSULHWH8GDSULHWHQ8GV
SLGHW~SHGLGYRVRWURVDVSLGD8GSLGDQ8GV
FXHOJDW~FROJDGYRVRWURVDVFXHOJXH8GFXHOJXHQ8GV
1HJDWLYHFRPPDQGV
7KHQHJDWLYHLPSHUDWLYHLVIRUPHGE\SODFLQJQREHIRUHWKHSUHVHQWVXEMXQFWLYHIRUP7KLVDSSOLHVWRDOO
QHJDWLYHIRUPVVLQJXODUDQGSOXUDOW~RUXVWHG9HUEVHQGLQJLQDUWDNHHQGLQJVZLWKHLQWKHVXEMXQFWLYH
YHUEVHQGLQJLQHURULUWDNHHQGLQJVZLWKD
)RUIXUWKHULQIRUPDWLRQRQWKHSUHVHQWVXEMXQFWLYHJRWR6HFWLRQ
QRWHUPLQHVW~QRROYLGH8GQRFDQWpLVYRVRWURVDVQRKDEOHQ
8GV
QRFRUUDVW~QROHD8GQRVXEiLVYRVRWURVDVQRVXIUDQ8GV
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/HWVWKHFRQVWUXFWLRQ
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
DWHQHU8GSDFLHQFLDTXHWRGRVHDUUHJODUi
EHVFXFKDU8GVFRQDWHQFLyQSXHVHVWRHVPX\LPSRUWDQWH
FGHFLUW~ODYHUGDG
G1RKDEODUYRVRWURVWDQDOWR
$GYHUWLVHPHQWV DUH IXOO RI H[SUHVVLRQV XVLQJ WKH LPSHUDWLYH 5HDG WKH IROORZLQJ DGYHUWLVHPHQWV DQG
FRPSOHWHWKHPZLWKWKHFRUUHFWLPSHUDWLYHIRUPRIRQHRIWKHYHUEVIURPWKHER[
SHQVDUROYLGDUDSOLFDUVHXVDUSHUGHULU
D(VWiSHUGLHQGRHOSHOR"1RODFDEH]D3HOXViQ
E6LTXLHUHFRPSUDUDFUpGLWRFRQFXLGDGRODPDWHULDJULVDO%DQFRGHO/ODQR
F7LHQHJDQDVGHXQDVYDFDFLRQHV"1RORGRVYHFHV(FRWXUVHORDUUHJODUiWRGRDODPD\RU
EUHYHGDG
G6HVLHQWHGHSULPLGRRIDOWDGHiQLPR"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(QWRQFHVWHQHUQRVRWURVXQRVTXLQFHDxRV
E6LVXSLHUDQODYHUGDGQRWHYROYHUHOORVDKDEODU
F<RSLHQVRTXH0DUtDGHEHUEXVFDURWURHPSOHR
G'LMHURQTXHODVWLHQGDVFHUUDUGXUDQWHHOFDUQDYDO
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
3DFRGLMRTXHpOSRGUtDDUUHJODUODFDVD
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
6LKXELHUDVYHQLGRYHUKDEUtDVYLVWRDOEHEpGH&ULVWLQD
D0HSUHJXQWyVLSDUDHOSUy[LPRYHUDQR\DPHUHJUHVDUSDUD4XLWR
E&RQWHVWpTXHSDUDODVSUy[LPDV1DYLGDGHVFRQFOXLUHOSUR\HFWR
F6LKXELpUDPRVWHOHIRQHDGRSRGHUH[FXVDUQRV
G0HDGYLUWLyTXHSDUDGHQWURGHXQDVHPDQDHOFRPLWp\DSXEOLFDUORVUHVXOWDGRV
H6LPHKXELHUDLVOODPDGRRVGDUODQRWLFLD
: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
7KHVXEMXQFWLYHHOVXEMXQWLYRLVRQHRIWKHYHUEPRRGVPRGRVXVHGWRH[SUHVVXQFHUWDLQW\SRVVLELOLW\
HPRWLRQVDQGZLVKHV )RUIXUWKHULQIRUPDWLRQRQZKDWDPRRGLVJRWR8QLW7KHUHDUHIRXUWHQVHVLQWKH
VXEMXQFWLYHPRRGWKHSUHVHQWWKHSHUIHFWWKHLPSHUIHFWDQGWKHSOXSHUIHFW
7KHSUHVHQWVXEMXQFWLYH
)RUP
5HJXODUIRUPVRIWKHSUHVHQWVXEMXQFWLYH
7KHIRUPRIWKHSUHVHQWVXEMXQFWLYHHOSUHVHQWHGHVXEMXQWLYRLVEDVHGRQWKHSUHVHQWLQGLFDWLYHIRUPVEXW
DUYHUEVWDNHHULUHQGLQJVDQGYLFHYHUVD 7RUHYLVHWKHSUHVHQWWHQVHJRWR6HFWLRQ
9HUEVHQGLQJLQDUIRUPWKHSUHVHQWVXEMXQFWLYHZLWKHHVHWF
9HUEVHQGLQJLQHURULUIRUPWKHSUHVHQWVXEMXQFWLYHZLWKDDVHWF
DFDEHDFDEHVDFDEHDFDEHPRVDFDEpLVDFDEHQ
FRUUDFRUUDVFRUUDFRUUDPRVFRUUiLVFRUUDQVXEDVXEDVVXED
VXEDPRVVXEiLVVXEDQ
,UUHJXODULWLHVLQWKHSUHVHQWVXEMXQFWLYH
$OOLUUHJXODULWLHVLQWKHSUHVHQWLQGLFDWLYH
VHH6HFWLRQDUHPLUURUHGLQWKHSUHVHQWVXEMXQFWLYH
D5DGLFDOFKDQJLQJYHUEVHLHHJFHUUDU
RXHHJYROYHU
EXWQRWLQWKHILUVWDQGVHFRQGSHUVRQVLQWKHSOXUDO
HLHJPHGLU
FLHUUHFLHUUHVFLHUUHFHUUHPRVFHUUpLVFLHUUHQ
YXHOYDYXHOYDVYXHOYDYROYDPRVYROYiLVYXHOYDQ
PLGDPLGDVPLGDPLGDPRVPLGiLVPLGDQ
E$GGLQJJHJVDOLUGHFLU
VDOJDVDOJDVVDOJDVDOJDPRVVDOJiLVVDOJDQGLJDGLJDVGLJDGLJDPRV
GLJiLVGLJDQ
FF]FLQYHUEVHQGLQJLQHFHUGXFLUDQGRWKHUVVXFKDVQDFHU
OXFLUSODFHUDQGWKHLUGHULYDWLYHV
GL\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
$IWHUDGYHUEVH[SUHVVLQJXQFHUWDLQW\DQGSRVVLELOLW\OLNHTXL]iVWDOYH] 4XL]i$PHOLDVHDQLPHDSUREDUHOYXHORVLQPRWRUFRQQRVRWURV
DQGSRVLEOHPHQWH
3HUKDSV$PHOLDZLOOKDYHDJRDWJOLGLQJZLWKXV
4XHVHFDOOH/LWHUDOO\0D\KHVKH\RXVLQJIUPOVKXWXS
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(VSRVLEOHTXHODILHVWDVHUHOViEDGR
G1RKDEUiSDUWLGRGHI~WEROSRUPiVTXHKDFHUVRO
H2MDOiQRFDHUOD%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
$QVZHUWKHIROORZLQJTXHVWLRQVXVLQJRMDOiDVLQWKHH[DPSOH
(MHPSOR
9DQDYHQLUWXVSDGUHV"
2MDOiYHQJDQ
D&UHHVTXHKD\VLWLRSDUDWRGRV"
E6DEHVVLYDQDVDOLUDFHQDUFRQQRVRWURV"
F&UHHVTXHDFDEDUHPRVSURQWR"
G1RWHLPSRUWDVLQRVR\HQTXHMDUQRVWDQWR"
7KHSHUIHFWVXEMXQFWLYH
)RUP
7KHSHUIHFWVXEMXQFWLYHHOSUHWpULWRSHUIHFWRGHVXEMXQWLYRLVIRUPHGE\WKHSUHVHQWVXEMXQFWLYHRIKDEHU
DQGWKHSDVWSDUWLFLSOHRIWKHYHUE
7RUHYLVHWKHSDVWSDUWLFLSOHVHH6HFWLRQ
KDEHU
\R
KD\D
WHUPLQDGR
W~
KD\DV
VDOLGR
pOHOOD8G
KD\D
VLGR
QRVRWURVDV
KD\DPRV
RULUUHJXODUIRUPHJVLGRYXHOWR
YRVRWURVDV
KD\iLV
HOORVDV8GV
KD\DQ
SDVWSDUWLFLSOH
8VH
7KHSHUIHFWVXEMXQFWLYHVKDUHVWKHVDPHJHQHUDOXVHVDVWKHSUHVHQWVXEMXQFWLYH
SUHVHQWVXEMXQFWLYHLWVWLPHIUDPHLVWKHSUHVHQW,WVVSHFLILFXVHVDUHDVIROORZV
6HH6HFWLRQ/LNHWKH
D,QLQGHSHQGHQWVHQWHQFHVWKHSHUIHFWVXEMXQFWLYHH[SUHVVHVDZLVK
4XL]iKD\DQWHOHIRQHDGRPLHQWUDVHVWiEDPRVIXHUD7KH\PD\KDYH
WKDWVRPHWKLQJKDGKDSSHQHGRUDOOXGHVWRWKHSRVVLELOLW\WKDW
SKRQHGZKLOHZHZHUHRXW
VRPHWKLQJPD\KDYHKDSSHQHG
E,QVXERUGLQDWHFODXVHVWKHSHUIHFWVXEMXQFWLYHLVXVHGZKHUHWKHPDLQ
&yPRWDUGDQ(VSHURTXHQRKD\DQWHQLGRDOJ~QDFFLGHQWH/RRN
YHUELVLQWKHSUHVHQWIXWXUHRUSUHVHQWSHUIHFWDQGUHIHUVWRDQDFWLRQ
KRZODWHWKH\DUH,KRSHWKH\KDYHQWKDGDQDFFLGHQW
WKDWPD\KDYHWDNHQSODFH
7KHSHUIHFWVXEMXQFWLYHGLIIHUVIURPWKHSUHVHQWLQWKDWLWFRQYH\VWKHPHDQLQJRIDQDFWLRQZKLFKZRXOGRU
PLJKWKDYHWDNHQSODFHLHDILQLVKHGDFWLRQ&RPSDUH
(VSHURTXHOOHJXHQDWLHPSRSDUDFRJHUHODYLyQ,KRSHWKH\DUULYHRQWLPHWRFDWFKWKHSODQH
ZLWK
(VSHURTXHKD\DQOOHJDGRDWLHPSRSDUDFRJHUHODYLyQ,KRSHWKH\DUULYHGRQWLPHVRWKDWWKH\FRXOG
FDWFKWKHSODQH
(MHUFLFLRV
&RPSOHWHWKHIROORZLQJVHQWHQFHVZLWKWKHFRUUHFWIRUPRIWKHSHUIHFWVXEMXQFWLYH
D/RVDOXPQRVTXHFXPSOLUFRQORVUHTXLVLWRVSRGUiQJUDGXDUVH
E1RSRGUHPRVFRPSUDUHOFRFKHKDVWDTXHQRVRWURVREWHQHUHOSUpVWDPR
F1RKHFRQRFLGRDQDGLHTXHQRVXIULUGHMDTXHFDVHQDOJ~QPRPHQWRGHVXYLGD
G1RPHLQWHUHVDORTXHSDVDUHQWUHYRVRWURV
&RPSOHWHWKHIROORZLQJVHQWHQFHVE\MRLQLQJHDFKSDUWRIWKHVHQWHQFHRQWKHOHIWZLWKLWVFRUUHVSRQGLQJ
KDOIRQWKHULJKW
D6DOGUHPRVDSDVHDURWUDYH]
E1RVDOGUiQGHODRILFLQD
F,QpVQRVHVFULELUi
G(OPHGLFRTXLHUHYHUD$OIRQVR
LWDQSURQWRKD\DUHFLELGRQXHVWUDFDUWD
LLKDVWDTXHKD\DQWHUPLQDGRHOWUDEDMR
LLLGHVSXpVGHTXHKD\DDFDEDGRORVDQWLELyWLFRV
LYFXDQGRKD\DPRVGHVFDQVDGR
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
WR6HFWLRQVDQGFUHVSHFWLYHO\
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
D1RHUDYHUGDGTXHODIDPLOLDYLYLUHQODSREUH]D
E/DSDWURQDOQRDFHSWyTXHORVHPSOHDGRVVDOLUDODKXHOJD
F/DVIXHU]DVGHOJRELHUQRGHVHDUtDQTXHORVWHUURULVWDVILUPDUHODOWRHOIXHJRDQWHVGHOGRPLQJR
G1RKXERQLQJ~QSDUWLFLSDQWHTXHUHVSRQGHUFRUUHFWDPHQWH
H7HPtDTXHVXKHUPDQRVDEHUODYHUGDG
&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+DEUtDQGHMDGRHQWUDUDFXDOTXLHUSHUVRQDTXHDSDUHFHUVHSRUDOOt
E1RKDEUtDPRVURWRODFDUWDVLQRVRWURVVDEHUTXHHUDWX\D
F1RFRPSUHQGHUtDVODVLWXDFLyQDPHQRVTXHW~SDVDUSRUXQDH[SHULHQFLDVLPLODU
G(VSRVLEOHTXHHOORVRtUODVQRWLFLDV\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
D9HUEVZKRVHPHDQLQJVFKDQJHGHSHQGLQJRQZKHWKHURUQRWWKH\WDNHDSURQRPLQDOIRUP
L5HIOH[LYHYHUEVLHZKLFKH[SUHVVDFWLRQVGRQHE\WKHVXEMHFWIRUWR
'XUDQWHHOYHUDQRPHGXFKRPiVGHXQDYH]DOGtD'XULQJWKH
KLPVHOIKHUVHOI)RULQVWDQFHODYDUPHDQVWRZDVKDQGLWV
VXPPHU,VKRZHUP\VHOILHWDNHDVKRZHUPRUHWKDQRQFHDGD\
SURQRPLQDOIRUPODYDUVHPHDQVWRZDVKRQHVHOI
2WKHUUHIOH[LYHYHUEVLQFOXGHDFRVWDUVHDIHLWDUVHDUUHJODUVHEDxDUVHFRQRFHUVHDVtPLVPRFRUWDUVHHOSHORGXFKDUVHSHLQDUVHSRQHUVH
URSDTXLWDUVHURSDYHVWLUVH
eOVLHPSUHVHFRQVLGHUyFXOSDEOHGHODPXHUWHGHVXKHUPDQD+H
DOZD\VFRQVLGHUHGKLPVHOIJXLOW\IRUKLVVLVWHUVGHDWK
LL3URQRPLQDOYHUEVWKDWORRNUHIOH[LYHEXWH[SUHVVQRQYROXQWDU\DFWLRQV
6HKDJROSHDGRHQODFDEH]DDOVDOLU+HVKLWKLVKHDGJRLQJRXW
RUPHWDSKRULFDOPHDQLQJV
6HKDURWRHOHVSHMR7KHPLUURUKDVEURNHQ
6HKDURWRODSLHUQD6KHKDVEURNHQKHUOHJ
2WKHUYHUEVRIWKLVW\SHLQFOXGHDEULUVHHJXQDSXHUWDKDFHUVHHJXQDKHULGDOHYDQWDUVHOODPDUVHQDPHPRYHUVHHJODFRUWLQD
VHQWDUVHYHUEVH[SUHVVLQJDQLQFLSLHQWHPRWLRQDOHJUDUVHDVXVWDUVHHPRFLRQDUVHHQWULVWHFHUVHLQTXLHWDUVHSRQHUVHHJQHUYLRVRFRQWHQWR
SUHRFXSDUVHSHULSKUDVLVZLWKLQILQLWLYHVXFKDVHFKDUVHDOORUDUGHFLGLUVHDKDFHUDOJRHJDKDEODUQHJDUVHDKDFHUDOJRHJDSHGLU
SHUGyQ
LLL5HFLSURFDOYHUEVRQO\LQWKHSOXUDOIRUPVLQGLFDWHWKDWWKHVXEMHFWV 6HTXLHUHQFRPRVLIXHUDQKHUPDQDV7KH\ORYHHDFKRWKHUDVLIWKH\
GRWKHDFWLRQRIWKHYHUEWRHDFKRWKHUHJD\XGDUVHWRKHOSHDFK ZHUHVLVWHUV
RWKHU
6HSHJDURQXQDSDOL]D7KH\KDGDEUDZO
2WKHUYHUEVZLWKUHFLSURFDOPHDQLQJLQFOXGHDPDUVHFRPXQLFDUVHFRQRFHUVHHVFULELUVHJULWDUVHKDEODUVHPLUDUVHRGLDUVHSHOHDUVH
TXHUHUVHYHUVH
1RWHWKDWVRPHRIWKHVHYHUEVFDQDOVREHUHIOH[LYHHJ$OLFLDVRQULyFXDQGRVHPLUyHQHOHVSHMR$OLFLDVPLOHGZKHQVKHORRNHGDW
KHUVHOILQWKHPLUURU7KHFDWHJRU\ZLOOEHFRPHFOHDULQWKHFRQWH[W
LY9HUEVWKDWH[LVWERWKLQSURQRPLQDODQGQRQSURQRPLQDOIRUPVZKHUH 1RVFRPLPRVXQSROORHQWHUR:HDWHDZKROHFKLFNHQ&RPSDUHWKLV
WKHSURQRPLQDOIRUPDGGVDVSHFLDOHPSKDVLV
ZLWK&RPLPRVSROORDODOPXHU]R:HDWHFKLFNHQIRUOXQFK
0DQ\YHUEVIDOOLQWRWKLVFDWHJRU\
9HUEVRIFRQVXPSWLRQEHEHUVHWRPDUVHXQDFHUYH]DFRPHUVH
9HUEVRIPRYHPHQWEDMDUVHHVFDSDUVHLUVHPDUFKDUVHVXELUVHYROYHUVH
9HUEVWKDWGHQRWHSHUFHSWLRQRUNQRZOHGJHDSUHQGHUVHFRQRFHUVHFUHHUVHDOJRHVWXGLDUVHLPDJLQDUVHOHHUVHHJHOOLEURHQXQDVROD
QRFKHROYLGDUVHHJODFDUWHUDHQHOFRFKHVDEHUVHHJORVYHUERVLUUHJXODUHV
2WKHUYHUEVPRULUVHGHUHSHQWHGHXQVXVWRVLQGDUVHFXHQWD
$OILQQRDFRUGDPRVQDGD,QWKHHQGZHGLGQWDJUHHDQ\WKLQJ
Y9HUEVWKDWH[LVWERWKLQSURQRPLQDODQGQRQSURQRPLQDOIRUPVZLWK
/DXUDQRVHDFRUGyGHWUDHUHOOLEUR/DXUDGLGQWUHPHPEHUWREULQJ
WRWDOO\GLIIHUHQWPHDQLQJV
WKHERRN
2WKHUH[DPSOHVRIYHUEVZLWKFRPSOHWHO\GLIIHUHQWPHDQLQJVLQWKHSURQRPLQDODQGQRQSURQRPLQDOIRUPVDUH
GRUPLUWRVOHHSGRUPLUVHWRIDOODVOHHSPDUFKDUWRPDUFKPDUFKDUVHWRJRDZD\QHJDUWRGHQ\QHJDUVHDWRUHIXVHRFXSDUWR
RFFXS\DVSDFHRFXSDUVHGHWRPDNHVRPHWKLQJRQHVEXVLQHVVWRORRNDIWHUVDOWDUWRMXPSVDOWDUVHWRMXPSRYHUWRVNLSVRPHWKLQJ
PHWDSKRULFDO
E9HUEVZKLFKFDQEHHLWKHUSURQRPLQDORUQRQSURQRPLQDOZLWKRXWDEDVLFFKDQJHRIPHDQLQJ
7KHVHDUHYHUEVZLWKDVOLJKWO\GLIIHUHQWJUDPPDWLFDOVWUXFWXUHOLNHWKRVH
ZKLFKFDQWDNHWKHSUHSRVLWLRQGH
$GPLURHOYDORUGHODVXQLGDGHVGHUHVFDWHGHOD&UX]5RMD,DGPLUH
WKHFRXUDJHRI5HG&URVVUHVFXHXQLWV
0HDGPLURGHVXFRUDMH,DGPLUHKLVFRXUDJH
2WKHUH[DPSOHVRIWKLVFDWHJRU\RIYHUEVDUHFRQIHVDUFRQIHVDUVHGH
HQWUHQDUHQWUHQDUVHROYLGDUROYLGDUVHGHUHtUUHtUVH
F9HUEVZKLFKGRQRWKDYHDQRQSURQRPLQDOIRUP
9HUEVWKDWH[LVWRQO\LQWKHSURQRPLQDOIRUP
(OODVHTXHMDGHWRGR6KHFRPSODLQVDERXWHYHU\WKLQJ
7KHPRVWFRPPRQYHUEVWKDWH[LVWRQO\LQWKHSURQRPLQDOIRUPDUHDEVWHQHUVHGHDIHUUDUVHDDUUHSHQWLUVHGHDWUDJDQWDUVHDWUHYHUVHD
GLJQDUVHDHQWHUDUVHGHHVIRU]DUVHHQIXJDUVHMDFWDUVHGHSRUWDUVHELHQPDOTXHMDUVHGHUHEHODUVHUHFRQFLOLDUVHFRQ
UHVLJQDUVHDVXLFLGDUVHYDQDJORULDUVHGH
8VHRIWKHUHIOH[LYHZKHQWKHDFWLRQLVSHUIRUPHGRQWKHVXEMHFWUDWKHUWKDQE\WKHVXEMHFW
1RWHWKDWLQ6SDQLVKDFWLRQVVXFKDVFRUWDUVHHOSHORKDFHUVHXQWUDMHKDFHUVHODPDQLFXUDDQGGHSLODUVH
OLWHUDOO\WRFXWRQHVHOIVKDLUWRPDNHRQHVHOIDVXLWWRGRRQHVHOIWKHPDQLFXUHDQGWRZD[RQHVHOIXVH
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$PHULFDEXWQRWLQPRVWRI6SDLQ6RPHH[DPSOHVDUH
GHYROYHUVHUHJUHVDUVHWRUHWXUQUHJUHVDULQ6SDLQ
GHVD\XQDUVHWRKDYHEUHDNIDVWGHVD\XQDULQ6SDLQ
HQIHUPDUVHWRIDOOLOOHQIHUPDULQ6SDLQ
VRxDUVHWRGUHDPVRxDULQ6SDLQ
UREDUVHWRVWHDOUREDULQ6SDLQ
YHUVHWRORRNDVLQ6HYHPX\ELHQLQ6SDLQ4XHGDPX\ELHQ
YRPLWDUVHWRYRPLWYRPLWDULQ6SDLQ
(MHUFLFLRV
)LOOLQWKHJDSVLQWKHIROORZLQJVHQWHQFHVZLWKWKHFRUUHFWUHIOH[LYHSURQRXQ
D6LHPSUHGHVSHUWDPRVDODVVHLVGHODPDxDQD
E&XiQGRFRUWDVWHHOSHOR"
F$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(GLWRUHVSSDQG
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
(VWiDVXVWDGD6KHLVIULJKWHQHG
(OSROORHVWiPX\ULFR7KHFKLFNHQWDVWHVYHU\JRRG
&yPRHVWiWXPDGUH"
:LWKDGMHFWLYHVWRGHQRWHDVXEMHFWLYHLPSUHVVLRQ
8VHGZLWKWKHDGYHUEVELHQDQGPDO
(VWiPX\ELHQ
7RWDONDERXWWHPSRUDU\RFFXSDWLRQVLHHVWDUGHRFFXSDWLRQ
$VDQDX[LOLDU\
7RIRUPWKHSUHVHQWDQGSDVWFRQWLQXRXVWHQVHV
7RIRUPWKHSDVVLYHZLWKHVWDUDQGH[SUHVVDVWDWHRIDIIDLUVZKLFKLVD
FRQVHTXHQFHRIVRPHWKLQJ
)RUPRUHRQWKHSDVVLYHVHH6HFWLRQ
+RZV\RXUPRWKHU"6KHVILQH
3DEORHVWiGHFDPDUHURHQXQUHVWDXUDQWH3DEORLVZRUNLQJDVD
ZDLWHULQDUHVWDXUDQW7KHHPSKDVLVKHUHLVWKDWLWLVDWHPSRUDU\MRERU
WKDWLWLVQRWKLVUHDOSURIHVVLRQ&RPSDUHZLWK3DEORHVFDPDUHUR3DEOR
LVDZDLWHU
(VWiKDEODQGRSRUWHOpIRQR6KHVWDONLQJRQWKHSKRQH
/DYHQWDQDHVWiDELHUWD7KHZLQGRZLVRSHQ
&KRLFHRIVHUDQGHVWDU
0DQ\DGMHFWLYHVFDQWDNHERWKVHUDQGHVWDUEXWWKHPHDQLQJLVVOLJKWO\GLIIHUHQW&RPSDUHWKHIROORZLQJSDLUV
RIVHQWHQFHV
VHUHVWDUOLPSLRD
VHUHVWDUFDURD
VHUHVWDUJXDSRD
-XDQHVXQDSHUVRQDPX\OLPSLD-XDQLVDYHU\
FOHDQSHUVRQ+HLVLQKHUHQWO\FOHDQ
(OFDYLDUHVFDUR&DYLDULVH[SHQVLYH7KLVLVDQ
LQKHUHQWTXDOLW\RIFDYLDULWLVDOZD\VDQH[SHQVLYH
LWHP
$OLFLDHVJXDSD$OLFLDLVJRRGORRNLQJ7KLVLVDQ
LQKHUHQWTXDOLW\VKHLVDJRRGORRNLQJZRPDQ
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
6SDLQKDEtDQPXFKRVOLEURVGHPLELVDEXHOR6SDQLVK$PHULFD,Q
P\JUDQGPRWKHUVKRPHWKHUHZHUHPDQ\RIP\JUHDWJUDQGIDWKHUV
ERRNV
,Q3HQLQVXODU6SDQLVKLWLVLQYDULDEOHLQIRUPEXWLQ6SDQLVK$PHULFDLW
FDQEHXVHGLQWKHWKLUGSHUVRQSOXUDO
$VDQDX[LOLDU\
,WLVXVHGWRIRUPWKHFRPSRXQGWHQVHV
+HWHUPLQDGR,KDYHILQLVKHG
(MHUFLFLRV
([SODLQZK\VHULVXVHGLQWKHIROORZLQJVHQWHQFHV
D(VWHHV(QULTXH(VHOPDULGRGH/DXUD(VLQJHQLHUR
E(VWDFDMDHVGHSODWD(UDGHPLDEXHOD(VSDUDJXDUGDUODVVRUWLMDV
F/DFRQIHUHQFLDHVDODVGRV6HUiHQHOVDOyQGHDFWRV
1RZH[SODLQZK\HVWDULVXVHGLQWKHIROORZLQJVHQWHQFHV
D0DUHVWiHQ/RQGUHV(VWiGHDXSDLUFRQXQDIDPLOLDLQJOHVD
E'HVSXpVGHODVYDFDFLRQHV9LROHWDHVWiPX\PRUHQD/DYHUGDGHVTXHHVWiPX\JXDSD
F6XKDELWDFLyQHVWDEDPX\GHVRUGHQDGDDVtTXHODHVWiRUGHQDQGR
5HDGWKHIROORZLQJVHQWHQFHVDQGGHFLGHZKLFKRIWKHWZRYHUEVVHURUHVWDULVWKHFRUUHFWRQHIRUHDFK
JDS
D1HFHVLWRLUDFRPSUDUOHFKHSHURFUHRTXHODWLHQGDHVHVWiFHUUDGD
E$XQTXHVyORORWHQJRGHVGHKDFHFXDWURDxRVHOFRFKH\DHVHVWiEDVWDQWHYLHMR
7UDQVODWHWKHIROORZLQJVHQWHQFHVLQWR6SDQLVKSD\LQJDWWHQWLRQWRWKHWUDQVODWLRQRIWKHYHUEWREH
D,DP\HDUVROG
E7KHEDE\LVKXQJU\
F$UH\RXVOHHS\/DXUD"
G,WVKRWWRGD\EXW\HVWHUGD\LWZDVTXLWHFROG
H7KHUHDUHVRPHRUDQJHVLQWKHIULGJH
I,VWKHUHDEDQNQHDUKHUH"
*XVWDUDQGVLPLODUYHUEV
6SDQLVKGRHVQRWKDYHDGLUHFWHTXLYDOHQWRIWKHYHUEWROLNHZKHQUHIHUULQJWRWKLQJVRUDFWLRQV,QVWHDGLWXVHV
WKHYHUEWRSOHDVHJXVWDULQDQLQYHUWHGFRQVWUXFWLRQ6RIRUH[DPSOH\RXFDQQRWOLWHUDOO\VD\,OLNH
FKRFRODWHRU+HOLNHV,WDOLDQFDUV<RXPXVWVD\&KRFRODWHSOHDVHVPH0HJXVWDHOFKRFRODWHRU,WDOLDQ
FDUVSOHDVHKLP/HJXVWDQORVFRFKHVLWDOLDQRV
)RUPDQGXVH
8VHRISURQRXQVZLWKSUHSRVLWLRQV
2EMHFWSURQRXQVFDQEHXVHGZLWKZKDWLVFDOOHGWKHSUHSRVLWLRQDOIRUP,QWKHVHFDVHVWKHSUHSRVLWLRQDWR
LVXVHGZLWKWKHDSSURSULDWHQRXQRUSURQRXQ
DPtPHJXVWDQ
DWLWHJXVWDQ
DHOHOOD8GOHJXVWDQ
DQRVRWURVQRVRWUDVQRVJXVWDQ
DYRVRWURVYRVRWUDVRVJXVWDQ
DHOORVHOODV8GVOHVJXVWDQ
$pOOHJXVWDKDFHUSXHQWLQJ+HOLNHVEXQJHHMXPSLQJ
$YRVRWUDVRVJXVWDODySHUDYHUGDG"<RXOLNHRSHUDGRQW\RX"
*XVWDULQTXHVWLRQVDQGQHJDWLYHV
7HJXVWDHODMHGUH]"'R\RXOLNHFKHVV"
4XHVWLRQVDQGQHJDWLYHVIROORZWKHVDPHSDWWHUQDVDIILUPDWLYHVHQWHQFHV $0LJXHOQROHJXVWDPXFKRHOI~WERO0LJXHOGRHVQWOLNHIRRWEDOO
PXFK
9HUEVVLPLODUWRJXVWDU
7KHIROORZLQJYHUEVXVHVWUXFWXUHVVLPLODUWRJXVWDUDJUDGDUWRSOHDVH
DSDVLRQDUWRILOOZLWKSDVVLRQDSHWHFHUWRIDQF\6SDLQFKLIODUWREH
FUD]\DERXWFROORTXLDOFRPSODFHUWRSOHDVHFRQFHUQLUWRDIIHFW
GLVJXVWDUWRXSVHWHQFDQWDUWRORYHVRPHWKLQJIDVFLQDUWRORYH
VRPHWKLQJ6SDQLVK$PHULFDWRFDSWLYDWH6SDLQKDFHULOXVLyQWR
ORRNIRUZDUGWR6SDLQLPSRUWDUWRPDWWHULQWHUHVDUWRLQWHUHVW
SDUHFHUWRVHHPSODFHUWRSOHDVHIRUPDOSUHRFXSDUWRZRUU\
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 VHH6HFWLRQFDQDOVREH
XVHGZKHQWDONLQJDERXWKDELWVLQWKHSDVW
6XHOHOOHJDUDODRILFLQDDHVRGHODVRFKR\PHGLD6KHXVXDOO\DUULYHV
DWWKHRIILFHDURXQGHLJKWWKLUW\
6ROtDPRVLUGHYDFDFLRQHVDODV%DOHDUHV:HXVHGWRJRWRWKH
%DOHDULFVIRURXUKROLGD\V
6ROHULVXVHGFRPPRQO\WKURXJKRXW6SDLQEXWUDUHO\LQ6SDQLVK$PHULFDZKHUHWKHYHUEDFRVWXPEUDUDLV
PRUHXVXDO
$FRVWXPEUDUD
$FRVWXPEUDUDIXQFWLRQVLQH[DFWO\WKHVDPHZD\DVVROHUH[FHSWWKDW
LQ3HQLQVXODU6SDQLVKLWVRXQGVVOLJKWO\PRUHIRUPDODQGLVSDUWLFXODUO\
DVVRFLDWHGZLWKWKHZULWWHQODQJXDJH
$VQRWHGDFRVWXPEUDUDLVDQRUPDODOWHUQDWLYHWRVROHULQ6SDQLVK
$PHULFD1RWHWKDWLQFHUWDLQSDUWVRIWKHFRQWLQHQWLWLVXVHGZLWKWKH
SUHSRVLWLRQD
(QDTXHOODpSRFDVHDFRVWXPEUDEDDEHQGHFLUORVFDPSRV$WWKDW
WLPHWKH\XVHGWREOHVVWKHILHOGV
$FRVWXPEUDDOHHUORVSHULyGLFRVPLHQWUDVVHGHVD\XQD+HXVXDOO\
UHDGVWKHQHZVSDSHUVZKLOHKHVKDYLQJEUHDNIDVW
(MHUFLFLRV
5HDGWKHIROORZLQJSDVVDJHZULWWHQLQWKHLPSHUIHFWWHQVHDERXWDSULVRQHUFDOOHG5RGROIR5HZULWHLW
XVLQJVROHU RUDFRVWXPEUDUDWRVD\ZKDW5RGROIRXVXDOO\GLGHDFKGD\5HPHPEHUWKDW\RXZLOOQRW
QHFHVVDULO\QHHGWRUHSHDWDGYHUELDOH[SUHVVLRQVPHDQLQJJHQHUDOO\RUQRUPDOO\
5RGROIR6XiUH]HUDSULVLRQHUR3DUDpOWRGRVORVGtDVHUDQLJXDOHV(OGHVSHUWDGRUQRUPDOPHQWHVRQDEDDODVVHLVGHODPDxDQD6HOHYDQWDED
HQVHJXLGDHLEDDOFRPHGRUDGHVD\XQDU$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\DPRQJRWKHUVFDQDOVREHXVHGLQLPSHUVRQDOVHQWHQFHVHJ2QH
VKRXOGWKLQNWZLFHEHIRUHFURVVLQJKLPDQG7KH\VD\VKHZDVDZLWFK
1RWHWKDWLQVRPHFDVHVDQLPSHUVRQDOVHQWHQFHZLOOKDYHDJUDPPDWLFDOVXEMHFWHYHQLILWGRHVQRWUHIHUWRDQ
LGHQWLILDEOHGRHUDVLQWKH(QJOLVKH[DPSOHVDERYHZKHUHRQHDQGWKH\DUHJUDPPDWLFDOVXEMHFWVHYHQLI
WKH\GRQRWUHIHUWRDQ\RQHLQSDUWLFXODUEXWLQRWKHUFDVHVWKHLPSHUVRQDOFRQVWUXFWLRQGRHVQRWDGPLWD
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
$TXtLQFOXVRHQYHUDQRWLHQHVTXHGRUPLUFRQPDQWD+HUHHYHQLQ
VXPPHU\RXQHHGDEODQNHWGXULQJWKHQLJKW
(QHVWHSDtVXQRQRSXHGHGHFLUORTXHSLHQVD,QWKLVFRXQWU\RQH
FDQQRWVD\ZKDWRQHWKLQNV
6HOOHJDDODFLPDHQXQDVGRVKRUDV2QHUHDFKHVWKHVXPPLWLQDERXW
WZRKRXUV
,PSHUVRQDOVH
1RWHWKDWWKLVFRQVWUXFWLRQLVLPSHUVRQDOLQDOOVHQVHVLHWKHUHLVQRWHYHQDJUDPPDWLFDOVXEMHFWWRWKHYHUE
)RUP
VHWKLUGSHUVRQVLQJXODUYHUEIRUP
7\SHV
D:LWKFRSXODWLYHYHUEVVHUDQGHVWDU
E:LWKLQWUDQVLWLYHYHUEV
F:LWKWUDQVLWLYHYHUEV
(QHVWDYLGDVHHVFRPSOHWDPHQWHIHOL]PX\SRFDVYHFHV,QWKLVOLIH
RQHLVRQO\UDUHO\FRPSOHWHO\KDSS\
6HVXEHSRUXQVHQGHURHVWUHFKR7KHZD\XSLVE\DQDUURZSDWK
(QHVWDVUHXQLRQHVVHEHEHPXFKtVLPR3HRSOHGULQNDORWDWWKHVH
JDWKHULQJV
(Q(VSDxDQRVHWRPDWpVHWRPDFDIp,Q6SDLQSHRSOHGRQRWGULQN
WHDWKH\GULQNFRIIHH
7KLVW\SHRILPSHUVRQDOFRQVWUXFWLRQORRNVVLPLODUWRWKHSDVVLYHUHIOH[LYH
HJ/RVODQJRVWLQRVVHFRPHQFRQODVPDQRV.LQJSUDZQVDUHHDWHQ
ZLWKWKHKDQGV 6HH6HFWLRQ+RZHYHUWKHLPSHUVRQDO
FRQVWUXFWLRQZRXOGEHWKHW\SHWUDQVODWHGLQWR(QJOLVKE\SHRSOHYHUE
GZLWKWUDQVLWLYHYHUESHUVRQDOREMHFWZLWKD
RUVLPLODUDQGQRWZLWKDSDVVLYH
(Q&RORPELDVHUHVSHWDPXFKRDORVDQFLDQRV,Q&RORPELDHOGHUO\
SHRSOHDUHYHU\PXFKUHVSHFWHG
7KLVVWUXFWXUHDYRLGVWKHDPELJXLW\RI(Q&RORPELDORVDQFLDQRVVH
UHVSHWDQPXFKRZKLFKFRXOGPHDQWKDWWKH\UHVSHFWHDFKRWKHUYHU\
PXFK
0DNHIRXULPSHUVRQDOVHQWHQFHVZLWKVHXVLQJWKHIROORZLQJZRUGV
(MHPSOR
WUDEDMDUGRPLQJR/RVGRPLQJRVQRVHWUDEDMD
DQHFHVLWDUKDULQDSDVWHO
E(VSDxDSDUDUWUDEDMDUKRUDGHFRPHU
FDYLVDUJDQDGRUHVGHOFRQFXUVRWHOpIRQRXVHWKHIXWXUHWHQVH
G$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
$FWLYHFRQVWUXFWLRQ
3DVVLYHZLWKVHU
)RUP
2EMHFWVHUSDVWSDUWLFLSOHPDVFIHPSRU
/RVSUHPLRVVHUiQDQXQFLDGRVSRUODGLUHFWRUDGHOFROHJLR7KH
SUL]HVZLOOEHDQQRXQFHGE\WKHKHDGWHDFKHURIWKHVFKRRO
7KHSDVVLYHFRQVWUXFWLRQZLWKVHULVVLPLODUWR(QJOLVKEXWOHVVFRPPRQLQ6SDQLVK,WLVZLGHO\XVHGLQZULWWHQ
6SDQLVKEXWPXFKPRUHOLPLWHGLQRUDODQGLQIRUPDOODQJXDJH
(QJOLVKVSHDNHUVW\SLFDOO\RYHUXVHWKHSDVVLYHZLWKVHU$WLSPDNHWKHSDVVLYHZLWKVH\RXUILUVWRSWLRQ
VHHERUMXVWXVHDQDFWLYHFRQVWUXFWLRQLQVWHDGRI+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
E7KHSDVVLYHZLWKVHUHIOH[LYHSDVVLYH
)RUP
7KLVFRQVWUXFWLRQLVIRUPHGRQO\ZLWKWUDQVLWLYHYHUEV
6HWKLUGSHUVRQYHUEIRUPVLQJXODUSOXUDO
6HDQXQFLDURQORVSUHPLRVDORVSRVWUHV /RVSUHPLRVIXHURQ
DQXQFLDGRVDORVSRVWUHV7KHSUL]HVZHUHDQQRXQFHGRYHUGHVVHUW
9HUEDJUHHPHQWUXOHVIRUWKHSDVVLYHZLWKVH
6HFRPSUDQWHUUHQRV3ORWVERXJKW
D,IWKHSDVVLYHVXEMHFWGRHVQRWUHIHUWRKXPDQEHLQJVWKHYHUEDJUHHV
(OOLEURVHSXEOLFyKDFHGRVDxRV7KHERRNZDVSXEOLVKHGWZR\HDUV
LQQXPEHUZLWKLW
DJR
E,IWKHSDVVLYHVXEMHFWUHIHUVWRKXPDQEHLQJVWKHYHUELVLQWKHVLQJXODU 6HDYLVyDORVIDPLOLDUHV+LVUHODWLYHVZHUHQRWLILHG7HFKQLFDOO\WKLV
DQGWKHSHUVRQDODPXVWEHXVHG
VWUXFWXUHLVFRQVLGHUHGDQLPSHUVRQDOZLWKVH
6HGLFHTXHYDDVXELUODJDVROLQDRWUDYH]3HWUROLVVDLGWREHJRLQJ
XSDJDLQ
F:KHQWKHYHUELVIROORZHGE\DTXHFODXVHDQLQILQLWLYHRUDQ
6HHVSHUDVDOGDUODGHXGDQDFLRQDOSDUD7KHQDWLRQDOGHEWLV
LQWHUURJDWLYHVXFKDVTXpFXiQWRDRVDVRUFXiOHVLWWDNHV H[SHFWHGWREHSDLGE\
WKHVLQJXODU
G6RPHPRGDOYHUEVUHTXLUHWKHYHUEWRJRLQWKHSOXUDOLIWKHREMHFWRI
WKHLQILQLWLYHLVDSOXUDOQRXQ7KLVKDSSHQVZLWKTXHUHUWHQHUTXH
SRGHUGHEHUDQGDFDEDUGH
6HGHVFRQRFHTXpUHSHUFXVLRQHVWHQGUiODGLPLVLyQGHOGLUHFWRU
JHQHUDO,WLVQRWNQRZQZKDWUHSHUFXVVLRQVWKHPDQDJLQJGLUHFWRUV
UHVLJQDWLRQZLOOKDYH
6HWLHQHQTXHEXVFDUVROXFLRQHV6ROXWLRQVPXVWEHIRXQG
8VH
%HFDXVH6SDQLVKWHQGVWRIDYRXUDFWLYHFRQVWUXFWLRQVWKHSDVVLYHZLWKVHLVPRUHFRPPRQWKDQWKHSDVVLYHZLWK
VHUHVSHFLDOO\LQLQIRUPDOVSRNHQODQJXDJH
1RWHWKDWWKHSDVVLYHZLWKVHGRHVQRWDOORZIRULQIRUPDWLRQDERXWWKHGRHURIWKHDFWLRQDQGWKHUHIRUH
GRHVQRWWDNHSRU)RUWKLVUHDVRQLWLVRIWHQXVHGDVDQLPSHUVRQDOVHQWHQFH
6HH6HFWLRQIRULPSHUVRQDOVHQWHQFHVDQG6HFWLRQIRUWKHGLVWLQFWLRQEHWZHHQLPSHUVRQDOVHDQG
SDVVLYHVH
F7KHSDVVLYHZLWKHVWDU
)RUP
2EMHFWHVWDUSDVWSDUWLFLSOHPDVFIHPSRUSDVVLYHVXEMHFW
(VWHDVXQWRHVWi\D]DQMDGR7KHPDWWHUKDVEHHQVRUWHG
8VH
7KHSDVVLYHZLWKVHUGHQRWHVDQDFWLRQDVDSURFHVV/DFDUWDIXHDELHUWD7KHOHWWHUZDVRSHQHGZKHUHDVWKH
SDVVLYHZLWKHVWDUVKRZVWKHUHVXOWRIDQDFWLRQ/DFDUWDHVWDEDDELHUWD7KHOHWWHUZDVRSHQ
1RWHWKDWWKHSRVVLELOLW\RIPDNLQJWKLVFRQWUDVWLVFRQILQHGWRYHUEVGHQRWLQJDFWLRQUDWKHUWKDQGHVFULSWLRQ
&RPSDUH)XHGHWHQLGR+HZDVDUUHVWHGZLWK(VWDEDGHWHQLGR+HZDVXQGHUDUUHVW
6RPHWULFN\VHQWHQFHV
+HUHDUHDIHZVWUXFWXUHVZKLFK\RXPD\ILQGGLIILFXOWWRWUDQVODWHLQWR6SDQLVK
,KDYHEHHQWROGWREHFDUHIXO0HKDQGLFKRTXHWHQJDFXLGDGR
-RKQZDVWROGWREHFDUHIXO/HGLMHURQD-RKQTXHWXYLHUDFXLGDGR
+HZDVWKRXJKWWREHDVS\6HFUHtDTXHHUDXQHVStD&UHtDQTXHHUDXQHVStD/HFUHtDQXQHVStD
(MHUFLFLRV
0DWFKWKHWZRFROXPQVWRIRUPFRKHUHQWVHQWHQFHV
D(VWHVHFUHWRLHVWiQVLHQGRH[SORWDGRV
E(VWRVWUDEDMDGRUHVLLKDVLGRWUDGXFLGRDGHFHQDVGHLGLRPDV
F7RGRVORVIDPLOLDUHVGHODYtFWLPDLLLQRVHUiUHYHODGRDQDGLH
G&LHQDxRVGHVROHGDGLYIXHURQLQWHUURJDGRVSRUODSROLFtD
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\RDSRGHPRV\DSODQWDUGLUHFWDPHQWHYDULRVWLSRVGHKRUWDOL]DVHVSHFLDOPHQWHHQVDODGDV(VLPSRUWDQWH
TXHOD]RQDGHGLFDGDDSODQWDUHVWpHQULTXHFLGDSDUDFRQVHJXLUORESXHGHDxDGLUWXUEDRWLHUUDULFDHQKXPXV8QDYH]
HQULTXHFLGDODWLHUUDFVLJDORVVLJXLHQWHVSDVRVSDUDODVLHPEUDHQSULPHUOXJDUGGHEHUiQLYHODUODWLHUUDFRQXQUDVWULOOR
DQFKRGHVSXpVHHVSROYRUHHODVVHPLOODVGHXQDIRUPDUHJXODU\HVSDFLDGDDFRQWLQXDFLyQIHQWLHUUHODVVHPLOODVDXQD
SURIXQGLGDGDSUR[LPDGDGHXQFHQWtPHWUR3RU~OWLPRJULHJXHELHQHOWHUUHQR
$GDSWHGIURP0DUWLQ6WDQJO0DQXDOSUiFWLFRGHOMDUGLQHUR%DUFHORQD2PHJDS
&RPSOHWHWKHJDSVLQWKHIROORZLQJWH[WFKRRVLQJWKHPRVWDSSURSULDWHYHUEIURPWKHER[DQGSXWWLQJLWLQ
WKHWHQVHRIWKHSDVVLYHYRLFHLQGLFDWHG
DUUDQFDUDGPLQLVWUDUGHQHJDUSUREDUHODERUDU
<ROHFXHQWRODKLVWRULDGHODYDFXQD*2(OSUREOHPDGHHVWDPHGLFLQDHVTXHVXHILFDFLDQRDSUHVHQWSHUIHFW
VXILFLHQWHPHQWHESUHWHULWHSRUXQJUXSRGHIDUPDFpXWLFRVFXEDQRVHQ\GHVSXpVGHDOJXQDVSUXHEDVFSUHWHULWHD
ORVHQIHUPRVPiVJUDYHVFRPR~OWLPRUHFXUVR<ORVHQIHUPRVVDQDURQVtVHxRUVHSXHGHGHFLUTXHDTXHOORVHQIHUPRVGSUHWHULWH
GHODVJDUUDVGHODPXHUWHSRUOD*2(OSUREOHPDHVTXHKR\GtDHOXVRGHXQRGHORVLQJUHGLHQWHVGHOD*2HVWiSURKLELGRSRUOD
206GHPRGRTXHODSHWLFLyQGHLQYHVWLJDUPiVVREUHHVWDPHGLFLQDHSUHVHQWSHUIHFWLQGHILQLGDPHQWH
8VHVRIVH
$SRWHQWLDOO\FRQIXVLQJSRLQWIRUWKHVWXGHQWRI6SDQLVKLVWKHYDULRXVXVHVRIVH7KLVVHFWLRQDWWHPSWVWRFODULI\
WKHPE\OLVWLQJWKHPDQGH[SODLQLQJWKHLUPHDQLQJV
D6HDVDWKLUGSHUVRQSHUVRQDOSURQRXQ
$VWKLUGSHUVRQUHIOH[LYHSURQRXQ
$VWKLUGSHUVRQUHFLSURFDOSURQRXQ
,QRWKHUSURQRPLQDOYHUEVZKHUHVHLVFRPSXOVRU\HJDUUHSHQWLUVH
DWUHYHUVHVXLFLGDUVHHWF
,QSURQRPLQDOXVHVRIVRPHYHUEV
DZLWKFKDQJHRIPHDQLQJRU
EIRUHPSKDWLFRUH[SUHVVLYHHIIHFW
7RVXEVWLWXWHOHRUOHVZKHQDFFRPSDQ\LQJORODORVODV
6HFWLRQ
6HODYDHOSHORWRGRVORVGtDV+HZDVKHVKLVKDLUHYHU\GD\
6HTXLHUHQPXFKtVLPR7KH\ORYHHDFKRWKHUYHU\PXFK
6HFD\yGHODHVFDOHUD6KHIHOORIIWKHVWHSV
D1RVHDFRUGDEDGHPLQRPEUH6KHGLGQRWUHPHPEHUP\QDPH
E6HEHELyODFHUYH]DGHXQWUDJR6KHGUDQNWKHEHHULQRQHJXOS
<DVHORKHFRQWDGR,KDYHWROGKLP
'iVHODV*LYHWKHPWRKHU
<RXFDQUHYLVHWKHSURQRXQVHDQGRWKHUSHUVRQDOSURQRXQVLQ8QLW<RXFDQUHYLVHSURQRPLQDOYHUEVLQ
6HFWLRQ
5HPHPEHUWKDWLQWKHFDVHRIWKHSURQRPLQDOYHUEVLQFOXGLQJUHIOH[LYHDQGUHFLSURFDOVHLVRQO\XVHG
ZKHQWKHYHUELVLQWKHWKLUGSHUVRQVLQJXODURUSOXUDO:LWKRWKHUYHUEIRUPVWKHDSSURSULDWHSHUVRQDOSURQRXQ
PXVWEHXVHGDVLQWKHIROORZLQJH[DPSOHV6HFRPLyHOERFDGLOORHQGRVVHJXQGRV+HJREEOHGXSKLV
VDQGZLFKLQWZRVHFRQGVDQG0HFRPtHOERFDGLOORHQGRVVHJXQGRV,JREEOHGXSP\VDQGZLFKLQWZR
VHFRQGV
E6HLQLPSHUVRQDOVHQWHQFHV
VHWKLUGSHUVRQVLQJXODUYHUEIRUP
(Q1DYLGDGHVVHJDVWDPXFKR$W&KULVWPDVSHRSOHVSHQGDORWRI
PRQH\6HVXIUHPXFKRFXDQGRVHHVWiVROR3HRSOHVXIIHUDORWZKHQ
WKH\DUHDORQH
6HH6HFWLRQIRUPRUHRQLPSHUVRQDOVHQWHQFHV
F3DVVLYHVH
VHWKLUGSHUVRQYHUEIRUPVLQJXODUSOXUDOWUDQVLWLYHYHUE
6HFWLRQ
6HHVWXGLDUiQWRGRVORVFDVRVPLQXFLRVDPHQWH$OOWKHFDVHVZLOOEH
FDUHIXOO\VWXGLHG
6HDQDOL]DUiFXiQWRVEHEpVQDFLHURQFRPSOHWDPHQWHVDQRVDTXHODxR
7KHQXPEHURIFRPSOHWHO\KHDOWK\EDELHVERUQWKDW\HDUZLOOEHDQDO\VHG
,PSHUVRQDOVHRUSDVVLYHVH"
,QDQXPEHURIFDVHVLQYROYLQJWUDQVLWLYHYHUEVLWLVQRWDOZD\VHDV\WRHVWDEOLVKZKHWKHUDVHQWHQFHLV
LPSHUVRQDORUZKHWKHULWLVDUHIOH[LYHSDVVLYH,QSUDFWLFHWKLVVKRXOGQRWEHDKXJHSUREOHPIRUWKHOHDUQHURI
6SDQLVKZKRZLOOEHDEOHWRLQWHUSUHWWKHPHDQLQJFRUUHFWO\IURPWKHFRQWH[W+HUHLVDVXPPDU\RIWKHUXOHVRI
DJUHHPHQWWRHQVXUH\RXSURGXFHFRUUHFWVHQWHQFHVHYHU\WLPH
5HPHPEHUWKDWVHZKHWKHULPSHUVRQDORUSDVVLYHPXVWDOZD\VEHIROORZHGE\DWKLUGSHUVRQYHUEIRUP
7KHYHUEJRHVLQWKHVLQJXODULQWKHIROORZLQJFDVHV
VHFRSXODWLYHYHUE
VHLQWUDQVLWLYHYHUE
VHWUDQVLWLYHYHUEVLQJXODUREMHFW
VHWUDQVLWLYHYHUESHUVRQDOD
VHWUDQVLWLYHYHUETXHFODXVH
VHWUDQVLWLYHYHUELQILQLWLYH
VHWUDQVLWLYHYHUEFODXVHLQWURGXFHGE\DQLQWHUURJDWLYH
6HHVWiPX\ELHQDOVRO,WLVYHU\SOHDVDQWLQWKHVXQ
6HDVFHQGtDSRUXQDODGHUDVXDYH7KHZD\ZDVXSDJHQWOHKLOO
6HEXVFDSLVR$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 $QRSHQ TXHVWLRQ VWDUWV ZLWK DQ LQWHUURJDWLYH
TXpTXLpQHVFyPRFXiQWRD RV DVGyQGHFXiQGR DQG &yPRWHOODPDV":KDWV\RXUQDPH"
UHTXLUHVQHZLQIRUPDWLRQLQWKHDQVZHU7KHZRUGRUGHULVXVXDOO\ &XiQGRHVWXFXPSOHDxRV":KHQLV\RXUELUWKGD\"
LQWHUURJDWLYHYHUEVXEMHFW
F$WDJTXHVWLRQLVIRUPHGE\DGHFODUDWLYHVHQWHQFHWRZKLFKDWDJLV
/OHJDVWHD\HUQR"<RXDUULYHG\HVWHUGD\GLGQW\RX"
DGGHGIRUFRQILUPDWLRQRUQHJDWLRQRIWKHVWDWHPHQW,Q6SDQLVKWKH
(UHVDUJHQWLQDFLHUWR"<RXDUHIURP$UJHQWLQDDUHQW\RX"
PRVWFRPPRQWDJVDUHYHUGDG"QR"DQGFLHUWR"
<RXFDQUHYLVHWKHLQWHUURJDWLYHVLQ8QLW
1RWHWKDW6SDQLVKZRUGRUGHULVTXLWHIUHHLQFRPSDULVRQZLWK(QJOLVK7KHFRPPHQWVRQZRUGRUGHUDUH
EURDGJHQHUDOLVDWLRQVDQGWKHOHDUQHUVKRXOGEHSUHSDUHGIRUQXPHURXVH[FHSWLRQVWRWKHPHVSHFLDOO\LQVSRNHQ
6SDQLVK
:RUGRUGHULQRSHQLQWHUURJDWLYHVHQWHQFHV
([FODPDWRU\VHQWHQFHV
([FODPDWRU\VHQWHQFHVH[SUHVVIHHOLQJV7KH\DUHPDUNHGLQWKHVSRNHQ
9LYDODYLGD+XUUD\IRUOLIH
ODQJXDJHE\DVSHFLDOLQWRQDWLRQDQGLQWKHZULWWHQODQJXDJHE\H[FODPDWLRQ
4XpFKLFRPiVOLVWR:KDWDFOHYHUER\
PDUNV
5HPHPEHUWKDWLQZULWWHQ6SDQLVK\RXPXVWXVHERWKWKHRSHQLQJDQGFORVLQJTXHVWLRQDQGH[FODPDWLRQ
PDUNV"DQG
(MHUFLFLRV
6D\ ZKLFK RI WKHVH VHQWHQFHV DUH QHJDWLYH LQWHUURJDWLYH H[FODPDWLYH RU GHFODUDWLYH DIILUPDWLYH DQG
PDUNWKHHOHPHQWVWKDWJLYH\RXWKHFOXHIRU\RXUDQVZHU
D(VWDPRVVDOYDGRV
E1XQFDPiVVHVXSRGHDTXHOKRPEUH
F6HJXURTXHWHHQFXHQWUDVELHQ"
G3DUHFHTXHYDDKDFHUEXHQR
:ULWH DQ DSSURSULDWH TXHVWLRQ IRU HDFK RI WKH IROORZLQJ DQVZHUV DQG VD\ LI LW LV DQ RSHQ RU FORVHG
TXHVWLRQ
D6tPHOODPR5RVD0DUL%HUP~GH]
E5RVD0DUL%HUP~GH]
F(Q1HUXGDQDFLyHQ
0DNHWKHIROORZLQJVWDWHPHQWVLQWHUURJDWLYHE\DGGLQJDTXHVWLRQWDJ
D(VWiVLQYLWDGRDODERGD
E1RKDVYLVWRD-XDQLHQWRGRHOGtD
F(ODxRSDVDGRIXLVWHLVGHYDFDFLRQHVD0LDPL
1HJDWLYHV
/LNH(QJOLVK6SDQLVKKDVDUDQJHRIQHJDWLYHZRUGVWRVKRZWKHGLIIHUHQWQXDQFHVRIPHDQLQJLQQRQ
DIILUPDWLYHVHQWHQFHV([DPSOHVLQ(QJOLVKLQFOXGHQRQRWQRWKLQJQRWDQ\WKLQJQRQHQRW
RQHQRERG\QRWDQ\ERG\DQGQHYHUQRWHYHU
1R
1RPHDQVQRDQGQRWDQGLVWKHPRVWFRPPRQQHJDWLYHZRUGLQ6SDQLVKHJ&RQRFHVD$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\FDPHZKHUHQDGLHLVWKHVXEMHFW
DVZHOODVRQLWVRZQEHIRUHWKHYHUE
RIWKHVHQWHQFH1DGLHSUHJXQWySRUpO1RERG\DVNHGDIWHUKLP
,WWDNHVSHUVRQDODLILWLVWKHREMHFWUDWKHUWKDQWKHVXEMHFWRIDYHUE
6HH8QLWRQDOJXLHQYVQDGLHLQLQGHILQLWHV
1LQJXQR
1LQJXQRDFDQEHXVHGDVERWKDSURQRXQDQGDQDGMHFWLYH
1LQJXQDGHPLVWUHVKHUPDQDVPHUHFRQRFLyFXDQGRVDOtGLVIUD]DGR
$VDSURQRXQQLQJXQRPHDQVQRQHRUQRWRQH,WFDQUHIHUWRREMHFWV
DOHVFHQDULR1RQHRIP\WKUHHVLVWHUVUHFRJQLVHGPHZKHQ,ZDONHG
RUSHRSOHDQGLWDJUHHVLQJHQGHUZLWKWKHQRXQVWKDWLWUHSODFHV
RQWRWKHVWDJHLQGLVJXLVH
3DUHFHTXHQLQJ~QGLFFLRQDULRGHILQHHVHWpUPLQR,WGRHVQWDSSHDUWR
$VDQDGMHFWLYHLWPHDQVQRQRXQQRWDQ\QRXQ
EHGHILQHGLQDQ\GLFWLRQDU\
1XQFDLVDOVRXVHGZLWKFRPSDULVRQVDVDZRUGRQLWVRZQWRPHDQHYHU1RVGLYHUWLPRVFRPRQXQFD:H
KDGWKHEHVWWLPHHYHU
6HH6HFWLRQDQGIRUPRUHRQFRPSDUDWLYHV
1L
1LPHDQVQHLWKHURUQRUDQGLVXVHGZLWKQRLQGRXEOHQHJDWLYH
FRQVWUXFWLRQVRIWHQLQWKHIRUPRIQLQLFRUUHVSRQGLQJWRWKH(QJOLVK
QHLWKHUQRU
+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
$SHQDVPHDQVVFDUFHO\RUKDUGO\,WFDQEHXVHGRQLWVRZQEHIRUHWKH (VWDEDWDQUHVIULDGDTXHDSHQDVSRGtDKDEODUTXHQRSRGtD
YHUERUDOWHUQDWLYHO\DIWHULWZLWKQRLQDGRXEOHQHJDWLYHFRQVWUXFWLRQ
KDEODUDSHQDV6KHZDVVRFROGULGGHQWKDWVKHFRXOGKDUGO\WDON
,WFDQDOVRFRPELQHZLWKRWKHUQHJDWLYHV
1RKDEtDDSHQDVQDGLH7KHUHZDVKDUGO\DQ\ERG\WKHUH
1XQFDRFXUUHQDGDHQODVREUDVGH6DPXHO%HFNHWW
7DPSRFR
7DPSRFRPHDQVQHLWKHU,WFDQEHXVHGRQLWVRZQEHIRUHWKHYHUERU
DIWHUWKHYHUEZLWKQRLQDGRXEOHQHJDWLYHFRQVWUXFWLRQQRWHLWKHU
7DPSRFRZLWKRXWQRWHQGVWREHXVHGZLWKVXEMHFWSURQRXQVRU
SUHSRVLWLRQDOIRUPVIRUHPSKDVLV
7DPSRFRFDQVWDQGRQLWVRZQDVDZRUGPHDQLQJ0H\RXKHVKHHWF
QHLWKHU
0LPXMHUPHGLMRTXHQROHJXVWDEDFRFLQDU/HUHVSRQGtTXHDPtQR
PHJXVWDEDWDPSRFRTXHDPtWDPSRFR0\ZLIHWROGPHVKH
GLGQWOLNHFRRNLQJ,WROGKHU,GLGQWOLNHLWHLWKHU
/RVQLxRVQRTXLHUHQLUDODSLVFLQDKR\SRUHOIUtRTXHKDFH
+RPEUHWDPSRFRTXHUHPRVLUQRVRWURV7KHFKLOGUHQGRQWZDQWWR
JRWRWKHSRROWRGD\EHFDXVHRIWKHFROG7RRULJKWZHGRQWZDQWWRJR
HLWKHU
'HVJUDFLDGDPHQWHQRKDEORDOHPiQ<W~"7DPSRFR
8QIRUWXQDWHO\,GRQWVSHDN*HUPDQ:KDWDERXW\RX"0HQHLWKHU
<RWDPSRFRLVDOVRFRUUHFW
(MHUFLFLRV
&KDOOHQJHWKHIROORZLQJDVVHUWLRQVDERXW&KULVWRSKHU&ROXPEXVXVLQJWKHSURPSWV
D&ULVWyEDO&ROyQGHVFXEULyODV$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$KSXHVDOPHQRVFRQVLJXLyIDPD\ULTXH]DQRHVDVt"6D\QRQRWHYHQWKDW+HGLHGLQ
SRYHUW\
5HDGWKHIROORZLQJVKRUWGHVFULSWLRQRIDIDFWRU\
+DEtDPXFKDJHQWHHQODIiEULFD7RGDVODVPiTXLQDVIXQFLRQDEDQVHRtDPXFKRUXLGR\WDPELpQKDEtD
PXFKDDFWLYLGDGIXHUDHQHOiUHDGHFDUJDGHVFDUJD
1RZGHVFULEHWKHVFHQHLQWKHIDFWRU\LQWKHPLGGOHRIWKHQLJKWZKHQWKHQLJKWZDWFKPDQYLJLODQWHQRFWXUQR
FKHFNHGHYHU\WKLQJ8VHDSSURSULDWHQHJDWLYHIRUPV
7KLQNDERXWVRPHRIWKHWKLQJVWKDW\RXKDYHQRWGRQHLQ\RXUOLIHEXWZKLFK\RXZRXOGVWLOOOLNHWRGR
7KHQZULWHDSDUDJUDSKOLVWLQJILYHRIWKHVHWKLQJV)LQLVKWKHSDUDJUDSKZLWKWKHVHQWHQFH6LQHPEDUJR
D~QPHJXVWDUtDKDFHUHVWDVFRVDV7U\WRXVHDYDULHW\RIQHJDWLYHIRUPVVXFKDVQLQLWDPSRFRRU
QLVLTXLHUD
&RPSRXQGDQGFRPSOH[VHQWHQFHV
7KHFRPSRXQGVHQWHQFH
&RPSRXQGVHQWHQFHVODVRUDFLRQHVFRPSXHVWDVDUHIRUPHGE\MRLQLQJVLPSOHVHQWHQFHV 6LPSOH
VHQWHQFHVLQ6HFWLRQ7KLVFDQEHGRQHXVLQJRQHRIWZRGHYLFHVE\MX[WDSRVLWLRQWKDWLVE\OLQNLQJVLPSOH
VHQWHQFHVZLWKRXWXVLQJDVSHFLILFFRQQHFWRUFRQHFWRURUOLQNZRUGHJ1RPHJXVWDWHORUHJDOR,GRQW
OLNHLW,DPJLYLQJLWWR\RXDQGE\XVLQJZKDWDUHFDOOHGFRRUGLQDWLQJFRQMXQFWLRQVRUFRQQHFWRUVHJ1R
KDWHUPLQDGRWRGDYtDSHURWHUPLQDUiSURQWR6KHKDVQRWILQLVKHG\HWEXWVKHZLOOVRRQ
-X[WDSRVHG
6HSDUDWHGE\DFRPPDDVHPLFRORQRUDFRORQ
0HYR\DFDVDHVWR\DJRWDGD,PJRLQJKRPH,PH[KDXVWHG
(OSROLFtDJULWy$OWRDKt7KHSROLFHPDQVKRXWHG6WRSWKHUH
&RRUGLQDWHG
(OHGLILFLRHVPX\ERQLWR\WLHQHEXHQDVYLVWDV7KHEXLOGLQJLVORYHO\
7RH[SUHVVDGGHGLQIRUPDWLRQFRSXODWLYH-RLQHGE\\RUHLQDIILUPDWLYH 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\DVtDVtTXHOXHJRFRQTXHSRUORWDQWRSRUFRQVLJXLHQWH 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\EURWKHUVRU)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
RRUXEHIRUHZRUGVVWDUWLQJZLWKRRUKRR
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[VHQWHQFHDQGDUHGHSHQGHQWRQDQRWKHUFODXVH
FDOOHGWKHPDLQFODXVHODRUDFLyQSULQFLSDO7KHYHUELQWKHVXERUGLQDWHFODXVHFDQEHFRQMXJDWHGRUEHLQDQ
LPSHUVRQDOIRUPLQILQLWLYHJHUXQGRUSDVWSDUWLFLSOH
7HORGDUpVLPHYLVLWDVPDxDQDFRQODIDPLOLD
VXERUGLQDWHFODXVH
,OOJLYHLWWR\RXLI\RXFRPHDQGYLVLWPHWRPRUURZZLWK\RXUIDPLO\
,QWKLVVHQWHQFHGDUpLVWKHPDLQYHUEDQGVLPHYLVLWDVPDxDQDFRQODIDPLOLDLVWKHVXERUGLQDWHFODXVHZKLFK
KDVDYHUEYLVLWDVSOXVLQIRUPDWLRQDERXWZKRPPHZKHQPDxDQDDQGZLWKZKRPFRQODIDPLOLD
6LLVWKHFRQQHFWRUZKLFKKDVWKHGRXEOHIXQFWLRQRIMRLQLQJWKHVXERUGLQDWHFODXVHWRWKHPDLQFODXVHDQG
SURYLGLQJWKHPHDQLQJRIWKHVXERUGLQDWHFODXVHLQWKLVFDVHDFRQGLWLRQ
7\SHVRIVXERUGLQDWHFODXVHV
D7KHQRXQFODXVH$VXERUGLQDWHFODXVHZKLFKFDQVWDQGLQSODFHRID &XDQGRHUDSHTXHxDPHHQFDQWDEDVDOWDUDODFXHUGD:KHQ,ZDV
QRXQ
OLWWOH,ORYHGVNLSSLQJZLWKP\URSH
E7KHUHODWLYHFODXVH$VXERUGLQDWHFODXVHZKLFKPRGLILHVDQRXQ
(OSHUURTXHYLPRVHUDHOGH-XOLiQ7KHGRJZHVDZZDV-XOLiQV
SKUDVHLQWKHZD\WKDWDQDGMHFWLYHZRXOG
F7KHDGYHUELDOFODXVH$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
8VHGLQLQGLUHFWRSHQTXHVWLRQV
0HDFRQVHMDTXHPHUHODMH6KHDGYLVHVPHWR
UHOD[
4XLHURVDEHUVLPHYDVDD\XGDURQR,ZDQWWR
NQRZZKHWKHU\RXDUHJRLQJWRKHOSPHRUQRW
0DPiSUHJXQWDFXiQGRHPSLH]DODSHOtFXOD
0XPLVDVNLQJZKHQWKHILOPLVGXHWRVWDUW
5HPDUNV
7KHFRQMXQFWLRQTXHLVVLPLODUWRWKH(QJOLVKWKDWEXWLQFRQWUDVWWR(QJOLVKLWFDQQRWEHRPLWWHG6KH
VD\VWKDWVKHZLOOGRLW'LFHTXHORKDUi
5HPHPEHUWKDWWKHLQWHUURJDWLYHVLQLQGLUHFWTXHVWLRQVHJFXiQGRPXVWEHZULWWHQZLWKDQDFFHQW
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[DPSOHORVWUDEDMDGRUHVLHQRVRWURVDQGpOWKHQWKH
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\DQDGMHFWLYHZRXOGDVVKRZQEHORZ
$GMHFWLYHRUDGMHFWLYDOSKUDVH
(OKRPEUHDOWRHUDPLSDGUH7KHWDOOPDQZDVP\IDWKHU
5HODWLYHFODXVH
(OKRPEUHTXHYLPRVHUDPLSDGUH7KHPDQZHVDZZDVP\IDWKHU
5HVWULFWLYHDQGQRQUHVWULFWLYHUHODWLYHFODXVHV
$VLQ(QJOLVKWKHUHDUHWZRW\SHVRIUHODWLYHFODXVHV
D5HVWULFWLYHUHODWLYHFODXVHVDOVRNQRZQDVGHILQLQJUHODWLYHFODXVHVODVRUDFLRQHVGHUHODWLYR
HVSHFLILFDWLYDVVSHFLI\SDUWLFXODUHOHPHQWVRIWKHDQWHFHGHQW)RUH[DPSOHLQ0HWtHQHOPDOHWtQORV
SDSHOHVTXHWHQtDTXHILUPDUDOGtDVLJXLHQWH,SXWWKHSDSHUV,KDGWRVLJQWKHQH[WGD\LQWRP\
EULHIFDVHWKHUHODWLYHFODXVHVSHFLILHVZKLFKSDSHUV,SXWLQWRP\EULHIFDVH
E1RQUHVWULFWLYHUHODWLYHFODXVHVDOVRNQRZQDVQRQGHILQLQJUHODWLYHFODXVHVODVRUDFLRQHVGHUHODWLYR
H[SOLFDWLYDVJLYHH[WUDLQIRUPDWLRQDERXWWKHDQWHFHGHQWZLWKRXWUHVWULFWLQJLWVPHDQLQJLQDQ\ZD\)RU
H[DPSOHLQ/RVSDGUHVGHODQLxDTXHHVWDEDQPX\SUHRFXSDGRVOORUDURQGHHPRFLyQDOYHUODVDQD\
VDOYD7KHOLWWOHJLUOVSDUHQWVZKRZHUHH[WUHPHO\ZRUULHGFULHGZLWKHPRWLRQZKHQWKH\VDZKHUVDIH
DQGVRXQGWKHUHODWLYHFODXVHPDNHVDFRPPHQWDERXWWKHVWDWHRIWKHSDUHQWVORVSDGUHVGHODQLxDLVWKH
DQWHFHGHQW
,QWKHZULWWHQODQJXDJHQRQUHVWULFWLYHUHODWLYHFODXVHVPXVWDSSHDUEHWZHHQFRPPDVDQGLQWKHVSRNHQ
ODQJXDJHWKH\DUHPDUNHGE\SDXVHV
5HODWLYHSURQRXQVDQGRWKHUOLQNVWRUHODWLYHFODXVHV
7KHPRVWFRPPRQFRQQHFWRUVRIVXERUGLQDWHUHODWLYHFODXVHVDUHWKHUHODWLYHSURQRXQVORVSURQRPEUHVGH
UHODWLYRTXHTXLHQHVHOFXDOHOTXHSOXVIHPLQLQHDQGSOXUDOIRUPVFX\RDRVDVDOWKRXJKVRPH
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
WtD7KLVLVWKHFRDWWKDWZKLFKP\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
SUHSRVLWLRQHOFXDOODFXDOORVFXDOHVODV
FXDOHV
SUHSRVLWLRQGHGHVGHDKDVWDKDFLDHWF
GRQGH
SUHSRVLWLRQORTXHORFXDO
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\
:KHQWKHDQWHFHGHQWRIWKHUHODWLYHFODXVHLVDOUHDG\XQGHUVWRRGE\VSHDNHUDQGOLVWHQHULWLVFRPPRQWRVNLSLW
DQGXVHHOTXHODTXHORVTXHODVTXHLQVWHDG
(VQXHYDHVWDHVFXOWXUD",VWKLVVFXOSWXUHQHZ"
6tHVODTXHFRPSUDPRVHQOD)HULDGH$UFRHODxRSDVDGR<HVLWVWKHRQHZHERXJKWDWWKH$UFR
)DLUODVW\HDU
/RTXHLVXVHGZKHQUHIHUULQJWRVRPHWKLQJLPSUHFLVH
/RTXHPiVPHJXVWDKDFHUORVGRPLQJRVHVVDOLUDOFDPSRDPHUHQGDU /DFRVDTXHPiVPHJXVWD
LVVLPLODUWRWKH(QJOLVKZKDW:KDW,OLNHGRLQJPRVWRQ6XQGD\VLVJRLQJIRUDSLFQLFLQWKHFRXQWU\
(MHUFLFLRV
,QWKHIROORZLQJSDUDJUDSKGHFLGHZKHWKHUWKHUHODWLYHFODXVHVLQEROGDUHUHVWULFWLYHRUQRQUHVWULFWLYH
(OVHxRU0DUWtQH]DTXHHUDXQFDEDOOHURHOHJDQWHDOFLHQSRUFLHQQXQFDVDOtDGH
FDVDVLQVXFKLVWHUDEODFXDOOHKDFtDSDUHFHUVHDXQORUGLQJOpVGHORVGHDQWHV/D
FDVDFGRQGHYLYtDKDEtDVLGRHQVXWLHPSRXQDJUDQPDQVLyQSHURDKRUDVHSHUFLEtD
FRQGHPDVLDGDFODULGDGXQGHVFXLGRGTXHDPHQD]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
$TXHOHUDSRUILQHOOXJDUFRQDKDEtDVRxDGRWDQWDVYHFHV/DKLHGUDE
WUHSDEDSRUODSDUHGFXEUtDSDUWHGHOWHMDGR\WRGDODIDFKDGD(OEDOFyQSULQFLSDOGHVGH
FVHGLYLVDEDQORVPRQWHVOHMDQRVWHQtDXQDVSHFWRVREHUELR\GHFDGHQWHDOPLVPR
WLHPSR/DIDPLOLD*DUULGRGUHWUDWRVDGRUQDEDQODHVFDOHUDSULQFLSDOKDEtD
SHUGLGRODPDQVLyQFXDQGRHO~OWLPRVHxRU*DUULGRVHDUUXLQyFRQHOQHJRFLRGHODUUR]
/RVQXHYRVGXHxRVHYLYtDQHQ0DGULGQXQFDODRFXSDURQ<DKRUDHVWDFDVD\VX
MDUGtQVHOYiWLFRIKDEtDMXJDGRWDQWDVYHFHVGHQLxRHUDQPtRV0tRVSDUD
VLHPSUH
&KRRVHWKHDSSURSULDWHPRRGLQGLFDWLYHRUVXEMXQFWLYHIRUHDFKVHQWHQFH
D'HVHRYLYLUHQXQPXQGRGRQGHQRKD\KD\DYLROHQFLD
E/DFLXGDGHQODTXHYLYRYLYDQRHVPX\JUDQGH
F$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
H0DQQHU
I3ODFH
J3XUSRVH
K7LPH
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
D6XERUGLQDWHFODXVHVWKDWDOZD\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
E6XERUGLQDWHFODXVHVWKDWFDQWDNHWKHLQGLFDWLYHRUWKHVXEMXQFWLYH
,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
&RPRVXEMXQFWLYHDVDFRQGLWLRQDOFRQQHFWRULQVHFWLRQFDQG
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
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[SUHVVFDXVHLQVHFWLRQDDQG
FRPRDVDFRQQHFWRUWRH[SUHVVPDQQHULQVHFWLRQH
/RKDUpPDxDQDSRUODPDxDQDDPHQRVTXHPHGLJDVTXHQR,OOGR
LWWRPRUURZPRUQLQJXQOHVV\RXWHOOPHQRWWR
3XHGHVYHQLUFRQWDOGHTXHSURPHWDVSRUWDUWHELHQ<RXFDQFRPHDV
ORQJDV\RXSURPLVHWREHKDYH\RXUVHOI
3RGpLVFHOHEUDUODILHVWDHQFDVDVLHPSUHTXHQRKDJiLVGHPDVLDGR
UXLGR<RXFDQKDYH\RXUSDUW\DWKRPHDVORQJDV\RXGRQWPDNHWRR
PXFKQRLVH
&RPSDUHZLWKVLHPSUHTXHLQGLFDWLYHLQ6HFWLRQDLL
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\WKDQVKHWKRXJKWODDJUHHVZLWKSODWD
7KHVWUXFWXUHWDQTXHZLWKFRQVHFXWLYHDQGH[SUHVVLYHYDOXH
&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\LQJDERXWKLVSDVWRUDSDVWSDUWLFLSOHHJ0LDEXHODOOHJy
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
SUHSRVLWLRQHQGHVGHKDVWDKDFLDHWFGRQGHRUDGRQGH
$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
DILQGHTXHFRQHOILQGHTXHFRQHOREMHWRGHTXHFRQHO
PXMHUHVSXHGDQUHLQFRUSRUDUVHDOWUDEDMRDQWHV1XUVHU\HGXFDWLRQ
SURSyVLWRGHTXHFRQODLQWHQFLyQGHTXH
KDVEHHQPDGHIUHHVRWKDWZRPHQFDQUHWXUQWRZRUNHDUOLHU
GHPDQHUDTXHGHPRGRTXHGHIRUPDTXHXVHGZLWKWKHVXEMXQFWLYH /HVUHJDOpDPLVKLMRVXQMXHJRGHDMHGUH]GHPDQHUDTXH
WKHVHFRQQHFWRUVPHDQLQRUGHUWKDW
DSUHQGLHUDQDSHQVDUHVWUDWpJLFDPHQWH,JDYHP\FKLOGUHQDFKHVVVHW
$OVRDVDFRQVHFXWLYHFRQQHFWRULQGLFDWLYHLQ6HFWLRQ
VRWKDWWKH\ZRXOGOHDUQWRWKLQNVWUDWHJLFDOO\
SDUDTXH
K&RQQHFWRUVWKDWVSHFLI\UHODWLYHWLPH
7KHVHFRQQHFWRUVH[SUHVVVLPXOWDQHLW\RIDFWLRQVRULQGLFDWHWKDWRQHDFWLRQWRRNSODFHEHIRUHRUDIWHUDQRWKHU
DFWLRQ%HFDXVHRIWKHFRPSOH[LW\RIWLPHUHODWLRQVWKDWFDQEHH[SUHVVHGWKLVW\SHRIVXERUGLQDWHFODXVHLV
FRYHUHGQH[WLQ6HFWLRQ
(MHUFLFLRV
/LQN HDFK VHQWHQFH KDOI LQ WKH OHIWKDQG FROXPQ ZLWK DQ HQGLQJ IURP WKH ULJKWKDQG FROXPQ WR IRUP
PHDQLQJIXOVHQWHQFHV7KHQGHFLGHZKLFKW\SHRIVXERUGLQDWHFODXVHHDFKVHQWHQFHLVXVLQJWKLVOLVW
FDXVHFRQFHVVLYHFRQGLWLRQDOSXUSRVHPDQQHU
D'HFLGLPRVFRPSUDUOHHOHTXLSRGHP~VLFDTXHQRV
LWHKDEUtDSRGLGRD\XGDU
SLGLy
E6LPHKXELHUDVGLFKRODYHUGDGGHVGHHOSULQFLSLR LLSDUDTXHSXGLHUDQHPSH]DUDSUHSDUDUORV
YDFDFLRQHV
LLLGHELGRDOEORTXHRHFRQyPLFR
F/DSURIHVRUDOHVGLRORVWHPDVGHOSUR\HFWR
G4XLHURKDFHUOR
H+D\HVFDVH]GHJDVROLQD
LYDXQTXHHUDFDUtVLPR
YGHODPDQHUDTXHORKDEpLVKHFKRYRVRWURV
7KHIROORZLQJWKUHHVHQWHQFHVKDYHDVXERUGLQDWHFODXVHH[SUHVVLQJFDXVH3ODFHWKHULJKWFRQQHFWRULQ
HDFKRIWKHP
FRPRSRUTXH\DTXH
DQRGHMDEDGHOORYHUGHFLGLPRVVXVSHQGHUODH[FXUVLyQ
E/OHJDPRVWDUGHVHQRVHVWURSHyHOFRFKH
F1RWXYRQLQJXQDGLILFXOWDGSDUDHQWUDUHQHOFOXEHUDXQDQWLJXRFOLHQWH\HOSRUWHURORUHFRQRFLy
&RPSOHWHWKHEODQNVZLWKWKHSURSHUOLQNVLQWKHFRPSDUDWLYHFODXVHIROORZLQJWKHFRGH
PRUHWKDQ
OHVVWKDQ
DVDV
D/DVUXLQDVGH0DFKX3LFFKXVRQPXFKRLPSUHVLRQDQWHVSHQVDED
E(QODVSDVDGDVHOHFFLRQHVORVVRFLDOLVWDVQRFRQVLJXLHURQ YRWRVHVSHUDEDQ
F+XERXQFUDFNHQHOPHUFDGR\FRPSUDPRVODFDVDSRUGLQHURKDEtDPRVSUHVXSXHVWDGR
6XEVWLWXWHWKHFRQQHFWRULQEROGIRUDQRWKHURQHWKDWILWVJUDPPDWLFDOO\ZLWKRXWFKDQJLQJWKHPHDQLQJRI
WKHVHQWHQFHDVLQWKHH[DPSOH7KHPHDQLQJRIWKHFRQQHFWRULVJLYHQLQEUDFNHWV
(MHPSOR
7HUHFRJHUpDODVDPHQRVTXHPHOODPHVFRQGLWLRQDODQRVHUTXH
D(VWiELHQ9HQGUpDWUDEDMDUHOViEDGRDFRQGLFLyQGHTXHPHSDVHVDUHFRJHUFRQGLWLRQDO
E+DUHPRVORTXHGLFHV\DTXHHVWiVWDQVHJXUDSHURQRHVWDPRVPX\FRQYHQFLGRVFDXVH
F$SHVDUGHTXHHOIXHJRFRQWLQXyWRGDODQRFKHORVJXHUULOOHURVQRVHULQGLHURQFRQFHVVLRQ
G+LFLHURQXQDFDPSDxDFRQHOILQGHTXHORVQLxRVFRPSUHQGLHUDQODLPSRUWDQFLDGHSURWHJHUORV
ERVTXHVTXHURGHDQODFLXGDGSXUSRVH
7KHIROORZLQJSDLUVRIVHQWHQFHVDUHDOPRVWLGHQWLFDO,QRQHWKHVXERUGLQDWHYHUELVLQWKHLQGLFDWLYHDQG
LQWKHRWKHUWKHYHUELVLQWKHVXEMXQFWLYH([SODLQWKHGLIIHUHQFHLQPHDQLQJEHWZHHQWKHP
DL$XQTXHORVH[WUHPLVWDVQRILUPHQHODFXHUGRHOSURFHVRGHSD]VHJXLUiDGHODQWH
LL$XQTXHORVH[WUHPLVWDVQRILUPDQHODFXHUGRHOSURFHVRGHSD]VHJXLUiDGHODQWH
EL(PSH]DPRVDSRQHUODVYDFXQDVWDQSURQWRFRPROOHJDURQ
LL(PSH]DUHPRVDSRQHUODVYDFXQDVWDQSURQWRFRPROOHJXHQ
FL6HFRPSRUWyFRPRVXPDGUHOHGLMR
LL6HFRPSRUWDUiFRPRVXPDGUHOHGLJD
GL7XYLPRVFXLGDGR\HOFDPLQRSRUHOTXHVXELPRVQRWHQtDKLHOR
LL7HQHGFXLGDGRTXHHOFDPLQRSRUHOTXHVXEiLVQRWHQJDKLHOR
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&HUHVYHQGLGDODYtVSHUDDXQDQWLFXDULRETXHMDUVHDO6LQGLFDWRORVKRPEUHVIXHURQDVHQWDUVHHQORVEDQFRVGHXQ
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]DHVRQODVTXHPiVVHJXUDPHQWHOOHYDQDODPXHUWH
$OHMR&DUSHQWLHU&XHQWRVFRPSOHWRVUGHGQ%DUFHORQD%UXJXHUDS
7LPHUHODWLRQV
:KHQWDONLQJDERXWWKHVHTXHQFLQJRIDFWLRQVZHRIWHQGRVRLQUHODWLRQWRRWKHUDFWLRQVWKDWKDSSHQDWWKHVDPH
WLPHEHIRUHRUDIWHU7KHH[SUHVVLRQRIWKHUHODWLRQVKLSEHWZHHQDFWLRQVLVDFRPSOH[RQHVLQFHWRH[SUHVVWKH
LGHDWKDWWZRDFWLRQVDUHVLPXOWDQHRXVRUFRQWLJXRXVWRHDFKRWKHUFDOOVIRUWKHULJKWFRQQHFWRUDQGWKHULJKW
FRPELQDWLRQRIWHQVHVLWDOVRGHSHQGVRQZKHWKHUZHDUHUHIHUULQJWRWKHSUHVHQWWKHSDVWWKHIXWXUHRUD
K\SRWKHWLFDOVLWXDWLRQ$OVRDQGWRDGGWRWKHFRPSOH[LW\ZHRIWHQZDQWWRVSHFLI\WKDWDQDFWLRQKDV
LQWHUUXSWHGDQRWKHURQJRLQJDFWLRQRUWKDWVRPHWKLQJKDSSHQHGHYHU\WLPHVRPHWKLQJHOVHKDSSHQHGRUWKDW
VRPHWKLQJZLOOWDNHSODFHLPPHGLDWHO\DIWHUDQRWKHUDFWLRQ7REHDEOHWRH[SUHVVWKLVOHYHORIFRPSOH[LW\RI
PHDQLQJV6SDQLVKOLNHPDQ\RWKHUODQJXDJHVUHOLHVRQDVXEVWDQWLDOERG\RIFRQQHFWRUVZKLFKDUHXVHGLQ
FRQMXQFWLRQZLWKDYDULHW\RISRVVLEOHWHQVHFRPELQDWLRQV
D7RLQGLFDWHWKDWDQDFWLRQLVVLPXOWDQHRXVZLWKDQRWKHUDFWLRQ
DOYHUE$LQWKHLQILQLWLYHYHUE%
PLHQWUDVFXDQGRYHUE$LQLPSHUIHFWSUHVHQWVLPSOHRUFRQWLQXRXV
WHQVHVYHUE%
&RQMXJDWHGYHUEJHUXQG
6HFWLRQRQWKHJHUXQG
$ODEULUODSXHUWDVHQWtXQIXHUWHRORUDKXPR:KHQ,RSHQHGWKHGRRU
,VPHOWDVWURQJVPHOORIVPRNH/LWHUDOO\2QRSHQLQJ
0LHQWUDV3HGULWRLEDDFODVHGHSLDQR3LODUKDFtDORVGHEHUHV:KLOH
3HGULWRKDGKLVSLDQROHVVRQ3LODUGLGKHUKRPHZRUN
(QWUyJULWDQGR6KHFDPHLQVFUHDPLQJ
2WKHUVHQWDQWRTXHDQGHQWUHWDQWRTXHXVHGOLNHPLHQWUDV
L7RVSHFLI\WKDWDFWLRQ$LVKDSSHQLQJKDVKDSSHQHGZLOOKDSSHQHWFDWH[DFWO\WKHVDPHWLPHDVDFWLRQ%
HQHOPRPHQWRHQTXHDOPLVPRWLHPSRTXHDODYH]TXHYHUE$
YHUE%
(QHOPRPHQWRHQTXHHQFHQGLyODOX]WRGDVVXVSHVDGLOODV
GHVDSDUHFLHURQ7KHPRPHQWKHVZLWFKHGWKHOLJKWRQDOOKLVQLJKWPDUHV
GLVDSSHDUHG
<DHVWR\KDUWD6LHPSUHTXHFRFLQDpOFRPHPRVKXHYRVIULWRV,P
IHGXS(YHU\WLPHKHFRRNVZHHDWIULHGHJJV
LLL7RLQGLFDWHWKDWDFWLRQ$LVSURJUHVVLYHDQGVLPXOWDQHRXVWRDFWLRQ%
DPHGLGDTXHVHJ~QYHUE$LQFRQWLQXRXVWHQVHVSUHVHQW
LPSHUIHFWSUHVHQWVXEMXQFWLYHYHUE%
$PHGLGDTXH6HJ~QPHLEDDFHUFDQGRODFLXGDGFUHFtDDQWHPLV
RMRV$V,JRWQHDUHUWKHWRZQJUHZEHIRUHP\H\HV
1RWHWKDWVHJ~QLVDOVRDSUHSRVLWLRQPHDQLQJDFFRUGLQJWRDQGDFRQQHFWRURIPDQQHUPHDQLQJDV
<RXFDQUHYLVHWKHPLQ8QLWDQG6HFWLRQHUHVSHFWLYHO\
LY7RVKRZWKDWDQDFWLRQLQWHUUXSWVKDVLQWHUUXSWHGZLOOLQWHUUXSWHWFDQRQJRLQJDFWLRQ
(VWiEDPRVYLHQGRODWHOHFXDQGRGHSURQWRVDOWyODDODUPDGH
9HUE$LQFRQWLQXRXVWHQVHVFXDQGRGHUHSHQWHGHSURQWRYHUE
LQFHQGLRV:HZHUHZDWFKLQJ79ZKHQVXGGHQO\WKHILUHDODUPZHQW
%
RII
&XDQGRFHQHVOOiPDPH&DOOPHZKHQ\RXILQLVKGLQQHU
'HVSXpVGHKDFHUODFDMDFHUUyHODOPDFpQ\VHIXHDFDVD$IWHU
GRLQJWKHWLOOKHORFNHGXSWKHVWRUHDQGZHQWKRPH
+DELHQGRGLFKRORTXHWHQtDTXHGHFLUGLRODPHGLDYXHOWD\VH
PDUFKy+DYLQJVDLGZKDWVKHQHHGHGWRVD\VKHWXUQHGURXQGDQGOHIW
&RQFOXLGDODUHXQLyQVHIXHURQMXQWRVDFRPHU+DYLQJILQLVKHGWKH
PHHWLQJWKH\ZHQWIRUGLQQHUWRJHWKHU
F7RLQGLFDWHWKDWDQDFWLRQWRRNSODFHEHIRUHDQRWKHURQH
8VHRIWKHSOXSHUIHFW
6HFWLRQRQWKHSOXSHUIHFW
3OXSHUIHFWFXDQGRSUHWHULWH
DQWHVGHLQILQLWLYHDQWHVGHTXHVXEMXQFWLYH
,QWHQWDPRVQHJRFLDUSHURHOORV\DKDEtDQWRPDGRVXGHFLVLyQ:H
WULHGWRQHJRWLDWHEXWWKH\KDGDOUHDG\WDNHQWKHLUGHFLVLRQ
+DEtDQFHQDGR\DFXDQGROOHJXp7KH\KDGDOUHDG\KDGGLQQHUZKHQ,
DUULYHG
$FDEyHOOLEURDQWHVGHLUVHDODFDPD6KHILQLVKHGWKHERRNEHIRUH
JRLQJWREHG
$FDEyGHSUHSDUDUODFRPLGDPXFKRDQWHVGHTXH,OHJDUDVX
LQYLWDGR6KHILQLVKHGSUHSDULQJWKHPHDOORQJEHIRUHKHUJXHVWDUULYHG
*RWR6HFWLRQWRUHYLVHWKHXVHRIWKHIXWXUHSHUIHFWWRUHIHUWRDFWLRQVWDNLQJSODFHEHIRUHDQRWKHU
DFWLRQLQWKHIXWXUH
G7RVSHFLI\WKDWDQDFWLRQLVWKHEHJLQQLQJRUWKHHQGRIDQRWKHUDFWLRQ
GHVGHTXH
KDVWDTXH
'HVGHTXHOHGLHURQODQRWLFLDHVWiPX\WULVWH6LQFHWKH\WROGKLPWKH
QHZVKHKDVEHHQYHU\VDG
3HQVDPRVYLDMDUSRU6XGDPpULFDKDVWDTXHVHQRVDFDEHHOGLQHUR
:HDUHSODQQLQJWRWUDYHODURXQG6RXWK$PHULFDXQWLOZHUXQRXWRI
PRQH\
5HIHUWR8QLWIRUWKHVHDQGRWKHUXVHVRIWKHSUHSRVLWLRQVGHVGHDQGKDVWD
/HYHO
(MHUFLFLRV
5HDGWKHIROORZLQJVHQWHQFHVDQGXQGHUOLQHWKHDFWLRQWKDWWRRNSODFHILUVW
D0HSLGLHURQHOGLQHURSDUDHOUHJDORGH$OLFLDSHUR\R\DKDEtDSDJDGR
E&XDQGRYLTXHDOJXLHQPHVHJXtDHFKpDFRUUHU
F&RQVXOWyFRQVXVSDGUHVDQWHVGHWRPDUXQDGHFLVLyQGHILQLWLYD
G(QFXDQWRVXQRYLD]JRVHKL]RS~EOLFRODSUHQVDQRODGHMyHQSD]
5HDGWKHIROORZLQJVHQWHQFHVDQGH[SODLQWKHGLIIHUHQFHVLQWLPHVHTXHQFLQJ
DL1RVFRQWyVXSUREOHPDPLHQWUDVGiEDPRVXQSDVHR
LL1RVFRQWyVXSUREOHPDGHVSXpVGHGDUXQSDVHR
EL$QWHVGHDFHSWDUODRIHUWDWHQHPRVTXHKDEODUGHORVGHWDOOHV
LL+DEODPRVGHORVGHWDOOHVGHVSXpVGHTXHGHFLGLPRVDFHSWDUODRIHUWD
FL(QWUyHQFDVDVHTXLWyHODEULJR\ORV]DSDWRV\WHOHIRQHyDVXPDGUH
LL1DGDPiVHQWUDUHQFDVDWHOHIRQHyDVXPDGUH
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
FXDQGRXVHGWZLFHFXDQGRGHUHSHQWHDOPLHQWUDVDSHQDVGHVSXpVGHKDVWDTXH
DQWHVGHVLHPSUHTXH
$TXHOGtD,VDEHOHVWDEDLQTXLHWDDGHVD\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(VSHUyLQPyYLOIFDEDOOR\MLQHWHVHGHWXYLHURQDQWHODSXHUWD,VDEHO
FRUULyKDFLDVXSDGUHFRQDOHJUtDJYROYtDGHYLDMHOHWUDtDUHJDORVKVHDFHUFyDVX
SDGUH YLR TXH HVWDED FXELHUWR GH VDQJUH \ L TXH SXGLHUD D\XGDUOR VH GHVSORPy FRPR XQ
IDUGRMLQWHQWDULQFRUSRUDUORVHGLRFXHQWDGHTXHHVWDEDPXHUWR
7KHFRQGLWLRQDOVHQWHQFH
$FRQGLWLRQDOVHQWHQFHODRUDFLyQFRQGLFLRQDOFRQVLVWVRIWZRFODXVHVDPDLQFODXVHDQGDVXERUGLQDWH
FODXVH7KHVXERUGLQDWHFODXVHH[SUHVVHVWKHFRQGLWLRQIRUWKHIXOILOPHQWRIWKHDFWLRQH[SUHVVHGLQWKHPDLQ
FODXVH7KHPRVWFRPPRQVXERUGLQDWLQJFRQQHFWRULVVLYHU\PXFKOLNHLILQ(QJOLVK
6LOOHJDVDQWHVGHODVWHOOHYRHQFRFKHDFDVD
VXERUGLQDWHFRQGLWLRQDOFODXVHPDLQFODXVH
,I\RXDUULYHEHIRUHRFORFN,ZLOOWDNH\RXKRPHE\FDU
<RXFDQUHYLVHWKHFRQGLWLRQDOFRQQHFWRUVLQ6HFWLRQF
7\SHVRIFRQGLWLRQDOVHQWHQFHVLQWURGXFHGE\VL
7\SHVRIFRQGLWLRQ
3DVWFRQGLWLRQDOWKHRXWFRPHWRRN
SODFHHYHU\WLPHWKHFRQGLWLRQZDV
IXOILOOHG
2SHQFRQGLWLRQWKHIXOILOPHQWRU
QRQIXOILOPHQWRIWKHFRQGLWLRQLV
HTXDOO\SRVVLEOHZLWKWKHRXWFRPHLQ
WKHIXWXUH
5HPRWHFRQGLWLRQWKHFRQGLWLRQ
H[SUHVVHVDK\SRWKHWLFDOVLWXDWLRQ
7ZRSRVVLEOHPHDQLQJV
6XERUGLQDWHFODXVH
0DLQFODXVHYHUE
VLLQGLFDWLYHSDVWWHQVHV
LQGLFDWLYHSDVWWHQVHV
VLSUHVHQWLQGLFDWLYH
SUHVHQWRUIXWXUHLQGLFDWLYHRU
LPSHUDWLYH
VLLPSHUIHFWVXEMXQFWLYH
FRQGLWLRQDOVLPSOH
D3RVVLEOHIXOILOPHQWVLPLODUWRWKHRSHQFRQGLWLRQDOVEXWVOLJKWO\PRUHK\SRWKHWLFDO7KHRXWFRPHZRXOGWDNH
SODFHLQWKHIXWXUHLIWKHFRQGLWLRQZHUHIXOILOOHG
([DPSOHV
6L0DUtDTXHUtDDOJR-XDQVHOR
GDED,I0DUtDZDQWHGDQ\WKLQJ
-XDQZRXOGJLYHLWWRKHU
6LHOHTXLSRJDQDHOGRPLQJR
VXELUiD3ULPHUD'LYLVLyQ,IWKH
WHDPZLQVRQ6XQGD\LWZLOOJRXSWR
WKH)LUVW'LYLVLRQ
+RZWRWUDQVODWH,I,ZHUH\RX
,I,ZHUH\RX
<RHQWXOXJDU
<RTXHW~
6L\RIXHUDW~
,ZRXOGWDONWRKHU
KDEODUtDFRQHOOD
(MHUFLFLRV
3XW WKH YHUE LQ WKH VXERUGLQDWH FODXVH LQWR WKH FRUUHFW IRUP 3D\ DWWHQWLRQ WR WKH PHDQLQJ RI WKH PDLQ
FODXVH8VHWKHUXOHVLQWKHER[DVDJXLGH
6LSUHVHQWLQGLFDWLYHSUHVHQWIXWXUHRULPSHUDWLYH
6LLPSHUIHFWLQGLFDWLYHLPSHUIHFWLQGLFDWLYH
D1RGHVHVSHUHV6LQRVYHUDTXHOEDUFRHVWDPRVVDOYDGRV
E6LHOHQIHUPRQRFRQVHJXLUVXSHUDUODILHEUHHQODVSUy[LPDVKRUDVGHVHJXURPRULUi
F/HFRSLDEDDVXKHUPDQRHQWRGRVL0RQFKRGHFLUVtHUDVtVL0RQFKRQRTXHUHU
FRPHUpOWDPSRFR
G$FpUFDWHFRQFXLGDGR\VLHOSHUURHPSH]DUDODGUDUQRVHFKDDFRUUHU
7KHIROORZLQJH[WUDFWVLOOXVWUDWHK\SRWKHWLFDOVLWXDWLRQVH[SUHVVHGZLWKDFRQGLWLRQDOVHQWHQFH&RPSOHWH
WKHJDSVZLWKWKHFRUUHFWYHUEIRUPIROORZLQJWKLVUXOH
6LLPSHUIHFWVXEMXQFWLYHFRQGLWLRQDO
D([WUDFWIURPDQLQWHUYLHZZLWKD&XEDQGXULQJWKHRIILFLDOIXQHUDORI&KH*XHYDUDLQ6DQWD&ODUD
&XEDLQ2FWREHU
6LDTXtHVWXYLHUDHO&KHKR\TXpOHW~GHFLU"
<ROHGHFLUWDQWDVFRVDVSRUTXHWHQJRTXHDJUDGHFHUOHWDQWDVFRVDVTXHYD\DQRWHQHUSDODEUDVQLWHUPLQDU
QXQFDGHGHFLUOHORTXHWHQJRTXHGHFLUOH
7KH2SHQ8QLYHUVLW\/9LHQWRHQSRSD&XDGHUQLOORGHWUDQVFULSFLRQHV:DOWRQ+DOO7KH2SHQ8QLYHUVLW\S
E([WUDFWIURPDQLQWHUYLHZZLWKVHYHUDOSHRSOHRQZKDWWKH\ZRXOGGRLIWKH\
FRXOGOLYHWKHLUOLYHVDJDLQ
6LW~SRGHUYROYHUDYLYLUTXpKDUtDVGLVWLQWR"
'HPLYLGDSHUVRQDOQDGD1RFUHRTXHFDPELDU1RQRQDGD
1DGD"7RGRLJXDOLWR"
3XHV\RVtFUHRTXHORKDFHUWRGRLJXDOLWR3HURHVWR\FRQWHQWREXHQRQRFRQWHQWRSHURPHSDUHFHTXHHOWUDQVFXUVRGHPL
YLGDKDVLGRPX\QRUPDOFRQORVSUREOHPDVFRQORVPRPHQWRVGHGRORUGHIHOLFLGDGGHFXDOTXLHUKXPDQR<FUHRTXHVLYROYHU
DQDFHUUHFRUUHUXQFDPLQRPX\VLPLODUQR"
7KH2SHQ8QLYHUVLW\/9LHQWRHQSRSD&XDGHUQLOORGHWUDQVFULSFLRQHV:DOWRQ+DOO7KH2SHQ8QLYHUVLW\S
F
(UQHVW+HPLQJZD\HOJUDQHVFULWRUHVWDGRXQLGHQVHVHVHQWLURUJXOORVRFRQWRGDVHJXULGDGVLVDEHUTXHHOEDU+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
&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
D2SHQTXHVWLRQVLHZLWKDQLQWHUURJDWLYHZRUGLQWHUURJDWLYH
0HSUHJXQWDEDFyPRORKDEUtDDYHULJXDGR,ZRQGHUHGKRZVKH
&yPRORKDEUiDYHULJXDGR"+RZKDVVKHIRXQGRXW"
,QWHUURJDWLYHVLQ8QLW
FRXOGKDYHIRXQGRXW
E&ORVHGTXHVWLRQVLHZLWKQRLQWHUURJDWLYHZRUGVL
0LDPLJRPHSUHJXQWyVLPHKDEtDKHFKRGDxR0\IULHQGDVNHGPHLI
7HKDVKHFKRGDxR"'LG\RXKXUW\RXUVHOI"
,KDGKXUWP\VHOI
6RPHFRPPRQFKDQJHVLQWLPHUHIHUHQFHV
KR\
/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
$QXQFLDURQTXHODVHOHFFLRQHVVHFHOHEUDUtDQDO
DxRVLJXLHQWH,WZDVDQQRXQFHGWKDWWKHHOHFWLRQV
ZRXOGWDNHSODFHWKH\HDUDIWHU
(MHUFLFLRV
&KDQJHWKHIROORZLQJVHQWHQFHVLQWRLQGLUHFWVSHHFKPDNLQJWKHQHFHVVDU\WUDQVIRUPDWLRQV1RWHWKDWWKH
UHSRUWLQJYHUELVLQWKHSUHVHQWRUWKHSHUIHFW
D(VWR\HQFDQWDGRGHKDEHUJDQDGRHOSUHPLR,VLGURKDFRPHQWDGRE6R\LQRFHQWH(OSUHVR
QRGHMDGHUHSHWLU
F9DPRVDOXFKDUKDVWDHOILQDOHVWHGRPLQJRHQHOSDUWLGRFRQWUDHO$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
$SSHQGL[YHUEWDEOHV
5HJXODUFRQMXJDWLRQ
)LUVWFRQMXJDWLRQDU
6HFRQGFRQMXJDWLRQHU
7KLUGFRQMXJDWLRQLU
,UUHJXODULWLHVDIIHFWLQJWKHYRZHOVLQWKHVWHPRIWKHYHUELUUHJXODULWLHVDUHVKDGHG
,UUHJXODULWLHVDIIHFWLQJFRQVRQDQWVLQWKHYHUELUUHJXODULWLHVDUHVKDGHG
7KH6SDQLVKYHUEFRQMXJDWLRQHVSHFLDOO\FRPSOH[LUUHJXODUYHUEVVKDGHGER[HVVKRZ
.H\WRH[HUFLVHV
8QLW1RXQV
1DWXUDOJHQGHU
DLYODSURIHVRUDELLODFDPSHRQDFYODDERJDGDGLODLUDTXtHLLLODDWOHWD
DHOGRFWRUEHOSUHVLGHQWHFHOFLFOLVWDGHOEDLODUtQHHOSROLFtDIHOHVWXGLDQWH
DHOJHQLREHOSHUVRQDMHFHOEHEpGODPRGHORHODWHVWLJR
*UDPPDWLFDOJHQGHU
DODPXOWLWXGEHOHQLJPDFHOODFDSLWDOZLWKFKDQJHRIPHDQLQJGODEURQTXLWLVHODIUDWHUQLGDG
IODUHXQLyQ
DHOODGHQWLVWDEODDSHQGLFLWLVFODVXSRVLFLyQGODPDQRHHOVtQWRPDIODMXYHQWXG
DHOFDSLWDOEODJXtDFHOPDUJHQGHOJXtDRUODJXtD
1XPEHU
DODVHVWDFLRQHVEODVPHVDVFORVOXQHVGORVDFWRUHVHORVYLUXVIORVFDIpVJORVWDE~VK
ODVHVWXGLDQWHVLORVDWODV
D(Q(VSDxDORVQLxRV\ODVQLxDVHPSLH]DQHOFROHJLRDODVQXHYH
E(ODEXHOR\ODDEXHODGH0DULDQDYLYHQHQ2UHQVH
F/RVSURIHVRUHV\ODVSURIHVRUDVWUDEDMDQPXFKR
&ROOHFWLYHQRXQV
7KHIROORZLQJDUHFROOHFWLYHQRXQV
ODPD\RUtDODPLQRUtDHOS~EOLFRHOJUXSR$OWKRXJKWKH\UHIHUWRDJURXSRIWKLQJVRUSHRSOHWKH\DUH
JUDPPDWLFDOO\VLQJXODU
D/DSROLFtDHQFRQWUyFROOHFWLYHE/RVSROLFtDVOOHYDQQRWFROOHFWLYHF(OFRPLWpWRPy
FROOHFWLYHG(OHMpUFLWRUHDOL]DFROOHFWLYH
'LPLQXWLYHDXJPHQWDWLYHDQGSHMRUDWLYHVXIIL[HV
DODLVOLWDEHODEXHOLWRFHOFDIHFLWRQRWHWKDWQRDFFHQWLVQHHGHGGHOUHORMLWRHHOSDMDULWRQRWH
WKDWQRDFFHQWLVQHHGHGIHOSLTXLWRQRWHWKHVSHOOLQJFKDQJHJHOFXHQTXLWRQRWHWKHVSHOOLQJFKDQJH
KHOEDVWRQFLWRQRWHWKDWQRDFFHQWLVQHHGHGLODPDQLWDLQVRPHSDUWVRI/DWLQ$PHULFDWKHGLPLQXWLYH
LVODPDQLWR
D0HFRPSUpXQPRQHGHURSHTXHxLWRPX\PRQR
E(O5HDO'HSRUWLYRPDUFyXQJROD]RHQHO~OWLPRPLQXWR
F'HVSXpVJLUDVDODL]TXLHUGD\YHUiVXQDFDOOHFLWDHVWUHFKD0LFDVDHVWiDOIRQGR
G7LHQHQXQSHUURWHHQRUPHSDUDTXHQROHVHQWUHQDGLHHQHOMDUGtQ
D/LWWOH5HG5LGLQJ+RRGDQGWKH%LJ%DG:ROI
E7KH7KUHH/LWWOH3LJV
F7KH8JO\'XFNOLQJ
G6QRZ:KLWHDQGWKH6HYHQ'ZDUIV
H*ROGLORFNV
0HQ~GLPLQXWLYR
<DVpTXHWHJXVWDFRPHUSRFR
\VDQRSHURULFR
\HVWR\SUHSDUDGDSDUDFRPSODFHUWHWDPELpQHQODPHVD
(QODPDxDQDLUpDOPHUFDGR\FRPSUDUpODOHFKHPiVIUHVFD
HOSDQUHFLpQKRUQHDGR\ODQDUDQMDPiV
FKDSRVD<WHGHVSHUWDUpFRQODEDQGHMDGHOGHVD\XQRXQDIORUIUDJDQWH\XQEHVR$TXtHVWiVXMXJRVLQ
SHSDV
VXVWRVWDGDVFRQPHUPHODGDGHIUHVD\VXFDIp
FRQOHFKHVLQD]~FDU
VHxRU
1RWHFKDQJHLQWKHVSHOOLQJTXF
3HSDVLVXVHGLQ/DWLQ$PHULFDIRUSLSVZKHUHDVLQ6SDLQRQHZRXOGVD\SHSLWDV
1RWLFHWKDW\RXQHHGDQDFFHQW
8QLW$UWLFOHV
7KHGHILQLWHDUWLFOH
5HPHPEHUWKDW\RXQHHGWRDGGWKHFRUUHFWDUWLFOH
0HJXVWD1RPHJXVWDHOYLQRHODJXDHOWpODFHUYH]DODVDQJUtDODVDOODSLPLHQWDODHQVDODGDHOSROOROD
FDUQHODYHUGXUDHOPHOyQHOIODQODIUXWDHO\RJXU
D/RVOXQHVEHO5HLQR8QLGRFOD$YHQLGDGHOD3D]ODFDOOH&XHUYRG/DVHPDQDTXHYLHQH
D2Q0RQGD\VEWKH8QLWHG.LQJGRPF3D]$YHQXH&XHUYR6WUHHWG1H[WZHHN
D(OGHVD\XQRVHVLUYHGHD\ODFHQDGHD1DPHVRIPHDOVWDNHDQDUWLFOH
E0LFRORUIDYRULWRHVHOD]XO
F7HQJRXQDFKDTXHWDD]XO1RDUWLFOHQHHGHGDVD]XOLVDQDGMHFWLYH
G+DEORIUDQFpVLWDOLDQR\HVSDxRO1RDUWLFOHZLWKODQJXDJHVZLWKWKHYHUEKDEODU
7KHLQGHILQLWHDUWLFOH
7HUHVDHVDERJDGD(VPXMHU(VFRORPELDQD
5HPHPEHUWKDW\RXGRQRWQHHGWKHDUWLFOHIRUDQ\RIWKHVHFDWHJRULHV6XJJHVWLRQV6R\PHFiQLFR6R\
HVFRFpV6R\FRQVHUYDGRU
5HPHPEHUWKDWXQOLNHLQ(QJOLVK\RXGRQRWQHHGWRXVHWKHDUWLFOHIRUDQ\RIWKHZRUGVLQWKHER[VR\RXU
VHQWHQFHVVKRXOGORRNOLNHWKHVHWHQJRFRFKHQRWHQJRPRWRHWF
E7LHQHODERFDJUDQGHF7LHQHHOUDERODUJRG7LHQHODQDUL]URWDH7LHQHODFDEH]DSHTXHxD
8QLW4XDOLI\LQJDGMHFWLYHV
$JUHHPHQWLQJHQGHUDQGQXPEHU
DHVSDxROHVEDUJHQWLQRVFJXDWHPDOWHFDGFKLOHQDVHPH[LFDQDIPH[LFDQRVJFKLOHQR
6XJJHVWLRQV
D(VWR\DSUHQGLHQGRDOHPiQ(VXQDOHQJXDGLItFLO
E$EUHODYHQWDQD1HFHVLWDPRVXQSRFRGHDLUHIUHVFR
F(QDOJXQDVSOD\DVPH[LFDQDVKD\KRWHOHVH[FHOHQWHV
G0LSDGUHVHKDFRPSUDGRXQ0HUFHGHV(VXQFRFKHFDUR
H+HHQFRQWUDGRXQDIRWRSUHFLRVDGHPLDEXHODFXDQGRHUDSHTXHxD
6KRUWHQHGIRUPVDQGFKDQJHRIPHDQLQJ
DJUDQEJUDQFEXHQDGPDOHSULPHU
DXQDFDVDJUDQGHEXQJUDQKRPEUHFXQDQWLJXRFROHJDXQDDQWLJXDFROHJDGXQDXQLYHUVLGDG
DQWLJXDHPHGLDQDUDQMD
&RPSDULVRQRIDGMHFWLYHV
D7XFRFKHHVPX\SHTXHxR(OPtRHVPiVJUDQGHTXHHOWX\R
E(VWHTXHVRHVFDUR(VPiVFDURTXHHOMDPyQ
F(VWDFKDTXHWDURMDHVPX\ERQLWD(VPiVERQLWDTXHHOMHUVH\
D0LLGHDQRHVEXHQD/DWX\DHVPHMRU
E(OFROHVWHUROHVPDORSHURHOWDEDFRHVSHRU
6XJJHVWLRQV
&ULVWLQDHVWDQUXELDFRPRVXPDGUH
&ULVWLQDHVWDQDOWDFRPRVXSDGUH
&ULVWLQDHVWDQGHOJDGDFRPRVXPDGUH
&ULVWLQDHVWDQSHFRVDFRPRVXPDGUH
&ULVWLQDHVWDQDYHQWXUHUDFRPRVXPDGUH
7KHVXSHUODWLYH
DY/DHGDGGHOOLFHQFLDGRXQLYHUVLWDULRPiVMRYHQGHOPXQGRDxRV\PHVHVHOHVWDGRXQLGHQVH
0LFKDHO.HQHDUQH\TXHVHOLFHQFLyHQ$QWURSRORJtDHQ
ELL/DQDFLyQFRQPD\RUQ~PHURGHDSDUDWRVWHOHIyQLFRVSRUFDEH]D0yQDFRFRQWHOpIRQRVSRU
FDGDPLOKDELWDQWHV
FL/DDOWXUDGHODPRQWDxDPiVDOWDGHOVLVWHPDVRODUNPHOPRQWH2OLPSRHQ0DUWH
GLLL/DORQJLWXGGHOWHQGHGHURGHURSDPiVODUJRGHOPXQGRNP(OUpFRUGVHEDWLyHQ0p[LFR
HQ
HYL/DHGDGGHODSHUVRQDPiVYLHMDGHOPXQGRDxRVODIUDQFHVD-HDQQH/RXLVH&DOPHQW
IYLL/DHVWDWXUDGHODSHUVRQDPiVDOWDGHOPXQGRPHWURV5REHUW:DGORZ
JLY/DWHPSHUDWXUDPiVIUtDMDPiVUHJLVWUDGDHQHOPXQGRJUDGRVEDMRFHURUHJLVWUDGRVHQ
9RVWRN$QWiUWLFDHQ
7KHLUUHJXODUVXSHUODWLYHVDUHSpVLPRPtQLPDPtQLPRDQGPi[LPD
&RPSDULVRQRIDGYHUEVQRXQVDQGYHUEV
D<RKDEORUiSLGRSHURPLKHUPDQDKDEODPiVUiSLGRTXH\R
1RQRHVYHUGDGQRKDEODWDQGHSULVDFRPRW~
E<RFRPRGHVSDFLRSHURPLKLMRFRPHPiVGHVSDFLRTXH\R
1RQRHVYHUGDGQDGLHFRPHWDQGHVSDFLRFRPRW~
F0LPDULGRKDEODELHQLWDOLDQRSHUR\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
D1RVRWURVRUQRVRWUDV
E8VWHGHVHOORVRUHOODV
F7~YRVEXWQRWLQ5LYHU3ODWHDUHDDVWKHYHUEZRXOGEHVyV
G<R
<RWHQJRXQJDWRSHURHOODWLHQHXQSHUUR
<RYLYRHQ0DGULGSHURHOODYLYHHQ0LDPL
<RHVWR\FDVDGRFDVDGDSHURHOODHVWiGLYRUFLDGD
<RVR\UXELRUXELDSHURHOODHVPRUHQD
D+DEODVLWDOLDQR"
E/DPD\RUtDGHODJHQWHWLHQHRUGHQDGRU7~WLHQHVXQR"
F<RWUDEDMRGHDSHURpOWUDEDMDVyORSRUODPDxDQD
G6DOJRGHFDVDDODV\OOHJRDODRILFLQDDODV
H(OODWHGLMRHVR"(VWiORFD
)RUPVRIDGGUHVV
D6SDQLVKQRUP
E/DWLQ$PHULFDQQRUP$PpULFDYRVHDQWH
F/DWLQ$PHULFDQQRUP$PpULFDWXWHDQWHDQG$PpULFDYRVHDQWH
G6SDQLVKQRUPRU$PHULFDWXWHDQWHQRUP
H6SDQLVKQRUPSROLWHXVHRU/DWLQ$PHULFDQQRUP$PpULFDWXWHDQWHDQG$PpULFDYRVHDQWHHLWKHU
IDPLOLDURUSROLWHXVH
7KHLQVWDQFHVRIYRVDQGLWVYHUEIRUPDUH
>@4XLHURKDEODUFRQYRV
>@<RDYRVWHFRQR]FR"
6tPHFRQRFpV
3RUTXHYRVDFiDSDUHFpVVREUHYROyODLQIRUPDFLyQGHO6RUGRPHYHQtVDEXVFDUDODPHVDPH
SUHVLRQiVSDUDTXHYHQJDDKDEODUFRQYRV0HKDFpVOHYDQWDUGHODPHVDGRQGH
6tPHFRQRFpV
7KHWH[WLQWKHW~IRUPZRXOGUHDG
>@4XLHURKDEODUFRQWLJR>@
<RDWLWHFRQR]FR"
6tPHFRQRFHV
3RUTXHW~DFiDSDUHFHVVREUHYROyODLQIRUPDFLyQGHO6RUGRPHYLHQHVDEXVFDUDODPHVD
PHSUHVLRQDVSDUDTXHYHQJDDKDEODUFRQWLJR0HKDFHVOHYDQWDUGHODPHVDGRQGH
6tPHFRQRFHV
'LUHFWREMHFWSURQRXQV
D+D]ORVDKRUDPLVPRE5HFyJHODDKRUDPLVPRF$SiJDODDKRUDPLVPR
D/DHVWDPRVYLHQGRQRVRWURV(VWDPRVYLpQGRODQRVRWURV
E/RVHVWiSUHSDUDQGR0LJXHO(VWiSUHSDUiQGRORV0LJXHO
F/DVHVWiRUGHQDQGR&ULVWLQD(VWiRUGHQiQGRODV&ULVWLQD
G/RHVWR\KDFLHQGR\R(VWR\KDFLpQGROR\R
H/RHVWiFRUWDQGR5DTXHO(VWiFRUWiQGROR5DTXHO
D1RWRGDYtDWHQJRTXHOODPDUOROODPDUOH1RWRGDYtDOROHWHQJRTXHOODPDU
E1RWRGDYtDWHQJRTXHUHFRJHUOR1RWRGDYtDORWHQJRTXHUHFRJHU
F1RWRGDYtDWHQJRTXHIUHJDUORV1RWRGDYtDORVWHQJRTXHIUHJDU
G1RWRGDYtDWHQJRTXHPDQGDUOR1RWRGDYtDORWHQJRTXHPDQGDU
H1RWRGDYtDWHQJRTXHYHUOD1RWRGDYtDODWHQJRTXHYHU
I1RWRGDYtDWHQJRTXHWHUPLQDUOD1RWRGDYtDODWHQJRTXHWHUPLQDU
J1RWRGDYtDWHQJRTXHHVFULELUODV1RWRGDYtDODVWHQJRTXHHVFULELU
K1RWRGDYtDWHQJRTXHSDJDUORV1RWRGDYtDORVWHQJRTXHSDJDU
,QGLUHFWREMHFWSURQRXQV
D0HFRQWyXQVHFUHWRE7HTXLHURSHGLUXQIDYRU4XLHURSHGLUWHXQIDYRUF/HVPDQGDURQXQSDTXHWH
G/HUHJDODVWHXQDVIORUHV
D5HFXpUGDPHTXHWHQJRTXHLUDOGHQWLVWDE'DOHHOOLEURF([SOtFDOHVFyPRVHOOHJDDODHVWDFLyQG
(QVpxDQRVODVIRWRV
2EMHFWSURQRXQVZLWKSUHSRVLWLRQV
D4XLHUHHVFULELUXQOLEURVREUHPt
E1RPHHVSHUDEDHVRGHWL
F1DGLHPHHVFXFKDVDOYRW~
G'LFHQTXHSLHQVDQPXFKRHQPt
H(VWDVIORUHVVRQSDUDWLYRVXVWHGYRVRWURVYRVRWUDVXVWHGHV
I'HFRUDPRVHOVDOyQHQWUHPLKHUPDQD\\R
D4XLHUHKDEODUFRQHOORVHOODVE4XLHUHVFDVDUWHFRQPLJR"F(VWDPRVPX\FRQWHQWRVFRQHOODG
6HxRULWDSXHGREDLODUFRQXVWHG"
&DUGLQDOQXPEHUV
8QNLORGHQDUDQMDVXQDEROVDGHSDWDWDVFLHQJUDPRVGHSDWpXQSDTXHWHGHWpXQDERWHOODGHYLQR
GRVFLHQWRVJUDPRVGHTXHVRXQDGRFHQDGHKXHYRVXQDEDUUDGHSDQ
RFKHQWD\XQRVHVHQWD\GRVGLHFLVLHWHGRVFLQFXHQWD\VLHWHFXDUHQWD\VHLVFDWRUFHQRYHQWD\FXDWURRFKR
RFKHQWD\VHLVRFKHQWD\WUHVYHLQWLFXDWURFHURFHURWUHLQWD\FXDWURQRYHQWD\XQRGRVFLQFXHQWDVHWHQWD\
VLHWHYHLQWLRFKR
DLYHOGRFHGHRFWXEUHGHPLOFXDWURFLHQWRVQRYHQWD\GRVELLLHOYHLQWLWUpVGHDEULOGHPLO
VHLVFLHQWRVGLHFLVpLVFLHORQFHGHQRYLHPEUHGHPLOQRYHFLHQWRVGLHFLRFKRGLLHOVHLVGHDJRVWR
GHPLOQRYHFLHQWRVFXDUHQWD\FLQFR
2UGLQDOQXPEHUV
DVHJXQGDWHUFHUDESULPHURFWHUFHURGSULPHUDHVHJXQGRISULPHU
7KHSRSHVDUHD/HyQ;GLH]RUGpFLPRG3tR;,,GRFHH-XOLR,,VHJXQGRI-XDQ3DEOR,
SULPHURDQGK-XDQ;;,,,YHLQWLWUpV
E(QULTXH9,,,RFWDYRHVXQUH\LQJOpV\F/XLV;9,GLHFLVpLV\J/XLV;,9FDWRUFHVRQUH\HV
IUDQFHVHV
&ROOHFWLYHQXPEHUVDQGIUDFWLRQV
DXQDGRFHQDGHKXHYRVEPHGLDGRFHQDGHQLxRVFXQDGHFHQDGHSHUVRQDVGFXDWURSDUHVGH
]DSDWRVHXQSDUGHFDOFHWLQHV
D+D\XQDYHLQWHQDGHQLxRVHQODFODVH
E8QFHQWHQDUGHSHUVRQDVYLQLHURQDODERGD
F+DEtDXQDWUHLQWHQDGHFXDGURVGHOPXVHRHQODH[SRVLFLyQ
G7HQJRXQSDUGHOLEURVQXHYRVPX\EXHQRV
H7LHQHYHLQWHSDUHVGH]DSDWRVHQHODUPDULR
I3DUDHVWDUHFHWDVHQHFHVLWDQGRVGRFHQDVGHKXHYRV
8QLW,QGHILQLWHV
DPLVPDEPLVPRFXQRGPXFKRHSRFDIWRGRVJWRGR
D&XDOTXLHUDE&DGDYH]F&DGDXQRG&DGDFXDO
D(DFKWRKLVRZQOLW(DFKOLWWOHRZOWRLWVROLYHWUHH
E0XFKDGRDERXWQRWKLQJOLW$ORWRIQRLVHDQGIHZQXWV
F&KLSRIIWKHROGEORFNOLW)URPVXFKDVWLFNFRPHVVXFKDFKLS
G/LIHLVQRWDERZORIFKHUULHVOLW7KHZKROHPRXQWDLQLVQRWFRYHUHGLQRUHJDQR
8QLW$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
$FDEDGHOODPDUD(OHQD\GLFHTXHWRGDYtDQRKDQVDOLGRGHFDVD
0HQRVPDOSHQVpTXH\DHVWDUtDQFDVLDTXt
%XHQRSXHVHQWRQFHVGpMDPHTXHWHD\XGHDSRQHUODPHVD
9DOH
%XHQR\DHVWi
<DQRKD\QDGDPiVTXHKDFHUKDVWDTXHOOHJXHQORVGHPiV
8QLW,QWHUURJDWLYHV
<RXPD\KDYHZULWWHQVHQWHQFHVOLNHWKHVH
/RVPLVPRVItVLFRVQRFRPSUHQGHQFyPRIXQFLRQDODOX]
(OSLUDWDQRUHFRUGDEDGyQGHKDEtDHVFRQGLGRODSODWD
(OGLUHFWRUH[SOLFySRUTXpKDEtDGHFLGLGRGLPLWLU
1RKHPRVRtGRQLQJXQDQRWLFLDVREUHTXLpQHVJDQDURQORV3UHPLRV1yEHO
(OJRELHUQRQRVDEHFXiQWRFRVWyHOSUR\HFWR
DTXp6SDLQFXiO6SDQLVK$PHULFDEFXiOFXiOHVFTXp6SDLQFXiO6SDQLVK$PHULFDGTXpH
FXiOHV
<RXPD\KDYHZULWWHQTXHVWLRQVOLNHWKHVH
D$GyQGHIXLVWHLVIXHURQGHYDFDFLRQHV"
E4Xp6SDLQ&XiO6SDQLVK$PHULFDFDVDGHFLGLVWHLVGHFLGLHURQFRPSUDU"
F&yPRHVODQLHYH"
G4XLpQHVFULELy&LHQDxRVGHVROHGDG"
H3DUDTXpSRUTXpFRPSUDVWHHVHOLEURGHLWDOLDQR"
7KHIROORZLQJLVDPRGHODQVZHU
&KDUDFWHU&KH*XHYDUD
&XiOHVVXYHUGDGHURQRPEUH"
(QTXpSDtVQDFLy"
&XiQGR\SRUTXpGHFLGLyKDFHUVHUHYROXFLRQDULR"
&yPRFRQRFLyD)LGHO&DVWUR"
3RUTXpIXHDOXFKDUD%ROLYLDGHVSXpVGHOD5HYROXFLyQ&XEDQD"
8QLW3UHSRVLWLRQV
DEDFDGDH
DDSRUHQEGHSDUDSDUDGHGHGHGHFFRQSRUFRQGHQ6SDLQD6SDQLVK$PHULFDDDH
GHD
DSRUSRUGHODQWHGHESRUGHEDMRGHEDMRZLWKDVOLJKWO\GLIIHUHQWPHDQLQJFWUDVGHWUiVGHGSRU
HQFLPDGHVREUHHVREUHSRUHQFLPDGH
DSDUD6SDLQSRU6SDQLVK$PHULFDESRUFSRUGSDUDHSRUSRU
<RXPD\KDYHDQVZHUHGOLNHWKLV
D1H[WZHHNP\SDUHQWVDUHJRLQJWR0HQRUFDIRUDIRUWQLJKWIRU DGYHUERIWLPH
E,ZRXOGQHYHUYRWHIRUWKH&RQVHUYDWLYHVDJDLQIRU RQEHKDOIRILQVXSSRUWRI
F$QHZSULVRQKDVEHHQEXLOWEHFDXVHRIWKHJUHDWHUQXPEHURIFULPLQDOV
G6KDK-DKDQKDGWKH7DM0DKDOEXLOWDVDWRPEIRUKLVEHORYHGZLIHIRU GHVWLQHGIRU
H0\FROOHDJXHFRXOGQWFRPHWRWKHFRQIHUHQFHRZLQJWRXQIRUHVHHQFLUFXPVWDQFHVEXWVKHKDVDVNHGPH
WRSUHVHQWWKHSDSHULQKHUSODFH
DDEHQFSDUDDGSRUHQHHQIGHJDWUDYpVGHKHQ
8QLW,QWHUMHFWLRQV
DGLVPLVVLYHUHDFWLRQEDQQR\DQFHVXUSULVHFHQFRXUDJHPHQWGDQQR\DQFHHVXUSULVH
<RXPD\KDYHWUDQVODWHGWKHPDVIROORZV
D:HOO+XKE2KQR:KDWF*RIRULW&RPHRQG'DPQLW%ODVWH:RZ*UHDW
8QLW7KH6SDQLVKYHUE
D&RQWLQ~DQVLPSOHEKDGHVFXELHUWRSHUIHFWFHVWiHQWUDQGRFRQWLQXRXVGVXIUHQVLPSOHH
VDOLPRVVLPSOHKDEtDRVFXUHFLGRSHUIHFW
D&RQWLQ~DQWUDQVLWLYHGLUHFWREMHFWODVQHJRFLDFLRQHVEKDGHVFXELHUWRWUDQVLWLYHGLUHFWREMHFWXQD
QXHYDYDFXQDFHVWiHQWUDQGRLQWUDQVLWLYHGVXIUHQWUDQVLWLYHGLUHFWREMHFWODLUUHVSRQVDELOLGDGH
VDOLPRVLQWUDQVLWLYHKDEtDRVFXUHFLGRLQWUDQVLWLYH
7KHUHDUHIRXUVHQWHQFHVLQWKHSDUDJUDSK
D/DFDVDVHOHYDQWDHQODFLPDGHOFHUUR
6XEMHFWODFDVDYHUEVHOHYDQWD
E/RVDEXHORVSLQWDURQODFKRFLWDGHEODQFR
6XEMHFWORVDEXHORVYHUESLQWDURQGLUHFWREMHFWODFKRFLWD
F7LHQHHOWHFKRGHWHMDVURML]DV
6XEMHFWODFKRFLWDYHUEWLHQHGLUHFWREMHFWHOWHFKR
G/DIDPLOLDVDERUHDODVRSDFDVHUD\ODVDUHSDVGHPDt]
6XEMHFWODIDPLOLDYHUEVDERUHDGLUHFWREMHFWODVRSDFDVHUD\ODVDUHSDVGHPDt]
8QLW,PSHUVRQDOIRUPVRIWKHYHUE
7KHLQILQLWLYH
DFHUUDUEYHQLUFUHtUGLPSHGLUHQDGDU
DLPSHUDWLYHEFRPSOHPHQWWRWKHYHUESRGHUFQRXQVXEMHFWRIHVGIROORZLQJDSUHSRVLWLRQH
FRPSOHPHQWWRWKHYHUEVDEHU
7KHJHUXQG
DMXJDQGREOH\HQGRE\HQGRGHVWXGLDQGRHFD\HQGRIHVFULELHQGR
DEDLODUESUHVHQWDQGRFYHUGYLYLHQGRHVDFDQGR
DOOHYDEFRQWLQ~DQVLJXHQFHPSLH]DQDFDEDQWHUPLQDQVLJXHQGHVWiDQGDVLJXHFRQWLQ~DH
YDQFRQWLQ~DQVLJXHQ
7KHSDVWSDUWLFLSOH
DYLYLGREGHVFXELHUWRFGHVD\XQDGRGVROWDGRHHVFULWR
DLQPRYLOL]DGDEDVHJXUDGRFFRQILUPDGRUREDGRVGVDOYDGRHSURPHWLGD
DFRPLGREGHMDGRFOOHJDGRGSXHVWRHPXHUWRIDVXVWDGRJHQFHQGLGDKHQWUHFHUUDGDL
HPRFLRQDGRMDELHUWRV
8QLW3UHVHQWWHQVHVRIWKHLQGLFDWLYH
7KHSUHVHQWVLPSOH
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
DTXHGDEDKDEtDEHQWUDEDFHVWDEDGGHIHQGtDHFUHFtDHVWDEDIHVWDEDQJHUDK+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
DVHYLVWLyYHVWLUVHULHURQUHtUEPXULyPRULUGXUPLHURQGRUPLUFLQWURGXMHLQWURGXFLUGHGXMR
GHGXFLUGR\HURQRtUKX\yKXLUFRQFOX\yFRQFOXLUHURQTXpURQFDUISHJXpSHJDUJ
DEUDFpDEUD]DUHPSHFpHPSH]DU
D3HGURFRQWyXQFKLVWH\WRGRVVHULHURQE0LSDGUHPXULyFXDQGR\RWHQtDFXDWURDxRVF,QWURGXMHOD
OODYHHQODFHUUDGXUD\ODSXHUWDVHDEULyG2\HURQUXLGRV\VHDVXVWDURQPXFKRH'LFHPLPDULGRTXH
DQRFKHURQTXpI3HJXpORVERUGHVGHOVREUHFRQSHJDPHQWRJ(PSHFpDMXJDUDOI~WERODORVGLH]DxRV
DQDFLyEYHQGLHURQFOOHJyG)XHHWXYRI3HUPDQHFLyJFDVyK0XULyLFRQWULEX\yM
VHFRQYLUWLy
&KRRVLQJEHWZHHQWKHSUHWHULWHDQGWKHLPSHUIHFW
,QWRWKHLPSHUIHFWZDVHUDKDGWHQtDDSSHDUHGSDUHFtDSUHWHQGHGILQJtDODEHOOHGGHVFULEtD
,QWRWKHSUHWHULWHWRRNWRPyVSRNHKDEOyVDLGGLMRZHUHVSRWWHGVHYLRDRWURVIXHURQYLVWRV
D3HGURQRYLQRDFRPHUD\HUSUHWHULWH
E7RGRVORVGtDVGDEDXQSDVHRGHPHGLDKRUDLPSHUIHFW
F/DYLVWDGHVGHODFLPDHUDPDJQtILFDLPSHUIHFW
G/HIDVWLGLyPXFKRODDFWLWXGGHVXVFRPSDxHURVSUHWHULWH
H(UDXQDFKLFDPX\HTXLOLEUDGDSHURHVHGtDVHHQIDGyPXFKtVLPRLPSHUIHFWSUHWHULWH
D+DEtD'R\RXNQRZWKHH[SUHVVLRQ+DEtDXQDYH]2QFHXSRQDWLPH"EHUDF,EDGHQFRQWUDED
HYLRISUHJXQWyJUHSOLFyKVDFyLSXVR
%DFNJURXQGIURP+DEtDXQDYH]WRWRGRDSUHFLRMXVWRLQWKHLPSHUIHFW
6HWWLQJWKHVFHQHIRUZKDWLVWRKDSSHQIURP8QPHGLRGtDGHDJRVWRWRXQDSOD]DLQWKHLPSHUIHFW
7KHQDUUDWLRQRIHYHQWVIURPYLRDYDQ]DUKDFLDHOODWRWKHHQGLQWKHSUHWHULWH
DFRPtDESHQVDEDFSURGXFtDGSRGtDHGHWXYRI7HQtDJSRGtDKSHQVy
7KHSHUIHFW
DKHPRVHVWDGREKDVRtGRFKDOOHJDGRGKDVWHQLGRKDYXHOWR
DKHSRGLGREKHHVWDGRFHVWR\GKHLGRHPHKHTXHGDGRIHVFULERJKHOHYDQWDGRKKH
KHFKRLUUHJXODUSDVWSDUWLFLSOH
D7KHXVHRIWKHSUHWHULWHLQVHQWHQFHLLQGLFDWHVWKDW-XDQDQRORQJHUOLNHVJRLQJIRUORQJMRXUQH\V7KLV
VHQWHQFHZRXOGEHXVHGLQWKHFDVHWKDW-XDQDKDGGLHGIRULQVWDQFH6HQWHQFHLLRQWKHRWKHUKDQGLQGLFDWHV
WKDW-XDQDKDVDOZD\VOLNHGWKLVDQGVWLOOGRHV
E6HQWHQFHLLQGLFDWHVWKDWWKHSHUVRQVD\LQJLWVWLOOZDQWVWREHDMRXUQDOLVWDQGWKDWWKLVGUHDPLVORQJIHOW
VHQWHQFHLLVLPSO\WDONVDERXWDGUHDPWKDWWKHVSHDNHUKDGLQWKHSDVWF6HQWHQFHLPHDQV+DYH\RX
HYHUUHDGWKHERRN"6HQWHQFHLLUHODWHVWRDVSHFLILFWLPHLQWKHSDVW'LG\RXUHDGLWZKHQ,OHQWLWWR\RX"
7KHSHUIHFWFRQWLQXRXV
D3RUTXHKHHVWDGRVDOLHQGRFRQRWUDFKLFD
E1R\KHHVWDGRSHQVDQGRHQHOORWRGDODQRFKH
F1RKHHVWDGRWUDEDMDQGRDOOtD\HU\KR\
G+HHVWDGRSUHJXQWDQGRSHURQDGLHVDEHQDGD
7KHSOXSHUIHFW
KDEtDSDVDGREKDEtDDELHUWRFKDEtDPRVUHxLGRGKDEtDTXHEUDGR
<RXPD\KDYHZULWWHQVHQWHQFHVOLNHWKHVH
D&RUUtFRQWRGDVPLVIXHU]DVKDVWDOOHJDUDFDVD/RVERPEHURVKDEtDQOOHJDGRXQRVPLQXWRVDQWHV
E/XLVGLRVXSULPHUFRQFLHUWRGHYLROtQFXDQGRWHQtDDxRV+DEtDHPSH]DGRDWRFDUFRQVXSDGUH
FXDQGRWHQtDVHLVDxRV
F/DJXHUUDKDEtDWHUPLQDGRHODxRDQWHULRU\HOSDtVHVWDEDWRWDOPHQWHGHVWUR]DGR
G&XDQGRIXHURQDGHWHQHUORDVXFDVDpOVHKDEtDHVFDSDGR\\DKDEtDFUX]DGRODIURQWHUD
DVLJXLHURQEKDEtDQKHFKRFJLUDURQG+DEtDQHPSH]DGRHUHEDVyIFHUUyJWXYR
7KHSOXSHUIHFWFRQWLQXRXV
D+DEtDPRVHVWDGRFDPLQDQGREKDEtDHVWDGRWRPDQGRF+DEtDQHVWDGRWUDEDMDQGR
8QLW,PSHUDWLYHV
1ROHDVODQRWD1ROHDODQRWD1ROHiLVODQRWD1ROHDQODQRWD1ROHDPRVODQRWD
D7HQJDE(VFXFKHQF'LGKDEOpLV
DSLHUGDDSOtTXHVHXVHE8VH9D\DFSLHQVHGROYLGH
8QLW&RQGLWLRQDOWHQVHV
7KHFRQGLWLRQDO
DWHQGUtDPRVEYROYHUtDQFGHEHUtDGFHUUDUtDQHSRGUtDV
D<RODUHVHUYDUtDHQXQDSHQVLyQ
E<RGLEXMDUtDXQSDLVDMH
F<ROOHYDUtDXQRVFKRFRODWHV
G<RDEULUtDXQDFDIHWHUtD
D,UHQHGLMRTXHHOODKDUtDODWRUWLOOD
E0DQRORGLMRTXHpOOOHYDUtDWUHVERWHOODVGHYLQR
F(OHQDGLMRTXHHOODSRGUtDFRPSUDUORVSODWRV\ODVVHUYLOOHWDVGHSDSHO
G6DQWLDJRGLMRTXHpO\-XDQDSUHSDUDUtDQXQDHQVDODGLOODUXVD
7KHFRQGLWLRQDOSHUIHFW
DKDEUtDUHJUHVDGREKDEUtDFRQFOXLGRFKDEUtDPRVSRGLGRGKDEUtDSXEOLFDGRHKDEUtDGDGR
D/RKDEUtDSXHVWRHQHOJDUDMH
E+DEUtDQSHUGLGRODOODYH
F+DEUtDYXHOWRPX\WDUGHGHODILHVWDDQRFKH
G+DEUtDQYHQLGRSRUODPDxDQD
H+DEUtDHVWXGLDGRPXFKR
7KHIROORZLQJDUHH[DPSOHVRISRVVLEOHDQVZHUV
DKDEUtDQWUDEDMDGRGXUDQWHHOILQGHVHPDQD
EQRKDEUtDWHQLGRTXHTXHGDUVHHQHODSDUWDPHQWRGHOYHFLQR
FHOODQXQFDVHORKDEUtDSHUGRQDGR
G\DVHKDEUtDUHFXSHUDGR
HVXPDGUHORVKDEUtDOOHYDGRDOSDUTXH
8QLW6XEMXQFWLYHWHQVHV
7KHSUHVHQWVXEMXQFWLYH
DHVFXFKHEVHGLYLHUWDQFVHDGKDJDHFDLJD
H[LVWDKD\DQWHQJDQVHDQQRWHWKDWSHQVHPRVKHUHLVVWULFWO\VSHDNLQJDQLPSHUDWLYHDOWKRXJKLWWDNHVWKH
IRUPRIDSUHVHQWVXEMXQFWLYH
D2MDOiKD\DE2MDOiVDOJDQF2MDOiDFDEHPRVG2MDOiQRVRLJDQ
7KHSHUIHFWVXEMXQFWLYH
DKD\DQFXPSOLGREKD\DPRVREWHQLGRFKD\DVXIULGRGKD\DSDVDGR
DLYELLFLGLLL
+HUHDUHVRPHVXJJHVWLRQV
D4XL]iORKD\DQSXEOLFDGRE7DOYH]KD\DVDOLGRF2MDOiKD\DPRVWHUPLQDGRSDUDHQWRQFHVG
3RVLEOHPHQWHVHORKD\DQGDGR
7KHLPSHUIHFWVXEMXQFWLYH
DYLYLHUDYLYLHVHEVDOLHUDQVDOLHVHQFILUPDUDQILUPDVHQGUHVSRQGLHUDUHVSRQGLHVHH
VXSLHUDVXSLHVH
D6XJLULyDYLVDUDQDYLVDVHQE1RVH[WUDxyH[WUDxDEDWXYLHUDWXYLHVHF7HSURKLEtKDEODUDVKDEODVHV
G1RVWHPtDPRVWHPLPRVYLQLHUDYLQLHVH
DKXELHUDQKXELHVHQEIXHUDIXHVHFFRVWDUDQFRVWDVHQGVXSLpUDPRVVXSLpVHPRV
7KHSOXSHUIHFWVXEMXQFWLYH
H+D\QDUDQMDVHQODQHYHUD
I+D\XQEDQFRSRUDTXt"
*XVWDUDQGRWKHUVLPLODUYHUEV
DOHVERVFWHGQRVHOH
DJXVWDEJXVWDFJXVWDQGJXVWDQHJXVWD
<RXPD\KDYHZULWWHQVRPHWKLQJOLNHWKLV
0HJXVWDHVWXGLDUOHQJXDV
$PLVSDGUHVOHVJXVWDSDVDUHOLQYLHUQRHQXQFOLPDVROHDGR
$PLKHUPDQD0DUtDQROHJXVWDEDQORVWRPDWHVFXDQGRHUDMRYHQ
$WRGDODIDPLOLDQRVJXVWDPXFKREXVFDUSRUWDOHVLQWHUHVDQWHVHQ,QWHUQHW$PLPHMRUDPLJROHJXVWDOD
RUQLWRORJtD
6ROHUDQGDFRVWXPEUDU
<RXPD\KDYHUHZULWWHQWKHSDVVDJHOLNHWKLV
5RGROIR6XiUH]HUDSULVLRQHUR3DUDpOWRGRVORVGtDVVROtDQVHUDFRVWXPEUDEDQDVHULJXDOHV(O
GHVSHUWDGRUVROtDVRQDUDFRVWXPEUDEDDVRQDUDODVVHLVGHODPDxDQD6ROtDOHYDQWDUVHDFRVWXPEUDED
DOHYDQWDUVHHQVHJXLGD\VROtDLUDFRVWXPEUDEDDLUDOFRPHGRUDGHVD\XQDU$ODVVLHWHVROtDHPSH]DU
DFRVWXPEUDEDDHPSH]DUDWUDEDMDUHQHOWDOOHUGHKDPDFDV6ROtDWHUPLQDUDFRVWXPEUDEDDWHUPLQDUD
ODXQD\GHVSXpVGHDOPRU]DUVROtDSDVDUDFRVWXPEUDEDDSDVDUXQDKRUDKDFLHQGRHMHUFLFLRHQHOFRUUDO
GHODFiUFHO/XHJRVROtDWHQHUDFRVWXPEUDEDDWHQHUGRVKRUDVGHWLHPSROLEUHVROtD
MXJDUDFRVWXPEUDEDDMXJDUDODVGDPDVRDODMHGUH]6ROtDYROYHUDFRVWXPEUDEDDYROYHUDVXFHOGDD
ODVVLHWH\ODVOXFHVVROtDQDSDJDUVHDFRVWXPEUDEDQDDSDJDUVHDODVQXHYH
<RXPD\KDYHZULWWHQVRPHWKLQJOLNHWKLV
6XHOROHYDQWDUPHDODV
$FRVWXPEURGXFKDUPHDQWHVGHGHVD\XQDU
6XHOROOHJDUDOWUDEDMRDODV
$FRVWXPEURDYROYHUDFDVDDHVRGHODV
6XHORDFRVWDUPHDPHGLDQRFKH
,PSHUVRQDOVHQWHQFHV
6XJJHVWLRQVDKDEODQVHKDEODEKDQOODPDGROODPDURQFDQXQFLDUiQVHDQXQFLDUiVHYDDDQXQFLDUG
LQWHQWDVXQRLQWHQWDXQDLQWHQWD
6XJJHVWLRQV
D3DUDKDFHUHVWHSDVWHOVHQHFHVLWDKDULQDE(Q(VSDxDVHSDUDGHWUDEDMDUDODKRUDGHFRPHUF6H
DYLVDUiSRUWHOpIRQRDORVJDQDGRUHVGHOFRQFXUVRG(Q$UJHQWLQDVHKDEODPXFKRGHI~WERO
7KHSDVVLYH
DLLLELFLYGLL
D)UDQN*KHU\GLVHxyHO0XVHR*XJJHQKHLP%LOEDRE+DQGHVFXELHUWR/DSROLFtDKDGHVFXELHUWRDORV
DXWRUHVGHOIUDXGHGH7DEDFRV6HUJXL\DF/RVJUDQGHVPRGLVWRVHXURSHRVSUHVHQWDUiQODQXHYDFROHFFLyQ
SULPDYHUDYHUDQRHQ0yQDFR
D0LOSXHVWRVGHWUDEDMRKDQVLGRFUHDGRVHQ9HUDFUX]
E(OSUHVXQWRODGUyQIXHDUUHVWDGR\IXHSXHVWRDGLVSRVLFLyQMXGLFLDO
F/DVFDUWDVVRQFODVLILFDGDVHQOD2ILFLQD&HQWUDOGH&RUUHRVDFRQWLQXDFLyQVRQUHSDUWLGDVDVXV
GHVWLQDWDULRV
DVHSXHGHQEVHSXHGHDxDGLUVHDxDGHFVHVLJXHQGVHGHEHQLYHODUVHGHEHUiQLYHODUVH
QLYHODUiHVHHVSROYRUHDQIVHHQWLHUUDQJVHULHJD
DKDVLGRSUREDGDE)XHHODERUDGDFIXHDGPLQLVWUDGDGIXHURQDUUDQFDGRVHKDVLGRGHQHJDGD
8VHVRIVH
DUHFLSURFDOUHFLSURFDOELPSHUVRQDORUSDVVLYHFVHLQVWHDGRIOHGSURQRPLQDOYHUEH
SURQRPLQDOYHUEIVHLQVWHDGRIOHJLPSHUVRQDORUSDVVLYHKUHIOH[LYHLUHFLSURFDOUHFLSURFDO
D6HGLUi6HYDDGHFLUTXHIXHXQDFFLGHQWHE6HHQWUDEDDOSDODFLRSRUXQDPDJQtILFDSXHUWDF/D
SRONDVHEDLODDVtG(QPLRSLQLyQODPHMRUSRHVtDHVSDxRODGHOVLJOR;;VHHVFULELyHQHOSHULRGR
DQWHULRUDODJXHUUDFLYLOH6HVRVSHFKDEDTXHHUDXQHVStD
8QLW6HQWHQFHRUJDQLVDWLRQ
7KHVLPSOHVHQWHQFH
([FODPDWLYHD7KHPDUNVDUHWKHH[FODPDWLRQPDUNV
1HJDWLYHE7KHPDUNLVWKHQHJDWLYHDGYHUEQXQFD
,QWHUURJDWLYHF7KHPDUNVDUHWKHTXHVWLRQPDUNV"
'HFODUDWLYHDIILUPDWLYHG%HFDXVHLWLVQRWPDUNHGDVLQWHUURJDWLYHH[FODPDWLYHRUQHJDWLYH
D7HOODPDV5RVD0DUL%HUP~GH]"7HOODPDV5RVD0DUL%HUP~GH]YHUGDG"FORVHG
E6HYHUDOSRVVLELOLWLHV&yPRWHOODPDV"4XLpQOODPy"HWFRSHQ
F&XiQGR(QTXpDxRQDFLy1HUXGD"RSHQ
D(VWiVLQYLWDGRDODERGDQR"YHUGDG"FLHUWR"
E1RKDVYLVWRD-XDQLHQWRGRHOGtDYHUGDG"FLHUWR"
F(ODxRSDVDGRIXLVWHLVGHYDFDFLRQHVD0LDPLFLHUWR"QR"YHUGDG"
8QLW1HJDWLYHV
D1RpOQRGHVFXEULyQDGD<DKDEtDJHQWHDOOtHQHOFRQWLQHQWH
E1RDSHQDVVHSXHGHGHFLUHVR/RVYLNLQJRVOOHJDURQDQWHV
F1RQLVLTXLHUDORUHFRQRFLyFRPRWDO&UHtDTXHKDEtDOOHJDGRDO([WUHPR2ULHQWH
G1RFUHRTXHQR1XQFDVHGLRFXHQWDGHVXHUURU
H1RQLVLTXLHUDHVR0XULyHQODPLVHULD
1RKDEtDQDGLHHQODIiEULFD1LQJXQDGHODVPiTXLQDVIXQFLRQDEDQRVHRtDQDGD\WDPSRFRKDEtDQLQJXQD
DFWLYLGDGIXHUDHQHOiUHDGHFDUJDGHVFDUJD
<RXPD\KDYHZULWWHQVRPHWKLQJOLNHWKLV
7RGDYtDQRKHORJUDGRKDFHUPHPLOORQDULRQLKHHVFULWRQLQJXQDQRYHODQLKHSLQWDGRQLQJ~QFXDGURTXHVHD
GLJQRGHFROJDUVHHQODJDOHUtDQDFLRQDO1LVLTXLHUDKHYLVLWDGR0DFKX3LFFKX<WDPSRFRKHFRQVHJXLGR
GRPLQDUSRUFRPSOHWRHOHVSDxRO6LQHPEDUJRD~QPHJXVWDUtDKDFHUHVWDVFRVDV
8QLW&RPSRXQGDQGFRPSOH[VHQWHQFHV
7KHFRPSRXQGVHQWHQFH
6XJJHVWLRQVDQXPEHURIOLQNVFRXOGKDYHEHHQXVHG
D+DFtDXQGtDPDUDYLOORVRDVtTXHGHFLGLPRVLUDODSOD\D
E1R1LTXHUtDPRVLUDOFLQHQLLUDOSDUTXH
F9DVDSDVDUODVYDFDFLRQHVFRQWXVDEXHORVRYDVDTXHGDUWHHQ,UODQGD"
G*DQDPRVSRFRSHURKHPRVGHFLGLGRDKRUUDUSDUDFRPSUDUQRVXQSLVRPiVJUDQGH
DVLQRESHURFVLQR
DVLQREVLQRTXHFVLQRTXHGVLQR
DDVtTXHFRQTXHGHPRGRTXHSRUFRQVLJXLHQWHHWFE1RFSHUR
7KHQRXQFODXVH
6XJJHVWLRQV
D6HFRPHQWDTXHGHQWURGHXQDVVHPDQDVVXELUiQORVSUHFLRV
E7HGHVHRTXHWHQJDVXQIHOL]FXPSOHDxRV
F1RVHVDEHFRQVHJXULGDGVLORVWHUURULVWDVILUPDUiQYDQDILUPDUODWUHJXD
6XJJHVWLRQV
D1RVDEHPRVVLYDDFDQWDURQR
E6XPD\RUVXHxRHVTXHVXKLMDHVWXGLHDUTXLWHFWXUD
F&UHRTXHTXLHUHTXHVXKLMDYHQJDDYLYLUFRQpOSHURQRORGLFH
DGHTXHETXHFGHTXHGTXH
7KHUHODWLYHFODXVH
DQRQUHVWULFWLYHEQRQUHVWULFWLYHFUHVWULFWLYHGUHVWULFWLYH
D(O~OWLPREDUFRFRQORVQLxRVTXHKDEtDQVREUHYLYLGRDOWHUUHPRWROOHJyD%XHQRV$LUHVKDFHGRVGtDV
E%HUQDUGD$OEDHVXQSHUVRQDMHGHOSRHWD\GUDPDWXUJR)HGHULFR*DUFtD/RUFDTXHUHSUHVHQWDOD
LQWUDQVLJHQFLD\ODIDOWDGHKXPDQLGDG
D(VWDHVODFLXGDGHQODTXHHQODFXDOGRQGHQDFLyPLSDGUHE(QHOFROHJLRWHQtDPRVXQSURIHVRUSDUD
TXLHQSDUDHOTXHSDUDHOFXDOWRGRVORVQLxRVpUDPRVJHQLRVHQSRWHQFLD
DODVTXHEHOTXHFORVTXH
DHOTXHHOFXDOETXHFGRQGHHOFXDOHOTXHGFX\RVHTXHORVFXDOHVTXLHQHVIGRQGHHQHOTXH
DKD\DEYLYRFVHSDUHFHGGHMDUD
7KHDGYHUELDOFODXVH
DLYFRQFHVVLYHELFRQGLWLRQDOFLLSXUSRVHGYPDQQHUHLLLFDXVH
DFRPRLVWKHPRVWQDWXUDOFKRLFHEHFDXVHLWFDQRQO\DSSHDUDWWKHEHJLQQLQJRIDVHQWHQFHDOWKRXJK\DTXH
LVSRVVLEOHESRUTXHLVEHVW\DTXHGRHVQRWILWWKHFRQWH[WDQGFRPRLVQRWSRVVLEOHLQPLGSRVLWLRQF
\DTXHSRUTXHDOWKRXJKWKHFRPPDPDNHV\DTXHDEHWWHUFKRLFHDQGFRPRLVDJDLQQRWSRVVLEOH
DPiVLPSUHVLRQDQWHVGHORTXHSHQVDEDEWDQWRVYRWRVFRPRHVSHUDEDQFPHQRVGLQHURGHOTXH
KDEtDPRVSUHVXSXHVWDGR
DFRQWDOGHTXHESXHVWRTXHSXHVVRXQGVROGIDVKLRQHGFDXQTXHDXQFXDQGRVLELHQGSDUD
TXHFRQREMHWRGHTXHFRQHOSURSyVLWRGHTXHFRQODLQWHQFLyQGHTXHGHPDQHUDTXHGHPRGRTXHGHIRUPD
TXH
D,QLLWLVQRWNQRZQZKHWKHUWKHWHUURULVWVDUHWRVLJQWKHDJUHHPHQWRUQRWLQLLLWLVDIDFWWKDWWKH\DUH
QRWVLJQLQJLW,QERWKFDVHVWKHSHDFHSURFHVVLVJRLQJDKHDG
E6HQWHQFHLWDNHVSODFHLQWKHSDVWDQGLLLQWKHIXWXUH7LPHVXERUGLQDWHVUHIHUULQJWRWKHIXWXUHWDNHWKH
YHUELQWKHVXEMXQFWLYHZKLOHWKRVHUHIHUULQJWRWKHSDVWWDNHWKHLQGLFDWLYHVLQFHWKHDFWLRQKDVDOUHDG\
KDSSHQHGDQGLVDIDFW
F6LPLODUDUJXPHQWDVDERYHVHQWHQFHLLLQGLFDWHVKRZVKHZLOOEHKDYHLQWKHIXWXUHWKHZD\KHUPRWKHU
WHOOVKHUZKLOHLUHIHUVWRDSDVWDFWLRQDQGWKHUHIRUHWKHLQGLFDWLYHLVQHHGHG
G,QLLWKHSDWKWKH\ZLOOWDNHLVQRWNQRZQDQGWKHDGYLFHLVWKDWZKLFKHYHUSDWKWKH\WDNHWRWDNHRQHWKDW
GRHVQRWKDYHLFH6HQWHQFHLWROGLQWKHSDVWWHOOVDERXWWKHSDWKWKDWZDVWDNHQRQHZKLFKGLGQRW
KDYHLFH
<RXPD\KDYHZULWWHQVRPHWKLQJOLNHWKLV
DHVWR\PX\FDQVDGDQRPHHQFXHQWURPX\ELHQEPHTXHGHDHVSHUDUDORVFOLHQWHVDOHPDQHVYD\DD
FHQDUFRQXQRVFOLHQWHVTXHYLHQHQGH$OHPDQLDFWHUPLQHPRVSURQWRHOORVHVWpQFDQVDGRV\VHUHWLUHQ
SURQWRGPHKDQLQYLWDGRHVODGHVSHGLGDGH-XDQDHFUHHVHVSHUDV
D&XDQGRE'HVSXpVGHF3HURGSRUTXHH\DTXH
7LPHUHODWLRQV
DSDJDUEYHUTXHDOJXLHQPHVHJXtDFFRQVXOWDUFRQVXVSDGUHVGKDFHUVHHOQRYLD]JRS~EOLFR
D,QLWKHSUREOHPZDVGLVFXVVHGDWWKHVDPHWLPHDVWKH\KDGWKHLUZDONLQLLLWZDVGLVFXVVHGDIWHUWKH
ZDONE,QLWKHGLVFXVVLRQRIWKHGHWDLOVJRHVEHIRUHWKHDFFHSWDQFHRIWKHRIIHULQLLLWJRHVDIWHUFL
VSHFLILHVWKDWWKHDFWLRQRISKRQLQJPRWKHUKDSSHQVDIWHUDGHOD\ZKHUHDVLQLLLWKDSSHQVLPPHGLDWHO\DIWHU
DUULYLQJKRPHG,QLZRUWKZKLOHVWXG\KDSSHQVDIWHUJRLQJRXWZLWKWKHJLUOLQLLLWVWRSVWKHQ
DDOEPLHQWUDVFHQHOPRPHQWR
DRtUHVFXFKDUHWFESDVHDEDDQGDEDHWFFWHQJDFRMDHWF
DFDGDYH]TXHEHQHOPRPHQWRHQTXHQRWHWKDWFXDQGRJLYHVWKHVDPHEURDGPHDQLQJEXWGRHVQRW
VSHFLI\WKHQXDQFHRIPHDQLQJUHTXHVWHGKHUHFHQFXDQWRVDPHFRPPHQWDVIRUEGDPHGLGDTXH
D'HVSXpVGHE0LHQWUDVFFXDQGRGHUHSHQWHG$SHQDVHFXDQGRIKDVWDTXHJ6LHPSUHTXH
K&XDQGRLDQWHVGHMDO
7KHFRQGLWLRQDOVHQWHQFH
DYHEFRQVLJXHFGHFtDTXHUtDGHPSLH]D
DGLUtDVGLUtDWHQGUtDWHUPLQDUtDESXGLHUDVFDPELDUtDKDUtDYROYLHVHRUYROYLHUDUHFRUUHUtDF
VHQWLUtDVXSLHUDRUVXSLHVH
<RXPD\KDYHZULWWHQVRPHWKLQJOLNHWKLV
D6LPLVSDGUHVKXELHUDQVLGRPLOORQDULRVEQRKDEUtDWHQLGRWHQGUtDTXHDSUHQGHUHVSDxROF
PHKDEUtDOODPDGR,QpVG6LPHKXELHUDQGLFKRKDFHXQRVDxRVTXHPLDPLJR0DUWtQLEDDVHUIDPRVR
8QLW,QGLUHFWVSHHFK
D,VLGURKDFRPHQWDGRTXHHVWiHQFDQWDGRGHKDEHUJDQDGRHOSUHPLR
E(OSUHVRQRGHMDGHUHSHWLUTXHHVLQRFHQWH
F(OFDSLWiQGHO5HDO0DGULGDVHJXUDTXHHVWHGRPLQJRYDQDOXFKDUKDVWDHOILQDOHQHOSDUWLGRFRQWUDHO
$WOpWLFRGH%LOEDR
G)HOLSHPHKDDVHJXUDGRTXHPDxDQDPHGHYROYHUiHOGLQHURTXHPHGHEH
D,VLGURFRPHQWyTXHHVWDEDHQFDQWDGRGHKDEHUJDQDGRHVHSUHPLR
E(OSUHVRQRGHMDEDGHUHSHWLUTXHHUDLQRFHQWH
F(OFDSLWiQGHO5HDO0DGULGDVHJXUyTXHDOGRPLQJRVLJXLHQWHOXFKDUtDQKDVWDHOILQDOHQHOSDUWLGRFRQWUD
HO$WOpWLFRGH%LOEDR
G)HOLSHPHDVHJXUyTXHPHGHYROYHUtDDOGtDVLJXLHQWHHOGLQHURTXHPHGHEtDLIWKHPRQH\ZDVSDLG
DIWHUWKLVFRPPHQWHOGLQHURTXHPHGHEHLIWKHPRQH\KDVQRWEHHQSDLG\HWDWWKHPRPHQWWKLV
FRPPHQWLVPDGH
D7RGRVORVGtDVPHSUHJXQWDGyQGHYLYR
E&XDQGRPHFDtXQVHxRUPX\DPDEOHPHSUHJXQWyVLPHKDEtDKHFKRGDxR
F0DOHQDTXLHUHVDEHUTXpSODQHVWHQJRSDUDHVWHYHUDQR
G(QODHQWUHYLVWDPHSUHJXQWDURQVLVDEtDFRQGXFLU
D3HULFRVHGHVSLGLyGH0DUtDSURPHWLHQGRTXHLUtDDEXVFDUODDOGtDVLJXLHQWHDODVGHODPDxDQD
E6HUHQDJULWyDOQLxRTXHSLGLHUDSHUGyQDVXDEXHODHQHVHPLVPRPRPHQWR
F-RVHFKXH[FODPyVRUSUHQGLGRTXHKDEtDLGRDYLVLWDUORGRVGtDVDQWHV\TXHHVWDEDSHUIHFWDPHQWHELHQ
G3DUDFDOPDUQRV%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$*UDPiWLFDSUiFWLFDWKHGQ0DGULG('$)
%XWW-DQG%HQMDPLQ&$1HZ5HIHUHQFH*UDPPDURI0RGHUQ6SDQLVKWKHGQ/RQGRQ+RGGHU(GXFDWLRQ
&DUUDVFR*XWLpUUH]$/DFRQFRUGDQFLDGHWLHPSRV0DGULG$UFR
'LFFLRQDULR6DODPDQFDGHODOHQJXDHVSDxROD0DGULG6DQWLOODQD8QLYHUVLGDGGH6DODPDQFD
)HUQiQGH]&LQWR-$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&*UDPiWLFDIXQFLRQDOGHOHVSDxROUGHGQ0DGULG*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$ULHO
3RXQWDLQ&-DQGGH&DUORV73UDFWLVLQJ6SDQLVK*UDPPDU$: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
6DJHV6XELMDQD00DQXDOGHJUDPiWLFDHVSDxROD6DQ6HEDVWLiQ7[HUWRD
6iQFKH]$0DUWtQ(DQG0DWLOOD-$*UDPiWLFDSUiFWLFDGHHVSDxROSDUDH[WUDQMHURV0DGULG6*(/
*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
(QHOFDVRGHTXH
(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
3RUORWDQWR
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