Escolar Documentos
Profissional Documentos
Cultura Documentos
6(&21'(',7,21
-8$1.$771,%$55$
DQG
$1*(/$+2: .,16
)LUVWHGLWLRQSXEOLVKHGE\+RGGHU$UQROG
6HFRQGHGLWLRQSXEOLVKHGE\+RGGHU(GXFDWLRQ
3XEOLVKHGE\5RXWOHGJH
3DUN6TXDUH0LOWRQ3DUN$ELQJGRQ2[RQ2;51
7KLUG$YHQXH1HZ<RUN1<86$
5RXWOHGJHLVDQLPSULQWRIWKH7D\ORU )UDQFLV*URXSDQLQIRUPDEXVLQHVV
&RS\ULJKW-XDQ.DWWiQ,EDUUDDQG$QJHOD+RZNLQV
$OOULJKWVUHVHUYHG1RSDUWRIWKLVERRNPD\EHUHSULQWHGRUUHSURGXFHGRUXWLOLVHGLQDQ\IRUPRUE\DQ\HOHFWURQLFPHFKDQLFDORU
RWKHUPHDQVQRZNQRZQRUKHUHDIWHULQYHQWHGLQFOXGLQJSKRWRFRS\LQJDQGUHFRUGLQJRULQDQ\LQIRUPDWLRQVWRUDJHRUUHWULHYDO
V\VWHPZLWKRXWSHUPLVVLRQLQZULWLQJIURPWKHSXEOLVKHUV
7KHDGYLFHDQGLQIRUPDWLRQLQWKLVERRNDUHEHOLHYHGWREHWUXHDQGDFFXUDWHDWWKHGDWHRIJRLQJWRSUHVVEXWQHLWKHUWKHDXWKRUV
QRUWKHSXEOLVKHUFDQDFFHSWDQ\OHJDOUHVSRQVLELOLW\RUOLDELOLW\IRUDQ\HUURUVRURPLVVLRQV
%ULWLVK/LEUDU\&DWDORJXLQJLQ3XEOLFDWLRQ'DWD
$FDWDORJXHUHFRUGIRUWKLVERRNLVDYDLODEOHIURPWKH%ULWLVK/LEUDU\
/LEUDU\RI&RQJUHVV&DWDORJLQJLQ3XEOLFDWLRQ'DWD
$FDWDORJUHFRUGIRUWKLVERRNLVDYDLODEOHIURPWKH/LEUDU\RI&RQJUHVV
,6%1SEN
&RYHU/HXNRV*HWW\,PDJHV
7\SHVHWLQSW0LQLRQE\&KDURQ7HF3YW/WG&KHQQDL,QGLD
&RQWHQWV
3UHIDFH
$FNQRZ OHGJHPHQWV
*ORVVDU\RIJUDPPDWLFDOWHUPV
3DUW2QH7KHYHUE
7KHSUHVHQWWHQVH
7KHSUHWHULWH
7KHLPSHUIHFW
7KHSHUIHFW
7KHSOXSHUIHFW
7KHIXWXUH
7KHFRQGLWLRQDO
7KHLQILQLWLYH
7KHJHUXQG
0RGDOYHUEV
3DVVLYHDQGLPSHUVRQDOVHQWHQFHV
7KHUHIOH[LYH
6HUDQGHVWDU
7KHSUHVHQWVXEMXQFWLYH
7KHLPSHUIHFWVXEMXQFWLYH
7KHSOXSHUIHFWVXEMXQFWLYHDQGFRQGLWLRQDOSHUIHFW
7KHLPSHUDWLYH
3DUW7Z R*UDPPDUHVVHQWLDOV
$UWLFOHV
1RXQV
$GMHFWLYHV
$GYHUEV
&RPSDULVRQ
'HPRQVWUDWLYHV
3RVVHVVLYHV
3HUVRQDOSURQRXQV
5HODWLYHSURQRXQV
1HJDWLRQ
3UHSRVLWLRQV
&RQMXQFWLRQV
: RUGRUGHU
&RQVROLGDWLRQH[HUFLVHV
.H\V
,UUHJXODUDQGVSHOOLQJFKDQJLQJYHUEV
%LEOLRJUDSK\
,QGH[
3UHIDFH
7KHUHFRPHVDSRLQWLQODQJXDJHVWXG\ZKHUHDQXQGHUVWDQGLQJRIKRZDODQJXDJHIXQFWLRQVLVYLWDOIRU
SURJUHVVWREHPDGH6SDQLVK*UDPPDULQ&RQWH[WLVGHVLJQHGWRJLYHVWXGHQWVZKRDUHLQWKHILQDO\HDUV
RIVFKRRORUWKHHDUO\VWDJHVRIXQLYHUVLW\VWXG\DQGDGXOWOHDUQHUVZKRDUHDWDQHTXLYDOHQWVWDJHDQ
XQGHUVWDQGLQJRIKRZ6SDQLVKIXQFWLRQVLQDSUDFWLFDODQGUHOHYDQWZD\0RUHDGYDQFHGVWXGHQWVPD\DOVR
ILQGWKHERRNERWKLQWHUHVWLQJDQGXVHIXOIRUUHYLHZDQGUHYLVLRQSXUSRVHV
7KHVWDUWLQJSRLQWRIHDFKFKDSWHULVDQDXWKHQWLFWH[WLQZKLFKDSDUWLFXODUJUDPPDWLFDOSRLQWLV
KLJKOLJKWHG7KLVIRFXVHVWKHVWXGHQW
VDWWHQWLRQRQWKLVSDUWRIVSHHFKDQGKRZLWIXQFWLRQVLQFRQWH[W7KHUH
WKHQIROORZVDFOHDUDQGFRQFLVHH[SODQDWLRQRIERWKIRUPDQGXVDJHZLWKH[DPSOHVIURPWKHWH[WRUIURP
HYHU\GD\ODQJXDJH'LIIHUHQFHVLQXVDJHEHWZHHQ3HQLQVXODUDQG/DWLQ$PHULFDQ6SDQLVKDUHQRWHG7KH
VXEVHTXHQWH[HUFLVHVSURYLGHSUDFWLFHRIWKHJUDPPDUSRLQWVKLJKOLJKWHGDQGH[SODLQHGLQWKHWH[W
([HUFLVHVYDU\IURPWKHSUDFWLFHRIIRUPDQGXVHZLWKLQWKHFRQWH[WRIDVLQJOHVHQWHQFHWKURXJKJDSILOOWR
PRUHRSHQHQGHGFRPPXQLFDWLYHW\SHVRIH[HUFLVHV7UDQVODWLRQH[HUFLVHVDUHLQFOXGHGHVSHFLDOO\ZKHUH
XVDJHGLIIHUVFRQVLGHUDEO\IURP(QJOLVKDQGVRFDQFDXVHSUREOHPVIRU(QJOLVKVSHDNHUV([FHSWIRUWKRVH
H[HUFLVHVZKLFKDUHRIDFRPPXQLFDWLYHQDWXUHDNH\LVSURYLGHGIRUWKHH[HUFLVHVRIHDFKFKDSWHUWKXV
PDNLQJWKHERRNLGHDOIRUVHOIVWXG\,QWKHFODVVURRPFRQWH[WLWFDQEHXVHGIRUWKHVWXG\RIJUDPPDU
DQGRURIDWRSLFDUHDDVWKHWH[WVFKRVHQOHQGWKHPVHOYHVWRH[SORLWDWLRQEH\RQGWKHVWXG\RIWKHJUDPPDU
SRLQWLQTXHVWLRQ
7KHWH[WVDUHWDNHQIURPDXWKHQWLFVRXUFHVIURPDOORYHUWKH6SDQLVKVSHDNLQJZRUOG7KH\LQFOXGH
H[FHUSWVIURPFRQWHPSRUDU\OLWHUDWXUHDQGIURPQHZVSDSHUDQGPDJD]LQHDUWLFOHVLQFOXGLQJDJRQ\DXQW
OHWWHUVDQGKDYHDULFKQHVVDQGYDULHW\ZKLFKPDNHWKHPLQWULQVLFDOO\LQWHUHVWLQJWRUHDG6RPHH[HUFLVHV
UHODWHWRWKHWRSLFRIWKHWH[WRWKHUVVLPSO\SUDFWLVHWKHSDUWLFXODUJUDPPDWLFDOSRLQWWKHDLPRIDOOW\SHV
EHLQJWRKHOSVWXGHQWVWRDJUHDWHUXQGHUVWDQGLQJRIIXQFWLRQDQGWRDJUHDWHUFRQILGHQFHZKHQXVLQJWKH
ODQJXDJHIRUWKHLURZQFRPPXQLFDWLYHSXUSRVHV
7KHERRNLVGLYLGHGLQWRWZRPDLQSDUWVRQHZKLFKGHDOVZLWKDVSHFWVRIWKHYHUEDQGWKHRWKHUZKLFK
GHDOVZLWKQRXQVDGMHFWLYHVSURQRXQVSUHSRVLWLRQVDQGDOORWKHUSDUWVRIVSHHFKZKLFKJRWRPDNHXSD
VHQWHQFH&KDSWHUVFDQEHVWXGLHGVHTXHQWLDOO\RULQUDQGRPRUGHUDFFRUGLQJWRZKLFKHYHUJUDPPDUSRLQW
WKHVWXGHQWZLVKHVWRVWXG\WKXVPDNLQJLWDXVHIXODQGKDQG\UHIHUHQFHUHYLVLRQWRRO+RZHYHUFKDSWHUV
ZKLFKGHDOZLWKUHODWHGJUDPPDUSRLQWVDUHJURXSHGWRJHWKHUIRUH[DPSOHWKHSUHVHQWDQGLPSHUIHFW
VXEMXQFWLYHDQGHDFKFKDSWHUKDVVXJJHVWHGIXUWKHUUHDGLQJIRUWKRVHZKRZLVKWRWDNHWKHLUVWXG\EH\RQG
WKHVFRSHRIWKHERRN$VHDFKWH[WLVWDNHQIURPDQDXWKHQWLFVRXUFHLWQDWXUDOO\SURGXFHVH[DPSOHVRI
JUDPPDUQRWH[SOLFLWO\VWXGLHGLQWKDWSDUWLFXODUFKDSWHU7KHVHDUHLQGLFDWHGLQWKHFKDSWHUXQGHUWKH
KHDGLQJ2WKHUSRLQWVWRQRWHLQWKHWH[WVRWKDWVWXGHQWVPD\VWXG\WKHWH[WEH\RQGWKHFRQILQHVRIWKH
JUDPPDWLFDOSRLQWIRUZKLFKLWKDVEHHQFKRVHQRUWHDFKHUVPD\H[SORLWLWIXUWKHULQWKHFODVVURRP7KH
FRQVROLGDWLRQH[HUFLVHVIRXQGDWWKHHQGRIWKHERRNFRPSULVHVL[WH[WVWKUHHMRXUQDOLVWLFDQGWKUHHOLWHUDU\
HDFKZLWKTXHVWLRQVZKLFKJLYHVWXGHQWVWKHRSSRUWXQLW\WRWHVWWKHLUNQRZOHGJHRIJUDPPDU$JORVVDU\RI
JUDPPDWLFDOWHUPVDQGDWDEOHRILUUHJXODUYHUEVDUHDOVRLQFOXGHGWRPDNHWKHERRNDVXVHUIULHQGO\DV
SRVVLEOH
7KHERRNGRHVQRWSUHWHQGWREHH[KDXVWLYHLQLWVFRYHUDJHEXWIRFXVHVRQWKRVHDUHDVRIJUDPPDU
ZKLFKDUHLPSRUWDQWIRUHIIHFWLYHFRPPXQLFDWLRQ$WDOOWLPHVJUDPPDULVSUHVHQWHGQRWDVDQHQGLQLWVHOI
EXWDVWKHQHFHVVDU\WRROIRUHIIHFWLYHFRPPXQLFDWLRQ7KHDSSURDFKHQFRXUDJHVVWXGHQWVQRWRQO\WRUHDG
IRUFRPSUHKHQVLRQDQGSOHDVXUHEXWDOVRWRKDYHDQDZDUHQHVVRIKRZWKHODQJXDJHLVXVHG%\GHYHORSLQJ
VNLOOVRIREVHUYDWLRQDQGDQDO\VLVLQWKHLUVWXGLHVVWXGHQWVZLOOEHDEOHWRHQKDQFHWKHLUSURGXFWLYHVNLOOV
DQGVRUHDSWKHUHZDUGVWKDWODQJXDJHVWXG\EULQJV
$FNQRZOHGJHPHQWV
7KDQNVDUHGXHWRWKHDXWKRUVDQGSXEOLVKHUVPHGLDDJHQWVZKRNLQGO\DOORZHGXVWRPDNHXVHRIWKHLU
WH[WV(YHU\HIIRUWKDVEHHQPDGHWRWUDFHDOOFRS\ULJKWKROGHUVRIPDWHULDO$Q\ULJKWVQRWDFNQRZOHGJHG
KHUHZLOOEHDFNQRZOHGJHGLQVXEVHTXHQWSULQWLQJVLIVXIILFLHQWQRWLFHLVJLYHQWRWKHSXEOLVKHU
6SDLQ4XR7UXFRVSDUDKDFHUWXULVPRVLQDUUXLQDUWH-XO\&yPRSRQHUVHHQIRUPDHQGtDV
'XHOHHOVRO-XO\(O3DtVGtDVHQDXWRPyYLO6HSWHPEHU(O3DtV6HPDQDO/RTXH
DSUHQGtHQODHVFXHOD'HFiORJRGHOFLXGDGDQRVLOHQFLRVR6HSWHPEHU([SDQVLyQ8QOLEURHV
PiVLPSRUWDQWHTXHXQSDQELHQKHFKRHQWUHYLVWDFRQ,VDEHO$OOHQGH1RYHPEHU'7(VFODYRV
GHODWHFQRORJtD6HSWHPEHU%ODQFR\1HJUR$%&(QWUHYLVWD0RQWVHUUDW&DEDOOp0D\
9HLQWLRFKRDxRV\HQSDUR1RYHPEHU$ODFD]DGHOPHWHRULWR2FWREHU1DFKR
3DXQHUR0DOWUDWDUDXQDQLPDOHVGHOLWR\HVQHFHVDULRGHQXQFLDUOR-XO\&151RVHVWDPRV
IXPDQGRHOSODQHWD2FWREHU9RODQGRKDFLDHODELVPR-XO\&DPELR(QWUHYLVWDFRQ
0DULR0ROLQD-XO\(OVRODPLJRRHQHPLJR"-XO\/DGLHWDPHGLWHUUiQHD
1RYHPEHU/D(VSDxDEHRGD'HFHPEHU7ULEXQD&RQVHMRVSDUDHYLWDULQFHQGLRV
-XO\3ULPD(VWUDWHJLDVSDUDHQFRQWUDUHPSOHRODHQWUHYLVWD2FWREHU7LHPSR5HWUDWRGHO
QXHYRHVSDxRO0D\6LXVWHGTXLHUHXQKLMRSHUIHFWR1RYHPEHU(OKRPRHUHFWXVHO
SULPHUEDOVHURGHOHVWUHFKRGH*LEUDOWDU1RYHPEHU(OHIHFWRLQYHUQDGHUR-XO\
&DUWDGH(VSDxD,PDQRO$ULDVQRVR\XQJDOiQ$XJXVW(O0XQGR(VWDGRV8QLGRVHVWi
HQHOSURFHVRGHFRQYHUWLUVHHQXQSDtVKLVSDQR-XO\H[FHUSWVIURP4XHGDODQRFKHE\6ROHGDG
3XpUWRODV(GLWRULDO3ODQHWD'H$JRVWLQL6$&KLOH(O0HUFXULR9DOSDUDtVR/DWLQRDPHULFDQRVORV
PiVDSDVLRQDGRV\EHOLFRVRVGHOPXQGR1RYHPEHU(O0HWURSROLWDQR$OUHVFDWHGHOD
$PD]RQLD2FWREHU3DODEUDGHIRUMDGRUDPELHQWDO2FWREHU/D7HUFHUD'RVWHUFLRV
GHODSREODFLyQPXQGLDOYLYLUiHQFLXGDGHVHQHODxR-XO\$OHUWDVREUHDOWHUDFLyQGH
FRVWDVGHOPXQGR$SULO(OIXWXURGHODUD]DKXPDQD2FWREHU(O0HUFXULR6DQWLDJR
4XpKDEUtDVXFHGLGRVL")HEUXDU\3OiFLGR'RPLQJRHODUWLVWDWRWDO0DUFK
3DUDHVWRHVWXGLpWDQWR"-XQH3DUHFHTXHPDGXUpDXQTXHQRTXHUtD2FWREHU(O
EDUFRGRQGHHVWDEDHOSDUDtVR$SULO/DHVFULWXUDPHKDGDGRSRGHU'HFHPEHU
5HYLVWDGH(O6iEDGRGH(O0HUFXULR(OKRPEUHGLJLWDO-DQXDU\/D1DFLyQ(ODPRUHVPL
~QLFRGLVFXUVR0DUFK9HQH]XHOD(O8QLYHUVDO$XWRPyYLOHV\FDPLQRVLQWHOLJHQWHVODPHWD
SDUDGHQWURGHDxRV0D\%ROLYLD3UHVHQFLD%RVTXHPiVDQWLJXRGHOSODQHWDVHHQFXHQWUDHQ
&KLOH0DUFK0H[LFR(VWHSDtV*UHHQSHDFH,QJHQLHUtDJHQpWLFD)UDQNHQVWHLQRHOPRGHUQR
3URPHWHR2FWREHU(O8QLYHUVDO/DVTXHMDVGHODVHVSRVDVPRGHUQDV$SULO/RVLQFDV
UHDOL]DEDQVDFULILFLRVKXPDQRV2FWREHU8UXJXD\(O3DtV(MHUFLFLRItVLFRHVSURWHFWRUGHOD
VDOXG$SULO$UJHQWLQD%XHQD6DOXG(OGHVPD\RSRUHVWUpV/DVFRQIOLFWLYDVFDPDVVRODUHV
/DDQHPLD\HOGHSRUWH1&RPSDxtD(GLWRUD(VSDVD&DOSH$UJHQWLQD6$%XHQRV$LUHVH[FHUSW
IURPWKHQRYHO%RTXLWDVSLQWDGDVE\0DQXHO3XLJ+HUHGHURVGH0DQXHO3XLJZLWKNLQGSHUPLVVLRQ
IURP*XLOOHUPR6FKDYHO]RQ $VRFLDGRV$JHQFLD/LWHUDULD%DUFHORQD(VSDxD
*ORVVDU\RIJUDPPDWLFDOWHUPV
$GMHFWLYH$ZRUGZKLFKSURYLGHVPRUHLQIRUPDWLRQDERXWDQRXQ+LVKHUKRXVHLVYHU\ELJ6XFDVDHVPX\
JUDQGH,W
VDUHDOSLW\(VXQDYHUGDGHUDOiVWLPD
$GYHUE$ZRUGXVHGWRSURYLGHPRUHLQIRUPDWLRQDERXWDYHUEDQDGMHFWLYHRUDQRWKHUDGYHUE+HVKH
WUHDWHGPHEDGO\0HWUDWyGXUDPHQWH,WZDVH[WUHPHO\GLIILFXOW)XHH[WUHPDGDPHQWHGLItFLO7KH\
EHKDYHGLQFUHGLEO\ZHOO6HFRPSRUWDURQLQFUHtEOHPHQWHELHQ
$UWLFOH7KHUHDUHWZRW\SHVRIDUWLFOHVGHILQLWHDQGLQGHILQLWH'HILQLWHDUWLFOHVLQ6SDQLVKDUHHOODORVODV
WKHLQ(QJOLVK,QGHILQLWHDUWLFOHVDUHXQXQDDDQLQ(QJOLVKWKHER\HOFKLFRDPDJD]LQHXQDUHYLVWD
&ODXVH$JURXSRIZRUGVZLWKLQDVHQWHQFHZKLFKKDVLWVRZQYHUE$PDLQFODXVHIXQFWLRQVRQLWVRZQD
VXERUGLQDWHFODXVHLVGHSHQGHQWRQDQRWKHUFODXVH,Q,
OOWHOOKHUZKHQVKHDUULYHV6HORGLUpFXDQGR
OOHJXH,
OOWHOOKHU6HORGLUpWKHPDLQFODXVHFDQIXQFWLRQRQLWVRZQZKHQVKHDUULYHVFXDQGR
OOHJXHWKHVXERUGLQDWHFODXVHLVGHSHQGHQWRQWKHPDLQFODXVH
&RQMXQFWLRQ$ZRUGOLNHDQG\RUREXWSHURZKLFKMRLQVZRUGVRUJURXSVRIZRUGV
'HILQLWHDUWLFOH6HH$UWLFOH
'HPRQVWUDWLYH:RUGVOLNHHVWHHVWDWKLVHVRVHVDVWKRVHDUHFDOOHGGHPRQVWUDWLYHVWKLVERRNHVWHOLEUR
WKRVHLGHDVHVDVLGHDV
'LUHFWREMHFW6HH2EMHFW
)LQLWHYHUE$YHUEIRUPVXFKDVWKHRQHLQ7KH\ZRUNKDUG7UDEDMDQPXFKRLVVDLGWREHILQLWHEHFDXVHLW
LQGLFDWHVWHQVHSHUVRQDQGQXPEHU*HUXQGVLQILQLWLYHVDQGSDVWSDUWLFLSOHVDUHQRQILQLWHYHUEIRUPV
*HQGHU,Q6SDQLVKDOOQRXQVDUHHLWKHUPDVFXOLQHRUIHPLQLQH)RUH[DPSOHHOFROHJLRWKHVFKRROLV
PDVFXOLQHZKLOHODXQLYHUVLGDGWKHXQLYHUVLW\LVIHPLQLQH1RXQVUHIHUULQJWRPDOHSHRSOHDUHPDVFXOLQH
DQGWKRVHUHIHUULQJWRIHPDOHSHUVRQVDUHIHPLQLQH
*HUXQG5HIHUVWRWKHIRUPVRIWKHYHUEHQGLQJLQDQGRDQGLHQGRHJKDEODQGRFRPLHQGRYLYLHQGR6RPH
RILWVXVHVFRUUHVSRQGWRWKRVHRIWKHYHUEIRUPHQGLQJLQLQJLQ(QJOLVKHJ6KHLVHDWLQJ(VWiFRPLHQGR
,PSHUDWLYH6HH0RRG
,QGHILQLWHDUWLFOH6HH$UWLFOH
,QGLFDWLYH6HH0RRG
,QGLUHFWREMHFW6HH2EMHFW
,QILQLWLYH7KHEDVLFIRUPRIWKHYHUEDVIRXQGLQWKHGLFWLRQDU\,Q6SDQLVKLQILQLWLYHVHQGLQDUHUDQGLU
HJKDEODUWRVSHDNFRPHUWRHDWYLYLUWROLYH
,UUHJXODUYHUE$YHUEZKLFKGRHVQRWEHKDYHDFFRUGLQJWRDVHWSDWWHUQ
0RGDOYHUE$QDX[LOLDU\YHUEZKLFKLVXVHGZLWKDQRWKHUYHUEWRFRQYH\DFHUWDLQPRRGRULQWHQWLRQHJ:H
PXVWGRLW'HEHPRVKDFHUORREOLJDWLRQ:HFDQ
WKHOS\RX1RSRGHPRVD\XGDUWHSRVVLELOLW\$PRQJ
PRGDOYHUEVLQ6SDQLVKZHILQGSRGHUWREHDEOHWRFDQGHEHUPXVWWHQHUTXHWRKDYHWR
0RRG5HIHUVWRWKHIRUPVYHUEVFDQWDNHGHSHQGLQJRQKRZWKHVHDUHXVHG7KHUHDUHWKUHHPRRGVRIWKHYHUE
LQGLFDWLYHQRUPDOO\DVVRFLDWHGZLWKVWDWHPHQWVRIIDFWHJ7KH\DUHFRPLQJWRPRUURZ9LHQHQPDxDQD
LPSHUDWLYHXVHGIRUFRPPDQGVGLUHFWLRQVDQGLQVWUXFWLRQVHJ&RPHKHUH9HQDTXtDQGVXEMXQFWLYH
QRUPDOO\DVVRFLDWHGZLWKGRXEWSRVVLELOLW\ZLVKHVHWFHJ,GRQ
WWKLQNWKH\
OOFRPH1RFUHRTXH
YHQJDQ6HH6XEMXQFWLYHPRRG
1RXQ$ZRUGOLNHWDEOHPHVDFDWJDWRNLQGQHVVERQGDG
1XPEHU8VHGWRLQGLFDWHZKHWKHUVRPHWKLQJLVVLQJXODURUSOXUDOHJWKHKRWHOHOKRWHOLVVLQJXODUWKH
KRWHOVORVKRWHOHVLVSOXUDO
2EMHFW,QWKHVHQWHQFH,JDYHKLPWKHNH\V/HGLODVOODYHVWKHSKUDVHWKHNH\VZKLFKXQGHUJRHVWKHDFWLRQ
RIWKHYHUELQDGLUHFWZD\LVVDLGWREHWKHGLUHFWREMHFWZKLOHKLPWKHUHFLSLHQWRIWKHJLYLQJLVWKH
LQGLUHFWREMHFW$QREMHFWFDQEHDQRXQRUQRXQSKUDVHHJWKHNH\VRUDSURQRXQHJKLP
3DVVLYHDQGDFWLYH$VHQWHQFHVXFKDV7KHSROLFHFDXJKWWKHWKLHI/DSROLFtDDWUDSyDOODGUyQFRQWDLQLQJD
VXEMHFWWKHSROLFHFDUU\LQJRXWWKHDFWLRQH[SUHVVHGE\WKHYHUELVVDLGWREHDQDFWLYHVHQWHQFH,Q7KH
WKLHIZDVFDXJKWE\WKHSROLFH(OODGUyQIXHDWUDSDGRSRUODSROLFtDWKHREMHFWRIWKHDFWLYHVHQWHQFHWKH
WKLHIXQGHUJRLQJWKHDFWLRQH[SUHVVHGE\WKHYHUEEHFRPHVWKHVXEMHFWDQGWKHDJHQWFDUU\LQJRXWWKH
DFWLRQWKHSROLFHLVLQWURGXFHGE\WKHSUHSRVLWLRQE\SRULQ6SDQLVK7KLVW\SHRIVHQWHQFHLVFDOOHG
SDVVLYH
3HUVRQDOSURQRXQ$VWKHQDPHVXJJHVWVSHUVRQDOSURQRXQVUHIHUWRSHUVRQVHJ,\RKHpOVKHHOODZH
QRVRWURVKLPOROHXVQRV6HH3URQRXQ
3RVVHVVLYH$ZRUGOLNHP\PLPLQHPtRKHUVXKHUVVX\R
3UHSRVLWLRQ$ZRUGVXFKDVWRDLQHQEHWZHHQHQWUHZKLFKSURYLGHVLQIRUPDWLRQVXFKDVGLUHFWLRQ
ORFDWLRQWLPH
3URQRXQ$ZRUGWKDWVWDQGVLQSODFHRIDQRXQRUQRXQSKUDVHZKLFKKDVDOUHDG\EHHQPHQWLRQHGHJ0\
EURWKHULVDWHDFKHU+HLVDWHDFKHU0LKHUPDQRHVSURIHVRUeOHVSURIHVRU7KLVKRWHOLVPXFKEHWWHU
7KLVRQHLVPXFKEHWWHUeVWHKRWHOHVPXFKRPHMRUeVWHHVPXFKRPHMRU0\EHGURRPLVVPDOO+HUVLV
ELJ0LKDELWDFLyQHVSHTXHxD/DVX\DHVJUDQGH
5HIOH[LYHSURQRXQ$ZRUGVXFKDVP\VHOIPH\RXUVHOIWHVHRXUVHOYHVQRV
5HIOH[LYHYHUE:KHQWKHVXEMHFWDQGWKHREMHFWRIDYHUEDUHRQHDQGWKHVDPHWKHYHUELVVDLGWREH
UHIOH[LYHIRUH[DPSOH,KXUWP\VHOI0HKHUt:HKLGRXUVHOYHV1RVRFXOWDPRV
5HODWLYHFODXVH$JURXSRIZRUGVZKLFKUHIHUVEDFNWRVRPHWKLQJSUHYLRXVO\PHQWLRQHGLQWKHVHQWHQFHD
QRXQRUDSURQRXQNQRZQDVWKHDQWHFHGHQW6HHDOVR5HODWLYHSURQRXQ
5HODWLYHSURQRXQ$ZRUGOLNHTXHZKRZKRPWKDWZKLFKHOODFXDOWKDWZKRPZKLFKFX\RZKRVHZKLFK
LQWURGXFHVDUHODWLYHFODXVH6HH5HODWLYHFODXVH
6XEMHFW,QDVHQWHQFHVXFKDV0\ZLIHSUHSDUHGDGHOLFLRXVPHDO0LPXMHUSUHSDUyXQDFRPLGDGHOLFLRVD
P\ZLIHWKHSHUVRQSHUIRUPLQJWKHDFWLRQGHQRWHGE\WKHYHUELVWKHVXEMHFWRIWKHVHQWHQFH$VXEMHFWFDQ
EHDVLQJOHZRUGRUDJURXSRIZRUGV
6XEMXQFWLYHPRRG7KHVXEMXQFWLYHPRRGLVXVHGYHU\UDUHO\LQPRGHUQ(QJOLVKEXWWKHUHDUHUHPQDQWVRILWLQ
VHQWHQFHVVXFKDVWKHIROORZLQJ,LQVLVWWKDWKHFRPH,QVLVWRTXHYHQJD,ZLVKKHZHUHKHUH2MDOi
HVWXYLHUDDTXt6SDQLVKXVHVWKHVXEMXQFWLYHPXFKPRUHIUHTXHQWO\WKDQ(QJOLVK
6XERUGLQDWHFODXVH6HH&ODXVH
7HQVH&KDQJHVLQWKHYHUEZKLFKLQGLFDWHDVSHFWVRIWLPHDUHUHIHUUHGWRDVWHQVHVIRUH[DPSOHSUHVHQWWHQVH
IXWXUHWHQVHSUHWHULWHWHQVH,Q+HZRUNVLQDEDQN7UDEDMDHQXQEDQFRWKHYHUELVLQWKHSUHVHQWWHQVH,Q
+HZRUNHGWKHUHIRUDORQJWLPH7UDEDMyDOOtGXUDQWHPXFKRWLHPSRWKHYHUELVLQWKHSUHWHULWHWHQVH
9HUE$YHUELVDZRUGVXFKDVWRVSHDNKDEODUWRH[LVWH[LVWLUWRIHHOVHQWLUZKLFKFDQGHQRWHDFWLRQV
VWDWHVVHQVDWLRQVHWF
3DUW2QH
7KHYHUE
7KHSUHVHQWWHQVH
7H[W
,QDQLQWHUYLHZWKH6SDQLVKWHQRU3OiFLGR'RPLQJRWDONHGDERXWZKDWKHGRHVEHIRUHDSHUIRUPDQFHDQG
DERXWKLVVSDUHWLPH7KHODQJXDJHLVFROORTXLDODQGLQLW\RXZLOOILQGDQXPEHURIYHUEIRUPVZKLFK
FRUUHVSRQGWRWKHSUHVHQWWHQVH5HDGWKHLQWHUYLHZIRUXQGHUVWDQGLQJILUVWWKHQUHDGLWDJDLQDQGVHHKRZ
WKHSUHVHQWWHQVHKDVEHHQXVHG
3OiFLGR'RPLQJRHODUWLVWDWRWDO
&yPRHVXQGtDGH3OiFLGR'RPLQJRDQWHVGHXQDIXQFLyQ"
,QWHQWRTXHVHDFRPSOHWDPHQWHWUDQTXLORSURFXURQRDFHSWDUQLQJ~Q
FRPSURPLVRQRWHQHUTXHKDFHUDEVROXWDPHQWHQDGD0HTXHGRHQFDVDUHSDVDQGRHVWXGLDQGROH\HQGR
DOJR\WUDWRGHHVWDUHQVLOHQFLR
4XpFXLGDGRVItVLFRVWRPDHOPLVPR
GtDGHXQDSUHVHQWDFLyQ"6LJXHDOJ~QUpJLPHQHVSHFLDO"
&RPRXQDFRPLGDPX\OLJHUDSXHGHVHUXQSRTXLWRGHSROORDODSDUULOODRXQSRFRGHWHUQHUD0X\
SRTXLWR
SRUTXHFRQHOHVWyDJROOHQRQRVHSXHGHFDQWDU
(QWUHVXVIRUPDVGHGHVFDQVRFRPREXHQHVSDxROVHFXHQWDODVLHVWD"
0HHQFDQWDUtDGRUPLUODWRGRVORVGtDV
\QRSXHGRVREUHWRGRHQHVWHSDtV(Q(VWDGRV8QLGRVVHDUUHJODXQRODYLGDGHWDOIRUPDTXHQRVH
SXHGH\HVWDQVDOXGDEOH
&XiQWDVKRUDVGXHUPHHQOD
QRFKH"
(QGtDVQRUPDOHVGXHUPRFRPRRFKRKRUDVHOGtDGHODIXQFLyQWUDWRGHGRUPLUKDVWDRQFHSHUR
GHVSXpVGHXQDSUHVHQWDFLyQPHHVPX\GLItFLO
+R\HUDQODVFLQFR\WRGDYtDQRSRGtDFRQFLOLDUHOVXHxR3RUTXHWHTXHGDVH[FLWDGRQRVyORHQHO
SDSHOVLQRTXHSRUODIXQFLyQPLVPD
'yQGHYHUDQHD3OiFLGR'RPLQJR"
'HSHQGHYDPRVDODSOD\DODPD\RUtDGHODVYHFHV\KHPRVWUDWDGRGHTXHODV~OWLPDVYDFDFLRQHV
VHDQVLHPSUHHQ0p[LFR\DTXHPLPDGUHYLYHDOOt9DPRVD$FDSXOFRTXHPH
JXVWDPXFKR
'LDULR(O0HUFXULR&KLOH
7KHSUHVHQWWHQVH
86$*(
7KHSUHVHQWWHQVHLVXVHG
D7RUHIHUWRDQDFWLRQRUDVWDWHRIDIIDLUVZKLFKLVYDOLGLQWKHSUHVHQW
0LPDGUHYLYHDOOtOtQHD0\PRWKHUOLYHVWKHUH
E7RUHIHUWRVRPHWKLQJZKLFKLVJHQHUDOO\WUXHRUXQLYHUVDO
1RVHSXHGHFDQWDUO<RXFDQ
WVLQJ
2WKHUH[DPSOHVDUHVHDUUHJODSXHGHHVO
F7RUHIHUWRKDELWXDODFWLRQV
'XHUPRFRPRRFKRKRUDVO,VOHHSDERXWHLJKWKRXUV
7KHUHDUHDQXPEHURIRWKHUH[DPSOHVRIWKLVXVHLQWKHWH[W&RQVLGHUIRULQVWDQFHLQWHQWRSURFXUR
OPHTXHGROWRPDO
G7RUHIHUWRDWLPHOHVVIDFWRUVLWXDWLRQ
0HJXVWDPXFKRO,OLNHLWYHU\PXFK
$OVRSXHGROHVOGHSHQGHO
H7RUHIHUWRDFWLRQVWDNLQJSODFHDWWKHPRPHQWRIVSHDNLQJ
(OQLxRGXHUPHIRU(VWiGXUPLHQGR7KHFKLOGLVVOHHSLQJ
I7RH[SUHVVDELOLW\
7RFDHOSLDQR+HVKHSOD\VWKHSLDQR
J7RUHIHUWRWKHIXWXUHHVSHFLDOO\WRSUHDUUDQJHGHYHQWVDQGJHQHUDOO\ZLWKYHUEVRIPRYHPHQW
(QPD\RVHHOLJHXQQXHYRSUHVLGHQWH$QHZSUHVLGHQWZLOOEHHOHFWHGLQ0D\
0DxDQDOOHJD$QWRQLR$QWRQLRLVDUULYLQJWRPRUURZ
K7RUHIHUWRWKHSDVWKLVWRULFSUHVHQW
/DJXHUUDWHUPLQDHQ7KHZDUHQGHGLQ
L7RUHIHUWRDQDFWLRQZKLFKEHJDQLQWKHSDVWDQGLVVWLOOLQSURJUHVV
+DFHFLQFRDxRVTXHYLYHQDOOt7KH\
YHEHHQOLYLQJWKHUHIRUILYH\HDUV
M$VDQLPSHUDWLYHHVSHFLDOO\LQGLUHFWLRQVDQGLQVWUXFWLRQV
(QODHVTXLQDGREODVDODGHUHFKD<RXWXUQULJKWDWWKHFRUQHU
N,QUHTXHVWV
0HSDVDVHOSDQ":LOO\RXSDVVWKHEUHDG"
)250$7,21
5HJXODUYHUEV
6SDQLVKYHUEVIDOOLQWRWKUHHFDWHJRULHVDFFRUGLQJWRWKHHQGLQJRIWKHLQILQLWLYHWKHEDVHRUGLFWLRQDU\
IRUPRIWKHYHUEDUHUDQGLU0RVWYHUEVDUHUHJXODUWKDWLVWKH\IROORZDIL[HGSDWWHUQLQWKHLU
FRQMXJDWLRQ7RIRUPWKHSUHVHQWWHQVHUHPRYHWKHDUHURULURIWKHLQILQLWLYHDQGDGGWKHHQGLQJVIRU
WKHSUHVHQWWHQVH
\R
W~
XVWHGpOHOOD
QRVRWURVDV
YRVRWURVDV
XVWHGHVHOORVHOODV
WRPDU
WRPR
WRPDV
WRPD
WRPDPRV
WRPiLV
WRPDQ
FRPHU
FRPR
FRPHV
FRPH
FRPHPRV
FRPpLV
FRPHQ
YLYLU
YLYR
YLYHV
YLYH
YLYLPRV
YLYtV
YLYHQ
6WHPFKDQJLQJYHUEV
6WHPFKDQJHVRFFXUQRWRQO\LQWKHSUHVHQWWHQVHEXWDOVRLQRWKHUWHQVHVVXFKDVWKHSUHWHULWH&KDSWHU
WKHSUHVHQWVXEMXQFWLYH&KDSWHUDQGLPSHUIHFWVXEMXQFWLYH&KDSWHUDQGDOVRLQWKHLPSHUDWLYH
&KDSWHUDQGWKHJHUXQG&KDSWHU
6SHOOLQJFKDQJHV
$QXPEHURIYHUEVQRWFRQVLGHUHGLUUHJXODUXQGHUJRFKDQJHVLQWKHZULWWHQIRUPRIWKHVWHP7KH
IROORZLQJH[DPSOHVLOOXVWUDWHVSHOOLQJFKDQJHVDIIHFWLQJVRPHSUHVHQWWHQVHIRUPVEXWQRWHWKDWVSHOOLQJ
FKDQJHVDOVRRFFXULQRWKHUWHQVHV
VHJXLUOWRIROORZ\RVLJRYHQFHUWRFRQTXHU\RYHQ]RFRJHUWRFDWFK\RFRMRFRQRFHU
WRNQRZ\RFRQR]FRFRQVWUXLUWREXLOG\RFRQVWUX\RW~FRQVWUX\HVXVWHGpOHOODFRQVWUX\H
XVWHGHVHOORVHOODVFRQVWUX\HQ
9HUEVGHULYHGIURPWKHVHDQGPRVWYHUEVZLWKDVLPLODUVSHOOLQJXQGHUJRVLPLODUFKDQJHV)RUVSHOOLQJ
UXOHVDIIHFWLQJYHUEVVHHSDJHV
,UUHJXODUILUVWSHUVRQVLQJXODU
0DQ\YHUEVDUHLUUHJXODULQWKHILUVWSHUVRQVLQJXODU\RRIWKHSUHVHQWWHQVH$PRQJWKHVHZHILQG
FDHUWRIDOO
KDFHUWRGRPDNH
SRQHUWRSXWSODFH
FDLJR
KDJR
SRQJR
VDOLUWRJRRXW
WUDHUWREULQJ
YDOHUWREHZRUWK
VDOJR
WUDLJR
YDOJR
\R
W~
XVWHGpOHOOD
QRVRWURVDV
YRVRWURVDV
XVWHGHVHOORVHOODV
VHU
VR\
HUHV
HV
VRPRV
VRLV
VRQ
LU
YR\
YDV
YD
YDPRV
YDLV
YDQ
6HHDOVR,UUHJXODUYHUEVRQSDJHV
20,66,212)68%-(&735212816
6XEMHFWSURQRXQV\RW~pOHWFDUHXVXDOO\RPLWWHGLQ6SDQLVKXQOHVVWKHUHLVDPELJXLW\DVIRUXVWHGpO
HOODZKLFKVKDUHWKHVDPHYHUEHQGLQJVDQGDOVRIRUHPSKDVLVRUFRQWUDVW8VWHGDEEUHYLDWHG9GDQG
XVWHGHVDEEUHYLDWHG9GVDUHKHDUGPRUHRIWHQDVDVLJQRISROLWHQHVV
/$7,1$0(5,&$186$*(
7KHYRVRWURVDVVXEMHFWSURQRXQXVHGIRUIDPLOLDUDGGUHVVLQWKHSOXUDODQGWKHFRUUHVSRQGLQJIRUPRIWKH
YHUEDUHQRWXVHGLQWKH6SDQLVKVSHDNLQJFRXQWULHVRI/DWLQ$PHULFDZKHUHXVWHGHVLVXVHGLQERWK
IRUPDODQGIDPLOLDUDGGUHVV
,QWKH5tRGHOD3ODWDDUHD$UJHQWLQDDQG8UXJXD\YRVLVXVHGLQVWHDGRIW~5HJXODUSUHVHQWWHQVH
IRUPVIRUYRVDUHGLIIHUHQWIURPWKRVHRIW~DERYHYRVWRPiVYRVFRPpVYRVYLYtV6WHPFKDQJHV
DIIHFWLQJWKHW~IRUPRIWKHYHUEHJW~WLHQHVGRQRWDSSO\WRWKHYRVIRUPVHJYRVWHQpV7KHLUUHJXODU
IRUPHUHVIURPVHUEHFRPHVVRVYRVVRVVHHDOVR&KDSWHUVDQG
2WKHUSRLQWVWRQRWHLQWKHWH[W
6HHIRUIXUWKHULQIRUPDWLRQ
%DWFKHORUDQG3RXQWDLQSS
%XWWSS
%XWWDQG%HQMDPLQSS
.DWWiQ,EDUUDDQG3RXQWDLQSS
0XxR]DQG7KDFNHUSS
(;(5&,6(6
&RPSOHWHWKHVHVHQWHQFHVE\SXWWLQJWKHDSSURSULDWHSUHVHQWWHQVHHQGLQJWRHDFKYHUE
D0DxDQD\RVDFBBBBODVHQWUDGDV\OXHJRWHOODPYDOH"
E6LW~QRHVWXGLBBBBQRDSUHQGBBBBQDGD
F3OiFLGR'RPLQJR\VXPXMHUYLVLWBBBBDVXPDGUHTXHYLYBBBBHQ$FDSXOFR
G8VWHGHVFULEBBBBDUWtFXORVSDUD/D9DQJXDUGLDYHUGDG"
H(QODGLVFRWHFD5RVDULR\\REDLOBBBB\EHEBBBBPXFKR
I(O'tDGH5H\HVORVQLxRVHVSDxROHVUHFLEBBBBUHJDORV
J8VWHGHVKDEOBBBBPX\ELHQLQJOpV
K2\H5DIDW~\3LOLVXEBBBBHQHODVFHQVRU"
L+DFHGLH]DxRVTXHQRVRWURVYLYBBBBHQ6DQWDQGHU
M$QWHVGHXQDIXQFLyQORVP~VLFRVLQWHQWBBBBQRKDFHUQDGD
N3RUTXpQRJXDUGBBBBYRVRWURVODVFRVDVHQHODUPDULR"
O'HGtD)HUQDQGRWUDEDMBBBBFRPRJXtD\GHQRFKHWRFBBBBODJXLWDUUDHQXQEDU/OHJBBBBDFDVD
DJRWDGR
P+R\GtDQRVRWURVSDVBBBBPHQRVWLHPSRFRQODIDPLOLD
Q7RGRVORVGtDV%HJRxDFRUUBBBBHQHOSDUTXH
R<RFRPSUBBBBHOSHULyGLFRHQHOTXLRVFRGHODHVTXLQD\OROHBBBBPLHQWUDVGHVD\XQHQHOEDU
3XWWKHYHUELQEUDFNHWVLQWRWKHFRUUHFWIRUPRIWKHSUHVHQWWHQVH
LU
VHU
DVLVWLU
PHQWLU
SHUGHU
GRUPLU
HPSH]DU
DEULU
FRPHU
VHUYLU
FRQVHJXLU
PHGLU
D/RVYHJHWDULDQRVQRBBBBFDUQH
E8QDUWLVWDBBBBFXDGURV
FBBBBPXFKRHQOD6LHUUD1HYDGD
G6LBBBBHOSDVDSRUWHWLHQHVTXHLUDODFRPLVDUtD
H/DVFRUULGDVGHWRURVBBBBDODVFLQFRGHODWDUGH
I(QGtDVQRUPDOHV3OiFLGR'RPLQJRBBBBRFKRKRUDV
J8VWHGHVBBBBHVFRFHVHVYHUGDG"
K/DPD\RUtDGHODJHQWHBBBBGH1XHYD<RUND0LDPLHQDYLyQ
L/DFHQDVHBBBBDSDUWLUGHODVQXHYH
M/RVEULWiQLFRVBBBBSRUODL]TXLHUGD
N(VWDKDELWDFLyQBBBBPHWURVGHDQFKR
O6LQRBBBBHQWUDGDVQRSXHGHQLUDOFRQFLHUWR
P(VHJUXSRGHHVWXGLDQWHVVyORBBBBDFODVHSRUODPDxDQD
Q4XpPHQWLURVRHV0LJXHOBBBBWDQWRTXHQDGLHOHFUHHFXDQGRGLFHODYHUGDG
R$TXtORVFRPHUFLRVQRBBBBKDVWDODVGLH]
7UDQVODWHLQWR6SDQLVKXVLQJWKHSUHVHQWWHQVHWRUHIHUWRWKHIXWXUH
2Q)ULGD\ZH
OOEHVD\LQJJRRGE\HWR0DUtD:KDWVKDOOZHJLYHKHUDVDSUHVHQW"
6KHOLNHVMHZHOOHU\6KDOOZHJLYHKHUVRPHHDUULQJV"
<HVZK\QRW",
OOSKRQHKHUWRQLJKWWRWHOOKHUWKDWWKHUH
VDSDUW\DWP\KRXVH7KXUVGD\QLJKW
$QGZH
OOEX\WKHHDUULQJVZKHQ"
6KDOOZHOHDYHLWXQWLO:HGQHVGD\",KDYHWRJRWR3DULVDQG,
OOQRWEHEDFNXQWLO7XHVGD\
2.:KHUHVKDOOZHPHHW"2XWVLGHWKHMHZHOOHU
V"
<HV,
OOVHH\RXWKHUHDWWHQ
$IWHUUHUHDGLQJWKHLQWHUYLHZZLWK3OiFLGR'RPLQJRZULWHDVLQDUHSRUWRUWHOODSDUWQHULQ6SDQLVK
ZKDWKHVD\VKHGRHVEHIRUHDSHUIRUPDQFH
$6SDQLVKILOPFUHZKDVFRPHWR\RXUWRZQDQG\RXKDYHWKHFKDQFHWRLQWHUYLHZWKHGLUHFWRU3UHSDUH
TXHVWLRQVWRILQGRXW
ZKDWWLPHVKHVWDUWVDQGILQLVKHVZRUN
ZKHWKHUVKHHDWVZLWKWKHDFWRUV
WRUHOD[ZKDWERRNVVKHUHDGV
ZKDWPXVLFVKHOLVWHQVWR
ZKDWSURJUDPPHVVKHZDWFKHVRQWHOHYLVLRQ
ZKDWVSRUWVKHGRHVWRNHHSILW
<RXPD\WKLQNRIRWKHUTXHVWLRQV\RXFDQIRUPXODWHXVLQJWKHSUHVHQWWHQVHWRDGGWRWKLVOLVW
,PDJLQLQJWKDW\RXDUHWKHILOPGLUHFWRUPDNHXSDQVZHUVWRWKHTXHVWLRQVLQH[HUFLVH
+RZVLPLODUDQGKRZGLIIHUHQWLV\RXUOLIHVW\OHWRWKHRQHRXWOLQHGKHUHE\5DIDHO"'LVFXVVZLWKD
SDUWQHUDQGRUZULWHDUHVSRQVHGHWDLOLQJWKHVLPLODULWLHVDQGGLIIHUHQFHVLQOLIHVW\OH
<RQRUPDOPHQWHGHVD\XQRHQXQEDUFHUFDGHOWUDEDMR7RPRXQ]XPRGHQDUDQMDXQFDIpFRQOHFKH\XQD
WRVWDGD
$PHGLDPDxDQDYXHOYRDOEDUFRQORVFRPSDxHURVGHWUDEDMR\WRPRRWURFDIp
$ODKRUDGHFRPHUYR\DFDVD\FRPRFRQPLIDPLOLD9HRXQSRFRGHWHOHDQWHVGHYROYHUDWUDEDMDU
&XDQGRWHUPLQRGHWUDEDMDUQRYR\GLUHFWDPHQWHDFDVD0HUH~QRFRQORVDPLJRVHQXQEDUDOODGRGH
FDVD
'RVYHFHVDODVHPDQDYR\DOJLPQDVLRSDUDPDQWHQHUPHHQIRUPD
/RVILQHVGHVHPDQDVXHORLUDOSXHEORFRQODIDPLOLD7HQHPRVXQDFDVDDOOt\HVGRQGHVLHPSUHSDVDPRV
ODVYDFDFLRQHV
7KHSUHWHULWH
7H[W
7KHIROORZLQJSDVVDJHFRPHVIURPDQRYHOE\WKHODWH$UJHQWLQLDQZULWHU0DQXHO3XLJEHWWHUNQRZQIRU
KLVZRUN(OEHVRGHODPXMHUDUDxD7KH.LVVRIWKH6SLGHU:RPDQ7KHPDLQJUDPPDWLFDOSRLQWKHUHLV
WKHSUHWHULWHWHQVHNQRZQLQ(QJOLVKDVWKHVLPSOHSDVW5HDGWKHWH[WDQGVWXG\LWVXVH
%RTXLWDVSLQWDGDV
(O\DPHQFLRQDGRMXHYHVGHDEULOGH-XDQ&DUORV-DFLQWR(XVHELR(WFKHSDUHVHGHVSHUWyDODV
FXDQGRVXPDGUHJROSHyDODSXHUWD\HQWUyDOFXDUWR-XDQ&DUORVQRFRQWHVWyDODVSDODEUDV
FDULxRVDVGHVXPDGUH/DWD]DGHWpTXHGyVREUHODPHVDGHOX]-XDQ&DUORVVHDEULJyFRQXQDEDWD\
IXH
DFHSLOODUVHORVGLHQWHV(OPDOJXVWRGHODERFDGHVDSDUHFLy9ROYLyDVXKDELWDFLyQHOWpHVWDEDWLELR
OODPyDVXPDGUH\SLGLyTXHVHORFDOHQWDUD$ODVWRPyHQODFDPDXQDWD]DGHWpFDVLKLUYLHQWH
FRQODFRQYLFFLyQGHTXHHVHFDORUOHKDUtDELHQDOSHFKR3HQVyHQODSRVLELOLGDGGHEHEHU
FRQVWDQWHPHQWHFRVDVPX\FDOLHQWHV\HQYROYHUVHHQSDxRVFDOLHQWHVFRQORV
SLHVMXQWRDXQDEROVDGHDJXDFDOLHQWHODFDEH]DHQYXHOWDHQXQDEXIDQGDGHODQDFRQ~QLFDPHQWHOD
QDUL]\ODERFDGHVFXELHUWDVSDUDWHUPLQDUFRQODGHELOLGDGGHVXDSDUDWRUHVSLUDWRULR
0DQXHO3XLJ%RTXLWDVSLQWDGDV+HUHGHURVGH0DQXHO3XLJ
7KHSUHWHULWH
86$*(
D7RUHIHUWRDFWLRQVZKLFKWRRNSODFHDQGZHUHFRPSOHWHGDWVRPHSRLQWLQWKHSDVW,QWKLVFRQWH[WLWPD\
EHDFFRPSDQLHGE\WLPHSKUDVHVVXFKDVD\HU\HVWHUGD\HOOXQHVSDVDGRODVW0RQGD\KDFHXQD
VHPDQDDZHHNDJRHOYHUDQRSDVDGRODVWVXPPHUHO\DPHQFLRQDGRMXHYHVGHDEULOGHO
E,QDQDUUDWLYHFRQWH[WLWLVRIWHQXVHGDORQJVLGHWKHLPSHUIHFWWHQVH&KDSWHUZLWKWKHSUHWHULWH
VLJQDOOLQJDFRPSOHWHGDFWLRQRUVHULHVRIDFWLRQVDQGWKHLPSHUIHFWSURYLGLQJDGHVFULSWLYHIUDPHZRUN
9ROYLyDVXKDELWDFLyQHOWpHVWDEDWLELROODPyDVXPDGUH\SLGLyTXHVHORFDOHQWDUDO+H
UHWXUQHGWRKLVURRPWKHWHDZDVFROGKHFDOOHGKLVPRWKHUDQGDVNHGKHUWRKHDWLWIRUKLP
7KHGHVFULSWLRQLQWKLVVHQWHQFHLVSURYLGHGE\WKHLPSHUIHFWWHQVHIRUPHVWDEDLWZDV
F7RUHIHUWRDQDFWLRQZKLFKZDVFRPSOHWHGEHIRUHDQRWKHURQHWRRNSODFHRUWRRQHZKLFKZDV
LQWHUUXSWHGDWVRPHSRLQWLQWKHSDVW
'HVSXpVTXHFHQyVDOLyDGDUXQSDVHR$IWHUKHVKHKDGGLQQHUKHVKHZHQWRXWIRUD
ZDON7UDEDMyDOOtKDVWDTXHODGHVSLGLHURQ6KHZRUNHGWKHUHXQWLOVKHZDVVDFNHG
G7RUHIHUWRDFWLRQVZKLFKWRRNSODFHRYHUDSURORQJHGSHULRGRIWLPHEXWHQGHGLQWKHSDVW
9LYLHURQHQOD$UJHQWLQDGXUDQWHTXLQFHDxRV7KH\OLYHGLQ$UJHQWLQDIRUILIWHHQ\HDUV
7+(35(7(5,7($1'7+(,03(5)(&7
7KHGLVWLQFWLRQ6SDQLVKPDNHVEHWZHHQWKHSUHWHULWHDQGWKHLPSHUIHFW&KDSWHULVYHU\LPSRUWDQWDVWKLV
DIIHFWVPHDQLQJ1RWHWKHGLIIHUHQFHEHWZHHQWKHIROORZLQJVHQWHQFHV
7UDEDMpHQXQEDQFR,ZRUNHGLQDEDQN
7UDEDMDEDHQXQEDQFR,ZRUNHGZDVZRUNLQJXVHGWRZRUNLQDEDQN
7UDEDMpVLJQDOVDFRPSOHWHGSDVWHYHQWZKLOHWUDEDMDEDUHIHUVWRDQRQJRLQJSDVWDFWLRQ$VXLWDEOHWLPH
SKUDVHIRUWKHILUVWVHQWHQFHPLJKWEHGHVGHKDVWDIURPWLOO7RWKHVHFRQGH[DPSOH
RQHFRXOGDGGHQDTXHOWLHPSRDWWKDWWLPH
)250$7,21
5HJXODUYHUEV
HQWUDU
HQWUp
HQWUDVWH
HQWUy
HQWUDPRV
HQWUDVWHLV
HQWUDURQ
YROYHU
YROYt
YROYLVWH
YROYLy
YROYLPRV
YROYLVWHLV
YROYLHURQ
YLYLU
YLYt
YLYLVWH
YLYLy
YLYLPRV
YLYLVWHLV
YLYLHURQ
3UHSRVLWLRQVDOVREUHOFRQOHQOSDUDOHWFVHH&KDSWHU
5HIOH[LYHYHUEVVHGHVSHUWyOVHDEULJyOFHSLOODUVHOHQYROYHUVHOVHH&KDSWHU
'HILQLWHDUWLFOHHOMXHYHVODODVOODVSDODEUDVOFHSLOODUVHORVGLHQWHVOHWF
VHH&KDSWHU
6HHIRUIXUWKHULQIRUPDWLRQ
%DWFKHORUDQG3RXQWDLQSS
%XWWSS
%XWWDQG%HQMDPLQSS
.DWWiQ,EDUUDDQG3RXQWDLQSS
0XxR]DQG7KDFNHUSS
(;(5&,6(6
&RPSOHWHWKHVHVHQWHQFHVE\SXWWLQJWKHDSSURSULDWHSUHWHULWHWHQVHHQGLQJWRHDFKYHUE
D\R3DVGRVBBBBKRUDVYLHQGRODWHOH\OXHJRVDOBBBBDGDUXQSDVHR
EW~(VWXGLBBBBFDVWHOODQRHQODXQLYHUVLGDG\QROH(OBBBB4XLMRWH"
F/DPDGUHGH-XDQ&DUORVOHSUHSDUBBBBXQDWD]DGHWpSHURpOQRODEHE
G$TXpKRUDXVWHGHQWUBBBB\SRUTXpQRFRJBBBBB
ORVSDSHOHV"
HQRVRWURV9LDMBBBBD&yUGREDHQDXWRFDU\GHDOOtVDOLBBBBBSDUD5HVLVWHQFLD
IYRVRWURV0DQGBBBBORVLQIRUPHVSHURQRUHFLEQLQJXQDUHVSXHVWD"4XpUDUR
J/RVDPLJRVGH-XDQ&DUORVOHOODP\OXHJRVXEBBBBDYLVLWDUOH
K8VWHGHVHQFRQWUBBBBHOVLWLRVLQGLILFXOWDGYHUGDG"9ROYBBBBHQWD[LRHQDXWRE~V"
L6XKLMRQROHVHVFULEBBBBQLOHVOODPBBBBXQDVRODYH]
M'HFLGBBBBTXHGDUQRVODQRFKHHQ6DQWR'RPLQJR
N/RVGRVMyYHQHVLQWHQWBBBBDSUHQGHUTXHFKXDDQWHVGHHPSUHQGHUVXYLDMHDORV$QGHV
O(OORVQRORHQFRQWUBBBBQDGDIiFLO\QRDSUHQGBBBBPXFKR
P'yQGHW~FRQRFBBBBDWXPXMHU"
Q(OWUHQOOHJBBBBFRQGRVKRUDVGHUHWUDVR\SRUHVR0DULVROSHUGBBBBHO~OWLPRDXWRE~V
R<R$OTXLOBBBBXQFRFKHHQ*XDGDODMDUD\UHFRUUBBBBWRGDODSURYLQFLD
,QVRPH/DWLQ$PHULFDQFRXQWULHVQRWDEO\$UJHQWLQDWRPDUVKRXOGEHXVHGUDWKHUWKDQFRJHU
ZKLFKKDVVH[XDOFRQQRWDWLRQV
3XWWKHYHUELQEUDFNHWVLQWRWKHFRUUHFWIRUPRIWKHSUHWHULWH
D(OYHUDQRSDVDGRLU\RBBBBSRUSULPHUDYH]D&XED6HUBBBBXQDH[SHULHQFLDPDUDYLOORVD
E&DUPHQQRVDEHUBBBBTXpKDFHU\SRUHVRQRKDFHUBBBBQDGD
F$QGDUQRVRWURVBBBB\DQGDUBBBBSHURHVWiEDPRVFRPSOHWDPHQWHSHUGLGRV\QRSRGHUBBBB
HQFRQWUDUODFDVD
G'yQGHHVWDUYRVRWURVBBBBD\HU"3RUTXpQRYHQLUBBBBDFODVH"
H1RQRVVHUYLUHOORVBBBBODSDHOODFRPRHUDGHELGRDVtTXHLUQRVRWURVBBBBDSHGLUHOOLEURGH
UHFODPDFLRQHVSHURQRVGHFLUHOORVBBBBTXHQRH[LVWtD
I<HVWRORWUDGXFLUXVWHGHVBBBBFXDQGRHVWDUBBBBHQ%ROLYLD"
J0HHQFDQWDWXSRQFKR'yQGHORFRPSUDUW~BBBB"
1RORFRPSUDUBBBB\R0HORWUDHUBBBB&DUORVGH$UJHQWLQD
K1RWRFDU\RBBBBQDGD(QWUDUBBBBSRQHUBBBBORVSDSHOHVHQHOHVFULWRULRSHURQRWRFDU
BBBBQDGD
L(OMXHYHVHPSH]DU\RBBBBDWUDEDMDUDODVRFKR
1R8VWHGHPSH]DUBBBBPiVWDUGH
1RQRHVYHUGDG/OHJDU\RBBBBDODVRFKRPHQRVFXDUWRWRPDUBBBBXQFDIp\SRQHUPH
BBBBDWUDEDMDU/XHJRYHQLUBBBB&DUORV\HQWUHXQDFRVD\RWUDQRWHQHU\RBBBBWLHPSRSDUD
WHUPLQDUOR
M&XDQGRHOODYHUBBBBDGRVODGURQHVVDOLUSRUODYHQWDQDGHVXFDVDFRJHU
BBBBXQDSLHGUD
SRQHUVHBBBBDJULWDU\DVHJXLUORV\FRQVHJXLUBBBBUHWHQHUORV
6HHQRWHDERYHDERXWWKHXVHRIFRJHU
7KHIROORZLQJWH[WLVZULWWHQXVLQJWKHKLVWRULFSUHVHQW5HZULWHLWXVLQJWKHSUHWHULWHWHQVH
&DUORV*DUGHOHOIDPRVRFDQWDQWHGHWDQJRQDFHFRQHOQRPEUHGH&KDUOHV*DUGHVHQ)UDQFLDDILQDOHV
GH6XVSDGUHVGHFLGHQSUREDUIRUWXQDHQ$UJHQWLQD\HOGHPDU]RGHOOHJDQD%XHQRV
$LUHV(VDTXtGRQGHQDFHVXLQWHUpVSRUODP~VLFD\GRQGHDGRSWDHOQRPEUHGH&DUORV*DUGHO
5HFLEHFODVHVGHVROIHRGHDOJXQRVGHORVFDQWDQWHVPiVFRQRFLGRVGHODpSRFD\HQLQFRUSRUDHO
WDQJRDVXUHSHUWRULR\VHFRQYLHUWHHQFDQWRUGHWDQJRV(VFULEHFDQFLRQHVVDOHHQSHOtFXODV\OOHJDD
VHUXQRGHORVLQWpUSUHWHVGHWDQJRPiVIDPRVRVGHOPXQGR0XHUHHOGHMXQLRGHHQ0HGHOOtQ
&RORPELDFXDQGRVXDYLyQVHHVWUHOODFRQWUDRWUR
3XWWKHYHUELQEUDFNHWVLQWRWKHFRUUHFWIRUPRIWKHSUHWHULWHWKHQLPDJLQHDQGUHFRXQWLQ6SDQLVKZKDW
-XDQ&DUORVGLGIRUWKHUHVWRIWKDWGD\DIWHUKHILQDOO\JRWXS
(VDPDxDQD-XDQ&DUORVQRVHVHQWtDELHQFXDQGRGHVSHUWDUVHBBBBBB\SRUHVRQRTXHUHU
OHYDQWDUVH6XPDGUHOHGDUBBBBBBXQWpSHURHQYH]GHEHEHUORLUBBBBDOFXDUWRGHEDxR(OWp
HQIULDUVHBBBB\VXPDGUHWHQHUBBBBTXHSUHSDUDUOHRWUR'HVSXjVGHEHEHUOR-XDQ&DUORV
GRUPLUVHBBBB\GRUPLUBBBBKDVWDODKRUDGHODOPXHU]RFXDQGROHYDQWDUVHBBBB
<RXOHDGVXFKDEXV\OLIHWKDW\RXQRWHGRZQHYHU\WKLQJLQ\RXUGLDU\8VLQJWKLVH[WUDFWIURPODVW
)ULGD\JLYHDQDFFRXQWRIZKDW\RXGLGWKDWGD\<RXPD\ZLVKWRDGGLQIRUPDWLRQWRWKLVEDUHRXWOLQH
PDxDQD
JLPQDVLR
GHVD\XQR
KRUDFRQHOGHQWLVWD
UHXQLyQFRQMHIHGHVHFFLyQ
%DU/D)ORUDSHULWLYRVFRQ-DLPH\6XVDQDWDUGH
WDUGH
5HVWDXUDQWH/D2ILFLQDDOPXHU]RFRQ1DFKR
SUHSDUDULQIRUPHSDUDVHPDQDTXHYLHQH
FDVDOODPDUD$GROIRVXFXPSOHDxRV
%DU*UHJRULRFRSDVFRQODSDQGLOOD
FHQD\FLQHFRQ0
5HDGWKHVHDQVZHUVWKDW$QWRQLRJDYH\RXDERXWKLVODWHVWKROLGD\V7KHQZULWHWKHTXHVWLRQV\RXDVNHG
KLPWRHOLFLWWKHVHDQVZHUV
D%XHQRIXLD/D+DEDQD&XED
E(VWXYHXQDVHPDQDDOOt
F1RQRYLDMpVROR)XLFRQXQRVDPLJRV
G9LDMDPRVSULPHURHQDXWRE~VKDVWDHODHURSXHUWR\DOOtWRPDPRVXQDYLyQTXHQRVOOHYyD/D
+DEDQD
H1RVDORMDPRVHQXQKRWHOHQXQFRPSOHMRWXUtVWLFREDVWDQWHDOHMDGRGHOFHQWUR
I(OSULPHUGtDGLPRVXQSDVHRSRUODSDUWHYLHMDGHODFLXGDG
J9LVLWDPRVHO0XVHRGHOD5HYROXFLyQ\WDPELpQXQDIiEULFDGHWDEDFRVK3RUODQRFKHQRVDOLPRV
QR
L+L]RXQWLHPSRHVSOpQGLGRVRO\FDORUWRGRVORVGtDV
M&RPSUpORWtSLFRXQDVPDUDFDVXQRV&'VGHVRQFXEDQR\KDEDQRVSRUVXSXHVWR
N0HORSDVpHVWXSHQGDPHQWHELHQ
:ULWHDQDFFRXQWRIDUHDORULPDJLQDU\KROLGD\VD\LQJZKHUH\RXZHQWZLWKZKRPKRZ\RXWUDYHOOHG
ZKDW\RXGLGWKHUHHWF
7KHLPSHUIHFW
7H[W
7KH6SDQLVKILOPGLUHFWRU3HGUR$OPRGyYDUZDVDVNHGZK\KHOHIWKLVSDUHQWVKRPHZKHQKHZDV\RXQJ
$V\RXUHDGWKLVDQGWKHLQWHUYLHZVZKLFKIROORZIRFXVDWWHQWLRQRQWKHXVHRIWKHLPSHUIHFWWHQVH
3DUHFHTXHPDGXUpDXQTXHQRTXHUtD
3RUTXpKXLU"
3RUTXHWDQWRHOODFRPRPLSDGUHKDEtDQGHFLGLGRXQIXWXURLQPHGLDWRSDUDPtTXHQRHUDHOTXH\R
TXHUtD
DXQTXHIXHUDXQQLxR<R\DVDEtDDOJXQDVFRVDVGHPLYLGD\QRFRLQFLGtDQFRQHOIXWXURTXHHOORV
SUR\HFWDEDQPHKDEtDQEXVFDGRWUDEDMRHQXQEDQFRGHOSXHEOR\OHV
GLMHTXHQRTXHUtD3HURQRPHGHMDEDQSDUWLU$PHQD]DURQFRQPDQGDUPHLQFOXVRDOD*XDUGLD&LYLO
SHUROHVGLMHTXHQRTXHPHLED'HVSXpVYLHURQTXHHUDHQVHULR
TXHQRHUDXQFDSULFKRTXHHVWDEDGLVSXHVWRDLUPHD0DGULGDVHJXLUHVWXGLDQGRDVHUGXHxRGHPL
YLGD\DFUHDUPLIXWXUR(QWRQFHVFRPRPXFKRVFKLFRVPHIXLGiQGROH
XQDSDWDGDDODSXHUWD\HVWXYHVHSDUDGRGHHOORV
5HYLVWD:LNpQ'LDULR(O0HUFXULR&KLOH
7H[W
7KH&KLOHDQZULWHU,VDEHO$OOHQGHVWDONDERXWKHUFKLOGKRRG
8QOLEURHVPiVLPSRUWDQWHTXHXQSDQELHQKHFKR
'HGyQGHQDFHVXUHEHOGtDFRQWUDODDXWRULGDGPDVFXOLQD"
'HPX\PX\SHTXHxD<RPHFULpHQXQDFDVDGHKRPEUHVHQXQDIDPLOLD
PX\VHYHUD/DYLGDHUDDXVWHULGDGHVIXHU]RGLVFLSOLQDVXIULPLHQWR1RVHGLVFXWtDQXQFDXQD
GHFLVLyQGHPLDEXHOR'HVSXpVYHQtDQPLVWtRV
TXHHUDQXQRVEiUEDURV(OORVWHQtDQ
ODOLEHUWDG\ODDXWRULGDGTXHPLPDGUHQXQFDWXYR&UHRTXHGHPX\FKLFDPHGLFXHQWDGHHVR\PH
UHEHOpFRQWUDHVDDXWRULGDG<RYLYtDHQXQDVRFLHGDGGRQGHORTXHPDQGDEDHUD
VLHPSUHPDVFXOLQR\SDUDFROPRPHWRFyXQJROSHPLOLWDU<QRKD\QDGDPiVDXWRULWDULRPiV
PDVFXOLQRTXHHVR
'LDULR([SDQVLyQ(VSDxD
7H[W
*DEULHO*DUFtD0iUTXH]WKH&RORPELDQZULWHUUHPHPEHUVKLVJUDQGSDUHQWV
(OEDUFRGRQGHHVWDEDHOSDUDtVR
4XpWDQWDLQIOXHQFLDWXYRWXDEXHODHQWXIRUPDFLyQ"
(OHVSRVRGHPLDEXHODPLDEXHORHUDXQFRURQHOGHODVJXHUUDVFLYLOHVGH
ILQHVGHVLJORSDVDGRTXHWXYRDFWXDFLRQHVYHUGDGHUDPHQWHQRWDEOHVGHYDORUGHDUURMRGH
GHWHUPLQDFLyQ$VtORUHFXHUGRDKRUD(QDTXHOPRPHQWRQRORSRGtDMX]JDU
pOHUDHOMHIHHOFRURQHOGHODFDVD<RYLYtDHQHOPXQGRGHODVPXMHUHVpOHUDHO~QLFRKRPEUHHQXQD
FDVDOOHQDGHPXMHUHV&XDQGROOHJXp\RHUDHOVHJXQGRKRPEUH
SHURHVWDEDHQWUHODVPXMHUHV\ORYHtDDpOGHVGHHOSXQWRGHYLVWDGHODVPXMHUHV\PHGDEDFXHQWDGH
TXHQDGLHOHKDFtDFDVR(OPXQGRDTXpO\HOPXQGRHQWHURJLUDEDQDOUHGHGRU
GHOVROSRUODGHWHUPLQDFLyQGHODVPXMHUHV<FODURHOFHQWURGHHVHXQLYHUVRGHPXMHUHVHUDOD
DEXHOD/DDEXHODTXHVHOODPDED7UDQTXLOLQD\TXHHUDODSHUVRQDPiV
LQWUDQTXLOD\PiVPyYLOTXH\RUHFXHUGH
'LDULR(O0HUFXULR&KLOH
7KHLPSHUIHFW
86$*(
7KHLPSHUIHFWWHQVHLVXVHG
D*HQHUDOO\WRUHIHUWRDQRQJRLQJVWDWHRUDFWLRQLQWKHSDVWZKRVHEHJLQQLQJRUHQGLVQRWVSHFLILHG,Q
WKLVFRQWH[W(QJOLVKQRUPDOO\XVHVWKHVLPSOHSDVWRUGHSHQGLQJRQWKHPHDQLQJDFRQVWUXFWLRQZLWK
XVHGWR0RVWLPSHUIHFWWHQVHIRUPVLQWKHWH[WVFRUUHVSRQGWRWKLVXVDJH
<R\DVDEtDDOJXQDVFRVDV7O,DOUHDG\NQHZDIHZWKLQJV
<RYLYtDHQHOPXQGR7,OLYHGLQDZRUOG
&RQVLGHUDOVRHUDTXHUtD7OYHQtDQHUDQ7OSRGtD7O
E,QQDUUDWLYHFRQWH[WVLQFRQMXQFWLRQZLWKWKHSUHWHULWHZKHUHWKHLPSHUIHFWSURYLGHVWKHEDFNJURXQG
GHVFULSWLRQIRUWKHDFWLRQVH[SUHVVHGE\WKHSUHWHULWH,Q(QJOLVKERWKFRUUHVSRQGWRWKHVLPSOHSDVW
<RPHFULpHQXQDFDVDGHKRPEUHV7O,ZDVEURXJKWXSLQDKRXVHIXOORIPHQ
/DYLGDHUDDXVWHULGDG7O/LIHZDVDXVWHULW\
F7RUHIHUWRSDVWKDELWXDODFWLRQVH[SUHVVHGLQ(QJOLVKWKURXJKWKHVLPSOHSDVWRUWKHXVHGWRIRUP
*LUDEDQDOUHGHGRUGHOVRO77KH\UHYROYHGDURXQGWKHVXQ
5HJXODUYHUEV
7KHLPSHUIHFWRIDUYHUEVLVIRUPHGE\DGGLQJDEDWRWKHVWHP7KHHQGLQJVIRUHUDQGLUYHUEVKDYHtD
LQDOOWKHLUIRUPV
HVWDU
HVWDED
HVWDEDV
HVWDED
HVWiEDPRV
HVWDEDLV
HVWDEDQ
VDEHU
VDEtD
VDEtDV
VDEtD
VDEtDPRV
VDEtDLV
VDEtDQ
YLYLU
YLYtD
YLYtDV
YLYtD
YLYtDPRV
YLYtDLV
YLYtDQ
LEDLEDVLEDtEDPRVLEDLVLEDQ
HUDHUDVHUDpUDPRVHUDLVHUDQ
YHtDYHtDVYHtDYHtDPRVYHtDLVYHtDQ
6HHIRUIXUWKHULQIRUPDWLRQ
%DWFKHORUDQG3RXQWDLQSS
%XWWSS
%XWWDQG%HQMDPtQSS
.DWWiQ,EDUUDDQG3RXQWDLQSS
0XxR]DQG7KDFNHUSS
(;(5&,6(6
3XWWKHYHUEVLQEUDFNHWVLQWRWKHFRUUHFWIRUPRIWKHLPSHUIHFWWHQVH
0LVDEXHORVVHUBBBBFDPSHVLQRVTXHYLYLUBBBBHQXQDFDVDSHTXHxDTXHQRWHQHUBBBBQLDJXDQL
HOHFWULFLGDG0LDEXHORFXOWLYDUBBBBVXVWLHUUDVPLHQWUDVPLDEXHODRFXSDUVHBBBBGHODFDVD\
WDPELpQKDFHUBBBBHQFDMH7RGRVORVPDUWHVPLDEXHORFDUJDUBBBBHOFDUUR\FRQHOEXUURTXH
OODPDUVHBBBB6DQFKRLUBBBBDOPHUFDGRGRQGHYHQGHUBBBBVXVFXOWLYRV'HYH]HQFXDQGRPL
DEXHODORDFRPSDxDUBBBBSDUDYHQGHUVXVHQFDMHV/RVGRVHVWDUBBBBFRQWHQWRVDSHVDUGHODYLGD
WDQGXUDTXHOOHYDUBBBB
&KDQJHWKHYHUEVLQWKHIROORZLQJVHQWHQFHVIURPWKHSUHVHQWWHQVHWRWKHLPSHUIHFWWHQVH
D/RVGRPLQJRVVLKDFHEXHQWLHPSRGR\XQSDVHRHQHOSDUTXH
E(VEDMD\OOHYDXQDEULJRTXHOHWRFDORVSLHV
F0LHQWUDVORVGHPiVWUDEDMDQW~FKDUODV6SDQLVK*UDPPDULQ&RQWH[W
G(VWXGLDPRVXQDKRUDFDGDGtD
H&DGDYH]TXHYDPRVDODFRVWDOOXHYHVLQFHVDU
I3RUODQRFKHYHQODWHOH\VHDFXHVWDQWDUGH
J6DEHPX\ELHQTXHQRSRGHPRVKDFHUOR
K0LSDGUHHVXQDSHUVRQDDXWRULWDULDTXHQRPHGHMDKDFHUORTXHTXLHUR
L3RUODPDxDQD$QWRQLRGDFODVHVGHIUDQFpV\SRUODWDUGHVHUH~QHFRQORVDPLJRVHQHOFDVLQR
M9DPRVDOPHUFDGRTXHHVHQODSOD]DORVPDUWHV
N1DGDPiVOHYDQWDUPHSRQJRODUDGLR\RLJRODVQRWLFLDVPLHQWUDVPHYLVWR
O4XpKDFHVHQHOWLHPSROLEUH"3UDFWLFDVDOJ~QGHSRUWH"
P/RVQLxRVVLHPSUHHVWiQMXJDQGRXQDVYHFHVYDQDOSDUTXHRWUDVYHFHVEDMDQDOUtRDSHVFDU
Q(OFKLFRQRHVPX\JXDSR\OOHYDJDIDVSHURVDEHYHVWLU
R(OFDPSLQJDGRQGHYR\GHYDFDFLRQHVHVHQRUPH\FXHQWDFRQGRVSLVFLQDVXQDFOLPDWL]DGD
+RZPXFKKDV\RXUOLIHFKDQJHG"
L7KLQNRIDQGZULWHGRZQWKLQJVWKDWZHUHSDUWRI\RXUOLIHEXWDUHQRORQJHUDQGYLFHYHUVDWKLQJV
ZKLFKDUHQRZSDUWRI\RXUOLIHEXWXVHGQRWWREHHJ$QWHVLEDDODSLVFLQDGRVYHFHVDODVHPDQD
SHURDKRUDQRWHQJRWLHPSR)XPDEDYHLQWHFLJDUULOORVDOGtD$QWHVQRSRGtDKDFHUODFRPSUDORV
GRPLQJRVSRUTXHORVVXSHUPHUFDGRVQRVHDEUtDQ
LL:ULWHTXHVWLRQV\RXFDQDVNPHPEHUVRI\RXUJURXSWRILQGRXWZKDWWKHLUOLYHVZHUHOLNHZKHQWKH\
ZHUH\RXQJHUHJ
&XDQGRHUDVSHTXHxRDGyQGHYLYtDV"
&XDQGRHUDVPiVMRYHQKDFtDVGHSRUWH"
TXpWHJXVWDEDFRPHUEHEHU"
&RPSOHWHWKHVHVHQWHQFHVXVLQJWKHLPSHUIHFWWHQVHWRGHVFULEHZKDWWKHSHUVRQZDVGRLQJRUZKDWZDV
KDSSHQLQJ
D&XDQGRVRQyHOWHOpIRQR-XDQBBBBB
E&XDQGROOHJDURQVXVDPLJRV(OHQDBBBBB
F0DUtDYLRHOFRFKHDWURSHOODUDOFLFOLVWDPLHQWUDVBBBBB
G/DXUDVHGXUPLyPLHQWUDVBBBBB
H1RDEULPRVODYHQWDQDSRUTXHBBBBB
I&RQVXHORQRSXGRGRUPLUSRUTXHBBBBB
J/RVWXULVWDVQRYLVLWDURQHOFDVWLOORSRUTXHBBBBB
K&XDQGROOHJyODQRWLFLDHOVHxRU0DUWtQBBBBB
L&XDQGRPXULyVXSDGUHHOODBBBBB
M&XDQGRPHHQFRQWUpFRQ$OIRQVRpOBBBBB
)RUPFRPSOHWHVHQWHQFHVIURPWKHVHSKUDVHVDGGLQJOLQNZRUGVZKHUHQHFHVVDU\DQGSXWWLQJWKHYHUEV
LQWRWKHDSSURSULDWHSDVWWHQVHVLPSHUIHFWRUSUHWHULWH
D/D~OWLPDYH]TXH\RYHUD)HUQDQGRpOHVWDUEXVFDQGRWUDEDMR
E1RVRWURVHQWUDUHQHOPXVHROORYHU
F<RFRQRFHUD,VDEHOWHQHUHOSHORODUJR\UXELR
G3HGUR\\RLUSRUODFDOOHWRSDUQRVFRQ$QD
H6HUODVRQFHGHODPDxDQDHOORVSDUWLUSDUD6DQWLDJR
I<RQRLUDWUDEDMDUWHQHUUHVDFDGROHUPHODFDEH]D
J0DULVDEDMDUSRUODHVFDOHUDUHVEDODUVHWRUFHUVHHOWRELOOR
K/OHJDUDODILHVWD-RUJHWRGRVHVWDUERUUDFKRV
L'XFKDUPHFRQDJXDIUtDKDFHUPXFKRFDORU
M,QpVHVWXGLDUGHUHFKRFRPSDUWLUSLVRFRQWUHVFKLFRV
7UDQVODWHLQWR6SDQLVKXVLQJWKHLPSHUIHFWWHQVHZKHUHDSSURSULDWH
D,QWKRVHGD\VJLUOVGLGQ
WJRRXWDIWHUWHQDWQLJKW
E:KLOHKHZDVZDLWLQJKHFKDWWHGZLWKPH
F:HZHUHYHU\WLUHGZKHQZHDUULYHG
G,GLGQ
WUHDOLVHWKDWKHZDVLOO
H:HXVHGWROLYHLQDVPDOOYLOODJHZKHUHHYHU\RQHNQHZRQHDQRWKHU
I(YHU\WKLQJZDVJRLQJZHOOXQWLOLWVWDUWHGWRUDLQ
J:HZHUHH[SHFWLQJP\XQFOHLQWKHPRUQLQJEXWKHGLGQ
WDUULYHWLOOPLGDIWHUQRRQ
K:HZHUHEHJLQQLQJWRJHWZRUULHGDERXWKLPVRZHSKRQHGKLVGDXJKWHU
L7KH\JRWRXWRIWKHWD[LDQGDVWKHGRRUZDVRSHQZHQWLQWRWKHKRXVHZLWKRXWNQRFNLQJ
M9LFHQWHEURXJKWXVDERWWOHRIZLQHZKHQHYHUKHYLVLWHG
:KLOHRQKROLGD\\RXZHUHOXFN\HQRXJKWRPHHWDQRFWRJHQDULDQZKRWDONHGWR\RXDERXWKLVOLIH1RZ
ZULWHDQDFFRXQWRI\RXUFRQYHUVDWLRQZKLFKXVHVWKHLPSHUIHFWWHQVHDQGLQFOXGHVGHWDLOVRIKLV
SK\VLFDODSSHDUDQFHZKDWKHZDVZHDULQJDQGZKDWKHVDLGDERXWKLVZRUNKLVIDPLO\OLIHDQGKLV
OHLVXUHDFWLYLWLHVZKHQKHZDVD\RXQJHUPDQ
:ULWHRUGLVFXVVZLWKDSDUWQHUWKHDUJXPHQWV\RXZRXOGXVHWRGHIHQGRURSSRVHWKHVHSURSRVLWLRQV
$QWHVODYLGDHUDPiVGLItFLO
$QWHVODPXMHUQRWHQtDWDQWDOLEHUWDG
$QWHVODYLGDSDUDORVHVWXGLDQWHVQRHUDWDQGXUD
7KHSHUIHFW
7H[W
,VDEHO$OOHQGHWKH&KLOHDQZULWHUWDONVDERXWKHUH[SHULHQFHDVDQDXWKRUDQGWKHZD\LQZKLFKZULWLQJ
KDVKHOSHGKHURZQSHUVRQDOJURZWK7KHJUDPPDUIRFXVHVRQWKHXVHRIWKHSHUIHFWWHQVHDFRQVWUXFWLRQ
ZKLFKLVSDUWLFXODUO\VXLWDEOHIRUUHODWLQJSDVWH[SHULHQFHVZKLFKEHDUVRPHUHODWLRQVKLSZLWKWKHSUHVHQW
/DHVFULWXUDPHKDGDGRSRGHU
/OHYRPiVGHDxRVHVFULELHQGR\KHDSUHQGLGRSRFRGHOLWHUDWXUDSHURDOJRKHDSUHQGLGRVREUHPt
PLVPDSRUTXHFDGDOLEURHVXQYLDMHKDFLDHODOPD\OD
PHPRULD$KRUDFRQR]FRPLVOLPLWDFLRQHV\DXQTXHVLJRFRPHWLHQGRPXFKRVHUURUHVORVSHUGRQRFRQ
PiVIDFLOLGDGSRUTXHKHWRPDGRFDULxRDPLVYLHMRVGHIHFWRV/DHGDGQRQRVKDFHPiV
VDELRVQLPHMRUHVVyORDFHQW~DORTXH\DVRPRV6LHPSUHIXLKLSHUDFWLYDGHVDILDQWHHQDPRUDGL]D\XQ
SRFRHVFDQGDORVD/DHGDGQRPHKDGDGRFDOPDWDPSRFRPHKDKHFKRPiVVXPLVD
RPHQRVHQDPRUDGDQLPHKDTXLWDGRHOJXVWRSRUOODPDUODDWHQFLyQ6pTXHQRWHQJRFRQWUROVREUH
QDGDODVFRVDVUHDOPHQWHLPSRUWDQWHVQRVVXFHGHQVLQVHUSODQHDGDVGHPRGRTXHPiVYDOH
UHODMDUVH\YLYLUDOGtD(VRPHKDFHGHVSUHQGLGD\PHGDXQDJUDQOLEHUWDGSDUDH[LVWLU\SDUDHVFULELU
0HJXVWDODYLGDTXHKHOOHYDGR\VyORPHDUUHSLHQWRGHOGRORUTXHKHFDXVDGRD
RWURV6LSXGLHUDYLYLUGHQXHYRKDUtDPiVRPHQRVHOPLVPRFDPLQRDXQTXHWUDWDUtDGHHPSH]DUD
HVFULELUPiVWHPSUDQR(VSHUpDxRVSDUDKDFHUOR6LKXELHUDVLGRKRPEUHWDOYH]KDEUtD
HVFULWRPLVPHPRULDVDORV6LYROYLHUDDHPSH]DUGDUtDODVPLVPDVEDWDOODVVREUHWRGRDTXHOODV
FRQWUDHOPDFKLVPR(VDVEDWDOODVVRQODVTXHPHKDQDSRUWDGRPD\RUHVVDWLVIDFFLRQHV
SRUFDGDJROSHUHFLELGRKHGDGRGRV
/DHVFULWXUDPHKDGDGRXQDYR]PHKDFRQHFWDGRFRQOHFWRUHVHQPXFKDVOHQJXDVPHKDREOLJDGR
DVHUFRQVHFXHQWHFRQPLVLGHDVFUHHQFLDV\
DFFLRQHV/DHVFULWXUDPHKDGDGRSRGHU
(VWR\HQHGDGGHGDU0LSDSHOHVSURWHJHUDODVPXMHUHVMyYHQHV\DORVQLxRVPHWRFDQXWULU\
HQORSRVLEOHPXOWLSOLFDUODDVRPEURVDEHOOH]DGHHVWH
SODQHWD/DWLHUUD\VXVFULDWXUDVQHFHVLWDQGHPLVFXLGDGRV\WDPELpQGHPLHVSDGD$QRVRWUDVODV
YLHMDVSRGHURVDVTXH\DQDGDWHQHPRVTXHSHUGHUQRVFRUUHVSRQGHJXLDUFRPEDWLU
9DPRVDFDPELDUORTXHQRIXQFLRQD/DFLYLOL]DFLyQVHKDGLVSDUDGRHQXQDFDUUHUDGHFRQVXPR\
PDWHULDOLVPRLQVRVWHQLEOHKD\XQDELVPRHQWUHORVULFRV\ODPD\RUtDFDGDYH]PiV
QXPHURVDGHORVSREUHV/DYLROHQFLDVHKDLQVWLWXFLRQDOL]DGRHQWUHQDFLRQHV\HQWUHLQGLYLGXRV%DVWD
5HYLVWDGH/LEURV(O0HUFXULR&KLOH
7KHSHUIHFW
86$*(
+HHVWDGRWUDWDQGRGHHQFRQWUDUXQDVROXFLyQ,
YHEHHQWU\LQJWRILQGDVROXWLRQ
+DHVWDGROORYLHQGRWRGDODPDxDQD,WKDVEHHQUDLQLQJDOOPRUQLQJ
F7RUHIHUWRWKHLPPHGLDWHRUUHFHQWSDVWRIWHQZLWKDGYHUEVVXFKDVKR\HVWDWDUGH+HUH(QJOLVKPD\
XVHWKHVLPSOHSDVWUDWKHUWKDQWKHSHUIHFWWHQVH
7KHUHDUHQRH[DPSOHVRIWKLVXVHLQWKHWH[W
(VWDWDUGHKHYLVWRD0DUtD,VDZ0DULDWKLVDIWHUQRRQ
+HGHVD\XQDGRPX\ELHQ,KDGDJRRGEUHDNIDVW
,Q6SDLQ\RXPD\DOVRKHDUWKHSUHWHULWHLQWKLVFRQWH[WHVSHFLDOO\LIWKHHYHQWLVVHHQDVPRUHGLVWDQW
/DWLQ$PHULFDQVRQWKHZKROHZLOOVKRZSUHIHUHQFHIRUWKHSUHWHULWH
(VWDPDxDQDYLD0DUtD'HVD\XQpPX\ELHQ
G7KHSHUIHFWWHQVHLVQRWQRUPDOO\XVHGZLWKUHIHUHQFHWRHYHQWVZKLFKZHUHFRPSOHWHGLQDPRUHGLVWDQW
SDVWIRUZKLFK\RXQHHGWRXVHWKHSUHWHULWH&KDSWHU,Q6SDLQKRZHYHU\RXDUHOLNHO\WRKHDU
VHQWHQFHVVXFKDV
'yQGHKDQDFLGR":KHUHZHUH\RXERUQ"
+HQDFLGRHQ6HYLOOD,ZDVERUQLQ6HYLOOH
)250$7,21
7KHSHUIHFWWHQVHOLNHDOOFRPSRXQGWHQVHVLVIRUPHGIURPWKHDX[LOLDU\YHUEKDEHUWRKDYHIROORZHGE\
WKHSDVWSDUWLFLSOH7RIRUPWKHSDVWSDUWLFLSOHUHPRYHWKHDUHURULUHQGLQJDQGDGGDGRWRWKHVWHPRI
DUYHUEVDQGLGRWRWKDWRIHUDQGLUYHUEV+HUHDUHWKUHHH[DPSOHV
\R
W~
9GpOHOOD
QRVRWURVDV
YRVRWURVDV
9GVHOORVHOODV
WRPDU
KHWRPDGR
KDVWRPDGR
KDWRPDGR
KHPRVWRPDGR
KDEpLVWRPDGR
KDQWRPDGR
DSUHQGHU
KHDSUHQGLGR
KDVDSUHQGLGR
KDDSUHQGLGR
KHPRVDSUHQGLGR
KDEpLVDSUHQGLGR
KDQDSUHQGLGR
YLYLU
KHYLYLGR
KDVYLYLGR
KDYLYLGR
KHPRVYLYLGR
KDEpLVYLYLGR
KDQYLYLGR
7KHSDVWSDUWLFLSOHRILUWRJRLVLGRDQGWKDWRIVHUWREHLVVLGR
'yQGHKDLGR":KHUHKDYH\RXKDVKHVKHJRQH"
+DQVLGRPX\IHOLFHV7KH\
YHEHHQYHU\KDSS\
,55(*8/$53$673$57,&,3/(6
7KHUHDUHDQXPEHURIFRPPRQYHUEVZKRVHSDVWSDUWLFLSOHLVLUUHJXODU7KHPDLQRQHVDUH
6HHIRUIXUWKHULQIRUPDWLRQ
%DWFKHORUDQG3RXQWDLQSS
%XWWSS
%XWWDQG%HQMDPLQSS
.DWWiQ,EDUUDDQG3RXQWDLQSS
0XxR]DQG7KDFNHUSS
(;(5&,6(6
&KDQJHWKHYHUELQWKHSHUIHFWWHQVHDFFRUGLQJWRWKHQHZVXEMHFWJLYHQLQEUDFNHWV
D1RKHHQWHQGLGRELHQVXH[SOLFDFLyQQRVRWURV
E+DEpLVYLVWRODVIRWRV"XVWHGHV
F+DVYLVLWDGR(VFRFLDDOJXQDYH]"&DUPHQ
G7RGDYtDQRKDQOOHJDGRHOVHxRU%RWtQ
H&yPRVDEHVTXH0DUtDKDUHFLELGRHOSDTXHWH"-DYLHU\0DUtD
I1RWHKDSRGLGRD\XGDU\R
J3RUTXpQRPHORKDVGLFKR"YRVRWURV
K$TXpKRUDKDVTXHGDGRFRQ-XDQ"XVWHG
L1RPHKHHVIRU]DGRHQDEVROXWRW~
M(VWDPDxDQDQRVKHPRVGHVSHUWDGRPX\SURQWRORVQLxRV
&KDQJHWKHYHUELQWKHVHVHQWHQFHVIURPWKHSUHVHQWWRWKHSHUIHFWWHQVH
D$SUHQGRPXFKRDTXt
E9DVDOFHQWUR"
F<DVDOHHOWUHQ
G9HQGHPRVODFDVD
H8VWHGOODPDDOGHVSDFKR"
I6HPHFDHWRGR
J8VWHGHVWLHQHQPXFKDVXHUWH
K(QWHQGpLV"
7UDQVODWHLQWR6SDQLVK
D:HKDYHDOZD\VJRQHRQKROLGD\WR6SDLQ
E7KH\KDYHQ
WVDLGDQ\WKLQJWR3LOLEHFDXVHWKH\KDYHQ
WVHHQKHU
F:K\KDYHQ
W\RXW~GRQHWKLV"
G:KHUHKDYH\RXXVWHGHVSXWWKHEDJV"
H*RQ]DORVWLOOKDVQ
WFRPHEDFNIURP3DULV
I,KDYHQ
WZULWWHQWR,VDEHOEHFDXVH,KDYHQ
WKDGWLPH
J&DUORVLVYHU\XSVHWEHFDXVHKLVGRJKDVGLHG
K7KHQHLJKERXUVVD\\RXYRVRWURVKDYHEURNHQWKHIHQFH
7RPRUURZ\RXDUHJRLQJWRYLVLWDIULHQGEXWQRZXQDEOHWRJHWWRVOHHS\RXDUHO\LQJLQEHGJRLQJ
WKURXJK\RXUPHQWDOFKHFNOLVW&KRRVLQJDQDSSURSULDWHYHUEIURPWKHOLVWEHORZILOOLQWKHJDSVXVLQJ
WKH\RIRUPRIWKHSHUIHFWWHQVH
ROYLGDU FDPELDU KDFHU
HQYROYHU GDU
GHFLU
SRQHU
OHHU
SRGHU
FRPSUDU
HVFULELU
$YHUVLBBBBWRGRVORVSUHSDUDWLYRVQHFHVDULRVSDUDBBBBHOYLDMHBBBBBBHOELOOHWH
\BBBBD2WLOLDSDUD
GHFLUOHODKRUDGHPLOOHJDGDBBBBORVUHJDORVTXHOHYR\DGDU\ORVBBBBHQODPDOHWDBBBBOLEUDVD
GyODUHVBBBBWRGDVODVJXtDVTXHBBBBVREUHORVVLWLRVTXHYR\DYLVLWDU/HBBBBDODYHFLQDTXHYR\D
HVWDUIXHUDTXLQFHGtDV\OHBBBBODOODYHGHODFDVD6HJXURTXHBBBBKDFHUDOJR
,Q/DWLQ$PHULFDQ6SDQLVKHOEROHWR
&RPSOHWHWKHTXHVWLRQVWRWKHVHDQVZHUVXVLQJWKHYHUEVLQEUDFNHWV
DBBBBGRUPLUELHQ"
1R1RKHSHJDGRRMRHQWRGDODQRFKH
EBBBBFRPHU"
7RGDYtDQR9DQDFRPHUGHQWURGHSRFR
FBBBBYLVLWDUYRVRWURV%HQLGRUPDOJXQDYH]"
0XFKDVYHFHV9LVLWDPRV%HQLGRUPSRUSULPHUDYH]KDFHPiVGHGLH]DxRV
G3RUTXpQRBBBBLU6XVDQDGHYDFDFLRQHVHVWHDxR"
3RUTXHVXPDGUHHVWiHQIHUPD
H4XpWDOORBBBBSDVDUXVWHGHV"
0DO7RGRQRVKDVDOLGRPX\PDOKR\
IBBBBDEULU\DHOEDQFR"
1R1RDEUHKDVWDODVGLH]
7KHSOXSHUIHFW
7H[W
7H[WOLNH7H[WEHORZERWKIURPDQRYHOE\WKH6SDQLVKDXWKRU6ROHGDG3XpUWRODVFRQWDLQVDQXPEHURI
H[DPSOHVRIWKHXVHRIWKHSOXSHUIHFWWHQVHWKH6SDQLVKHTXLYDOHQWRIKDGSDVWSDUWLFLSOHDVLQ,KDG
VHHQLW
4XHGDODQRFKH
*LVHODWHQtDXQDH[WUDxDKLVWRULDDVXVHVSDOGDVTXHQXQFDPHKDEtDVLGRFRQWDGDFRQSUHFLVLyQWDOYH]
SRUTXHQDGLHODFRQRFtDPX\ELHQ6XSDGUHXQDOHPiQTXHKDEtDYHQLGRDLQVWDODUVHHQ(VSDxDOH
GHEtDDPLDEXHORXQJUDQIDYRUDXQTXHQXQFDVXSHTXpFODVHGHIDYRU(OFDVRHVTXHODIDPLOLD9RQ
5RWWHQ
HVWDEDHQGHXGDFRQODQXHVWUD3HURHOPLVWHULRQRHUDpVHVLQRXQRVFXURHSLVRGLRTXHKDEtD
RFXUULGRHQVXMXYHQWXG$OSDUHFHUVXPHMRUDPLJRGHLQIDQFLDKDEtDVLGRXQFKLFRYHFLQRVX\R
VRUGRPXGRFRQTXLHQSDVDEDODVWDUGHV&XDQGRPiVDGHODQWHGLMHURQDVXVSDGUHVTXHTXHUtDQ
FDVDUVHVHHQFRQWUDURQFRQXQDSURKLELFLyQWDMDQWH/RTXHQRHUDVHJXURHUDORTXHKDEtDVXFHGLGR
GHVSXpV
XQDIXJDRXQDFWRGHIXHU]DSHURHOSDGUHGH*LVHODUHDFFLRQyFRQLQDSHODEOHILUPH]D\ODIDPLOLDGHO
FKLFRVHHVIXPy0iVWDUGHFRUULyHOUXPRUGHTXHHOFKLFRVHKDEtDPXHUWR\TXHVXPXHUWHQRKDEtD
VLGRHQWHUDPHQWHQDWXUDO3RGtDKDEHUVHWUDWDGRGHXQVXLFLGLRGHXQGHMDUVHPRULU6HDFRPRIXHUH
HVWHHSLVRGLRYHUGDGHURIDOVRRH[DJHUDGRQRUHVXOWDEDLQFRQJUXHQWHFRQODSHUVRQDOLGDGGH
*LVHOD6XYLGDFRQVLVWtDHQSUHVWDUD\XGDDORVGHPiV\VXFRQYHUVDFLyQJLUDEDVLHPSUHDOUHGHGRUGH
ORVJUDQGHVSUREOHPDVGHODKXPDQLGDG\GHOHJRtVPR\PLVHULDVGHORVSRGHURVRV
7H[W
7H[WIURPWKHVDPHQRYHOFRQWDLQVIXUWKHUH[DPSOHVRIWKHXVHRIWKHSOXSHUIHFWWHQVH
$PLYXHOWDGH0DGULGPHHVSHUDEDPDODVQRWLFLDV'HQXHYRPiVRPHQRVXQLGDVDODV
FRPSOLFDFLRQHV0DULRPHKDEtDOODPDGR\PHKDEtDGHMDGRHOUHFDGRXUJHQWHGHTXHOROODPDUD
&XDQGRDOILQSXGHKDEODUFRQpOPHFRPXQLFyXQDQRWLFLDGUDPiWLFD8QFRFKHKDEtDDWURSHOODGRD
QJHODHQPHGLRGHOD
FDOOHQJHODODIXQFLRQDULDTXHGHYXHOWDGHXQFRQJUHVRHQ6UL/DQNDKDEtDGHFLGLGRSDVDUXQRV
GtDVHQ'HOKLGRQGHODKDEtDPRVFRQRFLGRDTXHOYHUDQR+DEtDPXHUWR3HURGHEtDKDEHUDOJR
H[WUDxRHQDTXHOODPXHUWHDOJRPiVH[WUDxRTXHODPXHUWHPLVPDSRUTXHODSROLFtDKDEtDDELHUWRXQD
LQYHVWLJDFLyQ$0DULR\DOHKDEtDLQWHUURJDGR6HJXUDPHQWHGHXQPRPHQWRDRWURPH
OODPDUtDQDPt'HEtDQGHKDEHUHQFRQWUDGRQXHVWUDVGLUHFFLRQHVDQRWDGDVHQDOJXQDSDUWH5HFRUGp
TXHQJHODKDEtDVDFDGRXQDDJHQGDHQHOUHVWDXUDQWHGHOKRWHO\TXHQRVKDEtDSHGLGRQXHVWURV
WHOpIRQRV
%RWKH[FHUSWVIURP4XHGDODQRFKH6ROHGDG3XpUWRODV
7KHSOXSHUIHFW
86$*(
6SDQLVKXVHVWKHSOXSHUIHFWWHQVHLQPXFKWKHVDPHZD\DV(QJOLVKGRHVWKDWLVWRUHIHUWRSDVWHYHQWVRU
DFWLRQVZKLFKRFFXUUHGEHIRUHDQRWKHUSDVWHYHQWRUVLWXDWLRQLQWKLVFDVHWKHVLWXDWLRQUHIHUUHGWRE\WKH
QDUUDWRU7KHUHDUHVHYHUDOH[DPSOHVRIWKHSOXSHUIHFWLQWKHSDVVDJHVDPRQJWKHPWKHIROORZLQJ
1XQFDPHKDEtDVLGRFRQWDGD7L,WKDGQHYHUEHHQWROGWRPH
KDEtDYHQLGRDLQVWDODUVHHQ(VSDxD7OKH
GFRPHWRVHWWOHLQ6SDLQ
XQRVFXURHSLVRGLRTXHKDEtDRFXUULGRHQVXMXYHQWXG7ODQREVFXUHHSLVRGH
ZKLFKKDGKDSSHQHGZKHQVKHZDV\RXQJ
0iVWDUGHFRUULyHOUXPRUGHTXHHOFKLFRVHKDEtDPXHUWR7/DWHURQWKHUHZDVD
UXPRXUJRLQJURXQGWKDWWKHER\KDGGLHG
0DULRPHKDEtDOODPDGR\PHKDEtDGHMDGRHOUHFDGRXUJHQWH7O0DULRKDGFDOOHGPH
DQGKDGOHIWPHDQXUJHQWPHVVDJH
8QFRFKHKDEtDDWURSHOODGRDQJHOD7O$QJHODKDGEHHQUXQRYHUE\DFDU
KDEtDGHFLGLGRSDVDUXQRVGtDVHQ'HOKL7OVKHKDGGHFLGHGWRVSHQGDIHZGD\V
LQ'HOKL
ODKDEtDPRVFRQRFLGRDTXHOYHUDQR7OZHKDGPHWKHUWKDWVXPPHU
$FOHDUH[DPSOHRIWKHXVHRIWKHSOXSHUIHFWWRUHIHUWRDSDVWDFWLRQZKLFKWRRNSODFHEHIRUHDQRWKHUSDVW
HYHQWLVLQVHQWHQFHVOLNHWKHIROORZLQJ
+DEtDQFHQDGRFXDQGROOHJDPRV7KH\KDGKDGGLQQHUZKHQZHDUULYHG
<DKDEtDVDOLGRFXDQGRODOODPp6KHKDGDOUHDG\JRQHRXWZKHQ,FDOOHGKHU
)250$7,21
7KHSOXSHUIHFWLQGLFDWLYHLVIRUPHGZLWKWKHLPSHUIHFWRIWKHDX[LOLDU\YHUEKDEHUWRKDYHIROORZHGE\WKH
SDVWSDUWLFLSOH7KHSDVWSDUWLFLSOHRIDUYHUEVHQGVLQDGRDQGWKDWRIHUDQGLUYHUEVHQGVLQLGR)RU
LUUHJXODUSDVWSDUWLFLSOHVVHH&KDSWHURU,UUHJXODUYHUEVRQSDJHV
WRPDU
KDEtDWRPDGR
KDEtDVWRPDGR
KDEtDWRPDGR
KDEtDPRVWRPDGR
KDEtDLVWRPDGR
KDEtDQWRPDGR
YLYLU
KDEtDYLYLGR
KDEtDVYLYLGR
KDEtDYLYLGR
KDEtDPRVYLYLGR
KDEtDLVYLYLGR
KDEtDQYLYLGR
2WKHUSRLQWVWRQRWHLQWKHWH[WV
6HHIRUIXUWKHULQIRUPDWLRQ
%DWFKHORUDQG3RXQWDLQS
%XWWS
%XWWDQG%HQMDPLQS
.DWWiQ,EDUUDDQG3RXQWDLQSS
0XxR]DQG7KDFNHUSS
(;(5&,6(6
3XWWKHYHUELQEUDFNHWVLQWRWKHFRUUHFWIRUPRIWKHSOXSHUIHFWWKHQUHDGWKHVHQWHQFHDQGVWXG\WKHXVH
RIWKHYHUEWHQVHV
D)HGHULFRIXHD0DUEHOODSRUTXHVXVWtRVORLQYLWDU
E0LQD\\RUHSHWLUORVYHUVRVWDQWDVYHFHVTXHORVVDEtDPRVGHPHPRULD
F0HSLGLyD\XGDSRUTXHW~ORHFKDUGHFDVD
G&XDQGRQRVDYLVDURQGHODFFLGHQWH\DVDOLUYRVRWURV
H<DWHORGHFLU\RPLOYHFHVSHURW~QRTXHUtDVFUHHUPH
I9HUpOODSHOtFXODODVHPDQDDQWHULRUSHURWHQtDJDQDVGHYHUODGHQXHYR
J7RGDYtDQRWHUPLQDUpOGHFRQVWUXLUODFDVDFXDQGRPXULy
K6XVKLMRVOHSURPHWHUVXD\XGDSHURDOILQDOQRVHODGLHURQ
L5HFRQRFtD-HV~VHQVHJXLGDSRUORTXHVXVDPLJRVPHFRQWDUGHpO
M(UDREYLRTXHORVSUHVHQWHVQRHQWHQGHUQDGDGHOGLVFXUVR
N<HVDIXHWXSULPHUDYLVLWDD5RPDRHVWDUDQWHV"
O$SHQDVWHUPLQDUVXLQWHUSUHWDFLyQHOS~EOLFRDSODXGLyODUJDPHQWH
P&XDQGRIXLPRVDYLVLWDUODHOODD~QQROHYDQWDUVH
Q&XDQGRVHGHFLGLHURQDFRPSUDUODFDVD\DVHYHQGHU
R&XDQGRHQWUpHQHOFLQHSRUVXHUWHODSHOtFXODQRHPSH]DU
5HZULWHWKHVHQWHQFHVXVLQJWKHSOXSHUIHFWWHQVHDVLQWKHH[DPSOH
([DPSOH
1ROHHVFULELy&RQIHVpTXH
&RQIHVpTXHQROHKDEtDHVFULWR
D&HUUDURQHOFDVWLOORDQWHVGHODKRUDLQGLFDGD
'HVFXEULPRVTXH
E&DUPHQIXHDOFHQWUR
/DPDGUHGH&DUPHQPHGLMRTXH
F1RYLVLWDPRV(O3UDGR\SRUORWDQWRQRYLPRV/DV0HQLQDVGH9HOi]TXH]
/HVH[SOLFDPRVTXH
G1RGLMHODYHUGDG
7XYHTXHFRQIHVDUTXH
H/RVODGURQHVHQWUDURQSRUODYHQWDQDGHOFRPHGRU
/HVGLMLPRVDORVJXDUGLDVTXH
I/HUREDURQODFDUWHUDHQOD3OD]D0D\RU
/HFRQWyDOSROLFtDTXH
J6HHQFRQWUyFRQXQRVDPLJRVDOOt
0HFRQWyTXH
K1RPHGLHURQQLQJXQDH[SOLFDFLyQSRUVXVDFFLRQHV
0HGLFXHQWDGHTXH
L1ROH\HURQHOLQIRUPH
&RQIHVDURQTXH
M9LQRDODFDSLWDOHQEXVFDGHHPSOHR
1RVFRQWyTXH
N0DUJDULWDQRWUDMRQDGD\SRUHVRQROHGLPRVQDGD
([SOLTXpTXH
O6XKLMDVHFDVyHQ1XHYD=HODQGD
6HHQWHUDURQGHTXH
P6HPHWLyODVOODYHVHQHOEROVLOOR
(VWDEDVHJXURGHTXH
Q1DGLHOHFRPXQLFyODVEXHQDVQRWLFLDV
3URQWRVXSRTXH
R/RVQLxRVYLHURQXQ'9'\GHVSXpVFHQDURQ
/HGLMHDVXPDGUHTXH
7UDQVODWHLQWR6SDQLVK
D,ZDVKDSS\EHFDXVH5REHUWRKDGJLYHQPHDSUHVHQWE+HKDGZUDSSHGLWXSDQGOHIWLWRQP\VHDW
F,KDGQ
WWROGKLPWKDWLWZDVP\ELUWKGD\
G/DWHUKHWROGPHWKDWKHKDGERXJKWWKHEUDFHOHWEHFDXVHKHKDGOLNHGLW
H+HKDGQ
WWKRXJKWDERXWWKHSULFH
I:KHQ,JRWKRPH$PHOLDKDGDOUHDG\JRQHWREHG
J6KHKDGWXUQHGHYHU\WKLQJRIIDQGOHIWPHDQRWHRQWKHWDEOH
K6KHKDGQ
WJRWLQWRXFKZLWK(GXDUGRDVVKHKDGEHHQRXWDOOHYHQLQJDVZHOO
L+RZHYHUVKHKDGUHFHLYHGWKHQHZVWKDW$XQW6LOYLDKDGGLHG
M9tFWRUKDGLQKHULWHGHYHU\WKLQJDQG$XQW6LOYLDKDGOHIWXVQRWKLQJ
-XVWDIWHU&KULVWPDV\RXZHQWVKRSSLQJLQWKHVDOHVDQGZKHQ\RXJRWKRPH\RXIRXQGWKDWWKLHYHVKDG
EURNHQLQWR\RXUKRXVH5HFRXQWWKLVLQFLGHQWLQ6SDQLVKXVLQJWKHSOXSHUIHFWZKHUHSRVVLEOHIRU
H[DPSOHWRH[SODLQKRZWKHWKLHYHVKDGJDLQHGHQWU\WKHURRPVWKH\KDGJRQHLQWRKRZ\RXUHDOLVHG
ZKDWWKH\KDGWDNHQ
7KHIXWXUH
7H[W
7KHDUWLFOHZKLFKIROORZVPDNHVVRPHLQWHUHVWLQJSUHGLFWLRQVDERXWWKHZRUOGSRSXODWLRQLQWKH\HDU
$VLQ7H[WEHORZWKHVW\OHLVMRXUQDOLVWLFWKHIXWXUHWHQVHEHLQJFRPPRQLQWKLVW\SHRIFRQWH[W5HDGWKH
WZRWH[WVWRILQGRXWZKDWSUHGLFWLRQVDUHEHLQJPDGHWKHQJREDFNWKURXJKWKHPDQGVWXG\WKHODQJXDJH
HVSHFLDOO\WKHXVHRIWKHIXWXUHWHQVH
'RVWHUFLRVGHODSREODFLyQPXQGLDOYLYLUiHQFLXGDGHVHQHODxR
(QHODxRDOUHGHGRUGHPLOPLOORQHVGHSHUVRQDVHVGHFLUGRVWHUFLRVGHODSREODFLyQPXQGLDO
YLYLUiQHQFLXGDGHV/DPD\RUtDGHHOODV
KDELWDUiHQVXEXUELRVKDFLQDGRVFRQORTXHVHSUHYpODIRUPDFLyQGHPXFKRVFRUGRQHVGHSREUH]D
(QXQSOD]RGHDxRVH[LVWLUiQFLXGDGHVFRQPiVGHPLOORQHVGH
KDELWDQWHVKDEUiFLXGDGHVFRQPiVGHFLQFRPLOORQHVGHSHUVRQDV\VHUiQODVXUEHVFRQPiV
GHXQPLOOyQGHUHVLGHQWHV
/DPD\RUSDUWHGHHVWHFUHFLPLHQWR
VHSURGXFLUiHQORVSDtVHVHQGHVDUUROORHVSHFLDOPHQWHHQ$IULFD$VLD\$PpULFD/DWLQD\HO&DULEH
TXHHQFRQMXQWRGXSOLFDUiQVXSREODFLyQXUEDQD(OLQFUHPHQWRVHUHJLVWUDUiHVSHFLDOPHQWHHQ
$IULFDTXHGXSOLFDUiVXSREODFLyQXUEDQDHQVyORDxRV3DUD3HWHU0DUFXVHSURIHVRUGHOD
8QLYHUVLGDGGH&ROXPELDHOVLJOR;;,WUDHUiXQDJUDQGLYLVLyQHQODVFLXGDGHV'HHVWH
FUHFLPLHQWRORV~QLFRVEHQHILFLDGRVVHUiQTXLHQHVSHUWHQHFHQDOWHUFLRPiVULFRGHODVRFLHGDG/D
GLIHUHQFLDHQWUHULFRV\SREUHVFUHFHUiD~QPiV
'LDULR/D7HUFHUD&KLOH
7H[W
7KHSDVVDJHZKLFKIROORZVORRNVDWWKHWKUHDWSRVHGE\DYLDWLRQWRWKHZRUOGFOLPDWHDQGWKHOLQNEHWZHHQ
DLUWUDQVSRUWDQGWKHJUHHQKRXVHHIIHFW$VLQ7H[WDERYHWKHJUDPPDULQWKLVFKDSWHUIRFXVHVRQWKH
IXWXUHWHQVH
9RODQGRKDFLDHODELVPR
6HJ~QFLIUDVGHOD&RPLVLyQGHOD8QLyQ(XURSHDODVHPLVLRQHVGHJDVHVLQYHUQDGHURGHOD8(
JHQHUDGDVSRUODDYLDFLyQLQWHUQDFLRQDODXPHQWDURQXQ
GHVGHD6LHOFUHFLPLHQWRFRQWLQ~DDHVWHULWPRHODXPHQWRSUREDEOHPHQWHOOHJDUiDO
HQHO(VWHFUHFLPLHQWRFRQWUDUUHVWDUtDHQPiVGHXQFXDUWRODUHGXFFLyQGHHPLVLRQHVTXHORV
SDtVHVGHOD8(WHQGUiQTXHKDFHUGHDFXHUGRFRQHOSURWRFRORGH.LRWRVREUHFDPELRFOLPiWLFR
*HRUJH0RQELRWHFRORJLVWDLQJOpV\SHULRGLVWDGH7KH*XDUGLDQKDFULWLFDGR
GXUDPHQWHODIDOWDGHFRQWUROVREUHHVWHFUHFLPLHQWR$ILUPDTXHODDYLDFLyQXQDLQGXVWULDGHOXMR
SURYRFDUiDOWHUDFLRQHVFOLPiWLFDVTXHFDVWLJDUiQPiVDODV]RQDVSREUHVGHOSODQHWD8QRV
PLOORQHVGH
EDQJODGHVLVSRGUtDQSHUGHUVXVKRJDUHVSDUDTXHSRGDPRVVHJXLUKDFLHQGRFRPSUDVHQ1XHYD<RUN
9LDMDUHQDYLyQPDWD7RGRVORVDEHPRVSHURWRGRVORKDFHPRV<QRGHMDUHPRVGHKDFHUORKDVWDTXH
HO
JRELHUQRGpPDUFKDDWUiV\FRPLHQFHDFHUUDUODVSLVWDVGHDWHUUL]DMH
<QRVRWURV"&RPRFRQVXPLGRUHVYRODUHQDYLyQHVSUREDEOHPHQWHHODFWRPiVFRQWDPLQDQWHTXH
KDUHPRVHQWRGR
HODxR
5HYLVWD&15(VSDxD
7KHIXWXUH
86$*(
7KHIXWXUHLQ(QJOLVKFDQEHH[SUHVVHGLQDQXPEHURIZD\V&RQVLGHUIRULQVWDQFH7KH\ZLOOJRWR6SDLQ
6KH
VOHDYLQJWRPRUURZ:HDUHJRLQJWRGRLW6SDQLVKDOVRXVHVGLIIHUHQWIRUPVWRWDONDERXWIXWXUH
HYHQWV
,UiQD(VSDxD6DOHPDxDQD9DPRVDKDFHUOR
7KLVFKDSWHUGHDOVZLWKWKHHTXLYDOHQWRIWKHZLOOIRUPNQRZQDVWKHIXWXUHWHQVHZKLFKLVXVHG
D*HQHUDOO\ZLWKIXWXUHPHDQLQJWRUHIHUWRIXWXUHHYHQWVLQFOXGLQJSUHGLFWLRQV7KLVXVHLVPXFKPRUH
FRPPRQLQZULWLQJHVSHFLDOO\LQIRUPDOUHJLVWHUVIRUH[DPSOHWKHSUHVVDVLQWKHWZRWH[WVDERYH0RVW
RIWKHH[DPSOHVRIWKHIXWXUHWHQVHLQWKHWH[WVFRUUHVSRQGWRWKLVRQH+HUHDUHDIHZRIWKHP
9LYLUiQHQFLXGDGHV7O7KH\ZLOOOLYHLQFLWLHV
'XSOLFDUiQVXSREODFLyQ7O7KH\ZLOOGRXEOHWKHLUSRSXODWLRQ
HOVLJOR;;,WUDHUiXQDJUDQGLYLVLyQ7OEULQJDJUHDWGLYLVLRQ
SURYRFDUiDOWHUDFLRQHVFOLPiWLFDV7OLWZLOOFDXVHFOLPDWHFKDQJHV
FDVWLJDUiQPiVDODV]RQDVPiVSREUHVGHOSODQHWD7OWKH\ZLOOFDXVHPRUH
KDUPWRWKHSRRUHUDUHDVRIWKHSODQHW
<QRGHMDUHPRVGHKDFHUOR7O$QGZHZLOOQRWVWRSGRLQJLW
,QWKHVSRNHQODQJXDJHHVSHFLDOO\LQLQIRUPDOUHJLVWHUVUHIHUHQFHWRIXWXUHDFWLRQVLVXVXDOO\H[SUHVVHG
ZLWKIRUPVRWKHUWKDQWKHIXWXUHWHQVHIRUH[DPSOHZLWKWKHFRQVWUXFWLRQLUDLQILQLWLYH
9DPRVDYLDMDUHQDYLyQ:H
UHJRLQJWRWUDYHOE\SODQH
9DQDYROYHUHQMXQLR7KH\
UHJRLQJWRFRPHEDFNLQ-XQH
7KHSUHVHQWWHQVHLVDOVRIUHTXHQWLQWKLVFRQWH[WHVSHFLDOO\ZLWKSUHDUUDQJHGDFWLRQVDQGZLWK
YHUEVRIPRYHPHQW
6HYDQPDxDQD7KH\
UHOHDYLQJWRPRUURZ
(OVDOOHJDHOSUy[LPROXQHV(OVDLVDUULYLQJQH[W0RQGD\
E7RH[SUHVVSUREDELOLW\DQGVXSSRVLWLRQ
SUREDEOHPHQWHOOHJDUiDOHQHO7OLWZLOOSUREDEO\UHDFKLQ
$HVWDKRUDHVWDUiQHQFDVD7KH\ZLOOPXVWEHDWKRPHDWWKLVWLPH
7HQGUiWXHGDG+HVKHPXVWEH\RXUDJH
F7RH[SUHVVXQFHUWDLQW\LQUHODWLRQWRDIXWXUHDFWLRQ
1RVpVLODVLWXDFLyQFDPELDUi,GRQ
WNQRZZKHWKHUWKHVLWXDWLRQZLOOFKDQJH
6XSRQJRTXHORKDUiQ,VXSSRVHWKH\
OOGRLW
G,QLQWHUURJDWLYHVHQWHQFHVWRH[SUHVVWKHLGHDRI,ZRQGHU
4XpKRUDVHUi",ZRQGHUZKDWWLPHLWLV
9ROYHUHPRVDYHUORV",ZRQGHUZKHWKHUZH
OOVHHWKHPDJDLQ
H7RH[SUHVVSURPLVHV
7HSURPHWRTXHVHORGLUp,SURPLVH\RX,ZLOOWHOOKLPKHUWKHP
7HMXURTXHQRYROYHUiDVXFHGHU,VZHDULWZRQ
WKDSSHQDJDLQ
27+(5:$<62)75$16/$7,1*:,//,163$1,6+
1RWHWKDWFHUWDLQFRQVWUXFWLRQVZLWKZLOOLQ(QJOLVKZKLFKGRQRWUHIHUWRIXWXUHWLPHDUHQRUPDOO\
H[SUHVVHGWKURXJKIRUPVRWKHUWKDQWKHIXWXUHLQ6SDQLVK
0HD\XGDVSRUIDYRU"SUHVHQWWHQVH:LOO\RXKHOSPHSOHDVH"
4XLHUHVSDVDU"TXHUHULQILQLWLYH:LOO\RXFRPHLQ"
1RTXLHUHQHVFXFKDUPHTXHUHULQILQLWLYH7KH\ZRQ
WOLVWHQWRPH
)250$7,21
5HJXODUYHUEV
7KHIXWXUHWHQVHLVIRUPHGZLWKWKHZKROHLQILQLWLYHWRZKLFKWKHHQGLQJVDUHDGGHG9HUEVLQDUHUDQG
LUDOOVKDUHWKHVDPHHQGLQJV+HUHDUHWKUHHH[DPSOHV
OOHJDUWRDUULYH
VHUWREH
YLYLUWROLYH
OOHJDUpOOHJDUiVOOHJDUiOOHJDUHPRVOOHJDUpLVOOHJDUiQ
VHUpVHUiVVHUiVHUHPRVVHUpLVVHUiQ
YLYLUpYLYLUiVYLYLUiYLYLUHPRVYLYLUpLVYLYLUiQ
6RPHYHUEVKDYHDQLUUHJXODUVWHPLQWKHIXWXUHWHQVHEXWWKHHQGLQJVDUHWKHVDPHDVWKRVHRIUHJXODU
YHUEV1RWHWKHIROORZLQJH[DPSOHVLQWKHWH[WV
KDEUiFLXGDGHV7WKHUHZLOOEHDKXQGUHGFLWLHV
ODUHGXFFLyQGHHPLVLRQHVTXHORVSDtVHVGHOD8(WHQGUiQTXHKDFHU7OWKH
UHGXFWLRQLQHPLVVLRQVWKDWWKH(8FRXQWULHVZLOOKDYHWRPDNH
YRODUHQDYLyQHVSUREDEOHPHQWHHODFWRPiVFRQWDPLQDQWHTXHKDUHPRV7O
IO\LQJE\SODQHLVSUREDEO\WKHPRVWSROOXWLYHDFWZH
OOGR
7KHIROORZLQJDUHWKHPRVWFRPPRQLUUHJXODUIXWXUHIRUPV
FDEHUWREHFRQWDLQHGFDEUpFDEUiV
GHFLUWRVD\WHOOGLUpGLUiV
KDEHUWRKDYHDX[LOLDU\KDEUpKDEUiV
KDFHUWRGRPDNHKDUpKDUiV
SRGHUWREHDEOHSRGUpSRGUiV
SRQHUWRSXWSRQGUpSRQGUiV
TXHUHUWRZDQWTXHUUpTXHUUiV
VDEHUWRNQRZVDEUpVDEUiV
VDOLUWRJRRXWVDOGUpVDOGUiV
WHQHUWRKDYHWHQGUpWHQGUiV
YDOHUWREHZRUWKYDOGUpYDOGUiV
YHQLUWRFRPHYHQGUpYHQGUiV
&RPSRXQGVRIWKHDERYHYHUEVDUHFRQMXJDWHGLQWKHVDPHZD\HJUHSRQHUWRUHSODFHUHSRQGUp
UHSRQGUiVUHWHQHUWRUHWDLQUHWHQGUpUHWHQGUiV6HHDOVR,UUHJXODUYHUEVRQSDJHV
2WKHUSRLQWVWRQRWHLQWKHWH[WV
6HHIRUIXUWKHULQIRUPDWLRQ
%DWFKHORUDQG3RXQWDLQS
%XWWSS
%XWWDQG%HQMDPLQSS
.DWWiQ,EDUUDDQG3RXQWDLQSS
0XxR]DQG7KDFNHUSS
(;(5&,6(6
3XWWKHYHUELQEUDFNHWVLQWRWKHFRUUHFWIRUPRIWKHIXWXUHWHQVH
0LpUFROHV
K
K
K
/OHJDGDDO,QVWLWXWR5HFLELPLHQWRSRUSDUWHGHOGLUHFWRU9LVLWDGHODVLQVWDODFLRQ
3UHVHQWDFLyQGHOJUXSRGHDOXPQRVGHO,QVWLWXWR
6DOLGDGHO&HQWUR9LVLWDDO$\XQWDPLHQWR&RPLGDHQHO$\XQWDPLHQWR
-XHYHV
K
K
K
K
7UDEDMRHQHODXOD
7UDEDMRHQHODXODFRQHOJUXSRGHDOXPQRVGHO,QVWLWXWR
$OPXHU]RHQODFDQWLQDGHO,QVWLWXWR
9LVLWDWXUtVWLFRFXOWXUDOGHOFHQWURGHODFLXGDG
9LHUQHV
K
K
K
K
5HYLVLyQGHOSUR\HFWR
&DIp
3ODQHVIXWXURVDFWLYLGDGHVDUHDOL]DUGXUDQWHHOUHVWRGHODxRKDVWDODSUy[LPDUH
&RPLGD7DUGHOLEUH
6iEDGR
'tDOLEUHSDUDYLVLWDV\FRPSUDV
'RPLQJR
K
6DOLGDDODHURSXHUWR9XHORGHUHJUHVR
3XWHDFKYHUELQEUDFNHWVLQWRWKHILUVWSHUVRQVLQJXODURIWKHIXWXUHWHQVHWRIRUP\RXUWHQSRLQWSODQWR
EHHQYLURQPHQWDOO\IULHQGO\
'(&/2*2
3DODEUDGHIRUMDGRUDPELHQWDO
(OUHVSHWRD\XGDDFRQVWUXLUXQPXQGRPHMRU(MHUFHUBBBBPLUROGHIRUMDGRUSURFXUDQGRTXH
WRGRVFXLGHPRVHOSODQHWDTXHFRPSDUWLPRV
(ODLUHOLPSLRHVIXQGDPHQWDOSDUDXQDYLGDVDQD3URFXUDUBBBBFDPLQDURDQGDUHQELFLFOHWD
HQOXJDUGHXVDUPHGLRVGHWUDQVSRUWHPRWRUL]DGRV\FRQWDPLQDQWHV
(ODJXDHVODFXQDGHWRGDIRUPDGHYLGD$KRUUDUBBBBODFDQWLGDGTXHXVRDOGXFKDUPHDO
ODYDUPHORVGLHQWHV\ODTXHVHSLHUGHHQODVOODYHV
TXHJRWHDQ
/RVDQLPDOHV\ODVSODQWDVWLHQHQGHUHFKRDYLYLUPHMRU3ODQWDUBBBBQXHYRViUEROHV\
FXLGDUBBBBWRGRVORVTXHKD\DPLDOUHGHGRUHQODVSOD]DVSDUTXHV\FDOOHV
8QDPELHQWHVDQRHVWiOLEUHGHEDVXUD(OHJLUBBBBSURGXFWRVELRGHJUDGDEOHV\HQHQYDVHV
UHWRUQDEOHVSURFXUDQGRUHGXFLUODFDQWLGDGGHGHVHFKRVTXHJHQHUR
/DHQHUJtDTXHFXLGR\DKRUURKR\PHVHUi~WLOPDxDQD$SDJDUBBBBODVOXFHV\WHOHYLVRUTXH
QDGLHHVWpXVDQGR
(OVLOHQFLRHVYDOLRVR\VDQR(YLWDUBBBBTXHVHWRTXHODERFLQDVLQQHFHVLGDGODVDODUPDVTXH
KDFHQPXFKRUXLGR\HOYROXPHQH[FHVLYRFXDQGRHVFXFKRP~VLFD
7KHFRQGLWLRQDO
7H[W
7KHDUWLFOHZKLFKIROORZVORRNVDWWKHIXWXUHRIPDQNLQGDQGWKHGLYLVLyQRIKXPDQEHLQJVLQWRWZRVSHFLHV
7KHPDLQJUDPPDWLFDOSRLQWLQWKLVDQGLQ7H[WEHORZLVWKHFRQGLWLRQDOWHQVHXVXDOO\DVVRFLDWHGZLWK
ZRXOGLQ(QJOLVK
(OIXWXURGHODUD]DKXPDQD
$OLJXDOTXHODVGRVHVSHFLHVKXPDQDVTXHHOHVFULWRU+*:HOOVGHVFULEHHQVXQRYHOD/DPiTXLQD
GHOWLHPSRQXHVWUDUD]DSRGUtDGLYLGLUVHHQGRVVXEHVSHFLHV
GHQWURGHPLODxRV$VtORFUHHHOWHyULFRGHODHYROXFLyQGHO/RQGRQ6FKRRORI(FRQRPLFV2OLYHU
&XUU\TXLHQWUDVDQDOL]DUGLYHUVRVHVFHQDULRVSUR\HFWyORVFDPELRVTXHDIHFWDUtDQDOKRPEUHHQ
HOIXWXUR
6HJ~QH[SOLFyODHYROXFLyQGHQXHVWUDDSDULHQFLDItVLFDHVWDUtDJXLDGDSRUIDFWRUHVFRPRODPD\RU
VHOHFWLYLGDGDODKRUDGHHOHJLUSDUHMD\ODH[FHVLYD
GHSHQGHQFLDWHFQROyJLFDTXHGHJUDGDUtDDOJXQDVFDSDFLGDGHVGHOKRPEUH
(OPRPHQWRFXPEUHSDUDODUD]DKXPDQDOOHJDUtDGHQWURGHPLODxRV
FXDQGRODFLHQFLD\ODWHFQRORJtDWHQJDQHOSRWHQFLDOGHFUHDUXQKiELWDWLGHDOSDUDODKXPDQLGDG&XUU\
H[SOLFDTXHODPHMRUGLHWD\QXWULFLyQKDUtDTXHODSREODFLyQVHDPiVDOWDVXSHUDQGRORVGRV
PHWURVGHHVWDWXUDFRPRSURPHGLR7DPELpQDOFDQ]DUHPRVORVDxRVGHYLGD/DLQJHQLHUtD
JHQpWLFDLPSODQWHVFLEHUQpWLFRV\DYDQFHVWHFQROyJLFRVQRVFRQYHUWLUtDQHQVHUHVFDVLSHUIHFWRV
3HURWUDVHVWHDXJHSRGUtDOOHJDUODGHJUDGDFLyQ/DH[FHVLYDGHSHQGHQFLDGHODWHFQRORJtD\ORV
DYDQFHVHQPHGLFLQDUHGXFLUtDQODKDELOLGDGQDWXUDOGHOKRPEUHSDUDOXFKDUFRQWUDHQIHUPHGDGHV
RLQFOXVRODFDSDFLGDGSDUDOOHYDUVHELHQFRQORVGHPiV
)LQDOPHQWHHQHOFXUVRGHORVSUy[LPRVPLODxRVORVKXPDQRVVHYROYHUtDQPiVVHOHFWLYRVDOD
KRUDGH
HOHJLUSDUHMDSURYRFDQGRTXHODHVSHFLHVHGLYLGDHQGRVVXEHVSHFLHVXQDFODVHDOWDJHQpWLFDGH
KRPEUHVDOWRVGHOJDGRVVDQRVDWUDFWLYRVLQWHOLJHQWHV\FUHDWLYRV(QFRQWUDVWHH[LVWLUtDXQDVXEFODVH
KXPDQDPiVELHQWRQWDIHD\SDUHFLGDDORVGXHQGHV
'LDULR/D7HUFHUD&KLOH
7H[W
2QDQHQWLUHO\GLIIHUHQWWKHPH7H[WFRQVLGHUVWKHGDPDJHFDXVHGE\FLYLOLVDWLRQWRWKH(DUWK
VIRUHVWV
1RVHVWDPRVIXPDQGRHOSODQHWD
/D7LHUUDKDSHUGLGRFDVLODPLWDGGHVXVERVTXHVHQORV~OWLPRVDxRVHOWLHPSRTXHKDFHTXHHO
KRPEUHDSUHQGLyDFXOWLYDU\GHMyGHUHFROHFWDU
VXDOLPHQWR(QWRQFHVQDFLHURQODDJULFXOWXUD\ODJDQDGHUtDFRQVLGHUDGDVSRUORVDQWURSyORJRVFRPR
ODVOODYHVTXHSXVLHURQHQPDUFKDHOPRWRUGHODFLYLOL]DFLyQ
$SDUWLUGHHVHPRPHQWRHOVHUKXPDQRFRPSUREDUtDTXHHUDFDSD]GHWUDQVIRUPDUVXHQWRUQR)XHXQ
SULPHUSDVRTXHORGLIHUHQFLDUtDSDUDVLHPSUHGHOUHVWRGHORVDQLPDOHVSHURTXH
WDPELpQLQLFLDUtDHOFDPLQRKDFLDODGHIRUHVWDFLyQ/DDJULFXOWXUDQRVyORPHMRUyVXGLHWD\VX
HVSHUDQ]DGHYLGD'HSDVRWDPELpQFDPELyVXIRUPDGHYLYLUSURSRUFLRQiQGROHPiVWLHPSR
SDUDDFWLYLGDGHVTXHLQFUHPHQWDUtDQVXFDOLGDGGHYLGD
(VDVLWXDFLyQIDYRUHFHUtDODDSDULFLyQGHODDUWHVDQtDJHUPHQGHODIXWXUDLQGXVWULDTXHMXQWRD
OD
FXOWXUDDFDEDUtDSRUSRQHUHQPDUFKDXQDXPHQWRGHPRJUiILFRTXHQRLEDDUHWURFHGHUMDPiV\TXH
VHUtDLPSDUDEOH'HORVFLQFRRGLH]PLOORQHVGHKDELWDQWHVTXHORVELyORJRVFDOFXODQ
TXHKDEtDKDFHDxRVHOSODQHWDKDSDVDGRDDFRJHUDWRGDXQDSREODFLyQGHFHUFDGH
PLOORQHVGHVHUHVKXPDQRVHVWLPDGRVHQODDFWXDOLGDG
5HYLVWD&15(VSDxD
7KHFRQGLWLRQDO
86$*(
D/LNHWKH(QJOLVKZRXOGLQ,ZRXOGGRLWEXW,FDQWWKH6SDQLVKFRQGLWLRQDOLVXVHGIRUH[SUHVVLQJ
FRQGLWLRQV
ORVFDPELRVTXHDIHFWDUtDQDOKRPEUHHQHOIXWXUR7OWKHFKDQJHVWKDWZRXOG
DIIHFWPDQNLQGLQWKHIXWXUH
QXHVWUDDSDULHQFLDItVLFDHVWDUtDJXLDGDSRU7RXUSK\VLFDODSSHDUDQFH
ZRXOGEHGHWHUPLQHGE\
(OPRPHQWRFXPEUHSDUDODUD]DKXPDQDOOHJDUtDGHQWURGHPLODxRV77KH
FXOPLQDWLQJPRPHQWIRUWKHKXPDQUDFHZRXOGFRPHZLWKLQDWKRXVDQG\HDUV
ORVKXPDQRVVHYROYHUtDQPiVVHOHFWLYRV7OKXPDQVZRXOGEHFRPHPRUH
VHOHFWLYH
E7RH[SUHVVWKHIXWXUHLQWKHSDVW
7KLVXVHRIWKHFRQGLWLRQDOLVFRPPRQLQMRXUQDOLVWLFVW\OH7H[WLVDJRRGH[DPSOHZKHUHDOOWKH
IRUPVRIWKHFRQGLWLRQDOFRUUHVSRQGWRWKLVXVDJH
$SDUWLUGHHVHPRPHQWRHOVHUKXPDQRFRPSUREDUtD7O)URPWKDWPRPHQW
RQZDUGVKXPDQEHLQJVZHUHWRGLVFRYHU
(VDVLWXDFLyQIDYRUHFHUtD7O7KDWVLWXDWLRQZDVWRIDYRXU
VHUtDLPSDUDEOH7OLWZDVWREHXQVWRSSDEOH
$QRWKHUFRQWH[WIRUWKLVXVHRIWKHFRQGLWLRQDOLVLQGLUHFWVSHHFK
'LMHURQTXHHVWHYHUDQRLUtDQD/RVQJHOHV7KH\VDLGWKLVVXPPHUWKH\
GJRWR/RV$QJHOHV
OYDURPHSURPHWLyTXHPHHVFULELUtDSHURQRORKL]R$OYDURSURPLVHGPHKHZRXOGZULWHWRPH
EXWKHGLGQ
W
7KHRULJLQDOVWDWHPHQWVLQWKHH[DPSOHVDERYHPLJKWEH
(VWHYHUDQRLUHPRVD/RVQJHOHV
7HSURPHWRTXHWHHVFULELUp
F:LWKPRGDOYHUEVOLNHGHEHUSRGHU
QXHVWUDUD]DSRGUtDGLYLGLUVHHQGRVVXEHVSHFLHV7OWKHKXPDQUDFHPLJKW
EHFRPHGLYLGHGLQWRWZRVXEVSHFLHV
1RGHEHUtDVXFHGHU,WVKRXOGQ
WKDSSHQ
G)RUSROLWHQHVVLQVHQWHQFHVOLNHWKHIROORZLQJ
7HLPSRUWDUtDFHUUDUODYHQWDQD":RXOG\RXPLQGFORVLQJWKHZLQGRZ"
/HPROHVWDUtDTXHORGHMHDTXt":RXOG\RXPLQGLI,OHDYHLWKHUH"
0HKDUtDVXQIDYRU":RXOG\RXGRPHDIDYRXU"
H7RH[SUHVVVXSSRVLWLRQDQGXQFHUWDLQW\ZLWKUHJDUGWRVRPHWKLQJLQWKHSDVW
(QDTXHOWLHPSRpOWHQGUtDYHLQWHDxRV$WWKDWWLPHKHPXVWKDYHEHHQWZHQW\
6HUtDQODVGRVFXDQGRRFXUULy,WFRXOGKDYHEHHQWZRR
FORFNZKHQLWKDSSHQHG
/RVDEUtD-XOLD",ZRQGHUZKHWKHU-XOLDNQHZDERXWLW
)250$7,21
5HJXODUYHUEV
$VZLWKWKHIXWXUHWHQVHWKHFRQGLWLRQDOLVIRUPHGZLWKWKHZKROHLQILQLWLYHWRZKLFKWKHHQGLQJVDUH
DGGHG7KHHQGLQJVZKLFKDUHWKRVHRIWKHLPSHUIHFWWHQVHRIHUDQGLUYHUEVtDDUHWKHVDPHIRUDU
HUDQGLUYHUEV+HUHDUHWKUHHH[DPSOHV
HVWDUWREH
VHUWREH
YLYLUWROLYH
HVWDUtDHVWDUtDVHVWDUtDHVWDUtDPRVHVWDUtDLVHVWDUtDQ
VHUtDVHUtDVVHUtDVHUtDPRVVHUtDLVVHUtDQ
YLYLUtDYLYLUtDVYLYLUtDYLYLUtDPRVYLYLUtDLV
YLYLUtDQ
/DWLHUUDHVWDUtDKDELWDGDSRUGRVVXEHVSHFLHV7KHHDUWKZRXOGEHLQKDELWHGE\WZRVXEVSHFLHV
/RVVHUHVKXPDQRVVHUtDQFDVLSHUIHFWRV+XPDQEHLQJVZRXOGEHDOPRVWSHUIHFW
9LYLUtDPRVKDVWDORVDxRV:HZRXOGOLYHWR
,UUHJXODUYHUEV
6RPHYHUEVOLNHKDFHUWRGRPDNHDQGSRGHUWREHDEOHWRFDQKDYHWKHVDPHLUUHJXODUVWHPLQWKH
FRQGLWLRQDODVLQWKHIXWXUHWHQVH&KDSWHUEXWWKHHQGLQJVDUHWKHVDPHDVWKRVHRIUHJXODUYHUEV1RWH
WKHIROORZLQJH[DPSOHVLQ7H[W
%DWFKHORUDQG3RXQWDLQS
%XWWSS
%XWWDQG%HQMDPtQSS
.DWWiQ,EDUUDDQG3RXQWDLQSS
0XxR]DQG7KDFNHUSS
(;(5&,6(6
0DNHWKHVHUHTXHVWVVRXQGPRUHSROLWHE\FKDQJLQJWKHYHUEWRWKHFRQGLWLRQDOIRUP
D3XHGHVSDVDUPHHODJXD"
E3XHGRKDEODUFRQODVHxRULWD%ODQFR"
F0HKDFHHOIDYRUGHVXELUHOHTXLSDMH"
G/HLPSRUWDHVSHUDUXQPRPHQWR"
H3XHGHGHFLUPHGyQGHHVWi&RUUHRV"
I0HSHUPLWHQH[SOLFDUOHVHOSUREOHPD"
8VHWKHFRQGLWLRQDOWRUHZULWHDQGH[SUHVVWKHVXSSRVLWLRQRUSUREDELOLW\LQWKHVHVHQWHQFHV
D3UREDEOHPHQWHHUDQODVRQFHGHODQRFKHFXDQGRHQWUDURQ
E6HJXUDPHQWHFRPSUDEDODURSDHQHO5DVWUR
F3UREDEOHPHQWHKDEtDFRPRPLOSHUVRQDVHQODPDQLIHVWDFLyQ
G6HJXUDPHQWHHUDQMyYHQHVORVTXHORKDFtDQ
H6HJXURTXHDODQFLDQROHGROtDODSLHUQDSRUVXPRGRGHDQGDU
:KHQWKHILUVWSKDVHRIWKH,QWHUQDWLRQDO6SDFH6WDWLRQZDVODXQFKHGDVSRNHVSHUVRQJDYHRXWWKH
IROORZLQJLQIRUPDWLRQ
DSDtVHVSDUWLFLSDUiQHQHOSUR\HFWRTXHFRVWDUiPiVGHPLOORQHVGHGyODUHV
E8QHVSDxROWRPDUiSDUWHHQODPLVLyQ
F/DHVWDFLyQHVSDFLDOPHGLUiORHTXLYDOHQWHDGRVFDPSRVGHI~WERO\VHUiXQHQRUPHODERUDWRULRHQ
HOTXHYLYLUiQ\WUDEDMDUiQVLHWHDVWURQDXWDV
G6XODERUSRQGUiDODOFDQFHGHOKRPEUHODH[SORUDFLyQGH0DUWH\WDPELpQSRUPHGLRGHVXV
LQYHVWLJDFLRQHVHQFRQWUDUHPRVYLGDPiVDOOiGHQXHVWURSODQHWD
8VHWKHFRQGLWLRQDOWRWXUQZKDWWKHVSRNHVSHUVRQVDLGLQWRLQGLUHFWVSHHFKEHJLQQLQJHDFKSRLQWLQWKH
IROORZLQJZD\
D'LMRTXH
E$VHJXUyTXH
F$ILUPyTXH
G$xDGLyTXH
5HZULWHWKHVHVHQWHQFHVSXWWLQJWKHILUVWYHUELQEUDFNHWVLQWRDSDVWWHQVHDQGWKHVXEVHTXHQWYHUEV
LQWRWKHFRQGLWLRQDOIRUP
D3HGURHVWDUBBBBVHJXURGHTXHVXVSDGUHVQROHGHMDUBBBBVDOLUHVDQRFKH
E3LODUVDEHUBBBBPX\ELHQTXH-RDTXtQVHORFRQWDUBBBBWRGRDVXQRYLR
F0DUWDPHSURPHWHUBBBBTXHYHQLUBBBBDWLHPSR\TXHWUDHUBBBBVXFDUQpGHFRQGXFLU
G1RVDGYHUWLUHOORVBBBBGHTXHQRVSRQHUBBBBSHJDV\DVtKDVLGR
H(OSURIHVRUOHVH[SOLFDUBBBBDORVHVWXGLDQWHVTXHWHQHUBBBBTXHKDFHURWUDHYDOXDFLyQ
I/RVWpFQLFRVGHFLUBBBBTXHQRWDUGDUBBBHQKDFHUORVDQiOLVLV
7KLVH[WUDFWLVWDNHQIURPDORQJHUDUWLFOHSURILOLQJWKHPRGHUQ6SDQLVKPDOH3XWWKHYHUEVEHORZLQWR
WKHWKLUGSHUVRQVLQJXODURIWKHFRQGLWLRQDODQGLQVHUWWKHPLQWRWKHWH[WLQWKHRUGHUJLYHQ
DYROYHUEFRPSUHQGHUFDVRPEUDUVHGVXIULUHOOHJDU
6LHOELVDEXORGHFXDOTXLHUQXHYRHVSDxROOHYDQWDUDODFDEH]DHVVHJXURTXHDIXHU]DGHVREUHVDOWRV
DBBBBDSRVWUDUODHWHUQDPHQWH1REBBBBHOFRPSRUWDPLHQWRHQFDVDGHOELVQLHWRYDUyQ
GLVWULEX\pQGRVHPiVRPHQRVDODSDUODVWDUHDVGRPpVWLFDVFRQODPXMHUFBBBBDQWHHODIiQGHVX
GHVFHQGLHQWHSRUWUDEDMDUSRUKDFHUGLQHUR\JDVWDUTXHHVODUHOLJLyQFRQVXPLVWDGHOWLHPSRSUHVHQWH
(OELVDEXHORGBBBBHOGHILQLWLYRLPSDFWRPRUWDODOFRQWHPSODUSRUHMHPSORHOFXOWRDOFXHUSRGH
VXELVQLHWRHODUPDULROOHQRGHURSDVFRQFRORUHVGHGXGRVDKRPEUtDODVFRORQLDVSDUDROHUELHQORV
DFHLWHVSDUDSRQHUWHUVDODSLHOODVOiPSDUDVGHUD\RVSDUDPDQWHQHUXQVHPSLWHUQREURQFHDGR(Q
ILQHBBBBDODFRQFOXVLyQGHTXH(VSDxDKDEtDGHJHQHUDGR\FDtGRHQXQUHODMDPLHQWRDIHPLQDGRGH
ODVEXHQDVFRVWXPEUHV
5HYLVWD7LHPSR(VSDxD
+RZZRXOGRXUJUHDWJUDQGSDUHQWVUHDFWWRRXUOLYHVWRGD\":KDWFKDQJHVZRXOGWKH\QRWLFHDQGPDNH
WRWKHLUOLYHVWRDGDSWWRWRGD\
VZRUOG"
'LVFXVVZLWKDSDUWQHURUZULWHGRZQ\RXUWKRXJKWVXVLQJWKHFRQGLWLRQDOWHQVHWRH[SUHVVZKDWWKH\
ZRXOGGR
7H[WVXJJHVWVWKDWHYROXWLRQDU\IRUFHVZLOOPDNHXVDOOWDOOHU$QVZHUWKHIROORZLQJTXHVWLRQXVLQJWKH
FRQGLWLRQDOWHQVHWRH[SUHVV\RXULGHDV
&yPRFDPELDUtDWXYLGDVLIXHUDVPiVDOWRDTXpFRVDVSRGUtDVKDFHUTXHDKRUDQRSXHGHV\YLFH
YHUVD"
,QZKDWZD\ZRXOG\RXUOLIHFKDQJHLI\RXOLYHGLQ\RXULGHDOZRUOG"
'yQGHYLYLUtDV"
$TXpWHGHGLFDUtDV"
$GyQGHLUtDVGHYDFDFLRQHV"
&RQVLGHUWKHVHTXHVWLRQVDQGDGGPRUHWRGLVFXVVZLWKDSDUWQHUDQGRUZULWHDQDFFRXQWRIZKDW
FKDQJHV\RXULGHDOZRUOGZRXOGEULQJWR\RXUOLIH
)RUPRUHSUDFWLFHXVLQJWKHFRQGLWLRQDOLQLIFRQVWUXFWLRQVVHH&KDSWHUVDQG
7KHLQILQLWLYH
7H[W
7KHDUWLFOHZKLFKIROORZVJLYHVJHQHUDOJXLGHOLQHVRQKRZWRJHWILWLQGD\V<RXPD\EHXQIDPLOLDU
ZLWKVRPHRIWKHZRUGVLQWKHWH[WVRWU\WRJHWWKHJLVWRIZKDWLWVD\VLQ\RXUILUVWUHDGLQJWKHQJREDFN
WKURXJKLWORRNLQJXSVRPHRIWKHQHZZRUGV)LQDOO\UHDGLWDJDLQSD\LQJDWWHQWLRQWRWKHJUDPPDUDQGWKH
ZD\VLQZKLFKLQILQLWLYHVKDYHEHHQXVHG
&yPRSRQHUVHHQIRUPDHQGtDV
$QWHVGHLQLFLDUXQSODQUHJXODUGHHQWUHQDPLHQWRKD\TXHWHQHUHQFXHQWDODFRQGLFLyQItVLFDGHODTXH
SDUWLPRV2EYLDPHQWHQRSXHGH
KDFHUORGHODPLVPDPDQHUDXQDSHUVRQDTXHQXQFDKDKHFKRHMHUFLFLRTXHRWUDKDELWXDGDDKDFHU
GHSRUWH(VLPSRVLEOHFRPSHQVDUHQGtDVORTXHQRVHKDKHFKRHQWRGDODYLGD
/RHVHQFLDOHVWHQHUXQEXHQHVWDGRGHVDOXGFRPHQ]DUFRQVHVLRQHVGHEDMDLQWHQVLGDGLUDXPHQWDQGR
SURJUHVLYDPHQWHORVHMHUFLFLRV\XQDYH]ILQDOL]DGRHOSODQVHJXLU
SUDFWLFDQGRHMHUFLFLRUHJXODUPHQWH/DUHJXODULGDGHVHOVHFUHWRGHODIRUPDItVLFD/DGXUDFLyQPiV
UHFRPHQGDEOHGHEHVHUGHHQWUH\PLQXWRVGHHMHUFLFLRDHUyELFR
GDGRTXHODVVHVLRQHVGHPHQRUGXUDFLyQQRVXSRQHQXQDPHMRUDGHODIRUPDItVLFD(QFXDQWRDOD
LQWHQVLGDGHVPX\LPSRUWDQWHKDFHUHOHMHUFLFLRGHWDOPDQHUDTXHQRV
SHUPLWDFRPSOHWDUODVHVLyQGHHQWUHQDPLHQWR6LQRVFDQVDPRVSURQWRODVROXFLyQQRHVRWUDTXH
KDFHUORPiVGHVSDFLR(QWUHODVUHFRPHQGDFLRQHVTXHKDFHQORV
H[SHUWRVHVWiHOPDQWHQHUDOFRPHQ]DUXQSURJUDPDGHHQWUHQDPLHQWRXQQLYHOGHHMHUFLFLRDHUyELFR
HVGHFLUDXQDLQWHQVLGDGHQTXHODHQHUJtDSDUDHOWUDEDMR
UHDOL]DGRVHREWHQJDHQPD\RUSURSRUFLyQGHODUHVSLUDFLyQ8QDEXHQDPDQHUDGHFRQWURODUTXHVH
PDQWLHQHXQULWPRDGHFXDGRFRQVLVWHHQTXHHOHMHUFLFLRQRVKDJDVXGDU
SHURQRVSHUPLWDKDEODUDOPLVPRWLHPSR(QWUHQDUPX\LQWHQVDPHQWHVREUHWRGRGXUDQWHODV
SULPHUDVVHVLRQHVWHQGUiPiVLQFRQYHQLHQWHVTXHYHQWDMDV\DTXHH[LVWHXQPD\RU
ULHVJRGHOHVLRQHVFDQVDQFLRFUyQLFR\GLVPLQXFLyQGHOUHQGLPLHQWRHQHOWUDEDMRRHQORVHVWXGLRVOR
TXHQRVSXHGHFRQGXFLUDDEDQGRQDUHOGHSRUWH$QWHVGHFRPHQ]DUDSUDFWLFDU
FXDOTXLHUGHSRUWHHVUHFRPHQGDEOHVRPHWHUVHDXQUHFRQRFLPLHQWRPpGLFRSDUDFRPSUREDUTXHHVWiV
HQSHUIHFWRHVWDGRItVLFR/DSUiFWLFDGHSRUWLYDGHPDQHUDHVSHFLDOSDUD
DTXHOODVSHUVRQDVTXHQRHVWiQH[FHVLYDPHQWHKDELWXDGDVREOLJDDXQHVIXHU]RTXHSXHGHFDXVDUVHULRV
LQFRQYHQLHQWHVHQRUJDQLVPRVFRQDOJ~QWLSRGHSUREOHPDItVLFR/RV
UHVXOWDGRVGHODVSUXHEDVPpGLFDVQRVD\XGDUiQDGHWHUPLQDUODIRUPDODFDQWLGDG\ODLQWHQVLGDGGHOD
DFWLYLGDGGHSRUWLYDTXHWHQHPRVODLQWHQFLyQGHSUDFWLFDU
5HYLVWD4XR(VSDxD
7KHLQILQLWLYH
86$*(
7KHLQILQLWLYHLVWKHIXOOIRUPRUGLFWLRQDU\IRUPRIWKHYHUEZKLFKLQ6SDQLVKLVH[SUHVVHGE\DVLQJOH
ZRUGHQGLQJLQDUHURULUHJKDEODUFRPHUYLYLU,Q(QJOLVKWKLVLVPDGHXSRIWZRZRUGVWR
YHUEHJWRVSHDN7KHUHDUHDQXPEHURILQILQLWLYHVLQWKHWH[WEXWWKHLUXVDJHYDULHVDV\RXZLOOVHH
IURPWKHQRWHVEHORZ([WUDH[DPSOHVKDYHEHHQJLYHQLQRUGHUWRLOOXVWUDWHSRLQWVQRWIRXQGLQWKHDUWLFOH
D$VDQRXQVRPHWLPHVSUHFHGHGE\HOWKHPDVFXOLQHVLQJXODUIRUPRIWKHGHILQLWHDUWLFOH1RWHKHUHWKH
XVHRIWKHLQJIRUPLQ(QJOLVKIRUWKH6SDQLVKLQILQLWLYH
(QWUHODVUHFRPHQGDFLRQHVHVWiHOPDQWHQHUO$PRQJWKHUHFRPPHQGDWLRQVLV
PDLQWDLQLQJ
(QWUHQDUPX\LQWHQVDPHQWHO7UDLQLQJYHU\LQWHQVLYHO\
E$IWHUSUHSRVLWLRQVDQGSUHSRVLWLRQDOSKUDVHV
$QWHVGHLQLFLDUXQSODQO%HIRUHVWDUWLQJDSURJUDPPH
SDUDFRPSUREDUOLQRUGHUWRFKHFN
6LPLODUO\DKDFHUOGHFRQWURODUOGHSUDFWLFDUO
1RWHDJDLQWKHXVHRIWKHLQJIRUPLQ(QJOLVKWRWUDQVODWHPRVWRIWKHVHH[DPSOHV
F$IWHUPRGDOYHUEVVXFKDVSRGHUWREHDEOHFDQPD\GHEHUPXVWWHQHUTXHWRKDYHWRKDEHUTXHWR
EHQHFHVVDU\&KDSWHU
KD\TXHWHQHUHQFXHQWDODFRQGLFLyQItVLFDOLW
VQHFHVVDU\WRWDNHLQWRDFFRXQWWKH
SK\VLFDOFRQGLWLRQ
GHEHVHUGHHQWUH\PLQXWRVOLWPXVWEHEHWZHHQDQGPLQXWHV
SXHGHFDXVDUOLWPD\FDXVH
G$IWHUDQXPEHURIYHUEVPDQ\RIZKLFKPD\UHTXLUHDSUHSRVLWLRQ
FRQVLVWHHQTXHHOHMHUFLFLRQRVKDJDVXGDUSHURQRVSHUPLWDKDEODUO,WFRQVLVWV
WKHH[HUFLVHPDNLQJXVVZHDWEXWDOORZLQJXVWRVSHDN
QRVD\XGDUiQDGHWHUPLQDUO7KH\
OODOORZXVWRGHWHUPLQH
1RWHKRZHYHUWKDWZLWKWKHH[FHSWLRQRIDIHZYHUEVHJSHUPLWLUWRDOORZSURKLELUWRIRUELG
RUGHQDUPDQGDUWRRUGHUWKHLQILQLWLYHFDQQRWEHXVHGZKHQWKHVXEMHFWRIWKHILUVWYHUELVGLIIHUHQW
IURPWKDWRIWKHVHFRQGYHUE,QWKLVFDVH\RXQHHGWKHFRQVWUXFWLRQTXHVXEMXQFWLYH&RPSDUH
&RQVHJXtKDFHUOR,PDQDJHGWRGRLW&RQVHJXtTXHORKLFLHUD,JRWKLPKHUWRGRLWVHH&KDSWHUV
DQG
H$IWHUDGMHFWLYHVLQSKUDVHVVXFKDVHVLPSRVLEOHLW
VLPSRVVLEOHHVLPSRUWDQWHLW
VLPSRUWDQWHV
GLItFLOLW
VGLIILFXOWSDUHFHIiFLOLWVHHPVHDV\UHVXOWDFDURLW
VH[SHQVLYH
(VLPSRVLEOHFRPSHQVDUHQGtDVO,W
VLPSRVVLEOHWRPDNHXSLQGD\V
HVPX\LPSRUWDQWHKDFHUHOHMHUFLFLROLW
VYHU\LPSRUWDQWWRGRH[HUFLVH
I3UHFHGHGE\DOXVXDOO\H[SUHVVHGLQ(QJOLVKZLWKRQLQJ
DOFRPHQ]DUXQSURJUDPDORQVWDUWLQJDSURJUDPPH
J$IWHUYHUWRVHHDQGRtUWRKHDU
/RVYLVDOLUKDFHXQUDWR,VDZWKHPJRRXWDZKLOHDJR
-DPiVODKHRtGRFDQWDU,
YHQHYHUKHDUGKHUVLQJ
K,QSODFHRIWKHLPSHUDWLYHIRUJLYLQJGLUHFWLRQVDQGLQVWUXFWLRQV
6HJXLUKDVWDHOSUy[LPRVHPiIRUR&RQWLQXHDVIDUDVWKHQH[WWUDIILFOLJKWV
1RDGHODQWDU'RQRWRYHUWDNH
2WKHUSRLQWVWRQRWHLQWKHWH[W
6HHIRUIXUWKHULQIRUPDWLRQ
%XWWSS
%XWWDQG%HQMDPtQSS
.DWWiQ,EDUUDDQG3RXQWDLQSS
0XxR]DQG7KDFNHUSS
(;(5&,6(6
0DNHDVHQWHQFHIURPWKHWZRSDUWVXVLQJWKHSUHSRVLWLRQLQEUDFNHWVDQGPDNLQJDQ\QHFHVVDU\FKDQJHV
7KHQWUDQVODWHWKHVHQWHQFHVLQWR(QJOLVK
([DPSOH6DOLyGHOFXDUWRQRKL]RUXLGRVLQ
6DOLyGHOFXDUWRVLQKDFHUUXLGR6KHZHQWRXWRIWKHURRPZLWKRXWPDNLQJDQRLVH
D)XHURQD6DODPDQFDDSUHQGLHURQHVSDxROSDUD
E(VWR\DTXtQRKDJRQDGDVLQ
F(QWUyHQHOVDOyQHQFHQGLyODOX]DO
G3ULPHURFHQDPRVOXHJRVDOLPRVGHVSXpVGH
H/OHJDURQOODPDURQDVXVDPLJRVDO
I6HIXHQRGLMRQDGDVLQ
J,QLFLDURQHOSURJUDPDSULPHURDFXGLHURQDOPpGLFRDQWHVGH
K0DUWDFRPSUyPHGLDGRFHQDGHKXHYRVKL]RXQDWRUWLOODSDUD
L3ULPHURYLVLWDURQHOFDVWLOOROXHJRFRPSUDURQUHFXHUGRVGHVSXpVGH
M+DEOyFRQ-XDQSULPHUROH\yODFDUWDDQWHVGH
3XWWKHVHZRUGVLQWRWKHFRUUHFWRUGHUWRPDNHPHDQLQJIXOVHQWHQFHV
DSRGHUQRD\XGDUWHVLHQWREDHVSHUD0DGULGLU
FFRQ,QpVVHJXLUQRORVTXLVRHMHUFLFLRV
GHMHUFLFLRHVKDFHULPSRUWDQWHPX\
HHVFXFKDUDSUHQGHUTXHKD\SDUD
ILUSRUTXHQRDOWHQJRJLPQDVLRSXHGRWUDEDMDUTXH
JSRQHUVHLPSRVLEOHVLQHVHMHUFLFLRHQIRUPDKDFHU
KFRPSUDUSDUDFRFKHTXLHUHQ(VSDxDDXQLU
LEDMyDFHLWHDVXSHUPHUFDGRDO0DUWDFRPSUDU
MWHQHUSRGHU,JQDFLRGHEHWDQWRPXFKRVRSRUWDUDJXDQWHSDUD
7UDQVODWHLQWR6SDQLVKWDNHFDUHWRXVHWKHLQILQLWLYHZLWKRUZLWKRXWDSUHSRVLWLRQZKHUHQHFHVVDU\
D$VWKH\ZHQWLQWKH\EHJDQVLQJLQJE,KHDUGWKHPVLQJLQJ
F7KHEHVWWKLQJDERXWOLYLQJKHUHLVEHLQJDEOHWRJRWRWKHWKHDWUH
G7KHZRUVWWKLQJDERXWOLYLQJLQWKHPHWURSROLVLVEHLQJVRIDUIURPWKHFRXQWU\VLGH
H/LIHLQWKHFRXQWU\LVRSHQLQJWKHZLQGRZDQGVHHLQJKHDULQJDQGVPHOOLQJ1DWXUH
I*RLQJWRWKHJ\PLVDJRRGZD\RIJHWWLQJILW
J6KHLVLQFDSDEOHRIJLYLQJXSVPRNLQJ
K+HGHQLHVKDYLQJKHOSHGWKHWKLHYHV
L%HLQJDEOHWRWDONWRKHUGDXJKWHULVKHURQO\FRQVRODWLRQ
M7KH\JRWERUHGGRLQJWKHVDPHWKLQJRYHUDQGRYHUDJDLQ
3XWWKHVHKRVWHOUXOHVLQWR6SDQLVKXVLQJWKHLQILQLWLYH
D1RVPRNLQJE'RQRWXVH
F1RVKRZHUVEHIRUHR
FORFN
G'RQRWOHDYHFORWKHVLQWKHFKDQJLQJURRPV
H3XWWKHOLJKWVRXWEHIRUHPLGQLJKW
I&OHDUWKHWDEOHDIWHUHDWLQJ
J:DVKXS
K%HGVPXVWEHPDGHRQDUULYDO
7KHJHUXQG
7H[W
7KLVDUWLFOHFRQVLGHUVWKHPDLQUHDVRQVIRUWKHJUHHQKRXVHHIIHFWDQGLWVFRQVHTXHQFHV7KHJUDPPDU
IRFXVHVRQWKHXVHRIYHUEIRUPVVXFKDVLQFUHPHQWDQGRLQFUHDVLQJSURGXFLHQGRSURGXFLQJZKLFKDUH
NQRZQDVJHUXQGV5HDGWKHWH[WDQGQRWHKRZWKHVHKDYHEHHQXVHG
(OHIHFWRLQYHUQDGHUR
/DSULQFLSDOFDXVDGHOHIHFWRLQYHUQDGHURHVODDFFLyQGHOKRPEUH'HVGHORVLQLFLRVGHOD5HYROXFLyQ
,QGXVWULDODILQDOHVGHOVLJOR;9,,,
VHKDQHVWDGRSURGXFLHQGR\OLEHUDQGRPLOORQHVGHWRQHODGDVGHJDVHV\SDUWtFXODVSDUWHGHODVFXDOHV
VHKDQLGRDFXPXODQGRHQODDWPyVIHUDTXHURGHDHOSODQHWDDJXGL]DQGRDVtHO
OODPDGRHIHFWRLQYHUQDGHUR
(VODDWPyVIHUDTXHUHFXEUHHOSODQHWDODTXHSHUPLWHODH[LVWHQFLDGHIRUPDVVXSHULRUHVGHYLGDHQOD
7LHUUDPHUFHGDXQDGREOHDFFLyQSRUXQ
ODGRILOWUDDTXHOODSDUWHGHORVUD\RVVRODUHVTXHVRQGDxLQRVSDUDODVIRUPDVYLYDVLPSLGLHQGRTXH
OOHJXHQKDVWDODVXSHUILFLHSRUHORWURHYLWDTXHORVUD\RVGHOVROUHERWHQHQODFRUWH]D
WHUUHVWUH\VHSLHUGDQHQHOHVSDFLR*UDFLDVDODDWPyVIHUDKDVWDSRUGHODHQHUJtDVRODUTXH
OOHJDDOD7LHUUDTXHGDDWUDSDGDDTXtHOHYDQGRDVtODWHPSHUDWXUDPHGLDGHOSODQHWDGHO
PLVPRPRGRTXHORKDFHQORVYLGULRVRORVSOiVWLFRVWUDQVSDUHQWHVGHQWURGHXQLQYHUQDGHUR
6LQRIXHUDSRUODDWPyVIHUDOD7LHUUDVHUtDXQJLJDQWHVFRVRUEHWHGHKLHORFRQ
XQDWHPSHUDWXUDPHGLDLQIHULRUHQJUDGRVFHQWtJUDGRVDODWHPSHUDWXUDPHGLDDFWXDOGRQGHVyOR
IRUPDVGHYLGDPX\VLPSOHV\SULPLWLYDVSRGUtDQH[LVWLU
3HURWRQHODGDV\WRQHODGDVGHJDVHV\SDUWtFXODVSURGXFLGDVSRUODTXHPDGHFRPEXVWLEOHVIyVLOHV
LQFHQGLRVGHERVTXHV\RWUDVIXHQWHVGHFRQWDPLQDFLyQODQ]DGDVDODDWPyVIHUD
HVWiQLQFUHPHQWDQGRQRWDEOHPHQWHHOHIHFWRLQYHUQDGHURRFDVLRQDQGRHOUHFDOHQWDPLHQWRJHQHUDOL]DGR
TXH\DVHKDSURGXFLGR\VHJXLUiSURGXFLpQGRVHHQORVDxRVVXFHVLYRV
5HYLVWD7LHPSR(VSDxD
7KHJHUXQG
86$*(
9HUEIRUPVVXFKDVKDEODQGRVSHDNLQJFRPLHQGRHDWLQJVDOLHQGRJRLQJRXWDUHNQRZQDVJHUXQGV
6RPHRIWKHXVHVRIWKHJHUXQGFRUUHVSRQGWRWKDWRIWKHLQJYHUEIRUPLQ(QJOLVKZKLOHRWKHUVDUH
GLIIHUHQW
D7KHJHUXQGPD\IXQFWLRQDVDNLQGRIDGYHUEWRUHIHUWR
L$QDFWLRQZKLFKLVVLPXOWDQHRXVZLWKRUFRPSOHPHQWDU\WRWKHDFWLRQH[SUHVVHGE\WKHPDLQYHUE
VHKDQLGRDFXPXODQGRDJXGL]DQGRDVtOWKH\KDYHEHHQEXLOGLQJXSWKXV
ZRUVHQLQJ
ILOWUDORVUD\RVVRODUHVLPSLGLHQGRTXHOLWILOWHUVWKHVXQ
VUD\V
SUHYHQWLQJWKHPIURP
LL&DXVH
9LHQGRTXHHUDWDQWDUGHGHFLGtLUPH&RPRHUDWDQWDUGH6HHLQJWKDWLWZDVVRODWH,GHFLGHG
WROHDYH
LLL0DQQHU
6HDFHUFyDPtVRQULHQGRFRQXQDVRQULVD+HVKHDSSURDFKHGPHVPLOLQJ
LY$FRQGLWLRQ
7UDEDMDQGRDVtOOHJDUiVPX\OHMRV6LWUDEDMDVDVt:RUNLQJOLNHWKDW\RX
OOJRIDU
Y&RQFHVVLRQ
,QVLVWLyHQKDFHUORVDELHQGRORGLItFLOTXHHUDDXQTXHVDEtD+HVKHLQVLVWHGRQGRLQJLW
NQRZLQJKRZGLIILFXOWLWZDV
E:LWKHVWDULQWKHFRQWLQXRXVWHQVHV
VHKDQHVWDGRSURGXFLHQGR\OLEHUDQGROWKH\DUHEHLQJSURGXFHGDQGUHOHDVHG
HVWiQLQFUHPHQWDQGROWKH\DUHLQFUHDVLQJ
F:LWKLUWRLQGLFDWHWKDWWKHDFWLRQH[SUHVVHGE\WKHYHUERFFXUVJUDGXDOO\
VHKDQLGRDFXPXODQGROWKH\KDYHEHHQDFFXPXODWLQJ
G:LWKVHJXLUDQGFRQWLQXDUWRGHQRWHFRQWLQXLW\
VHJXLUiRUFRQWLQXDUiSURGXFLpQGRVHOLWZLOOFRQWLQXHRFFXUULQJ
H:LWKYHQLUWRGHQRWHGXUDWLRQRUUHSHWLWLRQ
(VWRYLHQHSDVDQGRGHVGHKDFHPXFKRWLHPSR7KLVKDVEHHQJRLQJRQIRUDORQJWLPH
I:LWKDFDEDUDQGWHUPLQDUWRLQGLFDWHDUHVXOW
$FDEDURQ7HUPLQDURQGLYRUFLiQGRVH7KH\HQGHGXSJHWWLQJGLYRUFHG
J:LWKOOHYDUDQGDQH[SUHVVLRQRIWLPHWRH[SUHVVFRQWLQXLW\
/OHYRGRVDxRVYLYLHQGRDTXt,KDYHEHHQOLYLQJKHUHIRUWZR\HDUV
K:LWKTXHGDUVHWRLQGLFDWHGXUDWLRQLQWKHDFWLRQH[SUHVVHGE\WKHYHUE
6HTXHGyPLUiQGRPHILMDPHQWH+HVKHFDUULHGRQVWDULQJDWPH
L:LWKDQGDUWRH[SUHVVWKHLGHDRIJRLQJDURXQGGRLQJVRPHWKLQJ
$QGDEXVFDQGRWUDEDMR+HVKH
VJRLQJURXQGORRNLQJIRUZRUN
63$1,6+*(581'$1'(1*/,6+,1*',))(5(1&(6
7KHUHDUHLPSRUWDQWGLIIHUHQFHVLQXVHEHWZHHQWKH6SDQLVKJHUXQGDQGWKH(QJOLVKLQJIRUP
D7KH6SDQLVKHTXLYDOHQWRIWKH(QJOLVKLQJIRUPXVHGDVDQRXQLVQRUPDOO\WKHLQILQLWLYH
7HOOLQJKLPZLOOQRWKHOSDWDOO(OGHFtUVHORQRD\XGDUiHQQDGD
E7KH6SDQLVKJHUXQGLVQRWQRUPDOO\XVHGDVDQDGMHFWLYH
$VZLPPLQJVXLW8QWUDMHGHEDxR
7KHIDOOLQJOHDYHV/DVKRMDVTXHFDHQ
F$IWHUDSUHSRVLWLRQ6SDQLVKXVHVWKHLQILQLWLYHQRWWKHJHUXQGVHH&KDSWHU
$IWHUKDYLQJOXQFK'HVSXpVGHKDEHUDOPRU]DGR
6KHOHIWZLWKRXWVD\LQJJRRGE\H6HIXHVLQGHVSHGLUVH
G$FWLRQVLQYROYLQJGLIIHUHQWVXEMHFWVRIWHQH[SUHVVHGZLWKLQJLQ(QJOLVKUHTXLUHGLIIHUHQWFRQVWUXFWLRQV
LQ6SDQLVK
,ORYHEHLQJVHQWIORZHUV0HHQFDQWDTXHPHPDQGHQIORUHV
:HOLNHKHUGDQFLQJ1RVJXVWDVXIRUPDGHEDLODU
H'LIIHUHQWDFWLRQVSHUIRUPHGE\DVLQJOHVXEMHFWDUHXVXDOO\H[SUHVVHGLQ6SDQLVKZLWKDQLQILQLWLYHQRW
ZLWKWKHJHUXQG
,KDWHJRLQJWREHGODWH2GLRDFRVWDUPHWDUGH
:HHQMR\WDNLQJDZDONLQWKHHYHQLQJ1RVDJUDGDVDOLUGHSDVHRSRUODWDUGH
)250$7,21
7RIRUPWKHJHUXQGUHPRYHWKHHQGLQJRIWKHLQILQLWLYHDQGDGGDQGRWRWKHVWHPRIDUYHUEVDQGLHQGR
WRWKDWRIHUDQGLUYHUEVHJKDEODQGRFRPLHQGRYLYLHQGR$IHZYHUEVIRUPWKHJHUXQGLQDVOLJKWO\
GLIIHUHQWZD\
DLHQGREHFRPHV\HQGRZKHQWKHVWHPRIWKHYHUEHQGVLQDYRZHO&RPPRQH[DPSOHVDUHFDHU
FD\HQGRWRIDOOIDOOLQJFUHHUFUH\HQGRWREHOLHYHEHOLHYLQJOHHUOH\HQGRWRUHDG
UHDGLQJRtUR\HQGRWRKHDUKHDULQJ
7KHJHUXQGRILULV\HQGR
E0RVWYHUEVLQLUZKLFKFKDQJHWKHVWHPLQWKHWKLUGSHUVRQRIWKHSUHWHULWHKDYHDVLPLODUFKDQJHLQWKH
JHUXQG$PRQJWKHPZHILQGWKHIROORZLQJ
,QILQLWLYH
UGSHUVRQVSUHWHULWH JHUXQG
GXUPLHQGR VOHHSLQJ
PXULHQGR G\LQJ
DVNLQJIRU
SLGLHQGR
IHHOLQJ
VLQWLHQGR
FRPLQJ
YLQLHQGR
GRUPLU
PRULU
SHGLU
VHQWLU
YHQLU
GXUPLyGXUPLHURQ
PXULyPXULHURQ
SLGLySLGLHURQ
VLQWLyVLQWLHURQ
YLQRYLQLHURQ
F7KHJHUXQGRIGHFLULVGLFLHQGRVD\LQJDQGWKDWRISRGHULVSXGLHQGREHLQJDEOHWR
G7KHJHUXQGKDVDSDVWIRUPPDGHXSRIWKHJHUXQGRIKDEHUDQGWKHSDVWSDUWLFLSOHHJKDELHQGR
WHUPLQDGRKDYLQJILQLVKHG
326,7,212)35212816:,7+7+(*(581'
3URQRXQVDUHQRUPDOO\DGGHGWRWKHJHUXQGXQOHVVWKLVLVSUHFHGHGE\DILQLWHYHUELQZKLFKFDVHWKH
SURQRXQFDQHLWKHUJREHIRUHWKHILQLWHYHUERUEHDWWDFKHGWRWKHHQGRIWKHJHUXQG,IWKHSURQRXQLVDGGHG
WRWKHJHUXQG\RXQHHGWRSODFHDZULWWHQDFFHQWRQWKHDLQDQGRRUWKHHLQLHQGR
9LpQGRODDVtSUHIHUtQRKDEODUOH6HHLQJKHUOLNHWKDW,SUHIHUUHGQRWWRVSHDNWRKHU
(VWR\WHUPLQiQGRORRU/RHVWR\WHUPLQDQGR,DPILQLVKLQJLW
2WKHUSRLQWVWRQRWHLQWKHWH[W
6HHIRUIXUWKHULQIRUPDWLRQ
%XWWSS
%XWWDQG%HQMDPLQSS
.DWWiQ,EDUUDDQG3RXQWDLQSS
0XxR]DQG7KDFNHUSS
(;(5&,6(6
&KRRVHDYHUEIURPWKHOLVWDQGSXWLWLQWRWKHJHUXQGIRUPWRFRPSOHWHWKHVHQWHQFHV
D/RVQLxRVHVWiQHQHOMDUGtQ"
1RHVWiQHQVXFXDUWRBBBB
E&yPRYDDSDVDUHOYHUDQR5RVDULR"
BBBBHQXQEDU
F4XpOHGLMLVWHDOSROLFtD"
BBBB4XHYLDGRVMyYHQHVTXHVDOLHURQ
G&yPRSXHGRDKRUUDUHQHUJtD"
BBBBHVWDVERPELOODVSRUXQDVGHEDMRFRQVXPR
H<FyPRSXHGRDKRUUDUDJXD"
BBBBODGXFKDHQOXJDUGHODEDxHUD
I<0DUJDULWD"
BBBBWDQJRVFRQ(UQHVWR
J3RUTXpKL]RWDOYLDMH"
BBBB3RUTXHDODOXQDWHQGUtDH[SHULHQFLDV~QLFDV
K&yPRFRQVHJXLVWHQRWDVWDQEXHQDV"
BBBB
3XWWKHYHUELQEUDFNHWVLQWRWKHFRUUHFWIRUPRIWKHFRQWLQXRXVWHQVH
D3RUTXpQRYLQLHURQWXVDPLJRV"
3RUTXHWUDEDMDUBBBB
E6HSXHGHKDEODUFRQODVHxRUD&DOYR"
(QHVWHPRPHQWRDWHQGHUBBBBDXQFOLHQWH
F4XpSDVD"
1RVpVHJXLUQRVRWURVBBBBODVLQVWUXFFLRQHV\GHUHSHQWHODPiTXLQDHVWDOOy
G)XLVWHLVDHVTXLDUHOILQGHVHPDQD"
6tSHURODQLHYHGHUUHWLUVHBBBB
H/OHJDPRVWDUGH"
%XHQRXQSRFR\DVHUYLUHOORVBBBBODFHQD
I+DVYLVWRD(VWHEDQ\VXIDPLOLD~OWLPDPHQWH"
/RVYLHQDJRVWRSUHSDUDUVHHOORVSDUDODPXGDQ]D
J4XpKDFpLVDKRUD"
1DGD'HVFDQVDUBBBB
K3RUTXpKDVSXHVWRHVDFDUD"
5HtUVHHOORVBBBBGHPt
L+DVHQWUHJDGRHOLQIRUPH"
6tSHUREHEHUBBBBFDIpWRGDODQRFKHSDUDWHUPLQDUOR
M<7HUHVD"
7RGDYtDYHVWLUVHBBBB
N1RVYDPRV\D"
(VSHUDXQPRPHQWLWRSRQHUVH\RBBBBODVERWDV
O+DVYLVWRODVQXHYDVXUEDQL]DFLRQHV"
6tFRQVWUXLUHOORVBBBBFDVDVSRUWRGDODFRVWD
5HSODFHWKHXQGHUOLQHGZRUGVZLWKJHUXQGVPDNLQJRWKHUDGMXVWPHQWVZKHUHQHFHVVDU\
D(O3UHVLGHQWHVDOLyDOEDOFyQ\VDOXGyDODVPDVDV
E6LPHHVFULEHVDHVWDGLUHFFLyQODFDUWDOOHJDUi
F$OPLVPRWLHPSRTXHQRVD\XGDVDSUHQGHUiV
G6HJXLPRVXWLOL]DQGRQXHVWURVFRFKHVDXQTXHVDEHPRVGHOGDxRTXHHVWRFDXVDDOHQWRUQR
H3DVyODQRFKHHQHOWUHQ\OH\y/DPXHUWHGH$UWHPLR&UX]
I0LHQWUDVGHVFDQVDEDHQHO3LULQHRVHROYLGyGHWRGRVVXVSUREOHPDV
J(QFRQWUyDVXPDGUHTXHOORUDED
K6LPLHQWHVDVtQROOHJDUiVDQLQJXQDSDUWH
L$OVDOLUGHFDVDGLPRVFRQ$OHMDQGUR\VXPXMHU
M0LHQWUDVFDPLQDEDWRGROHSDUHFtDPiVIiFLO
N9DSRUODFDOOH\DOPLVPRWLHPSRHVFXFKDP~VLFD
O6yORVOWUDEDMDVUHDOL]DUiVWXVVXHxRV
)RUPVHQWHQFHVIURPWKHFRQVWLWXHQWSDUWVDVLQWKHH[DPSOHWKHQWUDQVODWHLQWR(QJOLVK
([DPSOH(OYLUDXQDxRUHIRUPDUVXFDVD
(OYLUDOOHYDXQDxRUHIRUPDQGRVXFDVD
(OYLUDKDVEHHQUHQRYDWLQJKHUKRXVHIRUD\HDU
D/RVDJULFXOWRUHVGRVDxRVSODQWDUERVTXHV
E6RItDVHLVPHVHVLUDOWUDEDMRHQDXWRE~V
F/RVRILFLQLVWDVDxR\PHGLRUHFLFODUHOSDSHO
G1RVRWURVPXFKRWLHPSRUHGXFLUQXHVWURFRQVXPRGHHOHFWULFLGDG
H/RVHFRORJLVWDVPiVGHWUHLQWDDxRVFUHDUFRQFLHQFLDVREUHORVSHOLJURVTXHFRUUHHOSODQHWD
I&DUORVVHLVDxRVHQVHxDUIUDQFpVHQOD(VFXHODGH,GLRPDV
J/RVFDPSHVLQRVVLJORVFXOWLYDUHVWDVWLHUUDV
K*ORULDXQDxR\DLQYHVWLJDUODGHVDSDULFLyQGHODDEHMD
L3HSHQRPXFKRWLHPSRYHQGHUUHORMHV
M(VWHJUXSRGHMyYHQHVYDULRVDxRVLUD*XDWHPDODGHYROXQWDULRV
5HZULWHWKHVHVHQWHQFHVXVLQJWKHEUDFNHWHGYHUEWRPDNHDJHUXQGFRQVWUXFWLRQ7KHQVWXG\HDFKRQH
WKLQNLQJDERXWWKHPHDQLQJ
D/DVXFLHGDGVHDFXPXODHQHOIRQGRGHOPDUHVWDU
E/DVLWXDFLyQPHMRUDLU
F1RWDPRVXQDXPHQWRGHOQLYHOGHOPDUGHVGHKDFHYDULRVDxRVYHQLUG6HJ~QORVHFRORJLVWDVHO
KRPEUHGHVWUXLUiHOSODQHWDDFDEDU
H(OKRPEUHFRQWDPLQDODDWPyVIHUDGHVGHORVLQLFLRVGHOD5HYROXFLyQ,QGXVWULDOYHQLU
I/RVPXQLFLSLRVLQVWDODQFRQWHQHGRUHVHVSHFtILFRVSDUDORVGLVWLQWRVWLSRVGHEDVXUDHVWDUJ/RV
IDEULFDQWHVGHYLGULRDSR\DUiQHOUHFLFODGRFRPRXQDPHGLGDDFWLYDDIDYRUGHOPHGLRDPELHQWH
VHJXLU
K3RFRDSRFRHVWDPRVFDPELDQGRQXHVWURVKiELWRVDOWLUDUODEDVXUDLU
L&RQHOFUHFLHQWHQ~PHURGHYLDMHVWXUtVWLFRVVHGDxDUiODQDWXUDOH]DGHODV,VODV*DOiSDJRV
DFDEDU
M6LORVJODFLDUHV\SDUWHGHORVSRORVVHGHUULWHQDOPLVPRULWPRTXHDKRUDHOQLYHOGHOPDU
DXPHQWDUiHQODV]RQDVFRVWHUDVVHJXLU
N(OFDPELRFOLPiWLFRVHLQWHQVLILFDDPHGLGDTXHODFRQWDPLQDFLyQUHFDOLHQWDHOSODQHWDHVWDU
O<DFDPELDQGHRSLQLyQORVSROtWLFRVDQWHWRGRVORVLQGLFLRV\SURQyVWLFRVLU
5HZULWHWKHVHVHQWHQFHVXVLQJDQGDULUVHJXLUTXHGDUVHRUYHQLUJHUXQGDFFRUGLQJWRZKLFKVHHPVWKH
PRVWDSSURSULDWHWRWKHFRQWH[W
D0LKHUPDQRGLFHDWRGRHOPXQGRTXHVR\WRQWDE3RFRDSRFRHVWDPRVDSUHQGLHQGR
F7RGDYtDHVWiVIXPDQGRDSHVDUGHORTXHWHKDGLFKRHOPpGLFR
G)HUQDQGR\-DYLHUEXVFDQXQDSDUWDPHQWR
H(VWXYLPRVFKDUODQGRKDVWDDOWDVKRUDVGHODQRFKH
I3RFRDSRFRHVWR\FRQRFLHQGRODFLXGDG
J7RGDYtDWLUDPRVODEDVXUDVLQVHSDUDUOD
K(VFULEtDWRGRORTXHRtD
L(VHDOFDOGHEXVFDH[FXVDVSDUDMXVWLILFDUODFRUUXSFLyQ
M7RGDYtDSLHQVDQORPLVPRDSHVDUGHORTXHDFDEDQGHYHU
N'HVGHKDFtDWLHPSR3DEORQRWDEDXQGRORUVRUGRHQODHVSDOGD
O0LUDPRVORVFXDGURVWRWDOPHQWHFRQPRYLGRV
7UDQVODWHWKH(QJOLVKLQWR6SDQLVKWRFRPSOHWHWKHVHVHQWHQFHV
D3RUHIHFWRGHOFDOHQWDPLHQWRJOREDOORVSRORVZLOOHQGXSPHOWLQJ
E0XFKRVFLHQWtILFRVGHVPLHQWHQHOSpVLPRHVWDGRGHVDOXGGHOD7LHUUDDFFXVLQJWKH
HQYLURQPHQWDOLVWVRIVHQVDWLRQDOLVP
F6HVDEHTXHVLODHPLVLyQGHJDVHVGHHIHFWRLQYHUQDGHURQRVHOLPLWDODVWHPSHUDWXUDVZLOOFDUU\RQ
LQFUHDVLQJ
G$KRUDWHQHPRVTXHVHSDUDUODEDVXUDGHSRVLWLQJSODVWLFVDQGWLQVLQRQHEDJDQGWKURZLQJ
RUJDQLFPDWHULDOLQWRDQRWKHUEDJ
H/DVODYDGRUDVGHDOWDWHFQRORJtDGHWHFWDQDXWRPiWLFDPHQWHODFDQWLGDG\WLSRGHURSDDODYDU
FRQVXPLQJRQO\WKHQHFHVVDU\ZDWHUDQGHOHFWULFLW\
I%\UHF\FOLQJJODVVVHDKRUUDODPDWHULDSULPDFRQTXHVHIDEULFDHOFULVWDO
J(QODVVHOYDVWURSLFDOHVODGHIRUHVWDFLyQLVWKUHDWHQLQJWKHLQGLJHQRXVSRSXODWLRQV
K(QORVPiVGHDxRVTXHWHPSHUDWXUHVKDYHEHHQUHFRUGHGORVDxRVPiVFDOXURVRV
FRUUHVSRQGHQDORVDxRVPiVUHFLHQWHV
6HHDOVR&KDSWHU7KHLQILQLWLYHIRUZD\VWKDW(QJOLVKLQJFDQEHUHQGHUHGLQ6SDQLVK
6HH&KDSWHU6HUDQGHVWDUIRUPRUHSUDFWLFHRIWKHJHUXQGZLWKHVWDU
0RGDOYHUEV
7H[W
$UHDGHUZKRVHKXVEDQGIDLQWHGGXHWRVWUHVVZURWHWRDKHDOWKPDJD]LQHVHHNLQJDGYLFH7KLVOHWWHUDQG
7H[WVDQGEHORZFRQWDLQVHYHUDOH[DPSOHVRIPRGDOYHUEVVXFKDVVROHUWREHDFFXVWRPHGWRGHEHU
PXVWWHQHUTXHWRKDYHWRZKLFKDUHIROORZHGE\DQLQILQLWLYH5HDGWKHOHWWHUVDQGVWXG\WKHZD\VLQ
ZKLFKWKH\KDYHEHHQXVHG
(OGHVPD\RSRUHVWUpV
'HVGHKDFHXQPHVPLPDULGRWLHQHXQQXHYRWUDEDMRTXHOHH[LJHPXFKRGHVJDVWHWDQWRItVLFRFRPR
SVLFROyJLFR/OHJDWRGDVODVQRFKHVFDQVDGR\SRUODPDxDQDVXHOHOHYDQWDUVHVLQIXHU]DVSHUR
VLJXHDGHODQWHFRQWRGR+DFHXQDVHPDQDHVWiEDPRVGHVD\XQDQGR\GH
UHSHQWHFXDQGRTXLVRSDUDUVH
VHFD\y(OPpGLFRGLMRTXHIXHXQVLPSOHGHVPD\R\TXHVHWHQtD
TXHUHODMDUSHUR\RQRTXHGpPX\FRQIRUPHFRQHVWDUHVSXHVWD0HSRGUtDQDFODUDUTXpIXHORTXH
SDVy\TXpGHEHKDFHU"
*UDFLHOD3pUH]5HYLVWD%XHQD6DOXG$UJHQWLQD
3HQLQVXODU6SDQLVKOHYDQWDUVH
7H[W
7KLVWH[WSUHVHQWVDOHWWHUIURPVRPHRQHDVNLQJIRUDGYLFHRQVXQEHGV
/DVFRQIOLFWLYDVFDPDVVRODUHV
(VWR\PX\DVXVWDGDSRUTXHWRGRHOLQYLHUQRIXOD/DFDPDVRODU\KDFHXQWLHPSROHtTXHHUDPX\
PD/R\TXHSRGtDSURYRFDUDOJXQDVHQIHUPHGDGHVHQODSLHO4XLVLHUDVDEHUVYHVWDLQIRUPDFLyQHV
UHDO\TXpRSLQDQ/RVPpGLFRVFRQUHVSHFWRDOWHPDGH/DVFDPDVVRODUHV
$GHPiVTXLVLHUDTXHPHGLJDQFXiQWRWLHPSRVHSXHGHWRPDUVRODVt\TXpFXLGDGRVKD\TXHWHQHU
)ORUHQFLD0DVVLQL5HYLVWD%XHQD6DOXG$UJHQWLQD
7H[W
7KHOHWWHULQ7H[WFRPHVIURPDSURIHVVLRQDOYROOH\EDOOSOD\HUVHHNLQJDVHFRQGRSLQLRQDERXWDPHGLFDO
FRQGLWLRQ
/DDQHPLD\HOGHSRUWH
6R\GHSRUWLVWDMXHJRDOYR/HLERLGHVGHKDFHFLQFRDxRV\WHQJRXQDH[LJHQFLDItVLFDPX\JUDQGH
SRUTXHVXHORHQWUHQDUWRGRV/RVGtDVGRVKRUDV\/RVILQHVGHVHPDQDVLHPSUHGHERMXJDUDOJ~Q
SDUWLGR+DFHXQRVGtDVPHVHQWtPX\PDOFRPRVYHVWXYLHUDGpELO\HOPpGLFR
PHGLMRTXHWHQtDTXHKDFHUPHXQDQiOLVLVGHVDQJUH\GHRULQD$OOtVDOLyTXHWHQtD/RVJOyEXORV
URMRVPX\EDMRV\TXHPHIDOWDEDKLHUURDQHPLD(OPpGLFRPHLQGLFyTXHGHEtDVHJXLUXQ
WUDWDPLHQWRPX\FRPSOHWRGHYLWDPLQDV\TXHQRSRGtDKDFHUGHSRUWHKDVWDTXHPLRUJDQLVPRVH
HTXLOLEUDUD!(VWRGHEHVHUDVt"1RSXHGRVHJXLU
HQWUHQDQGR"
-RUJH0DUWtQH]5HYLVWD%XHQD6DOXG$UJHQWLQD
0RGDOYHUEV
86$*(
0RGDODX[LOLDU\YHUEVDUHXVHGZLWKWKHLQILQLWLYHWRH[SUHVVDFHUWDLQLQWHQWLRQRUPRRGZLWKUHJDUGWRWKH
DFFRPSDQ\LQJLQILQLWLYH%HORZDUHWKHPDLQ6SDQLVKPRGDOYHUEVDQGWKHLUVSHFLILFXVDJH([WUDH[DPSOHV
KDYHEHHQJLYHQWRLOOXVWUDWHXVDJHQRWIRXQGLQWKHWH[WV
D6ROHURFKDQJHVLQWRXHWREHDFFXVWRPHGWRXVXDOO\LVXVHGIRUH[SUHVVLQJKDELWXDODFWLRQVLQ
UHODWLRQWRWKHSUHVHQWLQWKHSUHVHQWWHQVHRUWKHSDVWLQWKHLPSHUIHFWWHQVHDVDQDOWHUQDWLYHWRXVLQJ
WKHSUHVHQWDQGWKHLPSHUIHFW7KLVPRGDOYHUELVJHQHUDOO\LQIUHTXHQWLQ/DWLQ$PHULFD
VXHOHOHYDQWDUVHVLQIXHU]DV7OIRUVHOHYDQWDKHXVXDOO\JHWVXSZLWKRXWHQHUJ\
VXHORHQWUHQDUWRGRVORVGtDVGRVKRUDV7O,XVXDOO\WUDLQIRUWZRKRXUVHYHU\GD\
LL3RVVLELOLW\
SRGtDSURYRFDU7OLWFRXOGFDXVH
VHSXHGHWRPDUVRODVt7ORQHFDQVXQEDWKHWKLVZD\
1RWHWKHXVHRIWKHLPSHUIHFWLQWKHILUVWH[DPSOH7KHFRQGLWLRQDOSRGUtDFRXOGDQGWKHSUHVHQWIRUP
SXHGHFDQDUHHTXDOO\YDOLGLQWKLVFRQWH[W
LLL$OORZLQJDQGSURKLELWLQJXVXDOO\WUDQVODWLQJPD\RUFDQLQ(QJOLVK
PHLQGLFyTXHQRSRGtDKDFHUGHSRUWH7OKHWROGPHWKDW,FRXOGQRWGRDQ\
VSRUW
1RSXHGRVHJXLUHQWUHQDQGR"7O&DQ
W,JRRQWUDLQLQJ"2
3RGHPRVSDVDU"0D\ZHFRPHLQ"
LY$ELOLW\
1RSXGHHQWHQGHUOH,GLGQ
WPDQDJHWRXQGHUVWDQGKLPKHU
7KHXVHRIWKHLPSHUIHFW1RSRGtDHQWHQGHUOHZRXOGFKDQJHWKHPHDQLQJRIWKLVVHQWHQFHLQWR,
FRXOGQ
WXQGHUVWDQGKLPKHU
H'HEHUPXVWRXJKWWRVKRXOGH[SUHVVHV
L2EOLJDWLRQ
TXpGHEHKDFHU"7OZKDWPXVWKHGR"
ORVILQHVGHVHPDQDVLHPSUHGHERMXJDUDOJ~QSDUWLGR7ODWZHHNHQGV,PXVWDOZD\V
SOD\DJDPH
PHLQGLFyTXHGHEtDVHJXLUXQWUDWDPLHQWR7OKHWROGPHWKDW,VKRXOGIROORZD
FRXUVHRIWUHDWPHQW
(VWRGHEHVHUDVt"7O0XVWLWEHOLNHWKDW"
'HEHUtDVYHUXQPpGLFR<RXVKRXOGRXJKWWRVHHDGRFWRU
'HEHUtDVLUFRQHOOD<RXRXJKWWRJRZLWKKHU
LL6XSSRVLWLRQ
6WULFWO\VSHDNLQJZKHQH[SUHVVLQJVXSSRVLWLRQGHEHUVKRXOGEHIROORZHGE\WKHSUHSRVLWLRQGH
0RVW6SDQLVKVSHDNHUVKRZHYHUZLOOXVHLWZLWKRXWGH
'HEHQGHVHUODVVHLV,WPXVWEHVL[R
FORFN
'HEHGHHVWDUHQFDVD+HVKHPXVWEHDWKRPH
I+DEHUTXHWREHQHFHVVDU\LVDQLPSHUVRQDOIRUPXVHGLQWKHWKLUGSHUVRQVLQJXODU
TXpFXLGDGRVKD\TXHWHQHU7OZKDWSUHFDXWLRQVLW
VQHFHVVDU\WRWDNH
+DEUiTXHYHQGHUOR,W
OOEHQHFHVVDU\WRVHOOLW
J+DEHUGHPXVWWRKDYHWRLQGLFDWHVPLOGREOLJDWLRQDQGLVJHQHUDOO\XQFRPPRQLQFROORTXLDOVSHHFK
LQ6SDLQ,Q0p[LFRLWLVXVHGIRUH[SUHVVLQJVXSSRVLWLRQ
+HPRVGHWHUPLQDUORKR\2EOLJDWLRQ:HKDYHWRILQLVKLWWRGD\
+DGHKDEHUVDOLGR6XSSRVLWLRQ+HVKHPXVWKDYHJRQHRXW
K6DEHUIROORZHGE\WKHLQILQLWLYHPHDQVWRNQRZKRZWR
1RVpFRQGXFLUPDQHMDU/$P,GRQ
WNQRZKRZWRGULYH
86,1*48(5(5$1'32'(5:,7+7+(68%-81&7,9(
1RWHWKDWTXHUHUDQGSRGHUFDQDOVREHIROORZHGE\DVXERUGLQDWHFODXVHLQWURGXFHGE\TXHZLWKDYHUE
LQWKHVXEMXQFWLYHVHH&KDSWHUVDQG7KLVNLQGRIFRQVWUXFWLRQRFFXUVZKHQWKHVXEMHFWRIWKHPDLQ
YHUELVGLIIHUHQWIURPWKDWRIWKHVXERUGLQDWHFODXVH
TXLVLHUDTXHPHGLJDQ7O,
GOLNH\RXWRWHOOPH
3XHGHTXHOOHJXHQKR\,W
VSRVVLEOHWKDWWKH\PD\DUULYHWRGD\
6$%(5)2//2:('%<48(
6DEHULVIROORZHGE\TXHZKHQPHDQLQJWRNQRZ
6pTXHPHD\XGDUiQ,NQRZWKH\ZLOOKHOSPH
2WKHUSRLQWVWRQRWHLQWKHWH[WV
3UHVHQWWHQVHLQGLFDWLYH7H[WWLHQHOH[LJHOOOHJDOVXHOHOVLJXHOHWF7H[W
HVWR\OHVORSLQDQOVHH&KDSWHU
3UHWHULWHDQGLPSHUIHFWWHQVHV7H[WHVWiEDPRVGHVD\XQDQGROFXDQGRTXLVRSDUDUVHVHFD\yO
HOPpGLFRGLMRTXHIXHOTXHVHWHQtDTXHUHODMDUOHWF7H[WIXLDODFDPDOOHtTXH
HUDPDOROTXHSRGtDSURYRFDUO7H[WPHVHQWtPX\PDOOPHGLMRTXHWHQtDTXHKDFHUPH
XQDQiOLVLVOPHLQGLFyTXHGHEtDVHJXLUXQWUDWDPLHQWROHWFVHH&KDSWHUVDQG
6HUDQGHVWDU7H[WHVWiEDPRVGHVD\XQDQGROIXHXQVLPSOHGHVPD\ROTXpIXHORTXH
SDVy"O7H[WHVWR\PX\DVXVWDGDOHUDPX\PDOROVLHVUHDOO7H[WVR\
GHSRUWLVWDOFRPRVLHVWXYLHUDGpELOO(VWRGHEHVHUDVt"OVHH&KDSWHU
6HHIRUIXUWKHULQIRUPDWLRQ
%DWFKHORUDQG3RXQWDLQSS
%XWWSS
%XWWDQG%HQMDPLQSS
.DWWiQ,EDUUDDQG3RXQWDLQSS
0XxR]DQG7KDFNHUSS
(;(5&,6(6
&RUUHFWWKHVHVHQWHQFHV
D4XLHURYR\D0p[LFRGHYDFDFLRQHV
E&XiQWRWLHPSRSRGHPRVQRVTXHGDPRVDTXt"
F'HEpLVKDEOiLVFRQ-XDQFXDQWRDQWHV
G4XLHUHVYLHQHVFRQPLJR"
H'HEHPRVWRPDPRVODVFRVDVFRQFDOPD
I7RGRVORVGtDVVXHOHKDFHGRVKRUDVGHHMHUFLFLR
J4XLpQGLFHTXH3HSHVDEHWRFDODJXLWDUUD"
K1RTXHUHPRVWUDEDMDPRVPiVKRUDVSRUPHQRVGLQHUR
L0DUWDQRSXHGHVDOHHVWDQRFKH
M6ROHPRVGDPRVXQSDVHRSRUODWDUGHDQWHVGHFHQDU
5HZULWHWKHIROORZLQJVHQWHQFHVXVLQJWKHYHUEVROHURUGHEHUDFFRUGLQJWRFRQWH[W
D1RUPDOPHQWHMXHJRXQSDUWLGRGHDMHGUH]GHVSXpVGHODFHQD
E'HFRVWXPEUHORVDEXHORVHFKDEDQODVLHVWDGHVSXpVGHFRPHU
F(VLPSRUWDQWHTXHQRWRPHVHOVROHQWUHODVGRV\ODVVHLV
G3RUORJHQHUDOYDPRVDODSLVFLQDGRVYHFHVSRUVHPDQD
H3RUTXpQRSHGtVD\XGD"
I/RPHMRUHVWRPDUXQDDVSLULQDVLWHGXHOHODFDEH]D
J*HQHUDOPHQWHWRPiEDPRVODVYDFDFLRQHVFRQORVDPLJRV
K-RUJHQRVDOHVXSRQJRTXHHVWiHVWXGLDQGR
L3RUUHJODJHQHUDOHQWUHQDEDGRVYHFHVDODVHPDQD
M0HLPDJLQRTXHHVWiHQSOHQDIRUPDFRQWRGRHOHMHUFLFLRTXHKDFH
N6HJ~QORVH[SHUWRVHVDFRQVHMDEOHTXHWRPHPRVFLQFRSRUFLRQHVGHIUXWD\YHUGXUDSRUGtD
O1RUPDOPHQWHQRVUHXQLPRVHQODFDIHWHUtDDOVDOLUGHOWUDEDMR
7HQHUTXHKD\TXHGHEHU&RPSOHWHWKHIROORZLQJVHQWHQFHVZLWKWKHPRVWDSSURSULDWHYHUEIRUWKH
FRQWH[W
D(OPpGLFROHGLMRDOPDULGRGH*UDFLHODTXHBBBBUHODMDUVH
EBBBBWHQHUFXLGDGRFRQODVFDPDVVRODUHV
F1RVHBBBBWRPDUHOVROHQH[FHVR
G7HQJRKRUDFRQHOPpGLFRGHQWURGHGLH]PLQXWRVBBBBLUPHDKRUDPLVPR
H)ORUHQFLDQRBBBBXVDUODFDPDVRODUFRQWDQWDIUHFXHQFLD
I3DUDHQFRQWUDUXQEXHQWUDEDMRBBBBVDEHUKDEODURWURVLGLRPDV
J(QHVWHSDtVBBBBSUHRFXSDUQRVSRUDSUHQGHURWURVLGLRPDV
K0DUtDBBBBHVWXGLDUPXFKRVLTXLHUHDSUREDUORVH[iPHQHVHVWXGLDUDOPHQRVFLQFRKRUDVGLDULDV
LBBBBUHVHUYDUPHVDHQHOUHVWDXUDQWH%XOLFRQPXFKDDQWHODFLyQ
M(OPpGLFROHKDGLFKRD3DWULFLRTXHQRBBBBHQWUHQDUWDQWR
NBBBBGDUQRVSULVDVLQRSHUGHUHPRVHOWUHQ
O/DHQWUDGDDOPXVHRHVJUDWXLWDORVPLpUFROHVORVRWURVGtDVBBBBSDJDU
&RPSOHWHWKHIROORZLQJWH[WZLWKWKHPLVVLQJPRGDOYHUEVSRGHUGHEHUVROHUDQGKD\TXHLQWKH
FRUUHFWIRUPV
(OVROHVEXHQRFRQWUDODGHSUHVLyQIDYRUHFHODSURGXFFLyQGHYLWDPLQD'\HYLWDLQIHFFLRQHV3HUR
WRPDGRHQH[FHVRBBBBSURYRFDUFiQFHUGHSLHOGHOTXHFDGDDxRVHGLDJQRVWLFDQQXHYRV
FDVRV3DUDDSURYHFKDUVXVYLUWXGHVVLQVXIULUVXVSHUMXLFLRVBBBBUHFRUGDUTXHQRSRUWRPDU
PXFKRHOVRODFRVWXPEUDPRVPiVDQXHVWUDSLHO/RVUD\RVGHVROVRQDFXPXODWLYRVH[SOLFDOD
GRFWRUD%DUEDUD*LOFKUHVWGHUPDWyORJDGHOD8QLYHUVLGDGGH%RVWRQ(VWDGRV8QLGRV(VWRKDFHTXH
YD\DQGHELOLWDQGRQXHVWURVLVWHPDGHIHQVLYRGHPRGRTXHHOH[FHVRGHUDGLDFLyQTXHSURSRUFLRQDPRV
DOFXHUSRBBBBSDVDUQRVIDFWXUDDxRVPiVWDUGHFXDQGRXQDOHVLyQHQODSLHOOOHJXHLQFOXVRDGHJHQHUDU
HQPHODQRPD1RBBBBROYLGDUTXHSRQHUVHPRUHQRHVXQDFWRGHGHIHQVDGHODHSLGHUPLVIUHQWHDOD
DJUHVLyQGHORVUD\RVXOWUDYLROHWDDxDGHODGRFWRUD/RVSUREOHPDVBBBBDSDUHFHUHQSHUVRQDV
FRQSLHOFODUDTXHQRUPDOPHQWHQRWRPDQHOVRO\TXHGHUHSHQWHORKDFHQGHPDQHUDLQWHUPLWHQWHH
LQWHQVD(OPD\RUULHVJRGHDSDULFLyQGHPHODQRPDVHSURGXFHFXDQGRODLUUDGLDFLyQVRODUVHUHFLEHHQ
ODLQIDQFLD/DH[SRVLFLyQLQGLVFULPLQDGDDOVROHQHVWDpSRFDGHODYLGDBBBBVHUPX\LPSRUWDQWH
5HYLVWD4XR(VSDxD
7UDQVODWHWKHIROORZLQJVHQWHQFHVLQWR6SDQLVK
D&DQ\RXSOD\WKHJXLWDU"
E:HXVXDOO\VSHQWWKHPRUQLQJRQWKHEHDFK
F:K\KDYH\RXJRWWRJR"
G,I\RXZDQWWRVXQEDWKH\RXVKRXOGXVHDJRRGVXQFUHDP
H,WPXVWQRWEHIRUJRWWHQWKDWWKHVXQ
VUD\VFDQEHKDUPIXO
I+HXVHGWRZRUNWHQKRXUVDGD\XQWLOWKHGRFWRUWROGKLPWKDWKHKDGWRUHOD[
J7RWUDYHORQWKH$9(\RXKDYHWRERRN\RXUVHDWVLQDGYDQFH
K3HSH\RXVKRXOGSD\PRUHDWWHQWLRQ
L2IFRXUVH,NQRZKRZWRFRRN
M:H
OOKDYHWRJHWXSHDUO\WRPRUURZ
N'R\RXKDYHWREHDJRRGFRRNWREHDEOHWRPDNHWKLVGLVK"
O,I\RXFDQGULYH\RXFRXOGKLUHDFDUDQGWUDYHOURXQGWKHLVODQG
:KHQRQKROLGD\WKLQNRIDQGZULWHGRZQ
DDWKLQJWKDW\RXZDQWWRGR
EDWKLQJWKDW\RXFDQGR
FDWKLQJWKDW\RXXVXDOO\GR
GDWKLQJWKDW\RXVKRXOGGR
HDWKLQJWKDW\RXKDYHWRGR
IDWKLQJWKDWKDVWREHGRQH
&RPSDUHDQGFRPPHQWRQ\RXUOLVWZLWKDSDUWQHU
3DVVLYHDQGLPSHUVRQDOVHQWHQFHV
7H[W
7H[WLZDUQVDERXWWKHWKUHDWSRVHGWRFRDVWDODUHDVE\SRSXODWLRQLQFUHDVHLQGXVWULDOSROOXWLRQDQG
WRXULVP7KHJUDPPDULQWKLVWH[WDQGLQ7H[WEHORZIRFXVHVRQSDVVLYHVHQWHQFHVH[SUHVVHGLQ(QJOLVK
WKURXJKWKHFRQVWUXFWLRQWREHWKHSDVWSDUWLFLSOHDVLQ,WLVGRQH7KH\ZLOOEHEXLOW
$OHUWDVREUHDOWHUDFLyQGHFRVWDVGHOPXQGR
'HDFXHUGRFRQORVDQiOLVLVHIHFWXDGRVSRUHO,QVWLWXWR0XQGLDOGH5HFXUVRVFHUFDGHOGHO
WHUULWRULRDG\DFHQWHDORVHFRVLVWHPDVFRVWHURVGHOPXQGRKD
VLGRDOWHUDGRRGHVWUXLGRGHELGRSULQFLSDOPHQWHDODFUHFLHQWHGHPDQGDSRUWHUUHQRVTXHOXHJRVRQ
GHVWLQDGRVDODFRQVWUXFFLyQGHFDVDVDODLQGXVWULD\DODUHFUHDFLyQ/DVSREODFLRQHV
FRVWHUDVHVWiQDXPHQWDQGR\DPHGLGDTXHVHLQFUHPHQWDQODSUHVLyQVREUHORVHFRVLVWHPDVFRVWHURV
WDPELpQFUHFH
6HHVWLPDTXHPiVGHPLOSURGXFWRVTXtPLFRVVLQWpWLFRVKDQVLGR
GHVFDUJDGRVHQORVRFpDQRVGHOPXQGR6yORXQSHTXHxRSRUFHQWDMHGHHOORVKDVLGRFRQWURODGR\
pVWHFRUUHVSRQGHDDTXpOORVUHODFLRQDGRVFRQVDOXGKXPDQD\QRFRQLPSDFWR
HFROyJLFR
(ORUJDQLVPRVHxDODTXHGHFRQWLQXDUODSHUPDQHQWHPRGLILFDFLyQGHVWUXFFLyQGHHVDViUHDVVH
SRQGUiHQJUDYHSHOLJURODFDSDFLGDGGHODV
FRVWDVSDUDPDQWHQHUODELRGLYHUVLGDGSURYHHUSHVFDKRJDUHV\QHJRFLRV\UHGXFLUODSROXFLyQ\OD
HURVLyQ
'LDULR/D7HUFHUD&KLOH
7H[W
7KHDUWLFOHZKLFKIROORZVORRNVDWWKHGHVWUXFWLRQRIWKH$PD]RQDQGRXWOLQHVWKHSODQVEHLQJHVWDEOLVKHG
E\WKH%UD]LOLDQJRYHUQPHQWWRKDOWDQGUHYHUWWKHSURFHVVRIGHVWUXFWLRQ
$OUHVFDWHGHOD$PD]RQLD
/D7LHUUDSLHUGHFDGDDxRPLOORQHVGHKHFWiUHDVGHERVTXHQDWLYR6HHVWLPDTXHFDGDGRV
VHJXQGRVVHSLHUGHXQDVXSHUILFLHHTXLYDOHQWHDXQD
FDQFKDGHI~WERO(QFXDWURPLQXWRVVHKDEUiQGHVWUXLGRKHFWiUHDVGHiUEROHVORTXHH[SOLFDSRU
TXpVyORTXHGDYLYRHOGHORVERVTXHVRULJLQDULRVGHOSODQHWD
/D$PD]RQLDQRKDHVWDGRH[HQWDGHODGHVWUXFFLyQHQVHULH(OGHODPDGHUDTXHVHH[WUDHGH
HVWD]RQDVHFRUWDVLQSHUPLVR/DFRQWULEXFLyQGHORVERVTXHVDPD]yQLFRVDOD
SURGXFFLyQWRWDOGHPDGHUDEUDVLOHxDKDFUHFLGRHQGRVGpFDGDVGHODO
3DUDUHVFDWDUHVWDUHJLyQGHFDUDFWHUtVWLFDV~QLFDVTXHSRVHHHOGHODVHVSHFLHVGHOPXQGRHO
JRELHUQRGH%UDVLOFRQHODSR\RGHO%DQFR,QWHUDPHULFDQRGHO'HVDUUROORLPSOHPHQWDUiXQSUR\HFWR
GHHFRWXULVPRTXHSUHWHQGHHOUHVFDWHHFRQyPLFRPHGLRDPELHQWDO\VRFLDO
GHODUHJLyQ6HSUHYpODFRQVWUXFFLyQGHJUDQGHVREUDVGHLQIUDHVWUXFWXUDVHFUHDUiQYHLQWH
SDUTXHV\iUHDVGHSURWHFFLyQDPELHQWDO7DPELpQVHLQFOX\HODFDSDFLWDFLyQGHXQRVPLO
UHVLGHQWHVTXHVHHQFDUJDUiQGHOOHYDUDGHODQWHHOSODQ\GHUHFLELUDORVWXULVWDVLQWHUQDFLRQDOHV6H
FRQVWUXLUiQSXHUWRVIHUURFDUULOHV\DHURSXHUWRV
'HQWURGHOSODQVHSUHWHQGHLQFOXLUDWRGDODFRPXQLGDGSDUDTXHORVEHQHILFLRVVHDQWDPELpQVRFLDOHV
3RUHMHPSORHQODFLXGDG3UHVLGHQWH)LJXHUHGRVHOOHYDUiDFDERXQD
UHPRGHODFLyQGHODVLQVWDODFLRQHVGHDJXDSRWDEOH\GHDOFDQWDULOODGR
'LDULR(O0HWURSROLWDQR&KLOH
3DVVLYHDQGLPSHUVRQDOVHQWHQFHV
$&7,9($1'3$66,9(6(17(1&(6
6SDQLVKOLNH(QJOLVKKDVDFWLYHDQGSDVVLYHVHQWHQFHV$VHQWHQFHVXFKDV(OWXULVPRKDGHVWUXLGRODV
]RQDVFRVWHUDV7RXULVPKDVGHVWUR\HGFRDVWDODUHDVLVDQDFWLYHVHQWHQFHZLWKDQDFWLYHVXEMHFWHO
WXULVPRFDUU\LQJRXWWKHDFWLRQH[SUHVVHGE\WKHYHUE
,Q/DV]RQDVFRVWHUDVKDQVLGRGHVWUXLGDVSRUHOWXULVPR&RDVWDODUHDVKDYHEHHQGHVWUR\HGE\
WRXULVPWKHGLUHFWREMHFWRIWKHDFWLYHVHQWHQFHODV]RQDVFRVWHUDVKDVEHFRPHWKHVXEMHFWRIZKDWLVD
SDVVLYHVHQWHQFH7KHDJHQWSHUIRUPLQJWKHDFWLRQHOWXULVPRRFFXSLHVDVHFRQGDU\SODFHLQDSKUDVH
LQWURGXFHGE\SRUE\7KHFRQVWUXFWLRQZLWKVHUWREHSDVWSDUWLFLSOHKHUHLVVLPLODUWRWKHRQHXVHGLQ
(QJOLVK
$OWHUQDWLYHO\\RXPD\XVHDVHQWHQFHOLNH6HKDQGHVWUXLGRODV]RQDVFRVWHUDV&RDVWDODUHDVKDYH
EHHQGHVWUR\HGDQRWKHUW\SHRISDVVLYHVHQWHQFHPXFKPRUHFRPPRQWKDQWKHRQHDERYHLQWURGXFHGE\
VHLQZKLFKWKHDJHQWSHUIRUPLQJWKHDFWLRQLVQRWPHQWLRQHG
3$66,9(6(17(1&(6:,7+6(53$673$57,&,3/(
ZLWKVHUHJ+DVLGRGHVWUXLGRSRUHOKRPEUH,WKDVEHHQGHVWUR\HGE\PDQ
G(QJOLVKSDVVLYHVHQWHQFHVVXFKDV,ZDVWROGKHZDVKHUH6KHZDVDVNHGZK\VKH
GGRQHLWFDQQRWEH
H[SUHVVHGLQ6SDQLVKZLWKWKHFRQVWUXFWLRQVHUSDVWSDUWLFLSOH7RFRQYH\WKHVHLGHDVXVHWKH
LPSHUVRQDOWKLUGSHUVRQSOXUDO0HGLMHURQTXH/HSUHJXQWDURQSRUTXp
3$66,9(6(17(1&(6:,7+6(
1RWDOOVHQWHQFHVZLWKVHDUHSDVVLYH6HLVDOVRXVHGLQLPSHUVRQDOVHQWHQFHVWKH6SDQLVKHTXLYDOHQWRI
RQHZHWKH\SHRSOHRQLQ)UHQFKDQGPDQLQ*HUPDQ,QWKHWH[WZHILQG
VHSUHWHQGHLQFOXLU7OWKH\KRSHWRLQFOXGH
6HHVWLPD77O,WLVHVWLPDWHG
6HSUHYp77KH\DUHSODQQLQJ
)RUWKHXVHRIVHDVDQREMHFWSURQRXQLQSODFHRIOHOHVVHH&KDSWHU)RUWKHXVHRIVHZLWKUHIOH[LYH
YHUEVVHH&KDSWHU
27+(5,03(5621$/6(17(1&(6
,PSHUVRQDOVHQWHQFHVFDQDOVREHIRUPHGE\XVLQJRQHRIWKHIROORZLQJGHYLFHV
D7~IRUPRIWKHYHUE
7LHQHVTXHHVWDUPX\DOHUWD<RXKDYHWRRQHKDVWREHYHU\DOHUW
E7KLUGSHUVRQSOXUDORIWKHYHUE
'LFHQTXHHOFRQIOLFWRHPSHRUDUi7KH\VD\WKHFRQIOLFWZLOOJHWZRUVH
F8QR
8QRWLHQHTXHHVWDUPX\VHJXUR2QHKDVWREHYHU\VXUH
G/DJHQWH
/DJHQWHQRVDEHORTXHGLFH3HRSOHGRQ
WNQRZZKDWWKH\VD\
2WKHUSRLQWVWRQRWHLQWKHWH[WV
6HHIRUIXUWKHULQIRUPDWLRQ
%XWWSS
%XWWDQG%HQMDPLQSS
.DWWiQ,EDUUDDQG3RXQWDLQSS
0XxR]DQG7KDFNHUSS
(;(5&,6(6
&KDQJHWKHVHVHQWHQFHVIURPSDVVLYHWRDFWLYHFRQVWUXFWLRQV
D/D5HJHQWDIXHHVFULWRSRU/HRSROGR$ODV
E(OFDPLRQHURIXHLQWHUURJDGRSRUHOSROLFtD
F/RVFULVWDOHVIXHURQURWRVSRUORVFKLFRV
G(OPRWRUKDVLGRGHVPRQWDGRSRU$JXVWtQ
H(OFDPSHRQDWRQRVHUiHPLWLGRSRU7HOH0XQGR
I(VWDVFDVDVIXHURQFRQVWUXLGDVSRUPLSDGUH
J/DFDVDGHPLVVXHxRVVHUiGLVHxDGDSRUPLKHUPDQR
K/RViUEROHVKDQVLGRFRUWDGRVSRUORVDJULFXOWRUHV
L/DVIRWRVIXHURQWRPDGDVSRU)HUPtQ
M/RVLQIRUPHVKDQVLGRWUDGXFLGRVSRUXQDWUDGXFWRUDMXUDGD
&KDQJHWKHYHUELQEUDFNHWVLQWRWKHSDVVLYHIRUPVHUZLWKWKHSDVWSDUWLFLSOHWRFRPSOHWHWKHVH
VHQWHQFHV
D(VWRVUHVWRVLQFDLFRVH[FDYDUBBBHODxRSDVDGRSRUXQHTXLSRLQWHUQDFLRQDOGHDUTXHyORJRV
E/RVSXHEORVUHSREODUBBBSRUIDPLOLDVMyYHQHV
F7RGRVORVGDWRVDQDOL]DUBBBDQWHVGHSXEOLFDUORV
G0XFKDJHQWHLQYLWDUBBBDODLQDXJXUDFLyQGHOQXHYRWHDWUR
H/RVURERWVSURJUDPDUBBBSDUDWRPDUIRWRJUDItDVGHODVXSHUILFLHGH0DUWH
I/DPDQLIHVWDFLyQGHOPDUWHVSDVDGRRUJDQL]DUBBBSRUORVHVWXGLDQWHV
J/DQXHYDOH\LQWURGXFLUBBBWUDVXQDODUJDSROpPLFD
K&DGDYHUDQRJUDQGHViUHDVGHERVTXHDUUDVDUBBBSRULQFHQGLRVIRUHVWDOHV
L(OJUDQSRHWDHQFDUFHODUBBBDFDXVDGHVXVHQVD\RVDQWLJXEHUQDPHQWDOHV
M\D/DSHOtFXODURGDUBBBHQEODQFR\QHJUR
5HZULWHWKHVHVHQWHQFHVUHSODFLQJWKHSDVVLYHFRQVWUXFWLRQZLWKVHUZLWKWKHSDVWSDUWLFLSOHZLWKVH
D/DFDWHGUDOIXHFRQVWUXLGDHQHOVLJOR;9
E(VWHOLEURQRKDVLGRWUDGXFLGRDOLQJOpV
F/DVSHOtFXODVVHUiQFRQVHUYDGDVHQFDMDVPHWiOLFDV
G/DVHVWDWXDVIXHURQGHVWUXLGDVHQHOERPEDUGHR
H/DQRWLFLDGHODFFLGHQWHIXHGLIXQGLGDSRUWHOHYLVLyQ
I/RVVHxRUHVIXHURQFRQYRFDGRVSDUDHOGtDYHLQWLFXDWUR
J7UDVODFRQVWUXFFLyQGHODDXWRSLVWDPXFKRViUEROHVKDQVLGRSODQWDGRV
K6LQHPEDUJRQRUHHPSOD]DQORViUEROHVTXHKDQVLGRWDODGRV
L&DGDYH]PiVOLEURVGHODELEOLRWHFDVRQWLUDGRV\VRQWULWXUDGRV
M&RQODUHHVWUXFWXUDFLyQVHUiQFUHDGRVFXDWURQXHYRVSXHVWRVGHWUDEDMRORVFXDOHVVHUiQDQXQFLDGRV
HQHOGLDULRORFDO
7UDQVODWHWKHIROORZLQJVHQWHQFHVLQWR6SDQLVKXVLQJWKHSDVVLYHFRQVWUXFWLRQZLWKVH
D7ZHQW\SDUNVDQGFRQVHUYDWLRQDUHDVZLOOEHFUHDWHG
E3RUWVUDLOZD\VDQGDLUSRUWVZLOOEHEXLOW
FRIWKHZRRGZKLFKLVH[WUDFWHGIURPWKLVDUHDLVFXWGRZQZLWKRXWSHUPLVVLRQ
G(YHU\WZRVHFRQGVDVXUIDFHDUHDHTXLYDOHQWWRDIRRWEDOOSLWFKLVORVW
H,QIRXUPLQXWHVKHFWDUHVRIWUHHVZLOOKDYHEHHQGHVWUR\HG
I5HGHYHORSPHQWRIWKHGULQNLQJZDWHUDQGVHZHUDJHV\VWHPVZLOOEHFDUULHGRXW
7UDQVODWHLQWR6SDQLVKXVLQJWKHWKLUGSHUVRQSOXUDOWRUHQGHUWKH(QJOLVKSDVVLYH
D:HKDYHQRWEHHQSDLGWKLVPRQWK
E,KDYHEHHQJLYHQDORWRIVXSSRUW
F7KH\ZHUHQ
WKHOSHGYHU\PXFK
G7KHFDXVHRIWKHDFFLGHQWZDVLQYHVWLJDWHG
H$QHZFLQHPDLVJRLQJWRRSHQKHUH
I7KHOLIWKDVEHHQPHQGHG
J(YHU\ERG\ZDVJLYHQWKHRSSRUWXQLW\WRWDNHSDUWLQWKHUDFH
K$OEHUWRZDVLQWHUURJDWHGIRUIRXUKRXUV
L7KHSDLQWLQJVZHUHVROGWRSD\IRUWKHUHQRYDWLRQV
M,ZDVWROG,ZRXOGKDYHWRZDLWWLOOWKHQH[WGD\
5HZULWHWKHVHVHQWHQFHVUHSODFLQJWKHSDVVLYHFRQVWUXFWLRQVHUZLWKWKHSDVWSDUWLFLSOHZLWKVHRUZLWK
WKHWKLUGSHUVRQSOXUDO0DNHDQ\RWKHUQHFHVVDU\FKDQJHV
D(OWXUUyQHVHODERUDGRHQ-LMRQD
E8QDQXHYDYLGDH[WUDWHUUHVWUHVHUiGHVFXELHUWDHQXQIXWXURSUy[LPR
F+R\GtDPXFKRVOLEURVVRQIRWRFRSLDGRV\SLUDWHDGRV
G8QDQXHYDDXWRSLVWDVHUiFRQVWUXLGDSURQWR
H7UDVHODFFLGHQWHHOFRQGXFWRUIXHKRVSLWDOL]DGR
I/DVFLXGDGHVIXHURQERPEDUGHDGDV
J(ODOSLQLVWDIXHUHVFDWDGRD~OWLPDKRUD
K/RVKiELWRVDOLPHQWDULRVVRQLQFXOFDGRVGXUDQWHORVSULPHURVDxRVGHYLGD
L/DJXtDIXHGLVWULEXLGDDWRGDVODVRILFLQDVGHLQIRUPDFLyQ
M8QDYDOODGHPiVGHRFKRPHWURVGHDOWXUDKDVLGROHYDQWDGDDOUHGHGRUGHODVLQVWDODFLRQHV
%HORZLVDQRXWOLQHRIDUREEHU\$GGGHWDLOWRWKHHOHPHQWVDQGXVHVHUZLWKWKHSDVWSDUWLFLSOHVHRU
WKHWKLUGSHUVRQSOXUDOZKHUHSRVVLEOHDQGDSSURSULDWHWRJLYHDQDFFRXQWRIWKHLQFLGHQW
XQDMR\HUtDDVDOWDGDODDODUPDGDGDGRVMyYHQHVFRUULHQGRSRUODFDOOHGRVMyYHQHVDWURSHOODGRV
DOKDMDVSRUODFDOOHOOHJDGDGHODSROLFtDORVMyYHQHVGHWHQLGRV\OOHYDGRVDODFRPLVDUtDPRWLYR
GHODVDOWRGHVFRQRFLGR
7KHUHIOH[LYH
7H[W
7KHDUWLFOHZKLFKIROORZVORRNVDWWKHHIIHFWVRIWHFKQRORJ\LQRXUGDLO\OLYHVWKURXJKDILFWLRQDOFKDUDFWHU
$V\RXUHDGWKHWH[WIRFXVDWWHQWLRQRQWKHYHUEIRUPVLQEROGZKLFKDUHNQRZQDVUHIOH[LYHRUSURQRPLQDO
YHUEV
(OKRPEUHGLJLWDO
(OKRPEUHGLJLWDOVHGHVSLHUWDFRQP~VLFD+DSURJUDPDGRVXL3RG9LGHRSDUDTXHVHHQFLHQGDDODV
VLHWH\PHGLDGHODPDxDQD+RPEUHGHPHQWH
VDQDHQFXHUSRVDQRVHSRQHURSDGHSRUWLYDWRPDVXL3RGPiVOLYLDQR\PiVSUiFWLFRSDUDHVWRV
HIHFWRVVHORSRQHHQHOEUD]R\VDOHDWURWDU
'HUHJUHVRHQFDVDVHGXFKD\\D
YHVWLGRHVWiOLVWRSDUDLUVHDWUDEDMDU6HVXEHDVXDXWR\FXDQGRYDFRQGXFLHQGRUHFLEHXQDOODPDGD
0LUDODSDQWDOODHQFRORUHVGHO3DUURWTXHVHKDOODHQODFRQVRODYHTXHHV
VXMHIH\OHFRQWHVWDDWUDYpVGHOPLFUyIRQRLQVWDODGRHQODFDELQD(OMHIHOROODPDSDUDSUHJXQWDUOHVL
\DYDHQFDPLQRPX\GLJLWDOVHUiHOKRPEUHSHURVHUHWUDVDFRPR
FXDOTXLHUPRUWDO
&XDQGROOHJDDVXRILFLQDVHLQVWDODHQVXHVFULWRULR\VHGDFXHQWDGHTXHWLHQHTXHKDFHUDOJXQDV
OODPDGDVLQWHUQDFLRQDOHV/R
KDFHDWUDYpVGH6N\SHHOVLVWHPDGHWHOHIRQtDSRULQWHUQHWTXHOHDKRUUDHQHVWHFDVROHDKRUUDDVX
HPSUHVDHOFRVWRGHODOODPDGDLQWHUQDFLRQDOWUDGLFLRQDO&RPR
QXHVWURKRPEUHGLJLWDOHVDOJRLQTXLHWRVHSDVHDSRUVXGHVSDFKRPLHQWUDVKDEOD1RHVSUREOHPD
SRUTXHJUDFLDVDOWHOpIRQRLQDOiPEULFR/LQNV\VQRQHFHVLWD
HVWDUMXQWRDODFRPSXWDGRUDPLHQWUDVKDEOD
3DUDVXKRUDGHDOPXHU]RHOKRPEUHGLJLWDOWLHQHSURJUDPDGDXQDUHXQLyQFRQXQFOLHQWHDOTXH
TXLHUHPRVWUDUOHDOJXQDVIRWRJUDItDV\SDUDHVWDUPiVVHJXURVHUH~QHQHQXQFDIpTXHRIUHFH:L)L
JUDWLVDVXVFOLHQWHV/OHYDODSDXWDGHODUHXQLyQ\ODVLPiJHQHVTXHGHEH
PRVWUDUHQVX3DOP/LIH'ULYH
$SURYHFKDQGRODFHUFDQtDGHOPHWURGHMDHODXWR\VXODSWRSHQODRILFLQD\VHYDHVFXFKDQGRP~VLFD
HQVXL3RG9LGHRFX\RVDXGtIRQRV
RULJLQDOHVKDUHHPSOD]DGRSRUXQRVGHOXMRTXHVHDMXVWDQSHUIHFWDPHQWHDODIRUPDGHVXVRUHMDV
'HVSXpVGHODUHXQLyQYXHOYHDODRILFLQD\WHUPLQDGRHOGtDVHVXEHD
VXDXWR\VHYDDFDVD(QHOFDPLQRUHFLEHXQDOODPDGDGHXQDPLJRTXHVHHQFXHQWUDHQ/RQGUHV
+DEODQODUJRFRQWUDQTXLOLGDGSXHVVXDPLJRHVWiSDJDQGRXQDOODPDGD
ORFDOpOKDFRQWUDWDGRHQ,QJODWHUUDXQQ~PHUR6N\SHTXHOHSHUPLWHUHFLELUYtDLQWHUQHWOODPDGDV
KHFKDVGHVGHFXDOTXLHUWHOpIRQRGH,QJODWHUUDFRQFRVWRGHXQDOODPDGDORFDOSDUD
TXLHQPDUFD&RPRKDGHULYDGRVXVOODPDGDVGHLQWHUQHWDVXWHOpIRQRFHOXODUSXHGHUHFLELUODOODPDGD
GHVXDPLJRHQFXDOTXLHUOXJDU
$GDSWHGIURP5HYLVWD(O6iEDGR'LDULR(O0HUFXULR&KLOH
,Q3HQLQVXODU6SDQLVKVDOHDWURWDU VDOHDKDFHUIRRWLQJVXDXWR VXFRFKHODFRPSXWDGRUD HO
RUGHQDGRUORVDXGtIRQRV ORVDXULFXODUHVHOWHOpIRQRFHOXODU HOWHOpIRQRPyYLO
7H[W
7H[WLVSDUWRIDQLQWHUYLHZZLWKWKH6SDQLVKDFWRU,PDQRO$ULDV1RWHWKHXVHRIUHIOH[LYHYHUEVLQWKLV
WH[W
,PDQRO$ULDVQRVR\XQJDOiQ
&XiOHVIXHURQODVUD]RQHVTXHOHLPSXOVDURQDFRQYHUWLUVHHQDFWRU"
3ULPHURODSRVLELOLGDGGHGHGLFDUPHDDOJRDUWLVWLFR\SRFRUXWLQDULR\
SHUGHUGHYLVWDODSURIHVLyQDODTXHHVWDEDDERFDGRTXHHUDODLQGXVWULD(QHO3DtV9DVFRH[LVWtDXQD
JUDQWUDGLFLyQGHP~VLFRVHVFXOWRUHV\DUWLVWDV\\RQLGLEXMDEDELHQQLVDEtD
FDQWDUQLWHQtDQLQJXQDKDELOLGDGPDQXDO6yORPHYHtDFDSDFLWDGRSDUDVHUDFWRU3RUHVRPHYLQHD
0DGULG
&yPRIXHURQVXVSULPHURVDxRVGH
WUDEDMR"
(VSDQWRVRV$OSULQFLSLRPHORSDVpPX\PDODSHQDVSRGtDPDQWHQHUPHHFRQyPLFDPHQWH\DGHPiV
HVWDEDOOHQRGHGXGDV
/OHJXpDWHPHUVHULDPHQWHQRHVWDUDODDOWXUDGHODVFLUFXQVWDQFLDVQRHVWDUFDSDFLWDGRSDUDPLWUDEDMR
'HKHFKRKD\PXFKRVTXHWUDEDMDQRTXHVHTXHGDQDPHGLRFDPLQR
&RQYHUWLUVHHQXQEXHQDFWRUH[LJHXQHVIXHU]RHQRUPHXQDGHGLFDFLyQSURIXQGD6LQRWLHQHV
FXDOLGDGHV\QRODVGHVDUUROODVHVDEVROXWDPHQWHLPSRVLEOH
OOHJDUDVHUDOJRHQHVWDSURIHVLyQ
5HYLVWD&DUWDGH(VSDxD
7KHUHIOH[LYH
86$*(
9HUEVVXFKDVGHGLFDUVHWRGHYRWHRQHVHOIWRPDQWHQHUVHWRVXSSRUWRQHVHOIDUHNQRZQDVUHIOH[LYHRU
SURQRPLQDOYHUEVEHFDXVHWKH\DUHDFFRPSDQLHGE\DQREMHFWSURQRXQVHH)RUPVEHORZZKLFKUHIHUV
EDFNWRWKHVXEMHFWRIWKHYHUE7KHWHUPUHIOH[LYHKRZHYHULVQRWVWULFWO\FRUUHFWDVWKLVKDVRWKHUXVHVDV
ZHOO%XW\RXPD\DOUHDG\EHIDPLOLDUZLWKWKLVODEHOVRLWLVWKLVRQHUDWKHUWKDQWKHWHUPSURQRPLQDO
XVHGLQVRPHJUDPPDUERRNVZKLFKKDVEHHQDGRSWHGKHUH7KHQRWHVEHORZGHVFULEHWKHYDULRXVXVHVRI
WKHUHIOH[LYH
D,QVHQWHQFHVVXFKDV
SRQHUWRSXWSODFH
LUWRJR
KDOODUWRILQGGLVFRYHU
UHXQLUWRJDWKHUDVVHPEOHFROOHFW
HQFRQWUDUWRILQG
'HTXpWHTXHMDV":KDWDUH\RXJUXPEOLQJDERXW"
6HVXLFLGyKDFHMXVWDPHQWHXQDxR+HVKHFRPPLWWHGVXLFLGHH[DFWO\D\HDUDJR
G7KHUHIOH[LYHIRUPRIFHUWDLQYHUEVWUDQVODWHVWRJHWRUWREHFRPHLQ(QJOLVK&RPSDUHWKHIROORZLQJ
SDLUVRIYHUEVDEXUULUVHWRJHWERUHGDEXUULUWRERUHDUUHJODUVHWRJHWUHDG\DUUHJODUWRWLG\XS
WRIL[DVXVWDUVHWREHFRPHIULJKWHQHGDVXVWDUWRIULJKWHQHPERUUDFKDUVHWREHFRPHGUXQN
HPERUUDFKDUWRJHWVRPHRQHGUXQNHQVXFLDUVHWRJHWGLUW\HQVXFLDUWRVRLOHQIDGDUVHWRJHWDQJU\
HQIDGDUWRDQQR\
H7KHUHIOH[LYHXVHGZLWKDYHUELQWKHSOXUDOFDQGHQRWHDUHFLSURFDODFWLRQ,Q(QJOLVKWKLVPHDQLQJLV
XVXDOO\H[SUHVVHGZLWKSKUDVHVVXFKDVRQHDQRWKHUHDFKRWKHU&RPSDUHWKHIROORZLQJVHQWHQFHVLQ
ZKLFKWKHVHFRQGH[DPSOHRIHDFKSDLUFRUUHVSRQGVWRWKHUHFLSURFDOXVH
6yORPHYHtDFDSDFLWDGRSDUDVHUDFWRU7,RQO\FRQVLGHUHGP\VHOITXDOLILHGWREHDQ
DFWRU
1RVYHPRVDPHQXGR:HVHHHDFKRWKHURIWHQUHFLSURFDO
DSHQDVSRGtDPDQWHQHUPH7,FRXOGKDUGO\VXSSRUWP\VHOI
6LHPSUHVHPDQWXYLHURQHQFRQWDFWR7KH\DOZD\VNHSWLQFRQWDFWZLWKHDFKRWKHU
5HFLSURFDOPHDQLQJFDQEHPDGHFOHDULQ6SDQLVKZLWKSKUDVHVVXFKDVHOXQRDORWURRUORVXQRVDORV
RWURVRQHDQRWKHURUZLWKDZRUGVXFKDVPXWXDPHQWH
6HLQVXOWDURQHOXQRDORWURPXWXDPHQWH7KH\LQVXOWHGHDFKRWKHU
1RVD\XGDPRVORVXQRVDORVRWURV:HKHOSRQHDQRWKHU
I7KHUHIOH[LYHVHFDQEHXVHGZLWKDSDVVLYHPHDQLQJZLWKDYHUELQWKHWKLUGSHUVRQVLQJXODURUSOXUDO
VHH&KDSWHU
6HFRQVWUX\HURQHQ7KH\ZHUHEXLOWLQ
/DFDUWDVHHQYLySRUFRUUHRHOHFWUyQLFR7KHOHWWHUZDVVHQWE\HOHFWURQLFPDLO
J,QLPSHUVRQDOVHQWHQFHVZLWKDQLQGHILQLWHVXEMHFWWKHUHIOH[LYHVHLVXVHGZLWKDYHUELQWKHWKLUG
SHUVRQVLQJXODUVHH&KDSWHU
$TXtQRVHWUDEDMDPXFKR3HRSOHGRQ
WZRUNPXFKKHUH
3RUGyQGHVHYDDODHURSXHUWR"+RZGRHVRQHJHWWRWKHDLUSRUW"
7KHLPSHUVRQDOVHLVQRWXVHGZKHUHWKHYHUELVDOUHDG\DFFRPSDQLHGE\VH7KHDOWHUQDWLYHKHUHLVWR
XVHZRUGVVXFKDVODJHQWHSHRSOHXQRRQHRUW~\RX
/DJHQWHXQRVHGLYLHUWHPXFKRDOOt3UHWHULWHDQGLPSHUIHFW3HRSOHKDYH2QHKDVDORWRIIXQ
WKHUH
6HKHUHLVSDUWRIWKHYHUEGLYHUWLUVHWRHQMR\RQHVHOIWRKDYHIXQ
K7KHUHIOH[LYHLVXVHGZLWKFHUWDLQYHUEVDVDQLQWHQVLILHU
6HOH\yWRGRHOOLEUR+H6KHUHDGWKHZKROHERRN
0HFRPtWRGRORTXHKDEtD,DWHXSHYHU\WKLQJWKHUHZDV
%pEHWHODOHFKH'ULQNXS\RXUPLON
)2506
PHOHYDQWR
WHOHYDQWDV
VHOHYDQWD
QRVOHYDQWDPRV
RVOHYDQWiLV
VHOHYDQWDQ
,JHWXS
\RXJHWXS
\RXJHWXSKHVKHJHWVXS
ZHJHWXS
\RXJHWXS
\RXWKH\JHWXS
H$WWDFKHGWRWKHHQGRISRVLWLYHLPSHUDWLYHV
/HYiQWDWH*HWXS
EXW1RWHOHYDQWHV
3yQJDVHHVDFDPLVD3XWRQWKDWVKLUW
EXW1RVHSRQJDHVDFDPLVD
2WKHUSRLQWVWRQRWHLQWKHWH[WV
%DWFKHORUDQG3RXQWDLQSS
%XWWSS
%XWWDQG%HQMDPLQSS
.DWWiQ,EDUUDDQG3RXQWDLQSS
0XxR]DQG7KDFNHUSS
6HHIRUIXUWKHULQIRUPDWLRQ
(;(5&,6(6
&RPSOHWHWKHIROORZLQJVHQWHQFHVZLWKDQDSSURSULDWHUHIOH[LYHSURQRXQ
D0DQRORSRUTXpQRBBBKDVDIHLWDGRHVWDPDxDQD"
E&yPRBBBHQVXFLDQORVQLxRVFXDQGRMXHJDQ
F&XDQGRKDFHFDORUQRBBBEDxRSUHILHURGXFKDUBBB
G6LHQWRPXFKRTXHXVWHGQRBBBFRQVLGHUHH[SHUWRHQODPDWHULD
HBBBGLYHUWtDPRVWDQWRTXHQRBBBDFRUGDPRVGHODKRUD\5DTXHOBBBHQIDGyFRQQRVRWURV
I1RBBBYD\DQXVWHGHV4XpGHQBBBSRUIDYRU
J1LxRVVLQRBBBGRUPtVHQVHJXLGDPDxDQDQRSRGUpLVOHYDQWDUBBB
K'yQGHHVWi5RVDULR"
(QHOFXDUWRGHEDxRPDTXLOOiQGRBBB
L&XDQGRBBBFDtVWHBBBKLFLVWHGDxR"
6tBBBWRUFtHOWRELOOR
M7RGRVBBBULHURQFRQVXFKLVWHPHQRV(GXDUGRpOBBBOLPLWyDVRQUHtU
&RPSOHWHWKHVHVHQWHQFHVE\FKRRVLQJDYHUEIURPWKHOLVWDQGSXWWLQJLWLQWRWKHFRUUHFWIRUP
SUHRFXSDUVH
SDUHFHUVH
TXHMDUVH
DEXUULUVH
ILDUVH
SRQHUVH
VHQWDUVH
FDOODUVH
OHYDQWDUVH
DFRVWDUVH
D3DEOR\3HGURVRQKHUPDQRVSHURQRBBBHQQDGD
E&XDQGRVXHQDHOGHVSHUWDGRUORDSDJRSRUTXHQRTXLHURBBB
F(VDJHQWHQXQFDHVWiFRQWHQWDVLHPSUHHVWiBBBGHDOJR
G&XiQWRBBBQRVRWURVHQODFODVHGHUHOLJLyQ(OSURIHVRUHVWDQSHVDGR
H7LHQHVPXFKRVXHxR"$TXpKRUDBBBDQRFKH"
I6LXVWHGHVBBBHQHVHVRIiHVWDUiQPiVFyPRGRV
J3RUTXpBBBXVWHGWDQWRGHVXKLMR"1ROHSDVDUiQDGD
K6RLVWRQWRV'HEpLVBBBODVERWDV
L4XLHUHVBBBGHXQDYH]"7XVFRPHQWDULRVQRVLUYHQGHQDGD
M<RTXHW~QRBBBGH5DLPXQGRHVXQPHQWLURVRHPSHGHUQLGR
7UDQVODWHWKHVHVHQWHQFHVLQWR6SDQLVK
D,KDGDQDZIXOWLPHDW&DUOLWRV
VSDUW\
E)LUVW,KDGDQDSHULWLIZLWK-XDQMRLQWKH%DU)ORULGD
F7KHQDUULYLQJDW&DUOLWRV
VKRXVH,VOLSSHGDQGIHOO
G&DUOLWRV
VPRWKHUJDYHPHDEUDQG\DQGDOWKRXJK,GRQ
WOLNHLW,GUDQNLW
H,GDQFHGIRUDZKLOHDQGWKHQ,IHOODVOHHS
I:KHQ,ZRNHXS-XDQMRKDGJRQH
J+HKDGJRWDQJU\ZLWKPHIRUIDOOLQJDVOHHS
K,GLGQ
WIHHOZHOOVR,ZDVKHGP\IDFHZLWKFROGZDWHU
L,GLGQ
WGDUHGDQFHDJDLQ
M$VLWZDVODWH,VDLGJRRGE\HWR&DUOLWRV
VPRWKHUDQGOHIWWRJRKRPH
6WXG\WKHVHVHQWHQFHVDQGVD\ZKHWKHUWKHIXQFWLRQRIVHLQHDFKRQHLVUHIOH[LYHRUUHFLSURFDO
D$XQTXHHUDQKHUPDQRVVHSHOHDEDQPXFKR
E5REHUWR\$QDVHHVFULELHURQGXUDQWHGRVDxRV
F0XFKRVGHORVSUHVRVVHVXLFLGDURQ
G6HFD\HURQDODJXD
H/RVDPLJRVVHYLVLWDEDQWRGRVORVYHUDQRV
I6HFDQVDURQPXFKRJ6HPDWDURQ
K1RVHTXHUtDQ\SRUHVRVHGLYRUFLDURQ
L6HDFRPRGDURQHQHOVRIi\VHHQWUHWXYLHURQPDQGiQGRVHPHQVDMHVSRUPyYLO
M+DEODEDQGHPXFKDVFRVDVVLQFRPSURPHWHUVHHQQDGD
5HZULWHWKHVHVHQWHQFHVXVLQJLPSHUVRQDOVH
D$TXtUHVSLUDPRVDLUHSXUR
E0DQGDVODIDFWXUDDHVWDGLUHFFLyQ
F6HJ~QORTXHGLFHQHQ(VFRFLDEHEHQPXFKR
G(Q(VSDxDFHQDQWDUGH
H3DUDKDFHUODVDOVDQHFHVLWDVXQPDQRMRGHSHUHMLO
I+R\HQGtDQROHHPRVWDQWR
J3HQVDPRVTXHYLYLUHQHOFDPSRHVPHQRVHVWUHVDQWH
K1RHVSRVLEOHFRQVHJXLUWRGRORTXHTXHUHPRV
L(VWDPRVPX\ELHQDTXtHVXQVLWLRSUHFLRVR
M'HYH]HQFXDQGRWRPDVXQGHVFDQVRSDUDUHFREUDUIXHU]DV
:ULWHDQDFFRXQWRIZKDW$OEHUWRGLG\HVWHUGD\LQFRUSRUDWLQJWKHVHYHUEVDQGDVPDQ\PRUHUHIOH[LYH
YHUEVDV\RXUDFFRXQWZLOOWDNH
OHYDQWDUVHYHVWLUVHSUHSDUDUVHUHXQLUVHUHtUVHHQIDGDUVHLUVHVHQWDUVHGXFKDUVHDFRVWDUVH
)RUH[HUFLVHVZKLFKSUDFWLVHWKHXVHRIVHZLWKSDVVLYHPHDQLQJVHH&KDSWHU)RUH[HUFLVHVZKLFK
SUDFWLVHWKHXVHRIVHIXQFWLRQLQJDVDQLQGLUHFWREMHFWSURQRXQVHH&KDSWHU
6HUDQGHVWDU
7H[W
,QDQLQWHUYLHZ-RUJH5DPRVDSURPLQHQW0H[LFDQMRXUQDOLVWDQGZULWHUOLYLQJDQGZRUNLQJLQWKH8QLWHG
6WDWHVWDONHGDERXWWKHJURZWKDQGLQFUHDVLQJLQIOXHQFHRIWKH+LVSDQLFSRSXODWLRQLQWKDWFRXQWU\$V\RX
UHDGWKHWH[WIRFXVDWWHQWLRQRQWKHXVHVRIVHUDQGHVWDUWKHPDLQJUDPPDWLFDOSRLQWLQWKLVXQLW
(VWDGRV8QLGRVHVWiHQHOSURFHVRGHFRQYHUWLUVHHQXQSDtVKLVSDQR
+D\TXLHQGLFHTXHODRODODWLQDDFDEDGHHVWUHOODUVHFRQWUDHOPDOHFyQ
1RORFUHR1LHOPXURHQODIURQWHUD
QLHO(MpUFLWRYDQDSRGHUFRQWHQHUODRODODWLQD(VWHSDtVHVWiSDVDQGRSRUXQFDPELRGHPRJUiILFR\
FXOWXUDOPX\SURIXQGRDXQTXHKD\DJHQWHTXHQRORTXLHUDYHUQL
DFHSWDU(VWDGRV8QLGRVHVWiHQHOSURFHVRGHFRQYHUWLUVHHQXQDQDFLyQKLVSDQDOHVJXVWHRQR/R
FLHUWRHVTXH\DHVODVHJXQGDQDFLyQKLVSDQDGHOPXQGRGHWUiVGH
0p[LFR\SRUGHODQWHGH(VSDxD$UJHQWLQD\&RORPELD8VWHG\\RQRORYHUHPRVSHURHQHOVH
SURGXFLUiSRVLEOHPHQWHHOQXHYRKLWRKLVWyULFRKDEUiPiVKLVSDQRVTXH
EODQFRVGHRULJHQDQJORVDMyQHQHVWHSDtV
1RH[LVWHHOULHVJRGHXQUHWURFHVRFRPRRFXUULyFRQRWUDVFRUULHQWHVPLJUDWRULDV"
1RQLQJXQDOH\PLJUDWRULDYDDSRGHUIUHQDUORTXHHVWiRFXUULHQGR6HUtDLUFRQWUDODFRUULHQWH(O
FDPELRVHHVWiSURGXFLHQGRGHVGHGHQWURFRQOD
JHQWHTXHHVWi\DDTXt(OSRGHUGHORVODWLQRVHVWiHQVXVQ~PHURV(OFUHFLPLHQWRQRHVFRVDGH
PDJLDORVKLVSDQRVVHPXOWLSOLFDQDUD]yQGHWUHVKLMRVSRUIDPLOLDIUHQWHD
GRVGHPHGLDHQWUHORVEODQFRV\ORVDIURDPHULFDQRV(VWHSDtVVHVLJXHSHUFLELHQGRDVtPLVPRFRPR
EODQFRSHURODUHDOLGDGHVPX\GLVWLQWDFXDQGRVHDWUHYDD
PLUDUVHDOHVSHMRVHGDUiFXHQWDGHTXHHVXQDQDFLyQPHVWL]D
&XiOHVODUHDFFLyQFXDQGRH[SRQHHVWDVLGHDVDQWHXQDDXGLHQFLDGH
JULQJRV"
/DSULPHUDHVGHHQRUPHVRUSUHVD1RVHGDQFXHQWDGHODYHORFLGDGDODTXHHVWiFDPELDQGRWRGR<
ODVHJXQGDUHDFFLyQHVGHDEVROXWR
KRUURUHQHOPRPHQWRHQTXHYHQTXHHOSDtVHQTXHFUHFLHURQ\DQRHVHOPLVPRTXHVXVYHFLQRVVRQ
ODWLQRVTXHHQODVWLHQGDVKDEODQHVSDxRO3DUDKDFHUVHXQDLGHD
-RVpHV\DHOQRPEUHPiVFRP~QHQWUHORVQLxRVGH&DOLIRUQLD\SURQWRORVHUiHQ7H[DV\HQRWURV
HVWDGRVGHOVXU
4XpSDVDUiFRQHOHVSDxRODKRUD
TXHKDQEOLQGDGRHOLQJOpVFRPROHQJXDFRP~Q\XQLILFDGRUD"
(OKHFKRGHTXHWHQJDQTXHKDFHURILFLDOHOLQJOpVDHVWDVDOWXUDVORGLFHWRGR3HURpVWHHVXQSDtVTXH
FDPLQDLQHYLWDEOHPHQWHKDFLDXQDHQWLGDGELOLQJH\HVRHVDOJRTXHDVOH\HVQRYDQDSRGHUFDPELDU
(OHVSDxROQRYDDVHUDVLPLODGRQLYDDGHVDSDUHFHU
FRPRRFXUULyFRQHOLWDOLDQRRHODOHPiQ(OHVSDxROHVWiDTXtSDUDTXHGDUVH/RVSURJUDPDVPiV
RtGRVGHUDGLRVRQHQHVWHLGLRPD(OHVSDxROHQ(VWDGRV
8QLGRVHVWiPX\GHIRUPDGR\VHSDUHFHPiVDOVSDQJOLVKTXHDOFDVWHOODQRSHURHVXQLGLRPDTXHVH
KDYXHOWR\DWRWDOPHQWHSUHYDOHQWHHQ
SDUWHVGHOSDtV
6LJRVLHQGRXQLQPLJUDQWHHODFHQWRHVPLVHxDGHLGHQWLGDG
6XQDUL]VLJXHDSXQWDQGRKDFLD0p[LFR"
6tHVLQHYLWDEOH
<QRVHVLHQWHDYHFHVFRPR8OLVHV
DQKHODQGRYROYHUDFDVD"
+D\GtDVHQTXHPHGHVSLHUWR\QRVpGHGyQGHVR\0LVVXHxRVVLJXHQVLHQGRFRQODFDVDHQODTXHPH
FULpHQ0p[LFR'HEHGHVHUXQWUDXPD
GHLQPLJUDQWH(QHOIRQGRHVWR\PX\GHVDUUDLJDGR/OHYRODPLWDGGHPLYLGDDTXtODPLWDGDOOi(Q
(VWDGRV8QLGRVPHVLJXHQGLFLHQGRHKW~PH[LFDQRUHJUpVDWHDWX
SDtV(QPLSDtVPHYHQFRPRHOJULQJRTXHYLHQHGHOQRUWH3HURHQORV~OWLPRVDxRVKHSRGLGR
HQFRQWUDUXQFLHUWRHTXLOLEULR0LVGRVKLMRVKDQQDFLGRDTXt\DQR
WHQJRTXHHVFRJHU/RVGRVKDEODQPX\ELHQHVSDxROSHURVRQQRUWHDPHULFDQRV<RQR<RVLJRVLHQGR
XQLQPLJUDQWHPLDFHQWRHVPLVHxDGHLGHQWLGDG
'LDULR(O0XQGR(VSDxD
6HUDQGHVWDUWREH
*(1(5$/
6SDQLVKKDVWZRZRUGVPHDQLQJWREHVHUDQGHVWDUZKLFKDUHFOHDUO\GLIIHUHQWLDWHGE\QDWLYHVSHDNHUV
7KHJHQHUDOLVDWLRQVRPHWLPHVIRXQGLQWH[WERRNVWKDWVHULVXVHGWRUHIHUWRJHQHUDOFKDUDFWHULVWLFVDQG
HVWDUWRWHPSRUDU\VWDWHVLVWUXHRQO\WRVRPHH[WHQWDQGLQIDFWLWFDQEHPLVOHDGLQJ,WVHHPVPRUH
DSSURSULDWHWRORRNDWHDFKXVHVHSDUDWHO\7KHLQWHUYLHZDERYHFRQWDLQVVHYHUDOH[DPSOHVRIWKHXVHRI
WKHVHWZRYHUEV7KHQRWHVEHORZFRYHUWKHVHDQGRWKHUXVHVQRWIRXQGLQWKHWH[W
86,1*6(5
D:LWKQRXQV
HVODVHJXQGDQDFLyQKLVSDQDGHOPXQGROLWLVWKHVHFRQG6SDQLVKVSHDNLQJ
FRXQWU\LQWKHZRUOG
(OFUHFLPLHQWRQRHVFRVDGHPDJLDO7KHLQFUHDVHKDVQ
WKDSSHQHGE\PDJLF
HVXQDQDFLyQPHVWL]DOLWLVDUDFLDOO\PL[HGQDWLRQ
&XiOHVODUHDFFLyQ"O:KDWLVWKHUHDFWLRQ"
VLJRVLHQGRXQLQPLJUDQWHO,
PVWLOODQLPPLJUDQW
PLDFHQWRHVPLVHxDGHLGHQWLGDGOP\DFFHQWLVWKHPDUNRIP\LGHQWLW\
1RWHDOVRWKHXVHRIVHUZLWKQRXQVGHQRWLQJRFFXSDWLRQRUSURIHVVLRQ
(VSURIHVRUDGHHVSDxRO6KH
VD6SDQLVKWHDFKHU
E:LWKSURQRXQV
HOSDtVHQTXHFUHFLHURQ\DQRHVHOPLVPROWKHFRXQWU\WKH\JUHZXSLQLVQR
ORQJHUWKHVDPH
HVDOJRTXHODVOH\HVQRYDQDSRGHUFDPELDUOLWLVVRPHWKLQJZKLFKODZVZLOO
QRWEHDEOHWRFKDQJH
(VHOODpO,W
VKHUKLP
(OGLQHURHVPtR7KHPRQH\LVPLQH
(VpVWH",VLWWKLVRQH"
F:LWKDQLQILQLWLYH
6HUtDLUFRQWUDODFRUULHQWHO,WZRXOGEHJRLQJDJDLQVWWKHWLGH
/RPiVGLItFLOIXHVXELU7KHPRVWGLIILFXOWWKLQJZDVWRJRXS
G:LWKDGMHFWLYHV
L$GMHFWLYHVGHQRWLQJPHPEHUVKLSRIDJURXSRUFDWHJRU\IRUH[DPSOHHWKQLFRULJLQQDWLRQDOLW\
UHOLJLRQ
VXVYHFLQRVVRQODWLQRVOWKHLUQHLJKERXUVDUH/DWLQ$PHULFDQ
VRQQRUWHDPHULFDQRVOWKH\DUH$PHULFDQ
6RPRVFDWyOLFRV:HDUH&DWKROLF
1RWHWKDWDOWKRXJKQDWLRQDOLW\DQGUHOLJLRQPD\QRWEHUHJDUGHGDVSHUPDQHQW\RXVWLOOQHHGWRXVHVHU
LL$GMHFWLYHVLQGLFDWLQJPDULWDOVWDWXVDOWKRXJKHVWDUVHHPVWREHPRUHFRPPRQLQ6SDLQHVSHFLDOO\
ZKHQHPSKDVLVLVRQWKHVWDWHRIEHLQJVLQJOHPDUULHGHWFUDWKHUWKDQRQGHVFULELQJVRPHRQH
V
PDULWDOVWDWXV
(VVROWHURD+HVKH
VVLQJOH
(VGLYRUFLDGRD+HVKH
VGLYRUFHG
6HHDOVRLEHORZ
LLL$GMHFWLYHVGHVFULELQJWKHVXEMHFWLQWHUPVRIJHQHUDODWWULEXWHVLQFOXGLQJSK\VLFDODQGPRUDO
FKDUDFWHULVWLFV
ODUHDOLGDGHVPX\GLVWLQWDOWKHUHDOLW\LVYHU\GLIIHUHQW
HVPHVWL]DOLW
VUDFLDOO\PL[HG
(VJXDSD\HVPX\VLPSiWLFD6KH
VSUHWW\DQGVKH
VYHU\QLFH
6HHDOVRGLDQGLLEHORZ
LY$GMHFWLYHVGHVFULELQJWKHVXEMHFWLQWHUPVRIDQLQKHUHQWTXDOLW\
/D7LHUUDHVUHGRQGD7KH(DUWKLVURXQG
H,QWKHFRQVWUXFWLRQVHUDGMHFWLYHTXH
86,1*(67$5
D7RLQGLFDWHSRVLWLRQLQDUHDORUILJXUDWLYHVHQVHDQGGLVWDQFH
ODJHQWHTXHHVWi\DDTXtOWKHSHRSOHZKRDUHDOUHDG\KHUH
(OSRGHUGHORVODWLQRVHVWiHQVXVQ~PHURVO7KHSRZHURI/DWLQ$PHULFDQVOLHVLQWKHLU
QXPEHUV
(OHVSDxROHVWiDTXtSDUDTXHGDUVHO6SDQLVKLVKHUHWRVWD\
(VWiHQODSOD]DDFLQFRPLQXWRVGHDTXt,W
VLQWKHVTXDUHILYHPLQXWHVIURPKHUH
E:LWKJHUXQGVWRIRUPSURJUHVVLYHWHQVHV
(VWHSDtVHVWiSDVDQGRSRUXQFDPELRGHPRJUiILFR\FXOWXUDOO7KLVFRXQWU\LV
XQGHUJRLQJDGHPRJUDSKLFDQGFXOWXUDOFKDQJH
ORTXHHVWiRFXUULHQGROZKDWLVKDSSHQLQJ
(OFDPELRVHHVWiSURGXFLHQGRO7KHFKDQJHLVWDNLQJSODFH
HVWiFDPELDQGRWRGROHYHU\WKLQJLVFKDQJLQJ
F:LWKSDVWSDUWLFLSOHVWRGHQRWHDVWDWHZKLFKLVWKHUHVXOWRIDQDFWLRQRUDSURFHVV
(OHVSDxROHQ(VWDGRV8QLGRVHVWiPX\GHIRUPDGRO6SDQLVKLQWKH8QLWHG6WDWHVLV
YHU\GHIRUPHG
HVWR\PX\GHVDUUDLJDGRO,
PYHU\URRWOHVV
)RUVHUSDVWSDUWLFLSOHVHHLDQGMDERYH
G:LWKDGMHFWLYHV
L'HQRWLQJDVZLWKSDVWSDUWLFLSOHVDERYHDVWDWHZKLFKLVWKHUHVXOWRIDSURFHVV
7XKLMRHVWiPX\JUDQGH<RXUFKLOGORRNVYHU\ELJ
4XpYLHMRHVWi+RZROGKHORRNV
&RPSDUHWKHVHH[DPSOHVZLWK
7XKLMRHVPX\JUDQGH<RXUVRQLVYHU\ELJ5HJDUGHGDVDQDWWULEXWHUDWKHUWKDQDVWDWH
4XpYLHMRHV+H
VYHU\ROG,KDGQ
WUHDOLVHGKRZROGKHZDV
LL6KRZLQJWKDWDVWDWHRUFRQGLWLRQLVUHJDUGHGDVWHPSRUDU\RULPSO\LQJDFKDQJHIURPXVXDO
FLUFXPVWDQFHV
3DEORHVWiPX\HOHJDQWHKR\3DEORLVORRNLQJYHU\HOHJDQWWRGD\
/DVQRFKHVHVWiQPX\IUtDV7KHHYHQLQJVDUHYHU\FROG
&RPSDUHWKHVHH[DPSOHVZLWK
3DEORHVPX\HOHJDQWH3DEORLVYHU\HOHJDQW$JHQHUDODWWULEXWH
/DVQRFKHVVRQPX\IUtDV7KHHYHQLQJVDUHQRUPDOO\YHU\FROG
6HHGLLLDERYH
H:LWKDSUHSRVLWLRQDOSKUDVH
(VWDGRV8QLGRVHVWiHQHOSURFHVRGHFRQYHUWLUVHHQXQDQDFLyQKLVSDQDO7KH8QLWHG
6WDWHVLVLQWKHSURFHVVRIEHFRPLQJD+LVSDQLFFRXQWU\
5DTXHOHVWiGHFDPDUHUD5DTXHOLVZRUNLQJDVDZDLWHU
I7RGHQRWHDSK\VLFDORUPHQWDOVWDWHRUFRQGLWLRQ
(VWR\PX\ELHQJUDFLDV,
PYHU\ZHOOWKDQN\RX
(VWiQPX\FRQWHQWRV7KH\DUHYHU\KDSS\
J7RLQGLFDWHFRVWZKHQSULFHVIOXFWXDWH
$FXiQWRFyPRHVWiHOFDPELR":KDW
VWKHUDWHRIH[FKDQJH"
/RVWRPDWHVHVWiQFDURV7KHWRPDWRHVDUHH[SHQVLYHWRGD\RUWKLVVHDVRQ
&RPSDUHWKHVHFRQGH[DPSOHZLWK
/RVWRPDWHVVRQFDURV7RPDWRHVDUHQRUPDOO\H[SHQVLYH
K:LWKGDWHVDQGRWKHUH[SUHVVLRQVRIWLPH
(VWDPRVDGHMXOLRDMXHYHV,W
VWKHWKRI-XO\,W
V7KXUVGD\
(VWDPRVHQYHUDQR,W
VVXPPHU
6HULVDOVRFRUUHFWLQWKLVFRQWH[W
+R\HVHOGHGLFLHPEUHPDUWHV7RGD\LVWKHWK'HFHPEHU7XHVGD\
(VSULPDYHUD,WLVVSULQJ
6HHNDERYH
L7RLQGLFDWHPDULWDOVWDWXV
(VWi9GFDVDGRDRVROWHURD"$UH\RXVLQJOHRUPDUULHG"
6HULVDOVRXVHGLQWKLVFRQWH[WHVSHFLDOO\LQ/DWLQ$PHULFD
6HHGLLDERYH
M7RLQGLFDWHH[LVWHQFH
7DPELpQHVWiHOSUREOHPDGHODGLVFULPLQDFLyQ7KHUH
VDOVRWKHSUREOHPRIGLVFULPLQDWLRQ
N2QLWVRZQ
/DXUDQRHVWi/DXUDLVQRWLQ
<DHVWi7KDW
VLW
(VWDPRV"$UHZHDJUHHG"2."
(QVHJXLGDHVWi,W
OOEHUHDG\LQDPRPHQW
&KDQJHVLQPHDQLQJZLWKVHUDQGHVWDU
7KHPHDQLQJRIFHUWDLQZRUGVFDQEHDIIHFWHGE\WKHFKRLFHEHWZHHQVHUDQGHVWDU+HUHDUHVRPH
H[DPSOHV
VHUDEXUULGRWREHERULQJ
VHUEXHQRWREHJRRG
VHUGHFLGLGRWREHUHVROXWH
VHUIUHVFRWREHIUHVKRIDSHUVRQFKHHN\
VHUPDORWREHEDG
VHUQXHYRWREHQHZ
VHUWUDQTXLORWREHDTXLHWSHUVRQ
VHUYLYRWREHFOHYHUVKDUS
HVWDUDEXUULGRWREHERUHG
HVWDUEXHQRWREHWDVW\
HVWDUGHFLGLGRWREHGHWHUPLQHG
HVWDUIUHVFRWREHIUHVKIRRG
HVWDUPDORWREHLOOWREHRII
HVWDUQXHYRWRVHHPQHZ
HVWDUWUDQTXLORWREHFDOP
HVWDUYLYRWREHDOLYH
2WKHUSRLQWVWRQRWHLQWKHWH[WV
6HHIRUIXUWKHULQIRUPDWLRQ
%DWFKHORUDQG3RXQWDLQSS
%XWWSS
%XWWDQG%HQMDPLQSS
.DWWiQ,EDUUDDQG3RXQWDLQSS
0XxR]DQG7KDFNHUSS
(;(5&,6(6
8VHWKHFRUUHFWIRUPRIVHURUHVWDUWRFRPSOHWHWKHIROORZLQJVHQWHQFHV
DBBBBBBLQWHUHVDQWHHVHOLEUR"
1RBBBBBBDEXUULGtVLPR
E6DEHVGyQGHBBBBBB0LJXHO"
BBBBBBHQHOMDUGtQOH\HQGR
F4XLpQBBBBBBHVHFKLFRWDQJXDSR"
BBBBBBPLDPLJR&DUORVBBBBBBDUJHQWLQR7RGRVORVDUJHQWLQRVBBBBBBJXDSRV
G/DVFDOOHVGHORVSXHEORVEODQFRVBBBBBBHVWUHFKDV\HQYHUDQRORVEDOFRQHVBBBBBBUHSOHWRVGH
IORUHV
H1DGDBBBBBBIiFLOHQHVWDYLGD
I0DUtD\\RBBBBBBFRQWHQWRVGHYHUORV
J'HTXLpQBBBBBBHVHEROVR"BBBBBBWX\R"
K4XLpQBBBBBB"
BBBBBB\R
L'LHJRBBBBBBGH7HUXHOSHURDKRUDBBBBBBHQ9DOODGROLGBBBBBBHVWXGLDQGRILORVRItD
M$FXiQWRBBBBBBODVVDUGLQDV"
+R\BBBBBBDHXURVHONLORBBBBBBPX\IUHVFDV
N'HFXiQGRBBBBBBHVHGLDULR"
BBBBBBGHD\HU
'yQGHBBBBBBHOGHKR\"
O/RVREUHURVBBBBBBHQKXHOJDSHURBBBBBBXQDKXHOJDTXHQROHVVLUYHSDUDQDGD
P/D~OWLPDYH]TXH,JQDFLRBBBBBBHQ/D+DEDQDHO0XVHRGH%HOODV$UWHVBBBBBBFHUUDGRSRU
REUDV
Q(VWHYHVWLGRBBBBBBGHVHGD\BBBBBBFDUtVLPRSHURHOFRORUBBBBBBPX\GHPRGD9R\D
FRPSUiUPHOR
R&iOODWHBBBBBBPHMRUTXHQRKDEOHV1RYHVTXH-XDQBBBBBBIXULRVR"
)LOOLQWKHJDSVZLWKWKHFRUUHFWIRUPRIVHURUHVWDU
D3DFRBBBDEXUULGRHOWUDEDMRTXHKDFHBBBDEXUULGR
E*ORULDBBBXQDFKLFDPX\JXDSDSHURHVWDQRFKHBBBPiVJXDSDTXHQXQFD
F(QHVWHUHVWDXUDQWHODFRPLGDVXHOHBBBEXHQDKR\BBBULTXtVLPD
G0LDEXHORQRBBBPX\PD\RUSHURSRUORTXHOHKDBBBSDVDGREDVWDQWHYLHMR
H0LWtRBBBXQDSHUVRQDDOHJUHDKRUDBBBPX\DOHJUHSRUTXHOHKDWRFDGRODORWHUtD
I$6LOYLDOHJXVWDBBBDODPRGDDXQFXDQGRBBBXQDPRGDTXHQROHYD
J<DVpTXH)HOLSHBBBHQIHUPRSHURRVGLJRTXHDKRUDBBBHQIHUPRGHSHOLJUR
K0LUD\DBBBERUUDFKR$QWRQLRBBBTXHBBBXQERUUDFKRSHUGLGR
L'DYLGBBBXQFKLFRPX\OLVWRTXHVLHPSUHBBBOLVWRSDUDFXDOTXLHUFRVD
M1RKD\GXGDTXHHVDDFWUL]BBBPX\JXDSDSHURHQVX~OWLPDSHOtFXODBBBIHtVLPD
:ULWHWKHUHVXOWRIWKHVHDFWLRQV
D(OEDQFRKDDELHUWR
E0LJDWRVHKDPXHUWR
F6HKDHQIULDGRODVRSD
G/RVQLxRVKDQSHUGLGRODOODYH
H9R\DVHUYLUODFHQD
I6HSURKtEHIXPDUHQHVWHORFDO
J+HPRVUHVHUYDGRODKDELWDFLyQ
K6HKDHVWURSHDGRHOFRFKH
L6HKDDJRWDGRHVWHOLEUR
M&RQWDQWDHGLILFDFLyQKDQGHVWUXLGRODFRVWD
&RPSOHWHWKHVHVHQWHQFHVZLWKDSURJUHVVLYHWHQVH
D(VWXGLDUHVSDxROSRQHUVHBBBGHPRGD
E/DSREODFLyQKLVSDQDFUHFHUBBBDXQULWPRPiVUiSLGRGHORTXHVHSHQVDED
F(VWDGRV8QLGRVFRQYHUWLUVHBBBHQXQSDtVELOLQJH
G&XDQGR\RORVYLHVWXGLDUHOORVBBB
H3HGURGRUPLUBBBFXDQGRVXPXMHUOROODPy
7KHSUHVHQWVXEMXQFWLYH
7H[W
7KLVWH[WFRQVLGHUVWKHIUXVWUDWLRQVRIWHQIHOWE\\RXQJXQLYHUVLW\JUDGXDWHVRQWDNLQJXSWKHLUILUVWMRE7KH
PDLQJUDPPDWLFDOSRLQWKHUHLVWKHSUHVHQWVXEMXQFWLYH5HDGWKHDUWLFOHDQGWKHQZLWKWKHKHOSRIWKHQRWHV
ZKLFKIROORZWKHWH[WVWXG\WKHZD\LQZKLFKWKHYHUEVLQEROGKDYHEHHQXVHG
3DUDHVWRHVWXGLpWDQWR"
&RQVXPHMRUWUDMH\HOHVWyPDJRDSUHWDGRHOQRYDWRVHSUHVHQWDDWRPDUSRVHVLyQGHVXQXHYRSXHVWR
GHWUDEDMR6LWLHQHVXHUWHSXHGHTXHDOJXLHQ
ORVDOXGH\OHLQGLTXHGRQGHVHQWDUVH3HURWDPELpQHVSRVLEOHTXHQDGLHHVWpHQWHUDGRGHVXOOHJDGD
TXHODUHFHSFLRQLVWDORPLUHFRQH[WUDxH]D\OHSUHJXQWHDTXLHQHVSHUD(V
SRVLEOHTXHWHUPLQHRFXSDQGRDOJ~QULQFyQLPSURYLVDGROH\HQGRDEXUULGRVGRFXPHQWRVSDUD
LQWHULRUL]DUVHPLHQWUDVWDQWR3XHGHQSDVDUGtDVDQWHVGHTXHDOJXLHQORLQWURGX]FDDVXQXHYRFDUJR
<DXQTXHQRVHDDVtVXVLOXVLRQHV\H[SHFWDWLYDVWDOYH]GLVPLQX\DQFRQVLGHUDEOHPHQWH(QODV
VHPDQDVTXHVLJXHQSRGUiFRPSUREDUODGLIHUHQFLDHQWUHODWHRUtD\ODUHDOLGDGHQWUHORTXH
OHHQVHxDURQHQODXQLYHUVLGDG\ODVWDUHDVTXHWHQGUiTXHFXPSOLU(VFRP~QTXHSDUDFRPHQ]DUVHOH
RFXSHHQWDUHDVUXWLQDULDVDTXpOODVTXHORVTXHOOHYDQPiVWLHPSRHQODLQVWLWXFLyQ
\DQRHVWiQGLVSXHVWRVDUHDOL]DU
(VIUHFXHQWHTXHVXMHIHVHDXQDSHUVRQDFRQPXFKDH[SHULHQFLDSHURTXL]iVWHQJDXQDSUHSDUDFLyQ
DFDGpPLFDLQIHULRUDODVX\D\OHVHD
GLItFLOHQWHQGHUVXVSURSRVLFLRQHV3DUDHVWRHVWXGLpWDQWR"VHSUHJXQWDHOQRYDWR\FRPLHQ]DDVHQWLU
XQDOHYHGHSUHVLyQ
3RURWUDSDUWHHOMRYHQGHEHUi
KDFHULPSRUWDQWHVDMXVWHVHQVXYLGDSHUVRQDO3DUDPXFKRVQRHVIiFLODGTXLULUHVDGLVFLSOLQD$GHPiV
HVFRP~QTXHORVMyYHQHVVHFDVHQFXDQGRLQJUHVDQDVXSULPHUWUDEDMRR
TXHVHLQGHSHQGLFHQHFRQyPLFDPHQWHGHVXVSDGUHV\VHLQVWDOHQSRUVXFXHQWDRFRQDPLJRV'HOD
DFWLWXGGHOMRYHQHQHVWHWUDQFHGHSHQGHUiHQSDUWHVXFDUUHUDODERUDOIXWXUD6LHVFDSD]
GHVREUHSRQHUVHDODIUXVWUDFLyQ\HQIUHQWDUFRQHQWXVLDVPRHVWDHWDSDHVSUREDEOHTXHFRPLHQFHD
UHFLELUSRFRDSRFRUHVSRQVDELOLGDGHVPiVLQWHUHVDQWHVTXHOHSHUPLWDQGHPRVWUDUVXV
YHUGDGHUDVFDSDFLGDGHV
5HYLVWD(O6iEDGR'LDULR(O0HUFXULR&KLOH
7KHSUHVHQWVXEMXQFWLYH
86$*(
9HUEVFDQWDNHGLIIHUHQWIRUPVGHSHQGLQJRQKRZWKH\DUHXVHG,Q6SDQLVKWKHUHDUHWKUHHEDVLFIRUPVRI
WKHYHUEWUDGLWLRQDOO\UHIHUUHGWRDVPRRGVWKHLQGLFDWLYHPRRGDOOWKHYDULRXVWHQVHVFRYHUHGLQWKLV
ERRNVRIDUIRUH[DPSOHWKHSUHVHQWWHQVHWKHSUHWHULWHZKLFKLVJHQHUDOO\XVHGLQVWDWHPHQWVWKH
LPSHUDWLYHPRRGQRUPDOO\XVHGLQRUGHUVRUFRPPDQGVDQGLQVWUXFWLRQV&KDSWHUDQGWKHVXEMXQFWLYH
PRRGJHQHUDOO\XVHGLQVXERUGLQDWHFODXVHVWRUHIHUWRHYHQWVZKLFKDUHXQUHDORUZKLFKKDYHQRW\HWWDNHQ
SODFHEXWDOVRIRXQGDIWHUDPDLQYHUEH[SUHVVLQJVRPHNLQGRIHPRWLRQIRUH[DPSOHJXVWDUWROLNHDIWHUD
QXPEHURIFRQMXQFWLRQVDQGLQUHODWLYHDQGPDLQFODXVHV
,Q(QJOLVKWKHVXEMXQFWLYHZKLFKLVYHU\OLWWOHXVHGLVIRXQGLQVHQWHQFHVVXFKDV,ZLVKVKHZHUH
KHUH,I,ZHUH\RX,Q6SDQLVKWKHVXEMXQFWLYHLVYHU\FRPPRQ,WVIRXUPDLQWHQVHVSUHVHQWLPSHUIHFW
SHUIHFWDQGSOXSHUIHFWDUHIRXQGLQDOOIRUPVRIODQJXDJHIRUPDODQGLQIRUPDOVSRNHQDQGZULWWHQ2I
WKHVHWKHWZRVLPSOHWHQVHVWKDWLVWKHSUHVHQWDQGWKHLPSHUIHFWDUHE\IDUWKHPRVWFRPPRQ$QRWKHU
WHQVHRIWKHVXEMXQFWLYHWKHIXWXUHFRQVWLWXWHVDVSHFLDOFDVHDVWKLVLVXVHGYHU\OLWWOHQRZDGD\VH[FHSW
LQYHU\IRUPDOZULWWHQODQJXDJHDQGLQOHJDOGRFXPHQWV
*HQHUDOXVDJHRIWKHVXEMXQFWLYHLVPXFKWKHVDPHIRUDOOWHQVHVVRPRVWRIWKHQRWHVEHORZLOOXVWUDWHG
KHUHZLWKWKHSUHVHQWVXEMXQFWLYHZKLFKLVWKHIRFXVRIWKLVFKDSWHUZLOOEHYDOLGIRUWKHRWKHUWHQVHV
7HQVHDJUHHPHQWZLWKWKHVXEMXQFWLYHKRZHYHULVQRWWKHVDPHIRUDOOVXEMXQFWLYHIRUPVVREHIRUH\RX
ORRNDWVSHFLILFXVDJHEHORZ\RXQHHGWRFRQVLGHUWKHVHTXHQFHRIWHQVHVLQZKLFKWKHSUHVHQWVXEMXQFWLYH
RFFXUV
6(48(1&(2)7(16(6:,7+7+(35(6(1768%-81&7,9(
7KHSUHVHQWVXEMXQFWLYHLQWKHVXERUGLQDWHFODXVHLVQRUPDOO\GHSHQGHQWRQDPDLQFODXVHYHUELQWKH
SUHVHQWLQGLFDWLYHWKHIXWXUHWKHSHUIHFWRUWKHLPSHUDWLYH
0HGLFHGLUiKDGLFKRTXHORKDJD+HVKHWHOOVZLOOWHOOKDVWROGPHWRGRLW
'LOHTXHORKDJD7HOOKLPKHUWRGRLW
)RUWHQVHDJUHHPHQWZLWKWKHLPSHUIHFWDQGWKHSOXSHUIHFWVXEMXQFWLYHVHH&KDSWHUVDQG
D7KHVXEMXQFWLYHLQVXERUGLQDWHFODXVHV
%\IDUWKHPRVWIUHTXHQWJHQHUDOXVHRIWKHVXEMXQFWLYHLVZLWKLQVXERUGLQDWHFODXVHVLQWURGXFHGE\
TXHPRVWH[DPSOHVLQWKHWH[WHJSXHGHTXHDOJXLHQORVDOXGHOLW
VSRVVLEOHWKDW
VRPHRQHPD\JUHHWKLP0RUHVSHFLILFDOO\WKHSUHVHQFHRIWKHVXEMXQFWLYHLQWKHVXERUGLQDWH
FODXVHLVGHWHUPLQHGE\WZRPDLQIDFWRUVRQHLVWKHQDWXUHRIWKHPDLQYHUEDQGWKHRWKHULVWKHIDFW
WKDWWKHVXEMHFWRIWKHPDLQYHUEDQGWKDWRIWKHYHUELQWKHVXERUGLQDWHFODXVHDUHGLIIHUHQWDVLQWKH
H[DPSOHDERYH$PRQJWKHYHUEVDQGH[SUHVVLRQVFDOOLQJIRUWKHXVHRIWKHVXEMXQFWLYHLQWKH
VXERUGLQDWHFODXVHDUHWKHIROORZLQJ
L9HUEVDQGH[SUHVVLRQVLQGLFDWLQJSRVVLELOLW\LPSRVVLELOLW\GRXEWRUXQFHUWDLQW\SHUPLVVLRQDQG
SURKLELWLRQDFFHSWDQFHDQGDJUHHPHQWRUGHUVRUFRPPDQGVKRSHUHTXHVWVDQGZLVKHVQHHGVDQG
UHTXLUHPHQWVUHFRPPHQGDWLRQDGYLFHDQGVXJJHVWLRQWKLQNLQJLQQHJDWLYHVHQWHQFHV
7KHIROORZLQJVHQWHQFHVIURPWKHWH[WDUHDOOLQWURGXFHGE\YHUEVH[SUHVVLQJSRVVLELOLW\
SXHGHTXHDOJXLHQORVDOXGH\OHLQGLTXHGRQGHVHQWDUVHOPD\EHVRPHRQHZLOO
JUHHWKLPDQGWHOOKLPZKHUHWRVLW
HVSRVLEOHTXHQDGLHHVWpHQWHUDGROLW
VSRVVLEOHWKDWQRRQHPD\EHDZDUH
HVSRVLEOHTXHODUHFHSFLRQLVWDORPLUHFRQH[WUDxH]D\OHSUHJXQWHDTXLHQHVSHUDO
LW
VSRVVLEOHWKDWWKHUHFHSWLRQLVWPD\ORRNDWKLPLQVXUSULVHDQGDVNKLPZKRKH
VZDLWLQJ
IRU
(VSRVLEOHTXHWHUPLQHRFXSDQGRO,W
VSRVVLEOHWKDWKHPD\HQGXSRFFXS\LQJ
HVSUREDEOHTXHFRPLHQFHDUHFLELUSRFRDSRFRUHVSRQVDELOLGDGHVOLW
VOLNHO\
WKDWOLWWOHE\OLWWOHKHPD\VWDUWEHLQJJLYHQUHVSRQVLELOLWLHV
7KHIROORZLQJH[DPSOHVLOOXVWUDWHWKHXVHRIWKHVXEMXQFWLYHZLWKRWKHUW\SHVRIYHUEV
'XGRTXHYHQJDQ,GRXEWZKHWKHUWKH\ZLOOFRPHGRXEWRUXQFHUWDLQW\
1ROHSHUPLWHQTXHIXPH+HVKHLVQRWDOORZHGWRVPRNHSURKLELWLRQ
eOQRDFHSWDTXHHOODWUDEDMH+HGRHVQ
WDJUHHWRKHUZRUNLQJDFFHSWDQFHRUDJUHHPHQW
/HVRUGHQDUpTXHORKDJDQGHQXHYR,
OORUGHUWKHPWRGRLWDJDLQRUGHURUFRPPDQG
(VSHURTXHPHD\XGHV,KRSH\RXFDQKHOSPHKRSH
/HKHSHGLGRTXHPHORH[SOLTXH,KDYHDVNHGKLPKHUWRH[SODLQLWWRPHUHTXHVW
4XLHUHQTXHHVWHPRVFRQHOORV7KH\ZDQWXVWREHZLWKWKHPZLVK
1HFHVLWRTXHPHDFRPSDxpLV,QHHG\RXWRDFFRPSDQ\PHQHHG
(VLPSUHVFLQGLEOHTXHVHDLQIRUPDGR,W
VHVVHQWLDOWKDWKHEHLQIRUPHGUHTXLUHPHQW
7HUHFRPLHQGRTXHORFRPSUHV,UHFRPPHQGWKDW\RXEX\LWUHFRPPHQGDWLRQ
0HKDDFRQVHMDGRTXHWHQJDFXLGDGR+HVKHKDVDGYLVHGPHWREHFDUHIXODGYLFH
7HVXJLHURTXHORGHYXHOYDV,VXJJHVW\RXUHWXUQLWVXJJHVWLRQ
1RFUHRTXHHVWpQHQWHUDGRV,GRQ
WWKLQNWKH\DUHDZDUHRILWWKLQNLQJ
LL9HUEVDQGH[SUHVVLRQVFRQYH\LQJVRPHNLQGRIHPRWLRQIRUH[DPSOHDOHJUDUVHWREHJODG
PROHVWDUWRERWKHUGHWHVWDUWRGHWHVWKDWHJXVWDUWROLNHWHPHUWRIHDU
0HDOHJURGHTXHPHOODPHV,
PJODG\RXDUHFDOOLQJ
/HPROHVWDTXHODLQWHUUXPSDQ,WERWKHUVKHUWREHLQWHUUXSWHG
'HWHVWRTXHPHLJQRUH,KDWHWREHLJQRUHGE\KLPKHU
/HVJXVWDTXH\ROHVHVFULED7KH\OLNHPHWRZULWHWRWKHP
7HPRTXHVHDYHUGDG,
PDIUDLGLWPD\EHWUXH
LLL,PSHUVRQDOH[SUHVVLRQVLQGLFDWLQJVRPHNLQGRIYDOXHMXGJHPHQWXVXDOO\DVVRFLDWHGZLWKWKH
FRQVWUXFWLRQVVHUDGMHFWLYHIRUH[DPSOHHV
FRP~QIUHFXHQWHQRUPDOQDWXUDOLPSRUWDQWHPHMRULQMXVWRRUVHUQRXQDVLQHVXQD
SHQDOiVWLPDERWKFRQVWUXFWLRQVWREHIROORZHGE\DVXERUGLQDWHFODXVHLQWURGXFHGE\TXH7KLV
UXOHDOVRDSSOLHVWRH[SUHVVLRQVVXFKDVTXpSHQDTXHTXpOiVWLPDTXHTXpWHUULEOHTXH
(VFRP~QTXHSDUDFRPHQ]DUVHOHRFXSHO,W
VFRPPRQWKDWDWWKHEHJLQQLQJKHPD\
EHHPSOR\HG
(VIUHFXHQWHTXHVXMHIHVHDO,W
VFRPPRQIRUKLVERVVWREH
$GHPiVHVFRP~QTXHORVMyYHQHVVHFDVHQO%HVLGHVLW
VFRPPRQIRU\RXQJ
SHRSOHWRPDUU\
HVFRP~QTXHVHLQGHSHQGLFHQ\VHLQVWDOHQOLW
VFRPPRQIRUWKHP
WREHFRPHLQGHSHQGHQWDQGWRHVWDEOLVKWKHPVHOYHV
(VQRUPDOTXHDVtVHD,W
VQRUPDOIRULWWREHOLNHWKDW
(VLPSRUWDQWHTXHYHQJDV,W
VLPSRUWDQWWKDW\RXFRPH
(VPHMRUTXHYD\DPRV:H
GEHWWHUJR
(VXQDSHQDOiVWLPDTXHQRSXHGDQDVLVWLU,W
VDSLW\WKH\FDQ
WDWWHQG
4XpSHQDOiVWLPDTXHQRKDEOHQHVSDxRO:KDWDSLW\WKH\GRQ
WVSHDN6SDQLVK
E7KHVXEMXQFWLYHLQWHPSRUDOFODXVHV
7KHVXEMXQFWLYHLVXVHGDIWHUFRQMXQFWLRQVLQGLFDWLQJWLPHVXFKDVDQWHVGHTXHEHIRUHGHVSXpVGH
TXHDIWHUXQDYH]TXHRQFHHQFXDQWRDVVRRQDVKDVWDTXHXQWLOFXDQGRZKHQEXWRQO\ZKHQ
WKHVHUHIHUWRWKHIXWXUH
3XHGHQSDVDUGtDVDQWHVGHTXHDOJXLHQORLQWURGX]FDO,WPD\EHGD\VEHIRUHVRPHRQH
LQWURGXFHVKLP
'HVSXpVGHTXHWHUPLQHPHLUpDFDVD$IWHU,ILQLVK,
OOJRKRPH
(QFXDQWR8QDYH]TXHOOHJXHQOOiPDPH$VVRRQDV2QFHWKH\DUULYHFDOOPH
1RVTXHGDUHPRVDTXtKDVWDTXHFRPSOHWHPRVHOWUDEDMR:H
OOVWD\KHUHXQWLOZHFRPSOHWHWKH
ZRUN
6HORGLUpFXDQGRODYHD,
OOWHOOKHUZKHQ,VHHKHU
7KHVXEMXQFWLYHLVQRWXVHGZKHQWKHWLPHH[SUHVVLRQUHIHUVWRWKHSDVWRUWRDKDELWXDODFWLRQ
'HVSXpVGHTXHWHUPLQyVHIXHDFDVD$IWHUKHVKHILQLVKHGKHVKHZHQWKRPH
&XDQGRHVWR\FRQHOODVLHPSUHKDEODGHWL:KHQ,
PZLWKKHUVKHDOZD\VWDONVDERXW\RX
F7KHVXEMXQFWLYHDIWHUFRQMXQFWLRQVRIFRQFHVVLRQDQGFRQGLWLRQ
7KHVXEMXQFWLYHLVXVHGDIWHUFRQMXQFWLRQVH[SUHVVLQJFRQFHVVLRQDQGFRQGLWLRQLQVHQWHQFHVOLNHWKH
IROORZLQJ
L&RQFHVVLRQ
<DXQTXHDXQFXDQGRQRVHDDVtO$QGHYHQLILWLVQ
WOLNHWKDW,UHPRVGHFDPSLQJD
QRVHUTXHOOXHYD:H
OOJRFDPSLQJXQOHVVLWUDLQV9LDMDUiQD6XGDPpULFDDSHVDUGHTXH
DXQTXHQRWHQJDQVXILFLHQWHGLQHUR7KH\
OOWUDYHOWR6RXWK$PHULFDGHVSLWHWKHIDFWWKDWWKH\
PD\QRWKDYHHQRXJKPRQH\
LL&RQGLWLRQ
7HORFRPSUDUpVLHPSUHTXHVLHPSUH\FXDQGRWHSRUWHVELHQ,
OOEX\LWIRU\RXSURYLGHG\RX
EHKDYHZHOO
(QFDVRGHTXHORQHFHVLWHVHVWiHQODFRFLQD,QFDVH,I6KRXOG\RXQHHGLWLW
VLQWKHNLWFKHQ
(QFDVRGHTXHOOHJXHGtJDOHTXHYROYHUpSURQWR,IKHVKHDUULYHVWHOOKLPKHUWKDW,
OOEHEDFN
VRRQ
7HORSUHVWDUpFRQWDOGHTXHDFRQGLFLyQGHTXHORFXLGHV,
OOOHQGLWWR\RXSURYLGHGRQ
FRQGLWLRQWKDW\RXWDNHFDUHRILW
:KHQUHIHUHQFHLVWRDIDFWUDWKHUWKDQWRVRPHWKLQJK\SRWKHWLFDOWKHLQGLFDWLYHDQGQRWWKHVXEMXQFWLYH
PXVWEHXVHG
$XQTXHQRHVDVt$OWKRXJK(YHQZKHQLWLVQ
WOLNHWKDW
9LDMDUiQD6XGDPpULFDDSHVDUGHTXHQRWLHQHQVXILFLHQWHGLQHUR7KH\
OOWUDYHOWR6RXWK$PHULFD
GHVSLWHWKHIDFWWKDWWKH\KDYHQ
WHQRXJKPRQH\
G7KHVXEMXQFWLYHDIWHUFRQMXQFWLRQVRISXUSRVHDQGLQWHQWLRQ
7KHVXEMXQFWLYHLVXVHGDIWHUFRQMXQFWLRQVH[SUHVVLQJSXUSRVHDQGLQWHQWLRQLQVHQWHQFHVOLNHWKH
IROORZLQJ
/RWUDHUpSDUDTXHDILQGHTXHORYHDV,
OOEULQJLWVRWKDW\RXFDQVHHLW
/HKDEODUpPX\GHVSDFLRGHPDQHUDPRGRIRUPDTXHSXHGDHQWHQGHUPHELHQ,
OOVSHDNWRKLPKHU
YHU\VORZO\VRWKDWKHVKHFDQXQGHUVWDQGPH2.
'HPDQHUDPRGRIRUPDTXHVRWKDWPD\DOVRH[SUHVVFRQVHTXHQFHLQZKLFKFDVHWKHLQGLFDWLYHDQG
QRWWKHVXEMXQFWLYHPXVWEHXVHG&RPSDUHWKHODVWVHQWHQFHDERYHZLWKWKHIROORZLQJRQH
6LHPSUHOHKDEORPX\GHVSDFLRGHPDQHUDPRGRIRUPDTXHSXHGHHQWHQGHUPHELHQ,DOZD\VVSHDN
WRKLPKHUYHU\VORZO\VRWKDWKHVKHFDQXQGHUVWDQGPH2.
H7KHVXEMXQFWLYHLQUHODWLYHFODXVHV
7KHVXEMXQFWLYHLVXVHGLQUHODWLYHFODXVHVZKHQWKHUHODWLYHSURQRXQHJTXHUHIHUVEDFNWR
VRPHWKLQJZKLFKLVQRQH[LVWHQWLQGHILQLWHRUXQNQRZQ2WKHUZLVH\RXPXVWXVHDQLQGLFDWLYHYHUE
UHVSRQVDELOLGDGHVTXHOHSHUPLWDQOUHVSRQVLELOLWLHVZKLFKPD\DOORZKLP
%XVFDQDDOJXLHQTXHKDEOHUXVR7KH\
UHORRNLQJIRUVRPHRQHZKRFDQVSHDN5XVVLDQ
&RPSDUHWKHH[DPSOHVDERYHZLWKWKHIROORZLQJRQHV
UHVSRQVDELOLGDGHVTXHOHSHUPLWHQUHVSRQVLELOLWLHVZKLFKDFWXDOO\DOORZKLP
%XVFDQDDOJXLHQTXHKDEODUXVR7KH\
UHORRNLQJIRUVRPHRQHZKRVSHDNV5XVVLDQ
I7KHVXEMXQFWLYHLQPDLQFODXVHV
L7KHVXEMXQFWLYHLVXVHGLQLQGHSHQGHQWFODXVHVLQWURGXFHGE\ZRUGVVXFKDVTXL]iVWDOYH]
SHUKDSV:LWKWKHVHWZRZRUGVLWVXVHLVRSWLRQDOWKHLQGLFDWLYHEHLQJXVHGZKHQWKHUHLVDJUHDWHU
GHJUHHRIFHUWDLQW\
$ORPHMRUDOVRPHDQLQJSHUKDSVDOZD\VWDNHVDQLQGLFDWLYHYHUE
WDOYH]GLVPLQX\DQOWKH\PD\SHUKDSVGLPLQLVK
TXL]iVWHQJDOKHPD\SHUKDSVKDYH
%XW$ORPHMRUGLVPLQX\HQWLHQH
LL([SUHVVLRQVRIZLVKLQWURGXFHGE\TXHRURMDOiTXHDUHIROORZHGE\DYHUELQWKHVXEMXQFWLYH
4XHWHQJDVVXHUWH,KRSH\RXDUHOXFN\
2MDOiTXHFRQVLJDVHQWUDGDV,KRSH\RXJHWWLFNHWV
LLL7KHVXEMXQFWLYHLVXVHGDVWKHLPSHUDWLYHIRUPIRUXVWHGDQGXVWHGHVDQGIRUQHJDWLYHIDPLOLDU
FRPPDQGVVHH&KDSWHU
/OiPHPHPDxDQD&DOOPHWRPRUURZ
1RVHORGLJDQDQDGLH'RQ
WWHOODQ\RQH
1RVHORFXHQWHV'RQ
WWHOOKLPKHU
EXW&XpQWDVHOR7HOOKLP
)250$7,21
5HJXODUYHUEV
OODPDU
OODPH
OODPHV
OODPH
OODPHPRV
OODPpLV
OODPHQ
FRPHU
FRPD
FRPDV
FRPD
FRPDPRV
FRPiLV
FRPDQ
YLYLU
YLYD
YLYDV
YLYD
YLYDPRV
YLYiLV
YLYDQ
1RWHWKDWHUDQGLUYHUEVKDYHWKHVDPHHQGLQJV1RWHWRRWKDWH[FHSWIRUWKHILUVWSHUVRQ\RWKH
HQGLQJVRIDUYHUEVDUHOLNHWKRVHRIWKHSUHVHQWLQGLFDWLYHRIHUYHUEVZKLOHWKRVHLQHUDQGLUKDYH
HQGLQJVZKLFKDUHVLPLODUWRWKRVHRIWKHSUHVHQWLQGLFDWLYHRIDUYHUEV
6WHPFKDQJLQJDQGLUUHJXODUYHUEV
7RIRUPWKHSUHVHQWVXEMXQFWLYHRIVWHPFKDQJLQJDQGLUUHJXODUYHUEVGURSWKHRIURPWKHVWHPRIWKHILUVW
SHUVRQVLQJXODURIWKHSUHVHQWLQGLFDWLYHDQGDGGWKHHQGLQJVRIUHJXODUYHUEV6WHPFKDQJLQJYHUEVNHHS
WKHVWHPRIWKHLQILQLWLYHLQWKHILUVWDQGVHFRQGSHUVRQSOXUDODVLQWKHSUHVHQWWHQVH+HUHDUHVRPH
H[DPSOHV
LQILQLWLYH
GHFLU
TXHUHU
YHQLU
VWSHUVRQSUHVLQGLFDWLYH
GLJR
TXLHUR
YHQJR
SUHVHQWVXEMXQFWLYH
GLJDGLJDVGLJDGLJDPRVGLJiLVGLJDQ
TXLHUDTXLHUDVTXLHUDTXHUDPRVTXHUiLVTXLHUDQ
YHQJDYHQJDVYHQJDYHQJDPRVYHQJiLVYHQJDQ
$IHZYHUEVIRUPWKHSUHVHQWVXEMXQFWLYHLQDGLIIHUHQWZD\
LQILQLWLYH
GDUWRJLYH
HVWDUWREH
KDEHUWRKDYH
LUWRJR
VDEHUWRNQRZ
VHUWREH
SUHVHQWVXEMXQFWLYH
GpGHVGpGHPRVGHLVGHQ
HVWpHVWpVHVWpHVWHPRVHVWpLVHVWpQ
KD\DKD\DVKD\DKD\DPRVKD\iLVKD\DQ
YD\DYD\DVYD\DYD\DPRVYD\iLVYD\DQ
VHSDVHSDVVHSDVHSDPRVVHSiLVVHSDQ
VHDVHDVVHDVHDPRVVHiLVVHDQ
6HHDOVR,UUHJXODUYHUEVRQSDJHV
6SHOOLQJFKDQJLQJYHUEV
9HUEVHQGLQJLQFDUJDUJHU]DUFKDQJHWKHLUVSHOOLQJLQDOOSHUVRQVRIWKHSUHVHQWVXEMXQFWLYH
$PRQJWKHVHZHILQGEXVFDUWRORRNIRUEXVTXHEXVTXHVOOHJDUWRDUULYHOOHJXHOOHJXHV
UHFRJHUWRSLFNXSUHFRMDUHFRMDVHPSH]DUWREHJLQVWDUWHPSLHFHHPSLHFHV
)RURWKHUVSHOOLQJUXOHVDIIHFWLQJYHUEVVHHSDJHV
/$7,1$0(5,&$186$*(
7KHSUHVHQWVXEMXQFWLYHIRUPVIRUYRVXVHGLQWKH5tRGHOD3ODWDDUHDLQSODFHRIW~VHH&KDSWHUV
DQGDUHVOLJKWO\GLIIHUHQWZLWKWKHVWUHVVIDOOLQJRQWKHODVWV\OODEOHYRVOODPpVYRVFRPiVYRVYLYiV
6WHPFKDQJHVGRQRWDSSO\LQWKLVFDVHHJYRVHPSHFpVYRVYROYiVIRUW~HPSLHFHVW~YXHOYDVZKLOH
LUUHJXODUYHUEVRIPRUHWKDQRQHV\OODEOHVLPSO\XQGHUJRDVKLIWLQVWUHVVHJYRVYHQJiVYRVYD\iV
2WKHUSRLQWVWRQRWHLQWKHWH[W
6HHIRUIXUWKHULQIRUPDWLRQ
%DWFKHORUDQG3RXQWDLQSS
%XWWSS
%XWWDQG%HQMDPLQSS
.DWWiQ,EDUUDDQG3RXQWDLQSS
0XxR]DQG7KDFNHUSS
(;(5&,6(6
$V\RXGRWKHVHH[HUFLVHVVWXG\WKHVHQWHQFHVFDUHIXOO\DQGWKLQNDERXWWKHLUHTXLYDOHQWPHDQLQJVLQ
(QJOLVK
3XWWKHYHUELQEUDFNHWVLQWRWKHFRUUHFWIRUPRIWKHSUHVHQWVXEMXQFWLYH
D1RTXLHUROODPDUD-XDQ3UHILHURTXHW~OROODPDUBBBB
E/DPDGUHOHVSURKLEHDVXVKLMRVTXHMXJDUBBBBHQODFDOOH
F/HUHFRPHQGDPRVTXHDEULUBBBBXQDFXHQWDFRUULHQWHHQHO%DQFR([WHULRU
G0HKDSHGLGRTXHHVFULELUBBBBXQDFDUWDDVXSDGUH
H4XHUHPRVTXHXVWHGQRVSUHSDUDUBBBBORVLQIRUPHVFXDQWRDQWHV
I1RVVXJLHUHTXHKDEODUBBBBFRQHOJHUHQWH
J0LSDGUHTXLHUHTXHHVWXGLDU\RBBBBGHUHFKRSHURPLPDGUHSUHILHUHTXHYHUBBBBBBBHO
PXQGR
K2VGLJRTXHGHMDUBBBBORV]DSDWRVDOOt
L4XLHUHVTXHPLUDUQRVRWURVBBBBHVWRMXQWRVRQR"
M(OSURIHVRUH[LJHDWRGRVVXVHVWXGLDQWHVTXHKDEODUBBBBHQFDVWHOODQR
N/HVDFRQVHMRDXVWHGHVTXHQROOHJDUBBBBWDUGH
O3RUHOPRPHQWRQRTXLHURTXHFHUUDUW~BBBBHOOLEUR
/LQNWKHWZRSKUDVHVWRIRUPDFRPSOHWHVHQWHQFHPDNLQJZKDWHYHUDGMXVWPHQWVDUHQHFHVVDU\
D6LHQWRPXFKR
E1RVH[WUDxD
F2VPROHVWD
G7HPHQ
H(VWiPX\FRQWHQWR
I1RPHVRUSUHQGH
J0HDOHJUR
K1RFUHR
L1ROHJXVWD
M1RFUHR
N'XGDPRV
O2GLR
*ORULDQRVHHQFXHQWUDELHQ
PLHQWHQ
GHFLPRVODYHUGDG"
KD\XQDFFLGHQWH
QRVFRQRFHPRV
ORKDQSDVDGRELHQHQ0p[LFR
WHGDQXQDXPHQWRGHVXHOGR
YLHQH3HGURDODKRUDLQGLFDGD
VXKLMRVDOHFRQ0DUWD
HVWHWUDEDMRHVPX\GXUR
VDEHQPXFKRVREUHHOLQFLGHQWH
ODJHQWHQRGLFHODYHUGDG
,Q&ROXPQ%EHORZLVDOLVWRIUHFRPPHQGDWLRQVWRDQHZHPSOR\HH<RXFDQOLQNDQHOHPHQWIURP
&ROXPQ$ZLWKRQHIURP&ROXPQ%ZLWKRXWFKDQJLQJWKHYHUEIURPWKHLQILQLWLYHLQ&ROXPQ%EXWE\
VRGRLQJ\RXDUHPDNLQJDJHQHUDOVWDWHPHQW7RSHUVRQDOLVHWKHDGYLFH,WLVLPSRUWDQWWKDW\RX
\RXQHHGWRXVHWKHVXEMXQFWLYH3HUVRQDOLVHWKHDGYLFHJLYHQE\FKRRVLQJDSKUDVHIURP&ROXPQ$WR
JRZLWKRQHIURP&ROXPQ%DQGZULWHDFRPSOHWHVHQWHQFHPDNLQJWKHQHFHVVDU\FKDQJHVDQG
DGGLWLRQV8VHWKHIRUPDOIRUPRIDGGUHVVXVWHG
$
HVLPSRUWDQWH
HVDFRQVHMDEOH
HVEXHQR
HVPHMRU
HVQHFHVDULR
KDFHIDOWD
HVLPSUHVFLQGLEOH
HVUHFRPHQGDEOH
HVIXQGDPHQWDO
FRQYLHQH
HVXQDEXHQDLGHD
HVOyJLFR
%
DSURSRQHUQXHYDVLGHDVHQHOWUDEDMR
EDSUHQGHURSHUIHFFLRQDUXQLGLRPD
FUHFRQRFHUWDQWRVXVSXQWRVIXHUWHVFRPRVXVSXQWRVGpEL
GHVIRU]DUVHSRUKDFHUVLHPSUHELHQHOWUDEDMR
HDFHSWDUODVFUtWLFDVVLQHQIDGDUVH
IGHVFRQHFWDUVHGHOWUDEDMRXQDYH]HQFDVD
JQRDOPRU]DUHQHOiUHDGHWUDEDMR
KDFXGLUDFXUVLOORVGHHVSHFLDOL]DFLyQ
LFXLGDUVXDVSHFWRSHUVRQDO
MGHFLUQRDXQH[FHVRGHWUDEDMR
NQROOHYDUWUDEDMRDFDVD
OLQWHQWDUHVWDUDOGtD
3XWWKHYHUELQEUDFNHWVLQWRWKHFRUUHFWIRUPRIWKHSUHVHQWVXEMXQFWLYH
D$XQTXHOHVFRVWDUBBBHVXQDEXHQDLGHDTXHORKDFHUBBB
E+DEODUHPRVPiVGHHVWRGHVSXpVGHTXHXVWHGHVOOHJDUBBB
F$QWHVGHTXHQRVVHUYLUHOORVBBBODFHQDOHVHQVHxDUHPRVODVIRWRVTXHVDFDPRVHORWURGtD
G(QFXDQWR\RVDEHUBBBBDOJRGHVXVLQWHQFLRQHVOHVLQIRUPDUpSDUDTXHHVWDUBBBBSUHYHQLGRV
H(QFDVRGHTXHXVWHGHVQRYHQLUBBB\RPLVPDPHHQFDUJDUpGHWRGR
I0LHQWUDVQRKDEHUBBBBBBBBBBBBLQFRQYHQLHQWHVHVPHMRUGHMDUORWDOFRPRHVWi
J7HQGUHPRVTXHSRQHUQRVHQFDPLQRPX\PX\WHPSUDQRDQWHVGHTXHVDOLUBBBHOVRO
K$OHMDQGURKDGLFKRTXHKDVWDTXHQROHSDJDUHOORVBBBODPHQVXDOLGDGQRSXHGHDSXQWDUVHDOD
H[FXUVLyQ
%
QRVDOHQ
GHVSXpVGHTXHHVWpDOOtXQSDUGHPHVHV
KDVWDKDUWDUWH
GHVSXpVGHFDVDUVH
GDUpXQDILHVWD
PLHQWUDVHVSHUR
SRGUHPRVGHVFDQVDU
PLHQWUDVKD\DGLQHUR
DQWHVGHLUWH
DQWHVGHTXHYHQJD3HSH
&KDQJHWKHVHVHQWHQFHVVRWKDWWKH\H[SUHVVDJUHDWHUGHJUHHRIXQFHUWDLQW\
D1RORHQWLHQGR7DOYH]QRWHQJRWRGRVORVGDWRV
E1RKDOOHJDGR5REHUWR4XL]iVYLHQHPDxDQD
F7DOYH]QRVLQYLWDQDFHQDU
G1RQRVFRQWHVWD4XL]iVQRHVWiHQFDVD
H7RGDYtDQRPHKDOODPDGR$OIRQVR4XL]iVPHOODPDHVWDWDUGH
I1RTXLHURGHFLUORSHURTXL]iV&DUPHQWLHQHUD]yQ
J7DOYH]HVPHQWLUDORTXHDFDEDVGHHVFXFKDU
K7DOYH]KD\DOJXLHQTXHQRVLQGLTXHHOFDPLQR
L1RWHQHPRVLGHDGHORTXHKD\TXHKDFHU7DOYH]VDEHDOJR$GROIR
M6HUJLRQRVHHQFXHQWUDQDGDELHQ4XL]iVKDFRPLGRGHPDVLDGR
:ULWHWKHFRUUHFWIRUPRIWKHYHUELQEUDFNHWV
D*DEULHO*DUFtD0iUTXH]HVFULELyXQDQRYHODTXHWLWXOy(O&RURQHOQRWLHQHTXLHQOHBBB
HVFULELU
E1RWHQJRQDGDTXHSRGHUBBBVHUYLURV
F&RQRFHVDDOJXLHQTXHGDUBBBFODVHVGHYLROtQ"
G1HFHVLWDPRVXQSLVRTXHVHUBBBEXHQRSHUREDUDWR
H&yPSUDWHDOJRTXHWHJXVWDUBBBBBBBB
I0DULDQDHVWiGLVSXHVWDDFDVDUVHFRQFXDOTXLHUDTXHVHORSHGLUBBBBBBBB
J<DQRKD\QDGDHQHVWHPXQGRTXHPHVRUSUHQGHUBBBBBBBBBBBBB
K%XVFDPRVXQOLEURTXHFRQWDUBBBBBBBBBBBBODKLVWRULDGHHVWHOXJDU
L(VGLItFLOHQFRQWUDUDDOJXLHQTXHQRVGHFLUBBBBBBBBBBBBBBORTXHGHEHPRVKDFHUHQHVWDV
FLUFXQVWDQFLDV
M1RVKDFHQIDOWDXQDVDFODUDFLRQHVTXHQRVD\XGDUBBBBBBBBBBBDWRPDUXQDGHFLVLyQ
)LOOLQWKHEODQNVXVLQJRQHRIWKHYHUEVIURPWKHOLVW
SDVDU
OOHJDU
DSUREDU
KDEHU
WRFDU
VHU
WHQHU
GRUPLU
LU
PHMRUDU
D1HFHVLWRODD\XGDGH$OEHUWR2MDOiBBBSURQWR
E4XHUHPRVGHMDUGHWUDEDMDU2MDOiQRVBBBODORWHUtD
F6XVDQDWLHQHXQH[iPHQPDxDQD2MDOiBBB
G/DQLxDOOHYDPXFKRWLHPSROORUDQGR2MDOiVHBBBSURQWR
H+DFHFDORU\ODPRFKLODSHVD2MDOiBBBFDPDVOLEUHVHQHODOEHUJXH
I(OOXQHV)pOL[HPSLH]DVXQXHYRWUDEDMR
4XHBBBBVXHUWH
J0DxDQDQRVYDPRVGHYDFDFLRQHV
4XHBBBBORELHQ
K7HQJRXQDHQWUHYLVWDPX\LPSRUWDQWH
4XHWHBBBBELHQ
L0HFDVRODVHPDQDTXHYLHQH
4XHBBBBPX\IHOL]
M-XOLRQRVHHQFXHQWUDELHQ
L4XHVHBBBBSURQWR
&RUUHFWWKHVHVHQWHQFHVDQGVD\LQHDFKFDVHZK\WKHVXEMXQFWLYHLVQHHGHG
D4XHUHPRVTXH(GXDUGRYDD5RPDHOMXHYHV
E(VSHURTXHHVWiQXVWHGHVELHQ
F/HVURJDPRVDORVVHxRUHVSDVDMHURVTXHVHDEURFKDQORVFLQWXURQHVGHVHJXULGDG
G1RFRQR]FRDQDGLHTXHWRFDHOSLDQRFRPRW~
H0HSLGHTXHOHGR\PLVDSXQWHV
I1ROHJXVWDDODJHQWHTXHXQRWLHQHp[LWR
J(VPX\EXHQDLGHDTXHYLVLWDQODGHVWLOHUtDDQWHVGHPDUFKDUVH
K1RYDPRVDHPSH]DUKDVWDTXHYLHQH5RGULJR
L1RPHH[WUDxDTXHD3DORPDQROHJXVWDVXWUDEDMR
M&XDQGRYR\D0DGULGTXLHUHVTXHWHWUDLJRDOJR"
N(VLPSRVLEOHTXHYDQXVWHGHVDQWHVGHTXHYXHOYHPLMHIH
O$XQTXHWLHQHGLQHURQRFUHRTXHORJDVWDUi
7UDQVODWHWKHIROORZLQJVHQWHQFHVLQWR6SDQLVK
D,
PVRUU\\RXDUHQRWZHOO,KRSHWRVHH\RXZKHQ\RXDUHEHWWHU
E,GRQ
WWKLQNWKHUHLVDQ\RQHKHUHZKRZLOOKHOSXV
F,W
VQRWQHFHVVDU\WRVHHLWEXWLW
VLPSRUWDQWIRUXVWRNQRZKRZLWZRUNV
G3HUKDSVKHFDQWHOOXVZKDW
VKDSSHQLQJEHIRUH-XDQJHWVEDFN
H(YHQLIKHJHWVDMRE-XOLRZLOOKDYHWRFDUU\RQVWXG\LQJ
I6DPXHOPD\KDYHPRUHH[SHULHQFHEXWLW
VQRWYHU\OLNHO\WKDWKHKDVVWXGLHGDVPXFKDV\RX
J,W
VQDWXUDOIRU-DYLHUWRZDQWWROHDYHKRPHWKHPRPHQWKHVWDUWVHDUQLQJKLVOLYLQJ
K3HUKDSVKH
OOORRNIRUDIODWWKDW
VQRWWRRH[SHQVLYHRUWRRIDUIURPKLVZRUN
L6KHGRHVQ
WZDQWWRPDNHDVSHHFKDOWKRXJKKHUERVVPD\DVNKHUWR
M,W
VVHQVLEOHIRUXVWRLQWURGXFHRXUVHOYHVVRWKDWHYHU\RQHNQRZVZKRZHDUH
7KHQHZHPSOR\HHRIWKHWH[WLVDIULHQGRI\RXUVDQGKDVVHQW\RXDUDWKHUPLVHUDEOHHPDLO<RX
KDVWHQWRFKHHUKLPXSFRPPLVHUDWLQJZLWKKLPEXWDOVRJLYLQJKLPVRPHVXJJHVWLRQVDQGDGYLFHDVWR
ZKDWKHFDQGR
:ULWHZKDW\RXZRXOGVD\WRKLPXVLQJWKHVXEMXQFWLYHDVPXFKDVSRVVLEOHWRFRQYH\\RXUWKRXJKWV
DQGIHHOLQJVHJVLHQWRTXHHVSHURTXHHVOyJLFRTXHHVSRVLEOHTXHWHVXJLHURTXHPHSDUHFH
EXHQDLGHDTXH
,PDJLQHDQGZULWHGRZQWKHDGYLFH\RXZRXOGJLYHWR0LFKDHOZKRZDQWVWROHDUQDIRUHLJQODQJXDJH
8VHDVPXFKDVSRVVLEOHH[SUHVVLRQVZKLFKUHTXLUHWKHXVHRIWKHVXEMXQFWLYHHJWHDFRQVHMRTXHWH
UHFRPLHQGRTXHWHVXJLHURTXHQRFUHRTXHHVLPSRUWDQWHTXH
)RUPRUHH[HUFLVHVRQWKHXVHRIWKHVXEMXQFWLYHDIWHUFRQMXQFWLRQVVHH&KDSWHU&RQMXQFWLRQV
7KHLPSHUIHFWVXEMXQFWLYH
7H[W
/DVTXHMDVGHODVHVSRVDVPRGHUQDV
/RQJHVWDEOLVKHGPDOHDWWLWXGHVLQPDUULDJHDUHWKHVXEMHFWRIWKLVOHWWHUDQG7H[WZKLFKIROORZV7KH
SUREOHPLVSUHVHQWHGKHUHWKURXJKWKHYRLFHRIWZRZRPHQIURP0H[LFRZKRGLVFXVVWKHLUUHODWLRQVKLSV
5HDGWKURXJKDQGILQGRXWZKDWWKHLUFRPSODLQWVDUHWKHQJREDFNRYHUWKHWH[WVDJDLQDQGIRFXVDWWHQWLRQ
RQWKHXVHRIWKHLPSHUIHFWDQGWKHSUHVHQWVXEMXQFWLYH
0LPDULGRQRWROHUDPLVp[LWRVSURIHVLRQDOHV
$QD/XLVDWLFHQFLDGDHQFRPXQLFDFLyQDxRV7HQJRFLQFRDxRVGHFDVDGD/XLVPLHVSRVRHV
XQKRPEUHHGXFDGRDWDDQWLJXD\DXQTXHPHGXHOHUHFRQRFHUORPDFKR
1RVFRQRFLPRVHQWDXQLYHUVLGDGGRQGHWRVGRVFXUViEDPRVWDFDUUHUDGHFRPXQLFDFLyQ
6RWtDPRVHVWXGLDUMXQWRV\WHGDEDPXFKR
JXVWRTXH\RVDFDUDEXHQDVQRWDVFODURVLHPSUH\FXDQGRQRIXHUDQVXSHULRUHVDWDVGHpO1R
REVWDQWHWRTXHUtDWDQWRTXHKDVWDWLHJXpDFRPHWHUHUURUHVLQWHQFLRQDOHVSDUDTXHpOQRVH
VLQWLHUDWDQPDO/XLVQRWROHUDTXH\RVHDPiVTXHpO1RVRSRUWDTXH\RJDQHPiV\WHQJDPiV
p[LWRV1XHVWURVSOHLWRVVRQFRQVWDQWHV\PLVXHJUDRSLQDTXH
\RGHERGHMDUHOHPSOHRSXHVWR~QLFRTXHFRQVLJRHVTXHPLPDULGRVHVLHQWDLQIHULRU(QXQ
SULQFLSLRSHQVpKDFHUWRSHURDPRGHPDVLDGRPLWUDEDMR6YWRKLFLHUDPHDUUHSHQWLUtD
0HJXVWDUtDTXHPLPDULGRIXHUDPiVSDUWLFLSDWLYRTXHVHVLQWLHUDPiVRUJXOORVRGHPt\
FRQVLGHUDUDPLVWRJURVFRPRVX\RV6LQHPEDUJRSRUVX
PDQHUDGHVHUQRVDOHMDPRVFDGDYH]PiV\WHPRTXHXQGtDQRPX\WHMDQRQRVVHSDUHPRV
7H[W
0LHVSRVRQRFRODERUDFRQPLJRHQORVTXHKDFHUHVKRJDUHxRV
/XFtDVHFUHWDULDDxRV
/XHJRGHPLPDWULPRQLRGHMpPLHPSOHRGHVHFUHWDULDSRUTXH$OEHUWRPLPDULGRPHSLGLyTXHWR
KLFLHUD3HURFXDQGRYLQRHWSULPHUKLMRDYHFHVQRWHQtDPRVGLQHURQLSDUDWDWHFKH$OEHUWR
DVHJXUDEDTXHWRGRVHDUUHJWDUtD\TXHUtDTXH\RVLJXLHUDHQWDFDVD$LWOHJDUHOVHJXQGRKLMR
QXHVWUDVLWXDFLyQHFRQyPLFDVHDJUDYy\DUHJDxDGLHQWHVPLPDULGRDFHSWyTXHUHJUHVDUDDO
WUDEDMR
/RVSULPHURVPHVHVIXHURQWHUULEOHV(QWUDEDD/DVGH/DPDxDQD\PXFKDVYHFHVPHGDEDQODV
GHODQRFKHHQODRILFLQD$$OEHUWROHPROHVWDEDTXH\RYROYLHUDWDUGH<RPHLQGLJQDEDPiV
SRUTXHSHVHD
ODKRUD\DPLFDQVDQFLRD~QGHEtDOLPSLDUODFDVDFRFLQDUODYDUURSD\SODQFKDUOD1XHVWUD
VLWXDFLyQHFRQyPLFDPHMRUySHUR\RPHVHQWtDDJRELDGDSRUODVSUHVLRQHVODERUDOHVODVWDUHDV
GRPpVWLFDVHOGHVFXLGRGHPLVKLMRV\ORVFHORVGHPLPDULGR
4XLHURPXFKRD$OEHUWR\QRGHVHRSHUGHUOR6YPHGHMDUDQRVpTXp
KDUtD+DEOpFRQpO\DFHSWyTXHFRQWUDWiUDPRVXQDSHUVRQDSDUDTXHPHD\XGDUDHQFDVDpOMDPiV
ORKDUi$GHPiVPLMHIHDFFHGLyDTXH\RVDOLHUDPiVWHPSUDQR$OEHUWRHVWiPXFKRPiV
FRPSODFLGR
%RWKWH[WVIURPGLDULR(O8QLYHUVDO0p[LFR
7KHLPSHUIHFWVXEMXQFWLYH
86$*(
*HQHUDOXVDJHRIWKHLPSHUIHFWVXEMXQFWLYHFRUUHVSRQGVZLWKWKDWRIWKHVXEMXQFWLYHDVDZKROHVRWKHXVHV
RIWKHVXEMXQFWLYHRXWOLQHGLQ&KDSWHUDUHDOVRYDOLGKHUH2QHLPSRUWDQWH[FHSWLRQLVWKHXVHRIWKH
LPSHUIHFWVXEMXQFWLYHDQGWKHSOXSHUIHFWVXEMXQFWLYHLQVLLIFODXVHVVHHEHORZ
7KHUHDUHDQXPEHURIVXEMXQFWLYHIRUPVLQWKHWH[WVWKHPDMRULW\RIWKHPLQWKHLPSHUIHFWEXWDIHZ
DOVRLQWKHSUHVHQW,Q7H[WQRWHWKHXVHRIVHDJDQHDQGWHQJDOVHVLHQWDODQGQRV
VHSDUHPRVO
7HQVHDJUHHPHQWZLWKWKHLPSHUIHFWVXEMXQFWLYHKRZHYHULVGLIIHUHQWIURPWKDWRIWKHSUHVHQW
VXEMXQFWLYHVREHIRUH\RXORRNDWWKHQRWHVRQXVDJHEHORZ\RXQHHGWRFRQVLGHUWKHVHTXHQFHRIWHQVHVLQ
ZKLFKLWRFFXUV
6(48(1&(2)7(16(6:,7+7+(,03(5)(&768%-81&7,9(
7KHLPSHUIHFWVXEMXQFWLYHLQWKHVXERUGLQDWHFODXVHLVQRUPDOO\GHSHQGHQWRQDPDLQFODXVHYHUELQVRPH
IRUPRIWKHSDVWLPSHUIHFWLQGLFDWLYHSUHWHULWHSOXSHUIHFWLQGLFDWLYHRULQWKHFRQGLWLRQDO
0HSHGtDSLGLyKDEtDSHGLGRTXHYROYLHUD+HVKHZDVDVNLQJDVNHGKDGDVNHGPHWRFRPH
EDFN
0HJXVWDUtDTXHYROYLHUD,
GOLNHKLPKHU\RXWRFRPHEDFN
D6XEMXQFWLYHLQVXERUGLQDWHFODXVHVZLWKWKHYHUELQWKHPDLQFODXVHH[SUHVVLQJ
L6RPHNLQGRIHPRWLRQ
OHGDEDPXFKRJXVWRTXH\RVDFDUDEXHQDVQRWDV7OKHZDVYHU\SOHDVHGWKDW
,JRWJRRGPDUNV
OHPROHVWDEDTXH\RYROYLHUDWDUGH7OKHZDVDQQR\HGWKDW,VKRXOGEHODWH
KRPH
&RQWUDVWWKHVHQWHQFHVDERYHLQZKLFKWKHPDLQYHUELVLQWKHLPSHUIHFWLQGLFDWLYHZLWKWKHIROORZLQJ
RQHVZLWKWKHYHUELQWKHPDLQFODXVHLQWKHSUHVHQWWHQVHDQGWKDWLQWKHVXERUGLQDWHFODXVHLQWKH
SUHVHQWVXEMXQFWLYH
/HGDPXFKRJXVWRTXH\RVDTXHEXHQDVQRWDV+H
VYHU\SOHDVHGWKDW,VKRXOGJHWJRRGPDUNV
/HPROHVWDTXH\RYXHOYDWDUGH+HGRHVQ
WOLNHPHEHLQJODWHKRPH
LL:LVKHVZDQWVDQGUHTXHVWV
0HJXVWDUtDTXHPLPDULGRIXHUDPiVSDUWLFLSDWLYR7,ZLVKP\KXVEDQGZHUH
PRUHFRRSHUDWLYH
TXHVHVLQWLHUDPiVRUJXOORVRGHPt7WKDWKHZHUHPRUHSURXGRIPH
\FRQVLGHUDUDPLVORJURVFRPRVX\RV7DQGWKDWKHFRQVLGHUHGP\
DFKLHYHPHQWVDVKLVRZQ
PHSLGLyTXHORKLFLHUD7OKHDVNHGPHWRGRLW
TXHUtDTXH\RVLJXLHUDHQODFDVD7OKHZDQWHGPHWRFRQWLQ~HEHLQJDWKRPH
7KHYHUELQWKHPDLQFODXVHKHUHJRYHUQLQJWKHYHUEVLQWKHVXERUGLQDWHFODXVHVLVLQWKHFRQGLWLRQDO
WHQVHPHJXVWDUtD
&RPSDUHWKHDERYHZLWKWKHIROORZLQJVHQWHQFHLQZKLFKWKHPDLQYHUELVLQWKHSUHVHQWLQGLFDWLYHZLWK
WKRVHLQWKHVXERUGLQDWHFODXVHVLQWKHSUHVHQWVXEMXQFWLYH
0HJXVWDTXHPLPDULGRVHDSDUWLFLSDWLYRTXHVHVLHQWDRUJXOORVRGHPt\FRQVLGHUH,OLNHP\
KXVEDQGEHLQJFRRSHUDWLYHEHLQJSURXGRIPHDQGWKDWKHFRQVLGHUV
LLL$FFHSWDQFHDQGDJUHHPHQW
DFHSWyTXHUHJUHVDUD7OKHDJUHHGWKDW,VKRXOGJREDFN
DFHSWyTXHFRQWUDWiUDPRVXQDSHUVRQD7KHDJUHHGWKDWZHVKRXOGKLUHD
SHUVRQ
PLMHIHDFFHGLyDTXH\RVDOLHUDPiVWHPSUDQR7P\ERVVDJUHHGWKDW,
VKRXOGOHDYHHDUOLHU
)RUIXUWKHULQIRUPDWLRQRQWKHXVHRIWKHVXEMXQFWLYHLQVXERUGLQDWHFODXVHVVHH&KDSWHUVDQG
E,PSHUIHFWVXEMXQFWLYHDIWHUFRQMXQFWLRQV
&RQMXQFWLRQVXVHGZLWKWKHLPSHUIHFWVXEMXQFWLYHDUHWKHVDPHDVWKRVHXVHGZLWKWKHSUHVHQW
VXEMXQFWLYHDVVHHQLQ&KDSWHU:KLFKRIWKHWZRWHQVHVWRXVHZLOOGHSHQGRQWKHWLPHUHIHUHQFHDQG
WKHWHQVHRIWKHPDLQYHUEVHH6HTXHQFHRIWHQVHVZLWKWKHLPSHUIHFWVXEMXQFWLYHDERYHDQG6HTXHQFH
RIWHQVHVZLWKWKHSUHVHQWVXEMXQFWLYHLQ&KDSWHU
L&RQMXQFWLRQVH[SUHVVLQJFRQGLWLRQVVLHPSUH\FXDQGRVLHPSUHTXHDVORQJDVHQFDVRGHTXHLI
LQFDVH&RQWDOGHTXHDFRQGLFLyQGHTXHSURYLGHGWKDWRQFRQGLWLRQWKDWHWF
VLHPSUH\FXDQGRRUVLHPSUHTXHQRIXHUDQVXSHULRUHVDODVGHpO7ODVORQJ
DVWKH\ZHUHQWKLJKHUWKDQKLV
7HGLMHTXHHQFDVRGHTXHQRHVWXYLHUDHQFDVDOHGHMDUDVXQUHFDGR,WROG\RXWKDWLIKHVKH
ZDVQ
WDWKRPH\RXVKRXOGOHDYHKLPKHUDPHVVDJH
$FHSWDPRVFRQWDOGHTXHDFRQGLFLyQGHTXHQRVGHMDUDQWUDQTXLORV:HDJUHHGRQFRQGLWLRQ
WKDWWKH\OHIWXVLQSHDFH
LL&RQMXQFWLRQVH[SUHVVLQJSXUSRVHDQGLQWHQWLRQSDUDTXHDILQGHTXHFRQHOSURSyVLWRREMHWRGH
TXHHWF
7KHLPSHUIHFWVXEMXQFWLYHLVIRUPHGIURPWKHVWHPRIWKHWKLUGSHUVRQSOXUDORIWKHSUHWHULWHWHQVHWRZKLFK
WKHHQGLQJVDUHDGGHG7KHUHDUHWZRVHWVRIHQGLQJVIRUWKHLPSHUIHFWVXEMXQFWLYHZKLFKDUH
LQWHUFKDQJHDEOH1RWHWKDWHUDQGLUYHUEVVKDUHWKHVDPHHQGLQJV
WRPDU
WRPDUDDVH
WRPDUDVDVHV
WRPDUDDVH
WRPiUDPRViVHPRV
WRPDUDLVDVHLV
WRPDUDQDVHQ
FRPHU
FRPLHUDLHVH
FRPLHUDVLHVHV
FRPLHUDLHVH
FRPLpUDPRVLpVHPRV
FRPLHUDLVLHVHLV
FRPLHUDQLHVHQ
YLYLU
YLYLHUDLHVH
YLYLHUDVLHVHV
YLYLHUDLHVH
YLYLpUDPRVLpVHPRV
YLYLHUDLVLHVHLV
YLYLHUDQLHVHQ
,UUHJXODUYHUEV
,UUHJXODUYHUEVIRUPWKHIURPWKHVHH[DPSOHVLPSHUIHFWVXEMXQFWLYHLQWKHVDPHZD\DVUHJXODURQHVDV
\RXZLOOVHHIURPWKHVHH[DPSOHV
,QILQLWLYH
GHFLUWRVD\
SRQHUWRSXW
WHQHUWRKDYH
3UHWHULWHUGSHUVSO
GLMHURQ
SXVLHURQ
WXYLHURQ
,PSHUIHFWVXEMXQFWLYH
GLMHUDGLMHVHGLMHUDVGLMHVHV
SXVLHUDSXVLHVHSXVLHUDVSXVLHVHV
WXYLHUDWXYLHVHWXYLHUDVWXYLHVHV
2WKHUSRLQWVWRQRWHLQWKHWH[WV
6HHIRUIXUWKHULQIRUPDWLRQ
%DWFKHORUDQG3RXQWDLQSS
%XWWSS
%XWWDQG%HQMDPLQSS
.DWWiQ,EDUUDDQG3RXQWDLQSS
0XxR]DQG7KDFNHUSS
(;(5&,6(6
$V\RXGRWKHVHH[HUFLVHVVWXG\WKHVHQWHQFHVFDUHIXOO\DQGWKLQNDERXWWKHLUHTXLYDOHQWPHDQLQJVLQ
(QJOLVK
3XWWKHYHUELQEUDFNHWVLQWRWKHLPSHUIHFWVXEMXQFWLYH
D<RQRHVSHUDEDTXH/DXUDPHHVFULELUBBBBBBBB
E/HVPRVWUDPRVODVIRWRVSRUTXHTXHUtDPRVTXHYHUHOORVBBBBBBBBODFDVD
F1RHUDSRVLEOHTXHORKDFHUQRVRWURVBBBBBBBBHQHOWLHPSRSUHYLVWR
M:HZRXOGOLNHVRPHRQHWRH[SODLQWRXVZK\WKH\GLGLW
&RPSOHWHWKHVHQWHQFHVE\SXWWLQJWKHYHUELQEUDFNHWVLQWRWKHFRUUHFWIRUP
D3UHIHUtDPRVTXHDFDEDUW~BBBORPiVSURQWRSRVLEOH
E1RVJXVWDUtDTXHTXHGDUVHYRVRWUDVBBBPiVWLHPSR
F4XLVLHUDTXHQRVHUBBBDVt
G0HJXVWDUtDTXHPHDFRPSDxDUW~BBBFXDQGRYD\DD6DQWLDJR
H&ODURTXHOHVJXVWDUtDTXHJDQDUBBBVXHTXLSRSHURQRORYHQPX\SUREDEOH
I$XQTXHPHRIUHFHUHOORVBBBXQVXHOGRPDJQtILFRQRWUDEDMDUtDDOOt
J7HQGUtDQHOp[LWRDVHJXUDGRVLHPSUHTXHMXJDUBBBELHQ
K6HUtDPHMRUTXHFRPSRUWDUVHBBBFRPRORVDGXOWRVTXHVRQ\QRFRPRQLxRV
L0LHQWUDVHOORVQRVGHMDUBBBHQSD]QRORVPROHVWDUtDPRV
M6HUtDFRQYHQLHQWHTXHHQFRQWUDUVHYRVRWURVBBBDQWHVGHOMXHYHV
&URVVRXWWKHLQDSSURSULDWHYHUELQHDFKVHQWHQFH
D6LWXYHWXYLHUDWLHPSRLUtD
E6LIXPDUDVIXPDVPHQRVWHVHQWLUtDVPHMRU
F6LSRGHPRVSXGLpUDPRVRVD\XGDUtDPRV
G6LGLMHUDGLMRODYHUGDGHVWDUtDPRVGLVSXHVWRVDFUHHUOR
H6LYLQLHURQYLQLHUDQOHVJXVWDUtD
I6LWHSLGHSLGLHUDGLQHURVHORGDUtDV
J6LQRYLYtDLVYLYLHUDLVWDQOHMRVRVYLVLWDUtDPRVPiVDPHQXGR
K6HOOHYDUtDPHMRUFRQVXVFROHJDVVLIXHUDIXHPiVDPDEOH
L,UtDDODSLVFLQDVLVXSHVXSLHUDQDGDU
M+DGLFKRTXHVLVHMXELOHMXELODUDQRWHQGUtDORVXILFLHQWHFRPRSDUDYLYLU
&RPSOHWHWKHVHVHQWHQFHVDVUHPRWHFRQGLWLRQV
([DPSOH &RPSUDUtDXQDFDVD
&RPSUDUtDXQDFDVDVLPHWRFDUDODORWHUtD
D(VWDUtDPRVPiVFRQWHQWRVVL
E+DEUtDPHQRVFRQWDPLQDFLyQVL
F0HHQIDGDUtDVL
G+DUtDXQUHFRUULGRSRU6XGDPpULFDVL
H6HUtDIDQWiVWLFRVL
I/HGDUtDGLQHURDXQDFROHJDVL
J3UHVFLQGLUtDPRVGHOFRFKHVL
K1RXWLOL]DUtDHOPyYLO
VL
L/OHYDUtDSXHVWRXQVRPEUHURVL
M(OPXQGRVHUtDPHMRUVL
,Q/DWLQ$PHULFDQ6SDQLVKFHOXODU
,PDJLQHWKDW\RXDUHRQHRIWKHSURWDJRQLVWVRIWKHWH[WVLQWKLVFKDSWHUDQGPDNHDOLVWRIKRZ\RXZRXOG
OLNHWKLQJVWREHLQ\RXUOLIHXVLQJWKHIROORZLQJSKUDVHV
6LIXHUDPHJXVWDUtDTXH
3UHIHULUtDTXH
1RTXHUUtDTXH
6HHDOVR&KDSWHU7KHFRQGLWLRQDO6HH&KDSWHU7KHSOXSHUIHFWVXEMXQFWLYHDQGFRQGLWLRQDO
SHUIHFWIRUSUDFWLFHRIXQIXOILOOHGFRQGLWLRQV
7KHSOXSHUIHFWVXEMXQFWLYHDQG
FRQGLWLRQDOSHUIHFW
7H[W
)HEUXDU\UGPDUNHGDWXUQLQJSRLQWLQ6SDQLVKSROLWLFDOKLVWRU\/LHXWHQDQW&RORQHO$QWRQLR7HMHUR
RFFXSLHGWKH&RQJUHVVEXLOGLQJZLWKWKHLQWHQWLRQRIRYHUWKURZLQJWKHJRYHUQPHQW:KDWZRXOGKDYH
KDSSHQHGLIWKH7HMHUD]RRU)DVLWFDPHWREHNQRZQKDGVXFFHHGHG"7KLVLVWKHVXEMHFWRIWKLV
DUWLFOH$V\RXUHDGWKHWH[WQRWHWKHZD\LQZKLFK6SDQLVKH[SUHVVHVLGHDVVXFKDV:KDWZRXOGKDYH
KDSSHQHGLILWKDG",ILWKDGLWZRXOGKDYH
4XpKDEUtDVXFHGLGRVL"
(OGHIHEUHURGHSDVyDODKLVWRULDGH(VSDxDSRUTXHXQJUXSRGHPLOLWDUHVDOPDQGRGHO
WHQLHQWHFRURQHO$QWRQLR7HMHURGHFLGLyLUUXPSLUHQHO
&RQJUHVRHLQWHQWDUSLVWRODHQPDQRWRPDUVHHOSRGHU
0iVGHYHLQWHDxRVGHVSXpVORVHVSDxROHVLQWHQWDQLPDJLQDUTXpKDEUtDSDVDGRVLODLQWHQWRQD
KXELHVH
WULXQIDGR&yPRVHUtD(VSDxDDKRUD"+DEUtDHQWUDGRHQOD8QLyQ(XURSHD"4XLpQVHUtDHO
SUHVLGHQWH"3UREDEOHPHQWHODVFRVDVVHUtDQPX\GLIHUHQWHVVL7HMHURVHKXELHUDVDOLGR
FRQODVX\D$XQTXHUHVXOWDGLItFLOGHWHUPLQDUHOFXUVRTXHKDEUtDQWRPDGRORVDFRQWHFLPLHQWRVORV
DQDOLVWDVSROtWLFRVFRLQFLGHQHQTXHHVFDVDPHQWH(VSDxD
KDEUtDFRQVHJXLGRHOJUDGRGHGHVDUUROORHFRQyPLFRTXHKDDOFDQ]DGRHQORV~OWLPRVDxRV\PHQRV
D~QKDEUtDIRUPDGRSDUWHGHOD8QLyQ(XURSHD3RUTXHVLHOJROSHVHKXELHUD
FRQVROLGDGR(VSDxDKDEUtDYXHOWRDHVWDUEDMRXQDGLFWDGXUDPLOLWDUDOPHQRVXQRVDxRV\HVRKDEUtD
LPSHGLGRVXLQWHJUDFLyQHQOD(XURSDGHPRFUiWLFD(OSDtVQRVHKDEUtD
EHQHILFLDGRGHORVIRQGRVSDUDHOGHVDUUROORTXHKDUHFLELGRGHVGHPHGLDGRVGHORVGHVXVVRFLRV
FRPXQLWDULRV\VXHFRQRPtDVHSDUHFHUtDPXFKRPiVDODGHSDtVHVFRPR$UJHQWLQD/DVQRWLFLDV
VHUtDQWDPELpQPX\GLIHUHQWHVVLHOJROSHKXELHVHWULXQIDGR/DPD\RUtDGHORVHVSDxROHVFUHHTXHVLHO
JROSHGHO)VH
KXELHUDFRQVXPDGRPXFKRVGHORVSHULyGLFRVTXHKR\H[LVWHQQRKXELHUDQYLVWRODOX]QLWDPSRFRODV
FDGHQDVGH79SULYDGDVPXFKRPiVGLItFLOHVGHFRQWURODUSRUXQD
GLFWDGXUD
'HKDEHUVHFRQFUHWDGRHOJROSH
KDEUtDFDPELDGRODKLVWRULDGH(VSDxD*UDFLDVDOIUDFDVRGHO)ODGHPRFUDFLDVHHQFXHQWUD
FRQVROLGDGD\
VyORXQGHORVHVSDxROHVFUHHTXHH[LVWHDOJ~QULHVJRGHTXHORVPLOLWDUHVYXHOYDQDOSRGHU
'LDULR(O0HUFXULR&KLOH
7KHSOXSHUIHFWVXEMXQFWLYH
86$*(
D6LSOXSHUIHFWVXEMXQFWLYH
7KHSOXSHUIHFWVXEMXQFWLYHLVXVHGLQDFRQVWUXFWLRQZLWKVLLIDQGWKHFRQGLWLRQDOSHUIHFWLQWKHPDLQ
FODXVHWRH[SUHVVXQIXOILOOHGFRQGLWLRQVLQUHODWLRQWRWKHSDVW7KHWH[WDVDZKROHIRFXVHVRQWKHLGHD
WKDWKDGWKHFRXSVXFFHHGHGWKLQJVZRXOGKDYHEHHQGLIIHUHQW1RWHWKHIROORZLQJH[DPSOH
TXpKDEUtDSDVDGRVLODLQWHQWRQDGHJROSHGH(VWDGRKXELHVHWULXQIDGRO
ZKDWZRXOGKDYHKDSSHQHGLIWKHDWWHPSWHGFRXSKDGVXFFHHGHG
7KHFRXSGLGQRWVXFFHHGWKHUHIRUHWKHFRQGLWLRQKHUHLVDQXQIXOILOOHGRQH2WKHUVHQWHQFHVLQWKHWH[W
H[SUHVVDVLPLODULGHD1RWHWKHIROORZLQJH[DPSOHLQZKLFKKDEHUWDNHVWKHUDHQGLQJLQVWHDGRIVH
,QWKHVLFODXVHWKHWZRIRUPVDUHLQWHUFKDQJHDEOH
ODVFRVDVVHUtDQPX\GLIHUHQWHVVL7HMHURVHKXELHUDVDOLGRFRQODVX\DOWKLQJV
ZRXOGEHYHU\GLIIHUHQWLI7HMHURKDGKDGKLVZD\
7KHVDPHXVDJHRIWKHSOXSHUIHFWVXEMXQFWLYHLVIRXQGLQOLQHV
E3OXSHUIHFWVXEMXQFWLYHIRUFRQGLWLRQDOSHUIHFW
,QFRQGLWLRQDOVHQWHQFHVVXFKDVWKRVHDERYHWKHUDIRUPRIWKHSOXSHUIHFWVXEMXQFWLYHFDQUHSODFHWKH
FRQGLWLRQDOSHUIHFWLQWKHPDLQFODXVHZLWKH[DFWO\WKHVDPHPHDQLQJ1RWHWKHIROORZLQJH[DPSOHIURP
WKHWH[W
VLHOJROSHVHKXELHUDFRQVXPDGRPXFKRVGHORVSHULyGLFRVQRKXELHUDQYLVWRODOX]O
LIWKHFRXSKDGVXFFHHGHGPDQ\RIWKHQHZVSDSHUVZRXOGQRWKDYHEHHQ
SXEOLVKHG
,QWKLVVHQWHQFHKXELHUDQYLVWRDQGKDEUtDQYLVWRPHDQWKHVDPH$OWKRXJKWKHSOXSHUIHFWVXEMXQFWLYH
DQGWKHFRQGLWLRQDOSHUIHFWDUHLQWHUFKDQJHDEOHLQWKHPDLQFODXVHWKLVLVQRWWKHFDVHLQWKHVLFODXVH
ZKHUHRQO\WKHSOXSHUIHFWVXEMXQFWLYHFDQEHXVHG
F'HSHUIHFWLQILQLWLYHIRUVLSOXSHUIHFWVXEMXQFWLYH$QDOWHUQDWLYHWRWKHFRQVWUXFWLRQVLSOXSHUIHFW
VXEMXQFWLYHLVWKHOHVVIUHTXHQWFRQVWUXFWLRQZLWKGHIROORZHGE\WKHSHUIHFWLQILQLWLYH&RPSDUHWKH
IROORZLQJSDLUVRIVHQWHQFHV
6L\RORKXELHUDVDELGR\RQRKDEUtDKXELHUDLGR
'HKDEHUORVDELGR\RQRKDEUtDKXELHUDLGR
,I,KDGNQRZQ,ZRXOGQWKDYHJRQH
6LKXELpUDPRVWHQLGRVXILFLHQWHGLQHURKDEUtDPRVKXELpUDPRVFRPSUDGRHOSLVR
'HKDEHUWHQLGRVXILFLHQWHGLQHURKDEUtDPRVKXELpUDPRVFRPSUDGRHOSLVR
,IZH
GKDGHQRXJKPRQH\ZHZRXOGKDYHERXJKWWKHIODW
7KHDOWHUQDWLYHFRQVWUXFWLRQZLWKGHSHUIHFWLQILQLWLYHQRUPDOO\RFFXUVZKHQWKHVXEMHFWRIWKHVL
FODXVHDQGWKDWRIWKHRWKHUFODXVHDUHWKHVDPHDVLQWKHSUHYLRXVH[DPSOHVXQOHVVDGLIIHUHQWVXEMHFW
KDVEHHQPDGHH[SOLFLWDQGWKHUHLVQRSRVVLELOLW\RIDPELJXLW\DVLQWKHH[DPSOHVZKLFKIROORZ
6LVHKXELHUDFRQFUHWDGRHOJROSHKDEUtDKXELHUDFDPELDGRODKLVWRULDGH(VSDxD
'HKDEHUVHFRQFUHWDGRHOJROSHKDEUtDKXELHUDFDPELDGRODKLVWRULDGH(VSDxDO+DG
WKHFRXSVXFFHHGHGWKHKLVWRU\RI6SDLQZRXOGKDYHFKDQJHG
6LHOUH\QRKXELHUDLQWHUYHQLGRTXL]iODVFRVDVKDEUtDQKXELHUDQVLGRGLIHUHQWHV
'HQRKDEHULQWHUYHQLGRHOUH\TXL]iODVFRVDVKDEUtDQKXELHUDQVLGRGLIHUHQWHV
,IWKHNLQJKDGQRWLQWHUYHQHGSHUKDSVWKLQJVZRXOGKDYHEHHQGLIIHUHQW
G2WKHUXVHVRIWKHSOXSHUIHFWVXEMXQFWLYH
8VDJHRIWKHSOXSHUIHFWVXEMXQFWLYHRXWVLGHFRQGLWLRQDOVHQWHQFHVFRUUHVSRQGVWRWKDWRIWKHVXEMXQFWLYH
DVDZKROHIRUH[DPSOHLQVXERUGLQDWHFODXVHVLQGHSHQGHQWFODXVHVDIWHUFHUWDLQFRQMXQFWLRQVVHH
&KDSWHUVDQG*HQHUDOO\WKRXJKLWLVOHVVIUHTXHQWWKDQWKHSUHVHQWRUWKHLPSHUIHFWVXEMXQFWLYH
+HUHDUHVRPHH[DPSOHV
1RVKDEUtDHQFDQWDGRTXHWHKXELHUDVTXHGDGRFRQQRVRWURVXQRVGtDV:HZRXOGKDYHORYHGLW
LI\RXKDGVWD\HGZLWKXVDIHZGD\V
7DOYH]KDEUtDVLGRPHMRUTXHQRVHORKXELHUDVGLFKR3HUKDSVLWZRXOGKDYHEHHQEHWWHULI\RX
KDGQ
WWROGKLPKHUWKHP
2MDOiORKXELHUDVRtGR,ZLVK\RXKDGKHDUGLW
$XQTXHPHORKXELHUDURJDGR\RQRKDEUtDYXHOWRFRQpO(YHQLIKHKDGEHJJHGPH,ZRXOGQW
KDYHJRQHEDFNWRKLP
0HSLGLyTXHOHVGHMDUDXQDQRWDFRQHOFRQVHUMHHQFDVRGHTXHWRGDYtDQRKXELHVHQUHJUHVDGR
+HVKHDVNHGPHWROHDYHDQRWHZLWKWKHSRUWHULQFDVHWKH\VWLOOKDGQ
WDUULYHG
1RFUHRTXHORKXELHUDQDFHSWDGR,GRQ
WWKLQNWKH\ZRXOGKDYHDFFHSWHGLW%XW&UHRTXHOR
KDEUtDQDFHSWDGR,WKLQNWKH\ZRXOGKDYHDFFHSWHGLW
)250$7,21
7KHSOXSHUIHFWVXEMXQFWLYHLVIRUPHGIURPWKHLPSHUIHFWVXEMXQFWLYHRIKDEHUIROORZHGE\WKHSDVW
SDUWLFLSOH
KXELHUDLHVH
KXELHUDVLHVHV
KXELHUDLHVH
KXELpUDPRVLpVHPRV
KXELHUDLVLHVHLV
KXELHUDQLHVHQ
FDPELDU
FRPHU
VDOLU
FDPELDGR
FRPLGR
VDOLGR
6(48(1&(2)7(16(6:,7+7+(3/83(5)(&768%-81&7,9(
7KHSOXSHUIHFWVXEMXQFWLYHLQWKHVXERUGLQDWHFODXVHLVQRUPDOO\GHSHQGHQWRQDPDLQFODXVHYHUELQWKH
SUHWHULWHLPSHUIHFWFRQGLWLRQDOFRQGLWLRQDOSHUIHFWDQGSOXSHUIHFWIRUH[DPSOH
1RSHQVpTXHPHKXELHUDQYLVWR,GLGQ
WWKLQNWKH\ZRXOGKDYHVHHQPH
6HQWtDPXFKRTXHWHKXELHVHVLGR+HVKHZDVYHU\VRUU\\RXKDGJRQH
1RFUH\yFUHtDTXH\RORKXELHUDKHFKRVROR+HVKHGLGQ
WEHOLHYH,KDGGRQHLWRQP\RZQ
0HKDEUtDJXVWDGRTXHODKXELHUDVYLVWR,ZRXOGKDYHOLNHG\RXWRKDYHVHHQKHU
1RPHH[WUDxDUtDTXH\DVHKXELHVHHQWHUDGR,ZRXOGQWEHVXUSULVHGLIKHVKHKDGDOUHDG\
IRXQGRXW
0HKDEUtDHQFDQWDGRTXHKXELHVHQYHQLGR,ZRXOGKDYHORYHGLWLIWKH\KDGFRPH
7KHFRQGLWLRQDOSHUIHFW
86$*(
7KHFRQGLWLRQDOSHUIHFWLVIRUPHGIURPWKHFRQGLWLRQDORIKDEHUIROORZHGE\WKHSDVWSDUWLFLSOH
KDEUtD
KDEUtDV
KDEUtD
KDEUtDPRV
KDEUtDLV
KDEUtDQ
FDPELDU
FRPHU
VDOLU
FDPELDGR
FRPLGR
VDOLGR
2WKHUSRLQWVWRQRWHLQWKHWH[W
6HHIRUIXUWKHULQIRUPDWLRQ
%DWFKHORUDQG3RXQWDLQSS
%XWWS
%XWWDQG%HQMDPLQSS
.DWWiQ,EDUUDDQG3RXQWDLQSS
0XxR]DQG7KDFNHUSS
(;(5&,6(6
$V\RXGRWKHVHH[HUFLVHVVWXG\WKHVHQWHQFHVFDUHIXOO\DQGWKLQNDERXWWKHLUHTXLYDOHQWPHDQLQJVLQ
(QJOLVK
3XWWKHYHUELQEUDFNHWVLQWRWKHFRUUHFWIRUPRIWKHSOXSHUIHFWVXEMXQFWLYH
D-DFRERQRHVWDEDFRQYHQFLGRGHTXHOHGDUHOORVBBBBBBBBODVPLVPDVRSRUWXQLGDGHVTXHD
)LGHO
E&RQVXHORKDEtDGHVHDGRTXHYHQLUHOORVBBBBBBBB
F2MDOiFRPSUDUpOBBBBBBBBXQDFDVDHQHOFDPSR$OOtYLYLUQRVRWURVBBBBBBBBIHOLFHV
G*DVWyGLQHURFRPRVLKHUHGDUBBBBBBBBXQDIRUWXQD
H$XQTXHWUDHUW~BBBBBBBBHOWHOHYLVRUQRSRGUtDPRVKDEHUYLVWRHOSDUWLGR
I/DPHQWDEDTXHQRYHUQRVRWURVBBBBBBBBVXQXHYDSHOtFXOD
J1RVDEtDPRVTXHW~JDQDUBBBBBBXQSUHPLR
K1RFUHtDTXHD*XLOOHUPROHSDVDUBBBBBBWDOFRVDSDUHFtDXQFKLFRPX\VHQVDWR
L1RKDEtDQDGDTXHOHVFRPSODFHUBBBBBBHQDTXHOODpSRFD
M2MDOiYHQLUYRVRWURVBBBBBBD\HU1RVDOHJUDUYRVRWURVPRQWyQBBBBBBXQPRQWyQ
5HZULWHWKHIROORZLQJVHQWHQFHVDVLQWKHH[DPSOH
([DPSOH
7RGRHVWRKDSDVDGRSRUTXHQRPHKLFLVWHLVFDVR
1DGDGHHVWRKXELHUDSDVDGRVLPHKXELHUDLVKHFKRFDVR
D1RVDEtDTXHOORYtDWDQWR\QRKHWUDtGRXQLPSHUPHDEOH
E1RPHTXHGp\SRUHVRQRPHHQFRQWUpFRQHOFLQHDVWD
F1RKL]REXHQWLHPSR\SRUHVRQRVDOLPRVGHH[FXUVLyQ
G1RVHORGLMHSRUTXHQRYLQLHURQ
H1RDFXGLHURQDODFLWDSRUTXHQDGLHOHVDYLVy
I1RWHKDVDOLGRELHQSRUTXHQRPHKDVKHFKRFDVR
J-RDTXtQWXYRHODFFLGHQWHSRUTXHQRPLUyDOUHWURYLVRU
K&RPRTXHGyDOJRGHFRPLGDGHODILHVWDQRSDVDPRVKDPEUH
L1RWHOLPSLDURQORV]DSDWRVSRUTXHQRORVGHMDVWHHQODSXHUWD
M&RPRQRYLD*HQRYHYDQRPHHQWHUpGHODUHXQLyQ
&KDQJHWKHSKUDVHVXQGHUOLQHGWRDFRQVWUXFWLRQXVLQJGHSHUIHFWLQILQLWLYH
D4XpSHQDTXHHOPXVHRHVWpFHUUDGR6LORKXELpUDPRVVDELGRQRKXELpUDPRVYHQLGR
E3HSHWDUGyPXFKRHQKDFHUHOWUDEDMR6LORKXELHUDKHFKRGHRWUDIRUPDQRKXELHUDWDUGDGRWDQWR
F1RVDEtDTXHHVWXYLVWHVRORHQFDVDD\HU6LPHORKXELHUDVGLFKRWHKXELHUDOODPDGRG(OFyQVXO
QRVDEtDTXHQXHVWURVYLVDGRVKDEtDQOOHJDGR6LVHKXELHUDGDGRFXHQWDQRVKXELHUDDYLVDGR
H1RVDEHPRVORTXHKXELHUDKHFKRHOUH\VLHOJROSHGHHVWDGRVHKXELHUDFRQVROLGDGR
I6LKXELHUDVVHJXLGRPLVLQVWUXFFLRQHVQRWHHQFRQWUDUtDVDKRUDHQHVWHDSXUR
J6DEHVXQDFRVD"6LQRPHKXELHUDVHFKDGRXQDPDQRKXELHUDVSHUGLGRXQDPLJR
K/iVWLPDTXHQRQRVGLMHUDVQDGD6LQRVKXELHUDVGLFKRDOJRWHKXELpUDPRVSUHVWDGRHOGLQHURTXH
QHFHVLWDEDV
L6LKXELHUDH[LVWLGRXQDVDOLGDODKXELpUDPRVHQFRQWUDGR
M3RUTXpQRWHSXVLVWHHQFRQWDFWRFRQHOVHxRU0LOOiV"6LOHKXELHUDVSHGLGRFRQVHMRWHKXELHUDV
DKRUUDGRXQRVGLVJXVWRV
&RPSOHWHWKHVHQWHQFHVXVLQJDSOXSHUIHFWVXEMXQFWLYHRUFRQGLWLRQDOSHUIHFW
D6LHOJROSHGHHVWDGRQRKXELHUDIUDFDVDGR
E6L(VSDxDQRKXELHUDHQWUDGRHQOD8QLyQ(XURSHD
F6L&ULVWyEDO&ROyQQRKXELHUDQDYHJDGRKDFLDHORHVWH
G6L1DSROHyQKXELHUDJDQDGRODEDWDOODGH:DWHUORR
H6LQRPHKXELHUDSXHVWRDHVWXGLDUHVSDxRO
I6LKXELHUDLGRDOFLQHDQRFKHHQYH]GHTXHGDUPHHQFDVD
J6LQRKXELHUDQGLFKRTXHHO7LWDQLFQRHUDKXQGLEOH
K6L/RJLH%DLUGQRKXELHUDLQYHQWDGRODWHOHYLVLyQ6SDQLVK*UDPPDULQ&RQWH[W
L6LORV5H\HV0DJRVR3DSi1RHOPHKXELHUDQWUDLGRORTXHKDEtDSHGLGR
M6LKXELHUDKHFKRORTXHVRxDEDFRQKDFHU
7UDQVODWHWKHIROORZLQJVHQWHQFHVLQWR6SDQLVK
D,IKHKDGWLPHKHZRXOGJRWRWKHFLQHPD
E,IKHKDGKDGWLPHKHZRXOGKDYHJRQHWRWKHFLQHPD
F,I,GLGLW,ZRXOGUHJUHWLW
G,I,KDGGRQHLW,ZRXOGKDYHUHJUHWWHGLW
H,IZHZHUHULFKZHZRXOGWDNH\RXRQDMRXUQH\
I,IZHKDGEHHQULFKZHZRXOGKDYHWDNHQ\RXRQDMRXUQH\
J,IWKH\UHDGPRUHERRNVWKH\ZRXOGXQGHUVWDQGPXFKPRUH
K,IWKH\KDGUHDGPRUHERRNVWKH\ZRXOGKDYHXQGHUVWRRGPXFKPRUH
L:KHQ,VDZKLP,ZRXOGQ
WKDYHEHOLHYHGWKDWKHZDVLOO
M$QGUHDZRXOGKDYHFRPHHDUOLHULIVKHKDGQ
WKDGWRZDLWIRU3DFR
N<RXZRXOGQ
WKDYHVDLGZHFRXOGVSHDNWRKLPLIKHZHUHQ
WFRPLQJ
O,I0LJXHOKDGQ
WJRQHRIIDWWKDWSDUWLFXODUPRPHQWKHZRXOGQ
WKDYHEXPSHGLQWR%DVLOLRDQG
HYHU\WKLQJZRXOGEHGLIIHUHQWQRZ
7KHLPSHUDWLYH
7H[W
7KHIROORZLQJDUWLFOHZDUQVDERXWWKHGDQJHUVRIH[FHVVLYHH[SRVXUHWRWKHVXQDQGJLYHVUHFRPPHQGDWLRQV
RQKRZWRDYRLGWKHP$V\RXUHDGWKHWH[WQRWHWKHZD\LQZKLFKIRUPDOLPSHUDWLYHIRUPVKDYHEHHQXVHG
(OVRODPLJRRHQHPLJR"
4XHHOVROVHFRQYLHUWDHQXQHQHPLJRHQODpSRFDGHODVYDFDFLRQHVVyORGHSHQGHGHXVWHG3DUDQR
LQLFLDUUHODFLRQHVWXUELDVQRDEXVHGHpO(O
FiQFHU\HOHQYHMHFLPLHQWRSUHPDWXURGHODSLHOVRQGRVFRQVHFXHQFLDVPiVTXHVXILFLHQWHVSDUD
LQWHQWDUHYLWDUHVRVSUREOHPDV6LGHVHDEURQFHDUVH\QRWHQHUTXH
DFXGLUDXQPpGLFRSURFXUHWRPDUHOVROFRPHGLGDPHQWHDXQTXHVHDHQODWHUUD]DDQWHVGHVDOLUGH
YDFDFLRQHV(VIXQGDPHQWDOTXHORKDJDSURJUHVLYDPHQWH\PX\SUXGHQWHDO
SULQFLSLR6LQRTXLHUHGHVKLGUDWDUVHEHEDDJXDPXpYDVH\EixHVH\DXQTXH\DHVWpEURQFHDGR
H[WLHQGDVLHPSUHVREUHODSLHOXQDFDSDGHFUHPDSURWHFWRUDHILFD]
6LVXIUHXQDTXHPDGXUDVRODUUHI~JLHVHHQODVRPEUD\QRYXHOYDDHFKDUVHDFHLWHRFUHPDVRODU
0HMRUDSOLTXHXQSRFRGHKLHORHQOD]RQDOHVLRQDGD\FRPSUHHQODIDUPDFLDXQD
FUHPDDSURSLDGD/RVPpGLFRVDFRQVHMDQGHVFRQILDUGHOVRO3RUHVRXWLOLFHXQSURWHFWRUFRQXQtQGLFH
GHSURWHFFLyQHQIXQFLyQGHODVHQVLELOLGDGGHVXSLHO$SOtTXHOR
DQWHVGHODH[SRVLFLyQ\UHSLWDODRSHUDFLyQFRQIUHFXHQFLD&XtGHVHGHORVSURGXFWRVGHEURQFHDGR
VRODU6LOHSURYRFDQSLFRUHVQRORVXWLOLFH\YLJLOHVXSLHO
5HYLVWD&DPELR(VSDxD
7H[W
7KLVWH[WORRNVDWMRELQWHUYLHZVDQGJLYHVDGYLFHRQKRZWRDSSURDFKWKHP$V\RXUHDGLWQRWHWKHXVHRI
WKHIDPLOLDUIRUPRIWKHLPSHUDWLYH
(VWUDWHJLDVSDUDHQFRQWUDUHPSOHRODHQWUHYLVWD
3UHSiUDODDIRQGR&RQVLJXHWRGRVORVGDWRVTXHSXHGDVVREUHODHPSUHVDHQFXHVWLyQ
$FXGHDODHQWUHYLVWDUHODMDGRD\
VHUHQRD(YLWDWRPDUFDIp/DSUHVHQFLDLPSHFDEOHSHURQRWHDUUHJOHVHQH[FHVR
1RLPSRUWDVLWXLQWHUORFXWRUHVPiVMRYHQRGHWXPLVPDHGDGKiEODOHGH
XVWHG
5HVSRQGHDVXVSUHJXQWDVVLQURGHRV\VpVLQFHURD1RWHMXVWLILTXHVQXQFD
+DEODWUDQTXLORDYRFDOL]DQGRQR
KD\SULVD3LHQVDDQWHVGHKDEODU\GHMDODUJRVLQWHUYDORVDQWHVGHFRQWHVWDU
7XDFWLWXGKDFLDODHPSUHVDGHEHVHUSRVLWLYD'HMDFODURTXHWLHQHVJDQDVGH
WUDEDMDU\PXFKDVLGHDVTXHDSRUWDU
$UJXPHQWDXQFDPELRGHDLUHVDQWHVTXHKDFHUHOSDSHOGHYtFWLPDSDUDGRDDTXLHQQDGLHTXLHUH
FRQWUDWDU
1RWHFRQWUDGLJDVHQQDGDQLGHV
H[SOLFDFLRQHVVREUHWXVDOXGIDPLOLDQRYLRD
+DEODGHWXVDILFLRQHVVLHPSUHTXHpVWDVWHQJDQDOJRTXHYHUFRQODDFWLYLGDGGHODHPSUHVD'LVyOROR
QHFHVDULR
1RDFDEHVW~ODHQWUHYLVWD&XDQGRFRQFOX\DDJUDGpFHOHVTXHWHKD\DQUHFLELGR\PXpVWUDWHHQFDQWDGR
GHKDEHUOHVFRQRFLGR
5HYLVWD3ULPD(VSDxD
7KHLPSHUDWLYH
86$*(
9HUEIRUPVVXFKDVKDEODVSHDNEHEDGULQNUHSLWDUHSHDWDUHNQRZQDVLPSHUDWLYHRUFRPPDQGIRUPV
7KHLPSHUDWLYHZKLFKLVPRUHZLGHO\XVHGLQ6SDQLVKWKDQLQ(QJOLVKLVIRXQGLQFRQWH[WVOLNHWKH
IROORZLQJ
D5HFRPPHQGDWLRQVDQGDGYLFH$OOWKHH[DPSOHVLQ7H[WVDQGIDOOLQWRWKLVFDWHJRU\
E'LUHFWLRQVDQGLQVWUXFWLRQV
6LJDWRGRUHFWR*RVWUDLJKWRQ
7RPHXQDFXFKDUDGDDQWHVGHFDGDFRPLGD7DNHRQHVSRRQIXOEHIRUHHDFKPHDO
F&RPPDQGVDQGSURKLELWLRQ
+DJDORTXHGLJR'RDV,VD\
1RORGHMHDTXt'RQ
WOHDYHLWKHUH
G5HTXHVWV
3iVDPHODVDOSRUIDYRU3DVVWKHVDOWSOHDVH
)250$7,21
8QOLNH(QJOLVK6SDQLVKXVHVGLIIHUHQWLPSHUDWLYHIRUPVGHSHQGLQJRQZKR\RXDUHWDONLQJWRIRUPDORU
)RUPDOLPSHUDWLYH9G9GV
KDEOR,VSHDN
EHER,GULQN
UHSLWR,UHSHDW
WHQJR,KDYH
GLJR,VD\
KDEOHQVSHDN
EHEDQGULQN
UHSLWDQUHSHDW
WHQJDQKDYH
GLJDQVD\
,UUHJXODUIRUPVDQGVSHOOLQJFKDQJHV
$PRQJLUUHJXODUIRUPVZHILQGGpQJLYHIURPGDUHVWpQEHIURPHVWDUYD\DQJRIURPLUVHSDQ
NQRZIURPVDEHUVHDQEHIURPVHU
1RWHDOVRVSHOOLQJFKDQJHVLQYHUEVHQGLQJLQFDUJDUJHU]DUIRUH[DPSOHDSOLFDUWRDSSO\
DSOLTXHQSDJDUWRSD\SDJXHQFRJHUWRWDNHFDWFKFRMDQHPSH]DUWREHJLQVWDUWHPSLHFHQ
$OOWKHH[DPSOHVLQ7H[WFRUUHVSRQGWRWKHIRUPDOLPSHUDWLYH1RWHWKDWWKHQHJDWLYHFRPPDQGLVIRUPHG
E\SODFLQJQREHIRUHWKHYHUE
QRDEXVH7OGRQRWDEXVH
SURFXUHWRPDUHOVRO7OWU\WRVXQEDWKH
EHEDDJXD7OGULQNZDWHU
DSOLTXHXQSRFRGHKLHOR7ODSSO\VRPHLFH
UHSLWDODRSHUDFLyQ7OUHSHDWWKHRSHUDWLRQ
7KHXVHRIWKHIRUPDOLPSHUDWLYHPD\VRXQGDEUXSWLQVRPHFRQWH[WVWRDYRLGWKLVXVHFRXUWHV\IRUPVVXFK
DVSRUIDYRUSOHDVHVLHV9GWDQDPDEOHLI\RXZRXOGEHVRNLQG
3RUIDYRUWHQJDFXLGDGR3OHDVHEHFDUHIXO
9HQJDDTXtXQPRPHQWRVLHV9GWDQDPDEOH&RPHKHUHDPRPHQWLI\RXZRXOGEHVRNLQG
E)DPLOLDULPSHUDWLYH
1HJDWLYHIDPLOLDUFRPPDQGVDUHWDNHQIURPWKHSUHVHQWVXEMXQFWLYHMXVWDVIRUPDOFRPPDQGVDERYHEXW
SRVLWLYHIDPLOLDURQHVKDYHVSHFLDOIRUPV
,QILQLWLYH
3RVLWLYH
1HJDWLYH
KDEODU
UHVSRQGHU
KDEOD
KDEODG
UHVSRQGH
UHVSRQGHG
QRKDEOHV
QRKDEOpLV
QRUHVSRQGDV
QRUHVSRQGiLV
W~
YRVRWURVDV
W~
YRVRWURVDV
DFXGLU
DFXGH
DFXGLG
W~
YRVRWURVDV
QRDFXGDV
QRDFXGiLV
1RWHWKDWWKHW~SRVLWLYHLPSHUDWLYHGHULYHVIURPWKHVHFRQGSHUVRQVLQJXODURIWKHSUHVHQWLQGLFDWLYH
ZLWKRXWLWVILQDOVHJW~KDEODV\RXVSHDNKDEODVSHDN7KHYRVRWURVDVSRVLWLYHFRPPDQGLVOLNHWKH
LQILQLWLYHEXWZLWKDILQDOGLQVWHDGRIDQUHJKDEODUWRVSHDNKDEODGVSHDN
$FXGHDODHQWUHYLVWD7O*RWRWKHLQWHUYLHZ
5HVSRQGHDVXVSUHJXQWDV7$QVZHUKLVKHUTXHVWLRQV
+DEODWUDQTXLORD76SHDNLQDUHOD[HGZD\
,UUHJXODUIRUPV
6RPHYHUEVIRUPWKHVLQJXODUSRVLWLYHIDPLOLDULPSHUDWLYHLQDQLUUHJXODUZD\GLVD\IURPGHFLUKD]
GRPDNHIURPKDFHUYHJRIURPLUSRQSXWIURPSRQHUVDOJRRXWIURPVDOLUVpEHIURPVHU
WHQKDYHIURPWHQHUYHQFRPHIURPYHQLU
VpVLQFHURD7EHVLQFHUH
'LVyORORQHFHVDULR7O6D\RQO\ZKDW
VQHFHVVDU\
6HHDOVR,UUHJXODUYHUEVRQSDJHV
7KHSOXUDOSRVLWLYHLPSHUDWLYHDQGQHJDWLYHFRPPDQGVIROORZWKHUHJXODUSDWWHUQIRUIDPLOLDUIRUPVIRU
H[DPSOHGHFLGIRUYRVRWURVDVQRGLJDVIRUW~QRGLJiLVIRUYRVRWURVDVIURPGHFLUWRVD\
1RWHFRQWUDGLJDV7O'RQ
WFRQWUDGLFW\RXUVHOI
/$7,1$0(5,&$186$*(
/DWLQ$PHULFDQVGRQRWXVHWKHYRVRWURVDVIRUPZKLFKLVUHSODFHGE\WKHXVWHGHVIRUPLQERWKIRUPDO
DQGIDPLOLDUDGGUHVV
5HJXODUIDPLOLDULPSHUDWLYHIRUPVIRUYRVXVHGLQWKH5tRGHOD3ODWDDUHDLQSODFHRIW~VHH&KDSWHUV
DQGDUHPRVWO\VLPLODUH[FHSWWKDWWKHVWUHVVIDOOVRQWKHODVWV\OODEOH%HORZDUHWKHSRVLWLYHDQG
QHJDWLYHIRUPVIRUKDEODUFRPHUDQGSDUWLU
KDEOi
QRKDEOpV
FRPp
QRFRPiV
SDUWtIRUSDUWH
QRSDUWiV
F&RPPDQGIRUPVLQFOXGLQJWKHVSHDNHU
&RPPDQGIRUPVLQFOXGLQJWKHVSHDNHUDVLQ/HW
VZRUNFRUUHVSRQGWRWKHILUVWSHUVRQSOXUDORIWKH
SUHVHQWVXEMXQFWLYH&KDSWHUHJWUDEDMHPRVIURPWUDEDMDUOHW
VZRUNFRPDPRVIURPFRPHU
OHW
VHDWQRVXEDPRVIURPVXELUOHW
VQRWJRXS:KHQQRVLVDGGHGWKHILQDOVRIWKHYHUELV
UHPRYHGHJEDxpPRQRVOHW
VEDWKHYiPRQRVOHW
VJR
35212816:,7+,03(5$7,9(6
2EMHFWDQGUHIOH[LYHSURQRXQVSUHFHGHQHJDWLYHLPSHUDWLYHVEXWDUHDWWDFKHGWRSRVLWLYHRQHV,QWKHFDVH
RIREMHFWSURQRXQVWKHLQGLUHFWRQHPXVWFRPHILUVW7KHUHDUHDQXPEHURIH[DPSOHVRIWKLVLQWKHWH[WV
1RWHWKDWDQDFFHQWPD\QHHGWREHDGGHGWRWKHSRVLWLYHIRUPWRLQGLFDWHWKDWWKHVWUHVVUHPDLQVLQWKHVDPH
SODFH
PXpYDVH\EixHVH7PRYHDQGEDWKH
$SOtTXHORDQWHV7O$SSO\LWEHIRUH
3UHSiUDODDIRQGR73UHSDUHLWWKRURXJKO\RQRWHDUUHJOHVHQH[FHVR7O
GRQ
WRYHUGUHVV
1RWHMXVWLILTXHV7'RQ
WMXVWLI\\RXUVHOI
+DJiPRVOR/HW
VGRLW
1RORKDJDPRV/HW
VQRWGRLW
2WKHUSRLQWVWRQRWHLQWKHWH[WV
3UHSRVLWLRQV7KHUHDUHQXPHURXVSUHSRVLWLRQVLQERWKWH[WVLQFOXGLQJDPRQJRWKHUVHQGHSDUDVREUH
FRQVLQVHH&KDSWHU
9HUESUHSRVLWLRQ7H[WVHFRQYLHUWDHQOGHSHQGHGHOQRDEXVHGHODFXGLUDO
&XtGHVHGHOVHH&KDSWHU
$GYHUEV7KHUHDUHQXPHURXVDGYHUEVLQWKHWH[WV,Q7H[WQRWHVyOROPiVOFRPHGLGDPHQWHO
SURJUHVLYDPHQWHOHWFVHH&KDSWHU
3UHVHQWVXEMXQFWLYH7H[WTXHHOVROVHFRQYLHUWDODXQTXHVHDO(VIXQGDPHQWDOTXHORKDJD
ODXQTXH\DHVWpO7H[WORVGDWRVTXHSXHGDVOVLHPSUHTXHpVWDVWHQJDQO
VHH&KDSWHU
%XWWSS
%XWWDQG%HQMDPLQSS
.DWWiQ,EDUUDDQG3RXQWDLQSS
0XxR]DQG7KDFNHUSS
6HHIRUIXUWKHULQIRUPDWLRQ
(;(5&,6(6
SDVDU
OHHUOR
RtU
VHQWDUVH
WHQHU
YHQLU
SUREDUOR
VHU
VDOLU
GiUVHOR
PDUFKDUVH
SRQpUVHODV
BBBBBB
BBBBBB
BBBBBB
BBBBBB
BBBBBB
BBBBBB
BBBBBB
BBBBBB
BBBBBB
BBBBBB
BBBBBB
BBBBBB
BBBBBB
BBBBBB
BBBBBB
BBBBBB
BBBBBB
BBBBBB
BBBBBB
BBBBBB
BBBBBB
BBBBBB
BBBBBB
BBBBBB
3XWWKHIROORZLQJLQILQLWLYHVLQWRWKHVLQJXODUIDPLOLDULPSHUDWLYHIRUPW~SRVLWLYHDQGQHJDWLYH
D
E
F
G
H
I
J
K
L
M
N
O
PLUDU
DFRVWDUVH
DSUHQGHUOR
GiUPHOD
KDFHUOR
GHFLUQRV
SRQpUVHORV
LUVH
VXELU
EHEHUOR
JXDUGDUOD
WUDHUORV
BBBBBB
BBBBBB
BBBBBB
BBBBBB
BBBBBB
BBBBBB
BBBBBB
BBBBBB
BBBBBB
BBBBBB
BBBBBB
BBBBBB
BBBBBB
BBBBBB
BBBBBB
BBBBBB
BBBBBB
BBBBBB
BBBBBB
BBBBBB
BBBBBB
BBBBBB
BBBBBB
BBBBBB
3DODEUDGHIRUMDGRUDPELHQWDO
(OUHVSHWRD\XGDDFRQVWUXLUXQPXQGRPHMRU(MHUFHUBBBBBBPLUROGHIRUMDGRUSURFXUDQGRTXH
WRGRVFXLGHPRVHOSODQHWDTXHFRPSDUWLPRV
(ODLUHOLPSLRHVIXQGDPHQWDOSDUDXQDYLGDVDQD3URFXUDUBBBBBBFDPLQDURDQGDUHQELFLFOHWD
HQOXJDUGHXVDUPHGLRVGHWUDQVSRUWHPRWRUL]DGRV\FRQWDPLQDQWHV
(ODJXDHVODFXQDGHWRGDIRUPDGHYLGD$KRUUDUBBBBBBODFDQWLGDGTXHXVRDOGXFKDUPHDO
ODYDUPHORVGLHQWHV\ODTXHVHSLHUGHHQODVOODYHVTXHJRWHDQ
/RVDQLPDOHV\ODVSODQWDVWLHQHQGHUHFKRDYLYLUPHMRU3ODQWDUBBBBBBQXHYRViUEROHV\
FXLGDUBBBBBBWRGRVORVTXHKD\DPLDOUHGHGRUHQODVSOD]DVSDUTXHV\FDOOHV
8QDPELHQWHVDQRHVWiOLEUHGHEDVXUD(OHJLUBBBBBBSURGXFWRVELRGHJUDGDEOHV\HQHQYDVHV
UHWRUQDEOHVSURFXUDQGRUHGXFLUODFDQWLGDGGHGHVHFKRVTXHJHQHUR
/DHQHUJtDTXHFXLGR\DKRUURKR\PHVHUi~WLOPDxDQD$SDJDUBBBBBBODVOXFHV\WHOHYLVRUTXH
QDGLHHVWpXVDQGR
(OVLOHQFLRHVYDOLRVR\VDQR(YLWDUBBBBBBTXHVHWRTXHODERFLQDVLQQHFHVLGDGODVDODUPDVTXH
KDFHQPXFKRUXLGR\HOYROXPHQH[FHVLYRFXDQGRHVFXFKRP~VLFD
0LFDVDWDPELpQHVSDUWHGHOSODQHWD&XLGDUBBBBBBTXHQDGLHIXPHGHQWURGHODFDVD\TXHXVHPRV
FRPEXVWLEOHVOLPSLRV
/DWLHUUDVHJXLUiVLHQGRJHQHURVDVLVDEHPRVFXLGDUOD&XLGDUBBBBBBORVERVTXHV
QRBBBBBBFRQWDPLQDUODVDJXDV\SURWHJHUBBBBBBODYLGDVLOYHVWUH
/DDWPyVIHUDKDFHSRVLEOHODYLGDHQODWLHUUD(VFRJHUBBBBBBVLHPSUHORVSURGXFWRVTXHQRGDxHQ
ODFDSDGHR]RQR
'LDULR(O0HWURSROLWDQR&KLOH
,Q3HQLQVXODU6SDQLVKDQGDUHQELFLFOHWD LUHQELFLFOHWDODOODYH HOJULIR
E7KLQNRIDQGZULWHGRZQPRUHSRLQWVZKLFK\RXFRXOGDGGWRWKLVOLVWWRUDLVHSHRSOH
VDZDUHQHVVRI
HQYLURQPHQWDOLVVXHVDQGWKHSDUWWKH\FDQSOD\
7KHIROORZLQJWH[WGHDOVZLWKDQRWKHUHQYLURQPHQWDOLVVXH5HDGWKHWH[WQRWLFLQJWKHXVHRIWKH
LQILQLWLYHLQSODFHRIWKHLPSHUDWLYHVHH&KDSWHUSDQGWKHQUHSODFHWKHLQILQLWLYHVZLWKWKH
SOXUDOIRUPDOIRUPRIWKHLPSHUDWLYHXVWHGHV
'HFiORJRGHOFLXGDGDQRVLOHQFLRVR
5HVSHWDUHQJHQHUDOHOGHUHFKRGHORVGHPiVDOVLOHQFLR\ODWUDQTXLOLGDG
3UHVFLQGLUGHDODUPDV\VLUHQDVSDUDORFDOHVRFRFKHVH[FHVLYDPHQWHUXLGRVDVRGHVRQLGR
SURORQJDGR
1RXWLOL]DUODERFLQDGHOFRFKHVDOYRHQFDVRVGHLQPLQHQWHSHOLJUR
1RPDQLSXODUORVVLOHQFLDGRUHVRGLVSRVLWLYRVGHHVFDSHGHODVPRWRFLFOHWDV3XHGHDXPHQWDUORV
QLYHOHVGHUXLGRHQGHFLEHOLRV
9LJLODUHOHVWDGRGHORVQHXPiWLFRV\HOPDQWHQLPLHQWRGHOPRWRU
3UHVFLQGLUGHOFRFKHHQWUD\HFWRVFRUWRV\HQUHFRUULGRVSRUHOFHQWURGHODVFLXGDGHV
&RQYLHQHQRIUHFXHQWDUHQH[FHVREDUHVSXEVRGLVFRWHFDVTXHWHQJDQODP~VLFDDOWD
0DQWHQHUFRQYHUVDFLRQHVHQYR]EDMDRPRGHUDGD\EDMDUHOYROXPHQGHWHOHYLVRUHVRHTXLSRVGH
P~VLFD
5HVSHWDUHOVLOHQFLRHQHOHQWRUQRHLQWHULRUGHKRVSLWDOHVFROHJLRVHVSDFLRVQDWXUDOHVSDUTXHV
ELEOLRWHFDV\RWURVFHQWURVFXOWXUDOHV
([LJLUOH\HV\PHGLGDVFRQWUDHOUXLGRDODVDXWRULGDGHVORFDOHVSODQLILFDFLyQXUEDQtVWLFDGHVWLQDGDD
SUHYHQLUUXLGRVDLVODPLHQWRDF~VWLFR\WpUPLFRHQODHGLILFDFLyQ]RQDVSHDWRQDOHVRFDO]DGDVFRQ
UHYHVWLPLHQWRVSRURVRVTXHDEVRUEHQPiVUXLGR\ORUHEDMDQHQWUHWUHV\FLQFRGHFLEHOLRV
5HYLVWD(O3DtV6HPDQDO(VSDxD
7KLQNRIPRUHSRLQWVZKLFK\RXFRXOGDGGWRWKLVOLVWDQGZULWHWKHPGRZQXVLQJWKHSOXUDOIRUPDOIRUPRI
WKHLPSHUDWLYH
7H[WJLYHVJHQHUDODGYLFHRQKRZWRUHGXFHWKHGDQJHUVLQKHUHQWLQVXQEDWKLQJEXWWKHUHDUHPRUH
EHVLGHVHVSHFLDOO\UHODWLQJWRFKLOGUHQ,PDJLQH\RXZRUNIRUDSDUHQWLQJPDJD]LQHDQGDVWKHVXPPHU
KROLGD\VDSSURDFK\RXKDYHEHHQDVNHGWRSURGXFHDGHFiORJRIRUSDUHQWVRQKRZEHVWWRSURWHFW
WKHLUFKLOGUHQIURPWKHKDUPIXOUD\VRIWKHVXQ'HFLGHZKHWKHU\RXDUHJRLQJWRXVHWKHIRUPDORU
LQIRUPDOIRUPRIWKHLPSHUDWLYHWRDGGUHVVWKHSDUHQWVDQGZULWHGRZQ\RXUWHQSRLQWV
<RXUIULHQGLVJRLQJIRUDQLQWHUYLHZ:KLOH7H[WJLYHVDGYLFHRQKRZWREHKDYHDWDQLQWHUYLHZ
WKHUHDUHDOVRWKLQJV\RXVKRXOGGREHIRUH\RXJHWWKHUHIURPSUHSDULQJTXHVWLRQVWRDVNDQGUHKHDUVLQJ
DQVZHUVWRWKHNLQGRITXHVWLRQV\RXPD\EHDVNHGWRPRUHSUDFWLFDOSRLQWVOLNHSROLVKLQJ\RXUVKRHV
FOHDQLQJ\RXUQDLOVJRLQJWRWKHKDLUGUHVVHU
VQRWXVLQJWRRPXFKSHUIXPHDIWHUVKDYH3UHSDUHDOLVWRI
SRLQWVIRU\RXUIULHQGXVLQJWKHIDPLOLDUIRUPRIWKHLPSHUDWLYH
3DUW7ZR
*UDPPDUHVVHQWLDOV
$UWLFOHV
7H[W
7KLVH[WUDFWIURPDQDUWLFOHLQD6SDQLVKPDJD]LQHH[SUHVVHVFRQFHUQRYHUGULQNLQJKDELWVDPRQJ\RXQJ
SHRSOHLQ6SDLQ$V\RXUHDGWKHWH[WORRNDWWKHZD\LQZKLFKDUWLFOHVWKH6SDQLVKHTXLYDOHQWRIWKHDQG
DDQKDYHEHHQXVHG
/D(VSDxDEHRGD
3RUORPHQRVYHLQWLVpLVPLOORQHVGHFLXGDGDQRVFRQVXPHQFRWLGLDQDPHQWHDOFRKROHQHVWHSDtV(VSDxD
HVXQDVRFLHGDGDOFRKyOLFD\ORVHVSDxROHV
EHEHQVHJ~QORVSDUiPHWURVHXURSHRVGHPDQHUDGHVPHGLGD\FUHFLHQWH/DLPDJHQTXHPXFKRV
YLVLWDQWHVH[WUDQMHURVVHOOHYDQGHORVHVSDxROHVHVODGHLQGLYLGXRVUHXQLGRV
PXOWLWXGLQDULDPHQWHHQEDUHVTXHVRVWLHQHQFRSDVHQODPDQR+D\PiVEDUHVHQ(VSDxDTXHHQHOUHVWR
GHWRGD(XURSD\pVWRVQRHVWiQSREODGRVSUHFLVDPHQWHSRUEHEHGRUHVGHOHFKH
/DWHQGHQFLDDEHEHUHVFODUDPHQWHDVFHQGHQWH(Q(VSDxDHOFRQVXPRGHDOFRKROVHKDGLVSDUDGR
HQWUHORVDGROHVFHQWHVORVMyYHQHV\ODVPXMHUHV>@([LVWHXQYHUGDGHUR
SURFHVRGHDOFRKROL]DFLyQHQODMXYHQWXG
(OFRQVXPRGHDOFRKROHVPiVIUHFXHQWHHQWUHSHUVRQDVFRQPD\RUQLYHOGHHVWXGLRVHLQJUHVRV(QWUH
ORVTXH
WLHQHQHVWXGLRVPHGLRVXSHULRUHVVHGDXQDPD\RUSURSRUFLyQGHEHEHGRUHVIUHFXHQWHVHOSRU
FLHQWR\PHQRVGHDEVWHPLRVHOSRUFLHQWR(QWUHHO\HOSRUFLHQWR
GHORVMyYHQHVHVSDxROHVEHEHDGLDULR\HOSRUFLHQWRORKDFHORVILQHVGHVHPDQD(QORVKRJDUHV
ORVFKLFRVWRPDQFHUYH]DFRPRRWUDFRVWXPEUHPiV\VHVLJXHGHVSDFKDQGRDOFRKROD
ORVPHQRUHVFRQWRGDLPSXQLGDG
-RVp3/WLHQHYHLQWLGyVDxRVHVWpFQLFRHQHOHFWUyQLFDHLQWHQWDDFXGLUDGLDULRD$OFRKyOLFRV
$QyQLPRV6XFDVRLOXVWUDHOGUDPDGHODOFRKROLVPR
HQODMXYHQWXGHVSDxRODSRUTXHVRQPXFKRVORVFDVRVFRPRHOVX\R-RVpTXHVLJXHVLQDEDQGRQDUOD
EHELGDHVDOFRKyOLFRGHILQGHVHPDQD&RPHQ]yDEHEHUDORVGLHFLVLHWHDxRVSDUD
VXSHUDUFLHUWRSUREOHPDSVtTXLFR$FWXDOPHQWHDOOOHJDUHOViEDGREHEHKDVWDFDHUDOVXHOR
5HYLVWD&DPELR(VSDxD
7KHGHILQLWHDUWLFOH
)2506
7KHUHDUHWZRW\SHVRIDUWLFOHVGHILQLWHDQGLQGHILQLWH,Q(QJOLVKWKHGHILQLWHDUWLFOHLVWKH6SDQLVKXVHV
IRXUGLIIHUHQWIRUPV
PDVFXOLQH
IHPLQLQH
VLQJXODU
HO
OD
SOXUDO
ORV
ODV
1RWHWKDWDHOEHFRPHDODQGGHHOEHFRPHGHO
1RWHDOVRWKDW6SDQLVKKDVDQHXWHUIRUPRIWKHGHILQLWHDUWLFOHOREXWWKLVLVQRWXVHGZLWKQRXQV6HH
7KHQHXWHUIRUPOREHORZ
86$*(
7KHLQGHILQLWHDUWLFOH
)2506
,Q(QJOLVKWKHLQGHILQLWHDUWLFOHLVDDQ6SDQLVKKDVIRXUGLIIHUHQWIRUPVZLWKWKHSOXUDOIRUPVWUDQVODWLQJ
VRPH
PDVFXOLQH
IHPLQLQH
VLQJXODU
XQ
XQD
SOXUDO
XQRV
XQDV
86$*(
6HHIRUIXUWKHULQIRUPDWLRQ
%XWWSS
%XWWDQG%HQMDPLQSS.DWWiQ,EDUUDDQG
3RXQWDLQSS0XxR]DQG7KDFNHUSS
(;(5&,6(6
3XWWKHDSSURSULDWHGHILQLWHDUWLFOHLQWKHEODQNZKHUHQHFHVVDU\
D1XQFDVDOJRBBBBBViEDGRVSRUBBBBBQRFKHSUHILHURYHUWHOHHQFDVD
E(Q(VSDxDVHVLUYHBBBBBFHQDPiVWDUGHTXHHQBBBBBSDtVHVQyUGLFRV
F6HKDURWRBBBBBSLHUQD
G$SHVDUGHBBBBBIUtRTXHKDFtDQRVHSXVRBBBBBDEULJR
H$/XLVORPHWLHURQHQBBBBBFiUFHOBBBBBVHPDQDSDVDGD
I-XOLRQRVHHQFXHQWUDELHQHVWiHQBBBBBFDPD
JBBBBBDxRTXHYLHQH*RQ]DORYDDHVWXGLDUHQBBBBBXQLYHUVLGDGGH+DPEXUJR
KBBBBBDEXHODYLHQHBBBBBILQGHVHPDQDHQWUHQ
LBBBBBVHxRUHVGH&RUWpVYLYtDQHQBBBBBFDOOH3H]
MBBBBBYHLQWLWDQWRVGHPDU]RHQBBBBBKHPLVIHULRQRUWHHPSLH]DSULPDYHUD
N0HJXVWDBBBBBPDULVFRSHURQRPHJXVWDQBBBBBDFHLWXQDV
O(Q(VFRFLDVHFXOWLYDBBBBBFHEDGDSDUDKDFHUBBBBBZKLVN\
PBBBBBWRPDWHVHVWiQDHXURVBBBBBNLOR
Q$3HSHOHJXVWDBBBBBD]XOSHURPLFRORUSUHIHULGRHVBBBBBURMR
R0HJXVWDPiVODFKDTXHWDYHUGHTXHBBBBBPDUUyQ
7UDQVODWHWKHVHVHQWHQFHVLQWR6SDQLVK
D$OFRKROFRQVXPSWLRQLVSUHYDOHQWDPRQJWRGD\
V\RXWK
E:RPHQDUHDOVRGULQNLQJPRUHWKDQEHIRUH
F2YHURI\RXQJSHRSOHGULQNDWZHHNHQGV
G%HHULVDSRSXODUGULQN
H5DPyQ-RVpVEHVWIULHQGEHJDQGULQNLQJDWWKHDJHRIWZHOYH
I*LUOVQRZGULQNDVPXFKDVER\V
J0HDVXUHVDUHEHLQJWDNHQWRSUHYHQWGULQNVDGYHUWLVLQJQHDUVFKRROV
K<RXZLOOQRWEHDEOHWREX\DOFRKROLFGULQNVLQVKRSVEHWZHHQSPDQGDP
L'RFWRU-XVWLQR/HyQWKLQNVWKDWXQHPSOR\PHQWFDXVHVPDQ\SUREOHPVLQFOXGLQJDOFRKROLVP
M+LVFROOHDJXH'RFWRU0DULEHO2VXQDVD\VWKDWLGOHQHVVVKRUWHQVOLIHZKLOHZRUNDQGGLHWOHQJWKHQ
LW
N6WDWLVWLFVVKRZWKDWF\FOLQJDQGVZLPPLQJDUHJRRGIRU\RXUKHDOWK
O:LWKWKHFRPLQJRIVSULQJSHRSOHEHJLQWRWKLQNDERXWRXWGRRUDFWLYLWLHV
5HZULWHWKHVHVHQWHQFHVLQVHUWLQJORLQWKHFRUUHFWSODFHWKHQVWXG\WKHPIRUPHDQLQJ
D,PSRUWDQWHHVYLDMDU
E+D\TXHYHUERQLWRVTXHVRQ
F0tRHVPtR\VX\RHVVX\R
G%XHQRHUDTXHVHGLRFXHQWDGHPH]TXLQDTXHHUD3DWULFLD
H3HSHSUHILHUHSLFDQWH\\RGXOFH
I1RQRVGLPRVFXHQWDGHWDUGHTXHHUD
J&LHUWRHVTXHHOFDOHQWDPLHQWRJOREDO\DHVXQKHFKR
K1RHVWXYLPRVSUHSDUDGRVSRUTXHOOHJDURQPXFKRDQWHVGHQRUPDO
L)iFLOHVFULWLFDUSHURRVGDLVFXHQWDGHGXUDTXHHVODYLGDSDUDORVMyYHQHV"
M+DQKHFKRWRGRSRVLEOHSDUDSURWHJHUHVWD]RQDGHODXUEDQL]DFLyQ
7UDQVODWHWKHVHVHQWHQFHVLQWR6SDQLVK
D<RXFDQ
WLPDJLQHKRZJRRGORRNLQJVKHLV
E,GRQ
WZDQWWRWHOO\RXKRZEDGWKHILOPZDV
F7KHEHVWWKLQJLVWRZDLW
G7KHLQWHUHVWLQJELWLVFRPLQJ
H7KHGLIILFXOWELWZDVQRWVRGLIILFXOW
I7KHHDV\ELWLVVWLOOWRFRPH
J'R\RXKDYHDQ\LGHDZKDWDFKHDWKHLV"K,GLGQ
WUHDOLVHKRZH[SHQVLYHWKHLUWDVWHVDUH
L7KHPRVWH[SHQVLYHWKLQJLVQ
WDOZD\VWKHEHVW
M$PHOLDGRHVQ
WOLNHKHUKXVEDQG
VSURSHQVLW\IRUDQ\WKLQJRVWHQWDWLRXV
3XWWKHDSSURSULDWHLQGHILQLWHDUWLFOHLQWKHEODQNZKHUHQHFHVVDU\
D)HUQDQGRHUDBBBBGLVHxDGRUHUDBBBBGLVHxDGRULQJHQLRVR
E6LOYLRHVBBBBQLFDUDJXHQVHHVBBBBP~VLFR
F4XHUHPRVBBBBFDVDFRQBBBBMDUGtQ
G(QHOIULJRUtILFRVyORKD\BBBBOHFKH
H(QHOIULJRUtILFRVyORKD\BBBBERWHOODGHOHFKH
I0LDEXHORWLHQHBBBBSDFLHQFLDIRUPLGDEOH
J'DPHBBBBRWURSHGD]RGHSDQ
K+D\BBBBBSRHPDGH0DFKDGRTXHHVBBBBUHFXHUGRGHFXDQGRHUDBBBBSURIHVRU
L/RVQLxRVFDQWDEDQBBBBFLHQYHFHVBBBBPLOYHFHVFLHQPLOYHFHV
M$QWRQLRQROOHYDEDDEULJRFXDQGRVDOLy/XHJRVHFRPSUyBBBBDEULJRGHSLHO
N1RWHQJRBBBBFRFKH7RGRHOPXQGRPHGLFHTXHWHQJRTXHFRPSUDUBBBB
O(VWHDxRYDPRVD&RVWD5LFDBBBBRWURDxRLUHPRVD*XDWHPDOD
P$QWHVHUDBBBBFRVWXPEUHOOHYDUBBBBYHVWLGRVQHJURVDORVHQWLHUURV
Q5RVDULRHVBBBBDERJDGDHPLQHQWH\SRUHVRJDQDBBBBEXHQVXHOGR
R/DMHIDGH0DUJDULWDHVBBBBPXMHUGpVSRWD\GHIDOVHGDGLQFUHtEOH
7UDQVODWHLQWR6SDQLVK
D3DFRZDVDUHDOO\JRRGHQJLQHHU
E$FHUWDLQ\RXQJPDQZDVDVNLQJIRU\RX
F,GRQ
WZDQWWRUHSHDWVXFKDQH[SHULHQFH
G:KDWDQRLVH:HOHIWDIWHUKDOIDQKRXU
H-XOHVLV)UHQFKLVDGRFWRUDQGGRHVQ
WKDYHDJLUOIULHQG
I$QGDQRWKHUWKLQJKHDOZD\VZHDUVDULQJ
J'R\RXKDYHDWLH"<RX
OOQHHGRQHIRUWKHUHFHSWLRQWRQLJKW
K$\HDUDQGDKDOIKDVSDVVHGVLQFHRXUODVWPHHWLQJ
L:KDWDSDLU2QHZDVDSHGDQWDQGWKHRWKHUZDVDFRPSOHWHLGLRW
M$JRRGERRNLVDUHDOWUHDVXUH2QH+XQGUHG<HDUVRI6ROLWXGHE\*DEULHO*DUFtD0iUTXH]LV
VXFKDERRN
,QVHUWWKHDSSURSULDWHDUWLFOHGHILQLWHRULQGHILQLWHLQWKHJDSVZKHUHQHFHVVDU\
D
BBBBYHUDQRSDVDGRHVWXYLPRVBBBBGtDVHQ%XHQRV$LUHVBBBBFDSLWDOGH$UJHQWLQDFRQBBBB
DPLJDQXHVWUDGRPLQJRGHVSXpVGHWRPDUBBBBGHVD\XQRYLVLWDPRVBBBBEDUULRGH6DQ7HOPR
GRQGHKDEtDBBBBPHUFDGRFRQBBBBSXHVWRVTXHYHQGtDQBBBBDQWLJHGDGHV\BBBBFRVDVGHBBBB
VHJXQGDPDQR7DPELpQYLPRVDBBBBSDUHMDPD\RUTXHEDLODEDBBBBWDQJR\BBBBRWUDSDUHMDPiV
MRYHQTXHEDLODEDFRQBBBBS~EOLFRBBBBPDORGH%XHQRV$LUHVHUDBBBBWUiILFR\SRUWDQWRBBBB
UXLGRFRQVWDQWHSHURHVBBBBFLXGDGTXHQRVHQFDQWy
E(MHUFLFLRItVLFRHVSURWHFWRUGHODVDOXG
BBBBFLHQWtILFRVKDQREVHUYDGRTXHBBBBHMHUFLFLRSUDFWLFDGRUHJXODUPHQWHHVIXHQWHGHBBBB
MXYHQWXG$XQTXHVHDPRGHVWRBBBBHMHUFLFLRSRVSRQHBBBBIHFKDGHBBBBPXHUWH&XDQGRVHHVWi
HQBBBBFXUVRGHBBBBORQJHYLGDGHVLPSRUWDQWHSUDFWLFDUVXILFLHQWHHMHUFLFLRItVLFRFRQ
UHJXODULGDGVLHVSRVLEOHGLDULDPHQWHQRVFRQGXFHSRUDQRVBBBBDELHQHVWDU\DYLYLUFRQBBBB
HQHUJtDGHMXYHQWXG&RPSOHPHQWRYDOLRVRHVPDQWHQHUYLGDDFWLYDFDPLQDQGRVXELHQGRHVFDOHUDV
FXLGDQGRGHBBBBMDUGLQHV\BBBBFDVD
(VVDELGRTXHBBBBHMHUFLFLRIRUWLILFDBBBBFRUD]yQOXFKDFRQWUDBBBBREHVLGDGGLVPLQX\HBBBB
SUHVLyQDUWHULDO
PHMRUDBBBBQLYHOGHBBBBFROHVWHURO\FRQGXFHDEXHQKXPRU
6HKDREVHUYDGRTXHBBBBHMHUFLFLRItVLFRDODUJDBBBBYLGDSRUFDPELRVTXHRFXUUHQHQBBBB
VDQJUHHQVXHIHFWRHVDQWLFRDJXODQWHIOXLGLILFDHOPHGLRVDQJXtQHRHQEHQHILFLRGHBBBBVDOXGTXH
FLUFXODPiVIiFLOPHQWH\HVWiPHQRVSURSHQVDDOFRiJXOR
(QFRQVHFXHQFLDBBBBHMHUFLFLRSUDFWLFDGRUHJXODUPHQWHFRQWULEX\HDHYLWDUBBBBDWDTXHFDUGtDFR
\DFFLGHQWHYDVFXODUFHUHEUDO
BBBBSHUVRQDVItVLFDPHQWHLQDFWLYDVGHYLGDVHGHQWDULDVLKDQWHQGLRBBBBDWDTXHFDUGtDFR
HVWiQHQULHVJRGHWHQHUBBBBVHJXQGRDWDTXHBBBBHMHUFLFLRHVBBBB
DQWLFRDJXODQWHQDWXUDO
5HYLVWD(O3DtV8UXJXD\
,Q3HQLQVXODU6SDQLVKODWHQVLyQDUWHULDO
2QWKHEDVLVRIWKHIROORZLQJLQIRUPDWLRQZULWHDGHVFULSWLRQRI0DUtDXVLQJWKHDUWLFOHDVDQGZKHQ
DSSURSULDWH
1RPEUH0DUtD
$SHOOLGRV*RQ]iOH]3RVDGD)HFKDGHQDFLPLHQWR'RPLFLOLR6DQWD$QD3DtV(O6DOYDGRU
$FWLYLGDGHV\GHSRUWHVFLQHP~VLFDOHFWXUDYROHLEROEDORQFHVWR
%HELGDSUHIHULGDFHUYH]D
3ODWRIDYRULWRDUUR]FRQIULMROHV
&RORUSUHIHULGRDPDULOOR
0D\RUFXDOLGDGJHQHURVLGDG
0D\RUGHIHFWRSHUH]D
3UHRFXSDFLRQHVPHGLRDPELHQWHSURWHFFLyQGHDQLPDOHVSREUH]DHQHOPXQGR
1RXQV
7H[W
7KLVDUWLFOHWHOOVDERXWWKHGLVFRYHU\LQVRXWKHUQ&KLOHRIWKHROGHVWIRUHVWLQWKHZRUOGZLWKDOHUFHVODUFK
WUHHVPRUHWKDQ\HDUVROG7KHPDLQJUDPPDWLFDOSRLQWLQWKLVXQLWLVQRXQV$V\RXUHDGWKHWH[WOLVW
WKHPDFFRUGLQJWRWKHLUJHQGHUPDVFXOLQHDQGIHPLQLQHDQGORRNDWWKHZD\VLQZKLFKSOXUDOVKDYHEHHQ
IRUPHG
(OERVTXHPiVDQWLJXRGHOSODQHWD
(OERVTXHPiVDQWLJXRGHOD7LHUUDFRQDOHUFHVTXHVXSHUDQORVDxRVVHHQFXHQWUDHQOD
&RUGLOOHUDGH/RV$QGHVDPLONLOyPHWURVGH6DQWLDJRGH&KLOH
VHJ~QXQHVWXGLRHIHFWXDGRSRUFLHQWtILFRV\HFRORJLVWDV
/DH[SHGLFLyQIXHRUJDQL]DGDSRUODIXQGDFLyQ$QFLHQW)RUHVW,QWHUQDWLRQDO\VXREMHWLYRHUD
H[SORUDU
ODViUHDVQDWXUDOHVYtUJHQHVGHOERVTXHK~PHGRWHPSODGRPiVDXVWUDOGHOPXQGR
(OJUXSRLQWHJUDGRSRUSURIHVLRQDOHVYLVLWyQXHYH]RQDVDILQ
GHGHWHUPLQDUODXUJHQWHQHFHVLGDGGHSUHVHUYDUVHFWRUHVIRUHVWDOHVSRFRHVWXGLDGRVKDVWDDKRUD\TXH
VHHQFXHQWUDQEDMRIXHUWHSUHVLyQGHODLQGXVWULDSDSHOHUD
(QHOYROFiQ+RUQRSLUpQDPHWURVVREUHHOQLYHOGHOPDUHOHFyORJRFKLOHQR'DQLHO*RQ]iOH]
HQFRQWUyDOHUFHVFX\DHGDGSURPHGLRIXHGHWHUPLQDGDHQWUH\
DxRVVLQSRGHUSRUUD]RQHVFOLPDWROyJLFDVH[SORUDUiUHDVPiVDOWDV/DVGLIHUHQWHVFRQGLFLRQHVGH
ODWRSRJUDItD\HOFOLPDH[LVWHQWHVDPD\RUDOWLWXGKDFHQSUHVXPLUDORV
H[SHUWRVTXHORVDOHUFHVTXHDKtVHHQFXHQWUDQVXSHUDQORVDxRV&RQDQWHULRULGDGDHVWDV
LQYHVWLJDFLRQHVVHFRQVLGHUDEDTXHORViUEROHVPiVDQWLJXRVGHOSODQHWDHUDQ
ORVIDPRVRVVHTXRLDVJLJDQWHVGH&DOLIRUQLD
/DUHSUHVHQWDQWHGH$),HQ&KLOHGLMRTXHODLQVWLWXFLyQWLHQHLQWHUpVHQFRPSUDU
KHFWiUHDVGHOERVTXH\
GHVWLQDUODVDXQSDUTXHSDUDODKXPDQLGDG\H[SOLFyTXHSRUVHUpVWHXQHFRVLVWHPD~QLFRHQHO
PXQGRH[LVWHDQLYHOLQWHUQDFLRQDOPXFKRLQWHUpVSRUSUHVHUYDUOR
'LDULR3UHVHQFLD%ROLYLD
1RXQV
*(1'(5
$OOQRXQVLQ6SDQLVKDUHHLWKHUPDVFXOLQHRUIHPLQLQH7KHIROORZLQJVLPSOHUXOHVZLOOKHOS\RXWR
GLIIHUHQWLDWHDPDVFXOLQHQRXQIURPDIHPLQLQHRQH6WXG\WKHQRWHVDQGFKHFNKRZWKHQRXQVLQWKHWH[WILW
HDFKUXOH7KHQGRWKHVDPHIRUWKHVHFWLRQRQ1XPEHUEHORZ
D0RVWQRXQVHQGLQJLQRDUHPDVFXOLQHDQGPRVWQRXQVHQGLQJLQDDUHIHPLQLQHHJHOPXQGRO
ZRUOGOD]RQDO]RQH
%XWHOFOLPDOHOSODQHWDOSODQHWODPDQRKDQG
E1RXQVUHIHUULQJWRPDOHVZLOOEHPDVFXOLQHDQGWKRVHUHIHUULQJWRIHPDOHVZLOOEHIHPLQLQH7RIRUPWKH
IHPLQLQHRIQRXQVZKLFKUHIHUWRSHRSOH\RXQRUPDOO\FKDQJHRWRDRUDGGDWRWKHILQDOFRQVRQDQW
HJHOHFyORJRODHFyORJDOHFRORJLVWHOH[SHUWRODH[SHUWDOH[SHUWHOGRFWRUOD
GRFWRUDGRFWRUEXWHOODSURIHVLRQDO6RPHQRXQVKDYHDIL[HGJHQGHUDQGWKH\PD\EHXVHGWRUHIHUWR
DPDOHRUWRDIHPDOHHJHOEHEpPDVFEDE\ODSHUVRQDIHPSHUVRQ
F6RPHQRXQVUHIHUULQJWRSHRSOHUHPDLQLQYDULDEOHQRPDWWHUZKHWKHUWKH\UHIHUWRDPDQRUWRDZRPDQ
$PRQJWKHVHZHILQGWKRVHHQGLQJLQLVWDDQGPDQ\QRXQVHQGLQJLQHHJHOODHFRORJLVWDO
HFRORJLVWHOODUHSUHVHQWDQWHOUHSUHVHQWDWLYHEXWHOMHIHODMHIDERVV
G6RPHQRXQVKDYHGLIIHUHQWIRUPVIRUHDFKVH[HJHO\HUQRVRQLQODZODQXHUDGDXJKWHULQODZHO
SDGUHIDWKHUODPDGUHPRWKHU
H1RXQVHQGLQJLQRUDQGDMHDQGLQDVWUHVVHGYRZHODUHXVXDOO\PDVFXOLQHHJHOVHFWRUO
DUHDHODWHUUL]DMHODQGLQJHODOHOtZDOOIORZHU
I1RXQVHQGLQJLQFLyQVLyQLHL]DGDGWDGWXGXPEUHDUHXVXDOO\IHPLQLQHHJODH[SHGLFLyQ
OH[SHGLWLRQODSDVLyQSDVVLRQODVHULHVHULHVODKRUWDOL]DYHJHWDEOHODHGDGODJHOD
DOWLWXGODOWLWXGHODKXPDQLGDGOKXPDQLW\ODPXFKHGXPEUHFURZG
J$QXPEHURIQRXQVHQGLQJLQPDDUHPDVFXOLQHEXWVRPHDUHIHPLQLQHHJHOFOLPDO
FOLPDWHHOHFRVLVWHPDOHFRV\VWHPODIRUPDVKDSHOD\HPD\RON
K7KHIROORZLQJFODVVHVRIQRXQDUHQRUPDOO\PDVFXOLQHQDPHVRIODQJXDJHVHJHOHVSDxROPRXQWDLQV
DQGYROFDQRHVHJ/RV$QGHVOHOYROFiQ+RUQRSLUpQOULYHUVDQGVHDVHJHO$PD]RQDV
HO3DFtILFRVXEVWDQFHVHJHORURJROGEXWODSODWDVLOYHUFRORXUVHJHOURMRUHGGD\VRIWKH
ZHHNHJHOYLHUQHV)ULGD\SRLQWVRIWKHFRPSDVVHJHOVXUVRXWKIUXLWWUHHVHJHOPDQ]DQR
DSSOHWUHHEXWODPDQ]DQDDSSOH
L7KHIROORZLQJFODVVHVRIQRXQDUHQRUPDOO\IHPLQLQHLVODQGVHJODVLVODV%DOHDUHVWKH%DOHDULF
,VODQGVOHWWHUVRIWKHDOSKDEHWHJODEHE
M6RPHQRXQVFKDQJHPHDQLQJDFFRUGLQJWRJHQGHUHJHOSROLFtDSROLFHPDQODSROLFtDWKHSROLFH
180%(5
D1RXQVHQGLQJLQDYRZHOQRUPDOO\IRUPWKHSOXUDOE\DGGLQJVVHJHODxRORVDxRVO
\HDUV
E1RXQVHQGLQJLQDFRQVRQDQWDGGHVHJHOSURIHVLRQDOORVSURIHVLRQDOHVOSURIHVVLRQDOVHO
VHFWRUORVVHFWRUHVO
F1RXQVHQGLQJHQ]FKDQJH]WRFDQGDGGHVHJHOSH]ORVSHFHVILVK
G1RXQVHQGLQJLQtDQG~DGGHVHJPDUURTXtPDUURTXtHV0RURFFDQKLQG~KLQG~HV+LQGX,QGLDQ
EXWHOPHQ~ORVPHQ~VPHQXV
H1RXQVFDUU\LQJDZULWWHQDFFHQWRQWKHODVWV\OODEOHORVHWKLVLQWKHSOXUDOHJHOYROFiQOORV
YROFDQHVYROFDQRHVODUD]yQODVUD]RQHVOUHDVRQV
I1RXQVZKLFKHQGLQHQZLWKWKHVWUHVVRQWKHSHQXOWLPDWHV\OODEOHJDLQDZULWWHQDFFHQWLQWKHSOXUDO
HJHOMRYHQORVMyYHQHV\RXQJPDQ\RXQJSHRSOH
J7KHPDVFXOLQHSOXUDORIVRPHQRXQVPD\EHXVHGWRUHIHUWRPHPEHUVRIERWKVH[HVHJORVSDGUHV
SDUHQWVORVKHUPDQRVEURWKHUVDQGVLVWHUV
K6RPHQRXQVDUHXVHGLQWKHSOXUDORQO\HJORVDOUHGHGRUHVRXWVNLUWVODVYDFDFLRQHVKROLGD\V
L6RPHQRXQVZLWKDSOXUDOVHQVHIXQFWLRQDVVLQJXODUQRXQVHJODJHQWHHVSHRSOHDUH
M$IHZQRXQVKDYHWKHVDPHIRUPIRUVLQJXODUDQGSOXUDOHODQiOLVLVORVDQiOLVLVDQDO\VLVDQDO\VHVHO
PLpUFROHVORVPLpUFROHV:HGQHVGD\V
2WKHUSRLQWVWRQRWHLQWKHWH[W
6HHIRUIXUWKHULQIRUPDWLRQ
%DWFKHORUDQG3RXQWDLQSS
%XWWSS
%XWWDQG%HQMDPLQSS
.DWWiQ,EDUUDDQG3RXQWDLQSS
0XxR]DQG7KDFNHUSS
(;(5&,6(6
:KLOHWKHVHDUHQRWYRFDEXODU\H[HUFLVHVXVH\RXUGLFWLRQDU\WRFKHFNPHDQLQJVRIZRUGV\RXDUHQRWVXUH
RI
*LYHWKHJHQGHURIWKHIROORZLQJJURXSVRIQRXQV
DUHJLyQKDELWDFLyQUHFHSFLyQPDQLIHVWDFLyQ
EPRWRIRWRELFLPDQR
FFDORUGRORUFRORUPRWRU
GFRUDMHJDUDMHYLDMHHTXLSDMH
HERQGDGVLQFHULGDGDPLVWDGPLWDG
IMDEyQMDPyQEDOFyQSDQWDOyQ
JMXHYHVYLHUQHVPDUWHVPLpUFROHV
KWD[LDYLyQFDPLyQWUDQYtD
LFRVWXPEUHFHUWLGXPEUHSHVDGXPEUHPXFKHGXPEUH
MD]XOYHUGHPDUUyQJULV
NYLUWXGVROLFLWXGDOWLWXGSOHQLWXG
OSDQDGHUtDIHUUHWHUtDGURJXHUtDKHODGHUtD
PVDFDSXQWDVVDFDFRUFKRVSDVDPDQRVURPSHRODV
QFULVLVWHVLVSDUiOLVLVGLDJQRVLV
RHGUHGyQEDOyQPRQWyQPHORFRWyQ
SFUHPDIRUPDEURPDDODUPD
$OWKRXJKDOOWKHVHQRXQVHQGLQDRQO\ILYHDUHIHPLQLQH,GHQWLI\WKHP
QRUPD
WHPD
SUREOHPD
IDQWDVPD
DURPD
SURJUDPD
SLMDPD
VtQWRPD
OHPD
DUPD
FOLPD
LGLRPD
WUDPD
WHOHJUDPD
HVTXHPD
VLVWHPD
YtFWLPD
FLPD
HQLJPD
GLDJUDPD
,GHQWLI\ZKLFKRIWKHIROORZLQJQRXQVDUHQRWIHPLQLQH
FDOOH
IUDXGH
VDQJUH
D]RWH
FXPEUH
VHULH
DLUH
EDVH
DXJH
ELJRWH
EURQFH
QLHYH
SDUTXH
IXHQWH
DYH
KDPEUH
FLQH
WDUGH
FDUQH
VXSHUILFLH
SHLQH
FDWiVWURIH
HVWH
DODPEUH
FRFKH
SODQHWD
DJXD
OHVLyQ
IORU
PHV
FiUFHO
QLxH]
PXHOOH
]DJXiQ
FRPEXVWLEOH
HVWUpV
FpVSHG
SRUYHQLU
WDUGH
VHG
PXOWLWXG
DXWRPyYLO
ULxyQ
QXH]
6D\ZKHWKHUWKHQRXQLVPDVFXOLQHPRUIHPLQLQHI
FDWHGUDOSDQ
OX]
JDUDMH
GHEHU
YDORU
YLUWXG
DOEDULFRTXH
KDPEUH
UHG
MHUVH\
QRFKH
GyODU
FLXGDG
ODERU
pQIDVLV
LPDJHQ
DLUH
FDRV
OLG
DXWRFDU
QDUL]
GtD
UpJLPHQ
VXU
VRO
PDSD
OXQHV
DOWDYR]
SyVWHU
FDUULO
:ULWHWKHVHQRXQVLQWKHSOXUDO
EDUBBBB
FULVLVBBBB
SDUDJXDVBBBB
H[DPHQBBBB
IUDQFpVBBBB
OiSL]BBBB
KRWHOBBBB
GHEHUBBBB
RULJHQBBBB
QDFLyQBBBB
DOWDYR]BBBB
PHVBBBB
SDtVBBBB
DQiOLVLVBBBB
EXH\BBBB
PHQ~BBBB
HVTXtBBBB
RUGHQBBBB
SLHBBBB
FXDUWRGHEDxRBBBB
PLpUFROHVBBBB
OH\BBBB
WULEXBBBB
PDUURTXtBBBB
:ULWHWKHVHQRXQVLQWKHVLQJXODU
UHJLRQHVBBBB
TXHKDFHUHVBBBB
FROHVBBBB
OXFHVBBBB
FRQYR\HVBBBB
UHFRUGVBBBB
YtHQHVBBBB
YLROLQHVBBBB
SHFHVBBBB
SDWLQHVBBBB
DOHPDQHVBBBB
FyPSOLFHVBBBB
DYLRQHVBBBB
LQJOHVHVBBBB
MyYHQHVBBBB
VRIiVBBBB
FDUDFWHUHVBBBB
UXEtVBBBBB
LOXVLRQHVBBBB
LPiJHQHVBBBB
SRUWDYRFHVBBBBB
UHKHQHVBBBBBB
UHYHVHVBBBBB
PiULUHVBBBB
7KHIROORZLQJOLVWRIQRXQVFDQEHFODVVLILHGLQWRWZRJURXSV
DFRPSRXQGQRXQVZKLFKDOWKRXJKWKH\DSSHDUSOXUDOFDQIXQFWLRQLQWKHVLQJXODURUSOXUDOHJHO
SDUDJXDVWKHXPEUHOODORVSDUDJXDVWKHXPEUHOODV
EQRXQVZKLFKIXQFWLRQRQO\DVSOXUDOV
'LVWLQJXLVKEHWZHHQWKHWZRJURXSVE\ZULWLQJWKHDSSURSULDWHGHILQLWHDUWLFOHVLQJXODUHOODEHIRUH
FRPSRXQGQRXQVDQGORVODVEHIRUHSOXUDOQRXQVLQWKHVSDFHSURYLGHGEHIRUHHDFKQRXQ
BBBBURPSHFDEH]DV
BBBBFRPLFLRV
BBBBFHORV
BBBBVDOWDPRQWHV
BBBBHQVHUHV
BBBBSLQWDODELRV
BBBBDxLFRV
BBBBUHVWRV
BBBBFXHQWDFXHQWRV
BBBBSRVDYDVRV
BBBBDOUHGHGRUHV
BBBBJXDUGDHVSDOGDV
BBBBELHQHV
BBBBYtYHUHV
BBBBOLPSLDERWDV
BBBBYDFDFLRQHV
BBBBVDOYDYLGDV
BBBBDEUHODWDV
BBBBSRUWDHTXLSDMHV
BBBBFLPLHQWRV
*LYHWKHIHPLQLQHHTXLYDOHQWVRIWKHVHQRXQV
DSDGUHBBBB
LDFWRUBBBB
BBBBWLQLHEODV
BBBBSRUWDDYLRQHV
BBBBSULVPiWFRV
BBBBJDIDV
BBBBSDUDEULVDV
BBBBH[SHQVDV
BBBBFRVTXLOODV
BBBBFXPSOHDxRV
BBBBQXSFLDV
BBBBDIXHUDV
EKRPEUHBBBB
FDOFDOGHBBBB
GSUtQFLSHBBBB
HPDFKRBBBB
IWRURBBBB
JKpURHBBBB
KSURIHVRUBBBB
MHPSHUDGRUBBBB
NSRHWDBBBB
OUH\BBBB
PWUDGXFWRUBBBB
QHVFULWRUBBBB
RFDEDOORBBBB
SSUHVLGHQWHBBBB
6RPHQRXQVKDYHDPDVFXOLQHIRUPDQGDIHPLQLQHIRUP:KDWGLIIHUHQFHLQPHDQLQJLVWKHUHEHWZHHQ
WKHIROORZLQJQRXQV"
DHOSXHUWRBBBB
EHOOLEURBBBB
FHOSXQWRBBBB
GHOSDWRBBBB
HHOSDJRBBBB
IHOKHULGRBBBB
JHOWUDPRBBBB
KHOUtRBBBB
LHOEDQFRBBBB
MHOQDUDQMRBBBB
ODSXHUWDBBBB
ODOLEUDBBBB
ODSXQWDBBBB
ODSDWDBBBB
ODSDJDBBBB
ODKHULGDBBBB
ODWUDPDBBBB
ODUtDBBBBBBBB
ODEDQFDBBBB
ODQDUDQMDBBBB
ODFDSLWDOBBBB
ODJXtDBBBB
ODPDxDQDBBBB
ODRUGHQBBBB
ODFXUDBBBB
ODSROLFtDBBBB
ODIUHQWHBBBB
ODSDUWHBBBB
ODFRPHWDBBBB
ODFyOHUDBBBB
ODFRUWHBBBB
ODSHQGLHQWHBBBB
$GMHFWLYHV
7H[W
7KLVDUWLFOHWHOOVDERXWWKHUHFHQWGLVFRYHU\LQWKH3HUXYLDQ$QGHVRIHPEDOPHGPXPPLHVLQDVLWHZKLFK
ZDVSUREDEO\XVHGIRUKXPDQVDFULILFH7KLVWH[WVHUYHVWRLOOXVWUDWHWKHXVHRIDGMHFWLYHVZKRVHIXQFWLRQ
LVWRLGHQWLI\RUGHVFULEHQRXQV
/RVLQFDVUHDOL]DEDQVDFULILFLRVKXPDQRV
(OUHFLHQWHKDOOD]JRGHWUHVPRPLDV$OSDUHFHUODVMyYHQHVHUDQHPEDOVDPDGDVHQXQSLFRQHYDGRGH
VDFULILFDGDVSDUDHYLWDUODHUXSFLyQGHODFRUGLOOHUDDQGLQDSHUXDQDDEUHODORVYROFDQHV\DVt
QHXWUDOL]DUODLUDSRVLELOLGDGGHXQDSURIXQGDGHODQDWXUDOH]D6XVFXHUSRVHVWiQ
LQYHVWLJDFLyQFLHQWtILFDHQXQDUHJLyQPRPLILFDGRVFXELHUWRVSRUHQODTXHDOSDUHFHUORVLQFDV
HOHPHQWRV\YHVWLPHQWDVIXQHUDULRV\FHOHEUDEDQVDFULILFLRVKXPDQRVHQYLUWXDOHVWDGRGH
FRQJHODPLHQWR
/DVYtFWLPDVGHHVWRVVDFULILFLRV(VWHVRUSUHQGHQWHGHVFXEULPLHQWRKDEUtDQVLGRMyYHQHVYtUJHQHV
HQWUHSRQHHQHYLGHQFLDTXHODFXOWXUDLQFD
ORV\DxRVLQWHJUDQWHVGHIXHOD~QLFDFLYLOL]DFLyQHQHOPXQGRFXOWXUDVLQFDVTXHGRPLQDEDQOD
]RQDVXUGHO3HU~VHJ~QODVSULPHUDVLQGDJDFLRQHV
$OSDUHFHUODVMyYHQHVHUDQ
VDFULILFDGDVSDUDHYLWDUODHUXSFLyQGHORVYROFDQHV\DVtQHXWUDOL]DUODLUDGHODQDWXUDOH]D6XV
FXHUSRVHVWiQPRPLILFDGRVFXELHUWRVSRUHOHPHQWRV\YHVWLPHQWDVIXQHUDULRV\
HQYLUWXDOHVWDGRGHFRQJHODPLHQWR
(VWHVRUSUHQGHQWHGHVFXEULPLHQWRSRQHHQHYLGHQFLDTXHODFXOWXUDLQFDIXHOD~QLFDFLYLOL]DFLyQHQ
HOPXQGRTXHFRQVWUX\yHGLILFDFLRQHVDPiVGH
VHLVPLOPHWURVGHDOWXUDSDUDUHDOL]DUULWXDOHVPiJLFRUHOLJLRVRV
'LDULR(O8QLYHUVDO0p[LFR
7H[W
7H[WORRNVDWWKHXVHRIFRPSXWHUVLQFDUVDQGURDGV5HDGWKHWH[WDQGVWXG\WKHZD\LQZKLFKDGMHFWLYHV
KDYHEHHQXVHG
$XWRPyYLOHV\FDPLQRVLQWHOLJHQWHV
'HQWURGHYHLQWHRWUHLQWDDxRVJXLDUXQYHKtFXORSRUODVWHQWDFXODUHV\FRQJHVWLRQDGtVLPDV
DXWRSLVWDVGH/RV$QJHOHVVHUiTXL]iXQDGLYHUVLyQ\
TXLHQYD\DDOYRODQWHOHHUiHOGLDULRPLUDUiODWHOHYLVLyQRGRUPLUiODVLHVWD
(ODXWRPRYLOLVWDGHODPHJDPHWUySROLFDOLIRUQLDQDDGTXLULUi
WDQWDOLEHUWDGJUDFLDVDYHKtFXORV\FDPLQRVLQWHOLJHQWHVGLULJLGRVSRURPQLSUHVHQWHV\
VRILVWLFDGRVFRPSXWDGRUHV
8QVXHxRIXWXULVWDHQXQDFLXGDG
LQPHUVDHQHOJDVGHORVWXERVGHHVFDSHGRQGHODELFLFOHWDDPHQD]DFRQFRQYHUWLUVHHQHOPHGLRGH
ORFRPRFLyQPiVUiSLGR"
1R\DH[LVWHHQJUDQSDUWHOD
WHFQRORJtDQHFHVDULDSDUDSRQHUDOLQPHQVRHMpUFLWRGHODVFXDWURUXHGDVHQXQPD[LVLVWHPD
LQWHOLJHQWH\SDUDDXPHQWDUHQXQSRUFLHQWRHOWUiQVLWRFDPLQHURHYLWDQGRORV
JUDYHVHPERWHOODPLHQWRV\UHIRU]DQGRORVQLYHOHVGHVHJXULGDG
'LDULR(O8QLYHUVDO9HQH]XHOD
$GMHFWLYHV
$*5((0(172)$'-(&7,9(6
D,Q6SDQLVKDGMHFWLYHVXVXDOO\IROORZWKHQRXQ
SLFRQHYDGR7OVQRZFDSSHGPRXQWDLQMyYHQHVYtUJHQHV7O\RXQJYLUJLQV
YHKtFXORV\FDPLQRVLQWHOLJHQWHV7LQWHOOLJHQWYHKLFOHVDQGURDGV
7KLVLVWKHQRUPDOSRVLWLRQIRUDGMHFWLYHVH[SUHVVLQJVRPHIRUPRIFRQWUDVWHYHQZKHQWKLVFRQWUDVWLV
RQO\LPSOLHGHJYHKtFXORV\FDPLQRVLQWHOLJHQWHVLQWHOOLJHQWYHKLFOHVDQGURDGVDVRSSRVHGWR
RUGLQDU\RQHV
E$PRQJRWKHUDGMHFWLYHVZKLFKDUHQRUPDOO\SODFHGDIWHUWKHQRXQZHILQGWKRVHUHIHUULQJWRVFLHQFHDQG
WHFKQRORJ\QDWLRQDOLW\DQGRULJLQFRORXUVKDSHVXEVWDQFHUHOLJLRQ
LQYHVWLJDFLyQFLHQWtILFD7OVFLHQWLILFUHVHDUFKPHWUySROLFDOLIRUQLDQD7O
&DOLIRUQLDQPHWURSROLVFXOWXUDLQFD7O,QFDFXOWXUHXQDFDPLVDEODQFDDZKLWHVKLUWXQD
FDMDFXDGUDGDDVTXDUHER[XQDVXVWDQFLDGXUDDKDUGVXEVWDQFHOD,JOHVLDFDWyOLFDWKH&DWKROLF
&KXUFK
F$GMHFWLYHVZKLFKH[SUHVVVRPHIRUPRIVXEMHFWLYHMXGJHPHQWDUHXVXDOO\SODFHGEHIRUHWKHQRXQ7KLV
SRVLWLRQLVDOVRXVHGDVDGHYLFHIRUOHQGLQJJUHDWHUIRUFHWRWKHPHDQLQJRIWKHDGMHFWLYH
HVWHVRUSUHQGHQWHGHVFXEULPLHQWR7OWKLVVXUSULVLQJGLVFRYHU\ODVWHQWDFXODUHV\
FRQJHVWLRQDGtVLPDVDXWRSLVWDV7OWHQWDFXODUDQGFRQJHVWHGPRWRUZD\VJUDYHV
HPERWHOODPLHQWRV7OVHULRXVWUDIILFMDPV
G$PRQJRWKHUDGMHFWLYHVZKLFKDUHSODFHGEHIRUHWKHQRXQZHILQGWKRVHIRUFDUGLQDODQGRUGLQDO
QXPEHUVDQGVRPHFRPPRQZRUGVVXFKDVPXFKRSRFRRWURWDQWRDPERV
WUHVPRPLDV7WKUHHPXPPLHVSULPHUDVLQGDJDFLRQHV7ILUVWLQYHVWLJDWLRQV
WDQWDOLEHUWDG7VRPXFKIUHHGRP
H6RPHDGMHFWLYHVFKDQJHWKHLUPHDQLQJGHSHQGLQJRQZKHWKHUWKH\SUHFHGHRUIROORZWKHQRXQ1RWHWKH
PHDQLQJRI~QLFRLQOD~QLFDFLYLOL]DFLyQ7OWKHRQO\FLYLOLVDWLRQDVRSSRVHGWRXQD
FLYLOL]DFLyQ~QLFDDXQLTXHFLYLOLVDWLRQDQGRIJUDQLQHQJUDQSDUWH7WRDJUHDWH[WHQWDV
RSSRVHGWRXQDSDUWHJUDQGHDELJSDUWGHQRWLQJVL]H$PRQJRWKHUZRUGVRIWKLVNLQGZHILQGWKH
IROORZLQJ
3UHFHGLQJ
)ROORZLQJ
DQWLJXR
GLIHUHQWHV
PLVPR
QXHYR
SREUH
IRUPHU
VHYHUDO
VDPH
QHZDQRWKHU
SRRUPLVHUDEOH
ROG
GLIIHUHQW
VHOI
EUDQGQHZ
SRRULPSHFXQLRXV
)(0,1,1()2506
D$GMHFWLYHVHQGLQJLQRFKDQJHRWRD
SURIXQGRSURIXQGD7OGHHSFLHQWtILFRFLHQWtILFD7OVFLHQWLILFSULPHUR
SULPHUD7ILUVW
7KRVHHQGLQJLQDYRZHORWKHUWKDQRNHHSWKHVDPHIRUPHJUHFLHQWH7OUHFHQW
VRUSUHQGHQWH7OVXUSULVLQJ
E$GMHFWLYHVRIQDWLRQDOLW\RURULJLQIRUPWKHIHPLQLQHZLWKD
DQGLQRDQGLQD7OSHUXDQRSHUXDQD7OHVSDxROHVSDxROD6SDQLVKLQJOpV
LQJOHVD(QJOLVK
7KRVHHQGLQJLQDLHUHPDLQXQFKDQJHG
HOLPSHULRLQFDWKH,QFDHPSLUHODFXOWXUDLQFD7O,QFDFXOWXUHPDUURTXtPI
0RURFFDQFRVWDUULFHQVHPI&RVWD5LFDQ
F$GMHFWLYHVHQGLQJLQDFRQVRQDQWZLWKWKHH[FHSWLRQRIWKRVHUHIHUULQJWRQDWLRQDOLW\RURULJLQVHHE
DERYHGRQRWFKDQJHIRUWKHIHPLQLQH
1RWHWKHSKUDVHMyYHQHVYtUJHQHV7O\RXQJYLUJLQVZKHUHYLUJHQFDQUHIHUWRDPDVFXOLQHRUD
IHPLQLQHQRXQ
G$GMHFWLYHVHQGLQJLQiQyQtQDQGRUDGGD
KROJD]iQKROJD]DQDOD]\GRUPLOyQGRUPLORQDVOHHS\KHDGSDUODQFKtQSDUODQFKLQDFKDWW\
VHGXFWRUVHGXFWRUDVHGXFWLYH
&RPSDUDWLYHIRUPVUHPDLQXQFKDQJHGHJPD\RUPIJUHDWHU
H6RPHDGMHFWLYHVPD\EHMRLQHGE\DK\SKHQLQZKLFKFDVHRQO\WKHVHFRQGRQHZLOOFKDQJHIRUJHQGHU
DQGRUQXPEHUHJULWXDOHVPiJLFRUHOLJLRVRV7OPDJLFUHOLJLRXVULWXDOV
6+257)2506
*UDQGHEHFRPHVJUDQEHIRUHVLQJXODUPDVFXOLQHDQGIHPLQLQHQRXQVHJHQJUDQSDUWH7WRD
ODUJHH[WHQWEXWJUDQGHVFLXGDGHVODUJHFLWLHV
0DOREXHQRSULPHURWHUFHURDOJXQRDQGQLQJXQRORVHWKHILQDOREHIRUHDVLQJXODUPDVFXOLQHQRXQHJ
XQPDOEXHQGtDDEDGJRRGGD\DOJ~QQLQJ~QSUREOHPDVRPHQRSUREOHP
3/85$/)2506
D$GMHFWLYHVWKDWHQGLQDQXQVWUHVVHGYRZHODGGV0RVWRIWKHDGMHFWLYHVLQWKHWH[WVIDOOZLWKLQWKLV
FDWHJRU\
PRPLDVHPEDOVDPDGDV7HPEDOPHGPXPPLHVVDFULILFLRVKXPDQRV7OKXPDQ
VDFULILFHVFDPLQRVLQWHOLJHQWHV7OLQWHOOLJHQWURDGV
E$GMHFWLYHVWKDWHQGLQDFRQVRQDQWRUDVWUHVVHGYRZHODGGHV
MyYHQHVYtUJHQHV7O\RXQJYLUJLQVWHQWDFXODUHVDXWRSLVWDV7OWHQWDFXODU
PRWRUZD\VLQPLJUDQWHVPDUURTXtHV0RURFFDQLPPLJUDQWV
1RWHWKDWDGMHFWLYHVHQGLQJLQ]HJIHOL]KDSS\FKDQJHWKLVWRFWRIRUPWKHSOXUDO
GtDVIHOLFHVKDSS\GD\V
,19$5,$%/($'-(&7,9(6
$GMHFWLYHVZKLFKDUHRULJLQDOO\QDPHVRIWKLQJVGRQRWFKDQJHIRUJHQGHUDQGQXPEHU
SDUHGHVQDUDQMDRUDQJHZDOOVSDQWDORQHVYLROHWDYLROHWWURXVHUV
2WKHUSRLQWVWRQRWHLQWKHWH[WV
&KDSWHU
)XWXUHWHQVH7H[WVHUiOOHHUiOPLUDUiOGRUPLUiODGTXLULUiOVHH&KDSWHU
6HUDQGHVWDU7H[WKDEUtDQVLGROHUDQVDFULILFDGDVOHVWiQPRPLILFDGRVOIXH
OD~QLFDFLYLOL]DFLyQOVHH&KDSWHU
6HHIRUIXUWKHULQIRUPDWLRQ
%XWWSS
%XWWDQG%HQMDPtQSS
.DWWiQ,EDUUDDQG3RXQWDLQSS
0XxR]DQG7KDFNHUSS
(;(5&,6(6
&RPSOHWHWKHWH[WVE\SXWWLQJWKHDSSURSULDWHHQGLQJWRWKHDGMHFWLYHV
D+D\UHVWRVLQFDLFBBBBHQWRGRVORVSDtVHVDQGLQBBBBGH6XGDPpULFD0XFKRVVHSUHJXQWDQFyPR
IXHSRVLEOHIXQGDUXQDFLYLOL]DFLyQWDQDYDQ]DGBBBBHQXQDUHJLyQWDQPRQWDxRVBBBBHLQKyVSLW
BBBB3HURFLYLOL]DFLRQHVDQWHULRUBBBBDODLQFDLFBBBBWDPELpQWHQtDQFXOWXUDVULFBBBBH
LQWHUHVDQWHBBBB
(QORV$QGHVODVFRPXQLFDFLRQHVSDUHFHQLPSRVLEOHBBBBSHURHQORVWLHPSRVLQFDLFH[LVWtDQGRV
FDUUHWHUDVSULQFLSDOPX\EXHQBBBBTXHHQOD]DEDQHOH[WUHPBBBBQRUWHGHOLPSHULRFRQODVUHJLRQHV
VXUHxBBBB
(QORVWHPSORVGH&X]FRODFDSLWDOGHOLPSHULRKDEtDDGRUQRV\HVWDWXDVFXELHUWBBBBGHRUR
'HVSXpVGHVXODUJBBBB\SHOLJURVBBBBSHULSORORVFRQTXLVWDGRUHVHVSDxROBBBBOOHJDURQD&X]FR
FDQVDGBBBBKDPEULHQWBBBB\WHPHURVBBBB&XDQGRYLHURQORVVXQWXRVBBBBWHPSORV\SDODFLRV
GHORV,QFDVVHTXHGDURQWRWDOPHQWHSDVPDGBBBB
E/DPXMHUTXHGLRYLGDDODXWRPyYLOIXHXQDLQWUpSLGPXMHUDOHPDQHVSRVDGH.DUO%HQ]UHFRQRFLG
BBBBSRUPXFKRVFRPRHOSDGUHGHOFRFKH
$SULQFLSLRVGH%HQ]SDWHQWyXQWULFLFORPRWRUL]DGBBBB\HQORVPHVHVVLJXLHQWBBBB
FRQVWUX\yGRVYHKtFXORVPRWRUL]DGPiVSHURFRPRpVWRVQRUHFRUULHURQPiVTXHWUD\HFWRVFRUW
BBBBQRSDVDURQDVHUH[SHULPHQWDOBBBBSRUORVFXDOHVQDGLHPRVWUyLQWHUpVDOJXQBBBB
3URQWRODIDPLOLDVHHQFRQWUyHQXQDVLWXDFLyQHFRQyPLFBBBBSpVLPBBBB\%HQ]VHVHQWtDPX\
DEDWLGBBBB6LQHPEDUJRVXPXMHUQRHVWDEDGLVSXHVWBBBBDUHQGLUVH(QODPDGUXJDGDGHOGH
DJRVWRGHD\XGDGBBBBSRUVXVGRVKLMRV\VLQGHVSHUWDUDVXPDULGRGRUPLGBBBB%HUWKD
5LQJHUFRQHVStULWXYDOLHQWBBBB\DYHQWXUHUBBBBHPSUHQGLyVXYLDMHWDQKLVWyULFBBBBDFDVDGH
VXPDGUH
6LQVDEHUELHQHOFDPLQRKLFLHURQJUDQGBBBBURGHRVBBBBSRU]RQDVPRQWDxRVVLHPSUHJXLDG
SRUQRPEUHVGHSXHEORVTXHOHVUHVXOWDURQIDPLOLDUHVKDVWDOOHJDUFRQODV~OWLPBBBBOXFHVGHOGtD
DVXGHVWLQR
0RVWUiQGRVHWDQDWUHYLGBBBBFRPRHPSUHQGHGRUBBBB%HUWKD5LQJHUSXGRVXSHUDUORVYDUL
SUREOHPDVPHFiQLFBBBBLQKHUHQWBBBBDXQYHKtFXORUXGLPHQWDULBBBBTXHPX\SRFRWHQtDTXHYHU
FRQODVOXMRVEHUOLQDVDFWXDOGH0HUFHGHV%HQ]
1RREVWDQWHORVSULPHUBBBBWULFLFORVIDEULFDGBBBBSRUODFDVD%HQ]\ORVQXHYBBBB0HUFHGHV
FODVH6ORVPiVOXMRVBBBB\ORVTXHOOHYDQORVPD\RUBBBBDYDQFHVWHFQROyJLFBBBBGHODPDUFD
DOHPDQBBBBFRPSDUWHQXQDPLVPBBBBFDUDFWHUtVWLFDFDGDXQRHQVXGtDIXH\HVXQQXHYBBBB\
UHYROXFLRQDULBBBBPHGLRGHWUDQVSRUWH
0DNHWKHDGMHFWLYHLQEUDFNHWVDJUHHZLWKWKHQRXQ<RXPD\ZDQWWRUHIHUWR&KDSWHU$UWLFOHV
8VDJHEHIRUH\RXEHJLQ
D/DFRPSDxtDVHOODPD$JXDV&RUGREpVBB
E(OiJXLODSHVFDGRUBBBBHVXQDYHSURWHJLGRBB
F(ODODL]TXLHUGRGHOSDUWLGRHVWiHQGHFDGHQFLD
G7HQJRXQKDPEUHWUHPHQGR
H+R\WHQHPRVODFODVHHQHODXODSHTXHxR
I9XHVWUDKLMDHVXQKDGDHQFDQWDGRU
J7RGRVHVWRVHVWXGLDQWHVVRQGHKDEODSRODFR
K9DJDEXQGHDEDSRUODFLXGDGFRPRXQDOPDSHUGLGR
L0DULVROTXLHUHHVWXGLDUDUWHVSOiVWLFRVHQ&DVWHOOyQ
M(OiUHDPHWURSROLWDQRGH/RVQJHOHVHVPX\H[WHQGLGD
&RPSOHWHWKHVHQWHQFHVFKDQJLQJWKHDGMHFWLYHWRDJUHHZLWKWKHQHZVXEMHFW
D-XOLRHVPX\WUDEDMDGRU-XOLDHVBBBB
E(OQLxRHVGRUPLOyQ/DVQLxDVVRQ
F(VXQDUHYLVWDMXYHQLO6RQUHYLVWDVBBBB
G3HSHHVSDUODQFKtQ6XVDQDHVBBBB
H0DUtDHVEDVWDQWHKROJD]DQD-XDQLWRHVBBBB
I)HOL]FXPSOHDxRVBBBBILHVWDV
J/DSURIHVRUDHVEXUORQD(OSURIHVRUHVBBBB
K(VPLKHUPDQRPD\RU6RQPLVKHUPDQRVBBBB
L/OHYDXQSDQWDOyQD]XO/OHYDXQSDQWDOyQ\XQDFKDTXHWDBBBB
M0LDPLJRHVDOHPiQ0LDPLJDHVBBBB
N/HHXQDQRYHODURVD/HHQRYHODVBBBB
O&RPSUyXQOLEURHVSDxRO&RPSUyXQOLEUR\XQDUHYLVWDBBBB
&URVVRXWWKHLQFRUUHFWSDUWRIWKHVHQWHQFH
D)XLPRVDFRPHUDXQLWDOLDQRUHVWDXUDQWHUHVWDXUDQWHLWDOLDQR
E(OKRVWDOHVWDEDHQHOWHUFHUWHUFHURSLVR
F&DUORVHVXQPX\EXHQREXHQDPLJR
G6LXVWHGHVWLHQHQDOJ~QDOJXQRSUREOHPDQRGHMHQGHSRQHUVHHQFRQWDFWRFRQQRVRWURV
H9LYHQHQXQDJUDQGHFDVDXQDFDVDJUDQGHFRQSOD\DSULYDGDSULYDGDSOD\D
I0DULDQRIXHHOSULPHUSULPHURHQOOHJDU
J1RVHDVWDQPDOPDOD
K(OGLFFLRQDULRPHFRVWyODWHUFHUWHUFHUDSDUWHGHPLVXHOGR
L$OJXQRDOJ~QGtDYHQGUiDYLVLWDUPH
M1XHYD<RUNHVXQDJUDQGHJUDQFLXGDGFRVPRSyOLWD
N(OLPSRQHQWHSDODFLRUHDOUHDOSDODFLRIXHREUDGH&KXUULDJD
O(OSULPHUSULPHURGtDQRKLFLPRVQDGDHVSHFLDO
5HDGWKLVVKRUWWH[WDQGFRUUHFWWKHILIWHHQPLVWDNHVLQDGMHFWLYHDJUHHPHQWWREHIRXQGLQLW
%XUJRVDQWLJXRFDSLWDOGH&DVWLOODHVWiVLWXDGRHQHOQRUWHGH(VSDxDHQWUH0DGULG\6DQWDQGHU(V
XQDFLXGDGPX\KLVWyULFD\SRUHVRWXUtVWLFR6XSULQFLSDOPRQXPHQWRHVODFDWHGUDOXQDGHODVPiV
EHOOD\UHSUHVHQWDWLYDGHOSDtV$TXtHVWiHQWHUUDGR5RGULJR'tD]GH9LYDUTXHHUDXQQREOHGHODFRUWH
FDVWHOODQRDILQDOHVGHOVLJOR;,\FX\DYLGDHVWiLQPRUWDOL]DGRHQ(O&DQWDUGH0tR&LGXQRGHORV
SRHPDVpSLFDVPiVLPSRUWDQWHGHODOLWHUDWXUDPHGLHYDOHVSDxRO
(OSRHPDQDUUDODKLVWRULDGHHVWHKpURHGHVGHVXGHVWLHUURIRU]DGRGH&DVWLOODKDVWDVXPXHUWHHQ
9DOHQFLD\FyPRSRUVXVKD]DxDVJXHUUHURVOOHJyDVHUULFRIDPRVR\SRGHURVRWHPLGR\UHVSHWDGR
SRUVXVHQHPLJRV\DPRURV\DFULVWLDQRV
/DUHFLpQLQDXJXUDGR5XWDGHO&LGQRVSHUPLWHVHJXLUORVSDVRVGHHVWHJXHUUHURDWUHYLGRGHVGHVX
VDOLGDODFULPRVRGH%XUJRVFXDQGR\DHQODVDIXHUDVVHYROYLySDUDFRQWHPSODUSRU~OWLPRYH]HVWD
FLXGDGWDQKHUPRVR
7KHIROORZLQJLVDQH[WUDFWIURPDORQJHUPDJD]LQHDUWLFOHFDOOHG5HWUDWRGHOQXHYRHVSDxRODERXW
WKHFKDQJLQJOLIHVW\OHRIWKH6SDQLVKPDOH)LOOLQHDFKEODQNZLWKDQDGMHFWLYHIURPWKHOLVWEHORZ
DOJXQRV
PXFKDV
QXHYR
QXHYR
HVSDxRO
PD\RU
JXDSR
MyYHQHV
EXHQD
UHYROXFLRQDULR
PDFKLVWDV
OLEUH
VRORV
YLHMRV
<SRUVLIXHUDSRFRKDVXUJLGRXQFRPSHWLGRUFRQIDOGDV/DLQFRUSRUDFLyQGHODPXMHUDODDFWLYLGDG
IXHUDGHFDVDKDVLGRRWURHOHPHQWRBBDBBSDUDHOYDUyQEBB>@(OHVSDxROHQIDVHGH
DGDSWDFLyQWLHQHTXHWRPDUFRQFLHQFLDGHTXHHVPX\GLItFLOPDQWHQHUBBFBBFRPSRUWDPLHQWRVBBG
BBWDQWRHQFDVDFRPRHQHOWUDEDMR>@
$IRUWXQDGDPHQWHHOBBHBBHVSDxROWDPELpQGLVSRQHGHBBIBBUDWRVGHRFLR8QDBBBBJBBSDUWH
GHOWLHPSRBBKBB>@ORLQYLHUWHHQVXFXHUSR(OBBLBBHVSDxROTXLHUHHVWDUM>@2WUD
QRYHGDGORVKRPEUHVVXHOHQLUDKRUDNDFRPSUDUVXURSD>@+R\HQOFDVDVGHPDWULPRQLRV
PHOYHVWXDULRGHpORFXSDQHVSDFLRTXHHOGHHOOD
5HYLVWD7LHPSR(VSDxD
7UDQVODWHWKHVHVHQWHQFHVLQWR6SDQLVK
D,WVHHPVLQFUHGLEOHWKDWDFLYLOLVDWLRQZKLFKGLGQRWNQRZWKHZKHHOFRXOGEHVRDGYDQFHGEXWWKH
,QFDFLYLOLVDWLRQZDVKLJKO\GHYHORSHGLQHYHU\DVSHFW
E7KHLUURDGVZKLFKFURVVHGKLJKPRXQWDLQVDQGGHHSYDOOH\VZHUHPDLQWDLQHGE\DVPDOODUP\RI
HQJLQHHUVDQGVRZHUHDOZD\VLQJRRGFRQGLWLRQ
F7KHLUIDPRXVWHUUDFHVZKLFKZHUHZDWHUHGE\DQH[WHQVLYHV\VWHPRIFDQDOVWXUQHGWKHVWHHS
PRXQWDLQVLGHVLQWRIHUWLOHILHOGV
G:LWKRXWWKHKHOSRIVRSKLVWLFDWHGPDFKLQHU\EXWZLWKSHUIHFWWHFKQLTXHWKH\FRQVWUXFWHGKXJH
EXLOGLQJVRIHQRUPRXVVWRQHV
H7KHLUFUDIWVPHQXVHGOODPDDQGYLFXxDZRROWRZHDYHH[TXLVLWHFORWKDQGZLWKJROGDQGVLOYHUWKH\
PDGHEHDXWLIXODQGLQWULFDWHRUQDPHQWVDQGMHZHOOHU\
I7KHPRGHUQFDUKDVOLWWOHLQFRPPRQZLWKWKHVPDOOEODFNFDUVPDQXIDFWXUHGE\0U%HQ]DQG0U
)RUG
J1RZDGD\VDQH[WHQVLYHUDQJHRIQHZDQGXVHGFDUVHQDEOHVXVWRFKRRVHDFDUDSSURSULDWHWRRXU
QHHGV
K6RPHFDUVOLNHWKHOHJHQGDU\9RONVZDJHQ%HHWOHQRZKDYHPRGHUQDQGHIILFLHQWHQJLQHHULQJEXW
NHHSWKHVKDSHVRIWKHRULJLQDOPRGHOV
L&RPSHWLWLRQEHWZHHQPRWRUFDUPDQXIDFWXUHUVLVILHUFHDQGWKHELJFKDOOHQJHRIWKHGHVLJQHUVLVWR
EHFUHDWLYHLPDJLQDWLYHDQGYLVLRQDU\
M7KHFDUVRIWKHIXWXUHZLOOEHFOHDQWKDWLVWKH\ZLOOEHHQYLURQPHQWDOO\IULHQGO\WKH\ZLOOEH
LQWHOOLJHQWFDSDEOHRIWDNLQJWKHLURZQGHFLVLRQVDQGWKH\ZLOOEHSHUVRQDOLVHG
8VHDGMHFWLYHVWRDQVZHUWKHVHTXHVWLRQV
D&yPRHVWXPHMRUDPLJRD"
E(QWXRSLQLyQFyPRHVHOHVSDxROKLVSDQRDPHULFDQRWtSLFR"
F&yPRVHUtDWXFDVDLGHDO"
G&yPRVHUiHOFRFKHGHOIXWXUR"
7KLQNRIDSODFH\RXNQRZDQGOLNHVXIILFLHQWO\ZHOOWRZULWHDGHVFULSWLRQRILWJLYLQJLQIRUPDWLRQRQ
IRUH[DPSOHLWVORFDWLRQZKDWLWLVOLNHWKHSODFHVRILQWHUHVWIDFLOLWLHV
$GYHUEV
7H[W
7KHSUREOHPRIXQHPSOR\PHQWDPRQJ\RXQJ6SDQLVKSHRSOHLVLOOXVWUDWHGEHORZWKURXJKDSHUVRQDOVWRU\
7KHJUDPPDULQWKHWH[WIRFXVHVRQWKHXVHRIDGYHUEVZRUGVZKLFKSURYLGHPRUHLQIRUPDWLRQDERXWYHUEV
DGMHFWLYHVRURWKHUDGYHUEV
9HLQWLRFKRDxRV\HQSDUR
-DLPH0WLHQHYHLQWLRFKRDxRVODFDUUHUDGH(PSUHVDULDOHVXQPDVWHUUHDOL]DGRHQXQDXQLYHUVLGDG
EULWiQLFDKDEOD\HVFULEHSHUIHFWDPHQWHLQJOpV
KDEOD\HVFULEHPHQRVSHUIHFWDPHQWHIUDQFpV([WURYHUWLGRVLPSiWLFR~OWLPDPHQWH\DQRORHV
WDQWR1XQFDKDFRQVHJXLGRXQHPSOHR1RVDEHORTXHHVWUDEDMDUHQXQDRILFLQDHQXQ
GHVSDFKRWHQHUXQMHIHRXQFRPSDxHURFRQHOTXHFRPSDUWLUSUREOHPDV1RHQFXHQWUDHPSOHRQL
VLTXLHUDDWLHPSRSDUFLDO(QXQRVVLWLRVOHH[LJHQH[SHULHQFLDHQRWURVFUHHQTXHFRQVXV
WtWXORVPHUHFHPiVGHORTXHOHSXHGHQGDU\-DLPH0HVWiGHVHVSHUDGRWRWDO\DEVROXWDPHQWH
GHVHVSHUDGR6XVSDGUHVTXHOHKDQDSR\DGRHPSLH]DQDDJRELDUVHDOYHUOHHQFDVD<DXQTXH
RWURVDPLJRVVX\RVHVWiQWDPELpQVLQWUDEDMR\YLYHQWRGDYtDHQODFDVDIDPLOLDUSRUTXHQRHQFXHQWUDQ
VDOLGDSURIHVLRQDOGHQLQJ~QWLSRDOFDERGHOWLHPSRKDVWDORVSDGUHVGH-DLPH
VLHPSUHWDQFRPSUHQVLYRVVLHPSUHWDQGLVSXHVWRVDDQLPDUOHVLHPSUHWDQFDULxRVRVFRPLHQ]DQD
PRVWUDUVHLQFyPRGRVSRUVXSUHVHQFLDSHUPDQHQWH
-DLPH0QRHVXQDH[FHSFLyQ&RQ
WtWXOR\VLQWtWXORODVFLIUDVRILFLDOHVFRQILUPDQTXHHOYHLQWHSRUFLHQWRGHORVSDUDGRVVRQMyYHQHVTXH
QRKDQFRQVHJXLGRMDPiVXQHPSOHR6LWULVWHHVHOFDVRGHOSDGUHGHIDPLOLDTXHHQOD
FXDUHQWHQDVHTXHGDHQODFDOOHFRQHVFDVDVSRVLELOLGDGHVGHYROYHUDHQFRQWUDUXQWUDEDMRWUHPHQGR
HVWDPELpQTXHQXHVWURVMyYHQHVQRFRQVLJDQDFFHGHUDXQHPSOHR\VHOHV
YHQJDHOWLHPSRHQFLPDVLQKDEHUFRQRFLGRORTXHHVXQKRUDULRXQDPHVDGHGHVSDFKRXQWDOOHURXQ
EDODQFH/D)RUPDFLyQ3URIHVLRQDOKDGDGRVDOLGDDEDVWDQWHVMyYHQHV\VHKD
GHPRVWUDGRXQDIyUPXODEDVWDQWHDFHSWDEOHGHFRORFDFLyQSHURQRFXEUHODVH[SHFWDWLYDVGHDTXpOORV
TXHGHVHDQDFFHGHUDXQDVSURIHVLRQHVGHFDUiFWHUHPEDUJRQRVDEHQTXpKDFHUSDUDXQLYHUVLWDULRQL
WDPSRFRRIUHFHQOD
SRVLELOLGDGGHWUDEDMRVHJXUR
-DLPH0SRUVLOHVLQWHUHVDVHHQFXHQWUDEDMRWUDWDPLHQWRSVLTXLiWULFR6XVSDGUHVSXHGHQSDJDUOR
2WURVVLQHPEDUJRQRVDEHQTXpKDFHUSDUD
OXFKDUFRQWUDODGHSUHVLyQGHORVKLMRVTXHYLYHQFRQODREVHVLyQGHFRQVHJXLUXQSULPHUHPSOHRWHQHU
VXFDVDIRUPDUVXIDPLOLD\HVSHFLDOPHQWHYLYLUVXSURSLDYLGD
5HYLVWD%ODQFR\1HJUR'LDULR$%&(VSDxD
$GYHUEV
$GYHUEVDUHZRUGVWKDWDGGLQIRUPDWLRQDERXWYHUEVDGMHFWLYHVRURWKHUDGYHUEV
KDEOD\HVFULEHSHUIHFWDPHQWHLQJOpVOKHVSHDNVDQGZULWHV(QJOLVKSHUIHFWO\
WRWDO\DEVROXWDPHQWHGHVHVSHUDGROWRWDOO\DQGDEVROXWHO\GHVSHUDWH
KDEOD\HVFULEHPHQRVSHUIHFWDPHQWHIUDQFpVOKHVSHDNVDQGZULWHV)UHQFKOHVV
SHUIHFWO\
7KHUHDUHPDQ\GLIIHUHQWW\SHVDQGFDWHJRULHVRIDGYHUEVDV\RXZLOOVHHIURPWKHQRWHVEHORZZKLFKDOVR
FRYHUWKHLUXVH
$'9(5%6(1',1*,10(17(
$GYHUEVFDQEHIRUPHGE\DGGLQJWKHVXIIL[PHQWHWRWKHIHPLQLQHVLQJXODUIRUPRIWKHDGMHFWLYHIRU
H[DPSOHSHUIHFWRPDVFXOLQHVLQJXODUDGMHFWLYHSHUIHFWDIHPLQLQHVLQJXODUDGMHFWLYHSHUIHFWDPHQWH
DGYHUEOSHUIHFWO\$GMHFWLYHVZLWKRXWDVSHFLDOIHPLQLQHIRUPVLPSO\DGGPHQWHWRWKHVLQJXODU
IRUPIRUH[DPSOHHVSHFLDODGMHFWLYHHVSHFLDOPHQWHDGYHUEOHVSHFLDOO\1RWHWKDWWKHVXIIL[
PHQWHFRUUHVSRQGVWRWKH(QJOLVKHQGLQJO\
$GYHUEVHQGLQJLQPHQWHNHHSWKHZULWWHQDFFHQWRIWKHDGMHFWLYHHJIiFLODGMHFWLYHIiFLOPHQWH
DGYHUEHDVLO\HFRQyPLFDDGMHFWLYHHFRQyPLFDPHQWHDGYHUEHFRQRPLFDOO\
,QDVHTXHQFHRIWZRRUPRUHDGYHUEVRIWKLVNLQGMRLQHGE\DFRQMXQFWLRQRQO\WKHODVWRQHFDUULHVWKH
HQGLQJPHQWHHJWRWDO\DEVROXWDPHQWHOWRWDOO\DQGDEVROXWHO\
$'9(5%,$/3+5$6(6
2YHUXVHRIDGYHUEVLQPHQWHLVFRQVLGHUHGFOXPV\LQ6SDQLVK,QRUGHUWRDYRLGWKLVXVHDGYHUELDO
SKUDVHVOLNHWKHIROORZLQJDOORIWKHPIROORZHGE\DQDGMHFWLYH
GHPDQHUDIHPLQLQHUiSLGDIRUUiSLGDPHQWHUDSLGO\
GHIRUPDIHPLQLQHOHQWDIRUOHQWDPHQWHVORZO\
GHPRGRPDVFXOLQHVLOHQFLRVRIRUVLOHQFLRVDPHQWHVLOHQWO\TXLHWO\
1RWHDOVRWKHXVHRIWKHSUHSRVLWLRQFRQIROORZHGE\DQRXQ
FRQWUDQTXLOLGDGIRUWUDQTXLODPHQWHTXLHWO\
FRQDVWXFLDIRUDVWXWDPHQWHFOHYHUO\DVWXWHO\
7KHUHDUHDODUJHQXPEHURIDGYHUELDOSKUDVHVLQ6SDQLVKQRWDOOUHODWHGWRDGMHFWLYHVIRUH[DPSOHD
HVFRQGLGDVVHFUHWO\DODIXHU]DE\IRUFHDRVFXUDVLQWKHGDUNFRQFDXWHODFDXWLRXVO\GHFRVWXPEUH
XVXDOO\GHPHPRULDE\KHDUWHQFDPELRRQWKHRWKHUKDQGVLQFXLGDGRFDUHOHVVO\
6,1*/(:25',19$5,$%/($'9(5%6
$ODUJHQXPEHURIDGYHUEVLQ6SDQLVKDUHVLQJOHLQYDULDEOHZRUGVXQUHODWHGWRDGMHFWLYHVIRUH[DPSOH
OXHJRODWHURQWKHQGHQWURLQVLGHLJXDOWKHVDPH)RUIXUWKHUH[DPSOHVVHH&DWHJRULHVRIDGYHUEV
EHORZ
$'-(&7,9(686('$6$'9(5%6
$VPDOOQXPEHURIDGMHFWLYHVFDQDOVRIXQFWLRQDVDGYHUEVHJUiSLGRGXUREDUDWR
&RQGXFHPX\UiSLGR+HVKHGULYHVYHU\TXLFNO\
7UDEDMDURQGXUR7KH\ZRUNHGKDUG
0HORYHQGLyPX\EDUDWR+HVKHVROGLWWRPHYHU\FKHDSO\
&$7(*25,(62)$'9(5%6
$GYHUEVDQGDGYHUELDOSKUDVHVFDQEHJURXSHGDFFRUGLQJWRWKHLUPHDQLQJRUWKHNLQGRILQIRUPDWLRQWKH\
SURYLGHDERXWWKHZRUGWKH\PRGLI\$PRQJWKHGLIIHUHQWFDWHJRULHVZHILQGWKHIROORZLQJ7KHH[DPSOHV
KHUHLQFOXGHPRVWO\VLQJOHZRUGLQYDULDEOHDGYHUEV
D$GYHUEVRIWLPHIRUH[DPSOHDKRUDQRZDQWHVEHIRUHGHVSXpVDIWHUVLHPSUHODOZD\VQXQFD
OMDPiVOQHYHUKR\WRGD\PDxDQDWRPRUURZD\HU\HVWHUGD\D~QWRGDYtDOVWLOO
\HWUHFLHQWHPHQWHUHFHQWO\~OWLPDPHQWHOODWHO\UHFHQWO\\DDOUHDG\\DQROQRORQJHU
QRWDQ\PRUHDPHQXGRRIWHQDWLHPSRLQWLPH
E$GYHUEVRIPDQQHUVXFKDVDVtWKLVZD\WKXVFDVLDOPRVWELHQZHOOPDOEDGO\GHVSDFLRVORZO\
$PRQJWKHVHZHDOVRILQGDQXPEHURIDGYHUEVHQGLQJLQPHQWHIRUH[DPSOHSHUIHFWDPHQWHO
SHUIHFWO\WRWDOPHQWHOWRWDOO\DEVROXWDPHQWHODEVROXWHO\1RWHDOVRDGYHUELDO
SKUDVHVVXFKDVDPDQRE\KDQGFRQVROWXUDZLWKHDVH
F$GYHUEVRIGHJUHHIRUH[DPSOHEDVWDQWHOTXLWHHQRXJKGHPDVLDGRWRRPXFKPiVO
PRUHPHQRVOOHVVPXFKRYHU\PXFKPX\YHU\WDQOVRWDQWROVRPXFKDV
PXFK
G$GYHUEVRISODFHDPRQJWKHPDEDMRGRZQEHORZGHEDMRXQGHUQHDWKDUULEDDERYHHQFLPDDERYH
RQWRSDTXtKHUHDKtWKHUHDOOtWKHUHDFiKHUHDOOiWKHUHDGHODQWHIRUZDUGVGHODQWHLQIURQW
DWUiVEDFNZDUGVGHWUiVEHKLQGFHUFDQHDUE\OHMRVIDU
H$GYHUEVRIDIILUPDWLRQQHJDWLRQDQGGRXEWIRUH[DPSOHVt\HVFODURFHUWDLQO\WDPELpQO
DOVRQROQRQDGDQRWKLQJWDPSRFROQHLWKHUQRWHLWKHUDORPHMRUTXL]iVWDO
YH]SHUKDSV
326,7,212)$'9(5%6
$GYHUEVQRUPDOO\DGMRLQWKHZRUGWKH\PRGLI\HLWKHUSUHFHGLQJRUIROORZLQJWKLV:LWKYHUEVWKHXVXDO
SRVLWLRQLVDIWHULWEXWIRUHPSKDVLVDQDGYHUEPD\FRPHEHIRUHWKHYHUE&RPSDUH
1XQFDKDFRQVHJXLGRXQHPSOHRO+H
VQHYHUJRWDMRE
QRKDQFRQVHJXLGRMDPiVXQHPSOHROWKH\
YHQHYHUJRWDMRE
1RWHWKDWLQWKHSUHYLRXV(QJOLVKVHQWHQFHVWKHDGYHUEQHYHUFRPHVEHWZHHQWKHDX[LOLDU\YHUEWRKDYH
DQGWKHSDUWLFLSOH,Q6SDQLVKDQDGYHUEPXVWQRWVSOLWDQDX[LOLDU\IURPDSDUWLFLSOHRUDQLQILQLWLYH6RD
VHQWHQFHVXFKDV:H
UHFHUWDLQO\JRLQJWRGRLWWUDQVODWHVLQWZRSRVVLEOHZD\V3RUVXSXHVWRTXHYDPRV
DKDFHUORRU9DPRVDKDFHUORSRUVXSXHVWR
)RUFRPSDULVRQRIDGYHUEVVHH&KDSWHU
2WKHUSRLQWVWRQRWHLQWKHWH[W
1HJDWLRQ\DQROQXQFDOQRVDEHOQLVLTXLHUDOGHQLQJ~QWLSROLQFyPRGRV
OQRKDQFRQVHJXLGRMDPiVOQLWDPSRFROHWFVHH&KDSWHU
'LUHFWDQGLQGLUHFWREMHFWSURQRXQV7KHUHDUHDQXPEHURIH[DPSOHVRIWKLUGSHUVRQREMHFWSURQRXQVLQWKH
WH[WDPRQJWKHVHQRORHVOOHH[LJHQOOHSXHGHQGDUOHWFVHH&KDSWHU
6HUDQGHVWDU\DQRORHVOQRVDEHORTXHHVOHVWiGHVHVSHUDGROHVWiQVLQWUDEDMR
OHWFVHH&KDSWHU
3HUIHFWWHQVHQXQFDKDFRQVHJXLGROOHKDQDSR\DGROQRKDQFRQVHJXLGRMDPiVO
HWFVHH&KDSWHU
6HHIRUIXUWKHULQIRUPDWLRQ
%XWWSS
%XWWDQG%HQMDPLQSS.DWWiQ,EDUUDDQG
3RXQWDLQSS
0XxR]DQG7KDFNHUSS
(;(5&,6(6
&RUUHFWWKHVHQWHQFHE\IRUPLQJDQDGYHUEZLWKPHQWHIURPWKHZRUGLQLWDOLFV
D6DEHQSHUIHFWRBBBBBBBBTXHQRSRGHPRVDOFDQ]DUORV
E6DOLPRVLQPHGLDWRBBBBBBBBGHVSXpVGHXVWHGHV
F6LWHQLHJDVDVRPHWHUWHDODSUXHEDTXHGDVDXWRPiWLFRBBBBBBBBGHVFDOLILFDGR
G6HHVSROYRUHDQODVIUHVDVOLJHURBBBBBBBBGHD]~FDU
H&yPSUDPHXQOLWURGHOHFKHSUHIHUHQWHBBBBBBBBGHVQDWDGD
I1RSRGtDTXHMDUVHGHpOKDEOyFRUWpVBBBBBBBB\VHSRUWyFRUUHFWRBBBBBBBB
J(VDEVROXWRBBBBBBBBBBBDEVXUGRSHQVDUDVt
K(OVHxRU$EDGKDEOyIUDQFRBBBBBBB\VLQFHURBBBBBBBBB\DOILQDOGHVXGLVFXUVRUHFLELyXQJUDQ
DSODXVR
L-RVpHVHOHPSOHDGRLGHDOWUDEDMDUiSLGRBBBBBBB\FRQFLHQ]XGRBBBBBBBBB
MOWLPRBBBBBBBBBBVHFRPSRUWDGHXQDPDQHUDFRPSOHWRBBBBBBBBBBBUDUD\DWtSLFD
N3RUPLHGRDSLVDUPLQDVORVVROGDGRVDYDQ]DURQOHQWRBBBBBBBBB\SUXGHQWHBBBBBB
O4XHGDGHILQLWLYRBBBBBBBBBBBBSURKLELGRIXPDUHQiUHDVS~EOLFDVHQHVWHSDtV
/LQNWKHDGYHUEWRWKHDGYHUELDOSKUDVHZLWKWKHVDPHPHDQLQJ
DREYLDPHQWHGHFRVWXPEUH
EWULVWHPHQWHSRU~OWLPR
FILQDOPHQWHSRUORJHQHUDO
GFLHUWDPHQWHHQHIHFWR
HGLItFLOPHQWHHQVHFUHWR
ILQGXGDEOHPHQWHFRQWULVWH]D
JKDELWXDOPHQWHFRQGLILFXOWDG
KHIHFWLYDPHQWHSRUVXSXHVWR
LVHFUHWDPHQWHVLQGXGD
MJHQHUDOPHQWHSRUFLHUWR
5HSODFHWKHDGYHUEHQGLQJZLWKPHQWHZLWKDQDGYHUELDOSKUDVH
D(VWRVHKDFHIiFLOPHQWH
E1RWRPHVODVFRVDVWDQVHULDPHQWH
F(OSHUURODGUyPX\IHUR]PHQWH
G1RQRVSRGHPRVTXHMDUQRVUHFLELHURQPX\DPDEOHPHQWH
H(VWDPRVPX\RUJXOORVRVGHWL(QWRGRPRPHQWRWHKDVSRUWDGRSUXGHQWHPHQWH
I'HVJUDFLDGDPHQWH3HSHSHUGLyWRGRVVXVDKRUURVHQOD%ROVD\WXYRTXHYHQGHUHOSLVR
J(VWRVVHxRUHVVLHPSUHDFW~DQFDXWHORVDPHQWH
K9DQDPHQWHLQWHQWyFRQYHQFHUDVXSDGUHGHTXHQRKDEtDKHFKRQDGDPDOR
L)UHFXHQWHPHQWHORVWXULVWDVQRVSUHJXQWDQSRUTXpQRKD\JXtDVHQVXOHQJXD
M6HOHYDQWyUHSHQWLQDPHQWH\VHxDOyODSXHUWD
N9DPRVDFRQVLGHUDUODVFRVDVVHSDUDGDPHQWH
O+D\TXHUHFRQRFHUTXHDQWHODQRWLFLD/DXUDUHDFFLRQyUD]RQDEOHPHQWH
7UDQVODWHWKHIROORZLQJVHQWHQFHVLQWR6SDQLVKXVLQJERWKDGYHUEVDQGDGYHUELDOSKUDVHVZKHUH
DSSURSULDWH
D7KHGRRUVXGGHQO\RSHQHGDQGLQZDONHG-RUJH
E<RXPXVWSDFNWKHYDVHFDUHIXOO\
F+HJHQHURXVO\VKDUHGDOOKHKDGZKLFKZDVQRWYHU\PXFK
G,QpVZURWHWR5RGULJRDQGKHUHSOLHGLPPHGLDWHO\ZLWKDORYHO\OHWWHU
H,WLVXQGRXEWHGO\DJRRGLGHDWRPDNHWKHILUVWPRYH
I,WUHDOO\LVDVKDPHWKDWWKLQJVDUHWKHZD\WKH\DUH
J:KHQKHZDVDVNHGWKHTXHVWLRQ*DEULHOVDLGGU\O\,GRQ
WNQRZDQ\WKLQJDERXWWKDW
K'XULQJWKHGLFWDWRUVKLS)HOLSHHQWHUHGWKHFRXQWU\VHFUHWO\WKUHHRUIRXUWLPHV
L*HQHUDOO\\RXQJSHRSOHGRQ
WOHDYHKRPHDQ\PRUHZKHQWKH\ILQLVKWKHLUVWXGLHV
M7KHURXQGDERXWEHJDQWRWXUQVORZO\DWILUVWWKHQYHU\UDSLGO\
&RPSOHWHWKHVHQWHQFHVZLWKRQHRIWKHDGYHUEVRISODFHJLYHQEHORZ
DEDMR
DUULED
GHQWUR
DGHODQWH
DWUiV
GHWUiV
DKt
FHUFD
HQFLPD
DOOt
GHEDMR
IXHUD
DTXt
GHODQWH
OHMRV
D'yQGHHVWiQORVVHUYLFLRV"
3DUDODVVHxRUDVBBBBBBBB6XEDSRUHVDVHVFDOHUDV/RVGHORVVHxRUHVHVWiQBBBBBBBBHQHO
VyWDQR
E(VFXULRVRSHURVLDWLQRWHJXVWDQORVJDWRVHOORVORVDEHQ\VLHPSUHVHWHVLHQWDQBBBBBBBB
F(QHOFRFKHORVSDGUHVYLDMDQBBBBBBBB\ORVQLxRVBBBBBBBB
G$GHODQWHJULWyHOVDUJHQWRDORVUHFOXWDVHOFXDUWHOQRHVWiBBBBBBBBHVWiBBBBBBBBDOD
YXHOWDGHODHVTXLQD
H(VWiHOVHxRU*DUFtD"
1R(VWDVHPDQDQRHVWiHVWiBBBBBBBB
I'yQGHKDVSXHVWRODVPDFHWDVTXHHVWDEDQHQODWHUUD]D"
BBBBBBBB$KRUDHVWiQHQHOJDUDMH
J4XLHUHVTXHSRQJDODVEROVDVBBBBBBBBHQHVWDPHVD"
1R3RQODVBBBBBBBBHQHOULQFyQ
K$SiUWHQVHXVWHGHV'HVGHBBBBBBBBQRVHDSUHFLDHOHVWLORGHOSLQWRU0iVBBBBBBBBVHYH
PXFKRPHMRUHOFXDGUR
L/RV%ODQFRYLYHQFHUFD"
4XpYD9LYHQBBBBBBBBPX\BBBBBBBBGHBBBBBBBB
M4XpELHQVHYHQODVHVWUHOODVHVWDQRFKH0LUDYHVBBBBBBBBOD&UX]GHO6XU"
N$XQTXHHPSH]yDQXEODUVHVLJXLHURQBBBBBBBBBBBKDVWDOOHJDUDOPLUDGRU
OBBBBBBBBHVWiQORV/ySH]HOORVYLYHQHQHOFXDUWRSLVR\QRVRWURVHQHOTXLQWR
&RPSOHWHWKHVHQWHQFHVZLWKRQHRIWKHDGYHUEVRIWLPHJLYHQEHORZ
BBBBBBBB-XOLRHVWDEDGHVHPSOHDGRSHURBBBBBBBBWUDEDMDHQXQDKDPEXUJXHVHUtD&RQWRGRVORV
HVWXGLRVTXHKDKHFKRBBBBBBBBSHQVyTXHOOHJDUtDDHVWRBBBBBBBBSHQVDEDTXHFRQORVWtWXORV
FRQVHJXLUtDXQEXHQHPSOHRXQHPSOHRELHQSDJDGR3HURQRHVWiGHVDQLPDGR
BBBBBBBBOHTXHGDODHVSHUDQ]DGHTXHDOJRPHMRUOHSXHGDVDOLU\BBBBBBBBYDDPDQGDUVXFXUUtFXOR
DDOJXQDVHPSUHVDV&RVDTXHKL]RBBBBBBBB\TXHKDUiBBBBBBBBWDPELpQ
&RPSOHWHWKHVHQWHQFHVZLWKRQHRIWKHDGYHUEVRIGHJUHHJLYHQEHORZ
D2WLOLDHVWiVDSUHQGLHQGRSRUWXJXpVYHUGDG"4XpWDOORKDEODV"
BBBBBBBBBBBBBBBB\DTXHHQUHDOLGDGQRHVWXGLRBBBBBBBB'HERHVIRU]DUPHBBBBBBBBOD
YHUGDG
E(OUHFXHUGRTXHWHQJRGH0DUtDHVGHFXiQWRFRPtD&RPtDBBBBBBBBTXHSHQVDEDTXHLEDD
UHYHQWDUVH
F&yPRWUDEDMD&RQVXHOR
6tHVYHUGDG7UDEDMDBBBBBBBB'HWRGRVQXHVWURVHPSOHDGRVHVODTXHBBBBBBBBWUDEDMD
1RFUHHTXHWUDEDMD"
G7HDFXHUGDVGHOSURIHVRUGHOLWHUDWXUD"+DEODEDPXFKRYHUGDG"
3XHVQRQRKDEODED
6tKRPEUHVt+DEODED
H1RVHSXHGHQHJDUTXHORVMyYHQHVYLYHQBBBB
%XHQRDOJXQRVBBBB\RWURVQRBBBBELHQ
7UDQVODWHWKHVHVHQWHQFHVLQWR6SDQLVK
D:HVKDOOEHOHDYLQJHDUO\WRPRUURZ
E7HUHVDUHDGDORWZKHQVKHZDVRQKROLGD\
F,WLVQRWDWDOOHDV\WRILQGDMREWKHVHGD\V
G3DFRZDVTXLWHLOOZKHQZHVDZKLP\HVWHUGD\
H7KHFDULQIURQWZDVJRLQJVRVORZO\WKDW,DOPRVWEXPSHGLQWRLW
I,QHYHUGLVFRYHUHGKLVVHFUHWQRWHYHQZKHQKHGLHG
J)LUVWZH
OOSDFNRXUEDJVWKHQZH
OOHDWDQGDIWHUZDUGVZH
OOJHWJRLQJ
K7KH\DUHZDONLQJWRRVORZO\WKH\
OOQHYHUDUULYH
L+HGLGLWTXLWHTXLFNO\EXWKHGLGQ
WGRLWEDGO\
M'RQ
WHDWDQ\PRUHDQGFRPHXSKHUH
)RUH[HUFLVHVZLWKDGYHUEVH[SUHVVLQJDIILUPDWLRQDQGQHJDWLRQVHH&KDSWHUIRUDGYHUEVH[SUHVVLQJ
SRVVLELOLW\VHH&KDSWHU
&RPSDULVRQ
7H[W
7H[WDQH[WUDFWIURPDQDUWLFOHLQD6SDQLVKPDJD]LQHORRNVDWWKH0HGLWHUUDQHDQGLHW7KHJUDPPDUKHUH
IRFXVHVRQWKHXVHRIFRPSDUDWLYHIRUPV
/DGLHWDPHGLWHUUiQHD
/DOODPDGDGLHWDPHGLWHUUiQHDHVWiGHPRGDDXQTXHKDVWDKDFHSRFRQRJR]DEDGHPX\EXHQD
UHSXWDFLyQ/RVPpGLFRV\QXWULyORJRVKDQGHVFXELHUWR
TXHHQORVSDtVHVPHGLWHUUiQHRVODLQFLGHQFLDGHHQIHUPHGDGHVHVPXFKRPHQRUTXHHQWLHUUDDGHQWUR
(Q0DGULGFRQYHUJHQWRGDVODVGLHWDVDXWRQyPLFDVGH(VSDxD/DGLHWDGHORV
PDGULOHxRVHVHTXLOLEUDGD\VDOXGDEOH\HVPHMRUTXHODGHOUHVWRGHFDSLWDOHVFRPXQLWDULDV1R
REVWDQWHORVPDGULOHxRVWRPDQPHQRVYHUGXUDVGHODVQHFHVDULDV\GHPDVLDGDVSURWHtQDV\
VDO&RPRFRPSOHPHQWRKD\TXHGHFLUTXHHQ0DGULGVHFRPHPHQRVSDQ\SDWDWDV\PiVIUXWD\
SHVFDGRVTXHHQRWUDVSDUWHVGH(VSDxD
/RVGHVD\XQRVTXHVHWRPDQORV
PDGULOHxRVVRQPiVOLJHURV\VHDGYLHUWHXQDWHQGHQFLDDQRFRFLQDUSRUODQRFKHHQFDVD8QRGHFDGD
FLQFRHVFRODUHVQRGHVD\XQD\PXFKRVGHORVTXHORKDFHQFRQVXPHQPHQRV
FDORUtDVGHODVDFRQVHMDEOHV(VWRDFDUUHDXQDPHQRUFDSDFLGDGGHUHWHQWLYD\PD\RUGLILFXOWDGGH
DWHQFLyQHQWUHORVHVWXGLDQWHV
5HYLVWD&DPELR(VSDxD
7H[W
7H[WFRQVLGHUVWKHUHVXOWVRIDZRUOGZLGHVXUYH\RISHRSOH
VDWWLWXGHVWRZDUGVVXEMHFWVVXFKDVVH[
UDFLVPUHOLJLRQIRRG7KHDUWLFOHORRNVVSHFLILFDOO\DW/DWLQ$PHULFDQV1RWHWKHXVHRIVXSHUODWLYHIRUPV
LQWKLVWH[W
/RVPiVDSDVLRQDGRV\EHOLFRVRVGHOPXQGR
/RVODWLQRDPHULFDQRVVHFRQVLGHUDQIHOLFHVFDULWDWLYRV\DSDVLRQDGRVVHJ~QODHQFXHVWDLQWHUDFWLYD
PiVJUDQGHTXHVHKDUHDOL]DGRHQHO
PXQGRHQHOVLWLRZHE
SODQHWSURMHFWFRP(OVRQGHRORFRQWHVWDURQSHUVRQDVGHSDtVHVGHOPXQGR(Q$PpULFD
/DWLQDXQDVSHUVRQDVUHVSRQGLHURQD
ODHQFXHVWD
/RVGDWRVWRGDYtDVRQSUHOLPLQDUHVSHUR\DPXHVWUDQWHQGHQFLDV(Q$PpULFD/DWLQDSRUHMHPSOR
ORVSHUXDQRVVRQORVPiVWUDGLFLRQDOLVWDV
FRQHOSRUFHQWDMHPiVDOWRGHODUHJLyQTXHSLHQVDTXHHOREMHWLYRGHOVH[RHVODSURFUHDFLyQ3XHUWR
5LFRHVHOSDtVPHQRVUDFLVWDGHDFXHUGRDVXUHVSXHVWDDODSUHJXQWDGHVLDGRSWDUtD
XQQLxRGHRWUDUD]D(OSRUFLHQWRGHORVHQFXHVWDGRVDILUPyTXHVt
(QUHOLJLyQORVODWLQRDPHULFDQRVVRQORVPiVFUH\HQWHVVLHQGR&RORPELDHOSDtVGHOiUHDGRQGH
PiVJHQWHFRQWHVWy
TXHFUHHTXHH[LVWHXQ6HU6XSHULRUVHJXLGRGH%UDVLO\0p[LFR
(QVDOXGKD\XQDGLIHUHQFLDPDUFDGDFRQORVDVLiWLFRV/RVODWLQRDPHULFDQRVSLHQVDQTXHOD
DOLPHQWDFLyQHVORPiV
LPSRUWDQWHSDUDODVDOXGPLHQWUDVTXHORVDVLiWLFRVFRQVLGHUDQTXHHVORHVSLULWXDO
$SDUWHGHODVGLIHUHQFLDVUHJLRQDOHVHVWiQODVGHJpQHUR/RVKRPEUHV
SLHQVDQHQHOGLQHURHOGREOHTXHODVPXMHUHVSHURODPD\RUtDGHpVWDVSLHQVDHQHOSHVRFRUSRUDO
GLDULDPHQWHPXFKRPiVTXHORVKRPEUHV/RVKRPEUHVVRQPiVWROHUDQWHVFRQODV
UHODFLRQHVVH[XDOHVH[WUDPDWULPRQLDOHVTXHODVPXMHUHV
'LDULR(O0HUFXULR9DOSDUDtVR&KLOH
&RPSDULVRQ
7KHZRUGFRPSDULVRQLQWKLVFRQWH[WLVXVHGZLWKUHIHUHQFHWRIRUPVVXFKDVWDOOHUPRUHOHVVWKDQ
DVDVQRWVRDVDOORIZKLFKVHUYHWRFRPSDUHSHRSOHRUWKLQJVLQWHUPVRIDVSHFLILFTXDOLW\
([SUHVVLRQVVXFKDVWKHVHNQRZQDVFRPSDUDWLYHIRUPVIRFXVRQWKHGHJUHHWRZKLFKWKHSHRSOHRUWKLQJV
EHLQJFRPSDUHGVKDUHWKDWTXDOLW\HJ0DULDLVWDOO$QDLVDOVRWDOOEXW$QDLVWDOOHUWKDQ0DULD
7RVD\WKDWWKHQRXQEHLQJUHIHUUHGWRSRVVHVVHVDVSHFLILFTXDOLW\LQLWVKLJKHVWGHJUHH(QJOLVKXVHV
IRUPVVXFKDVWKHWDOOHVWWKHPRVWZKLFKDUHNQRZQDVVXSHUODWLYHIRUPV
7KHQRWHVEHORZH[SODLQKRZWRXVHWKHVHFRQVWUXFWLRQV
&203$5$7,9()25062)$'-(&7,9(6
D&RPSDULVRQVRILQHTXDOLW\
5HJXODUIRUPV
&RPSDULVRQVRILQHTXDOLW\VXFKDVELJJHUWKDQPRUHFRPIRUWDEOHWKDQOHVVH[SHQVLYHWKDQDUH
QRUPDOO\H[SUHVVHGLQ6SDQLVKZLWKPiVPRUHDQGPHQRVOHVVIROORZHGE\DQDGMHFWLYHDQGTXHWKDQ
4XHWKDQDQGWKHVHFRQGHOHPHQWEHLQJFRPSDUHGPD\EHRPLWWHGZKHQWKHFRQWH[WLVFOHDU
VRQPiVOLJHURV7LOWKH\DUHOLJKWHU
VRQPiVWROHUDQWHVTXH7OWKH\DUHPRUHWROHUDQWWKDQ
7KHWZRH[DPSOHVDERYHZLWKPiVPRUHLQGLFDWHVXSHULRULW\,QIHULRULW\LVVKRZQE\XVLQJPHQRV
OHVV
(VPHQRVLQWHUHVDQWHTXHHORWUR,WLVOHVVLQWHUHVWLQJWKDQWKHRWKHURQH
&RPSDULVRQVRILQHTXDOLW\FDQDOVREHH[SUHVVHGZLWKWKHFRQVWUXFWLRQQRWDQFRPRQRWDVDVRU
VLPSO\QRWDQIROORZHGE\WKHDGMHFWLYHLIWKHFRQWH[WLVFOHDU
1RHVWDQEXHQRFRPRHOWX\R,WLVQRWDVJRRGDV\RXUV
1RVRQWDQVDEURVRV7KH\DUHQRWDVWDVW\
1RWHDOVRWKHXVHRIQRWDQWRFRPRQRWDVPXFKDV
(VHILFLHQWHSHURQRWDQWRFRPR$QGUpV+HVKHLVHIILFLHQWEXWQRWDVPXFKDV$QGUpV
,UUHJXODUIRUPV
6RPHDGMHFWLYHVKDYHLUUHJXODUFRPSDUDWLYHIRUPV
EXHQRJRRG
PDOREDG
JUDQGHELJ
SHTXHxRVPDOO
PHMRUEHWWHU
SHRUZRUVH
PD\RUROGHUELJJHUJUHDWHUDOVRPiVJUDQGH
PHQRU\RXQJHUVPDOOHUDOVRPiVSHTXHxR
+DEtDPiVFRPLGDGHODTXHHVSHUiEDPRV7KHUHZDVPRUHIRRGWKDQZHH[SHFWHG
(VPiVGLItFLOGHORTXHSDUHFtD,WLVPRUHGLIILFXOWWKDQLWVHHPHG
683(5/$7,9()2506
D7RFRQYH\LGHDVVXFKDVWKHELJJHVWWKHPRVWFRQVHUYDWLYHWKHOHDVWUDFLVWXVHWKHGHILQLWHDUWLFOHHO
ODORVRUODVRUWKHQHXWHUIRUPORIROORZHGE\PiVPRVWRUPHQRVOHDVWDQGWKHFRUUHVSRQGLQJ
DGMHFWLYH
ODPiVJUDQGH7OWKHELJJHVW
VRQORVPiVWUDGLFLRQDOLVWDV7WKH\DUHWKHPRVWFRQVHUYDWLYH
HVHOPHQRVUDFLVWD7LWLVWKHOHDVWUDFLVW
HVORPiVLPSRUWDQWH7OLWLVWKHPRVWLPSRUWDQWWKLQJ
E$QRWKHUIRUPRIWKHVXSHUODWLYHLVWKDWIRUPHGZLWKWKHVXIIL[tVLPRtVLPDDGGHGWRWKHDGMHFWLYHZLWK
WKHILQDOYRZHOEHLQJUHPRYHG
(VGLILFLOtVLPR,WLVYHU\H[WUHPHO\GLIILFXOW
(VFDUtVLPD,WLVYHU\H[WUHPHO\H[SHQVLYH
1RWHVSHOOLQJFKDQJHVZLWKDGMHFWLYHVHQGLQJLQFRJRRU]
VHFRGU\VHTXtVLPRH[WUHPHO\GU\
ODUJRORQJODUJXtVLPRYHU\ORQJ
IHOL]KDSS\IHOLFtVLPRYHU\KDSS\
F7KHUHDUHDOVRVRPHVSHFLDOVXSHUODWLYHIRUPV
SREUHSRRUSDXSpUULPRH[WUHPHO\SRRU
DQWLJXRROGDQFLHQWDQWLTXtVLPRYHU\ROG
&203$5$7,9()25062)$'9(5%6
$GYHUEVDUHFRPSDUHGLQPXFKWKHVDPHZD\DVDGMHFWLYHV1RWHWKHIROORZLQJH[DPSOHV
+DEOyPiVFODUDPHQWHTXHQXQFD+HVKHVSRNHPRUHFOHDUO\WKDQHYHU
0HWUDWDURQPHQRVDPDEOHPHQWH7KH\WUHDWHGPHOHVVNLQGO\
&RUUHPiVUiSLGRUiSLGDPHQWH+HVKHUXQVIDVWHU
1RDFW~DWDQELHQFRPRHOOD+HGRHVQ
WDFWDVZHOODVKHU
$KRUDYLHQHPiVDPHQXGR1RZKHVKHFRPHVPRUHRIWHQ
7KHFRPSDUDWLYHIRUPVRIELHQZHOODQGPDOEDGO\DUHPHMRUEHWWHUDQGSHRUZRUVH
3HSHVHFRPSRUWDPHMRUTXH,QpV3HSHEHKDYHVEHWWHUWKDQ,QpV
2WKHUSRLQWVWRQRWHLQWKHWH[WV
'HILQLWHDUWLFOHXVHGZLWKDSRVVHVVLYHYDOXHPHDQLQJWKHRQHVEHORQJLQJWR7H[WHVPHMRUTXHODGHO
UHVWRGHFDSLWDOHVFRPXQLWDULDVO7H[WDSDUWHGHODVGLIHUHQFLDVUHJLRQDOHVHVWiQODVGH
JpQHUROVHH&KDSWHU
'HILQLWHDUWLFOHXVHGZLWKDGHPRQVWUDWLYHYDOXH7H[WPXFKRVGHORVDTXHOORVTXHORKDFHQO
VHH&KDSWHU
6HHIRUIXUWKHULQIRUPDWLRQ
%DWFKHORUDQG3RXQWDLQSS
%XWWSS
%XWWDQG%HQMDPLQSS
.DWWiQ,EDUUDDQG3RXQWDLQSS
0XxR]DQG7KDFNHUSS
(;(5&,6(6
0DNHFRPSDULVRQVRILQHTXDOLW\ZLWKWKHIROORZLQJHOHPHQWV8VHPiVTXHDQGPHQRVTXH
D/DFRFLQDIUDQFHVD
E(O+RWHO&ULOOyQ
F/RVSHUXDQRV
G/DVPXMHUHV
H/RVHVWDGRXQLGHQVHV
I/DVHG
J/DVFDOOHVGH
K/RVSLVRVGHKR\
L/RVFRFKHVPRGHUQRV
M/DVOLPDV
ODFRFLQDDOHPDQD
VDEURVR
HO5LW]
EXHQR
ORVSRUWRUULTXHxRV
UDFLVWD
ORVKRPEUHV
SHQVDUHQHOGLQHUR
ORVHVSDxROHV
FRPHUSHVFDGR
HOKDPEUH
PDOR
ODFLXGDGODVGHOSXHEOR DQFKR
ORVGHDQWDxR
SHTXHxR
ORVDQWLJXRV
SRWHQWH
ORVOLPRQHV
DJULR
4XHRUGH"&RPSOHWHWKHVHQWHQFHVDGGLQJRWKHUHOHPHQWVZKHUHQHFHVVDU\
D+D\TXHFRPHUPiVBBBBFLQFRSRUFLRQHVGHIUXWDSRUGtD
E$QRFKH'DYLGFRPLyPiVBBBBTXLQFHDOEyQGLJDV
F/DVIUHVDVGHQXHVWUDWLHUUDVRQPHQRVJUDQGHVSHURPXFKRPiVGXOFHVBBBBODVGH+XHOYD
G3DVDPRVPiVWLHPSRHQHOSXHEORBBBBTXHUtDPRV
H5REHUWRJDVWDPiVGLQHURBBBBJDQD
I6LHVWDFDPLVDYDOHPiVBBBBGyODUHVQRPHODFRPSUR
J/DUHOLJLyQHVPHQRVLPSRUWDQWHSDUDORVHXURSHRVBBBBSDUDORVDPHULFDQRV
K/DGLIHUHQFLDHQWUHODVGLHWDVHUDPD\RUBBBBVHHVSHUDED
L(UDPiVYLHMRBBBBSDUHFtD
M7UDMRPXFKRPiVYLQRBBBBSRGtDPRVEHEHU
N(OSREUH(UQHVWRJDQDPXFKRPHQRVBBBBORVTXHYLYHQFRQpO
O1RTXLHURFRPSUDUPiVIUXWDBBBBPHKDFHIDOWD
P+D\XQPD\RUtQGLFHGHREHVLGDGHQWUHORVTXHQRGHVD\XQDQBBBBHQWUHORVTXHGHVD\XQDQ
Q+DEtDPHQRVJHQWHBBBBHVSHUDEDQ
R&RPtDQPXFKRPiVBBBBORGHELGR
7UDQVODWHWKHEUDFNHWHGHOHPHQWVLQWR6SDQLVK
D&RPHUHQXQDFDIHWHUtDHVDVH[SHQVLYHDVBBBBBBBBBBFRPHUHQXQUHVWDXUDQWH
E(VWDIUXWDHVDVJRRGDVBBBBBBBBBBSDUHFH
F$KRUDORVLQJOHVHVEHEHQDVPXFKFRIIHHDVBBBBBBBBBBWp
G1RFRPHPRVDVPDQ\JUHHQVDVBBBBBBBBBBGHEHPRV
H7RGDYtDODPXMHUQRWLHQHDVPDQ\RSSRUWXQLWLHVDVBBBBBBBBBBHOKRPEUH
I1RWLHQHQDVPXFKH[SHULHQFHDVBBBBBBBBBBHOORV
J3HURHOKRPEUHQRWUDEDMDDVPXFKDVBBBBBBBBBBODPXMHUHQODFDVD
K3HGUR\3DEORQRVRQDVDPELWLRXVDVBBBBBBBBBBVXVSDGUHV
L0DULDQDQRKDEODSRUWXJXpVDVZHOODVBBBBBBBBBBVXKHUPDQD
M1RYDPRVDOFLQHDVRIWHQDVBBBBBBBBBBDQWHV
N0DUtDQRFRUUHDVIDVWDVBBBBBBBBBBBBHOUHVWRGHODFODVH
O$YHUVLHVWDQRFKHQRVDFRVWDPRVDVODWHDVBBBBBBBBBBBBBBDQRFKH
P(VWRQRHVDVGLIILFXOWDVBBBBBBBBBBBBBBBBBBBSDUHFH
Q1RWHQJRDVPXFKOXFNDVBBBBBBBBBBBBBBBBPLVDPLJRV
R9LDMDUHQFODVHWXULVWDQRHVDVFRPIRUWDEOHDVBBBBBBBBBBBBBBYLDMDUHQSULPHUDFODVH
$QVZHUWKHVHTXHVWLRQVXVLQJWKHVXSHUODWLYHIRUPHGZLWKWKHVXIIL[tVLPR
D6RQGXOFHVHVDVQDUDQMDV"
E(VULFDODSDHOOD"
F(VFDURHVHUHVWDXUDQWH"
G(VODUJRHOYLDMHHQDXWRFDU"
H(VWDVMR\DVVRQDQWLJXDV"
I(OODJRHVSURIXQGR"
J%HJRxDHVLQWHOLJHQWH"
K0DQRORYLYHFHUFD"
L(VGLItFLODSUHQGHUDWRFDUHORERH"
M(OHQDH,QPDVRQVLPSiWLFDV"
7UDQVODWHWKHEUDFNHWHG(QJOLVKLQWR6SDQLVK
D+D\TXLHQHVGLFHQTXHODGLHWDPHGLWHUUiQHDHVWKHEHVWBBBBBBBBBBGHOPXQGR
E/DVSDWDWDVDSRUWDQWKHJUHDWHVWDPRXQWBBBBBBBBBBGHFDORUtDV
F6HJ~QXQDLQYHVWLJDFLyQORVQRUWHDPHULFDQRVVRQWKHIDWWHVWBBBBBBBBBBGHOPXQGR
G(OGHVD\XQRHVWKHPRVWLPSRUWDQWPHDOBBBBBBBBBBGHOGtD
H8QDDQWLJXDHVFODYDEUDVLOHxDHVWKHROGHVWZRPDQBBBBBBBBBBGHOPXQGR
I(OGtDGHMXQLRHVWKHORQJHVWGD\BBBBBBBBBBBBBBBBHQHOKHPLVIHULRQRUWH
J$FRQFDJXDHVWKHKLJKHVWPRXQWDLQBBBBBBBBBBBBBBBBGHORV$QGHV
K&XiOHVVRQWKHPRVWLQWHUHVWLQJERRNVBBBBBBBBBBBBBBBBTXHKDEpLVOHtGR"
L3RUTXpKDVFRPSUDGRWKHPRVWH[SHQVLYHERRWVBBBBBBBBBBBBBBBHQODWLHQGD"1RVRQWKHEHVW
TXDOLW\BBBBBBBBBBBBBBBBBB
8VHFRPSDULVRQVRIHTXDOLW\DQGLQHTXDOLW\DQGVXSHUODWLYHVWRIRUPVHQWHQFHVDERXW
%XHQRV$LUHV &LXGDGGH0p[LFR
D0DGULG
EDORQFHVWR WHQLV
EI~WERO
3RUVFKH
F0HUFHGHV )HUUDUL
GWUHQ
HODIUXWD
FRFKH
DXWRE~V
ODVYHUGXUDV ODFDUQH
D7KLQNRIDFRXQWU\\RXKDYHHLWKHUYLVLWHGRUNQRZDERXWDQGZULWHVHQWHQFHVFRPSDULQJDQG
FRQWUDVWLQJLWZLWKWKHFRXQWU\LQZKLFK\RXOLYHPHQWLRQLQJIRUH[DPSOHFOLPDWHODQGVFDSHW\SHV
RIKRXVLQJWUDQVSRUWFXVWRPVDQGKDELWV
E7KLQNRIWZRWRZQVRUFLWLHVDQGFRPSDUHDQGFRQWUDVWWKHP
'HPRQVWUDWLYHV
7H[W
,QDQLQWHUYLHZWKH&RORPELDQZULWHU*DUFtD0iUTXH]WDONHGDERXWKLVZRUN$V\RXUHDGWKHWH[WVWXG\
WKHZD\LQZKLFKGHPRQVWUDWLYHVWKH6SDQLVKIRUZRUGVOLNHWKLVWKDWKDYHEHHQXVHG
(ODPRUHVPL~QLFRGLVFXUVR
8VWHGSHUWHQHFHDODJHQHUDFLyQTXHKDXVDGRWRGRWLSRGHKHUUDPLHQWDVSDUDHVFULELUGHVGHHOOiSL]
DOSURFHVDGRUGHWH[WRSDVDQGRSRUOD
PiTXLQDGHHVFULELU
6tSHURQRSLHQVRTXHHOLGHDOGHOHVFULWRUKD\DYDULDGRPXFKRSRUHVR7XYHVXHUWHGHFRQVHJXLUXQ
SURFHVDGRUGHSDODEUDVHQXQDpSRFD
HQTXHHVWDEDDSXQWRGHSHUGHUHOFRQWUROGHPLWUDEDMRFUHDWLYR-XVWRDOILQDOGHVXYLGD(YHO\Q
:DXJKWHPtDTXHQXQFDSRGUtDYROYHUDHVFULELUXQDQRYHODSRUTXHQRSRGtD
UHFRUGDUFDGDSDODEUDFRQWHQLGDHQHOPDQXVFULWRTXHHVWDEDHVFULELHQGRRODUHODFLyQHQWUHHVDSDODEUD
\ODVRWUDVHQODQRYHOD1RSXHGRVRSRUWDUXVDUHOPLVPRDGMHWLYRGRVYHFHVHQ
HOPLVPROLEUR(OSURFHVDGRUGHSDODEUDVHVPX\~WLOSDUDUHVROYHUHVHWLSRGHSUREOHPDV3HURQR
SXHGHDUUHJODUODPHPRULDGHODQDUUDFLyQHVRHVODERUGHOQRYHOLVWD
(Q(ODPRU\RWURVGHPRQLRVKDEtDRULJLQDOPHQWHXQPDUTXpVTXHYXHOYHDYHUDVXPXMHU$EDQGRQpHO
SHUVRQDMHSHURHOGLVFRGXURGHPLFRPSXWDGRUPDQWXYRFXDWUROtQHDV
VREUHpO\pVWDVDSDUHFLHURQHQODYHUVLyQHQHVSDxROGHOOLEUR(QRWUDVSDODEUDVGHMpXQSHUVRQDMH
YRODQGRHQHODLUHKDVWDTXHXQOHFWRUPHORFRQWy+HFRUUHJLGRSHUVRQDOPHQWH
ODVRWUDVYHUVLRQHVSHURQRPHSHUFDWpGHHVWHHUURUFXDQGRHVWDEDOH\HQGRODVSUXHEDV0LPHPRULD
FRPRQRYHOLVWDHVWiHPSH]DQGRDIDOODU
7RGRVXWUDEDMRILFFLRQDODSDUWHGHXQDGRFHQDGHKLVWRULDVEUHYHVHVWiVLWXDGRHQHO&DULEH<
SRUTXpSRQHUODVHQDOJ~QRWUROXJDU"(O&DULEHRIUHFHGHWRGR3DUD
GDUOHXQDLGHDGHPLVVHQWLPLHQWRVDFHUFDGHpVWHSXHGRFRQWDUOHXQLQFLGHQWHGHPLLQIDQFLDFXDQGROD
JHQWHGHPLSXHEORHVWDEDEXVFDQGRHOFXHUSRGHXQKRPEUHTXHVHKDEtD
DKRJDGR7RPDURQXQDFDODED]DOHSXVLHURQXQDYHOD\ODFRORFDURQHQHOUtR0HDFXHUGR
SHUIHFWDPHQWHGHDTXHOODHVFHQD/DYHODIXHOOHYDGDSRUODFRUULHQWHSHURGHSURQWRVHGHWXYR
\HPSH]yDGDUYXHOWDVHQFtUFXORDOOtHVWDEDHOFXHUSRGHODKRJDGR&UHRTXHKR\HO&DULEHHVXQSRFR
FRPRHOOXJDUGRQGHDTXHOODYHODVHGHWXYRGHVSXpVGHUHFRUUHUWRGRHOOXJDU
2IUHFHGHWRGR
<HSLGHPLDVWDPELpQGLFHXVWHG6LHPSUHPHKDQHQFDQWDGRODVHSLGHPLDV(VYHUGDGHVWiOD
HSLGHPLDGHOROYLGRHQ&LHQDxRVGH
VROHGDGODSODJDHQ/DPDODKRUDHOFyOHUD/RTXHGHEHUtDGHFLUPHDPtPLVPRHVQRPiV
HSLGHPLDV<QRPiVDPRUWDPSRFR"2KQRQRPHFDQVRQXQFDGHODPRU
eVWHHVODIXHU]DPRWUL]GHWUiVGHPLVOLEURVPL~QLFRDUJXPHQWRPL~QLFDLGHRORJtD&XDQGRUHFLEtHO
3UHPLR1REHO,VDDF%DVKHYLV6LQJHUGLMRTXHHO~QLFRHOHPHQWRTXHOHIDOWDEDD
PLVOLEURVHUDHODPRU(VRIXHVLQGXGDXQDGHODVPiVH[WUDxDVREVHUYDFLRQHVTXHKHHVFXFKDGR
MDPiVeOPXULyDQWHVGHTXHOHSXGLHUDSUHJXQWDUTXpKDEtDTXHULGR
GHFLUFRQHVR<RFUHRILUPHPHQWHTXHHODPRUHVHO~QLFRGLVFXUVRHQPLVOLEURV
'LDULR/D1DFLyQ&KLOH
'HPRQVWUDWLYHV
86$*(
'HPRQVWUDWLYHVDUHZRUGVOLNHWKLVWKDWWKHVHWKRVHZKLFKDUHXVHGWRLGHQWLI\WKLQJVDQGWRDYRLG
UHSHDWLQJZRUGVDQGLGHDVDOUHDG\PHQWLRQHGRUXQGHUVWRRG,QKLVUHSOLHV*DUFtD0iUTXH]XVHVWKLV
GHYLFHDQXPEHURIWLPHV7KHIROORZLQJQRWHVFRQWDLQPRUHLQIRUPDWLRQDERXWWKHLUXVH
D$VLQ(QJOLVKGHPRQVWUDWLYHVFDQIXQFWLRQDVDGMHFWLYHVZLWKDQDFFRPSDQ\LQJQRXQIRUH[DPSOHHVD
SDODEUDOWKDWZRUGHVHWLSROWKDWW\SHHVWHHUURUOWKLVPLVWDNH
E'HPRQVWUDWLYHVPD\DOVREHXVHGWRUHIHUWRDQRXQZLWKRXWPHQWLRQLQJLWVSHFLILFDOO\MXVWOLNHWKLV
RQHWKDWRQHLQ(QJOLVKLQZKLFKFDVHWKH\DFWDVSURQRXQV'HPRQVWUDWLYHSURQRXQVLQ6SDQLVKDUH
QRUPDOO\ZULWWHQZLWKDQDFFHQW
PDQWXYRFXDWUROtQHDV\pVWDVDSDUHFLHURQOLWNHSWIRXUOLQHVDQGWKHVHDSSHDUHG
QRPHFDQVRQXQFDGHODPRUeVWHHVODIXHU]DPRWUL]O,QHYHUWLUHRIORYH7KLVLV
WKHGULYLQJIRUFH
F6SDQLVKKDVDVHWRIQHXWHUSURQRXQVZKLFKGRQRWUHIHUEDFNWRDVSHFLILFQRXQ(QJOLVKXVHVWKHVDPH
IRUPVDVIRUDGMHFWLYHVDQGSURQRXQV&RQVLGHUWKHXVHRIWKHQHXWHUIRUPHVROWKDWLQWKHWH[W
,QOLQHWKLVUHIHUVEDFNWRWKHLGHDWKDWLQKLVZULWLQJ*DUFtD0iUTXH]KDVXVHGGLIIHUHQWWRROVKD
XVDGRWRGRWLSRGHKHUUDPLHQWDVSDUDHVFULELU&RQVLGHUDOVR
(VRIXHVLQGXGDXQDGHODVPiVH[WUDxDVREVHUYDFLRQHVO7KDWZDVZLWKRXWGRXEW
RQHRIWKHVWUDQJHVWFRPPHQWV
eOPXULyDQWHVGHTXHOHSXGLHUDSUHJXQWDUTXpKDEtDTXHULGRGHFLUFRQHVRO+HGLHG
EHIRUH,ZDVDEOHWRDVNKLPZKDWKHKDGPHDQWE\WKDW
)2506
,Q6SDQLVKWKHUHDUHWKUHHW\SHVRIGHPRQVWUDWLYHVZLWKIRUPVZKLFKDJUHHLQJHQGHUDQGQXPEHUZLWKWKH
QRXQWKH\TXDOLI\RUUHIHUWR
VLQJXODU
PDVFXOLQH
HVWH
IHPLQLQH
HVWD
WKLVWKLVRQH
SOXUDO
HVWRV
HVWDV
WKHVHWKHVHRQHV
VLQJXODU
SOXUDO
HVH
HVRV
HVD
HVDV
WKDWWKDWRQH
WKRVHWKRVHRQHV
VLQJXODU
SOXUDO
DTXHO
DTXHOORV
DTXHOOD
DTXHOODV
WKDWWKDWRQHGLVWDQW
WKRVHWKRVHRQHVGLVWD
0RVWHGXFDWHGVSHDNHUVZLOOXVHDQDFFHQWZKHQZULWLQJWKHDERYHZRUGVZKHQWKH\DUHXVHGDVSURQRXQV
DOWKRXJKWKH6SDQLVK$FDGHP\KDVUXOHGWKDWWKLVLVQRWUHTXLUHGXQOHVVWKHUHLVJURXQGIRUDPELJXLW\
1HXWHUDQGLQYDULDEOHIRUPVDUHHVWRWKLVHVRWKDWDTXHOORWKDWGLVWDQW
$TXHODTXHOODHWFDUHXVHGWRUHIHUWRWKLQJVZKLFKDUHIDUIURPWKHVSHDNHUZKHWKHULQVSDFHRUWLPHIRU
H[DPSOHDTXHOODHVFHQDOWKDWVFHQHDTXHOODYHODOWKDWFDQGOH+HUH*DUFtD0iUTXH]LV
UHPHPEHULQJKLVFKLOGKRRGVRWKHVHGHPRQVWUDWLYHVKHOSWRHVWDEOLVKWKDWGLVWDQFHEHWZHHQWKHSUHVHQWDQG
DUHPRWHSDVW
2WKHUSRLQWVWRQRWHLQWKHWH[W
6HHIRUIXUWKHULQIRUPDWLRQ
%XWWSS
%XWWDQG%HQMDPLQSS
.DWWiQ,EDUUDDQG3RXQWDLQSS
0XxR]DQG7KDFNHUSS
(;(5&,6(6
5HSODFHWKHXQGHUOLQHGGHILQLWHDUWLFOHZLWKWKHFRUUHFWIRUPRIWKHGHPRQVWUDWLYHDGMHFWLYHIRU
WKLVWKHVH
D0HUHFHODSHQDOHHUODQRYHOD
E3RUTXpQRHVFULEtVFRQORVOiSLFHV"
F+DVXVDGRGRVYHFHVHODGMHWLYRHQODRUDFLyQ
G/DVHxRUDHVODHVSRVDGHOGRFWRU
H(OYLQRQRHVPX\EXHQR
I1RQRVJXVWDQODVIORUHV
J/RVWLPEDOHVVRQGH$PDGLWRYHUGDG"
K(OSHULRGLVWDHVFULEHDUWtFXORVOOHQRVGHKXPRU
L&UHHVTXHOHVYDDJXVWDUHOUHJDOR"
M'HTXLpQHVODEROVD"
N/DVIUHVDVVDEHQDFDUWyQ
O3RUTXpKDVSXHVWRORVYDVRVDTXt"
&RPSOHWHWKHVHQWHQFHVXVLQJWKHFRUUHFWIRUPRIWKHGHPRQVWUDWLYHDGMHFWLYHRUSURQRXQ
HVHHVDHVRVHVDV
D(VWHRUGHQDGRU
\DHVWiYLHMRBBBBBBHVPiVPRGHUQR
E(VWRVYDVRVHVWiQVXFLRVBBBBBBHVWiQOLPSLRV
F1RPHJXVWDQHVWDVERWDVSUHILHURBBBBBB
G(VWHDXWRE~VYDD5LEDGHR"
1RHODXWRE~VTXHYDD5LEDGHRHVBBBBBB
H9DDFRPSUDUHVWDVPDQ]DQDVRBBBBBB"
I1RVHVLHQWHHQHVWDVLOODVLpQWHVHHQBBBBBB
JBBBBBBPHORFRWRQHVHVWiQYHUGHV
K9DVDFRPSUDUWHHVWDFDPLVDRBBBBBB"
L(VWRV]DSDWRVQRVRQWX\RV/RVWX\RVVRQBBBBB
M0LSULPRHVBBBBFKLFRTXHHVWiVHQWDGRHQHOVRIi
N1RTXLHURVDEHUPiVGHBBBBFRVDVTXHQRVRQPiVTXHVXSRVLFLRQHVWX\DV
O2GLDPRVBBBBBFODVHGHSHUVRQD
,Q/DWLQ$PHULFDQ6SDQLVKFRPSXWDGRUD
&RPSOHWHWKHVHQWHQFHVZLWKDTXHODTXHOODDTXHOORVDTXHOODV
DBBBBBBBBGtDVIXHURQORVPHMRUHVGHPLYLGD
E&XiOSUHILHUHVHVWHYHVWLGRD]XORBBBBBBBBEODQFR"
FBBBBBBBBFKLFDVHVWiQULpQGRVHGHPt
GBBBBBBBBQRFKHQRVDOLPRV
H&UHRTXHORV/ySH]YLYHQHQBBBBBBBBFDVD
I1RVpFyPRVRSRUWDVWHLVBBBBBBBBUXLGR
J(QBBBBBBBBWLHPSRVQRKDEtDDJXDFRUULHQWHQLHOHFWULFLGDGHQHOSXHEOR
K1RFRPSUHHVWDVQDUDQMDVBBBBBBBBVRQPiVGXOFHV
LBBBBBLQFLGHQWHOHPDUFySDUDWRGDODYLGD
M1ROHVKDJDVFDVRDBBBBBBWXULVWDV
N&RPRKDEtDWDQWRTXHYHUHQBBBBB]RQDGHFLGLPRVTXHGDUQRVXQRVGtDVPiV
O1RRVUHFRPHQGDUtDBBBBBKRWHOQRHVQLEXHQRQLEDUDWR
5HODWLQJ
DTXtKHUH
ZLWKHVWHDRVDV
DKtWKHUH
ZLWKHVHDRVDV
ZLWK
DQG
DOOtRYHUWKHUH
DTXHODTXHOODRVDV
FRPSOHWHWKHTXHVWLRQVZLWKWKHDSSURSULDWHGHPRQVWUDWLYH
([DPSOH$KtKD\XQDEULJR'HTXLpQHVHVHDEULJR"
D$TXtKD\XQEROtJUDIR(VBBBBBBWXEROtJUDIR"
E$KtKD\XQOLEUR(VBBBBBBWXOLEUR"
F$OOtKD\XQRVMDUGLQHV6RQERQLWRVBBBBBBMDUGLQHV"
G$KtKD\XQDFKDTXHWD(VWX\DBBBBBBFKDTXHWD"
H$TXtKD\XQDFDUWD3DUDTXLpQHVBBBBBBFDUWD"
I$KtKD\GRVFKLFRV&RQRFHVDBBBBBBFKLFRV"
J7LHQHVPXFKRVOLEURVDTXt9DVDOHHUWRGRVBBBBBBOLEURV"
K$OOtKD\XQDPHVD(VWiRFXSDGDBBBBBBPHVD"
L$KtYLHQHXQSHUUR(VWX\RBBBBSHUUR"
M$OOtDODGHUHFKDKD\XQDLJOHVLD(VURPiQLFDBBBBLJOHVLD"
N+D\XQEROVRDTXt'HTXLpQHVBBBBEROVR"
O$OOtHVWiHOFXDGURTXHWDQWRWHJXVWDBBBBFXDGURHVWXIDYRULWRYHUGDG"
7UDQVODWHWKHEUDFNHWHGHOHPHQWVLQWR6SDQLVK
D7KLVBBBBGRPLQJRQRSXHGRVDOLUFRQODSDQGLOOD
E&yPRVHOODPDWKDWBBBBFKLFD"&UHRTXHODFRQR]FR
F7HJXVWDWKLVBBBBBFDPLVHWDTXHDFDERGHFRPSUDUPH"
G4XpWHSDUHFHQWKRVHBBBB]DSDWRVQHJURVFRQSXQWRVEODQFRV"
H+D\PXFKRTXHYHU\KDFHUHQWKLVBBBBVLWLR
I7KDWBBBBFDVDDOOtHQODHVTXLQDHVGRQGHYLYtDQPLVDEXHORV
J7KRVHBBBBYLHMRVVRQDOHPDQHVTXHYHUDQHDQHQWKLVBBBBSXHEOR
K7KHVHBBBBEROVDVQRQRVSHUWHQHFHQ1RVDEHPRVGHTXLpQHVVRQ
L1RQRVJXVWDTXHQRVGLJDQWKHVHBBBBBPHQWLUDV
M'LFHTXHWKDWBBBBGtDIXHHOSHRUGHVXYLGD
N&XiQWRYDOHXQDKDELWDFLyQHQWKDWBBBBKRWHO"
O4XLVLHUDFRPSUDUPHXQFRFKHFRPRWKLVBBBBSHURKDVWDTXHQRPHWRTXHODORWHUtD
7UDQVODWHLQWR6SDQLVK
D7KLVLVQRWGLIILFXOW
E,KDYHUHDGWKLVERRNEHIRUH
F&DQ,WU\RQWKHVHVKRHV"
G$WWKDWSUHFLVHPRPHQWWKHUHZDVQRRQHDWKRPH
H,GRQ
WOLNHWKLVDWDOO
I7KRVHELURVZULWHEHWWHUWKDQWKHVH
J,UHPHPEHUWKRVHWLPHVSHUIHFWO\7KRVHZHUHKDSS\WLPHV
K:K\KDYH\RXOHIWDOOWKLVKHUH"
L7KDWVXPPHULWUDLQHGHYHU\VLQJOHGD\
M,GRQ
WNQRZZK\WKH\GLGLWWKDWZD\
N<RXKDYHWRWDNHWKDWVWUHHWRQWKHULJKW
O'R\RXZDQWWRZDWFKWKLVILOPRUQRW"
3RVVHVVLYHV
7H[W
,QDQLQWHUYLHZWKH6SDQLVKVRSUDQR0RQWVHUUDW&DEDOOpWDONHGDERXWKHUVHOIDQGKHUIDPLO\$V\RXUHDG
WKHWH[WIRFXVDWWHQWLRQRQWKH6SDQLVKHTXLYDOHQWRIZRUGVVXFKDVP\PLQH\RXU\RXUVZKLFKDUH
NQRZQDVSRVVHVVLYHV
(QWUHYLVWD0RQWVHUUDW&DEDOOp
&yPRHVVXYLGDIDPLOLDU"&yPRKDSRGLGRFRPSDJLQDUODFRQVXSURIHVLyQ"
&UHRTXHKDVLGRSDFLHQFLD\PXFKRDPRUGHPLIDPLOLD3ULPHURFRQPLV
SDGUHV\PLKHUPDQRDQWHVGHFDVDUPH0HD\XGDURQPXFKtVLPR0LKHUPDQRHPSH]yVLHQGRVHFUHWDULR
PtRGHVSXpVPLPDQDJHU<RVLHPSUHGHFtD0LEDUFRHVXQEDUFRTXHQRHQFRQWUDUi
SXHUWRSRUTXHQXQFDOOHJDEDHVDIXQFLyQTXH\RVRxDED0LKHUPDQRPHGLMR'XUDQWHXQDxRYR\D
WUDEDMDUSDUDWL\VLQRFRQVLJROOHYDUDFDERHVWHGHVHRWX\RVHUiVOLEUHGHKDFHUOR
TXHTXLHUDV0LKHUPDQRVXSRGHVGHHOSULQFLSLRWHQHUHVHVH[WRVHQWLGRSDUDJXLDUPLFDUUHUD\DVtOR
KL]R<DVtIXHWDPELpQFXDQGRFRQRFtDPLHVSRVRTXHPHHQDPRUpPXFKRGHpO\PL
KHUPDQRPHGLMR0HJXVWDUtDWDQWRYHUWHFDVDGDSHURHVWDQGLItFLOHQFRQWUDUXQEXHQKRPEUHHQOD
YLGD&UHRTXH%HUQDEpHVXQKRPEUHPX\EXHQR1RVpVLSDVDUiQGRV%HUQDEpV
SRUWXYLGD<RQRWHQtDGXGDVORTXHVtWHQtDHUDPLHGRDODUHVSRQVDELOLGDG\SHQVDUVL%HUQDEp
UHDOPHQWHTXHUtDFDVDUVHFRQPLJR0HSDUHFtDPHQWLUDTXHPHTXLVLHUD$TXHOORPHDQLPy
PXFKR\QXQFDVHORDJUDGHFHUpEDVWDQWH<%HUQDEpIXHDOJRPDUDYLOORVRHQPLYLGD<HV>@
+HPRVWHQLGRODVXHUWHGHWHQHUGRVKLMRV>@<RVLHPSUHGHVHpTXHVH
SDUHFLHUDQDVXSDGUHTXHHVDOJRPX\HVSHFLDO\YHUGDGHUDPHQWHVHSDUHFHQPXFKRDpOeVHHVHO
JUDQWULXQIRGHPLYLGD
5HYLVWD%ODQFR\1HJUR'LDULR$%&(VSDxD
3RVVHVVLYHV
86$*(
D6KRUWIRUPVFDQRQO\IXQFWLRQDVDGMHFWLYHVDOZD\VSUHFHGLQJWKHQRXQRUQRXQSKUDVHHJPLIDPLOLD
P\IDPLO\O
E/RQJIRUPVFDQIXQFWLRQDVDGMHFWLYHVDVWKHHTXLYDOHQWRI(QJOLVKRIPLQH\RXUVKLV
HVWHGHVHRWX\ROWKLVZLVKRI\RXUV
RUDVSURQRXQVQRUPDOO\SUHFHGHGE\WKHGHILQLWHDUWLFOH
0HSXHGHVSUHVWDUWXWHOpIRQRPyYLO"+HGHMDGRHOPtRHQFDVD0D\,ERUURZ\RXUPRELOHSKRQH"
,
YHOHIWPLQHDWKRPH
7HOpIRQRLVDPDVFXOLQHQRXQKHQFHWKHXVHRIHOPtR
F1RGHILQLWHDUWLFOHLVQHHGHGZKHQWKHSRVVHVVLYHLVSUHFHGHGE\WKHYHUEVHUWREH
(VWDVJDIDVQRVRQPtDV7KHVHJODVVHVDUHQRWPLQH
%XWQRWHWKHXVHRIWKHDUWLFOHLQ
(VWDVJDIDVQRVRQODVPtDVVRQODVWX\DV7KHVHJODVVHVDUHQRWPLQHWKH\DUH\RXUV
LQZKLFKWKHSRVVHVVLYHVHUYHVWRHVWDEOLVKDGLVWLQFWLRQ
)2506
D6KRUWIRUPV
6KRUWIRUPVDOZD\VDJUHHLQQXPEHUVLQJXODURUSOXUDOZLWKWKHQRXQWKH\UHIHUWRQRWZLWKWKHRZQHU
7KHILUVWSHUVRQSOXUDODQGWKHVHFRQGSHUVRQSOXUDOIDPLOLDUDOVRDJUHHLQJHQGHUPDVFXOLQHRUIHPLQLQH
7KHSRVVHVVLYHDGMHFWLYHLVDOVRUHSODFHGE\WKHGHILQLWHDUWLFOHZKHQWKHSRVVHVVLYHUHODWLRQVKLSLV
DOUHDG\HVWDEOLVKHGE\DSURQRXQ
&ODUDVHODYyODVPDQRV&ODUDZDVKHGKHUKDQGV
6HPHTXHEUDURQODVJDIDV,EURNHP\JODVVHV
E/RQJIRUPV
/RQJIRUPVDJUHHLQQXPEHUDQGJHQGHUZLWKWKHQRXQWKH\UHIHUWR
7KHUHDUHRQO\WZRH[DPSOHVRIORQJIRUPVLQWKHWH[WERWKIXQFWLRQLQJDVDGMHFWLYHV
HPSH]yVLHQGRVHFUHWDULRPtROKHVWDUWHGE\EHLQJP\VHFUHWDU\
VLQRFRQVLJROOHYDUDFDERHVWHGHVHRWX\ROLI,FDQWPDQDJHWRIXOILOWKLV
GUHDPRI\RXUV
'HVXEMHFWSURQRXQWRDYRLGDPELJXLW\
7RDYRLGWKHDPELJXLW\RIVX\RXVHWKHFRQVWUXFWLRQGHVXEMHFWSURQRXQ
XQDPLJRGHpODIULHQGRIKLV
LQVWHDGRI
XQDPLJRVX\RDIULHQGRIKLVKHUV\RXUVWKHLUV
/$7,1$0(5,&$186$*(
7KHIDPLOLDUIRUPYXHVWURLVQRWXVHGLQ/DWLQ$PHULFDZKHUHWKHVKRUWIRUPVXDQGWKHORQJIRUPVX\RDUH
XVHGLQERWKIRUPDODQGIDPLOLDUDGGUHVV7KHXVHRIORQJIRUPVDIWHUSUHSRVLWLRQDOSKUDVHVVXFKDVGHWUiV
EHKLQGGHODQWHLQIURQWHQIUHQWHRSSRVLWHLVFRPPRQLQVSRNHQ/DWLQ$PHULFDQ6SDQLVKHJGHWUiV
PtREHKLQGPHLQVWHDGRIGHWUiVGHPtGHODQWHQXHVWURLQIURQWRIXVLQVWHDGRIGHODQWHGHQRVRWURV
2WKHUSRLQWVWRQRWHLQWKHWH[W
6HHIRUIXUWKHULQIRUPDWLRQ
%XWWSS
%XWWDQG%HQMDPLQSS
.DWWiQ,EDUUDDQG3RXQWDLQSS
0XxR]DQG7KDFNHUSS
(;(5&,6(6
5HZULWHWKHVHQWHQFHDVLQWKHH[DPSOHXVLQJDSRVVHVVLYHDGMHFWLYH
([DPSOH7HQJRXQDKDELWDFLyQJUDQGH0LKDELWDFLyQHVJUDQGH
D7HQJRXQHVFULWRULRPX\YLHMR
E&DUPHQWLHQHXQDKHUPDQDTXHHVPpGLFD
F7LHQHVXQRVDPLJRVPX\VLPSiWLFRV
G8VWHGWLHQHXQDKDELWDFLyQUHVHUYDGD
H7HQHPRVXQDFDVDPX\PRGHUQD
I8VWHGHVWLHQHQORVELOOHWHVHQODPHVD
J7HQpLVXQFRFKHPX\FyPRGR
K/RVHVWXGLDQWHVWLHQHQXQDVLGHDVPX\EXHQDV
L7HQHPRVOLEURVPX\LQWHUHVDQWHV
M8VWHGHVWLHQHQXQDRSLQLyQPX\PDODGH*RQ]DOR
N7HQHPRVXQMDUGtQJUDQGH
O6DQWLDJRWLHQHXQWUDEDMRPX\DEXUULGR
P9RVRWURVWHQpLVXQDVKLMDVPX\PDMDV
Q7HQJRFKDTXHWDVGHSLHO
R7LHQHVXQPDULGRPDUDYLOORVR
&RPSOHWHWKHVHQWHQFHVXVLQJWKHSRVVHVVLYHSURQRXQ
D(VWRVVRQWXVUHJDORV(VWRVUHJDORVVRQBBBBB
E(VWHEROVRHVGH0LJXHO(VBBBBB
F(VWDVVRQQXHVWUDVUHYLVWDV(VWDVUHYLVWDVVRQ
G(VWRVVRQPLVSDxXHORV(VWRVSDxXHORVVRQB
H$TXHOODPDOHWDHVGHORVVHxRUHV$TXHOODPDOHWDHVBBBBB
I(VWRVVRQQXHVWURVMXJXHWHV(VWRVMXJXHWHVVRQBBBBB
J(VWDVVRQYXHVWUDVFRUEDWDV(VWDVFRUEDWDVVRQBBBBB
K(VWHHVPLGLFFLRQDULR(VWHGLFFLRQDULRHVBBBBB
L/DFDVDODFRPSUDPRV-RVp\\RSHURHVPiVTXHBBBBB
M&DUPHQHVWRVJXDQWHVVRQBBBBB"3RUTXHQRVRQBBBBB
N(OWtR$GROIROHSUHVWyD)HUQDQGRXQRVOLEURVBBBBBSDUDTXHORVOH\HUD
O/RVDEXHORVQRVUHJDODURQHVHFXDGURDVtTXHDKRUDHVBBBBB
7UDQVODWHWKHEUDFNHWHG(QJOLVKWRFRPSOHWHWKHVHQWHQFHVBBBBB
D<RYHQGRPLDSDUWDPHQWR\pOYHQGHKLVBBBBB
E3HGURYDHQVXFRFKH\\RYR\HQPLQHBBBBB
F7XFDVDHVJUDQGHSHURSUHILHURRXUVBBBBB
G(VWHOLEURQRHVGH$QWRQLDKHUVHVWiDOOt
H/DFDPLVHWDGH5RVDULRHVYHUGHPLQHHVD]XO
I$TXtHVWiPLSDUDJXDV6DEHQXVWHGHVGyQGHHVWiQ\RXUVJ3DFRSRQWXSODWRDTXt\0DUWD\
7HUHVDSRQHG\RXUVBBBBB
3HUVRQDOSURQRXQV
7H[W
7KHIROORZLQJLVSDUWRIDQLQWHUYLHZZLWKWKHFKDLUPDQRI(O5HIXJLRDVRFLHW\IRUWKHSUHYHQWLRQRI
FUXHOW\WRDQLPDOV$V\RXUHDGLWIRFXVDWWHQWLRQRQWKHXVHRIZRUGVVXFKDVKHKLPZHXVWKH\WKHP
HWF
1DFKR3DXQHUR0DOWUDWDUDXQDQLPDOHVGHOLWR\HVQHFHVDULR
GHQXQFLDUOR
&yPRIXQFLRQD(O5HIXJLR"
+D\XQDDXWpQWLFDUHGXQHMpUFLWRRFXOWRGHFRODERUDGRUHVTXHQRVRQVRFLRVQLYROXQWDULRVSHURTXH
TXLHUHQ\UHVSHWDQDORVDQLPDOHV*HQWHTXHORVUHFRJHHQODFDOOHTXHVHSUHRFXSDGHOOHYDUORVDO
YHWHULQDULR\VHJDVWDVXGLQHUR1RVRWURVVRPRVHOHVODEyQILQDOOD
~OWLPDHVWDFLyQGHHVWHYLDMHGHUHVFDWH
$ORVHVSDxROHVQRVJXVWDWHQHUELFKRVHQFDVD"
&DVLHOSRUFLHQWRGHORVKRJDUHV
HVSDxROHVDOEHUJDDOJ~QDQLPDOVREUHWRGRSHUURVJDWRV\SiMDURV3DUDQRVRWURVQRHVREOLJDWRULR
WHQHUDQLPDOHVHQFDVDORTXHVtTXHUHPRVHVTXHTXLHQORVWHQJDORVWUDWHELHQ
4XHUHPRVTXHDQWHVGHKDFHUVHFRQXQRODJHQWHORSLHQVH\ORYDORUH4XLpQOHWLHQHTXHSRQHUHO
FDVFDEHODOJDWRGHODVROXFLyQGHOSUREOHPDGHODEDQGRQR\HO
PDOWUDWR"&UHHPRVHQHOFLXGDGDQR/DJHQWHTXLHUHTXHVHWUDWHELHQDORVDQLPDOHVSRUTXHQRVH
SXHGHQHJDUTXHKD\XQSUREOHPDDQWHHOTXHPXFKDV
FRPXQLGDGHVD\XQWDPLHQWRV\KDVWDHO*RELHUQRQRGDQVROXFLRQHVLQWHJUDOHV
6HVLJXHPDOWUDWDQGRDORVDQLPDOHVGRPpVWLFRV"
'HVJUDFLDGDPHQWHVt6tVHGDHOFDVRGHTXHKD\SHUVRQDVTXHWLHQHQDORVDQLPDOHVHQFRQGLFLRQHV
LQIUDKXPDQDVKDFLQDGRVPDOYLYLHQGRDWDGRV
QRVRWURVpVDVQRVRQIRUPDVGHWHQHUDXQDQLPDO8QJDWRRXQSHUURTXpHVORTXHTXLHUHQ"3XHV
UHDOPHQWHORTXHHOORVTXLHUHQHVHVWDUSHJDGRVDVXDPRQRVHSDUDUVH
GHpOQLXQPRPHQWR9HUODWHOHFRQpOVHQWDUVHDODPHVDSDVHDU8QDQLPDOGRPpVWLFRQRTXLHUHHVWDU
HQFHUUDGR\DWDGR\TXHGHYH]HQFXDQGRVHOHHFKHXQSRFRGH
FRPLGD&RQUHVSHFWRDOUHVWRGHORVSDtVHVGHQXHVWURHQWRUQR(VSDxDHVSRFRUHFHSWLYDKDFLD
ORVDQLPDOHV"1RGHQLQJ~QPRGR/RTXHHVWi
FODURHVTXHKD\SHUVRQDVTXHXWLOL]DQDQLPDOHVSDUDVXXVRSHUVRQDO\PXFKDVYHFHVFRPRKHUUDPLHQWD
\HVDVSHUVRQDVSRUOODPDUODVGHDOJXQDPDQHUDORV
PDOWUDWDQORVDKRUFDQRVLPSOHPHQWHORVDEDQGRQDQFXDQGR\DQROHVVLUYHQ3HURODPD\RUtDGHOD
JHQWHTXLHUHDORVDQLPDOHV\TXHVHKDJDQFRVDVHQIDYRUGHHOORV
1RKDEUiIDOWDGRTXLHQOHVKD\DGLFKRTXHSRGUtDQGHGLFDUVXWLHPSRDODVSHUVRQDV6tFODURTXH
QRVORKDQGLFKR\WDPELpQHVOyJLFRTXHVHQRVKDJD
HVHWLSRGHDSUHFLDFLyQ$QLYHOGHSHUVRQDFUHRTXHKD\XQH[WHQVRDEDQLFRGHSUREOHPDVVRFLDOHV\
FDGDFXDOHVWiHQVXGHUHFKRGHYHUFXiOFRQVLGHUDSULRULWDULR1RVRWURV
VHQFLOODPHQWHHOHJLPRVSURWHJHU\GHIHQGHUORVDQLPDOHV
'LDULR$%&SRU0GHOD)XHQWH(VSDxD
6XEMHFWSURQRXQV
86$*(
:RUGVVXFKDV\R,W~\RXIDPLODUXVWHG\RXIRUPDOpOKHHWFDUHNQRZQDVVXEMHFWSURQRXQV
6XEMHFWSURQRXQVDUHQRWQRUPDOO\QHHGHGLQ6SDQLVKDVWKHYHUEHQGLQJLVXVXDOO\VXIILFLHQWWRLQGLFDWHWKH
SHUVRQWKLVUHIHUVWR%XWWKHUHDUHFDVHVLQZKLFKWKH\DUHXVHG
D7RPDUNDFKDQJHRIVXEMHFW
*HQWHTXHORVUHFRJHHQODFDOOHTXHVHSUHRFXSDGHOOHYDUORVDOYHWHULQDULR1RVRWURVVRPRVHO
HVODEyQILQDOO3HRSOHZKRSLFNWKHPXSLQWKHVWUHHWZKRVHHDERXWWDNLQJWKHPWRWKH
YHW:HDUHWKHILQDOOLQN
&ULVWLQDDGRUDDVXJDWR<RWDPELpQTXLHURDOPtR&ULVWLQDDGRUHVKHUFDW,ORYHPLQHWRR
7KHWUDQVLWLRQEHWZHHQWKHILUVWVXEMHFWJHQWHLQWKHILUVWVHQWHQFH&ULVWLQDLQWKHVHFRQGDQGWKH
VXEMHFWRIWKHVHQWHQFHZKLFKIROORZVPDNHVWKHXVHRIVXEMHFWSURQRXQVDSSURSULDWHLQWKLVFDVH
E)RUHPSKDVLV
1RVRWURVVHQFLOODPHQWHHOHJLPRVSURWHJHU\GHIHQGHUORVDQLPDOHVO:HVLPSO\FKRRVH
WRSURWHFWDQGGHIHQGDQLPDOV
TXpHVORTXHTXLHUHQ"3XHVUHDOPHQWHORTXHHOORVTXLHUHQO:KDWLVLWWKH\ZDQW"
:HOOUHDOO\ZKDWWKH\ZDQW
&RQVLGHULQJWKHFRQWH[WWKHXVHRIQRVRWURVPLJKWEHVDLGWRVLJQDODFKDQJHRIVXEMHFWEXWLWLVDOVR
HPSKDWLFZKHUHDVHOORVLVWKHUHIRUHPSKDVLVRQO\DVWKHVXEMHFWRIWKHSUHFHGLQJVHQWHQFHLVWKHVDPH
1RZFRQVLGHUWKHIROORZLQJH[DPSOH
4XLHUHTXHORKDJDVW~+HVKHZDQWV\RXWRGRLW
7KHSRVLWLRQRIW~DIWHUWKHYHUEPDNHVLWVSUHVHQFHLQWKHVHQWHQFHHYHQPRUHHPSKDWLFWKDQLQWKH
DOWHUQDWLYHSRVLWLRQEHIRUHWKHYHUE4XLHUHTXHW~ORKDJDV
F7RDYRLGDPELJXLW\
$PELJXLW\FDQRFFXUZLWKWKLUGSHUVRQYHUEV7KLVFDQPDNHWKHXVHRIpOHOODXVWHGDQGWKHSOXUDO
IRUPVHOORVHOODVXVWHGHVGHVLUDEOHRUHYHQQHFHVVDU\ZKHUHWKHFRQWH[WGRHVQRWPDNHWKHVXEMHFW
FOHDUDVLQWKHIROORZLQJVHQWHQFH
7LHQHXQSHUURKHUPRVR+HVKHKDV<RXKDYHDEHDXWLIXOGRJ
,QWKLVH[DPSOHWKHXVHRIDVXEMHFWSURQRXQZLOOSUHYHQWDPELJXLW\
(OODWLHQHXQSHUURKHUPRVR6KHKDVDEHDXWLIXOGRJ
$PELJXLW\PD\DOVRRFFXUEHWZHHQILUVWDQGWKLUGSHUVRQVLQJXODUYHUEVLQFHUWDLQWHQVHVIRUH[DPSOH
WKHLPSHUIHFWRUWKHSUHVHQWVXEMXQFWLYHZKHUH\RDQGpOHOODXVWHGVKDUHWKHVDPHIRUPV
9LYtDHQ(VSDxD,KHVKH\RXXVHGWROLYHLQ6SDLQ
&DUPHQTXLHUHTXHYD\D&DUPHQZDQWVPHKLPKHU\RXWRJR
%XW
eOYLYtDHQ(VSDxD+HXVHGWROLYHLQ6SDLQ
&DUPHQTXLHUHTXH\RYD\D&DUPHQZDQWVPHWRJR
G2QLWVRZQZLWKRXWDQDFFRPSDQ\LQJYHUE
4XLpQWHORGLMR"(OODOHFRQWHVWp:KRWROG\RX"6KHGLG,UHSOLHG
0HTXHGDUpHQFDVD<RWDPELpQ,
OOVWD\DWKRPH6RZLOO,
H$VDZD\RIHVWDEOLVKLQJDFRQWUDVWRUFRPSDULVRQ
<RWHQJRDxRV4XpHGDGWLHQHVW~",
P\HDUVROG+RZROGDUH\RX"
I)RUSROLWHQHVV
8VWHGXVXDOO\DEEUHYLDWHG9G\RXIRUPDOVLQJDQGXVWHGHVXVXDOO\DEEUHYLDWHG9GV\RX
IRUPDOSODUHRIWHQXVHGIRUSROLWHQHVVHYHQZKHQWKH\DUHQRWQHHGHG
3DVHXVWHGSRUIDYRU&RPHLQSOHDVH
)2506
VLQJXODU
SOXUDO
VWSHUVRQ
QGSHUVRQ
UGSHUVRQ
\R
W~\RXIDPLOLDU
XVWHG\RXIRUPDO
pOKHHOODVKH
QRVRWURVDVZH
YRVRWURVDV\RXIDPLOLDU
XVWHGHV\RXIRUPDO
HOORVHOODVWKH\
PDVFIHP
7~RUXVWHG"
*HQHUDOO\VSHDNLQJWKHIRUPDOIRUPVXVWHGDQGXVWHGHVDQGDOOIRUPVUHODWHGWRWKHVHDUHXVHGWR
DGGUHVVSHRSOHRQHGRHVQ
WNQRZDVZHOODVWKHHOGHUO\DQGRQH
VVXSHULRUV,QFHUWDLQZRUNLQJ
HQYLURQPHQWVKRZHYHUHVSHFLDOO\LQ6SDLQWKHFXUUHQWWUHQGLQKLHUDUFKLFDOUHODWLRQVKLSVSRLQWVWRZDUGV
LQIRUPDODGGUHVV
7KHIDPLOLDUIRUPVW~DQGYRVRWURVDVDUHXVHGDPRQJIULHQGVHTXDOVIRUH[DPSOHFROOHDJXHVRU
SHRSOHRIWKHVDPHDJHDQGJHQHUDOO\DPRQJ\RXQJHUSHRSOHHYHQLIWKH\KDYHQ
WPHWEHIRUHLQFOXGLQJ
UHODWLRQVKLSVLQSXEOLFVHUYLFHV:LWKLQWKHIDPLO\WKHVWDQGDUGIRUPLVWKHIDPLOLDURQH
/$7,1$0(5,&$186$*($1')2506
$VLQ6SDLQ/DWLQ$PHULFDQVPDNHDGLVWLQFWLRQEHWZHHQIDPLOLDUDQGIRUPDODGGUHVVEXWRQO\ZKHQ
DGGUHVVLQJRQHSHUVRQW~DQGXVWHG7KHSOXUDOYRVRWURVDVDQGWKHIRUPVUHODWHGWRWKLVDUHQRWXVHGLQ
/DWLQ$PHULFD8VWHGHVLVXVHGLQERWKIRUPDODQGIDPLOLDUDGGUHVVDIHDWXUHRIVSHHFKZKLFKLVQRW
H[FOXVLYHWR/DWLQ$PHULFDDVLWLVDOVRIRXQGLQWKH&DQDULHV*HQHUDOO\VSHDNLQJLQ/DWLQ$PHULFDWKH
IDPLOLDUIRUPLVOHVVSUHYDOHQWWKDQLQ6SDLQEXWXVDJHGLIIHUVIURPFRXQWU\WRFRXQWU\
,QVRPHFRXQWULHVQRWDEO\$UJHQWLQD8UXJXD\DQG3DUDJXD\WKHW~IRUPLVUHSODFHGE\YRVDV\VWHP
NQRZQDVYRVHR9RVLVDOVRXVHGWKRXJKOHVVH[WHQVLYHO\LQSDUWVRI&HQWUDO$PHULFD&RORPELD(FXDGRU
DQG9HQH]XHOD,WLVDOVRKHDUGLQ&KLOHQRUPDOO\DPRQJXQHGXFDWHGVSHDNHUV
,Q$UJHQWLQDYRVWDNHVDVSHFLDOIRUPRIWKHYHUELQWKHSUHVHQWWHQVHLQGLFDWLYHWKHSUHVHQWVXEMXQFWLYH
DQGWKHLPSHUDWLYHIRUH[DPSOHYRVKDEOiVYRVFRPpVYRVYLYtVLQVWHDGRIW~KDEODVW~FRPHVW~
YLYHVLQWKHSUHVHQWWHQVHLQGLFDWLYH6HHDOVR&KDSWHUVDQG
'LUHFWREMHFWSURQRXQV
86$*(
D$GLUHFWREMHFWLVWKDWSDUWRIWKHVHQWHQFHDQRXQRUDSURQRXQZKLFKXQGHUJRHVWKHDFWLRQRIWKH
YHUELQDGLUHFWZD\
TXLHUHQ\UHVSHWDQDORVDQLPDOHVOWKH\ORYHDQGUHVSHFWDQLPDOV
*HQWHTXHVHJDVWDVXGLQHURO3HRSOHZKRVSHQGWKHLUPRQH\
*HQWHTXHORVUHFRJHHQODFDOOHO3HRSOHZKRSLFNWKHPXSLQWKHVWUHHW
KD\SHUVRQDVTXHXWLOL]DQDQLPDOHVOWKHUHDUHSHRSOHZKRXVHDQLPDOV
ORVPDOWUDWDQORVDKRUFDQRVLPSOHPHQWHORVDEDQGRQDQOWKH\PLVWUHDW
WKHPWKH\KDQJWKHPRUWKH\VLPSO\DEDQGRQWKHP
7KHGLUHFWREMHFWVLQWKHVHVHQWHQFHVDUHORVDQLPDOHVDQLPDOVVXGLQHURWKHLUPRQH\ORVWKHPDOO
DIIHFWHGGLUHFWO\E\WKHDFWLRQRIWKHYHUE
E'LUHFWREMHFWSURQRXQVVWDQGIRUDSHUVRQ
0HLQYLWDURQDVXILHVWD7KH\LQYLWHGPHWRWKHLUSDUW\
eOODTXLHUHPXFKR+HORYHVKHUYHU\PXFK
F/R\RXKLPLWVRPHWLPHVUHIHUVWRDQLGHDEXWLWLVQRWDOZD\VWUDQVODWHG
4XHUHPRVTXHDQWHVGHKDFHUVHFRQXQRODJHQWHORSLHQVH\ORYDORUHO:HZDQWSHRSOHWR
WKLQNDERXWLWDQGWRFRQVLGHULWEHIRUHJHWWLQJRQH
6tFODURTXHQRVORKDQGLFKRO<HVRIFRXUVHWKH\
YHWROGXV
6DEHVGyQGHHVWi"1RQRORVp'R\RXNQRZZKHUHLWLV"1R,GRQ
WNQRZ
)2506
VWSHUVRQ
QGSHUVRQ
UGSHUVRQPDVF
VLQJXODU
PHPH
WH\RXIRUW~
SOXUDO
QRVXV
RV\RXIRUYRVRWURVDV
IHP
5(*,21$/9$5,$7,216
7KHUHDUHVRPHLPSRUWDQWUHJLRQDOYDULDWLRQVLQWKHXVHRIWKLUGSHUVRQGLUHFWREMHFWSURQRXQVHVSHFLDOO\
LQWKHPDVFXOLQHIRUPV7KHXVHRIOHLQVWHDGRIORIRUKXPDQPDOHVLVFRPPRQLQ6SDLQWRGD\LQVSHHFKDV
ZHOODVLQZULWLQJSDUWLFXODUO\LQFHQWUDODQGQRUWKHUQ6SDLQZLWKOREHLQJXVHGIRUWKLQJV
/HOOHYpDFDVD,WRRNKLPKRPH/ROOHYpDFDVD,WRRNLWKRPH
:KLOHWKLVYDULDWLRQLVFRQVLGHUHGFRUUHFWWKHXVHRIWKHSOXUDOOHVIRUORVDOVRFRPPRQLQWKHVDPHDUHDV
LVVRPHWLPHVIURZQHGXSRQE\HGXFDWHGVSHDNHUVHYHQWKRXJKLWVXVHLVEHFRPLQJPRUHZLGHVSUHDG0RVW
RWKHUUHJLRQVLQFOXGLQJ/DWLQ$PHULFDXVHORDQGORVIRUKXPDQPDOHVDQGIRUWKLQJV9DULDWLRQVLQWKHXVH
RIWKHIHPLQLQHIRUPVODDQGODVDUHOHVVH[WHQVLYHDQGDUHJHQHUDOO\FRQVLGHUHGXQDFFHSWDEOH
1RWHWKDWWKHSOXUDOIDPLOLDURVIRUPLVUHSODFHGE\ORVPDVFRUODVIHPWKURXJKRXW/DWLQ$PHULFD
$pOOHOODOXVWHG
7KHDPELJXLW\LQDVHQWHQFHVXFKDV/ROODPDUpHVWDWDUGH,
OOFDOOKLP\RXWKLVDIWHUQRRQFDQEH
DYRLGHGE\WKHXVHRIDpOXVWHG/ROODPDUpDpO9GHVWDWDUGH
,QGLUHFWREMHFWSURQRXQV
86$*(
EHHQJLYHQLWOLWHUDOO\1RWRPHLWWKH\KDYHJLYHQ
4XLpQWHODKDGDGR":KRKDVJLYHQLWWR\RX"OLWHUDOO\:KRWR\RXLWKDVJLYHQ"
F/HDQGOHVEHFRPHVHEHIRUHORODORVODV
/HVGLMLVWHODYHUGDG"6tVHODGLMH'LG\RXWHOOWKHPWKHWUXWK"<HV,WROGWKHPLW
,QWKLVVHQWHQFHVHVWDQGVIRUOHVWKHP
/HHQYLDVWHHOSDTXHWH"1RQRVHORHQYLp'LG\RXVHQGKLPKHUWKHSDFNHW"1R,GLGQ
W
VHQGLWWRKLPKHU
,QWKLVRWKHUH[DPSOHVHVWDQGVIRUOHKLPRUKHU
)2506
VWSHUVRQ
QGSHUVRQ
UGSHUVRQ
VLQJXODU
PHWRPH
WHWR\RXIRUW~
OHWR\RXIRU9G
WRKLPKHULW
SOXUDO
QRVWRXV
RVWR\RXIRUYRVRWURVDV
OHVWR\RXIRU9GV
WRWKHP
5(*,21$/9$5,$7,216
7KHXVHRIWKLUGSHUVRQLQGLUHFWREMHFWSURQRXQVSUHVHQWVOLWWOHYDULDWLRQWKURXJKRXWWKH6SDQLVKVSHDNLQJ
ZRUOG$QRWDEOHH[FHSWLRQLVWKHXVHRIODIRUOHLQWKHIHPLQLQHLQFHQWUDO6SDLQHVSHFLDOO\LQ0DGULG
HJODGLMHIRUOHGLMH,WROGKHU7KLVXVDJHLVFRQVLGHUHGLQFRUUHFWE\PRVWHGXFDWHGVSHDNHUV
1RWHWKDWWKHRVIRUPLVUHSODFHGE\OHVSOXUDOIDPLOLDUDQGIRUPDOWKURXJKRXW/DWLQ$PHULFD
5('81'$1735212816
D,QGLUHFWREMHFWSURQRXQV
,QDVHQWHQFHVXFKDV4XLpQOHWLHQHTXHSRQHUHOFDVFDEHODOJDWR"O:KRKDVWRULVN
WKHLUQHFN":KRKDVWREHOOWKHFDW"HOFDVFDEHOWKHEHOOLVWKHGLUHFWREMHFWDQGHOJDWRWKHFDW
LVWKHLQGLUHFWRQH7KHLQGLUHFWREMHFWSURQRXQOHVWDQGVIRUHOJDWRZKLFKLVQDPHGLQWKHVHQWHQFHVR
OHFDQEHVDLGWREHUHGXQGDQW7KLVXVHRIDUHGXQGDQWSURQRXQLVKLJKO\FRPPRQLQ6SDQLVKDQGLWLV
UDUHO\RPLWWHGH[FHSWRFFDVLRQDOO\LQIRUPDOZULWLQJ,QWKHVSRNHQODQJXDJHQDWLYHVSHDNHUVZRXOG
FRQVLGHULWVDEVHQFHDVRGG+HUHDUHVRPHIXUWKHUH[DPSOHV
/HGLMHD0DUtDTXHYLQLHVH,WROG0DULDWRFRPH
/HVSUHJXQWDVWHDWXVSDGUHV"'LG\RXDVN\RXUSDUHQWV"
2VSHGtDWL\D3DFRTXHQRIXHUDLV,DVNHG\RXDQG3DFRQRWWRJR
7KHRPLVVLRQRIWKHUHGXQGDQWSURQRXQLVQRWDFFHSWDEOHZKHQWKHLQGLUHFWREMHFWSUHFHGHVWKHYHUE
$$JXVWtQOHSHGLUpD\XGD,
OODVN$JXVWtQIRUKHOS
$PtPHWUDHVXQDOLPRQDGD%ULQJPHDOHPRQDGH
E'LUHFWREMHFWSURQRXQV
5HGXQGDQF\DOVRRFFXUVZLWKGLUHFWREMHFWSURQRXQVDVVKRZQLQWKHIROORZLQJH[DPSOHV
<RODOODPRFDVLWRGDVODVQRFKHVDPLPDGUH<W~",FDOOP\PRWKHUDOPRVWHYHU\QLJKW$QG
\RX"&DUPHQQRORVKDLQYLWDGRDVXFDVDD3HGUR\-RVp&DUPHQKDVQ
WLQYLWHG3HGURDQG-RVpWR
KHUKRXVH
<RPLVPRODVFRPSUpODVPDQ]DQDV,P\VHOIERXJKWWKHDSSOHV
$VZLWKLQGLUHFWREMHFWSURQRXQVDERYHWKHGLUHFWREMHFWSURQRXQFDQQRWEHRPLWWHGZKHQWKHGLUHFW
REMHFWSUHFHGHVWKHYHUE&RPSDUHIRUH[DPSOH<RPLVPRFRPSUpODVPDQ]DQDV,P\VHOIERXJKWWKH
DSSOHVLQZKLFKWKHGLUHFWREMHFWSURQRXQKDVEHHQRPLWWHGZLWK/DVPDQ]DQDVODVFRPSUp\R
PLVPRLQZKLFKWKHSURQRXQODVLVREOLJDWRU\
326,7,212)',5(&7$1',1',5(&72%-(&735212816
D'LUHFWDQGLQGLUHFWREMHFWSURQRXQVDUHQRUPDOO\SODFHGEHIRUHWKHYHUE
ORTXHVtTXHUHPRVHVTXHTXLHQORVWHQJDORVWUDWHELHQOZKDWZHZDQWLV
WKDWWKRVHZKRKDYHWKHPWUHDWWKHPZHOO
4XLpQOHWLHQHTXHSRQHUHOFDVFDEHODOJDWR"O:KRKDVWRULVNWKHLUQHFN"
6tFODURTXHQRVORKDQGLFKRO<HVRIFRXUVHWKH\KDYHWROGXV
E:LWKDQLQILQLWLYHDJHUXQGRUDSRVLWLYHLPSHUDWLYHSURQRXQVDUHDWWDFKHGWRWKHHQGRIWKHYHUE
EHFRPLQJRQHZRUGZLWKLW
HVQHFHVDULRGHQXQFLDUORWLWOH\RXKDYHWRUHSRUWLW
*HQWHTXHVHSUHRFXSDGHOOHYDUORVDOYHWHULQDULRO3HRSOHZKRVHHDERXWWDNLQJWKHPWR
WKHYHW
\HVDVSHUVRQDVSRUOODPDUODVGHDOJXQDPDQHUDODQGWKRVHSHRSOHWR
JLYHWKHPDQDPH
3HQViQGRORELHQHVPHMRUQRGHFtUVHOR7KLQNLQJLWRYHUZH
GEHWWHUQRWWHOOKLPKHUWKHP
7UDWiQGRORVGHHVDPDQHUDQRFRQVHJXLUiVTXHWHREHGH]FDQ7UHDWLQJWKHPWKDWZD\\RXZRQ
WJHW
WKHPWRREH\\RX
'tVHOR7HOOKLPKHUWKHP
/OiPDOD&DOOKHU
:LWKQHJDWLYHLPSHUDWLYHVSURQRXQVPXVWSUHFHGHWKHYHUE
1RVHORGLJDV'RQ
WWHOOKLPKHUWKHP
1RODOODPHV'RQ
WFDOOKHU
F,QDFRQVWUXFWLRQZLWKDILQLWHRUFRQMXJDWHGYHUEIROORZHGE\DQLQILQLWLYHRUDJHUXQGWKHREMHFW
SURQRXQPD\EHSODFHGEHIRUHWKHILQLWHYHUERULWPD\EHDGGHGWRWKHLQILQLWLYHRUJHUXQG
/RVYR\DGHQXQFLDU259R\DGHQXQFLDUORV,
PJRLQJWRUHSRUWWKHP
4XLHUHQSURWHJHUOR25/RTXLHUHQSURWHJHU7KH\ZDQWWRSURWHFWKLP
0HHVWiOODPDQGR25(VWiOODPiQGRPH+HVKHLVFDOOLQJPH
1RVHVWDEDQHVSHUDQGR25(VWDEDQHVSHUiQGRQRV7KH\ZHUHZDLWLQJIRUXV
1RWHWKDWZKHQWKHSURQRXQIROORZVWKHJHUXQGDQDFFHQWPXVWEHDGGHGWRWKLVLQRUGHUWRVLJQDOWKDW
WKHVWUHVVRQWKHJHUXQGUHPDLQVWKHVDPHWKDWLVRQWKHSHQXOWLPDWHV\OODEOHOODPDQGRHVSHUDQGR
,QVHQWHQFHVZLWKYHUEVVXFKDVJXVWDUDJUDGDUWROLNHDSHWHFHUWRIHHOOLNHZKLFKDUHQRUPDOO\
SUHFHGHGE\DQLQGLUHFWREMHFWSURQRXQDQ\DGGLWLRQDOSURQRXQVPXVWEHDGGHGWRWKHLQILQLWLYH
0HJXVWDDJUDGDOOHYDUODDOSDUTXH,OLNHWDNLQJKHUWRWKHSDUN
1RQRVDSHWHFHKDFHUOR:HGRQ
WIHHOOLNHGRLQJLW
35(326,7,21$/35212816
D3URQRXQVZKLFKIROORZSUHSRVLWLRQVNQRZQDVSUHSRVLWLRQDORUGLVMXQFWLYHSURQRXQVDUHWKHVDPHDV
WKHVXEMHFWSURQRXQVVHH6XEMHFWSURQRXQVDERYHH[FHSWIRUPtPHDQGWL\RXIDPLOLDUVLQJDQGVt
ZKLFKLVWKHUHIOH[LYHWKLUGSHUVRQIRUPWUDQVODWLQJKLPVHOIKHUVHOILWVHOIWKHPVHOYHVIRUVtUHIHUWRF
EHORZ
3DUDQRVRWURVQRHVREOLJDWRULRO)RUXVLW
VQRWREOLJDWRU\
3DUDQRVRWURVpVDVQRVRQIRUPDVGHO)RUXVWKRVHDUHQRWZD\VWR
3XHVUHDOPHQWHORTXHHOORVTXLHUHQHVQRVHSDUDUVHGHpOO:HOOUHDOO\ZKDW
WKH\ZDQWLVQRWWROHDYHKLVVLGH
9HUODWHOHFRQpOO7RZDWFKWHOHYLVLRQZLWKKLP
ODPD\RUtDGHODJHQWHTXLHUHTXHVHKDJDQFRVDVHQIDYRUGHHOORVOWKH
PDMRULW\RISHRSOHZDQWWKLQJVGRQHRQWKHLUEHKDOI
(VRHVPX\LPSRUWDQWHSDUDPt7KDW
VYHU\LPSRUWDQWIRUPH
(VWDEDSHQVDQGRHQWL,ZDVWKLQNLQJRI\RX
$IWHUHQWUHEHWZHHQDPRQJKDVWDZLWKWKHPHDQLQJRIHYHQLQFOXVRHYHQVHJ~QDFFRUGLQJWR
H[FHSWRVDOYRPHQRVDOOWKUHHPHDQLQJH[FHSWXVHVXEMHFWIRUPV\RDQGW~LQVWHDGRIPtDQGWL
(QWUHW~\\R%HWZHHQ\RXDQGPH
+DVWDLQFOXVR\RORJUpHQWHQGHUOR(YHQ,PDQDJHGWRXQGHUVWDQGLW
%XW/DQRWLFLDOOHJyKDVWDPtWLDWUDYpVGHXQDPLJR7KHQHZVUHDFKHGPH\RXWKURXJKDIULHQG
6HJ~QW~HQWRQFHVVR\\RHOTXHHVWiHTXLYRFDGR$FFRUGLQJWR\RXWKHQLW
VPHZKR
VZURQJ
9LQLHURQWRGRVH[FHSWRVDOYRPHQRVW~7KH\DOOFDPHH[FHSW\RX
,Q$UJHQWLQDWLDQGW~DUHQRUPDOO\UHSODFHGE\YRV
(VWDEDSHQVDQGRHQYRVIRUWL,ZDVWKLQNLQJRI\RX
9LQLHURQWRGRVPHQRVYRVIRUW~7KH\DOOFDPHH[FHSW\RX
E&RQPtWLVtUHVXOWVLQWKHIROORZLQJIRUPVFRQPLJRZLWKPHFRQWLJRZLWK\RXIDPLOLDUVLQJDQG
WKHPXFKOHVVFRPPRQFRQVLJRZLWKKLPVHOIKHUVHOIHWF%XWFRQpOHOOD9GHWFZLWKKLPKHU\RX
4XLHUHVYHQLUFRQPLJR"'R\RXZDQWWRFRPHZLWKPH"
/DYLFRQWLJR,VDZKHUZLWK\RX
1XQFDOOHYDVXILFLHQWHGLQHURFRQVLJR+HVKHQHYHUWDNHVHQRXJKPRQH\ZLWKKLPKHU
F2WKHUWKDQLQWKHFRQVWUXFWLRQZLWKFRQDERYHWKHUHIOH[LYHVtZKLFKVWDQGVIRUWKHUHIOH[LYHSURQRXQVH
PHDQLQJKLPVHOIKHUVHOILWVHOI\RXUVHOIIRUPDODQGWKHSOXUDOIRUPV\RXUVHOYHVIRUPDOWKHPVHOYHVLV
XVHGLQVHQWHQFHVOLNHWKHIROORZLQJ
(OHQDVyORSLHQVDHQVtPLVPD(OHQDRQO\WKLQNVRIKHUVHOI
(VWiQRUJXOORVRVGHVtPLVPRV7KH\DUHSURXGRIWKHPVHOYHV
0LSDGUHYROYLyHQVtGHVSXpVGHXQRVPLQXWRV0\IDWKHUUHJDLQHGFRQVFLRXVQHVVDIWHUDIHZ
PLQXWHV
-DYLHUQRFDEtDHQVtGHFRQWHQWR-DYLHUZDVEHVLGHKLPVHOIZLWKMR\
)RUWKHUHIOH[LYHVHH&KDSWHU
2WKHUSRLQWVWRQRWHLQWKHWH[W
6HHIRUIXUWKHULQIRUPDWLRQ
%DWFKHORUDQG3RXQWDLQSS
%XWWSS
%XWWDQG%HQMDPLQSS
.DWWiQ,EDUUDDQG3RXQWDLQSS
0XxR]DQG7KDFNHUSS
(;(5&,6(6
)LOOWKHJDSZLWKDVXEMHFWSURQRXQ
DBBBBYDVDKDEODUFRQODGLUHFWRUDRVR\BBBBODTXHWLHQHTXHKDEODUFRQBBBB"
E&XiQGRYDLVBBBBD6XL]D"
F$pOOHKDJXVWDGRHVDSHOtFXODPH[LFDQDSHURDBBBBQRQRVKDJXVWDGRQDGD
G/DWRUWLOODHVSDUDBBBBVHxRURHVSDUDODVHxRUD"
H1RVpORTXHYDPRVDKDFHUSRUTXHVLBBBBQRTXLHUHQLU\BBBBQRSRGHPRVSXHVQRKD\QDGLH
PiV
I6HxRUHVKDQGHMDGRWRGRVBBBBODVOODYHVHQUHFHSFLyQ"
J%DVLOLRGLMRTXHHVWDEDGHDFXHUGRFRQORVSODQHV
<0DJGDOHQDTXpGLMRBBBBB"
K9DPRVW~*XLOOHUPR\\RDODIXQFLyQ"
9HBBBBVLTXLHUHVSHURBBBQRWHQJRODPHQRULQWHQFLyQGHLU
<*XLOOHUPR"
BBBGLUiVLYDDLURQR
L6HxRUHVVLTXLHUHQBBBBBBBBVHJXLUPHHPSH]DUHPRVODYLVLWDDOPRQDVWHULR
M(VWHYHUDQRTXHUHPRVYLVLWDUODV,VODVUFDGDV<BBBBBBBTXpSHQViLVKDFHU"
N9DPRVDDFODUDUXQDFRVD1RVRQGHODPLVPDQDFLRQDOLGDGBBBBHVHVSDxROSHURBBBBBHV
YHQH]RODQD
O3DUDDFDEDUFRQHVWRORPiVUiSLGRSRVLEOHBBBBOHR\BBBBHVFULEHVYDOH"
$QVZHUWKHTXHVWLRQVXVLQJWKHLQIRUPDWLRQSURYLGHG
([DPSOH'yQGHFRPSUy5D~OHOSRQFKR"$UJHQWLQD/RFRPSUyHQ$UJHQWLQD
D&XiQGRHVFULELy0DUWDODFDUWD"YLHUQHV
E9LVWHDORVVHxRUHV*LO"HOOXQHVSDVDGR
F'yQGHFRPSUDVODVIORUHV"HQHOPHUFDGR
G&RQRFHVDOWtRGH6LOYLD"1R
H9HQGLHURQODVWLHUUDV"6t
I/ODPDVWHDWXPDGUH"D\HU
J'yQGHKDVSXHVWRPLOLEUR"HQHOHVWDQWH
K+DEpLVSUREDGRODWDUWD"WRGDYtDQR
L&XiQGRVDFDURQODVHQWUDGDV"DQWHD\HU
M'yQGHPHWLy1DWDOLDORVGRFXPHQWRV"HQODFDMDIXHUWH
N4XLpQWUDMRHOYLQR"3HSH
O4XLpQWRPyODVIRWRV"0LDPLJD
5HZULWHWKHVHVHQWHQFHVUHSODFLQJWKHEUDFNHWHGZRUGVZLWKWKHDSSURSULDWHSURQRXQ
D0RQWVHUHJDOyXQFROODUDVXPDGUH
E/DVHxRUDQRGLRQLQJXQDUHVSXHVWDDPt
F+HSUHSDUDGRXQFDIpSDUDWL
G1XHVWURSDGUHPDQGyXQDFDUWDDWL\DWXKHUPDQR
H(OMHIHKDH[SOLFDGRHOSUREOHPDDXVWHGHV
I(OORVQRTXHUtDQYHQGHUODVWLHUUDVDQRVRWURV
J<RVLHPSUHGLJRODYHUGDGDXVWHG
K7HQHPRVTXHGDUORVOLEURVDORVDOXPQRV
L+LFLPRVXQJUDQIDYRUDORVVHxRUHV
M-DYLHUQRTXLVRSUHVWDUVXFRFKHDVXKHUPDQD
N0DxDQDYDQDHQVHxDUHOSLVRDQRVRWURV
O5HPHGLRVVLHQWHQRSRGHUWUDHUXQUHJDORSDUDYRVRWURV
5HZULWHWKHVHVHQWHQFHVUHSODFLQJWKHZRUGVLQLWDOLFVZLWKDSSURSULDWHSURQRXQV
D1RPHGLRODPDQR
E0DUWDQRVPRVWUyODVIRWRV
F5REHUWRQRRVKDKHFKRODUHVHUYDYHUGDG"
G1RWHSXHGRFRQWDUPLVSUREOHPDV
H0HHQWUHJDURQHOSUHPLR
I3HSHQRTXLHUHGDUPHODVMR\DV
J3RUTXpQRRVTXLVRFRPSUDUODVUHYLVWDV"
K)HGHULFRYDDOHHUQRVORVSRHPDV
L7HSRQJRORVSHQGLHQWHVHQXQDFDMLWD"
M0HQDUUyVXVDYHQWXUDVFRQWRGRGHWDOOH
N9DQDRIUHFHUPHHOSXHVWRGHWUDEDMR
O+DQGLFKRTXHQRRVSXHGHQWUDHUORVSODQRVKDVWDSDVDGRPDxDQD
5HSODFHWKHZRUGVLQLWDOLFVZLWKDSSURSULDWHSURQRXQV
D(OJXtDH[SOLFyODKLVWRULDDORVWXULVWDV
E/DVHxRUDQRTXHUtDYHQGHUODVWLHUUDVD$QGUpV\VXPXMHU
F5HFRPHQGpHOOLEURDORVHVWXGLDQWHV
G&DUORVYDDSHGLUODVQRWDVD(QULTXH
H1RSHQVDEDGHYROYHUHOGLQHURD5RVDULR
I3DVDVWHORVWUDEDMRVD3HGUR"
J2OYLGpWUDHUORVSHULyGLFRVSDUDHODEXHOR
K/HVKDVUHFRPHQGDGRHOKRWHODWXVSDGUHV"
L3RUTXpQRTXHUtDVGDUOHHOPHQVDMHD5DLPXQGR"
M&XiQGROHGHMDVWHD0DUtDODFKDTXHWD"
N7XYLPRVTXHOOHYDUOHD$QGUpVODFDUSHWD
O/HVGLHURQODVQRWLFLDVDORVSDGUHVDQRFKH
5HDGWKHIROORZLQJWH[WDQGFRQVLGHUKRZLWFDQEHLPSURYHGZLWKWKHXVHRISURQRXQVWKHQUHZULWHLW
XVLQJVXEMHFWDQGREMHFWSURQRXQVDVDQGZKHQDSSURSULDWH
&XDQGR(PLOLRFXPSOLyORVGLH]DxRVVXPDGUHGHFLGLyFRPSUDUD(PLOLRXQDPDVFRWD&RQOD
PDVFRWD(PLOLRDSUHQGHUtDDVHUUHVSRQVDEOH8QDFRPSDxHUDGHWUDEDMRDFRQVHMyDHOODTXHIXHUDDXQ
UHIXJLR\FRPRVDEtDPXFKRGHSHUURVDFRPSDxyDHOODSDUDD\XGDUDHOODDHVFRJHUODIXWXUDPDVFRWD
GH(PLOLR
4XpHPRFLyQVLQWLy(PLOLRFXDQGRYLRDOSHUURHQORVEUD]RVGHVXPDGUH(QVHJXLGDTXHUtDMXJDU
FRQHOSHUURSHURVXPDGUHDGYLUWLyDpO
(VWHSHUURQRHVXQMXJXHWHHVXQVHUYLYR\WLHQHVTXHFXLGDUDOSHUURELHQ9R\DH[SOLFDUDWLOR
TXHWLHQHVTXHKDFHU3ULPHURWLHQHVTXHGDUGHFRPHUDOSHUURGRVYHFHVDOGtDOXHJRKD\TXHFHSLOODU
DOSHUURDGLDULR\GDUDOSHUURXQEDxRFDGDGRVVHPDQDV(QWHQGLGR"
6tPDPiSHURWDPELpQSXHGRVDFDUDOSHUURGHSDVHRQR"<DWLHQHQRPEUH"
1RKLMR3XHGHVGDUDOSHUURXQQRPEUHXQRTXHWHJXVWH<PDxDQDOOHYDPRVDOSHUURDO
YHWHULQDULR
$OGtDVLJXLHQWHPLHQWUDVSRQtDDOSHUURVXVLQ\HFFLRQHVODYHWHULQDULDGLMRD(PLOLR
6DEHVTXHXQSHUURQXQFDROYLGDODVOHFFLRQHVTXHDSUHQGHDVtTXHWLHQHVTXHHGXFDUDOSHUUR"3RU
HMHPSORFXDQGRVDTXHVDOSHUURGHSDVHRHVPX\LPSRUWDQWHTXHVDOJDVSULPHUR\TXHHOSHUURVLJDD
WL(OSHUURWLHQHTXHREHGHFHUDWLVLHPSUHDVtDSUHQGHTXHHUHVHODPR\HVWXFRPSDxHURILHO6HUtD
XQDEXHQDLGHDTXHWHDSXQWDUDVDXQDVFODVHV<DWLHQHQRPEUH"
6tYR\DOODPDUDOSHUUR7LQWtQ$SURSyVLWRHVSHUURRSHUUD"
&RPSOHWHWKHWH[WZLWKWKHDSSURSULDWHSURQRXQ
5DPRQFLWRHQFRQWUyHO&'HQHOUDVWULOOR\BBBBFRPSUyVLQSHQVDUBBBBPiVSRUTXHVDEtDTXHHUDPL
FXPSOHDxRV\BBBBFRPSUySDUDBBBB1DGDPiVFRPSUDUBBBBYLQRDFiSDUDUHJDODUBBBBGHPRGR
TXHOOHJyWDUGHDFDVD\VXSDGUHVHHQIDGyFRQBBBB\BBBBFDVWLJy
&XDQGRPHHQWHUpBBBBGLMHDOSDGUHTXHQRGHEHUtDKDEHUBBBBKHFKRSRUTXH5DPRQFLWRHVWDED
SHQVDQGRHQBBBB\TXLHQWHQtDODFXOSDHUDBBBB3HURHOSDGUHBBBBGLMRTXHQRWHQtDSRUTXpPHWHU
BBBBHQDVXQWRVDMHQRV\VLBBBBTXHUtDFDVWLJDUDVXKLMRBBBBKDUtD
9ROYtDFDVDIXULRVD\FXDQGRYLTXHPLVKLMDVHVWDEDQHQHOVDOyQHVFXFKDQGRPLGLVFRBBBBJULWp
4XLpQBBBBKDGDGRSHUPLVRSDUDHVFXFKDUHVWR"
&DOPDBBBBPDPiBBBBFRQWHVWDURQ(VXQDP~VLFDSUHFLRVDBBBBHQFDQWD6LpQWDBBBB\
HVFXFKDBBBB<RWUDFRVDBBBBKHPRVSUHSDUDGRODFHQDDVtTXHBBBBDGHVFDQVDU
7UDQVODWHLQWR6SDQLVK
D:KRJDYH\RXWKLVZDWFK\"1RERG\JDYHLWWRPH,IRXQGLW
E,FDQ
WJLYHKHUWKHPRQH\WRGD\,
OOJLYHLWWRKHUWRPRUURZ
F+DYH\RXYLVLWHGWKHPEHIRUH"%HWZHHQ\RXDQGPHWKH\DUHQRWYHU\IULHQGO\
G(YHU\ERG\KDVJLYHQ\RXVRPHWKLQJH[FHSWKHU
H&KLOGUHQ,
OOJLYH\RX\RXUJORYHVDQG\RXFDQSXWWKHPRQWRJRRXW
I6LU0DGDPKRZFDQ,KHOS\RX"
J+HUKXVEDQGOLVWHQHGWRKHUZKLOHVKHVHUYHGKLPKLVGLQQHU
K,
OOLQYLWH\RXIRUDFRIIHHLVZKDW5LFDUGRVDLGWRXV
L$FFRUGLQJWRKLPZHDUHJRLQJWREHFKDUJHGHXURVIRUWKLVFRQVXOWDWLRQ
M(YHQLI\RXGRQ
WOLNHMD]]KHGRHVDQGVRGR,+H
OOFRPHWRWKHFRQFHUWZLWKPHRQ6DWXUGD\
N,GLGZKDW\RXDVNHGPHWRZLWKWKHRUDQJHV,JDYHWKHPWR&DUPHQ
VPRWKHU
O,MXVWGRQ
WXQGHUVWDQGZK\KHKDVQ
WJLYHQKHUWKHULQJ6KHFKRVHLWDQGKHZHQWWKHQH[WGD\WREX\
LWIRUKHUEXWVKHKDVQ
WJRWLW\HW
6HHDOVR&KDSWHU:RUGRUGHUIRUH[HUFLVHVZLWKUHGXQGDQWSURQRXQV
5HODWLYHSURQRXQV
7H[W
/LNHPDQ\LOOHJDOPLJUDQWVWRGD\ZKRFURVVWKH6WUDLWVRI*LEUDOWDUIURP1RUWK$IULFDLQWR(XURSHLQ
LPSURYLVHGEDOVDVUDIWVSUHKLVWRULFPDQPD\KDYHPDGHDVLPLODUFURVVLQJDPLOOLRQDQGDKDOI\HDUVDJR
7KLVLVWKHVXEMHFWRIWKHILUVWWH[WZKLFKOLNHWKHRQHEHORZIRFXVHVRQWKHXVHRIUHODWLYHSURQRXQV
(OKRPRHUHFWXVHOSULPHUEDOVHURGHOHVWUHFKRGH*LEUDOWDU
/RVDIULFDQRVTXHDKRUDVHMXHJDQODYLGDSDUDYHQLUD(XURSDHQHPEDUFDFLRQHVSUHFDULDVQRVRQORV
SULPHURVTXHKDQKHFKRHVHYLDMH
+DFHFLHQWRVGHPLOHVGHDxRWURVDIULFDQRVTXLHQHVVRQQXHVWURVDQWHFHVRUHVKLFLHURQHVHPLVPR
FDPLQR\FRORQL]DURQ(XURSDVHJ~VWHRUtDVGHDOJXQRVGHORV
SDOHRQWyORJRVTXHKDQHVWXGLDGRHOWHPD3DUHFHSUREDGRTXHORVSULPHURVKXPDQRVQDFLHURQHQ$IULFD
HQODVIpLOHVSUDGHUDVGHORULHQWHGHVGHODVTXHVH
H[SDQGLHURQSRU$VLD\(XURSDHQGLIHUHQWHVROHDGDV/DPD\RUtGHORVSDOHRQWyORJRVKDHVWDGRVLHPSUH
GHDFXHUGRHQTXHHVDPLJUDFLyQSURGXMRSRU2ULHQWH3Uy[LPR
H[DFWDPHQWHSRUHOYDOOHGHO-RUGiDQ3HURHOSDOHRQWyORJRVXUDIULFDQR3KLOOLS7RELDVH[SOLFyXQD
QXHYDKLSyWHVLVORVKRPtQLGRVTXHOOHJDURQD(XURSDQRORKDEUtDQKHFKRSRU
2ULHQWH3Uy[LPRVLQRFUX]DQGRHOHVWUHFKRGH*LEUDOWDUDWUDYpVGHOFXDOVHDGHQWUDURQHQOD3HQtQVXOD
,EpULFDXQYLDMHTXHKDEUtDWHQLGROXJDUHQWUH\PLOORQHVGHDxRVDWUiV
5HYLVWD7LHPSR(VSDxD
7H[W
7H[WORRNVDW,QWHUQHWDGGLFWLRQWKURXJKDSHUVRQDOVWRU\
(VFODYRVGHODWHFQRORJtD
+HFRQRFLGRD:LOO\*HQXQFKDW\DVDEpLVXQRGHHVRVVLWLRVTXHKD\HQ,QWHUQHWGHVGHORVTXH
SXHGHVFRPXQLFDUWHFRQRWURVXVXDULRVGHOD
5HGHQWLHPSRUHDOOD~QLFDFRVDTXHWLHQHVTXHKDFHUHVHVFULELUFRQWXWHFODGRHOPHQVDMHTXHTXLHUHV
HPLWLUHLQVWDQWiQHDPHQWHDSDUHFHUiHQORVPRQLWRUHVGHWRGRVORVSDUWLFLSDQWHV
TXHHVWpQFRQHFWDGRVDHVHFKDW(QFXHQWURD:LOO\PLQXHYRDPLJRYLUWXDOHQXQRTXHVHUHODFLRQD
FRQDPLVWDG:LOO\TXHHVHVWXGLDQWHWLHQHYHLQWL~QDxRV\KDFHGRVQR
SRGtDSDVDUQLXQVRORGtDVLQFRQHFWDUVHD,QWHUQHW0LDGLFFLyQHUDWDOTXHFKDWHDUPHHUDWDQ
LPSUHVFLQGLEOHFRPRSXHGHVHUORFXDOTXLHURWUDGURJDHVFULEH:LOO\<
ORTXHFRPHQ]yFRPRXQMXHJRGLYHUWLGRSURQWRGHMyGHVHUOR\VXQRYLDWHUPLQyGHMiQGROH&XDQGR
PHGHMyFRPSUHQGtTXHWHQtDTXHVXSHUDUPLDGLFFLyQ+R\HQGtD:LOO\TXLHQ
VHVLJXHFRQHFWDQGRSHURPXFKRPHQRVTXHDQWHVPHFXHQWDTXHSURFXUDUHODFLRQDUVHPiVFRQVXV
DPLJRVQRYLUWXDOHV1RH[LVWHUHDOLGDGPiVDJUDGDEOHTXHODTXH
WHQHPRVDQWHQXHVWURVRMRVWRGRVORVGtDV\QRQHFHVDULDPHQWHGHODQWHGHXQRUGHQDGRU
5HYLVWD'7(VSDxD
5HODWLYHSURQRXQV
*(1(5$/86$*(
D5HODWLYHSURQRXQVDUHZRUGVOLNHTXHZKRZKRPWKDWZKLFKHOODTXHHOODFXDOWKDWZKRPZKLFK
FX\RDZKRVHZKLFKLQWURGXFHUHODWLYHFODXVHV$UHODWLYHFODXVHLVDJURXSRIZRUGVZKLFKUHIHUV
EDFNWRVRPHWKLQJSUHYLRXVO\PHQWLRQHGLQWKHVHQWHQFHDQRXQRUDSURQRXQNQRZQDVWKHDQWHFHGHQW
,Q7H[WOLQHIRUH[DPSOHWKHUHODWLYHSURQRXQTXHOLQNVWKHQRXQORVKRPtQLGRVWKH
DQWHFHGHQWWRWKHUHODWLYHFODXVHOOHJDURQD(XURSDWKHKRPLQLGVZKRDUULYHGLQ(XURSH
E$UHODWLYHSURQRXQFDQEHWKHVXEMHFWRUREMHFWRIWKHUHODWLYHFODXVH,Q7H[WOLQHV/RV
DIULFDQRVTXHDKRUDVHMXHJDQODYLGD7KH$IULFDQVZKRQRZULVNWKHLUOLYHVTXHLVIXQFWLRQLQJ
DVWKHVXEMHFWRIWKHUHODWLYHFODXVHZKLFKUHIHUVEDFNWRORVDIULFDQRV,Q7H[WOLQHHO
PHQVDMHTXHTXLHUHVHPLWLUWKHPHVVDJHWKDWZKLFK\RXZDQWWRVHQGTXHLVWKHREMHFWD
GLUHFWREMHFWLQWKLVFDVHUHIHUULQJEDFNWRHOPHQVDMH,Q(QJOLVKWKHUHODWLYHSURQRXQFDQEHRPLWWHG
ZKHQWKLVLVWKHGLUHFWREMHFWRIDUHODWLYHFODXVH,Q6SDQLVKWKLVFDQQRWEHGRQH
48(:+2:+20:+,&+7+$7
4XHLVWKHPRVWFRPPRQUHODWLYHSURQRXQLQ6SDQLVKLQWKHVSRNHQDQGWKHZULWWHQODQJXDJH,WLV
LQYDULDEOHDQGLWFDQUHIHUWRSHRSOHDQGWRWKLQJV
ORVSDOHRQWyORJRVTXHKDQHVWXGLDGR7LOSDOHRQWRORJLVWVZKRKDYHVWXGLHG
OD~QLFDFRVDTXHWLHQHVTXHKDFHU7OWKHRQO\WKLQJWKDWZKLFK\RXQHHGWR
GR
:LOO\TXHHVHVWXGLDQWHWLHQHYHLQW~QDxRV7:LOO\ZKRLVDVWXGHQWLV
WZHQW\RQH\HDUVROG
,QWKHILUVWDQGVHFRQGH[DPSOHVTXHLQWURGXFHVDUHVWULFWLYHFODXVHRQHZKLFKUHVWULFWVWKHVFRSHRI
WKHDQWHFHGHQW1RFRPPDRUSDXVHLVXVHGEHWZHHQWKHUHODWLYHSURQRXQDQGWKHDQWHFHGHQW,QWKHODVW
H[DPSOHWKHFODXVHLVQRQUHVWULFWLYH,WLVWKHUHVLPSO\WRSURYLGHPRUHLQIRUPDWLRQDERXWWKH
DQWHFHGHQWVRDFRPPDLVQHHGHGLQZULWLQJDQGDSDXVHLQVSHHFK$VSDUWRIDQRQUHVWULFWLYHFODXVH
TXHLQWKLVH[DPSOHFDQEHUHSODFHGE\TXLHQRUHOFXDO
:LOO\TXLHQHOFXDOHVHVWXGLDQWHWLHQH
4XHLVRIWHQXVHGZLWKVKRUWSUHSRVLWLRQVVXFKDVDFRQGHHQZLWKUHIHUHQFHWRDQRQKXPDQ
DQWHFHGHQW
HOGLQHURFRQTXHORFRPSUpWKHPRQH\,ERXJKWLWZLWK
ODFDVDHQTXHYLYtWKHKRXVH,OLYHGLQ
1RWHWKDWWKHSUHSRVLWLRQPXVWFRPHEHIRUHWKHUHODWLYHSURQRXQQHYHUDWWKHHQGRIWKHFODXVHDVLWFDQ
GRLQ(QJOLVK
(//$48(/26/$648((//$&8$//26/$6&8$/(6:+20:+,&+7+$7
(OODTXHLVOHVVIRUPDODQGPRUHIUHTXHQWO\XVHGWKDQHOODFXDO
7KHVHIRUPVDUHRIWHQXVHGIROORZLQJSUHSRVLWLRQV,Q7H[WIRUH[DPSOHQRWHGHVGHODVTXHO
IURPZKLFKDQGDWUDYpVGHOFXDOODFURVVZKLFK
7KH\DUHDOVRXVHGZKHQWKHUHLVDSDXVHLQVSHHFKRUDFRPPDLQZULWLQJEHWZHHQWKHDQWHFHGHQWDQG
WKHUHODWLYHFODXVH
/ODPDPRVDODSROLFtDODTXHORDUUHVWy:HFDOOHGWKHSROLFHZKRDUUHVWHGKLP
(OTXHORVTXHHWFFDQDOVRPHDQKHWKRVHZKRWKHRQHVZKRZKLFKHWF
6RPHSURYHUEVDUHH[SUHVVHGZLWKWKLVFRQVWUXFWLRQ
(OTXHWHUPLQHSULPHURSXHGHLUVH+HZKRILQLVKHVILUVWFDQOHDYH
/RVTXHKDEODQHVSDxROWHQGUiQPiVSRVLELOLGDGHV7KRVHZKRVSHDN6SDQLVKZLOOKDYHDEHWWHU
FKDQFH
(OTXHDKLHUURPDWDDKLHUURPXHUHSURYHUE+HZKROLYHVE\WKHVZRUGGLHVE\WKHVZRUG
(OTXHUtH~OWLPRUtHPHMRUSURYHUE+HZKRODXJKVODVWODXJKVORQJHVW
/248(/2&8$/:+$7:+,&+
7KHVHDUHQHXWHUIRUPVZKLFKUHIHUEDFNWRDQLGHDQHYHUWRDVSHFLILFQRXQ
0HHVFULELy$QWRQLRORTXHPHDOHJUyPXFKtVLPR$QWRQLRZURWHWRPHZKLFKPDGHPHYHU\
KDSS\
48,(148,(1(6:+2:+20
4XLHQDQGLWVSOXUDOIRUPTXLHQHVFDQRQO\UHIHUWRSHRSOHDQGLWVXVHGRHVQRWGLIIHUPXFKIURPWKDW
RIHOTXHFXDODERYH,WFDQIXQFWLRQDVDVXEMHFWRUDVDQREMHFWSURQRXQDQGLWFDQDOVRIROORZD
SUHSRVLWLRQ
RWURVDIULFDQRVTXLHQHVVRQQXHVWURVDQWHFHVRUHVVXEMHFW7ORWKHU$IULFDQV
ZKRDUHRXUDQFHVWRUV
(OHQDDTXLHQDGPLURPXFKRJDQyHOSUHPLRREMHFW(OHQDZKRP,DGPLUHYHU\PXFKZRQWKH
SUL]H
/XLVSDUDTXLHQQDGDHVGLItFLOORVROXFLRQy/XLVIRUZKRPQRWKLQJLVGLIILFXOWVROYHGLW
/LNHHOTXHHWFTXLHQDQGTXLHQHVDUHXVHGLQLQLWLDOSRVLWLRQWRWUDQVODWHH[SUHVVLRQVOLNHKHZKR
WKHRQHVZKRWKRVHZKR
4XLHQHVHVWiQOLVWRVSXHGHQFRPHQ]DU7KRVHZKRDUHUHDG\FDQVWDUW
&8<2:+26(
&X\RFDQUHIHUWRSHRSOHRUWKLQJVDQGLWPXVWDJUHHLQJHQGHUPDVFXOLQHRUIHPLQLQHDQGQXPEHU
VLQJXODURUSOXUDOZLWKWKHQRXQWKDWIROORZVLW
8QDVLWXDFLyQFX\DVFRQVHFXHQFLDVSXHGHQVHUGHVDVWURVDV$VLWXDWLRQZKRVHFRQVHTXHQFHVFDQ
EHGLVDVWURXV
/DSHUVRQDHQFX\DFDVDYLYtDPRV7KHSHUVRQLQZKRVHKRXVHZHOLYHG
2WKHUSRLQWVWRQRWHLQWKHWH[WV
6HHIRUIXUWKHULQIRUPDWLRQ
%XWWSS
%XWWDQG%HQMDPLQSS
.DWWiQ,EDUUDDQG3RXQWDLQSS
0XxR]DQG7KDFNHUSS
(;(5&,6(6
8VHDUHODWLYHSURQRXQWRPDNHRQHVHQWHQFHRXWRIWZR
D(OFDVWLOORHVWiHQHOSXHUWR'DWDGHOVLJOR;9,
E(QFRQWUDPRVXQDSHQVLyQ1RVKL]RUHFRUGDU6DQWR'RPLQJR
F8QDFDPDUHUDQRVVLUYLy(UDPX\DQWLSiWLFD
G8QKRPEUHFRQWHVWyDOWHOpIRQR0HGLMRTXHHVWDEDVIXHUD
H7HGHMpSUHVWDGDODJUDEDGRUD'HYXpOYHPHOD
I(QRFWXEUHWHOOHYpDXQUHVWDXUDQWH$KRUDHVWiFHUUDGR
J$TXpOORVVRQORVYHFLQRV0HTXHMRGHHOORV
K0HHVFULELyXQDFDUWD(QODFDUWDPHH[SOLFyWRGR
L/DFKLFDIXHOHVLRQDGD(VWiHQHOKRVSLWDO
M/DPXMHUHUDPLDPLJD&RQVXHOR/DYLVWHD\HU
N+DVHQFRQWUDGRODHVWLORJUiILFD"7XWtDHVFULELyQRYHODVFRQHOOD
O(OVDUDPSLyQHVXQDHQIHUPHGDGSHOLJURVD+D\TXHSURWHJHUVHGHHOOD
&RPSOHWHWKHVHQWHQFHVZLWKTXHORTXHRUTXLHQ
D5RVDULRDBBBBWRGRHOPXQGRTXHUtDPXULyHOPHVSDVDGR
E/DVUHFHSFLRQLVWDVBBBBWUDEDMDQHQHVHKRWHOVRQWRGDVPX\DPDEOHV
F)XH6XVDQDBBBBSHUGLyODOODYHQR\R
G/DVIORUHVBBBBPHMRUFUHFHQDTXtVRQORVFDUGRV
H+DQGHWHQLGRDOKRPEUHBBBBWHGLRODSDOL]D
I(OSHULyGLFRBBBBSUHILHUROHHUHV(O0XQGR
J(OKRPEUHFRQBBBBHVWDEDVKDEODQGRHVHOSUHVLGHQWHGHODMXQWD
K/DFKLFDBBBBHVWXYRFRQPLJRHQ3DUtVVHKL]RPRGHOR
L&RQRFHVDHVHVHxRUBBBBSDVDSRUDKt"
M(VFRQXVWHGFRQBBBBLUpDYHUDOMXH]
N+DQGHWHQLGRD-XDQMRBBBBQRQRVH[WUDxD\DTXHHVXQVLQYHUJHQ]D
OBBBBPXFKRDEDUFDSRFRDSULHWD
&RPSOHWHWKHVHQWHQFHVZLWKRQHRIWKHIROORZLQJSUHSRVLWLRQVDQGDUHODWLYHSURQRXQ
D/DFDVDBBBBVHFRQVWUX\HXQFDVLQRSHUWHQHFHDO'RFWRU&ODUtQ
E6LTXLHUHVWHGHMRHOYLGHRBBBBWHKDEOpDQRFKH
F/RVVRSRUWDOHVBBBBVLHPSUHKD\WHQGHUHWHVVRQXQDFDUDFWHUtVWLFDGHODFLXGDG
G/RVSXHEORVBBBBKHPRVSDVDGRGREODQVXVSREODFLRQHVHQYHUDQR
H(VDFDMDBBBBJXDUGRPLVFRVLWDVPHODKL]R5DID
I(QHOVDOyQKD\XQVRIiBBBBFXHOJDXQRGHORVSULPHURVFXDGURVGH0LUy
J/DFRPSDxtDBBBBWUDEDMpWDQWRVDxRVHVWiHQTXLHEUD
K(QODSOD]DWRFDEDQYDULRVP~VLFRVBBBBUHFRQRFLyDVXSULPR-DFRER
L(VHSXHQWHSRUBBBBSDVDHOUtR7RUPHVHVSHDWRQDO\GDWDGHODpSRFDURPDQD
M(OHGLILFLRBBBB5RVDULRDSDUFyHOFRFKHHUDODFRPLVDUtD
N7XYLPRVTXHIRU]DUODSXHUWDBBBBVHHVFRQGLyHOQLxRSRUTXHQRVHDEUtD
OeVWDVVRQODVFDOOHVBBBBSDVDURQORVUH\HVFXDQGRYLVLWDURQHOSXHEOR
&RPSOHWHWKHVHQWHQFHVZLWKTXHRUORTXH
D7RGRBBBBKDVKHFKRHVWiELHQ
E&iOPDWHQRHVBBBBWHLPDJLQDV
F(OSUREOHPDBBBBQRVHQIUHQWDEDQRWHQtDVROXFLyQ
G&pVDUGLMRH[DFWDPHQWHBBBBSHQVDEDBBBBPHSDUHFLyIDWDO
H/DVHxRUDBBBBDFDEDGHVDOLUHVODSHUVRQDBBBBKDFHODVHVFXOWXUDV
I1LFRSDVyKRUDV\KRUDVFKDWHDQGRBBBBOHFRVWyVXWUDEDMR
J/DSiJLQDZHEBBBBFUHy0DUFRWLHQHPLOYLVLWDQWHVSRUGtD
K0XFKRVDFDGpPLFRVXWLOL]DQODUHGSDUDDFFHGHUDELEOLRWHFDVHQHOH[WUDQMHURBBBBIDFLOLWDPXFKR
VXVLQYHVWLJDFLRQHV
LBBBBPHPROHVWDHVTXHVHGHMHQHQFHQGLGRVORVRUGHQDGRUHVBBBBHQPLRSLQLyQHVXQGHUURFKHGH
HOHFWULFLGDG
M$BBBBQRPHFRQIRUPRHVTXHHORUGHQDGRUBBBBQRHVPiVTXHXQDPiTXLQDQRVULMDODYLGD
N1RFUHtDPRVQDGDGHBBBBQRVFRQWyHOKRPEUHBBBBIXHPDQGDGRSRUHOD\XQWDPLHQWR
OBBBBQRPHKDVGLFKRHVGRQGHKDVHQFRQWUDGRHOOLEURBBBBOOHYRDxRVEXVFDQGR
&RPSOHWHWKHVHQWHQFHVZLWKWKHFRUUHFWIRUPRIWKHUHODWLYHSURQRXQFX\R
D+R\KHKDEODGRFRQ9DOHQWLQDBBBBKHUPDQRVDFDEDQGHYROYHUGHO3HU~
E(OHVWXGLDQWHBBBBPDGUHHVWiHQIHUPDQRKDYHQLGRDFODVHBBBBKR\
F9HQTXLHURSUHVHQWDUWHD7HUHVDBBBBSDGUHHVHOSLQWRUTXHWDQWRWHJXVWD
G3RUILQOOHJDPRVDFRQRFHUDOFKLFRBBBBEURPDVQRVKDQGLYHUWLGRWDQWR
H&yPRVHOODPDODPXMHUHQBBBBFDVDQRVDORMDPRV"
I8QKXpUIDQRHVXQQLxRBBBBSDGUHVKDQPXHUWR
J3RUHVWDFDOOHKD\XQDFDVDBBBBEDOFRQHVHVWiQVLHPSUHUHSOHWRVGHIORUHV
K(QXQOXJDUGH/D0DQFKDGHBBBBQRPEUHQRTXLHURDFRUGDUPHHVODIDPRVtVLPDSULPHUD
IUDVHGH(O4XLMRWHGH&HUYDQWHV
L&LHQIXHJRVIXHXQSHUVRQDMHKLVWyULFRBBBBYLGDVHYDDUHODWDUHQODSHOtFXOD
M$FDEDGHSUHVHQWDUPHDVXVSDGUHVBBBBYLDMHVPHKDQLPSUHVLRQDGRWDQWR
N4XHUHPRVDJUDGHFHUOHD5DIDHOVLQBBBBLQWHUYHQFLyQQRVKXELpUDPRVLGRDSLTXH
O0DxDQDHQFRQWUDUpLVDOVHxRUBBBBSRHPDVDFDEiLVGHOHHU\DSUHFLDU
5HZULWHWKHVHVHQWHQFHVDVRQHXVLQJDQDSSURSULDWHUHODWLYHSURQRXQ
D/DH[FDYDFLyQSRUSDOHRQWyORJRV\DUTXHyORJRVGH$WDSXHUFDHPSH]yHQORVDxRVGHOVLJOR;;
$WDSXHUFDHVWiHQODVLHUUDGH%XUJRV
E(Q$WDSXHUFDVHKDQGHVFXELHUWRIyVLOHVKXPDQRV/RVIyVLOHVSHUWHQHFHQDVHLVLQGLYLGXRV
GLIHUHQWHV
F/RVVHLVLQGLYLGXRVSRGUtDQKDEHUVLGRORVHXURSHRVPiVDQWLJXRV6XVUHVWRVWLHQHQXQRV
DxRVGHDQWLJHGDG
G1RVHSDUHFHQDRWURVIyVLOHVKXPDQRVHQFRQWUDGRVHQ(XURSD(VWHKHFKRUHYROXFLRQDODVWHRUtDV
FRQYHQFLRQDOHVVREUHODHYROXFLyQGH+RPRVDSLHQV
H(OHTXLSRLQYHVWLJDGRUOHSXVRDHVWDQXHYDHVSHFLHHOQRPEUHGH+RPRDQWHFHVVRU(OVLJQLILFDGR
GHOQRPEUHHQODWtQHVSLRQHUR
I+DQXVDGRWpFQLFDVJHRItVLFDVDYDQ]DGDV(VWDVWpFQLFDVKDQSHUPLWLGRXQDGDWDFLyQSUHFLVDGHO
\DFLPLHQWRGHORVIyVLOHV
J(QORVKXHVRVGH+RPRDQWHFHVVRUKD\PDUFDV3RUHVWDVPDUFDVVDEHPRVTXHHUDFDQtEDO
K/RVMyYHQHVDUTXHyORJRVKDQKHFKRODVWHVLV1HFHVLWDQD\XGDHFRQyPLFDSDUDSRGHUVHJXLU
WUDEDMDQGR6XODERUHVGHVXPRLQWHUpVJHQHUDO
L+R\HQGtDPXFKDVHPSUHVDVSHTXHxDVSURPRFLRQDQVXFRPHUFLRHQ,QWHUQHW8QDGHHOODVHV
)UXWDIUHVFDFRP
M(VXQQHJRFLRKRUWRIUXWtFRODIDPLOLDUGH9DOHQFLD6XVSURSLHWDULRV)HUQDQGR\VXVKLMRV-DYLHU\
-RUJHQRTXHUtDQGHMDUGHUHFROHFWDUORVFXOWLYRVGHPRGRDUWHVDQDO
N3RUHMHPSORUHFRJHQODVQDUDQMDVHQVXSXQWRLGyQHRGHPDGXUDFLyQ(VWRQRHVKDELWXDOHQOD
UHFRJLGDGHODIUXWD
O0LHQWUDV)HUQDQGR\-DYLHUHVWiQUHFROHFWDQGR-RUJHHVWiPDQHMDQGRXQRUGHQDGRUSRUWiWLO(QpVWH
DWLHQGHSHGLGRVGHIUXWDVUHPLWLGRVGHFRPHUFLRVKRWHOHV\UHVWDXUDQWHVGHWRGRHOSDtV
P-RUJHVHHQFDUJyGHGLVHxDUODSiJLQDZHE+DDWUDtGRPXFKDFOLHQWHOD6HVLHQWHPX\RUJXOORVRGH
HOOD
Q8QFOLHQWHHVWLPDGRHV/RUHQ]R/DLGHDGHOOHYDUHOSURGXFWRGLUHFWDPHQWHGHOSURGXFWRUDO
FRQVXPLGRUOHDWUDH
R/RUHQ]RHVSURSLHWDULRGHXQDIUXWHUtD/DIUXWHUtDVHHQFXHQWUDHQSOHQRFHQWURGH0DGULG(QHVWD
IUXWHUtDVHYHQGHVRODPHQWHIUXWDIUHVFDGHODPHMRUFDOLGDG
S/DHVWUDWHJLDGH)UXWDIUHVFDFRPHVRIUHFHUXQDUHFRJLGDVHOHFWLYDWDQVyORKRUDVDQWHVGHTXH
OOHJXHDVXGHVWLQR,QWHUQHWSHUPLWHHVWDHVWUDWHJLD)UXWDIUHVFDFRPKDQDFLGRFRQHVWDHVWUDWHJLD
1HJDWLRQ
7H[W
$QLQFUHDVLQJQXPEHURIFRXSOHVDUHWXUQLQJWRDQWHQDWDOWHVWVWRHQVXUHWKDWWKH\KDYHDKHDOWK\FKLOGEXW
PHGLFDODGYDQFHDQGHWKLFVRQFHDJDLQVHHPWRFODVK7KLVLVWKHPDLQVXEMHFWRIWKLVWH[WZKLFKOLNH
7H[WEHORZLOOXVWUDWHVQHJDWLRQLQ6SDQLVK
6LXVWHGTXLHUHXQKLMRSHUIHFWR
5HFXHUGRSHUIHFWDPHQWHHOFDVRGHXQDFKLFDGHDxRVTXHQRVHKL]RQLQJ~QWLSRGHSUXHEDSRUTXH
QRHVWDEDHQHOVHJPHQWRGHULHVJR\WXYR
XQQLxRFRQVtQGURPHGH'RZQ3XHVELHQQRTXLVLHURQQLFRQRFHUOR7DQWRHOODFRPRVXFRPSDxHUR
WDPELpQPX\MRYHQGHFLGLHURQHQYHLQWLFXDWURKRUDVGDUORHQDGRSFLyQ(VFUXHOVLQGXGD
SHURSDVD(OORSRQHGHUHOLHYHHOFUHFLHQWHUHFKD]RGHODVSDUHMDVPiVMyYHQHVDWHQHUQLxRVFRQ
PDOIRUPDFLRQHV
/RVIXWXURVSDGUHVGHVHDQWHQHUHO
PD\RUJUDGRGHVHJXULGDGFRQUHVSHFWRDODVDOXGGHVXVIXWXURVKLMRV(VWDWHQGHQFLDVHLQVFULEHGHQWUR
GHXQDVRFLHGDGPX\FRPSHWLWLYDHQGRQGHQRVHDFHSWDQODVGHELOLGDGHVQLODV
LPSHUIHFFLRQHVQLODVGLILFXOWDGHV7RGRGHEHUHJLUVHHQWRUQRDOp[LWR<HVWHIDFWRUWDPELpQKDOOHJDGR
DODKRUDGHWRPDUODGHFLVLyQGHWHQHUXQKLMR
/DVSDUHMDVTXHVHFRQVLGHUDQVLQ
ULHVJRSDUDHQJHQGUDUVRQDTXpOODVFX\RVLQWHJUDQWHVQRDOFDQ]DQORVWUHLQWDDxRVHVWiQVDQRVQRVRQ
GURJDGLFWRVQLDOFRKyOLFRVQLSDGHFHQDOJXQDHQIHUPHGDGFRQJpQLWD\OOHYDQ
XQUpJLPHQDOLPHQWLFLRHTXLOLEUDGR3HURD~QDVtHQHVWHIUDJPHQWRGHSDUHMDVVHHVWiQGDQGRFDVRVGH
QLxRVFRQPDOIRUPDFLRQHVJUDYHV/DFLHQFLDWRGDYtDQRSXHGHH[SOLFDUSRUTXp
/DLQIRUPDFLyQDGHFXDGDHVYLWDOHQFXDOTXLHUSUXHEDGHHVWHWLSRSRUTXHXQIHWRSXHGHWHQHUXQD
GROHQFLDTXHRSHUDGDWUDVVXQDFLPLHQWRVHVXSHUDVLQGLILFXOWDG/RTXHSDVDHVTXHQR
VLHPSUHORVSDGUHVUHFLEHQODLQIRUPDFLyQDGHFXDGDRQRYDQDOFHQWURDGHFXDGR6tH[LVWHXQDSUHVLyQ
VRFLDOSRUVDEHUFyPRHVWiHOIHWRSHURQRVyORGHORVIXWXURVSDGUHVVLQRGH
WRGDODIDPLOLD
5HYLVWD7LHPSR(VSDxD
7H[W
)RUHVWILUHVDUHWXUQLQJODUJHDUHDVRIWKH,EHULDQ3HQLQVXODLQWREDUUHQODQG7KHIROORZLQJWH[WJLYHVVRPH
SUDFWLFDODGYLFHRQKRZWRSUHYHQWWKHP$V\RXUHDGWKHWH[WQRWHWKHXVHRIQHJDWLYHIRUPV
&RQVHMRVSDUDHYLWDULQFHQGLRV
(QYHUDQRQRKDFHUQLQJ~QWLSRGHIXHJRHQHOERVTXHQLVLTXLHUDHQODViUHDVKDELOLWDGDVSDUDHOOR
1RIXPDUHQHOPRQWH/DVFHULOODV\FROLOODVDXQFXDQGRVHSLHQVHTXHHVWiQDSDJDGDVFRQVWLWX\HQXQ
JUDYHSHOLJURGHLQFHQGLRV
1RGHMDUEDVXUDV\DTXHSXHGHQ
FRQYHUWLUVHHQ
FRPEXVWLEOHIiFLOPHQWHLQIODPDEOH
6LVHHQFXHQWUDXQDKRJXHUDQRDEDQGRQDUODKDVWDFHUFLRUDUVHGHTXHHVWiFRPSOHWDPHQWHDSDJDGD
1RDEDQGRQDUWDPSRFRERWHOODVRWUR]RVGHYLGULRTXHSRUUHIUDFFLySXHGHQRULJLQDUXQIRFRFDORUtILFR
&XDQGRVHYLDMDSRUIHUURFDUULORSRU
FDUUHWHUDQRVHGHEHQDUURMDUQXQFDFHULOODVQLFROLOODVHQFHQGLGDVSRUODYHQWDQD
5HYLVWD7ULEXQD(VSDxD
1HJDWLRQ
1(*$7,9(:25'6
1HJDWLRQLQ6SDQLVKLVH[SUHVVHGWKURXJKWKHIROORZLQJZRUGV
QRQRQRW
QDGDQRWKLQJQRWDQ\WKLQJ
QDGLHQRERG\QRRQHQRWDQ\ERG\
QXQFDQHYHU
MDPiVQHYHU
QLQJXQRQRQRWDQ\QRQH
QLQRUQRWHYHQ
QLQLQHLWKHUQRU
QLVLTXLHUDQRWHYHQ
WDPSRFRQHLWKHUQRWHLWKHU
DSHQDVKDUGO\VFDUFHO\
2WKHUQHJDWLYHH[SUHVVLRQV
GHQLQJXQDPDQHUDE\QRPHDQV
HQDEVROXWRQRWDWDOO
HQPLYLGDQHYHULQP\OLIH
HQQLQJXQDSDUWHQRZKHUH
QXQFDMDPiVRUMDPiVGHORVMDPDVHVQHYHUHYHU
SRUQDGDGHOPXQGRIRUDOOWKHZRUOG
TXpYDQRWDWDOOTXLWHWKHRSSRVLWHRIFRXUVHQRW
WRGDYtDQRQRW\HW
\DQRQRWDQ\PRUHORQJHU
86,1*1(*$7,9(:25'6
D1R
1RLVWKHPRVWFRPPRQO\XVHGQHJDWLYHZRUG
QRTXLVLHURQ7OWKH\GLGQ
WZDQW
QRDOFDQ]DQORVWUHLQWDDxRV7OWKH\DUHQRW\HWWKLUW\
1RIXPDU7O'RQRWVPRNH
6HHDOVR7H[WOLQHVDQG
E'RXEOHQHJDWLYH
1HJDWLYHZRUGVVXFKDVQXQFDQDGLHQLQJXQRWDPSRFRPD\IROORZWKHYHUELQZKLFKFDVHDQRWKHU
QHJDWLYHZRUGPXVWSUHFHGHLWUHVXOWLQJLQDGRXEOHQHJDWLYHFRQVWUXFWLRQ
QRVHKL]RQLQJ~QWLSRGHSUXHED7LOVKHGLGQ
WXQGHUJRDQ\NLQGRIWHVW
QRVHGHEHQDUURMDUQXQFDFHULOODV7\RXPXVWQHYHUWKURZPDWFKHV
1RDEDQGRQDUWDPSRFRERWHOODV7'RQRWOHDYHERWWOHVHLWKHU
0RUHHPSKDVLVFDQEHDFKLHYHGE\SODFLQJVXFKZRUGVEHIRUHWKHYHUELQDVLQJOHQHJDWLYH
FRQVWUXFWLRQ
1LQJ~QWLSRGHSUXHEDVHKL]R
1XQFDVHGHEHQDUURMDUFHULOODV
7DPSRFRVHGHEHQDEDQGRQDUERWHOODV
F1LQJXQR
1LQJXQRFDQIXQFWLRQDVDQDGMHFWLYHDQGDVDSURQRXQDJUHHLQJLQQXPEHUDQGJHQGHUZLWKWKHQRXQLW
TXDOLILHVRUUHIHUVWR,WVSOXUDOIRUPKRZHYHULVUDUHO\XVHGQRZDGD\V%HIRUHDPDVFXOLQHVLQJXODU
QRXQQLQJXQREHFRPHVQLQJ~QDVLQQLQJ~QWLSRLQ7H[WOLQHDQG7H[WOLQHZKHUHLWLV
IXQFWLRQLQJDVDQDGMHFWLYH+HUHDUHVRPHIXUWKHUH[DPSOHV
1RWLHQHQQLQJXQDSRVLELOLGDGDGMHFWLYH7KH\KDYHQ
WDQ\FKDQFH
7HJXVWDDOJXQR"1RQLQJXQRSURQRXQ'R\RXOLNHDQ\"1RQRQH
G$OJXQRIRUQLQJXQR
$OJXQRPD\EHXVHGDVDQDGMHFWLYHDIWHUDQRXQZLWKWKHVDPHPHDQLQJDVQLQJXQRDFRQVWUXFWLRQ
ZKLFKLVPRUHIRUPDODQGHPSKDWLF
1RYHPRVVROXFLyQDOJXQD:HGRQ
WVHHDQ\VROXWLRQ
H1HJDWLYHZRUGVLQFRPSDULVRQ
,QFRPSDUDWLYHVHQWHQFHVZRUGVOLNHQDGLHQDGDQXQFDHWFWUDQVODWHDQ\RQHDQ\WKLQJHYHUHWF
eOORVDEHPHMRUTXHQDGLH+HNQRZVLWEHWWHUWKDQDQ\RQH
1XQFDKHYLVWRQDGDPiVDEVXUGR,
YHQHYHUVHHQDQ\WKLQJPRUHDEVXUG
/ORYLyPiVTXHQXQFD,WUDLQHGPRUHWKDQHYHU
I6LQVLQTXHQHJDWLYHZRUG
,QWKHVHFRQVWUXFWLRQVZLWKVLQZLWKRXWQHJDWLYHZRUGVVXFKDVQDGDQDGLHQXQFDHWFWUDQVODWH
DQ\WKLQJDQ\RQHHYHUHWF
6LQQDGDTXHKDFHU:LWKRXWDQ\WKLQJWRGR
6LQTXHQDGLHORVXSLHUD:LWKRXWDQ\RQHNQRZLQJ
6LQTXHMDUVHQXQFD:LWKRXWHYHUFRPSODLQLQJ
J1LQLVLTXLHUD
1LKDVGLIIHUHQWPHDQLQJV,Q7H[WOLQHLWLVWKHHTXLYDOHQWRIQLVLTXLHUDQRWHYHQ
QRTXLVLHURQQLFRQRFHUORWKH\GLGQ
WHYHQZDQWWRNQRZKLP
1LVLTXLHUDTXLVLHURQFRQRFHUOR
1RWHDOVRQLVLTXLHUDLQ7H[WOLQHV
QLVLTXLHUDHQODViUHDVQRWHYHQLQWKHDUHDV
,Q7H[WOLQHVLWWUDQVODWHVRU
QRVHDFHSWDQODVGHELOLGDGHVQLODVLPSHUIHFFLRQHVQLODVGLILFXOWDGHVZHDNQHVVHVRU
LPSHUIHFWLRQVRUGLIILFXOWLHVDUHQRWDFFHSWHG
,Q7H[WOLQHVQRQLFRUUHVSRQGVWRWKH(QJOLVKFRQVWUXFWLRQQHLWKHUQRU
QRVRQGURJDGLFWRVQLDOFRKyOLFRVQLSDGHFHQWKH\DUHQHLWKHUGUXJDGGLFWVQRU
DOFRKROLFVQRUGRWKH\VXIIHUIURP
K1RVLQRQRVyORVLQRWDPELpQ
7KHVHFRQVWUXFWLRQVZLWKVLQREXWDUHXVHGWRLQGLFDWHFRQWUDGLFWLRQRUFRUUHFWLRQ
1RHVWHDxRVLQRHOSUy[LPR1RWWKLV\HDUEXWWKHQH[WRQH
QRVyORGHORVIXWXURVSDGUHVVLQRGHWRGDODIDPLOLD7OQRWRQO\IURPWKH
IXWXUHSDUHQWVEXWIURPDOOWKHIDPLO\
L7DPSRFR
7DPSRFRLVXVHGLQQHJDWLYHVHQWHQFHVZLWKWKHPHDQLQJRIQRWHLWKHUQHLWKHU
1RDEDQGRQDUWDPSRFRERWHOODV7'RQRWOHDYHERWWOHVHLWKHU
1RORVp<RWDPSRFR,GRQ
WNQRZ1HLWKHUGR,
1(*$7,212)$'-(&7,9(6
$GMHFWLYHVPD\EHQHJDWHGE\PHDQVRISUHIL[HVVXFKDVDQDGHVGHLLQLPEHIRUHERUS
DQRUPDODEQRUPDO
DQDOIDEHWRLOOLWHUDWH
GHVRUGHQDGRXQWLG\
GHFUHFHUGHFUHDVH
LOHJDOLOOHJDO
LQFDSD]LQFDSDEOH
$GMHFWLYHVPD\DOVREHQHJDWHGE\PHDQVRIZRUGVVXFKDVQRSRFRQDGD
SDtVHVQRGHVDUUROODGRVXQGHUGHYHORSHGFRXQWULHV
REMHWRVYRODGRUHVQRLGHQWLILFDGRVXQLGHQWLILHGIO\LQJREMHFWV
SRFRDWUDFWLYRQRWYHU\DWWUDFWLYHXQDWWUDFWLYH
SRFRHILFD]QRWYHU\HIILFLHQWLQHIILFLHQW
QDGDFODURFDURQRWDWDOOFOHDUH[SHQVLYH
0$.,1*128161(*$7,9(
$IHZQRXQVDFFHSWWKHZRUGQREHIRUHWKHPWRQHJDWHWKHLUPHDQLQJ
QRIXPDGRUHVQRQVPRNHUV
ODQRYLROHQFLDQRQYLROHQFH
ODQRLQWHUYHQFLyQQRQLQWHUYHQWLRQ
2WKHUSRLQWVWRQRWHLQWKHWH[WV
6HHIRUIXUWKHULQIRUPDWLRQ
%DWFKHORUDQG3RXQWDLQSS
%XWWSS
%XWWDQG%HQMDPLQSS
.DWWiQ,EDUUDDQG3RXQWDLQSS
0XxR]DQG7KDFNHUSS
(;(5&,6(6
*LYHQHJDWLYHDQVZHUVWRWKHVHTXHVWLRQV
D+D\DOJXLHQDTXt"
E7LHQHVDOJRTXHKDFHU"
F+DEpLVLGRDOJXQDYH]D$FDSXOFR"
G1RYR\DOFLQHHVWDQRFKH<W~"
H+DVYLVWRDDOJXQRGHPLVFRPSDxHURV"
I9DVDHQVHxDUPHDOJXQRGHWXVFXDGURV"
J4XLHUHVWpRFDIp"
K<DWHQpLVORVUHVXOWDGRV"
L3RQHQDOJRHQHOSHULyGLFRVREUHODPDQLIHVWDFLyQ"
M+DQWUDtGRDOJXQDQRWLFLDGHODH[SHGLFLyQ"
N6LJXHVDFXGLHQGRDFODVHGHVROIHR"
O$&DUORVQROHJXVWDQODVSHOtFXODVGH%LJDV/XQD<DWL"
5HZULWHWKHVHVHQWHQFHVLQDGLIIHUHQWZD\
D1RWHQtDGLQHURQXQFD
E1RDFRPSDxDEDQDGLHDOFRQFHMDO
F(QHVDWLHQGDQRYHQGtDQQLEROtJUDIRV
G1RPHD\XGDURQWDPSRFR
H1RYLHQHQXQFDQDGLH
I)HGHULFDQRHQWLHQGHQDGDQXQFD
J<RQRHQWLHQGRQXQFDQDGDWDPSRFRK1RWHORSRGUtDH[SOLFDUQLQJ~QFLHQWtILFR
L4XpKDFHUVLQRQRVORH[SOLFDQDGLH"
M$XQTXHYLYLPRVHQ(VSDxDQRKDEODFDVWHOODQRQLQJXQRGHPLVKLMRV
N/DVLQVWUXFFLRQHVQRWHQtDQQDGDTXHYHUFRQHODSDUDWR
O1RHQWLHQGRFyPRSXHGHVHUTXHQRKD\DDFXGLGRQXQFDDXQPpGLFR
&RPSOHWHWKHVHQWHQFHVXVLQJDQHJDWLYHIURPWKHOLVWEHORZ
QDGD
QR
QDGLH
QXQFD
QL
VLQR
QLQJXQR
D1RTXHUHPRVKDEODUFRQBBBB
E6DOLyGHDOOtVLQGHFLUBBBB
F7RGDYtDBBBBVHKDSUHVHQWDGRBBBBRSRUWXQLGDGSDUDGHFtUVHOR
G3HSHWLHQHFDUDGHWRQWRSHURBBBBHVBBBBWRQWR
H3RUILGLRBBBBH[SOLFyBBBBGHVXVDFFLRQHV
I/DFXOSDBBBBHVGHOQLxRBBBBGHORVSDGUHV
J/RVFKLVWHVGH-XDQMRBBBBWLHQHQBBBBGHJUDFLD
KBBBBTXHUHPRVBBBBGLVFXOSDVBBBBH[FXVDV
LEXVFDPRVODMXHUJDBBBBODWUDQTXLOLGDG
MBBBBKHYLVWRWDQHVSHFWDFXODUFRPRORVIXHJRVDUWLILFLDOHVGH/DV)DOODV
N<DWHKHGLFKRTXHBBBBTXLHURYHUDBBBB
OBBBBWLHQHBBBBPiVTXHRIUHFHUBBBBXQDFRVLWDPiV
P(VWHDxRBBBBYDPRVD0p[LFRGHYDFDFLRQHVBBBBD&RVWD5LFD
QBBBBPHJXVWDQBBBBODVDFHLWXQDVBBBBHOYLQRWLQWR
8QMXPEOHWKHZRUGVWRPDNHPHDQLQJIXOVHQWHQFHV
DQDGDHQQDGLHPRQWHHOGHMy
EGHVYLDPRVQRGHOQRVVHQGHURQXQFD
FIXPDGRUHVJUXSRKDEtDHOQRIXPDGRUHVHQ\
GWLUDPRVQRQLQLVLQFROLOODVFHULOODVDSDJDU
HHQFHQGLPRVWDPSRFRKRJXHUDVQR
IQLQJ~QGHOQRiUHDIXHJRGHKLFLPRVIXHUDLQGLFDGDWLSR
JHOVDEtDIRJyQQDGLHXWLOL]DUHOHQJUXSR
KQDGLHSDVDPRVVLQDHOYHUGtD
LKL]ROORYLySHURGtDEXHQRQRPX\WDPSRFRXQ
MVLQRRQFHSDVDGDVDRFKRYROYLPRVODVQRODV
NXQQLQJXQRVXIULyGHDFFLGHQWHQRVRWURV
OWDPSRFRODSHURUHSHWLUH[SHULHQFLDTXLHUHQDGLH
7UDQVODWHLQWR6SDQLVK
D,VSHQWWKHZKROHGD\DWKRPHGRLQJQRWKLQJ
E3DEOLWRQHYHUXQGHUVWDQGVDQ\WKLQJ
F+HKDVQ
WJLYHQPHDQ\NLQGRIKHOS
G:KDW\RXKDYHZULWWHQLVQ
WDWDOOFOHDU
H7KH\GRQ
WUHDGWKHSDSHUVRUOLVWHQWRWKHQHZVRQWKHUDGLR
I,KDYHQ
WJRWWKHUHVXOWV\HWDQG-RUJHKDVQ
WHLWKHU
J+HZHQWRIIZLWKRXWVD\LQJDQ\WKLQJWRDQ\RQH
K6KHGLGLWZLWKRXWDQ\GLIILFXOW\
L(OHQDGRHVQ
WZULWHWRPHDQ\PRUHVKHVD\VVKHKDVQ
WDQ\WKLQJWRWHOOPH
M1RQHRIWKHVHSODFHVLVIDUDZD\EXWQRQHLVSDUWLFXODUO\DWWUDFWLYH
N6KHKDVQ
WHYHQWROG0LJXHOVKHGRHVQ
WZDQWWRVHHKLPDJDLQHYHU
O+H
VJRLQJWRXQLYHUVLW\QRWWKLV\HDUEXWQH[W
3UHSRVLWLRQV
7H[W
7KHIROORZLQJH[WUDFWIURPDQDUWLFOHE\*UHHQSHDFHORRNVDWJHQHWLFDOO\PRGLILHGFURSV$V\RXUHDGWKH
WH[WQRWHWKHXVHRIZRUGVVXFKDVSRUSDUDHQFRQGHNQRZQDVSUHSRVLWLRQV
,QJHQLHUtDJHQpWLFD)UDQNHQVWHLQRHOPRGHUQR3URPHWHR
/DLQJHQLHUtDJHQpWLFDHVWiGHMDQGRGHVHUDXQDYHORFLGDGDODUPDQWHXQDWpFQLFDGHODERUDWRULR
SDUDFRQYHUWLUVHHQXQSURFHVRFRPHUFLDO
(QHVWHSURFHVRHOPDWHULDOJHQpWLFRSXHGHVHUWUDQVIHULGRHQWUHRUJDQLVPRVGHHVSHFLHVQR
UHODFLRQDGDVXQDKDELOLGDGTXHKDVLGRDSURSLDGDSRUODLQGXVWULDFRPRXQPpWRGRSDUD
LQWURGXFLUQXHYDVFDUDFWHUtVWLFDVHQODVSODQWDVDQLPDOHV\PLFURRUJDQLVPRV6HSUHWHQGHTXHPXFKRV
GHHOORVVHDQSURGXFLGRVFRPHUFLDOPHQWHDJUDQHVFDODRULJLQDQGRODOLEHUDFLyQDO
DPELHQWHGHRUJDQLVPRVYLYLHQWHVGLVHxDGRV
(VWDWHFQRORJtDKDGHVSHUWDGRSUHRFXSDFLyQGHVGHHOSXQWRGHYLVWDFLHQWtILFRVRFLRHFRQyPLFR\
pWLFR3RU
HMHPSORHVSRVLEOHTXHVHSURGX]FDQQXHYDVSODJDV\GDGRTXHVHWUDWDGHRUJDQLVPRVYLYLHQWHVVHUi
LPSRVLEOHKDFHUORVYROYHUDOODERUDWRULR(VWiVXUJLHQGRDVtXQDQXHYDPDQHUDGH
FRQWDPLQDFLyQODFRQWDPLQDFLyQJHQpWLFD
/RVLPSXOVRUHVGHODLQJHQLHUtDJHQpWLFDVLQHPEDUJRHVWiQDQVLRVRVSRUFRQYHQFHUDODJHQWHGH
TXHHVWDV
SUHRFXSDFLRQHVVRQHTXLYRFDGDV\GHTXHODWHFQRORJtDJHQpWLFDUHVROYHUiHOSUREOHPDGHOKDPEUH
PXQGLDOUHYROXFLRQDQGRODDJULFXOWXUDSRUHMHPSOR
8QRGHORVGHVDUUROORVPiVFRPXQHVHVODSURGXFFLyQGHSODQWDVUHVLVWHQWHVDKHUELFLGDV6LQGXGDHVWR
FRQGXFLUiDXQPD\RUXVRGHKHUELFLGDVHQODDJULFXOWXUD\DTXHSRGUiQVHU
DSOLFDGRVHQGRVLVPD\RUHVFRQFHQWUDFLRQHVPiVDOWDV\FRQPiVIUHFXHQFLDVREUHORVFXOWLYRV
PRGLILFDGRVJHQpWLFDPHQWHSXHVWRTXHpVWRVQRVHUtDQGDxDGRV$VLPLVPR
VHHVWiXWLOL]DQGRODLQJHQLHUtDJHQpWLFDSDUDGHVDUUROODUUHVLVWHQFLDDLQVHFWRV\HQIHUPHGDGHV
)UHFXHQWHPHQWHODVFRUSRUDFLRQHVWUDQVQDFLRQDOHVFRQVLJXHQOD
SURWHFFLyQGHSDWHQWHVSDUDODVSODQWDVPRGLILFDGDVSRULQJHQLHUtDJHQpWLFD\SDUDORVPpWRGRV
XWLOL]DGRVSDUDSURGXFLUODVHQSDtVHVTXHQRVRQPLHPEURVGHOD2&'(JHQHUDQGRXQD
IRUPDGHFRORQLDOLVPRJHQpWLFR/DVSDWHQWHVVHXWLOL]DQSDUDDVHJXUDUPRQRSROLRVGHLPSRUWDFLyQ\
SDUDFRQWURODUODSURGXFFLyQORFDOGHORVSDtVHVHQGHVDUUROOR$VLPLVPR
QXPHURVDVHPSUHVDVGHO1RUWHSDUHFHQHVWDUXVDQGRDORVSDtVHVPHQRVGHVDUUROODGRVFRPRFDPSRVGH
SUXHEDSDUDORVFXOWLYRVGLVHxDGRVFRQHOILQGHVDWLVIDFHUDVXVPHUFDGRVGHO1RUWH
*UHHQSHDFH5HYLVWD(VWHSDtV0p[LFR
3UHSRVLWLRQV
2QO\EDVLFPHDQLQJVRISUHSRVLWLRQVDUHJLYHQKHUH)RUIXUWKHULQIRUPDWLRQRQWKHXVHRIVLQJOHDQG
FRPSRXQGSUHSRVLWLRQVVHHWKHUHIHUHQFHVDWWKHHQGRIWKLVVHFWLRQ
$
$LVRQHRIWKHPRVWFRPPRQSUHSRVLWLRQVLQ6SDQLVKDQGKDVDQXPEHURIXVHVDQGPHDQLQJV
D,QJUDPPDWLFDOFRQVWUXFWLRQV
L%HIRUHDGLUHFWREMHFWGHQRWLQJSHRSOHSHUVRQDODLQFOXGLQJSURSHUQDPHVDQGSURQRXQVHJ
DOJXLHQVRPHRQHDQGNQRZQDQLPDOV7KLVUXOHDOVRDSSOLHVWRSHUVRQLILHGQRXQVDVZHOODV
FROOHFWLYHQRXQVUHIHUULQJWRSHRSOH
1RWHWKHIROORZLQJH[DPSOHVIURPWKHWH[W
HVWiQDQVLRVRVSRUFRQYHQFHUDODJHQWHOWKH\DUHDQ[LRXVWRFRQYLQFH
SHRSOH
SDUHFHQHVWDUXVDQGRDORVSDtVHVPHQRVGHVDUUROODGRVOWKH\VHHPWREHXVLQJ
WKHOHVVGHYHORSHGFRXQWULHV
7KHIROORZLQJFRQWUDVWLYHH[DPSOHVPD\KHOSWRXQGHUVWDQGWKHXVHRISHUVRQDODPRUHFOHDUO\
&RQR]FRPX\ELHQODFLXGDGD0DUtD,NQRZWKHFLW\0DULDYHU\ZHOO
9LPRVODSURFHVLyQDXQDPLJR:HVDZWKHSURFHVVLRQDIULHQG
LL%HIRUHDQLQGLUHFWREMHFW
/HGLHOGLQHURD&DUORV,JDYHWKHPRQH\WR&DUORV
$5DTXHOOHJXVWDHOWHQLV5DTXHOOLNHVWHQQLV
LLL,QWKHFRQVWUXFWLRQDOLQILQLWLYH
$OVDOLUGHOFLQHYLD-RVp2QOHDYLQJWKHFLQHPD,VDZ-RVp
LY:LWKDQXPEHURIYHUEVIRUH[DPSOHDVLVWLUDWRDWWHQGHPSH]DUFRPHQ]DUDWREHJLQD\XGDUD
WRKHOSMXJDUDWRSOD\
(PSH]yDOORYHU,WVWDUWHGWRUDLQ
E7RLQGLFDWHGLUHFWLRQDQGPRWLRQ
YROYHUDOODERUDWRULROFRPHEDFNWRWKHODERUDWRU\
ODOLEHUDFLyQDODPELHQWHOWKHUHOHDVHLQWRWKHDWPRVSKHUH
/OHJDURQD0DGULG7KH\DUULYHGLQ0DGULG
'REOHDODL]TXLHUGD7XUQOHIW
1RWHWKDWDOLVWKHFRPELQDWLRQRIDHO
F7RLQGLFDWHUDWH
DXQDYHORFLGDGODWDVSHHG
DJUDQHVFDODORQDODUJHVFDOH
G7RH[SUHVVSRVLWLRQRUORFDWLRQDQGGLVWDQFH
(VWiDODGHUHFKD,WLVRQWKHULJKW
6HQWDUVHDODPHVD7RVLWDWWKHWDEOH
6HQWDUVHDOVRODODVRPEUD7RVLWLQWKHVXQVKDGH
$XQRVPLQXWRVPHWURVGHDTXt$IHZPLQXWHVPHWUHVIURPKHUH
H7RH[SUHVVWLPHDQGIUHTXHQF\
$ODVVHLV\PHGLD$WKDOISDVWVL[
(VWDPRVDGHHQHUR,W
V-DQXDU\WKHWK
$ODVHPDQDVLJXLHQWH7KHIROORZLQJZHHN
$PHGLDGRVILQDOHVGHMXOLR,QPLG-XO\$WWKHHQGRI-XO\
'RVYHFHVDOGtD7ZLFHDGD\
I7RLQGLFDWHPHDQVDQGPDQQHU
$PDQR%\KDQG
$SLH2QIRRW
3HVFDGRDODSODQFKDDOYDSRU*ULOOHGVWHDPHGILVK
J7RLQGLFDWHSULFHRUYDOXH
(VWiDGRVHXURVODGRFHQDHONLOR,WFRVWVWZRHXURVWKHGR]HQNLOR
$QWH
$QWHXVXDOO\WUDQVODWHVEHIRUHRUIDFHGZLWK
&RPSDUHFLyDQWHHOMXH]+HVKHDSSHDUHGEHIRUHWKHMXGJH
$QWHXQDVLWXDFLyQDVtQRVDEUtDTXpKDFHU)DFHGZLWKDVLWXDWLRQOLNHWKLV,ZRXOGQWNQRZZKDWWR
GR
$QWHHOGHVFDODEURHFRQyPLFRHOSUHVLGHQWHUHQXQFLy,QYLHZRIWKHHFRQRPLFGLVDVWHUWKHSUHVLGHQW
UHVLJQHG
$QWHVGHPHDQVEHIRUHLQUHODWLRQWRWLPH
$QWHVGHODVVHLV%HIRUHVL[
%DMRGHEDMRGH
%DMRDQGGHEDMRGHPHDQXQGHUEXWWKHILUVWWHQGVWREHXVHGPRUHLQDILJXUDWLYHVHQVHDQGLQVHWSKUDVHV
ZKLOHGHEDMRGHLVQRUPDOO\XVHGLQDOLWHUDOVHQVH
/DVOODYHVHVWDEDQGHEDMRGHODFDPD7KHNH\VZHUHXQGHUWKHEHG
%DMRQLQJXQDFLUFXQVWDQFLD8QGHUQRFLUFXPVWDQFH
&RQ
7KHEDVLFPHDQLQJRIFRQLVZLWK
FRQPiVIUHFXHQFLDOPRUHIUHTXHQWO\
FRQHOILQGHOLQRUGHUWR
&RQWUD
&RQWUDQRUPDOO\WUDQVODWHVDJDLQVW
6HHVWUHOOyFRQWUDXQPXUR+HVKHFUDVKHGDJDLQVWDZDOO
'H
'HLVDQRWKHUYHU\IUHTXHQWSUHSRVLWLRQLQ6SDQLVKDQGLWKDVDZLGHUDQJHRIXVHVDQGPHDQLQJVDPRQJ
WKHPRILQIURPDERXW2QO\WKHPRVWFRPPRQPHDQLQJVDUHJLYHQKHUH)RURWKHUXVHVRIGHFRQVXOWWKH
UHIHUHQFHVDWWKHHQGRIWKLVVHFWLRQ
D$VDQHTXLYDOHQWRIWKH(QJOLVKFRQVWUXFWLRQQRXQQRXQ
XQDWpFQLFDGHODERUDWRULRODODERUDWRU\WHFKQLTXH
PRQRSROLRVGHLPSRUWDFLyQOLPSRUWPRQRSROLHV
E:LWKDQXPEHURIYHUEVIRUH[DPSOHGHMDUGHWRVWRSFHDVHWHUPLQDUGHWRILQLVKGHSHQGHUGHWR
GHSHQGRQ
HVWiGHMDQGRGHVHUOLWLVFHDVLQJWREH
F,QGLFDWLQJSRVLWLRQ
VXVPHUFDGRVGHO1RUWHOLWVPDUNHWVLQWKH1RUWK
G([SUHVVLQJWKHLGHDRISRVVHVVLRQRUEHORQJLQJWR
ODSURGXFFLyQORFDOGHORVSDtVHVHQGHVDUUROOROORFDOSURGXFWLRQRIGHYHORSLQJ
FRXQWULHV
H$IWHUDQRXQVLJQDOOLQJDQDJHQWRUDQDFWLRQ
/RVLPSXOVRUHVGHODLQJHQLHUtDJHQpWLFDO7KHSURPRWHUVRIJHQHWLFHQJLQHHULQJ
ODOLEHUDFLyQGHRUJDQLVPRVYLYLHQWHVOWKHUHOHDVHRIOLYLQJRUJDQLVPV
I([SUHVVLQJRULJLQ
6RQGH&yUGRED7KH\DUHIURP&RUGRED
J,QWLPHH[SUHVVLRQV
'HOXQHVQXHYHDYLHUQHVFLQFR)URP0RQGD\QLQHWR)ULGD\ILYH
K,QGLFDWLQJWKHPDWHULDOVRPHWKLQJLVPDGHRI
8QDWD]DGHSRUFHODQD$SRUFHODLQFXS
L0HDQLQJDERXW
+DEODPRVGHPXFKDVFRVDV:HVSRNHDERXWPDQ\WKLQJV
'HVGH
'HVGHXVXDOO\WUDQVODWHVIURPDVZHOODVVLQFHDQGIRULQWLPHSKUDVHV
GHVGHHOSXQWRGHYLVWDFLHQWtILFROIURPDVFLHQWLILFSRLQWRIYLHZ
'HVGHD\HU6LQFH\HVWHUGD\
'HVGHKDFHPXFKRVDxRV)RUPDQ\\HDUV
(Q
(QLVXVHG
D$VWKH6SDQLVKHTXLYDOHQWRILQRQDWWRLQGLFDWHSRVLWLRQ
HQODVSODQWDVOLQSODQWV
HQSDtVHVOLQFRXQWULHV
(QODPHVDFDVD2QWKHWDEOH$WKRPH
E,QH[SUHVVLRQVRIWLPH
(QGLFLHPEUHHODxRSULPDYHUD,Q'HFHPEHUWKH\HDUVSULQJ
F0HDQVRIWUDQVSRUW
(QDYLyQWUHQELFLFOHWD%\SODQHWUDLQE\ELNHRQDELF\FOH
G7RLQGLFDWHYDOXH
/RFRPSUpHQGRVFLHQWRVHXURV,ERXJKWLWIRUWZRKXQGUHGHXURV
H:LWKDQXPEHURIYHUEVDPRQJWKHPHQWUDUHQ/DWLQ$PHULFDQVXVHHQWUDUDWRJRLQWRSHQVDUHQWR
WKLQNRIFRQILDUHQDOJXLHQWRWUXVWVRPHRQH
(QWUH
7KHEDVLFPHDQLQJVRIHQWUHDUHEHWZHHQDQGDPRQJ
HQWUHRUJDQLVPRVOEHWZHHQRUJDQLVPV
(VWDEDHQWUHWXVFRVDV,WZDVDPRQJ\RXUWKLQJV
([FHSWR
([FHSWRLVXVHGLQVLPLODUFRQWH[WVWRH[FHSWLQ(QJOLVK
)XHURQWRGRVH[FHSWRW~7KH\DOOZHQWH[FHSW\RX
+DFLD
+DFLDQRUPDOO\WUDQVODWHVWRZDUGVLQVHQWHQFHVOLNHWKHIROORZLQJ
,EDQKDFLDHOQRUWH7KH\ZHUHKHDGLQJQRUWKZDUGVWRZDUGVWKHQRUWK
+DFLDODVWUHVGHODWDUGH7RZDUGVWKUHHR
FORFNLQWKHDIWHUQRRQ
+DVWD
+DVWDLQGLFDWHVOLPLWERWKLQWLPHPHDQLQJXQWLODQGVSDFHWUDQVODWLQJDVIDUDV
+DVWDODVQXHYH8QWLOQLQH
+DVWDHOILQDOGHODFDOOH$VIDUDVWKHHQGRIWKHVWUHHW
3DUD
3DUDDQGSRUEHORZFDQEHGLIILFXOWIRU(QJOLVKVSHDNHUVDVERWKFDQPHDQIRUDOWKRXJKWKH\KDYH
FOHDUO\GLVWLQFWLYHXVHV$VDJHQHUDOJXLGHOLQHLWPD\EHXVHIXOWRUHPHPEHUWKDWSDUDFDQLQGLFDWH
SXUSRVHGHVWLQDWLRQDQGPRYHPHQWWRZDUGVZKLOHSRURIWHQH[SUHVVHVFDXVHRUUHDVRQ7KHIROORZLQJDUH
PRUHVSHFLILFXVHVRISDUD
D7RH[SUHVVPRYHPHQWWRZDUGV
SDUDFRQYHUWLUVHOLQRUGHUWREHFRPH
E7RH[SUHVVSXUSRVH
SDUDLQWURGXFLUQXHYDVFDUDFWHUtVWLFDVOLQRUGHUWRLQWURGXFHQHZFKDUDFWHULVWLFV
SDUDSURGXFLUODVOLQRUGHUWRSURGXFHWKHP
F7RH[SUHVVGHVWLQDWLRQ
SURWHFFLyQSDUDODVSODQWDVOSURWHFWLRQIRUSODQWV
SDUDORVPpWRGRVXWLOL]DGRVOIRUWKHPHWKRGVXVHG
6RQSDUDWL7KH\DUHIRU\RX
G7RLQGLFDWHGLUHFWLRQ
6DOLHURQSDUD&XED7KH\OHIWIRU&XED
H:LWKH[SUHVVLRQVRIWLPHLQGLFDWLQJOLPLWGHDGOLQHDQGGXUDWLRQ
/RTXLHURSDUDPDxDQDHOOXQHV,ZDQWLWIRUWRPRUURZ0RQGD\
4XHUHPRVXQDKDELWDFLyQSDUDXQDVHPDQD:HZDQWDURRPIRUDZHHN
0RVW/DWLQ$PHULFDQVZLOOXVHSRULQWKHVHFRQGH[DPSOH
I7RH[SUHVVDFRPSDUDWLYHQRWLRQ
3DUDVHUH[WUDQMHURKDEODELHQ+HVKHVSHDNVZHOOIRUDIRUHLJQHU
3RU
3RULVXVHG
D7RLQWURGXFHDQDJHQWHJLQSDVVLYHVHQWHQFHV
KDVLGRDSURSLDGDSRUODLQGXVWULDOLWKDVEHHQXVHGE\LQGXVWU\
PRGLILFDGDVSRULQJHQLHUtDJHQpWLFDOPRGLILHGE\JHQHWLFHQJLQHHULQJ
E7RLQGLFDWHFDXVHRUUHDVRQ
/RKLFHSRUHOORV,GLGLWEHFDXVHRIWKHPIRUWKHLUVDNH
3RUODOOXYLDQRSXGLPRVVDOLU:HFRXOGQWJRRXWEHFDXVHRIWKHUDLQ
F:LWKH[SUHVVLRQVRIWLPH
6HIXHURQSRUODPDxDQDQRFKH7KH\OHIWLQWKHPRUQLQJDWQLJKW
G7RLQGLFDWHPRYHPHQWWKURXJKRUDORQJ
3DVDPRVSRU0DGULG:HSDVVHGWKURXJK0DGULG
3DVHDPRVSRUHOUtR:HWRRNDZDONDORQJWKHULYHU
H7RH[SUHVVFRVWRUYDOXH
&XiQWRSDJDVWHSRUpO"+RZPXFKGLG\RXSD\IRULW"
I7RH[SUHVVPHDQV
3RUID[FRUUHRHOHFWUyQLFR%\ID[HOHFWURQLFPDLO
J7RLQGLFDWHUDWH
3RUKRUDGtD3HUKRXUGD\
6HJ~Q
6HJ~QQRUPDOO\WUDQVODWHVDFFRUGLQJWRDQGGHSHQGLQJRQ
6HJ~Q$XURUDQRHVYHUGDG$FFRUGLQJWR$XURUDLWLVQRWWUXH
6HJ~QHOWLHPSRTXHKDJD'HSHQGLQJRQZKDWVRUWRIZHDWKHUZHKDYH
6LQ
6LQPHDQVZLWKRXW
6LQGXGDO:LWKRXWDGRXEW
6REUH
6REUHLVXVHGWRLQGLFDWH
D3RVLWLRQZLWKRUZLWKRXWDFWXDOFRQWDFW
VREUHORVFXOWLYRVORYHUWKHFURSV
VREUHODFyPRGDRQWKHFKHVWRIGUDZHUV
E$SSUR[LPDWLRQLQWLPHDQGVSDFHHVSHFLDOO\6SDLQ
VREUHODVGRVNLORVDERXWDURXQGWZRR
FORFNNLORV
F6XEMHFWRUWRSLF
XQOLEURVREUHODJXHUUDDERRNDERXWWKHZDU
7UDV
7UDVDIWHUFRUUHVSRQGVWRDYHU\IRUPDOOLWHUDU\VW\OH,QFROORTXLDOODQJXDJHLWLVUHSODFHGE\GHVSXpV
GHZLWKUHIHUHQFHWRWLPHDQGGHWUiVGHWRUHIHUWRVSDFH
WUDVGHVSXpVGHKDEHUFHQDGRDIWHUKDYLQJGLQQHU
WUDVGHWUiVGHODPRQWDxDEHKLQGWKHPRXQWDLQ
2WKHUSRLQWVWRQRWHLQWKHWH[W
*HUXQGGHMDQGROVXUJLHQGROUHYROXFLRQDQGROXWLOL]DQGROJHQHUDQGRO
XVDQGROVHH&KDSWHU
3DVVLYHZLWKVHUSDVWSDUWLFLSOHSXHGHVHUWUDQVIHULGROKDVLGRDSURSLDGDOTXHVHDQ
6HHIRUIXUWKHULQIRUPDWLRQ
%DWFKHORUDQG3RXQWDLQSS
%XWWSS
%XWWDQG%HQMDPLQSS
.DWWiQ,EDUUDDQG3RXQWDLQSS
0XxR]DQG7KDFNHUSS
(;(5&,6(6
,QVHUWWKHSUHSRVLWLRQDZKHUHQHFHVVDU\
D+R\QRKHYLVWR-XDQ
E6yORWHQJRXQKHUPDQR
F0LPDGUHQROHJXVWDTXHYLVLWHODWtD
G%XVFDQXQDVHFUHWDULDTXHVHSDLWDOLDQR
H1RRtHOSURIHVRU
I0LVWtRVOHVJXVWDYHUVXVKLMRVSURJUHVDU
J3DEORTXLHUHPXFKR,VDEHO
K5HTXLHUHQXQDFKLFDHQODSHOXTXHUtD
L/OHJDURQORVQLxRV\OODPDURQ&DUPHQ
M&XDQGRHVWXYHHQ0DGULGYLVLWp(O3UDGR\WDPELpQYLVLWp-XOLR\$OHMDQGUD
N2tPRVODVQRWLFLDVHQODUDGLR\GHVSXpVRtPRVFDQWDU0RQWVHUUDW&DEDOOp
O6XVDQDSHJyVXKHUPDQRPHQRUSRUTXHODHVWDEDPROHVWDQGR
&RPSOHWHWKHIROORZLQJVHQWHQFHVXVLQJRQHRIWKHVHSUHSRVLWLRQVGHDKDVWDGHVGH
D6DOLHURQBBBBFDVDBBBBODVRFKRBBBBODPDxDQDFRQUXPERBBBB6DQWLDJRSHURQROOHJDURQBBBB
PX\HQWUDGDODQRFKH
E/ODPpBBBB3HU~SDUDGHFLUOHTXHQRYROYHUtDBBBBGLFLHPEUH
F(OPXVHRTXHGyFHUUDGRBBBBRFWXEUHBBBBSULQFLSLRVBBBBPD\R
G$OOtYHQGHQMDPyQBBBB7HUXHOBBBBHXURVHONLOR/RWUDHQBBBBODVVHUUDQtDVBBBB$OEDUUDFtQ
H(VFULELyXQOLEURBBBBSRHVtDVGXUPLHQGRBBBBGt\HVFULELHQGRBBBBQRFKHBBBBWHUPLQDUOR
IBBBBWLHPSRLQPHPRULDOBBBBODPXHUWHGH3DWULFLRODIDPLOLDIXHBBBBHVHSXHEORBBBBYHUDQHDU
J9LHQHQBBBB$UJHQWLQDSDUDDVLVWLUBBBBODERGDBBBBVXVREULQD
K/DSLVFLQDQRHVWDEDBBBBPiVBBBBXQNLOyPHWURBBBBFDVDDVtTXHVLHPSUHtEDPRVBBBBSLH
L6LpQWDWHBBBBODGRGHWXDEXHOR\KiEODOHBBBBWXVLQYHVWLJDFLRQHVHQ%ROLYLD
M*LUHXVWHGBBBBDTXtODL]TXLHUGD\YD\DBBBBHOFUXFH6LJDWRGRUHFWR\HOFDVWLOORBBBBHVWiGRV
NLOyPHWURVBBBBPDQRGHUHFKD
N5HFLEtWDQWRWXUUyQBBBBPLVDPLJRVHVSDxROHVTXHORHVWXYHFRPLHQGRBBBB1DYLGDGHVBBBBELHQ
HQWUDGRHOYHUDQR
O/OHYDQWUDEDMDQGRBBBBILQDOHVGHDJRVWR\QRWLHQHQYDFDFLRQHVBBBBSULQFLSLRVGHMXOLRSRUHVR
WLHQHQXQDVJDQDVWUHPHQGDVBBBBLUBBBBXQOXJDUWUDQTXLORBBBBGHVFDQVDU
&RPSOHWHWKHIROORZLQJVHQWHQFHVXVLQJRQHRIWKHVHSUHSRVLWLRQVFRQVLQFRQWUDVHJ~QKDFLD
D7HORKDUpBBBBPXFKRJXVWR
EBBBBIXHQWHVRILFLDOHVHOFKRTXHGHODYLyQBBBBODWRUUHIXHXQDFFLGHQWH
FBBBBJUDQVRUSUHVDPtD\BBBBODD\XGDGHQDGLHJDQpHOSUHPLR
G+D\TXHOXFKDUBBBBODGLVFULPLQDFLyQSDUDSRGHUPLUDUBBBBHOIXWXURBBBBVRVLHJR
HBBBB3DEORODSOD\DDTXtHVWiFRQWDPLQDGDKD\TXHLUPiVBBBBHOQRUWH
I&RPRHVHGtDQRKDFtDWDQWRIUtRVDOLyBBBBVRPEUHURJXDQWHVBBBBQDGD
J9DPRVDYHU8VWHGHVVHGLULJHQBBBB7RUGHVLOODVYHUGDG"
K+DGHFLGLGRPRQWDUVXSURSLRQHJRFLRBBBBRBBBBODD\XGDGHVXIDPLOLD
L'DJXVWRYHUBBBBFXiQWDJDQDFRPHHOQLxRKR\BBBBVXPDGUHGHRUGLQDULRFRPHPX\SRFR
M3DXOLQDRGLDDQJHOVLHPSUHDFW~DBBBBpO\BBBBXQDIDOWDGHYHUJHQ]DTXHPHGHMDDWyQLWD
NBBBBGLFHQ5RGULJROOHYDDxRVHQIDGDGRBBBBVXKLMRVHQLHJDDKDEODUBBBBpO\HOSREUHKLMRQR
HQWLHQGHTXpWLHQHVXSDGUHBBBBpO
O(OPDUWHVGtD3HGURVHGLRBBBBXQDHVFDOHUDTXHHVWDEDDSR\DGDBBBBODSDUHGSRUHVRDQGD
DKRUDBBBBPiVSUHFDXFLyQ
&RPSOHWHWKHIROORZLQJVHQWHQFHVZLWKRQHRIWKHVHSUHSRVLWLRQVVREUHHQHQWUH
D$OIRQVRRVKDKDEODGRBBBBHOWHPDYHUGDG"
E+XERXQLQFLGHQWHBBBBHO3DVHRGHOD&DVWHOODQDBBBBODVFXDWURGHODWDUGH
F1RYHRQLQJXQDGLIHUHQFLDBBBBHVWHEROVR\HORWURPHQRVBBBBHOSUHFLR
GBBBB6DODPDQFDHOYLHMRSXHQWHBBBBHOUtRGDWDGHORVWLHPSRVURPDQRV
H7LHQHDOJXQDLQIRUPDFLyQBBBBYXHORVD0DGULG"
I4XLHUHVSRQHUHVWHFHQLFHURBBBBODPHVLWDTXHHVWiBBBBORVGRVVLOORQHV"
J$SHVDUGHOOHJDUWDUGHFRQVHJXLPRVORFDOL]DUD6RItDBBBBHOS~EOLFRBBBBHOYHVWtEXORGHOWHDWUR
KeVWDHVODKDELWDFLyQTXHPiVPHJXVWDSRUTXHODVYHQWDQDVGDQBBBBODSOD]D
L+DGLFKRTXHOOHJDUiBBBBODVWUHVGHODWDUGHSHURFRPRYLHQHBBBBFRFKHQRQRVSXHGHGDUXQD
KRUDH[DFWD
M0HWHHVRVGRFXPHQWRVBBBBHODUFKLYDGRUDVtQRORVSLHUGRBBBBHVWHPRQWyQGHSDSHOHV
N(VDVHxRUDHVHVSHFLDOLVWDBBBBOLQJtVWLFD\VLWXYLHUDTXHHVFRJHUBBBBHOOD\ORVGHPiVQR
GXGDUtDHVFRJHUODBBBBDHOOD
O$\HUDVLVWLPRVDXQDFRQIHUHQFLDBBBBODP~VLFDBBBBOD(GDGGH2UR\QRVWRSDPRVFRQ-RVpBBBB
ORVSUHVHQWHV
&RPSOHWHWKHIROORZLQJVHQWHQFHVXVLQJRQHRIWKHVHSUHSRVLWLRQVDQWHEDMRH[FHSWRWUDV
D0HGHMySODQWDGR(VWXYHWUHVKRUDVHVSHUiQGRODBBBBODOOXYLD\QROOHJy
E7RGRVIXLPRVDODILHVWDBBBB1LFROiVTXHQRVGLMRTXHQRVHHQFRQWUDEDELHQ
FBBBBWDOHVSHUVSHFWLYDVQRHUDH[WUDxRTXHVHGHSULPLHUDWDQWR
G0HQRVPDOTXHVHUHSDUWLHURQIROOHWRVLQIRUPDWLYRVBBBBHOGLVFXUVRIXHWDQDEXUULGRTXHPH
GRUPt
H&ODURTXHHOQLxRWLHQHSUREOHPDVGHFRPXQLFDFLyQSDVDWRGRHOGtDBBBBODSDQWDOODGHWHOHYLVLyQ
I6XFXDUWRVLHPSUHSDUHFHELHQDUUHJODGRSRUTXHSRQHWRGRBBBBODFDPD
J0DUtDPHYLHQHDYLVLWDUWRGRVORVGtDVBBBBORVGRPLQJRV
K6HFRORFDURQXQRBBBBRWURHQILODLQGLD
L$KRUDUHVXOWDGLItFLOLPDJLQDUFXiQWRVXIULyHOSDtVBBBBODGLFWDGXUD
M'HQLQJXQDPDQHUDPHSRQJR\RBBBBODVyUGHQHVGHHVHLPEpFLO
NBBBBHVWDVLWXDFLyQWHQGUpTXHEXVFDURWURHPSOHR
OBBBBXQDODUJDUHXQLyQTXHQRUHVROYLyQDGDVHIXHURQVDOLHQGRXQRBBBBRWUR
6HOHFWWKHFRUUHFWSUHSRVLWLRQ
D/RVUHYROXFLRQDULRVOXFKDURQSRUSDUDODLJXDOGDG
E/DOH\IXHDSUREDGDSRUSDUDHO6HQDGR
F(ODYLyQVHUHWUDVyGRVKRUDVSRUSDUDODQLHEOD
G3RUSDUDUHODMDUPHGR\ODUJRVSDVHRVSRUSDUDODSOD\D
H3DJyPX\SRFRSRUSDUDHOFRFKHTXHFRPSUySRUSDUDVXKLMR
I9DQD%ROLYLDSRUSDUDXQRVWUHVPHVHVSHURHVSHUDQHVWDUGHUHJUHVRSRUSDUD1DYLGDG
J3LOLQRFRQVLJXLyHOSXHVWRSRUSDUDQRWHQHUFRQRFLPLHQWRVGHLQJOpV
K0DxDQDSRUSDUDODPDxDQDSDVDUHPRVSRUSDUDWXFDVDSRUSDUDUHFRJHUWH
L+HPRVSHUGLGRHOWUHQSRUSDUDWXFXOSD
M3RUSDUDTXpVLUYHHVWR"3RUSDUDKDFHUDJXMHURV"
N$FDEDEDGHSDVDUSRUSDUDGHEDMRGHOSXHQWHFXDQGRODSROLFtDORSLOOy
O0HWRPDURQSRUSDUDWRQWR\QRTXHUtDQHVFXFKDUPH
,GHQWLI\WKHILYHVHQWHQFHVEHORZZKLFKXVHSRURUSDUDLQFRUUHFWO\
D3DUDFRPSODFHUDVXVSDGUHVHVWXGLDEDSDUDPpGLFR
E/RPiVUiSLGRVHUiHQYLDUHOPHQVDMHSRUFRUUHRHOHFWUyQLFR
F/RKDQKHFKRDVtSDUDUD]RQHVTXHQRHQWLHQGR
G9R\SDUDPiVFDIp
H6LORKDFHVSRUQRVRWURVQRWHPROHVWHVQRQHFHVLWDPRVWXD\XGD
I(VWHQXHYRMXJXHWHHVSDUDQLxRVPD\RUHVGHWUHVDxRV
J6LHQWRXQDSURIXQGDDGPLUDFLyQSDUDHOWUDEDMRGH0pGLFRV6LQ)URQWHUDV
K3DUD-XOLRORPiVLPSRUWDQWHHVHOI~WERO
L3RUODWDUGHQRKD\QDGLHSRUODVFDOOHVSRUTXHKDFHGHPDVLDGRFDORU
M<RTXHW~QRSDJDUtDHVDFDQWLGDGGHGLQHURSDUDXQRVYDTXHURV
N'LFHQTXHHOYLQRWLQWRHVPX\EXHQRSRUODVDOXG
O1RHVGHH[WUDxDUTXHVHUHVIULDUD/OHYDEDPX\SRFDURSDSDUDHOIUtRTXHKDFtD
&RPSOHWHWKHIROORZLQJVHQWHQFHVE\VXSSO\LQJWKHFRUUHFWSUHSRVLWLRQWRJRZLWKWKHYHUE
D1RPHVRUSUHQGRHQDEVROXWRBBBBTXHQRVHDFXHUGHQBBBBPt
E/DFDQWLGDGGHJHQWHTXHVXHxDBBBBJDQDUODORWHUtD
F'HVSXpVGHODHQWUHYLVWDFRQODGLUHFWRUDD)DELiQQROHTXHGyPiVUHPHGLRTXHUHQXQFLDUBBBB
SXHVWR
G6HWDUGDPHGLDKRUDBBBBKDFHUHVWHWUD\HFWR
H/DYHUGDGHVTXH(YDQRTXLHUHHVWDUDTXtSRUHVRVHTXHMDBBBBWRGR
I3HSHVLHPSUHQRVD\XGDEDBBBBSUHSDUDUODVFRPLGDV
J1RVDPHQD]DURQBBBBGHVSHGLUQRVVLQRDFHSWDPRVHOQXHYRDFXHUGRVDODULDO
K'HPDVLDGRWDUGHPHGLFXHQWDBBBBTXHHUDHOIDPRVtVLPRHVFULWRUGHQRYHODVQHJUDV
L'LFHTXHQRVHDUUHSLHQWHBBBBQDGDHQDEVROXWR
M)XHLPSUHVLRQDQWHYHUFyPR6RItDVHHPSHxyBBBBVDFDUDGHODQWHHOQHJRFLR
N,JQRUDPRVSRUTXpVHQHJDURQBBBBSURSRUFLRQDUQRVORVGDWRV
O&XDQGRORVP~VLFRVHPSH]DURQBBBBWRFDUODVDUGDQDHOS~EOLFRVHSXVRBBBBEDLODU
P(VWDPRVDTXtSRUTXH0DUtD-HV~VKDLQVLVWLGRBBBBTXHYHQJDPRV
Q3HURFyPRKDSRGLGRHQDPRUDUVHBBBBHVHKRPEUH(VDOJRTXHQRDFDEDPRVHQWHQGHU
R0DQRORVHKDHVIRU]DGRPXFKRBBBBDSUHQGHUHOFKLQRSDUDSRGHUFRPXQLFDUVHBBBBORVVXHJURV
S7UDWHBBBBUHFRUGDU(VPX\LPSRUWDQWHTXHQRVGLJDFXiQWRVHSD
T&XDQGR0DUWDVHGHFLGHBBBBKDFHUDOJRQRKD\PDQHUDGHGLVXDGLUOD
U(OWUDEDMRFRQVLVWHBBBBFRQWHVWDUDOWHOpIRQR\DWHQGHUDOS~EOLFR
V-XDQQRSXHGHSUHVFLQGLUBBBBVXVFLQFRWD]DVGHFDIpHQHOGHVD\XQR6LQHOODVQRIXQFLRQD
W1RVDOHJUDPRVPXFKRBBBBTXHKD\iLVYHQLGR6LQYRVRWURVKXELHUDVLGRPX\DEXUULGR
0DWFKD6SDQLVKSKUDVHLQFROXPQ$ZLWKLWV(QJOLVKHTXLYDOHQWLQFROXPQ%
$
DFRQUXPERD
EDODLUHOLEUH
FDPDQR
GDODYXHOWDGHODHVTXLQD
HGHSXHUWDHQSXHUWD
IFDPLQRGH
JDODOFDQFH
KSRUHVFULWR
LDODVRPEUD
MEDMRODOOXYLD
NDIXHU]DGH
ODILQGH
PDIDYRUGH
QGHG
RDODSHUIHFFL
%
ZLWKLQUHDFK
ZLWKWKHDLPRI
IURPGRRUWRGRRU
RQWKHZD\WR
LQWKHGLUHFWLRQRI
LQZULWLQJ
LQWKHUDLQ
URXQGWKHFRUQHU
WRSHUIHFWLRQ
LQWKHVKDGH
LQIDYRXURI
E\KDQG
E\GD\GXULQJWKHGD\
LQWKHRSHQDLURXWGRRUV
E\GLQWRI
&RPSOHWHWKHWH[WVZLWKVXLWDEOHSUHSRVLWLRQV
$JXVWtQHVBBDBB0DGULGSHURBBEBBVHSWLHPEUHYLYHBBFBB&DVWHOOyQGRQGHHVWXGLDBBGBB
VHUIDUPDFpXWLFR&RPSDUWHXQDSDUWDPHQWRBBHBB%HQLFDVLPBBIBBVXDPLJR(GXDUGR&RPR
%HQLFDVLPHVWiBBJBBXQRVNLOyPHWURVBBKBBODXQLYHUVLGDGORVGRVFKLFRVYDQBBLBBOD
)DFXOWDGBBMBBDXWRE~V6yORWLHQHQFODVHVBBNBBODPDxDQD'RVWDUGHVBBOBBVHPDQD
HQWUHQDQBBPBBXQHTXLSRBBQBBEDORQFHVWR\ORVGRPLQJRVMXHJDQBBRBBRWURHTXLSRB
BSBBVXPDGUH$JXVWtQHVXQFKLFRPX\OLVWRSHURQRFUHRTXHWRPHVXVHVWXGLRVPX\BBBTBBB
VHULR
BBDBBXQUHSRUWDMHGHOGLDULR1RWLFLDVGH&KLQDOD5HS~EOLFD&KLQDDSXHVWDBBEBBOD
LQJHQLHUtDJHQpWLFDBBFBBDOLPHQWDUDOSXHEOR(VBBGBBHOORVOD~QLFDIRUPDBBHBBWHUPLQDU
BBIBBVLHPSUHBBJBBHOKDPEUHTXHDIOLJHBBKBBPLOORQHVBBLBBVXVKDELWDQWHV
8QHTXLSRBBMBBPpGLFRVPDQGDGRBBNBBHOJRELHUQRBBOBB]RQDVUXUDOHVKDGHVFXELHUWRXQ
DOWRSRUFHQWDMHBBPBBQLxRVBBQBBHQIHUPHGDGHVGHELOLWDQWHV
BBRBBHOILQGHHUUDGLFDUHVWDVHQIHUPHGDGHVHOJRELHUQRKDSXHVWRHQPDUFKDXQSURJUDPDTXH
LQVLVWHBBSBBODSURGXFFLyQBBTBBODVHJXULGDGBBUBBPXFKDVUHJLRQHV\DVHYHQGHQODV
VHPLOODVWUDQVJpQLFDVBBVBBFRQWURO\PXFKDVYHFHVSURGXFLGDVBBWBBFRPSDxtDVHVWDWDOHV
&RQMXQFWLRQV
7H[W
7KH6SDQLVKZULWHU$QD0DUtD0DWXWHUHPHPEHUVKHUILUVWGD\VDWVFKRRO5HDGWKHWH[WDQGDV\RXGRVR
QRWHWKHXVHRIWKHZRUGVLQEROGZKLFKDUHNQRZQDVFRQMXQFWLRQV
/RTXHDSUHQGtHQODHVFXHOD
/DVQLxDVGHOFROHJLRHUDQXQDVEUXMDVDVTXHURVDV
+DVWDODSULPHUDFRPXQLyQIXLDOFROHJLRGHPRQMDV6DQ-RVHS&OXQ\
(QWRQFHVWHQtDFLQFRDxRVUHFXHUGRTXHODPRQMDVHTXHGyHVWXSHIDFWDSRUTXH\R\DVDEtDHODOIDEHWR
0HSXVLHURQXQDPHGDOODGHDOXPLQLRFRQXQODFLWRDPDULOOR)XHODSULPHUD\
~OWLPDFRQGHFRUDFLyQTXHPHGLHURQ<RVDEtDOHHU\HQOD]DUSDODEUDVHUDPX\WUDQTXLODSHURKDFtD
SUHJXQWDVLPSURFHGHQWHVHQUHDOLGDGHUDLQFyPRGDSHURQRUHYROWRVD6LHPSUH
~OWLPDGHODFODVHQRPHLQWHUHVDEDHVWXGLDU\DTXHOODVVHxRUDVPHSDUHFtDQXQDVHVW~SLGDVLQPHQVDV
FXDQGRXQQLxRVHGDFXHQWDGHTXHXQDSHUVRQDPD\RUHVLGLRWD
1RKD\PDQHUDQROHVFUHHV1RFUHtDQDGDGHORTXHPHGHFtDQDTXHOODVLPEpFLOHV
$GHPiVQRWHQtDDPLJRVHUDWDUWDPXGD0HORSDVpPX\PDO
/DVQLxDVGHOFROHJLRHUDQXQDVEUXMDVDVTXHURVDV1RREVWDQWHKDEtDDVSHFWRVHQHOFROHJLRTXHVtPH
JXVWDEDQ\HQORVFXDOHVGHVSXQWDED3RUHMHPSORODJHRJUDItDROD
JUDPiWLFD2GLDEDODVPDWHPiWLFDVSHURHVDOJRTXHDKRUDODPHQWRPXFKRSRUTXHVpTXHVLPH
KXELHUDQHQVHxDGRELHQODDULWPpWLFDSRUTXHHQWRQFHVQRHUDQPDWHPiWLFDVVLQR
DULWPpWLFDDPtPHKXELHVHQHQFDQWDGR0HDFXHUGRTXH\RHUDPX\FKLTXLWtQD\WRGDYtDOOHYiEDPRV
SL]DUUDVHQODVTXHKDFtDPRVODVFXHQWDV5HFXHUGRTXHFRQODV
OiJULPDVERUUDEDODSL]DUULWD1LPHORH[SOLFDEDQELHQQLSRGtDUHVROYHUODV
5HYLVWD(O3DtV6HPDQDO(VSDxD
&RQMXQFWLRQV
&RQMXQFWLRQVDUHZRUGVVXFKDV\DQGSHUREXWSRUTXHEHFDXVHZKRVHIXQFWLRQLVWROLQNZRUGVJURXSV
RIZRUGVRUZKROHLGHDV7KHUHDUHWZRPDLQW\SHVRIFRQMXQFWLRQVFRRUGLQDWLQJDQGVXERUGLQDWLQJ
FRQMXQFWLRQV
&225',1$7,1*&21-81&7,216
7KHLUIXQFWLRQLVWROLQNZRUGVSKUDVHVRUFODXVHVRIDVLPLODUNLQG,QWKLVJURXSZHILQGRXEHIRUHR
DQGKRRU\HEHIRUHLDQGKLDQGQLQHLWKHUQRUSHURDQGVLQREXW
D&RRUGLQDWLQJFRQMXQFWLRQVLQWKHWH[W
E8VLQJSHURDQGVLQR
1RWHWKDWSHURDQGVLQRERWKWUDQVODWHEXWEXWWKHLUXVHVDUHGLIIHUHQW6LQRLVXVHGLQDFRQVWUXFWLRQZLWK
WZRFRQWUDVWLQJHOHPHQWVZKLFKDUHPXWXDOO\H[FOXVLYHWKHILUVWRQHQHJDWLYHWKHVHFRQGRQHSRVLWLYH7KH
(QJOLVKZRUGEXWWUDQVODWHVVLQRLQWKHFRQVWUXFWLRQVQRWEXWDQGQRWRQO\EXWDOVR0RVWRWKHUXVHV
RIEXWLQ(QJOLVKFRUUHVSRQGWRSHURVHHDOVR&KDSWHU
1RHVWDVHPDQDVLQRODTXHYLHQH1RWWKLVZHHNEXWWKHQH[WRQH
1RVyORDTXtVLQRWDPELpQHQ(VSDxD1RWRQO\KHUHEXWDOVRLQ6SDLQ
68%25',1$7,1*&21-81&7,216
7KHVHLQWURGXFHDVXERUGLQDWHFODXVHWKDWLVDJURXSRIZRUGVFRQWDLQLQJDVXEMHFWDQGDYHUEZKLFKLV
SDUWRIDVHQWHQFHDQGLVGHSHQGHQWRQWKHPDLQFODXVH
D6XERUGLQDWLQJFRQMXQFWLRQVLQWKHWH[W
,QWKHWH[WZHILQGTXHWKHPRVWFRPPRQVXERUGLQDWLQJFRQMXQFWLRQZKLFKXQOLNHWKDWLQ(QJOLVKFDQQRW
QRUPDOO\EHRPLWWHGSRUTXHDOVRFRPPRQDQGXVHGLQWKHH[SUHVVLRQRIFDXVHDQGQRREVWDQWHDPXFK
OHVVIUHTXHQWRQHH[SUHVVLQJFRQFHVVLRQDQGXVXDOO\IRXQGLQOLWHUDU\UHJLVWHUV1RWHKRZWKH\KDYHEHHQ
XVHG
UHFXHUGRTXHODPRQMDVHTXHGyHVWXSHIDFWDO,UHPHPEHUWKDWWKHQXQZDVDVWRQLVKHG
+HUHLVDOLVWRIFRPPRQVXERUGLQDWLQJFRQMXQFWLRQVJURXSHGDFFRUGLQJWRXVDJH
&DXVH
FRPRDVVLQFHSXHVEHFDXVHVLQFHIRUSXHVWRTXH\DTXHEHFDXVHVLQFH
7LPH
DQWHVGHVSXHVGHTXHEHIRUHDIWHUFXDQGRZKHQKDVWDTXHXQWLOPLHQWUDVTXHZKLOH
&RQGLWLRQ
DPHQRVTXHDQRVHUTXHXQOHVVFRQWDOGHTXHVLHPSUHTXHSURYLGHGWKDWHQHOFDVRGHTXHLQ
FDVH
3XUSRVH
SDUDTXHLQRUGHUWKDWGHPDQHUDPRGRIRUPDTXHVRWKDWDILQGHTXHVRWKDW
&RQFHVVLRQ
DXQTXHDOWKRXJKDSHVDUGHTXHDOWKRXJKVLQHPEDUJRKRZHYHUQHYHUWKHOHVV
&RQVHTXHQFH
GHPDQHUDPRGRTXHVRWKDW
$QXPEHURIWKHVHFRQMXQFWLRQVDPRQJWKHPWKRVHH[SUHVVLQJSXUSRVHDQGFRQGLWLRQUHTXLUHWKH
VXEMXQFWLYH)RUPRUHLQIRUPDWLRQRQWKLVVHH&KDSWHUVDQG
2WKHUSRLQWVWRQRWHLQWKHWH[W
,PSHUIHFWDQGSUHWHULWHWHQVHVIXLOWHQtDOVHTXHGyOVDEtDOSXVLHURQOHWFVHH
&KDSWHUVDQG
$GYHUEVHQWRQFHVO\DOVLHPSUHODKRUDOELHQOWRGDYtDOHWFVHH
&KDSWHU
3OXSHUIHFWVXEMXQFWLYHVLPHKXELHUDQHQVHxDGROPHKXELHVHQHQFDQWDGROVHH
&KDSWHU
6HHIRUIXUWKHULQIRUPDWLRQ
%XWWSS
%XWWDQG%HQMDPLQSS
.DWWiQ,EDUUDDQG3RXQWDLQSS
0XxR]DQG7KDFNHUSS
(;(5&,6(6
,QVHUWDFRRUGLQDWLQJFRQMXQFWLRQLQWRWKHDSSURSULDWHSODFHVLQWKHVHVHQWHQFHV
D-RUJH-DYLHUKDQPRQWDGRVXSURSLDFRPSDxtD
E&XiOTXLHUHVHOQHJURHOD]XO"
F/RV5H\HV&DWyOLFRVVHOODPDEDQ)HUQDQGR,VDEHO
G<RTXHUtDTXHYLQLHUDQ&HFLOLD,JQDFLRQRSXGLHURQ
H1RYLD3DFRD$OHMDQGUR
I/ODPpVLHWHRFKRYHFHVQRKDEtDFRQWHVWDFLyQ
J([SRUWDQVXVSURGXFWRVD$OHPDQLD,WDOLD
K1RVyORYLQLHURQHVSDxROHVVXGDPHULFDQRVWDPELpQ
L1RFUHRTXHYHQJDQTXHYD\DQ
M+L]RIUtRVDOLPRVGHSDVHRIXLPRVDOSDUTXH
N/RRtPRVQRORYLPRV
O'DQLHO,JQDFLRFRUULHURQPXFKRELHQHOXQRHORWURJDQyXQSUHPLR
/LQNDQHOHPHQWLQ&ROXPQ$ZLWKRQHLQ&ROXPQ%WRIRUPDVHQWHQFH
$
D&RPRHVWXFXPSOHDxRV
E/DPDHVWUDODFDVWLJy
F$GRSWHPRVHORWURSODQ
G(VWXGLDEDFRQWDELOLGDG
H3XHVWRTXHQRKD\RWUD
I&RPRQRPHHVFULEH
J<DTXHVHKDLGROYDUR
K3RQWHHODEULJR
L%RQLIDFLRQRFRQVHJXLUiQDGD
M9HQLG
%
SRGHPRVGLYHUWLUQRV
SXHVKDFHIUtR
QROHKHGDGRODQRWLFLD
SXHVKD\WUDEDMRSDUDWRGRV
SXHVWRTXHOHHQFDQWDEDQORVQ~PHURV
SRUTXHQRHVWiGLVSXHVWRDWUDEDMDU
WHQGUHPRVTXHVHJXLUHVWDUXWD
WHKHKHFKRXQDWDUWD
\DTXHKDQVXUJLGRSUREOHPDVFRQpVWH
SRUTXHKDEtDSHOHDGRFRQ9tFWRU
7XUQWKHWZRVHQWHQFHVLQWRRQHXVLQJRQHRIWKHIROORZLQJFRQMXQFWLRQVRIWLPHDQGPDNLQJDQ\
QHFHVVDU\DGMXVWPHQWV
D/HtDHOSHULyGLFR'HVD\XQDED
E(VWDPRVGHYDFDFLRQHV1RVJXVWDKDFHUDOJRFXOWXUDO
F7HQHPRVTXHWHQHUHVWRWHUPLQDGR9XHOYHHOMHIH
G1RYROYHUHPRVDOWUDEDMR(OGLQHURVHQRVDFDED
H1RVLUHPRVDOWHDWUR/OHJDQORVDEXHORV
I1RDGHOJD]DUiV6LJXHVWDQJRORVD
J+D\TXHSLQWDUODFDVD9LHQHHOPDOWLHPSR
K1RPHPXHYRGHDTXt6DOH5RGULJR0RQWDOEiQ
L1RVDFRVWDPRV&HQDPRV
M+D\TXHVDFDUODVHQWUDGDV/DVKDQYHQGLGRWRGDV
N-RUJHYDDODSDQDGHUtDSRUHOSDQ1RVRWURVFRPSUDPRVORVILDPEUHV
O7HKDEUiVGHFLGLGR<DVHUiWDUGH
&RPSOHWHWKHVHQWHQFHVXVLQJDSHVDUGHRUDXQTXH
D/RSDVDPRVELHQBBBBHOPDOWLHPSR
E6HJXLPRVWRPDQGREDxRVGHVROBBBBVRPRVFRQVFLHQWHVGHORVULHVJRV
F(QHVWDVWLHUUDVVDOHVBBBBOOXHYD
G0DQWXYRODPLVPDSRVWXUDBBBBWRGRORTXHOHKDEtDQGLFKR
H1RORYDQDFRQWUDWDUBBBBVHDODSHUVRQDPiVLGyQHD
I(VIXHUWHBBBBVHUEDMLWR
J6LJXLyFRQHOSUR\HFWRBBBBODVFUtWLFDV
K(VLPSRUWDQWHGDUODVJUDFLDVSRUXQUHJDORBBBBQRWHJXVWH
LBBBBVHMXELODDILQDOHVGHHVWHPHVWUDEDMDFRQHOPLVPRDKLQFRTXHVLHPSUH
M/OHJDUtDDOILQGHPHVVLQXQFpQWLPRBBBBJDQDUDHOGREOHGHORTXHJDQD
NBBBBOOHJDUHO~OWLPRQRVHGHVDQLPy\DODxRVLJXLHQWHYROYLyDFRUUHUHOPDUDWyQ
O9DQDGHFODUDUODVHTXtDBBBBORPXFKRTXHKDOORYLGR~OWLPDPHQWH
7UDQVODWHWKHZRUGVLQLWDOLFVLQWR6SDQLVK
D$UUHJODUpHOFXDUWRLQFDVHKHFRPHV
E6XVFXDGURVHUDQEXHQRVVRVKHVROGWKHPDOO
F3URYLGHGWKDWHYHU\WKLQJLVLQRUGHUSRGpLVPDUFKDURV
G$TXtWLHQHPLWHOpIRQRLQFDVH\RXQHHGLW
H1RLUpDODILHVWDXQOHVVWKH\VHQGPHDQLQYLWDWLRQ
I/HPDQGDURQD6LJHQ]DVRWKDWKHZRXOGPHHW-RVHID
J6XVSDGUHVHVWDEDQFRQWHQWRVSURYLGHGVKHPDGHSURJUHVV
K1RVH[SOLFyHOSURFHVRLQVXFKDZD\WKDWZHXQGHUVWRRGLWDOO
L/RVMXHJRVVHFHOHEUDUiQHOViEDGRXQOHVVLWUDLQV
M2VKHWUDtGRDHVWHPXVHRVRWKDW\RXVHH3LFDVVR
V*XHUQLFD
N9LVLWDUHPRVWRGRVHVWRVVLWLRVSURYLGHGZHKDYHWKHWLPHDQGPRQH\
O:H
OOPHHWDWWKHVDPHWLPHQH[WZHHNXQOHVV\RXKDYHDSULRUHQJDJHPHQW
&RPSOHWHWKHIROORZLQJH[WUDFWVDIURPWKLVFKDSWHU
VWH[WDQGEIURPWKHWH[WRI&KDSWHUIURP
OLQHXVLQJWKHFRQMXQFWLRQVJLYHQLQEROG&KHFN\RXUZRUNDJDLQVWWKHRULJLQDOVZKHQ\RXKDYH
ILQLVKHG
D5HFXHUGRBBBBODPRQMDVHTXHGyHVWXSHIDFWDBBBB\R\DVDEtDHODOIDEHWR>@<RVDEtDOHHUBBBB
HQOD]DUSDODEUDVHUDPX\WUDQTXLODBBBBKDFtDSUHJXQWDVLPSURFHGHQWHVHQUHDOLGDGHUDLQFyPRGD
BBBBQRUHYROWRVD6LHPSUH~OWLPDGHODFODVHQRPHLQWHUHVDEDHVWXGLDUBBBBDTXHOODVVHxRUDVPH
SDUHFtDQXQDVHVW~SLGDVLQPHQVDV>@2GLDEDODVPDWHPiWLFDVBBBBHVDOJRTXHDKRUDODPHQWR
PXFKRBBBBVpTXHVLPHKXELHUDQHQVHxDGRELHQODDULWPpWLFDBBBBHQWRQFHVQRHUDQPDWHPiWLFDV
BBBBDULWPpWLFDDPtPHKXELHVHQHQFDQWDGR>@BBBBPHORH[SOLFDEDQELHQBBBBSRGtD
UHVROYHUODV
E(QGtDVQRUPDOHVGXHUPRFRPRRFKRKRUDV>@BBBBGHVSXpVGHXQDSUHVHQWDFLyQPHHVPX\
GLItFLO+R\HUDQODVFLQFRBBBBWRGDYtDQRSRGtDFRQFLOLDUHOVXHxRBBBBWHTXHGDVH[FLWDGRQR
VyORHQHOSDSHOBBBBTXHSRUODIXQFLyQPLVPD+DEODQGRGHGRQGHYHUDQHDYDPRVDODSOD\DOD
PD\RUtDGHYHFHVBBBBKHPRVWUDWDGRGHTXHODV~OWLPDVYDFDFLRQHVVHDQVLHPSUHHQ0p[LFRBBBB
PLPDGUHYLYHDOOt
7UDQVODWHWKHIROORZLQJVHQWHQFHVLQWR6SDQLVK
D,WKLQNZHFDQVDIHO\VD\QHLWKHU-XDQQRU-RVpLVJRLQJWRSDVVWKHH[DP
E$QGWKDWGHVSLWHDOOWKH\KDYHVWXGLHGGXULQJWKH\HDU
F:HGHFLGHGWKH\ZRXOGIHWFKXVVKRXOGWKH\QHHGXV
G7KH\ZLOOJLYHXVWKHLUVXSSRUWSURYLGHGZHDVNIRULW
H:HVWD\HGLQDFKHDSERDUGLQJKRXVHVRWKDWRXUPRQH\ZRXOGODVWORQJHU
I:H
OOPHHWDWVL[EXWFDOOPHVKRXOG\RXQRWEHDEOHWRFRPH
J,
OOOHQG\RXWKLVERRNDVORQJDV\RXUHWXUQLWWRPHZKHQ\RXKDYHILQLVKHGUHDGLQJLW
K+HVDLGKH
GSD\PHEDFNWKHPRQH\,OHQWKLPEHIRUH,ZHQWRQKROLGD\EXWKHGLGQ
W
L,KDYHQ
WVHHQ$QGUpVRU(QULTXHWRGD\DOWKRXJKWKH\VDLGWKH\ZRXOGEHKHUH
M6KHVD\VVKH
VKDSS\HYHQWKRXJKVKH
VSRRUDVKDSSLQHVVGRHVQRWGHSHQGRQPRQH\
N:HGLGQ
WJRRXWEHFDXVHLWZDVQ
WUDLQLQJEXWVQRZLQJ
O7KHSROLFHDUUHVWHGKLPZKHQWKHSODQHODQGHGEHFDXVHKHZDVGUXQNDQGKDGEHHQDQQR\LQJWKH
RWKHUSDVVHQJHUV
:RUGRUGHU
7H[W
7KHWKUHDWRIDODUJHPHWHRULWHIDOOLQJRQ(DUWKDQGWKHDFWLRQVEHLQJWDNHQWRSUHYHQWDGLVDVWHUDUHWKH
VXEMHFWRIWKLVWH[W7KHJUDPPDUIRFXVHVRQZRUGRUGHU
$ODFD]DGHOPHWHRULWR
(OLPSDFWRFRQWUDODVXSHUILFLHWHUUHVWUHGHXQVRORPHWHRULWRGHXQNLOyPHWURGHGLiPHWURVHUtD
VXILFLHQWHSDUDGHYDVWDUHOSODQHWD&LHQWtILFRVGHWRGRHO
PXQGREXVFDQVROXFLRQHVSDUDSUHYHQLUXQDFDWiVWURIHFRPRODTXHVHJ~QGLYHUVRVLQGLFLRVSXGRDFDEDU
FRQHOUHLQRGHORVGLQRVDXULRV
([LVWHDOJXQDSUREDELOLGDGGHTXH
HVWRRFXUUD"/RVFLHQWtILFRVFUHHQTXHVtTXHPiVTXHXQDKLSyWHVLVHVXQDDPHQD]DUHDOSDUDODTXHKD\
TXHHVWDUSUHYHQLGR*UDQ%UHWDxDKDWRPDGRODGHODQWHUDHQODGHWHFFLyQGHDVWHURLGHV
SHUROD1$6$QRVHTXLHUHTXHGDUDWUiV(PSLH]DODFD]DGHOPHWHRULWR
/DSRVLELOLGDGGHTXHXQJUDQFRPHWDRDVWHURLGHLPSDFWHFRQWUDOD7LHUUDGHMyGHVHUFLHQFLDILFFLyQ
FXDQGRHQ
XQRGHHVWRVFXHUSRVFKRFyFRQWUD-~SLWHU3RUTXpHQQXHVWURSODQHWDQRSXHGHSDVDURWURWDQWR"
0HMRUGLFKR\DRFXUULy)XHKDFHPLOORQHVGHDxRVFRQODFDtGDGHXQJUDQFXHUSRFHOHVWHHQ
ODSHQtQVXODPH[LFDQDGH<XFDWiQTXHDFDEyFRQODYLGDGHORVGLQRVDXULRV3RGUiYROYHUDRFXUULU
DOJRSDUHFLGR"(OUHVSRQVDEOHGHOSUR\HFWRGHREVHUYDFLyQGH1(26REMHWRVFHOHVWHV
FHUFDQRVDOD7LHUUDHQHO,QVWLWXWR$VWURItVLFRGH&DQDULDVDVHJXUDTXHODKLSyWHVLVHQDEVROXWRHV
GHVHFKDEOH<SUHYHQLGRTXLHUHVHUHO*RELHUQREULWiQLFRTXHKDDSR\DGRXQSUR\HFWR
FLHQWtILFRSDUDODGHWHFFLyQGHPHWHRULWRV(OREMHWLYRVDOYDUDOPXQGR(OSUREOHPDH[SOLFDHO
HQFDUJDGRGH1(26HVTXHQRVDEHPRVFXiOHVHOSUREOHPD6DEHPRVTXHSXHGHQ
FKRFDUFRQWUDOD7LHUUDSHURQRVDEHPRVFRQTXpIUHFXHQFLDQLHQTXpSUREDELOLGDG5HVSRQGHUHVWDV
SUHJXQWDVHVSUHFLVDPHQWHORTXHSUHWHQGHQORVFLHQWtILFRVLQJOHVHV
'LDULR(VSDxD
:RUGRUGHU
67$7(0(176
D6SDQLVKLVPXFKPRUHIOH[LEOHWKDQ(QJOLVKZLWKUHJDUGWRZRUGRUGHULQVHQWHQFHV$OWKRXJKWKHYHUE
XVXDOO\IROORZVWKHVXEMHFWDVLWGRHVLQ(QJOLVKIRUHPSKDVLVRUIRFXVGLIIHUHQWHOHPHQWVZLWKLQWKH
VHQWHQFHFDQEHSODFHGLQLQLWLDOSRVLWLRQ7KLVLQFOXGHVWKHYHUEZKLFKFDQSUHFHGHWKHVXEMHFW0RVW
VHQWHQFHVLQWKHWH[WIROORZWKHSDWWHUQVXEMHFWYHUEEXWQRWHWKHIROORZLQJRQHVZKHUHWKHYHUEFRPHV
ILUVW
(PSLH]DODFD]DGHOPHWHRULWRO7KHKXQWIRUWKHPHWHRULWHEHJLQVSUHYHQLGRTXLHUHVHUHO
*RELHUQREULWiQLFROWKH%ULWLVK*RYHUQPHQWZDQWVWREHSUHSDUHG
%RWKH[DPSOHVDERYHFRXOGEHUHZULWWHQIROORZLQJWKHSDWWHUQVXEMHFWYHUEHJ/DFD]DGHO
PHWHRULWRHPSLH]DEXWWKHHPSKDVLVDFKLHYHGE\KDYLQJWKHYHUELQLQLWLDOSRVLWLRQLVVRPHZKDWORVW
DWOHDVWLQZULWLQJ
E:LWKVKRUWVHQWHQFHVWKHWHQGHQF\LVWRSODFHWKHYHUEEHIRUHWKHVXEMHFW
/OHJy7RPiV7RPiVDUULYHG
0XULyVXPDGUH+LVKHUPRWKHUGLHG
F,IWKHVXEMHFWLVPXFKORQJHUWKDQWKHYHUEDJDLQWKHWHQGHQF\LVWRKDYHWKHYHUELQLQLWLDOSRVLWLRQ
5HVSRQGLHURQ&DUPHQ\VXPDULGR\XQSDUGHSHUVRQDVPiV&DUPHQDQGKHUKXVEDQGDQGD
FRXSOHRIRWKHUSHRSOHUHSOLHG
G:LWKLQDFODXVHWKHYHUELVQRUPDOO\SXWEHIRUHWKHVXEMHFW
ORTXHSUHWHQGHQORVFLHQWtILFRVLQJOHVHVOZKDW(QJOLVKVFLHQWLVWVLQWHQGWRGR
H,QVWDWHPHQWVIRFXVLQJRQPRUHWKDQRQHHOHPHQWIRUH[DPSOHWKHWKHPHRUWRSLFRIDFRQYHUVDWLRQDQG
DQRWKHUHOHPHQWRQHZLVKHVWRKLJKOLJKWWKHODWWHUPD\JRLQILQDOSRVLWLRQ1RWHWKHIROORZLQJH[DPSOH
LQZKLFKWKHREMHFWRIWKHVHQWHQFHWKHWRSLFKDVEHHQSODFHGEHIRUHWKHYHUEZLWKWKHILQDOSRVLWLRQ
EHLQJUHVHUYHGIRUWKHHOHPHQWZHZDQWWRHPSKDVLVH
/DFHQDREMHFWODSUHSDUyYHUE5DTXHOVXEMHFW,WZDV5DTXHOZKRSUHSDUHGGLQQHU
1RWHWKHUHGXQGDQWSURQRXQODLQODFHQDODSUHSDUy7KLVUHGXQGDQF\LVREOLJDWRU\ZKHQWKHREMHFWLV
SODFHGEHIRUHWKHYHUEVHH5HGXQGDQWSURQRXQVLQ&KDSWHU
I$GMHFWLYHVDQGSDUWLFLSOHVXVHGDVDGMHFWLYHVFDQDOVREHSODFHGIRUHPSKDVLVDWWKHEHJLQQLQJRIWKH
VHQWHQFHDVLQ
<SUHYHQLGRTXLHUHVHUHO*RELHUQREULWiQLFROLQVWHDGRI(O*RELHUQREULWiQLFRTXLHUH
VHUSUHYHQLGR
ZKLFKZRXOGEHDPRUHQHXWUDOSRVLWLRQ
J$GYHUELDOSKUDVHVFDQEHKLJKOLJKWHGE\SODFLQJWKHPEHIRUHWKHYHUEDVLQ
3RUTXpHQQXHVWURSODQHWDQRSXHGHSDVDURWURWDQWR"OLQVWHDGRI
3RUTXpQRSXHGHSDVDURWURWDQWRHQQXHVWURSODQHWD":K\FRXOGWKHVDPHQRWKDSSHQ
DJDLQRQRXUSODQHW"
DPRUHOLNHO\SRVLWLRQIRUDORQJHUSKUDVH1RWHDOVRWKHSRVLWLRQRIHQDEVROXWRE\QRPHDQVLQ
DVHJXUDTXHODKLSyWHVLVHQDEVROXWRHVGHVHFKDEOHO
K5HODWLYHFODXVHVLQWURGXFHGE\ORTXHDUHXVXDOO\SODFHGLQWKHVSRNHQODQJXDJHLQLQLWLDOSRVLWLRQ
/RTXHPiVPHJXVWDHV:KDW,OLNHPRVWLV
/RTXHSDVDHVTXH:KDW
VKDSSHQLQJLVWKDW
,QOLQHRIWKHWH[W
ORTXHSUHWHQGHQORVFLHQWtILFRVLQJOHVHVZKDW(QJOLVKVFLHQWLVWVDUHHQGHDYRXULQJWRGR
KDVEHHQSODFHGLQILQDOSRVLWLRQLQRUGHUWRKLJKOLJKWWKHFHQWUHRILQWHUHVWLQWKLVFDVHWKHFODXVH
5HVSRQGHUHVWDVSUHJXQWDVHV$QVZHULQJWKHVHTXHVWLRQVLV
48(67,216
D,QGLUHFWTXHVWLRQVWKHYHUEXVXDOO\SUHFHGHVWKHVXEMHFW7
([LVWHDOJXQDSUREDELOLGDG"O,VWKHUHDQ\SUREDELOLW\"
3RGUiYROYHUDRFXUULUDOJRSDUHFLGR"O&RXOGVRPHWKLQJVLPLODUKDSSHQDJDLQ"
1RWHDOVRWKHTXHVWLRQLQWURGXFHGE\SRUTXp"LQOLQH
E,QVSHHFKTXHVWLRQVDUHRIWHQVLJQDOOHGWKURXJKLQWRQDWLRQZRUGRUGHUEHLQJWKDWRIDQRUPDOVWDWHPHQW
(OSUREOHPDHVWiUHVXHOWR",VWKHSUREOHPVROYHG"
F,QLQGLUHFWTXHVWLRQVWKHYHUEFRPHVEHIRUHWKHVXEMHFW
QRVDEHPRVFXiOHVHOSUREOHPDO:HGRQ
WNQRZZKDWWKHSUREOHPLV
)RUWKHSRVLWLRQRIRWKHUJUDPPDWLFDOHOHPHQWVVXFKDVDGMHFWLYHVDGYHUEVREMHFWSURQRXQVVHHWKH
UHOHYDQWFKDSWHUV
2WKHUSRLQWVWRQRWHLQWKHWH[W
6HHIRUIXUWKHULQIRUPDWLRQ
(;(5&,6(6
%DWFKHORUDQG3RXQWDLQSS
%XWWSS
%XWWDQG%HQMDPtQSS
.DWWiQ,EDUUDDQG3RXQWDLQSS
0XxR]DQG7KDFNHUSS
5HZULWHWKHVHVHQWHQFHVEHJLQQLQJZLWKWKHXQGHUOLQHGZRUG
D/RVWtRVORVSULPRV\DOJXQDRWUDSHUVRQDPiVYLQLHURQ
E6XVDQDWHKDOODPDGR
F(OFDVWLOORGH0HGLQDGHO&DPSRVHHQFXHQWUDDXQRVGRVNLOyPHWURVGHOSXHEOR
G7RPDUHOVROHVORTXHPiVOHVJXVWDKDFHU
H/DIUHVDHVODIUXWDTXHPiVVHFXOWLYDDTXt
I1RVSXVLPRVHQFDPLQRDOVDOLUHOVRO
J7XYHH[SHULHQFLDV~QLFDVGDQGRODYXHOWDDOPXQGR
K'LFHORPLVPRKR\TXHGLUiPDxDQD
L/RVPHMLOORQHVQRPHJXVWDQ
M1RKHYLVWRWRGDYtDHVDSHOtFXOD
N2WUDGLILFXOWDGVHSUHVHQWyPiVWDUGH
O7RPDPRVHODXWRFDUD&KLKXDKXDDOGtDVLJXLHQWH
P1RORKDUtD\RTXHW~
Q0XFKRVLQPLJUDQWHVYLHQHQDWUDEDMDUHQORVFDPSRVIUHVHURV
R/RVGHVHPSOHDGRV\ORVQHFHVLWDGRVYLYHQHQHVWHEDUULR
6WXG\DQGWUDQVODWHWKHVHVHQWHQFHVLQWR(QJOLVK
D(VWHFRFKHQRPHORFRPSUp\RPHORFRPSUyPLSDGUH
E$HVWDVPXMHUHVODVOODPDQODVPXMHUHVGHODIUHVD
F$HVHFKLFRQRORVRSRUWR
G/RVJHUDQLRVORVULHJDVPX\SRFR
H$PLPHMRUDPLJDODFRQRFtHQODXQLYHUVLGDG
I7RGRVORVOLEURVTXHYHLVDTXtORVYDPRVDSRQHUHQODELEOLRWHFD
J$PLQRYLDOHFRPSUpXQFROODUGHRUR
K$ORVWXULVWDVQROHVJXVWyQDGDHOHVSHFWiFXOR
L$PtPHKDGLFKRHOMHIHTXHSLHQVDMXELODUVHDQWLFLSDGDPHQWH
M7RGDVHVWDVODERUHVODVOOHYDQDFDERMyYHQHVYROXQWDULRV
N/DLQIRUPDFLyQTXHXVWHGHVEXVFDQVHODGDUiQHQODRILFLQDGHWXULVPR
O$)HOLSHOHKDVPDQGDGRHOSDTXHWH\DRVHORYDVDHQWUHJDUHQPDQR"
P$HVDVVHxRUDVHVWXYLPRVPHGLDKRUDEXVFiQGRODV
Q(OGLVFXUVRORSURQXQFLyHOVHxRU0iUTXH]\IXHPX\JUDFLRVR
R(ODSDUWDPHQWRTXHWHQtDPRVHQ,EL]DVHORKHPRVYHQGLGRDXQYHFLQR
5HZULWHWKHVHVHQWHQFHVVWDUWLQJZLWKWKHXQGHUOLQHGREMHFWRIWKHYHUE,QFOXGHWKHQHFHVVDU\REMHFW
SURQRXQVDQGPDNHDQ\RWKHUFKDQJHVWRWKHZRUGRUGHUWKDWPLJKWVHHPDSSURSULDWH
D6DEHVPX\ELHQODUHVSXHVWD
E7~GLUiVODYHUGDG
F&RPSUpHVWRVOLEURVHQHO5DVWUR
G1RYDPRVDVROXFLRQDUHOSUREOHPDDKRUD
H9DVDHQFRQWUDUHODPRUGHWXYLGDFXDQGRPHQRVORHVSHUDV
I2VGDUiQHOGLQHURHOOXQHV
J8QFROHJDQRVDOTXLOyODFDVD
K(OSURIHVRUGHFLHQFLDVPHH[SOLFyODWHRUtD
L1RRVYDDYHQGHUVXFROHFFLyQGHVHOORV
M7HKHGHYXHOWR\DWX'9'
N'LHURQHOSULPHUSUHPLRD&RQFKLWD
O'LRD\XGDDORVTXHODQHFHVLWDEDQ
P1ROHVGLMRQDGDDORVFRPSDxHURVGHWUDEDMR
Q/HSXVLHURQXQDPXOWDGHHXURVDPLDPLJR-DLPH
R/HUREDURQHOEROVRD0DUtD
S/HHQWUHJXpHOSDTXHWHDOSROLFtD
T1RORKHPRVGDGRDQDGLH
U/HVFRQFHGLHURQHOWtWXORDORVSULPHURVHVWXGLDQWHV
V/RFXHQWDWRGRDVXVDPLJRV
W/HHQWUHJXpORVGRFXPHQWRVDOHQFDUJDGR
7UDQVODWHWKHVHVHQWHQFHVLQWR6SDQLVKWKLQNLQJDERXWDSRVVLEOHZRUGRUGHUGLIIHUHQWIURPWKH(QJOLVK
D0DUtDLVJRLQJWRWKHFRQFHUWDVZHOO
E7KH\KDYHDOZD\VFRPHKHUH
F:HKDYHWRWKLQNDERXWWKHIXWXUHQRZDQGDJDLQ
G)LQLVK\RXUZRUNTXLFNO\
H2QHGRHVQ
WGRVRPHWKLQJOLNHWKDWHYHU\GD\
I,WZRXOGEHGLIILFXOWWRWHOOWKHWUXWKKHUH
J<RX
OOKDYHWRORRNIRUWKHWUXWKVRPHZKHUHHOVH
K,EX\EUHDGIURPWKHVXSHUPDUNHWVRPHWLPHV
L,GLGQ
WVHHKHUDJDLQDIWHUWKDW
M:H
OOSXWWKHSDVVSRUWVLQWKHVDIHW\GHSRVLWER[DORQJZLWKWKHWUDYHOOHU
VFKHTXHV
N:HFDQVSHQGWKHHYHQLQJVGULQNLQJLQWKHSDYHPHQWFDIpV
O6KHWHOOVPHDELWPRUHDERXWKHUOLIHHYHU\GD\
5HDGWKHVHWZRWH[WVDQGLGHQWLI\ZKHUH\RXFRXOGLPSURYHWKHZRUGRUGHU7KHILUVWWH[WLVDERXWRQH
RIWKHSRVVLEOHUHDVRQVIRUWKHH[WLQFWLRQRIGLQRVDXUVWKHVHFRQGWH[WLVDERXWWKHVSDFHWHOHVFRSH
+XEEOH
D/DH[WLQFLyQHQPDVDVHSURGXMRKDFHPLOORQHVGHDxRVGHODPD\RUtDGHORVGLQRVDXULRVTXH
SREODEDQQXHVWURSODQHWD(OIHQyPHQRKDVLHPSUHIDVFLQDGRDORVFLHQWtILFRV\YDULDVKLSyWHVLV
H[LVWHQVREUHVXH[WLQFLyQGHODVTXHWUHVWLHQHQXQDEDVHHQODUHDOLGDG/DPiVSRSXODUHVOD
KLSyWHVLVGHODFDtGDGHXQPHWHRULWR8QPHWHRULWRGHKHFKRFD\yDXQDYHORFLGDGGHKDVWD
NLOyPHWURVSRUKRUDKDFHXQRVPLOORQHVGHDxRV\FKRFyFRQWUDODFRVWDGHOJROIRGH0p[LFR
2FDVLRQyWHUUHPRWRV\PDUHPRWRVGHJUDQPDJQLWXGODQ]DQGRXQDQXEHLQPHQVDGHSROYR\
IUDJPHQWRVGHURFDDODDWPyVIHUD/DPDWHULDVyOLGDLQFDQGHVFHQWHSURYRFyJUDYHVLQFHQGLRVDO
YROYHUDODWLHUUD\HOSROYRLPSLGLyODSHQHWUDFLyQGHUD\RVVRODUHVGXUDQWHPHVHV/DV
FRQVHFXHQFLDVIXHURQJUDYHVSDUDODVSODQWDV\ORVDQLPDOHV$OJXQDVHVSHFLHVVLQHPEDUJR
VREUHYLYLHURQFRPRODVDYHV\ORVUHSWLOHV
E$SHVDUGHOHVFHSWLFLVPRGHDOJXQRVFLHQWtILFRVVHODQ]yDILQDOHVGHOVLJOR;;HOWHOHVFRSLR
HVSDFLDO+XEEOHTXHSURSRUFLRQDUtDLPiJHQHVGLH]YHFHVPiVQtWLGDVTXHODVWHUUHVWUHV\TXHKDUtD
SRVLEOHGHWHFWDUREMHWRVGHVFRQRFLGRVKDVWDHQWRQFHV
+XERSUREOHPDVFRQHOWHOHVFRSLRFRPRHUDGHHVSHUDUDOSULQFLSLR\HUDQERUURVDVODVIRWRJUDItDV
TXHWUDQVPLWLyDOD1$6$(OSUR\HFWRVLQHPEDUJRVLJXLyJUDFLDVDORVHVIXHU]RVWLWiQLFRVGHXQRV
FLHQWtILFRVFRPSURPHWLGRV\HO+XEEOHHPSH]yDPDQGDUODVLPiJHQHVPiVOHMDQDVGHOFRVPRV(Q
DVWURQRPtDFXDQWRPiVOHMRVVHDSXQWDHOWHOHVFRSLRPiVVHYLDMDHQHOWLHPSRKDFLDDWUiV3RUWDQWR
HVDVLPiJHQHVHUDQODVPiVDQWLJXDVMDPiVFRQVHJXLGDV
$ORVLQYHVWLJDGRUHVTXHWLHQHQDFFHVRDHOODVOHVKDGDGRPXFKDVVRUSUHVDVHOHVWXGLRGHODV
IRWRJUDItDV\FRQVWDQWHPHQWHWLHQHQTXHUHIRUPXODUVXVWHRUtDVVREUHODHYROXFLyQGHOXQLYHUVR6H
KDUHVXVFLWDGRXQLQWHUpVPiVJHQHUDOHQODH[SORUDFLyQHVSDFLDODGHPiV\DXQTXHQRKD\DVHxDOHV
ILDEOHVGHPRPHQWRSXHGHTXHHQFRQWUHPRVYLGDIXHUDGHOD7LHUUDDOJ~QGtD
&RQVROLGDWLRQH[HUFLVHV
7H[W
GtDVHQDXWRPyYLO
(VGHMXVWLFLDFRPHQ]DUGHFODUDQGRTXHHODXWRPyYLOHVXQDFRVDHVWXSHQGD/RPDORHVTXHORVGHPiV
WDPELpQORWLHQHQ<UHVXOWDTXHHQXQDFLXGDGSRUPiV
W~QHOHVTXHVHKDJDQORVDXWRPyYLOHVGHORVGHPiVQRFDEHQHQODVFDOOHV
/DGXUDUHDOLGDGHVTXHODGHQVLGDGGHSREODFLyQKDFHItVLFDPHQWHLPSRVLEOHTXHORV
GHVSOD]DPLHQWRVVH
HIHFW~HQHQDXWRPyYLOSULYDGR<D~QPiVLPSRVLEOHTXHXQDEXHQDSDUWHGHORVFLXGDGDQRVYLYDQIXHUD
\HQWUHQFDGDGtDHQVXFRFKHSULYDGR(VLPSUHVFLQGLEOHTXHHQWRGDiUHDXUEDQD
KD\DXQVLVWHPDGHPRYLOLGDGSODQLILFDGRGHIRUPDLQWHJUDOTXHSHUPLWDORVGHVSOD]DPLHQWRVHQXQ
WLHPSRFRVWH\FRPRGLGDGUD]RQDEOHV(QHOIRQGRGHWRGRDXWRPRYLOLVWDKD\XQ
XVXDULRSRWHQFLDOGHOWUDQVSRUWHS~EOLFRHVSHUDQGRTXHDOJXLHQORVDTXHDODOX]
%ULQGRGRVSRVLEOHVPHGLGDVHQIDYRUGHOWUDQVSRUWHS~EOLFR
D4XHFDGDDXWRPRYLOLVWDOOHYHYLVLEOHHQ
HOSDUDEULVDVVXDERQRGHWUDQVSRUWHS~EOLFRORTXHSHUPLWLUtDUHGXFLUHOSUHFLRGHODERQR\DOR
PHMRU\DTXHORKDQFRPSUDGRTXHSUXHEHQDXVDUOR
E4XHWRGRVORVDOFDOGHV\FRQFHMDOHVXVHQVLHPSUHHOWUDQVSRUWHS~EOLFRSDUDVXVGHVSOD]DPLHQWRV\
KDJDQRVWHQWDFLyQGHHOORFRQFDUDGHVDWLVIDFFLyQ\FRQWLQXDV
PDQLIHVWDFLRQHVGHDOHJUtD
6pTXHVHWUDWDGHXQDVPRGHVWtVLPDVFRQWULEXFLRQHVSHURSRUDOJRFRQFUHWRKD\TXHHPSH]DU
'LDULR(O3DtV(VSDxD
$1$/<6,6
$V\RXUHDGWKHWH[WLGHQWLI\WKHYHUEVZKLFKDUHLQWKHVXEMXQFWLYHPRRGDQGDFFRXQWIRUWKHLUXVH
&KDSWHU
:KDWLVWKHUXOHIRUWKHIRUPDWLRQRIWKHSUHVHQWVXEMXQFWLYH"2IWKHYHUEVLQVXEMXQFWLYHZKLFK\RX
KDYHLGHQWLILHGZKLFKRQHLVLUUHJXODUDQGZKDWLVLWVLQILQLWLYHIRUP"
:K\LVWKHDGMHFWLYHUD]RQDEOHVOSOXUDO"&KDSWHU
/RPDORHVTXHORVGHPiVWDPELpQORWLHQHQO$FFRXQWIRUWKHGLIIHUHQWXVHVRIORLQWKLV
VHQWHQFH&KDSWHUVDQG
,GHQWLI\RWKHUH[DPSOHVRIORDVGLUHFWREMHFWSURQRXQLQWKHWH[WDQGVD\LQHDFKFDVHZKDWORUHIHUVWR
:KDW6SDQLVKSKUDVHGRHV0DULR0ROLQDXVHWRVD\ZKDWPXVWEHGRQHWRSURWHFWWKHR]RQHOD\HU"+RZ
PDQ\WLPHVGRHVKHXVHWKLVSKUDVHLQKLVGLVFRXUVH"&KDSWHU
,GHQWLI\WKHH[DPSOHVRIWKHJHUXQGLQWKHWH[WDQGWUDQVODWHWKHPLQWR(QJOLVK&KDSWHU
WHUPLQHO:KDWYHUEIRUPLVWKLVDQGZK\LVLWEHLQJXVHGKHUH")LQGWKHRWKHUH[DPSOHLQWKHWH[W
RIWKHVDPHXVHRIWKLVYHUEIRUP&KDSWHU
:K\LQFUHPHQWHQLQOLQH"&KDSWHU
D:K\SXHGDLQOLQH"&KDSWHU
E:KDWW\SHRIFRQVWUXFWLRQLVVHUGDxDGDODQGZK\LVWKHSDVWSDUWLFLSOHLQWKHIHPLQLQHIRUP"
&KDSWHU
)LQGWKHVHYHQRFFXUUHQFHVRIVHLQWKHWH[WDQGDFFRXQWIRUWKHLUXVH&KDSWHUVDQG
:KDWLVWKHIXQFWLRQRIORLQDXQTXHORKDFHQHQSHTXHxDVFDQWLGDGHVO"&KDSWHU
7KHWH[WKDVH[DPSOHVRIWKHLQILQLWLYHXVHGZLWKPRGDODX[LOLDU\YHUEV)LQGZKHUHHOVHWKHLQILQLWLYHLV
XVHGLQWKHWH[WDQGH[SODLQLWVXVH&KDSWHU
,GHQWLI\WKHQRXQVLQWKHWH[WZKLFKHQGLQDEXWDUHPDVFXOLQH&KDSWHU
7H[W
7UXFRVSDUDKDFHUWXULVPRVLQDUUXLQDUWH
9LDMDIXHUDGHODVIHFKDVTXHVHFRQVLGHUDQWHPSRUDGDDOWD8QSDUGHGtDVGHGLIHUHQFLDSXHGHQ
VLJQLILFDUSUHFLRVPiVEDUDWRV
(OLJHDJHQFLDVHVSHFLDOL]DGDVHQHOGHVWLQRHVFRJLGR$GHPiVGHFRQRFHUWRGDVODVWDULIDV\DFFHGHUD
SUHFLRVPiVEDUDWRVTXHORVPD\RULVWDVWHD\XGDUiQDSODQHDUPHMRUHOYLDMH/DVRILFLQDVGHWXULVPRGH
FDGDSDtVWLHQHQOLVWDGRVGHHVWDVDJHQFLDV
3LGHORVSUHFLRVSRUVHSDUDGRVLSUHILHUHVFRQWUDWDUXQSDTXHWHWXUtVWLFRYLDMHWUDVODGRVFRQJXtD\
DORMDPLHQWRDYHFHVODWDULIDJOREDO
RFXOWDTXHWHFREUDQDSUHFLRGHRURORVWUDQVSRUWHVGHODHURSXHUWRDOKRWHO\YLFHYHUVD(QHVWRVFDVRV
LUHQWD[LWHSXHGHVDOLUPXFKRPiVHFRQyPLFR
/DIyUPXODPiVEDUDWDVXHOHVHUDYLyQ
DORMDPLHQWR6LHUHVXQYLDMHURH[SHULPHQWDGR\VDEHVPRYHUWHFRQVROWXUDHQRWURVSDtVHVQRGXGHV
HQFRQWUDWDUOD
+D]WXUHVHUYDFRQDQWHODFLyQ\SDUD
PD\RUWUDQTXLOLGDGFRQWUDWDHQODSURSLDDJHQFLDXQVHJXURGHFDQFHODFLyQGHOYLDMH
$SURYHFKDODVRIHUWDVGH~OWLPDKRUDVLWLHQHVODVXHUWHGHQRWHQHUTXHDMXVWDU
WXVYDFDFLRQHVDXQDVIHFKDVGHWHUPLQDGDV3HURWHQHQFXHQWDTXHFRQWUDWDQGRXQDVHPDQDDQWHVGH
VDOLUGLItFLOPHQWHSRGUiVHOHJLUHOGHVWLQRTXHPiVWHJXVWH
6LTXLHUHVKDFHUXQWRXUSRUYDULRVSDtVHVVLHPSUHWHVDOGUiPiVHFRQyPLFRFRQWUDWDUXQYLDMH
RUJDQL]DGRTXHLUSRUOLEUH
5HYLVWD4XR(VSDxD
$1$/<6,6
5HDGWKHDGYLFHJLYHQLQWKLVWH[WDQGVD\ZKHWKHUWKHZULWHULVDGGUHVVLQJWKHUHDGHUIRUPDOO\RU
LQIRUPDOO\&KDSWHU
$FFRXQWIRUWKHXVHRIVHLQWKHILUVWVHQWHQFHRIWKHWH[WO&KDSWHU
,QWKHWKLUGWUXFRDFFRXQWIRUFREUDQLQWKHSKUDVHDYHFHVODWDULIDJOREDORFXOWDTXHWHFREUDQD
SUHFLRGHRURORVWUDQVSRUWHVGHODHURSXHUWRDOKRWHO\YLFHYHUVDO
GLItFLOPHQWHSRGUiVHOHJLUO:KDWDGYHUELDOSKUDVHFRXOGUHSODFHWKHDGYHUEGLItFLOPHQWH
KHUH",GHQWLI\WKHDGYHUELDOSKUDVHVZKLFKKDYHEHHQXVHGLQWKHWH[W&KDSWHU
LUHQWD[LWHSXHGHVDOLUPXFKRPiVHFRQyPLFRO([SODLQHDFKXVHRIWKHLQILQLWLYHLQWKLV
VHQWHQFHWKHQUHUHDGWKHWH[WWRVHHLIWKHUHDUHIXUWKHUH[DPSOHVRIHDFKXVH&KDSWHU
:KDWRWKHUH[DPSOHVRILQILQLWLYHXVHGLG\RXILQGDV\RXUHUHDGWKHWH[W"
5HZULWHWKHWH[WXVLQJWKHIRUPDOVLQJXODUIRUPXVWHGRIWKHLPSHUDWLYHDQGPDNLQJRWKHUDGMXVWPHQWV
WRWKHWH[WZKHUHQHFHVVDU\&KDSWHU
7H[W
0DUJDULWDOORUDEDFRQHOURVWURRFXOWRHQWUHODVPDQRVOORUDEDVLQJHPLUSHURODVOiJULPDVFRUUtDQ
VLOHQFLRVDVDORODUJRGHVXVPHMLOODVGHVOL]iQGRVHSRUHQWUHVXVGHGRVSDUDFDHUHQODWLHUUDKDFLDOD
TXHKDEtDGREODGRVXIUHQWH
-XQWRD0DUJDULWDHVWDED3HGURTXLHQOHYDQWDEDGHFXDQGRHQFXDQGR
ORVRMRVSDUDPLUDUOD\YLpQGRODOORUDUWRUQDEDDEDMDUORVJXDUGDQGRDVXYH]XQVLOHQFLRSURIXQGR
<WRGRFDOODEDDOUHGHGRU\SDUHFtDUHVSHWDUVXSHQD/RVUXPRUHVGHOFDPSRVHDSDJDEDQHO
YLHQWRGHODWDUGHGRUPtD\ODVVRPEUDVFRPHQ]DEDQDHQYROYHUORVHVSHVRViUEROHVGHOVRWR
$VtWUDQVFXUULHURQDOJXQRVPLQXWRVGXUDQWHORVFXDOHVVHDFDEyGHERUUDUHOUDVWURGHOX]TXHHOVRO
VHKDEtDGHMDGRDOPRULUHQHOKRUL]RQWHODOXQDFRPHQ]yDGLEXMDUVHYDJDPHQWHVREUHHOIRQGRYLRODGR
GHOFLHORGHOFUHS~VFXOR\XQDVWUDVRWUDVIXHURQDSDUHFLHQGRODVPD\RUHVHVWUHOODV
3HGURURPSLyDOILQDTXHOVLOHQFLRDQJXVWLRVRH[FODPDQGRFRQYR]VRUGD\
HQWUHFRUWDGDFRPRVLKDEODVHFRQVLJRPLVPR
(VLPSRVLEOHLPSRVLEOH
*XVWDYR$GROIR%pFTXHU/D3URPHVD
$1$/<6,6
&RPPHQWRQWKHPDLQYHUEWHQVHVXVHGLQWKHSDVVDJH&KDSWHUVDQG
,GHQWLI\WKHH[DPSOHVRIWKHSOXSHUIHFWLQWKHWH[W&KDSWHU
-XQWRD0DUJDULWDHVWDED3HGURO:K\LVWKHYHUEHVWDUXVHGKHUH"&KDSWHU
,IDYHUEIROORZVDSUHSRVLWLRQZKDWIRUPPXVWLWWDNH")LQGH[DPSOHVLQWKHSDVVDJH&KDSWHU
&RPPHQWRQWKHIXQFWLRQRIVHZKHUHLWRFFXUVLQWKHSDVVDJH&KDSWHU
)LQGDYHUELQWKHVXEMXQFWLYH:KDWWHQVHLVLWDQGZK\"&KDSWHU
-XDQFRJLyDVXPXMHUFRPRVLIXHUDXQDPXxHFD\OHGLMR
$OPDPtDWXVVHQWLPLHQWRVVRQGHiQJHOSHURWXUD]yQDOOiSRUHVDVQXEHVVHGHMDDOXFLQDU7HKDQ
HQJDxDGRWHKDQGDGRXQVREHUELRWLPR
3RU'LRVQRPHGLJDVHVRPXUPXUy-DFLQWDGHVSXpVGHXQDSDXVDHQTXH
TXLVRKDEODU\QRSXGR
6LGHVGHHOSULQFLSLRKXELHUDVKDEODGRFRQPLJRDxDGLyHO'HOItQPX\FDULxRVRSHURDTXtWLHQHVHO
UHVXOWDGRGHWXVWDSXMRV$KODVPXMHUHV7RGDVHOODVWLHQHQXQDQRYHODHQODFDEH]D\FXDQGROR
TXHLPDJLQDQQRDSDUHFHHQODYLGDTXHHVORPiVFRP~QVDFDQVXFRPSRVLFLRQFLWD>@
-DFLQWDDQRQDGDGDTXHUtDGHIHQGHUVXWHPDDWRGRWUDQFH
-XDQtQHVWXKLMRQRPHORQLHJXHVUHSOLFyOORUDQGR
7HMXURTXHQR&yPRTXLHUHVTXHWHORMXUH"$\'LRVPtR$KRUDVHPHHVWiRFXUULHQGRTXHHVH
SREUHQLxRHVHOKLMRGHODKLMDVWUDGH,]TXLHUGR3REUH1LFRODVD6HPXULyGHVREUHSDUWR(UDXQD
H[FHOHQWHFKLFD6XQLxRWLHQHFRQ
GLIHUHQFLDGHWUHVPHVHVODPLVPDHGDGTXHWHQGUtDHOPtRVLYLYLHVH
%HQLWR3pUH]*DOGyV)RUWXQDWD\-DFLQWD
$1$/<6,6
$FFRXQWIRUWKHSUHSRVLWLRQDLQWKHILUVWOLQH&KDSWHU
)LQGWKHQHJDWLYHFRPPDQGVLQWKHSDVVDJHDQGH[SODLQWKHFRQVWUXFWLRQ&KDSWHU
)LQGLQWKHWH[WZKHUH6SDQLVKXVHVWKHGHILQLWHDUWLFOHDQG(QJOLVKGRHVQRW&KDSWHU
$FFRXQWIRUWKHXVHRIWKHVXEMXQFWLYHLQ&yPRTXLHUHVTXHWHORMXUH"O&KDSWHU
6HPXULyGHVREUHSDUWRO:KDWWHQVHLVWKLV",QZKDWZD\LVLWLUUHJXODU":KLFKRWKHUFRPPRQ
YHUELVVLPLODUO\LUUHJXODU"&KDSWHU
7HKDQHQJDxDGRWHKDQGDGRXQVREHUELRWLPRO([SODLQZK\WKHWKLUGSHUVRQSOXUDOLVXVHG
KHUHDQGWUDQVODWHWKHVHQWHQFHLQWR(QJOLVK&KDSWHU
HOPtRO7RZKDWLV-XDQUHIHUULQJKHUH"&KDSWHU
)LQGWKHVXSHUODWLYHH[SUHVVLRQLQWKHWH[W&KDSWHU
$SDUWIURPFRPRVLIXHUDOILQGWKHWZRLIFODXVHVLQWKHWH[WDQGH[SODLQWKHFRQVWUXFWLRQV
&KDSWHUVDQG
7H[W
1RUHFRUGDEDQ$EHO6iQFKH]\-RDTXtQ0RQHJURGHVGHFXiQGRVHFRQRFtDQ(UDQFRQRFLGRVGHVGH
DQWHVGHODQLxH]GHVGHVXSULPHUDLQIDQFLDSXHVVXVGRVVHQGDVQRGUL]DVVHMXQWDEDQ\ORVMXQWDEDQ
FXDQGRD~QHOORVQRVDEtDQKDEODU$SUHQGLyFDGDXQRGHHOORVDFRQRFHUVHFRQRFLHQGRDORWUR<DVt
YLYLHURQ\VHKLFLHURQMXQWRV
DPLJRVGHVGHQDFLPLHQWRFDVLPiVELHQKHUPDQRVGHFULDQ]D
(QVXVSDVHRVHQVXVMXHJRVHQVXVRWUDVDPLVWDGHVFRPXQHVSDUHFtDGRPLQDUHLQLFLDUORWRGR
-RDTXtQHOPiVYROXQWDULRVRSHURHUD$EHOTXLHQSDUHFLHQGRFHGHUKDFtDODVX\DVLHPSUH<HVTXHOH
LPSRUWDEDPiVQRREHGHFHUTXHPDQGDU&DVLQXQFDUHxtDQ3RUPtFRPRW~TXLHUDVOHGHFtD
$EHOD-RDTXtQ\pVWHVH
H[DVSHUDEDDODVYHFHVSRUTXHFRQDTXHOFRPRW~TXLHUDVHVTXLYDEDODVGLVSXWDV
1XQFDPHGLFHVTXHQRH[FODPDED-RDTXtQ
<SDUDTXp"UHVSRQGtDHORWUR
%XHQRpVWHQRTXLHUHTXHYD\DPRVDO3LQDUGLMRXQDYH]DTXpOFXDQGRYDULRV
FRPSDxHURVVHGLVSRQtDQDGDUXQSDVHR
<R"3XHVQRKHGHTXHUHUORH[FODPy$EHO6tKRPEUHVtFRPRW~TXLHUDV9DPRVDOOi
0LJXHOGH8QDPXQR$EHO6iQFKH]
$1$/<6,6
VXVGRVVHQGDVQRGUL]DVVHMXQWDEDQ\ORVMXQWDEDQFXDQGRD~QHOORVQRVDEtDQKDEODUO
D:KDWLVWKHIXQFWLRQRIVHLQVHMXQWDEDQDQGORVLQORVMXQWDEDQ"&KDSWHUVDQG
E:K\WKHXVHRIWKHVXEMHFWSURQRXQHOORVLQWKLVVHQWHQFH"&KDSWHU
,VWKHIXQFWLRQRIVHLQ$SUHQGLyFDGDXQRGHHOORVDFRQRFHUVHOWKHVDPHDVWKHH[DPSOHRI
VHLQWKHILUVWVHQWHQFHGHVGHFXiQGRVHFRQRFtDQO"&KDSWHU
$FFRXQWIRUWKHIRUPRIWKHFRQMXQFWLRQLQGRPLQDUHLQLFLDUORO&KDSWHU
\HVTXHOHLPSRUWDEDPiVQRREHGHFHUTXHPDQGDUO
D$FFRXQWIRUWKHXVHRIWKHLQILQLWLYHVLQWKLVVHQWHQFH&KDSWHU
E6WXG\WKHZRUGRUGHURIWKHFODXVHLQWURGXFHGE\<HVTXHDQGUHZULWHLWZLWKWKHVXEMHFWDVWKHILUVW
HOHPHQW:K\LVWKHZRUGRUGHUXVHGE\8QDPXQRPRUHHIIHFWLYH"&KDSWHU
([SODLQWKHRFFXUUHQFHVRIWKHVXEMXQFWLYHLQWKHWH[W&KDSWHU
7KHUHDUHWZRH[DPSOHVRIUHGXQGDQWSURQRXQVLQWKHWH[W,GHQWLI\WKHP&KDSWHU
.H\V
:KHUHQRWVWDWHGLQWKHH[HUFLVHV\RXZLOOEHUHQGHUHGDVW~
.H\7KHSUHVHQWWHQVH
DVDFROODPREHVWXGLDVDSUHQGHVFYLVLWDQYLYHGHVFULEHHEDLODPRVEHEHPRVIUHFLEHQJKDEODQK
VXEtVLYLYLPRVMLQWHQWDQNJXDUGiLVOWUDEDMDWRFDOOHJDQSDVDPRVQFRUUHRFRPSUROHRGHVD\XQR
DGLFHFRQGX]FREFRQRFHVFRQR]FRFHPSLH]DGSHQViLVHRLJROHRVDOJRITXLHUHVWLHQHVJMXHJDK
VpYXHOYRLGHMDVWHQJRMFDOLHQWDIUtHDxDGHNOOXHYHOYLHQHQGLFHQTXLHUHQQVDEHVVLJRQYDQ
SUHILHUHQSLGHQRVXHORGXHUPR
DFRPHQESLQWDFQLHYDGSLHUGHVHHPSLH]DQIGXHUPHJVRQKYDLVLUYHMFRQGXFHQNPLGHOFRQVLJXHQ
QDVLVWHQPLHQWHRDEUHQ
(OYLHUQHVQRVGHVSHGLPRVGH0DUtD4XpOHUHJDODPRV"
/HJXVWDQODVMR\DV/HGDPRVXQRVSHQGLHQWHV"
6tSRUTXpQR"/DOODPRHVWDQRFKHSDUDGHFLUOHTXHHOMXHYHVSRUODQRFKHKD\XQDILHVWDHQPL
FDVD
<FXiQGRFRPSUDPRVORVSHQGLHQWHV"
/RGHMDPRVSDUDKDVWDHOPLpUFROHV"7HQJRTXHLUD3DUtV\QRYXHOYRKDVWDHOPDUWHV
9DOH'yQGHTXHGDPRVQRVHQFRQWUDPRV"'HODQWHGHODMR\HUtD"
6t7HYHRDOOtDODVGLH]
$TXpKRUDHPSLH]DDWUDEDMDU\DTXpKRUDWHUPLQD"
&RPHFRQORVDFWRUHV"
3DUDUHODMDUVHTXpOLEURVOHH"
4XpP~VLFDHVFXFKD"
4XpSURJUDPDVYHHQODWHOHYLVLyQ"
4XpGHSRUWHKDFHSUDFWLFDSDUDPDQWHQHUVHHQIRUPD"
.H\7KHSUHWHULWH
DSDVpVDOtEHVWXGLDVWHOHLVWHFSUHSDUyEHELyGHQWUyFRJLyHYLDMDPRVVDOLPRVIPDQGDVWHLV
UHFLELVWHLVJOODPDURQVXELHURQKHQFRQWUDURQYROYLHURQLHVFULELyOODPyMGHFLGLPRVNLQWHQWDURQO
HQFRQWUDURQDSUHQGLHURQQFRQRFLVWHQOOHJySHUGLyRDOTXLOpUHFRUUt
DIXLIXHEVXSRKL]RFDQGXYLPRVDQGXYLPRVSXGLPRVGHVWXYLVWHLVYLQLVWHLVHVLUYLHURQIXLPRV
GLMHURQIWUDGXMHURQHVWXYLHURQJFRPSUDVWHFRPSUpWUDMRKWRTXpHQWUpSXVHWRTXpLHPSHFpHPSH]y
OOHJXpWRPpPHSXVHYLQRWXYHMYLRFRJLyVHSXVRFRQVLJXLy
QDFLyGHFLGLHURQOOHJDURQIXHQDFLyDGRSWyUHFLELyLQFRUSRUyVHFRQYLUWLyHVFULELyVDOLyOOHJy
PXULyVHHVWUHOOy
VHGHVSHUWyTXLVRGLRIXHVHHQIULyWXYRVHGXUPLyGXUPLyVHOHYDQWy
7KLVLVDPRGHODQVZHU"
1DGDPiVOHYDQWDUPHPHYHVWt\IXLDQGDQGRDOJLPQDVLR+LFHXQDKRUDGHJLPQDVLD\OXHJRGHVD\XQp
7RPpORGHVLHPSUH]XPRGHQDUDQMDWRVWDGDV\FDIpFRQOHFKH)XLDOEDxRDODYDUPHORVGLHQWHV\
WRPpXQWD[LDOGHQWLVWD1RWXYHTXHHVSHUDUHOGHQWLVWDPHDWHQGLyHQVHJXLGD\QRHQFRQWUyQLQJXQD
FDULHV$ODVGLH]PHQRVFLQFROOHJXpDOWUDEDMR\DODVGLH]HQSXQWRHQWUpHQHOGHVSDFKRGHOMHIHGH
VHFFLyQSDUDODUHXQLyQ)XHXQDUHXQLyQODUJDSHURIUXFWtIHUD1RVSXVLPRVGHDFXHUGRVREUHYDULRV
DVXQWRV
$HVRGHODXQD\PHGLDEDMpDO%DU/D)ORUGRQGHPHUHXQtFRQ-DLPH\6XVDQDDWRPDUHODSHULWLYR
/XHJRIXLDO5HVWDXUDQWH/D2ILFLQDGRQGHDOPRUFpFRQ1DFKR/DFRPLGDHVWXYRPX\ULFD\FKDUODPRV
\QRVUHtPRVPXFKR1DFKR\\R
$ODVFXDWUR\PHGLDHQWUpGHQXHYRHQHOGHVSDFKR\WUDEDMpWRGDODWDUGHSUHSDUDQGRXQLQIRUPH(O
WLHPSRVHPHIXHYRODQGR\DODVVLHWH\PHGLDVDOtSDUDFDVD'HUHSHQWHPHDFRUGpGHOFXPSOHDxRV
GH$GROIRDVtTXHOHOODPpOHGHVHpXQIHOL]FXPSOHDxRV\OHLQYLWpDWRPDUXQDVFRSDVSHURpOQR
TXLVR(QWRQFHVPHGXFKp\PHDUUHJOpSDUDVDOLU3ULPHURIXLDO%DU*UHJRULRGRQGHWRPpXQDVFRSDV
FRQODSDQGLOOD\OXHJRPHUHXQtFRQ0HODPRUGHPLYLGD&HQDPRVHQQXHVWURUHVWDXUDQWHSUHIHULGR
\GHVSXpVGHFLGLPRVLUDOFLQH/DFHQDPHHQFDQWySHURODSHOtFXODQRPHJXVWyWDQWR)XHXQSRFR
DEXUULGD
D$GyQGHIXLVWHGHYDFDFLRQHV"
E&XiQWRWLHPSRHVWXYLVWHDOOt"
F9LDMDVWHVROR"
G&yPRYLDMDVWHLV"
H'yQGHRVDORMDVWHLV"
I4XpKLFLVWHLVHOSULPHUGtD"
J4XpVLWLRVYLVLWDVWHLV"
K6DOLVWHLVSRUODQRFKH"
L4XpWLHPSRKL]R"
M4XpFRPSUDVWH"
N4XpWDOORSDVDVWH"
.H\7KHLPSHUIHFW
HUDQYLYtDQWHQtDFXOWLYDEDVHRFXSDEDKDFtDFDUJDEDVHOODPDEDLEDYHQGtDDFRPSDxDED
HVWDEDQOOHYDEDQ
DKDFtDGDEDEHUDOOHYDEDWRFDEDFWUDEDMDEDQFKDUODEDVGHVWXGLiEDPRVHtEDPRVOORYtDIYHtDQVH
DFRVWDEDQJVDEtDSRGtDPRVKHUDGHMDEDTXHUtDLGDEDVHUHXQtDMtEDPRVHUDNSRQtDRtDPHYHVWtD
OKDFtDVSUDFWLFDEDVQHVWDEDQMXJDQGRLEDQEDMDEDQQHUDOOHYDEDVDEtDRLEDHUDFRQWDED
D/D~OWLPDYH]TXHYLD)HUQDQGRpOHVWDEDEXVFDQGRWUDEDMR
E(QWUDPRVHQHOPXVHRSRUTXHOORYtD
F&XDQGRFRQRFtD,VDEHOWHQtDHOSHORODUJR\UXELR
G3HGUR\\RtEDPRVSRUODFDOOHFXDQGRQRVWRSDPRVFRQ$QD
H(UDQODVRQFHGHODPDxDQDFXDQGRSDUWLHURQSDUD6DQWLDJR
F&XDQGRFRQRFtD,VDEHOWHQtDHOSHORODUJR\UXELR
G3HGUR\\RtEDPRVSRUODFDOOHFXDQGRQRVWRSDPRVFRQ$QD
H(UDQODVRQFHGHODPDxDQDFXDQGRSDUWLHURQSDUD6DQWLDJR
I<RQRIXLDWUDEDMDUSRUTXHWHQtDUHVDFD\PHGROtDODFDEH]D
J0DULVDEDMDEDSRUODHVFDOHUDFXDQGRVHUHVEDOy\VHWRUFLyHOWRELOOR&XDQGR0DULVDEDMDEDSRUOD
HVFDOHUDVHUHVEDOy\VHWRUFLyHOWRELOOR
K&XDQGR-RUJHOOHJyDODILHVWDWRGRVHVWDEDQERUUDFKRV
L0HGXFKDEDFRQDJXDIUtDFXDQGRKDFtDPXFKRFDORU0HGXFKpFRQDJXDIUtDSRUTXHKDFtDPXFKR
FDORU
M&XDQGRHVWXGLDEDGHUHFKR,QpVFRPSDUWtDSLVRFRQWUHVFKLFRV
D(QDTXHOORVWLHPSRVODVFKLFDVQRVDOtDQGHVSXpVGHODVGLH]
E0LHQWUDVHVSHUDEDFKDUODEDFRQPLJR
F(VWiEDPRVPX\FDQVDGRVFXDQGROOHJDPRV
G1RPHGLFXHQWDGHTXHHVWDEDHQIHUPR
H9LYtDPRVHQXQSXHEORSHTXHxRGRQGHWRGRHOPXQGRVHFRQRFtD
I7RGRLEDELHQKDVWDTXHHPSH]yDOORYHU
J(VSHUiEDPRVDPLWtRSRUODPDxDQDSHURQROOHJyKDVWDPHGLDWDUGH
K(PSH]iEDPRVDSUHRFXSDUQRVSRUpODVtTXHOODPDPRVDVXKLMD
L%DMDURQGHOWD[L\FRPRODSXHUWDHVWDEDDELHUWDHQWUDURQHQODFDVDVLQOODPDU
M9LFHQWHQRVWUDtDXQDERWHOODGHYLQRFXDQGRFDGDYH]TXHQRVYLVLWDED
.H\7KHSHUIHFW
DKHPRVHQWHQGLGREKDQYLVWRFKDYLVLWDGRGKDOOHJDGRHKDQUHFLELGRIKHSRGLGRJKDEpLVGLFKRKKD
TXHGDGRLWHKDVHVIRU]DGRMVHKDQGHVSHUWDGR
DKHDSUHQGLGREKDVLGRFKDVDOLGRGKHPRVYHQGLGRHKDOODPDGRIVHPHKDFDtGRJKDQWHQLGR
KKDEpLVHQWHQGLGR
D6LHPSUHKHPRVLGRGHYDFDFLRQHVD(VSDxD
E1ROHKDQGLFKRQDGDD3LOLSRUTXHQRODKDQYLVWR
F3RUTXpQRKDVKHFKRHVWR"
G'yQGHKDQSXHVWRODVEROVDV"
H7RGDYtDQRKDYXHOWR*RQ]DORGH3DUtV
I1ROHKHHVFULWRD,VDEHOSRUTXHQRKHWHQLGRWLHPSR
J&DUORVHVWiPX\WULVWHDOWHUDGRSRUTXHVHKDPXHUWRVXSHUUR
K/RVYHFLQRVGLFHQTXHKDEpLVURWRODYDOOD
KHKHFKRKHFRPSUDGRKHHVFULWRKHHQYXHOWRKHSXHVWRKHFDPELDGRKHOHtGRKHSRGLGRKHGLFKR
KHGDGRKHROYLGDGR
DKDVGRUPLGREKDQFRPLGRFKDEpLVYLVLWDGRGKDLGRHKDQSDVDGRIKDDELHUWRJKDKHFKRKKD
OORYLGRLKHSHUGLGR
.H\7KHSOXSHUIHFW
DKDEtDQLQYLWDGREKDEtDPRVUHSHWLGRFKDEtDVHFKDGRGKDEtDLVVDOLGRHKDEtDGLFKRIKDEtDYLVWRJ
KDEtDWHUPLQDGRKKDEtDQSURPHWLGRLKDEtDQFRQWDGRMKDEtDQHQWHQGLGRNKDEtDVHVWDGROKDEtD
WHUPLQDGRQVHKDEtDOHYDQWDGRQKDEtDYHQGLGRRKDEtDHPSH]DGR
DKDEtDQFHUUDGREKDEtDLGRFKDEtDPRVYLVLWDGRKDEtDPRVYLVWRGKDEtDGLFKRHKDEtDQHQWUDGR
IKDEtDQUREDGRJVHKDEtDHQFRQWUDGRKKDEtDQGDGRLKDEtDQOHtGRMKDEtDYHQLGRNKDEtDWUDtGR
KDEtDPRVGDGROVHKDEtDFDVDGRQVHKDEtDPHWLGRQKDEtDFRPXQLFDGRRKDEtDQYLVWRKDEtDQFHQDGR
D(VWDEDFRQWHQWDSRUTXH5REHUWRPHKDEtDGDGRXQUHJDOR
E/RKDEtDHQYXHOWR\ORKDEtDGHMDGRHQPLDVLHQWR
F1ROHKDEtDGLFKRTXHHUDPLFXPSOHDxRV
G0iVWDUGHPHGLMRTXHKDEtDFRPSUDGRODSXOVHUDSRUTXHOHKDEtDJXVWDGR
H1RKDEtDSHQVDGRHQHOSUHFLR
I&XDQGROOHJXpDFDVD\DVHKDEtDDFRVWDGRVHKDEtDLGRDODFDPD$PHOLD
J+DEtDDSDJDGRWRGR\HQODPHVDPHKDEtDGHMDGRXQPHQVDMH
K1RVHKDEtDSXHVWRHQFRQWDFWRFRQ(GXDUGRSRUTXHHOODWDPELpQKDEtDHVWDGRIXHUDWRGDODWDUGH
L6LQHPEDUJRKDEtDUHFLELGRODQRWLFLDGHTXHODWtD6LOYLDKDEtDPXHUWR
M9tFWRUKDEtDKHUHGDGRWRGR\ODWtD6LOYLDQRQRVKDEtDGHMDGRQDGD
.H\7KHIXWXUH
DHVWDUpEYHUiVFVDOGUiGKDEODUHPRVHMXJDUiQIYHQGUiVJRVDJRWDUpLVKSRGUpLWHQGUiQMKDEUi
SUDFWLFDUHPRVNVHUiKDEUiVXELUiQOKDUHPRV
DKDUpVHUiEDFRPSDxDUiVHUiFOOHYDUHPRVWHQGUpJXLDUpVDFDUiGQRVDORMDUHPRVLQWHQWDUHPRV
EDMDUHPRVHKDUpVHJXLUpLUpHQWUDUpUH]DUpVXELUpDEUD]DUpJROSHDUpGDUiIYROYHUHPRVQRV
TXHGDUHPRVUHYHODUiHVFULELUpSXEOLFDUHPRVJVDOGUiOHSRQGUHPRVJXVWDUi
D&yPRKDUiHO&DPLQRGH6DQWLDJR"
E4XLpQORDFRPSDxDUi"
F4XpOOHYDUiQHQHOJORER"
G'yQGHVHDORMDUiQ"
H4XpKDUiHQ6DQWLDJR"
I&XiQWRWLHPSRVHTXHGDUiQHQ6DQWLDJR"
J&XiQGRVDOGUiHOOLEUR"
7KLVLVDPRGHODQVZHU
(OPLpUFROHVDODVQXHYHGHODPDxDQDORVHVWXGLDQWHVOOHJDUiQDO,QVWLWXWRGRQGHORVUHFLELUiHOGLUHFWRU
\DFRQWLQXDFLyQYLVLWDUiQODVLQVWDODFLRQHV$ODVRQFH\FXDUWRVHSUHVHQWDUiHOJUXSRGHDOXPQRVGHO
,QVWLWXWR\DODVGRFH\PHGLDORVHVWXGLDQWHVVDOGUiQGHOFHQWURSDUDYLVLWDUHO$\XQWDPLHQWR&RPHUiQ
HQHO$\XQWDPLHQWR
(OMXHYHVHPSH]DUiQDODVRFKR\PHGLD\WUDEDMDUiQWRGDODPDxDQD$ODVGRFHPHQRVFXDUWRHO
JUXSRGHDOXPQRVGHO,QVWLWXWRVHUHXQLUiFRQHOORV\VHJXLUiQWUDEDMDQGRKDVWDODKRUDGHODOPXHU]R
&RPHUiQHQODFDQWLQD\SRUODWDUGHHIHFWXDUiQXQDYLVLWDWXUtVWLFRFXOWXUDOGHODFLXGDGSDUDFRQRFHU
ORVSULQFLSDOHVPRQXPHQWRV
$OGtDVLJXLHQWHDSDUWLUGHODVGLH]GHODPDxDQDUHYLVDUiQHOSUR\HFWR$ODVRQFH\PHGLDWRPDUiQ
FDIp\DODVGRFHSODQLILFDUiQODVDFWLYLGDGHVTXHWHQGUiQTXHUHDOL]DUGXUDQWHHOUHVWRGHODxRKDVWDOD
SUy[LPDUHXQLyQ$ODVGRVFRPHUiQ\WHQGUiQODWDUGHOLEUH
(OViEDGRWDPELpQORWHQGUiQOLEUHSDUDKDFHUYLVLWDV\UHDOL]DUFRPSUDV
$ODVRFKR\PHGLDGHOGRPLQJRVHGLULJLUiQDODHURSXHUWRGRQGHWRPDUiQHOYXHORGHUHJUHVR
HMHUFHUpSURFXUDUpDKRUUDUpSODQWDUpFXLGDUpHOHJLUpDSDJDUpHYLWDUpFXLGDUpFXLGDUp
FRQWDPLQDUpSURWHJHUpSUHIHULUp
.H\7KHFRQGLWLRQDO
DSRGUtDVESRGUtDFKDUtDGLPSRUWDUtDHSRGUtDISHUPLWLUtDQ
DVHUtDQEFRPSUDUtDFKDEUtDGVHUtDQHGROHUtD
DSDUWLFLSDUtDQFRVWDUtDEWRPDUtDFPHGLUtDVHUtDYLYLUtDQWUDEDMDUtDQGSRQGUtDHQFRQWUDUtDPRV
DHVWDEDGHMDUtDQEVDEtDFRQWDUtDFSURPHWLyYHQGUtDWUDHUtDGDGYLUWLHURQSRQGUtDQHH[SOLFy
WHQGUtDQIGLMHURQWDUGDUtDQ
DYROYHUtDEFRPSUHQGHUtDFVHDVRPEUDUtDGVXIULUtDHOOHJDUtD
.H\7KHLQILQLWLYH
D)XHURQD6DODPDQFDSDUDDSUHQGHUHVSDxRO
7KH\ZHQWWR6DODPDQFDWROHDUQ6SDQLVK
E(VWR\DTXtVLQKDFHUQDGD
,
PKHUHGRLQJQRWKLQJ
F$OHQWUDUHQHOVDOyQHQFHQGLyODOX]
$VVKHZHQWLQWRWKHOLYLQJURRPVKHWXUQHGRQWKHOLJKW
G'HVSXpVGHFHQDUVDOLPRV
$IWHUGLQLQJZHZHQWRXW
H$OOOHJDUOODPDURQDVXVDPLJRV
:KHQWKH\DUULYHGWKH\FDOOHGWKHLUIULHQGV
I6HIXHVLQGHFLUQDGD
6KHZHQWZLWKRXWVD\LQJDQ\WKLQJ
J$QWHVGHLQLFLDUHOSURJUDPDDFXGLHURQDOPpGLFR
%HIRUHVWDUWLQJWKHSURJUDPPHWKH\ZHQWWRWKHGRFWRU
V
K0DUWDFRPSUyPHGLDGRFHQDGHKXHYRVSDUDKDFHUXQDWRUWLOOD
0DUWDERXJKWKDOIDGR]HQHJJVWRPDNHDQRPHOHWWH
L'HVSXpVGHYLVLWDUHOFDVWLOORFRPSUDURQUHFXHUGRV
$IWHUYLVLWLQJWKHFDVWOHWKH\ERXJKWVRPHVRXYHQLUV
M$QWHVGHKDEODUFRQ-XDQOH\yODFDUWD
%HIRUHVSHDNLQJWR-XDQVKHUHDGWKHOHWWHU
D6LHQWRQRSRGHUD\XGDUWH
E(VSHUDLUD0DGULG
F,QpVQRTXLVRVHJXLUFRQORVHMHUFLFLRV
G(VPX\LPSRUWDQWHKDFHUHMHUFLFLR
H+D\TXHHVFXFKDUSDUDDSUHQGHU
I1RSXHGRLUDOJLPQDVLRSRUTXHWHQJRTXHWUDEDMDU
J(VLPSRVLEOHSRQHUVHHQIRUPDVLQKDFHUHMHUFLFLR
K4XLHUHQFRPSUDUXQFRFKHSDUDLUD(VSDxD
L0DUWDEDMyDOVXSHUPHUFDGRDFRPSUDUDFHLWH
M,JQDFLRGHEHWHQHUPXFKRDJXDQWHSDUDSRGHUVRSRUWDUWDQWR
D$OHQWUDUHPSH]DURQDFDQWDU
E/RVRtFDQWDU
F/RPHMRUGHYLYLUDTXtHVSRGHULUDOWHDWUR
G/RSHRUGHYLYLUHQODPHWUySROLHVHVWDUWDQOHMRVGHOFDPSR
H/DYLGDHQHOFDPSRHVDEULUODYHQWDQD\YHURtU\ROHUODQDWXUDOH]D
I,UDOJLPQDVLRHVXQDEXHQDPDQHUDGHSRQHUVHHQIRUPD
J(VLQFDSD]GHGHMDUGHIXPDU
K1LHJDKDEHUD\XGDGRDORVODGURQHV
L3RGHUKDEODUFRQVXKLMDHVVX~QLFRFRQVXHOR
M6HDEXUULHURQGHKDFHUORPLVPRODPLVPDFRVDXQD\RWUDYH]GHUHSHWLU\UHSHWLUODPLVPDFRVDOR
PLVPR
D1RIXPDU
E1RXVDU
F1RGXFKDUVHDQWHVGHODVVLHWH
G1RGHMDUURSDHQORVYHVWXDULRV
H$SDJDUODVOXFHVDQWHVGHPHGLDQRFKH
I4XLWDUUHFRJHUODPHVDGHVSXpVGHFRPHU
J)UHJDUODYDUORVSODWRV
K+DFHUODFDPDDOOOHJDU
.H\7KHJHUXQG
DGXUPLHQGREWUDEDMDQGRFFRUULHQGRGVXVWLWX\HQGRHXVDQGRIEDLODQGRJYLDMDQGRKHVWXGLDQGR
DHVWXYLHURQHVWDEDQWUDEDMDQGREHVWiDWHQGLHQGRFHVWiEDPRVVLJXLHQGRGVHHVWDEDGHUULWLHQGRHVWDED
GHUULWLpQGRVHHHVWiQVLUYLHQGRIHVWDEDQSUHSDUiQGRVHVHHVWDEDQSUHSDUDQGRJHVWDPRVGHVFDQVDQGRK
VHHVWiQULHQGRHVWiQULpQGRVHLHVWXYHEHELHQGRMVHHVWiYLVWLHQGRHVWiYLVWLpQGRVHNPHHVWR\
SRQLHQGRHVWR\SRQLpQGRPHOHVWiQFRQVWUX\HQGR
DVDOXGDQGREHVFULELpQGRPHFD\XGiQGRQRVGVDELHQGRHOH\HQGRIGHVFDQVDQGRJOORUDQGRK
PLQWLHQGRLVDOLHQGRMFDPLQDQGRNHVFXFKDQGROVyORWUDEDMDQGR
D/RVDJULFXOWRUHVOOHYDQGRVDxRVSODQWDQGRERVTXHV
7KHIDUPHUVKDYHEHHQSODQWLQJWUHHVIRUWZR\HDUV
E6RItDOOHYDVHLVPHVHV\HQGRDOWUDEDMRHQDXWRE~V
6RILDKDVEHHQJRLQJWRZRUNE\EXVIRUVL[PRQWKV
F/RVRILFLQLVWDVOOHYDQDxR\PHGLRUHFLFODQGRHOSDSHO
7KHRIILFHZRUNHUVKDYHEHHQUHF\FOLQJSDSHUIRUD\HDUDQGDKDOI
G1RVRWURVOOHYDPRVPXFKRWLHPSRUHGXFLHQGRQXHVWURFRQVXPRGHHOHFWULFLGDG
:HKDYHEHHQUHGXFLQJRXUHOHFWULFLW\FRQVXPSWLRQIRUDORQJWLPH
H/RVHFRORJLVWDVOOHYDQPiVGHWUHLQWDDxRVFUHDQGRFRQFLHQFLDVREUHORVSHOLJURVTXHFRUUHHO
SODQHWD
7KH*UHHQVKDYHEHHQUDLVLQJDZDUHQHVVRIWKHGDQJHUVIDFLQJWKHSODQHWIRUPRUHWKDQWKLUW\\HDUV
I&DUORVOOHYDVHLVDxRVHQVHxDQGRIUDQFpVHQOD(VFXHODGH,GLRPDV
&DUORVKDVEHHQWHDFKLQJ)UHQFKDWWKH/DQJXDJH6FKRROIRUVL[\HDUV
J/RVFDPSHVLQRVOOHYDQVLJORVFXOWLYDQGRHVWDVWLHUUDV
7KHSHDVDQWVKDYHEHHQIDUPLQJWKHVHODQGVIRUFHQWXULHV
K*ORULDOOHYDXQDxR\DLQYHVWLJDQGRODGHVDSDULFLyQGHODDEHMD
*ORULDKDVEHHQUHVHDUFKLQJWKHGLVDSSHDUDQFHRIEHHVIRUD\HDUQRZ
L3HSHQROOHYDPXFKRWLHPSRYHQGLHQGRUHORMHV
3HSHKDVQ
WEHHQVHOOLQJZDWFKHVIRUORQJ
M(VWHJUXSRGHMyYHQHVOOHYDYDULRVDxRV\HQGRD*XDWHPDODGHYROXQWDULRV
7KLVJURXSRI\RXQJSHRSOHKDYHEHHQJRLQJWR*XDWHPDODDVYROXQWHHUVIRUVHYHUDO\HDUV
DVHHVWiDFXPXODQGREYDPHMRUDQGRFYHQLPRVQRWDQGRGDFDEDUiGHVWUX\HQGRHYLHQHFRQWDPLQDQGRI
HVWiQLQVWDODQGRJVHJXLUiQDSR\DQGRKYDPRVFDPELDQGRLDFDEDUiGDxiQGRVHMVLJXHQGHUULWLpQGRVHN
HVWiLQWHQVLILFDQGRHVWiUHFDOHQWDQGROYDQFDPELDQGR
DDQGDGLFLHQGREYDPRVDSUHQGLHQGRFVLJXHVIXPDQGRGDQGDQEXVFDQGRHQRVTXHGDPRVFKDUODQGRI
YR\FRQRFLHQGRJVHJXLPRVWLUDQGRKLEDHVFULELHQGRLDQGDEXVFDQGRMVLJXHQSHQVDQGRNYHQtD
QRWDQGROQRVTXHGDPRVPLUDQGR
DDFDEDUiQWHUPLQDUiQGHUULWLpQGRVHEDFXVDQGRDORVHFRORJLVWDVGHVHQVDFLRQDOLVPRFVHJXLUiQ
DXPHQWDQGRGGHSRVLWDQGRSOiVWLFRV\ODWDVHQXQDEROVD\WLUDQGRODVPDWHULDVRUJiQLFDVHQRWUDEROVDH
FRQVXPLHQGRVyORHODJXD\HOHFWULFLGDGQHFHVDULDVIUHFLFODQGRHOYLGULRJHVWiDPHQD]DQGRDODV
SREODFLRQHVLQGtJHQDVKOOHYDQUHJLVWUiQGRVHODVWHPSHUDWXUDV
.H\0RGDOYHUEV
D4XLHURLUD0p[LFRGHYDFDFLRQHV
E&XiQWRWLHPSRSRGHPRVTXHGDUQRVDTXt"
F'HEpLVKDEODUFRQ-XDQFXDQWRDQWHV
G4XLHUHVYHQLUFRQPLJR"
H'HEHPRVWRPDUODVFRVDVFRQFDOPD
I7RGRVORVGtDVVXHOHKDFHUGRVKRUDVGHHMHUFLFLR
J4XLpQGLFHTXH3HSHVDEHWRFDUODJXLWDUUD"
K1RTXHUHPRVWUDEDMDUPiVKRUDVSRUPHQRVGLQHUR
L0DUWDQRSXHGHVDOLUHVWDQRFKH
M6ROHPRVGDUXQSDVHRSRUODWDUGHDQWHVGHFHQDU
D6XHORMXJDUXQSDUWLGRGHDMHGUH]GHVSXpVGHODFHQD
E/RVDEXHORVVROtDQHFKDUODVLHVWDGHVSXpVGHFRPHU
F1RGHEHVWRPDUHOVROHQWUHODVGRV\ODVVHLV
G6ROHPRVLUDODSLVFLQDGRVYHFHVSRUVHPDQD
H'HEpLVSHGLUD\XGD
I'HEHVWRPDUXQDDVSLULQDVLWHGXHOHODFDEH]D
J6ROtDPRVWRPDUODVYDFDFLRQHVFRQORVDPLJRV
K-RUJHQRVDOHGHEHGHHVWDUHVWXGLDQGR
L6ROtDHQWUHQDUGRVYHFHVDODVHPDQD
M'HEHGHHVWDUHQSOHQDIRUPDFRQWRGRHOHMHUFLFLRTXHKDFH
N6HJ~QORVH[SHUWRVGHEHPRVWRPDUFLQFRSRUFLRQHVGHIUXWD\YHUGXUDSRUGtD
O6ROHPRVUHXQLUQRVHQODFDIHWHUtDDOVDOLUGHOWUDEDMR
DWHQtDTXHEKD\TXHFGHEHGWHQJRTXHHGHEHIKD\TXHJGHEHPRVKWLHQHTXHGHEHLKD\TXHMGHEH
NWHQHPRVTXHOKD\TXH
SXHGHGHEHPRVSXHGHKD\TXHVXHOHQSXHGH
D6DEHVWRFDUODJXLWDUUD"
E6ROtDPRVSDVDUODPDxDQDHQODSOD\D
F3RUTXpWLHQHVTXHPDUFKDUWH"
G6LTXLHUHVWRPDUHOVROGHEHVXVDUXQEXHQEURQFHDGRU
H1RKD\TXHROYLGDUTXHORVUD\RVVRODUHVSXHGHQVHUGDxLQRV
I6ROtDWUDEDMDUGLH]KRUDVGLDULDVKDVWDTXHHOPpGLFROHGLMRTXHWHQtDTXHUHODMDUVH
J3DUDYLDMDUHQHO$9(KD\TXHUHVHUYDUORVDVLHQWRVFRQDQWHODFLyQ
K3HSHGHEHVSUHVWDUPiVDWHQFLyQ
L&ODURTXHVpFRFLQDU
M7HQGUHPRVTXHPDGUXJDUPDxDQD
N+D\TXHVHUEXHQFRFLQHURSDUDSRGHUKDFHUHVWHSODWR"
O6LVDEHVFRQGXFLUSRGUtDVDOTXLODUXQFRFKH\UHFRUUHUODLVOD
DTXLHURLQILQLWLYHESXHGRLQILQLWLYHFVXHORLQILQLWLYHGGHERLQILQLWLYHHWHQJRTXHLQILQLWLYHI
KD\TXHLQILQLWLYH
.H\3DVVLYHDQGLPSHUVRQDOVHQWHQFHV
D/HRSROGR$ODVHVFULELy/D5HJHQWD
E(OSROLFtDLQWHUURJyDOFDPLRQHUR
F/RVFKLFRVURPSLHURQORVFULVWDOHV
G$JXVWtQKDGHVPRQWDGRHOPRWRU
H7HOH0XQGRQRHPLWLUiHOFDPSHRQDWR
I0LSDGUHFRQVWUX\yHVWDVFDVDV
J0LKHUPDQRGLVHxDUiODFDVDGHPLVVXHxRV
K/RVDJULFXOWRUHVKDQFRUWDGRORViUEROHV
L)HUPtQWRPyODVIRWRV
M8QDWUDGXFWRUDMXUDGDKDWUDGXFLGRORVLQIRUPHV
DIXHURQH[FDYDGRVEKDQVLGRUHSREODGRVVHUiQUHSREODGRVFKDQVLGRDQDOL]DGRVIXHURQDQDOL]DGRVG
IXHLQYLWDGDKDVLGRLQYLWDGDHVRQSURJUDPDGRVVHUiQSURJUDPDGRVIIXHRUJDQL]DGDJIXHLQWURGXFLGDK
VRQDUUDVDGDVLIXHHQFDUFHODGRMIXHURGDGD
D/DFDWHGUDOVHFRQVWUX\yHQHOVLJOR;9
E(VWHOLEURQRVHKDWUDGXFLGRDOLQJOpV
F/DVSHOtFXODVVHFRQVHUYDUiQHQFDMDVPHWiOLFDV
G/DVHVWDWXDVVHGHVWUX\HURQHQHOERPEDUGHR
H/DQRWLFLDGHODFFLGHQWHVHGLIXQGLySRUWHOHYLVLyQ
I6HFRQYRFyDORVVHxRUHVSDUDHOGtDYHLQWLFXDWUR
J7UDVODFRQVWUXFFLyQGHODQXHYDDXWRSLVWDVHKDQSODQWDGRPXFKRViUEROHV
K6LQHPEDUJRQRUHHPSOD]DQORViUEROHVTXHVHKDQWDODGR
L6HWLUDQ\VHWULWXUDQFDGDYH]PiVOLEURVGHODELEOLRWHFD
M&RQODUHHVWUXFWXUDFLyQVHFUHDUiQFXDWURQXHYRVSXHVWRVGHWUDEDMRORVFXDOHVVHDQXQFLDUiQHQHO
GLDULRORFDO
,GHQWLI\ZKHUHLQ7H[WWKHVHVHQWHQFHVKDYHFRPHIURPDQGFKHFN\RXUWUDQVODWLRQV
D1RQRVKDQSDJDGRHVWHPHV
E0HKDQGDGRPXFKRDSR\R
F1ROHVD\XGDURQPXFKR
G,QYHVWLJDURQODFDXVDGHODFFLGHQWH
H9DQDDEULUXQQXHYRFLQHDTXt
I+DQDUUHJODGRHODVFHQVRU
J$WRGRVOHVGLHURQ$WRGRHOPXQGROHGLHURQODRSRUWXQLGDGGHSDUWLFLSDUHQODFDUUHUD
K,QWHUURJDURQD$OEHUWRGXUDQWHFXDWURKRUDV
L9HQGLHURQORVFXDGURVSDUDSDJDUODUHVWDXUDFLyQ
M0HGLMHURQTXHWHQGUtDTXHHVSHUDUKDVWDHOGtDVLJXLHQWH
D(OWXUUyQVHHODERUD(OWXUUyQORHODERUDQE6HGHVFXEULUi'HVFXEULUiQF6HIRWRFRSLDQ\
SLUDWHDQ)RWRFRSLDQ\SLUDWHDQG6HFRQVWUXLUi&RQVWUXLUiQH+RVSLWDOL]DURQDO6HKRVSLWDOL]y
DOFRQGXFWRUI6HERPEDUGHDURQ%RPEDUGHDURQJ6HUHVFDWyDO5HVFDWDURQDODOSLQLVWDK
/RVKiELWRVDOLPHQWDULRVVHLQFXOFDQL'LVWULEX\HURQ6HGLVWULEX\yODJXtDM+DQOHYDQWDGR6HKD
OHYDQWDGRXQDYDOOD
.H\7KHUHIOH[LYH
DWHEVHFPHPHGVHHQRVQRVVHIVHVHJRVRVKVHLWHWHPHMVHVH
DVHSDUHFHQEOHYDQWDUPHFTXHMiQGRVHGQRVDEXUULPRVHWHDFRVWDVWHIVHVLHQWDQJVHSUHRFXSDK
SRQHURVLFDOODUWHMPHILDUtD
D0HORSDVpIDWDOHQODILHVWDGH&DUOLWRV
E3ULPHURPHWRPpXQDSHULWLYRFRQ-XDQMRHQHO%DU)ORULGD
F'HVSXpVDOOOHJDUDODFDVDGH&DUOLWRVPHUHVEDOp\PHFDt
G/DPDGUHGH&DUOLWRVPHGLRXQFRxDF\DXQTXHQRPHJXVWDPHOREHEt
H%DLOpXQUDWR\OXHJRPHGRUPt
I&XDQGRPHGHVSHUWp-XDQMRVHKDEtDLGR
J6HKDEtDHQIDGDGRFRQPLJRSRUKDEHUPHTXHGDGRGRUPLGRD
K1RPHVHQWtDELHQDVtTXHPHODYpODFDUDFRQDJXDIUtD
L1RPHDWUHYtDYROYHUDEDLODU
M&RPR\DHUDWDUGHPHGHVSHGtGHODPDGUHGH&DUOLWRV\PHPDUFKpDFDVD
DUHFLSURFDOEUHFLSURFDOFUHIOH[LYHGUHIOH[LYHHUHFLSURFDOIUHIOH[LYHJUHFLSURFDOKUHFLSURFDO
UHIOH[LYHLUHIOH[LYHUHIOH[LYHUHFLSURFDOMUHIOH[LYH
D$TXtVHUHVSLUDDLUHSXURE6HPDQGDODIDFWXUDDHVWDGLUHFFLyQF6HJ~QORTXHVHGLFHHQ(VFRFLD
VHEHEHPXFKRG(Q(VSDxDVHFHQDWDUGHH3DUDKDFHUODVDOVDVHQHFHVLWDXQPDQRMRGHSHUHMLOI+R\
HQGtDQRVHOHHWDQWRJ6HSLHQVDK1RVHSXHGHFRQVHJXLUWRGRORTXHVHTXLHUHL6HHVWiPX\ELHQ
DTXtM'HYH]HQFXDQGRVHWRPD
.H\6HUDQGHVWDU
DHVHVEHVWiHVWiFHVHVHVVRQGVRQHVWiQHHVIHVWDPRVJHVHVKHVVR\LHVHVWiHVWiMHVWiQ
HVWiQHVWiQNHVHVHVWiOHVWiQHVPHVWDEDHVWDEDQHVHVHVWiRHVHVWi
DHVWiHVEHVHVWiFVHUHVWiGHVHVWiHHVHVWiIHVWDUHVJHVWiHVWiKHVWiHVHVLHVHVWiMHV
HVWi
D(OEDQFRHVWiDELHUWRE(OJDWRHVWiPXHUWRF/DVRSDHVWiIUtDG/DOODYHHVWiSHUGLGDH/DFHQD
HVWiVHUYLGDI(VWiSURKLELGRIXPDUJ/DKDELWDFLyQHVWiUHVHUYDGDK(OFRFKHHVWiHVWURSHDGRL
(VWHOLEURHVWiDJRWDGRM/DFRVWDHVWiGHVWUXLGD
DVHHVWiSRQLHQGRHVWiSRQLpQGRVHEHVWiFUHFLHQGRFVHHVWiFRQYLUWLHQGRHVWiFRQYLUWLpQGRVHG
HVWDEDQHVWXGLDQGRHHVWDEDGXUPLHQGRIHVWiWUDEDMDQGRJVHHVWiQFRQVWUX\HQGRKHVWDEDOORYLHQGRL
HVWDEDVOH\HQGRMHVWDEDHVFULELHQGR
D7KHFRUUHFWYHUEVDUHHUDHUDHVWDUHVWDEDHVWDEDQHUDHVWXYLHUD
E7KHFRUUHFWYHUEVDUHHVWiHVHVIXHHUDHVWDEDHVWXYRHVWDEDHVWi
F1XHVWURDQLYHUVDULRHVHQMXQLR
G(OGLQHURVLHPSUHHVWiPiVVHJXURHQHOEDQFR
I/DVRSDHVWDEDPX\VRVD
K(VWR\VLQGLQHUR
L1RVpHQTXpHVWiSHQVDQGRODVFRVDVTXHGLFHVRQDEVXUGDV
D/DFDVDHVWDEDEDVWDQWHOHMRVGHODHVWDFLyQ
E(UDWDUGH\HVWiEDPRVFDQVDGRVFXDQGROOHJDPRV
F1RYDPRVDVDOLUSRUTXHHVWiOORYLHQGR
G/DVFDOOHVHVWiQPX\FRQFXUULGDVKR\
H(OHVSHMRHVWiURWR
I7HJXVWDHVWHFXDGUR"1RHVWiPDOYHUGDG"
J1RHVEXHQRQRHVWiELHQHVWDUWDQGHVFRQWHQWR
K$TXpKRUDHVHOFRQFLHUWR"(VHQHO$\XQWDPLHQWRYHUGDG"
L(OFDIpHVWDUiIUtR\0DUJDHVWDUiGHPDOKXPRUVLQRYLHQHVDKRUDPLVPR
M(OKRWHOHVWDEDFRPSOHWRORTXHIXHHUDXQDSHQD
.H\7KHSUHVHQWVXEMXQFWLYH
DOODPHVEMXHJXHQFDEUDGHVFULEDHSUHSDUHIKDEOHPRVJHVWXGLHYHDKGHMpLVLPLUHPRVMKDEOHQN
OOHJXHQOFLHUUHV
D6LHQWRPXFKRTXH*ORULDQRVHHQFXHQWUHELHQ
E1RVH[WUDxDTXHPLHQWDQ
F2VPROHVWDTXHGLJDPRVODYHUGDG"
G7HPHQTXHKD\DXQDFFLGHQWH
H(VWiPX\FRQWHQWRGHTXHQRVFRQR]FDPRV
I1RPHVRUSUHQGHTXHORKD\DQSDVDGRELHQHQ0p[LFR
J0HDOHJURGHTXHWHGHQXQDXPHQWRGHVXHOGR
K1RFUHRTXHYHQJD3HGURDODKRUDLQGLFDGD
L1ROHJXVWDTXHVXKLMRVDOJDFRQ0DUWD
M1RFUHRTXHHVWHWUDEDMRVHDPX\GXUR
N'XGDPRVTXHVHSDQPXFKRVREUHHOLQFLGHQWH
O2GLRTXHODJHQWHQRGLJDODYHUGDG
$VWKHUHLVQRRQHFRUUHFWZD\RIOLQNLQJWKHWZRSDUWVRIWKHVHQWHQFHRQO\WKHVXERUGLQDWHFODXVH
LQWURGXFHGE\TXHLVJLYHQ
DTXHSURSRQJDQXHYDVLGHDVHQHOWUDEDMR
ETXHDSUHQGDRSHUIHFFLRQHXQLGLRPD
FTXHUHFRQR]FDWDQWRVXVSXQWRVIXHUWHVFRPRVXVSXQWRVGpELOHV
GTXHVHHVIXHUFHSRUKDFHUVLHPSUHELHQHOWUDEDMR
HTXHDFHSWHODVFUtWLFDVVLQHQIDGDUVH
ITXHVHGHVFRQHFWHGHOWUDEDMRXQDYH]HQFDVD
JTXHQRDOPXHUFHHQHOiUHDGHWUDEDMR
KTXHDFXGDDFXUVLOORVGHHVSHFLDOL]DFLyQ
LTXHFXLGHVXDVSHFWRSHUVRQDO
MTXHGLJDQRDXQH[FHVRGHWUDEDMR
NTXHQROOHYHWUDEDMRDFDVD
OTXHLQWHQWHHVWDUDOGtD
DFXHVWHKDJDQEOOHJXHQFVLUYDQGVHSDHVWpQHYHQJDQIKD\DJVDOJDKSDJXHQLGHMHMUHFLEDNVH
YD\DOVHSD
DEFGHIJKLM
D7DOYH]QRWHQJDWRGRVORVGDWRVE4XL]iVYHQJDPDxDQDF7DOYH]QRVLQYLWHQDFHQDUG4XL]iVQR
HVWpHQFDVDH4XL]iVPHOODPHHVWDWDUGHITXL]iV&DUPHQWHQJDUD]yQJ7DOYH]VHDPHQWLUDK
7DOYH]KD\DL7DOYH]VHSDDOJR$GROIRM4XL]iVKD\DFRPLGRGHPDVLDGR
DHVFULEDESXHGDFGpGVHDHJXVWHISLGDJVRUSUHQGDKFXHQWHLGLJDMD\XGHQ
DOOHJXHEWRTXHFDSUXHEHGGXHUPDHKD\DIWHQJDJSDVpLVKYD\DLVHDVMPHMRUH
D4XHUHPRVTXH(GXDUGRYD\DD5RPDHOMXHYHV
9HUEH[SUHVVLQJDZLVKVXEMHFWRIWKHYHUELQWKHVXERUGLQDWHFODXVHGLIIHUHQWIURPWKHPDLQ
FODXVHYHUE
E(VSHURTXHHVWpQXVWHGHVELHQ
9HUEH[SUHVVLQJHPRWLRQKRSHVXEMHFWRIWKHYHUELQWKHVXERUGLQDWHFODXVHGLIIHUHQWIURPWKH
PDLQFODXVHYHUE
F/HVURJDPRVDORVVHxRUHVSDVDMHURVTXHVHDEURFKHQORVFLQWXURQHVGHVHJXULGDG
9HUEH[SUHVVLQJDUHTXHVWVXEMHFWRIWKHYHUELQWKHVXERUGLQDWHFODXVHGLIIHUHQWIURPWKHPDLQ
FODXVHYHUE
G1RFRQR]FRDQDGLHTXHWRTXHHOSLDQRFRPRW~
8VHRIWKHVXEMXQFWLYHDIWHUWKHUHODWLYHSURQRXQZKLFKLVUHIHUULQJEDFNWRVRPHRQHXQNQRZQ
H0HSLGHTXHOHGpPLVDSXQWHV
9HUEH[SUHVVLQJDUHTXHVWVXEMHFWRIWKHYHUELQWKHVXERUGLQDWHFODXVHGLIIHUHQWIURPWKHPDLQ
FODXVHYHUE
I1ROHJXVWDDODJHQWHTXHXQRWHQJDp[LWR
9HUEH[SUHVVLQJDQHPRWLRQVXEMHFWRIWKHYHUELQWKHVXERUGLQDWHFODXVHGLIIHUHQWIURPWKHPDLQ
FODXVHYHUE
J(VPX\EXHQDLGHDTXHYLVLWHQODGHVWLOHUtDDQWHVGHPDUFKDUVH
6XEMXQFWLYHXVHGDIWHUHVPX\EXHQDLGHDTXH
K1RYDPRVDHPSH]DUKDVWDTXHYHQJD5RGULJR
6XEMXQFWLYHXVHGDIWHUFRQMXQFWLRQLQGLFDWLQJWLPHLQUHODWLRQWRWKHIXWXUHVXEMHFWVGLIIHUHQWLQ
PDLQDQGVXERUGLQDWHFODXVHV
L1RPHH[WUDxDTXHD3DORPDQROHJXVWHVXWUDEDMR
9HUEH[SUHVVLQJDQHPRWLRQVXEMHFWRIWKHYHUELQWKHVXERUGLQDWHFODXVHGLIIHUHQWIURPWKHPDLQ
FODXVHYHUE
M&XDQGRYD\DD0DGULGTXLHUHVTXHWHWUDLJDDOJR"
6XEMXQFWLYHXVHGDIWHUFRQMXQFWLRQLQGLFDWLQJWLPHLQUHODWLRQWRWKHIXWXUH9HUEH[SUHVVLQJD
ZLVKVXEMHFWRIWKHYHUELQWKHVXERUGLQDWHFODXVHGLIIHUHQWIURPWKHPDLQFODXVHYHUE
N(VLPSRVLEOHTXHYD\DQXVWHGHVDQWHVGHTXHYXHOYDPLMHIH
6XEMXQFWLYHDIWHUHVLPSRVLEOHTXHDQGXVHGDIWHUFRQMXQFWLRQLQGLFDWLQJWLPHLQUHODWLRQWRWKH
IXWXUHVXEMHFWVGLIIHUHQWLQPDLQDQGVXERUGLQDWHFODXVHV
O$XQTXHWLHQHWHQJDGLQHURQRFUHRTXHORJDVWH
7KHVXEMXQFWLYHXVHGDIWHUDXQTXHH[SUHVVHVSRVVLELOLW\SUREDELOLW\UDWKHUWKDQFHUWDLQW\LWLV
XVHGDIWHUQHJDWLYHWKLQNLQJQRFUHRTXH
D6LHQWRTXHQRHVWpVELHQHVSHURYHUWHFXDQGRHVWpVPHMRUWHKD\DVPHMRUDGR
E1RFUHRTXHKD\DDOJXLHQDTXtTXHQRVD\XGH
F1RKDFHIDOWDYHUORSHURHVLPSRUWDQWHTXHVHSDPRVFyPRIXQFLRQD
G4XL]iVSXHGDGHFLUQRVTXpSDVDDQWHVGHTXHYXHOYD-XDQ
H$XQTXHFRQVLJDXQWUDEDMR-XOLRWHQGUiTXHVHJXLUHVWXGLDQGR
I3XHGHTXH6DPXHOWHQJDPiVH[SHULHQFLDSHURQRHVPX\SUREDEOHTXHKD\DHVWXGLDGRWDQWR
FRPRW~
J(VQDWXUDOTXH-DYLHUTXLHUDLQGHSHQGL]DUVHHQFXDQWRWDQSURQWRFRPRHPSLHFHDJDQDUVHOD
YLGD
K4XL]iVEXVTXHXQSLVRTXHQRVHDPX\FDUR\TXHQRHVWpPX\OHMRVGHVXWUDEDMR
L1RTXLHUHSURQXQFLDUXQGLVFXUVRDXQTXHVXMHIHVHORSLGD
M(VOyJLFRTXHQRVSUHVHQWHPRVSDUDTXHWRGRVVHSDQWRGRHOPXQGRVHSDTXLpQHVVRPRV
.H\7KHLPSHUIHFWVXEMXQFWLYH
2QO\WKHUDIRUPRIWKHLPSHUIHFWVXEMXQFWLYHLVJLYHQLQWKHDQVZHUV
DHVFULELHUDEYLHUDQFKLFLpUDPRVGKDEODUDHIXHUDISLGLHUDJD\XGDUDKVHGHVSLGLHUDLVXSLpUDPRVM
VDOLHUDQOORYLHUDNGLMHUDOOOHJDUDLV
DD/XLVQROHJXVWDEDTXH$QD/XLVDVDFDUDPHMRUHVQRWDVTXHpO
E$QD/XLVDQRTXHUtDTXHVXPDULGRVHVLQWLHUDLQIHULRUDHOOD
F(UDLPSRUWDQWHTXH/XLVUHFRQRFLHUDORVp[LWRVGHVXHVSRVD
G6LHQGRPDFKRHUDOyJLFRTXH/XLVWXYLHUDFHORV
H$QD/XLVDQRFUHtDTXHGHMDUGHWUDEDMDUIXHUDODVROXFLyQ
I$QD/XLVDWHPtDTXHVHVHSDUDUDQSURQWRJ$OEHUWROHSURKLELyD/XFtDTXHWUDEDMDUDIXHUDGHFDVD
K(UDXQDSHQDTXHORVLQJUHVRVGH$OEHUWRQRIXHUDQVXILFLHQWHVSDUDPDQWHQHUDODIDPLOLD
LD/XLVDOHGROtDTXHVXPDULGRQROHGLHUDDSR\R
M1RHVWDEDELHQTXH$OEHUWRQRD\XGDUDHQFDVD
N/XFtDOHH[LJLy$OEHUWRTXHFRQWUDWDUDQXQDSHUVRQDTXHKLFLHUDODVWDUHDVGRPpVWLFDV
O$OEHUWROHGHFtDD/XLVDTXHQRWUDEDMDUDWDQWDVKRUDV
D4XpHVSHUDEDTXHKLFLHUDVXPDULGR"
E/HSLGLyTXHFXLGDUDDORVQLxRV
F(QDTXHOHQWRQFHVQRHUDQRUPDOTXHODVPXMHUHVWUDEDMDUDQ
G0XFKDVPXMHUHVQRFRPtDQSDUDTXHVXVKLMRVQRSDVDUDQKDPEUH
H9LYtDQHQHVDFDVDVLQTXHQDGLHVXSLHUDTXHH[LVWtDQ
I7RGRHOPXQGRVDOLyDQWHVGHTXHOOHJDUD-XDQ
J6HQWLPRVPXFKRTXHQRSXGLHUDLVYHQLUDODILHVWD
K1RFUHtDPRVTXHQRSDVDUDQDGD\TXHFXPSOLHUDVXSDODEUDSURPHVD
L1RHUDQDWXUDOTXHVHFRPSRUWDUDQGHDTXHOPRGR
M4XLVLpUDPRVTXHDOJXLHQQRVH[SOLFDUDSRUTXpORKLFLHURQ
DDFDEDUDVERVTXHGDUDLVFIXHUDGDFRPSDxDUDVHJDQDUDIRIUHFLHUDQJMXJDUDQKVHFRPSRUWDUDQL
GHMDUDQMRVHQFRQWUDUDLV
7KHFRUUHFWYHUEVDUHDWXYLHUDEIXPDUDVFSXGLpUDPRVGGLMHUDHYLQLHUDQISLGLHUDJYLYLHUDLVKIXHUD
LVXSLHUDMVHMXELODUD
.H\7KHSOXSHUIHFWVXEMXQFWLYHDQGFRQGLWLRQDOSHUIHFW
2QO\WKHUDIRUPRIWKHSOXSHUIHFWVXEMXQFWLYHLVJLYHQLQWKHDQVZHUV
DKXELHUDQGDGREKXELHUDQYHQLGRFKXELHUDFRPSUDGRKXELpUDPRVYLYLGRGKXELHUDKHUHGDGRH
KXELHUDVWUDtGRIKXELpUDPRVYLVWRJKXELHUDVJDQDGRKKXELHUDSDVDGRLKXELHUDFRPSODFLGRMKXELHUDLV
YHQLGRKXELHUDLVDOHJUDGR
D6LKXELHUDVDELGRTXHOORYtDWDQWRPHKDEUtDKXELHUDWUDtGRXQLPSHUPHDEOH
E6LPHKXELHUDTXHGDGRPHKDEUtDKXELHUDHQFRQWUDGRFRQHOFLQHDVWD
F6LKXELHUDKHFKREXHQWLHPSRKDEUtDPRVKXELpUDPRVVDOLGRGHH[FXUVLyQ
G6HORKDEUtDKXELHUDGLFKRVLKXELHUDQYHQLGR
H+DEUtDQKXELHUDQDFXGLGRDODFLWDVLDOJXLHQOHVKXELHUDDYLVDGR
I7HKDEUtDKXELHUDVDOLGRELHQVLPHKXELHUDVKHFKRFDVR
J6L-RDTXtQKXELHUDPLUDGRDOUHWURYLVRUQRKXELHUDWHQLGRHODFFLGHQWH
KK6LQRKXELHUDTXHGDGRDOJRGHFRPLGDGHODILHVWDKXELpUDPRVSDVDGRKDPEUH
L7HKXELHUDQOLPSLDGRORV]DSDWRVVLORVKXELHUDVGHMDGRHQODSXHUWD
M6LKXELHUDYLVWRD*HQRYHYDPHKXELHUDHQWHUDGRGHODUHXQLyQ
D'HKDEHUORVDELGRE'HKDEHUORKHFKRGHRWUDIRUPDF'HKDEpUPHORGLFKRG'HKDEHUVHGDGRFXHQWD
HGHKDEHUVHFRQVROLGDGRHOJROSHGHHVWDGRI'HKDEHUVHJXLGRPLVLQVWUXFFLRQHVJ'HQRKDEHUPH
HFKDGRXQDPDQRK'HKDEHUQRVGLFKRDOJRL'HKDEHUH[LVWLGRXQDVDOLGDM'HKDEHUOHSHGLGRFRQVHMR
D6LWXYLHUDWLHPSRLUtDDOFLQH
E6LKXELHUDWHQLGRWLHPSRKDEUtDKXELHUDLGRDOFLQH
F6LORKLFLHUDPHDUUHSHQWLUtD
G6LORKXELHUDKHFKRPHKDEUtDKXELHUDDUUHSHQWLGR
H6LIXpUDPRVULFRVWHOOHYDUtDPRVGHYLDMH
I6LKXELpUDPRVVLGRULFRVWHKDEUtDPRVKXELpUDPRVOOHYDGRGHYLDMH
J6LOH\HUDQPiVOLEURVHQWHQGHUtDQPiV
K6LKXELHUDQOHtGRPiVOLEURVKDEUtDQKXELHUDQHQWHQGLGRPXFKRPiV
L&XDQGRORYLQRKXELHUDFUHtGRTXHHVWDEDHQIHUPR
M$QGUHDKXELHUDYHQLGRDQWHVVLQRKXELHUDWHQLGRTXHHVSHUDUD3DFR
N1RKXELHUDVGLFKRTXHSRGUtDPRVKDEODUFRQpOVLQRYLQLHUD
O6L0LJXHOQRVHKXELHUDLGRPDUFKDGRHQDTXHOPLVPRLQVWDQWHPRPHQWRQRKXELHUDGDGRVHKXELHUD
HQFRQWUDGRWRSDGRFRQ%DVLOLR\WRGRVHUtDGLIHUHQWHDKRUD
.H\7KHLPSHUDWLYH
DSDVHQQRSDVHQEOpDOROpDQORQROROHDQFRLJDQQRRLJDQGVLpQWHVHVLpQWHQVHQRVHVLHQWHQH
WHQJDQQRWHQJDQIYHQJDQQRYHQJDQJSUXpEHORSUXpEHQORQRORSUXHEHQKVHDQQRVHDQL
VDOJDQQRVDOJDQMGpVHORGpQVHORQRVHORGpGHQNPiUFKHVHPiUFKHQVHQRVHPDUFKHQO
SyQJDVHODVSyQJDQVHODVQRVHODVSRQJDQ
DPLUDQRPLUHVEDFXpVWDWHQRWHDFXHVWHVFDSUpQGHORQRORDSUHQGDVGGiPHODQRPHODGHVHKD]OR
QRORKDJDVIGLQRVQRQRVGLJDVJSyQWHORVQRWHORVSRQJDVKYHWHQRWHYD\DVLVXEHQRVXEDVM
EpEHORQROREHEDVNJXiUGDODQRODJXDUGHVOWUiHORVQRORVWUDLJDV
DPLUDGQRPLUpLVEDFRVWDRVQRRVDFRVWpLVFDSUHQGHGORQRORDSUHQGiLVGGiGPHODQRPHODGHLVH
KDFHGORQRORKDJiLVIGHFLGQRVQRQRVGLJiLVJSRQpRVORVQRRVORVSRQJiLVKLGRVQRRVYD\iLVL
VXELGQRVXEiLVMEHEHGORQROREHEiLVNJXDUGDGODQRODJXDUGpLVOWUDHGORVQRORVWUDLJiLV
DHPSHFHPRVEQRVHQIDGHPRVFOHDPRVGVHQWpPRQRVHQRVDFRVWHPRVIVLJDPRVJSRQJiPRVODK
YROYDPRVLYiPRQRVMORKDJDPRV
D3URFXUDE8WLOL]DF1RXVHVG&XLGDH'HVWDFDI1RPLHQWDVJ1RORHVFULEDVK1RPDQGHVL1R
LQFOX\DVM5HFXHUGDILUPDUOR
D
(MHUFHGYXHVWURUROGHIRUMDGRU
3URFXUDG
$KRUUDGODFDQWLGDGTXHXViLVDOGXFKDURVDOODYDURVORVGLHQWHV
3ODQWDG\FXLGDGWRGRVORVTXHKD\DYXHVWURDOUHGHGRU
(OHJLGSURFXUDQGRUHGXFLUODFDQWLGDGGHGHVHFKRVTXHJHQHUiLV
/DHQHUJtDTXHFXLGiLV\DKRUUiLVKR\RVVHUi~WLOPDxDQD$SDJDG
(YLWDGFXDQGRHVFXFKiLVP~VLFD
9XHVWUDFDVD&XLGDG\TXHXVpLV
&XLGDGQRFRQWDPLQpLV\SURWHJHG
(VFRJHG
5HVSHWHQ3UHVFLQGDQ1RXWLOLFHQ1RPDQLSXOHQ9LJLOHQ3UHVFLQGDQ
1RIUHFXHQWHQ0DQWHQJDQEDMHQ5HVSHWHQ([LMDQ
.H\$UWLFOHV
QRDUWLFOHGHILQLWHRULQGHILQLWHQHHGHG
DORVODODEODORVFODGGHOHOHODODIJHOODKODHOLORVODMHOHOODNHOODVOODHOP
ORVHOQHOHOROD
D(OFRQVXPRGHDOFRKROHVIUHFXHQWHHQWUHODMXYHQWXGGHKR\
E/DVPXMHUHVWDPELpQEHEHQPiVTXHDQWHV
F0iVGHOFXDUHQWDSRUFLHQWRGHORVMyYHQHVEHEHORVILQHVGHVHPDQD
G/DFHUYH]DHVXQDEHELGDSRSXODU
H5DPyQHOPHMRUDPLJRGH-RVpHPSH]yDEHEHUDORVGRFHDxRV
I$KRUDODVFKLFDVEHEHQWDQWRFRPRORVFKLFRV
J6HHVWiQWRPDQGRPHGLGDVSDUDSUHYHQLUODSXEOLFLGDGGHDOFRKROFHUFDGHORVFROHJLRV
K1RVHSRGUiQFRPSUDUEHELGDVDOFRKyOLFDVHQODVWLHQGDVHQWUHODVGLH]GHODQRFKH\ODVRFKRGHOD
PDxDQD
L(OGRFWRU-XVWLQR/HyQSLHQVDTXHHOSDURFDXVDPXFKRVSUREOHPDVLQFOXtGRHODOFRKROLVPR
M6XFROHJDODGRFWRUD0DULEHO2VXQDDILUPDTXHODRFLRVLGDGDFRUWDODYLGDPLHQWUDVHOWUDEDMR\OD
GLHWDODDODUJDQ
N/DVHVWDGtVWLFDVGHPXHVWUDQTXHHOFLFOLVPR\ODQDWDFLyQVRQEXHQRVSDUDODVDOXG
O&RQODOOHJDGDGHODSULPDYHUDODJHQWHHPSLH]DSHQVDUHQDFWLYLGDGHVDODLUHOLEUH
DD/RLPSRUWDQWHEORERQLWRVF/RPtRHVPtR\ORVX\RHVVX\RG/REXHQRORPH]TXLQD
HORSLFDQWHORGXOFHIGHORWDUGHJ/RFLHUWRHVKDQWHVGHORQRUPDOL/RIiFLO
ORGXUDMWRGRORSRVLEOH
D1RWHLPDJLQDVORJXDSDTXHHVE1RTXLHURFRQWDUWHORPDODTXHHUDODSHOtFXODF/RPHMRUHV
HVSHUDUG9LHQHORLQWHUHVDQWHH/RGLItFLOQRHUDWDQGLItFLOI/RIiFLOHVWiSRUYHQLUJ7LHQHVLGHDGH
ORWUDPSRVRHQJDxRVRTXHHV"K1RPHGLFXHQWDGHORFDURVTXHVRQVXVJXVWRVL/RPiVFDURQRHV
VLHPSUHORPHMRUM$$PHOLDQROHJXVWDODSURSHQVLyQGHVXPDULGRSRUORRVWHQWRVR
DXQEFXQDGHXQDIXQDJKXQXQLMXQNXQROPQXQDXQXQD
XQD
D3DFRHUDXQLQJHQLHURPX\EXHQRE&LHUWRMRYHQSUHJXQWDEDSRUWLF1RTXLHURUHSHWLUWDO
H[SHULHQFLDG4XpUXLGR6DOLPRVGHVSXpVGHPHGLDKRUDH-XOHVHVIUDQFpVHVPpGLFR\QRWLHQH
QRYLDI<RWUDFRVDVLHPSUHOOHYDDQLOORJ7LHQHVFRUEDWD"7HKDUiIDOWDXQDHVWDQRFKHSDUDOD
UHFHSFLyQK+DSDVDGRDxR\PHGLRGHVGHQXHVWUR~OWLPRHQFXHQWURL4XpSDUHMD8QRDHUDSHGDQWH\
HORWURODRWUDXQDDXWpQWLFRDLGLRWDM8QEXHQOLEURHVXQEXHQYHUGDGHURWHVRUR&LHQDxRVGH
VROHGDGGH*DEULHO*DUFtD0iUTXH]HVXQRGHHVRVOLEURV
DHOXQRVODXQDHOHOHOXQXQDHOHOORHOHOXQD
E/RVFLHQWtILFRVKDQREVHUYDGRTXHHOHMHUFLFLRSUDFWLFDGRUHJXODUPHQWHHVXQDIXHQWHGHMXYHQWXG
$XQTXHVHDPRGHVWRHOHMHUFLFLRSRVSRQHODIHFKDGHODPXHUWH&XDQGRVHHVWiHQHOFXUVRGH
BBBBBORQJHYLGDGHVLPSRUWDQWHSUDFWLFDUVXILFLHQWHHMHUFLFLRItVLFRFRQUHJXODULGDGVLHVSRVLEOH
GLDULDPHQWHQRVFRQGXFHSRUDxRVDXQELHQHVWDU\DYLYLUFRQODHQHUJtDGHODMXYHQWXG
&RPSOHPHQWRYDOLRVRHVPDQWHQHUXQDYLGDDFWLYDFDPLQDQGRVXELHQGRBBBBBHVFDOHUDVFXLGDQGR
GHBBBBBMDUGLQHV\ODFDVD
(VVDELGRTXHHOHMHUFLFLRIRUWLILFDHOFRUD]yQOXFKDFRQWUDODREHVLGDGGLVPLQX\HODSUHVLyQ
DUWHULDOPHMRUDHOQLYHOGHBBBBBFROHVWHURO\FRQGXFHDOEXHQKXPRU
6HKDREVHUYDGRTXHHOHMHUFLFLRItVLFRDODUJDODYLGDSRUFDPELRVTXHRFXUUHQHQODVDQJUHHQVX
HIHFWRHVDQWLFRDJXODQWHIOXLGLILFDHOPHGLRVDQJXtQHRHQEHQHILFLRGHODVDOXGTXHFLUFXODPiV
IiFLOPHQWH\HVWiPHQRVSURSHQVDDOFRiJXOR
(QFRQVHFXHQFLDHOHMHUFLFLRSUDFWLFDGRUHJXODUPHQWHFRQWULEX\HDHYLWDUHODWDTXHFDUGtDFR\HO
DFFLGHQWHYDVFXODUFHUHEUDO
/DVSHUVRQDVItVLFDPHQWHLQDFWLYDVGHYLGDVHGHQWDULDVLKDQWHQLGRXQDWDTXHFDUGtDFRHVWiQ
HQULHVJRGHWHQHUXQVHJXQGRDWDTXH
(OHMHUFLFLRHVXQDQWLFRDJXODQWHQDWXUDO
.H\1RXQV
I IHPLQLQHP PDVFXOLQH
DIEIFPGPHIIPJPKPLIMPNIOIPPQIRPSI
QRUPDYtFWLPDWUDPDFLPDDUPD
EURQFHSHLQHIUDXGHDLUHFLQHSDUTXHHVWHD]RWHDXJHDODPEUHELJRWHFRFKH
FDWHGUDOI
OX]I
JDUDMHP
GHEHUP
YDORUP
YLUWXGI
DOEDULFRTXHP
KDPEUHI
UHGI
MHUVH\P
SDQP
GyODUP
FLXGDGI
ODERUI
pQIDVLVP
LPDJHQI
DLUHP
FDRVP
OLGI
DXWRFDUP
QRFKHI
GtDP
UpJLPHQP
VXUP
VROP
PDSDP
OXQHVP
DOWDYR]P
SyVWHUP
FDUULOP
QDUL]I
DJXDI
OHVLyQI
IORUI
PHVP
FiUFHOI
QLxH]I
PXHOOHP
]DJXiQP
FRPEXVWLEOHP
SODQHWDP
HVWUpVP
FpVSHGP
SRUYHQLUP
WDUGHI
VHGI
PXOWLWXGI
DXWRPyYLOP
ULxyQP
QXH]I
DEDUHVOiSLFHVFULVLVKRWHOHVSDUDJXDVGHEHUHVH[iPHQHVRUtJHQHVIUDQFHVHVQDFLRQHVDOWDYRFHV
yUGHQHVPHVHVSLHVSDtVHVFXDUWRVGHEDxRDQiOLVLVPLpUFROHVEXH\HVOH\HVPHQ~VWULEXVHVTXtHV
PDUURTXtHV
UHJLyQDYLyQTXHKDFHULQJOpVFROMRYHQOX]VRIiFRQYR\FDUiFWHUUHFRUGUXEtYLUJHQLOXVLyQ
YLROtQLPDJHQSH]SRUWDYR]SDWtQUHKpQDOHPiQUHYpVFyPSOLFHPiUWLU
HOURPSHFDEH]DV
ORVFRPLFLRV
ORVFHORV
HOVDOWDPRQWHV
ORVHQVHUHV
HOSLQWDODELRV
ORVDOUHGHGRUHV
HOJXDUGDHVSDOGDV
ORVELHQHV
ORVYtYHUHV
HOOLPSLDERWDV
ODVYDFDFLRQHV
ODVWLQLHEODV
HOSRUWDDYLRQHV
ORVSULVPiWLFRV
ODVJDIDV
HOSDUDEULVDV
ODVH[SHQVDV
ORVDxLFRV
ORVUHVWRV
HOODFXHQWDFXHQWRV
HOSRVDYDVRV
HOVDOYDYLGDV
HODEUHODWDV
HOSRUWDHTXLSDMHV
ORVFLPLHQWRV
ODVFRVTXLOODV
HOFXPSOHDxRV
ODVQXSFLDV
ODVDIXHUDV
DPDGUHEPXMHUFDOFDOGHVDGSULQFHVDHKHPEUDIYDFDJKHURtQDKSURIHVRUDLDFWUL]MHPSHUDWUL]N
SRHWLVDOUHLQDPWUDGXFWRUDQHVFULWRUDR\HJXDSSUHVLGHQWD
DKDUERXUGRRUEERRNSRXQGPRQH\ZHLJKWFSRLQWVSRWWLSHQGGGXFNOHJHSD\PHQWZDJHVI
LQMXUHGSHUVRQZRXQGJVHFWLRQVWUHWFKHJRIURDGWLPHSORWZHIWKULYHUHVWXDU\ILUWKLEDQN
EDQNLQJMRUDQJHWUHHRUDQJHIUXLW
DFDSLWDOPRQH\FDSLWDOFLW\EJXLGHSHUVRQJXLGHERRNFIXWXUHPRUQLQJGRUGHU
DUUDQJHPHQWRUGHUFRPPDQGUHOLJLRXVPLOLWDU\RUGHUHSULHVWFXUHISROLFHPDQSROLFHIRUFHJIURQW
IRUHKHDGKUHSRUWEXOOHWLQSDUWVHFWLRQLFRPHWNLWHMFKROHUDUDJHDQJHUNFXWFRXUWOHDUULQJVORSH
.H\$GMHFWLYHV
DVWSDUDJUDSKLQFDLFRVDQGLQRVDYDQ]DGDPRQWDxRVDLQKyVSLWDDQWHULRUHVLQFDLFDULFDV
LQWHUHVDQWHV
QGSDUDJUDSKLPSRVLEOHVLQFDLFRVSULQFLSDOHVEXHQDVH[WUHPRVXUHxDV
UGSDUDJUDSKFXELHUWRVODUJRSHOLJURVRHVSDxROHVFDQVDGRVKDPEULHQWRVWHPHURVRVVXQWXRVRV
SDVPDGRV
EVWSDUDJUDSKLQWUpSLGDDOHPDQDUHFRQRFLGR
QGSDUDJUDSKPRWRUL]DGRVLJXLHQWHVPRWRUL]DGRVFRUWRVH[SHULPHQWDOHVDOJXQR
UGSDUDJUDSKHFRQyPLFDSpVLPDDEDWLGRGLVSXHVWDD\XGDGDGRUPLGRYDOLHQWHDYHQWXUHUR
KLVWyULFR
WKSDUDJUDSKJUDQGHVPRQWDxRVDVJXLDGRV~OWLPDV
WKSDUDJUDSKDWUHYLGDHPSUHQGHGRUDYDULRVPHFiQLFRVLQKHUHQWHVUXGLPHQWDULROXMRVDV
DFWXDOHV
WKSDUDJUDSKSULPHURVIDEULFDGRVQXHYRVOXMRVRVPD\RUHVWHFQROyJLFRVDOHPDQDPLVPD
QXHYRUHYROXFLRQDULR
D&RUGREHVDVESHVFDGRUDSURWHJLGDFL]TXLHUGDGWUHPHQGDHSHTXHxDIHQFDQWDGRUDJSRODFDK
SHUGLGDLSOiVWLFDVMPHWURSROLWDQD
DWUDEDMDGRUDEGRUPLORQDVFMXYHQLOHVGSDUODQFKLQDHKROJD]iQIIHOLFHVJEXUOyQKPD\RUHVLD]XOHVM
DOHPDQDNURVDOHVSDxROHV
7KHFRUUHFWHOHPHQWVDUH
DUHVWDXUDQWHLWDOLDQREWHUFHUFEXHQGDOJ~QHFDVDJUDQGHSOD\DSULYDGDISULPHURJPDODKWHUFHUDL
DOJ~QMJUDQNSDODFLRUHDOOSULPHU
%XUJRVDQWLJXDFDSLWDOGH&DVWLOODHVWiVLWXDGDHQHOQRUWHGH(VSDxDHQWUH0DGULG\6DQWDQGHU(VXQD
FLXGDGPX\KLVWyULFD\SRUHVRWXUtVWLFD6XSULQFLSDOPRQXPHQWRHVODFDWHGUDOXQDGHODVPiVEHOODV\
UHSUHVHQWDWLYDVGHOSiLV$TXtHVWiHQWHUUDGR5RGULJR'tD]GH9LYDUTXHHUDXQQREOHGHODFRUWH
FDVWHOODQDDILQDOHVGHOVLJOR;,\FX\DYLGDHVWiLQPRUWDOL]DGDHQ(O&DQWDUGH0tR&LGXQRGHORV
SRHPDVpSLFRVPiVLPSRUWDQWHVGHODOLWHUDWXUDPHGLHYDOHVSDxROD
(OSRHPDQDUUDODKLVWRULDGHHVWHKpURHGHVGHVXGHVWLHUURIRU]DGRGH&DVWLOODKDVWDVXPXHUWHHQ
9DOHQFLD\FyPRSRUVXVKD]DxDVJXHUUHUDVOOHJyDVHUULFRIDPRVR\SRGHURVRWHPLGR\UHVSHWDGR
SRUVXVHQHPLJRV\DPRURV\DFULVWLDQRV
/DUHFLpQLQDXJXUDGD5XWDGHO&LGQRVSHUPLWHVHJXLUORVSDVRVGHHVWHJXHUUHURDWUHYLGRGHVGHVX
VDOLGDODFULPRVDGH%XUJRVFXDQGR\DHQODVDIXHUDVVHYROYLySDUDFRQWHPSODUSRU~OWLPDYH]HVWD
FLXGDGWDQKHUPRVD
DUHYROXFLRQDULREHVSDxROFYLHMRVGPDFKLVWDVHQXHYRIDOJXQRVJEXHQDKOLEUHLQXHYRMJXDSRN
VRORVOPXFKDVPMyYHQHVQPD\RU
D3DUHFHLQFUHtEOHTXHXQDFLYLOL]DFLyQTXHQRFRQRFtDODUXHGDSXGLHUDVHUWDQDYDQ]DGDSHUROD
FLYLOL]DFLyQ,QFDIXHDOWDPHQWHVXPDPHQWHGHVDUUROODGDHQWRGRVORVDVSHFWRV
E6XVFDUUHWHUDVTXHDWUDYHVDEDQFUX]DEDQPRQWDxDVDOWDV\YDOOHVSURIXQGRVIXHURQPDQWHQLGDVSRUXQ
SHTXHxRHMpUFLWRGHLQJHQLHURV\SRUHVRVLHPSUHHVWDEDQHQEXHQDVFRQGLFLRQHV
F6XVWHUUD]DVIDPRVDVUHJDGDVSRUXQH[WHQVRVLVWHPDGHFDQDOHVFRQYLUWLHURQODVODGHUDVHPSLQDGDV
GHODVPRQWDxDVHQFDPSRVIpUWLOHV
G6LQODD\XGDGHPDTXLQDULDVRILVWLFDGDSHURFRQXQDWpFQLFDSHUIHFWDFRQVWUX\HURQJUDQGHVHGLILFLRV
GHSLHGUDVHQRUPHV
H6XVDUWHVDQRVXWLOL]DEDQODODQDGHODOODPD\ODYLFXxDSDUDWHMHUWHODVH[TXLVLWDV\FRQHORUR\OD
SODWDIDEULFDEDQRUQDPHQWRVDGRUQRV\MR\DVLQWULFDGRV\EHOOtVLPRV
I(OFRFKHPRGHUQRWLHQHSRFRHQFRP~QFRQORVSHTXHxRVFRFKHVQHJURVIDEULFDGRVSRUHOVHxRU%HQ]
\HOVHxRU)RUG
J+R\HQGtDXQDDPSOLDJDPDGHFRFKHVQXHYRV\XVDGRVQRVSHUPLWHHOHJLUXQFRFKHDSURSLDGR
SDUDDFRUGHFRQQXHVWUDVQHFHVLGDGHV
K$OJXQRVFRFKHVFRPRHOOHJHQGDULR%HHWOHGH9RONVZDJHQFXHQWDQKR\GtDDKRUDFRQXQDPHFiQLFD
PRGHUQD\HILFLHQWHSHURPDQWLHQHQODVIRUPDVGHORVPRGHORVRULJLQDOHV
L/DFRPSHWHQFLDHQWUHORVIDEULFDQWHVGHDXWRPyYLOHVFRFKHVHVIHUR]\HOJUDQUHWRGHVDItRGHORV
GLVHxDGRUHVHVVHUFUHDWLYRLPDJLQDWLYR\YLVLRQDULR
M/RVFRFKHVGHOIXWXURVHUiQOLPSLRVHVGHFLUUHVSHWXRVRVFRQHOPHGLRDPELHQWHVHUiQ
LQWHOLJHQWHVFDSDFHVGHWRPDUVXVSURSLDVGHFLVLRQHV\VHUiQSHUVRQDOL]DGRV
.H\$GYHUEV
DSHUIHFWDPHQWHELQPHGLDWDPHQWHFDXWRPiWLFDPHQWHGOLJHUDPHQWHHSUHIHUHQWHPHQWHIFRUWpVPHQWH
FRUUHFWDPHQWHJDEVROXWDPHQWHKIUDQFD\VLQFHUDPHQWHLUiSLGD\FRQFLHQ]XGDPHQWHM~OWLPDPHQWH
FRPSOHWDPHQWHNOHQWD\SUXGHQWHPHQWHOGHILQLWLYDPHQWH
DSRUVXSXHVWREFRQWULVWH]DFSRU~OWLPRGSRUFLHUWRHFRQGLILFXOWDGIVLQGXGDJGHFRVWXPEUHKHQ
HIHFWRLHQVHFUHWRMSRUORJHQHUDO
DFRQIDFLOLGDGEWDQHQVHULRFRQWDQWDVHULHGDGFFRQIHURFLGDGGFRQPXFKDFRQJUDQDPDELOLGDGH
FRQSUXGHQFLDGHXQDPDQHUDSUXGHQWHISRUGHVJUDFLDJFRQFDXWHODGHXQDPDQHUDFDXWHORVDKHQYDQRL
DPHQXGRFRQIUHFXHQFLDMGHUHSHQWHNSRUVHSDUDGROGHXQDPDQHUDUD]RQDEOH
D'HUHSHQWHUHSHQWLQDPHQWHGHV~ELWRV~ELWDPHQWHVHDEULyODSXHUWD\-RUJHHQWUy
E+D\TXHHPSDTXHWDUHOIORUHURMDUUyQFXLGDGRVDPHQWHFRQFXLGDGR
F&RPSDUWLyJHQHURVDPHQWHWRGRORTXHWHQtDTXHHUDSRFR
G,QpVOHHVFULELyD5RGULJR\pOUHVSRQGLyFRQWHVWyLQPHGLDWDPHQWHGHLQPHGLDWRFRQXQDFDUWD
SUHFLRVD
H6LQGXGDLQGXGDEOHPHQWHHVXQDEXHQDLGHDGDUHOSULPHUSDVR
I'HYHUDVHQYHUGDGYHUGDGHUDPHQWHHVXQDSHQDTXHODVFRVDVVHDQFRPRVRQ
J&XDQGROHKLFLHURQODSUHJXQWD*DEULHOGLMRVHFDPHQWH1RVpQDGDGHHVR
K'XUDQWHODGLFWDGXUD)HOLSHHQWUyFODQGHVWLQDPHQWHHQVHFUHWRVHFUHWDPHQWHHQHOSDtVWUHVRFXDWUR
YHFHV
L*HQHUDOPHQWHSRUORJHQHUDOORVMyYHQHV\DQRVHPDUFKDQGHFDVDFXDQGRWHUPLQDQORVHVWXGLRV
M(OWLRYLYRHPSH]yDJLUDUFRQOHQWLWXGOHQWDPHQWHSULPHUROXHJRPX\UiSLGDPHQWHYHUWLJLQRVDPHQWH
DDUULEDDEDMREHQFLPDFGHODQWHGHWUiVGOHMRVFHUFDDTXtHIXHUDIGHQWURJDTXtDKtKDTXtDWUiVL
OHMRVOHMRVDTXtMDOOtNDGHODQWHOGHEDMR
$QWHVDKRUDQXQFDVLHPSUHD~QKR\D\HUPDxDQD
DEDVWDQWHPDOPX\PDOPXFKRPiVEWDQWRFPXFKRPiVGHPDVLDGRGWDQWRPXFKRGHPDVLDGRHELHQ
ELHQWDQ
D0DxDQDVDOGUHPRVWHPSUDQR
E7HUHVDOH\yPXFKRFXDQGRHVWXYRGHYDFDFLRQHV
F+R\HQGtDQRHVQDGDIiFLOFRQVHJXLUHQFRQWUDUXQWUDEDMRXQSXHVWRGHWUDEDMR
G3DFRHVWDEDEDVWDQWHHQIHUPRFXDQGRORYLPRVD\HU
H(OFRFKHGHGHODQWHLEDWDQGHVSDFLRTXHSRUSRFRFDVLFKRTXpFRQpO
I1XQFDGHVFXEUtQRGHVFXEUtQXQFDVXVHFUHWRQLVLTXLHUDFXDQGRVHPXULy
J3ULPHURKDUHPRVODVPDOHWDVOXHJRFRPHUHPRV\GHVSXpVVDOGUHPRVQRVLUHPRVQRVSRQGUHPRVHQ
PDUFKD
K&DPLQDQDQGDQGHPDVLDGROHQWROHQWDPHQWHQROOHJDUiQQXQFD
L/RKL]REDVWDQWHGHSULVDSHURQRORKL]RPDO
M1RFRPDVPiV\VXEHDTXt
.H\&RPSDULVRQ
DHVPiVVDEURVDTXHEHVPHMRUSHRUTXHFVRQPiVUDFLVWDVTXHGSLHQVDQPHQRV
HQHOGLQHURTXHHFRPHQPHQRVSHVFDGRTXHIHVSHRUTXHJPiVDQFKDVTXHK
PiVSHTXHxRVTXHLPiVSRWHQWHVTXHMPHQRVDJULDVTXH
DGHEGHFTXHGGHOTXHHGHOTXHIGHJTXHKGHORTXHLGHORTXHMGHOTXHNTXHOGHODTXHPTXHQ
GHODTXHRGH
DWDQFDURFRPREWDQEXHQDFRPRFWDQWRFDIpFRPRGWDQWDYHUGXUDWDQWDVYHUGXUDVFRPRHWDQWDV
RSRUWXQLGDGHVFRPRIWDQWDH[SHULHQFLDFRPRJWDQWRFRPRKWDQDPELFLRVRVFRPRLWDQELHQFRPRMWDQD
PHQXGRFRPRNWDQUiSLGRGHSULVDFRPROWDQWDUGHFRPRPWDQGLItFLOFRPRQWDQWDVXHUWHFRPRRWDQ
FyPRGRFRPR
D6RQGXOFtVLPDVE(VULTXtVLPDF(VFDUtVLPRG(VODUJXtVLPRH6RQDQWLTXtVLPDVI(V
SURIXQGtVLPRJ(VLQWHOLJHQWtVLPDK9LYHFHUTXtVLPRL(VGLILFLOtVLPRM6RQVLPSDWLTXtVLPDV
DODPHMRUEODPD\RUFDQWLGDGFORVPiVREHVRVJRUGRVGODFRPLGDPiVLPSRUWDQWHHODPXMHUPiV
YLHMDIHOGtDPiVODUJRJODPRQWDxDPiVDOWDKORVOLEURVPiVLQWHUHVDQWHVLODVERWDVPiVFDUDVGHOD
PHMRUFDOLGDG
.H\'HPRQVWUDWLYHV
DHVWDEHVWRVFHVWHHVWDGHVWDHHVWHIHVWDVJHVWRVKHVWHLHVWHMHVWDNHVWDVOHVWRV
DpVHEpVRVFpVDVGpVHHpVDVIpVDJHVRVKpVDLpVRVMHVHNHVDVOHVD
DDTXHOORVEDTXpOFDTXHOODVGDTXHOODHDTXHOODIDTXHOJDTXHOORVKDTXpOODVLDTXHOMDTXHOORVN
DTXHOODODTXHO
DpVWHEpVHFDTXHOORVGHVDHHVWDIHVRVJHVWRVKDTXHOODLHVHMDTXHOODNHVWHODTXHO
DHVWHEHVDFHVWDGHVRVDTXHOORVHHVWHIDTXHOODJHVRVDTXHOORVHVWHKHVWDVLHVWDVMHVHDTXHON
HVHDTXHOOpVWH
D(VWRQRHVGLItFLOE+HOHtGRHVWHOLEURDQWHVF3XHGRSRGUtDSUREDUPHHVWRV]DSDWRV"G(QHVH
SUHFLVRPRPHQWRQRKDEtDQDGLHHQFDVDH(VWRQRPHJXVWDQDGDI(VRVDTXHOORVEROtJUDIRVHVFULEHQ
PHMRUTXHpVWRVJ0HDFXHUGRSHUIHFWDPHQWHGHDTXHOORVWLHPSRV$TXpOORVHUDQWLHPSRVIHOLFHVK
3RUTXpKDVGHMDGRDTXtWRGRHVWR"L$TXHOYHUDQRQRGHMyGHOORYHUQLXQVRORGtDOORYLyWRGRVORV
GtDVVLQH[FHSFLyQM1RVpSRUTXpORKLFLHURQGHHVDPDQHUDHVHPRGRN+D\TXHWRPDUHVDFDOOHDOD
GHUHFKDO4XLHUHVYHUHVWDSHOtFXODRQR"
.H\3RVVHVVLYHV
D0LHVFULWRULRHVPX\YLHMRE6XKHUPDQDHVPpGLFDF7XVDPLJRVVRQPX\VLPSiWLFRVG6X
KDELWDFLyQHVWiUHVHUYDGDH1XHVWUDFDVDHVPX\PRGHUQDI6XVELOOHWHVHVWiQHQODPHVDJ9XHVWUR
FRFKHHVPX\FyPRGRK6XVLGHDVVRQPX\EXHQDVL1XHVWURVOLEURVVRQPX\LQWHUHVDQWHVM6XRSLQLyQ
GH*RQ]DORHVPX\PDODN1XHVWURMDUGtQHVJUDQGHO6XWUDEDMRHVPX\DEXUULGRP9XHVWUDVKLMDVVRQ
PX\PDMDVQ0LVFKDTXHWDVVRQGHSLHOR7XPDULGRHVPDUDYLOORVR
DWX\RVEVX\RFQXHVWUDVGPtRVHVX\DIQXHVWURVJYXHVWUDVKPtRLPtDVX\DRUYLFHYHUVDMWX\RV
PtRVNVX\RVOQXHVWUR
DHOVX\REHOPtRFODQXHVWUDGHOVX\RHODPtDIORVVX\RVJORVYXHVWURVKODVPtDVLODVQXHVWUDVMHO
YXHVWURNHOPtROORVWX\RVPGHOVX\RQODVX\DRODQXHVWUDODYXHVWUDODYXHVWUDODQXHVWUD
D6HTXLWyHODEULJR\VHSXVRODFKDTXHWDE'yQGHKHSXHVWRHOSDVDSRUWH"F0HGDVXQ~PHURGH
WHOpIRQR"G6DFyHOGLQHURGHOEROVLOORH0HGXHOHHOHVWyPDJRI0HJXVWyVXSLVRJ+DEODPRVGHORV
KLMRVQXHVWURVKLMRVK7HKDVFRUWDGRHOGHGR"L3RUTXpQRQRVSUHVHQWyDVXDPLJRD"M6HTXLWyORV
]DSDWRVSRUTXHOHGROtDQORVSLHVN7HKDVKHFKRGDxRHQODPDQR7HKDVODVWLPDGRODPDQR"O
&ROJDURQORVVXVDEULJRVHQODVSHUFKDVHQVXKDELWDFLyQP6XVRMRVHUDQD]XOHV\VXSHORHUDUXELR
7HQtDORVRMRVD]XOHV\HOSHORUXELRQ$EUHHOODWXEROVREROVD\GpMDPHYHUWXVFRVDVR0HWLyOD
PDQRHQODEROVD\VDFyODVOODYHVS9LQLHURQDYHUODQXHVWUDFDVDSHURGHVJUDFLDGDPHQWHSRU
GHVJUDFLDHVHGtDHVWiEDPRVFRQORVDEXHORV
DPLHOVX\RVXVXVXPLPLVQXHVWURV
EWXVODPLVORVPtRVODVX\RVORVVX\RVWX\RV
FQXHVWUDODVQXHVWURVQXHVWUDVXVX\RVQXHVWUDVX
.H\3HUVRQDOSURQRXQV
DW~\RHOODEYRVRWURVFQRVRWURVGXVWHGHHOORVXVWHGHVQRVRWURVIXVWHGHVJHOODKW~\RpOL
XVWHGHVMYRVRWURVNpOHOODO\RW~
D/DHVFULELyHOYLHUQHVE/RVYLHOOXQHVSDVDGRF/DVFRPSURHQHOPHUFDGRG1RQRORFRQR]FRH
6tODVYHQGLHURQI$\HUODOODPpJ/RKHSXHVWRHQHOHVWDQWHK1RWRGDYtDQRODKHPRVSUREDGRL
/DVVDFDURQDQWHD\HUM/RVPHWLyHQODFDMDIXHUWHN3HSHORWUDMRO0LDPLJDODVWRPy
D0RQWVHOHUHJDOyXQFROODUE/DVHxRUDQRPHGLRQLQJXQDUHVSXHVWDF7HKHSUHSDUDGRXQFDIpG
1XHVWURSDGUHRVPDQGyXQDFDUWDH(OMHIHOHVKDH[SOLFDGRHOSUREOHPDI(OORVQRTXHUtDQ
YHQGHUQRVQRQRVTXHUtDQYHQGHUODVWLHUUDVJ<RVLHPSUHOHGLJRODYHUGDGK7HQHPRVTXHGDUOHVORV
OLEURV/HVWHQHPRVTXHGDUORVOLEURVL/HVKLFLPRVXQJUDQIDYRUM-DYLHUQRTXLVRSUHVWDUOHOHTXLVR
SUHVWDUVXFRFKHN0DxDQDQRVYDQDHQVHxDUYDQDHQVHxDUQRVHOSLVRO5HPHGLRVVLHQWHQRSRGHURV
WUDHUSRGHUWUDHURVXQUHJDOR
D1RPHODGLRE0DUWDQRVODVPRVWUyF5REHUWRQRRVODKDKHFKRYHUGDG"G1RWHORVSXHGRFRQWDU
H0HORHQWUHJDURQI3HSHQRTXLHUHGiUPHODVQRPHODVTXLHUHGDUJ3RUTXpQRRVODVTXLVR
FRPSUDUQRTXLVRFRPSUiURVODV"K)HGHULFRYDDOHpUQRVORVQRVORVYDDOHHUL7HORVSRQJRHQXQD
FDMLWD"M0HODVQDUUyFRQWRGRGHWDOOHN9DQDRIUHFpUPHOR0HORYDQDRIUHFHUO+DQGLFKRTXHQRRV
ORVSXHGHQWUDHUSXHGHQWUDpURVORVKDVWDSDVDGRPDxDQD
D(OJXtDVHODH[SOLFyE/DVHxRUDQRTXHUtDYHQGpUVHODVQRVHODVTXHUtDYHQGHUF6HORUHFRPHQGpG
&DUORVVHODVYDDSHGLUYDDSHGtUVHODVH1RSHQVDEDGHYROYpUVHORI6HORVSDVDVWH"J2OYLGp
WUDpUVHORVK6HORKDVUHFRPHQGDGR"L3RUTXpQRTXHUtDVGiUVHORVHORTXHUtDVGDU"M&XiQGRVHOD
GHMDVWH"N7XYLPRVTXHOOHYiUVHOD6HODWXYLPRVTXHOOHYDUO6HODVGLHURQDQRFKH
&XDQGR(PLOLRFXPSOLyORVGLH]DxRVVXPDGUHGHFLGLyFRPSUDUOHXQDPDVFRWD&RQODPDVFRWDpO
DSUHQGHUtDDVHUUHVSRQVDEOH8QDFRPSDxHUDGHWUDEDMROHDFRQVHMyTXHIXHUDDXQUHIXJLR\FRPRVDEtD
PXFKRGHSHUURVODDFRPSDxySDUDD\XGDUODDHVFRJHUODIXWXUDPDVFRWDGH(PLOLR
4XpHPRFLyQVLQWLy(PLOLRFXDQGRYLRDOSHUURHQORVEUD]RVGHVXPDGUH(QVHJXLGDTXHUtDMXJDU
FRQpOSHURVXPDGUHOHDGYLUWLy
(VWHSHUURQRHVXQMXJXHWHHVXQVHUYLYR\W~WLHQHVTXHFXLGDUORELHQ9R\DH[SOLFDUWHORTXH
WLHQHVTXHKDFHU3ULPHURWLHQHVTXHGDUOHGHFRPHUGRVYHFHVDOGtDOXHJRKD\TXHFHSLOODUORD
GLDULR\GDUOHXQEDxRFDGDGRVVHPDQDV(QWHQGLGR"
6tPDPiSHURWDPELpQSXHGRVDFDUORGHSDVHRQR"<DWLHQHQRPEUH"
1RKLMR3XHGHVGDUOHXQQRPEUHXQRTXHWHJXVWH\PDxDQDOROOHYDPRVDOYHWHULQDULR$OGtD
VLJXLHQWHPLHQWUDVOHSRQtDDOSHUURVXVLQ\HFFLRQHVODYHWHULQDULDOHGLMRD(PLOLR
6DEHVTXHXQSHUURQXQFDROYLGDODVOHFFLRQHVTXHDSUHQGHDVtTXHW~WLHQHVTXHHGXFDUOR"3RU
HMHPSORFXDQGRORVDTXHVGHSDVHRHVPX\LPSRUWDQWHTXHVDOJDVW~SULPHUR\TXHpOWHVLJDeOWLHQH
TXHREHGHFHUWHVLHPSUHDVtDSUHQGHTXHW~HUHVHODPR\pOHVWXFRPSDxHURILHO6HUtDXQDEXHQD
LGHDTXHWHDSXQWDUDVDXQDVFODVHV<DWLHQHQRPEUH"
6tYR\DOODPDUOR7LQWtQDSURSyVLWRHVSHUURRSHUUD"
VWSDUDJUDSKORSHQVDUORORPtFRPSUDUORUHJDOiUPHORpOOHOR
QGSDUDJUDSKOHKDEHUORPt\RPHPHWHUPHpOOR
UGSDUDJUDSKOHVRVFiOPDWHPHQRVVLpQWDWHHVF~FKDODWHW~
D4XLpQWHGLRHVWHUHORM"1DGLHPHORGLRORHQFRQWUp
E1RSXHGRGDUOHQROHSXHGRGDUHOGLQHURKR\VHORGDUpPDxDQD
F/RVODVKDVYLVLWDGRDQWHV"(QWUHW~\\RQRVRQPX\DPDEOHV
G7RGRVWHKDQGDGRWRGRHOPXQGRWHKDGDGRDOJRPHQRVHOOD
H1LxRVRVGDUpORVJXDQWHVSRQpRVORVSDUDVDOLU
I6HxRUVHxRUDHQTXpSXHGRD\XGDUOHV"
J6XHVSRVRODHVFXFKDEDPLHQWUDVHOODOHVHUYtDODFHQD
K2VLQYLWDUpDXQFDIpHVORTXHQRVGLMR5LFDUGR
L6HJ~QpOQRVYDQDFREUDUHXURVSRUHVWDFRQVXOWD
M$XQTXHDWLQRWHJXVWDHOMD]]DpOOHJXVWDDpOVt\DPtWDPELpQeOYHQGUiFRQPLJRPHDFRPSDxDUi
DOFRQFLHUWRHOViEDGR
N+LFHFRQODVQDUDQMDVORTXHPHSHGLVWH6HODVGLDODPDGUHGH&DUPHQ
O1ROOHJRDHQWHQGHUSRUTXppOQROHKDGDGRHODQLOORDHOOD/RHVFRJLyHOOD\DOGtDVLJXLHQWHpO
IXHDFRPSUiUVHORSHURHOODWRGDYtDQRORKDUHFLELGRQRORWLHQH
.H\5HODWLYHSURQRXQV
D(OFDVWLOORTXHHVWiHQHOSXHUWRGDWDGHOVLJOR;9,
E(QFRQWUDPRVXQDSHQVLyQTXHQRVKL]RUHFRUGDU6DQWR'RPLQJR
F/DFDPDUHUDTXHQRVVLUYLyHUDPX\DQWLSiWLFD
G(OKRPEUHTXHFRQWHVWyDOWHOpIRQRPHGLMRTXHHVWDEDVIXHUD
H'HYXpOYHPHODJUDEDGRUDTXHWHGHMpSUHVWDGD
I(OUHVWDXUDQWHDOTXHWHOOHYpHQRFWXEUHHVWiFHUUDGRDKRUD
J$TXpOORVVRQORVYHFLQRVGHORVTXHPHTXHMR
K0HHVFULELyXQDFDUWDHQODTXHPHH[SOLFyWRGR
L/DFKLFDTXHIXHOHVLRQDGDHVWiHQHOKRVSLWDO
M/DPXMHUTXHYLVWHD\HUHUDPLDPLJD&RQVXHOR
N+DVHQFRQWUDGRODHVWLORJUiILFDFRQODTXHWXWtDHVFULELyQRYHODV"
O(OVDUDPSLyQHVXQDHQIHUPHGDGSHOLJURVDGHODTXHKD\TXHSURWHJHUVH
DTXLHQETXHFTXLHQGTXHHTXHITXHJTXLHQKTXHLTXHMTXLHQNORTXHOTXLHQ
DHQIUHQWHGHODFXDOEGHOTXHFGHEDMRGHORVFXDOHVGSRUORVTXHHHQODTXHIHQFLPDGHOFXDOJ
SDUDODTXHKHQWUHORVTXHLGHEDMRGHOTXHFXDOMHQIUHQWHGHWUiVGHOTXHFXDONGHWUiVGHODTXHOSRU
ODVTXH
DORTXHEORTXHFTXHGORTXHORTXHHTXHTXHIORTXHJTXHKORTXHLORTXHORTXHMORTXHTXHN
ORTXHTXHOORTXHTXH
DFX\RVEFX\DFFX\RGFX\DVHFX\DIFX\RVJFX\RVKFX\RLFX\DMFX\RVNFX\DOFX\RV
D/DH[FDYDFLyQSRUSDOHRQWyORJRV\DUTXHyORJRVGH$WDSXHUFDTXHHVWiHQODVLHUUDGH%XUJRV
HPSH]yHQORVDxRVGHOVLJOR;;
E(Q$WDSXHUFDVHKDQGHVFXELHUWRIyVLOHVKXPDQRVTXHSHUWHQHFHQDVHLVLQGLYLGXRVGLIHUHQWHV
F/RVVHLVLQGLYLGXRVFX\RVUHVWRVWLHQHQXQRVDxRVGHDQWLJHGDGSRGUtDQKDEHUVLGRORV
HXURSHRVPiVDQWLJXRV
G1RVHSDUHFHQDRWURVIyVLOHVKXPDQRVHQFRQWUDGRVHQ(XURSDORTXHUHYROXFLRQDODVWHRUtDV
FRQYHQFLRQDOHVVREUHODHYROXFLyQGH+RPRVDSLHQV
H(OHTXLSRLQYHVWLJDGRUOHSXVRDHVWDQXHYDHVSHFLHHOQRPEUHGH+RPRDQWHFHVVRUFX\RVLJQLILFDGR
HQODWtQHVSLRQHUR
I+DQXVDGRWpFQLFDVJHRItVLFDVDYDQ]DGDVTXHKDQSHUPLWLGRXQDGDWDFLyQSUHFLVDGHO\DFLPLHQWRGH
ORVIyVLOHV
J(QORVKXHVRVGH+RPRDQWHFHVVRUKD\PDUFDVSRUODVTXHVDEHPRVTXHHUDFDQtEDO
K/RVMyYHQHVDUTXHyORJRVTXHKDQKHFKRODVWHVLV\FX\DODERUHVGHVXPRLQWHUpVJHQHUDOQHFHVLWDQ
D\XGDHFRQyPLFDSDUDSRGHUVHJXLUWUDEDMDQGR
L8QDGHODVHPSUHVDVSHTXHxDVTXHKR\HQGtDSURPRFLRQDQVXFRPHUFLRHQ,QWHUQHWHV
)UXWDIUHVFDFRP
M(VXQQHJRFLRKRUWRIUXWtFRODIDPLOLDUGH9DOHQFLDFX\RVSURSLHWDULRV)HUQDQGR\VXVKLMRV-DYLHU\
-RUJHQRTXHUtDQGHMDUGHUHFROHFWDUORVFXOWLYRVGHPRGRDUWHVDQDO
N3RUHMHPSORUHFRJHQODVQDUDQMDVHQVXSXQWRLGyQHRGHPDGXUDFLyQORTXHQRHVKDELWXDOHQOD
UHFRJLGDGHODIUXWD
O0LHQWUDV)HUQDQGR\-DYLHUHVWiQUHFROHFWDQGR-RUJHHVWiPDQHMDQGRXQRUGHQDGRUSRUWiWLOHQHOTXH
DWLHQGHSHGLGRVGHIUXWDVUHPLWLGRVGHFRPHUFLRVKRWHOHV\UHVWDXUDQWHVGHWRGRHOSDtV
P-RUJHVHHQFDUJyGHGLVHxDUODSiJLQDZHETXHWDQWDFOLHQWHODKDDWUDtGR\GHODTXHVHVLHQWHPX\
RUJXOORVR
Q/DLGHDGHOOHYDUHOSURGXFWRGLUHFWDPHQWHGHOSURGXFWRUDOFRQVXPLGRUHVORTXHOHDWUDHD/RUHQ]R
XQFOLHQWHHVWLPDGR
R/RUHQ]RHVSURSLHWDULRGHXQDIUXWHUtDTXHVHHQFXHQWUDHQSOHQRFHQWURGH0DGULG\HQODTXHVH
YHQGHVyODPHQWHIUXWDIUHVFDGHODPHMRUFDOLGDG
S/DHVWUDWHJLDGH)UXWDIUHVFDFRPTXH,QWHUQHWSHUPLWH\FRQODTXHKDQDFLGRHVRIUHFHUXQDUHFRJLGD
VHOHFWLYDWDQVyORKRUDVDQWHVGHTXHOOHJXHDVXGHVWLQR
.H\1HJDWLRQ
D1RKD\QDGLHE1RWHQJRQDGDTXHKDFHUF1RKHPRVLGRQXQFDQXQFDKHPRVLGRG7DPSRFRYR\
1RYR\WDPSRFRH1RKHYLVWRDQLQJXQRGHWXVFRPSDxHURVI1RYR\DHQVHxDUWHQLQJXQRGHPLV
FXDGURVJ1RTXLHURQLWpQLFDIpK7RGDYtD$~QQRWHQHPRVORVUHVXOWDGRVL1RSRQHQQDGDM1RKDQ
WUDtGRQLQJXQDN<DQRO$PtWDPSRFR
D1XQFDWHQtDGLQHURE1DGLHDFRPSDxDEDDOFRQFHMDOF(QHVDWLHQGDQLYHQGtDQEROtJUDIRVG
7DPSRFRPHD\XGDURQH1XQFDYLHQHQDGLHI)HGHULFDQXQFDHQWLHQGHQDGDJ<RWDPSRFRHQWLHQGR
QXQFDQDGDK1LQJ~QFLHQWtILFRWHORSRGUtDH[SOLFDUL4XpKDFHUVLQDGLHQRVORH[SOLFD"M$XQTXH
YLYLPRVHQ(VSDxDQLQJXQRGHPLVKLMRVKDEODFDVWHOODQRN1DGDWHQtDQTXHYHUODVLQVWUXFFLRQHVFRQ
HODSDUDWRO1RHQWLHQGRFyPRSXHGHVHUTXHQXQFDKD\DDFXGLGRDXQPpGLFR
DQDGLHEQDGDFQRQLQJXQDGQRQDGDHQRQLQJXQDIQRVLQRJQRQDGDKQRQLQLLQRVLQRMQR
QDGDNQRQDGLHOQRQDGDQLPQRVLQRQQRQLQL
D1DGLHGHMyQDGDHQHOPRQWH
E1RQRVGHVYLDPRVQXQFDGHOVHQGHUR
F(QHOJUXSRKDEtDIXPDGRUHV\QRIXPDGRUHV
G1RWLUDPRVQLFROLOODVQLFHULOODVVLQDSDJDU
H1RHQFHQGLPRVKRJXHUDVWDPSRFR
I1RKLFLPRVQLQJ~QWLSRGHIXHJRIXHUDGHOiUHDLQGLFDGD
J1DGLHHQHOJUXSRVDEtDXWLOL]DUHOIRJyQ
K3DVDPRVHOGtDVLQYHUDQDGLH
L1ROORYLySHURWDPSRFRKL]RXQGtDPX\EXHQR
M1RYROYLPRVDODVRFKRVLQRSDVDGDVODVRQFH
N1LQJXQRGHQRVRWURVVXIULyXQDFFLGHQWH
O3HURQDGLHTXLHUHUHSHWLUODH[SHULHQFLDWDPSRFR
D3DVpWRGRHOGtDHQFDVDVLQKDFHUQDGD
E3DEOLWRQXQFDHQWLHQGHQDGD
F1RPHKDGDGRQLQJ~QWLSRGHD\XGD
G/RTXHKDVHVFULWRQRHVWiQDGDFODUR
H1R1LOHHQORVSHULyGLFRVQLHVFXFKDQODVQRWLFLDVHQODUDGLR
I7RGDYtD$~QQRWHQJRORVUHVXOWDGRVQL-RUJHWDPSRFR
J6HPDUFKyVLQGHFLUQDGDDQDGLH
K/RKL]RVLQGLILFXOWDGVLQGLILFXOWDGDOJXQD
L(OHQD\DQRPHHVFULEHGLFHTXHQRWLHQHQDGDTXHFRQWDUPH
M1LQJXQRGHHVWRVOXJDUHVHVWiOHMRVSHURQLQJXQRHVPX\HVSHFLDOPHQWHDWUDFWLYRWDPSRFR
N1LVLTXLHUDOHKDGLFKRD0LJXHOTXHQRTXLHUHYROYHUDYHUOHQXQFDMDPiV
O1RYDDODXQLYHUVLGDGHVWHDxRVLQRHODxRTXHYLHQH
.H\3UHSRVLWLRQV
D+R\QRKHYLVWRD-XDQF$PLPDGUHQROHJXVWDTXHYLVLWHDODWtDH1RRtDOSURIHVRUI$PLVWtRV
OHVJXVWDYHUDVXVKLMRVSURJUHVDUJ3DEORTXLHUHPXFKRD,VDEHOLOODPDURQD&DUPHQMYLVLWpD
-XOLR\$OHMDQGUDNRtPRVFDQWDUD0RQWVHUUDW&DEDOOpO6XVDQDSHJyDVXKHUPDQRPHQRU
DGHDGHDKDVWDEGHVGHDKDVWDHQFGHVGHKDVWDGHGGHDGHGHHGHGHGHKDVWDIGHVGH
KDVWDDDJGHDDGHKDGHGHDLDOGHMDKDVWDDDNGHGHVGHKDVWDOGHVGHKDVWDGHDD
DFRQEVHJ~QFRQWUDFFRQVLQGFRQWUDKDFLDFRQHVHJ~QKDFLDIVLQVLQVLQJKDFLDKFRQVLQLFRQ
VHJ~QMFRQWUDFRQNVHJ~QFRQFRQFRQWUDOFRQWUDFRQFRQWUDFRQ
DVREUHEHQVREUHFHQWUHHQGHQVREUHHVREUHIHQVREUHHQWUHJHQWUHHQKVREUHLVREUHHQMHQ
HQWUHNHQHQWUHHQOVREUHHQHQWUH
DEDMREH[FHSWRFDQWHGWUDVHDQWHIEDMRJH[FHSWRKWUDVLEDMRMEDMRNDQWHOWUDVWUDV
DSRUESRUFSRUGSDUDSRUHSRUSDUDISRUSDUDJSRUKSRUSRUSDUDLSRUMSDUDSDUDNSRUOSRU
FSRUUD]RQHVG9R\SRUPiVFDIpJSRUHOWUDEDMRGHMSRUXQRVYDTXHURVNSDUDOD
VDOXG
DGHGHEFRQFDOGHQHGHIDJFRQKGHLGHMHQNDODDQHQQGHGHRSRUHQFRQSGHTDUHQV
GHWGH
DEFGHIJKLMNOPQR
DGHEGHVGHFHQGSDUDHHQIFRQJDKGHLDMHQNSRUOSRUPFRQQGHRFRQWUDSVHJ~QTHQ
DVHJ~QESRUFSDUDGVHJ~QHGHISDUDJFRQKDLGHMGHNSRUODQGHQFRQRFRQSHQTVREUHUHQ
VVLQWSRU
.H\&RQMXQFWLRQV
D-RUJH\-DYLHUEHOQHJURRHOD]XO"F)HUQDQGRH,VDEHOG&HFLOLDH,JQDFLRSHURQR
SXGLHURQHQLD3DFRQLD$OHMDQGURIVLHWHXRFKRYHFHVSHURJ$OHPDQLDH,WDOLDK
VLQRVXGDPHULFDQRVWDPELpQLYHQJDQVLQRTXHYD\DQMSHURVDOLPRVGHSDVHR\N/RRtPRV
SHURQRORYLPRVO'DQLHOH,JQDFLRFRUULHURQPXFKR\ELHQSHURQLHOXQRQLHORWUR
DEFGHIJKLM
D/HtDHOSHULyGLFRPLHQWUDVGHVD\XQDED
E&XDQGRHVWDPRVGHYDFDFLRQHVQRVJXVWDKDFHUDOJRFXOWXUDO
F7HQHPRVTXHWHQHUHVWRWHUPLQDGRDQWHVGHTXHYXHOYDHOMHIH
G1RYROYHUHPRVDOWUDEDMRKDVWDTXHHOGLQHURVHQRVDFDEH
H1RVLUHPRVDOWHDWURGHVSXpVGHTXHFXDQGROOHJXHQORVDEXHORV
I1RDGHOJD]DUiVPLHQWUDVVLJDVWDQJRORVD
J+D\TXHSLQWDUODFDVDDQWHVGHTXHYHQJDHOPDOWLHPSR
K1RPHPXHYRGHDTXtKDVWDTXHVDOJD5RGULJR0RQWDOEiQ
L1RVDFRVWDPRVGHVSXpVGHFHQDU
M+D\TXHVDFDUODVHQWUDGDVDQWHVGHTXHODVKD\DQYHQGLGRWRGDV
N-RUJHYDDODSDQDGHUtDSRUHOSDQPLHQWUDVQRVRWURVFRPSUDPRVORVILDPEUHV
O&XDQGRWHKD\DVGHFLGLGR\DVHUiWDUGH
DDSHVDUGHOEDXQTXHFDXQTXHGDSHVDUGHHDXQTXHIDSHVDUGHJDSHVDUGHKDXQTXHLDXQTXHM
DXQTXHNDSHVDUGHODSHVDUGH
DHQFDVRGHTXHYHQJDEGHPRGRTXHORVYHQGLyWRGRVF6LHPSUHTXHFRQWDOGHTXHWRGRHVWpHQRUGHQ
GHQHOFDVRGHTXHWHKDJDIDOWDORQHFHVLWHHDPHQRVTXHDQRVHUTXHPHHQYtHQXQDLQYLWDFLyQISDUD
TXHFRQRFLHUDD-RVHIDJFRQWDOGHTXHSURJUHVDUDKGHWDOPDQHUDTXHORHQWHQGLPRVWRGRLDQRVHU
TXHDPHQRVTXHOOXHYDMSDUDTXHYHiLVHO*XHUQLFDGH3LFDVVRNVLHPSUHTXHWHQJDPRVWLHPSR\
GLQHURODQRVHUTXHWHQJDVXQFRPSURPLVRSUHYLR
D&UHRTXHSRGHPRVDILUPDUFRQWRGDVHJXULGDGTXHQL-XDQQL-RVpYDQDDSUREDUHOH[DPHQ
E<HVRDSHVDUGHWRGRORTXHKDQHVWXGLDGRGXUDQWHHOFXUVRDxR
F'HFLGLPRVTXHQRVLUtDQDEXVFDUHQFDVRGHTXHQRVQHFHVLWDUDQ
G1RVDSR\DUiQQRVGDUiQDSR\RVLHPSUHTXHFRQWDOGHTXHORSLGDPRV
H1RVDORMDPRVHQXQDSHQVLyQEDUDWDSDUDTXHQRVGXUDUDPiVHOGLQHUR
I4XHGDPRVDODVVHLVSHUROOiPDPHHQFDVRGHTXHQRSXHGDVYHQLU
J7HGHMDUpSUHVWDUpHVWHOLEURVLHPSUHTXHPHORGHYXHOYDVFXDQGRKD\DVWHUPLQDGRGHOHHUOR
K'LMRTXHPHGHYROYHUtDHOGLQHURTXHOHGHMpSUHVWpDQWHVGHTXHIXHUD\RGHYDFDFLRQHVSHURQROR
KL]R
L1RKHYLVWRKR\QLD$QGUpVQLD(QULTXHDXQTXHGLMHURQTXHHVWDUtDQDTXt
M'LFHTXHHVIHOL]DXQTXHVHDSREUH\DTXHODIHOLFLGDGQRGHSHQGHGHOGLQHUR
N1RVDOLPRVSRUTXHQROORYtDVLQRTXHQHYDED
O/RVJXDUGLDVSROLFtDVORGHWXYLHURQFXDQGRDWHUUL]yHODYLyQSRUTXHHVWDEDEHELGRERUUDFKR\KDEtD
HVWDGRPROHVWDQGRDORVRWURVSDVDMHURV
.H\:RUGRUGHU
D9LQLHURQORVWtRVORVSULPRV\DOJXQDRWUDSHUVRQDPiV
E7HKDOODPDGR6XVDQD
F$XQRVGRVNLOyPHWURVGHOSXHEORVHHQFXHQWUDHOFDVWLOORGH0HGLQDGHO&DPSR
G/RTXHPiVOHVJXVWDKDFHUHVWRPDUHOVRO
H$TXtODIUXWDTXHPiVVHFXOWLYDHVODIUHVD$TXtODIUHVDHVODIUXWDTXHPiVVHFXOWLYD
I$OVDOLUHOVROQRVSXVLPRVHQFDPLQR
J'DQGRODYXHOWDDOPXQGRWXYHH[SHULHQFLDV~QLFDV
K/RPLVPRGLFHKR\TXHGLUiPDxDQD
L1RPHJXVWDQORVPHMLOORQHV
M7RGDYtDQRKHYLVWRHVDSHOtFXOD
N0iVWDUGHVHSUHVHQWyRWUDGLILFXOWDG
O$OGtDVLJXLHQWHWRPDPRVHODXWRFDUD&KLKXDKXD
P<RTXHW~QRORKDUtD
Q9LHQHQPXFKRVLQPLJUDQWHVDWUDEDMDUHQORVFDPSRVIUHVHURV
R(QHVWHEDUULRYLYHQORVGHVHPSOHDGRV\ORVQHFHVLWDGRV
D,GLGQ
WEX\P\VHOIWKLVFDUP\IDWKHUERXJKWLWIRUPH
E7KH\FDOOWKHVHZRPHQWKHVWUDZEHUU\ZRPHQ
F,FDQ
WVWDQGWKDWER\
G<RXJLYHJHUDQLXPVYHU\OLWWOHZDWHU<RXZDWHUJHUDQLXPVYHU\OLWWOH
H,PHWP\EHVWIULHQGDWXQLYHUVLW\
I:HDUHJRLQJWRSXWDOOWKHERRNV\RXVHHKHUHLQWKHOLEUDU\
J,ERXJKWP\JLUOIULHQGDJROGQHFNODFH
K7KHWRXULVWVGLGQ
WOLNHWKHVKRZDWDOO
L7KHERVVKDVWROGPHWKDWKHLVWKLQNLQJRIWDNLQJHDUO\UHWLUHPHQW
M<RXQJYROXQWHHUVFDUU\RXWDOOWKHVHMREV
N<RXZLOOJHW7KH\ZLOOJLYH\RXWKHLQIRUPDWLRQ\RXDUHORRNLQJIRULQWKHWRXULVWRIILFH
O+DYH\RXVHQWWKHSDUFHOWR)HOLSHRUDUH\RXJRLQJWRGHOLYHULWWRKLPE\KDQG"
P:HZHUHORRNLQJIRUWKRVHZRPHQIRUKDOIDQKRXU
Q0U0iUTXH]JDYHWKHVSHHFKDQGLWZDVYHU\ZLWW\IXQQ\
R:HKDYHVROGWKHDSDUWPHQWZHKDGLQ,EL]DWRDQHLJKERXU
D/DUHVSXHVWDODVDEHVPX\ELHQ
E/DYHUGDGODGLUiVW~
F(VWRVOLEURVORVFRPSUpHQHO5DVWUR
G(OSUREOHPDQRORYDPRVDVROXFLRQDUDKRUD
H(ODPRUGHWXYLGDORYDVDHQFRQWUDUFXDQGRPHQRVORHVSHUDV
I(OGLQHURRVORGDUiQHOOXQHV
J/DFDVDQRVODDOTXLOyXQFROHJD
K/DWHRUtDPHODH[SOLFyHOSURIHVRUGHFLHQFLDV
L6XFROHFFLyQGHVHOORVQRRVODYDDYHQGHU
M7X'9'WHORKHGHYXHOWR\D
N$&RQFKLWDOHGLHURQHOSULPHUSUHPLR
O$ORVTXHORQHFHVLWDEDQOHVGLRD\XGD
P$ORVFRPSDxHURVGHWUDEDMRQROHVGLMRQDGD
Q$PLDPLJR-DLPHOHSXVLHURQXQDPXOWDGHHXURV
R$0DUtDOHUREDURQHOEROVR
S(OSDTXHWHVHORHQWUHJXpDOSROLFtD
TDQDGLHVHORKHPRVGDGR
U(OWtWXORVHORFRQFHGLHURQDORVSULPHURVHVWXGLDQWHV
VDVXVDPLJRVVHORFXHQWDWRGR
W/RVGRFXPHQWRVVHORVHQWUHJXpDOHQFDUJDGR
D7DPELpQYD0DUtDDOFRQFLHUWR0DUtDWDPELpQYDDOFRQFLHUWR
E6LHPSUHKDQYHQLGRDTXt
F'HYH]HQFXDQGRKD\TXHWHQHPRVTXHSHQVDUHQHOIXWXUR
G7HUPLQDSURQWRHOWUDEDMR
H8QDFRVDDVtQRVHKDFHWRGRVORVGtDV
I$TXtGHFLUODYHUGDGVHUtDGLItFLO'HFLUODYHUGDGDTXtVHUtDGLItFLO
J/DYHUGDGKD\TXHEXVFDUODODWHQGUiVTXHEXVFDUHQRWUDSDUWH
K$YHFHVFRPSURSDQGHOVXSHUPHUFDGR
L'HVSXpVGHHVRQRODYROYtDYHU$HOODQRODYROYtDYHUGHVSXpVGHHVR
M/RVSDVDSRUWHVORVJXDUGDPRVPHWHPRVHQODFDMDGHVHJXULGDGODFDMDIXHUWHFRQORVFKHTXHVGH
YLDMH
N/DVQRFKHVODVSRGHPRVSDVDUWRPDQGRFRSDVHQODVWHUUD]DV
O&DGDGtDPHFXHQWDXQSRFRPiVGHVXYLGD
D+DFHPLOORQHVGHDxRVVHSURGXMRODH[WLQFLyQHQPDVDGHODPD\RUtDGHORVGLQRVDXULRVTXH
SREODEDQQXHVWURSODQHWD(OIHQyPHQRVLHPSUHKDIDVFLQDGRDORVFLHQWtILFRV\H[LVWHQYDULDV
KLSyWHVLVVREUHVXH[WLQFLyQGHODVTXHWUHVWLHQHQXQDEDVHHQODUHDOLGDG/DKLSyWHVLVGHODFDtGDGH
XQPHWHRULWRHVODPiVSRSXODU'HKHFKRKDFHXQRVPLOORQHVGHDxRVXQPHWHRULWRDXQD
YHORFLGDGGHKDVWDNLOyPHWURVSRUKRUDFD\y\FKRFyFRQWUDODFRVWDGHOJROIRGH0p[LFR
2FDVLRQyWHUUHPRWRV\PDUHPRWRVGHJUDQPDJQLWXGODQ]DQGRDODDWPyVIHUDXQDQXEHLQPHQVDGH
SROYR\IUDJPHQWRVGHURFD$OYROYHUDODWLHUUDODPDWHULDVyOLGDLQFDQGHVFHQWHSURYRFyJUDYHV
LQFHQGLRV\HOSROYRLPSLGLyODSHQHWUDFLyQGHUD\RVVRODUHVGXUDQWHPHVHV/DVFRQVHFXHQFLDVSDUD
ODVSODQWDV\ORVDQLPDOHVIXHURQJUDYHV6LQHPEDUJRDOJXQDVHVSHFLHVFRPRODVDYHV\ORVUHSWLOHV
VREUHYLYLHURQ
E$ILQDOHVGHOVLJOR;;\DSHVDUGHOHVFHSWLFLVPRGHDOJXQRVFLHQWtILFRVVHODQ]yHOWHOHVFRSLR
HVSDFLDO+XEEOHTXHSURSRUFLRQDUtDLPiJHQHVGLH]YHFHVPiVQtWLGDVTXHODVWHUUHVWUHV\TXHKDUtD
SRVLEOHGHWHFWDUREMHWRVKDVWDHQWRQFHVGHVFRQRFLGRV
&RPRHUDGHHVSHUDUDOSULQFLSLRKXERSUREOHPDVFRQHOWHOHVFRSLR\ODVIRWRJUDItDVTXH
WUDQVPLWLyDOD1$6$HUDQERUURVDV6LQHPEDUJRHOSUR\HFWRVLJXLyJUDFLDVDORVHVIXHU]RVWLWiQLFRV
GHXQRVFLHQWtILFRVFRPSURPHWLGRV\HO+XEEOHHPSH]yDPDQGDUODVLPiJHQHVPiVOHMDQDVGHO
FRVPRV(QDVWURQRPtDFXDQWRPiVOHMRVVHDSXQWDHOWHOHVFRSLRPiVKDFLDDWUiVHQHOWLHPSRVH
YLDMD3RUWDQWRHVDVLPiJHQHV(VDVLPiJHQHVSRUWDQWRHUDQODVPiVDQWLJXDVMDPiVFRQVHJXLGDV
(OHVWXGLRGHODVIRWRJUDItDVOHVKDGDGRPXFKDVVRUSUHVDVDORVLQYHVWLJDGRUHVTXHWLHQHQDFFHVRD
HOODV\WLHQHQTXHUHIRUPXODUFRQVWDQWHPHQWHVXVWHRUtDVVREUHODHYROXFLyQGHOXQLYHUVR$GHPiVVH
KDUHVXVFLWDGRXQLQWHUpVPiVJHQHUDOHQODH[SORUDFLyQHVSDFLDO\DXQTXHGHPRPHQWRQRKD\D
VHxDOHVILDEOHVSXHGHTXHDOJ~QGtDHQFRQWUHPRVYLGDIXHUDGHOD7LHUUD
&RQVROLGDWLRQH[HUFLVHVNH\
$QDO\VLV
SRUPiVW~QHOHVTXHVHKDJDQOVXERUGLQDWHFODXVHRIFRQFHVVLRQZLWKSRUTXHUHTXLUHVWKH
VXEMXQFWLYH
VHHIHFW~HQOYLYDQHQWUHQOKD\DOVXEMXQFWLYHLQWKHVXERUGLQDWHFODXVHDVWKH
PDLQFODXVHYHUEH[SUHVVHVLPSRVVLELOLW\RUQHFHVVLW\
SHUPLWDOVDTXHOVXEMXQFWLYHXVHGLQDUHODWLYHFODXVHZKHQWKHUHODWLYHSURQRXQUHIHUV
EDFNWRVRPHWKLQJLQGHILQLWH
OOHYHOSUXHEHQOXVHQOKDJDQOWKHYHUELQWKHVXERUGLQDWHFODXVHPXVWEH
VXEMXQFWLYHDVWKHGLIIHUHQWVXEMHFWRIWKHPDLQFODXVHYHUEH[SUHVVHVDZLVK
$GGWKHHQGLQJVRIWKHSUHVHQWVXEMXQFWLYHWRWKHVWHPRIWKHILUVWSHUVRQVLQJXODURIWKHLQGLFDWLYHIRU
DUYHUEVDGGHHVHHWFDQGIRUHUDQGLUYHUEVDGGDDVDHWF7KHLUUHJXODUSUHVHQWWHQVH
VXEMXQFWLYHLVKD\DIURPWKHYHUEKDEHU
UD]RQDEOHVLVTXDOLI\LQJWKUHHQRXQVVRPXVWEHLQWKHSOXUDO
/RPDORORLVXVHGZLWKDQDGMHFWLYHWRIRUPDQDEVWUDFWQRXQ
ORGLUHFWREMHFWSURQRXQUHIHUULQJWRHODXWRPyYLO
TXHDOJXLHQORVDTXHDODOX]OORUHIHUVWRWKHFDURZQHUSRWHQWLDOSXEOLFWUDQVSRUWXVHUORKDQ
FRPSUDGRTXHSUXHEHQDXVDUOROORUHIHUVWRHODERQR
VHLVXVHGWRH[SUHVVWKHSDVVLYH
$QDO\VLV
+D\TXH+D\TXHVHJXLUWUDEDMDQGROKD\TXHVHOHFFLRQDUKDFHUSUHVLyQOKD\
TXHWHQHUFRQFLHQFLDOKDEUiTXHFRQVHUYDUO
+D\TXHVHJXLUWUDEDMDQGRZHPXVWFRQWLQXHZRUNLQJO
ODFDSDGHR]RQRVHHVWiFRQYLUWLHQGRWKHR]RQHOD\HULVEHFRPLQJO
ORVSDtVHVHQYtDVGHGHVDUUROORFRQWLQ~DQSURGXFLHQGRGHYHORSLQJFRXQWULHVDUHVWLOOSURGXFLQJO
(OWHPDGHOR]RQRVHYDUHVROYLHQGRWKHR]RQHSUREOHPLVVORZO\UHVROYLQJLWVHOIO
3UHVHQWVXEMXQFWLYHDIWHUSDUDTXH
SDUDTXHHOJRELHUQRVHGpFXHQWD\WRPHPHGLGDVO
7KHVXEMXQFWLYHLVUHTXLUHGKHUHDIWHUDFRQMXQFWLRQH[SUHVVLQJWLPHFXDQGRLQWKHIXWXUH
D7KHVXEMXQFWLYHLVXVHGKHUHDIWHUWKHPDLQFODXVHYHUEH[SUHVVLQJDQHPRWLRQFRQFHUQ
E$SDVVLYHFRQVWUXFWLRQVHUSDVWSDUWLFLSOHWKHSDVWSDUWLFLSOHPXVWDJUHHZLWKWKHQRXQLWUHIHUVWR
KHUHODFDSDGHR]RQR
VHHVWiFRQYLUWLHQGROHOJRELHUQRVHGpFXHQWDOVHYDUHVROYLHQGROVHLVD
UHIOH[LYHSURQRXQ
VHXVDQOVHSXHGHQVXVWLWXLUOVHKDQOOHYDGRDFDEROVHH[SUHVVHVWKHSDVVLYH
VHFRPSUDOVHLVWKHLPSHUVRQDOSURQRXQ
ORLVDQHXWHUREMHFWSURQRXQUHIHUULQJWRWKHSUHYLRXVFODXVHFRQWLQ~DQSURGXFLHQGRHVWDVVXVWDQFLDV
SDUDGDUFXHQWDOSDUDHYLWDUOLQILQLWLYHDIWHUDSUHSRVLWLRQ
(OLPLQDUOODPDQHUDGHYLYLUOLQILQLWLYHIXQFWLRQLQJDVDQRXQ
VLVWHPDSHULRGLVWDSUREOHPDWHPDSODQHWD
$QDO\VLV
7KHZULWHULVDGGUHVVLQJWKHUHDGHULQWKHLQIRUPDOVLQJXODUIRUPW~
6HLVXVHGKHUHWRDYRLGDSDVVLYHFRQVWUXFWLRQVRQFRQVLGHUDGDV
$JDLQWKHSDVVLYHFRQVWUXFWLRQVHUSDVWSDUWLFLSOHLVDYRLGHGWKLVWLPHE\XVLQJWKHWKLUGSHUVRQ
SOXUDORIWKHYHUE
&RQGLILFXOWDG$GYHUELDOSKUDVHVDUHSRUVHSDUDGROFRQVROWXUDOFRQDQWHODFLyQO
SRUOLEUHO
,UWKHLQILQLWLYHLVIXQFWLRQLQJDVDQRXQ6LPLODUO\FRQWUDWDUXQYLDMHRUJDQL]DGRTXHLUSRU
OLEUHO
WHSXHGHVDOLULQILQLWLYHDIWHUPRGDOYHUESRGHU)XUWKHUH[DPSOHVLQWKHWH[WDUHSXHGHQ
VLJQLILFDUOVXHOHVHUOVDEHVPRYHUWHOQRWHQHUTXHDMXVWDUOSRGUiVHOHJLUO
6LTXLHUHVKDFHUO
,QILQLWLYHXVHGDIWHUSUHSRVLWLRQVDQGSUHSRVLWLRQDOSKUDVHV$GHPiVGHFRQRFHU\DFFHGHUO
DQWHVGHVDOLUO
,QILQLWLYHIROORZLQJDYHUEVRPHWLPHVZLWKDSUHSRVLWLRQWHD\XGDUiQDSODQHDUOVLSUHILHUHV
FRQWUDWDUOQRGXGHVHQFRQWUDWDUODO
7KHVHDUHWKHFKDQJHVWKDW\RXVKRXOGKDYHPDGHWRWKHWH[W
9LDMH
(OLMDOHD\XGDUiQ
3LGDVLSUHILHUHTXHOHFREUDQLUHQWD[LOHSXHGH
6LHVXQYLDMHURVDEHPRYHUVHQRGXGH
+DJDVXUHVHUYDFRQWUDWHHQODSURSLDDJHQFLD
$SURYHFKHVLWLHQHODVXHUWHGHQRWHQHUTXHDMXVWDUVXVYDFDFLRQHV3HURWHQJDHQFXHQWD
GLItFLOPHQWHSRGUiHOHJLUHOGHVWLQRTXHPiVOHJXVWH
6LTXLHUHKDFHUXQWRXUVLHPSUHOHVDOGUi
$QDO\VLV
)LUVWWKUHHSDUDJUDSKVQDUUDWLYHFRQWH[WZLWKWLPHXQVSHFLILHGLPSHUIHFWWHQVH3DUDJUDSKVDQG
DFWLRQVFRPSOHWHGZLWKLQDWLPHFRQWH[WSUHWHULWHWHQVH
KDEtDGREODGRVXIUHQWHOHOVROVHKDEtDGHMDGRO
HVWDUWRVWDWHSRVLWLRQ
3UHSRVLWLRQYHUELQLQILQLWLYH([DPSOHVLQWKHWH[WVLQJHPLUOSDUDFDHUOSDUDPLUDUOD
WRUQDEDDEDMDUORVOFRPHQ]DEDQDHQYROYHUOVHDFDEyGHERUUDUODOPRULUO
FRPHQ]yDGLEXMDUVHO
VHLVIXQFWLRQLQJDVDUHIOH[LYHSURQRXQ
FRPRVLKDEODVHOLPSHUIHFWVXEMXQFWLYHDIWHUFRPRVL
:KHUHWKHYHUELVLQWKHLQILQLWLYHIRUPRUDJHUXQGWKHREMHFWSURQRXQLVZULWWHQRQWRLW
:LWKLQDFODXVHWKHYHUEXVXDOO\JRHVEHIRUHWKHVXEMHFWDOVRZKHUHWKHVXEMHFWLVORQJHUWKDQWKHYHUE
DQGIRUVW\OLVWLFHIIHFW
$IWHUDSUHSRVLWLRQWKHIRUPRIWKHUHODWLYHSURQRXQLVHOTXHHOFXDOHWFWKHDUWLFOHEHLQJLQDJUHHPHQW
ZLWKWKHDQWHFHGHQW:KHUHWKHSUHSRVLWLRQLVRIWKUHHV\OODEOHVRUPRUHHOFXDOHWFLVWKHSUHIHUUHG
UHODWLYHSURQRXQ
$QDO\VLV
7KHGLUHFWREMHFWRIWKHYHUELVDSHUVRQ
QRPHGLJDVHVROQRPHORQLHJXHVOVXEMXQFWLYHLVXVHGIRUQHJDWLYHFRPPDQGVDQGWKH
REMHFWSURQRXQVSUHFHGHWKHYHUELQWKHRUGHULQGLUHFWREMHFWGLUHFWREMHFW
ODVPXMHUHVOFROOHFWLYHQRXQODFDEH]DO(QJOLVKZRXOGXVHDSRVVHVVLYHODYLGDO
DEVWUDFWQRXQHO'HOItQODUWLFOHXVHGEHIRUHDQLFNQDPH
0DLQFODXVHYHUEH[SUHVVHVDZLVKZLWKDGLIIHUHQWVXEMHFWLQWKHVXERUGLQDWHFODXVH
3UHWHULWHRIWKHYHUEPRULUREHFRPHVXLQWKLUGSHUVRQVLQJXODUDQGSOXUDO'RUPLUGXUPLy
GXUPLHURQ
<RXKDYHEHHQGHFHLYHG\RXKDYHEHHQZHOODQGWUXO\FRQQHG7KLVNLQGRI(QJOLVKSDVVLYH
H[SUHVVLRQLVEHVWH[SUHVVHGLQ6SDQLVKZLWKWKHWKLUGSHUVRQSOXUDO
+HLVUHIHUULQJWRKLVFKLOG
ORPiVFRP~QO
6LGHVGHHOSULQFLSLRKXELHUDVKDEODGRFRQPLJROWKHSOXSHUIHFWVXEMXQFWLYHLVXVHGWRH[SUHVVDQ
XQIXOILOOHGFRQGLWLRQLQWKHSDVWLI\RXKDGVSRNHQWRPHEXW\RXGLGQRWODPLVPDHGDGTXHWHQGUtD
HOPtRVLYLYLHVHOFRQGLWLRQDOIROORZHGE\WKHLPSHUIHFWVXEMXQFWLYHLQWKHLIFODXVH7KH
XQIXOILOOHGFRQGLWLRQUHODWHVWRSUHVHQWWLPHWKHVDPHDJHDVPLQHZRXOGEHLIKHZHUHDOLYHEXWKHLV
QRW
$QDO\VLV
DVHMXQWDEDQYHUEXVHGUHIOH[LYHO\WRPHDQWRPHHWVRVHLVWKHUHIOH[LYHSURQRXQ
ORVMXQWDEDQYHUEXVHGQRQUHIOH[LYHO\WRPHDQWRXQLWHEULQJWRJHWKHU/RVLVWKHGLUHFWREMHFW
SURQRXQWKHPVWDQGLQJIRU$EHODQG-RDTXtQ
E7KHVXEMHFWSURQRXQLVXVHGWRPDNHLWFOHDUWKDWWKHVXEMHFWRIQRVDEtDQKDEODULV$EHODQG-RDTXtQ
DQGQRWWKHLUZHWQXUVHV
1R,Q$SUHQGLyFDGDXQRGHHOORVFRQRFHUVHVHLVDUHIOH[LYHSURQRXQLQGHVGHFXiQGRVH
FRQRFtDQVHLVUHFLSURFDO
$QG\EHFRPHVHZKHQWKHIROORZLQJZRUGEHJLQVZLWKDQL
D7KHLQILQLWLYHIRUPVRIWKHYHUEDUHIXQFWLRQLQJDVQRXQV
EQRREHGHFHUOHLPSRUWDEDPiVTXHPDQGDU
OHLPSRUWDEDPiVQRREHGHFHUTXHPDQGDU%\SXWWLQJWKHYHUEILUVWDQGNHHSLQJWKHWZR
LQILQLWLYHVQRREHGHFHUDQGPDQGDUZKLFKDUHEHLQJFRQWUDVWHGFORVHWRJHWKHU8QDPXQRIRFXVHVRXU
DWWHQWLRQRQZKDWPDWWHUHGWR$EHOZKLFKZDVQRWREH\LQJUDWKHUWKDQOHDGLQJWKLVZRUGRUGHULVYHU\
HIIHFWLYHLQWHOOLQJXVTXLWHDELWDERXW$EHO
VFKDUDFWHU
FRPRW~TXLHUDVO$EHOLVXVLQJWKHVXEMXQFWLYHWRVD\WKDWZKDWHYHU-RDTXtQ
VZLVKHVPD\EH
KHZLOOJRDORQJZLWKWKHP
pVWHQRTXLHUHTXHYD\DPRVDO3LQDUOXVHRIWKHVXEMXQFWLYHLQWKHVXERUGLQDWHFODXVH
EHFDXVHRIDFKDQJHRIVXEMHFW
SDUHFtDGRPLQDUHLQLFLDUORWRGR-RDTXtQOOHGHFtD$EHOD-RDTXtQO
,UUHJXODUDQGVSHOOLQJFKDQJLQJYHUEV
,UUHJXODUYHUEV
7KHIROORZLQJOLVWLQFOXGHVRQO\WKHPRVWFRPPRQLUUHJXODUYHUEV2QO\LUUHJXODUIRUPVDUHJLYHQ9HUEV
PDUNHGZLWKDQDVWHULV.DUHDOVRVWHPFKDQJLQJ
DEULUWRRSHQ
SDVWSDUWLFLSOHDELHUWR
DQGDUWRZDON
SUHWHULWHDQGXYHDQGXYLVWHDQGXYRDQGXYLPRVDQGXYLVWHLVDQGXYLHURQ
LPSHUIHFWVXEMXQFWLYHDQGXYLHUDDQGXYLHUDVDQGXYLHUDDQGXYLpUDPRVDQGXYLHUDLVDQGXYLHUDQ
FDEHUWRILWWREHFRQWDLQHG
SUHVHQWLQGLFDWLYH\RTXHSR
SUHWHULWHFXSHFXSLVWHFXSRFXSLPRVFXSLVWHLVFXSLHURQ
IXWXUHFDEUpFDEUiVFDEUiFDEUHPRVFDEUpLVFDEUiQ
FRQGLWLRQDOFDEUtDFDEUtDVFDEUtDFDEUtDPRVFDEUtDLVFDEUtDQ
SUHVHQWVXEMXQFWLYHTXHSDTXHSDVTXHSDTXHSDPRVTXHSiLVTXHSDQ
LPSHUIHFWVXEMXQFWLYHFXSLHUDFXSLHUDVFXSLHUDFXSLpUDPRVFXSLHUDLVFXSLHUDQ
FRQGXFLUWRGULYH
SUHVHQWLQGLFDWLYH\RFRQGX]FR
SUHWHULWHFRQGXMHFRQGXMLVWHFRQGXMRFRQGXMLPRVFRQGXMLVWHLVFRQGXMHURQ
SUHVHQWVXEMXQFWLYHFRQGX]FDFRQGX]FDVFRQGX]FDFRQGX]FDPRVFRQGX]FiLVFRQGX]FDQ
LPSHUIHFWVXEMXQFWLYHFRQGXMHUDFRQGXMHUDVFRQGXMHUDFRQGXMpUDPRVFRQGXMHUDLVFRQGXMHUDQ
LPSHUDWLYH9GFRQGX]FDQRVRWURVFRQGX]FDPRV
GDUWRJLYH
SUHVHQWLQGLFDWLYH\RGR\
SUHWHULWHGLGLVWHGLRGLPRVGLVWHLVGLHURQ
SUHVHQWVXEMXQFWLYHGpGHVGpGHPRVGHLVGHQ
LPSHUIHFWVXEMXQFWLYHGLHUDGLHUDVGLHUDGLpUDPRVGLHUDLVGLHUDQ
LPSHUDWLYH9GGp
GHFLU
WRVD\
SUHVHQWLQGLFDWLYH\RGLJR
SUHWHULWHGLMHGLMLVWHGLMRGLMLPRVGLMLVWHLVGLMHURQ
IXWXUHGLUpGLUiVGLUiGLUHPRVGLUpLVGLUiQ
FRQGLWLRQDOGLUtDGLUtDVGLUtDGLUtDPRVGLUtDLVGLUtDQ
SUHVHQWVXEMXQFWLYHGLJDGLJDVGLJDGLJDPRVGLJiLVGLJDQ
LPSHUIHFWVXEMXQFWLYHGLMHUDGLMHUDVGLMHUDGLMpUDPRVGLMHUDLVGLMHUDQ
LPSHUDWLYH9GGLJDW~GLQRVRWURVGLJDPRV
JHUXQGGLFLHQGR
SDVWSDUWLFLSOHGLFKR
HVFULELUWRZULWH
SDVWSDUWLFLSOHHVFULWR
HVWDUWREH
SUHVHQWLQGLFDWLYHHVWR\HVWiVHVWiHVWDPRVHVWiLVHVWiQ
SUHWHULWHHVWXYHHVWXYLVWHHVWXYRHVWXYLPRVHVWXYLVWHLVHVWXYLHURQ
SUHVHQWVXEMXQFWLYHHVWpHVWpVHVWpHVWHPRVHVWpLVHVWpQ
LPSHUIHFWVXEMXQFWLYHHVWXYLHUDHVWXYLHUDVHVWXYLHUDHVWXYLpUDPRVHVWXYLHUDLVHVWXYLHUDQ
LPSHUDWLYH9GHVWp
KDEHUWRKDYHDX[LOLDU\
SUHVHQWLQGLFDWLYHKHKDVKDKHPRVKDEpLVKDQ
SUHWHULWHKXEHKXELVWHKXERKXELPRVKXELVWHLVKXELHURQ
IXWXUHKDEUpKDEUiVKDEUiKDEUHPRVKDEUpLVKDEUiQ
FRQGLWLRQDOKDEUtDKDEUtDVKDEUtDKDEUtDPRVKDEUtDLVKDEUtDQ
SUHVHQWVXEMXQFWLYHKD\DKD\DVKD\DKD\DPRVKD\iLVKD\DQ
LPSHUIHFWVXEMXQFWLYHKXELHUDKXELHUDVKXELHUDKXELpUDPRVKXELHUDLVKXELHUDQ
KDFHUWRGRPDNH
SUHVHQWLQGLFDWLYH\RKDJR
SUHWHULWHKLFHKLFLVWHKL]RKLFLPRVKLFLVWHLVKLFLHURQ
IXWXUHKDUpKDUiVKDUiKDUHPRVKDUpLVKDUiQ
FRQGLWLRQDOKDUtDKDUtDVKDUtDKDUtDPRVKDUtDLVKDUtDQ
SUHVHQWVXEMXQFWLYHKDJDKDJDVKDJDKDJDPRVKDJiLVKDJDQ
LPSHUIHFWVXEMXQFWLYHKLFLHUDKLFLHUDVKLFLHUDKLFLpUDPRVKLFLHUDLVKLFLHUDQ
LPSHUDWLYH9GKDJDW~KD]QRVRWURVKDJDPRV
LUWRJR
SUHVHQWLQGLFDWLYHYR\YDVYDYDPRVYDLVYDQ
SUHWHULWHIXLIXLVWHIXHIXLPRVIXLVWHLVIXHURQ
LPSHUIHFWLQGLFDWLYHLEDLEDVLEDtEDPRVLEDLVLEDQ
SUHVHQWVXEMXQFWLYHYD\DYD\DVYD\DYD\DPRVYD\iLVYD\DQ
LPSHUIHFWVXEMXQFWLYHIXHUDIXHUDVIXHUDIXpUDPRVIXHUDLVIXHUDQ
LPSHUDWLYH9GYD\DW~YHQRVRWURVYD\DPRV
JHUXQG\HQGR
RtUWRKHDU
SUHVHQWLQGLFDWLYHRLJRR\HVR\HRtPRVRtVR\HQ
SUHWHULWHpOHOOD9GR\yHOORVHOODV9GVR\HURQ
SUHVHQWVXEMXQFWLYHRLJDRLJDVRLJDRLJDPRVRLJiLVRLJDQ
LPSHUIHFWVXEMXQFWLYHR\HUDR\HUDVR\HUDR\pUDPRVR\HUDLVR\HUDQ
LPSHUDWLYH9GRLJDW~R\HQRVRWURVRLJDPRV
JHUXQGR\HQGR
SRGHU
WREHDEOHWRFDQ
SUHWHULWHSXGHSXGLVWHSXGRSXGLPRVSXGLVWHLVSXGLHURQ
IXWXUHSRGUpSRGUiVSRGUiSRGUHPRVSRGUpLVSRGUiQ
FRQGLWLRQDOSRGUtDSRGUtDVSRGUtDSRGUtDPRVSRGUtDLVSRGUtDQ
LPSHUIHFWVXEMXQFWLYHSXGLHUDSXGLHUDVSXGLHUDSXGLpUDPRVSXGLHUDLVSXGLHUDQ
SRQHUWRSXW
SUHVHQWLQGLFDWLYH\RSRQJR
SUHWHULWHSXVHSXVLVWHSXVRSXVLPRVSXVLVWHLVSXVLHURQ
IXWXUHSRQGUpSRQGUiVSRQGUiSRQGUHPRVSRQGUpLVSRQGUiQ
FRQGLWLRQDOSRQGUtDSRQGUtDVSRQGUtDSRQGUtDPRVSRQGUtDLVSRQGUtDQ
SUHVHQWVXEMXQFWLYHSRQJDSRQJDVSRQJDSRQJDPRVSRQJiLVSRQJDQ
LPSHUIHFWVXEMXQFWLYHSXVLHUDSXVLHUDVSXVLHUDSXVLpUDPRVSXVLHUDLVSXVLHUDQ
LPSHUDWLYH9GSRQJDW~SRQQRVRWURVSRQJDPRV
SDVWSDUWLFLSOHSXHVWR
TXHUHU
WRZDQWORYH
SUHWHULWHTXLVHTXLVLVWHTXLVRTXLVLPRVTXLVLVWHLVTXLVLHURQ
IXWXUHTXHUUpTXHUUiVTXHUUiTXHUUHPRVTXHUUpLVTXHUUiQ
FRQGLWLRQDOTXHUUtDTXHUUtDVTXHUUtDTXHUUtDPRVTXHUUtDLVTXHUUtDQ
LPSHUIHFWVXEMXQFWLYHTXLVLHUDTXLVLHUDVTXLVLHUDTXLVLpUDPRVTXLVLHUDLVTXLVLHUDQ
VDEHUWRNQRZ
SUHVHQWLQGLFDWLYH\RVp
SUHWHULWHVXSHVXSLVWHVXSRVXSLPRVVXSLVWHLVVXSLHURQ
IXWXUHVDEUpVDEUiVVDEUiVDEUHPRVVDEUpLVVDEUiQ
FRQGLWLRQDOVDEUtDVDEUtDVVDEUtDVDEUtDPRVVDEUtDLVVDEUtDQ
SUHVHQWVXEMXQFWLYHVHSDVHSDVVHSDVHSDPRVVHSiLVVHSDQ
LPSHUIHFWVXEMXQFWLYHVXSLHUDVXSLHUDVVXSLHUDVXSLpUDPRVVXSLHUDLVVXSLHUDQ
LPSHUDWLYH9GVHSDQRVRWURVVHSDPRV
VDOLUWRJRRXW
SUHVHQWLQGLFDWLYH\RVDOJR
IXWXUHVDOGUpVDOGUiVVDOGUiVDOGUHPRVVDOGUpLVVDOGUiQ
FRQGLWLRQDOVDOGUtDVDOGUtDVVDOGUtDVDOGUtDPRVVDOGUtDLVVDOGUtDQ
SUHVHQWVXEMXQFWLYHVDOJDVDOJDVVDOJDVDOJDPRVVDOJiLVVDOJDQ
LPSHUDWLYH9GVDOJDW~VDOQRVRWURVVDOJDPRV
VHUWREH
SUHVHQWLQGLFDWLYHVR\HUHVHVVRPRVVRLVVRQ
SUHWHULWHIXLIXLVWHIXHIXLPRVIXLVWHLVIXHURQ
LPSHUIHFWLQGLFDWLYHHUDHUDVHUDpUDPRVHUDLVHUDQ
SUHVHQWVXEMXQFWLYHVHDVHDVVHDVHDPRVVHiLVVHDQ
LPSHUIHFWVXEMXQFWLYHIXHUDIXHUDVIXHUDIXpUDPRVIXHUDLVIXHUDQ
LPSHUDWLYH9GVHDW~VpQRVRWURVVHDPRV
WHQHU
WRKDYH
SUHVHQWLQGLFDWLYH\RWHQJR
SUHWHULWHWXYHWXYLVWHWXYRWXYLPRVWXYLVWHLVWXYLHURQ
IXWXUHWHQGUpWHQGUiVWHQGUiWHQGUHPRVWHQGUpLVWHQGUiQ
FRQGLWLRQDOWHQGUtDWHQGUtDVWHQGUtDWHQGUtDPRVWHQGUtDLVWHQGUtDQ
SUHVHQWVXEMXQFWLYHWHQJDWHQJDVWHQJDWHQJDPRVWHQJiLVWHQJDQ
LPSHUIHFWVXEMXQFWLYHWXYLHUDWXYLHUDVWXYLHUDWXYLpUDPRVWXYLHUDLVWXYLHUDQ
LPSHUDWLYH9GWHQJDW~WHQQRVRWURVWHQJDPRV
WUDHUWREULQJ
SUHVHQWLQGLFDWLYH\RWUDLJR
SUHWHULWHWUDMHWUDMLVWHWUDMRWUDMLPRVWUDMLVWHLVWUDMHURQ
SUHVHQWVXEMXQFWLYHWUDLJDWUDLJDVWUDLJDWUDLJDPRVWUDLJiLVWUDLJDQ
LPSHUIHFWVXEMXQFWLYHWUDMHUDWUDMHUDVWUDMHUDWUDMpUDPRVWUDMHUDLVWUDMHUDQ
LPSHUDWLYH9GWUDLJDQRVRWURVWUDLJDPRV
JHUXQGWUD\HQGR
YHQLU
WRFRPH
SUHVHQWLQGLFDWLYH\RYHQJR
SUHWHULWHYLQHYLQLVWHYLQRYLQLPRVYLQLVWHLVYLQLHURQ
IXWXUHYHQGUpYHQGUiVYHQGUiYHQGUHPRVYHQGUpLVYHQGUiQ
FRQGLWLRQDOYHQGUtDYHQGUtDVYHQGUtDYHQGUtDPRVYHQGUtDLVYHQGUtDQ
SUHVHQWVXEMXQFWLYHYHQJDYHQJDVYHQJDYHQJDPRVYHQJiLVYHQJDQ
LPSHUIHFWVXEMXQFWLYHYLQLHUDYLQLHUDVYLQLHUDYLQLpUDPRVYLQLHUDLVYLQLHUDQ
LPSHUDWLYH9GYHQJDW~YHQQRVRWURVYHQJDPRV
JHUXQGYLQLHQGR
YHUWRVHH
SUHVHQWLQGLFDWLYH\RYHR
LPSHUIHFWLQGLFDWLYHYHtDYHtDVYHtDYHtDPRVYHtDLVYHtDQ
SUHVHQWVXEMXQFWLYHYHDYHDVYHDYHDPRVYHiLVYHDQ
LPSHUDWLYH9GYHDQRVRWURVYHDPRV
SDVWSDUWLFLSOHYLVWR
YROYHU
WRFRPHEDFN
SDVWSDUWLFLSOHYXHOWR
6SHOOLQJFKDQJLQJYHUEV
9HUEVGHULYHGIURPWKHRQHVEHORZDQGPRVWYHUEVZLWKVLPLODUVSHOOLQJXQGHUJRWKHVDPHVSHOOLQJ
FKDQJHV,PSHUDWLYHIRUPVFRUUHVSRQGLQJWRWKHSUHVHQWVXEMXQFWLYHIROORZWKHVDPHSDWWHUQ
DFFKDQJHVWRTXEHIRUHHHJEXVFDUWRORRNIRU
3UHWHULWH
3UHVHQWVXEMXQFWLYH
EXVTXp
EXVTXHEXVTXHVEXVTXHEXVTXHPRVEXVTXpLV
EXVTXHQ
EJFKDQJHVWRJXEHIRUHHHJOOHJDUWRDUULYH
3UHWHULWH
3UHVHQWVXEMXQFWLYH
OOHJXp
OOHJXHOOHJXHVOOHJXHOOHJXHPRVOOHJXpLVOOHJXHQ
FFHUFLUSUHFHGHGE\DFRQVRQDQWFKDQJHFWR]EHIRUHRDQGDHJYHQFHUWRFRQTXHU
3UHVHQWLQGLFDWLYH
3UHVHQWVXEMXQFWLYH
YHQ]R
YHQ]DYHQ]DVYHQ]DYHQ]DPRVYHQ]iLVYHQ]DQ
GJFKDQJHVWRMEHIRUHRDQGDHJFRJHUWRFDWFK
3UHVHQWLQGLFDWLYH
3UHVHQWVXEMXQFWLYH
FRMR
FRMDFRMDVFRMDFRMDPRVFRMiLVFRMDQ
H'URSXEHIRUHRDQGDHJVHJXLUWRIROORZFRQWLQXH
3UHVHQWLQGLFDWLYH
3UHVHQWVXEMXQFWLYH
VLJR
VLJDVLJDVVLJDVLJDPRVVLJiLVVLJDQ
ITXFKDQJHVWRFEHIRUHRDQGDHJGHOLQTXLUWRFRPPLWDQRIIHQFH
3UHVHQWLQGLFDWLYH
3UHVHQWVXEMXQFWLYH
GHOLQFR
GHOLQFDGHOLQFDVGHOLQFDGHOLQFDPRVGHOLQFiLVGHOLQFDQ
J9HUEVHQGLQJLQJXDUFKDQJHXWREHIRUHHHJDYHULJXDUWRILQGRXW
3UHWHULWH
3UHVHQWVXEMXQFWLYH
DYHULJp
DYHULJHDYHULJHVDYHULJHDYHULJHPRVDYHULJpLVDYHULJHQ
K]FKDQJHVWRFEHIRUHHHJHPSH]DUWREHJLQ
3UHWHULWH
3UHVHQWVXEMXQFWLYH
HPSHFp
HPSLHFHHPSLHFHVHPSLHFHHPSHFHPRVHPSHFpLVHPSLHFHQ
%LEOLRJUDSK\
&LWHGZRUNVDQGPDLQZRUNVFRQVXOWHGLQWKHSUHSDUDWLRQRIWKHWH[WDUHDVIROORZV
%DWFKHORU5(DQG3RXQWDLQ&-8VLQJ6SDQLVK$JXLGHWRFRQWHPSRUDU\XVDJH&DPEULGJH8QLYHUVLW\
3UHVV
%XWW-6SDQLVK*UDPPDU2[IRUG8QLYHUVLW\3UHVV
%XWW-DQG%HQMDPLQ&WKHGLWLRQ$1HZ5HIHUHQFH*UDPPDURI0RGHUQ6SDQLVK(GZDUG$UQROG
/RQGRQ
*RQ]iOH]+HUPRVR$HWDOUGHGLWLRQ*UDPiWLFDGHHVSDxROOHQJXDH[WUDQMHUD(GHOVD0DGULG
.DWWiQ,EDUUD-DQG3RXQWDLQ&-0RGHUQ6SDQLVK*UDPPDU$SUDFWLFDOJXLGH5RXWOHGJH/RQGRQ
0DWWH%RQ)*UDPiWLFDFRPXQLFDWLYDGHOHVSDxRO7RPR,'HODOHQJXDDODLGHD'LIXVLyQ0DGULG
0XxR]3DQG7KDFNHU0QGHGLWLRQ$6SDQLVK/HDUQLQJ*UDPPDU$UQROG/RQGRQ
6iQFKH]$HWDO*UDPiWLFDSUiFWLFDGHHVSDxROSDUDH[WUDQMHURV6RFLHGDG*HQHUDO(VSDxRODGH
/LEUHUtD6$0DGULG
,QGH[
DSUHSRVLWLRQ
SHUVRQDO
DFDEDUJHUXQG
DFWLYHDQGSDVVLYHVHHDOVRSDVVLYH
DGMHFWLYHV
DJUHHPHQW
FRPSDULVRQ
GHPRQVWUDWLYH
IHPLQLQHIRUPV
LQYDULDEOH
QHJDWLRQ
SOXUDOIRUPV
SRVLWLRQ
SRVVHVVLYH
VKRUWIRUPV
VXSHUODWLYHIRUP
DGYHUEV
DGYHUELDOSKUDVHV
FRPSDULVRQ
LQPHQWH
RIDIILUPDWLRQQHJDWLRQDQGGRXEW
RIGHJUHH
RIPDQQHU
RISODFH
RIWLPH
SRVLWLRQ
VLQJOHZRUGLQYDULDEOH
ZLWKGHPDQHUDIRUPDPRGR
DILQGHTXH
DOJXQRIRUQLQJXQR
DOLQILQLWLYH
DORPHMRU
DPHQRVTXH
DQGDUJHUXQG
DQRVHUTXH
DQWH
DQWHVGHTXH
DSHQDV
DSHVDUGHTXH
DUWLFOHV
GHILQLWH
GHILQLWHLQVXSHUODWLYHSKUDVHV
LQGHILQLWH
QHXWHUIRUP
DXQTXH
EDMR
FDVRGHTXH
FRPPDQGVVHHLPSHUDWLYH
FRPR
FRPSDULVRQ
LQYROYLQJQRXQVQXPEHUVDQGFODXVHV
LUUHJXODUIRUPV
RIDGMHFWLYHV
RIDGYHUEV
RIHTXDOLW\
RILQHTXDOLW\
UHJXODUIRUPV
VXSHUODWLYHIRUPV
FRQ
FRQGLWLRQDO
LQFRQGLWLRQDOVHQWHQFHV
FRQGLWLRQDOSHUIHFW
LQFRQGLWLRQDOVHQWHQFHV
FRQGLWLRQDOVHQWHQFHV
FRQMXQFWLRQVVHHDOVRLQGLYLGXDOFRQMXQFWLRQV
FRRUGLQDWLQJ
VXERUGLQDWLQJ
FRQWDOGHTXH
FRQWLQXDUJHUXQG
FRQWUD
FXDQGR
FX\R
GH
GHIRUPDTXH
GHPDQHUDTXH
GHPRGRTXH
GHSHUIHFWLQI
GHEDMRGH
GHEHULQI
GHILQLWHDUWLFOH
GHPRQVWUDWLYHV
DGMHFWLYHV
SURQRXQV
GHVGH
GHVSXpVGHTXH
GLUHFWREMHFWSURQRXQV
GRXEOHQHJDWLYH
HOLQI
HOTXHHWF
HQ
HQHOFDVRGHTXH
HQWUH
HVSRVLEOHLPSRUWDQWHHWFTXHVXEMXQFWLYH
HVWDU
DGMHFWLYH
JHUXQG
SDVWSDUWLFLSOH
FRPSDUHGZLWKVHU
RQLWVRZQ
WRGHQRWHDSK\VLFDORUPHQWDOVWDWHRUFRQGLWLRQ
WRLQGLFDWHH[LVWHQFH
WRLQGLFDWHPDULWDOVWDWXV
WRLQGLFDWHFRVW
WRLQGLFDWHSRVLWLRQ
ZLWKGDWHVDQGWLPHH[SUHVVLRQV
ZLWKSUHSRVLWLRQDOSKUDVHV
H[FHSWR
IXWXUH
JHQGHURIQRXQV
JHUXQG
DFDEDUWHUPLQDUJHUXQG
DQGDUJHUXQG
DVDQDGYHUE
HVWDUJHUXQG
H[SUHVVLQJFDXVH
H[SUHVVLQJFRQGLWLRQ
H[SUHVVLQJFRQFHVVLRQ
H[SUHVVLQJPDQQHU
OOHYDUJHUXQG
LUJHUXQG
SURQRXQVZLWK
TXHGDUVHJHUXQG
VHJXLUFRQWLQXDUJHUXQG
YHQLUJHUXQG
KDEHUGHLQI
KDEHUTXHLQI
KDFLD
KDVWD
KDVWDTXH
KD\TXHLQIVHHKDEHUTXHLQI
LIFODXVHV
VLLPSHUIHFWVXEMXQFWLYH
VLSOXSHUIHFWVXEMXQFWLYH
LPSHUDWLYH
IDPLOLDU
IRUPDO
QRVRWURVIRUP
SURQRXQVZLWK
LPSHUIHFW
LPSHUIHFWVXEMXQFWLYH
LQLIFODXVHV
LPSHUVRQDOVH
LPSHUVRQDOVHQWHQFHV
ZLWKVH
ZLWKUGSHUVRQSOXUDO
ZLWKXQR
LQGHILQLWHDUWLFOH
LQGLFDWLYH
LQGLUHFWREMHFWSURQRXQV
LQILQLWLYH
DIWHUPRGDOYHUEV
DIWHUSUHSRVLWLRQV
DIWHUVHULPSRUWDQWHLPSRVLEOHHWF
DIWHUYHURtU
LQSODFHRIWKHLPSHUDWLYH
SURQRXQVZLWK
XVHGDVDQRXQ
LUJHUXQG
LUDLQILQLWLYH
LUUHJXODUYHUEV
tVLPRD
MDPiV
OOHYDUJHUXQG
OR
ORFXDO
ORTXH
PiVDGMHFWLYH
PiVGHPiVGH
PiVTXH
PHQRV
PHQRVGHPHQRVGH
PHQRVTXH
PLHQWUDVTXH
PRGDOYHUEV
GHEHU
KDEHUGH
KDEHUTXH
SRGHU
TXHUHU
VDEHU
VROHU
WHQHUTXH
PRRG
QDGD
QDGLH
QHJDWLRQ
DOJXQRIRUQLQJXQR
GRXEOHQHJDWLYH
LQFRPSDULVRQ
PDNLQJQRXQVQHJDWLYH
QHJDWLRQRIDGMHFWLYHV
QHJDWLYHH[SUHVVLRQV
QHJDWLYHZRUGV
QL
QLQJXQR
QLQL
QLVLTXLHUD
QR
QRREVWDQWH
QRVLQR
QRVRORVLQR
QRXQV
FRPSDULVRQ
JHQGHU
QXPEHU
QXQFD
R
REMHFWSURQRXQV
GLUHFW
LQGLUHFW
SRVLWLRQ
RMDOi
SDUD
SDUDTXH
SDVVLYH
DFWLYHDQGSDVVLYH
QDPLQJWKHDJHQW
VHUGSHUVRQYHUE
VHUSDVWSDUWLFLSOH
SDVWSDUWLFLSOH
VHUSDVWSDUWLFLSOH
SHUIHFW
SHUR
SHUVRQDOD
SHUVRQDOSURQRXQVVHHSURQRXQVSOXSHUIHFW
SOXSHUIHFWVXEMXQFWLYH
IRUFRQGLWLRQDOSHUIHFW
LQLIFODXVHV
SOXUDO
RIDGMHFWLYHV
RIQRXQV
SRGHULQILQLWLYH
SRU
SRUTXH
SRVVHVVLYHV
DGMHFWLYHV
ORQJIRUPV
SURQRXQV
VKRUWIRUPV
SUHSRVLWLRQDOSURQRXQV
SUHSRVLWLRQVVHHDOVRLQGLYLGXDOSUHSRVLWLRQV
VLQJOHZRUG
SURQRXQVDIWHU
SUHVHQWLQGLFDWLYH
SUHVHQWVXEMXQFWLYH
SUHWHULWH
SURQRXQV
GHPRQVWUDWLYH
GLUHFWREMHFW
LQGLUHFWREMHFW
SRVLWLRQRIGLUHFWDQGLQGLUHFWREMHFW
SRVVHVVLYH
SUHSRVLWLRQDOIRUPVRI
UHGXQGDQW
UHIOH[LYH
UHJLRQDOYDULDWLRQV
UHODWLYH
VXEMHFW
ZLWKJHUXQG
ZLWKLPSHUDWLYH
ZLWKLQILQLWLYH
SXHGHTXHVXEMXQFWLYH
SXHV
SXHVWRTXH
TXH
FRQMXQFWLRQ
UHODWLYHSURQRXQ
TXHGDUVHJHUXQG
TXHUHULQI
TXHVWLRQVZRUGRUGHULQ
TXLHQ
TXL]iV
UHIOH[LYH
QRQUHIOH[LYHPHDQLQJ
SDVVLYHUHIOH[LYH
UHFLSURFDOPHDQLQJ
UHIOH[LYHFKDQJLQJPHDQLQJ
UHIOH[LYHSURQRXQV
WUDQVODWLQJP\VHOI\RXUVHOIHWF
WUDQVODWLQJWRJHWRUWREHFRPH
UHODWLYHFODXVHV
UHODWLYHSURQRXQV
FX\R
HOTXHHWF
ORFXDO
ORTXH
SUHSRVLWLRQVDQG
TXH
TXLHQ
VDEHULQI
VHJXLUJHUXQG
VHJ~Q
VH
LPSHUVRQDO
LQWHQVLILHU
REMHFWSURQRXQ
SDVVLYH
UHIOH[LYH
VHU
DGMHFWLYHTXHVXEMXQFWLYH
SDVWSDUWLFLSOH
FRPSDUHGZLWKHVWDU
WRH[SUHVVLGHQWLW\RUH[LVWHQFH
WRLQGLFDWHPDWHULDORULJLQRUSRVVHVVLRQ
WRLQGLFDWHSULFHWLPHGDWH
WRVD\ZKHUHRUZKHQDQHYHQWLVWDNLQJSODFH
ZLWKDFODXVH
ZLWKDGMHFWLYHV
ZLWKLQILQLWLYHV
ZLWKQRXQV
ZLWKSUHSRVLWLRQDOSKUDVHV
ZLWKSURQRXQV
VL
VLHPSUHTXH
VLQ
QHJDWLYHZRUG
VLQHPEDUJR
VLQTXHQHJDWLYHZRUG
VREUH
VROHULQI
VSHOOLQJFKDQJLQJYHUEV
VWHPFKDQJLQJYHUEV
VXEMHFWSURQRXQ
VXEMXQFWLYH
DIWHUFHUWDLQFRQMXQFWLRQV
LPSHUIHFW
LQLQGHSHQGHQWFODXVHV
LQUHODWLYHFODXVHV
LQVXERUGLQDWHFODXVHV
LQWHPSRUDOFODXVHV
SOXSHUIHFW
SUHVHQW
VHTXHQFHRIWHQVHVZLWK
ZLWKVHUDGMHFWLYHTXH
VXSHUODWLYH
WDOYH]
WDPSRFR
WDQ
WDQFRPR
WDQWRFRPR
WDQWRFRPR
WHQHUTXHLQI
WHUPLQDUJHUXQG
WUDV
YHQLUJHUXQG
YHUEWDEOHLUUHJXODUDQGVSHOOLQJFKDQJLQJYHUEV
YRV
YRVHR
ZRUGRUGHU
LQTXHVWLRQV
LQVWDWHPHQWV
\
\DTXH