&RPSRXQGDQGFRPSOH[VHQWHQFHV

7KHFRPSRXQGVHQWHQFH
&RPSRXQGVHQWHQFHV±ODVRUDFLRQHVFRPSXHVWDV±DUHIRUPHGE\MRLQLQJVLPSOHVHQWHQFHV 6LPSOH
VHQWHQFHVLQ6HFWLRQ7KLVFDQEHGRQHXVLQJRQHRIWZRGHYLFHVE\MX[WDSRVLWLRQWKDWLVE\OLQNLQJVLPSOH
VHQWHQFHVZLWKRXWXVLQJDVSHFLILFFRQQHFWRU±FRQHFWRU±RUOLQNZRUGHJ1RPHJXVWDWHORUHJDOR,GRQ¶W
OLNHLW,DPJLYLQJLWWR\RXDQGE\XVLQJZKDWDUHFDOOHGFRRUGLQDWLQJFRQMXQFWLRQVRUFRQQHFWRUVHJ1R
KDWHUPLQDGRWRGDYtDSHURWHUPLQDUiSURQWR6KHKDVQRWILQLVKHG\HWEXWVKHZLOOVRRQ
-X[WDSRVHG
0HYR\DFDVDHVWR\DJRWDGD,¶PJRLQJKRPH,¶PH[KDXVWHG
6HSDUDWHGE\DFRPPDDVHPLFRORQRUDFRORQ
(OSROLFtDJULWy³£$OWRDKt´7KHSROLFHPDQVKRXWHGµ6WRSWKHUH¶
&RRUGLQDWHG
(OHGLILFLRHVPX\ERQLWR\WLHQHEXHQDVYLVWDV7KHEXLOGLQJLVORYHO\
7RH[SUHVVDGGHGLQIRUPDWLRQFRSXODWLYH-RLQHGE\\RUHLQDIILUPDWLYH DQGKDVJRRGYLHZV
VHQWHQFHVRUQLLQQHJDWLYHVHQWHQFHV -XDQQRKDOOHJDGRQLKDOODPDGRSRUWHOpIRQR-XDQKDVQ¶WDUULYHGRU
SKRQHG
¢9LHQHVFRQQRVRWURVRWHYDVFRQWXVDPLJRV"$UH\RXFRPLQJZLWKXV
7RH[SUHVVDQDOWHUQDWLYHGLVMXQFWLYH-RLQHGE\RRUX
RUDUH\RXJRLQJZLWK\RXUIULHQGV"
7RH[SUHVVDUHVWULFWLRQRUFRQWUDVWDGYHUVDWLYH 1RJDQDURQHOSDUWLGRSHUROXFKDURQKDVWDHOILQDO7KH\GLGQRWZLQ
-RLQHGE\SHURRUVLQRDXQTXHVLQHPEDUJRRUQRREVWDQWH WKHPDWFKEXWWKH\IRXJKWWLOOWKHHQG
7RH[SUHVVDFRQVHTXHQFHRUFDXVHDQGHIIHFWFRQVHFXWLYH 1RHQWLHQGRQDGDGHORTXHWHQJRTXHKDFHUDVtTXHYR\DLUD
-RLQHGE\DVtDVtTXHOXHJRFRQTXHSRUORWDQWRSRUFRQVLJXLHQWH SUHJXQWDUOHDOSURIHVRU,GRQ¶WXQGHUVWDQGZKDW,KDYHWRGRVR,¶P
RUGHIRUPDPRGRPDQHUDTXH JRLQJWRDVNWKHWHDFKHU
7RH[SUHVVDGLVWULEXWLRQRILGHDVGLVWULEXWLYH-RLQHGE\
%LHQSRUODPDxDQDELHQSRUODWDUGHVLHPSUHSDVDEDDYHUDVX
\D\D
PDGUH:KHWKHULWZDVPRUQLQJRUDIWHUQRRQKHDOZD\VSRSSHGLQWRVHH
ELHQELHQ
KLVPRWKHU/LWHUDOO\(LWKHULQWKHPRUQLQJRULQWKHDIWHUQRRQ
VHDVHD

&RRUGLQDWLQJFRQQHFWRUV
&RRUGLQDWLQJFRQMXQFWLRQVRUFRQQHFWRUVMRLQWRJHWKHUHOHPHQWVWKDWKDYHWKHVDPHYDOXHHJ-XDQ\3HGURVRQ
PLVKHUPDQRV-XDQDQG3HGURDUHP\EURWKHUVRU)XHDONLRVNR\FRPSUyHOSHULyGLFR6KHZHQWWRWKH
QHZVDJHQW¶VDQGERXJKWWKHSDSHU
&RQQHFWRU )XQFWLRQDQGUHPDUNV ([DPSOHV
-RLQVWRJHWKHUFRSXODWLYHVHQWHQFHVVRWKDWVHQWHQFH$LQIRUPDWLRQLVDGGHGWRVHQWHQFH%
&RSXODWLYH
LQIRUPDWLRQ6LPLODUWR(QJOLVKµDQG¶µQHLWKHUQRUQRU¶
0DGUHHKLMRHVWiQELHQ0RWKHUDQGFKLOGDUH
-RLQDIILUPDWLYHVWDWHPHQWV1RWHZKHQ
ZHOO
HQXPHUDWLQJHOHPHQWVFRPPDVDUHXVHGDQG
\RUHEHIRUHZRUGVVWDUWLQJZLWKLKLRU\ /DFDVDHVWDEDPX\GHVFXLGDGDQRWHQtDMDUGtQ
WKHFRQMXQFWLRQLVXVHGWRMRLQWKHODVWWZR
\HUDPX\SHTXHxD7KHKRXVHZDVLQEDGVKDSH
HOHPHQWV
GLGQ¶WKDYHDJDUGHQDQGZDVYHU\VPDOO
0DULVROQLTXLHUHHVWXGLDUQLTXLHUHWUDEDMDU
QRQLQLQL -RLQQHJDWLYHVWDWHPHQWV
0DULVROGRHVQ¶WZDQWWRVWXG\RUZRUN
'LVMXQFWLYH 6LJQDOVDFKRLFHEHWZHHQRSWLRQVVLPLODUWR(QJOLVKµRU¶µHLWKHURU¶
2YLHQHVFRQPLJRDODFRPSUDRYDVFRQWX
RRUXEHIRUHZRUGVVWDUWLQJZLWKRRUKRR PDGUHQRSXHGHVTXHGDUWHDTXt(LWKHU\RX
RELHQELHQ FRPHVKRSSLQJZLWKPHRU\RXJRZLWK\RXUPRWKHU
\RXFDQ¶WVWD\KHUH
6KRZVHOHPHQWVLQRSSRVLWLRQWRHDFKRWKHUWRVKRZUHVWULFWLRQRUFRQWUDVWVLPLODUWRWKH(QJOLVK
$GYHUVDWLYH
µEXW¶RUµKRZHYHU¶
 )XHDYLYLUDODFDSLWDOSHURQROHJXVWyQDGD
3ODFHGLQWKHPLGGOHRIWKHFRPSRXQG
SHUR 6KHZHQWWROLYHLQWKHFDSLWDOEXWVKHGLGQRWOLNHLW
VHQWHQFHYHU\PXFKOLNHµEXW¶
DWDOO
1RQRIXHD8UXJXD\VLQRD3DUDJXD\1RVKH
GLGQRWJRWR8UXJXD\EXWWR3DUDJXD\
VLQRWRMRLQVLQJOHHOHPHQWV &RQWUDGLFWVRUFRUUHFWVWKHQHJDWLYH 1ROHVFRPSUyXQUHJDORVLQRTXHOHVSDJyXQDV
VLQRTXHWRMRLQZKROHVHQWHQFHV VWDWHPHQWLQVHQWHQFH$ YDFDFLRQHVHQODV%HUPXGDV6KHGLGQRWEX\
WKHPDSUHVHQWEXWVKHSDLGIRUDKROLGD\LQ
%HUPXGD
'HVHDEDFRQWRGDVVXVIXHU]DVGHFODUDUVXDPRU
DODPXFKDFKDPDVQRFRQVHJXtDUHXQLUHO
6DPHXVHDVSHURDOWKRXJKLWVRXQGVROG
PDV FRUDMHVXILFLHQWH+HZDQWHGWRGHFODUHKLVORYH
IDVKLRQHG
WRWKHJLUOZLWKDOOKLVPLJKWEXWKHFRXOGQRWPXVWHU
HQRXJKFRXUDJHWRGRLW
3HUGLyVXUHORMGHRURVLQHPEDUJRORHQFRQWUy
0XVWEHSODFHGLQWKHPLGGOHRIWKH
DOGtDVLJXLHQWHHQODODYDGRUD+HORVWKLVJROG
VLQHPEDUJR FRPSRXQGVHQWHQFHVHSDUDWHGE\DFRPPD
ZDWFK+RZHYHUKHIRXQGLWLQWKHZDVKLQJ
RUDIXOOVWRS
PDFKLQHWKHQH[WGD\
6KRZVFRQVHTXHQFHLQUHODWLRQWRWKHSUHYLRXVFODXVHRUDFDXVHDQGHIIHFWUHODWLRQVKLS6LPLODU
&RQVHFXWLYH
WR(QJOLVKµVR¶µWKHUHIRUH¶RUµZLWKWKHUHVXOWRI¶
6HSDUDWHGIURPWKHSUHYLRXVFODXVHE\D 1RDSDUHFLyDVtTXHQRVIXLPRVVLQHOOD6KHGLG
DVtDVtTXH
FRPPD QRWWXUQXSVRZHZHQWZLWKRXWKHU
(VSDxDKDVLGRXQSDtVGHHPLJUDQWHVKDVWD
KDFHELHQSRFRSRUORWDQWRSRGUtDPRVWUDUPiV
6HSDUDWHGIURPWKHSUHYLRXVFODXVHE\D
SRUWDQWRSRUORWDQWR VROLGDULGDGFRQORVLQPLJUDQWHV6SDLQKDVEHHQ
FRPPD
DFRXQWU\RIHPLJUDQWVXQWLOYHU\UHFHQWO\WKHUHIRUH
LWFRXOGVKRZPRUHVROLGDULW\ZLWKLPPLJUDQWV
6HSDUDWHGIURPWKHSUHYLRXVFODXVHE\D
OXHJR 3LHQVROXHJRH[LVWR,WKLQNWKHUHIRUH,DP
FRPPD
1RVHOOHJyDXQDFXHUGRVREUHHOGHVDUPHSRU
FRQVLJXLHQWHHOJRELHUQRGHFLGLyDEDQGRQDUODV
6HSDUDWHGIURPWKHSUHYLRXVFODXVHE\D QHJRFLDFLRQHVGHSD]1RDJUHHPHQWRQ
SRUFRQVLJXLHQWH
FRPPD GLVDUPDPHQWZDVUHDFKHGDQGDVDFRQVHTXHQFH
WKHJRYHUQPHQWGHFLGHGWRDEDQGRQWKHSHDFH
WDONV
)ROORZHGE\LQGLFDWLYH /HVUHJDOpDPLVKLMRVXQMXHJRGHDMHGUH]GH
:KHQIROORZHGE\WKHVXEMXQFWLYH IRUPDTXHDSUHQGLHURQDSHQVDU
GHPDQHUDTXHGHPRGRTXHGHIRUPDTXH
WKH\EHFRPHFRQQHFWRUVH[SUHVVLQJSXUSRVH HVWUDWpJLFDPHQWH,JDYHP\FKLOGUHQDFKHVVVHW
6HFWLRQJ ZLWKWKHUHVXOWWKDWWKH\OHDUQWWRWKLQNVWUDWHJLFDOO\
7~QRPHLQYLWDVWHDWXFXPSOHDxRVFRQTXH\R
FRQTXHU &ROORTXLDO WDPSRFRWHLQYLWRDOPtR<RXGLGQRWLQYLWHPHWR
\RXELUWKGD\SDUW\VR,DPQRWLQYLWLQJ\RXWRPLQH

(MHUFLFLRV

-RLQWKHIROORZLQJSDLUVRIVHQWHQFHVWRIRUPFRPSRXQGVHQWHQFHV

D+DFtDXQGtDPDUDYLOORVR'HFLGLPRVLUDODSOD\DFRQVHFXWLYH
E1RTXHUtDPRVLUDOFLQH1RTXHUtDPRVLUDOSDUTXHFRSXODWLYH
F¢9DVDSDVDUODVYDFDFLRQHVFRQWXVDEXHORV"¢9DVDTXHGDUWHHQ,UODQGD"GLVMXQFWLYH
G*DQDPRVSRFR+HPRVGHFLGLGRDKRUUDUSDUDFRPSUDUQRVXQSLVRPiVJUDQGHDGYHUVDWLYH
8VHSHURRUVLQRDVDSSURSULDWHLQWKHIROORZLQJVHQWHQFHV

D1RJDQDURQTXHSHUGLHURQSRUPXFKDGLIHUHQFLD
E/OHJDURQWDUGtVLPRDFHQDUHVWDYH]WHQtDQXQDEXHQDH[FXVD
F1RIXHDYLVLWDUORSDUDSHGLUOHD\XGDSDUDRIUHFHUOHXQQHJRFLR
8VHVLQRRUVLQRTXHDVDSSURSULDWH

D$pOUHDOPHQWHQROHJXVWDPXFKRHOWHDWURHOFLQH
E1RHVTXHVHDWtPLGDHVGHSRFDVSDODEUDV
F1RYHQJRDGLVFXWLUTXLHURKDFHUODVSDFHVFRQWLJR
G1RKHVDFDGRXQ6REUHVDOLHQWHHQHOH[DPHQXQ1RWDEOH
6XEVWLWXWHWKHFRQQHFWRULQEROGIRUDQRWKHURQHVRWKDWWKHPHDQLQJRIWKHVHQWHQFHGRHVQRWFKDQJH

D9HRTXHQRVR\ELHQUHFLELGDSRUORWDQWRPHPDUFKR
E1LKDSDJDGRHOYHVWLGRQLORKDGHYXHOWR
F(OSXHEORHQVtQRHVGHPDVLDGRERQLWRVLQHPEDUJRORVDOUHGHGRUHVVRQSUHFLRVRV

7KHFRPSOH[VHQWHQFH
&RPSOH[VHQWHQFHVFRQVLVWRIDPDLQFODXVHDQGRQHRUPRUHVXERUGLQDWHFODXVHV

FRPSOH[VHQWHQFH PDLQFODXVHVXERUGLQDWHFODXVHV

6LTXLHUHVWHOODPDUpFXDQGRDWHUULFH,I\RXZDQW,¶OOFDOO\RXZKHQ,ODQG
VXERUGLQDWHFODXVHPDLQFODXVHVXERUGLQDWHFODXVH
6XERUGLQDWHFODXVHV

6XERUGLQDWHFODXVHV±ODVRUDFLRQHVVXERUGLQDGDV±GRQRWH[SUHVVDFRPSOHWHWKRXJKWDQGWKHUHIRUHFDQQRW
VWDQGDORQH7KH\DUHDOZD\VSDUWRIDELJJHUXQLWWKHFRPSOH[VHQWHQFHDQGDUHGHSHQGHQWRQDQRWKHUFODXVH
FDOOHGWKHPDLQFODXVH±ODRUDFLyQSULQFLSDO7KHYHUELQWKHVXERUGLQDWHFODXVHFDQEHFRQMXJDWHGRUEHLQDQ
LPSHUVRQDOIRUPLQILQLWLYHJHUXQGRUSDVWSDUWLFLSOH
7HORGDUpVLPHYLVLWDVPDxDQDFRQODIDPLOLD
VXERUGLQDWHFODXVH
,¶OOJLYHLWWR\RXLI\RXFRPHDQGYLVLWPHWRPRUURZZLWK\RXUIDPLO\
,QWKLVVHQWHQFHGDUpLVWKHPDLQYHUEDQGVLPHYLVLWDVPDxDQDFRQODIDPLOLDLVWKHVXERUGLQDWHFODXVHZKLFK
KDVDYHUEYLVLWDVSOXVLQIRUPDWLRQDERXWµZKRP¶PHµZKHQ¶PDxDQDDQGµZLWKZKRP¶FRQODIDPLOLD
6LLVWKHFRQQHFWRUZKLFKKDVWKHGRXEOHIXQFWLRQRIMRLQLQJWKHVXERUGLQDWHFODXVHWRWKHPDLQFODXVHDQG
SURYLGLQJWKHPHDQLQJRIWKHVXERUGLQDWHFODXVHLQWKLVFDVHDFRQGLWLRQ

7\SHVRIVXERUGLQDWHFODXVHV
D7KHQRXQFODXVH$VXERUGLQDWHFODXVHZKLFKFDQVWDQGLQSODFHRID &XDQGRHUDSHTXHxDPHHQFDQWDEDVDOWDUDODFXHUGD:KHQ,ZDV
QRXQ OLWWOH,ORYHGVNLSSLQJZLWKP\URSH
E7KHUHODWLYHFODXVH$VXERUGLQDWHFODXVHZKLFKPRGLILHVDQRXQ
(OSHUURTXHYLPRVHUDHOGH-XOLiQ7KHGRJZHVDZZDV-XOLiQ¶V
SKUDVHLQWKHZD\WKDWDQDGMHFWLYHZRXOG
F7KHDGYHUELDOFODXVH$VXERUGLQDWHFODXVHZKLFKPRGLILHVLWVPDLQ
FODXVHE\DGGLQJPHDQLQJVVLPLODUWRWKRVHRIDGYHUEVVXFKDVWLPH /RKDUpFRPRPHKDVHQVHxDGR,¶OOGRLWWKHZD\\RXWDXJKWPH
PDQQHUSODFHLQVWUXPHQWFLUFXPVWDQFHFRQFHVVLRQSXUSRVHUHVXOWFDXVH /RKL]RSRUTXHHVWDEDHQIDGDGR+HGLGLWEHFDXVHKHZDVDQJU\
RUFRQGLWLRQ
 <RXFDQILQGRXWDERXWWKHQRXQFODXVHWKHUHODWLYHFODXVHDQGWKHDGYHUELDOFODXVHLQ6HFWLRQV
DQGUHVSHFWLYHO\

7KHQRXQFODXVH
7KHQRXQFODXVH±ODRUDFLyQVXVWDQWLYDRFRPSOHWLYD±LVDW\SHRIVXERUGLQDWHFODXVHZKLFKFDQVWDQGLQSODFH
RIDQRXQRUQRXQSKUDVHDVLOOXVWUDWHGLQWKHIROORZLQJH[DPSOH
1RXQSKUDVH 6XERUGLQDWHQRXQFODXVH
4XLHURXQDFDVDGHFDPSR,ZDQWDKRXVHLQWKHFRXQWU\ 4XLHURTXHYHQJDVDKRUDPLVPR,ZDQW\RXWRFRPHULJKWQRZ

7KHYHUERIWKHVXERUGLQDWHQRXQFODXVHFDQEHLQWKHLQILQLWLYHWKHLQGLFDWLYHRUWKHVXEMXQFWLYH
1RXQFODXVHFRQMXQFWLRQVDQGRWKHUOLQNZRUGV

:KHUHDFRQQHFWRULVQHHGHGTXHLVWKHPRVWFRPPRQRQHEXWWKHUHDUHRWKHUV
0HDFRQVHMDTXHPHUHODMH6KHDGYLVHVPHWR
TXH 8VHGLQVWDWHPHQWV
UHOD[
4XLHURVDEHUVLPHYDVDD\XGDURQR,ZDQWWR
VL 8VHGLQLQGLUHFWFORVHGTXHVWLRQV
NQRZZKHWKHU\RXDUHJRLQJWRKHOSPHRUQRW
0DPiSUHJXQWDFXiQGRHPSLH]DODSHOtFXOD
SUHSRVLWLRQLQWHUURJDWLYHTXpFXiQGRHWF 8VHGLQLQGLUHFWRSHQTXHVWLRQV
0XPLVDVNLQJZKHQWKHILOPLVGXHWRVWDUW

5HPDUNV

7KHFRQMXQFWLRQTXHLVVLPLODUWRWKH(QJOLVKµWKDW¶EXWLQFRQWUDVWWR(QJOLVKLWFDQQRWEHRPLWWHGµ6KH
VD\VWKDWVKHZLOOGRLW¶±'LFHTXHORKDUi
5HPHPEHUWKDWWKHLQWHUURJDWLYHVLQLQGLUHFWTXHVWLRQVHJFXiQGRPXVWEHZULWWHQZLWKDQDFFHQW <RXFDQ
UHYLVHWKHPLQ8QLW
4XHRUGHTXH"

'HTXHPXVWEHXVHGZKHQWKHLWHPWKDWSUHFHGHVTXHQRUPDOO\UHTXLUHVWKHXVHRIGHDVLQWKHIROORZLQJ
H[DPSOHV
6HGLRFXHQWDGHTXHOHHQJDxDEDQ+HUHDOLVHGKHZDVEHLQJ
GDUVHFXHQWDGH
FKHDWHG
/DSRVLELOLGDGGHTXHOHOODPHQSDUDXQDHQWUHYLVWDHVUHPRWD7KH
ODSRVLELOLGDGGH
SRVVLELOLW\RIKLVEHLQJFDOOHGIRUDQLQWHUYLHZLVUHPRWH
/OHJDUpDFDVDDQWHVGHTXHORVQLxRVVDOJDQSDUDHOFROHJLR,¶OOJHW
DQWHVGH
KRPHEHIRUHWKHFKLOGUHQOHDYHIRUVFKRRO

$OORWKHUSUHSRVLWLRQVZRUNLQWKHVDPHZD\
LUDĺ9R\DOGHQWLVWD9R\DTXHPHVDTXHQXQDPXHOD,¶PJRLQJWRWKHGHQWLVW¶V,¶PJRLQJWRKDYHD
WRRWKWDNHQRXW
,QILQLWLYHRUTXHFODXVH"

&RPSDUHWKHVHVHQWHQFHV
/RVWUDEDMDGRUHVTXHUtDPRVHOHJLUORDpO:HZRUNHUVZDQWHGWRFKRRVHKLP
/RVWUDEDMDGRUHVTXHUtDPRVTXHpOHOLJLHUDDRWURFDQGLGDWR:HZRUNHUVZDQWHGKLPWRFKRRVH
DQRWKHUFDQGLGDWH
:KHQWKHVXEMHFWRIWKHPDLQYHUEDQGWKHVXERUGLQDWHYHUELVWKHVDPHDQLQILQLWLYHLVXVHG:KHQWKHVXEMHFWV
RIWKHYHUEVDUHGLIIHUHQWDVLQWKHVHFRQGH[DPSOHORVWUDEDMDGRUHVLHQRVRWURVDQGpOWKHQWKH
VXERUGLQDWHZLWKTXHPXVWEHXVHGDQGWKHYHUELQWKHVXERUGLQDWHFODXVHPXVWDJUHHZLWKLWVVXEMHFW
4XHIROORZHGE\LQGLFDWLYHRUVXEMXQFWLYH

<RXFDQUHYLVHWKHW\SHVRIYHUEVZKLFKUHTXLUHDQRXQSKUDVHLQWKHVXEMXQFWLYHLQWKHVHFWLRQµ7\SHVRI
QRXQFODXVHVZKHUHWKHVXEMXQFWLYHLVQHHGHG¶LQ6HFWLRQ

(MHUFLFLRV

:ULWHWKUHHFRPSOH[VHQWHQFHVZLWKDVXERUGLQDWHQRXQFODXVH
D6HFRPHQWDTXHVXELUORVSUHFLRV
E7HGHVHRTXHW~WHQHUXQIHOL]FXPSOHDxRV
F1RVHVDEHFRQVHJXULGDGVLORVWHUURULVWDVILUPDUODWUHJXD
   7UDQVODWH WKH IROORZLQJ VHQWHQFHV LQWR 6SDQLVK XVLQJ D QRXQ FODXVH ZLWKTXH VL RU DSSURSULDWH
LQWHUURJDWLYHV
D:HGRQ¶WNQRZZKHWKHUVKHZLOOVLQJRUQRW
E+LVJUHDWHVWGUHDPLVIRUKLVGDXJKWHUWRVWXG\DUFKLWHFWXUH
F,WKLQNKHZDQWVKLVGDXJKWHUWRFRPHDQGOLYHZLWKKLPEXWKHZRQ¶WVD\VR
&RPSOHWHWKHVHQWHQFHVZLWKTXHRUGHTXHDVDSSURSULDWH
D1RHVWDPRVVHJXURVYD\DDWHUPLQDUODFDUUHUD
E(QHVWRVFDVRVVHDFRQVHMDHOSDFLHQWHGHVFDQVHWRGRORSRVLEOH
F0LVDEXHORVHVWDEDQHQFDQWDGRVWRGRVKXELpUDPRVLGRDYLVLWDUOHV
G/RVPpGLFRVGXGDQSXHGDYROYHUDWUDEDMDUDQWHVGHXQPHV

7KHUHODWLYHFODXVH
$UHODWLYHFODXVH±ODRUDFLyQGHUHODWLYR±LVDVXERUGLQDWHFODXVHZKLFKPRGLILHVRUTXDOLILHVDQRXQLQWKH
ZD\DQDGMHFWLYHZRXOGDVVKRZQEHORZ
$GMHFWLYHRUDGMHFWLYDOSKUDVH 5HODWLYHFODXVH
(OKRPEUHDOWRHUDPLSDGUH7KHWDOOPDQZDVP\IDWKHU (OKRPEUHTXHYLPRVHUDPLSDGUH7KHPDQZHVDZZDVP\IDWKHU

5HVWULFWLYHDQGQRQUHVWULFWLYHUHODWLYHFODXVHV

$VLQ(QJOLVKWKHUHDUHWZRW\SHVRIUHODWLYHFODXVHV
D5HVWULFWLYHUHODWLYHFODXVHVDOVRNQRZQDVGHILQLQJUHODWLYHFODXVHV±ODVRUDFLRQHVGHUHODWLYR
HVSHFLILFDWLYDV±VSHFLI\SDUWLFXODUHOHPHQWVRIWKHDQWHFHGHQW)RUH[DPSOHLQ0HWtHQHOPDOHWtQORV
SDSHOHVTXHWHQtDTXHILUPDUDOGtDVLJXLHQWH,SXWWKHSDSHUV,KDGWRVLJQWKHQH[WGD\LQWRP\
EULHIFDVHWKHUHODWLYHFODXVHVSHFLILHVZKLFKSDSHUV,SXWLQWRP\EULHIFDVH
E1RQUHVWULFWLYHUHODWLYHFODXVHVDOVRNQRZQDVQRQGHILQLQJUHODWLYHFODXVHV±ODVRUDFLRQHVGHUHODWLYR
H[SOLFDWLYDV±JLYHH[WUDLQIRUPDWLRQDERXWWKHDQWHFHGHQWZLWKRXWUHVWULFWLQJLWVPHDQLQJLQDQ\ZD\)RU
H[DPSOHLQ/RVSDGUHVGHODQLxDTXHHVWDEDQPX\SUHRFXSDGRVOORUDURQGHHPRFLyQDOYHUODVDQD\
VDOYD7KHOLWWOHJLUO¶VSDUHQWVZKRZHUHH[WUHPHO\ZRUULHGFULHGZLWKHPRWLRQZKHQWKH\VDZKHUVDIH
DQGVRXQGWKHUHODWLYHFODXVHPDNHVDFRPPHQWDERXWWKHVWDWHRIWKHSDUHQWVORVSDGUHVGHODQLxDLVWKH
DQWHFHGHQW
 ,QWKHZULWWHQODQJXDJHQRQUHVWULFWLYHUHODWLYHFODXVHVPXVWDSSHDUEHWZHHQFRPPDVDQGLQWKHVSRNHQ
ODQJXDJHWKH\DUHPDUNHGE\SDXVHV
5HODWLYHSURQRXQVDQGRWKHUOLQNVWRUHODWLYHFODXVHV

7KHPRVWFRPPRQFRQQHFWRUVRIVXERUGLQDWHUHODWLYHFODXVHVDUHWKHUHODWLYHSURQRXQV±ORVSURQRPEUHVGH
UHODWLYRTXHTXLHQHVHOFXDOHOTXHSOXVIHPLQLQHDQGSOXUDOIRUPVFX\RDRVDVDOWKRXJKVRPH
DGYHUEVVXFKDVGRQGHFXDQGRDQGFRPRDOVRIXQFWLRQDVUHODWLYHV0DQ\FDQEHSUHFHGHGE\SUHSRVLWLRQV
7KH\DUHOLVWHGLQWKHWDEOHRYHUOHDIDQGWKHLUXVDJHLVGHVFULEHG1RWHWKDWQRWDOODUHSRVVLEOHLQUHVWULFWLYHRU
QRQUHVWULFWLYHUHODWLYHFODXVHV
1RWHWKDWDOWKRXJKWKHUHODWLYHOLQNFDQVRPHWLPHVEHPLVVHGRXWLQ(QJOLVKLWDOZD\VKDVWREHLQFOXGHG
LQ6SDQLVK(OKRPEUHTXHYLQRHUDPLSDGUH7KHPDQWKDW,VDZZDVQRWP\IDWKHU
8QOLNH(QJOLVKSUHSRVLWLRQVPXVWQHYHUEHVHSDUDWHGIURPWKHUHODWLYHSURQRXQDQGPXVWEHSODFHGEHIRUHLW/D
PXFKDFKDFRQODTXHYLQH7KHJLUOZKRP,FDPHZLWK
6RPHQRQHTXLYDOHQWVWUXFWXUHVZKLFKWDNHDUHODWLYHFODXVHLQ6SDQLVKµ:HVDZDFDUZKLFKZDV
FDUU\LQJWRRPDQ\SHRSOH¶FDQEHH[SUHVVHGZLWKDJHUXQGLQ
(QJOLVKµ:HVDZDFDUFDUU\LQJWRRPDQ\SHRSOH¶EXWRQO\E\DUHODWLYHFODXVHLQ6SDQLVKĺ9LPRVXQFRFKH
TXHOOHYDEDGHPDVLDGDJHQWH
,QHHGDIULHQGWRWDONWRĺ1HFHVLWRXQDPLJRFRQHOTXHKDEODU
,QHHGDIULHQGWRKHOSPHZLWKP\KRPHZRUNĺ1HFHVLWRDXQDPLJRTXHPHD\XGHFRQORVGHEHUHV
8VHRILQGLFDWLYHRUVXEMXQFWLYHLQUHODWLYHFODXVHV

7KHLQGLFDWLYHLVXVHGZKHQWKHDFWLRQGHVFULEHGLQWKHUHODWLYHFODXVHYHUELVUHDODQGKDVSRVVLEO\DOUHDG\
WDNHQSODFH
/DFDVDGRQGHYLYHHVDQWLJXD\HVWiOOHQDGHSODQWDV7KHKRXVHKHOLYHVLQLVROGDQGIXOORISODQWV
7KHVXEMXQFWLYHLVXVHGLQUHODWLYHFODXVHVZKHQWKHDFWLRQKDVQRW\HWKDSSHQHGEXWLVFRQVLGHUHGSRVVLEOHRU
ZKHQLWLVK\SRWKHWLFDO
/DFDVDGRQGH\RYLYDVHUiDQWLJXD\OOHQDGHSODQWDV7KHKRXVH,OLYHLQZLOOEHROGDQGIXOORISODQWV
,GRQ¶WKDYHDKRXVH\HW
0RUHLQIRUPDWLRQRQWKHXVHRIWKHVXEMXQFWLYHLQVXERUGLQDWHFODXVHVFDQEHIRXQGLQ6HFWLRQ
5HODWLYHOLQN 5HPDUNV ([DPSOHV
5HVWULFWLYH(VWHHVHODEULJRTXHPHUHJDOyPL
WtD7KLVLVWKHFRDWWKDWZKLFKP\DXQWJDYH
PH
7KHPRVWFRPPRQXVHGZKHQDVLPSOHOLQN
TXH
LVQHHGHG,WFDQUHIHUWRSHRSOHRUWKLQJV 1RQUHVWULFWLYH(OFRFKHTXH\DHUDPX\YLHMR
GHMyGHIXQFLRQDUGHUHSHQWHHOOXQHV7KHFDU
ZKLFKZDVDOUHDG\YHU\ROGVXGGHQO\VWRSSHG
2QO\DSSOLHVWRSHRSOH1RWXVHGLQ
TXLHQ
UHVWULFWLYHUHODWLYHFODXVHV
ZRUNLQJRQ0RQGD\
1RQUHVWULFWLYH(ODEXHORTXLHQKDEtDOXFKDGR
HQOD5HYROXFLyQ&XEDQDVLHPSUHWHQtDKLVWRULDV
TXHFRQWDU*UDQGGDGZKRKDGIRXJKWLQWKH
&XEDQUHYROXWLRQDOZD\VKDGVWRULHVWRWHOO
5HVWULFWLYH$LQDUDFRQODFXDOKLFLPRVJUDQ
DPLVWDGQRVOOHYyDFRQRFHUHOSXHEORGHVXV
DEXHORV$LQDUDZLWKZKRPZHKDGPDGHJUHDW
6LPLODUWRTXHDQGTXLHQEXWPRUHIRUPDO IULHQGVWRRNXVWRVHHKHUJUDQGSDUHQWV¶YLOODJH
HOFXDOODFXDOORVFXDOHVODVFXDOHV 1RWXVHGLQUHVWULFWLYHUHODWLYHFODXVHVXQOHVV 1RQUHVWULFWLYH6XPXHUWHDIHFWyPXFKRD/ROD
SUHFHGHGE\DSUHSRVLWLRQ ODFXDOKDEtDWUDEDMDGRFRQpOGXUDQWHDxRV+LV
 GHDWKJUHDWO\DIIHFWHG/RODZKRKDGZRUNHGZLWK
KLPIRU\HDUV
5HVWULFWLYH(VXQHVFULWRUFX\RVOLEURVVHKDQ
WUDGXFLGRDPiVGHLGLRPDV+HLVDZULWHU
ZKRVHERRNVKDYHEHHQWUDQVODWHGLQWRPRUHWKDQ
ODQJXDJHV
1RQUHVWULFWLYH(OPXVHRHWQRJUiILFRFX\D
FX\RDRVDV 8VHGWRLQGLFDWHSRVVHVVLRQ
FROHFFLyQGHEDUFRVEDOOHQHURVHUDXQDGHODV
PD\RUHVGHOPXQGRDUGLySRUXQLQFHQGLR7KH
HWKQRJUDSKLFPXVHXPZKRVHFROOHFWLRQRIZKDOLQJ
ERDWVZDVRQHRIWKHELJJHVWLQWKHZRUOGEXUQW
GRZQLQDILUH
5HVWULFWLYH(VWDHVODFDVDGRQGHQDFt7KLVLV
WKHKRXVHZKHUH,ZDVERUQ
$GYHUEVWKDWFDQWDNHWKHSODFHRIDUHODWLYH
0HJXVWDODPDQHUDFRPRVHH[SUHVD,OLNHWKH
SURQRXQDGGLQJWKHLURZQVSHFLILFPHDQLQJ
ZD\VKHWDONV
RISODFHWLPHRUPDQQHU
1RQUHVWULFWLYH&RYDUUXELDVGRQGH\RQDFtHV
&RPRLVIRXQGPDLQO\LQWKHSKUDVHVOD
GRQGHFXDQGRDQGFRPR XQSXHEORPHGLHYDOPDUDYLOORVR&RYDUUXELDV
PDQHUDFRPRDQGHOPRGRFRPRLQ
ZKHUH,ZDVERUQLVDZRQGHUIXOPHGLHYDOWRZQ
UHVWULFWLYHFODXVHV
&XDQGRLVRQO\IRXQGLQQRQUHVWULFWLYH (QYHUDQRFXDQGRORVGtDVVRQPiVODUJRVQR
UHODWLYHFODXVHV YROYHPRVDFDVDKDVWDODVGHODQRFKH,Q
VXPPHUZKHQWKHGD\VDUHORQJHUZHGRQ¶WFRPH
KRPHWLOODWQLJKW
5HVWULFWLYH(VWRVVRQORVQLxRVSDUDORVTXH
KHWUDtGRORVERFDGLOORV7KHVHDUHWKHFKLOGUHQ,
EURXJKWWKHVDQGZLFKHVIRU
:KHQDSUHSRVLWLRQLVQHHGHGWRJLYHDPRUH
SUHSRVLWLRQGHGHVGHHQHWFHOTXHODTXH 1RQUHVWULFWLYH0LVREULQD5RVDHQODTXHVXV
SUHFLVHPHDQLQJLWPXVWEHIROORZHGE\HO
ORVTXHODVTXHORTXH SDGUHVWHQtDQWDQWDVHVSHUDQ]DVKDGLFKRTXH
TXHHWF,WFDQUHIHUWRSHRSOHDQGWKLQJV
QRTXLHUHHVWXGLDUPiV0\QLHFH5RVDIRU
ZKRPKHUSDUHQWVKDGVXFKKLJKKRSHVKDVVDLGVKH
GRHVQRWZDQWWRFDUU\RQVWXG\LQJ
5HVWULFWLYH/RVFKLFRVFRQTXLHQHVVDOHPLKLMR
VRQPX\PDMRV7KHER\VP\VRQJRHVDURXQG
ZLWKDUHYHU\QLFH
SUHSRVLWLRQHQFRQSRUHWFTXLHQHV 2QO\XVHGIRUSHRSOH
1RQUHVWULFWLYH-XDQSDUDTXLHQVXPXMHUORHUD
WRGRQXQFDDFHSWyVXPXHUWH-XDQIRUZKRP
KLVZLIHZDVHYHU\WKLQJQHYHUDFFHSWHGKHUGHDWK
5HVWULFWLYHXQDFDPSDxDGHPiUNHWLQJD
WUDYpVGHODFXDOOOHJXHPRVDXQS~EOLFRPiV
DPSOLRDPDUNHWLQJFDPSDLJQWKURXJKZKLFK
ZHFDQUHDFKDZLGHUDXGLHQFH
SUHSRVLWLRQHOFXDOODFXDOORVFXDOHVODV
6LPLODUWRHOTXHEXWPRUHIRUPDO 1RQUHVWULFWLYH/RVDJULFXOWRUHVSDUDORVTXHOD
FXDOHV
VHTXtDVXSRQtDUXLQD\KDPEUHHPSH]DURQD
HPLJUDUDODFLXGDG7KHIDUPHUVIRUZKRPWKH
GURXJKWPHDQWUXLQDQGKXQJHUVWDUWHGHPLJUDWLQJWR
WKHFLW\
5HVWULFWLYH(QFRQWUpXQDYHQWDQDGHVGHGRQGH
SRGtDYHUWRGRHOSDWLR,IRXQGDZLQGRZIURP
SUHSRVLWLRQGHGHVGHDKDVWDKDFLDHWF ZKHUH,FRXOGVHHWKHZKROH\DUG
7RTXDOLI\WKHPHDQLQJRIWKHDGYHUE
GRQGH 1RQUHVWULFWLYH/DFDEDxDGHVGHGRQGHVHYHtD
HOPDUHVWDEDDEDQGRQDGD7KHKXWIURP
ZKHUHWKHVHDFRXOGEHVHHQZDVDEDQGRQHG
8VHGDVDQHXWHUSURQRXQZKHQWKH /HGLMRDO~OWLPRPRPHQWRTXHQRLUtDDODILHVWD
DQWHFHGHQWLVDQLGHDRUDQ\RWKHUHOHPHQW ORTXHOHIDVWLGLyPXFKR$WWKHODVWPLQXWHVKH
SUHSRVLWLRQORTXHORFXDO
ZLWKQRGHILQHGJHQGHU2QO\XVHGLQQRQ WROGKLPVKHZRXOGQ¶WJRWRWKHSDUW\ZKLFK
UHVWULFWLYHUHODWLYHFODXVHV DQQR\HGKLPJUHDWO\

1RPLQDOLVDWLRQRIUHODWLYHFODXVHVZLWKHOODORVODVTXHDQGORTXH

:KHQWKHDQWHFHGHQWRIWKHUHODWLYHFODXVHLVDOUHDG\XQGHUVWRRGE\VSHDNHUDQGOLVWHQHULWLVFRPPRQWRVNLSLW
DQGXVHHOTXHODTXHORVTXHODVTXHLQVWHDG
 ±¢(VQXHYDHVWDHVFXOWXUD"µ,VWKLVVFXOSWXUHQHZ"¶
±6tHVODTXHFRPSUDPRVHQOD)HULDGH$UFRHODxRSDVDGRµ<HVLW¶VWKHRQHZHERXJKWDWWKH$UFR
)DLUODVW\HDU¶
/RTXHLVXVHGZKHQUHIHUULQJWRVRPHWKLQJLPSUHFLVH
/RTXHPiVPHJXVWDKDFHUORVGRPLQJRVHVVDOLUDOFDPSRDPHUHQGDU /DFRVDTXHPiVPHJXVWD
LVVLPLODUWRWKH(QJOLVKµZKDW¶µ:KDW,OLNHGRLQJPRVWRQ6XQGD\VLVJRLQJIRUDSLFQLFLQWKHFRXQWU\¶

(MHUFLFLRV

,QWKHIROORZLQJSDUDJUDSKGHFLGHZKHWKHUWKHUHODWLYHFODXVHVLQEROGDUHUHVWULFWLYHRUQRQUHVWULFWLYH

(OVHxRU0DUWtQH]DTXHHUDXQFDEDOOHURHOHJDQWHDOFLHQSRUFLHQQXQFDVDOtDGH
FDVDVLQVXFKLVWHUDEODFXDOOHKDFtDSDUHFHUVHDXQORUGLQJOpVGHORVGHDQWHV/D
FDVDFGRQGHYLYtDKDEtDVLGRHQVXWLHPSRXQDJUDQPDQVLyQSHURDKRUDVHSHUFLEtD
FRQGHPDVLDGDFODULGDGXQGHVFXLGRGTXHDPHQD]DEDFRQDQLTXLODUVXHVSOHQGRU
SDUDVLHPSUH(OVHxRU0DUWtQH]VLPSOHPHQWHQRWHQtDXQGXUR

-RLQWKHVHSDLUVWRIRUPDFRPSOH[VHQWHQFHFRQVLVWLQJRIDPDLQFODXVHDQGDUHVWULFWLYHUHODWLYHFODXVH
7KHDQWHFHGHQWRIWKHUHODWLYHFODXVHKDVEHHQPDUNHGLQEROG
(MHPSOR
(OSUR\HFWRQRKDVLGRDFHSWDGR3UHVHQWDPRVHOSUR\HFWRHOPHVSDVDGR
(OSUR\HFWRTXHSUHVHQWDPRVHOPHVSDVDGRQRKDVLGRDFHSWDGR
 D(O~OWLPREDUFRFRQORVQLxRVOOHJyD%XHQRV$LUHVKDFHGRVGtDV/RVQLxRVKDEtDQVREUHYLYLGRDO
WHUUHPRWR
 E  %HUQDUGD$OED HV XQSHUVRQDMH GHO SRHWD \ GUDPDWXUJR )HGHULFR *DUFtD /RUFD (VWH SHUVRQDMH
UHSUHVHQWDODLQWUDQVLJHQFLDODUHSUHVLyQ\ODIDOWDGHKXPDQLGDG
 7KLVH[HUFLVHLVVLPLODUWRWKHSUHYLRXVRQHEXWWKLVWLPHWKHUHODWLYHFODXVHQHHGVWREHSUHFHGHGE\D
SUHSRVLWLRQ
(MHPSOR
(QODQRYHOD0DULHODHVODPXMHU-RVpVHFDVDFRQHVDPXMHU
(QODQRYHOD0DULHODHVODPXMHUFRQODTXHVHFDVD-RVp
D(VWDHVODFLXGDG(QHVWDFLXGDGQDFLyPLSDGUH
E(QHOFROHJLRWHQtDPRVXQSURIHVRU3DUDHOSURIHVRUWRGRVORVQLxRVpUDPRVJHQLRVHQSRWHQFLD
$GYLVHWKHSHUVRQDVNLQJWKHIROORZLQJTXHVWLRQVVWDUWLQJ\RXUDQVZHUZLWKHOTXHODTXHORVTXHODV
TXHDVDSSURSULDWH
(MHPSOR
²¢4XpVRPEUHURPHVLHQWDPHMRU"
²(OTXHPHMRUWHVLHQWDHVHOURMR
D²¢&XiOHVVRQODVPDQ]DQDVTXHPiVWHJXVWDQ"
²PiVPHJXVWDQVRQODVUHLQHWDV
E²¢4XpDFWRUWHSDUHFHPiVJXDSRGHORVKLVSDQRV"
²PHSDUHFHPiVDWUDFWLYRHV$QWRQLR%DQGHUDV
F¢4XLpQHVOOHJDURQORV~OWLPRV"
²TXHOOHJDURQORV~OWLPRVIXHURQORV3pUH]
&RPSOHWHWKHJDSVZLWKDQDSSURSULDWHUHODWLYHFODXVHFRQQHFWRU

$TXHOHUDSRUILQHOOXJDUFRQDKDEtDVRxDGRWDQWDVYHFHV/DKLHGUDE

WUHSDEDSRUODSDUHGFXEUtDSDUWHGHOWHMDGR\WRGDODIDFKDGD(OEDOFyQSULQFLSDOGHVGH
FVHGLYLVDEDQORVPRQWHVOHMDQRVWHQtDXQDVSHFWRVREHUELR\GHFDGHQWHDOPLVPR
WLHPSR/DIDPLOLD*DUULGRGUHWUDWRVDGRUQDEDQODHVFDOHUDSULQFLSDOKDEtD
SHUGLGRODPDQVLyQFXDQGRHO~OWLPRVHxRU*DUULGRVHDUUXLQyFRQHOQHJRFLRGHODUUR]
/RVQXHYRVGXHxRVHYLYtDQHQ0DGULGQXQFDODRFXSDURQ<DKRUDHVWDFDVD\VX
MDUGtQVHOYiWLFRIKDEtDMXJDGRWDQWDVYHFHVGHQLxRHUDQPtRV£0tRVSDUD
VLHPSUH

&KRRVHWKHDSSURSULDWHPRRGLQGLFDWLYHRUVXEMXQFWLYHIRUHDFKVHQWHQFH
D'HVHRYLYLUHQXQPXQGRGRQGHQRKD\KD\DYLROHQFLD
E/DFLXGDGHQODTXHYLYRYLYDQRHVPX\JUDQGH
F$KtYDHOKRPEUHTXHVHSDUHFHVHSDUH]FDDOSURIHVRUGHP~VLFD
 G  0H JXVWDUtD HQFRQWUDU XQD RFFXSDFLyQ TXH PHGHMDEDGHMDUD WLHPSR OLEUH SDUD GHGLFDUPH D OD
SLQWXUD

7KHDGYHUELDOFODXVH
7KHDGYHUELDOFODXVH±ODRUDFLyQFLUFXQVWDQFLDO±LVDVXERUGLQDWHFODXVHZKLFKUHODWHVWRLWVPDLQFODXVHLQ
WKHVDPHZD\DVDQ\DGYHUELHLQWHUPVRIWLPHPDQQHUSODFHLQVWUXPHQWFLUFXPVWDQFHFRQFHVVLRQSXUSRVH
UHVXOWFDXVHRUFRQGLWLRQDVLOOXVWUDWHGE\WKHIROORZLQJH[DPSOH
$GYHUERUDGYHUELDOSKUDVH $GYHUELDOFODXVH
/RKDUpFXDQGRTXLHUDV,¶OOGRLWZKHQ\RX
¢&XiQGR" /RKDUpPDxDQD,¶OOGRLWWRPRUURZ
ZDQW

7\SHVRIDGYHUELDOFODXVHV
7KHUHDUHGLIIHUHQWW\SHVRIDGYHUELDOFODXVHVMXVWDVWKHUHDUHGLIIHUHQWW\SHVRIDGYHUEV
$GYHUELDOFODXVHRI 0HDQLQJ
D&DXVH ([SUHVVHVFDXVHRUUHDVRQDQGDQVZHUVWKHTXHVWLRQµZK\"¶
([SUHVVHVDGLIILFXOW\RUUHVWULFWLRQZLWKRXWSUHYHQWLQJWKHIXOILOPHQWRIWKH
E&RQFHVVLRQ
DFWLRQLQWKHPDLQFODXVH
F&RQGLWLRQDO ([SUHVVHVDFRQGLWLRQIRUWKHIXOILOPHQWRIDQDFWLRQ
G&RPSDULVRQ ([SUHVVHVDFRPSDULVRQDQGDQVZHUVWKHTXHVWLRQµKRZ"¶
H0DQQHU ([SUHVVHVPRGHRUPDQQHUDQGDQVZHUVWKHTXHVWLRQµKRZ"¶
I3ODFH /RFDWHVDQHYHQWLQSODFHDQGDQVZHUVWKHTXHVWLRQµZKHUH"¶
([SUHVVHVDLPVDQGSXUSRVHDQGDQVZHUVWKHTXHVWLRQµZKDWIRU"¶RU
J3XUSRVH
µZK\"¶
K7LPH /RFDWHVDQHYHQWLQWLPHDQGDQVZHUVWKHTXHVWLRQµZKHQ"¶
(DFKW\SHLVIXUWKHUH[SODLQHGLQODWHUVHFWLRQVRIWKLVXQLW
8VHRIWKHLQGLFDWLYHRUVXEMXQFWLYHLQDGYHUELDOVXERUGLQDWHFODXVHV

5HIHUWRWKHH[DPSOHVLQWKHWDEOHRQWKHQH[WSDJHWRFODULI\WKHXVHRILQGLFDWLYHRUVXEMXQFWLYHLQDGYHUELDO
FODXVHV,QHDFKFDVHWKHFRQQHFWRULQEROGLVWKHEDVLFFRQQHFWRUIRUHDFKW\SHRIVXERUGLQDWHFODXVH7KHUHDUH
WZRVFHQDULRV
D6XERUGLQDWHFODXVHVWKDWDOZD\VWDNHWKHVXEMXQFWLYH
 ‡  &ODXVHV RI SXUSRVH IROORZLQJ WKH FRQQHFWRUVSDUD TXH D ILQ GH TXH HWF HJ7H OODPR SDUD TXH PH
UHVHUYHVXQDHQWUDGD,¶PFDOOLQJ\RXVR\RXFDQUHVHUYHPHDWLFNHW
‡7\SHVRIFRQGLWLRQDOVHQWHQFHVZKHUHWKHIXOILOPHQWRIWKHFRQGLWLRQLVQRWSUREDEOHRULVLPSRVVLEOHHJ6L
PHOODPDUDOHFROJDUtDHOWHOpIRQR,IKHFDOOHGPH,ZRXOGKDQJXSRQKLP 6HH6HFWLRQIRUPRUH
RQWKHFRQGLWLRQDOVHQWHQFH
‡&RPSDUDWLYHVHQWHQFHVRIWKHK\SRWKHWLFDOW\SHVXFKDVFRPRVLHWFHJ7RGDYtDWUDWDDVXVKLMRVFRPRVL
IXHUDQQLxRVGHFLQFRDxRV+HVWLOOWUHDWVKLVFKLOGUHQDVLIWKH\ZHUHILYH\HDUROGV
E6XERUGLQDWHFODXVHVWKDWFDQWDNHWKHLQGLFDWLYHRUWKHVXEMXQFWLYH
,QWKHVHFDVHVWKHLQGLFDWLYHLVXVHGWRUHIHUWRDFWLRQVWKDWKDYHWDNHQSODFHRUDUHFRQVLGHUHGWREHIDFWVZKLOH
WKHVXEMXQFWLYHLVXVHGWRUHIHUWRDFWLRQVWKDWKDYHQRW\HWWDNHQSODFHRUDUHK\SRWKHWLFDOW\SLFDOO\LQVHQWHQFHV
ZKLFKLQGLFDWHWLPHFRQFHVVLRQPRGHRUSODFH
)RUPRUHLQIRUPDWLRQUHYLVHWKHXVHVRIWKHVXEMXQFWLYHLQ6HFWLRQ
$GYHUELDOFODXVHV

$GYHUELDOFODXVHFRQMXQFWLRQVDQGRWKHUOLQNLQJZRUGV
D&RQQHFWRUVWKDWVKRZFDXVH

(QJOLVKFRQQHFWRUVZKLFKH[SUHVVVLPLODUPHDQLQJVLQFOXGHµEHFDXVH¶µDV¶µVLQFH¶µJLYHQWKDW¶
1RKDYHQLGRDD\XGDUQRVSRUTXHHVGHPDVLDGRSHUH]RVR+HKDV
SRUTXH
QRWFRPHWRKHOSXVEHFDXVHKH¶VWRROD]\
&RPRW~KDVSDJDGRODVHQWUDGDV\RSDJDUpODFHQD$V\RXKDYH
FRPRPXVWFRPHDWWKHKHDGRIWKHVHQWHQFHDQGLVIROORZHGE\WKH SDLGIRUWKHWLFNHWV,¶OOSD\IRUGLQQHU
LQGLFDWLYH &RPRVXEMXQFWLYHDVDFRQGLWLRQDOFRQQHFWRULQVHFWLRQFDQG
FRPRDVDFRQQHFWRURIPDQQHULQVHFWLRQH
SXHVWRTXHFDQEHSODFHGDWWKHEHJLQQLQJRULQWKHPLGGOHRIWKH 3XHVWRTXHW~PHORDVHJXUDVWHFUHR6LQFH\RXDVVXUHPHRILW,
VHQWHQFH EHOLHYH\RX$OVR7HFUHRSXHVWRTXHW~PHORDVHJXUDV
/DLVODDOEHUJDEDDOJXQDVHVSHFLHVPX\UDUDV\DTXHHVWDEDUHPRWD
\DTXHXVXDOO\DIWHUDFRPPD,WFDQEHSODFHGDWWKHEHJLQQLQJRID
\DLVODGD7KHLVODQGKDGVRPHYHU\UDUHVSHFLHVDVLWZDVUHPRWHDQG
FRPSOH[VHQWHQFHH
LVRODWHG
SXHVDVDFDXVHFRQQHFWRUWKLVLVTXLWHROGIDVKLRQHGDQGWHQGVWREHXVHG /HUHJDOyXQDIORUSXHVHUDXQURPiQWLFR+HJDYHKHUDIORZHU
VSDULQJO\ EHLQJDVKHZDVDURPDQWLF
5HFRJHODURSDTXHYDDOORYHU)HWFKWKHZDVKLQJLQEHFDXVHLW¶V
TXHGRQRWFRQIXVHZLWKWKHPDQ\RWKHUXVHVRITXH
JRLQJWRUDLQ
'DGRTXHXVWHGFRQRFHPLGHOLFDGDVLWXDFLyQLUpDOJUDQR*LYHQ
GDGRTXHVOLJKWO\IRUPDO
WKDW\RXDUHDZDUHRIP\GHOLFDWHSRVLWLRQ,¶OOJHWVWUDLJKWWRWKHSRLQW

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

(QJOLVKFRQQHFWRUVZKLFKH[SUHVVWKHVDPHPHDQLQJVLQFOXGHµDOWKRXJK¶µGHVSLWH¶µLQVSLWHRI¶µHYHQLI¶DQG
µHYHQWKRXJK¶
7KHYHUEVLQWKHVXERUGLQDWHFODXVHVWKDWIROORZWKHVHFRQQHFWRUVWDNHWKHVXEMXQFWLYHPRRGLIWKH\UHIHUWRDQ
LGHDWKDWLVLQWKHIXWXUHRULVK\SRWKHWLFDO2WKHUZLVHWKH\WDNHWKHLQGLFDWLYHPRRG1RWLFHKRZWKHPHDQLQJ
FKDQJHVLQWKHH[DPSOHVZLWKDXQTXH
$XQTXHVLUYHDVXPDGUHFRPRXQDHVFODYDHOODMDPiVWLHQHXQ
GHWDOOHTXHPXHVWUHVXJUDWLWXG$OWKRXJKVKHVHUYHVKHUPRWKHUOLNHD
VODYHVKHQHYHUJHWVDQ\VLJQRIJUDWLWXGHIURPKHU
DXQTXHFDQVWDUWDFRPSOH[VHQWHQFH
$XQTXHVLUYDDVXPDGUHFRPRXQDHVFODYDHOODMDPiVWHQGUiXQ
GHWDOOHTXHPXHVWUHVXJUDWLWXG(YHQLIVKHVHUYHVKHUPRWKHUOLNHD
VODYHVKHZLOOQHYHUJHWDQ\VLJQRIJUDWLWXGHIURPKHU
$SHVDUGHTXHPHORSURPHWLyQRORKL]R+HGLGQRWGRLWGHVSLWHWKH
DSHVDUGHTXHPRUHHPSKDWLFWKDQDXQTXH
IDFWWKDWKHSURPLVHG
$XQFXDQGRKDFtDFDORUWHQtDHVFDORIUtRVSRUODILHEUH(YHQZKHQLW
DXQFXDQGRPRUHHPSKDWLFWKDQDXQTXH
ZDVKRWKHVKLYHUHGZLWKIHYHU
6LELHQHOFRFKHHVGHpSRFDIXQFLRQDSHUIHFWDPHQWH(YHQLIWKHFDU
VLELHQQRUPDOO\WDNHVLQGLFDWLYH0RUHIRUPDOWKDQWKHRWKHUV
LVYLQWDJHLWZRUNVSHUIHFWO\ZHOO
1RTXLVRTXHODDFRPSDxiUDPRV\HVRTXHWHQtDPLHGR6KHGLGQRW
\HVRTXHWDNHVLQGLFDWLYH&ROORTXLDO
ZDQWXVWRJRZLWKKHUHYHQWKRXJKVKHZDVVFDUHG

2WKHUFRQQHFWRUVRIFRQFHVVLRQDXQELHQTXHDVtDQGVLTXLHUDDUHOHVVZLGHO\XVHG

F&RQQHFWRUVWKDWVSHFLI\DFRQGLWLRQ

7KHVHFRQQHFWRUVDUHVLPLODUWRWKH(QJOLVKµLI¶µXQOHVV¶µLQFDVH¶µSURYLGHGWKDW¶µDVORQJDV¶DQGµRQ
FRQGLWLRQWKDW¶ 5HIHUWR6HFWLRQIRUWKHUXOHVRIFRQGLWLRQDOVHQWHQFHV
6LQRYLHQHPHYR\DHQIDGDUFRQpO,IKHGRHVQ¶WFRPH,¶OOEHYHU\
VLWKHPRVWEDVLFOLNHWKH(QJOLVKµLI¶
FURVVZLWKKLP
&RPRQRYHQJDPHYR\DHQIDGDUFRQpO,IKHGRHVQ¶WFRPH,¶OOEH
YHU\FURVVZLWKKLP
FRPRDVDFRQGLWLRQDOFRQQHFWRULWLVDOZD\VIROORZHGE\DVXEMXQFWLYH
&RPSDUHZLWKFRPRLQGLFDWLYHWRH[SUHVVFDXVHLQVHFWLRQDDQG
FRPRDVDFRQQHFWRUWRH[SUHVVPDQQHULQVHFWLRQH
/RKDUpPDxDQDSRUODPDxDQDDPHQRVTXHPHGLJDVTXHQR,¶OOGR
DPHQRVTXHVXEMXQFWLYHDQRVHUTXHVXEMXQFWLYHµXQOHVV¶
LWWRPRUURZPRUQLQJXQOHVV\RXWHOOPHQRWWR
FRQWDOGHTXHVXEMXQFWLYHDFRQGLFLyQGHTXHVXEMXQFWLYH 3XHGHVYHQLUFRQWDOGHTXHSURPHWDVSRUWDUWHELHQ<RXFDQFRPHDV
µSURYLGHGWKDW¶µRQFRQGLWLRQWKDW¶µDVORQJDV¶ ORQJDV\RXSURPLVHWREHKDYH\RXUVHOI
3RGpLVFHOHEUDUODILHVWDHQFDVDVLHPSUHTXHQRKDJiLVGHPDVLDGR
VLHPSUHTXHDVDFRQGLWLRQDOFRQQHFWRULWLVDOZD\VIROORZHGE\D UXLGR<RXFDQKDYH\RXUSDUW\DWKRPHDVORQJDV\RXGRQ¶WPDNHWRR
VXEMXQFWLYH PXFKQRLVH
&RPSDUHZLWKVLHPSUHTXHLQGLFDWLYHLQ6HFWLRQDLL
 1RSRGHPRVDUULHVJDUQRV(QHOFDVRGHTXHGHVFXEUDQD0pQGH]
HQHOFDVRGHTXHµLI¶µLQFDVH¶ TXHPHQWRGRVORVGRFXPHQWRVTXHSXHGDQFRPSURPHWHUOHV:HFDQ¶W
UXQDQ\ULVNV,I0pQGH]LVGLVFRYHUHGEXUQDOOGRFXPHQWVWKDWFRXOG
FRPSURPLVH\RX

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

6LPLODUWRWKH(QJOLVKµPRUHOHVVWKDQ¶µDVDV¶ZKHQXVHGEHWZHHQFODXVHV
0iVYDOHSUHYHQLUTXHODPHQWDU%HWWHUVDIHWKDQVRUU\
(VWDFDVDHVPiVJUDQGHTXHODTXHYLPRVD\HU7KLVKRXVHLVELJJHU
PiVTXHPiVGHORTXHGHOTXHGHODTXHGHORVTXHGHODVTXH WKDQWKHRQHZHVDZ\HVWHUGD\
+DEtDPiVJHQWHGHODTXHPHKDEtDLPDJLQDGR7KHUHZHUHPRUH
SHRSOHWKDQ,KDGLPDJLQHG
/DSHOtFXODIXHPHQRVLQWHUHVDQWHTXHODTXHYLPRVODVHPDQD
PHQRVTXHPHQRVGHORTXHGHOTXHGHODTXHGHORVTXHGHODV SDVDGD7KHILOPZDVOHVVLQWHUHVWLQJWKDQWKHRQHZHVDZODVWZHHN
TXH (QVXFXHQWDEDQFDULDWHQtDPHQRVGLQHURGHOTXHSHQVDED6KHKDG
OHVVPRQH\WKDQVKHWKRXJKWLQKHUEDQNDFFRXQW
(QHVDEDWDOODQRKXERWDQWDVEDMDVFRPRVHWHPtD7KHUHZHUHQRWDV
WDQWRDRVDVFRPR
PDQ\FDVXDOWLHVDVIHDUHGLQWKDWEDWWOH

1RWHWKDWZKHUHWKHDQWHFHGHQWLVDQLGHDRUFRQFHSWUDWKHUWKDQDGHILQLWHREMHFWWKHQHXWHUIRUPORTXHLVXVHG
(VPXFKRPiVJUDQGHGHORTXHSHQViEDPRV,WLVPXFKELJJHUWKDQZHWKRXJKW
,QWKHVWUXFWXUHPiVPHQRVTXHGHWKHDUWLFOHIROORZLQJTXHRUGHPXVWDJUHHLQQXPEHUDQGJHQGHU
ZLWKWKHDQWHFHGHQWZKHWKHURUQRWLWLVH[SOLFLWO\VWDWHGHJLQ7HQtDPHQRVSODWDGHODTXHSHQVDED6KHKDG
OHVVPRQH\WKDQVKHWKRXJKWODDJUHHVZLWKSODWD
7KHVWUXFWXUHWDQTXHZLWKFRQVHFXWLYHDQGH[SUHVVLYHYDOXH

7KHVWUXFWXUHWDQWDQWRDVRVDVDGMHFWLYHQRXQTXHFODXVHLVXVHGWRHPSKDVLVHWKHDGMHFWLYHRU

QRXQ)RUWKLVUHDVRQLWLVFRPPRQO\XVHGDVDQH[SUHVVLYHGHYLFHRIWHQEDVHGRQH[DJJHUDWLRQ(VWDQEXHQR
TXHSDUHFHWRQWR+HLVVRQLFHWKDWKHERUGHUVRQWKHVWXSLG
<RXFDQOHDUQPRUHRQWKHH[SUHVVLRQRIFRPSDULVRQLQ6HFWLRQ)RUH[SUHVVLRQVHTXLYDOHQWWRµWKHPRUH
WKHPRUH¶DQGµELJJHUDQGELJJHU¶JRWR6HFWLRQ
H&RQQHFWRUVWKDWH[SUHVVPDQQHU

6LPLODUWRWKH(QJOLVKFRQQHFWRUVµDV¶µLQWKHZD\WKDW¶µWKHPDQQHULQZKLFK¶HWF

FRPRIROORZHGE\LQGLFDWLYHRUVXEMXQFWLYH &DGDXQRHVFRPRHV:HDUHDOODVZHDUH
(VFULELyODOH\HQGDWDO\FRPRVHODKDEtDFRQWDGRHODQFLDQR
WDO\FRPRPRUHHPSKDWLFWKDQFRPRFROORTXLDO PDSXFKH+HZURWHGRZQWKHOHJHQGMXVWDVWKHROG0DSXFKHPDQKDG
WROGKLPLW
VHJ~Q
7HORFXHQWRVHJ~QPHORFRQWDURQDPt,DPWHOOLQJLWWR\RXDVWKH\
VHJ~QPHDQLQJµDFFRUGLQJWR¶LQ8QLW
WROGLWWRPH
VHJ~QH[SUHVVLQJSURJUHVVLRQLQ6HFWLRQ
<RSRQJRODPHVDGHOPRGRTXHPHHQVHxyPLDEXHODSHURYHRTXHHQ
HQGHODPDQHUDTXHHQHOGHOPRGRTXH ,QJODWHUUDVHSRQHGHPDQHUDGLVWLQWD,OD\WKHWDEOHLQWKHZD\P\
JUDQGPRWKHUWDXJKWPHEXW,QRWLFHWKDWLQ(QJODQGLWLVODLGGLIIHUHQWO\

7KHH[SUHVVLRQRIPDQQHUFDQDOVREHIRXQGLQDGYHUELDOFODXVHVIRUPHGE\DJHUXQGHJ&RQVLJXLyHOSXHVWR
PLQWLHQGRVREUHVXSDVDGR+HJRWKLVSRVWE\O\LQJDERXWKLVSDVWRUDSDVWSDUWLFLSOHHJ0LDEXHODOOHJy
DOILQDOGHODJXHUUDDYHMHQWDGDSRUODVSULYDFLRQHV\ODDQJXVWLD%\WKHHQGRIWKHZDUP\JUDQGPRWKHUZDV
DJHGE\KDUGVKLSDQGGLVWUHVV
 5HYLVHWKHVHDQGRWKHUXVHVRIWKHJHUXQGDQGSDVWSDUWLFLSOHLQ6HFWLRQVDQGUHVSHFWLYHO\
7KHVWUXFWXUHFRPRVLVXEMXQFWLYH

7KLVVWUXFWXUHLVXVHGWRVKRZDFRPSDULVRQZLWKK\SRWKHWLFDOYDOXHVLPLODUWRWKH(QJOLVKµDVLI¶DQGµDV
WKRXJK¶HJ'HUURFKDEDHOGLQHURFRPRVLIXHUDPLOORQDULR\YLYtDFRPRVLQRKXELHUDXQPDxDQD+H
VTXDQGHUHGKLVPRQH\DVWKRXJKKHZHUHDPLOOLRQDLUHDQGOLYHGDVLIWKHUHZHUHQRWRPRUURZ
I&RQQHFWRUVWKDWVSHFLI\SODFH

6XERUGLQDWHFODXVHVRISODFHWDNHWKHVDPHIRUPDQGXVHWKHVDPHFRQQHFWRUVDVWKHUHODWLYHFODXVHVH[SUHVVLQJ
SODFHWKDW\RXVDZLQ6HFWLRQ7KH\DUHLQHVVHQFHWKHVDPHFRQVWUXFWLRQEXWQRWHWKDWWKHGRQGHFODXVH
GRHVQRWKDYHDQDQWHFHGHQW
$GRQGH\RYR\QRSXHGHVVHJXLUPH<RXFDQ¶WIROORZZKHUH,¶P
JRLQJ
SUHSRVLWLRQHQGHVGHKDVWDKDFLDHWFGRQGHRUDGRQGH 6DFDURQHOGLQHURGHGRQGHSXGLHURQ\FRPSUDURQGRVSDVDMHVSDUD
$PpULFD7KH\JRWWKHPRQH\IURPZKHUHYHUWKH\FRXOGDQGERXJKWWZR
WLFNHWVIRUWKH$PHULFDV

J&RQQHFWRUVWKDWGHQRWHWKHLGHDRISXUSRVH

6LPLODUWRWKH(QJOLVKµVR¶µVRWKDW¶DQGµLQRUGHUWR¶
7KHIROORZLQJFRQQHFWRUVDUHDOZD\VIROORZHGE\WKHVXEMXQFWLYH
$KRUUDPRVGXUDQWHDxRVSDUDTXHQXHVWURKLMRSXGLHUDLUDOD
SDUDTXH
XQLYHUVLGDG:HVDYHGIRU\HDUVVRWKDWRXUVRQFRXOGJRWRXQLYHUVLW\
9HQtDDTXHOHH[SOLFDUDQFyPRKDEtDVLGRHODFFLGHQWH+HZDV
DTXH
FRPLQJVRWKDWWKH\FRXOGH[SODLQWRKLPKRZWKHDFFLGHQWKDGKDSSHQHG
/DHGXFDFLyQSUHHVFRODUVHKDKHFKRJUDWLVFRQHOILQGHTXHODV
DILQGHTXHFRQHOILQGHTXHFRQHOREMHWRGHTXHFRQHO
PXMHUHVSXHGDQUHLQFRUSRUDUVHDOWUDEDMRDQWHV1XUVHU\HGXFDWLRQ
SURSyVLWRGHTXHFRQODLQWHQFLyQGHTXH
KDVEHHQPDGHIUHHVRWKDWZRPHQFDQUHWXUQWRZRUNHDUOLHU
GHPDQHUDTXHGHPRGRTXHGHIRUPDTXHXVHGZLWKWKHVXEMXQFWLYH /HVUHJDOpDPLVKLMRVXQMXHJRGHDMHGUH]GHPDQHUDTXH
WKHVHFRQQHFWRUVPHDQµLQRUGHUWKDW¶ DSUHQGLHUDQDSHQVDUHVWUDWpJLFDPHQWH,JDYHP\FKLOGUHQDFKHVVVHW
$OVRDVDFRQVHFXWLYHFRQQHFWRULQGLFDWLYHLQ6HFWLRQ VRWKDWWKH\ZRXOGOHDUQWRWKLQNVWUDWHJLFDOO\

K&RQQHFWRUVWKDWVSHFLI\UHODWLYHWLPH

7KHVHFRQQHFWRUVH[SUHVVVLPXOWDQHLW\RIDFWLRQVRULQGLFDWHWKDWRQHDFWLRQWRRNSODFHEHIRUHRUDIWHUDQRWKHU
DFWLRQ%HFDXVHRIWKHFRPSOH[LW\RIWLPHUHODWLRQVWKDWFDQEHH[SUHVVHGWKLVW\SHRIVXERUGLQDWHFODXVHLV
FRYHUHGQH[WLQ6HFWLRQ

(MHUFLFLRV

   /LQN HDFK VHQWHQFH KDOI LQ WKH OHIWKDQG FROXPQ ZLWK DQ HQGLQJ IURP WKH ULJKWKDQG FROXPQ WR IRUP
PHDQLQJIXOVHQWHQFHV7KHQGHFLGHZKLFKW\SHRIVXERUGLQDWHFODXVHHDFKVHQWHQFHLVXVLQJWKLVOLVW

FDXVH‡FRQFHVVLYH‡FRQGLWLRQDO‡SXUSRVH‡PDQQHU

D'HFLGLPRVFRPSUDUOHHOHTXLSRGHP~VLFDTXHQRV
LWHKDEUtDSRGLGRD\XGDU
SLGLy
E6LPHKXELHUDVGLFKRODYHUGDGGHVGHHOSULQFLSLR LLSDUDTXHSXGLHUDQHPSH]DUDSUHSDUDUORV
 YDFDFLRQHV
F/DSURIHVRUDOHVGLRORVWHPDVGHOSUR\HFWR LLLGHELGRDOEORTXHRHFRQyPLFR
 G4XLHURKDFHUOR LYDXQTXHHUDFDUtVLPR
H+D\HVFDVH]GHJDVROLQD YGHODPDQHUDTXHORKDEpLVKHFKRYRVRWURV

 7KHIROORZLQJWKUHHVHQWHQFHVKDYHDVXERUGLQDWHFODXVHH[SUHVVLQJFDXVH3ODFHWKHULJKWFRQQHFWRULQ
HDFKRIWKHP

FRPR‡SRUTXH‡\DTXH

DQRGHMDEDGHOORYHUGHFLGLPRVVXVSHQGHUODH[FXUVLyQ
E/OHJDPRVWDUGHVHQRVHVWURSHyHOFRFKH
F1RWXYRQLQJXQDGLILFXOWDGSDUDHQWUDUHQHOFOXEHUDXQDQWLJXRFOLHQWH\HOSRUWHURORUHFRQRFLy
&RPSOHWHWKHEODQNVZLWKWKHSURSHUOLQNVLQWKHFRPSDUDWLYHFODXVHIROORZLQJWKHFRGH

PRUHWKDQ
±OHVVWKDQ
DVDV

D/DVUXLQDVGH0DFKX3LFFKXVRQPXFKRLPSUHVLRQDQWHVSHQVDED
E(QODVSDVDGDVHOHFFLRQHVORVVRFLDOLVWDVQRFRQVLJXLHURQ YRWRVHVSHUDEDQ
F+XERXQµFUDFN¶HQHOPHUFDGR\FRPSUDPRVODFDVDSRU±GLQHURKDEtDPRVSUHVXSXHVWDGR
6XEVWLWXWHWKHFRQQHFWRULQEROGIRUDQRWKHURQHWKDWILWVJUDPPDWLFDOO\ZLWKRXWFKDQJLQJWKHPHDQLQJRI
WKHVHQWHQFHDVLQWKHH[DPSOH7KHPHDQLQJRIWKHFRQQHFWRULVJLYHQLQEUDFNHWV
(MHPSOR
7HUHFRJHUpDODVDPHQRVTXHPHOODPHVFRQGLWLRQDODQRVHUTXH
D(VWiELHQ9HQGUpDWUDEDMDUHOViEDGRDFRQGLFLyQGHTXHPHSDVHVDUHFRJHUFRQGLWLRQDO
E+DUHPRVORTXHGLFHV\DTXHHVWiVWDQVHJXUDSHURQRHVWDPRVPX\FRQYHQFLGRVFDXVH
F$SHVDUGHTXHHOIXHJRFRQWLQXyWRGDODQRFKHORVJXHUULOOHURVQRVHULQGLHURQFRQFHVVLRQ
 G+LFLHURQXQDFDPSDxDFRQHOILQGHTXHORVQLxRVFRPSUHQGLHUDQODLPSRUWDQFLDGHSURWHJHUORV
ERVTXHVTXHURGHDQODFLXGDGSXUSRVH
7KHIROORZLQJSDLUVRIVHQWHQFHVDUHDOPRVWLGHQWLFDO,QRQHWKHVXERUGLQDWHYHUELVLQWKHLQGLFDWLYHDQG
LQWKHRWKHUWKHYHUELVLQWKHVXEMXQFWLYH([SODLQWKHGLIIHUHQFHLQPHDQLQJEHWZHHQWKHP
DL$XQTXHORVH[WUHPLVWDVQRILUPHQHODFXHUGRHOSURFHVRGHSD]VHJXLUiDGHODQWH
LL$XQTXHORVH[WUHPLVWDVQRILUPDQHODFXHUGRHOSURFHVRGHSD]VHJXLUiDGHODQWH
EL(PSH]DPRVDSRQHUODVYDFXQDVWDQSURQWRFRPROOHJDURQ
LL(PSH]DUHPRVDSRQHUODVYDFXQDVWDQSURQWRFRPROOHJXHQ
FL6HFRPSRUWyFRPRVXPDGUHOHGLMR
LL6HFRPSRUWDUiFRPRVXPDGUHOHGLJD
GL7XYLPRVFXLGDGR\HOFDPLQRSRUHOTXHVXELPRVQRWHQtDKLHOR
LL7HQHGFXLGDGRTXHHOFDPLQRSRUHOTXHVXEiLVQRWHQJDKLHOR
 7KHQH[WVHQWHQFHVKDYHEHHQWDNHQIURPDFRQYHUVDWLRQEHWZHHQWZRIULHQGV)LQLVKWKHPWRIRUPFRUUHFW
VHQWHQFHVDQGDFRKHUHQWFRQYHUVDWLRQ3D\DWWHQWLRQWRWKHPHDQLQJRIWKHFRQQHFWRUVLQEROG
²+ROD5RVD¢YDVDLUDODILHVWDHVWDQRFKH"
²+ROD0DULOX&UHRTXHYR\DLUDXQTXHD
²3XHVVtDQtPDWH<RQRSXHGR0LMHIHPHKDOODPDGRKDFHXQUDWRSDUDTXHE
²¢2WUDYH]"¢3HURQRHVWXYLHURQDTXtODVHPDQDSDVDGD"
²6tSHURKDEtDSUREOHPDV\KDQWHQLGRTXHYROYHU1RFUHRTXHSXHGDLUDODILHVWDDQRVHUTXH
F
²£3XHVDYHUVLWLHQHVVXHUWH<RYR\DKDFHUXQHVIXHU]R\DTXHG
²<DYHRTXHWHGDSHUH]DSHURVHJXURTXHOXHJRORSDVDVPHMRUGHORTXHH
7KHIROORZLQJWH[WEHORQJVWRDVKRUWVWRU\E\WKH&XEDQZULWHU$OHMR&DUSHQWLHU&RPSOHWHWKHJDSVZLWK
WKHDSSURSULDWHFRQQHFWRUIURPWKHER[WRILQGRXWZKDWLWVD\V

SRUTXH‡GHVSXpVGH‡SHUR‡\DTXH‡FXDQGR

D    ORV REUHURV YLQLHURQ FRQ HO GtD SDUD SURVHJXLU OD GHPROLFLyQ HQFRQWUDURQ HO WUDEDMR DFDEDGR$OJXLHQ VH KDEtD OOHYDGR OD
HVWDWXDGH&HUHVYHQGLGDODYtVSHUDDXQDQWLFXDULRETXHMDUVHDO6LQGLFDWRORVKRPEUHVIXHURQDVHQWDUVHHQORVEDQFRVGHXQ
SDUTXHPXQLFLSDO8QRUHFRUGyHQWRQFHVODKLVWRULDPX\GLIXPLQDGDGHXQD0DUTXHVDGH&DSHOODQtDVDKRJDGDHQWDUGHGHPD\R
HQWUH ODV PDODQJDV GHO$OPHQGDUHV F    QDGLH SUHVWDED DWHQFLyQ DO UHODWR G    HO VRO YLDMDED GH RULHQWH D RFFLGHQWH \ ODV
KRUDVTXHFUHFHQDODGHUHFKDGHORVUHORMHVGHEHQDODUJDUVHSRUODSHUH]DHVRQODVTXHPiVVHJXUDPHQWHOOHYDQDODPXHUWH
$OHMR&DUSHQWLHU&XHQWRVFRPSOHWRVUGHGQ%DUFHORQD%UXJXHUDS

7LPHUHODWLRQV
:KHQWDONLQJDERXWWKHVHTXHQFLQJRIDFWLRQVZHRIWHQGRVRLQUHODWLRQWRRWKHUDFWLRQVWKDWKDSSHQDWWKHVDPH
WLPHEHIRUHRUDIWHU7KHH[SUHVVLRQRIWKHUHODWLRQVKLSEHWZHHQDFWLRQVLVDFRPSOH[RQHVLQFHWRH[SUHVVWKH
LGHDWKDWWZRDFWLRQVDUHVLPXOWDQHRXVRUFRQWLJXRXVWRHDFKRWKHUFDOOVIRUWKHULJKWFRQQHFWRUDQGWKHULJKW
FRPELQDWLRQRIWHQVHVLWDOVRGHSHQGVRQZKHWKHUZHDUHUHIHUULQJWRWKHSUHVHQWWKHSDVWWKHIXWXUHRUD
K\SRWKHWLFDOVLWXDWLRQ$OVR±DQGWRDGGWRWKHFRPSOH[LW\±ZHRIWHQZDQWWRVSHFLI\WKDWDQDFWLRQKDV
LQWHUUXSWHGDQRWKHURQJRLQJDFWLRQRUWKDWVRPHWKLQJKDSSHQHGHYHU\WLPHVRPHWKLQJHOVHKDSSHQHGRUWKDW
VRPHWKLQJZLOOWDNHSODFHLPPHGLDWHO\DIWHUDQRWKHUDFWLRQ7REHDEOHWRH[SUHVVWKLVOHYHORIFRPSOH[LW\RI
PHDQLQJV6SDQLVKOLNHPDQ\RWKHUODQJXDJHVUHOLHVRQDVXEVWDQWLDOERG\RIFRQQHFWRUVZKLFKDUHXVHGLQ
FRQMXQFWLRQZLWKDYDULHW\RISRVVLEOHWHQVHFRPELQDWLRQV
D7RLQGLFDWHWKDWDQDFWLRQLVVLPXOWDQHRXVZLWKDQRWKHUDFWLRQ

$ODEULUODSXHUWDVHQWtXQIXHUWHRORUDKXPR:KHQ,RSHQHGWKHGRRU
DOYHUE$LQWKHLQILQLWLYHYHUE%
,VPHOWDVWURQJVPHOORIVPRNH/LWHUDOO\2QRSHQLQJ
PLHQWUDVFXDQGRYHUE$LQLPSHUIHFWSUHVHQWVLPSOHRUFRQWLQXRXV 0LHQWUDV3HGULWRLEDDFODVHGHSLDQR3LODUKDFtDORVGHEHUHV:KLOH
WHQVHVYHUE% 3HGULWRKDGKLVSLDQROHVVRQ3LODUGLGKHUKRPHZRUN
&RQMXJDWHGYHUEJHUXQG
(QWUyJULWDQGR6KHFDPHLQVFUHDPLQJ
6HFWLRQRQWKHJHUXQG

2WKHUVHQWDQWRTXHDQGHQWUHWDQWRTXHXVHGOLNHPLHQWUDV
L7RVSHFLI\WKDWDFWLRQ$LVKDSSHQLQJKDVKDSSHQHGZLOOKDSSHQHWFDWH[DFWO\WKHVDPHWLPHDVDFWLRQ%

(QHOPRPHQWRHQTXHHQFHQGLyODOX]WRGDVVXVSHVDGLOODV
HQHOPRPHQWRHQTXHDOPLVPRWLHPSRTXHDODYH]TXHYHUE$
GHVDSDUHFLHURQ7KHPRPHQWKHVZLWFKHGWKHOLJKWRQDOOKLVQLJKWPDUHV
YHUE%
GLVDSSHDUHG
LL7RLQGLFDWHWKDWDFWLRQ$WDNHVSODFHWRRNSODFHZLOOWDNHSODFHHWFHYHU\WLPHWKDWDFWLRQ%GRHV

£<DHVWR\KDUWD£6LHPSUHTXHFRFLQDpOFRPHPRVKXHYRVIULWRV,¶P
VLHPSUHTXHFDGDYH]TXHWRGDVODVYHFHVTXHYHUE$YHUE%
IHGXS(YHU\WLPHKHFRRNVZHHDWIULHGHJJV

LLL7RLQGLFDWHWKDWDFWLRQ$LVSURJUHVVLYHDQGVLPXOWDQHRXVWRDFWLRQ%

DPHGLGDTXHVHJ~QYHUE$LQFRQWLQXRXVWHQVHVSUHVHQW $PHGLGDTXH6HJ~QPHLEDDFHUFDQGRODFLXGDGFUHFtDDQWHPLV
LPSHUIHFWSUHVHQWVXEMXQFWLYHYHUE% RMRV$V,JRWQHDUHUWKHWRZQJUHZEHIRUHP\H\HV

1RWHWKDWVHJ~QLVDOVRDSUHSRVLWLRQPHDQLQJµDFFRUGLQJWR¶DQGDFRQQHFWRURIPDQQHUPHDQLQJµDV¶
<RXFDQUHYLVHWKHPLQ8QLWDQG6HFWLRQHUHVSHFWLYHO\
LY7RVKRZWKDWDQDFWLRQLQWHUUXSWVKDVLQWHUUXSWHGZLOOLQWHUUXSWHWFDQRQJRLQJDFWLRQ

(VWiEDPRVYLHQGRODWHOHFXDQGRGHSURQWRVDOWyODDODUPDGH
9HUE$LQFRQWLQXRXVWHQVHVFXDQGRGHUHSHQWHGHSURQWRYHUE
LQFHQGLRV:HZHUHZDWFKLQJ79ZKHQVXGGHQO\WKHILUHDODUPZHQW
%
RII

E7RLQGLFDWHWKDWDQDFWLRQWDNHVSODFHWRRNSODFHZLOOWDNHSODFHHWFDIWHUDQRWKHUDFWLRQ

&XDQGRFHQHVOOiPDPH&DOOPHZKHQ\RXILQLVKGLQQHU
FXDQGRGHVSXpVGHLQILQLWLYHGHVSXpVGHTXHOXHJRTXHXQDYH]
'HVSXpVGHKDFHUODFDMDFHUUyHODOPDFpQ\VHIXHDFDVD$IWHU
GHTXHFRQMXJDWHGYHUERUGHVSXpVGHLQILQLWLYH
GRLQJWKHWLOOKHORFNHGXSWKHVWRUHDQGZHQWKRPH
3HUIHFWJHUXQGFRQMXJDWHGYHUE +DELHQGRGLFKRORTXHWHQtDTXHGHFLUGLRODPHGLDYXHOWD\VH
6HFWLRQRQWKHJHUXQG PDUFKy+DYLQJVDLGZKDWVKHQHHGHGWRVD\VKHWXUQHGURXQGDQGOHIW
3DVWSDUWLFLSOHFRQMXJDWHGYHUE &RQFOXLGDODUHXQLyQVHIXHURQMXQWRVDFRPHU+DYLQJILQLVKHGWKH
6HFWLRQRQWKHSDVWSDUWLFLSOH PHHWLQJWKH\ZHQWIRUGLQQHUWRJHWKHU

7RVKRZWKDWDQDFWLRQWDNHVSODFHVWRRNSODFHZLOOWDNHSODFHHWFLPPHGLDWHO\DIWHUDQRWKHUDFWLRQ

(QFXDQWRHOSDGUHFRJLyDOQLxRHQEUD]RVHVWHGHMyGHOORUDU$V
HQFXDQWRHQHOPRPHQWRHQTXHWDQSURQWRFRPRDSHQDVFRQMXJDWHG
VRRQDVWKHIDWKHUWRRNWKHFKLOGLQKLVDUPVKHVWRSSHGFU\LQJ
YHUE$FRQMXJDWHGYHUE%RUQDGDPiVLQILQLWLYHYHUE$FRQMXJDWHG
$SHQDVKDEtDWHUPLQDGRGHFHQDUFXDQGRVRQyHOWLPEUHGHOD
YHUE%
SXHUWD1RVRRQHUKDGVKHILQLVKHGGLQQHUWKDQWKHGRRUEHOOUDQJ

F7RLQGLFDWHWKDWDQDFWLRQWRRNSODFHEHIRUHDQRWKHURQH
8VHRIWKHSOXSHUIHFW ,QWHQWDPRVQHJRFLDUSHURHOORV\DKDEtDQWRPDGRVXGHFLVLyQ:H
6HFWLRQRQWKHSOXSHUIHFW WULHGWRQHJRWLDWHEXWWKH\KDGDOUHDG\WDNHQWKHLUGHFLVLRQ
+DEtDQFHQDGR\DFXDQGROOHJXp7KH\KDGDOUHDG\KDGGLQQHUZKHQ,
3OXSHUIHFWFXDQGRSUHWHULWH
DUULYHG
$FDEyHOOLEURDQWHVGHLUVHDODFDPD6KHILQLVKHGWKHERRNEHIRUH
JRLQJWREHG
DQWHVGHLQILQLWLYHDQWHVGHTXHVXEMXQFWLYH
$FDEyGHSUHSDUDUODFRPLGDPXFKRDQWHVGHTXH,OHJDUDVX
LQYLWDGR6KHILQLVKHGSUHSDULQJWKHPHDOORQJEHIRUHKHUJXHVWDUULYHG

*RWR6HFWLRQWRUHYLVHWKHXVHRIWKHIXWXUHSHUIHFWWRUHIHUWRDFWLRQVWDNLQJSODFHEHIRUHDQRWKHU
DFWLRQLQWKHIXWXUH
G7RVSHFLI\WKDWDQDFWLRQLVWKHEHJLQQLQJRUWKHHQGRIDQRWKHUDFWLRQ

'HVGHTXHOHGLHURQODQRWLFLDHVWiPX\WULVWH6LQFHWKH\WROGKLPWKH
GHVGHTXH
QHZVKHKDVEHHQYHU\VDG
3HQVDPRVYLDMDUSRU6XGDPpULFDKDVWDTXHVHQRVDFDEHHOGLQHUR
KDVWDTXH :HDUHSODQQLQJWRWUDYHODURXQG6RXWK$PHULFDXQWLOZHUXQRXWRI
PRQH\

5HIHUWR8QLWIRUWKHVHDQGRWKHUXVHVRIWKHSUHSRVLWLRQVGHVGHDQGKDVWD
/HYHO
(MHUFLFLRV

5HDGWKHIROORZLQJVHQWHQFHVDQGXQGHUOLQHWKHDFWLRQWKDWWRRNSODFHILUVW

D0HSLGLHURQHOGLQHURSDUDHOUHJDORGH$OLFLDSHUR\R\DKDEtDSDJDGR
E&XDQGRYLTXHDOJXLHQPHVHJXtDHFKpDFRUUHU
F&RQVXOWyFRQVXVSDGUHVDQWHVGHWRPDUXQDGHFLVLyQGHILQLWLYD
G(QFXDQWRVXQRYLD]JRVHKL]RS~EOLFRODSUHQVDQRODGHMyHQSD]
5HDGWKHIROORZLQJVHQWHQFHVDQGH[SODLQWKHGLIIHUHQFHVLQWLPHVHTXHQFLQJ

DL1RVFRQWyVXSUREOHPDPLHQWUDVGiEDPRVXQSDVHR
LL1RVFRQWyVXSUREOHPDGHVSXpVGHGDUXQSDVHR
EL$QWHVGHDFHSWDUODRIHUWDWHQHPRVTXHKDEODUGHORVGHWDOOHV
LL+DEODPRVGHORVGHWDOOHVGHVSXpVGHTXHGHFLGLPRVDFHSWDUODRIHUWD
FL(QWUyHQFDVDVHTXLWyHODEULJR\ORV]DSDWRV\WHOHIRQHyDVXPDGUH
LL1DGDPiVHQWUDUHQFDVDWHOHIRQHyDVXPDGUH
GL'HVGHTXHVDOHFRQHVWDFKLFDHVWiHVWXGLDQGRPXFKR
LL(VWXGLDEDPXFKRKDVWDTXHHPSH]yDVDOLUFRQHVWDFKLFD
   &RPSOHWH WKH JDSV ZLWK WKH ULJKW FRQQHFWRU WR VKRZ WKDW WKH DFWLRQV LQ WKH VHQWHQFH WRRN SODFH
VLPXOWDQHRXVO\

PLHQWUDV‡HQHOPRPHQWR‡DO

D0DUL/X]VHHQFRQWUyFRQ0LJXHOYROYHUDFDVD
EKDFtDODFHQDPLKLMDPHFRQWyTXHVHKDEtDHQIDGDGRFRQVXDPLJD
F&DVXDOPHQWH-RVp/XLVHQWUySRUODSXHUWDHQTXHSUHJXQWDEDSRUpO
&RPSOHWHWKHJDSVZLWKDYHUELQWKHDSSURSULDWHWHQVHWRPDNHFRKHUHQWVHQWHQFHV

D$OORVJULWRVWRGRVORVYHFLQRVVDOLHURQDODFDOOHDYHUTXpSDVDED
E0LHQWUDV%HDWUL]SRUHOSDUTXHYLRTXHXQJUXSRGHPXFKDFKRVGHVWUR]DEDXQEDQFR
F7LQDPHKDSURPHWLGRTXHFXDQGRYDFDFLRQHVPHOOHYDUiDYHUDPLKHUPDQD
6HOHFWWKHDSSURSULDWHFRQQHFWRUIRUHDFKVHQWHQFHIROORZLQJWKHLQVWUXFWLRQV

D6HOHFWDFRQQHFWRUWRVKRZWKDWWKHILUVWDFWLRQKDSSHQHGHYHU\WLPHWKDWWKHVHFRQGDFWLRQWRRNSODFH
PLHQWUDV‡FDGDYH]TXH‡FXDQGR

ORLQWHQWDEDIUDFDVDED3RUILQPHGLSRUYHQFLGR
E6HOHFWDFRQQHFWRUWRVKRZWKDWWKHWZRDFWLRQVKDSSHQHGDWH[DFWO\WKHVDPHWLPH
HQHOPRPHQWRHQTXH‡PLHQWUDV‡FXDQGR

/DUHFRQRFtHPSH]yDKDEODU
F6HOHFWDFRQQHFWRUWRVKRZWKDWRQHRIWKHDFWLRQVKDSSHQHGLPPHGLDWHO\DIWHUWKHRWKHUDFWLRQ
GHVSXpVGHTXH‡HQFXDQWR‡FXDQGR

)XLPRVDOKRVSLWDOQRVHQWHUDPRVGHODFFLGHQWH
G6HOHFWDFRQQHFWRUWRVKRZWKDWWKHDFWLRQKDSSHQVSURJUHVVLYHO\DQGVLPXOWDQHRXVO\
FDGDYH]TXH‡DPHGLGDTXH‡PLHQWUDV

ODLEDFRQRFLHQGRFDPELDEDPLRSLQLyQVREUHHOOD
&RPSOHWHWKHIROORZLQJWH[WZLWKWKHDSSURSULDWHFRQQHFWRUVWRPDNHLWFRKHUHQW

FXDQGRXVHGWZLFH‡FXDQGRGHUHSHQWH‡DO‡PLHQWUDV‡DSHQDV‡GHVSXpVGH‡KDVWDTXH

‡DQWHVGH‡VLHPSUHTXH

$TXHOGtD,VDEHOHVWDEDLQTXLHWDDGHVD\XQDUEDMyDOSDWLRDHVSHUDUHOFRUUHRGHODPDxDQDE
   HVSHUDED VHQWDGD HQ HO EDQFR GH OD HQWUDGD SHQVDED HQ OR TXH KDUtD GHVSXpV (VWDED
HQVLPLVPDGD HQ VXV SHQVDPLHQWRV F    HO UXLGR GH ORV FDVFRV GH XQ FDEDOOR OD GHYROYLy D OD
UHDOLGDG G    VH KDEtD OHYDQWDGR D PLUDU HO FDPLQR H    HO FDEDOOR GH VX SDGUH DSDUHFLy
DFHUFiQGRVHDOJDORSH(VSHUyLQPyYLOIFDEDOOR\MLQHWHVHGHWXYLHURQDQWHODSXHUWD,VDEHO
FRUULyKDFLDVXSDGUHFRQDOHJUtDJYROYtDGHYLDMHOHWUDtDUHJDORVKVHDFHUFyDVX
SDGUH YLR TXH HVWDED FXELHUWR GH VDQJUH \ L    TXH SXGLHUD D\XGDUOR VH GHVSORPy FRPR XQ
IDUGRMLQWHQWDULQFRUSRUDUORVHGLRFXHQWDGHTXHHVWDEDPXHUWR

7KHFRQGLWLRQDOVHQWHQFH
$FRQGLWLRQDOVHQWHQFH±ODRUDFLyQFRQGLFLRQDO±FRQVLVWVRIWZRFODXVHVDPDLQFODXVHDQGDVXERUGLQDWH
FODXVH7KHVXERUGLQDWHFODXVHH[SUHVVHVWKHFRQGLWLRQIRUWKHIXOILOPHQWRIWKHDFWLRQH[SUHVVHGLQWKHPDLQ
FODXVH7KHPRVWFRPPRQVXERUGLQDWLQJFRQQHFWRULVVLYHU\PXFKOLNHµLI¶LQ(QJOLVK
6LOOHJDVDQWHVGHODVWHOOHYRHQFRFKHDFDVD
VXERUGLQDWHFRQGLWLRQDOFODXVHPDLQFODXVH
,I\RXDUULYHEHIRUHR¶FORFN,ZLOOWDNH\RXKRPHE\FDU
<RXFDQUHYLVHWKHFRQGLWLRQDOFRQQHFWRUVLQ6HFWLRQF

7\SHVRIFRQGLWLRQDOVHQWHQFHVLQWURGXFHGE\VL
7\SHVRIFRQGLWLRQ 6XERUGLQDWHFODXVH 0DLQFODXVHYHUE ([DPSOHV
3DVWFRQGLWLRQDOWKHRXWFRPHWRRN 6L0DUtDTXHUtDDOJR-XDQVHOR
SODFHHYHU\WLPHWKHFRQGLWLRQZDV VLLQGLFDWLYHSDVWWHQVHV LQGLFDWLYHSDVWWHQVHV GDED,I0DUtDZDQWHGDQ\WKLQJ
IXOILOOHG -XDQZRXOGJLYHLWWRKHU
2SHQFRQGLWLRQWKHIXOILOPHQWRU 6LHOHTXLSRJDQDHOGRPLQJR
QRQIXOILOPHQWRIWKHFRQGLWLRQLV SUHVHQWRUIXWXUHLQGLFDWLYHRU VXELUiD3ULPHUD'LYLVLyQ,IWKH
VLSUHVHQWLQGLFDWLYH
HTXDOO\SRVVLEOHZLWKWKHRXWFRPHLQ LPSHUDWLYH WHDPZLQVRQ6XQGD\LWZLOOJRXSWR
WKHIXWXUH WKH)LUVW'LYLVLRQ
5HPRWHFRQGLWLRQWKHFRQGLWLRQ
H[SUHVVHVDK\SRWKHWLFDOVLWXDWLRQ VLLPSHUIHFWVXEMXQFWLYH FRQGLWLRQDOVLPSOH
7ZRSRVVLEOHPHDQLQJV
  D6L OOHJDUDQ DQWHV GH ODV 
D3RVVLEOHIXOILOPHQWVLPLODUWRWKHRSHQFRQGLWLRQDOVEXWVOLJKWO\PRUHK\SRWKHWLFDO7KHRXWFRPHZRXOGWDNH SRGUtDQ TXHGDUVH D FRPHU
SODFHLQWKHIXWXUHLIWKHFRQGLWLRQZHUHIXOILOOHG ,IWKH\DUULYHGEHIRUHWKH\
FRXOGVWD\IRUOXQFK
   E6L OD TXLVLHUD GH YHUGDG QR
ODWUDWDUtDFRPRODWUDWD,I
E7KHIDFWVH[SUHVVHGLQWKHFRQGLWLRQDOFODXVHDUHQRWWUXHDQGDUHSUHVHQWHGDVK\SRWKHWLFDO7KHRXWFRPH KH UHDOO\ ORYHG KHU KH ZRXOG
LVDOVRK\SRWKHWLFDO QRW WUHDW KHU WKH ZD\ KH
GRHV7KHVSHDNHUGRHVQRW
EHOLHYHWKDWKHORYHVKHU
D6LKXELHUDJDQDGRWHKDEUtD
LQYLWDGR D FHQDU +DG ,
ZRQ,ZRXOGKDYHLQYLWHG\RX
8QIXOILOOHGFRQGLWLRQVD WRGLQQHU%XW,GLGQRW
  D FRQGLWLRQDO SHUIHFW RU E
K\SRWKHWLFDOVLWXDWLRQLQWKHSDVW E6L0DUFRVQRKXELHUDFRJLGR
VLSOXSHUIHFWVXEMXQFWLYH FRQGLWLRQDO LI WKH UHVXOW
ZKHUHWKHFRQGLWLRQZDVQRWIXOILOOHG HO FRFKH HVWDQGR ERUUDFKR
VWUHWFKHVLQWRWKHSUHVHQW
DQGWKHRXWFRPHGLGQRWWDNHSODFH 0DUWD HVWDUtD DKRUD YLYD
,I0DUFRVKDGQRWGULYHQWKH
FDUZKLOHGUXQN0DUWDZRXOG
EHDOLYHQRZ

 +RZWRWUDQVODWHµ,I,ZHUH\RX¶

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

(MHUFLFLRV

   3XW WKH YHUE LQ WKH VXERUGLQDWH FODXVH LQWR WKH FRUUHFW IRUP 3D\ DWWHQWLRQ WR WKH PHDQLQJ RI WKH PDLQ
FODXVH8VHWKHUXOHVLQWKHER[DVDJXLGH

6LSUHVHQWLQGLFDWLYHĺSUHVHQWIXWXUHRULPSHUDWLYH
6LLPSHUIHFWLQGLFDWLYHĺLPSHUIHFWLQGLFDWLYH

D£1RGHVHVSHUHV6LQRVYHUDTXHOEDUFRHVWDPRVVDOYDGRV

E6LHOHQIHUPRQRFRQVHJXLUVXSHUDUODILHEUHHQODVSUy[LPDVKRUDVGHVHJXURPRULUi
 F/HFRSLDEDDVXKHUPDQRHQWRGRVL0RQFKRGHFLUµVt¶HUDµVt¶VL0RQFKRQRTXHUHU
FRPHUpOWDPSRFR
G$FpUFDWHFRQFXLGDGR\VLHOSHUURHPSH]DUDODGUDUQRVHFKDDFRUUHU
7KHIROORZLQJH[WUDFWVLOOXVWUDWHK\SRWKHWLFDOVLWXDWLRQVH[SUHVVHGZLWKDFRQGLWLRQDOVHQWHQFH&RPSOHWH
WKHJDSVZLWKWKHFRUUHFWYHUEIRUPIROORZLQJWKLVUXOH

6LLPSHUIHFWVXEMXQFWLYHĺFRQGLWLRQDO

 D([WUDFWIURPDQLQWHUYLHZZLWKD&XEDQGXULQJWKHRIILFLDOIXQHUDORI&KH*XHYDUDLQ6DQWD&ODUD
&XEDLQ2FWREHU

²6LDTXtHVWXYLHUDHO&KHKR\¢TXpOHW~GHFLU"

²<ROHGHFLUWDQWDVFRVDVSRUTXHWHQJRTXHDJUDGHFHUOHWDQWDVFRVDVTXHYD\DQRWHQHUSDODEUDVQLWHUPLQDU
QXQFDGHGHFLUOHORTXHWHQJRTXHGHFLUOH
7KH2SHQ8QLYHUVLW\/9LHQWRHQSRSD&XDGHUQLOORGHWUDQVFULSFLRQHV:DOWRQ+DOO7KH2SHQ8QLYHUVLW\S
 

E([WUDFWIURPDQLQWHUYLHZZLWKVHYHUDOSHRSOHRQZKDWWKH\ZRXOGGRLIWKH\

FRXOGOLYHWKHLUOLYHVDJDLQ
²6LW~SRGHUYROYHUDYLYLU¢TXpKDUtDVGLVWLQWR"
²'HPLYLGDSHUVRQDOQDGD1RFUHRTXHFDPELDU1RQRQDGD
²¢1DGD"¢7RGRLJXDOLWR"
²3XHV\RVtFUHRTXHORKDFHUWRGRLJXDOLWR3HURHVWR\FRQWHQWREXHQRQRFRQWHQWRSHURPHSDUHFHTXHHOWUDQVFXUVRGHPL
YLGDKDVLGRPX\QRUPDOFRQORVSUREOHPDVFRQORVPRPHQWRVGHGRORUGHIHOLFLGDGGHFXDOTXLHUKXPDQR<FUHRTXHVLYROYHU
DQDFHUUHFRUUHUXQFDPLQRPX\VLPLODU¢QR"
7KH2SHQ8QLYHUVLW\/9LHQWRHQSRSD&XDGHUQLOORGHWUDQVFULSFLRQHV:DOWRQ+DOO7KH2SHQ8QLYHUVLW\S


F

(UQHVW+HPLQJZD\HOJUDQHVFULWRUHVWDGRXQLGHQVHVHVHQWLURUJXOORVRFRQWRGDVHJXULGDGVLVDEHUTXHHOEDUµ+DUU\¶V¶

GH 9HQHFLD TXH WDQWR IUHFXHQWy \ GRQGH SDULy DOJXQRV GH VXV UHODWRV KD VLGR LQFOXLGR HQWUH ORV PRQXPHQWRV SURWHJLGRV SRU HO
0LQLVWHULRGH&XOWXUDGH,WDOLD
(O&RUUHR(VSDxRO±(O3XHEOR9DVFRS

)LQLVKWKHIROORZLQJVHQWHQFHVWRFUHDWHDVWDWHPHQWWKDWLVWUXHDERXW\RX

6LSOXSHUIHFWVXEMXQFWLYHĺFRQGLWLRQDORUFRQGLWLRQDOSHUIHFW

D6L\RWDPELpQVHUtDULFRDDKRUD
E6LKXELHUDQDFLGR\FUHFLGRHQXQSDtVKLVSDQR
F6LKXELHUDSRGLGRHOHJLUPLQRPEUH
G6LQRORKDEUtDFUHtGR