Defiance College Magazine - Summer 2010

Page 1

6XPPHU

Enrollment Is Up | Breaking Ground | A New Non-Profit | Restoring Nature


$UH \RX WLUHG RI EHLQJ EORZQ E\ WKH ZLQGV RI D IOXFWXDWLQJ PDUNHW" )LQG VHFXULW\ WKURXJK D

&KDULWDEOH *LIW $QQXLW\

:LWK IL[HG LQFRPH IRU OLIH \RX QR ORQJHU QHHG WR ZDWFK WKH PDUNHWV 0DNH D JLIW WR 'HILDQFH &ROOHJH DQG HQMR\ JUHDWHU ILQDQFLDO VWDELOLW\ ‡ 6HFXUH IL[HG LQFRPH IRU OLIH ‡ +LJKHU LQFRPH EDVHG RQ DJH ‡ &KDULWDEOH GHGXFWLRQ WD[ VDYLQJV

‡ %\SDVV RI FDSLWDO JDLQ RQ JLIW ‡ 7D[ IUHH LQFRPH SRUWLRQ ‡ 5HPDLQGHU WR FKDULW\

7R OHDUQ PRUH DERXW *LIW $QQXLWLHV FRQWDFW &LQG\ 6KDIIHU DW FVKDIIHU#GHILDQFH HGX RU &RS\ULJKW ‹ &UHVFHQGR ,QWHUDFWLYH ,QF


'(),$1&( &2//(*( 7KH 0DJD]LQH

9RO 1R

6XPPHU

9LVLW WKH '& ZHEVLWH ZZZ GH¿DQFH HGX (GLWRULDO %RDUG 6WDII .DWK\ 3XQFKHV ¶

(GLWRU 'LUHFWRU RI 3XEOLF 5HODWLRQV DQG 0DUNHWLQJ

5HY 'DYLG 3ODQW ¶

'LUHFWRU RI $OXPQL DQG 3DUHQW 5HODWLRQV

0LFKHOH 7LQNHU

'LUHFWRU RI $QQXDO *LYLQJ

)HDWXUHV 2Q WKH 0RYH '& DSSOLFDWLRQV XS DOO DFURVV $PHULFD

'HEELH 5LFKDUG ¶ ¶ $VVLVWDQW 'LUHFWRU RI 0DUNHWLQJ

6XFFHVV

&UHDWLYH 'HVLJQ 0DQDJHU

&ROG &DVH

3HUVRQDO 6XFFHVV 3ODQV DLG LQ VWXGHQW VXFFHVV

5\DQ ,PEURFN

6WXGHQWV KHOS LQYHVWLJDWH FROG FDVHV LQ 'HWURLW

%RDUG RI 7UXVWHHV

-R\FH & $QGHUVRQ ¶ 5DQGDOO %XFKPDQ ¶ (GZDUG %XKO ¶ *DU\ &DWHV 'U :LOOLDP 0 )LQHUW\ -U &KHU\O +DKU ¶ -DPHV +DPLOWRQ ¶ (ULF +HQFK 7KRPDV . +XEEDUG .DUO ,GHPDQ ¶ 'U 5LWD $ .LVVQHU 0DUN 0RDWV

5HY 'U 5RJHU ' 3HUO *HUU\ 3URNXSHN ¶ 'U 7HUUHQFH : 5HWWLJ ¶ 6WXDUW ) 6DNRVLWV ¶ 0DUN 6K\ ¶ %DUE - 6LOYLV ¶ 6KDXQH 0 6NLQQHU ¶ :LOOLDP - 6PDOO 6WHYH 9DQ'HPDUN ¶

+RQRUDU\ 7UXVWHHV 'U (GZLQ 6 &KDUOHV 'U $PRV - :KLWH

0RPHQWXP *URXQGEUHDNLQJ IRU WKH )LHOG +RXVH QHDUV

5HVWRUDWLRQ 6WXGHQWV DQG IDFXOW\ ILQG IXWXUHV LQ GDPDJHG HFRV\VWHPV

6HUYLFH ,QWURGXFLQJ D VWXGHQW UXQ QRQSURILW RQ FDPSXV

2SSRUWXQLW\ +HQFK $XWLVP 6WXGLHV 3URJUDP VSRQVRUV VXPPHU FDPS

:UHVWOLQJ %ULQJLQJ EDFN WKH 3XUSOH *DQJ LV FORVHU WKDQ HYHU

2SHQ 'RRUV 7KH PXVLF SURJUDP LV H[SHULHQFLQJ D UHYLYDO

7UXVWHH )HOORZV

.HLWK %HOO 6U ¶ 7KRPDV &DOODQ ¶ 'U 'HDQ &ROZHOO ¶ %HQ 'DYLV -U ¶ 'U /LOOLDQ 'XQODS ¶ 'U 6RPQDWK 'XWWD 'U $OOHQ *DVSDU ( .HLWK +XEEDUG ¶ &KDUORWWH -RKDQQLJPDQ ¶

,Q 0HPRU\ 7LPRWK\ /HX]DUGHU ¶ 3KLOLS 0DOORWW ¶ 0DUJDUHW ) 0LOOV ¶ 'U %RQQLH 6ORDQ *HRUJH 6PDUW ¶ -RKQ : :HDQHU $QGUHZ :KLWH 0LNH :ROIH ¶

5HPHPEHULQJ 'U 5LFKDUG : 6WURHGH

-XVW /RYHG ,W $IWHU \HDUV RI VHUYLFH %HYHUO\ +DUULQJWRQ UHWLUHV

*UDGXDWLRQ JUDGXDWHV DZDUGHG GLSORPDV

/LIH 7UXVWHH ( .HLWK +XEEDUG LV UHFRJQL]HG E\ WKH 2),&

5HFRJQLWLRQ )DFXOW\ DQG VWDII DFKLHYHPHQWV

$OXPQL ([HFXWLYH %RDUG -DQ &UDLJ ¶ /LVD &UXPLW +DQFRFN ¶ $P\ 'DHJHU ¶ -RQ *DWKPDQ ¶ 0DWW *LOUR\ ¶

'U 'XQFDQ -DPLHVRQ ¶ -DVRQ /D%RXQW\ ¶ &DURO\Q 0DQQ ¶ 0DU\ %HWK 5R\DO ¶ 'RXJ 6KRUW ¶ -HQQLIHU =LHJOHU ¶

$WKOHWLFV 8SGDWHV RQ IRRWEDOO WHQQLV DQG WUDFN DQG ILHOG

(PEHGGHG +HOHQ 6WLHIPLOOHU ¶ LV WKH µ.HHSHU RI WKH 6WRULHV¶

&ODVV 1RWHV

6800(5 ‹


RQ WKH PRYH (152//0(17 $7 '(),$1&( &2//(*( 'HÀDQFH &ROOHJH LV H[SHULHQFLQJ D UHFRUG QXPEHU RI DSSOLFDWLRQV IURP RXWVLGH WKH VWDWH

:

KLOH WRXJK HFRQRPLF WLPHV KDYH PDGH LW GLI¿FXOW IRU VRPH FROOHJHV WR NHHS SDFH ZLWK WKHLU HQUROOPHQW H[SHFWDWLRQV 'H¿DQFH &ROOHJH KDV EHHQ VXUJLQJ DKHDG LQ SRSXODULW\ DV DQ DIIRUGDEOH TXDOLW\ SULYDWH FROOHJH ZLWK DQ HPSKDVLV RQ WKH VXFFHVV RI HDFK VWXGHQW (QUROOPHQW IRU WKH XSFRPLQJ DFDGHPLF \HDU LV VKDSLQJ XS WR EH WKH ODUJHVW LQ QHDUO\ \HDUV HVSHFLDOO\ DPRQJ WUDGLWLRQDO IXOO WLPH XQGHUJUDGXDWHV (YHQ EHIRUH WKH UHFUXLWPHQW F\FOH KDV HQGHG FRPPLWPHQWV IURP IUHVKPHQ VWXGHQWV EHJLQQLQJ FODVVHV LQ WKH IDOO RI DUH DKHDG SHUFHQW :KLOH 'H¿DQFH &ROOHJH FRQWLQXHV WR UHPDLQ WKH FROOHJH RI FKRLFH IRU D ODUJH QXPEHU RI VWXGHQWV LQ WKH 1RUWKZHVW 2KLR UHJLRQ ZH DUH H[SHULHQFLQJ D UHFRUG QXPEHU RI DSSOLFDWLRQV WKLV \HDU IURP VWXGHQWV RXWVLGH RI 2KLR ³7KLV LV SUREDEO\ WKH EURDGHVW GLVWULEXWLRQ RI LQWHUHVW '& KDV HYHU NQRZQ ´ VDLG 0LNH 6X]R 9LFH 3UHVLGHQW IRU (QUROOPHQW 0DQDJHPHQW ³3UHVLGHQW *RUGRQ KDV JLYHQ XV WKH FKDUJH WR UHFUXLW QDWLRQDOO\ DQG ZH KDYH UHVSRQGHG DJJUHVVLYHO\ ,W KDV EHHQ IXQ WR VHH WKH UHVXOWV 0RUH DQG PRUH VWXGHQWV DUH OHDUQLQJ ZKR ZH DUH ´ 3URVSHFWLYH VWXGHQWV KDYH DSSOLHG WR '& IURP VWDWHV DQG WZR 8 6 WHUULWRULHV 7KDW FRPSDUHV WR VWDWHV ODVW \HDU )RUW\ IRXU SHUFHQW RI '& DSSOLFDQWV WKLV \HDU DUH IURP RXWVLGH RI 2KLR ³6XFFHVV LQ VWXGHQW UHFUXLWPHQW LV D IXQFWLRQ RI TXDOLW\ RI SURGXFW DQG LQYHVWPHQW ´ VDLG 6X]R ³:H QRZ KDYH PRUH DQG PRUH

RI WKH WRROV ZH QHHG WR UHDFK RXW WR QHZ PDUNHWV DQG WR EH VXFFHVVIXO LQ DFKLHYLQJ RXU HQUROOPHQW JRDOV ´ ³:H DUH HYHU PLQGIXO WKDW VWXGHQWV DQG WKHLU SDUHQWV ZDQW YDOXH IRU WKHLU LQYHVWPHQW ´ 6X]R FRQWLQXHG ³7KH\ ZDQW WR NQRZ WKDW WKHUH LV JRLQJ WR EH D OHYHO RI VXSSRUW WKDW GRHVQ¶W HQG DW DQ DUELWUDU\ SRLQW LQ WLPH 3UHVLGHQW *RUGRQ KDV VHW WKH VWDQGDUG IRU WKLV +H KDV EHFRPH SHUVRQDOO\ LQYROYHG LQ VR PDQ\ RI RXU VWXGHQWV¶ HIIRUWV WR PDNH WKH PRVW RI WKHLU FROOHJH \HDUV 3URYLGLQJ D SRVLWLYH DQG VXFFHVVIXO HGXFDWLRQDO H[SHULHQFH LV ZKDW ZH GR HVSHFLDOO\ ZHOO DQG WKLV UHVRQDWHV ZLWK SURVSHFWLYH VWXGHQWV :H DUH JRLQJ WR FRQWLQXH WR DJJUHVVLYHO\ JHW WKH ZRUG RXW WR D QDWLRQDO DXGLHQFH WKLV FRPLQJ

\HDU DQG H[SHFW HYHQ JUHDWHU UHVXOWV ´ ,Q IDFW ZKDW SURVSHFWLYH VWXGHQWV VHH PRVW FOHDUO\ QRZ LV D 'H¿DQFH &ROOHJH WKDW LV YHU\ PXFK RQ WKH PRYH :KHWKHU LQ QHZ DQG LQQRYDWLYH SURJUDPV OLNH WKH VWXGHQW UXQ QRQSUR¿W DQG WKH FROG FDVH LQLWLDWLYH ZLWK WKH :D\QH &RXQW\ 3URVHFXWRU RU LQ H[SDQGHG MRE RSSRUWXQLWLHV WKURXJK WKH 'H¿DQFH &ROOHJH 3DUWQHUVKLS IRU -REV SURVSHFWLYH VWXGHQWV DUH UHDFWLQJ YHU\ SRVLWLYHO\ WR WKH QHZ RSSRUWXQLWLHV DW '& $GG WR WKDW WKH XSFRPLQJ JURXQGEUHDNLQJ IRU WKH ¿HOG KRXVH QHZ PRUH LQGLYLGXDOL]HG DWWHQWLRQ WKURXJK WKH SLRQHHULQJ 3HUVRQDO 6XFFHVV 3ODQV H[SDQGLQJ RSSRUWXQLWLHV LQ WKH DUWV 'H¿DQFH &ROOHJH LV WUXO\ D FROOHJH RQ WKH PRYH ‹


VXFFHVV

,7·6 3(5621$/ $7 '(),$1&( &2//(*( 3HUVRQDO 6XFFHVV 3ODQV KHOS VWXGHQWV PDS RXW WKH EHVW VWUDWHJ\ WR DFKLHYH WKHLU FROOHJH JRDOV

7

KH DFDGHPLF \HDU LV WKH ¿UVW \HDU LQ ZKLFK QHZ VWXGHQWV ZLOO HQWHU 'H¿DQFH &ROOHJH ZLWK WKHLU RZQ LQGLYLGXDOL]HG VWUDWHJLF SODQ 7KH 3HUVRQDO 6XFFHVV 3ODQ LV D UHFHQW LQQRYDWLRQ GHVLJQHG WR KHOS VWXGHQWV PDS RXW WKH EHVW VWUDWHJ\ WR DFKLHYH WKHLU FROOHJH JRDOV 7KH 363 ZLOO KHOS VWXGHQWV ¿JXUH RXW ZD\V WKDW WKH\ ZDQW WR JURZ DFDGHPLFDOO\ SHUVRQDOO\ FXOWXUDOO\ DQG LQ PDQ\ RWKHU ZD\V (DFK LQFRPLQJ VWXGHQW ZKR DWWHQGV RULHQWDWLRQ PHHWV WRJHWKHU ZLWK KLV RU KHU SDUHQWV ZLWK D WHDP UHSUHVHQWLQJ D UDQJH RI VHUYLFHV DQG SURJUDPV DW '& 7HDPV PD\ LQFOXGH D IDFXOW\ PHPEHU D FRDFK LI DSSOLFDEOH DGPLQLVWUDWLYH YLFH SUHVLGHQW VWXGHQW VHUYLFHV VWDII PHPEHU DOXPQXV DQG RWKHUV 7KLV LQLWLDO SODQQLQJ DQG DGYLVLQJ VHVVLRQ LQFOXGHV GLVFXVVLRQ RI WKH VWXGHQW¶V H[SHFWDWLRQV DQG VRPH YLVLRQLQJ DQG UH¿QLQJ RI LQLWLDO JRDOV DQG GHYHORSPHQW IRU WKH ¿UVW VHPHVWHU 7KH PHPEHUV RI HDFK VWXGHQW¶V WHDP ZLOO EH DEOH WR DVVLVW WKDW VWXGHQW DV KH VKH GHYHORSV DQG WKHQ LPSOHPHQWV WKH SODQ ³, DP UHDOO\ H[FLWHG DERXW WKLV LQLWLDWLYH ZKLFK PRYHV XV HYHQ FORVHU WR RXU LGHDO RI EHLQJ D WUXO\ VWXGHQW FHQWHUHG FROOHJH ´ VDLG 3UHVLGHQW 0DUN & *RUGRQ ³, NQRZ WKDW WKH SURVSHFWLYH VWXGHQWV ZKR KDYH EHJXQ WKH 363 SURFHVV KDYH IRXQG WKH H[SHULHQFH SURGXFWLYH ´ 7KH LQLWLDO PHHWLQJV WKDW KDYH WDNHQ SODFH DW VXPPHU RULHQWDWLRQ KDYH SURYLGHG IDFXOW\ DQG VWDII ZLWK D ZHDOWK RI LQIRUPDWLRQ IURP QHZ VWXGHQWV DQG WKHLU SDUHQWV 7HDPV KDYH EHHQ DEOH WR JDWKHU LQIRUPDWLRQ DERXW

(DFK QHZ VWXGHQW¶V 3HUVRQDO 6XFFHVV 3ODQ 363 LQFOXGHV DQ LQWHUYLHZ ZLWK D 363 WHDP GXULQJ RULHQWDWLRQ

VWXGHQWV¶ FRPPLWPHQW WR FDUHHU FKRLFH OHYHO RI VWXG\ VNLOOV LQWHUHVW LQ SDUWLFLSDWLQJ LQ VWXGHQW RUJDQL]DWLRQV DQG KRSHV DQG IHDUV WKDW WKH\ DQG WKHLU SDUHQWV KDYH DERXW VWDUWLQJ FROOHJH 7KLV LQIRUPDWLRQ ZLOO EH DYDLODEOH WR ¿UVW \HDU VHPLQDU LQVWUXFWRUV ZKR ZLOO ZRUN ZLWK VWXGHQWV WR EHJLQ FUDIWLQJ WKHLU LQGLYLGXDO SODQV 7KURXJKRXW WKH ¿UVW VHPHVWHU )6 LQVWUXFWRUV ZLOO JXLGH VWXGHQWV WKURXJK VHOI GLVFRYHU\ DQG FDUHHU SODQQLQJ DFWLYLWLHV WKDW ZLOO DVVLVW VWXGHQWV LQ

WKLQNLQJ DERXW WKHLU IXWXUH DW '& DQG EH\RQG ³:KDW , OLNH PRVW DERXW WKH 363 LV WKDW LW LV LQWHQWLRQDO DQG SURDFWLYH QRW MXVW UHDFWLYH ´ VDLG /LVD 0DUVDOHN DVVLVWDQW GHDQ RI VWXGHQWV DQG GLUHFWRU RI FDUHHU GHYHORSPHQW ³,W ZLOO UHTXLUH VWXGHQWV WR WKLQN DQG SODQ DERXW DOO DVSHFWV RI WKHLU VWXGHQW H[SHULHQFH IURP DFDGHPLF WR VRFLDO DQG YRFDWLRQDO WR VSLULWXDO 7KLV OHYHO RI SODQQLQJ E\ LQGLYLGXDO VWXGHQWV VKRXOG KHOS WKHP WR FUHDWH D UHZDUGLQJ DQG HQJDJLQJ FROOHJH H[SHULHQFH DQG VHW WKHP XS WR WUDQVLWLRQ LQWR D VXFFHVVIXO FDUHHU ´ ‹ 6800(5 ‹


&ROG &DVH

FROG FDVH

81,48( 23325781,7< )25 678'(176 '& VWXGHQWV XWLOL]LQJ WKHLU WUDLQLQJ DQG HGXFDWLRQ WR LQYHVWLJDWH FROG FDVHV LQ 'HWURLW ³7KH &ROG &DVH 5HYLHZ 3URMHFW LV LQGHHG D XQLTXH RSSRUWXQLW\ IRU RXU VWXGHQWV ´ VDLG 'U 'RQ .QXHYH DVVRFLDWH DFDGHPLF GHDQ DQG SURIHVVRU RI FULPLQDO MXVWLFH ³7KH :D\QH DNH WZR VWXGHQWV HDFK IURP WKH FULPLQDO &RXQW\ 3URVHFXWRU¶V 2I¿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¿UVW H[SHULHQFH LQ WKH VSULQJ VHPHVWHU RI KDV SURYHG WKLV WR WR LQYHVWLJDWH DQ ROG FDVH EH WUXH ´ 'XULQJ WKH VSULQJ VHPHVWHU VL[ VWXGHQWV 7KH RSSRUWXQLW\ FDPH IURP D FRQQHFWLRQ ZHUH LQYLWHG WR HQUROO LQ D VSHFLDO FODVV WKDW ZRXOG JLYH WKHP WKH RSSRUWXQLW\ WR ZRUN RQ D '& 3UHVLGHQW 0DUN & *RUGRQ KDG SUHYLRXVO\ GHYHORSHG ZLWK :D\QH &RXQW\ 3URVHFXWRU UHDO FDVH 7KH FDVH JLYHQ WR WKH VWXGHQWV ZDV FODVVL¿HG DV D ³FROG FDVH ´ PHDQLQJ LW KDGQ¶W .\P :RUWK\ $V LV HYLGHQW PDQ\ SODFHV WKH EHHQ VROYHG DQG ZDV VWLOO DQ RSHQ FDVH (DFK SURVHFXWRU¶V RI¿FH KDG UHFHQWO\ JRQH WKURXJK VWXGHQW ZDV UHTXLUHG WR VLJQ D FRQ¿GHQWLDOLW\ D EXGJHW UHGXFWLRQ DQG ZDV IXQFWLRQLQJ ZLWK OLPLWHG UHVRXUFHV %HFDXVH RI WKLV PDQ\ RI ZDLYHU EHIRUH WKH\ ZHUH DOORZHG WR ZRUN WKH ROG FDVHV KDG ODLQ GRUPDQW 7KLV FUHDWHG D ZLWK WKH LQIRUPDWLRQ XQLTXH RSSRUWXQLW\ IRU WKH &ROOHJH E\ 'HEELH 5LFKDUG ¶ ¶ $VVLVWDQW 'LUHFWRU RI 0DUNHWLQJ

7

³, DP QRW DZDUH RI DQ\ RWKHU H[DPSOH LQ WKH QDWLRQ LQ ZKLFK D PDMRU UHJLRQDO SURVHFXWRU¶V RI¿FH LV WDNLQJ DGYDQWDJH RI WKH VNLOOV RI FROOHJH VWXGHQWV DQG IDFXOW\ WR UH H[DPLQH FDVHV ZKLFK KDYH ODLQ GRUPDQW GXH WR ODFN RI VWDII ´ VDLG :RUWK\ ³,Q DQ HUD RI OLPLWHG UHVRXUFHV ZH DUH VWULYLQJ WR EH LQQRYDWLYH LQ RXU DSSURDFK WR GRLQJ RXU MRE DQG VHUYLQJ MXVWLFH 'H¿DQFH &ROOHJH EULQJV DFDGHPLF H[FHOOHQFH DQG WUDLQLQJ LQFOXGLQJ LWV SLRQHHULQJ H[SHUWLVH LQ WKH FXWWLQJ HGJH ¿HOG RI GLJLWDO IRUHQVLFV DQG WKLV HQGHDYRU LV D ZLQ ZLQ IRU WKH 'H¿DQFH VWXGHQWV DQG WKH FLWL]HQV RI :D\QH &RXQW\ ´ 7KH VWXGHQWV ZHUH JLYHQ DFFHVV WR WKH FDVH ¿OH LQIRUPDWLRQ WDONHG WR WKH RULJLQDWLQJ SROLFH DJHQF\ H[DPLQHG WKH HYLGHQFH WKDW KDG EHHQ FROOHFWHG DQG ZRUNHG ZLWK WKH SURVHFXWRU¶V RI¿FH DQG WKHLU FKLHI LQYHVWLJDWRU 7KH FDVH JLYHQ WR WKH VWXGHQWV ZDV EHOLHYHG WR KDYH D VROYDELOLW\ IDFWRU ³,W¶V D XQLTXH RSSRUWXQLW\ WR KDYH DQ DFWXDO RSHQ FDVH WKDW WKH\ FDQ H[DPLQH DQG RIIHU IHHGEDFN QRW RQO\ WR WKH 3URVHFXWRU¶V 2I¿FH EXW DOVR WR WKH RULJLQDWLQJ DJHQF\ ´ VDLG 6WHYH 6RQGHUJDDUG SURIHVVRU RI FULPLQDO MXVWLFH 7KH FODVV EHJDQ DV D SLORW SURMHFW EXW DOO SDUWLFLSDQWV DJUHH WKDW LW KDV EHHQ UHPDUNDEO\ VXFFHVVIXO DQG DUH SODQQLQJ IRU LWV FRQWLQXDWLRQ DQG H[SDQVLRQ 7KH SURMHFW KDV GUDZQ PHGLD DWWHQWLRQ IURP WKH :DOO 6WUHHW -RXUQDO 7KH 'HILDQFH &UHVFHQW 1HZV 7ROHGR %ODGH &ROXPEXV 'LVSDWFK DQG 'HWURLW 1HZV ‹

)DFXOW\ PHPEHUV OHIW WR ULJKW 'U 'RQ .QXHYH 3URIHVVRU 6WHYH 6RQGHUJDDUG DQG 'U *UHJJ *XQVFK GLVFXVV WKH QHZ FROG FDVH SURMHFW


6800(5


0RPHQWXP

PRPHQWXP 7+528*+ 7+( ())2576 2) 0$1< *URXQGEUHDNLQJ IRU WKH )LHOG +RXVH QHDUV DQG WKH FDPSDLJQ PRYHV FORVHU WR LWV JRDO

3UHOLPLQDU\ DUFKLWHFW¶V GUDZLQJ RI )LHOG +RXVH HQWUDQFH

%\ 0LFKHOH 7LQNHU 'LUHFWRU RI $QQXDO *LYLQJ

0

RPHQWXP RQ WKH 'H¿DQFH &ROOHJH )LHOG +RXVH SURMHFW JURZV ZLWK JURXQGEUHDNLQJ IRU WKH QHZ IDFLOLW\ VFKHGXOHG IRU +RPHFRPLQJ )XQGUDLVLQJ RQ WKH ORQJ DZDLWHG :HOOQHVV DQG )LWQHVV &HQWHU )LHOG +RXVH WRRN RII LQ HDUQHVW LQ 'HFHPEHU ZKHQ &RDFKHV 'LFN 6PDOO DQG 5DQG\ %XFKPDQ WKUHZ WKHLU VXSSRUW EHKLQG LW &RDFKHV 'XDQH +RFNLQJ DQG &UDLJ 5XWWHU MRLQHG WKH HIIRUW ZLWK OHWWHUV DQG SKRQH FDOOV WR WKHLU IRUPHU VWXGHQWV DQG DWKOHWHV 7KH SURMHFW DOVR UHFHLYHG DQ DVVLVW IURP 5HY *HUDOG 0DOORWW ZKR FRQQHFWHG ZLWK PRUH '& DOXPQL WR JDUQHU WKHLU VXSSRUW 7KH IROORZLQJ PRQWKV VKRZHG VXFK D JURXQGVZHOO RI VXSSRUW IRU WKH QHZ ¿HOG KRXVH WKDW LQ $SULO WKH &ROOHJH¶V %RDUG RI 7UXVWHHV YRWHG WR PRYH IRUZDUG ZLWK FRQVWUXFWLRQ ³$OO RI XV DW 'H¿DQFH &ROOHJH DUH WKULOOHG WKDW WKLV ORQJ KHOG GUHDP LV QRZ DERXW WR EHFRPH D UHDOLW\ ´ VDLG 0DUN &

*RUGRQ SUHVLGHQW ³7KLV QHZ IDFLOLW\ ZLOO EHQH¿W VWXGHQWV IDFXOW\ DQG VWDII KHOS '& DWWUDFW DQG UHWDLQ TXDOLW\ VWXGHQWV LPSURYH RXU RYHUDOO VSRUWV DQG DFDGHPLF SURJUDPV DQG SURYLGH PXFK QHHGHG DGGLWLRQDO VSDFH IRU VWXGHQW UHFUHDWLRQ DQG ¿WQHVV ,W ZLOO DOVR HQDEOH WKH &ROOHJH WR KRVW D VHULHV RI PHHWV DQG RWKHU HYHQWV WKDW FDQ EULQJ DGGHG HFRQRPLF DFWLYLW\ WR 'H¿DQFH ´ 7KH DSSURYDO E\ WKH ERDUG JDYH WKH &ROOHJH WKH DELOLW\ WR EHJLQ WKH IRUPDO SURFHVV IRU VHHNLQJ ORFDO FLW\ DSSURYDO RI WKH &ROOHJH¶V SODQV DV ZHOO DV WKH ELGGLQJ SURFHVV IRU FRQWUDFWRUV ³:H KRSH WR PRYH DV TXLFNO\ DV SRVVLEOH LQ ZRUNLQJ RXW WKH QHFHVVDU\ GHWDLOV ZLWK WKH FLW\ DQG LQ PRYLQJ WRZDUG JURXQGEUHDNLQJ GXULQJ WKH +RPHFRPLQJ FHOHEUDWLRQ ´ VDLG 3UHVLGHQW *RUGRQ $V RI -XQH IXQGUDLVLQJ IRU WKH SURMHFWHG PLOOLRQ IDFLOLW\ KDG UHDFKHG SHUFHQW RI JRDO ³:H DUH FRQWLQXLQJ RXU IXQGUDLVLQJ HIIRUWV VR WKDW WKLV IDFLOLW\ FDQ EH IXOO\ IXQGHG ZKHQ FRQVWUXFWLRQ EHJLQV ´ 3UHVLGHQW *RUGRQ

VDLG $Q\ DPRXQW UDLVHG DERYH WKH PLOOLRQ ZLOO DOORZ IRU WKH RSSRUWXQLW\ WR DGG H[WUD DPHQLWLHV DQG DGGUHVV DQ\ XQIRUHVHHQ FRQWLQJHQFLHV 7KH QHZ ¿HOG KRXVH ZLOO EH ORFDWHG QH[W WR WKH :HDQHU &RPPXQLW\ &HQWHU RQ :HEVWHU 6WUHHW ,W ZLOO EH WKH ODUJHVW IDFLOLW\ RI LWV NLQG LQ 1RUWKZHVW 2KLR IHDWXULQJ D VL[ ODQH 1&$$ DSSURYHG WUDFN ZLWK DFFRPPRGDWLRQV IRU RWKHU WUDFN DQG ¿HOG HYHQWV SUDFWLFH DUHDV VXLWDEOH IRU IRRWEDOO VRFFHU EDVHEDOO VRIWEDOO EDVNHWEDOO YROOH\EDOO JROI DQG RWKHU VSRUWV :LWK SURYLVLRQV IRU LQGRRU WHQQLV FRXUWV DQG D ¿WQHVV FHQWHU DV ZHOO WKH IDFLOLW\ ZLOO EHQH¿W WKH HQWLUH '& FDPSXV DV ZHOO DV PHPEHUV RI WKH EURDGHU FRPPXQLW\ (FKRLQJ 3UHVLGHQW *RUGRQ¶V HQWKXVLDVP LQFRPLQJ ERDUG FKDLU 5LWD .LVVQHU VDLG ³, DP SHUVRQDOO\ H[WUHPHO\ JUDWL¿HG E\ WKH %RDUG¶V VWURQJ VXSSRUW IRU PRYLQJ IRUZDUG ZLWK WKLV SURMHFW '& LV D VLJQL¿FDQW SDUW RI WKH FRPPXQLW\ DQG ZH DUH YHU\ SOHDVHG WKDW ZH FDQ FRQWULEXWH WR WKH LQFUHDVHG YLWDOLW\ RI WKH FRPPXQLW\ LQ WKLV ZD\ ´ ‹


7+( 75$16)250,1* ',))(5(1&( $ &DPSDLJQ WR 'HI\ WKH 2UGLQDU\ 83'$7( 2XU ¿VFDO \HDU -XO\ WR -XQH VSDQQHG RQH RI WKH PRVW GLI¿FXOW HFRQRPLF \HDUV LQ UHFHQW KLVWRU\ +RZHYHU DV D UHVXOW RI WKH FRQVLVWHQW DQG OR\DO VXSSRUW RI 'H¿DQFH &ROOHJH DOXPQL DQG IULHQGV ZH KDYH PDGH VLJQL¿FDQW DGYDQFHV WRZDUG RXU FDPSDLJQ JRDOV GHVSLWH WKH HFRQRP\ ,Q DGGLWLRQ WR WKH LQFUHGLEOH VXSSRUW JLYHQ WR WKH )LHOG +RXVH SURMHFW ZLWK \RXU KHOS ZH KDYH DGGHG VHYHUDO QHZ HQGRZPHQWV DQG JURZQ RWKHUV IRUWL¿HG H[LVWLQJ SURJUDPV DQG H[FHHGHG RXU $QQXDO )XQG JRDO RI 7+$1. <28 ,Q D \HDU WKDW ZH IDFHG ZLWK VRPH DSSUHKHQVLRQ \RXU FRPPLWPHQW WR WKH &ROOHJH KDV EHHQ WKH 7UDQVIRUPLQJ 'LIIHUHQFH

$GGLWLRQDOO\ '& ZDV WKH UHFLSLHQW RI WKUHH VXEVWDQWLDO JUDQWV

ZDV UHFHLYHG IURP WKH 2I¿FH RI -XVWLFH 3URJUDPV 8 6 'HSDUWPHQW RI -XVWLFH IRU WKH SXUFKDVH RI HTXLSPHQW WR FRPSOHWH '1$ DQDO\VLV IRU IRUHQVLF VFLHQFH ZRUN 7KLV JUDQW ZDV VHFXUHG ZLWK WKH DVVLVWDQFH RI RXU ORFDO FRQJUHVVPHQ

'H¿DQFH &ROOHJH ZDV VHOHFWHG DV RQH RI VFKRROV WKURXJKRXW WKH FRXQWU\ DQG WKH RQO\ 2KLR FROOHJH WR UHFHLYH IURP WKH :DO 0DUW )RXQGDWLRQ WKURXJK WKH &RXQFLO RI ,QGHSHQGHQW &ROOHJHV WR VWUHQJWKHQ RXU VXSSRUW RI ¿UVW JHQHUDWLRQ VWXGHQWV

'H¿DQFH &ROOHJH LV WKH UHFLSLHQW RI D IHGHUDO JUDQW WR LPSURYH HQHUJ\ HI¿FLHQF\ 7KLV PRQH\ ZLOO EH XVHG WR XSJUDGH ZLQGRZV LQ 0F5H\QROGV DQG 'DQD +DOOV DQG WR LPSURYH OLJKWLQJ HI¿FLHQF\ DFURVV FDPSXV

Ǧ Ǧ Ƥ ǡ Ǥ Ƥ Ǥ Ȁ Ƥ Ǥ Ǥ

6800(5


5HVWRUDWLRQ

UHVWRUDWLRQ $ 0$-25 ,1 6&,(1&( $1' $57

'HÀDQFH &ROOHJH VWXGHQWV DQG IDFXOW\ ORRN WRZDUGV WKH IXWXUH LQ GDPDJHG RU GHVWUR\HG HFRV\VWHPV %\ 'DZQ &RPHU

7

R IDOO LQ ORYH ZLWK 5HVWRUDWLRQ (FRORJ\ DW 'H¿DQFH &ROOHJH LV WR ZDON WKURXJK WKH 7KRUHDX :LOGOLIH 6DQFWXDU\ RQ DQ HDUO\ 0D\ PRUQLQJ ,Q WKLV EHJLQQLQJ RI D ORQJ DJR SODFH D PXOFKHG SDWK ZLQGV WKURXJK D QHZ JURZWK IRUHVW RI KLFNRU\ RDN DQG PDSOH LQGLJHQRXV WR WKH *UHDW %ODFN 6ZDPS 6SULQJ UDLQV UHSODFHG E\ VXGGHQ VXQVKLQH PDNH HYHQ WKH DLU VPHOO JUHHQ $ UXVWOH LQ WKH XQGHUJURZWK DQG D ZLOG WXUNH\ VWUHDNV DFURVV LWV YHUGDQW KRPH 2XW LQWR RSHQ SUDLULH WKH SDWK HQGV *UDVV ULSSOHV DV D JDUWHU VQDNH ZHDYHV E\ UHG WRQJXH ÀLFNLQJ (YHQ LQ WLUH WUDFNV SOXPS $PHULFDQ WRDGV UHVW LQ SXGGOHV 7KH 7KRUHDX :LOGOLIH 6DQFWXDU\ LV DQ HVVHQWLDO SDUW RI 'H¿DQFH &ROOHJH¶V

5HVWRUDWLRQ (FRORJ\ SURJUDP ,Q IDFW ³WKH WKH FUHDWLRQ RI WKH 5HVWRUDWLRQ (FRORJ\ KLVWRULFDO WUDMHFWRU\ RI WKH SURJUDP ´ VD\V SURJUDP D UHODWLYH UDULW\ ZLWK ³DERXW $VVLVWDQW 3URIHVVRU RI %LRORJ\ 'U 'RXJ SURJUDPV QDWLRQZLGH DQG LQ &DQDGD DQG RQO\ .DQH ³KDV EHHQ LQWLPDWHO\ WLHG WR 7KRUHDX ´ ¿YH RU IHZHU LQ VPDOO VFKRROV ´ VD\V .DQH %HJLQQLQJ ZLWK D SDUWQHUVKLS IRUJHG LQ WKH ³'H¿DQFH &ROOHJH LV WKH RQO\ VPDOO SULYDWH VFKRRO LQ WKH 0LGZHVW WKDW KDV WKLV SURJUDP ´ ¶V EHWZHHQ .DQH¶V SUHGHFHVVRU 'DYLG 'H¿QHG LQ WKH SURJUDP¶V OLWHUDWXUH 5HHG DQG SKLODQWKURSLVW %LOO 'LHKO RI WKH DV ³WKH DUW DQG VFLHQFH RI UHVWRULQJ DQG 'LHKO )DPLO\ )RXQGDWLRQ SOXV DFUHV UHSDLULQJ GDPDJHG RU GHVWUR\HG HFRV\VWHPV ´ RI IDUPODQG KDYH VLQFH EHHQ FRQYHUWHG 5HVWRUDWLRQ (FRORJ\ DWWUDFWV VWXGHQWV ZKR LQWR SUDLULH PHDGRZ ZHWODQG GHFLGXRXV IRUHVW DQG ZKLWH SLQH IRUHVW KDELWDWV 5HHG¶V HDUO\ ZRUN DW 7KRUHDX ZKLFK LQFOXGHG Dz DV SDUW RI WKH LQLWLDO ¿YH ǡ \HDU PDVWHU SODQ SODQWLQJ WUHHV HVWDEOLVKLQJ ǯ D DFUH SUDLULH DQG Ǥdz EXLOGLQJ ZHWODQGV OHG WR

ǦǦ ǡ Ƥ

6WXGHQWV FOHDU D SDWK DW WKH 7KRUHDX :LOGOLIH 6DQFWXDU\

DUH NHHQ REVHUYHUV FUHDWLYH WKLQNHUV DQG VFLHQWL¿F SUREOHP VROYHUV 3KRHQL[ *ROQLFN D IUHVKPDQ IURP 2DN +DUERU 2KLR ZKR SODQV WR ZRUN ZLWK /DNH (ULH UHVWRUDWLRQ VD\V ³5HVWRUDWLRQ HFRORJ\ WDNHV ERWK FRPSDVVLRQ DQG XQGHUVWDQGLQJ RI WKH DUHD LQ QHHG RI KHOS <RX KDYH WR EH FUHDWLYH LQ ¿QGLQJ VROXWLRQV ´ $PEURVH .URXVH D MXQLRU IURP 'H¿DQFH LQWHUHVWHG LQ ZLOGOLIH PDQDJHPHQW DQG SUHVHUYHV VD\V WKDW UHVWRUDWLRQ HFRORJ\ LV ³D VFLHQFH DQG DQ DUW OLNH IDUPLQJ LV D VFLHQFH DQG DQ DUW« 5HVWRUDWLRQ HFRORJLVWV DUH MXVW IDUPHUV RI D GLIIHUHQW VRUW :H JURZ QDWXUDO DUHDV WKDW ZRUN ZLWK WKH HQYLURQPHQW DQG SHRSOH WR PDNH WKH ZRUOG D EHWWHU SODFH /LNH IDUPHUV ´ VD\V .URXVH ³ZH PXVW XVH D ORW RI VFLHQFH WR PDNH VXUH ZKDW ZH DUH GRLQJ ZLOO ZRUN DQG WKDW ZH DUH IROORZLQJ QDWXUH¶V EOXHSULQW IRU KRZ WKLQJV VKRXOG ORRN %XW ZH DOVR KDYH WR XVH RXU DUWLVWLF DELOLWLHV >WR GHFLGH@ ZKDW NLQG RI UHVWRUHG SODFH ZRXOG EH


EHVW IRU WKH HQYLURQPHQW DQG WKH SHRSOH LQ WKH DUHD 6RPH SHRSOH PLJKW HQMR\ D ZRRGV EHLQJ UHVWRUHG QHDU WKHLU KRPH EXW PLJKW QRW DSSUHFLDWH D VXOIXU ERJ QH[W GRRU ´ )RU 6WDF\ 6DWWOHU 6FKLPPRHOOHU D JUDGXDWH HPSOR\HG E\ (0+ 7 LQ &ROXPEXV DV DQ HQYLURQPHQWDO VFLHQWLVW WKH DUW DQG VFLHQFH RI 5HVWRUDWLRQ (FRORJ\ KDV D GLVWLQFW UHSDUDWLYH FRPSRQHQW LQYROYLQJ ³¿[LQJ HFRV\VWHPV WKDW KXPDQV KDYH LPSDLUHG ´ 5HVWRUDWLRQ HFRORJLVWV ³OHDUQ IURP QDWXUDO SODFHV DQG WKHQ XVH WKDW NQRZOHGJH WR KHOS UHVWRUH RWKHU DUHDV LQ DQ HFRORJLFDO ZD\ ZLWKRXW XVLQJ IXOO VFDOH HQJLQHHULQJ ´ VD\V 6FKLPPRHOOHU ,Q KHU ZRUN ZLWK ZHWODQGV DQG VWUHDPV VKH VD\V ³WKHUH LV XVXDOO\ QR FXW DQG GU\ ULJKW DQG ZURQJ VROXWLRQ ´ 7KH VFLHQFH LV NQRZLQJ KRZ LW VKRXOG EH UHVWRUHG WKH DUW LV NQRZLQJ WR ZKDW H[WHQW LW QHHGV WR EH UHVWRUHG ³7DNH DQ HQWUHQFKHG VWUHDP LQ D FDWWOH SDVWXUH RQH RI P\ FXUUHQW SURMHFWV ´ VD\V 6FKLPPRHOOHU ³7KH VFLHQFH LQFOXGHV NQRZLQJ KRZ WR UHFRJQL]H WKDW LW LV HQWUHQFKHG DQG WKDW WKH FDWWOH QHHG WR EH H[FOXGHG 7KH DUW FRPHV LQWR SOD\ LQ UHDOL]LQJ WKDW \RX GRQ¶W QHHG WR HQJLQHHU D WRWDOO\ QHZ VWUHDP E\ JLYLQJ LW D QHZ SDWWHUQ ± MXVW UHFRQQHFW LW ZLWK WKH ÀRRGSODLQ H[FOXGH WKH FDWWOH DQG SODQW D QDWLYH EXIIHU 5HPRYH WKH GDPDJH KXPDQV KDYH FDXVHG DQG OHDYH LW DORQH ´ $W 'H¿DQFH &ROOHJH VWXGHQWV KDYH D XQLTXH RSSRUWXQLW\ WR SUDFWLFH ERWK WKH DUW DQG WKH VFLHQFH RI WKHLU PDMRU 6WXGHQWV DQG JUDGXDWHV DI¿UP ZKDW .URXVH GHVFULEHV DV WKH SURJUDP¶V HPSKDVLV ³RQ ERWK XQGHUVWDQGLQJ DQG DSSOLFDWLRQ´ DQG LWV UHDO GHGLFDWLRQ WR UHVWRUDWLRQ %HFDXVH RI WKLV ³D GHJUHH IURP 'H¿DQFH &ROOHJH ZLOO JR PXFK IXUWKHU LQ JHWWLQJ PH LQWR MREV WKDW , ZDQW ODWHU RQ ´ )RU .URXVH WKRVH MREV PHDQ ZRUNLQJ DW DOO WKH ³ELJ SDUNV´ LQ WKH 1DWLRQDO 3DUN 6HUYLFH DQG WKHQ ³ZRUNLQJ DOO RYHU WKH ZRUOG HVSHFLDOO\ LQ ,QGLD DQG RWKHU DW ULVN DUHDV ´ .DQH JHWV H[FLWHG ZKHQ KH VHHV VWXGHQWV SXW LQWR SUDFWLFH VNLOOV WKH\ KDYH OHDUQHG LQ WKH FODVVURRP ³XVLQJ WKLQJV ZH DUH WHDFKLQJ WKHP ´ IURP ZDWHU TXDOLW\ WHVWLQJ WR WKH PDNLQJ RI *,6 *UDSKLF ,QIRUPDWLRQ 6\VWHPV PDSV $PDQGD =LPPHUPDQ +DUWPDQ D SURJUDP JUDGXDWH HPSOR\HG DV D *,6 WHFK ZLWK 7HFKQL*UDSKLFV LQ :RRVWHU FUHGLWV .DQH¶V FRXUVH LQ *,6 IRU JLYLQJ KHU WKH H[SHULHQFH VKH QHHGHG WR ³JHW WKH MRE ´ 6FKLPPRHOOHU OLNHZLVH FUHGLWV 'H¿DQFH IRU JLYLQJ KHU ³D KXJH NQRZOHGJH EDVH ´ DQG VD\V ³,Q P\ SURIHVVLRQDO H[SHULHQFH WKHUH DUH 9(5< IHZ SHRSOH , KDYH HYHU WDONHG WR WKDW FDQ VD\ WKH\ KDYH WKH H[SHULHQFH , KDYH 3UDLULH EXUQV PDUN UHFDSWXUH VWXGLHV UDGLR 6800(5 ‹


5HVWRUDWLRQ

ǯ ǧ

͖͔​͔Ǧ Ǥ ͕͔͜͝ ǡ Ƥ ǯ Ǧ Ǥ Ƥ Ƥ Ǥ ǯ Ǥ Ǥǡ Ǧ ǡ Ǥ Ǥ Ǧ ǡ Ƥ ǡ ǡ Ǥ ǡ Ǥ ǡ Ǣ Ǣ ǡ Ǣ Ǥ ǡ Ǥ ǡ Ǥ ǡ Ǥ Ƥ ǯ ơ Ǥ

WHOHPHWU\ ZHWODQG SODQWLQJV LQYDVLYH VSHFLHV UHPRYDO WKH OLVW JRHV RQ DQG RQ ,W QRW RQO\ ORRNV JUHDW RQ D UHVXPH EXW DOVR JLYHV PH H[SHULHQFH DQG NQRZOHGJH WKDW ,¶P FRQVWDQWO\ XVLQJ ´ $ FXUUHQW SURMHFW LQYROYLQJ ³WKH HQJLQHHULQJ DQG SHUPLWWLQJ IRU D QHZ VDQLWDU\ VHZHU V\VWHP LQ D UXUDO VRXWKHUQ 2KLR FRPPXQLW\ ´ KLJKOLJKWV WKH UHOHYDQFH RI UHVWRUDWLRQ HFRORJ\ DV 6FKLPPRHOOHU VWULYHV WR ³HQVXUH WKDW WKH FRQVWUXFWLRQ ZLOO RFFXU ZLWK WKH OHDVW DPRXQW RI KDUP´ WR VWUHDPV DQG ZHWODQGV $VNHG ZKDW 5HVWRUDWLRQ (FRORJ\ VWXGHQWV WKLQN RI 7KRUHDX WKH SODFH ZKHUH DOO ¿HOG FRXUVHV DUH WDXJKW DQG H[SHULHQFH KDSSHQV .DQH VD\V ³WKH\ ORYH LW ´ $QG\ .LEOHU D VRSKRPRUH %LRORJ\ PDMRU IURP (OJLQ 2KLR ZKR ZRXOG OLNH WR ZRUN LQ ZLOGOLIH PDQDJHPHQW DV D ZLOGOLIH RI¿FHU KDV DOUHDG\ ³FROOHFWHG SODQW DQG DQLPDO VSHFLPHQV LQ WKH UHVWRUHG JUDVVODQGV DQG ZRRGHG DUHD ´ DQG KDV ³PHDVXUHG WKH GHQVLW\ DQG GLVWULEXWLRQ RI WUHH JURZWK ´ .LEOHU VD\V 7KRUHDX ³PDNHV LW SRVVLEOH WR VWXG\ GLIIHUHQFHV DQG VLPLODULWLHV RI HFRV\VWHPV DQG JLYHV \RX D KDQGV RQ DSSURDFK WR ELRORJ\ ´ WKH VRUW RI H[SHULHQFH .DQH GHVFULEHV DV ³FULWLFDO´ WR WKH VXFFHVV RI VWXGHQWV LQ WKH SURJUDP %XW ZKDW GRHV EHLQJ KDQGV RQ DW 7KRUHDX DFWXDOO\ ORRN OLNH" 6FKLPPRHOOHU UHPHPEHUV ³6XUH \RX FDQ WU\ WR H[SODLQ KRZ WR SHUIRUP D SUHVFULEHG SUDLULH EXUQ LQ FODVV ZDWFK YLGHRV UHDG DOO WKH LQIRUPDWLRQ \RX FDQ ¿QG EXW \RX ZLOO QHYHU EH DEOH WR UHSOLFDWH WKH IHHOLQJ \RX JHW ZKHQ \RX ZDWFK D IRRW KLJK ZDOO RI ¿UH UXVKLQJ SDVW \RX 7KH ZKROH WLPH WKLQNLQJ KRSLQJ SUD\LQJ WKDW WKH ¿UH \RX VWDUWHG GRHVQ¶W UXQ RXW RI FRQWURO +DYH \RX VWXGLHG WKH ZHDWKHU HQRXJK" :LOO WKH ZLQG VXGGHQO\ SLFN XS RU FKDQJH GLUHFWLRQ" +DYH ZH PRZHG D ZLGH HQRXJK ¿UH EUHDN" 'R ZH KDYH HQRXJK ZDWHU DQG SHRSOH RQ KDQG" +DYH ZH EDFN EXUQW LW IDU HQRXJK" &DQ LW WXUQ LQWR D ZLOG¿UH DQG EXUQ WKH ZKROH DUHD RU WDNH RXW VWUXFWXUHV" 7KRVH DUH WKH WKLQJV \RX OHDUQ GXULQJ ¿HOG ZRUN DW 7KRUHDX <RX FDQ UHDG LW DQG WDON DERXW LW DOO \RX ZDQW EXW WR UHDOO\ OHDUQ LW WDNHV KDQGV RQ H[SHULHQFH DQG WKDW¶V ZKDW ZH KDYH DW 7KRUHDX ´ 6HOI GHVFULEHG ³KDQGV RQ SHUVRQ´ +DUWPDQ VD\V ³ZH GLG MXVW DERXW HYHU\ VWXG\ DW 7KRUHDX´ VD\V VKH DQG RWKHU 5HVWRUDWLRQ (FRORJ\ PDMRUV DUH ³OXFN\ WR KDYH WKLV SODFH ´ 7KRXJK +DUWPDQ QRZ ZRUNV LQ :RRVWHU VKH UHPDLQV LQYHVWHG LQ 7KRUHDX DQG ZDQWV VRPH GD\ WR UHWXUQ DQG VHH KRZ WKH VWXGLHV VKH ZDV D SDUW RI KDYH ³SDLG RII $IWHU DOO ´ VKH VD\V ³WKDW LV ZKDW XV UHVWRUDWLRQ HFRORJLVWV OLNH WR VHH ´ :KLOH 7KRUHDX LV LQWHJUDO WR WKH SURJUDP 5HVWRUDWLRQ (FRORJ\ DW 'H¿DQFH FDQQRW EH FRQWDLQHG LQ WKHVH DFUHV 6D\V .DQH ³7KH 7KRUHDX 6DQFWXDU\ RIIHUV D JRRG H[DPSOH RI UHVWRUDWLRQ HFRODWLRQ RQ D VPDOO VFDOH ZKHUHDV /DNH (ULH UHVWRUDWLRQ LV D ODUJH VFDOH H[DPSOH ´ *ROQLFN LQ KHU ZRUN ZLWK .DQH RQ /DNH (ULH UHVHDUFK KHU VXPPHU UHVHDUFK DW 2KLR 6WDWH¶V 6WRQH /DERUDWRU\ LV DOUHDG\ OHDUQLQJ KRZ KHU SURJUDP RIIHUV ³PDQ\ RSSRUWXQLWLHV RXWVLGH RI WKH FODVVURRP ´ *ROQLFN DOVR SODQV WR WUDYHO DV D 6FKRODU LQ WKH 0F0DVWHU 6FKRRO IRU $GYDQFLQJ +XPDQLW\ WR 1HZ 2UOHDQV ZKHUH .DQH LV LQYROYHG LQ SURMHFWV ZLWK 6RXWKHDVWHUQ /RXLVLDQD 6WDWH


6WXGHQW 'DOWRQ *RUGRQ DQG 'U 'RXJ .DQH FRQGXFW VWUHDP TXDOLW\ PRQLWRULQJ VWXGLHV RQ WKH 0DXPHH 5LYHU

8QLYHUVLW\¶V 7XUWOH &RYH (QYLURQPHQWDO 5HVHDUFK 6WDWLRQ DQG WKH 8QLYHUVLW\ RI 1HZ 2UOHDQV¶ 3RQWFKDUWUDLQ ,QVWLWXWH IRU (QYLURQPHQWDO 6FLHQFHV 0RUH WKDQ \HDUV LQWR WKH SDUWQHUVKLS EHWZHHQ 'H¿DQFH &ROOHJH DQG WKH 'LHKO )DPLO\ )RXQGDWLRQ WKH 5HVWRUDWLRQ (FRORJ\ SURJUDP FRQWLQXHV WR JURZ $Q HQYLURQPHQWDO VFLHQFH FRQFHQWUDWLRQ ZDV UHFHQWO\ DGGHG WR WKH QDWXUDO VFLHQFH GLYLVLRQ RQH PRUH ZD\ RI EURDGHQLQJ DQG GHHSHQLQJ WKH H[SHULHQFH RI VWXGHQWV ³7KH HQYLURQPHQWDO VWXGLHV FRQFHQWUDWLRQ ´ VD\V .DQH ³ZLOO JLYH VWXGHQWV D FKDQFH WR WDNH FRXUVHV LQ D VSHFL¿F DUHD RI VWXG\ WKDW LV WLPHO\ ,W VKRXOG DOVR DOORZ VWXGHQWV ZKR FDQQRW PDMRU LQ 5HVWRUDWLRQ (FRORJ\ D FKDQFH WR WDNH 5HVWRUDWLRQ (FRORJ\ DQG UHODWHG VXVWDLQDEOH GHYHORSPHQW FRXUVHZRUN ´ ,Q DGGLWLRQ D )LHOG %LRORJ\ PLQRU KDV DOVR EHHQ DGGHG WR %LRORJ\ $W 7KRUHDX :LOGOLIH 6DQFWXDU\ DV LQ DOO RI QDWXUH FKDQJH LV D FRQVWDQW <HW IRU .DQH DV IRU DOO UHVWRUDWLRQ HFRORJLVWV WKHUH LV DQ DUWIXO EDODQFH WR EH VWUXFN EHWZHHQ KXPDQV DQG WKHLU HQYLURQPHQW ³:H DUH QRW JRLQJ WR SXW DOO WKH *UHDW %ODFN 6ZDPS EDFN ´ VD\V .DQH $W WKH HGJH RI WKH PXOFKHG SDWK KLV VDQGDOHG IHHW VLQN LQWR EODFN PXFN ³$V \RX VHH WKLV VWLOO ZDQWV WR EH VZDPS ´ ‹

'RQQD 3ROFH LPPHGLDWH SDVW SUHVLGHQW RI WKH 'HILDQFH &ROOHJH :RPHQ¶V &RPPLVVLRQ DQG KHU KXVEDQG 9LQFH 3ROFH GLUHFWRU RI WKH 'HILDQFH &ROOHJH &RPPXQLW\ %DQG KDYH JLYHQ D RQH RI D NLQG WKHPH WR WKHLU JDUGHQ 9LQFH FROOHFWHG D QXPEHU RI PXVLFDO LQVWUXPHQWV WKDW ZHUH QR ORQJHU SOD\DEOH DQG WKH FRXSOH SDLQWHG WKHP IRU GLVSOD\ LQ WKHLU IORZHU EHGV DW WKHLU 'HILDQFH KRPH 9LQFH UHSRUWV WKDW 'RQQD KDV WKH JUHHQ WKXPE VHOHFWLQJ DQG SODQWLQJ D ZLGH YDULHW\ RI SODQWV DQG IORZHUV DQG WKDW KH KHOSV ZLWK ZDWHULQJ

6800(5 ‹


6HUYLFH

VHUYLFH

7+$7 *2(6 %(<21' 75$',7,21$/ 'HÀDQFH &ROOHJH LQWURGXFHV WKH SLRQHHULQJ 3URMHFW D FRPSOHWHO\ VWXGHQW UXQ QRQSURÀW E\ 'HEELH 5LFKDUG ¶ ¶ $VVLVWDQW 'LUHFWRU RI 0DUNHWLQJ

'

H¿DQFH &ROOHJH LV WDNLQJ LWV IRFXV RQ VHUYLFH D VWHS IXUWKHU ZLWK WKH LQWURGXFWLRQ RI D VWXGHQW UXQ QRQSUR¿W RUJDQL]DWLRQ H[SRVLQJ VWXGHQWV WR D PRUH VRSKLVWLFDWHG SUDFWLFH RI DFDGHPLF VHUYLFH OHDUQLQJ 7R ODXQFK WKH SURMHFW D QHZ FODVV ZDV RIIHUHG LQ WKH IDOO RI WR KHOS VWXGHQWV OHDUQ DERXW HQWUHSUHQHXUVKLS 7KH FODVV KDV QRZ HYROYHG LQWR D QRQSUR¿W VWXGHQW UXQ RUJDQL]DWLRQ FDOOHG 3URMHFW

3URMHFW ZDV RI¿FLDOO\ LQFRUSRUDWHG E\ 2KLR 6HFUHWDU\ RI 6WDWH -HQQLIHU %UXQQHU ZKR PHW SHUVRQDOO\ ZLWK WKH VWXGHQWV HDUOLHU WKLV \HDU WR GLVFXVV WKH QRQSUR¿W¶V DVSLUDWLRQV DQG DFWLYLWLHV DQG WR SUHVHQW WKH JURXS ZLWK LWV $UWLFOHV RI ,QFRUSRUDWLRQ %UXQHU VWDWHG ³7KH VWXGHQWV DQG IDFXOW\ RI 3URMHFW DUH WR EH FRPPHQGHG IRU WKH ZRUN WKH\ GR WR HQULFK WKH OLYHV RI WKH VWXGHQWV DW 'H¿DQFH &ROOHJH DV ZHOO DV SHRSOH LQ WKH JOREDO FRPPXQLW\ , ZDV KRQRUHG WR KRVW UHSUHVHQWDWLYHV RI WKHLU RUJDQL]DWLRQ LQ P\ RI¿FH RQ $SULO DQG DP LQVSLUHG E\ WKHLU FRPPLWPHQW WR WKH FDXVH ´

3URMHFW ZLOO EH KRXVHG ZLWKLQ WKH 0F0DVWHU 6FKRRO IRU $GYDQFLQJ +XPDQLW\ ZKLFK DOUHDG\ VHUYHV DV WKH KRPH IRU D UDQJH RI VHUYLFH SURJUDPV DW 'H¿DQFH &ROOHJH DQG LV D SLRQHHU LQ QXPHURXV DUHDV $QG VWDUWLQJ WKLV IDOO WKH FROOHJH¶V 6HUYLFH /HDGHUV ZLOO SDUWLFLSDWH LQ 3URMHFW LQ DGGLWLRQ WR RWKHU VWXGHQWV IURP DFURVV WKH FDPSXV 'U %XFN %XFKDQDQ DVVRFLDWH SURIHVVRU RI EXVLQHVV DGPLQLVWUDWLRQ WDXJKW WKH QRQSUR¿W FRXUVH ³:LWK 3URMHFW VWXGHQWV ZLOO QRW MXVW EH WKH ZRUNHU EHHV EXW DOVR WKH SURMHFW PDQDJHUV 7KH\ ZLOO OHDUQ KRZ WR UXQ DQ RUJDQL]DWLRQ ´ KH VDLG ³7KH\ ZLOO DOVR

0HHWLQJ ZLWK 6HFUHWDU\ RI 6WDWH -HQQLIHU %UXQQHU VHDWHG ZHUH VWDQGLQJ IURP OHIW )RUPHU 0F0DVWHU GHDQ 'U /DXULH :RUUDOO VWXGHQWV 6WHYHQ 6ZLW] DQG 6KDQQD &KXHQ\DQH DQG IDFXOW\ PHPEHU 'U %XFN %XFKDQDQ


KDYH WR WKLQN WKURXJK EXVLQHVV VWUDWHJLHV DQG EH LQ D SRVLWLRQ RI ¿JXULQJ RXW ZKLFK SURMHFWV DUH ZRUWK\ RI VXSSRUW DQG ZKLFK DUH QRW ´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³EXVLQHVVHV´ WR SURYLGH VHUYLFHV WR GLIIHUHQW SDUWV RI WKH FRPPXQLW\ DV ZHOO DV ZRUNLQJ ZLWK FRPPXQLW\ EDVHG RUJDQL]DWLRQV 2QH SURMHFW ZLOO SDUWQHU ZLWK KLJK VFKRRO VWXGHQWV WR UHFRUG DUHD YHWHUDQV¶ SHUVRQDO VWRULHV DQG SURYLGH WKHP

ZLWK DGGLWLRQDO VHUYLFHV $QRWKHU SURMHFW XQGHU FRQVLGHUDWLRQ ZRXOG FUHDWH D VWXGHQW ³EXVLQHVV´ WR SURYLGH YDULRXV FRPSXWHU VHUYLFHV 7R GR DOO RI WKHVH SURMHFWV WKH VWXGHQWV ZLOO EH KDUG DW ZRUN UHFUXLWLQJ

RUJDQL]DWLRQ 7KH ERDUG ZLOO EH LQ SODFH IRU WKH IDOO VHPHVWHU DV WKH VWXGHQWV UHJURXS DQG EHJLQ ZRUNLQJ RQ WKHLU SURMHFWV %XFKDQDQ VDLG WKDW 3URMHFW ZLOO LQFRUSRUDWH WKH VWUHQJWKV RI HDFK PDMRU WR DFFRPSOLVK JRDOV WKDW HQULFK WKH OLYHV RI SHRSOH LQ WKH JOREDO FRPPXQLW\ ,W ZLOO Dz ͔͕͛ǡ HQJDJH LQ SKLODQWKURSLF ǡ SURMHFWV ORFDOO\ UHJLRQDOO\ Ǥ DQG LQWHUQDWLRQDOO\ WR VHUYH FRPPXQLWLHV DQG KHOS Ǥdz WKHP PHHW WKHLU RZQ QHHGV ǦǦ Ǥ ǡ ZKLOH SURYLGLQJ LPSDFWIXO H[SHULHQWLDO OHDUQLQJ RSSRUWXQLWLHV WR '& VWXGHQWV %XFKDQDQ VDLG LW LV D JRDO WR Ƥ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¿W HQWUHSUHQHXULDO VNLOOV WKH\ ZLOO QHHG WR EH ZLOO KDYH D ERDUG FRQVLVWLQJ RI VWXGHQWV VXFFHVVIXO LQ WKHLU HQGHDYRUV IDFXOW\ VWDII DQG DOXPQL WR KHOS JXLGH WKH

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

0F0DVWHU 6\PSRVLXP JXHVW VSHDNHU $GDP 5HQQHU DVVRFLDWH SURIHVVRU RI HGXFDWLRQ DW %HOODPLQH 8QLYHUVLW\ 6800(5


2SSRUWXQLW\

RSSRUWXQLW\ )25 678'(176 :,7+ $87,60

$ '& VXPPHU FDPS VSRQVRUHG E\ WKH +HQFK $XWLVP 6WXGLHV 3URJUDP LV D JUHDW VXFFHVV

$

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¿DQFH &ROOHJH VWXGHQWV 7KH FROOHJH VWXGHQWV SDUWLFLSDWHG DV DQ H[WHQVLRQ RI WKH SHHU PHQWRULQJ SURJUDP ZKLFK WDNHV SODFH WKURXJKRXW WKH DFDGHPLF \HDU

(DFK FDPS GD\ EHJDQ ZLWK EUHDNIDVW DQG D VHVVLRQ FDOOHG 0HHWLQJ RI WKH 0LQGV DQ H[HUFLVH WR LQFUHDVH FRPPXQLFDWLRQ VNLOOV 3DUWLFLSDQWV VKDUHG DQVZHUV WR SURPSWV VXFK DV ³WHOO \RXU SDUWQHU ZKDW \RX GLG ODVW QLJKW

ZKHQ \RX JRW KRPH ´ RU ³ZKDW ZDV WKH PRVW LQWHUHVWLQJ WKLQJ \RX GLG \HVWHUGD\"´ 7KH VFKHGXOH IRU WKH UHVW RI WKH GD\ LQFOXGHG SK\VLFDO DFWLYLW\ DQG UHFUHDWLRQ DUW ¿OPPDNLQJ OHLVXUH WLPH DQG FRRNLQJ OXQFK (YHU\ )ULGD\ ZDV KLJKOLJKWHG E\ D ¿HOG WULS LQFOXGLQJ D YLVLW WR D -DSDQHVH DQLPH FRQIHUHQFH LQ )RUW :D\QH ELUG IHHGLQJ DW WKH 7ROHGR =RR DQG D YLVLW WR WKH :RUOG :DU ,, 9LFWRU\ 0XVHXP LQ $XEXUQ ,QG $OO RI WKH ¿HOG WULSV ZHUH SODQQHG WR PHHW VSHFL¿F LQWHUHVWV RI WKH FDPSHUV 7KH FDPS FXOPLQDWHG ZLWK WZR KLJKO\ VXFFHVVIXO HYHQWV D ¿OP IHVWLYDO DQG DQ DUW VKRZ 7KH ODWWHU LQFOXGHG D VLOHQW DXFWLRQ ZLWK DOO RI WKH SDUWLFLSDQWV¶ ZRUNV RI DUW SXUFKDVHG E\ ELGGHUV IURP FDPSXV DQG WKH FRPPXQLW\ %XUNKDUGW VDLG WKDW ZKLOH ODVW \HDU¶V FDPS UHFHLYHG SRVLWLYH IHHGEDFN IURP SDUHQWV DQG VWDII WKLV \HDU¶V VHVVLRQ UHFHLYHG KLJK SUDLVH DQG SRVLWLYH FRPPHQWV ³:H PHW RXU JRDOV LQ D YHU\ VLJQL¿FDQW DQG LQWHUHVWLQJ ZD\ ´ VKH VDLG ³7KLV JLYHV WKHP DQ RSSRUWXQLW\ WR EH FUHDWLYH LQ D PHDQLQJIXO ZD\ ´ VKH DGGHG QRWLQJ WKDW ODVWLQJ IULHQGVKLSV KDYH EHHQ GHYHORSHG DPRQJ WKH SDUWLFLSDQWV ³$QG RXU FROOHJH VWXGHQWV OHDUQHG PRUH DERXW GLYHUVLW\ DQG KRZ GLYHUVH RXU ZRUOG LV ´ VKH VDLG 7KH FDPS UHFHLYHG WHOHYLVLRQ FRYHUDJH IURP :/,2 79 /LPD ‹


ZUHVWOLQJ )25 $ 5(7851 72 */25<

$Q LGHD WXUQHG LQWR D PRYHPHQW DQG LV QRZ FORVH WR FRPSOHWLRQ EULQJLQJ EDFN WKH 3XUSOH *DQJ RI FRPSHWLWLRQ LW¶V JRRG Dz ǡ FRQGLWLRQLQJ IRU IRRWEDOO SOD\HUV DQG KH SRLQWV WR RQH Q LGHD ERUQ RXW RI D KRPHFRPLQJ ǡ RI '&¶V PRVW GLVWLQJXLVKHG UHXQLRQ LV QRZ JDLQLQJ LPSHWXV %ULQJ Ǥ IRRWEDOO DWKOHWHV %HQ 'DYLV EDFN WKH 3XUSOH *DQJ Ǥ ZKR DOVR ZUHVWOHG ZKLOH $W WKH ZUHVWOLQJ UHXQLRQ KHOG DW +RPHFRPLQJ LQTXLULHV DERXW UHVWDUWLQJ DW 'H¿DQFH %RE IHOORZ Ǥdz ZUHVWOLQJ DOXPQL &DUO '&¶V ZUHVWOLQJ SURJUDP ZHUH SUHVHQWHG WR ǦǦ ǯ͛​͛ǡ 3UHVLGHQW 0DUN & *RUGRQ 3UHVLGHQW *RUGRQ %XVQLFN ¶ DQG 'HU\OO 5RKGD ¶ DUH VSHDUKHDGLQJ LQ WXUQ LVVXHG D FKDOOHQJH WR WKH ZUHVWOHUV WKH GULYH WR UDLVH 5DLVH WKH IXQGV WR PHHW WKH ¿UVW WKUHH \HDUV SHUVRQ $WKOHWLFV NHSW PH LQ VFKRRO 0\ RYHU WKH QH[W PRQWKV WR EULQJ EDFN WKH RI RSHUDWLRQDO FRVWV RI ZUHVWOLQJ DV D FOXE JUDGHV ZHUH EHWWHU ZKHQ , ZUHVWOHG ´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³:UHVWOLQJ %RE 5RWH ¶ ZDV DQ RUJDQL]HU IRU WKH WKHVH VWDWHV ³$ ORW RI NLGV ZDQW WR FRQWLQXH KDV KHOSHG PH ZLWK HYHU\WKLQJ ,µYH GRQH ZLWK ZUHVWOLQJ UHXQLRQ %RE ZUHVWOHG KLV HQWLUH WKHLU ZUHVWOLQJ DW WKH FROOHJH OHYHO ,W¶V VR P\ OLIH $WKOHWLFV KHOSV WHDFK NLGV PRUH WKDQ WLPH DW '& DQG VD\V PRGHVWO\ ³:H ZRQ FRPSHWLWLYH WKH NLGV DUH VR JRRG ´ +H DOVR ZKDW \RX OHDUQ LQ WKH FODVVURRP GLVFLSOLQH PRUH PDWFKHV WKDQ ZH ORVW ´ +H LV HDJHU QRWHV WKDW '&¶V VWURQJ ZUHVWOLQJ SURJUDP WHDPZRUN <RX DUH SDUW RI D WHDP \RX KDYH WR VHH ZUHVWOLQJ EDFN DW '& IRU VHYHUDO JHQHUDWHG D ODUJH QXPEHU RI PHQ ZKR ZHQW UXOHV WKLV KHOSV \RX EHFRPH D UHVSRQVLEOH UHDVRQV 1RW RQO\ LV ZUHVWOLQJ D JRRG IRUP RQ WR FRDFK ZUHVWOLQJ DW WKH KLJK VFKRRO OHYHO )RUPHU '& FRDFK :DOO\ 1HHO ZDV DW WKH ZUHVWOLQJ UHXQLRQ DQG LV YHU\ HQWKXVLDVWLF DERXW UHWXUQLQJ ZUHVWOLQJ WR 'H¿DQFH +LV ¿UVW KHDG FRDFKLQJ SRVLWLRQ ZDV ZLWK '& ZUHVWOLQJ LQ +H UHPHPEHUV WKDW ZDV WKH ¿UVW \HDU WKDW ZUHVWOLQJ ZDV D YDUVLW\ VSRUW DW 'H¿DQFH ³:H KDG D YHU\ JRRG WKUHH \HDUV ´ 1HHO VD\V RI KLV WLPH DW 'H¿DQFH 6LQFH WKH ZUHVWOHUV GLGQ¶W KDYH WKHLU RZQ VSDFH WKH\ ZHUH DW WKH PHUF\ RI WKH EDVNHWEDOO WHDP ZDLWLQJ WR XVH WKH J\P DIWHU EDVNHWEDOO SUDFWLFH RU JDPHV :UHVWOLQJ DOXPQL KDYH VHW D JRDO RI EULQJLQJ LQ HQRXJK SOHGJHV VR D QHZ ZUHVWOLQJ FOXE FDQ EH DQQRXQFHG DW +RPHFRPLQJ LQ HDUO\ 2FWREHU 7R FRQWULEXWH WR WKLV HIIRUW FRQWDFW 'DYH 3ODQW GLUHFWRU RI DOXPQL DQG SDUHQW UHODWLRQV DW GSODQW#GH¿DQFH HGX RU

%\ 0LFKHOH 7LQNHU 'LUHFWRU RI $QQXDO *LYLQJ

$

6800(5


2SHQ 'RRUV

RSHQ GRRUV $1' /(7 7+( 086,& ),// 7+( $,5 $IWHU EHLQJ RQ WKH EULQN RI H[WLQFWLRQ '&·V PXVLF SURJUDP LV H[SHULHQFLQJ D UHYLYDO RQ FDPSXV E\ 'HEELH 5LFKDUG ¶ ¶ $VVLVWDQW 'LUHFWRU RI 0DUNHWLQJ ³'H¿DQFH ZDV RQ WKH IRUHIURQW RI VKXWWLQJ GRZQ LWV PXVLF SURJUDP 1RZ ,¶P SOHDVHG WR VD\ LW¶V RQ WKH IRUHIURQW RI EULQJLQJ LW EDFN ´ VDLG $QGUHZ 6FKXOW] GLUHFWRU RI PXVLF SURJUDPV -XVW ¿QLVKLQJ KLV ¿UVW \HDU 6FKXOW] KDV D ODXQGU\ OLVW RI VXFFHVVIXO ¿UVW \HDU DFFRPSOLVKPHQWV VLJQLI\LQJ WKH UHWXUQ RI WKH DUWV DW 'H¿DQFH &ROOHJH

,Q WKH PLG V 'H¿DQFH DGPLQLVWUDWRUV ZHUH IRUFHG WR PDNH WKH SDLQIXO GHFLVLRQ WR GURS SHUIRUPLQJ DUWV SURJUDPV GXH WR GHFOLQLQJ HQUROOPHQW DQG ¿QDQFLDO FKDOOHQJHV ,Q UHFHQW \HDUV D FRQFHUWHG HIIRUW WR UHLQVWDWH WKRVH SURJUDPV UHVXOWHG LQ WKH IRUPDWLRQ RI D FRPPLWWHH DQG HVWDEOLVKPHQW RI ³5DLVLQJ WKH &XUWDLQ 7KH 3HUIRUPLQJ $UWV ,QLWLDWLYH DW 'H¿DQFH &ROOHJH ´ D WKUHH \HDU VWDUW XS HIIRUW )XQGUDLVLQJ HIIRUWV EHJDQ LQ ZLWK D WKUHH \HDU JRDO RI UDLVLQJ HDFK \HDU WR EHJLQ UHYLWDOL]LQJ WKH SHUIRUPLQJ

$QGUHZ 6FKXOW] GLUHFWRU RI PXVLF SURJUDPV OHDGV LQLWLDWLYHV WR UHYLWDOL]H WKH &ROOHJH¶V PXVLF SURJUDPV


DUWV SURJUDP 6XFFHVVIXOO\ UHDFKLQJ WKH JRDO 6FKXOW] ZDV EURXJKW RQ WR EHJLQ WKH LQLWLDWLYHV VHW IRUWK LQ WKH SODQ ,W¶V EHHQ D JUHDW ¿UVW \HDU 7KH &RQFHUW &KRLU EHJDQ WKH IDOO VHPHVWHU FRQVLVWLQJ RI PHPEHUV LQFOXGLQJ '& VWXGHQWV IDFXOW\ DQG VWDII 7KH FKRLU PDGH LWV GHEXW GXULQJ 3UHVLGHQW *RUGRQ¶V LQDXJXUDWLRQ LQ 2FWREHU ZLWK D IROORZ XS FRQFHUW WKH QH[W GD\ GXULQJ WKH &HOHEUDWH '& +RPHFRPLQJ GLQQHU %RWK HYHQWV ZHUH ZHOO UHFHLYHG 7KH FKRLU ZUDSSHG XS WKH IDOO VHPHVWHU ZLWK D KROLGD\ FKRUDO FRQFHUW DW 6W -RKQ 8QLWHG &KXUFK RI &KULVW ZKLFK LQFOXGHG VSHFLDO JXHVWV IURP WKH 1RUWKZHVW 6WDWH &RPPXQLW\ &ROOHJH &KRLU 'H¿DQFH &ROOHJH RSHQHG XS WKH &RQFHUW &KRLU WR WKH FRPPXQLW\ IRU WKH VSULQJ VHPHVWHU DQG LQFUHDVHG LWV PHPEHUV WR YRLFHV ,Q $SULO WKH FKRLU SHUIRUPHG -RKQ 5XWWHU¶V ³5HTXLHP ´ DFFRPSDQLHG E\ D FKDPEHU RUFKHVWUD FRQVLVWLQJ RI PXVLFLDQV IURP WKH FROOHJH DQG FRPPXQLW\ $OVR LQ WKH VSULQJ WKH FROOHJH FUHDWHG WKH &KDPEHU 6LQJHUV 7KLV JURXS ZDV FUHDWHG WR VHUYH DV DQ DOO VWXGHQW JURXS ZLWK SUDFWLFHV GXULQJ WKH GD\ LQVWHDG RI WKH WUDGLWLRQDO HYHQLQJ VFKHGXOH 7KLV JURXS GHEXWHG ZLWK WZR SHUIRUPDQFHV ± ¿UVW IRU WKH :RPHQ¶V &RPPLVVLRQ VSULQJ EUXQFK DQG DJDLQ LQ $SULO ZLWK WKH PXVLFDO YDULHW\ FRQFHUW ZKLFK LQFOXGHG WKH VWXGHQW OHG '& 6WULQJ (QVHPEOH DQG ORFDO FRPPXQLW\ EDQG %UDVV :RUNV $ORQJ ZLWK WKH SHUIRUPDQFH VLGH RI WKH SURJUDP WKH QHZ SHUIRUPLQJ DUWV LQLWLDWLYHV DOVR LQFOXGH DQ ,QWUR WR 0XVLF FODVV DV ZHOO DV D RQH FUHGLW LQGLYLGXDO YRLFH OHVVRQV FODVV %RWK FODVVHV ZLOO EH RIIHUHG EHJLQQLQJ LQ WKH IDOO 2YHUDOO LW KDV EHHQ D YHU\ VXFFHVVIXO VWDUW IRU WKH UHWXUQLQJ DUWV 6FKXOW] DJUHHV DGGLQJ ³6WXGHQWV OHDUQ PRUH WKDQ MXVW PXVLF DQG QRWHV LQ FKRLU 7KH\ OHDUQ ODQJXDJHV WR FRPH WR SUDFWLFH WR EH D OHDGHU ZKLOH ZRUNLQJ ZLWK RWKHUV DQG WKH\ OHDUQ WKDW MXVW RQH LQGLYLGXDO YRLFH GRHVQ¶W SUHGLFW WKH RXWFRPH LW WDNHV HYHU\RQH DURXQG WKHP ´ 6FKXOW] DOVR EHOLHYHV 'H¿DQFH LV DQ DPDWHXU IULHQGO\ WRZQ ZKLFK KHOSV ZLWK WKH VXFFHVV RI RWKHU LQLWLDWLYHV WKDW PDNH XS WKH SHUIRUPLQJ DUWV WKHDWUH SHS EDQG DQG WKH FRPPXQLW\ EDQG 7KH '& 3OD\HUV D FROOHJH DQG FRPPXQLW\ JURXS SHUIRUPHG ³$ )XQQ\ 7KLQJ +DSSHQHG RQ WKH :D\ WR WKH )RUXP´ DQG ³6WHHO 0DJQROLDV´ LQ QHZO\ UHQRYDWHG 6FKRPEXUJ $XGLWRULXP ³<RX¶UH D *RRG 0DQ &KDUOLH %URZQ´ ZDV SHUIRUPHG DW WKH $UWV DQG 0HGLD &HQWHU DV ZHOO DV LQ FRQGHQVHG YHUVLRQ DW 'H¿DQFH (OHPHQWDU\ 6FKRRO

,Q LWV VHFRQG \HDU RI DFWLYLWLHV WKH SHS EDQG ͖͔͕͔ǧ͕​͕ LV KRPH WR DQ HFOHFWLF JURXS RI PXVLFLDQV Ǥ ͖͕Ǧ͖͘ Ǥ Ǥ Ǥ ZKR KDYH DOUHDG\ HQWKXVLDVWLFDOO\ SOD\HG Ǥ ͚Ǧ͛ DW WKH KRPH IRRWEDOO JDPHV PDUFKHG URGH LQ Ǥ ͕​͕ WKH 'H¿DQFH &RPPXQLW\ Ǥ ͙ ͕͖ +DOORZHHQ 3DUDGH DQG SOD\HG DW PDQ\ RI WKH Ǥ ͛ KRPH EDVNHWEDOO JDPHV ͕͝ 7KH SHS EDQG EHFDPH DQ RI¿FLDO VWXGHQW RUJDQL]DWLRQ LQ DQG ZLOO FRQWLQXH LWV FROOHJH VSLULW GXULQJ WKH DFDGHPLF \HDU VSRUWLQJ HYHQWV DUWV SURJUDP LV ZUDSSLQJ XS LWV VHFRQG 7KH 'H¿DQFH &ROOHJH &RPPXQLW\ %DQG \HDU RI IXQGUDLVLQJ DQG VWHSV LQWR LWV WKLUG OHG E\ 'U 9LQFHQW 3ROFH ZDV DOVR LQ IXOO ,I \RX ZRXOG OLNH WR PDNH D FRQWULEXWLRQ VZLQJ GXULQJ WKH \HDU ZLWK ZHOO DWWHQGHG WR WKLV VXFFHVVIXO SURJUDP SOHDVH FRQWDFW FRQFHUWV DQG PXVLFDO VHOHFWLRQV WKDW ZHUH 0DUFLD 0RKUH LQ WKH 2I¿FH RI ,QVWLWXWLRQDO FURZG SOHDVLQJ 7KH SHUIRUPDQFHV LQFOXGH $GYDQFHPHQW DW D FRQFHUW RQ 9HWHUDQV¶ 'D\ ZLWK D FDPHR E\ 3HUIRUPDQFHV ZLOO EH DQQRXQFHG RQ WKH WKH &RQFHUW &KRLU D &KULVWPDV FRQFHUW DQG '& ZHEVLWH 'H¿DQFH &ROOHJH )DFHERRN WKH DQQXDO &DEDUHW DW WKH FROOHJH ZKLFK ZDV SDJH DQG WKH '& FDOHQGDU DV LQIRUPDWLRQ LV KLJKOLJKWHG E\ D GHOLJKWIXO DUUD\ RI GHVVHUWV DYDLODEOH DQG EHYHUDJHV E\ '&¶V 6RGH[R GLQLQJ VHUYLFHV 7KH EDQG DOVR PDGH D VSHFLDO DSSHDUDQFH DW /DWW\¶V *URYH 3DUN LQ HDUO\ -XQH IRU WKH 0XVLF LQ ǡ <RXU 3DUNV VHULHV Ǥ ǡ $IWHU D VXFFHVVIXO \HDU WKH ǡ XSFRPLQJ DFDGHPLF \HDU LV VXUH WR Ǥ EH HYHQ EHWWHU 3HUIRUPDQFHV DUH DOUHDG\ LQ WKH ZRUNV ZLWK SODQV IRU WKH SHS EDQG WR SHUIRUP DW KRPH ,Q P\ IRUW\ \HDU FDUHHU DW '& LW ZDV P\ MR\ WR IRRWEDOO JDPHV DQG WKH '& 3OD\HUV KHOS RXU VWXGHQWV FRQWLQXH WKHLU SDUWLFLSDWLRQ WR SHUIRUP ³+ 0 6 3LQDIRUH´ LQ WKH SHUIRUPLQJ DUWV EXW P\ PRVW UHZDUGLQJ RQ 2FW LQ 6FKRPEXUJ PRPHQWV FDPH ZKHQ , ZLWQHVVHG D VWXGHQW $XGLWRULXP ZLWKRXW VXFK D EDFNJURXQG GLVFRYHU WKH $QRWKHU DGGLWLRQ WR WKH GLVWLQFWLYHO\ HQULFKLQJ DQG KXPDQL]LQJ QDWXUH SHUIRUPLQJ DUWV SURJUDP LV RI WKH DUWV , EHOLHYH LQ WKH YDOXH RI WKH DUWV WKH SHUIRUPDQFH RI +DQGHO¶V LQ OLIH ZKHWKHU IRU SXUH HQMR\PHQW RU VRXO ³0HVVLDK ´ SUHYLRXVO\ GLUHFWHG PHQGLQJ WKHUDS\ 7KH PRVW WUDJLF WLPH LQ P\ E\ 'U 5LFKDUG 6WURHGH $IWHU KLV FDUHHU ZDV ZKHQ IRU YHU\ SUDFWLFDO UHDVRQV SDVVLQJ LQ 0D\ WKLV LPSRUWDQW '& ZDV IRUFHG WR ORVH PRVW RI ZKDW KDG EHHQ HYHQW ZDV WUDQVIHUUHG WR WKH FDUH D FHQWXU\ ROG WUDGLWLRQ LQ WKH DUWV $W WKLV SRLQW DQG GLUHFWRUVKLS RI 6FKXOW] ZKR LQ WKH &ROOHJH¶V GHYHORSPHQW , FDQ WKLQN RI KDV LQWHJUDWHG LW LQWR WKH &RQFHUW QRWKLQJ PRUH LPSRUWDQW WKDQ DVVXULQJ WKDW &KRLU¶V FXUULFXOXP 7KH VHDVRQDO IXWXUH JUDGXDWHV RI RXU EHORYHG LQVWLWXWLRQ ZLOO IDYRULWH LV VFKHGXOHG WR EH WDNH ZLWK WKHP DQ XQGHUVWDQGLQJ RI ZKDW WKH SHUIRUPHG LQ HDUO\ 'HFHPEHU SHUIRUPLQJ DUWV FDQ PHDQ WR WKH GHSWK DQG $ URXQG RI DSSODXVH JRHV ULFKQHVV RI WKHLU OLIH H[SHULHQFH DV ZHOO DV D RXW WR WKH ³5DLVLQJ WKH &XUWDLQ´ FRPPLWPHQW WR IRVWHU WKH DUWV LQ WKHLU RZQ LQLWLDWLYH IRU EULQJLQJ EDFN WKH IDPLOLHV FDUHHUV DQG FRPPXQLWLHV SHUIRUPLQJ DUWV :KLOH WKH ¿UVW \HDU KDV EHHQ D VXFFHVV LW LV LPSRUWDQW 'U 5LFKDUG 6WURHGH WR NQRZ WKDW DOO SURJUDPV DUH $FDGHPLF 'HDQ (PHULWXV FRQWLQXRXVO\ IXQGUDLVLQJ WR KHOS VXVWDLQ WKHPVHOYHV 7KH SHUIRUPLQJ 6800(5


,Q 0HPRU\

LQ PHPRU\

2) $ /,)(7,0( 2) 086,& $1' 6(59,&( 'HDQ (PHULWXV 'U 5LFKDUG : 6WURHGH OHDYHV D \HDU OHJDF\ ZLWK &ROOHJH DQG &RPPXQLW\ E\ .DWK\ 3XQFKHV ¶ 'LUHFWRU RI 3XEOLF 5HODWLRQV DQG 0DUNHWLQJ

7

KH 'H¿DQFH &ROOHJH IDPLO\ LV PRXUQLQJ WKH SDVVLQJ RI 'U 5LFKDUG : 6WURHGH 'HDQ (PHULWXV ZKR GLHG 6DWXUGD\ 0D\ DW WKH &+3 'H¿DQFH $UHD ,QSDWLHQW +RVSLFH &HQWHU RI SDQFUHDWLF FDQFHU $ SURIHVVRU DQG DGPLQLVWUDWRU DW 'H¿DQFH &ROOHJH IRU \HDUV KH ZRUNHG WLUHOHVVO\ WKURXJKRXW KLV SURIHVVLRQDO FDUHHU DQG VLQFH UHWLUHPHQW WR SURPRWH WKH SHUIRUPLQJ DUWV DW '& DQG LQ WKH 'H¿DQFH FRPPXQLW\ %RUQ 6HSW LQ $GDPV &RXQW\ :LVFRQVLQ KH ZDV WKH VRQ RI -RKQ 3 5 DQG 0\UWOH / 6FKXOW] 6WURHGH ,Q KH PDUULHG KLV KLJK VFKRRO VZHHWKHDUW (PLO\ )XOWRQ ZKR VXUYLYHV +H HDUQHG D EDFKHORU¶V GHJUHH LQ PXVLF HGXFDWLRQ IURP WKH 8QLYHUVLW\ RI :LVFRQVLQ 6WHYHQV 3RLQW LQ DQG D PDVWHU¶V GHJUHH LQ PXVLF WKHRU\ IURP WKH 8QLYHUVLW\ RI :LVFRQVLQ 0DGLVRQ LQ +H FRPSOHWHG FRXUVH ZRUN LQ PXVLF FRPSRVLWLRQ ZLWK D PLQRU LQ PXVLF HGXFDWLRQ DW 8: 0DGLVRQ ,Q KH HDUQHG D 3K ' LQ DGPLQLVWUDWLRQ DQG PDQDJHPHQW IURP :DOGHQ 8QLYHUVLW\ 0LQQHDSROLV $IWHU WZR \HDUV DV D KLJK VFKRRO EDQG GLUHFWRU LQ :LVFRQVLQ KH DUULYHG DW 'H¿DQFH &ROOHJH LQ ZKHUH KH VSHQW WKH UHVW RI KLV GLVWLQJXLVKHG \HDU SURIHVVLRQDO FDUHHU +H KHOG WKH WLWOH RI $VVRFLDWH 3URIHVVRU RI 0XVLF WKURXJKRXW KLV WHQXUH WHDFKLQJ PXVLF HGXFDWLRQ WKHRU\ DQG KLVWRU\ FXUULFXOXP DQG GLUHFWLQJ YRFDO DQG LQVWUXPHQWDO HQVHPEOHV +H ZDV FKDLU RI WKH FROOHJH¶V PXVLF GHSDUWPHQW IURP WR DQG IURP WR ZDV FKDLU RI WKH 'LYLVLRQ RI )LQH $UWV +H VHUYHG DV IDFXOW\ FKDLU IURP WR OHDGLQJ WKH $FDGHPLF $IIDLUV FXUULFXOXP &RPPLWWHH DQG VHUYLQJ RQ WKH 3UHVLGHQW¶V &DELQHW +H FKDLUHG WKH FROOHJH¶V )2580 VHULHV IRU \HDUV GUDZLQJ SHUIRUPHUV IURP )HUUDQWH DQG 7HLFKHU WR


9LFWRU %RUJH WR WKH +RXVWRQ 6\PSKRQ\ FRQGXFWHG E\ $QGUH 3UHYLQ ,Q KH IRXQGHG WKH 6FKRPEXUJ 6HULHV D SRSXODU FROOHJH FRPPXQLW\ VHULHV RI PXVLF WKHDWHU DQG GDQFH WKDW FRQWLQXHV WR WKLV GD\ EULQJLQJ DIIRUGDEOH KLJK TXDOLW\ SHUIRUPDQFHV WR 'H¿DQFH +H IRXQGHG WKH &ROOHJLXP &KRUDOH LQ DQG ZDV LWV GLUHFWRU XQWLO ,Q KH WUDQVLWLRQHG LQWR FROOHJH DGPLQLVWUDWLRQ DVVXPLQJ WKH UROH RI $VVRFLDWH $FDGHPLF 'HDQ +H ZDV SURPRWHG WR 9LFH 3UHVLGHQW IRU $FDGHPLF $IIDLUV $FDGHPLF 'HDQ LQ DQG KHOG WKH SRVLWLRQ XQWLO KLV UHWLUHPHQW LQ $V $FDGHPLF 'HDQ KH VHUYHG RQ WKH 3UHVLGHQW¶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¿DQFH &ROOHJH¶V 'LVWLQJXLVKHG )DFXOW\ $ZDUG DQG 6HDUV 5RHEXFN )RXQGDWLRQ¶V 7HDFKLQJ ([FHOOHQFH DQG &DPSXV /HDGHUVKLS $ZDUG +H HDUQHG D 'LVVHUWDWLRQ $ZDUG LQ IURP :DOGHQ 8QLYHUVLW\ 8SRQ KLV UHWLUHPHQW IURP 'H¿DQFH &ROOHJH KH ZDV KRQRUHG ZLWK WKH WLWOH 'HDQ (PHULWXV DV ZHOO DV WKH FROOHJH¶V KLJKHVW UHFRJQLWLRQ WKH 3LOJULP 0HGDO 7KURXJKRXW KLV \HDUV LQ 'H¿DQFH 'U 6WURHGH ZDV DQ HQJDJHG PHPEHU DQG SURPRWHU RI WKH DUWV LQ WKH JUHDWHU FRPPXQLW\ ,Q KH RUJDQL]HG WKH 'H¿DQFH &ROOHJH &RPPXQLW\ %DQG SURYLGLQJ DUWLVWLF SHUIRUPDQFH YHQXHV IRU WKH 'H¿DQFH FRPPXQLW\ DQG DIIRUGLQJ WDOHQWHG PXVLFLDQV IURP WKH FROOHJH DQG FRPPXQLW\ D SHUIRUPDQFH RXWOHW +H ZDV LWV GLUHFWRU XQWLO DQG ZDV ODWHU QDPHG &RQGXFWRU /DXUHDWH )URP WR KH ZDV PXVLF GLUHFWRU IRU WKH )RUW 'H¿DQFH 3OD\HUV FRPPXQLW\ WKHDWHU +H ZDV D PHPEHU RI WKH 'H¿DQFH &LW\ &DEOH &RPPLVVLRQ IURP WR DQG ZDV LWV FKDLU IRU VL[ \HDUV )URP WR KH VHUYHG RQ WKH ERDUG RI WUXVWHHV RI :*7( 3XEOLF %URDGFDVWLQJ $W WKH VWDWH OHYHO KH VHUYHG DV D ERDUG PHPEHU RI 25$&/( 2KLR $UWV 3UHVHQWHUV 1HWZRUN IURP WR DQG ZDV LWV SUHVLGHQW IURP WR +H ZDV D SDQHOLVW RQ WKH 2KLR $UWV &RXQFLO 3UHVHQWLQJ 7RXULQJ 3DQHO IURP WR DQG VHUYHG DV LWV FKDLU IRU WZR \HDUV

$IWHU UHWLULQJ IURP 'H¿DQFH &ROOHJH KH IRFXVHG KLV DWWHQWLRQ RQ LQFUHDVLQJ FRPPXQLW\ EDVHG DUWV LQ WKH FLW\ RI 'H¿DQFH E\ JHQHUDWLQJ PRUH LQWHUHVW LQ DQG DFFHVVLELOLW\ WR WKH DUWV ,Q KH EHFDPH WKH LQFRUSRUDWRU DQG ¿UVW H[HFXWLYH GLUHFWRU RI WKH 'H¿DQFH &RPPXQLW\ &XOWXUDO &RXQFLO D FRPPXQLW\ EDVHG QRQSUR¿W RUJDQL]DWLRQ SURYLGLQJ FRPPXQLFDWLRQV DQG SURPRWLRQDO VHUYLFHV IRU SXEOLF DFFHVV SURGXFHUV DQG FRPPXQLW\ FXOWXUDO QRQSUR¿W RUJDQL]DWLRQV ,Q WKDW UROH KH FR IRXQGHG WKH 'H¿DQFH 0XVLF LQ <RXU 3DUNV VXPPHU FRQFHUW VHULHV DQG IRXQGHG WKH '&&& 3UHVHQWV FRQFHUW VHULHV ³6XQGD\ DW WKH &HQWHU ´ DQG ³%DQGV %DQGV %DQGV ´ +H ZDV LQVWUXPHQWDO LQ WUDQVIRUPLQJ WKH $UWV DQG 0HGLD &HQWHU IURP LWV IRUPHU VWDWH RYHUVHHLQJ UHQRYDWLRQV LQWR D GRZQWRZQ SHUIRUPDQFH VSDFH 7KH 'H¿DQFH $UHD &KDPEHU RI &RPPHUFH SUHVHQWHG KLP ZLWK LWV 4XDOLW\ RI /LIH $ZDUG IRU FRPPXQLW\ FXOWXUDO GHYHORSPHQW LQ ,Q KH UHYLYHG ZKDW KDV EHFRPH D &KULVWPDV WUDGLWLRQ IRU 'H¿DQFH &ROOHJH

DQG WKH FRPPXQLW\ WKH DQQXDO SURGXFWLRQ RI +DQGHO¶V ³0HVVLDK ´ +H FRQGXFWHG KLV ¿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³&HOHEUDWLRQ RI WKH /LIH DQG :RUN RI 5LFKDUG : 6WURHGH´ ZDV KHOG -XQH DW 6W -RKQ 8&&

^dZK ^ ,K> Z^,/W E KtD Ed dŽ ŚŽŶŽƌ ƚŚĞ ŵĂŶLJ ĐŽŶƚƌŝďƵƟŽŶƐ ŽĨ ƌ͘ ZŝĐŚĂƌĚ ^ƚƌŽĞĚĞ ƚŽ ƚŚĞ ĂƌƚƐ ŝŶ ƚŚĞ ĞĮĂŶĐĞ ĐŽŵŵƵŶŝƚLJ͕ ŚŝƐ ůĞĂĚĞƌƐŚŝƉ Ăƚ ĞĮĂŶĐĞ ŽůůĞŐĞ͕ ďŽƚŚ ŝŶ ƚŚĞ ĐůĂƐƐƌŽŽŵ ĂŶĚ ĂƐ ĐĂĚĞŵŝĐ ĞĂŶ ĂŶĚ ŚŝƐ ŵŝŶŝƐƚƌLJ Ăƚ ^ƚ͘ :ŽŚŶ hŶŝƚĞĚ ŚƵƌĐŚ ŽĨ ŚƌŝƐƚ͕ Ă ƐĐŚŽůĂƌƐŚŝƉ ĞŶĚŽǁŵĞŶƚ ŚĂƐ ďĞĞŶ ĐƌĞĂƚĞĚ Ăƚ ĞĮĂŶĐĞ ŽůůĞŐĞ ďLJ ĨƌŝĞŶĚƐ ĂŶĚ ĐŽůůĞĂŐƵĞƐ ǁŚŽ ƌĞƉƌĞƐĞŶƚ ŵĂŶLJ ŽĨ ƚŚĞ ƉĂƐƐŝŽŶƐ ƚŚĂƚ ŝĐŬ ƐĞƌǀĞĚ ŝŶ ƚŚĞ ƉĂƐƚ ϰϬ LJĞĂƌƐ͘ tĞ ŝŶǀŝƚĞ LJŽƵ ƚŽ ũŽŝŶ ƵƐ ŝŶ ŐŝǀŝŶŐ ƚŚŝƐ ŚŽŶŽƌ͘ WůĞĂƐĞ ƚŚŝŶŬ ĂďŽƵƚ ƚŚĞ ŝŵƉĂĐƚ ƚŚĂƚ ŝĐŬ ^ƚƌŽĞĚĞ ŵĂĚĞ ŽŶ LJŽƵƌ ůŝĨĞ ĂŶĚ ƚŚĞŶ ĐŽŶƐŝĚĞƌ ǁŚĂƚ LJŽƵ ĐĂŶ ŐŝǀĞ ƚŽ ŚĞůƉ ƵƐ ĐŽŵƉůĞƚĞ ƚŚŝƐ ŵĞŵŽƌŝĂů ƚƌŝďƵƚĞ͘ 'ŝŌƐ ŵĂLJ ďĞ ƐĞŶƚ ƚŽ ĞĮĂŶĐĞ ŽůůĞŐĞ͕ ĂƩĞŶƟŽŶ ŝŶĚLJ ^ŚĂīĞƌ͕ ϳϬϭ E͘ ůŝŶƚŽŶ ^ƚƌĞĞƚ͕ ĞĮĂŶĐĞ͕ K, ϰϯϱϭϮ͘ WůĞĂƐĞ ŝŶĚŝĐĂƚĞ ^ƚƌŽĞĚĞ ^ĐŚŽůĂƌƐŚŝƉ ŝŶ ƚŚĞ ŵĞŵŽ ůŝŶĞ͘ ŽŶƚƌŝďƵƟŽŶƐ ŵĂLJ ĂůƐŽ ďĞ ŵĂĚĞ ŽŶͲůŝŶĞ Ăƚ ǁǁǁ͘ĚĞĮĂŶĐĞ͘ĞĚƵ͘ ůŝĐŬ ŽŶ 'ŝǀĞ ƚŽ ĂŶĚ ƚŚĞŶ ^ƚƌŽĞĚĞ ŶĚŽǁŵĞŶƚ͘

6800(5


-XVW /RYHG ,W

MXVW ORYHG LW /21* 7,0( 5(*,675$5 5(7,5(6

:LWK QHDUO\ \HDUV RI FRPPLWWHG VHUYLFH WR WKH 'HÀDQFH &ROOHJH FRPPXQLW\ %HYHUO\ +DUULQJWRQ UHWLUHV %\ 0LFKHOH 7LQNHU 'LUHFWRU RI $QQXDO *LYLQJ ³, ZDV PHDQW WR ZRUN LQ KLJKHU HGXFDWLRQ , MXVW ORYHG LW ´ VD\V 5HJLVWUDU (PHULWXV %HYHUO\ +DUULQJWRQ ZKR UHWLUHG IURP 'H¿DQFH &ROOHJH LQ 0D\ DIWHU FRPSOHWLQJ MXVW VKRUW RI \HDUV RI VHUYLFH %HY ZDV QHZO\ JUDGXDWHG IURP %RZOLQJ *UHHQ 6WDWH 8QLYHUVLW\ LQ ZKHQ VKH GURYH E\ 'H¿DQFH &ROOHJH RQ KHU ZD\ WR D MRE LQWHUYLHZ 6KH WKRXJKW VKH PLJKW HQMR\ ZRUNLQJ LQ DQ DFDGHPLF HQYLURQPHQW VR DIWHU KHU LQWHUYLHZ VKH VWRSSHG E\ FDPSXV 6KH PHW ZLWK WKH 'HDQ RI $FDGHPLF DIIDLUV 'U $OWRQ .XUW] ZKR OLNHG KHU DQG KLUHG KHU LPPHGLDWHO\ DV KLV VHFUHWDU\ 7KDW ZDV WKH VWDUW RI KHU VXFFHVVIXO FDUHHU ZKLFK WRRN SODFH HQWLUHO\ DW 'H¿DQFH &ROOHJH 'U 7LP 5LFNDEDXJK ,QWHULP 9LFH 3UHVLGHQW IRU $FDGHPLF $IIDLUV DQG $FDGHPLF 'HDQ QRWHG KRZ UDUH LW LV IRU DQ HQWLUH SURIHVVLRQDO FDUHHU WR EH VHUYHG ZLWKLQ RQH LQVWLWXWLRQ ³'& ZLOO QRW EH WKH VDPH ZLWKRXW %HY +DUULQJWRQ¶V SUHVHQFH ´ KH VDLG )URP VHFUHWDU\ %HY PRYHG WR ¿QDQFLDO DLG WR WKH DGYLVLQJ FHQWHU IRU IUHVKPHQ WR DVVLVWDQW UHJLVWUDU ,Q VKH ZDV DSSRLQWHG UHJLVWUDU ZKLFK WXUQHG RXW WR EH KHU WUXH QLFKH ,Q D FROOHJH WKH VL]H RI 'H¿DQFH WKH UHJLVWUDU LV UHVSRQVLEOH IRU WKH DFDGHPLF UHFRUGV VFKHGXOLQJ VWXGHQWV IRU FODVVHV DQG SUHSDULQJ WKH FRXUVH VFKHGXOH 7KDW LQFOXGHV DQ\WKLQJ WKDW LV D VXSSOHPHQW WR WKH VWXGHQWV WDNLQJ FODVVHV ± DVVLJQLQJ DGYLVRUV FHUWLI\LQJ DWKOHWLF HOLJLELOLW\ HYDOXDWLQJ VWXGHQWV DV WKH\ SURJUHVV WRZDUGV WKHLU GHJUHHV DQG DVVXULQJ WKH\¶YH FRPSOHWHG WKH UHTXLUHPHQWV IRU JUDGXDWLRQ %HY DOVR GLG WKH VWDWLVWLFDO GHPRJUDSKLF LQIRUPDWLRQ IRU 'H¿DQFH &ROOHJH :KDW ZDV %HY¶V VHFUHW WR WKLV ORQJ DQG VXFFHVVIXO FDUHHU" ³,¶YH DOZD\V EHHQ D SHUVRQ LQ P\ MRE WKDW ORRNV WR KHOS SHRSOH ,I VRPHRQH ZLOO EHQH¿W IURP PH WDNLQJ DQ H[WUD


ORRN ,¶OO GR WKDW ´ %HY H[SODLQHG ³7KH IRFXV LV QRW MXVW RQ WKH ZRUN WKDW FRPSULVHV WKH MRE EXW KRZ , FDQ KHOS ZKHWKHU LW¶V IDFXOW\ RU VWXGHQWV ´ ³,W ZDV WKH SKLORVRSK\ RI P\ RI¿FH WKDW LI VRPHRQH DVNV IRU LQIRUPDWLRQ ZH JRW LW WR WKHP DV VRRQ DV SRVVLEOH WKDW EHFDPH D SULRULW\ , GLG QRW PDNH WKHP ZDLW EHFDXVH , ZDV EXV\ , WKLQN SHRSOH KDYH DOZD\V DSSUHFLDWHG WKDW ´ ³, DOZD\V OLNHG WR LQWHUDFW ZLWK VWXGHQWV LW ZDV IXQ WR WDON ZLWK WKHP HVSHFLDOO\ WKRVH IURP SODFHV ,¶G QHYHU EHHQ ´ %HY DGGHG 6KH LV VWLOO LQ FRQWDFW ZLWK VWXGHQWV VKH PHW WKURXJKRXW KHU PDQ\ \HDUV DV UHJLVWUDU %HY KDV EHHQ DQ DYLG <HOORZ -DFNHWV IDQ ZKLFK DOVR KHOSHG KHU FRQQHFW ZLWK WKH VWXGHQWV )RRWEDOO DQG EDVNHWEDOO DUH KHU IDYRULWHV VSRUWV DQG RQH RI KHU JUHDWHVW H[SHULHQFHV ZDV VHUYLQJ DV KRQRUDU\ FRDFK DW D IRRWEDOO JDPH JHWWLQJ WR EH ULJKW GRZQ ZLWK WKH SOD\HUV DQG FRDFKHV DQG LQ WKH ORFNHU URRP DW KDOI WLPH ³, OHDUQHG , ORYHG EHLQJ GRZQ RQ WKH VLGHOLQHV ´ %HY VDLG ZLWK D VPLOH :KHQ VKH EHFDPH UHJLVWUDU DOO ZRUN ZDV GRQH E\ KDQG DQG VWXGHQWV VFKHGXOHG WKHLU FODVVHV LQ WKH DUHQD VW\OH UHJLVWUDWLRQ DW WKH J\P 2QH RI WKH JUHDWHVW FKDOOHQJHV RI KHU SRVLWLRQ ZDV WKH YDVW DPRXQW RI SDSHU VWRUHG DQG VKH LPSOHPHQWHG D UHWHQWLRQ SROLF\ WR JHW FRQWURO RI LW 6KH DOVR FRPSLOHG KLVWRULFDO

VWDWLVWLFDO LQIRUPDWLRQ DQG VWDUWHG SURGXFLQJ , UHDOO\ ZDQWHG WR DVN 6KH IXOO\ XQGHUVWRRG HQUROOPHQW UHWHQWLRQ DQG FRPSDULVRQ UHSRUWV WKH DFDGHPLF FXUULFXOXP LWV KLVWRULFDO ,Q '& LPSOHPHQWHG D FRPSXWHU SURJUHVVLRQ DQG WKH RYHUDOO IXQFWLRQV RI WKH V\VWHP ³1R RQH KDG DQ\ H[SHULHQFH ZRUNLQJ DFDGHPLF DIIDLUV SURFHVV ´ RQ D FRPSXWHU LQ ± WKDW ZDV UHDOO\ :KLOH %HY OHDYHV ODUJH VKRHV WR ¿OO VRPHWKLQJ ´ VKH UHPHPEHUV 2QFH WKH V\VWHP VKH KDV KDG WKH RSSRUWXQLW\ WR ZRUN FORVHO\ ZDV LQVWDOOHG VKH UHFHLYHG D WZR KRXU ZLWK KHU UHSODFHPHQW ZKR LV ZHOO NQRZQ WR WUDLQLQJ DQG ZDV KDQGHG D PDQXDO ³, WROG '& DQG PDQ\ RI LWV DOXPQL 0DULDK 2¶6KHD P\VHOI LI LW LV LQ WKH PDQXDO , ZLOO ¿QG LW DQG 2U]ROHN ¶ LV QRW RQO\ DQ DOXPQD KHUVHOI EXW , ZLOO OHDUQ LW ´ $V D UHVXOW VKH EHFDPH RQH RI PRYHV WR WKH UHJLVWUDU¶V SRVLWLRQ IURP 6WXGHQW WKH PRVW VNLOOHG XVHUV RI '&¶V FDPSXV ZLGH /LIH ZKHUH VKH KDV VHUYHG DV 'LUHFWRU RI V\VWHP 5HVLGHQFH /LIH IRU VHYHUDO \HDUV 0DULDK DQG $ ELJ FKDQJH %HY KDV VHHQ ZLWK WKH %HY ZRUNHG WRJHWKHU IRU WKH VL[ PRQWKV SULRU FROOHJH RYHU WKH \HDUV LV WKH DSSHDUDQFH RI WR %HY¶V GHSDUWXUH WR DVVXUH D FRPIRUWDEOH WKH FDPSXV ZLWK (QGHUV 6LVVRQ 7URZEULGJH WUDQVLWLRQ LQ WKLV LPSRUWDQW RI¿FH DQG WKH PXVLF EXLOGLQJ PDNLQJ ZD\ IRU %HY LV D OLIHORQJ UHVLGHQW RI %U\DQ 2KLR 6FKDXIÀHU +DOO 6HUULFN &DPSXV &HQWHU DQG ZKR KDV DOZD\V HQMR\HG EHLQJ SK\VLFDOO\ 3LOJULP /LEUDU\ DFWLYH 6KH VZLPV UHJXODUO\ \HDU URXQG 5LFNDEDXJK UHODWHG KRZ GHHSO\ %HY DQG ORYHV WR ELNH DQG ¿VK 6KH KDV WUDYHOHG ZLOO EH PLVVHG ³2YHU P\ WLPH DW 'H¿DQFH DOO RYHU WKH 8 6 DQG LV HVSHFLDOO\ IRQG RI &ROOHJH DQG HYHQ VLQFH , ¿UVW HQWHUHG 9LUJLQLD DQG :HVW 9LUJLQLD 2I FRXUVH HYHU\RQH ZKR NQRZV %HY WKH HGXFDWLRQDO SURIHVVLRQ , KDYH QHYHU ZRUNHG ZLWK D PRUH RUJDQL]HG DQG GHGLFDWHG NQRZV KRZ LPSRUWDQW PXVLF LV WR KHU OLIH 6KH SURIHVVLRQDO $GGLWLRQDOO\ , OHDUQHG IURP %HY KDV SOD\HG WKH SLDQR VLQFH WKH DJH RI ¿YH WKDW LW LV RI YLWDO LPSRUWDQFH WR NHHS WKH LQVWLWXWLRQDO PLVVLRQ Dz DW WKH IRUHIURQW GXULQJ WKH GHFLVLRQ PDNLQJ SURFHVV ´ Ǣ ǡ $GGHG 5LFNDEDXJK ³2Q ǯ D SHUVRQDO VLGH , ZLOO PLVV KHU DELOLW\ WR SUDFWLFDOO\ UHDG P\ Ǥdz PLQG ZKHQ , ZDVQ¶W VXUH ZKDW ǦǦ ǡ

+HU IDWKHU WXQHG DQG VROG SLDQRV DQG LW ZDV KHU MRE WR GHPRQVWUDWH WKH SLDQRV E\ SHUIRUPLQJ IRU WKH FXVWRPHUV ZKR FDPH WR +DUULQJWRQ 3LDQR 6HUYLFH 6KH KDV SODQV IRU D EXV\ UHWLUHPHQW WKDW LQFOXGH JDUGHQLQJ VZLPPLQJ DQG JHWWLQJ WRJHWKHU ZLWK IULHQGV ZKR DUH UHWLUHG ³, ORRN DW UHWLUHPHQW DV D WLPH WR GR WKRVH WKLQJV WKDW ,¶G FXW EDFN EHFDXVH RI P\ MRE ´ 6KH DGPLWV WKDW VKH ¿QGV KHUVHOI ³LQYROYHG LQ WKLQJV´ VXFK DV EHLQJ UHFUXLWHG WR WKH FRPPLWWHHV RI KHU KLJK VFKRRO DQG FROOHJH UHXQLRQV $ERXW KHU WLPH DW 'H¿DQFH VKH LV W\SLFDOO\ PRGHVW ³, ZDV IRUWXQDWH WR ZRUN ZLWK DFDGHPLF GHDQV WKDW , OLNHG DQG WKH SUHVLGHQWV ± WKH WRS SHRSOH DW WKH FROOHJH ZHUH JUHDW ,W¶V EHHQ D JUHDW MRE , GRQ¶W WKLQN , FRXOG KDYH EHHQ SODFHG LQ D EHWWHU MRE /LWWOH GLG , NQRZ ZKHQ , VWRSSHG KHUH«´ 6800(5


*UDGXDWLRQ

JUDGXDWLRQ $/:$<6 $ 63(&,$/ 7,0( 2) <($5 JUDGXDWHV ZHUH DZDUGHG GLSORPDV GXULQJ FRPPHQFHPHQW RQ 6XQGD\ 0D\

'

U 9LQFHQW +DUGLQJ FROOHDJXH RI WKH ODWH 'U 0DUWLQ /XWKHU .LQJ -U DGGUHVVHG JUDGXDWHV GXULQJ 'H¿DQFH &ROOHJH FRPPHQFHPHQW FHUHPRQLHV RQ 0D\ 'U +DUGLQJ FR IRXQGHU RI WKH 9HWHUDQV RI +RSH 3URMHFW XUJHG JUDGXDWHV WR WDNH ZLWK WKHP WKH LGHDOV WKDW ZHUH LQVWLOOHG LQ WKHP DV VWXGHQWV +H KDG KLJK SUDLVH IRU 'H¿DQFH¶V 0F0DVWHU 6FKRRO IRU $GYDQFLQJ +XPDQLW\ ³, KHDUG WKDW HPEHGGHG LQ WKH PLGVW RI \RXU FDPSXV LV D VFKRRO WKDW EHOLHYHV WKDW DOO RI XV DUH PHDQW WR DGYDQFH KXPDQLW\ :KHQ , UHDG WKHVH WKLQJV , ZDV YHU\ H[FLWHG DQG GHHSO\ PRYHG ´ KH VDLG 7KH SUHVWLJLRXV 3LOJULP 0HGDO WKH KLJKHVW UHFRJQLWLRQ JLYHQ E\ WKH &ROOHJH WR VWXGHQWV DQG FRPPXQLW\ PHPEHUV ZDV DZDUGHG WR JUDGXDWLQJ VHQLRU $XVWLQ .OHPDQ *UDGXDWHV VHOHFWHG WR UHSUHVHQW WKHLU FODVV DV VSHDNHUV IRU FRPPHQFHPHQW DQG EDFFDODXUHDWH FHUHPRQLHV LQFOXGHG $QJHOLQD .LUNKDP $QGUHZ .RKOV $XVWLQ .OHPDQ 0DWWKHZ .LQJ DQG .ULVW\ 'DYHQSRUW 5HJLVWDU %HYHUO\ +DUULQJWRQ ZKR EHJDQ KHU WHQXUH DW 'H¿DQFH &ROOHJH LQ UHWLUHG WKLV VSULQJ DQG ZDV UHFRJQL]HG DV 5HJLVWUDU (PHULWD GXULQJ WKH FHUHPRQLHV 3UHVLGHQW *RUGRQ DQQRXQFHG WKH HVWDEOLVKPHQW RI DQ HQGRZHG VFKRODUVKLS WR KRQRU 'U 5LFKDUG : 6WURHGH 'HDQ (PHULWXV 'U 6WURHGH ZKR KDG EHHQ ¿JKWLQJ SDQFUHDWLF FDQFHU IRU VHYHUDO PRQWKV KDG SODQQHG WR DWWHQG WKH FHUHPRQ\ EXW KLV LOOQHVV WRRN D FULWLFDO WXUQ LQ WKH GD\V SUHFHGLQJ FRPPHQFHPHQW DQG KH SDVVHG DZD\ RQ 0D\ $FFHSWLQJ WKH UHFRJQLWLRQ RQ WKHLU IDWKHU¶V EHKDOI ZHUH $QGUHZ 6WURHGH DQG %HWK 0RHKOH *XHVW VSHDNHU GXULQJ PRUQLQJ EDFFDODXUHDWH VHUYLFHV ZDV 5HY *HRIIUH\ %ODFN *HQHUDO 0LQLVWHU DQG 3UHVLGHQW RI WKH 8QLWHG &KXUFK RI &KULVW ‹


6800(5


/LIH 7UXVWHH

OLIH WUXVWHH

)25 +,*+ /(9(/ 2) &200,70(17 %RDUG RI 7UXVWHH PHPEHU ( .HLWK +XEEDUG LV UHFRJQL]HG E\ WKH 2KLR )RXQGDWLRQ RI ,QGHSHQGHQW &ROOHJHV

7

KH %RDUG RI 7UXVWHHV RI WKH 2KLR )RXQGDWLRQ RI ,QGHSHQGHQW &ROOHJHV 2),& XQDQLPRXVO\ HOHFWHG ( .HLWK +XEEDUG ¶ D /LIH 7UXVWHH LQ UHFRJQLWLRQ RI KLV ORQJ DQG GLVWLQJXLVKHG VHUYLFH WR WKH ERDUG DQG WR 2KLR LQGHSHQGHQW KLJKHU HGXFDWLRQ 7KH SUHVHQWDWLRQ ZDV PDGH DW 2),&¶V DQQXDO PHHWLQJ KHOG UHFHQWO\ DW WKH +\DWW RQ &DSLWRO 6TXDUH LQ &ROXPEXV 1HZ 2),& WUXVWHH 7RP +XEEDUG DFFHSWHG WKH DZDUG RQ EHKDOI RI KLV IDWKHU 7KH /LIH 7UXVWHH GHVLJQDWLRQ LV UHVHUYHG IRU 2),& WUXVWHHV ZKR KDYH GLVWLQJXLVKHG WKHPVHOYHV E\ D KLJK OHYHO RI FRPPLWPHQW WR WKH RUJDQL]DWLRQ RYHU DQ H[WHQGHG SHULRG RI WLPH 'XULQJ WKH \HDUV VLQFH 2),&¶V IRXQGLQJ WKH /LIH 7UXVWHH KRQRU KDV EHHQ FRQIHUUHG XSRQ RQO\ QLQH RWKHU LQGLYLGXDOV .HLWK +XEEDUG FKDLUPDQ RI WKH +XEEDUG &RPSDQ\ LQ 'H¿DQFH KDV VHUYHG 2),& DV D WUXVWHH VLQFH *HQHURXV LQ KLV VHUYLFH WR WKH RUJDQL]DWLRQ¶V PLVVLRQ +XEEDUG KDV VHUYHG RQ QXPHURXV FRPPLWWHHV DQG KDV EHHQ WKH UHJLRQDO FDPSDLJQ FKDLU LQ WKH 'H¿DQFH DUHD VLQFH +H ZDV QDPHG 2),&¶V 9ROXQWHHU RI WKH <HDU LQ DQG DW WKH )RXQGDWLRQ¶V (YHQLQJ RI ([FHOOHQFH KH ZDV SUHVHQWHG ZLWK WKH 2),& /LIHWLPH $FKLHYHPHQW $ZDUG 2),& LV WKH SULPDU\ FRUSRUDWH DQG IRXQGDWLRQ VROLFLWDWLRQ RUJDQL]DWLRQ IRU LQGHSHQGHQW 2KLR FROOHJHV DQG XQLYHUVLWLHV DQG RSHUDWHV RQH RI WKH ODUJHVW DQG PRVW FRPSUHKHQVLYH VFKRODUVKLS PDQDJHPHQW VHUYLFHV LQ WKH VWDWH 2),& PHPEHU FROOHJHV FROOHFWLYHO\ HQUROO VWXGHQWV DQG DZDUG RQH WKLUG RI DOO EDFKHORU¶V GHJUHHV LQ WKH VWDWH 'H¿DQFH &ROOHJH LV D PHPEHU FROOHJH RI 2),& .HLWK +XEEDUG D QDWLYH RI 'H¿DQFH DQG JUDGXDWH RI 'H¿DQFH &ROOHJH KDV VKRZQ D GHGLFDWLRQ WR SULYDWH KLJKHU HGXFDWLRQ ERWK WKURXJK KLV VHUYLFH WR KLV DOPD PDWHU DQG KLV VHUYLFH WR 2),& +H KDV VHUYHG RQ

͚͔ ǡ ǡ Ǥ ͗͘ Ǥ

( .HLWK +XEEDUG WKH &ROOHJH¶V %RDUG RI 7UXVWHHV IURP WR WKH SUHVHQW +H DOVR VHUYHG IRU HLJKW \HDUV DV WKH SUHVLGHQW DQG GLUHFWRU RI WKH &ROOHJH¶V $OXPQL $VVRFLDWLRQ ,Q DGGLWLRQ WR KLV JHQHURXV VXSSRUW RI WKH &ROOHJH KH KDV KHOSHG VWXGHQWV DFKLHYH WKHLU SURIHVVLRQDO JRDOV E\ VSRQVRULQJ WZR HQGRZHG VFKRODUVKLSV DQG RIIHULQJ LQWHUQVKLSV WR 'H¿DQFH &ROOHJH VWXGHQWV WKURXJK 7KH +XEEDUG &RPSDQ\ ,Q WKH 'H¿DQFH $UHD &KDPEHU RI &RPPHUFH DZDUGHG +XEEDUG LWV PRVW SUHVWLJLRXV DZDUG IRU VHUYLFH OHDGHUVKLS WKH /HDGHUVKLS $ZDUG +XEEDUG UHFHLYHG WKLV DZDUG IRU KLV VHUYLFH WR WKH 'H¿DQFH &ROOHJH %RDUG RI 7UXVWHHV WKH 'H¿DQFH +RVSLWDO DQG RWKHU DUHD KHDOWK RUJDQL]DWLRQV QDWLRQDO DQG ORFDO EXVLQHVV RUJDQL]DWLRQV DQG WKH 6KDZQHH &RXQFLO RI WKH %R\ 6FRXWV ,Q +XEEDUG ZDV DZDUGHG WKH 3LOJULP 0HGDO E\ 'H¿DQFH &ROOHJH WKH &ROOHJH¶V KLJKHVW DZDUG

ǯ ǡ Ǥ ơǤ ͕͙͔͝ Ƥ Ǥ ͔͘​͔ Ǥ Ǥ Ƥ Ǥ ͕͖͜͝ǡ Ƥ ͖͂ Ǥ ǡ ͖​͖ Ƥ ͙͂͗ǡ͔͗͝ Ǥ


UHFRJQLWLRQ

)$&8/7< $1' 67$)) $&+,(9(0(176 3URPRWLRQV DZDUGV SUHVHQWDWLRQV LQYLWDWLRQV DQG VHPLQDUV 0$5< $11 678'(5 KDV EHHQ DSSRLQWHG WKH LQWHULP GHDQ RI WKH 0F0DVWHU 6FKRRO IRU $GYDQFLQJ +XPDQLW\ DQG ZLOO FRQWLQXH WR VXSSRUW WKH PLVVLRQ RI WKH VFKRRO 6KH ZLOO SURYLGH WKH OHDGHUVKLS QHFHVVDU\ WR VXVWDLQ DQG DGYDQFH H[LVWLQJ SURJUDPV DQG SDUWQHUVKLSV DV ZHOO DV ODXQFK DQG SURPRWH DFWLYLWLHV DQG RSSRUWXQLWLHV ZKLFK ZLOO IXUWKHU DGYDQFH WKH 0F0DVWHU¶V YLVLRQ RI DGYDQFLQJ KXPDQLW\ ,Q DGGLWLRQ WR VHUYLQJ LQ WKLV FDSDFLW\ 0DU\ $QQ LV DQ DVVLVWDQW SURIHVVRU RI SK\VLFDO VFLHQFH '5 '28* .$1( DVVLVWDQW SURIHVVRU RI ELRORJ\ JDYH DQ LQYLWHG SUHVHQWDWLRQ DW WKH 6L[WK %LHQQLDO /DNH (ULH 0LOOHQQLXP 1HWZRUN &RQIHUHQFH LQ :LQGVRU 2QWDULR RQ $SULO 7KH WDON ³0RQLWRULQJ 0HFKDQLVPV DQG 0DFURQXWULHQWV 0LFURF\VWLV LQ WKH 0DXPHH DQG 6DQGXVN\ 6\VWHPV´ LQFOXGHG FR DXWKRUV IURP 2KLR 6WDWH 8QLYHUVLW\ .HQW 6WDWH 8QLYHUVLW\ 1LDJDUD 8QLYHUVLW\ DQG WKH 8QLYHUVLW\ RI 7ROHGR )XUWKHU .DQH ZDV D FR DXWKRU RQ WKH ³/DNH (ULH $OJDO 6RXUFH 7UDFNLQJ /($67 ´ WDON JLYHQ E\ 'U 7RP %ULGJHPDQ RI WKH 8QLYHUVLW\ RI 7ROHGR ZLWK RWKHU FR DXWKRUV IURP 87 268 DQG +HLGHOEHUJ 8QLYHUVLW\ 7KHVH SUHVHQWDWLRQV GHDOW ZLWK UHVHDUFK UHJDUGLQJ WKH GLVWULEXWLRQ DQG WLPLQJ RI EORRPV IDFWRUV LQÀXHQFLQJ WKH GLVWULEXWLRQ DQG WLPLQJ RI EORRPV PHWKRGV RI GHWHFWLRQ DQG TXDQWL¿FDWLRQ DQG WR[LQ GHWHFWLRQ RI 0LFURF\VWLV D W\SH RI EORRP IRUPLQJ KDUPIXO DOJD IRXQG WKURXJKRXW WKH 0DXPHH DQG 6DQGXVN\ V\VWHPV IURP VPDOO WULEXWDULHV WR RIIVKRUH /DNH (ULH 7KHVH SURMHFWV ZHUH IXQGHG E\ WKH /DNH (ULH

3URWHFWLRQ )XQG DQG 86 (3$ )RU PRUH LQIRUPDWLRQ DERXW WKH FRQIHUHQFH SOHDVH YLVLW KWWS ZZZ OHPQ RUJ DQG FOLFN XQGHU FRQIHUHQFHV DQG WKHQ FOLFN 6L[WK %LHQQLDO FRQIHUHQFH 7KH SUHVHQWDWLRQV ZLOO EH XSORDGHG WR WKLV VLWH LQ WKH QHDU IXWXUH 6HUYLQJ DV WKH GLUHFWRU RI FDUHHU GHYHORSPHQW IRU WKH SDVW WKUHH \HDUV /,6$ 0$56$/(. KDV EHHQ SURPRWHG WR DVVLVWDQW GHDQ RI VWXGHQWV DQG GLUHFWRU RI FDUHHU GHYHORSPHQW HIIHFWLYH -XO\ ,Q WKLV QHZ UROH VKH ZLOO FRQWLQXH WR GLUHFW DOO DVSHFWV RI WKH 2I¿FH RI &DUHHU 'HYHORSPHQW DQG ZLOO DVVXPH UHVSRQVLELOLW\ IRU WKH GLUHFWLRQ OHDGHUVKLS DQG VXSHUYLVLRQ RI RWKHU IXQFWLRQDO DUHDV RI VWXGHQW OLIH LQFOXGLQJ UHVLGHQFH OLIH VWXGHQW DFWLYLWLHV DQG LQWHUFXOWXUDO UHODWLRQV DQG ZLOO DOVR DVVXPH UHVSRQVLELOLW\ IRU VWXGHQW DFFHVVLELOLW\ VHUYLFHV DQG WKH 3DUWQHUVKLS IRU -REV SURJUDP $ JUDGXDWH RI 7KH 2KLR 6WDWH 8QLYHUVLW\ /LVD KROGV D %6 LQ SV\FKRORJ\ D PDVWHU¶V GHJUHH LQ ODERU DQG KXPDQ UHVRXUFHV DQG DQ 0 $ LQ KLJKHU HGXFDWLRQ DQG VWXGHQW DIIDLUV DGPLQLVWUDWLRQ 6HYHUDO '(),$1&( &2//(*( $)),/,$7(' $57,676 ZHUH UHFRJQL]HG GXULQJ WKLV \HDU¶V -XQH $UW ([KLELW DW WKH :DVVHQEHUJ $UW &HQWHU LQ 9DQ :HUW 2KLR 7KH\ LQFOXGH 3URIHVVRU 67(9( 60,7+ VWRQHZDUH DOXPQXV 0$77+(: 7(03/( OLQRFXW SULQW 0,.( .2=803/,. MHZHOU\ 3URIHVVRU '28* ),(/< ZRRGFXW SULQW DQG LQWDJOLR SULQW DOXPQXV DQG LQVWUXFWRU -8/,$ ),(/< DFU\OLF LQVWUXFWRU .$7+< )81'(5%85* DFU\OLF DOXPQXV %5$1'21 .1277 VWRQHZDUH DQG 0$59,1 7+253 JODVV KXVEDQG RI IDFXOW\ PHPEHU -2 $11 %85.+$5'7

'($1 -2+1621 DVVLVWDQW SURIHVVRU RI UHOLJLRXV VWXGLHV WRRN SDUW LQ WKH 7HDFKLQJ IRU (GXFDWLRQDO (TXLW\ 6HPLQDU WKLV VXPPHU DW *RVKHQ &ROOHJH &HQWHU IRU 7HDFKLQJ DQG /HDUQLQJ 7KH ¿YH GD\ VHPLQDU IRU . WHDFKHUV DQG KLJKHU HGXFDWLRQ IDFXOW\ RIIHUV VXSSRUW IRU SDUWLFLSDQWV WR FULWLFDOO\ UHÀHFW DQG OHDUQ PRUH DERXW WKH SURFHVV RI WHDFKLQJ IRU WUDQVIRUPDWLRQ WRZDUG HTXLWDEOH VFKRROV DQG FODVVURRPV ,W LV GHVLJQHG WR FRQQHFW SDUWLFLSDQWV WR WKHLU RZQ H[SHULHQFHV DQG WKH H[SHULHQFHV RI RWKHUV LQ WHDFKLQJ DQG WDNLQJ OHDGHUVKLS IRU HGXFDWLRQDO HTXLW\ ‹

'U 'DYLG *RUPVHQ ¶ YLVLWHG FDPSXV WKLV VSULQJ WDONLQJ ZLWK VWXGHQWV LQWHUHVWHG LQ WKH PHGLFDO SURIHVVLRQ 'U *RUPVHQ LV FKLHI PHGLFDO RIILFHU DQG FKDLUPDQ RI 0HUF\ 0HGLFDO &HQWHU &DQWRQ +LV WLPH RQ FDPSXV LQFOXGHG D YLVLW ZLWK HPHULWL SURIHVVRUV 'LFN 6PDOO OHIW DQG 'U %HUQLH 0LNXOD ULJKW

6800(5 ‹


$WKOHWLFV

DWKOHWLFV

83'$7( )520 7+( ),(/' +286( $FDGHPLF KRQRUV SUH VHDVRQ SUHGLFWLRQV DQG PRUH )$// 6($621 23(16 6221 9LVLW WKH 'H¿DQFH &ROOHJH $WKOHWLFV ZHEVLWH DW ZZZ GH¿DQFHDWKOHWLFV FRP IRU IXOO VFKHGXOHV RI DOO IDOO VSRUWV LQFOXGLQJ YROOH\EDOO IRRWEDOO PHQ¶V DQG ZRPHQ¶V VRFFHU PHQ¶V DQG ZRPHQ¶V FURVV FRXQWU\ ZRPHQ¶V JROI DQG PHQ¶V WHQQLV )226 ($516 35( 6($621 +21256 'H¿DQFH &ROOHJH¶V 7RP )RRV KDV EHHQ VHOHFWHG DV RQH RI WKH VWDWH¶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

),9( -$&.(76 1$0(' 72 1)) +2125 62&,(7<

%LOOLQJV

.RKOV

+XHOVNDPS

.LQJ

6]XPD

7KH 1DWLRQDO )RRWEDOO )RXQGDWLRQ DQG &ROOHJH +DOO RI )DPH UHFHQWO\ DQQRXQFHG LWV 1)) +DPSVKLUH +RQRU 6RFLHW\ ZKLFK LV PDGH XS RI FROOHJLDWH IRRWEDOO SOD\HUV IURP DOO GLYLVLRQV RI SOD\ ZKR PDLQWDLQHG D JUDGH SRLQW DYHUDJH RI RU KLJKHU 'H¿DQFH &ROOHJH KDG ¿YH SOD\HUV UHFRJQL]HG E\ WKH 1)) DV LWV +DPSVKLUH +RQRU 6RFLHW\ KRQRUHHV DV -RHO %LOOLQJV 7UR\ +XHOVNDPS 0DWW .LQJ $QGUHZ .RKOV DQG 0LNH 6]XPD ZHUH DPRQJ WKH WRWDO RI VWXGHQW DWKOHWHV IURP VFKRROV WR TXDOLI\ IRU WKH KRQRU

./(0$1 ($516 $&$'(0,& +21256 *UDGXDWLQJ VHQLRU $XVWLQ .OHPDQ ZDV YRWHG )LUVW 7HDP $FDGHPLF $OO 'LVWULFW ,9 DQG UHFHQWO\ QDPHG DV DQ (631 7KH 0DJD]LQH¶V 7KLUG 7HDP $FDGHPLF $OO $PHULFD VHOHFWLRQ 7KH KRQRU LV YRWHG RQ DQG DQQRXQFHG E\ WKH &ROOHJH RI 6SRUWV ,QIRUPDWLRQ 'LUHFWRUV RI $PHULFD 7KH DZDUG UHFRJQL]HV VWXGHQW DWKOHWHV IRU RXWVWDQGLQJ DFKLHYHPHQWV LQ WKH FODVVURRP DV ZHOO DV RQ WKH ¿HOG RU FRXUW RI FRPSHWLWLRQ .OHPDQ HDUQHG KLV GHJUHH LQ PROHFXODU ELRORJ\ LQ 0D\ DIWHU FRPSOHWLQJ WKH SURJUDP LQ WKUHH \HDUV 7KH 6LGQH\ 2KLR QDWLYH VSRUWHG D FXPXODWLYH *3$ HQ URXWH WR HDUQLQJ KLV VHFRQG VWUDLJKW $FDGHPLF $OO +HDUWODQG &ROOHJLDWH $WKOHWLF &RQIHUHQFH DZDUG .OHPDQ DOVR ZRQ 'H¿DQFH &ROOHJH¶V *HQH *HUHQ $ZDUG IRU KDYLQJ WKH KLJKHVW FXPXODWLYH JUDGH SRLQW DYHUDJH DPRQJ DOO '& VWXGHQW DWKOHWHV DQG LV D WZR WLPH (631 7KH 0DJD]LQH $FDGHPLF $OO 'LVWULFW SHUIRUPHU

. 2 2 % ( & $ ) 1 *(7 6781* 2

Ƥ Ǥ Ǥ Ǥ

Ƥ Ǥ Ǩ Ƥ


75$&. ),(/' 68&&(66 7

7ULYHWW

3HUNLQV

$QGHUVRQ

KH PHQ¶V WUDFN DQG ¿ HOG WHDP EHJDQ WKHLU VHDVRQ RQ D KLJK QR E\ FODLPLQJ D WHDP WL WH WOH LQ WKH ¿UVW PHHW R WK DQQXDO 'LFN 6 I W KH VHDVRQ ± '&¶V PDOO ,QYLWDWLRQDO +R PH WRZQ SURGXFW $X VWLQ 7ULYHWW ZDV VHQVDWLRQ DO DW WKH PHHW ZLQQ LQJ WKUHH HYHQWV DQG SODFLQJ V HFRQG LQ D IRXUWK EH IRUH EHLQJ KRQRUHG DV WKH +&$ & )LHOG $WKOHWH RI W KH :HHN IRU KLV HIIRUWV /DWHU LQ W KH VHDVRQ 7ULYHWW MR LQ HG '&¶V 7\OHU $QGHUVRQ -RVK %HDYHUVRQ DQG 7KD YH ] -HWHU LQ UHFHLYLQJ $OO 2K LR KRQRUV IRU WKHLU RX WVW DQ GLQJ SHUIRUPDQFHV DW WKH $OO 2KLR &KDPSLRQ %HDYHUVRQ VKLSV 7KURXJKRXW WKH F RXUVH RI WKH VHDVRQ WKH <HOORZ -DFNHWV ZRX OG VHW QHZ VFKRRO UH FR UGV LQ WKH PHWHU GDVK PHWHU UXQ PHWHU VWHHSOHFKDVH [ PHWHU UHOD\ DQG WKH GHFDWKORQ 7KH WHDP ¿QLVKHG WKLUG LQ WKH + &$& &KDPSLRQVKLSV PDU NLQJ WKH WKLUG FRQVH FX WLY H VHDVRQ WKDW WKH <HOO RZ -DFNHWV KDYH ¿QL VKHG DPRQJ WK H W RS WK UH H L Q W -HWHU KH FRQIHUHQFH 'H¿ DQFH DOVR KDG WZR DWKOHWHV SURYLVL RQDOO\ TXDOLI\ IRU WK H 1&$$ 'LY ,,, &KDPSLRQVK LSV DV -XVWLQ 3HUNLQV WKH KRQRU LQ WKH HDUQHG PHWHU VWHHSOHFKDVH DQG $XVWLQ 7ULYHWW SR TXDOLI\LQJ PDUNV LQ VWHG ERWK WKH KLJK MXPS D QG WKH GHFDWKORQ

7\OHU $QGHUVRQ FRP SHWHV LQ WKH SROH YDXOW

7

.DLWOLQ 6ZLW]HU UXQV LQ IURQW RI WKH SDFN ǯ Ƥ

Ǧ ͖͔͕͔ Ǥ Ǥ Ǥ ͗Ǥ͗͛ Ǥ ǯ Ǥ ͗Ǥ͕ Ǥ

KH ZRPHQ¶V WUDFN DQG ¿HOG WHDP VWDUWHG LWV VHDVRQ ZLWK D VHFRQG SODFH ¿QLVK DW WKH 'LFN 6PDOO ,QYLWDWLRQDO DQG ZHQW RQ WR SODFH ¿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¿HOG LQ WKH +&$& 7KH WHDP JRW VWURQJHU DV WKH VHDVRQ SURJUHVVHG SHDNLQJ MXVW LQ WLPH IRU WKH +&$& &KDPSLRQVKLSV ZKHUH WKH\ ¿QLVKHG VHFRQG RYHUDOO IRU WKH VHFRQG FRQVHFXWLYH VHDVRQ 7KH -DFNHWV VDZ VL[ DWKOHWHV FODLP FRQIHUHQFH FURZQV DW WKH &KDPSLRQVKLSV LQFOXGLQJ 6KDYRQGD 3ULFH LQ WKH PHWHU GDVK 0DUOHD 5RODQGHU LQ WKH PHWHU KXUGOHV DQG .DLWOLQ 6ZLW]HU LQ WKH PHWHU VWHHSOHFKDVH 7KH [ PHWHU UHOD\ WHDP RI +RZHOO .ULVWLQ *ROGVWHLQ 3ULFH DQG &RXUWQH\ 6ZDEE FRPELQHG WR WDNH ¿UVW SODFH DW WKH PHHW DV ZHOO ZLWK D VFKRRO UHFRUG WLPH RI

+RZHOO

3ULFH

5RODQGHU

6ZLW]HU

*ROGVWHLQ

6ZDEE

6800(5


(PEHGGHG

HPEHGGHG 72 .((3 7+(,5 0(025,(6 $/,9(

+HOHQ 6WLHIPLOOHU · LV WKH ¶.HHSHU RI WKH 6WRULHV· DW WKH 2NODKRPD &LW\ 1DWLRQDO 0HPRULDO DQG 0XVHXP E\ &LQG\ 6KDIIHU 'LUHFWRU RI 3ODQQHG *LYLQJ

)

LIWHHQ \HDUV DJR DW RQ WKH PRUQLQJ RI $SULO WKH 8QLWHG 6WDWHV ZDV URFNHG WR LWV FRUH ZKHQ D ERPE H[SORGHG DW WKH $OIUHG 3 0XUUDK )HGHUDO %XLOGLQJ LQ 2NODKRPD &LW\ 7KH ZRUVW DFW RI GRPHVWLF WHUURULVP LQ WKH KLVWRU\ RI WKH FRXQWU\ LW NLOOHG SHRSOH DQG LQMXUHG PDQ\ PRUH 'H¿DQFH &ROOHJH DOXPQD DQG 2NODKRPD UHVLGHQW +HOHQ 6WLHIPLOOHU ZDV DW ZRUN DV WKH &XUDWRU RI &ROOHFWLRQV DW WKH *XWKULH 0XVHXP &RPSOH[ 2NODKRPD +LVWRULFDO 6RFLHW\ PLOHV DZD\ DW WKH WLPH RI WKH DWWDFN 6KH UHPHPEHUV ZHOO WKH VRXQG RI WKH H[SORVLRQ DQG WKH ZD\ KHU EXLOGLQJ¶V ZLQGRZV UDWWOHG ,Q SDUWLDO UHVSRQVH WR WKH DWWDFN 2NODKRPD &LW\ 0D\RU DW WKH WLPH 5RQ 1RUZLFN DSSRLQWHG D SHUVRQ WDVN IRUFH UHSUHVHQWLQJ D FURVV VHFWLRQ RI WKH FRPPXQLW\ WR FUHDWH D WULEXWH WR WKRVH ZKR GLHG ,Q WKH 0HPRULDO 0LVVLRQ 6WDWHPHQW WKH 7DVN )RUFH FDOOHG IRU WKH FUHDWLRQ RI D PHPRULDO WR ³«UHPHPEHU WKRVH ZKR ZHUH NLOOHG WKRVH ZKR VXUYLYHG DQG WKRVH FKDQJHG IRUHYHU«´ ± LQ VKRUW DOO ZKR ZHUH WRXFKHG GLUHFWO\ RU LQGLUHFWO\ E\ WKH ERPELQJ ZZZ RNODKRPDFLW\QDWLRQDOPHPRULDO RUJ 7KLV FROOHFWLYH HIIRUW UHVXOWHG LQ WKH 2NODKRPD &LW\ 1DWLRQDO 0HPRULDO DQG 0XVHXP ORFDWHG DW WKH VLWH RI WKH 0XUUDK %XLOGLQJ 7KH VWULNLQJ WULEXWH FRQVLVWV RI DQ 2XWGRRU 6\PEROLF 0HPRULDO WKDW LV D SODFH IRU TXLHW UHÀHFWLRQ DQG WKH 0HPRULDO 0XVHXP D VTXDUH IRRW LQWHUDFWLYH OHDUQLQJ VSDFH EXLOW WR WHOO WKH VWRU\ RI $SULO DQG KRZ WKH FKDRV WXUQHG WR KRSH LQ WKH GD\V IROORZLQJ WKH WHUURULVW DWWDFN +HOHQ LV QRZ WKH &ROOHFWLRQV 0DQDJHU IRU WKH 0HPRULDO 0XVHXP 6LQFH KHU OLIH KDV EHHQ GHHSO\ HPEHGGHG LQ WKH DFWLYLWLHV ³WR KHOS NHHS WKH PHPRU\ RI WKHVH SHRSOH WKH ZKR GLHG DOLYH ´ 7KH

+HOHQ 6WLHIPLOOHU ¶ VKRZV '& 3UHVLGHQW 0DUN *RUGRQ DQ DUWLIDFW IURP WKH $SULO ERPELQJ RI WKH $OIUHG 3 0XUUDK EXLOGLQJ GXULQJ KLV YLVLW ZLWK KHU LQ )HEUXDU\ 0HPRULDO $UFKLYHV D VTXDUH IRRW FOLPDWH FRQWUROOHG VWRUDJH DUHD KDV PRUH WKDQ RQH PLOOLRQ LWHPV LQFOXGLQJ GRFXPHQWV DUWLIDFWV DQG SKRWRV 5HIHUULQJ WR KHUVHOI DV WKH ³.HHSHU RI WKH 6WRULHV ´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

RSSRUWXQLW\ WR LQWHUDFW ZLWK UHVFXH ZRUNHUV VXUYLYRUV DQG IDPLO\ PHPEHUV RI WKRVH ZKR ZHUH NLOOHG LQ WKH ERPELQJ )RU KHU WKLV DGGV D SHUVRQDO HOHPHQW WKDW LVQ¶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‹


FODVV QRWHV '& $/801,

7KH ·V %DUEDUD 'LFNPDQ +RIIPDQ ¶ DQG KHU KXVEDQG 3DXO UHFHQWO\ FHOHEUDWHG WKHLU WK ZHGGLQJ DQQLYHUVDU\ 7KH FRXSOH PDUNHG WKH VSHFLDO RFFDVLRQ ZLWK DQ RSHQ KRXVH KRVWHG E\ WKHLU FKLOGUHQ 7KH +RIIPDQV UHVLGH LQ +ROJDWH 2+

7KH ·V ,Q 1RYHPEHU RI 6FRWW :DUUHQ ¶ UHFHLYHG WKH :LOOLDP $ 1LHULQJ $ZDUG IRU 2XWVWDQGLQJ (GXFDWRU IURP KLV SURIHVVLRQDO DVVRFLDWLRQ WKH &RDVWDO DQG (VWXDULQH 5HVHDUFK )HGHUDWLRQ 7KH DZDUG ZDV SUHVHQWHG DW WKH )HGHUDWLRQ¶V ELDQQXDO PHHWLQJ LQ 3RUWODQG 25 $OWKRXJK 6FRWW LV UHWLUHG KH LV VWLOO GRLQJ HFRORJLFDO

UHVHDUFK RQ WKH 3OXP ,VODQG 6RXQG VDOW PDUVKHV QRUWK RI &DSH $QQD 0$ $IWHU \HDUV RI HPSOR\PHQW DW *RGGDUG 6SDFH )OLJKW &HQWHU LQ *UHHQEHOW 0' +HUEHUW 0LWWHOPDQ ¶ ZLOO EH UHWLULQJ DW WKH HQG RI +HUE UHSRUWV WKDW KLV '& URRPPDWH 5LFKDUG 1DI]LJHU ¶ D \HDU HPSOR\HH DW *6)& ZLOO EH UHWLULQJ WKLV \HDU DV ZHOO -RKQ ¶ DQG .DUHQ 0F&RPDV (OOLV ¶ DUH UHVLGLQJ LQ 6RXWK 3DULV 0( -RKQ LV SDVWRU DW :HVW $XEXUQ &RQJUHJDWLRQDO &KXUFK DQG LV PDUNLQJ KLV WK \HDU LQ PLQLVWU\ .DUHQ YROXQWHHUV LQ WKH FRPPXQLW\ WHDFKHV EDVNHWZHDYLQJ DQG VSHQGV D JUHDW GHDO RI WLPH HQMR\LQJ KHU JUDQGFKLOGUHQ 3HQHORSH $XWK 6]XQ\RJK ¶ UHFHQWO\ UHWLUHG DIWHU \HDUV RI WHDFKLQJ (QJOLVK VSHHFK DQG GUDPD LQ SXEOLF VFKRROV &XUUHQWO\ VKH LV HQMR\LQJ KHU JUDQGFKLOGUHQ WUDYHOLQJ DQG VXEVWLWXWH WHDFKLQJ 3HQHORSH UHVLGHV LQ %HUHD 2+ &DQGDFH )RVWHU 5ROIVPH\HU ¶ UHFHQWO\ UHWLUHG DIWHU \HDUV RI WHDFKLQJ DQG FRXQVHOLQJ WK JUDGHUV DW /DNRWD LQ :HVW &KHVWHU 2+ DQG LQ 6DQ 'LHJR &$ &DQGLFH KDV DOZD\V HQMR\HG KHU MRE EXW LV ORRNLQJ IRUZDUG WR WUDYHOLQJ SOD\LQJ JROI DQG WHQQLV ZLWK KHU KXVEDQG *UHJJ DQG GRLQJ ZKDW VKH ZDQWV WR GR

‹ 0$,/ ,1 7+( )250

21 3$*(

‹ :5,7( $ 127( 21 <285 $118$/ )81' 3/('*( &$5' ‹ ( 0$,/ 86 $7 $/801,#'(),$1&( ('8

,Q WKH IDOO RI %UXFH 6DXOQLHU ¶ ZDV DZDUGHG WKH ([FHOOHQFH LQ 7HDFKLQJ $ZDUG DW 4XLQQLSLDF 8QLYHUVLW\ %UXFH DQG KLV ZLIH -DQLFH KDYH WZR FKLOGUHQ DQG UHVLGH LQ &KHVKLUH &7

7KH ·V 'DYLG &DUUROO ¶ D UHWLUHG PDWK WHDFKHU LV D PDQ ZKR KDV EDVHG KLV OLIH RQ KLV LQWHUHVW LQ QXPEHUV ZLWK EDVHEDOO SOD\LQJ D PDMRU UROH ,Q 0D\ KH H[SHULHQFHG D RQFH LQ D OLIHWLPH GD\ FRXUWHV\ RI WKH 'HWURLW 7LJHUV¶ ³'UHDPV &RPH 7UXH´ SURJUDP ZLWK D YLVLW WR &RPHULFD 3DUN ZKLFK UHYROYHG DURXQG D WULS XS WR WKH SUHVV ER[ WR PHHW WKH RI¿FLDO VFRUHU DQG OHDUQ WKH GXWLHV RI WKH MRE 7R UHDG WKH FRPSOHWH DUWLFOH YLVLW KWWS POE POE FRP QHZV DUWLFOH MVS"\PG FRQWHQWB LG YNH\ QHZVB GHW IH[W MVS FBLG GHW 'RQDOG 'XQQ ¶ UHFHLYHG KLV EDFKHORU¶V GHJUHH IURP 'H¿DQFH &ROOHJH LQ HGXFDWLRQ DQG ZHQW RQ WR FRPSOHWH KLV PDVWHU¶V LQ HGXFDWLRQ DW 681< &RUWODQG +H UHFHQWO\ FRPSOHWHG KLV 'RFWRU RI 0DQDJHPHQW '0 LQ 2UJDQL]DWLRQDO /HDGHUVKLS IURP WKH 8QLYHUVLW\ RI 3KRHQL[ 'RQDOG UHVLGHV LQ &OHUPRQW )/ 'DOH DQG -HDQ 6PLWK +LQGPDUVK ¶ UHFHQWO\ PRYHG WR WKH ZHVW FRDVW WR EH QHDU WKHLU ROGHVW VRQ DQG WKHLU QHZ JUDQGGDXJKWHU 7KH\ DUH QRZ OLYLQJ LQ 6HDWWOH :DGH 0DUEDXJK ¶ LV WKH FR DXWKRU RI D SOD\ µ$PHULFDQ $SDUWKHLG ´ DGDSWHG IURP WKH QRYHO 7KH /DZ RI WKH :KLWH &LUFOH )RFXVLQJ RQ UDFH DQG VRFLDO LQMXVWLFH WKH SOD\ ZDV SHUIRUPHG LQ )HEUXDU\ DW *HRUJLD 3HULPHWHU &ROOHJH LQ 'XQZRRG\ GXULQJ %ODFN +LVWRU\ 0RQWK :DGH LV RQ VWDII DW *HRUJLD 3HULPHWHU &ROOHJH DV SXEOLFDWLRQV FRRUGLQDWRU DQG UHVLGHV LQ $WODQWD

:HQG\ 0RUWRQ %HUQLHU ¶ UHFHQWO\ UHWLUHG IURP WKH :DUUHQVEXUJ 5 6FKRRO 6\VWHP 6KH WDXJKW 7LWOH 5HDGLQJ IRU JUDGHV IRU WKH SDVW \HDUV :HQG\ UHVLGHV LQ :DUUHQVEXUJ 02 )RU WKH SDVW VHYHQ \HDUV -DPHV +DPLOWRQ ¶ RSHUDWHG KLV RZQ FRQVXOWLQJ SUDFWLFH WKDW ZRUNHG ZLWK PHGLFDO JURXSV DQG KRVSLWDOV 2Q 0DUFK -LP EHJDQ KLV QHZ FDUHHU DW 0LGZHVW &RPPXQLW\ +HDOWK $VVRFLDWHV LQ %U\DQ 2+ DV WKH FKLHI H[HFXWLYH RI¿FHU -LP DQG KLV ZLIH 9LFNL UHVLGH LQ +DPLOWRQ ,1 5LFKDUG 7D\ORU ¶ KDV FRPSLOHG DQ HQYLDEOH UHFRUG DV WKH KHDG IRRWEDOO FRDFK DW &HQWHQQLDO +LJK 6FKRRO LQ 3HRULD $UL]RQD DV KLV &R\RWHV KDYH ZRQ WKUHH RI WKH SDVW IRXU $UL]RQD $ 'LYLVLRQ ,, VWDWH FKDPSLRQVKLSV 7KLV SDVW IDOO KLV VTXDG ¿QLVKHG D SHUIHFW DQG ZDV UDQNHG DV KLJK DV IRXUWK LQ WKH QDWLRQ E\ 86$ 7RGD\ +H KDV MXVW FRPSOHWHG KLV WK \HDU DV D IRRWEDOO FRDFK RI WKHP DW &HQWHQQLDO +LJK 6FKRRO 5LFKDUG DQG KLV ZLIH 'HDQQH OLYH LQ *OHQGDOH $= -RKQ 7UDXWPDQ ¶ UHFHQWO\ UHFHLYHG WKH 3UHVLGHQW¶V &LWDWLRQ ³6SLULW RI ,VDDF .QDSS $ZDUG ´ JLYHQ E\ WKH 3UHVLGHQW RI WKH ,VDDF .QDSS 'LVWULFW 'HQWDO 6RFLHW\ 7KH DZDUG UHFRJQL]HV ³6HUYLFH WR 'HQWLVWU\ 7KDW ([HPSOL¿HV WKH ,GHDOV DQG 7UDGLWLRQ RI ,VDDF .QDSS 'LVWULFW 'HQWDO 6RFLHW\ )RXQGHU 'U ,VDDF .QDSS ´ -RKQ ([HFXWLYH 'LUHFWRU RI WKH RUJDQL]DWLRQ LV WKH ¿UVW QRQ GHQWLVW WR UHFHLYH WKH DZDUG 7KH SUHVHQWDWLRQ ZDV PDGH DW WKH $QQXDO 0HPEHUVKLS DQG %XVLQHVV 0HHWLQJ RI WKH ,VDDF .QDSS 'LVWULFW 'HQWDO 6RFLHW\ KHOG LQ )HEUXDU\ LQ )RUW :D\QH ,1

KWWS DOXPQL GHÀDQFH HGX 6800(5 ‹


$OXPQL &ODVV 1RWHV

7KH ·V

$ ZLQWHU WHUP SURJUDP LQVWUXFWHG E\ 7LP %LQNOH\ ¶ IRUHIURQW LQWURGXFHG '& VWXGHQWV WR WKH LQWULFDFLHV RI SOD\LQJ WKH (QJOLVK KDQGEHOOV )URP OHIW 'DZQ %RUGHUV 2FNH ¶ 3HQQ\ %HOO %XQG\ ¶ 3HWHU 5LFK ¶ .HQW %URFN ¶ -DPLH :RRG\ .LWWOH ¶ (ULFK &KULVWPDQ ¶ DQG %LOO &URVVHU ¶

:LQWHU 7HUP WR /LIH /RQJ -R\

,

Q 3HWHU 5LFK ¶ WRRN D ZLQWHU WHUP FRXUVH WKDW LQWURGXFHG KLP WR WKH FKDUP DQG LQWULFDFLHV RI (QJOLVK KDQGEHOO ULQJLQJ ,Q WKRVH GD\V DW '& ZLQWHU WHUP ZDV D WZR ZHHN SHULRG ULJKW EHIRUH WKH VWDUW RI WKH VSULQJ VHPHVWHU WKDW VWXGHQWV GHYRWHG WR D VSHFLDO SURMHFW WULS RU DUHD RI VWXG\ 3HWHU¶V FKRLFH ZDV D JRRG ¿W ZLWK KLV ORYH RI PXVLF ,W DOVR OHG KLP WR D OLIH ORQJ KREE\ 3HWHU QRZ UHVLGHV LQ $UOLQJWRQ 9$ DQG KDV EHHQ DQ DXGLWRU IRU WKH 8 6 'HSDUWPHQW RI WKH ,QWHULRU 2I¿FH RI WKH ,QVSHFWRU *HQHUDO +H FRQWLQXHV WR SOD\ WKH KDQGEHOOV DQG UHFHQWO\ SHUIRUPHG DW WKH WK $QQLYHUVDU\ $UHD ,,, +DQGEHOO )HVWLYDO LQ +DPSWRQ 9$ ZLWK WKH )RUW 0\HU &KDSHO 5LQJHUV EHOO FKRLU ,Q DQ DUWLFOH IRU ³,Q *HQHUDO ´ WKH LQWHUQDO QHZVOHWWHU IRU WKH 2,* 3HWHU FDOOHG KDQGEHOO ULQJLQJ D WHDP VSRUW ZLWK HDFK SOD\HU IDFHG ZLWK WKH FKDOOHQJH RI SOD\LQJ WKHLU WZR QRWHV DW WKH ULJKW WLPH LQ FRQFHUW ZLWK WKH RWKHU WHDP PHPEHUV

/\QQ 0HWFDOI $OH[DQGHU ¶ KDV EHFRPH D SXEOLVKHG DXWKRU ZLWK WKH ODXQFK RI KHU QHZ ERRN &DUHJLYHU 7VXQDPL <RX FDQ ¿QG LW LQ WKH 6HOI +HOS VHFWLRQ DW ZZZ SXEOLVKDPHULFD FRP /\QQ DQG KHU KXVEDQG -DPHV UHVLGH LQ %ORRP¿HOG +LOOV 0, 3DP 6ZDQ 'DYLV ¶ DQG KHU KXVEDQG 'DOH KDYH OLYHG LQ 7UDYHUVH &LW\ 0, IRU \HDUV 7KHLU \RXQJHVW GDXJKWHU 0HJ JUDGXDWHG IURP WKH 8QLYHUVLW\ RI 0LFKLJDQ RQ 0D\ ZLWK D EDFKHORU¶V GHJUHH LQ KLVWRU\ 7KHLU ROGHU GDXJKWHU .DWLH DOVR JUDGXDWHG IURP WKH 8QLYHUVLW\ RI 0LFKLJDQ DQG LV QRZ DQ HPHUJHQF\ URRP QXUVH LQ %XIIDOR 1< ,Q 6HSWHPEHU 5HY 0LOGUHG 0F&DUW\ ¶ ZLOO DVVXPH WKH GXWLHV RI GHSDUWPHQW FKDLU

'U 0DUN /HH ¶ KDV HDUQHG KLV ¿IWK GHJUHH DQ 0%$ ZLWK D FRQFHQWUDWLRQ LQ SXEOLF DGPLQLVWUDWLRQ 'U /HH LV DQ $UP\ /7& DQG KDV UHFHQWO\ EHHQ VWDWLRQHG DW 0D[ZHOO $LU )RUFH %DVH LQ 0RQWJRPHU\ $/ DWWHQGLQJ $LU &RPPDQG DQG 6WDII &ROOHJH +H LV RQH RI $UP\ RI¿FHUV VHOHFWHG IRU WKLV SUHVWLJLRXV KRQRU +H DOVR HDUQHG WKH $UP\¶V 7RZVRQ PHGDOOLRQ IRU H[FHOOHQFH LQ &RPSWUROOHUVKLS DQG SDVVHG WKH '2' &HUWL¿HG 'HIHQVH )LQDQFLDO 0DQDJHPHQW WHVWV +H LV RQH RI YHU\ IHZ DFWLYH GXW\ FRPSWUROOHUV ZKR LV D &')0 IRU DOO RI '2' 0DUN ZLOO HDUQ D VL[WK GHJUHH IURP $XEXUQ 8QLYHUVLW\ ZKLOH DWWHQGLQJ $&6& $P\ +D]HOWRQ 8WHQGRUI ¶ DQG KHU KXVEDQG 'DYH DQQRXQFH WKH ELUWK RI WKHLU GDXJKWHU ,]DEHO 0RUJDQ RQ 'HFHPEHU $P\ LV HPSOR\HG DV DQ DWKOHWLF WUDLQHU DW 37 6HUYLFHV 5HKDELOLWDWLRQ ,QF LQ 2WWDZD 2+ $P\ DQG KHU IDPLO\ UHVLGH LQ 2WWDZD 'DQD 6KRXOGHUV ¶ KDV WZR FKLOGUHQ DQ \HDU ROG GDXJKWHU ZKR ZLOO JUDGXDWH WKLV \HDU IURP 6W 3HWHU¶V &DWKROLF 6FKRRO DQG D \HDU ROG VRQ 'DQD WHDFKHV IRU 0DQV¿HOG &LW\ 6FKRROV DQG LV WKH KHDG EDVHEDOO FRDFK IRU 0DQV¿HOG 6HQLRU +LJK

7LPRWK\ 'XQEDU ¶ DQG ZLIH 'LDQH UHFHQWO\ FHOHEUDWHG WKHLU WK ZHGGLQJ DQQLYHUVDU\ 7KH\ UHQHZHG WKHLU YRZV LQ IURQW RI IDPLO\ DQG IULHQGV 7KH\ DUH WKH SDUHQWV RI WZR VRQV 7UDYLV DQG 7\OHU DQG OLYH LQ 5HSXEOLF 2+

+DUULVRQ 0 $QGHUVRQ 7UDF\ 9RUKHHV $QGHUVRQ ¶ DQG KHU KXVEDQG -DPLVRQ ZHOFRPHG WKHLU ¿UVW VRQ +DUULVRQ 0 $QGHUVRQ ERUQ -XQH 7UDF\ ZRUNV LQ 6W 0DU\V 2+ 7KH $QGHUVRQ IDPLO\ OLYHV LQ :DSDNRQHWD 2+

7KH ·V /XFUHWLD 3HUU\ &RSSHV ¶ DQG KHU KXVEDQG &KULV DQQRXQFH WKH ELUWK RI WKHLU VRQ -RVHSK /DQGRQ RQ 'HFHPEHU -RVHSK KDV DQ ROGHU EURWKHU &RG\ /XF\ DQG KHU IDPLO\ UHVLGH LQ 2DNZRRG 2+ ,Q 0D\ 0HJDQ 6WDUN 'RWVRQ ¶ FRPSOHWHG KHU PDVWHU¶V GHJUHH LQ UHDGLQJ DQG ZULWLQJ 0HJDQ LV HPSOR\HG DV DQ HOHPHQWDU\ WHDFKHU DW 0DUVKDOO &RXQW\ (OHPHQWDU\ DQG UHVLGHV LQ %HQWRQ .<

RI FRXQVHOLQJ DW )UHHGRP %LEOH &ROOHJH 0LOOLH¶V H[WHQGHG FDUHHU KDV LQFOXGHG &KULVWLDQ FRXQVHOLQJ FKXUFK SDVWRULQJ DQG WHDFKLQJ 6KH KDV GHYHORSHG DQG WDXJKW VWUHVV DQG WUDXPD FRXQVHOLQJ FRXUVHV LQ FKXUFKHV DQG SULVRQV DQG LQ &KLQD 0LOOLH UHVLGHV LQ 3LFNHULQJWRQ 2+

7KH ·V

%ULDQ :RQGHUO\ ¶ DQG KLV ZLIH &KULVWLQH DQQRXQFH WKH ELUWK RI WKHLU VRQ RQ -DQXDU\ %ULDQ LV HPSOR\HG E\ 1RUWKHDVWHUQ /RFDO 6FKRROV DV D VFLHQFH WHDFKHU DQG UHVLGHV LQ +LFNVYLOOH 2+ ZLWK KLV IDPLO\

0DGLO\QQ 5RVH /DFXPVN\ -RVKXD /DFXPVN\ ¶ DQG KLV ZLIH -D\PH DQQRXQFH WKH ELUWK RI WKHLU GDXJKWHU 0DGLO\QQ 0DGGLH 5RVH RQ )HEUXDU\ -RVK LV HPSOR\HG DW 0DULW] 0DUNHWLQJ 5HVHDUFK 7KH IDPLO\ UHVLGHV LQ 0DXPHH 2+

.ULVWLQD 6Q\GHU )ULHGPDQ ¶ DQG KHU KXVEDQG 'DYLG DQQRXQFH WKH ELUWK RI WKHLU VRQ 0LOHV :LOOLDP RQ 0DUFK .ULVWLQD LV HPSOR\HG DV D WD[ FRPSOLDQFH VXSHUYLVRU IRU +LFNRU\ )DUPV 7KH )ULHGPDQV UHVLGH LQ 7ROHGR 2+


5LFKDUG 3HWHUV ¶ ZDV UHFHQWO\ KLUHG DV 'H¿DQFH -XQLRU +LJK SULQFLSDO 5LFKLH SUHYLRXVO\ VHUYHG DV WKH DVVLVWDQW SULQFLSDO DQG DVVLVWDQW DWKOHWLF GLUHFWRU +H DQG KLV ZLIH $VKOH\ 6PLWK ¶ UHVLGH LQ 'H¿DQFH (ULFD 5XGLQ %OXPH ¶ DQG KHU KXVEDQG %UHQW DQQRXQFH WKH ELUWK RI WKHLU FKLOG 1DWKDQ 'DYLG RQ 0D\ 1DWKDQ KDV WZR EURWKHUV 'XVWLQ DQG $GDP DQG D VLVWHU 5DFKHO 7KH %OXPHV OLYH LQ 5H\QROGV ,1

6Q\GHU 1HZORYH 6HWK 1HZORYH ¶ DQG KLV ZLIH $PEHU ZHUH LQ WKH SURFHVV RI DGRSWLQJ IURP +DLWL IRU DOPRVW WKUHH \HDUV ZKHQ WKH HDUWKTXDNH KLW 7KH\ ZHUH DOORZHG WR EULQJ WKHLU VRQ 6Q\GHU KRPH RQ KXPDQLWDULDQ SDUROH 6Q\GHU LV \HDUV ROG DQG KH MRLQHG WKHLU IDPLO\ RQ -DQXDU\ 7KH 1HZORYHV UHVLGH LQ $UOLQJWRQ 2+

-DFTXHOLQH %URHULQJ +RPDQ ¶ DQG KHU KXVEDQG $GDP DQQRXQFH WKH ELUWK RI WKHLU VRQ ,VDDF -DPHV 0DUFK ,VDDF KDV DQ ROGHU EURWKHU (YDQ 7KH +RPDQV UHVLGH LQ )LQGOD\ 2+ %UDQGRQ %DNHU ¶ DQG KLV ZLIH 7LIIDQ\ DQQRXQFH WKH ELUWK RI WKHLU GDXJKWHU %U\QQ $YHU\ RQ )HEUXDU\ %UDQGRQ LV HPSOR\HG DV D WHDFKHU DW $\HUVYLOOH /RFDO 6FKRROV 7KH %DNHUV UHVLGH LQ 'H¿DQFH

7KLV SDVW 0D\ 6DUDK +DUPDQ ¶ RI 'D\WRQ 2+ ZDV LQGXFWHG LQWR WKH 3RUW &OLQWRQ +LJK 6FKRRO $WKOHWLF +DOO RI )DPH 6DUDK FRQWLQXHV WR KROG PDQ\ VRIWEDOO UHFRUGV DW KHU KLJK VFKRRO DQG DW '& 6KH LV FXUUHQWO\ DVVLVWDQW VRIWEDOO FRDFK DW WKH 8QLYHUVLW\ RI 'D\WRQ -DVRQ /D%RXQW\ ¶ ZDV UHFHQWO\ SURPRWHG E\ )LUVW )HGHUDO %DQN WR YLFH SUHVLGHQW RI FRPPHUFLDO ORDQV LQ WKHLU 2WWDZD RI¿FH -DVRQ DQG KLV ZLIH 0HOLVVD /DXNKXI ¶ DQG WKHLU GDXJKWHU $GG\VRQ UHVLGH LQ 3DXOGLQJ 2+ -HQQLIHU *LUOLH 6WDUN ¶ DQG KHU KXVEDQG %ULDQ DQQRXQFH WKH ELUWK RI WKHLU VRQ *UDG\ .HLWK RQ 0DUFK *UDG\ KDV WZR ROGHU VLEOLQJV 6DPDQWKD DQG 6RSKLD 7KH 6WDUNV UHVLGH LQ 'H¿DQFH ZKHUH -HQQLIHU LV DVVLVWDQW GLUHFWRU RI DGPLVVLRQV DW 'H¿DQFH &ROOHJH

.HHS LQ 7RXFK :H·G OLNH WR NQRZ DERXW \RXU QHZ MRE UHFHQW PDUULDJH QHZ PHPEHU RI WKH IDPLO\ QHZ DGGUHVV RU RWKHU KDSSHQLQJV LQ \RXU OLIH )RU SKRWRV SOHDVH VHQG WKRVH RI 'HÀDQFH &ROOHJH SHRSOH RQO\ LGHQWLI\ HYHU\RQH DQG ODEHO WKH EDFN ZLWK \RXU QDPH DQG DGGUHVV ,I \RX DUH PRYLQJ SOHDVH VHQG WKLV IRUP LQ ZLWK \RXU QHZ DGGUHVV

6DUD -DFRE (OVWRQ ¶ DQG KHU KXVEDQG -DVRQ DQQRXQFH WKH ELUWK RI WKHLU GDXJKWHU (PPD RQ -DQXDU\ (PPD KDV D VLVWHU 5XE\ 6DUD LV HPSOR\HG DW WKH %U\DQ &LW\ 6FKRROV DV D VHFRQG JUDGH WHDFKHU 7KH (OVWRQV UHVLGH LQ 1H\ 2+ 1LFROH (UIRUG ¶ DQG 1LFKRODV %RFNUDWK ZHUH PDUULHG RQ )HEUXDU\ DW +RO\ )DPLO\ &DWKROLF &KXUFK LQ 2WWDZD 2+ 1LFROH LV HPSOR\HG DW )LIWK 7KLUG %DQN LQ )LQGOD\ 2+ 7KH %RFNUDWKV UHVLGH LQ 2WWDZD /LVD 0LOOHU )RUG ¶ DQG KHU KXVEDQG %UDGO\ DQQRXQFH WKH ELUWK RI WKHLU VRQ /D\QH $OH[DQGHU RQ $SULO /D\QH KDV DQ ROGHU EURWKHU 'UHZ 7KH )RUGV UHVLGH LQ 1H\ 2+ -RGL .RHQQ *ULI¿WK ¶ DQG KHU KXVEDQG -DNH DQQRXQFH WKH ELUWK RI WKHLU VRQ -DUUHWW 5XVWLQ RQ 0DUFK -DUUHWW KDV WZR VLEOLQJV -DFNVRQ DQG -D\OD 7KH *ULI¿WKV UHVLGH LQ &HFLO 2+ .DWKU\Q /LWOH ¶ ZDV UHFHQWO\ SURPRWHG WR $VVLVWDQW 'HDQ RI 6WXGHQW $IIDLUV DW &KULVWRSKHU 1HZSRUW 8QLYHUVLW\ 7KLV SRVLWLRQ LQFOXGHV DGPLQLVWUDWLYH GXWLHV ZLWK D VSHFLDO HPSKDVLV RQ VWXGHQW UHWHQWLRQ DQG VWXGHQW VXFFHVV .DWLH UHVLGHV LQ 1HZSRUW 1HZV 9$

1DPH BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 0DLGHQ 1DPH BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB &ODVV <HDU BBBBBBB $GGUHVV BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 3KRQH BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB ( PDLO BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 1HZV BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 0DLO WKLV IRUP WR

$OXPQL 2IÀFH 'HÀDQFH &ROOHJH 1 &OLQWRQ 6W 'HÀDQFH 2+ RU HPDLO \RXU QHZV WR DOXPQL#GHÀDQFH HGX

6HDQQ 3DWULFN 9DQ7DVVHO -XVWLQ ¶ DQG 6DUD %DLOOLH ¶ 9DQ7DVVHO DQQRXQFH WKH ELUWK RI WKHLU VRQ 6HDQQ 3DWULFN RQ 'HFHPEHU -XVWLQ LV HPSOR\HG DV D ¿QDQFLDO DGYLVRU DQG 6DUD DV D SK\VLFDO HGXFDWLRQ WHDFKHU DW /LQFROQ 3DUN $FDGHP\ 7KH 9DQ7DVVHOV UHVLGH LQ 3RUW 6W /XFLH )/

6800(5 ‹


$OXPQL &ODVV 1RWHV %UDQGRQ 1HZVRPH ¶ DQG -HVVLFD 3QHXPDQ ZHUH PDUULHG RQ $SULO LQ D FHUHPRQ\ KHOG RQ WKH EHDFK DW 6W 6LPRQV ,VODQG *$ %UDQGRQ LV FXUUHQWO\ ZRUNLQJ DV D FRPPHUFLDO DFFRXQW H[HFXWLYH IRU 'LVK 1HWZRUN DQG UHVLGHV LQ /DZUHQFHYLOOH *$ .ULVWD 0HOFKL &R[ ¶ DQG KHU KXVEDQG $ODQ DQQRXQFH WKH ELUWK RI WKHLU GDXJKWHU .DLOHH $OH[LV RQ 'HFHPEHU .ULVWD LV HPSOR\HG DV D GHSXW\ VKHULII E\ WKH &ODUN &RXQW\ 6KHULII¶V 2I¿FH .ULVWD DQG KHU KXVEDQG UHVLGH LQ 6SULQJ¿HOG 2+ 3DWULFN +HQU\ ¶ KDV EHHQ QDPHG D JUDGXDWH DVVLVWDQW IRRWEDOO FRDFK IRU WKH %DOO 6WDWH 8QLYHUVLW\ IRRWEDOO WHDP DQG ZLOO DVVLVW ZLWK WKH RIIHQVLYH OLQH 3ULRU WR KLV SRVLWLRQ DV %DOO 6WDWH 3DW ZDV HPSOR\HG E\ WKH 8QLYHUVLW\ RI 'D\WRQ )O\HUV DQG &ODULRQ 8QLYHUVLW\ DV D ZLGH UHFHLYHU FRDFK -HQQLIHU .XQHVK 'DYLV ¶ DQG KHU KXVEDQG -' DQQRXQFH WKH ELUWK RI WKHLU VRQ *DYLQ 'LHVHO RQ )HEUXDU\ *DYLQ KDV WZR VLEOLQJV -RUGD DQG (YDQ PRQWKV -HQQLIHU LV HPSOR\HG

ZLWK KLV NQRZOHGJH RI 'H¿DQFH DQG VXUURXQGLQJ DUHDV GXH WR KLV IRUPHU SRVLWLRQ DV DVVLVWDQW GLUHFWRU IRU 'H¿DQFH &RXQW\ (FRQRPLF 'HYHORSPHQW ,VDDF KLV ZLIH .ULVWHQ DQG WKHLU FKLOGUHQ UHVLGH LQ 'H¿DQFH

E\ 'H¿DQFH &LW\ 6FKRROV DV D GHYHORSPHQWDO NLQGHUJDUWHQ WHDFKHU 7KH 'DYLV IDPLO\ UHVLGHV LQ (YDQVSRUW 2+ -XOLD -DPHV :RMWDV ¶ ZDV PDUULHG WR 0DWWKHZ 0LFKDHO +HQU\ RQ 0D\ DW *UDFH /XWKHUDQ &KXUFK LQ 7ROHGR -XOLD LV HPSOR\HG DW )ORZHU +RVSLWDO LQ 6\OYDQLD -XOLD HDUQHG KHU PDVWHU¶V GHJUHH LQ VRFLDO ZRUN IURP WKH 8QLYHUVLW\ RI 7ROHGR LQ DQG LQ $SULO EHFDPH D OLFHQVHG LQGHSHQGHQW VRFLDO ZRUNHU 7KH FRXSOH UHVLGHV LQ 7ROHGR $VKOH\ 6FKDIHU 0DUWLQ ¶ DQG KHU KXVEDQG -RHO DQQRXQFH WKH ELUWK RI WKHLU VRQ &DOYLQ 0LFKDHO RQ -DQXDU\ &DOYLQ KDV DQ ROGHU EURWKHU &DOHE $VKOH\ LV HPSOR\HG DV D WHDFKHU DW 7LQRUD (OHPHQWDU\ 6FKRRO 7KH 0DUWLQV UHVLGH LQ 'H¿DQFH -DPL .RHQQ 6XOOLYDQ ¶ DQG KHU KXVEDQG 'DQ DQQRXQFH WKH ELUWK RI WKHLU GDXJKWHU 5HEHFFD 0DH RQ $SULO -DPL LV HPSOR\HG DV WKH GLUHFWRU RI WKH 'H¿DQFH 6\OYDQ /HDUQLQJ &HQWHU 7KH 6XOOLYDQV UHVLGH LQ &RQWLQHQWDO 2+

'HDWKV 3DWULFLD 6FKZDEH 'DXJKWHU RI 'UV .HYLQ DQG 5XWK 0F&DQQ 0D\ ± 7HKDFKDSL &$

-LPP\ 6ZHQVRQ DQG 6WHSKDQLH 5XSS ¶ 6WHSKDQLH 5XSS ¶ DQG -LPP\ 6ZHQVRQ ZHUH PDUULHG RQ -XQH DW /LYLQJ :DWHUV LQ 6WU\NHU 2+ 6WHSKDQLH ZRUNV ZLWK DGXOWV ZLWK GLVDELOLWLHV DW %XLOGLQJ %ORFNV /HDUQLQJ &HQWHU LQ &OHUPRQW )/ 6KH DQG KHU KXVEDQG UHVLGH LQ VXQQ\ &OHUPRQW ,VDDF /HH ¶ KDV DFFHSWHG WKH SRVLWLRQ RI SUHVLGHQW RI WKH 'H¿DQFH $UHD &KDPEHU RI &RPPHUFH 7KH &KDPEHU ERDUG IHOW WKDW ,VDDF ZDV D SHUIHFW PDWFK IRU WKLV SRVLWLRQ

&O\GH 6QRGJUDVV ¶ 0D\ ± 7ROHGR 2+ 5REHUW +HGULFN ¶ -DQXDU\ ± 'H¿DQFH 2+ 'RQDOG : 0DUFK ¶ 0DUFK ± &RQWLQHQWDO 2+ (GZDOG 'H:D\QH /XPP ¶ $XJXVW ± 0RXQW 9HUQRQ 2+ 9HUQRQ ) 3DQQLQJ ¶ 0D\ ± 'HVKOHU 2+ 'DQLHO :HLGHQKDPHU ¶ $SULO ± 6WUDVEXUJ &2 -HIIUH\ 6KHUPDQ ¶ $SULO ± &KLFDJR ,/

6WHLQGDP · WR JLYH VSHFLDO +RPHFRPLQJ VHUPRQ

5RPD )UH\ ¶ 0D\ ± 3DXOGLQJ 2+

+

-DPHV 6WLQHKHOIHU -U ¶ )HEUXDU\ ± %U\DQ 2+

DUROG 6WHLQGDP '& FODVV RI ZLOO EH SUHDFKLQJ DW 6W -RKQ V 8QLWHG &KXUFK RI &KULVW RQ FDPSXV RQ 6XQGD\ PRUQLQJ 2FW DV SDUW RI +RPHFRPLQJ :HHNHQG +DUROG LV DQ RUGDLQHG PLQLVWHU RI WKH 8QLWHG &KXUFK RI &KULVW +H KDV VHUYHG DV VHQLRU PLQLVWHU RI :HVWHUYLOOH &RPPXQLW\ 8QLWHG &KXUFK RI &KULVW LQ :HVWHUYLOOH 2KLR IRU PRUH WKDQ \HDUV DQG SUHYLRXVO\ VHUYHG 8&& FKXUFKHV LQ 8SSHU 6DQGXVN\ 0DGLVRQ DQG 1HZ 3KLODGHOSKLD 2KLR +DUROG V ZLIH -HQQ\ &DOGZHOO 6WHLQGDP '& FODVV RI LV DOVR DQ RUGDLQHG 8&& PLQLVWHU ZKR KDV EHFRPH D SDVWRUDO FRXQVHORU -HQQ\ ZRUNV ZLWK LQGLYLGXDOV FRXSOHV RU HQWLUH IDPLOLHV DQG KDV D VSHFLDO IRFXV RQ KHOSLQJ SHRSOH WR UHFRYHU IURP WUDXPDWLF HYHQWV LQ WKHLU SDVW $V SDUW RI WKLV ZRUN VKH XVHV (0'5 H\H PRYHPHQW GHVHQVLWL]DWLRQ DQG UHSURFHVVLQJ LQ ZKLFK VKH LV FHUWL¿HG +DUROG DQG -HQQ\ PHW DW 'H¿DQFH &ROOHJH DQG ZHUH PDUULHG LQ 7KH\ KDYH WZR VRQV DQG D GDXJKWHU 7KH\ ORRN IRUZDUG WR EHLQJ EDFN RQ FDPSXV IRU WKH HQWLUH +RPHFRPLQJ :HHNHQG RI 2FW DQG WR SDUWLFLSDWLQJ DQG RIIHULQJ OHDGHUVKLS LQ YDULRXV HYHQWV WKURXJKRXW WKDW WLPH +DUROG¶V VHUPRQ IRU 2FW LV WLWOHG 5HDVRQ WR %H )LUHG 8S 7KH 6FULSWXUH OHVVRQV IRU WKDW 6XQGD\ ZLOO EH -HUHPLDK DQG ,, 7LPRWK\

0LFKDHO % )HWWHU ¶ 0D\ ± %LJ 6DQG\ 7;

:DQGD 2KQHVRUJH /HPDVWHU ¶ 0DUFK ± :DFR 7; 0DUMRU\ 6FKPLGW ¶ 0D\ ± 6DLQW 0DU\V 2+


2&72%(5 &ROH 5HPHPEHUHG $ 7ULEXWH WR 1DW .LQJ &ROH &R VSRQVRUHG E\ '&&&

129(0%(5 6KDNHVSHDUH¶V ³$ 0LGVXPPHU 1LJKW¶V 'UHDP´ 1DWLRQDO 3OD\HUV

'(&(0%(5 -RKQ 5HLFKOH DQG )ULHQGV 5RFN 3RS )RON ([WUDYDJDQ]D

129(0%(5 7KH +DPDQQ 6LVWHUV 'XR 3LDQLVWV &R VSRQVRUHG E\ '&&&

$35,/ 0DUV RU WKH 0RRQ &RQWHPSRUDU\

7LPHV DQG ORFDWLRQV FDQ EH IRXQG DW ZZZ GHILDQFH HGX SDJHV VFKRPEXUJ KWPO

$7 '(),$1&( &2//(*(


1257+ &/,1721 675((7 '(),$1&( 2+

1RQ 3UR¿W 2UJ 8 6 3RVWDJH 3$,' 3HUPLW 1R 'H¿DQFH 2+

&+$1*( 6(59,&( 5(48(67('

WƌŝŶƚĞĚ ŽŶ ZĞĐLJĐůĞĚ WĂƉĞƌ

)LQ

O R O $ G

* ,1)250$7,21 5LJKW +HU 1 , 0 H LQ (&2 <RX 0 2 + U 0 H K DJ I W

2FWREHU

D] LQH


Issuu converts static files into: digital portfolios, online yearbooks, online catalogs, digital photo albums and more. Sign up and create your flipbook.