VWXGHQWV· 0(66$*(6
WR WKH QHZ FKDQFHOORU SDJH
/D 9R] :HHNO\ 1RYHPEHU
9ROXPH ,VVXH
&ODVVHV FDQFHOOHG VD\V ZKR" 0LOLWDU\ VFKRRO
3ODQV DUH EHLQJ GHYHORSHG IRU DQ )+'$ FDPSXV RQ WKH 0RIIHWW )LHOG EDVH
3DJH
&KDQFHOORU SURÀOHV 0HHW WKH FDQGLGDWHV
3DJH
7KDQNVJLYLQJ GLQQHU WLSV )DPLO\ UHFLSHV IURP WKH /D 9R] VWDII
+RPHJURZQ VRXQGV
3DJH
/D 9R] SUR¿OHV ORFDO PXVLFLDQV 7URXEDGRXU
3DJH
0RYH RYHU L3KRQH *RRJOH¶V QHZ VPDUW SKRQH PD\ EHFRPH WKH OHDGHU RI WKH * SDFN
3DJH
8VH WKH VXQ VKDGH \RXU FDU
3DWULFN *DUWQHU /$ 92= :((./<
'
H $Q]D VWXGHQWV DUULYHG RQ FDPSXV ODVW ZHHN WR VLJQV RQ FODVVURRP GRRUV VWDWLQJ ´&ODVVHV ZLOO EH FDQFHOHG GXH WR EXGJHW FXWV µ 7KHVH VLJQV ZHUH LQWHQGHG WR LQIRUP VWXGHQWV DERXW D JHQHUDO DVVHPEO\ KHOG RQ 1RY 7KH DVVHPEO\ ZDV LQ VXSSRUW RI FKDQJLQJ SROLF\ DQG FRXQWHUDFWLQJ WKH EXGJHW FXWV IDFLQJ FROOHJHV DFURVV WKH VWDWH $FDGHPLF 6HQDWH ([HFXWLYH 6HF UHWDU\ 3DXO 6HW]LRO VDLG WKDW WKH VLJQV PLVOHG VWXGHQWV E\ PDNLQJ LW DSSHDU WKDW WKHLU FODVVHV PD\ KDYH EHHQ FDQFHOHG IRU WKH HQWLUH TXDUWHU 7KH FROOHJH DGPLQLVWUDWLRQ TXLFNO\ UHVSRQGHG WR WKH IUDXGXOHQW VLJQV DQG WULHG WR FRQWDLQ WKH Á\HUV EHIRUH VWX GHQWV ZHUH SRWHQWLDOO\ PLVOHG ´:H GLG QRW NQRZ ZKR KDG SRVWHG WKHVH Á\HUV DW ÀUVW ZH WKRXJKW WKLV ZDV D EDG SUDQN E\ VRPH VWXGHQWV WU\LQJ WR JHW RXW RI WDNLQJ D WHVW µ VDLG -RDQ &UDQGDOO H[HFXWLYH DVVLVWDQW IRU WKH 2IÀFH RI 9LFH 3UHVLGHQW RI ,QVWUXFWLRQ ´:H ODWHU ZHUH LQIRUPHG WKDW WKLV ZDV SXW WRJHWKHU E\ WKH 'H $Q]D $VVRFLDWHG 6WXGHQW %RG\ 6HQDWH DQG 6WXGHQWV IRU -XVWLFH )DFXOW\ DOVR ZDQWHG WR NQRZ ZK\ WKHLU LQGLYLGXDO FODVVHV ZHUH EHLQJ FDQFHOOHG µ ´:H >6)- DQG '$6%@ ZHUH FROODER
UDWLQJ RQ D ZD\ WR LQIRUP VWXGHQWV DERXW WKH *HQHUDO $VVHPEO\ :H >'$6%@ KDG QRWKLQJ WR GR ZLWK WKH ÁLHUV µ VDLG 9LFH 3UHVLGHQW RI 6WXGHQW 5LJKWV DQG &DPSXV 5HODWLRQV 0R 6KLUD]L ´, ZDV GLVVDSRLQW HG WKDW , GLGQ·W NQRZ DERXW LW XQWLO LW ZHQW GRZQ µ 'XULQJ WKH *HQHUDO $VVHPEO\ 6)- WRRN UHVSRQVLELOLW\ IRU SRVWLQJ WKH ÁLHUV ´,W ZDV XV LW ZDV 6)- ZH GLG LW IRU D JRRG FDXVH EHFDXVH ZH DUH JRLQJ WR GR HYH\WKLQJ LQ RXU SRZHU WR VWRS WKH EXG JHW FXWV µ VDLG -RVH )UDQFLVFR 5RPHUR 6)- PHPEHU ,Q DQ H PDLO VHQW E\ 6)- DGYLVHU &\Q WKLD .DXIPDQ WR WKH 6)- OLVW VHUYH VKH VDLG WKDW WKH '$6% 6HQDWH ZDV QRW LQ YRYHG LQ WKH SRVWLQJ RI WKH ÁLHUV 6KH ZDV DOVR VXUSULVHG WKDW VWXGHQWV DFWX DOO\ EHOLHYHG WKDW WKHLU FODVVHV ZHUH FDQ FHOHG ´, VWLOO FDQQRW IDWKRP WKDW µ VDLG .DXIPDQ ´,I SHRSOH DUH FRQFHUQHG DERXW WKH EXGJHW WKH\ QHHG WR JHW RXW WR WKH EDO ORWV DQG YRWH LQVWHDG RI SXOOLQJ VWXQWV OLNH WKLV WKDW FDXVH PRUH ZRUN IRU SHR SOH ZKR DUH DOUHDG\ GRLQJ PRUH WKDQ LV UHTXLUHG RI WKHP µ VDLG %HUWD 3DFH %XVLQHVV &RPSXWHU 6\VWHP 'LYLVLRQ DGPLQLVWUDWLRQ DVVLVWDQW ´7KLV UHDOO\ KXUW WKHLU FDXVH µ 3DWULFN *DUWQHU LV WKH (GLWRU LQ &KLHI IRU /D 9R] :HHNO\ 7HUHOO 6WHUOLQJ FRPSLOHG LQIRUPDWLRQ IRU WKLV DUWLFOH &RQWDFW WKHP DW ODYR]#IKGD HGX
;gfljgn]jkaYd f]o j]k]Y[` []fl]j $QWKRQ\ 6DORV /$ 92= :((./<
7
KH )RRWKLOO 'H $Q]D &RPPXQLW\ &RO OHJH 'LVWULFW XQGHU D SDUWQHUVKLS ZLWK WKH 8QLYHUVLW\ RI &DOLIRUQLD 6DQWD &UX] LV LQ WKH SURFHVV RI QHJRWLDWLQJ DQG FRQVWUXFWLQJ D QHZ FDPSXV DW WKH 1$6$ 5HVHDUFK 3DUN DW 0RIIHWW )LHOG (VWLPDWHG FRVWV WR UHEXLOG WKH VXSHUIXQG VLWH DQG WR FUHDWH VWDWH RI WKH DUW IDFLOLWLHV LV H[SHFWHG WR EH PRUH WKDQ ELOOLRQ ´7KH 8QLYHUVLW\ RI &DOLIRUQLD 6DQWD &UX] DQG )RRWKLOO 'H $Q]D &RPPXQLW\ &ROOHJH 'LVWULFW KDYH IRUPHG D OLPLWHG OLDELOLW\ FRP SDQ\ FDOOHG 8QLYHUVLW\ $VVRFLDWHV 6LOLFRQ 9DOOH\ //& D QRQSURÀW HQWLW\ WKDW ZLOO HVWDE OLVK SROLF\ DQG RYHUVHH SODQV IRU WKH QHZ FRP PXQLW\ ,Q 'HFHPEHU 8QLYHUVLW\ $VVR FLDWHV VLJQHG D OHDVH DJUHHPHQW ZLWK 1$6$ IRU DFUHV RI ODQG DW 1$6$ 5HVHDUFK 3DUN µ
3DJH
)DOO VHDVRQ ZUDS XS 3DJH
;Yehmk =n]flk&&&&&&&&&&&&&&&&&&&&&&&&* F]ok&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&+ , ;gdmefk&&&&&&&&&&&&&&&&&&&&&&&&&&&>]Ylmj]k&&&&&&&&&&&&&&&&&&&&&&&&&&&/ 0 L][`fgdg_q&&&&&&&&&&&&&&&&&&&&&)( Ghafagfk&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&)) Khgjlk&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&)* /D 9R] :HHNO\ LV D )LUVW $PHQGPHQW QHZVSDSHU SURGXFHG E\ VWXGHQWV IRU WKH 'H $Q]D &ROOHJH FRPPXQLW\ /D 9R] :HHNO\ LV SULQWHG ZLWK VR\ EDVHG LQN
$ 5($/ $1' $ )$.( &$1&(//(' &/$66 127,),&$7,21 3267(' 7+( '$< %()25( 7+( *(1(5$/ $66(0%/< 7(5(// 67(5/,1* /$ 92= :((./<
:K\ 'H $Q]D VKRXOG LQVWDOO PRUH VRODU SDQHO FDUSRUWV
&URVV &RXQWU\ DQG :DWHU 3ROR
/LVWHQ WR WKH HQWLUH *HQHUDO $VVHPEO\ E\ YLVLWLQJ KWWS ODYR]GHDQ]D FRP
+$1*(5 21 7+( 02))(77 ),(/' %$6( 3+272 &2857(6< 2) 7,0 3($5&(
0RQGD\
VXQQ\
7XHVGD\
PRVWO\ VXQQ\
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·V ´DFDGHPLF SODQQLQJ LV UHDOO\ IRU D IDLUO\ VPDOO VWDNH KROG LW·V RQO\ IRU D VTXDUH IRRW EXLOGLQJ µ VDLG 'LVWULFW ,QWHULP &KDQFHOORU 0LNH %UDQG\ +H KRSHV WKDW WKLV SDUWQHUVKLS DQG IDFLOLW\ ZLOO EH D ´SLSHOLQHµ IRU VWXGHQWV WR KDYH DFFHVV WR DGYDQFH ODERUDWRULHV DQG RWKHU IHDWXUHV WKH FHQWHU ZLOO KDYH WR RIIHU 6HH
3DJH
:($7+(5 &+$57
:HGQHVGD\
VXQQ\
7KXUVGD\
PRVWO\ FORXG\
)ULGD\
VKRZHUV
3DJH
/DYR]GHDQ]D FRP
&DPSXV (YHQWV 1RY 1RY 7+$1.6*,9,1* 5(&(66
&DPSXV FORVHG 7KXUVGD\ 6XQGD\
6DWXUGD\ 1RY 026&2: %$//(7·6 *5($7 5866,$1 187&5$&.(5 S P )OLQW &HQWHU
*22' )22' )$,5 )$50(56 0$5.(7 '(021675$7,21
S P 6XQNHQ *DUGHQV &DOLIRUQLD +LVWRU\ &WU 7KH 'H $Q]D FRPPXQLW\ LV LQYLWHG WR VKDUH IRRG LGHDV UHVRXUFHV DQG SUDFWLFHV DURXQG JRRG IRRG DW WKLV HYHQW GH VLJQHG WR LQVSLUH FRPPXQLW\ GLDORJXH DURXQG KHDOWK\ ORFDO RUJDQLF DQG VXVWDLQDEO\ JURZQ IRRG FKRLFHV )RU LQIRUPD WLRQ FRQWDFW %DPEKDQLD'ROL#GHDQ]D HGX
),/0 6&5((1,1* ¶7+( *$5'(1·
S P +LQVRQ &DPSXV &HQWHU 5PV $ % 7KH $FDGHP\ $ZDUG QRPLQHH IRU %HVW 'RFXPHQWDU\ )HDWXUH ³7KH *DUGHQ´ ZLOO EH VKRZQ IROORZHG E\ D SRVW VFUHHQLQJ SDQHO GLVFXVVLRQ 7KH ¿OP LV DERXW D DFUH FRP PXQLW\ JDUGHQ LQ 6RXWK &HQWUDO / $ WKDW ZDV WKUHDWHQHG E\ GHYHORSHUV DQG KRZ WKH FRPPXQLW\ UHVSRQGHG 7KH SDQHO GLVFXVVLRQ ZLOO IRFXV RQ ZD\V WR LPSURYH RXU UHODWLRQVKLS WR IRRG DQG D KHDOWK\ HQYLURQPHQW 3DQHO PHPEHUV DUH .ULVWLQ -HQVHQ 6XOOLYDQ DQG &KULV /HSH IURP WKH 'H $Q]D (6 'H SDUWPHQW 0DUN $QWKRQ\ 0HGHLURV IURP 9HJJLHOXWLRQ 8UEDQ )DUPLQJ 3URMHFW DQG 0HJKDQ &ROH IURP )XOO &LUFOH )DUP )RU LQIRUPDWLRQ FRQWDFW %DPEKDQLD'ROL#GHDQ]D HGX
:HGQHVGD\ 'HF '$1&( '(02
S P 9LVXDO 3HUIRUPLQJ $UWV &HQWHU :DUUHQ /XFDV¶ GDQFH FODVV ZLOO SUHVHQW D IUHH SHUIRUPDQFH )RU LQIRUPDWLRQ FRQWDFW /XFDV:DUUHQ#GHDQ]D HGX
:+,7( 3$57< 32(75< 1,*+7 /29( 32/,7,&6
S P (XSKUDW 0XVHXP RI $UW 93$& &HOHEUDWH WKH VSLULW RI OLIH ZLWK 'H $Q]D DGPLQLVWUDWRUV IDFXOW\ VWDII DQG VWXGHQWV E\ VKDULQJ VWRULHV DQG WDOHQWV 9RLFH SRVLWLYH YLEUDWLRQV DV \RX ERRJLH RQ GRZQ LQWR WKH QHZ \HDU 7KLV HYHQW LQWHQGHG WR HQKDQFH ORYH DQG SROLWLFV ZLOO DOORZ SHRSOH WR FRPH WRJHWKHU WR DSSUHFLDWH RXU GLIIHUHQFHV DQG LJQLWH FRPPXQLW\ HQJDJHPHQW $OO ZKLWH GUHVV\ FDVXDO DWWLUH LV UHTXLUHG
7KXUVGD\ 'HF 7KH DQQXDO ZLQWHU VWXGHQW SLDQR UHFLWDO LV IUHH )RU LQIRU PDWLRQ FRQWDFW 3RNOHZVNL$QQD#GHDQ]D HGX
*25'21 *22':,1·6 %,* 3+$7 %$1'
6$1 )5$1&,6&2 6<03+21< <287+ 25&+(675$ ¶3(7(5 7+( :2/)·
S P 9LVXDO 3HUIRUPLQJ $UWV &HQWHU
*RUGRQ *RRGZLQ¶V %LJ 3KDW %DQG DQG SLHFH MD]] HQVHPEOH PDNHV LWV %D\ $UHD FRQFHUW GHEXW 2SHQLQJ WKH VKRZ ZLOO EH WKH 'H $Q]D (LJKW 2¶&ORFN ³'DGGLRV´ ELJ EDQG DQG 9RFDO )OLJKW $GPLVVLRQ LV DQG IRU JHQHUDO IRU VWXGHQWV ZLWK '$6% FDUG )RU LQIRUPD WLRQ FRQWDFW 7\OHU6WHYHQ#IKGD HGX
6DWXUGD\ 'HF '( $1=$ )/($ 0$5.(7
D P S P 3DUNLQJ /RWV $ % 7KH 'H $Q]D )OHD 0DUNHW LV KHOG RQ WKH ILUVW 6DW XUGD\ RI HYHU\ PRQWK 9HQGRUV LQFOXGH DQWLTXHV FORWKLQJ DUWV DQG FUDIWV ERRNV FROOHFWLEOHV MHZHOU\ KDQGEDJV VXQJODVVHV KRXVHKROG JRRGV JLIW LWHPV FRLQV WR\V DQG IXUQLWXUH )RU LQIRUPDWLRQ JR WR IOHD PDUNHW#GHDQ]D HGX
$6752120< /$6(5 6+2:6 $VWURQRP\ VKRZV DW S P /DVHU OLJKW VKRZV DW S P )XMLWVX 3ODQHWDULXP
7KH 'H $Q]D 3ODQHWDULXP 6DWXUGD\ 1LJKW 6WDU 6KRZV DQG /DVHU 6KRZV DUH RSHQ WR WKH SXEOLF 7KH ER[ RI¿FH RSHQV DW S P HDFK 6DWXUGD\ HYHQLQJ 7KH $VWURQRP\ VKRZ LV IRU DGXOWV DQG IRU FKLOGUHQ DQG XQGHU WKH ODVHU OLJKW VKRZ LV IRU DGXOWV DQG IRU FKLOGUHQ DQG XQGHU )HDWXUHG DUH =XOD 3DWURO S P 7KH 3ODQHWV S P $VWURQDXW S P +ROLGD\ 0DJLF S P DQG /HG =HSSHOLQ S P
086,&$/ *(06 2) 7+( 6($621
S P 9LVXDO 3HUIRUPLQJ $UWV &HQWHU 7KH 'H $Q]D &KRUDOH DQG 9LQWDJH 6LQJHUV ZLWK VSH FLDO JXHVWV 7KH 6DQWD &ODUD 0HQ¶V &KRUXV ZLOO SUHV HQW - 6 %DFK¶V &DQWDWD &KULVWPDV &DQWDWD 'DQLHO 3LQNKDP¶V 6LQIRQLD 6DFUD &KULVWPDV &DQWDWD DQG $OIUHG %XUW¶V &DUROV &RVW LV IRU JHQHUDO DQG IRU VWXGHQWV DQG VHQLRUV )RU LQIRUPDWLRQ FRQWDFW *ODVPDQ,ODQ#GHDQ]D HGX
6XQGD\ 'HF '( $1=$ &20%26 &21&(57
S P 9LVXDO 3HUIRUPLQJ $UWV &HQWHU 7KH 'H $Q]D &ROOHJH &RPERV )DOO &RQFHUW FRVWV )RU LQIRUPDWLRQ FRQWDFW 5XVVHOO-RKQ#IKGD HGX
'$'',26 92&$/ -$== &21&(57 S P 9LVXDO 3HUIRUPLQJ $UWV &HQWHU
)RU LQIRUPDWLRQ RQ WKH 'DGGLRV DQG 9RFDO -D]] LQ &RQ FHUW FRQWDFW 7\OHU6WHYHQ#IKGD HGX RU +DZNLQV0L FKHOOH#IKGD HGX &RVW 7%'
)ULGD\ 'HF /$67 '$< 72 ),/( )25 )$// '(*5(( 25 &(57,),&$7(
Mon. - Sat. 11 a.m. - 10 p.m. Sun. 11 a.m. - 9 p.m. Lunch & Dinner
408-873-1600 fax 408-873-1614
Ask for free student beverage
6HQG HYHQW QRWLFHV WR +DSSHQLQJV#/D9R]'H$Q]D FRP E\ QRRQ :HGQHVGD\ SUHFHGLQJ WKH SXEOLFDWLRQ ZHHN 3OHDVH W\SH ³+DSSHQLQJV´ LQ WKH VXEMHFW OLQH /D 9R] GRHV QRW JXDUDQWHH SXEOLFDWLRQ $OO HYHQWV WDNH SODFH RQ WKH 'H $Q]D &ROOHJH FDPSXV DQG DUH IUHH XQOHVV VWDWHG RWKHUZLVH
6DWXUGD\ 'HF
678'(17 3,$12 5(&,7$/
D P QRRQ 9LVXDO 3HUIRUPLQJ $UWV &HQWHU
+DSSHQLQJV#/D9R]'HDQ]D FRP
)ULGD\ 'HF
7LFNHWV DUH DYDLODEOH IRU WKLV DQQXDO HYHQW IURP 7LFNHW PDVWHU IURP
7XHVGD\ 'HF
1RYHPEHU
S P )OLQW &HQWHU
$GPLVVLRQ LV IRU DGXOWV IRU \RXWK XQGHU
$6752120< /$6(5 6+2:6 $VWURQRP\ VKRZV DW S P /DVHU OLJKW VKRZV DW S P )XMLWVX 3ODQHWDULXP
7KH 'H $Q]D 3ODQHWDULXP 6DWXUGD\ 1LJKW 6WDU 6KRZV DQG /DVHU 6KRZV DUH RSHQ WR WKH SXEOLF 7KH ER[ RI¿FH RSHQV DW S P HDFK 6DWXUGD\ HYHQLQJ 7KH $VWURQRP\ VKRZ LV IRU DGXOWV DQG IRU FKLOGUHQ DQG XQGHU WKH ODVHU OLJKW VKRZ LV IRU DGXOWV DQG IRU FKLOGUHQ DQG XQGHU )HDWXUHG DUH 7KH /,WWOH 6WDU S P 6HFUHW RI WKH &DUGERDUG 5RFNHW S P %ODFN +ROH 7KH 2WKHU 6LGH RI ,Q¿QLW\ S P +ROLGD\ 0DJLF S P DQG 3LQN )OR\G¶V 7KH :DOO S P
6DWXUGD\ 'HF 6$1 )5$1&,6&2 6<03+21< 086,& )25 )$0,/,(6 S P )OLQW &HQWHU
$GPLVVLRQ LV IRU DGXOWV KDOI SULFH IRU DJHV DQG XQGHU 5HFRPPHQGHG IRU DJHV DQG ROGHU 7LFNHWV DYDLODEOH IURP 7LFNHWPDVWHU
$6752120< /$6(5 6+2:6 $VWURQRP\ VKRZV DW S P /DVHU OLJKW VKRZV DW S P )XMLWVX 3ODQHWDULXP
7KH 'H $Q]D 3ODQHWDULXP 6DWXUGD\ 1LJKW 6WDU 6KRZV DQG /DVHU 6KRZV DUH RSHQ WR WKH SXEOLF 7KH ER[ RI¿FH RSHQV DW S P HDFK 6DWXUGD\ HYHQLQJ 7KH $VWURQRP\ VKRZ LV IRU DGXOWV DQG IRU FKLOGUHQ DQG XQGHU WKH ODVHU OLJKW VKRZ LV IRU DGXOWV DQG IRU FKLOGUHQ DQG XQGHU )HDWXUHG DUH 6HFUHW RI WKH &DUGERDUG 5RFNHW S P 7ZR 6PDOO 3LHFHV RI *ODVV S P +ROLGD\ 0DJLF S P +ROLGD\ 0DJLF S P DQG 3LQN )OR\G¶V 'DUN 6LGH RI WKH 0RRQ S P )RU LQIRU PDWLRQ JR WR KWWS ZZZ GHDQ]D HGX SODQHWDULXP
$QQRXQFHPHQWV %$//(7 6$1 -26( 678'(17 ',6&28176
'H $Q]D VWXGHQWV DUH LQYLWHG WR DWWHQG %DOOHW 6DQ -RVH DW D GLVFRXQWHG FRVW RI WLFNHWV DUH QRUPDOO\ XS WR 5HJLVWHU DW KWWS VWXGHQWVMEDOOHW RUJ $SSURYDO WDNHV RQH WR WZR GD\V DIWHU ZKLFK VWXGHQWV FDQ SXUFKDVH XS WR WZR WLFNHWV IRU HYHQLQJ SHUIRUPDQFHV IRU HDFK VKRZ 7KLV \HDU¶V VHDVRQ LQFOXGHV 3LUDWHV RI 3HQ]DQFH 7KH 1XWFUDFNHU 5RPHR DQG -XOLHW DQG WZR UHSHUWRU\ SURJUDPV
',$ '( /26 08(5726 $/7$56
&KHFN RXW WKH £/($' 'LD GH ORV 0XHUWRV DOWDUV FUHDWHG E\ 'H $Q]D VWXGHQWV LQ WKH :ULWLQJ DQG 5HDGLQJ &HQWHU $7& WKURXJK 1RY
(83+5$7 086(80 2) $57
,Q %HWZHHQ 7HQVLRQ $WWUDFWLRQ RI 'LIIHUHQFH 7KH LQDXJXUDO \HDU DUW H[KLELWV ZHDYH WRJHWKHU VWRULHV RI DUWLVWV DQG JURXSV ZLWK ORFDO DQG JOREDO FRQQHFWLRQV LQ DQ HIIRUW WR XQGHUVWDQG WKH 6LOLFRQ 9DOOH\ FRPPXQLW\ 7KH H[KLELW UXQV WKURXJK 1RY
/$1*8$*( $576 78725,1*
%RWK GURS LQ DQG DSSRLQWPHQW WXWRULQJ IRU DUHDV FRYHUHG XQGHU /DQJXDJH $UWV UHDGLQJ ZULWLQJ (6/ DQG VSHHFK DUH KHOG LQ WKH :ULWLQJ DQG 5HDGLQJ &HQWHU LQ WKH $GYDQFHG 7HFKQRORJ\ &HQWHU 7KH &HQWHU LV RSHQ 0RQGD\V WKURXJK 7KXUVGD\V IURP D P WR S P DQG )ULGD\V IURP D P WR S P
/$67 :((. 72 $'' &$26 &/$66(6
)DOO TXDUWHU &RPSXWHU $SSOLFDWLRQV DQG 2I¿FH 6\VWHPV FRXUVHV FDQ EH DGGHG WKURXJK 1RY
1(: '( $1=$ 6&+2/$56+,3 6($5&+ $33/,&$7,21 6,7(
$ QHZ RQOLQH VFKRODUVKLS VHDUFK DQG DSSOLFDWLRQ V\VWHP IRU 'H $Q]D VWXGHQWV DOORZV DSSOLFDQWV WR DFFHVV WKH V\VWHP 7R DFFHVV JR WR KWWSV VFKRODUVKLSV IKGD HGX DQG FOLFN RQ ³6HDUFK 6FKRODUVKLSV ´
81,9(56,7< 5(35(6(17$7,9( 9,6,76 &$/,)251,$ 6287+ %$< 81,9(56,7< 7XHVGD\ 'HF D P S P &DPSXV &HQWHU ,QIR 7DEOH 8& '$9,6 0RQGD\ 1RY D P S P 0RQGD\ 1RY D P S P 0RQGD\ 'HF D P S P 7UDQVIHU &HQWHU E\ DSSRLQWPHQW 8& 3$571(56+,3 7XHVGD\ 1RY D P S P &DPSXV &HQWHU ,QIR 7DEOH
:,17(5 6&+('8/( $9$,/$%/(
7KH 'H $Q]D ZLQWHU FODVV VFKHGXOH LV DYDLODEOH RQOLQH 5HJLVWUDWLRQ IRU FRQWLQXLQJ VWXGHQWV LV 1RY 'HF UHJLVWUDWLRQ IRU QHZ DQG IRUPHU VWXGHQWV EHJLQV 'HF :LQWHU TXDUWHU VWDUWV -DQ
'H $Q]D &ROOHJH QG +DUYHVW 1RQ 3HULVKDEOH )RRG 'ULYH WKURXJK 1RY 1HHGHG FDQQHG IRRGV SHDQXW EXWWHU ORZ VXJDU FHUHDO IUXLW MXLFHV 'RQDWLRQ ER[HV ‡ '$6% 6HQDWH 2I¿FH ‡ &DIHWHULD ‡ /,EUDU\ ‡ %RRNVWRUH ‡ 7XWRULDO &HQWHUV / 6
/DYR]GHDQ]D FRP
1RYHPEHU
3DJH
1HZV &XUUHQW (YHQWV 7KH VHDUFK EHJLQV 7KRU DQG .LQJ FRPH IRUZDUG DV OLNHO\ FDQGLGDWHV IRU QHZ )+'$ GLVWULFW FKDQFHOORU
'U %ULDQ .LQJ DQG 'U /LQGD 7KRU YLVLW 'H $Q]D &ROOHJH WR PHHW VWXGHQWV QHZ GLVWULFW FKDQFHOORU ZLOO OLNHO\ EH FKRVHQ ZLWKLQ WKH QH[W DFDGHPLF TXDUWHU 7HUHOO 6WHUOLQJ /$ 92= :((./<
'U %ULDQ .LQJ &DEULOOR &ROOHJH
+LV *RDOV ‡ )RFXV RQ ¿[LQJ WKH SURE OHPV WKH GLVWULFW DOUHDG\ IDFHV ‡ )RFXV RQ EXLOGLQJ SULYDWH VRXUFHV RI UHYHQXH DQG ¿QG PRUH IXQGLQJ ‡ )RFXV RQ KDYLQJ D JUHDWHU LQÀXHQFH RQ SROLF\ DW D VWDWH DQG QDWLRQDO OHYHO
³:H QHHG WR KDYH DQ XQ ZDYHULQJ FRPPLWPHQW WR H[FHOOHQFH LQQRYDWLRQ DQG RSSRUWXQLW\ IRU DOO ´ 'U %ULDQ .LQJ FDQGLGDWH IRU )+'$ GLVWULFW FKDQFHOORU
&KDQFHOORU FDQGLGDWHV 'U /LQGD 0 7KRU SUHVLGHQW RI 5LR 6DODGR &ROOHJH LQ 3KRHQL[ $UL] DQG 'U %ULDQ .LQJ SUHVLGHQW RI &DEULOOR &ROOHJH LQ $SWRV &DOLI YLVLWHG 'H $Q]D FROOHJH ODVW ZHHN DV FDQGLGDWHV IRU WKH QHZ )RRWKLOO 'H $Q]D &RPPXQLW\ &ROOHJH GLVWULFW FKDQFHOORU %RWK LQGLYLGXDOV ZHUH KDQG SLFNHG WKURXJK D FROODERUDWLYH VHDUFK HIIRUW RI D )RRWKLOO 'H $Q]D KLULQJ FRPPLWWHH WR ¿OO WKH FKDQFHOORU YDFDQF\ IRU WKH GLVWULFW 7KH )RRWKLOO 'H $Q]D %RDUG RI 7UXVWHHV ZLOO FKRRVH RQH WR OHDG WKH GLVWULFW DQG UHSODFH ,QWHULP &KDQFHOORU 0LNH %UDQG\ .LQJ UHFHLYHG KLV % $ LQ +LVWRU\ IURP WKH 8QLYHUVLW\ RI 0LVVRXUL DQG KLV -XULVW 'RFWRU¶V IURP 'XNH 8QLYHUVLW\ 6FKRRO RI /DZ .LQJ KDV D EDFNJURXQG LQ /DZ DQG KDV EHHQ SUHVLGHQW RI &DEULOOR &ROOHJH IRU ¿YH \HDUV
,Q KH OHIW 2]DUNV 7HFKQLFDO &RPPXQLW\ &ROOHJH LQ 6SULQJ¿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¿FHU DQG SUHVLGHQW RI :HVW /RV $QJHOHV &ROOHJH LQ ZKHUH VKH VHUYHG D IRXU \HDU WHUP EHIRUH JRLQJ WR 5LR 6DODGR &ROOHJH LQ WR WDNH KHU FXUUHQW SRVLWLRQ DV SUHVLGHQW 7KRU UHFHLYHG D % $ LQ MRXUQDOLVP
IURP 3HSSHUGLQH 8QLYHUVLW\ KHU 0DVWHUV LQ 3XEOLF $GPLQLVWUDWLRQ DW &DOLIRUQLD 6WDWH 8QLYHUVLW\ /RV $QJHOHV DQG KHU GRFWRUDWH LQ HGXFDWLRQ DQG FRPPXQLW\ FROOHJH DGPLQLVWUDWLRQ IURP 3HSSHUGLQH 7KRU VWUHVVHV WKH LPSRUWDQFH RI KDYLQJ FODVVHV DYDLODEOH WR ZRUNLQJ VWXGHQWV YLD WKH ,QWHUQHW DV ZHOO DV WKH LPSRUWDQFH RI D VWURQJ ERQG ZLWK WKH FRPPXQLW\ +DYLQJ D JUHHQ FDPSXV LV OLVWHG DV RQH RI KHU SULRULWLHV DV VKH FRPSDUHV 5LR 6DODGR¶V FDUERQ IRRWSULQW ³D EDE\ ERRWLH ´ WR WKDW RI RWKHU FRPPXQLW\ FROOHJHV ³D ZRUNHU¶V ERRW ´ 7KH FDQGLGDWHV QDPHV ZLOO QRZ JR IRUWK WR WKH %RDUG RI 7UXVWHHV ZKR KDYH WKH ¿QDO VD\ RQ WKH DSSRLQWPHQW RI WKH FKDQFHOORU 7KH WUXVWHHV ZLOO FKRRVH .LQJ RU 7KRU RU DVN WKH KLULQJ FRPPLWWHH WR UH RSHQ WKH VHDUFK -DVRQ )ULWV FRQWULEXWHG WR WKLV DU WLFOH +H LV D VWDII ZULWHU IRU /D 9R] :HHNO\ 7HUHOO 6WHUOLQJ LV WKH QHZV HGLWRU IRU /D 9R] :HHNO\ &RQWDFW ERWK DW ODYR]#IKGD HGX
0RIIHWW &DPSXV _ 8$ 69·V DPLEWLRQ LV WR GHYHORS D VHOI VXVWDLQLQJ FRPPXQLW\ &RQWLQXHG IURP 3DJH
7KH JRDO LV WR FUHDWH D SURWRW\SH IRU DQ HQYLURQPHQWDOO\ VXVWDLQDEOH FRPPXQLW\ DQG FRQWULEXWH WR WKH HFR QRPLF YLWDOLW\ RI WKH UHJLRQ ZKLOH SURYLGLQJ D XQLTXH FROODERUDWLYH HQ YLURQPHQW LQ ZKLFK WR GHOLYHU LQQR YDWLYH HGXFDWLRQ DQG UHVHDUFK ´ 3HRSOH OLYLQJ ZLWKLQ WKH FRPPXQLW\ ZLOO EH JLYHQ ZKDW %UDQG\ GHVFULEHG DV D ³OLYH ZRUN RSWLRQ ´ %UDQG\ VDLG WKDW FRPPXQLW\ PHP EHUV ZLOO KDYH WKH FKDQFH WR JR WR VFKRRO DQG ZRUN DW YDULRXV ORFDWLRQV ZKHWKHU LW EH IRU WKH VFKRRO LWVHOI 1$6$ $PHV RU *RRJOH DV WKH\ ZRXOG KDYH KRXVLQJ RSWLRQV ZLWKLQ WKH DUHD
+RZHYHU LQ D WLPH RI HFRQRPLF XQ FHUWDLQW\ WKH GLVWULFW¶V SDUWLFLSDWLRQ LV SHQGLQJ RQ PXOWLSOH IDFWRUV LQFOXGLQJ ZKHWKHU WKH 8$ 69 FDQ ¿QG D PDV WHU GHYHORSHU DQG FRQVWUXFW D FRQWUDFW WKDW ZRXOG VDWLVI\ ERWK WKH GHYHO RSHU DQG 8$ 69 &XUUHQWO\ WKH SURMHFW GHYHORS PHQW ¿UP 70* 3DUWQHUV KDV HQWHUHG LQWR D H[FOXVLYH QHJRWLDWLRQ DJUHH PHQW ZLWK WKH 8$ 69 WR RXWOLQH D SRVVLEOH FRQWUDFW EXW 70* 3DUWQHUV DUH QRW FRPPLWWHG WR DQ\ RI WKH GH YHORSPHQW EHFDXVH WKHUH KDV EHHQ QR VLJQLQJ RI DQ\ DJUHHPHQW ,I 70* 3DUWQHUV GHFLGHG WR GHYHORS WKH VLWH WKHQ WKH\ ZLOO EH LQYHVWLQJ PLOOLRQV RI GROODUV IRU LQLWLDO FRQ
%\ WKH QXPEHUV 1XPEHU RI GD\V OHIW XQWLO ZLQWHU UHJLVWUDWLRQ EHJLQV
1XPEHU RI GD\V D VWXGHQW KDV WR SD\ IHHV DIWHU UHJLVWHULQJ
8$ 69 WKH QH[W SURFHVV RI GHYHORS LQJ WKH VLWH ZLOO EHJLQ 2QO\ ZLWK FRPSOLDQFH ZLWK WKH 1D WLRQDO (QYLURQPHQWDO 3ROLF\ $FW DQG WKH &DOLIRUQLD (QYLURQPHQWDO 4XDOLW\ $FW FDQ GHYHORS PHQW EH JLQ 6 R P H hg ma^ ]^o^ehibg` mbf^ebg^ _hk Fh__^m <Zfinl% RI WKH Z\\hk]bg` mh Z ]blmkb\m pb]^ g^pl k^e^Zl^ FRPSOLFD WLRQV WKH 6RPH RI WKH JURXQGZRUN LQFOXGHV FRQFHUQ RI ³WULFKORURHWKHQH DQG RWKHU YRODWLOH RUJDQLF FRPSRXQGV LQ VHZDJH HOHFWULFDO DQG URDGV ,I 70* SDUWQHUV UHFRJQL]H WKH SURM JURXQGZDWHU DQG WKH SRWHQWLDO PLJUD HFW DV D SUR¿WDEOH YHQWXUH DQG QHJR WLRQ WR LQGRRU DLU YDSRU LQWUXVLRQ WLDWH DQ DGHTXDWH FRQWUDFW ZLWK WKH SDWKZD\ VWUXFWLRQ 6LQFH WKH SURSHUW\ LV IURP WKH V DOO JURXQGZRUN ZLOO QHHG WR EH FRPSOHWHG EHIRUH WKH DFWXDO EXLOGLQJ RI IDFLOLWLHV DQG KRXVLQJ
3ROLFH /RJ &DU $FFLGHQW 0DMRU ,QMXU\ /RFDWLRQ 2II &DPSXV :HGQHVGD\ 1RY DW S P
3HWW\ 7KHIW /RFDWLRQ 6WHOOLQJ *DUDJH 7XHVGD\ 1RY DW S P
+LW DQG 5XQ 3URSHUW\ 'DPDJH /RFDWLRQ /RW :HGQHVGD\ 1RY DW S P
6XVSLFLRXV 3HUVRQ
1XPEHU RI GD\V OHIW LQ WKH IDOO TXDUWHU
/RFDWLRQ .UDXVH &HQWHU 7KXUVGD\ 1RY DW S P
*UDQG 7KHIW /RFDWLRQ &RPPXQLW\ 6HUYLFHV %XLOGLQJ :HGQHVGD\ 1RY DW D P
1XPEHU RI GD\V OHIW XQWLO WKH ZLQWHU EUHDN UHFHVV EHJLQV
F]]\ EGJ= f]ok7 K]] DY Ngr O]]cdq ZjgY\[Ykl f]ok Yf\ j]Y\ O]Z ]p[dmkan]k Yl ooo&dYngr\]YfrY&]\m&
3HUFHQWDJH RI WKH FXUUHQW 8QLYHUVLW\ RI &DOLIRUQLD IHH KLNH
Dac] o`Yl qgm k]]7 L]dd mk Ojal] mk Yl dYngr8^`\Y&]\m& 9\\ mk gf >Y[]Zggc Yf\ Loall]j DYNgrF]okBmfcq
'U /LQGD 7KRU 5LR 6DODGR &ROOHJH
+HU *RDOV ‡ )RFXV RQ PRUH GLVWDQW OHDUQLQJ FODVVHV IRU ZRUN LQJ VWXGHQWV PRUH RQOLQH HGXFDWLRQ ‡ )RFXV RQ H[SDQGLQJ JUHHQ WHFKQRORJLHV ‡ )RFXV RQ D VWURQJ ERQG ZLWK WKH FRPPXQLW\
³, EHOLHYH WKDW FXOWXUH LV HYHU\WKLQJ &XOWXUH LV ZKDW GULYHV WKH RUJDQL ]DWLRQ DW 'H $Q]D DQG )RRWKLOO ´ 'U /LQGD 7KRU FDQGLGDWH IRU )+'$ GLVWULFW FKDQFHOORU
7KH VRLO KDV EHHQ FOHDQHG XS WR PHHW WKH VRLO FOHDQXS VWDQGDUGV ´ DF FRUGLQJ WR WKH (QYLURQPHQWDO 3URWHF WLRQ $JHQF\¶V :HE VLWH &XUUHQWO\ 1$6$ LV LQ WKH SURFHVV RI UHPRYLQJ JURXQG ZDWHU ¿OWHULQJ LW DQG SXWWLQJ LW EDFN LQWR WKH JURXQG ,I D PDVWHU GHYHORSHU WDNHV WKH SURM HFW DQG DOO WKH TXDOL¿FDWLRQV IURP 1(3$ DQG &(4$ DUH GRQH LQ D WLPHO\ PDWWHU ³:RUN RQ WKH VLWH FRXOG EHJLQ DV HDUO\ DV ZLWK LQLWLDO RFFX SDQF\ DV HDUO\ DV ´ DFFRUGLQJ WR D GLVWULFW QHZV UHOHDVH $QWKRQ\ 6DORV LV D VWDII UHSRUWHU
IRU /D 9R] :HHNO\ &RQWDFW KLP DW ODYR]#IKGD HGX
3DJH
/DYR]GHDQ]D FRP
1RYHPEHU
1HZV &XUUHQW (YHQWV
6WXGHQWV VHQG UHTXHVWV DQG DGYLFH WR WKH QHZ )+'$ GLVWULFW FKDQFHOORU )RU SURÀ OHV DQG FRYHUDJH RI WKH WZR FDQGLGDWHV IRU )+'$ GLVWULFW FKDQFHOORU VHH SDJH RI WKLV LVVXH
'$ 9RLFHV +RZ FDQ WKH QHZ )RRWKLOO 'H $Q]D GLVWULFW
FKDQFHOORU PDNH 'H $Q]D &ROOHJH EHWWHU IRU \RX"
³,QFUHDVH WKH DPRXQW RI FODVVHV DQG ZDWFK ZKR WKH\ KLUH ´
³([WHQG WKH OLEUDU\ KRXUV ´
³ , WKLQN QHZFRPHUV VKRXOG KDYH DQ DSSRLQWPHQW WR WDON WR D FRXQVHORU ´ -RKQ /XX
³, ZRXOG OLNH WR JHW PRUH FRXQVHORUV KLUHG VR WKH\ KHOS VWXGHQWV OLNH P\VHOI ´+RVVHLQ 6DOHKL
=HULQD +DG]LF 0DUNHWLQJ PDMRU
$QLPDWLRQ PDMRU
³0RUH UHVWULFWLRQV RQ VPRNLQJ ´
(ULF /DP %LRFKHPLVWU\ PDMRU
0DQ +R XQGHFODUHG PDMRU
³+H RU VKH VKRXOG ZRUN DW D KLJK OHYHO WR JDLQ VRPH FRQVHQVXV DPRQJ SROLWLFLDQV ´
/LVD &KULVWLDQVHQ &DOLIRUQLD +LVWRU\ &HQWHU HPSOR\HH
³, ZRXOG OLNH WR VHH EHWWHU &OXE 'D\ FRRUGLQDWLRQ ´
³%HWWHU J\P DQG EHWWHU IRRG ´
³+DYH DQ\ NLQG RI LPSURYHPHQW GRQH RQ WLPH ´ /HH 9DQ )RVVHQ 'H $Q]D &ROOHJH ELRORJ\ SURIHVVRU
³0D\EH D EHWWHU SDUNLQJ VWUXFWXUH DQG D EHWWHU VWXGHQW XQLRQ ´
3ULW 6LQJK 0HODQLH 4XLWRULDQR 1LNLWD 3DWHO 3V\FKRORJ\ PDMRU ELRFKHPLVWU\ PDMRU %LRORJLFDO VFLHQFH PDMRU 8QGHFLGHG PDMRU 3(7(5 0$;:(// %5,$1$ %5$0(5 -$621 )5,76 /$85$ :(186 -8$1 <$1(= 9$/(17,1$ &$55,//2 /$ 92= :((./<
'H $Q]D &ROOHJH &DIHWHULD Monday, Nov. 23
Tuesday, Nov. 24
Wednesday, Nov. 25
Thursday , Nov. 26
r 7FHFUBCMF 4PVQ r ##2 $IJDLFO X (SFFO 0OJPOT r $IJOFTF $IJDLFO r .FEJUFSSBOFBO 1BTUB
r 5PSUFMMJOJ 7FHFUBCMF r 7FHFUBSJBO $PNCP r 4QSJOH (SFFOT 4BMBE r 4PVUIXFTUFSO 'VTJMMJ
r 5PNBUP r $IJDLFO 1FTUP r 4[FDIXBO #FFG 4BMBE r $BMJGPSOJB 'FUUVDJOF
r #FFG 7FHFUBCMF r $BSBNFMJ[FE 0OJPO .FBUCBMM r 4PVUIXFTUFSO $IJDLFO r #SPDPMMJ #PX 5JF 1BTUB r 4BMNPO $IJQPUMF )PMMBOEBJTF
Monday, Nov. 30
Tuesday, Dec.1
Wednesday, Dec. 2
Thursday , Dec. 3
r *UBMJBO 8FEEJOH .FBUCBMM r 3PBTU $IJDLFO 3BODI 5PNBUP $IJMMJFT $IJQPUMF r $IJOFTF $IJDLFO r .FEJUFSSBOFBO 1BTUB
r $SFBN PG .VTISPPN r *UBMJBO .FBU -PWFST $PNCP r 4QSJOH (SFFOT 4BMBE r 4PVUIXFTUFSO 'VTJMMJ
r .FYJDBO 5PSUJMMB r )BXBJJBO )BN 1JOFBQQMF (SFFO 1FQQFST r 4[FDIXBO #FFG 4BMBE r $BMJGPSOJB 'FUUVDJOF
r $IJDLFO /PPEMF 4PVQ r .PSUBEFMMB *UBMJBO 4BVTBHF r 4PVUIXFTUFSO $IJDLFO r #SPDPMMJ #PX 5JF 1BTUB r (SJMMFE 5VOB X $IJMJ 4VO %SJFE 5PNBUP #VUUFS
Monday, Dec. 7
Tuesday, Dec. 8
Wednesday, Dec. 9
Thursday , Dec. 10
r .JOFTUSPOF r "TJBO $IJDLFO X 4DBMMJPOT 4FTBNF %SFTTJOH r $IJOFTF $IJDLFO r .FEJUFSSBOFBO 1BTUB
r #SPDDPMJ $IFEEBS r )BNCVSHFS $IFEEBS r 4QSJOH (SFFOT 4BMBE r 4PVUIXFTUFSO 'VTJMMJ
r #FFG 7FHFUBCMF r .BSHBSJUB r 4[FDIXBO #FFG 4BMBE r $BMJGPSOJB 'FUUVDJOF
r 5PSUFMMJOJ 7FHFUBCMF r 4VO %SJFE 5PNBUP $BSBNFMJ[FE 0OJPO 'FUB r 4PVUIXFTUFSO $IJDLFO r #SPDPMMJ #PX 5JF 1BTUB
HYfghla[gf Nmdf]jYZadalq
-DPHV &KHQ 7HFKQRORJ\ (GLWRU
'H $Q]D )DFHV ;dmZ g^ l`] O]]c ' $ 0 1 FOXE HQJDJHV FRPPXQLW\ FRQWURYHUV\ /XFLH $VKOH\ /$ 92= :((./<
7KH FRQFHSW RI D ´SDQRSWLFRQ VLQ JXODULW\ µ DV GHVFULEHG E\ %ULWLVK VFL HQFH ÀFWLRQ DXWKRU &KDUOHV 6WURVV LV RQH WKDW ZRXOG ÀOO PRVW $PHULFDQV ZLWK D GHHS VHQVH RI GUHDG ,W LV LQ HIIHFW D ZRUOG LQ ZKLFK KXPDQ EH KDYLRU LV IXOO\ DQG GHWHUPLQLVWLFDOO\ JRYHUQHG E\ IRUFHV EH\RQG KXPDQ FRQWURO ² LQ ZKLFK WKH PDUULDJH RI ODZ DQG WHFKQRORJ\ KDV VSDZQHG DQ DERPLQDWLRQ WKDW ZRXOG QRW RQO\ PDNH FHUWDLQ DFWLRQV LOOHJDO EXW RXW ULJKW LPSRVVLEOH 0XFK RI WKH FRQFHSW LV GHSHQGHQW RQ VXUYHLOODQFH WHFKQRORJ\ ² DQG E\ WKDW , GRQ·W RQO\ PHDQ FORVHG FLUFXLW WHOHYLVLRQ &&79 QHWZRUNV %ULW DLQ·V LQIDPRXVO\ RYHUJURZQ VWDWH RSHUDWHG QHWZRUN RI VHFXULW\ FDP HUDV KDYH GHPRQVWUDWHG WKH IDOODF\ LQ DVVXPLQJ WKDW D FRXSOH PLOOLRQ FDPHUDV DUH DGHTXDWH WR SUHYHQW WUDFN DQG VROYH FULPHV ² DFFRUGLQJ WR /RQGRQ·V 0HWURSROLWDQ 3ROLFH WR VROYH D VLQJOH FDU FULPH WDNHV DQ DY HUDJH RI FDPHUDV DW D FRVW RI SRXQGV (YHQ WKH LQIDPRXV O\ VXUYHLOODQFH KDSS\ SDUOLDPHQW KDV EHHQ IRUFHG WR DGPLW WKDW WKHUH DUH PRUH PRQHWDULO\ HIIHFWLYH ZD\V WR GHWHU GHWULPHQWDO EHKDYLRU 8QIRUWXQDWHO\ ZH·UH KHOSLQJ WKHP GHYHORS WKRVH ZD\V ²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·V EHHQ EXJJLQJ \RX DW VFKRRO RU ZRUN WR *RRJOH XS \RXU DGGUHVV 7ZHHWLQJ DERXW \RXU XSFRPLQJ TXDUWHU·V FODVV VFKHGXOH DOVR JLYHV HDVLO\ DFFHVVL EOH WUHPHQGRXVO\ LQ GHSWK LQIRUPD WLRQ DERXW \RXU PRYHPHQWV WKURXJK RXW \RXU XVXDO GD\ ² JUHDW IRU \RXU SDUHQWV RU ² DQG , VWUHVV ² DQ\ERG\ HOVH WR NHHS WUDFN RI $QG OHW·V QRW IRUJHW WKH PDQ\ WLPHV VRPHERG\ IRXQG WKHPVHOYHV ÀUHG IURP WKHLU MRE EHFDXVH RI ZKDW WKH\ SXEOLFO\ EORJJHG DERXW ,PDJLQH WKLV VFHQDULR HQKDQFHG E\ DQRWKHU WHQ \HDUV WHQ ELOOLRQ GROODUV ZRUWK RI VRIWZDUH DQG KDUGZDUH GH YHORSPHQW DQG D ODZ HQIRUFHPHQW DJHQF\ JLYHQ WKH PDQGDWH WR SUHYHQW FULPHV WKURXJK DQ\ PHDQV QHFHVVDU\ ² LQFOXGLQJ DFWLYH VXUYHLOODQFH RI GLJLWDO FKDQQHOV 7KLV LVQ·W VFLHQFH ÀFWLRQ ² WKLV LV ZKDW KDV EHHQ FRQVLGHUHG DQG HYHQ DGRSWHG E\ JRYHUQPHQWV WKURXJKRXW WKH ZRUOG ZKHUH &KLQD·V *UHDW )LUH ZDOO LV EXW RQH DQG D FUXGH RQH RI PDQ\ ZD\V DWWHPSWHG WR FRQWURO WKH PRUDO EHKDYLRU RI RWKHUZLVH XQSUH GLFWDEOH KXPDQ EHLQJV :H DUH QRW OLYLQJ LQ WKH EHVW RI DOO SRVVLEOH ZRUOGV ZKHUH D ODFN RI LQIRUPDWLRQDO SULYDF\ GRHVQ·W KDYH FRQVHTXHQFHV XQLQWHQGHG DQG XQZDQWHG (YHQ XV WHFKQRSKLOLVWV PXVW QHFHVVDULO\ DGRSW VRPH OHYHO RI WHFKQRSKRELD ² LI RQO\ EHFDXVH ZKDW WKH 6WDWH WKLQNV LV JRRG IRU XV LV QRW XQXVXDOO\ DW RGGV ZLWK RXU RZQ RSLQLRQ )RU WLSV LQ ZKLFK WR HQVXUH \RXU RZQ LQIRUPDWLRQDO SULYDF\ WKH (OHF WURQLF )URQWLHU )RXQGDWLRQ KDV D SXEOLF JXLGH DW KWWS ZZZ HII RUJ ZS HIIV WRS ZD\V SURWHFW \RXU RQOLQH SULYDF\ -DPHV &KHQ LV WKH 7HFKQRORJ\ (GLWRU IRU /D 9R] :HHNO\ &RQWDFW KLP DW ODYR]#IKGD HGX
3DJH
/DYR]GHDQ]D FRP
1RYHPEHU
' $ 0 1 LV D FOXE WKDW VXU SULVHV QRW MXVW ZLWK LWV QDPH EXW LQ WKH DPRXQW RI DFWLYLWLHV WKH\ SXW WRJHWKHU UDQJLQJ DOO WKH ZD\ IURP EXLOGLQJ ZLQG WXUELQHV IRU WKH URRIV RI 'H $Q]D &ROOHJH WR JRGOHVV &KULVWPDV FDUROLQJ RQ WKH PDLQ VWDJH 7KH QDPH ' $ 0 1 VWDQGV IRU 'RXEWHUV $JQRVWLFV 0\WKEXVWHUV DQG 1RQ WKHLVWV 7KH FOXE¶V JRDO LV WR SURYLGH D KRPH IRU QRQ WKH LVWV DW 'H $Q]D 7KH FOXE MXVW VWDUWHG WKLV TXDU WHU DQG KDV DOUHDG\ KRVWHG HYHQWV LQFOXGLQJ D ¿FWLRQ IRU ¿FWLRQ ERRN H[FKDQJH WZR PRYLH VFUHHQLQJV DQG D EODVSKHP\ ERDUG DW FOXE GD\ ZKHUH \RX FRXOG VLJQ XS IRU
WKH FOXE E\ VHOOLQJ \RXU VRXO IRU D FRRNLH ' $ 0 1 ¶V RQJRLQJ FRPPXQL W\ RXWUHDFK SURMHFWV LQFOXGH PDN LQJ EODQNHWV IRU 3URMHFW /LQXV D IXQG WKDW GRQDWHV EODQNHWV WR YLFWLPV RI QDWXUDO GLVDVWHUV DQG EXLOGLQJ ZLQG WXUELQHV ³7KH ZLQG WXUELQHV SURMHFW ZRXOG KDYH FOXE PHPEHUV EXLOG LQJ WKH PDFKLQHV RXW RI SDUWV DQ\ DYHUDJH SHUVRQ FRXOG JHW DKROG RI ´ VDLG FOXE SUHVLGHQW 'DYLG %U\DUV 7KH SURMHFW ZRXOG LQYROYH VWXGHQWV DQG VDYH WKH VFKRRO PRQ H\ RQ HQHUJ\ ³:H DUH D JURXS WKDW DOORZV QRQ WKHLVWV WR LPSURYH WKHLU FRP PXQLW\ ZLWKRXW KDYLQJ WR SURIHVV EHOLHIV LQ WKLQJV WR ZKLFK WKHUH LV QR HYLGHQFH ´ VDLG %U\DUV ,I \RX DUH LQWHUHVWHG LQ FKHFN
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
,OOXVWUDWLRQ E\ -DVRQ )ULWV /$ 92= :((./<
Hjg^]kkgj g^ l`] O]]c 3URIHVVRU .ULVWLQ -HQVHQ 6XOOLYDQ OHDGV FDPSXV HQYLURQPHQWDO HIIRUWV ZDQWHG WR VHH FRXUVHV LQ HQYLURQ PHQWDO VWXGLHV LQFOXGHG LQ YDUL RXV DUHDV RI JHQHUDO HGXFDWLRQ .ULVWLQ -HQVHQ 6XOOLYDQ KDV 1RZ WKH\ DUH FXUUHQWO\ LQFOXGHG EHHQ WHDFKLQJ FRXUVHV LQ HQYLURQ LQ VHYHQ GLIIHUHQW DUHDV RI JHQHUDO PHQWDO VWXGLHV DW 'H $Q]D &ROOHJH HGXFDWLRQ ,Q DGGLWLRQ IRXU GHJUHH DQG FHUWL¿FDWH SURJUDPV DUH DYDLO VLQFH ³, ORYH P\ MRE DW 'H $Q]D ´ 6XO DEOH LQ HQYLURQPHQWDO VWXGLHV ,Q 6XOOLYDQ KHOSHG FUHDWH OLYDQ VDLG ³7KLV LV P\ OLIH WU\LQJ WR VROYH HQYLURQPHQWDO LVVXHV RQ WKH : , 6 ( &OXE ZKLFK HP SKDVL]HG WKH LPSRUWDQFH EHWZHHQ WKH SODQHW ´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³, ORYH WHDFKLQJ LW¶V GH¿QLWHO\ KHOG WKH SRVLWLRQ RI FKDLU VLQFH P\ SDVVLRQ ´ 6XOOLYDQ KDV EHHQ ,Q WKH & ( $ * KHDG IHUYHQW LQ KHU HIIRUWV WR HGXFDWH HG WKH SDVVLQJ RI WKH 6XVWDLQDELOLW\ VWXGHQWV LQ WKH FRUUHODWLRQV EH 0DQDJHPHQW 3ODQ DIWHU PXOWLSOH WZHHQ WKH HQYLURQPHQW DQG VRFLDO ZDVWH YLRODWLRQV DW ERWK )RRWKLOO FOLPDWHV ³, UHDOL]HG WKH LPSRU DQG 'H $Q]D &ROOHJHV ZHUH UH WDQFH RI JHWWLQJ VWXGHQWV RXW LQWR SRUWHG $IWHU WKHVH LVVXHV GUHZ WKH DW WKH QDWXUDO HQYLURQPHQW ´ 7KH FXUULFXOXP 6XOOLYDQ WHDFK WHQWLRQ RI IDFXOW\ PHPEHUV WKH HV LV SURJUHVVLYH LQ WKDW LW DOORZV FRQVHQVXV ZDV WKDW D FKDQJH ZDV VWXGHQWV WR JDLQ H[SHULHQFH LQ GHVSHUDWHO\ QHHGHG ³2XW RI ULVN WKHLU ¿HOG RI VWXG\ ,Q -XOLH OLNH WKDW FRPHV RSSRUWXQLW\ ´ 6XO 3KLOOLSV VWDUWHG WKH (QYLURQPHQWDO OLYDQ VDLG 7KH :DVWH 0DQDJHPHQW 6WXGLHV 3URJUDP ZKLFK LQFOXGHG D 3ODQ ZDV LPSOHPHQWHG EULQJLQJ D UHPHG\ WR WKH ZDVWH YLRODWLRQV WKDW WRWDO RI ¿YH WR WHQ FODVVHV ,QLWLDOO\ 6XOOLYDQ DORQJ ZLWK KDG FDXJKW WKH DWWHQWLRQ RI LQVSHFWRUV 7KH HIIRUWV RI 6XOOLYDQ DQG RWKHU PHPEHUV RI WKH IDFXOW\
5HIXJLR *DUFLD /$ 92= :((./<
KHU FROOHDJXHV KDYH QRW RQO\ EURXJKW SRVLWLYH FKDQJHV LQ WKH PHWKRGV XVHG WR FUHDWH VXVWDLQ DELOLW\ RQ FDPSXV EXW KDYH DOVR GUDZQ SUDLVH IRU WKHLU HIIRUWV LQ XVLQJ QRQ WR[LF PDWHULDOV DQG RWKHU HQYLURQPHQWDOO\ IULHQG O\ FRPSRQHQWV LQ EXLOGLQJ WKH .LUVFK &HQWHU 7KH &HQWHU UHFHLYHG /HHGV &DSLWDO %XLOGLQJ 3ODWLQXP 5DWLQJ DZDUG DQG WKH ¿UVW SODFH DZDUG IURP 8 & %HUNHOH\ IRU EHLQJ ³WKH PRVW OLYDEOH EXLOGLQJ ´ $OWKRXJK 6XOOLYDQ KDV KHOSHG LQ FUHDWLQJ PDMRU FKDQJHV LQ HGXFDW LQJ SHRSOH LQ WKH LPSRUWDQFH RI EH LQJ HQYLURQPHQWDOO\ UHVSRQVLEOH VKH DFNQRZOHGJHV REVWDFOHV VWLOO H[LVW ³:H QHHG WR VWHS LW XS DQG GR PRUH ´ VD\V 6XOOLYDQ ³7KH ERW WRP OLQH LV WKDW PRUH UHVRXUFHV DUH DOZD\V DQ LVVXH ´ $GGLWLRQDO IXQGLQJ ZRXOG DOORZ PRUH VWXGHQWV WR OHDUQ LQ JHQHUDO DV ZHOO DV RIIHULQJ PRUH HQJDJLQJ SURJUDPV VXFK DV SDLG LQWHUQVKLSV ³:H FRXOG HGXFDWH D WKRXVDQG VWX GHQWV D GD\ LI ZH KDG WKH PRQH\ ´ VKH VDLG 'HVSLWH DQ\ IXQGLQJ SUREOHPV WKDW DUH WDNLQJ D WROO 6XOOLYDQ UH PDLQV RSWLPLVWLF 6KH TXRWHV *DQ GKL ³%H WKH FKDQJH \RX ZDQW WR VHH LQ WKH ZRUOG ´
5HIXJLR *DUFLD LV D VWDII UHSRUWHU IRU /D 9R] :HHNO\ &RQWDFW KLP DW ODYR]#IKGD HGX
9ZYf\gf `ah7
6WHSKHQ =LOO
&RQWULEXWLQJ &ROXPQLVW
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´PRQH\ µ DV IDU DV D PRGHUQ HFRQRP\ JRHV ² ZHOO \RX GRQ·W KDYH RQH ,W KDV EHHQ VXJJHVWHG WKDW PXFK FDQ EH LQIHUUHG DERXW WKH SULRULWLHV RI D VRFLHW\ E\ WKH QXPEHU RI V\Q RQ\PV WKH\ KDYH IRU FHUWDLQ WKLQJV /HJHQG KDV LW WKDW (VNLPRV KDYH PRUH ZRUGV IRU VQRZ WKDQ DQ\WKLQJ HOVH 0\ JXHVV LV WKDW DV IDU DV RXU VRFLHW\ DQ\ZD\ DIWHU ´VH[µ ZRXOG EH ´PRQH\ µ 7KHQ WKHUH·V WKH EL]DUUH DUELWUDUL QHVV RI LWV YDOXH , KDYH EHIRUH PH D XQLW RI FXUUHQF\ IURP WZR GLIIHUHQW FRXQWULHV 2QH VD\V WKH RWKHU ,Q WKLV VSHFLÀF LQVWDQFH RQO\ DQ LGLRW ZRXOG H[FKDQJH WKH ODWWHU D 8 6 GROODU IRU WKH IRUPHU D =LPEDEZHDQ RQH EHFDXVH WKH IRUPHU LVQ·W HYHQ ZRUWK WKH SDSHU LW LV SULQWHG RQ 7KH ZRUG PRQH\ FRPHV IURP WKH /DWLQ ´PRQHWD µ ,W ZDV DW WKH WHPSOH RI -XQR 0RQHWD WKDW WKH 5R PDQV PLQWHG WKHLU ÀUVW FRLQV 7KHUH DUH WKRVH ZKR KDYH LQWLPDWHG WKDW SHUKDSV LW LV WLPH WR FRQWHPSODWH D QDPH FKDQJH VRPHWKLQJ DORQJ WKH OLQHV RI VD\ WKH ´7LWDQLF µ EHFDXVH OLNH D ÀOP RI WKH VDPH QDPH WKH DPRXQW RI GROODUV LQ FLUFXODWLRQ DQG RU EHLQJ KHOG E\ FRPPHUFLDO DQG FHQWUDO EDQNV DURXQG WKH ZRUOG LV UDWKHU EORDWHG (YHQ WKRXJK WKH 8 6 GROODU KDVQ·W \HW KLW DQ ´LFHEHUJ µ LW LV DO UHDG\ VLQNLQJ KHQFH LW LV WLPH WR KHDG IRU WKH OLIHERDWV VXFK DV IRU HLJQ HTXLW\ PDUNHWV IRUHLJQ FXUUHQ FLHV JROG GRQ·W JHW PH VWDUWHG RQ WKDW RQH DQG LW·V DOO PHQ ZRPHQ DQG VXSHU PRGHOV IRU WKHPVHOYHV 7KHUH DUH D QXPEHU RI UHDVRQV IRU WKH GROODU·V UHFHQW WDLOVSLQ DQG QRW DOO RI WKHP DUH EDG 2QH RI WKH UHDVRQV LW LV ZHDNHQLQJ LV WKH RSSR VLWH UHDVRQ RI ZK\ LW VWUHQJWKHQHG ODWH VXPPHU HDUO\ IDOO RI ODVW \HDU DIWHU KLWWLQJ DQ DOO WLPH ORZ YHUVXV WKH HXUR $V WKH ZRUOG HFRQRP\ EHJDQ VSLQQLQJ RII LWV D[LV IUHDNHG RXW IRUHLJQHUV SRXUHG WKHLU H[FHVV FDVK LQWR WKH SODQHW·V VDIHVW ÀQDQFLDO DV VHW 8 6 7UHDVXU\ 6HFXULWLHV 7KH UHVXOW ZDV D SHUFHQW DSSUHFLDWLRQ RI WKH 8 6 GROODU YHUVXV WKH HXUR LQ WKH PDWWHU RI D IHZ PRQWKV $V WKLQJV EHJLQ WR VHWWOH VRPH IRONV DUH QRZ SXOOLQJ WKHLU PRQH\ RXW RI 8 6 WUHDVXU LHV LQ WKH TXHVW IRU ULVNLHU PRUH UHZDUGLQJ LQYHVWPHQWV 7R ERUURZ IURP 0DUN 7ZDLQ , EHOLHYH UHSRUWV RI WKH GHPLVH RI WKH GROODU DUH JUHDWO\ H[DJJHUDWHG 6WHYHQ =LOO LV D FRQWULEXWLQJ FROXPQLVW IRU /D 9R] :HHNO\ &RQWDFW KLP DW ODYR]#IKGD HGX
3DJH
/DYR]GHDQ]D FRP
1RYHPEHU
/D 9R] :HHNO\ 7KH 9RLFH RI 'H $Q]D &ROOHJH
ZZZ ODYR] GHDQ]D HGX Since the founding of our nation, the role of newspapers in our democracy has been crystal clear. We have been, and will continue to be, the eyes and ears of the American people. After all, the right of free speech is meaningless if no one knows what’s really going on. That’s why more than 100 million Americans depend on their hometown newspapers daily and why today’s newsrooms are staffed with dedicated, highly trained reporters and experienced editors who bring you the very best journalism found anywhere, in print and online.
ODYR]#IKGD HGX
/DYR]GHDQ]D FRP
1RYHPEHU
3DJH
2XU )DPLO\ 7KDQNVJLYLQJ UHFLSHV +HUH DW /D 9R] :HHNO\ ZH DUH D IDPLO\ RI GLIIHUHQW EDFNJURXQGV DQG ZLWK WKDW FRPHV DQ HQGOHVV DPRXQW RI KROLGD\ GLVKHV 2XU VWDII ZRXOG OLNH WR VKDUH WKHLU IDYRULWH IDPLO\ UHFLSHV
@kZg]fZ :efZ l I^ \Zg Ib^ [r CZlhg ? kbml% K^ihk m^k Mbf^3 .) f bgnm^l *(- \ni [ nmm^k *(+ \ni ln `Z * \ni ]Zkd k \hkg lrkn i *(- mZ[e^l ihhg lZem , ^``l * \ni i^\ Zg a 1&bg\a ib^ i Zeo^l Zg Zg] \kn lm h
_ \ahb\^
*' Lmbk [n mm^k mh lh_m ^g^] lmZm^ +' Pabi l ' h_m^g^] [ nmm^k Zg] Z `kZ]nZeer ]] ln`Zk ngmbe Ü n__r ,' :]] ] ' Zkd \hkg l rkni Zg] l -' ;^Zm f Zem' bqmnk^ Zg] Z]] hg^ ^ [^Zmbg` ma `` Zm Z mbf hkhn`aer Z ^% _m^k Z]]bg ^``' ` ^Z\a .' Lmbk bg i ^\Zgl' /' :]] f bqmnk^ mh 1 &bg\a ib^ i 0' <ho^k Zg Zg] \kn hnmlb]^ ^] lm' ` ^ h_ \knlm _hbe _hk Û kl pbma Zenfbg m , ) f nf bg n 1' ;Zd^ b g fh]^kZm^ m^l h_ [Zdbg` ho^g Zm , .) fbgnm^ .) ]^`k^^ l' l _hk 2' E^m ma^ ib^ \hhe [ ^_hk^ \nmmbg `'
5LFH
%LJ *UDQGPD·V ´'LUUW\µ 6HUYHV 3HRSOH 7LPH PLQXWHV
,QJUHGLHQWV ULFH %R[ =DWDUDLQV ´'LUUW\µ ô FXS JUHHQ SHDV RU JURXQG WXUNH\ SRXQG RI JURXQG EHHI ô TXDUW SRW PHGLXP VNLOOHW U DQG SODFH RQ WKH )LOO WKH SRW ZLWK ZDWH VWRYH RQ KLJK KHDW LQJ WDNH \RXU VNLOOHW :KLOH WKH ZDWHU LV ERLO KHDW Á DPH 2QFH DQG KHDW LW RQ D PHGLXP WKH JURXQG EHHI WKH VNLOOHW LV KRW DGG ô RI KH PHDW DQG FRRN JURXQG WXUNH\ EUHDN XS W LWK UHPDLQLQJ ô XQWLO ZHOO GRQH UHSHDW Z DW DQG SXW WR WKH RI PHDW GUDLQ RLO IURP PH VLGH KRXOG EH ERLOLQJ &KHFN \RXU ZDWHU LW V DWDUDLQV ´'LUUW\µ $GG WKH FRQWHQWV RI WKH = QG PL[ XQWLO WKH ULFH ER[ 7DNH D VSRRQ D VVROYHG PL[WXUH LV FRPSOHWHO\ GL H ULFH PL[WXUH $GG WKH PHDW LQWR WK D ORZ KHDW IRU DERXW 7XUQ WKH À UH GRZQ WR PLQXWHV WHV WR HQVXUH OHVV 6WLU HYHU\ VHYHQ PLQX VWLFNLQJ DUH XS DGG WKH ô %HIRUH WKH PLQXWHV FXS RI JUHHQ SHDV (GLWRU E\ 7HUHOO 6WHUOLQJ 1HZV
1&+ 1(5 )$0,/< 38 7 5 $ * ' ( . $ 1 6.,3 $1' *2 (GLWRU LQ &KLHI E\ 3DWULFN *DUWQHU 7LPH VHFRQGV HHU SDFN RI OLJKW E SLQW RI YRGND IUXLW SXQFK MXLFH FDQV RI FRQGHQVHG WW\
WR PDNH LW ORRN SUH
FKRSSHG IUXLWV $GG \RXU FKRLFH RI
)DLU ZDUQLQJ WKLV SXQFK LV SRWHQW DQG KDV WKH SRWHQWLDO WR NQRFN \RX GRZQ 'R QRW GULQN WRR PXFK 'R QRW GULQN LI \RX DUH XQGHU
%LJ *UDQGPD¶V 3XGGLQJ 6HUYHV 3HRSOH 7LPH PLQXWHV ER[ RI URXQG YDQLOOD ZDIHUV FRRNLHV FDQ RI &DUQDWLRQ FRQGHQVHG PLON ô FXS RI VXJDU ò KHDSLQJ WHDVSRRQV RI À RXU HJJV [ 3\UH[ GLVK ZRUNV EHVW ZLWK UHFWDQJXODU RQH
VPDOO VDXFHSDQ VPDOO ERZO 7DNH \RXU VPDOO VDXFH SDQ DQG ULQVH FRPSOHWHO\ LQ FROG ZDWHU $GG FDQ RI &DUQDWLRQ FRQGHQVHG PLON LQWR WKH VPDOO VDXFHSDQ DQG VORZO\ KHDW PLON RQ WKH ¿ UH $VN IRU D KDQG IURP D IULHQG
&RQVWDQWO\ VWLU WKH PLON RQ WKH ¿ UH 7KLV LV LPSRUWDQW WR PDNLQJ WKH SXGGLQJ
7DNH D VPDOO ERZO DQG PL[ WKH WKUHH HJJV DQG WKH ô FXS RI VXJDU DQG EOHQG XQWLO LW LV VPRRWK 6ORZO\ DGG WKH À RXU LQWR WKH PL[WXUH 2QFH WKH PLON PL[WXUH EHJLQV WR ERLO DGG WKH HJJ VXJDU PL[WXUH LQWR WKH VDXFHSDQ 6WLU FRQVWDQWO\ DQG WXUQ WKH KHDW XS WR PHGLXP KHDW GR QRW VWRS VWLUULQJ RU \RX PD\ EXUQ WKH PL[WXUH 7DNH WKH VDXFHSDQ RII WKH ¿ UH DQG OHW LW ³UHVW ´ ,Q WKH 3\UH[ GLVK OLQH WKH SDQ ZLWK WKH YDQLOOD ZDIHUV FRRNLHV $IWHU WKH PL[WXUH FRROV IRU DERXW VL[ WR VHYHQ PLQ XWHV SRXU WKH PL[WXUH GLUHFWO\ LQWR WKH 3\UH[ GLVK 3ODFH WKH GLVK LQVLGH RI WKH UHIULJHUDWRU XQWLO \RX DUH UHDG\ WR VHUYH E\ 7HUHOO 6WHUOLQJ 1HZV (GLWRU
3DJH
/DYR]GHDQ]D FRP
$UWV (QWHUWDLQPHQW
1RYHPEHU
'Q P KBT Homegrown Sounds: Troubadour QL JB
3DUDPRXQW ,PSRUWV
DY Ngr O]]cdq j]hgjl]j BmYf QYf]r l]ddk qgm o`]j] lg Úf\ l`] Z]kl \]Ydk gf [dYkka[ :gZ <qdYf hgkl]jk&
-XDQ <DQH] /$ 92= :((./<
,QVLGH 3DUDPRXQW ,PSRUWV RQH EHFRPHV K\SQRWL]HG E\ WKH IUDJUDQFH DQG WUDQTXLO DWPRVSKHUH 2QH FDQ ORRN DW WKH LFRQLF FXOWXUDO LWHPV SODFHG LQ HYHU\ GLUHFWLRQ DQG VSLULWXDO WULQNHWV VXFK DV %XGGKDV WDURW FDUGV LQFHQVH RI DOO W\SHV DQG KHDOLQJ FU\VWDOV 0XVLFDO 5HSUHVHQWDWLRQV RI LQIDPRXV ¿JXUHV RI PXVLF WKURXJKRXW KLVWRU\ VXFK DV %RE '\ODQ %RE 0DUOH\ 7KH 5ROOLQJ 6WRQHV 7KH %HDWOHV 0LV¿WV 6OD\HU DQG PDQ\ PRUH DUH DYDLODEOH IRU VDOH
³&XVWRPHUV DOZD\V VD\ WR PH µ\RX¶UH SHUIHFW IRU WKLV MRE ¶ 7KH\ HQMR\ RXU DWPRVSKHUH WKH HQYLURQPHQW LV JUHDW , ORYH EHLQJ KHUH ´
7LP 'DQG\ 3DUDPRXQW ,PSRUWV HPSOR\HH
/HW¶V QRW IRUJHW WKH DUWLVWLF JDOOHU\ RI JODVV LQ WKH VPRNH VKRS DUHD UHSUHVHQWLQJ PDQ\ VW\OHV RI JODVV EORZHUV IURP ORFDOV RI WKH ED\ DUHD DQG WUDYHOLQJ DUWLVWV 7KH VWDII LV DPD]LQJ DQG KDV JUHDW FDPDUDGHULH 7KH\ LQFOXGH *UHJ 3DWFKHN \HDU ROG VWRUH YHWHUDQ DQG PDQDJHU 7LP 'DQG\ DQ H[XEHUDQW LQGLYLGXDO LQ VDOHV UHVLGHQW URFN VWDUV (ULFD 6DQFKH] DQG %ULHDQQ 'HRUQHOODV D ¿YH \HDU FXVWRPHU VHUYLFH UHSUHVHQWDWLYH DQG WKH XELTXLWRXV RZQHU RI WKH VWRUH ZKR FKRRVH WR UHPDLQ DQRQ\PRXV EXW JDYH KHU EDFN VWRU\ 6KH KDV EHHQ DW 3DUDPRXQW VLQFH VKH ZDV \HDUV ROG DQG SXUFKDVHG WKH VWRUH WZR \HDUV ODWHU QRZ FHOHEUDWLQJ \HDUV DW 3DUDPRXQW ,PSRUWV 7KHUH KDV RQO\ EHHQ RQH SUHYLRXV RZQHU EHIRUH KHU ,I \RX ¿QG 3DWFKHN GXULQJ D WUDQVDFWLRQ DW 3DUDPRXQW KH¶V ERXQG WR DVN \RX ³:RXOG \RX OLNH D OLJKWHU ZLWK WKDW"´ 3DUDPRXQW ,PSRUWV UH¿OODEOH OLJKWHUV DUH IUHH ZLWK D SXUFKDVH RI DQ LWHP $IWHU \HDUV RI KLV ORYH DIIDLU ZLWK 3DUDPRXQW KH VKDUHG D VWRU\ H[HPSOLI\LQJ FXVWRPHU GHGLFDWLRQ ,Q KH KDG D IHPDOH FXVWRPHU ZKR YLVLWHG WKH VWRUH LQ DQG ERXJKW D %RE '\ODQ SRVWHU DQG EURXJKW LW EDFN DIWHU DOO WKRVH \HDUV IRU 3DWFKHN VLQFH KH LV DQ DYLG SRVWHU FROOHFWRU 'DQG\ HPSKDVL]HG KLV ORYH RI WKH VWRUH E\ VD\LQJ ³&XVWRPHUV DOZD\V VD\ WR PH µ\RX¶UH SHUIHFW IRU WKLV MRE ¶ 7KH\ HQMR\ RXU DWPRVSKHUH WKH HQYLURQPHQW LV JUHDW , ORYH EHLQJ KHUH ´ 6R HQMR\ VXSSRUWLQJ D ORFDO VKRS ZLWK D ORW RI KHDUW DQG KLVWRU\ LQ D QHDUE\ FLW\ 2SHQHG LQ 3DUDPRXQW ,PSRUWV LV ORFDWHG RQ 0HULGLDQ $YH LQ 6DQ -RVH -XDQ <DQH] LV D UHSRUWHU IRU IRU /D 9R] :HHNO\ &RQWDFW KLP DW ODYR]#IKGD HGX 0DNH VXUH WR EULQJ \RXU EHVW '\ODQ SRVWHUV
-21 5(1)52 /$ 92= :((./<
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¶YH EHHQ LQFRUSRUDW VHQFH WKH EDQG ORRNV IRUZDUG WR JHW LQJ PRUH IRON WLQJ GRZQ WR EXVLQHVV :H KDYH D YLROLQLVW QRZ DQG PRUH DQG PRUH DFRXVWLF LQ VWUXPHQWV WKLQJV OLNH WKDW 6WRU\ WHOOLQJ LV ELJ IRU PH /9 :KDW LV WKH EDQG FXUUHQWO\ XS WR PXVLF ZLVH" 7 -HUHPLDK :H ZHUH ZRUNLQJ RQ WKH VWXGLR EXLOGLQJ LW LQ D JDUDJH DQG ZH MXVW SUHWW\ PXFK ¿QLVKHG 1RZ DOO ZH KDYH WR GR LV SDLQW 5REELH 6R ZH¶YH VRUW RI WDNHQ QRW D KLD WXV IURP GRLQJ VWXII EXW ZH¶YH SXW DOO RI RXU HQHUJ\ LQWR EXLOGLQJ D VWXGLR VR WKDW ZH FDQ UHFRUG D VHFRQG DOEXP :H UHOHDVHG RXU ¿UVW D \HDU DQG D KDOI DJR DQG QRZ ZH KDYH HQRXJK PDWHULDO WR UHFRUG D VHFRQG DOEXP %XW ZH GRQ¶W ZDQW WR SD\ RXW WKH ZD]RR WR UHFRUG WKDW /9 :KDW DVSHFWV RI PXVLF H[FLWH \RX JX\V -21 5(1)52 /$ 92= :((./< WKH PRVW ULJKW QRZ" 5REE\ (UQVW OHDG YRFDOV DQG JXLWDU 7 -DUHG 7KH OLYH PX IRU WKH EDQG 7URXEDGRXU VD\V VWRU\ VLF QRZ WKDW ZH KDYH D WHOOLQJ LQ PXVLF LV LPSRUWDQW WR KLP EDVV SOD\HU DJDLQ ZH FDQ
5HIXJLR *DUFLD
SOD\ OLYH VKRZV DJDLQ ,¶P JHWWLQJ \RX ¿QG \RXUVHOYHV PRUH RU OHVV LQ UHDOO\ H[FLWHG DERXW WKDW LW¶V D ORW RI WHUHVWHG LQ PXVLF WKDW RWKHU SHRSOH DUH IXQ FUHDWLQJ" 7 5REELH ,¶P UHDOO\ H[FLWHG DERXW 7 $QGUHZ 'H¿QLWHO\ PRUH <RX¶UH WKH UHFRUGLQJ DVSHFW 7KH ODVW DOEXP ZH GLG
:][Ymk] l`]j] k fg k]l _]fj] l`Yl KYf ZH UHFRUGHG LQ D ZHHNHQG :H JRW Bgk] ak$ l`Yl `Yk Yddgo]\ mk$ gj ^gj[]\ mk$ WZR GD\V LQ D VWX lg dggc ^mjl`]j ^gj gmj emka[& GLR DQG WKDW¶V DOO ZH FRXOG GR 7KLV Kh[[r >kglm% WLPH ,¶P KRSLQJ Mkhn[Z]hnk% `nbmZk Zg] oh\Zel WKDW ZH FDQ SXW D ORW PRUH HQHUJ\ LQWR LW DQG XVH WKH UHFRUGLQJ SURFHVV OLNH ZKDW LV LW DERXW WKDW EDQG WKDW ,¶P DV SDUW RI WKH VRQJ ZULWLQJ H[FLWHG DERXW DQG KRZ FDQ , EULQJ WKDW /9 $UH WKHUH DQ\ DVSHFWV RI PXVLF LQWR KRZ , ZULWH PXVLF" WKDW GLVFRXUDJHV \RX JX\V" 7 -DUHG ,W¶OO EH D GLIIHUHQW DUWLVW 7 5REELH 7KH VWXGLR KDV EHHQ WKDW¶V VWXFN LQ P\ KHDG WKDW¶V VRUW RI D ELJ KHDGDFKH ,W¶V JRLQJ WR PDNH GULYLQJ ZKDW ,¶P GRLQJ WKDW GD\ SUDFWLFLQJ D ORW HDVLHU ZH¶OO EH DEOH /9 :KLFK RQH RI \RXU VRQJV EHVW WR SUDFWLFH RQ RXU RZQ VFKHGXOH LQ VXPV XS WKH EDQG ULJKW QRZ" VWHDG RI KDYLQJ WR ZRUN DURXQG RWKHU 7 5REELH 3UREDEO\ RQH RI WKH QHZ SHRSOH¶V VFKHGXOHV %XW KDYLQJ WR SXW RQHV IRU VXUH ³7KH DUFKLWHFW´ IURP RXU >WKH EDQG@ EDFN WRJHWKHU DQG QRW KDY ¿UVW DOEXP ³,W *URZV DQG *URZV ´ LW LQJ D EDVVLVW ZDV IUXVWUDWLQJ VKRZV WKH PRVW DVSHFWV RI WKH EDQG /9 'RHV OLYLQJ LQ 6DQ -RVH DIIHFW WKH /9 :KDW LV WKH PRVW LPSRUWDQW WKLQJ ZD\ \RX FUHDWH PXVLF RU \RXU WDVWH WKDW \RX¶YH OHDUQHG ZKLOH ZRUNLQJ WR LQ PXVLF" JHWKHU DV D EDQG" 7 5REELH 8QIRUWXQDWHO\ WKHUH 7 -HUHPLDK , WKLQN WKH WHDPZRUN LV D VFHQH EXW LW¶V QRW WKH PRVW DF EHFDXVH D ORW RI WKH WLPHV RQH RI XV FHVVLEOH VFHQH 7KHUH¶V VPDOO WKLQJV ZLOO KDYH DQ LGHD DQG ZH PLJKW QRW JRLQJ RQ EXW IRU WKH DQG XQGHU OLNH LW DW ¿UVW 7KLV KDV KDSSHQHG D IHZ FURZG WKHUH¶V QR IRFDO SRLQW )RU D WLPHV ZKHUH ZH ZHUH OLNH µZH¶UH QRW ZKLOH WKDW PDGH XV UHDOO\ ZDQW WR UHDOO\ IHHOLQJ WKDW ¶ 7KHQ ZH ZRUN RQ JHW RXW RI 6DQ -RVH :H¶YH VHHQ WKH LW DQG DIWHU D ZKLOH LW VRXQGV SUHWW\ VPDOO SRFNHWV DQG DW OHDVW KHOS EH D FRRO SDUW RI WKH 6DQ -RVH VFHQH %HFDXVH 'HUULFN 7KHUH¶V EHHQ WLPHV WKDW WKHUH¶V QR VHW JHQUH WKDW 6DQ -RVH LV RQH RI XV KDV PDGH D VXJJHVWLRQ WKDW WKDW KDV DOORZHG XV RU IRUFHG XV WR WKH UHVW RI XV ZLOO EH DJDLQVW LQLWLDOO\ ORRN IXUWKHU IRU RXU PXVLF ,W¶V SUHWW\ EXW LW HQGV XS ZRUNLQJ LWV ZD\ LQWR WKH GLYHUVH IRU DOO RI XV ZH KDYH D ELJ GL ¿QDO GUDIW RI D VRQJ YHUVLW\ RI EDQGV WKDW ZH OLVWHQ WR 2QH KWWS ZZZ P\VSDFH FRP WURXEDGRXUVRXQG FRP PLQXWH ZH¶UH OLVWHQLQJ WR %MRUN DQG WKHQ WKH QH[W PLQXWH ZH¶UH OLVWHQLQJ 5HIXJLR *DUFLD LV D UHSRUWHU IRU WR $QWL )ODJ IRU /D 9R] :HHNO\ &RQWDFW KLP DW /9 $V \RX JX\V FUHDWH PXVLF GR ODYR]#IKGD HGX
1RYHPEHU
3DJH
/DYR]GHDQ]D FRP
DY Ngr O]]cdq oYflk QGM
Klm\]flk fgl afl]j]kl]\ af ]\algjaYd hgkalagfk Yj] kljgf_dq ]f[gmjY_]\ lg bgaf l`] f]okhYh]j klY^^$ Bgmj .)&
9LGHR /D 9R]
K]f\ d]ll]jk g^ afl]fl gj afimaja]k lg dYngr8^`\Y&]\m gj nakal mk af jgge D%,)& &/$66,),('6
7XWRU 0DWK 3K\VLFV &KHP 2QH RQ RQH VHV VLRQV 5HDVRQDEOH UDWHV /RFDO WR 'H$Q]D )RRWKLOO DQG &DxDGD FDPSXVHV
ZZZ ODYR] GHDQ]D FRP
$WWHQWLRQ )DFXOW\ 3OHDVH WXUQ LQ \RXU ERRN UHTXLVLWLRQV IRU ZLQWHU TXDUWHU WR WKH %RRNVWRUH 3OHDVH FRQWDFW 5H]D .D]HPSRXU DW RU ND]HPSRXUUH]D# GHDQ]D HGX LI \RX KDYH DQ\ TXHVWLRQV
DON’T put your education
on hold
" - )''% ') you! T) &* ) +' & '%plete your ONLINE B "elor’s degree in A ounting g or Business Administra ation.
WHY AIB? 0 Freeze your tuition by attending full-time 0 Associate & Bachelor’s degrees available 0 Scholarships and financial aid for new & transfer students 0 / - &#&! & ONLINE degree programs
7(;7
0 ,) ) (,+ +#'& well-respected business college for nearly 90 years!
“AIB College of Business� 1 follow @AIBCollege
0 New terms begin every 11-weeks: #&+ ) '- % ) 30 0 S()#&! ) " 8 0 S,%% ) ,& 0 Fall ’10 September
AIB College of Business
|
Des Moines, IA
|
www.aib.edu
1
|
515-246-5358
|
800-444-1921
WR
3DJH
/DYR]GHDQ]D FRP
1RYHPEHU
7HFKQRORJ\ ,VVXHV 5HYLHZV <jga\ dan]k mh lg `qh] +DUGZDUH DSSV FRPSHWH ZLWK L3KRQH -DVRQ )ULWV /$ 92= :((./<
7KH 0RWRUROD 'URLG LV 9HUL]RQ :LUH OHVV¶ PDMRU DWWHPSW WR WDNH D ELWH RXW RI WKH VPDUW SKRQH PDUNHW 7KH 'URLG IHD WXUHV *RRJOH¶V QHZ RSHUDWLQJ V\VWHP $QGURLG DQG XQFRQ¿UPHG UHSRUWV KDYH SODFHG WKH LQLWLDO ZHHNHQG VDOHV DW DOPRVW D TXDUWHU PLOOLRQ ,W VHHPV WKH FRPELQHG IRUFHV RI *RRJOH 0R WRUROD DQG 9HUL]RQ LV WKH WULSOH WKUHDW PDQ\ VPDUWSKRQH EX\HUV KDYH EHHQ ZDLWLQJ IRU 7KH 'URLG EULQJV \RX EDFN WR 0RWRUR OD¶V KH\GD\ ZKHQ WKH 5$=5 ZDV D PXVW KDYH IRU HYHU\ KLJK VFKRRO IUHVKPDQ +RZHYHU WKLV LV QRW \RXU OLWWOH EURWKHU¶V SKRQH 0RWRUROD KDV FRPH D ORQJ ZD\ VLQFH WKHQ 7KH 'URLG¶V DOO EODFN H[WHULRU RR]HV WKH ZRUG H[SHQVLYH +DUG HGJHV DQG WDVWHIXO JROG GHWDLOV JLYH LW DOO WKH HOHJDQFH FODVV DQG EROGQHVV WKH L3KRQH DQG 3DOP 3UH ODFN 7KH GLVSOD\ LV DOVR VRPHWKLQJ WR ZULWH KRPH DERXW 7KH LQFK [ UHVR OXWLRQ ZLGHVFUHHQ LV RQH RI WKH EHVW LQ WKH PDUNHW ZLWK D EULJKW WRXFK UHVSRQVLYH EDFNOLJKW PDNLQJ HYHU\ SL[HO VKLQH 2Q WKH LQVLGH WKH $QGURLG RSHUDW LQJ V\VWHP LV PXFK OLNH $SSOH¶V L3KRQH 7KH VOLGH WR XQORFN PXOWLSOH VFUHHQHG LFRQ ¿OOHG JULGV ZLWK FXVWRPL]DEOH GUDJ DQG GURS DSSOLFDWLRQV JLYHV WKH 'URLG DQ RGGO\ IDPLOLDU IHHO *RRJOH¶V SUHV HQFH FDQ EH IHOW LQ WKH GHWDLOV /LYH *36 FRPELQHG ZLWK *RJJOH PDSV DQG VWUHHW YLHZ LV D SRZHUIXO DQG UHYROXWLRQDU\ H[ SHULHQFH :LWK $QGURLG¶V )DFHERRN DQG *PDLO DSSOLFDWLRQV \RXU FRQWDFWV DUH DX WRPDWLFDOO\ V\QFKHG +RZHYHU *RRJOH¶V EURZVHU GRHV QRW PDWFK 6DIDUL WKRXJK IUHTXHQW XSGDWHV UHOHDVHG IRU WKH 'URLG SURPLVHV WKDW $QGURLG¶V EURZVHU ZLOO EH LPSURYHG XSRQ 7KH PDLQ DGYDQWDJH WKH 'URLG KDV RYHU SUHYLRXV VPDUW SKRQHV LV WKDW 0R WRUROD 9HUL]RQ DQG *RRJOH OLVWHQHG WR WKH FRQVXPHU :KHQ ZH DVNHG IRU D SKRQH ZLWK DQ HDV\ WR XVH SK\VLFDO NH\ ERDUG DQG $SSOH GLG QRW GHOLYHU \RX FDQ DOPRVW KHDU WKH FRPPHUFLDO ³,Q D ZRUOG WKDW GRHVQ¶W 'URLG GRHV ´ 'URLG GHOLYHUV D NH\ERDUG RQ ZKLFK HYHQ WKH ODUJHVW FOXPVLHVW ¿QJHUV FDQ PDQDJH WR W\SH RXW D IXOO\ FRKHUHQW VHQWHQFH
'URLG $SSV $ SOHQW\ :KLOH WKH 'URLG·V DSSOLFDWLRQV VWRUH FDOOHG WKH ´0DUNHW SODFH µ UHPDLQV VSDUVHU WKDQ WKH L3KRQH·V LQIDPRXVO\ HQRU PRXV OLEUDU\ RI WKLUG SDUW\ DSSOLFDWLRQV LW LV QRW WKH VDPH DV VD\LQJ WKDW LW·V ODFNLQJ LQ RSWLRQV DOWRJHWKHU 0DQ\ FRPSDQLHV ODUJH DQG VPDOO KDYH MXPSHG RQ WKH *RRJOH EDQGZDJRQ )URP 3DQGRUD WR 3LF6D\ WR 5LQJ GURLG 'URLG XVHUV DUH QRW LQ ZDQW RI ZD\V WR DFFHQWX DWH WKHLU VPDUW SKRQH H[SHULHQFH 7KH GLIÀFXOW\ PXFK OLNH ZLWK WKH L3KRQH·V $SS 6WRUH LV LQ FKRRVLQJ ZKLFK RQHV WR GRZQORDG 7R DYRLG RSWLRQV SDUDO\VLV WKHVH ÀYH DSSOLFDWLRQV DUH D JUHDW ZD\ WR VWDUW RXW \RXU 'URLG H[SHULHQFH 3DQGRUD DOORZV \RX WR FUH DWH GLIIHUHQW VWDWLRQV E\ FRPSLOLQJ D OLVW RI DUWLVWV DQG VRQJV DQG SLFNLQJ PX VLF WKDW KDV VLPLODU WUDLWV RSHQLQJ WKH GRRU WR LQ¿QLWH PXVLFDO SRVVLELOLWLHV
3KRWR &RXUWHV\ RI 0RWRUROD ,QF
0RWRUROD DQG *RRJOH·V 'URLG VKDNHV WKH L3KRQH·V GRPLQDQFH 7KH 'URLG DOVR GRXEOHV DV 03 SOD\HU DFKLHYLQJ LPSUHVVLYHO\ ORXG DQG FOHDU VRXQG WKDQNV WR WKH IXOO ZLGWK VSHDNHU RQ LWV EDFNVLGH )RUJHW DERXW SUREOHPV ZLWK V\QFLQJ PXVLF DQG SLFWXUH OLEUDULHV 7KH 'URLG KDV DQ HDV\ WR XVH V\VWHP WKDW ZRUNV RQ DQ\ 0DF RU 3& 3OXJ LW LQ FUH DWH D IROGHU FDOOHG 0XVLF DQG GUDJ DQG GURS \RXU 03 V ULJKW RXW RI L7XQHV $QRWKHU SOXV LV WKH ¿YH PHJDSL[HO FDPHUD FRPSDUHG WR WKH *6¶V WKUHH PHJDSL[HO 1RW RQO\ FDQ \RX WDNH SLF WXUHV DQG YLGHRV LQ KLJK TXDOLW\ EXW \RX FDQ DOVR HGLW WKHP ZLWK D YDULHW\ RI GLI IHUHQW DSSOLFDWLRQV DOORZLQJ \RX WR GR DOPRVW HYHU\WKLQJ \RX FDQ LQ 3KRWRVKRS 7KH 'URLG¶V DSSOLFDWLRQV VWRUH LV FDOOHG WKH ³0DUNHWSODFH ´ ZLWK D IHZ PDMRU SURV DQG FRQV WKDW QHHG DGGUHVVLQJ 7KH PDMRU GRZQVLGH LV WKDW PDQ\ SRSXODU DSSV IRU WKH L3KRQH DUH QRW DYDLODEOH \HW IRU WKH 'URLG )RUWXQDWHO\ PRVW RI WKH DSSOLFD WLRQV IHDWXUHG RQ WKH PDUNHW DUH DFWXDOO\ XVHIXO DQG WKH UDWLQJV DUH YHU\ DFFXUDWH 2Q WKH L3KRQH $SS 6WRUH \RX KDYH WR VLIW WKURXJK PDQ\ KRUULEO\ FUHDWHG DSSOLFD WLRQV WR ¿QDOO\ JHW WKH EHVW TXDOLW\ RQH 7KH LFLQJ RQ WKH FDNH WR WKH 'URLG¶V DGYDQWDJHV RYHU WKH L3KRQH LV WKH VHU YLFH 9HUL]RQ LV XVLQJ WKHLU H[WHQVLYH QHWZRUN WR EULQJ * VHUYLFHV DOO RYHU WKH
FRXQWU\ 9HUL]RQ WRXWV WKHLU VXSHULRU VHU YLFH ZLWK VLGH E\ VLGH PDSV FRPSDULQJ WKHLU FRYHUDJH ]RQHV ZLWK $7 7¶V 7KH ¿QDO YHUGLFW LV WKDW LQ D ZRUOG RI VPDUW SKRQHV GRPLQDWHG E\ WKH L3KRQH WKH 'URLG SRVHV D VHULRXV WKUHDW 9HUL]RQ FXVWRPHUV FDQ UHVW HDV\ NQRZLQJ WKDW *RRJOH LV KHUH WR VWD\ DQG WKDW $QGURLG LV WKH VOLFN DQG PRGHUQ RSHUDWLQJ V\V WHP 9HUL]RQ SKRQHV ODFNHG 7KH 'URLG LV PDUNHWHG DV DQ L3KRQH NLOOHU DQG LW FHUWDLQO\ KDV GHDOW LW D IHZ EORZV +RZ HYHU LW ZLOO WDNH WKH QH[W YHUVLRQ RI WKH 'URLG D 'URLG *>6@ RI VRUWV WR WXUQ WKH WLGH DQG GUDZ QRQ 9HUL]RQ FXVWRP HUV LQ WKH ZD\ WKDW WKH L3KRQH GUHZ PDQ\ QRQ $7 7 FXVWRPHUV ,I \RX DUH FXUUHQWO\ D 9HUL]RQ FXV WRPHU DQG KDYH EHHQ H\HLQJ WKH L3KRQH JHW WKH 'URLG %XW LI \RX DUH ORRNLQJ DW VZLWFKLQJ MXVW IRU WKH 'URLG ZDLW LW RXW 7KH 'URLG LV DQ H[FHOOHQW ¿UVW MDE LQWR WKH VPDUWSKRQH PDUNHW E\ 9HUL]RQ EXW WKH EHVW LV \HW WR FRPH
:DQW WR NQRZ ZKHUH \RX FDQ JHW IRRG JDV DQG JUDE D TXLFN FRIIHH EHIRUH \RX KHDG WR WKH ORFDO VKRZ" $ORTD V\QFV <HOS FRP /DVW IP DQG (YHQWIXO ZLWK *36
(YHU ZRQGHU ZKDW VWDUV DUH VKLQLQJ DERYH \RX GXULQJ WKH GD\WLPH" 6N\ 0DS LV OLNH ORRNLQJ WKURXJK D PDJLFDO ZLQGRZ ZKHUH VXQOLJKW DQG VROLG PDWWHU GRQ¶W FRPH EH WZHHQ \RX DQG VSDFH :LWK WKH IUHH YHUVLRQ RI 3LF 6D\ \RX FDQ PDQLSXODWH WKH KXH FRQWUDVW DQG FRORU RI \RXU SKRWRV ,I \RX ZDQW WR SXW \RXU KHDG RQ \RXU GRJ¶V ERG\ 3LF6D\ 3UR FDQ EH ZRUWK WKH VPDOO SULFH 5LQJGURLG DOORZV \RX WR SLFN ZKHUH \RX ZDQW \RXU 03 ULQJWRQH WR VWDUW DQG VWRS JLYLQJ \RX WKH DELOLW\ WR FKRRVH \RXU IDYRULWH SDUW RI WKH VRQJ QRW MXVW WKH FKRUXV
-DVRQ )ULWV LV D VWDII UHSRUWHU IRU /D 9R] :HHNO\ &RQWDFW KLP DW ODYR]#IKGD HGX
2QOLQH UHVRXUFHV VRFLDO QHWZRUNV VSLFH XS FROOHJH OLIH 0LFKDHO 0DQQLQD /$ 92= :((./<
,Q WKH PLGVW RI DFDGHPLF OLIH VWXGHQWV PD\ ¿QG WKHPVHOYHV FRRSHG XS ZLWK VWXG\LQJ KRPH ZRUN UHDGLQJ DQG RWKHU REOLJD WLRQV $ QHHG WR UHOHDVH WKLV SUHV VXUH LV LQHYLWDEOH ZLWK VWXGHQWV FKRRVLQJ D YDULHW\ RI RSWLRQV 7RGD\ SRSXODU :HE VLWHV DQ VZHU ³:KDW DP , JRLQJ WR GR RQ WKH ZHHNHQG" $QG ZKLFK VRFLDO QHWZRUNV FDQ KHOS PH GHFLGH"´ 'H $Q]D VWXGHQWV $PHQD 0DQ VRRU DQG -DQGL /LUD XVH 0\VSDFH )DFHERRN RU 7ZLWWHU +RZHYHU EH \RQG WKHVH EDVLF VRFLDO QHWZRUNV RWKHU LQ GHSWK UHVRXUFHV H[LVW :LWK WKLV OLVW RI KHOSIXO UHVRXUF HV \RX ZLOO NQRZ ZKDW¶V KDSSHQ LQJ LQ WKH DUHD RU LQ WKH UHDOP RI ZKDW LQWHUHVWV \RX PRVW
0LFKDHO 0DQQLQD LV D VWDII UH SRUWHU IRU /D 9R] :HHNO\ &RQWDFW KLP DW ODYR]#IKGD HGX
<HOS FRP KDV D OLVW RI DQ\WKLQJ DQG HYHU\WKLQJ \RX FRXOG SRVVLEO\ QHHG LQIRUPDWLRQ DERXW LQFOXGLQJ UHVWDXUDQWV QLJKWOLIH DUWV DQG HQ WHUWDLQPHQW DQG VKRSSLQJ
,I \RX DUH ORRNLQJ WR EX\ PXVLFDO LQVWUXPHQWV FRQFHUW WLFNHWV RU WR VHOO SDUWV IRU D FDU &UDLJVOLVW RUJ LV IRU \RX
7KH OLVW DW MRQ OXLQL FRP WKHOLVW FRYHUV ZHOO NQRZQ YHQXHV OLNH WKH )LOOPRUH DQG +3 3DYLOLRQ WR OHVV HU NQRZQ RQHV OLNH $VKNHQD] DQG +HPORFN
8UEDQVSRRQ FRP FDQ KHOS DQ VZHU WKH PLOOLRQ GROODU TXHVWLRQ ³:KHUH GR \RX ZDQW WR HDW"´ &RXQW OHVV KRXUV DUH ZDVWHG VHHNLQJ WKH DQVZHU DQG WKLV :HE VLWH DSS ZLOO VROYH LW LQ D PDWWHU RI VHFRQGV
,I WKH HOHFWURQLFD VFHQH LV \RXU FXS RI WHD 3OXUOLIH FRP OLVWV SDUWLHV FRPLQJ XS LQ WKH IXWXUH DQG WKRVH WKDW KDYH SDVVHG
,I \RX DUH ORRNLQJ IRU WKDW KLGGHQ ERRNVWRUH UHVWDXUDQW RU GHVVHUW VKRS RQH WKDW KDV QRW EHHQ GLVFRY HUHG E\ WKH SXEOLF PHWURDFWLYH FRP ZLOO KHOS \RX ¿QG WKHP
$EVROXWHSXQN QHW LV D VPRUJDV ERUG RI LQIRUPDWLRQ DERXW WKH PXVLF JHQUH DV ZHOO DV IRUXPV QHWZRUNLQJ SHRSOH ERWK ORFDO DQG RXWVLGH \RXU JHQHUDO FRPPXQLW\
,I \RX DUH ORRNLQJ IRU WKDW VSHFLDO VRPHRQH WR EH ZLWK GXULQJ \RXU FROOHJH \HDUV DQG SRVVLEO\ EH\RQG JR WR 2NFXSLG FRP 'LVFRXQWHG IHHV DUH DYDLODEOH IRU VWXGHQWV
/DYR]GHDQ]D FRP
1RYHPEHU
2SLQLRQV (GLWRULDO /D 9R] :HHNO\ 3DWULFN *DUWQHU (GLWRU LQ &KLHI ODYR]#IKGD HGX
-XOLD (FNKDUGW 0DQDJLQJ (GLWRU PDQDJLQJ#ODYR]GHDQ]D FRP
7HUHOO 6WHUOLQJ 1HZV (GLWRU .DWLD 3URWVHQNR 2SLQLRQV (GLWRU 0DUF %DUUD]D 6SRUWV (GLWRU -DPHV &KHQ 7HFKQRORJ\ (GLWRU 7DPDUD +DKQ $ 9 (GLWRU -XOLD *URVPDQ *UDSKLFV (GLWRU &RUHH +RJDQ :HE (GLWRU $QWKRQ\ 6DORV $VVLVWDQW 1HZV (GLWRU
%XVLQHVV 6WDII %HWK *UREPDQ )DFXOW\ $GYLVHU JUREPDQ#IKGD HGX :DOWHU $OYDUDGR /DE 7HFKQLFLDQ DOYDUDGRZDOWHU#IKGD HGX -XOLD (FNKDUGW %XVLQHVV 0DQDJHU DGV#ODYR]GHDQ]D FRP (UQLH <EDUUD (YHQLQJ $GYLVHU \EDUUDHUQHVWR#GHDQ]D HGX
$ERXW 8V
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
&RQWDFW 8V
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
$GYHUWLVLQJ
$GYHUWLVHUV UHDFK 'H $Q]D FRPPXQLW\ PHPEHUV ZHHNO\ E\ DGYHUWLVLQJ LQ /D 9R] :HHNO\ &RQWDFW $GV 0DQDJHU 5H]D .D]HPSRXU E\ H PDLO WR DGV# ODYR]GHDQ]D FRP IRU UDWHV
3KRWR 5HSULQWV
,PDJHV SXEOLVKHG LQ /D 9R] :HHNO\ RU RQOLQH DW KWWS ZZZ ODYR]GHDQ]D FRP DUH DYDLODEOH IRU SXUFKDVH 7HQ OLPLWHG XVH GLJLWDO LPDJHV FDQ EH REWDLQHG IRU RU [ SULQWV IRU &RQWDFW %XVLQHVV 0DQDJHU -XOLD (FNKDUGW WR SODFH DQ RUGHU
$GGLWLRQDO &RSLHV
7KH ILUVW FRS\ RI HDFK LV VXH RI /D 9R] :HHNO\ LV IUHH WR HYHU\RQH $GGLWLRQDO FRSLHV FDQ EH SXUFKDVHG WKURXJK %XVLQHVV 0DQDJHU -XOLD (FNKDUGW
3DJH
(',725,$/ _ 6LVWHU VFKRROV VKRXOG VWLFN WRJHWKHU >ggl`add k Zm\\af_ bgmjfYdaklk afnal]\ lg bgaf DY Ngr klY^^ /$ 92= (',725,$/ %2$5'
)RRWKLOO &ROOHJH 'H $Q]D¶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¶V FDPSXV KLVWRU\ IRU WKH SDVW \HDUV 1HZV SDSHUV VHUYH DV RQH RI WKH IHZ OHJLWL PDWH PHDQV RI UHSUHVHQWDWLRQ IRU D VWXGHQW ERG\ ,Q WKH IDFH RI RQJRLQJ EXGJHW
FXWV VWXGHQWV UHTXLUH WKH VWUHQJWK RI WKH SUHVV WR HQVXUH WKDW WKHLU LQWHU HVWV DUH IXOO\ KHDUG DQG UHFRJQL]HG E\ WKRVH LQ SRZHU 7KLV TXDUWHU /D 9R] UHSRUWHUV FRYHUHG WKH EXGJHW FXWV QHZ FKDQFHOORU FDQGLGDWHV
DQG WKH SURVSHFWLYH 0RIIHWW )LHOG FDPSXV LVVXHV WKDW GRQ¶W VROHO\ HIIHFW 'H $Q]D¶V FDPSXV EXW EHDU GLVWULFW ZLGH UHVRQDQFH )RRWKLOO¶V VWXGHQWV GHVHUYH WR EH
LQIRUPHG DQG WR KDYH D SODWIRUP WR RIIHU WKHLU SHUVSHFWLYHV 0DQ\ SURIHVVLRQDO QHZV RU JDQL]DWLRQV RSHUDWH ZLWK H[ WHUQDO EXUHDXV 5HYLYLQJ WKH 6HQWLQHO )RRWKLOO¶V IRUPHU QHZVSD SHU WKURXJK /D 9R] ZRXOG SUR YLGH SUDFWLFDO H[SHULHQFH
IRU 'H $Q]D¶V DQG )RRWKLOO¶V MRXUQDOLVP VWXGHQWV ,QFOXG LQJ )RRWKLOO VWXGHQWV LQ SURGXFLQJ WKH SDSHU ZRXOG UHVXOW LQ D ODUJHU VWDII DQG PRUH FRQWHQW PDNLQJ /D
9R] D VWURQJHU SDSHU IRU LWV UHDGHUV DW 'H $Q]D DQG LQ WKH FRPPXQLW\ /D 9R] :HHNO\ FXUUHQWO\ KDV D SULQW LVVXH :HE VLWH DQG ZHEFDVW DQG FRPPXQLFDWHV YLD 7ZLWWHU <RX7XEH DQG )DFHERRN ,I 'H $Q]D LQFOXGHG )RRWKLOO LQ LWV SULQW DQG :HE HGLWLRQV SHUKDSV 'H $Q]D MRXU QDOLVP VWXGHQWV FRXOG XVH WLPH RQ )RRWKLOO¶V UDGLR VWDWLRQ DV D PHDQV RI H[SDQGLQJ WKH GLVWULFW¶V PHGLD GH SDUWPHQWV PDNLQJ IRU D PRUH ZHOO URXQGHG MRXUQDOLVWLF H[SHULHQFH IRU VWXGHQWV DW ERWK FDPSXVHV 7KH (GLWRULDO %RDUG DW /D 9R] ZLVKHV WR H[WHQG DQ RSHQ KDQG WR RXU VLVWHU FDPSXV DQG LWV VWXGHQWV 7KH\ WRR GHVHUYH UHSUHVHQWDWLRQ DQG D YRLFH $QG ZKHQ JHQHUDO VWDWH IXQGLQJ LPSURYHV LW ZRXOG EH DEKRUUHQW LI )RRWKLOO¶V 6HQWLQHO WKH YRLFH RI LWV VWXGHQW ERG\ LV QRW UHLQVWDWHG
7KH HGLWRULDO WRSLF LV YRWHG RQ ZULWWHQ DQG DSSURYHG E\ WKH (GLWRULDO VWDII
+HUH FRPHV WKH VXQ 7RR PXFK WHFKQRORJ\"
Egj] kgdYj hYf]dk Yl <] 9frY7 Al k Ydd ja_`l /DXUD :HQXV /$ 92= :((./<
7KH VWDWH OHJLVODWXUH LV WHOOLQJ XV WKDW VRODU SRZHU LV LQ YRJXH :H FDQ FKDON WKLV XS WR 6FKZDU]HQHJJHU¶V ODXGDEOH PRYH WR KDYH HQHUJ\ FRP SDQLHV SD\ VRODU SDQHO RZQHUV ZKR SURGXFH VXUSOXV LQVWHDG RI RIIHULQJ WKHP REVFXUH FUHGLWV WRZDUG WKHLU ELOOV WKDW WKHQ GRQ¶W UROO RYHU :LWK WKLV OLWWOH JHP LQ WKH VTXD ORU ZH NQRZ DV &DOLIRUQLD¶V HGXFD WLRQ EXGJHW LW VHHPV VFKRROV RI DOO NLQGV LQFOXGLQJ 'H $Q]D &ROOHJH FRXOG GR D OLWWOH PRUH WKDQ MXVW H\H WKH EDQGZDJRQ DV LW SDVVHV E\ VKLQ\ DQG VRODU SRZHUHG 0D\EH ZH VKRXOG KRS RQ ,I \RX SD\ DWWHQWLRQ WR ORFDO SROLWLFDO SURSDJDQGD \RX SUREDEO\ VDZ VXSSRUW VLJQV IRU VRPH REVFXUH WKLQJ FDOOHG 0HDVXUH % ,W¶V D OR FDO KLJK VFKRRO PHDVXUH WKDW JLYHV ORFDO VFKRROV PRQH\ WR PRGHUQL]H WKHLU JURXQGV 'HVSLWH WKH SHUYHUVH UHDOLW\ WKDW PRVW VFKRROV DUH FXWWLQJ FODVVHV DQG VODVKLQJ VHFWLRQV MXVW OLNH 'H $Q]D LV WKH PRQH\ JLYHQ WR FRQ
GR D ORW WR HDVH RXU VHYHQ PLOOLRQ GROODU EXGJHW GH¿FLW 'H $Q]D ZRXOGQ¶W EH WKH ¿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¿UPO\ SODQWHG LQ QRUWKHUQ &RORUDGR FKHDSHU VRODU SDQHOV PHDQ WKDW VRODU SRZHU LV EHFRPLQJ D PXFK PRUH YLDEOH RSWLRQ IRU LQVWLWXWLRQV ZLWK EXGJHW SUREOHPV ,W ERLOV GRZQ WR WKLV LQVWDOOLQJ WKH ODUJH QXPEHUV RI VRODU SDQHOV ZH ZRXOG QHHG WR SRZHU RXU VFKRRO LV H[SHQVLYH %XW RQFH ZH KDYH SDUW RI WKH SDUN LQJ ORW FRYHUHG ZH XVH WKH HQHUJ\ VDYLQJV WR SD\ RII WKH PDWHULDOV WKH
&KHDSHU VRODU SDQHOV PHDQ WKDW VRODU SRZHU LV EHFRPLQJ D PXFK PRUH YLDEOH RSWLRQ IRU LQVWLWXWLRQV ZLWK EXGJHW SUREOHPV VWUXFW VRODU SDQHOV RQ VFKRRO JURXQGV PDUNV D VHYHUH FRQWUDVW WR WKH ODFN RI IXQGV WR SD\ WHDFKHUV DQG SURIHVVRUV VWDWHZLGH 7KDW PLJKW VHHP RGG EXW WKH GLV WULFWV FDPH XS ZLWK D EULOOLDQW VROX WLRQ WKH\¶UH XVLQJ WKH JUHDWHU SDUW RI WKH PLOOLRQ WR LQVWDOO FDQRSLHV RI VRODU SDQHOV LQ WKHLU SDUNLQJ ORWV 6RXQG ULGLFXORXV" +DYH \RXUVHOI D ORRN RQ 'H $Q]D JURXQGV :H KDYH D IHZ RI WKHVH FDUSRUWV WRR 8QIRUWX QDWHO\ RXUV DUHQ¶W QHDUO\ DV H[WHQVLYH DV 0HDVXUH % PDGH SRVVLEOH IRU OR FDO KLJK VFKRROV SUREDEO\ EHFDXVH DV XVXDO ZH ZRXOG UXQ LQWR D IXQGLQJ LVVXH LI ZH WULHG WR H[SDQG WKHP 2Q WKH RWKHU KDQG WKH QHZ VRODU SDQHOV DUH JRLQJ WR VDYH KLJK VFKRROV URXJKO\ D PLOOLRQ EXFNV D \HDU 6DYLQJV WKDW VXEVWDQWLDO FRXOG
VXUSOXV WR EXLOG PRUH VRODU SDQHOV DQG VR RQ XQWLO ZH FDQ XVH WKHVH H[ FHVV IXQGV WR EULQJ EDFN VRPH RI WKH FODVVHV DQG GHSDUWPHQWV FXW GXH WR EXGJHW SUREOHPV -XVW EHFDXVH WKH PRQH\ ZH UDLVH KDV WR JR WR VRODU SDQHOV GRHVQ¶W PHDQ ZKDW ZH VDYH FDQ¶W JR WRZDUG DFDGHPLFV 0HDQZKLOH SULPH VSRWV RQ WKH SDUNLQJ ORW VWDII VSDFHV IRU H[ DPSOH JHW VKDGH GXULQJ WKH GD\ DQG GULYHUV ZRQ¶W KDYH WR ZDVWH HQHUJ\ QHFHVVDU\ WR DLU FRQGLWLRQ WKHLU FDUV DQG YHQGRUV DW WKH ÀHD PDUNHW FDQ GLVSRVH RI WKRVH EXON\ WHQWV EHFDXVH WKHLU VWDOOV DUH DOUHDG\ VKLHOGHG IURP VXQ DQG UDLQ /DXUD :HQXV LV D UHSRUWHU IRU /D 9R] :HHNO\ &RQWDFW KHU DW ODYR]# IKGD HGX
/$85(1 $6+/(< /$ 92= :((./<
/XFLH $VKOH\ /$ 92= :((./<
6RPHWLPHV , IHHO WHFKQRORJ\ LV JRLQJ WR GULYH PH LQVDQH (YHU\WKLQJ VHHPV ULGLFXORXVO\ RYHUFRPSOLFDWHG 0\ OLIH LV ZHLJKHG GRZQ E\ ZLUHV URXWHUV DQG 86% VWLFNV 2XU JHQHUDWLRQ ZDV WKH ¿UVW WR JURZ XS ZLWK WKH ,QWHUQHW DQG KLJK WHFK JDGJHWV :H KDYH DOZD\V EHHQ D VWHS DKHDG LQ WHFKQRORJ\ LW LV VHF RQG QDWXUH WR PRVW RI XV 7KDW VDLG GRHVQ¶W LW IHHO OLNH WHFKQRORJ\ ZDV ZD\ HDVLHU WR GHDO ZLWK ZKHQ ZH ZHUH \RXQJHU" 7HFKQRORJ\ LV VLPSO\ ZD\ WRR FRPSOLFDWHG QRZ :KDW LV D SHUVRQ WR GR ZKHQ WHFKQRORJ\ LV EHFRPLQJ H[SRQHQWLDOO\ PRUH FRPSOLFDWHG" )RU LQVWDQFH WDNH SULQWLQJ VRPH WKLQJ IURP \RXU ODSWRS 6HYHUDO \HDUV DJR RQH VLPSO\ SOXJJHG D ODSWRS LQWR D SULQWHU ,W WRRN QR PRUH WKDQ VHF RQGV 1RZ ZH KDYH DPD]LQJ ZLUHOHVV SULQWHUV EXW WKH DPRXQW RI WLPH LW WDNHV WR ¿JXUH RXW KRZ WR V\QF WR WKH FRPSXWHU QHWZRUN DQG SULQW ZLUH OHVVO\ FDQ WDNH WR WLPHV ORQJHU WKDQ LW ZRXOG WR SOXJ LQ D 86% SRUW 7KH PHPEHUV RI RXU JHQHUDWLRQ DUH FRQVWDQWO\ RQ WKH JR DQG FDQ¶W DI IRUG WR VSHQG DQ KRXU JRLQJ WKURXJK FRXQWOHVV SURFHGXUHV WU\LQJ WR JHW RQ WKH ,QWHUQHW EHIRUH WKDW PRFNLQJ
XQKHOSIXO ER[ SRSV XS IRU WKH ¿IWK WLPH VD\LQJ ³6RUU\ ZH FRXOG QRW GL DJQRVH WKH SUREOHP ´ 6WXGHQWV QHHG WKLQJV WR ZRUN DQG WKH\ QHHG WKHP WR ZRUN IDVW 7KH\ QHHG SURJUDPV DQG KDUGZDUH WKDW UHTXLUH D PLQLPDO DPRXQW RI IRFXV WR LW 2I FRXUVH RXU JHQHUDWLRQ LVQ¶W HQ WLUHO\ ZLWKRXW EODPH ,W ZRXOG WDNH \RX D ORQJ WLPH WR ¿[ D SUREOHP ZKHQ \RX¶UH RQ )DFH ERRN OLVWHQLQJ WR PXVLF ZDWFKLQJ WHOHYLVLRQ DQG GRLQJ KRPHZRUN DOO DW RQFH :H DUH SDUWLDOO\ WR EODPH LQ WKDW ZH DOO JHW IUXVWUDWHG ZKHQ WHFK QRORJ\ GRHVQ¶W ZRUN ZLWKLQ WKH ¿UVW PLQXWH 7KLV LV EHFDXVH ZH DUH VLP SO\ XQDEOH WR IRFXV 7KH PRUH DWWHQ WLRQ ZH KDYH WR GHYRWH WR WKH SURE OHP WKH PRUH IUXVWUDWHG ZH VHHP WR EHFRPH 7KH ERWWRP OLQH LV FRPSDQLHV DUH VWLOO PDNLQJ WKLQJV PRUH GLI¿FXOW LQ WKHLU SXUVXLW WR FRQVWDQWO\ FRPH RXW ZLWK WKH QHZHVW WHFKQRORJ\ :KLOH LW LV GRQH XQGHU WKH JXLVH RI LQFUHDVHG XVHU IULHQGOLQHVV WHFK QRORJLFDO DGYDQFHV DUH DW WKH FRUH ZD\V IRU FRPSDQLHV WR EHFRPH EHW WHU UHDG PRUH SUR¿WDEOH WKDQ WKHLU FRPSHWLWLRQ ,W¶V QRW RQO\ DERXW HDV LQJ RXU WHFKQRORJLFDO EXUGHQ /XFLH $VKOH\ LV D UHSRUWHU IRU /D 9R] :HHNO\ &RQWDFW KHU DW ODYR]# IKGD HGX
3DJH
/DYR]GHDQ]D FRP
1RYHPEHU
6SRUWV +HDOWK )LWQHVV
L`] :god ;`Yehagfk`ah K]ja]k emkl ]f\ :KR ZLOO EH OHIW RXW WKLV \HDU" 3HWHU 0D[ZHOO /$ 92= :((./<
8SVHWV DQG H[FHOOHQW JDPHV KDYH PDGH VXUH WKDW WKLV 1&$$ IRRWEDOO VHDVRQ ZLOO EH D PHPRUDEOH RQH EXW PDQ\ FROOHJH IRRWEDOO IDQV DUH NHHS LQJ WKHLU H\HV RQ DUH WKH FRQWURYHUVLDO %&6 UDQNLQJV :LWK VL[ WHDPV LQ WKH FRXQWU\ XQGHIHDWHG DW )ORULGD $ODEDPD 7H[DV 7&8 &LQFLQQDWL %RLVH 6WDWH DQG *HRUJLD 7HFK DW DQG RQO\ D IHZ ZHHNV OHIW LQ WKH UHJXODU VHDVRQ WKHUH DUH D ORW RI WHDPV ¿ JKWLQJ IRU VSRWV LQ WKH QDWLRQ DO WLWOH JDPH &RQWURYHUV\ DZDLWV OLNH HYHU\ \HDU RYHU ZKHWKHU WKH %&6 UDQNLQJV ZLOO EH DFFXUDWH LQ GHFLGLQJ SRVW VHDVRQ /RRNLQJ DW WKH VFKHGXOHV IRU WKHVH VHYHQ WHDPV LW LV OLNHO\ WKH\ ZLOO ZLQ DOO WKHLU XSFRPLQJ JDPHV WKH H[FHS WLRQ EHLQJ ¿ UVW UDQNHG )ORULGD DQG VHFRQG UDQNHG $ODEDPD ZKR SOD\ HDFK RWKHU RQ 'HF $W WKH HQG RI WKH UHJXODU VHDVRQ LW¶V SRVVLEOH IRU WKHUH WR EH ¿ YH XQGHIHDW HG WHDPV RU XS WR VHYHQ WHDPV ZKR DUH 7KLV LV IUXVWUDWLQJ FRQVLGHU LQJ RQO\ WZR WHDPV DUH DEOH WR FRP SHWH LQ WKH QDWLRQDO WLWOH JDPH 7KLV LV WKH FUX[ EHKLQG WKH FRQWUR YHUV\ DQG À DZV LQKHUHQW LQ WKH %&6 V\VWHP 7KH IRUPXODV WKDW DUELWUDULO\ JLYH WHDPV UDQNLQJV RIWHQ GR QRW UH À HFW WKH DFWXDO SHUIRUPDQFH RI WKH
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¿ YH
\HDUV 7KLV KDSSHQV EHFDXVH RI LQ HTXDOLWHV IRU WHDPV QRW LQ D %&6 FRQ IHUHQFH 7HDPV LQ D %&6 FRQIHUHQFH DUH DXWRPDWLFDOO\ DW DQ DGYDQWDJH FRPSDUHG WR QRQ %&6 FRQIHUHQFH WHDPV EHFDXVH D FRQIHUHQFH FKDPSL RQVKLS DXWRPDWLFDOO\ JUDQWV WKHP D ELG WR D %&6 ERZO JDPH 7KHUH DUH VL[ %&6 FRQIHUHQFHV WKH $WODQWLF &RDVW &RQIHUHQFH $&& WKH %LJ WKH %LJ (DVW WKH %LJ 7HQ
:DWHU 3ROR EXLOGV RII ODVW VHDVRQ 4XDQ /XRQJ /$ 92= :((./<
7KLV VHDVRQ WKH PHQ DQG ZRPHQ¶V ZDWHU SROR WHDPV PDGH D ORW RI LPSURYHPHQWV WR DFKLHYH EHWWHU UHFRUGV WKDQ ODVW \HDU EXW WKH\ XQIRUWX QDWHO\ GLG QRW TXDOLI\ IRU WKH 1RU &DO 5HJLRQDO FKDPSLRQVKLS IRU WKH VHFRQG VWUDLJKW \HDU 7KH PHQ¶V WHDP LPSURYHG WKLV \HDU ZLWK D UH FRUG RI RYHUDOO DQG LQ WKH &RDVW &RQ IHUHQFH 6RXWK ZLWK IRXUWK SODFH FRPSDUHG WR ODVW VHDVRQ¶V UHFRUG RI DQG LQ WKH &RDVW &RQIHUHQFH 6RXWK DQG VHFRQG WR ODVW SODFH 7KH ZRPHQ¶V WHDP LPSURYHG DV ZHOO ¿ QLVKLQJ WKH \HDU ZLWK D UHFRUG RI RYHUDOO DQG D PDUN LQ WKH &RDVW &RQIHUHQFH 6RXWK 'LYLVLRQ ZKLOH HDUQLQJ IRXUWK SODFH $ QRWDEOH LPSURYH PHQW IURP ODVW VHDVRQ¶V KXPEOLQJ ¿ Q LVK LQ VHFRQG WR ODVW SODFH 8WLOLW\ PDQ 'DQQ\ 0RFWH]XPD FHQWHU -DVRQ +RJLQ JXDUG 0LNH +HQGULFNVRQ DQG JRDOLH 0L FKDHO -XFKDX OHG WKH PHQ¶V WHDP WKURXJKRXW WKH \HDU 0RFWH]XPD ¿ QLVKHG WKH VHDVRQ ZLWK JRDOV DVVLVWV DQG VWHDOV -DVRQ +RJLQ KDG JRDOV HLJKW DVVLVWV DQG VHYHQ VWHDOV +HQGULFN VRQ VFRUHG JRDOV DQG UHFRUGHG IRXU DVVLVWV DV ZHOO DV VWHDOV -XFKDX KHOG WKH IRUW PDNLQJ VDYHV RQ WKH \HDU &HQWHU 3KRHQL[ &KDQ XWLOLW\ .HOVH\ 6W 0D ULH GULYHU $ULDQD &DQDOH] DQG JRDONHHSHU $QD
*RQ]DOH] OHG WKH ZRPHQ¶V VTXDG WR WKHLU FRPHEDFN \HDU ¿ QLVK &KDQ ¿ QLVKHG WKH VHDVRQ ZLWK JRDOV DV VLVWV DQG VWHDOV 6W 0DULH VFRUHG JRDOV HDUQHG VL[ DVVLVWV DQG VWHDOV &DQDOH] WKUHZ WZR JRDOV UHFRUGHG DVVLVWV DQG VWHDOV $QD *RQ]DOH] VWRSSHG SRWHQWLDO JRDOV WKURXJKRXW WKH VHDVRQ $W WKH HQG RI WKH VHDVRQ KHDG FRDFK (PLO\ 6FKLPW¶V FDUHHU 'H $Q]D FRDFKLQJ UH FRUG IRU WKH PHQ¶V VWDQGV DW DQG D PDUN IRU KHU ZRPHQ¶V VTXDGV 4XDQ /XRQJ LV FRQWULEXWLQJ VWDII IRU /D 9R] :HHNO\ &RQWDFW KLP DW ODYR]#IKGD HGX
WKH 3DFL¿ F 3$& 7HQ DQG WKH 6RXWK HDVWHUQ &RQIHUHQFH 6(& (YHU\ %&6 FRQIHUHQFH WHDP WKDW JHWV LQYLWHG WR D ERZO JDPH HDUQV WKHLU FRQIHUHQFH DERXW PLOOLRQ LQ %&6 UHYHQXH DV ZHOO DV DQ H[WUD PLOOLRQ IRU DQ\ DGGLWLRQDO WHDPV LQ ERZO JDPHV )RU HYHU\ QRQ %&6 FRQIHUHQFH WHDP WKDW PDNHV D ERZO JDPH WKDW FRQIHUHQFH UHFHLYHV QLQH SHUFHQW RI %&6 UHYHQXH IURP WHOHYL
VLRQ ULJKWV ,I DQ\ RWKHU WHDP IURP D QRQ %&6 FRQIHUHQFH SOD\V LQ D ERZO JDPH WKHQ WKDW FRQIHUHQFH UHFHLYHV PLOOLRQ IURP WKH %&6 7KLV UHYHQXH GLVSDULW\ LV DQ H[DP SOH RI ZK\ WKH FXUUHQW %&6 FUHDWHV GLVDGYDQWDJHV EHWZHHQ FRQIHUHQFHV ,Q IDFW LW LV VR UDUH IRU D QRQ %&6 FRQIHUHQFH WHDP WR UHDFK WKH %&6 WLWOH JDPH WKDW WHDPV WKDW GR DUH JLYHQ WKH QLFNQDPH ³%&6 EXVWHUV ´ 7KHUH KDYH RQO\ EHHQ IRXU EXVWHUV LQ WKH KLVWRU\ RI WKH %RZO &KDPSLRQVKLS 6HULHV )RU VHYHUDO \HDUV IDQV ZULWHUV DQG VSRUWV FRPPHQWDWRUV KDYH FDOOHG IRU D FKDQJH WR WKLV V\VWHP 7KH PRVW FRPPRQ LGHD LV D SOD\RII WKDW ZRXOG EH SOD\HG DW WKH HQG RI WKH UHJXODU VHDVRQ HOLPLWDWLQJ WKH ¿ HOG XQWLO WKH WZR EHVW WHDPV UHPDLQ IRU WKH QDWLRQ DO WLWOH JDPH 7KLV DSSURDFK LV XVHG LQ DOO RWKHU FROOHJH VSRUWV DQG LQ SURIHV VLRQDO VSRUWV DV ZHOO 7KH SOD\RII V\VWHP KDV EHHQ D VROLG V\VWHP IRU GHWHUPLQLQJ WHDP¶V UDQN LQJV LQ WKH SRVWVHDVRQ LWV ORQJHYLW\ LV D WHVWDPHQW WR LWV HIIHFWLYHQHVV ,W¶V D V\VWHP WKDW LV IDU PRUH HIIHFWLYH WKDQ RQH DOORZLQJ IRU LQIHULRU WHDPV WR SOD\ LQ QDWLRQDO WLWOH PDWFKHV DQG SHU SHWXDWLQJ LQHTXDOLW\ DPRQJ VFKRROV DQG FRQIHUHQFHV 3HWHU 0D[ZHOO LV D VWDII UHSRUWHU IRU /D 9R] :HHNO\ &RQWDFW KLP DW ODYR]#IKGD HGX
&URVV FRXQWU\ WHDP FHOHEUDWHV JUHDW \HDU 4XDQ /XRQJ /$ 92= :((./<
7KH PHQ¶V DQG ZRPHQ¶V FURVV FRXQWU\ WHDPV KDG D ZRQGHUIXO SHUIRUPDQFH WKLV VHDVRQ PDNLQJ WKH 1RUWKHUQ &DOLIRUQLD DQG 6WDWH &KDPSLRQVKLSV IRU WKH WKLUG VWUDLJKW WLPH VLQFH 7R TXDOLI\ IRU WKH VWDWH FKDPSLRQVKLSV D WHDP PXVW UDQN LQ WKH WRS IRU WKH 1RUWKHUQ &DOLIRUQLD UHJLRQDO VWDQGLQJV WR EH HOLJLEOH )RU 6RXWKHUQ &DOLIRUQLD D WHDP PXVW EH LQ WKH WRS WR EH SDUW RI WKH 6WDWH &KDPSLRQ VKLSV PDNLQJ D WRWDO RI WHDPV
'H $Q]D )DOO 6SRUWV 6XFFHVV 0HQ·V VRFFHU ZRQ WKH &RDVW &RQIHUHQFH &KDPSLRQVKLS )RRWEDOO ZRQ WKH &RDVW &RQIHUHQFH &KDPSLRQVKLS :RPHQV &URVV &RXQWU\ HDUQHG VHFRQG LQ 1RUWKHUQ &DOLIRUQLD
,Q WKH LQYLWDWLRQDOV UHJXODU VHDVRQ WKH PHQ¶V WHDP ¿ QLVKHG WKHLU WLPH UHFRUG LQ VHFRQG SODFH WKUHH WLPHV WKLUG SODFH RQH WLPH VL[WK SODFH RQH WLPH QLQWK SODFH RQH WLPH DQG WK SODFH RQH WLPH 7KH ZRPHQ RQ WKH RWKHU KDQG ¿ Q LVKHG WKHLU WLPH UHFRUG LQ ¿ UVW SODFH RQH WLPH VHFRQG SODFH WKUHH WLPHV WKLUG SODFH WZR WLPHV DQG WK SODFH RQH WLPH RYHUDOO 7KH ZRPHQ¶V WHDP ¿ QLVKHG VHFRQG LQ 1RUWK HUQ &DOLIRUQLD &KDPSLRQVKLSV DQG WKH PHQ¶V WHDP ¿ QLVKHG QLQWK %RWK WHDPV ZLOO KDYH SDU WLFLSDWHG IRU WKH &DOLIRUQLD 6WDWH &KDPSLRQ VKLSV RQ 6DWXUGD\ 1RY ZKLFK WRRN SODFH DW :RRGZDUG 3DUN LQ )UHVQR 7KH PHQ¶V WHDP ZDV OHG E\ $EL\ *HEUHNULV WRV ZKR FDPH LQ VW SODFH IRU WKH PHQ¶V WHDP ZKLOH WKH ZRPHQ¶V WHDP PDGH D KXJH LPSDFW ZLWK .LUVWL :KLWP\UH ¿ QLVKLQJ LQ WK SODFH .LP .LOJURH FRPLQJ EHKLQG LQ WK SODFH DQG -HVVLFD 3DUDQWKDPDQ LQ WK SODFH 4XDQ /XRQJ LV FRQWULEXWLQJ VWDII IRU /D 9R] :HHNO\ &RQWDFW KLP DW ODYR]#IKGD HGX