/D 9R] :HHNO\
/DVW LVVXH RI WKH IDOO TXDUWHU /D 9R] UHWXUQV WR VWDQGV -DQ
1RYHPEHU
9ROXPH ,VVXH
/LNH D SRODURLG SLFWXUH
$QG WKHQ WKHUH ZDV RQH
7KH ,&& GDQFH ODVW )ULGD\ KDG VWXGHQWV VKDNLQJ ³LW´
3DWULFN *DUWQHU
3DJH
6WXGHQWV VSHDN RXW 7KH ¿ UVW *HQHUDO $VVHPEO\ DJDLQVW EXGJHW FXWV KDSSHQHG ODVW 7KXUVGD\
3DJH
+ROLGD\ VKRSSLQJ *LIW LGHDV WR PDNH WKH H[SHULHQFH OHVV SDLQIXO
3DJH
5DUH FODVVHV
(DFK \HDU VSHFLDO RIIHULQJ FODVVHV WHDFK QHZ VNLOOV
3DJH
7R EROGO\ JR ZKHUH 'H $Q]D KDV QHYHU JRQH EHIRUH /D 9R] YLVLWV WKH 6WDU 7UHN ([KLELW
3DJH
6R DP , D MXQLRU RU QRW" &ROOHJHV QHHG WR VWDQGDUGL]H SUHUHTXLVLWHV IRU WUDQVIHU VWXGHQWV
3DJH
3OD\HU RI WKH TXDUWHU 2QH ZRPHQ¶V FURVV FRXQWU\ UXQQHU VWDQGV RXW
3DJH
;Yehmk =n]flk&&&&&&&&&&&&&&&&&&&&&&&&* F]ok&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&+$, ;gdmefk&&&&&&&&&&&&&&&&&&&&&&&&&&&>]Ylmj]k&&&&&&&&&&&&&&&&&&&&&&&&&&&.$1 L][`fgdg_q&&&&&&&&&&&&&&&&&&&&&)( Ghafagfk&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&)) Khgjlk&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&)* /D 9R] :HHNO\ LV D )LUVW $PHQGPHQW QHZVSDSHU SURGXFHG E\ VWXGHQWV IRU WKH 'H $Q]D &ROOHJH FRPPXQLW\ /D 9R] :HHNO\ LV SULQWHG ZLWK VR\ EDVHG LQN
/$ 92= :((./<
)
RRWKLOO 'H $Q]D 'LVWULFW FKDQFHOORU FDQGLGDWH 'U %ULDQ .LQJ KDV GURSSHG RXW RI WKH UXQQLQJ WR VWD\ LQ KLV SRVLWLRQ DV SUHVLGHQW RI &DEULOOR &ROOHJH DFFRUGLQJ WR WKH 6DQWD &UX] 6HQ WLQHO .LQJ¶V GHFLVLRQ WR QRW SXUVXH WKH SRVLWLRQ OHDYHV 'U /LQGD 0 7KRU SUHVLGHQW RI 5LR 6DODGR &ROOHJH LQ 3KRHQL[ WKH RQO\ FDQ GLGDWH FXUUHQWO\ EHLQJ FRQVLGHUHG IRU WKH FKDQFHOORUVKLS $FFRUGLQJ WR %HFN\ %DUWLQ GDOH FRRUGLQDWRU RI &RPPXQL FDWLRQ DQG 3XEOLF $IIDLUV IRU WKH )RRWKLOO 'H $Q]D 'LVWULFW RQH FDQGLGDWH IRU WKH FKDQFHOORU SR VLWLRQ GRHV QRW HTXDO DXWRPDWLF DSSURYDO 7KH %RDUG RI 7UXVWHHV ZLOO GHOLEHUDWH DQG FRQWLQXH WR VHDUFK IRU RWKHU FDQGLGDWHV LI WKH\ IHHO LW LV QHFHVVDU\ ³7KHUH LV QR UHDVRQ WR EHOLHYH WKH FXUUHQW HIIRUW >WKH VHOHFWLRQ SURFHVV UHJDUGLQJ D VLQJOH FDQGL GDWH@ ZRQ¶W EH VXFFHVVIXO ´ VDLG %DUWLQGDOH ,Q WKH FLUFXPVWDQFH WKDW 'U 7KRU LV QRW FKRVHQ WKH %RDUG RI 7UXVWHHV ZLOO KDYH WR PDNH SUHSD
UDWLRQV WR VHOHFW D WHPSRUDU\ UH SODFHPHQW LI ,QWHULP &KDQFHOORU 0LNH %UDQG\ ZKR ZDV FRPPLV VLRQHG WR VWD\ XQWLO 'HFHPEHU FKRRVHV QRW WR H[WHQG KLV FRP PLWPHQW ³, GRQ¶W WKLQN DQ\ GHFLVLRQV KDYH EHHQ PDGH DERXW ZKR ZRXOG WDNH RYHU LI 0LNH >%UDQG\@ OHIW EHIRUH D SHUPDQHQW FKDQFHOORU ZDV KLUHG ´ VDLG %DUWLQGDOH ,Q DQ H PDLO VHQW E\ 'H $Q]D &ROOHJH 3UHVLGHQW %ULDQ 0XUSK\ WR 'H $Q]D IDFXOW\ DQG VWDII KH RXWOLQHG WKH ZRUN VWLOO QHHGHG WR EH GRQH E\ WKH 7UXVWHHV WR ¿ QDOL]H WKH LQIRUPDWLRQ JDWKHULQJ SURFHVV LQ WKH KXQW IRU WKH QHZ FKDQFHOORU ³7KH %RDUG GHOLEHUDWHG IRU WKH ¿ UVW WLPH LQ FORVHG VHVVLRQ >1RY @ DQG UHYLHZHG WKH UHVXOWV RI UHIHUHQFH FKHFNV SHUIRUPHG E\ -RKQ +LFNV RXU VHDUFK FRQVXO WDQW 7KH GXH GLOLJHQFH SURFHVV IUHTXHQWO\ LQFOXGHV D VLWH YLVLW WR D FDQGLGDWH¶V FDPSXV %RDUG RI 7UXVWHHV 3UHVLGHQW %HWV\ %HFKWHO DQG 9LFH 3UHVLGHQW %UXFH 6ZHQ VRQ ZLOO FRQGXFW WKH VLWH YLVLW V ´ VDLG %UDQG\ 3DWULFN *DUWQHU LV WKH (GLWRU LQ &KLHI RI /D 9R] :HHNO\ &RQWDFW KLP DW ODYR]#IKGD HGX
<=;=E:=J
*((1
)LQDO GDWH WKH %RDUG RI 7UXVWHHV VHW WR VHOHFW D QHZ FKDQFHOORU
&DQ G JDWK LGDWH LQ HULQ J FR IRUPDW LR PSO HWH Q
U
IR YH GDWH 7HQWDWL U OOR FKDQFH Q R WL F VHOH
'H $Q]D 3UHVLGHQW %ULDQ 0XUSK\ JDYH VWDII DQG IDFXOW\ WKHVH GDWHV LQ 'HFHPEHU WKDW WKH %RDUG RI 7UXVWHHV ZLOO Ã&#x20AC; QDOL]H WKHLU GHFLVLRQ VHOHFWLQJ WKH GLVWULFW·V QHZ &KDQFHOORU ,//8675$7,21 %< -8/,$ *5260$1 /$ 92= :((./<
F]]\ `]dh ^af\af_ egf]q gfdaf]7 /DXUD :HQXV
/$ 92= :((./<
%
LOOLRQV RI GROODUV IURP EXVLQHVV DQG IHG HUDO VRXUFHV DUH XS IRU GLVWULEXWLRQ WKURXJK WKRXVDQGV RI VFKRODUVKLSV DQG WKH SURVSHFW RI VLIW LQJ WKURXJK WKHLU QXPEHUV IRU WKH SHUIHFW VFKRO DUVKLS LV RIWHQ PRUH LQWLPLGDWLQJ WKDQ WKH DFWXDO DSSOLFDWLRQ +RZHYHU DV GDXQWLQJ DV WKH SURVSHFW PD\ EH SD\LQJ IRU FROOHJH KDV SDUWQHUHG XS ZLWK WKH ,QWHUQHW $FFRUGLQJ WR 7DQ\D 3UDWW LQ 'H $Q]D &ROOHJH¶V )LQDQFLDO $LG 2I¿ FH WHPSRUDULO\ LQ WKH FDIHWHULD QH[W WR &DIp 5RFRFR WKUHH :HE VLWHV VWDQG RXW DPRQJ WKH UHVW 7KH )$)6$ )UHH $SSOLFDWLRQ IRU 6WXGHQW )LQDQFLDO $LG LV FRPPHQGDEOH IRU WKH W\SHV RI LQIRUPDWLRQ DQG VFKRODUVKLSV LW RIIHUV DQG EHFDXVH RI LWV UHOHYDQFH WR WKH 'H $Q]D FRP PXQLW\ ³<RX KDYH WR ¿ OH RQH DQ\ZKHUH \RX JR ´ VDLG 3UDWW 'HVSLWH KHU UHVHUYDWLRQV DERXW WKH VLWH QDPH VKH DOVR UHFRPPHQGHG WKH , &DQ $IIRUG
&ROOHJH :HE VLWH DW KWWS ZZZ LFDQDIIRUGFROOHJH FRP ZKLFK LV JHDUHG VSHFL¿ FDOO\ WRZDUG FRPPX QLW\ FROOHJHV DQG LQFOXGHV D VHDUFK HQJLQH WR GLUHFW XVHUV WR WKHLU ORFDO FRPPXQLW\ FROOHJH¶V ¿ QDQFLDO DLG RI¿ FHV 3UDWW UHFRPPHQGV WKDW FXUUHQW DQG SURVSHF WLYH 'H $Q]D VWXGHQWV ¿ UVW JR WR WKH 'H $Q]D ¿ QDQFLDO DLG :HE VLWH DW KWWS ZZZ GHDQ]D HGX ¿ QDQFLDODLG ZKLFK ZLOO VKRZ QHZ XVHUV KRZ WR JHW VWDUWHG ZLWK WKHLU ¿ OH $QRWKHU RSWLRQ DYDLODEOH WR VWXGHQWV LV KWWS VFKRODUVKLSV IKGD HGX 7KLV LV D QHZ VFKRODUVKLS VHDUFK VLWH VSHFL¿ FDOO\ IRU 'H $Q]D DQG )RRWKLOO &ROOHJH VWXGHQWV WKDW LQFOXGHV GLVWULFW VFKRODUVKLSV 6RPH VWXGHQWV KRZHYHU PLJKW UHTXLUH RWKHU RSWLRQV &DLQ 5DPLUH] D \HDU ROG PXVLFDO FRPSRVLWLRQ PDMRU ZDV UHIHUUHG WR WKH 'H $Q]D ¿ QDQFLDO DLG RI¿ FH ZKHQ WKH :HE VLWH HQFRXQWHUHG D SUREOHP ZLWK KLV SUR¿ OH ³>,W ZDV@ VRPHWKLQJ ZLWKLQ WKH SURJUDP WKH YDOXHV GLGQ¶W DGG XS ´ 5DPLUH] VDLG +H LV QRZ IDFHG ZLWK VDYLQJ XS IRU
0RQGD\
KLV QH[W TXDUWHU HYHQ DV WKH FXUUHQW RQH LV FRVW LQJ KLP URXJKO\ PRVWO\ EHFDXVH KLV DZDUG DPRXQW LV EDVHG RQ KLV SDUHQWV¶ LQFRPH XQWLO KH WXUQV 7KLV LV GHVSLWH WKH IDFW WKDW KH OLYHV VHSD UDWHO\ IURP KLV SDUHQWV DQG LV XQDEOH WR WDNH DGYDQ WDJH RI WKHLU UHVRXUFHV 6RPH VLWHV DOORZ RQO\ SDUWLDO DFFHVV RQ ZHHN HQGV GXH WR URXWLQH VLWH PDLQWHQDQFH ± WKH )$)6$ SDJH IRU H[DPSOH FORVHV GRZQ PRVW RI LWV UH VRXUFHV HYHU\ 6XQGD\ IURP D P WR D P (DVW HUQ 6WDQGDUG 7LPH +RZHYHU QRW DOO ¿ QDQFLDO DLG :HE VLWHV DUH FUHDWHG HTXDO 6RPH VLWHV OLNH KWWS ZZZ ¿ QDLG RUJ RIIHU OLVWLQJV RI VFKRODUVKLSV E\ FDWHJRU\ 7KH ³XQXVXDO VFKRODUVKLSV´ FDWHJRULHV LQFOXGHV OLQNV WR VFKRODUVKLSV IRU WDOO VWXGHQWV VKRUW VWXGHQWV RU VWXGHQWV ZKR DWWHQGHG WKHLU KLJK VFKRRO SURP GUHVVHG HQWLUHO\ LQ GXFW WDSH DV ZHOO DV IRU VWXGHQW GHYRWHHV WR UHOLJLRQV VXFK DV 3DJDQLVP DQG :LFFD WKURXJK WKH 6DFUHG :DWHUV FRYHQ 6HH 3DJH
7KH :HHN $KHDG
PRVWO\ VXQQ\
7XHVGD\
FORXG\
:HGQHVGD\
VXQQ\
7KXUVGD\
VXQQ\
)ULGD\
SDU WO\ FORXG\