FFKD KDUOD OODWD DWWD DQ FKDUODWDQ arrl a rlle et ’ independent i de epend pe ende nd d dent ent e nt weekly nt wee week we ek klly ly - since ssince 1945 1945 5 carleton’s
Disqualified
presented by carleton & ottawa
international
march 20, 2010
hilton lac-leamy | 6:00p
tickets: dinner $45.00 s doors 6p dessert $25.00 s doors 9p available at the cusa offi 18+ s black tie event
MARCH 3, 2010
SOUTHAM THEATRE B | 7:00PM | $10 STUDENTS | $20 NON-STUDENTS
>HU[ [V IL H
TICKETS AVAILABLE IN THE CUSA OFFICE (401 UC)
MHJPS&
FDQGLGDWHV '4
ęęĊĒĔėĊ
HV ZHUH WDOOLHG RQ E WKH ´8QLWHG ZDV GHFODUHG WKH \HDU·V &DUOHWRQ HQWV· $VVRFLDWLRQ VHFXULQJ DOO VL[
ZKR ZDV HOHFWHG KH DOUHDG\ KDV ELJ U LQ RIÀFH VH SODQV LQFOXGH DOO 5HDGLQJ :HHN H RI ERWWOHG ZDWHU PDNLQJ 6HSWHPEHU RQ ZHHN ELJJHU HYHU KH VDLG HSV WRZDUG WKLV J VWXGHQWV PRUH RYLGLQJ FDQWHHQV DLODEOH WKURXJK WKH LG 'LQD 6NYLUVN\ HFW VWXGHQW
$·V FXUUHQW YLFH HQW OLIH EHDW RXW H PHPEHU 1LFN LV FXUUHQWO\ YLFH HQW LVVXHV E\ D H WKDQ YRWHV FDVW LQ WRWDO LV ´KDSS\ WR KDYH ZLWK PH µ GHU ZDV UH HOHFWHG ÀQDQFH GHIHDWLQJ \ D PDUJLQ RI PRUH
DWH PHPEHUV QDT 6NYLUVN\ DQG
ćĞ ĆēĊ ĊėĘęĊė Ćēĉ ēĉėĊĜ ĆėčĆĒ
%75# GZGEWVKXG GNGEVKQP YKPPGTU ³7PKVGF %CTNGVQP ´ ENQEMYKUG HTQO WRRGT NGHV /GGTC %JCPFGT #NGZ 5KTQKU 5CO *GCVQP -JCNFQQP $WUJPCS %JTKU +PHCPVT[ CPF &KPC 5MXKTUM[ cc 7/6;6 )@ (:/3,@ 4,;A.,9
6DP +HDWRQ ZHUH DOO HOHFWHG E\ PRUH WKDQ YRWHV RYHU WKHLU ´$ %HWWHU 'HDOµ FRXQWHUSDUWV WR WKH SRVLWLRQV RI YLFH SUHVLGHQW LQWHUQDO YLFH SUHVLGHQW VWXGHQW LVVXHV DQG YLFH SUHVLGHQW VWXGHQW VHUYLFHV UHVSHFWLYHO\ 9LFH SUHVLGHQW VWXGHQW OLIH FDQGLGDWH &KULV ,QIDQWU\ FUXVKHG KLV FRPSHWLWRU $OL]D 9LUDQL E\ D PDUJLQ RI RYHU YRWHV <XOLDQ ,KQDW\XN WKH RQO\ LQGHSHQGHQW FDQGLGDWH RQ WKH EDOORW UHFHLYHG YRWHV LQ KLV
ELG IRU YLFH SUHVLGHQW LQWHUQDO 6LURLV VDLG KH KDV DOUHDG\ VWDUWHG ZRUN RQ IXUWKHULQJ WKH 8 3DVV ZKLFK &DUOHWRQ XQGHUJUDGXDWHV YRWHG SHU FHQW LQ IDYRXU RI LQ D UHIHUHQGXP 6NYLUVN\ VDLG VKH ZDV YHU\ SDVVLRQDWH DERXW ZRUNLQJ RQ FUHDWLQJ D VXSSRUW FHQWUH IRU VH[XDO DVVDXOW DV ZHOO DV ÀJKWLQJ WXLWLRQ LQFUHDVHV WKURXJK OREE\LQJ DQG FDPSDLJQLQJ
&DQGLGDWHV DUH FU\LQJ IRXO DIWHU VWXGHQWV UXQQLQJ IRU &DUOHWRQ 8QLYHUVLW\ 6WXGHQWV· $VVRFLDWLRQ &86$ FRXQFLOORU SRVLWLRQV ZHUH GLVTXDOLÀHG )HE GXH WR SUREOHPV ZLWK WKHLU FDPSDLJQ H[SHQVH UHSRUWV &KLHI HOHFWRUDO RIÀFHU &(2 6DJDO 2VPDQ VDLG WKH VWXGHQWV VXEPLWWHG UHFHLSWV WKDW ´ZHUHQ·W UHDO µ DV WKH\ ZHUH RQO\ W\SHG DQG GLGQ·W FRQWDLQ WD[ RU *67 LQIRUPDWLRQ %XW WKH GLVTXDOLÀFDWLRQV ZHUH XQIDLU DFFRUGLQJ WR .DLVKD 7KRPSVRQ D GLVTXDOLÀHG FDQGLGDWH IRU WKH )DFXOW\ RI $UWV DQG 6RFLDO 6FLHQFHV )$66 LQ SDUW EHFDXVH FDQGLGDWHV ZHUH JLYHQ QR ´VWUXFWXUH RQ KRZ >WKH HOHFWRUDO RIÀFH@ ZDQWHG UHFHLSWV µ
+RZHYHU GHVSLW VKH VDLG ´, DOVR VX NQRZ JRLQJ LQ WKDW KDSSHQ DQG QRERG\ ´, ZDV WROG WR H[ OLNH ÀJKWLQJ JUDYLW\ DJDLQVW WKHVH SHRSOH DGGHG &KULV *LOOHQ ZKR IRU UH HOHFWLRQ DV FRXQFLOORU VDLG KH GLVTXDOLÀFDWLRQV DU DERXW EDG EXGJHWLQJ ´, WKLQN HYHU\RQ SODQ RQ DSSHDOLQJ WK ZDQW WR VHH KRZ WKH PDQ\ DSSHDOV µ *LOOH ,Q 7KRPSVRQ·V F DIWHU VXEPLWWLQJ KHU UHSRUW LW ZDV ´ZLWKLQ WKDW WKH\ IRXQG VRP ZLWK P\ EXGJHW Z VXVSLFLRXV µ /LNH *LOOHQ 7K
° [MXL ½PIW JVSQ .SIP )EWX[SSH
Z PDVWHU·V GHJUHHV DW &8
đĆēĉ
LQWHUGLVFLSOLQDU\ DPV ZLOO H[SDQG SH RI VWXG\ LQ VHFXULW\ DQG H RI LQIUDVWUXFWXUH G LQWHUQDWLRQDO HG E\ WKH 1RUPDQ RI ,QWHUQDWLRQDO GHSDUWPHQW RI FLYLO QWDO HQJLQHHULQJ UHVSRQGLQJ WR UDO GLVDVWHUV DQG FXULW\ LVVXHV QJ WR EH ORRNLQJ HD RI WKUHDWV WKDW KDSSHQ DQ\ZKHUH D µ VDLG $EDVV DQW SURIHVVRU RI SURWHFWLRQ DQG XULW\ DGGUHVV WKHVH NLQJ DW WKHP IURP WDQGSRLQW DV ZHOO
WKDW XVHV SV\FKRORJ\ OLQJXLVWLFV SKLORVRSK\ DQG FRPSXWHU VFLHQFH WR ORRN DW KRZ DQLPDOV PDFKLQHV DQG KXPDQV WKLQN µ VDLG 'U -R $QQH /H)HYUH GLUHFWRU RI WKH LQVWLWXWH RI FRJQLWLYH VFLHQFH DW &DUOHWRQ ´3KLORVRSK\ DQG FRPSXWHU VFLHQFH FRPH DW SUREOHPV LQ PDQ\
GLIIHUHQW ZD\V &RJQLWLYH VFLHQFH PDNHV WKHP DSSUHFLDWH WKHVH GLIIHUHQW YLHZV µ /H)HYUH VDLG ´6RPHRQH ZKR KDV FRPH IURP DQ LQWHUGLVFLSOLQDU\ SURJUDP LV D ELW PRUH VHQVLWLYH WR GHDOLQJ ZLWK SHRSOH ZKR GR QRW DOO KDYH WKH VDPH SHUVSHFWLYH DV \RX GR µ /H)HYUH VDLG
7KH (GXFDWLRQ RI &KDUOLH %DQNV
(QT OQTG EQXGTCIG )UHG 'XUVW
/GODGTU QH VJG 6CW -CRRC 'RUKNQP HTCVGTPKV[ URGPV JQWTU QWVUKFG VJG /KPVQ %GPVTG (GD VQ JGNR QWV VJG 1VVCYC JQOGNGUU cc 7/6;6 )@ 9@(5 305+:,@
*GNRKPI VJG JQOGNGUU
&KUSWCNKHKGF %CPFKFCVG -CKUJC 6JQORUQP JCF TGUWDOKVVGF JGT TGEG VJG[ YGTG UVKNN PQV CEEGRVCDNG cc 796=0+,+
$OO VHYHQ )$66 FDQGLGDWHV ZHUH GLVTXDOLÀHG OHDYLQJ WKH IDFXOW\·V VHYHQ VHDWV YDFDQW &RXQFLO KDV IDFXOW\ UHSUHVHQWDWLYH VHDWV SOXV VL[ H[HFXWLYH VHDWV &KHOVHD 6DXYp ZKR KDG EHHQ UXQQLQJ IRU D )DFXOW\ RI 3XEOLF $IIDLUV VHDW VDLG VHYHUDO FDQGLGDWHV ZHUH FDOOHG LQWR D PHHWLQJ DURXQG S P )HE ZKHUH WKH\ ZHUH WROG WKHUH ZHUH VRPH PLVWDNHV ZLWK WKHLU EXGJHWV DQG JLYHQ XQWLO S P WR À[ WKHP 2VPDQ VDLG WKH FDQGLGDWHV FDOOHG WR WKH PHHWLQJ ´VXEPLWWHG UHFHLSWV WKDW ZHUH LQDFFXUDWH µ DQG DIWHU WKH S P GHDGOLQH WKH FDQGLGDWHV ZKR FKRVH WR UH VXEPLW WKHLU UHFHLSWV ´VXEPLWWHG UHFHLSWV WKDW ZHUH VWLOO LQDFFXUDWH WKHUHIRUH WKH\ ZHUH GLVTXDOLÀHG µ 7KRPSVRQ VDLG ZKHQ VKH
VKH EHOLHYHG EXGJH WKH WUXH PRWLYDWLRQ GLVTXDOLÀFDWLRQV ´0\ VXSSRUW Z %HWWHU 'HDO · (YHU\ GLVTXDOLÀHG ZDV VX %HWWHU 'HDO · µ VKH RSLQLRQ WKH\·UH WU\ &86$ µ 2VPDQ ÀUPO\ GHQL PRWLYHV WR WKH GLVTXD 'LVTXDOLÀHG FDQ 1HWWOHWRQ WKH RQO\ VWX IRU MRXUQDOLVP FRXQF GHFLVLRQ ´FDOOV LQWR OHJLWLPDF\ RI WKH HQW +H VDLG KH IHHOV PDQ\ XQDQVZHUHG T ´:H IROORZHG WK DQG GHVSLWH WKDW Z GLVTXDOLÀHG µ 1HWWOH 2VPDQ VDLG WK
MRXUQDOLVP VWXGHQW U ZLOO UXQ LQ WKH RQ 2FW 7KH WKLUG VDLG SUREOHPV ZLWK GPLQLVWUDWLRQ DUH D KLV GHFLVLRQ WR UXQ G PRVW FLW\ LVVXHV DUH ZHOO KDQGOHG WR EH WKDW WKH\¡UH G RQ WKH FRUSRUDWH RDFK ¾ G KH ZRXOG OLNH WR V SUREOHPV DQG EULQJ JHWKHU +H VDLG KH YH \RXQJHU UHVLGHQWV HUHVWHG LQ D \HDU RU FRXQFLOORU EXLOG D EX]] DPRQJ SOH \RX UHDOO\ ZDQW KR¡V VRUW RI JRLQJ IRU
UDLVHG LQ 2WWDZD H LVQ¡W ID]HG E\ KLV ULHQFH VLQFH ´HYHU\ ZLOO EH OHDUQLQJ WKHLU FK ¾ KLV ODFN RI SROLWLFDO DNHV KLP D ZRUWK\ FH KH LV DEOH WR OLVWHQ HG G D SULRULW\ RI KLV LV PHQWDOO\ IULHQGO\ GHUDO JRYHUQPHQW URSSHG WKH EDOO RQ
%JCTNKG 6C[NQT YCPVU VQ USWCUJ VJG 7 2CUU cc 7/6;6 )@ .9(5; 6@:;65
HQYLURQPHQWDO LVVXHV ¾ VDLG 7D\ORU ZKR EHOLHYHV LW¡V XS WR WKH PXQLFLSDOLWLHV WR OHDG E\ H[DPSOH 7D\ORU VDLG KH ZLOO IRFXV RQ FRPPXQLW\ LQYROYHPHQW ZLWK LVVXHV VXFK DV SXEOLF WUDQVLW ´7KH LVVXH LV QRW QHZ ¾ VDLG 7D\ORU EXW KH VDLG KH EHOLHYHV ´IUHVK EORRG¾ FRXOG EH WKH VROXWLRQ WR WKH FLW\¡V SUREOHPV ,Q D PRYH GLUHFWO\ DIIHFWLQJ &DUOHWRQ VWXGHQWV 7D\ORU VDLG KH LQWHQGV WR VTXDVK WKH 8 3DVV ´6WXGHQWV ZKR PDNH WKH HQYLURQPHQWDOO\ FRQVFLRXV GHFLVLRQ WR OLYH ZLWKLQ ZDONLQJ GLVWDQFH RI VFKRRO VKRXOG QRW VHH WKHLU WXLWLRQ JR XS SHU FHQW WR VXEVLGL]H WKRVH ZKR FKRRVH WR OLYH LQ 2UOHDQV RU .DQDWD ¾
7D\ORU VDLG KH LV DOVR FRQFHUQHG ZLWK VRFLDO LVVXHV ´:H FDQ GR D ORW PRUH WR PDNH WKH FLW\ PRUH IXQ Âľ KH VDLG 7D\ORU¡V FDPSDLJQ )DFHERRN JURXS VDLG KH ZLOO VXSSRUW &LW\ RI 2WWDZD SURJUDPV E\ WDNLQJ D SHU FHQW SD\ FXW 2QH RI KLV SULPDU\ FRQFHUQV KH VDLG ZLOO EH WR PDNH 2WWDZD D PRUH ´FLWL]HQ IULHQGO\Âľ SODFH DQG WKDW KH ZDQWV WR JHW VRPH QHZ SHUVSHFWLYHV 7D\ORU VDLG KH KRSHV WKLV ZLOO JHW \RXQJ SHRSOH RXW WR YRWH DQG JHW LQYROYHG LQ PXQLFLSDO SROLWLFV ´, ZDQW WR PDNH D JUHHQHU KDSSLHU KHDOWKLHU ZHDOWKLHU FLW\ Âľ Â&#x2030;
6WXGHQWV LQWHUHVWHG LQ FKHFNLQJ RXW VHULHV UDQJLQJ IURP V WHQQLV PHORGUDPD $LP IRU WKH $FH DQG V JLDQWV URERW DFWLRQ VXFK DV $UPRUGHG 7URRSHU 927206 WR PRUH UHFHQW SURGXFWLRQV VXFK DV WKH VXSHUQDWXUDO P\VWHU\ 8PLQHNR 1R 1DNX .RUR 1L RU WKH KHDUW ZDUPLQJ URPDQWLF FRPHG\ .LPL 1L 7RGRNH FDQ JHW WKHLU Ă&#x20AC;OO ZLWK &DUOHWRQ¡V DQLPH FOXE $QLPH#&DUOHWRQ $#& ZLOO EH KRVWLQJ VFUHHQLQJV IRU VWXGHQWV LQ 6W 3DWULFN¡V %XLOGLQJ )HE ´7KH PDLQ JRDO LQ VHOHFWLQJ VKRZV LV WR FKRRVH WKLQJV SHRSOH KDYHQ¡W OLNHO\ VHHQ \HW DQG WR KDYH VRPH YDULHW\ Âľ FR SUHVLGHQW 0F&DQQ VDLG &XUUHQWO\ WKH FOXE KDV URXJKO\ PHPEHUV DQG ZLWK PHPEHUVKLS IHHV DEROLVKHG WKLV \HDU ´WKHUH DUH QR UHVWULFWLRQV RQ ZKR FDQ DQG FDQ¡W FRPH Âľ VDLG FOXE SUHVLGHQW &UDLJ 0DF(DFKHUQ ´2XU HYHQWV DUH RSHQ WR DQ\RQH ZKHWKHU LW¡V VWXGHQWV IURP &DUOHWRQ RU DQRWKHU VFKRRO RU WKH JHQHUDO SXEOLF Âľ 0DF(DFKHUQ VDLG ,Q LWV QLQWK \HDU $#& LV GHYRWHG WR WKH H[SRVXUH RI DQLPH DQG ZHOFRPHV DQ\RQH ZKR ORYHV RI WKH DQLPDWLRQ RU VLPSO\ ZDQWV WR FRPH RXW DQG HQMR\ VRPH TXDOLW\
WKDW RULJLQDWHG L VWDUW RI WKH WK WKH V -DSDQH LQĂ XHQFHG E\ Ă&#x20AC;OPV $QLPH W\ FKDUDFWHUV ZLWK ODU HORQJDWHG OLPEV D IDFLDO H[SUHVVLRQV ´>$#&@ LV D JR SHRSOH ZLWK VLPLO VHH VKRZV , PLJK FKHFN RXW RQ P\ VDLG &XUUHQWO\ $# GHYRWHG WR WKH VFU SURJUDPV ZKLFK YHQXHV DURXQG VKRZLQJV DUH KHO DQG XVXDOO\ UXQ IR GD\ ´$QLPH KDG DSSHDOHG WR PH P ZHUH JHQHUDOO\ P WKDQ ZKDW WKH 1 PDUNHW ZDV 0DF(DFKHUQ VDLG JHQUH DQG FDQ UHD IURP D OLJKW Ă XII\ VHULHV WKDW KDV OLQHV Âľ 1RW RQO\ LV WRZDUGV FKLOGUHQ SURJUDPV WKDW DS DQG ROGHU DXGLHQF
As a student, youâ&#x20AC;&#x2122;re thinking: â&#x20AC;&#x153;One day, Iâ&#x20AC;&#x2122;ll get my hands on some real money.â&#x20AC;? Howâ&#x20AC;&#x2122;s March 17, 2010?
Eâ&#x20AC;&#x2122;S HOW IT WORKS sign up at cga-ontario.org/contest btain a user name, password, and se your level of difficulty for the st by Tuesday, March 16, 2010. Wednesday, March 17, 2010 login p.m. ompetition begins promptly at . (on that same day) and lasts our. ility is restricted to students ntly enrolled at an Ontario rsity or college.
OSE YOUR LEVEL HALLENGE
A REWARDING EXPERIENCE
Basic and Intermediate: 100 Multiple Choice Financial Accounting Questions 1st place = $4,000 cash and a $5,000 scholarship towards the CGA program of studies. 2nd place = $2,000 cash and a $5,000 scholarship towards the CGA program of studies. 3rd place = $1,000 cash and a $5,000 scholarship towards the CGA program of studies.
Intermediate and Advanced:
3rd place = $1,500 cash and a $5,000 scholarship towards the CGA program of studies. EVEN MORE INCENTIVE TO WIN The university or college that boasts a first-place winner in either level receives a donation of $5,000 from CGA Ontario awarded to its accounting department.
worth $1,000 towards the CGA will be awarded to the winning from each institution that has s registered.
SIGN UP TODAY Additional information about th and the rules and regulations is at cga-ontario.org/contest.
INDIVIDUAL INSTITUTION PRIZES A cash prize of $100 and a scholarship
CGA ONTARIO ONLINE ACCOUNTING CON FOR UNIVERSITY & COLLEGE STUDENTS.
HYHORSLQJ D QHZ WHP 2& 7UDQVSR WR SD\ WKHLU IDUH DYDLODEOH DV HDUO\
:LONLQVRQ WKH H FRPPLWWHH DQG DQDWD 1RUWK VDLG ZRXOG RQO\ EH DEOH LW IDUH LQLWLDOO\ LW \ H[SDQG WR RWKHU
ZH KRSH WR KDYH U D ORW RI RWKHU G ´<RX FRXOG GR Q IRU UHFUHDWLRQ KH FLW\ ZLWK LW \RX RXU SDUNLQJ DW WKH UV ZLWK LW µ G WKH SDVV ZRXOG QFH SHRSOH ZRXOG LU FDUGV XS RQOLQH OLQH XSV DQG OHVV DFURVV WKH FLW\ WR
J WKHVH VPDUW FDUGV DSSUR[LPDWHO\ HLYLQJ D JUDQW IRU W IURP WKH 2QWDULR
WR :LONLQVRQ YHPHQW ZLOO DOORZ HLU VPDUW FDUGV LQ DULR FLWLHV
VDLG 7KH SURYLQFH SXW LW WRJHWKHU DQG WKHUH DUH VHYHQ RU HLJKW RI XV DOWRJHWKHU VR \RX·G EH DEOH WR XVH WKLV VPDUW FDUG LQ GLIIHUHQW FHQWUHV LI \RX KDYH PRQH\ IRU LW µ 7KH VPDUW FDUGV ZRXOG DOVR VSHHG XS SHRSOH JHWWLQJ RQ DQG RII WKH EXV DQG ZRXOG UHGXFH IUDXG
,W ZRXOG EH D KXJH EHQHÀW KH VDLG ´:KHQ VWXGHQWV JR KRPH IRU WKH KROLGD\V WR D GLIIHUHQW FLW\ WKH\·OO EH DEOH WR XVH WKH WUDQVLW V\VWHP WKHUH µ :LOL 0DUWLQ D ÀUVW \HDU FRPSXWHU V\VWHPV HQJLQHHULQJ VWXGHQW DW &DUOHWRQ VDLG KH
µ
<RX FRXOG GR \RXU UHJLVWUDWLRQ IRU UHFUHDWLRQ SURJUDPV ZLWK WKH FLW\ ZLWK LW \RX FRXOG SD\ IRU \RXU SDUNLQJ DW WKH QHZ VPDUW PHWHUV ZLWK LW ³ 0DULDQQH :LONLQVRQ YLFH FKDLU &LW\ RI 2WWDZD WUDQVLW FRPPLWWHH UHVXOWLQJ IURP VWROHQ RU PLVXVHG SDVVHV %XW D SRVVLEOH SUREOHP ZLWK WKLV :LONLQVRQ DGGHG LV WKH VPDUW FDUG PLJKW RQO\ GHWHFW IUDXG IRU D VKRUW WLPH DIWHU LWV ODVW XVH ´,W ZRXOG SLFN XS FHUWDLQ W\SHV RI IUDXG EXW LI \RX XVHG LW LQ WKH PRUQLQJ DQG VRPHERG\ HOVH XVHV LW DW QLJKW ,·P QRW VXUH WKDW LW ZRXOG SLFN WKDW XS µ VKH VDLG 7KH SDVV ZRXOG KDYH VLJQLÀFDQW DGYDQWDJHV IRU VWXGHQWV VDLG &86$ YLFH SUHVLGHQW LQWHUQDO DIIDLUV &DPHURQ 0F.HQ]LH 7KH VPDUW FDUG·V ÁH[LELOLW\ FRXOG
LV FRQFHUQHG ZLWK WKH NLQG RI UHSODFHPHQW SROLF\ 2& 7UDQVSR ZLOO RIIHU LI D SHUVRQ ORVHV WKHLU SDVV DQG ZKDW ZLOO RFFXU LI FDUGV DQG FDUG UHDGHUV PD\ PDOIXQFWLRQ 'HVSLWH WKHVH LVVXHV KH VDLG KH VXSSRUWV WKH GLUHFWLRQ WDNHQ ´, WKLQN LW·V DERXW WLPH , PHDQ PDQ\ RWKHU FLWLHV KDYH VPDUW FDUG V\VWHPV LQ SODFH DQG , IHHO 2WWDZD LV VRUHO\ ODFNLQJ LQ WKDW WKH\ GRQ·W KDYH RQH \HW µ 0DUWLQ VDLG ´, UHDOO\ WKLQN WKDW DXWRPDWLRQ LV VRPHWKLQJ WKDW WUDQVLW FRXOG EHQHÀW IURP JUHDWO\ µ
$25 weekend pass.
udes bus transportation for Friday evening game.
For tickets visit:
ENS .EST 7ELCOME #ENTRE (OUSE 7ELCOME #ENTRE 3! OFlCE ERIA
ON SALE NOW!
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ÀQDO KXUGOH DQG ZLOO EHJLQ DV D SLORW SURMHFW IRU VWXGHQWV RI ERWK VFKRROV LQ 6HSWHPEHU 2& 7UDQVSR IDUHV ZLOO LQFUHDVH SHU FHQW 0DUFK EULQJLQJ WKH FRVW RI VWXGHQW PRQWKO\ SDVVHV WR ,QGLYLGXDO EXV WLFNHWV ZLOO FRVW FHQWV PRUH DQG WKH 2 7UDLQ IDUH ZLOO ULVH WR 7KH KLNH FRPHV DIWHU DQRWKHU SHU FHQW KLNH WKLV SDVW -XO\ ° 1IPMWWE 2SZEGEWOE ERH .SIP )EWX[SSH
0RUH WKDQ VW UHJLVWHUHG ZLWK &DU /DQJXDJH ([FKDQJ FUHDWHG E\ WKH , 6WXGHQW 6HUYLFHV 2IÀ 7KH SURJUDP LV DQ IRU &DUOHWRQ VWXGHQW DQG VKDUH WKHLU ODQJX ´6SDQLVK &KLQHV DQG 5XVVLDQ DUH Y ODQJXDJHV H[FKDQ 0DULD *DUFLD FR R LQWHUFXOWXUDO SURJUDP 6WXGHQWV VHHNLQJ GHSWK DQG SHUVRQDO VXSSOHPHQWLQJ WKHLU RI RWKHU ODQJXDJHV QHZ ZD\ WR GLYH LQWR 7KLV SURJUDP JLY WKH RSSRUWXQLW\ WR FR RUGLQDWH D PXWX H[SHULHQFH *DUFLD VD $SSOLFDQWV DUH S GDWDEDVH ZKHUH WKH\ ZLWK RWKHU DSSOLFDQ WKHLU QHHGV DQG FULWHU WR *DUFLD ´,W·V D IDQWDVWLF RSS VWXGHQWV RI GLIIHUHQW E WR LQWHUDFW LQ D FXOWXUD *DUFLD VDLG
ćĞ ĎęęĞ Ĕ
UJQYU /E)KNN UVWFGPV #OCPFC )CTDWVV VGCEJKPI HGNNQY UVWFGPVU JQY VQ EQQM
Ċė
QLYHUVLW\ VWXGHQWV $PDQGD $SULO (QJHOEHUJ ERWK RZQ FRRNLQJ VKRZ 7KH +RW DLUHG UHJXODUO\ RQ 790F*LOO
D IRXUWK \HDU (QJOLVK PDMRU ULHQG *DUEXWW ZLWK JHWWLQJ KHU FRRNLQJ 6KH VDLG VKH ZDQWHG LQJ VKRZ DQG VKH ZDQWHG WKH FLRORJ\ PDMRU WR EH WKH ´VWDU µ LV GHVLJQHG WR EH DFFHVVLEOH HQWV &RRNLQJ HTXLSPHQW LV EDVLFV FXWWLQJ ERDUGV NQLYHV QG SDQV (DFK HSLVRGH LV DOVR LQXWHV KLQN VWXGHQWV DUH ZLOOLQJ WR RQJHU µ (QJHOEHUJ VDLG LQLWLDOO\ DQ DUWV SURGXFHU IRU YLWHG WKH RWKHU H[HFXWLYHV WR UWPHQW IRU D PHHWLQJ *DUEXWW FRXUVH PHDO WKDW DPD]HG JHOEHUJ VDLG QG , WHDPHG XS DV FR SURGXFHUV K LW µ V MXVW D ´PDWWHU RI JLYLQJ WKH G ZLSH GRZQ EHIRUH VKRRWLQJ µ
7KH UHVXOW ZDV 7KH +RW 3ODWH 7KH VKRZ LV FXUUHQWO\ LQ LWV VHFRQG VHDVRQ DQG HSLVRGHV FDQ EH YLHZHG RQOLQH DW ZZZ WKHKRWSODWH QHW DQG ZZZ WYPFJLOO FRP 7KH\ VDLG WKH UHVSRQVH IURP 0F*LOO VWXGHQWV KDV EHHQ YHU\ SRVLWLYH ´3HRSOH OLWHUDOO\ FDOO >*DUEXWW@ WH[W KHU ZLWK WKH PRVW REVFXUH FRRNLQJ TXHVWLRQV $QG , GR LW WR KHU DOO WKH WLPH ,·P WKH ZRUVW µ (QJHOEHUJ VDLG (QJHOEHUJ VDLG VKH NQRZV WKHUH DUH SUREOHPV ZLWK VWXGHQWV· GLHWV EXW WKDW ZDVQ·W D IDFWRU LQ VWDUWLQJ XS WKH VKRZ ´, ZDVQ·W WKLQNLQJ ¶2K ,·P JRLQJ WR VDYH 0F*LOO DQG PDNH WKHP KHDOWK\ · RU DQ\WKLQJ µ *DUEXWW VDLG VKH WKLQNV WKH PDLQ LVVXH ZLWK VWXGHQW GLHWV WRGD\ LV WLPH PDQDJHPHQW ´6WXGHQWV HLWKHU GRQ·W UHDOL]H WKDW WKH\ KDYH WKH WLPH WR VSHQG PLQXWHV LQ WKH NLWFKHQ RU WKH\ GRQ·W ZDQW WR FRPPLW WKH WLPH WR OHDUQLQJ DERXW ZKDW·V PRUH EXGJHW IULHQGO\ µ (QJHOEHUJ DQG *DUEXWW DUH VHW WR JUDGXDWH WKLV \HDU EXW ZRXOG VWLOO OLNH WR NHHS WKH VKRZ JRLQJ &XUUHQWO\ WKH\ DUH SLWFKLQJ WKH VKRZ WR D YDULHW\ RI GLIIHUHQW QHWZRUNV LQFOXGLQJ 0XFK 0XVLF 079 DQG WKH )RRG 1HWZRUN *DUEXWW VDLG
&RPH WR RXU RIÀFH DW 8QLFHQWUH DQG ZLQ JUHDW
'HVSLWH WKH LQFUHDVLQJ IDLOXUH UDWH RI WKH 8QLYHUVLW\ RI :DWHUORR·V PDQGDWRU\ (QJOLVK HQWUDQFH H[DP 8 RI :·V (QJOLVK /DQJXDJH 3URÀFLHQF\ 3URJUDP (/33 VDLG DOO XQLYHUVLWLHV VKRXOG KDYH WKH H[DPV 7KLUW\ SHU FHQW RI ÀUVW \HDU VWXGHQWV GR QRW SDVV WKH (/3 ([DP XS IURP SHU FHQW ÀYH \HDUV DJR DFFRUGLQJ WR SURJUDP PDQDJLQJ GLUHFWRU $QQ %DUUHWW (YHQ VR %DUUHWW VDLG DOO XQLYHUVLWLHV VKRXOG LPSOHPHQW WKH H[DP FXUUHQWO\ XQLTXH WR 8 RI : WR HQVXUH VWXGHQWV KDYH WKH QHFHVVDU\ ZULWLQJ VNLOOV IRU DFDGHPLF VXFFHVV 'LUHFWRU 5XPPDQD .KDQ +HPDQL RI 6LPRQ )UDVHU 8QLYHUVLW\·V DFDGHPLF DGYLVLQJ VHHV WKH VDPH GHFOLQH LQ (QJOLVK SURÀFLHQF\ DW 6)8 ZLWK RQH LQ QHZ VWXGHQWV QRW TXDOLÀHG WR WDNH WKH PDQGDWRU\ ZULWLQJ FRXUVHV QHHGHG IRU JUDGXDWLRQ DFFRUGLQJ WR &1HZV ´7KHUH KDV EHHQ WKLV JHQHUDO VHQVH LQ WKH ODVW WZR RU WKUHH \HDUV WKDW ZH DUH ÀQGLQJ PRUH VWXGHQWV DUH VWUXJJOLQJ LQ WHUPV RI ODQJXDJH SURÀFLHQF\ µ +HPDQL WROG &1HZV $FFRUGLQJ WR 7KH -RXUQDO (/33 FRVWV 8 RI : SHU VWXGHQW QRW LQFOXGLQJ WXWRULQJ FRVWV ´,W·V XS WR WKH XQLYHUVLW\ WR GHFLGH LI WKH\ FDQ DGPLQLVWHU WKH H[DP DQG DOVR ZKDW WR GR ZLWK WKH VWXGHQWV ZKR IDLO µ %DUUHWW VDLG 7KH H[DP LV D FKRLFH RI RQH RI WKUHH HVVD\ TXHVWLRQV DQG VWXGHQWV PXVW RUJDQL]H WKHLU
DQVZHU LQWR IRXU WR ÀYH SD VDLG $OO VWXGHQWV PXVW VFRUH DW JUDGH VHW E\ WKHLU IDFXOW\ E\ RUGHU WR VWXG\ DW 8 RI : ) IDLO (/33 RIIHUV IUHH WXWRULDO &HQWUH SULRU WR UHZULWLQJ %DUUHWW VDLG WKHUH KDV EHH WR H[SODLQ ZK\ VR PDQ\ VWX VLPSOH H[DP µ +RZHYHU ODF PD\ EH D IDFWRU ´,Q WDONLQJ WR VWXGHQWV FOXHV 6RPHWLPHV LW·V QHUYH QRW XQGHUVWDQGLQJ ZKDW WKH QRW WDNLQJ WKH H[DP VHULRXVO\ 6KH VDLG VKH GRHV QRW IRUXPV VXFK DV )DFHERRN 7Z WH[WLQJ ³ DOO QRWRULRXV IRU LP XVH ³ DIIHFW WKH IDLOXUH UDWH ´:KDW ZH GR NQRZ IR VWXGHQWV NQRZ ZKHUH WR VHSD WKH\ XVH LQ VRFLDO VHWWLQJV VHWWLQJV µ %DUUHWW VDLG PRUH HGXFDWLR FDQ LPSURYH WKH VXFFHVV UDW WULHV WR PDNH LWV ZHEVLWH DV F SRVVLEOH XSORDGLQJ WKH PDU DFWXDO H[DP TXHVWLRQV IRU VWX (/33 LV DOVR FRQVLGHULQJ LQFUH WLPH IURP WR PLQXWHV %DUUHWW VDLG VKH FDQ RQO\ HQ WR XVH WKH :ULWLQJ &HQWUH ,W VWXGHQWV· UHVSRQVLELOLW\ WR VH
(=,5: ;(2, -30./; 05 73(@6--:
O\ )LUVW 1DWLRQV VFKRRO PD\ VRRQ QFLDO VFDQGDOV DQG FKRRO ERDUG WKH HQW VDLG QGLDQ $IIDLUV DQG HORSPHQW &KXFN G )HE WKDW WKH RI )LUVW 1DWLRQV &DQDGD )18& U ODVW VFKRRO \HDU 7KH IHGHUDO DQG UQPHQWV UHMHFWHG RQ RI WKH VFKRRO·V J DIWHU WKH VFKRRO RZ D PDLQVWUHDP ÀYH \HDUV DS D IRXUWK \HDU XGHQW WROG &%& LYHUVLW\ RI 5HJLQD DWLYH IRU KHU EXW LW KH VDPH TXDOLW\ DQG HHW KHU VWDQGDUGV OLQ ZKR DWWHQGHG VDLG KH ZDV KHDU WKH QHZV WKH SODFH ZKHUH KH DQG IHOW FRQQHFWHG 0DLO UHSRUWHG WKH VNDWFKHZDQ ,QGLDQ ZDV IRUPLQJ D QHZ UV DIWHU DOOHJDWLRQV PHPEHUV UHFHLYLQJ
YDFDWLRQ OX[XULHV 7KRXJK WKHVH DOOHJDWLRQV ZHUH ODWHU GLVSURYHQ DFFRUGLQJ WR WKH *OREH WKH VFKRRO ZDV DVNHG UHSHDWHGO\ WR UHIRUP 1RW DOO PHPEHUV VDLG WKLV ZDV IDLU 2Q )HE 6WUDKO DQG 0LQLVWHU RI $GYDQFHG (GXFDWLRQ 5RE 1RUULV VDLG )18& FRXOG VWD\ RSHQ LI 8 RI 5 DVVXPHG UHVSRQVLELOLW\ IRU IXQGLQJ DQG PDQDJHPHQW 7KH *OREH UHSRUWHG IHGHUDO DQG SURYLQFLDO JRYHUQPHQWV ZRXOG DOVR KDYH WR KROG YRWLQJ SRZHU RQ WKH VFKRRO·V ERDUG RI GLUHFWRUV 1RUULV VDLG WKH JRYHUQPHQW ZRXOG ZULWH D FKHTXH GLUHFWO\ WR 8 RI 5 QRW WR )18& ´, XQGHUVWDQG WKDW WKHVH DUH GLIÀFXOW WLPHV IRU VWXGHQWV DQG IDFXOW\ 0\ SULPDU\ LQWHUHVW LV WR HQVXUH WKDW VWXGHQWV DUH DEOH WR FRPSOHWH WKHLU DFDGHPLF \HDU µ 6WUDKO WROG WKH &DQDGLDQ 3UHVV )6,1 &KLHI *X\ /RQHFKLOG VDLG KH ZDV VDWLVÀHG E\ WKH GHFLVLRQV PDGH WKXV IDU ´,·P D ÀUP EHOLHYHU WKDW QR RQH·V HYHU UHDOO\ LQ FRQWURO 2XU FUHDWRU·V LQ FRQWURO µ /RQHFKLOG WROG &%& 0RUH DQQRXQFHPHQWV UHJDUGLQJ WKH VFKRRO·V IXWXUH DUH GXH 0DUFK )XQGLQJ ZLOO VWRS E\ $SULO
" " !
" " " # "
DQG IDFXOW\ GLSSHG GRGJHG DQG GXFNHG DW WKH 8QLYHUVLW\ RI $OEHUWD )HE WR EUHDN D *XLQQHVV :RUOG 5HFRUG DQG PDNH GRGJH EDOO KLVWRU\ 7KH HYHQW EURNH WKH UHFRUG IRU WKH ODUJHVW QXPEHU RI SOD\HUV LQ D GRGJH EDOO JDPH 7KH UHFRUG ZDV SUHYLRXVO\ KHOG E\ 6DQ 'LHJR 6WDWH 8QLYHUVLW\ ZLWK SOD\HUV LQ D JDPH 5HVHPEOLQJ D VFHQH IURP 'RGJHEDOO $ 7UXH 8QGHUGRJ 6WRU\ SDUWLFLSDQWV JDWKHUHG LQ WKH XQLYHUVLW\·V %XWWHUGRPH 8QLYHUVLDGH 3DYLOLRQ WR KXUO UHG IRDP EDOOV DW WKHLU RSSRQHQWV 7KH SOD\HUV ZHUH GLYLGHG LQWR JROG DQG JUHHQ WKH XQLYHUVLW\·V FRORXUV ZLWK PDWFKLQJ 7 VKLUWV DQG KHDGEDQGV ´, ZDV UHDOO\ H[FLWHG JRLQJ LQWR LW , NQHZ ZH ZHUH HLWKHU JRLQJ WR IDLO
7 QH # JQUVGF VJG DKIIGUV FQFIG DCNN ICOG KP VJG YQTNF cc 7/6;6 *6<
DW WKH UHFRUG DWWHPSW FRPSOHWHO\ RU ZH ZHUH FRPSOHWHO\ JRLQJ WR EORZ LW RXW RI WKH ZDWHU µ VDLG %UHQQDQ 0XUSK\ H[WHUQDO DGPLQLVWUDWRU RI WKH /LVWHU 'RGJH %DOO /HDJXH 0XUSK\ KHOSHG RUJDQL]H WKH
HYHQW ZKLFK WRRN YROXQWHHUV DQG W SODQQLQJ
)RU D IXOO UHSRUW RQ WKH GRG
ZZZ FKDUODW
89LF ILQHG IRU IDOVH ILUH DODUPV ćĞ ĆęčđĊĊē đĆėĐ $ 9LFWRULD ÀUH GHSDUWPHQW KDV OHYLHG QHDUO\ LQ ÀQHV DJDLQVW WKH 8QLYHUVLW\ RI 9LFWRULD IRU D \HDU ORQJ VSUHH RI IDOVH DODUPV FRPLQJ IURP WKH FDPSXV UHVLGHQFHV 7KH ÀQHV DUH PHDQW WR EH D ZDUQLQJ WR IXWXUH SUDQNVWHUV EXW WKH ÀUH FKLHI VDLG SHQDOWLHV QHHG WR EH KDUVKHU ´,W·V QRW PXFK RI D GHWHUUHQW µ VDLG 6DDQLFK )LUH &KLHI 'DYH :DUG 7KH FLW\ LVVXHV D ZDUQLQJ DIWHU
WKH WKLUG IDOVH DODUP )LQHV DUH LPSRVHG DIWHU D IRXUWK IDOVH DODUP 7KH ÀUH FKLHI HVWLPDWHV WKDW SHU FHQW RI WKH FLW\·V WRWDO IDOVH DODUPV ODVW \HDU FDPH IURP 89LF UHVLGHQFHV 7KH SHQDOWLHV WR VWXGHQWV FDXJKW FDXVLQJ WKH IDOVH DODUPV UDQJH IURP D ÀQH WR HYLFWLRQ IURP UHVLGHQFH 89LF·V GLUHFWRU RI VWXGHQW VHUYLFHV -RHO /\QQ WROG &DQZHVW ´7KH ÀQHV FRPH GLUHFWO\ RXW RI WKH PRQH\ ZH XVH WR UHQHZ IDFLOLWLHV µ /\QQ VDLG
$W IRU HDFK VWXGHQWV ZRXOG KDY FDXVH DW OHDVW IDOVH XS LQ ÀQHV RQ (DFK WULS WKH ÀUH WR WKH XQLYHUVLW\ WDNH PLQXWHV ZLWK D PL WKH EXLOGLQJ DFFRUGLQ +H VDLG D IDOVH D IURP 89LF HQGV XS 6DDQLFK )LUH 'HS DYHUDJH RI PLQXW $OWRJHWKHU WKDW LV RY ZDVWHG WLPH
³ 5DELWD 6KDUIXGGLQ ILUVW \HDU SXEOLF DIIDLUV DQG SROLF\ PDQDJHPHQW VWXGHQW
´, GR FRQVLGHU P\VHOI IHPLQLVW , WKLQN WKDW WKHUH DUH D ORW RI LQHTXDOLWLHV WKDW H[LVW EHWZHHQ PHQ DQG ZRPHQ WKDW DUH HLWKHU YHU\ VXEWOH RU KDYH EHHQ QRUPDOL]HG :RPHQ KDYH ZRQ WKH ULJKW WR YRWH EXW ZH >KDYH@ WR VHH UHSUHVHQWDWLRQ LQ RXU SROLWLFDO LQVWLWXWLRQV µ
´1R , WRRN ZRPHQ·V VWXGLHV ILUVW VHPHVWHU DQG FRXOGQ·W VWDQG LW , FRXOGQ·W ILQG DQ\ FRQQHFWLRQ DW DOO , JUHZ XS ZLWK EURWKHUV DQG D ORW RI ER\V LQ P\ OLIH ,·YH QHYHU H[SHULHQFHG WKH LQHTXDOLWLHV , FDQ GR DQ\WKLQJ ER\V FDQ GR µ ³ 6KDXQD 'DO\ VHFRQG \HDU SV\FKRORJ\ VWXGHQW
´, GRQ·W NQRZ LI , FRQVLGHU P\VHOI D IHPLQLVW E\ FHUWDLQ GHILQLWLRQV , EHOLHYH LQ IHPLQLVP DORQJ WKH OLQHV RI JHQGHU HTXDOLW\ µ ³ 6RSKDOO 'XFK WKLUG \HDU MRXUQDOLVP VWXGHQW
´<HV EHFDXVH , EHOLHYH ZRPHQ VKRXOG EH DEOH WR KDYH WKH FKRLFH WR ZHDU ZKDWHYHU WKH\ ZDQW GR ZKDWHYHU WKH\ ZDQW DQG HQWHU DQ\ ILHOG WKH\ ZDQW $ JLUO FDQ EH D SUR ZUHVWOHU LI VKH ZDQWV ,I VKH WKLQNV VKH FDQ GR LW VKH FDQ GR LW µ ³ .DH 1KDQ WKLUG \HDU EXVLQHVV VWXGHQW
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u VRXUFH 3\JSVH 'EREHMER (MGXMSREV]
Ú B645H?4ELÚB9Ú4Ú:8A78EÚFGH7<8FÚ@4=BE/
VVRFLDWLRQ HOHFWLRQ , ZDV D EXW LW ZDV D WLPH ³ QRZ ZKHQ EHLQJ DQ DFWLYH SDUWLVDQ G UHOHYDQW HOHFWLRQ H[SHULHQFH FHLYHG FRQÁLFW RI LQWHUHVW ZLWK FV ,Q IDFW , ZDV KLUHG EHFDXVH DU ZLWK HOHFWRUDO UXOHV DQG DQG KDG VFUXWLQHHUHG HOHFWLRQV LV LV WKH W\SH RI H[SHULHQFH \RX OLWLFV DQG WKH RQO\ H[SHULHQFH H MRE RI DQ HOHFWRUDO RIÀFHU RQH EDVLF UXOH RI HOHFWLRQV LW·V EHUV PXVW DGG XS ,Q WKH FDVH &DUOHWRQ 8QLYHUVLW\ 6WXGHQWV· &86$ HOHFWLRQ XQIRUWXQDWHO\ )RU RQH WKHUH DUH PLVVLQJ FDVH DV PDQ\ DV EDOORW LV RQH WKDW LV ULSSHG ZLVH PDUNHG LQ D ZD\ WKDW LW YLGXDOO\ LGHQWLÀHG $V VXFK V DUH QRW FDVW UDWKHU WKH\ DUH NHSW VHSDUDWH IURP WKH EDOORW DQV ZH VKRXOGQ·W FRXQW WKHP J WKH YRWHV LQ WKH HOHFWLRQ WKH\ XQWHG RQ WRS RI WKH YRWHV FDVW RQVHTXHQWLDO WR RXU SXUSRVHV EDOORWV DUH DQRWKHU PDWWHU H DUH EDOORWV ZLWKRXW YDOLG YRWHV KH SHUVRQ PDUNHG WRR PDQ\ PDUNHG WKH EDOORW LQFRUUHFWO\ N DQ\RQH DW DOO /HW PH UHSHDW DOORWV VKRXOG EH FRXQWHG DV HUHIRUH HYHU\ EDOORW SODFHG LQ G EH FRXQWHG 7KH SROO FOHUNV
WDQ FODVVLILHGV
(VVD\ EORFNHG VWUHVVHG" S ZULWLQJ UHVHDUFKLQJ J \RXU DVVLJQPHQWV SDSHUV" :H DUH D QDO FRPSDQ\ ZLWK V H[SHULHQFH DVVLVWLQJ SUREOHP VROYH WKHLU
VL[ EDOORWV EDFN 7KH YRWHUV VKRXOG QRW KDYH EHHQ DOORZHG WR NHHS WKHLU EDOORWV ³ WKHP GRLQJ VR ZRXOG PDUN D VHULRXV ÁDZ LQ WKH SURFHVV $V D UHVXOW WKH UDFH IRU HYHU\ H[HFXWLYH SRVLWLRQ VKRXOG KDYH KDG WKH VDPH QXPEHU RI YRWHV FDVW +RZHYHU ZKHQ ZH DGG XS WKH WZR RU WKUHH FDQGLGDWH·V WRWDOV SOXV WKH UHMHFWHG EDOORWV ZH JHW D GLIIHUHQW QXPEHU RI YRWHV FDVW IRU HDFK SRVLWLRQ 7KHVH WRWDOV UDQJH IURP DV PDQ\ DV YLFH SUHVLGHQW VWXGHQW LVVXHV WR DV IHZ DV YLFH SUHVLGHQW VWXGHQW VHUYLFHV ³ D GLIIHUHQFH RI YRWHV :KDW LV WKH RIÀFLDO QXPEHU RI VWXGHQWV WKDW &86$ EHOLHYHV YRWHG" $QG ZKHUH GLG WKRVH PLVVLQJ YRWHV JR" ,I WKH QXPEHU RI VWXGHQWV WKDW YRWHG LV LQGHHG WKH KLJKHVW QXPEHU RI YRWHV FDVW LQ DQ\ UDFH WKHQ &86$ QHHGV WR DFFRXQW IRU WKH GLIIHUHQFH LQ HYHU\ UDFH ³ D PLVVLQJ YRWHV ,I 6DJDO 2VPDQ ZDVQ·W DZDUH RI DQ\ RI WKHVH WKLQJV WKHQ VKH QHYHU VKRXOG KDYH EHHQ KLUHG IRU KHU SRVLWLRQ ,I WKDW·V WKH FDVH &86$ QHHGV WR UHWKLQN WKH FULWHULD E\ ZKLFK LW KLUHV LWV HOHFWRUDO RIÀFHUV 5HJDUGOHVV D UHYLHZ QHHGV WR EH FRQGXFWHG RQ ZKDW KDSSHQHG LQ WKLV HOHFWLRQ ³ VSHFLÀFDOO\ ZKHUH WKRVH YRWHV GLVDSSHDUHG WR ³ *UDQW 'LQJZDOO WKLUG \HDU SXEOLF DIIDLUV DQG SROLF\ PDQDJHPHQW VWXGHQW
222 *X\ 2K VKH·V JRQQD JLYH KLP D EORZ MRE LQ WKH YDQ *X\ 'R \RX WKLQN VKH VSDW RU VZDOORZHG" *LUO :HOO ZKHUH ZRXOG VKH VSLW LQ D YDQ" *X\ , GXQQR" $ 7LP +RUWRQV FXS LW LV &DQDGD 222
:LVK \RX KDG EHHQ DW W GXULQJ \RXU 5HDGLQ *R RQOLQH IRU WKH LQVLGH ĆėčĆē ĊěďĎ DQG
%JCTNC$W\\
ĎęĈč ĆēĉĊēćĔėē J FRPPHQWDWRUV D SLHFH RI PDQXIDFWXULQJ RXWUDJ 7LJHU :RRGV VFD
*KIJGT .GCTPKPI
*X\ , KHDUG LQ PLOLWDU\ SULVRQ \RX KDYH WR JR RQ WKDW EUHDG DQG ZDWHU GLHW *LUO 2RK EXW , ORYH EUHDG
:K\ GRHV -HVXV TXHVWLR *RG" ĆėĆ ĔĚčĆ ZDQ
( PDLO PRUH FRQYRV WR RSHG#FKDUODWDQ FD
FKDUOD
&KDUODWDQ 3XEOLFDWLRQV ,QF ZLOO EH KLULQJ DQ HGLWRU LQ FKLHI IRU WKH \HDU )RU D OLVW RI GXWLHV DQG UHVSRQVLELOLWLHV VHH D FRQWUDFW DYDLODEOH DW WKH & DW 8QLFHQWUH ,I \RX DUH LQWHUHVWHG LQ DSSO\LQJ IRU HGLWRU LQ FKLHI \RX PXVW VXEPLW D UHVXP DQQRXQFLQJ \RXU LQWHQWLRQ WR UXQ DQG D OLVW RI SURSRVDOV WR $OH[DQGUD 6WDQJ WKH 2IÀFH &(2 DV SDUW RI WKH DSSOLFDWLRQ SDFNDJH E\ 0DUFK DW S P
&KDUODWDQ 3XEOLFDWLRQV ,QF ZLOO EH KLULQJ VHFWLRQ HGLWRUV IRU WKH S 7KH SRVLWLRQV DYDLODEOH DUH QHZV HGLWRUV QDWLRQDO HGLWRU IHDWXUHV HGL HGLWRULDO HGLWRU SHUVSHFWLYHV HGLWRU DUWV HGLWRU VSRUWV HGLWRU S JUDSKLFV HGLWRU &KDUODWDQ VWDII ZLOO DOVR EH HOHFWLQJ VWDII UHSUHVHQWDWLYHV RI GLUHFWRUV DW WKLV WLPH $ IXOO GHVFULSWLRQ RI HDFK VHFWLRQ HGLWRU·V GXWLHV DQG UHVSRQVLELOLWLHV DQG WKRVH VHQWDWLYHV FDQ EH IRXQG LQ &KDUODWDQ 3XEOLFDWLRQV ,QF ·V FRQWUDFWV DYDLODEOH LQ WKH ,I \RX DUH LQWHUHVWHG LQ DSSO\LQJ IRU DQ\ SRVLWLRQ \RX PXVW VXEPLW D FRYHU O \RXU LQWHQWLRQ WR UXQ WR $OH[DQGUD 6WDQJ &KLHI (OHFWRUDO 2IÀFHU &(2
([DPSOHV RI SDVW SRVLWLRQ SDSHUV IRU DOO SRVLWLRQV DUH SRVWHG LQ WKH &KDUODWDQ FHQWUH 7KH OHWWHU PXVW LQFOXGH \RXU IXOO QDPH PDLOLQJ DGGUHVV WHOHSKRQH QX DGGUHVV HV DQG YDOLG &DUOHWRQ VWXGHQW ,' QXPEHU <RX PXVW DOVR LQFOXGH D VLJ HPSOR\PHQW DW WKH &KDUODWDQ GDWHG 0D\ IRU H LQ F DQG IRU VHFWLRQ HGLWRU D FRQWUDFWV ZLOO EH DYDLODEOH LQ WKH &KDUODWDQ RIÀFH RU IURP WKH &(2 GXULQJ WKH QR )HEUXDU\ 0DUFK IRU H LQ F DQG )HEUXDU\ 0DUFK IRU VHFWLRQ HGLWRUV &RPSOHWHG DSSOLFDWLRQV PXVW EH VXEPLWWHG E\ 0DUFK DW S P ORFDO WLP 0DUFK DW S P IRU VHFWLRQ HGLWRUV 1R ODWH DSSOLFDWLRQV ZLOO EH DFFHSWHG $SS GURSSHG RII DW WKH &KDUODWDQ RIÀFH GXULQJ UHJXODU EXVLQHVV KRXUV 4XDOLÀHG H LQ F FDQGLGDWHV ZLOO JLYH D VSHHFK WR WKH HOHFWRUV DQG DQVZHU TXHVWL S P 4XDOLÀHG VHFWLRQ HGLWRU FDQGLGDWHV ZLOO JLYH D VSHHFK WR WKH HOHFWRUV DQG DQVZ 0DUFK DW S P RU 0DUFK DW D P 9RWLQJ ZLOO RFFXU 0DUFK H LQ F D VHFWLRQ HGLWRUV LQ WKH 2PEXGV 2IÀFH 8QLFHQWUH 5HVXOWV IRU WKH H LQ F HOH QRXQFHG 0DUFK DW S P DQG UHVXOWV IRU WKH VHFWLRQ HGLWRUV ZLOO EH DQQRXQFHG 0 4XDOLÀ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
/6$7 0&$7 *0$7 *5( 3UHSDUDWLRQ 6HPLQDUV Ŗ &RPSOHWH +RXU 6HPLQDUV Ŗ &RQYHQLHQW :HHNHQG 6FKHGXOH Ŗ 3URYHQ 7HVW 7DNLQJ 6WUDWHJLHV Ŗ ([SHULHQFHG &RXUVH ,QVWUXFWRUV Ŗ &RPSUHKHQVLYH 6WXG\ 0DWHULDOV Ŗ 6LPXODWHG 3UDFWLFH ([DPV
Q ] I D V S
QHZV QDWLRQDO IHDWXUHV DUWV VSRUWV SKRWR
$EUDKDP 9LFWRULD I D S
$GOHU -RUGDQ D
$OERQ '\ODQ S
$UPVWURQJ -HDQQH DOO
%DODGDG 3RUWLD S
%DZDJDQ -XDQLWD D
%HDXGHWWH .DWHO\Q I D
%ODFNEXUQ /DXUHQ ] V S
%OHQNDUQ 0DWW Q ]
&KLQ -HVVLFD Q ]
&KXUFK 0DULD S
'DQRZVNL :\DWW DOO
*URQKRYG -HVVH Q
+D %HOLQGD Q ]
+DJJHUW $OH[DQGUD Q ] V S
+DQQD\ &KULV Q ]
+DPLOWRQ 6FRWW Q
+DUULV &ROLQ D
+DVKDP $O\VKDK V
+LOO $QGUHD DOO
+XJ ,ULV Q
-DNREVFKXN /DXUD ]
-RKQVRQ -XOLD DOO
-RKQVRQ 7DOEHUW DO
-RKQVWRQ /DULVVD DOO
.HDUQH\ 0LWFKHOO D
.RQJ 9DOHULH Q ]
.UHW]HO /DVLD DOO
/LJHWL $ULN Q D S
/LQN 'DQLHO Q ] I D
/XNDZLHFNL -HVVLD Q
0DKDQH\ %ULWWDQ\ DOO
2]UHWLF $Q 3DJOLDUR -HQ 3DOERP /DX 3DUN 6HRQ 3RDSVW 6WDF 3UDWND 5XE 3URSWRSDSD 5HGVWRQH . 6LPPRQGV 6LQDHH %DUG 6PLWK 0DUL 6R &DQGLFH 6SULQJHU .\ 6WDQJ $OH[ 6WHSKHQ $P 6WHUQ &DUD 7DQJ 9HURQ 7HLEHUW 5DT 9DQGHQERUQ 9LJOLRWWL 0
NH WR ÀQG WKH\ KDG EHHQ GLVTXDOLÀHG IRU KH\ OLNHO\ KDG QR LGHD H[LVWHG HFWRUDO RIÀFH GHFLGHG WKH GD\ EHIRUH DIWHU DG KDQGHG LQ WKHLU FDPSDLJQ EXGJHWV WKDW KDG LQFOXGHG ZHUH LQYDOLG DQG WKHQ EDUUHG J WKH VHDWV WKH\ PLJKW KDYH ZRQ WKHVH FDQGLGDWHV IRU EUHDNLQJ DPELJXRXV RW H[SODLQHG WR WKHP LV HQWLUHO\ XQZDUUDQWHG SSHDOV ZRXOG VHW D GDQJHURXV SUHFHGHQW IRU DWH VWXGHQW JRYHUQPHQW V\VWHP RIÀFH IDLOHG WR HQVXUH DW WKH RXWVHW RI WKH WKDW DOO FDQGLGDWHV XQGHUVWRRG ZKDW VSHFLÀF JHWDU\ UHFHLSWV ZRXOG QHHG WR LQFOXGH 7KH PSO\ VWDWHV ´DOO HOHFWLRQ H[SHQVHV VKDOO EH DFWXDO &DQDGLDQ GROODUV LQFOXGLQJ WD[ µ RUDO RIÀFHU 6DJDO 2VPDQ FKRVH WR LQWHUSUHW KDW UHFHLSWV QHHGHG WR GLIIHUHQWLDWH WD[HV DQG WKDW H PDLOHG UHFHLSWV ZRXOG QRW EH LV ZDV RQO\ H[SODLQHG WR FDQGLGDWHV DIWHU WKHLU H[SHQVH UHSRUWV &DQGLGDWHV ZHUH UV WR VDWLVI\ WKH HOHFWRUDO RIÀFH·V GHPDQGV LVTXDOLÀHG ZLWKRXW QRWLFH DQG ZLWKRXW WKH WKHLU EXGJHWV 6RPH RI WKHVH GLVTXDOLÀHG H OHIW ZLWK WKH LPSUHVVLRQ WKDW WKH\ ZHUH HFWRUDO V\VWHP·V LQKHUHQW ELDV DV DOPRVW DOO G HQGRUVHG WKH VDPH VODWH J E\HOHFWLRQV WR ÀOO HPSW\ VHDWV IROORZLQJ EH WKH PRVW GHPRFUDWLF FRXUVH RI DFWLRQ WR DSSRLQW VWXGHQWV WR YDFDQW VSRWV 6R WKH FRXQFLO ZLOO VRRQ SLFN VWXGHQWV WR ÀOO WKH PSW\ GXH WR GLVTXDOLÀFDWLRQV WXGHQWV ZKR YRWHG LV EHLQJ LJQRUHG ³ D HPRFUDWLF HQJDJHPHQW RQ FDPSXV &86$ VWXGHQWV IURP SDUWLFLSDWLQJ LQ WKHLU RZQ UDLVLQJ GRXEW WKDW WKHLU YRWHV PDWWHU
KDW·V LQ D QDPH"
FKDQJHV WR WKH QDPHV RI ZRPHQ·V VWXGLHV V &DQDGD VWXGHQWV DUH JHWWLQJ D EHWWHU I JHQGHU LWLHV VXFK DV 4XHHQ·V 8QLYHUVLW\ ZHQW VR HO\ WDNH ´ZRPHQµ RXW RI WKH SURJUDP·V WLWOH DV ´JHQGHU VWXGLHV µ 1LSLVVLQJ 8QLYHUVLW\ PRYH UHQDPLQJ LWV SURJUDP JHQGHU HTXDOLW\ H &DUOHWRQ VLPSO\ DGGHG ´JHQGHU VWXGLHVµ 3DXOLQH -HZHWW ,QVWLWXWH RI :RPHQ·V 6WXGLHV MXVW D FKDQJH LQ WKH QDPH LW V\PEROL]HV YH VWHS LQ WKH DFDGHPLF VWXG\ RI ZRPHQ H GLVFLSOLQH UHÁHFWV VRFLHW\·V JURZLQJ JHQGHUV DQG VH[XDO RULHQWDWLRQV ZRPHQ·V VWXGLHV ZLWK JHQGHU VWXGLHV WKH VWXGHQWV D FKDQFH WR FRQWHPSODWH GLYHUVH KHQ VWXG\LQJ JHQGHU LVVXHV ,W DOVR OHQGV PRUH DFDGHPLF FUHGLELOLW\ EHFDXVH VWXGHQWV DOO\ H[DPLQH JHQGHU·V UROH LQ VRFLHW\ IURP RI YLHZ UDWKHU WKDQ IURP D VLQJOH DQJOH RI WKHVH SURJUDPV PLJKW DOVR DWWUDFW D ZLGHU QWV RI ERWK VH[HV DQG DOO JHQGHU LGHQWLWLHV VP PLJKW VWLOO ZDUUDQW D SODFH RQ FDPSXV OO ÀJKWLQJ IRU HTXDOLW\ LQ FHUWDLQ VSKHUHV OHDVW EH LQFOXVLYHQHVV LQ JHQGHU UHODWHG WKH
FKDUODWDQ poll
you ever pulled the fire alarm? Vote online at www.charlatan.ca
ssue: Do you care about the CUSA elections? r cent
No: 48 per cent
0DUFK
Maybe: 8 per cent
(GLWRU LQ &KLHI
7KH HYROXWLRQ RI FRPPXQLFDWLRQ FRXOG EH DIIHFWLQJ RXU (QJOLVK DEL
1R KHURHV RU YLOODLQV LQ 3DOHVW
DORQH DQG LV WKHUHIRUH LQFRQVLVWHQW ZLWK D YLVL SHDFH 7KH SURPRWLRQ RI DQ LPEDODQFHG SHUVS &KHOVHD 6DXYp LV D WKLUG \HDU SROLWLFDO VFLHQFH DVVHUWV D GLVSURSRUWLRQDWH DPRXQW RI EODPH RQ VWXGHQW ZKR VD\V IUDPLQJ FRQÁLFWV DV EDWWOHV ZLOO QRW VXUPRXQW WR D SHDFHIXO VROXWLRQ DV VXF RI JRRG YHUVXV HYLO KLQGHUV SHDFH 6DXYp LV WKH 0LGGOH (DVW FRQÁLFW ZLOO RQO\ EH ERUQ IUR SUHVLGHQW RI +LOOHO &DUOHWRQ KRZHYHU WKLV 5DGLFDO DJHQGDV PHUHO\ VHUYH WR IXUWKHU DJLWD SLHFH LV UHÁ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ÁLFW WZR VWDWHV IRU WZR SHRSOHV , VWURQJO\ GLVDJUHH ZLWK WKH QRW D IRUPXOD IRU SHDFH 0XFK OLNH LQ WKH IXQGDPHQWDO YDOXHV DVVRFLDWHG EODPLQJ RQH SDUW\ ZLWK WKH %'6 FDPSDLJQ 3ULRU PLVGHPHDQRXU ZLOO Q $V D EHOLHYHU LQ D WZR VWDWH WR GHOYLQJ LQWR WKH IDFWRUV WKDW URRW RI WKH RULJLQDO SU VROXWLRQ WR WKH ,VUDHOL 3DOHVWLQLDQ LQÁXHQFH P\ RSLQLRQ RQ WKH LQ UHDOLW\ ZDV PRVW OLN FRQÁLFW , VWURQJO\ GLVDJUHH ZLWK ERWK SDUWLHV %'6 GH VXEMHFW , ZRXOG OLNH WR VWDWH WKH IXQGDPHQWDO YDOXHV DVVRFLDWHG VROH EHDUHU RI UHVSRQ FOHDUO\ WKDW WKH SRVLWLRQ , KDYH WDNHQ LV QRW FRPSHOOHG E\ D SHUSHWXDWLRQ RI LQVW ZLWK WKH %'6 FDPSDLJQ GHVLUH WR SURWHFW ,VUDHO IURP WKH FRQÁLFW GLVWRUWLQ FULWLFLVP ,QVWHDG P\ REMHFWLRQ RI WKH FRPSOH[ FRQÁ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´PXWXDO H[FOXVLYLW XVHG LQ ZDUIDUH DQG WKHUHIRUH YLRODWH KXPDQ ULJKWV DQG ZLWK EHLQJ SUR ,VUDHO DQG SUR 3DOHVWLQLDQ 7KL SRVVLEO\ EUHDN LQWHUQDWLRQDO ODZ GHHSO\ ÁDZHG DQG XQUHÁHFWLYH RI WKH WUXH UHD 7KH %'6 FDPSDLJQ LJQRUDQWO\ DWWHPSWV WR UHGXFH WKH , EHOLHYH WKDW WKH FXUUHQW %'6 FDPSDLJQ LQWULFDFLHV RI WKH FRQÁLFW WR D VLPSOLVWLF QRWLRQ RI EDG JX\ &DUOHWRQ UHPDLQV LQFRQJUXHQW ZLWK D GHVLUH I YHUVXV JRRG JX\ DV LW H[SOLFLWO\ GLVUHJDUGV WKH VXIIHULQJ ZLOO PHUHO\ VHUYH WR IXUWKHU H[DFHUEDWH JURZLQ DQG ORVV HQFRXQWHUHG E\ ERWK ,VUDHOLV DQG 3DOHVWLQLDQV 7KH GLVOLNH IRU WKH VXSHUÀFLDO ´RWKHUµ DV WKH IRUPXO HVWDEOLVKPHQW RI WKLV RYHU VLPSOLVWLF GLFKRWRP\ YLOLÀHV ,VUDHO JURZV GLVWDQW ćĞ čĊđĘĊĆ ĆĚěĴ
)HDWXUHV (GLWRU
3KRWR (GLWRU
&RQWULEXWRUV
-RUGDQ $GOHU -XDQLWD %DZDJDQ 0DWW %OHQNDUQ 'DYLG &KDQ .DWKOHHQ &ODUN )DU
XDUWHWV KDYH D GDSSHU TXDOLW\ VLPLODU WR WKRVH EHOWV DQG VDOW ZDWHU WDII\ WKH\·UH VR TXDLQW D WKURZEDFN WR \HVWHU\HDU \RX IRUJHW WKH\·UH QRW MXVW DURXQG PLQG \RX EXW WKULYLQJ LQ D HW DQG ROG WLPH\ FKDUPLQJ 5\DQ /LQGVH\ DQG &KULV 0DF0DUWLQ DUH )XWXUH 3UHVHQWDWLRQ SDUW RI WKH 2WWDZD EDVHG RUXV :KLOH QRW XVXDOO\ GHFNHG RXW LQ WKH YHVWV DQG ERDWHUV RI WKHLU IRUEHDUV WKLV TXDUWHW HSLQJ WKH WUDGLWLRQ DOLYH HU EDUEHUVKRS LV D YHU\ UHZDUGLQJ VW\OH RI LQ VD\V ´<RX FDQ WDNH IRXU DYHUDJH YRLFHV DQG WXQH WKH VRXQG LV H[SDQGHG IDU EH\RQG ZKDW RQ WKHLU RZQ µ UHFHQW JUDGXDWH RI &DUOHWRQ·V PXVLF SURJUDP DO EDUEHUVKRS VRXQG DV RQH RI ´EOHQG DQG ]LQJ RQHQHVV UDWKHU WKDQ VHSDUDWH VRORLQJ
\ PHQWLRQV WKDW IRU VRPH DQ HOHPHQW RI DWWUDFWLQJ VH[ 7RGD\ WKHUH DUH QRW EDUEHUVKRSSHUV EXW WKH\ PHQ
XDUWHWV FRQVLVW RI IRXU YRLFHV D ´OHDGµ VLQJLQJ RU WR KDUPRQL]H ZLWK KLJKHU QRWHV D EDVV YRLFH WRQH URXQGLQJ LW RXW VRPHZKHUH LQ EHWZHHQ HV RI YRFDO PXVLF QDPHO\ WKH VRSUDQR DOWR P WKH IRXU YRLFHV DUH LQ UHODWLYHO\ FORVH UDQJH XDOO\ ZLWKLQ DQ RFWDYH HLJKW QRWHV RU D OLWWOH
H NH\ HOHPHQW RI WKH XQPLVWDNDEOH EDUEHUVKRS $V 0DF0DUWLQ GHVFULEHV ZKHQ D FKRUG DOO IRXU YRLFHV DUH LQ SURSHU LQWRQDWLRQ ZLWK VHSDUDWH YRLFHV ORVH WKHLU LQGHSHQGHQFH DQG LRQ RI D VLQJOH PXOWLIDFHWHG YRLFH RU ´XQLW SURGXFHV D ´ULQJLQJµ HIIHFW ZKHQ RYHUWRQHV H VR UHLQIRUFHG WKH\ FUHDWH QRWHV DERYH ZKDW XDO YRLFHV DUH VLQJLQJ 9HU\ WHFKQLFDO EXW WKLV Z D FRQÁXHQFH RI VRQLF UHVRQDQFH DQG SK\VLFV QGHQW PXVLF KLV QHDU PDJLFDO DSSOLFDWLRQ RI KDUPRQL]DWLRQ VKRS PXVLF·V QLFKH DSSHDO LW VR GLVWLQFWLYH LV SUHFLVHO\ ZKDW GHÀQHV LW DQG RWKHU D FDSHOOD >PXVLF@ DQG WKDW LV WKH FKRUGV XQG JRRG µ KH VD\V ´7KHUH DUH PDWKHPDWLFDO EXW WKH RULJLQDO ZD\ EDUEHUVKRS ZDV FUHDWHG D IHZ JX\V WU\ RXW KDUPRQL]LQJ WR D PHORG\ WKH FORVHU WKHLU YRLFHV VRXQGHG WKH EHWWHU WKH DQG WKH PRUH WKH RYHUWRQHV ZHUH SUHVHQW µ DV RQO\ EHHQ EDUEHUVKRSSLQJ ³ WKH FDVXDO
(WVWTG 2TGUGPVCVKQP DCTDGTUJQRRGTU NGHV VQ TKIJV 5GVJ $QEMPGM /KEJCGN $NCEM 4[CP .KPFUG[ CPF %JTKU /CE/CTVKP NQXG JCTOQPK\
QDPH RI WKLV SDUWLFXODU JDPH ³ IRU ÀYH \HDUV /LQGVH\ KDV FRPSHWHG LQ GLVWULFW DQG LQWHUQDWLRQDO FRQWHVWV DQG KDV ZRQ FROOHJLDWH DQG GLVWULFW WURSKLHV IRU WKH IRUPHU 'LVFXVVLQJ WKH SHUVLVWHQFH RI EDUEHUVKRS PXVLF ZHOO EH\RQG LWV RULJLQDO HSRFK KH HPSKDVL]HV WKH LPSUHVVLYH QRWLRQ RI D TXDUWHW VLQJLQJ FKRUGV WKDW ´VRXQG VR XQLYHUVDOO\ JRRG µ 7KH DXGLHQFH ´MXVW FDQ·W EHOLHYH WKH VRXQG WKDW FDQ FRPH RXW RI IRXU SHRSOH OLNH WKDW ³ DQG HVSHFLDOO\ ZLWKRXW PLFURSKRQHV µ /LQGVH\ VD\V $OVR /LQGVH\ PHQWLRQV IRU VRPH WKHUH LV DOVR DQ HOHPHQW RI DWWUDFWLQJ WKH RSSRVLWH VH[ ZLWK PXVLF 7RGD\ WKHUH DUH QRW RQO\ IHPDOH EDUEHUVKRSSHUV EXW WKH\ RXWQXPEHU PHQ /LNH /LQGVH\ %RFNQHN KDVQ·W EHHQ ORQJ LQ WKH ZRUOG RI EDUEHUVKRS PXVLF KDYLQJ RQO\ EHHQ VLQJLQJ IRU XQGHU WZR \HDUV %XW GXULQJ WKLV WLPH KH KDV EHFRPH IDPLOLDU QRW RQO\ ZLWK JHQUH LWVHOI EXW LWV URRWV DQG FRQWH[W %RFNQHN D ÀUVW \HDU 8QLYHUVLW\ RI 2WWDZD VWXGHQW VD\V KH ZDV LQWURGXFHG WR WKH XQLTXH ZRUOG RI EDUEHUVKRS PXVLF DIWHU ZDWFKLQJ VHYHUDO YLGHRV GHGLFDWHG WR WKH VXEMHFW RQ <RX7XEH +H VD\V KLV DGGLFWLRQ ZDV LPPHGLDWH ´%DFN LQ WKH GD\ EDUEHUVKRS ZDV WUXO\ DQ ¶DYHUDJH -RH· VLQJHU·V KREE\ FRQVLVWLQJ RI HDV\ WR VLQJ DUUDQJHPHQWV WKDW DOO VRXQGHG TXLWH VLPLODU DQG SULGLQJ LWVHOI RQ EHLQJ VRPHWKLQJ WKDW DQ\RQH FRXOG GR µ KH VD\V 1RZ QHZHU DUUDQJHPHQWV DUH QRW RQO\ PRUH FRPSOH[ DQG FKDOOHQJLQJ EXW DOVR LQFOXGH FRQWHPSRUDU\ FODVVLFV VXFK DV 'LVQH\ WXQHV 0DF0DUWLQ VD\V EDUEHUVKRS TXDUWHW PXVLF UHPDLQV VR DSSHDOLQJ WRGD\ EHFDXVH LW FDQ HYRNH IHHOLQJV RI HLWKHU KRNH\QHVV RU QRVWDOJLD LQ LWV OLVWHQHUV 7KDW EHLQJ VDLG DQ H[SHULHQFHG TXDUWHW FDQ EULQJ DQ DXGLHQFH WR WHDUV KH VD\V
ANNUAL
´(VVHQWLDOO\ WKH VDPH WKLQJV WKDW ZHUH DSSHD >DUH@ DSSHDOLQJ QRZ ,QQRYDWLYH PRYLQJ PXVLF QRW WKDW KDUG WR JHW D JUDVS RI µ KH VD\V 2Q D PRUH SHUVRQDO OHYHO 0DF0DUWLQ QR VRPHWKLQJ DERXW VLQJLQJ D FKRUG VR LQ WXQH DQG ZHOO ZLWK WKH RWKHU WKUHH YRLFHV WKDW LV KLJKO\ UHZ PRVW MR\RXV IHHOLQJ DQG VRPHWLPHV LW JHWV KDUG W DQG QRW EUHDN RXW LQWR ÀWV RI ODXJKWHU ,W LV LQ P SHUIHFW PXVLFDO DUW IRUP µ ´, WKLQN QRZ WKH DSSHDO FRPHV LQ WKH SHUIRUPLQJ WDOHQW WKDW FDQ EH XVHG WR FRPSHWH ZLWKLQ EDUEHUVKRS µ %RFNQHN VD\V H[SODLQLQ EDUEHUVKRSSHUV LQFUHDVHV ZLWK EDUEHUVKRS·V H[ SXEOLF DOORZLQJ D ZLGHU DXGLHQFH WR DSSUHFLDWH DQG GLIÀFXOW\ %RFNQHN DOVR VD\V WKHUH LV D ´KXJH DPRXQW R DVVRFLDWHG ZLWK WKH WUDGLWLRQ ´$Q\WLPH \RX KDYH D ¶VRFLHW\· XQLWLQJ JX\V Z LQWHUHVW \RX FDQ LPDJLQH WKH IULHQGVKLSV >WKDW EDUEHUVKRS FKRUXV TXDUWHW EHFRPHV D VRUW RI ID +LV SDUWLFXODU TXDUWHW UDLVHV PRQH\ IRU 6SHHFK D FKDULW\ GHGLFDWHG WR SURYLGLQJ IXQGV RI YDULRXV YRLFH DQG VSHHFK GLVRUGHUV WKURXJK ´,W·V D YHU\ HDV\ DUW IRUP WR JHW LQWR DQG YDULHW\ RI RSWLRQV IRU RQH WR H[SORUH µ /LQGVH\ V FDQ GR LW DQG HYHQ VLQJ DV ZHOO DV JROG P FKDPSLRQV FDQ ³ PD\EH QRW IRU DQ HQWLUH IHHOLQJ RI ¶ULQJLQJ· D FKRUG OLNH FUD]\ LV SK\VLFD $QG WKXV WKH DUW RI WKH EDUEHUVKRS TXDUWHW VDQV ERDWHU KDWV EXW VWLOO HQWKUDOOLQJ DQG ZLWK D FKDUP
RXW RI P\ OLSV
ĆČĆē
SOH DUH VWLOO LQVWDQWO\ N WR LPPDWXUH JLJJOHV DQG IURP HOHPHQWDU\ VFKRRO PH WKH\ KDYH WR VD\ WKH
URGXFWLRQ RI (YH (QVOHH·V 0RQRORJXHV ZLOO VWLOO LQGXFH ODXJKWHU EXW WKLV WLPH LW PHQ·V VWRULHV RQ LVVXHV WKDW W \RXU W\SLFDO VH[ FODVV R GLUHFWHG E\ $SULO 1HEULO 1RUPDQGLQ ZKR ERWK
KH ZRUG YDJLQD GRHV DWWUDFW Q EXW ZKDW GHVHUYHV PRUH GLDORJXH WKH PRQRORJXHV LQ VDLG H ZDQW WR NQRZ ZKDW LW·V LG ´:H·UH WDONLQJ DERXW HQO\ µ ORJXH ´5HFODLPLQJ &XQW µ EHV KHU ORYH IRU ´FXQWµ E\ URVWLFDOO\ ZLWK ZRUGV OLNH DQG WDQWDOL]LQJ ,Q ´+DLU µ EHV WKH QHHG IRU SXELF KDLU JHW LQ D IHZ LPSUHVVLRQV RI DJH WKHUDSLVW V DQ\WKLQJ EXW GU\ XQOLNH WKH NLQJ FRWWRQµ D N D WDPSRQ [SUHVVLYHO\ DQG KXPRURXVO\ GLWLRQ WR RWKHU IHPDOH PDWWHUV KDW ´WRUWXUHµ YDJLQDV ZKR KDV D KLVWRU\ GHJUHH VDLG WKH PRQRORJXHV DUH \ HRSOH WR QRW MXVW EH DFFHSWLQJ XW WR EH DSSUHFLDWLYH RI ZKDW FHSWDQFH DQG SULGH LQ WKHLU ZKDW KDSSHQV ZKHQ SHRSOH µ VKH VDLG QIURQWV GDUNHU LVVXHV ZLWK DV 0\ 9LOODJH µ ZKLFK LV PDQ·V WHVWLPRQLDO RI KHU DSH FDPS QW WR SRUWUD\ UDSH YLFWLPV DV
EURNHQ DQG YLFWLPL]HG EXW WR GHPRQVWUDWH WKHLU DELOLW\ DQG VWUHQJWK WR PRYH IRUZDUG VDLG 6KDUUDH /\RQ ZKR SHUIRUPV WKH PRQRORJXH ZLWK 1HEULO ´7KHUH LV WKH SDLQ DQG WKH DELOLW\ WR FRQWLQXH OLYLQJ 7KHUH·V VRPHWKLQJ EHDXWLIXO LQ WKDW µ VDLG /\RQ D VHFRQG \HDU KXPDQ ULJKWV VWXGHQW 7KH SOD\ LV SHUIRUPHG DQQXDOO\ IRU 9'D\ IRXQGHG E\ (QVOHU WR UDLVH DZDUHQHVV DERXW YLROHQFH DJDLQVW ZRPHQ $ QHZ PRQRORJXH LV UHOHDVHG DQQXDOO\ E\ (QVOHU WR KLJKOLJKW DQ LPSRUWDQW LVVXH 7KLV \HDU WKH VSRWOLJKW SLHFH ZLOO EH ´7HHQDJH *LUOV *XLGH WR 6XUYLYLQJ 6H[ 6ODYHU\ µ $FURVV 2WWDZD PDQ\ RWKHU RUJDQL]DWLRQV KDYH MRLQHG WKH 9'D\ PRYHPHQW 7KHUH ZLOO EH SHUIRUPDQFHV RI WKH PRQRORJXHV DW WKH 8QLYHUVLW\ RI 2WWDZD DQG DW WKH 1DWLRQDO *DOOHU\ RI &DQDGD 1*& 5LPD =DELDQ ZKR KDV EHHQ LQYROYHG ZLWK 9'D\ IRU VHYHQ \HDUV DQG LV WKH SURGXFHU RI WKH 1*&·V SURGXFWLRQ WKLV \HDU VDLG ZKLOH WKH SOD\ GRHV KDYH D VKRFN YDOXH LW IXQFWLRQV RQ PXOWLSOH OHYHOV WR WRXFK DOO DXGLHQFHV ZLWK LWV KXPRXU DQG LWV GDUNHU VWRULHV ´:KHQ VRPHRQH JRHV WR ZDWFK LW LW·V QRW MXVW WKH IXQQ\ DQWLFV RI WKH ZKROH SOD\ WKDW WKH\ JHW ,W WRXFKHV DXGLHQFHV DQG PDNHV WKHP ZDQW WR EH SDUW RI D ELJ PRYHPHQW µ 1HEULO VDLG 7LFNHWV ZKLFK EHQHÀW WKH 2WWDZD 5DSH &ULVLV &HQWUH DUH RQ VDOH LQ DGYDQFH IRU DW WKH : R P \ Q · V & H Q W U H DQG ZLOO EH DW WKH GRRU 0DUFK DQG LQ WKH 0LQWR &HQWUH
° KVETLMG F] 8EPFIVX .SLRWSR
6JKU RCKT QH HNCUJ HTGG\GTU VWTPGF VJG HTGG\G KPVQ C HKGUVC cc 7/6;6 )@ (5+9,> 5.<@,5
ćĞ ēĉėĊĜ ČĚĞĊē ´,I , WROG \RX WKH ORFDWLRQ LW ZRXOG UXLQ WKH VXUSULVH µ VDLG (PLO\ +ROODQGHU D VHFRQG \HDU SV\FKRORJ\ VWXGHQW DW &DUOHWRQ ZKR RUJDQL]HG D IUHH]H ÁDVK PRE )HE $ ÁDVK PRE LV D JURXS RI SHRSOH ZKR JHW WRJHWKHU DQG SHUIRUP D VSRQWDQHRXV DFWLRQ WKHQ TXLFNO\ GLVSHUVH DV LI QRWKLQJ KDSSHQHG 7KH WHUP FRLQHG E\ %LOO :DVLN LQ ´ZDV RULJLQDOO\ DQ DVVDXOW RQ KLS FXOWXUH µ VDLG .HYLQ %UDFNHQ WKH FUHDWRU RI LQWHUDFWLYH SXEOLF DUW JURXS 1HZPLQGVSDFH 7KH LGHD IRU DQ 2WWDZD ÁDVK PRE ZKLFK EHJDQ WZR PRQWKV DJR EHWZHHQ +ROODQGHU DQG D VPDOO JURXS RI KHU IULHQGV TXLFNO\ GUHZ DWWHQWLRQ RQ )DFHERRN 7KH SODQ ZDV WR IUHH]H IRU WKUHH PLQXWHV DJDLQVW WKH EDFNGURS RI LFH VFXOSWXUHV LQ &RQIHGHUDWLRQ 3DUN 2Q WKH GD\ RI WKH HYHQW URXJKO\ SDUWLFLSDQWV JDWKHUHG DW WKH IRRW RI WKH 8QNQRZQ 6ROGLHU PHPRULDO DV +ROODQGHU VKRXWHG LQVWUXFWLRQV WR WKH FURZG WKURXJK D PHJDSKRQH ´, >KDG@ QHYHU RUJDQL]HG OHW DORQH SDUWLFLSDWHG LQ D ÁDVK PRE µ VDLG +ROODQGHU ZKR ZDV LQVSLUHG WR EULQJ D VLPLODU HYHQW WR 2WWDZD DIWHU ZDWFKLQJ D YLGHR RI D 3DULV ÁDVK PRE RQ <RX7XEH :KLOH LW PD\ EH GLIÀFXOW IRU SHRSOH WR KROG WKH VDPH SRVLWLRQ IRU D ORQJ SHULRG RI WLPH WKH DSSHDO RI D ÁDVK PRE LV WKDW HYHU\RQH FDQ SDUWLFLSDWH +ROODQGHU VDLG &KHOVHD 5HQDXG D VHFRQG \HDU VRFLDO ZRUN
VWXGHQW DW &DUOHWRQ VDLG VKH Z WR SDUWLFLSDWH DIWHU VHHLQJ WKH JURXS ,PSURY (YHU\ZKHUH ´, FDQ KROG D SRVH IRU ÀYH P , KDYH WR VQHH]H µ 5HQDXG VD HYHQW ´%XW ,·P HVSHFLDOO\ SXP DUH DFWXDOO\ JRLQJ WR IUHH]H GX &DQDGLDQ ZLQWHU µ 7KH PRVW LPSRUWDQW SHRS PRE DUH WKH FXHUV 7KH\ VWDU HIIHFW E\ JLYLQJ WKH VLJQDO IR IUHH]H &XHUV QHHG WR EH DV VXE WR WKH SXEOLF EXW HDVLO\ LGHQ SDUWLFLSDQWV $W ÀUVW WKH PHWKRG ZDV FXHUV DW RQFH WR IUHH]H +R EXW VLQFH FXHUV ZHUHQ·W DV VS IUHH]LQJ KDSSHQHG PRUH VSRQ %UDFNHQ VDLG WKHUH DUH IHZ \RXQJ SHRSOH FDQ JDWKHU LQ ODUJ SOD\IXO VRFLDO DFWLYLWLHV EXW RWK DV DQ RSSRUWXQLW\ WR UHFODLP S ´)RU WKH SXEOLF LW·V VWUDQJH ORW RI IXQ µ +ROODQGHU VDLG 2UJDQL]LQJ WKLV HYHQW ZD FRQVXPLQJ VDLG +ROODQGHU EX VKRXOGQ·W KDYH VWUHVVHG KHUVHO ´(YHU\WKLQJ ZHQW ZHOO RSHUDWHG OLVWHQHG DQG LW ZDV SRLQW DQG WKH WXUQ RXW ZDV H H[SHFWHG LW WR EH µ VKH VDLG ,W·V FDSWLYDWLQJ WR ZDWFK 5HQDXG VDLG ´,W·V NLQG RI OLNH DUW X 5HQDXG VDLG
&$5/(721 /(*$/ &/,1,&
$ 6DWHOOLWH FOLQLF RI WKH 8QLYHUVLW\ RI 2WWDZD &RPPXQLW\ /HJDO &OLQLF
:H SURYLGH )5(( OHJDO DGYLFH DQG UHSUHVHQWDWLRQ WR XQGHUJUDGXDWH VWXGHQWV
/RFDWLRQ &DUOHWRQ 8QLYHUVLW\ 8QLFHQWUH 5RRP WK )ORRU *UDGXDWH 6HUYLFHV
7HO H[W
· ·
:H GHDO ZLWK PDWWHUV UHODWHG WR &ULPLQDO 2IIHQFHV 7HQDQW 5LJKWV
6KXWWHU ,VODQG 0DUWLQ 6FRUVHVH 3DUDPRXQW 3LFWXUHV
N DG RGTHQTOKPI KP 1VVCYC (GD ^^ RTQXKFGF
ĆėėĎĘ FKDWWHG ZLWK 2WWDZD QDWLYHV +ROOHUDGR DERXW WKHLU ELJ ZLQ DW /LYH ·V %LJ 0RQH\ 6KRW
ĊěďĎ LQWHUYLHZHG WKH OHDG YRFDOLVW DQG JXLWDULVW RI &RPIRUWDEO\ 1XPE 2WWDZD·V RZQ WULEXWH WR 3LQN )OR\G
FKDUODWDQ FD
'LUHFWRU 0DUWLQ 6FRUVHVH EHVW NQRZQ IRU KLV FULPH WKULOOHU PDVWHUZRUNV *RRGIHOODV 7KH 'HSDUWHG DQG KDXQWLQJ FKDUDFWHU VWXGLHV 5DJLQJ %XOO 7D[L 'ULYHU WDFNOHV D QHZ VHW RI JHQUHV ZLWK KLV ODWHVW ÀOP 6KXWWHU ,VODQG $GDSWHG IURP DQ H[FHOOHQW SDOSDEO\ H[FLWLQJ SDJH WXUQHU E\ DXWKRU 'HQQLV /HKDQH 6FRUVHVH SD\V KRPDJH WR $OIUHG +LWFKFRFN SDUDQRLD WKULOOHUV DQG WKH % PRYLH VFKORFN RI WKH V DQG · V +H FDVWV JRRG SDO DQG IUHTXHQW FROODERUDWRU /HRQDUGR 'L&DSULR DV 8 6 0DUVKDO (GZDUG ´7HGG\µ 'DQLHOV 'DQLHOV DQG KLV SDUWQHU &KXFN $XOH 0DUN 5XIIDOR KDYH DUULYHG RQ 6KXWWHU ,VODQG KRPH WR WKH $VKHFOLIIH +RVSLWDO IRU WKH &ULPLQDOO\ ,QVDQH WR LQYHVWLJDWH WKH GLVDSSHDUDQFH RI D SDWLHQW RQH ZKRP WKH KHDG SK\VLFLDQ WKH SLSH VPRNLQJ 'U -RKQ &DZOH\ 6LU %HQ .LQJVOH\ EHOLHYHV KDV HVFDSHG ZLWK DQ $VKHFOLIIH DFFRPSOLFH
7KH ÀOP YHUVLRQ SDOHV LQ F VXSHULRU VRXUFH PDWHULDO HVS WR WKH FHQWUDO P\VWHU\ 7KH FOXHV FU\SWLFDOO\ 7KH ÀOP KLQW ZLWK EODULQJ REYLRXVQHV 7KRVH ZKR·YH QHYHU FU RI D ZKRGXQLW ZLOO KDY SUHGLFWLQJ WKH RXWFRPH E\ $QRWKHU PRUH FRQFH WR JUDSSOH ZLWK KRZ 6FKRRQPDNHU 6FRUVHVH·V JR WKUHH WLPH 2VFDU ZLQQHU P WKH ÀOP WRJHWKHU VR FOXPVLO 7KHUH DUH JODULQJ FR EHWZHHQ VKRWV 6FKRRQPDN WKH LPDJHV ÁRZ ,QVWHDG WK RQ WRS RI HDFK RWKHU 7KDQNIXOO\ GHVSLWH WKH DQG IDU WRR SUHGLFWDEOH WUDM LV WKH VWDU RI 6KXWWHU ,VODQG +H GRHVQ·W DFW LQ KLV RZQ WKH ULQJPDVWHU RI FUHDWLQ GUHDG DQG XQHDVH 3D\LQJ PXFK KRPDJH RI VXVSHQVH 6FRUVHVH QLJKWPDULVK VRPHWLPHV VFDU\ VHTXHQFHV DQG LPDJH )RU WKH XQDEDVKHG WULSS DWPRVSKHUH WKH ÀOP LV JOR 6FRUVHVH DOVR PDQDJHV WR % PRYLH VWDSOHV UDWV IRXO Z JUDEELQJ WKH SURWDJRQLVW DV D GDUNHQHG FRUULGRU ,W·V D WZLVW\ PLQG EHQGH RI WKH SV\FKRORJLFDO P\VWHU IURP WKH VXUIDFH )RU LQVWDQFH 'L&DSULR ULYHWLQJ EXW HYHQ WKRXJK LV D ZLGRZHU IUHTXHQWO\ H[SHULHQFHV DV D 'DFKDX 6HFRQG :RUOG :DU WKH KLV FKDUDFWHU WKURXJK ' H[SUHVVLRQV +LV VFDUV XQGHUQHD DPELJXRXV DQG UHFHLYH OLWWO 5HJDUGOHVV PRVW VFKORF WR KDYH ULFK FKDUDFWHUL]DWLR $QG 6KXWWHU ,VODQG LV VFK %XW LW·V H[FHOOHQWO\ SHUI RUFKHVWUDWHG FRPSXOVLYH VFKORFN ,W·V EHVW WR UHDG WKH QRYHO WKH ÀOP 7KH ERRN LV ÀUVW UDWH 7 DQ $ TXDOLW\ % SLFWXUH
7HDFK (Q 2YHUVH
7(62/ 7(6/ 7HDFK &HUWLILFDWLRQ &
Ŗ ,QWHQVLYH +RXU 3URJ Ŗ &ODVVURRP 0DQDJHPHQW Ŗ 'HWDLOHG /HVVRQ 3ODQQLQ
WHDP GHWKURQHV /DNHKHDG
5DYHQ IHQFHUV
Ğ
PDGH RQ KRPH WXUI 5DYHQV· IHQFLQJ ERWK WKH PHQ·V 2QWDULR 8QLYHUVLW\ WLWOHV )HE LQ *\P VW WLPH ERWK WHDPV H FKDPSLRQVKLS LQ WKH KLVWRU\ RI QJ SURJUDP VWURQJHVW WHDP , RUWK µ VDLG 5DYHQ 6XNXQGD ´,W ZDV
5DYHQV ZRQ VHYHQ LGXDO HYHQWV DQG QWV DYHQ ZRPHQ ZKR QJ WKRXJK SODFLQJ HLU VL[ HYHQWV DQG HUDOO WLWOH E\ PRUH
KH ZRPHQ@ ZHUH \ UHDOO\ MXVW GLG LG (OL 6XNXQGD DQ HQRUPRXV
OHLJK 5\DQ DQG ÀQLVKHG ÀUVW DQG YHO\ LQ ZRPHQ·V
IRLO ,Q ZRPHQ·V pSpH URRNLH *LOOLDQ 7XUQEXOO ZRQ ÀUVW DQG YHWHUDQ 5DFKDHO *DUGQHU SODFHG VHFRQG $GULHQQH 6XNXQGD WRRN KRPH WKH ZRPHQ·V VDEUH WLWOH 7KH ZRPHQ·V IRLO DQG ZRPHQ·V pSpH WHDPV FDSWXUHG ÀUVW SODFH ZKLOH WKH ZRPHQ·V VDEUH WHDP ÀQLVKHG WKLUG EHKLQG WKH 8QLYHUVLW\ RI 7RURQWR DQG 5R\DO 0LOLWDU\ &ROOHJH 7KH ZHHNHQG ZDV QRW ZLWKRXW VXVSHQVH WKRXJK DV WKH PHQ QDUURZO\ WRRN WKH WRS VSRW RYHU 7RURQWR E\ D VLQJOH SRLQW ´:H GLGQ·W PDNH LW HDV\ RQ RXUVHOYHV µ VDLG 5DYHQ YHWHUDQ 6FRWW 0F1HLO ZKR FDSWXUHG JROG LQ WKH IRLO FRPSHWLWLRQ ´7KH EDQQHU ZDV RXU JRDO DQG DV D WHDP ZH KDG VRPH XSVHWV DQG VRPH SUREOHPV EXW ZH HQGHG XS SXOOLQJ LW RXW LQ WKH HQG µ 7KH PHQ·V VDEUH WHDP VXFFHVVIXOO\ GHIHQGHG WKHLU WLWOH ZKLOH WKH PHQ·V IRLO WHDP ÀQLVKHG VHFRQG EHKLQG WKH GHIHQGLQJ FKDPSLRQV 7RURQWR·V 9DUVLW\ %OXHV )RU WKH WKLUG \HDU LQ D URZ D 5DYHQ ZDV DZDUGHG WKH *HRUJH 7XOO\ 7URSK\ IRU WKH IHQFHU
PRVW SURÀFLHQW LQ VNLOO VW\OH DQG VSRUWVPDQVKLS 'HVSLWH LQMXULHV WKLV VHDVRQ 0LNH ,YDQNRYLF ZKR SODFHG VHFRQG LQ PHQ·V VDEUH VKDUHG WKH DZDUG WKLV \HDU ZLWK 4XHHQ·V 8QLYHUVLW\ IHQFHU 6FRWW %RZPDQ ,YDQNRYLF ´H[HPSOLÀHV WKH DELOLW\ WR IHQFH ZHOO DQG VSRUWVPDQVKLS µ VDLG (OL 6XNXQGD ´+H ZDV D ZRUWK\ UHFLSLHQW µ (OL 6XNXQGD ZDV DOVR UHFRJQL]HG IRU WKH SDUW KH SOD\HG LQ WKH 5DYHQV· FKDPSLRQVKLS ZLQV ZLWK WKH &KULVWLDQ 9LGRVD 7URSK\ IRU 28$ FRDFK RI WKH \HDU ´,W ZDV JRRG WR VHH (OL ZLQ µ VDLG 0F1HLO ´+H·V ZRUNHG KDUG DOO \HDU DQG KH KDV EHHQ RYHUORRNHG EHIRUH µ )LQDOO\ ZLQQLQJ VLPXOWDQHRXV FKDPSLRQVKLSV KDV OHIW WKH WHDP ZLWK D ORW WR OLYH XS WR IRU QH[W \HDU DQG ZLWK WKH ORVV RI VRPH NH\ SOD\HUV WKH SUHVVXUH LV RQ WR UHFUXLW DQG WUDLQ KDUGHU ´'HIHQGLQJ WKH EDQQHU ZRQ·W EH HDV\ EXW LI ZH ZRUN KDUG DQG SOD\ D IXOO VHDVRQ OLNH WKLV \HDU ZH VKRXOG KDYH D VKRW DW LW µ 0F1HLO VDLG ´:H·OO EH FRQWLQXLQJ WR WUDLQ DQG ZRUN KDUG µ
5$9(16 6&25(%2$5'
7KDL &RFRQXW
7KH PHQ·V WHDP FOLQFKHG JR WKH 28$ FKDPSLRQVKLSV ZKL ZRPHQ WRRN D UHVSHFWDEOH VL ćĞ ĊćĊĈĈĆ ĞĆđđ 7KH &DUOHWRQ 5DYHQV DUH WKH 2QWDULR 8QLYHUVLW\ $WKOHWLFV 28$ 1RUGLF VNL PHQ·V FKDPSLRQV DIWHU EHDWLQJ RXW WKH ILYH WLPH GHIHQGLQJ FKDPSLRQ /DNHKHDG 8QLYHUVLW\ 7KXQGHUZROYHV )HE LQ 2UDQJHYLOOH 2QW :KLOH WKH &DUOHWRQ ZRPHQ SODFHG D FORVH VHFRQG WR WKH VL[ WLPH FKDPSLRQV IURP /DNHKHDG WKH PHQ·V WHDP EURXJKW WKH 7KXQGHUZROYHV· ZLQQLQJ VWUHDN WR DQ HQG ,W ZDV ´IXQ ³ WKH FRDFKHV UHDOO\ HQMR\HG LW µ VDLG -RKQ /DQJVWRQH KHDG FRDFK RI WKH &DUOHWRQ 1RUGLF VNL WHDP ´$QG ,·P UHDOO\ SURXG RI WKH WHDP µ 7KH ZHHNHQG \LHOGHG ZKDW /DQJVWRQH FDOOHG ´H[FHOOHQWµ FRQGLWLRQV VXQQ\ VNLHV SHDN ORZV RI & DQG QR VLJQ RI WKH VOXVK\ VQRZ SODJXLQJ FURVV FRXQWU\ VNLHUV FRPSHWLQJ DW WKH 9DQFRXYHU 2O\PSLFV 7KH 5DYHQ PHQ·V SRLQW WRWDO PRUH WKDQ KDOYHG WKH RYHUDOO VFRUH RI WKH 8QLYHUVLW\ RI *XHOSK *U\SKRQV ZKR FDPH VHFRQG ZLWK SRLQWV &DUOHWRQ ZRQ JROG GHVSLWH EHLQJ GRZQ WZR VNLHUV $FFRUGLQJ WR /DQJVWRQH 6WHIIDQ /OR\G FRXOG QRW TXDOLI\ EHFDXVH KH LV FRPSHWLQJ IRU &DQDGD LQ WKH :RUOG -XQLRU &KDPSLRQVKLSV ZKLOH KLV WHDPPDWH .\OH 3RZHU LV D IRUHUXQQHU FRXUVH WHVWHU IRU WKH 2O\PSLFV %XW VHFRQG \HDU &ROLQ $EERWW
2II 6WXGHQW 1LJKWV 'LQH ,Q 2 6XQGD\ DQG 0RQGD\
$OO <RX &DQ (DW /XQFK 6SHFLDO 0RQGD\ )ULGD\
'LQH ,Q 7DNH 2XW 'HOLYHU\ $YDLODEOH 2Q 5HTXHVW
URVH WR GRPLQDWH WKH ZLQQLQJ ERWK WKH FODVVLF DQG NLORP HYHQWV ´,W IHHOV VR JR EHFDXVH , PLVVHG RXW VHFRQGV ODVW \HDU µ V KLV JROG PHGDO UDFHV $ORQJ ZLWK WHDPP 3XUGRQ DQG $QGU $EERWW DOVR ZRQ NLORPHWUH IUHHVW\O $OO WKUHH VN WHDPPDWHV /HH +D /RJDQ 3RWWHU LQ EH 0HQ·V $OO 6WDUV ´:H·G KHDUG / ORVW D IHZ RI WKHLU EHV NQHZ ZH KDG D JRR :H KDYH PRUH G RWKHU 28$ WHDP µ QRWLQJ WKDW WKH DGGLWL 3RWWHU +DZNLQJV $EERWW KDYH KHOSHG WKH WHDP 7KH &DUOHWRQ Z VLOYHU ZLWK D WRWDO WHD MXVW QLQH SRLQWV PRU GHIHQGLQJ /DNHKHDG %XW 5DYHQ $O ZDV QDPHG WKH ZR FKDPSLRQ 6KH ZRQ J PHGDOV LQ KHU HYHQW WKH IDVWHVW LQGLYLGX WLPH 6KH DQG WHDPP DOVR HDUQHG 28$ $O 1RZ EDFN LQ 2WWDZ VDLG WKH WHDP Z SUDFWLFLQJ KDUG JHWWL WUDLQLQJ UDFHV DV SR WKH QDWLRQDO FKDPSLR EHJLQ 0DU LQ <XNRQ
3ULQFH RI :DOHV 'U DW +RJV %DFN
/XQFK 0RQGD\ WR )ULGD\ DP 'LQQHU 0RQGD\ WR 6DWXUGD\ SP 6XQGD\ SP
9LVLW XV DW ZZZ WKDLFRFR
QPPKG )KDUQP VTKGF VQ DNQEM C RCUU 'NNKQV 6JQORUQP (GD KP VJG 7/6;6 )@ (+(4 +0,;90*/
ĆčĎĉ
·V WKH KLJK FDSDFLW\ VHDWLQJ DW DFH RU MXVW WKH 5DYHQV· 1HVW RQ QJ WKH LQWHQVLW\ LV DOZD\V WKH DUOHWRQ 8QLYHUVLW\ RI 2WWDZD PH RZLQJ DQ SRLQW OHDG LQ WKH KH 5DYHQV IRXJKW EDFN IRU D RYHUWLPH ZLQ )HE DW KRPH V PDQDJHG WR VHFXUH D VROLG QJ LQWR KDOIWLPH ZLWK VKHHU JULW HUIHFW SDVVLQJ WKH VXFFHVV RI WKH 5DYHQV· KDOI RQ D WUHQG WKDW FRQWLQXHG LQ WKH RQ ZHQW RQ D UXQ WR H[WHQG
GUDPD UHDOO\ EHJDQ ,QWHQVLW\ VWDUWHG WR ERLO ZKHQ 2WWDZD·V OHDGLQJ VFRUHU :DUUHQ :DUG ZDV EORFNHG LQ ZKDW FRXOG RQO\ EH FODVVLÀHG DV D YROOH\EDOO VSLNH E\ 5DYHQ .HYLQ 0F&OHHU\ <HW 2WWDZD VRRQ FXW WKH OHDG WR FRPH ZLWKLQ IRXU SRLQWV ZLWK XQGHU D PLQXWH OHIW 'HVSLWH PLVVLQJ WKUHH VKRWV WKH 5DYHQV UHFRYHUHG HDFK WLPH ZLWK RIIHQVLYH UHERXQGV RQO\ WR WXUQ LW RYHU ZLWK VHYHQ VHFRQGV WR JR $V 2WWDZD UDQ XS WKH ÁRRU D ÁDJUDQW IRXO ZDV FDOOHG DQ DEVXUG FDOO DW EHVW 2WWDZD RQO\ KLW RQH IURP WKH FKDULW\ VWULSH DQG ZHUH GRZQ 2Q WKH SRVVHVVLRQ XQFRQWHVWHG *HH *HH 'RQQLH *LEVRQ KLW WKH ORQJ EDOO WR WLH WKH JDPH :LWK RQH VHFRQG OHIW 5DYHQ &ROH +RELQ FRXOG QRW ÀQG D SOD\HU WR LQERXQG WKH EDOO WR DQG LQVWHDG WRRN D VKRW IURP RXW RI ERXQGV ZKLFK ODQGHG RXW RI ERXQGV JLYLQJ 2WWDZD DQRWKHU FUDFN DW WKH ZLQ ZLWK D VHFRQG OHIW 2WWDZD FRXOG QRW JHW D FOHDQ VKRW RII VHQGLQJ WKH JDPH WR RYHUWLPH 7KH 5DYHQV ORRNHG IUR]HQ LQ WKH H[WUD IUDPH EHIRUH 0F&OHHU\ KLW KLV WUDGHPDUN SRVW XS IDGH :KLOH &DUOHWRQ KDG D VOLP OHDG RI 2WWDZD ZDV LQ WKH JDPH EHFDXVH RI LWV RZQ KXVWOH *HH *HH 5\DQ 0DOFROP &DPSEHOO ÁHZ DFURVV WKH EDVHOLQH WR WKURZ EDFN WKH EDOO WR NHHS SRVVHVVLRQ IRU KLV WHDP +RELQ KLW D NH\ WKUHH SRLQW SOD\ VRRQ DIWHU WR JLYH WKH 5DYHQV DQ OHDG 7KHQ 2WWDZD KLW D WKUHH SRLQWHU EXW WKH
7KLV XSVHW 2WWDZD V FRDFK EHIRUH WKH FDOO ZDV UHYHUVHG RQFH DJDLQ ZKLFK KDG 5DYHQ KHDG FRDFK 'DYH 6PDUW MXVW DV LQIXULDWHG :LWK WKH VFRUH 0F&OHHU\ ZDV IRXOHG RQ WKH SOD\ EXW RQO\ KLW RQH IUHH WKURZ JLYLQJ 2WWDZD RQH ODVW FKDQFH IRU WKH ZLQ ZLWK HLJKW VHFRQGV RQ WKH FORFN 2WWDZD ZHQW XS FRXUW EXW WKH SDVV RQ WKH LQVLGH WR 0DOFROP &DPSEHOO ZHQW RII KLV ÀQJHU WLSV JLYLQJ &DUOHWRQ WKH YLFWRU\ %XW KHDG FRDFK 'DYH 6PDUW ZDV OHVV WKDQ WKULOOHG DW WKH FORVH ZLQ ´:H·UH \RXQJ DQG ZH PDNH PLVWDNHV ZH·UH WDOHQWHG EXW ZH·UH DOVR SUHWW\ LPPDWXUH IRU RXU VSRUW , GRQ·W NQRZ KRZ PXFK ZH FDQ SURYH LQ IRXU ZHHNV EXW ZH·UH JRLQJ WR KDYH WR FKDQJH VRPHWKLQJ µ KH VDLG ´,W·V EDG HQRXJK WR EH \RXQJ EXW LW·V ZRUVH EHLQJ \RXQJ DQG WKLQNLQJ WKDW \RX KDYH HYHU\WKLQJ XQGHU FRQWURO µ )RU WKH IXOO UHSRUW RQ WKLV QDLO ELWHU VHH ZZZ FKDUODWDQ FD
7KH (GXFDWLRQ RI &KDUOLH %DQNV
(QT OQTG EQXGTCIG )UHG 'XUVW
5MCVKPI D[ ĆĒĎĊ ĆėĐĎēĘ UHSRUWV RQ WKH PHQ·V KRFNH\ WHDP·V RYHUWLPH YLFWRU\ )HE WR DGYDQFH LQ WKH SOD\RIIV
FKDUODWDQ FD
&DUOHWRQ V ZRPHQ V ED KHDGLQJ WR WKH 2QWDULR 8QL 28$ (DVW )LQDOV IRU WKH SURJUDP·V KLVWRU\ 7KH 5DYHQV VHFXUHG D VSR WKHLU YLFWRU\ DJDLQVW W 7RURQWR 9DUVLW\ %OXHV )HE *XDUG $O\VRQ %XVK OHG SRLQWV GHVSLWH ÀQGLQJ WURXEOH HDUO\ RQ +HDG FRDFK 7DIIH &KDUOH WKDW UHDFKLQJ WKH 28$ (D ÀUVW WLPH LV DQ DFFRPSOLVKP LW ZRXOG WDVWH PXFK VZHHW YLFWRU\ ´+RSHIXOO\ ZH·UH VXFFHV VXFFHVVIXO ZH FDQ ORRN EDFN H[FLWHG DERXW LW EXW DW WKH V UHDOO\ IRFXVHG RQ ZLQQLQ &KDUOHV VDLG 7KDW JDPH ZLOO FRPH ) 5DYHQV KRVW WKH 8QLYHUVLW\ *HHV IRU WRS VSRW LQ WKH H KDYH GHIHDWHG WKHLU FURVV W WKUHH PHHWLQJV WKLV \HDU +RZHYHU WKLV WLPH WKH PXFK KLJKHU 7KH ZLQQHU Z LQ WKH 28$ ÀQDO 0DU ´, KRSH ZH GRQ·W JHW FRP WKDW MXVW EHFDXVH ZH EHDW W ZH·OO EHDW WKHP DJDLQ µ VD VDLG KH KRSHV WR NHHS WKH * SRLQWV ´7KH\·UH JRLQJ PRWLYDWHG µ