The Deerfield Scroll: January 29, 2014

Page 1

SDJH 'HHUÀHOG *LUO DQG %R\ 'HFRGHG

ZKDW·VLQVLGH !!

9RO /;;;9,,, 1R

*22*/( 7KLV SURWHVW LQ $PVWHUGDP DJDLQVW 9ODGLPLU 3XWLQ UHSUHVHQWV ZLGHVSUHDG RXWUDJH DFURVV (XURSH

:LWK WKH 6RFKL :LQWHU 2O\PSLFV EHJLQQLQJ LQ )HEUXDU\ 5XVVLD KDV EHHQ SXW XQGHU FORVH LQWHUQDWLRQDO VFUXWLQ\ IRU LWV UHFHQW OHJLVODWLRQ RQ JD\ ULJKWV ,Q DQ LQWHUYLHZ JLYHQ RQ -DQXDU\ 5XVVLDQ 3UHVLGHQW 9ODGLPLU 3XWLQ DWWHPSWHG WR JLYH D UHDVVXULQJ PHVVDJH LQ D PHHWLQJ ZLWK D JURXS RI YROXQWHHUV DW .UDVQD\D 3RO\DQD WKH 2O\PSLF PRXQWDLQ YHQXH ´>*D\ DWKOHWHV@ FDQ IHHO FDOP DQG DW HDVH µ KH VDLG ´-XVW OHDYH NLGV DORQH SOHDVH µ )RU PDQ\ KLV UHTXHVW WKDW JD\ DWKOHWHV ´OHDYH NLGV DORQHµ ZDV D UHPLQGHU RI WKH YHU\ ODZ WKDW ÀUVW VSDUNHG WKH RQJRLQJ RXWUDJH LQ WKH ZHVWHUQ PHGLD RYHU /HVELDQ *D\ %LVH[XDO 7UDQVJHQGHU /*%7 ULJKWV LQIULQJHPHQWV LQ 5XVVLD 7KH ODZ LQ TXHVWLRQ ZDV SDVVHG LQ 5XVVLD RQ -XQH ZLWK WKH FRQVHQW RI 3XWLQ DQG EDQQHG GLVWULEXWLRQ RI ´SURSDJDQGD RI QRQ WUDGLWLRQDO VH[XDO UHODWLRQVµ DPRQJ PLQRUV 7KLV ELOO ZDV DQ DPHQGPHQW WR DQ HDUOLHU SLHFH RI OHJLVODWLRQ SURWHFWLQJ FKLOGUHQ IURP SRUQRJUDSK\ DQG RWKHU ´KDUPIXO LQIRUPDWLRQ µ 7KH LQWHQWLRQ VDLG 'HHUÀHOG VWXGHQW DQG 0RVFRZ QDWLYH 6WHSDQ 6HYHURY · LV WR SUHYHQW LQVWDQFHV LQ ZKLFK JD\V ´IRUFH RU LQYLWH FKLOGUHQ WR MRLQ WKHLU VH[XDOLW\ µ 6HYHURY ZHQW RQ WR VD\ ´0\ SDUHQWV· SROLF\ LV ¶DV ORQJ DV JD\V GRQ·W IRUFH RXU FKLOGUHQ WR EH JD\ ZH KDYH QRWKLQJ DJDLQVW WKHP· µ *HQHYLHYH *UHVVHU · SUHVLGHQW RI WKH 'HHUÀHOG *D\ 6WUDLJKW $OOLDQFH VWURQJO\ GLVDJUHHG ZLWK WKH XQGHUO\LQJ DVVXPSWLRQ RI WKH OHJLVODWLRQ DJDLQVW ´JD\ SURSDJDQGD µ ´7KH QRWLRQ WKDW ¶JD\ SURSDJDQGD· ZLOO WXUQ 5XVVLDQ FKLOGUHQ JD\ LV ULGLFXORXV µ *UHVVHU VDLG ´%HLQJ JD\ RU KDYLQJ DQ\ RWKHU VH[XDO RULHQWDWLRQ LV QRW D FKRLFH 3HRSOH DUH ERUQ ZLWK WKHLU VH[XDOLW\ WKH\ FDQ·W MXVW GHFLGH ZKDW WR IHHO RU ZKRP WR ORYH µ +HDWKHU /LVNH (QJOLVK WHDFKHU DQG DGYLVRU IRU WKH *D\ 6WUDLJKW $OOLDQFH DJUHHG VD\LQJ ´7KHUH LV WKH VDPH PHQWDOLW\ EHKLQG WKLV 5XVVLDQ OHJLVODWLRQ WKDW ZH VHH LQ $PHULFDQ ZKLWH FRQVHUYDWLYHV ZKR WU\ WR EDQ VH[XDO HGXFDWLRQ IURP VFKRROV 7KHUH·V WKLV PLVFRQFHSWLRQ WKDW LI \RX LJQRUH

SDJH 0ROO\ 6FKDXV · 6HHNLQJ 6KXWRXWV LQ WKH :LQWHU 2O\PSLFV

'((5),(/' $&$'(0< '((5),(/' 0$

'HHUÀHOG 'HEDWHV /*%7 5LJKWV LQ 5XVVLD

%< *$5$0 12+ (GLWRULDO $VVRFLDWH

SDJH 6WXGHQWV &URVV &RQWLQHQWV RQ <HDU $EURDG

VRPHWKLQJ LW GRHVQ·W H[LVW µ ,Q OLJKW RI WKH 3XVV\ 5LRW JURXS LQFLGHQW LQ ZKHQ WKUHH ZRPHQ ZHUH VHQWHQFHG WR WZR \HDUV LQ MDLO IRU VLQJLQJ DQWL 3XWLQ VRQJV DW 5XVVLD·V ODUJHVW 2UWKRGR[ &DWKHGUDO WKH ELOO SURKLELWLQJ ´JD\ SURSDJDQGDµ VHHPV WR PDQ\ D WKUHDW WR IUHHGRP RI VSHHFK 7KH ELOO DOVR SURKLELWV JD\ SULGH HYHQWV RQ WKH SUHPLVH WKDW VXFK HYHQWV ZLOO H[SRVH PLQRUV WR LQIRUPDWLRQ DERXW /*%7 VH[XDO UHODWLRQV 6HYHURY EHOLHYHV WKDW WKLV OHJLVODWLRQ LV IRU WKH EHQHÀW RI JD\V LQ 5XVVLD DV ZHOO 6HYHURY VDLG ´*D\ SDUDGLQJ PDNHV WKH VLWXDWLRQ ZRUVH 3HRSOH >LQ 5XVVLD@ GRQ·W OLNH LW ZKHQ JD\V WU\ WR SURWHFW WKHLU ULJKWV DJJUHVVLYHO\ µ +RZHYHU *UHVVHU DVVHUWHG ´, GUDZ WKH OLQH ZKHQ LW FRPHV WR FRPSURPLVLQJ ZKR \RX DUH 1R RQH VKRXOG EH DVKDPHG RI KLV RU KHU VH[XDOLW\ ,I \RX DUH JD\ \RX VKRXOG QRW KDYH WR FHQVRU \RXUVHOI µ /HJLVODWLRQ EDQQLQJ JD\ SDUDGHV KDV UDLVHG FRQFHUQ IRU WKH VDIHW\ DQG OHJDO SURWHFWLRQ RI JD\ DWKOHWHV DQG VXSSRUWHUV DW WKH XSFRPLQJ 6RFKL 2O\PSLFV 6LQFH $XJXVW RI WKHUH KDYH EHHQ PXOWLSOH PRYHPHQWV WR FKDQJH WKH 2O\PSLF YHQXH PDQ\ RI WKHP SRLQWLQJ WR 3ULQFLSOH RI WKH 2O\PSLF &KDUWHU ZKLFK EDQV ´DQ\ IRUP RI GLVFULPLQDWLRQµ E\ D KRVW FRXQWU\ $Q RQOLQH SHWLWLRQ DGGUHVVHG WR WKH ,QWHUQDWLRQDO 2O\PSLF &RPPLWWHH ,2& VWDWHV ´:H DSSUHFLDWH \RXU HIIRUWV LQ UHTXHVWLQJ 5XVVLD DOORZ JD\ DWKOHWHV WR FRPSHWH DW WKH JDPHV EXW WKLV LV QRW HQRXJK 7KH YHU\ QDWXUH RI WKH RULJLQDO 2O\PSLFV ZDV WR VHWWOH FRQÁLFW WKURXJK VSRUW DQG QRW YLROHQFH µ 7KH SURSRVDO ZDV IRU WKH ,2& WR WDNH WKLV RSSRUWXQLW\ WR XSKROG WKH VSLULW RI WKH 2O\PSLFV E\ UHPRYLQJ WKH *DPHV IURP D QDWLRQ WKDW WROHUDWHV ´WKH DEKRUUHQW SHUVHFXWLRQ RI PLQRULW\ JURXSV µ *UHVVHU EHOLHYHV WKDW KROGLQJ WKH 2O\PSLFV LQ 5XVVLD FDQ EH DQ RSSRUWXQLW\ UDWKHU WKDQ D WKUHDW WR JD\ ULJKWV ´7KRXJK , GRQ·W OLNH WKH LGHD RI EULQJLQJ EXVLQHVV WR D FRXQWU\ YLRODWLQJ EDVLF KXPDQ ULJKWV KDYLQJ WKH 2O\PSLFV LQ 5XVVLD KDV DOVR EURXJKW D ORW RI DWWHQWLRQ DQG VFUXWLQ\ WR 3XWLQ·V DQWL JD\ ODZV µ VKH VDLG 5HDG WKH UHVW RQOLQH DW ZZZ GHHUÀHOG HGX VFUROO

SDJH /HQD 0D]HO · 'UHDP &RPH 7UXH

-DQXDU\

5HÁHFWLQJ RQ 7XUEXOHQFH LQ 7KDLODQG %< 0$5*$5(7 &+$33(// (GLWRULDO $VVRFLDWH

7KDLODQG KDV H[SHULHQFHG PXFK SROLWLFDO XQUHVW LQ WKH ODVW IHZ \HDUV ,Q WKH 3ULPH 0LQLVWHU 7KDNVLQ 6KLQDZDWUD ZDV RYHUWKURZQ E\ 7KDLODQG·V PLOLWDU\ RQ FKDUJHV LQFOXGLQJ FRUUXSWLRQ KXPDQ ULJKWV YLRODWLRQV DQG SODQV WR SURYRNH YLROHQFH 0U 7KDNVLQ ZDV H[LOHG DQG LV QRZ LQ VHOI LPSRVHG H[LOH $ QHZ FRQVWLWXWLRQ ZDV DSSURYHG LQ KRZHYHU SROLWLFDO SUREOHPV FRQWLQXHG DQG LQ D JURXS FDOOHG WKH 5HG 6KLUWV SURWHVWHG WKH DSSRLQWPHQW RI $EKLVLW 9HMMDMLYD WR 3ULPH 0LQLVWHU 7KH SURWHVWV EHFDPH YLROHQW UHVXOWLQJ LQ MXVW XQGHU GHDWKV DQG RYHU LQMXULHV 1RZ SURWHVWV KDYH EHJXQ DJDLQ DJDLQVW 7KDLODQG·V FXUUHQW 3ULPH 0LQLVWHU <LQJOXFN 6KLQDZDWUD %HFDXVH VKH LV 0U 7KDNVLQ·V \RXQJHU VLVWHU FULWLFV EHOLHYH VKH LV DFWLQJ DV KHU EURWKHU·V SXSSHW $IWHU VKH WULHG WR SDVV DQ $PQHVW\ %LOO WKDW ZRXOG DOORZ KLP WR UHWXUQ WR 7KDLODQG SHRSOH VWDUWHG WR SURWHVW DJDLQ ,Q UHVSRQVH 0V <LQJOXFN GLVVROYHG SDUOLDPHQW DQG VHW HOHFWLRQV IRU WKLV FRPLQJ )HEUXDU\ +RZHYHU SURWHVWHUV UHFHQWO\ VKXW GRZQ %DQJNRN DQG DUH SHUVLVWLQJ ZLWK WKHLU GHPRQVWUDWLRQV 1HLWKHU :\Q 6XWXQWLYRUDNRRQ · QRU 1DWDOLD %ULRQHV · KDV VWURQJ IHHOLQJV DERXW 0U 7KDNVLQ EXW ´KH LV D UHDOO\ FRQWURYHUVLDO FKDUDFWHU µ 6XWXQWLYRUDNRRQ VDLG ´7KHUH LV RQH JURXS RI SHRSOH ZKR DEVROXWHO\ ORYH KLP DQG KLV SDUW\ DQG KLV LGHDOV DQG WKHUH LV DQRWKHU JURXS ZKR RSSRVH WKHP µ 6 X W X Q W L Y R U D N R R Q

DFNQRZOHGJHV WKH SRVVLELOLW\ WKDW 0V <LQJOXFN LV KHU EURWKHU·V SXSSHW DQG %ULRQHV EHOLHYHV WKDW VKH LV ´7KH RQO\ WKLQJ ,·P FRQIXVHG DERXW LV ZK\ VKH EHFDPH WKH QH[W 3ULPH 0LQLVWHU µ %ULRQHV VDLG ´%HFDXVH LI VKH LV WKH VLVWHU RI 7KDNVLQ VKH ZRXOG KDYH WR KDYH VRPH FRQQHFWLRQV ZLWK KLP , WKLQN WKH UHDVRQ VKH EHFDPH 3ULPH 0LQLVWHU ZDV EHFDXVH VR PDQ\ SHRSOH RXWVLGH RI WKH FLW\ VXSSRUW KHU DQG WKDW·V ZD\ PRUH WKDQ WKH SHRSOH LQ WKH FLW\ µ %RWK %ULRQHV DQG 6XWXQWLYRUDNRRQ ZHUH DIIHFWHG E\ WKH 5HG 6KLUW SURWHVWV LQ ´7KHUH ZHUH VKRRWLQJV PD\EH ÀYH PLQXWHV DZD\ IURP P\ KRXVH DQG , FRXOGQ·W JHW RXW µ %ULRQHV H[SODLQHG ´, FRXOGQ·W JR WR VFKRRO EHFDXVH WKH\ VKXW GRZQ DOO WKH URDGV DQG LI \RX ZHQW RXWVLGH \RX ZRXOG VHH 5HG 6KLUWV ,W ZDV NLQG RI OLNH D ]RPELH PRYLH 7KH VWUHHWV ZHUH HPSW\ DQG WKHUH ZHUH SLOHV RI GLUW HYHU\ZKHUH 7KH\ EXUQHG WKLV HOHFWULFLW\ IDFWRU\ QHDU P\ KRXVH DQG ZH GLGQ·W KDYH DQ\ HOHFWULFLW\ DQG WKH\ DOVR EXUQHG WKLV YHU\ ELJ VKRSSLQJ PDOO LQ WKH FHQWHU RI %DQJNRN ZKLFK ZDV VFDU\ µ ´7KHUH LV WKLV VN\WUDLQ LQ %DQJNRN WKDW JRHV DORQJ WKH PDLQ URDGV µ 6XWXQWLYRUDNRRQ VDLG ´DQG , UHPHPEHU ULGLQJ RQ LW DQG VHHLQJ WKRXVDQGV RI SHRSOH MXVW VLWWLQJ GRZQ RQ WKH URDG ,W ZDV MXVW WKH PRVW EL]DUUH WKLQJ \RX FDQ LPDJLQH µ 0RUH UHFHQWO\ %ULRQHV ZHQW WR D SURWHVW DJDLQVW

0V <LQJOXFN ´7KH\ VWDUWHG SOD\LQJ WKH QDWLRQDO DQWKHP DQG EHLQJ 7KDL >,@ IHOW OLNH >, ZDV@ SDUW RI VRPHWKLQJ µ VKH VDLG ´,W ZDV D SUHWW\ RYHUZKHOPLQJ IHHOLQJ WR EH WKHUH µ %ULRQHV ZDQWHG WR SDUWLFLSDWH LQ WKH SURWHVW WR KDYH WKH H[SHULHQFH EXW WKHQ WKH SURWHVW EHFDPH YLROHQW ´, GRQ·W PLQG LI LW·V D SHDFHIXO SURWHVW EHFDXVH WKH\ DUH MXVW WU\LQJ WR VSHDN IRU ZKDW WKH\ EHOLHYH LQ µ VKH VDLG ´%XW VRPHWLPHV WKH\ WDNH LW WRR IDU µ 1R RQH FDQ NQRZ ZKDW FRPLQJ HOHFWLRQV ZLOO EULQJ 6DLG 6XWXQWLYRUDNRRQ ´, GR KRSH IRU WKLV ZKROH WKLQJ WR EORZ RYHU TXLFNO\ EHFDXVH WRXULVP LV D ELJ LQGXVWU\ LQ 7KDLODQG DQG WRXULVWV ZRQ·W ZDQW WR YLVLW DIWHU WKLV 0DQXIDFWXULQJ LV RQ WKH ULVH LQ 7KDLODQG DV ZHOO DQG LQYHVWRUV ZRQ·W ZDQW WR LQYHVW VR WKLV LV UHDOO\ JRLQJ WR KXUW RXU HFRQRP\ :H KDYH D JUHDW SRWHQWLDO EXW ZLWK DOO RI WKLV XQFHUWDLQW\ DQG FRQÁLFW \RX GRQ·W UHDOO\ NQRZ ZKDW LV JRLQJ WR KDSSHQ µ

*22*/(

7KH /LQN %HWZHHQ 6QRZGHQ DQG ,76

QDWLRQDO GHIHQVH 7KH FXUUHQW GHEDWH DERXW WKH QHFHVVDU\ VFRSH RI JRYHUQPHQW VXUYHLOODQFH LV 7KLV SDVW 0D\ (GZDUG ORQJ RYHUGXH µ 6QRZGHQ D IRUPHU HPSOR\HH &KULV 6WDXIIHU · ([HFXWLYH RI WKH 1DWLRQDO 6HFXULW\ $JHQF\ 9LFH 3UHVLGHQW DW $VFHOOD 16$ IDPRXVO\ H[SRVHG WKH 7HFKQRORJLHV KDV GHOLYHUHG LQQHU ZRUNLQJV RI WKH DJHQF\·V WHFKQRORJ\ EDVHG VROXWLRQV VXUYHLOODQFH SURJUDPV )XHOHG E\ WR QXPHURXV IHGHUDO DJHQFLHV WKH VFDQGDO GHEDWHV VXUURXQGLQJ $OWKRXJK $VFHOOD KDV QHYHU WKH SULYDF\ RI $PHULFDQV· GDWD ZRUNHG GLUHFWO\ ZLWK WKH 16$ KDYH HUXSWHG DFURVV WKH 8QLWHG LW KDV DVVLVWHG YDULRXV DJHQFLHV 6WDWHV LQFOXGLQJ WKH 'HSDUWPHQW RI &XVWRPV DQG %RUGHU 3URWHFWLRQ DQG WKH ,QWHUQDO 5HYHQXH 6HUYLFH ,56 LQ LQWHOOLJHQFH JDWKHULQJ ´7KH SXEOLF LV ÀQDOO\ EHJLQQLQJ WR XQGHUVWDQG WKDW WKH JRYHUQPHQW LV DFFHVVLQJ D VLJQLÀFDQW DPRXQW RI GDWD DERXW LQGLYLGXDOV µ 0U 6WDXIIHU VDLG ´$QG WKLV UDLVHV FRQFHUQV DERXW WKH ULJKW WR SULYDF\ DQG ZKDW WKH JRYHUQPHQW PLJKW GR ZLWK WKH LQIRUPDWLRQ LW JDWKHUV µ 7KH GHEDWH UHJDUGLQJ GDWD SULYDF\ KDV QRW KRZHYHU EHHQ OLPLWHG WR MXVW WKH IHGHUDO JRYHUQPHQW ,Q RXU LQFUHDVLQJO\ FRQQHFWHG ZRUOG FRUSRUDWLRQV DQG VFKRROV DUH PRQLWRULQJ PRUH DQG PRUH GDWD IURP WKHLU HPSOR\HHV DQG VWXGHQWV +HUH DW 'HHUÀHOG ,QIRUPDWLRQ 7HFKQRORJ\ 6HUYLFHV ,76 LV FKDUJHG ZLWK PDLQWDLQLQJ QHDUO\ D WKRXVDQG FRPSXWHUV DQG DQ 7(66 '2129$1 H[WHQVLYH QHWZRUN &RQWLQXHG RQ SDJH 5HDG WKH IXOO DUWLFOH RQOLQH DW ZZZ GHHUÀHOG HGX VFUROO

%< +(15< &2%%6 (GLWRULDO $VVRFLDWH

-RKQ %UH\DXOW WKH 9LFH 3UHVLGHQW RI 3XEOLF 3ROLF\ DW WKH 1DWLRQDO &RQVXPHUV /HDJXH ZRUNV WR SURWHFW DQG SURPRWH VRFLDO DQG HFRQRPLF MXVWLFH IRU FRQVXPHUV DQG ZRUNHUV DURXQG WKH ZRUOG ,Q DQ LQWHUYLHZ ZLWK 7KH 6FUROO 0U %UH\DXOW VDLG ´, WKLQN WKHUH·V D QDWXUDO WHQVLRQ EHWZHHQ FRQVXPHUV· ULJKW WR SULYDF\ XQGHU WKH )RXUWK $PHQGPHQW DQG WKH JRYHUQPHQW·V QHHG WR FROOHFW LQIRUPDWLRQ WR DLG LQ


92/ /;;;9,,, 12

-DQXDU\

(GLWRU LQ &KLHI &+$5/277( $//(1 0DQDJLQJ (GLWRU (0,/< 1*

/D\RXW 7$%$7$ 9,62

&RS\ (GLWRU $11$ $8(563(5*

2QOLQH '$9( .,0

)URQW 3DJH 7$5$ 0857<

2QOLQH $VVRFLDWH &+$5/,( 8*+(77$

2SLQLRQ (GLWRULDO $1'5($ )/(0,1*

3KRWRJUDSK\ *UDSKLFV 7(66 '2129$1

)HDWXUHV &2/( +25721

3KRWRJUDSK\ *UDSKLFV $VVRFLDWH &+/2( 62

$UWV (QWHUWDLQPHQW &$0(521 &$53(17(5

(GLWRULDO $VVRFLDWHV 0$5*$5(7 &+$33(// +(15< &2%%6 &2/( )$8/.1(5 *$5$0 12+

6SRUWV -21 9,&725

$GYLVRUV -8/,$11( 6&+/2$7 $'$ )$1 7KH 'HHUÀHOG 6FUROO HVWDEOLVKHG LQ LV WKH RIÀFLDO VWXGHQW QHZVSDSHU RI 'HHUÀHOG $FDGHP\ 7KH 6FUROO HQFRXUDJHV LQIRUPHG GLVFXVVLRQ RI SHUWLQHQW LVVXHV WKDW FRQFHUQ WKH $FDGHP\ DQG WKH ZRUOG 6LJQHG OHWWHUV WR WKH HGLWRU WKDW H[SUHVV OHJLWLPDWH RSLQLRQV DUH ZHOFRPHG :H KROG WKH ULJKW WR HGLW IRU EUHYLW\ 7KH 6FUROO LV SXEOLVKHG HLJKW WLPHV \HDUO\ $GYHUWLVLQJ UDWHV SURYLGHG XSRQ UHTXHVW 2SLQLRQ DUWLFOHV ZLWK FRQWULEXWRUV· QDPHV DWWDFKHG UHSUHVHQW WKH YLHZV RI WKH UHVSHFWLYH ZULWHUV 2SLQLRQ DUWLFOHV ZLWKRXW QDPHV UHSUHVHQW WKH FRQVHQVXV YLHZV RI WKH HGLWRULDO VWDII

:DQQD +DYH $ 6OHHSRYHU" (VWDEOLVKHG JHQGHU UROHV LQ WDQGHP ZLWK WKH SHFXOLDU KRRN XS FXOWXUH VSHFLÀF WR 'HHUÀHOG ZRUN WR FUHDWH FRQYROXWHG JHQGHU UHODWLRQV DW RXU VFKRRO ERWK LQVLGH DQG RXWVLGH RI WKH FODVVURRP :KHQ DVNHG WR LGHQWLI\ WKH FXOSULW EHKLQG LW DOO VRPH SRLQW WR VWXGHQW FXOWXUH ZKLOH RWKHUV LQVWHDG EODPH VFKRRO SROLF\ 2QH RI WKH VWXGHQW ERG\·V PRVW SRWHQW DUJXPHQWV RYHU WKH SDVW \HDU KDV EHHQ WKDW 'HHUÀHOG GRHV QRW FUHDWH HQRXJK FDVXDO VSDFHV LQ ZKLFK VWXGHQWV RI WKH RSSRVLWH JHQGHU FDQ ERQG ,Q UHVSRQVH WKH VFKRRO LV SLORWLQJ DQ RSHQ GRUP SURJUDP² GHYHORSHG E\ $XVWLQ 3DUHQWHDX (LOHHQ 5XVVHOO 0UV /RIWXV DQG 0UV <RXQJ²LQ ZKLFK VWXGHQWV RI ERWK JHQGHUV YLVLW WZR GHVLJQDWHG GRUPV RQH XQGHUFODVV DQG RQH XSSHUFODVV HDFK ZHHNHQG ZLWKRXW FKHFNLQJ LQ ZLWK D IDFXOW\ UHVLGHQW LQ H[FKDQJH IRU ZLGH RSHQ GRRUV WR VWXGHQW URRPV 7KH 'HHUÀHOG 6FUROO DSSODXGV WKLV HIIRUW WR UHGXFH WKH VWLJPDWL]DWLRQ DURXQG IULHQGVKLSV EHWZHHQ VWXGHQWV RI RSSRVLWH JHQGHUV $OWKRXJK VRPH EHOLHYH WKH UHTXLUHPHQW RI RSHQ GRRUV LV D OLQJHULQJ UHPLQGHU RI WKH DGPLQLVWUDWLRQ·V ODFN RI WUXVW LQ VWXGHQWV WKH RSHQ GRUP SROLF\ VHHNV WR IRVWHU FDVXDO LQWHUDFWLRQV EHWZHHQ VWXGHQWV 3DULHWDOV UHPDLQ DYDLODEOH LQ DOO EXW WZR GRUPV HYHU\ ZHHNHQG DQG DV DOZD\V RIIHU VDFUHG WLPH IRU URPDQFH %XW ZH DW 7KH 6FUROO DOVR EHOLHYH WKDW LI WKH DGPLQLVWUDWLRQ LQWHQGV WR IRVWHU UHDO IULHQGVKLSV LQVWHDG RI DFTXDLQWDQFHV DQG UHODWLRQVKLSV LW VKRXOG WDNH D JUHDWHU VWHS WRZDUGV LQWHJUDWLRQ³ZLWK FR HG GRUPV 0DQ\ XSSHUFODVVPDQ GRUPV VXFK DV -RKQ /RXLV /RXLV 0DU[ DQG 5RVHQZDOG 6KXPZD\ KDYH WZR GLVWLQFW ZLQJV ZLWK D FRPPRQ URRP LQ WKH PLGGOH DQG DUH VWUXFWXUDOO\ VXLWHG WR EH FR HG GRUPV $QRWKHU LGHD FRXOG EH DOWHUQDWLQJ JHQGHUV IRU GLIIHUHQW ÁRRUV 7KH PRVW QDWXUDO SODWIRUP RI LQWHU JHQGHU LQWHUDFWLRQ WKDW 7KH 6FUROO ERDUG FDQ FRQFHLYH RI LV GRUP OLIH IURP KDOO IHHGV WR KDQJLQJ RXW LQ WKH FRPPRQ URRP DIWHU FXUIHZ )RU JLUOV LQ SDUWLFXODU WKHUH LV FXUUHQWO\ D GLVSDULW\ EHWZHHQ WKH ZRUOG ´LQVLGHµ DQG WKH ZRUOG ´RXWVLGHµ WKH GRUP 7KH H[LVWHQFH RI GRUPV VHSDUDWHG E\ JHQGHU IXHOV WKLV LGHD WKDW ´JRLQJ RXWµ RI WKH GRUP LV HTXLYDOHQW WR ´SXWWLQJ \RXUVHOI RQ VKRZ µ 7KH SUHVVXUH RQ 'HHUÀHOG JLUOV WR ORRN OLNH WKH HSLWRPH RI SHUIHFWLRQ RXWVLGH WKH GRUP PD\ EH DOOHYLDWHG E\ FR HG GRUPV ZKLFK ZLOO PLUURU WKH UHDO ZRUOG PRUH FORVHO\ VLQFH JLUOV DQG ER\V ZLOO LQWHUDFW ZLWK HDFK RWKHU LQ WKHLU KRPH HQYLURQPHQW QR PDWWHU WKH VWDWH RI WKHLU DSSHDUDQFH 0HDQZKLOH FR HG GRUPV PLJKW HQFRXUDJH ER\V WR FOHDQ XS WKHLU DFW D OLWWOH ELW 7KH ´UHDO ZRUOGµ WKDW ZH DOZD\V WDON DERXW LV WKDQNIXOO\ QRW DUWLÀFLDOO\ VHJUHJDWHG E\ JHQGHU ,W LV WLPH WKDW WKH VWXGHQW ERG\ EHJLQV WR XQGHUVWDQG WKDW DV DGXOWV PRVW RI RXU UHODWLRQVKLSV ZLWK SHRSOH RI WKH RSSRVLWH JHQGHU ZLOO EH IULHQGVKLSV DQG ZRUN UHODWLRQVKLSV $ VFKRRO HQYLURQPHQW WKDW IRVWHUV WKHVH NLQGV RI LQWHUDFWLRQV ZLOO QRW RQO\ EH SURPRWLQJ D EHWWHU VWXGHQW FXOWXUH EXW DOVR EHWWHU HTXLSSLQJ LWV VWXGHQWV IRU D OHVV UHJXODWHG OLIH LQ FROOHJH DQG EH\RQG

%UHDN 2XW WKH +DSS\ /DPSV ,Q WKH IULJLG PRQWKV RI 2FWREHU WKURXJK $SULO LW VRPHWLPHV VHHPV OLNH WKH FROG ZHDWKHU LV VHQW WR 'HHUÀHOG VLPSO\ WR JLYH XV VRPHWKLQJ WR JULSH DQG PRDQ DERXW %XW WKH UHVXOWDQW DXUD RI GHSUHVVLRQ FDQ EHFRPH D UHDOLW\ IRU DGROHVFHQWV DOUHDG\ KLJK VWUXQJ DQG RYHUZRUNHG 'HHUÀHOG D WUDGLWLRQDOLVW VFKRRO KDV KLVWRULFDOO\ SURPRWHG WKH LGHD WKDW ZH FDQ DQG VKRXOG WRXJK LW RXW ZKHQ VRPHWKLQJ DV PXQGDQH DV WKH ZHDWKHU XSVHWV XV +DUVK ZLQWHUV KRZHYHU ZLHOG WKH SRZHU WR FDXVH H[WUHPH PHQWDO GXUHVV DV LOOQHVVHV OLNH 6HDVRQDO $IIHFWLYH 'LVRUGHU 6$' SURYH 7KH 6FUROO UHFRJQL]HV WKH VWLJPD DURXQG FRQVXOWLQJ D SURIHVVLRQDO WKHUDSLVW \HW ZH HQFRXUDJH WKH 'HHUÀHOG VWXGHQW ERG\ WR UHDFK RXW WR IDFXOW\ DW WKH +HDOWK &HQWHU ZKR PD\ XQGHUVWDQG KRZ WR KHOS \RX IDU EHWWHU WKDQ D IHOORZ VWUHVVHG RXW SHHU :H PD\ VWLOO KROG RQ WR WKH LGHD WKDW ZH FDQ VROYH RXU HPRWLRQDO SUREOHPV RQ RXU RZQ EXW RSHQQHVV WR QHZ SRVVLELOLWHV WUXVW LQ RWKHUV DQG DGPLWWLQJ RQH·V ZHDNQHVVHV DUH WKH FRUQHUVWRQHV WR D KDSS\ KHDOWK\ FRPPXQLW\

23,1,21 /HWWHU IURP WKH (GLWRU

'HDU 5HDGHU :KDW GRHV GLYHUVLW\ UHDOO\ PHDQ" :H NQRZ WKDW WKH WKHPHV RI LQFOXVLRQ VRFLDO MXVWLFH DQG FLYLO ULJKWV SOD\ D SDUW LQ LWV GHÀQLWLRQ EXW WR IRVWHU WKH JURZWK RI D ´GLYHUVH FRPPXQLW\ µ ZH PXVW FRQVLGHU RWKHU IDFWRUV DV ZHOO , EHOLHYH WKDW DQVZHULQJ WKLV TXHVWLRQ UHTXLUHV D SHUVRQDO DQG LQGLYLGXDOL]HG DSSURDFK WKDW VORSS\ JHQHUDOL]DWLRQV DUH GHWULPHQWDO WR RXU XQGHUVWDQGLQJ RI WKH ZRUG :H FDQ·W OLPLW RXUVHOYHV WR VHHLQJ LVVXHV WKURXJK D EODFN DQG ZKLWH OHQV GLYHUVLW\ VKRXOG H[LVW LQ DOO DVSHFWV RI OLIH DQG LWV HPSKDVLV VKRXOG EH IHOW HYHU\ GD\ QRW MXVW IURP RQ -DQXDU\ :H FDQ·W PDNH XS IRU DOO RI WKH LQMXVWLFH WKDW WDNHV SODFH RQ WKH RWKHU GD\V RI WKH \HDU LQ KRXUV RI UHÁHFWLRQ DQG JRRG GHHGV 6R KRZ GR ZH JR DERXW LQWHJUDWLQJ WKHVH VHQWLPHQWV LQWR RXU GDLO\ OLYHV" :K\ VKRXOG

ZH FDUH" ,W·V FHUWDLQO\ JRLQJ WR WDNH VRPH HIIRUW EXW LW LV RI WKH XWPRVW LPSRUWDQFH WKDW ZH VWDUW WR VHULRXVO\ FRQVLGHU WKHVH TXHVWLRQV DQG WKH IRUPV WKHLU DQVZHUV FRXOG WDNH 'HHUÀHOG DOWKRXJK DW WLPHV D YHU\ WLJKW NQLW FRPPXQLW\ FDQ DOVR EH D FXWWKURDW HQYLURQPHQW ZKHUH SHRSOH DUH RXW IRU WKHPVHOYHV DQG WKHLU RZQ VXFFHVV $OWKRXJK WKHUH LV FHUWDLQO\ VRPHWKLQJ WR VD\ IRU WKLV NLQG RI VWURQJ PRWLYDWLRQ LW FDQ DOVR OHDG WR IRUJHWWLQJ WR EH FRQFHUQHG DERXW WKRVH DURXQG XV DQG RYHUORRNLQJ FXUUHQWV RI LQMXVWLFH 6RPH SHRSOH PLJKW DUJXH WKDW ZH DUH FUHDWLQJ SUREOHPV WKDW GRQ·W H[LVW WKDW 'HHUÀHOG LV SHUIHFW DQG HYHU\RQH LV KDSS\ ZLWK WKH ZD\ WKLQJV DUH EXW WKLV NLQG RI DQ DSSURDFK LV XQUHDOLVWLF ,W FDQ EH KDUG WR ZUDS RXU KHDGV DURXQG ZRUGV OLNH ´GLYHUVLW\µ WKDW DUH KHDY\ ZLWK LPSOLFDWLRQV DQG FDQ EH XQGHUVWRRG LQ HQGOHVV

FRQWH[WV EXW WKLV LV QR H[FXVH IRU QRW DWWHPSWLQJ WR FUHDWH RXU RZQ GHÀQLWLRQV DQG DSSOLFDWLRQV IRU WKHP , EHOLHYH WKDW ZH DUH FHUWDLQO\ RQ WKH ULJKW WUDFN WR LQFUHDVLQJ VHOI DZDUHQHVV RI WKH UHDO ZRUOG DQG LWV UHDO SUREOHPV ,Q WKH WKURHV RI WKLV FDPSDLJQ DJDLQVW FKLOGKRRG KXQJHU DQG VRFLDO LQMXVWLFH KRZHYHU ZH FDQQRW IRUJHW WR DSSO\ ZKDW ZH OHDUQ WR OLIH DW 'HHUÀHOG 7KHVH LVVXHV DUH QRW RQO\ RPQLSUHVHQW EXW DOVR FRQWLQXRXV WKH\ FDQ·W EH VZHSW XQGHU WKH UXJ RU FDQFHOOHG RXW E\ D IHZ KRXUV RI FRPPXQLW\ VHUYLFH 6R GRQ·W SUHWHQG WKDW WKH\ GRQ·W H[LVW EXW LQVWHDG SXVK WKH ERXQGDULHV RI \RXU FRPIRUW ]RQHV DQG ÀJXUH RXW ZKDW \RX FDQ GR WR PDNH WKLV VFKRRO WKH YDOOH\ WKDW VXUURXQGV LW DQG WKH JOREDO FRPPXQLW\ D EHWWHU SODFH 6LQFHUHO\ &KDUORWWH $OOHQ (GLWRU LQ &KLHI

+RZ PXFK GRHV WKH QDPH RI D FROOHJH XQLYHUVLW\ WR ZKLFK \RX DUH DSSO\LQJ PDWWHU WR \RX" 7KH 'HFLGLQJ )DFWRU YRWHV

2QH RI WKH 'HFLGLQJ )DFWRUV YRWHV

+<3 RU %XVW YRWHV

1R ,QÁXHQFH YRWHV 6RPH ,QÁXHQFH YRWHV

´:KDW·V LQ D QDPH"µ 7KLV IDPRXV TXHVWLRQ VKRXOG EH WKH ÀUVW RQH SRVHG E\ DQ\ FROOHJH DGYLVRU ZRUWK KLV RU KHU PDVWHU·V +RZ PXFK VKRXOG WKH UHSXWDWLRQ RI WKH XQLYHUVLW\ ZH DWWHQG PDWWHU WR XV" $UH ZH VXSHUÀFLDO YDLQ HYHQ LI ZH FUDYH WKDW HOLWH ,Y\ /HDJXH VWDWXV DV PXFK DV RU PRUH WKDQ RXU DFWXDO FROOHJH H[SHULHQFH" +DV RXU VRFLHW\ LQGRFWULQDWHG XV WR EHOLHYH WKDW WUXH KDSSLQHVV FDQ EH DWWDLQHG RQO\ ZKHQ WKH DGPLVVLRQ UDWH LV EHORZ " 'HHUÀHOG D VHOI SURFODLPHG FROOHJH SUHSDUDWRU\ VFKRRO LV IDFHG ZLWK WKH GDXQWLQJ FKDOOHQJH RI HGXFDWLQJ QXUWXULQJ DQG VKLSSLQJ RII WHHQDJHUV WR WKH PRVW FRYHWHG LQVWLWXWLRQV RI KLJKHU HGXFDWLRQ LQ WKH ZRUOG 6R KRZ GR ZH VWXGHQWV FRSH ZLWK WKLV EXUGHQ WR EH QRWKLQJ OHVV WKDQ WKH EHVW" :KDW KDSSHQV LI ZH IDLO WR PHHW WKHVH H[FHSWLRQDO VWDQGDUGV" &DQ ZH EH KDSS\ QR PDWWHU KRZ 8 6 1HZV DQG :RUOG 5HSRUW UDQNV RXU FKRVHQ FROOHJH RU GRHV 'HHUÀHOG WUXO\ EHOLHYH ZH PXVW JR ´+<3 RU %XVWµ" +DSSLQHVV LV VXFK DQ LQWDQJLEOH YDJXH FRQFHSW EXW WKH QRWLRQ WKDW D ODEHO KROGV WKH NH\ WR LW LV VHULRXVO\ PLVSODFHG +DSSLQHVV OLHV LQ WKH OLWWOH WKLQJV IRXQG RQ DQ\ FROOHJH FDPSXV²WKH FKDQFH IULHQGVKLSV WKH LQVLGH MRNHV WKH ZLOG PHPRULHV²DQG WKH WUXO\ ZHOO SUHSDUHG 'HHUÀHOG VWXGHQW PD\ KDYH WKH IRUHVLJKW WR UHFRJQL]H WKLV RSSRUWXQLW\ DQ\ZKHUH DW DQ\ WLPH DQG VHL]H LW $QGUHD )OHPLQJ 2SLQLRQ (GLWRULDO (GLWRU

5DFLVP 6WLOO $ 7KLQJ %< ./<1 -21(6 &RQWULEXWLQJ :ULWHU ,I , FRXOG OHW WKH 'HHUÀHOG FRPPXQLW\ LQ RQ D VHFUHW LW ZRXOG EH WKDW ZH DOO KDYH D IDOVH VHQVH RI VHFXULW\ LQ WKH LGHD WKDW WKHUH LV QR PRUH UDFLVP ,W·V D KDUG FRQFHSW IRU VRPH WR ZUDS WKHLU KHDGV DURXQG 7KH LGHD WKDW ´LI \RX GRQ·W VHH LW LW·V QRW WKHUHµ VKRXOG QRW EH DSSOLHG WR WKLV SDUWLFXODU VLWXDWLRQ :K\" %HFDXVH WKHQ LW FUHDWHV WKLV HOHSKDQW LQ WKH URRP IRU WKRVH ZKR FDQ VHH LW $IUDLG WR EH DFFXVHG RI KDOOXFLQDWLQJ WKH\ VLW LQ GLVFRPIRUW ,W LV WUXH²ORQJ JRQH DUH WKH ´:KLWHV 2QO\µ VLJQV DQG ODZV WKH UDFLVP LQ RXU SDUHQWV· DQG JUDQGSDUHQWV·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

:H DUH ERXQG QRZ E\ WKH GHVSHUDWH GHVLUH WR EH ´FRORU EOLQGµ²DQ XQDWWDLQDEOH FKDUDFWHULVWLF LQ RXU VRFLHW\ 6R KRZ GR ZH IUHH RXUVHOYHV" 7KH ÀUVW VWHS LV WR UHFRJQL]H WKH SUREOHP 5HFHQWO\ D VLWXDWLRQ DURVH LQ ZKLFK , RYHUKHDUG DQRWKHU VWXGHQW UHPDUN RQ KRZ WZR EODFN VWXGHQWV ZRXOG EH ÀUVW DQG VHFRQG ZDLWLQJ IRU KLV DGYLVRU\ JURXS²´WKH ZD\ LW VKRXOG EH µ 2QFH WKH DGPLQLVWUDWLRQ FDXJKW ZLQG RI WKLV WKH\ UHDFWHG VZLIWO\²DQG WKH SUREOHP WXUQHG LQWR D GRXEOH HGJHG VZRUG 2Q WKH RQH KDQG LI WKH\ ZHUH WR DFW ´PLOGO\ µ WKH\ ZRXOG EH VHHQ DV WROHUDWLQJ EHKDYLRU XQZRUWK\ RI 'HHUÀHOG VWXGHQWV %XW LI WKH\ UHDFWHG WRR H[WUHPHO\ LW ZRXOG EH DV LI WKH\ KDG QHYHU KHDUG RI VXFK FRPPHQWV²DV LI WKH LQFLGHQW KDG EHHQ DQ LVRODWHG RFFXUUHQFH 7KH DGPLQLVWUDWLRQ LQ WKLV VLWXDWLRQ ZHQW ZLWK WKH H[WUHPH ZKLFK OHG PH WR UHDOO\ TXHVWLRQ² ZKDW FDQ EH GRQH" :KDW FDQ ZH GR WR FKDQJH VXFK EHKDYLRU DQG DWWLWXGHV" $QG KRZ VKRXOG WKH VFKRRO EH KDQGOLQJ WKHVH LQFLGHQWV" )RU PH WKH QHHG IRU HGXFDWLRQ LV DW WKH FRUH RI WKHVH LVVXHV² HGXFDWLRQ EH\RQG ZKDW WKH ZKLWHZDVKHG KLVWRU\ WH[WERRNV DUH ZLOOLQJ WR WHOO \RX²HGXFDWLRQ WKURXJK QDUUDWLYHV DQG WKURXJK FRQYHUVDWLRQV

$VN TXHVWLRQV HYHQ LI \RX WKLQN WKH\ PLJKW EH XQFRPIRUWDEOH ,I WKH DQVZHU PLJKW JHW \RX FORVHU WR KRZ WKH RWKHU SHUVRQ IHHOV LW·V ZRUWK DVNLQJ ZRUWK WU\LQJ %XW GR EH FDXWLRXV RI KRZ WKH TXHVWLRQV DUH SRVHG DV QRW WR EH RIIHQVLYH RU UHVWULFWLYH VLQFH PRVW GR QRW FRPH ZLWK D VLPSOH ´<HVµ RU ´1R µ $QG WKRVH TXHVWLRQV ZLOO OHDG WR PRUH TXHVWLRQV DQG DQVZHUV DQG KRSHIXOO\ XQGHUVWDQGLQJ LI \RX DUH DQ DWWHQWLYH OLVWHQHU ,I \RX GRQ·W XQGHUVWDQG LI VRPHWKLQJ XQVHWWOHV \RX FKDOOHQJH LW $VN ZK\ $VN DERXW HYHU\WKLQJ XQWLO \RX WKLQN \RX·YH JRW LW ,W·V QRW MXVW RQH FRQYHUVDWLRQ HLWKHU ,I WKLV LV D FRPPLWPHQW DERXW ZKLFK \RX UHDOO\ FDUH \RX ZLOO EH KDSS\ WR VDFULÀFH VRPHWKLQJ DV WULYLDO DV WLPH $QG WDNH DV PXFK WLPH DV \RX ZDQW²DV RSSRVHG WR KDYLQJ HYHU\WKLQJ IRUFHG GRZQ \RXU WKURDW 7KHQ LW·V \RXU UHVSRQVLELOLW\ WR QRW MXVW NHHS WKDW IRU \RXUVHOI (GXFDWH RWKHUV 7DNH ZKDW \RX OHDUQ DQG EULQJ LW LQWR FRQWH[W LQ \RXU FODVVHV LQ \RXU HYHU\GD\ OLIH ZLWK IULHQGV DQG IDPLO\ RXWVLGH RI 'HHUÀHOG $OO RI WKLV LV WR VD\ WKDW \RX VKRXOG QRW IHHO DV WKRXJK \RX KDYH WR ZDON RQ HJJVKHOOV DQG ÀOWHU \RXUVHOI DURXQG SHRSOH RI FRORU 7KRVH ZKR ZDQW WR OHDUQ ZLOO


7KH 'HHUÀHOG 6FUROO

7KH 'HHUÀHOG %UR &XOW

)RU 7KH *LUOV

%< .$< &$//2:$< &RQWULEXWLQJ :ULWHU

%< $121<0286 :KDW GRHV LW PHDQ WR EH D 'HHUÀHOG ER\" 0XFK PRUH WKDQ DW SUHYLRXV VFKRROV , KDYH DWWHQGHG ER\V DW 'HHUÀHOG VWLFN WRJHWKHU DQG DOPRVW DOZD\V KDYH HDFK RWKHU·V EDFNV %HFDXVH 'HHUÀHOG LV QRW MXVW RXU VFKRRO EXW DOVR RXU KRPH WKHUH LV DQ LQQDWH ERQG W\LQJ XV WR RQH DQRWKHU IURP WKH GD\ ZH VWHS IRRW RQ FDPSXV )XUWKHUHG E\ WKH JHQGHU GLYLVLRQ LQ ERWK DWKOHWLF DQG UHVLGHQWLDO VHWWLQJV LW·V XQGHUVWDQGDEOH WKDW VWURQJ ERQGV GHYHORS DPRQJ WKH ER\V 7KHUH DUH LQGLVSXWDEO\ ERWK SURV DQG FRQV WR WKLV ´ZROI SDFN PHQWDOLW\ µ )LUVW DQG IRUHPRVW³ WKH SURV 7KH FKDQJHV ZH XQGHUJR ZKLOH DW 'HHUÀHOG FDQ EH H[FLWLQJ EXW FRPLQJ RI DJH LV D WLPH RI KLJK VWUHVV H[SHULPHQWDWLRQ DQG VHOI GLVFRYHU\ ,Q WKH SURFHVV RI FKDQJLQJ IURP ER\ WR PDQ LW LV LQHYLWDEOH WKDW ZH DUH DOO JRLQJ WR VOLS XS IURP WLPH WR WLPH , DP FHUWDLQO\ QRW FRQGRQLQJ EUHDNLQJ PDMRU VFKRRO UXOHV EXW LW LV FRPIRUWLQJ WR NQRZ WKDW \RX FDQ FRQÀGH LQ \RXU IULHQGV ZLWKRXW UHSHUFXVVLRQV LI WKLQJV GR JR ZURQJ 7KH LQWHQVH FDPDUDGHULH DQG VXSSRUW WKDW H[LVWV EHWZHHQ ER\V DW 'HHUÀHOG LV DGPLWWHGO\ KDUG WR FRPH E\ DQ\ZKHUH HOVH %XW IRU WKRVH JUDSSOLQJ ZLWK \RXU VWDQGDUG KLJK VFKRRO WDERRV VH[ GUXJV DQG $YLFLL WKLV LV D GRXEOH HGJHG VZRUG )URP ZKDW , KDYH ZLWQHVVHG ER\V DW 'HHUÀHOG DYRLG DVNLQJ TXHVWLRQV RU DVVLJQLQJ EODPH ,W LV WKH GXW\ RI HYHU\ 'HHUÀHOG ER\ WR SURWHFW RQH DQRWKHU²ZKHWKHU WKDW PHDQV FRYHULQJ IRU D IULHQG RU NHHSLQJ D TXHVWLRQDEOH VLWXDWLRQ XQGHU ZUDSV $OWKRXJK NHHSLQJ D EURWKHU RXW RI WURXEOH ZLOO SUHVHUYH KLV XQWDUQLVKHG WUDQVFULSW DQG NHHS KLV SDUHQWV DW HDVH LW DOVR SURPRWHV WKH PHQWDOLW\ WKDW WKH DGPLQLVWUDWLRQ LV RXU HQHP\ 6WD\LQJ VLOHQW FRXOG EH D JLIW² RU LW FRXOG SUHYHQW D IULHQG IURP UHFHLYLQJ WKH SURIHVVLRQDO KHOS WKDW KH QHHGV )RU PH WKDW·V DERXW ZKHUH WKH SRVLWLYH DVSHFWV RI 'HHUÀHOG·V ER\ FXOWXUH HQG

8QGHQLDEO\ 'HHUÀHOG·V ´EUR FXOWXUHµ SHUSHWXDWHV KRRNXSV UDWKHU WKDQ KHDOWK\ ORQJ WHUP UHODWLRQVKLSV ZLWK JLUOV 7KH PDOH VROLGDULW\ RQ FDPSXV UHVXOWV LQ WKH GHJUDGDWLRQ DQG REMHFWLÀFDWLRQ RI ZRPHQ +RRNXSV DW 'HHUÀHOG DUH RIWHQ IRUPHG VROHO\ RQ SK\VLFDO DWWULEXWHV DQG DUH RYHU ZHOO EHIRUH WKH QLJKW LV *UDQWHG KDYLQJ D PHDQLQJIXO FRQYHUVDWLRQ ZKLOH JULQGLQJ LQ D FURZGHG J\PQDVLXP RYHU WKH GHDIHQLQJ PXVLF PLJKW SURYH GLIÀFXOW %XW UDUHO\ LV DQ HIIRUW PDGH WR EXLOG XSRQ WKH UHODWLRQVKLS RQFH WKH QLJKW LV RYHU )LQDOO\ WKH PDOH G\QDPLFV DW 'HHUÀHOG JORULI\ GLS YLROHQW YLGHR JDPHV DQG DW WLPHV PRUH VHULRXV VXEVWDQFHV ,·OO JLYH YLROHQW YLGHR JDPHV D SDVV³ WKH\·UH D IDLUO\ KDUPOHVV DOEHLW XQSURGXFWLYH ZD\ WR XQZLQG ZLWK IULHQGV $V IRU GLS DQG H FLJV KRZHYHU , GRQ·W WKLQN WKH\ DUH QRUPDO RU KHDOWK\ IRU \RXQJ PHQ DQ\ZKHUH ,W LV RYHUZKHOPLQJO\ FOHDU WKDW SHHU SUHVVXUH IURP ROGHU ER\V FDQ EH KHOG DFFRXQWDEOH %RWK GLS DQG H FLJV DUH DFTXLUHG KDELWV 0RVW ER\V ZKR HQWHU 'HHUÀHOG KDYH OLNHO\ QHYHU WULHG HLWKHU %XW E\ VHQLRU \HDU DQ DVWRXQGLQJ QXPEHU RI VHQLRUV GLS IUHTXHQWO\ ,V PDOH ELRORJ\ WR EODPH" 0D\EH %XW , GRQ·W NQRZ RI PDQ\ RWKHU QRQ SUHS VFKRROV ZKHUH GLS LV VWLOO SUHYDOHQW ,W·V QRW EUHDNLQJ QHZV WKDW GLSSLQJ FDXVHV FDQFHU HDWV DZD\ DW \RXU WHHWK DQG GHVWUR\V \RXU JXPV ´%UR FXOWXUHµ DW 'HHUÀHOG ERQGV RXU ER\V FORVHU WKDQ HYHU EXW LVRODWHV WKHP IURP JLUOV DQG HYHQ LQ VRPH FDVHV UHVSRQVLELOLW\ DQG VDIHW\ ,Q P\ RSLQLRQ WKH LGHDO ER\ DW 'HHUÀHOG GRHV QRW DOLJQ ZLWK WKH LGHDO ER\ RXWVLGH RI 'HHUÀHOG ,Q WKH VWUDQJH ODQG RXWVLGH 'HHUÀHOG UHODWLRQVKLSV ZLWK ZRPHQ KDYH DQ HPRWLRQDO FRPSRQHQW ´)RU WKH %R\Vµ EHFRPHV D PHUH MRNH DPRQJ IULHQGV LQVWHDG RI D GRPLQDQW ZD\ RI OLIH DQG DXWKRULW\ ÀJXUHV DUH UHVSHFWHG LQVWHDG RI ÁRXWHG +RSHIXOO\ 'HHUÀHOG ER\V ZLOO MRLQ WKH UDQNV RI WKLV QHZ ZRUOG DQG EHFRPH WKH 'HHUÀHOG PHQ ZH FDQ EH

-DQXDU\

0\ VRSKRPRUH \HDU 0U 6LOLSR DVNHG P\ FODVV WR UDLVH RXU KDQGV LI ZH FRQVLGHUHG RXUVHOYHV IHPLQLVWV , UHIUDLQHG IURP UDLVLQJ P\ KDQG DV GLG WKH UHVW RI WKH FODVV EHFDXVH P\ LQVWLQFWLYH UHVSRQVH LV WR EH EODVp DERXW HYHU\WKLQJ $W WKDW WLPH , HOHFWHG QRW WR EH D ´IHPLQLVW µ :HOO P\ GUDPDWLF DGROHVFHQW WUDQVIRUPDWLRQ LQWR D VHQLRU KDV LQFOXGHG D VKLIW LQ P\ IRUPHU DSDWK\ IRU ZRPHQ·V ULJKWV 7KH VHQLRU JLUOV UHFHQWO\ KDG D PHHWLQJ , GLG QRW DWWHQG VHH ´LQVWLQFWXDO UHVSRQVHµ EXW DIWHUZDUGV , ZDV LQYLWHG WR D ´)RU 7KH *LUOVµ JURXS RQ )DFHERRN ZKLFK VHHPV WR FHQWHU DURXQG« IHPDOH HPSRZHUPHQW" 1RW H[DFWO\ ,W FHQWHUV RQ FORWKLQJ DQG 0HDQ *LUOV EXW LW·V D VWDUW :H DUH ÀQDOO\ VWDQGLQJ WRJHWKHU QRW DJDLQVW ´1R -RNH =RQHVµ RU FOLTXHV EXW WRJHWKHU 3DVW JLUOV· PHHWLQJV KDYH EHHQ DERXW QRW KXUWLQJ HDFK RWKHU·V IHHOLQJV , ZDV WU\LQJ WR WKLQN RI D OLVW RI WKLQJV EXW WKDW SUHWW\

PXFK VXPV LW XS , ZRXOG RIIHU XS DQ DOWHUQDWLYH WKDW ZH VWRS DFFHSWLQJ WKDW JLUOV DUH LQ WKLV ZKLQ\ RYHU VHQVLWLYH KROH WKDW ZDV GXJ IRU XV EHFDXVH , UHDOO\ GRQ·W EHOLHYH ZH KDYH WR EH LQ LW 3HUVRQDOO\ , ORYH KRZ UXWKOHVV ZH IHPDOHV DUH ,W SURYHV ZH KDYH D FKDQFH DW HYHQWXDOO\ UHDFKLQJ WKDW WUXH HTXDOLW\ ZH GHVHUYH ,W·V QRW JRLQJ WR EH KDQGHG WR XV \RX

´0HQ DUH QHYHU ZRUULHG DERXW ZKDW WKH\ VD\ DQG UDUHO\ DUH WKH\ FRQGHPQHG IRU KRZ WKH\ VD\ LW :RPHQ GHVHUYH WKDW SULYLOHJH DQG LW·V XS WR RWKHU ZRPHQ WR DOORZ LW WR KDSSHQ µ JX\V ,W KDV WR EH WDNHQ 7KH QHHG WR EH ´ODG\ OLNHµ LV QDXVHDWLQJ DQG QHHGV WR UHPDLQ LQ WKH V ZKHUH LW EHORQJV $OVR LQ P\ VRSKRPRUH \HDU , ZDV VXVSHQGHG IRU QRW KDYLQJ D ÀOWHU 7KDW·V ZKDW LW XOWLPDWHO\ ERLOHG GRZQ WR 0\ ZKROH OLIH ZLWKRXW UHDOL]LQJ LW ,·G EHHQ D IHPLQLVW , ZDQWHG VR GHVSHUDWHO\ WR SURYH WKDW , WRR FRXOG KDYH D YRLFH DQG QRW EH DVKDPHG

RI WKDW YRLFH , RYHUFRPSHQVDWHG IRU KRZ ZHDN WKH RWKHU ZRPHQ , VDZ ZHUH , QHYHU ZDQWHG WR EH WKDW GRFLOH 0HQ DUH QHYHU ZRUULHG DERXW ZKDW WKH\ VD\ DQG UDUHO\ DUH WKH\ FRQGHPQHG IRU KRZ WKH\ VD\ LW :RPHQ GHVHUYH WKDW SULYLOHJH DQG LW·V XS WR RWKHU ZRPHQ WR DOORZ LW WR KDSSHQ 7KRXJK ,·P QRW VXJJHVWLQJ WKDW ZH VHHN WR KXUW SHRSOH ,·G UDWKHU DSRORJL]H IRU RIIHQGLQJ VRPHRQH WKDQ VSHQG P\ OLIH PDNLQJ VXUH , QHYHU GR VR 6R VWRS EHJLQQLQJ DQG HQGLQJ \RXU WKRXJKWV LQ FODVV ZLWK ´, GRQ·W NQRZ µ 'RQ·W WU\ WR EH ´)RU WKH %R\Vµ MXVW WR ZLQ WKHLU DSSURYDO ,QVWHDG RI VK\O\ JLJJOLQJ DW VRPH JX\·V LQDSSURSULDWH MRNH FRXQWHU ZLWK DQ HYHQ PRUH LQDSSURSULDWH MRNH ,·YH KHDUG WKHP ZLWKLQ WKH VDIHW\ RI WKH GRUP URRP³, NQRZ WKH\ H[LVW JX\V <RXU SHUVRQDOLWLHV DQG \RXU HPRWLRQV DUH QRW SUHGHWHUPLQHG E\ \RXU JHQGHU /RYH DQG VKRXW DERXW \RXU XQLTXH RSLQLRQV EHFDXVH \RX·UH EULOOLDQW DQG \RX PDWWHU

:DQQD *HW %LJ" %< '25,( 0$*2:$1 &RQWULEXWLQJ :ULWHU 7KH ÀWQHVV FHQWHU RQ FDPSXV LV D SODFH ZKHUH PDQ\ PHPEHUV RI RXU FRPPXQLW\ HQMR\ JRLQJ WR WUDLQ H[HUFLVH DQG VWD\ KHDOWK\ +RZHYHU RYHU WKH SDVW IHZ \HDUV WKHUH KDV EHHQ D GHEDWH RYHU ZKHWKHU RU QRW WKH J\P LQVSLUHV JHQGHU VHJUHJDWLRQ DPRQJ VWXGHQWV 7KH ERWWRP ÁRRU FDQ RIWHQ EH VHHQ SDFNHG ZLWK ROGHU ER\V OLIWLQJ ZHLJKWV ZKHUHDV WKH WRS ÁRRU FDUGLR PDFKLQHV LW LV VRPHWLPHV DUJXHG DUH SUHGRPLQDQWO\ XVHG E\ JLUOV 7KLV EHJV WKH TXHVWLRQ RI ZKHWKHU RU QRW WKHUH LV D VHOI LPSRVHG GLYLGH LQ WKH J\P $ O W K R X J K WKH ÀWQHVV FHQWHU LV LQWHQGHG WR EH XVHG E\ HYHU\RQH VRPHWLPHV VWXGHQWV IHHO WKDW FHUWDLQ SDUWV RI WKH J\P KDYH QRW EHHQ DYDLODEOH WR WKHP GXH WR JHQGHU VWHUHRW\SHV ´, EHOLHYH WKDW WKHUH LV D KXJH JHQGHU GLYLGH EHWZHHQ WKH WZR OHYHOV DW WKH J\P µ &ODLUH 3HWUXV · VDLG ´$OWKRXJK VRPH JLUOV GR JR ¶GRZQVWDLUV · LW·V DOZD\V WR GR

DEV RU XVH WKH PDWV 6RPHWLPHV , VHH JLUOV XVLQJ WKH PDFKLQHV DQG RQO\ RQFH KDYH , HYHU VHHQ DQRWKHU JLUO RQ WKH OLIWLQJ SODWIRUP XVLQJ D EDUEHOO 'HHUÀHOG GRHVQ·W HYHQ RZQ ZRPHQ·V EDUEHOOV ZKLFK ZHLJK DQG KDYH D VPDOOHU JULS ,Q P\ RSLQLRQ WKH VFKRRO

GRHVQ·W U H D O O \ WU\ WR JHW J L U O V WR OLIW , GRQ·W WKLQN WKH VFKRRO WKLQNV WKH JHQGHU GLYLGH EHWZHHQ WKH WZR ÁRRUV LV WKDW ELJ D GHDO , GR JR XSVWDLUV WR UXQ RU URZ DQG , GR VHH D GHFHQW DPRXQW RI JX\V EXW XVXDOO\ WKHUH DUH PRUH JLUOV µ 'XH WR D QHZ OD\RXW WKLV \HDU WKHUH DUH QRZ PRUH URZLQJ PDFKLQHV XSVWDLUV DQG WKH ZRUNRXW PDWV KDYH EHHQ PRYHG GRZQVWDLUV 6RPH FUHGLW WKLV

FKDQJH DV D SRVLWLYH VWHS WRZDUGV PDNLQJ WKH J\P D PRUH ZHOO URXQGHG VSDFH $OH[ 7DQDQEDXP · VD\V ´, WKLQN LW·V ZHLUG WKDW WKHUH·V D VWLJPD DURXQG WKH J\P DQG WKH WZR ÁRRUV , KDYH KRZHYHU QRWLFHG WKDW WKH GLYLGH KDV SURJUHVVLYHO\ GLPLQLVKHG 0RUH DQG PRUH ,·YH EHHQ VHHLQJ ER\V XVLQJ WKH PDFKLQHV RQ WKH WRS ÁRRU DQG JLUOV XVLQJ WKH PDWV DQG ZHLJKWV GRZQVWDLUV 0D\EH WKLV LV GXH WR WKH FKDQJH LQ WKH OD\RXW RU PD\EH SHRSOH DUH EHJLQQLQJ WR VHH ZK\ WKH GLYLGH LV XQQHFHVVDU\ , WKLQN KHUH LW·V UHDOO\ JRRG WKDW ZH SXW VXFK DQ HPSKDVLV RQ EDODQFLQJ D KHDOWK\ OLIHVW\OH µ 'HVSLWH WKH LGHD WKDW LV F R P P R Q S O D F H DPRQJ 'HHUÀHOG JLUOV WKDW WKH\ DUH QRW ZHOFRPH GRZQVWDLUV PDQ\ ZRXOG DJUHH WKDW SURJUHVV KDV EHHQ PDGH WKURXJKRXW WKH \HDU VR IDU ´*LUOV KDYH HYHU\ ULJKW WR EH GRZQVWDLUV µ -RKQ -DFNVRQ · VDLG ´, OLNH WR VHH JLUOV ZRUNLQJ RQ WKHLU VWUHQJWKV DQG PXVFOH WRQH 'RQ·W EH DIUDLG RI WKH IUHH ZHLJKWV µ

'R :H 5HDOO\ ´/LNHµ )DFHERRN"

%< *$5$0 12+ (GLWRULDO $VVRFLDWH

7KH FRQFHSW RI ´OLNLQJµ WKLQJV RQ )DFHERRN LV VRPHWKLQJ ,·YH QHYHU UHDOO\ XQGHUVWRRG ,W·V D P\VWHULRXV VLJQDO WKDW FDQ PHDQ D QXPEHU RI WKLQJV IURP ´1R RQH HOVH KDV OLNHG WKLV VR , JRW \RXU FRXJK PLOGO\ XQSRSXODU EDFNµ WR ´+HOOR , DP D ER\ ZKR ZDQWV WR XQ DJJUHVVLYHO\ KLQW DW P\ LQWHUHVW LQ \RX µ ,W·V KDUPOHVV HQRXJK DW D JODQFH EXW WKH GLVWXUELQJ SRZHU RI )DFHERRN LV LWV DELOLW\ WR SXW D QXPEHU RQ KRZ PXFK LQWHUHVW SHRSOH KDYH RU GR QRW KDYH LQ HDFK RWKHU·V OLYHV ,W WDNHV WKH KLJK VFKRRO REVHVVLRQ RI ´SRSXODULW\µ DQG PDNHV LW VRPHWKLQJ IURP ZKLFK \RX FDQ QHYHU HVFDSH ZKHWKHU

\RX·UH WXFNHG LQWR EHG LQ \RXU GRUP URRP RU ZDONLQJ³ QRWLÀFDWLRQV HQDEOHG SKRQH LQ KDQG ³ RQ $OEDQ\ 5RDG )URP DQRWKHU SRLQW RI YLHZ )DFHERRN LV D EODWDQW PHDW PDUNHW ,W·V D VWDJH RQ ZKLFK DOO RI XV VWUXW RXU PRVW LPSUHVVLYH VWXII EDULQJ VNLQ LQ WKH SODFHV RI ZKLFK ZH DUH PRVW SURXG \RX·OO VHH D ORW RI SOXQJLQJ QHFNOLQHV LQ P\ SURÀOH SLFWXUHV )DFHERRN LV D IRUXP IRU WKH H[KLELWLRQLVWV WKDW ZH KDYH EHFRPH SHRSOH VWDUYLQJ WR EH WKH REMHFWV RI HQY\ RQ WKH KLJK VFKRRO VFHQH 2XU )DFHERRN SURÀOHV LQ WKH HQG DUH QRW VR PXFK ´SURÀOHVµ RI ZKR ZH DUH DV SURMHFWLRQV RI ZKDW ZH ZDQW RXU EHVW VHOYHV WR EH ,W·V D FRQWHVW WR RXW GR RXW LQWHUHVW RXW VHOO DQG WKH SURGXFW

LV \RXUVHOI 0DQ\ SHRSOH·V H[FXVH IRU )DFHERRN LV WKDW LW DOORZV WKHP WR VDWLVI\ WKHLU FXULRVLW\ %XW ZKLOH FXULRVLW\ PLJKW EH WKH RULJLQDO PRWLYDWLRQ WKH HPRWLRQ \RX·UH OHIW ZLWK LV RIWHQ HQY\ 2IWHQ DV \RX VFUROO GRZQ \RXU HQGOHVV QHZVIHHG IXOO RI EHDXWLIXO SHRSOH LQ EHDXWLIXO EHDFK PRXQWDLQ SDUW\ VHWWLQJV \RX·OO ÀQG \RXUVHOI IHHOLQJ WKH ZD\ P\ OLWWOH FRXVLQ IHOW ZKHQ KLV WUDGLWLRQDO .RUHDQ LQVWUXPHQW *RG EOHVV KLV QHUG\ OLWWOH VRXO ZDV SLWWHG DJDLQVW D KDPVWHU IRU HOHPHQWDU\ VFKRRO VKRZ DQG WHOO ([FHSW LQ RUGHU IRU WKH PHWDSKRU WR ZRUN WKH KDPVWHU ZRXOG KDYH WR WDON DQG GHIHFDWH JROG 2I FRXUVH WKHUH LV WKH RSWLRQ RI EX\LQJ RXW RI WKH V\VWHP³ ZKLFK PRVW 'HHUÀHOG VWXGHQWV

DUH IRUFHG WR GR HVSHFLDOO\ DV WKHLU ZRUNORDG EXLOGV XS DQG WLPH IRU PLQGOHVV VFUROOLQJ EHFRPHV HYHU VFDUFHU LQ WKHLU IRXU \HDUV DW '$ %XW WKH YLVLEOH GHFUHDVH LQ XVH RI VRFLDO PHGLD IURP IUHVKPDQ WR VHQLRU \HDU DOVR FRUUHVSRQGV WR DQ LQFUHDVH RI VHOI FRQÀGHQFH DPRQJ WKH VWXGHQW SRSXODWLRQ ,W LV QR VHFUHW WKDW WKHUH LV D KXJH GHYHORSPHQWDO FKDQJH LQ DQ LQGLYLGXDO IURP KLV ÀUVW \HDU DW '$ WR KLV ODVW DQG WKH JUHDWHVW SDUW RI WKLV FKDQJH LV WKH FRQÀGHQFH WR EH DEOH WR RZQ \RXUVHOI 7R VXPPDUL]H ,·P QRW JRLQJ WR WHOO \RX OLWWOH XQGHUFODVVPDQ WKDW \RX ZRQ·W EH KDSSLHU ZLWK D SURÀOH SLFWXUH ZLWK OLNHV VRPHRQH VRPHGD\ H[SODLQ WR PH KRZ WKDW KDSSHQV" UDWKHU WKDQ RQH ZLWK %XW , ZLOO WHOO

\RX EHLQJ DEOH WR OLYH \RXU OLIH ZLWK PRUH IRFXV RQ KRZ \RX VHH \RXUVHOI WKDQ KRZ \RX ZDQW RWKHUV WR VHH \RXUVHOI ZLOO FRPH ZLWK WLPH %HFDXVH ,·P D MXQLRU DQG , VLQFHUHO\ GR QRW ´ZDQW WR GLHµ EHFDXVH \RX DUH ´VR JRUJHRXV µ , ZRXOG UDWKHU QRW FRQWULEXWH WR WKH HJR RI D FXWH FRXSOH E\ JLYLQJ WKHLU SLFWXUH WKHLU WK OLNH VLQJOHV GR \RX KHDU PH SUHDFK" DQG ZRXOG SUHIHU WR WDNH D QDS WKDQ ORRN WKURXJK WKH KXQGUHGV RI SLFWXUHV \RX WRRN RQ VRPH EHDFK RU DQRWKHU³XQOHVV \RX·UH D UHDOO\ DWWUDFWLYH ER\ LQ ZKLFK FDVH \RX SUREDEO\ GLGQ·W XSORDG D KXQGUHG SLFWXUHV \RX WRRN RQ VRPH EHDFK RU DQRWKHU ([LW *DUDP


)($785(6

7KH 'HHUÀHOG 6FUROO -DQXDU\

6<$ 6WXGHQWV ([SORUH WKH *OREH %< 0,&+(//( .(//< 6WDII :ULWHU

,PDJLQH KDYLQJ \RXU 6SDQLVK FODVVURRP EH D FDIp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· DQG &HOHVWH 'LD] · LQ 6SDLQ $OH[LD +HUQDQGH] · DQG %HQ 6FKLOOHU · LQ ,WDO\ -RKQ %RZOODQ · DQG -DVRQ %UDYR · LQ )UDQFH 0LFKDHO %HLW · LQ &KLQD DQG $DURQ %URQIPDQ · ZKR UHWXUQHG WR 'HHUÀHOG DIWHU D KDOI \HDU SURJUDP LQ &KLQD ´, GHFLGHG WR JR WR 6<$ EHFDXVH SHUVRQDOO\ , UHDOO\ FUDYHG VRPHWKLQJ GLIIHUHQW µ VDLG 7LPRWKH · ´,W LV D SURJUDP VWDUNO\ GLIIHUHQW WKDQ DQ\WKLQJ HOVH JLYHQ WR KLJK VFKRRO DQG FROOHJH VWXGHQWV :H JHW WR VSHQG D \HDU LQ D FRXQWU\ FRPSOHWHO\

LPPHUVHG LQ HYHU\WKLQJ µ )RU +HUQDQGH] · WKH RSSRUWXQLW\ WR GR 6<$ ZDV MXVW WRR JRRG WR SDVV XS ´, UHPHPEHU NLGV VD\LQJ WKDW WKH\ GLGQ·W WKLQN WKH\ ZRXOG EH DEOH WR OHDYH 'HHUÀHOG IRU D ZKROH \HDU EXW LW·V WRWDOO\ ZRUWK LW µ VKH VDLG :KLOH LQ D GLIIHUHQW FRXQWU\ 6<$ VWXGHQWV HDUQ $PHULFDQ KLJK VFKRRO FUHGLWV DQG FRQWLQXH WR WDNH FODVVHV WKDW FRUUHVSRQG ZLWK UHJXODU MXQLRU DQG VHQLRU UHTXLUHPHQWV :KDW LV XQLTXH DERXW DFDGHPLFV DW 6<$ LV WKDW VWXGHQWV DOVR WDNH FRXUVHV WKDW IRFXV RQ WKH KLVWRU\ FXOWXUH DQG OLWHUDWXUH RI WKHLU UHVSHFWLYH KRVW FRXQWU\ %HFDXVH ODQJXDJH LV VXFK DQ LPSRUWDQW DVSHFW RI WKH 6<$ H[SHULHQFH VWXGHQWV WDNH LQWHQVLYH ODQJXDJH FODVVHV WKDW DUH WDXJKW E\ QDWLYH VSHDNHUV ´:KDW VHWV >6<$ FRXUVHV@ DSDUW IURP 'HHUÀHOG·V FRXUVHV LV WKDW WKH\ DUH FHQWHUHG DURXQG &KLQD L H &KLQHVH KLVWRU\ DQG ERRNV DERXW &KLQD µ VDLG %URQIPDQ · ´&KLQHVH FODVV ZDV GLIIHUHQW LQ WKDW LW ZDV VR LQWHQVH , WRRN WZR FODVVHV LQ &KLQHVH DQG QHYHU RQFH ZDV WKHUH D ZRUG VSRNHQ LQ (QJOLVK µ ,Q ,WDO\ +HUQDQGH] · HQMR\V SDUWLFLSDWLQJ LQ WKH FR FXUULFXODU DFWLYLWLHV WKDW KHU VFKRRO KDV WR RIIHU ´7KH ÀUVW VHPHVWHU , SOD\HG

VRFFHU ZLWK WKH 6<$ WHDP µ VKH VDLG ´EXW VRPH SHRSOH WRRN FRRNLQJ SKRWRJUDSK\ >RU@ ER[LQJ FODVVHV µ 7KH 6<$ SURJUDP PDNHV VXUH WR DOORZ VWXGHQWV IUHH WLPH WR VSHQG ZLWK WKHLU KRVW IDPLOLHV DV ZHOO DV WLPH WR LQGHSHQGHQWO\ H[SORUH WKHLU FRPPXQLW\ DQG WUDYHO WR QHDUE\ FLWLHV DQG VLWHV 7LPRWKH · KDV HQMR\HG WKH WUDYHOLQJ DVSHFW RI 6<$ DQG LV H[FLWHG WR VHH PRUH RI 6SDLQ GXULQJ KHU VWD\ ´)RU 1HZ <HDU·V WZR IULHQGV DQG , ZHQW WR %DUFHORQD DQG LW ZDV VSHFWDFXODU µ VKH VDLG ´:H ERXJKW RXU RZQ EXV WLFNHWV ERRNHG D KRVWHO DQG VHW XS D ZKROH LWLQHUDU\ IRU RXU RZQ WULS 2SSRUWXQLWLHV OLNH WKDW GR QRW KDSSHQ DW >'HHUÀHOG@ µ %HLW · KDV DOVR WDNHQ DGYDQWDJH RI KLV IUHHGRP WR KHOS KLV FRPPXQLW\ LQ %HLMLQJ ´0\ IDYRULWH H[SHULHQFH KDV SUREDEO\ EHHQ WXWRULQJ ORFDO PLJUDQW ZRUNHUV LQ (QJOLVK µ KH VDLG ´$V P\ &KLQHVH JHWV EHWWHU , FDQ XQGHUVWDQG WKHLU VWRULHV ZKLFK DUH XQOLNH DQ\WKLQJ , KDYH KHDUG EHIRUH³\RX ZRXOGQ·W EHOLHYH WKH OLYHV VRPH RI WKHVH SHRSOH KDYH µ 7KH KRPHVWD\ FRPSRQHQW RI 6<$ LV DQ LQWHJUDO DVSHFW RI WKH SURJUDP DQG LV RIWHQ WKH PRVW PHPRUDEOH DPRQJ 6<$ DOXPV $W KRPH VWXGHQWV DUH DEOH WR

*22*/( 6<$ VWXGHQWV LPPHUVH WKHPVHOYHV LQ ORFDO FXOWXUHV DV PXFK DV WKHLU VWXGLHV ZKLOH DEURDG

DSSO\ ODQJXDJH VNLOOV OHDUQHG LQ WKH FODVVURRP DQG IXUWKHU LPPHUVH WKHPVHOYHV LQ WKH FXOWXUH RI WKHLU KRVW FRXQWU\ %HIRUH VWXGHQWV JR DEURDG IDPLOLHV DUH LQWHUYLHZHG DQG PDWFKHG ZLWK WKH 6<$ VWXGHQWV ZKR DUH PRVW FRPSDWLEOH )RU %HLW · KLV KRVW PRWKHU DQG IDWKHU KDYH EHFRPH OLNH IDPLO\ ´+RPHVWD\ LV MXVW D UHJXODU SDUW RI P\ OLIH QRZ ,·P FORVH ZLWK P\ KRVW PRWKHU ZH WDON HYHU\ QLJKW DERXW VFKRRO OLIH FROOHJH HWF , DP VR JUDWHIXO IRU WKHP µ ´,Q WKH 6WDWHV LW LV MXVW P\ GDG DQG , µ VDLG 7LPRWKH · ´+HUH LQ 6SDLQ , KDYH WKUHH VLEOLQJV WZR JLUOV ZKR DUH DQG DQG DQ ROGHU EURWKHU ZKR LV , KDYH OHDUQHG KRZ WR EH D VLEOLQJ ZKLFK KDV EHHQ LQWHUHVWLQJ DQG UHDOO\ UHZDUGLQJ µ 6<$ JLYHV VWXGHQWV WKH RSSRUWXQLW\ WR OLYH DQG EUHDWKH D GLIIHUHQW FXOWXUH ZKLOH OHDUQLQJ D IRUHLJQ ODQJXDJH GHYHORSLQJ LQGHSHQGHQFH DQG VHHLQJ WKH

ZRUOG IURP D GLIIHUHQW SRLQW RI YLHZ³DOO QHFHVVDU\ IRU D JOREDO FLWL]HQ LQ WRGD\·V ZRUOG ´,Q UHWURVSHFW WKLV LV RQH RI WKH EHVW GHFLVLRQV , KDYH HYHU PDGH µ VDLG %HLW · ´, PLVV 'HHUÀHOG DQG DP ORRNLQJ IRUZDUG WR FRPLQJ EDFN EXW , DP MXVW JUDWHIXO WR 6<$ DQG 'HHUÀHOG IRU DOORZLQJ PH WR KDYH WKLV H[SHULHQFH µ )RU %URQIPDQ · QRZ EDFN RQ FDPSXV IURP KLV VHPHVWHU LQ &KLQD VWXG\LQJ DEURDG KDG PRUH LPSDFW RQ KLP WKDQ KH KDG H[SHFWHG ´%HVLGHV P\ &KLQHVH EHLQJ LQÀQLWHO\ EHWWHU µ KH H[SODLQHG ´, OHDUQHG D ORW DERXW &KLQHVH FXOWXUH %XW WKH PRVW LPSRUWDQW WKLQJ , WRRN DZD\ IURP &KLQD LV ZKDW , OHDUQHG DERXW P\VHOI KRZ WR IXQFWLRQ LQGHSHQGHQWO\ DQG KRZ WR GHDO ZLWK VLWXDWLRQV , ZDV XQFRPIRUWDEOH ZLWK 6R LQ WKH HQG , WUXO\ EHOLHYH , OHDUQHG PRUH >DW 6<$@ WKDQ , FRXOG KDYH LQ DQRWKHU VHPHVWHU DW '$ µ &$52/,1( '<(

7KH (DVW *\P VHW XS WR SDFNDJH IRRG IRU WKH 3KLOOLSLQHV DQG +DLWL DZDLWV LWV 0/. 'D\ DVVHPEO\ OLQHV

'HHUÀHOG 3DFNV D 3XQFK $JDLQVW +XQJHU 7KH +HOSIXO +DFNHU H[SODLQHG ´,W·V DERXW ZRUNLQJ WRJHWKHU IRU D FRPPRQ SXUSRVH µ 7KH &RPPXQLW\ 6HUYLFH %RDUG EHJDQ SODQQLQJ WKH HYHQW LQ 1RYHPEHU ´,W ZDV D ORQJ SURFHVV µ VDLG ,VDEHOOD 7DQJ · D PHPEHU RI WKH &RPPXQLW\ 6HUYLFH %RDUG ´:H GLGQ·W NQRZ LI LW ZDV JRLQJ WR EH D VXFFHVV :H KDG WR IXQGUDLVH D ORW RI PRQH\ LQ D VKRUW SHULRG RI WLPH µ *HUEHU HFKRHG WKHVH WKRXJKWV H[SODLQLQJ ´:H KDG D WLPH FUXQFK DQG , DP SURXG RI WKH ZRUN HYHU\RQH GLG ,W ZDV D KXJH FROODERUDWLRQ DQG HYHU\RQH KDG PDQ\ JRRG IXQGUDLVLQJ LGHDV µ 7KHVH LGHDV LQFOXGHG VHOOLQJ FURLVVDQWV DQG UDIÁH WLFNHWV DQG RUJDQL]LQJ DQ ; ER[ 1+/ WRXUQDPHQW WR UDLVH PRQH\ 0XFK ZRUN ZDV SXW LQWR WKH HYHQWV DQG VHHLQJ LW DOO SOD\ RXW RQ 0/. 'D\ PDGH DOO WKH HIIRUW ZRUWK LW WR WKH &RPPXQLW\ 6HUYLFH

%RDUG ´, DP VR SURXG RI WKH ZRUN 'HHUÀHOG $FDGHP\ VWXGHQWV KDYH GRQH µ FRQWLQXHG *HUEHU ´, DP VR HPRWLRQDO DERXW LW ,W·V DPD]LQJ KRZ PXFK ZRUN WKH ZKROH VFKRRO FRXOG FRPSOHWH µ .LGV $JDLQVW +XQJHU DUULYHG RQ FDPSXV RQ 6XQGD\ DIWHUQRRQ 0DQ\ VWXGHQWV DQG IDFXOW\ XQORDGHG WKH WUXFNV ÀOOHG ZLWK IRRG DQG SDFNDJLQJ PDWHULDO LQWR WKH J\P ZKHUH WKH HYHQW WRRN SODFH WKH IROORZLQJ PRUQLQJ 7KDQNV WR WKH KHOS RI YROXQWHHUV WKH J\P TXLFNO\ WXUQHG LQWR D YHULWDEOH IDFWRU\ ´,W ZDV UHDOO\ FRPPXQLW\ EXLOGLQJ µ UHÁHFWHG .D\ &DOORZD\ · RQ WKH IRRG SDFNDJLQJ DFWLYLW\ ´,W ZDV UHDOO\ SURGXFWLYH DQG , KDG D QLFH WLPH :RUNLQJ WRJHWKHU WRZDUGV D FRPPRQ JRDO ZDV UHDOO\ JRRG IRU 'HHUÀHOG µ

7KH /LQN %HWZHHQ 6QRZGHQ DQG 0DQ\ SRSXODU PHDQV RI FRPPXQLFDWLRQ ,76 FRQWLQXHG IURP SDJH LQFOXGLQJ L0HVVDJH DQG )DFHERRN 0HVVHQJHU FDQ EH HQFU\SWHG PHDQLQJ +RZHYHU WKH $FDGHP\ GRHV QRW WKDW WKH FRQWHQWV RI WKHVH WUDQVPLVVLRQV UHJXODUO\ PRQLWRU VWXGHQW DQG HPSOR\HH DUH XQUHDGDEOH WR QHWZRUN DGPLQLVWUDWRUV XVDJH ´:H DUH DEOH WR JHW WR ZHE KLVWRU\ 2QH DUHD KRZHYHU WKDW 'HHUÀHOG ,7 EXW LW LV WLPH FRQVXPLQJ DQG UHTXLUHV D FDQ PRQLWRU LV HPDLO VHQW WR DQG IURP WRRO WKDW H[WUDFWV WKDW LQIRUPDWLRQ µ VDLG GHHUÀHOG HGX DGGUHVVHV ´:H KDYH WKH :HQG\ 6KHSKHUG 'LUHFWRU RI 'HHUÀHOG DELOLW\ WR UHDG \RXU 'HHUÀHOG HPDLO µ VDLG ,76 0V 6KHSKHUG ´,I ZH ZDQWHG WR \HV 8QOLNH PRVW ,76 GHSDUWPHQWV ZH FRXOG %XW JHQHUDOO\ ZH KDYH PRUH 'HHUÀHOG·V GRHV QRW SUH LQVWDOO DQ\ UHPRWH LPSRUWDQW WKLQJV WR GR µ DFFHVV VRIWZDUH RQ VWXGHQW RU HPSOR\HH )XUWKHUPRUH RQO\ D VHOHFW IHZ ZLWKLQ FRPSXWHUV ´:H FDQ·W DFFHVV GLUHFWO\ WKH GHSDUWPHQW KDYH WKH DELOLW\ WR UHDG DQ\WKLQJ RQ \RXU FRPSXWHU UHPRWHO\ µ HPDLOV VDLG .LPEHUO\ %XW] $VVRFLDWH 'LUHFWRU ´,76 KDV RFFDVLRQDOO\ EHHQ DVNHG WR RI $GPLQLVWUDWLYH &RPSXWLQJ ´7KH SURYLGH GDWD IRU DQ LQYHVWLJDWLRQ µ VDLG 0V RQO\ WKLQJ ZH FDQ DFFHVV LV WKH GDWD WKDW 6KHSKHUG ´$QG WKHUH LV D IRUPDO SURFHVV \RX WUDQVPLW RYHU RXU QHWZRUN ,I \RX LQ SODFH WR HQVXUH WKDW LQIRUPDWLRQ LV KDYH VRPHWKLQJ RQ \RXU FRPSXWHU WKDW VKDUHG VHFXUHO\ DQG DSSURSULDWHO\ µ \RX UHFHLYHG YLD WKH 'HHUÀHOG QHWZRUN 'HHUÀHOG·V $FFHSWDEOH 8VH 3ROLF\ LQ WKHRU\ ZH FRXOG LQWHUFHSW WKDW VWDWHV ´7KH $FDGHP\ UHVHUYHV WKH ULJKW WR WUDQVPLVVLRQ EXW ZH FDQ·W JHW LQWR \RXU DFFHVV YLHZ RU PRQLWRU DQ\ LQIRUPDWLRQ RU ODSWRS IURP WKH QHWZRUN DQG VHH ZKDW·V FRPPXQLFDWLRQ VWRUHG RQ RU WUDQVPLWWHG RQ \RXU KDUG GULYH µ RYHU RXU QHWZRUN DQG LW PD\ EH UHTXLUHG 6RPH WKLQJV WUDQVPLWWHG RYHU WKH E\ ODZ WR DOORZ WKLUG SDUWLHV WR GR VR 'HHUÀHOG QHWZRUN FRXOG SURYH QHDUO\ (OHFWURQLF GDWD PD\ EHFRPH HYLGHQFH LQ LPSRVVLEOH IRU 'HHUÀHOG ,76 WR DFFHVV OHJDO SURFHHGLQJV 0HVVDJHV RU GDWD PD\

DOVR EH LQDGYHUWHQWO\ YLHZHG DV D UHVXOW RI URXWLQH V\VWHPV PDLQWHQDQFH DQG PRQLWRULQJ µ &RQWUDU\ WR PDQ\ LQVWLWXWLRQV DQG FRUSRUDWLRQV 'HHUÀHOG KDV DOVR HOHFWHG QRW WR EORFN SRUQRJUDSK\ RU LOOHJDO PHGLD VWUHDPLQJ VLWHV 7KH DGPLQLVWUDWLRQ WUXVWV WKH FRPPXQLW\ WR XVH WKH ,QWHUQHW UHVSRQVLEO\ ´3DUW RI ZKDW ZH WHDFK KHUH LV UHVSRQVLEOH EHKDYLRU µ VDLG 0V %XW] ´-XVW OLNH ZH OHW SHRSOH JR RII FDPSXV³ WKH\ FRXOG JHW LQWR WURXEOH %XW ZH GRQ·W PDNH HYHU\RQH VWD\ RQ FDPSXV WZHQW\ IRXU KRXUV D GD\ DV D UHVXOW 6WXGHQWV DUH H[SHFWHG WR KDYH D FHUWDLQ FRGH RI FRQGXFW ZLWK WKHLU EHKDYLRU $QG RQOLQH XVH LV QR H[FHSWLRQ ,I ZH HOLPLQDWH HYHU\WKLQJ WKDW \RX FRXOG SRWHQWLDOO\ VWXPEOH XSRQ DQG JHW \RXUVHOI LQ WURXEOH ZLWK ZH·UH QRW FUHDWLQJ D ZRUOG WKDW·V YHU\ UHDOLVWLF µ ´:H VSHQG PRUH RI RXU WLPH ÀJKWLQJ DJDLQVW PDOZDUH DQG YLUXVHV VR WKDW WKLQJV FRPLQJ LQ IURP RXWVLGH GRQ·W GDPDJH RXU QHWZRUN µ FRQFOXGHG 0V %XW] ´2XU WLPH LV VSHQW WU\LQJ WR SURWHFW RXU UHVRXUFHV UDWKHU WKDQ VS\LQJ RQ VWXGHQWV µ

%< 0$'(/,1( *(1(5(8; 6WDII :ULWHU

2Q -DQXDU\ WKH HQWLUH VWXGHQW ERG\ FDPH WRJHWKHU WR SDFNDJH PRUH WKDQ PHDOV WR VHQG WR VWDUYLQJ FKLOGUHQ LQ WKH 3KLOLSSLQHV DQG +DLWL $V SDUW RI WKH 0/. 'D\ FHOHEUDWLRQV 'HHUÀHOG $FDGHP\ SDUWQHUHG ZLWK .LGV $JDLQVW +XQJHU D QRQ SURÀW RUJDQL]DWLRQ WKDW VKLSV PHDOV DURXQG WKH ZRUOG WR ÀJKW KXQJHU 1HHGOHVV WR VD\ WKH HYHQW ZDV D VXFFHVV 1RW RQO\ GLG 'HHUÀHOG UHDFK LWV JRDO RI PHDOV LW H[FHHGHG LW E\ PRUH WKDQ PHDOV :KDW ZDV HYHQ PRUH LPSRUWDQW WR $OOLH *HUEHU · ZKR FDPH XS ZLWK WKLV LGHD ZDV JHWWLQJ HYHU\RQH LQYROYHG ´,W·V QRW MXVW DERXW GRQDWLQJ PRQH\ µ *HUEHU

%< $/(;$ 0855$< 6WDII :ULWHU 3DEORV +ROPDQ NQRZQ DV RQH RI WKH PRVW IDPRXV FRPSXWHU KDFNHUV LQ WKH ZRUOG YLVLWHG FDPSXV RQ -DQXDU\ WR VSHDN DERXW KLV OLIH LQ WKH FRPSXWHU ÀHOG DQG SURMHFWV KH LV ZRUNLQJ RQ WRGD\ +ROPDQ EHFDPH LQWHUHVWHG LQ WHFKQRORJ\ ZKHQ KH JRW KLV ÀUVW FRPSXWHU LQ +H VSHQW KLV GD\V ´LPDJLQLQJ >WKDW@ LI LW ZHUH IDVWHU RU KDG PRUH PHPRU\ PD\EH ZH FRXOG GR VRPHWKLQJ FRRO ZLWK LW µ ´, JRW UHDOO\ JRRG DW GRLQJ QHZ WKLQJV ZLWK FRPSXWHUV µ +ROPDQ H[SODLQHG ´$QG ZKHQHYHU VRPHERG\ ZDQWHG WR GR VRPHWKLQJ ZLWK D FRPSXWHU WKH\ FDOOHG PH , WULHG QRW WR VFUHZ LW XS EHFDXVH LI , GLGQ·W VFUHZ LW XS , ÀJXUHG , ZRXOG KDYH DQRWKHU RSSRUWXQLW\ WR ZRUN µ +ROPDQ FXUUHQWO\ ZRUNV DW ,QWHOOHFWXDO 9HQWXUHV /DERUDWRU\ D FRPSDQ\ WKDW GHYHORSV SURGXFWV LQ RUGHU WR VROYH VRPH RI WKH ZRUOG·V PRVW SUHVVLQJ SUREOHPV 6RPH RI ,QWHOOHFWXDO 9HQWXUHV· ZRUN LQFOXGHV D ODVHU WR NLOO PDODULD FDUU\LQJ PRVTXLWRV DQG D JLDQW IXQQHO WR SUHYHQW KXUULFDQHV :KHQ KH·V QRW EXV\ ZLWK WKHVH SURMHFWV +ROPDQ KDFNV LQWR WKH FRPSXWHU V\VWHPV RI EDQNV FRUSRUDWLRQV DQG JRYHUQPHQWV WR H[SRVH ÁDZV LQ WKHLU VHFXULW\ V\VWHPV +LV ´IULHQGO\µ KDFNLQJ LV GHVLJQHG WR KHOS SUHYHQW FULPLQDO LQÀOWUDWLRQV OLNH WKH RQH WKDW UHFHQWO\ RFFXUUHG DW WKH UHWDLOHU 7DUJHW ZKHQ KDFNHUV PDQDJHG WR VWHDO WKH FUHGLW FDUG LQIRUPDWLRQ RI PLOOLRQV RI FXVWRPHUV &RPSXWHUV DQG VRIWZDUH UHPDLQ D SDVVLRQ RI +ROPDQ·V DQG KH UHJXODUO\ JLYHV SUHVHQWDWLRQV DQG WDONV RQ WKH IXWXUH RI FRPSXWHUV $V FRPSXWHUV EHFRPH PRUH XELTXLWRXV LQ RXU OLYHV +ROPDQ XUJHV XV WR ´/RRN DURXQG DQG ÀJXUH RXW ZKHUH FRPSXWHUV DUH QRW XVHG DQG WU\ WR LPDJLQH WKH LPSURYHPHQWV FRPSXWHU SRZHU DQG VRIWZDUH ZRXOG EULQJ WKHUH µ


7KH 'HHUÀHOG 6FUROO

-DQXDU\

$ 576 (17(57$,10(17 /HQD 0D]HO 1DVKYLOOH /LYLQJ

%< 6,&,/< .,(6(/ 6WDII :ULWHU $IWHU JUDGXDWLQJ ODVW VSULQJ /HQD 0D]HO · PDGH KHU GUHDP RI EHLQJ D SURIHVVLRQDO GDQFHU FRPH WUXH 7KLV \HDU 0D]HO LV RQH RI JLUOV GDQFLQJ ZLWK WKH 1DVKYLOOH %DOOHW WKH ODUJHVW EDOOHW FRPSDQ\ LQ 1DVKYLOOH 7HQQHVVHH 6KH LV LQ WKH 3URIHVVLRQDO 7UDLQLQJ 'LYLVLRQ WKH KLJKHVW OHYHO RI WKH 1DVKYLOOH %DOOHW 6FKRRO ,W DOORZV VWXGHQWV WR JDLQ SURIHVVLRQDO H[SHULHQFH DQG WDNH FODVVHV DW WKH VDPH WLPH ´:H XQGHUVWXG\ VRPH PDMRU SURGXFWLRQV ZLWK WKH FRPSDQ\ 1XWFUDFNHU HVSHFLDOO\ DQG WDNH FODVV HYHU\ GD\ IURP D P WR RU S P µ 0D]HO H[SODLQHG :KLOH DW 'HHUÀHOG 0D]HO VDLG VKH GHÀQHG KHUVHOI DV D GDQFHU EXW FRPLQJ WR 1DVKYLOOH %DOOHW ZKHUH HYHU\RQH LV D GDQFHU FKDQJHG WKDW ´$W 'HHUÀHOG WKHUH LV D KXJH SUHVVXUH WR GHÀQH \RXUVHOI E\ ZKDW \RX GR µ 0D]HO VDLG ´, KDG WR UHGHÀQH ZKDW HOVH PDGH PH XQLTXH SDVW WKRVH VXSHUÀFLDO FDWHJRULHV µ $OWKRXJK 0D]HO ORYHV 1DVKYLOOH %DOOHW WKH WUDQVLWLRQ ZDV KDUG IRU KHU 0D]HO VDLG WKDW VKH ZDV DFFHSWHG WR WKH SURJUDP IRU WKH VWURQJ WUDLQLQJ VKH UHFHLYHG DW KRPH DQG DW 'HHUÀHOG KHU FRQWHPSRUDU\ WUDLQLQJ JLYLQJ KHU PRUH YHUVDWLOLW\ DQG WKH PRGHUQ WUDLQLQJ GXULQJ KHU VHQLRU \HDU OD\LQJ WKH JURXQGZRUN IRU KHU FODVVHV QRZ +RZHYHU VKH VDLG VKH ZDV EHKLQG WKH FRPSDQ\ LQ KHU WHFKQLTXH

´$W 'HHUÀHOG , ZDV WROG FRQVWDQWO\ WKDW , ZDV D JRRG GDQFHU DOWKRXJK WKLV ZDV VZHHW LW DOVR PDGH PH FRPSODFHQW DQG OD]\ DERXW P\ WHFKQLTXH µ 0D]HO VDLG ´, KDYH QR VXFK OX[XU\ LQ 1DVKYLOOH $OWKRXJK WKH DUWLVWLF VWDII DUH QLFH SHRSOH WKH\ DUH VSDULQJ ZLWK SUDLVH DQG HDJHU WR UXVK WR WKH QH[W OHYHO ZLWK RXU WHFKQLTXH DQG VWDPLQD , DP DEVROXWHO\ QRW XVHG WR WKLV H[FHSW PD\EH ZLWK 6WHSKDQLH 6KXPZD\·V FRQWHPSRUDU\ FODVV LW·V UHIUHVKLQJ µ 0D]HO IHHOV IXOÀOOHG NQRZLQJ WKDW VKH KDV DFFRPSOLVKHG WKH GUHDP VKH KDV KDG VLQFH VKH ZDV HLJKW \HDUV ROG 6KH SODQV RQ DWWHQGLQJ .HQ\RQ &ROOHJH LQ *DPELHU 2+ QH[W \HDU DQG DXGLWLRQLQJ IRU FRPSDQLHV LQ WKH QHDUE\ &ROXPEXV DUHD ´,·YH JRWWHQ WR OLYH P\ GUHDP RI GDQFLQJ ZLWK D SURIHVVLRQDO EDOOHW FRPSDQ\ µ 0D]HO VDLG ´, FDQ PRYH RQ QRZ LI , QHHG WR µ

7+20$6 ($5/( 0D]HO GDQFHV LQ D SDVW VKRZFDVH

,Q 7XQH :LWK -X +ZDQ

%< 0$**,( <,1 6WDII :ULWHU

-X +ZDQ 3DUN · RQH RI 'HHUÀHOG·V PRVW SURPLQHQW VLQJHUV DQG JXLWDULVWV KDV FRQWULEXWHG JUHDWO\ WR WKH PXVLF SURJUDP RYHU WKH \HDUV ´0XVLF LV HYHU\WKLQJ WR PH VR LI , GRQ·W GR LW , ZLOO GLH µ KH KDV VDLG $W WKH DJH RI ÀYH 3DUN VWDUWHG SOD\LQJ WKH YLROLQ LQ .RUHD EXW DIWHU IDLOLQJ WR JHW LQWR KLV VFKRRO·V RUFKHVWUD KH VZLWFKHG WR SHUFXVVLRQ ,Q VL[WK JUDGH 3DUN DXGLWLRQHG IRU 6XSHU 6WDU . .RUHD·V HTXLYDOHQW RI $PHULFDQ ,GRO EXW XQIRUWXQDWHO\ GLG QRW PDNH LW ´1RZ , ORRN EDFN DQG VD\ WKDQN *RG %HFDXVH LI , KDG PDGH LW , QHYHU ZRXOG KDYH FRPH WR WKH 8 6 RU OHDUQHG JXLWDU RU EHHQ DEOH WR VHH WKH ELJJHU ZRUOG µ 3DUN VDLG 7KH WUDQVLWLRQ WR D &RQQHFWLFXW ERDUGLQJ VFKRRO LQ HLJKWK JUDGH ZDV D FKDOOHQJH IRU 3DUN EHFDXVH KH GLG QRW VSHDN (QJOLVK ZHOO 6R KH LPPHUVHG KLPVHOI LQ PXVLF H[SORULQJ GLIIHUHQW JHQUHV DQG MRLQLQJ KLV VFKRRO·V URFN EDQG 3DUN VWLOO UHPHPEHUV KLV ÀUVW SHUIRUPDQFH VLQJLQJ ´-RKQQ\ % *RRGH µ ´, GR QRW WKLQN DQ\ RI P\ RWKHU SHUIRUPDQFHV ZHUH DV SRZHUIXO DV WKDW RQH µ 3DUN VDLG ´3HRSOH ZHUH VXUSULVHG &DQ \RX LPDJLQH VHHLQJ RQH RI \RXU IULHQGV ZKR GLGQ·W VSHDN (QJOLVK ZHOO VLQJLQJ DQ $PHULFDQ VRQJ RQ VWDJH" $W ÀUVW , ZDV YHU\ QHUYRXV EXW DV , VDZ SHRSOH·V IDFHV , VWDUWHG WR JHW H[FLWHG µ 1RZDGD\V WKH VWDJH LV OLNH

/RRNLQJ $IWHU 1RUPDQ +HDGHG )RU 7KH (GLQEXUJK )ULQJH )HVWLYDO %< 0$'',( 0221 6WDII :ULWHU

7KLV ZLQWHU WKH 'HHUÀHOG $FDGHP\ 7KHDWHU SURJUDP ZLOO SUHVHQW D SURGXFWLRQ RI WKH SOD\ /RRNLQJ $IWHU 1RUPDQ E\ 6FRWWLVK ZULWHU 6WHZDUW %URZQ /RRNLQJ $IWHU 1RUPDQ LV D FKLOGUHQ·V PXVLFDO DERXW D IULHQGVKLS EHWZHHQ DQ HLJKW \HDU ROG JLUO *HRUJLD DQG DQ \HDU ROG ZRPDQ 0UV 6FRWW ´7KLV SOD\ LV DERXW PDNLQJ LQWHU JHQHUDWLRQDO IULHQGVKLSV DQG NHHSLQJ SURPLVHV µ VDLG 7KHDWHU 'LUHFWRU &DWULRQD +\QGV ´:KHQ 0UV 6FRWW IDOOV LOO *HRUJLD SURPLVHV WR WDNH FDUH RI KHU FDW 7KH RQO\ SUREOHP LV WKDW 'DG LV DOOHUJLF WR FDWV (YHQ VR *HRUJLD NHHSV KHU SURPLVH WR 0UV 6FRWW µ 'RULH 0DJRZDQ · LV SOD\LQJ WKH UROH RI 0UV -RQHV WKH VRFLDO ZRUNHU ´7KLV LV WKH ÀUVW WLPH ,·P GRLQJ D FKLOGUHQ·V VKRZ µ 0DJRZDQ VDLG ´,W·V D ORW RI IXQ EXW GHÀQLWHO\ YHU\ GLIIHUHQW IURP ZKDW ,·P XVHG WR (YHU\WKLQJ LV PXFK PRUH H[DJJHUDWHG DQG YHU\ DQLPDWHG 7KH ELJJHVW FKDOOHQJH ULJKW QRZ LV SXVKLQJ WKH ERXQGDULHV RI P\ FRPIRUW ]RQH DQG JHWWLQJ XVHG WR WKH H[DJJHUDWLRQ µ 0UV +\QGV LV ORRNLQJ IRUZDUG WR WKH GLIIHUHQW QDWXUH RI WKH SOD\ ´, KDYH GLUHFWHG ORWV RI FKLOGUHQ·V WKHDWHU LQ WKH SDVW EXW QRW GRQH VR KHUH DW 'HHUÀHOG $FDGHP\ ,W LV D UHDOO\ LPSRUWDQW IRUP RI WKHDWHU EHFDXVH LW FDQ KDYH VXFK D KXJH LPSDFW RQ \RXQJ FKLOGUHQ , DP WKULOOHG WKDW RXU VWXGHQWV ZLOO KDYH DQ RSSRUWXQLW\ WR VHH

WKLV LPSDFW ZKHQ ZH WRXU ORFDO VFKRROV QH[W PRQWK µ VKH VDLG ´,·P KRSLQJ WR KDYH DQ HIIHFW RQ HDFK FKLOG·V H[SHULHQFH ZKHQ WKH\ VHH WKH VKRZ DQG LQVWLOO D ORYH RI WKHDWHU LQ WKHP µ VDLG 0DJRZDQ ´, ZRXOG ORYH IRU D FKLOG WR EH H[FLWHG DERXW WKHDWHU DQG SDUWLFLSDWH LQ ÀQH DUWV DIWHU VHHLQJ WKH PXVLFDO µ 7KH WKHDWHU SURJUDP LV WDNLQJ WKLV VKRZ WR WKH (GLQEXUJK )HVWLYDO )ULQJH LQ 6FRWODQG WKLV VXPPHU ´:H·UH FRPLQJ EDFN WR 'HHUÀHOG RQ -XO\ WR WXQH XS WKH VKRZ DQG JHW LW EDFN XS WR WKH VWDQGDUG ZH QHHG LW WR EH µ H[SODLQHG 6DUDK -LQLFK · ´2Q WKH WK ZH·OO Á\ WR /RQGRQ DQG VSHQG D FRXSOH RI GD\V WKHUH 7KHQ ZH·OO WDNH D WUDLQ WR 6FRWODQG DQG VWD\ WKHUH XQWLO $XJXVW WK VSHQGLQJ WLPH SHUIRUPLQJ ZDWFKLQJ PDQ\ RWKHU SHUIRUPDQFHV DQG H[SHULHQFLQJ 6FRWWLVK FXOWXUH µ

´,·P VR H[FLWHG EHFDXVH WKLV LV WKH ELJJHVW WKHDWHU IHVWLYDO LQ WKH ZRUOG µ 0DJRZDQ DGGHG ´$W DQ\ JLYHQ WLPH WKHUH DUH D WRQ RI SHUIRUPDQFHV JRLQJ RQ :H·UH JRLQJ WR KDYH D ORW RI IUHH WLPH WR JR DURXQG DQG VHH VKRZV WRJHWKHU ZKLFK LV JRLQJ WR EH DQ DPD]LQJ H[SHULHQFH µ ´7KHUH DUH VWXGHQWV FRPLQJ WR 6FRWODQG ZLWK WKH WKHDWHU SURJUDP µ VDLG 0UV +\QGV ´,·P UHDOO\ KDSS\ EHFDXVH , KDYH DQ RSSRUWXQLW\ WR VKDUH D OLWWOH ELW RI P\ KRPHODQG ZLWK WKH VWXGHQWV ,W LV D VWXQQLQJ DQG GHHSO\ FXOWXUDO FRXQWU\ DQG WKH )HVWLYDO ZKLFK LV OLNH WKH 2O\PSLFV IRU WKHDWHU LV MXVW WKH LFLQJ RQ WKH FDNH µ 7KH FDVW ZLOO EH SHUIRUPLQJ WKUHH VKRZV DW ORFDO VFKRROV DV ZHOO DV WKUHH SXEOLF SHUIRUPDQFHV IRU WKH ORFDO FKLOGUHQ )HEUXDU\ S P IRU %LJ %URWKHUV DQG %LJ 6LVWHUV )HEUXDU\ D P DQG S P DOO LQ WKH :KLWH &KXUFK

(/,=$%(7+ 7,(0$11 7KH FDVW SUDFWLFHV LQ WKH :KLWH &KXUFK

KRPH WR 3DUN ´, IHHO PXFK PRUH F R P I R U W D E O H QRZ ZKLFK FDQ EH JRRG EXW , GR QRW KDYH WKDW H[FLWLQJ LQWHQVH IHHOLQJ WKDW , KDG GXULQJ ¶-RKQQ\ % *RRGH ·µ KH DGPLWWHG $W 'HHUÀHOG 3DUN WDXJKW KLPVHOI WKH JXLWDU GXULQJ KLV IUHVKPDQ \HDU ´, KDG SOD\HG PXVLF IRU D ORQJ WLPH VR LW ZDV HDV\ µ KH H[SODLQHG ´, UHDOO\ OLNHG WKH JXLWDU VR , OLWHUDOO\ SOD\HG HYHU\ GD\ IRU WKH -, 622 5<8 ZKROH GD\ µ 3DUN LV VHOI WDXJKW 3DUN SHUIRUPV DW .)& WKLV ZLQWHU RQ PDQ\ RWKHU LQVWUXPHQWV LQFOXGLQJ SLDQR DFFRPSOLVKPHQWV LQ PXVLF WKXV EDQMR KDUPRQLFD DQG XNXOHOH IDU 3DUN LV RQO\ JHWWLQJ VWDUWHG ´:KDW , ORYH DERXW PXVLF LV +H DGGHG ´,·P QRW VXUH DERXW WKDW LW·V D XQLYHUVDO ODQJXDJH µ WKH IXWXUH EXW , NQRZ , ZLOO EH 3DUN VDLG ´6R ZKHUHYHU \RX JR GRLQJ PXVLF (YHU\WKLQJ FRXOG SOD\LQJ PXVLF ZRUNV µ JR ZURQJ LQ P\ OLIH EXW PXVLF 7KLV LGHD KDV DOORZHG KLP ZLOO QHYHU OHDYH P\ VLGH µ WR VKDUH KLV PXVLF ZLWK WKH 3DUN VHHV EHLQJ D PXVLFLDQ DV FRPPXQLW\ DQG EH\RQG ZLWK KLV LGHDO FDUHHU ´0DQ\ SHRSOH IDFXOW\ NLGV HOHPHQWDU\ VFKRROV WKLQN LW·V WRR ODWH RU WKH\ WKLQN , VHQLRU FHQWHUV WKH VWUHHWV QHHG VRPH NLQG RI VSHFLDO >VWDU@ RI .RUHD DQG HYHQ LQ ,WDO\ SRZHU µ KH VDLG ´%XW ZKHQ , VHH ´$OWKRXJK , GLGQ·W VSHDN ,WDOLDQ DOO WKH PXVLFLDQV DURXQG WKH ZRUOG , VWLOO JRW WR NQRZ D ORW RI WKH SOD\LQJ PXVLF , GLVFRYHU WKDW , VWUHHW PXVLFLDQV WKURXJK PXVLF µ GRQ·W QHHG DQ\ VSHFLDO ¶SRZHU · ,I KH VDLG ´,W KDV JLYHQ PH D FKDQFH , ZDQW WR EH D PXVLFLDQ , FDQ EH WR JHW WR NQRZ VRPH DPD]LQJ D PXVLFLDQ µ SHRSOH µ (YHQ ZLWK DOO KLV

&KDPEHU 6LQJHUV 6KLIW .H\ %< &$52/,1( )(77 6WDII :ULWHU

7KLV ZLQWHU WKH PXVLF FR FXUULFXODU UXQ E\ 0XVLF 'LUHFWRU 'DQLHO 5RLKO KDV H[SDQGHG LWV UHSHUWRLUH DQG KDV PDQ\ PRUH VWXGHQWV LQYROYHG 7KH JURXS QRZ LQFOXGHV VWXGHQWV JLUOV DQG ER\V ZLWK UHSUHVHQWDWLRQ IURP HYHU\ JUDGH OHYHO ´/DVW \HDU LW ZDV DOO VHQLRUV VR WKDW JDYH WKH JURXS D GLIIHUHQW NLQG RI IHHO µ VDLG 0U 5RLKO ´7KH IDFW WKDW WKH JURXS KDV VWXGHQWV IURP HYHU\ JUDGH OHYHO WKLV \HDU FUHDWHV D SURPLVLQJ EDVH IRU IXWXUH \HDUV µ :KHQ DVNHG DERXW ZKDW KH ZDV ORRNLQJ IRU GXULQJ WKH DXGLWLRQ SURFHVV 0U 5RLKO VDLG WKDW KH SDLG DWWHQWLRQ WR KRZ TXLFNO\ WKH VWXGHQWV FRXOG OHDUQ PXVLF DQG PRVW LPSRUWDQW WKH VRXQG RI WKHLU YRLFHV ´7KH YRLFH LV D VRUW RI ZLQGRZ LQWR WKH PXVLFDO HDU µ KH VDLG ´%\ OLVWHQLQJ WR VRPHRQH VLQJ \RX FDQ OHDUQ D ORW DERXW WKHP DV DQ DUWLVW µ 0U 5RLKO PHQWLRQHG D IHZ GLIIHUHQW UHDVRQV EHKLQG KLV FKRLFH WR H[SDQG WKH JURXS )LUVW DQG IRUHPRVW LQYROYLQJ PRUH SHRSOH DOORZV WKH JURXS WR H[SORUH D ZLGHU UDQJH RI PXVLF :KLOH WKH ODUJH JURXS G\QDPLF DOORZV IRU PRUH ÁH[LELOLW\ LQ FKRRVLQJ VRQJV WKHUH LV VWLOO WKH RSWLRQ RI VSOLWWLQJ RII LQWR VPDOOHU JURXSV DQG ZRUNLQJ RQ PRUH LQGLYLGXDO SLHFHV 6\GQH\ 2·&RQQRU · D VHQLRU PHPEHU RI WKH JURXS SUDLVHG WKLV FKDQJH ´0U 5RLKO KDV VSOLW XV XS LQWR VPDOO JURXSV WR SHUIRUP D YDVW DUUD\ RI UHSHUWRLUH )RU H[DPSOH , DP VLQJLQJ LQ DQ DOO IHPDOH MD]] TXDUWHW 7KLV LV JUHDW EHFDXVH ZH DUH DEOH WR SHUIRUP D ODUJHU UDQJH RI PXVLF VW\OHV DQG IRFXV RQ RXU YRLFHV LQGLYLGXDOO\ LQVWHDG RI EOHQGLQJ WKHP DOO

WRJHWKHU ZKLFK LV D QLFH FKDQJH µ (OHQD -RQHV · IHHOV WKH JURXS KDV EHHQ UXQQLQJ VPRRWKO\ WKLV ZLQWHU ´&KDPEHU VLQJHUV KDV EHHQ JRLQJ YHU\ ZHOO VR IDU µ VKH VDLG ´:H SHUIRUPHG LQ *UHHQZLFK DW D 'HHUÀHOG IXQFWLRQ ODVW ZHHN DQG KDYH ORWV RI DFWLYLWLHV VFKHGXOHG IRU WKH XSFRPLQJ ZHHNV , DP UHDOO\ ORRNLQJ IRUZDUG WR RXU VLQJLQJ WRXU LQ 1HZ <RUN &LW\ DW WKH HQG RI 0DUFK µ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´%HFDXVH PRVW RI XV FDQ UHDG PXVLF ZH DUH DEOH WR Á\ WKURXJK VRQJV DW D PXFK IDVWHU DQG PRUH DGYDQFHG UDWH WKDQ DQ\ RWKHU FKRLU , KDYH EHHQ LQ DW 'HHUÀHOG µ H[SODLQHG 2·&RQQRU ´(YHU\RQH LQ WKH JURXS LV UHDOO\ GHGLFDWHG DQG KDV EHHQ ZRUNLQJ UHDOO\ KDUG DQG , WKLQN WKDW RXU JURXS VRXQG DQG JURXS G\QDPLF UHÁHFW WKDW ZHOO µ VDLG VWXGHQW SDUWLFLSDQW 1K\LUD $VDQWH · ´:H·UH DOO UHDOO\ H[FLWHG WR VHH ZKHUH WKLV \HDU WDNHV XV µ


632576

7KH 'HHUÀHOG 6FUROO

-DQXDU\

6TXDVK 3OD\HUV 6FKDXV · 6HHNV *ROG DW 6RFKL )DFH %DODQFLQJ $FW %< %522.( +252:,7&+ 6WDII :ULWHU )RU 0ROO\ 6FKDXV · JRDOWHQGHU IRU WKH 8 6 :RPHQ·V 1DWLRQDO +RFNH\ 7HDP D JROG PHGDO LV ´WKH XOWLPDWH GUHDP µ 7KH 'HHUÀHOG DOXPQD ZKR SOD\HG RQ WKH QDWLRQDO WHDP LQ ZLOO KDYH D VHFRQG FKDQFH WR SXUVXH WKH ÀUVW SODFH WLWOH DW WKH 6RFKL 2O\PSLFV ZKLFK EHJLQ )HEUXDU\ $IWHU SODFLQJ VHFRQG IRXU \HDUV DJR LQ 9DQFRXYHU LQ D VKXWRXW ORVV WR &DQDGD 6FKDXV DQG WKH HQWLUH VTXDG ZKRP VKH UHIHUV WR DV D ´ELJ IDPLO\ µ DUH HDJHU ´WR SOD\ WKH EHVW KRFNH\ ZH FDQ µ 6FKDXV UHFRXQWHG KHU KRFNH\ KLVWRU\ UHPLQLVFLQJ DERXW OHDUQLQJ WR VNDWH RQ D 0LQQHVRWD SRQG EHIRUH MRLQLQJ DQ RUJDQL]HG OHDJXH LQ ,OOLQRLV DW HLJKW \HDUV ROG 6KH ´ZDQWHG WR EH MXVW OLNH >KHU@ ROGHU EURWKHUV WDJJLQJ DORQJ ZLWK WKHP DQG WKHLU IULHQGV µ $V IRU KHU SRVLWLRQ VKH H[SODLQHG ´7KH RQO\ ZD\ WKH\ ZRXOG OHW PH SOD\ ZDV LI , SOD\HG JRDOLH VR , MXPSHG DW WKH RIIHU µ $IWHU ZDWFKLQJ WKH 86$ :RPHQ·V 2O\PSLF 7HDP ZLQ JROG GXULQJ WKH 2O\PSLFV LQ -DSDQ 6FKDXV IRXQG KHU UROH PRGHOV LQ SOD\HUV VXFK DV &DPPL *UDQDWR .DWLH .LQJ 6DUDK 7XHWLQJ DQG 6DUD 'H&RVWD 7KDW VDPH \HDU VKH EHFDPH D PHPEHU RI 7HDP ,OOLQRLV WKH VTXDG VKH UHPDLQHG ZLWK XQWLO KLJK VFKRRO $V D IUHVKPDQ 6FKDXV EHJDQ SOD\LQJ IRU $VVDEHW 9DOOH\ +LJK 6FKRRO LQ 0DUOERURXJK 0DVVDFKXVHWWV 7KH IROORZLQJ \HDU VKH DUULYHG DW 'HHUÀHOG 6KH FRPPHQWHG DERXW EDODQFLQJ DQ LQWHQVH KRFNH\ VFKHGXOH³VKH DWWHQGHG PDQ\ FDPSV UXQ E\ WKH 8 6 WHDP DQG FROOHJH VFRXWV³ ZLWK DFDGHPLF DQG VRFLDO SULRULWLHV DW WKH $FDGHP\ VD\LQJ ´, NQHZ WKDW , KDG WR SXW MXVW DV PXFK HIIRUW LQWR WKH FODVVURRP DV , GLG RQ WKH LFH WR IXOÀOO P\ GUHDP RI SOD\LQJ FROOHJH KRFNH\ $W WLPHV LW ZDV GHÀQLWHO\ VWUHVVIXO EXW , OHDUQHG WR PDQDJH P\

DVVLJQPHQWV ZHOO DQG WR HQMR\ WLPH ZLWK IULHQGV DQG IDPLO\ µ 6 F K D X V K D V E H Q H I L W W H G IURP WKH VXSSRUW DQG H [ S H U W L V H RI PDQ\ F R D F K H V GXULQJ KHU F D U H H U ´7KH\ DOO HQFRXUDJHG PH WR SXVK P\VHOI RQ DQG RII WKH LFH ZKLOH D O Z D \ V U H P L Q G L Q J PH WR KDYH IXQ DQG ORYH ZKDW , GR µ $W 'HHUÀHOG VKH GHYHORSHG D SDUWLFXODUO\ FORVH UHODWLRQVKLS ZLWK 0U 0HLHU 6KH UHPDLQV FORVH ZLWK ´D KXJH VXSSRUW V\VWHP « >EXW KH LV@ RQH RI P\ ELJJHVW IDQV µ 0HLHU UHWXUQHG 6FKDXV·V FRPSOLPHQWV ZLWK VLPLODU SUDLVH VD\LQJ ´>0ROO\@ LV XQÁDSSDEOH QRWKLQJ ID]HV KHU DQG VKH KHOG RXU WHDP WRJHWKHU µ +H DGGHG WKDW 6FKDXV ´GRHVQ·W PDNH VSHFWDFXODU VDYHV EHFDXVH VKH GRHVQ·W QHHG WR EHLQJ LQ WKH ULJKW SRVLWLRQ RI WKH WLPH µ 7KH FRDFK QDPHG 6FKDXV FDSWDLQ DQG 093 KHU VHQLRU \HDU KRQRULQJ ERWK KHU FRPSHWLWLYHQHVV DQG JUDFH DV WKH WHDP·V RQO\ JRDOLH )ROORZLQJ KHU 'HHUÀHOG JUDGXDWLRQ 6FKDXV VSHQW IRXU \HDUV DW %RVWRQ &ROOHJH 3ULRU WR KHU IUHVKPDQ VHDVRQ VKH ZDV DOVR LQYLWHG WR WU\ RXW IRU WKH 8 6 8 7HDP 7KH IROORZLQJ VSULQJ VKH HVWDEOLVKHG KHU FXUUHQW VSRW RQ WKH VHQLRU QDWLRQDO WHDP :KHQ DVNHG DERXW KHU VWDWXV DV DQ 2O\PSLDQ 6FKDXV DGPLWWHG ´7KH IDFW WKDW , DP D WZR WLPH 2O\PSLDQ KDVQ·W VXQN LQ \HW :H VWLOO KDYH D ORW DKHDG RI XV LQ WKH QH[W IHZ ZHHNV %HLQJ D PHPEHU RI WKH 2O\PSLF WHDP ZDV VXFK D KXJH

3529,'(' %< 02//< 6&+$86

%< *25'21 ;,$1* 6WDII :ULWHU

6TXDVK LV RQH RI VHYHUDO VSRUWV DW 'HHUÀHOG WKDW UHTXLUH H[WHQVLYH RXWVLGH FRPPLWPHQW HYHQ ZKLOH WKH VHDVRQ LV LQ IXOO VZLQJ )RU VRPH SOD\HUV EDODQFLQJ WRXUQDPHQWV ZLWK UHJXODU SUDFWLFHV DQG JDPHV DV ZHOO DV 'HHUÀHOG·V GHPDQGLQJ ZRUNORDG FDQ EH TXLWH D FKDOOHQJH ´3HRSOH SOD\ LQ WRXUQDPHQWV IRU FROOHJH H[SRVXUH WR LPSURYH DQG KRSHIXOO\ EHFDXVH WKH\ HQMR\ LW µ VDLG &RQQRU +HQGHUVRQ · 6DP .KDOLID · VDLG ´, SOD\HG >PDQ\ RI WKHVH WRXUQDPHQWV@ ZKHQ , ZDV GRLQJ VTXDVK IXOO WLPH LQ (J\SW %HIRUH , WKRXJKW DERXW PRYLQJ WR WKH 8 6 DQG PDNLQJ HGXFDWLRQ P\ PDLQ SULRULW\ P\ RQO\ JRDO ZDV WR EHFRPH D SURIHVVLRQDO VTXDVK SOD\HU VR , SOD\HG LQ WRXUQDPHQWV IRU FRPSHWLWLRQ DQG H[SHULHQFH µ $GGLH )XOWRQ · FDSWDLQ RI WKH JLUO·V VTXDVK WHDP H[SODLQHG WKH -&7V RU -XQLRU &KDPSLRQVKLS 7RXUV ´7KH\·UH D VHULHV RI ELJ WRXUQDPHQWV WKDW DUH SUHWW\ VLPLODU WR QDWLRQDOV DW WKH HQG RI WKH VHDVRQ EXW NLGV SOD\ LQ WKHP IRU JRRG FRPSHWLWLRQ DQG WR KHOS WKHLU UDQNLQJ µ 7KHVH RXWVLGH WRXUQDPHQWV RIWHQ FRQÁLFW ZLWK 'HHUÀHOG VFKHGXOHV DQG WKH\ UHTXLUH VSHFLDO DSSURYDO ZKHQ D VWXGHQW ZRXOG PLVV PRUH WKDQ WKH ÀYH FODVV GD\V DOORWWHG E\ WKH ´3XUVXLW RI ([FHOOHQFHµ SROLF\ ´)RU H[DPSOH µ VDLG .KDOLID ´ODVW \HDU , KDG WKH 8 6 -XQLRU 2SHQ LQ 'HFHPEHU DQG WKH

KRQRU (YHQ WKRXJK ZH IHOO VKRUW RI RXU JRDO RI ZLQQLQJ WKH JROG PHGDO 9DQFRXYHU ZDV DQ LQFUHGLEOH H[SHULHQFH DOO DURXQG µ 7KH NQRZOHGJH DQG PHPRULHV ZLOO FHUWDLQO\ KHOS WKH WHDP DV WKH\ SOD\ LQ 5XVVLD ´7KH 2O\PSLFV DUH GHÀQLWHO\ GLIIHUHQW WKDQ RXU XVXDO :RUOG &KDPSLRQVKLSV µ DVVHUWHG 6FKDXV ´EXW DW WKH HQG RI WKH GD\ LW LV MXVW D KRFNH\ WRXUQDPHQW DQG ZH DUH IRFXVHG RQ PLQLPL]LQJ WKH GLVWUDFWLRQV DQG MXVW SOD\LQJ RXU EHVW µ 6FKDXV DQG KHU WHDPPDWHV DUH RQ WKH LFH VL[ GD\V D ZHHN ,Q DGGLWLRQ WKH\ OLIW WKUHH WLPHV HDFK ZHHN DQG KDYH YLGHR DQG VWUDWHJ\ PHHWLQJV UHJXODUO\ $V D UHVXOW WKH JURXS PDLQWDLQV DQ LQFUHGLEOH FORVHQHVV 6FKDXV HODERUDWHG ´:H VSHQG VR PXFK WLPH WRJHWKHU DQG KDYH EHHQ WKURXJK VR PDQ\ XSV DQG GRZQV WKDW P\ WHDPPDWHV NQRZ PH SUHWW\ PXFK EHWWHU WKDQ DQ\RQH %HLQJ DEOH WR ZHDU WKH 86$ RQ WKH IURQW RI %< ,'($/ '2:/,1* RXU MHUVH\V >WRJHWKHU@ LV D ERQG WKDW ZLOO QHYHU EH EURNHQ µ 6WDII :ULWHU 6FKDXV DQG KHU WHDPPDWHV ZLOO VRRQ GRQ WKRVH SDWULRWLF 3K\VLFV 7HDFKHU $PDQGD XQLIRUPV ZLWK SULGH UHSUHVHQWLQJ WKHLU FRXQWU\ DW WKH ZRUOG·V PRVW =UDQFKHY KDV EURXJKW PRUH WKDQ MXVW KHU VFLHQFH VNLOOV WR UHQRZQHG DWKOHWLF FRPSHWLWLRQ 'HHUÀHOG³VKH LV IRXQGLQJ WKH VFKRRO·V ÀUVW FXUOLQJ FOXE 6KH FXUOHG IRU D IHZ \HDUV LQ FROOHJH HYHQ FRPSHWLQJ LQ WRXUQDPHQWV ZLWK KHU WHDP 7KH 'HHUÀHOG WHDP ZLOO OLNHO\ EH VWDUWLQJ VPDOO PHHWLQJ RQO\ RQFH RU WZLFH WKLV \HDU %XW 0V =UDQFKHY LV H[FLWHG WR ´WHVW WKH ZDWHUVµ DQG NQRZV WKH FUHDWLRQ RI D VHULRXV DQG SRSXODU FXUOLQJ FOXE ZLOO QRW EH LQVWDQWDQHRXV ´3HRSOH ZKR GR FXUOLQJ DUH XVXDOO\ LQWHUHVWLQJ DQG HQWKXVLDVWLF µ VKH VDLG ´6R GRLQJ FXUOLQJ ZLOO EH D JRRG RSSRUWXQLW\ WR PHHW RWKHU LQWHUHVWLQJ DQG HQWKXVLDVWLF SHRSOH µ 7KH FOXE·V PDLQ REVWDFOH LV WKH QHFHVVDU\ WUDYHOLQJ WLPH 'HHUÀHOG·V ULQN ZLOO QRW VXIÀFH IRU FXUOLQJ EHFDXVH WKH LFH LV WRR VPRRWK $FFRUGLQJ WR 0V =UDQFKHY WKH VSRUW FDOOV IRU SHEEOHG LFH ZKLFK LV FUHDWHG E\ D VSHFLDO -()) %52:1 PDFKLQH WKURXJK D SURFHVV FDOOHG -HVVH %URZQH UDFHV SDVW D :HVWPLQVWHU RSSRQHQW LQ WKHLU JDPH RQ ´VFUDSLQJ µ 7KH PHFKDQLVP 0RQGD\ -DQXDU\

=UDQFKHY &UHDWHV &XUOLQJ &OXE

%URZQH %ULQJV 'RZQ WKH +RXVH %< &2/( )$8/.1(5 (GLWRULDO $VVRFLDWH 7KLV \HDU ZKHQ WKH ER\V YDUVLW\ EDVNHWEDOO WHDP KDV QHHGHG WR SXW XS VRPH SRLQWV WKH\ KDYH RIWHQ ORRNHG WR -HVVH %URZQH · WR NQRFN GRZQ D FRXSOH WKUHHV %URZQH D SRVWJUDGXDWH EHJDQ KLV FDUHHU E\ SOD\LQJ JDPHV OLNH NQRFNRXW DQG 3 , * LQ WKH VWUHHWV RI %DUULQJWRQ 5KRGH ,VODQG D SODFH KH GHVFULEHV DV ´D VPDOO WRZQ ZLWK D ELJ KHDUW µ ,Q WKH ÀIWK JUDGH %URZQH GHFLGHG WR JLYH RUJDQL]HG EDVNHWEDOO D WU\ DQG VLJQHG XS IRU KLV ORFDO \RXWK WHDP LPPHGLDWHO\ WDNLQJ WR WKH VSRUW ´3OD\LQJ EDVNHWEDOO UHDOO\ WXUQHG RXW WR EH RQH RI WKH EHWWHU GHFLVLRQV RI P\ OLIH VR IDU µ VDLG %URZQH ´, UHDOO\ OLNH WKH EDFN DQG IRUWK QDWXUH RI WKH VSRUW 6D\ LI \RX FRPPLW D WXUQRYHU RU PLVV D VKRW \RX FDQ DOZD\V PDNH XS IRU LW RQ GHIHQVH RU WKH QH[W SRVVHVVLRQ µ $IWHU SOD\LQJ WKURXJK WKH UHVW

RI HOHPHQWDU\ DQG PLGGOH VFKRRO %URZQH PDGH WKH %DUULQJWRQ +LJK 6FKRRO YDUVLW\ WHDP KLV IUHVKPDQ \HDU DQG TXLFNO\ EHFDPH RQH RI LWV VWDUV OHDGLQJ KLV WHDP WR WKH VWDWH VHPL ÀQDOV KLV VHQLRU \HDU ´,·G GHVFULEH P\VHOI DV D JRRG VKRRWHU ZKR FDQ SXW WKH EDOO RQ WKH JURXQG >GULEEOH@ LI , KDYH WR µ VDLG %URZQH ´%XW LQ WKH HQG ,·P D WHDP ÀUVW SOD\HU DQG LW·V UHDOO\ MXVW DOO DERXW WKH ZLQ IRU

WRXUQDPHQW ZDV PRUH WKDQ ÀYH GD\V VR , KDG WR WDON WR WKH DGPLQLVWUDWLRQ >)RUWXQDWHO\@ WKH\ ZHUH YHU\ XQGHUVWDQGLQJ 7KUHH PRQWKV DIWHU LQ $SULO WKHUH ZDV D TXDOLÀFDWLRQ IRU WKH :RUOG 2SHQ LQ &DLUR WKDW ZDV D ZHHN ORQJ VR , WDONHG WR WKH VFKRRO DQG WKH\ ZHUH DJDLQ YHU\ VXSSRUWLYH µ ´,W·V YHU\ GLIÀFXOW WR GR KRPHZRUN RQ WKRVH ZHHNHQGV µ VDLG /LQGVH\ 'HZH\ · ´,W·V QHYHU EHHQ D PDMRU FRQÁLFW DQG WHDFKHUV DUH XVXDOO\ XQGHUVWDQGLQJ EXW LW LV GLIÀFXOW VRPHWLPHV WR PDQDJH WKH WZR µ ´, WU\ WR GR >WRXUQDPHQWV@ RYHU EUHDNV µ VDLG )XOWRQ ´VR WKDW , GRQ·W KDYH WR PLVV D VTXDVK PDWFK RU VFKRRO LQ JHQHUDO EXW , DP SOD\LQJ LQ WZR RU WKUHH WKLV ZLQWHU WKDW , KDYH WR OHDYH VFKRRO IRU GXULQJ WKH VHDVRQ , MXVW SODQ D ZHHN DKHDG DQG WHOO P\ WHDFKHUV VR WKDW , NQRZ ZKDW , DP PLVVLQJ , WU\ WR PHHW ZLWK WKHP WKH QLJKW , JHW EDFN µ 2WKHU SOD\HUV DUH HTXDOO\ DV FDUHIXO WR QRW OHW QDWLRQDO WRXUQDPHQWV LQWHUIHUH ZLWK 'HHUÀHOG·V GHPDQGV 6DLG &DPHURQ 'HZH\ ¶ ´,·P QRW SOD\LQJ WRXUQDPHQWV >LQ WKH ZLQWHU@ EHFDXVH WKH WHDP LV P\ ÀUVW FRPPLWPHQW DQG ZH QHHG DOO RI RXU SOD\HUV IRU RI RXU PDWFKHV µ ´, KDYH D WRXJK 'HHUÀHOG VFKHGXOH µ VDLG .KDOLID ´>6R@ DOO WKH WRXUQDPHQWV KDYH EHHQ UHGXFHG ,·P QRW SOD\LQJ DV PDQ\ WRXUQDPHQWV DV ,·P XVHG WR 7KDW ZDV VRPHWKLQJ , NQHZ , ZRXOG KDYH WR JLYH XS IRU DQ H[FHOOHQW HGXFDWLRQ KHUH µ

PH µ $IWHU KLV VHQLRU \HDU %URZQH GHFLGHG WR WDNH D SRVWJUDGXDWH \HDU DW 'HHUÀHOG UDWKHU WKDQ JR VWUDLJKW WR FROOHJH ´$FDGHPLFV KDYH DFWXDOO\ DOZD\V EHHQ PRUH LPSRUWDQW WR PH WKDQ DWKOHWLFV DQG , WKRXJKW 'HHUÀHOG ZRXOG EH D JUHDW SODFH IRU PH WR JHW D TXDOLW\ HGXFDWLRQ SOD\ EDVNHWEDOO DQG PDNH P\VHOI PRUH DWWUDFWLYH WR FROOHJHV µ VDLG %URZQH DERXW KLV GHFLVLRQ

%URZQH KDV EHHQ YHU\ VXFFHVVIXO ERWK RQ DQG RII WKH FRXUW DW 'HHUÀHOG DQG KLV WHDPPDWHV DQG FRDFKHV KDYH DSSUHFLDWHG KLV SRVLWLYH RXWORRN DQG OHDGHUVKLS 7HDPPDWH /XND 3HWNRYLF · VDLG ´+H·V IXQQ\ DQG DOZD\V WULHV WR SLFN SHRSOH XS DQG NHHS WKLQJV SRVLWLYH µ ´,·G VD\ KH·V NLQG RI OLNH D IDWKHU ÀJXUH IRU PH µ VDLG -DFN 'DPRQ · ´+H·V DOZD\V WKH

VSULQNOHV ZDWHU GURSOHWV RQ WKH VXUIDFH RI WKH LFH ZKLFK IUHH]H DQG FUHDWH QXPHURXV OLWWOH EXPSV 7KLV OHVVHQV WKH IULFWLRQ EHWZHHQ WKH LFH DQG WKH URFN DOORZLQJ LW WR VOLGH PRUH HDVLO\ GRZQ WKH LFH 6R IDU D YDULHW\ RI VWXGHQWV RI DOO JUDGHV IDFXOW\ PHPEHUV VWDII DQG IDFXOW\ VWDII FKLOGUHQ KDYH VKRZQ LQWHUHVW LQ WU\LQJ WKH VSRUW 3HQHORSH +RXJK · VDLG ´, VLJQHG XS IRU FXUOLQJ EHFDXVH P\ JUDQGPRWKHU GLG LW DQG , WKLQN LW ZRXOG EH UHDOO\ FRRO WR WU\ LW RXW µ -DFN /DPEHUW · KDG RQO\ ´KHDUG RI >FXUOLQJ@ DV WKH SXQFKOLQH RI MRNHV DERXW WKH 2O\PSLFV µ 1RZ KH LV ´PRVW H[FLWHG WR OHDUQ KRZ LW·V SOD\HG DQG WR WU\ LW RXW P\VHOI µ 6FLHQFH 7HDFKHU ,YRU\ +LOOV ZKR DOVR VLJQHG XS IRU D FXUOLQJ OHVVRQ LV ORRNLQJ IRUZDUG WR MRLQLQJ ´D 'HHUÀHOG WHDP OHDUQLQJ D QHZ VSRUW DQG JHWWLQJ EHWWHU WRJHWKHU µ 0V =UDQFKHY XUJHV PRUH SHRSOH WR MRLQ FDOOLQJ FXUOLQJ D ´VXSHU IXQ VRFLDO VSRUW µ 6HOGRP EURDGFDVW RQ $PHULFDQ QHWZRUNV FXUOLQJ ZLOO EH LQ WKH VSRWOLJKW ZLWK WKH :LQWHU 2O\PSLFV PDNLQJ QRZ DQ H[FHOOHQW WLPH WR OHDUQ WKH VSRUW RQH WR FUDFN D MRNH DQG NHHS P\ VSLULWV XS $V D WHDPPDWH \RX NQRZ KH·V VRPHRQH \RX FDQ WUXVW ZLWK WKH EDOO DQG KH·V JRLQJ WR PDNH WKH ULJKW SOD\ µ 2Q KLV IXWXUH LQ WKH JDPH %URZQH ZKR ZLOO EH DWWHQGLQJ 9DVVDU &ROOHJH QH[W IDOO VDLG ´+RSHIXOO\ , VWD\ KHDOWK\ DQG SOD\ IRXU \HDUV LQ FROOHJH EXW WKHQ DIWHU WKDW , JXHVV ZH·OO MXVW KDYH WR ZDLW DQG VHH µ


Turn static files into dynamic content formats.

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