7KH 6FRWWLVK (GXFDWLRQDO -RXUQDO ZZZ HLV RUJ XN
0D\ 9RO ,VVXH QR
7HDFKHUV· DYHUDJH ZRUNLQJ ZHHN KRXUV $FWLRQ 1HHGHG RQ :RUNORDG 3DJH
(,6 ',$5< <RXU GLDU\ HQFORVHG
ANNUAL FAMILY WORLDWIDE TRAVEL INSURANCE
FOR JUST £94*
Comprehensive Worldwide Annual Family Policy O Natural disasters e.g. volcanic eruption, tsunami, hurricane, fire, flood, earthquake etc O Full Winter Sports Cover O Increased protection when booking not made through a travel agent O Enhanced delay benefit O Enhanced missed departure cover O
* For members aged under 65. Premiums for members aged 65 to 69 years is £164 per year.
ADD BOTH THESE ESSENTIAL COVERS FOR JUST £54 HOME EMERGENCY COVER
MOTOR BREAKDOWN COVER FOR YOU & YOUR PARTNER
O
Main Heating System Plumbing & Drainage
O
Roadside Assistance and Recovery
O
O
Home Security Toilet Unit Domestic Power Supply Lost Keys
O
Vermin Infestation
O
Home Assist Alternative Travel Emergency Overnight Accommodation Lost Keys Message Service
O
Misfuel Assist
O
Lack of Fuel Caravan & Campervan Cover
O O O O
O O O
* Home Emergency and Motor Breakdown Cover are also available to existing EIS Travel Insurance customers.
O
For an application or immediate cover call:
0845 230 1653 or visit www.philipwilliams.co.uk/eistravel
Download application form here
,PSRUWDQW \HDU IRU 6FRWWLVK (GXFDWLRQ 6KRUWO\ EHIRUH WKLV 6(- ZHQW WR SUHVV WKH 8. *HQHUDO (OHFWLRQ GHOLYHUHG D ODUJHO\ XQSUHGLFWHG UHVXOW WKDW ZLOO KDYH VLJQLÀFDQW LPSOLFDWLRQV IRU 6FRWWLVK HGXFDWLRQ WKLV \HDU DQG LQ WKH \HDUV DKHDG 7KH UHWXUQ RI D PDMRULW\ &RQVHUYDWLYH JRYHUQPHQW DW :HVWPLQVWHU DQG WKH XQSUHFHGHQWHG JDLQV E\ WKH 613 LQ 6FRWODQG KDYH VKLIWHG WKH QDWLRQDO SROLWLFDO SLFWXUH VLJQLÀFDQWO\ 7KH (,6 ZLOO FRQWLQXH WR ZRUN WRJHWKHU ZLWK WKH ZLGHU WUDGH XQLRQ PRYHPHQW WR KLJKOLJKW WKH UHTXLUHPHQW IRU SURSHU LQYHVWPHQW LQ SXEOLF VHUYLFHV DQG WKH QHHG WR ZRUN WRZDUGV D IDLUHU DQG PRUH LQFOXVLYH FRXQWU\ IRU DOO VHFWLRQV RI VRFLHW\ :LWK WKH 8. HOHFWLRQ QRZ EHKLQG XV LQ 6FRWODQG ZH FDQ QRZ ORRN DKHDG WR WKH HOHFWLRQV WR WKH 6FRWWLVK 3DUOLDPHQW WKDW ZLOO WDNH SODFH LQ 0D\ :KLOH WKH RIÀFLDO FDPSDLJQ ZLOO QRW FRPPHQFH XQWLO QH[W \HDU WKH UHDOLW\ LV WKDW WKH VWDUWHU·V SLVWRO IRU WKLV SDUWLFXODU UDFH ZDV ÀUHG DV VRRQ DV WKH *HQHUDO (OHFWLRQ ZDV RYHU 7KH (,6 ZLOO HQJDJH FRQVWUXFWLYHO\ ZLWK DOO SROLWLFDO SDUWLHV LQ WKH UXQ XS WR QH[W \HDU·V HOHFWLRQ WR SURPRWH WKH LQWHUHVWV RI 6FRWWLVK HGXFDWLRQ $V RQH RI WKH ODUJHVW DUHDV RI GHYROYHG UHVSRQVLELOLW\ IRU +RO\URRG HGXFDWLRQ ZLOO SOD\ D PRUH FHQWUDO SDUW LQ WKH GHEDWH LQ 6FRWODQG WKDQ ZDV SHUKDSV WKH FDVH GXULQJ WKH *HQHUDO (OHFWLRQ &DPSDLJQ 7KH (,6 $*0 WR EH KHOG LQ 3HUWK QH[W ZHHN -XQH ZLOO SXW GRZQ PDUNHUV WR 6FRWODQG·V SROLWLFDO SDUWLHV UHJDUGLQJ WKH LVVXHV WKH\ ZLOO KDYH WR DGGUHVV LQ WKHLU HOHFWLRQ FDPSDLJQV DQG LQ WKHLU PDQLIHVWR SOHGJHV $V ZH KLJKOLJKW LQ RXU FRYHU IHDWXUH LQ WKLV PRQWK·V 6(- WKH H[FHVVLYH
$OO DUWLFOHV DQG OHWWHUV LQ WKH 6(- UHSUHVHQW WKH YLHZV RI WKH LQGLYLGXDO DXWKRUV DQG GR QRW QHFHVVDULO\ UHSUHVHQW WKH (,6 YLHZ RU (,6 SROLF\ 7R EH FRQVLGHUHG IRU SXEOLFDWLRQ DOO OHWWHUV DQG XQVROLFLWHG DUWLFOHV PXVW EH DFFRPSDQLHG E\ D IXOO QDPH DQG DGGUHVV 7KH (GLWRU·V GHFLVLRQ RQ SXEOLFDWLRQ LV ÀQDO DQG WKH (GLWRU UHVHUYHV WKH ULJKW WR HGLW DOO VXEPLVVLRQV
ZRUNORDG EXUGHQ SODFHG RQ WHDFKLQJ SURIHVVLRQDOV LV D NH\ LVVXH WKDW UHPDLQV WR EH DGGUHVVHG 7KH UHVXOWV RI WKH UHFHQW (,6 )RUWQLJKW )RFXV RQ :RUNORDG ZKHUH PHPEHUV UHFRUGHG WKHLU RZQ ZRUNLQJ KRXUV XVLQJ WKH (,6 RQOLQH :RUNORDG &DOFXODWRU KDYH GHPRQVWUDWHG WKDW VXEVWDQWLDO QXPEHUV RI DGGLWLRQDO KRXUV RI ZRUN DUH WKH QRUP IRU 6FRWODQG·V WHDFKHUV (YLGHQFH IURP WKH )RUWQLJKW )RFXV LQGLFDWHV WKDW WKH DGPLQLVWUDWLYH EXUGHQ RQ WHDFKHUV UHPDLQV SDUWLFXODUO\ VHYHUH 7KH KLJK QXPEHU RI H[WUD KRXUV WKDW WHDFKHUV DUH SXWWLQJ LQ WR FRPSOHWH DGPLQLVWUDWLYH WDVNV RYHU DQG DERYH WKHLU FRQWUDFWXDO FRPPLWPHQWV GHPRQVWUDWHV WKDW WKH RQJRLQJ GULYH WR FXW EXUHDXFUDF\ DQG UHG WDSH UHPDLQV H[WUHPHO\ LPSRUWDQW 8SGDWHG DGYLFH IRU PHPEHUV KDV EHHQ LVVXHG RQ FRQWUDFWXDO FRPPLWPHQWV DQG VFKRRO :RUNLQJ 7LPH $JUHHPHQWV UHÁHFWLQJ WKH ZRUNORDG SUHVVXUHV WKDW ZHUH LGHQWLÀHG GXULQJ WKH )RUWQLJKW )RFXV :H ZLOO DOVR FRQWLQXH WR ZRUN LQ SDUWQHUVKLS ZLWK RWKHUV LQFOXGLQJ WKH 6FRWWLVK *RYHUQPHQW ORFDO DXWKRULWLHV DQG HGXFDWLRQ ERGLHV WR HQVXUH WKDW WKH UHFRPPHQGDWLRQV RI WKH &I( 7DFNOLQJ %XUHDXFUDF\ JURXS DUH GHOLYHUHG DW VFKRRO OHYHO $ IROORZ XS UHSRUW KDV MXVW EHHQ SXEOLVKHG E\ WKH JURXS DQG \RX FDQ UHDG PRUH DERXW WKLV LQ RXU FRYHU IRFXV RQ SS RI WKLV 6(- 7KH NH\ PHVVDJH IRU DOO (,6 PHPEHUV UHPDLQV FRQVLVWHQW ² LW·V WLPH WR WDNH D VWDQG DJDLQVW WKLV H[FHVVLYH EXUGHQ :H PXVW DFW QRZ DQG DFW WRJHWKHU WR WDNH FRQWURO RI RXU RZQ ZRUNORDG
7+( (',725 7KH 6(- (GLWRU 0RUD\ 3ODFH (GLQEXUJK (+ %+ W ( VHM#HLV RUJ XN
&RQWHQWV
&RXQFLO 1HZV
1HZV
6WURQJ (,6 SUHVHQFH DW 678& &RQJUHVV
)RFXVLQJ RQ :RUNORDG 5HQHZHG &RPPLWPHQW WR &XWWLQJ 6FKRRO %XUHDXFUDF\
*XLGH WR WKH (,6 $*0 1HZ +LJKHU 7H[WERRNV $ \HDU ZLWK WKH 3UHVLGHQW 'LIÀFXOW 4XHVWLRQV LQ DQ LPSRUWDQW \HDU IRU 6FRWWLVK (GXFDWLRQ 3URWHFWLQJ (GXFDWLRQ )XQGLQJ 0LVRJ\Q\ DQG (GXFDWLRQ &3' 8SGDWH )( IXQGLQJ WR WKH )RUH DW )(/$ &RQIHUHQFH (GXFDWLRQ IRU (YHU\ &KLOG (YHU\ZKHUH (GLQEXUJK ,QWHUQDWLRQDO %RRN )HVWLYDO 7KH 6FRWWLVK /HDUQLQJ )HVWLYDO &ODVVLÀHGV &RQWDFWV /RFDO 1HZV )RUXP 6WDIÀQJ 1HZV &URVVZRUG
ACT NOW! ACT TOGETHER
take control of workload SDJH ZZZ HLV RUJ XN
&RXQFLO 1HZV 3RVW (OHFWLRQ GD\ DW (,6 &RXQFLO &RXQFLO PHPEHUV JDWKHUHG LQ (GLQEXUJK RQ )ULGD\ 0D\ DV WKH UHVXOWV IURP WKH SUHYLRXV GD\·V *HQHUDO (OHFWLRQ FRQWLQXHG WR UROO LQ :KLOH WKH Ã&#x20AC;QDO WDOO\ RI VHDWV ZDV QRW NQRZQ DV WKH PHHWLQJ VWDUWHG WKH RYHUDOO UHVXOWV ERWK LQ 6FRWODQG DQG DFURVV WKH HQWLUH 8. ZHUH EHFRPLQJ FOHDU 7KH VFDOH RI WKH 613 YLFWRU\ LQ 6FRWODQG DQG WKH UHWXUQ RI D PDMRULW\ &RQVHUYDWLYH JRYHUQPHQW DW 8. OHYHO PD\ KDYH EHHQ D VXUSULVH WR PDQ\ EXW &RXQFLO FDUULHG RQ ZLWK WKH EXVLQHVV RI WKH GD\ ODUJHO\ XQGDXQWHG E\ WKH VFDOH RI SROLWLFDO FKDQJH WKDW ZDV WDNLQJ SODFH
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·V KDQGV IROORZLQJ WKH 6FRWWLVK *RYHUQPHQW·V EXGJHWDU\ GHDO ZLWK WKH LQGLYLGXDO ORFDO DXWKRULWLHV 0U 7UDFH\ UHLWHUDWHG WKDW WKH WHDFKHUV· VLGH RI WKH 61&7 ZDV VHHNLQJ IXUWKHU LPSURYHPHQWV LQ WKH RIIHU DQG WKDW D UHYLVHG RIIHU ZDV DQWLFLSDWHG DW WKH QH[W PHHWLQJ RI WKH 61&7 -RLQW &KDLUV ZKLFK ZDV VFKHGXOHG IRU WKH ZHHN IROORZLQJ &RXQFLO 6HH WKH (,6 ZHEVLWH IRU IXUWKHU XSGDWHV DULVLQJ IURP WKH 61&7
(GXFDWLRQ &RPPLWWHH &RQYHQHU 6XVDQ 4XLQQ UHSRUWHG WR &RXQFLO RQ GHYHORSPHQWV RQ D UDQJH RI PDWWHUV LQFOXGLQJ &I( (DUO\ <HDUV (GXFDWLRQ DQG &3' 0V 4XLQQ VDLG WKDW WKH UHFHQW ZRUN RI WKH &I( 0DQDJHPHQW %RDUG KDG EHHQ IRFXVHG ODUJHO\ RQ WKH 6HQLRU 3KDVH DQG ZD\V IRUZDUG UHODWLQJ WR WKH QHZ TXDOLÃ&#x20AC;FDWLRQV (DUO\ FRQVLGHUDWLRQ KDG EHHQ JLYHQ WR WKH XVH RI 1 1 DV D FRQÃ&#x20AC;UPDWLRQ RI %URDG *HQHUDO (GXFDWLRQ DQG GLVFXVVLRQV ZRXOG EH WDNHQ IRUZDUG ZLWK WKH 64$ 6XVDQ KLJKOLJKWHG RQ JRLQJ ZRUN LQ WKH DUHD RI (DUO\ <HDUV (GXFDWLRQ LQFOXGLQJ DQ XSGDWH RQ WKH SURJUHVV RI (,6 IXQGHG UHVHDUFK DQG FRQFHUQV WKH (,6 KDG UDLVHG LQ UHODWLRQ WR WKH Ã&#x20AC;UVW GUDIW RI WKH 6LUDM UHSRUW RQ (DUO\ <HDUV 0V 4XLQQ DOVR QRWHG WKDW GLVFXVVLRQ KDG WDNHQ SODFH RQ KRZ EHVW WR HQJDJH ZLWK WKH 6FRWWLVK &ROOHJH IRU (GXFDWLRQDO /HDGHUVKLS 6&(/ DQG KLJKOLJKWHG (,6 FRQFHUQV UHODWLQJ WR WKH QHZ 4XDOLÃ&#x20AC;FDWLRQ IRU +HDGVKLS VXFK DV KRZ HTXDOLW\ RI DFFHVV WR WKH VFKHPH FRXOG EH HQVXUHG DQG TXHVWLRQV RYHU VFKHPH IXQGLQJ
7KH 6FRWWLVK (GXFDWLRQDO -RXUQDO
([HFXWLYH 5HSRUW &RXQFLO UHYLHZHG DQG DSSURYHG WKH ,QVWLWXWH·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Ã&#x20AC;QJ VWUXFWXUH LQFOXGLQJ WKH IRUWKFRPLQJ UHWLUDOV RI $VVLVWDQW 6HFUHWDU\ .HQ :LPERU 2UJDQLVDWLRQ 'HSW $GPLQLVWUDWRU (LOHHQ *UDKDP (LOHHQ 'DYLGVRQ DQG 6KHLOD +DUULV RI WKH (GXFDWLRQ (TXDOLW\ 'HSW DQG (,6 +4 &DUHWDNHU )UDQN 7LQGDOO 0U )ODQDJDQ DQG &RXQFLO ZLVKHG WKHP DOO ZHOO LQ UHWLUHPHQW
(TXDOLW\ &RPPLWWHH %LOO 5DPVH\ (TXDOLW\ &RQYHQHU XSGDWHG &RXQFLO UHJDUGLQJ GLVFXVVLRQV RQ KRZ EHVW WR WDNH IRUZDUG WKH (,6 FDPSDLJQ RQ WKH LPSDFW RI SRYHUW\ RQ HGXFDWLRQ LQFOXGLQJ WKH SXEOLFDWLRQ RI DQ RQOLQH VXUYH\ IRU PHPEHUV ZKLFK ZLOO DOVR EH DYDLODEOH WR GHOHJDWHV DW WKH (,6 $*0
(PSOR\PHQW 5HODWLRQV &RPPLWWHH &RQYHQHU 0DLUL 5DHEXUQ WROG &RXQFLO WKDW DQ LQLWLDO PHHWLQJ KDG WDNHQ SODFH ZLWK WKH *7&6 IROORZLQJ ODVW \HDU·V $*0 UHVROXWLRQ RQ WKH SXEOLF UHSRUWLQJ RI *7&6 FDVHV 0V 5DHEXUQ DGGHG WKDW ZKLOH GLVFXVVLRQV ZHUH DW DQ HDUO\ VWDJH WKHUH KDG EHHQ VRPH FRQVWUXFWLYH GLDORJXH ZKLFK ZRXOG EH GHYHORSHG IXUWKHU DW IXWXUH PHHWLQJV
1DPHG 3HUVRQ 6RQLD .RUGLDN 0LGORWKLDQ VXFFHVVIXOO\ FDOOHG IRU WKH (,6 6DODULHV &RPPLWWHH WR SUHSDUH DGYLFH IRU PHPEHUV RQ DQ\ FRQWUDFWXDO LPSOLFDWLRQV RI WKH 1DPHG 3HUVRQ OHJLVODWLRQ ZKLFK ZDV LQFOXGHG ZLWKLQ WKH &KLOGUHQ DQG <RXQJ 3HRSOH $FW 0V .RUGLDN VDLG ´,Q VFKRROV DFURVV WKH FRXQWU\ SHRSOH DUH VD\LQJ GLIIHUHQW WKLQJV DERXW 1DPHG 3HUVRQ 7HDFKHUV DUH FRQFHUQHG DERXW WKH GHPDQGV OLNHO\ WR EH PDGH RQ WKHP µ 6DODULHV &RQYHQHU 7RP 7UDFH\ ,QYHUFO\GH VHFRQGHG WKH 0RWLRQ DQG DVVXUHG &RXQFLO WKDW WKLV ZRXOG EH D SULRULW\ LVVXH IRU WKH 6DODULHV &RPPLWWHH
SLFWXUH ZZZ PNMSKRWRJUDSK\ FR XN
/HFWXUHUV /REE\ +RO\URRG IRU PRUH &ROOHJH )XQGLQJ /HFWXUHUV VWXGHQWV DQG VXSSRUWHUV RI IXUWKHU HGXFDWLRQ IURP DFURVV 6FRWODQG JDWKHUHG DW +RO\URRG ODVW PRQWK WR FDOO IRU LQFUHDVHG IXQGLQJ IRU WKH FRXQWU\·V FROOHJHV 7KH OREE\ ZDV RUJDQLVHG E\ WKH (GXFDWLRQDO ,QVWLWXWH RI 6FRWODQG ² )XUWKHU (GXFDWLRQ /HFWXUHUV· $VVRFLDWLRQ (,6 )(/$
7KH DLP RI WKH UDOO\ ZDV WR KLJKOLJKW WR DOO 063V WKH LPSRUWDQFH RI WKH )XUWKHU (GXFDWLRQ 6HFWRU WR 6FRWODQG·V HFRQRPLF IXWXUH DQG WR FDOO IRU FROOHJHV WR EH EHWWHU IXQGHG &RPPHQWLQJ (,6 *HQHUDO 6HFUHWDU\ /DUU\ )ODQDJDQ VDLG ´7KH IXUWKHU HGXFDWLRQ VHFWRU KDV EHHQ RQH RI WKH KDUGHVW KLW VHFWRUV RI HGXFDWLRQ GXULQJ WKH SHULRG RI HQIRUFHG DXVWHULW\
´7KLV KDV VHHQ OHFWXULQJ MREV FXW IHZHU FRXUVHV VWXGHQW SODFHV DQG VXSSRUW VODVKHG ,W LV WLPH IRU DFWLRQ WR HQVXUH WKDW FROOHJHV DUH SURSHUO\ VXSSRUWHG µ (,6 )(/$ 3UHVLGHQW -RKQ .HOO\ DGGHG ´7KLV (,6 )(/$ OREE\ LV DQ LPSRUWDQW HYHQW KLJKOLJKWLQJ WKH VHULRXV GHWULPHQWDO LPSDFW RI DXVWHULW\ FXWV RQ OHDUQLQJ DQG WHDFKLQJ LQ 6FRWODQG·V FROOHJHV ´/HFWXUHUV VWDII VWXGHQWV DQG VXSSRUWHUV RI TXDOLW\ )XUWKHU (GXFDWLRQ SURYLVLRQ KDYH MRLQHG WRJHWKHU DW +RO\URRG WR PDNH WKH FDVH IRU D EHWWHU GHDO IRU FROOHJHV OHFWXUHUV DQG VWXGHQWV µ
$*0
7KH OREE\ ZDV DGGUHVVHG E\ D QXPEHU RI SURPLQHQW VSHDNHUV LQFOXGLQJ /DUU\ )ODQDJDQ (,6 *HQHUDO 6HFUHWDU\ 7RPP\ &DVWOHV (,6 3UHVLGHQW -RKQ .HOO\ (,6 )(/$ 3UHVLGHQW *RUGRQ 0DORQH\ 186 6FRWODQG 3UHVLGHQW *HRUJH $GDP 063 ,DLQ *UD\ 063 /LDP 0F$UWKXU 063 0DU\ 6FDQORQ 063 DQG 3DWULFN +DUYLH 063 $OO 063V ZHUH LQYLWHG WR WKH OREE\ $W WKH HQG RI WKH OREE\ WKH (,6 KDQGHG D OHWWHU WR HDFK RI WKH SROLWLFDO SDUWLHV FDOOLQJ IRU PRUH IXQGLQJ IRU FROOHJHV
7
+( (,6 8QLYHUVLW\ /HFWXUHUV· $VVRFLDWLRQ (,6 8/$ KHOG LWV $*0 DW (,6 KHDGTXDUWHUV LQ HDUO\ 0DUFK 0HPEHUV IURP +( LQVWLWXWLRQV DFURVV 6FRWODQG ZHUH LQ DWWHQGDQFH WR GHEDWH DQG YRWH RQ (,6 8/$ SROLF\ SULRULWLHV IRU WKH \HDU DKHDG 7KH $*0 ZDV FKDLUHG E\ (,6 8/$ 3UHVLGHQW 1LFN 0F.HUUHOO DQG ZDV DGGUHVVHG E\ (,6 3UHVLGHQW 7RPP\ &DVWOHV E\ (,6 *HQHUDO 6HFUHWDU\ /DUU\ )ODQDJDQ DQG E\ JXHVW VSHDNHU +HOHQ 0DUWLQ $VVLVWDQW *HQHUDO 6HFUHWDU\ RI WKH 678& ZKR GHOLYHUHG D SUHVHQWDWLRQ HQWLWOHG ¶)DLU :RUN ² :KDW LW PHDQV IRU 6FRWODQG ·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
ZZZ HLV RUJ XN
1HZV )RFXV
6WURQJ (,6 3UHVHQFH DW 678& &RQJUHVV $ VL]HDEOH (,6 GHOHJDWLRQ FRPSULVLQJ PHPEHUV IURP DOO HGXFDWLRQ VHFWRUV PDGH D VLJQLÀFDQW FRQWULEXWLRQ WR WKH WK $QQXDO 678& &RQJUHVV LQ $\U ODVW PRQWK 6HYHUDO (,6 VSHDNHUV ZHUH LQÁXHQWLDO LQ VKDSLQJ WKH GLUHFWLRQ RI 678& SROLF\ LQ D QXPEHU RI NH\ DUHDV
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·V HOHFWLRQ *HQHUDO 6HFUHWDU\ /DUU\ )ODQDJDQ VDLG ´,W LV ZLWK VLJQLÀFDQW SULGH WKDW WKH (,6 ZHOFRPHV +HOHQ &RQQRU·V HOHFWLRQ DV 678& 9LFH 3UHVLGHQW IRU µ +HOHQ LV WKH ÀUVW (,6 PHPEHU WR EH HOHFWHG DV DQ 678& 2IÀFH %HDUHU VLQFH -RKQ 3ROORFN ZDV 678& 3UHVLGHQW LQ
7KH 6FRWWLVK (GXFDWLRQDO -RXUQDO
KLWWLQJ WKH OLYLQJ VWDQGDUGV RI SXEOLF VHFWRU *HQHUDO 6HFUHWDU\ /DUU\ )ODQDJDQ ZDV ÀUVW ZRUNHUV DQG WKHLU IDPLOLHV WKDW PRQH\ LV WR WDNH WR WKH SRGLXP RQ EHKDOI RI WKH (,6 QRW LQ WKH SRFNHWV RI SXEOLF VHFWRU ZRUNHUV RQ GD\ WZR VHFRQGLQJ D 0RWLRQ RQ WKH WR VSHQG RQ JRRGV DQG VHUYLFHV D GLUHFW QHHG IRU VXSSRUW IRU EODFN DQG PLQRULW\ DQG QHJDWLYH LPSDFW RQ WKH HFRQRP\ µ +H HWKQLF ZRUNHUV ´5DFLVP LV QRW D QDWXUDO FRQWHVWHG WKH DUJXPHQW WKDW FDSSLQJ WKH EHKDYLRXU LW·V D OHDUQHG EHKDYLRXU µ ZDJHV RI SXEOLF VHFWRU ZRUNHUV /DUU\ VWUHVVHG ´:H QHHG WR SURWHFWV MREV KLJKOLJKWLQJ WKDW FKDOOHQJH EDG HQYLURQPHQWV µ ´ZH QHHG WR LQ WKH SDVW IRXU \HDUV WKHUH 7KH 0RWLRQ KLJKOLJKWHG HQVXUH WKDW KDV EHHQ D UHGXFWLRQ GZLQGOLQJ UHVRXUFHV WR ZH·UH ÀJKWLQJ LQ WKH QXPEHU RI ZRUNHUV WDFNOH LQHTXDOLW\ ODFN RI HPSOR\HG E\ WKH SXEOLF VHFWRU FRPSOLDQFH ZLWK HTXDOLW\ IRU %0( DV D ZKROH ORFDO JRYHUQPHQW OHJLVODWLRQ E\ HPSOR\HUV ULJKWV LQ WKH KDYLQJ EHHQ WKH KDUGHVW KLW ULVLQJ ,VODPRSKRELD DQG WKH ZLWK D ÀIWK RI LWV ZRUNIRUFH XQGHU UHSUHVHQWDWLRQ RI %0( ZRUNSODFH µ KDYLQJ EHHQ VKHG 0HDQZKLOH ZRUNHUV ZLWKLQ SURPRWHG KH DGGHG ODVW \HDU ´WKH ULFKHVW SRVWV DV D FRQVHTXHQFH RI GLVFULPLQDWRU\ %ULWRQV LQFUHDVHG WKHLU ZHDOWK E\ SHUIRUPDQFH PDQDJHPHQW V\VWHPV µ :LWK ELOOLRQµ DQG ´ERQXV FXOWXUH LV LQ UHFRYHU\ µ D GURS LQ WKH QXPEHU RI WULEXQDO FDVHV 7KH ÀUVW (,6 GHOHJDWH WR WDNH WKH EURXJKW RQ WKH JURXQGV RI UDFH µ /DUU\ VDLG SODWIRUP RQ WKH ÀQDO GD\ RI &RQJUHVV ZDV ´ZH QHHG WR HQVXUH WKDW ZH·UH ÀJKWLQJ IRU 1LFROD 'DVJXSWD (DVW $\UVKLUH ZKR PDGH %0( ULJKWV LQ WKH ZRUNSODFH µ SRLJQDQW UHIHUHQFH WR 1HOVRQ 0DQGHOD 9LFH 3UHVLGHQW (OHFW 3DW )ODQDJDQ ZLWKLQ KHU VSHHFK RQ D FRPSRVLWH 0RWLRQ VXFFHVVIXOO\ PRYHG D FRPSRVLWH 0RWLRQ RQ SRYHUW\ DQG HGXFDWLRQ 1LFROD PDGH DQ RQ SXEOLF VHFWRU SD\ 7KH 0RWLRQ FDOOHG IRU LPSDVVLRQHG FDOO IRU WDUJHWHG H[SHQGLWXUH D MRLQW LQGXVWULDO DFWLRQ VWUDWHJ\ EHWZHHQ IURP WKH *RYHUQPHQW LQFOXGLQJ WKDW IRU WKH SXEOLF VHFWRU XQLRQV DQG D SXEOLF FDPSDLJQ SXUSRVHV RI UHVHDUFK WR DGGUHVV VSHFLÀF WR HQG WKH SD\ FDS DV ZHOO DV IRU D FOHDU LVVXHV RI SRYHUW\ ,QLWLDO 7HDFKHU (GXFDWLRQ FKDOOHQJH WR EH PDGH WR DOO SROLWLFDO SDUWLHV DQG 3URIHVVLRQDO 'HYHORSPHQW IRU TXDOLÀHG LQ WKH UXQ XS WR WKH *HQHUDO (OHFWLRQ WR HQG WHDFKHUV WR HQVXUH WHDFKHUV XQGHUVWDQG EHORZ LQÁDWLRQ SD\ WKH QDWXUH DQG LPSDFW RI FKLOG SRYHUW\ DQG 3DW GHEXQNHG WKH P\WK WKDW SXEOLF ÀQDOO\ WKH ODXQFK RI D SXEOLF FDPSDLJQ RQ VHFWRU SD\ UHVWUDLQW LV D VXFFHVVIXO WDFWLF LQ WKH LVVXHV GHOLYHULQJ HFRQRPLF UHFRYHU\ ´$V ZHOO DV
SLFWXUHV /RXLV )ORRG
´$FWLRQ LV QHHGHG QRZ WR SURYLGH DOO FKLOGUHQ ZLWK D FKDQFH WR VXFFHHG µ
IHZ \HDUV 7KLV SURYLVLRQ VKRXOG QRW EH %HIRUH XUJLQJ GHOHJDWHV WR VXSSRUW VHHQ DV DQ HDV\ WDUJHW ZKHQ EXGJHWV DUH WKH 0RWLRQ 1LFROD VDLG ´7KH EDUULHUV EHLQJ FXW«$61 SURYLVLRQ LV LPSRUWDQW LI ZH WR DFFHVVLQJ HGXFDWLRQ WKDW FKLOGUHQ DUH WR EH WUXH WR WKH GHVLUH RI HTXDOLW\ RI OLYLQJ LQ SRYHUW\ H[SHULHQFH HDFK DQG RSSRUWXQLW\ IRU HYHU\RQH WR DFKLHYH WKHLU HYHU\ GD\ RIWHQ LQFOXGH WKH VWLJPD RI QRW WUXH SRWHQWLDO µ KDYLQJ WKH ULJKW LWHPV RI VFKRRO XQLIRUP« 6XSSRUWLQJ D 0RWLRQ FDOOLQJ IRU JUHDWHU D VFKRROEDJ RU EDVLF HTXLSPHQW OLNH VXSSRUW IRU /*%7 \RXQJ SHRSOH LQ WKHLU SHQFLOV«QRW EHLQJ DEOH WR DFFHVV WKH SURJUHVVLRQ IURP VFKRRO WR WUDLQLQJ LQWHUQHW RU OLEUDU\ LQ RUGHU WR EH DEOH WR DSSUHQWLFHVKLSV DQG IXUWKHU HGXFDWLRQ FRPSOHWH WKHLU KRPHZRUN LW PHDQV QRW DQG WR WDFNOH KRPRSKRELD DQG WUDQVSKRELD KDYLQJ HQRXJK PRQH\ WR JR WR WKH VKRSV LQ WKH ZRUNSODFH 3DP &XUULH (,6 )(/$ ZLWK WKHLU IULHQGV DW OXQFKWLPH LW PHDQV KLJKOLJKWHG KRZ QRW EHLQJ DEOH WR SDUWLFLSDWH LQ HGXFDWLRQDO WULSV RU ´7KH LPSDFW RI KXQJHU WKH ´VFDUV RI KRPRSKRELF IXQGUDLVLQJ HYHQWV $QG RQ WKH HGXFDWLRQDO DQG WUDQVSKRELF ZKDW DOO RI WKLV DPRXQWV WR EXOO\LQJµ DUH IHOW E\ LV LVRODWLRQ HPEDUUDVVPHQW DWWDLQPHQW RI RXU PDQ\ DQG HTXDOO\ DQG KXPLOLDWLRQ µ \RXQJ SHRSOH FDQQRW ZLWKLQ WKH VFKRRO (,6 3UHVLGHQW 7RPP\ DQG WKH FROOHJH &DVWOHV VXFFHVVIXOO\ PRYHG EH XQGHUHVWLPDWHG µ VHFWRUV 6KH D 0RWLRQ RQ DGGLWLRQDO VWUHVVHG WKDW PRUH VXSSRUW QHHGV DQG ORFDO QHHGHG WR EH GRQH WR PHHW WKH QHHGV RI DXWKRULW\ EXGJHW FXWV XUJLQJ 678& *HQHUDO /*%7 \RXQJ SHRSOH SDUWLFXODUO\ LQ OLJKW RI &RXQFLO WR HQVXUH WKDW ORFDO DXWKRULWLHV WKH IDFW WKDW ´DXVWHULW\ FXWV ELWH DIIHFWLQJ DUH IXOO\ FRPSOLDQW ZLWK WKH WHUPV RI WKH FROOHJH JXLGDQFH VHUYLFHV µ $GGLWLRQDO 6XSSRUW IRU /HDUQLQJ $FW (,6 8/$ 3UHVLGHQW 1LFN 0F.HUUHOO LQ UHODWLRQ WR LQIRUPDWLRQ DQG VHUYLFH VHFRQGHG D 0RWLRQ RQ XQLYHUVLW\ SURYLVLRQ DGYRFDF\ DQG PHGLDWLRQ 7KH JRYHUQDQFH ,W FDOOHG RQ WKH 678& WR OREE\ 0RWLRQ DOVR FDOOHG IRU WKH *HQHUDO &RXQFLO WKH 6FRWWLVK *RYHUQPHQW WR OHJLVODWH WR RUJDQLVH D FDPSDLJQ IRU LPSURYHG IRU XQLYHUVLW\ FKDLUV WR EH HOHFWHG E\ VHUYLFHV ZKLFK PDWFK WKH DVSLUDWLRQV RI DOO VWDII DQG VWXGHQWV DQG IRU ERDUGV WKH $FW 7RPP\ VDLG ´:H KDYH VHHQ D WR LQFOXGH UHVHUYHG SODFHV IRU WUDGH UHGXFWLRQ LQ $61 SURYLVLRQ RYHU WKH ODVW
XQLRQ UHSUHVHQWDWLYHV DV ZHOO DV EHLQJ IXOO\ UHSUHVHQWDWLYH RI WKH VWXGHQW DQG ZLGHU FRPPXQLWLHV WKDW WKH\ VHUYH 7KH 0RWLRQ IXUWKHU FDOOHG RQ WKH 6FRWWLVK *RYHUQPHQW WR HQVXUH WUDQVSDUHQF\ DQG IDLU UHSUHVHQWDWLRQ ZLWKLQ UHPXQHUDWLRQ FRPPLWWHHV $JDLQVW WKH VRFLDO EDFNGURS RI ULVLQJ SRYHUW\ IRU PDQ\ DQG ULVLQJ VDODULHV IRU D IHZ 1LFN VDLG XQLYHUVLWLHV QHHG WR ´UHGHÃ&#x20AC;QH VRFLHW\ DQG SOD\ D SDUW LQ HQGLQJ WKH LQHTXLWLHV RI RXU VRFLHW\ µ (GLWK 6ZLQOH\ )LIH VHFRQGHG D 0RWLRQ RQ IRRG SRYHUW\ VWDWLQJ ´7KH LPSDFW RI KXQJHU RQ WKH HGXFDWLRQDO DWWDLQPHQW RI RXU \RXQJ SHRSOH FDQQRW EH XQGHUHVWLPDWHG µ 7KH 0RWLRQ FDOOHG IRU FRQWLQXHG FROOHFWLYH HQGHDYRXU E\ WKH 678& DQG SDUWQHU RUJDQLVDWLRQV LQ FDPSDLJQLQJ DJDLQVW WKH DXVWHULW\ DJHQGD DQG IRU VXSSRUW RI IRRGEDQNV LQ WKH IRUP RI DGYLFH RQ WUDGH XQLRQ DQG HPSOR\PHQW ULJKWV &KLOGUHQ·V ´LQDELOLW\ WR HQJDJH ZLWK OHDUQLQJ KDV ORQJ WHUP FRQVHTXHQFHV µ (GLWK VDLG ´$FWLRQ LV QHHGHG QRZ WR SURYLGH DOO FKLOGUHQ ZLWK D FKDQFH WR VXFFHHG µ 7KH Ã&#x20AC;QDO FRQWULEXWLRQ IURP WKH (,6 GHOHJDWLRQ ZDV IURP 3DP &XUULH DJDLQ WKLV WLPH VHFRQGLQJ D 0RWLRQ RQ /*%7 DV\OXP 7KH 0RWLRQ VRXJKW WR HQJDJH WKH 678& LQ DZDUHQHVV UDLVLQJ RI WKH LVVXHV IDFHG E\ /*%7 DV\OXP VHHNHUV DQG LQ SUHVVXULVLQJ WKH +RPH 2IÃ&#x20AC;FH DQG 8. %RUGHUV $JHQF\ WR HQG WKH LQKXPDQH GHJUDGLQJ WUHDWPHQW RI DQG GHSRUWDWLRQ RI /*%7 DV\OXP VHHNHUV WR FRXQWULHV ZLWK VXFK KRPRSKRELF ODZV DV 8JDQGD ,Q VHFRQGLQJ 3DP KLJKOLJKWHG WKH ´DEVXUGLW\ RI WKH GHPDQG EHLQJ SODFHG RQ SHRSOH WR SURYH WKHLU VH[XDOLW\µ LQ WKH FRXUVH RI PDNLQJ WKHLU FDVHV WR EH JUDQWHG DV\OXP IURP SHUVHFXWLRQ WRUWXUH DQG GHDWK 2QFH DJDLQ DOO WKUHH (,6 QRPLQHHV +HOHQ &RQQRU /DUU\ )ODQDJDQ DQG .HQ :LPERU ZHUH VXFFHVVIXO LQ VHFXULQJ SODFHV RQ WKH 678& *HQHUDO &RXQFLO IRU WKH IRUWKFRPLQJ \HDU
7KH (,6 GHOHJDWLRQ DW WKLV \HDU·V 678& &RQIHUHQFH
ZZZ HLV RUJ XN
7KH 7UXWK $ERXW :RUNORDG 7
KH (,6 UHFHQWO\ UDQ D )RUWQLJKW )RFXV RQ :RUNORDG HQFRXUDJLQJ PHPEHUV WR PDNH XVH RI WKH (,6 RQOLQH :RUNORDG &DOFXODWRU WR UHFRUG WKHLU RZQ ZRUNLQJ KRXUV IRU D WZR ZHHN SHULRG 7KRXVDQGV RI PHPEHUV DFURVV WKH FRXQWU\ WRRN SDUW SURYLGLQJ ÀUP HYLGHQFH RI WKH KLJK OHYHOV RI ZRUNORDG GHPDQG SODFHG RQ WHDFKHUV DFURVV WKH FRXQWU\ 7KH VXUYH\ UHVXOWV PDNH IRU VRPH ZRUU\LQJ UHDGLQJ $QDO\VLV RI WKH ÀJXUHV IURP DFURVV WKH FRXQWU\ GHPRQVWUDWH WKDW WHDFKHUV DUH ZRUNLQJ RQ DYHUDJH KRXUV SHU ZHHN DQ H[WUD RI ZHHNO\ KRXUV RYHU DQG DERYH WKH FRQWUDFWXDO OLPLW RI KRXUV SHU ZHHN 7KDW·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ÀQGLQJV KDYH EHHQ DQDO\VHG DQG LVVXHG WR VFKRRO UHSV WR DVVLVW ZLWK QHJRWLDWLRQV DURXQG WKLV \HDU·V ZRUNLQJ WLPH DJUHHPHQWV DQG UHYLHZ RI 6FKRRO ,PSURYHPHQW SODQV ,Q WKH 3ULPDU\ 6HFWRU WKH DYHUDJH WHDFKHU VSHQW KRXUV RQ SUHSDUDWLRQ
ACT NOW! ACT TOGETHER
take control of workload
7KH 6FRWWLVK (GXFDWLRQDO -RXUQDO
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·W LQFOXGH VWDII PHHWLQJV &3' SDUHQWDO OLDLVRQ FXUULFXODU GHYHORSPHQW DQG D UDQJH RI RWKHU GXWLHV ,Q WKH 6HFRQGDU\ 6HFWRU SUHSDUDWLRQ DQG FRUUHFWLRQ WRRN XS KRXUV SODQQLQJ WLPH ZDV VOLJKWO\ OHVV WKDQ LQ SULPDULHV EHLQJ RQ DYHUDJH KRXUV EXW UHÁHFWLQJ WKH ZRUNORDG EXUGHQ DURXQG WKH QHZ TXDOLÀFDWLRQV DVVHVVPHQW WRRN RQ DYHUDJH KRXUV DQG FXUULFXODU GHYHORSPHQW KRXUV DJDLQ EUHDNLQJ WKURXJK WKH KRXUV ZLWKRXW HYHQ FRQVLGHULQJ WKH RWKHU GXWLHV UHSRUWHG LQ WKH VXUYH\ DQG UHTXLUHG E\ RXU FRQWUDFWV &RPPHQWLQJ (,6 *HQHUDO 6HFUHWDU\ /DUU\ )ODQDJDQ VDLG ´7KH (,6 LV JUDWHIXO WR DOO PHPEHUV ZKR WRRN WKH WLPH WR UHFRUG WKHLU ZRUNLQJ KRXUV GXULQJ WKH )RUWQLJKW )RFXV RQ :RUNORDG :KLOH ZH DSSUHFLDWH WKDW WKHUH LV D FHUWDLQ LURQ\ LQ DVNLQJ DOUHDG\ RYHUEXUGHQHG WHDFKHUV WR FDUU\ RXW DQ DGGLWLRQDO WDVN LQ UHFRUGLQJ WKHLU RZQ ZRUNLQJ SDWWHUQ WKLV KDV EHHQ D YHU\ YDOXDEOH H[HUFLVH WKDW KDV SURGXFHG VRPH YHU\ UREXVW GDWD 7KH (,6 ZLOO QRZ XVH WKHVH UHVXOWV WR VXSSRUW GLVFXVVLRQV DW ERWK ORFDO DQG QDWLRQDO OHYHO WR WDFNOH
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µ 7KH LQIRUPDWLRQ ZLOO DOVR IHHG LQWR /1&7 GLVFXVVLRQV UHODWLQJ WR WKH GHOLYHU\ RI LQLWLDWLYHV WR FXW EXUHDXFUDF\ DQG OLJKWHQ WKH ZRUNORDG GHPDQGV SODFHG RQ WHDFKHUV 7KLV ZLOO DOVR VXSSRUW ZRUN DW QDWLRQDO OHYHO UHODWLQJ WR GHOLYHULQJ WKH UHFRPPHQGDWLRQV RI WKH JRYHUQPHQWDO 7DFNOLQJ %XUHDXFUDF\ JURXS 7KH (,6 UHPDLQV IXOO\ FRPPLWWHG WR WDNLQJ WKH QHFHVVDU\ VWHSV WR UHGXFH WKH H[FHVVLYH ZRUNORDG GHPDQGV SODFHG RQ WHDFKHUV ,W·V WLPH WR $FW 1RZ DQG $FW 7RJHWKHU WR 7DNH &RQWURO RI RXU :RUNORDG
&XW 6FKRRO %XUHDXFUDF\ 1RZ 7
KH (,6 KDV ZHOFRPHG WKH SXEOLFDWLRQ RI WKH )ROORZ 8S 5HSRUW RI WKH &XUULFXOXP IRU ([FHOOHQFH :RUNLQJ *URXS RQ 7DFNOLQJ %XUHDXFUDF\ 7KH (,6 ZDV UHSUHVHQWHG LQ WKH JURXS WKDW SURGXFHG WKH 5HSRUW &RPPHQWLQJ (,6 *HQHUDO 6HFUHWDU\ /DUU\ )ODQDJDQ VDLG ´7KH (,6 KDV FRQWLQXHG WR SOD\ D YHU\ DFWLYH UROH LQ WKH ZRUN RI WKH 7DFNOLQJ %XUHDXFUDF\ JURXS DQG ZHOFRPHV ERWK WKH WRQH DQG WKH UHFRPPHQGDWLRQV RI WKH )ROORZ 8S 5HSRUW µ
+H FRQWLQXHG ´,Q SDUWLFXODU WKH (,6 ZHOFRPHV WKH YHU\ FOHDU VWDWHPHQW WKDW DGRSWLQJ D FROOHJLDWH DSSURDFK LV NH\ WR WDFNOLQJ H[FHVVLYH EXUHDXFUDF\ DW VFKRRO OHYHO µ ´:KLOVW WKH )ROORZ 8S UHSRUW UHFRJQLVHV WKDW VRPH SURJUHVV KDV EHHQ PDGH VLQFH WKH :RUNLQJ *URXS PDGH LWV RULJLQDO UHFRPPHQGDWLRQV LW DOVR DFNQRZOHGJHV WKDW VDLG SURJUHVV KDV EHHQ SDWFK\ ´)URP WKH (,6· RZQ UHVHDUFK ZH NQRZ WKDW WKHUH LV D GHPRQVWUDEOH OLQN EHWZHHQ VFKRROV KDYLQJ VSHQW WLPH GLVFXVVLQJ WKH UHSRUW DQG LPSURYHPHQWV EHLQJ DFKLHYHG ,W LV HVVHQWLDO WKHUHIRUH WKDW WKLV DSSURDFK LV DGRSWHG DFURVV WKH ERDUG ´7KH H[HPSOLÀFDWLRQ RI JRRG SUDFWLFH IURP SODFHV ZKHUH SURJUHVV KDV EHHQ PDGH ZLOO EH KHOSIXO WR FROOHDJXHV
LQ RWKHU VFKRROV DV WKH\ ORRN WRZDUGV XSGDWLQJ 6FKRRO ,PSURYHPHQW 3ODQV DQG QHJRWLDWLQJ WKHLU :RUNLQJ 7LPH $JUHHPHQWV µ 0U )ODQDJDQ DGGHG ´7KHUH DUH PDQ\ FKDOOHQJHV VWLOO WR EH RYHUFRPH UHODWLQJ WR LVVXHV VXFK DV H[FHVVLYH IRUZDUG SODQQLQJ RYHUO\ FXPEHUVRPH DVVHVVPHQW XQUHOLDEOH DQG IUXVWUDWLQJ ,&7 SODQQLQJ DQG UHSRUWLQJ V\VWHPV DQG RYHU UHOLDQFH RQ DXGLWV DV D IRUP RI LPSURYHPHQW SODQQLQJ ´+RZHYHU WKH VLJQV DUH WKDW SURJUHVV LV SRVVLEOH DQG LW LV HQFRXUDJLQJ WKDW DOO PHPEHUV RI WKH JURXS DUH UHFRPPLWWLQJ WR WKH SULQFLSOHV RI FXWWLQJ H[FHVVLYH EXUHDXFUDF\ DQG OLJKWHQLQJ WHDFKHUV· KHDY\ ZRUNORDG EXUGHQV µ
/RRN RXW IRU FRSLHV RI WKH IROORZ XS 5HSRUW LQ \RXU VFKRRO &RSLHV KDYH EHHQ GLVWULEXWHG WR DOO VFKRROV E\ WKH 6FRWWLVK *RYHUQPHQW $ GLJLWDO YHUVLRQ RI WKH UHSRUW LV DYDLODEOH IRU GRZQORDG IURP WKH (,6 ZHEVLWH ZZZ HLV RUJ XN
7DFNOLQJ %XUHDXFUDF\ )ROORZ 8S 5HSRUW 7KH 5HSRUW·V PDLQ FRQFOXVLRQV LQGLFDWH WKDW SURJUHVV KDV EHHQ PDGH EXW PRUH QHHGV WR EH GRQH
7KH PRVW VLJQLÀFDQW SURJUHVV LQ WDFNOLQJ EXUHDXFUDF\ LV WKURXJK WDNLQJ D FROOHJLDWH DSSURDFK 3URIHVVLRQDO GLDORJXH LV HVVHQWLDO WR DJUHHLQJ WKH DFWLRQV WKDW QHHG WR EH WDNHQ WR WDFNOH XQQHFHVVDU\ EXUHDXFUDF\ DQG MXGJLQJ WKHLU VXFFHVV ,I +HDGWHDFKHUV KDYH QRW DOUHDG\ GRQH VR WKH\ VKRXOG GLVFXVV ZLWK WKHLU VWDII KRZ EHVW WR WDFNOH EXUHDXFUDF\ DQG LQFOXGH DJUHHG DFWLRQV LQ 6FKRRO ,PSURYHPHQW 3ODQV
&XUUHQW 6FKRRO ,PSURYHPHQW 3ODQV DQG :RUNLQJ 7LPH $JUHHPHQWV VKRXOG UHÁHFW WKH DFWLRQV LQ WKH *URXS·V RULJLQDO UHSRUW :KHUH WKLV LV QRW WKH FDVH WKH DFWLRQV LQ WKLV IROORZ XS UHSRUW VKRXOG EH LQFRUSRUDWHG LQ 6FKRRO ,PSURYHPHQW 3ODQV DQG :RUNLQJ 7LPH $JUHHPHQWV IRU VHVVLRQ
(IIHFWLYH XVH VKRXOG EH PDGH RI /1&7V /RFDO 1HJRWLDWLQJ &RPPLWWHHV IRU 7HDFKHUV DQG RWKHU SURIHVVLRQDO IRUD WR DJUHH SULRULWLHV IRU WDFNOLQJ EXUHDXFUDF\ DQG HYDOXDWLQJ WKH LPSDFW RI WKH FKDQJHV PDGH
ZZZ HLV RUJ XN
*XLGH WR WKH (,6 $*0
7KH $QQXDO *HQHUDO 0HHWLQJ $*0 LV WKH PDLQ GHFLVLRQ PDNLQJ ERG\ RI WKH (,6 $*0 LQVWUXFWV &RXQFLO ZKLFK LQ WXUQ LQVWUXFWV WKH &RPPLWWHHV RI WKH &RXQFLO
$URXQG PHPEHUV RI WKH (,6 LQFOXGLQJ WKH 2IÃ&#x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·V FRQIHUHQFH
7KH )RUPDO 2SHQLQJ 6HVVLRQ 7KLV VHVVLRQ HPERGLHV WKH WUDGLWLRQV RI WKH ,QVWLWXWH ZKLFK ZDV IRXQGHG LQ 7KH 3UHVLGHQW 7RPP\ &DVWOHV IURP 6RXWK /DQDUNVKLUH ZHOFRPHV WKH JXHVWV IURP NLQGUHG RUJDQLVDWLRQV LQ WKH 8QLWHG .LQJGRP DQG ,UHODQG WRJHWKHU ZLWK RWKHU WUDGH XQLRQ DQG RIÃ&#x20AC;FLDO JXHVWV EHIRUH JLYLQJ KLV UHWLULQJ DGGUHVV 7KH QH[W SDUW RI WKH RSHQLQJ VHVVLRQ LQYROYHV WKH &RQYHQHU RI WKH %RDUG RI ([DPLQHUV SUHVHQWLQJ WKH PHPEHUV ZKR KDYH EHHQ DGPLWWHG DV )HOORZV RI 7KH (,6 DW D PHHWLQJ KHOG HDUOLHU LQ WKH DIWHUQRRQ 7KH QHZ )HOORZV LQ WKH RUGLQDU\ FDWHJRU\ DUH WKRVH ZKR KDYH EHHQ UHFRPPHQGHG E\ WKHLU /RFDO $VVRFLDWLRQV DQG DFFHSWHG E\ WKH %RDUG RI ([DPLQHUV 7KHUH PD\ DOVR EH RQH RU PRUH )HOORZV LQ WKH VSHFLDO RU KRQRUDU\ FDWHJRU\ WKDW LV ´SHUVRQV ZKR KDYH UHQGHUHG VLJQDO VHUYLFH WR HGXFDWLRQ µ7KH &RQYHQHU WKHQ JLYHV D VSHHFK RQ HDFK RI WKH VSHFLDO KRQRUDU\ FDWHJRU\ )HOORZV DQG RQH RI WKH QHZ )HOORZV UHSOLHV RQ EHKDOI RI WKHPVHOYHV DQG WKHLU FROOHDJXHV 7KH LQFRPLQJ 3UHVLGHQW 3DW )ODQDJDQ $EHUGHHQVKLUH DQG LQFRPLQJ 9LFH 3UHVLGHQW 0DUJDUHW 6PLWK )DONLUN ZLOO WKHQ EH LQWURGXFHG WR WKH PHHWLQJ DQG PDNH VKRUW VSHHFKHV 7KH RXWJRLQJ 3UHVLGHQW 7RPP\ &DVWOHV DQG LQFRPLQJ 3UHVLGHQW 9LFH 3UHVLGHQW 3DW )ODQDJDQ DUH WKHQ FRPPHPRUDWHG IRU WKHLU \HDU RI RIÃ&#x20AC;FH 7KH Ã&#x20AC;QDO EXVLQHVV RI WKH IRUPDO VHVVLRQ LV WKH GHFODUDWLRQ RI WKH HOHFWLRQ RI WKH LQFRPLQJ &RXQFLO
7KH 6FRWWLVK (GXFDWLRQDO -RXUQDO
$*0
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
)XUWKHU LQIRUPDWLRQ RQ WKH (,6 $*0 LQFOXGLQJ D IXOO OLVW RI 0RWLRQV WR EH GHEDWHG DUH DYDLODEOH RQ WKH (,6 ZHEVLWH 5HJXODU XSGDWHV ZLOO EH SRVWHG RQ WKH $*0 VHFWLRQ RI RXU ZHEVLWH DQG 7ZLWWHU DFFRXQW WKURXJKRXW WKH HYHQW VR WKDW PHPEHUV FDQ NHHS XSGDWHG DV 5HVROXWLRQV DUH DJUHHG
ZZZ HLV RUJ XN
3HUWK -XQH
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·V $*0 IULQJH HYHQWV LQFOXGH SUHVHQWDWLRQV IURP 7KH *ODVJRZ *LUOV DQG (,6 *HQHUDO 6HFUHWDU\ /DUU\ )ODQDJDQ
$GGLWLRQDO Â&#x2026; P ,QYHVWPHQW ,Q 1HZ +LJKHU 7H[WERRNV 7KH (,6 ZHOFRPHG WKH UHFHQW DQQRXQFHPHQW RI DQ DGGLWLRQDO Â&#x2026; 0 LQ IXQGLQJ WR VXSSRUW VHFRQGDU\ VFKRROV LQ WKH LQWURGXFWLRQ RI WKH QHZ +LJKHU TXDOLĂ&#x20AC;FDWLRQV 7KH (,6 KDG SUHYLRXVO\ ZULWWHQ WR WKH &DELQHW 6HFUHWDU\ IRU (GXFDWLRQ $QJHOD &RQVWDQFH KLJKOLJKWLQJ WKH QHHG IRU DGGLWLRQDO UHVRXUFHV DQG XSGDWHG WH[WERRNV LQ VFKRROV WR VXSSRUW WKH QHZ TXDOLĂ&#x20AC;FDWLRQV &RPPHQWLQJ (,6 *HQHUDO 6HFUHWDU\ /DUU\ )ODQDJDQ VDLG ´7KH (,6 ZHOFRPHV WKLV QHZ Â&#x2026; 0 LQ IXQGLQJ ZKLFK ZLOO VXSSRUW VFKRROV LQ WKH GHOLYHU\ RI WKH QHZ +LJKHU FRXUVHV ´7KH LQWURGXFWLRQ RI &I( KDV LQHYLWDEO\ EURXJKW VRPH Ă&#x20AC;QDQFLDO FKDOOHQJHV IRU VFKRROV VR LW LV YHU\ ZHOFRPH WKDW
WKH 6FRWWLVK *RYHUQPHQW KDV OLVWHQHG WR WHDFKHUV¡ FRQFHUQV LQ PDNLQJ WKLV DGGLWLRQDO LQYHVWPHQW ZKLFK ZLOO DOORZ VFKRRO UHVRXUFHV VXFK DV WH[WERRNV WR EH XSGDWHG ´7KLV IXQGLQJ ZLOO EH ZHOFRPHG E\ SXSLOV DQG SDUHQWV DV ZHOO DV E\ WHDFKHUV DV WKH SXUFKDVH RI WKHVH QHZ UHVRXUFHV FDQ PDNH D UHDO GLIIHUHQFH WR WKH \RXQJ SHRSOH SUHSDULQJ IRU WKH QHZ TXDOLĂ&#x20AC;FDWLRQV Âľ 0U )ODQDJDQ DGGHG ´7KH (,6 UHFHQWO\ ZURWH WR WKH &DELQHW 6HFUHWDU\ KLJKOLJKWLQJ WKH DGGLWLRQDO Ă&#x20AC;QDQFLDO SUHVVXUH SODFHG RQ VFKRROV E\ WKH LQWURGXFWLRQ RI WKH QHZ TXDOLĂ&#x20AC;FDWLRQV ´6FKRRO UHVRXUFH EXGJHWV KDYH EHHQ LQFUHDVLQJO\ VTXHH]HG LQ UHFHQW \HDUV DQG WKH LQWURGXFWLRQ RI WKH QHZ TXDOLĂ&#x20AC;FDWLRQV
KDV PDGH PDQ\ WH[WERRNV REVROHWH ´7KLV QHZ IXQGLQJ ZLOO DVVLVW VFKRRO GHSDUWPHQWV LQ XSGDWLQJ WKHLU UHVRXUFHV WR HQVXUH WKDW SXSLOV DUH ZRUNLQJ IURP PDWHULDOV ZKLFK ZLOO FRPSOHPHQW WKH QHZ +LJKHU FRXUVHV ¾
SEPARATING AND CAN BE DIFFICULT TO DO. ÂŁ35*
SO OUR INSURANCE WORKS AROUND YOU.
Amazo n.co.uk Gift CertiďŹ c ates**
We understand that itâ&#x20AC;&#x2122;s not always easy for education professionals to separate work and home life. Thatâ&#x20AC;&#x2122;s why in addition to covering the usual things youâ&#x20AC;&#x2122;d expect, our home insurance covers you for school equipment you take home or personal possessions you take to work. So you have the extra protection your profession demands. Plus as a thank you for taking out these policies, weâ&#x20AC;&#x2122;ll give you ÂŁ35* in Amazon.co.uk Gift CertiďŹ cates**
Call us for a quick quote and see what we can do for you: 0800 656 9702^ Little things matter *Available to new customers only. Offer may be withdrawn at any time. Policies subsequently cancelled within 4 weeks of cover start date or with payments not up to date will not be eligible to receive offer. Gift CertiďŹ cates will be sent by mail within 6 weeks of the commencement date of your policy. ÂŁ35 Amazon.co.uk Gift CertiďŹ cates to customers taking out a new combined buildings and contents policy or a contents-only policy. Buildings-only policies do not qualify for this offer. Not available in conjunction with any other offer. We reserve the right to offer alternative Gift CertiďŹ cates of the same value in the event that Amazon.co.uk Gift CertiďŹ cates are unavailable. **Amazon.co.uk is not a sponsor of this promotion. Amazon.co.uk Gift CertiďŹ cates (â&#x20AC;&#x153;GCsâ&#x20AC;?) may be redeemed on the Amazon.co.uk website or afďŹ liated website Javari.co.uk towards the purchase of eligible products listed in our online catalogue and sold by Amazon.co.uk or any other seller selling through Amazon.co.uk. GCs cannot be reloaded, resold, transferred for value, redeemed for cash or applied to any other account. Amazon.co.uk is not responsible if a GC is lost, stolen, destroyed or used without permission. See www.amazon.co.uk/gc-legal for complete terms and conditions. GCs are issued by Amazon EU S.Ă r.l. All Amazon ÂŽ, â&#x201E;˘ & Š are IP of Amazon.com, Inc. or its afďŹ liates. ^Lines are open 8am-6pm Monday to Friday, except bank holidays, 9am-12.30pm Saturday. Calls from UK landlines are free. Calls may be monitored and/or recorded. Insurance underwritten by Aviva Insurance Limited. Registered in Scotland No. 2116. Registered ofďŹ ce: Pitheavlis, Perth, PH2 0NH. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. CFPHGA0018 01.14 BD34799.
ZZZ HLV RUJ XN
$ 9LHZ )URP WKH 7RS (,6 3UHVLGHQW 7RPP\ &DVWOHV ZLOO FRPSOHWH KLV WHUP LQ RIÃ&#x20AC;FH DW WKLV \HDU·V $*0 LQ -XQH +HUH 7RPP\ ORRNV EDFN RYHU VRPH RI WKH FKDOOHQJHV RI D EXV\ \HDU DQG UHFDOOV VRPH RI KLV WUDYHOV WR PHHW (,6 PHPEHUV DFURVV 6FRWODQG LQFOXGLQJ D ORQJ DQG PHPRUDEOH WULS WR 6FRWODQG·V IXUWKHVW RXWSRVW LQ 6KHWODQG
,
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Ã&#x20AC;UVW KDQG WKH LVVXHV ZKLFK WKH\ WR PDNH PH ZHOFRPH DUH PRVW FRQFHUQHG ZLWK ´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µ HGXFDWLRQ LQ 6FRWODQG 7KLV HDFK VFKRRO GLVSOD\V LWV LV EHLQJ GHOLYHUHG DJDLQVW WKH EDWWOH ZLWK RZQ GLVWLQFW FKDUDFWHU DQG HWKRV ZLWK ZRUNORDG FDXVHG E\ DQ RYHUORDGHG &I( ERWK UXUDO DQG XUEDQ IDFLQJ XS WR WKHLU FXUULFXOXP LQ 3ULPDU\ DQG WKH SUHSDUDWLRQ GLVWLQFW FKDOOHQJHV 3DUWLFXODU PHPRULHV DQG DVVHVVPHQW LQYROYHG LQ 64$ H[DPV LQ DUH WKH QXUWXUH XQLW VHW XS LQ D 3HUWKVKLUH 6HFRQGDU\ 3ULPDU\ ZKLFK LV KHOSLQJ D VPDOO JURXS :H DUH QHDU WKH HQG RI WKH Ã&#x20AC;UVW \HDU LQ 3 WR GHYHORS WKH VRFLDO VNLOOV WKH\ RI LPSOHPHQWDWLRQ RI WKH UHSRUW RQ QHHG WR HQJDJH LQ WKH OHDUQLQJ SURFHVV
7KH 6FRWWLVK (GXFDWLRQDO -RXUQDO
7DFNOLQJ %XUHDXFUDF\ DQG D MXGJHPHQW RI LWV VXFFHVV ZLOO EH D GLVWLQFW DQG UHFRJQLVDEOH UHGXFWLRQ RI %XUHDXFUDF\ (YLGHQFH VKRZV ZH KDYH QRW UHDFKHG WKLV \HW $OO WKH VLJQDWRULHV WR WKH 7DFNOLQJ %XUHDXFUDF\ 5HSRUW LQFOXGLQJ (GXFDWLRQ 6FRWODQG DQG WKURXJK WKHP +0,( DQG WKH 64$ WKHUHIRUH KDYH IXUWKHU UROHV WR SOD\ LQ ´VRPHWLPHV ZRUNORDG FRQVHTXHQFHV UHGXFWLRQ 7KLV LV DUH LJQRUHG D WZRIROG SURFHVV (DFK ZKHQ VRPH VLJQDWRU\ KDV HGXFDWLRQDO WR UHFRJQLVH GHFLVLRQV DUH WKHLU SODFH DV D GULYHU RI EHLQJ PDGHµ EXUHDXFUDF\ WKURXJK LQLWLDWLYHV WKH\ KDYH VHW LQ SODFH DQG WR WDNH VWHSV WR UHGXFH WKDW XQQHFHVVDU\ ZRUNORDG ,W LV DOVR FOHDU IURP WKH ,QVWLWXWH·V RZQ +HDOWK DQG :HOOEHLQJ 6XUYH\ WKDW WKRVH HVWDEOLVKPHQWV ZKLFK FROOHJLDWHO\ GLVFXVV H[FHVVLYH ZRUNORDGV DUH WKH PRVW VXFFHVVIXO DW JDLQLQJ D UHGXFWLRQ :H PXVW FRQWLQXH WR ZRUN WR HQVXUH WKDW RXU PHPEHUV DUH VHHQ DV SURIHVVLRQDOV ZKRVH FRQWULEXWLRQV DUH YDOXHG LQ ZKROH VFKRRO GHSDUWPHQWDO DQG VWDJH PHHWLQJV :H PXVW FRQWLQXH WR KHOS RXU PHPEHUV WR KDYH WKH FRQÃ&#x20AC;GHQFH WR UDLVH LVVXHV LQ WKH NQRZOHGJH WKH\ ZLOO EH OLVWHQHG WR 7KLV PHDQV DOO VFKRROV QHHG WR KDYH
SLFWXUHV ZZZ PNMSKRWRJUDSK\ FR XN 6WHYH 'DYLGVRQ
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Ã&#x20AC;FDWLRQV V\VWHP DQG GR VFKRROV QHHG WR EH QRW OLVWHQ WR WKH FRQFHUQV SURSHUO\ UHVRXUFHG 7KLV ´%RWK VHFWRUV DUH RI WKH SUDFWLWLRQHUV WKHQ LQFOXGHV HYHU\WKLQJ IURP DOVR FDPSDLJQLQJ WKH FRQVHTXHQFHV DUH WH[WERRNV DQG ZRUNERRNV EXUQW RXW VWDII DQG RYHU WR SOD\ HTXLSPHQW LQ WKH YLJRURXVO\ WR VWUHVVHG VWXGHQWV DQG QXUVHU\ WR IRU H[DPSOH HQG ]HUR KRXUV LQGHHG SDUHQWV ,I \RX D ' SULQWHU LQ DQ DUW UHPRYH *7&6 UHJLVWHUHG GHSDUWPHQW 5HVRXUFHV FRQWUDFWVµ WHDFKHUV IURP HDUO\ \HDUV DV ZH NQRZ DUH EHLQJ WKH FRQVHTXHQFH LV D ZHDNHQLQJ RI WKH FXW LQ WKLV DJH RI DXVWHULW\ DQG WKLV KDV WHDP ZKR SURYLGH WKH HGXFDWLRQDO VHUYLFH FRQVHTXHQFHV IRU WKH TXDOLW\ RI HGXFDWLRQ DW D PRVW LPSRUWDQW VWDJH RI D FKLOG·V ZH SURYLGH GHYHORSPHQW , KDYH OHDUQHG WKDW VRPHWLPHV ,Q DWWHQGLQJ WKH ([HFXWLYH PHHWLQJV FRQVHTXHQFHV DUH LJQRUHG ZKHQ VRPH RI ERWK 7KH )XUWKHU (GXFDWLRQ /HFWXUHUV HGXFDWLRQDO GHFLVLRQV DUH EHLQJ PDGH $VVRFLDWLRQ DQG 7KH 8QLYHUVLW\ /HFWXUHUV ,I \RX FXW WZR DQG D KDOI KRXUV IURP $VVRFLDWLRQ , KDYH EHHQ PDGH DZDUH D SXSLO·V ZHHN WKH FRQVHTXHQFH LV D
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Ã&#x20AC;QLVK E\ DJDLQ WKDQNLQJ DOO P\ FROOHDJXHV ZKR PDGH PH VR ZHOFRPH LQ PHHWLQJV RYHU WKH ODVW \HDU
´,W KDV EHHQ D SULYLOHJH WR PHHW VR PDQ\ SHRSOH IURP HYHU\ VHFWRU RI (GXFDWLRQ ZKR GLVSOD\ VXFK SURIHVVLRQDOLVP DQG GHGLFDWLRQµ
ZZZ HLV RUJ XN
'LIÃ&#x20AC;FXOW 4XHVWLRQV LQ ,PSRUWDQW <HDU IRU 6FRWWLVK (GXFDWLRQ ,Q ZKDW SURPLVHV WR EH D KXJHO\ LPSRUWDQW WZHOYH PRQWKV IRU WKH IXWXUH RI 6FRWODQG² IUDPHG E\ WKH 8. *HQHUDO (OHFWLRQ HDUO\ WKLV PRQWK DQG WKH 6FRWWLVK 3DUOLDPHQW HOHFWLRQ LQ 0D\ ² WKH 6(- ORRNV DW VRPH RI WKH LPSOLFDWLRQV IRU 6FRWWLVK HGXFDWLRQ VORZGRZQ DQG D UHWXUQ WR \HW DQRWKHU :LWK WKH SROLWLFDO ODQGVFDSH KDYLQJ VKLIWHG UHFHVVLRQ UHPDLQV YHU\ UHDO VLJQLÃ&#x20AC;FDQWO\ QH[W \HDU·V +RO\URRG HOHFWLRQ )RU RXU SDUW WKH (,6 ZLOO FRQWLQXH WR ZLOO IROORZ RQ IURP D UHPDUNDEOH SHULRG SURPRWH WKH FDXVH RI 6FRWWLVK (GXFDWLRQ LQ 6FRWWLVK SROLWLFV LQFOXGLQJ ODVW \HDU·V DQG WR FDOO IRU SURSHU LQYHVWPHQW LQ 5HIHUHQGXP RQ 6FRWWLVK LQGHSHQGHQFH RXU VFKRROV FROOHJHV DQG XQLYHUVLWLHV $V WKH ODUJHVW GHYROYHG UHVSRQVLELOLW\ 2XU $QQXDO DW +RO\URRG WKHUH LV D FOHDU UHFRJQLWLRQ RQ WKH SDUW RI RWKHUV ´WKH (,6 ZLOO FRQWLQXH *HQHUDO 0HHWLQJ WR WKDW HGXFDWLRQ LV DQ LVVXH ZKHUH WR SURPRWH WKH FDXVH EH KHOG VRRQ HOHFWLRQV FDQ EH ZRQ DQG ORVW $OUHDG\ WKH (,6 KDV MRLQHG RI 6FRWWLVK (GXFDWLRQ LQ 3HUWK ZLOO KLJKOLJKW (,6 ZLWK IHOORZ WHDFKLQJ XQLRQV DQG WR FDOO IRU SURSHU SULRULWLHV IURP DFURVV WKH 8. LQ ZULWLQJ WR IRU WKH \HDU WKH QHZ 8. JRYHUQPHQW FDOOLQJ LQYHVWPHQW LQ RXU DKHDG IRU WKH SURWHFWLRQ RI HGXFDWLRQ VFKRROV FROOHJHV 6FRWODQG·V IXQGLQJ H[WUDFW SXEOLVKHG SROLWLFDO RSSRVLWH DQG XQLYHUVLWLHVµ SDUWLHV ZLOO EH :H NQRZ WKDW HGXFDWLRQ LV D ZDWFKLQJ WKH YLWDO VHUYLFH ZKLFK LV HVVHQWLDO HYHQWV DQG WKH GHFLVLRQV WDNHQ DW WKH (,6 QRW MXVW WR LQGLYLGXDO OHDUQHUV EXW WR WKH $*0 YHU\ FORVHO\ $V WKH XQLRQ RI FKRLFH FRXQWU\ DV D ZKROH :LWKRXW ZHOO HGXFDWHG IRU 6FRWODQG·V WHDFKLQJ SURIHVVLRQDOV LW LV DQG KLJKO\ VNLOOHG ZRUNHUV WR VXSSRUW WKH (,6 WKDW ZLOO EH VWDWLQJ WKH SULRULWLHV RQ UHFRYHU\ WKH ULVNV RI D QHZ HFRQRPLF
7KH 6FRWWLVK (GXFDWLRQDO -RXUQDO
EHKDOI RI 6FRWWLVK HGXFDWLRQ LWV OHDUQHUV DQG LWV WHDFKHUV DQG OHFWXUHUV 2XU Ã&#x20AC;UP EHOLHI LV WKDW LQYHVWPHQW QRW DXVWHULW\ LV WKH ZD\ WR GHOLYHU D EULJKWHU IXWXUH IRU HGXFDWLRQ DQG IRU 6FRWODQG 7KH (,6 VXEPLVVLRQ WR WKH 6FRWWLVK *RYHUQPHQW·V FRQVXOWDWLRQ RQ LWV QHZ (GXFDWLRQ %LOO PDNHV FOHDU WKDW WKHUH DUH PDQ\ SUDFWLFDO DUHDV ZKHUH LPSURYHPHQWV FDQ EH PDGH H J UHJXODWLQJ WKH SXSLO SULPDU\ ZHHN ULQJ IHQFLQJ HGXFDWLRQ IXQGLQJ HVWDEOLVKLQJ D PLQLPXP VWDIÃ&#x20AC;QJ VWDQGDUG WR SURWHFW WHDFKHU QXPEHUV DQG VDIHJXDUGLQJ WKH UROH RI QXUVHU\ WHDFKHUV 7KH (,6 ZLOO HQJDJH ZLWK DOO SDUWLHV DV ZH KHDG WRZDUGV WKH +RO\URRG HOHFWLRQV VHHNLQJ VXSSRUW IRU WKHVH LGHDV DQG PRUH VHH ZHEVLWH IRU IXOO VXEPLVVLRQ 2XU FDPSDLJQLQJ ZLOO QRW EH LQ VXSSRUW RI DQ\ LQGLYLGXDO SDUW\ EXW ZLOO VHHN WR SODFH HGXFDWLRQ LVVXHV DQG WKH LQWHUHVWV RI 6FRWODQG·V OHDUQHUV DQG WHDFKLQJ SURIHVVLRQDOV DW WKH KHDUW RI WKH 6FRWWLVK 3DUOLDPHQW HOHFWLRQ FDPSDLJQ
3URWHFWLQJ (GXFDWLRQ )XQGLQJ )ROORZLQJ WKH UHVXOW RI WKH *HQHUDO (OHFWLRQ DQG WKH UHWXUQ RI WKH PDMRULW\ &RQVHUYDWLYH JRYHUQPHQW DW :HVWPLQVWHU WKH (,6 MRLQHG ZLWK IHOORZ WHDFKLQJ XQLRQV LQ D FDOO WR SURWHFW LQYHVWPHQW LQ HGXFDWLRQ $OWKRXJK HGXFDWLRQ LV D GHYROYHG PDWWHU ZLWK RYHUDOO OHYHOV RI IXQGLQJ VHW E\ WKH 6FRWWLVK *RYHUQPHQW Ã&#x20AC;QDQFLDO GHFLVLRQV WDNHQ DW 8. OHYHO KDYH D FOHDU LPSDFW RQ WKH 6FRWWLVK EORFN JUDQW DQG WKHUHIRUH WKH DPRXQW RI VXSSRUW DYDLODEOH IRU YLWDO SXEOLF VHUYLFHV VXFK DV HGXFDWLRQ 7KH (,6 ZDV KDSS\ WKHUHIRUH WR DFFHSW DQ LQYLWDWLRQ IURP RXU VLVWHU XQLRQ WKH 187 1DWLRQDO 8QLRQ RI 7HDFKHUV WR FR VLJQ DQ RSHQ OHWWHU WR WKH XN JRYHUQPHQW WKUHDW 'HFLVLRQV WDNHQ DW :HVWPLQVWHU ZLOO ´8QOHVV WKH QHZ &RQVHUYDWLYH JRYHUQPHQW KDYH DQ LPSDFW RQ EORFN JUDQW VHWWOHPHQWV DW :HVWPLQVWHU WDNHV WKH ULJKW GHFLVLRQV WR WKH GHYROYHG DGPLQLVWUDWLRQV LQ 6FRWODQG RQ HGXFDWLRQ IXQGLQJ SXSLOV DQG VWXGHQWV 1RUWKHUQ ,UHODQG DQG :DOHV DQG ZLOO DFURVV WKH 8. DUH OLNHO\ WR EH KLW KDUG E\ FRQVHTXHQWO\ DIIHFW WKH IXQGLQJ DYDLODEOH WR VLJQLÃ&#x20AC;FDQW FXWV LQ HGXFDWLRQ SURYLVLRQ HGXFDWLRQ LQ WKRVH 6FKRROV DQG FROOHJHV FRXQWULHV DV ZHOO DV DUH IDFLQJ FRQVLGHUDEOH ´'HFLVLRQV WDNHQ DW LQ (QJODQG DGGLWLRQDO FRVWV WKLV \HDU PDQ\ GXH WR GHFLVLRQV :HVWPLQVWHU ZLOO KDYH 'HVSLWH LWV SURPLVH WR E\ WKH RXWJRLQJ &RDOLWLRQ DQ LPSDFW RQ EORFN ´ULQJ IHQFHµ JRYHUQPHQW IRU ZKLFK HGXFDWLRQ IXQGLQJ H[WUD IXQGLQJ KDV QRW EHHQ JUDQW VHWWOHPHQWV WKH &RDOLWLRQ SURYLGHG +LJKHU 1DWLRQDO WR WKH GHYROYHG JRYHUQPHQW FXW ,QVXUDQFH DQG SHQVLRQ LWV WRWDO VSHQGLQJ FRQWULEXWLRQV DORQH DUH DGPLQLVWUDWLRQVµ RQ HGXFDWLRQ LQ OLNHO\ WR WDNH DZD\ RI UHDO WHUPV )XQGLQJ IRU VRPH DUHDV VXFK WKHLU EXGJHWV 6WXGHQW QXPEHUV DUH ULVLQJ DV DGXOW HGXFDWLRQ SRVW HGXFDWLRQ VKDUSO\ \HW VWDII IDFH UHGXQGDQF\ GXH WR DQG FDSLWDO EXLOGLQJ SURMHFWV KDV EHHQ KLW Ã&#x20AC;QDQFLDO SUHVVXUHV :LWKRXW XUJHQW DFWLRQ SDUWLFXODUO\ KDUG RYHU WKH SDVW Ã&#x20AC;YH \HDUV WR SURWHFW DQG LQFUHDVH IXQGLQJ VWXGHQWV ,Q WKH UXQ XS WR WKLV HOHFWLRQ DOO WKH ZLOO VHH ELJJHU FODVV VL]HV IHZHU WHDFKHUV SROLWLFDO SDUWLHV PDGH FRPPLWPHQWV WR DQG OHFWXUHUV DQG D UHGXFHG FXUULFXOXP ¶SURWHFW· HGXFDWLRQ IXQGLQJ RYHU WKH QH[W 1R SDUW RI WKH 8. LV H[HPSW IURP WKLV
Ã&#x20AC;YH \HDUV 7KH Ã&#x20AC;UVW WHVW RI WKH &RQVHUYDWLYH 3DUW\·V LQWHQWLRQV WRZDUGV HGXFDWLRQ ZLOO EH ZKHWKHU LW ZLOO DFW WR IXQG DGGLWLRQDO FRVWV DQG SURWHFW DOO HGXFDWLRQ IXQGLQJ UHJDUGOHVV RI VHFWRU DJH RU ORFDWLRQ 6SHQGLQJ RQ HGXFDWLRQ LV DQ HVVHQWLDO LQYHVWPHQW LQ WKH IXWXUH 2XU Ã&#x20AC;UVW IRFXV PXVW EH RQ WKH YDOXH RI HGXFDWLRQ UDWKHU WKDQ LWV FRVW &XWWLQJ VSHQGLQJ RQ HGXFDWLRQ ZLOO GDPDJH WKH SURVSHFWV IRU HFRQRPLF JURZWK DV ZHOO DV XQGHUPLQLQJ HGXFDWLRQDO VWDQGDUGV (QVXULQJ WKDW VFKRROV DQG FROOHJHV KDYH WKH UHVRXUFHV WR HGXFDWH RXU SHRSOH VKRXOG EH D SULRULW\ IRU HYHU\ SROLWLFDO SDUW\ MXVW DV LW LV IRU RXU RUJDQLVDWLRQV :H XUJH WKH QHZ JRYHUQPHQW WR HQVXUH WKDW HGXFDWLRQ IXQGLQJ LV SULRULWLVHG DQG IXOO\ SURWHFWHG µ ([WUDFWHG IURP WKH RSHQ OHWWHU WR WKH QHZ 8. JRYHUQPHQW FR VLJQHG E\ WKH (,6 DORQJ ZLWK $7/ ,172 1$+7 187 667$ 8&$& 8&8 878 DQG 92,&(
ZZZ HLV RUJ XN
0LVRJ\Q\ DQG (GXFDWLRQ /DVW \HDU·V $*0 SDVVHG D 0RWLRQ FDOOLQJ RQ WKH (,6 WR KLJKOLJKW WKH LVVXH RI PLVRJ\Q\ DQG KRZ LW FDQ EH FKDOOHQJHG +HUH $O\V 0XPIRUG RI WKH FDPSDLJQLQJ RUJDQLVDWLRQ (QJHQGHU SURYLGHV D YLHZ RQ WKH NH\ LVVXHV WR EH RYHUFRPH
:
( OLYH LQ D VRFLHW\ ZKHUH ZH DUH WDXJKW WKDW ZRPHQ DUH ZRUWK OHVV WKDQ PHQ 7KDW PDOH EDELHV FDQ EH VXSHUKHURHV ZKLOH IHPDOH EDELHV ZRUU\ DERXW WKH VL]H RI WKHLU WKLJKV 7KH
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ÀOH FDVH RI WKH KRFNH\ WHDP DW 6WLUOLQJ 8QLYHUVLW\ (GXFDWLRQDO LQVWLWXWLRQV FOHDUO\ KDYH D KXJH UROH WR SOD\ KHUH ERWK LQ SHUSHWUDWLQJ DQG FKDOOHQJLQJ QHJDWLYH DWWLWXGHV WRZDUGV ZRPHQ ZKLFK LV ZK\ LW·V VR HQFRXUDJLQJ WKDW WKH (,6 FRPPLWWHG ODVW \HDU WR ZRUN WR FKDOOHQJH PLVRJ\Q\ $FWLRQ RQ PLVRJ\QLVWLF DWWLWXGHV DPRQJ \RXQJ SHRSOH LV FOHDUO\ QHHGHG ZLWK VKRFNLQJ VWRULHV DQG VWDWLVWLFV HPHUJLQJ UHJXODUO\ 0LVUHSUHVHQWDWLRQ DQG VH[XDOLVDWLRQ RI ZRPHQ LQ WKH
7KH 6FRWWLVK (GXFDWLRQDO -RXUQDO
DQG DVVDXOW 2I FRXUVH SDWULDUFK\ PHGLD DQG RQOLQH DQG WKH DYDLODELOLW\ RI RSSUHVVHV XV DOO DQG \RXQJ PHQ DOVR LQFUHDVLQJO\ EUXWDO SRUQRJUDSK\ PHDQV VXIIHU IURP PLVRJ\QLVWLF DWWLWXGHV <RXQJ \RXQJ SHRSOH DUH H[SRVHG WR GHJUDGLQJ PHQ UHSRUWHG IHHOLQJ SUHVVXUHG WR ZDWFK DWWLWXGHV WRZDUGV ZRPHQ GDLO\ $ UHFHQW SRUQ WR HQJDJH LQ VH[XDO DFWLYLW\ LQ VWXG\ RQ DWWLWXGHV DPRQJ \RXQJ SHRSOH RUGHU WR DSSHDU PRUH H[SHULHQFHG DQG LQ 6FRWODQG E\ =HUR 7ROHUDQFH D FKDULW\ WR MRLQ LQ ZLWK VH[XDOLVHG ¶EDQWHU· )RU ZRUNLQJ WR WDFNOH WKH FDXVHV RI PHQ·V \RXQJ SHRSOH ZKR YLROHQFH DJDLQVW ´(GXFDWLRQDO LGHQWLI\ DV OHVELDQ JD\ ZRPHQ IRXQG WKDW ELVH[XDO WUDQVJHQGHU SRUQRJUDSKLF LPDJHV LQVWLWXWLRQV FOHDUO\ RU JHQGHUTXHHU WKH ZHUH SDUW RI PRVW KDYH D KXJH UROH WR VLWXDWLRQ EHFRPHV SDUWLFLSDQWV· GDLO\ ZRUVH ZLWK PDQ\ OLYHV $OO SDUWLFLSDQWV SOD\ KHUH ERWK LQ UHSRUWLQJ LQFUHDVHG TXHVWLRQHG IHOW SHUSHWUDWLQJ DQG H[SRVXUH WR VH[XDOLVHG SUHVVXUH WR FRQIRUP LPDJHV DQG OLWWOH WR QR WR XQUHDOLVWLF DQG FKDOOHQJLQJ QHJDWLYH VH[ HGXFDWLRQ ZKLFK JHQGHU QRUPDWLYH DWWLWXGHV WRZDUGV IRFXVHG RQ DQ\WKLQJ VWDQGDUGV ,Q RWKHU WKDQ RSSRVLWH VH[ D UHSRUW IURP WKH ZRPHQµ UHODWLRQVKLSV 6FRWWLVK *RYHUQPHQW &KDQJLQJ WHFKQRORJLHV ZKLOH KDYLQJ UHYHDOHG WKDW RI 6FRWWLVK WHHQV KXJH DGYDQWDJHV LQ WHUPV RI \RXQJ EHOLHYH WKDW ZKHQ D JLUO VD\V QR VKH SHRSOH·V LQGHSHQGHQFH VRFLDO OLYHV DQG GRHVQ·W UHDOO\ PHDQ LW HGXFDWLRQ PDNH PLVRJ\Q\ HDVLHU WR 7KH GDQJHUV RI WKLV VKRXOG EH FOHDU VSUHDG DQG KDUGHU WR SROLFH &KDW URRPV WR XV DOO ² IURP \RXQJ ZRPHQ IHHOLQJ RIIHU DQRQ\PLW\ WR VH[XDO SUHGDWRUV SKRWR SUHVVXUHG LQWR DOWHULQJ WKHLU DSSHDUDQFH VKDULQJ DSSV LQFUHDVH WKH SUHVVXUH RQ RI \HDU ROG ZRPHQ WDNLQJ \RXQJ ZRPHQ WR VKDUH H[SOLFLW SKRWRV RI SDUW LQ =HUR 7ROHUDQFH·V VWXG\ VDLG WKDW WKHPVHOYHV DQG PDNH LW HDV\ IRU ER\V DQG PRVW RU DOO JLUOV WKHLU DJH UHPRYH DOO SXELF PHQ WR VKDUH WKRVH LPDJHV DQG VRFLDO KDLU WR EHLQJ DW ULVN RI VH[XDO YLROHQFH PHGLD RIIHUV FRXQWOHVV ZD\V WR KDUDVV VWDON RU EXOO\ SHRSOH RQOLQH $QG RI FRXUVH WKH LQWHUQHW SURYLGHV DFFHVV WR PLQGERJJOLQJ DPRXQWV RI SRUQRJUDSK\ ² IUHH DQG DFFHVVLEOH VLPSO\ E\ FOLFNLQJ D ER[ VD\LQJ \RX·UH ROG HQRXJK WR YLHZ LW 3RUQ LV ZKHUH PDQ\ \RXQJ SHRSOH UHFHLYH WKHLU ÀUVW VH[ HGXFDWLRQ ZKLFK JRHV EH\RQG
$UWLFOHV SURYLGHG E\ H[WHUQDO RUJDQLVDWLRQV GR QRW QHFHVVDULO\ UHSUHVHQW WKH (,6 YLHZ RU UHÁHFW (,6 SROLF\
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¶QRUPDO·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´ZH QHHG VH[ HGXFDWLRQ LQVWLWXWLRQV DUH D ULJKW WR DFFHVV ZRPHQ·V ERGLHV WR ORRN EH\RQG ELRORJ\ EDVWLRQV RI HTXDOLW\ ZH DOO NQRZ WKDW )RU HYHU\ SRUQ VLWH UHSURGXFWLRQ DQG 67'V WKH\ GR QRW H[LVW YLVLWHG WKHUH LV D LQ D YDFXXP DQG KXJH LQGXVWU\ UHO\LQJ DQG H[SORUHV JHQGHU PLVRJ\QLVWLF DWWLWXGHV RQ \RXQJ SHRSOH UHODWLRQVKLSV DQG DQG YDOXHV FDQ FUHHS IHHOLQJ SUHVVXUHG LQ DW DQ\ OHYHO $UH LQWR ZDWFKLQJ :H FRQVHQWµ WHDFKHUV DQG RWKHU QHHG WR FKDOOHQJH VWDII JLYHQ UHJXODU WUDLQLQJ LQ HTXDOLWLHV" WKH VRFLHW\ ZKLFK VHQGV WKHVH PHVVDJHV $UH VWDII DQG VWXGHQWV FKDOOHQJHG ZKHQ ² IURP FHOHEULW\ FXOWXUH ZKLFK MXGJHV WKH\ VSHDN RU DFW LQ D PLVRJ\QLVWLF ZRPHQ·V ZRUWK E\ WKHLU ORRNV WR ODGV· ZD\" $UH \RXQJ SHRSOH WDXJKW WR EHOLHYH PDJV ZKLFK VD\ LI \RX IHHO XQFRPIRUWDEOH LQ WKHPVHOYHV IRU WKHLU GHHGV DQG ZLWK VH[LVW MRNHV WKHQ \RX·UH QRW D ¶UHDO FRPSDVVLRQ UDWKHU WKDQ IRU WKHLU ORRNV PDQ· DQG VH[XDO SURZHVV" :H QHHG DOWHUQDWLYH QDUUDWLYHV WR RIIHU &KDOOHQJLQJ PLVRJ\Q\ PHDQV DERXW ZKDW JHQGHU VH[ DQG UHODWLRQVKLSV FKDOOHQJLQJ SUHYDLOLQJ DWWLWXGHV LQ VRFLHW\ PLJKW ORRN OLNH LQ RUGHU WR FKDOOHQJH WKLV LW PHDQV FKDOOHQJLQJ LQHTXDOLW\ DQG WKUHDG RI PLVRJ\Q\ ZKLFK UXQV WKURXJK GLVFULPLQDWLRQ ZKHUHYHU ZH Ã&#x20AC;QG LW DQG SRS FXOWXUH 7KLV PHDQV ZH QHHG VH[ LW PHDQV FKDOOHQJLQJ RXU RZQ LQJUDLQHG HGXFDWLRQ ZKLFK ORRNV EH\RQG ELRORJ\ SUHMXGLFHV 7KH (,6 KDV WDNHQ D JUHDW UHSURGXFWLRQ DQG 67'V DQG H[SORUHV Ã&#x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
ZKR DUH QRW OLPLWHG E\ RXWGDWHG RU UHVWULFWLYH LGHDV RI ZKDW LV VXLWDEOH IRU ER\V DQG IRU JLUOV 7KH 5RVH\ 3URMHFW LV UXQ E\ *ODVJRZ 5DSH &ULVLV DQG RIIHUV DJH DSSURSULDWH ZRUNVKRSV IURP 3ULPDU\ XSZDUGV RQ D UDQJH RI WRSLFV LQFOXGLQJ JHQGHU SRUQRJUDSK\ DQG FRQVHQW DV ZHOO DV IDFH WR IDFH SKRQH DQG HPDLO VXSSRUW WR \RXQJ ZRPHQ IDFLQJ LVVXHV WKH\ Ã&#x20AC;QG LW GLIÃ&#x20AC;FXOW WR VSHDN DERXW &ORVH WKH *DS·V %H :KDW <RX :DQW LQLWLDWLYH SURYLGHV PDWHULDOV IRU WHDFKHUV ZKR ZDQW WR FKDOOHQJH VWHUHRW\SLQJ DERXW HGXFDWLRQ DQG FDUHHUV
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Ã&#x20AC;QG LW GLIÃ&#x20AC;FXOW WR VSHDN DERXW ZZZ URVH\SURMHFW FR XN &ORVH WKH *DS·V %H :KDW <RX :DQW LQLWLDWLYH SURYLGHV PDWHULDOV IRU WHDFKHUV ZKR ZDQW WR FKDOOHQJH VWHUHRW\SLQJ DERXW HGXFDWLRQ DQG FDUHHUV ZZZ EHZKDW\RXZDQW RUJ XN
ZZZ HLV RUJ XN
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Ã&#x20AC;HG WKH ZKROH SURFHVV DQG WKH\ DUH QR ORQJHU ZRUULHG DERXW KRZ WKLV ZLOO DIIHFW WKHP 7KH\ KDYH KHDUG DERXW ZKDW WKH SURFHVV DFWXDOO\ LV DQG DOO WKH P\WKV DURXQG
/HDUQLQJ 5HS &RXUVH 7KH (,6 KDV /HDUQLQJ 5HSV ZRUNLQJ DFURVV 6FRWODQG JLYLQJ JXLGDQFH DQG VXSSRUW WR FROOHDJXHV RQ &3' 3URIHVVLRQDO /HDUQLQJ RSSRUWXQLWLHV 7KH /HDUQLQJ 5HSV KDYH EHHQ LQVWUXPHQWDO LQ UDLVLQJ WKH SURÃ&#x20AC;OH RI &3' 3URIHVVLRQDO /HDUQLQJ E\ WDNLQJ WKH OHDG LQ ZRUNLQJ LQ SDUWQHUVKLS ZLWK ORFDO DXWKRULWLHV DQG FROOHJHV WR SURPRWH TXDOLW\ RSSRUWXQLWLHV :LWK WKH LQWURGXFWLRQ RI 3URIHVVLRQDO 8SGDWH ZKLFK ZLOO DIIHFW HYHU\RQH ZKR LV UHJLVWHUHG ZLWK *7&6 LW LV HYHQ PRUH HVVHQWLDO WKDW ZH LQFUHDVH WKH QXPEHU RI /HDUQLQJ 5HSV WR VXSSRUW FROOHDJXHV WKRXJK WKLV SURFHVV &3' 3URIHVVLRQDO /HDUQLQJ LV FHQWUDO WR WKH
7KH 6FRWWLVK (GXFDWLRQDO -RXUQDO
3URIHVVLRQDO 8SGDWH KDYH EHHQ FODULÃ&#x20AC;HG :RUNVKRS EDVHG HYHQWV DUH SODQQHG IRU WKLV VHVVLRQ DQG VKRUWO\ DIWHU WKH VXPPHU EUHDN ² WKHVH ZLOO EH SURPRWHG E\ HPDLO PHPEHU H EXOOHWLQ DQG LQ WKH HYHQWV VHFWLRQ RI WKH (,6 ZHEVLWH ZZZ HLV RUJ XN $V ZHOO DV FRYHULQJ WRSLFV VXFK DV HYLGHQFH DQG VHOI HYDOXDWLRQ VRPH /HDUQLQJ 5HSV DUH RUJDQLVLQJ ,7 EDVHG ZRUNVKRSV ZKHUH WKH\ FDQ DVVLVW \RX LQ VHWWLQJ XS D 0\*7&6 DFFRXQW ORJ \RXU OHDUQLQJ DFWLYLW\ LQFOXGLQJ GHPRQVWUDWLQJ LPSDFW 3URIHVVLRQDO 8SGDWH LV D QHZ SURFHVV DQG ZLOO WDNH WLPH WR JHW XVHG WR ² WKH (,6 LV GRLQJ HYHU\WKLQJ SRVVLEOH WR VXSSRUW PHPEHUV WKURXJK WKLV QRZ DQG LQ WKH IXWXUH 5HPHPEHU WKDW \RX KDYH XQLTXH DFFHVV WR VXSSRUW DGYLFH DQG LQIRUPDWLRQ IURP \RXU ORFDO /HDUQLQJ 5HS ZKR ZLOO EH PRUH WKDQ KDSS\ WR DVVLVW \RX LQ DQ\ ZD\ WKDW WKH\ FDQ 7KH\ KDYH XQGHUWDNHQ DQG FRQWLQXH WR XQGHUWDNH VXEVWDQWLDO 3URIHVVLRQDO /HDUQLQJ DQG XQGHUVWDQG KRZ WR EDODQFH WKLV ZLWK WHDFKLQJ DQG SHUVRQDO FRPPLWPHQWV 7R FRQWDFW \RXU ORFDO /HDUQLQJ 5HS JR WR
ZZZ HLV RUJ XN /5FRQWDFWV
SURFHVV DQG /HDUQLQJ 5HSV DUH WUDLQHG WR JLYH LQIRUPDWLRQ DGYLFH DQG VXSSRUW WR FROOHDJXHV RQ ZKDW LV PRVW VXLWDEOH WR WKHP DV DQ LQGLYLGXDO ,W LV DQWLFLSDWHG WKDW WKHUH ZLOO EH DQ DGGLWLRQDO LQWDNH IRU WKH FRXUVH VWDUWLQJ LQ 6HSWHPEHU ZLWK WKH LQWURGXFWRU\ VHFWLRQ RI WKH FRXUVH SURYLGHG E\ *ODVJRZ .HOYLQ &ROOHJH 7KLV ZLOO EH IROORZHG E\ WKH 8QLYHUVLW\ RI WKH :HVW RI 6FRWODQG VHFWLRQ ZKLFK ZLOO FRPPHQFH LQ )HEUXDU\ DQG FRPSOHWH LQ 0D\ %RWK VHFWLRQV RI WKH FRXUVH DUH RQOLQH DQG PXVW EH FRPSOHWHG VXFFHVVIXOO\ EHIRUH DQ\ PHPEHU FDQ EHFRPH D XQLRQ OHDUQLQJ UHSUHVHQWDWLYH 3ODFHV RQ WKH FRXUVH ZLOO EH OLPLWHG $Q\ PHPEHU ZLVKLQJ WR XQGHUWDNH WKH FRXUVH KDV WR EH DSSURYHG HLWKHU E\
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Ă&#x20AC;UVW WLPH LQ WKH +LJKODQGV DQG ,VODQGV 7KLV IXQGLQJ LV HQDEOLQJ WKH XQLRQ WR RIIHU WUDLQLQJ ZKLFK LV QRW DFFHVVLEOH DQ\ZKHUH HOVH DQG RI FRXUVH LV KHOSIXO WR SDUWLFLSDQWV LQ WHUPV RI WKHLU &3' 3URIHVVLRQDO /HDUQLQJ 35' DQG 3URIHVVLRQDO 8SGDWH 7KH WZR \HDU SURMHFW ZLOO DOORZ IRU EDVLF DQG DGYDQFHG WUDLQLQJ 7KH (,6 LV H[WUHPHO\ JUDWHIXO IRU WKLV IXQGLQJ DQG SURPRWLRQ RI WKH WUDLQLQJ ZLOO FRPPHQFH VKRUWO\
$Q\RQH ZKRVH UHJLVWUDWLRQ \HDU HQGV LQ RU DUH GXH WR VLJQ RII WKHLU 3URIHVVLRQDO 8SGDWH WKLV \HDU *7&6 DUH ZULWLQJ RXW WR SHRSOH ZKRVH VLJQ RII KDV QRW EHHQ UHFHLYHG WR GDWH 7KH\ DUH UHTXHVWLQJ WKDW DQ\RQH ZKR EHOLHYHV WKH\ KDYH DOUHDG\ FRPSOHWHG WKH VLJQ RII RU ZKR DUH H[SHULHQFLQJ DQ\ GLIĂ&#x20AC;FXOWLHV WR FRQWDFW WKHP 7KH UHOHYDQW SDJHV RQ WKH *7&6 ZHEVLWH DUH FRQVWDQWO\ EHLQJ XSGDWHG DQG FRYHU DOO DVSHFWV RI 3URIHVVLRQDO 8SGDWH LQFOXGLQJ VSHFLĂ&#x20AC;F LQIRUPDWLRQ UHODWHG WR VXSSO\ WHDFKHUV UHWLUHG WHDFKHUV DQG WKRVH DERXW WR UHWLUH WHDFKHUV ZRUNLQJ RXWZLWK WKH HGXFDWLRQ V\VWHP ZRUNLQJ DEURDG RU QRW FXUUHQWO\ ZRUNLQJ DVVRFLDWH RU JHQHUDO VWDWXV $ IRXU SDJH SXOO RXW RQ DOO DVSHFWV RI 3URIHVVLRQDO 8SGDWH ZDV LQFOXGHG LQ WKH )HEUXDU\ HGLWLRQ RI WKH 6(- DQG FDQ EH YLHZHG RQ WKH (,6 ZHEVLWH DW ZZZ HLV RUJ XN QHZV VHMBKRPH KWP
)XUWKHU HGXFDWLRQ OHFWXUHUV UHJLVWHUHG ZLWK WKH *7&6 DUH DXWRPDWLFDOO\ GHIHUUHG XQWLO WKH FRPSOHWLRQ RI WKH FROOHJH 3URIHVVLRQDO 8SGDWH SLORWV $Q\RQH ZRUNLQJ ZLWKLQ WKH FROOHJH VHFWRU ZKR LV GXH WR VLJQ RII DQG KDV DQ\ TXHVWLRQV VKRXOG HPDLO WKH *7&6 ,I DQ\RQH LV JHQXLQHO\ XQDEOH WR FRPSOHWH WKH 3URIHVVLRQDO 8SGDWH VLJQ RII LQ WKH GHVLJQDWHG \HDU WKH\ KDYH DQ RSSRUWXQLW\ WR UHTXHVW D GHIHUUDO 7KLV VKRXOG LQLWLDOO\ EH GLVFXVVHG ZLWK \RXU HPSOR\HU ,I \RX DUH XQDEOH WR PDNH D UHTXHVW IRU D GHIHUUDO ZLWK \RXU HPSOR\HU OLQH PDQDJHU WKHQ \RX VKRXOG FRQWDFW WKH *7&6 <RX FDQ FRQWDFW WKH *7&6 DERXW \RXU 3URIHVVLRQDO 8SGDWH DW SURIHVVLRQDOXSGDWH#JWFV RUJ XN
SEPARATING AND CAN BE DIFFICULT TO DO. ÂŁ35*
SO OUR INSURANCE WORKS AROUND YOU.
Amazo n.co.uk Gift CertiďŹ c ates**
We understand that itâ&#x20AC;&#x2122;s not always easy for education professionals to separate work and home life. Thatâ&#x20AC;&#x2122;s why in addition to covering the usual things youâ&#x20AC;&#x2122;d expect, our car insurance covers you whilst you drive between educational sites with either pupils or colleagues, ensuring you can travel easily and with increased peace of mind. Plus as a thank you for taking out car insurance with us, weâ&#x20AC;&#x2122;ll give you ÂŁ35* in Amazon.co.uk Gift CertiďŹ cates**
Call us for a quick quote and see what we can do for you: 0800 656 9702^ Little things matter *Available to new customers only. Offer may be withdrawn at any time. Policies subsequently cancelled within 4 weeks of cover start date or with payments not up to date will not be eligible to receive offer. Gift CertiďŹ cates will be sent by mail within 6 weeks of the commencement date of your policy. ÂŁ35 Amazon.co.uk Gift CertiďŹ cates available to customers taking a new car insurance policy. Not available in conjunction with any other offer. We reserve the right to offer alternative Gift CertiďŹ cates of the same value in the event that Amazon.co.uk Gift CertiďŹ cates are unavailable. **Amazon.co.uk is not a sponsor of this promotion. Amazon.co.uk Gift CertiďŹ cates (â&#x20AC;&#x153;GCsâ&#x20AC;?) may be redeemed on the Amazon.co.uk website or afďŹ liated website Javari.co.uk towards the purchase of eligible products listed in our online catalogue and sold by Amazon.co.uk or any other seller selling through Amazon.co.uk. GCs cannot be reloaded, resold, transferred for value, redeemed for cash or applied to any other account. Amazon.co.uk is not responsible if a GC is lost, stolen, destroyed or used without permission. See www.amazon.co.uk/gc-legal for complete terms and conditions. GCs are issued by Amazon EU S.Ă r.l. All Amazon ÂŽ, â&#x201E;˘ & Š are IP of Amazon.com, Inc. or its afďŹ liates. ^Lines are open 8am-6pm Monday to Friday, except bank holidays, 9am-12.30pm Saturday. Calls from UK landlines are free. Calls may be monitored and/or recorded. Insurance underwritten by Aviva Insurance Limited. Registered in Scotland No. 2116. Registered ofďŹ ce: Pitheavlis, Perth, PH2 0NH. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. CFPOCA0079 01.14 BD34799.
ZZZ HLV RUJ XN
)( )XQGLQJ WR WKH )RUH DW )(/$ &RQIHUHQFH 7KH 6(- ORRNV EDFN DW WKH PDLQ LVVXHV DULVLQJ IURP WKH $QQXDO &RQIHUHQFH RI WKH (,6 )XUWKHU (GXFDWLRQ /HFWXUHUV· $VVRFLDWLRQ (,6 )(/$
´:H ZDQW WR VHH HTXDO SD\ IRU HTXDO ZRUN ZKHUHYHU ZH DUH LQ 6FRWODQGµ
7
KLV \HDU·V $QQXDO &RQIHUHQFH WRRN SODFH DIWHU VHYHUDO KLJK SURÃ&#x20AC;OH HYHQWV LQ WKH IXUWKHU HGXFDWLRQ VHFWRU WKDW LQFOXGHG D ORQJ VWULNH DW $\UVKLUH &ROOHJH WR GHPDQG LPSURYHG ZRUNLQJ FRQGLWLRQV )HHOLQJV ZHUH UXQQLQJ KLJK RYHU WKH FRQWLQXHG GHFUHDVHV WR FROOHJH EXGJHWV VORZ SURJUHVV DW QDWLRQDO EDUJDLQLQJ D 6FRWWLVK *RYHUQPHQW XQGHUVSHQG ZLWK QR VXEVHTXHQW )( UHLQYHVWPHQW DQG WKH FRQWLQXHG HIIHFWV RI FROOHJH PHUJHUV ¶5DWLRQDOLVDWLRQ· KDV EHFRPH D E\ZRUG IRU D UHGXFWLRQ LQ VXLWDEOH )( ZRUNLQJ FRQGLWLRQV 7KH ZHOO DWWHQGHG PHHWLQJ LQ (GLQEXUJK IHDWXUHG RYHU GHOHJDWHV IURP RI WKH FROOHJHV LQ 6FRWODQG DQG RSHQHG ZLWK D ZDUP ZHOFRPH E\ (,6 )(/$ 3UHVLGHQW -RKQ .HOO\ RI :HVW &ROOHJH 6FRWODQG 'RQQ\ *OXFNVWHLQ 6DODULHV &RQYHQHU JDYH KLV UHSRUW RQ 1DWLRQDO %DUJDLQLQJ KLJKOLJKWLQJ WKDW WKHUH ZHUH JRRG DQG EDG DVSHFWV WR GHYHORSPHQWV +H GLVFXVVHG MRLQW EDUJDLQLQJ WKH OLYLQJ ZDJH DQG
7KH 6FRWWLVK (GXFDWLRQDO -RXUQDO
HGXFDWLRQ ODVW \HDU DQG Â&#x2026; P RI FROOHJH WKH QDWLRQDO 5HFRJQLWLRQ DQG 3URFHGXUH PRQH\ LV FXUUHQWO\ KHOG LQ DUPV OHQJWK $JUHHPHQW Q53$ 'RQQ\ UHIHUHQFHG WKH WUXVWV µ 7KH )(/$ FODLP ZRXOG FRVW DURXQG KDUG ZRUN RI WKH (,6 QHJRWLDWRUV LQFOXGLQJ Â&#x2026; PLOOLRQ WKH GUDIWLQJ RI DQ (,6 QDWLRQDO EDUJDLQLQJ +H UHSRUWHG WKDW HIIRUWV KDYH QRW EHHQ JXLGH WKDW SLFNV XS WKH EHVW DVSHFWV RI KHOSHG E\ FRQWLQXLQJ GHFOLQHV LQ UHDO SD\ FROOHJH ZRUNLQJ FRQGLWLRQV DV ZHOO DV D GURS LQ VWXGHQW QXPEHUV 0U ´:H ZDQW WR VHH HTXDO SD\ IRU HTXDO *OXFNVWHLQ FDOOHG IRU D FDPSDLJQ WR PDNH ZRUN µ KH VDLG ´ZKHUHYHU ZH DUH LQ WKH PDQDJHPHQW VLGH 6FRWODQG 7KHUH LV QR WDEOH D GHFHQW RIIHU TXHVWLRQ RI DYHUDJLQJ ² LW·V ´7KH\ DFW DV LI FXWV VWDWLQJ WKDW WKH SD\ DERXW OLIWLQJ HYHU\WKLQJ DUH DERXW PDNLQJ RIIHU LV WLHG XS ZLWK XS µ 7KH )(/$ ([HFXWLYH WKH JHQHUDO EDWWOH WR &RPPLWWHH LV Ã&#x20AC;JKWLQJ IRU SURYLVLRQV LQ D VDYH IXUWKHU HGXFDWLRQ D GHFHQW VDODU\ DJUHHG GLIIHUHQW ZD\ UDWKHU LQ 6FRWODQG +H DOVR 53$V DQG D RQH SHU FHQW UHDO SD\ ULVH IRU DOO )( WKDQ VDYLQJ PRQH\µ FDOOHG IRU VSHFLDO EUDQFK PHHWLQJV D WHDFKHUV LQ 6FRWODQG QDWLRQDO OREE\ DW 0U *OXFNVWHLQ UHSRUWHG +RO\URRG D PRGHO SHWLWLRQ IRU OHFWXUHUV WR WKH GHOHJDWHV WKDW 6FRWODQG·V &ROOHJHV SUHVV DQG SROLWLFLDQV WR VLJQ DQG IRU WKH KDYH WDNHQ QR SRVLWLRQ RQ WKH DERYH QDWLRQDO 53$ WR EH VLJQHG ZKLOH WKH QDWLRQDO 53$ JRHV XQVLJQHG 7KH RXWJRLQJ 6DODULHV &RQYHQHU WKLV LV IXUWKHU FRPSRXQGHG E\ D ODFN RI FRQFOXGHG KLV UHSRUW E\ FDOOLQJ IRU D LQYHVWPHQW IURP WKH 6FRWWLVK *RYHUQPHQW 6SHFLDO &RQIHUHQFH DIWHU VXPPHU ´7KH PRQH\ LV WKHUH µ KH HPSKDVLVHG LI QRQH RI WKH DERYH KDG EHHQ HQDFWHG ´7KHUH ZDV D Â&#x2026; P XQGHUVSHQG LQ
SLFWXUHV ZZZ PNMSKRWRJUDSK\ FR XN
ZLWKLQ WKH WLPHIUDPH ([ 3UHVLGHQW 3HQQ\ *RZHU FRQWLQXHG WKH VSHHFKHV ZLWK D UHSRUW RI WKH 6WDQGLQJ 2UGHUV &RPPLWWHH H[SODLQLQJ WKDW 0RWLRQV ZHUH FRQVLGHUHG IURP )(/$ EUDQFKHV DQG WKH ([HFXWLYH &RPPLWWHH ,Q WRWDO 0RWLRQV ZHUH IRXQG WR EH FRPSHWHQW DQG WKHQ FRPSRVLWHG LQWR 0RWLRQV IRU WKH &RQIHUHQFH ZKLFK 0V *RZHU UHPDUNHG ZDV D ´SUHWW\ JRRG WDOO\ RI GHPRFUDF\ µ (,6 3UHVLGHQW 7RPP\ &DVWOHV ZDV QH[W WR DGGUHVV WKH FRQIHUHQFH DQG XVHG WKH WLPH WR UHÁHFW RQ WKH FKDQJHV KH KDV ZLWQHVVHG LQ WKH IXUWKHU HGXFDWLRQ VHFWRU LQFOXGLQJ WKH UHGXFWLRQ RI HQJLQHHULQJ DQG YRFDWLRQDO VXEMHFWV LQ UHVSRQVH WR D FKDQJLQJ HFRQRP\ DQG ZRUNIRUFH +H VWDWHG WKDW WKHUH LV DQ LVVXH LQ PDQDJHPHQW ZKHUH VWDII FDQ PDNH KXJH FKDQJHV EXW WKH WLPH KDV FRPH ZKHQ ´WKH\ KDYH WR EH DFFRXQWDEOH DQG WKH\ KDYH WR ZRUN ZLWK WUDGH XQLRQV µ 5HIHUHQFLQJ WKH SUREOHPV WKDW LQGLYLGXDO EDUJDLQLQJ KDV FDXVHG 0U &DVWOHV FRQJUDWXODWHG )(/$ RQ WKH DJUHHPHQW RI WKH QDWLRQDO 53$ DW WKH 1-1& DQ LPSRUWDQW VWHS WRZDUGV QDWLRQDO FROOHFWLYH EDUJDLQLQJ
+H GHVFULEHG WKH VDYDJH FXWV WR )( ZKHUH FROOHJHV DUH ORRNLQJ WR PDLQWDLQ ODVW \HDU·V PRQH\ LQ UHDO WHUPV IRU WKH IROORZLQJ \HDU ´7KH\ DFW DV LI FXWV DUH DERXW PDNLQJ SURYLVLRQV LQ D GLIIHUHQW ZD\ UDWKHU WKDQ VDYLQJ PRQH\ µ KH VDLG 0U &DVWOHV DOVR WDONHG DERXW ¶UDWLRQDOLVDWLRQ· HPSKDVLVLQJ WKDW ´WLPH ZLOO WHOO LI WKHVH PHUJHUV DUH QRW DOO DERXW FXWWLQJ FRVWV EXW LPSURYLQJ VHUYLFH µ +H DOVR WDONHG DERXW WKH LVVXHV VWXGHQWV DUH QRZ IDFLQJ LQ WKH DJH RI DXVWHULW\ ´,·YH KHDUG RI VWXGHQWV IDLQWLQJ LQ FODVV EHFDXVH WKH\·UH VR KXQJU\ RU GURSSLQJ RXW DV WKH\ FDQ·W DIIRUG WR OLYH ZKLOH DWWHQGLQJ WKH FRXUVH µ +H FRQFOXGHG E\ FRPPHQGLQJ )(/$ FROOHDJXHV IRU ´SXWWLQJ >WKHLU@ KHDGV DERYH WKH SDUDSHWµ ZKHQ PDQDJHPHQW DUH DFWLQJ LQ XQVFUXSXORXV ZD\V (,6 *HQHUDO 6HFUHWDU\ /DUU\ )ODQDJDQ WDONHG DERXW WKH SROLWLFDO DQG VRFLDO DVSHFWV RI IXUWKHU HGXFDWLRQ LQFOXGLQJ WKH KHLJKWHQHG SROLWLFDO GLVFXVVLRQ DURXQG ODVW \HDU·V 5HIHUHQGXP ´,Q WKH (,6 WKHUH ZDV DQ HPHUJHQW FRQVHQVXV WR GHPDQG WR OLYH LQ D VRFLDOO\ MXVW DQG IDLU VRFLHW\« VRFLDO MXVWLFH LV D FOHDU DLP IRU XV DOO
´7KHUH LV D FOHDU PHVVDJH WKDW DXVWHULW\ QHHGV WR HQG DV ZHOO DV WKH XJOLQHVV RI UDFLVP LQ WKH SHUIRUPDQFH RI SDUWLHV OLNH 8.,3 µ $OWKRXJK WKH (,6 UHPDLQHG SROLWLFDOO\ XQELDVHG GXULQJ WKH 5HIHUHQGXP 0U )ODQDJDQ QRWHG WKDW WKHUH ZHUH D QXPEHU RI DUHDV ZKHUH WKH (,6 IHOW GHYROXWLRQ RI SRZHUV ZRXOG EHQHÀ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´:H GRQ·W ZDQW WR UXQ (,6 OLNH DQ LQVXUDQFH VHUYLFH ² )(/$ LV D YLEUDQW DQG WKULYLQJ SDUW RI (,6 µ
*XHVW 6SHDNHUV 7KH DIWHUQRRQ IHDWXUHG JXHVW VSHDNHUV 3LQDU $NVX DQG $PDO $]XGGLQ ZKR JDYH PRYLQJ VSHHFKHV DERXW WKHLU FXUUHQW ZRUN LQ FRPPXQLW\ DFWLYLVP DQG KRZ WKH\ EHFDPH LQYROYHG ZLWK WKH ¶*ODVJRZ *LUOV· D JURXS RI WHHQDJHUV ZKR EURXJKW WKH SOLJKW RI DV\OXP VHHNHUV LQWR WKH 6FRWWLVK PDLQVWUHDP
3LQDU $NVX
$PDO $]XGGLQ
0RWLRQV 7KH PHPEHUV RI WKH 6WDQGLQJ &RPPLWWHH IRU ZHUH DOVR HOHFWHG ZLWK QRPLQDWLRQV IRU 6WHSKHQ +HQVRQ *ODVJRZ &O\GH &ROOHJH $OLVRQ 6WHSKHQ )RUWK 9DOOH\ &ROOHJH DQG 'HQLVH 0XQUR :HVW &ROOHJH 6FRWODQG 0DUN *LOODQ :HVW &ROOHJH 6FRWODQG $ODQ +ROOLJDQ (GLQEXUJK DQG 0DXUHHQ :DWVRQ (GLQEXUJK
5HÁHFWLQJ RQ WKHLU SRLJQDQW YLVLW WR $XVFKZLW] ZLWK WKH (,6 WKH VSHDNHUV UHYHDOHG WKH\ EHFDPH SDVVLRQDWH DERXW KXPDQ ULJKWV DIWHU VWDUWLQJ D FDPSDLJQ WR IUHH WKHLU 5RPD *\SV\ FODVVPDWH IURP D GHWHQWLRQ GHSRUWDWLRQ FHQWUH 3LQDU DOVR GHVFULEHG KHU SHUVRQDO H[SHULHQFH RI VHHNLQJ DV\OXP IURP 7XUNH\ DQG WZLFH EHLQJ GHWDLQHG
%HIRUH WKH GD\ PRYHG RQ WR FRQVLGHULQJ 0RWLRQV WKH )(/$ FRQIHUHQFH GHEDWHG DQ ¶(PHUJHQF\ 0RWLRQ· RQ D FDPSDLJQ WR KDUPRQLVH SD\ WHUPV DQG FRQGLWLRQV LQ *ODVJRZ FROOHJHV WR HUDGLFDWH WKH QXPHURXV W\SHV RI ZRUNLQJ FRQGLWLRQV IRU VWDII ,W ZDV FDUULHG XQDQLPRXVO\ 7KH PDMRULW\ RI VXEVHTXHQW 0RWLRQV FHQWUHG RQ WKH VHSDUDWLRQ RI SD\ DQG FRQGLWLRQV SODQQHG )( FDPSDLJQV
QDWLRQDO EDUJDLQLQJ MRE HYDOXDWLRQ VFKHPHV DWWHQGDQFH RI (,6 )(/$ HYHQWV DQG FRQIHUHQFHV UHJLRQDOLVDWLRQ EXOO\LQJ DQG IXQGLQJ FXWV DQG WKHLU HIIHFWV RQ VWXGHQW OHDUQLQJ )XOO GHWDLOV RI WKH FRQIHUHQFH FDQ EH IRXQG RQ WKH (,6 )(/$ VHFWLRQ RI WKH (,6 ZHEVLWH
ZZZ HLV RUJ XN
6W (XQDQ·V 3ULPDU\ VFKRRO
¶ (GXFDWLRQ IRU (YHU\ &KLOG (YHU\ZKHUH· 3ULPDU\ SXSLOV IURP 6W (XQDQ·V SULPDU\ &O\GHEDQN KDYH EHHQ SUDLVHG IRU WKHLU SRZHUIXO DQG LQVSLUDWLRQDO FDPSDLJQ ¶(GXFDWLRQ IRU (YHU\ &KLOG (YHU\ZKHUH· 7KH FKLOGUHQ DUH Ã&#x20AC;QDOLVWV LQ WKH /LWHUDF\ DFURVV /HDUQLQJ FDWHJRU\ RI WKH (GXFDWLRQ 6FRWODQG $ZDUGV DQG KDYH UHFHLYHG KLJK DFFODLP IURP $PQHVW\ ,QWHUQDWLRQDO DQG WKH 2(&' 2UJDQLVDWLRQ IRU (FRQRPLF DQG &R RSHUDWLYH 'HYHORSPHQW DPRQJVW RWKHUV IRU WKH KLJK OHYHO RI SROLWLFDO OLWHUDF\ H[KLELWHG
$PDO $]]XGLQ *ODVJRZ *LUO VSHDNLQJ WR WKH FKLOGUHQ LQ FODVV MRLQHG E\ 6 PRGHUQ VWXGLHV VWXGHQWV
6W (XQDQ·V WHDFK DQG DFWLYHO\ SURPRWH 6XSSRUWHG E\ $PDO $]]XGLQ DQG 5R]D FKLOGUHQ·V ULJKWV ´7KH FKLOGUHQ·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´0\ FRQÃ&#x20AC;GHQFH KDV JURZQ DQG QXUWXUH WKH WRXU 7KH\ GHOLYHUHG IRXU FDSDFLWLHVµ HPRWLYH VSHHFKHV WR VR PXFK WKURXJK WKH VDLG 3ULPDU\ SULPDU\ VFKRROV LQ FDPSDLJQ , KDYH DOZD\V WHDFKHU &ODLUH DQG DURXQG WKHLU ORFDO 'XQSK\ DUHD WKHLU ORFDO KLJK EHHQ VK\ DQG , KDYH D +HDGWHDFKHU VFKRRO *ODVJRZ DQG TXLHW YRLFH EXW JHWWLQJ $QQH 'RFKHUW\ *ODVJRZ &DOHGRQLDQ VWDWHG ´,W KDV 8QLYHUVLWLHV DQG ODVW EXW WKH RSSRUWXQLW\ WR ZULWH EHHQ ZRQGHUIXO E\ QR PHDQV OHDVW WKH D VSHHFK DQG GHOLYHU LW WR WR VHH FKLOGUHQ 6FRWWLVK 3DUOLDPHQW $PDO $]]XGLQ UHDO DXGLHQFHV PDGH PH HQJDJH LQ OHDUQLQJ ZLWK ZKR \HDUV DJR UHDOLVH , KDYH D WDOHQWµ VXFK KLJK OHYHOV FDPSDLJQHG DJDLQVW WKH RI PRWLYDWLRQ GDZQ UDLGV LQ QHDUE\ 7KH\ KDYH GHYHORSHG VNLOOV LQ ZRUN OLIH .QLJKWVZRRG VDLG ´,W·V UHDOO\ LQVSLULQJ DQG DQG OHDUQLQJ DQG WKH VXFFHVV H[SHULHQFHG HPSRZHULQJ WR KHDU WKHLU VSHHFKHV ,W ZDV KDV JUHDWO\ LQFUHDVHG HDFK FKLOG·V OHYHO RI JUHDW WR VHH KRZ VWURQJ DQG SDVVLRQDWH FRQÃ&#x20AC;GHQFH µ WKHLU EHOLHIV ZHUH , UHPHPEHU WKDW ZDV ´3DUWQHUVKLS ZRUNLQJ KDV JUHDWO\ P\VHOI DQG , IHOW VR SDVVLRQDWH DERXW RXU HQKDQFHG WKH SURMHFW DQG KHOSHG WR PDNH FDPSDLJQ ,W·V MXVW DPD]LQJ , FDQ VHH LW VR VXFFHVVIXOµ /LVD %URRP DFWLQJ 37 P\VHOI LQ WKHP µ H[SODLQV ´6W 3HWHU WKH $SRVWOH RXU ORFDO $V D 5LJKWV 5HVSHFWLQJ 6FKRRO
7KH 6FRWWLVK (GXFDWLRQDO -RXUQDO
+LJK VFKRRO KDV EHHQ DQ LQYDOXDEOH SDUWQHU WK \HDU (QJOLVK VWXGHQWV VXSSRUWHG WKH FKLOGUHQ WR ZULWH SRZHUIXO VSHHFKHV DQG QG \HDU DUW DQG GHVLJQ VWXGHQWV ZRUNHG DORQJVLGH RXU SXSLOV LQ FUHDWLQJ SODFDUGV IRU WKH FDPSDLJQ µ 6W 3HWHU WKH $SRVWOH 3ULQFLSOH 7HDFKHU RI (QJOLVK *DU\ $GDP UHFDOOV KRZ LPSUHVVHG ERWK KH DQG KLV WK \HDU SXSLOV ZHUH DW WKH KLJK OHYHO RI OLWHUDF\ GHPRQVWUDWHG E\ WKH SXSLOV GXULQJ D YLVLW WR WKH SULPDU\ VFKRRO ´7KH VRSKLVWLFDWLRQ RI WKH SHUVXDVLYH WHFKQLTXHV WKH SXSLOV ZHUH LQFRUSRUDWLQJ LQWR WKHLU VSHHFK ZULWLQJ ZDV YHU\ LPSUHVVLYH 7KH 6 VWXGHQWV ZHUH WDNHQ DEDFN E\ WKH OHYHO RI ZULWLQJ WKH\ HQFRXQWHUHG µ 3 SXSLO 6DP .HQQHG\ DJHG VDLG ´0\ FRQÃ&#x20AC;GHQFH KDV JURZQ VR PXFK WKURXJK WKH FDPSDLJQ , KDYH DOZD\V EHHQ VK\ DQG , KDYH D TXLHW YRLFH EXW JHWWLQJ WKH RSSRUWXQLW\ WR ZULWH D VSHHFK DQG GHOLYHU LW WR UHDO DXGLHQFHV PDGH PH UHDOLVH , KDYH D WDOHQW 0\ FODVV PDWHV VWDUWHG DVNLQJ PH WR KHOS WKHP WR PDNH WKHLU VSHHFKHV PRUH SRZHUIXO DQG WKDW PDGH PH KDYH HYHQ PRUH FRQÃ&#x20AC;GHQFH LQ P\VHOI µ .LPEHUOH\ 0F.HQQD DJHG IHOW WKDW WKH FDPSDLJQ KDV KHOSHG KHU WR GHYHORS D YDULHW\ RI LPSRUWDQW VNLOOV ´, FDQ·W EHOLHYH WKDW , FDQ QRZ VWDQG XS LQ IURQW RI D ODUJH DXGLHQFH DQG GHOLYHU D VSHHFK , KDYH WKH
ZRUN WKH FKLOGUHQ KDG FDUULHG RXW WR UDLVH GR PRUH RI LQ WKH IXWXUH 2QH ER\ LQ P\ FRQÃ&#x20AC;GHQFH WR XVH P\ YRLFH SRZHUIXOO\ WR DZDUHQHVV RI WKH ULJKW WR DQ HGXFDWLRQ µ FODVV VDLG ¶0LVV \RX NQRZ ZKHQ ,·P ROGHU HQJDJH WKH DXGLHQFH µ 0ROO\ )XULH DJHG 7KH LPSDFW RI WKH SURMHFW LV HYLGHQFHG ,·P JRLQJ WR PDNH D SHWLWLRQ DQG ZULWH D VDLG ´7KURXJK WKLV FDPSDLJQ , KDYH E\ IHHGEDFN IURP SDUHQWV ZKR KDYH VSHHFK WR KHOS WKH FDPSDLJQV WKDW ,·OO EH GHYHORSHG P\ UHDGLQJ VNLOOV , QRZ KDYH WKH QRWLFHG D GLIIHUHQFH LQ WKHLU FKLOGUHQ·V LQYROYHG LQ · 7KH IDFW WKDW FKLOGUHQ LQ WKH VNLOOV WR EH DEOH WR DQDO\VH DQG HYDOXDWH OHYHO RI HQJDJHPHQW DQG LQWHUHVW LQ WKHLU FODVV QRZ VHH FDPSDLJQLQJ DV VRPHWKLQJ WH[WV RI D KLJK OHYHO , KDYH HQMR\HG WKH OHDUQLQJ 'DYLG +XJKHV H[SODLQHG WKDW WKH WKDW WKH\ VHH WKHPVHOYHV EHLQJ LQYROYHG LQ RSSRUWXQLW\ WR UHDG DERXW UHDO ZRUOG LVVXHV FDPSDLJQ KDV KHOSHG KLV GDXJKWHU (ODLQD LQ WKH IXWXUH DQG WKDW WKH\ EHOLHYH WKH\ FDQ DQG OHDUQ DERXW WKH ZRUOG DURXQG PH µ JDLQ PRUH FRQÃ&#x20AC;GHQFH DQG H[SHULHQFH PDNH D GLIIHUHQFH LV YHU\ &ODVVPDWH (PLO\ ´7KLV LV WKH EHVW VSHDNLQJ LQ IURQW RI KHU SHHUV DQG ODUJHU UHZDUGLQJ µ 5REHUWVRQ VDLG ´1RZ DXGLHQFHV ´6KH IHHOV SDVVLRQDWH DERXW ,Q 0DUFK WKH , IHHO PRUH SUHSDUHG H[DPSOH RI *OREDO FKLOGUHQ GHOLYHUHG WKLV UHOHYDQW LVVXH DQG LW KDV FDSWXUHG KHU IRU WKH ZRUN , ZLOO GR LQ &LWL]HQVKLS DQG KHDUW DQG PLQG 6KH ZDQWV WR EH DEOH WR WKHLU SUHVHQWDWLRQ WR KLJK VFKRRO EHFDXVH , PDNH D GLIIHUHQFH WR FKLOGUHQ ZKR DUH OHVV XQGHUJUDGXDWH WHDFKLQJ FDQ XVH ,&7 WR JDWKHU 3ROLWLFDO /LWHUDF\ IRUWXQDWH µ VWXGHQWV DW *ODVJRZ LQIRUPDWLRQ DQG EHFDXVH WKDW , KDYH VHHQµ 0DUJDUHW 5REHUWVRQ H[SODLQHG 8QLYHUVLW\ 'RFWRU $ODQ , KDYH ZRUNHG ZLWK VR KRZ HQJDJHG KHU GDXJKWHU (PLO\ LV LQ %ULWWRQ VDLG ´7KLV LV WKH PDQ\ GLIIHUHQW SHRSOH , WKH FDPSDLJQ ´6KH KDV FRQWLQXRXVO\ EHVW H[DPSOH RI *OREDO &LWL]HQVKLS DQG IHHO FRQÃ&#x20AC;GHQW WR PHHW QHZ SHRSOH DW +LJK EHHQ UHVHDUFKLQJ ZKLOH DW KRPH DQG 3ROLWLFDO /LWHUDF\ WKDW , KDYH VHHQ µ 6FKRRO µ HQFRXUDJLQJ IDPLO\ DQG IULHQGV WR VLJQ WKH 7KH VXFFHVV RI WKH ZRUN FDUULHG RXW E\ &KORH 7RVK DJHG H[SODLQHG KRZ KHU RQOLQH SHWLWLRQ 6KH KDV DOVR JURZQ PRUH WKH 3ULPDU\ SXSLOV OHG WKHP WR EH LQYLWHG OLWHUDF\ VNLOOV KDYH LPSURYHG ´, XVHG WR XVH FRQÃ&#x20AC;GHQW DW SXEOLF HDVLHU WH[WV WKDQ WKH UHVW RI WKH FODVV EXW VSHDNLQJ WR VPDOO DQG ZKHQ ZH VWDUWHG UHDGLQJ 0DODOD <RXVDI]DL ODUJH JURXSV , DP YHU\ DQG 0DUWLQ /XWKHU .LQJ·V VSHHFKHV DQG SURXG RI DOO VKH KDV QHZVSDSHU DUWLFOHV DERXW &KLOG 6ROGLHUV DFKLHYHG µ DQG RWKHU LVVXHV , ZDV PRWLYDWHG WR WU\ ,Q $SULO WKH KDUGHU EHFDXVH LW ZDV D UHDO DQG LPSRUWDQW FKLOGUHQ GHOLYHUHG LVVXH ZH ZHUH OHDUQLQJ DERXW 1RZ , FDQ WKHLU FDPSDLJQ DQG DQDO\VH PRUH FKDOOHQJLQJ WH[WV DQG , KDYH SHWLWLRQ WR WKH &URVV ZULWWHQ D VSHHFK , DP YHU\ SURXG RI KRZ 3DUW\ +XPDQ 5LJKWV PXFK , KDYH DFKLHYHG µ *URXS DW WKH 6FRWWLVK ´7KH *ODVJRZ *LUOV LQYROYHPHQW 3DUOLDPHQW 7KLV HQJDJHG DQG PRWLYDWHG WKH FKLOGUHQ $W WKH 3DUOLDPHQW GHOLYHULQJ WKHLU SUHVHQWDWLRQ DQG DVNLQJ IDQWDVWLF RSSRUWXQLW\ 7KH\ ZHUH LQVSLUHG E\ WKH JLUOV· VWRU\ 063V WR VLJQ WKHLU SHWLWLRQ DOORZHG WKHP WR WDNH DQG UHDOLVHG WKDW LW LV SRVVLEOH WR PDNH WKHLU PHVVDJH WR WKH D SRVLWLYH FKDQJH LQ WKH ZRUOGµ &ODLUH KHDUW RI GHFLVLRQ PDNLQJ LQ 6FRWODQG DQG WR SUHVHQW DW DQ (GXFDWLRQ 6FRWODQG +HDOWK H[SODLQHG ´7KH KLJK SURÃ&#x20AC;OH RI 0DODOD DVN WKDW WKH SROLWLFLDQV FDUU\ WKHLU SHWLWLRQ DQG :HOOEHLQJ HYHQW DQG WR D GHOHJDWLRQ <RXVDI]DL ZKR KDG UHFHQWO\ ZRQ WKH ZKLFK DSSHDOV WR ZRUOG OHDGHUV WR KHOS RI 2(&' PHPEHUV ORRNLQJ DW /LWHUDF\ 1REHO 3HDFH 3UL]H DOVR EHFDPH D KXJH SRRUHU FRXQWULHV DFKLHYH XQLYHUVDO SULPDU\ DFURVV OHDUQLQJ LQ 6FRWWLVK VFKRROV LQVSLUDWLRQ IRU WKH FKLOGUHQ µ HGXFDWLRQ IRUZDUG 7KH\ UHFHLYHG D ZDUP $PQHVW\ ,QWHUQDWLRQDO MXGJHV RI WKH /LVD H[SODLQHG WKDW ´7KH FKLOGUHQ QRZ UHVSRQVH IURP DOO ZKR DWWHQGHG DQG ZHUH \RXQJ FDPSDLJQHU RI WKH \HDU DZDUG VDLG VHH FDPSDLJQLQJ WR EULQJ DERXW SRVLWLYH DVVXUHG WKDW WKHLU SRZHUIXO PHVVDJH ZRXOG WKH\ ZHUH ´EORZQ DZD\ E\ WKH LQFUHGLEOH FKDQJH DV VRPHWKLQJ WKDW WKH\ H[SHFW WR EH VKDUHG ZLWK WKH ZLGHU 3DUOLDPHQW 0RVW UHFHQWO\ WKH FKLOGUHQ UDLVHG DZDUHQHVV DQG JDWKHUHG VXSSRUW IRU WKHLU FDPSDLJQ DW WKH WRS RI %XFKDQDQ 6WUHHW 7KH\ VKDUHG WKHLU PHVVDJH ZLWK WKH SXEOLF DQG GHOLYHUHG WKHLU SRZHUIXO VSHHFKHV $QQH 'RFKHUW\ FRQFOXGHG ´'XH WR WKH VXFFHVV WKLV FDPSDLJQ KDV KDG LQ EULQJLQJ D &XUULFXOXP IRU ([FHOOHQFH WR OLIH ZH DUH FRQÃ&#x20AC;GHQW WKDW WKH IRXU FDSDFLWLHV KDYH EHHQ IXOO\ DGGUHVVHG DQG WKDW RXU FKLOGUHQ DUH LQGHHG VXFFHVVIXO OHDUQHUV FRQÃ&#x20AC;GHQW LQGLYLGXDOV HIIHFWLYH FRQWULEXWRUV DQG UHVSRQVLEOH FLWL]HQV /DXQFK RI FDPSDLJQ ZLWK $PDO $]]XGLQ DQG 5R]D 6DOLK RI WKH *ODVJRZ *LUOV DQG 7HUU\ /DQDQJDQ 'LUHFWRU RI (GXFDWLRQ IRU :HVW 'XQEDUWRQVKLUH &RXQFLO
ZZZ HLV RUJ XN
$URXQG WKH :RUOG LQ 6WRULHV ZLWK WKH %DLOOLH *LIIRUG 6FKRROV 3URJUDPPH
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·V 2XWEDFN ZKLOH 0LR 6KDSOH\ ZLOO SHUIRUP ZRQGHUIXO PXVLFDO WDOHV IURP -DSDQ 5HYHDOLQJ VRPH DPD]LQJ WULFNV IRU WUDQVODWLQJ VWRULHV ZLOO EH -XDQD $GFRFN DQG *HRUJL *LOO ZKLOH DZDUG ZLQQLQJ DXWKRU .HLWK *UD\ MRLQV SOD\ZULJKW &DUO 0LOOHU WR GLVFXVV WKH DUW RI DGDSWLQJ D QRYHO IRU WKH VWDJH 6WRULHV FDQ EH WROG LQ PDQ\ IRUPV DQG SXSLOV FDQ Ã&#x20AC;QG RXW PRUH IURP WKH OLNHV
RI JUDSKLF QRYHO FUHDWRUV 0HWDSKURJ ZKR WUDQVIRUP IDLU\ WDOHV LQWR FRPLFV DQG SRHW /XNH :ULJKW ZKR EULQJV EDOODGV WR OLIH ZLWK KLV DPD]LQJ OLYH SHUIRUPDQFH SRHWU\ ,OOXVWUDWRU LQ 5HVLGHQFH 'HEL *OLRUL ZLOO VKRZ VHQLRU SXSLOV KRZ RXU VLJQLÃ&#x20AC;FDQW OLIH H[SHULHQFHV FDQ EH XVHG DV D VRXUFH RI FUHDWLYH LQVSLUDWLRQ ZKLOH JXHVW VHOHFWRU *LOO $UEXWKQRWW ZLOO KHOS SULPDU\ SXSLOV VHH ZKDW UHDOO\ JRHV RQ LQVLGH RXU ERGLHV ²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
6KDUUDWW WKHUH ZLOO EH URDPLQJ FLUFXV SHUIRUPHUV VWRULHV IURP 0LR 6KDSOH\ DQG )HUJXV 0F1LFRO ZLWK WKHLU NDPLVKLEDL ELF\FOH WKHDWUH 'U %RRN·V VXUJHU\ DQG PDQ\ PRUH IXQ IUHH WKLQJV WR GR LQ WKH *DUGHQV 'HYHORS \RXU VNLOOV )RU WHDFKHUV DQG HGXFDWLRQ SURIHVVLRQDOV WKH %RRN )HVWLYDO·V &RQWLQXLQJ 3URIHVVLRQDO 'HYHORSPHQW SURJUDPPH ORRNV DW WKH EHQHÃ&#x20AC;WV RI ELOLQJXDOLVP JHWV FUHDWLYH ZLWK WUDQVODWLRQ FRQVLGHUV LQQRYDWLYH ZD\V WR HQFRXUDJH UHOXFWDQW UHDGHUV DQG GHOYHV LQWR WKH HPSRZHULQJ ZRUOG RI SLFWXUH ERRNV DQG FRPLFV $ EHDXWLIXO VHWWLQJ ZLWK ORWV WR HQMR\ $OO RI WKH HYHQWV LQ WKH %DLOOLH *LIIRUG 6FKRROV 3URJUDPPH WDNH SODFH LQ DFFHVVLEOH SXUSRVH EXLOW YHQXHV VLWXDWHG LQ OHDI\ &KDUORWWH 6TXDUH *DUGHQV ULJKW LQ WKH KHDUW RI (GLQEXUJK·V ZHVW HQG ,Q DGGLWLRQ WR WKH IDQWDVWLF HYHQWV DQG ERRN VLJQLQJV WKHUH DUH WZR ELJ ERRNVKRSV LQFOXGLQJ RQH GHGLFDWHG WR FKLOGUHQ·V ERRNV FDIpV VHUYLQJ WDVW\ IRRG DQG GULQN DQG D ORYHO\ JUHHQ JDUGHQ LQ ZKLFK WR UHOD[
)UHH ERRN YRXFKHU IRU DOO SXSLOV
)LQG RXW PRUH
(YHU\ SXSLO ZKR DWWHQGV DQ HYHQW LQ WKH %DLOOLH *LIIRUG 6FKRROV 3URJUDPPH ZLOO UHFHLYH D Â&#x2026; YRXFKHU WR SXW WRZDUGV WKH FRVW RI D ERRN LQ WKH %RRN )HVWLYDO·V ERRNVKRSV
7 7LFNHWV IRU WKH %DLOOLH *LIIRUG 6FKRROV 3URJUDPPH FRVW Â&#x2026; HDFK ZLWK RQH IUHH DGXOW WLFNHW IRU HYHU\ WHQ SXSLOV 7KH IXOO SURJUDPPH Z OLVWLQJV DQG ERRNLQJ LQIRUPDWLRQ FDQ EH IRXQG LQ WKH EURFKXUH ZKLFK \RX FDQ GRZQORDG IURP ZZZ HGERRNIHVW FR XN RU UHTXHVW Z D SULQWHG FRS\ E\ HPDLOLQJ PDLOLQJOLVW#HGERRNIHVW FR XN D
7KH 6FRWWLVK (GXFDWLRQDO -RXUQDO
7LPH WR UHJLVWHU
6FRWWLVK /HDUQLQJ )HVWLYDO
UDLVLQJ DFKLHYHPHQW DQG DWWDLQPHQW IRU DOO 5HJLVWUDWLRQ IRU WKH ODUJHVW IUHH HGXFDWLRQ HYHQW LQ 6FRWODQG WKH 6FRWWLVK /HDUQLQJ )HVWLYDO LV QRZ RSHQ DW ZZZ VFRWWLVKOHDUQLQJIHVWLYDO RUJ XN 5HWXUQLQJ WR *ODVJRZ·V 6(&& RQ DQG 6HSWHPEHU 6/) ZLOO KRVW LQVSLUDWLRQ VSHHFKHV LQWHUDFWLYH GLVFXVVLRQV DQG DQ H[FLWLQJ H[KLELWLRQ 7KH WKHPH RI WKLV \HDU·V HYHQW IRFXVHV RQ UDLVLQJ DFKLHYHPHQW DQG DWWDLQPHQW IRU DOO E\ PD[LPLVLQJ HGXFDWLRQDO RXWFRPHV WKURXJK Â&#x2021; /RFDO SDUWQHUVKLSV DQG FROODERUDWLRQ ² WR VKDUH DSSURDFKHV WKDW OHDG WR EHWWHU RXWFRPHV Â&#x2021; 6HOI HYDOXDWLRQ ² WR HQVXUH FUHDWLYH DQG LQQRYDWLYH DSSURDFKHV WR VXVWDLQHG LPSURYHPHQW Â&#x2021; :RUN UHODWHG OHDUQLQJ ² WR LPSURYH WUDQVLWLRQV LQWR VXVWDLQDEOH SURGXFWLYH HPSOR\PHQW 'HOHJDWHV ZLOO EH DEOH WR PHHW ZLWK FROOHDJXHV DQG LQGXVWU\ H[SHUWV DW WKH HYHQW ZKLFK SURPLVHV WR EH ELJJHU DQG EHWWHU WKDQ HYHU ZLWK D QXPEHU RI QHZ DGGLWLRQV WR WKH SURJUDPPH EROVWHULQJ LWV SRVLWLRQ DV 6FRWODQG·V OHDGLQJ HGXFDWLRQ HYHQW $V ZHOO DV WKH RSSRUWXQLW\ WR QHWZRUN ZLWK SHHUV YLVLWRUV ZLOO EH DEOH WR SDUWLFLSDWH LQ OLYHO\ FRQYHUVDWLRQV DQG GHEDWHV WDNH SDUW LQ D QXPEHU RI SURIHVVLRQDO OHDUQLQJ VHPLQDUV DQG YLVLW WKH H[WHQVLYH H[KLELWLRQ
:KDW·V QHZ LQ
)RRG DQG 'ULQN WKH 7R FHOHEUDWH WKH <HDU RI RRG IRU 7KRXJKW H[KLELWLRQ ZLOO IHDWXUH D ) RP DFURVV 6FRWODQG V IU 6KRZFDVH ZKHUH VFKRRO H\ KDYH GHYHORSHG DQG ZLOO GHPRQVWUDWH KRZ WK HDFKLQJ DURXQG IRRG LPSURYHG OHDUQLQJ DQG W LHU 6FRWODQG &RRNLQJ HGXFDWLRQ 7KH +HDOWK R SURYLGH FRRNLQJ %XV ZLOO DOVR EH DW 6/) W GHPRQVWUDWLRQV DWXUH LQ WKH H[KLELWLRQ $QRWKHU H[FLWLQJ QHZ IH RXQJ :RUNIRUFH ZLOO WKH 'HYHORSLQJ WKH < HU RUJDQLVDWLRQV VKRZFDVH ZKHUH SDUWQ LGHUV DQG RWKHUV ZLOO HPSOR\HUV WUDLQLQJ SURY RXQJ :RUNIRUFH WR OLIH EULQJ 'HYHORSLQJ WKH <
:KDW·V RQ
6/) WUXO\ KDV VRPHWKLQJ IRU HYHU\RQH LQYROYHG LQ HGXFDWLRQ 7KLV LV WKH PDLQ HYHQW RQ WKH HGXFDWLRQ FRQIHUHQFH FDOHQGDU DQG LV QRW WR EH PLVVHG
$FURVV WKH WZR GD\V WKHUH·V ORWV RQ RIIHU DW 6/) IURP SURIHVVLRQDO OHDUQLQJ VHPLQDUV GLVFXVVLRQV DQG NH\QRWH DGGUHVVHV DORQJVLGH WKH ODUJHVW HGXFDWLRQ H[KLELWLRQ LQ 6FRWODQG
:H DUH GHOLJKWHG WKDW WKH &DELQHW 6HFUHWDU\ IRU (GXFDWLRQ DQG /LIHORQJ /HDUQLQJ $QJHOD &RQVWDQFH 063 ZLOO GHOLYHU WKH RSHQLQJ NH\QRWH DGGUHVV 7KLV ZLOO EH IROORZHG E\ RWKHU NH\QRWHV IURP VSHDNHUV LQFOXGLQJ Â&#x2021; 3URI 0HO $LQVFRZ 3URIHVVRU RI (GXFDWLRQ DQG &R 'LUHFWRU RI WKH &HQWUH IRU (TXLW\ LQ (GXFDWLRQ 8QLYHUVLW\ RI 0DQFKHVWHU Â&#x2021; 'U %LOO 0D[ZHOO &KLHI ([HFXWLYH (GXFDWLRQ 6FRWODQG Â&#x2021; &KULV YDQ GHU .X\O (QWUHSUHQXHU DQG &KDLUPDQ - 6WXGLRV 7R DOORZ IRU PRUH GHEDWH DQG GLVFXVVLRQ WKH SURJUDPPH ZLOO RQFH DJDLQ IHDWXUH WKUHH SURIHVVLRQDO GLVFXVVLRQV 'LVFXVVLRQV ZLOO IRFXV RQ Â&#x2021; +RZ *RRG LV 2XU 6FKRRO" Â&#x2021; 'HYHORSLQJ WKH <RXQJ :RUNIRUFH Â&#x2021; &ORVLQJ WKH JDS 2QH RI WKH PRVW SRSXODU IHDWXUHV RI 6/) LV WKH SURJUDPPH RI SURIHVVLRQDO OHDUQLQJ VHPLQDUV WKDW FRYHUV D UDQJH RI WRSLFV DQG ZLOO EH SUHVHQWHG E\ SUDFWLWLRQHUV \RXQJ SHRSOH NH\ QDWLRQDO Ã&#x20AC;JXUHV DQG HGXFDWLRQ DXWKRULW\ VWDII IURP DFURVV 6FRWODQG 7KH IXOO FRQIHUHQFH SURJUDPPH LV DYDLODEOH RQ WKH 6/) ZHEVLWH
ZZZ VFRWWLVKOHDUQLQJIHVWLYDO RUJ XN 7KH H[KLELWLRQ SURYLGHV D XQLTXH H[SHULHQFH IRU YLVLWRUV ZKHUH WKH\ FDQ Ã&#x20AC;QG RXW DERXW LQQRYDWLYH SUDFWLFH QHZ UHVRXUFHV DQG SURYHQ VWUDWHJLHV WR HQKDQFH WHDFKLQJ DQG OHDUQLQJ %ULQJLQJ HGXFDWLRQ WR OLIH WKH H[KLELWLRQ ZLOO IHDWXUH PRUH WKDQ VXSSOLHUV FRYHULQJ DOO OHYHOV RI HGXFDWLRQ IURP ZHOO HVWDEOLVKHG FRPSDQLHV WR D KRVW RI FRPSDQLHV H[KLELWLQJ IRU WKH Ã&#x20AC;UVW WLPH 7KH H[KLELWLRQ ZLOO DOVR SOD\ KRVW WR D QXPEHU RI IHDWXUHV LQFOXGLQJ WKH Â&#x2021; (GXFDWLRQ 6FRWODQG VWDQG ² ZKHUH (GXFDWLRQ 6FRWODQG VWDII ZLOO EH RQ KDQG WR KDYH D FKDW DQG WDON DERXW WKH ZRUN RI WKH RUJDQLVDWLRQ Â&#x2021; ([KLELWRU 6HPLQDUV ² D GHGLFDWHG WKHDWUH H[FOXVLYHO\ IRU H[KLELWRUV WDONLQJ DERXW WKH EHQHÃ&#x20AC;WV RI WKHLU SURGXFWV DQG VHUYLFH WR KHOS SUDFWLWLRQHUV Â&#x2021; /RFDO $XWKRULW\ 9LOODJH ² FRPH DQG PHHW WKH DXWKRULWLHV WR VHH DQG KHDU WKH QHZ LGHDV WKDW WKH\ DUH XVLQJ LQ HGXFDWLRQ WRGD\ Â&#x2021; &XOWXUDO 9LOODJH ² Ã&#x20AC;QG RXW PRUH DERXW WKH OHDUQLQJ UHVRXUFHV DYDLODEOH WR KHOS \RXQJ SHRSOH GHYHORS DQ XQGHUVWDQGLQJ RI 6FRWODQG·V FXOWXUH 7R Ã&#x20AC;QG RXW PRUH DERXW ZKDW·V RQ RIIHU DW WKH H[KLELWLRQ SOHDVH YLVLW
ZZZ VOIH[KLELWLRQ FRP ZZZ HLV RUJ XN
:RXOG \RX OLNH WR DGYHUWLVH LQ WKH 6(-"
&ODVVLÀHGV
+HOSLQJ <28 UHDFK WKH PRVW YDOXDEOH UHDGHUVKLS LQ 6FRWODQG FRSLHV VHQW GLUHFW WR PHPEHUV· KRPHV VFKRROV
'R \RX KDYH D KROLGD\ KRPH WR OHW LWHPV WR VHOO RU DUH \RX ORRNLQJ IRU VRPHWKLQJ WKDW D FROOHDJXH PLJKW EH DEOH WR KHOS ZLWK" :KDW DUH \RX ZDLWLQJ IRU" 0HPEHUV RI WKH (,6 FDQ SODFH ER[ DGV IRU DV OLWWOH DV S SHU ZRUG &RQWDFW XV DW VHM#HLV RUJ XN RU FDOO DQG VHH LI ZH FDQ KHOS \RX RXW
-2% ,17(59,(: 7(&+1,48(
6287+ 2) )5$1&(
'R \RX ZDQW WR LPSURYH WKH ZD\ \RX SUHVHQW \RXUVHOI DW LQWHUYLHZ LQ RUGHU WR LQFUHDVH \RXU FKDQFHV RI VHFXULQJ D ÀUVW QHZ RU SURPRWHG SRVW" 3HUKDSV WKH WKRXJKW RI DQ LQWHUYLHZ PDNHV \RX QHUYRXV RU \RX DUH VLPSO\ RXW RI SUDFWLFH IRU ZKDW FDQ EH D FKDOOHQJLQJ H[SHULHQFH" &RQÀGHQWLDO SURIHVVLRQDO FRDFKLQJ \HDUV· H[SHULHQFH ´, KDYH QR GRXEW WKDW WKH KHOS DQG DGYLFH \RX JDYH PH KDV KDG D GLUHFW LQÁXHQFH RQ VHFXULQJ P\ SRVLWLRQ µ ( PDLO LQWHUYLHZV#HGLQEXUJK GHPRQ FR XN
,PPHUVH \RXUVHOI LQ WKH ODQJXDJH DQG FXOWXUH RI WKH EHDXWLIXO /DQJXHGRF UHJLRQ 0DLVRQ GH YLOODJH SRXU TXDWUH SHUVRQQHV GDQV XQ SHWLW KDPHDX GX 3DUF 1DWLRQDO GX +DXW /DQJXHGRF 0DLVRQ DQFLHQQH GH SLHUUHV HW SR WUHV 7UqV &KDUPDQWH 7UDQTXLOOLWpH HQVROHLOOpH HQWUH OHV ODFV HW OD PRQWDJQH 9LHZ DQG ERRN RQOLQH DW ZZZ GHDOEK FR XN HPDLO PDE#GHDOEK FRP RU SKRQH
+,*+/$1' $'9(1785( 5(6,'(17,$/ 287'225 $&7,9,7< &(175(
$GXOW FULPH P\VWHULHV DYDLODEOH $PD]RQ .LQGOH 0XUGHU RQ WKH ,VOH RI $UUDQ 0XUGHU RQ WKH ,VOH RI %XWH 0XUGHU RQ WKH ,VOH RI &XPEUDH
6LWXDWHG FORVH WR &DLUQJRUP 1DWLRQDO 3DUN ,GHDO IRU VFKRRO JURXSV 0D[
HPDLO MEVPXLU#KLJKODQGDGYHQWXUH FR XN SKRQH 6XH ZHEVLWH ZZZ KLJKODQGDGYHQWXUH FR XN
6(/) &$7(5,1* $3$570(17
'80)5,(6 6(/) &$7(5,1*
/X[XU\ EHGURRP OLQNHG YLOOD RQ ORYHO\ FRPSOH[ 6OHHSV 6KDUHG SRRO EDU DQG UHVWDXUDQW RQ VLWH 3HUIHFW IRU JROI ERZOLQJ ZDONLQJ UHVWDXUDQWV DQG EDUV ( PDLO PFFRUPLFN #DRO FRP
6\QDSVH 7XLWLRQ $JHQF\ 6FRWODQG ZLGH
$OO VXEMHFWV DQG OHYHOV UHTXLUHG IURP HYHU\ DUHD LQ 6FRWODQG ([FHOOHQW UDWH RI SD\ DQG RQO\ RQH RII SD\PHQW WR DJHQF\ 3KRQH RU IRU PRUH LQIRUPDWLRQ )DFHERRN 6\QDSVH 7XLWLRQ HPDLO V\QDSVHWXLWLRQ VFRWODQG#JPDLO FRP :HEVLWH ZZZ V\QDSVHWXLWLRQ FR XN
%($87,)8/ 0$55$.(&+ 5,$' &RPH VWD\ LQ RXU ORYHO\ YHU\ FHQWUDOO\ VLWXDWHG 0DUUDNHFK 5LDG 6FRWWLVK RZQHG ZLWK IULHQGO\ (QJOLVK VSHDNLQJ 0RURFFDQ VWDII 'LUHFW ÁLJKWV IURP *ODVJRZ VWDUW LQ 2FWREHU ZLWK (DV\MHW 3OHDVH YLVLW RXU ZHEVLWH ZZZ ULDGOLQGD FRP RU FRQWDFW PH OLQGDO\RQV#ULDGOLQGD FRP
7KH 6FRWWLVK (GXFDWLRQDO -RXUQDO
%W& QHHGLQJ UHLQYLJRUDWHG" .HHQ WR VKRZ OHDUQHUV KRZ WR GHYHORS VNLOOV IRU VXFFHVV"
*(77,1* 0$55,('" (QVXUH WKH HQWHUWDLQPHQW IRU \RXU ELJ GD\ JXDUDQWHHV D EXV\ GDQFH ÁRRU GDQFLQJ WR DOO VW\OHV RI PXVLF IRU DOO DJH JURXSV )81.< %803(56 :('',1* %$1' :K\ &RPSURPLVH" ZZZ IXQN\EXPSHUVZHGGLQJEDQG FRP ZZZ IXQN\EXPSHUV FRP HQTXLULHV#IXQN\EXPSHUV FRP 7HO
7+( 3(5)(&7 38'',1* $ 63$&( $'9(1785( 787256 5(48,5(' 85*(17
6SDFLRXV OX[XULRXV VHOI FDWHULQJ KRXVH DFFRPPRGDWLQJ VHYHQ ZLWK VHD YLHZV FORVH WR WKH YLOODJH RI *OHQOXFH ,GHDO EDVH WR H[SORUH 7KH 0DFKDUV 3HQLQVXOD ZLWK LWV UXJJHG FRDVWOLQH DQG WKH *DOORZD\ +LOOV ZKLFK SURYLGH WKH SHUIHFW VHWWLQJ IRU IDPLO\ FHOHEUDWLRQV URPDQWLF EUHDNV ZDONHUV F\FOLVWV JROIHUV ÀVKHUV JDUGHQLQJ HQWKXVLDVWV DUWLVWV DQG DQ\RQH ZLVKLQJ MXVW WR UHOD[ :HEVLWH ZZZ XS \RQGHU FR XN (PDLO LQIR#XS \RQGHU FR XN
+ROLGD\ OHW DFFRPPRGDWLRQ RQ KLVWRULF VWUHHW &HQWUDO ORFDWLRQ VOHHSV FRWWDJH VW\OH 0LQLPXP VWD\ QLJKWV $OO HQTXLULHV ZHOFRPH ( PDLO VWHZDUW#QREOHKLOO IUHHVHUYH FR XN
7(1(5,)( *2/) '(/ 685
83 <21'(5
6.,//6 (;3/25(' ELW O\ VNLOOV VXFFHVV
¶&/<'( 75,/2*<· E\ 1RUPDQ 'HHOH\
,Q ORYHO\ VSD WRZQ RI 0RIIDW 'XPIULHVVKLUH 0LQLPXP VWD\ RI RQO\ RQH QLJKW (DUO\ ELUG GLVFRXQW RI LI ERRNHG DW OHDVW GD\V LQ DGYDQFH )XOO GHWDLOV SKRWRJUDSKV DQG WR ERRN RQOLQH YLVLW ZZZ VHOIFDWHULQJPRIIDW FRP
$8/752< 6HOI &DWHULQJ +ROLGD\ $FFRPPRGDWLRQ VLWXDWHG LQ .LQORFKHZH :HVWHU 5RVV 6OHHSV 3HWV ZHOFRPH (PDLO SDP#DXOWUR\ IRUFH FR XN :HEVLWH ZZZ YLVLWWRUULGRQ FR XN DXOWUR\ 3KRQH 3DP 6WHYHQVRQ
6(/) &$7(5,1* $&&2002'$7,21 )25 +2/,'$< /(7 7$5%(57 /2&+ )<1( 3HWHUVYLOOH LV VLWXDWHG LQ WKH EHDXWLIXO ZHVW FRDVW YLOODJH RI 7DUEHUW ,W KDV D ODUJH JDUGHQ DGMDFHQW WR WKH DQFLHQW FDVWOH DQG WR KLOOVLGH ZDONV 7KH YHU\ FRPIRUWDEOH VLWWLQJ URRP DQG WZR EHGURRPV DW WKH IURQW RI WKH KRXVH DOO RYHUORRN WKH YLOODJH DQG KDUERXU 7R WKH UHDU RI WKH KRXVH LV D QHZ IXOO\ DSSRLQWHG NLWFKHQ GLQLQJ URRP DQG EDWKURRP 7KH YLOODJH LV ZHOO VXSSOLHG ZLWK VKRSV FDIHV UHVWDXUDQWV DQG JDOOHULHV $W WKH VWDUW RI WKH .LQW\UH 7UDLO LW LV DQ LGHDO ORFDWLRQ IRU RXWGRRU DFWLYLWLHV RU IRU H[SORULQJ WKH $UJ\OO FRXQWU\VLGH DQG LVODQGV )RU DYDLODELOLW\ DQG SULFLQJ FRQWDFW PDUJDUHW VPLWK#EWLQWHUQHW FRP :HEVLWH ZZZ SHWHUVYLOOH FR XN
1LFH IXQ VSDFH QRYHO IRU WKH SULPDU\ FODVVURRP )OR DQG +XJR·V LQJHQXLW\ LV WHVWHG DV WKH\ VHDUFK WKH VRODU V\VWHP IRU FRVPLF LQJUHGLHQWV IRU WKHLU SXGGLQJ %\ )LRQD & 5RVV ,6%1 2Q $PD]RQ DQG )DFHERRN
25&+$5' 78725,$/ $*(1&< 7XWRUV UHTXLUHG $OO VXEMHFWV DQG OHYHOV $OO VXEMHFWV DQG OHYHOV SULPDU\ DQG VHFRQGDU\ 3DUWLFXODUO\ (QJOLVK PDWKV DQG VFLHQFHV )RU *ODVJRZ (GLQEXUJK DQG &HQWUDO %HOW *RRG UDWHV 7HO
1(8. +226( 6(/) &$7(5,1* +2/,'$< &277$*( &RPH DQG VWD\ LQ RXU EHDXWLIXOO\ UHVWRUHG \HDU ROG *UDGH ,, OLVWHG IRUPHU ÀVKHUPDQ·V FRWWDJH ULJKW LQ WKH KHDUW RI WKH SLFWXUHVTXH FRQVHUYDWLRQ YLOODJH RI &UDLO LQ )LIH /RYLQJO\ UHVWRUHG DQG ÀQLVKHG WR DQ H[DFWLQJ VWDQGDUG 1HXN +RRVH VOHHSV XS WR SHRSOH DQG LV WKH SHUIHFW SODFH WR H[SORUH DOO WKH ZRQGHU WKH (DVW 1HXN KDV WR RIIHU :HEVLWH ZZZ QHXNKRRVH FR XN (PDLO QHXNKRRVH#JPDLO FRP
&217$&76 +HDGTXDUWHUV (GLQEXUJK
*HQHUDO 6HFUHWDU\ /DUU\ )ODQDJDQ
$FFRXQWDQW &ROLQ 0DFNHQ]LH
7HO )D[ H PDLO VHM#HLV RUJ XN HQTXLULHV#HLV RUJ XN 0HPEHUVKLS 7HO 0HPEHUVKLS H PDLO PHPEHUVKLS#HLV RUJ XN ZZZ HLV RUJ XN
$VVLVWDQW 6HFUHWDULHV 'UHZ 0RUULFH /RXLVH :LOVRQ .HQ :LPERU
(PSOR\PHQW +HDOWK 6DIHW\ 2IÃ&#x20AC;FHU 'DYH 0F*LQW\
)XUWKHU +LJKHU (GXFDWLRQ 2IÃ&#x20AC;FHU 'DYLG %HOVH\ (GXFDWLRQ (TXDOLW\ 2IÃ&#x20AC;FHU $QGUHD %UDGOH\
+HDG RI &RPPXQLFDWLRQV %ULDQ &RRSHU (,6 2UJDQLVHU $QQLH 0F&UDH
$UHD 2IÃ&#x20AC;FHV 'XQGHH %URXJKW\ )HUU\ 5RDG 'XQGHH '' 17HO )D[
(GLQEXUJK 0RUD\ 3ODFH (GLQEXUJK (+ %+ 7HO )D[
*ODVJRZ &ODLUPRQW *DUGHQV *ODVJRZ * /: 7HO )D[
2IÃ&#x20AC;FHU &ODUH 6WHSKHQ H PDLO FVWHSKHQ#HLV RUJ XN $EHUGHHQ 'XQGHH )LIH 3HUWK .LQURVV )(/$ &ROOHJHV )LIH &ROOHJH 3HUWK
2IÃ&#x20AC;FHU /HDK )UDQFKHWWL H PDLO OIUDQFKHWWL#HLV RUJ XN 6FRWWLVK %RUGHUV &ODFNPDQQDQVKLUH )DONLUN 1RUWK /DQDUNVKLUH 6WLUOLQJ )(/$ &ROOHJHV %RUGHUV 1HZ &ROOHJH /DQDUNVKLUH )RUWK 9DOOH\
2IÃ&#x20AC;FHU 6WHSKHQ 0F&URVVDQ H PDLO VPFFURVVDQ#HLV RUJ XN (DVW 'XQEDUWRQVKLUH (DVW 5HQIUHZVKLUH ,QYHUFO\GH 5HQIUHZVKLUH :HVW 'XQEDUWRQVKLUH )(/$ &ROOHJHV :HVW &ROOHJH 6FRWODQG
2IÃ&#x20AC;FHU .DUHQ %DUFOD\ H PDLO NEDUFOD\#HLV RUJ XN $EHUGHHQVKLUH $QJXV +LJKODQG 0RUD\ 2UNQH\ 6KHWODQG )(/$ &ROOHJHV 'XQGHH $QJXV 1RUWK (DVW 6FRWODQG ,QYHUQHVV 0RUD\ 1RUWK +LJKODQG 6DEKDO 0RU 2VWDLJ 6KHWODQG
2IÃ&#x20AC;FHU 7HUU\ *UD\ H PDLO WJUD\#HLV RUJ XN (DVW /RWKLDQ (GLQEXUJK 0LGORWKLDQ :HVW /RWKLDQ )(/$ &ROOHJHV (GLQEXUJK &ROOHJH 1HZEDWWOH $EEH\ :HVW /RWKLDQ
/HDUQLQJ 5HSUHVHQWDWLYHV )RU DOO \RXU &3' TXHVWLRQV DQG LQIRUPDWLRQ Ã&#x20AC;QG \RXU QHDUHVW /HDUQLQJ 5HS RQOLQH DW ZZZ HLV RUJ XN RU H PDLO OPFFOLQWRFN#HLV RUJ XN
2IÃ&#x20AC;FHU )UDQN +HDO\ H PDLO IKHDO\#HLV RUJ XN $UJ\OO %XWH *ODVJRZ :HVWHUQ ,VOHV )(/$ &ROOHJHV *ODVJRZ &O\GH &ROOHJH /HZV &DVWOH *ODVJRZ .HOYLQ &LW\ RI *ODVJRZ 2IÃ&#x20AC;FHU $ODQ 6FRWW H PDLO DVFRWW#HLV RUJ XN 'XPIULHV *DOORZD\ (DVW $\UVKLUH 1RUWK $\UVKLUH 6RXWK $\UVKLUH 6RXWK /DQDUNVKLUH )(/$ &ROOHJHV $\UVKLUH &ROOHJH 'XPIULHV *DOORZD\ 6RXWK /DQDUNVKLUH
(,6 WHOHSKRQH +HOSOLQH
/HJDO +HOSOLQH
/RFDO $VVRFLDWLRQ 6HFUHWDULHV IXOO FRQWDFW GHWDLOV FDQ EH IRXQG DW ZZZ HLV RUJ XN $EHUGHHQ &LW\ +HDWKHU &ROOLH 6XVDQ 7DOER\V 2IÃ&#x20AC;FH DEHUGHHQFLW\#HLV RUJ XN $EHUGHHQVKLUH 'DYLG 6PLWK 2IÃ&#x20AC;FH DEHUGHHQVKLUH#HLV RUJ XN $QJXV 3KLO -DFNVRQ DQJXV#HLV RUJ XN $UJ\OO %XWH %LOO\ 0DUVKDOO 6FKRRO 0RELOH DUJ\OODQGEXWH#HLV RUJ XN &ODFNPDQQDQVKLUH *DYLQ +XQWHU 0RELOH FODFNPDQQDQ#HLV RUJ XN 'XPIULHV *DOORZD\ -RKQ 'HQQLV 'LUHFW GXPIULHV#HLV RUJ XN 'XQGHH 'DYLG %D[WHU 2IÃ&#x20AC;FH 0RELOH GXQGHHOD#HLV RUJ XN (DVW $\UVKLUH 1LFROD 'DVJXSWD 0RELOH HDVWD\UVKLUH#HLV RUJ XN (DVW 'XQEDUWRQVKLUH .HQQHWK %URZQ 2IÃ&#x20AC;FH HDVWGXQEDUWRQ#HLV RUJ XN
(DVW /RWKLDQ *DHO *LOODQ 2IÃ&#x20AC;FH HDVWORWKLDQ#HLV RUJ XN (DVW 5HQIUHZVKLUH $ODQ 0XQUR 2IÃ&#x20AC;FH HDVWUHQIUHZ#HLV RUJ XN (GLQEXUJK $OLVRQ 7KRUQWRQ 2IÃ&#x20AC;FH 0RELOH HGLQEXUJKOD#HLV RUJ XN )DONLUN 0DUJDUHW 6PLWK 2IÃ&#x20AC;FH IDONLUN#HLV RUJ XN )LIH &DWK\ *UDQW 2IÃ&#x20AC;FH Ã&#x20AC;IH#HLV RUJ XN *ODVJRZ 6XVDQ 4XLQQ 2IÃ&#x20AC;FH JODVJRZOD#HLV RUJ XN +LJKODQG %RE &ROPDQ 2IÃ&#x20AC;FH 0RE KLJKODQG#HLV RUJ XN ,QYHUFO\GH 7KRPDV 7UDFH\ +RPH LQYHUFO\GH#HLV RUJ XN 0LGORWKLDQ 6RQLD .RUGLDN 0RELOH PLGORWKLDQ#HLV RUJ XN
0RUD\ 6XVDQ 6ODWHU 7HO 0RELOH PRUD\#HLV RUJ XN 1RUWK $\UVKLUH *RUGRQ 6PLWK 2IÃ&#x20AC;FH QRUWKD\UVKLUH#HLV RUJ XN 1RUWK /DQDUNVKLUH 5LFN\ &XOOHQ 2IÃ&#x20AC;FH QRUWKODQDUN#HLV RUJ XN 2UNQH\ ,VODQGV -LP /DZVRQ 6FKRRO RUNQH\#HLV RUJ XN 3HUWK .LQURVV 3DWULFLD 'XQFDQ 7HO SHUWKDQGNLQURVV#HLV RUJ XN 5HQIUHZVKLUH .HQQ\ )HOOD 2IÃ&#x20AC;FH UHQIUHZVKLUH#HLV RUJ XN 6FRWWLVK %RUGHUV $QJHOD &XPPLQJ ERUGHUV#HLV RUJ XN 6KHWODQG ,VODQGV 6WHYH 'DYLGVRQ VKHWODQG#HLV RUJ XN 6RXWK $\UVKLUH 0DLUL 5DHEXUQ 0RELOH VRXWKD\UVKLUH#HLV RUJ XN
6RXWK /DQDUNVKLUH %LOO 5DPVD\ 2IÃ&#x20AC;FH VRXWKODQDUN#HLV RUJ XN 6WLUOLQJ $QQ 6NLOOHQ 6FKRRO VWLUOLQJ#HLV RUJ XN :HVW 'XQEDUWRQVKLUH 6WHZDUW 3DWHUVRQ 2IÃ&#x20AC;FH ZHVWGXQEDUWRQVKLUH#HLV RUJ XN :HVW /RWKLDQ -RKQ 0DFNLQQRQ 0RELOH ZHVWORWKLDQ#HLV RUJ XN :HVWHUQ ,VOHV 5LFKDUG )UDVHU 6FKRRO ZHVWHUQLVOHV#HLV RUJ XN
(,6 )LQDQFLDO 6HUYLFHV ,I \RX ZRXOG OLNH WR DUUDQJH WR VSHDN WR \RXU (,6 )6 FRQVXOWDQW SOHDVH WHO HPDLO HQTXLULHV#HLVIV FR XN ZZZ HLVIV FR XN
ZZZ HLV RUJ XN
/RFDO 1HZV &HOHEUDWLQJ 'LYHUVLW\ LQ 'XPIULHV DQG *DOORZD\
2
1 6DWXUGD\ WK $SULO DQ H[FLWLQJ SURJUDPPH RI PXVLF WKHDWUH ÀOP DQG YLVXDO DUWV DLPHG DW FHOHEUDWLQJ GLYHUVLW\ LQ 'XPIULHV DQG *DOORZD\ ZDV SUHVHQWHG DW WKH (OHFWULF 7KHDWUH :RUNVKRS DQG WKH 6WRYH LQ WKH FHQWUH RI 'XPIULHV 7KH HYHQW ZDV RUJDQLVHG E\ 'XPIULHV DQG 'LVWULFW 7UDGH 8QLRQ &RXQFLO DQG ZDV VXSSRUWHG E\ WKH (,6 ORFDOO\ DQG QDWLRQDOO\ 'XPIULHV 78& LV FRQFHUQHG DERXW WKH
JURZWK RI H[WUHPH ULJKW ZLQJ YLHZV WKDW XVH LPPLJUDQWV DV VFDSHJRDWV IRU WKH HFRQRPLF SUREOHPV LQ WKH FRXQWU\ DQG HQFRXUDJH UDFLVW DWWLWXGHV :H ZDQWHG WR VKRZ WKDW PLJUDQW ZRUNHUV DQG UHIXJHHV FDQ PDNH D YHU\ SRVLWLYH FRQWULEXWLRQ WR
OLIH LQ 6FRWODQG :H FRPPLVVLRQHG D VKRUW À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ÀOP FOLS DQG HQGHG ZLWK DQ RSSRUWXQLW\ WR DVN TXHVWLRQV /LYH PXVLF ZDV SURYLGHG E\ %DQQHU D %LUPLQJKDP EDVHG WKHDWUH JURXS ZKR KDYH D ZLGH UHSHUWRLUH RI VRQJV DERXW PLJUDQW DQG UHIXJHH H[SHULHQFH LQ %ULWDLQ DQG E\ WKH 5D]RUELOOV D ORFDO LQGLH IRON EDQG ZKR EURXJKW WKHLU RZQ ÁDYRXU WR WKH SURJUDPPH
$Q H[WUDFW IURP WKHLU RZQ SOD\ ´%ORRG 2UDQJHµ ZDV SHUIRUPHG E\ PHPEHUV RI WKH (OHFWULF 7KHDWUH :RUNVKRS ,W ZDV ZULWWHQ LQ UHVSRQVH WR WKH UDFLVW 6'/ SURWHVW LQ 'XPIULHV LQ DQG WKH 'XPIULHV 78& GHPRQVWUDWLRQ DJDLQVW LW $PDO $]]XGLQ RQH RI WKH *ODVJRZ *LUOV DQG 3LQDU $NVX D IRUPHU GHWDLQHH DW <DUO·V :RRG LPPLJUDWLRQ UHPRYDO FHQWUH JDYH XV D SRZHUIXO DFFRXQW RI KRZ UHIXJHHV DUH WUHDWHG LQ %ULWDLQ %RWK \RXQJ ZRPHQ DQG 0DUJDUHW :RRGV IURP 8QLWH $JDLQVW )DVFLVP GHVFULEHG WKHLU RQJRLQJ FDPSDLJQ DJDLQVW WKH GHWHQWLRQ RI DV\OXP VHHNHUV DW 'XQJDYHO 7KH\ HQFRXUDJHG SHRSOH WR VXSSRUW WKH GHPRQVWUDWLRQ DW 'XQJDYHO RQ WK 0D\ 0DU\ &DUEHUU\ ZKR GURSSHG LQ DW GLIIHUHQW WLPHV GHVFULEHG WKH PL[HG SURJUDPPH DV ´LQIRUPDWLYH HQWHUWDLQLQJ VRPHWLPHV VKRFNLQJ DQG PRYLQJ RIWHQ IXQQ\ DQG DOZD\V LQVSLULQJ µ -HWWD %DLOOLH 'XPIULHV *DOORZD\ (,6
7KH 6FRWWLVK (GXFDWLRQDO -RXUQDO
6WDIÃ&#x20AC;QJ &KDQJHV DW (,6 +4 2YHU WKH QH[W IHZ PRQWKV (,6 +4 DW 0RUD\ 3ODFH ZLOO VHH VLJQLÃ&#x20AC;FDQW FKDQJHV ZLWK WKH GHSDUWXUH RI Ã&#x20AC;YH ORQJ VHUYLQJ HPSOR\HHV GXH WR UHWLUHPHQW )UDQN 7LQGDOO WKH &DUHWDNHU DW (,6 +4 MRLQHG WKH VWDII LQ DQG KDV SURYLGHG PDQ\ \HDUV RI LQYDOXDEOH VHUYLFH VXSSRUWLQJ WKH ZRUN RI WKH (,6 )UDQN·V PDQ\ GLYHUVH UHVSRQVLELOLWLHV LQFOXGHG HQVXULQJ WKDW WKH 0RUD\ 3ODFH +4 ZDV SURSHUO\ PDLQWDLQHG DQG WKDW QHHGV RI PHPEHUV DQG VWDII ZHUH ZHOO FDWHUHG IRU
)UDQN 7LQGDOO (LOHHQ *UDKDP 6KHLOD +DUULV (LOHHQ 'DYLGVRQ .HQ :LPERU
(LOHHQ *UDKDP LQ DGGLWLRQ WR KHU UROH DV 2UJDQLVDWLRQ 'HSDUWPHQW $GPLQLVWUDWRU (LOHHQ KDV DOVR VHUYHG DV WKH 3$ WR ERWK FXUUHQW *HQHUDO 6HFUHWDU\ /DUU\ )ODQDJDQ DQG IRUPHU *HQHUDO 6HFUHWDU\ 5RQQLH 6PLWK (LOHHQ MRLQHG WKH VWDII LQ IURP WKH FKDULWDEOH VHFWRU DQG KDV SOD\HG D NH\ UROH LQ WKH VPRRWK UXQQLQJ RI WKH (,6 HYHU VLQFH
6KHLOD +DUULV IURP WKH (GXFDWLRQ DQG (TXDOLW\ 'HSDUWPHQW MRLQHG WKH VWDII LQ 6KH WKHQ OHIW WKH (,6 LQ UHWXUQLQJ LQ 6KHLOD KDV EHHQ DQ (,6 HPSOR\HH IRU \HDUV 6KH KDV VXSSRUWHG WKH ZRUN RI ERWK WKH (TXDOLW\ &RPPLWWHH DQG WKH %HQHYROHQW )XQG ZRUN RI WKH (PSOR\PHQW 5HODWLRQV &RPPLWWHH GXULQJ KHU WLPH ZLWK WKH (,6
(LOHHQ 'DYLGVRQ IURP WKH (GXFDWLRQ (TXDOLW\ 'HSDUWPHQW MRLQHG WKH VWDII LQ DQG IROORZLQJ D EUHDN WR VWDUW D IDPLO\ UHWXUQHG LQ (LOHHQ KDV JLYHQ WKH (,6 D WRWDO RI RYHU \HDUV RI VHUYLFH GXULQJ ZKLFK VKH KDV SURYLGHG LQYDOXDEOH VXSSRUW WR WKH ZRUN RI WKH (GXFDWLRQ &RPPLWWHH
.HQ :LPERU $VVLVWDQW 6HFUHWDU\ ZLOO UHWLUH DW WKH HQG RI -XO\ IROORZLQJ \HDUV DV D PHPEHU RI (,6 +4 VWDII 3ULRU WR WKLV .HQ ZDV D WHDFKHU DQG (,6 DFWLYLVW LQ )LIH .HQ·V FXUUHQW UHPLW LQFOXGHV RYHUVLJKW RI WKH 2UJDQLVDWLRQ )XUWKHU +LJKHU (GXFDWLRQ GHSDUWPHQW ZKLFK LQFOXGHV UHVSRQVLELOLW\ IRU WKH RUJDQLVDWLRQ RI ([HFXWLYH DQG &RXQFLO PHHWLQJV DQG $QQXDO *HQHUDO 0HHWLQJV
/HWWHU
$ERYH ]HUR EXW VWLOO OHIW RXW LQ WKH FROG ,·YH EHHQ DQ (,6 PHPEHU VLQFH ZKHQ , VWDUWHG ZRUNLQJ DV DQ (62/ /HFWXUHU DW DQ )( &ROOHJH LQ *ODVJRZ 5HDGLQJ WKH ODWHVW IHZ 6(-V DQG GLJHVWLQJ WKH HOHFWLRQ FDPSDLJQ ZLWK ORWV RI WDON DERXW HQGLQJ ]HUR KRXUV FRQWUDFWV , FRXOGQ·W KHOS IHHOLQJ WKDW WKH GHEDWH RQ FRQWUDFWV LV IRFXVHG WRR QDUURZO\ RQ ]HUR KRXUV FRQWUDFWV DW WKH H[SHQVH RU HTXDOO\ LQVHFXUH WHPSRUDU\ SDUW WLPH FRQWUDFWV RI ORZ KRXUV WKDW DUH XVHG H[WHQVLYHO\ LQ WKH )( VHFWRU DQG HOVHZKHUH :KLOH , DGPLW WKDW ]HUR KRXUV FRQWUDFWV DUH ZRUVH LQ P\ YLHZ WKHVH WHPSRUDU\ SDUW WLPH FRQWUDFWV DUH DQ HTXDOO\ LQVLGLRXV PHDQV RI HURGLQJ ZRUNHU·V ULJKWV DQG , IHHO WKH\ QHHG KLJKOLJKWLQJ 0\VHOI DORQJ ZLWK D ODUJH QXPEHU RI P\ IHOORZ )( /HFWXUHUV DW P\ FROOHJH DUH HPSOR\HG RQ WHPSRUDU\ SDUW WLPH FRQWUDFWV ZLWK HLWKHU WRWDOO\ DG KRF KRXUV RU ZLWK ORZ JXDUDQWHHG KRXUV )DU IURP EHLQJ WHPSRUDU\ WKHVH FRQWUDFWV DUH WKH QRUP DQG RQ VWDUWLQJ DW FROOHJH , ZDV DGYLVHG WKDW , FRXOG H[SHFW WR EH RQ D ¶WHPSRUDU\· FRQWUDFW IRU DW OHDVW
\HDUV EHIRUH EHLQJ RIIHUHG DQ\WKLQJ SHUPDQHQW ZLWK WKH DFFRPSDQ\LQJ FHUWDLQW\ MRE VHFXULW\ DQG LPSURYHG WHUPV DQG FRQGLWLRQV (YHQ ZKHQ D SHUPDQHQW FRQWUDFW LV RIIHUHG LW ZLOO W\SLFDOO\ EH IRU YHU\ ORZ KRXUV , KDYH DOVR VHHQ WKLV LQ SUDFWLFH ZLWK RQH RI P\ FROOHDJXHV LQ SDUWLFXODU D FDSDEOH GHGLFDWHG DQG H[SHULHQFHG WHDFKHU KDYLQJ WR Ã&#x20AC;JKW WRRWK DQG QDLO ZLWK WKH KHOS RI (,6 IRU DQ\ SHUPDQHQW VWDWXV ZLWK WKH FROOHJH $JDLQ ZKDW VKH GLG UHFHLYH ZDV RQ YHU\ ORZ KRXUV 7KH UHVXOW RI WKHVH FRQWUDFWV LV D ODFN RI MRE VHFXULW\ XQFHUWDLQW\ RYHU WKH KRXUV DQG WKHUHIRUH LQFRPH RQH ZLOO EH UHFHLYLQJ IURP ZHHN WR ZHHN RU PRQWK WR PRQWK DQG ODUJH XQTXDQWLÃ&#x20AC;DEOH KRXUV RI XQSDLG ZRUN GRQH E\ WKRVH RI XV RQ WKHVH FRQWUDFWV /LNH ]HUR KRXUV FRQWUDFWV DQ\ WLPH VSHQW RQ SUHSDULQJ OHVVRQV GRLQJ FRXUVH DGPLQ DWWHQGLQJ PHHWLQJV RU WUDYHOOLQJ IURP WHDFKLQJ YHQXH WR YHQXH RXWVLGH RI FRQWUDFWLQJ WHDFKLQJ KRXUV LV XQSDLG , HVWLPDWH WKDW DV PXFK DV D WKLUG RI P\ ZRUNLQJ ZHHN LQ ZKLFK , PRVW FHUWDLQO\
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
(GLWRUV UHSO\ 7KH JURZLQJ FDVXDOLVDWLRQ RI WHDFKLQJ FRQWUDFWV LV D UHDO FRQFHUQ DFURVV DOO VHFWRUV RI HGXFDWLRQ 7KH (,6 ZLOO FRQWLQXH WR FDPSDLJQ DJDLQVW WKH XVH RI VXFK FRQWUDFWV ZKHUHYHU WKH\ DULVH DQG ZKDWHYHU IRUP WKH\ WDNH
ZZZ HLV RUJ XN
3LFWXUH IRU LOOXVWUDWLYH SXUSRVHV RQO\
WIN a Tablet
(to the maximum value of £150)
6SRQVRUHG E\
CROßWORD
86
1DPH
$GGUHVV
(PDLO
6HQG \RXU FRPSOHWHG HQWU\ WR
6(- 0RUD\ 3ODFH (GLQEXUJK (+ %+ E\ -XQH 7KH ÀUVW DOO FRUUHFW HQWU\ SLFNHG DW UDQGRP ZLOO ZLQ 'HWDLOV RI WKH ZLQQHU WRJHWKHU ZLWK WKH VROXWLRQ WR WKLV PRQWK·V SX]]OH ZLOO EH SXEOLVKHG LQ WKH QH[W HGLWLRQ RI WKH 6(- (PSOR\HHV RI WKH (,6 DQG WKHLU IDPLOLHV DUH QRW HOLJLEOH WR WDNH SDUW LQ WKLV FRPSHWLWLRQ
GRZQ
5HODWLQJ WR D ODUJH DUHD RI ZDWHU DQG D JURXS RI LVODQGV
&ULWLFLVHG IRU UHVLGLQJ LQ 0RUD\ WRZQ
ZKHUH WKUHH NLQJV PDNH ÀVK VRXS"
*QDW ZRUQ RXW RQ WKH 6SH\
*HWWLQJ OLIW IURP ÁRZ RI DLU XVLQJ FKRFRODWH EDU DQG XQLW RI IRUFH 3RWHQWLDO VHULDO NLOOHU
$ UHHG WKDW GRHVQ·W IRUJHW"
0DOH GHHU WKDW LV IRXQG LQ 0RUD\ WRZQ
3HUKDSV $OHF JDYH D VSOLW LQ WKH UDQNV
1RW D ZLQH GHSRVLW EXW D PDMRU EORRG YHVVHO
&RQGLWLRQDOO\ SXW RQHV VKRXOGHU WR WKH ZKHHO
+DOOX[ VRXQGV OLNH D KHDY\ SXOO
&DUULHV RXW WHUPV RI D ZLOO EXW ZLOO VZLWFK RQ HOHFWULF FKDLU LI FKDUJHG SDUWLFOH DGGHG
6WDUW WR DQJULO\ FRQGHPQ FRZDUGO\ XQGHUKDQG VWXSLGLW\ HQWLUHO\
&RFF\[ LQ FRPPRQ SDUODQFH DOEHLW QR FRQIXVLRQ
2UJDQ RI FKLOG ZLWK VRXQG MRLQW
&UHPDWLQJ RDN NHJ GLVFRYHUHG LQ 0RUD\
,QFRQVSLFXRXV FKHI IDFLQJ GXH VRXWK
&RQQHFWHG WR GRZQ IURP DQFLHQW FLW\ WUHH GHYHORSV
)RUPV RI DOJDH LQ WKH PDLQ
&KXUFK XQLW\ IURP PLQFH FXH
/DXJKHG OLNH D KRUVH QHLJK ODG
-ROVRQ RQ YLFWRU\ GD\ ORVW KLV VRXO WR DQ DLU VDF
6QDNHV LQ D VNLUW SHUKDSV
)LOP GLUHFWRU WKH (,6 QHUYRXVO\ KDG DV D PHPEHU
6KLS ORVHV HQHUJ\ HLJKW SLQWV WR \RX
'RZQ 6WURYH ,QFXOSDWH 3URIHVVLRQDOLVH 1DQNHHQ 'LVVDWLVIDFWLRQ ,PDJR (QGJDPHV 5ZDQGD %HUQRXOOL 1HEXOLVH (QGHDU 'U\ H\HG 6ORZO\ %HDVW
QEDU *ODVJR Z 'X G
&URVVZRUG DQVZHUV $FURVV 6KLSSLQJ $GYLVH 5HFWR 1HZV VWDQG 9HOYHWHHQ $URPD 5DLVLQ $PLDEOH (\HVRUH 'HIRUP 8PEUD 'D\ VFKRRO ,PDJLQDU\ ,Q ODZ (QWUHH ,GHQWLW\
:LQQHU 'D YL
DFURVV
BE PREPARED Life Assurance Independent Financial Advice Retirement ZZZ HLVIV FR XN Investments
EIS Financial Services Ltd. was formed by the Educational Institute of Scotland in 1990 giving EIS members and their families access to a dedicated team of professional advisers providing impartial advice on a full range of financial products.
W H HQTXLULHV#HLVIV FR XN
(,6 )LQDQFLDO 6HUYLFHV /LPLWHG 5HJLVWHUHG LQ 6FRWODQG 1R 6& $XWKRULVHG DQG UHJXODWHG E\ WKH )LQDQFLDO &RQGXFW $XWKRULW\
7KH 6FRWWLVK WHDFKLQJ XQLRQ GHIHQGLQJ DOO RI 6FRWODQG路V WHDFKHUV DQG OHFWXUHUV
ZZZ HLV RUJ XN MRLQ