-DQXDU\
Ke Alaka’i @YV_WO # $ 3]]_O
7+( /($'(5
=^_NOX^] ]^\KSXON =Tf PRPST\XR bRWTSd[T aPXbTb `dTbcX^]b bcaTbb [TeT[b P]S STQPcT
,K\] LK\\ON FWPc bcdST]cb cWX]Z ^U DcPWzb [X`d^a [XRT]bT _^[XRXTb
=Tf bcdST]cb 0]VT[P 3PQQ 1^WSP] A^\P]hdZ P]S BP\dT[ ?TaZX]b ?W^c^ Qh AhP] 1PV[Th
>KLVO YP -YX^OX^]
$ IHZ 1HZ <HDUÎV 5HVROX WLRQV IRU
0DUWLQ /XWKHU .LQJ -U D KLVWRULFDO ILJXUH DQG D VFKRRO KROLGD\
!
1HZ $FDGHPLF 6FKHGXOH FDQ LW ERWK KHOS DQG KXUW"
%DVNHWEDOO JDPH EHWZHHQ %<8+ PHQ DQG &KDS PDQ 8QLYHUVLW\ $OYHV LV EDFN
:KHUH LV LW" 3OD\ WKH SLFWXUH JDPH (VSHFLDOO\ LI \RX PLVVHG RXW ODVW WLPH
4KX_K\c x @YV_WO # $ 3]]_O
$PDQGD KDQVHQ H GLWRU LQ F K LH I
.HQW &DUROOR DUW GLUHFWRU
U\DQ EDJOH\ SK RWR H GLWRU
/(($11 /$0%(57 DGYLVRU
&RS\ (GLWRUV 9 DOH ULH 7K RUQ H -RN N H .RN N RQ H Q /DQ H D 0 LOOH U * DEULH OO 6 DEDORQ H V 0DUNHWLQJ % ODN H % D[ WH U
SRGFDVWHUV %ULDQ 3RSSOHWRQ .HLWK %RUJKROWKDXV :LOOLDP %DEFRFN DUW JUDSKLFV 5DFKHO $X ,HRQJ . H Q W & D U U R O O R $ L V V D 0L W W R Q
67$)) :5,7(56 9LNWRU %H] K D Q L & D U U L H & R O O L Q J U L G J H 0FNHQVLH 'XUHQ % H Q + D O H 1 L F R O H + D P L O W R Q $ P \ +DQVRQ .\OH +RZD U G 7 U L M V W H Q / H D F K * H R I I / R . H L W K 0DUFHOLQR 6X]DQ Q H 7 X W W O H ' D Y H % X U U R Z V % O D N H % D [ W H U
3+272*5$3+(56 1DWK DQ : L O O L D P V $ L V V D 0L W W R Q ,17(51 'X VWLQ * H GGH V
ZHE GHVLJQ 'XVWLQ *HGGHV
$G PDQDJHU &K U L V W R S K H U 0D Q Q L Q J (PDLO NHDODNDL#E\XK HGX 3KRQH )D[ 2IÀFH & DP SX V $ O R K D & H Q W H U 5 R R P 1HZV &HQWHU %R[ %<8+ /DLH +,
3XEOLVKHU 3ULQW 6HUYLFHV
( G L W R U L D O S K R W R V X E P L V V L R Q V D G Y H U W L V L Q J G L V W U L E X W L R Q L Q T X L UH V N H D O D N D L E \ X K H G X 7 R V X E V F U L E H W R W K H 5 6 6 ) ( ( ' R U W R Y L H Z S U H Y L R X V LVVX H V JR WR N H D O D ND L E \ X K H G X
.H $ODND¶L
Ǥ Ǥ Ǥǡ Ǥ Ǥ Ǥ
Ƭ ǡ
Ǧ ͷǦͳͳͻ
ǣʹͻ͵ǦͲͳʹʹ
8Oa] 1HZ HYHQWV FR QW LQXH G
:-- RY]^SXQ O`OX^] PY\ 7KH 3RO\QHVLDQ &XOWXUDO &HQWHU DWWUDFWV WKRXVDQGV RI WRXULVWV HYHU\ \HDU ZKLOH RIIHULQJ D YDULHW\ RI HYHQWV DQG JLYLQJ WKH RSSRUWXQLW\ WR WKH WRXULVW IRU D XQLTXH H[SHULHQFH 3&& LV DOVR YLVLWHG UHJXODUO\ E\ WKH VWXGHQWV RI ! OK\^R[_KUO ]RKUO] =KX^Y .YWSXQY $ GHYDVWDWLQJ HDUWKTXDNH VWUXFN +DLWL ODWH 7XHVGD\ DIWHUQRRQ FDXVLQJ WKH FROODSVH RI WKH 1DWLRQDO 3DODFH OHYHOLQJ FRXQWOHVV VKDQW\WRZQ GZHOOLQJV DQG EULQJLQJ HYHQ PRUH VXIIHULQJ WR D QDWLRQ WKDW ZDV DOUHDG\ WKH KHPL VSKHUHlV SRRUHVW DQG PRVW GLVDVWHU SURQH 1HZ <RUN 7LPHV :O^O\ -ROX KXN 3.. WKTY\ VOK`SXQ Y_\ _XS`O\]S^c 3HWHU &KHQ D NH\ ILJXUH LQ WKH LQVWUXFWLRQDO DQG GHVLJQ GHYHORSPHQW SUR JUDP KDV OHIW %<8 +DZDLL :LWK KLV GHSDUWXUH WKH ,'' PDMRU KDV EHHQ GURSSHG )RU VRPH VWXGHQWV WKLV LV DQ XQIRUWXQDWH HYHQW $V RQH VWXGHQW VDLG m, DP LQ D ELW RI WURXEOH EHFDXVH LW FRYHUHG WKLQJV LQ P\ PDMRU n 1YYQVO /K\^R ROVZ] PSXN /V .Y\KNY -S^c YP 1YVN )RU QHDUO\ \HDUV H[SORUHUV KDYH KXQWHG LQ YDLQ IRU D ORVW FLW\q QRZ ZLWK *RRJOH (DUWK LW PD\ KDYH EHHQ IRXQG )URP WKH VN\ PRUH WKDQ PDVVLYH HDUWKZRUNV LQ WKH XSSHU $PD]RQ EDVLQ QHDU %UD]LOlV ERUGHU ZLWK %ROLYLD DUH VHHQ DV JHRPHWULF ILJXUHV FDUYHG LQWR WKH HDUWK 7LPHV2QOLQH t6Y]^u Z\YN_MO\] YPPO\ MV_O] YX PSXKV ]OK]YX 'HVSLWH WKH WKUHDW RI 3UHVLGHQW 2EDPDlV 6WDWH RI WKH 8QLRQ $GGUHVV SUH HPSWLQJ WKH ILQDO VHDVRQ SUHPLHUH RI m/RVW n H[HFXWLYH SURGXFHUV JDYH IDQV D IHZ FOXHV +HUHlV RQH 0LFKDHO DQG /LEE\ DUH EDFN -DPHV +LEEHUG +RO O\ZRRG 5HSRUWHU
%<8 +DZDLL 3&& UHFHQWO\ KDV UHOHDVHG D OLVW ZLWK GHWDLOHG HYHQWV IRU WKH VWXGHQWV IDFXOW\ DQG VWXII EXW DOVR IRU WKH FRP PXQLW\ m%HLQJ DEOH WR KHOS +DZDLLlV YLVLWRUV DQG UHVLGHQWV JDLQ D GHHSHU XQGHUVWDQGLQJ RI WKH FXOWXUHV RI 3RO\QH VLD LV D WUHPHQGRXV KRQRU IRU DOO RI XV DW WKH 3RO\QHVLDQ &XOWXUDO &HQWHU n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m7KLV LV DQ H[FLWLQJ \HDU IRU WKH VWXGHQWV , ZRUN DW 3&& DQG , FDQlW ZDLW WR ZDWFK WKHVH ZRQGHUIXO HYHQWV n VDLG +XL]KHQ -DVPLQH 3DQ +XL]KHQ LV D VWXGHQW IURP 7DLZDQ PDMRULQJ LQ ,QWHU QDWLRQDO %XVLQHVV 0DQDJHPHQW :LWK WKH +DXQWHG /DJRRQ WUHPHQGRXV VXFFHVV WKLV IDOO 3&& KDV GH FLGHG WR EULQJ LW EDFN IRU WKH WKLUG \HDU .</( +2:$5'
1 Y Y XVSX O ^Y 5OKVKUKS Lc_R ON_
0Y \ P_ \ ^ RO\ SXPY\WK^SYX
-DQXDU\
5($',1* $ :5,7,1* &(17(5 7KH 5HDGLQJ DQG :ULWLQJ &HQWHU DW %<8 +D ZDLL FDQ EH D YDOXDEOH UHVRXUFH IRU VWXGHQWV 'DIND <DGDPVXUHQ D VRSKRPRUH LQ VRFLDO ZRUN IURP 0RQJROLD VDLG m, JR WKHUH IRU KHOS ZLWK ZULWLQJ P\ SDSHUV ,W LV UHDOO\ KHOS IXO WR PH n 0HODQLH 5R\ D VHQLRU LQ ,'6 IURP &DOLIRUQLD VDLG RI WKH FHQWHU m, DFWXDOO\ WKLQN LWlV D UHDOO\ XVHIXO UHVRXUFH WKDW ZH KDYH RQ FDPSXV n 5R\ VSHQW D ORW RI WLPH LQ WKH FHQWHU IRU DQ (QJOLVK FODVV 6KH H[SODLQHG m,Q P\ H[SHULHQFH WKH WXWRUV KDYH DOZD\V EHHQ DEOH WR SRLQW VRPHWKLQJ RXW WR PH WKDW , GLGQlW NQRZ EHIRUH n (OL]D +DQ]D D MXQLRU LQ (;6 IURP +DZDLL VDLG m,W KHOSV D ORW RI SHRSOH HVSH FLDOO\ VHFRQG ODQJXDJH VSHDNHUV n 7KH 5HDGLQJ DQG :ULWLQJ &HQWHU RSHQV HDUO\ DQG FORVHV ODWH WR ZRUN DURXQG VWXGHQWVl VFKHGXOHV -DVRQ &RQWRU LV D VHQLRU LQ (QJOLVK IURP +DZDLL DQG LV DOVR D /HDG 7XWRU IRU WKH FHQWHU +H H[SODLQHG m:H DUH RSHQ ODWH EHFDXVH PRVW FODVVHV DUH GRQH DW VL[ DQG VR VWXGHQWV ZKR DUH VWLOO LQ FODVV WKHQ FDQ FRPH :H DUH DOVR RSHQ GXULQJ FODVV WLPH VR WKDW VWXGHQWV ZKR DUH RQ D EUHDN IURP FODVVHV FDQ FRPH n 7KH FHQWHU LV RSHQ RQ 0RQGD\V DQG :HGQHVGD\V IURP D P XQWLO S P 7XHVGD\V DQG 7KXUVGD\V
IURP D P XQWLO S P H[FHSW IRU DQ KRXU RQ 7XHVGD\ IRU D VWDII PHHWLQJ EHWZHHQ S P )ULGD\V IURP D P WR S P DQG 6DWXUGD\V IURP D P WR S P 7XWRU VHVVLRQV ODVW PLQXWHV DQG DUH SUHIHUUHG E\ DSSRLQWPHQW WKRXJK ZDON LQV DUH DFFHSWHG 7KH WXWRUV DW WKH FHQWHU KDYH WR NHHS XS ZLWK D VWULFW VHW RI SURFHGXUHV WR PHHW WKH KLJK TXDOLILFDWLRQV RI WKH MRE 5HVSRQVLELOLWLHV LQFOXGH WXWRULQJ VWXGHQWV VWDII SURMHFWV DQG FHUWLILFDWLRQ FDULQJ IRU WKH FHQWHUlV OLEUDU\ PDNLQJ DSSRLQWPHQWV SODQ QLQJ ZRUNVKRSV ZRUNVKRS WXWRULDOV RQOLQH JUDPPDU SURJUDPV DV ZHOO DV HYDOXDWLQJ WKHLU RZQ WXWRULDOV DQG ZULWLQJ SDSHUV DERXW WKHP m, DP D OHDG WXWRU VR WKDW PHDQV , DP LQ FKDUJH RI UHDGLQJ ZULWLQJ FHQWHU LPSURYHPHQW $QG WKDW LV D SURMHFW n &RQ WRU H[SODLQHG +H FRQWLQXHG m&HUWLILFDWLRQ UHTXLUHV WKDW ZH UHFRUG WXWRULDOV DQG DVN WKH VWXGHQWV WR GR WKLQJV IRU XV OLNH ILOO RXW TXDO LW\ FRQWURO VXUYH\V n 7XWRUV IRU WKH FHQWHU H[SODLQHG WKDW WKH SHUNV DQG FKDOOHQJHV RI WKH MRE ZHUH UHZDUGLQJ IRU WKHP m:KDW LV DOZD\V QLFH LV IHHOLQJ FRQILGHQW DV D WXWRU DQG KDYLQJ D UHFHSWLYH WXWHH n H[SUHVVHG +DQ]D 6KH H[SODLQHG m<RX KDYH WR EH DOHUW ZKLFK VRPHWLPHV LQ FROOHJH LV KDUG ZLWK VR PDQ\ 9P]T[[T 2PQPRd]VP] cdc^ab P bcdST]c Pc cWT ATPSX]V P]S FaXcX]V 2T]cTa ?W^c^ Qh =PcWP] FX[[XP\b
.H $ODND¶L
FODVVHV ,W FDQ EH D FKDOOHQJH EXW LW LV D JRRG RQH n 0HJKDQ +DUULVRQ D MXQLRU LQ (QJ OLVK IURP ,GDKR H[SODLQHG WKDW EHLQJ D WXWRU mFDQ EH D PHQWDOO\ GUDLQLQJ MRE n 6KH VDLG m, UHDOO\ OLNH WKH HQYLURQPHQW KHUH DQG WKDW ZH DUH D KHOSLQJ IDFLOLW\ %HFDXVH RI WKDW , IHHO OLNH , DP FRQWULEXWLQJ DQG WKHUH LV D KHOSLQJ VSLULW WKDW , FDQ NHHS ZLWK PH WKURXJKRXW WKH GD\ n 7KH WXWRUV ZLOO QRW ZULWH WKH SDSHUV IRU WKH VWXGHQWV EXW DUH WKHUH WR KHOS VWX GHQWV OHDUQ WR HGLW WKHLU RZQ SDSHUV DQG WR EHFRPH EHWWHU ZULWHUV m:H DVN D ORW RI RSHQ HQGHG TXHVWLRQV VR WKDW WKH VWXGHQW ZLOO EH WKH GLUHFWRU RI WKH WXWRU VHVVLRQ UDWKHU WKDQ XV FRQWUROOLQJ LW n H[SODLQHG +DUULVRQ 6KH FRQWLQXHG m,I \RX FRPH LQ ZLWK D VSHFLILF LGHD LQ PLQG ZH WDON DERXW WKDW ZLWK \RX n &$55,( &2//,1*5,'*(
-KWZ_]
5HVROXWLRQV PDVV WKURXJK OLIWLQJ 1HZ <HDUlV UHVROXWLRQV DUH LPSRUWDQW EHFDXVH WKH\ KHOS \RX WR VHW
JRDOV LQ RWKHU DVSHFWV RI \RXU OLIH VXFK DV $V WKH 1HZ <HDU DSSURDFKHV VWXGHQWV WXUQ VFKRRO n VDLG 5XVW\ -RKQVRQ EXVLQHVV PDQ WKHLU PLQGV WRZDUGV QHZ JRDOV QHZ KRUL DJHPHQW IUHVKPDQ IURP 8WDK $FFRUGLQJ WR XVD JRY WKH WRS 1HZ ]RQV DQG QHZ KRSHV IRU <HDU UHVROXWLRQV LQFOXGH ORVLQJ ZHLJKW PDQ m0\ 1HZ <HDUlV UHVROXWLRQ LV WR VSHQG DJLQJ GHEW VDYLQJ PRQH\ ILQGLQJ D EHWWHU PRUH WLPH ZLWK WKH IDPLO\ LQVWHDG RI MRE JHWWLQJ ILW GULQNLQJ OHVV DOFRKRO JHWWLQJ VSHQGLQJ WLPH DW ZRUN VFKRRO DQG WKH D EHWWHU HGXFDWLRQ TXLWWLQJ VPRNLQJ UHGXF IDUP n VDLG 8OL 9LPDKL DUW VHQLRU IURP LQJ VWUHVV YDFDWLRQLQJ DQG YROXQWHHULQJ WR 7RQJD DQG )LML KHOS RWKHUV /\QGRQ +DQVHQ MXQLRU LQ DF m,WlV LPSRUWDQW WR VHW JRDOV VR \RX FRXQWLQJ IURP &DOLIRUQLD VDLG WKDW KLV FDQ SURJUHVV *RDOV OHDG WR SURJUHVVLRQ ,lP UHVROXWLRQ IRU LV WR mJHW PDUULHG n m0\ 1HZ <HDUlV UHVROXWLRQ LV WR ZHLJK D YHU\ D JRDO RULHQWHG SHUVRQ DQG RQFH , VHW D JRDO , KDYH WR IROORZ WKURXJK n VDLG /HVOLH SRXQGV E\ VXPPHU DQG WR JDLQ PXVFOH
LW n 7KH VHFRQG DVSHFW LV PDNLQJ DPHQGV ZKHQ \RX UHDOL]H WKDW \RX DUH QRW JRLQJ WR EH DEOH WR GR ZKDW \RX VDLG \RX ZHUH JRLQJ WR GR m,I \RX DFWXDOO\ WHOO VRPHRQH DV VRRQ DV \RX NQRZ WKH\ ZLOO DFWXDOO\ UHVSHFW \RX %<8 +DZDLLlV ILUVW GHYRWLRQDO RI ZDV PRUH IRU LW n H[SODLQHG :KHHOZULJKW 7KHQ LW OHDG E\ WKH 3UHVLGHQW RI %<8+ 6WHYHQ LV LPSRUWDQW WR WHOO WKHP ZKDW \RX DUH JRLQJ :KHHOZULJKW 7XHVGD\ -DQ DW D P WR GR LQVWHDG RI ZKDW \RX ZHUH RULJLQDOO\ JR LQ WKH &DQQRQ $FWLYLW\ &HQWHU 3UHVLGHQW :KHHOZULJKWlV GHYRWLRQDO ZDV HQWLWOHG m,QWHJ LQJ WR GR WR PDNH XS IRU LW m)DFXOW\ 6WDII DQG VWXGHQWV DUH ULW\ +RQRULQJ 2XU :RUG n LQYLWHG WR DWWHQG DQG EULQJ WKHLU VFULSWXUHV n ,W LV FXVWRPDU\ IRU 3UHVLGHQW UHDGV WKH SRVWHU IRU WKH XSFRPLQJ GHYRWLRQDO :KHHOZULJKW WR VSHDN DW WKH EHJLQQLQJ RI &RPPXQLW\ PHPEHUV DUH NQRZQ WR DWWHQG DV HDFK VHPHVWHU RU WHUP m3UHVLGHQW 0F.D\ DW WKH JURXQG EUHDNLQJ RI WKH VFKRRO WDONHG ZHOO m, WKLQN HYHU\RQH RXJKW WR FRPH 7DNH DERXW LQWHJULW\ n VDLG :KHHOZULJKW m, SLFNHG D EUHDN FRPH DQG EH XSOLIWHG IHHO UHIUHVKHG n :KHHOZULJKW VDLG WKLV WRSLF EHFDXVH , WKRXJKW WKDW ZDV ZKDW )RXU FDWHJRULHV PDNH XS D GDWDEDVH WKH /RUG ZDQWHG PH WR VSHDN DERXW n KH IURP ZKLFK VSHDNHUV DUH FKRVHQ LQFOXGLQJ H[SODLQHG m7KHUH DUH WZR DVSHFWV RI KRQRULQJ *HQHUDO $XWKRULWLHV 3ULHVWKRRG /HDGHUV IDF RXU ZRUG n :KHHOZULJKW SRLQWHG RXW m2QH LV XOW\ DQG VWDII ZKR DUH WKRXJKW WR EH LQIOXHQ RQO\ JLYLQJ LW ZKHQ ZH NQRZ ZH FDQ KRQRU WLDO VSHDNHUV DQG RWKHUV ZKR ZLOO EH HIIHFWLYH LW n KH VDLG m'RQlW JLYH \RXU ZRUG RI KRQRU UROH PRGHOV m7KHUH DUH 6WDNH 3UHVLGHQWV XQWLO \RX KDYH KDG D FKDQFH WR WKLQN DERXW LQ +DZDLL DQG ZH KDYH KDG RI WKHP VSHDN
:KHHOZ ULJKW K RQ RU V LQWHJULW\
/RER MXQLRU LQ H[HUFLVH VSRUWV VFLHQFH IURP *HRUJLD 6RPH FXOWXUHV KDYH GLIIHUHQW WUDGL WLRQV IRU WKH 1HZ <HDU FHOHEUDWLRQ m)RU 1HZ <HDUlV LQ 7RQJD DOO WKH GLIIHUHQW FKXUFKHV KDYH D SUD\HU PHHWLQJ 7KH 0RUPRQ &KXUFK XVXDOO\ SXWV RQ D GDQFH WLOO PLG QLJKW DQG WKHQ WKH\ GR D FRXQWGRZQ :H GRQlW UHDOO\ VHW 1HZ <HDUlV UHVROXWLRQV WKRXJK n VDLG 5R\ )ODYDNL LQIRU PDWLRQ V\VWHPV VHQLRU IURP 7RQJD 7 5,-67 (1 /($& +
LQ WKH ODVW \HDU n VDLG :KHHOZULJKW m$Q\ VSHDNHU IRU D XQLYHUVLW\ KDV WR EH DSSURYHG E\ WKH ERDUG EHIRUH ZH LQYLWH WKHP n VDLG :KHHOZULJKW $ OLVW RI QDPHV RI SRVVLEOH VSHDNHUV LV NHSW RQ ILOH DQG WKHQ D VXPPDU\ RI HDFK LQGLYLGXDO DORQJ ZLWK D SLFWXUH DUH VHQW WR WKH ERDUG RI WKH 6HYHQW\ WR EH DSSURYHG 2QFH WKH DSSURYDO LV JLYHQ LW LV JRRG IRU WKUHH \HDUV DQG D ILOH LV NHSW RI DSSURYHG VSHDNHUV :KHQ DQ LQYLWDWLRQ WR VSHDN LV DF FHSWHG WKH VSHDNHU LV JLYHQ DERXW D PRQWKlV QRWLFH WR SUHSDUH 6SHDNHUV DUH DOORZHG WR FKRRVH WKHLU RZQ WRSLF VR WKDW WKH\ FDQ SUD\ DERXW LW WKHPVHOYHV LQ WKH SURFHVV RI VHOHF WLRQ 7KHLU VSHHFK QHHGV WR mLQYLWH WKH VSLULW QHHGV WR EH D WRSLF UHODWHG WR WKH JRVSHO RI -HVXV &KULVW DQG WKH\ QHHG WR EDUH WKHLU WHV WLPRQ\ n VDLG :KHHOZULJKW 1RWLFH RI ZKLFK WRSLF KDV EHHQ VHOHFWHG DQG ZKDW PDWHULDOV ZLOO EH QHHGHG LV DVNHG WR EH VXEPLWWHG WZR ZHHNV EHIRUH WKH VFKHGXOHG GHYRWLRQDO RI WKH VSHDNHU &$55,( &2//,1*5,'*(
MDQXDU\
1HZ VLWH DLPV I RU O HDGHUVKLS
RU FODVV 6WXGHQWV DQG IDFXOW\ FDQ QRZ VWDUW XVLQJ WKLV LQ WKHLU WUDLQLQJ $V 3HWHU &KDQ LV OHDYLQJ %<8+ 'DYLG /XFHUR GLUHFWRU RI 6WXGHQW /HDGHU VKLS DQG +RQRU LV WDNLQJ RYHU PDQDJLQJ WKH :HEVLWH +H DVNV WKDW VWXGHQWV DQG IDFXOW\ WR VWDUW XVLQJ LW DQG VDLG KH ZRXOG OLNH IHHGEDFN IURP XVHUV E\ H PDLOV RU YLGHR FRPPHQWV VR KH FDQ WDLORU WKH :HEVLWH PRUH WR WKH QHHGV RI WKRVH DW %<8+ m, WKLQN ZKDW LV EHQHILFLDO DERXW WKLV :HEVLWH LV KDYLQJ WKH ZLVGRP RI VXFFHVV IXO LQGLYLGXDOV RQ FDPSXV SURYLGHG LQ DQ DF FHVVLEOH RXWOHW IURP HYHU\RQH n VDLG &DUROLQH $JQHZ D MXQLRU LQ HOHPHQWDU\ HGXFDWLRQ DQG VSHFLDO HGXFDWLRQ IURP 2QWDULR &DQDGD &KDQlV LGHD ZDV RULJLQDOO\ D :HEVLWH WR EH XVHG IRU WKH &KXUFK EXW DIWHU WDNLQJ LW WR WKH 8QLYHUVLW\ &RXQFLO 3UHVLGHQW :KHHOZULJKW UHFRPPHQGHG WKDW KH IRFXV LW RQ %<8+ ZKHUH WKHUH LV DQ LPPHGLDWH QHHG m, KDG WKLV LGHD EXW , GLGQlW NQRZ H[DFWO\ KRZ , ZDV JRLQJ WR GR LW 0\ VWXGHQWV DQG , KDG WR VWHS LQWR WKH GDUN
6RPHWLPHV VWXGHQWV GLGQlW IHHO FRPIRUWDEOH , WROG WKHP WR KDQJ LQ WKHUH DQG NHHS ZRUN LQJ 7RGD\ WKH\ VHH WKH OLJKW DQG OHDUQHG WKH SURFHVV RI KDQJLQJ RQ WR WKH HQG , KRSH WKDW LV VRPHWKLQJ WKDW , KDYH WDXJKW P\ VWX GHQWV EHVLGHV WKH LQVWUXFWLRQDO FRQFHSWV n VDLG &KDQ 7KH :HEVLWH LV ORFDWHG DW ZZZ LOHDG E\XK HGX
m,Q D ZRUOG ZKHUH TXHVWLRQV DERXW 0RUPRQLVP DUH HYHU LQFUHDVLQJ LW LV JUHDW WR VHH DQ RSWLRQ ZKHUH PDQ\ FDQ ILQG GHWDLOHG DQVZHUV WR WKH PDQ\ FRPPRQ DQG XQFRP 7KH QHZ /'6 &KXUFK $OPDQDF VLWV PRQ TXHVWLRQV n VDLG -RQDWKDQ 5HPLQJWRQ WDOOHU DQG ODUJHU WKDQ LWV SUHGHFHVVRUV 2I LW VHQLRU LQ DFFRXQWLQJ IURP &DOLIRUQLD WKH 0RUPRQ 7LPHV VDLG mLQ RQH SDJH $DURQ -RQHV MXQLRU LQ ,'6 IURP YROXPH LV WKH PRVW FRPSOHWH FRPSLODWLRQ RI &DOLIRUQLD GHFLGHG DIWHU KHDULQJ RI WKH QHZ IDFWV DQG VWDWLVWLFV DUUDQJHG WR WHOO WKH JUHDW DOPDQDF WKDW LW FRXOG EH EHQHILFLDO WR KLV HVW VWRU\ LQ WKH ZRUOG n OLIH LQ PRUH ZD\V WKDQ RQH mHVSHFLDOO\ LI LW 7KH PDMRULW\ RI VWXGHQWV DW %<8 LV ILOOHG ZLWK WKRVH VPDOO WLGELWV RI XQNQRZQ +DZDLL KDG QHYHU FRPH DFURVV WKH &KXUFK DO FKXUFK KLVWRU\ n KH VDLG PDQDF LQ WKH SDVW +RZHYHU RQFH H[SODLQHG 0RUPRQ 7LPHV VWDWHG WKDW WKH QHZ VRPH IRXQG WKH QHZV LQWHUHVWLQJ DQG KHOSIXO DOPDQDF LQFOXGHV HDFK WHPSOH ZLWK LWV WR WKH JURZWK RI WKH FKXUFK SDUWLFXODU GLPHQVLRQV DQG KLVWRU\ ELRJUDSKL
FDO GHWDLOV RI HDFK JHQHUDO DXWKRULW\ DQG DX[LOLDU\ OHDGHU VLQFH WKH FKXUFK EHJDQ D UHFDS RI WKH PDMRU QHZV HYHQWV RI WKH FKXUFK \HDU GHWDLOV DQG SKRWRV RI HDFK RI WKH RSHUDWLQJ WHPSOHV LQFOXGLQJ H[FHUSWV IURP HDFK GHGLFDWRU\ SUD\HU GHWDLOHG PDSV RI HDFK DUHD RI WKH FKXUFK ZLWK FRUUHVSRQGLQJ PHP EHUVKLS VWDWLVWLFV PDMRU HYHQWV FKURQLFOHG LQ HDFK \HDU VLQFH WKH FKXUFKlV RUJDQL]DWLRQ DQG WZR PDMRU KLVWRULFDO VHFWLRQV WKDW GRFX PHQW WKH JURZWK RI WKH FKXUFK LQ HDFK VWDWH LQ WKH 8 6 DQG LQ HDFK FRXQWU\ 7KH $OPDQDF LV DYDLODEOH IURP 'HVHUHW %RRNV ERWK LQ VWRUH DQG RQOLQH
,'6 VWXGHQWV FRQWULEXWH WR E XL O G L QJ RI Ð , /H DGÑ 3HWHU &KDQ D IDFXOW\ PHPEHU DW %<8 +DZDLL GHVLJQHG D QHZ :HEVLWH WR EH D UHVRXUFH IRU FXUUHQW VWXGHQWV SURVSHFWLYH VWX GHQWV DQG IDFXOW\ WKDW KLJKOLJKWV SURIHVVLRQDO DV ZHOO DV FDPSXV FDVHV RI OHDGHUVKLS :LWK WKH KHOS RI WKH ,'' FODVV &KDQ DQG KLV VWXGHQWV ZHUH DEOH WR ODXQFK WKLV :HEVLWH 'HF m:H SXW D ORW RI ZRUN LQWR WKLV DQG ZH KRSH VWXGHQWV FDQ EHQHILW IURP LW n VDLG .XXOHL $NLQD VHQLRU LQ ,'6 IURP +DZDLL 7KLV :HEVLWH LQFOXGHV YLGHRV VSHHFKHV WUDLQLQJ SDFNDJHV DQG ERRN UHYLHZV 6WXGHQWV FDQ DOVR XSORDG WKHLU RZQ YLGHRV WR WKH :HEVLWH E\ ORJJLQJ RQ ZLWK WKHLU &(6 ,' DQG FDQ OHDUQ KRZ E\ WDNLQJ WKH ,''
/'6 &KX U F K $ O P D Q D F WHOOV ÍJUHD W H V W V W R U \ Î
.H $ODND·L
1,&2/( +$0,/721
?TcTa 2WP]zb QaPX]RWX[S WPb R^\T c^VTcWTa fXcW cWT aTRT]c RaTPcX^] ^U {8 ;TPS | P bXcT T]R^daPVX]V bcdST]c [TPSTabWX_
.</( +2:$5'
-KWZ_]
TXDQWLW\ YV TXDOLW\ 'LVFXVVLQ J W K H S U R V F R Q V R I W K H Q H Z D F D G H P L F V F K H G X O H (DUO\ LQ 3UHVLGHQW 6WHYHQ & :KHHOZULJKWlV DGPLQLVWUDWLRQ DW %<8 +DZDLL WKUHH LPSHUD WLYHV ZHUH HVWDEOLVKHG LQ RUGHU WR LQIOXHQFH DOO RI WKH GHFLVLRQV IRU WKH VFKRRO 6HUYH PRUH VWXGHQWV 5HGXFH FRVWV WR HYHU\RQH DQG ,PSURYH TXDOLW\ 7KH QHZ DFDGHPLF VFKHGXOH VHUYHV PRUH VWXGHQWV DQG UHGXFHV FRVWV +RZHYHU WKH WKLUG DQG ODVW REMHFWLYH RI LPSURYLQJ TXDOLW\ LV VRPHZKDW PRUH GLIILFXOW WR SLQ GRZQ LQ WKLV UHJDUG 0D[ &KHFNHWWV YLFH SUHVLGHQW RI $FDGHPLFV VDLG m2XU K\SRWKHVLV RU RXU KRSH LV WKDW LPSURYHPHQW RI TXDOLW\ ZRXOG DFWXDOO\ FRPHe E\ LQFUHDVLQJ WKH OHQJWK RI WKH FODVV WLPH n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m, OLNH WKH H[WUD WLPH LQ FODVV n KH
VDLG m,W KHOSV WR JLYH PH FORVXUH RQ D WRSLF %XW D ORW RI VXEMHFWV OLNH DFFRXQWLQJ GHPDQG PRUH WLPH RXWVLGH RI FODVV IRU SUDFWLFH n $V D UHVXOW RI WKH VKRUWHQHG VHPHV WHU RWKHU FKDOOHQJHV KDYH DULVHQ DPRQJ VWX GHQWV DQG IDFXOW\ PHPEHUV 3DXO )UHHEDLUQ ZKR RYHUVHHV WKH 7HVWLQJ &HQWHU VDLG WKH\ KDYH IDFHG FKDOOHQJHV ZLWK VFKHGXOLQJ WHVWV LQ RUGHU WR SUHYHQW ERWWOH QHFNLQJ DURXQG SHDN WLPHV m:H KDG SUREOHPV ZLWK PLG WHUPV >ODVW VHPHVWHU@ RQO\ EHFDXVH ZH GLGQlW VFKHGXOH LW SURSHUO\ n KH VDLG +H VDLG WKH\ KDYH ILJXUHG RXW ZD\V WR SUHYHQW WKH SUREOHP IURP RFFXUULQJ DJDLQ VD\LQJ WKH\ DUH UHDG\ IRU PLGWHUPV DQG ILQDOV WKLV QHZ VHPHVWHU (ULF 2UU D SV\FKRORJLVW ZRUNLQJ IRU WKH XQLYHUVLW\lV &RXQVHOLQJ 6HUYLFHV &HQWHU VDLG ZKLOH WKH\ KDYH \HW WR SURGXFH D GHWDLOHG UHSRUW KH DQG WKH UHVW RI WKH VWDII WKHUH DUH SHUFHLYLQJ DQ LQFUHDVH RI VWXGHQWV FRPLQJ WR WKHP IRU KHOS ZLWK VWUHVV m$QHFGRWDOO\ ZH DUH SHUFHLYLQJ WKDW \HV WKHUH LV D KLJKHU VWUHVV OHYHO RQ FDPSXV n KH VDLG m7KHUH FRXOG EH ORWV RI IDFWRUV EXW WKH QHZ VFKHGXOH FRXOG EH RQH RI WKHP n 2QH VWXGHQW ZKR LV VHHNLQJ WKHUDS\ IURP WKH &RXQVHOLQJ &HQWHU LV )HOLSH 0DU WLQV D VHQLRU LQ SROLWLFDO VFLHQFH IURP /DLH +H VDLG ZKLOH KH LV mQRW HQWLUHO\ VXUH ZKDWlV FDXVLQJ >KLV QHHG WR VHHN FRXQVHOLQJ@ WKLV VKRUWHU VHPHVWHU DQG FRQVWULFWHG FODVV VFKHG XOH LVQlW KHOSLQJ 1RW RQO\ KDV WKLV JUHDWO\ DIIHFWHG P\ JUDGHV EXW P\ VWUHVV OHYHOV n %<8+6$lV -DPHV 6LQNRYLF 93 RI
WKH 6WXGHQW $GYLVRU\ &RXQFLO 6$& VDLG 6$& UHFHLYHV UHJXODU SOHDV IURP VWXGHQWV WR DSSURDFK WKH DGPLQLVWUDWLRQ ZLWK WKH VXEMHFW VRPHWKLQJ ZKLFK KH VDLG WKH\ KDYH GRQH DOUHDG\ :KHQ DVNHG DERXW LQFUHDVHG VWUHVV RQ FDPSXV &KHFNHWWV VDLG m:H DUH QRW VXU SULVHG WKDW WKHUH LV PRUH VWUHVV ULJKW QRZ EXW ZKDW ZH ZDQW WR NQRZ LV ZKDW LV FDXVLQJ WKH VWUHVV ZK\ DQG KRZ LW LV KDSSHQLQJe LW FRXOG MXVW EH WKH QHZQHVV RI LW n $V D UHVXOW RI WKLV SHUFHLYHG LQFUHDVH LQ VWUHVV VRPH ZRQGHU DW KRZ WKH TXDOLW\ RI HGXFDWLRQ FRXOG EH LPSURYLQJ LQ WKH IDFH RI WKHVH FKDOOHQJHV 0DUWLQV VDLG m,W LPSURYHV TXDQWLW\ RI HGXFDWLRQ QRW WKH TXDOLW\ 0RUH SHRSOH DUH JHWWLQJ VFKRROHG DQG IDVWHU ,WlV D ELW OLNH EX\LQJ FKHDSHU PHDW DQG DVNLQJ LI WKH ORZHU SULFH RI WKH KDPEXUJHU LPSURYHV WKH TXDOLW\ n .LPEDOOlV UHVSRQVH WR WKH TXHVWLRQ RI TXDOLW\ ZDV WKDW WKLV LV mWKH JUHDW TXHVWLRQ RI HGXFDWLRQn LQ JHQHUDO +H VDLG DOWKRXJK TXDOLW\ VHHPV WRXJK WR PHDVXUH WKH QHZ VFKHGXOH LV WKH DGPLQLVWUDWLRQlV EHVW DWWHPSW WR IROORZ WKH GLUHFWLRQ RI &(6 DXWKRULWLHV ZKR KDYH DVNHG IRU PRUH HIILFLHQW VSHQGLQJ DV %<8+ LV ODUJHO\ IXQGHG E\ WLWKLQJ FRQWUL EXWLRQV IURP WKH /'6 &KXUFK &KHFNHWWV VDLG KH DQG WKH DGPLQ LVWUDWLRQ XQGHUVWDQG ZKDW LV KDSSHQLQJ DQG DUH DVNLQJ IRU KHOS WR DFKLHYH WKH XQLYHUVLW\lV JRDOV m:H DUH RSHQ WR ORRNLQJ PRUH LQWR ZKDWlV EHVW IRU WKH VWXGHQWV DQG IDFXOW\ n KH VDLG m$QG ZH ZDQW WR KHDU IURP VWXGHQWV n '$9,' %8 552:6
MDQXDU\
P>E<HF> AHF>
9\bmklaf_ lg da^] af Y f]o `ge] `Yk Zgl` hYafk Yf\ h]jck$ ]n]f af Y ljgha[Yd hYjY\ak] dac] :QM%@YoYaa& @]j] Yj] kge] lahk ^jge mhh]j [dYkke]f lg `]dh qgm eYc] l`] egkl g^ qgmj lae] Yk Y f]o :QM@ klm\]fl&
O`Yl Y\na[] ogmd\ qgm _an] lg f]o :QM@ klm\]flk7
<gf l klj]kk lgg em[`$ Zml \gf l j]dYp lgg em[`& %%<Yfa]d 9flanaddg$ A:E eYbgj
?]l Y hdYff]j Yf\ gj_Yfar] qgmj da^]& %%<]naf F]^^$ =PK eYbgj
:mq Y [Yj Yf\ d]Yn] DYa] Yk em[` Yk hgk% kaZd]& %%Bgk` F]dkgf$ A:E eYbgj
=fbgq Z]af_ `]j] Yf\ `Yn] ^mf& =p% hdgj] f]o l`af_k Yf\ _]l Yk em[` af Yk qgm [Yf o`ad] qgm j] `]j]& %%Dqf\k]q Egj_Yf$ 9jl eYbgj
Ogjc Yk `Yj\ Yk qgm hdYq& A^ l`]j] k Yf ghhgjlmfalq lg \g kge]l`af_ ^mf$ lYc] al& %%DakY ;mddaegj]$ 9jl eYbgj
.H $ODND¶L
KlYq af k[`ggd$ \gf l \jgh gml$ Yf\ \gf l jmf YoYq lg l`] eYafdYf\ %%LYmnY DaYfY$ Hgdala[Yd K[a]f[] eYbgj
?g lg l`] k[`ggd Y[lanala]k dac] \Yf[]$ Yf\ bgaf [dmZk$ dac] @YoYaaYf ;dmZ %%GqmcY LmemjZYYlYj$ 9[[gmflaf_ Yf\ ;gjhgjYl] >afYf[] eYbgj
&&&
?g gf `ac]k %%;`Yk] ;Yjdlgf$ EYl` eYbgj
?g lg Ydd qgmj [dYkk]k& ;ge] lg l`] _Ye] jgge& Bmeh g^^ DYa] hgafl& Qgm [Yf l kYq qgm n] dan]\ af @YoYaa mflad qgm n] bmeh]\ g^^ l`] hgafl %%FgZd] ;jgo]dd$ Hgdala[Yd K[a]f[] eYbgj
KlYq gf lgh g^ l`af_k Yf\ lYc] qgmj ]\m[Ylagf k]jagmkdq& @Yn] ^mf lgg ?g kcq\anaf_ gj bmeh g^^ OYae]Y jg[c& %%Lgja Kaehkgf$ :mkaf]kk eYbgj
O`Yl \g qgm j][gee]f\ \gaf_ ^gj ^mf7
:LQWHU EULQJV QHZ VWXGHQWV 7KH FRPPHQFHPHQW RI :LQWHU 6HPHVWHU KDV EURXJKW GR]HQV RI QHZ VWXGHQWV WR %<8 +DZDLLlV FDPSXV PDQ\ RI WKHP WUDQVIHUULQJ IURP RWKHU FROOHJHV $QJHOD 'DEE %RKGDQ 5RPDQ\XN DQG 6DPXHO 3HUNLQV SLFWXUHG RQ WKH FRYHU RI WKLV ZHHNlV .H $ODNDkL DUH WKUHH VXFK VWXGHQWV $QJHOD 'DEE D VRSKRPRUH PDMRU LQJ LQ ([HUFLVH DQG 6SRUWV 6FLHQFH WUDQVIHUUHG WR %<8+ IURP :HEHU 6WDWH LQ 2JGHQ 8WDK 2ULJLQDOO\ IURP .D\VYLOOH 8WDK 'DEE VDLG VKH ZDQWHG WR DWWHQG %<8+ HYHU VLQFH VKH ZDV OLWWOH $IWHU KHDULQJ JRRG WKLQJV IURP D IULHQG DOUHDG\ DWWHQGLQJ VKH GHFLGHG WR OHDYH WKH ZHVWlV FROG ZLQWHU DQG WU\ +DZDLL IRU D FKDQJH $OUHDG\ VKH KDV FRPSOHWHG D IHZ KLNHV
LQ WKH DUHD DQG VSHQW WLPH LQ +RQROXOX %RKGDQ 5RPDQ\XN KDV FRPH WR %<8+ IURP WKH 8NUDLQH DQG LV HQUROOHG LQ WKH , :25. SURJUDP DYDLODEOH IRU LQWHUQD WLRQDO VWXGHQWV RQ FDPSXV +LV PDMRU LV XQ GHFODUHG WKRXJK KH HQMR\V JHRJUDSK\ DQG LV FRQVLGHULQJ LQWHUQDWLRQDO FXOWXUDO VWXGLHV RU SROLWLFDO VFLHQFH +H ZDV HQFRXUDJHG WR DSSO\ WR WKH XQLYHUVLW\ E\ D ZRQGHUIXO PLVVLRQDU\ FRXSOH ZKRP KH PHW DW KLV KRPH EUDQFK +H HQMR\V WKH RUJDQL]DWLRQ RI KLV OLIH LQ +DZDLL m&ODVVHV ZRUN DQG WKH UHVW DOO ILW WRJHWKHU DOPRVW SHU IHFW n KH VDLG +H QRWHV KRZHYHU WKDW +DZDLL LV FHUWDLQO\ GLIIHUHQW IURP KLV KRPH FRXQWU\ SDUWLFXODUO\ WKH ZHDWKHU FXOWXUH DQG V\VWHPV RI PHDVXUHPHQW
6DPXHO 3HUNLQV D IUHVKPDQ DUW PD MRU IRFXVLQJ RQ SKRWRJUDSK\ DGPLWV WKDW KH DSSOLHG WR %<8+ DV D MRNH m, GLGQlW WKLQN , ZDV JRLQJ WR EH DFFHSWHG EXW , WKRXJKW , PLJKW DV ZHOO WU\ MXVW EHFDXVH LWlV +DZDLL n +H ZDV DOVR LQWHUHVWHG LQ UXQQLQJ RQ WKH VFKRROlV FURVV FRXQWU\ WHDP DQG WKRXJKW LW ZRXOG EH D JRRG SODFH WR SUHSDUH IRU KLV PLVVLRQ +LV IDYRULWH SDUW RI WKH VFKRRO VR IDU LV WKH GLYHUVLW\ DPRQJVW WKH VWXGHQWV +H OLNH 5RPDQ\XN VDLG /DLH LV D IDU FU\ IURP KLV KRPH LQ 5H[EXUJ ,GDKR ZKHUH WKH WHPSHUD WXUH LV RU GHJUHHV m, UHDOO\ PLVV P\ PRXQWDLQV SLQHV DQG VQRZ EXW >/DLH@ UHDOO\ LV MXVW D EHDXWLIXO DUHD n 3HUNLQV VDLG
$0< + $1621
5a^\ ;TUc c^ AXVWc) =Tf[h PaaXeTS bcdST]cb 0]VT[P 3PQQ 1^WSP] A^\P]hdZ P]S BP\dT[ ?TaZX]b PaT P UTf ^U cWT \P]h ]Tf UaTbW\T] ^] RP\_db ?W^c^ Qh AhP] 1PV[Th
MDQXDU\
Klm\]flk [ge] lg :QM%@YoYaa ^gj eYfq j]Ykgfk %<8 +DZDLL VWXGHQWV FRPH KHUH IRU D YDULHW\ RI UHDVRQV +RZHYHU VRPH VWXGHQWV GR QRW VWD\ WR JUDGXDWH KHUH m, FDPH KHUH EHFDXVH P\ SDUHQWV ZDQWHG PH WR JR WR %<8 DQG , GLGQlW ZDQW WR JR WR 8WDK RU ,GDKR n VDLG 1LNNL %URZQ IURP &DOLIRUQLD D MXQLRU LQ LQWHUQDWLRQDO FXOWXUDO VWXGLHV 6KH FRQWLQXHG m,lYH DOZD\V DSSUHFL DWHG RWKHU FXOWXUHV DQG , ZDQWHG WR OHDUQ PRUH DERXW WKHP DQG EH VRPHZKDW PRUH LQIOXHQWLDO RQ D EURDGHU VFDOH n %URZQ VDLG m, FDPH KHUH ZLWK WKH LQWHQWLRQ RI JUDGXDWLQJ IURP KHUH EXW ,lYH EHHQ FKHFNLQJ LQWR RWKHU RSWLRQV ODWHO\ n +HU UHDVRQ IRU WKLV VKH H[SODLQHG LV mD FXULRVLW\ RI ZKDW RWKHU FXOWXUDO H[SHULHQFHV DUH RXW WKHUH n +RRQ /HH D VHQLRU LQ LQIRUPDWLRQ WHFKQRORJ\ IURP .RUHD VDLG m3HRSOH PRVW OLNHO\ FRPH KHUH EHFDXVH WKH WXLWLRQ LV FKHDS WKH VFKRRO LV D ORW HDVLHU WR JHW LQWR WKDQ %<8 3URYR DQG WKH ZHDWKHU LV QLFH DOPRVW OLNH KHDYHQ RU SDUDGLVH n /HH H[SODLQHG m, FDPH KHUH WR JHW D GHJUHH VR WKDW ZKHQ , JR EDFN WR .RUHD , FDQ JHW D EHWWHU MRE n /HH VDLG WKDW KH ZLOO GHILQLWHO\ EH JUDGXDWLQJ IURP %<8+ DQG
.H $ODND·L
WKDW KH FRXOG QRW WKLQN RI D EHWWHU VFKRRO 7DONLQJ DERXW ZK\ VKH FDPH WR %<8+ $QQD 5RVH +XEHUW D VRSKRPRUH LQ SV\FKRORJ\ IURP :DVKLQJWRQ VDLG m,W ZDV WKH FRPSOHWH RSSRVLWH RI ZKHUH , ZDV DQG , KDG WR WU\ LW 3OXV , JRW DFFHSWHG DQG \RX FDQlW VD\ QR WR %<8+ n 6KH VDLG WKDW VKH LV JRLQJ WR JUDGXDWH IURP KHUH EXW VKH KDV FRQVLGHUHG OHDYLQJ mPXOWLSOH WLPHVn EHFDXVH mWKH LVODQG LV WRR VPDOO DQG >VKH@ ZDQW WR EH QHDU >KHU@ IDPLO\ n 6KH DOVR VDLG m, PLVV WKH PRXQWDLQV DQG , KDWH WKH EXJV n &KDUOLH &UDQGDOO D MXQLRU ZLWK DQ XQGHFODUHG PDMRU IURP 9LUJLQLD VDLG VKH FKRVH %<8+ EHFDXVH VKH ZDQWHG WR JR WR DQ /'6 VFKRRO 6KH DOVR VDLG m, ZDQWHG WR EH D VRFLDO ZRUN PDMRU DQG WKH GHSDUWPHQW KHUH LV RQH RI WKH RQO\ RQHV LQ $PHULFD WKDW LV 1DWLRQDOO\ $FFUHGLWHG n &UDQGDOO VDLG VKH KDV VLQFH FKDQJHG KHU PLQG DERXW KHU PDMRU DQG WKDW VKH KDV WKRXJKW DERXW WUDQVIHUULQJ GXH WR WKH ODFN RI PDMRUV &UDQGDOO GHVFULEHG KHU IDYRULWH SDUW RI %<8+ VD\LQJ m, FDQ IHHO WKH VSLULW LQ DOO P\ FODVVHV n 3D\LQJ IRU VFKRRO FDQ EH D PDMRU FKDOOHQJH WKDW LV ZK\ VRPH OHDYH RU WDNH D EUHDN IURP VFKRRO )RU RWKHUV WKH EOHVVLQJ RI EHLQJ DEOH WR FRQWLQXH WKHLU HGXFDWLRQ LV RQH WKDW LV QRW WDNHQ IRU JUDQWHG %URZQ VDLG m5LJKW QRZ ,lP RQ D IHGHUDO ORDQ DQG , ZRUN DW 0F'RQDOGlV n /HH LV DQ , :25. VWXGHQW
7KLV SURJUDP LV RQH RI WKH PDMRU EHQHILWV RI %<8+ ,W LV SDUWLFXODUO\ XVHIXO IRU LQWHUQD WLRQDO VWXGHQWV ZKR DERXW KDOI RI WKH VFKRROlV SRSXODWLRQ m$Q\RQH FDQ DSSO\ IRU , :25. LI WKH\ DUH D IRUHLJQ VWXGHQW RU LI WKHLU SDUHQWVl LQFRPH LV OHVV WKDQ n VDLG /HH m%D VLFDOO\ WKURXJK WKH , :25. SURJUDP WKH\ SD\ DOPRVW DOO P\ WXLWLRQ , RQO\ KDYH WR SD\ WKH IDPLO\ FRQWULEXWLRQ ZKLFK LV QRW PXFK PRQH\ n /HH FRQWLQXHG m, ZRUN IRU 3&& DQG DOO WKH PRQH\ WKH\ PDNH >WKURXJK P\ ZRUN@ KHOSV WR SD\ P\ WXLWLRQ 7KH PRQH\ WKH 3&& PDNHV FDQQRW FRYHU DOO RI P\ WXLWLRQ VR PHP EHUVl WLWKLQJ KHOSV WR SD\ RXU WXLWLRQ n &$55,( &2//,1*5,'*(
7KH RSHQLQJ VRFLDO DWWUDFWHG D FRXSOH KXQGUHG IUHVKPHQ \HW IHOO VKRUW ZLWK WKH UHVW RI WKH VFKRRO 7KH EDOOURRP KDG WKH DSSHDUDQFH RI D KLJK VFKRRO VWDNH GDQFH /LJKWV EULJKWO\ VKLQ QLQJ WKH SHULPHWHU FRYHUHG ZLWK ZDOOIORZHUV DQG RQH RU WZR SDUWQHUV VZLQJ GDQFLQJ 7KH IRRG ZDV D ELJ KLW ZLWK WKH PD MRULW\ RI VWXGHQWV OLNH 6RSKLH 6LPPRQV IUHVK PDQ LQ ELRORJ\ IURP &DQDGD m7KH IRRG LV VXSHUE ,W LV DQ HDV\ VQDFN SODWH SHUIHFW IRU SDUW\ IRRG n VKH VDLG HQWKXVLDVWLFDOO\ $QRWKHU VWXGHQW (PPD (ULFNVRQ IUHVKPDQ LQ (QJOLVK IURP 0DVVDFKXVHWWV VDLG ZK\ VKH WKRXJKW VWXGHQWV FDPH WR WKH VRFLDO m(YHU\RQH FRPHV IRU WKH IRRG , FDPH IRU WKH IRRG +RZ HYHU WKH QLJKW LV \RXQJ n VKH DGGHG UHIHUHQF LQJ KRSHV IRU PRUH WKDQ MXVW IRRG $ KDQGIXO RI VWXGHQWV VKDUHG WKHLU QHJDWLYH IHHOLQJV FRQFHUQLQJ WKH OLJKWV LQ WKH EDOOURRP m, GRQlW OLNH KRZ DOO WKH OLJKWV DUH RQ n (JDQ $QGHUVRQ VDLG XQGHFLGHG IUHVKPDQ IURP 8WDK 7ZR IHPDOH VWXGHQWV VLWWLQJ GRZQ LQ D FRUQHU DJUHHG WR GLVDJUHH DERXW WKH PXVLFDO FKRLFH .DWK\ /LQJ IUHVKPDQ LQ VRFLDO ZRUN IURP &DQDGD VDLG m, GRQlW OLNH WKH PXVLF ZH QHHG VRPHWKLQJ ZH FDQ GDQFH WR n /LQJlV IULHQG 5DTXHO +HUURQ XQGHFLGHG IUHVKPDQ IURP $UL]RQD TXLFNO\ FRXQWHUHG ZLWK KHU RZQ RSLQLRQ m, WKLQN WKH PXVLF LV JRRG n +HUURQ DGGHG ZKDW VKH IHOW ZDV QHHGHG WR KHOS LPSURYH WKH GDQFH ZLWK WKH VLPSOH VWDWHPHQW m0RUH SHRSOH n VKH VDLG DV VKH ZDYHG KHU KDQG DURXQG LQ FLUFOHV 7KHUH ZDV D JURXS RI QRQ IUHVKPDQ VWXGHQWV WKDW WRRN WKH GDQFH WR KHDUW GDQF LQJ PRUH DJJUHVVLYHO\ WKDQ DQ\ RWKHU VWXGHQWV DURXQG WKHP . < / ( + 2: $ 5 '
?]l lg cfgo qgmj Y[Y\]ea[ Y\nakgj
:QM@K9 Gh]faf_ Kg[aYd Oafl]j *()(
Â&#x2021;-RGL &KRZHQ $GYLVRU IRU 8QGHFODUHG 0DMRUV 5RRP &DUHHU &HQWHU 3KRQH )D[ ( PDLO MFKRZHQ#E\XK HGX
Â&#x2021;6XVDQ :HVOH\ $GYLVRU IRU $FFRXQWLQJ +RWHO DQG 7RXU LVP 0DQDJHPHQW 5RRP *&% 3KRQH )D[ ( PDLO ZHVOH\V#E\XK HGX
Â&#x2021;.DUHQ 0LOOHU $GYLVRU IRU +DZDLLDQ 6WXGLHV +LVWRU\ +LVWRU\ (G ,QWHUQDWLRQDO &XOWXUDO 6WXGLHV 0DWK 0DWK (G 3DFLÃ&#x20AC;F ,VODQG 6WXGLHV 3V\FKRORJ\ 6RFLDO 6FLHQFH (G 5RRP 0&. 3KRQH )D[ ( PDLO PLOOHUN#E\XK HGX
Â&#x2021;*DLO\Q %RSS $GYLVRU IRU %LRFKHPLVWU\ &KHPLVWU\ (G %LRORJ\ %LRORJ\ (G ([HUFLVH DQG 6SRUW 6FLHQFHV 3K\VLFDO 6FLHQFH (G 5RRP 0&. 3KRQH )D[ ( PDLO JERSS#E\XK HGX
Â&#x2021;&KDULW\ )RQRLPRDQD $GYLVRU IRU ,QWHUQDWLRQDO %XVL QHVV 0DQDJPHQW 5RRP *&% 3KRQH )D[ ( PDLO FIRQRL#E\XK HGX
Â&#x2021;+L·L &DPSEHOO $GYLVRU IRU &RPSXWHU 6FLHQFH ,QIRU PDWLRQ 6\VWHPV ,QIRUPDWLRQ 7HFKQRORJ\ 3ROLWLFDO 6FLHQFH 5RRP *&% 3KRQH )D[ ( PDLO SK #E\XK HGX
Â&#x2021;0DUWKD &KULVWHQVHQ $GYLVRU IRU (OHPHQWDU\ (G 6HFRQGDU\ (G $UW (G %LRORJ\ (G %XVLQHVV (G &KHPLV WU\ (G (QJOLVK (G +LVWRU\ (G 0DWK (G 0XVLF (G 3( &(57 3K\VLFDO 6FLHQFH (G 6RFLDO 6FLHQFH (G 6SHFLDO (G 6RFLDO :RUN 7(62/ 5RRP 6(% 3KRQH )D[ ( PDLO PDUWKDFK#E\XK HGX
Â&#x2021;0DULOHH &KLQJ $GYLVRU IRU (OHPHQWDU\ (G 6HFRQG DU\ (G $UW (G %LRORJ\ (G %XVLQHVV (G &KHPLVWU\ (G (QJOLVK (G +LVWRU\ (G 0DWK (G 0XVLF (G 3( &(57 3K\VLFDO 6FLHQFH (G 6RFLDO 6FLHQFH (G 6SHFLDO (G 6RFLDO :RUN 7(62/ 5RRP 6(% 3KRQH )D[ ( PDLO FKLQJP#E\XK HGX
Â&#x2021;%HWW\ 1LNRUD $UW $UW (G (QJOLVK (QJOLVK (G 0XVLF 5RRP 0&. 3KRQH )D[ ( PDLO EQ #E\XK HGX
$GYLVRUV LQ WKH VDPH RIILFH FDQ KHOS RXW ZLWK DQ\ PDMRU
MDQXDU\
-KWZ_]
.H $ODND¶L
0DUWLQ /XWKHU .LQJ -U + R O L G D \
7KH
/RRVHO\ LQWHUSUHWHG D KROLGD\ PHDQV mVFKRROlV RXWn IRU PRVW VWXGHQWV DQG IDFXOW\ 7KLV \HDU -DQ ZLOO EH 0DUWLQ /XWKHU .LQJ -U 'D\ D 8 6 KROLGD\ VHW IRU HYHU\ WKLUG 0RQGD\ LQ -DQXDU\ %XW KRZ PXFK GR ZH UH DOO\ NQRZ DERXW WKH PDQ EHKLQG WKH KROLGD\" +RZ LV KH UHOHYDQW WR RXU KRPH FXOWXUHV DQG FRXQWULHV" 7KH DQVZHU 8QGHUVWDQGLQJ KLV VWRU\ FDQ KHOS XV UHDOO\ XQGHUVWDQG ZKDW WKH %<8 +DZDLL PLVVLRQ VWDWHPHQW PHDQV ZKHQ LW VD\V m*R )RUWK WR 6HUYH n 0DUWLQ /XWKHU .LQJ -U ZDV DQ $IULFDQ $PHULFDQ %DSWLVW PLQLVWHU ZKR EHFDPH D G\QDPLF OHDGHU GXULQJ WKH k V DQG k V WKH \HDUV RI WKH $PHULFDQ &LYLO 5LJKWV 0RYHPHQW 7KH PRYHPHQW VRXQGHG D EDWWOH FU\ IRU DQ HQG WR UDFLVP DQG GLVFULPLQDWLRQ ,W ZDV D GLIILFXOW WLPH IRU WKH FRXQWU\ ZLWK WKH -LP &URZ 6HJUHJDWLRQ /DZV VWLOO EHLQJ HQIRUFHG ZKLFK PDGH SXEOLF VHJUHJDWLRQ OHJDO $V D UHVXOW mEODFNVn ZHUH PDQGDWHG WR XVH SXEOLF IDFLOLWLHV WKDW ZHUH FODLPHG WR EH mVHSDUDWH EXW HTXDO n 7KLV ZDV DOPRVW QHYHU WKH FDVH 7KH\ ZHUH WUHDWHG DV LQIHULRUV DQG WKHLU DF FRPPRGDWLRQV ZHUH SURRI RI LW IRU LQVWDQFH UHVW URRPV UHVHUYHG IRU $IULFDQ $PHULFDQV ZHUH XVXDOO\ XQVDQLWDU\ DQG SRRUO\ PDLQ WDLQHG 7KH HIIHFWV RI WKH -LP &URZ /DZV HYHQ VSLOOHG RYHU LQWR SXEOLF WUDQVSRUWDWLRQ ZKHUH $IULFDQ $PHULFDQV ZHUH H[SHFWHG WR JLYH XS WKHLU VHDWV WR ZKLWH $PHULFDQV
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lV UHQRZQHG FLYLO ULJKWV ZRUNV ZDV KLV m, KDYH D GUHDPn VSHHFK ZKLFK LV FRQVLGHUHG WR EH RQH RI WKH JUHDWHVW $PHULFDQ RUDWLRQV RI DOO WLPH .LQJ GHOLYHUHG WKH DGGUHVV LQ WR PRUH WKDQ SHRSOH JDWKHUHG LQ WKH QDWLRQlV FDSLWDO WR ILJKW IRU mMREV DQG IUHHGRP n 7KHUH KH JUHDWO\ LQFUHDVHG SXEOLF DZDUHQHVV RI WKH &LYLO 5LJKWV 0RYHPHQW DQG IXUWKHUHG WKH ILJKW DJDLQVW UDFLVP 7KRXJK .LQJ ZDV QRQ YLROHQW LQ KLV OHDGHUVKLS KH ZDV SHUVHFXWHG LQ YDULRXV PDQQHUV DQG DUUHVWHG RQ PXOWLSOH RFFDVLRQV 'XULQJ RQH LQVWDQFH RI LQFDUFHUDWLRQ LQ WKH FLW\ MDLO RI %LUPLQJKDP $OD KH FRPSRVHG WKH /HWWHU IURP %LUPLQJKDP -DLO EROGO\ VWDW LQJ WKDW FLYLO ULJKWV ZRXOG QHYHU EH DFKLHYHG LI OHIW VROHO\ WR WKH FRXUWV +H DUJXHG WKDW QRQ YLROHQW IRUFHIXO DFWLRQV ZHUH QHFHVVDU\ LI
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lV FKLO GUHQ DUH TXDOLWLHV WKDW HYHU\ %<8+ VWXGHQW VKRXOG GHYHORS DQG UHPHPEHU GXULQJ 0DUWLQ /XWKHU .LQJ -U 'D\ %/$.( %$;7( 5 MDQXDU\
0b cWT ]d\QTa ^U QPa [XRT]bTb PePX[PQ[T X] DcPW SfX]S[Tb aTbXST]cb RWTTa P]S QdbX]Tbb ^f]Tab Vad\Q[T 6^^V[T 8\PVTb R^dacTbh ^U 5^^S 6?B
+aK\OXO]] YP ?^KR [_Y^K VKa N\Ka] ]_ZZY\^ P\YW Z_LVSM (DUOLHU WKLV \HDU 8WDK ODZPDNHUV GLG DZD\ ZLWK WKH ODZ SHUPLWWLQJ RQO\ WZR EDUV SHU VWUHHW LQ 6DOW /DNH &LW\ $OWKRXJK UHVLGHQWV VKRZHG H[FLWHPHQW IRU WKH FKDQJH DQRWKHU SUREOHP KDV DULVHQ IRU WKH FLW\ m7KH OLWWOH NQRZQ UHVWULFWLRQ RQ EDU QXPEHUV FDPH LQWR SOD\ WKLV PRQWK ZKHQ WKH VWDWH UDQ RXW RI OLFHQVHV n VDLG DQ DUWLFOH LQ WKH 6DOW /DNH 7ULEXQH 7KH ORFDO 8WDK QHZVSDSHU DOVR DGGHG m6LQFH 6HSWHPEHU DV WKH QXPEHU RI OLFHQVHV GZLQGOHG DQG WKHQ ZHQW GU\ PRUH WKDQ D GR]HQ EXVLQHVV RZQHUV KDYH JRQH DZD\ HPSW\ KDQGHG ZKHQ WKH\ DVNHG IRU D OLFHQVH WR RSHQ D QHZ EDU $W WKH 'HFHPEHU
.H $ODND¶L
PHHWLQJ RI WKH 8WDK 'HSDUWPHQW RI $OFRKRO %HYHUDJH &RQWURO HLJKW EDU RZQHUV YLHG IRU D VLQJOH DYDLODEOH OLFHQVH n %<8 +DZDLL VWXGHQWV IDPLOLDU ZLWK 8WDK ODZV IRXQG WKH FXUUHQW LVVXH SRVLWLYH DQG KXPRURXV m, WKLQN LW LV D JUHDW LGHD WKDW WKH\ DUH QRW FXUUHQWO\ JLYLQJ RXW PRUH OLFHQVHV VR WKDW ZH 0RUPRQV FDQ EH EHWWHU SURWHFWHG n VDLG -RUGDQ $QGHUVRQ VRSKRPRUH LQ ,%0 IURP 8WDK $QRWKHU VWXGHQW 'DQLHO +\GH VRSKRPRUH LQ (;6 IURP &RORUDGR ZHQW WR KLJK VFKRRO LQ 8WDK DQG ODXJKHG ZKHQ KH KHDUG WKH GLOHPPD DQG VDLG m,WlV VZHHW WKDW WKH\ DUH QRW RIIHULQJ PRUH OLFHQVHV n
6WDWH OLTXRU OLFHQVH TXRWDV IRU ERWK EDU DQG UHVWDXUDQWV DUH EDVHG RQ WKH VWDWHlV SRSXODWLRQ m7KHUH LV OLWWOH EDFNLQJ >WR UHOD[ WKH TXRWDV@ IURP WKH JRYHUQRU NH\ OHJLVODWRUV RU WKH &KXUFK RI -HVXV &KULVW RI /DWWHU GD\ 6DLQWV ZKRVH OHDGHUV KDYH WUDGLWLRQDOO\ H[ HUWHG WKHLU LQIOXHQFH LQ VKDSLQJ OLTXRU ODZV WR UHVWULFW GULQNLQJ n VDLG WKH 7ULEXQH 7KH 7ULEXQH DOVR IRXQG WKDW EDU RZQHUV ZKR KDYH DQ DGYDQWDJH ZLWK WKH OLFHQVH TXRWDV DUH VWLOO QRW LQ IDYRU RI WKHP EHFDXVH mTXRWDV KXUW WKH VWDWHlV LPDJH n
.</( + 2:$5'
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m, IHOW JUHDW WR EH EDFN RQ WKH FRXUW ZLWK WKH UHVW RI WKH WHDP , DP VWLOO D ELW UXVW\ EXW , IHOW JRRG DV ZHOO DV P\ NQHH n $OYHV VWDWHG $OYHVl LPSDFW RQ WKH JDPH ZDV YLWDO DQG DV KH JHWV PRUH DQG PRUH SOD\LQJ WLPH WKH WHDP ZLOO VWDUW UROOLQJ DJDLQ m:H ZLOO OHDUQ IURP WKLV ORVV DQG DOVR ZH ZLOO JURZ IURP LW n $OYHV LQGLFDWHG ,W LV LPSRUWDQW IRU SOD\HUV DQG FRDFKHV WR ILQG FRPPRQ JURXQG IRU EHWWHU FRPPXQLFDWLRQ DQG EH DEOH WR H[HFXWH IRU IXWXUH JDPHV
9, . 7 25 % (= + $1 ,
C^_ ;TUc) ;dRPb 0[eTb bZXacb 2WP_\P] ^__^]T]c C^_ AXVWc) 2^PRW FPV]Ta VdXSTb WXb cTP\ SdaX]V P cX\T ^dc 1^cc^\ ;TUc) <Pa`dTb FWX__h PccT\_cb P bW^c 1^cc^\ AXVWc) 9A 1dT] bdRTb^ S^SVTb WXb 2WP_\P] R^d]cTa_Pac ?W^c^b Qh AhP] 1PV[Th
'HFHMDQXDU\
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m:H DUH OLYLQJ LQ D ZRUOG VDWXUDWHG ZLWK DOO NLQGV RI YRLFHV n VDLG (OGHU 0 5XVVHOO %DOODUG LQ KLV PRVW UHFHQW YLVLW WR %<8+ mEHFDXVH QRZ PRUH WKDQ HYHU ZH KDYH D PDMRU UHVSRQVLELOLW\ DV /DWWHU GD\ 6DLQWV WR GHILQH RXUVHOYHV LQVWHDG RI OHWWLQJ RWKHUV GHILQH XV n ,Q WKHVH EULHI \HDUV DV XQLYHUVLW\ VWXGHQWV ZH OHDUQ WKH VNLOOV WR LQQRYDWH DQG FUHDWH WR GHYHORS H[FHS WLRQDO LQJHQXLWLHV V\VWHPV DQG RUJDQL]DWLRQV IRU WKH WDVN RI PDNLQJ WKLQJV p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
.H $ODND·L
3^dV 1XbR^UU ?W^c^ Qh =PcWP] FX[[XP\b
RI WKUHH WHUPV DQG WKH ODFN RI KRXVLQJ \HW PDQ\ RI WKHVH IUXVWUDWLRQV DUH JUXPEOHG DQG PXPEOHG LQ FODVV WR SURIHV VRUV DQG IULHQGV ZLWKRXW DQ\ UHVXOWV m/,67(1 72 86 n ZH KRZO DV ZH FRQWLQXH WR FRPSODLQ 3HUKDSV WKLV IHHOLQJ RI QHJOHFW LV EHFDXVH ZH DUH QRW XVLQJ WKH SURSHU FKDQQHOV WR YRLFH WKRVH JULHYDQFHV <HV WKHUH LV WUXWK LQ WKH DGDJH WKDW WKH VTXHDN\ ZKHHO JHWV WKH JUHDVH EXW D ORQH VFUHDPLQJ VWXGHQW LV VLPSO\ GLVUHVSHFWIXO DQG GLVRUJDQL]HG ,I \RX KDYH D JULHYDQFH ILUVW VHHN WR XQGHUVWDQG WKH SUHVVXUHV DQG PRWLYDWLRQV RI RWKHU SDUWLHV ,Q WKH FDVH RI WKH QHZO\ FRQGHQVHG DFDGHPLF FDOHQGDU FRQVLGHU WKH SUHVVXUHV DGPLQLVWUDWLRQ IDFHV WR SURYLGH PRUH VWXGHQWV WKH EOHVVLQJ RI DWWHQGLQJ WKLV LQVWLWXWLRQ DV ZHOO DV WKHLU QHHG WR MXVWLI\ WKH JHQHURXV WLWKLQJ IXQGV DQG GRQDWLRQV WKDW IXHO WKH RSHUDWLRQV RI WKLV VFKRRO 7KHUH PXVW EH D FDUHIXO EDODQFH EHWZHHQ WKHVH SUHVVXUHV DQG WKH SUHVVXUHV VWXGHQWV DQG IDFXOW\ QRZ IDFH ZLWK OHVV FODVV WLPH D PDLQWDLQHG FRXUVH ORDG DQG QR H[DP ZHHN 6HFRQG ZDWFK DQG OLVWHQ IRU RWKHUV ZKR VKDUH \RXU RSLQLRQ RU JULHYDQFH LQ RUGHU WR HQVXUH LWV OHJLWLPDF\ 7KLUG UHTXHVW D GLDORJXH ZLWK WKH DSSURSULDWH SDUW\ &RPSODLQLQJ WR \RXU SURIHVVRU DQG IULHQGV DERXW WKH QHZ DFDGHPLF FDOHQGDU ZLOO RQO\ VKDUH DQG SHUSHWXDWH \RXU IUXVWUDWLRQ 0DQ\ FRQFHUQV FDQ DQG VKRXOG EH DGGUHVVHG DW WKH PRQWKO\ 3UHVLGHQWlV 4 $ VHVVLRQV 7KH YDOXH RI OHDUQLQJ WR SURSHUO\ YRLFH RXU RSLQLRQV FDQQRW EH RYHUVWDWHG &KDQJH p VXUSULVLQJ DQG VRPHWLPHV GUDVWLF FKDQJH p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