/D 9R] :HHNO 7KH 9RLFH RI 'H $Q]D &ROOHJH 6WXGHQWV 6LQFH
92/80( ,668(
2&72%(5
$QWL JD\ Á LHUV %/$&.287 'XH WR KHDY\ UDLQV VWXGHQWV DUULYHG ODVW SRVWHG RQ FDPSXV 7XHVGD\ WR À QG QR HOHFULFLW\ FODVVHV
)OX 9DFFLQH 6KRUWDJH 'H $Q]D &ROOHJH ZLOO KDYH WR ZDLW IRU WKLV \HDU¶V VHDVRQDO DQG + 1 À X YDFFLQHV DV WKH VWDWH¶V PDLQ VXSSOLHUV KDYH EHHQ XQDEOH WR NHHS XS ZLWK WKH GHPDQG IRU YDFFLQHV IRU FOLQLFV DQG KHDOWK FDUH SURYLGHUV
+HDOWK &HQWHU FRQIXVHG RYHU DQRQ\PRXV +,9 WHVWLQJ À LHUV /DXUD 5RVHQVWHHO
3DJH
1HHG D MRE" 7KH 'H $Q]D &ROOHJH &DUHHU &HQWHU ZLOO KRVW D MRE IDLU RQ 2FW IURP D P WR S P LQVLGH WKH +LQVRQ &DPSXV &HQWHU
3DJH
=LOO WHOOV LW DOO 7KLV ZHHN¶V FROXPQ DGGUHVVHV KHDOWK FDUH UHIRUP :KLFK LV WRWDOO\ FRPLQJ VRRQ ULJKW"
3DJH
6WXGHQW 6W\OH :RQGHULQJ ZKDW¶V KRW LQ FDPSXV VW\OH IRU IDOO TXDUWHU"
3DJH
/$ 92= :((./<
3
HUVLVWHQW SRVWLQJV RI D À LHU IDOVHO\ DGYHUWLVLQJ +,9 WHVWLQJ IRU WKH /HVELDQ *D\ %LVH[XDO DQG 7UDQVJHQGHU FRPPXQLW\ LQVXOWHG PDQ\ VWXGHQWV DQG OHIW WKH 'H $Q]D &ROOHJH +HDOWK &HQWHU FRQIXVHG 7KH ZRUGLQJ RI WKH SRVWHG À LHUV LV ³$UH \RX D JX\ ZKR KDV 6(; ZLWK RWKHU JX\V"" $UH \RX +,9 1HJDWLYH EXW VWLOO KDYH ULVN\ 6(;"" $UH \RX PHVVLQJ DURXQG RQ &5$,*6/,67"" &RQWDFW 'H $Q]D +HDOWK &HQWHU IRU PRUH LQIRUPDWLRQ RQ JHWWLQJ )5(( +,9 WHVWLQJ ´ 7KH À \HU
2NWREHUIHVW
7KRXJK ZH¶YH ORQJ IRUJRWWHQ ZK\ ZH¶UH FHOHEUDWLQJ LW LW¶V FHUWDLQO\ VWLOO FHOHEUDWHG SURSHUO\
PRWLYDWLRQV >DUH@ RI WKH SHUVRQ RU SHRSOH SXWWLQJ LW XS ´ /RPD[ VDLG ³,W¶V RGG :K\ SUHWHQG WKDW \RX¶UH +HDOWK 6HUYLFHV"´ *D\ 6WUDLJKW $OOLDQFH 3UHVLGHQW 0DWW %UDGOH\ GRHV QRW VHH WKH À LHUV DV D KDWH FULPH DV KH GRHV QRW SHUFHLYH WKHP DV KDYLQJ EHHQ LQWHQGHG WR LQWLPLGDWH WKUHDWHQ RU KDUDVV +H GLG KRZHYHU VD\ WKDW WKH\ DUH GLVUXSWLYH WR WKH HGXFDWLRQDO HQYLURQPHQW RI /*%7 VWXGHQWV DQG D PLVUHSUHVHQWDWLRQ RI WKH +HDOWK 6HUYLFHV &HQWHU ³, ZRXOG OLNH WR DVN WKH SURGXFHUV RI WKHVH À LHUV ZK\ WKH\ WKRXJKW LW ZDV DSSURSULDWH WR SRVW À LHUV IRU VHUYLFHV WKH +HDOWK &HQWHU
3DJH
'H $Q]D )RRWEDOO YLFWRU\ RYHU &RQWUD &RVWD *HW WKH EHVW YLHZ RI WKH JDPH ZLWK RXU SKRWRV RI WKH 6HSW IRRWEDOO JDPH EHWZHHQ 'H $Q]D &ROOHJH DQG &RQWUD &RVWD &ROOHJH
3DJH
,1'(; ;Yehmk =n]flk&&&&&&&&&&&&&&&&&&&&&&&* F]ok&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&+ Ghafagfk&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&/ L][`fgdg_q&&&&&&&&&&&&&&&&&&&&&&&&&&&&. Khgjlk&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&0 ;gdmefk&&&&&&&&&&&&&&&&&&&&&&&&&&&-
FZkr&Ch EhfZq% =^ :gsZ <hee^`^ A^Zema >]n\Zmhk
OLVWV WKH &HQWHU¶V KRXUV RI RSHUDWLRQ 'H $Q]D +HDOWK (GXFDWRU 0DU\ -R /RPD[ VDLG WKH +HDOWK &HQWHU GRHV QRW RIIHU +,9 WHVWV IUHH RI FKDUJH RU ZLWK DQRQ\PLW\ WKRXJK WKH\ GR SHUIRUP DSSRLQWPHQW RQO\ +,9 WHVWV WKDW JR RQ WKH SDWLHQW¶V SHUPDQHQW PHGLFDO UHFRUG 7KHUH LV D FRVW ³<RX ZRQGHU ZKDW WKH
GRHVQ¶W RIIHU ´ VDLG %UDGOH\ ³,I WKH\ KDG JRRG LQWHQWLRQV , ZRXOG OLNH WR SRLQW WKHP LQ LQ WKH ULJKW GLUHFWLRQ ZKHQ LW FRPHV WR LQFUHDVLQJ +,9 $,'6 DZDUHQHVV 'LVHDVHV DUHQ¶W SUHMXGLFHG DQG ZH FDQ¶W WDNH D SUHMXGLFHG DSSURDFK WR FRPEDWLQJ WKHP ´
6RKHLO 5H]DHH /$ 92= :((./<
'
VWXGHQWV WR OHDYH IRU VDIHW\ UHDVRQV $ IHZ EXLOGLQJV FRQWLQXHG WR RSHUDWH XVLQJ À DVKOLJKWV ZKLOH RIIHULQJ PDQXDO VHUYLFHV 'XH WR FODVV FDQFHODWLRQV PDQ\ DWWHPSWHG WR OHDYH WKH FDPSXV UHVXOWLQJ LQ KLJK WUDI¿ F FRQJHVWLRQ LQ WKH SDUNLQJ ORWV 1HDUE\ FLW\ XWLOLWLHV DQG EXVLQHVVHV FRQWLQXHG WR RSHUDWH ZLWK SRZHU DQG ZHUH XQDIIHFWHG E\ WKH FDPSXV ZLGH RXWDJH 'HVSLWH WKH XQH[SHFWHG VXUSULVH VWXGHQWV UHDFWHG FDOPO\ GXULQJ WKH EODFNRXW ZKLOH DWWHPSWLQJ WR ¿ QG VKHOWHU IURP WKH UDLQ &ODVVHV UHVXPHG DW S P ZLWK QR IXUWKHU LQWHUUXSWLRQV
H $Q]D &ROOHJH ZDV GLVUXSWHG E\ D PDMRU SRZHU RXWDJH DURXQG D P RQ 2FW +HDY\ UDLQV PD\ KDYH EHHQ SDUW RI WKH SUREOHP 7KH HQWLUH FDPSXV ZDV WHPSRUDULO\ VKXW GRZQ XQWLO SRZHU ZDV UHVWRUHG DW D P ³, ORYH LW ´ VDLG $OH[ 6FKLPRQ D 'H $Q]D 6WXGHQW ³P\ >HFRQRPLFV@ TXL] ZDV FDQFHOOHG ´ 6WXGHQWV DQG IDFXOW\ UHFHLYHG PDVV HPHUJHQF\ SKRQH FDOOV DQG H PDLOV IURP WKH GLVWULFW LQIRUPLQJ WKHP DERXW WKH EODFN RXW DQG FODVV FDQFHODWLRQV 6HYHUDO VWXGHQW VHUYLFHV ZHUH WHPSRUDULO\ FORVHG 6RKHLO 5H]DHH LV D FRQWULEXWLQJ GXULQJ WKH EODFNRXW ZKLOH UHSRUWHU IRU /D 9R] :HHNO\ VRPH IDFLOLWLHV UHTXLUHG &RQWDFW KLP DW ODYR]#IKGD HGX
/DXUD 5RVHQVWHHO LV D VWDII UHSRUWHU IRU /D 9R] :HHNO\ &RQWDFW KHU DW ODYR]#IKGD HGX
>J==R= >dYk` egZ [geaf_ lg <] 9frY ;gdd]_] G[l& ** 7HUHOO 6WHUOLQJ /$ 92= :((./<
/D 9R] :HHNO\ LV D )LUVW $PHQGPHQW QHZVSDSHU SURGXFHG E\ VWXGHQWV IRU WKH 'H $Q]D &ROOHJH FRPPXQLW\ /D 9R] :HHNO\ LV SULQWHG ZLWK VR\ EDVHG LQN
7$0$5$ +$+1 /$ 92= :((./< 5DLQV UDYDJHG WKH 'H $Q]D FDPSXV RQ 2FW FDXVLQJ GDPDJH WR SURSHUW\ SRZHU RXWDJHV DQG FDQFHOLQJ FODVVHV
2
Q 2FW DW H[DFWO\ S P D VWXGHQW À DVK PRE ZLOO EH KHOG LQ WKH PDLQ TXDG 7KH GLVSOD\ ZLOO VHUYH DV DQ LFRQLF GLVSOD\ WRZDUG WKH JURZLQJ LQWHUQDWLRQDO FRQFHUQV RI JOREDO ZDUPLQJ 3DUWLFLSDQWV ZLOO VLPXOWDQHRXVO\ IUHH]H LQ SODFH IRU WKUHH PLQXWHV DQG VHFRQGV
7KHQ VFDWWHU OLNH QRWKLQJ KDSSHQHG ³7KH JRDO LV UDLVLQJ DZDUHQHVV DERXW WKH FOLPDWH FKDQJH DQG LQÀ XHQFH ZRUOG OHDGHUV EHIRUH WKHLU JDWKHULQJ LQ &RSHQKDJHQ ´ VDLG .HLWK +XEEDUG YLFH SUHVLGHQW RI &DPSXV (QYLURQPHQW DQG 6XVWDLQDELOLW\ 7KH À DVK PRE ZLOO JDWKHU LQ VXSSRUW RI 7KH RUJ SURMHFW D QRQ SUR¿ W RUJDQL]DWLRQ IRFXVHG RQ WKH LPSHQGLQJ WKUHDW RI JOREDO ZDUPLQJ ,W LV DQ RUJDQL]HG PRYHPHQW RI LQGLYLGXDOV VSHDNLQJ RXW
DJDLQVW WKH HIIHFWV RI JUHHQKRXVH JDVHV IRXQGHG E\ 8 6 DXWKRU %LOO 0F.LEEHQ ZKR ZURWH RQH RI WKH ¿ UVW ERRNV RQ JOREDO ZDUPLQJ IRU WKH JHQHUDO SXEOLF DQG D WHDP RI XQLYHUVLW\ IULHQGV )RU IXUWKHU LQIRUPDWLRQ FRQWDFW +XEEDUG DW '$6%&(6#GHDQ]D HGX 7HUHOO 6WHUOLLQJ LV WKH QHZV HGLWRU IRU /D 9R] :HHNO\ &RQWDFW KLP DW ODYR]#IKGD HGX