Abbey Banner - Fall 2004

-ONASTIC &IREFIGHTERS $ON T 5SE (OLY 7ATER

PAGE

4HE 3AINT *OHN S "IBLE 0RESENTED TO 0OPE *OHN 0AUL )) PAGE 4HE -INISTRY OF "ENEDICTINE #HAPLAINS

PAGE -ONASTIC )NTERRELIGIOUS $IALOGUE 4O 0ROMOTE 5NITY AND 5NDERSTANDING

PAGE 0ROFESSION AND /RDINATION *UBILARIANS

PAGE .EW !BBEY $EVELOPMENT $IRECTOR PAGE .EW 'UEST (OUSE !RCHITECT PAGE

Ê i}iÛ iÊ ÀiÊ À

Ìi ÌÃ

3DJHV

&RYHU 6WRU\ Ê >ÃÌ VÊ Àiv } ÌiÀÃÊ ½ÌÊ1ÃiÊ ÞÊ7>ÌiÀ 3TORY AND PHOTOS BY $ANIEL $URKEN /3" ³IURP DQWLTXH KRVH FDUWV WR D 3LHUFH &RQWHQGHU

i>ÌÕÀiÃ

/LWXUJLFDO 3UHVV 5HDSV $EXQGDQW $ZDUGV

6DLQW -RKQ·V %LEOH 3UHVHQWHG WR 3RSH -RKQ 3DXO ,, E\ 7KRP :RRGZDUG

0DQXVFULSW /LEUDU\ *RHV 'LJLWDO LQWR WKH 0LGGOH (DVW E\ &ROXPED 6WHZDUW 26%

7KH 0LQLVWU\ RI %HQHGLFWLQH &KDSODLQV 6HUYLFH WR WKH 6LFN E\ (ULF +ROODV 26%

3URIHVVLRQ DQG 2UGLQDWLRQ -XELODULDQV

0RQDVWLF ,QWHUUHOLJLRXV 'LDORJXH 7R 3URPRWH 8QLW\ DQG 8QGHUVWDQGLQJ E\ :LOOLDP 6NXGODUHN 26%

3KRWRV E\ $EEH\ $UFKLYHV *UHJ %HFNHU 'DQLHO 'XUNHQ 26% %DUQDEDV /DXEDFK 26% 'DYLG 0DQDKDQ 26% )LQLDQ 0F'RQDOG 26% 1DQF\ 0LOOHU 'RXJ 0XOOLQ 26% 5RELQ 3LHU]LQD 26% 6DLQW &ORXG +RVSLWDO -RVLH 6WDQJ 0HO 7D\ORU 26% %RE 7KLHOPDQ 0LFKHOOH 9HUNXLOHQ

3UD\HU LQ $OO 7KLQJV $ 5HYLHZ E\ 5D\PRQG 3HGUL]HWWL 26%

i«>ÀÌ i ÌÃ )URP (GLWRU DQG $EERW

$EEH\ 0LVVLRQV %DKDPDV DQG -DSDQ

7KH $EEH\ &KURQLFOH

%DQQHU %LWV 6SLULWXDO /LIH

6WUHQJWKHQLQJ )RXQGDWLRQV 9RFDWLRQ 1HZV 2ELWXDULHV (GLWRU 'DQLHO 'XUNHQ 26% &RS\ (GLWRU DQG 3URRIUHDGHU 'RORUHV 6FKXK &+0

%DFN &RYHU $HULDO 9LHZ RI 6DLQW -RKQ·V

7KH $EEH\ %DQQHU IS PUBLISHED THREE TIMES ANNUALLY BY THE "ENEDICTINE MONKS OF 3AINT *OHN S !BBEY FOR OUR RELATIVES FRIENDS AND /BLATES

'HVLJQHU 3DP 5ROIHV

7KH $EEH\ %DQQHU 0DJD]LQH RI 6DLQW -RKQ·V $EEH\ 9ROXPH ,VVXH )DOO

&LUFXODWLRQ 5XWK $WKPDQQ &DWK\ :LHPH 0DU\ *RXJH

7KH $EEH\ %DQQHU Q[ WVTQVM I\ WWW SJA OSB ORG !BBEY"ANNER

3ULQWHU 3DOPHU 3ULQWLQJ 6W &ORXG 0LQQHVRWD

3AINT *OHN S !BBEY "OX #OLLEGEVILLE

-INNESOTA

-EMBER #ATHOLIC 0RESS !SSOCIATION

)520 (',725 $1' $%%27

-V Ê >âi BY $ANIEL $URKEN /3"

,

Q -XQH , WDXJKW DQ (OGHUKRV WHO FODVV RI ÀIW\ WZR *ROGHQ 2OGLHV DW WKH &ROOHJH RI 6DLQW %HQHGLFW 7KH\ SDLG DWWHQWLRQ DVNHG JRRG TXHVWLRQV DQG ODXJKHG DW P\ MRNHV ,W ZDV D GHOLJKWIXO H[SHULHQFH :H VDQJ ´+DSS\ %LUWKGD\µ WR WKH ROGHVW PHPEHU RI WKH FODVV (OVLH 0F*XLUH 6KH GLG QRW PDNH WKH PLVWDNH WKDW D JUDQGPRWKHU PDGH ZKHQ KHU JUDQGVRQ DVNHG ´+RZ ROG DUH \RX"µ 6KH UHSOLHG ´,·P IRUW\ QLQH DQG KROGLQJ µ 7KH \RXQJVWHU DVNHG ´+RZ ROG ZRXOG \RX EH LI \RX OHW JR"µ (OVLH LV QLQHW\ ÀYH <RX RQO\ KDYH WR EH ÀIW\ ÀYH WR UHJLVWHU IRU RQH RI WKH WHQ WKRXVDQG (OGHUKRVWHO SURJUDPV RIIHUHG HDFK \HDU LQ RQH KXQGUHG FRXQWULHV )RU LQIRUPDWLRQ FDOO WROO IUHH RU ZULWH WR (OGHUKRVWHO $YHQXH GH /DID\HWWH %RVWRQ 0$ BBBBBBBBBBBBBBBBBBBBBBBBBBB , XVHG WR DVN P\ VWXGHQWV WR PDNH D OLVW RI WKH ERRNV WKH\ KDG UHDG GXULQJ WKH VXPPHU 0RVW RI WKHP KDQGHG LQ D EODQN SDJH 2QH DGPLWWHG KH UHDG 'U 6HXVV·V *UHHQ (JJV DQG +DP³WR KLV OLWWOH EURWKHU .QRZLQJ KRZ WR UHDG EXW QRW UHDGLQJ LV DV VHULRXV DV QRW EHLQJ DEOH WR UHDG DW DOO ,I \RXU SDJH LV EODQN WKLV LVVXH KDV D VROXWLRQ 2UGHU RQH RI WKH DZDUG ZLQQLQJ /LWXUJLFDO 3UHVV WLWOHV SDJH RU JHW D FRS\ RI WKH QHZ &ROOHJH RI 6DLQW %HQHGLFW 6DLQW -RKQ·V 8QLYHUVLW\ SUD\HU ERRN SDJH

6SHDNLQJ RI DZDUGV 7KH $EEH\ %DQQHU GLG QRW UHFHLYH DQ\ DW WKH &DWKROLF 3UHVV $VVRFLDWLRQ FRQYHQWLRQ -XGJLQJ E\ WKH VDPSOHV RI DZDUG ZLQQLQJ HQWULHV LQ WKH 5HOLJLRXV 2UGHU 0DJD]LQHV FDWHJRU\ WKLV SXEOLFDWLRQ LV MXVW QRW SLRXV HQRXJK 7KHUH VKRXOG EH PRUH SKRWRV RI PRQNV ZLWK WKHLU KRRGV XS FDUU\LQJ FDQGOHV ORRNLQJ JDXQW DQG JULP 7KLV SXEOLFDWLRQ KRZHYHU ZLOO FRQWLQXH WR WHOO \RX ZKDW WKH PRQNV RI 6DLQW -RKQ·V $EEH\ DUH UHDOO\ OLNH QRW ZKDW RWKHUV WKLQN ZH VKRXOG EH %XW RXU SULQWHU WKH 3DOPHU 3ULQWLQJ &RPSDQ\ UHFHLYHG WKH 6DLQW &ORXG $UHD &KDPEHU RI &RPPHUFH 6PDOO %XVL QHVV $ZDUG IRU &RQJUDWXODWLRQV 3/($6( VHQG \RXU &+$1*( 2) $''5(66 EHIRUH \RX PRYH HYHQ LI LW LV D WHPSRUDU\ VHDVRQDO PRYH :H GRQ·W ZDQW WR ORVH \RX

>Ì V Ê i i` VÌ iÊ Ìi iVÌÕ> Ê vi BY !BBOT *OHN +LASSEN /3"

7

KH $VVRFLDWLRQ RI %HQH GLFWLQH &ROOHJHV DQG 8QLYHUVLWLHV $%&8 PHW DW 6DLQW $QVHOP &ROOHJH LQ 0DQ FKHVWHU 1HZ +DPSVKLUH -XQH /DVW \HDU IRU WKH À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ÀUVW DSSURDFK WR FRPPXQLFDWLQJ WKH &DWKROLF %HQHGLFWLQH FKDUDFWHU RI RXU LQVWLWXWLRQV PLJKW XVH YLVXDO LPDJHV WR FUHDWH D QDUUDWLYH KLVWRU\ -RHO 5LSSLQJHU 26% RI 0DUPLRQ $EEH\ LQ ,OOLQRLV JDYH WKH ÀUVW PDMRU DGGUHVV HQWLWOHG ´7KH %HQHGLFWLQH ,QWHO OHFWXDO 7UDGLWLRQ $Q 2YHUYLHZ µ +H GHYHORSHG WKH LPSRU WDQFH RI OLWHUDF\ KLVWRULFDO UHVHDUFK OLWXUJLFDO VFKRODUVKLS DQG LQQRYDWLRQ LQ PXVLFDO IRUPV LQ WKH KLVWRU\ RI %HQHGLF WLQH OLIH ,UHQH 1RZHOO 26% RI 0RXQW 6DLQW 6FKRODVWLFD .DQ VDV IROORZHG ZLWK D WDON HQWLWOHG ´%HQHGLFWLQH ,QWHUSUHWHUV RI WKH :RUG RI *RG µ 6KH GHWDLOHG VSHFLÀF FRQWULEXWLRQV WKDW %HQHGLFWLQHV KDYH PDGH WR ´ZD\V RI DSSURDFKLQJ WKH VFULSWXUDO WH[W µ 3URIHVVRU *DU\ %RXFKDUG RI 6DLQW $QVHOP &ROOHJH·V (QJOLVK GHSDUWPHQW SUHVHQWHG ´7KH 6KDSH RI 6RQJ LQ D )ORRG RI :RUGV %HQHGLFWLQH (GXFDWLRQ DQG 3RHWLF 7UXWK µ +H OLVWHG IRXUWHHQ ZD\V LQ ZKLFK PRQDVWLF OLIH KDV D SRHWLF TXDOLW\ (DFK RI WKHVH SUHVHQWDWLRQV ZDV GHVLJQHG WR EH SXW GLUHFWO\ RQ WKH $%&8 :HE SDJH DYDLODEOH DW ZZZ RVE RUJ DEFX

,Q WKH ODVW SRUWLRQ RI WKH PHHWLQJ WKH %HQHGLFWLQH FROOHJH DQG XQLYHUVLW\ SUHVLGHQWV PHW WR GLVFXVV IXWXUH OHDGHUVKLS RI WKH DVVRFLDWLRQ 'LHWULFK 5HLQKDUW 26% SUHVLGHQW RI 6DLQW -RKQ·V 8QLYHUVLW\ DJUHHG WR FKDLU DQ RUJDQL]LQJ FRPPLWWHH DORQJ ZLWK WKUHH RWKHU SUHVLGHQWV / iÊ LLiÞÊ > iÀÊÊ > ÊÓää{ÊÊÊ«>}iÊÎ

&%!452% 7KH DIWHUPDWK RI WKH ¿UH RI -DQXDU\

>ÃÌ VÊ Àiv } ÌiÀÃÊ

·ÌÊ1ÃiÊ ÞÊ7>ÌiÀÊ E\ 'DQLHO 'XUNHQ 26%

;Q`\a Å^M aMIZ[ IOW I UIRWZ ÅZM WV KIUX][ KWV^QVKML \PM UWVI[\QK KWUU]VQ\a \W ]XOZILM \PM ;IQV\ 2WPV¼[ .QZM ,MXIZ\UMV\ 1\ PI[ JMMV QUXZW^QVO M^MZ [QVKM

)

LUH IDVFLQDWHV :H SOD\ ZLWK ÀUH DV ZH RRRK DQG DDDK DW WKH S\URWHFKQLFV RI D )RXUWK RI -XO\ IHVWLYDO :H SUD\ IRU ÀUH ´&RPH +RO\ 6SLULW DQG HQNLQGOH LQ XV WKH ÀUH RI \RXU ORYH µ :H VLQJ RI ÀUH ZLWK WKH K\PQ ZRUGV RI -RKQ : $UWKXU 5HYLYH LQ XV EDSWLVPDO JUDFH $QG IDQ RXU VPROGHULQJ OLYHV WR ÁDPH 1RZKHUH LV WKLV IDVFLQDWLRQ PRUH REYLRXV WKDQ LQ WKH %LEOH 7KH /RUG

6DLQW -RKQ¶V ¿UVW KRRN DQG ODGGHU WUXFN DFTXLUHG E\ -RKQ $QGHUO 26% IURP WKH 6DLQW 3DXO )LUH 'HSDUWPHQW IRU

«>}iÊ{ÊÊÊ/ iÊ LLiÞÊ > iÀÊÊ > ÊÓää{

*RG FDSWXUHG 0RVHV· DWWHQWLRQ ZLWK ´ÀUH ÁDPLQJ RXW RI D EXVKµ ([RGXV

DQG OHG WKH ,VUDHOLWHV WKURXJK WKH GHVHUW E\ PHDQV RI D FROXPQ RI ÀUH E\ QLJKW ([RGXV 7KLV *RG LV HYHQ LGHQWLÀHG DV ´D FRQVXPLQJ ÀUHµ 'HXWHURQRP\

-HVXV FRQÀUPV WKLV IRFXV ZKHQ KH GHFODUHV ´, KDYH FRPH WR VHW WKH HDUWK RQ ÀUH DQG KRZ , ZLVK LW ZHUH DOUHDG\ EOD]LQJ µ /XNH +LV GHVLUH LV IXOÀOOHG DW 3HQWHFRVW ZKHQ WKHUH DS SHDUHG WR WKH GLVFLSOHV ´WRQJXHV DV RI

7KH &ROOHJHYLOOH )LUH¿JKWHUV

&%!452% ÀUH ZKLFK SDUWHG DQG FDPH WR UHVW RQ HDFK RQH RI WKHPµ $FWV

)DVFLQDWLRQ LV LQFUHDVHG ZKHQ WKH SXEOLF OHDUQV WKDW WKHUH DUH PRQNV RI DOO SHRSOH ZKR DUH ÀUHÀJKWHUV 7KDW·V ZK\ WKH ÀUHÀJKWHUV RI 6DLQW -RKQ·V KDYH UHFHLYHG PRUH SXEOLFLW\ WKDQ WKH HOHFWLRQ RI DQ DEERW

VKRS RQ -DQXDU\ WKDW ÀQDOO\ FRQYLQFHG WKH PRQDVWLF FRPPXQLW\ WR XSJUDGH WZR DQWLTXH ÀUH KRVH FDUWV SXOOHG ULFNVKDZ IDVKLRQ VRPH IUD\HG KRVH RQH ODGGHU D FRXSOH RI D[HV DQG VL[ XQWUDLQHG PRQNV ZKLFK WKHQ FRPSULVHG WKH 6DLQW -RKQ·V )LUH 'HSDUWPHQW 6-)'

&DWKROLF 'LJHVW VWDUWHG WKH WUHQG ZLWK LWV 0D\ IRXU SDJH IHDWXUH HQWLWOHG ´)LUHPHQ LQ &DVVRFNVµ D GH FHSWLYH WLWOH VLQFH ÀUH PRQNV GLVFDUG WKHLU EXON\ UREHV DQG GRQ ÀUHÀJKWLQJ JHDU ZKHQ FDOOHG WR GXW\ 7KH VDPH PDJD]LQH XSGDWHG LWV UHSRUW LQ D 0D\ HLJKW SDJH IRXU SKRWR IHDWXUH FDOOHG ´$OO )LUHG 8S µ 7KH 'HFHPEHU 3HRSOH PDJD]LQH SURGXFHG D WZR SDJH VSUHDG ZLWK D SKRWR RI HOHYHQ VPLOLQJ PRQNV DQG WKH KHDGOLQH ´+2/< 602.( 6W -RKQ·V 8QLYHUVLW\ %HQHGLFWLQH PRQNV SXW UHDO VSDUN LQ WKHLU OLYHV E\ PDQQLQJ D EOHVVHGO\ FDSDEOH KRRN DQG ODGGHU EULJDGH µ 9DULRXV 0LQQHVRWD QHZV SDSHUV DQG 0LQQHVRWD 3XE OLF 5DGLR KDYH IHDWXUHG WKH PRQN ÀUHÀJKWHUV RIWHQ HQRXJK IRU SHRSOH WR NQRZ WKDW ÀUHV RQ WKH &ROOHJHYLOOH FDPSXV DUH QRW H[WLQJXLVKHG E\ WKH VSULQNOLQJ RI KRO\ ZDWHU DQG IHUYHQW SUD\HUV WR 6DLQW )ORULDQ SDWURQ RI ÀUHÀJKWHUV

*HUYDVH 6RXNXS 26% GULYHV ZKLOH 6WHSKHQ 7KHOO 26% DQG -RKQ $QGHUO 26% ULGH DORQJ RQ WKLV HDUO\ ULJ

7KH GHSDUWPHQW·V ÀUVW ÀUH HQJLQH ZDV D )RUG WUXFN FKDVVLV RQ ZKLFK ZDV PRXQWHG D ÀYH KXQGUHG JDOORQ SXPS 7KH FUHDWLYH FUDIWVPDQVKLS RI %URWKHUV (GZDUG =ZDFN 6WHSKHQ 7KHOO DQG -RKQ $QGHUO HTXLSSHG WKH ULJ WR PDNH LW VHUYLFHDEOH 0RUH YHKLFOHV KDYH EHHQ DGGHG RYHU WKH \HDUV

,Q WKH 6-)' RI WZHQW\ HLJKW PRQNV EHJDQ UHFHLYLQJ SURIHVVLRQDO ,Q IDFW VRPH DEEH\ ÀUHV WUDLQLQJ 7ZR ZHUH QRW H[WLQJXLVKHG DW RIÀFHUV RI WKH DOO ,Q 'HFHPEHU JULVW 6DLQW 3DXO )' DQG VDZ PLOOV RQ WKH VKRUH RI FDPH WR &RO /DNH :DWDE ZHUH GHVWUR\HG OHJHYLOOH DQG E\ ÀUH DV ZDV WKH RULJLQDO WUDLQHG WKH 6WHOOD 0DULV FKDSHO RQ WKH PRQNV RYHU VRXWK VLGH RI /DNH 6DJDWD D WKUHH \HDU JDQ LQ $SULO %XW SHULRG $ GULOO LW ZDV WKH ÀUH WKDW VZHSW ERRN ZDV WKURXJK WKH DEEH\ FDUSHQWHU 6DLQW )ORULDQ HDUO\ IRXUWK FHQWXU\ ZULWWHQ DQG PDUW\U SDWURQ VDLQW RI 3RODQG DQG ¿UH¿JKWHUV E\ D *HUPDQ ZRRGFDUYHU +LV IHDVW GD\ LV 0D\

WKH YROXQWHHUV ZKR KDG LQFUHDVHG WR D IRUFH RI IRUW\ IRXU PRQNV LQ WKH HDUO\ V OHDUQHG WKH SURFHGXUHV WKDW PXVW EHFRPH DXWRPDWLF LI D ÀUH FUHZ LV WR EH VDIH DQG VXFFHVVIXO 7KH PDQ\ FDPSXV EXLOGLQJV FRQWULE XWH VLJQLÀFDQWO\ WR WKHLU RZQ VDIHW\ E\ PHDQV RI ÀUH GRRUV D VSULQNOLQJ V\VWHP VPRNH DQG KHDW GHWHFWRUV ÀUH DODUPV DQG ÀUH H[WLQJXLVKHUV 0HP EHUV RI WKH 6-)' FDUU\ SDJHUV RIÀFHUV KDYH WZR ZD\ UDGLRV ,Q LWV VL[W\ ÀYH \HDU KLVWRU\ WKH IROORZLQJ PRQNV VHUYHG DV ÀUH FKLHI %URWKHUV (GZDUG =ZDFN -RKQ $QGHUO 'DYLG (UFHJ $UQROG -LULN :DOWHU .LHIIHU -RKQ $PEURVH 6WDWWOHPDQQ DQG %UDGOH\ -HQQLJHV %URWKHU -RKQ GHVHUYHV VSHFLDO FUHGLW IRU KLV WZHQW\ ÀYH \HDUV RI HQWKXVLDVWLF OHDGHUVKLS +LV ÀQDO FRQWULEXWLRQ WR WKH 6-)' ZDV WKH FRQVWUXFWLRQ RI D QHZ ÀUH VWDWLRQ +H HDUQHG VHYHQWHHQ DZDUGV IRU ÀUH DQG UHVFXH ZRUN 'XH WR WKH GHFUHDVH LQ PRQDVWLF SHUVRQQHO LQ %RE 3RJDWVFKQLN IRU WHQ \HDUV WKH ÀUH FKLHI RI $YRQ 0LQQHVRWD EHFDPH WKH ÀUVW OD\PDQ WR OHDG WKH &ROOHJHYLOOH FUHZ ZKLFK DOVR EHJDQ DGGLQJ XQL YHUVLW\ VWXGHQWV WR WKH WHDP LQ %RE ZDV VXFFHHGHG E\ -D\ %RKDQ LQ )LUH &KLHI -D\ %RKDQ :LWK D JUHDW JUDQGIDWKHU D JUDQGIDWKHU DQ XQFOH DQG D FRXVLQ LQYROYHG LQ WKH 0LQQHDSROLV )' -D\ KDV D ORQJHU ÀUHÀJKWLQJ KLVWRU\ WKDQ WKH WUDGLWLRQDO 'DOPDWLDQ PDVFRW +H VHUYHG IRU ÀIWHHQ \HDUV RQ WKH 6SULQJ /DNH 3DUN )' DQG IRU WZR \HDUV RQ WKH $SSOH 9DOOH\ )' FRQWLQXHG

/ iÊ LLiÞÊ > iÀÊÊ > ÊÓää{ÊÊÊ«>}iÊx

&%!452%

$ERYH VPDOO ULJ GULYHQ E\ )LUH &KLHI %RKDQ WR ¿JKW JUDVV ¿UHV $W OHIW WKH FUHZ LVQ¶W SOD\LQJ ZLWK JDUGHQ KRVHV

-D\ KDV LQWURGXFHG LPSURYHG WUXFN PDLQWHQDQFH WKH XSJUDGLQJ RI SURWHF WLYH JHDU DQG WKH HPHUJHQF\ UDGLR V\V WHP WKH ´LQFLGHQW FRPPDQG V\VWHPµ WKDW SXWV RQH FUHZ PHPEHU LQ FKDUJH RI D ÀUH ÀJKW WKH LQFUHDVHG WUDLQLQJ RI YROXQWHHUV DQG WKH GRXEOLQJ RI PRQWKO\ GULOOV 7KH 6-)' QRZ QXPEHUV WKLUWHHQ PRQNV WHQ VWXGHQWV DQG WKH FKLHI 7KH\ UHVSRQG WR DERXW WZR KXQGUHG FDOOV D \HDU QLQHW\ ÀYH SHUFHQW RI ZKLFK DUH JHQXLQH DODUPV ZLWK WKH PDMRULW\ EHLQJ ´FRRNLQJ FDOOVµ IURP DQ XQDWWHQGHG DSSOLDQFH 7KUHH RU IRXU WLPHV D \HDU WKH FUHZ FRQWUROV WKH EXUQLQJ RI DUHDV RI WKH 6DLQW -RKQ·V $UERUHWXP 7KH 6-)' LV D PHPEHU RI WKH &HQWUDO 0LQQHVRWD )LUH $LG $V VRFLDWLRQ FRPSULVHG RI WKLUWHHQ PXQLF LSDO )'V WKDW OLH ZLWKLQ D ÀIWHHQ PLOH UDGLXV RI 6DLQW &ORXG 7KHVH GHSDUW PHQWV PD\ FDOO XSRQ RQH DQRWKHU IRU KHOS 7KH 6-)' QHHGV QR KHOS KRZHYHU WR DQVZHU D UHFHQW OHWWHU IURP DQ HLJKW \HDU ROG ER\ ZKR ZURWH ´, DP WKLQN LQJ DERXW EHFRPLQJ HLWKHU D SULHVW RU D ÀUH ÀJKWHU , DP ZULWLQJ \RX WR ÀQG RXW DERXW ZKDW \RXU MRE LV OLNH DQG ZKDW \RX KDYH WR GR +RZ FDQ , EH ERWK D SULHVW DQG D ÀUH ÀJKWHU WRR"µ 7KH DQVZHU ´&RPH WR &ROOHJHYLOOH µ 'DQLHO 'XUNHQ 26% LV DQ HGLWRU IRU /LWXUJLFDO 3UHVV «>}iÊÈ / iÊ LLiÞÊ > iÀÊÊ > ÊÓää{

(QJLQH 2QH 3LHUFH &RQWHQGHU ZLWK JDOORQV SHU PLQXWH JSP SXPS IRDP V\VWHP JDOORQ WDQN GHFN JXQ DW WRS

/DGGHU 7ZR $PHULFDQ /D)UDQFH JSP SXPS IRRW ³DUWLFXODWHG ERRP SODWIRUP ´ JDOORQ WDQN JURXQG ODGGHUV

(QJLQH 7KUHH :DUG /D)UDQFH UHEXLOW LQ JSP SXPS JDOORQ WDQN

8QLW )RXU 3HUVRQQHO FDUULHU UHGHVLJQHG DV FRPPDQG YHKLFOH

8QLW )LYH )RU ¿JKWLQJ JUDVV ¿UHV ZLWK ERDW IRU UHVFXH RSHUDWLRQV

&%!452% / WR U $EERW -RKQ .ODVVHQ 26% DQ XQLGHQWL¿HG SULHVW 'RQDOG -DFNVRQ DQG %URWKHU 'LHWULFK 5HLQKDUW 26% SUHVHQW IDFVLPLOH RI 7KH 6DLQW -RKQ¶V %LEOH WR 3RSH -RKQ 3DXO ,, RQ 0D\

/ iÊ-> ÌÊ ·ÃÊ L iÊ *ÀiÃi Ìi`ÊÌ Ê * «iÊ Ê*>Õ Ê E\ 7KRP :RRGZDUG

¹<PQ[ \ZQX _I[ I ZQKP IVL P]UJTQVO M`XMZQMVKM º ¸)JJW\ 2WPV 3TI[[MV 7;*

7

KH PDJQLÀFHQW FKXUFKHV RI 5RPH KDYH EHHQ WHVWLPRQ\ IRU FHQWXULHV RI ,WDOLDQ GHYRWLRQ WR WKH &KULVWLDQ IDLWK 2Q 0D\ HLJKW\ WZR SLOJULPV IURP 6DLQW -RKQ·V $EEH\ DQG 8QLYHUVLW\ H[KLELWHG WKHLU RZQ GHYRWLRQ WKDW ZLOO EH D UHIHUHQFH SRLQW IRU FHQWXULHV :LWK $EERW -RKQ .ODVVHQ 26% 6-8 SUHVLGHQW 'LHWULFK 5HLQKDUW 26% FDOOLJUDSKHU 'RQDOG -DFNVRQ DQG KLV ZLIH 0DEHO UHSUHVHQW LQJ WKH JURXS 3RSH -RKQ 3DXO ,, ZDV JLYHQ D IDFVLPLOH RI WKH *RVSHOV DQG $FWV RI WKH $SRVWOHV IURP 7KH 6DLQW -RKQ·V %LEOH )ROORZLQJ WKH SDSDO DXGLHQFH DW WHQGHG E\ SLOJULPV $EERW

-RKQ %URWKHU 'LHWULFK DQG WKH -DFN VRQV DSSURDFKHG DQG NQHOW EHIRUH WKH +RO\ )DWKHU ZKLOH 'RQDOG -DFNVRQ KHOG RSHQ WKH IDFVLPLOH QRW VD\LQJ D ZRUG EXW VLPSO\ OHWWLQJ WKH OHWWHUV DQG LOOXPLQDWLRQV VSHDN IRU WKHPVHOYHV $EERW -RKQ GHVFULEHV WKH VFHQH ´$IWHU NQHHOLQJ DQG NLVVLQJ WKH SRSH·V KDQG , ZDV DEOH WR VSHDN WZR VHQ WHQFHV WHOOLQJ KLP ZKHUH ZH ZHUH IURP DQG ZKDW ZH ZHUH JLYLQJ KLP +H OLVWHQHG DQG DV KH ORRNHG DW WKH LO OXPLQDWLRQ KLV FRPSUHKHQVLRQ PRYHG DFURVV KLV IDFH +LV H\HV³ZLGH LQ DPD]HPHQW DQG ZRQGHU³H[SUHVVHG KLV JUDWLWXGH IRU VXFK D VSHFLDO JLIW +H WKHQ OLIWHG KLV KDQG LQ EOHVVLQJ µ 7KH DEERW 'LHWULFK DQG WKH -DFN VRQV ZHUH MRLQHG E\ VHYHQW\ HLJKW DOXPQL SDUHQWV IULHQGV DQG EHQHIDF

WRUV RI WKH %LEOH SURMHFW IRU D QLQH GD\ SLOJULPDJH WKDW WRRN WKHP WR 6DLQW 3HWHU·V %DVLOLFD DQG 6TXDUH WKH 9DWL FDQ 0XVHXP DQG 6LVWLQH &KDSHO WKH &RORVVHXP WKH FDWDFRPEV DQG VHYHUDO PDMRU FKXUFKHV LQ 5RPH 7KH\ DOVR YLVLWHG 6XELDFR ZKHUH 6DLQW %HQHGLFW OLYHG LQ D FDYH IRU D WLPH DQG EHJDQ WR DWWUDFW IROORZHUV $W WKH $EEH\ DQG LQWHUQDWLRQDO %HQHGLFWLQH &ROOHJH RI 6DQW· $QVHOPR WKH JURXS ZDV ZHOFRPHG E\ WKH JXHVW PDVWHU /XLJL %HUWRFFKL 26% D PRQN RI 6DLQW -RKQ·V $EEH\ 9LVLWV ZHUH DOVR PDGH WR 2UYLHWR DQG $VVLVL LQ WKH 8PEULDQ FRXQWU\VLGH

3OD\LQJ NH\ UROHV LQ WKH DFWLYLWLHV ZHUH 3LR &DUGLQDO /DJKL IRUPHU SDSDO QXQFLR WR WKH 8QLWHG 6WDWHV ZKR KHOSHG PDNH DUUDQJHPHQWV IRU WKH %LEOH·V SUHVHQWDWLRQ DQG WKH +RQRU DEOH -LP 1LFKROVRQ 8QLWHG 6WDWHV· DPEDVVDGRU WR WKH 9DWLFDQ ZKR ZHO FRPHG WKH JURXS WR KLV KRPH $EERW -RKQ VXPPHG XS WKH WRXU ´7KLV WULS ZDV D ULFK DQG KXPEOLQJ H[SHULHQFH ZLWK D JURXS RI ZRQGHUIXO SHRSOH µ 7KRP :RRGZDUG LV GLUHFWRU RI WKH %HQHGLFWLQH &HQWHU IRU /LIHORQJ /HDUQLQJ

/ WR U 'RQDOG -DFNVRQ 3LR &DUGLQDO /DJKL 0DEHO -DFNVRQ $EERW -RKQ .ODVVHQ 26% %URWKHU 'LHWULFK 5HLQKDUW 26% )DWKHU (ULF +ROODV 26% LQ WKH &DUGLQDO¶V DSDUWPHQW LQ 5RPH

/ iÊ LLiÞÊ > iÀÊÊ > ÊÓää{ «>}iÊÇ

&%!452% %HQHGLFWLQH FKDSODLQV RI 6DLQW -RKQ¶V $EEH\ )URQW URZ O WR U /DQGHOLQ 5REOLQJ 0DUWLQ 5DWK 7KRPDV 7KROH 0DWKLDV 6SLHU %DFN URZ O WR U -RQDWKDQ )LVFKHU -DPHV 5HLFKHUW %DUQDEDV /DXEDFK 0HLQUDG 'LQGRUI 5RJHU %RW]

/ iÊ ÃÌÀÞÊ vÊ i i` VÌ iÊ

>« > Ã\Ê -iÀÛ ViÊÌ Ê Ì iÊ- V Ê E\ (ULF +ROODV 26%

¹+IZM WN \PM [QKS U][\ ZIVS IJW^M IVL JMNWZM ITT MT[M [W \PI\ \PMa UIa \Z]Ta JM [MZ^ML I[ +PZQ[\ º

:]TM WN ;IQV\ *MVMLQK\ KPIX\MZ

/

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ÀUPDULHV DQG PHGLFLQDO JDUGHQV KDG D VLJQLÀFDQW SODFH LQ PRQDVWLF DUFKL WHFWXUH 2Q D SHUVRQDO OHYHO %HQHGLFW·V ZRUGV LQVSLUHG PRQNV DQG QXQV WR WDNH XS WKH FDUH RI WKH VLFN DV D VSH FLÀF SURIHVVLRQ 7RGD\ D GHGLFDWHG FRUSV RI PRQNV RI 6DLQW -RKQ·V $EEH\ «>}iÊnÊÊÊ/ iÊ LLiÞÊ > iÀÊÊ > ÊÓää{

SURYLGHV VSLULWXDO FDUH LQ VHWWLQJV DV GLYHUVH DV KRVSLWDOV DQG UHWLUHPHQW KRPHV ZKHUH WKH\ HQFRXQWHU SDWLHQWV RI DOO DJHV 7R WKLV ZRUN WKH\ EULQJ D SHUVSHFWLYH VKDSHG E\ WKHLU PRQDVWLF WUDGLWLRQ DQG IRUPDWLRQ 7KH QDWXUH RI D FKDSODLQ·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

'HVSLWH WKH XQLTXHQHVV RI HDFK VLWX DWLRQ IRUPDWLRQ LQ WKH LPDJHU\ DQG ZLVGRP WUDGLWLRQ RI 6DLQW %HQHGLFW LV WKH FRPPRQ WKUHDG WKDW ZHDYHV WKURXJK WKH SHUVSHFWLYH RI WKHVH PRQNV 7KH NH\ WR WKHLU VHUYLFH WR WKH VLFN FRPHV IURP WKH JHQXLQH VROLFL WXGH H[SUHVVHG LQ FKDSWHU RI 6DLQW %HQHGLFW·V 5XOH ZKLFK UHDGV LQ SDUW &DUH RI WKH VLFN PXVW UDQN DERYH DQG EHIRUH DOO HOVH VR WKDW WKH\ PD\ WUXO\ EH VHUYHG DV &KULVW IRU KH VDLG ´,

5RJHU %RW] 26% FHOHEUDWHV 0DVV LQ WKH FKDSHO RI 6DLQW &ORXG +RVSLWDO

&%!452%

%DUQDEDV /DXEDFK 26% YLVLWV D SDWLHQW DQG JLYHV &RPPXQLRQ WR DQRWKHU

ZDV VLFN DQG \RX YLVLWHG PHµ DQG ´:KDW \RX GLG IRU RQH RI WKHVH OHDVW RQHV \RX GLG IRU PH µ 7KH VLFN PXVW EH SDWLHQWO\ ERUQH ZLWK EHFDXVH VHUY LQJ WKHP OHDGV WR D JUHDWHU UHZDUG &RQVHTXHQWO\ WKH DEERW VKRXOG EH H[WUHPHO\ FDUHIXO WKDW WKH\ VXIIHU QR QHJOHFW

,I RQH VKRXOG DOZD\V VHH &KULVW LQ WKH VLFN WKHVH PRQNV PXVW DOVR WU\ WR OHW WKH VLFN VHH &KULVW LQ WKHP %HLQJ &KULVW FDQ WDNH WKH VLPSOHVW RI IRUPV %DUQDEDV /DXEDFK 26% KHDG FKDS ODLQ DW 6DLQW %HUQDUGLQH·V 0HGLFDO &HQWHU LQ 6DQ %HUQDUGLQR &DOLIRUQLD QRWHV KRZ LPSRUWDQW LW FDQ EH PHUHO\ WR VWRS LQ DQG RIIHU D JUHHWLQJ ´<RX GRQ·W KDYH WR VD\ PXFK <RXU SUHV HQFH LV ZKDW·V FRPIRUWLQJ 0RVW RI DOO

WKH\ ZDQW WR NQRZ *RG FDUHV IRU WKHP DQG ORYHV WKHP µ 0HLQUDG 'LQGRUI 26% D FKDSODLQ RI 6DLQW %HQHGLFW·V 6HQLRU &RPPXQLW\ LQ 6DLQW &ORXG SRLQWV WR WKH RSHQLQJ ZRUG RI 6DLQW %HQHGLFW·V 5XOH³/,6 7(1³DV DQ LQYDOXDEOH FRXQVHO IRU KLV PLQLVWU\ ´$ FKDSODLQ PXVW OLVWHQ WR D SDWLHQW·V VWRU\ ,I , DP ZLOOLQJ WR OLVWHQ ORWV RI SHRSOH DUH ZLOOLQJ WR WHOO WKHLU VWRU\ µ (XJHQH 0F*ORWKOLQ 26% D KRV SLWDO FKDSODLQ IRU WZHQW\ RQH \HDUV DQG IRUPHU SUHVLGHQW RI WKH 1DWLRQDO $VVRFLDWLRQ RI &DWKROLF &KDSODLQV FRQÀUPV WKH LPSRUWDQFH RI OLVWHQ LQJ 5HFHQW VWXGLHV KDYH HVWDEOLVKHG WKDW WKH OLVWHQLQJ VNLOOV RI WKH FKDSODLQ

FRQWULEXWH WR WKH KHDOLQJ RI WKH SDWLHQW DQG WKLV KHDOLQJ ODVWV ORQJHU 3DWLHQWV RIWHQ GLVFRYHU WKHLU RZQ UHPHG\ ZKHQ WKH FKDSODLQ WDNHV WLPH WR OLVWHQ ZHOO )RU )DWKHU 7KRPDV VSLULWXDO FDUH HYRNHV WKH UROH RI WKH DEERW ZKR DERYH DOO VKRXOG VHH WR WKH QHHGV RI WKH VLFN 7KXV RQH RI KLV ELJJHVW FKDOOHQJHV LV WR ÀJXUH RXW KRZ SHRSOH DUH GRLQJ ZKHQ WKH\ HQWHU WKH QXUV LQJ KRPH 7KHQ LW LV KLV WDVN OLNH WKH DEERW·V WR GUDZ WKHP LQWR SDUWLFLSD WLRQ LQ WKHLU QHZ FRPPXQLW\ 7KH LPDJHU\ RI WKH 5XOH RI 6DLQW %HQHGLFW VLPLODUO\ LQVSLUHV )DWKHU 5RJHU ,Q KLV YLHZ WKH VLFN DUH WKH ´OLWWOH RQHV µ WKRVH ZKRP LOOQHVV KDV OHIW SRZHUOHVV ,W LV WKH UROH RI WKH VSLULWXDO FDUH JLYHU WR DFW DV WKH DEERW FDULQJ IRU WKRVH ZKR DUH ZHDNHVW (ULF +ROODV 26% LV 6DLQW -RKQ·V VHQLRU DVVRFLDWH RI $UWV DQG &XOWXUDO $IIDLUV

,Q -XQH 6DLQW &ORXG +RVSLWDO UHFHLYHG WKH 0DJQHW $ZDUG KLJKHVW QDWLRQDO DQG LQWHUQDWLRQDO UHFRJQLWLRQ IRU H[FHOOHQFH LQ QXUVLQJ VHUYLFHV

/ iÊ LLiÞÊ > iÀÊÊ > ÊÓää{ÊÊ«>}iÊ

&%!452% 3DUWLFLSDQWV LQ WKH %XGGKLVW &DWKROLF 0RQDVWLF ,QWHUUHOLJLRXV 'LDORJXH ³7UDQVIRUPLQJ 6XIIHULQJ ´ KHOG DW *HWKVHPDQL $EEH\ LQ $SULO

>ÃÌ VÊ ÌiÀÀi } ÕÃÊ

> }Õip / Ê*À ÌiÊ 1 ÌÞÊ> `Ê 1 `iÀÃÌ> ` } E\ :LOOLDP 6NXGODUHN 26%

<PM >I\QKIV ZMY]M[\ML \PI\ +PZQ[\QIV UWVI[\QK[ JM QV \PM ^IVO]IZL WN \PM +P]ZKP¼[ LQITWO]M _Q\P W\PMZ ZMTQOQWV[

'

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·V PRQDVWHU\ ZRXOG EH UHMHFWHG

:KHQ KLV EURWKHUV KRZHYHU PHW WR RIIHU WKHLU FRXQVHO WR WKH DEERW UHJDUG LQJ 6X]XNL·V SURSRVDO WKH\ JDYH WKHLU «>}iÊ£äÊÊÊ/ iÊ LLiÞÊ > iÀÊÊ > ÊÓää{

ZKROHKHDUWHG VXSSRUW ´:H KDUGO\ XQGHUVWRRG D WKLQJ WKH 5RVKL VDLG µ WKH\ DJUHHG ´EXW RQH WKLQJ·V REYLRXV KH·V D PRQN µ 0RQDVWLFLVP KDV H[LVWHG LQ YLUWXDOO\ DOO FXOWXUHV DQG UHOLJLRQV $ PRQDVWLF HQJDJHV LQ DQ LQWHQVH VHDUFK IRU PHDQ LQJ LQWHJUDWLRQ DQG³XOWLPDWHO\³SHU IHFWLRQ 8VXDOO\ EXW QRW DOZD\V D SHUVRQ ZLWK D PRQDVWLF KHDUW LV GUDZQ WR DQ LQVWLWXWLRQDOL]HG IRUP RI PRQDV WLFLVP WKDW LV HLWKHU VROLWDU\ HUHPLWLF

FRPPXQDO FHQRELWLF RU D PL[WXUH RI WKH WZR &DWKROLFV WHQG WR UHJDUG WKH PRQDV WLF YRFDWLRQ DV D UHVSRQVH WR -HVXV· FDOO ´,I \RX ZLVK WR EH SHUIHFW JR VHOO \RXU SRVVHVVLRQV DQG JLYH WKH PRQH\ WR WKH SRRU 7KHQ FRPH IROORZ PHµ 0DWWKHZ %XW EHLQJ D PRQN LV ÀUVW RI DOO DQ H[SUHV VLRQ RI VRPHWKLQJ IXQGDPHQWDO WR WKH KXPDQ SHUVRQ WKH WKLUVW IRU *RG

2QH FDQ DOVR WKLQN RI PRQDVWLFLVP DV D ZD\ WR EHFRPH IXOO\ KXPDQ³QRW D EHWWHU ZD\ WR EHFRPH KXPDQ RU D EHWWHU ZD\ WR EHFRPH D &KULVWLDQ EXW DQRWKHU ZD\ 6RPH LQGLYLGXDOV UHFRJQL]H WKDW WR EHFRPH D PRQDVWLF LV WKH EHVW ZD\ IRU WKHP WR UHDOL]H WKHLU YRFDWLRQ WR JURZ DV SHUVRQV DQG³LI WKH\ DUH EDSWL]HG³WR UHVSRQG WR &KULVW·V XQLYHUVDO FDOO WR EH SHUIHFW 0DWWKHZ

0RQDVWLF ,QWHUUHOLJLRXV 'LDORJXH 0,' ZDV IRXQGHG LQ LQ UH VSRQVH WR WKH 9DWLFDQ·V UHTXHVW WKDW &KULVWLDQ PRQNV DQG QXQV EH LQ WKH YDQJXDUG RI WKH &KXUFK·V GLDORJXH ZLWK RWKHU UHOLJLRQV $V &DUGLQDO 6HUJLR 3LJQHGROL VDLG LQ KLV OHWWHU WR WKHQ $EERW 3ULPDWH 5HPEHUW :HDNODQG 26% ´7KH PRQN UHSUH VHQWV D SRLQW RI FRQWDFW DQG RI PXWXDO FRPSUHKHQVLRQ EHWZHHQ &KULVWLDQV DQG QRQ &KULVWLDQV 7KH SUHVHQFH RI PRQDVWLFV LQ WKH &DWKROLF &KXUFK LV WKHUHIRUH D EULGJH WKDW MRLQV XV WR DOO RWKHU UHOLJLRQV µ

&%!452% 1LQHWHHQ &DWKROLF PRQNV DQG QXQV IURP WKH 86 DQG &DQDGD VHUYH RQ 0,'·V ERDUG RI GLUHFWRUV 7KHUH LV DOVR DQ DGYLVRU\ ERDUG RI ÀIWHHQ VSHFLDOLVWV LQ WKH ÀHOG RI LQWHUUHOLJLRXV GLDORJXH 'XULQJ WKH SDVW TXDUWHU FHQWXU\ 0,' KDV LQFUHDVLQJO\ IRFXVHG LWV HIIRUWV RQ SURPRWLQJ WKH GLDORJXH RI UHOLJLRXV H[SHULHQFH 0,' IRVWHUV GLDORJXH DW WKH OHYHO RI VSLULWXDO SUDFWLFH DQG H[SHULHQFH EHWZHHQ 1RUWK $PHULFDQ &DWKROLF PRQDVWLFV DQG FRQWHPSODWLYH SUDFWLWLRQHUV RI GLYHUVH UHOLJLRXV WUDGL WLRQV LQ RUGHU WR SURPRWH WKH XQLW\ RI WKH KXPDQ IDPLO\ DQG PXWXDO XQGHU VWDQGLQJ DPRQJ WKH ZRUOG·V UHOLJLRQV

&KULVWLDQ PRQNV DQG QXQV HQWHU LQWR LQWHUUHOLJLRXV GLDORJXH DV PRQDVWLFV EULQJLQJ WR GLDORJXH WKHLU H[SHULHQFH RI SUD\HU PHGLWDWLRQ DQG WKH SUDFWLFHV WKDW VXSSRUW D FRQWHPSODWLYH OLIH $V WKH\ HQJDJH LQ GLDORJXH ZLWK PRQDV WLFV RI RWKHU UHOLJLRQV WKH\ GLVFRYHU WKDW OHDUQLQJ DERXW RWKHU VSLULWXDO SUDFWLFHV GUDZV WKHP HYHU PRUH GHHS O\ LQWR WKHLU RZQ VSLULWXDO WUDGLWLRQ DQG HQDEOHV WKHP WR UHFRYHU ULFKHV WKH\ PD\ KDYH IRUJRWWHQ RU XQGHUYDOXHG $W SUHVHQW 0,' LV HQJDJHG LQ WZR SURMHFWV 7KH ÀUVW LV WR EULQJ WRJHWKHU 1RUWK $PHULFDQ QXQV DQG PRQNV RI GLIIHUHQW UHOLJLRXV WUDGLWLRQV LQ RUGHU WR UHÁHFW RQ WKH FKDOOHQJHV DQG SRVVL ELOLWLHV IRU PRQDVWLF OLIH LQ DQ LQFUHDV LQJO\ VHFXODU DQG JOREDO FXOWXUH ´1XQV LQ WKH :HVWµ PHW LQ 0D\ $Q LQLWLDO PHHWLQJ RI ´0RQNV LQ WKH :HVWµ LV SODQQHG IRU WKLV 2FWREHU 0,' UHSRUWV RQ WKHVH DQG RWKHU DFWLYLWLHV LQ LWV ELDQQXDO SXEOLFD WLRQ 0RQDVWLF ,QWHUUHOLJLRXV 'LDORJXH %XOOHWLQ DQG RQ LWV ZHEVLWH

ZZZ PRQDVWLFGLDORJ RUJ 7KH ZHE VLWH LV FXUUHQWO\ EHLQJ UHGHVLJQHG DQG ZLOO LQFOXGH DOO VHYHQW\ SDVW LVVXHV RI WKH %XOOHWLQ DPSO\ FURVV UHIHUHQFHG ZLWK QXPHURXV OLQNV WR RWKHU LQWHUUHOL JLRXV UHVRXUFHV 0,'·V VHFRQG LQLWLDWLYH LV WR SUR PRWH GLDORJXH ZLWK ,VODP DW WKH ORFDO OHYHO (YHQ WKRXJK ,VODP KDV QR PRQDVWLF WUDGLWLRQ LW SODFHV VWURQJ HPSKDVLV RQ VSLULWXDO SUDFWLFHV 0,' LV HQFRXUDJLQJ &DWKROLF PRQDVWLF FRPPXQLWLHV WR H[WHQG KRVSLWDOLW\ WR WKHLU 0XVOLP QHLJKERUV DQG WR OHDUQ IURP WKHP DERXW WKHLU SUDFWLFHV RI SUD\HU IDVWLQJ DOPVJLYLQJ DQG SLO JULPDJH³WKH ´IRXU SLOODUVµ RI ,VODP 7KUHH ZHHNV EHIRUH KH GLHG LQ %DQJ NRN LQ WKH 7UDSSLVW PRQN 7KRP DV 0HUWRQ ZURWH WKDW KH KDG FRPH WR WKH (DVW WR GULQN IURP DQFLHQW VRXUFHV RI PRQDVWLF YLVLRQ DQG H[SHULHQFH ´, VHHN µ KH VDLG ´QRW RQO\ WR OHDUQ PRUH DERXW PRQDVWLF OLIH EXW WR EHFRPH D EHWWHU DQG PRUH HQOLJKWHQHG PRQN P\VHOI µ 7KH PLVVLRQ RI 0RQDVWLF ,QWHUUHOLJLRXV 'LDORJXH LV URRWHG LQ DQG LQVSLUHG E\ WKLV VDPH GHVLUH :LOOLDP 6NXGODUHN DGPLQLVWUDWLYH DVVLV WDQW WR $EERW -RKQ .ODVVHQ LV FRPSOHWLQJ KLV WHUP DV SUHVLGHQW DQG FKDLUPDQ RI WKH ERDUG RI GLUHFWRUV RI 0,'

7KH DXWKRU )DWKHU :LOOLDP SUD\V DW WKH JUDYH RI 7KRPDV 0HUWRQ

7KH 'DODL /DPD ZLWK VKRYHO SODQWHG D WUHH RQ -XO\ DW WKH EHJLQQLQJ RI D %XGGKLVW &DWKROLF ,QWHUUHOLJLRXV 'LDORJXH KHOG DW *HWKVHPDQL $EEH\ XQGHU WKH WLWOH ³7KH *HWKVHPDQL (QFRXQWHU $ 'LDORJXH RQ WKH 6SLULWXDO /LIH E\ %XGGKLVW DQG &KULVWLDQ 0RQDVWLFV ´ 7KH 7UDSSLVW LQ WKH FHQWHU ZDV DW WKDW WLPH $EERW 7LPRWK\ .HOO\ 2&62 RI *HWKVHPDQL

/ iÊ LLiÞÊ > iÀÊÊ > ÊÓää{ÊÊÊ«>}iÊ££

4(% !""%9 #(2/.)#,% 6SULQJ ÀRZHUV UHVWRUH FRORU WR &ROOHJHYLOOH

7 >Ì·ÃÊ1«¶ / iÊ LLiÞÊ À V iÊ Ê

E\ 'DQLHO 'XUNHQ 26%

;WUM [QOVQÅKIV\ [XZQVO IVL []UUMZ [Q\]I\QWV[ 0DUFK N $Q LPSRUWDQW WUDGLWLRQ RI D %HQH GLFWLQH PRQDVWHU\ LV WKH SHULRGLF YLVLWDWLRQ E\ D WHDP RI PRQNV IURP RWKHU PRQDVWHULHV WR KHOS WKH FRP PXQLW\ HYDOXDWH LWVHOI DQG LPSURYH WKH TXDOLW\ RI LWV OLIH 7KH YLVLWDWLRQ RI 6DLQW -RKQ·V $EEH\ 0DUFK GHDOW ZLWK WKH DIWHUPDWK RI DOOHJDWLRQV RI VH[XDO PLVFRQGXFW E\ VRPH PHPEHUV WKH 5HWLUHPHQW &HQWHU OLWXUJ\ DQG FRP PXQDO OLIH DEEH\ DSRVWRODWHV WKH SURSRVHG JXHVW KRXVH YRFDWLRQV DQG IRUPDWLRQ DQG WKH DEEH\·V ÀQDQFLDO

SRVLWLRQ 7KH YLVLWDWRUV VWDWHG ´)RU QHDUO\ \HDUV WKH PRQNV RI 6DLQW -RKQ·V $EEH\ KDYH JLYHQ ZLWQHVV WR &KULVW·V SUHVHQFH DQG KDYH GRQH VR H[FHHGLQJO\ ZHOO <HV ZH EHDU WKH FURVV RI &KULVW WRGD\ EXW ZH DIÀUP RXU IDLWK DQG RXU XQFRQTXHUDEOH KRSH LQ UHVXUUHFWLRQ µ

9ROXQWHHUV EULQJ PDSOH VDS EXFNHWV WR WKH KRUVH GUDZQ KROGLQJ WDQN

7KH $EEH\ 9LVLWDWRUV FORFNZLVH IURP WRS OHIW $UFKDEERW 'RXJ ODV 1RZLFNL 26% 6DLQW 9LQFHQW $UFKDE EH\ /DWUREH 3$ $EERW 1HDO 5RWK 26% 6DLQW 0DUWLQ¶V $EEH\ /DFH\ :$ )DWKHU 0DUN &RRSHU 26% 6DLQW $QVHOP $EEH\ 0DQFKHVWHU 1+ %URWKHU $OEDQ 3HWHVFK 26% $VVXPSWLRQ $EEH\ 5LFKDUGWRQ 1'

«>}iÊ£ÓÊÊÊ/ iÊ LLiÞÊ > iÀÊÊ > ÊÓää{

N $QRWKHU PRQDVWLF WUDGLWLRQ LV WKH DQQXDO PDSOH VDS WR V\UXS RSHUDWLRQ LQ WKH 6XJDUEXVK DUHD RI 6DLQW -RKQ·V ZRRGV )RXU KXQGUHG WUHHV WDSSHG RQ 0DUFK SURGXFHG JDOORQV RI V\UXS 2Q WZR ZHHNHQGV YLVLWLQJ FKLOGUHQ DQG DGXOWV SDUWLFLSDWHG LQ WKH SURFHVV IURP JDWKHULQJ WKH VDS WR WDVW LQJ WKH V\UXS $SULO N /DNH 6DJDWDJDQ VKHG KHU ZLQWHU FRDW RI VQRZ DQG LFH RQ $SULO

7KH VN\ EOXH ZDWHU ZDV D VLJKW IRU ZLQWHU VRUH H\HV $ SDLU RI ORRQV TXLFNO\ FODLPHG WKHLU VXUI N 7KH ,QVWLWXWH IRU /DNH 6DJDWDJDQ (FXPHQLFDO DQG VKLPPHUV LQ &XOWXUDO 5HVHDUFK VSULQJWLPH VSOHQGRU HQMR\HG D 'D\ RI &HOHEUDWLRQ DQG 7ULEXWH RQ $SULO WR FRP PHPRUDWH WKH UHWLUHPHQWV RI 3DWULFN +HQU\ ([HFXWLYH 'LUHFWRU IRU WKH SDVW WZHQW\ \HDUV DQG 6LVWHU 'ROR UHV 6FKXK &+0 ([HFXWLYH $VVR FLDWH IRU WKLUW\ WZR \HDUV 'RQDOG % 2WWHQKRII VHQLRU HGLWRU RI 7KH &KULVWLDQ &HQWXU\ ZDV QDPHG WKH ,QVWLWXWH·V ([HFXWLYH 'LUHFWRU EHJLQQLQJ -XQH N 7KH DQQXDO /HQWHQ )RRG 'ULYH IRU RXU WZR FDPSXVHV FRRUGLQDWHG E\ 7RP 6WRFN DQG 6LVWHU (XQLFH $Q WKRQ\ 26% FROOHFWHG SRXQGV RI IRRG DQG LQ FDVK N 7KH DEEH\·V VHQLRU PHPEHU $QJHOR =DQNO 26% FHOHEUDWHG KLV UG ELUWKGD\ $SULO )DWKHU $QJHOR LV WKH OLYLQJ OLQN ZLWK &RUQHOLXV :LWWPDQQ 26% ODVW RI WKH SLRQHHU

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

6-8 *UDGXDWLRQ

N 7KH JUDGXDWLQJ FODVV RI WKH &ROOHJH RI 6DLQW %HQHGLFW DQG 6DLQW -RKQ·V 8QLYHUVLW\ SURGXFHG WKH ODUJHVW FRPELQHG QXPEHU LQ WKH VFKRROV· KLVWRU\ 7KH &6% JUDGX DWHG ZKLOH 6-8 FRXQWHG XQGHUJUDGXDWH PHQ DQG 6FKRRO RI 7KHRORJ\ 6HPLQDU\ JUDGX DWHV IRU D WRWDO RI $W 6DLQW -RKQ·V FRPPHQFHPHQW DFWLYLWLHV RQ 0D\ )DWKHU -DFN 'DYLV 6-8 DOXPQXV UHFHLYHG 6DLQW -RKQ·V KLJKHVW DZDUG WKH 3D[ &KULVWL IRU KLV XQVWLQWLQJ PLVVLRQDU\ ZRUN LQ &KLPERWH 3HUX

N 6L[W\ RQH JUDGXDWHV RI 6DLQW -RKQ·V 3UHSDUDWRU\ 6FKRRO UHFHLYHG WKHLU GLSORPDV RQ 0D\ 7KH 6HQLRU $GGUHVV ZDV JLYHQ E\ -DPHV 3RZ HUV RI :LFNORZ ,UHODQG +H LV WKH JUDQGVRQ RI - ) 3RZHUV DXWKRU IDFXOW\ PHPEHU DQG ZULWHU LQ UHVL GHQFH RI KDSS\ PHPRU\ N 6XPPHU (YHQWV EHJDQ LQ PLG 0D\ 2YHU ZRUNVKRS FRQIHUHQFH DQG FDPS SDUWLFLSDQWV UHWUHDWDQWV DQG RWKHU YLVLWRUV ZHUH ZHOFRPHG DQG FDUHG IRU GXULQJ WKH WKUHH PRQWK VHDVRQ N $W GLQQHU LQ WKH PRQDVWLF UHIHFWRU\ RQ 0D\ WKH 6DLQW -RKQ·V 'LQ LQJ 6HUYLFH VWDII ZDV WKDQNHG IRU SURYLGLQJ SOHQWLIXO IRRG DQG GULQN WR WKH FRPPXQLW\ RYHU VR PDQ\ \HDUV 2Q -XQH 0DUJH 6WLFK ZDV KRQRUHG DW KHU UHWLUHPHQW DIWHU VHYHQWHHQ \HDUV RI VSHFLDO VHUYLFH LQ WKH UHIHFWRU\

N 7KH -XQH LVVXH RI 7KH 5DNH D 0LQQHDSROLV PDJD]LQH IXOO RI UHDG DEOH VWRULHV DQG SULFH\ DGV GHYRWHG LWV FRYHU DQG QLQH &RYHU RI WKH -XQH SDJHV WR ´7KH LVVXH RI 7KH 5DNH 0RQNV RI 6W -RKQ·V µ :ULWWHQ E\ $GDP 0LQWHU WKH IHDWXUH VWRU\ DVNV RI WKH PRQNV ´$UH WKH\ KLGLQJ IURP WKH ZRUOG" 2U UHGHHPLQJ LW"µ $GDP VSHQW VHY HUDO GD\V LQ WKH DEEH\ LQWHUYLHZLQJ PRQNV VR KH FRXOG RIIHU ´DQ H[FOX VLYH SHHN LQVLGH RQH RI WKH &KXUFK·V PRVW LPSRUWDQW DQG LQÁXHQWLDO DEEH\V µ )RU D FRS\ FDOO RU HPDLO ZZZ UDNHPDJ FRP

N 7KH WULHQQLDO *HQHUDO &KDSWHU RI WKH $PHULFDQ &DVVLQHVH &RQJUHJD -XQH WLRQ RI %HQHGLFWLQH 0HQ PHW -XQH DW 6DLQW 3URFRSLXV $EEH\ N 7KH FRPPXQLW\·V /LVOH ,OOLQRLV :LWK $EERW 3UHVL DQQXDO UHWUHDW GHQW 7LPRWK\ .HOO\ 26% SUHVLG GXULQJ WKH ÀUVW LQJ WKH VXSHULRUV DQG GHOHJDWHV RI ZHHN RI -XQH WKH WZHQW\ RQH FRPPXQLWLHV LQ WKH ZDV GLUHFWHG E\ FRQJUHJDWLRQ GLVFXVVHG VXFK PDW 0DUJDUHW 0HJ

WHUV DV ´LQWHQWLRQDO FRPPXQLWLHVµ )XQN 26% RI LQYROYHPHQW ZLWK D FRPPXQLW\ RI 2XU /DG\ RI OD\ SHRSOH WKH HOHFWLRQ RI QRQ *UDFH 0RQDVWHU\ RUGDLQHG DEERWV D GHPRJUDSKLF %HHFK *URYH ,QGLDQD $EEH\ UHWUHDW DQG YLDELOLW\ VWXG\ WKH VDODU\ RI DQ OHDGHU 0HJ 6LVWHU 0HJ·V VSHFLDO DGPLQLVWUDWRU RI D QHHG\ FRPPX )XQN 26% VWXG\ LV -RKQ &DVVLDQ EHJDQ DQG QLW\ DQG XSGDWHG QRUPV IRU PDMRU

ZKRVH ZULW HQGHG HDFK ÀQDQFLDO WUDQVDFWLRQV LQJV DUH UHFRPPHQGHG FRQIHUHQFH E\ 6DLQW %HQHGLFW LQ ZLWK D PHORG\ N :H KDG D IRUHWDVWH RI VXPPHU KHDW WKH ÀQDO FKDSWHU RI KLV RQ KHU UH ZKHQ WKH WHPSHUDWXUH UHDFKHG FRUGHU 5XOH 0HJ FRQVLG D KLJK RI Ý RQ -XQH %XW RQ HUHG WKH HLJKW DIÁLFWLRQV WKDW GHWRXU -XQH WKH WHPSHUDWXUH GLSSHG RXU MRXUQH\ ZLWK -HVXV³JOXWWRQ\ WR D FKLOO\ Ý 7KUHH GD\V DIWHU OXVW DYDULFH DQJHU VDGQHVV VORWK VXPPHU·V ÀFNOH EHJLQQLQJ WKHUH DFFLGLH YDLQJORU\ DQG SULGH +HU ZDV D VLPLODU GURS WR Ý $ FDPSXV UHÁHFWLRQV ZHUH D UHPLQGHU WKDW KRXVHNHHSHU FDPH WR ZRUN ZHDU UHQXQFLDWLRQ LV VWLOO D NH\ FRQFHSW LQJ HDU PXIIV DQG JORYHV WR DYRLG RI WKH PRQDVWLF ZD\ RI OLIH FDWFKLQJ DQRWKHU FROG FRQWLQXHG / iÊ LLiÞÊ > iÀÊÊ > ÊÓää{ÊÊÊ«>}iÊ£Î

4(% !""%9 #(2/.)#,% N 7KLV PRQWK HQGHG ZLWK FRQFHUWV E\ WDOHQWHG FRQIUHUHV 2Q -XQH 5REHUW .RRSPDQQ 26% SHU IRUPHG ZRUNV E\ 0R]DUW 5DYHO %HHWKRYHQ &KRSLQ DQG KLV RZQ 6DFUHG ,PSURYLVDWLRQV 7KUHH GD\V ODWHU -RKQ %HGH 3DXOH\ 26% JDYH D YRLFH UHFLWDO HQWLWOHG ´(QFRXQWHU LQJ D &RXQWHUWHQRU µ 7KH WHUP ´FRXQWHUWHQRUµ GHVLJQDWHV WKH KLJK HVW PDOH YRLFH %URWKHU -RKQ %HGH SHUIRUPHG ZRUNV E\ %DFK 3XUFHOO .DQGHU %HQMDPLQ %ULWWHQ DQG RWK HUV -XO\ N 2Q 6XQGD\ -XO\ WKH DEEH\ FHOHEUDWHG WKH )HDVW RI 6DLQW %HQH GLFW :H ZHUH MRLQHG E\ QLQHW\ 2EODWHV ZKR FDPH IURP DV IDU DV &DOLIRUQLD 1RUWK &DUROLQD DQG 2WWDZD 2QWDULR IRU WKHLU DQQXDO UHWUHDW GLUHFWHG E\ $EERW -RKQ .ODVVHQ 26% 8VLQJ WKH WKHPH ´6FLHQFH LQ &RQYHUVDWLRQ ZLWK 5HOLJLRQ µ $EERW -RKQ FRQVLGHUHG VXFK TXHVWLRQV DV ´+RZ DUH ZH WR UHDG WKH DFFRXQWV RI FUHDWLRQ LQ WKH %RRN RI *HQHVLV LQ OLJKW RI VFLHQWLÀF GLVFRYHULHV DERXW WKH FKDQJLQJ VWUXFWXUH RI WKH XQL YHUVH"µ DQG ´+RZ GR ZH WKLQN DERXW KXPDQ IUHHGRP JLYHQ RXU LQFUHDVLQJ NQRZOHGJH RI WKH JH QHWLF EDVLV RI KXPDQ EHKDYLRU"µ 'XULQJ 0RUQLQJ 3UD\HU QLQH PHQ DQG ZRPHQ PDGH WKHLU )LQDO 2EODWLRQ $W WKH FHOHEUDWLRQ RI WKH (XFKD ULVW GLDPRQG JROGHQ DQG VLOYHU PRQDVWLF MXELODULDQV UHQHZHG WKHLU RULJLQDO FRPPLWPHQW WR WKH %HQHGLFWLQH ZD\ RI OLIH 0DWWKHZ /XIW 26% PDGH KLV ÀQDO SURIHV VLRQ 7KH IROORZLQJ GD\ 0DWWKHZ ZDV RUGDLQHG D GHDFRQ

«>}iÊ£{ÊÊÊ/ iÊ LLiÞÊ > iÀÊÊ > ÊÓää{

$XJXVW N 7KH DEEH\ KRVWHG WKH SULHVWV DQG GHDFRQV RI WKH 6DLQW &ORXG 'LRFHVH RQ $XJXVW IRU WKH DQQXDO VRFLDO DQG FRRN RXW )LYH GD\V ODWHU WKH PRQDVWLFV RI 6DLQW %HQHGLFW·V 0RQ DVWHU\ ZHUH RXU JXHVWV DW (YHQLQJ 3UD\HU DQG GLQQHU /RQJ EHIRUH VXPPHU VHHPHG KDUGO\ KDOI RYHU DQRWKHU VFKRRO \HDU EHJDQ 2QH RI WKH EXUQLQJ TXHVWLRQV RI WKH QHZ \HDU LV ´&DQ ZLOO 6DLQW -RKQ·V EHDW 0RXQW 8QLRQ WZR \HDUV LQ D URZ IRU DQRWKHU 'LYLVLRQ ,,, QDWLRQDO IRRWEDOO FKDPSLRQVKLS"µ /HW·V ZDLW DQG VHH

)DWKHU 'DYLV DQG WKH 3D[ &KULVWL $ZDUG

>Ì iÀÊ >Û ÃÊ ,iVi ÛiÃÊ Ü>À`

6

DLQW -RKQ·V KLJKHVW KRQRU WKH 3D[ &KULVWL $ZDUG ZDV SUH VHQWHG WR )DWKHU -RKQ ( ´-DFNµ 'DYLV DW FRPPHQFHPHQW H[HUFLVHV RQ 0D\ $Q DOXPQXV RI 6DLQW -RKQ·V 8QLYHUVLW\ DQG 6FKRRO RI 7KHRORJ\ -DFN KDV VHUYHG WKH SRRU LQ &KLPERWH 3HUX IRU DOPRVW WKLUW\ \HDUV 7KH FLWD WLRQ UHDG E\ 'LHWULFK 5HLQKDUW 26% XQLYHUVLW\ SUHVLGHQW VWDWHG LQ SDUW

1RW WKH ODVW URVHV RI VXPPHU

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·V VKHOWHU FKDSHOV UHKDELOLWDWLRQ FHQWHUV DQG KRPHV )DWKHU -DFN \RX KDYH JLYHQ \RXU OLIH WR WKRVH ZLWK QR YRLFH <RX KDYH OLV WHQHG ZLWK WKH HDU RI \RXU KHDUW WR WKH FU\ RI WKH H[SORLWHG ,Q WKHLU FU\ \RX KHDU -HVXV ZKR FDPH WR EULQJ OLIH DQG WR EULQJ LW LQ DEXQGDQFH QRW IRU D VPDOO PLQRULW\ EXW IRU DOO ZRPHQ DQG PHQ <RX KDYH PDGH WKH SHDFH RI &KULVW UHDO IRU WKH GLVLQKHULWHG RI WKLV HDUWK

&%!452% $ VWXGHQW DVVLVWDQW DW %DODPDQG SRVLWLRQV D PDQXVFULSW IRU GLJLWDO SKRWRJUDSK\

> ÕÃVÀ «ÌÊ LÀ>ÀÞ iÃÊ } Ì> Ì ÊÌ iÊ `` iÊ >ÃÌ E\ &ROXPED 6WHZDUW 26%

8ZM[MZ^I\QWV MNNWZ\[ IZM NWK][ML WV \PM UIV][KZQX\[ WN \PM -I[\MZV +PZQ[\QIV +P]ZKPM[

$

V $PHULFDQ WURRSV PRYHG LQWR %DJKGDG ODVW \HDU D WHDP IURP WKH +LOO 0RQDVWLF 0DQXVFULSW /LEUDU\ ZDV EHJLQQLQJ D GLIIHUHQW NLQG RI $PHULFDQ LQYROYH PHQW LQ WKH 0LGGOH (DVW )ROORZLQJ D VWUDWHJLF GHFLVLRQ RI WKH +00/ %RDUG WR IRFXV SUHVHUYDWLRQ HIIRUWV RQ WKH PDQXVFULSWV RI WKH (DVWHUQ &KULVWLDQ &KXUFKHV WKH OLEUDU\ HVWDEOLVKHG D VWXGLR DW 2XU /DG\ RI %DODPDQG 0RQ DVWHU\ DQG 8QLYHUVLW\ QHDU 7ULSROL LQ QRUWKHUQ /HEDQRQ 7KH QHZ YHQWXUH DOVR PDUNHG +00/·V ÀUVW PRYH LQWR WKH GLJLWDO ZRUOG DV WKH IRUPHU UHOLDQFH RQ PLFURÀOP \LHOGHG WR WKH QHZ RSSRUWXQLWLHV SURYLGHG E\ GLJLWDO SKRWRJUDSK\ 6LQFH EHLQJ IRXQGHG LQ +00/ KDV SKRWRJUDSKHG PRUH WKDQ PDQXVFULSWV LQ (XURSH (WKLRSLD DQG

$ VHYHQWHHQWK FHQWXU\ $UDELF &KULVWLDQ SUD\HU ERRN IURP 2XU /DG\ RI %DODPDQG 0RQDVWHU\ LQ /HEDQRQ VKRZV WKH HIIHFWV RI WLPH DQG ERRNZRUPV

QRZ LQ /HEDQRQ $ SLRQHHU LQ PL FURÀ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·V FROOHFWLRQ 7KH PDQXVFULSWV QRZ EHLQJ À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

PXQLWLHV WR KHOS WKHP SUHVHUYH WKHLU KHULWDJH HYHQ DV WKH QXPEHU RI &KULV WLDQV LQ WKH UHJLRQ FRQWLQXHV WR GLPLQ LVK WKURXJK HPLJUDWLRQ WR WKH ZHVW 7KH QHZ GLJLWDO SKRWRJUDSKV EHLQJ FDSWXUHG DW WKHVH VLWHV DUH DFWXDOO\ VXSHULRU LQ TXDOLW\ WR PP PLFUR ÀOP DQG DUH LQ IXOO FRORU 7KH\ DOORZ FORVH VWXG\ RI WH[W DQG DUW DQG LI QHFHVVDU\ FRXOG HQDEOH UHFUHDWLRQ RI WKH RULJLQDO LI LW ZHUH ORVW WR WKHIW RU ÀUH (DFK PDQXVFULSW ZLOO EH HQWHUHG LQWR +00/·V HOHFWURQLF FDWDORJXH DQG LPDJHV ZLOO EH DYDLODEOH RQ D QHZ ZHEVLWH EHLQJ LQWURGXFHG WKLV VXP PHU 0HDQZKLOH UHDGHUV FDQ YLVLW ZZZ KPPO RUJ IRU XSGDWHV RQ WKH SUHVHUYDWLRQ SURMHFWV 7KH PRQNV RI WKH %DODPDQG PRQDV WHU\ NQRZ ZKDW FDQ KDSSHQ WR PDQX VFULSWV GXULQJ WKH /HEDQHVH &LYLO :DU RI WKH V DQG V VRPH RI WKHLU PRVW SUHFLRXV PDQXVFULSWV ZHUH VWROHQ 2WKHU PRQDVWHULHV LQ /HEDQRQ KDYH KDG PDQXVFULSWV KHOG IRU UDQVRP RU KDYH VHHQ WKHLU OLEUDU\ JR XS LQ VPRNH +00/·V PLVVLRQ RI SUHVHUY LQJ WKH KXPDQ FXOWXUDO DQG UHOLJLRXV KHULWDJH SUHVHUYHG LQ PDQXVFULSWV UHPDLQV DV UHOHYDQW WRGD\ DV HYHU &ROXPED 6WHZDUW 26% LV H[HFXWLYH GLUHFWRU RI WKH +LOO 0RQDVWLF 0DQXVFULSW /LEUDU\ DQG SURIHVVRU RI WKHRORJ\ DW 6DLQW -RKQ·V / iÊ LLiÞÊ > iÀÊÊ > ÊÓää{ÊÊÊ«>}iÊ£x

!""%9 *5"),!2)!.3

/Üi ÌÞ iÊV vÀiÀiÃÊVi iLÀ>ÌiÊ Ã } wV> ÌÊ> ÛiÀÃ>À ið 576);<1+ 8:7.-;;176 A-):; )UDQFLV 3HWHUV 26%

(XJHQH 0F*ORWKOLQ 26%

%URWKHU )UDQFLV KDV VHUYHG WKH FRPPXQLW\ DV ERRNNHHSHU SULQWHU JUHHQKRXVH GLUHFWRU OLEUDULDQ FDUHWDNHU RI WKH PRQDVWLF JDUGHQV DQG WDLORU VKRS DVVLVWDQW +H DOVR ZRUNHG LQ %HQHGLFWLQH PRQDVWHULHV LQ 3XHUWR 5LFR DQG WKH %DKDPDV

)DWKHU (XJHQH VHUYHG 0LQQHVRWD DQG 0LFKL JDQ SDULVKHV DQG PHGLFDO FHQWHUV DQG KHOG D WHUP DV SUHVLGHQW RI WKH 1DWLRQDO $VVRFLDWLRQ RI &DWKROLF &KDSODLQV +H ZDV UHJLVWUDU IDF XOW\ UHVLGHQW DQG DVVLVWDQW YLFH SUHVLGHQW RI 6WXGHQW $IIDLUV DQG LV QRZ SDVWRU RI WKH &ROOHJHYLOOH SDULVK

%DUWKRORPHZ 6D\OHV 26% 7KH PXVLF PLQLVWU\ RI )DWKHU %DUWKRORPHZ LQFOXGHG WKDW RI DEEH\ RUJDQLVW LQVWUXFWRU RI YRFDO DQG LQVWUXPHQWDO PXVLF DW 6DLQW -RKQ·V DQG 6DLQW $XJXVWLQH·V &ROOHJH 1DVVDX %DKDPDV DUUDQJHU RI (QJOLVK *UHJRULDQ FKDQWV DQG IRXQGHU GLUHFWRU RI WKH 6FKROD *UHJRULDQD

.LHUDQ 1RODQ 26% )DWKHU .LHUDQ KDV EHHQ QDWLRQDO GLUHFWRU RI WKH 3HUPDQHQW 'LDFRQDWH 3URJUDP UHFWRU GHDQ RI 6DLQW -RKQ·V 6FKRRO RI 7KHRORJ\ 6HPLQDU\ WKH DEEH\·V VXESULRU &ROOHJHYLOOH·V SDVWRU DQG SULRU RI 6DLQW $QVHOP·V 3ULRU\ 7RN\R +H LV D PHPEHU RI +RO\ 7ULQLW\ %HQHGLFWLQH 0RQDV WHU\ )XMLPL -DSDQ

A-):; $QGUH %HQQHWW 26%

&KU\VRVWRP .LP 26% )DWKHU &KU\VRVWRP ZDV DVVRFLDWH SDVWRU RI 6DLQW $XJXVWLQH·V 3DULVK LQ 6DLQW &ORXG EHIRUH EHJLQQLQJ D WZHQW\ \HDU WHUP DV DVVRFLDWH SURIHVVRU RI +RQRUV &RXUVHV DW 6DLQW -RKQ·V +H VHUYHG DV IRUPDWLRQ GLUHFWRU SULRU DQG SDVWRU RI 6DLQW $QVHOP·V 3ULRU\ DQG 3DULVK 7RN\R

$IWHU EHJLQQLQJ KLV FRPPXQLW\ VHUYLFH DV DVVLVWDQW OLEUDULDQ %URWKHU $QGUH UHFHLYHG WKH 51 GHJUHH IURP 6DFUHG +HDUW 6FKRRO RI 1XUVLQJ <DQNWRQ 6RXWK 'DNRWD +H WKHQ VHUYHG LQ WKH KHDOWK IDFLOLWLHV RI WKH XQLYHUVLW\ DQG WKH DEEH\

5D\PRQG 3HGUL]HWWL 26% 7HDFKLQJ /DWLQ *UHHN DQG SKLORVRSK\ VHUYLQJ DV IDFXOW\ UHVLGHQW LQ VWXGHQW FDPSXV KRXVLQJ DQG GLUHFWLQJ MXQLRU PRQNV GXULQJ WKH WXPXOWXRXV WLPHV IROORZLQJ WKH 6HFRQG 9DWLFDQ &RXQFLO KDYH NHSW )DWKHU 5D\PRQG RFFXSLHG +H LV FXUUHQWO\ SULRU RI WKH DEEH\

5RJHU %RW] 26% )LYH \HDUV RI WHDFKLQJ DQG EHLQJ SULQFLSDO RI &ROHJLR 6DQ $QWRQLR $EDG +XPDFDR 3XHUWR 5LFR SUHFHGHG )DWKHU 5RJHU·V GXWLHV DV GLUHFWRU RI VHYHUDO RXWUHDFK SURJUDPV IRU 6DLQW -RKQ·V DQG DV XQLYHUVLW\ FKDSODLQ )RU DOPRVW WZHQW\ \HDUV KH KDV EHHQ D FKDSODLQ DW WKH 6DLQW &ORXG +RVSLWDO

«>}iÊ£ÈÊÊÊ/ iÊ LLiÞÊ > iÀÊÊ > ÊÓää{

A-):; 3DXO 5LFKDUGV 26% %URWKHU 3DXO GLUHFWHG WKH EDQG FKRLU DQG FDPSXV PLQLVWU\ RI 6DLQW -RKQ·V 3UHSDUDWRU\ 6FKRRO IRXQGHG DQG GLUHFWV WKH 6DLQW -RKQ·V %R\V· &KRLU DQG GLUHFWV WKH $EEH\ 6FKROD +H LV DOVR D IDFXOW\ UHVLGHQW LQ VWXGHQW FDPSXV KRXVLQJ DV ZHOO DV WKH VXESULRU RI WKH DEEH\ 7LPRWK\ %DFNRXV 26% )DWKHU 7LPRWK\ WDXJKW (QJOLVK DQG VSHHFK DW 6DLQW -RKQ·V 3UHSDUDWRU\ 6FKRRO PRUDO WKHRORJ\ LQ WKH XQLYHUVLW\ DQG ZDV GLUHFWRU RI &DPSXV 0LQLVWU\ +H LV QRZ WKH DWKOHWLF GLUHFWRU DQG WKH GLUHFWRU RI 6SLULWXDO 3URJUDP PLQJ DQG 5HVLGHQWLDO /LIH IRU WKH XQLYHUVLW\

!""%9 *5"),!2)!.3

*UHJRU\ 6HEDVWLDQ 26% %HIRUH HQWHULQJ WKH DEEH\ )DWKHU *UHJRU\ WDXJKW (QJOLVK DW /R\ROD 8QLYHUVLW\ 6DLQW /RXLV 8QLYHUVLW\ DQG 5XWJHUV 8QLYHUVLW\ $IWHU KLV RUGLQDWLRQ KH ZDV FKDSODLQ DW 6DLQW 5DSKDHO·V &RQYHQW 6DLQW &ORXG DQG D FDWDORJXHU RI ZHVWHUQ PDQXVFULSWV DW WKH +LOO 0RQDVWLF 0LFURÀOP /LEUDU\

A-):; )UDQFLV +RHIJHQ 26%

$IWHU VHUYLQJ LQ WKH SDVWRUDO PLQLVWU\ LQ WZR 0LQQHVRWD SDULVKHV )DWKHU )UDQ ZDV WKH DE EH\ JXHVWPDVWHU DQG D PHPEHU RI WKH FKDS ODLQV· WHDP IRU 6DLQW %HQHGLFW·V 0RQDVWHU\ 6DLQW -RVHSK +LV KREE\ RI SKRWRJUDSK\ KDV SURGXFHG DOEXPV RI EUHDWKWDNLQJ EHDXW\

'RXJODV 0XOOLQ 26% %URWKHU 'RXJ WDXJKW VL[WK JUDGH DQG ZDV SULQFLSDO DW 6DLQW 0DU\·V 0LVVLRQ 5HG /DNH +H WDXJKW PDWKHPDWLFV DQG UHOLJLRQ DQG ZDV GHDQ RI VWXGHQWV DW 6DLQW -RKQ·V 3UHSDUDWRU\ 6FKRRO +H LV QRZ WHQXUHG LQ WKH &6% 6-8 (GXFDWLRQ 'HSDUWPHQW DQG LV FRPSOHWLQJ VWXGLHV WRZDUGV RUGLQDWLRQ /XNH 0DQFXVR 26%

,DQ 'RPPHU 26% )DWKHU ,DQ WDXJKW WKHRORJ\ DW 6DLQW %HUQDUG·V +LJK 6FKRRO 6DLQW 3DXO DQG DW %HQLOGH 6DLQW 0DUJDUHW +LJK 6FKRRO 6DLQW /RXLV 3DUN ZKHUH KH FKDLUHG WKH WKHRORJ\ GHSDUWPHQW DQG ZDV DVVLVWDQW SULQFLSDO +H LV QRZ WKH FXUUHQW SULQFLSDO RI 6DLQW -RKQ·V 3UHSDUDWRU\ 6FKRRO )UDQFLVFR 6FKXOWH 26%

6LQFH KLV WUDQVIHU IURP 2XU /DG\ RI 0RXQW 2OLYHW $EEH\ LQ /RXLVLDQD )DWKHU /XNH KDV EHHQ D PHPEHU RI WKH XQLYHUVLW\·V (QJOLVK 'HSDUWPHQW DQG D IDFXOW\ UHVLGHQW LQ FDP SXV VWXGHQW KRXVLQJ ,Q KH UHFHLYHG WKH 5REHUW / 6SDHWK 7HDFKHU RI 'LVWLQFWLRQ $ZDUG

8:1-;<077, 7:,16)<176 A-):;

)DWKHU )UDQFLVFR VHUYHG DW WKH VFKRRO DQG PRQDVWHU\ RI 6DQ $QWRQLR $EDG LQ 3XHUWR 5LFR ZDV FKDSODLQ DW 6DLQW -RKQ·V 3UHSDUDWRU\ 6FKRRO DQG WDXJKW LQ WKH 6FKRRO RI 7KHRORJ\ +H IRXQGHG WKH 2IÀFH IRU +LVSDQLFV LQ WKH 'LRFHVH RI 5DOHLJK 1RUWK &DUROLQD

0DUN 7KDPHUW 26% )DWKHU 0DUN ZDV SUHVLGHQW RI 6DLQW -RKQ·V 3UHSDUDWRU\ 6FKRRO +H UHFHLYHG DQ DZDUG IURP WKH 5HSXEOLF RI $XVWULD IRU KLV LQYROYH PHQW LQ WKH VFKRRO·V VWXG\ DEURDG SURJUDP DW WKH %HQHGLFLWLQH DEEH\ RI 0HON +H WHDFKHV *HUPDQ DQG LV WKH GLUHFWRU RI WKH +RQRUV 3URJUDP RI WKH XQLYHUVLW\

*HRUJH :ROI 26% )DWKHU *HRUJH·V ÀUVW DQG RQO\ DVVLJQPHQW ZDV WR WKH %DKDPD ,VODQGV ZKHUH KH KDV EHHQ HQJDJHG LQ DGPLQLVWUDWLYH DQG SDVWR UDO ZRUN IRU WKH SDVW VL[W\ \HDUV $ WULEXWH WR KLV H[WHQVLYH PLVVLRQDU\ ODERUV DSSHDUV ODWHU LQ WKLV LVVXH RI 7KH $EEH\ %DQQHU

'DOH /DXQGHUYLOOH 26% )DWKHU 'DOH WHDFKHV 2OG 7HVWDPHQW FRXUVHV LQ 6DLQW -RKQ·V 6FKRRO RI 7KHRORJ\ 6HPLQDU\ DQG KDV GLUHFWHG WKH -HUXVDOHP VWXG\ DEURDG SURJUDP +H VHUYHG DV GHDQ RI WKH 6FKRRO RI 7KHRORJ\ 6HPLQDU\ DQG UHFWRU RI WKH 6HPLQDU\

A-):; +LODU\ 7KLPPHVK 26% )DWKHU +LODU\ WDXJKW (QJOLVK DW 6DLQW -RKQ·V 3UHSDUDWRU\ 6FKRRO DQG QRZ WHDFKHV LQ WKH XQLYHUVLW\ +H KDV EHHQ GLUHFWRU RI 2EODWHV DFDGHPLF GHDQ IDFXOW\ UHVLGHQW DSRVWROLF DGPLQLVWUDWRU RI 6DLQW 0DUWLQ·V $EEH\ LQ :DVKLQJWRQ SULRU RI WKH DEEH\ DQG SUHVL GHQW RI WKH XQLYHUVLW\

'DYLG &RWWHU 26% 7UDQVIHUULQJ IURP 6DLQW $QVHOP·V $EEH\ LQ 1HZ +DPSVKLUH )DWKHU 'DYLG WDXJKW WKHRO RJ\ LQ WKH XQLYHUVLW\ ZDV DQ DGYLVRU IRU 7KH 6DLQW -RKQ·V %LEOH 3URMHFW DQG D /LWXUJLFDO 3UHVV HGLWRU +H HGLWHG %HULW 2ODP 6WXGLHV LQ +HEUHZ 1DUUDWLYH DQG 3RHWU\ DQG ZURWH WKH *HQHVLV FRPPHQWDU\

/ iÊ LLiÞÊ > iÀÊÊ > ÊÓää{ÊÊÊ«>}iÊ£Ç

6/#!4)/. .%73 / WR U 5LFKDUG &DUOERP 3DXO 9LQFHQW 1LHEDXHU 26% -HUHP\ 3ORRI

/ iÊ*À Û i}iÊ v

ÃViÀ }Ê `·ÃÊ > Ê E\ 3DXO 9LQFHQW 1LHEDXHU 26%Ê ) ZMXWZ\ WV \PM >WKI\QWV 8ZWRMK\ I\ ;IQV\ 2WPV¼[ I[ N]VLML Ja 4QTTa -VLW_UMV\

7

KH 9RFDWLRQ 3URMHFW DW 6DLQW -RKQ·V 8QLYHUVLW\ IXQGHG E\ /LOO\ (QGRZPHQW KDV DV LWV JRDO WR JLYH VWXGHQWV IDFXOW\ DQG VWDII WKH RSSRUWXQLW\ WR UHÁHFW RQ WKH IXOO PHDQLQJ RI YRFDWLRQ DQG WR HQFRXUDJH DOO WR EHJLQ WKH SURFHVV RI GLVFHUQLQJ *RG·V FDOO 7KH SURFHVV KDV D VSLULWXDO DQG WKHRORJLFDO IRFXV /LOO\ (QGRZPHQW VSRQVRUHG D 9RFD WLRQ 3URMHFW :RUNVKRS LQ 6DLQW 3DXO RQ $SULO 6WXGHQWV DQG SUR JUDP GLUHFWRUV DWWHQGHG IURP VHYHUDO 0LQQHVRWD SULYDWH FROOHJHV LQFOXG LQJ $XJVEXUJ &DUOHWRQ *XVWDYXV $GROSKXV +DPOLQH 0DFDOHVWHU 6DLQW %HQHGLFW·V 6DLQW -RKQ·V DQG 6DLQW 7KRPDV DV ZHOO DV WKH 8QLYHUVLW\ RI 1RWUH 'DPH $OPRVW DOO RI WKHVH VFKRROV DUH DPRQJ WKH ÀUVW WR EHJLQ D 9RFDWLRQ 3URMHFW DQG DUH EH\RQG WKH KDOIZD\ PDUN LQ WKH ÀYH \HDU OLIH RI WKH SURJUDP )RU WKLV UHDVRQ WKH GLUHF WRUV RI /LOO\ (QGRZPHQW WKRXJKW LW DSSURSULDWH WR EULQJ GLUHFWRUV IDFXOW\ DQG VWXGHQWV WRJHWKHU WR VKDUH WKHLU H[ SHULHQFHV RI KRZ EHVW WR FRPPXQLFDWH WR WRGD\·V FROOHJH VWXGHQWV WKH FRQFHSW RI GLVFHUQLQJ D YRFDWLRQ 7KLV LQIRU PDWLRQ ZRXOG WKHQ EH DQDO\]HG DQG VKDUHG QRW RQO\ DPRQJ WKH LPPHGLDWH «>}iÊ£nÊÊÊ/ iÊ LLiÞÊ > iÀÊÊ > ÊÓää{

SDUWLFLSDQWV EXW ZLWK WKH VHFRQG DQG WKLUG URXQG RI FROOHJHV ZKLFK DUH QRW DV IDU DORQJ LQ WKH OLIH RI WKHLU YRFD WLRQ SURJUDPV -HUHP\ 3ORRI D PHPEHU RI 6DLQW -RKQ·V UHOLJLRXV GLVFHUQPHQW JURXS DQG 5LFKDUG &DUOERP D VWXGHQW SUR JUDP DVVRFLDWH ZLWK WKH 6DLQW -RKQ·V 9RFDWLRQ 3URMHFW DFFRPSDQLHG PH WR WKH ZRUNVKRS 9DULRXV SURJUDPV DQG DSSURDFKHV WDNHQ DW 6DLQW -RKQ·V VLQFH WKH EHJLQ QLQJ RI WKH 9RFDWLRQ 3URMHFW LQFOXGH )RU VWXGHQWV N )RRG IRU 7KRXJKW 'LQQHUV KRVWHG E\ WKH 9RFDWLRQ 3URMHFW WZR RU WKUHH WLPHV D VHPHVWHU :KLOH VWXGHQWV HQMR\ D IUHH PHDO WKH\ DUH HQFRXU DJHG WR GLVFXVV WKH PHDQLQJ RI YRFDWLRQ DQG KRZ LW KDV LPSDFWHG WKHLU GHFLVLRQV DW 6DLQW -RKQ·V (DFK GLVFXVVLRQ LV OHG E\ D PHPEHU RI WKH IDFXOW\ RU VWDII N $ 0RQGD\ 1LJKW )LOP 6HULHV KRVWHG E\ D PHPEHU RI WKH PRQDV WLF FRPPXQLW\ )LOPV WKDW KLJKOLJKW WKH SURFHVV RI YRFDWLRQDO GLVFHUQ PHQW DUH VHOHFWHG E\ VWXGHQWV ZRUN LQJ ZLWK WKH 3URMHFW 7KLV \HDU·V

ÀOPV LQFOXGHG 'HDG 3RHWV· 6RFLHW\ *RRG :LOO +XQWLQJ +RRN DQG 3DWFK $GDPV )ROORZLQJ HDFK ÀOP WKH KRVW OHDGV D GLVFXVVLRQ RQ WKH YRFDWLRQDO GLVFHUQPHQW HOHPHQWV IRXQG LQ WKH ÀOP )RU IDFXOW\ DQG VWDII RI WKH XQLYHUVLW\ N 3URJUDPV RQ WKH %HQHGLFWLQH IRXQ GDWLRQ DQG VSLULW RI 6DLQW -RKQ·V WR HQFRXUDJH WKH GLVFHUQPHQW RI *RG·V FDOO WR XV N %RRN JURXSV /XQFK DQG /HDUQ VHV VLRQV IDFXOW\ ZRUNVKRSV RQ &DWKR OLF LQWHOOHFWXDO WKRXJKW 7KH PRVW VLJQLÀFDQW RXWFRPH RI WKH ZRUNVKRS³EHVLGHV WKH DPD]LQJ QXPEHU DQG YDULHW\ RI SURJUDPV WDN LQJ SODFH RQ YDULRXV FDPSXVHV³ZDV WKH UHDOL]DWLRQ WKDW WKH RSSRUWXQLW\ WR GLVFHUQ D YRFDWLRQ LV LQGHHG D SULYL OHJH WKDW QRW HYHU\RQH HQMR\V VLPSO\ EHFDXVH RI WKHLU VRFLR HFRQRPLF VLWXD WLRQ 7KRVH ZKR GR KDYH WKLV SULYLOHJH DOVR KDYH WKH UHVSRQVLELOLW\ RI FKRRV LQJ FDUHIXOO\ WR VHUYH RQHVHOI DQG RQH·V FRPPXQLW\ 3DXO 9LQFHQW 1LHEDXHU 26% LV WKH YRFDWLRQ GLUHFWRU RI 6DLQW -RKQ·V $EEH\

6/#!4)/. .%73 %LVKRS -RKQ .LQQH\ DQRLQWV WKH KDQGV RI QHZO\ RUGDLQHG (GZDUG 9HEHOXQ 26%

ÃÊ"À`> i`Ê> `Ê *À viÃÃi`

7

KH RUGLQDWLRQ RI WKUHH PRQNV DQG WKH SURIHV VLRQ RI YRZV RI WZR PRQNV ZHUH FHOHEUDWHG DW WKH DEEH\ GXULQJ -XQH DQG -XO\ (GZDUG 9HEHOXQ 26% ZDV RUGDLQHG WR WKH SULHVWKRRG RQ -XQH E\ 0RVW 5HYHUHQG -RKQ .LQQH\ RI WKH 6DLQW &ORXG 'LRFHVH %RUQ LQ /LVERQ 2KLR )DWKHU (GZDUG PDGH KLV LQLWLDO FRPPLWPHQW WR WKH PR QDVWLF ZD\ RI OLIH LQ

DQG D PRQLWRU RI VWXGHQW DFWLYLWLHV LQ FDPSXV KRXV LQJ +H KDV EHHQ DVVLJQHG WR D SDV WRUDO LQWHUQVKLS ZLWK )DWKHU *UHJ /LHVHU DW 6DLQW 3HWHU·V 3DULVK LQ 6DLQW &ORXG +H ZLOO EH RUGDLQHG WR WKH SULHVWKRRG LQ -XQH

2Q -XO\ 0DWWKHZ ZDV RUGDLQHG WR WKH WUDQVLWLRQDO GLDFRQDWH E\ 0RVW 5HYHUHQG $OSKRQVH 6RZDGD 26& ELVKRS HPHULWXV RI $JDWV ,QGRQHVLD 7KH ELVKRS ZDV DVVLVWHG E\ 0DWWKHZ·V IDWKHU 'HQQLV ZKR LV D SHUPDQHQW GHDFRQ RI WKH 'HV 0RLQHV 'LRFHVH 'HDFRQ 0DWWKHZ ZLOO GR SDVWRUDO PLQLVWU\ DW DQ DUHD %HQHGLFWLQH SDULVK DQG EH RUGDLQHG WR WKH SULHVWKRRG LQ -DQXDU\ $QVHOPR .DUDVDZD 26% PDGH KLV LQLWLDO FRPPLWPHQW WR PR QDVWLF OLIH RQ -XO\ DW +RO\ 7ULQLW\ %HQH GLFWLQH 0RQDVWHU\ LQ )XMLPL -DSDQ

0DWWKHZ /XIW (GZDUG EHFDPH LQWHUHVWHG LQ %LVKRS .LQQH\ RUGDLQV :DOWHU .LHIIHU 26% WR WKH 26% PDGH KLV 6DLQW -RKQ·V PLVVLRQ PRQDVWHU\ WUDQVLWLRQDO GHDFRQDWH ÀQDO DQG VROHPQ RI WKH +RO\ 7ULQLW\ LQ )XMLPL SURIHVVLRQ RI -DSDQ DQG EHJDQ KLV WKHRORJL YRZV RQ -XO\ $QVHOPR FDO VWXGLHV DW D )UDQFLVFDQ 6HPLQDU\ EHIRUH $EERW -RKQ .ODVVHQ 26% WKH .DUDVDZD %RUQ LQ 7RN\R %URWKHU 26% LQ 7RN\R +H UHWXUQHG WR 6DLQW -RKQ·V PRQDVWLF FRPPXQLW\ DQG KLV IDPLO\ $QVHOPR VWXGLHG ODVW \HDU WR FRPSOHWH KLV VWXGLHV DQG UHODWLYHV DQG IULHQGV -DSDQHVH OLWHUDWXUH DQG SKLORVRSK\ DW ZRUN DV WKH DVVRFLDWH RI *UHJ 0LOOHU VHYHUDO XQLYHUVLWLHV LQ -DSDQ $ QDWLYH RI 'HV 26% DW 6DLQW -RVHSK 3DULVK LQ 6DLQW &RQWDFW ZLWK D QRWHG SDVWRU 0RLQHV ,RZD -RVHSK 0LQQHVRWD +H UHWXUQHG WR )DWKHU )XMLL OHG WR KLV EDSWLVP )XMLPL DIWHU KLV RUGLQDWLRQ WR FRQWLQXH 0DWWKHZ PDGH DV D &DWKROLF LQ $IWHU KLV ÀUVW SURIHVVLRQ KLV PLQLVWU\ LQ WKH PRQDVWHU\ DQG WKH WUDYHOLQJ LQ (XURSH IRU D \HDU RI YRZV LQ VPDOO SDULVKHV LQ WKH DUHD KH VWXGLHG (QJOLVK DW WKH 8QL +H FRQWLQXHG KLV :DOWHU .LHIIHU 26% ZDV RUGDLQHG YHUVLW\ RI 0LFKLJDQ IRU VHYHUDO WKHRORJLFDO IRUPD WR WKH WUDQVLWLRQDO GLDFRQDWH RQ -XQH \HDUV :KLOH EDFN LQ -DSDQ WLRQ ZKLFK KH KDG E\ %LVKRS .LQQH\ *URZLQJ XS LQ $QVHOPR PHW .LHUDQ 1RODQ EHJXQ EHIRUH KLV /LWFKÀHOG 0LQQHVRWD 'HDFRQ :DOWHU HQWUDQFH LQWR WKH 26% D PHPEHU RI WKH )XMLPL PDGH KLV ÀUVW SURIHVVLRQ RI YRZV FRPPXQLW\ ZKR LQYLWHG KLP DEEH\ DW 6DLQW LQ WR YLVLW +RO\ 7ULQLW\ 0RQDV -RKQ·V DQG 7KH WHU\ +H HQMR\HG WKH H[SHUL &DWKROLF 8QLYHUVLW\ 'HDFRQ 0DWWKHZ /XIW :DOWHU VHUYHG WKH 6DLQW -RKQ·V HQFH DVNHG WR EH DGPLWWHG DV D RI $PHULFD :DVK H[FKDQJHV VLJQ RI SHDFH FRPPXQLW\ DV D SOXPEHU D FHUWLÀHG QRYLFH DQG ZDV DFFHSWHG ZLWK %LVKRS 6RZDGD LQJWRQ '& ZDVWH ZDWHU WUHDWPHQW RSHUDWRU FKLHI RI WKH &ROOHJHYLOOH ÀUH GHSDUWPHQW / iÊ LLiÞÊ > iÀÊÊ > ÊÓää{ÊÊÊ«>}iÊ£

!""%9 -)33)/.3 )DWKHU *HRUJH ZLWK 6DLQW $XJXVWLQH¶V 0RQDVWHU\ LQ WKH EDFNJURXQG

i À}iÊ7 v Ê"- Ê Ài`Ê v ÀÊ- ÝÌÞÊ9i>ÀÃÊ vÊ ÃÌÀÞ

7

ZR PDMRU HYHQWV RI VSULQJ PDGH WKH VHDVRQ D PHPRUDEOH RQH IRU %HQHGLFWLQH PLVVLRQDU LHV RI 6DLQW -RKQ·V $EEH\ ZKR KDYH VHUYHG WKH SHRSOH RI WKH %DKDPDV IRU \HDUV³VLQFH WKH DUULYDO RI &KU\VRVWRP 6FKUHLQHU 26% LQ 7KH ODVW VL[W\ \HDUV RI WKDW VSDQ DUH PDUNHG E\ WKH PLQLVWU\ RI )DWKHU *HRUJH ZKR KDV VSHQW WKH HQWLUH VL[ GHFDGHV RI KLV SULHVWKRRG LQ WKH %DKD PDV 7KH \HDUV DKHDG ZLOO XQIROG XQ GHU WKH QHZ OHDGHUVKLS RI D OD\ ERDUG RI GLUHFWRUV RI 6DLQW $XJXVWLQH·V &RO OHJH IRXQGHG LQ E\ WKH PRQNV RI 6DLQW $XJXVWLQH·V 0RQDVWHU\ (LJKW KXQGUHG SHRSOH JDWKHUHG LQ WKH QHZ 6DLQW )UDQFLV ;DYLHU &DWKH GUDO RI 1DVVDX RQ -XQH WR FHOHEUDWH

)DWKHU *HRUJH·V VL[WLHWK DQQLYHUVDU\ RI RUGLQDWLRQ DQG KLV DUULYDO LQ WKH %DKDPDV RQ -XO\ +H VHUYHG WKH GLRFHVH DV EXUVDU FRQVXOWDQW FRQVWUXFWLRQ VXSHUYLVRU RI QXPHU RXV FKXUFKHV VFKRROV DQG FRQYHQWV DQG SDVWRU RI VHYHUDO SDULVKHV DQG DV EXVLQHVV PDQDJHU RI 6DLQW $XJXVWLQH·V &ROOHJH DQG VXESULRU RI WKH PRQDVWHU\ 1RZ LQ KLV WK \HDU KH FRQWLQXHV WR FRPPXWH E\ SODQH HYHU\ ZHHNHQG WR SDVWRU WKH &KXUFK RI 6DLQW 7KHUHVD LQ *HRUJHWRZQ RQ WKH ,VODQG RI ([XPD 0RVW 5HYHUHQG 3DWULFN 3LQGHU $UFKELVKRS

RI 1DVVDX SDLG WKLV WULEXWH WR *HRUJH ´)DWKHU *HRUJH·V FRQVWDQW TXLHW SUHV HQFH KDV EHHQ DQ HPEOHP RI FRP PLWPHQW IDLWKIXOQHVV DQG KROLQHVV WR DOO RI XV +H LV D V\PERO RI WKH EHVW WKDW WKH %HQHGLFWLQHV DQG WKHLU WUDGL WLRQ RIIHUHG WR XV IRU HVWDEOLVKLQJ DQG EXLOGLQJ XS WKH FRPPXQLW\ RI IDLWK LQ WKH %DKDPDV µ :KHQ DVNHG ZK\ KH VWD\HG LQ WKH %DKDPDV VR ORQJ *HRUJH DQVZHUHG ´%HFDXVH RI WKH SHRSOH 7KH\ KDYH EHHQ PRVW NLQG KHOSIXO DQG SDWLHQW , QHHGHG WKHP DQG , ÀJXUHG WKH\ QHHGHG PH µ

$ VWDLQHG JODVV ZLQGRZ RI 6DFUHG +HDUW &KXUFK LQ 1DVVDX KRQRUV )DWKHU *HRUJH SDVWRU IURP +H LV WKH FHQWHU ¿JXUH

>ÞÊ >À`Ê vÊ ÀiVÌ ÀÃÊ ÃÃÕ iÃÊ ÌÀ Ê vÊ -> ÌÊ Õ}ÕÃÌ i½ÃÊ i}i

2

Q 0D\ WKH %DKDPLDQ JRYHUQPHQW JDYH DSSURYDO RI WKH WUDQVIHU RI WKH JRYHUQDQFH RI 6DLQW $XJXVWLQH·V &ROOHJH WR D OD\ ERDUG RI GLUHFWRUV 7KLV VHYHQWK WKURXJK WZHOIWK JUDGH FR HGXFDWLRQDO VFKRRO ZDV RULJLQDOO\ VWDIIHG E\ WKH PRQNV 7KH VFKRRO JUHZ GUDPDWLFDOO\ WR D FXUUHQW HQUROO PHQW RI VWXGHQWV DQG LV UHFRJ «>}iÊÓäÊÊÊ/ iÊ LLiÞÊ > iÀÊÊ > ÊÓää{ÊÊ

QL]HG DV WKH SUHPLHUH VFKRRO RI WKH %DKDPDV 7KH GHFOLQH RI UHOLJLRXV YRFDWLRQV DQG WKH GHSDUWXUH RI PDQ\ FRPPXQLW\ PHPEHUV VLQFH WKH ODWH V QHFHV VLWDWHG SODQV WR HQWUXVW DQG HPSRZHU WKH ODLW\ RI WKH %DKDPDV WR SLFN XS ZKHUH WKH %HQHGLFWLQHV KDG WR OHW JR $ WZR WLHUHG JRYHUQDQFH VWUXFWXUH LV QRZ IXQFWLRQLQJ WR PDLQWDLQ WKH %HQH

GLFWLQH VSLULW RI WKH VFKRRO DQG DVVXUH LWV FRQWLQXHG H[LVWHQFH DQG JURZWK 7KH &KXUFK RI WKH %DKDPDV XQGHU WKH OHDGHUVKLS RI $UFKELVKRS 3LQGHU KLP VHOI D JUDGXDWH RI WKH VFKRRO EHFRPHV WKH QHZ RZQHU RI WKH LQVWLWXWLRQ ZKLOH WKH DXWKRULW\ IRU WKH RQJRLQJ RSHUD WLRQ RI WKH VFKRRO LV YHVWHG LQ D OD\ ERDUG RI QLQH GLUHFWRUV 7KH\ KDYH ZRUNHG WLUHOHVVO\ GXULQJ WKH ODVW WKUHH \HDUV WR EULQJ DERXW WKLV WUDQVLWLRQ

!""%9 -)33)/.3 7ZR SLOODUV DUH FDUULHG DFURVV WKH ULYHU QHDU WKH *UDQG 6KULQH 7KH EDQQHU LGHQWL¿HV WKLV JURXS IURP )XMLPL

Õ ½ÃÊ1 v À}iÌÌ>L iÊ iÃÌ Û> E\ $QVHOPR .DUDVDZD 26%

) [XQVM \QVOTQVO KWTWZN]T IVL IVKQMV\ KMTMJZI\QWV PMTL M^MZa [M^MV aMIZ[

$Q 2QEDVKLUD :RUWK\ 3LOODU DW WKH 6XZD *UDQG 6KULQH QHDU )XMLPL

RO\ 7ULQLW\ %HQHGLFWLQH 0RQDVWHU\ LQ )XMLPL -DSDQ LV QHLJKERU WR RQH RI WKDW QDWLRQ·V PRVW PHPRUDEOH FHOHEUD WLRQV WKH 2QEDVKLUD :RUWK\ 3LOODUV

)HVWLYDO +HOG RQO\ RQFH HYHU\ VHYHQ \HDUV WKH IHVWLYDO LV GHVFULEHG DV ´FKRFN IXOO RI VSLQH WLQJOLQJ GDQJHU ZLWK FRORUIXO SDJHDQWU\ DQG SDUDGHV µ

+

$W WKH VKULQH WKH SLOODUV DQG WKH \RXQJ PHQ KROGLQJ RQ WR WKHP ZLWK URSHV DUH VORZO\ UDLVHG :KHQ WKH SLOODUV DUH VHFXUHG LQ SODFH ZKHUH WKH\ ZLOO UHPDLQ IRU WKH QH[W VHYHQ \HDUV DOO SUHVHQW GR D ´EDQ]DLµ D MR\IXO VKRXW RI ´/RUG ZH WKDQN \RX IRU \RXU PHUF\ µ OHG E\ WKH \RXQJ PDQ DW WKH YHU\ WRS RI WKH SLOODU

7KH $SULO 0D\ IHVWLYDO EHJDQ ZLWK WKH FXWWLQJ GRZQ RI PDPPRWK ÀU WUHHV RQ WKH DUHD·V PRXQWDLQV VORSHV 7KH WUHHV PHDVXUH VRPH VL[W\ IHHW LQ OHQJWK KDOI WKH KHLJKW RI WKH EHOO EDQQHU RI 6DLQW -RKQ·V DEEH\ FKXUFK

WKUHH IHHW WKLFN DQG ZHLJK WZHOYH RU WKLUWHHQ WRQV 7KH WUHHV DUH WKHQ SXOOHG WR WKH WRS ZKHQFH WKH ORJV KXUWOH GRZQ WKH KLOO DV \RXQJ PHQ WU\ WR ULGH WKH WUXQNV ZLWKRXW IDOOLQJ RII 7KLV LV WKH PRVW GDQJHURXV SDUW RI WKH IHVWLYDO ZLWK VRPH ULGHUV EHLQJ LQMXUHG RU NLOOHG EHQHDWK WKH KHDY\ WUHHV

7KH 2QEDVKLUD )HVWLYDO EHJDQ \HDUV DJR DQG LV EDVHG RQ 6KLQWR ZRU VKLS WKH LQGLJHQRXV UHOLJLRQ RI -DSDQ

ZKLFK UHFRJQL]HV WKDW JRGV OLYH LQ WKH QDWXUDO HQYLURQPHQW HIIHFWLQJ KXPDQ OLIH $V ORQJ DV SHRSOH NHHS LQ WRXFK ZLWK QDWXUH WKH\ FDQ FRPPXQLFDWH ZLWK WKHVH JRGV /LYLQJ LQ PRGHUQ WHFKQRORJ\ KRZHYHU WHQGV WR GHWDFK SHRSOH IURP QDWXUH 2QEDVKLUD VHUYHV DV D UHPLQGHU WR UHVSHFW DQG PDLQWDLQ D UHODWLRQVKLS ZLWK QDWXUH

:KHQ WKH WLPEHUV UHDFK WKH ERWWRP WKH\ DUH FDUULHG WR D ULYHU DQG GUDJJHG DFURVV LW ZLWK SHRSOH VWLOO WU\LQJ WR ULGH WKHP 7KH SLOODUV DUH WKHQ EURXJKW LQ D IHVWLYH SDUDGH WR WKHLU ÀQDO UHVWLQJ SODFHV DW WKH IRXU FRUQHUV RI D 6KLQWR *UDQG 6KULQH 3DUWLFLSDQWV SDLQW WKHLU IDFHV ZHDU WKH FRORUIXO NLPRQR FRV WXPHV RI DQFLHQW -DSDQ DQG GDQFH DQG VLQJ -DSDQHVH IRON VRQJV 7KH VDPXUDL PHPEHUV RI WKH KHUHGLWDU\ ZDUULRU FODVV RI IHXGDO -DSDQ ULGH GHFRUDWHG ZDU KRUVHV

7KLV \HDU 2QEDVKLUD FRLQFLGHG ZLWK WKH &KULVWLDQ REVHUYDQFH RI +RO\ :HHN 2Q WKH YHU\ GD\ RI *RRG )ULGD\ $SULO ZKHQ WKH IROORZHUV RI -HVXV &KULVW ZHUH VLQJLQJ ´7KLV LV WKH ZRRG RI WKH FURVV RQ ZKLFK KXQJ WKH 6DYLRU RI WKH ZRUOG &RPH OHW XV ZRUVKLS µ WKH SDUWLFLSDQWV RI WKH 2QEDVKLUD )HVWLYDO ZHUH FKDQWLQJ ´2 *RG FRPH DQG KHOS XV EULQJ WKLV WUHH VDIHO\ WR \RXU WHPSOH µ $QVHOPR .DUDVDZD 26% PDGH KLV ÀUVW SURIHVVLRQ RI YRZV DW RXU )XMLPL PRQDV WHU\ RQ -XO\

/ iÊ LLiÞÊ > iÀÊÊ > ÊÓää{ÊÊÊ«>}iÊÓ£

342%.'4(%.).' &/5.$!4)/.3 *HRIIUH\ )HFKW 26%

i vvÀiÞÊ iV Ì Ê"- Ê «« Ìi`Ê LLiÞ·ÃÊ

iÛi « i ÌÊ ÀiVÌ À $EERW -RKQ .ODVVHQ 26% KDV DSSRLQWHG )DWKHU *HRIIUH\ WKH 'HYHORSPHQW 'LUHFWRU RI 6DLQW -RKQ¶V $EEH\ *HRIIUH\ HQWHUHG WKH DEEH\ DV D QRYLFH LQ DQG ZDV RUGDLQHG WR WKH SULHVWKRRG LQ 6LQFH KLV RUGLQDWLRQ KH VHUYHG DV DVVRFLDWH SDVWRU RI 6DLQW (OL]DEHWK $QQ 6HWRQ &KXUFK +DVWLQJV SDVWRU RI 6DFUHG +HDUW &KXUFK )UHHSRUW SULRU RI WKH DEEH\ DQG SDVWRU RI 6DLQW $XJXVWLQH¶V &KXUFK 6DLQW &ORXG +H KDV EHHQ WKH FKDLU RI WKH *XHVW +RXVH &RPPLWWHH VLQFH DQG FKDLU RI WKH $EEH\ 'HYHORSPHQW &RPPLWWHH IURP WR *HRIIUH\ LQWURGXFHV KLPVHOI DQG KLV ZRUN WR RXU UHDGHUV LQ WKH IROORZLQJ VWDWHPHQW

$

EEH\ GHYHORSPHQW LQYROYHV HGXFDWLQJ RXUVHOYHV DQG RXU IULHQGV DERXW ZKR ZH DUH ZKDW ZH VHH DV RXU PLVVLRQ LQ WKH &KXUFK VKDSLQJ RXU YLVLRQ RI WKH IXWXUH DQG PDNLQJ WKDW YLVLRQ UHDO ,W LV DQ LQYLWDWLRQ WR IULHQGV DQG UHODWLYHV RI WKH FRPPXQLW\ WR VKDUH ZLWK WKH PRQNV LQ WKLV PLVVLRQ 7KURXJKRXW LWV DOPRVW \HDUV 6DLQW -RKQ·V $EEH\ KDV VHUYHG WKH &KXUFK WLUHOHVVO\ WKURXJK LWV VHPLQDU\ XQLYHUVLW\ SUHSDUDWRU\ VFKRRO /LWXU JLFDO 3UHVV DQG LQ GR]HQV RI SDULVKHV FKDSODLQFLHV DQG PLVVLRQV ,W KDV SURYLGHG H[FHSWLRQDO OHDGHUVKLS LQ &DWKROLF HGXFDWLRQ SDVWRUDO RXWUHDFK OLWXUJLFDO UHQHZDO DQG PLVVLRQDU\ ZRUN RQ PDQ\ IURQWV 7KH DEEH\·V FUHDWLYH FRQWULEX WLRQV H[WHQG IDU EH\RQG WKH PRQDVWLF JURXQGV ,WV OHJDF\ LQFOXGHV 0LQ QHVRWD 3XEOLF 5DGLR WKH ,QVWLWXWH IRU (FXPHQLFDO DQG &XOWXUDO 5HVHDUFK WKH +LOO 0RQDVWLF 0DQXVFULSW /LEUDU\ DQG PRVW UHFHQWO\ 7KH 6DLQW -RKQ·V %LEOH ,Q DGGLWLRQ WKH DEEH\ VHUYHV UHOL JLRXV FRPPXQLWLHV IURP DURXQG WKH ZRUOG E\ VXSSRUWLQJ PRQDVWLF VWXGHQWV

«>}iÊÓÓÊÊÊ/ iÊ LLiÞÊ > iÀÊÊ > ÊÓää{

ZKR SXUVXH WKHRORJLFDO HGXFDWLRQ DW 6DLQW -RKQ·V 7RJHWKHU ZLWK WKH DEEH\·V GHSHQGHQW SULRU\ LQ -DSDQ WKH PRQNV RI 6DLQW -RKQ·V WUXO\ ZRUN WR FDUU\ WKH JRVSHO RI -HVXV &KULVW WR WKH HQGV RI WKH HDUWK 7KH FRPPLWPHQW DQG GHGLFDWLRQ RI PRQNV ZKR FDPH EHIRUH XV DW 6DLQW -RKQ·V JDYH XV DQ DZHVRPH OHJDF\ WR VXVWDLQ :H DUH GHWHUPLQHG WR EXLOG RQ WKH DEEH\·V WUDGLWLRQ RI VHUYLFH )RU H[DPSOH VRRQ ZH SODQ WR EUHDN JURXQG IRU D QHZ *XHVW +RXVH³D UHWUHDW DQG VSLULWXDOLW\ FHQWHU³ZKLFK ZLOO VWUHQJWKHQ WKH DEEH\·V HPSKDVLV RQ KRVSLWDOLW\ WKH PRVW LPSRUWDQW VHU YLFH FRPPDQGHG E\ WKH 5XOH RI 6DLQW %HQHGLFW <HV WKH DEEH\ KDV D FUXFLDO UROH LQ WKH IXWXUH RI WKH &KXUFK 5HYHDOLQJ &KULVW·V IDFH LQ WKH ZRUOG LV D SUL PDU\ PLVVLRQ IRU XV DV PRQNV $EEH\ GHYHORSPHQW LV DQ LQYLWDWLRQ WR RWKHUV WR VKDUH LQ WKLV PLQLVWU\ WKURXJK WKHLU JLIWV RI WDOHQWV ÀQDQFLDO UHVRXUFHV DQG RIIHULQJV RI SUD\HU DQG HQFRXUDJHPHQW $V WKH DEEH\·V 'HYHORSPHQW 'LUHF WRU , ORRN IRUZDUG WR WHOOLQJ \RX PRUH DERXW RXU YLVLRQ RI VHUYLFH WR RWKHUV

342%.'4(%.).' &/5.$!4)/.3 %LOO DQG -R\FH 6H[WRQ

-iÝÌ Ê > Þ·ÃÊ vÌÊ-Õ«« ÀÌÃÊ LLiÞÊ ÕiÃÌÊ ÕÃi

$

W WKH 0DUFK PHHWLQJ RI WKH %RDUG RI 5HJHQWV RI WKH XQL YHUVLW\ WKH DQQRXQFHPHQW ZDV PDGH RI WKH JLIW IURP %LOO DQG -R\FH 6H[WRQ RI PLOOLRQ WR 6DLQW -RKQ·V $EEH\ DQG 8QLYHUVLW\ RI WKLV ODUJHVW JLIW LQ WKH KLVWRU\ RI 6DLQW -RKQ·V LV GHVLJQDWHG IRU WKH VXSSRUW RI WKH $EEH\ *XHVW +RXVH 0RVW RI WKH UHPDLQGHU RI WKH JLIW LV GHVLJQDWHG IRU WKH -R\FH DQG :LOOLDP 6H[WRQ )DPLO\ (QGRZHG 6FKRODUVKLS WR HQDEOH \RXQJ PHQ IURP DOO ZDONV RI OLIH DQG DOO VRFLR HFRQRPLF EDFN JURXQGV WR EHQHÀW IURP D &DWKROLF OLEHUDO DUWV HGXFDWLRQ DW 6DLQW -RKQ·V $GGLWLRQDO EHQHÀFLDULHV LQFOXGH WKH

6FKRRO RI 7KHRORJ\ 6HPLQDU\ DQG WKH XQLYHUVLW\·V DWKOHWLF SURJUDP %LOO 6H[WRQ LV D JUDGXDWH RI WKH XQLYHUVLW\ VHUYHG DV D UHJHQW RI WKH XQLYHUVLW\ IURP DQG LV SUHVHQWO\ D 5HJHQW (PHULWXV ,Q KH UHFHLYHG WKH $OXPQL $VVRFLDWLRQ·V KLJKHVW KRQRU WKH )DWKHU :DOWHU 5HJHU $ZDUG IRU KLV VHUYLFH WR KLV DOPD PDWHU 7KH 6H[WRQV KDYH EHHQ SUHYLRXV PDMRU GRQRUV WR 6DLQW -RKQ·V 6H[ WRQ &RPPRQV DQG WKH 6H[WRQ $UHQD DUH QDPHG IRU %LOO·V SDUHQWV DQG WKH +LOJHU $WULXP LQ WKH 6FLHQFH &HQWHU LV QDPHG IRU -R\FH·V SDUHQWV

&RPPHQWLQJ RQ WKLV JLIW 'LHWULFK 5HLQKDUW 26% VDLG ´7KLV LV DQ H[ WUDRUGLQDU\ JLIW IURP DQ H[WUDRUGLQDU\ IDPLO\ 7KH 6H[WRQV KDYH VWURQJ WLHV DQG D GHHS ORYH IRU 6DLQW -RKQ·V DQG WKHLU JHQHURVLW\ KDV QR ERXQGV ,Q %LOO VHW D EDVNHWEDOO UHFRUG SRLQWV LQ D JDPH DJDLQVW 0DFDOHVWHU

WKDW VWRRG IRU IRUW\ QLQH \HDUV 7RGD\ KH DQG KLV IDPLO\ KDYH HVWDEOLVKHG DQRWKHU PLOHVWRQH 7KH\ KDYH VWHSSHG IRUZDUG WR SURYLGH SKLODQWKURSLF OHDGHUVKLS WR 6DLQW -RKQ·V DW D FULWLFDO PRPHQW LQ RXU KLVWRU\ :H DUH GHHSO\ JUDWHIXO IRU WKHLU JHQHURVLW\ DQG WKHLU OHDGHUVKLS E\ H[DPSOH µ

iÜÊ ià } Êv ÀÊ LLiÞÊ ÕiÃÌÊ ÕÃi ,Q KLV 0D\ OHWWHU WR WKH PRQDVWLF FRP PXQLW\ $EERW -RKQ .ODVVHQ 26% JDYH WKH IROORZLQJ XSGDWH RQ WKH FRQ VWUXFWLRQ RI WKH $EEH\ *XHVW +RXVH

:

H DUH PRYLQJ FORVHU WR WKH WLPH ZKHQ ZH ZLOO EUHDN JURXQG IRU D QHZ JXHVW KRXVH 7KDQNV WR WKH KDUG ZRUN RI 'LHWULFK 5HLQKDUW 26% DQG WKH XQLYHUVLW\·V 2IÀFH RI ,QVWLWXWLRQDO $GYDQFHPHQW VHYHUDO IULHQGV RI 6DLQW -RKQ·V KDYH SOHGJHG OHDGHUVKLS JLIWV WKDW EULQJ XV PXFK FORVHU WR RXU IXQG UDLVLQJ JRDO $W SUHVHQW ZH KDYH PLOOLRQ SOHGJHG IRU FRQVWUXFWLRQ

8QIRUWXQDWHO\ ZH DUH QRW JRLQJ WR EH DEOH WR EXLOG WKH JXHVW KRXVH WKDW WKH QRWHG -DSDQHVH DUFKLWHFW 7DGDR $QGR GHVLJQHG IRU XV 2XU SK\VL FDO SODQW PDQDJHU /LQXV $VFKHPDQ 26% KDV ZRUNHG ORQJ DQG KDUG ZLWK 0U $QGR DQG ORFDO FRQVWUXFWLRQ ÀUPV WR VHH LI WKHUH ZDV VRPH ZD\ WR EULQJ WKH EXLOGLQJ LQWR EXGJHW ,Q WKH HQG WKDW SURYHG LPSRVVLEOH WR DFFRPSOLVK , WKHUHIRUH KDG WR ZULWH WR 0U $QGR WR WHOO KLP ZLWK GHHS UHJUHW WKDW HYHQ WKRXJK KLV GHVLJQ PHW DOO RXU SURJUDP QHHGV DQG ZDV DQ LQVSLUHG DQG EHDXWL IXO FRPSOHPHQW WR WKH %UHXHU EXLOG LQJV RQ FDPSXV ZH VLPSO\ FRXOG QRW DIIRUG LW

7KH DUFKLWHFW VXEFRPPLWWHH *HRI IUH\ )HFKW 26% 5RELQ 3LHU]LQD 26% DQG %HQHGLFW /HXWKQHU 26%

KDV UHFRPPHQGHG WKDW ZH HQWHU LQWR D FRQWUDFWXDO DJUHHPHQW ZLWK DUFKLWHFW 9LQFHQW -DPHV IRU D QHZ GHVLJQ 0U -DPHV LV D 0LQQHDSROLV DUFKLWHFW ZKR KDV VHUYHG ZLWK GLVWLQFWLRQ RQ RXU GHVLJQ FRPPLWWHH VLQFH +H ZDV RQH RI WKH ÀQDOLVWV RULJLQDOO\ FRQVLG HUHG E\ WKH JXHVW KRXVH FRPPLWWHH DQG ZH DUH FRQÀGHQW WKDW KH ZLOO SUR YLGH XV ZLWK D GHVLJQ ZH ZLOO OLNH³ DQG WKDW ZLOO EH ZLWKLQ RXU PHDQV

/ iÊ LLiÞÊ > iÀÊÊ > ÊÓää{ÊÊÊ«>}iÊÓÎÊÊ

/")45!2)%3 PDGH WKH W\SHZULWHU REVROHWH +H VHUYHG DV VXESULRU WKLUG LQ WKH RUGHU RI FRPPDQG IRU WZHQW\ WZR \HDUV

-RKQ $OEHUW (LGHQVFKLQN 26% 6HYHQWK $EERW RI 6DLQW -RKQ·V $EEH\ $XJXVW ² -XQH

'

HDWK ZDV QR VWUDQJHU WR \RXQJ $OEHUW :KHQ KH ZDV IRXU \HDUV ROG KLV IDWKHU GLHG RI LQÁXHQ]D +LV PRWKHU GLHG DW DJH IRUW\ WKUHH WKH \HDU EHIRUH KHU VRQ HQWHUHG WKH QRYLWLDWH +LV RZQ KHDOWK SUREOHPV QHFHVVLWDWHG KLV OHDYLQJ WKH QRYLWLDWH DQG UHWXUQLQJ WKH IROORZLQJ \HDU DIWHU KH UHJDLQHG KLV VWUHQJWK 7KHUHDIWHU KLV HQHUJ\ ZDV ERXQGOHVV DQG KLV DF FRPSOLVKPHQWV PDQLIROG +LV IXQHUDO WULEXWH LGHQWLÀHG KLP DV ´D PDVWHU RI PXOWL WDVNLQJ µ )DWKHU -RKQ ZDV VHFUHWDU\ WR $E ERWV $OFXLQ 'HXWVFK DQG %DOGZLQ 'ZRUVFKDN ORQJ EHIRUH WKH FRPSXWHU

)DWKHU -RKQ IHHGV D SHW GHHU

«>}iÊÓ{ÊÊÊ/ iÊ LLiÞÊ > iÀÊÊ > ÊÓää{

-RKQ·V OHFWXUHV DV SURIHVVRU RI &DQRQ /DZ LQVSLUHG UHVSHFW IRU WKH &KXUFK·V UXOHV +H LQVWUXFWHG GHDFRQV LQ WKH LQWULFDFLHV RI FHOHEUDWLQJ WKH (XFKDULVW ZLWK UHYHUHQFH $V 0DVWHU RI &HUHPRQLHV KH FDOPO\ FKRUHR JUDSKHG WKH VDQFWXDU\ PRYHPHQWV RI D WURRS RI OLWXUJLFDO PLQLVWHUV )RU WZHQW\ RQH \HDUV -RKQ HGLWHG WKH 25'2 WKH %HQHGLFWLQH GLUHFWRU\ IRU WKH GDLO\ FHOHEUDWLRQ RI WKH OLWXUJ\ +H FKDLUHG WKH DEEH\·V %XLOGLQJ &RP PLWWHH IRU WKH <HDU 3ODQ RI DUFKL WHFW 0DUFHO %UHXHU DQG ZDV YLFH FKDLU RI WKH $EEH\ &KXUFK %XLOGLQJ &RP PLWWHH +LV PHHWLQJV ZHUH PXOWLSOH

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ÀQDO \HDUV ZLWK DQ XQTXHQFKDEOH IDLWK LQ D ORYLQJ DQG FRPSDVVLRQDWH *RG 0D\ KH UHVW LQ SHDFH

,Q -RKQ ZDV HOHFWHG 6DLQW -RKQ·V VHYHQWK DEERW )RU HLJKW \HDUV KH OHG WKH FRPPXQLW\ LQ HIIRUWV WR LPSOHPHQW WKH GUHDPV DQG GHVLUHV RI 9DWLFDQ ,, $ ODQGPDUN RI KLV OHDGHUVKLS ZDV WKH LPSURYHPHQW RI KHDOWK FDUH IDFLOLWLHV IRU WKH LQFUHDVLQJ QXPEHU RI UHWLUHG DQG LOO PRQNV

)DWKHU -RKQ RQ URRI RI QHZ DEEH\ FKXUFK ZLWK $EERW %DOGZLQ 'ZRUVFKDN 26% U DQG )ORULDQ 0XJJOL 26%

/")45!2)%3

$OWR (GZDUG %XWNRZVNL 26% $SULO ² )HEUXDU\

%

´1R HOHFWULFLW\ QR UXQQLQJ ZDWHU OLWWOH YDULHW\ RI IRRG PRVWO\ À VK D IHZ YHJHWDEOHV WKDW FRXOG EH FRD[HG RXW RI WKH OLPHVWRQH URFN 7KHUH ZDV VROLWXGH DQG VLOHQFH EXW VXUHO\ DOVR DFKLQJ ORQHOLQHVV ORQJLQJ IRU WKH FRPSDQ LRQVKLS RI IDPLO\ LQ 6DLQW 5RVH DQG FRPPXQLW\ OLIH DW 6DLQW -RKQ·V 7KHUH ZHUH DOVR PRPHQWV RI LQFUHGLEOH SK\VLFDO EHDXW\ DV ZHOO DV WKH WHUURU RI OLYLQJ WKURXJK WKH GLUHFW KLW RI D KXUULFDQH $QG WKHUH ZHUH WKH GXUDEOH UHODWLRQVKLSV ZLWK WKH EHORYHG %DKD PLDQ SHRSOH µ

RUQ QHDU WKH KHDUW RI /DNH :REHJRQ WHUULWRU\ DW 6DLQW 5RVH 0LQQHVRWD (GZDUG ZDV WKH WKLUG RI WKH HOHYHQ FKLOGUHQ RI D FODVVLF 6WHDUQV &RXQW\ IDPLO\ +H H[SHULHQFHG FRP PXQLW\ OLIH ORQJ EHIRUH KH EHFDPH D PHPEHU RI 6DLQW -RKQ·V PRQDVWLF FRPPXQLW\

$OWR TXLFNO\ DSSOLHG WKH SUDFWLFDOLW\ RI KLV HDUO\ IDUP OLIH WR WKH GHPDQGV RI WKLV QHZ ZRUOG RI OLWWOH ODQG DQG PXFK ZDWHU +H ZDV DQ H[FHOOHQW ORQJ GLVWDQFH VZLPPHU +H FRXOG UHSDLU D ERDW DV HDVLO\ DV KH FRXOG À [ D WUDFWRU +LV SDULVKLRQHUV DGPLUHG KLV VDLOLQJ VNLOOV

7ZR PRQWKV DIWHU KLV RUGLQDWLRQ )DWKHU $OWR ZDV DVVLJQHG WR WKH %HQH GLFWLQH PLVVLRQV LQ WKH %DKDPDV +H VSHQW WKH QH[W WZHQW\ WZR \HDUV VHUY LQJ WKH SHRSOH RI WKH )DPLO\ ,VODQGV RI *UDQG %DKDPD %LPLQL DQG $QGURV ,Q KLV IXQHUDO WULEXWH WR $OWR $EERW -RKQ .ODVVHQ GHVFULEHG WKH OLIH RI WKLV PLVVLRQDU\

5HWXUQLQJ WR WKH 6WDWHV $OWR VHUYHG D QXPEHU RI 0LQQHVRWD SDULVKHV GXU LQJ WKH QH[W WKLUW\ \HDUV $ XQLTXH PDUN RI KLV PLQLVWU\ ZDV KLV XVH RI D PRWRUF\FOH WR PDNH KLV SDVWRUDO URXQGV +H FKRVH WKLV YHKLFOH QRW WR EH GLIIHUHQW EXW WR EH VDIH ´,W·V WRR HDV\ WR IDOO DVOHHS ZKHQ \RX·UH GULY LQJ D FDU µ KH H[SODLQHG

:KHQ KH À QDOO\ UHWLUHG WR 6DLQW 5DSKDHO·V +DOO DW WKH DEEH\ KH FKDQJHG IURP ULGLQJ WR ZDONLQJ +LV ORQJ KLNHV VRPHWLPHV ULJKW GRZQ WKH PLGGOH RI WKH URDG FRQFHUQHG /LIH 6DIHW\ RIÀ FHUV EXW KH VHHPHG WR NQRZ ZKHUH KH ZDV JRLQJ +LV ODVW ODS RQ WKH 5RDG WR 5HVXUUHF WLRQ ZDV D TXLHW RQH $EERW -RKQ GH VFULEHG $OWR DV ´D JHQWOH PDQ D VWURQJ LQWURYHUW QRW PXFK JLYHQ WR WDONLQJ DQG VRFLDOL]LQJ µ +H HQMR\HG WKH WZR SDUDNHHWV )ULHGD DQG )UHG Á XWWHULQJ DQG IXVVLQJ LQ WKHLU FDJH QH[W WR WKH QXUVHV· VWDWLRQ 8QOLNH WKHP KH QRZ NQRZV WKH MR\ RI PRYLQJ IURP WKH FDJH RI PRUWDOLW\ LQWR WKH ERXQGOHVV OLIH RI *RG·V .LQJGRP 0D\ KH UHVW LQ SHDFH

5HPHPEHU RXU ORYHG RQHV ZKR KDYH JRQH WR WKHLU UHVW /HRQD $VFKPDQQ &ODULFH %DXVWHUW (OHDQRU %UXHPPHU 6WHSKHQ %XUPHLVWHU 0D\ 6U $GHODLGH &DVSHUV 26% 0DU\ &RWWHU 6U 5XWK $QQ 'XFORV 26% 6U 2GR 'XIQHU 26% 6U 5HSDUDWD 'XIQHU 26% *HUKDUG *URHQMHV 'DQ .LOH\ 6U 0DU\ -HDQ 0DLHUV &69HOPD 0HLHUKRIHU 5DOSK 0H\HU %HWW\ 1DFKWVKHLP 5REHUW 3Á XHJHU (PPD 6FKPDLQGD -RKQ 6RXNXS 5D\PRQG :HEHU 9HURQLFD :HVWHUKRII %ULQJ WKHP DQG DOO WKH GHSDUWHG LQWR WKH OLJKW RI \RXU SUHVHQFH 2 /RUG

)DWKHU $OWR DQG KLV PRWRUF\FOH

/ iÊ LLiÞÊ > iÀÊÊ > ÊÓää{ÊÊÊ«>}iÊÓx

&%!452%

ÌÕÀ} V> Ê*ÀiÃÃÊ,i>«ÃÊ LÕ `> ÌÊ Ü>À`Ã

$

W LWV FRQYHQWLRQ LQ :DVKLQJWRQ '& RQ 0D\ WKH &DWKROLF 3UHVV $V VRFLDWLRQ JDYH WZHQW\ WKUHH DZDUGV WR SXEOLFDWLRQV RI /LWXUJLFDO 3UHVV 7KLV WRWDO ZDV WKH PRVW DZDUGV JLYHQ WR DQ\ RI WKH WKLUW\ FRPSHWLQJ ERRN SXEOLVK HUV RI WKH 8QLWHG 6WDWHV DQG &DQDGD )ROORZLQJ DUH FLWDWLRQV RI D IHZ RI /LWXUJLFDO 3UHVV·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

«>}iÊÓÈÊÊ/ iÊ LLiÞÊ > iÀÊÊ > ÊÓää{

DQVZHU WR WKHLU GLOHPPD SDJHV )LUVW 3ODFH LQ WKH 3URIHVVLRQDO %RRNV &DWHJRU\ 7KLUG 3ODFH (YROYLQJ 9LVLRQV LQ WKH 6FULS RI WKH 3ULHVW WXUH &DWHJRU\ KRRG &KDQJHV 3RQWLXV 3LODWH IURP 9DWLFDQ ,, 3RUWUDLWV RI D WR WKH 7XUQ RI WKH 5RPDQ *RYHUQRU 1HZ &HQWXU\ E\ E\ :DUUHQ &DUWHU 'HDQ +RJH DQG 7KH UHFHQW LQWHU -DFTXHOLQH :HQJHU 7KH ERRN KHOSV HVW LQ -HVXV· ODVW DQVZHU WKH TXHVWLRQ ´:KDW GR SULHVWV GD\V PDNHV WKLV UHDOO\ WKLQN"µ SDJHV YROXPH SDUWLFXODUO\ WLPHO\ DQG KHOS IXO (DFK JRVSHO DFFRXQW LQYROYLQJ 6HFRQG 3ODFH LQ WKH 3URIHVVLRQDO 3LODWH LV VWXGLHG VHSDUDWHO\ UHVSHFWLQJ %RRNV &DWHJRU\ WKH SDUWLFXODU JRVSHO ZULWHU·V XQLTXH SUHVHQWDWLRQ RI KLP SDJHV 6H[ 3ULHVWO\ 0LQLVWU\ DQG WKH &KXUFK E\ /HQ )LUVW 3ODFH LQ 6SHUU\ &RYHU WKH )LUVW 7LPH LQJ WRSLFV IURP $XWKRU RI D SV\FKRVH[XDO %RRN &DWHJRU\ GHYHORSPHQW WR 3UHDFKLQJ WKH FHOLEDF\ WR LGHQWLI\LQJ DQG SUHYHQWLQJ 3RHWU\ RI WKH VH[XDO PLVFRQGXFW WKLV ERRN LV HV *RVSHOV $ /\ULF VHQWLDO UHDGLQJ IRU DQ\RQH LQYROYHG LQ &RPSDQLRQ WR PLQLVWU\ +LJKO\ UHFRPPHQGHG WKH /HFWLRQDU\ E\ SDJHV (OL]DEHWK %R\OH 7KH DXWKRU·V UHÁHFWLRQV RQ IDPLOLDU 6HFRQG 3ODFH LQ VFULSWXUH SDVVDJHV DUH IUHVK DQG SUR WKH 6SLULWXDO YLGH H[FHOOHQW PDWHULDO IRU SUHDFKLQJ LW\ +DUG &RYHU DQG SHUVRQDO UHÁHFWLRQ SDJHV &DWHJRU\ /RVW

LQ :RQGHU 5H GLVFRYHULQJ WKH 2UGHU WKHVH ERRNV IURP /LWXUJL 6SLULWXDO $UW RI FDO 3UHVV &ROOHJHYLOOH 01 $WWHQWLYHQHVV E\ 3KRQH (VWKHU 'H :DDO (PDLO VDOHV#OLWSUHVV RUJ )RU WKRVH ZKR

IHHO WKDW WKH\ DUH UXVKLQJ WKURXJK OLIH DQG PLVVLQJ RXW RQ WKLQJV WKDW DUH UHDOO\ LPSRUWDQW WKLV ERRN RIIHUV DQ

&%!452%

*À>ÞiÀÊ Ê Ê/ }Ã\Ê Ê-> ÌÊ i i` V̽à -> ÌÊ ½ÃÊ*À>ÞiÀÊ Ê p Ê,iÛ iÜ E\ 5D\PRQG 3HGUL]HWWL 26%

7

KLV SDJH SDSHUEDFN LV D FROOHFWLRQ RI SUD\HUV HPHUJ LQJ ODUJHO\ IURP WKH VWXGHQWV DQG IDFXOW\ RI WKH &ROOHJH RI 6DLQW %HQHGLFW DQG 6DLQW -RKQ·V 8QLYHUVLW\ 7KH DEERW RI 6DLQW -RKQ·V $EEH\ DQG WKH SULRUHVV RI WKH 0RQDVWHU\ RI 6DLQW %HQHGLFW DUH DOVR FRQWULEXWRUV $ IHZ RI WKH SUD\HUV DUH WUDGLWLRQDO DQG IDPLOLDU VXFK DV WKH 0HPRUDUH ZKLFK VRPH RI XV OHDUQHG DW RXU PRWKHU·V NQHH DQG WKH 6HUHQLW\ DQG -HVXV SUD\HUV 'RQ 7DODIRXV 26% DOXPQL FKDSODLQ FRQWULEXWHV D SUD\HU IRU XQLYHUVLW\ JUDGXDWHV 7KH PRVW FRPSUHKHQVLYH SUD\HU LV D IRXU SDJH RUDWLRQ FDOOHG 7KH 8QLYHUVDO 3UD\HU DWWULEXWHG WR 3RSH &OHPHQW ;,

6DLQW 7HUHVD RI $YLOD LV WKH FKLHI UHSUHVHQWDWLYH RI SUD\HUV IURP FDQRQL]HG VDLQWV 7KH HGLWRUV 6DLQW -RKQ·V 0LFKDHO .ZDWHUD 26% DQG 6DLQW %HQHGLFW·V .DWH 5LWJHU GHVFULEH WKLV FROOHFWLRQ DV D ´SLFN DQG FKRRVHµ ERRN 7KHUH LV VRPHWKLQJ KHUH IRU HYHU\ERG\³

SUD\HUV RI SHWL WLRQ SUD\HUV WR WKH 6SLULW IRU JXLGDQFH LQ WKH GLOHPPDV WKDW SHULRGLFDOO\ DVVDXOW XV SUD\HUV RI WKDQNVJLYLQJ IRU KDYLQJ VXUYLYHG VXFK DVVDXOWV DQG 0LFKDHO .ZDWHUD SUD\HUV WKDW ZLW 26% QHVV WR RXU GHVLUH WR GHHSHQ RXU VRPHWLPHV IDOWHU LQJ IDLWK 6WULNLQJ LQ PDQ\ RI WKH RULJLQDO SUD\HUV LV WKH RXW SRXULQJ RI SHUVRQDO IHHOLQJV WKDW REYL .DWH 5LWJHU RXVO\ FRPH IURP WKH KHDUW 2QH SUD\HU LQFOXGHV WKH FRPPHQW ´, FRPH WR \RX HPSW\ KRS LQJ WKDW ZKDW , KDYH SRXUHG RXW ZDV IURP \RX µ 2U RQH FDQ ZDON WKH SDWK RI SDLQ ZLWK WKH FRPPHQW ´, DP ORQH O\ DQG PLVHUDEOH³IRU QR UHDO UHDVRQ µ :KDW LV JHQXLQH DQG YDOXDEOH DERXW

WKLV FROOHFWLRQ LV WKH UHDOL]DWLRQ WKDW WKH VSLULW RI &KULVW LV ZRUNLQJ DPRQJ WKHVH VWXGHQWV DQG IDFXOW\ DQG WKDW WKH VSLULW RI SUD\HU LV DOLYH DQG ZHOO 0\ IDYRULWH SUD\HU EHJLQV ´/RUG JLYH XV ZRUGVµ DQG HQGV ´*LYH XV DF FHSWDEOH ZRUGV WR H[SUHVV WKH PHGLWD WLRQV RI RXU KHDUWV µ ,W LV QRW HDV\ WR ÀQG ZD\V WR H[SUHVV ZKDW LV LQ RXU KHDUWV 7KH ZRUGV RIWHQ VRXQG ZRRG HQ DQG KROORZ 7KDW LV QRW WKH FDVH ZLWK WKH SUD\HUV LQ WKLV ERRN 7KH\ PRVW RIWHQ ULQJ WUXH WR RXU &KULVWLDQ H[SHULHQFH WUXH WR RXU HIIRUWV WR WDON WR *RG LQ D PDQQHU WKDW GRHV MXVWLFH WR KLV PDMHVW\ DV ZHOO DV WKH DXWKHQWLFLW\ RI RXU VSLULWXDO OLYHV 5D\PRQG 3HGUL]HWWL 26% LV WKH SULRU RI 6DLQW -RKQ·V $EEH\

<RX PD\ RUGHU 3UD\HU LQ $OO 7KLQJV

IURP /LWXUJLFDO 3UHVV &RO OHJHYLOOH 01 FDOO HPDLO ZZZ OLWSUHVV RUJ

/ iÊ LLiÞÊ > iÀÊÊ > ÊÓää{ÊÊÊ«>}iÊÓÇ

"!..%2 ")43

ÌÕÀ} V> Ê ià } iÀÊ >ÌiÃÊ,>ÀiÊ ÃÊ > `Ê ÀÌÊÌ Ê LLiÞ E\ /HH +DQOH\

GLVSHUVLRQ ZRXOG EH XQIRUWXQDWH REHUW ( 5DPEXVFK LQ VDOHV DQG VHFRQG KDQG ERRN UHVSHFWHG OLWXUJLFDO VWRUHV µ DUWLVW DQG GHVLJQHU DQG IULHQG RI )UDQN .DFPDU 7KH 5DPEXVFK DUW FROOHFWLRQ LQ FLN 2EO6% KDV GRQDWHG FOXGHV PHWDO ZRRG DQG JODVV LNRQV PXFK RI KLV KDOI FHQWXU\ IURP *UHHFH 5RPDQLD DQG 5XVVLD FROOHFWLRQ RI UDUH ERRNV 5REHUW 5DPEXVFK DV ZHOO DV D YDULHW\ RI UHOLJLRXV DQG DUW ZRUNV WR 6DLQW VFXOSWXUHV RYHU D VL[ KXQGUHG \HDU -RKQ·V $EEH\ 5DPEXVFK KHDGV 5REHUW SHULRG 2QH RI WKH GRQDWHG SLHFHV SLF ( 5DPEXVFK $VVRFLDWHV LQ 1HZ <RUN WXUHG KHUH LV D IRXU DQG D KDOI IRRW KLJK WRRO VKDSHG PHWDO VFXOSWXUH &RPSOHPHQWLQJ DQG VWUHQJWKHQLQJ E\ -HDQ /DPEHUW 5XFNL

.DFPDUFLN·V $UFD $UWLXP WKH 5DP EXVFK FROOHFWLRQ FRPSULVHV QHDUO\ IRXU WLWOHG (FFH +RPR ´%HKROG WKH PDQ µ >-RKQ @

KXQGUHG ERRNV DV ZHOO DV SULQWV DUW REMHFWV DQG PXVLF .DFPDUFLN ZKR $UFD $UWLXP 'LUHFWRU 0DU\ 6FKDIIHU GLHG )HEUXDU\ GRQDWHG KLV FRO VDLG WKH 5DPEXVFK JLIW ZLOO ´VWUHQJWK OHFWLRQ RI WKLUW\ WKRXVDQG YROXPHV WR HQ HQKDQFH DQG GHHSHQ WKH UHVHDUFK 6DLQW -RKQ·V $EEH\ LQ FDSDELOLWLHV RI WKH $UFD $UWLXP FROOHF WLRQ LQ DSSURSULDWH DUHDV RI LQWHUHVW µ 5HÁHFWLQJ RQ KLV JLIW 5DPEXVFK

UHPDUNHG ´$V P\ OLIH EHJLQV LWV ÀQDO /HH +DQOH\ LV D PHGLD FRQVXOWDQW IRU WKH WHUP , ZRXOG OLNH WR GHHG P\ ERRNV DEEH\ DQG FKDLU RI WKH DEEH\·V FRPPXQL DQG UHOLJLRXV DUW WR WKH DEEH\ ,WV

5

FDWLRQ DQG SXEOLFDWLRQV FRPPLWWHH

Ê iÜÊ >ÃÌiÀÊ

+

HUDUG -HDQ 1RHO 26% UHFHQWO\ JUDGXDWHG ZLWK WKH 0DVWHU RI 6FLHQFH GHJUHH LQ VSHFLDO HGX FDWLRQ IURP 6W 7KRPDV 8QL +HUDUG -HDQ 1RHO 26% YHUVLW\ 0LDPL )ORULGD $ QDWLYH RI +DLWL %URWKHU +HUDUG FRPSOHWHG KLV QRYLWLDWH DW 6DLQW $XJXVWLQH·V 0RQDVWHU\ 1DVVDX %DKD PDV DQG PDGH KLV LQLWLDO SURIHVVLRQ RI YRZV WKHUH LQ +H FRPSOHWHG WKH PRQDVWLF IRUPDWLRQ SURJUDP DW 6DLQW -RKQ·V $EEH\ DQG WRRN XQGHUJUDGXDWH «>}iÊÓnÊÊÊ/ iÊ LLiÞÊ > iÀÊÊ > ÊÓääÎ

FODVVHV DW WKH &ROOHJH RI 6DLQW %HQHGLFW DQG 6DLQW -RKQ·V 8QLYHUVLW\ ,Q KH UHFHLYHG WKH EDFKHORU·V GHJUHH LQ WKHRORJ\ DQG )UHQFK ZLWK PLQRUV LQ VHFRQGDU\ HGXFDWLRQ DQG SKLORVRSK\ 3ULRU WR KLV DVVLJQPHQW LQ 0LDPL +HUDUG WDXJKW WKHRORJ\ DW &DWKHGUDO +LJK 6FKRRO LQ 6DLQW &ORXG )UHQFK DW WKH KLJK VFKRRO LQ 0RQWLFHOOR 0LQQHVRWD DQG UHOLJLRQ DQG (QJOLVK DV D 6HFRQG /DQJXDJH DW 6DLQW -RKQ·V 3UHSDUDWRU\ 6FKRRO +H WKHQ WDXJKW )UHQFK IRU VL[ PRQWKV DW 6DLQW -DPHV (OHPHQ WDU\ 6FKRRO 0LDPL DQG VHUYHG IRU WZR DQG D KDOI \HDUV DV WKH GLUHFWRU RI WKH . UHOLJLRQ SURJUDP DW 6DLQW )UDQFLV ;DYLHU

&DWKROLF 6FKRRO 0LDPL +H WDXJKW UHOLJLRQ LQ DOO QLQH FODVVHV RI WKH VWXGHQW VFKRRO DQG DVVLVWHG WKH SDVWRU ZLWK WKH SUHSDUDWLRQ RI SUD\HU VHUYLFHV DQG VFKRRO 0DVVHV +H KDV UHWXUQHG WR WKH DEEH\ DQG EHHQ DVVLJQHG WR WHDFK UHOLJLRQ DW 6DLQW -RKQ·V 3UHSDUD WRU\ 6FKRRO

%URWKHU +HUDUG¶V NLQGHUJDUWHQ VWXGHQWV GLVSOD\ WKHLU UHOLJLRQ ERRNOHWV

"!..%2 ")43 7KH ,QWHUQDWLRQDO %HQHGLFWLQH &ROOHJH RI 6DQW¶ $QVHOPR 5RPH

V >i Ê >Õ} Ì Ê"- Ê > i`Ê *À ÀÊ vÊ-> Ì·Ê Ãi

)

DWKHU 0L FKDHO KDV EHHQ QDPHG SULRU RI WKH LQWHUQDWLRQDO %HQHGLFWLQH &ROOHJH RI 6DQW· $QVHOPR LQ 5RPH 0LFKDHO MXVW FRP 0LFKDHO 1DXJKWRQ SOHWHG D WHUP DV 26% DGPLQLVWUDWRU RI 0DU\ 0RWKHU RI WKH &KXUFK $EEH\ 5LFKPRQG 9LUJLQLD +H KDG SUHYL RXVO\ VHUYHG DV GLUHFWRU RI /LWXUJLFDO 3UHVV IURP WR

7KH &ROOHJH RI 6DQW· $QVHOPR ZDV HVWDEOLVKHG LQ DQG UHVWRUHG E\ 3RSH /HR ;,,, LQ 6LWXDWHG RQ WKH $YHQWLQH +LOO WKH &ROOHJH LV DQ LQWHUQDWLRQDO VFKRRO DQG UHVLGHQFH IRU DERXW QLQHW\ VWXGHQWV DQG WZHQW\ ÀYH IDFXOW\ IURP PRQDVWHULHV UHSUHVHQWLQJ VRPH IRUW\ FRXQWULHV 7KH WZR VFKRROV RI WKH FROOHJH RIIHU ÀYH SURJUDPV 7KH $WKHQDHXP RIIHUV D WKUHH \HDU FRXUVH IRU SULHVWKRRG VWXGHQWV D PRQDVWLF VWXGLHV SURJUDP D SURJUDP IRFXVHG RQ WKH KLVWRU\ RI WKHRORJ\ DQG D GRFWRUDO SURJUDP LQ SKLORVRSK\ VSHFLDOL]LQJ LQ WKH VWXG\ RI P\VWLFLVP 7KH VHFRQG VFKRRO WKH

3RQWLÀFDO /LWXUJLFDO ,QVWLWXWH RI IHUV FRXUVHV OHDGLQJ WR D GRFWRUDWH LQ OLWXUJ\ 0LFKDHO ZLOO ZRUN FORVHO\ ZLWK WKH UHFWRU DQG RWKHU VWDII PHPEHUV WR HQVXUH WKDW WKH UHVLGHQW PRQNV KDYH DV FRPIRUWDEOH DQG ZHOFRPLQJ D OLIH DV SRVVLEOH GXULQJ WKHLU \HDUV RI VWXG\ ([SUHVVLQJ KLV JUDWLWXGH IRU EHLQJ DOORZHG WR DFFHSW WKLV SRVLWLRQ 0LFKDHO FRPPHQWHG ´7KLV DSSRLQW PHQW LV WHVWLPRQ\ WR WKH JHQHURVLW\ RI WKH &ROOHJHYLOOH %HQHGLFWLQHV ZKR IRU GHFDGHV KDYH VXSSOLHG PHQ WR SODFHV LQ QHHG RI SHUVRQQHO ,·OO GR P\ EHVW WR UHÁHFW WKH EHVW TXDOLWLHV WKDW 6DLQW -RKQ·V KDV WR RIIHU µ

Õ iÊ-Ìi iÀ Ê"- Ê «« Ìi`Ê*>ÃÌ À RU WKH ILUVW WLPH LQ KLV SULHVWO\ PLQ LVWU\ )DWKHU /XNH KDV EHHQ DSSRLQWHG D IXOO WLPH SDV WRU 2Q -XO\ KH DVVXPHG WKH SDVWRUDO GXWLHV RI 6DLQW $XJXV WLQH·V 3DULVK 6DLQW &ORXG 0LQ QHVRWD VXFFHHGLQJ *HRIIUH\ )HFKW 26% QHZO\ DSSRLQWHG GHYHORS PHQW GLUHFWRU RI WKH DEEH\

)

:LWK D JUDGXDWH GHJUHH LQ ELEOL FDO VWXGLHV /XNH WDXJKW 6DFUHG 6FULSWXUH DW 6DLQW -RKQ·V 6FKRRO RI

7KHRORJ\ 6HPLQDU\ IRU PRUH WKDQ IRUW\ \HDUV +H DOVR VHUYHG DV GHDQ RI WKH 6FKRRO RI 7KHRORJ\ UHFWRU RI WKH 6HPLQDU\ DQG GLUHFWRU RI 6DLQW -RKQ·V -HUXVDOHP 6WXG\ 3URJUDP +H KDV EHHQ D IUHTXHQW ZHHNHQG DVVLVWDQW DW D YDULHW\ RI SDULVKHV )RXQGHG LQ DQG VWDIIHG E\ %HQHGLFWLQHV VLQFH 6DLQW $XJXVWLQH·V 3DULVK QXPEHUV IDPLOLHV DQG KDV D WKULYLQJ JUDGH VFKRRO WKDW WZR \HDUV DJR IRUPHG D FRRUGLQDWH SURJUDP ZLWK 6DLQW 0DU\·V &DWKHGUDO *UDGH 6FKRRO 7KH SDULVK DOVR KDV D VXFFHVVIXO DGXOW HGXFDWLRQ SURJUDP 6DLQW $XJXVWLQH¶V &KXUFK 6DLQW &ORXG 0LQQHVRWD

/ iÊ LLiÞÊ > iÀÊÊ > ÊÓää{ÊÊÊ«>}iÊÓ

"!..%2 ")43

> Ê V i Ê"- Ê,iVi ÛiÃÊ *i ÌiV ÃÌ> Ê Ü>À` FKDULVW .LOLDQ ZRXOG EH EHVW NQRZQ IRU HPSOR\LQJ KLV HFXPHQLFDO WDOHQWV LQ VHUYLFH RI WKH FKDULVPDWLF UHQHZDO DQG WKH &DWKROLF GLDORJXH ZLWK FODVVL FDO 3HQWHFRVWDOV

$

W WKHLU 0DUFK SOHQDU\ VHVVLRQ WKH 6RFLHW\ IRU 3HQWH FRVWDO 6WXGLHV SUHVHQWHG )DWKHU .LOLDQ ZLWK WKHLU /LIHWLPH $FKLHYHPHQW $ZDUG IRU KLV FRQWULEXWLRQV WR WKH &DWKROLF 3HQWHFRVWDO GLDORJXH +H LV D FKDUWHU PHPEHU RI WKH JURXS VLQFH LWV IRXQGDWLRQ LQ 7KH FLWDWLRQ LV DV IROORZV ´.LOLDQ LV ZHOO NQRZQ IRU KLV WKHRORJLFDO VFKRODUVKLS HFXPHQLFDO VHUYLFH DQG QRZ LQ KLV HLJKWLHV DV D SRHW %HJLQQLQJ ZLWK KLV ÀUVW ERRN -RKQ &DOYLQ WKH &KXUFK DQG WKH (X

«>}iÊÎäÊÊÊ/ iÊ LLiÞÊ > iÀÊÊ > ÊÓää{

´)URP KLV WKUHH YROXPH VHW 3UHV HQFH 3RZHU 3UDLVH 'RFXPHQWV RQ WKH &KDULVPDWLF 5HQHZDO KLV ZRUN RQ 6SLULW %DSWLVP DQG WKH &KXUFK )D WKHUV &KULVWLDQ ,QLWLDWLRQ DQG %DS WLVP LQ WKH +RO\ 6SLULW ZLWK *HRUJH 7 0RQWDJXH WR KLV PRVW UHFHQW 7KH 2WK HU +DQG RI *RG 7KH +RO\ 6SLULW DV WKH 8QLYHUVDO 7RXFK DQG *RDO KH KDV GHPRQVWUDWHG KLV SURIRXQG WKHRORJLFDO HQJDJHPHQW ZLWK FODVVLFDO WKHRORJLHV RI WKH +RO\ 6SLULW LQ OLJKW RI ZKDW WKH 6SLULW LV GRLQJ LQ WKH &KXUFK WRGD\

´2QH FDQQRW XQGHUHVWLPDWH KLV FRQWULEXWLRQ WR WKH ZDUP UHFHSWLRQ E\ WKH KLHUDUFK\ RI WKH &DWKROLF &KXUFK WR WKH FKDULVPDWLF UHQHZDO ,Q KLV RZQ PLQG DQG KHDUW DQG ZLWK DOO KLV H[SHULHQFH LQ QXPHURXV LQWHUQDWLRQDO DQG QDWLRQDO HFXPHQLFDO GLDORJXHV QRWKLQJ H[FHHGV LQ LPSRUWDQFH KLV VHUYLFH RQ WKH &DWKROLF 3HQWHFRVWDO GLDORJXH ´7KH 6RFLHW\ IRU 3HQWHFRVWDO 6WXG LHV ZLWK JUHDW DIIHFWLRQ DQG ORYH QRZ SUHVHQWV \RX ZLWK RXU KLJKHVW DZDUG 7KDQN \RX EURWKHU IRU \RXU JUHDW VHUYLFH DQG PD\ \RX EH EOHVVHG IRU \HDUV WR FRPH µ

30)2)45!, ,)&%

7 >ÌÊ ÃÊ-« À ÌÕ> Ê ÀiVÌ ¶ ,iv iVÌ ÃÊvÀ Ê>Ê* }À E\ -DPHV 1HSSO

I ZMTI\QWV[PQX IV M`XTWZI\QWV I PWTa MVKW]V\MZ [XQZQ\]IT KWUXIVQWV[PQX

6

SLULWXDO GLUHFWLRQ LV D UHODWLRQ VKLS 3HUKDSV IRU VRPH LW LV DQ H[SORUDWLRQ )RU RWKHUV LW LV D VXUUHQGHULQJ RI RXUVHOYHV WR WKDW ZKLFK LV PXFK JUHDWHU WKDQ ZH DUH )RU WKLV ZDQGHUHU LW LV DOO WKDW DQG PXFK PRUH &RQVLGHU VRPH DGGLWLRQDO GHVFULS WRUV $ OLYHG H[SHULHQFH ZLWK 0\VWHU\ $ KRO\ HQFRXQWHU EHWZHHQ VHOI *RG DQG DQRWKHU $ GHHSHU FRQYHUVDWLRQ VHHNLQJ WR XQGHUVWDQG WKH SUHVHQFH RI WKH +RO\ 6SLULW ,W PD\ HYHQ EH WKH SURYHUELDO ´&RPH WR -HVXV 0HHW LQJ µ ZKDWHYHU WKDW PLJKW ORRN OLNH ,Q VSLULWXDO GLUHFWLRQ , FRQWLQXDOO\ H[SORUH WKH TXHVWLRQ ´+RZ LV *RG LQ WKH FKDRV RI P\ OLIH"µ

0D\EH FRPSDQLRQVKLS LV D EHWWHU WHUP WKDQ VSLULWXDO GLUHFWLRQ VLQFH , DP QRW VXUH WKDW ZH UHDOO\ GLUHFW RWKHUV EXW UDWKHU ZDON ZLWK WKHP RQ WKHLU MRXUQH\ 6SLULWXDO FRPSDQLRQVKLS LV D JHQWOH UHGHPSWLYH OLVWHQLQJ WR DQRWKHU ZLWKRXW MXGJPHQW ,W LQFOXGHV VWRU\ WHOOLQJ ODXJKLQJ FU\LQJ DQG MXVW EHLQJ ZLWK DQG IRU DQRWKHU ,W PD\ KHOS WR ORRN DW ZKDW VSLUL WXDO GLUHFWLRQ LV QRW ,W LV QRW DERXW WKH ZHDWKHU À VKLQJ WKH 0LQQHVRWD 7ZLQV 7LPEHUZROYHV RU 9LNLQJV ,W LV QRW DERXW P\ MRE KRZ PXFK PRQH\ , PDNH KRZ VXFFHVVIXO , DP RU KRZ SURXG , DP WKDW , DP GRLQJ VRPHWKLQJ ULJKWHRXV IRU RWKHUV ,W LV QRW DERXW ZKHUH , JR RQ P\ YDFDWLRQV P\ IDP LO\ SROLWLFV WKH HFRQRP\ RU UHOLJLRQ

6SLULWXDO GLUHFWLRQ LV QRW WKHUDS\ DOWKRXJK LW PD\ EH WKHUDSHXWLF ,W LV QRW JRVVLS UXPRUV FRPSODLQLQJ RU RWK HUZLVH WDONLQJ DERXW RWKHUV XQOHVV WKH\ DUH RXU HQHPLHV ,I ZH GR KDYH HQHPLHV WKHQ ZH QHHG WR WDON ZLWK WKHP QRW DERXW WKHP WR RWKHUV

$Q 2EODWH UHFHLYHV VSLULWXDO GLUHFWLRQ EHQHDWK D SKRWR PXUDO RI 6DLQW 6FKRODVWLFD¶V HIIRUW WR SURORQJ KHU GLVFXVVLRQ ZLWK KHU EURWKHU 6DLQW %HQHGLFW

7KLV VSLULWXDO DGYHQWXUH LV QRW DOZD\V FRPIRUWDEOH DQG VRPHWLPHV LW LV XQFRPIRUW DEOH 0\ VSLULWXDO GLUHFWRU FDQ JHQWO\ LQYLWH PH HQFRXU DJH PH ZLWKRXW IHDU RU IRUFH

WR WDON DERXW WKH VWXII , GR QRW ZDQW WR WDON DERXW 7KLV PD\ EH XQFRPIRUWDEOH EXW KHDOLQJ GLIÀ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À HG DV D VSLULWXDO GLUHFWRU -DPHV 1HSSO RI 6DLQW &ORXG 0LQQHVRWD SDUWQHUV ZLWK EXVLQHVVHV DQG RUJDQL]DWLRQV WR GHYHORS KHDOWK\ ZRUN FXOWXUHV DQG HQYLURQPHQWV

)RU IXWXUH GDWHV DQG WRSLFV RI %HQHGLFWLQH 'D\ RI 3UD\HU JR WR ZZZ VDLQWMRKQVDEEH\ RUJ VOS DQG FOLFN RQ ´'D\ RI 3UD\HUµ RU FDOO / iÊ LLiÞÊ > iÀÊÊ > ÊÓää{ÊÊÊ«>}iÊΣ

,I \RX ZRXOG OLNH WR XVH WKH DLU YLHZ RI 6DLQW -RKQ·V FDPSXV DV D ZDOOSDSHU RU GHVNWRS LPDJH RQ \RXU FRPSXWHU YLVLW WKH )DLUYLHZ :HEVLWH DW ZZZ VDLQWMRKQVDEEH\ RUJ LQIR DLUYLHZ KWPO 'LUHFWLRQV IRU XVLQJ WKH LPDJH LQ WKDW ZD\ DUH DYDLODEOH DW WKH ZHEVLWH

32 %R[ &ROOHJHYLOOH 01 ZZZ VDLQWMRKQVDEEH\ RUJ &+$1*( 6(59,&( 5(48(67('

.ONPROFIT /RGANIZATION 5 3 0OSTAGE 0!)$ 3AINT *OHN·S !BBEY