*/,*2 <: 6<; 65305,! >>> :1**;04,: *64 92/ 12
%RDUG YRWHV WR FXW SRVLWLRQV 'LVWULFW WUXVWHHV SURYLGH FODULW\ WRZDUGV Ã&#x20AC;QDQFLDO VLWXDWLRQ DQG VHWV JRDOV IRU WKH IXWXUH %< 1$7+$1 &2//,16 $1' $//(1 '(*8 7,0(6 67$))
7KH GLVWULFW EULQJV UHVROXWLRQ WR OD\RIIV WKDW DUH SODQQHG WR DIIHFW WKH
IDFXOW\ DQG VWDII RI WKH GLVWULFW 7KH VHQVH RI XUJHQF\ LV VHHQ DPRQJ WKH %RDUG RI 7UXVWHH ZKLOH WKH ORQJ WHUP VROXWLRQ IRU WKH %RDUG RI 7UXVWHH LV VHHQ DV FXWV QHHGHG WR VWD\ DERYH EODFN :LWK *RYHUQRU -HUU\ %URZQ·V EXGJHW
SURSRVDO WKDW XOWLPDWHO\ FXW PLOOLRQ GROODUV IURP WKH FRPPXQLW\ FROOHJHV LQ &DOLIRUQLD %RDUG RI 7UXVWHH 5DQG\ 2NDPXUD VDLG ´:H PXVW DOO VKDUH WKLV EXGJHW µ 7KH GLVWULFW LV QRZ IDFHG ZLWK WKH LVVXH RI UHGXFLQJ WKHLU EXGJHW E\ PLOOLRQ GROODUV E\ -XQH 2Q )HE WKH %RDUG RI 7UXVWHH SURSRVHG D UHVROXWLRQ RI QHDUO\ SRWHQWLDO FXWV WR WKH VWDII RI 6DQ -RVH &LW\ &ROOHJH 'U -HIIUH\ /HDVH RI WKH %RDUG RI 7UXVWHH YRLFHG KLV FRQFHUQV DERXW WKH EXGJHW ´,I , GRQ·W GR DQ\WKLQJ OHVV WKHQ SURWHFWHG WKH SK\VLFDO VROYHQF\ RI WKH GLVWULFW , OHW WKH FRPPXQLW\ GRZQ , OHW WKRVH WKDW LQYHVWHG KDOI D ELOOLRQ GROODUV LQ ERQG PRQH\ DQG , OHW WKH VWXGHQWV GRZQ µ 0DULD )XHQWHV KDG PRWLRQHG WR SXVK YRWLQJ RQ WKH EXGJHW XQWLO WKH QH[W WUXVWHH·V PHHWLQJ DPRQJVW WKH WUXVWHH·V LW ZDV DJUHHG WKDW IXUWKHULQJ WKH YRWLQJ ZRXOG QRW JLYH WKRVH EHLQJ ODLG RII WLPH WR SUHSDUH $OVR LW ZRXOG JLYH WKH XQLRQ GD\V WR FRPH XS ZLWK FXWV WKDW ZRXOG KHDG OD\RIIV :KHQ YRWLQJ LW FDPH WR D IRXU ² WZR RQH YRWH IRXU D\HV WZR QD\V DQG RQH VXVWDLQHG $FFRUGLQJ WR WKH FODVVLÃ&#x20AC;HG VWDII
HPSOR\HHV· DVVRFLDWLRQ &6($ ZHEVLWH ZKLFK LV WKH XQLRQ IRU WKH FODVVLÃ&#x20AC;HG VWDII ´7KHUH DUH RQO\ WZR UHDVRQV FODVVLÃ&#x20AC;HG HPSOR\HHV FDQ EH ODLG RII ´ODFN RI ZRUNµ DQG ´ODFN RI IXQGV µ ´:H KDG RQH RQ RQH LQWHUYLHZV ZLWK WKH IRONV ZKR DUH JRLQJ WR ORVH WKHLU MREV ´ VDLG &KDQFHOORU 5LWD &HSHGD 5HSUHVHQWLQJ WKH VWXGHQW ERG\ ERDUG RI WUXVWHH·V VWXGHQW GHOHJDWHV $XWXPQ <RXQJ DQG DVVRFLDWHG VWXGHQWV SUHVLGHQW 5D\PRQG 3RUUDV ZHUH WU\LQJ WR DGYRFDWH WR WKH VWXGHQW EXGJHW %HLQJ WKDW DPRXQW LW ZDV GHFLGHG WR SXVK WKH YRWH WR WKH QH[W WUXVWHH·V PHHWLQJ :LWK WKLV PHHWLQJ LW KDV EHHQ EURXJKW WR DWWHQWLRQ RI WKH %RDUG RI 7UXVWHH WR HYHU\RQH·V FRQFHUQV DERXW WKHLU MREV FDUHHUV DQG OLYHV 7KH ERDUG RI WUXVWHH·V XQGHUVWRRG WKHVH FRQFHUQV EXW WKH %RDUG KDG FDPH WR WKH FRQFOXVLRQ WKDW LI WKLV PRWLRQ ZDV QRW GHFLGHG WKHQ DQG WKHUH WKDW WKH VLWXDWLRQ ZRXOG JHW ZRUVH DQG LI DFWLRQ ZDV QRW WDNHQ VFKRROV ZRXOG EH VKXW GRZQ ´ 7KH RQO\ ZD\ , VHH XV PRYLQJ LQWR WKH GLUHFWLRQ WKDW ZH QHHG WR JHW WR LV KDQGOLQJ WKH Ã&#x20AC;QDQFLDO GLIÃ&#x20AC;FXOWLHV ZH·UH GHDOLQJ ZLWK DQG SUHSDULQJ IRU WKH IXWXUH µ VDLG &KDQFHOORU &HSHGD
:RPHQÒ&#x2039;V YRLFHV LOOXPLQDWHG 0DUFK PDUNV WKH EHJJLQLQJ RI KLVWRULFDO FHOHEUDWLRQ '$1,(/ 2:(16
:,7+ %8'*(76 %(,1* &87 ,1 ',675,&7 ,6 $7 ,76 /$67 3(11<
+RXVH SODQV WR FXW 3HOO *UDQW %< 5$&+(/ '( /$ 7255( 7,0(6 67$))
7KH 8 6 +RXVH RI 5HSUHVHQWDWLYHV KDV SDVVHG D ELOO WKDW SURSRVHV D SHUFHQW UHGXFWLRQ LQ WKH PD[LPXP 3HOO *UDQW DZDUG &XUUHQWO\ DW WKH UHGXFWLRQ ZRXOG WDNH HIIHFW IDOO $ZDUGHG WR DOPRVW QLQH PLOOLRQ VWXGHQWV LQ WKH DFDGHPLF \HDU WKH 3HOO *UDQW LV D IHGHUDO JUDQW WKDW GRHV QRW QHHG WR EH UHSDLG $FFRUGLQJ WR WKH 8 6 'HSDUWPHQW RI (GXFDWLRQ ZHEVLWH HOLJLELOLW\ UHTXLUHPHQWV LQFOXGH Ã&#x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´*RLQJ LQWR WKH IDOO VHPHVWHU JHW WKLQJV LQ RUGHU HDUOLHU LQ WKH VXPPHU WLPH 0D\ -XQH -XO\ VR WKDW \RX·UH UHFHLYLQJ Ã&#x20AC;QDQFLDO DLG IXQGV LQ 6HSWHPEHU YHUVXV 2FWREHU RU 1RYHPEHU µ .XER VDLG 3ODQQLQJ DKHDG GHÃ&#x20AC;QLWHO\ KHOSV ZKHQ EXGJHWLQJ IRU WKH VHPHVWHU .XER VDLG ´,W
GRHVQ·W UHSODFH WKH IXQGV WKH\ PD\ VWDQG WR ORVH EHFDXVH RI WKHVH FXWV DQG HYHU\WKLQJ EXW LW JHWV WKHP WKHLU IXQGV VRRQHU VR WKDW WKH\ FDQ XVH WKHP DW WKH EHJLQQLQJ RI WKH VHPHVWHU IRU WKHLU ERRNV µ &RPSOHWLQJ FODVVHV VXFFHVVIXOO\ FDQ DOVR SUHYHQW VWXGHQWV IURP EHLQJ SODFHG RQ SUREDWLRQ DQG KDYLQJ WR SHWLWLRQ IRU Ã&#x20AC;QDQFLDO DLG UHLQVWDWHPHQW ´:H FDQ OHW VWXGHQWV NQRZ DERXW GLIIHUHQW SURJUDPV WKDW DUH DYDLODEOH µ VDLG 5D\PRQG 3RUUDV $VVRFLDWHG 6WXGHQWV SUHVLGHQW DQG ZRUN VWXG\ VWXGHQW ´« %XW IRU WKH PRVW SDUW VWXGHQWV KDYH WR DFWXDOO\ JHW RXW WKHUH DQG Ã&#x20AC;QG WKHUH·V PRQH\ DYDLODEOH µ ,W FDQ EH GLIÃ&#x20AC;FXOW WR JHW VWXGHQWV WR WDNH DGYDQWDJH RI WKHVH SURJUDPV 3RUUDV VDLG ´:H WULHG WR JLYH DZD\ ERRN JUDQWV IRU HDFK DQG ZH FRXOG RQO\ JLYH DZD\ 1RERG\ ZDQWHG WKHP WKH RWKHU ,W·V KDUG WR JLYH DZD\ IUHH PRQH\ µ ,Q UHJDUGV WR VFKRODUVKLS DSSOLFDWLRQV WKLV VHPHVWHU .XER VDLG ´ZH QHHG PRUH SHRSOH WR DSSO\ µ 8QLQIRUPHG VWXGHQWV VXFK DV \HDU ROG QXUVLQJ PDMRU -XVWLQD *RPH] VDLG ´WKDW WKH 3HOO *UDQW UHGXFWLRQ GRHVQ·W VRXQG YHU\ JRRG µ :KLOH D SHUFHQW UHGXFWLRQ LV D VLJQLÃ&#x20AC;FDQW DPRXQW RI ORVW IXQGV VWXGHQWV FDQ VWLOO IXOÃ&#x20AC;OO WKHLU Ã&#x20AC;QDQFLDO QHHGV WKURXJK VFKRODUVKLSV SURJUDPV DQG RWKHU JUDQWV *RRG JUDGHV DQG SURSHU SODQQLQJ QHYHU KXUW DQ\RQH HLWKHU 5REHUW 'DYLV D ZRUN VWXG\ VWXGHQW ZRUNLQJ LQ WKH FRXQVHOLQJ RIÃ&#x20AC;FH VDLG ´7KH RQHV WKDW DUH GHGLFDWHG WKH\·OO Ã&#x20AC;QG ZD\V DURXQG LW µ
%< /((7$ 526( %$//(67(5
SRVLWLYH LPSDFWV ZLWKLQ WKH FRPPXQLW\ 5HFLSLHQWV LQFOXGH FRQJUHVVZRPDQ 7,0(6 67$)) =RH /RIJUHQ SUHVLGHQW DQG &(2 RI &RPPRQZHDOWK &OXE *ORULD 'XII\ DQG 5HFRJQLWLRQ RI ZRPHQ·V MRXUQDOLVW <VDEHO 'XURQ DFFRPSOLVKPHQWV DQG VWUXJJOHV DUH 2UJDQL]HUV RI WKH HYHQWV KRSH WR EURXJKW WR FHQWHU VWDJH DV 6DQ -RVH EURDGHQ VWXGHQW XQGHUVWDQGLQJ RI &LW\ &ROOHJH FHOHEUDWHV :RPHQ·V IHPDOHV· EDWWOHV IRU HTXDOLW\ DV 6-&& +LVWRU\ 0RQWK LQ 0DUFK 7KH WKHPH RIIHUV MXVW RQH FRXUVH VSHFLÃ&#x20AC;FDOO\ DERXW DW 6-&& WKLV \HDU LV ´(DFK 2QH 7HDFK ZRPHQ·V KLVWRU\ 2QH µ IRFXVLQJ RQ ZRPHQ VKDULQJ WKHLU ´:KDW VWXGHQWV OHDUQ LQ WKH FODVVURRP H[SHULHQFH DQG ZLVGRP ZLWK RWKHUV DV LW SHUWDLQV WR ZRPHQ·V LVVXHV LV 6HYHUDO HYHQWV KLJKOLJKWLQJ WKLV WKHPH LPSRUWDQW %XW ZKDW VWXGHQWV FDQ OHDUQ ZLOO WDNH SODFH WKLV PRQWK LQFOXGLQJ RXWVLGH RI WKH FODVVURRP LV HYHQ PRUH WKH DQQXDO -DQHW *UD\ +D\HV $ZDUG LPSRUWDQW µ VDLG (OL]DEHWK 5DPLUH] FHUHPRQ\ 6KDUSH 6-&& :RPHQ·V +LVWRU\ 0RQWK +LVWRULFDO WKHPHG KLJKOLJKWV RI WKH SODQQLQJ FRPPLWWHH PHPEHU DQG HDUO\ HYHQWV LQFOXGH D GUDPDWL]DWLRQ RI WKH FKLOGKRRG HGXFDWLRQ IDFXOW\ ZRPHQ·V ULJKWV PRYHPHQW +HDOWK ´7KH ZRUOG LV WKH FODVVURRP DQG VFLHQFH DGPLQLVWUDWLRQ PDMRU 7DOHFLD ZRPHQ·V LVVXHV LQ DUH LQ PDQ\ *UHHQH UHIHUUHG WR WKH LFRQLF LPDJH ZD\V WKH VDPH DV \HDUV DJR DQG RI 5RVLH WKH 5LYHWHU WKDW HPSRZHUHG LQ PDQ\ ZD\V GLIIHU IURP \HDUV ZRPHQ GXULQJ :RUOG :DU ,, DJR , SHUVRQDOO\ WKLQN WKH\ DUH PRUH ´5RVLH LQVSLUHV XV DV VWXGHQWV IURP WKH VDPH WKDQ GLIIHUHQW µ 6KDUSH VDLG GLIIHUHQW ZDONV RI OLIH WR FRQWLQXH WR EH ´:RPHQ ZDQW WR EH FKHULVKHG ORYHG PRUH WKDQ ZH DUH DQG PRUH LPSRUWDQWO\ DQG UHVSHFWHG IRU ZKR WKH\ DUH QRW ZKDW FKDQJH WKH ZD\ ZH DUH YLHZHG LQ WKH WKH\ ZLOO EHFRPH DQG QRW LQ FRPSDULVRQ ZRUOG µ *UHHQH VDLG WR PHQ µ 2WKHU HYHQWV IRFXV RQ PRGHUQ GD\ 7KH HYHQWV DUH QRW RQO\ IRU IHPDOH LVVXHV VXFK DV :RPHQ LQ 6XGDQ ² $ VWXGHQWV $OO VWXGHQWV VWDQG WR EHQHÃ&#x20AC;W SUHVHQWDWLRQ RQ PRWKHUV DQG GDXJKWHUV RI IURP OHDUQLQJ PRUH DERXW HDFK RWKHU DQG 6XGDQ DQG D SDQHO GLVFXVVLRQ HQWLWOHG VRFLHW\ ´<RXWK DQG /HVELDQLVP µ ´7KH VWXG\ RI ZRPHQ LV DW LWV 7KH -DQHW *UD\ +D\HV $ZDUG LV IRU FRUH WKH VWXG\ RI JHQGHU IHPLQLQLW\ D ZRPDQ VHOHFWHG DV DQ LQVSLUDWLRQDO DQG DOVR PDVFXOLQLW\ ZKLFK VHHNV UROH PRGHO IRU KHU GHGLFDWLRQ DQG WR H[SODLQ KXPDQ LQWHUDFWLRQ DQG FRPPXQLW\ VHUYLFH 7KH DZDUG ZLOO EH HQGHDYRU µ VDLG 6-&& (QJOLVK WHDFKHU JLYHQ WR 6LVWHU 0DULO\Q /DF\ RQ 0DUFK 0HODQLH /HYLQVRQ ´)RU PRVW RI RXU 7KH DZDUG JHWV LWV QDPH IURP WKH KLVWRU\ ZRPHQ·V YRLFHV KDYH EHHQ Ã&#x20AC;UVW HOHFWHG IHPDOH PD\RU RI 6DQ -RVH FRQVSLFXRXVO\ DEVHQW IURP RXU FROOHFWLYH LQ VWRU\ ,GHDOO\ ZKHQ ZH VWXG\ ZRPHQ 6LQFH 6DQ -RVH &LW\ &ROOHJH KDV DQG JHQGHU ZH DUH DEOH WR LQFUHDVH ERWK EHVWRZHG WKLV SUHVWLJLRXV DZDUG WR D %D\ VHOI XQGHUVWDQGLQJ DQG FXOWXUDO HYHQ $UHD ZRPDQ ZKR KDV PDGH VLJQLÃ&#x20AC;FDQW JOREDO DZDUHQHVV µ
5,?; 5,>:7(7,9! 4HYJO , 4(03 <:! JP[`JVSSLNL[PTLZ'QHN\HYZ ZQJJ LK\ */,*2 <: 6<; 65305,! ^^^ ZQJJ[PTLZ JVT